The Northern Miner May 1 2017 Issue

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Prospective projects from Finland to the Yukon / 9–14

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Friedland receives Northern Miner’s Industry leaders Lifetime Achievement Award INTERVIEW

| Mining mogul shares his passions in mining and high tech

BY TRISH SAYWELL tsaywell@northernminer.com

TNM ROUNDTABLE |

O

ver most of the last two decades, the first voice Peter Meredith would hear at the crack of dawn each morning was Robert Friedland’s.

“The phone would ring and he would say: ‘Hi Peter, it’s Robert,’ and I’d think, ‘What a surprise, who else calls me at six in the morning?’”

Meredith, who retired as a partner at auditing firm Deloitte in Vancouver to join Ivanhoe Mines full time in 1996, says that over the following 16 years, he pretty much became a seven-day-a-week, 24-hour-a-day guy to keep up with his boss.

“Robert doesn’t take weekends off and he doesn’t like holidays much … he is a very energetic, driven guy — he knows no boundaries as to how hard he works — so the tone from the top is that you feel like a non-contributor when you aren’t working as hard as he is.”

Meredith says the two would confer daily on issues ranging from Ivanhoe’s ongoing discussions with various governments and agencies to overseeing the to-do lists of the company’s key executives and geologists around the globe.

“We needed to collectively make decisions on a number of matters and determine strategies,” Meredith says. “This was the part I enjoyed the most, strategizing with Robert.

He has an IQ that is off the charts and the flow of conversation was exhilarating.”

Since their first meeting in 1982, Meredith has watched Friedland evolve from a young entrepreneur into one of the most renowned promoters in the mining business,

debate strategy

Cash deployment up for discussion

BY SALMA TARIKH starikh@northernminer.com

I Robert Friedland standing in the open pit at the Voisey’s Bay nickel mine in Newfoundland and Labrador in November 2005, as then-owner Inco prepared to make its first shipment of minerals from the new mine. IVANHOE MINES

“I DON’T REALLY WANT TO THINK ABOUT WHAT KIND OF FOOTPRINTS I WILL LEAVE IN THE SAND. I’LL LEAVE THAT TO OTHERS. BUT I AM A GRANDFATHER AND WE WANT TO LEAVE A WORLD WHERE MINERALS ARE MINED MORE CONSCIENTIOUSLY AND FOR A BETTER PURPOSE.”

ndustry experts weighed in on how companies could best deploy cash at The Northern Miner’s roundtable discussion in Toronto in early April. The roundtable — sponsored by PwC and moderated by Northern Miner editor-in-chief John Cumming and publisher Anthony Vaccaro — augments the Miner’s independent research on this topic that will be released on May 9 at the Canadian Mining Symposium in London, organized by The Northern Miner and the Prospectors & Developers Association of Canada.

Andrew Kaip, managing director See TNM ROUNDTABLE / 2

PM40069240

ROBERT FRIEDLAND EXECUTIVE CHAIRMAN AND FOUNDER, IVANHOE MINES

with an unrivalled collection of tier-one assets.

In January 2016, Friedland was inducted into the Canadian Mining Hall of Fame and this year is the recipient of The Northern Miner’s Lifetime Achievement Award.

This year also marks the 30th anniversary of Friedland’s Ivanhoe Capital Corp., his family’s private company, which has specialized

Leave no

in venture capital, project financing and related financial services.

Friedland and executives within the Ivanhoe group and associated companies have raised more than US$25 billion on world capital markets.

In a supporting letter to the board recommending Friedland’s nomination to the Canadian Mining Hall of Fame, Tony Giardini, executive

vice-president and chief financial officer at Kinross Gold (TSX: K; NYSE: KGC), described him as a “mining visionary.”

“He has always been willing to explore in places where others hesitate or where others have quit before making a significant discovery,” said Giardini, who met See FRIEDLAND / 6

unturned.

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TERANGA GOLD: ADVANCING BANFORA IN BURKINA FASO / 5

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Industry leaders debate cash deployment TNM ROUNDTABLE From 1

at BMO Capital Markets, kicked off the roundtable discussion noting companies have focused on cash since metal prices fell in 2013, following high prices and a decade of expansion, where “cost got out of control.”

Since precious metal companies felt the commodity price crunch first, they were the first to show signs of recovery after restructuring. For an instance, Barrick Gold (TSX: ABX; NYSE: ABX) posted “exceptional free cash flow” in the third quarter of 2015, and started its run to become re-rated.

Broadly speaking, majors in 2016 strengthened their balance sheets, leading to excess cash generation and the question on how best to deploy cash, Kaip said.

He argued, as an equity analyst, that companies need to consider juggling their shareholders’ demands with the longevity of running their business.

Cormark analyst Stefan Ioannou, who covers base metal companies, agreed. He pointed out that in the last cycle during the “euphoria of higher metal prices,” many good projects were built or financed.

Unfortunately, when some of those projects came online, metal prices had collapsed, and some companies “found themselves in trouble immediately.” One such company was Hudbay Minerals (TSX: HBM; NYSE: HBM), with its Constancia copper mine in Peru.

Although base metal prices are recovering, Ioannou noted, “the market learned a pretty harsh lesson last time that you’ve really got to be careful on timing.”

Denison Mines (TSX: DML; NYSE-MKT: DNN) CEO David Cates says as a developer, Denison will always spend money. The biggest hurdle is “finding ways to raise money that aren’t excessively dilutive.”

While the uranium-focused firm has relied on flow-through financings, it raised $43.5 million in February by monetizing a toll-milling stream. Cates revealed that while he may not do anything with the cash now, “it means that I can choose to do what I need to do when the market tells me I should do it for my uranium asset.”

According to The Northern Miner’s research, TSX-listed mining companies with market caps under $3 billionin 2015 completed 75 equity financings totalling $1.6 billion. A majority — roughly $700 million — of those proceeds went towards development, followed by $600 million on debt reduction and $300 million on exploration. Performance ranking of these companies, based on percentage gains and equity valuations, showed the companies that invested in development performed slightly better, followed by companies that invested in debt reduction, and then exploration, Vaccaro shared.

Annie Zhang, co-manager of TD precious metals, resource and energy funds, says the improved company performance could have been due to different reasons. For example,

At The Northern Miner and PwC’s Roundtable discussion at PwC Tower in Toronto in April. Top row, from left: Stephen Mullowney, partner at PwC; Stephen Roman, Harte Gold CEO; John Cumming, TNM editor-in-chief; John Kearney, Canadian Zinc CEO. Middle row, from left: David Cates; Denison Mines CEO; Annie Zhang, comanager of TD precious metals, resource and energy funds; Stefan Ioannou; Cormark analyst. Bottom row, from left: Andrew Kaip, managing director at BMO Capital Markets; Joe Fazzini, Eastmain Resources CFO; Dustin Angelo, Anaconda Mining CEO. GEORGE MATTHEW PHOTOGRAPHY

companies that raised money for developmental purposes and delivered development on schedule in 2016 could have had their shares re-rated.

Free cash flow is one of the metrics that Zhang looks at “very closely,” as companies with free cash flow have a better chance of withstanding the cyclicality of the industry.

That said, she noted that the best way to deploy cash depends on “the stage that the company is at” and the “cycle the sector is in.”

Stephen Mullowney, a partner with PwC Canada’s corporate finance in the mining department, said that in the last few months “there’s been a lot of refinancing in the high yield market,” where companies, focusing on liquidity, are pushing out or laddering debt maturities. “The market can get a much better sense of the companies’ ability to repay those coming maturities as they become due.” He believes this trend will continue.

Given that it’s easier to raise money when markets are healthy, companies should build a “liquid-

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ity buffer” so they can be prepared for future downcycles, Mullowney added.

Harte Gold (TSX: HRT) CEO Stephen G. Roman concurs that companies should raise funds when they can, especially now when capital is coming back to the sector with the uptick in commodity prices.

“Now is the time to really make some hay,” he said.

Roman revealed he relied on friends, family and flow-through to raise money for Harte’s Sugar Zone property in Ontario during the last downcycle until it got too dilutive.

“We said: ‘Why don’t we just put this into production and generate some cash flow?’ It will allow us to finance our own exploration.”

Ha r t e b e ga n pro c e s si ng a 70,000-tonne bulk sample through a toll-milling deal with Barrick.

This attracted Appian Natural Resources Fund — Harte’s first large institutional holder — to participate in a $25-million financing last December.

The debt-free junior is using funds to accelerate exploration and development of the Sugar Zone property.

Roman expects the deposit will be in commercial production within a year. “Now it was sort of an overnight success that took six years,” he says.

Dustin Angelo, CEO of Anaconda Mining (TSX: ANX), said that since Anaconda is a junior producer — making $4 million a year in cash flow after corporate expenses — it can’t afford to keep more than $1 million in its treasury. “We have to put it back in the ground … to grow and try to get that return that people are looking for. And we need to show longevity, and the only way you can do that is if you spend money.”

Canadian Zinc (TSX: CZN) executive John Kearney jokingly admitted that excess cash is not a concept he’s familiar with, as it doesn’t apply to his exploration company. “We never have excess cash.

We’re constantly looking for cash.

We’ve been trying to raise equity all the time to keep the project going.”

While the junior has been advancing its Prairie Creek zinc project in the Northwest Territories, the progress hasn’t been reflected in its share price. Because of this, it has been forced to issue shares at “lower and lower prices.”

That said, Kearney argued that cash-rich majors should invest more on exploration, particularly given that “exploration worldwide for base metals is way down.”

“There’s no such thing as excess cash if you’re not making free cash flow, period,” Eastmain Resources’ (TSX: ER) chief financial officer Joe Fazzini added. Before worrying about excess cash, you either have to “repay your debt, clean up your balance sheet or invest in your own projects.”

Fazzini, who joined Eastmain in 2016 after a proxy battle triggered a management and board overhaul, said the junior raised $20 million in flow-through last year. It will use the proceeds to drill and advance its three gold projects in Quebec.

Outlook on M&A Majors in the uranium sector are not spending on building their pipeline or project development because of the persisting low uranium prices, Denison’s Cates said. He argues they should, so that they don’t end up buying when prices become too high.

“Meanwhile, the majors are actu-

ally buying each other,” Kearney observed. “So they look at growth and turn around and merge or acquire each other, and that works on the number system.” But from an “industry perspective,” he argued those firms should put that money into developing new projects.

Acknowledging that majors such as Agnico Eagle Mines (TSX: AEM; NYSE: AEM) and Goldcorp (TSX: G; NYSE: GG) have acquired minority stakes in juniors or bought them completely, Kearney urges that other majors should follow suit.

Goldcorp recently announced a $247-million, all-share acquisition of Chile-focused Exeter Resource (TSX: XRC; NYSE-MKT: XRA) and last year bought Kaminak Gold in the Yukon.

Zhang of TD observed that majors like BHP Billiton (NYSE: BHP; LON: BLT) and Rio Tinto (NYSE: RIO; LON: RIO) are looking for “world-class assets,” with a long-life and low-cost potential. This may explain why the money isn’t flowing downstream to juniors, particularly if they have marginal assets.

“The M&A cycle needs to pick up from the development project’s perspective, for those companies to raise money at a higher value to attempt to advance projects,” PwC’s Mullowney said.

But because of the cost overruns and punishing effects of the previous cycle, majors are more cautious about “taking on large capital commitments,” he noted.

Agnico is “taking the lead with a different approach to make investments at an earlier stage in companies,” Zhang said.

Agnico acquired 15% of GoldQuest Mining (TSXV: GQC) for $23 million this March. Last year, it bought or increased its interest in three other juniors.

By doing this, it lowers the major’s capital and project development risk, while providing the junior with much-needed cash.

Kearney cautioned this approach could lead to a “stalemate,” with a block of shares not trading.

“When the major decides to sell the block too, it just puts a complete negative pall on the company,” Roman of Harte added.

Dividend policy Roman admits he’s a “strong believer” in dividends and thinks that large mining companies should pay higher dividends. “Why don’t they pay more money to the shareholders? Then they’ll attract more shareholders, maybe more capital.

They’ll be able to spend some on developers.”

But Anaconda’s Angelo argues dividends aren’t appropriate in mining because mines are finite assets.

“If you’ve got a 10- or 15-year mine life you’re basically committing yourself to a dividend forever. It’s not a piece of real estate that’s going to continue to generate cash flow in perpetuity.”

Investors are buying mining stocks as leverage to commodities and not really for a dividend, he added.

Kearney concurs a dividend policy will make sense for majors. But investors in juniors often look for “capital appreciation.”

Mid-tier companies are at an “inflection point” where they are making enough money that investors inquire about potential dividends, analyst Ioannou said.

“You’re damned if you do and damned if you don’t in that mid-tier space,” he said.

Roman reiterated that dividends should come from a “senior-level company, not mid-tier or juniors.

“And you have to have multiple projects. You’re constantly building assets, you’re selling assets and you’re developing assets.” TNM

2017-04-25 9:06 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 1–14, 2017

3

Lundin Gold’s Fruta del Norte gold project in the Cordillera del Condor near Loja, Ecuador. LUNDIN GOLD

Lukas Lundin on patience and his early successes PDAC 2017

| Lundin hopes to repeat success in Ecuador “IT PROBABLY HELPED NOT TO KNOW TOO MUCH ... THE MAJORS THOUGHT IT WAS TOO COMPLICATED.”

BY SALMA TARIKH starikh@northernminer.com

M

ining tycoon Lukas Lundin, chairman of the Lundin Group, spoke with The Northern Miner at the Prospectors & Developers Association of Canada convention in March about his early successes in Argentina and the Democratic Republic of the Congo (DRC), before touching upon his latest adventure in Ecuador.

Starting with the Bajo de la Alumbrera project in Catamarca, Argentina, Lundin says in 1990 he began investigating the classic copper-gold porphyry deposit, but was unfamiliar with porphyries at the time. “I was a bit naive. I didn’t know what a porphyry system was in the nineties. I thought it was a heap-leach gold project.

“It probably helped not to know too much, because if you knew too much, you’d probably think it was too far in the interior or too long to go to the coast ... the majors thought it was too complicated.”

Despite these challenges, Alumbrera has become one of the world’s top-10 copper producers. It has churned out an average 150,000 tonnes copper and 498,000 oz. gold a year since production started in 1998. (Alumbrera is nearing the end of its 20-year mine life in 2018.)

Recalling the history of the project, Lundin notes that a professor at the Tucuman National University discovered the prospect in 1936. By 1958, the Tucuman University had formed YMAD — an exploration and development partnership with the province of Catamarca and the federal government. This happened after president Juan Peron, who wanted to nationalize resources, was ousted in 1955.

In the 1970s, John Guilbert, a geology professor from the University of Arizona, became interested in the porphyry copper potential at Alumbrera. From 1975 to 1982, Guilbert, as part of a United Nations Development program, oversaw YMAD’s exploration at Alumbrera. Guilbert led the efforts because he noticed the system “stuck out at surface,” Lundin says.

In 1989, Carlos Menem became Argentina’s president and improved the country’s investment policies.

After a meeting with Guilbert in Arizona, Lundin was determined to buy the project after the professor said it was geologically “the best thing he’d ever seen.”

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LUKAS LUNDIN CHAIRMAN, THE LUNDIN GROUP

Lundin visited Argentina numerous times and started negotiating with YMAD, recalling that he was the only buyer, because most thought the project was too far from the coast.

But no one — not even Lundin at the time he bought the project in 1992 — realized Alumbrera had a high-grade pit grading 1% copper and 1 gram gold per tonne that would make it economical. “I found that later in the studies. But I guess we need a little bit of luck in this business,” he says.

After struggling to raise $1 million, Lundin’s International Musto completed a feasibility study in 1993 that concluded it would cost $600 million to build Alumbrera.

The project would require a 316 km concentrate slurry pipe for dewatering. Once dewatered, the concentrate would be sent 830 km by rail to a port.

In 1994, Musto attracted major MIM as a joint-venture partner.

The initial costs, however, jumped to $800 million, which caused tension between the partners on who should pay for the cost overrun.

Lundin says he was “really upset,” but wanted to avoid a legal fight with MIM. A year later, he sold the company’s 50% share to Rio Algom and North Ltd. for $510 million.

The company’s initial investment had been $25 million. “So it was a lucrative business, and quite quick for the mining business.”

Alumbrera started production in 1998 at a capital cost of $1.2 billion.

The current owners are Glencore (LON: GLEN) at 50%, Goldcorp (TSX: G; NYSE: GG) at 37.5% and Yamana Gold (TSX: YRI; NYSE: AUY) at 12.5%.

Alumbrera has generated 6 billion lb. copper and 9 million oz. gold. “It has been a nice success for everyone involved, even the original owners like me. I’m proud

of this project and it was a really fun experience,” Lundin says.

Following Alumbrera, Lundin helped his father Adolf acquire the Tenke Fungurume copper-cobalt deposits in the DRC. Tenke Fungurume is in the prolific Katanga copper belt. “It’s not a deposit — it’s a [1,400 sq. km] district with high-grade copper and cobalt,” he says.

The project, known and studied since the Belgian Congo days, saw a lot of exploration work, with initial drilling in 1919.

“This is a typical sedimentaryhosted copper deposit,” Lundin says, explaining it wasn’t mined earlier because of the oxidized mineralization.

“In the early days of the copper business, we didn’t know how to handle oxidized ore. What came in production from that belt were mostly sulphide deposits. That is why Tenke has never been exploited, and when Anglo American decided to tackle it, the country became unstable. ” In the 1970s, an Anglo-led consortium built a concentrator to exploit the Tenke Fungurume deposits, but suspended their efforts in 1978, largely

due to political instability. They returned the concessions to the DRC government.

In 1994, the Lundins started looking at the project and two years later signed a deal with state-owned miner Gecamines for 55% of Tenke Fungurume. The Lundins created Tenke Mining and raised $120 million to start a feasibility study in 1997. Shortly after, a civil war broke out. The company declared force majeure in 1999 and halted project work until 2005.

By 2005, the political conditions in the country had improved under President Joseph Kabila, and the DRC government formally approved the project’s development. Tenke Mining resumed the feasibility study with majority partner Phelps Dodge, who came onboard in 2002.

In 2007, Freeport-McMoRan (NYSE: FCX) acquired Phelps, and Tenke Mining merged with Lundin Mining (TSX: LUN).

Freeport and Lundin began pre-stripping in 2008. They put the multi-deposit project into production in 2009 for an initial cost of $1.9 billion.

“It took us from 1996 to 2009 to get it into production. It took us 13 years. But once we got there, we got it going well. So patience paid off over time,” Lundin says.

Now the operation is in its seventh year and producing 200,000 tonnes copper and 16,000 tonnes cobalt a year. It could reach 500,000 tonnes a year with sulphides.

However, Freeport ran into financial problems and sold its 56%

interest in Tenke Fungurume to China Molybdenum for $2.7 billion last May. Lundin says he was uncomfortable working with the Chinese operator, and sold his company’s 24% interest to BHR Partners for $1.1 billion. (Gecamines owns 20% of the project.)

“This project ... was a fantastic adventure for us. This mine is going to run for a long time.”

A new focus for Lundin is the high-grade Fruta del Norte gold project in Ecuador. “It’s very similar to what we did in Argentina. We came into the country two and a half years ago. Everybody was worried about the mining law in Ecuador … but the deposit was fantastic.”

In late 2014, Lundin Gold (TSX: LUG) picked up the project from Kinross Gold (TSX: K; NYSE: KGC) for $240 million in cash and shares. An April 2016 feasibility study concluded Fruta del Norte could produce 4.4 million oz. gold and 5.2 million oz. silver over a 13year mine life. Estimated start-up costs are $669 million.

Last December, Lundin Gold signed an investment protection agreement and an exploitation agreement for the project.

Construction at Fruta del Norte should begin this year, with production starting in 2020.

“It has been very, very exciting.

The conclusion is patience and perseverance, and if you have a good asset, you will always accomplish something. It is tonne and grade — and everybody knows that.” TNM

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Pros and cons of the farm team ROUNDTABLE

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O P- E D

Memories of Sourdough Bay ODD ‘N’ SODS

| The positives and negatives of geophysical surveying

| Strategies for cash deployment

T

he Northern Miner was privileged to host a new Roundtable discussion in partnership with PwC in Toronto in early April, with the year’s topic being “Strategies for cash deployment.”

It’s an issue that has new resonance as money flows back into the mining sector after six long years of belt tightening and stressed

BY JOHN CUMMING jcumming@northernminer.com balance sheets. More and more producers are closing substantial financings and announcing sustainable, positive cash flow, and mineral explorers are seeing an upswing in investment dollars, especially for gold, copper and lithium.

But most mining companies agree it’s time for prudence in how they allocate this new capital, and want to avoid the mistakes of the recent past that included overcapacity, runaway capital costs in new mine development and overpaying for acquisitions.

We assembled a diverse group representing many dimensions of the mining sector: Dustin Angelo, president and CEO of junior gold miner Anaconda Mining; David Cates, president and CEO of uranium developer Denison Mines; Joe Fazzini, chief financial officer and vice-president of corporate development for gold explorer Eastmain Resources; Stefan Ioannou, base metals mining analyst at brokerage house Cormark Securities; Andrew Kaip, managing director of mining equity research at BMO Capital Markets; John Kearney, chairman, president & CEO of developer Canadian Zinc; Stephen Mullowney, partner in the corporate finance practice, focusing on mining, at accounting and management consulting firm PwC Canada; Stephen G. Roman, chairman, president & CEO of junior gold producer Harte Gold; and Annie Zhang, associate at TD Asset Management, including comanager of TD Precious Metals, Resource and Energy funds.

The 20-page report will be included in an upcoming issue and available for free on our website on May 10, but there were quite a few interesting areas of conversation with respect to the best way to deploy cash.

One touched on the growing popularity of major companies taking small, private placements in junior explorers of up to 19.9% (with 20% being the threshold in Canada for becoming a significant shareholder, with the responsibilities that implies). The major winds up with stakes in a dozen or more juniors and can add to its position or trim back, depending on how the junior’s project progresses.

You can see a bit of a David Garofalo thread through some of the activity: he was CFO of Agnico Eagle Mines at a time when they were modern-day pioneers of this investment style; he was CEO of Hudbay Minerals when they set up their “farm team” of more than a dozen juniors; and now as CEO of Goldcorp, he is overseeing the gold major’s creation of a similar satellite of junior-sector investments.

Zhang said Agnico Eagle and Goldcorp were “taking the lead with a different approach to make investments at an earlier stage in companies. It seems like it’s a little bit of a lower risk, and over time you can see how the project develops going forward.”

Kaip agreed that it is “a healthy approach” by the large companies to invest in junior companies that have large land packages that are under-explored, and provide them the seed capital and the risk capital to advance their projects and make discoveries.

Fazzini also liked the “sex appeal” of Agnico’s model of taking the 20% stake. “It’s going to take 10 years to figure out some of those development-stage assets. So rather than going all-in and full-out M&A, and buying something completely, you put in your 10 or 15 or 20%, you sit there, you support the story, and you kind of let it unfold and see what happens. That way you’re not committed over the longterm if you can’t get a permit, or the project doesn’t shape up the way that you thought.”

Kearney warned the strategy can lower liquidity in the junior’s stock and the “takeover premium that might have been there has gone, because somebody else has the first row. And if that major decides they’re not that enthusiastic, they’re going neither forward nor back, they can completely stall a situation.”

Roman added that if the major decides to sell the block, “it puts a completely negative pall on the junior company, with everybody saying, ‘Oh, they walked away, so it’s got to be a lousy property.’ It may not be, but that’s what the market thinks.” TNM

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

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

COMPANY INDEX Agnico Eagle Mines. . . 2,13 Anaconda Mining. . . . . . . 2 Arizona Mining. . . . . . . . . 8 ATAC Resources . . . . . . . 13 Atac Resources. . . . . . . . . . 9 Aurion Resources. . . . . . 13 Barrick Gold. . . . . . . . 2,9,13 BHP Billiton. . . . . . . 2,12,16 BHR Partners. . . . . . . . . . . 3 Boss Resources. . . . . . . . . . 5 Canadian Zinc. . . . . . . . . . 2 China Molybdenum. . . . . 3 Clean TeQ Holdings. . . . 16 Darnley Bay Resources. . 14 Denison Mines. . . . . . . . . . 2 Dundee Precious Metals. . . . . . . . . . . . . . . 11 Eastmain Resources. . . . . . 2

Exeter Resource. . . . . . . . . 2 Freeport-McMoRan . . . . . 3 Gecamines. . . . . . . . . . . . . . 3 Glencore . . . . . . . . . . . . . . . 3 Goldcorp. . . . . . . . . . . 2,3,13 GoldQuest Mining . . . . . . 2 Goldstrike Resources . . . 13 Harte Gold . . . . . . . . . . . . . 2 High Power Exploration . . . . . . . . . . 16 Hudbay Minerals. . . . . . . . 2 Imperial Metals . . . . . . . . . 8 I-Pulse. . . . . . . . . . . . . . . . 16 Kinross Gold. . . . . . 1,3,9,13 Lundin Gold. . . . . . . . . . . . 3 Lundin Mining. . . . . . . . . . 3 Mawson Resources . . . . . 11 Newmont Mining . . . . . . 13

BY JIM PARRES

I

Special to The Northern Miner

read the article “Callinex grows Flin Flon footprint” (T.N.M., March 22/17), and it reminded me of an anecdotal incident that happened back in the 1960s when my father Lew Parres and I discovered the Pinebay copper deposit in Manitoba. (Actually, there was no Pinebay yet!)

My dad had been in Sourdough Bay in Manitoba in 1929 with his father, Chris Parres, to examine the Baker Patton property. They had travelled by canoe from Saskatoon.

There were some cabins and the showing was up on a high hill on the east side of Sourdough Bay. There was a large gossan reflecting a body of sulphides with low copper and gold values.

When we worked for Guggenheim Exploration out of New York City in the 1960s, administered by Oscar Strauss II, we were back and forth between Timmins and Flin Flon. We opened an exploration office in South Porcupine but Flin Flon was our main exploration base.

Hudson Bay Exploration and Development (HBED) had done saturation horizontal loop geophysics over the area, discovered the North Star and Don Jon deposits, mined them and moved on.

Of course, good prospective ground was hard to come by in the Flin Flon area, as Hudson Bay Mining and Smelting owned most of the best land and had the cash flow from producing mines to pay the taxes to hold the claims.

My dad remembered the abundant rhyolites in the Baker Patton Felsic Complex at Sourdough Bay and began assembling a land package by optioning claims from prospectors Al Jacobson and Jack Murray. We staked a bit of open ground as well.

In the assessment maps filed

by HBED from the 1950s, I noticed an area out in the lake off the northeast tip of Sourdough Island where there was a perfect-looking sulphide anomaly — you could call it “textbook.”

The anomaly, however, showed all positive readings. Of course, with horizontal loop geophysical readings over a conductor (anomaly) you would expect negative readings.

For this reason HBED had never drilled the “positive” anomaly. I was sure it was a genuine anomaly.

Either the console operator was green and recorded positives in his notebook instead of negatives or the draughtsman had plotted the readings wrong. Who knows?

As it was summer and I needed to get back to Timmins, I had to act fast. We were working in Quebec

at the time. I used several helpers and two boats to try to survey a line across the water over the location of the positive anomaly.

I didn’t know if the 300-foot reference cable being partly in the water would affect my reading ability on the console. This procedure wasn’t very accurate for stations, plus there was probably some short cable effect.

I did get negative readings and they showed some width. I was ecstatic, though my helpers thought I was a bit bonkers. I showed my dad the results and he got excited as well.

But the anomaly was too far out in the lake to drill from the land, so we would have to wait until after freeze-up.

After the lake froze we put a grid on the ice and did a complete hoop survey of the Sourdough Bay area. The resultant HLEM anomaly spanned 4 lines in strike length and was bonafide.

Once there was enough ice for a drill, my dad and geologist Art O’Donnell spotted the original discovery hole. We intersected 69 feet (19 metres) of 3% copper.

No zinc.

My dad immediately moved the drill to another location 10 miles away, and we staked what other open ground was available.

Further drilling revealed a copper deposit of approximately 2 million tons of modest grade. The deposit came to surface at the bottom of the lake.

It’s hard to estimate how much of the original deposit was scraped away by erosion and glacial action, but I would guesstimate at least half. Later we intersected 16 metres of 5% zinc in the nearby Cabin zone, also under the waters of Sourdough Bay. The two prospectors were up in age and asked for a buy out. My dad negotiated on their behalf, and was able to pay them $100,000 each. I had purchased a new 1969 Ford Galaxie for $2,700 in 1969, so their $100,000 would be more than a million dollars in today’s money.

During the development stage of the deposit we blasted a huge rock outcrop to provide road access to the shaft location. We used the blast rock to build a causeway over to Sourdough Island. This created Pinebay, parallel to Sourdough Bay. There was another small deposit several miles south under Little Athapap Lake discovered

by Sherritt-Gordon Mines in the late 1940s and they called it Sourdough Bay. Our copper and zinc deposits aren’t even in Pinebay, but in Sourdough Bay. Are you confused yet?

— Jim Parres lives in Thunder Bay, Ontario.

Nighthawk Gold. . . . . . . . 9 Northern Shield Resources. . . . . . . . . . . . 12 Pure Gold Mining. . . . . . 15 Richmont Mines . . . . . . . 23 Rio Tinto. . . . . . . . . . . . . 2,6 South32. . . . . . . . . . . . . . . 12 SouthGobi Resources. . . . 6 Teranga Gold . . . . . . . . . . . 5 Trilogy Metals. . . . . . . . . . 12 Turquoise Hill Resources. . . . . . . . . . . . . 6 Western Copper & Gold. . . . . . . . . . . . . . . . 13 White Gold. . . . . . . . . . . . 13 Yamana Gold . . . . . . . . . . . 3

A 1969 Ford Galaxie. PHOTO BY JOHN LLOYD

2017-04-25 9:06 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 1–14, 2017

5

The mill at Teranga Gold’s Sabodala gold mine in Senegal. TERANGA GOLD

Teranga eyes building Banfora in Burkina Faso in 2017 WEST AFRICA GOLD

BY SALMA TARIKH

T

starikh@northernminer.com

eranga Gold (TSX: TGZ; ASX: TGZ) aims to build its Banfora gold mine in Burkina Faso, which would become its second West African gold mine, with construction expected to start later this year.

Teranga currently operates its Sabodala gold mine in Senegal, where it is guiding 2017 gold production of 205,000 to 225,000 oz. at all-in sustaining costs of US$1,000 to US$1,075 per ounce. Last year, Sabodala cranked out a record 216,735 oz. at all-in sustaining costs of US$929 per oz., following mill improvements.

With a decent year anticipated from Sabodala, Teranga is dividing its efforts between getting Banfora ready for construction and on company-wide exploration.

“We expect to have a strong year.

The year from a production standpoint should be similar or maybe a little bit better. We will generate more free cash flow from Sabodala this year, as we have lower capital expenses at the mine site,” Teranga’s CEO Richard Young says.

“The two key areas of focus will be delivering a positive feasibility study for Banfora, which we expect by mid-year, and, assuming that the economics are attractive enough … seeking board approval for construction and financing. The third area we’re focused on is exploration.”

Teranga picked up the permitted, open-pit Banfora gold project last October in an all-share takeover of Gryphon Minerals. Before the acquisition closed, Teranga funded a resource conversion program and plant redesign studies through a US$3.4-million private placement in exchange for a 5% interest in the Australia-based junior.

Gryphon previously calculated that Banfora had Joint Ore Reserves Committee-compliant reserves of 1.05 million oz. (16.7 million tonnes at 1.39 grams gold per tonne) contained within four pits as part of its 2013 feasibility study on a 2-milliontonne-per-year, carbon-in-leach operation.

While Teranga intends to publish

1-16, 23_May1_Main.indd 5

| Banfora’s feasibility study should be out by mid-year

“WE HAVE GOT $100 MILLION IN CASH ON THE BALANCE SHEET TODAY. SABODALA IS GENERATING FREE CASH FLOW, AND WE ARE LOOKING AT A $100-MILLION DEBT FACILITY.” RICHARD YOUNG CEO, TERANGA GOLD

a reserve update as part of its feasibility study, Teranga’s chief operating officer Paul Chawrun notes that Banfora — initially half the size of Sabodala — is similar in terms of geology, ore type, processing and metallurgy. “We bring along core expertise,” he says.

Teranga estimates Banfora could produce between 100,000 and 150,000 oz. a year over a 10- to 15-year mine life, with a projected start-up cost of US$200 million to US$250 million. Those numbers will be confirmed in the upcoming feasibility study, Young says.

Teranga intends to fund Banfora’s development through existing cash and debt. “We have got $100 million in cash on the balance sheet today.

Sabodala is generating free cash flow, and we are looking at a $100-million debt facility. We’ve reached out to a dozen possible lenders,” Young says. Once the economic study is out, Teranga plans to advance discussions.

If all goes to plan, the company will break ground at Banfora in the third quarter, with major construction in the fourth quarter. This would put the project on track for its first gold pour by June 2019.

Meanwhile, the firm has budgeted up to US$15 million on exploration this year. “We got some really exciting exploration programs underway in all three jurisdictions,” Young says.

Teranga expanded its reach from Senegal to Burkina Faso and Côte d’Ivoire through two acquisitions

last year, including Gryphon, where it scooped a 90% interest in Banfora and a 51% joint-venture interest in the Golden Hill and Gourma exploration properties in Burkina Faso. The country’s government owns the rest of Banfora, while Boss Resources (ASX: BOE) holds the rest of the exploration projects.

Earlier that year, Teranga signed an exploration agreement with Miminvest, a private company controlled

by David Mimran, Teranga’s largest investor at 19.2%. Mimran is also the CEO of his family’s Mimran Group.

The conglomerate has operated in Côte d’Ivoire since 1963 and owns the country’s largest flour producer.

Under the exploration agreement, Miminvest gave Teranga five earlystage exploration projects covering more than 1,800 sq. km in Côte d’Ivoire, in exchange for a 3% net smelter return royalty.

Te r a n g a p l a n s t o s p e n d US$500,000 exploring those targets this year, but notes that most of its 2017 exploration dollars will go towards its assets in Senegal and Burkina Faso.

Teranga has allocated around US$4 million for drilling its Sabodala mine licence, and another US$2 million on regional exploration in Senegal.

The nearby Niakafiri deposit, containing 600,000 measured and indicated oz., including half in reserves, has been the focus. The company has completed 10,000 metres of the planned 12,000 metres of drilling at Niakafiri this year, where promising results have shown higher grades.

While Niakafiri is already in Sabodala’s 13.5-year mine plan, the results will allow Teranga to resequence pit development and improve near-term production and cash flow from the operation, Young says.

However, accessing the Niakafiri deposit earlier would mean Teranga would push up its plans of relocating the nearby 3,000-person village. A move, Young says, the community is “looking forward to,” as it would mean an upgrade in housing and access to electricity, which it lacks.

The estimated relocation cost is US$25 million.

In Burkina Faso, Teranga has budgeted up to US$4 million on

Banfora, noting completed exploration work has identified more mineralization. It has allocated another US$3 million to explore Golden Hill, sitting 200 km northeast of Banfora, where it intends to complete a preliminary drill program on four targets. Depending on the results, it may follow up with more drilling, Chawrun says.

Meanwhile, the company is also evaluating merger and acquisition opportunities. “There are a number of junior explorers and developers

that are looking to determine the best path forward. As we stand today, the equity markets are largely closed for the junior explorers and developers. So there may be additional opportunities, like the Gryphon transaction ... that will help us grow the company in a strong mid-tier West African gold company,” Young reveals.

Teranga closed April 20 at 71¢ per share, down 21% since the start of the year. The stock has a 52-week trading range of 63¢ to $1.40. TNM

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

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

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

• Mining in Society • Technical Contribution

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

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

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

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

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

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

2017-04-25 9:06 PM

6

WWW.NORTHERNMINER.COM

MAY 1–14, 2017 / THE NORTHERN MINER

Friedland receives Lifetime Achievement Award FRIEDLAND From 1

Friedland for the first time in 2006, when he joined Ivanhoe Mines as the company’s chief financial officer.

Giardini worked for Ivanhoe for six years until Rio Tinto (NYSE: RIO; LON: RIO) took control of the company in 2012 and renamed it Turquoise Hill Resources (TSX: TRQ; NYSE: TRQ).

Douglas Kirwin, a member of the joint discovery team for the Hugo Dummett deposit at Oyu Tolgoi (and a corecipient in 2004 of the Prospectors & Developers Association of Canada’s Thayer Lindsley medal, awarded for the most significant international mineral discovery), recently analyzed Friedland’s contributions to the minerals industry as part of an oral history series for the Society of Economic Geologists.

After surveying 11 projects — seven of which were virgin discoveries — that Friedland and his geologists have been involved with over the last 20 years, Kirwin concluded that the largest projects — Voisey’s Bay, Oyu Tolgoi, Platreef, Kamoa-Kakula and Kipushi — were worth hundreds of billions of dollars.

“When I looked at five of those 11 projects — the megaprojects — the measured and indicated resources have an in-ground value of US$300 billion, which is quite an achievement. And in terms of their inferred resources, it would be well over US$1 trillion at current metal prices,” he says. “It’s amazing.”

Kirwin met Friedland 17 years ago in Laos. Friedland had heard of the talented geologist and was aware of his experience in Southeast Asia.

At the time, Kirwin was working in Vientiane with a consulting group that had a survey contract for the Mekong River Bridge.

“He requested to meet with me and I did some consulting for his company Indochina Goldfields, which later became Ivanhoe Mines,” Kirwin recalls in an interview from the Philippines, where he is doing fieldwork.

Kirwin joined Indochina Gold-

fields in 1995 as vice-president of exploration and subsequently became the executive vice-president for Ivanhoe Mines until 2012.

The geologist was also a director for three other companies that Friedland launched —SouthGobi Energy, now SouthGobi Resources (TSX: SGQ), one of the largest coal producers in Mongolia, with the massive Ovoot Tolgoi coal deposit); Jinshan Gold Mines (whose CSH gold mine in Inner Mongolia began producing gold in 2007, and was later acquired

by China’s largest gold producer, state-owned China National Gold); and Ivanhoe Australia.

“Robert was able to assess situations, listen to what his top people were saying around him and act quickly, and that is another thing that set him apart from CEOs of other major companies,” Kirwin recalls. “There was never any complicated decision-making process … if I needed to call him, it didn’t matter what time it was, he would generally be available, and could make decisions very quickly.”

