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Fireside chat with Kirkland Lake Gold’s Tony Makuch PROGRESSIVE MINE FORUM

| Head of rising miner on innovation, gold, the road ahead

BY NORTHERN MINER STAFF

T

he Northern Miner hosted its third annual Progressive Mine Forum in October.

During the event, Tony Makuch, president and CEO of Kirkland Lake Gold (TSX: KL; NYSE: KL), sat down with Northern Miner publisher Anthony Vaccaro for an in-depth fireside chat in front of an audience at the MaRS Discovery District in downtown Toronto. The following is an edited transcript of the discussion. To see videos from the event, visit www.northernminer.com.

Anthony Vaccaro: Kirkland Lake Gold’s Macassa mine has a fully electric fleet and was first to use electric 40-tonne underground haul trucks. Can you take us back to when you decided to take the company down this road?

Tony Makuch: Macassa was operated with battery-powered equipment, battery-powered locomotives and air-operated machines for the first 65 years of mining. Now, I had worked at Macassa before, but coming back to the mine in 2016, it

Protesters in Santiago, Chile, in October 2019. CARLOS FIGUEROA/WIKIMEDIA COMMONS

Chile in turmoil as tensions boil over

See MAKUCH / 14

UNREST

| Traditionally stable nation faces uncertainty

BY TOM AZZOPARDI

T Kirkland Lake Gold CEO at The Northern Miner’s third annual Progressive Mine Forum in October 2019. GEORGE MATTHEW PHOTOGRAPHY

Special to The Northern Miner

he worst unrest in Chile in a generation threatens to overturn assumptions about one of South America’s most stable countries and the world’s leading copper producer.

All it took was a US4¢ rise in the peak hour fares on the Santiago metro on Oct. 6. But by Oct. 18, a week of mass fare-jumping by high school and university students had descended into widespread vandalism and pitched battles with riot police.

The scenes were apocalyptic, with

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dozens of metro stations and buses set alight, mobs looting supermarkets, and the headquarters of the country’s largest electricity company in flames.

With police apparently overwhelmed, Chile’s centre-right president Sebastian Pinera decreed a state of emergency, imposing a curfew and sending troops into Santiago for the first time since its return to democracy in 1990.

By then, however, it was too late.

Tens of thousands of Chileans had taken to the streets, banging saucepans (a traditional form of demonstration in South America) in protest over the heavy-handed clampdown and a growing list of complaints, from low pensions and rising living costs to the poor state of public hospitals and schools.

While the looting has subsided and the soldiers sent back to barracks, protests and clashes with police have continued almost daily.

In almost two weeks of chaos, more than 20 people have died, hundreds more injured (many blinded by rubber bullets) and thousands arrested.

The disruption has been huge, especially in Santiago. The Santiago Chamber of Commerce estimates that the unrest has cost businesses in the city US$1.4 billion in vandalism and lost sales. Restoring the metro’s system is likely to take several months and cost more than US$300 million.

Chileans and foreigners alike are shocked at how quickly South America’s wealthiest and most stable

economy has been turned upside down.

Copper prices rose to their highest level in three months on fears that the unrest could hit copper supplies.

However, so far, the impact on the See CHILE / 2 PM40069240

VICTORIA GOLD: EAGLE NEARS PRODUCTION IN YUKON / 8

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2019-11-05 8:17 PM

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NOVEMBER 11–24, 2019 / THE NORTHERN MINER

Court rejects Hudbay motion to reconsider Rosemont COPPER

| Company keeps working on its appeal

BY TRISH SAYWELL

T

tsaywell@northernminer.com

he U.S. District Court for Arizona has turned down Hudbay Minerals’ (TSX: HBM; NYSE: HBM) request that it reconsider its ruling in July that prevents the company from developing its Rosemont copper mine in the state.

In October, U.S. District Court Judge James Soto said there was no reason to reconsider the earlier court ruling that challenged and overturned the U.S. Forest Services’ approval of the project.

“This ruling confirms the court continues to inappropriately assume the responsibility of the regulators, misrepresenting current mining laws and regulations that govern mining activities on public lands throughout Arizona and the U.S.,” Hudbay’s director of investor relations, Candace Brule, told The Northern Miner in an email response to questions about the latest setback for the company.

Hudbay did not issue a press release on the court’s denial of the motion for reconsideration, and says it is not in a position to share details about the timing or date of its appeal.

“We will continue our work to appeal the decision as we evaluate the next steps for the project,” Brule said.

The U.S. Forest Service issued its decision in June 2017, after a process that took 10 years, involving 17 cooperating agencies at various levels of government, 16 hearings, over 1,000 studies and 245 days of public comment resulting in more than 36,000 comments.

“Hudbay believed the court went beyond its authority by assessing the validity of Rosemont’s mining claims,” Brule said of the court’s initial ruling in July. “As such, we filed a motion to request that the court

“THE COURT CONTINUES TO INAPPROPRIATELY ASSUME THE RESPONSIBILITY OF THE REGULATORS, MISREPRESENTING CURRENT MINING LAWS AND REGULATIONS THAT GOVERN MINING ACTIVITIES ON PUBLIC LANDS.” CANDACE BRULE DIRECTOR OF INVESTOR RELATIONS, HUDBAY MINERALS

Chile in turmoil CHILE From 1

Hudbay Minerals’ Rosemont copper property in Arizona. HUDBAY MINERALS

amend the judgment and remand Rosemont’s final record of decision to the Forest Service for additional investigation or explanation, while leaving the FEIS in place during this time.”

The court ruling involved Hudbay’s plan to use public lands next to the mine for its waste-rock, stateof-the-art tailings facility and other support facilities related to Rosemont’s operations.

“The use of public lands to support mining operations from valid mineral claims is a practice that has been adopted by other mines throughout the country, and is consistent with the regulations set out by the agencies that monitor and regulate these activities,” the company says.

In March, Hudbay’s board of directors approved a US$122-million early works program for Rosemont — part of the US$1.9-billion capital

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Chile President Sebastian Pinera speaking to the media in July 2019. GOVERNMENT OF CHILE

expense estimate for the project.

In a press release on March 28, management said it expected to seek board approval to start Rosemont construction by the end of 2019, which would enable first production by the end of 2022.

The early works program was given the green light after Hudbay announced on March 21 that it had received the approved mine plan of operations (MPO) from the U.S. Forest Service.

The MPO issuance was the last administrative step in the permitting process, the company said.

Rosemont received its Section 404 water permit from the U.S. Army Corps of Engineers on March 8.

Rosemont’s environmental impact statement exceeded 2,600 pages, and its MPO weighed in at 4,000 pages. The company envisioned using dry-stack tailings, which mechanically filter out 85% of the water from the tailings and leaves a material that Hudbay describes as resembling “damp sand.” The water extracted could be reclaimed and reused for mining purposes, Hudbay said.

If built, Rosemont would be the third-largest copper mine in the U.S., accounting for 10% of the country’s annual copper production.

Over a projected 19-year mine life, Rosemont is expected to produce 127,000 tonnes of copper annually.

Hudbay added the project to its portfolio through its acquisition of Augusta Resource in September 2014.

The near-surface deposit consists of copper, molybdenum, silver and gold mineralization. It is a high-tonnage, skarn-hosted and porphyry-intruded deposit that would operate as an openpit, shovel-and-truck operation.

A technical report completed in 2017 envisions a final pit measuring 1,828 metres east to west and 1,828 metres north to south, with a total depth of 884 metres, down to 945 metres.

The processing facility is 305 metres east of the pit, and the dry-stack tailings facility, 457 metres southeast of the pit.

Rosemont contains 536.2 million measured and indicated tonnes grading 0.29% copper, 0.011% molybdenum and 2.64 grams silver per tonne, and 62.3 million tonnes grading 0.30% copper, 0.01% molybdenum and 1.58 grams silver per tonne. TNM

country’s powerful mining industry has been limited compared to the turmoil seen in most of the country’s big cities, Patricio Concha, a director at Chile’s Chamber of Mines, told The Northern Miner.

Mining unions at several big mines, including Codelco’s Andina and BHP-controlled Escondida, have held limited stoppages in sympathy with the protests, and against police violence.

Other producers have faced delays in shift changes and mine supplies.

A national strike by port workers could hold back copper-concentrate deliveries from Lundin Mining’s (TSX: LUN) Candelaria mine, CEO Marie Inkster said on Oct. 23.

Antofagasta (LON: ANTO) said that it expected the unrest to lower copper output during the current quarter by 5,000 tonnes, or less than 1% of annual production.

However, the impact on the industry could increase if the crisis drags on.

The reasons for the unrest are clear.

Although Chile is the region’s wealthiest and most stable country, with a dynamic business sector, world-class universities and stable institutions, life for most Chileans is not easy.

Chile’s average US$16,000 income, comparable with some European countries, masks the fact that most Chileans survive on less than US$550 a month.

Behind Santiago’s gleaming office buildings and the soaring Costanera skyscraper, the tallest in South America, lies a highly divided society. Public education and healthcare systems, while years ahead of its neighbours, remain threadbare compared to those of most countries in the Organization for Economic Cooperation and Development, of which Chile is also a member. Its pioneering, privately run pensions system leaves many retirees living in poverty.

Economists have long warned that the country risks falling into the middle-income trap. As people’s incomes rise, their aspirations rise faster than the country can meet them.

Pinera’s predecessor Michelle Bachelet hiked taxes and borrowing to provide free higher education to poorer students. The new government has slowed spending, which has increased tensions.

Nevertheless, the scale and intensity of the violence has shocked many. The government says the arson attacks against the metro stations (which may have used accelerants not available in Chile) must have been planned and coordinated, perhaps ahead of the APEC and COP25 summits. The government has now cancelled both events amid security concerns.

For now, investors are sanguine.

“Until [recently], Chile was still thought of as probably the leading country in South America in which to invest … at this point there’s

nothing to change our perspective,” Don Lindsay, CEO and president of Teck Resources (TSX: TECK-B; NYSE: TECK), told analysts on a conference call on Oct. 24.

The company’s US$4.7-billion Quebrada Blanca 2 project is the largest investment underway in Chile. Once in production, the expanded mine will produce an average 316,000 tonnes per year of copper-in-concentrate during its first five years of operations.

It will take more than a fortnight of turmoil to completely upturn Chile’s strong reputation abroad.

On Oct 24, with protests still raging, the government announced that Amazon had decided to build a data centre in the country.

“People who are educated and know Chile pretty well see this as an anomaly,” Alex Black, CEO of Rio 2 (TSXV: RIO), told The Northern Miner. The unrest has not affected Rio 2’s plans to advance its Fenix gold project in northern Chile’s Maricunga belt. No investors had contacted the company to enquire about the unrest, he said.

But there is significant uncertainty about what comes next.

President Pinera’s initial battery of proposals, including higher basic pensions, a state-supported minimum income, cuts in electricity tariffs and higher taxes for the wealthy, was quickly dismissed as inadequate by the opposition.

Incoming f ina nce minister Ignacio Briones is preparing to renegotiate the government’s proinvestment tax reform bill, currently in Congress, on radically different lines. Business leaders say higher taxes look inevitable, as the government strives to fulfill social demands.

“We know that we are going to have to stick our hands in our pockets, and that it’s going to hurt,” warned the head of CPC, Chile’s top business organization.

But many of those on the streets and in Chile’s opposition want more drastic change.

Hours after the state of emergency was lifted, opposition politicians, including the heads of both houses of Congress, agreed to present a bill to hold a referendum on a new constitution.

Many see the existing document, introduced under the military regime, as a legal straitjacket, which prevents many desirable reforms.

It also contains guarantees that business leaders say have underpinned decades of massive foreign investment, especially into the mining sector, such as compensation for expropriation by the state.

The government and business leaders hope that negotiations on the new social pact will seek a balance between meeting the public’s demands and reinforcing the qualities that have made Chile the region’s most reliable economy for over a generation.

But for now, such a deal looks a long way off.

“It’s too early to call where this is going to end up,” Black said. TNM

2019-11-05 8:17 PM

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THE NORTHERN MINER / NOVEMBER 11–24, 2019

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Guyana Goldfields plummets after major quarterly miss OPERATION

| Company expects to come in below gold guidance, mine plan review underway

BY STEVE STAKIW

S

Special to The Northern Miner

hares of gold producer Guyana Goldfields (TSX: GUY) dropped as much as 38% on a weaker-than-expected performance during the third quarter from its wholly owned Aurora gold operation in western Guyana.

Gold output for the three months ended Sept. 30 came in at 22,100 oz., a record low since the open-pit mine started commercial production at the beginning of 2016, and well below market expectations, prompting Guyana Goldfields to acknowledge Aurora would not meet 2019 annual production guidance of 145,000 to 160,000 ounces.

