The Northern Miner May 23 2016 Issue by The Northern Miner Group

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MAY 23-29, 2016 / VOL. 102 ISSUE 15 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Eldorado exits China with US$900M in asset sales THREE PROJECTS

| Sale price above estimates

BY MATTHEW KEEVIL

M&A

| Major goes on a Coffee run in the Yukon

mkeevil@northernminer.com VANCOUVER

t took two years, but mid-tier gold miner Eldorado Gold (TSX: ELD; NYSE: EGO) is finally divesting all of its development and production assets in China with the announced sale of its White Mountain and Tanjianshan gold mines, and the development-stage Eastern Dragon gold project, to an affiliate of China's Yintai Resources (SHSZ: 000975) for US$600 million in cash. Eldorado had been evaluating what to do with its Chinese gold portfolio since 2014, and was contemplating a listing on the Hong Kong Stock Exchange. But the strategy shifted towards monetization in the past few months, with Eldorado president and CEO Paul Wright indicating on a May 12 conference call that there were “numerous approaches by companies looking to acquire [the assets].” The transaction should close by December, though it is subject to various approvals, including Yintai shareholder approval. The agreement comprises a US$30-million deposit to be paid by Yintai, and a reverse break-fee of the same amount payable by Eldorado. Eldorado reported 140,989 oz. gold produced at an average cashoperating cost of $603 per oz. during the first quarter, and registered a US$700,000 net loss. The company’s Chinese production portfolio accounted for 58,000 oz. gold. The sale price for Eldorado final three Chinese assets was well-above many estimates, with Scotiabank See ELDORADO / 2

Goldcorp offers $520M for Kaminak BY SALMA TARIKH starikh@northernminer.com

oldcorp (TSX: G; NYSE: GG) has offered to buy Kaminak Gold (TSXV: KAM) in a $520-million, all-share deal to get its hands on the junior’s high-grade Coffee gold project in the Yukon. The Coffee project is a structurally hosted hydrothermal gold deposit that sits within Yukon’s White Gold district, 130 km south of Dawson City, and 300 km northeast of Whitehorse. Goldcorp, the world’s fourthlargest gold producer, became interested in Coffee after a January 2016 feasibility study and signed a confidential agreement with Kaminak in early March, Kaminak’s vice-president of corporate developSee KAMINAK / 2 PM40069240

Eldorado Gold’s Tanjianshan gold mine in northwest China. ELDORADO GOLD

WITH THE LATEST ASSET SALES, ELDORADO WOULD SIT ON US$1.1 BILLION IN CASH AND EQUIVALENTS, AND HAVE LIMITED SHORT-TERM DEBT OBLIGATIONS.

Leave no

A worker pours gold at Eldorado Gold’s White Mountain gold mine in China’s Jilin province. ELDORADO GOLD

unturned.

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BARRICK GOLD: POSTS US$83M LOSS IN Q1 / 16

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2016-05-17 8:38 PM

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MAY 23–29, 2016 / THE NORTHERN MINER

Eldorado exits China ELDORADO From 1

analyst Tanya Jakusconek valuing White Mountain, Tanjianshan and Eastern Dragon at a combined US$390 million, assuming a US$1,275 per oz. gold price and 5% discount rate. Scotiabank says the deal is “positive,” because it provides Eldorado with “significant additional financial flexibility, as it considers its near- to medium-term capital allocation plans.” What will Eldorado do with its ample and growing treasury? The company already ended March with US$236 million in cash and equivalents, and limited short-term debt obligations. Eldorado is scoring another

US$300 million by selling its Jinfeng mine to a wholly owned subsidiary of China National Group. Adding its pro-forma cash and money from the Chinese assets, Eldorado would soon sit on US$1.1 billion. The company’s near-term development portfolio is headlined by a pair of polymetallic projects in Greece — Olympias and Skouries — where it will invest US$32 million this year. Eldorado has had its problems with Greek regulators, but it received approvals in early May to restart underground construction at Skouries. (For more on the Jinfeng transaction and Eldorado’s production profile, please turn to Page 16.) TNM Kaminak Gold president and CEO Eira Thomas at the Coffee gold project, 130 km south of Dawson City, Yukon. PHOTO BY MATTHEW KEEVIL.

Goldcorp offers $520M for Kaminak KAMINAK From 1

ment Tony Reda says. The study — led by JDS Energy and Mining — outlined an attractive heap-leach, open-pit, low-cost operation at Coffee. With a 10-year life, a mine could produce an average 184,000 oz. gold annually at all-in sustaining costs of US$550 per oz. gold. Estimated start-up costs are $317 million, with another $161 million in sustaining capital. While Coffee has a global resource of 5 million oz., the study was based on an indicated resource of 3 million oz. (63.7 million tonnes grading 1.45 grams gold per tonne), which includes 2.2 million oz. in reserves (46.4 million tonnes at 1.45 grams gold). “There are not too many assets like Coffee out there. As you might

“THERE ARE NOT TOO MANY ASSETS LIKE COFFEE OUT THERE. AS YOU MIGHT SUSPECT, THERE WAS A LOT OF CORPORATE INTEREST ... BUT WE DIDN’T RUN A FORMAL SALE PROCESS.” TONY REDA VICE-PRESIDENT OF CORPORATE DEVELOPMENT, KAMINAK GOLD

suspect, there was a lot of corporate interest … with the recent move in gold price, the feasibility study and the positive sentiment returning to the gold space, [many] mining companies saw their share prices go up in value and there was some competitiveness with the asset. But we didn’t run a formal sale process,” Reda says. He notes Goldcorp’s offer was “compelling,” and has been unani-

Roaster off-gas scrubbing equipment at Eldorado Gold’s Tanjianshan gold mine in China. ELDORADO GOLD

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A building in the camp at Kaminak Gold’s Coffee gold project. PHOTO BY MATTHEW KEEVIL.

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mously approved by Kaminak’s board. The major is offering 0.10896 of a share for each Kaminak share held. This implies a $2.62 value to each Kaminak share and a 40% premium over the junior’s 20-day, volume-weighted average share price, and a 33% premium over its May 11 closing price. “There’s an immediate attractive premium for shareholders,” Reda says. “You’re locking in a win. “Regardless of how great your team is or how great your asset is, permitting and building — if we look at all the precedents out there — it could always be a challenging time. This secures the value for our shareholders, and gives them liquidity and exposure to Goldcorp’s asset base … and their operational capabilities.” In a release, Goldcorp’s CEO David Garofalo said the purchase fits the company’s “strategy of partnering with junior exploration companies to identify and develop mining districts with significant exploration potential that is expected to grow our net asset value per share.” Garofalo was not available to comment more on the deal before press time. The Coffee land package covers 600 sq. km and shows “potential for near-mine discoveries, with mineralization remaining open along strike and at depth,” Goldcorp says. Kaminak has only explored 20% of the Coffee project, Reda says, adding that Goldcorp with its treasury could further unlock the project’s geological potential. “They have the wherewithal to take this project through, and they have the wherewithal to capture the exploration upside at Coffee.” The deal requires approval from two-thirds of Kaminak shareholders to close. Directors, officers and certain shareholders holding 27.5% of Kaminak’s shares have already agreed to vote for Goldcorp's offer. “On first glance, we view the deal value as fair, although we see room for moderate interloper risk despite the 27% shareholder lock up, given the lack of development-stage assets of the calibre of Coffee,” Raymond James analyst Phil Russo writes in a note. The acquisition, which has a $20.3-million termination fee, would close by mid-August. TNM

2016-05-17 8:38 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 23–29, 2016

Erdene's Bayan Khundii gold discovery in Mongolia EXPLORATION

| Gold values ‘significant and pervasive,’ follow-up drilling underway

A drill site at Erdene Resource Development’s Bayan Khundii gold project in southwest Mongolia, 160 km from the Mongolia-China border. ERDENE RESOURCE DEVELOPMENT BY MATTHEW KEEVIL

mkeevil@northernminer.com VANCOUVER

rdene Resource Development’s (TSX: ERD; US-OTC: ERDCF) presence in Mongolia dates back to the late 1990s, and it has experienced the good and bad of the oft-volatile country. The company’s dedication could pay off, however, due to its wholly owned Bayan Khundii gold discovery and a clearer socio-political landscape, courtesy of Rio Tinto’s (NYSE: RIO) productive investment negotiations at its Oyu Tolgoi copper-gold mine. Bayan Khundii has grown to prominence in the past year. The company has held a variety of mineral interests in Mongolia, but has recently leaned towards gold. Erdene had been advancing its Altan Nar project before regional prospecting changed the story. Erdene's manager of corporate development Dawson Brisco, who worked on exploration programs in Mongolia for Erdene between 2005 and 2010, explained in an interview that Erdene's crews stepped out a little ways and mobilized to do mapping a year ago, and ran a rock-sampling survey over an area 20 km southeast of Altan Nar. “The gold values were significant and pervasive,” Brisco said. “Since there’s no glaciation in Mongolia, the grab samples are close to the source. It lit up like a light bulb, and we saw visible gold all over the place. It really wasn’t that long ago — Bayan Khundii has essentially become our priority and flagship overnight.”

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In late 2015, Erdene followed up on the geochemical results with a 695-metre program over 15 holes, which focused on a 500-by-400-metre area that includes the Striker and Gold Hill prospects. Results from the maiden campaign in December identified five gold mineralized zones and visible gold in “multiple intervals.” Highlights from the program include: 26.4 metres grading 5.9 grams gold per tonne from 33 metres deep in hole 9; 35 metres of 5.7 grams gold from surface in hole 10; and 7 metres grading 27.5 grams gold from 14 metres deep in hole 1. Bayan Khundii is a low-sulphidation epithermal gold system, where mineralization is associated with quartz veins and breccias within hematite-specularite veins and fractures, and disseminated within the altered host rocks. “The host rock is predominantly volcanics, and it’s heavily mineralized in lower-grade gold. So you have these high-grade veins running through a slightly lower-grade host rock, and that means there could be two pulses of mineralization … that’s what we’re trying to figure out right now,” Brisco said. In April Erdene announced a 3,500-metre drill program to follow up on initial results and test more prospect areas over a 1.7 km trend. The exploration campaign is split into two phases: 1,800 metres at the core Striker and Golden Hill area; and 1,700-metres in regional targets. Erdene released assays on the program’s first seven holes on May 9. Hole 17 cut 63 metres of 5.3 grams gold from 50 metres down-hole at

“THERE’S A GROWING LEVEL OF EXCITEMENT. PEOPLE ARE LOOKING FOR GOLD EXPLORATION STORIES TO GET BEHIND.” DAWSON BRISCO MANAGER OF CORPORATE DEVELOPMENT, ERDENE RESOURCE DEVELOPMENT

Striker; while 40 metres southeast, hole 22 intersected 27 metres of 1.9 grams gold from 54 metres deep. The earlier results attracted interest from Sandstorm Gold (TSX: SSL; NYSE-MKT: SAND), which invested $2.5 million in Erdene in February. The financing includes: a $1-million private placement composed of 5 million Erdene shares at 20¢ per share, plus $1.5 million in Sandstorm shares in exchange for a 2% net smelter return royalty on Bayan Khundii and Altan Nar. “Mongolia took a knock on the chin in relation to the Oyu Tolgoi negotiations, but it’s now resolved … the government has realized the value of the mining industry, and that’s reflected in many of the regulatory changes that have come around over the past two years,” Brisco said. “Over this recession period there just weren’t a lot of companies doing boots-on-the-ground exploration and making discoveries, but

that’s the Bayan Khundii story. It started from the desk and satellite imagery work to soil samples, and ultimately to the drill bit. It has definitely increased our ability to finance because there aren’t many companies out there talking about the country … there’s a growing level of excitement. People are looking for gold exploration stories to get behind,” he said. Bayan Khundii's metallurgy looks good. According to tests in February, gold from samples is “free milling and amenable to conventional processing techniques.” Erdene reported 99% gold recoveries from the higher-grade material using gravity and cyanide leach, while the lower-grade composite indicated 92% recoveries. The company had just mobilized for the second regional phase of drilling at press time, and expects results from the regional program by mid-year.

“We haven’t even tested the t a r ge t s u nderc over, a nd t he high-resistivity goes with the alteration package,” Brisco said. “Stepping out 1 k m northeast of the Striker area, we have a w indow of t he sa me volcanic lit hologies t hat we see in t he main zone poking up through that younger cover. It’s the same alteration signature, and they’re all hot with gold at the surface. If you look at dept h t hroug h geophysics they have that same signature and style we see in the main zone.” Erdene shares has traded within a 52-week range of 11¢ to 55¢, and jumped 191% — or 32¢ to start the year — en route to a 49¢-per-share close at press time. The company has 115 million shares outstanding for a $61.3-million market capitalization, and reported $2.5 million in working capital at press time. TNM

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2016-05-17 8:38 PM

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MAY 23–29, 2016 / THE NORTHERN MINER

GLOBAL MINING NEWS · SINCE 1915

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GROUP PUBLISHER/ PUBLISHER: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com EDITOR-IN-CHIEF: John Cumming, MSC (GEOL) jcumming@northernminer.com EDITOR, SPECIAL PROJECTS: Alisha Hiyate, BA (POLI SCI, HIST) ahiyate@northernminer.com SENIOR STAFF WRITER: Trish Saywell, BA, MA, MSC (JOUR) tsaywell@northernminer.com WESTERN EDITOR: Matthew Keevil, BA (ECON AND POLI SCI) mkeevil@northernminer.com STAFF WRITERS: Lesley Stokes, BSC (GEOL) lstokes@northernminer.com Salma Tarikh, BSC (PSYCH), MA (JOUR) starikh@northernminer.com COPY EDITOR: Isa Cunanan, BSC (Health Sci. and Prof. Writing Comm.) icunanan@northernminer.com PRODUCTION EDITOR: David Perri, BA dperri@northernminer.com WEB EDITOR: Adrian Pocobelli, MA (ENGL) apocobelli@northernminer.com ADVERTISING: Joe Crofts (416) 510-6816 jcrofts@northernminer.com Michael Winter (416) 510-6772 mwinter@northernminer.com PRODUCTION MANAGER: Jessica Jubb (416) 510-5213 jjubb@glacierbizinfo.com CIRCULATION/CUSTOMER SERVICE: Laura Arnold (416) 510-6789, ext. 43564 (Toll free) 1-888-502-3456 northernminer2@northernminer.com SUBSCRIPTION SALES: Dan Bond (416) 510-6741 (Toll free) 1-888-502-3456, ext. 43715 dbond@northernminer.com REPRINTS: (416) 510-6768 moliveira@northernminer.com ADDRESSES: Toronto Head Office: 38 Lesmill Road, Unit 2 Toronto, ON, M3B 2T5 (416) 510-6768 tnm@northernminer.com Western Bureau: 303 West 5th Avenue Vancouver, BC, V5Y 1J6 (604) 688-9908 SUBSCRIPTION RATES: Canada: C$120.00 one year; 5% G.S.T. to CDN orders. 7% P.S.T. to BC orders 13% H.S.T. to ON, NB, NF orders 15% H.S.T. to NS orders. 14% H.S.T. to PEI orders U.S.A.: US$120.00 one year Foreign: US$157.00 one year GST Registration # 809744071RT001 (ISSN 0029-3164) CANADA POST: Return undeliverable Canadian addresses to Circulation Dept. c/o The Northern Miner 38 Lesmill Road, Unit 2 Toronto, ON M3B 2T5 Publication Mail Agreement #40069240 Periodicals Postage Rates paid at Niagara Falls, NY, 14304. U.S. office of publication 2424 Niagara Falls Blvd, Niagara Falls, N.Y. 14304. U.S. POSTMASTER: send address corrections to: Northern Miner Box 1118 Niagara Falls, N.Y. 14304.-7118

E D I T O R IA L

Brazil’s anticorruption drive takes out Rousseff RECKONING

| Petrobras-related bribes and inflated contracts totalled US$12B

razil’s political and economic turmoil has grabbed headlines around the world, the culmination of years of toplevel judicial investigations and countrywide street protests against corruption in politics. On May 12, a year and a half into her second term and after touching an approvalrating low of 9% last July, Brazilian President BY JOHN CUMMING Dilma Rousseff was removed from office, jcumming@northernminer.com stepping down for 180 days to face an impeachment process that will examine whether she violated the country’s law on fiscal responsibility. Vice-President Michel Temer has replaced Rousseff as Brazil’s leader, and he quickly assembled a government that many are describing as a 1990s-style “neoliberal” one. Meanwhile Rousseff and her supporters in the left-leaning Workers’ Party (PT) and beyond are defiant, and describe the past week’s events as a “non-military coup.” More than half the members of Brazil’s multiparty Congress are being investigated as part of a massive corruption scandal revolving around state majority-owned oil and gas giant Petrobras. While Petrobras was partly privatized in the 1990s by Brazil’s centrist government at the time, the PT government of Rousseff’s predecessor Luiz Inacio Lula da Silva steadily restored government control over Petrobras during his eight-year rule that ended in 2010. Petrobras’ discovery of the massive, so-called “pre-salt” deepwater offshore oilfields in 2007 turned the question of who would own Petrobras and operate the newfound offshore discovery into a highly nationalistic one within Brazilian politics, as Petrobras embarked on the biggest corporate capex program in the world. When the Brazilian government took control, Petrobras’ top executive positions were filled with PT party members and coalition partners, led by Paulo Roberto Costa, who secretly diverted funds valued at up to 3% of all contracts to the PT and its coalition partners. With such a large capex program underway, this amounted to billions of dollars in inflated contracts and bribes, with corrupt Petrobras directors colluding with contractors that included some of Brazil’s biggest construction companies. Some Petrobras directors accumulated illegal funds of more than US$100 million in Swiss bank accounts, while others bought pricey art collections. Last year, investigators revealed that — mostly when Rousseff was chairman of the Petrobras board from 2003 to 2010 — at least US$1.7 billion was spent on bribes, and losses to the state through bribes, inflated contracts and related misspending totalled somewhere between US$8.3 billion and US$12 billion. Investigators have so far charged 179 people with crimes tied to the Petrobras scandal, and have convicted 93. The current investigation of Rousseff and her possible violation of the country’s fiscal responsibility laws is pretty mild in comparison, and has to do with the pedaladas (“bicycle pedal”) process of having the government take off-the-book, short-term loans from government-owned banks — with the borrowed funds mainly used to subsidize big business — but then not being able to pay them back as the government’s fiscal situation deteriorated, due to the fall in commodities markets and the deep bite of corruption at Petrobras. This in turn compromised the activities of Brazil’s central bank and led to high inflation rates, such as 10% in 2014. This latest political drama in Brazil is taking place against a backdrop of a ballooning deficit, sharply lower oil prices, layoffs and chronic structural inefficiencies in the Brazilian economy. The country’s gross domestic product is set to drop 3–4% this year after having grown steadily from 2003–14 in tandem with the global commodities boom, and Brazil’s unemployment rate has swelled to 12%, as a quarter of the population live below the poverty line. It’s not all gloom in Brazil’s commodities industries, though. Brazil’s biggest miner, Vale, surprised the market in late April with a relatively strong first quarter — posting its first profit in three quarters — that set it up as the best-performing major iron-ore miner this year, thanks to cost cuts, rebounding iron ore prices and a stronger real. Vale’s net income in the first three months of 2016 was US$1.8 billion, compared with a US$3.1-billion loss a year ago. While falling oil prices have walloped Petrobras, Vale has enjoyed lower freight costs to send its iron ore by ship from Brazil to China — a longer distance to China than for its rivals BHP Billiton, Rio Tinto and Fortescue Metals, from their massive export operations in Australia. Year-over-year, Vale saw a 32% cost reduction in delivering iron to its Chinese customers. TNM

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

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Careers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Editorial. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Metal Prices. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

Mining Jobs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Professional Directory. . . . . . . . . . . . . . . . . . . . 14 Stock Tables. . . . . . . . . . . . . . . . . . . . . . . . 6,11-13

COMPANY INDEX AngloGold Ashanti. . . . . . . . . 8 Coeur Mining. . . . . . . . . . . . . . 7 Eldorado Gold. . . . . . . . . . . . . 1 Erdene Resource Development. . . . . . . . . . . . . 3 Glacier Media. . . . . . . . . . . . . . 5 Glencore . . . . . . . . . . . . . . . . . 10 Goldcorp. . . . . . . . . . . . . . . . . 1,8

Guyana Goldfields. . . . . . . . . . 9 Hochschild Mining. . . . . . . . . 8 Hudbay Minerals. . . . . . . . . . 10 Kaminak Gold. . . . . . . . . . . . . 1 McEwen Mining . . . . . . . . . . . 8 Mining Association of Canada. . . . . . . . . . . . . . . . . . 5 MMG. . . . . . . . . . . . . . . . . . . . 10

Pan American Silver. . . . . . . . 8 Panoro Minerals. . . . . . . . . . . . 7 Sandstorm Gold. . . . . . . . . . . . 3 Silver Wheaton. . . . . . . . . . . . . 7 Teck Resources. . . . . . . . . . . . . 5 Yamana Gold . . . . . . . . . . . . . . 7 Yintai Resources. . . . . . . . . . . . 1

O P- E D

Silver Institute: Demand hit record 1.2B oz. in 2015 FACTS ‘N’ FIGURES

| Largest market deficit ever recorded, institute says

The following is an edited summary from the Silver Institute, based on findings in its World Silver Survey 2016. For more information, please visit www.silverinstitute.org.

he silver market saw record demand in 2015, with the jewellery, coin and bar, and photovoltaic sectors posting new highs, helping to boost total silver demand to 1.2 billion oz. last year. Silver supply to the market was lower, led by the continued weakness in silver scrap sales. Last year’s supply and demand scenario led to the third successive annual silver market deficit — reaching 129.8 million oz. — which is more than 60% larger than 2014, and the third largest on record. Silver demand Globally, silver jewellery fabrication increased for the third straight year to post a fresh 226.5 million oz. high. This increase was largely achieved on the back of an impressive 16% rise from both India and Thailand, while North America posted a 5% annual increase. These gains were partly offset by a sizable contraction in Chinese jewellery off-take. Total silverware fabrication enjoyed its third successive annual rise to an estimated 62.9 million oz., in a 10-year high.

JEWELLERY, COIN AND BAR, AND PHOTOVOLTAIC DEMAND HIT HISTORIC LEVELS. The largest component of physical silver demand — industrial applications, which accounted for 50% of total physical silver demand last year — was 4% lower, totalling 588.7 million oz. silver. This drop largely owed to weaker fabrication demand in developing countries and a stagnant global economy. On a regional basis, modest increases in industrial demand were posted in the U.S. and Japan, which are the second- and third-largest sources of industrial demand. Electrical and electronics use declined 10% last year to 246.7 million oz., due to slower economic growth in developing countries and the continued weakness in computer sales. There were several highlights within the industrial segment. Silver demand for photovoltaic applications rose 23% in 2015 to 77.6 million oz., marking the second straight year of increases in the sector, driven by strong growth in Chinese solar panel installations. Silver demand for ethylene oxide (EO) grew 103% to 10.2 million oz. silver. GFMS estimates that 137.5 million oz. silver resided in EO plants around the world at year-end 2015, equivalent to 16% of last year’s silver mine production. Silver’s use in brazing alloys

and solders fell 5 million oz., and photography demand slid 4% last year. The pace of decline in photography slowed considerably to its lowest rate since 2004, as digital technology in the photography industry approaches maturity. Silver investment and price Identifiable investment, which includes physical bar investment, coins and medals, and exchange-traded product (ETP) build, climbed 16% to a nearrecord high in 2015. Silver coin and bar investment surged 24% to reach 292.3 million oz., the highest annual demand level in GFMS’ records, overtaking the previous high in 2013. Coin and bar demand accounted for 25% of total physical demand in 2015 for the highest market share on record, and up from just 5% a decade earlier. Silver coin and medal demand amounted to 134.1 million oz. of demand last year, due to unprecedented growth in several markets, notably the U.S. and India. Holdings in silver-backed ETPs declined 17.7 million oz. in 2015, finishing the year at 617.8 million oz. But demand in this investment category has rebounded, with ETPs reaching 640 million oz. at the end of this year’s first quarter. A challenging year for nearly all commodities — along with a continued slowdown in Chinese economic growth and a stronger U.S. dollar — led to a lower average annual silver price of US$15.68 per oz. in 2015. However, this lower price environment helped boost physical demand, particularly as long-term investors viewed lower prices as entry points in expectation of future price appreciation. Silver supply Global silver mine production growth slowed to 2% in 2015 and reached a record 886.7 million oz. silver. The mine production growth was attributable to stronger output in Peru, Argentina, Russia and India, while Canada, Australia and China had lower mine production, with the latter decreasing output 3%. Primary silver mine production grew 5%, and accounted for 30% of global silver mine supply. The overall slowdown in mine production last year is expected to continue. Primar y silver co-product cash costs plus capex fell 11% to US$11.74 per oz. silver. This drop was driven by weaker local currencies, aggressively lower capex and lower fuel prices. The producer silver hedge book grew 7.8 million oz. in 2015, as fresh hedging more than offset maturing contracts. Scrap supply was down 13% at 146.1 million oz., for the lowest volume recorded since 1992, and the fourth consecutive year of decline. Behind the decline were fewer collectors active in the market, and some holding back material awaiting higher prices. Government silver sales were again essentially nonexistent. TNM

2016-05-17 8:38 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 23–29, 2016

TNM parent Glacier Media donates to Fort Mac Enrollment opened under the Extractive Sector Transparency Measures Act COMMENTARY

| Still unclear if U.S. substitutions will be acceptable

BY KEITH R. CHATWIN, IVAN T. GRBESIC AND CHRISTOPHER YUNG

SPECIAL TO THE NORTHERN MINER

atural Resources Canada (NRCAN) has opened the enrollment process for companies who meet the definition of a “reporting entity” under the Extractive Sector Transparency Measures Act (ESTMA). Reporting entities can enrol by downloading a “reporting entity contact form” available at www. nrcan.gc.ca/mining-materials/estma/18186 that must be completed and submitted prior to submitting an ESTMA report. Upon enrollment, reporting entities will receive an ID number and be notified of new information published on NRCAN’s website. Enrollment is not required until the initial ESTMA reports are due. But NRCAN is encouraging early enrolment. Annual reports under ESTMA are due 150 days after a reporting entity’s financial year end, beginning with financial years commencing after June 1, 2015. For example, companies with a Dec. 31 year-end will be required to submit their first annual report by May 30, 2017. Reporting of payments made to aboriginal governments or entities is deferred for two years until June 1, 2017. NRCAN has also finalized the ESTMA implementation tools, which consist of: • A guidance document, which provides general information on who is subject to ESTMA, which entities must report payments under ESTMA and what payments should be reported under ESTMA; • A technical reporting specifications document, which provides information on the mechanics of reporting under ESTMA (including specifying accounting methods, reporting currency and reporting in-kind payments); and • A template for reports under ESTMA. As described in our earlier blog posts available at www.canadianmininglaw.com the stated purpose of ESTMA is to foster better transparency to ensure that resource extractive industries support proper development in the countries where they operate, while at the same time making it harder to conceal illicit payments. A reporting entity under ESTMA refers to a corporation or other type of business enterprise engaged in the commercial development of oil, gas or minerals, which is also: listed on a stock exchange in Canada; or has a place of business, does business or

1 2 3 4 5 7 8 9 10 16_MAY23_Main .indd 5

has assets in Canada and, for at least one of its two most recent financial years, meets at least two of the three thresholds, has at least $20 million in assets, has at least $40 million in revenue or employs an average of at least 250 employees. Since we wrote about the implementation tools in August 2015, there have been no updates to NRCAN’s assessment as to the substitutability of other jurisdictions’ reporting requirements. Reports conforming to the requirements under the European Union’s Accounting and Transparency Directives remain the only acceptable substitutes under ESTMA. It remains to be seen whether similar U.S. rules under Section 1504 of the Dodd-Frank Act will also be an acceptable substitute once finalized. These rules were most recently reproposed on Dec. 11, 2015, and have since been subject to two comment periods, the last ending on Feb. 16, 2016. Under the most recent timetable available, the U.S. rules are expected to be adopted in June 2016. If NRCAN determines the final U.S. rules are an acceptable substitute, reports prepared in compliance with the U.S. rules may be submitted to the Minister of Natural Resources as a substitute for a report prepared under ESTMA. — Keith Chatwin is a partner in Stikeman Elliott’s Calgary office, whose practice involves a broad array of securities and general corporate transactions, ranging from public and private debt and equity financing to mergers and acquisitions (M&A), corporate restructuring, and shareholder activism and defence. Ivan T. Grbesic is a partner in the firm’s Toronto office. His practice focuses on corporate and securities law, with an emphasis on corporate finance transactions, M&A and corporate reorganizations. Christopher Yung is an associate practising in the corporate department of Stikeman Elliott’s Toronto office. Stikeman Elliott is one of Canada’s leading business law firms, recognized for top-tier services in its core practice areas: corporate finance, M&A, real estate, corporatecommercial law, banking, structured finance, tax, insolvency, competition and foreign investment, employment and business litigation. Please visit www.stikeman.com for more information.