The award-winning geologist also points to the international financier’s knack for attracting deep-pocketed Asian partners, whether it be China’s Zijin Mining or various Japanese conglomerates, and cites his practice of amassing as much ground as possible around his projects. A good example of that, he says, was in southern Mongolia’s Gobi desert.

“He took a huge land position for exploration much further west of Oyu Tolgoi and then, three or four years later, it was discovered that there was a lot of coal there. All that coal became SouthGobi Energy,” Kirwin says. “It had hundreds of millions of dollars of value, simply because of his vision to take large land positions.”

Kirwin also notes that Friedland understands cycles better than most and never buys at the top. One illustration, he says, is the Cloncurry copper-gold project in Australia, which Kirwin says Friedland picked up out of receivership for US$4 million, and later floated it as part

Robert Friedland directing early exploration planning at the Oyu Tolgoi copper-gold project in September 2002. IVANHOE MINES

of Ivanhoe Australia for US$125 million.

Egizio Bianchini, vice-chair and cohead of BMO Capital Markets’ global metals and mining group, first met Friedland in mid-1984, when he was a young MBA student and Friedland was promoting one of his few career failures, Galactic Resources.

Later, as a research analyst, Bianchini followed the various iterations of Friedland’s companies, before working with him on the banking side in 2001.

Bianchini recalls sitting with Friedland on top of a little hill in a sea of sand at Oyu Tolgoi in 2005, long before the deposit became, in 2013, one of the world’s largestproducing copper-gold-silver mines.

“We were sitting there and he says, ‘Egizio, look at the orebody, it goes as far as you can see over the horizon — that’s the orebody — and it goes beyond that.’”

“He’s a dreamer and the glass is always half-full,” Bianchini says, adding that Friedland is also a “workaholic” who always manages to keep many steps ahead of the competition.

“He sees things way before others do — he’s early. Look at what he’s done in the Democratic Republic of the Congo (DRC). Everybody says, ‘How the hell did he find KamoaKakula?’ but he staked it 15 years ago, he fought others that might have wanted it. He drilled it. He went against convention that there was no copper on that side of the belt, so he’s a visionary.”

Ian Telfer — who along with Friedland is a member of the Canadian Mining Hall of Fame with a distinguished and lengthy track record of success at companies such as TVX Gold, Wheaton River and Goldcorp — recalls bumping into Friedland from time to time early in their careers.

“He was always finding these great orebodies and looking for administrative people like me to run them,” Telfer says. “He had approached me a number of times and I had always said no, but at one point he was doing something in Venezuela called Vengold, so he recruited me and I moved to Vancouver, and took over Vengold in 1993.”

The two men got to know each other well over the following years while Friedland was a Vengold director between 1993 and 1997.

“His secret is how deeply he believes what he’s saying, and when people ask me what the difference is between Friedland and the rest of us mortals, in my view, it is that he has no doubt and that translates into being incredibly persuasive to other people.”

“When people would say ‘copper isn’t going to go any higher,’ Robert doesn’t believe it. When they tell him he’s ‘not going to get the permit,’ he doesn’t believe them. It’s his incredible self-confidence that makes him so good. But you’ve also got to be right and he’s been right so much of the time, and that’s what makes him so special.”

In the core shack at the Voisey’s Bay nickel project in 1995, from left: Kerry Sparkes, then-chief geologist with Diamond Fields Resources; Robert Friedland, then-cochairman of Diamond Fields Resources; and Norman Keevil, then-president of Teck Resources. IVANHOE MINES

Telfer adds that “if someone says, ‘Ian, that’s a great story, but what could go wrong?’ I would say, ‘Well, the commodity price could go down, the government could change and interest rates could go higher.’ There are always things that could go wrong. But if you ask Robert what could go wrong, he’d say: ‘Nothing. Nothing can go wrong,’ and he believes it to the bottom of his toes. He absolutely believes it and that is why he is so good at what he does. It’s why he’s the best promoter that this industry, and maybe any industry, has ever had.”

Those who know Friedland well talk about his work ethic, persistence, intelligence, ability to absorb new information and his almost photographic memory. They also point to his ability to learn from failure and never make the same mistake twice, his tolerance of exploration failure, his mantra of finding the best people to work for him, his hands-on management style, his motivation and rhetorical skills, and his pushing of time frames.

Says Meredith: “If somebody said to him, ‘I’m not going to have a particular task finished until Tuesday,’ he’d say, ‘that’s not good enough, I need it quicker than that. Get help.’”

Some also note that he doesn’t suffer fools and is sometimes perceived as challenging or difficult.

“He’s at times hard on his people, he drives them pretty hard, but that’s because he wants to move things forward,” Bianchini says. “He drives his bankers, too, believe me! ... But I think he is fair with his people.”

“The thing is, when you take three steps back and look at what the guy has done — the body of work — there hasn’t been a mining guy on the planet that has found more world-class deposits than Robert.

You’d have to go back to the 1920s and 1930s when the South American

Surface facilities at Turquoise Hill Resources’ 66%-owned Oyu Tolgoi copper-gold mine in southern Mongolia in 2015. TURQUOISE HILL RESOURCES

1-16, 23_May1_Main.indd 6

deposits were being discovered … but those were easy deposits, they were all on surface. Robert finds difficult deposits.”

President and CEO of Sprott U.S. Holdings Inc. Rick Rule, who has negotiated with Friedland for over three decades, has learned that he can’t take no for an answer.

“One of the reasons he is described as having a difficult personality is that it’s difficult for him to understand how someone wouldn’t agree with him,” Rule says. “What it is with Robert is that he is so passionate, he is so focused on the topic, that he doesn’t understand people who are not as of the moment as he is. When Robert makes a phone call at 2 a.m. it is because he’s so involved in the subject that it is hard for him to understand why you wouldn’t be as interested in it as he is.”

Says Rule: “If you think about five tier-one discoveries and you put that track record against all the public exploration vehicles in the world, if it happens once or twice, it’s an anomaly, if it happens four or five times, it’s something bigger. And that’s the real enigma of Robert.”

The Northern Miner caught up with Friedland at his principal residence in Singapore. He has lived in the tiny Southeast Asian nation for the last 24 years, but spends on average 10 months a year on the road attending to his various business interests. He clocks 1,000 hours in the air each year — enough time to circumnavigate, non-stop, around the equator more than 20 times. Roughly 80% of his air travel is on one of his two private jets — a Gulfstream G450 and a Bombardier Global 6000.

Like many billionaires — Forbes estimates his wealth at US$1.3 billion — Friedland has a number of residences, including in London, Beijing, Phuket in Thailand and Japan. He also owns an ultra-luxurious boutique hotel in the town of Positano overlooking the Tyrrhenian Sea on Italy’s scenic Amalfi coast.

Friedland acquired the Villa TreVille boutique hotel in Positano in 2013. The hotel sits on a 2-hectare cliff-face and has 15 suites in four elegant residences. Formerly, it had been the home of opera director and filmmaker Maestro Franco Zeffirelli, and Friedland has turned it into “one of the most sought-after — and difficult to procure — bookings in southern Italy, with a client roster as thick with high-wattage names as a Vanity Fair Oscar party,” Maria Shollenbarger writes in The Financial Times.

BMO’s Bianchini has visited

2017-04-25 9:06 PM

GLOBAL MINING NEWS

Friedland in Positano and Phuket, and attests to their beauty. “I was at his Phuket place just before Christmas and it was spectacular,” he says.

“We just sat on the deck overlooking the ocean for two days talking business — about where the world is going, electric cars and all of that … he loves to host and entertain people … he’ll say: ‘Come and see me in Phuket or Positano, I’m having business meetings there, so come and stay with me … in Positano we sit up by the kitchen overlooking the Mediterranean.”

Friedland doesn’t seem to relish media interviews and when asked about his serial accomplishments, and whether he still feels driven to find another tier-one deposit, he responds that it doesn’t really work that way, and that it’s not all about him.

“Personalizing it as my success really undermines the credit that should go to a lot of really, really talented people,” he says. “My role is to get those people working in a unified direction — attracting them and retaining them — and it’s difficult to do that because geologists are some of the brightest people on earth and they are quite mobile, by definition they’ve been all over the world, and you can lose them.

“We’ve tasted both failure and success in mineral exploration,” he adds, “and we definitely prefer success. It’s a lot more fun for the people involved and we think we have found the way to optimize the chances of success in an industry, where the chances of success are quite slim.”

Friedland likens the pleasure of mineral exploration to playing golf.

“It’s constant misery with intermittent bliss. You have a lot of missed shots, divots and embarrassments, and every once in a while, you have a Zen-like moment when something goes perfectly and you hit a beautiful shot.”

Moreover, he says, “it takes a lot of intestinal fortitude not only to recognize the first signs of a mineral discovery but to stick with it until you really understand it. Most companies that have highly prospective ground give up too early. They don’t sit back and think about it and persistently apply efforts quarter after quarter, year after year, to bring something to fruition.”

Oyu Tolgoi is a good illustration of that. It took five years between the time Ivanhoe first entered Mongolia’s Gobi desert to its first real discovery hole in 2001, he says.

It was another 10 years from the discovery hole until the start of construction. Now it’s 2017 and it’s been 21 years since Ivanhoe first set foot in the country, and the mine is still being expanded into one of the largest tier-one copper and gold mines in the world.

“It’s more of a marathon,” he says of exploration and mine building.

“It’s a long-term business, it’s a difficult business, and the odds of success are quite poor when coming from the beginning. I haven’t recently seen studies looking at the industry as a whole, but there are entire decades where the industry makes very little net money when you take the sum total of exploration costs that failed and net it against operations in downtimes.”

When asked to pinpoint what underlies his success, the company builder responds: “Determination, maniacal focus and travelling all over the world.”

He says that “if you don’t travel all over the world, you don’t get to understand the fact that we’re all human — we’re all common and we all want the same things. You understand how stupid governments can be, how greedy governments can be and you get a real idea of how minerals are scattered all over the planet. So world travel and study of the world’s cultures and religions has been important, being global is important, and, to achieve something,

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THE NORTHERN MINER / MAY 1–14, 2017

Pierre Lassonde (left) and Robert Friedland at the 2016 Canadian Mining Hall of Fame induction ceremony, where Friedland was inducted as a member. CANADIAN MINING HALL OF FAME

“ROBERT WAS ABLE TO ASSESS SITUATIONS, LISTEN TO WHAT HIS TOP PEOPLE WERE SAYING AROUND HIM AND ACT QUICKLY ... THERE WAS NEVER A COMPLICATED DECISION-MAKING PROCESS … IF I NEEDED TO CALL HIM, IT DIDN’T MATTER WHAT TIME IT WAS, HE WOULD GENERALLY BE AVAILABLE, AND COULD MAKE DECISIONS VERY QUICKLY.” DOUG KIRWIN MEMBER OF THE JOINT DISCOVERY TEAM FOR THE HUGO DUMMETT DEPOSIT AT OYU TOLGOI

focus and focus — and the bringing together of extremely talented people for a common purpose, that would summarize it.”

Friedland stresses that Ivanhoe does not see itself narrowly defined as a mineral exploration or mining company, but rather as a group that is deeply involved in disruptive technologies “that can improve the state of our world and benefit all of humanity.

“We’re trying at all times to anticipate large trends — such as the rise of China and the impact that China will have on the world, the world’s economy and the world’s ecology — and what the technological response would be to those very large trends,” he says.

The company can then look at the periodic table of elements, he says, and see which ones are more or less attractive, and by implication, which minerals are more or less attractive.

“We’re deeply concerned with electricity, we’re interested in how it’s generated, how it will be stored, and how it will be used to drive

automobiles, trucks, buses, trams and mass transportation, and that has a direct impact on nearly 60% of global-warming gasses, hydrocarbon consumption and urban air pollution,” he says. “But we are more focused on the air pollution problem, even though that does have a beneficial impact on the larger, longer-term and more abstract problem of global warming.”

Toxic air is one of the world’s most serious problems, and sickens more people than anything else, he says, while causing US$5 trillion annually in economic damage. He points to growing asthma in children and cites research published in The Lancet, a peer-reviewed medical journal in the U.K., which suggests there is a link between air pollution and dementia.

In China, one of the world’s most polluted countries, the sub-2.5micron, fine-grained particulates related to exhaust from cars, buses and trucks, have put the Chinese leadership on edge, he says.

“When you get urban air pollution in China, and the sub-2.5-micron

particulates get to 300, 400, 500, 600, 700 points — which is anywhere from 10 to 40 times higher than the highest allowable standards by the World Health Organization — people in China complain about it,” he says.

“Governments that monitor their population through social media understand that one of the biggest causes of unrest or unhappiness in their own populations, or dissatisfaction with their governments, is urban air pollution, because everybody breathes the same air.”

Polluted air, he says, “is going to engender a societal response, and by anticipating that response, we can anticipate where technology is going and where certain raw materials will be required to deal with that response.”

One obvious response is the electric car and the wholesale electrification of the entire transportation industry.

As he puts it: “We believe the electrification of the world economy is inevitable.”

2 0 1 7

7

In addition, Friedland says that the next wave of government fiscal stimulus will be channelled into problems associated with global warming, modifying electrical grids and cleaning the air.

The central banks “have pretty much exhausted the limitations of monetary policy,” he argues, and while they have made money, to a greater or lesser degree, free, another round of fiscal stimulation, or deficit spending, will be required.

“I’m confident that governments will link that future fiscal stimulation to the environment,” he notes, “and that will be good for the metals — and technologies — that Ivanhoe Capital Corp. and its group of companies are involved in.”

Friedland, who first went to China in 1981, recognized early on that China would become one of the world’s most powerful economies and a rich source of capital and strategic partnerships for his mining endeavours, but also that it would play a leading role in both polluting the air and driving creative solutions to clean it. As evidence, he points to China’s Internet giant, Tencent Holdings, which in April acquired a 5% stake in electric carmaker Tesla.

He is quick to note that Tencent has a US$250-billion market capitalization — the largest of any company in China.

Friedland reasons that the electrification of the transportation industry will come in two forms: Battery-powered, plug-in electric vehicles, which get their power from a grid and stored in a battery; and hydrogen fuel cells. Vehicles that are driven by exothermic hydrogen fuel cells use a proton membrane and are pollution free, because the only thing that comes out of their tailpipes is water.

Both technologies are copper intensive, while hydrogen fuel cells are platinum intensive. Platinum is used in the proton exchange membranes in a hydrogen fuel cell, “and no one has been able to replace it,” he says.

Of all the elements in the periodic table, however, the one that will benefit the most from the electrification of the world economy is copper.

“Copper conducts electrical energy better than anything else on the periodic table, except for gold and silver, which are too expensive for the generalized purpose rather than the specialized purpose,” he says, adding that copper is going to be far more valuable in the coming years than it is today in real terms.

Friedland warns that most of the See FRIEDLAND / 16

M ay 3 1 st st June 1

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400 + EXHIBITS ANOTHER

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8

Imperial explores Mount Polley’s upside BC COPPER-GOLD

| Martel and Green zones could boost production at Mount Polley

BY LESLEY STOKES lstokes@northernminer.com VANCOUVER

I

t’s been over two and a half years since a catastrophic tailings dam failure paralyzed activity at Imperial Metals’ (TSX: III; US-OTC: IPMLF) Mount Polley copper-gold mine, 56 km northeast of Williams Lake, British Columbia. But now, with a long-term water management permit in hand and recent promising brownfield exploration results, the future of the open-pit and underground operation appears bright.

The last batch of results from a 6,700-metre underground drill program expanded porphyry-related mineralization at the project’s Martel zone to over 130 metres long, 170 metres high and 140 metres wide, with drill highlights including 124 metres of 1.6% copper and 0.25 gram gold per tonne gold. (A higher-grade intercept within the interval measured 18.9 metres of 2.5% copper and 0.66 gram gold.)

Martel is under the previously mined Wight pit and 400 metres from the recently developed and mined Boundary zone. The mineralization extends outwards into a series of discontinuous lenses known as the Green zone, where the latest intercepts returned 8.7 metres grading 4.4% copper and 1.95 grams gold.

Steve Robertson, vice-president of corporate affairs at Imperial, tells The Northern Miner the Martel and Green zones could improve the production profile of Mount Polley, which has a mine life until 2022 at last count.

“We’re really pleased with the results, and especially pleased

Drillers underground in the Martel zone at Imperial Metals’ Mount Polley copper-gold mine in south-central British Columbia. IMPERIAL METALS

“THE MILL IS ...

HUNGRY FOR HIGH GRADE, AND THAT’S WHAT THESE ZONES COULD PROVIDE.” STEVE ROBERTSON VICE-PRESIDENT OF CORPORATE AFFAIRS, IMPERIAL METALS

with the dimensions and grades of mineralization,” Robertson says.

“The mill is not terribly hungry … we have lots of mineralization to feed it in the current mine plan, but it’s hungry for high grade, and that’s what these zones could provide.”

Mount Polley produced 25.3 million lb. copper from 6.7 million tonnes of ore last year at an average throughput of 18,265 tonnes per day.

The figures include underground mining at the Boundary zone, which supplied 315,000 tonnes of 1.3% and 0.79 gram gold before the reserves were exhausted.

Martel and Green were discovered through surface drilling in 2004, and subsequent work outlined measured and indicated underground resources of 6.3 million tonnes of 1.2% copper, 0.4 gram gold and 7.38 grams silver.

“Development crews moved in to develop the Wight pit and exploration was cut off. We haven’t been back to explore that area since we started drilling late last year,” he

says. “We were halfway through development at Boundary, so we ran a drift down to Martel with the purpose of setting up drill rigs to test the zones from underground.”

When asked about possible mining scenarios for Martel and Green, Robertson says the zones may be more amendable to underground bulk-mining techniques like block caving.

“The zones are quite a bit bigger than the mineralization we exploited at Boundary, so the long-hole stoping method we used there might not be the most appropriate way of approaching this from a mining perspective. We may be able to look at lower-cost, bulk-mining underground methods, and that would lower our mining costs, and

in turn decrease our cut-off grades so that we can mine more.”

Imperial plans to update the resource estimate and complete an economic study on the zones, but Robertson couldn’t specify when the work should be completed.

In the meantime, the company is advancing a long-term management plan for Mount Polley that was approved by B.C.’s Ministry of Environment on April 7. With the permit, Imperial can discharge treated water from the mine site directly into Quesnel Lake.

Imperial shares has traded in a 52-week range of $3.46 to $8.50 per share, and last closed at $6.12 per share. The company has 93.6 million shares outstanding for a 571.8-million market capitalization. TNM

Arizona Mining on path to zinc production at Taylor ZINC-LEAD-SILVER

BY MATTHEW KEEVIL

A

mkeevil@northernminer.com VANCOUVER

rizona Mining (TSX: AZ; US-OTC: WLDVF) has advanced its Taylor zinc-leadsilver sulphide deposit Arizona at a rapid pace over the past 18 months, and has now released a preliminary economic assessment (PEA) that envisions first production from a proposed 9,100-tonne-per-day operation by 2020.

Arizona completed 70 surface diamond drill holes at Taylor in a 2016–2017 program that targeted stratabound carbonate-replacement resources. The deposit is a down-dip sulphide extension of the Hermosa Central silver-manganese oxide project, which sits in the Patagonia Mountains, 80 km southeast of Tucson, Arizona.

The new mine plan is based on an updated resource that has 65% of total contained metals in the measured and indicated categories.

Taylor now hosts 72.4 million measured and indicated tonnes grading 4.3% zinc, 4.4% lead, 88 grams silver per tonne and 0.1% copper. The base case assumes a 4% zinc equivalent cut-off grade.

“There haven’t really been any surprises for us over the past year and a half. Perhaps that’s why the stock is languishing where it is,” Arizona Mining president and CEO Jim Gowans says with a laugh during

1-16, 23_May1_Main.indd 8

| Plan would see first production by 2020, ramping to 10,000 tonnes per day in 2023

an interview in Vancouver.

“We now fully understand the size of the deposit ... this is my lucky seventh mine. We could have extended our drilling over a few years, but we did it the traditional way. We hit it hard and fast, and our plan had always been to get that PEA out.”

The US$457-million development would centre around an underground mine with initial production beginning in 2020 and ramping up to 10,000 tonnes per day in 2023. This scenario is based on a portion of the resource amounting to 55 million tonnes at 4.4% zinc, 4.3% lead and 48.2 grams silver.

The investments in preproduction capital would include: US$99 million for the process plant, US$84 million for the shaft, US$67 million for underground development, US$63 million for contingency, US$61 million for site infrastructure and US$32 million for mining equipment.

The company estimates sustaining capital of US$500 million.

“We determined the best way forward was to ramp down, and then do the lateral development as you drop the shaft. We had thought of doing a double decline, but the reality is that the timing would have been too long,” Gowans says.

“All of a sudden we’re in production before you even finish the shaft, and you make a stockpile as you ramp up. That meant our initial capital expenses dropped, while

sustaining capital increased. Also our initial costs on the processing plant have dropped because it turned out to be relatively simple,” he adds.

Arizona is modelling a standard crushing and grinding circuit followed by froth flotation, concentrate thickening and filtration.

The operation would produce a lead (galena) concentrate and a zinc (sphalerite) concentrate with an estimated gross revenue split of 42% zinc, 43% lead and 15% silver.

Arizona has recently battled public criticism related to the Taylor deposit’s manganese content, which could negatively impact revenue due to unforeseen smelting and treatment penalties.

“People were uninformed about our metallurgy,” Gowans says, noting that initial work indicates a manganese content of 0.1% in the lead concentrate and 1.3% in the zinc concentrate.

“I went down to the International Zinc Association after the questions around our manganese content.

Even our preliminary test work we put out in early 2016 considered it.

So that scenario was always there, and when we did the test work on the concentrates we noted the scenario was not uncommon,” he says.

Arizona’s PEA features an aftertax net present value of US$1.3 billion at an 8% discount rate, and a 42% internal rate of return based on a 19-year mine life. The project could have a 1.7-year capital payback

“THERE HAVEN’T BEEN ANY SURPRISES ...

PERHAPS THAT’S WHY THE STOCK IS LANGUISHING WHERE IT IS.” JIM GOWANS PRESIDENT & CEO, ARIZONA MINING

period.

Taylor’s annual production is estimated at 287 million lb. zinc, 286 million lb. lead and 5.5 million oz. silver. Arizona models all-in sustaining costs of US61¢ per lb. zinc equivalent, concentrate treatment charges of US$210 per dry tonne and a manganese penalty of US$13 per tonne.

“We’re driving aggressively towards a feasibility study by yearend. It’s a shaft-based system, so we’ve selected a daily tonnage figure that works well with that design,” Gowans says. “We know that’s the sweet spot, and so we’ll focus on the mine plan and grade optimization.

It’s mostly desktop work, though there will be infill drilling on some areas we think have potential. We’ll also push the permitting forward and continue with exploration, because we know we have a lot of veins and Taylor Deep.”

The Taylor Deep discovery, reported early this year, is interpreted as a new zone of mineralized carbonates below a sequence of older volcanic rocks and a thrust fault that separates it from current sulphide resources.

Recent highlights from the discovery are: 5.9 metres of 216 grams silver, 23.2% lead, 7.6% zinc and 0.4% copper from 1,028 metres deep in hole 417; and 7.8 metres grading 336 grams silver, 20.2% lead, 3.1% zinc and 0.3% copper from 708 metres deep in hole 409.

Arizona shares have traded in a 52-week range of 96¢ to $3.49, and closed at $1.99 per share at press time.

The company raised $69 million in various financings in 2016, and reported cash and equivalents of $19 million to end the year. Arizona has 250 million shares outstanding for a $497-million market capitalization.

“We know the zinc market is going to be in deficit for five years. That’s before a few major projects come onstream, including Taylor. I look at the zinc market and it’s going to be stronger for a longer period, but I don’t think you’ll ever have the price spike,” Gowans adds.

“There’s money available because, to be honest, there’s not a great selection of mining investments. In our case we have a world-class deposit and a short timeline to production.

If you’re out 10 years, it’s a lot more difficult.” TNM

2017-04-25 9:06 PM

SPECIAL FOCUS

FAR NORTH A drill rig at Agnico Eagle Mines’ Meliadine gold project in Nunavut. AGNICO EAGLE MINES

Nighthawk cashed up, drilling 25,000 metres NWT

| Junior ties up more than 90% of Indin greenstone belt

BY TRISH SAYWELL tsaywell@northernminer.com

in the right direction ... for us it ended up more of a market — or capital — issue. They bring a more systematic outlook to exploration and give us the backing to dig into that district-scale potential at Rackla. We’re looking at a fresh start that involves a review of the entire land position.”

Barrick must spend $35 million on exploration over five years to acquire a 60% interest Orion, See ATAC / 14

See NIGHTHAWK / 10

Atac Resources’ camp at the Rackla property, 100 km northeast of Keno City, Yukon. Barrick has optioned the Orion portion of the property. ATAC RESOURCES

Barrick joins Atac at Orion in the Yukon

GOLD

| Barrick’s investment continues trend of majors entering the territory

BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

A

tac Resources (TSXV: ATC; US-OTC: ATADF) is the latest explorer to attract a major’s attention amid a new gold rush in the Yukon.

On April 10, the company struck an option agreement on its expansive Orion project with Barrick Gold (TSX: ABX; NYSE: ABX), wherein the major could earn a 70% interest in nearly 800 sq. km that hosts Canada’s only Carlin-type gold district.

The terms outline potential investment by Barrick totalling $63.3 million, which includes a private placement of $8.3 million and a two-staged, $55-million exploration earn-in option to acquire up to 70% of Orion, which comprises the central portion of the 1,742 sq. km Rackla property, 100 km northeast of Keno City.

“We’ve actually had a relationship with them for a long time, and they’ve been following our story. Barrick’s team out of Nevada are obviously leaders in terms of Carlin-style geology, and they will bring a systematic exploration strategy that’s well-suited for the project size,” Atac president and CEO Graham Downs says during an interview at the firm’s Vancouver office.

“We’d been talking about the details of a partnership for many years, and under this agreement we get to keep our ownership in the bookends of the land package. Barrick was certainly intrigued by drill results at Orion in 2016,” he adds.

Orion covers 780 sq. km and includes the drill-confirmed Orion and Anubis Carlin-type gold discoveries, as well as eight other early-stage, Carlin-type gold prospects.

The area is part of the broader Nadaleen trend — which also hosts the Osiris, Ibis, Conrad and Sunrise target

1-16, 23_May1_Main.indd 9

areas — where mineralization reportedly occurs in limestone debris flows and turbidite deposits characteristic of an offshore sedimentary environment.

Atac drilled 1,540 metres at the central Orion zone in 2016, targeting pyritic siltstone and footwall brecciated limestone stratigraphy along the Anubis fault. The work returned elevated gold and associated pathfinder elements (arsenic, antimony, mercury and thallium) that Atac says are “characteristi-

cally peripheral to Carlin-type mineralized systems.” The assays were headlined by 61.3 metres of 2.75 grams gold per tonne from 18 metres deep in hole 16-10.

“In terms of timing, it was just a question of finding a deal that worked for both sides. Barrick’s team definitely likes the rocks, and it came to a point where they wanted to get in there and have boots on the ground,” Downs says.

“It will be a real collaboration.

Our exploration has been heading

N

ighthawk Gold (TSXV: NHK) recently raised $25.1 million in equity to finance exploration at its Indin Lake gold project in the Northwest Territories, and Nighthawk president and CEO Michael Byron says the company’s 2017 exploration program will be its most ambitious yet.

In what will be its seventh drill program, Nighthawk plans to drill 25,000 metres this year at its flagship Colomac gold deposit, 200 km north of Yellowknife, as well at select priority targets across its 900 sq. km land package in the Indin Lake greenstone belt.

Colomac hosts an inferred resource of 2.1 million oz. gold (39.8 million tonnes at an average grade of 1.64 grams gold per tonne), and Kinross Gold (TSX: K; NYSE: KGC) thought highly enough of Nighthawk’s wholly owned project to take a 9.5% stake in the company in November 2016.

“It’s still early in the growth of Colomac, but we are confident in

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Nighthawk Gold’s Colomac gold project in the Northwest Territories, 200 km north of Yellowknife. NIGHTHAWK GOLD

Nighthawk cashed up to drill 25,000 metres NIGHTHAWK From 9

its multimillion-ounce expansion potential,” Byron says in an interview. “Now that we have the capital we can continue with our exploration agenda … in the early days, markets weren’t strong and we were challenged to raise the funds needed to do all the things we wanted to do. However, now that we have the resources, and the markets appear to be awakening to northern resource stories, I feel that we are in the right place at the right time, with the right asset.”

Between now and September, Nighthawk plans to drill Zones 1.0, 1.5, 2.5 and 3.5, and the Goldcrest sill; expand known high-grade zones along strike and to depth; and test other potential zones of higher-grade mineralization within the sills.

Within the Colomac sill, Zone 1.0 lies at its northern extent and Zone 3.5 about 6 km south.

(The zones were labelled sequentially based on their geographical distribution along the sill.)

Zone 1.5, Nighthawk’s newest high-grade discovery, is a zone that outcrops at surface, has boundaries along strike and is open at depth.

Zone 2.5 and zone 3.0 are a couple kilometres south of Zone 1.5.

The 2017 drill program will begin at Zone 1.5, where drilling last year returned intercepts of 52.1

metres grading 7.72 grams gold per tonne, including 25.5 metres of 14.25 grams gold in hole 16-03; and 72.7 metres of 5.58 grams gold, including 17.8 metres of 17.72 grams gold in hole 16-03B. The company plans to test the high-grade zone to depth along its 125-metre strike length.

Drilling will also target the resource gap between Zone 1.5 and high-grade Zone 2.0, immediately south, and test for a possible link between the two. If there is a link, it could result in a single high-grade domain that extends up to 300 metres in strike.

Testing the gap, Bryon says, is important because there has been no drilling in the area. “If these two high-grade zones are in fact one, or close enough to be considered as one, then their combined strike length may be upwards of 300 metres,” he says. “This has the potential to really change the nature of Colomac.”

Byron notes that Zone 1.5 lies just 100 metres north of the pastproducing Colomac open pit. “The fact that it is essentially next to the former production pit, yet was never discovered, told me that opportunities were ripe in and around the deposit, and that [previous] exploration probably did not focus on areas lateral to the two main sills.”

Nighthawk’s exploration plans this year also involve drilling Gold-

•

ConstruCtion AnD Mining serviCes

1-16, 23_May1_Main.indd 10

crest, a 2.5 km mineralized mafic sill 400 metres west of Colomac.

The goal will be to test shallow high-grade mineralization to depth and target new opportunities within untested regions along strike to the north and south. Intercepts from Goldcrest have included 19.6 metres of 4.19 grams gold and 20.3 metres of 4.83 grams gold.

Other efforts in this year’s exploration season include prospecting and mapping programs focused on generating drill targets within the Nice Lake sill, which was discovered earlier this year, in February, about 1.5 km east of Colomac.

Nighthawk says Nice Lake, a mineralized quartz diorite intrusion, is similar to the Colomac and Goldcrest sills. It was discovered by prospecting geophysical targets outlined from airborne and ground magnetic surveys. About 40% of the grab samples collected along the Nice Lake trend contained gold, including a sample that returned up to 2.61 grams gold per tonne. The sill remains open along strike and has yet to be thoroughly mapped.

Byron notes that Nice Lake is 4 km long, with anomalous gold mineralization over much of its length. It lies parallel to the other sills Colomac and Goldcrest, and shares the same magnetic intensity and anomaly shape.

“This [mid-year] we will go back to do more work on that sill to see

if we can generate drill targets,” he says, adding that in preparation for that work, Nighthawk has initiated an extensive ground geophysical program consisting of inducedpolarization (IP) and magnetics.

“The crews are on-site, laying out the grids for the IP survey,” Bryon says. “Since high-grade Zone 1.5 showed itself as both a chargeability and resistivity high in a previous survey, we will now test other prospective areas along the sills to direct our drilling.”

Byron says Nighthawk could not execute these initiatives in the past due to the lack of funds. “Our current cash position allows us to shed those previous restrictions and focus our attentions on those areas deemed the most opportunistic,” he says, adding that the company expects to undertake a similar-sized exploration program in 2018.

Another discovery Nighthawk made last year, after sampling completed in 2012, was the Andy Lake prospect, 20 km south of Colomac. The company has identified a new style of gold-silver-bismuth mineralization that has not been reported previously in the Indin Lake greenstone belt. The company says gold with high silver and bismuth occur at both ends of Andy Lake in a granite host almost 1.3 km apart.

“Already Colomac is much more than what ... was envisioned as a

“IT’S STILL EARLY AT COLOMAC, BUT WE ARE CONFIDENT IN ITS MULTIMILLIONOUNCE EXPANSION POTENTIAL.” MICHAEL BYRON PRESIDENT AND CEO, NIGHTHAWK GOLD

large-tonnage, open-pit operation,” Byron says. “It still has that potential and more. These high-grade domains give the potential that Colomac may be amenable to underground bulkmining operations. This is how we see Colomac evolving over the next couple of years of drilling. Sure, this is forward-looking, but let’s just say it hasn’t been ruled out yet.”

Nighthawk started poking around the Indin Lake greenstone belt in 2009 and began staking claims in 2010, culminating in its acquisition of Colomac in 2012. (Previously mined by Royal Oak Mines, Colomac produced just over 500,000 oz. gold from a shallow open pit.)

The company has tied up what Byron deems is the most prospective ground in the area, and the geologist calculates Nighthawk’s regional land package makes up more than 90% of the greenstone belt.

“What makes Nighthawk unique is that we have consolidated our regional land position,” he says. “There’s really not an abundance of regional plays like ours, especially in the North.”

The Indin Lake greenstone belt is the same age and has many of the same mineralization styles as the Timmins camp in Ontario. Unlike Timmins and Canada’s other established Archean gold camps, however, the Indin Lake area has seen little exploration, with the exception of brief periods in the 1950s, the late 1980s and the early 1990s.

Byron sees that as a big opportunity.

Byron says Colomac has typical Archean gold mineralization. The host rock is a differentiated mafic intrusion, with gold preferentially located in the silica-rich upper part of the sill. The geologist says it shares many similarities to the Kalgoorlie gold camp of eastern Australia, including hosting large, high-grade domains.

In addition, Byron notes that the company does not have any earn-ins or option payments, so its carrying costs are annual mining lease payments and assessment work required to keep the ground in good standing, all of which amounts to $200,000 a year on average — “a totally manageable amount, given the size of our land position.”

Nighthawk’s shares are trading at 89¢ within a 52-week range of 12.5¢ (May 9, 2016) and 90¢ (April 13, 2017). The junior explorer has 187 million shares outstanding. TNM

2017-04-25 9:06 PM

THE FAR NORTH

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 1–14, 2017

11

Mawson thinks big in Finland GOLD

BY LESLEY STOKES lstokes@northernminer.com VANCOUVER

M

awson Resources (TSX: M AW) has ex pa nded the gold-mineralization footprint at its Rajapalot project in northern Finland, according to the company’s latest results from its ongoing 10,000-metre drill program.

The results have pushed the western, southern and eastern margins of a hydrothermal gold-bearing system to 1.2 km along strike and 400 metres deep, as highlighted by intercepts of 12 metres grading 1.2 grams gold per tonne and 6 metres of 2 grams gold.

Another hole, positioned 75 metres southwest of a 56-metre intercept grading 0.53 gram gold, hit 5 metres of 1.2 grams gold, and is the southernmost hole at Rajapalot to date.

“We’re not just sticking around a small, known area,” Mawson president and CEO Michael Hudson tells The Northern Miner during a phone interview. “We’re really stepping out to define if we have a system of scale.”

The mineralization, which the company says was driven by granitoid intrusions, is similar to what’s seen at the project’s Palokas target, 1.8 km north, where a 2013 discovery drill hole cut 9.5 metres at 7.4 grams gold from 1.3 metres deep.

Magnetite and pyrrhotite — both iron-bearing sulphide minerals — are often found with the gold, Hudson says, which means the company can use magnetic geophysical surveys to target more zone extensions.

For years, Hudson has raved about the exploration potential of Finland and Sweden’s Fennoscandian shield — a package of Archean- to Proterozoic-aged rocks that are almost identical to those found in the gold-prolific regions of Ontario and Quebec.

The discovery of nuggety, highgrade gold and uraninite veins over a 6 km trend at Rompas, 8 km west of Rajapalot, led to the company’s maiden drill program in 2010, which outlined 6 metres of 617 grams gold near surface.

Although the results are encouraging, Hudson says getting the permits to advance Rompas has proven challenging. The mineralization falls within a Natura 2000 biodiversity site that covers a breeding and resting area for rare and threatened species. Over 14% of Finland is covered in Natura 2000 biodiversity sites, whereas in the north, the protected land packages cover 30%.

Hudson says that development

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

| Step-out drill program targets Rajapalot extensions

“WE’VE FOUND THOUSANDS OF BOULDERS WITH ORE GRADES OVER 100 SQ. KM, AND IT’S HIGHLY UNLIKELY THAT WE’VE FOUND THE BEST PARTS OF THE SYSTEM.” MICHAEL HUDSON PRESIDENT AND CEO, MAWSON RESOURCES

within Natura sites across Europe does occur, with examples including Dundee Precious Metals’ (TSX: DPM) Krumovgrad gold project in Bulgaria, and Anglo American’s (US-OTC: AAUKF; LON: AAL) Sakatti copper-nickel-platinum group metals project in Finland.

Mawson is permitted to drill within Natura areas using large-scale rigs in the Finnish wintertime, but are restricted with using hand-portable rigs during the summer. Swampy conditions can also pose problems when mobilizing equipment into other parts of the property, he adds.

“Most of the gold we’ve found to date is in Natura areas, so we’re putting a lot of effort in finding extensions of the mineralization beyond those boundaries and into areas where we’re able to drill [midyear],” he says.

While the company awaits new permits for Rompas, five drill rigs are pushing the mineralization at Rajapalot. Assay results from 23 holes are still pending, while 10 holes on the project remain to be tested.

“Our story has been around for the past five years, so there are expectations for us to monetize the property and put resources together quickly — but we’re not going down that path yet. We’ve found thousands of boulders with ore grades over 100 sq. km, and it’s highly unlikely that we’ve found the best parts of the system,” he says. “Most, if not all the mines in the country, are found in areas with outcrop and 99% of the country is undercover, so we

At Mawson Resources’ Rajapalot gold project in Northern Finland, from left: geotechnician Esa Pulliainen; geologist Janne Kinnunen; geotechnician Kimmo Neuvonen; and director of environment Noora Ahola. MAWSON RESOURCES

know there’s a lot more left to find.”