With total gold production for the first nine months of the year at 96,000 oz., the company has opted not to issue revised guidance as it recently started a mine-review plan, although it says gold production during the fourth quarter could improve, as mining moves back into the primary ore zone in the main Rory’s Knoll zone.

Third-quarter operating costs also came in higher than expected, with gold sales of 23,500 oz. at a total cash cost before royalties of US$1,372 per oz., and all-in sustaining costs of US$1,882 per ounce. The company reported an average realized gold price of US$1,485 per oz. for its quarterly sales.

Guyana Goldfields posted a US$9.5-million loss for the quarter, or 6¢ per share, primarily attributable to the US$9-million loss directly from mine operations. The cash balance at the end of the quarter stood at US$24.9 million, down from US$38.9 million at the end of the second quarter.

The company cited increased waste development sequencing, reduced working faces, heavy rainfall, and a three-day work stoppage that blocked ore delivery to the mill as the main contributing factors. The average mining rate over the third quarter came in at 51,500 tonnes per day, or 11% lower than the preceding quarter. Additionally, the average strip ratio during the quarter was 15.6 tonnes of waste to 1 tonne of ore — an increase from the 8.6 to 1 strip ratio from the comparable quarter in 2018.

“The company has experienced ongoing challenges in achieving the optimized sequence of mining and waste development in the open pit, and as a result, we have commenced a thorough review of the Aurora life-of-mine plan,” Allen Palmiere, the company’s interim CEO, said on a conference call. “As part of this review, we are undergoing a

“THIRD-QUARTER OPERATING RESULTS WERE WELL BELOW OUR REVISED EXPECTATION AND WAS EVIDENCE OF A SYSTEMIC ORE GRADE PROBLEM — THE MAGNITUDE OF WHICH WE BELIEVE IS MATERIAL.” BARRY ALLAN ANALYST, LAURENTIAN BANK SECURITIES

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The pit at the Aurora gold mine. GUYANA GOLDFIELDS The mill at Guyana Goldfields’ Aurora gold mine in Guyana. GUYANA GOLDFIELDS

comprehensive mine production and cost savings review plan to make the necessary changes and improvements to ultimately increase productivity and profitability.”

The company has tapped Roscoe Postle Associates to help in the review and to build on the engineering firm’s updated mineral resource and mineral reserve estimate study and life-of-mine plan it completed in March 2019, which saw contained gold in proven and probable reserves at Aurora slashed 43%, or 1.69 million oz., to 2.27 million contained oz. gold (in 26.95 million tonnes grading 2.63 grams gold per tonne) as of the end of 2018.

“We don’t expect a review to materially change the total reserves to be mined,” Palmiere said. “However, we may see a change in the sequence of open-pit development and ore release, timing of access to Rory’s Knoll underground, and the mining methods. We will release the details of this review once fully completed, which is expected in the first quarter of next year. However, some cost improvements are expected to begin to be realized almost immediately.”

Despite commissioning a secondphase plant expansion at Aurora earlier this year, the company throttled back its average mill throughput in the third quarter to 6,900 tonnes per day — a 12% drop from the second quarter — with the aim to maximize recovery from the higher proportion of lower-grade materials processed during the quarter.

Increased reliance on low-grade stockpiles during the third quarter resulted in an all-time-low average mill head grade of 1.21 grams gold per tonne. Average gold recoveries also came in lean, at 89.1%, due to the lower volumes of higher-grade ore available in the quarter.

“What we were really doing was taking from a very low-grade stockpile that was running about 0.8 of a gram, and the open pit averaged about 1.7 [grams gold per tonne],” Palmiere said in response to questions during the call about the grade profile split between the lower-grade stockpile feed and the open-pit ore.

Laurentian Bank’s Barry Allan lowered his recommendation on the company’s stock from a “buy” to a “speculative buy,” and trimmed his target price from $3.50 per share to $2.40. “Third-quarter operating results were well below our revised expectation and was evidence of a systemic ore grade problem — the magnitude of which we believe is material,” Allan wrote in a research note to clients.

The mining analyst also expressed concern about Guyana Goldfields’ reduced financial strength and cash balance decline, and raised ques-

tions about the company’s ability to sustain ongoing capital investment on high-waste stripping operations in the open pit and underground development.

While a decision on potential underground operations at Aurora has yet to be made, it will likely be addressed in the current RPA mine review plan. Guyana Goldfields says it expects enough operational cash-flow generation to fund the necessary planning work, accelerated stripping, and underground development until the end of 2020.

The company confirmed on the conference call that development of its underground exploration decline had reached a length of 394 metres.

Guyana Goldfields has had a turbulent year, having weathered a heated proxy battle launched by a dissident shareholder group led by ousted company chair and shareholder Patrick Sheridan, who was pushed out in mid-2018. The

“THE COMPANY HAS EXPERIENCED ONGOING CHALLENGES IN ACHIEVING THE OPTIMIZED SEQUENCE OF MINING AND WASTE DEVELOPMENT IN THE OPEN PIT, AND AS A RESULT, WE HAVE COMMENCED A THOROUGH REVIEW OF THE AURORA LIFE-OF-MINE PLAN.” ALLEN PALMIERE INTERIM CEO, GUYANA GOLDFIELDS

group sought to replace the company’s board with its own director nominees, citing a drop in market capitalization, multiple cuts in 2018 production-guidance forecasts, poor performance and disappointment with RPA’s updated mineral resource and mineral reserve estimate study, and life-of-mine plan.

The company and the dissident shareholder group reached a settlement in April that saw Guyana Goldfields CEO Scott Caldwell agree to step down, and proposed direc-

tor nominees added to the slate.

Palmiere was one of the new directors added to the board, and was appointed interim CEO on July 31.

After news of its third-quarter results hit the market, shares of Guyana Goldfields hit an all-time low of 46¢. At press time the stock was trading at 50¢, well below its 52-week high of $1.86 on Jan. 1.

The company has 175 million common shares outstanding for an $87-million market capitalization. TNM

COMPANY PROFILE

Hecla Mining Company

Hecla Mining Company (NYSE:HL) is a leading, low-cost silver producer with operating silver mines in Alaska (Greens Creek), Idaho (Lucky Friday), and Mexico (San Sebastian) and is a growing gold producer with operating mines in Quebec, Canada (Casa Berardi) and Nevada (Fire Creek and Hollister).

In addition to its diversified silver and gold operating and cash-flow generating base, Hecla has a number of exploration properties and pre-development projects in eight world-class silver and gold mining districts in North America. With an active exploration and development program, the company has consistently grown its reserve base for future production, with 2019 reserves totaling 191 million ounces of silver and 2.8 million ounces of gold reserves, calculated using some of the lowest price assumptions in the industry.

Established in 1891, Hecla is headquartered in Coeur d’Alene, Idaho, and has a sister office in Vancouver, B.C. The company’s common stock has been traded on the New York Stock Exchange for over 50 years.

Our philosophy is to operate mines safely by promoting a deeplyrooted value-based culture, leveraging mining skills developed over the company’s long history, and by innovating new practices. Learn more about Hecla’s responsibility to the safety and health of our people, the communities we call home, and the environment we operate in.

Visit us at AME Roundup - Booth # 117

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E D I T O R IA L Argentina shifts to the left

O P- E D

EDITORIAL

| New administration faces a variety of challenges

F

GROUP PUBLISHER/ PUBLISHER: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com ACTING EDITOR-IN-CHIEF & SENIOR REPORTER: Trish Saywell, BA, MA, MSC (JOUR) tsaywell@northernminer.com COPY EDITOR: Isa Cunanan, HBSC (PROFESSIONAL WRITING, HEALTH SCI COMM)

icunanan@northernminer.com REPORTER Magda Gardner, BASC (MINERAL ENG) mgardner@northernminer.com CONTENT SPECIALIST Jean Lian, BA (ENGL LIT) jlian@northernminer.com CONTENT SUPERVISOR: David Perri, BA (POLI SCI) dperri@northernminer.com ONLINE EDITOR: Adrian Pocobelli, MA (ENGL) apocobelli@northernminer.com EDITOR, DIAMONDS IN CANADA: Alisha Hiyate, BA (POLI SCI, HIST) ahiyate@northernminer.com ADVERTISING: Joe Crofts (416) 510-6816 jcrofts@northernminer.com Michael Winter (416) 510-6772 mwinter@northernminer.com SUBSCRIPTION SALES/ APPOINTMENT NOTICES/ CAREER ADS George Agelopoulos (416) 510-5104 (Toll free) 1-888-502-3456, ext. 43702 gagelopoulos@northernminer.com PRODUCTION MANAGER: Jessica Jubb (416) 510-5213 jjubb@glacierbizinfo.com CIRCULATION/CUSTOMER SERVICE: Laura Arnold (416) 510-5135 (Toll free) 1-888-502-3456 northernminer2@northernminer.com REPUBLISHING: (416) 510-6768 moliveira@northernminer.com ADDRESSES: Toronto Head Office: 225 Duncan Mill Road, Suite 320 Toronto, ON, M3B 3K9 (416) 510-6789 tnm@northernminer.com SUBSCRIPTION RATES: Canada: C$120.00 one year; 5% G.S.T. to CDN orders.

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our years ago, Argentines elected Mauricio Macri as their president on his promise to fix the country’s troubled economy after 12 years of populist government under Cristina Fernandez de Kirchner and her husband Nestor Kirchner.

Macri — who comes from a wealthy family and was the first centre-right president to

BY TRISH SAYWELL tsaywell@northernminer.com lead Argentina since its return to democracy in 1983 — took office in December 2015.

The Northern Miner spent several weeks in the country after his election, interviewing lawyers, economists, accountants, diplomats, mining executives and government officials, all of whom expressed optimism that Macri could get the country’s finances into shape and attract more foreign investment.

During his tenure, the pro-business and market friendly politician did away with capital controls and restrictions on imports and access to foreign currency. He also hammered out an agreement with holdout creditors from Argentina’s 2001 default — returning the country to international debt markets.

But in elections on Oct. 27, the Peronists swept back into power under Alberto Fernandez, a law professor, and his vice-presidential running mate, ex-president Cristina Fernandez. (The two are not related.)

Fernandez won the presidency with 48% of the vote to Macri’s 40%.

Macri was unable to convince voters to give him more time to implement structural reforms and create the basis for sustainable economic growth. The country fell into a deep recession last year, and many Argentines feel worse off today than they did in 2015. An estimated one-third of the population lives in poverty, unemployment is in the double digits (10.6% in the second quarter), and inflation rages at roughly 53%. It now takes 59.92 Argentine pesos to buy one U.S. dollar. When Macri took office, one U.S. dollar equalled 9.78 Argentine pesos.

His cuts to subsidies, which raised the cost of transportation and utilities, were unpopular, and along with hyperinflation eroded purchasing power. His decision last year to take a $57-billion bailout from the International Monetary Fund (IMF) to help cover the budget deficit and meet debt payments also proved wildly unpopular. The bank is despised by many Argentines — and is widely blamed for the country’s economic meltdown and $100-billion default in 2001.

Fernandez has said he will renegotiate the terms of the IMF’s line of credit, especially the austerity demands that came with it. But whether he will return to the interventionist and protectionist policies and the generous subsidies and welfare spending of Cristina Fernandez’s 2007–2015 government remains to be seen.

The new president served in Cristina Fernandez’s government as chief of staff for a time, but had a falling out with her over tariffs on agricultural goods and left his position in 2008. Before that, he was chief of staff under her late husband and former president, Nestor Kirchner, who ruled from 2003 until 2007.

Fernandez has yet to unveil a detailed economic plan, and will have to manoeuvre between various factions of the coalition that put him in power. While he is viewed by many as more pragmatic and moderate on economic issues than Cristina Fernandez, she will have influence in the administration, and he will be under pressure to show he is firmly in charge.

Stratfor, a geopolitical intelligence group in Texas, said in a note that Fernandez “plans to work with local and foreign companies to place a six-month freeze on the prices of food and other products,” and has “pledged to boost domestic consumption by raising salaries in the private and public sectors above the inflation levels, which is likely to push inflation up.”

A day after the election results, Argentina’s central bank imposed capital controls to protect the country’s reserves, restricting the amount of foreign currency Argentines could buy to US$200 a month — down from US$10,000.

Capital controls will make it more difficult for multinationals to repatriate revenue.

“Fernandez’s acid test will be how he manages to promote investment into Argentina while at the same time managing the weak economic situation,” Ignacio Celorrio, a lawyer and partner at the Buenos Aires-based law firm, tells The Northern Miner.

Despite the uncertainty, Fernandez apparently has signalled his support for Argentina’s extractive sector.

“He will be a strong political supporter of mining — he has already said that a few times,” Celorrio says. “He also has said that he plans to promote investment and development in the oil and gas sector — so there is a trend that he will try to attract investment in Argentina’s natural resources in general as a source of exports and foreign exchange.”