RELIEF FUND

he JuneWarren-Nickle’s Energy Group (JWN) and its parent company Glacier Media (TSX: GVC) (also The Northern Miner's parent), are donating $50,000 toward Red Cross efforts in the wildfire-ravaged city of Fort McMurray, Alta. The donation is also on behalf of other individual Glacier business units, which will undertake their own awareness and fundraising efforts to help the city and its residents rebuild their community and their lives, JWN president and Glacier executive vice-president Bill Whitelaw said. Glacier, as one of Canada’s leading media and information services companies, has also created an integrated crowdfunding campaign, with all proceeds going to the Red Cross efforts, at www. fundaid.ca/fortmac. Glacier is deeply involved in communities across Western Canada with community newspapers and business information services, Glacier’s vice-president of content and audience development Tim Shoults noted. “This way, we can rally our readers, our customers and our communities to get behind the Red Cross efforts in a way that allows contributions of all sizes,” Shoults said. From an energy perspective, it’s important for Canadians to have a sense beyond the headlines of how important Fort McMurray is to the Canadian economy, Whitelaw said. “It’s just not an Alberta dynamic … all Canadians need to step up and help get this engine running on all cylinders again, putting people, companies and their welfare front and centre. “Canada’s oilsands sector is a key part of our energy practice at JWN … we know these companies and these communities well. Like all other organizations that have stepped up with support, we want these folks to know we have their back.” JWN produces the Oilsands Review and Oilsands Navigator as part of a broad portfolio of oilsands products and services. “As with our industry association partners such as the Canadian Association of Petroleum Producers and Petroleum Services Association of Canada, we’re putting our contribution towards the Red Cross to ensure the dollars we donate get amplified through provincial and federal contributions,” he added. Glacier’s other business practices in mining, agriculture, environmental services and community media are also stepping up to raise awareness of the challenges at Fort McMurray and the surrounding area in the coming weeks and months, Whitelaw said. “In one way or another, all of our businesses touch Fort McMurray and Wood Buffalo. Besting the fire was just the first among many challenges still to come.” Meanwhile, the Mining Association of Canada (MAC) — representing mining operations active in almost every Canadian jurisdiction — is making a $50,000 contribution to the Red Cross in Alberta to support those devastated by the wildfire. “Fort McMurray is a major Canadian mining town. MAC members — several of which are active in the oilsands mining industry — wanted the association to make this gesture of support ... countless Canadians and

| CIM, MAC and Teck make contributions

Some of the destruction caused by the wildfire that swept through parts of Fort McMurray, Alberta, earlier this month. GOVERNMENT OF ALBERTA

Canadian businesses will be doing the same over the coming days and weeks to help the individuals and families who have lost their homes,” MAC’s president and CEO Pierre Gratton said. The Canadian Institute of Mining, Metallurgy and Petroleum is making similar efforts to help those in and around Fort McMurray. To date, pledges for contributions from CIM and its societies exceed $65,000. The CIM says this number could grow, as appeals go out to all CIM Societies and Branches. Donations will be made through the Canadian Red Cross in Alberta. “The Canadian mining community is a close-knit one, with a big heart, and it is so inspiring to see this spirit of compassion and camaraderie in action,” CIM executive director Jean Vavrek said. “We are a resilient community, and it is in times like this that we need to pull together,” CIM presi-

dent Michael Winship added. “Our heartfelt thoughts and prayers go out to all of those impacted by this tragedy.” Teck Resources (TSX: TCK.B; NYSE: TCK) is donating $75,000 to the Canadian Red Cross to support emergency efforts relating to the wildfires, and another $25,000 to match donations made by Teck employees. “Our thoughts are with all those impacted by the devastating wildfires in the Fort McMurray area,” Teck president and CEO Donald Lindsay said. “Teck will continue to work with our partners in the region to identify opportunities where we can offer support during this incredibly difficult time.” Teck’s donation to the Canadian Red Cross will be made through the Canadian Association of Petroleum Producers (CAPP) Energy Together: Fort McMurray Wildfire Relief initiative. Teck is a member of CAPP. TNM

CANADIAN MINING HALL OF FAME Call for nominations for January 2017 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. There must have been a flow-back of significant benefit to Canada. • Exploration • Supporting Contribution • Building the Corporation

• Mining in Society • Technical Contribution

June 1, 2016 – is the recommended deadline for contacting a member organization about submitting a nomination. June 30, 2016 – deadline for nominating material to be delivered to the member organization for review. January 12, 2017 – 29th Annual Induction 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

2016-05-17 8:39 PM

WWW.NORTHERNMINER.COM

MAY 23–29, 2016 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / MAY 9–13 The ferocious wildfires in Alberta’s oil patch around Fort McMurray knocked an estimated 1 million barrels a day offline, prompting many economists to lower their 2016 gross domestic product growth targets for the entire country. A Bloomberg survey of 10 economists concluded the blaze would trim growth this year by one-tenth of a percent. The Toronto stock market rose 0.3% to 13,748.58. Most indexes ended lower, however, with the S&P/TSX Capped Diversified Metals & Mining Index falling 6.9% to 493.31 and the S&P/TSX Global Mining Index losing 4% to 56.03. Spot gold fell US$14.90 per oz., or 1.2% to US$1,272.80, sending the S&P/TSX Global Gold Index down 1.8% to 224.43. Record results from Richmont Mines’ Island gold mine in Ontario led to strong first-quarter numbers and lifted the company’s shares 90¢ to $10.96. The Island mine produced 26,589 oz. gold during the three months ended March 31, a 147% increase over the same period in 2015. Increased production was due to higher-than-expected grades of 11.31 grams gold per tonne and record mill throughput of 834 tonnes per day. The company reported cash costs of US$587 per oz. and all-in sustaining costs of US$801 per oz., for an 18% and 12% decrease. Earnings reached $8.5 million, or 15¢ per share, which is an increase of 85% and 67% year-on-year.

Richmont also posted net free cash flow of $1.1 million, or 2¢ per share, compared to neutral net free cash flow the year before. Richmont held $61.2 million in cash as of March 31, and said that with its anticipated cash flow from operations, its treasury should fully fund its accelerated development program at the gold mine this year. Shares of Pan American Silver jumped 74¢ to $20.25 on the back of first-quarter results. Silver production rose 6% to 6.42 million oz. during the three months ended March 31, while production increased 10% to 41,200 oz. gold. Pan American Silver lowered consolidated cash costs 31% to US$8.03 per payable oz. silver, net of by-product credits, and trimmed consolidated all-in sustaining costs per silver ounce sold by 8% to US$13.12, TSX MOST ACTIVE ISSUES

Kinross Gold First Quantum Teck Res Yamana Gold B2Gold Eldorado Gold Canarc Res IAMGOLD Barrick Gold Aureus Mng

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

K FM TCK.B YRI BTO ELD CCM IMG ABX AUE

43982 7.49 6.34 6.69 - 0.52 39475 9.49 7.95 8.38 - 0.93 37385 13.00 11.80 12.19 - 1.34 34620 6.36 5.50 6.17 + 0.10 30805 2.86 2.46 2.80 + 0.09 29558 6.53 5.38 6.33 + 1.02 22706 0.10 0.06 0.07 - 0.04 21987 5.11 4.31 4.90 + 0.16 19842 24.20 22.26 23.86 + 0.03 18852 0.13 0.06 0.07 - 0.06

net of by-product credits. Adjusted earnings came in at US$3.5 million, compared to a US$19.9-million adjusted loss in the first quarter of 2015. Pan American held US$177.6 million in cash and short-term investments, and US$383.7 million in working capital at the end of March. Initial results from early 2016 drilling at Balmoral Resources’ Detour trend project on its Martiniere property in Quebec lifted

the junior’s shares 35% to 88¢. Balmoral reported intercepts of 14.08 grams gold per tonne over 12.6 metres, including 199 grams gold over 0.9 metre; 11.55 grams gold over 4.5 metres; and 3.31 grams gold over 15.4 metres, including a higher-grade core of 6.08 grams over 5.3 metres. The three holes tested the southern part of the Bug Lake gold trend. Results from eight more holes are pending. TNM

TSX GREATEST PERCENTAGE CHANGE

Mawson West Africo Res Goldgroup Mng Erdene Res Dev Balmoral Res Cardero Res Atlatsa Res Serabi Gold Starcore Intl Eastern Platin Aureus Mng Canarc Res Prophecy Coal Coro Mining Silver Bull Re Meadow Bay Gd Capstone Mng TVI Pacific Orsu Metals U3O8 Corp

MWE ARL GGA ERD BAR CDU ATL SBI SAM ELR AUE CCM PCY COP SVB MAY CS TVI OSU UWE

327 681 6286 5153 3376 86 89 470 1308 3561 18852 22706 1157 8103 4190 1193 3412 2963 3307 4255

0.01 0.95 0.21 0.55 0.88 0.15 0.10 0.09 0.84 1.16 0.13 0.10 0.02 0.13 0.15 0.13 0.76 0.03 0.03 0.03

0.00 0.00 0.11 0.37 0.60 0.12 0.07 0.07 0.59 0.90 0.06 0.06 0.02 0.09 0.11 0.10 0.63 0.03 0.02 0.03

0.01 0.94 0.20 0.50 0.88 0.15 0.09 0.09 0.80 1.15 0.07 0.07 0.02 0.09 0.12 0.11 0.63 0.03 0.03 0.03

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Agrium Eldorado Gold Richmont Mines Pan Am Silver Endeavour Mng Imperial Metal MAG Silver Silver Std Res Africo Res First Majestic Franco-Nevada Royal Gold Labrador Iron Goldcorp Teck Res Teck Res Osisko Gold First Quantum Detour Gold Tahoe Res

+ 100.0 + 95.8 + 60.0 + 51.5 + 35.4 + 31.8 + 28.6 + 28.6 + 23.1 + 19.8 - 46.2 - 35.0 - 25.0 - 21.7 - 20.0 - 19.2 - 18.2 - 16.7 - 16.7 - 16.7

VOLUME WEEK (000s) CLOSE CHANGE

AGU ELD RIC PAA EDV III MAG SSO ARL FR FNV RGL LIF G TCK.A TCK.B OR FM DGC THO

1435 111.89 29558 6.33 2100 10.96 6393 20.25 2577 18.53 198 5.73 1331 17.57 3616 12.24 681 0.94 8610 13.83 2621 87.66 88 74.70 899 11.67 16339 23.25 11 14.00 37385 12.19 2270 15.98 39475 8.38 4941 28.77 7038 16.62

+ 2.96 + 1.02 + 0.90 + 0.74 + 0.53 + 0.52 + 0.52 + 0.49 + 0.46 + 0.45 - 2.93 - 2.63 - 1.68 - 1.53 - 1.38 - 1.34 - 0.95 - 0.93 - 0.60 - 0.57

TSX VENTURE EXCHANGE / MAY 9–13 The S&P/TSX Venture Composite Index advanced towards one-year highs, up 1.6%, or 10.71 points, en route to a 679.68-point weekly close. Spot gold dropped 1.2%, or US$15.54, to US$1,273.45 per oz. gold, as a stronger U.S. dollar drove investors to cut back bullish bets on the precious metal. Three-month London Metal Exchange copper contracts had negative momentum on worries over China’s economy, dipping US$138 per tonne, or 2.9%, to US$4,654 per tonne. Kaminak Gold was a front runner in the value-added category, gaining 60¢ to a $2.50-per-share close after announcing that Goldcorp is offering to buy the junior in a $520-million, all-share deal. The acquisition would give Goldcorp Kaminak’s heap-leachable Coffee gold project, 130 km south of Dawson City, Yukon, which the junior has been advancing towards development. The major is offering 0.10896 of a share for each Kaminak share held. This implies a $2.62 value to each Kaminak share and a 40% premium over the junior’s 20-day, volume-weighted average share price, and a 33% premium over its May 11 closing price. Australia-based Macarthur Minerals saw heavy trading before closing up 4¢ at 16¢ per share, on news that it has identified potentially

lithium-bearing pegmatites over a number of its exploration leases in Western Australia’s Pilbara region. The company collected rock-chip and biogeochemical samples during property reconnaissance and will use the data to design more comprehensive sampling programs. The former iron ore seeker shifted to lithium exploration in February, and since then has picked up 1,084 sq. km in land packages across the Pilgangoora district, the eastern Pilbara, and the midwest region of Western Australia. Rouge Resources jumped 32¢, or 640%, to a 37¢-per-share-close after announcing that Fiore Financial and the Radcliffe Foundation — both owned by mining financier Frank Giustra — acquired 8.3 million shares, or 18.6% of the company. TSX-V MOST ACTIVE ISSUES

Macarthur Mnl Kaminak Gold Pure Energy Benton Cap Graphite One Integra Gold Arctic Star Mindoro Res Ashburton Vent Nemaska Lith

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

MMS KAM PE ION GPH ICG ADD MIO ABR NMX

22085 16472 16216 14181 13753 13462 13239 11266 9536 7826

0.18 2.58 0.90 0.15 0.18 0.73 0.05 0.01 0.06 1.27

0.12 1.79 0.47 0.05 0.14 0.62 0.02 0.01 0.04 1.13

0.16 2.50 0.56 0.15 0.17 0.68 0.02 0.01 0.05 1.19

+ + - + + - - - +

0.04 0.60 0.31 0.08 0.02 0.00 0.02 0.01 0.01 0.04

Brian Paes-Braga and Quiet Cove Capital — a company owned and controlled by PaesBraga — also acquired 8.3 million shares in another private transaction for a 18.6% stake in Rouge. The news release stated that Peter Leitch, David Whelan and Larry Copeland would be appointed to the company’s board of directors. The company holds a 100% interest in nine

claims within the Dotted Lake property in Thunder Bay, Ont. Shares of Lara Exploration jumped 36¢ per share to a 80¢-per-share close. The project generator junior holds a number of gold, tin, nickel, silver, graphite and copper projects in Brazil, Peru, Colombia and Chile, and seeks to fund exploration through joint ventures. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Rouge Res Pedro Res Astorius Res Wescan Gldflds Hunt Mng Teuton Res Benton Cap Golden Harp Mineral Hill Cdn Arrow Natan Res Whitemud Res Red Rock Enrgy New Destiny Mg Pac Potash Royal Sapphire Mindoro Res Savant Expl Arctic Star Noble Metal Gr

ROU PED.H ASQ WGF HMX TUO ION GHR MHI CRO NRL WMK.H RRK.H NED PP RSL MIO SVT ADD NMG

1618 1194 154 195 568 1181 14181 59 215 374 38 130 121 4821 15 105 11266 1473 13239 223

0.48 0.08 0.03 0.05 0.18 0.25 0.15 0.12 0.40 0.01 0.01 0.01 0.01 0.01 0.05 0.07 0.01 0.01 0.05 0.01

0.04 0.02 0.01 0.02 0.06 0.11 0.05 0.00 0.11 0.01 0.01 0.01 0.01 0.01 0.03 0.04 0.01 0.01 0.02 0.01

0.37 0.08 0.03 0.05 0.13 0.25 0.15 0.12 0.29 0.01 0.01 0.01 0.01 0.01 0.03 0.04 0.01 0.01 0.02 0.01

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 640.0 + 300.0 + 150.0 + 150.0 + 127.3 + 127.3 + 123.1 + 118.2 + 103.6 + 100.0 - 90.0 - 75.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0

VOLUME WEEK (000s) CLOSE CHANGE

Kaminak Gold Anfield Nickel Reservoir Mnls Lara Expl Abitibi Royalt Rouge Res Mirasol Res Stakeholdr Gld Avino Silver Golden Arrow Pure Energy Gold Reserve Bellhaven Cp&G Pac Booker Min Novo Res Southern Arc Arianne Phosph Aurania Res Natan Res Amarillo Gold

KAM ANF RMC LRA RZZ ROU MRZ SRC ASM GRG PE GRZ BHV BKM NVO SA DAN ARU NRL AGC

16472 2134 1044 868 31 1618 939 135 411 4700 16216 117 226 19 129 44 418 27 38 981

2.50 1.34 8.91 0.80 4.46 0.37 1.66 0.56 1.93 0.68 0.56 6.21 0.25 0.85 0.94 0.40 1.08 0.41 0.01 0.32

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

0.60 0.45 0.41 0.36 0.33 0.32 0.22 0.22 0.21 0.17 0.31 0.14 0.14 0.11 0.11 0.09 0.09 0.09 0.09 0.08

U.S. MARKETS / MAY 9–13 Concern about domestic and global growth sent the Dow Jones Industrial Average and the S&P 500 Index into the red for the third straight week. The Dow fell 1.1% to 17,535.32 and the S&P dropped 0.5% to 2,046.61. The price of U.S. crude touched a six-month high of US$47.02 per barrel before ending at US$46.21. The Philadelphia Gold & Silver Index lost 1.8% to close at 86.98. Eldorado Gold announced that its Greek subsidiary, Hellas Gold S.A., had government approval of the updated technical study for its Skouries project in northern Greece. With the approval Hellas Gold can restart construction activities that were suspended in January. The company also reported first-quarter results, with 140,989 oz. gold produced at an average cash-operating cost of US$603 per oz., compared with 189,414 oz. at US$521 per oz. in the first quarter of 2015. Eldorado’s adjusted net loss for the quarter came to US$0.7 million, compared to net earnings of US$19.5 million in the same quarter of 2015. As of March 31, the company had liquidity of US$611.3 million, including US$236.3 million in cash and equivalents and term deposits, and US$375 million in unused lines of credit. Eldorado’s

6_MAY23_MarketNews.indd 6

shares climbed 18.5%, or US76¢, to US$4.87 per share. First Majestic Silver reported that profit margins increased during the first quarter due to cost savings and operational improvements. The company posted adjusted earnings of US$4.6 million, compared to a US$0.3-million loss in the first quarter of last year. First Majestic produced 3.1 million oz. silver — an 11% increase year-on-year — with silver-equivalent production of 5.1 million oz., or a 30% increase over the first quarter of 2015. All-in sustaining costs were US$8.97 per payable silver oz., for a 35% reduction U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Freeport McMo* FCX 215921 11.98 10.29 10.41 - 1.38 Vale* VALE 175599 4.73 4.12 4.13 - 0.65 Alcoa* AA 113339 9.86 9.18 9.20 - 0.84 United States S* X 99722 18.02 13.93 13.98 - 4.91 Kinross Gold* KGC 95954 5.80 4.93 5.18 - 0.41 Yamana Gold* AUY 74992 4.97 4.24 4.75 + 0.05 Barrick Gold* ABX 72353 18.75 17.21 18.41 - 0.06 Vale* VALE.P 71794 3.86 3.33 3.39 - 0.44 Teck Res* TCK 56806 10.11 9.08 9.42 - 1.04 Eldorado Gold* EGO 53567 5.05 4.14 4.87 + 0.76

compared to the first quarter of 2015 and a 20% reduction compared to the fourth quarter of 2015. Cash and equivalents at the end of March stood at US$61.7 million, representing a US$10.7-million increase since the previous quarter. Eldorado also closed a bought-deal

financing for a gross $57.5 million to expand La Guitarra to 1,000 tonnes per day; advance roasting and testing at La Encantada; and boost exploration and development across six operating mines. First Majestic climbed 3.3%, or US34¢, to US$10.70 per share. TNM

U.S. GREATEST PERCENTAGE CHANGE

Intrepid Pots* Eldorado Gold* DRDGOLD* Coeur Mng* MartinMarietta* IAMGOLD* First Majestic* Pretium Res* Agrium* Primero Mng* United States S* Vale* Cloud Peak En* Freeport McMo* Vale* NACCO Ind* Natural Res Pt* Yanzhou Coal* Teck Res* Harmony Gold*

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

IPI 14841 1.62 0.85 1.31 + 28.4 EGO 53567 5.05 4.14 4.87 + 18.5 DRD 2935 5.92 4.85 5.70 + 9.8 CDE 22554 8.73 7.11 8.48 + 7.3 MLM 5850 189.76 177.34 184.75 + 3.8 IAG 36523 3.95 3.33 3.79 + 3.6 AG 27166 10.89 9.29 10.70 + 3.3 PVG 6916 8.65 7.59 8.42 + 3.1 AGU 4566 89.36 83.49 86.49 + 2.5 PPP 4879 1.92 1.63 1.85 + 2.2 X 99722 18.02 13.93 13.98 - 26.0 VALE 175599 4.73 4.12 4.13 - 13.6 CLD 6050 2.12 1.86 1.87 - 12.2 FCX 215921 11.98 10.29 10.41 - 11.7 VALE.P 71794 3.86 3.33 3.39 - 11.5 NC 96 58.63 50.77 51.02 - 11.5 NRP 298 13.60 11.38 11.55 - 11.3 YZC 54 5.36 4.90 4.90 - 11.1 TCK 56806 10.11 9.08 9.42 - 9.9 HMY 18961 3.49 3.15 3.32 - 9.8

U.S. GREATEST VALUE CHANGE

MartinMarietta* MLM Agrium* AGU Eldorado Gold* EGO Coeur Mng* CDE DRDGOLD* DRD First Majestic* AG Intrepid Pots* IPI PVG Pretium Res* Agnico Eagle* AEM IAMGOLD* IAG NACCO Ind* NC United States S* X Rio Tinto* RIO Franco-Nevada* FNV Southern Copp* SCCO Natural Res Pt* NRP Freeport McMo* FCX Sibanye Gold* SBGL Goldcorp* GG AngloGold Ash* AU

VOLUME WEEK (000s) CLOSE CHANGE

5850 184.75 4566 86.49 53567 4.87 22554 8.48 2935 5.70 27166 10.70 14841 1.31 6916 8.42 13509 46.20 36523 3.79 96 51.02 99722 13.98 23932 28.29 4505 67.74 5955 27.06 298 11.55 215921 10.41 5021 13.80 47500 17.96 21993 15.15

+ 6.84 + 2.09 + 0.76 + 0.58 + 0.51 + 0.34 + 0.29 + 0.25 + 0.16 + 0.13 - 6.61 - 4.91 - 2.61 - 2.50 - 1.47 - 1.47 - 1.38 - 1.32 - 1.23 - 1.22

2016-05-17 8:32 PM

SOUTH AMERICA SPECIAL FOCUS

Odin Mining’s Cangrejos gold project in southern Ecuador. ODIN MINING

Hunt Mining acquires Martha mine in Argentina PATAGONIA SILVER

| Junior becomes one of the largest landholders in Santa Cruz

Panoro derisks Antilla in Peru COPPER-MOLY

| Junior eyes feasibility studies on Cotabambas, Antilla BY SALMA TARIKH starikh@northernminer.com

hares in Panoro Minerals (TSXV: PML) rose 9% after company sketched out the ecoSMSJ_Sept 2012_Pro_TH_PC nomics of its Antilla project in a preliminary economic assessment Mobile Equipment for (PEA). The Antilla copper-molybdenum Safety and Productivity porphyry deposit sits 140 km southwest of eCuzco in the ocated to aApurimacsq ft region of southern Peru. The PEA — by SRK Consulting (Canada) and Moose Mountain Technical Services — envisions Antilla as “a moderate-scale, openpit copper mine of modest capital,” Luquman Shaheen, Panoro’s president and CEO, said in an interview. Antilla is 90 km southwest of Panoro’s advanced-stage CotabamSMSJ_Sept SMSJ_Sept 2012_Pro_TH_PC 2012_Pro_TH_PC bas copper-gold-silver-molybdeMobilewhere Silver Equipment for Wheanum project, Safety andrecently Productivity ton (TSX: SLW) paid US$1 million in an early payment part Re-Located to a 50,000 sq.ft. Pas Lant ! of its US$140-million, silver-gold streaming deal. Both projects sit in Peru’s prolific Andahuaylas-Yauri porphyry copper-gold belt. “We are in a region of the country where a lot of copper projects are being put into production. That is not by accident. The geology is good, of course. The infrastructure synergies are building,” Shaheen says. “But more importantly, it’s part of the government’s strategic objective” Authorized to build its mining sector. Landcruiser TheToyota Peruvian government had

R -L

Hunt Mining president and CEO Tim Hunt (second from right) and country manager Danilo Silva (centre) with colleagues in Argentina. HUNT MINING

BY TRISH SAYWELL tsaywell@northernminer.com

atthew Hughes found the Martha silver deposit while looking out the window of his pick-up truck. It had just rained and a red line streaked across the dirt road in southern Argentina’s Deseado Massif. The geologist stopped and took 10 samples. Nine had no value but one returned 500 grams of silver per tonne. He took 30 more samples — one of which graded 5,000 grams silver — and then drilled a hole that returned a 6-metre intercept averaging 260,000 grams silver. “The core came out almost blood red — it was the most beautiful thing I have ever seen come out of the ground,” recalls Hughes, who at the time of the discovery was working as a senior geologist for Yamana Resources, now called Yamana Gold (TSX: YRI; NYSE: AUY; LSE: YAU). “It was the Mina Martha vein and we just followed it up into the hills, which were two football fields away, and it turned into a more massive vein, and that was it,” Hughes says. “For a geologist it’s a dream come true, and I didn’t even have to get out of my truck to find it.” Yamana went on to build an underground mine at Martha and

1 2 3 4 5 7 8 9 10 16_MAY23_Main .indd 7

“THE CORE CAME OUT ALMOST BLOOD RED — IT WAS THE MOST BEAUTIFUL THING I HAVE EVER SEEN COME OUT OF THE GROUND.”

50,000 . . PLant!

Dealer

See PANORO / 10

MATTHEW HUGHES CONSULTANT, HUNT MINING

started direct-shipping ore from the mining operation to Quebec in late 1999, or early 2000. The average grade mined, Hughes says, was 2% silver, or 20,000 grams silver per tonne. “When it started it was the richest silver mine in the world,” he says. “We threw 5,000 grams silver per tonne into the waste dumps — that was our cut-off grade.” Yamana sold Martha in 2001 to Coeur d’Alene Mines Corp., now Coeur Mining (TSX: CDM; NYSE: CDE). “The first winter Yamana had an absolutely bizarre snowstorm and the mine had to close — and they weren’t doing well at the time,” Hughes says of his former employer, explaining its rationale for the sale to Coeur. After Coeur acquired Martha it “made a killing” shipping ore from See HUNT / 8

Drilling fluid gushes from a drill hole at Hunt Mining’s La Valenciana gold-silver project in Santa Cruz, Argentina. HUNT MINING

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2016-05-17 8:33 PM

MAY 23–29, 2016 / THE NORTHERN MINER

SOUTH AMERICA

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Hunt Mining’s La Josefina gold-silver project in southern Argentina’s Santa Cruz province. The company holds a land position of more than 2,800 sq. km in the province. HUNT MINING

Hunt Mining acquires Martha mine in Argentina HUNT From 7

the mine to processing facilities at its Cerro Bayo mine in Chile, Hughes says, until the provincial government of Argentina’s Santa Cruz province put pressure on the silver miner to process the ore locally. Coeur then spent $17 million to build a flotation mill and tailings facility, Hughes says. The mine last produced silver in 2012, and according to Coeur’s 2013 annual report, Martha’s measured and indicated resources at the end of that year stood at 57,000 short tons grading 13.60 grams silver for 775,000 contained oz. silver. Inferred resources measured 204,000 short tons grading 4.75 grams silver for 969,000 oz. silver. In early May Hunt Mining (TSXV: HMX) bought the Martha mine and

mill from Coeur for US$2.7 million, and founder and CEO Tim Hunt expects to recommission the mill and put the mine back into production before year-end. The company has also hired Leon Hardy as its chief operating officer. Hardy, an engineer, is a former chief operating officer and senior vicepresident at Coeur, and spent five years in Argentina overseeing the initial start-up of the Martha mill through to full-scale operations from mid-2007 until 2012. The Martha mine and mill complex is within trucking distance of Hunt Mining’s La Josefina and La Valenciana projects, 110 km north. “Martha is a key asset in our portfolio that can support us going forward,” Hunt says in a telephone interview from Liberty Lake in Washington state. “Not only do we

“WE THINK MARTHA IS A KEY ASSET IN OUR PORTFOLIO THAT CAN SUPPORT US GOING FORWARD.” TIM HUNT FOUNDER AND CEO, HUNT MINING

have our existing properties where we have a phenomenal amount of production opportunity, but we are looking at developing resources that are still at Martha.” (The bottom of the underground mine workings sit at 300 metres below surface.) Hunt says Coeur produced more than 25 million oz. silver and 25,000 oz. gold at Martha, and the complex comes with infrastructure investments worth over US$30 million, including a lab, offices, warehouses and a 60-person camp. Hunt Mining also has full access to explore the 350 sq. km property. Hughes notes that Santa Cruz is “probably the best jurisdiction in the world, in terms of mineral access,” and that the state — roughly the size of Nevada — is underpopulated, with 90% of people living in just two cities. “There are more operating mines and discoveries in Santa Cruz than all of the other provinces combined in Argentina,” Hughes says, adding that the discovery potential “is probably the best in the world,

because the geology is absolutely straightforward.” He says that “it’s not like Nevada where you get crust faulting and strange stratigraphy, and all that weird stuff. There are just straightforward, epithermal vein systems, and epithermal bulk-mineable projects are our expertise.” Other mines and projects in the district include Pan American Silver’s (TSX: PAA; NASDAQ: PAAS) Manantial Espejo silver-gold mine (30 km from Martha); AngloGold Ashanti’s (NYSE: AU) Cerro Vanguardia gold mine (105 km from Martha); Goldcorp’s (TSX: G; NYSE: GG) Cerro Negro gold mine (170 km from Martha); McEwen Mining (TSX: MUX; NYSE: MUX) and Hochschild Mining’s San Jose goldsilver mine (220 km from Martha); and Yamana Gold’s Cerro Moro gold-silver development project (260 km from Martha). Hunt notes that he and Hughes looked at more than 50 properties throughout Alaska and North and

South America before concentrating on Santa Cruz in 2006. The company then hired local geologist Danilo Silva as its general manager for Argentina. Silva had previously worked as a senior geologist at Yamana Resources and Buenaventura, among other companies, and like Hughes, had several discoveries under his belt. (Silva and Hughes found the Don Nicolas and Martinetas deposits. Don Nicolas is 100 km west of Martha, and Martinetas is 70 km west.) In 2007, Hunt Mining acquired its advanced-stage La Josefina silvergold project, adding its La Valenciana project in late 2012. Since setting up in the province a decade ago, the company has drilled 64,000 metres, carried out 416 line km of induced polarization geophysical surveys and taken more than 20,000 surface soil, sediment, channel, chip and trench samples at its properties. The company is one of the largest landholders in the region, it says, with mineral rights to more than 31 properties over 2,867 sq. km. Hunt says that the company — which listed on the TSX Venture Exchange in 2009 — plans to spend $15 million on exploration across its property portfolio over the next five years. “We like the wide open country of Santa Cruz and the fact that it hasn’t had much modern exploration, with the exception of the last 25 years,” Hunt says. “There were just a couple of mines when we got there in 2006, and now you’ve got a number of them … and we’re going to be the next producer.” TNM

.com

Hunt Mining’s country manager Danilo Silva (left) and exploration manager Vicente Sanchez in Santa Cruz province. HUNT MINING

1 2 3 4 5 7 8 9 10 16_MAY23_Main .indd 8

2016-05-17 8:33 PM

SOUTH AMERICA

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 23–29, 2016

Guyana Goldfields off to strong start at Aurora NEW GOLD PRODUCTION BY MATTHEW KEEVIL

mkeevil@northernminer.com VANCOUVER

uyana Goldfields (TSX: GUY; US-OTC: GUYFF) has wrapped up its first commercial quarter at the Aurora openpit gold mine in Guyana, and the results hint at an operation that’s about to hit its stride. The company cranked out over 41,000 oz. gold in the quarter at all-in sustaining costs of US$778 per oz. gold. This represents a margin per ounce of US$418, and free cash flow of US$18.3 million, or US12¢ per share. The mine exceeded its nameplate throughput of 5,000 tonnes per day during the quarter, with a daily production record of 6,586 tonnes per day. “The operation is meeting — and in some cases exceeding — our expectations,” president and CEO Scott Caldwell said on a conference call. “Our all-in sustaining costs over the quarter, though a very good number, were slightly higher than expected. This was due to a higher-than-expected number of employees, or as I call it, the ‘construction hangover.’” He added that “the mine itself performed well and exceeded production estimates, tonnes mined and milled, and ounces delivered and produced. Recoveries are steadily improving, and we’re confident we’ll achieve design levels.” Production came from total mill throughput of 462,600 tonnes at a head grade of 3.07 grams gold and 89% recoveries, though the company reported recoveries had reached 93% near the end of the quarter. Guyana Goldfields reported run-of-mine stockpiles totalling 78,700 tonnes at 1.98- grams gold per tonne.