Aurion Resources (TSXV: AU), another explorer in Finland, shares a similar story. The prospect generator uncovered gold-rich sub-crop within a 700- by 1,100-metre-wide area at its Risti project in northern Finland, as announced on Feb. 1.

Out of the 133 rock samples collected from quartz-tourmaline blocks at surface, 36 assayed greater than 31 grams gold per tonne. Many blocks were larger than 1 metre, locally reaching up to 3.5 metres.

“Finland is like a new little Klondike,” Hudson says. “We were thrilled to see the results Aurion had, and it certainly gave us momentum, as we’re the oldest story there. Now we see a lot of new players coming in, and it can only help.”

Mawson plans to keep a “steady news flow” over the coming months, with more work planned on expanding the targets. Hudson adds that the company is well-financed, and expects to finish its drill program with $4.5 million in the bank.

Shares of Mawson have traded within a 52-week range of 21¢ to 57¢, and closed at 40¢ at press time. The company has 105.3 million shares outstanding for a $42.1-million market capitalization. TNM

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THE FAR NORTH

MAY 1–14, 2017 / THE NORTHERN MINER

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CENTRAL AMERICA Andy West, an exploration geologist, at work on Trilogy Metals’ copper property in Alaska’s Ambler mining district. TRILOGY METALS

SPECIAL FOCUS

The exploration camp at Trilogy Metals’ Bornite copper project in Alaska. TRILOGY METALS

South32 strikes deal with Trilogy in Alaska’s Ambler district COPPER

BY MATTHEW KEEVIL

A

mkeevil@northernminer.com VANCOUVER

ustra lia-based South32 (LON: S32) has been on the lookout for North American base metal opportunities, and its latest move is a new option agreement with Trilogy Metals (TSX: TMQ; NYSE-MKT: TMQ) on the junior’s Upper Kobuk copper assets in Alaska’s Ambler mining district.

South32 must spend a minimum US$150 million — plus any expenses at Trilogy’s Arctic project over the next three years to a maximum of US$5 million annually — to create a fifty-fifty joint venture.

The Ambler district sits in north-

| Aussie major must spend US$150M to form fifty-fifty JV

western Alaska and is known for volcanogenic massive sulphide (VMS) and carbonate-replacement mineralization. Trilogy’s 1,430 sq. km land position hosts the Arctic VMS and Bornite carbonatereplacement copper deposits. The properties have no current road access or nearby power infrastructure, and lie 470 km northwest of Fairbanks.

South32 emerged two years ago, through a spin-out transaction, after BHP Billiton (NYSE: BHP; LON: BLT) narrowed its focus to copper, coal, iron ore and oil.

South32 also has a smaller option with Northern Shield Resources (TSXV: NRN) on the greenfield Huckleberry copper-nickel prospect

www.knightpiesold.com

in Quebec’s Labrador Trough.

“South32 is a diversified company, but I’d point out they do not have a producing copper asset in the portfolio,” Trilogy Metals president and CEO Rick Van Nieuwenhuyse said during a conference call.

“We can speculate here in terms of why they’re interested in our assets in Alaska. It’s a rich district in terms of metal productivity, and exploration activity has been relatively meagre when you look at that scale, especially when compared to other VMS ore belts around the world.”

The Australian company must contribute at least US$10 million annually over the next three years to keep the agreement in good standing, and it can exercise its jointventure option at any time.

Trilogy previously announced a $7.1-million annual budget to fund prefeasibility work at Arctic. The project hosts 23.8 million indicated tonnes grading 3.3% copper, 4.5% zinc, 0.8% lead, 0.71 gram gold per tonne and 53.2 grams silver per tonne.

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ATAC AND BARRICK ENTER PARTNERSHIP TO EXPLORE CANADA’S ONLY CARLIN-TYPE GOLD DISTRICT Barrick can earn 70% of the Orion Project by spending $55 million in exploration Barrick increases their ownership in ATAC from ~9.2% to 19.9% through an $8.3 million flow-through financing ATAC to conduct one of Yukon’s largest exploration programs in 2017: +$10 million budgeted for the Osiris and Rau Projects

TSX-V: ATC

1-16, 23_May1_Main.indd 12

The company released a preliminary economic assessment in 2013 that models a US$718-million development at the deposit that would feature a 10,000-tonne-per-day conventional grinding mill-andflotation circuit. The mine would produce average annual payable production of 125 million lb. copper, 152 million lb. zinc, 24 million lb. lead, 29,000 oz. gold and 2.5 million oz. silver over a 12-year life.

“Our industry recognizes we don’t see a lot of high-quality copper assets. There are a lot of low-grade porphyries, but Arctic and Bornite are different geological styles that tend to be associated with higher grades,” Van Nieuwenhuyse said.

“All of the South32 funding will focus on Bornite, but we want to continue to advance Arctic to the prefeasibility level. We have committed ... and South32 is aligned with the goal. That’s really what the parallel financing structure of the agreement is all about.”

Meanwhile, at Bornite, Trilogy has delineated an indicated in-pit resource of 40.5 million tonnes

www.atacresources.com

“AMBLER IS A RICH DISTRICT IN TERMS OF METAL PRODUCTIVITY, AND EXPLORATION HAS BEEN MEAGRE ... COMPARED TO OTHER VMS BELTS.” RICK VAN NIEUWENHUYSE PRESIDENT AND CEO, TRILOGY METALS

grading 1% copper at a 0.5% copper cut-off, and an inferred in-pit resource of 84.1 million tonnes averaging 0.95% copper. Bornite’s below-pit inferred resource stands at 57.8 million tonnes of 2.9% copper at a 1.5% cut-off grade.

South32’s initial US$10 million is earmarked for exploration at Bornite to test the extension of promising copper grades, including hole 13-224, which in 2013 cut 236 metres of continuous mineralization averaging 1.9% copper.

“The [funding] will mostly go towards drilling on the down-dip extension of the Bornite deposit,” Van Nieuwenhuyse says. “We’ll look to grow those inferred resources.

Right now we have seven deep exploration holes outlined to the north and east along the projection of the mineralization. We also have ground-gravity geophysical surveys and geochemical work planned.”

South32 must decide by January whether it will opt to continue with the arrangement. Trilogy speculates that the deal could fund Arctic and Bornite through feasibility and permitting.

Trilogy has traded in a 52-week range of 47¢ to $1.08 per share, and closed at 85¢ per share at press time.

The company has 105.5 million shares outstanding for a $90-million market capitalization, and reported US$7 million in cash during the first quarter.

“We’ll likely look to [raise money] late this year, or early next year,” Van Nieuwenhuyse said.

“We want to have the capital to continue to advance the overall project. That will be an appropriate time to look at financing, and if South32 exercises their option, that is a substantial amount of money to get both projects across the finish line.” TNM

2017-04-25 9:07 PM

THE FAR NORTH

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 1–14, 2017

13

Yukon catches more majors’ eyes GOLD

BY TRISH SAYWELL

R

tsaywell@northernminer.com

ecent investments in the Yukon by Barrick Gold (TSX: ABX; NYSE: ABX), Newmont Mining (NYSE: NEM) and Agnico Eagle Mines (NYSE: AEM; TSX: AEM) underscore the allure of Canada’s Far North — where prospective ground and a bulletproof jurisdiction are proving a winning combination.

Barrick’s option agreement in April on ATAC Resources’ (TSXV: ATC; US-OTC: ATADF) Orion project, 100 km northeast of Keno City, follows Newmont’s investment in March in Goldstrike Resources’ (TSXV: GSR) Plateau project, 300 km east of Dawson City.

Those deals follow Agnico Eagle’s investment four months ago in White Gold (TSXV: WGO), which has staked more than 2,500 sq. km in the Yukon’s White Gold district, and Goldcorp’s (TSX: G; NYSE: GG) $520-million acquisition in May 2016 of Kaminak Gold and its Coffee gold project, 130 km south of Dawson City.

The investments are consistent with the strategies of the major mining companies to partner with junior explorers and identify and develop mining districts with exploration potential that will grow their net asset value per share. Politically stable jurisdictions like the Yukon are even more attractive to majors seeking to add high-quality ounces to their development pipelines.

“The majors like the fact that it’s Canada, a jurisdiction they’re comfortable in,” president and CEO of White Gold Corp. David D’Onofrio says. “They have pretty much all been burned in some capacity or another in foreign jurisdictions over the last five or 10 years. These foreign jurisdictions look good at the beginning, but don’t always work out the way you think they will.”

William Chornobay, Goldstrike’s chief operating officer, says the Yukon investments mark “the beginning of a new gold rush.”

In an interview, Chornobay says that “the senior miners are looking for near-surface, high-grade gold discoveries that are becoming extremely hard to find. The Yukon has vast expanses, with excellent untapped mineral potential.”

D’Onofrio says Agnico Eagle was not the only major kicking the tires at White Gold. “There were other majors interested at the time, but Agnico seemed to be the ideal partner,” he says. “Pretty much all the majors are looking to get a toehold in that area, so it’s a sign of confidence that there could be more to come.”

White Gold says it owns 30% of the Yukon’s White Gold district, with over 14,648 claims across 23 properties. Preliminary exploration work has generated several highly prospective targets and the claim packages are bordered by sizeable gold discoveries owned by companies such as Kinross Gold (TSX: K; NYSE: KGC), Goldcorp and Western Copper & Gold (TSX: WRN; NYSE-MKT: WRN).

Robert Carpenter, who founded Kaminak Gold, is a White Gold director, while Shawn Ryan, whose prospecting work in the Yukon has led to the discoveries of 7.5 million oz. gold, is the company’s chief technical advisor.

Ryan and his wife and business partner Cathy Wood made it big finding two large gold deposits near Dawson City. They optioned their first discovery, the White Gold project, 95 km southwest of Dawson City, to Underworld Resources in 2007, which was later acquired by

1-16, 23_May1_Main.indd 13

| Barrick, Newmont and Agnico Eagle bet on Yukon juniors

“THE MAJORS LIKE THE FACT THAT IT’S CANADA, A JURISDICTION THEY’RE COMFORTABLE IN.” DAVID D’ONOFRIO PRESIDENT AND CEO, WHITE GOLD CORPORATION

Kinross Gold in a cash-and-stock deal worth $139 million. The couple optioned their second discovery, the Coffee gold project, 130 km south of Dawson City, to Kaminak Gold in mid-2009. The Northern Miner named Ryan and Wood “Mining Persons of the Year” in 2010.

Last September, Ryan agreed to option all of the remaining properties in the White Gold district (not in current joint ventures with third parties) to White Gold Corp., which was formerly known as G4G Capital.

The properties range from grassroots targets where ridge and spur soil geochemical sampling could be used for follow-up exploration to more advanced targets, where grid soil geochemical sampling, mapping and geophysical surveys, and limited drill campaigns have been conducted.

Guy Gosselin, Agnico’s vicepresident of exploration, tells The Northern Miner that several things about White Gold led his firm to take a 19.9% stake in the junior in December at $1.20 per share, such as White Gold’s enormous land position in an area of known gold deposits, and its technical team and exploration track record.

“We know there is gold in the area and we have the best people to find gold, because it’s basically what Shawn Ryan and Rob Carpenter have done in that part of the world,” Gosselin says. “They have all the ingredients.

“They already have a large database of information on that large land package, and on top of that, they have developed a cheaper way to explore with the rotary air blast (RAB) drilling process, so they can conduct a lot of work with a lot less money,” he continues. “They are moving less pieces of equipment

Drillers at Goldstrike Resources’ (TSXV: GSR) Plateau gold project, 300 km east of Dawson City, Yukon. GOLDSTRIKE RESOURCES

and not using water to drill, so that makes their exploration process faster, and they are able to screen a lot of ground for less money than anyone else can.

“Shawn has been working in that part of the world for more than 20 years and has put together a good strategy, so we’re in a fertile environment with top-notch, quality people who will do a lot of work with the amount that we’ve invested, so for us and them, it’s a win-win situation,” Gosselin adds. “They will do potentially twice as much work with the money we’re going to put into it than we could potentially do ourselves, considering their skills.”

Ryan’s Drones to Drills technology, which he invented and owns through his company GroundTruth Exploration, enables White Gold to explore year-round. The relatively inexpensive aerial drone surveys capture images that are combined to provide project-scale imagery at an ultra-high resolution and at a low cost. GroundTruth also developed the GT RAB drill — a remotely controlled, tracked platform that is entirely pneumatically and hydraulically operated, drilling at a

cost of $135 per metre, or 70% less than the typical $450-per-metre cost of diamond drilling.

“Shawn and his GroundTruth team are achieving exploration at a quarter of the cost and in a quarter of the time that they were doing five years ago in 2011, so we’re able to cover a lot of ground,” D’Onofrio says.

For its part, Agnico says, if a discovery is made, it knows how to build mines in the North, having been in Nunavut since 2007. “We have the skill set to develop remote projects in that kind of location,” Gosselin says. “For us, it’s a continuation of what we undertook in Nunavut. All that part of northern Canada is highly prospective, and we’ll continue to monitor it and develop our projects there.”

Meanwhile, Newmont’s investment in Goldstrike Resources — the major’s first in the Yukon — marks yet another vote of confidence in the North.

In March, Newmont announced a US$39.5-million deal comprised of a private placement and staged work commitments to advance Goldstrike’s Plateau gold project in

the central-eastern Yukon.

Under the agreement, Newmont will make an initial US$4.5-million, non-brokered private placement in Goldstrike to buy 12.7 units at 47.42¢ per unit, and has a right to earn an initial 51% interest in Plateau by paying US$6 million in cash, spending at least US$13 million on exploration and completing a resource estimate. In the second stage, Newmont could earn another 24% by spending US$16 million on exploration and completing a feasibility study by 2027.

“We saw that for the amount of money we were going to put into it, there was potential for really good value in the future feeding our pipeline on the early-stage side,” Omar Jabara, Newmont’s group executive of corporate communications, says in an interview. “It made a lot of sense, and of course, the Yukon, as well as Canada, are good, friendly mining jurisdictions and have good infrastructure and laws, and contractual stability to support investment in mining, so in addition to being a good-quality resource, it’s also in a very good jurisdiction.”

Goldstrike’s Chornobay says initial drill results have been exciting, with widespread, high-grade gold mineralization found in a gold system that has a 50 km strike length, and remains open.

The company made its first discovery at Plateau — called the Goldrush zone — in 2011, and followed it up with discoveries of the Gold Dome and Goldstack zones in 2012, and Goldbank in 2013.

Drilling at Goldstack in 2015 returned an intercept of 13.25 grams gold per tonne over 17.5 metres true width. Last year drilling at Goldstack produced a 45.5-metre intercept grading 6.05 grams gold per tonne, including 20.7 metres of 12.5 grams gold per tonne.

Newmont’s Jabara says that “we have some of the best geologists on exploration teams in the world at Newmont, and they have really good judgment when it comes to buying opportunities that have potential to deliver good value to the company.

For them to come and bring this opportunity to management is an indication that they have more than just a good feeling. They also have some good data backing it up.” TNM

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2017-04-25 9:07 PM

14

THE FAR NORTH

MAY 1–14, 2017 / THE NORTHERN MINER

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Darnley Bay outlines plans for Pine Point revival NWT LEAD-ZINC

BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

D

arnley Bay Resources (TSXV: DBL) has sketched out a plan to revitalize Cominco’s historic Pine Point lead-zinc mine, 42 km east of Hay River, Northwest Territories. A newly released preliminary economic assessment (PEA) models a $154-million redevelopment that would feature a 13-year mine life and total production of 1.4 billion lb. zinc and 536 million lb. lead.

Darnley Bay plucked the Pine Point asset out of bankruptcy in late 2016. The property package includes 42 zinc-lead deposits over a 68 km strike length. Cominco mined 64 million tonnes grading 7% zinc and 3.1% lead from 50 open pits and two underground deposits at the site between 1964 and 1987.

Consultants JDS Energy & Mining examined several development scenarios before settling on a mine plan wherein 10 open-pit deposits would be sequentially developed using dense media-separation plants, followed by traditional grinding and flotation to upgrade mineralized material into lead and zinc concentrates. The strategy relies on historic methods employed by Cominco.

| PEA envisages 10 deposits developed sequentially as open pits

“THERE REMAIN SEVERAL OPPORTUNITIES TO IMPROVE THE ECONOMICS.” JAMIE LEVY PRESIDENT AND CEO, DARNLEY BAY RESOURCES

“The study demonstrates relatively low capital costs when compared to similar projects. We examined a variety of mining scenarios, and realized that the methods applied

by Cominco during Pine Point’s production history were the best option,” Darnley Bay president and CEO Jamie Levy said during a conference call. “We’ll be moving forward with feasibility work, and I’d point out there remain several opportunities to improve the economics, including the addition of underground resources and several areas of the mineralized trend that remain unexplored.”

The PEA includes resources of 25.8 million measured and indicated tonnes grading 2.9% zinc and 1.12% lead, and another 3.7 million inferred tonnes of 2.9% zinc and 0.8% lead.

Drill core in 2016 from Cominco’s historic lead-zinc Pine Point operation in the Northwest Territories. DARNLEY BAY RESOURCES

Darnley Bay says it would leverage a combination of portable and fixed crushers, and dense media separation plants located near each deposit, with pre-concentrate trucked to a central 1,800-tonneper-day mill for standard grinding and f lotation to produce a final concentrate. The company would then truck concentrate to the Hay River railway facility, 65 km west.

Pine Point hosts Mississippi Valley-type deposits, which are classified as carbonate-hosted lead-zinc sulphide deposits that are typically

known for moderate to high base metal grades, non-complex metallurgy and processing/beneficiation characteristics that yield problemfree concentrates.

The project also has twin underground deposits — R190 and X25 — that could play a role as the company moves towards feasibility-level engineering. Pine Point’s underground resource is 1 million measured and indicated tonnes of 10.98% zinc and 5.3% lead at R190, and 2.1 million tonnes of 6.7% zinc and 2.3% lead at X25.

Levy added that metallurgical recovery rates could be improved, and there is potential for discoveries along large portions of the westernmost leases, which remain underexplored due to distances from the original Pine Point concentrator.

Lead and zinc mineralization in the Pine Point area has reportedly been found along three main trends

known as the North trend, Main trend and South trend. Darnley Bay announced a 3,500-metre drill program in March, which is intended to upgrade historic resources and explore for more deposits. Exploration by past operators includes 1.3 million metres of core drilling in an estimated 18,406 drill holes.

There are 54 undeveloped lead-zinc deposits across the property package.

In December 2016, Darnley Bay raised nearly $7.7 million by issuing 25 million shares at 20¢, and another 10.6 million flow-through shares at 25¢. Lukas Lundin’s Zebra Holdings and Rob McEwen’s Evanachan jointly subscribed for 70% of the shares.

The company has traded within a 52-week range of 2.5¢ to 57¢ per share, and closed at 26.5¢ at press time. Darnley Bay has 132 million shares outstanding for a $35-million market capitalization. TNM

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which would include $10 million in guaranteed fieldwork over the first three years. The gold major would earn the final 10% via a subsequent, $20-million investment.

Atac will also receive a capital boost courtesy of the private placement, which will result in Barrick holding a 19.9% equity stake in the junior. Atac says the proceeds will fund a $10-million program at the Osiris and Rau projects, which are not subject to the earn-in agreement.

The offering will consist of 16.7 million flow-through shares sold at 50¢ through a donation arrangement by PearTree Securities.

The Rau trend occupies the western edge of the Rackla land package, and hosts the Tiger carbonate-replacement gold deposit, the Airstrip gold anomaly and the Ocelot silverlead-zinc discovery.

The Osiris project sits on the properties’ eastern extent and is highlighted by the Conrad Carlintype zone, where Atac cut 43 metres of 18.44 grams gold from 66 metres deep in hole 12-114.

“We’re definitely going to prioritize high-grade mineralization at the Conrad zone around the 350 and 650 faults, which we’ve modelled. Drilling to date has been parallel to those faults, so we’re going to change the orientation,” Downs says.

“It will be similar at Osiris North, where we have pretty wide spacing ... it’s really a question following up on grade and building ounces. We hope to work towards a resource in the near-term. We have a number of zones over a

large area, and each one could be a stand-alone deposit.”

In January, Atac outlined plans for a 15,000-metre diamond and rotary air blast drill campaign.

The exploration would target potential high-grade gold structures at the Conrad and Osiris zones.

Diamond drilling will focus on high-grade gold mineralization the company suspects is associated with the 350 and 650 faults, where hole 10-8 returned 21.1 metres of 8.03 grams gold from 41 metres deep, and hole 12-184 intersected 51.8 metres of 4.05 grams gold from 147 metres deep.

“We’ll review that exploration program, since we’ll have more money earmarked for the Conrad and Osiris areas. The Orion program will have to be rejigged with Barrick’s input,” Downs says, adding that the companies hope to get drills turning by early June.

Atac shares have traded in a 52week range of 32¢ to 95¢ per share, and closed at 58¢ per share at press time.

The company reported working capital of nearly $16 million at the end of 2016, and has 123 million shares outstanding for a $71-million market capitalization.

“There’s a bit of a flight from risk element going on when you talk about the recent investments in the Yukon,” Downs says. “The jurisdiction has proven to be a stable place to work over the years, and it’s truly underexplored. There’s a ton of potential, and you can work there. I also see companies becoming more comfortable working in Canada’s North, and that will keep growing over time.” TNM

2017-04-25 9:07 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 1–14, 2017

15

An aerial view of a drill site and infrastructure at the past-producing Madsen gold project in Ontario’s Red Lake district. PURE GOLD MINING

Pure Gold hits new zone at Madsen ONTARIO

BY TRISH SAYWELL

P

tsaywell@northernminer.com

ure Gold Mining (TSXV: PGM) has found a new zone at its Russet South target, 1.5 km northeast of the old Madsen mine on its wholly owned Madsen gold project in Ontario’s Red Lake district.

The near-surface zone lies on the eastern side of Russet South and 200 metres north and along strike of intercepts drilled in 2015 and 2016, prompting research analyst Michael Gray of Macquarie Securities to note that the junior continues to be one of his “top picks among exploration companies in Canada.”

Drilling in the new mineralized zone returned intercepts of 23.1 grams gold over 1.9 metres in hole 310; 8.3 grams gold over 1.7 metres in hole 316; 4.4 grams gold over 12 metres, including 14.3 grams over 2 metres in hole 335; and 21.4 grams gold over 1.9 metres in hole 341.

“Drilling has intersected gold mineralization across a 650- by 650-metre footprint to depths less than 250 metres, showing the near-

Published by:

| High-grade intercepts show potential in Red Lake

term, near-surface potential for meaningful resources within a short distance of Madsen’s permitted mine infrastructure,” Mick Carew of Haywood Securities said in a research note, adding that the gold mineralization “is associated with the contacts between basalt and two distinct ultramafic units.”

Darin Labrenz, Pure Gold’s president and CEO, notes that the latest drilling at Russet South builds on previous drilling in 2015 and 2016, which included intercepts of 12 metres averaging 4.4 grams gold; 2.9 metres of 12.3 grams gold; and 1 metre of 17.7 grams gold. Gold mineralization in all of the holes at Russet South, he says, are associated with deformed blue-grey quartz veins hosted in a 200-metrethick wedge of basalt between two ultramafic units.

The near-surface setting at Russet South is structurally and stratigraphically analogous to the deep mineralization that forms the Madsen 8-zone deposit, he adds, which hosts an indicated resource of 0.34 million tonnes grading 12.21 grams gold for 132,000 oz. gold and inferred resources of 0.32

million tonnes grading 18.14 grams gold for 185,000 oz. gold.

“The 8-zone is an attractive target because it’s high grade and it’s an in-situ resource that remains untouched, and our initial thinking was that if it sits at depth, why couldn’t it come to surface?”

Labrenz says. “The 8-zone is an elongated orebody with a short strike length and a very long downplunge. We took the long axis and projected it to surface, and that takes you right into the area known as Russet South. That’s why we started targeting Russet South two years ago.”

Labrenz points out that expanding the footprint at Russet South to a 650- by 650-metre area “is quite a large footprint for an orogenic gold deposit in Red Lake.”

“It adds critical mass,” he says.

“And Russet South is certainly becoming an important part of the development strategy.”

This year the company will drill 70,000 metres at Madsen that will focus on building resources close to mine infrastructure, and part of the budget will go towards developing satellite targets, including

Russet South. Labrenz also said the company is moving to reopen the underground, and will access a pre-existing ramp into the footwall of the McVeigh zone and begin underground drilling in the second quarter of the year.

The Madsen project, including the 8-zone, has an indicated resource of 3.2 million tonnes grading 8.93 grams gold per tonne for 928,000 contained oz. gold and inferred resources of 0.8 million tonnes grading 11.74 grams gold for 297,000 contained oz. gold.

The resource is based on 13,624 drill holes.

Pure Gold’s Madsen property hosts three past-producing mines, including the Madsen mine, which produced 2.4 million oz. gold over 36 years at an average grade of 9.9 grams gold. Existing infrastructure includes a permitted 550-tonneper-day mill and tailings facility, and the project has access to roads and power.

A preliminary economic assessment completed in April 2016 outlined a $104-million, after-tax net present value and a 62% after-tax internal rate of return.

Tara Hassan, a research analyst at Raymond James, said she was encouraged by the latest drill results and in a brief note reiterated her view that “continued positive results from the 2017 program could have a meaningful impact on the resource and project economics.”

The analyst also noted that Pure Gold plans to update its resource estimate in the second half of 2017, and will include “substantial drilling completed since 2015.”

“If Pure Gold is able to continue to expand the mineralized zone at McVeigh and satellite targets like A3 and Russet South, we expect the update could be meaningful, as it could support expansion of throughput for a potential operation at Madsen and/or extension of the mine life.”

Both Hassan and Gray of Macquarie have a target price on the stock of $1 per share.

At press time, Pure Gold’s shares were trading at 55¢ within a 52week range of 24¢ (April 2016) and 77¢ (August 2016).

The junior has 188 million shares outstanding and a $103-million market capitalization. TNM

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2017-04-25 9:07 PM

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MAY 1–14, 2017 / THE NORTHERN MINER

Friedland receives Lifetime Achievement Award FRIEDLAND From 7

world’s great copper mines are in a state of decline and that there will be a crisis in supply in the next five or 10 years, a proposition with which most major mining companies — like Rio Tinto and BHP Billiton (NYSE: BHP; LON: BLT) — agree.

He also advises that higher real copper prices are needed to fuel exploration and development.

Two other metals that have bright futures in the growing market for electric batteries are nickel and cobalt. In the battery industry, however, the metals aren’t used directly, rather, the salts or oxides of those metals are used: nickel sulphate and cobalt sulphate.

“When you get into electric cars you have to become a chemist,” he says, because battery chemistry is a complicated subject. “You want to make a battery drive a car a longer and longer distance, and as those battery chemistries evolve — they become more consumptive of nickel sulphate and cobalt sulphate.”

“Both of those metals are going to be huge winners to the degree to which the automobile industry goes to batteries or the degree to which certain home-based battery storage units may incorporate what we call lithium batteries.”

Friedland also points out that lithium batteries are “profoundly misnamed,” given that, at the current price suite, just 4% of the raw material by cost in a lithium battery is actually lithium, he says. About 80% is nickel sulphate and 15%, plus or minus, is cobalt sulphate.

Ranked in order of importance, Friedland’s favourite metals are copper, cobalt and nickel, followed by platinum, palladium and silver.

(Silver is used in solar power, while palladium, he argues, which is used in conventional catalytic converters, will likely be required for the next 20 years in conventional gasolinepowered cars.)

Another metal Friedland is banking on is scandium, an element that “turns aluminum into a super material,” making it weldable, stronger and “much more metallurgically virtuous.”

In 2004, Ivanhoe Mines acquired the Syerston nickel-cobalt-scandium

project in Australia. The project is one of the largest and highest-grade undeveloped nickel and cobalt resources outside Africa, and also contains the world’s largest and highest-grade scandium resource.

Syerston will be the first mine dedicated to producing the raw materials needed to produce nickel and cobalt sulphate for use in batteries, Friedland says, while scandium oxide will be used to produce lighter and stronger aluminum alloys for the aerospace and automotive industries.

Ivanhoe sold its interest in Syerston in 2014 to Australia-based Clean TeQ Holdings (US-OTC: CTEQF) to focus on its three minedevelopment projects in Africa.

Ivanhoe received A$1 million worth of shares in Clean TeQ, a A$3-million promissory note, and retains a 2.5% net smelter return royalty on the project. Friedland joined Clean TeQ’s board as cochairman in 2016, and says management may pursue a Canadian listing.

Earlier this year, Clean TeQ formed a strategic partnership with Pengxin Mining to fast-track Syerston. Pengxin Mining acquired a 16.2% stake in Clean TeQ and is part of the Pengxin group, a private Chinese conglomerate based in Shanghai with interests in mining, real estate, construction, watertreatment, technology and dairy farms. (Pengxin also owns and operates the Shituru copper mine in Katanga province in the DRC.) Pengxin has agreed to help Clean TeQ procure Chinese project financiers to participate in financing the project for a proportion of its capital costs. Clean TeQ can also use Pengxin’s business network to market off-take agreements and even water treatment. (The Pengxin group is the largest shareholder in one of China’s largest publicly traded water-treatment companies.)

Perhaps Friedland’s biggest passion these days, however, is a privately held technology company called I-Pulse that he has worked on for close to 15 years with his partner and mentor Laurent Frescaline, an engineer and scientist focused on plasma physics applications. Frescaline, who received France’s Chevalier de l’Ordre National du Mérite for his defence-sector work, cofounded the

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company with Friedland in 2007. It is 51%-owned by Ivanhoe Industries.

I-Pulse has developed disruptive ways to use electrical energy and has a valuation north of US$1 billion, which makes it a unicorn, Friedland says.

The technology involves using proprietary components to compress electrical energy in extremely large bursts of power that require very small amounts of electrical energy.

The technology works by repeatedly compressing and releasing pulses of electrical energy in billionths of a second. The high-powered discharges can generate precise shockwaves directed to enhance oil-well production; generate electrical fields that reveal chargeable or resistive mineral deposits, or liquid reservoirs, at depth; shape and assemble metals to previously unachievable degrees or precision; and crush rock containing minerals or gemstones with much lower energy requirements.

In terms of the technology’s ability to shape and assemble metals, Friedland says, it has got the company into the heart of the aviation and automobile industries.

“We have a strategic relationship with one of the world’s largest aircraft manufacturers and we have a strategic relationship with one or more of the world’s largest automobile manufacturers,” he says, “and it’s gotten us inside R&D labs and inside the industrial-design process, and that has deepened our absolute faith in the transformation coming in the automobile and aircraft industries.”

In addition, the technologies that I-Pulse is developing enable more effective exploration for metals, oil and gas, and water through a division of the company called High Power Exploration (HPX), a private mineral exploration company that Friedland heads as CEO. The company’s Typhoon data-acquisition system is an accurate and powerful induced polarization and electromagnetic geophysical survey technology.

“We run some of the world’s most sophisticated geophysical exploration programs by using extremely high bursts of electrical power,” he says. “We use our suite of technologies and we use extremely sophisticated machines, the first generation is called Zeus, and the new generation is called Typhoon, and we use that to search for copper and gold and other electrically conductive metals.”

The I-Pulse group of companies also processes the induced polarization and electromagnetic signals HPX gets from that technology and uses it in its software division, Computational Geosciences, based in Vancouver. Computational Geosciences is a world leader in the inversion and manipulation of geophysical data — a key tool for mineral exploration.

“We perform that work for the major mining companies as well as for our own efforts,” Friedland says. “So once we have the raw geophysical data, we are a world leader in the manipulation of that data.

So these two technologies give us a long-term strategic advantage in searching for minerals globally and put us in discussions with mining ministers and heads of state, and give us a long-term advantage for looking for metals.”

I-Pulse technology also will have a significant impact on how mineral ores are mined and processed, he notes. “In the future, we’ll be able to crush and grind rock with much less energy than we require, and with the use of the same core technology, we’ll have a much greater ability to recover metals from rock than we’re currently able to do.

So, I-Pulse is the most important company that we’re engaged with as a group.”

Robert Friedland (left) with Dundee Corp. CEO Ned Goodman at Sudbury’s Laurentian University in 2013. LAURENTIAN UNIVERSITY

HPX also holds a controlling interest in Pu Neng, a Beijing-based developer and manufacturer of advanced energy storage systems. Pu Neng has invested US$90 million on vanadium redox battery systems and has installed 51 units at home and abroad. One unit is part of a demonstration project operated

by China’s State Grid Corp., which produces and stores energy generated from wind and solar sources.

“There’s a revolution coming in vanadium redox f low batteries,” he says. “You’ll have to get into the mining business and produce ultrapure vanadium electrolyte for those batteries on a massive scale.”

“We’re deeply interested in how you store electrical energy in the grid,” he adds.

“The beauty of the vanadium redox battery is that you can charge and discharge it at the same time, something that can’t be done with a lithium battery. With a vanadium redox flow battery, you can put solar power and wind power into the battery, and you can put excess grid power into the battery at night, and at the same time you can have a stable output into the grid.

Another commodity Friedland is keen on is water, and he is confident that I-Pulse technology will help find more of it.

“Just like butter is the new kale, water is the new oil,” he says. “We think water is going to become one of the most valuable commodities in the world, and British Columbia is the Saudi Arabia of water.”

When asked what he hopes his legacy will be, Friedland pauses, for a split second.

“I don’t really want to think about what kind of footprints I will leave in the sand. I’ll leave that to others,” he says. “But I am a grandfather and we want to leave a world where minerals are mined more conscientiously and for a better purpose.

We’d like to be remembered as part of the effort to clean the air, clean the food-supply chain, find more water and benefit humanity through the application and convergence of all these technologies that, as very clever monkeys, we’ve been able to develop.”

Most observers close to Friedland say the 66-year-old shows no signs of slowing down.

Bianchini, 10 years his junior, describes Friedland as having the energy of a 40-year-old and says he doesn’t see him stopping for the next 10 years.

“He’ll say: ‘Egizio, I can’t keep

going up these elevators in New York to promote my stock to some 25-year-old. I can’t do this anymore. I can’t do it!’ But he loves this business. He loves it, loves it! And it’s getting more exciting. Look at Kakula. He just doubled the length of the orebody, potentially, so now there could be a billion tonnes there … if you do the math on that, 15 years from now, that could become the largest copper-producing deposit in the world.”

“He works constantly … I can’t see him retiring,” adds Meredith, who has probably worked with him the longest. “Mellowing out for Robert means he’s only taking half of peoples’ calls.”

“I thought he might slow down a little, but he has not slowed down at all — he’s on this circuit — he’s in Europe, Africa, China, back to Singapore for a few days, then back to China, to Japan, to Africa. He’s constantly going.”

“He relaxes by building ultraluxurious hotels and making movies, while someone else might do watercolours,” Rule says. “He relaxes now more than he used to, but my suspicion is that what he does to relax is not what most people would describe as relaxation. I’m absolutely certain, for example, that if Lukas Lundin and Robert were both on their boats in the middle of the Mediterranean, they would be talking to each other on the phone about some aspect of business. They might be in swimsuits. But they’d be talking business.”

For his part, Friedland takes care of himself — exercising regularly.

“He is an exercise fanatic,” Rule adds. “It’s not uncommon if you want to visit Robert that you visit with him on a bike or a treadmill in the gym.”

Friedland is convinced that one’s lifespan is directly related to how much walking one does each day.

“The key to a long life is that you have to get a lot of good sleep, drink a lot of water and do a lot of walking, if not running.”

“Obviously you relax when you sleep, and if you don’t get a good night’s sleep, it’s really bad for your health. So of course I relax … but … you want to be as active as possible, it’s the best thing for your body and it’s the best thing for your mind.”

Slowing down is just not an option.

“The human mind-body process is designed to be utilized,” Friedland says. “When people retire they generally quickly die.” TNM

2017-04-25 9:07 PM

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MAY 1–14, 2017 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / APRIL 17–21 Statistics Canada reported that Canada’s Consumer Price Index rose 1.6% year-onyear in March, after a 2% gain in February. The S&P/TSX Composite Index rose 0.5% to 15,614.48, while the Canadian dollar finished at US74¢. The S&P/TSX Global Mining Index fell 0.5% to 66.73 and the S&P/TSX Global Gold Index lost 1.6% to 217.61. Spot gold lost US$3.90, or 0.3%, to finish at US$1,283.90 per oz., and West Texas Intermediate crude fell 8.2% to US$49.54 per barrel.

Shares of Erdene Resource Development were up 21¢ to $1.18. The junior is launching a 24,000-metre drill program at its gold projects in southwestern Mongolia. The company w ill use two Longyear 44 rigs and drill 20,000 metres at its wholly owned Bayan Khundii gold project, and 4,000 metres on its Altan Nar and Altan Arrow projects. Altan Nar is 16 km northwest of Bayan Khundii and Altan Arrow is 3.5 km north of Bayan Khundii.

Seabridge Gold was up 19¢ to $15.72 per share. The company closed a $15.7-million public offering of common shares, which will be used to advance its KSM and Iskut projects in northern B.C. and for general corporate purposes. Seabridge describes KSM, 65 km northwest of Stew-

art, as one of the largest undeveloped gold projects in the world. Iskut, which shares geological similarities with KSM, is 110 km northwest of Stewart.

Drill results from Arizona Mining’s Taylor deposit at its Hermosa project in Santa Cruz County, Ariz., lifted the junior’s shares 12¢ to $2.08. The company released results of the first 10 exploration holes of a new drill program that ta rgeted t he ex pa nsion of t he Taylor zinc-lead-silver sulphide deposit. Drill hole 435 returned an 18.6-metre intercept grading 16.5% zinc, 13.8% lead and 9.84 oz. per ton silver, including 9.5 metres of 27.3% zinc, 22.4% lead and 14.85 oz. per ton silver. Management says the latest results show “the high potential to TSX MOST ACTIVE ISSUES

Kinross Gold Trevali Mng Yamana Gold B2Gold Barrick Gold Eldorado Gold Ivanhoe Mines IAMGOLD Goldcorp Turquoise HIl

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

K TV YRI BTO ABX ELD IVN IMG G TRQ

28499 5.23 4.90 5.22 + 0.16 26462 1.26 1.10 1.21 + 0.09 25894 4.24 3.93 4.05 - 0.11 22665 3.84 3.65 3.68 - 0.16 21833 26.61 25.33 25.98 - 0.44 16783 4.99 4.78 4.86 - 0.07 13789 5.34 4.89 4.96 - 0.29 12678 6.00 5.58 5.84 - 0.07 12490 20.62 19.84 20.42 - 0.09 12123 3.89 3.59 3.61 - 0.25

expand the Taylor Deeps zone, including at sha l lower dept hs upd ip to t he nor t heast.” This year it w ill focus its 2017 exploration drill program on the Taylor Deeps zone and definition drilling of the shallow, high-grade, Trench vein systems in the overlying volcanic units. The company plans to update the resource a nd feasibi lit y study before year-end. The Taylor deposit is open to

the north, west and south.