Fingers crossed. TNM

COMPANY INDEX Agnico Eagle Mines. . . . . . 9 ALX Uranium. . . . . . . . . . 11 Antofagasta. . . . . . . . . . . . . 2 Appia Energy. . . . . . . 11,16 Cameco. . . . . . . . . . . 9,11,13 Denison Mines. . . . . . . . . 11 Eagle Plains Resources. . 10 Foran Mining. . . . . . . . . . . 9 Gensource Potash . . . . . . 11 Glencore . . . . . . . . . . . . . . . 9

Guyana Goldfields. . . . . . . 3 Horizonte Minerals. . . . . . 7 Hudbay Minerals. . . . . 2,11 Kirkland Lake Gold. . . . . . 1 Lundin Mining. . . . . . . . . . 2 Murchison Minerals. . . . 12 New Age Metals. . . . . . . . 12 Newmont Goldcorp . . . . 16 NovaGold Resources. . . . 10 Orla Mining. . . . . . . . . . . 16

Rio 2 . . . . . . . . . . . . . . . . . . 2 Rockcliff Metals. . . . . . . . 12 SSR Mining. . . . . . . . . . . . . 9 Taiga Gold. . . . . . . . . . . . . . 9 UEX. . . . . . . . . . . . . . . 11,13 Vale. . . . . . . . . . . . . . . . . . . . 7 Victoria Gold. . . . . . . . . . . 6 Wealth Minerals. . . . . . . . . 8

Composite of environmental activist Greta Thunberg and U.S. member of Congress Alexandria Ocasio-Cortez. CREDIT: ANDERS HELLBERG (/WIKIMEDIA COMMONS AND NRKBETA/FLICKR

Mining’s unlikely heroines — Greta Thunberg and AOC COMMENTARY

| Exponential expansion of global mining underpins decarbonization plans

BY FRIK ELS

L

Special to The Northern Miner

eft-wing darling Alexandria Ocasio-Cortez’s proposed Green New Deal, despite its flimsy 14 pages, is nothing if not all-encompassing and vaulting in its ambition. The bill was also crucial to Ocasio-Cortez’s rapid ascent to acronym status, and anointing as the queen of green.

Thanks to her How Dare You tour, 16-year old Greta Thunberg is now the undisputed leader of the growing ranks of school-bunking, climate crisis warriors all over the world.

The Greta show arrived in MINING.COM’s hometown of Vancouver in October to take “Make love, not CO2” youth (and second-life hippies) on yet another march and bridge-blockade. The footslogging Greta groupies are beginning to resemble the disastrous 1212 children’s crusade — with higher ground now doing service for holy land.

On the right, much of the response to AOC and Thunberg (who seem to get on like a house on fire, if the Guardian is to be believed) has been mocking and dismissive, accusing the pair of swapping hamburgers for pie in the sky.

This is a mistake.

Red turns green Some estimates put the green economy in the U.S. at US$1.3 trillion in annual revenue already — that’s 7% of gross domestic product — with a workforce of 9.5 million Americans.

Within the Green New Deal is a goal of “meeting 100% of the power demand in the U.S. through clean, renewable and zero-emission energy sources.” AOC has no deadline, but no doubt Thunberg wants this for the world before she hits drinking age.

A seminal paper by Bernstein’s European mining and metals team, led by Paul Gait, outlines just how much restructuring the global industrial economy needs to bring this about.

And all of it to the great benefit of mining.

“Copper and the green economy — Thoughts from [Bernstein’s] decarbonization conference” has only been passed around in mining circles for a few weeks, but the “Greta scenario” outlined in the research has already become shorthand for what a brave new world of mining may look like.

The required copper price of US$20,000 a tonne (US$9 per lb., or

more than three times today’s level) under Bernstein’s Greta scenario of full decarbonization by 2025 certainly grabs headlines.

Equally eye-popping is another scenario sketched in the report: when the target date pushes out to 2070, it would require investment in copper equal to the total known reserve base of 647 million tonnes.

Keep in mind that the tonnes for renewable energy networks and electric cars come on top of the 20 million tonnes of annual copper consumption in other industrial sectors.

If the first industrial revolution was powered by dark satanic mills, copper’s red-hot smelters will drive the green revolution.

This is still your great-greatgrandfather’s copper mine The Green New Deal is full of big numbers.

Here’s another one: producing that amount of copper would require blasting, crushing and grinding 130 billion tonnes of rock at current ore grades.

And those grades will only continue to fall over the next 50 years, not least because the average weighted age of the world’s 20 largest copper mines is 91 years.

Climate change is pitting generations against each other (google “OK, boomer” for more). Aging copper mines put a whole new spin on it.

How soon is now?

Even Bernstein’s base case of gradual decarbonization under the 2015 Paris targets (more honoured in the breach than the observance, particularly in North America) requires a 50% lift in the copper price to incentivize new mines.

But at press time, copper languished not far off two-year lows, despite Chile doing a Hong Kong (Chile is not the Saudi Arabia of copper, it’s the Saudi-Iran-IraqEmirates of copper), deepening deficits, dwindling explorer ranks and a dearth of major projects.

A tenth of the world’s copper mines are already underwater, and that in no small part owes to weak copper by-product prices crucial to any green deal like cobalt, still two-thirds off its peak, despite closure of the world’s biggest copper-cobalt mine.

It’s not going well for other essential green energy raw materials, either. Inventors of the lithiumion battery won a Nobel Prize in October. Lithium prices are down 58% in the last 18 months. If you’re See COMMENTARY / 8

2019-11-05 8:17 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 11–24, 2019

5

Changes in financial markets trouble mining industry COMMENTARY

| Popularity of indexed ETFs and funds hits juniors hard

BY JEFFREY CHRISTIAN Special to The Northern Miner

A

nalysts at CPM have studied the precious metals and commodities markets — including investment trends in mining equities — since the 1970s. This long and intimate involvement gives us insight into the transformations that clearly now are wracking the buy side, the sell side and the mining industry.

The CPM Group recently completed a study of over-the-counter (OTC) and exchange metals markets. As part of the 2018–2019 project, CPM bought the best list of managers at hedge funds, commodity trade advisors and commodity pool operators. Of the 6,800 fund managers on the list, 132 trade metals. Of those, 35 base their investment decisions on economic and fundamental factors. The rest traded based on price charts, price momentum and computer-generated trades.

Fewer than 2% of professional money managers focusing on futures and options even trade metals, and fewer than 0.5% pay attention to trends in the metal markets, the mining industry, fabrication and investment demand, and the economic and political environments that shape these fundamentals.

Now CPM is studying institutional investment trends in mining and exploration companies.

Institutional investors suffer from a range of transformations. There is a trend towards lower fees, reducing revenues and profits. Funds increasingly are investing in indexed exchange-traded funds (ETFs) and funds packaging numerous companies, rather than individual companies. They also are shifting from funds managed by human portfolio managers and research

The New York Stock Exchange on Wall Street in New York City. LUCKY-PHOTOGRAPHER/ISTOCK

teams to funds driven by computergenerated decisions.

When Barrick Gold made overtures towards Newmont earlier this year, a rumour spread that “not even Evy Hambro’s fund” at BlackRock owned Barrick shares. In fact, it did. There were 65 BlackRock funds that owned Barrick shares. Five of them were managed by analysts and portfolio managers. The other 60 were indexed funds and ETFs. The BlackRock data ref lects similar changes in equity investment trends, away from investing in individual companies based on fundamental analysis, towards investing in indexed funds and ETFs. The shift towards investing in indexed ETFs and funds means that mining companies large enough to be in such indexes have seen their prices rise, as generalist investors have bought such indexed investments in response to rising gold prices. Smaller mining companies not in such indexes have been largely flat, and face increasing difficulty in raising capital.

Banks and brokers are experiencing major negative shocks themselves. Their revenue models are being shattered by the virtual and actual disappearance of broking fees, rising costs, increased regulatory requirements and expenses, poor returns on installed capital, and a reluctance on the part of their institutional investors to pay for broker-generated research.

As we studied these major transformations on the buy side, the sell side, and the consequent financial pinch on the mining industry, the question arose: What does this mean for CPM’s service provision to investors, mining companies and the sell side of financial markets in the future? The answer partly is evident in the past.

As institutional investors pivot away from free research from banks, brokers and promotional agencies supported by mining companies, they are focusing on what is being called “curated research,” picking and choosing a limited number of highly respected, independent, un-

biased, knowledgeable research and advisory services. CPM is viewed as a quality source of research on precious metals and commodities by those institutional investors that still are economically and fundamentally driven. One executive put it succinctly: CPM sells research.

They sell advertising.

This suggests that the future client portfolio at CPM will be much as it has been since we bought our independence from Goldman Sachs in 1986. In 1991, we were told that three of our institutional investment clients represented more than two-thirds of the open interest in Comex gold futures and options markets. The reality is that the precious metals physical and mining equities markets always have been characterized by relatively small numbers of highly focused investors who pay attention to the fundamentals.

Markets today are witnessing a shift away from fundamentally driven investment decisions toward mechanized, automated mass-mar-

ket investment products. This trend will last until markets change in a way not predicted by algorithms — based as they are on history and not present circumstances. Meanwhile, there will continue to be any number of investors, wealthy and ordinary, who will continue to want sentient human beings managing at least part of their money. Those investors will continue to focus on the fundamentals of the mining industry, the metal markets, and the underlying economic and political environment or landscape.

They will continue to outperform the indexed funds, especially at turning points, as was the case in 2001, 2007 and 2011. TNM — Jeffrey Christian is the managing partner of CPM Group, a commodities research and management, consulting and financial advisory firm in New York. He founded the company in 1986, spinning off the Commodities Research Group from Goldman Sachs & Co., and its commodities trading arm, J. Aron & Company.

Young Mining Professionals announces scholarship winners HONOURS

Y

| Students get support in seeking a bright future in the mining industry

oung Mining Professionals (YMP) has announced its 2019 scholarship recipients. A total of $44,000 in scholarships will go to Canadian students pursuing careers in the mining industry. The awards are presented in partnership with Barrick Gold, Agnico Eagle Mines, The Northern Miner, Iamgold, Yamana Gold, Anaconda Mining and Orefinders Resources. YMP is an international association of mining professionals that hosts events and awards excellence in support of the next generation of mining industry leaders.

WINNER

James Comeau

Alex Bateman

Caitlin Fischer

Derek Leung

Cara Rockwood

Kei Quinn

Sean Freeborne

Rebecca Montsion

Ronald Oolooyuk

Tyler Sieben

SCHOOL

Dalhousie University

B.C. Institute of Technology

Queen’s University

University of Edinburgh

Queen’s University

Memorial University

St. Francis Xavier University

Laurentian University

University of Manitoba

University of Alberta

PROGRAM

Mining Engineering

Mining and Mineral Resource Engineering

Geological Engineering

Masters—School of Geoscience

BSc— Environmental Science

PhD candidate— Mineral Exploration

Mining Engineering

Mining Engineering

GRAD YEAR

2020

2022

2020

2020

2021

2020

2020

2020

2023

2020

PRIZE AMOUNT

$10,000*

$4,000*

$1,000

$4,000

$1,000

$4,000

$1,000

$4,000

$10,000*

$5,000

SCHOLARSHIP NAME

Peter Munk

Women in Mining Winner

Women in Mining Runner-up

Student in Mining Winner

Student in Mining Runner-up

Atlantic Canada Student in Mining Winner

Atlantic Canada Student in Mining Runner-up

Innovation in Mining

Perseverance/ Kajussissimainarniq

Future of Mining

Sponsor

Barrick Gold

Iamgold

Iamgold

Yamana Gold

Yamana Gold

Anaconda Mining

Anaconda Mining

Orefinders Resources

Agnico Eagle Mines

The Northern Miner

Master of Geology Master of Geology

* Prize includes internship interview with sponsoring company

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2019-11-05 8:17 PM

6

WWW.NORTHERNMINER.COM

NOVEMBER 11–24, 2019 / THE NORTHERN MINER

Victoria Gold’s Eagle nears production YUKON

| President and CEO McConnell: ‘Blood, sweat and tears’ paid off “LOOKING BACK, THIS IS THE CULMINATION OF MANY YEARS OF DEDICATION AND HARD WORK

BY NUMEROUS STAKEHOLDERS.”

BY MAGDA GARDNER

T

mgardner@northernminer.com

hese are exciting days for Victoria Gold (TSXV: VIT), as the company transitions its flagship Eagle open-pit gold project in the Yukon from development into production.

At the end of September, the company had mined 1.7 million tonnes of ore and stacked 1.1 million tonnes of crushed mineralized material on the heap-leach pad, pouring its first gold on Sept. 17.