“WE EXPECT TO ENHANCE THE OVERALL PROFITABILITY OF WHAT I CONSIDER A WORLD-CLASS MINE.” SCOTT CALDWELL PRESIDENT AND CEO, GUYANA GOLDFIELDS

Aurora is on track to hit the firm's annual guidance of between 130,000 and 150,000 oz. gold, at all-in sustaining costs ranging from US$587 and US$637 per oz. gold. Many of Guyana Goldfields’ calculations, including all-in sustaining costs and reserves, assume a conservative US$1,000 per oz. gold. “We completed a study one year ago near spot gold prices, and it’s near a feasibility level,” Caldwell commented. “We just need to refine some of the sustaining capital variables. What it did was increase the open-pit mine life by four years. It also added a bit to our underground potential, and we’re going to work on that study this year to help with the detail on a mill expansion.” The mine’s 17-year life is modelled on proven and probable reserves of 27.4 million tonnes grading 2.91 grams gold for nearly 3.1 million contained oz. gold. The current project is being developed as a stand-alone open-pit mining operation, with only an eight-year life.

1 2 3 4 5 7 8 9 10 16_MAY23_Main .indd 9

| Mine in Guyana set to produce at least 130,000 oz. gold in 2016

Aurora is divided into four major gold zones: Rory’s Knoll, Aleck Hill, Walcott Hill and Mad Kiss. Mineralization in Guyana’s Golden Mile area is controlled by a series of northwest- to southeast-trending shear zones, which orient subparallel to the dominant northwest structural trend throughout the property. The company has geological potential at Aurora, but will only earmark US$3 million for exploration this year. “It’s a modest exploration budget, but we intend to work on a target we call ‘Powis Hill,’ which is a couple kilometres from the mill site,” Caldwell said. “We’ve trenched the area … we’re looking to do a little reverse-circulation drilling and identify a supplemental feed of open-pit, saprolite ore.” Scotiabank’s mining desk noted

on May 10 that the results represent a “strong first quarter of commercial production,” and that the balance sheet is “building,” while it pays down debt principal and outstanding accounts payable.” Guyana Goldfields has traded in a 52-week range of $2.48 to $8.31, and closed at $8.11 per share at press time. The company has 154 million shares outstanding for a $1.3-billion market capitalization, and reported a US$41.7-million cash balance at the end of March. “We expect to enhance the overall profitability of what I consider a world-class mine,” Caldwell said. “I can’t overemphasize the success we’ve had to date, and it’s a direct result of our team. When you have a great mine with great grades, you can expect good results moving forward.” TNM

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

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2016-05-17 8:33 PM

SOUTH AMERICA

MAY 23–29, 2016 / THE NORTHERN MINER

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Panoro derisks Antilla in Peru PANORO From 7

forecast in 2013 that its copper output would double in 2016, as companies brought online new projects. Some advanced or new mines in the district include China-backed MMG’s US$7-billion Las Bambas project; Glencore’s (LSE: GLEN) US$1.5-billion Antapaccay mine and Hudbay Minerals’ (TSX: HBM; NYSE: HBM) US$1.8-billion Constancia mine. Panoro's PEA proposes that a 40,000-tonne-per-day operation at Antilla could produce 81 million lb. copper and 1.9 million lb. molybdenum annually for 24 years. The mine would have a low strip ratio of 0.85-to-1 and direct cash costs of US$1.83 per lb. copper, net of by-product credits. Start-up costs are pegged at US$603 million, with another US$324 million in sustaining costs and US$92 million in mine-closure costs. This brings Antilla’s bill to US$1 billion. While the PEA results fit Shaheen’s expectations, he notes that “there are a number of areas where we think we can still improve the

project.” These areas include refining the metallurgy and tweaking the capital cost estimates for the infrastructure. (The PEA estimates US$85 million for infrastructure costs.) On an after-tax basis, Antilla has a modest net present value (NPV) of US$225 million and 15.1% internal rate of return (IRR), using a 7.5% discount rate and US$3 per lb. copper price, and US$12 per lb. moly price. Payback would occur in 4.1 years. Antilla’s PEA incorporates 291.8 million indicated tonnes grading 0.3% copper and 0.01% moly, or 0.4% copper equivalent, as well as 90.5 million inferred tonnes at 0.3% copper and 0.01% moly, or 0.3% copper equivalent. The estimate — completed by Tetra Tech in 2015 — includes a revised pit shell and a lower 0.2% copper-equivalent cut-off grade, compared to 0.2% previously. Panoro cautions the inferred resource is “too speculative geologically” to be considered economic. While pleased with the PEA results, Shaheen says the company’s priority is advancing the

Panoro Minerals’ Antilla copper-molybdenum project, 140 km southwest of Cuzco in southern Peru. PANORO MINERALS

larger Cotabambas project. An updated September 2015 PEA envisaged building Cotabambas as an 80,000-tonne-per-day open-pit operation — with a 17-year mine life — for US$1.5 billion. Using

metal prices of US$3 per lb. copper, US$1,250 per oz. gold and US$18.50 per oz. silver, the project has a US$683.9 million after-tax NPV at a 7.5% discount rate, and a 16.7% after-tax IRR.

Purchases Martha Mine to Become Argentina’s Next Gold Producer www.huntmining.com

Hunt Mining Prepares for Production

SANTA CRUZ, ARGENTINA - Hunt Mining’s President & CEO, Tim Hunt announced plans to commence operations at the Martha Mine in Q4 2016. “Recommissioning of the facilities at the Martha Mine are underway. We are excited to transition from exploration and development to becoming Argentina’s newest gold & silver producer! The acquisition of Martha and its mechanical infrastructure make it possible for our company to work with the mining authorities and local communities to build a bright future in Santa Cruz.”

TSXV:HMX Contact: Dean Stuart, Investor Relations (403) 617-7609 or dean@boardmarker.net

1 2 3 4 5 7 8 9 10 16_MAY23_Main .indd 10

In the near-term, Panoro intends to focus on three tasks that could add “significant value” to Cotabambas, Shaheen says. This includes stepout drilling to grow the current oxide resource to add a heap-leach solvent-extraction and electrowinning component; additional metallurgical testing to boost recoveries; and exploration drilling at Maria Jose, the closest target to the current resource. Panoro expects to start a prefeasibility study within two years, depending on the outcome of the tasks. Those tasks could add to the mine life, Shaheen says, adding that further exploration on Cotabambas’ eight other targets, if successful, could increase the project’s throughput. Under the streaming agreement, Silver Wheaton will match the amount Panoro raises for exploration at Cotabambas for a maximum US$3.5 million in the next two years, Shaheen says, noting the major will pay another US$3.5 million over that time. Silver Wheaton will pay the balance of the upfront cash payment of US$140 million during Cotabambas’ construction, and a production payment to receive 100% of the silver and 25% of the gold produced from the project. Panoro’s long-term goal has always been to advance both of its key projects to feasibility stage, before finding a partner or an acquirer to develop them. “We have been working on that route for nine years now, and we’ve advanced quite a bit,” Shaheen says. “The Antilla and Cotabambas projects together now really enhance the unique position that Panoro is in. We have two good copper projects in what I would argue is the pre-eminent copper district in the world, in a favourable regulatory environment. “Right now we’re satisfied that we’ve de-risked these two projects and are looking forward to improving both the projects before we set off into feasibility studies.” Commenting on the copper market, Shaheen estimates a surplus will remain in 2016 and 2017, before a structural shift pushes the market into a deficit and copper prices higher. “If you look at the world’s two largest copper producing nations — Chile and China — both of their copper production peaked and will start to decline. Two years out, there is a good fundamental reason to think that the copper price will be significantly stronger.” Spot copper was recently trading at US$2.24 per lb., below the US$3 per lb. long-term price used in both PEAs. Panoro closed May 3 flat at 18¢ per share, after gaining 9% a day earlier on Antilla’s PEA. TNM

2016-05-17 8:33 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / MAY 23–29, 2016

M E TA L S , M I N I N G A N D M O N EY M A R K E T S SPOT PRICES COURTESY OF SCOTIABANK Tuesday, May 17, 2016 Precious Metals Gold Silver Platinum Palladium Base Metals Nickel Copper Lead Zinc

Price (US$/oz.) Change $1270.10 +5.25 $17.08 +0.04 $1053.00 -17.00 $595.00 -3.00

Price (US$/tonne) Change $8750.00 +75.00 $4640.00 +12.00 $1716.00 -16.00 $1897.50 +3.50

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, May 16, 2016 (change from May 9, 2016 in brackets): Aluminium Alloy 14700 (-1680) Aluminium 2577775 (-34850) Copper 159025 (-575) Lead 173825 (+50) Nickel 406464 (-8226) Tin 6520 (+645) Zinc 390050 (-4250)

PRODUCER AND DEALER PRICES

TSX WARRANTS

Thermal Coal CAPP: US$43.63 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$40.50 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$9.35 Coal: CME Group Futures June 2016: US$43.50 July 2016: US$44.80 Cobalt: US$10.77/lb. Copper: US$2.10/lb. Copper: CME Group Futures June 2016: US$2.09/lb.; July 2016: US$2.09/lb Ferro-Chrome: US$1.77/kg Ferro Titanium: US$3.50/kg FerroTungsten: US$23.12/kg Ferrovanadium: US$14.70/kg Iridium: NY Dealer Mid-mkt US$520/tr oz. Iron Ore 62% Fe CFR China-S: US$53.80/tonne Iron Ore Fines: US$56.46/tonne Iron Ore Pellets: US$72.89/tonne Lead: US$0.77/lb. Magnesium: US$2.03/kg Manganese: US$2.01/kg Molybdenum Oxide: US$6.94/lb. Phosphate Rock: US$115.00/tonne Potash: US$269.00/tonne Rhodium: Mid-mkt US$675.00/tr. oz. Ruthenium: Mid-mkt US$42.00/tr. oz. Silver: Handy & Harman Base: US$17.26 per oz.; Handy & Harman Fabricated: US$21.57 per oz. Tantalite Ore: US$191.35/kg Tin: US$7.67/lb. Uranium: U3O8, Trade Tech spot price: US$27.60; The UX Consulting Company spot price: US$27.60/lb. Zinc: US$0.85/lb. Prices current May 17, 2016

Alamos Gold (AGI.WT) - Wt buys sh @ $28.47 to Aug 30/18 Coeur Mining (CDM.WT) - Exercisable on a cashless basis. See TSX Bulletin 2013-0377 for calculation. To Apr 16/17 Dalradian Resources (DNA.WT.A) - Wt buys sh @ $1.5 to Jul 31/17 Dundee Precious Metals (DPM.WT.A) - Wt buys sh @ $3.25 to Nov 20/15 Franco Nevada (FNW.WT.A) - Wt buys sh @ $75 to Jun 16/17 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 Ivanhoe Mines (IVN.WT) - Wt buys sh @ $1.8 to Dec 10/15 MBAC Fertilizer (MBC.WT) - Wt buys sh @ $1 to Apr 17/19 New Gold A J (NGD.WT.A) - Wt buys sh @ $15 to Jun 28/17 Newmarket Gold (NMI.WT) - Wt buys 4.07 sh @ $9.17 to Mar 24/16 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 Quest Rare Minerals (QRM.WT) - Wt buys sh @ $0.4 to Jul 17/17 Royal Nickel (RNX.WT) - Wt buys sh @ $0.8 to Jul 11/16 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 Vista Gold (VGZ.WT.U) - Wt buys sh @ $5 to Oct 22/15

TSX VENTURE WARRANTS Atlantic Gold (AGB.WT) - Wt buys sh @ $0.6 to Aug 20/18 Brazil Resources (BRI.WT) - Wt buys sh @ $0.75 to Dec 31/18 Jet Metal (JET.WT) - Wt buys sh @ $0.25 to Sep 16/19 Kilo Goldmines (KGL.WT) - Wt buys sh @ $0.15 to Mar 20/16 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 Monarques Gold (MQR.WT) - Wt buys sh @ $0.2 to Dec 14/15 NexGen Energy (NXE.WT) - Wt buys sh @ $0.65 to Mar 26/16 Oceanic Iron Ore (FEO.WT.A) - Wt buys sh @ $0.65 to Nov 30/15 Oceanic Iron Ore (FEO.WT.B) - Wt buys sh @ $1 to Nov 30/15 Sunridge Gold (SGC.WT) - Wt buys sh @ $0.35 to Oct 18/17 West African Resources (WAF.WT) - Wt buys sh @ $0.4 to Jan 17/17 West Kirkland Mining (WKM.WT) - Wt buys sh @ $0.3 to Apr 17/19

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

IndexName May 13 May 12 May 11 S&P/TSX Composite 13748.58 13787.80 13788.21 S&P/TSXV Composite 679.68 673.59 669.48 S&P/TSX 60 801.16 803.35 803.54 S&P/TSX Global Gold 224.43 220.48 225.88 S&P/TSX Metals & Mining 493.31 502.32 513.17

May 10 May 9 High Low 13775.19 13563.84 15527.30 12400.15 661.10 657.42 1050.26 883.52 804.03 790.85 896.74 709.99 222.35 215.78 218.90 149.29 486.88 473.75 954.68 691.69

NEW 52-WEEK HIGHS AND LOWS MAY 9–13, 2016 TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of May 13, 2016 (with changes from Apr 18, 2016) Largest short positions Lundin Mng LUN 46405998 2031242 Kinross Gold K 45115997 -1156579 Potash Corp SK POT 33865225 -91286 First Quantum FM 27273583 -3969150 B2Gold BTO 25948611 3489468 New Gold NGD 20924215 28685 Eldorado Gold ELD 18609395 -79313 Teck Res TCK.B 15530345 663460 Barrick Gold ABX 11750478 292564 IAMGOLD IMG 10772065 -460476 Suncor Energy SU 10695054 -657747 Silver Std Res SSO 9633458 1563923 Detour Gold DGC 9329551 -162837 Yamana Gold YRI 9018038 1552222 Goldcorp G 8663566 71710 Largest increase in short position Golden Star GSC 7638100 4399900 Nevsun Res NSU 3836485 3718090 B2Gold BTO 25948611 3489468 Americas Silvr USA 3071992 2294992 Asanko Gold AKG 3371940 2185486 Largest decrease in short position FM 27273583 -3969150 First Quantum Semafo SMF 642420 -3509635 K 45115997 -1156579 Kinross Gold Centerra Gold CG 3354062 -763810 Suncor Energy SU 10695054 -657747

Short positions outstanding as of May 13, 2016 (with changes from Apr 1, 2016) Largest short positions First Mg Fin FF 1214900 -500319 Nexgen Energy NXE 1140200 823700 Gold Reserve GRZ 875300 -216900 Santacruz Silv SCZ 361500 337900 Roxgold ROG 263781 239100 ATAC Res ATC 224085 185066 Golden Dawn Ml GOM 221500 -43500 IMPACT Silver IPT 140010 55872 Critical Elem CRE 130400 129900 Tango Mining TGV 127100 127000 Rogue Res RRS 123500 118200 Intact Gold ITG 75500 15500 Intact Gold ITG 75500 45500 Orca Gold ORG 50000 47000 Reservoir Mnls RMC 39200 -1200 Largest increase in short position NXE 1140200 823700 Nexgen Energy Santacruz Silv SCZ 361500 337900 Roxgold ROG 263781 239100 ATAC Res ATC 224085 185066 Critical Elem CRE 130400 129900 Largest decrease in short position FF 1214900 -500319 First Mg Fin Gold Reserve GRZ 875300 -216900 Kaminak Gold KAM 3765 -66935 Golden Dawn Ml GOM 221500 -43500 Aurcana Corp AUN 1200 -23700

DAILY METAL PRICES Daily Metal Prices Date May 16 May 13 May 12 May 11 May 10 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1520/1555 1540/1560 1520/1550 1510/1540 1510/1540 Aluminum 1525/1540 1525.50/1543.50 1544/1555 1559/1573 1542/1561 Copper 4640/4633 4659.50/4654 4743/4730 4747/4735 4709.50/4699 Lead 1701/1706 1723/1724 1750/1758 1784/1783 1748/1745 Nickel 8635/8650 8580/8610 8770/8820 8775/8825 8630/8680 Tin 16895/16850 16775/16795 17340/17200 17325/17275 17225/17125 Zinc 16895/16850 1870/1878 1909/1914 1890/1895 1848/1853

262 New Highs Abitibi Royalt Adamera Mnls Advance Gold African Queen Africo Res Agave Silver Agave Silver* Agnico Eagle Alamos Gold Aldever Res* Alexandria Min Alexandria Min* Algold Res* Almadex Min Alphamin Res Altair Gold Altiplano Mnls Am Creek Res American Lith Anfield Nickel Angel Gold* Appia Energy Aquila Res Aquila Res* Arcus Dev Grp Argus Metals* Armor Mnrls Asante Gold ATAC Res Atlatsa Res* Aura Silver Rs AuRico Metals Aurvista Gold* Auryn Res* Avrupa Mnls AZ Mining Barisan Gold* Barsele Min Barsele Min* Batero Gold Battle Mtn Gld Battle Mtn Gld* Benton Cap Benton Cap* Black Mam Mtls Blind Crk Res Blue Rvr Res Bluestone Res Bowmore Expl Bravada Gold* Braveheart Res* BrightRock Gld* Bullion Gld Res Candelaria Mg Cantex Mn Dev Canuc Res

Canuc Res* Cariboo Rose Carpathian Gld Carpathian Gld* Cartier Res Castle Peak Mg Chilean Metals Chilean Metals* Claude Res Claude Res* Coeur Mng* Colonial Coal Columbus Gold Columbus Gold* Comstock Mtls* Condor Res Coral Gold Crystal Pk Min Debut Dmds Detour Gold DRDGOLD* Duran Vent Eldorado Gold Endeavour Mng Endeavour Mng* Erdene Res Dev Erdene Res Dev* Eskay Mng Ethos Gold Ethos Gold* Finore Mng Fire River Gol* First Majestic First Majestic* Fortuna Silvr Fortuna Silvr* Galena Intl Rs Gldn Predator Gldn Predator* GMCI Corp* GMV Minerals* Gold Bulln Dev Gold Resource* Gold Std Vents Goldbank Mng Golden Arrow Golden Harp Golden Harp* Goldgroup Mng Goldgroup Mng* GoldON Res* Goldrea Res* Goldsource Min Goldsource Min* Graphite One Graphite One* Green Swan Cap Harvest Gold*

Hecla Mining* Homestake Res Homestake Res* Hunt Mng Hunt Mng* IAMGOLD IAMGOLD* IDM Mining IDM Mining* Independence G Independence G* Intact Gold* Integra Gold Integra Gold* Inventus Mg Jasper Mng Jiulian Res Kaminak Gold Kaminak Gold* Khan Res Kincora Copper Kingsmen Res* Kinross Gold Kirkland Lk Gd Kirkland Lk Gd* Klondike Gold Klondike Gold* Knick Expl Lara Expl Lucara Diam Luna Gold* Lund Enterpr Macarthur Mnl Macarthur Mnl* MAG Silver MAG Silver* MartinMarietta* Maxwell Res* McEwen Mng Metallis Res Metalo Manuf Mexus Gold* Midas Gold Midway Gold* Mineral Hill Mineral Mtn* Minnova Corp Montana Gold Napier Vent* Nemaska Lith Nemaska Lith* New Carolin Gd New Carolin Gd* New Gold New Gold* New Nadina Newmarket Gold Newmarket Gold*

Northisle C&G Northn Empire Northn Empire* Nrthn Freegold Nrthn Freegold* Nrthn Lion* NSGold Odin Mng & Exp Odin Mng & Exp* Orezone Gold Orezone Gold* Orocobre Orosur Mng Pac Bay Mnrls Pac Ridge Expl Pac Ridge Expl* Pan Am Silver Pan Am Silver* Pangolin Dia Panoro Mnrls Parallel Mng Peat Res Pedro Res Pelangio Expl* Pershing Gold* Pilot Gold Potash Ridge Potash Ridge* Precipitate Gl Pretium Res Pretium Res* Prospero Silvr QMX Gold* Richmont Mines Richmont Mines* Romios Gold Rs* Ross River Rouge Res Roxgold RT Minerals Rugby Mng Rusoro Mng* Saint Jean Saint Jean* Sandstorm Gold* Sarama Res Semafo Serengeti Res Sienna Res Silver Bear Rs Silver Grail Silver Pursuit Silver Std Res Silver Std Res* Southern Silvr Southern Silvr* Stakeholdr Gld Stakeholdr Gld*

Standard Graph Standard Graph* Starcore Intl Strategic Metl Stratton Res Strikepoint Gd* Sunridge Gold* Superior Coppr Syrah Res* Taku Gold Teranga Gold Terreno Res Teuton Res Teuton Res* Till Capital* TMAC Resource* Tres-Or Res TriMetals Mng Troy Res* Uravan Mnrls Vantex Res Venture Mnrls* Victoria Gold Wallbridge Mng West Red Lake West Red Lake* Western Troy C Westhaven Vent Westkam Gold* Xander Res Xtierra Zephyr Mnls

24 New Lows

ALX Uranium* American Pot* Argentex Mng Barisan Gold* Canada Coal Del Toro Silvr* East Africa * Geologix Expl Golden Band* Gonzaga Res Guerrero Vents* Horizon Mnls* Intact Gold* Irving Res* MDN Inc Nevada Egy Mtl Norsemont Cap Pershing Gold* Silver Dragon* Sky Ridge* Spruce Ridge R TMAC Resource* WPC Res* XLI Tech Inc*

CANADIAN GOLD MUTUAL FUNDS PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1281.00 1275.15 1268.30 1271.80 1264.85 1265.90 1279.25 1276.85 1262.80 Gold PM 1285.75 Silver 17.32 17.09 17.23 17.51 17.04 Platinum 1058.00 1042.00 1057.00 1067.00 1043.00 592.00 607.00 605.00 583.00 Palladium 591.00

EXCHANGE RATES Date May 13 May 12 May 11 May 10 May 09 US$ in C$ 1.2939 1.2847 1.2853 1.2910 1.2963 C$ in S$ 0.7729 0.7785 0.7781 0.7746 0.7714 Exchange rates (Quote Media, May 13, 2016) C$ to AUS C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand 1.0633 0.6835 83.9710 14.0408 11.9048 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 0.5381 5.0482 51.6585 0.7536 909.2588 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.3756 0.8843 108.6550 18.1701 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.6966 6.5320 67.0050 0.9755 1176.9000

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.$

11_MAY23_MMMM.indd 11

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

Fund May 13 ($) May 6 ($) Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) AGF Prec Mtls Fd MF 24.55 24.36 0.19 0.78 60.20 2.80 192.66 BMO Prec Mtls Fd A 19.80 19.82 -0.02 -0.09 64.92 2.40 72.79 11.45 11.59 -0.14 -1.24 74.67 0.63 119.06 BMO ZGD BMO ZJG 8.88 9.04 -0.15 -1.69 78.14 0.60 69.55 12.54 12.69 -0.16 -1.24 54.93 2.62 64.04 CIBC Prec Metal Fd A Dyn Prec Metls Fd A 7.17 7.05 0.12 1.70 69.53 2.66 388.68 Horizons HEP 29.60 0.34 1.18 62.89 0.80 IGMacGloPrecMetCl A 9.23 9.33 -0.10 -1.09 76.18 2.75 90.56 iShares XGD 14.03 14.29 -0.26 -1.84 76.60 0.61 744.60 Mac Prec Met Cl A 51.47 52.03 -0.56 -1.08 77.58 2.51 133.58 13.81 13.91 -0.10 -0.72 72.90 2.46 43.37 NB Prec Met Fd Inv RBC GblPreMetFd A 33.72 33.57 0.15 0.44 70.62 2.13 426.25 Sentry Pre Met Fd A 43.78 43.93 -0.15 -0.34 72.84 2.92 249.29 Sprott Gold&PrMinFdA 40.37 40.36 0.01 0.03 68.27 3.19 249.04 6.25 6.20 0.05 0.82 87.92 3.23 58.46 Sprott SilverEquCl A TD PreciousMetals-I 41.14 41.76 -0.62 -1.48 67.34 2.26 160.54