Trevali Mining reported preliminary first-quarter production results from its two operating zinc mines: Caribou in New Brunswick, Canada, and Santander in Peru. For the first quarter, the company produced 32.2 million payable oz. zinc, 10 million payable oz. lead and 345,662 payable oz. silver. The company’s shares ended 9¢ higher at $1.21. TNM

TSX GREATEST PERCENTAGE CHANGE

Energizer Res Erdene Res Dev Freegold Vent Sulliden Mng Karnalyte Res Polaris Mater Orvana Mnrls Atlatsa Res Shore Gold Nautilus Mnrls New Milln Iron Contintl Prec Western Potash SouthGobi Res Minco Silver Laramide Res Orosur Mng Treasury Metal Century Global Platinum Gp Mt

EGZ ERD FVL SMC KRN PLS ORV ATL SGF NUS NML CZQ WRX SGQ MSV LAM OMI TML CNT PTM

8204 1909 199 140 82 61 377 10 1734 979 1495 28 301 65 351 616 302 1247 43 1058

0.12 1.23 0.19 0.30 0.75 1.15 0.23 0.06 0.19 0.26 0.20 0.31 0.78 0.40 1.20 0.59 0.30 0.79 0.27 2.06

0.08 0.95 0.16 0.27 0.00 1.06 0.21 0.00 0.17 0.23 0.14 0.00 0.56 0.00 0.95 0.47 0.21 0.64 0.23 1.68

0.10 1.18 0.19 0.30 0.75 1.15 0.23 0.06 0.19 0.25 0.15 0.28 0.59 0.32 0.97 0.47 0.25 0.65 0.23 1.71

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

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Franco-Nevada Suncor Energy Erdene Res Dev Seabridge Gld Kinross Gold Teck Res Arizona Mng Labrador Iron Polaris Mater Trevali Mng Endeavour Mng TMAC Resources MAG Silver First Quantum Agrium Detour Gold Richmont Mines Pan Am Silver Torex Gold Alamos Gold

42.9 21.6 11.8 11.1 10.3 9.5 9.5 9.1 8.8 8.7 25.6 24.7 22.4 21.3 17.8 17.5 16.7 16.7 16.7 16.2

VOLUME WEEK (000s) CLOSE CHANGE

FNV SU ERD SEA K TECK.B AZ LIF PLS TV EDV TMR MAG FM AGU DGC RIC PAAS TXG AGI

2371 93.30 10178 40.94 1909 1.18 603 15.72 28499 5.22 10036 29.46 4466 2.08 1672 17.32 61 1.15 26462 1.21 2231 24.43 223 15.16 1534 16.96 9342 12.98 962 122.20 6144 17.05 2718 10.46 1491 24.41 2757 25.61 4884 10.27

+ 0.86 + 0.25 + 0.21 + 0.19 + 0.16 + 0.14 + 0.12 + 0.12 + 0.10 + 0.09 - 1.88 - 1.59 - 1.31 - 1.08 - 0.98 - 0.83 - 0.81 - 0.79 - 0.78 - 0.68

TSX VENTURE EXCHANGE / APRIL 17–21 The S&P/TSX Venture Composite Index shed 8.5 points to an 824.7-point close over the trading week, as spot gold prices lost US$1.25 to US$1,284.44 per oz., and Comex copper prices fell 4¢ to $2.55 per pound.

Shares of Camino Minerals surged $1.41, or 402%, to $1.76, following results from the first two holes of a 3,000-metre, reverse-circulation drill program at the company's Los Chapitos project in southern Peru. The holes, which intercepted 106 metres of 1.3% copper and 76 metres of 0.5% copper, confirm the downdip extension of the surface oxide mineralization at the project’s Adriana zone. The Adriana zone is one of five relatively untested targets along a 5 km trend in the northeastern part of the 67 sq. km property. The mineralization occurs within the same geological formations that hosts the iron-oxide copper-gold Mina Justa deposit, 100 km northwest, which has 374 million tonnes grading 0.7% copper and 9 grams silver per tonne.

Barkerville Gold Mines saw 10.4 million shares traded, rising 9¢ to $1.01 per share, on drill results from its 130,000-metre Island Mountain and Valley exploration program at the company’s flagship Cariboo gold project in southcentral British Columbia. The company found a network of high-grade veins 250 metres below Island Mountain’s Shaft zone,

which returned 32.1 grams gold per tonne over 30.7 metres (including subintervals of 0.5 metre of 272 grams gold, 0.9 metre of 760 grams gold and 0.5 metre of 42.8 grams gold). Another mineralization zone, located 420 metres below the Shaft zone, returned drill intercepts of 28.6 metres of 11.4 grams gold (including subintervals of 6.6 metres of 30.8 grams gold and 8.2 metres of 12.1 grams gold). The company expects to begin small-scale underground mining within the next three months at the project’s Bonanza Ledge and BC Vein deposits. It recently sold a 0.75% net smelter return royalty to Osisko Gold Royalties for $12.5 million.

Assay results up to 877 grams silver from rock-chip samples at Arizona Silver Exploration’s Ramsey project in La Paz County, Ariz., TSX-V MOST ACTIVE ISSUES

Spearmint Res Saint Jean Camino Mnls Alexandria Min Adamera Mnls Noka Res Barkerville Go Condor Res Otis Gold Indico Res

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

SRJ SJL COR AZX ADZ NX BGM CN OOO IDI

29534 18858 10824 10750 10729 10409 10375 9168 8170 8077

0.04 0.09 2.23 0.09 0.23 0.14 1.18 0.19 0.39 0.04

0.03 0.06 0.00 0.07 0.16 0.10 0.95 0.09 0.31 0.02

0.03 0.07 1.76 0.08 0.20 0.12 1.01 0.12 0.39 0.03

- + + - + + + + + +

0.01 0.01 1.41 0.01 0.03 0.02 0.09 0.01 0.07 0.01

drove shares up 19¢ to 50¢. The highest value is from a composite sample of the mine dump below the abandoned Creosote vein shaft.

Silver values between 43 and 44 grams were also collected from outcrops located 150 metres along geological strike south of the shaft, whereas geophysical surveys conducted by the company indicate a possible vein extension to the north undercover.

Archon Minerals — a junior company that owns 34.7% interest in the Buffer zone at Dominion Diamond’s Ekati diamond mine — rose 22¢ to $1.67 per share on news of first production at Buffer’s Lynx kimberlite pipe.

Lynx is the Archon’s first kimberlite pipe to reach production, and has proven and probable reserves of 1 million tonnes at 0.8 carat per tonne. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Graniz Mondal Camino Mnls Baroyeca Go&Si Inomin Mines Indico Res Arizona Silver Kingsmen Res Golden Cariboo Metalex Vent Planet Mng Ross River Karoo Expl Ashanti Sanko GGL Res Black Bull Res Ceylon Graph Intl Corona Bethpage Cap Redzone Res Blackheath Res

GRA.H COR BGS MINE IDI AZS KNG GCC.H MTX PXI RRM.H KE.H ASI GGL BBS.H CYL IC BET.H REZ BHR

167 10824 60 18 8077 2179 2 85 922 110 179 58 90 617 109 249 377 100 584 374

0.03 2.23 0.02 0.10 0.04 0.54 0.20 0.15 0.09 0.05 0.01 0.02 0.07 0.05 0.15 0.31 0.09 0.07 0.18 0.08

0.02 0.00 0.01 0.06 0.02 0.31 0.00 0.00 0.00 0.05 0.01 0.01 0.05 0.03 0.09 0.20 0.00 0.00 0.14 0.06

0.03 1.76 0.02 0.10 0.03 0.50 0.20 0.15 0.08 0.05 0.01 0.01 0.05 0.03 0.09 0.20 0.07 0.07 0.14 0.07

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 500.0 + 402.9 + 100.0 + 72.7 + 66.7 + 59.7 + 53.8 + 52.6 + 50.0 + 50.0 - 50.0 - 50.0 - 41.2 - 40.0 - 40.0 - 35.5 - 35.0 - 30.0 - 28.2 - 27.8

VOLUME WEEK (000s) CLOSE CHANGE

Camino Mnls Archon Mineral Gold Reserve Arizona Silver Itafos Strikepoint Gd Atlantic Gold Atom Energy Falco Res Nighthawk Gold Metalore Res Leagold Mg Avino Silver Select Sands Corsa Coal White Gold Metanor Res New Oroperu Anfield Nickel Antipodes Gold

COR ACS GRZ AZS IFOS SKP AGB AGY.H FPC NHK MET LMC ASM SNS CSO WGO MTO ORO ANF NZP

10824 18 55 2179 5 713 2798 4 3819 1552 2 816 169 2047 159 91 1087 67 933 9

1.76 1.67 3.93 0.50 1.92 0.58 1.41 0.45 1.30 0.99 3.50 2.82 2.08 1.49 1.82 1.76 0.92 0.49 0.80 0.44

+ 1.41 + 0.22 + 0.20 + 0.19 + 0.17 + 0.16 + 0.16 + 0.15 + 0.11 + 0.10 - 0.74 - 0.33 - 0.33 - 0.28 - 0.27 - 0.27 - 0.21 - 0.17 - 0.16 - 0.16

U.S. MARKETS / APRIL 17–21 U.S. equities edged up, as the Trump administration confirmed that it would soon reveal a tax reform package to boost the economy.

The Dow Jones Industrial Average advanced 0.5% to 20,547.76, the S&P 500 Index rose 0.9% to 2,348.69 and the Nasdaq Composite jumped 1.8% to 5,910.52. Spot gold slid 0.3%, or US$3.90, to US$1,283.90 per ounce.

Oil futures declined amid rising U.S. oil production. The U.S. West Texas Intermediate crude June contract settled at US$49.62 per barrel, down 6.7%, in its largest decline in over a month. Brent oil for June delivery fell 7% to a three-week low of US$51.96 per barrel.

Stillwater Mining, the sole U.S. miner of platinum group metals, gained 4.1% to close at US$17.93 per share. Stillwater announced that it intends to delist from the New York Stock Exchange upon consummation of the merger, proposed last December by Sibanye Gold. If the merger goes through, Stillwater shareholders will receive US$18 in cash for each share held. Stillwater shareholders will vote on the merger at the company’s annual meeting on April 25. The merger is set to close shortly after.

Sibanye was the biggest percentage loser,

18_May1_MarketNews.indd 18

plunging 14.9% to US$8.99 per share. South Africa’s largest gold producer said it received approval from the Committee on Foreign Investment into the United States, completing all regulatory conditions required to merge with Stillwater. Its shareholders should vote on the deal on April 25. Sibanye also secured a US$2.7-billion bridge loan in February to close the transaction. It expects to restructure most of that loan this quarter with a US$1billion equity capital raise and a US$1-billion debt raise, likely through the bond market.

Alcoa shares rose 2.3% to close at US$31.70, as the global leader in bauxite, alumina and U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Vale* VALE 151293 9.07 8.42 8.87 + 0.15 United States S* X 124470 31.06 28.12 30.42 + 1.00 Freeprt McMoR* FCX 88811 12.80 12.03 12.23 - 0.49 Kinross Gold* KGC 62505 3.90 3.64 3.86 + 0.06 Yamana Gold* AUY 58760 3.19 2.91 3.01 - 0.10 Barrick Gold* ABX 57972 20.04 18.78 19.23 - 0.60 Stillwater Mg* SWC 45280 17.95 17.73 17.93 + 0.70 Vale* VALE.P 43666 8.59 8.01 8.42 + 0.09 Goldcorp* GG 41871 15.53 14.72 15.15 - 0.24 Gold Fields* GFI 41379 4.10 3.80 3.84 - 0.21

aluminum products said it expects to save US$5 million a year in corporate expenses after consolidating its administrative locations around the globe. In a move to lower costs, Alcoa will close its New York executive office and move its global headquarters to its

existing office in Pittsburg as of Sept. 1, 2017.

It will also close another seven offices across the U.S., Europe and Asia within the next 18 months, noting affected employees can relocate to remaining offices and facilities, or telecommute. TNM

U.S. GREATEST PERCENTAGE CHANGE

Peabody Enrgy* MartinMarietta* Stillwater Mg* NACCO Ind* United States S* Intrepid Pots* Alcoa* Vale* Kinross Gold* Rio Tinto* Sibanye Gold* Harmony Gold* Cloud Peak En* Hecla Mining* Trecora Res* Turquoise HIl* DRDGOLD* Richmont Mines* Natural Res Pt* Alamos Gold*

BTU MLM SWC NC X IPI AA VALE KGC RIO SBGL HMY CLD HL TREC TRQ DRD RIC NRP AGI

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

7074 25.95 22.61 25.69 + 7.9 2286 219.99 209.43 218.89 + 4.2 45280 17.95 17.73 17.93 + 4.1 56 81.80 74.80 79.75 + 3.8 124470 31.06 28.12 30.42 + 3.4 3939 1.87 1.72 1.86 + 2.8 22056 32.55 30.45 31.70 + 2.3 151293 9.07 8.42 8.87 + 1.7 62505 3.90 3.64 3.86 + 1.6 16591 39.85 38.23 39.53 + 1.5 13920 10.65 8.87 8.99 - 14.9 27307 2.71 2.35 2.38 - 11.5 5516 4.48 3.86 3.89 - 10.4 40822 6.03 5.42 5.47 - 8.8 374 11.10 10.13 10.25 - 8.1 22928 2.93 2.65 2.67 - 7.9 1784 4.94 4.42 4.54 - 7.9 3818 8.59 7.45 7.80 - 7.7 258 35.95 31.63 32.65 - 7.1 16972 8.22 7.52 7.62 - 7.1

U.S. GREATEST VALUE CHANGE

MartinMarietta* MLM NACCO Ind* NC Peabody Enrgy* BTU United States S* X Alcoa* AA Stillwater Mg* SWC Rio Tinto* RIO Southern Copp* SCCO Vale* VALE Vale* VALE.P Natural Res Pt* NRP Agrium* AGU Sibanye Gold* SBGL Chevron Corp* CVX Trecora Res* TREC Mosaic* MOS Silver Wheaton* SLW Richmont Mines* RIC Agnico Eagle* AEM Barrick Gold* ABX

VOLUME WEEK (000s) CLOSE CHANGE

2286 218.89 56 79.75 7074 25.69 124470 30.42 22056 31.70 45280 17.93 16591 39.53 3554 35.28 151293 8.87 43666 8.42 258 32.65 1886 90.47 13920 8.99 26600 104.89 374 10.25 18377 26.67 17900 21.09 3818 7.80 8102 46.01 57972 19.23

+ 8.78 + 2.95 + 1.87 + 1.00 + 0.71 + 0.70 + 0.59 + 0.31 + 0.15 + 0.09 - 2.50 - 1.99 - 1.57 - 1.21 - 0.90 - 0.79 - 0.75 - 0.65 - 0.61 - 0.60

2017-04-25 9:04 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / MAY 1–14, 2017

19

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

SPOT PRICES COURTESY OF SCOTIABANK Tuesday, March 28, 2017 Precious Metals Price (US$/oz.)

Change 1270.50 -14.50 Gold Silver $17.84 -0.58 Platinum $966.00 -7.00 Palladium $800.00 -6.00 Base Metals Nickel Copper Lead Zinc

Price (US$/tonne) Change $9315.00 +60.00 $5706.00 +51.50 $2173.50 +10.00 $2606.00 +3.00

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, April 24, 2017 (change from April 18, 2017 in brackets): Aluminium Alloy 15080 (+1000) 1678250 (-67500) Aluminium Copper 264850 (+9425) 166925 (-1900) Lead Nickel 380496 (+11142) 3170 (-105) Tin 353200 (-5950) Zinc

Thermal Coal CAPP: US$40.00 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$52.45 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$11.57 Cobalt: US$25.06/lb.

Copper: US$2.55/lb.

Copper: CME Group Futures May 2017: US$2.59/lb.; June 2017: US$2.59/lb Ferro-Chrome: US$2.08/kg Ferro Titanium: US$3.46/kg FerroTungsten: US$25.24/kg Ferrovanadium: US$19.34/kg Iridium: NY Dealer Mid-mkt US$885.00/tr oz.

Iron Ore 62% Fe CFR China-S: US$65.40/tonne Iron Ore Fines: US$61.53/tonne Iron Ore Pellets: US$88.15/tonne Lead: US$0.98/lb.

Magnesium: US$2.18/kg Manganese: US$1.94/kg Molybdenum Oxide: US$6.92/lb.

Phosphate Rock: US$98.00/tonne Potash: US$214.00/tonne Rhodium: Mid-mkt US$1,025.00 tr. oz.

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

Silver: Handy & Harman Base: US$17.79per oz.; Handy & Harman Fabricated: US$21.35 per oz.

Tantalite Ore : US$123.94/kg Tin: US$8.89/lb.

Uranium: U3O8, Trade Tech spot price: US$23.25; The UX Consulting Company spot price: US$23.25/lb.

Zinc: US$1.18/lb.

Prices current Apr. 24, 2017

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

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

Short positions outstanding as of Apr 03, 2017 (with changes from Mar 16, 2017) Largest short positions NLC 935400 -6400 3/16/2017 Neo Lithium First Mg Fin FF 899000 -377200 3/16/2017 GoldMining GOLD 817000 69300 4/3/2017 Amarillo Gold AGC 712900 687900 3/16/2017 PRB 633900 -8800 4/3/2017 Probe Metals Wolfden Res WLF 425000 425000 4/3/2017 MTO 302800 187400 3/16/2017 Metanor Res Gensource Pot GSP 180600 39300 4/3/2017 Morumbi Res ASND 142500 142400 4/3/2017 Victoria Gold VIT 122008 32603 4/3/2017 ASM 101000 13200 4/3/2017 Avino Silver Metals Creek MEK 94000 84000 3/16/2017 Rye Patch Gold RPM 87800 42976 4/3/2017 MacDonald Mns BMK 68400 61400 3/16/2017 Beaufield Res BFD 53000 -56100 4/3/2017 Largest increase in short position Amarillo Gold AGC 712900 687900 3/16/2017 Wolfden Res WLF 425000 425000 4/3/2017 Metanor Res MTO 302800 187400 3/16/2017 Morumbi Res ASND 142500 142400 4/3/2017 MEK 94000 84000 3/16/2017 Metals Creek Largest decrease in short position First Mg Fin FF 899000 -377200 3/16/2017 Gold Std Vents GSV 6300 -281500 3/16/2017 44800 -234100 3/16/2017 Bear Creek Mng BCM Integra Gold ICG 45800 -117377 4/3/2017 CRE 453 -87047 3/16/2017 Critical Elem

DAILY METAL PRICES Daily Metal Prices Date Apr 24 Apr 21 Apr 20 Apr 19 Apr 18 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1590/1600 1690/1695 1665/1670 1670/1675 1675/1680 Aluminum 1927.50/1933 1932/1939 1932.50/1942 1894.50/1908 1915/1928 Copper 5611.50/5643 5600/5630 5611/5644 5600/5630 5620/5648 Lead 2154.50/2158 2141/2140 2160/2159 2147/2149.50 2184.50/2184 Nickel 9265/9340 9390/9450 9370/9420 9450/9485 9535/9580 Tin 19595/19540 19895/19895 19900/19875 19870/19920 19880/19825 2599/2610 2581.50/2604 2604.50/2621.50 2545.50/2565 2580/2597 Zinc

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

Gold AM 1271.80 1281.50 1279.90 1282.05 1285.00 Gold PM 1269.40 1281.85 1282.10 1279.05 1278.95 Silver 17.81 17.98 18.19 18.22 18.42 Platinum 955.00 979.00 976.00 979.00 985.00 Palladium 795.00 803.00 794.00 779.00 789.00

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

Apr 21 Apr 20 Apr 19 Apr 18 Apr 17 1.3467 1.3467 1.3480 1.3384 1.3327 0.7426 0.7426 0.7418 0.7472 0.7504

Exchange rates (Quote Media, April 21, 2017) C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand C$ to AUS 0.6929 81.2290 13.9618 9.7566 0.986714 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 0.5799 5.1070 47.9545 0.7417 844.7770 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.3287 0.9332 109.3870 18.7926 13.1461 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.7809 6.8824 64.7000 0.9988 1138.1000

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

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

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

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

Index Apr 21 Apr 20 Apr 19 Apr 18 Apr 17 High Low S&P/TSX Composite 15614.48 15625.56 15552.88 15622.57 15684.89 15527.30 12400.15 S&P/TSXV Composite 824.92 824.28 818.87 825.14 829.70 1050.26 883.52 920.26 921.16 915.54 919.27 924.03 896.74 709.99 S&P/TSX 60 S&P/TSX Global Gold 217.61 216.76 215.59 221.04 220.09 218.90 149.29 DJ Precious Metals 181.10 181.10 180.16 186.01 186.35 420.72 130.95

NEW 52-WEEK HIGHS AND LOWS APRIL 17–21, 2017 75 New Highs Adamera Mnls Adamera Mnls* Altiplano Mnls Amarc Res* Amex Expl Andes Gold* Antioquia Gold Antioquia Gold* Arctic Star Arcturus Vent Argentum Silvr* Arizona Silver Arizona Silver* Atlantic Gold Atom Energy * Aura Silver Rs Auramex Res Banyan Gold*

Barkerville Go Barkerville Go* Beaufield Res* Black Hills* Cadillac Vent* Cameo Res Cameo Res* Camino Mnls Camino Mnls* Canuc Res* Cdn Orebodies Centamin Condor Res Cornerstone Ca Cornerstone Ca* Cornerstone Mt East Asia Mnls East Asia Mnls* Engold Mines Engold Mines*

Equitorial Ex* Erdene Res Dev Erdene Res Dev* First Colombia* Galore Res GAR Limited Gentor Res Indigo Expl Inomin Mines Kenadyr Mining* Kingsmen Res Marathon Gold Melkior Res Nebu Res Nighthawk Gold Pinecrest Res Pitchblack Res Pitchblack Res* Rift Valley RosCan Mrnls

Roxgold Royal Sapphire Sage Gold* Sama Res Sama Res* Satori Res Silver Range Silvermet Stillwater Mg* Strikepoint Gd Strikepoint Gd* Tower Res* Vangold Res Vangold Res* Vantex Res * Volcanic Gold Wallbridge Mng

41 New Lows Peabody Enrgy* Aberdeen Intl

Advantage Lith* Anfield Nickel Aton Res Inc Aurcana Corp* Blue Rvr Res CANEX Metals Cdn Zinc Cdn Zinc* Diversified Rs* Enforcer Gold* Gainey Capital GFG Resources* Global Energy GrowMax Res Iconic Mnls IDM Mining* Infrastructure* Intl Corona Karnalyte Res Kestrel Gold

Kootenay Zinc* Liberty One Li* Lithium Expl* Maccabi Vent New Carolin Gd* Olivut Res Orex Mnrls Orex Mnrls* Platinex Inc Platinum Gp Mt Platinum Gp Mt* PolyMet Mng* Royal Nickel Salt Lake Pot* Saturn Mnrls Starcore Intl Stornoway Diam Vanadium One Yellowhead Mng

CANADIAN GOLD MUTUAL FUNDS Fund Apr 21 ($) Apr 14 ($) Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) AGF Prec Mtls Fd MF 24.14 -0.89 -3.56 5.61 2.80 162.35 BMO Prec Mtls Fd A 19.70 -0.61 -3.01 7.64 2.40 69.95 BMO ZGD 10.64 -0.39 -3.52 8.51 0.63 27.45 8.86 -0.26 -2.86 9.21 0.60 85.75 BMO ZJG CIBC Prec Metal Fd A 11.57 -0.26 -2.20 4.12 2.58 54.68 Dyn Prec Metls Fd A 7.01 -0.28 -3.84 12.08 2.75 384.10 -0.50 -1.83 6.41 0.81 Horizons HEP IGMacGloPrecMetCl A 9.50 -0.37 -3.73 9.34 2.75 50.32 iShares XGD 13.61 -0.22 -1.57 7.02 0.55 785.52 53.45 -2.10 -3.78 9.47 2.51 119.24 Mac Prec Met Cl A Mac Prec Met Cl PWFB 9.98 -0.39 -3.74 NB Prec Met Fd Inv 13.92 -0.38 -2.66 10.07 2.46 36.61 RBC GblPreMetFd A 36.69 -1.37 -3.60 15.36 2.12 424.55 Redw UITGoDe&ProCl A 0.00 Sentry Pre Met Fd A 39.85 -1.57 -3.79 2.57 2.44 203.21 Sprott Gold&PrMinFdA -1.86 -4.65 6.59 3.12 234.85 Sprott SilverEquCl A -0.30 -4.26 4.18 3.09 144.57 TD PreciousMetalsInv 37.62 -1.06 -2.74 4.25 2.26 136.74

GLOBAL MINING NEWS · SINCE 1915

Re-Publishing License

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

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

19_May1_MMMM.indd 19

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

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

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

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

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2017-04-25 8:37 PM

20

WWW.NORTHERNMINER.COM

MAY 1–14, 2017 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: APRIL 17–21, 2017 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A 92 Resources V 584 0.11 0.09 0.10 - 0.01 0.28 0.06 Abacus Mng &Ex V 727 0.09 0.08 0.08 - 0.01 0.10 0.04 Abcourt Mines* O 44 0.08 0.07 0.07 - 0.00 0.10 0.05 0.09 - 0.01 0.13 0.07 Abcourt Mines V 195 0.10 0.09 Aben Res* O 86 0.11 0.11 0.11 + 0.00 0.26 0.05 Aben Res V 483 0.14 0.13 0.14 + 0.01 0.34 0.07 Aberdeen Intl* O 29 0.10 0.09 0.10 - 0.00 0.16 0.09 Aberdeen Intl T 308 0.14 0.13 0.14 + 0.01 0.24 0.13 0.37 + 0.16 0.76 0.20 ABT Holdings* O 15 0.37 0.20 Active Growth V 7808 0.16 0.13 0.15 + 0.02 0.38 0.03 Adamera Mnls* O 1613 0.17 0.12 0.15 + 0.01 0.17 0.02 Adamera Mnls V 10729 0.23 0.16 0.20 + 0.03 0.23 0.02 Advantage Lith* O 670 0.40 0.35 0.37 - 0.02 1.01 0.35 African Gold V 1230 0.09 0.08 0.08 - 0.01 0.12 0.04 0.01 + 0.00 0.01 0.00 African Mnrls* O 12 0.01 0.00 African Queen V 126 0.06 0.05 0.05 - 0.01 0.14 0.02 Agnico Eagle* N 8102 47.15 44.91 46.01 - 0.61 60.10 35.05 T 962 124.54 121.71 122.20 - 0.98 146.99 106.55 Agrium N 1886 93.46 90.09 90.47 - 1.99 111.88 83.15 Agrium* 0.01 - 0.00 0.45 0.00 Aim Explor* O 3036 0.01 0.01 Alabama Graph V 355 0.17 0.16 0.16 - 0.01 0.22 0.11 Alabama Graph* O 313 0.13 0.11 0.12 + 0.00 0.17 0.08 2.33 - 0.19 3.79 1.75 Alacer Gold T 9333 2.58 2.29 Alamos Gold T 4884 10.93 10.14 10.27 - 0.68 13.65 7.55 8.22 7.52 7.62 - 0.58 10.41 5.85 Alamos Gold* N 16972 Alberta Star* O 51 0.30 0.28 0.30 + 0.01 0.37 0.16 Alchemist Mng 449 0.07 0.06 0.06 + 0.01 0.12 0.04 N 22056 32.55 30.45 31.70 + 0.71 39.78 20.00 Alcoa* Alderon Iron T 389 0.42 0.38 0.39 - 0.03 0.80 0.08 Aldever Res V 89 0.06 0.00 0.06 - 0.01 0.48 0.06 Aldever Res* O 57 0.05 0.00 0.05 + 0.00 0.11 0.04 Aldridge Min V 87 0.25 0.23 0.23 - 0.01 0.34 0.13 V 10750 0.09 0.07 0.08 - 0.01 0.12 0.04 Alexandria Min Alexandria Min* O 1312 0.07 0.05 0.06 - 0.01 0.10 0.03 Alexco Res* X 1431 1.56 1.42 1.52 - 0.02 2.54 0.99 Alexco Res T 469 2.11 1.92 2.05 + 0.01 3.31 1.25 Algold Res V 323 0.27 0.24 0.24 - 0.03 0.44 0.18 0.09 + 0.00 0.17 0.05 Alianza Min* O 3 0.09 0.00 Alianza Min V 129 0.15 0.13 0.15 + 0.02 0.21 0.10 21.70 - 0.05 26.65 13.20 Alliance Res* D 900 21.90 21.25 Almaden Mnls T 298 2.28 1.95 2.08 - 0.21 2.44 1.01 Almaden Mnls* X 2295 1.72 1.45 1.50 - 0.22 1.88 0.75 1.12 - 0.11 2.00 0.34 Almadex Min V 592 1.31 1.10 Almadex Min* O 266 1.01 0.82 0.84 - 0.09 1.51 0.25 0.27 + 0.01 0.44 0.20 Almonty Ind V 133 0.28 0.27 Alphamin Res V 492 0.37 0.30 0.36 + 0.05 0.40 0.19 Alset Energy V 994 0.17 0.15 0.16 - 0.01 0.84 0.05 0.11 - 0.01 0.65 0.04 Alset Energy* O 86 0.14 0.11 Alta Vista Vnt 3060 0.13 0.11 0.12 - 0.01 0.14 0.03 89 0.34 0.31 0.31 - 0.03 0.70 0.16 Altair Res Inc V Altamira Gold V 12 0.27 0.26 0.26 + 0.01 0.26 0.26 Alternative ER* O 3 0.16 0.00 0.16 - 0.00 0.46 0.15 0.25 + 0.02 0.28 0.08 Altiplano Mnls V 693 0.28 0.24 Altius Mnrls T 212 12.15 11.41 11.48 - 0.52 14.06 9.01 138 0.12 0.09 0.11 - 0.00 0.30 0.09 Altura Mng Ltd* O Alturas Mnrls V 989 0.05 0.03 0.04 + 0.01 0.08 0.01 Alumina Inc* O 458 5.40 5.11 5.39 + 0.16 6.24 3.62 0.10 - 0.01 0.16 0.06 ALX Uranium V 208 0.11 0.10 Am CuMo Mng* O 219 0.29 0.25 0.28 - 0.00 0.35 0.05 401 0.40 0.34 0.40 + 0.03 0.48 0.08 Am CuMo Mng V Am Manganese* O 196 0.18 0.16 0.16 - 0.02 0.27 0.01 Am Manganese V 822 0.23 0.21 0.21 - 0.02 0.38 0.02 33 0.01 0.01 0.01 + 0.00 0.03 0.01 Am Sierra Gold* O Amador Gold V 2 0.17 0.00 0.17 - 0.06 0.40 0.10 0.12 - 0.01 0.13 0.04 Amarc Res* O 275 0.13 0.12 Amarc Res V 277 0.18 0.16 0.17 - 0.01 0.18 0.06 Amarillo Gold V 755 0.41 0.39 0.41 - 0.01 0.68 0.16 Amazing OG* O 18 0.29 0.23 0.27 + 0.02 1.06 0.05 Amer Intl Vent* O 102 0.04 0.02 0.03 - 0.01 0.10 0.01 O 78 0.03 0.01 0.02 + 0.00 0.07 0.00 Amer Vanadium* American Lith V 854 0.14 0.13 0.14 - 0.01 1.62 0.12 American Lith* O 9 0.11 0.10 0.10 - 0.00 1.24 0.07 American Pot 318 0.15 0.11 0.11 - 0.04 0.19 0.03 Americas Silvr* X 172 3.12 2.95 2.97 - 0.08 3.65 2.39 4.02 - 0.06 5.76 2.70 Americas Silvr T 168 4.13 3.92 Amerigo Res T 653 0.65 0.61 0.62 - 0.02 0.83 0.12 Amerigo Res* O 731 0.49 0.45 0.46 - 0.03 0.63 0.09 0.27 + 0.08 0.38 0.11 Amex Expl V 316 0.27 0.20 Anaconda Mng T 727 0.08 0.07 0.07 - 0.01 0.11 0.05 0.03 - 0.01 0.09 0.03 Anconia Res V 171 0.04 0.03 Andes Gold* O 253 0.03 0.02 0.02 + 0.00 0.03 0.00 Anfield Nickel V 933 0.95 0.80 0.80 - 0.16 1.94 0.86 0.06 - 0.01 0.22 0.04 Anfield Res* O 91 0.07 0.06 Anfield Res V 1549 0.09 0.08 0.08 - 0.01 0.31 0.06 0.08 + 0.00 0.11 0.04 Angel Gold* O 227 0.08 0.07 Angkor Gold V 41 0.34 0.31 0.33 - 0.02 0.50 0.31 Anglo American* O 11 14.90 14.17 14.17 - 0.32 17.61 8.00 V 15 0.14 0.13 0.13 + 0.01 0.30 0.05 Anglo-Can Mng AngloGold Ash* O 15 12.75 0.00 12.75 + 2.18 22.25 9.55 AngloGold Ash* N 21293 13.31 12.33 12.43 - 0.56 22.91 9.28 Antioquia Gold* O 73 0.13 0.11 0.12 - 0.00 0.13 0.05 Antioquia Gold V 260 0.18 0.14 0.17 + 0.02 0.18 0.06 V 9 0.45 0.00 0.44 - 0.16 0.90 0.10 Antipodes Gold Antler Gold V 38 0.63 0.58 0.59 - 0.06 1.00 0.51 Apogee Opport V 56 0.22 0.00 0.18 - 0.01 0.44 0.14 Appia Energy 104 0.32 0.25 0.25 - 0.02 0.47 0.13 Apple Cap Inc V 299 0.27 0.23 0.25 - 0.02 0.54 0.14 Applied Mrnls* O 294 0.07 0.05 0.05 - 0.02 0.20 0.06 Aquila Res* O 165 0.20 0.18 0.20 + 0.00 0.25 0.12 Aquila Res T 341 0.28 0.24 0.28 + 0.02 0.32 0.16 70.58 - 0.18 86.47 59.05 Arch Coal* N 1854 71.87 69.25 Archon Mineral V 18 1.67 1.45 1.67 + 0.22 1.85 1.26 0.19 + 0.02 0.24 0.06 Arctic Star V 1344 0.20 0.17 Arcturus Vent V 127 0.20 0.15 0.20 + 0.04 0.20 0.03 Arcus Dev Grp V 255 0.15 0.14 0.14 - 0.01 0.20 0.03 0.23 + 0.02 0.34 0.13 Arena Mnls V 1143 0.26 0.21 Arena Mnls* O 262 0.19 0.15 0.17 - 0.00 0.25 0.11 Argentina Lith* O 1 0.15 0.00 0.15 - 0.01 0.63 0.14 Argentina Lith V 91 0.20 0.19 0.19 - 0.01 0.83 0.05 Argentum Silvr V 59 0.41 0.32 0.41 + 0.10 0.59 0.05 Argex Titanium* O 329 0.07 0.06 0.06 - 0.01 0.09 0.02 Argo Gold 25 0.23 0.20 0.20 - 0.04 0.26 0.06 Argonaut Gold T 4164 2.43 2.29 2.32 - 0.11 4.45 1.48 Argonaut Gold* O 73 1.83 1.72 1.73 - 0.15 3.38 1.12 0.09 + 0.01 0.15 0.05 Argus Metals V 34 0.09 0.00 Arian Silver* O 111 0.02 0.01 0.02 + 0.00 0.06 0.00 V 667 0.97 0.89 0.96 + 0.07 1.25 0.70 Arianne Phosph Arianne Phosph* O 340 0.73 0.67 0.71 + 0.04 0.98 0.52 Arizona Mng T 4466 2.20 1.70 2.08 + 0.12 3.49 0.97 Arizona Mng* O 539 1.63 1.30 1.55 + 0.08 2.64 0.76 Arizona Silver V 2179 0.54 0.31 0.50 + 0.19 0.44 0.02 0.36 + 0.11 0.31 0.15 Arizona Silver* O 489 0.38 0.25 Armor Mnrls V 11 0.42 0.42 0.42 - 0.04 0.85 0.15 Arrowstar Res V 160 0.05 0.05 0.05 + 0.01 0.17 0.04 Asanko Gold T 7682 3.59 3.17 3.33 - 0.23 6.09 3.01 11641 2.72 2.35 2.48 - 0.19 4.68 2.23 Asanko Gold* X Asante Gold 69 0.16 0.11 0.15 - 0.02 0.27 0.05 Ascot Res V 286 1.95 1.80 1.85 - 0.13 2.83 0.98 Ashanti Sanko V 90 0.07 0.05 0.05 - 0.04 0.10 0.03 Ashburton Vent* O 23 0.18 0.17 0.17 - 0.01 0.24 0.09 V 432 0.25 0.20 0.21 - 0.04 0.65 0.09 Ashburton Vent Asian Minl Res V 114 0.04 0.03 0.03 - 0.01 0.04 0.02 Aston Bay V 259 0.16 0.16 0.16 - 0.02 0.49 0.15 Astorius Res V 202 0.17 0.12 0.16 + 0.01 0.41 0.01 ATAC Res V 1199 0.65 0.57 0.62 - 0.02 0.95 0.32 Atacama Pac Gd* O 8 0.35 0.32 0.32 - 0.03 0.79 0.21 Atacama Pac Gd V 139 0.50 0.43 0.44 - 0.03 1.02 0.25 Atacama Res* O 171 0.37 0.24 0.25 - 0.10 0.52 0.05 Athabasca Mnls* O 62 0.18 0.16 0.17 + 0.00 0.24 0.11 Atico Mng* O 115 0.60 0.56 0.57 - 0.02 0.75 0.28 Atlanta Gold V 247 0.07 0.06 0.06 - 0.01 0.11 0.06 Atlanta Gold* O 251 0.05 0.04 0.05 + 0.01 0.09 0.04 Atlantic Gold V 2798 1.44 1.25 1.41 + 0.16 1.36 0.55 Atlatsa Res T 10 0.06 0.00 0.06 + 0.01 0.13 0.05 Atlatsa Res* O 38 0.05 0.04 0.04 + 0.00 0.10 0.04 Atom Energy V 4 0.45 0.00 0.45 + 0.15 0.65 0.16 Atom Energy * O 7 0.34 0.00 0.34 + 0.11 0.28 0.12 Aton Res Inc* O 4 0.04 0.03 0.04 + 0.01 0.12 0.03 Aura Mnls T 11 1.50 1.45 1.50 + 0.05 2.90 1.40 Aura Silver Rs V 2050 0.09 0.07 0.07 + 0.01 0.09 0.03 Auramex Res V 261 0.05 0.00 0.05 + 0.01 0.05 0.01 Aurania Res* O 4 1.84 1.84 1.84 - 0.00 1.84 1.83 Aurania Res V 15 2.50 2.30 2.30 - 0.13 3.75 0.41 Aurcana Corp V 214 0.38 0.35 0.35 - 0.01 0.80 0.24 Aurcana Corp* O 141 0.29 0.00 0.28 - 0.00 0.63 0.19 AurCrest Gold V 32 0.04 0.03 0.03 - 0.01 0.04 0.02 AuRico Metals * O 228 0.89 0.75 0.80 - 0.03 0.96 0.62 AuRico Metals T 748 1.17 1.01 1.09 - 0.03 1.26 0.81 Aurion Res V 201 1.82 1.70 1.74 + 0.04 2.07 0.11 Aurora Gold* O 261 0.01 0.01 0.01 + 0.00 0.01 0.00 Aurvista Gold* O 339 0.26 0.23 0.25 + 0.00 0.34 0.07 Aurvista Gold V 1509 0.36 0.30 0.32 - 0.03 0.46 0.09 Auryn Res* O 217 2.66 2.43 2.47 - 0.16 3.18 1.26 Auryn Res T 455 3.52 3.30 3.30 - 0.10 4.17 1.61