“After 10 years of blood, sweat and tears, it feels pretty good,” John McConnell, Victoria Gold’s president and CEO, said in an interview with The Northern Miner, adding that he is “guiding people for the second quarter of 2020” in terms of commercial production.

Based on initial mining, gold grade to the leach pad and initial grade reconciliation are in line with expectations, and the company shipped its first 2,450 oz. of 83.3% gold and 8.7% silver doré, valued at over $4 million, to the Royal Canadian Mint on Oct. 8. Victoria expects to continue with weekly pouring and shipment of doré bars.

Eagle is an open-pit, heap-leach operation 350 km north of Whitehorse in the Yukon. The project is located within the 350 sq. km Dublin Gulch property, which Victoria acquired in 2009.

The past few years saw a lot of activity on-site, as the company permitted and constructed Yukon’s newest mine. The company completed a feasibility study on the project in September 2016 and started construction in August 2017.

Construction concluded in July for a total of $487 million.

Current proven and probable reserves at the planned Eagle pit stand at 116 million tonnes grading 0.66 gram per tonne gold for a total of 2.46 million contained ounces.

The Olive deposit, 2.5 km northeast of Eagle, hosts additional proven and probable reserves of 7 million tonnes at 0.95 gram per tonne gold for a total of 200,000 oz. gold. The Eagle project has a 33,700-tonneper-day mining capacity as a lowcost, heap-leach operation. The mine also has a low strip ratio, at 0.95 to 1, meaning that for every tonne of ore mined, less than one tonne of waste material needs to be moved — which is less than most heap-leach projects (and open-pit mines) in production.

Based on the 2016 feasibility study, Eagle could produce 200,000 oz. gold per year for 10 years based on current reserves. Operating costs are expected at $10.54 per tonne

JOHN MCCONNELL PRESIDENT AND CEO, VICTORIA GOLD

An open-pit blast at Victoria Gold’s Eagle gold mine in the Yukon.

Loading ore into a haul truck at the Eagle gold mine.

of ore leached, or US$700.50 per oz. all-in sustaining costs (AISCs), including a 5% royalty to Osisko Gold Royalties (TSX: OR; NYSE: OR). Life-of-mine, heap-leach gold recoveries are an expected 70.8%. In a corporate presentation last month, the company forecast average AISCs of less than US$750 per ounce.

McConnell says more detailed guidance on 2020 production forecasts is expected soon.

Funding a project of such scale in the midst of a prolonged downturn in the mining space made Victoria consider various potential financing options. “We were pursuing two or three alternatives, but at the end of

Ore moves through the leach pad stacking system at Eagle. VICTORIA GOLD

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VICTORIA GOLD

VICTORIA GOLD

the day felt that we came up with reasonable terms with a syndicate of Orion, Osisko and Caterpillar,” McConnell says.

“We made the decision to start construction, as we felt it was the right time to build a mine. Not a lot of mine construction was happening in North America, so we got the A-team and managed to come in under budget and on schedule.”

Details of Eagle’s $505-million financing package were announced in March 2018. It included $125 million in equity, US$225 million in debt (two credit facilities for a total of US$175 million, and a US$50million equipment finance facility),

and a $98-million royalty financing (at a 5% net smelter return royalty, until delivering an aggregate 97,500 oz. to Osisko, and decreasing to 3% thereafter).

As one of the financing conditions, Victoria implemented a gold price-protection (hedging) program with Macquarie Bank. Current gold hedges include 100,000 oz. of put options with a $1,500 per oz. strike price, and 100,000 oz. of call options with a $1,936 per oz. strike price.

These include 40,000 oz. in 2020 and 60,000 oz. in 2021. This allows Victoria to sell into the market at prices between the two rates.

In addition, as part of the 2018 financing package, Victoria issued Orion 20,000 oz. of gold call options with an exercise price of US$1,485 per oz. until April 13, 2023. As of Aug. 31, the company had $45.6 million in cash.

In terms of its shareholders, Victoria has, for the most part, attracted a specialized, sector-specific ownership base. Orion Mine Finance — a firm specializing in metals and mining investment — holds a 45% stake in the company, with another 16.2% held by various institutional investors. Kinross Gold (TSX: K; NYSE: KGC), which owns and operates the Fort Knox open-pit, heapleach mine in Alaska, holds a 6.5% interest in the company.

The mining scenario is only part of the story for Victoria Gold. There are a number of prospective exploration targets within the Dublin Gluch property, with potential to add value in the years to come, McConnell says. “The last three years, we have started to step-out Eagle and look at the regional potential,”

McConnell says. “We have 11 or 12 high-priority targets on the Dublin Gulch property of over 500 square kilometres. We believe we have a district-scale play, and we think that the best opportunity to grow Victoria is to do it organically with the properties we have … We hope to build a second mine if there’s a large enough resource.” The Eagle and Olive deposits lie within the 13 km Potato Hills trend, which traverses the 26 km wide property and is part of the wider Tintina gold belt, a prolific structure spanning across Alaska and the Yukon, and host to projects that include the Fort Knox and Pogo mines, as well as the past-producing Brewery Creek deposit.

In September, the company reported results from the 2019 diamond drilling program from the Raven target. Raven is located within the Nugget zone, which, after the Eagle host unit, is the second-largest intrusive body at Dublin Gulch, and is geologically similar to the Eagle deposit. Highlight intercepts include 88 metres of 0.6 gram gold and 166 metres of 0.46 gram gold, including a higher-grade section of 42 metres of 1.05 grams gold, from within the first 200 metres downhole. The 2019 diamond drill program covered 400 square metres of the total Raven target with an estimated extent of over 1 sq. km, and testing over 300 metres of strike length.

The Olive-Shamrock-Spinach targets are defined by a soil anomaly with a history of small-scale mining.

The current proven and probable reserves at Olive total 200,000 oz. at 0.95 gram gold. Diamond drilling completed on the Shamrock zone in 2017 returned intercepts that included 40 metres of 1 gram gold, including a higher-grade section of 24 metres of 1.36 grams gold, 17 metres of 2.24 grams gold and 23 metres of 2.78 grams gold. All of these intercepts came from the first 100 metres of core.

Diamond drilling at Spinach in 2017 returned 32 metres of 0.78 gram gold, 14 metres of 1.04 grams gold and 137 metres of 0.4 gram gold, including a higher-grade section of 71 metres of 0.58 gram gold from within the first 148 metres downhole.

Diamond drilling completed in 2017 on the Catto zone — a site of historic, high-grade gold production — has returned intercepts that include 24 metres of 1.64 grams gold, 7 metres of 1.19 grams gold and 21 metres of 0.99 gram gold, all in the first 155 metres of core.

For now, McConnell’s attentions are focused on bringing production up to capacity.

As the first gold pour was announced, McConnell commented, “Looking back, this is the culmination of many years of dedication and hard work by numerous stakeholders. Looking forward, this first gold pour is expected to be swiftly followed by positive cash flow, and we intend to grow production and resulting cash flow into the future.” TNM

2019-11-05 8:17 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 11–24, 2019

7

Gold sector fragmentation hurts investors COMMENTARY

| Single-asset gold companies suffer from lower valuations

BY JOE FOSTER Special to The Northern Miner

Horizonte Minerals’ Vermelho nickel-cobalt property in Brazil. HORIZONTE MINERALS

Horizonte releases O PFS on Vermelho

BRAZIL

| Mine would produce nickel and cobalt sulphate for 38 years

BY TRISH SAYWELL tsaywell@northernminer.com

V

ermelho — one of the largest and highest-grade undeveloped laterite nickel-cobalt resources in the world — will generate US$7.3 billion in total cash flow over 38 years, Horizonte Minerals (TSX: HZM; LON: HZM) says.

The company acquired the Brazilian asset last year from Vale (NYSE: VALE) for US$8 million in cash — US$2-million upfront, and the balance on production.

The project will produce nickel and cobalt sulphate for the battery industry, and a prefeasibility study (PFS) released in October outlined a US$1.7-billion, after-tax net present value (NPV) at an 8% discount rate, and 26% internal rate of return (IRR) at a US$16,400-per-tonne, base-case nickel price.

“If you f lex those economics to current long-term pricing at US$19,800 per tonne, the NPV goes to US$2.4 million and the IRR to 31.5%,” says Jeremy Martins, the company’s cofounder and CEO. “It’s a very cash-generative asset.”

The PFS puts initial capex at US$652 million, and estimates that at full production Vermelho would produce an average of 25,000 tonnes of nickel and 1,250 tonnes of cobalt per year using a high-pressure acid leach (HPAL) process.

Over the nearly four-decade mine life, Vermelho would produce 924,000 tonnes of nickel contained in nickel sulphate, 36,000 tonnes of cobalt contained in cobalt sulphate, and 4.5 million tonnes of kieserite — a by-product and form of fertilizer.

The project would use a hydrometallurgical process consisting of a beneficiation plant, where the mineralized material would be upgraded before being fed to a HPAL and refining plant, which would produce the sulphates.

Martins says Horizonte wants to replicate the success at Coral Bay Nickel Corp.’s HPAL plant in the Philippines, where the company has churned out 20,000 tonnes of nickel per year using a twin-line HPAL plant — a low-capex operation that has operated for the last 15 years.

Japan’s Sumitomo Corp. is Coral Bay Nickel’s major shareholder and operator of the mine, Martins says, and would be the ideal partner for Vermelho down the road.

Horizonte will have to find a strategic or joint-venture partner to codevelop Vermelho, Martin says. “We’re flexible on what that structure would look like,” he says, but it has to be the best fit.

“We’re getting a lot of inbound

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“WE’RE GETTING A LOT OF INBOUND INTEREST FROM THE BATTERYMANUFACTURING ARENA, AND WE THINK THE TIMING IS RIGHT TO BRING IN A PARTNER, BUT THE TERMS HAVE TO BE RIGHT.” JEREMY MARTINS COFOUNDER AND CEO, HORIZONTE MINERALS

interest from the battery-manufacturing arena, and we think the timing is right to bring in a partner, but the terms have to be right. We are acutely aware it has significant intrinsic value, and we need to make sure any partners allow us to capture that value ourselves. If the structure doesn’t allow that, we’ll advance it to the next stage ourselves.”

But Vermelho is actually Horizonte’s second development priority.

The first, 85 km away, is its flagship Araguaia nickel project. Martins and his team hope to start construction there in mid-2020, depending on market conditions.

At the end of August, Horizonte signed a US$25-million royalty agreement with Orion Mine Finance. Under the deal, Orion will provide an upfront cash payment of US$25 million in exchange for a 2.25% royalty on Araguaia. The royalty only applies to the first 426,429 tonnes of contained nickel within the final product (ferronickel) produced and sold. This is equivalent to the nickel production estimated over the life-of-mine for Araguaia in the Stage 1 feasibility study.

The company also has seven banks working on financing deals, and Martins hopes to have a debt package finalized before July 2020.

“At the moment nickel prices and nickel fundamentals are looking compelling for the short- to medium-term, and there’s a lot of interest in the nickel space,” he says. “There are very few high-grade, low-cost and large-scale nickel opportunities that are ready in the development marketplace today.”

Araguaia would produce nickel for the stainless steel industry, which still accounts for 70% of the world’s consumption of the metal.

A feasibility study in October 2018 outlined an open-pit laterite operation delivering ore from a number of pits to a central processing plant using a single line rotary kiln electric furnace (RKEF) to extract ferronickel from the ore.

After an initial ramp-up, the plant is expected to reach full capacity of 900,000 tonnes dry ore feed per year to produce 52,000 tonnes ferronickel

containing 14,500 tonnes nickel per year over 28 years.

The initial mine life generates after-tax free cash flow of US$1.6 billion based on a nickel price of US$14,000 per tonne. The project could be built for initial capex of US$443 million.

The project has been designed to allow for a second RKEF process plant, which would double Araguaia’s ferronickel output.

With Araguaia and Vermelho, Martin says, Horizonte controls 100% of the district, and, if both were to start commercial production, the company would rank “in the top-10 largest nickel producers in the world.”

Martin notes that Horizonte finds itself with two enormous nickel projects at a “pretty exciting time” in the industry.

Nickel inventories on the London Metal Exchange are at their lowest level in the last seven years, he says, having moved from 500,000 tonnes of nickel in 2012 to today’s 90,000 tonnes.

At the same time, there is “robust” demand from the stainless steel market as well as from the emerging battery market for electric vehicles, which he says is likely to move from 3 million to 4 million electric cars on the market today, versus the projected 30 million to 40 million cars forecast by 2030.

While demand for the metal grows, he adds, “we have had 10 years of historic nickel price lows and very little capital coming into the nickel space.”

Finally, Indonesia’s decision in September to ban exports of nickel ore from January 2020 — two years earlier than expected — will have a huge impact, Martin says.