GLOBAL MINING NEWS · SINCE 1915

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2016-05-17 8:20 PM

WWW.NORTHERNMINER.COM

MAY 23–29, 2016 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: MAY 9–13, 2016 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A 92 Resources V 1210 0.08 0.07 0.08 - 0.01 0.13 0.03 Abcourt Mines* O 102 0.08 0.07 0.07 - 0.01 0.09 0.02 ABE Res V 71 0.03 0.00 0.02 - 0.01 0.08 0.02 Aben Res* O 128 0.07 0.05 0.06 - 0.02 100.52 0.03 Aben Res V 996 0.09 0.07 0.08 - 0.02 0.24 0.06 Aberdeen Intl* O 298 0.14 0.13 0.13 - 0.01 0.16 0.07 Aberdeen Intl T 608 0.18 0.16 0.17 - 0.01 0.24 0.10 Abitibi Royalt V 31 4.56 4.15 4.46 + 0.33 4.56 1.53 ABT Holdings* O 4 0.73 0.00 0.70 - 0.02 1.38 0.05 Active Growth V 88 0.08 0.06 0.06 - 0.02 0.10 0.02 Adamera Mnls* O 256 0.03 0.02 0.03 + 0.02 0.04 0.01 Adamera Mnls V 3011 0.06 0.04 0.06 + 0.03 0.06 0.01 Adriana Res V 1550 0.14 0.11 0.11 - 0.02 0.16 0.08 Advance Gold V 81 0.05 0.00 0.05 + 0.02 0.05 0.01 African Gold V 3729 0.09 0.07 0.09 - 0.01 0.10 0.03 African Metals V 26 0.10 0.05 0.06 + 0.01 0.11 0.02 African Queen V 739 0.04 0.03 0.04 + 0.01 0.04 0.01 Africo Res T 681 0.95 0.00 0.94 + 0.46 0.55 0.30 Agave Silver* O 212 0.06 0.04 0.05 + 0.01 0.06 0.01 Agnico Eagle T 3662 60.70 56.67 59.65 + 0.16 60.59 27.63 Agnico Eagle* N 13509 46.97 43.67 46.20 + 0.16 47.74 21.00 Agrium T 1435 114.24 108.36 111.89 + 2.96 139.99 104.70 Agrium* N 4566 89.36 83.49 86.49 + 2.09 110.13 79.94 Aguila Amer Gd V 752 0.10 0.08 0.08 - 0.02 0.12 0.03 Aim Explor* O 8 0.40 0.00 0.06 - 0.24 297.50 0.06 Alabama Graph* O 84 0.13 0.12 0.12 - 0.00 0.25 0.08 Alabama Graph V 686 0.17 0.15 0.16 - 0.01 0.31 0.11 Alacer Gold T 4072 3.50 3.12 3.33 - 0.11 3.57 2.08 Alamos Gold T 4481 9.28 8.35 8.69 - 0.32 9.28 3.27 Alamos Gold* N 9410 7.20 6.48 6.68 - 0.30 7.36 2.27 Alaska Pac Egy* O 1 0.05 0.00 0.05 + 0.00 0.20 0.00 Alberta Star* O 2 0.17 0.17 0.17 - 0.01 0.20 0.12 Alchemist Mng 208 0.07 0.05 0.05 - 0.02 0.08 0.01 Alcoa* N 113339 9.86 9.18 9.20 - 0.84 13.65 6.14 Alderon Iron T 164 0.13 0.12 0.13 - 0.01 0.30 0.07 Aldershot Res V 10 0.04 0.00 0.04 + 0.01 0.04 0.01 Aldever Res* O 55 0.11 0.08 0.11 + 0.03 0.20 0.08 Aldever Res V 3336 0.16 0.12 0.14 + 0.02 0.32 0.09 Aldridge Mnrls V 283 0.15 0.15 0.15 + 0.01 0.20 0.12 0.08 + 0.00 0.15 0.06 Aldrin Res* O 10 0.08 0.07 Aldrin Res V 159 0.13 0.10 0.13 + 0.02 0.19 0.08 Alexander Nubi* O 52 0.04 0.03 0.03 - 0.01 0.11 0.03 Alexandria Min V 3811 0.07 0.06 0.07 + 0.01 0.07 0.02 Alexandria Min* O 508 0.06 0.04 0.06 + 0.01 0.06 0.01 Alexco Res T 676 1.61 1.45 1.49 - 0.09 1.63 0.35 Alexco Res* X 1816 1.26 1.11 1.17 - 0.06 1.31 0.22 Algold Res V 372 0.23 0.19 0.20 - 0.01 0.30 0.07 Algold Res* O 45 0.15 0.15 0.15 + 0.00 0.15 0.07 Alianza Min* O 10 0.15 0.13 0.13 - 0.02 0.24 0.07 Alianza Min V 11 0.19 0.00 0.18 - 0.01 0.30 0.10 Alix Res V 592 0.08 0.07 0.07 - 0.01 0.10 0.04 Alix Res* O 42 0.07 0.05 0.05 - 0.02 0.07 0.03 Alliance Res* D 1576 15.34 14.01 14.71 - 0.78 32.71 9.95 Alloycorp Mng V 203 0.07 0.06 0.07 + 0.01 0.50 0.05 Almaden Mnls T 198 1.60 1.32 1.50 + 0.04 1.80 0.65 Almaden Mnls* X 1799 1.25 1.00 1.12 - 0.01 1.42 0.48 Almonty Ind V 157 0.40 0.28 0.37 + 0.09 0.86 0.21 Alpha Nat Res* O 6715 0.02 0.01 0.01 - 0.00 0.79 0.01 Alphamin Res V 617 0.24 0.20 0.24 + 0.01 0.24 0.11 Altai Res V 239 0.08 0.08 0.08 - 0.01 0.09 0.05 Altair Gold V 116 0.60 0.49 0.60 + 0.03 0.60 0.06 Altan Nev Mnls V 108 0.01 0.01 0.01 + 0.01 0.03 0.01 Altan Rio Mnls V 126 0.02 0.02 0.02 + 0.01 0.03 0.01 Alternative ER V 4 0.06 0.00 0.06 + 0.01 0.08 0.03 O 5 0.05 0.03 0.03 - 0.02 0.06 0.02 Alternative ER* Altiplano Mnls V 118 0.14 0.14 0.14 + 0.01 0.19 0.04 Altius Mnrls T 205 10.54 10.06 10.35 - 0.09 15.47 7.39 Alto Vent V 605 0.08 0.05 0.06 + 0.01 0.08 0.02 Alumina Inc* O 33 4.02 3.80 3.86 - 0.21 5.47 2.70 ALX Uranium V 708 0.10 0.09 0.10 - 0.01 0.15 0.06 ALX Uranium* O 48 0.10 0.06 0.07 - 0.02 0.10 0.03 Am Creek Res V 2797 0.12 0.07 0.09 + 0.01 0.12 0.03 Am CuMo Mng* O 332 0.11 0.07 0.08 + 0.00 0.12 0.04 Am CuMo Mng V 1090 0.15 0.09 0.09 - 0.01 0.15 0.06 AM Gold V 30 0.25 0.00 0.25 - 0.02 0.45 0.07 AM Gold* O 1 0.29 0.21 0.21 - 0.08 0.29 0.07 Am Manganese V 498 0.02 0.02 0.02 + 0.01 0.05 0.01 Am Manganese* O 202 0.01 0.01 0.01 - 0.00 0.04 0.01 Amarc Res* O 158 0.05 0.04 0.04 - 0.01 0.12 0.02 Amarc Res V 170 0.07 0.07 0.07 - 0.01 0.15 0.04 Amarillo Gold V 981 0.41 0.27 0.32 - 0.08 0.41 0.04 Amazing OG* O 18 0.38 0.00 0.30 - 0.08 1.25 0.29 Amer Vanadium* O 19 0.07 0.05 0.05 - 0.02 0.08 0.05 American Lith* O 15 0.93 0.88 0.88 - 0.00 0.95 0.19 American Lith V 1072 1.25 1.09 1.11 - 0.02 1.25 0.05 Americas Petro V 686 0.26 0.23 0.24 - 0.01 0.33 0.15 Americas Silvr T 6924 0.38 0.34 0.35 - 0.03 0.40 0.09 Americas Silvr* O 1019 0.30 0.26 0.27 - 0.02 0.32 0.04 Amerigo Res T 1179 0.15 0.12 0.13 - 0.02 0.45 0.10 0.10 - 0.02 0.36 0.07 Amerigo Res* O 80 0.12 0.10 Amex Expl V 135 0.07 0.00 0.06 - 0.01 0.08 0.02 Anaconda Mng* O 67 0.05 0.04 0.05 + 0.01 0.06 0.02 Andes Gold* O 272 0.01 0.00 0.00 - 0.00 1.00 0.00 Anfield Nickel V 2134 1.39 0.86 1.34 + 0.45 1.39 0.52 Angel Gold V 87 0.09 0.07 0.08 - 0.01 0.09 0.01 Angel Gold* O 214 0.07 0.06 0.06 + 0.00 0.07 0.01 Angkor Gold V 155 0.47 0.44 0.45 - 0.01 0.64 0.38 Anglo American* O 217 8.43 8.00 8.14 - 1.53 16.99 3.13 Anglo American* O 741 4.46 3.99 4.09 - 0.56 5.76 1.57 Anglo-Bomarc V 48 0.15 0.12 0.14 - 0.01 0.30 0.10 AngloGold Ash* O 5 15.22 0.00 15.22 - 0.45 15.67 6.45 AngloGold Ash* N 21993 15.67 13.87 15.15 - 1.22 16.63 5.64 Anthem United V 80 0.22 0.16 0.17 - 0.03 0.46 0.14 Antofagasta* O 10 6.92 5.86 5.86 - 1.01 12.30 5.24 Apogee Silver V 66 0.39 0.27 0.39 + 0.10 0.65 0.11 Apogee Silver* O 6 0.29 0.20 0.29 + 0.03 0.45 0.08 Appia Energy 127 0.30 0.13 0.30 + 0.17 0.30 0.01 Applied Mrnls* O 26 0.19 0.15 0.18 - 0.01 0.68 0.11 AQM Copper V 330 0.09 0.07 0.09 + 0.01 0.15 0.03 Aquila Res* O 595 0.20 0.14 0.18 + 0.04 0.20 0.09 Aquila Res T 671 0.27 0.18 0.23 + 0.04 0.25 0.12 Arbitrage Expl 22 0.06 0.00 0.03 - 0.03 0.11 0.01 Arco Res V 2 0.05 0.00 0.05 - 0.01 0.09 0.03 Arco Res* O 2 0.05 0.05 0.05 + 0.02 0.07 0.03 Arctic Star V 13239 0.05 0.02 0.02 - 0.02 0.10 0.01 Arcus Dev Grp V 205 0.06 0.03 0.05 + 0.01 0.06 0.01 Arena Mnls V 861 0.32 0.27 0.32 + 0.01 0.34 0.15 Argentex Mng V 333 0.10 0.00 0.10 + 0.02 0.13 0.02 Argentex Mng* O 237 0.08 0.06 0.08 + 0.02 0.10 0.01 Argentum Silvr V 56 0.07 0.05 0.06 - 0.01 0.12 0.02 Argex Titanium T 1705 0.04 0.03 0.04 - 0.01 0.43 0.02 Argex Titanium* O 73 0.03 0.02 0.03 + 0.01 0.35 0.01 Argonaut Gold T 5638 3.12 2.57 2.99 + 0.21 3.14 0.78 Argonaut Gold* O 218 2.41 1.99 2.30 + 0.12 2.46 0.53 Argus Metals* O 6 0.05 0.05 0.05 + 0.00 0.05 0.01 Argus Metals V 35 0.09 0.07 0.08 - 0.01 0.11 0.02 Arian Silver* O 64 0.06 0.01 0.06 + 0.04 0.51 0.00 Arianne Phosph V 418 1.17 1.04 1.08 - 0.09 1.25 0.68 Arianne Phosph* O 219 0.90 0.81 0.84 - 0.06 0.98 0.52 Armor Mnrls V 3 0.16 0.00 0.16 + 0.01 0.16 0.10 Asanko Gold* X 2132 3.48 3.03 3.32 - 0.05 3.49 1.27 Asanko Gold T 2913 4.45 3.92 4.28 - 0.06 4.49 1.77 Asante Gold 220 0.20 0.07 0.09 - 0.08 0.20 0.05 Ascot Res V 198 1.13 1.00 1.13 + 0.05 2.00 0.80 Ashburton Vent V 9536 0.06 0.04 0.05 - 0.01 0.07 0.01 Ashburton Vent* O 80 0.05 0.03 0.03 - 0.01 0.06 0.00 Asiamet Res V 216 0.05 0.04 0.05 - 0.01 0.08 0.01 Aston Bay V 236 0.39 0.35 0.37 - 0.03 0.42 0.08 Astorius Res V 154 0.03 0.01 0.03 + 0.02 0.04 0.01 ATAC Res V 1584 0.82 0.71 0.81 + 0.04 0.82 0.26 Atacama Pac Gd V 668 0.35 0.25 0.35 + 0.07 0.49 0.14 Athabasca Mnls* O 17 0.19 0.16 0.17 - 0.02 0.61 0.12 Athabasca Nclr V 547 0.10 0.07 0.08 - 0.01 0.14 0.02 Athena Silver* O 30 0.09 0.05 0.09 + 0.00 0.12 0.02 Atico Mng V 94 0.43 0.36 0.43 - 0.01 0.65 0.16 Atico Mng* O 50 0.33 0.00 0.33 + 0.01 0.51 0.12 Atlanta Gold* O 34 0.08 0.00 0.07 - 0.01 0.09 0.03 Atlanta Gold V 171 0.10 0.09 0.09 - 0.01 0.11 0.05 Atlantic Gold V 743 0.66 0.59 0.63 - 0.02 0.73 0.17 Atlatsa Res T 89 0.10 0.07 0.09 + 0.02 0.16 0.03 Atlatsa Res* O 68 0.08 0.05 0.06 + 0.01 0.14 0.02 Atna Res Ltd* O 2851 0.00 0.00 0.00 - 0.00 0.10 0.00 Atom Energy V 84 0.05 0.05 0.05 + 0.01 0.13 0.03 Augustine Vent 131 0.08 0.07 0.08 + 0.01 0.09 0.03 Aura Mnls T 206 0.28 0.24 0.28 + 0.03 0.31 0.06 Auramex Res V 13 0.03 0.02 0.02 - 0.01 0.03 0.01 Aurania Res V 27 0.50 0.41 0.41 - 0.09 0.60 0.30 Aurcana Corp* O 236 0.25 0.21 0.24 - 0.00 0.32 0.07 Aurcana Corp V 750 0.32 0.26 0.30 - 0.04 0.41 0.09 Aureus Mng T 18852 0.13 0.06 0.07 - 0.06 0.83 0.05 Aureus Mng* O 874 0.11 0.04 0.06 - 0.05 0.68 0.05 AuRico Metals * O 451 0.80 0.68 0.79 + 0.05 0.81 0.34 AuRico Metals T 1097 1.03 0.89 1.01 + 0.05 1.02 0.47 Aurion Res V 326 0.14 0.12 0.14 + 0.02 0.19 0.03 Aurvista Gold V 1830 0.15 0.11 0.14 - 0.01 0.15 0.03 Aurvista Gold* O 90 0.11 0.07 0.11 + 0.04 0.11 0.02 Auryn Res* O 808 1.71 1.28 1.70 + 0.38 1.71 0.70 Avalon Adv Mat* O 232 0.19 0.18 0.19 - 0.01 0.27 0.07 Avalon Rare Mt T 1780 0.25 0.22 0.23 - 0.03 0.33 0.10 Avarone Metals* O 60 0.09 0.07 0.07 - 0.02 0.09 0.07 Avino Silver* X 2261 1.55 1.23 1.50 + 0.16 1.61 0.71 Avino Silver V 411 2.00 1.60 1.93 + 0.21 2.02 1.03 Avnel Gold T 2571 0.32 0.28 0.32 + 0.02 0.34 0.18 AXE Expl V 2032 0.03 0.02 0.02 - 0.01 0.03 0.01 Axmin Inc* O 860 0.02 0.02 0.02 + 0.01 0.06 0.00 AZ Mining T 915 1.29 1.18 1.25 + 0.05 1.29 0.22 Azarga Uranium* O 5 0.25 0.25 0.25 + 0.00 0.29 0.18 Azimut Expl V 418 0.36 0.30 0.32 - 0.01 0.44 0.10 Azincourt Uran* O 15 0.05 0.04 0.04 - 0.01 0.07 0.02 Azincourt Uran V 156 0.06 0.00 0.06 + 0.01 0.12 0.04

B B2Gold* X 12963 B2Gold T 30805 Bacanora Mnls V 100 Baja Mng* O 326 Balmoral Res T 3376 Balmoral Res* O 1335 Bama Gold 22 Bannerman Res T 355 Banro T 1389 Banro* X 6036

12-13_MAY23_StockTables.indd 12

2.21 1.90 2.17 + 0.08 2.31 0.60 2.86 2.46 2.80 + 0.09 2.88 0.86 1.57 1.37 1.48 - 0.03 2.05 1.16 0.02 0.01 0.01 + 0.01 0.03 0.00 0.88 0.60 0.88 + 0.23 1.01 0.33 0.69 0.47 0.69 + 0.18 0.81 0.23 0.15 0.00 0.13 - 0.03 0.20 0.07 0.04 0.03 0.03 - 0.01 0.06 0.03 0.46 0.40 0.42 - 0.04 0.48 0.21 0.36 0.31 0.33 - 0.02 0.40 0.15

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Bard Vent V 89 Barisan Gold* O 170 Barkerville Go* O 494 Barkerville Go V 1720 Barrick Gold T 19842 Barrick Gold* N 72353 Barsele Min V 371 Barsele Min* O 21 Batero Gold V 248 Battle Mtn Gld V 615 Battle Mtn Gld* O 146 Bayhorse Silvr* O 272 Bayhorse Silvr V 813 Bayswater Uran* O 949 Bayswater Uran V 589 BCM Res V 75 Bear Creek Mng V 643 Beaufield Res V 335 Beaufield Res* O 71 Beeston Ent* O 110 Bell Copper V 752 Bellhaven Cp&G V 226 Bellhaven Cp&G* O 20 Belmont Res V 106 Belo Sun Mng T 4702 Belvedere Res V 206 Benton Cap* O 28 Benton Cap V 14181 Benton Res V 960 Benz Cap V 260 Berkwood Res V 731 Besra Gold* O 1595 Big North Grap* O 8 Bison Gold Res V 10 Bitterroot Res V 159 Black Hills* N 1810 Black Iron T 884 Black Isle Res V 8 19 Black Mam Mtls V Black Widow Rs V 608 Blackheath Res V 240 139 Blind Crk Res V Blue Rvr Res V 2628 Blue Sky Uran V 401 Bluestone Res V 43 BonTerra Res* O 15 BonTerra Res V 1906 Borneo Res Inv* O 2284 Bowmore Expl V 598 Bravada Gold* O 49 Bravada Gold V 93 V 125 Braveheart Res Bravura Vent 168 541146 Brazil Mnrls* O Brazil Res V 2742 BrightRock Gld* O 110 Brionor Res V 42 Britannia Mng* O 507 Brixton Mtls* O 14 Brixton Mtls V 185 Buenaventura* N 12145 Bullfrog Gold* O 68 Bullion Gld Res V 69

0.02 0.02 0.02 + 0.01 0.03 0.01 0.02 0.01 0.02 + 0.01 0.03 0.01 0.43 0.37 0.40 - 0.02 0.51 0.15 0.54 0.49 0.51 - 0.03 0.63 0.20 24.20 22.26 23.86 + 0.03 24.43 7.89 18.75 17.21 18.41 - 0.06 19.50 5.91 0.58 0.45 0.58 + 0.13 0.58 0.08 0.39 0.34 0.39 + 0.04 0.39 0.05 0.15 0.13 0.14 + 0.01 0.15 0.05 0.64 0.51 0.59 + 0.08 0.64 0.09 0.49 0.39 0.44 + 0.04 0.49 0.06 0.11 0.09 0.11 - 0.01 0.13 0.03 0.16 0.11 0.14 - 0.02 0.20 0.05 0.02 0.00 0.02 - 0.00 0.04 0.00 0.04 0.02 0.03 - 0.01 0.05 0.01 0.31 0.28 0.28 - 0.03 0.32 0.02 2.44 2.01 2.32 + 0.10 2.68 0.50 0.11 0.09 0.09 - 0.01 0.11 0.03 0.08 0.08 0.08 + 0.00 0.09 0.02 0.00 0.00 0.00 + 0.00 0.02 0.00 0.03 0.02 0.02 - 0.01 0.05 0.01 0.34 0.24 0.25 - 0.14 0.40 0.03 0.24 0.00 0.21 + 0.01 0.33 0.02 0.09 0.00 0.08 + 0.01 0.12 0.02 0.91 0.84 0.84 - 0.09 1.05 0.15 0.03 0.02 0.03 + 0.01 0.06 0.01 0.10 0.04 0.10 + 0.05 0.07 0.01 0.15 0.05 0.15 + 0.08 0.15 0.02 0.06 0.05 0.06 + 0.01 0.06 0.03 0.03 0.02 0.03 - 0.01 0.13 0.01 0.02 0.01 0.01 - 0.01 0.02 0.01 0.01 0.01 0.01 - 0.00 0.08 0.00 0.03 0.01 0.03 + 0.02 0.06 0.01 0.15 0.15 0.15 - 0.01 0.63 0.12 0.04 0.03 0.04 + 0.01 0.10 0.03 61.34 59.88 60.44 - 0.83 62.26 36.81 0.05 0.04 0.04 - 0.01 0.06 0.03 0.04 0.00 0.04 - 0.01 0.05 0.03 0.08 0.00 0.07 - 0.02 0.10 0.02 0.04 0.03 0.04 + 0.01 0.08 0.01 0.14 0.12 0.12 - 0.02 0.30 0.08 0.07 0.00 0.07 + 0.02 0.07 0.03 0.08 0.06 0.07 - 0.01 0.08 0.03 0.08 0.06 0.06 - 0.02 0.19 0.04 0.16 0.11 0.11 - 0.05 0.16 0.05 0.34 0.30 0.33 + 0.01 0.37 0.08 0.45 0.40 0.44 + 0.04 0.51 0.09 0.00 0.00 0.00 - 0.00 0.05 0.00 0.15 0.09 0.14 + 0.05 0.15 0.03 0.14 0.11 0.12 + 0.02 0.14 0.01 0.17 0.14 0.16 - 0.01 0.18 0.02 0.07 0.05 0.06 - 0.01 0.08 0.02 0.07 0.00 0.07 + 0.01 0.08 0.02 0.00 0.00 0.00 - 0.00 0.00 0.00 1.55 1.34 1.49 - 0.06 1.76 0.38 0.00 0.00 0.00 + 0.00 0.00 0.00 0.02 0.02 0.02 - 0.01 0.03 0.01 0.00 0.00 0.00 - 0.00 0.01 0.00 0.31 0.26 0.28 - 0.06 0.35 0.03 0.43 0.34 0.43 - 0.01 0.45 0.05 10.11 8.90 10.03 - 0.01 12.40 3.30 0.04 0.04 0.04 - 0.00 0.05 0.01 0.13 0.08 0.13 + 0.05 0.15 0.05

C Cache Expl V 483 0.14 0.10 0.14 + 0.03 0.16 0.05 0.07 + 0.01 0.08 0.03 Cadan Res V 22 0.07 0.00 0.03 + 0.01 0.04 0.01 Cadillac Vent V 1409 0.03 0.02 Caledonia Mng* Q 92 1.02 0.91 0.99 - 0.03 1.12 0.48 T 187 1.30 1.17 1.28 - 0.06 1.45 0.66 Caledonia Mng Calibre Mng V 1021 0.14 0.13 0.13 - 0.01 0.17 0.06 Calico Res* O 114 0.11 0.08 0.09 - 0.02 0.12 0.05 0.12 - 0.01 0.16 0.06 Calico Res V 238 0.12 0.10 California Gld* O 778 0.05 0.04 0.04 - 0.01 0.10 0.02 Callinex Mines* O 560 0.40 0.33 0.37 - 0.00 0.44 0.17 Callinex Mines V 783 0.52 0.41 0.45 - 0.04 0.54 0.23 11.57 - 0.05 17.28 10.31 Cameco Corp* N 8544 12.24 11.44 14.97 - 0.05 20.83 14.56 Cameco Corp T 4621 15.64 14.86 CanAlaska Uran V 327 0.48 0.41 0.48 + 0.07 0.52 0.09 O 28 0.36 0.32 0.36 + 0.04 0.40 0.06 CanAlaska Uran* Canamex Res V 822 0.06 0.05 0.05 - 0.01 0.10 0.03 Canamex Res* O 555 0.05 0.04 0.04 - 0.01 0.07 0.02 0.07 - 0.04 0.15 0.04 Canarc Res T 22706 0.10 0.06 Canarc Res* Q 5547 0.08 0.04 0.06 - 0.02 0.12 0.03 Canasil Res V 885 0.26 0.22 0.25 + 0.01 0.28 0.03 Cancana Res V 117 0.21 0.18 0.20 + 0.02 0.32 0.13 0.15 + 0.03 0.20 0.06 Candelaria Mg V 198 0.20 0.06 Candente Coppr T 96 0.10 0.09 0.09 - 0.01 0.11 0.03 Candente Gold V 197 0.04 0.03 0.04 + 0.01 0.05 0.01 O 178 0.03 0.02 0.03 + 0.00 0.04 0.00 Candente Gold* CaNickel Mng V 19 0.10 0.00 0.08 - 0.01 0.14 0.03 13 0.06 0.00 0.05 - 0.01 0.06 0.02 Canoe Mng Vent V 0.05 + 0.01 0.09 0.03 Canterra Mnls V 33 0.05 0.04 Cantex Mn Dev V 55 0.08 0.00 0.06 - 0.01 0.08 0.03 0.20 + 0.07 0.30 0.05 Canuc Res V 552 0.20 0.12 Canuc Res* O 155 0.12 0.10 0.12 + 0.01 0.11 0.05 Canyon Copper V 74 0.02 0.01 0.02 + 0.01 0.06 0.01 0.30 - 0.10 0.54 0.02 Canyon Gold* O 49 0.40 0.30 Capstone Mng T 3412 0.76 0.63 0.63 - 0.14 1.57 0.27 Cardero Res T 86 0.15 0.12 0.15 + 0.04 0.30 0.08 Cardero Res* O 8 0.10 0.00 0.10 + 0.02 0.15 0.05 0.08 + 0.03 0.08 0.03 Cariboo Rose V 1649 0.08 0.05 0.05 + 0.02 0.05 0.01 Carpathian Gld 37511 0.05 0.04 Carpathian Gld* O 2331 0.04 0.03 0.03 + 0.01 0.04 0.00 0.16 + 0.05 0.16 0.04 Cartier Res V 62 0.16 0.12 Carube Copper V 158 0.10 0.09 0.09 + 0.01 0.21 0.05 Cascadero Copp V 3749 0.12 0.10 0.10 - 0.01 0.12 0.02 0.02 + 0.01 0.02 0.01 Cassius Vents V 16 0.02 0.01 311 0.53 0.48 0.52 + 0.01 0.61 0.18 Castle Mtn Mng V Castle Mtn Mng* O 7 0.46 0.40 0.40 - 0.06 0.47 0.14 Castle Peak Mg V 645 0.04 0.03 0.03 + 0.01 0.04 0.01 Castle Res 7 0.02 0.00 0.02 - 0.01 0.15 0.01 Catalyst Coppr V 171 0.50 0.46 0.49 - 0.01 0.56 0.10 Cava Res V 200 0.07 0.07 0.07 + 0.01 0.25 0.04 Caza Gold* O 9 0.03 0.02 0.03 + 0.01 0.04 0.01 CB Gold V 172 0.14 0.10 0.10 - 0.04 0.15 0.03 Cda Carbon V 548 0.30 0.27 0.30 + 0.01 0.42 0.23 Cda Carbon* O 23 0.23 0.23 0.23 - 0.00 0.28 0.18 Cda Rare Earth* O 9 0.03 0.03 0.03 + 0.00 0.03 0.01 Cda Rare Earth V 1871 0.04 0.03 0.03 - 0.01 0.04 0.02 Cda Zinc Mtls V 379 0.17 0.14 0.17 + 0.01 0.29 0.10 Cdn Arrow V 374 0.01 0.01 0.01 + 0.01 0.01 0.01 Cdn Metals 384 0.39 0.33 0.35 - 0.03 0.44 0.06 Cdn Platinum V 105 0.02 0.01 0.02 + 0.01 0.02 0.01 Cdn Zinc* Q 746 0.18 0.15 0.17 - 0.00 0.23 0.04 Cdn Zinc T 1316 0.24 0.20 0.22 - 0.02 0.29 0.06 Centamin T 194 2.21 1.97 2.09 - 0.21 2.30 1.07 Centaurus Diam* O 36 0.28 0.25 0.27 - 0.01 0.34 0.01 Centerra Gold T 2810 7.73 7.06 7.55 + 0.05 8.67 5.51 Century Global T 36 0.24 0.23 0.24 + 0.01 0.37 0.15 Cerro Grande* O 124 0.05 0.03 0.04 - 0.00 0.05 0.00 Cerro Grande 23 0.05 0.00 0.05 - 0.01 0.05 0.01 Cerro Mng V 6 0.03 0.00 0.03 + 0.02 0.03 0.01 Chalice Gold M T 580 0.16 0.15 0.16 - 0.01 0.21 0.09 Champion Bear V 15 0.06 0.06 0.06 + 0.01 0.15 0.03 Champion Iron T 478 0.25 0.23 0.24 - 0.01 0.30 0.07 Chesapeake Gld* O 92 2.89 2.54 2.79 + 0.13 3.20 1.05 Chesapeake Gld V 140 3.70 3.30 3.45 + 0.04 4.00 1.39 Chevron* N 35084 102.42 99.08 100.74 - 1.12 108.33 69.58 Chiboug Ind Mn V 540 0.04 0.02 0.03 - 0.01 0.05 0.02 Chilean Metals* O 48 0.11 0.07 0.11 + 0.04 0.11 0.00 Chilean Metals V 390 0.14 0.09 0.14 + 0.02 0.14 0.02 China Gold Int T 1533 2.56 2.26 2.40 - 0.11 2.72 1.52 Cibolan Gold* O 96 0.08 0.06 0.08 - 0.01 0.16 0.03 CKR Carbon V 125 0.09 0.08 0.08 - 0.01 0.20 0.06 Claude Res T 6357 2.29 1.95 2.25 + 0.10 2.22 0.51 Claude Res* O 1383 1.77 1.51 1.74 + 0.07 1.76 0.39 Clifton Mng* O 169 0.14 0.11 0.14 + 0.02 0.22 0.05 Cloud Peak En* N 6050 2.12 1.86 1.87 - 0.26 6.93 1.08 CMC Metals* O 21 0.07 0.07 0.07 - 0.03 0.10 0.07 CMC Metals V 197 0.12 0.10 0.11 - 0.02 0.53 0.05 Coeur Mng* N 22554 8.73 7.11 8.48 + 0.58 8.73 1.62 Colibri Res* O 27 0.12 0.09 0.09 - 0.02 0.12 0.02 Colibri Res V 27 0.14 0.13 0.13 - 0.03 0.16 0.02 Colombia Crest V 951 0.01 0.01 0.01 + 0.01 0.01 0.01 Colombian Mins V 101 0.06 0.06 0.06 - 0.02 0.09 0.02 Colonial Coal V 1162 0.18 0.12 0.14 + 0.02 0.18 0.02 Colorado Res* O 66 0.30 0.28 0.30 + 0.00 0.32 0.02 Colorado Res V 1045 0.40 0.35 0.39 - 0.01 0.40 0.05 Colt Res V 1041 0.10 0.08 0.08 - 0.02 0.29 0.08 Columbus Gold* O 355 0.51 0.41 0.49 + 0.00 0.51 0.23 Columbus Gold T 595 0.66 0.54 0.62 + 0.02 0.65 0.31 Commander Res V 317 0.04 0.04 0.04 - 0.01 0.05 0.01 O 42 0.07 0.06 0.06 - 0.00 0.10 0.04 Commerce Res* Comstock Mng* X 1855 0.44 0.38 0.40 - 0.03 0.78 0.35 Comstock Mtls V 2034 0.04 0.03 0.04 + 0.01 0.04 0.01 Comstock Mtls* O 373 0.04 0.02 0.04 + 0.01 0.04 0.01 Condor Res V 151 0.10 0.08 0.08 - 0.01 0.10 0.02 Confedertn Mls V 1564 0.08 0.06 0.06 - 0.02 0.09 0.02 Confedertn Mls* O 50 0.06 0.05 0.06 + 0.01 0.06 0.01 Conquest Res V 707 0.02 0.02 0.02 - 0.01 0.04 0.01 Cons Woodjam V 114 0.05 0.05 0.05 - 0.01 0.09 0.02 CONSOL Energy* N 29433 15.64 13.68 14.32 - 0.57 32.20 4.54 Constant Mtl V 566 0.09 0.08 0.09 + 0.01 0.17 0.05 Contintl Gold* O 83 2.00 1.79 2.00 + 0.12 2.65 0.88 2.51 + 0.12 3.28 1.28 Contintl Gold T 3093 2.58 2.30 Contintl Prec* O 5 0.27 0.25 0.25 - 0.02 0.32 0.18 Contintl Prec T 41 0.35 0.00 0.33 - 0.02 0.45 0.25 421 0.13 0.13 0.13 - 0.01 0.24 0.11 Copper Fox Mtl V Copper Fox Mtl* O 40 0.10 0.09 0.10 - 0.01 0.19 0.08 Copper Lake Rs V 27 0.06 0.00 0.05 - 0.01 0.09 0.03 Copper Mtn Mng* O 28 0.39 0.00 0.38 - 0.02 1.29 0.23 Copper Mtn Mng T 2029 0.51 0.46 0.46 - 0.05 1.53 0.33 Copper One V 356 0.04 0.00 0.03 - 0.01 0.15 0.03 Copperbank Res* O 50 0.04 0.02 0.03 - 0.01 0.05 0.01 Coral Gold V 295 0.23 0.15 0.20 + 0.02 0.23 0.05 Cordoba Mnls V 274 0.85 0.70 0.83 + 0.08 1.00 0.10 Corex Gold V 1600 0.16 0.11 0.13 - 0.06 0.19 0.03 Cornerstone Ca V 360 0.06 0.05 0.06 + 0.01 0.08 0.02 Cornerstone Ca* O 128 0.05 0.04 0.04 - 0.00 0.06 0.01 Cornerstone Mt V 751 0.03 0.02 0.02 - 0.01 0.04 0.01 Coro Mining T 8103 0.13 0.09 0.09 - 0.03 0.21 0.02 Coronet Mtls V 448 0.07 0.07 0.07 - 0.01 0.12 0.03 Corsa Coal V 753 0.07 0.05 0.07 + 0.02 0.13 0.02