20-22_May1_StockTables.indd 20

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Austin Res V 6800 Austral Gold V 50 Austral Gold* O 12 171 Avalon Adv Mat* O Avino Silver V 169 Avino Silver* X 2155 Avnel Gold * O 360 Avnel Gold T 1415 Avrupa Mnls* O 16 Avrupa Mnls V 204 Axmin Inc V 299 Azarga Mtls V 96 Azarga Mtls* O 1 T 32 Azarga Uranium Azarga Uranium* O 8 Azimut Expl V 66 Azincourt Uran* O 77 Azincourt Uran V 439 Azteca Gold* O 230

0.04 0.02 0.03 + 0.01 0.05 0.01 0.17 0.15 0.15 - 0.02 0.22 0.12 0.12 0.11 0.11 - 0.01 0.19 0.08 0.13 0.12 0.12 - 0.01 0.23 0.00 2.44 2.07 2.08 - 0.33 4.05 1.52 1.84 1.53 1.55 - 0.29 3.14 1.12 0.21 0.20 0.20 - 0.02 0.30 0.13 0.29 0.26 0.26 - 0.02 0.39 0.18 0.08 0.07 0.08 - 0.00 0.19 0.06 0.10 0.09 0.10 + 0.01 0.25 0.09 0.05 0.05 0.05 - 0.01 0.10 0.02 0.22 0.20 0.21 - 0.02 0.60 0.10 0.16 0.00 0.14 - 0.03 1.21 0.07 0.36 0.32 0.36 - 0.01 0.57 0.18 0.27 0.24 0.25 - 0.02 0.44 0.14 0.30 0.29 0.30 - 0.03 0.68 0.24 0.12 0.10 0.10 - 0.02 0.22 0.03 0.16 0.14 0.14 - 0.04 0.28 0.04 0.00 0.00 0.00 - 0.00 0.01 0.00

B2Gold* X 34800 B2Gold T 22665 Bacanora Mnls V 55 Balmoral Res T 771 Balmoral Res* O 251 Bannerman Res* O 560 Banro T 724 Banro* X 2368 Banyan Gold* O 224 Bard Vent V 36 Barkerville Go* O 1040 Barkerville Go V 10375 Barksdale Cap V 50 Baroyeca Go&Si V 60 Barrick Gold* N 57972 Barrick Gold T 21833 Barsele Min V 21 Barsele Min* O 1 Batero Gold V 201 Battle Mtn Gld V 733 Battle Mtn Gld* O 28 Bayhorse Silvr* O 41 Bayhorse Silvr V 424 Bayswater Uran* O 42 BCGold V 175 BCM Res V 141 BE Res V 134 Bear Creek Mng V 292 Bearing Res* O 14 Bearing Res V 305 Beaufield Res* O 898 Beeston Ent* O 1626 Bell Copper V 89 Bellhaven Cp&G V 274 Bellhaven Cp&G* O 106 Belmont Res V 399 Belo Sun Mng T 970 Belvedere Res V 159 Berkeley Egy* O 8 Berkwood Res V 6 Besra Gold* O 449 Bethpage Cap V 100 Big Wind Cap 215 Bitterroot Res* O 126 Bitterroot Res V 654 Black Bull Res V 109 Black Dragon V 774 Black Hills* N 1462 Black Iron T 752 Black Mam Mtls V 27 Black Sea Cop V 524 Blackheath Res V 374 Blackrock Gold V 228 Blind Crk Res V 171 BLOX Inc* O 76 Blue Rvr Res V 845 Blue Sky Uran* O 11 Blue Sky Uran V 191 Bold Vent V 1398 Bonanza Gldfds* O 4582 BonTerra Res V 2258 BonTerra Res* O 441 Borneo Res Inv* O 589 Bravada Gold V 192 Bravada Gold* O 131 Braveheart Res V 335 Bravo Multinat* O 2 Bravura Vent * O 50 Brazil Mnrls* O 342 Brigadier Gold V 12 Brio Gold T 422 Brixton Mtls V 570 Brixton Mtls* O 292 Broadway Gold V 320 Broadway Gold* O 283 Brunswick Res V 27 Buccaneer Gold V 72 Buenaventura* N 6303 Buffalo Coal * O 9 Buffalo Coal V 62 Bullfrog Gold* O 394 11 Bullion Gld Res V Burey Gold* O 197 BWR Explor V 847

2.89 2.70 2.73 - 0.16 3.65 1.75 3.84 3.65 3.68 - 0.16 4.74 2.28 1.55 1.37 1.37 - 0.08 1.95 1.01 0.86 0.72 0.74 - 0.07 1.28 0.58 0.65 0.53 0.55 - 0.05 0.99 0.45 0.04 0.03 0.04 + 0.01 0.08 0.01 0.21 0.18 0.19 - 0.01 0.62 0.15 0.15 0.13 0.14 - 0.01 0.48 0.11 0.11 0.10 0.11 - 0.00 0.11 0.06 0.04 0.00 0.04 + 0.01 0.04 0.01 0.89 0.70 0.75 + 0.05 0.89 0.29 1.18 0.95 1.01 + 0.09 1.18 0.41 0.50 0.00 0.48 - 0.02 0.65 0.01 0.02 0.01 0.02 + 0.01 0.04 0.01 20.04 18.78 19.23 - 0.60 23.47 13.81 26.61 25.33 25.98 - 0.44 30.45 18.52 0.94 0.00 0.94 - 0.03 1.62 0.22 0.70 0.69 0.70 - 0.02 1.25 0.18 0.11 0.09 0.10 + 0.01 0.23 0.08 0.56 0.53 0.53 - 0.03 0.95 0.29 0.42 0.39 0.41 - 0.01 0.73 0.22 0.15 0.14 0.14 - 0.01 0.22 0.08 0.20 0.18 0.18 - 0.03 0.29 0.11 0.03 0.03 0.03 - 0.00 0.07 0.01 0.04 0.04 0.04 + 0.01 0.10 0.03 0.22 0.00 0.12 - 0.01 0.32 0.07 0.10 0.09 0.09 - 0.02 0.50 0.09 2.34 2.06 2.27 - 0.06 3.77 1.72 0.69 0.65 0.65 - 0.04 1.41 0.30 0.96 0.87 0.90 - 0.01 1.83 0.13 0.25 0.21 0.23 + 0.01 0.25 0.04 0.00 0.00 0.00 - 0.00 0.01 0.00 0.10 0.09 0.09 - 0.02 0.12 0.02 0.53 0.48 0.53 + 0.05 0.78 0.18 0.39 0.37 0.39 + 0.07 0.61 0.14 0.08 0.07 0.08 + 0.01 0.11 0.05 0.79 0.70 0.74 - 0.01 1.14 0.61 0.07 0.06 0.07 + 0.01 0.09 0.01 0.65 0.61 0.62 - 0.04 0.92 0.41 0.35 0.00 0.32 - 0.03 1.23 0.03 0.00 0.00 0.00 - 0.00 0.01 0.00 0.07 0.00 0.07 - 0.03 0.16 0.04 0.15 0.08 0.15 + 0.08 0.19 0.05 0.20 0.15 0.20 + 0.03 0.22 0.02 0.27 0.19 0.27 + 0.06 0.29 0.03 0.15 0.09 0.09 - 0.06 0.15 0.09 0.05 0.04 0.04 - 0.01 0.10 0.02 68.63 66.74 67.33 + 0.08 68.63 54.76 0.10 0.09 0.10 - 0.01 0.17 0.03 0.19 0.18 0.18 - 0.01 0.25 0.06 0.23 0.20 0.22 + 0.02 0.54 0.20 0.08 0.06 0.07 - 0.03 0.15 0.06 0.08 0.07 0.08 + 0.01 0.18 0.07 0.28 0.24 0.27 + 0.01 0.34 0.05 0.35 0.25 0.25 - 0.10 0.35 0.01 0.04 0.03 0.04 + 0.01 0.08 0.03 0.24 0.23 0.23 - 0.01 0.47 0.04 0.34 0.30 0.30 - 0.02 0.74 0.06 0.05 0.00 0.05 + 0.01 0.06 0.03 0.00 0.00 0.00 - 0.00 0.01 0.00 0.42 0.39 0.39 - 0.03 0.47 0.21 0.32 0.29 0.29 - 0.03 0.37 0.15 0.00 0.00 0.00 + 0.00 0.00 0.00 0.30 0.24 0.27 - 0.06 0.40 0.12 0.22 0.00 0.20 - 0.02 0.31 0.10 0.06 0.05 0.06 + 0.02 0.08 0.03 1.45 0.00 1.26 - 0.24 15.45 0.51 0.04 0.04 0.04 - 0.00 0.49 0.04 0.03 0.02 0.03 + 0.01 0.50 0.00 0.18 0.00 0.18 - 0.01 0.30 0.13 3.40 3.15 3.24 + 0.04 3.59 2.95 0.52 0.43 0.44 - 0.07 1.20 0.18 0.39 0.32 0.32 - 0.05 0.92 0.15 1.16 1.07 1.13 - 0.01 1.70 0.07 0.87 0.80 0.82 - 0.01 1.29 0.22 0.05 0.04 0.04 - 0.01 0.05 0.02 0.07 0.06 0.06 - 0.01 0.08 0.02 12.74 12.05 12.20 - 0.16 16.45 8.16 0.01 0.01 0.01 + 0.00 0.02 0.01 0.02 0.01 0.02 + 0.01 0.03 0.01 0.09 0.07 0.07 - 0.01 0.19 0.03 0.10 0.09 0.09 - 0.01 0.15 0.08 0.03 0.03 0.03 - 0.00 0.06 0.01 0.06 0.05 0.06 - 0.01 0.09 0.03

Cache Expl V 93 Cadan Res V 566 Cadillac Vent V 156 Cairo Res V 23 T 106 Caledonia Mng Caledonia Mng* Q 74 Calibre Mng V 408 California Gld V 16 California Go* O 12 Callinex Mines* O 518 Callinex Mines V 805 Cameco Corp* N 8499 Cameco Corp T 4872 Cameo Res* O 28 Cameo Res V 357 Camino Mnls V 10824 Camino Mnls* O 299 Camrova Res* O 3 Canadian Zeol* O 61 Canadian Zeol V 313 CanAlaska Uran V 95 CanAlaska Uran* O 63 Canamex Res V 1881 Canamex Res* O 673 Canarc Res T 916 Canarc Res* Q 586 Canasil Res V 605 Candelaria Mg V 51 Candente Coppr T 710 Canex Energy V 29 CANEX Metals V 53 CaNickel Mng V 20 Canoe Mng Vent V 41 Canstar Res V 118 Canuc Res* O 6 Canuc Res V 201 Canyon Copper V 448 Canyon Gold* O 113867 Capstone Mng T 5800 Caracara Silvr* O 10 Caracara Silvr V 82 Cardero Res* O 36 Cardero Res V 60 Cariboo Rose V 236 Carlin Gold V 141 Cartier Iron 95 Carube Copper V 47 Cascadero Copp V 567 Castle Res 1 Castle Silver V 660 Castle Silver* O 42 Cava Res* O 70 Cava Res V 871 Caza Gold* O 21 Cda Carbon* O 172 Cda Carbon V 1258 Cda Rare Earth V 110

0.21 0.17 0.17 - 0.05 0.22 0.03 0.04 0.03 0.04 + 0.01 0.09 0.02 0.05 0.04 0.05 + 0.01 0.06 0.01 0.40 0.36 0.36 - 0.04 0.60 0.18 1.84 1.74 1.80 - 0.04 2.42 1.14 1.40 1.30 1.33 - 0.05 1.84 0.87 0.23 0.21 0.22 - 0.02 0.30 0.10 0.45 0.42 0.45 + 0.05 0.80 0.37 0.34 0.30 0.32 + 0.01 0.56 0.28 0.25 0.22 0.23 - 0.02 0.54 0.21 0.33 0.30 0.31 + 0.02 0.69 0.28 11.19 10.58 10.73 - 0.38 13.50 7.41 14.88 14.26 14.48 - 0.34 17.65 9.88 0.76 0.68 0.69 + 0.04 0.76 0.24 1.02 0.92 0.96 + 0.04 1.75 0.31 2.23 0.00 1.76 + 1.41 1.89 0.13 1.62 0.21 1.30 + 1.09 1.38 0.00 0.12 0.11 0.12 + 0.01 0.21 0.07 0.49 0.42 0.44 - 0.02 1.46 0.06 0.66 0.56 0.59 - 0.01 1.95 0.09 0.48 0.43 0.45 + 0.02 1.55 0.36 0.35 0.32 0.34 + 0.01 1.20 0.28 0.13 0.12 0.12 - 0.01 0.30 0.10 0.10 0.09 0.09 - 0.00 0.11 0.07 0.12 0.10 0.11 + 0.01 0.14 0.06 0.09 0.07 0.08 - 0.00 0.11 0.04 0.17 0.15 0.17 - 0.01 0.73 0.14 1.03 0.90 0.90 - 0.13 1.19 0.18 0.11 0.09 0.10 - 0.01 0.18 0.07 0.34 0.32 0.34 + 0.03 0.75 0.15 0.13 0.00 0.10 - 0.03 0.14 0.07 0.11 0.00 0.10 + 0.01 0.14 0.05 0.07 0.06 0.06 - 0.01 0.10 0.03 0.12 0.10 0.10 - 0.01 0.23 0.00 0.37 0.33 0.37 + 0.04 0.37 0.10 0.53 0.42 0.42 - 0.03 0.55 0.11 0.04 0.00 0.03 - 0.01 0.08 0.01 0.01 0.00 0.00 - 0.00 0.46 0.00 1.13 1.01 1.04 - 0.05 1.81 0.60 0.01 0.01 0.01 - 0.00 0.03 0.00 0.02 0.01 0.02 + 0.01 0.03 0.01 0.11 0.09 0.10 - 0.01 0.19 0.08 0.14 0.13 0.13 - 0.02 0.25 0.11 0.16 0.14 0.14 - 0.01 0.26 0.05 0.07 0.06 0.06 - 0.01 0.10 0.02 0.10 0.00 0.10 + 0.02 0.16 0.03 0.14 0.13 0.14 + 0.02 0.20 0.06 0.13 0.11 0.13 + 0.02 0.17 0.04 0.18 0.00 0.18 - 0.19 0.40 0.01 0.30 0.24 0.25 - 0.05 0.30 0.02 0.22 0.00 0.19 - 0.03 0.22 0.03 0.20 0.19 0.20 + 0.00 0.37 0.14 0.29 0.26 0.27 + 0.01 0.78 0.06 0.02 0.01 0.01 - 0.00 0.06 0.01 0.19 0.18 0.18 - 0.03 0.26 0.18 0.27 0.23 0.23 - 0.04 0.32 0.22 0.05 0.05 0.05 + 0.01 0.06 0.02

B

C

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Cda Rare Earth* O 34 0.04 0.03 0.04 + 0.01 0.05 0.01 Cda Zinc Mtls V 722 0.30 0.26 0.28 - 0.02 0.48 0.14 Cdn Arrow V 1169 0.02 0.02 0.02 - 0.01 0.03 0.01 0.08 - 0.01 0.44 0.05 Cdn Metals 200 0.08 0.00 Cdn Orebodies V 403 0.53 0.45 0.47 + 0.01 0.53 0.19 Cdn Orebodies* O 58 0.37 0.33 0.34 - 0.03 0.39 0.00 Cdn Zinc T 2704 0.22 0.17 0.18 - 0.03 0.41 0.17 0.14 - 0.01 0.32 0.12 Cdn Zinc* Q 385 0.16 0.12 Centamin T 159 3.23 3.07 3.07 - 0.13 3.23 1.72 O 200 0.09 0.05 0.09 + 0.04 0.29 0.01 Centaurus Diam* Centenera Mng V 185 0.19 0.00 0.16 - 0.03 0.50 0.10 Centenera Mng* O 52 0.16 0.13 0.13 - 0.03 0.37 0.11 Centerra Gold T 5665 7.60 6.99 7.35 - 0.13 8.13 5.56 V 228 0.07 0.06 0.06 - 0.01 0.15 0.05 Centurion Mnls Century Global T 43 0.27 0.23 0.23 - 0.05 0.72 0.13 0.20 - 0.11 0.45 0.20 Ceylon Graph V 249 0.31 0.20 Chalice Gold M T 25 0.17 0.00 0.17 - 0.01 0.21 0.14 Champion Bear V 49 0.20 0.17 0.18 - 0.01 0.28 0.05 Champion Iron* O 201 0.78 0.70 0.76 - 0.05 1.12 0.14 Champion Iron T 2002 1.05 0.92 1.04 - 0.03 1.47 0.17 Chesapeake Gld* O 41 3.06 2.86 2.95 - 0.15 5.03 2.28 Chesapeake Gld V 40 4.10 3.85 4.04 + 0.01 6.50 3.00 Chevron Corp* N 26600 106.68 103.83 104.89 - 1.21 119.00 97.53 Chiboug Ind Mn V 307 0.09 0.08 0.09 + 0.01 0.26 0.04 Chilean Metals V 328 0.18 0.14 0.15 - 0.02 0.33 0.09 Chilean Metals* O 63 0.12 0.11 0.11 - 0.01 0.24 0.06 China Gold Int T 4515 2.42 2.10 2.13 - 0.30 3.67 1.84 China Mnls Mng* O 3 0.01 0.00 0.01 + 0.00 0.02 0.00 Cibolan Gold* O 10 0.02 0.01 0.01 - 0.00 0.13 0.01 CKR Carbon* O 101 0.12 0.10 0.10 - 0.02 0.12 0.05 Clean Comm V 1644 0.09 0.06 0.07 - 0.01 0.17 0.05 Clean Comm* O 45 0.05 0.05 0.05 + 0.00 0.13 0.03 Clear Mtn Res V 496 1.11 1.00 1.00 - 0.08 2.03 0.10 Cleghorn Mnls V 225 0.10 0.09 0.10 + 0.01 0.16 0.08 Clifton Mng* O 74 0.12 0.11 0.11 - 0.00 0.16 0.09 Cloud Peak En* N 5516 4.48 3.86 3.89 - 0.45 8.04 1.64 CMC Metals* O 13 0.07 0.06 0.07 + 0.01 0.13 0.06 CMC Metals V 1125 0.12 0.10 0.12 + 0.02 0.20 0.08 CNRP Mng 189 0.06 0.04 0.06 + 0.02 0.13 0.01 Cobalt Pwr Grp V 1678 0.12 0.09 0.10 - 0.02 0.18 0.04 CobalTech M’g* O 15 0.16 0.16 0.16 - 0.00 0.32 0.01 CobalTech M’g V 785 0.23 0.18 0.18 - 0.05 0.45 0.02 Coeur Mng* N 19299 9.95 9.02 9.36 - 0.46 16.41 6.70 Colonial Coal V 2188 0.22 0.16 0.18 + 0.01 0.24 0.07 Colorado Res* O 224 0.21 0.19 0.20 - 0.01 0.54 0.13 Colorado Res V 400 0.29 0.26 0.28 - 0.01 0.71 0.18 Columbus Gold* O 536 0.73 0.68 0.71 - 0.00 0.83 0.31 Commerce Res V 677 0.08 0.07 0.07 - 0.01 0.11 0.05 Commerce Res* O 263 0.05 0.05 0.05 - 0.00 0.09 0.04 Comstock Mng* X 1411 0.22 0.20 0.20 - 0.02 0.50 0.19 Comstock Mtls V 61 0.18 0.15 0.15 - 0.01 0.43 0.12 Comstock Mtls * O 29 0.13 0.11 0.13 + 0.00 0.33 0.09 Condor Res V 9168 0.19 0.09 0.12 + 0.01 0.12 0.05 Confedertn Ml* O 1 0.43 0.43 0.43 + 0.02 0.80 0.31 Confedertn Mls V 87 0.59 0.53 0.57 - 0.02 8.00 0.46 Cons Woodjam V 43 0.07 0.00 0.07 - 0.01 0.09 0.04 CONSOL Energy* N 11164 16.09 15.17 15.35 - 0.52 22.34 12.29 Contintl Gold* O 255 2.98 2.42 2.48 - 0.50 4.39 1.75 Contintl Gold T 4035 3.93 3.24 3.32 - 0.59 5.75 2.30 Contintl Prec T 28 0.31 0.00 0.28 - 0.09 0.44 0.25 Copper Ck Gold V 137 0.06 0.04 0.05 - 0.01 0.11 0.04 Copper Fox Mtl V 715 0.14 0.12 0.12 - 0.02 0.19 0.11 Copper Fox Mtl* O 328 0.10 0.09 0.09 - 0.01 0.14 0.08 Copper Mtn Mng* O 179 0.75 0.66 0.69 - 0.05 1.02 0.32 Copper Mtn Mng T 1208 1.00 0.89 0.93 - 0.05 1.32 0.40 Copper North M V 194 0.10 0.00 0.09 - 0.01 0.30 0.08 Copper One V 377 0.06 0.06 0.06 - 0.01 0.30 0.03 Copperbank Res* O 36 0.06 0.05 0.06 + 0.01 0.08 0.02 Copperbank Res 436 0.08 0.07 0.08 + 0.01 0.10 0.03 Coral Gold V 221 0.34 0.00 0.33 + 0.01 0.39 0.12 Cordoba Mnls* O 296 0.92 0.79 0.81 - 0.09 1.21 0.44 Cordoba Mnls V 1538 1.22 1.04 1.08 - 0.11 1.59 0.57 Corex Gold V 865 0.13 0.12 0.13 + 0.01 0.21 0.08 Cornerstone Ca V 3776 0.46 0.35 0.40 + 0.05 0.46 0.04 Cornerstone Ca* O 536 0.34 0.27 0.30 + 0.05 0.34 0.03 Cornerstone Mt V 765 0.06 0.04 0.05 + 0.02 0.06 0.02 Coro Mining T 238 0.14 0.13 0.14 + 0.01 0.21 0.04 Coronet Mtls V 36 0.21 0.18 0.21 + 0.03 0.71 0.06 Coronet Mtls* O 39 0.15 0.13 0.14 + 0.01 0.56 0.13 Corsa Coal V 159 2.25 1.81 1.82 - 0.27 3.82 0.80 Corsa Coal * O 24 1.70 1.34 1.34 - 0.31 2.93 1.20 Corvus Gold T 111 0.93 0.87 0.90 - 0.02 1.38 0.50 Corvus Gold* O 130 0.70 0.64 0.67 - 0.02 1.05 0.37 Cougar Mnls V 1203 0.48 0.41 0.43 - 0.04 0.82 0.28 Crazy Horse Res* O 81 0.02 0.01 0.01 - 0.01 0.02 0.01 Cresval Cap V 365 0.04 0.04 0.04 - 0.01 0.05 0.04 Critical Elem* O 23 0.60 0.54 0.54 - 0.05 0.70 0.22 Crown Mining V 25 0.15 0.15 0.15 + 0.02 0.20 0.06 Cruz Cobalt* O 216 0.16 0.13 0.14 - 0.01 0.23 0.07 Cruz Cobalt V 967 0.20 0.18 0.19 - 0.01 0.31 0.03 Crystal Peak V 208 0.50 0.42 0.48 + 0.01 0.56 0.18 Crystal Peak* O 33 0.37 0.00 0.32 - 0.04 0.42 0.14 Cyclone Uran* O 941 0.01 0.00 0.01 + 0.00 0.01 0.00 Cypress Dev* O 19 0.09 0.08 0.09 - 0.00 0.15 0.07 Cypress Dev V 391 0.12 0.11 0.12 - 0.01 0.20 0.10

D-F Dajin Res V 427 Dajin Res* O 442 Dakota Ter Res* O 121 Daleco Res* O 47 Dalradian Res* O 172 Dalradian Res T 1158 Danakali* O 79 Darnley Bay V 4826 Darnley Bay* O 304 Decade Res* O 2148 Decade Res V 837 Declan Res 580 Deep-South Res V 212 Defiance Silvr V 333 Defiance Silvr* O 138 Denison Mines* X 1303 Denison Mines T 1398 Desert Gold V 19 Desert Star V 510 Detour Gold T 6144 Diamante Min* O 123 Diamcor Mng V 56 Diamond Disc* O 2630 Diamond Fields V 17 Dios Expl V 152 Discovery Gold* O 5249 DNI Metals 1365 DNI Metals* O 901 O 76971 Dolat Ventures* Dolly Vard Sil* O 111 Dolly Vard Sil V 361 Dominion Diam T 1170 Dominion Diam* N 2513 Dorex Mnrls V 409 513 Double Crn Res* O Doubleview Cap V 460 DRDGOLD* N 1784 Dundee Prec Mt T 2622 Dunnedin Vent* O 12 Duran Vent * O 16 Duran Vent V 1151 Durango Res* O 100 DuSolo Fertil V 121 Dynacor Gld Mn T 208 Dynasty Gold V 897 Dynasty Met&Mn* O 50 Eagle Graphite V 739 Eagle Plains V 291 East Africa V 307 East Africa * O 11 East Asia Mnls* O 31 East Asia Mnls V 195 Eastern Platin T 87 Eastmain Res T 1570 Eco Oro Mnls T 60 eCobalt Solns* O 223 Edgewater Expl V 56 El Capitan Prc* O 3021 El Nino Vent V 1468 Elcora Res V 259 Elcora Res* O 114 Eldorado Gold* N 31910 Eldorado Gold T 16783 Eloro Mnrls* O 44 Ely Gold & Mnl* O 119 Ely Gold & Mnl V 178 Elysee Dev V 142 Emerita Res V 1071

0.11 0.10 0.11 + 0.01 0.30 0.09 0.08 0.07 0.08 - 0.00 0.24 0.06 0.09 0.05 0.07 - 0.02 0.20 0.02 0.01 0.01 0.01 - 0.00 0.05 0.01 0.99 0.89 0.90 - 0.12 1.27 0.69 1.33 1.20 1.21 - 0.13 1.68 0.95 0.55 0.52 0.52 + 0.01 0.65 0.20 0.32 0.26 0.27 - 0.04 0.57 0.03 0.23 0.19 0.20 - 0.04 0.44 0.01 0.05 0.05 0.05 - 0.00 0.10 0.03 0.07 0.06 0.07 + 0.01 0.13 0.04 0.01 0.01 0.01 - 0.01 0.02 0.01 0.24 0.19 0.19 - 0.05 0.39 0.15 0.35 0.30 0.30 + 0.03 0.63 0.17 0.26 0.22 0.22 + 0.00 0.49 0.13 0.62 0.58 0.59 - 0.02 0.84 0.37 0.82 0.79 0.80 - 0.01 1.10 0.49 0.31 0.28 0.28 - 0.03 0.40 0.09 0.13 0.10 0.13 + 0.02 0.22 0.09 18.13 16.96 17.05 - 0.83 35.93 14.35 0.13 0.09 0.10 - 0.02 0.51 0.08 1.02 0.92 0.92 - 0.07 1.50 0.87 0.00 0.00 0.00 - 0.00 0.00 0.00 0.17 0.00 0.16 - 0.02 0.24 0.05 0.10 0.09 0.10 - 0.01 0.18 0.06 0.00 0.00 0.00 + 0.00 0.00 0.00 0.08 0.07 0.07 + 0.01 0.09 0.02 0.06 0.04 0.05 - 0.00 0.07 0.01 0.08 0.05 0.07 + 0.02 0.08 0.00 0.48 0.43 0.44 - 0.03 0.81 0.15 0.65 0.59 0.60 - 0.06 1.11 0.23 16.94 16.30 16.39 - 0.38 17.82 10.47 12.75 12.07 12.14 - 0.42 13.31 7.92 0.02 0.01 0.02 + 0.01 0.03 0.01 0.01 0.01 0.01 + 0.00 0.02 0.00 0.07 0.00 0.06 - 0.01 0.19 0.06 4.94 4.42 4.54 - 0.39 9.10 3.70 2.87 2.61 2.84 + 0.05 4.14 1.87 0.25 0.24 0.24 - 0.01 0.31 0.04 0.08 0.05 0.08 + 0.02 0.10 0.05 0.12 0.00 0.11 + 0.03 0.20 0.07 0.08 0.06 0.06 - 0.02 0.22 0.05 0.03 0.00 0.03 - 0.01 0.07 0.03 2.22 2.05 2.16 - 0.04 3.71 1.86 0.03 0.02 0.03 + 0.01 0.04 0.01 0.27 0.23 0.27 - 0.03 0.31 0.09 0.05 0.04 0.04 - 0.01 0.06 0.03 0.20 0.18 0.18 - 0.01 0.24 0.08 0.29 0.27 0.27 - 0.01 0.36 0.11 0.20 0.19 0.19 - 0.01 0.28 0.10 0.17 0.14 0.17 + 0.03 0.18 0.11 0.26 0.18 0.23 + 0.03 0.24 0.05 0.34 0.32 0.32 - 0.03 1.19 0.31 0.48 0.45 0.46 + 0.01 0.97 0.38 0.52 0.00 0.44 - 0.08 0.87 0.13 0.92 0.81 0.81 - 0.09 1.14 0.34 0.25 0.00 0.20 - 0.05 0.28 0.08 0.07 0.06 0.06 - 0.02 2.35 0.03 0.03 0.03 0.03 - 0.01 0.05 0.02 0.31 0.28 0.31 + 0.02 0.51 0.27 0.22 0.21 0.22 + 0.00 0.44 0.20 3.75 3.53 3.60 - 0.09 5.16 2.54 4.99 4.78 4.86 - 0.07 6.71 3.46 0.60 0.56 0.56 - 0.04 0.60 0.16 0.11 0.10 0.11 - 0.00 0.20 0.07 0.15 0.13 0.14 - 0.01 0.27 0.09 0.41 0.38 0.39 - 0.02 0.49 0.21 0.16 0.14 0.15 + 0.01 0.22 0.03

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

O 265 Encanto Potash* V 2874 Encanto Potash Endeavour Mng T 2231 O 45 Endeavour Mng* 12930 N Endeavr Silver* Endeavr Silver T 1814 V 605 Endurance Gold O 1264 Energizer Res* Energizer Res T 8204 Energy Fuels T 425 Energy Fuels* X 1131 O 5 Enforcer Gold* Enforcer Gold V 785 Engold Mines* O 188 Engold Mines V 1452 Ensurge* O 353 Entree Gold* X 345 Entree Gold T 627 Equitas Res* O 13 Equitas Res V 457 Equitorial Ex* O 529 Equitorial Ex V 2343 10 V Era Res Inc Erdene Res Dev T 1909 331 Erdene Res Dev* O 14 Eros Res Corp* O Eskay Mng V 78 Ethos Gold* O 123 Ethos Gold V 638 X 237 Eurasian Mnls* 37 Euro Sun Mg* O 66 T Euro Sun Mg O 20 EurOmax Res* EurOmax Res T 26 Everest Vent V 4 Everton Res V 1235 Everton Res* O 662 Evolving Gold 6 O 5 Evolving Gold* Excellon Res T 282 Excellon Res* O 130 O 326 Excelsior Mng* Excelsior Mng T 292 Exeter Res* X 1334 Exeter Res T 343 O 72 Expedition Mng* Explor Res* O 38 Falco Res V 3819 Falcon Gold V 58 Far Res 1791 Fieldex Expl V 25 Finlay Minrls V 59 Finore Mng* O 22 Finore Mng 1034 Fiore Explor* O 78 Fiore Explor V 869 Firestone Vent V 225 O 60 Firma Holdings* First Bauxite V 32 First Cobalt V 519 11 First Cobalt * O 4278202 O First Colombia* First Energy V 78 14749 First Liberty* O First Majestic T 4540 First Majestic* N 19777 V 6283 First Mg Fin First Mg Fin * O 3061 First Point V 496 First Quantum T 9342 V 1400 Fission 3.0 Fission Uran T 2029 Fission Uran* O 1655 Fjordland Exp V 346 Flinders Res V 515 Flinders Res* O 333 V 1052 Focus Graphite O 552 Focus Graphite* Foran Mng V 240 T 981 Formation Mtls Forsys Metals T 531 13 Fort St J Nick V O 68 Fortescue Mtls* T 3051 Fortuna Silvr 10933 Fortuna Silvr* N Fortune Bay V 4 Fortune Bay* O 1 Fortune Mnrls T 1920 O 357 Fortune Mnrls* O 495 Forum Uranium* Four River V 937 N 3702 Franco-Nevada* Franco-Nevada T 2371 Freegold Vent T 199 N 88811 Freeport McMoR* Fresnillo plc* O 12 65 Frontier Rr Er* O 6 Full Metal Mnl V

0.04 0.06 - 0.01 0.13 0.08 0.06 0.06 0.09 - 0.01 0.17 0.10 0.08 15.02 24.43 - 1.88 28.81 26.42 24.12 11.75 18.08 - 1.70 21.89 20.01 17.95 2.84 3.11 - 0.21 5.95 3.33 2.93 3.80 4.18 - 0.24 7.75 4.43 3.95 0.03 0.06 - 0.01 0.10 0.07 0.06 0.04 0.08 + 0.02 0.10 0.09 0.06 0.06 0.10 + 0.03 0.13 0.12 0.08 1.74 2.68 - 0.14 3.65 2.85 2.66 1.29 2.00 - 0.12 2.87 2.14 1.97 0.15 0.15 - 0.00 0.15 0.15 0.15 0.19 0.21 - 0.01 0.28 0.21 0.19 0.02 0.48 + 0.05 0.47 0.48 0.43 0.03 0.65 + 0.07 0.63 0.65 0.56 0.02 0.08 - 0.00 0.10 0.09 0.07 0.22 0.45 - 0.04 0.72 0.50 0.43 0.29 0.61 - 0.06 0.94 0.66 0.58 0.16 0.20 + 0.01 0.31 0.20 0.19 0.19 0.26 + 0.01 1.30 0.29 0.26 0.03 0.08 + 0.01 0.08 0.08 0.07 0.03 0.10 + 0.01 0.11 0.10 0.09 0.17 0.00 0.16 - 0.04 0.50 0.10 1.23 0.95 1.18 + 0.21 1.16 0.22 0.89 0.72 0.88 + 0.16 0.85 0.17 0.13 0.13 0.13 - 0.00 0.17 0.10 0.11 0.34 - 0.03 0.42 0.36 0.34 0.05 0.14 - 0.03 0.32 0.16 0.14 0.19 0.20 - 0.01 0.41 0.21 0.19 0.62 0.94 + 0.01 1.40 0.94 0.88 0.52 0.49 0.49 - 0.02 1.06 0.47 0.74 0.67 0.69 - 0.02 1.45 0.62 0.31 0.34 - 0.04 0.59 0.39 0.33 0.36 0.52 + 0.02 0.81 0.52 0.44 0.23 1.03 - 0.04 1.52 1.05 0.00 0.04 0.10 + 0.01 0.20 0.11 0.08 0.03 0.07 + 0.01 0.14 0.08 0.06 0.12 0.17 - 0.01 0.50 0.18 0.00 0.09 0.12 - 0.00 0.38 0.13 0.00 1.00 1.60 - 0.14 2.40 1.73 1.54 0.76 1.19 - 0.11 1.85 1.31 1.14 0.25 0.61 - 0.04 0.72 0.64 0.60 0.30 0.83 - 0.03 0.94 0.88 0.82 0.66 1.79 - 0.04 1.89 1.84 1.73 0.89 2.42 - 0.02 2.52 2.44 2.34 0.01 0.07 - 0.01 0.22 0.07 0.06 0.04 0.05 - 0.00 0.18 0.06 0.04 0.50 1.30 + 0.11 1.39 1.31 1.17 0.04 0.06 + 0.01 0.20 0.06 0.06 0.03 0.10 - 0.01 0.15 0.11 0.09 0.10 0.16 + 0.02 0.65 0.16 0.13 0.03 0.07 + 0.01 0.09 0.07 0.00 0.02 0.10 - 0.01 0.41 0.11 0.09 0.01 0.13 - 0.03 0.50 0.15 0.12 0.24 0.27 - 0.02 0.55 0.30 0.27 0.04 0.35 - 0.05 0.76 0.41 0.35 0.01 0.04 + 0.01 0.08 0.04 0.03 0.03 0.07 - 0.01 0.12 0.09 0.00 0.03 0.05 + 0.01 0.07 0.05 0.00 0.22 0.63 - 0.06 0.92 0.70 0.63 0.49 0.67 0.01 - 0.50 0.50 0.00 0.00 0.00 - 0.00 0.00 0.00 0.00 0.03 0.06 - 0.01 0.15 0.06 0.06 0.00 0.00 - 0.00 0.00 0.00 0.00 11.83 - 0.65 24.96 8.89 12.54 11.57 6.62 19.15 9.45 8.57 8.77 - 0.58 0.79 0.68 0.68 - 0.08 1.31 0.57 0.60 0.50 0.50 - 0.08 1.02 0.45 0.04 0.12 + 0.03 0.15 0.13 0.10 12.98 - 1.08 17.55 7.77 14.30 12.95 0.09 0.08 0.09 + 0.01 0.13 0.05 0.49 0.77 - 0.03 0.92 0.82 0.77 0.36 0.57 - 0.03 0.70 0.62 0.56 0.03 0.03 - 0.01 0.17 0.04 0.03 0.25 0.69 + 0.04 0.93 0.69 0.60 0.22 0.51 + 0.02 0.71 0.51 0.45 0.06 0.10 + 0.01 0.21 0.10 0.09 0.04 0.07 + 0.01 0.16 0.08 0.06 0.12 0.31 - 0.04 0.47 0.34 0.00 0.30 1.12 - 0.07 1.48 1.23 1.10 0.05 0.13 + 0.01 0.28 0.13 0.12 0.15 0.13 0.15 + 0.02 0.35 0.05 2.08 4.09 - 0.04 5.50 4.20 3.78 7.00 6.46 6.73 - 0.25 12.73 6.43 4.79 5.00 - 0.23 9.75 5.28 4.79 0.29 0.56 - 0.01 0.90 0.57 0.00 0.30 0.41 + 0.00 0.64 0.43 0.00 0.08 0.20 - 0.01 0.34 0.23 0.20 0.06 0.15 - 0.01 0.26 0.17 0.15 0.05 0.06 + 0.00 0.14 0.06 0.00 0.37 0.77 + 0.04 1.28 0.84 0.71 53.31 69.08 - 0.25 81.16 70.30 67.84 93.97 91.46 93.30 + 0.86 105.69 71.44 0.08 0.19 + 0.02 0.28 0.19 0.16 12.23 - 0.49 17.06 9.24 12.80 12.03 13.18 19.15 - 1.47 26.65 20.62 19.15 0.01 0.01 0.01 + 0.00 0.05 0.00 0.13 0.00 0.13 + 0.04 0.13 0.04