The Southeast Asian nation is the world’s largest nickel ore producer.

“Potentially over the next two years there will be a loss of around 200,000 tonnes of nickel ore supply,” Martin says. “So with the combination of dwindling inventory and lack of direct shipping ore out of Indonesia, we’ll see some very interesting pricing on nickel in the short- to medium-term.” TNM

f all the mining sectors, gold is possibly the most fragmented, and the gold industry and its investors would realize considerable benefits from consolidation. Brokerage Pollitt & Co. estimates that 50% of global iron ore and copper production comes from four and 10 companies, respectively, while 25 companies account for just 45% of total gold production. Technical talent seems to be spread thin, too. An internal Resource Capital Fund study earlier this year reported that 107 mining projects that went from feasibility study through to construction were 38% over budget, on average, which indicates poor planning and engineering that could have been alleviated with more talent, and experienced engineers and planners.

The greatest potential for synergy and value creation rests among the large number of single-asset companies. Historically, such companies were merger and/or acquisition (M&A) targets for larger producers. However, producers have become reluctant to pursue M&A because: • Investors have soured on M&A as many companies overpaid for acquisitions in the past • It is difficult to know all of the risks contained in a target company • The strategic focus of most producers has shifted from growth through acquisitions to organic opportunities • Many majors are looking to sell non-core assets • Deals done at a premium bring arbitrageurs that substantially drive down the share price of the acquirer • Much of the share register winds up with arbitrageurs, which churns in the market for months • Valuations are low across the sector The lack of M&A has resulted in an abundance of single-asset companies. An investment manager may now have a gold portfolio, for example, of 20 single-asset developers and five single-asset producers. These are the companies that are providing many new mine developments across the sector. When investing in a development company, shareholders expect to benefit when the company either gets acquired at a premium or when it takes its project to production. In this M&A environment, developers must plan on becoming mine builders and operators. Once a developer becomes a producer, we expect it to have its next project in view in order to grow into a mid-tier, multi-mine company.

An efficient way of unlocking the latent value of one-property companies is through a merger of equals. The benefits of creating larger multi-property companies include:

• Deeper technical talent that is fungible across operations • Geopolitical risk that is spread across jurisdictions • Procurement scale that enables better pricing for materials and equipment • Reduced general and administrative costs • Cheaper access to capital • Ability to attract larger institutional investors • More opportunities to create value Consolidation of single-asset companies to form larger multimine companies can unlock these benefits, and the shift in valuation has great potential. For example, let’s create a hypothetical “Mergco” with three companies that are currently single-asset: Detour Gold, Pretium Resources and Sabina Gold & Silver. According to their September 2019 corporate presentations, Detour and Pretium combined produce roughly 1.1 million oz. gold per year from their two mines, while Sabina has a shovel-ready project that could produce over 200,000 oz. per year. All are large projects in Canada with long mine lives.

Mergco would have a combined $5.2-billion market capitalization, and, using RBC Capital Markets valuations, trade at a weighted average price/net asset value (P/ NAV) of 0.83X. Contrast this with Kirkland Lake Gold, which, according to its September 2019 company reports, also has roughly 1 million oz. of production, mainly from two mines in the safe jurisdictions of Canada and Australia.

Kirkland has several exploration and development projects that may bring future growth. It has a $9.4-billion market capitalization and trades at a P/NAV of 1.92X. With good management and the advantages of larger scale, Mergco could achieve a valuation that should be closer to Kirkland’s.

In a merger of equals, Mergco’s share price would have to increase 131% to match Kirkland’s P/NAV valuation. Achieving a re-rating of just half of this would still be a windfall to Mergco’s shareholders.

In addition, a merger without premiums would reduce arbitrageur positioning — potentially freeing the stock to trade higher.

There are many combinations of single-asset companies around the world that would benefit from such consolidation, so why have we not seen such combinations?

• Management adherence to the old M&A model, hoping to sell the company at a premium • Lack of vision amongst managements, boards and shareholders to achieve such an M&A outcome • Entrenched management protecting their jobs • Boards with no desire to maximize value for shareholders It is time for single-asset gold companies and their shareholders to reconsider the M&A landscape and adapt new strategies that will build the mid-tiers and majors of the future.

— Joe Foster is a New York-based portfolio manager and gold strategist with VanEck.

2019-11-05 8:17 PM

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WWW.NORTHERNMINER.COM

NOVEMBER 11–24, 2019 / THE NORTHERN MINER

Wealth Minerals and Rosatom sign MOU CHILE

BY TRISH SAYWELL

R

tsaywell@northernminer.com

ussia’s state nuclear group Ro s atom a nd C a n a d a’s Wealth Minerals (TSXV: WML) are working towards a partnership at the junior’s Atacama lithium project in northern Chile.

The two companies signed a memorandum of understanding (MOU) under which Rosatom, through its subsidiary Uranium One Group, can earn up to a 51% stake in the project along with the right to purchase 100% of its offtake.

The MOU would give Wealth Minerals access to Rosatom’s technology, which dispenses with the massive solar evaporation ponds that are used to extract lithium from the brine in high-altitude salars or basins. Rosatom’s sorption technology, by contrast, employs a reusable catalyst material that attracts the lithium salt without using any heat in the process.

The catalyst material adheres itself to the lithium and can then effectively be washed off and reused. The remaining water — the brine without the lithium — is then pumped back into the salar.

“Solar evaporation requires enormous ponds to be bulldozed and left in place — they’re huge — you can see them from outer space,” says Tim McCutcheon, Wealth Minerals’ president. “You’re in the driest part

| Russia’s Rosatom can earn up to 51% in Atacama lithium project

of the planet and you’re evaporating water off into the atmosphere … This technology ensures that the water table in the salar doesn’t fall. It’s really a breakthrough to the problem of recovering lithium in an ecologically friendly way and being competitive in terms of costs,” he continues. “The trick here is their catalyst material, which by the way it has been formed can perform the recovery process without introducing heat.”

McCutcheon acknowledges that other companies are experimenting with similar technologies, but says Uranium One’s is much more advanced. When pressed for details of the catalyst material, he said he couldn’t go into any specifics.

“It’s a big state corporation, so they’re a little allergic to disclosure because it’s not something they do — and this transaction for their size and scale is very small, so I can’t tell you more.”

The priority now is for Rosatom to complete its due diligence on the Atacama project, and advance the MOU to a definitive agreement.

McCutcheon says that while the deal was really technology-driven, the nuclear giant group through Uranium One was also one of the few companies to think creatively and “step up to the plate.”

“The reason they’re getting involved in the lithium space is that there are bigger plans to work down

the value chain to higher valueadded projects, and the offtake component of our MOU make that obvious,” he says. “The lithium space is all about providing energy solutions, because the key thing about lithium ion batteries is that it allows you to manage energy inventory and storage … so in those terms this deal wasn’t surprising at all … one reason they got into the uranium space is because they were building nuclear reactors all over the world, and it makes sense for them to provide fuel to their customers. So they’re taking that one step further and saying, ‘What other energy solutions can we provide?’ — and that’s what makes it kind of neat.”

By contrast, he says, when Wealth Minerals approached other large companies as strategic partners, management got nowhere. “We reached out to fertilizer companies, because if you can team up with one of those they have a use for potassium, which also comes from the same source as lithium, and so lithium would simply be an additional revenue stream for their existing business, but none of them really wanted to step up to the plate.

Then we talked to battery makers, but they don’t want anything to do with the actual mining side, and they want a turnkey project…then we went to chemical companies because lithium is also used as a lubricant, but those conversations

didn’t go very far.

“The opportunity for lithium companies is [that] your potential audience of strategic investors is huge, but you don’t know who you should be talking to,” he adds. “If you’re a little gold company you aspire to being a Barrick. For a junior lithium company, you don’t really know what to aspire to be.

Albermarle has a wide spectrum of products they sell and lithium is just one of them, and SQM started out as a chemical fertilizer company.

That’s what’s exciting about Uranium One. There’s a clear vision to get involved in this industry and do things right from the very beginning, which is why this is the first thing they have done with a lithium raw material asset, but they already had the technology beforehand, so it has been a methodically planned out vision, and we’re pretty excited to be part of it. And it’s a pretty big corporation to have as your partner — they have 250,000 employees.”

At the same time, demand for lithium for lithium ion batteries will only grow. A report by Wood Mackenzie released on Oct. 28 noted that more than US$350 million was invested in advanced lithium-ion technologies during the first half of 2019.

“What makes the lithium space an outlier or different than everything else is there really aren’t a lot of supply solutions for people,”

McCutcheon says. “Two mines — Greenbushes and the Atacama operations run by Albermarle and Sociedad Quimica y Minera de Chile (NYSE: SQM) — represent almost 70% of global production.

So the reason why companies are backward integrating and securing raw material is because it’s pretty clear there might not be enough raw material to go around.”

Wealth Minerals’ Atacama concessions cover an area of 462 sq. km in the northern part of the Atacama Salar in Region II of Chile. The Salar de Atacama hosts more than 15% of the world’s known lithium reserves, but exploration and production of lithium has occurred only in the southern part of the salar, McCutcheon says.

“As the Atacama salar is one big geological structure, and based on our geophysical work, we are confident we will have similar material on our property package as the material being exploited directly to the south of us, about 15 km away, at operations run by SQM and Albemarle,” McCutcheon says.

“Those operations have lithium bearing material grading at over 1,800 parts per million lithium, which is exponentially higher than anything else currently in production.”

Rosatom took control of Uranium One in January 2013, and the company was delisted from the Toronto Stock Exchange in October 2013. TNM

Mining’s unlikely heroines — Greta Thunberg and AOC COMMENTARY From 4

picking up flake graphite, it’s down 20% from last year. Nickel nerds are happy, but for how long?

The powder is staying dry Unsurprisingly, AOC and the Green New Deal does not once mention mining. AOC accepted an invitation from a congressman to visit a working Kentucky coal mine, but the stunt fell through — because there are no coal mines left in the district.

Thunberg’s only mining pronouncements have supported German coal and Turkish gold protests.

It’s not just the green lobby — and wittingly or unwittingly their donors — that have a blind spot when it comes to mining.

Investors shun the sector, too.

And overwhelmingly in favour of fossil fuel.

Private capital dedicated to natural resource investment have assets under management of US$689 billion, according to a Preqin report.

Mining’s share? US$19.9 billion.

According to the private capital tracker, the 216 funds that raise money for investment in energy assets — almost all of it destined for North American oil and gas — bagged US$7.9 billion during the third quarter to add to the US$191 billion on hand.

The 15 funds looking for mining and metals investors could not raise a cent in the third quarter, and dry powder (money ready to be invested) is less than US$5 billion, which would not cover the outlay for a single large-scale copper mine.

TikTok, time’s up Public markets are hardly more accommodating.

In an earlier report, Bernstein applied a measure — the cyclically adjusted price-to-earnings multiple — to the mining sector going back a century to establish the relative valuation to equities.

The report shows that the much

1-16_NOV11_Main .indd 8

admired mining industry rerating since the end of 2015 is more akin to a death rattle than a recovery. Four years into recovery, the mining sector still trades at a massive discount to the market at 1.4 standard deviation beyond the long-run average.

We live in a world where TikTok (ask your tween) is valued at twice as much as Glencore, the world’s largest commodities trader, with annual revenues of US$220 billion.

And we’ve been here before, Gait laments. “Of course, the misallocation of capital to non-productive, pseudo-economic activities also occurred during the previous period of blatant relative undervaluation — the dot-com bubble — and is parallel to what we are seeing today.”

Cutting emissions doesn’t cut it Virtue signalling by touting desalination plants, solar-powered operations and electric dump trucks does not provide green credentials anymore. To be frank, projects like these are most often undertaken because it’s cheaper, or there’s no alternative.

Sprinkling protect-the-planet messaging in marketing and making (often tenuous) claims about the cleantech properties of products doesn’t cut it, either.

If this was a successful strategy, platinum miners would stock the Sierra Club’s board, and environmentally sensitive investors would line up to give uranium explorers money.

(Climate activists’ opposition to nuclear power leads to cognitive dissonance on the left and popular shows like HBO’s Chernobyl, which remained mostly unmolested by science over its five episodes.)

I feel the earth move Every tonne of copper embedded in the global economy has the potential to remove 500 tonnes of CO2 per year, according to Bernstein.

The message cannot be simpler.

There is no green economy with-

(Big Mining’s biggest blunders usually have to do with oil, anyway.

Ask BHP and Freeport).

There are other ways mining will benefit from a wholehearted embrace of climate change goals.

Attracting young workers to the industry is a serious and growing problem for miners. But what Gen Z or Millennial would say no to travelling the planet (by sailboat or solar plane, of course) and fighting global warming at the same time?

reliance on China as the main driver of global metal demand, and spread it more evenly across the world.