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Corvus Gold T 121 Corvus Gold* O 35 Crazy Horse Res* O 20 Critical Elem* O 77 Critical Elem V 1060 Crown Mining V 494 Crystal Pk Min V 292 Crystal Pk Min* O 363 Currie Rose Rs V 81 Cypress Dev V 203 Cypress Dev* O 164

0.96 0.86 0.94 - 0.01 1.12 0.33 0.75 0.66 0.72 + 0.01 0.89 0.25 0.02 0.01 0.01 - 0.00 0.02 0.00 0.27 0.24 0.27 + 0.01 0.28 0.10 0.35 0.31 0.34 + 0.02 0.35 0.14 0.16 0.13 0.13 - 0.05 0.20 0.03 0.40 0.35 0.39 + 0.01 0.40 0.13 0.31 0.28 0.31 + 0.00 0.31 0.11 0.02 0.00 0.01 - 0.01 0.02 0.01 0.16 0.14 0.15 - 0.02 0.20 0.02 0.13 0.10 0.12 - 0.01 0.16 0.01

Dajin Res V 2963 Dajin Res* O 3687 Dakota Ter Res* O 92 Daleco Res* O 110 Dalradian Res* O 561 Dalradian Res T 2786 Danakali* O 167 Darnley Bay V 498 Debut Dmds 481 Decade Res* O 1026 Decade Res V 1495 Defiance Silvr* O 487 Defiance Silvr V 2013 Del Toro Silvr* O 4388 Denison Mines T 2290 Denison Mines* X 1264 Desert Star V 220 Detour Gold T 4941 Diamante Min* O 107 Diamcor Mng* O 3 Dios Expl V 252 Discovery Harb V 2071 DNI Metals 597 DNI Metals* O 26 Dolly Vard Sil* O 118 Dominion Diam T 649 Dominion Diam* N 1288 Dorex Mnrls V 525 Double Crn Res* O 3587 Doubleview Cap V 231 DRDGOLD* N 2935 Dundee Prec Mt T 1386 Duran Vent V 708 Durango Res* O 87 DuSolo Fertil V 667 DV Resources V 78 Dynacor Gld Mn T 331 O 26 Dynasty Met&Mn* Dynasty Met&Mn T 404 Eagle Graphite* O 28 Eagle Plains V 556 East Africa * O 83 East Africa V 344 Eastern Platin* O 14 Eastern Platin T 3561 Eastfield Res V 58 Eastmain Res T 4143 63 Eco Oro Mnls T Ecuador Gold V 31 Edgewater Expl V 61 El Capitan Prc* O 2914 El Nino Vent V 79 Elcora Res V 234 Eldorado Gold* N 53567 Eldorado Gold T 29558 Electra Stone V 6082 Ely Gold & Mnl* O 358 371 Ely Gold & Mnl V Elysee Dev V 59 Emerita Res V 2326 Emgold Mng V 97 Emgold Mng* O 65 Encanto Potash* O 56 Endeavour Mng* O 76 Endeavour Mng T 2577 Endeavr Silver* N 10801 Endeavr Silver T 1675 Energizer Res T 1819 Energizer Res* O 507 Energy Fuels T 318 Energy Fuels* X 788 Ensurge* O 45 Entree Gold T 136 Entree Gold* X 539 Equitas Res V 2977 Equitas Res* O 222 Era Res Inc V 37 Erdene Res Dev T 5153 Erdene Res Dev* O 152 Eros Res Corp V 47 Eros Res Corp V 47 Eskay Mng V 1580 Ethos Gold* O 70 Ethos Gold V 556 Eurasian Mnls* X 318 Eurasian Mnls V 195 Eureka Res V 171 EurOmax Res V 174 EurOmax Res* O 8 Europn Uran Rs* O 88 Everton Res V 545 Everton Res* O 117 Evolving Gold 104 Evolving Gold* O 104 Excalibur Res* O 16 Excalibur Res 402 Excellon Res* O 231 Excellon Res T 1086 Excelsior Mng* O 338 Excelsior Mng V 441 Exeter Res* X 1042 Exeter Res T 177 90 ExGen Res Inc V Expedition Mng* O 53 Explor Res* O 64 Explor Res V 694 Falco Res V 2833 Fancamp Expl V 1733 Far Res 3052 Fieldex Expl V 1152 Finlay Minrls V 145 Fire River Gol* O 1 Firebird Res V 737 Firesteel Res V 75 Firestone Vent V 604 Firma Holdings* O 108 First Bauxite V 273 First Colombia* O 18649 First Liberty* O 1251 First Majestic T 8610 First Majestic* N 27166 First Mexican V 1252 V 4167 First Mg Fin First Mg Fin * O 4137 First Point T 160 First Quantum T 39475 V 574 Fission 3.0 Fission Uran T 2069 Fission Uran* O 549 Flinders Res* O 291 Flinders Res V 458 Focus Graphite V 2325 O 296 Focus Graphite* Focus Vent V 331 Foran Mng V 155 Formation Mtls T 569 Forsys Metals T 2032 Fortescue Mtls* O 18 Fortuna Silvr T 2889 Fortuna Silvr* N 4223 Fortune Bay T 73 Fortune Mnrls T 2324 O 219 Fortune Mnrls* Forum Uranium V 710 Forum Uranium* O 393 Four River V 70 Fox River Res 179 Franco-Nevada* N 4505 Franco-Nevada T 2621 Franklin Mng* O 20 Freegold Vent T 3313 Freeport McMo* N 215921 Fresnillo plc* O 26 Full Metal Mnl V 20 Fura Emeralds V 45

0.28 0.21 0.23 - 0.02 0.30 0.06 0.21 0.16 0.18 - 0.02 0.24 0.04 0.07 0.06 0.06 - 0.01 0.17 0.05 0.05 0.04 0.04 - 0.01 0.10 0.01 0.93 0.85 0.86 - 0.06 1.04 0.45 1.18 1.10 1.11 - 0.11 1.32 0.62 0.24 0.23 0.24 + 0.01 0.40 0.17 0.06 0.00 0.06 + 0.02 0.06 0.01 0.03 0.00 0.03 + 0.01 0.03 0.01 0.05 0.04 0.04 - 0.01 0.05 0.00 0.07 0.05 0.06 + 0.01 0.07 0.01 0.19 0.15 0.18 - 0.01 0.20 0.04 0.25 0.20 0.23 - 0.03 0.26 0.06 0.00 0.00 0.00 - 0.00 0.04 0.00 0.70 0.61 0.65 - 0.05 1.13 0.48 0.54 0.47 0.50 - 0.03 0.92 0.35 0.05 0.05 0.05 + 0.01 0.17 0.03 30.50 28.02 28.77 - 0.60 30.50 10.62 0.25 0.17 0.24 + 0.01 1.03 0.17 0.87 0.84 0.87 + 0.02 1.15 0.46 0.16 0.11 0.13 - 0.03 0.19 0.04 0.02 0.01 0.02 + 0.01 0.07 0.01 0.05 0.00 0.05 - 0.01 0.10 0.04 0.04 0.03 0.04 + 0.00 0.14 0.03 0.25 0.18 0.20 - 0.02 0.30 0.08 14.40 13.62 13.78 - 0.45 24.27 9.96 11.17 10.50 10.65 - 0.38 19.81 7.27 0.03 0.00 0.03 + 0.01 0.04 0.01 0.02 0.01 0.02 + 0.00 0.02 0.01 0.08 0.07 0.08 + 0.01 0.18 0.06 5.92 4.85 5.70 + 0.51 5.92 1.10 3.00 2.83 2.90 - 0.12 3.14 0.84 0.20 0.02 0.12 + 0.02 0.20 0.07 0.11 0.10 0.10 + 0.02 0.15 0.02 0.04 0.04 0.04 + 0.01 0.22 0.03 0.04 0.03 0.03 - 0.01 0.06 0.03 2.16 1.93 2.14 + 0.04 2.32 1.30 0.22 0.16 0.16 - 0.04 0.60 0.08 0.23 0.19 0.19 - 0.03 0.78 0.10 0.03 0.02 0.03 + 0.00 0.07 0.01 0.10 0.09 0.09 - 0.02 0.11 0.05 0.12 0.00 0.10 - 0.03 0.13 0.02 0.15 0.12 0.14 + 0.02 0.16 0.03 0.87 0.68 0.86 + 0.18 1.71 0.47 1.16 0.90 1.15 + 0.19 2.24 0.61 0.04 0.03 0.04 + 0.01 0.05 0.02 0.54 0.48 0.52 - 0.01 0.54 0.28 0.43 0.35 0.36 - 0.06 0.81 0.25 0.36 0.31 0.31 - 0.05 0.40 0.10 0.04 0.03 0.03 - 0.01 0.04 0.01 0.05 0.03 0.04 - 0.01 0.16 0.03 0.03 0.00 0.03 + 0.01 0.03 0.01 0.48 0.40 0.43 - 0.04 0.75 0.15 5.05 4.14 4.87 + 0.76 5.25 1.87 6.53 5.38 6.33 + 1.02 6.39 2.67 0.09 0.05 0.09 + 0.04 0.14 0.04 0.11 0.09 0.10 - 0.00 0.12 0.02 0.14 0.12 0.12 - 0.01 0.17 0.03 0.23 0.21 0.22 - 0.01 0.24 0.17 0.08 0.07 0.07 + 0.01 0.08 0.02 0.03 0.03 0.03 - 0.01 0.04 0.01 0.02 0.02 0.02 + 0.00 0.03 0.00 0.10 0.09 0.10 + 0.00 0.14 0.03 14.31 13.35 14.30 + 0.29 14.31 4.40 18.55 17.25 18.53 + 0.53 18.50 4.35 3.95 3.45 3.67 - 0.23 4.28 1.00 5.08 4.48 4.74 - 0.33 5.36 1.46 0.10 0.09 0.09 - 0.01 0.13 0.03 0.08 0.07 0.07 - 0.00 0.10 0.03 2.89 2.68 2.77 - 0.05 6.59 2.47 2.25 2.06 2.14 - 0.03 5.35 1.81 0.02 0.02 0.02 - 0.00 0.09 0.01 0.45 0.39 0.43 - 0.01 0.61 0.25 0.35 0.30 0.33 - 0.00 0.51 0.17 0.08 0.06 0.07 - 0.01 0.22 0.05 0.06 0.04 0.05 - 0.01 0.17 0.02 0.29 0.00 0.29 - 0.05 0.50 0.09 0.55 0.37 0.50 + 0.17 0.55 0.11 0.42 0.28 0.39 + 0.14 0.42 0.08 0.19 0.00 0.17 + 0.01 0.20 0.09 0.19 0.00 0.17 + 0.01 0.20 0.09 0.20 0.14 0.18 + 0.06 0.20 0.01 0.26 0.20 0.26 + 0.05 0.26 0.09 0.34 0.27 0.34 + 0.06 0.34 0.11 0.83 0.76 0.83 - 0.01 0.95 0.35 1.08 0.97 1.08 + 0.03 1.19 0.48 0.13 0.08 0.10 - 0.03 0.13 0.03 0.54 0.48 0.52 - 0.03 0.58 0.21 0.36 0.36 0.36 - 0.07 0.46 0.15 0.01 0.01 0.01 + 0.00 0.02 0.00 0.05 0.05 0.05 - 0.01 0.07 0.01 0.04 0.04 0.04 - 0.00 0.06 0.00 0.22 0.19 0.20 + 0.01 0.25 0.02 0.17 0.15 0.15 - 0.02 0.23 0.02 0.03 0.02 0.03 + 0.01 0.04 0.00 0.06 0.04 0.05 + 0.01 0.06 0.01 1.04 0.89 0.91 - 0.12 1.13 0.14 1.34 1.15 1.18 - 0.18 1.40 0.20 0.29 0.25 0.28 + 0.00 0.31 0.12 0.37 0.32 0.36 + 0.02 0.39 0.19 0.97 0.81 0.87 - 0.03 1.07 0.29 1.25 1.05 1.13 + 0.01 1.34 0.39 0.01 0.01 0.01 + 0.01 0.03 0.01 0.17 0.15 0.15 - 0.02 0.22 0.15 0.18 0.15 0.18 + 0.00 0.18 0.03 0.23 0.19 0.19 - 0.01 0.24 0.04 0.59 0.54 0.59 + 0.02 0.61 0.21 0.05 0.04 0.05 - 0.01 0.05 0.02 0.12 0.09 0.10 - 0.01 0.13 0.02 0.03 0.02 0.03 - 0.01 0.05 0.01 0.04 0.03 0.03 - 0.01 0.05 0.02 0.77 0.00 0.77 + 0.77 0.77 0.00 0.04 0.03 0.03 - 0.01 0.05 0.01 0.02 0.02 0.02 + 0.01 0.05 0.01 0.03 0.02 0.03 - 0.01 0.04 0.01 0.07 0.00 0.07 + 0.02 0.25 0.02 0.05 0.00 0.05 + 0.01 0.09 0.03 0.00 0.00 0.00 + 0.00 0.00 0.00 0.00 0.00 0.00 + 0.00 0.00 0.00 13.99 12.07 13.83 + 0.45 13.99 3.50 10.89 9.29 10.70 + 0.34 10.89 2.40 0.04 0.03 0.04 + 0.01 0.07 0.02 0.82 0.72 0.77 - 0.02 0.84 0.25 0.64 0.55 0.60 - 0.03 0.67 0.19 0.08 0.00 0.07 - 0.01 0.10 0.04 9.49 7.95 8.38 - 0.93 18.69 2.15 0.09 0.08 0.09 + 0.01 0.14 0.06 0.66 0.64 0.65 - 0.02 1.17 0.53 0.52 0.49 0.50 - 0.01 0.99 0.39 0.34 0.31 0.31 - 0.01 0.47 0.09 0.44 0.38 0.41 + 0.05 0.60 0.12 0.17 0.14 0.14 - 0.03 0.30 0.07 0.14 0.11 0.11 - 0.02 0.25 0.04 0.08 0.07 0.08 + 0.01 0.24 0.05 0.17 0.14 0.16 - 0.01 0.29 0.05 0.40 0.32 0.33 + 0.01 0.47 0.09 0.07 0.06 0.07 - 0.01 0.23 0.06 2.15 2.11 2.13 - 0.20 2.80 1.00 8.60 7.77 8.14 - 0.24 8.60 2.65 6.69 5.99 6.28 - 0.19 6.69 2.00 0.36 0.33 0.36 + 0.03 0.43 0.25 0.13 0.10 0.12 - 0.01 0.14 0.02 0.10 0.08 0.09 - 0.01 0.11 0.01 0.16 0.12 0.16 + 0.04 0.20 0.04 0.13 0.09 0.12 + 0.02 0.14 0.03 0.22 0.20 0.20 - 0.02 0.23 0.05 0.05 0.05 0.05 - 0.01 0.06 0.03 70.39 66.97 67.74 - 2.50 71.48 38.20 90.70 86.58 87.66 - 2.93 91.61 49.96 0.00 0.00 0.00 + 0.00 0.00 0.00 0.22 0.17 0.20 - 0.02 0.27 0.05 11.98 10.29 10.41 - 1.38 22.96 3.52 16.26 15.00 15.90 + 0.12 16.56 8.70 0.05 0.05 0.05 + 0.01 0.07 0.02 0.16 0.14 0.16 + 0.02 0.25 0.08

G4G Res V 37 Gabriel Res T 136 Galane Gold V 3336 Galantas Gold V 578 Galore Res V 70 Galway Gold V 343 Galway Mtls* O 82 Galway Mtls V 465 Garibaldi Res V 765 GB Minerals V 49 Gem Intl Res V 964 General Moly T 17 General Moly* X 593 Genesis Mtls V 275 Genius Props 747 Gensource Pot V 620 Geodex Mnrls V 28 Geologix Expl V 753 Geomega Res V 139 O 158 Geomega Res* Getty Copper V 49 GGL Res V 75

0.06 0.06 0.06 - 0.01 0.10 0.03 0.21 0.19 0.21 + 0.01 0.48 0.12 0.05 0.04 0.05 - 0.01 0.13 0.03 0.11 0.00 0.10 - 0.02 0.18 0.07 0.02 0.02 0.02 + 0.01 0.03 0.01 0.06 0.06 0.06 + 0.01 0.11 0.04 0.12 0.10 0.11 - 0.01 0.13 0.06 0.18 0.14 0.14 - 0.02 0.18 0.09 0.09 0.08 0.08 - 0.01 0.18 0.05 0.10 0.07 0.09 + 0.01 0.12 0.02 0.07 0.05 0.07 - 0.01 0.10 0.04 0.51 0.47 0.47 - 0.03 1.00 0.22 0.41 0.30 0.35 - 0.06 0.82 0.15 0.21 0.19 0.21 + 0.01 0.22 0.05 0.04 0.03 0.04 + 0.01 0.12 0.02 0.09 0.08 0.09 + 0.01 0.12 0.04 0.08 0.08 0.08 - 0.01 0.35 0.05 0.07 0.06 0.06 - 0.01 0.07 0.02 0.18 0.16 0.18 + 0.01 0.29 0.06 0.15 0.12 0.12 - 0.02 0.15 0.03 0.03 0.00 0.02 - 0.01 0.05 0.02 0.04 0.03 0.03 - 0.01 0.05 0.01

D-F

G-H

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Gitennes Expl V 92 O 287 Gldn Predator* Gldn Predator V 798 Glencore Plc* O 1463 Global Hunter V 323 Global Mnrls V 9 Globex Mng T 121 Globex Mng* O 50 GMCI Corp* O 3 O 5 GMV Minerals* GMV Minerals V 32 V 12 GobiMin GoGold Res T 523 Gold & Silver* O 6185 611 Gold Bulln Dev* O Gold Bulln Dev V 1599 O 1148 Gold Dynamics* 26200 Gold Fields* N 703 Gold Jub Cap V Gold Lakes* O 20 Gold Mng USA* O 1465 206 Gold Mtn Mng V 78 Gold Reach Res V Gold Reserve* O 301 Gold Reserve V 117 X 4070 Gold Resource* Gold Ridge Exp V 1235 Gold Std Vents* X 3230 Gold Std Vents V 1787 V 109 Goldbank Mng Goldbelt Emp V 250 T 16339 Goldcorp Goldcorp* N 47500 Golden Arrow V 4700 Golden Band* O 126 V 106 Golden Cariboo Golden Dawn Ml V 3467 179 Golden Dawn Ml* O V 603 Golden Goliath O 100 Golden Goliath* Golden Harp V 59 Golden Hope V 64 Golden Hope* O 99 Golden Matrix* O 1290 Golden Mnls T 299 Golden Mnls* X 2628 O 536 Golden Queen* Golden Queen T 189 Golden Reign V 624 Golden Secret V 830 174 Golden Sh Mng V Golden Star T 1398 13841 Golden Star* X Golden Tag V 255 Golden Valley V 364 Goldex Res V 75 Goldeye Expl V 118 T 6286 Goldgroup Mng O 3247 Goldgroup Mng* GoldON Res V 54 V 1849 GoldQuest Mng Goldrea Res 11 Goldrea Res* O 6 O 1446 Goldsource Min* V 2625 Goldsource Min Goldstar Mnls V 206 V 520 Goldstrike Res GoviEx Uranium 481 Gowest Gold* O 418 Gowest Gold V 3230 GPM Metals V 541 O 244 Gran Colombia* T 1337 Gran Colombia V 38 Grande Portage O 1146 Graphite Corp* Graphite One V 13753 Graphite One* O 3984 Great Atlantic V 592 153 Great Bear Res V Great Lakes Gr V 1590 465 Great Lakes Gr* O Great Panther T 2670 X 9413 Great Panther* 175 Great Quest Fe V Great Thunder V 311 O 533 Great Western* Green Arrow V 692 379 Green Valley M V O 307 Greenland M&En* Grizzly Gold* O 87 158 GTA Res & Mng V O 105 Guerrero Vents* V 2224 Guerrero Vents Gungnir Res V 1221 Gungnir Res* O 610 Gunpoint Expl V 13 T 4884 Guyana Gldflds GWR Res V 192 180 Happy Ck Mnrls V 31 Hard Creek Ni V 18961 N Harmony Gold* Harvest Gold* O 1 V 99 Hawkeye Gld&Di 51140 Hecla Mining* N Helio Res V 356 Hellix Vent* O 39 O 24 Hemcare Health* Heron Res T 49 HFX Holding V 15 Highbank Res V 419 V 322 Highland Copp O 116 Highland Copp* 140 Highway 50 Gld V Hinterland Mtl V 441 O 123 Hochschild Mg* O 887 Homestake Res* V 7092 Homestake Res 222 Honey Badger E V T 100 Horizonte Mnls 119 Hornby Bay Mnl V Houston Lake V 95 HudBay Mnls* N 1316 HudBay Mnls T 9366 Hudson Res V 56 Hudson Res* O 15 Hunt Mng V 568 Hunt Mng* O 35

0.01 0.01 + 0.01 0.01 0.01 0.01 0.06 0.26 - 0.02 0.29 0.29 0.24 0.07 0.44 + 0.06 0.48 0.48 0.31 1.95 3.64 - 0.53 9.48 3.94 3.64 0.01 0.03 - 0.02 0.07 0.04 0.03 0.02 0.09 + 0.01 0.30 0.09 0.00 0.17 0.32 + 0.03 0.37 0.32 0.30 0.13 0.24 - 0.00 0.27 0.24 0.24 0.20 2.30 + 0.30 2.30 2.30 0.20 0.06 0.12 - 0.04 0.16 0.15 0.12 0.05 0.19 + 0.02 0.20 0.19 0.16 0.27 0.44 + 0.02 0.47 0.44 0.00 0.94 1.45 + 0.09 1.67 1.58 1.34 0.01 0.00 0.01 + 0.00 5200.00 0.00 0.09 0.08 0.08 - 0.01 0.09 0.01 0.12 0.10 0.12 + 0.01 0.12 0.02 0.00 0.00 + 0.00 0.01 0.00 0.00 2.04 4.24 - 0.38 4.76 4.47 4.04 0.21 0.19 0.19 - 0.03 0.28 0.07 0.03 0.60 - 0.15 1.25 0.77 0.52 0.04 0.01 0.03 + 0.02 0.19 0.01 0.18 0.10 0.10 - 0.06 0.18 0.02 0.20 0.15 0.18 - 0.02 0.25 0.08 2.19 4.85 - 0.08 5.90 5.05 4.68 3.06 6.21 - 0.14 8.00 6.49 6.09 1.14 3.45 + 0.07 3.64 3.64 3.05 0.07 0.05 0.07 + 0.01 0.08 0.01 1.62 1.38 1.49 - 0.17 1.65 0.26 2.05 1.78 1.92 + 0.06 2.05 0.40 0.03 0.11 + 0.03 0.12 0.12 0.00 0.02 0.07 + 0.02 0.10 0.07 0.07 13.55 23.25 - 1.53 25.35 24.58 22.92 17.96 - 1.23 20.24 9.46 19.08 17.77 0.17 0.68 + 0.17 0.74 0.74 0.50 0.00 0.00 - 0.00 0.01 0.00 0.00 0.03 0.06 - 0.02 0.08 0.08 0.06 0.13 0.09 0.13 + 0.03 0.21 0.07 0.10 0.08 0.10 + 0.02 0.14 0.06 0.01 0.03 - 0.01 0.05 0.04 0.03 0.00 0.03 - 0.01 0.04 0.03 0.02 0.03 0.12 + 0.07 0.12 0.12 0.00 0.13 0.18 - 0.02 0.64 0.20 0.17 0.10 0.14 - 0.01 0.50 0.15 0.14 0.08 0.01 0.06 + 0.04 3000.00 0.01 0.19 0.63 - 0.01 1.22 0.68 0.58 0.13 0.47 - 0.01 0.94 0.53 0.44 0.48 1.29 - 0.09 1.56 1.36 1.23 0.65 1.65 - 0.11 2.00 1.75 1.56 0.07 0.20 + 0.03 0.20 0.20 0.17 0.02 0.52 - 0.05 0.67 0.57 0.44 0.22 0.20 0.20 - 0.02 0.26 0.03 0.21 0.81 - 0.06 1.05 0.87 0.73 0.14 0.62 - 0.05 0.84 0.67 0.56 0.02 0.08 - 0.01 0.09 0.08 0.07 0.07 0.18 + 0.01 0.19 0.18 0.16 0.10 0.40 + 0.06 0.60 0.40 0.35 0.02 0.04 + 0.01 0.06 0.04 0.03 0.05 0.20 + 0.08 0.18 0.21 0.11 0.03 0.16 + 0.06 0.16 0.16 0.08 0.03 0.20 - 0.06 0.36 0.29 0.20 0.09 0.30 - 0.02 0.37 0.34 0.28 0.02 0.05 - 0.03 0.11 0.07 0.00 0.02 0.06 + 0.02 0.05 0.06 0.05 0.11 0.30 + 0.06 0.30 0.32 0.24 0.13 0.40 + 0.08 0.40 0.40 0.30 0.01 0.04 - 0.03 0.07 0.07 0.04 0.07 0.18 + 0.01 0.21 0.18 0.17 0.04 0.09 + 0.01 0.19 0.09 0.08 0.04 0.08 - 0.00 0.10 0.08 0.06 0.05 0.09 - 0.01 0.12 0.10 0.09 0.08 0.22 + 0.02 0.33 0.24 0.19 0.04 0.08 + 0.00 0.35 0.08 0.07 0.06 0.10 + 0.01 0.43 0.10 0.09 0.04 0.08 - 0.03 0.14 0.10 0.07 0.00 0.01 + 0.00 0.02 0.01 0.00 0.07 0.17 + 0.02 0.18 0.18 0.14 0.05 0.13 + 0.01 0.14 0.14 0.11 0.03 0.04 + 0.01 0.14 0.04 0.03 0.04 0.00 0.04 + 0.01 0.08 0.01 0.08 0.07 0.08 + 0.01 0.15 0.06 0.06 0.06 0.06 - 0.01 0.12 0.04 0.40 2.27 - 0.09 2.82 2.50 2.09 0.30 1.75 - 0.09 2.25 1.94 1.61 0.20 0.17 0.20 + 0.02 0.63 0.11 0.01 0.06 + 0.01 0.11 0.06 0.05 0.00 0.00 - 0.00 0.01 0.00 0.00 0.03 0.04 - 0.01 0.10 0.05 0.04 0.02 0.02 0.02 - 0.01 0.02 0.01 0.01 0.03 - 0.00 0.17 0.04 0.03 0.01 0.05 + 0.01 0.06 0.05 0.03 0.06 0.05 0.06 + 0.01 0.08 0.02 0.01 0.02 - 0.01 0.02 0.02 0.02 0.01 0.02 - 0.01 0.05 0.03 0.02 0.01 0.03 + 0.01 0.04 0.03 0.03 0.00 0.02 + 0.00 0.03 0.03 0.02 0.13 0.27 - 0.03 0.30 0.29 0.27 2.48 7.63 - 0.08 7.80 7.78 6.33 0.02 0.05 + 0.01 0.08 0.05 0.04 0.13 0.12 0.13 + 0.01 0.17 0.08 0.05 0.00 0.04 + 0.01 0.08 0.01 0.53 3.32 - 0.36 4.19 3.49 3.15 0.00 0.03 + 0.03 0.03 0.03 0.03 0.03 0.06 - 0.03 0.10 0.08 0.06 1.45 4.36 + 0.07 4.52 4.52 3.92 0.02 0.06 - 0.01 0.07 0.07 0.06 0.00 0.02 + 0.01 0.06 0.02 0.01 0.01 0.07 - 0.00 0.80 0.12 0.07 0.07 0.11 - 0.01 0.14 0.12 0.11 0.01 0.07 + 0.03 0.15 0.07 0.07 0.04 0.04 - 0.01 0.21 0.05 0.04 0.07 0.07 - 0.02 0.21 0.09 0.07 0.07 0.07 - 0.00 0.13 0.07 0.07 0.24 0.18 0.23 - 0.01 0.24 0.05 0.01 0.03 + 0.01 0.04 0.03 0.02 0.59 1.97 + 0.10 2.30 2.02 1.65 0.01 0.07 + 0.03 0.11 0.11 0.05 0.01 0.10 + 0.04 0.15 0.15 0.05 0.03 0.03 0.03 - 0.01 0.04 0.01 0.02 0.04 - 0.01 0.06 0.04 0.00 0.04 0.00 0.03 - 0.01 0.10 0.03 0.13 0.27 - 0.02 0.40 0.30 0.27 4.28 3.67 3.74 - 0.35 10.08 1.56 5.48 4.75 4.83 - 0.46 12.37 2.26 0.34 0.47 - 0.01 0.55 0.49 0.46 0.26 0.37 + 0.03 0.43 0.37 0.34 0.02 0.13 + 0.07 0.18 0.18 0.06 0.01 0.10 + 0.05 0.11 0.14 0.05