Gabriel Res T 81 Gainey Capital V 218 Galane Gold V 1122 Galantas Gold V 106 Galore Res V 360 Galway Mtls* O 150 Galway Mtls V 164 GAR Limited 5 28 Garibaldi Res * O GB Minerals V 42 General Moly T 27 General Moly* X 312 Genesis Mtls* O 185 V 1396 Gensource Pot O 77 Geologix Expl* Geomega Res V 230 Getty Copper V 82 O 48 GFG Resources* GFK Res V 75 GGL Res V 617 GGX Gold V 798 Gitennes Expl V 411 Giyani Gold* O 826 Gldn Predator V 487 O 185 Gldn Predator* 399 Glen Eagle Res V Glencore Plc* O 557 Global Energy V 333 Global Gold* O 69 Globex Mng* O 18 Globex Mng T 757 O 115 GMV Minerals* GMV Minerals V 190 V 13 GobiMin GoGold Res T 427 Gold & Silver* O 2868 O 62 Gold Dynamics* 41379 Gold Fields* N 4 Gold Finder Ex V 77 Gold Mng USA* O 202 Gold Reach Res V Gold Reserve V 55 Gold Reserve* O 52 X 4780 Gold Resource* 122 Gold Ridge Exp V Gold Std Vents* X 5725 Gold Std Vents V 1133 V 33 Goldbank Mng Goldbelt Emp V 165 Goldcliff Res V 119 Goldcliff Res* O 49 Goldcorp* N 41871 T 12490 Goldcorp Golden Arrow V 512 Golden Arrow* O 661 V 85 Golden Cariboo 875 Golden Dawn Ml V 59 Golden Dawn Ml* O Golden Eagle* O 106 O 9 Golden Global* V 217 Golden Goliath O 15 Golden Goliath* Golden Harp V 9 Golden Harp* O 2 Golden Hope* O 16

0.17 0.39 + 0.01 0.74 0.41 0.37 0.12 0.13 - 0.01 0.37 0.15 0.12 0.04 0.07 - 0.01 0.19 0.08 0.06 0.09 0.13 + 0.01 0.18 0.13 0.11 0.01 0.05 - 0.01 0.07 0.07 0.05 0.10 0.23 - 0.03 0.51 0.26 0.23 0.12 0.32 - 0.03 0.65 0.36 0.30 0.01 0.13 + 0.03 0.13 0.13 0.10 0.13 0.11 0.13 - 0.00 0.16 0.05 0.06 0.06 + 0.01 0.10 0.07 0.06 0.30 0.49 - 0.05 0.95 0.49 0.49 0.21 0.37 - 0.02 0.72 0.41 0.36 0.01 0.11 + 0.00 0.22 0.11 0.11 0.06 0.18 - 0.01 0.25 0.19 0.18 0.03 0.06 + 0.01 0.11 0.06 0.05 0.06 0.10 - 0.01 0.23 0.12 0.10 0.01 0.03 - 0.01 0.04 0.04 0.03 0.58 0.50 - 0.29 1.00 0.79 0.50 0.08 0.12 - 0.02 0.18 0.13 0.12 0.02 0.03 - 0.02 0.05 0.05 0.03 0.07 0.15 + 0.04 0.39 0.15 0.10 0.01 0.06 + 0.01 0.08 0.07 0.06 0.04 0.28 - 0.07 0.50 0.35 0.28 0.20 1.32 - 0.10 2.05 1.43 1.31 0.16 1.00 - 0.06 1.59 1.07 0.98 0.21 0.20 0.21 - 0.01 0.24 0.09 3.49 7.63 + 0.04 8.62 7.68 7.35 0.15 0.17 - 0.01 0.67 0.17 0.15 0.01 0.02 + 0.00 0.06 0.03 0.01 0.21 0.41 + 0.01 0.48 0.42 0.40 0.28 0.56 + 0.03 0.63 0.56 0.53 0.12 0.24 - 0.01 0.55 0.26 0.24 0.12 0.34 + 0.01 0.70 0.35 0.33 0.39 0.57 + 0.01 0.58 0.58 0.56 0.41 0.67 - 0.04 1.65 0.72 0.65 0.00 0.00 0.00 + 0.00 0.06 0.00 0.00 0.00 - 0.00 0.01 0.00 0.00 2.60 3.84 - 0.21 6.60 4.10 3.80 0.12 0.00 0.12 + 0.01 0.28 0.08 0.00 0.00 0.00 + 0.00 0.07 0.00 0.17 0.13 0.16 + 0.04 0.25 0.09 3.28 3.93 + 0.20 7.34 3.93 0.00 0.00 2.90 + 0.28 5.54 2.90 0.00 2.77 3.77 - 0.40 8.22 4.18 3.63 0.10 0.00 0.08 + 0.02 0.70 0.05 2.03 1.84 1.89 - 0.11 3.20 1.13 2.70 2.49 2.54 - 0.13 4.10 1.43 0.06 0.10 - 0.01 0.16 0.11 0.06 0.04 0.04 - 0.01 0.07 0.05 0.04 0.05 0.19 + 0.01 0.47 0.19 0.18 0.11 0.14 + 0.01 0.36 0.14 0.13 11.91 15.15 - 0.24 20.38 15.53 14.72 15.95 20.42 - 0.09 26.56 20.62 19.84 0.31 0.69 - 0.05 1.48 0.75 0.68 0.25 0.52 - 0.03 1.30 0.57 0.51 0.05 0.15 + 0.05 0.15 0.15 0.00 0.33 0.29 0.30 - 0.04 0.44 0.08 0.24 0.22 0.22 - 0.02 0.32 0.08 0.01 0.09 + 0.02 0.11 0.10 0.06 0.00 0.04 + 0.02 0.36 0.04 0.04 0.03 0.06 + 0.01 0.14 0.06 0.06 0.02 0.05 + 0.01 0.10 0.05 0.04 0.05 0.11 - 0.01 0.28 0.12 0.00 0.08 0.08 - 0.00 0.18 0.08 0.08 0.11 0.13 - 0.00 0.25 0.13 0.00

G-H

2017-04-25 8:39 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 1–14, 2017

21

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

Week

12-month

Exc Volume High Low Last Change High Low

Golden Mnls T 52 Golden Mnls* X 759 Golden Queen T 164 Golden Queen* O 353 Golden Reign V 110 Golden Secret V 113 Golden Star T 1576 Golden Star* X 10098 Golden Tag V 442 Goldex Res V 25 Goldgroup Mng* O 223 Goldgroup Mng T 300 GoldMining V 2027 GoldQuest Mng V 1745 Goldrea Res 57 O 238 Goldsource Min* Goldstream Mnl V 10 Goldstrike Res V 1509 Gonzaga Res V 574 Gossan Res V 153 GoviEx Uranium* O 1258 GoviEx Uranium V 6068 Gowest Gold* O 168 Gowest Gold V 396 GPM Metals V 205 Gran Colombia* O 421 Gran Colombia T 10523 Granada Gold* O 370 Graniz Mondal V 167 O 1753 Graphite Corp* Graphite One V 749 Graphite One* O 275 Gray Rock Res V 182 Great Bear Res* O 72 74 Great Bear Res V Great Lakes Gr* O 561 Great Panther T 1261 Great Panther* X 7727 Great Quest Fe V 68 Great Rock Dev* O 175 Great Thunder V 1878 O 178 Great Western* Green Swan Cap V 337 Greencastle Rs V 143 O 751 Greenland M&En* Grizzly Gold* O 18 955 GrowMax Res V GrowMax Res* O 3829 GT Gold * O 22 Gungnir Res* O 233 Gungnir Res V 182 Gunpoint Expl V 35 Guyana Gldflds T 4576 Guyana Goldstr V 211 Handa Copper V 99 Handeni Gold* O 1 V 9 Hannan Metals Happy Ck Mnrls V 307 Hard Creek Ni V 461 Harmony Gold* N 27307 Harte Gold* O 540 Harte Gold T 5865 Harvest Gold V 275 Hecla Mining* N 40822 Hellix Vent* O 81 Hemcare Health* O 54 Heron Res T 255 Highbank Res V 271 Highland Copp* O 331 46 Highway 50 Gld V HiHo Silver 121 Hinterland Mtl V 445 Hochschild Mg* O 215 Homeland Egy V 21 443 Honey Badger E V Hornby Bay Mnl V 233 Houston Lake V 123 HudBay Mnls* N 2610 HudBay Mnls T 8767 Hudson Res V 246 Hudson Res* O 29 Hunt Mng* O 29 Hunt Mng V 82

0.80 0.72 0.73 - 0.05 1.51 0.42 0.60 0.53 0.54 - 0.06 1.16 0.31 0.90 0.87 0.90 + 0.04 1.90 0.70 0.69 0.64 0.67 + 0.04 1.49 0.52 0.28 0.25 0.26 + 0.01 0.36 0.15 0.36 0.31 0.32 - 0.04 0.69 0.28 1.11 1.00 1.01 - 0.08 1.46 0.62 0.84 0.74 0.75 - 0.08 1.13 0.47 0.06 0.05 0.05 - 0.01 0.18 0.04 0.85 0.00 0.80 + 0.08 1.04 0.25 0.09 0.08 0.08 - 0.01 0.30 0.06 0.13 0.12 0.12 - 0.01 0.39 0.07 2.10 1.89 1.98 + 0.03 3.35 1.05 0.48 0.44 0.47 - 0.01 0.68 0.20 0.06 0.00 0.05 - 0.01 0.14 0.03 0.11 0.09 0.10 - 0.00 0.45 0.09 0.10 0.07 0.07 - 0.03 0.40 0.05 0.39 0.34 0.39 + 0.04 0.43 0.12 0.31 0.29 0.29 - 0.02 0.36 0.02 0.09 0.08 0.08 - 0.02 0.11 0.03 0.18 0.14 0.15 - 0.04 0.34 0.04 0.24 0.19 0.20 - 0.04 0.44 0.09 0.13 0.12 0.13 + 0.00 0.22 0.05 0.18 0.16 0.18 + 0.02 0.28 0.08 0.13 0.11 0.11 - 0.01 0.57 0.08 0.07 0.06 0.07 + 0.00 0.13 0.06 0.10 0.09 0.10 + 0.01 0.16 0.08 0.05 0.04 0.05 - 0.00 0.11 0.04 0.03 0.02 0.03 + 0.03 0.05 0.01 0.01 0.00 0.01 + 0.00 0.01 0.00 0.07 0.07 0.07 - 0.01 0.18 0.06 0.05 0.05 0.05 - 0.00 0.14 0.04 0.36 0.30 0.33 + 0.02 0.40 0.04 0.19 0.18 0.19 + 0.00 0.24 0.14 0.27 0.20 0.27 + 0.02 0.36 0.13 0.07 0.06 0.06 + 0.00 0.08 0.04 2.00 1.77 1.80 - 0.20 2.95 1.51 1.50 1.31 1.34 - 0.16 2.28 1.14 0.20 0.00 0.20 + 0.02 0.35 0.14 0.00 0.00 0.00 + 0.00 0.01 0.00 0.10 0.08 0.10 + 0.02 0.24 0.04 0.00 0.00 0.00 + 0.00 0.00 0.00 0.11 0.09 0.11 + 0.01 0.14 0.02 0.12 0.11 0.12 + 0.02 0.18 0.08 0.08 0.07 0.08 + 0.01 0.16 0.00 0.05 0.05 0.05 - 0.00 0.22 0.01 0.12 0.11 0.11 - 0.01 0.28 0.11 0.09 0.08 0.09 + 0.00 0.22 0.08 0.29 0.27 0.27 + 0.02 0.36 0.25 0.06 0.06 0.06 - 0.00 0.08 0.01 0.08 0.00 0.07 - 0.01 0.12 0.02 0.30 0.00 0.30 + 0.05 0.32 0.22 7.50 6.92 7.16 - 0.25 10.35 4.56 0.28 0.22 0.28 + 0.04 0.32 0.01 0.07 0.00 0.06 - 0.01 0.10 0.04 0.04 0.04 0.04 - 0.00 0.36 0.04 0.44 0.00 0.44 - 0.04 0.51 0.05 0.22 0.20 0.20 - 0.02 0.29 0.11 0.05 0.04 0.04 - 0.02 0.12 0.02 2.71 2.35 2.38 - 0.31 4.87 1.86 0.56 0.44 0.56 + 0.01 0.66 0.15 0.78 0.59 0.75 + 0.02 0.87 0.19 0.06 0.05 0.05 - 0.01 0.10 0.04 6.03 5.42 5.47 - 0.53 7.64 3.63 0.04 0.01 0.01 - 0.01 0.08 0.00 0.07 0.07 0.07 - 0.00 0.12 0.01 0.10 0.08 0.09 - 0.01 0.17 0.08 0.05 0.04 0.04 - 0.01 0.10 0.04 0.12 0.11 0.11 - 0.00 0.14 0.07 0.62 0.55 0.55 - 0.08 0.66 0.08 0.09 0.08 0.09 + 0.01 0.18 0.07 0.05 0.04 0.05 + 0.01 0.12 0.02 3.54 3.40 3.45 - 0.09 4.16 1.65 0.21 0.00 0.21 + 0.01 1.13 0.16 0.02 0.02 0.02 - 0.01 0.05 0.02 0.05 0.05 0.05 - 0.01 0.08 0.03 0.42 0.39 0.40 - 0.01 0.46 0.24 6.35 5.78 5.90 - 0.35 9.15 3.57 8.50 7.82 7.92 - 0.42 11.95 4.74 0.65 0.55 0.55 - 0.10 0.80 0.29 0.45 0.42 0.44 - 0.01 0.60 0.24 0.16 0.16 0.16 - 0.00 0.31 0.05 0.22 0.18 0.18 - 0.01 0.40 0.05

I-Minerals V 43 I-Minerals* O 100 IAMGOLD* N 35295 IAMGOLD T 12678 Iberian Mnrls V 1090 IC Potash* O 9 IC Potash T 344 Icon Explor V 50 74 Iconic Mnls * O Iconic Mnls V 706 IDM Mining V 2711 IDM Mining* O 1097 iMetal Res* O 40 iMetal Res V 175 IMPACT Silver V 383 Impala Platnm* O 162 Imperial Metal T 194 Imperial Metal* O 67 142 Inca One Gold* O Inception Mng * O 13 Independence G V 523 Independence G* O 67 Indico Res V 8077 Indigo Expl V 205 Infrastructure* O 150 Inomin Mines V 18 Inspiration Mg* O 27 Inspiration Mg 47 Intact Gold V 1645 Integra Gold* O 1514 Integra Gold V 2194 Intl Bethl Mng V 1043 Intl Cobalt 717 Intl Corona V 377 Intl Lithium* O 53 Intl Montoro V 561 Intl Montoro* O 712 Intl Tower Hil* X 1422 Intl Tower Hil T 202 Intrepid Pots* N 3939 INV Metals T 712 52 Inventus Mg * O Inventus Mg V 142 InZinc Mining V 825 InZinc Mining* O 110 Ireland* O 119 Irving Res* O 24 Irving Res 151 IsoEnergy Ltd V 88 Itafos V 5 Itoco Mg Corp* O 11380 Ivanhoe Mines* O 476 Ivanhoe Mines T 13789 Jaguar Mng T 235 Jaguar Mng* O 66 Japan Gold V 441 Japan Gold* O 22 Jasper Mng V 12 Jaxon Mnls V 379 Jayden Res V 39 Joshua Gold* O 1386 Jourdan Res V 283 K2 Gold V 418 K92 Mng Inc* O 105 K92 Mng Inc V 692 Kaizen Discvry* O 71 Kaizen Discvry V 256 Kapuskasing Gd* O 34 Kapuskasing Gd V 846 Karmin Expl V 54 Karnalyte Res T 82 Karoo Expl V 58 Katanga Mng T 6570 Kenadyr Mining V 423 Kenadyr Mining* O 16 Kennady Diam V 13 Kerr Mines* O 21 Kerr Mines T 632 Kesselrun Res V 966 Kestrel Gold V 133

0.47 0.43 0.44 - 0.02 0.48 0.20 0.34 0.33 0.34 + 0.01 0.36 0.15 4.50 4.13 4.34 - 0.10 5.87 2.86 6.00 5.58 5.84 - 0.07 7.65 3.63 0.09 0.08 0.08 - 0.01 0.16 0.04 0.07 0.06 0.07 + 0.01 0.11 0.04 0.09 0.09 0.09 - 0.01 0.15 0.06 0.06 0.06 0.06 + 0.01 0.06 0.01 0.07 0.05 0.05 - 0.02 0.33 0.06 0.08 0.07 0.07 - 0.02 0.45 0.07 0.17 0.16 0.16 - 0.01 0.26 0.11 0.13 0.12 0.12 - 0.01 0.21 0.08 0.04 0.04 0.04 - 0.00 0.05 0.03 0.07 0.06 0.07 + 0.01 0.08 0.04 0.73 0.66 0.71 + 0.02 1.28 0.53 3.68 3.49 3.53 - 0.11 5.23 2.92 6.19 5.81 5.83 - 0.28 8.50 3.46 4.60 4.44 4.46 - 0.17 6.21 2.78 0.11 0.10 0.10 - 0.01 0.35 0.08 0.41 0.00 0.41 + 0.08 1.65 0.25 0.23 0.19 0.22 + 0.01 0.50 0.12 0.17 0.14 0.16 - 0.01 0.37 0.09 0.04 0.02 0.03 + 0.01 0.10 0.02 0.04 0.04 0.04 + 0.01 0.04 0.02 0.01 0.00 0.00 - 0.00 0.01 0.00 0.10 0.06 0.10 + 0.04 0.10 0.05 0.04 0.01 0.02 + 0.00 0.07 0.01 0.04 0.03 0.03 - 0.02 0.10 0.02 0.04 0.00 0.04 - 0.01 0.18 0.04 0.66 0.63 0.65 + 0.02 0.76 0.38 0.89 0.83 0.87 + 0.02 0.96 0.52 0.04 0.04 0.04 + 0.01 0.08 0.02 0.29 0.20 0.21 - 0.09 0.30 0.00 0.09 0.00 0.07 - 0.04 0.17 0.04 0.11 0.09 0.11 - 0.00 0.49 0.09 0.03 0.02 0.02 - 0.01 0.03 0.02 0.02 0.02 0.02 - 0.00 0.03 0.01 0.60 0.50 0.57 - 0.00 1.40 0.40 0.78 0.67 0.75 - 0.01 1.82 0.53 1.87 1.72 1.86 + 0.05 3.04 0.85 1.00 0.91 0.96 - 0.04 1.13 0.42 0.16 0.15 0.16 + 0.02 0.28 0.11 0.22 0.18 0.18 - 0.02 0.35 0.13 0.21 0.18 0.19 - 0.02 0.36 0.08 0.17 0.14 0.14 - 0.03 0.27 0.06 0.15 0.13 0.14 + 0.01 0.32 0.04 0.62 0.00 0.59 + 0.07 0.99 0.10 0.85 0.70 0.78 + 0.03 1.18 0.13 1.06 0.91 1.02 - 0.02 1.70 0.63 1.98 0.00 1.92 + 0.17 3.45 0.90 0.09 0.02 0.03 - 0.03 0.30 0.00 4.02 3.65 3.68 - 0.27 4.10 0.00 5.34 4.89 4.96 - 0.29 5.47 0.92 0.64 0.58 0.59 - 0.03 0.85 0.30 0.48 0.43 0.43 - 0.03 0.65 0.23 0.32 0.28 0.31 - 0.01 0.88 0.28 0.23 0.23 0.23 - 0.00 0.67 0.21 0.08 0.08 0.08 - 0.01 0.09 0.03 0.10 0.09 0.09 - 0.01 0.13 0.04 0.12 0.10 0.10 - 0.03 0.23 0.06 0.23 0.12 0.13 - 0.10 0.23 0.05 0.13 0.12 0.12 - 0.01 0.15 0.06 0.35 0.25 0.35 + 0.06 0.58 0.20 0.70 0.63 0.65 - 0.06 1.72 0.57 0.92 0.85 0.87 - 0.06 2.24 0.76 0.17 0.15 0.15 - 0.02 0.21 0.08 0.22 0.00 0.21 - 0.01 0.31 0.11 0.04 0.00 0.04 + 0.01 0.08 0.01 0.05 0.05 0.05 - 0.01 0.10 0.02 0.50 0.46 0.50 + 0.01 0.86 0.21 0.75 0.00 0.75 + 0.07 2.40 0.64 0.02 0.01 0.01 - 0.01 0.02 0.01 0.47 0.37 0.44 + 0.01 0.65 0.12 0.88 0.74 0.81 - 0.03 1.00 0.10 0.62 0.56 0.56 - 0.04 0.61 0.53 3.97 3.66 3.80 - 0.07 5.00 3.26 0.15 0.14 0.14 - 0.02 0.17 0.04 0.21 0.18 0.19 - 0.03 0.24 0.06 0.11 0.09 0.10 + 0.01 0.43 0.08 0.12 0.00 0.12 - 0.01 0.12 0.02

I-J-K

20-22_May1_StockTables.indd 21

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Khan Res 321 O 53 Kincora Copper* Kincora Copper V 220 Kings Bay Gold V 292 Kingsmen Res V 2 O 4 Kingsmen Res* Kinross Gold* N 62505 Kinross Gold T 28499 Kintavar Exp V 399 Kirkland Lake T 6512 Kivalliq Enrgy V 402 T 5929 Klondex Mines Klondike Gold* O 43 Klondike Silv V 425 Klondike Silv* O 67 Knick Expl V 1108 Kombat Copper V 111 Komet Resource V 45 Kootenay Silvr* O 96 Kootenay Zinc* O 200 Kootenay Zinc 1099 KWG Res* O 20

0.07 0.00 0.06 + 0.01 0.88 0.02 0.37 0.32 0.32 - 0.08 0.43 0.17 0.50 0.43 0.44 - 0.06 0.65 0.20 0.16 0.15 0.15 - 0.01 0.21 0.05 0.20 0.00 0.20 + 0.07 0.18 0.07 0.09 0.09 0.09 - 0.00 0.12 0.05 3.90 3.64 3.86 + 0.06 5.82 2.88 5.23 4.90 5.22 + 0.16 7.56 3.87 0.16 0.14 0.16 + 0.03 0.35 0.13 10.67 9.75 10.02 - 0.36 11.15 6.13 0.12 0.11 0.11 - 0.01 0.19 0.07 5.02 4.61 4.80 - 0.22 7.95 4.07 0.21 0.18 0.19 - 0.00 0.32 0.10 0.09 0.08 0.09 - 0.01 0.15 0.03 0.07 0.06 0.06 - 0.00 0.12 0.03 0.07 0.06 0.06 - 0.01 0.11 0.02 0.42 0.29 0.40 + 0.10 0.85 0.29 0.42 0.41 0.41 - 0.01 0.58 0.31 0.23 0.22 0.23 - 0.00 0.46 0.20 0.24 0.14 0.16 - 0.08 0.59 0.14 0.32 0.20 0.21 - 0.08 0.70 0.06 0.01 0.01 0.01 + 0.00 0.03 0.00

Labrador Iron T 1672 Lamelee Iron V 58 Lara Expl V 125 Laramide Res T 616 Largo Res* O 20 Largo Res T 254 Lateral Gold V 212 Latin Am Mnls V 143 Latin Am Mnls* O 43 Laurion Mnl Ex* O 925 Leagold Mg V 816 Leagold Mg* O 97 Lepanto Con Mg* O 682 Levon Res Ltd T 761 Levon Res Ltd * O 191 Lexam VG Gold* O 36 Lexam VG Gold T 1076 Li3 Energy* O 44 Liberty One Li V 215 Liberty One Li* O 453 LiCo Energy* O 290 Lincoln Mng V 195 Lion One Mtls V 83 Lion One Mtls* O 54 Lions Gate Mtl 90 Lithium Amer* O 1044 Lithium Amer T 1959 Lithium Corp* O 1417 Lithium Energi V 505 Lithium Expl* O 497008 Lithium X Egy* O 2085 Lithium X Egy V 2626 LKA Gold* O 9 Lode-Star Mg* O 21 Logan Res V 252 Lomiko Mtls V 108 Lomiko Mtls* O 33 Loncor Res T 23 Lone Star Gold* O 163 Lonmin plc* O 117 Lorraine Coppr V 70 Los Andes Copp V 88 Lucara Diam T 1096 Lumina Gold* O 7 Lund Enterpr V 45 Lundin Gold T 112 Lundin Mng T 11958 Lupaka Gold V 212 Lydian Intl* O 34 Lydian Intl T 832 Lynas Corp* O 213

17.61 16.34 17.32 + 0.12 20.67 11.22 0.20 0.17 0.17 - 0.03 0.50 0.10 1.07 0.93 0.93 - 0.09 1.58 0.40 0.59 0.47 0.47 - 0.10 0.74 0.18 0.38 0.34 0.38 + 0.00 0.56 0.28 0.54 0.47 0.52 + 0.02 0.72 0.37 1.20 1.02 1.20 + 0.05 1.25 0.40 0.17 0.15 0.16 - 0.01 0.48 0.09 0.12 0.10 0.11 + 0.01 0.36 0.07 0.03 0.02 0.02 - 0.01 0.05 0.00 3.12 2.76 2.82 - 0.33 4.90 0.10 2.36 2.07 2.10 - 0.24 2.37 1.97 0.00 0.00 0.00 - 0.00 0.01 0.00 0.49 0.44 0.46 - 0.01 0.71 0.23 0.36 0.33 0.35 - 0.01 0.54 0.17 0.18 0.16 0.16 - 0.01 0.29 0.12 0.24 0.22 0.23 - 0.01 0.38 0.16 0.03 0.02 0.02 + 0.00 0.06 0.01 0.62 0.55 0.58 - 0.03 0.70 0.01 0.47 0.41 0.43 - 0.03 0.51 0.41 0.12 0.10 0.11 + 0.00 0.20 0.06 0.06 0.06 0.06 - 0.01 0.17 0.05 0.85 0.00 0.76 - 0.02 1.17 0.50 0.61 0.56 0.60 + 0.01 0.91 0.41 0.20 0.20 0.20 + 0.04 0.36 0.08 0.71 0.68 0.68 - 0.02 0.96 0.38 0.96 0.91 0.93 - 0.01 1.26 0.52 0.08 0.06 0.07 + 0.01 0.13 0.05 0.25 0.21 0.23 - 0.02 0.55 0.19 0.00 0.00 0.00 - 0.00 0.02 0.00 1.48 1.27 1.33 - 0.06 1.94 1.03 1.94 1.69 1.80 - 0.04 2.50 1.32 0.57 0.00 0.52 - 0.03 0.68 0.24 0.08 0.05 0.08 + 0.03 0.09 0.03 0.09 0.00 0.08 - 0.01 0.26 0.07 0.27 0.00 0.26 + 0.03 0.50 0.19 0.20 0.16 0.20 + 0.01 0.38 0.11 0.16 0.16 0.16 - 0.01 0.25 0.09 0.00 0.00 0.00 + 0.00 0.01 0.00 1.63 1.34 1.37 - 0.07 3.42 1.02 0.08 0.08 0.08 + 0.01 0.12 0.04 0.30 0.27 0.28 - 0.01 0.30 0.09 3.17 3.10 3.14 - 0.01 4.39 2.62 0.70 0.68 0.68 - 0.01 0.89 0.34 0.15 0.14 0.14 - 0.02 0.19 0.07 6.10 5.80 5.84 - 0.19 6.62 4.94 7.50 6.96 7.19 - 0.15 8.94 3.86 0.18 0.00 0.17 + 0.01 0.29 0.11 0.30 0.26 0.26 - 0.02 0.41 0.20 0.38 0.34 0.35 - 0.02 0.52 0.26 0.07 0.07 0.07 + 0.00 0.12 0.03

L

M Macarthur Mnl* O 70 0.08 0.07 0.07 - 0.00 0.14 0.03 Macarthur Mnl V 1255 0.10 0.09 0.10 - 0.01 0.18 0.05 MacDonald Mns* O 80 0.16 0.14 0.14 - 0.02 0.20 0.04 MacMillan Mnls V 39 1.64 1.44 1.50 - 0.08 1.84 0.70 MAG Silver T 1534 18.31 16.49 16.96 - 1.31 23.32 12.75 Magellan Gold* O 55 0.09 0.07 0.07 - 0.02 0.35 0.06 Majescor Res V 550 0.09 0.08 0.08 - 0.01 0.15 0.04 Makena Res* O 2 0.14 0.00 0.14 - 0.01 0.15 0.11 Makena Res V 84 0.20 0.16 0.16 - 0.04 0.21 0.15 Manganese X V 561 0.20 0.17 0.19 - 0.01 0.26 0.07 Manson Creek V 292 0.06 0.05 0.06 + 0.01 0.06 0.02 Marathon Gold T 2462 1.36 1.14 1.28 + 0.02 1.36 0.21 Margaux Res V 97 0.34 0.30 0.32 - 0.02 0.50 0.13 Mariana Res* O 257 0.84 0.72 0.76 - 0.02 1.12 0.03 Mariana Res V 791 1.06 1.00 1.04 - 0.01 1.50 0.85 Marlin Gold V 238 0.71 0.62 0.66 - 0.04 0.75 0.31 Marlin Gold* O 91 0.53 0.00 0.51 - 0.02 0.57 0.23 MartinMarietta* N 2286 219.99 209.43 218.89 + 8.78 243.98 165.27 Mason Graphite* O 115 1.12 1.05 1.08 - 0.01 1.21 0.45 Mason Graphite V 337 1.49 1.42 1.46 + 0.04 1.60 0.58 Masuparia Gold V 166 0.05 0.05 0.05 - 0.01 0.09 0.03 V 10 0.32 0.28 0.28 - 0.04 0.44 0.25 Matachewan Con Matamec Expl V 490 0.07 0.06 0.07 + 0.01 0.11 0.04 Matamec Expl* O 37 0.05 0.04 0.05 + 0.01 0.07 0.03 0.05 - 0.01 0.07 0.01 Matica Ent 3072 0.06 0.05 Matica Ent* O 178 0.04 0.03 0.04 + 0.00 0.05 0.00 Matmown* O 48 0.02 0.01 0.02 + 0.01 0.10 0.01 3 1.17 1.11 1.11 - 0.01 16.33 0.66 Maverix Mtls* O Mawson Res T 173 0.41 0.39 0.40 - 0.01 0.57 0.21 Mawson Res* O 132 0.31 0.29 0.29 - 0.01 0.44 0.16 MAX Res V 4 0.11 0.10 0.10 - 0.01 0.11 0.06 0.55 + 0.06 0.63 0.20 MaxTech Vent 125 0.55 0.49 Maya Gold &Sil V 1317 0.15 0.14 0.14 - 0.01 0.27 0.10 McEwen Mng* N 20849 3.15 2.91 3.07 - 0.06 4.92 2.09 4.12 - 0.05 6.44 2.61 McEwen Mng T 2746 4.19 3.92 McLaren Res 530 0.10 0.08 0.10 - 0.01 0.14 0.01 MDN Inc* O 6 0.55 0.53 0.53 - 0.02 0.92 0.11 482 0.05 0.05 0.05 - 0.01 0.14 0.05 Meadow Bay Gd T Meadow Bay Gd* O 38 0.04 0.04 0.04 - 0.01 0.11 0.03 Mechel* N 579 5.61 5.03 5.18 - 0.31 6.83 1.46 Medallion Res* O 115 0.03 0.03 0.03 - 0.00 0.05 0.01 Medallion Res V 645 0.04 0.04 0.04 - 0.01 0.07 0.02 Medgold Res V 77 0.20 0.19 0.20 + 0.01 0.25 0.10 Medinah Mnrls* O 1850 0.01 0.00 0.01 - 0.00 0.02 0.00 Mega Uranium T 704 0.22 0.20 0.21 - 0.01 0.32 0.11 Mega Uranium* O 427 0.17 0.14 0.16 - 0.01 0.25 0.08 0.06 - 0.01 0.09 0.02 Melior Res V 124 0.07 0.06 Melkior Res V 2958 0.10 0.07 0.08 + 0.01 0.10 0.02 Mercator Mnls* O 25 0.00 0.00 0.00 - 0.00 0.01 0.00 0.46 - 0.06 1.54 0.14 Meridian Mg V 53 0.53 0.43 Mesa Expl V 210 0.08 0.00 0.07 - 0.01 0.17 0.02 MetalCorp V 43 0.04 0.04 0.04 - 0.01 0.06 0.02 0.08 + 0.03 0.10 0.04 Metalex Vent V 922 0.09 0.00 Metalla Rylty* O 69 0.43 0.36 0.36 - 0.03 0.68 0.03 Metalla Rylty 174 0.56 0.50 0.50 - 0.04 0.88 0.05 Metallic Mnrls* O 6 0.28 0.26 0.27 + 0.00 0.44 0.04 0.36 + 0.01 0.59 0.07 Metallic Mnrls V 103 0.37 0.33 Metalore Res V 2 3.55 0.00 3.50 - 0.74 5.16 1.50 Metals Creek V 1648 0.10 0.08 0.08 - 0.01 0.20 0.06 Metals Creek* O 67 0.07 0.06 0.06 - 0.00 0.14 0.04 Metals X* O 61 0.54 0.00 0.53 - 0.04 1.43 0.41 Metanor Res* O 122 0.88 0.65 0.65 - 0.21 0.94 0.75 Metanor Res V 1087 1.20 0.87 0.92 - 0.21 1.29 0.45 Mexus Gold* O 2951 0.12 0.11 0.11 - 0.01 0.24 0.02 MGX Minerals* O 518 0.99 0.76 0.88 - 0.00 2.12 0.11 MGX Minerals 2967 1.35 1.03 1.20 + 0.02 2.75 0.14 Midas Gold* O 586 0.67 0.59 0.60 - 0.05 0.95 0.02 Midas Gold T 555 0.88 0.80 0.81 - 0.06 1.22 0.59 Midland Expl V 55 1.10 1.01 1.07 - 0.01 1.25 0.61 Midway Gold* O 116 0.00 0.00 0.00 - 0.00 0.01 0.00 Millennial Lit* O 48 1.02 0.94 0.97 - 0.03 1.43 0.94 Millennial Lit V 346 1.37 1.23 1.33 - 0.05 2.45 0.09 Millrock Res* O 318 0.34 0.30 0.31 - 0.03 0.54 0.23 Millrock Res V 445 0.45 0.40 0.43 - 0.03 0.70 0.28 Minaurum Gold V 2540 0.35 0.23 0.28 - 0.05 0.37 0.07 Minco Gold* O 98 0.16 0.14 0.14 - 0.00 0.42 0.01 Minco Gold T 157 0.21 0.19 0.20 + 0.01 0.55 0.12 Minco Silver T 351 1.20 0.95 0.97 - 0.21 2.05 0.86 Minco Silver* O 103 0.90 0.70 0.72 - 0.16 1.54 0.64 Minecorp Egy V 377 0.13 0.11 0.12 - 0.01 0.20 0.07 Minera Alamos V 1060 0.24 0.20 0.21 + 0.01 0.29 0.10 Minera IRL 1202 0.17 0.14 0.15 - 0.02 0.22 0.15 Mineral Mtn* O 161 0.20 0.18 0.19 - 0.01 0.38 0.13 Mineral Mtn V 237 0.26 0.25 0.25 + 0.01 0.49 0.16 MineralRite* O 555831 0.00 0.00 0.00 + 0.00 0.00 0.00 Minnova Corp V 636 0.85 0.69 0.77 + 0.05 0.90 0.40 Minsud Res V 75 0.10 0.08 0.09 - 0.02 0.10 0.03

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Miranda Gold V 394 Mirasol Res V 58 Mkango Res V 157 ML Gold Corp V 1433 Monarca Mnrls* O 39 Monarca Mnrls V 58 Monarques Res* O 7 Monarques Res V 547 Moneta Porcpn* O 301 Montan Mg V 6699 Montego Res 219 Morien Res* O 31 Morumbi Res* O 16 Morumbi Res V 554 N 18377 Mosaic* Mountain Boy V 1428 Mountain Boy* O 601 Mountain Prov T 652 Mountain Prov* D 264 Mundoro Cap* O 104 Mundoro Cap V 191 Mustang Mnrls V 1953 MX Gold* O 864 MX Gold V 1886