The first signs of a more diverse demand base can be seen in the shift to electric vehicles (itself the biggest change in the auto industry in 100 years), as battery megafactories spring up in Europe, and giant solar farms and storage centres spread across South America and Africa.

And given rising tensions, there is probably greater willingness in the West to ensure that during the upheaval, developed economies do not cede yet another sector of the global industrial economy to China, or large swathes of mining rights, such as in central Africa.

But can we afford it?

Even those who admire the ideals of the climate change kids say the new deals and wish lists are unaffordable.

It is not surprising that a report on mining that opens with a quote from Thomas Hobbes would possess a deep moral core, and towards the end, Gait tackles the issue: “When we highlight the impact of decarbonization on copper prices there is absolutely no sense in which this can be taken to imply that we ‘cannot afford’ to deliver a ‘green economy’ (and the resulting transformation of industrial and economic processes).

“The market capitalization of such entities as Facebook or Netflix imply that there is more than enough money, more than enough capital to deliver whatever economic transformation is required. The fact that our revealed preference (amusing cat videos) is at variance with our stated preference (a sustainable economic future for our children) should not be erroneously taken to infer that there is some financial constraint on the ends we choose to pursue.”

Mining monopsony A concerted and concentrated effort to decarbonize the planet rapidly will also lower the mining industry’s

— This article first appeared on Oct. 30 in The Northern Miner’s sister publication, MINING.COM, where Frik Els is executive editor.

U.S. member of congress Alexandria Ocasio-Cortez launches the Green New Deal in front of the Capitol Building in Washington, D.C., in February 2019. SENATE DEMOCRATS

out copper (and nickel, cobalt, vanadium, praseodymium — go down the periodic table if you must).

Big Mining has failed to grasp the opportunity presented by climate change.

At the moment, mining is lumped together with oil and gas as just another “extractive” industry “exploiting” natural resources.

Going all in on the green economy and decarbonization requires siding with the greens against fossil fuels.

It means selling global mining as the solution to climate change, because mining metals is the only path to green energy and green transport.

2019-11-05 8:17 PM

SPECIAL FOCUS

CANADA’S PRAIRIE PROVINCES A road through North Atlantic Potash’s potash claims in southern Saskatchewan. NORTH ATLANTIC POTASH

Taiga Gold, SSR Mining report visible gold at Fisher SASKATCHEWAN

| SSR to earn majority stake

BY TRISH SAYWELL tsaywell@northernminer.com

I The camp at Foran Mining’s McIlvenna Bay polymetallic project in Saskatchewan. FORAN MINING

Foran advances McIlvenna Bay in Saskatchewan BASE METALS

| Feasability study nearing completion

BY MAGDA GARDNER

F

mgardner@northernminer.com

oran Mining (TSXV: FOM) is on track to complete a feasibility study before year-end on its flagship McIlvenna Bay volcanogenic massive sulphide (VMS) deposit in Saskatchewan.

The deposit — situated on the western edge of the Flin Flon greenstone belt, 65 km west of Flin Flon, Man. — has been traced to a depth of 2 km and features zinc and copper mineralization, along with silver, gold and lead.

The company released an updated resource estimate for McIlvenna Bay in May, outlining 22.95 million indicated tonnes grading 1.17% copper, 3.05% zinc, 0.44 gram gold per tonne and 16.68 grams silver per tonne for 1.5 billion contained lb. zinc and 593 million lb. copper.

Inferred resources measure 11.15 million tonnes grading 1.38% copper, 1.83% zinc, 0.47 gram gold and 14.81 grams silver for 450 million lb. zinc and 340 million lb. copper.

It remains open at depth and to the northwest.

“We are in a pretty unique position these days,” Patrick Soares, the company’s president and CEO, tells The Northern Miner. “We have a great deposit in a supportive jurisdiction, with infrastructure nearby, and we can negotiate and take advantage of these facilities … We have access to a mining town that has been a mining town for 100 years.”

Foran has already attracted Glencore (LON: GLEN), which agreed in December 2017 to help advise on the feasibility study in exchange for an exclusive offtake contract that allows the major to buy or tollprocess — at market prices — all

1-16_NOV11_Main .indd 9

“WE HAVE A GREAT DEPOSIT IN A SUPPORTIVE JURISDICTION, WITH INFRASTRUCTURE NEARBY.” PATRICK SOARES PRESIDENT AND CEO, FORAN MINING

of McIlvenna Bay’s concentrates and mineral products. Glencore also agreed to assist Foran procure project financing, and has offered to provide technical services if the project moves into construction.

Foran’s shareholder roster has heavy-hitters, too, like mine financier Pierre Lassonde, who owns an 11.5% stake in the company. Other high net-worth individuals hold 14.5% of the company, while institutions own 37%, and management and directors, 17%.

Having a shareholder base with experience in the sector comes with its advantages. “We do lean on Pierre’s experience and contacts to open up doors for us,” Soares says.

“Pierre has a lot of knowledge and experience in the business, and has done a lot of deals over the years.

He’s a great shareholder to lean on.”

For now, Foran is focused on finishing the feasibility study on time. In the current study, Foran has worked on ramp access to avoid the cost of sinking a shaft. But the company says that it will consider making a shaft with a raisebore in the mine’s later years, which would be “a lot cheaper” than sinking a shaft at the outset, Soares says.

In terms of experience in mineral exploration and development, Foran’s team has a track record of value creation. Soares is a geologist and was the president and CEO of Brett Resources, which defined the Hammond Reef deposit in Ontario before it was acquired in 2010 by Osisko Mining, which in turn was acquired by Agnico Eagle Mines (TSX: AEM; NYSE: AEM).

Roger March, Foran’s vice-president of exploration, brings experience in project advancement and was involved with the progression of Agnico Eagle Mines’ Meadowbank gold project through the prefeasibility and feasibility stages.

Cameco (TSX: CCO; NYSE: CCJ) discovered McIlvenna Bay through mapping, geophysical surveys and diamond drilling, and explored the asset between 1976 and 1988.

Foran acquired the 204 sq. km property in 1998.

McIlvenna Bay’s main lens has been traced over 1,700 metres of strike and averages 6 metres thick.

The deposit’s copper stockwork zone averages 12 metres thick. It is typically in contact with the main lens, resulting in most of the deposit averaging 18 metres thick. The deposit dips approximately 45 degrees.

Looking beyond the resource and upcoming feasibility, exploration upside remains at both the McIlvenna Bay property and within Foran’s wider holdings in Saskatchewan, the company says, especially since VMS deposits often occur in groups.

McIlvenna Bay lies in the Hanson Lake VMS district.

“We know that within a 20 km radius of us, we should be able to find additional deposits, and that

n May 2016, Silver Standard Resources, now called SSR Mining (TSX: SSRM; NASDAQ: SSRM), acquired Claude Resources and its SeabeegoldoperationinSaskatchewan for $337 million in cash and shares.

Five months later, SSR Mining optioned Taiga Gold’s (CNSX: TGC) Fisher project — whose property boundary lies 1.5 km south of Seabee’s Santoy mine.

The Santoy mine is hosted by the Santoy shear, a regional, northtrending shear zone that has been traced over much of the Fisher property.

“It’s an important structure, and that’s where the focus of much exploration has been for the last several years,” says Mike Labach, Taiga Gold’s head of investor relations.

Fisher and SSR Mining’s Seabee complex, 125 km northeast of La Ronge, are within the Pine Lake Greenstone belt and located along eastern Saskatchewan’s Tabbernor fault structure.

Results from SSR Mining’s

7,640-metre drill program this year included visible gold over a 7-metre interval at the Mac target.

Drill hole 19-035 returned 13.72 grams gold per tonne over 1 metre from 366 metres downhole and 7.15 grams gold over 2 metres.

“Hole 35 represented the first occurrence of a mineable width at above cut-off grade mineralization,” Labach says.

Other results included drill hole 19-030, which assayed 6.8 grams gold over 2 metres from 139 metres, and 19-029, which cut 1.43 grams gold over 3 metres from 511 metres, and 1.80 grams over 2 metres from 528 metres.

SSR Mining also collected 5,000 to 6,000 soil samples in the third quarter. The extensive geochemical sampling and prospecting program targeted three high-priority areas — the Mac (Santoy shear) target, and the DD and Footprint targets.

“That might not sound too terribly important to investors because they want to see drill results, but those soils coverahugearea,”Labachsays.“That’s a very large program that should drive some interesting results, and perhaps generate more drill targets. On top of See FISHER / 10

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See FORAN / 10

2019-11-05 8:17 PM

10

NOVEMBER 11–24, 2019 / THE NORTHERN MINER

CANADA’S PRAIRIE PROVINCES

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Foran advances McIlvenna Bay FORAN From 9

would be a great feed to a mill,” Soares says.

Foran has identified the Target A geophysical anomaly, 2 km southeast of McIlvenna Bay and similar in size.

The target is planned for follow-up drill testing. The Thunder zone, 7 km southeast of McIlvenna Bay, was discovered in 2013, with the initial drill hole returning a 4-metre intercept holding 4.1% copper and 0.43 gram gold.

In addition, the company has a 100% stake in the 161 sq. km Bigstone property, which is 25 km west of McIlvenna Bay. The principal sulphide unit occurs in the Main zone with copper and zinc mineralization, a steeply dipping body up to 60 metres thick, with a 150-metre strike length.

The unit has been drill tested to 700 metres’ depth.

Foran also holds a 100% interest in the 26 sq. km Hanson project, east of McIlvenna Bay. Foran is working on reinterpreting electromagnetic survey results to identify drill targets there.

“We are strong believers that this negative market cycle is done, and we are trying to get this deposit built and ready to catch the next upcycle [in the metals space],” Soares says.

“We don’t want to chase, we want to lead the charge into the next base metals cycle.”

At press time, Foran was trading at 22¢ per share. The company has 131 million common shares outstanding for a $29-million market capitalization. TNM

“WE ARE STRONG BELIEVERS THAT THIS NEGATIVE MARKET CYCLE IS DONE, AND WE ARE TRYING TO GET THIS DEPOSIT BUILT AND READY TO CATCH THE NEXT UPCYCLE.” PATRICK SOARES PRESIDENT AND CEO, FORAN MINING

1-16_NOV11_Main .indd 10

The exploration camp at Taiga Gold and SSR Mining’s Fisher gold project Saskatchewan. TAIGA GOLD

Taiga Gold, SSR Mining report visible gold FISHER From 9

that, they focused prospecting along the shear zone.”

Labach notes that the promising intercept in drill hole 35 was north of the Mac zone on the Santoy shear. “Mac is central to the Fisher property, and the shear zone goes through that area, it changes direction in the area of the Mac, and that’s what you want, a f lexure, possibly creating a void that mineralizing fluids could have exploited.”

Labach adds that the area around the Mac appears to be analogous to the Santoy mine, saying that “the type of mineralization, the nature of the shear zone itself, the lithology, the stratigraphy, alteration — it’s similar to that of Santoy.”

Under the option deal, SSR Mining paid $100,000 in cash up-front and agreed to spend at least $4 million on exploration over four years, in addition to annual cash payments of $75,000 over the option period.

Once it completes the earn-in, SSR Mining has one year to decide whether it wants to earn another

“IT’S VERY UNLIKELY WE COULD HAVE, IN THE GOOD TIMES, ACQUIRED THAT TYPE OF LAND PACKAGE ADJACENT TO AN OPERATING MINE.” MIKE LABACH HEAD OF INVESTOR RELATIONS, TAIGA GOLD

20% in the project by making a $3-million cash payment, at which point SSR Mining would own 80% of Fisher, and Taiga the rest.

SSR Mining has already spent $6.7 million on Fisher, thereby satisfying the exploration spending requirement under the option agreement.

“They have been systematically testing the shear zone area in a number of locations, looking for

Quartz veining at the Mac showing on the Fisher property. TAIGA GOLD

small, high-grade gold deposits,” Labach says. “It appears that they have the ability and motivation to locate more ounces for that big investment they made in Claude Resources and the Seabee gold

operation.”

Taiga Gold was spun out of prospect generator Eagle Plains Resources (TSXV: EPL) in April 2018. Eagle Plains picked up the Fisher property in 2012, long before SSR Mining acquired Claude Resources.

One of Eagle Plains’ biggest success stories was its acquisition of the Copper Canyon property in northwestern B.C. for $10,000. It spun out the asset, which is located next to NovaGold Resources’ (TSX: NG; NYSE-AM: NG) Galore Creek project, and sold it to NovaGold in 2011 for $65 million.