I-Minerals V 100 I-Minerals* O 314 36523 IAMGOLD* N IAMGOLD T 21987 Iberian Mnrls V 2651 IC Potash* O 174 IDM Mining V 7096 IDM Mining* O 965 IMPACT Silver V 1170 O 240 Impala Platnm* 198 Imperial Metal T 8 Imperial Metal* O Inca One Gold V 4686 42 Inca One Gold* O 89 Inception Mng * O O 38 Independence G* V 1472 Independence G Indico Res V 381 Infrastructure* O 187 Inspiration Mg 21 O 2 Inspiration Mg* Intact Gold* O 129 Intact Gold V 4757 Integra Gold* O 3189 V 262 Inter-Rock Mnl Intgr Egy Sol* O 755319 Intigold Mines V 353 460 Intl Bethl Mng V Intl Lithium* O 141 Intl Lithium V 997 Intl Montoro V 366 910 Intl Tower Hil* X 319 T Intl Tower Hil Intrepid Pots* N 14841 INV Metals T 334 INV Metals* O 10 Inventus Mg V 932 InZinc Mining V 407 O 216 Ireland* 3 Iron South Mng V Ironside Res V 250 Irving Res 141 Irving Res* O 39 Ivanhoe Mines T 6419 O 803 Ivanhoe Mines* J.A.G. Mines V 586 Jaguar Mng* O 875 Jaguar Mng V 1317 Jasper Mng V 140 Jaxon Mnls V 157 Jayden Res V 11 Joshua Gold* O 92 Kairos Cap V 276 O 26 Kaizen Discvry* V 347 Kaizen Discvry O 4153 Kaminak Gold* Kaminak Gold V 16472 V 185 Kapuskasing Gd Karmin Expl V 38 Karnalyte Res T 103 Katanga Mng T 140 Kennady Diam V 346 Kerr Mines* O 269 Kerr Mines T 1539 Kesselrun Res V 401

0.16 0.24 - 0.02 0.37 0.24 0.22 0.14 0.17 - 0.03 0.28 0.18 0.17 1.15 3.79 + 0.13 3.95 3.95 3.33 1.50 4.90 + 0.16 5.03 5.11 4.31 0.04 0.05 - 0.01 0.11 0.05 0.05 0.03 0.05 - 0.00 0.23 0.06 0.05 0.07 0.23 + 0.06 0.24 0.24 0.16 0.04 0.18 + 0.05 0.19 0.19 0.12 0.11 0.71 - 0.05 0.80 0.79 0.66 1.45 3.29 - 0.37 5.59 3.46 3.11 5.78 4.85 5.73 + 0.52 12.81 3.92 4.45 3.75 4.45 + 0.41 10.40 2.81 0.06 0.05 0.05 - 0.02 0.25 0.05 0.05 0.03 0.03 - 0.01 0.21 0.03 0.24 0.00 0.15 - 0.14 0.30 0.15 0.04 0.13 + 0.02 0.12 0.13 0.10 0.06 0.16 + 0.04 0.17 0.17 0.12 0.03 0.07 - 0.01 0.16 0.08 0.06 0.01 0.01 + 0.00 0.02 0.01 0.01 0.02 0.08 + 0.03 0.10 0.08 0.00 0.01 0.03 + 0.02 0.10 0.03 0.02 0.10 0.10 - 0.03 0.14 0.14 0.10 0.02 0.15 - 0.03 0.18 0.18 0.14 0.18 0.53 + 0.01 0.58 0.58 0.49 0.01 0.13 + 0.01 0.14 0.13 0.12 0.00 0.00 0.00 - 0.00 0.00 0.00 0.07 0.07 - 0.01 0.29 0.08 0.07 0.08 0.03 0.04 - 0.03 0.10 0.02 0.01 0.21 + 0.02 0.55 0.21 0.19 0.03 0.27 + 0.03 0.38 0.29 0.23 0.02 0.03 - 0.01 0.09 0.03 0.03 0.67 0.58 0.64 - 0.02 0.75 0.18 0.89 0.74 0.85 - 0.05 0.95 0.26 1.62 0.85 1.31 + 0.29 12.75 0.65 0.08 0.63 - 0.07 0.80 0.70 0.60 0.08 0.47 - 0.08 0.56 0.48 0.47 0.02 0.28 + 0.04 0.29 0.28 0.10 0.04 0.09 - 0.01 0.14 0.11 0.08 0.15 0.20 - 0.09 0.51 0.29 0.17 0.05 0.00 0.05 - 0.01 0.08 0.04 0.02 0.04 + 0.01 0.15 0.04 0.03 0.11 0.20 + 0.02 0.20 0.20 0.15 0.09 0.14 + 0.01 0.15 0.15 0.00 0.53 1.08 + 0.06 1.36 1.11 0.96 0.36 0.83 + 0.04 1.08 0.86 0.74 0.01 0.01 - 0.01 0.04 0.02 0.01 0.07 0.29 - 0.01 0.32 0.29 0.23 0.12 0.37 - 0.01 0.40 0.37 0.30 0.02 0.08 + 0.04 0.08 0.08 0.04 0.01 0.08 + 0.01 0.09 0.08 0.07 0.03 0.09 + 0.01 0.14 0.09 0.08 0.04 0.15 - 0.00 0.30 0.15 0.15 0.01 0.03 + 0.02 0.03 0.03 0.02 0.06 0.17 - 0.01 0.21 0.18 0.17 0.08 0.24 + 0.01 0.28 0.24 0.20 0.47 1.91 + 0.43 2.01 2.01 1.38 0.61 2.50 + 0.60 2.58 2.58 1.79 0.02 0.06 - 0.01 0.09 0.07 0.06 0.15 0.32 + 0.01 0.40 0.32 0.30 0.52 2.06 - 0.15 4.15 2.35 1.97 0.13 0.16 + 0.01 0.27 0.16 0.15 2.35 3.56 - 0.04 5.95 3.79 3.50 0.01 0.05 - 0.01 0.12 0.06 0.04 0.02 0.06 - 0.01 0.15 0.07 0.06 0.02 0.14 - 0.02 0.17 0.15 0.11

I-J-K

2016-05-17 7:21 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 23â&#x20AC;&#x201C;29, 2016

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

Week

12-month

Exc Volume High Low Last Change High Low

Khan Res 1069 Kilo Goldmines* O 105 Kingsmen Res* O 17 Kinross Gold* N 95954 Kinross Gold T 43982 Kirkland Lk Gd* O 279 Kirkland Lk Gd T 4316 Kiska Metals* O 263 Kitrinor Mtls V 709 Kivalliq Enrgy V 293 Klondex Mns T 1855 Klondike Gold V 980 Klondike Gold* O 72 Klondike Silv V 1025 Knick Expl V 2268 V 1575 Kombat Copper Komet Resource V 135 Kootenay Silvr V 848

0.86 0.78 0.85 + 0.07 0.86 0.34 0.10 0.09 0.10 + 0.01 0.13 0.03 0.09 0.00 0.08 + 0.02 0.09 0.02 5.80 4.93 5.18 - 0.41 5.82 1.31 7.49 6.34 6.69 - 0.52 7.49 1.79 9.23 8.01 9.11 + 0.41 9.23 3.12 11.97 10.41 11.71 + 0.45 11.68 4.49 0.04 0.03 0.03 - 0.01 0.04 0.01 0.02 0.01 0.01 - 0.01 0.02 0.01 0.09 0.08 0.09 - 0.01 0.13 0.06 4.80 4.25 4.72 - 0.05 4.90 2.56 0.29 0.18 0.28 + 0.09 0.29 0.08 0.22 0.13 0.22 + 0.07 0.21 0.06 0.04 0.03 0.04 - 0.01 0.06 0.01 0.05 0.02 0.04 + 0.02 0.05 0.01 0.08 0.07 0.07 - 0.01 0.10 0.02 0.35 0.31 0.32 - 0.01 0.44 0.26 0.41 0.37 0.37 - 0.03 0.50 0.17

Labdr Iron Mns* O 135 Labrador Iron T 899 Lago Dourado V 234 Lake Victoria* O 21 V 225 Lakeside Mnrls Lara Expl V 868 Laramide Res T 100 Largo Res* O 68 Largo Res V 396 480 Latin Am Mnls V Legend Gold V 127 Lepanto Con Mg* O 430 388 Levon Res Ltd T Levon Res Ltd * O 278 460 Lexam VG Gold* O Li3 Energy* O 224 Liberty Star* Q 12880 Lincoln Mng V 249 Lion One Mtls V 177 115 Lion One Mtls* O Lithium Amer* O 1762 Lithium Amer T 7107 Lithium Corp* O 1560 Lithium Expl* O 97298 LKA Gold* O 7 Lode-Star Mg* O 175 Lomiko Mtls* O 253 Loncor Res* O 165 Loncor Res T 133 Lone Star Gold* O 211 Lonmin plc* O 30 Lorraine Coppr V 268 Lucara Diam T 3591 Luna Gold* O 760 Luna Gold T 692 Lund Enterpr V 985 Lundin Gold T 259 Lundin Mng T 16552 Lydian Intl* O 77 Lynas Corp* O 344

0.01 0.00 0.00 - 0.00 0.02 0.00 13.10 11.57 11.67 - 1.68 17.45 6.85 0.13 0.08 0.08 - 0.05 0.15 0.05 0.02 0.01 0.01 - 0.00 0.07 0.01 0.01 0.01 0.01 + 0.01 0.02 0.01 0.85 0.41 0.80 + 0.36 0.85 0.20 0.30 0.27 0.28 + 0.01 0.38 0.15 0.56 0.42 0.50 + 0.10 0.75 0.08 0.72 0.55 0.65 + 0.11 0.90 0.11 0.10 0.10 0.10 - 0.01 0.35 0.05 0.05 0.04 0.05 + 0.02 0.07 0.02 0.01 0.00 0.00 - 0.00 0.02 0.00 0.29 0.25 0.26 - 0.03 0.34 0.09 0.23 0.18 0.21 - 0.01 0.26 0.07 0.21 0.18 0.21 + 0.01 0.23 0.04 0.02 0.02 0.02 - 0.00 0.04 0.01 0.00 0.00 0.00 - 0.00 0.01 0.00 0.07 0.05 0.06 - 0.01 0.10 0.02 0.70 0.62 0.70 + 0.04 0.74 0.24 0.55 0.49 0.54 + 0.03 0.59 0.18 0.59 0.54 0.56 + 0.02 0.80 0.34 0.76 0.69 0.72 + 0.02 1.00 0.26 0.11 0.08 0.09 + 0.00 0.13 0.02 0.00 0.00 0.00 - 0.00 0.45 0.00 0.40 0.32 0.33 - 0.07 0.53 0.10 0.03 0.03 0.03 - 0.00 0.05 0.01 0.04 0.02 0.03 - 0.00 0.05 0.02 0.13 0.12 0.13 + 0.01 0.13 0.01 0.17 0.00 0.17 + 0.02 0.18 0.02 0.00 0.00 0.00 + 0.00 0.01 0.00 2.51 2.20 2.41 + 0.07 227.85 0.55 0.05 0.00 0.04 - 0.01 0.13 0.04 4.03 3.79 3.87 + 0.09 4.03 1.42 0.16 0.14 0.14 - 0.01 0.16 0.02 0.21 0.18 0.19 - 0.02 0.21 0.03 0.13 0.11 0.13 + 0.02 0.13 0.02 5.95 5.42 5.74 - 0.09 6.51 3.46 4.24 3.86 4.04 - 0.18 6.28 2.98 0.24 0.20 0.23 + 0.01 0.48 0.13 0.06 0.04 0.06 + 0.01 0.10 0.02

M Macarthur Mnl V 22085 0.18 0.12 0.16 + 0.04 0.18 0.02 Macarthur Mnl* O 597 0.14 0.09 0.12 + 0.03 0.14 0.02 MacMillan Mnls* O 1 0.30 0.02 0.02 - 0.28 0.30 0.01 MAG Silver* X 597 13.61 11.84 13.61 + 0.40 13.61 6.12 17.57 + 0.52 17.11 8.13 MAG Silver T 1331 17.59 15.33 Magellan Gold* O 39 0.10 0.08 0.10 + 0.02 0.10 0.03 MagIndustries* O 60 0.05 0.01 0.05 + 0.04 0.20 0.01 0.00 - 0.00 0.00 0.00 Magnus Intl* O 43 0.00 0.00 Majescor Res V 345 0.06 0.05 0.05 - 0.01 0.09 0.02 0.07 - 0.01 0.12 0.04 Majestic Gold V 182 0.08 0.07 Majestic Gold* O 286 0.05 0.05 0.05 + 0.00 0.08 0.03 Makena Res* O 119 0.02 0.01 0.01 - 0.01 0.03 0.01 0.02 - 0.01 0.04 0.01 Makena Res V 614 0.02 0.02 Malbex Res V 243 0.33 0.31 0.32 - 0.03 0.55 0.10 1.08 - 0.02 1.14 0.59 Mandalay Res T 2014 1.11 1.02 Mangazeya Mng V 70 0.04 0.04 0.04 - 0.01 0.06 0.01 Marathon Gold T 807 0.27 0.24 0.25 - 0.01 0.33 0.11 0.25 + 0.06 0.29 0.11 Margaux Res V 276 0.25 0.19 Marifil Mines V 479 0.02 0.01 0.01 - 0.01 0.02 0.01 0.15 - 0.05 0.20 0.08 Maritime Res V 309 0.20 0.15 0.25 - 0.02 0.54 0.10 Marlin Gold* O 137 0.27 0.24 MartinMarietta* N 5850 189.76 177.34 184.75 + 6.84 189.76 108.31 O 26 0.51 0.48 0.48 - 0.00 0.54 0.21 Mason Graphite* Matachewan Con V 52 0.38 0.28 0.38 + 0.10 0.49 0.17 O 8 0.05 0.05 0.05 + 0.00 0.06 0.01 Matamec Expl* Matica Ent* O 65 0.02 0.01 0.02 + 0.01 0.06 0.01 Matmown* O 203 0.10 0.06 0.10 + 0.03 0.19 0.01 O 161 0.01 0.00 0.00 - 0.00 0.01 0.00 Maudore Mnrls* Mawson Res* O 48 0.23 0.18 0.19 - 0.01 0.27 0.12 0.26 - 0.04 0.30 0.16 Mawson Res T 93 0.30 0.24 Mawson West T 327 0.01 0.00 0.01 + 0.01 0.05 0.01 Maxwell Res* O 141 0.01 0.01 0.01 + 0.00 0.07 0.00 532 0.16 0.15 0.15 - 0.02 0.30 0.10 Maya Gold &Sil V O 138 0.00 0.00 0.00 - 0.00 0.09 0.00 MBAC Fertilizr* MBMI Res* O 477 0.00 0.00 0.00 + 0.00 0.00 0.00 McEwen Mng* N 9351 2.63 2.35 2.56 + 0.02 2.66 0.65 MDN Inc* O 19 0.03 0.03 0.03 - 0.00 0.05 0.01 92 0.10 0.09 0.09 - 0.01 0.20 0.04 Meadow Bay Gd* O Meadow Bay Gd T 1193 0.13 0.10 0.11 - 0.03 0.27 0.06 Mechel* N 899 1.92 1.75 1.78 - 0.08 2.66 1.23 Medallion Res* O 39 0.03 0.02 0.03 + 0.00 0.04 0.01 Medallion Res V 46 0.04 0.03 0.03 - 0.01 0.06 0.01 Medgold Res V 69 0.12 0.11 0.12 + 0.01 0.15 0.05 Medinah Mnrls* O 7472 0.02 0.02 0.02 + 0.00 0.03 0.01 Mega Uranium T 1122 0.16 0.15 0.15 - 0.02 0.20 0.05 Mega Uranium* O 183 0.12 0.11 0.11 - 0.02 0.15 0.04 0.04 - 0.01 0.09 0.01 Melior Res V 140 0.04 0.00 Melkior Res V 798 0.06 0.05 0.05 - 0.01 0.06 0.01 Merrex Gold V 524 0.29 0.26 0.27 - 0.01 0.31 0.10 0.22 + 0.01 0.24 0.10 Merrex Gold* O 13 0.22 0.21 Meryllion Res 597 0.02 0.02 0.02 + 0.01 0.03 0.01 Mesa Expl V 81 0.03 0.02 0.03 - 0.01 0.04 0.01 0.03 + 0.01 0.03 0.01 MetalCorp V 244 0.03 0.02 Metallis Res V 332 0.21 0.09 0.20 + 0.05 0.21 0.01 Metalo Manuf 9 1.25 0.95 1.25 + 0.25 1.25 0.30 1.95 + 0.15 3.72 1.26 Metalore Res T 3 1.95 1.80 Metals Creek V 159 0.16 0.14 0.15 - 0.02 0.19 0.05 Metals Creek* O 50 0.13 0.12 0.12 - 0.01 0.14 0.05 Metanor Res V 5100 0.10 0.09 0.09 - 0.01 0.13 0.03 Mexus Gold* O 3114 0.04 0.03 0.04 + 0.00 0.04 0.00 MGX Minerals 1014 0.34 0.23 0.25 - 0.09 0.70 0.08 Micrex Dev V 199 0.03 0.02 0.03 - 0.01 0.04 0.01 Midas Gold* O 1790 0.58 0.45 0.58 + 0.08 0.66 0.16 Midas Gold T 2717 0.75 0.59 0.74 + 0.10 0.74 0.25 Midland Expl V 148 0.72 0.65 0.71 + 0.04 0.80 0.45 Midnight Sun V 202 0.14 0.10 0.10 - 0.04 0.24 0.08 Millrock Res* O 138 0.29 0.23 0.26 - 0.03 0.32 0.11 Millrock Res V 473 0.38 0.31 0.34 - 0.03 0.42 0.15 Milner Con Slv V 211 0.02 0.02 0.02 - 0.01 0.04 0.02 Minaurum Gold V 744 0.11 0.09 0.11 + 0.01 0.14 0.04 0.32 + 0.00 0.40 0.10 Minco Gold* X 499 0.33 0.29 Minco Silver* O 52 0.98 0.93 0.95 - 0.05 1.16 0.26 Minco Silver T 380 1.29 1.21 1.22 - 0.10 1.48 0.32 Mindoro Res V 11266 0.01 0.01 0.01 - 0.01 0.02 0.01 Minecorp Egy V 58 0.18 0.14 0.14 - 0.04 0.18 0.01 V 2446 0.13 0.10 0.12 - 0.03 0.18 0.07 Minera Alamos Mineral Hill V 215 0.40 0.11 0.29 + 0.15 0.40 0.11 Mineral Mtn* O 8 0.26 0.25 0.26 + 0.00 0.26 0.04 Mineral Mtn V 217 0.36 0.31 0.34 - 0.01 0.37 0.08 Mines Manage* X 405 0.70 0.62 0.69 + 0.01 0.79 0.11 Mines Manage T 24 0.97 0.68 0.88 + 0.04 1.06 0.17 Minfocus Expl V 282 0.05 0.00 0.03 - 0.01 0.05 0.01 Minnova Corp V 397 0.68 0.58 0.65 + 0.05 0.68 0.18 Minsud Res V 2053 0.09 0.00 0.07 - 0.02 0.09 0.06 Miranda Gold V 1252 0.11 0.09 0.10 - 0.01 0.12 0.06 Mirasol Res V 939 1.68 1.33 1.66 + 0.22 1.71 0.72 Mitchell Res V 43 0.04 0.00 0.03 - 0.02 0.05 0.01 Mkango Res V 298 0.02 0.02 0.02 + 0.01 0.04 0.01 Molycorp* O 1099 0.05 0.04 0.05 - 0.00 0.66 0.02 T 1417 0.25 0.22 0.25 + 0.02 0.27 0.06 Moneta Porcpn Moneta Porcpn* O 190 0.19 0.17 0.19 + 0.02 0.22 0.05 Monster Mng* O 500 0.01 0.01 0.01 - 0.01 0.02 0.00 Montana Gold 470 0.09 0.07 0.09 + 0.02 0.09 0.02 Monument Mng V 357 0.13 0.12 0.12 - 0.01 0.16 0.08 Morgan Res V 260 0.02 0.02 0.02 + 0.01 0.04 0.01 Mosaic* N 27460 26.90 24.75 24.84 - 1.15 47.68 22.02 Mountain Prov T 461 5.54 5.01 5.48 + 0.31 5.67 3.38 Mountain Prov* D 183 4.31 3.87 4.24 + 0.23 4.51 2.47 Mundoro Cap* O 1 0.12 0.10 0.10 - 0.02 0.12 0.03 Mundoro Cap V 67 0.16 0.14 0.16 + 0.02 0.18 0.04 Murchison Min 466 0.02 0.00 0.02 - 0.01 0.03 0.01 Mustang Mnrls* O 70 0.00 0.00 0.00 + 0.00 0.01 0.00 Myson Group* O 207 0.01 0.01 0.01 + 0.00 0.18 0.00

N-O NACCO Ind* N 96 119 Namibia Rare E T Napier Vent V 137 Napier Vent* O 51 Natan Res V 38 Natural Res Pt* N 298 Nautilus Mnrls T 972 Nautilus Mnrls* O 444 Navis Res Corp 240 Nemaska Lith V 7826 Nemaska Lith* O 164 Nevada Copper T 118 Nevada Egy Mtl* O 2225 Nevada Egy Mtl V 3158 Nevada Expl * O 564 Nevada Expl V 548 Nevada Sunrise* O 299 Nevada Sunrise V 2574 Nevada Zinc V 205 Nevado Res V 416 Nevsun Res* X 2537 Nevsun Res T 3092 New Carolin Gd V 4403 New Carolin Gd* O 405

58.63 50.77 51.02 - 6.61 62.96 40.04 0.11 0.08 0.11 + 0.01 0.19 0.04 0.34 0.29 0.30 + 0.02 0.34 0.15 0.26 0.23 0.26 + 0.04 0.26 0.19 0.01 0.01 0.01 - 0.09 0.20 0.05 13.60 11.38 11.55 - 1.47 49.90 5.00 0.16 0.15 0.15 - 0.01 0.49 0.15 0.13 0.11 0.12 - 0.01 0.39 0.11 0.02 0.00 0.01 - 0.01 0.03 0.00 1.27 1.13 1.19 + 0.04 1.27 0.16 0.98 0.87 0.92 + 0.03 0.98 0.13 0.88 0.78 0.81 - 0.06 2.00 0.45 0.16 0.10 0.12 - 0.02 0.20 0.06 0.20 0.13 0.16 - 0.04 0.26 0.01 0.46 0.37 0.42 - 0.02 0.61 0.08 0.59 0.48 0.54 - 0.04 0.94 0.05 0.21 0.14 0.16 - 0.02 0.25 0.09 0.28 0.18 0.21 - 0.06 0.33 0.13 0.40 0.36 0.39 - 0.01 0.43 0.19 0.03 0.03 0.03 - 0.01 0.05 0.01 3.54 3.20 3.53 + 0.16 4.36 2.27 4.56 4.16 4.54 + 0.20 5.35 3.27 0.14 0.11 0.14 + 0.02 0.14 0.03 0.11 0.09 0.10 + 0.01 0.11 0.03

12-13_MAY23_StockTables.indd 13

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

New Colombia* O 11035 New Destiny Mg V 4821 New Gold T 8105 15334 New Gold* X New Jersey Mng* O 18 New Milln Iron T 1019 New Nadina V 59 New Oroperu V 141 8 New Pac Metals T New Pac Metals* O 25 T 4163 Newmarket Gold Newmarket Gold* O 526 Newmont Mng* N 41690 Newport Expl V 49 Newport Gold* O 90 V 6805 Nexgen Energy Nexgen Energy* O 183 Next Gen Mtls* O 16 NGEx Res T 190 Nicola Mg Inc V 1022 Nicola Mg Inc* O 287 Nighthawk Gold V 397 Nikos Expl V 648 Niocorp Dev* O 300 Niocorp Dev T 321 Noble Metal Gr V 223 Noble Mnl Expl V 1125 Noka Res* O 129 Noka Res V 3735 Noranda Alum* O 214 Nord Res* O 1373 Noront Res V 836 Norsemont Cap 71 North Am Nickl* O 63 North Am Nickl V 2389 North Am Pall* O 21 North Am Pall T 41 North Am Ptash V 100 North Arrow Mn V 640 North Arrow Mn* O 86 North Springs* O 86 Northcliff Res T 3254 Northn Empire V 374 Northn Empire* O 204 Norvista Cap V 31 Nouveau Monde V 790 NovaCopper* X 547 NovaCopper T 113 NovaGold Res T 1880 NovaGold Res* X 8791 Novo Res* O 59 Novo Res V 129 Nrthn Freegold V 383 Nrthn Freegold* O 68 Nrthn Graphite* O 184 Nrthn Graphite V 122 Nrthn Shield V 3005 Nrthn Vertex* O 25 Nrthn Vertex V 422 NSGold V 53 Nthn Dynasty T 1479 Nthn Dynasty* X 697 NuLegacy Gold* O 173 NuLegacy Gold V 1634 Nunavik Nickel V 147 NX Uranium* O 152 O.T. Mining* O 32 OceanaGold T 8526 OceanaGold* O 8 Oceanic Iron O V 163 Oceanus Res V 20 Odin Mng & Exp* O 10 Odin Mng & Exp V 106 Olivut Res* O 7 Omineca Mg &Ml V 73 Opawica Expl V 1022 Orbite Tech* O 28 Orca Gold V 488 Orca Gold* O 251 Oremex Silver V 825 O 77 Oremex Silver* Orex Expl V 3256 Orezone Gold V 781 Orezone Gold* O 245 Oriental Non F 8 Orla Mng Ltd V 18 Oro East Mg* Q 14 Oroco Res V 394 Oroco Res* O 16 Orocobre T 279 Orosur Mng T 725 Orsu Metals T 3307 Orvana Mnrls T 2104 Orvana Mnrls* O 250 Osisko Gold * O 74 Osisko Gold T 2270 Otis Gold* O 112 Otis Gold V 347 OZ Minerals* O 1