0.10 0.09 0.10 + 0.01 0.18 0.07 1.90 1.74 1.78 - 0.07 3.50 1.18 0.06 0.06 0.06 + 0.01 0.11 0.05 0.23 0.21 0.22 - 0.02 0.29 0.04 0.03 0.02 0.03 + 0.00 0.10 0.00 0.04 0.04 0.04 + 0.01 0.10 0.01 0.27 0.26 0.26 - 0.01 0.48 0.09 0.38 0.34 0.37 - 0.02 0.66 0.11 0.15 0.13 0.13 - 0.02 0.28 0.12 0.08 0.05 0.07 + 0.01 0.10 0.03 0.41 0.37 0.40 - 0.02 1.60 0.10 0.46 0.41 0.41 + 0.01 0.55 0.20 0.49 0.49 0.49 + 0.00 1.26 0.48 0.69 0.60 0.64 + 0.02 1.70 0.08 27.56 26.67 26.67 - 0.79 34.36 22.77 0.07 0.06 0.06 - 0.01 0.08 0.02 0.05 0.04 0.05 + 0.01 0.06 0.02 4.67 4.37 4.49 - 0.06 7.18 4.07 3.50 3.15 3.30 - 0.13 5.52 3.05 0.20 0.17 0.18 + 0.01 0.20 0.08 0.27 0.23 0.25 - 0.05 0.29 0.10 0.03 0.02 0.03 + 0.01 0.03 0.01 0.13 0.11 0.11 - 0.01 0.31 0.08 0.18 0.15 0.15 - 0.02 0.39 0.12

NACCO Ind* N 56 Namibia Rare E T 32 Natural Res Pt* N 258 O 391 Nautilus Mnrls* Nautilus Mnrls T 979 Nebu Res V 274 Nemaska Lith T 3445 Nemaska Lith* O 415 Neo Lithium V 707 Nevada Clean M V 510 86 Nevada Clean M* O Nevada Copper T 87 Nevada Egy Mtl* O 1278 66 Nevada Expl * O Nevada Expl V 92 O 131 Nevada Sunrise* Nevada Sunrise V 189 Nevada Zinc V 295 Nevsun Res* X 3185 Nevsun Res T 3129 808 New Carolin Gd V New Carolin Gd* O 51 New Colombia* O 18406 65 New Dimen Res V New Gold* X 31291 New Gold T 8091 New Gold* O 42 New Jersey Mng* O 615 New Milln Iron* O 754 New Milln Iron T 1495 New Oroperu V 67 New World Res V 27 NewCastle Gold T 2801 NewCastle Gold* O 338 Newlox Gold 95 Newmac Res V 107 Newmarket Gold* O 227 Newmont Mng* N 30027 Newport Expl V 368 NewRange Gold V 719 O 185 Nexgen Energy* Nexgen Energy T 4081 Next Gen Mtls 3960 Next Gen Mtls* O 565 Nexus Gold* O 186 NGEx Res T 19 NGEx Res* O 4 Nickel One Res V 1672 70 Nicola Mg Inc* O Nicola Mg Inc V 245 V 1552 Nighthawk Gold Nikos Expl V 46 Niobay Metals V 75 Niocorp Dev* O 284 Nippon Dragon V 686 Nippon Dragon* O 166 Noble Mnl Expl V 431 Noble Mnl Expl* O 178 Noka Res V 10409 Noka Res* O 247 Noram Vent V 357 Noranda Alum* O 21 Noront Res V 1330 Nortec Mnls V 76 North Am Nickl* O 37 2 North Am Pall T North Am Pall* O 2 North Arrow Mn V 80 North Arrow Mn* O 5 Northcliff Res T 325 Northisle C&G V 307 Norvista Cap V 334 Nouveau Monde* O 49 V 638 Nouveau Monde NovaGold Res T 1905 NovaGold Res* X 14669 Novo Res* O 266 Novo Res V 678 NRG Metals* O 20 NRG Metals V 921 V 219 Nrthn Graphite Nrthn Graphite* O 96 Nrthn Lion V 277 Nrthn Mnrls &E* O 400 Nrthn Shield V 1073 Nrthn Superior V 1075 Nrthn Vertex V 327 V 35 NSGold Nthn Dynasty T 6402 Nthn Dynasty* X 15296 Nubian Res V 251 O 756 NuLegacy Gold* NuLegacy Gold V 703 Nunavik Nickel V 622 NV Gold V 129 NX Uranium* O 11 NxGold Ltd V 171 O.T. Mining* O 41 OceanaGold T 11525 OceanaGold* O 37 522 Oceanic Iron O V Oceanus Res V 319 Oceanus Res* O 195 OK2 Minerals V 646 Olivut Res V 27 Olivut Res* O 18 Omineca Mg &Ml V 260 One World Min 45 Opawica Expl V 394 Orca Gold V 1050 Orca Gold* O 195 Orestone Mng V 42 Orex Expl V 2383 Orex Mnrls V 245 Orex Mnrls* O 48 Orezone Gold V 960 Orezone Gold* O 225 Orla Mng Ltd V 90 Oro East Mg* O 71 Orocobre T 295 Oroplata Res* O 692 Orosur Mng T 302 Orvana Mnrls* O 108 Orvana Mnrls T 377 Osisko Gold* N 4431 Osisko Gold T 2479 Osisko Mng Inc T 3451 Otis Gold V 8170 Otis Gold* O 401 OZ Minerals* O 3

81.80 74.80 79.75 + 2.95 99.55 49.80 0.08 0.00 0.08 - 0.01 0.14 0.04 35.95 31.63 32.65 - 2.50 45.60 10.43 0.19 0.17 0.19 + 0.01 0.21 0.08 0.26 0.23 0.25 + 0.02 0.28 0.10 0.05 0.03 0.04 + 0.01 0.05 0.01 1.31 1.20 1.24 - 0.06 1.97 0.89 1.00 0.88 0.90 - 0.07 1.50 0.68 1.30 1.19 1.19 - 0.08 2.09 0.91 0.05 0.04 0.04 - 0.01 0.08 0.02 0.04 0.03 0.03 + 0.00 0.05 0.01 0.64 0.56 0.56 - 0.07 0.98 0.53 0.04 0.04 0.04 + 0.00 0.20 0.04 0.34 0.29 0.30 - 0.02 0.56 0.22 0.45 0.39 0.40 - 0.03 0.72 0.29 0.25 0.23 0.24 + 0.00 0.37 0.14 0.32 0.30 0.32 + 0.02 0.47 0.18 0.37 0.32 0.34 - 0.03 0.80 0.29 2.52 2.34 2.42 - 0.07 3.80 2.29 3.39 3.15 3.25 - 0.06 4.81 3.01 0.06 0.05 0.05 - 0.01 0.15 0.05 0.05 0.04 0.04 - 0.00 0.12 0.04 0.01 0.01 0.01 - 0.00 0.05 0.00 0.14 0.00 0.13 - 0.01 0.19 0.08 3.36 3.10 3.21 - 0.09 6.04 2.39 4.45 4.19 4.33 - 0.09 7.87 3.11 0.01 0.00 0.00 - 0.00 0.17 0.00 0.13 0.12 0.12 - 0.01 0.15 0.08 0.16 0.13 0.13 - 0.02 0.27 0.05 0.20 0.14 0.15 - 0.05 0.36 0.06 0.57 0.00 0.49 - 0.17 0.72 0.30 0.15 0.00 0.15 + 0.01 0.16 0.06 1.06 0.95 1.03 + 0.04 1.30 0.48 0.79 0.73 0.76 + 0.03 0.96 0.39 0.04 0.03 0.04 + 0.01 0.06 0.02 0.07 0.07 0.07 - 0.01 0.12 0.04 7.96 7.25 7.40 - 0.38 8.46 4.84 34.89 33.35 34.13 - 0.37 46.07 30.19 0.30 0.27 0.28 - 0.02 0.38 0.19 0.38 0.30 0.36 + 0.07 0.39 0.05 2.41 2.28 2.31 - 0.10 3.40 1.05 3.25 3.08 3.11 - 0.11 4.45 1.42 0.28 0.23 0.27 + 0.01 0.42 0.09 0.21 0.17 0.19 + 0.00 0.42 0.07 0.19 0.17 0.18 + 0.00 0.27 0.05 1.09 1.00 1.01 - 0.08 1.50 0.79 0.83 0.74 0.74 - 0.08 1.14 0.64 0.06 0.05 0.06 + 0.01 0.14 0.05 0.15 0.00 0.15 - 0.00 0.39 0.06 0.19 0.18 0.19 - 0.01 0.54 0.08 1.03 0.81 0.99 + 0.10 0.93 0.13 0.18 0.00 0.18 + 0.04 0.21 0.05 0.73 0.72 0.72 - 0.02 1.25 0.18 0.56 0.51 0.53 - 0.01 0.81 0.50 0.07 0.06 0.07 - 0.01 0.11 0.05 0.06 0.05 0.05 - 0.00 0.09 0.04 0.07 0.06 0.06 + 0.01 0.15 0.03 0.05 0.04 0.05 + 0.01 0.07 0.04 0.14 0.10 0.12 + 0.02 0.21 0.04 0.09 0.09 0.09 + 0.00 0.15 0.02 0.05 0.04 0.04 - 0.01 0.13 0.03 0.02 0.02 0.02 - 0.00 0.10 0.01 0.25 0.23 0.25 + 0.01 0.51 0.22 0.13 0.12 0.13 + 0.01 0.18 0.02 0.07 0.06 0.06 - 0.00 0.11 0.05 5.60 5.35 5.50 + 0.02 6.49 4.40 4.24 0.00 4.24 + 0.11 5.06 3.33 0.26 0.21 0.21 - 0.06 0.40 0.12 0.20 0.19 0.19 - 0.01 0.23 0.11 0.19 0.18 0.19 + 0.01 0.23 0.09 0.18 0.00 0.17 + 0.02 0.20 0.02 0.16 0.13 0.14 - 0.01 0.30 0.12 0.23 0.23 0.23 + 0.01 0.27 0.15 0.30 0.29 0.30 - 0.01 0.38 0.19 6.28 5.62 5.96 - 0.32 9.56 5.09 4.72 4.16 4.42 - 0.28 7.29 3.79 0.61 0.55 0.58 + 0.03 1.41 0.51 0.82 0.72 0.79 + 0.08 1.95 0.66 0.12 0.08 0.08 - 0.04 0.15 0.06 0.13 0.11 0.11 - 0.01 0.22 0.07 0.32 0.30 0.31 - 0.01 0.55 0.18 0.24 0.21 0.23 - 0.01 0.43 0.14 0.55 0.51 0.52 - 0.03 0.74 0.11 0.02 0.00 0.02 - 0.01 0.05 0.02 0.06 0.05 0.06 + 0.01 0.30 0.04 0.08 0.07 0.07 + 0.01 0.08 0.02 0.53 0.49 0.51 - 0.03 0.70 0.22 0.15 0.13 0.14 - 0.02 0.20 0.05 2.25 1.92 2.03 - 0.14 4.54 0.37 1.70 1.42 1.51 - 0.13 3.45 0.28 0.33 0.24 0.25 - 0.02 0.34 0.01 0.22 0.20 0.20 - 0.00 0.41 0.00 0.29 0.27 0.28 + 0.01 0.54 0.21 0.12 0.10 0.11 + 0.01 0.27 0.06 0.20 0.18 0.18 - 0.03 0.48 0.05 0.04 0.04 0.04 - 0.00 0.04 0.01 0.55 0.45 0.45 - 0.15 0.72 0.13 0.05 0.04 0.04 - 0.01 0.29 0.02 4.64 4.28 4.37 - 0.11 5.56 3.24 3.50 3.25 3.25 - 0.07 4.26 2.36 0.22 0.20 0.21 + 0.02 0.35 0.10 0.21 0.20 0.21 - 0.01 0.32 0.14 0.16 0.00 0.15 + 0.01 0.23 0.11 0.11 0.10 0.10 - 0.01 0.27 0.09 0.19 0.00 0.17 - 0.01 0.42 0.12 0.14 0.12 0.13 - 0.01 0.30 0.09 0.05 0.00 0.05 - 0.01 0.11 0.04 0.45 0.40 0.45 + 0.03 0.75 0.04 0.08 0.00 0.08 + 0.01 0.16 0.02 0.45 0.40 0.41 + 0.01 0.55 0.25 0.36 0.30 0.30 - 0.00 0.44 0.20 0.03 0.02 0.03 + 0.01 0.04 0.01 0.07 0.06 0.06 - 0.01 0.08 0.02 0.20 0.18 0.20 + 0.01 1.38 0.18 0.15 0.00 0.14 - 0.00 1.02 0.05 0.64 0.57 0.59 - 0.02 1.28 0.42 0.47 0.42 0.44 - 0.02 0.99 0.31 1.34 1.29 1.31 - 0.04 1.75 0.13 0.01 0.01 0.01 + 0.00 0.03 0.00 2.90 2.73 2.85 + 0.01 5.04 2.73 0.22 0.14 0.21 + 0.05 2.04 0.13 0.30 0.21 0.25 - 0.05 0.38 0.17 0.17 0.15 0.17 + 0.02 0.29 0.12 0.23 0.21 0.23 + 0.02 0.39 0.16 11.54 11.00 11.12 - 0.15 14.74 8.88 15.46 14.82 14.99 - 0.03 18.64 11.90 5.50 4.85 5.06 - 0.38 5.65 1.18 0.39 0.31 0.39 + 0.07 0.42 0.13 0.29 0.23 0.29 + 0.04 0.32 0.10 6.04 5.46 5.46 - 0.76 7.39 3.87

N-O

P-Q Pac Arc Res V Pac Bay Mnrls V Pac Booker Min* O Pac Booker Min V Pac North West* O Pac Potash V

48 66 8 8 33 168

0.15 0.15 0.15 - 0.01 0.50 0.05 0.05 0.04 0.05 + 0.01 0.07 0.03 0.61 0.60 0.60 - 0.05 1.16 0.55 0.89 0.00 0.88 - 0.02 1.50 0.62 0.08 0.06 0.06 - 0.00 0.10 0.06 0.04 0.03 0.03 - 0.01 0.07 0.03

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Pac Ridge Expl V 105 Paget Mrnls V 16 Palamina Corp* O 37 Pan Am Silver* D 9243 Pan Am Silver T 1491 70 Pan Global Res V Pancontinental V 358 Pancontinental* O 32 Panoro Mnrls V 370 Pantheon Vent V 317 V 194 Para Resources Parallel Mng V 298 X 264 Paramount Gold* Paringa Res* O 11 Pasinex Res 555 Patriot Gold* O 177 Peabody Enrgy* N 7074 Pedro Res V 100 Pelangio Expl* O 49 Pelangio Expl V 321 Peloton Mnrls 26 O 8 Peloton Mnrls* Peregrine Diam T 588 Perseus Mng T 820 D 483 Pershing Gold* Pershing Gold T 3 Pershing Res* O 169 Petra Diamonds* O 4 Philex Mng* O 21 Philippine Mtl V 61 Pilot Gold T 945 Pilot Gold* O 611 Pine Cliff En* O 103 Pine Cliff En T 2181 Pinecrest Res V 356 Pistol Bay Mng V 796 V 362 Pitchblack Res Pitchblack Res* O 1 PJSC Polyus Gd* O 2 V 473 PJX Res Planet Mng V 110 Plateau Uran* O 79 Platinex Inc 420 Platinum Gp Mt T 1058 Platinum Gp Mt* X 6422 PNG Gold V 1271 Polaris Mater T 61 PolyMet Mng* X 2033 PolyMet Mng T 99 Portage Res* O 657 Portofino Res V 313 Potash Corp SK* N 23522 Potash Corp SK T 7848 Potash Ridge T 2263 Potash Ridge* O 63 Power Metals V 2212 PPX Mining V 1842 PPX Mining* O 68 Premier Gold M T 5679 O 11 Premium Expl* Pretium Res* N 9508 Pretium Res T 1484 Primero Mng T 3476 Primero Mng* N 6620 Prism Res V 110 Probe Metals V 339 Probe Metals* O 88 Prophecy Coal T 15 Prophecy Coal* O 2 O 4 Prospect Glob* Prospector Res V 12 Prosper Gold V 335 Prospero Silvr V 54 Prospero Silvr* O 6 1798 PUF Vent Inc PUF Vent Inc * O 26 Puma Expl V 1201 Pure Energy* O 779 Pure Energy V 627 161 Pure Gold Mg* O Pure Gold Mg V 941 V 2056 Purepoint Uran QMC Quantum Ml V 114 QMX Gold* O 14 QMX Gold V 302 Quaterra Res* O 152 Quaterra Res V 178 Quest Rare Mnl* O 49 Quest Rare Mnl T 721

0.08 0.06 0.07 + 0.01 0.12 0.04 0.07 0.00 0.07 + 0.01 0.09 0.01 0.15 0.15 0.15 + 0.00 0.19 0.08 19.12 17.91 18.09 - 0.80 21.59 13.40 25.38 24.14 24.41 - 0.79 27.99 17.26 0.08 0.07 0.08 + 0.01 0.17 0.01 0.10 0.06 0.08 - 0.01 0.16 0.01 0.05 0.04 0.04 - 0.01 0.10 0.00 0.18 0.16 0.16 - 0.02 0.21 0.13 0.17 0.14 0.14 - 0.01 0.38 0.10 0.25 0.21 0.24 - 0.01 0.36 0.17 0.12 0.09 0.11 - 0.01 0.18 0.05 1.80 1.65 1.65 - 0.15 2.93 1.37 0.46 0.41 0.41 - 0.05 0.50 0.14 0.24 0.20 0.21 - 0.04 0.34 0.05 0.10 0.08 0.09 + 0.00 0.23 0.07 25.95 22.61 25.69 + 1.87 32.50 22.61 0.13 0.13 0.13 - 0.03 0.27 0.02 0.04 0.03 0.04 - 0.00 0.06 0.02 0.06 0.05 0.05 + 0.01 0.08 0.04 0.08 0.06 0.07 - 0.01 0.15 0.06 0.06 0.04 0.04 - 0.02 0.12 0.04 0.20 0.19 0.19 - 0.01 0.32 0.13 0.36 0.32 0.32 - 0.03 0.67 0.29 2.93 2.78 2.81 - 0.06 5.02 2.67 4.05 0.00 3.80 - 0.01 5.52 3.66 0.04 0.04 0.04 - 0.01 0.10 0.02 1.67 1.60 1.67 + 0.07 2.12 1.45 0.15 0.15 0.15 + 0.00 0.21 0.09 0.06 0.00 0.06 + 0.01 0.18 0.03 0.57 0.49 0.54 - 0.02 0.95 0.38 0.43 0.36 0.39 - 0.02 0.72 0.06 0.56 0.54 0.54 - 0.02 0.89 0.51 0.76 0.72 0.76 + 0.02 1.22 0.64 0.50 0.42 0.44 - 0.03 0.50 0.13 0.10 0.07 0.09 - 0.01 0.14 0.04 0.38 0.27 0.35 + 0.05 0.38 0.06 0.22 0.00 0.22 + 0.00 0.22 0.05 38.80 37.25 37.74 + 0.49 39.92 32.95 0.23 0.20 0.23 + 0.03 0.27 0.13 0.05 0.05 0.05 + 0.02 0.08 0.03 0.45 0.42 0.43 - 0.01 0.54 0.12 0.19 0.14 0.15 - 0.05 0.23 0.15 2.06 1.68 1.71 - 0.33 4.95 1.68 1.55 1.25 1.26 - 0.27 3.98 1.25 0.62 0.45 0.53 - 0.04 0.81 0.03 1.15 1.06 1.15 + 0.10 1.55 0.95 0.77 0.69 0.72 - 0.03 1.14 0.69 0.98 0.94 0.95 - 0.04 1.48 0.93 0.00 0.00 0.00 + 0.00 0.01 0.00 0.08 0.06 0.06 - 0.02 0.12 0.06 16.71 16.10 16.15 - 0.40 20.27 15.21 22.38 21.75 21.83 - 0.23 26.62 19.93 0.25 0.22 0.22 - 0.02 0.50 0.20 0.18 0.16 0.17 + 0.00 0.38 0.15 0.34 0.31 0.31 - 0.01 0.55 0.07 0.07 0.06 0.07 + 0.01 0.16 0.04 0.06 0.00 0.05 - 0.00 0.13 0.02 3.34 2.89 2.95 - 0.38 5.05 1.87 0.01 0.00 0.01 + 0.00 0.04 0.00 11.13 10.27 10.49 - 0.54 12.53 6.82 14.73 13.85 14.14 - 0.57 16.48 8.89 0.84 0.72 0.72 - 0.02 3.42 0.70 0.64 0.54 0.54 - 0.01 2.63 0.52 0.21 0.18 0.21 + 0.02 0.25 0.09 1.54 1.45 1.51 + 0.03 2.18 0.77 1.13 1.09 1.10 + 0.00 1.66 0.58 3.74 3.50 3.55 - 0.25 7.19 1.33 2.82 2.61 2.61 - 0.16 5.17 1.05 0.06 0.03 0.04 - 0.01 0.19 0.02 1.70 0.00 1.60 - 0.10 1.90 0.01 0.19 0.17 0.18 - 0.01 0.44 0.13 0.31 0.29 0.29 + 0.02 0.38 0.09 0.23 0.22 0.22 - 0.01 0.26 0.14 0.37 0.34 0.36 - 0.02 0.47 0.04 0.28 0.25 0.26 - 0.03 0.35 0.05 0.07 0.06 0.07 - 0.01 0.11 0.05 0.40 0.37 0.39 + 0.02 0.86 0.35 0.53 0.50 0.52 + 0.02 1.09 0.46 0.47 0.43 0.47 + 0.01 0.60 0.29 0.63 0.56 0.63 + 0.02 0.77 0.40 0.10 0.08 0.08 - 0.02 0.19 0.07 0.13 0.11 0.13 + 0.01 0.19 0.02 0.20 0.17 0.17 - 0.01 0.22 0.03 0.26 0.23 0.24 + 0.01 0.30 0.04 0.10 0.07 0.10 + 0.01 0.13 0.03 0.13 0.11 0.13 + 0.02 0.15 0.06 0.11 0.09 0.10 + 0.00 0.23 0.07 0.15 0.13 0.13 - 0.01 0.30 0.10

Radisson Mng V 137 Rainy Mtn Royl* O 1004 21 Rambler Ml &Mg V Randgold Res* D 3321 Randsburg Int* O 27 Rapier Gold V 498 Raptor Res* O 1253 Rare Earth Mnl* O 0 Rare Element* O 211 Rathdowney Res V 120 RB Energy* O 424 Red Eagle Expl V 638 Red Eagle Mng* O 409 Red Eagle Mng T 2042 Red Hut V 38 Red Pine Expl V 1409 Redstar Gold V 601 Redstar Gold* O 256 Redzone Res V 584 Regency Gold V 10 Regulus Res V 226 Reliant Gold V 101 Remington Res V 73 Renaissance Gd* O 27 Renaissance Gd V 263 Renforth Res 996 Resolve Vent V 277 Resource Cap V 623 O 11 Resource Cap* Reunion Gold V 811 Rheingold Expl 304 Rhyolite Res V 115 Richmont Mines* N 3818 Richmont Mines T 2718 Rift Valley 20 Rio Novo Gold T 146 Rio Silver V 80 Rio Tinto* N 16591 Rio Tinto* O 3 Rio Tinto* O 2 Rise Gold Corp 681 Riverside Res V 147 Riverside Res* O 77 RJK Explor V 90 RJK Explor* O 13 Rock Tech Lith V 41 Rockcliff Cop V 685 Rockex Mng 28 Rockhaven Res V 250 Rockshield Cap* O 236 Rodinia Lithm V 119 Rogue Res* O 26 Rogue Res V 164 Rokmaster Res V 124 Romios Gold Rs* O 271 RosCan Mrnls V 260 Ross River V 179 Roughrider Exp V 32 Roxgold* O 32 Roxgold T 1487 Royal Gold* D 2913 Royal Nickel T 4058 Royal Nickel* O 262 Royal Sapphire V 321 RTG Mining T 98 Rubicon Mnrls* O 20 Rubicon Mnrls T 119 Running Fox Rs V 243 Rusoro Mng* O 1266 Rusoro Mng V 4179 Rye Patch Gold* O 451 Rye Patch Gold V 1978

0.17 0.15 0.17 + 0.01 0.20 0.12 0.09 0.09 0.09 - 0.00 0.14 0.03 0.17 0.00 0.16 - 0.01 0.22 0.05 94.77 89.69 90.61 - 3.29 126.55 67.54 0.01 0.00 0.00 - 0.00 0.01 0.00 0.13 0.11 0.11 - 0.02 0.17 0.06 0.00 0.00 0.00 - 0.00 0.00 0.00 3.81 0.00 3.81 + 0.56 15.28 2.75 0.24 0.20 0.20 - 0.04 0.53 0.00 0.29 0.26 0.27 - 0.03 0.33 0.14 0.00 0.00 0.00 + 0.00 0.01 0.00 0.20 0.15 0.15 - 0.03 0.30 0.08 0.58 0.48 0.57 + 0.03 0.91 0.33 0.79 0.64 0.76 + 0.02 1.05 0.63 0.13 0.12 0.13 + 0.01 0.28 0.07 0.12 0.11 0.12 + 0.01 0.24 0.08 0.12 0.11 0.11 - 0.01 0.17 0.05 0.09 0.08 0.09 + 0.00 0.15 0.03 0.18 0.14 0.14 - 0.06 0.32 0.10 0.14 0.00 0.13 - 0.01 0.60 0.05 1.80 1.71 1.75 - 0.02 1.87 0.42 0.03 0.02 0.03 + 0.01 0.05 0.02 0.12 0.10 0.10 - 0.02 0.18 0.05 0.31 0.25 0.26 - 0.03 0.52 0.18 0.41 0.35 0.36 - 0.03 0.66 0.23 0.06 0.05 0.06 + 0.01 0.06 0.02 0.05 0.04 0.04 - 0.01 0.30 0.02 0.20 0.15 0.20 + 0.03 0.35 0.04 0.14 0.12 0.14 + 0.02 0.26 0.03 0.12 0.11 0.11 - 0.01 0.17 0.01 0.35 0.27 0.27 - 0.10 0.37 0.01 0.30 0.24 0.24 - 0.06 0.30 0.11 8.59 7.45 7.80 - 0.65 11.66 5.45 11.19 10.08 10.46 - 0.81 15.01 7.36 0.10 0.00 0.10 + 0.08 0.13 0.03 0.14 0.12 0.12 - 0.02 0.30 0.09 0.09 0.07 0.09 + 0.01 0.18 0.03 39.85 38.23 39.53 + 0.59 47.11 26.95 40.00 0.00 39.00 - 0.91 46.20 26.85 45.08 0.00 45.08 - 0.13 52.50 33.13 0.35 0.28 0.31 - 0.03 0.40 0.11 0.49 0.44 0.46 - 0.03 0.60 0.27 0.37 0.33 0.34 - 0.03 0.46 0.21 0.17 0.00 0.15 - 0.01 0.25 0.05 0.13 0.09 0.12 + 0.03 0.19 0.06 0.95 0.88 0.94 + 0.01 1.45 0.21 0.09 0.08 0.08 + 0.01 0.16 0.04 0.02 0.00 0.02 - 0.01 0.75 0.02 0.17 0.16 0.17 - 0.01 0.29 0.14 0.09 0.09 0.09 - 0.00 0.12 0.04 0.14 0.00 0.12 - 0.01 0.16 0.08 0.42 0.33 0.33 - 0.05 0.56 0.25 0.52 0.40 0.42 - 0.11 1.35 0.32 0.06 0.00 0.06 + 0.01 0.08 0.02 0.04 0.03 0.04 + 0.00 0.08 0.03 0.12 0.08 0.10 + 0.03 0.12 0.01 0.01 0.01 0.01 - 0.01 0.03 0.01 0.09 0.08 0.08 - 0.01 0.15 0.05 1.09 0.97 1.02 - 0.02 1.35 0.81 1.47 1.30 1.34 - 0.05 1.76 1.06 75.48 71.87 72.40 - 2.13 87.74 51.76 0.27 0.22 0.23 - 0.03 0.63 0.22 0.19 0.16 0.17 - 0.02 0.50 0.17 0.25 0.19 0.23 + 0.02 0.21 0.03 0.18 0.16 0.16 - 0.01 0.70 0.17 1.36 1.23 1.27 - 0.07 11.35 1.23 1.80 1.64 1.70 - 0.08 2.39 1.30 0.03 0.02 0.02 - 0.01 0.04 0.02 0.14 0.12 0.13 - 0.02 0.31 0.07 0.19 0.17 0.18 - 0.01 0.41 0.09 0.25 0.21 0.21 - 0.03 0.37 0.16 0.33 0.29 0.30 - 0.03 0.47 0.20

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2017-04-25 8:39 PM

22

WWW.NORTHERNMINER.COM

MAY 1–14, 2017 / THE NORTHERN MINER

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

Week

12-month

Exc Volume High Low Last Change High Low

S Sabina Gd&Slvr T 1350 Sabina Gd&Slvr* O 750 Sage Gold* O 51 Sage Gold V 737 Saint Jean V 18858 Saint Jean* O 296 Salazar Res V 114 Salazar Res* O 35 Sama Res V 1679 Samex Mng* O 30 187 San Marco Res V Sanatana Diam V 48 V 409 Sandspring Res Sandspring Res* O 235 Sandstorm Gold T 1877 X 11539 Sandstorm Gold* Sandy Lake Gld V 98 Santa Fe Gold* O 1450 Santacruz Silv V 1250 Sarama Res V 529 Sarissa Res* O 1649 Satori Res V 222 Savary Gold V 685 Savary Gold* O 70 Scandium Intl T 1801 Scandium Intl* O 571 Scientific Met* O 330 Scorpio Gold V 347 ScoZinc Mg V 2 Seabridge Gld T 603 Searchlight* O 1454 Secova Mtls* O 45 Select Sands V 2047 Semafo T 10386 Senator Mnrls V 83 Serengeti Res V 221 Shamrock Ent 234 Sherritt Intl T 2635 Shore Gold T 1734 Sibanye Gold* N 13920 Sibanye Gold* O 5 Sidney Resrces* O 105 Sierra Metals T 149 Sierra Metals* O 17 Signature Res V 42 301 Silver Bear Rs T Silver Bull Re* O 941 Silver Bull Re T 1657 Silver Dragon* O 1011 12512 Silver Falcon* O Silver Grail V 70 28 Silver Mtn Mns V Silver Predatr* O 361 Silver Pursuit V 348 Silver Shield 237 Silver Spruce* O 13 Silver Std Res T 1609 Silver Std Res* D 10449 Silver Wheaton T 8663 Silver Wheaton* N 17900 Silvercorp Met T 5913 O 1018 Silvercorp Met* Silvermet V 430 Sirios Res V 488 Sirios Res* O 21 Skeena Res* O 95 Skeena Res V 2152 V 530 Skyharbour Res Skyharbour Res* O 460 Slam Explor V 298 Sokoman Iron V 937 O 27 Sokoman Iron* Solitario Ex&R T 42 Solitario Ex&R* X 147 Sonora Res * O 1004 Sonoro Mtls V 229 Source Expl V 237 Source Expl * O 78 Southern Arc* O 38 Southern Arc V 65 Southern Copp* N 3554 Southern Lith V 306

1.79 1.70 1.73 - 0.03 1.87 0.84 1.36 1.25 1.27 - 0.04 1.55 0.61 0.16 0.14 0.14 - 0.01 0.16 0.04 0.22 0.18 0.19 - 0.02 0.23 0.05 0.09 0.06 0.07 + 0.01 0.35 0.03 0.06 0.04 0.05 + 0.01 0.26 0.02 0.16 0.13 0.14 - 0.03 0.18 0.07 0.12 0.10 0.10 - 0.03 0.14 0.07 0.25 0.18 0.24 + 0.06 0.25 0.07 0.00 0.00 0.00 + 0.00 0.01 0.00 0.18 0.16 0.17 - 0.02 0.30 0.06 0.05 0.00 0.05 + 0.01 0.07 0.01 0.58 0.51 0.53 - 0.04 0.94 0.31 0.44 0.38 0.39 - 0.03 0.72 0.23 6.14 5.64 5.87 - 0.12 8.73 4.29 4.59 4.18 4.37 - 0.12 6.75 3.20 0.08 0.08 0.08 - 0.01 0.59 0.04 0.13 0.10 0.12 - 0.02 0.23 0.00 0.32 0.26 0.27 - 0.04 0.59 0.24 0.24 0.21 0.22 + 0.00 0.55 0.11 0.00 0.00 0.00 - 0.00 0.01 0.00 0.29 0.20 0.27 + 0.01 0.26 0.06 0.10 0.09 0.10 + 0.01 0.15 0.07 0.07 0.07 0.07 - 0.00 0.12 0.05 0.39 0.33 0.39 - 0.01 0.48 0.14 0.29 0.26 0.28 - 0.01 0.35 0.10 0.61 0.55 0.58 - 0.01 0.61 0.27 0.10 0.08 0.09 - 0.01 0.15 0.06 1.13 1.12 1.13 + 0.01 1.26 0.57 16.22 14.91 15.72 + 0.19 20.71 9.99 0.08 0.04 0.06 - 0.02 0.13 0.01 0.06 0.05 0.05 - 0.00 0.09 0.03 1.83 1.44 1.49 - 0.28 2.04 0.20 4.14 3.87 3.94 - 0.16 7.46 3.60 0.95 0.89 0.95 + 0.04 1.10 0.14 0.14 0.13 0.14 + 0.01 0.33 0.05 0.03 0.02 0.02 - 0.01 0.06 0.02 0.95 0.88 0.90 - 0.05 1.67 0.69 0.19 0.17 0.19 + 0.02 0.25 0.17 10.65 8.87 8.99 - 1.57 20.97 6.16 2.49 2.22 2.22 - 0.27 5.12 1.90 0.01 0.00 0.01 + 0.00 0.02 0.00 3.25 3.00 3.00 - 0.23 3.75 1.15 2.49 2.25 2.25 - 0.18 2.75 0.93 0.15 0.14 0.15 + 0.01 0.19 0.02 0.40 0.37 0.39 - 0.02 0.53 0.15 0.09 0.08 0.08 - 0.01 0.21 0.06 0.12 0.11 0.11 - 0.01 0.28 0.10 0.03 0.03 0.03 - 0.00 0.04 0.00 0.00 0.00 0.00 + 0.00 0.00 0.00 0.09 0.08 0.08 - 0.01 0.16 0.04 0.04 0.03 0.04 + 0.01 0.06 0.02 0.04 0.03 0.04 + 0.01 0.08 0.02 0.20 0.16 0.19 + 0.03 0.23 0.05 0.08 0.04 0.08 + 0.04 0.17 0.03 0.06 0.05 0.05 - 0.00 0.10 0.04 14.84 13.66 14.39 - 0.40 20.48 10.32 11.15 10.13 10.66 - 0.44 15.84 7.70 29.60 28.32 28.49 - 0.63 40.80 22.63 22.28 21.00 21.09 - 0.75 31.35 16.94 5.07 4.36 4.49 - 0.45 5.90 2.03 3.82 3.06 3.33 - 0.38 4.50 1.55 0.13 0.10 0.10 - 0.01 0.13 0.03 0.42 0.39 0.40 + 0.01 1.42 0.25 0.30 0.29 0.30 + 0.01 1.13 0.21 0.06 0.04 0.05 - 0.00 0.15 0.04 0.07 0.06 0.07 + 0.01 0.20 0.06 0.52 0.47 0.48 - 0.02 0.70 0.16 0.38 0.35 0.37 - 0.01 0.54 0.18 0.05 0.00 0.04 - 0.01 0.15 0.03 0.07 0.05 0.06 - 0.02 0.13 0.01 0.04 0.04 0.04 - 0.02 0.08 0.03 1.15 1.10 1.11 - 0.01 1.29 0.58 0.86 0.81 0.83 - 0.01 0.95 0.43 0.00 0.00 0.00 - 0.00 0.00 0.00 0.13 0.13 0.13 - 0.01 0.16 0.06 0.31 0.28 0.30 - 0.03 0.50 0.13 0.25 0.20 0.20 - 0.05 0.27 0.11 0.52 0.45 0.45 - 0.05 0.75 0.26 0.66 0.61 0.64 - 0.01 1.09 0.34 35.66 34.79 35.28 + 0.31 39.50 24.90 0.26 0.24 0.26 + 0.01 0.49 0.02

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Southern Silvr* O 328 Southern Silvr V 502 SouthGobi Res T 65 Spanish Mtn Gd V 665 145 Spanish Mtn Gd* O Sparton Res V 83 Sparton Res* O 49 V 29534 Spearmint Res Sphinx Res V 1187 Sprott Res Hld T 4624 V 137 Stakeholdr Gld Stakeholdr Gld* O 48 Standard Graph V 2793 O 77 Standard Graph* Standard Lith V 111 O 221 Standard Metal* Stans Energy V 641 Stans Energy* O 112 Star Gold* O 37 Starcore Intl T 54 Starr Peak Exp V 153 Stelmine Can V 158 Sterling Grp* O 101 Stillwater Mg* N 45280 Stina Res* O 100 Stornoway Diam* O 74 Strategic Metl V 358 Stria Lithium V 425 Strikepoint Gd V 713 Strikepoint Gd* O 23 Strongbow Expl V 1191 Sulliden Mng T 140 Suncor Energy T 10178 Suncor Energy* N 13036 Sunvest Mnrls V 1485 Superior Gold V 564 Sutter Gold* O 86 Syrah Res* O 6