“During the latest downturn we tasked our chief geologist with targeting the best properties for gold in western Canada,” says Labach, who also heads up the IR department for Eagle Plains. “Eagle Plains maintains a healthy treasury, and our business model is to take advantage of downturns by leveraging that treasury to acquire good projects when nobody else wants them, or there’s very little interest in the area — that’s the time we make hay. As a result, we’ve made some really great acquisitions. We then assess them, package them, and sell them when times are better.”

The plan is to do it again with Taiga Gold’s Fisher project.

“It’s very unlikely we could have in the good times acquired that type of land package adjacent to an operating mine,” Labach says.

“Management and our technical team did a great job putting it together and having the foresight to do so. TNM

2019-11-05 8:17 PM

CANADA’S PRAIRIE PROVINCES

GLOBAL MINING NEWS

A drill at Callinex Mines Pine Bay polymetallic project in Manitoba’s Flin Flon mining district. CALLINEX MINES

THE NORTHERN MINER / NOVEMBER 11–24, 2019

11

Channel sampling in the Charles zone at Appia Energy’s Alces Lake REE property in northern Saskatchewan. APPIA ENERGY

CANADA’S PRAIRIE PROVINCES SNAPSHOT Companies developing a variety of commodities Manitoba and Saskatchewan are among the world’s premier jurisdictions for mining and mineral exploration. Here’s a look at eight companies working in the provinces.

ALX URANIUM ALX Uranium (TSXV: AL) is a uranium exploration company with assets in the Athabasca basin and holds over 2,000 sq. km in Saskatchewan and Alberta. Based on an agreement signed in April 2019, ALX has the option to earn up to a 51% interest in the 386.8 sq. km Close Lake project from French uranium miner Orano by spending a total of $12 million on exploration and issuing 10 million shares with certain back-in rights, under which ALX could keep a 23% interest.

Close Lake hosts two uranium discoveries and is next to Cameco’s (TSX: CCO; NYSE: CCJ) Cigar Lake and McArthur River uranium properties. Historic drill intercepts include 1.52% of uranium oxide (U3O8) over 23 metres and 0.34% U3O8 over 107 metres, including a higher-grade section of 2.86% U3O8 over 9 metres. Additional drilling and geophysics is planned.

ALX also owns 40% of the 303.8 sq. km Black Lake property with the option to earn up to 75% from UEX (TSX: UEX). The site has a conductive system over 20 km long with historical drilling intersecting uranium mineralization over a 1.7 km strike length. ALX has completed an airborne survey and a drill program, and has more untested targets.

ALX also holds 20% of the 242.2 sq. km Hook-Carter property, which is transected by three corridors prospective for uranium mineralization with drill-ready exploration targets. Denison Mines (TSX: DML) owns 80% of the project. The company has a $3.5-million market capitalization.

APPIA ENERGY Appia Energy (CNSX: API) is involved with rare earth and uranium exploration in the Athabasca basin in Saskatchewan.

It holds a 100% interest in the 143.3 sq. km Alces Lake property, 34 km east of Uranium City. Alces Lake is within the Beaverlodge geological domain with a history of uranium

1-16_NOV11_Main .indd 11

production. A number of nearsurface, high-grade, monazitehosted rare earth element zones have been found at the property.

Channel sampling in 2018 returned 53.01% (by weight) total rare earth oxide (TREO) over 1 metre and 22.35% TREO over 6 metres from the Ivan zone, and 41.53% TREO over 1 metres from the Dylan zone.

The mineralized zones appear continuous along strike. A total of 44 diamond drill holes were completed on the property in 2019, with 40 intercepting monazite.

Intercepts released to date include 16.059% TREO over 16 metres starting at 9 metres downhole, and 6.162% TREO over 7 metres starting at 8 metres downhole. Additional drill results are pending. All of the zones remain open on strike and at depth.

potential for volcanogenic massive sulphide (VMS) deposits.

In addition, Appia holds 100% interests in the Eastside, Loranger and North Wollaston properties in the Athabasca basin, and a 100% ownership of a property near Elliot Lake, Ont., with U3O8 and REE resources that are open on strike and at depth. The company has a $15-million market capitalization.

Denison Mines (TSX: DML) is focused on uranium exploration and development in the Athabasca basin in northern Saskatchewan. It has a 90% interest in the Wheeler River project, 35 km northeast of Cameco’s (TSX: CCO; NYSE: CCJ) Key Lake mill. The two deposits on-site are Phoenix and Gryphon.

Total probable reserves at the project stand at 1.40 million tonnes at 3.5% U3O8 for a total of 109.4 million lb. U3O8, with Phoenix, the world’s highest-grade undeveloped uranium deposit, contributing 59.7 million lb. U3O8 based on 141,000 tonnes grading 19.1% U3O8.

CALLINEX MINES Callinex Mines (TSXV: CNSX) is exploring for base and precious metals in Manitoba’s Flin Flon district and in the Bathurst mining camp in New Brunswick.

In Manitoba, the company holds the Pine Bay and Flin Flon projects close to Hudbay Minerals’ (TSX: HBM; NYSE: HBM) Flin Flon processing facilities and 777 mine.

Callinex has a 100% interest in the Pine Bay project covering over 6,000 square hectares of claims along a 10 km prospective trend in the Flin Flon greenstone belt, and located 16 km from the Flin Flon processing facilities. There are four identified deposits on the site. Pine Bay is the largest and includes a 212-metre shaft with underground development from historic exploration. Callinex has also identified the Pine Bay East Zone, 300 metres away from past underground development, and within 440 metres of surface. The Flin Flon project is a wholly owned, 24.6 sq. km property 3 km from the 777 mine with similar host geology.

Airborne surveys have found 14 targets, with two areas of high

The company also holds the Nash Creek and Superjack projects in the Bathurst mining camp in New Brunswick. A 2018 preliminary economic assessment (PEA) on these two deposits outlined a 3,900-tonne-per-day, open-pit operation producing an average of 96 million equivalent lb. zinc per year at life-of-mine, all-in costs of 37¢ per lb. zinc net of byproduct credits, at a $168-million capital cost. Drilling is ongoing on the Bathurst properties to test identified targets and follow up on discovered mineralization.

The company’s current market capitalization stands at $7.1 million.

DENISON MINES

A September 2018 prefeasibility study outlined an in-situ mining operation at Phoenix with underground mining planned for Gryphon. Upfront capital costs of $322.5 million were estimated for Phoenix, with production averaging 6 million lb. U3O8 at expected all-in operating costs in the range of $11.57 per pound.

Plans include building a mine to extract the Phoenix deposit, with Gryphon as a potential second operation. In-situ recovery test work is ongoing at Phoenix with plans to install commercial-scale wells. The company also holds a 22.5% interest in the McClean Lake mill (70% Orano Canada and 7.5% OURD Canada), with a processing capacity of 24 million lb. U3O8 per year.

Denison also owns 80% of the 242.2 sq. km Hook–Carter property (20%

ALX Uranium), which is transected by three corridors prospective for uranium mineralization.

Denison is part of the Lundin group of companies and has a $354-million market capitalization.

GENSOURCE POTASH Gensource Potash (TSXV: GSP) is working on the optimization of the selective dissolution potash mining method and its vertical integration within the potash market. The company has developed a technology whereby brine is injected into potashbearing caverns. The potassiumenriched brine is pumped for potassium nutrient crystallization, with the remaining brine returned underground. This design allows drilling of multiple wells from one location with a smaller operational footprint and a scalable recovery process. Each module is expected to produce 250,000 tonnes of potash annually in the lowest-cost quartile and at a lower unit capital

cost, compared to current potash mining methods.

Gensource also holds a 100% interest in the Vanguard property in central Saskatchewan, 170 km south of Saskatoon. A feasibility study on the Vanguard 1 project completed in May 2017 outlined an operation producing 250,000 tonnes per year of salable potash at a capital cost of US$210 million, with operating costs of US$39.54 per tonne. Current proven and probable reserves at the project stand at 9.79 million tonnes of recovered potassium chloride at a total KCl grade of 43.44%. In May 2018, the company executed a definitive offtake agreement for 100% of the production from a 250,000-tonne-per-year module.

Gensource has mandated a German bank as the lead arranger for the debt component for the Tugaske project within the Vanguard area.

Gensource also holds the Lazlo area

See SNAPSHOT / 12

^ ͗ Z &> Copper Producer in the Making Building a Copper Mining Company in Snow Lake Manitoba, the largest VMS district in the world ^ŶŽǁ >ĂŬĞ͕ DĂŶŝƚŽďĂ͕ ĂŶĂĚĂ

Excellent Jurisdiction |Established Private Equity Backing | Blue Sky Opportunities Access to Permitted Mill | Highly Experienced Team

A well-funded developer and explorer intent on becoming Canada’s next copper producer Intent on Near-Term Production

Growth and Longevity

Exploration Upside

www.rockcliffmetals.com | CSE: RCFL

2019-11-05 8:17 PM

12

NOVEMBER 11–24, 2019 / THE NORTHERN MINER

CANADA’S PRAIRIE PROVINCES

WWW.NORTHERNMINER.COM

CANADA’S PRAIRIE PROVINCES SNAPSHOT SNAPSHOT From 11 projects in central Saskatchewan, which are prospective for potash exploration targets. The company has a $53-million market capitalization.

MURCHISON MINERALS Murchison Minerals’ (TSXV: MUR) principal property is the 100%-owned Brabant project in Saskatchewan, host to the Brabant-McKenzie VMS deposit, 175 km northeast of La Ronge.

Resources stand at 2.1 million tonnes in the indicated category grading 9.98% zinc equivalent, with another inferred resource of 7.6 million tonnes grading 6.29% zinc equivalent. The deposit outcrops at surface and has been traced over 1,100 metres of strike. Mineralization is open with additional exploration targets identified on the property, which traverses 35 kilometres.

Murchison holds a 100% interest in the HPM nickel-coppercobalt project in Quebec, 180 km northwest of Sept-Îles. Past exploration was completed by Xstrata as well as Murchison, with the best drill hole returning 43 metres of 1.74% nickel, 0.9% copper and 904 parts per million cobalt.

Mineralization has been traced over 300 metres of strike and down to a depth of 280 metres.

Next steps for the company include follow-up fieldwork at Brabant based on regional survey results, drilling of 12 priority targets and metallurgical testing of Brabant– McKenzie mineralization as well as drilling and trenching on the near-surface parts of the deposit.

The company has a $3.66-million market capitalization.

NEW AGE METALS New Age Metals (TSXV: NAM) focuses on platinum group metals and lithium exploration and development. The company’s flagship 100%-owned, 48.6 sq. km River Valley project is located 60 km east of Sudbury. Current measured and indicated resources at the project stand at 99.3 million

An aerial view of the mining town of Snow Lake, Manitoba. ROCKCLIFF METALS tonnes grading 0.9 gram per tonne palladium equivalent for a total of 2.87 million equivalent oz. palladium, with an additional inferred resource of 52.3 million tonnes at 0.63 gram for 1.06 million equivalent oz. palladium.

Additional drilling is planned.

Mineralization occurs over a strike length in excess of 16 kilometres.

planned to test the units. At the 100%-owned, 1.45 sq. km Lithium Two project, three pegmatites have been identified to date with surface sampling returning up to 3.8% Li2O and 1,500 metres of drill testing planned. The wholly owned, 33.9 sq. km Lithman West project features a number of rock and soil anomalies.

New Age Metals is the largest mineral claim holder in the Winnipeg River pegmatite field, which hosts the Tanco pegmatite, a unit prospective for the occurrence of lithium.

The company’s seven projects total 116.2 square kilometres.

The claims are 140 km northeast of Winnipeg and three are ready for drilling. The 100%-owned, 22.9 sq. km Lithium One project contains over 40 pegmatites.

Surface mineral samples from the Silverleaf pegmatite have returned up to 4.1% lithium oxide (Li2O).

A 1,500-metre drill program is

The company also holds the Genesis PGM nickel-copper project in Alaska with multiple drill ready prospects. The company’s current market capitalization stands at approximately $ 3.9million.

ROCKCLIFF METALS Rockcliff Metals (CNSX: RCLF) is working on advancing VMS copper deposits in Manitoba with three projects within trucking distance of a leased mill and tailings facility.

It has a 100% interest in the Tower property, 120 km southeast of Snow Lake, which hosts an

indicated resource of 1.1 million tonnes grading 4.5% copper equivalent for a total of 108.8 million contained equivalent lb. copper and an inferred resource of 1.3 million tonnes grading 2.5% copper equivalent for a total of 70.5 million equivalent lb. copper.

Permitting is ongoing, with underground development for bulk-sample extraction expected in 2020. A 15,000-metre drill program at Tower is also ongoing, with the resource open at depth and on strike. A PEA of the project is expected by year-end.

Rockcliff holds a 100% interest in the Rail property, 40 km west of Snow Lake, with an indicated resource of 822,000 tonnes grading 3.9% copper equivalent for a total of 70.3 million equivalent lb. copper. Mineralization is open with untested targets at depth, and 10,000 metres of drilling ongoing.