0.03 0.01 0.02 - 0.00 0.05 0.00 0.01 0.01 0.01 - 0.01 0.02 0.01 6.16 5.47 5.95 + 0.03 6.16 2.52 4.81 4.22 4.53 - 0.07 4.81 1.76 0.10 0.09 0.10 + 0.01 0.12 0.02 0.10 0.08 0.08 - 0.01 0.16 0.05 0.18 0.13 0.17 + 0.01 0.30 0.05 0.37 0.32 0.33 - 0.04 0.40 0.07 0.34 0.33 0.34 - 0.02 0.35 0.15 0.25 0.25 0.25 - 0.02 0.27 0.11 3.98 3.48 3.92 + 0.18 3.98 0.80 3.11 2.69 3.04 + 0.15 3.11 0.61 34.70 31.73 34.07 - 0.06 35.20 15.39 0.32 0.29 0.30 + 0.01 0.45 0.19 0.03 0.02 0.02 - 0.01 0.03 0.00 2.45 2.06 2.40 - 0.08 2.78 0.50 1.88 1.62 1.65 - 0.27 2.14 0.41 0.08 0.00 0.08 - 0.01 0.14 0.08 0.88 0.83 0.83 - 0.01 1.00 0.44 0.11 0.09 0.09 - 0.02 0.15 0.04 0.08 0.07 0.07 - 0.00 0.11 0.03 0.18 0.13 0.17 + 0.01 0.21 0.04 0.10 0.08 0.09 - 0.01 0.19 0.02 0.71 0.66 0.68 - 0.01 0.87 0.37 0.90 0.85 0.87 + 0.01 1.14 0.51 0.01 0.01 0.01 - 0.01 0.01 0.01 0.03 0.02 0.03 + 0.01 0.03 0.01 0.13 0.11 0.11 - 0.02 0.15 0.02 0.18 0.14 0.16 - 0.02 0.21 0.03 0.07 0.05 0.06 + 0.00 16.80 0.02 0.00 0.00 0.00 - 0.00 0.01 0.00 0.34 0.31 0.32 - 0.02 0.51 0.28 0.26 0.00 0.26 + 0.01 0.31 0.07 0.06 0.05 0.06 + 0.00 0.20 0.05 0.08 0.07 0.08 + 0.01 0.24 0.07 4.26 0.00 3.74 - 0.40 20.00 2.71 5.85 4.83 4.83 - 0.52 24.00 3.85 0.01 0.01 0.01 + 0.01 0.02 0.01 0.22 0.14 0.16 - 0.06 1.20 0.14 0.18 0.13 0.13 - 0.05 0.94 0.12 1.00 0.70 0.73 - 0.19 40.00 0.15 0.12 0.11 0.11 + 0.01 0.16 0.06 0.22 0.14 0.21 + 0.06 0.22 0.06 0.13 0.11 0.12 - 0.01 0.13 0.04 0.19 0.17 0.17 - 0.04 0.24 0.08 0.22 0.20 0.21 + 0.01 0.24 0.12 0.77 0.67 0.73 - 0.03 0.86 0.15 1.00 0.87 0.95 - 0.03 1.08 0.20 8.29 7.82 7.95 - 0.31 8.43 3.42 6.44 6.02 6.13 - 0.26 6.57 2.65 0.81 0.71 0.71 - 0.10 0.83 0.29 1.03 0.89 0.94 - 0.11 1.10 0.40 0.28 0.16 0.25 + 0.05 0.28 0.04 0.19 0.15 0.19 + 0.04 0.19 0.02 0.40 0.34 0.38 + 0.03 0.64 0.12 0.52 0.45 0.49 + 0.03 0.78 0.16 0.12 0.09 0.11 + 0.01 0.14 0.01 0.29 0.26 0.28 + 0.01 0.29 0.15 0.40 0.30 0.38 + 0.04 0.40 0.13 0.10 0.10 0.10 + 0.01 0.10 0.03 0.48 0.43 0.46 - 0.03 0.67 0.28 0.37 0.33 0.36 - 0.02 0.53 0.20 0.26 0.23 0.25 - 0.01 0.32 0.06 0.34 0.30 0.32 - 0.01 0.39 0.08 0.10 0.07 0.07 - 0.03 0.10 0.03 0.02 0.01 0.02 + 0.00 0.05 0.01 0.09 0.05 0.08 + 0.03 0.12 0.03 4.58 4.18 4.49 + 0.04 4.64 1.79 3.57 3.30 3.52 + 0.18 3.65 1.43 0.13 0.12 0.13 + 0.01 0.20 0.08 0.31 0.28 0.31 + 0.03 0.35 0.14 0.58 0.45 0.46 + 0.04 0.58 0.17 0.75 0.47 0.59 + 0.06 0.75 0.21 0.15 0.12 0.15 + 0.00 0.17 0.05 0.07 0.00 0.06 - 0.01 0.11 0.01 0.07 0.00 0.07 - 0.02 0.15 0.02 0.22 0.21 0.22 - 0.00 0.40 0.15 0.32 0.27 0.31 + 0.01 0.33 0.12 0.27 0.21 0.23 - 0.04 0.27 0.08 0.05 0.03 0.04 - 0.01 0.06 0.01 0.04 0.02 0.02 - 0.02 0.05 0.00 0.03 0.02 0.02 - 0.01 0.03 0.01 0.90 0.74 0.90 + 0.07 0.90 0.22 0.68 0.56 0.68 + 0.03 0.68 0.16 0.28 0.27 0.27 - 0.01 0.28 0.27 0.16 0.00 0.13 - 0.04 0.32 0.07 0.03 0.02 0.02 - 0.01 0.06 0.01 0.04 0.03 0.04 + 0.01 0.05 0.01 0.03 0.02 0.03 + 0.01 0.03 0.01 3.68 3.51 3.62 + 0.19 3.68 1.33 0.24 0.19 0.22 + 0.02 0.24 0.10 0.03 0.02 0.03 - 0.01 0.06 0.01 0.19 0.16 0.16 - 0.02 0.38 0.11 0.15 0.12 0.14 + 0.01 0.29 0.07 13.02 12.05 12.33 - 0.71 14.97 8.88 16.72 15.43 15.98 - 0.95 18.64 12.39 0.15 0.11 0.13 + 0.02 0.15 0.02 0.17 0.15 0.17 + 0.02 0.19 0.04 4.04 4.04 4.04 - 0.20 4.33 2.29

Pac Bay Mnrls* O 30 Pac Bay Mnrls V 56 Pac Booker Min* O 4 Pac Booker Min V 19 Pac Gold* O 5160 Pac North West* O 69 Pac Potash V 15 Pac Ridge Expl* O 91 Pac Ridge Expl V 260 Paget Mrnls V 587 Paladin Energy T 885 Palamina Corp V 118 Pan Am Silver T 6393 Pan Am Silver* D 15244 Pan Global Res V 212 Pangolin Dia V 505 Panoro Mnrls V 2302 Parallel Mng V 79 Paramount Gold* X 146 Parlane Res V 157 Pasinex Res 387 Passprt Potash* O 450 Patriot Gold* O 1004 Peat Res V 745 Pedro Res V 1194 Pelangio Expl* O 163 279 Pele Mtn Res V Pele Mtn Res* O 47 Pershimco Res V 543 Pershing Gold* D 1065 Peruvian Prc M* O 638 Petaquilla Mnl* O 523 Philex Mng* O 51 Philippine Mtl V 6 Phoenix Metals V 280 Pilot Gold T 2045 Pilot Gold* O 645 Pinecrest Res V 673 Pitchblack Res V 141 V 126 PJX Res Planet Mng V 48 Plate Res V 133 Platinex V 613 Platinum Gp Mt* X 1348 Platinum Gp Mt T 411 Polaris Mater T 42 PolyMet Mng T 63 PolyMet Mng* X 522 Portage Res* O 18228 Potash Corp SK T 12123 Potash Corp SK* N 38013 Potash Ridge T 11004 Potash Ridge* O 2368 Precipitate Gl V 490 Premier Gold M T 3491 Premium Expl* O 9 Pretium Res* N 6916 Pretium Res T 2893 Primero Mng T 4368 Primero Mng* N 4879 Prism Res V 4 Probe Metals* O 152 Probe Metals V 202 Prophecy Coal T 1157 Prophecy Coal* O 400 Prospect Glob* O 4 Prosper Gold V 161 Prospero Silvr V 30 PUF Vent Inc 3571 Puma Expl V 708 Pure Energy* O 6394 Pure Energy V 16216 Pure Gold Mg* O 343 Pure Gold Mg V 1753 Pure Nickel V 2081 Purepoint Uran V 1675 QMC Quantum Ml V 455 QMX Gold* O 217 QMX Gold V 806 Quaterra Res* O 116 Quaterra Res V 160 Quest Rare Mnl* O 26 Quinto Real V 40

0.06 0.06 0.06 + 0.00 0.07 0.03 0.07 0.06 0.06 - 0.01 0.10 0.03 0.69 0.69 0.69 - 0.06 4.39 0.45 1.05 0.85 0.85 - 0.11 5.67 0.63 0.00 0.00 0.00 + 0.00 0.00 0.00 0.05 0.05 0.05 - 0.00 0.06 0.00 0.05 0.03 0.03 - 0.03 0.10 0.03 0.06 0.04 0.06 + 0.02 0.05 0.01 0.10 0.05 0.10 + 0.05 0.10 0.02 0.04 0.03 0.03 - 0.02 0.08 0.01 0.24 0.22 0.22 - 0.01 0.35 0.15 0.12 0.00 0.12 + 0.02 0.12 0.06 20.63 18.23 20.25 + 0.74 20.42 7.77 15.94 14.03 15.65 + 0.55 15.94 5.38 0.02 0.01 0.02 + 0.01 0.02 0.01 0.11 0.08 0.11 + 0.02 0.11 0.03 0.20 0.15 0.20 + 0.02 0.20 0.09 0.08 0.05 0.06 + 0.01 0.08 0.05 1.66 1.37 1.56 - 0.05 1.69 0.93 0.20 0.12 0.16 - 0.02 0.21 0.01 0.05 0.05 0.05 - 0.02 0.09 0.03 0.01 0.00 0.01 + 0.00 0.27 0.00 0.12 0.08 0.10 + 0.01 0.15 0.02 0.07 0.06 0.07 + 0.02 0.07 0.01 0.08 0.02 0.08 + 0.06 0.08 0.01 0.04 0.02 0.04 + 0.02 0.04 0.01 0.04 0.03 0.03 - 0.01 0.06 0.03 0.03 0.02 0.03 - 0.00 0.05 0.02 0.17 0.14 0.16 - 0.01 0.26 0.09 4.10 3.82 3.92 - 0.03 6.30 3.04 0.04 0.00 0.03 - 0.01 0.10 0.02 0.01 0.00 0.01 + 0.00 0.03 0.00 0.13 0.11 0.11 - 0.02 0.15 0.05 0.04 0.00 0.04 - 0.02 0.06 0.01 0.15 0.12 0.14 - 0.03 0.20 0.02 0.83 0.65 0.75 + 0.04 0.80 0.22 0.64 0.50 0.61 + 0.07 0.67 0.06 0.23 0.19 0.20 - 0.01 0.25 0.03 0.10 0.00 0.10 + 0.04 0.20 0.05 0.20 0.18 0.18 - 0.02 0.23 0.13 0.05 0.00 0.04 - 0.01 0.08 0.02 0.06 0.06 0.06 + 0.01 0.21 0.03 0.03 0.02 0.02 - 0.01 0.03 0.01 3.02 2.77 2.89 - 0.11 4.80 0.96 3.89 3.59 3.70 - 0.16 5.90 1.35 1.55 1.41 1.50 + 0.04 2.83 1.12 1.11 1.00 1.07 - 0.04 1.71 0.76 0.87 0.73 0.84 - 0.01 1.33 0.55 0.00 0.00 0.00 - 0.00 0.01 0.00 21.06 20.09 20.30 - 0.23 40.96 20.03 16.48 15.50 15.69 - 0.20 33.52 14.64 0.50 0.32 0.34 - 0.05 0.50 0.03 0.38 0.26 0.27 - 0.03 0.38 0.02 0.18 0.14 0.17 + 0.02 0.18 0.06 3.50 3.21 3.34 - 0.21 3.80 1.65 0.02 0.01 0.01 - 0.01 0.02 0.00 8.65 7.59 8.42 + 0.25 8.65 4.00 11.05 9.83 10.89 + 0.35 11.05 5.57 2.47 2.11 2.41 + 0.07 5.51 1.94 1.92 1.63 1.85 + 0.04 4.49 1.41 0.12 0.11 0.11 - 0.01 0.12 0.04 0.67 0.62 0.66 - 0.02 0.72 0.24 0.88 0.81 0.82 - 0.04 0.94 0.33 0.02 0.02 0.02 - 0.01 0.08 0.01 0.02 0.01 0.02 - 0.00 0.06 0.01 0.08 0.07 0.08 + 0.01 0.20 0.02 0.29 0.23 0.23 - 0.04 0.36 0.06 0.16 0.11 0.11 + 0.01 0.16 0.05 0.02 0.02 0.02 + 0.01 0.09 0.01 0.08 0.00 0.06 - 0.02 0.13 0.03 0.70 0.36 0.44 - 0.24 0.91 0.18 0.90 0.47 0.56 - 0.31 1.15 0.21 0.47 0.42 0.44 - 0.02 0.49 0.01 0.60 0.52 0.55 - 0.03 0.62 0.07 0.02 0.02 0.02 - 0.01 0.03 0.01 0.10 0.08 0.09 - 0.01 0.13 0.02 0.02 0.02 0.02 + 0.01 0.02 0.01 0.08 0.07 0.08 + 0.00 0.08 0.01 0.11 0.08 0.10 - 0.01 0.11 0.01 0.06 0.05 0.06 + 0.00 0.11 0.04 0.08 0.07 0.08 + 0.01 0.15 0.05 0.15 0.00 0.13 - 0.02 0.20 0.03 0.06 0.05 0.06 + 0.01 0.07 0.01

Rackla Mtls V 192 Rackla Mtls* O 1 Radisson Mng V 135 Rainmaker Res V 104 Rainy Mtn Royl V 184 Rambler Ml &Mg V 820 Randgold Res* O 1

0.07 0.06 0.06 - 0.01 0.13 0.05 0.04 0.00 0.04 - 0.01 0.07 0.03 0.15 0.14 0.14 - 0.01 0.16 0.09 0.09 0.08 0.09 + 0.01 0.34 0.08 0.07 0.04 0.05 - 0.01 0.09 0.03 0.07 0.05 0.06 - 0.01 0.25 0.05 89.92 0.00 89.92 + 2.45 95.43 57.00

P-Q

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Randgold Res* D 4084 Rapier Gold V 227 Raptor Res* O 21 Rare Element* O 265 RB Energy* O 11 Red Eagle Mng V 1476 Red Eagle Mng* O 113 Red Hut V 167 Red Pine Expl V 1589 Red Rock Enrgy V 121 Redhawk Res T 78 Redzone Res V 2 Regulus Res V 104 Reliant Gold V 46 Renaissance Gd V 348 Renaissance Gd* O 115 Reservoir Mnls* O 306 Reservoir Mnls V 1044 Resolve Vent V 471 Resource Cap V 104 Revelo Res V 1756 Revolver Res V 29 Rhyolite Res V 75 Richmond Mnls V 90 Richmont Mines* X 2488 Richmont Mines T 2100 Rio Tinto* O 1 Rio Tinto* O 1 Rio Tinto* N 23932 Rise Res Inc 50 Riverside Res* O 60 Riverside Res V 179 Robex Res V 323 Rock Tech Lith V 149 Rock Tech Lith* O 20 Rockex Mng 207 Rockhaven Res V 391 Rockland Mnls V 482 Rockshield Cap 601 Rockwell Diam T 191 Rockwell Diam* O 11 Rodinia Lithm* O 5 Rogue Res V 1044 Rogue Res* O 87 Rojo Res V 18 Rojo Res* O 4 Rokmaster Res V 1189 Romios Gold Rs V 169 Romios Gold Rs* O 33 Rosita Mg Corp V 1046 Rouge Res V 1618 Roughrider Exp V 25 Roxgold* O 154 Roxgold V 3018 Royal Gold T 88 Royal Gold* D 3643 Royal Nickel* O 21 Royal Nickel T 2875 Royal Sapphire V 105 Royal Std Mnrl* O 457 RT Minerals V 457 RTG Mining T 3 Rubicon Mnrls* O 2632 Rugby Mng V 403 Rupert Res V 139 Rusoro Mng* O 215 Rusoro Mng V 250 Rye Patch Gold* O 437 Rye Patch Gold V 824

91.48 85.00 88.34 - 1.11 101.60 54.88 0.07 0.06 0.06 - 0.01 0.08 0.02 0.00 0.00 0.00 + 0.00 0.00 0.00 0.12 0.09 0.09 - 0.03 0.65 0.06 0.00 0.00 0.00 - 0.00 0.01 0.00 0.78 0.71 0.74 - 0.02 0.89 0.25 0.61 0.55 0.58 - 0.03 0.91 0.18 0.09 0.08 0.09 + 0.01 0.15 0.01 0.10 0.09 0.09 - 0.01 0.13 0.03 0.01 0.01 0.01 - 0.01 0.06 0.01 0.05 0.04 0.04 - 0.01 0.10 0.04 0.11 0.11 0.11 - 0.02 0.30 0.06 0.52 0.45 0.50 + 0.05 0.52 0.19 0.03 0.03 0.03 - 0.01 0.04 0.01 0.36 0.23 0.36 + 0.12 0.36 0.11 0.27 0.18 0.27 + 0.08 0.28 0.08 6.98 6.27 6.90 + 0.34 7.46 2.25 9.00 8.16 8.91 + 0.41 9.35 3.26 0.25 0.17 0.25 + 0.02 0.30 0.04 0.06 0.05 0.06 + 0.01 0.08 0.02 0.08 0.07 0.08 + 0.01 0.14 0.04 0.18 0.18 0.18 - 0.01 0.23 0.07 0.17 0.13 0.13 - 0.01 0.18 0.09 0.09 0.07 0.07 - 0.02 0.14 0.03 8.75 7.33 8.49 + 0.68 8.75 2.27 11.32 9.52 10.96 + 0.90 10.60 3.14 33.13 0.00 33.13 - 4.20 45.36 25.47 29.28 0.00 29.28 - 1.48 45.90 21.90 29.80 28.24 28.29 - 2.61 46.33 21.89 0.19 0.16 0.16 - 0.03 0.20 0.11 0.23 0.21 0.22 - 0.02 0.27 0.08 0.32 0.27 0.31 - 0.01 0.34 0.12 0.15 0.13 0.14 - 0.02 0.17 0.05 0.35 0.27 0.33 - 0.02 0.38 0.03 0.26 0.25 0.25 - 0.01 0.27 0.02 0.42 0.31 0.40 + 0.05 0.75 0.01 0.22 0.18 0.22 + 0.02 0.24 0.10 0.10 0.08 0.09 - 0.01 0.11 0.01 0.10 0.00 0.10 + 0.02 0.14 0.06 0.11 0.09 0.10 - 0.02 0.25 0.07 0.08 0.00 0.08 - 0.00 0.20 0.05 0.00 0.00 0.00 - 0.00 0.03 0.00 0.09 0.07 0.08 - 0.01 0.16 0.03 0.07 0.06 0.06 - 0.01 0.11 0.04 0.11 0.10 0.10 - 0.01 0.14 0.04 0.08 0.08 0.08 - 0.01 0.09 0.03 0.02 0.02 0.02 + 0.01 0.05 0.01 0.08 0.06 0.08 + 0.01 0.08 0.02 0.06 0.05 0.05 + 0.00 0.06 0.01 0.04 0.04 0.04 - 0.01 0.10 0.01 0.48 0.04 0.37 + 0.32 0.48 0.03 0.12 0.12 0.12 + 0.01 0.17 0.05 1.08 0.94 1.06 + 0.05 1.10 0.42 1.39 1.18 1.38 + 0.13 1.39 0.54 76.54 71.25 74.70 - 2.63 81.52 35.46 59.73 55.08 57.73 - 2.08 67.49 24.68 0.40 0.35 0.35 - 0.05 0.50 0.10 0.52 0.46 0.46 - 0.07 0.63 0.12 0.07 0.04 0.04 - 0.04 0.07 0.02 0.00 0.00 0.00 + 0.00 0.00 0.00 0.16 0.11 0.15 + 0.04 0.16 0.05 0.70 0.00 0.56 - 0.04 0.75 0.33 0.04 0.03 0.04 - 0.00 1.20 0.01 0.25 0.15 0.17 - 0.02 0.25 0.03 0.56 0.50 0.52 + 0.01 0.59 0.02 0.11 0.08 0.09 + 0.01 0.11 0.02 0.14 0.10 0.10 - 0.05 0.15 0.03 0.20 0.17 0.18 - 0.02 0.23 0.08 0.26 0.22 0.24 - 0.02 0.28 0.11

Sabina Gd&Slvr* O 1066 Sabina Gd&Slvr T 3533 Sage Gold V 250 Sage Gold* O 74 Saint Jean* O 52 Saint Jean V 2249 Salazar Res V 255 Sama Res* O 322 Sama Res V 269 Samex Mng* O 100 San Gold Corp* O 119 San Marco Res* O 48 San Marco Res V 388 Sandspring Res V 653 Sandspring Res* O 203 Sandstorm Gold* X 4596 Santa Fe Gold* O 716 Santacruz Silv V 853 Sarama Res V 651 Sarissa Res* O 3156 Satori Res V 71 Saturn Mnrls V 2168 Savant Expl V 1473 Scandium Int M* O 126 Scientific Mts V 4624 Scorpio Gold V 1187 Seabridge Gld T 669 Seabridge Gld* N 4952 Search Mnls V 95 Searchlight* O 256 Secova Mtls V 1024 Select Sands V 168 Semafo T 7916 Senator Mnrls V 50 Sennen Potash V 54 Serabi Gold T 470 Serengeti Res V 1582 SGX Res V 125 Shamrock Ent 266 Sherritt Intl T 4416 Shore Gold T 1484 Sibanye Gold* N 5021 Sidney Resrces* O 431 Sienna Res V 4199 Sienna Res* O 57 Sierra Iron Or V 40 Sierra Iron Or* O 10 Sierra Metals* O 10 Sierra Metals T 39 Sierra Res* O 11361 Signature Res V 142 Silver Bear Rs T 518 Silver Bull Re T 4190 Silver Bull Re* O 1668 Silver Dragon* O 193 Silver Grail V 369 Silver Mtn Mns V 154 Silver Pursuit V 269 Silver Range V 119 Silver Spruce V 187 Silver Std Res T 3616 Silver Std Res* D 11435 Silver Wheaton T 6516 Silver Wheaton* N 29049 Silvercorp Met T 2786 Silvercorp Met* O 1014 Silvermet V 282 SinoCoking Cl* D 114 Sirios Res V 1767 Sirios Res* O 181 Sky Ridge V 68 Slam Explor V 759 SnipGold V 404 Solitario Ex&R T 197 Solitario Ex&R* X 339 Sona Res V 69 Sonora Gld & S V 122 Sonoro Mtls* O 7 Source Expl V 524 Southern Arc V 44 Southern Arc* O 6 Southern Copp* N 5955 Southern Silvr V 3633 Southern Silvr* O 1663 SouthGobi Res T 10 Spanish Mtn Gd* O 49 Sphinx Res V 2486 Spruce Ridge R V 1093 St Augustine T 235 Stakeholdr Gld* O 38 Stakeholdr Gld V 135 Standard Graph V 2550 Standard Graph* O 55 Standard Metal* O 113 Stans Energy* O 41 Starcore Intl T 1308 Stillwater Mg* N 9394 Stina Res* O 20 Stina Res 168 Stockport Expl V 263 Stone Ridge Ex 85 Stornoway Diam T 3190 Strategic Metl V 754 Stratton Res V 48 Strikepoint Gd* O 115 Strikepoint Gd V 207 Strongbow Expl V 50 Suncor Energy T 16521 Suncor Energy* N 22638 Sunridge Gold* O 264 Sunridge Gold V 5548 Sunvest Mnrls V 67 Superior Coppr V 1092 Sutter Gold V 124 Sutter Gold* O 226 Syrah Res* O 2

1.28 1.17 1.24 - 0.00 1.55 0.24 1.63 1.52 1.59 - 0.02 1.87 0.32 0.08 0.06 0.07 + 0.01 0.09 0.03 0.06 0.06 0.06 + 0.00 0.07 0.03 0.05 0.04 0.05 + 0.01 0.05 0.01 0.07 0.05 0.07 + 0.02 0.07 0.01 0.15 0.10 0.14 - 0.01 0.16 0.03 0.08 0.07 0.08 + 0.00 0.13 0.07 0.11 0.09 0.11 + 0.02 0.20 0.07 0.00 0.00 0.00 + 0.00 0.00 0.00 0.00 0.00 0.00 + 0.00 0.01 0.00 0.06 0.05 0.05 - 0.01 0.06 0.01 0.08 0.06 0.08 + 0.01 0.08 0.02 0.58 0.50 0.58 + 0.04 0.63 0.11 0.45 0.39 0.44 + 0.04 0.51 0.08 4.39 3.87 4.19 + 0.02 4.39 1.94 0.00 0.00 0.00 - 0.00 0.14 0.00 0.56 0.48 0.50 - 0.01 0.63 0.09 0.20 0.15 0.16 - 0.01 0.20 0.05 0.00 0.00 0.00 + 0.00 0.02 0.00 0.09 0.07 0.09 + 0.01 0.15 0.02 0.12 0.10 0.11 - 0.01 0.23 0.09 0.01 0.01 0.01 - 0.01 0.02 0.01 0.14 0.11 0.14 + 0.01 0.17 0.06 0.11 0.09 0.09 - 0.01 0.11 0.01 0.10 0.09 0.10 + 0.01 0.14 0.05 18.10 16.40 17.54 + 0.16 19.93 4.34 14.02 12.62 13.52 + 0.07 15.50 3.31 0.10 0.09 0.09 - 0.02 0.13 0.04 0.09 0.08 0.08 + 0.01 0.42 0.06 0.08 0.07 0.07 - 0.01 0.10 0.03 0.27 0.23 0.25 - 0.01 0.50 0.20 5.93 5.10 5.54 + 0.05 5.93 2.46 0.27 0.22 0.27 + 0.05 0.27 0.03 0.17 0.14 0.17 - 0.01 0.36 0.09 0.09 0.07 0.09 + 0.02 0.10 0.04 0.11 0.08 0.08 - 0.01 0.11 0.02 0.02 0.02 0.02 + 0.01 0.05 0.01 0.03 0.02 0.03 + 0.01 0.04 0.01 0.88 0.74 0.75 - 0.13 2.94 0.53 0.20 0.18 0.19 - 0.01 0.25 0.13 14.39 13.01 13.80 - 1.32 16.63 4.07 0.01 0.01 0.01 - 0.00 0.02 0.00 0.19 0.15 0.16 - 0.02 0.19 0.01 0.14 0.12 0.13 + 0.00 0.15 0.01 0.36 0.32 0.36 + 0.02 0.62 0.22 0.28 0.25 0.25 - 0.03 0.42 0.15 1.17 0.98 1.01 - 0.05 1.40 0.69 1.39 1.25 1.32 - 0.06 1.80 0.84 0.00 0.00 0.00 + 0.00 0.01 0.00 0.08 0.07 0.07 - 0.01 0.08 0.01 0.21 0.18 0.19 - 0.01 0.21 0.02 0.15 0.11 0.12 - 0.03 0.18 0.04 0.11 0.08 0.09 - 0.02 0.15 0.02 0.03 0.00 0.02 - 0.00 0.05 0.01 0.09 0.04 0.07 + 0.02 0.09 0.02 0.02 0.02 0.02 - 0.01 0.03 0.01 0.13 0.09 0.09 - 0.01 0.13 0.02 0.17 0.13 0.16 + 0.02 0.17 0.02 0.09 0.07 0.07 - 0.01 0.10 0.03 12.51 10.57 12.24 + 0.49 12.17 5.28 9.67 8.17 9.47 + 0.39 9.67 3.66 25.26 23.19 24.86 - 0.32 26.46 14.51 19.62 17.93 19.21 - 0.29 21.14 10.04 2.84 2.46 2.62 - 0.14 3.10 0.60 2.22 1.92 2.04 - 0.09 2.45 0.41 0.05 0.04 0.04 - 0.02 0.09 0.02 0.46 0.40 0.40 - 0.04 2.49 0.26 0.45 0.38 0.44 + 0.04 0.51 0.07 0.35 0.30 0.34 + 0.03 0.39 0.07 0.30 0.26 0.30 + 0.02 0.30 0.03 0.07 0.05 0.05 - 0.02 0.12 0.01 0.28 0.26 0.27 + 0.01 0.30 0.04 0.69 0.64 0.65 - 0.04 0.96 0.57 0.54 0.50 0.51 - 0.02 0.85 0.40 0.03 0.02 0.03 + 0.01 0.04 0.01 0.07 0.07 0.07 - 0.01 0.08 0.01 0.10 0.06 0.06 - 0.04 0.12 0.03 0.05 0.03 0.03 - 0.01 0.08 0.01 0.49 0.38 0.40 - 0.09 1.00 0.24 0.36 0.32 0.32 - 0.04 0.41 0.17 28.32 26.86 27.06 - 1.47 32.98 21.55 0.21 0.14 0.21 + 0.06 0.21 0.03 0.16 0.11 0.16 + 0.04 0.16 0.02 0.30 0.28 0.30 + 0.03 1.00 0.21 0.08 0.06 0.07 - 0.00 0.08 0.01 0.02 0.02 0.02 - 0.01 0.04 0.01 0.05 0.03 0.05 + 0.02 0.06 0.01 0.11 0.10 0.11 + 0.01 0.14 0.07 0.44 0.27 0.43 + 0.16 0.36 0.05 0.56 0.31 0.56 + 0.22 1.00 0.04 0.08 0.06 0.07 + 0.02 0.08 0.01 0.06 0.04 0.06 + 0.01 0.06 0.00 0.15 0.12 0.14 + 0.02 1.00 0.01 0.03 0.01 0.01 - 0.00 0.07 0.01 0.84 0.59 0.80 + 0.15 0.81 0.25 10.18 9.02 9.99 - 0.24 14.85 4.99 0.14 0.14 0.14 + 0.02 0.20 0.06 0.18 0.16 0.16 + 0.01 0.19 0.11 0.03 0.00 0.03 - 0.01 0.05 0.01 0.11 0.11 0.11 - 0.01 0.14 0.10 1.02 0.97 0.99 - 0.03 1.08 0.65 0.50 0.39 0.50 + 0.06 0.50 0.24 0.30 0.00 0.30 + 0.09 0.30 0.07 0.16 0.12 0.16 + 0.03 0.16 0.08 0.22 0.17 0.19 - 0.01 0.75 0.05 0.16 0.13 0.15 - 0.02 0.23 0.05 35.17 32.85 34.07 + 0.23 40.35 27.32 27.50 25.31 26.36 + 0.11 30.70 18.71 0.29 0.28 0.29 + 0.00 0.29 0.11 0.37 0.37 0.37 - 0.01 0.37 0.13 0.08 0.07 0.07 - 0.01 0.60 0.01 0.07 0.04 0.07 + 0.02 0.07 0.01 0.14 0.08 0.14 + 0.01 0.16 0.04 0.11 0.10 0.11 + 0.01 0.13 0.02 4.00 3.71 3.97 + 0.20 4.00 1.81

Tahoe Res* Tahoe Res Tajiri Res Takara Res

13.73 12.39 12.89 - 0.45 15.14 6.48 17.57 16.11 16.62 - 0.57 18.65 9.45 0.05 0.04 0.04 - 0.01 0.06 0.01 0.05 0.04 0.05 + 0.02 0.06 0.02