0.36 0.31 0.32 - 0.03 0.52 0.07 0.48 0.43 0.44 - 0.03 0.66 0.10 0.40 0.00 0.32 - 0.09 0.65 0.22 0.20 0.17 0.18 + 0.01 0.23 0.07 0.14 0.13 0.14 + 0.01 0.17 0.06 0.08 0.07 0.08 + 0.01 0.09 0.03 0.06 0.06 0.06 + 0.01 0.07 0.02 0.04 0.03 0.03 - 0.01 0.06 0.02 0.08 0.06 0.07 + 0.01 0.14 0.02 0.21 0.18 0.18 - 0.02 0.23 0.13 0.39 0.35 0.35 - 0.05 0.89 0.19 0.30 0.27 0.27 - 0.03 0.67 0.17 0.18 0.14 0.17 + 0.01 0.20 0.04 0.13 0.10 0.10 - 0.03 0.14 0.03 0.94 0.76 0.80 - 0.14 1.25 0.20 0.13 0.08 0.11 + 0.01 0.22 0.04 0.05 0.00 0.03 - 0.01 0.09 0.02 0.03 0.03 0.03 - 0.00 0.06 0.01 0.14 0.07 0.11 + 0.03 0.20 0.04 0.53 0.00 0.52 - 0.01 0.91 0.42 0.10 0.00 0.09 + 0.01 0.17 0.07 0.30 0.23 0.30 - 0.01 0.38 0.05 0.10 0.05 0.07 - 0.02 0.18 0.02 17.95 17.73 17.93 + 0.70 17.95 9.02 0.12 0.11 0.11 - 0.01 0.14 0.05 0.62 0.60 0.61 - 0.01 0.96 0.60 0.62 0.54 0.58 + 0.01 0.86 0.37 0.06 0.05 0.05 - 0.01 0.16 0.04 0.58 0.40 0.58 + 0.16 0.57 0.12 0.40 0.33 0.40 + 0.09 0.36 0.12 0.17 0.15 0.17 + 0.02 0.25 0.11 0.30 0.27 0.30 + 0.03 0.47 0.25 41.39 40.33 40.94 + 0.25 44.90 32.69 31.07 29.82 30.31 - 0.22 33.79 25.31 0.14 0.12 0.13 - 0.01 0.28 0.07 1.04 0.90 0.95 - 0.10 1.25 0.85 0.04 0.03 0.03 - 0.01 0.13 0.03 1.86 0.00 1.81 - 0.42 4.90 1.78

Tahoe Res* N 15235 Tahoe Res T 5334 Taku Gold 82 Talon Metals T 605 Tango Mining V 2036 Tanqueray Expl V 748 Tantalex Res 649 Tanzania Rlty T 234 Tanzania Rlty* X 1005 Taranis Res V 214 Tarku Res V 491 Tartisan Res 375 Tasca Res V 120 Taseko Mines T 1316 Taseko Mines* X 3311 Teck Res T 10036 Teck Res* N 31919 T 12 Teck Res Telson Res V 26 Tembo Gold V 609 Teranga Gold T 9152 Teras Res* O 30 Teras Res V 1113 Terrax Mnrls V 1327 Terrax Mnrls* O 186 Teslin Rvr Res V 377 Tesoro Mnrls V 3 Teuton Res V 163 Texas Mineral* O 164 Themac Res V 160 Thor Expl V 769 95 Thunder Mtn Gd* O Thunderstruck V 74 Till Capital* D 10 Timberline Res V 94 Timberline Res* O 251 Timmins Gold T 4061 Timmins Gold* X 4080 Tinka Res* O 394 Tinka Res V 1238 Tintina Mines V 131 Tintina Res V 46

9.08 8.48 8.61 - 0.41 17.01 7.12 12.08 11.43 11.61 - 0.42 22.13 9.58 0.11 0.00 0.09 - 0.02 0.22 0.06 0.11 0.10 0.10 - 0.01 0.15 0.06 0.06 0.05 0.05 - 0.01 0.14 0.02 1.18 1.04 1.10 - 0.01 1.56 0.03 0.06 0.05 0.05 - 0.01 0.18 0.02 0.75 0.63 0.71 + 0.02 1.95 0.34 0.56 0.47 0.53 + 0.01 1.49 0.27 0.10 0.10 0.10 - 0.01 0.15 0.06 0.06 0.05 0.06 + 0.01 0.10 0.03 0.15 0.10 0.14 - 0.01 0.18 0.03 0.11 0.09 0.09 - 0.02 0.21 0.02 1.62 1.36 1.45 - 0.07 2.12 0.55 1.23 1.00 1.08 - 0.07 1.63 0.41 30.00 28.33 29.46 + 0.14 35.67 11.80 22.55 21.11 21.79 - 0.21 26.60 9.06 30.39 28.81 29.85 - 0.01 36.49 13.60 0.31 0.00 0.30 + 0.02 0.55 0.15 0.04 0.03 0.03 - 0.01 0.07 0.02 0.78 0.68 0.68 - 0.08 1.40 0.63 0.12 0.10 0.12 + 0.02 0.14 0.08 0.17 0.13 0.17 + 0.02 0.21 0.08 0.78 0.58 0.63 - 0.10 1.05 0.32 0.59 0.45 0.46 - 0.10 0.80 0.25 0.60 0.55 0.56 - 0.04 0.63 0.21 0.09 0.00 0.09 - 0.01 0.12 0.02 0.22 0.19 0.21 + 0.02 0.46 0.09 0.26 0.18 0.20 - 0.06 0.39 0.09 0.04 0.03 0.03 - 0.01 0.10 0.03 0.19 0.17 0.18 + 0.01 0.20 0.04 0.14 0.09 0.14 + 0.02 0.16 0.02 0.10 0.09 0.10 - 0.01 0.20 0.02 3.97 3.91 3.91 - 0.09 5.00 2.98 0.65 0.60 0.61 - 0.04 0.73 0.20 0.50 0.45 0.48 + 0.01 0.53 0.02 0.60 0.51 0.52 - 0.06 0.80 0.30 0.45 0.38 0.39 - 0.04 0.63 0.23 0.54 0.46 0.48 - 0.06 0.59 0.13 0.71 0.62 0.65 - 0.05 0.78 0.17 0.07 0.05 0.05 - 0.02 0.10 0.03 0.12 0.10 0.10 - 0.02 0.15 0.06

T

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Tintina Res* O 58 Tirex Res* O 145 Tirex Res V 197 Titanium Corp V 353 O 9 TMAC Resource* TMAC Resources T 223 Toachi Mg Inc V 128 Tolima Gold V 118 TomaGold V 967 O 1372 Tombstone Expl* Torex Gold T 2757 Torex Gold* O 34 Toron, Inc* O 17052 O 125 Torq Resources* Tower Res V 457 Tower Res* O 56 Transatlan Mng V 356 Transition Mtl V 97 Treasury Metal T 1247 Trecora Res* N 374 Trek Mining V 510 Trek Mining* O 160 Tres-Or Res V 825 Trevali Mng* O 509 Trevali Mng T 26462 Trident Gold V 250 Trilogy Mtls* X 1003 Trilogy Mtls T 216 TriMetals Mng* O 38 TriMetals Mng* O 64 TriMetals Mng T 125 Trinity Res* O 18 Trinity Valley V 586 Trio Resources* O 56 TriStar Gold* O 341 TriStar Gold V 291 Triumph Gold* O 622 Triumph Gold V 720 Troy Res* O 111 Tsodilo Res V 4 Tudor Gold * O 3 Tungsten Corp* O 2608 Turquoise HIl* N 22928 Turquoise HIl T 12123 TVI Pacific* O 20 Typhoon Expl V 19

0.10 0.07 0.07 - 0.02 0.12 0.04 0.05 0.04 0.05 + 0.00 0.11 0.04 0.06 0.00 0.06 + 0.01 0.14 0.05 1.20 1.05 1.07 - 0.13 1.25 0.31 12.61 11.18 11.19 - 1.56 15.16 9.26 16.96 15.13 15.16 - 1.59 20.18 9.10 0.44 0.40 0.43 - 0.01 0.62 0.24 0.02 0.01 0.02 + 0.01 0.03 0.01 0.10 0.08 0.10 + 0.01 0.17 0.06 0.01 0.00 0.01 - 0.00 0.02 0.00 27.29 25.29 25.61 - 0.78 35.17 17.05 20.31 18.80 19.10 - 0.77 27.34 12.73 0.01 0.00 0.00 + 0.00 0.01 0.00 0.54 0.54 0.54 + 0.01 0.73 0.29 0.17 0.15 0.17 - 0.01 0.21 0.03 0.13 0.11 0.13 + 0.02 0.13 0.05 0.03 0.03 0.03 - 0.01 0.12 0.03 0.21 0.19 0.19 - 0.03 0.25 0.12 0.79 0.64 0.65 - 0.13 0.90 0.46 11.10 10.13 10.25 - 0.90 14.80 9.75 1.50 1.34 1.39 - 0.08 2.55 0.97 1.13 0.99 1.02 - 0.10 1.64 1.00 0.05 0.04 0.04 - 0.01 0.06 0.03 0.93 0.83 0.90 + 0.06 1.16 0.31 1.26 1.10 1.21 + 0.09 1.57 0.41 0.05 0.05 0.05 + 0.01 0.05 0.01 0.80 0.64 0.71 - 0.02 0.86 0.41 1.00 0.87 0.94 - 0.01 1.08 0.54 0.19 0.18 0.18 - 0.01 0.28 0.09 0.15 0.13 0.13 - 0.02 0.32 0.10 0.26 0.24 0.24 - 0.01 0.36 0.11 0.16 0.00 0.03 - 0.13 0.33 0.03 0.04 0.00 0.04 + 0.01 0.05 0.01 0.00 0.00 0.00 + 0.00 0.00 0.00 0.25 0.23 0.23 + 0.00 0.41 0.15 0.33 0.31 0.31 - 0.01 0.53 0.22 0.37 0.32 0.36 + 0.04 0.38 0.11 0.50 0.42 0.49 + 0.06 0.50 0.14 0.11 0.11 0.11 - 0.00 0.56 0.09 0.92 0.00 0.91 + 0.01 1.05 0.50 0.47 0.47 0.47 + 0.00 1.26 0.33 0.00 0.00 0.00 - 0.00 0.00 0.00 2.93 2.65 2.67 - 0.23 3.80 2.57 3.89 3.59 3.61 - 0.25 5.03 3.33 0.02 0.02 0.02 - 0.00 0.06 0.00 0.10 0.09 0.10 + 0.01 0.15 0.05

U.S. Lithium* O 1507 U3O8 Corp* O 152 Ucore Rare Mtl* O 189 Ucore Rare Mtl V 258 UEX Corp T 814 Ultra Lithium* O 17 Ultra Lithium V 29 Umbral Enrgy 4491 V 358 Unigold Unigold* O 247 United Res Hdg* O 101 United Silver* O 47 United States A* X 345 United States S* N 124470 Ur-Energy* X 2268 Ur-Energy T 256 Uracan Res* O 40 Uragold Bay Rs V 2533 Uranium Energy* X 3321 Uranium Hunter* O 0 Uranium Res* D 2395 Uranium Valley V 33 Uravan Mnrls V 153 US Energy* D 88 US Precious M* O 612 US Rare Earths* O 17 USCorp* O 259 Vale* N 151293 Vale* N 43666 Valencia Vent V 143 ValGold Res V 306 Valley High Mg* O 2858 Vanadium One V 663 Vangold Res* O 1

0.04 0.03 0.03 - 0.01 0.15 0.01 0.03 0.02 0.03 - 0.00 0.04 0.01 0.22 0.21 0.22 + 0.01 0.35 0.19 0.30 0.28 0.30 + 0.02 0.45 0.27 0.32 0.29 0.29 - 0.02 0.43 0.15 0.12 0.12 0.12 + 0.00 0.27 0.12 0.17 0.16 0.17 - 0.01 0.34 0.15 0.08 0.06 0.06 - 0.01 0.11 0.02 0.28 0.24 0.28 + 0.03 0.69 0.15 0.20 0.18 0.20 + 0.01 0.51 0.12 0.02 0.01 0.02 + 0.00 0.05 0.01 0.00 0.00 0.00 - 0.00 0.01 0.00 0.44 0.34 0.42 - 0.03 0.60 0.20 31.06 28.12 30.42 + 1.00 41.83 12.77 0.68 0.60 0.63 - 0.03 0.91 0.41 0.90 0.80 0.82 - 0.06 1.19 0.55 0.04 0.03 0.03 - 0.00 0.08 0.02 0.20 0.15 0.16 - 0.04 0.31 0.11 1.48 1.39 1.41 - 0.03 1.92 0.69 1.25 0.00 1.25 - 0.25 6.00 0.85 2.02 1.80 1.86 - 0.10 4.00 0.97 0.11 0.00 0.11 + 0.01 0.35 0.04 0.09 0.09 0.09 - 0.01 0.42 0.06 0.97 0.86 0.90 - 0.02 2.84 0.75 0.01 0.01 0.01 - 0.00 0.02 0.00 0.30 0.00 0.22 - 0.08 0.80 0.01 0.01 0.01 0.01 + 0.00 0.03 0.00 9.07 8.42 8.87 + 0.15 11.70 3.85 8.59 8.01 8.42 + 0.09 11.10 2.99 0.17 0.00 0.14 - 0.04 0.18 0.07 0.04 0.03 0.04 - 0.01 0.08 0.02 0.01 0.01 0.01 - 0.00 0.02 0.00 0.14 0.12 0.12 - 0.03 0.19 0.12 0.14 0.00 0.14 + 0.01 0.14 0.09

U-V

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Vangold Res V 145 Vatic Vent V 180 N 2086 Vedanta* O 142 Vendetta Mng* Vendetta Mng V 1951 Veris Gold* O 42 Victoria Gold V 3716 Victory Vent V 1850 Virginia Enrgy V 25 O 2 Virginia Enrgy* Vista Gold* X 1426 Vista Gold T 37 Volcanic Gold V 291 Voltaic Min V 588 VR Resources V 178 Vulcan Mnrls V 428 VVC Expl V 977

0.03 0.22 + 0.02 0.20 0.22 0.18 0.06 0.07 - 0.01 0.15 0.07 0.07 14.49 - 0.45 17.34 5.47 14.79 14.22 0.08 0.17 + 0.02 0.22 0.18 0.15 0.06 0.24 + 0.04 0.29 0.24 0.20 0.00 0.01 + 0.01 0.02 0.01 0.00 0.32 0.74 + 0.03 0.80 0.74 0.66 0.02 0.06 - 0.01 0.19 0.07 0.05 0.04 0.10 - 0.01 0.38 0.10 0.10 0.02 0.10 + 0.02 0.54 0.10 0.10 0.60 1.02 - 0.07 2.09 1.10 1.00 0.76 1.36 - 0.09 2.73 1.43 1.32 0.07 0.62 + 0.02 0.64 0.64 0.60 0.05 0.11 - 0.01 0.51 0.12 0.11 0.14 0.22 + 0.01 0.51 0.24 0.22 0.03 0.01 0.08 0.06 + 0.06 0.04 0.02 0.03 + 0.01 0.05 0.03 0.00

T 4007 Wallbridge Mng O 407 Walter Energy* 96 War Eagle Mg V Wealth Mnrls V 797 Wealth Mnrls* O 377 O 239 Wellgreen Plat* Wellgreen Plat T 294 T 3569 Wesdome Gold 186 V West Af Res 176 West High Yld V West Kirkland V 208 75 West Kirkland * O 519 West Red Lake 66 West Red Lake* O X 706 Western Copper* T 345 Western Copper 99642 O Western Graphi* 18 Western Pac Rs* O 97 Western Pac Rs V T 301 Western Potash Western Res* O 4 264 Western Troy C V Western Uran* O 27 V 323 Westhaven Vent O 51 Westkam Gold* V 175 Westkam Gold V 92 Westminster Rs Westmoreland* D 1323 O 68 WestMountain* White Gold V 91 White Gold* O 102 240 White Metal Rs V 465 White Mtn Engy* O O 24 Whitehaven Coa* O 6 Wincash Apolo* 1208 Winston Gld Mg 347 Winston Gld Mg* O Winston Res 185 Winston Res* O 1 Wolfeye Res V 220 V 325 Wolverine Mnls WPC Res V 580 Xander Res V 259 Xiana Mng V 13 Ximen Mng V 714 XLI Tech Inc* O 1413 V 79 Xtierra O 37 Xtra-Gold Res* Yamana Gold T 25894 58760 Yamana Gold* N V 540 Yellowhead Mng Yorbeau Res* O 420 Yorbeau Res T 4514 Zadar Vent V 580 Zazu Metals V 168 Zazu Metals* O 48 O 32 Zenyatta Vent* Zephyr Mnls V 47 11 Zinc One Res * O Zincore Mtls V 20 Zonte Mtls V 182

0.04 0.11 + 0.01 0.14 0.14 0.09 0.03 0.07 + 0.00 0.28 0.08 0.06 0.05 0.04 0.05 + 0.01 0.07 0.01 0.43 1.30 - 0.12 1.79 1.46 1.22 0.33 0.96 - 0.12 1.37 1.09 0.91 0.18 0.18 - 0.02 0.46 0.21 0.18 0.25 0.25 - 0.02 0.62 0.28 0.25 1.47 3.59 - 0.27 4.40 3.89 3.52 0.27 0.24 0.24 - 0.01 0.40 0.15 0.39 0.35 0.36 + 0.01 0.43 0.09 0.08 0.09 - 0.01 0.17 0.09 0.08 0.07 0.07 0.07 + 0.00 0.13 0.05 0.24 0.21 0.22 - 0.02 0.40 0.12 0.18 0.00 0.18 - 0.01 0.31 0.09 0.54 1.19 - 0.09 1.80 1.29 1.17 0.69 1.60 - 0.09 2.24 1.71 1.58 0.00 0.00 + 0.00 0.00 0.00 0.00 0.02 0.00 0.02 + 0.00 0.04 0.00 0.03 0.02 0.02 - 0.01 0.05 0.01 0.56 0.59 - 0.17 1.80 0.78 0.56 0.41 0.43 - 0.00 0.43 0.43 0.41 0.03 0.03 0.03 - 0.01 0.05 0.01 0.96 1.27 + 0.01 2.67 1.28 1.12 0.07 0.08 - 0.02 0.16 0.09 0.08 0.01 0.02 - 0.00 0.07 0.02 0.02 0.02 0.03 + 0.01 0.09 0.03 0.00 0.02 0.02 - 0.01 0.18 0.02 0.02 12.00 - 1.86 19.92 6.15 13.99 11.80 0.02 0.02 + 0.00 0.15 0.03 0.02 0.05 1.76 - 0.27 2.22 2.05 1.70 0.05 1.26 - 0.25 1.65 1.54 1.26 0.05 0.05 0.05 + 0.01 0.13 0.04 0.01 0.00 0.01 + 0.00 0.13 0.00 0.51 2.10 - 0.33 2.50 2.43 2.10 0.03 0.06 - 0.14 0.22 0.20 0.05 0.07 0.06 0.06 - 0.01 0.64 0.06 0.05 0.04 0.05 - 0.00 0.49 0.04 0.02 0.73 - 0.02 0.82 0.79 0.68 0.11 0.55 - 0.03 0.59 0.55 0.00 0.23 0.81 - 0.05 0.99 0.89 0.81 0.06 0.08 - 0.01 0.18 0.08 0.08 0.05 0.06 - 0.01 0.13 0.07 0.06 0.26 0.34 + 0.04 0.49 0.36 0.30 0.03 0.14 + 0.01 0.21 0.14 0.12 0.06 0.07 - 0.01 0.18 0.08 0.06 0.03 0.02 0.03 - 0.00 0.11 0.00 0.01 0.03 - 0.01 0.08 0.04 0.03 0.14 0.18 - 0.01 0.43 0.18 0.18 3.29 4.05 - 0.11 7.87 4.24 3.93 2.46 3.01 - 0.10 5.99 3.19 2.91 0.04 0.07 - 0.01 0.10 0.09 0.07 0.05 0.07 + 0.01 0.09 0.07 0.06 0.07 0.09 + 0.01 0.14 0.09 0.08 0.08 0.11 - 0.01 0.26 0.12 0.11 0.15 0.30 - 0.04 0.46 0.36 0.29 0.11 0.23 - 0.03 0.33 0.26 0.23 0.49 0.71 - 0.01 1.17 0.74 0.68 0.19 0.35 - 0.01 0.42 0.36 0.34 0.53 0.51 0.52 + 0.02 0.81 0.01 0.03 0.17 - 0.01 0.30 0.17 0.00 0.05 0.43 + 0.02 0.47 0.43 0.39

W-Z

BID-ASK — APRIL 17–21, 2017

STOCK

37 Capital One ABE Resources Acme Res Corp African Metals Aftermath Slvr Aida Minerals Alba Minerals Alberta Star Alderon Iron* Alexandra Cap Allante Potash Alliance Mng ALQ Gold Altan Rio Mnls Amanta Res Anglo Pac Grp Arch Coal* Arco Res Ardonblue Vent Arian Res Asbestos Corp AsiaBaseMetals Astar Mnls Astur Gold Atlantic Ind Atlatsa Res* Aurelius Min Balto Res Bearclaw Cap Benz Mining BHK Mining Bird River Res Black Isle Res Bluestone Res Boss Power Bullman Mnls CANEX Metals Carrara Explor Carrie Arran Cascade Res Cassidy Gold Cassius Vents Castle Peak Mg Catalina Gold Central Iron Cerro Mng Chantrell Vent Chieftain Mtls Chimata Gold Chinapintza Mg Cicada Vents CIM Intl Grp Cliffs Nat Res* Clydesdale Res Cobalt 27 Cap Colibri Res Comet Inds Compliance Egy Conquest Res Copper Lake Rs Corazon Gold Cricket Res Crystal Explor Curlew Lke Res CWN M’g Acq Cyprium Mng Dawson Gold Delrand Res DGS Mnls DV Resources Empire Rock Enfield Expl

20-22_May1_StockTables.indd 22

12-MONTH

EXC BID ASK LAST HIGH

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

0.10 0.40 0.15 0.25 0.03 0.03 0.03 0.05 0.01 0.03 0.02 0.06 0.09 0.06 0.11 ... 0.01 0.01 0.03 0.08 0.10 0.10 0.15 0.15 0.16 0.16 0.28 0.20 0.22 0.20 0.23 ... 0.40 0.14 0.52 0.06 ...

0.06 0.06 0.06 0.11 0.06 0.07 0.06 0.06 0.04 0.05 0.06 0.12 0.06 0.06 0.02 0.03 0.02 0.04 0.01 0.02 0.01 1.44 2.40 2.00 2.02 ... ...

0.58 0.06 0.07 0.06 0.10 0.08 0.10 0.08 0.12 0.01 0.02 0.01 0.02 0.21 0.27 0.25 0.28 0.41 0.45 0.45 0.45 0.23 ...

0.23 0.40 0.06 0.08 0.08 0.10 0.03 0.04 0.03 0.05 ... ...

0.06 0.45 0.13 0.14 0.14 0.15 0.01 0.03 0.01 0.03 0.04 0.05 0.05 0.06 0.03 0.03 0.03 0.08 0.03 0.04 0.03 0.08 0.05 0.09 0.05 0.07 0.04 0.05 0.04 0.05 0.10 0.15 0.10 0.23 0.17 0.20 0.17 0.07 0.13 0.12 0.12 0.01 0.02 0.01 0.13 0.17 0.22 0.22 0.29 0.05 ...

0.05 0.07 0.02 0.04 0.02 0.05 0.01 0.02 0.02 0.04 0.04 0.06 0.05 0.06 0.02 0.02 0.02 0.08 0.05 0.07 0.08 0.08 0.02 0.03 0.02 0.04 0.02 0.03 0.03 0.03 0.08 0.12 0.11 0.19 ... ...

0.05 0.23 0.02 0.02 0.02 0.04 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.42 0.68 0.68 1.50 1.45 3.20 1.43 7.17 0.06 0.08 0.06 0.06 0.61 0.66 0.66 0.66 0.17 0.17 0.17 0.23 2.80 3.05 2.80 3.00 0.03 0.03 0.03 0.25 0.03 0.04 0.03 0.07 0.05 0.05 0.05 0.08 0.52 0.55 0.55 0.55 0.01 0.12 0.01 0.01 0.11 0.13 0.13 0.20 0.01 0.02 0.01 0.03 0.15 0.26 0.16 0.27 0.03 0.03 0.03 0.12 0.15 0.34 0.30 0.30 0.75 1.00 0.75 0.90 0.02 0.05 0.03 0.15 0.05 0.10 0.05 0.06 0.19 0.27 0.19 0.30 ... ...

0.01

LOW

0.05 0.02 0.03 0.01 0.08 0.04 0.16 0.12 0.02 0.01 0.01 0.03 0.01 0.75 0.05 0.05 0.01 0.14 0.06 0.10 0.01 0.01 0.06 0.03 0.01 0.03 0.01 0.03 0.01 0.02 0.06 0.04 0.05 0.12 0.05 0.02 0.01 0.01 0.01 0.08 0.01 0.01 0.05 0.03 0.01 0.01 0.38 0.98 0.01 0.45 0.11 1.32 0.03 0.02 0.03 0.19 0.01 0.10 0.01 0.11 0.03 0.09 0.30 0.03 0.02 0.07

STOCK

12-MONTH

EXC BID ASK LAST HIGH LOW

Essex Minerals European Metal Eurotin Excalibur Res Fire River Gol First Idaho Gespeg Cop Res GFM Res Global Cobalt Global Cop Grp God’s Lake Res GoldTrain Res Grande Portage Granite Ck Gld Gravis Energy Greatbanks Res Green Valley M Greenshield Ex Grenville Gold Hadley Mng HFX Holding Highbury Proj Highvista Gold IGC Res Inform Res Inter-Rock Mnl Intigold Mines Iron South Mng JDF Explor Inc Jiulian Res Jubilee Gold Kenna Res Kitrinor Mtls La Imperial Lakeside Mnrls Libero Mg Corp Lions Bay Cap Lucky Mnls Madeira Mrnls MAG Silver* Mainstream Mnl Mammoth Res Match Capital Mazarin Mega Copper Midasco Cap Midnight Star MillenMin Vent Millstream Min Milner Con Slv Mineral Hill Minfocus Expl Moag Copper Montana Gold Morro Bay Mountain Lake Mukuba Res Napier Vent Navy Res Network Expl New Destiny Mg New Klondike New Nadina Newstrike Res Niocan Inc Nitinat Mnls Noble Metal Gr Nomad Ventures Norsemont Cap North Am Ptash North Am Tung Northern Uran

V C V C V V V V V V C C V V C V V V V C V V V V V V V V C V V V V C V V V V V X V V V V V V C V V V V V C C V C V V V V V V V V V V V V C V V V

0.16 0.19 0.19 0.33 ... 0.01 0.01 0.01 0.08 0.10 0.08 0.12 0.09 0.10 0.10 0.11 0.03 0.07 0.09 0.75 0.08 ...

0.08 0.14 0.03 0.04 0.04 0.06 0.02 0.09 0.02 0.02 0.02 0.02 0.02 0.08 0.07 0.08 0.08 0.11 0.03 ...

0.03 0.08 0.06 0.12 0.06 0.25 0.15 0.20 0.16 0.22 0.04 0.06 0.05 0.08 ... 0.03 0.01 0.01 0.03 0.05 0.03 0.04 0.05 0.05 0.06 0.06 0.07 0.05 0.08 0.10 0.13 0.10 0.18 0.95 0.98 0.95 1.08 0.08 0.13 0.08 0.12 0.25 ...

0.25 0.27 ... 0.16 0.17 0.01 0.01 0.01 0.02 0.15 0.28 0.14 0.40 0.11 0.15 0.11 0.18 0.03 0.03 0.03 0.12 0.24 0.27 0.24 0.28 0.01 ...

0.01 0.01 0.04 0.05 0.04 0.05 0.43 0.69 0.50 0.75 0.13 0.16 0.15 0.27 0.16 0.21 0.16 0.30 0.06 0.09 0.06 0.11 0.21 0.29 0.30 0.64 0.17 0.19 0.17 0.22 0.04 0.10 0.04 0.04 0.08 0.10 0.09 0.12 0.03 0.10 0.03 0.05 12.52 13.30 12.52 14.40 ... 0.01 0.01 0.08 0.10 0.08 0.20 0.01 0.04 0.04 0.04 0.04 0.04 0.04 0.05 0.15 0.27 0.15 0.30 0.07 0.10 0.07 0.15 0.14 0.18 0.14 0.19 0.05 0.07 0.05 0.14 0.04 0.06 0.04 0.13 0.04 0.04 0.04 0.07 0.22 0.28 0.30 0.40 0.02 0.03 0.02 0.07 ... ...

0.08 0.09 0.10 0.10 0.10 0.01 0.02 0.01 0.03 ... 0.01 0.01 0.08 0.16 0.08 0.30 0.36 0.40 0.39 0.40 0.13 9.65 0.09 0.30 0.17 0.23 0.17 0.19 0.20 0.22 0.22 0.32 0.01 0.01 0.01 0.11 0.15 0.11 0.18 0.15 0.18 0.15 0.19 0.10 0.13 0.10 0.15 0.04 0.07 0.05 0.09 0.01 0.02 0.01 0.02 0.18 0.23 0.19 0.40 0.36 0.42 0.36 0.45 0.05 0.08 0.04 0.15 ...

0.01 0.01 0.02 0.01 0.02 0.02 0.03

0.16 0.01 0.03 0.01 0.03 0.05 0.02 0.02 0.01 0.04 0.02 0.05 0.06 0.01 0.01 0.01 0.03 0.07 0.06 0.03 0.16 0.01 0.05 0.03 0.03 0.04 0.01 0.02 0.33 0.14 0.05 0.01 0.02 0.07 0.01 0.05 0.01 6.12 0.02 0.01 0.01 0.02 0.05 0.06 0.01 0.04 0.02 0.11 0.01 0.02 0.01 0.08 0.24 0.09 0.17 0.08 0.08 0.04 0.05 0.04 0.01 0.10 0.25 0.03 0.01 0.01

STOCK

Northn Empire NSS Res Inc Orbite Tech Oriental Non F Orofino Mnrls Oronova Energy Orsu Metals Oxford Res Pac Cascade Pac Imperial Pac Link Mng Pac Topaz Paladin Energy Palisades Vent Phoenix Gold Phoenix Metals Prime Meridian Prize Mng Q-Gold Res Quinto Real Rare Element* Ravencrest Res Razore Rock Res Red Oak Mg Red Rock Enrgy Riley Resource River Wild Exp Rockland Mnls Rockwell Diam Rojo Res Romulus Res Rubicon Mnrls* Samco Gold Savannah Gold Saville Res Savoy Vent Scavo Res Sego Res SG Spirit Gold SGX Res Silver Phoenix SinoCoking Cl* Sniper Res Spada Gold Squire Mg Ltd Stone Ridge Ex Stratabd Mnr Superior Mng Talmora Diamd Tearlach Res Telferscot Res Terreno Res Teryl Res Corp Theia Res Thunder Mtn Gd Tiller Res Tri-River Vent Troy Enrgy True Grit Res UC Res United Coal Universal Vent Vanadium One Vela Minerals Venerable Vent Wabi Expl Westbay Vent Whistler Gold Worldwide Res Zara Res Zena Mng Zinco Mng

12-MONTH

EXC BID ASK LAST HIGH LOW

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

0.17 0.18 0.18 0.27 0.04 0.15 0.07 0.07 0.23 0.24 0.24 0.49 0.70 0.90 0.90 1.20 0.15 0.18 0.15 0.25 0.36 0.40 0.40 0.46 0.02 0.03 0.02 0.05 0.02 0.03 0.03 0.01 0.02 0.01 0.02 0.02 0.02 0.02 0.05 0.02 0.03 0.02 0.03 0.16 0.18 0.16 0.28 0.11 0.11 0.11 0.26 0.06 0.07 0.07 0.07 ... 0.01 0.01 0.19 0.20 0.21 0.21 0.12 0.15 0.14 0.15 0.40 0.42 0.42 0.43 0.04 0.05 0.05 0.14 0.13 0.15 0.13 0.20 0.11 0.16 0.15 0.89 0.06 ...

0.06 0.09 0.01 0.09 0.09 0.11 0.01 0.02 0.02 0.03 0.01 0.02 0.01 0.27 0.20 ...

0.20 0.20 0.02 ...

0.03 0.03 0.07 0.08 0.08 0.11 0.06 0.07 0.06 0.13 0.09 0.10 0.10 0.15 0.11 0.25 0.15 0.17 ... ...

0.03 1.35 0.04 0.05 0.04 0.08 0.32 0.39 0.32 0.75 0.03 0.04 0.02 0.05 0.11 ...

0.15 0.20 0.36 0.57 0.36 0.54 0.05 0.06 0.05 0.08 0.57 0.59 0.57 0.61 0.02 0.02 0.02 0.05 0.03 0.20 0.20 0.25 ... ...

4.64 7.69 0.01 0.01 0.01 0.07 0.22 0.33 0.22 0.60 0.07 0.13 0.13 0.19 0.05 0.15 0.05 0.17 0.03 0.03 0.03 0.08 0.01 0.02 0.01 0.04 0.01 0.05 0.01 0.05 0.08 0.15 0.08 0.16 0.01 0.01 0.01 0.05 0.05 0.07 0.05 0.08 0.01 0.02 0.02 0.02 0.09 0.15 0.09 0.20 0.12 0.17 0.16 0.23 0.32 0.68 0.60 0.85 0.04 0.12 0.04 0.07 0.03 0.08 0.03 0.05 0.03 0.04 0.03 0.08 0.01 0.02 0.02 0.03 ... 0.01 0.01 0.40 ...

0.45 0.13 0.15 0.13 0.35 0.05 0.09 0.05 0.06 0.18 0.25 0.18 0.18 0.07 0.20 0.07 0.10 0.23 0.30 0.23 0.36 0.03 0.07 0.04 0.06 0.02 0.03 0.02 0.06 0.07 0.15 0.15 0.43 0.09 0.09 0.09 0.14 0.05 0.07 0.05 0.08

0.11 0.05 0.22 0.27 0.06 0.04 0.02 0.01 0.01 0.01 0.14 0.07 0.05 0.08 0.08 0.01 0.04 0.04 0.06 0.01 0.01 0.01 0.07 0.10 0.01 0.01 0.04 0.06 0.08 0.03 0.02 0.10 0.01 0.05 0.26 0.02 0.07 0.01 0.03 1.66 0.01 0.13 0.06 0.04 0.02 0.01 0.01 0.02 0.01 0.03 0.01 0.08 0.10 0.05 0.03 0.01 0.01 0.01 0.05 0.03 0.10 0.04 0.12 0.01 0.01 0.01 0.06 0.01

2017-04-25 8:39 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 1–14, 2017

23

Richmont makes high-grade discovery at Island Gold mine ONTARIO

BY SALMA TARIKH

R

starikh@northernminer.com

ichmont Mines (TSX: RIC; NYSE: RIC) has found a highgrade gold zone at its Island Gold mine near Wawa, Ont., as part of its 2017 exploration and delineation drill program on the 77 sq. km property.

Richmont has over 100,000 metres of drilling planned this year from surface and underground to infill Island Gold’s current resource of 995,700 oz. gold (3 million tonnes of 10.18 grams gold), as well as expand resources both laterally and at depth, Haywood Securities analyst Kerry Smith writes.

Drilling in Island Gold’s eastern lateral extension hit high-grade mineralization 800 metres east of the main deposit. The discovery hole returned 20.6 grams gold over 11.3 metres of estimated true width.

“This new area is located only 500 metres east and below the new resource blocks, which indicates that the structure could continue at depth,” Richmont’s CEO Renaud Adams states.

The miner found two resource blocks last year in the eastern lateral extension, 300 metres east of Island Gold’s preliminary economic assessment (PEA) expansion area. Both blocks are relatively shallow and near mine infrastructure, with the largest of the two hosting 95,000 oz.

(290,000 inferred tonnes at 10.35 grams gold).

As a result, Richmont is following up on the area as part of its 2017 drill efforts, where it intends to extend and infill resource blocks. It has completed 8,200 metres of the planned 37,000 metres of exploration drilling in the eastern lateral area. Drilling here continues from the 340-metre-level exploration drift. Richmont notes it has one drill turning, and will add another on the 620-metre level once it completes the 300-metre extension of the exploration drift later this year.

“This is the first exploration update this year and Island is developing into what we expect is a more than 3 million oz. deposit over time,” Smith says. “Grades continue to improve with depth and the system is showing no signs of petering out.”

Richmont is also continuing its deep directional exploration program to build on its 2016 success, where it found a resource block of 230,000 oz. (760,000 inferred tonnes of 9.53 grams gold) in the eastern down-plunge extension, between the 1,050- and 1,300-metre levels.

It has 16,000 metres of deep directional drilling and 20,000 metres of underground drilling planned for 2017 to expand the resource block.

Most of the underground drilling will occur from the 860-metre level exploration drift.

Results from this year’s deep drilling have been encouraging. One hole returned 3.8 metres of 24.5 grams gold, while another intersected 2.24 metres of 4.6 grams gold in the east, which indicates that the mineralization remains open. Richmont has completed over 5,000 metres (10 holes) in this area and has three active surface directional drills.

The company has 30,000 metres of delineation drilling planned within the expansion PEA area, mainly in a fourth mining horizon between the 860- and 1,000-metre levels.

Last November, Richmont said it was working on a PEA study to expand Island’s processing rate from

1-16, 23_May1_Main.indd 23

| Miner intends to drill over 100,000 metres at its flagship asset Richmont’s senior vice-president of investor relations Anne Day says.

“Recall that Richmont was able to increase reserves 34% and the average grade 11%, and add 450,000 oz. of new inferred resources from the 2016 program at a discovery cost of less than US$35 per oz.,” Parkin says. “We estimate the company will spend a similar amount on drilling programs in 2017.”

The company has budgeted $14 million to $16 million for 2017 drilling at Island, Day notes. It expects to start a second-phase regional drill program later this year, where drilling will continue to test the potential extension of mineralization below the Kremzar mine, as well as other high-priority gold targets on the property.

On March 31, Richmont gained 14¢ to close at $9.43 per share, within a 52-week trading range of $7.13 to $15.01. It ended 2016 with $75 million in cash. TNM

“GRADES CONTINUE TO IMPROVE WITH DEPTH AND THE SYSTEM IS SHOWING NO SIGNS OF PETERING OUT.” KERRY SMITH ANALYST, HAYWOOD SECURITIES

900 tonnes per day to 1,100 tonnes per day starting in 2018. The study, slated for completion by mid-year, will include resources only between the 450- and 1,000-metre levels.

Richmont has completed 6,900 metres (40 holes) of the planned delineation drilling and has two drills turning in the area.

It says drilling shows the potential to add reserves at a higher grade,

Richmont Mines’ Island Gold mine near Wawa, Ontario. RICHMONT MINES

mainly by converting the high-grade inferred resources in the fourth horizon. Some recent drill results — not included within the December 2016 resource and reserve update — are 96.47 grams gold of 5.1 metres and 53.64 grams gold of 6.5 metres.

Desjardins analyst Michael Parkin says he is the “most excited” by the

results from the expansion PEA area, which could increase Island Gold’s reserve grade. As of December 2016, the mine had reserves of 752,200 oz. (2.55 million tonnes at 9.17 grams gold).

Based on that reserve grade and 900-tonne-per-day processing rate, Island has an eight-year mine life,

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