T N 9890 T 7038 V 484 V 355

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Taku Gold 143 Talon Metals T 427 Tamino Mnrls* O 6262 Tantalex Res 741 Tanzania Rlty T 244 Tanzania Rlty* X 1136 Tasca Res V 19 Taseko Mines T 454 Taseko Mines* X 1023 Tasman Metals* O 1089 V 1024 Tasman Metals Teck Res T 11 Teck Res* N 56806 T 37385 Teck Res TECO Enrgy* N 10157 Telson Res V 64 Tembo Gold* O 15 Teranga Gold T 8674 Teras Res V 405 Terraco Gold V 411 Terrax Mnrls* O 38 Terreno Res V 91 Teslin Rvr Res V 645 Tesoro Mnrls V 54 Teuton Res V 1181 Teuton Res* O 214 Thompson Creek T 1267 Thompson Creek* O 1134 Till Capital* D 7 Till Capital V 6 Timberline Res V 166 Timberline Res* O 215 Timmins Gold T 5152 Timmins Gold* X 3813 Tinka Res* O 272 Tinka Res V 402 Tintina Res V 112 Tintina Res* O 97 Tirex Res* O 55 Tirex Res V 138 Titanium Corp V 41 TMAC Resource* O 20 T 103 TMAC Resources TomaGold V 806 Tonogold Res* O 268 Torex Gold* O 642 Torex Gold T 18581 Transatlan Mng V 631 Transition Mtl V 1502 Treasury Metal T 265 Trecora Res* N 241 Tres-Or Res V 1269 Trevali Mng* O 782 Trevali Mng T 11674 Trident Gold V 306 TriMetals Mng T 1479 TriMetals Mng* O 141 TriMetals Mng* O 437 Trinity Valley V 115 Trio Gold Corp V 180 Trio Resources* O 2 TriStar Gold* O 116 TriStar Gold V 125 Troy Res* O 170 True North Gem V 1289 Trueclaim Expl V 23 Tsodilo Res V 20 Tungsten Corp* O 1206 Turbo Cap Inc V 57 Turquoise HIl* N 12512 Turquoise HIl T 7777 TVI Pacific* O 21 TVI Pacific T 2963 Typhoon Expl V 58

0.14 0.07 0.14 + 0.08 0.14 0.02 0.09 0.08 0.09 - 0.01 0.18 0.08 0.00 0.00 0.00 - 0.00 0.01 0.00 0.04 0.00 0.03 - 0.01 0.07 0.01 0.67 0.55 0.63 - 0.02 0.76 0.24 0.52 0.43 0.49 - 0.02 0.57 0.17 0.04 0.00 0.04 + 0.02 0.06 0.01 0.71 0.63 0.63 - 0.09 1.03 0.35 0.57 0.49 0.50 - 0.05 0.84 0.23 0.26 0.17 0.25 + 0.08 0.69 0.06 0.34 0.22 0.32 + 0.13 0.84 0.09 15.19 13.78 14.00 - 1.38 18.25 5.69 10.11 9.08 9.42 - 1.04 13.92 2.56 13.00 11.80 12.19 - 1.34 17.25 3.65 27.78 27.47 27.52 - 0.22 27.83 17.60 0.23 0.19 0.22 + 0.03 0.23 0.03 0.02 0.02 0.02 - 0.00 0.03 0.01 1.11 0.97 1.09 + 0.02 1.09 0.38 0.16 0.12 0.16 + 0.03 0.16 0.03 0.13 0.12 0.13 + 0.01 0.14 0.07 0.27 0.27 0.27 - 0.00 0.33 0.17 0.07 0.06 0.06 + 0.01 0.07 0.02 0.40 0.34 0.37 + 0.03 0.43 0.20 0.06 0.06 0.06 - 0.01 0.06 0.01 0.25 0.11 0.25 + 0.14 0.25 0.04 0.19 0.08 0.18 + 0.10 0.13 0.03 0.51 0.44 0.45 - 0.06 1.47 0.16 0.39 0.34 0.35 - 0.03 1.19 0.07 3.81 3.30 3.30 - 0.40 6.23 2.76 4.41 4.23 4.25 - 0.06 7.15 3.28 0.26 0.20 0.20 - 0.04 0.84 0.16 0.22 0.16 0.18 - 0.03 0.78 0.08 0.52 0.44 0.46 - 0.04 0.85 0.11 0.40 0.34 0.36 - 0.04 0.68 0.07 0.20 0.17 0.20 + 0.02 0.24 0.07 0.26 0.22 0.25 + 0.01 0.29 0.09 0.10 0.08 0.08 - 0.01 0.11 0.04 0.08 0.07 0.07 - 0.00 0.09 0.03 0.09 0.08 0.09 - 0.02 0.19 0.05 0.13 0.10 0.11 - 0.03 0.24 0.07 0.39 0.00 0.35 - 0.02 1.55 0.31 9.76 9.26 9.68 + 0.01 9.76 9.26 12.50 11.78 12.49 + 0.20 12.50 4.85 0.09 0.08 0.09 + 0.01 0.10 0.04 0.04 0.02 0.02 - 0.01 0.08 0.01 1.75 1.50 1.55 - 0.23 1.89 0.67 2.23 1.91 2.04 - 0.24 2.32 0.85 0.09 0.05 0.05 - 0.02 0.15 0.05 0.13 0.12 0.13 + 0.01 0.18 0.06 0.53 0.50 0.51 - 0.04 0.62 0.32 11.03 10.48 10.79 - 0.11 16.50 8.17 0.05 0.04 0.05 + 0.01 0.05 0.01 0.42 0.35 0.35 - 0.06 0.95 0.18 0.53 0.45 0.46 - 0.08 1.17 0.25 0.01 0.01 0.01 - 0.01 0.02 0.01 0.36 0.28 0.31 - 0.04 0.36 0.04 0.26 0.22 0.26 - 0.01 0.32 0.06 0.27 0.21 0.24 - 0.04 0.27 0.03 0.03 0.02 0.03 + 0.01 0.04 0.01 0.01 0.01 0.01 - 0.01 0.01 0.01 0.00 0.00 0.00 + 0.00 0.01 0.00 0.26 0.22 0.23 - 0.03 0.28 0.10 0.33 0.28 0.32 - 0.02 0.38 0.10 0.54 0.46 0.54 + 0.08 0.54 0.13 0.15 0.13 0.13 - 0.02 0.20 0.07 0.02 0.02 0.02 - 0.01 0.05 0.01 0.64 0.64 0.64 + 0.04 1.15 0.54 0.00 0.00 0.00 - 0.00 0.00 0.00 0.14 0.12 0.12 + 0.01 0.40 0.07 2.87 2.57 2.82 - 0.07 4.74 1.55 3.71 3.33 3.65 - 0.06 5.80 2.30 0.02 0.02 0.02 - 0.00 0.03 0.00 0.03 0.03 0.03 - 0.01 0.04 0.01 0.08 0.07 0.08 + 0.01 0.09 0.03

U3O8 Corp T 4255 U3O8 Corp* O 258 Ucore Rare Mtl* O 1086 Ucore Rare Mtl V 1798 Ultra Lithium* O 50 Ultra Lithium V 262 Unigold V 255 Unigold* O 16 United Res Hdg* O 185 United Silver* O 96 United States A* X 171 United States S* N 99722 Unity Energy V 258 Ur-Energy* X 660 Ur-Energy T 252 Uracan Res* O 77 Uragold Bay Rs V 840 Uranium Energy* X 1888 Uranium Hunter* O 19105 Uranium Res* D 229 Uranium Valley V 67 Uravan Mnrls V 1285 US Energy* D 301 US Precious M* O 1158 US Rare Earths* O 41 Vale* N 175599 Vale* N 71794 Valencia Vent V 231 ValGold Res V 1048 Vanadiumcorp* O 115 Vanadiumcorp V 449 Vanstar Mng Rs V 212 Vantex Res V 279 N 836 Vedanta* Vendetta Mng V 567 Vendome Res V 782 Venerable Vent V 14 Venture Mnrls* O 91 Verde Potash T 54 Veris Gold* O 253 Victoria Gold V 7732 Victory Vent V 248 Virginia Enrgy* O 12 Viscount Mng V 367 Visible Gold M V 5224 Vista Gold* X 2330 Vista Gold T 107 Volcanic Mtls V 1 Voltaic Min V 109 Vulcan Mnrls V 442 VVC Expl V 1169

0.03 0.03 0.03 - 0.01 0.05 0.02 0.02 0.02 0.02 - 0.00 0.05 0.01 0.33 0.27 0.28 - 0.00 0.35 0.15 0.42 0.36 0.36 - 0.03 0.44 0.20 0.20 0.18 0.20 + 0.02 0.27 0.06 0.25 0.20 0.25 + 0.03 0.35 0.05 0.37 0.29 0.34 + 0.03 0.42 0.08 0.30 0.22 0.26 + 0.04 0.31 0.06 0.04 0.03 0.03 - 0.02 0.11 0.01 0.00 0.00 0.00 + 0.00 0.01 0.00 0.31 0.25 0.28 + 0.01 1.26 0.16 18.02 13.93 13.98 - 4.91 26.95 6.15 0.33 0.30 0.30 - 0.02 0.48 0.05 0.52 0.48 0.49 - 0.03 1.04 0.44 0.67 0.62 0.63 - 0.03 1.28 0.60 0.04 0.03 0.04 - 0.00 0.04 0.00 0.15 0.14 0.15 + 0.01 0.23 0.02 0.80 0.73 0.75 - 0.03 3.00 0.65 0.00 0.00 0.00 - 0.00 0.00 0.00 1.70 1.46 1.60 - 0.03 16.56 1.46 0.06 0.04 0.05 - 0.01 0.13 0.04 0.19 0.14 0.16 + 0.01 0.19 0.05 0.38 0.35 0.37 - 0.00 1.17 0.11 0.01 0.01 0.01 + 0.00 0.20 0.00 0.15 0.02 0.04 + 0.03 1.90 0.01 4.73 4.12 4.13 - 0.65 7.20 2.13 3.86 3.33 3.39 - 0.44 6.02 1.55 0.09 0.00 0.08 - 0.01 0.40 0.08 0.05 0.04 0.05 + 0.01 0.07 0.01 0.04 0.03 0.03 + 0.00 0.05 0.01 0.05 0.04 0.05 - 0.01 0.05 0.02 0.07 0.06 0.07 - 0.01 0.08 0.03 0.03 0.02 0.03 + 0.01 0.03 0.01 6.18 5.68 5.74 - 0.46 13.70 3.52 0.12 0.10 0.11 + 0.01 0.17 0.05 0.02 0.01 0.02 - 0.01 0.03 0.01 0.02 0.01 0.01 - 0.01 0.02 0.01 0.04 0.03 0.04 - 0.00 0.04 0.01 0.41 0.31 0.32 - 0.06 0.48 0.13 0.01 0.00 0.00 - 0.00 0.03 0.00 0.42 0.33 0.42 + 0.05 0.42 0.11 0.04 0.00 0.03 - 0.01 0.04 0.01 0.04 0.03 0.03 - 0.00 0.08 0.02 0.53 0.46 0.52 + 0.03 0.63 0.16 0.05 0.04 0.05 - 0.01 0.10 0.02 0.85 0.69 0.82 + 0.09 0.89 0.24 1.08 0.88 1.06 + 0.10 1.15 0.31 0.09 0.00 0.09 + 0.02 0.10 0.04 0.30 0.27 0.29 + 0.02 0.52 0.03 0.04 0.03 0.04 + 0.01 0.04 0.02 0.03 0.02 0.02 + 0.01 0.04 0.01

WAI Cap Invest V 82 Walker River V 849 Wallbridge Mng T 696 Walter Energy* O 876 Waseco Res V 32 Wealth Mnrls* O 82 Wealth Mnrls V 662 Wellgreen Plat* O 184 Wellgreen Plat T 400 Wescan Gldflds V 195 T 1162 Wesdome Gold West Af Res V 1179 West High Yld V 112 West Kirkland V 529 1087 West Red Lake West Red Lake* O 176 Western Copper* X 172 Western Copper T 207 Western Graphi* O 67520 Western Pac Rs* O 65 161 Western Pac Rs V Western Troy C V 436 Western Uran 44 Western Uran* O 2 V 4019 Westkam Gold Westminster Rs V 1550 Westmoreland* D 1581 White Energy* O 3 White Metal R* O 54 White Metal Rs V 128 White Mtn Engy* O 34 Whitemud Res V 130 Wildcat Expl V 15 Williams Creek V 176 Wincash Apolo* O 25 Winston Gld Mg 190 Wolfden Res V 967 Wolverine Mnls V 1591 Worldwide Res* O 92 WPC Res* O 342 WPC Res V 942 X-Terra Res V 158 Xander Res V 144 Ximen Mng* O 31 XLI Tech Inc* O 1230 Xmet Inc V 751 Xtierra V 382 Xtra-Gold Res T 75 Xtra-Gold Res* O 25 Yamana Gold T 34620 Yamana Gold* N 74992 Yanzhou Coal* N 54 Yellowhead Mng T 286 Yorbeau Res T 417 Zadar Vent V 550 Zadar Vent * O 42 Zara Res 4 Zazu Metals* O 50 Zena Mng V 155 Zenyatta Vent V 267 Zenyatta Vent* O 16 Zephyr Mnls V 21 Zimtu Capital V 150 Zonte Mtls V 130

0.03 0.03 0.03 - 0.01 0.05 0.02 0.06 0.05 0.06 + 0.01 0.08 0.02 0.10 0.08 0.10 + 0.02 0.10 0.02 0.08 0.07 0.07 + 0.00 0.56 0.01 0.04 0.03 0.03 - 0.01 0.04 0.02 0.39 0.33 0.38 + 0.04 0.57 0.10 0.49 0.43 0.49 + 0.02 0.71 0.14 0.26 0.23 0.26 + 0.00 0.35 0.12 0.34 0.30 0.32 - 0.01 0.43 0.16 0.05 0.02 0.05 + 0.03 0.06 0.01 1.72 1.59 1.68 - 0.06 1.82 0.89 0.20 0.19 0.20 + 0.02 0.22 0.05 0.27 0.21 0.23 - 0.03 0.43 0.17 0.12 0.10 0.11 - 0.01 0.14 0.04 0.22 0.18 0.21 + 0.02 0.22 0.01 0.17 0.13 0.16 + 0.02 0.16 0.02 0.62 0.55 0.57 - 0.01 0.66 0.20 0.79 0.71 0.73 - 0.02 0.87 0.29 0.00 0.00 0.00 - 0.00 0.00 0.00 0.02 0.01 0.02 + 0.01 0.03 0.00 0.02 0.01 0.02 + 0.01 0.04 0.01 0.05 0.03 0.03 - 0.01 0.05 0.01 1.75 0.00 1.75 + 0.15 5.00 1.20 1.35 1.22 1.35 + 0.10 1.80 1.22 0.05 0.04 0.05 + 0.01 0.05 0.02 0.16 0.14 0.15 - 0.01 0.18 0.01 8.05 6.15 7.83 + 1.00 28.48 3.44 0.45 0.38 0.38 - 0.07 1.50 0.27 0.06 0.05 0.05 - 0.01 0.06 0.01 0.06 0.05 0.05 - 0.01 0.08 0.02 0.13 0.08 0.13 + 0.03 0.46 0.07 0.01 0.01 0.01 - 0.02 0.03 0.01 0.10 0.10 0.10 - 0.06 0.16 0.02 0.04 0.03 0.03 - 0.01 0.04 0.01 0.07 0.00 0.07 - 0.03 0.35 0.06 0.11 0.10 0.11 + 0.01 0.13 0.10 0.14 0.09 0.12 + 0.02 0.15 0.05 0.03 0.02 0.02 - 0.01 0.08 0.02 0.04 0.03 0.03 - 0.01 0.04 0.01 0.08 0.07 0.08 - 0.00 0.08 0.07 0.11 0.08 0.11 + 0.03 0.12 0.03 0.19 0.16 0.16 + 0.01 0.23 0.06 0.45 0.40 0.43 + 0.03 0.45 0.19 0.09 0.08 0.09 + 0.01 0.11 0.01 0.09 0.07 0.08 - 0.00 1.50 0.07 0.01 0.00 0.01 + 0.01 0.04 0.01 0.03 0.02 0.03 + 0.01 0.03 0.01 0.47 0.42 0.45 - 0.02 0.50 0.18 0.36 0.34 0.36 - 0.01 0.38 0.12 6.36 5.50 6.17 + 0.10 6.44 1.89 4.97 4.24 4.75 + 0.05 5.13 1.38 5.36 4.90 4.90 - 0.61 9.77 3.66 0.08 0.07 0.07 - 0.01 0.18 0.03 0.09 0.08 0.08 - 0.01 0.17 0.05 0.25 0.22 0.22 - 0.03 0.26 0.01 0.19 0.18 0.18 - 0.01 0.20 0.06 0.01 0.00 0.01 - 0.01 0.10 0.01 0.23 0.19 0.19 - 0.04 0.24 0.08 0.07 0.06 0.07 + 0.01 0.10 0.05 0.82 0.77 0.81 + 0.02 2.60 0.63 0.64 0.61 0.63 + 0.01 2.14 0.47 0.22 0.21 0.22 + 0.02 0.22 0.08 0.20 0.20 0.20 + 0.03 0.34 0.12 0.09 0.08 0.08 - 0.01 0.15 0.02

U-V

W-Z

2016-05-17 7:21 PM

WWW.NORTHERNMINER.COM

MAY 23–29, 2016 / THE NORTHERN MINER

PROFESSIONAL DIRECTORY srk consulting

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14_MAY23_ProDirectory .indd 14

2016-05-17 7:20 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / May 23–29, 2016

Mine Planning Engineer / Technician British Columbia, Canada

Mine Technologist Timmins, ON. Canada

Sr. Engineer, Maintenance McArthur River Saskatchewan, Canada

In this role, you will use your expertise to provide complex specialist un-

Lake Shore Gold Corporation is seeking a Mine Technologist to support

Reporting to the chief engineer, maintenance in the maintenance engineer-

derground planning services that support quarterly and annual projections.

the Engineering department at our Timmins Mine site. General duties will

ing department, your knowledge of equipment and mechanical design will

Your responsibilities will encompass all aspects of the mine’s value chain,

include assisting in the long and short range designs for all three mines

be relied upon to support surface and underground operations. Additionally,

from mining reserves and resources to the production of quality ore for

within the Timmins West Complex.

you will supervise a team of maintenance technologists and provide technical design and planning expertise for capital and expense projects

processing.

on site.

General Manager, Long Harbour Operations Mount Arlington Heights, Newfoundland & Labrador

Geotechnical Engineer Rainy River, Ontario,

Sr. Specialist, Environmental Affairs Saskatoon, SK, Canada

Do you want to be part of the development and start-up of one of Canada’s

As the General Manager, Long Harbour Operations, you are responsible

The sr. specialist, environmental affairs will be an effective and strong

premier mining operations? We are looking for dynamic individuals to join

for providing leadership and direction for a team of over 400 individuals.

problem solver, collaborator and communicator that is able to lead teams

our team and live in our community as we pursue this exciting project. A

Reporting to the Vice-President of Operations, you are responsible for

with multiple departments and personalities to achieve business objectives.

competitive salary, performance bonus plan, and benefits, will be provided.

continuing the safe production ramp-up of the LHPP and ensuring

The sr. specialist will have strong technical expertise, advanced skills in

that systems and process management procedures are developed, imple-

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the facility.

Mine Operations Manager Wells, BC, Canada

Roles and Responsibilities: Leader for the safe and sustainable development of the Bonanza Ledge Mine operations; Responsible of the achievement of the production and profitability objectives; Managing the complete mining operations of the Bonanza Ledge Mine (contract mining and milling operations); Assessing the feasibility and the potential for commercial benefits of new sites; Managing budgets; Training and supervising staff.

Recruit smarter with mining jobs The Northern Miner’s new section dedicated to recruiting in mining

British Columbia Securities Commission Vancouver, BC. Canada As the Senior Geologist/Engineer you will conduct in-depth reviews and analysis of technical reports and other scientific or technical disclosure, including disclosure of resources and reserves. You will work with and provide expert advice to Commission staff, as well as interface with public companies and the mining industry on securities related matters.

Journeyperson Industrial Mechanic Northern Saskatchewan Sites, Canada

One listing is all you need Print Edition.

Circulated to TNM 20K+ readership

4 industry Job Boards

You will be responsible for the installation, preventative maintenance and repair of all mechanical equipment on site. This will include repairs to equipment on surface and underground, as well as troubleshooting equipment failures and documenting repairs. You will be responsible for reading and interpreting blueprints, technical manuals and work procedures.

CANADIAN Mining Journal

Company Private Chief Engineer Salt Lake City, Utah Company is currently looking for a Chief Engineer to be responsible for the overall mechanical/structural/electrical design and integrity of the Crusher product line, driving the product line to be the world class market leader. Management of the activities related to developing and maintaining equipment designs.

Email sales@mining-jobs.net or call 416-510-6772 and s t a r t r e c r u i t i n g s m a r te r t o d a y

For full job details visit MINING-JOBS.NET and enter the Job Name in the search field

15-MAY23_NEW-MiningJobs.indd 15

16-05-17 4:34 PM

WWW.NORTHERNMINER.COM

MAY 23–29, 2016 / THE NORTHERN MINER

Eldorado to sell Jinfeng to China National Gold M&A IN CHINA

| Minority partner to buy 82% stake for US$300M

BY TRISH SAYWELL

tsaywell@northernminer.com

ldorado Gold (TSX: ELD; NYSE: EGO) is the largest foreign gold producer in China, with three of the company’s six producing mines operating in the country. But that reign is coming to an end with an agreement the gold miner announced in late April to sell its Jinfeng mine for US$300 million in cash, and more recent announcement of a sale of its remaining assets in China (see story, Page 1). The Vancouver-based company is selling its 82% stake in the gold mine in China’s southern Guizhou province to its partner, a subsidiary of China National Gold Group. The state-owned company has been Eldorado’s minority partner at Jinfeng for the last 14 years. Paul Wright, Eldorado’s president and CEO, declined to be interviewed about the sale or the company’s China strategy, but said via email that management thinks its mines in China have been under-appreciated. “We believed that the market was not fairly valuing the Chinese assets within our portfolio,” he told The Northern Miner. “In August 2014 we began evaluating alternatives, which included the status quo, a Hong Kong listing, or a full divestment of the assets.” Jinfeng has consistently delivered solid operating results since it went into production in 2007, and has been a “strong contributor” in the company’s global portfolio, Wright

GOLD

| Major cuts costs, focuses on cash flow

The plant at Eldorado Gold’s 82%-owned Jinfeng mine in China. ELDORADO GOLD

said in a press release announcing the sale. (That portfolio includes two other operating mines in Turkey and development projects in Greece.) The company also noted that China National Gold was “the logical buyer,” as Jinfeng transitions to the underground part of its mine life. (The open-pit operations were exhausted in April 2015). This year, Eldorado estimates Jinfeng will produce 95,000 to 105,000 oz. gold from underground operations and a small amount of stockpile, at cash costs of between US$700 and US$750 per oz. gold. Phil Russo and Kent Neal of Ray-

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1 2 3 4 5 7 8 9 10 16_MAY23_Main .indd 16

Barrick posts Q1 loss

mond James said in a research note they view the transaction “positively,” as the sale price for the asset is 1.35 times their net asset value (NAV) estimate of $225 million. They also point out that “the market is likely to welcome Jinfeng’s sale price as a potential read-through for the remaining Chinese assets,” which they value at a $450-million NAV prior to the subsequent announcement of their sale for US$600 million. CIBC analysts Cosmos Chiu and Kevin Chiew earlier modelled a $527-million NAV for Eldorado’s remaining Chinese assets: Tanjianshan, White Mountain and Eastern Dragon. Eldorado holds a 90% stake in the Tanjianshan mine, a 95% stake in the White Mountain mine and a 75% stake in the Eastern Dragon project. (China National Gold does not hold the minority stakes in any of these assets.) Tanjianshan is an open-pit gold mine in northwestern China’s Qinghai province consisting of two deposits: Qinlongtan and Jinlonggou. White Mountain is an underground mine in northeastern China’s Jilin province, and Eastern Dragon is a high-grade epithermal gold-silver deposit in northern China’s Heilongjiang province. This year Tanjianshan could produce 70,000 to 80,000 oz. gold at cash costs of US$700 to US$750 per oz., while White Mountain could produce 75,000 to 85,000 oz. gold at cash costs of US$625 to US$675 per oz. gold. Eastern Dragon would commission this year and begin as a small open-pit mine, before transitioning to underground. Production this year at Eastern Dragon is forecast to reach 10,000 to 20,000 oz. gold (45,000 tonnes at a grade of 14.75 grams gold per tonne), at cash costs of between US$125 to US$175 per oz. gold. The transaction could close by September. Outside China, Eldorado owns 100% of the Kisladag open-pit mine in Turkey’s Usak province, 100% of the Efemcukuru underground mine in Turkey’s Izmir province and 95% of the Stratoni underground silverlead-zinc mine in northern Greece’s Halkidiki Peninsula. Kisladag, Turkey’s largest mine, is forecast to produce 225,000 to 240,000 oz. gold this year at cash costs in the US$550 to US$600 per oz. range. Efemcukuru could produce 90,000 to 100,000 oz. gold in 2016 at cash costs of between US$550 and US$600 per oz. gold. Stratoni

“WE BELIEVED THAT THE MARKET WAS NOT FAIRLY VALUING THE CHINESE ASSETS WITHIN OUR PORTFOLIO.” PAUL WRIGHT PRESIDENT AND CEO, ELDORADO GOLD

would process 220,000 tonnes of ore at grades of 6.2% lead, 10% zinc and 163 grams silver per tonne. The company also has the Certej gold-silver project in western Romania; the Tocantinzinho gold project and the Vila Nova open-pit iron ore mine (on care and maintenance) in northern Brazil; and the Olympias gold-silver-lead-zinc project and Skouries gold-copper porphyry projects in Greece. News of the Jinfeng sales agreement lifted Eldorado’s shares on the Toronto Stock Exchange 2% — or 9.5¢ to $4.90 — on 3 million shares traded. On the Jinfeng announcement Cosmos Chiu and Kevin Chiew of CIBC raised their 12- to 18-month target price from $3.50 per share to $4, and noted that the Jinfeng sale would strengthen Eldorado’s balance sheet. At the end of December 2015, Eldorado had US$667.7 million of liquidity, including US$292.6 million in cash and equivalents, and US$375 million in unused credit lines. In its year-end results tabled on March 23, Wright noted the company’s balance sheet “remains one of the strongest in the industry, allowing us to internally fund our robust growth pipeline.” Eldorado exceeded production and cost guidance for the third year in a row, with gold production of 723,532 oz. at an average cash operating cost of US$552 per oz., and all in-sustaining cost of US$842 per oz. gold. In 2015, Eldorado posted a loss attributable to shareholders of US$1.5 billion, or US$2.15 per share, compared to a net profit attributable to shareholders of US$102.6 million, or 14¢ per share in 2014. The company attributed the loss to US$1.5 billion in impairment losses, net of tax; a US$63.5-million deferred income tax charge, related to a change in income tax rates in Greece; and lower gross profits from gold mining operations. TNM

arrick Gold (TSX: ABX; NYSE: ABX) swung into the red in the first quarter on the back of declining production due to asset sales in the second half of 2015 and early 2016, combined with lower realized gold prices. The world’s largest gold producer posted an US$83-million quarterly net loss, down from a US$57-million profit in the same period last year. Removing one-time items, adjusted earnings were US$127 million, or US11¢ per share, up from US5¢ per share a year ago. The firm generated US$181 million of free cash flow in the first quarter. While this is an improvement from the negative amount generated in the comparable period, it is down from the US$378 million made in the fourth quarter of 2015. Haywood Securities analyst Kerry Smith writes that “Barrick continues to make strides, as it reported its fourth consecutive quarter of generating free cash flow.” On a conference call, Barrick’s departing chief financial officer Shaun Usmar said the company achieved a free cash flow break even of just over US$1,000 per oz. in the first quarter, and is on track to lower that to US$1,000 per oz. for the year. (Catherine Raw replaced Usmar that day.) The company also lowered its year-over-year cash costs 24%, and all-in sustaining costs 12%, despite lower production. Quarterly production came in at 1.28 million oz. at all-in sustaining costs of US$706 per oz., down from 1.39 million oz. at all-in sustaining costs of US$927 per oz. the year earlier. Cash costs were US$553 per oz. in the first quarter. Barrick says these savings came from lower sustaining capital spending and lower operating costs. It also benefitted from lower fuel prices and foreign exchange gains, after the devaluation of the Argentine peso. Copper output was 111 million lb. at all-in sustaining costs of US$1.97 per lb. Quarterly sales included 1.31 million oz. gold at an average realized price of US$1,181 per oz. and 103 million lb. copper at US$2.18 per lb. Compared to the previous year, sales were lower and the average realized price slipped 3% for gold and 14.5% for copper. Revenue dropped 14% to US$1.9 billion. Barrick has reiterated its 2016 production guidance of 5 million to 5.5 million oz. gold, but now expects all-in sustaining costs of US$760 to US$810 per oz., down US$15 on each end. It aims to bring all-in sustaining costs to below US$700 per oz. by 2019. The company has also trimmed the top end of its annual capital guidance by US$100 million to US$1.6 billion. Barrick went on a selling spree last year to help repay its debt, and lowered its total debt in the first quarter by US$842 million to US$9.1 billion. It remains on track to reach its 2016 debt reduction target of US$2 billion. It exited the quarter with US$2.3 billion in cash. TNM

2016-05-17 8:34 PM