The company is conducting work

on the Talbot property, 80 km south of Snow Lake, where it can earn a 51% interest from Hudbay, expected by the fourth quarter of 2019. Inferred resources stand at 4.2 million tonnes grading 3.7% copper equivalent for a total of 342.5 million equivalent lb. copper.

The company is undertaking 20,000 metres of drilling and the deposit remains open. The company has more untested anomalies on the property.

Rockcliff also has a seven-year processing lease on the Bucko mill and the tailings storage facilities located within 150 km of the three assets. Another 50,000 metres of drilling is planned for 2020 across the properties. On Oct. 24, the company announced that it has mobilized eight drills for a 100,000-metre drill program at the Talbot, Rail and Tower properties. The company’s market capitalization stands at $26.1 million. TNM

The camp at Denison Mines’ Wheeler uranium project in northern Saskatchewan’s Athabasca basin. DENISON MINES

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2019-11-05 8:18 PM

CANADA’S PRAIRIE PROVINCES

GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 11–24, 2019

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A drill rig at UEX’s 60%-owned Christie Lake uranium project in northern Saskatchewan. UEX

UEX finds mineralization at Christie Lake URANIUM

| ‘Encouraging’ drill results in northern Saskatchewan’s Athabasca basin

BY JEAN LIAN

U

jlian@northernminer.com

EX (TSX: UEX) has intersected new uranium mineralization at its 60%-owned Christie Lake project, 9 km northeast of Cameco’s (TSX: CCO; NYSE: CCJ) McArthur River uranium mine in northern Saskatchewan.

The new mineralization was found in hole 141, 8 metres above an unconformity. The drill hole returned a radiometric equivalent grade (REG) of 1.17% uranium oxide (U₃O₈) over 2 metres, from 498 metres.

Due to the poor recovery within the mineralized interval in 141, the company says, REGs are considered more accurate than assay grades. Using down-hole probes to calculate REGs is commonly done in the Athabasca basin to measure uranium concentration in-situ within a drill hole, UEX says.

“This is the first, over 1% grade intersection found outside the footprint of the existing deposits on a parallel structure called the B trend,” says UEX president and CEO Roger Lemaitre. “I wouldn’t say we are at the discovery stage yet, but it is very, very encouraging.”

Hole 141 was drilled to test the B trend that lies 600 metres along strike northeast of the historical drill hole 48, which averaged 0.25% U₃O₈, 2.05% cobalt and 2.32% nickel over 2 metres, within a fault structure located 50 metres below the unconformity.

Strong hydrothermal alteration was also observed in drill holes collared northeast of 141 and 1.5 km southwest in hole 147, drilled at the southernmost end of the B trend that coincides with another low-resistivity anomaly.

In the Orora North area, three holes were drilled to test the southwest margin of the large and strong resistivity anomaly found at the

1-16_NOV11_Main .indd 13

The camp at UEX’s Christie Lake property. UEX

unconformity north of the Orora deposit and parallel to the Yalowega trend, a 4.2 km corridor with anomalous uranium and indicative hydrothermal alteration that hosts three high-grade uranium deposits.

Strong hydrothermal alteration, including thick dravite, clay-filled veins, was found in holes 142, 143 and 145 along a northwest-oriented fault structure.

The project hosts the Paul Bay, Ken Pen and Orora uranium deposits, which have a total inferred resource of 588,000 tonnes with an average grade of 1.57% U₃O₈ for 20.35 million contained lb. U₃O₈.

The three deposits remain open at depth and along strike.

“Christie is our most advanced project,” Lemaitre says. “We are still trying to grow those resources to be economically viable.”

Lemaitre says the company has looked outside the three deposits to

find mineralization in the second phase of its 2019 exploration drilling program, which comprised 8,122 metres of diamond drilling in 14 holes. Diamond drilling focused on three areas: an anomaly at the B trend over known mineralization, the Orora North offset, and the Southwest C extension.

The Paul Bay zone is an 80-metrelong mineralized body that plunges 200 metres southwest from the unconformity and follows the dip of faulted lower Wollaston domain graphitic metasedimentary rocks.

The Ken Pen zone is 260 metres northeast of the Paul Bay zone, striking northeast concordant with the Yalowega trend fault.

The Orora zone, which UEX discovered in 2017, is 360 metres northeast of the Ken Pen zone.

UEX will propose plans for more drilling and geophysical surveying at the Orora North and the B trend

area in the first half of 2020 for consideration by its joint-venture partner, JCU Canada. JCU is a private company owned one-third by Itochu Corp., one-third by Mitsubishi Corp. and one-third by Overseas Uranium Resources Development.

In terms of Saskatchewan as a mining jurisdiction, Lemaitre notes that the province offers a friendly environment for exploration and mining. “Because they have a long history of uranium mining in the Athabasca basin, the communities nearby are generally very supportive of what we do.”

There is also readily available skilled labour. “People are familiar with the basin and how to drill there, so it is more cost effective than it would be in some other places,” Lemaitre says. “We are probably in a jurisdiction where the market has a bigger impact on investment decisions than the political process.”

The Christie Lake project — which encompasses most of Yalowega Lake and measures 79.2 sq. km comprising six contiguous areas — is located within the Athabasca sedimentary basin region, coincident with the Athabasca Plain ecoregion and Boreal Shield ecozone. The topography of the area is relatively flat, characterized by glacial moraine, outwash, drumlins and lacustrine plains.

The Christie Lake project first consisted of three claims staked between 1985 and 1986 by PNC Exploration, a mineral company based in Tokyo, Japan. Three more claims were staked and added to the project in 1990. PNC owned and operated the project from 1985 to 2000, and the six claims were actively explored until 1997.

In November 2000, JCU acquired 100% ownership of the project.

Exploration activities remained dormant until January 2016, when JCU entered into an option agreement with UEX. The agreement allowed UEX to earn up to 70% of the project over four years. The option agreement ended in November 2018, and the companies entered into a joint-venture agreement under which UEX and JCU hold 60% and 40% interests in the project.

Lemaitre says the company’s interest in Christie Lake will increase to 64% because JCU is lowering the amount of money it will spend on this year’s exploration program.

UEX has three other f lagship projects: Horseshoe–Raven, 5 km south of Cameco’s Rabbit Lake operation; Shea Creek, 18 km south of the past-producing Cluff Lake mine; and the West Bear cobalt-nickel project, 740 km north of Saskatoon.

The company traded at 13¢ within a 52-week range of 13¢ to 21.5¢ per share at press time. It has 381 million common shares outstanding for a $49.5-million market capitalization. TNM

2019-11-05 8:18 PM

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WWW.NORTHERNMINER.COM

NOVEMBER 11–24, 2019 / THE NORTHERN MINER

Fireside chat with Kirkland Lake Gold’s Tony Makuch MAKUCH From 1

already had electric battery-powered trucks before I got there. We had some smaller, 20-tonne, 12-tonne capacity trucks and some smaller load-haul-dump (LHD) machines running in the mine. They were the first generation of the batterypowered equipment.

So going into Macassa, recognizing that its history had been as a track and a pneumatic mine — a batterypowered and pneumatic mine — you didn’t quite have the ventilation systems to support a large diesel fleet.

If we needed to grow production at the mine from 70,000 to 100,000 oz. a year — over 240,000 oz. produced last year and over the next few years growing to over 400,000 oz. gold a year — definitely we had to go to a more productive fleet of equipment.

Because of the depth of the mine and the infrastructure there, it was easy to focus on battery-powered equipment.

The issue was then, how do you get productive, battery-powered equipment? The industry wasn’t quite ready for us. In 2016 I had discussions with mining equipment providers and you got a sense things were going to take a few years before they would be ready to really commercialize the equipment. So we partnered with Artisan, down in California, which is now owned

by Sandvik, to build equipment. We got the concept of the first 40-tonne truck, built it, and operated it at Macassa. And now we’re onto the fourth one. We have had 300,000 effective hours of battery-powered equipment run at Macassa in the last five or six years. And 85% of our production equipment is batterypowered equipment: trucks and the LHDs, or scooptrams.

AV: Being ahead of the curve in 2016, did you encounter any difficulties?

TM: First off, developing batteries and equipment, there’s a cost challenge. And then we have to do a whole bunch of rock work to create charging stations to charge the batteries.

We looked at all the issues and worked with Artisan basically developing new-generation batteries, tried to have it where they cool a lot faster. Even the chemistry of the battery was something we had to look at. And it was led by Artisan, the lithium iron phosphate battery as opposed to the other sources. It doesn’t necessarily have as much density of power in the battery, but from an underground mining perspective, it’s a lot more stable.

You don’t have the opportunity for it to catch fire.

With the new 40-tonne truck we just said, “It’s going to be an electric truck,” so instead of having axles and drivetrains and transmissions, it has one electric motor on each wheel, and then you have got a battery in there. In the earlier electric trucks the battery was changed like the old battery locomotives where you had to pick it up with a crane, put it over here, put it on charge and pick the next one up and put it in. The new

“ONE OF THE TOUGHEST JOBS ... I EVER DID WAS AS A GENERAL FOREMAN OR A MINE CAPTAIN. THAT WAS DEFINITELY A JOB THAT BUILDS YOUR CHARACTER.” TONY MAKUCH PRESIDENT AND CEO, KIRKLAND LAKE GOLD

1-16_NOV11_Main .indd 14

Artisan Vehicles’ Z40 electric 40-tonne haul truck. Four such trucks operate at Kirkland Lake Gold’s Macassa gold mine in Ontario. SANDVIK

“WE WOULD LIKE TO HAVE ALL OUR MINES WITH 85% PLUS OF OUR PRODUCTION FLEET TO BE BATTERYPOWERED OR ELECTRIC VEHICLES.” TONY MAKUCH PRESIDENT AND CEO, KIRKLAND LAKE GOLD

ones were designed where you eject the battery, like you would reject a garbage bin, right? And then the truck can go over and pick up another battery. So it was a lot quicker.

We had to address charging batteries, changing batteries and getting better use and availability of the equipment. We’re not there yet. The goal would be, say, 95% availability and 85% use of the trucks, right now we’re getting probably 60% to 65% availability on the equipment.

AV: How does your electrification experience at Macassa affect your development plans for other assets in your pipeline?

TM: We were just talking about this yesterday. Five years from now, I would like to think that the majority of our production equipment at all of our mines will be battery-powered and a mobile fleet. So we’re looking at continuing to develop and even change out some of the equipment at Macassa to be more productive in terms of battery-powered equipment. We want to at least introduce battery-powered LHDs at our mine in Fosterville, at the deep part of the mine. It would definitely help us.

We need to continue working on developing trucks for long-haul up ramps. And we’re open to developing the other equipment, jumbos, etc.

That kind of stuff is easy, I think.

We would like to have all our mines with 85% plus of our production fleet to be battery-powered or electric vehicles. It’s definitely the way to go. It’s quieter. You’re not generating as much heat. There are productivity benefits, and the fact that the equipment comes right off the bat with computers built in helps with automation and allows for real-time monitoring. And they can be semiautonomous.

AV: Have you seen benefits on the people side of things? Mining needs young people. Has it been easier to recruit people to Macassa than another mine without an electric fleet?

TM: The working conditions in the mine are much better with the electric fleet than with the diesel

fleet. So, if we had a diesel fleet, we would probably have a harder time attracting people. And definitely heat and ventilation would be a concern underground at Macassa. When I first got to Macassa, we had about 200,000 cubic feet per minute of air. Currently, we’re trying to run somewhere around 300,000. If today’s fleet was all-diesel at Macassa, we would probably have well close to double that in terms of air in the mine. So we wouldn’t be able to operate and produce the amount of gold that we have.

And as we develop the batterypowered equipment, we’re removing a lot of parts that were in the diesel equipment. And so if you’re a maintenance person or you’re a young person wanting to get into the maintenance side of the business, you’re going to need to be intelligent in electronics and understand a little bit of programming, too. So from an attraction point of view, it could be a much more interesting job in the future, right?

AV: What do you see as the mine of the future? Is other mineral processing ripe for the same innovation we have seen with the mining fleet?

TM: Definitely. Taking more advantage of AI and being able to automate a lot more of the processes that are happening in the mine should help improve working conditions and improve safety.

But there are a lot of other things that we are working on. How do you log core more effectively? How do you get a quick or an accurate view of core, from a grade perspective?

We’re doing some of that work down in Australia. How do you better understand what the orebody is, and how to separate ore and waste. There are a lot of areas to be improved.

We need to work at better ways to understand where people are in our mines. We still send a lot of people off to work in the morning, and unless the supervisor sees them, you don’t quite know where they are. In real time, we should be able to understand where people and equipment are. I can see that happening.

AV: Kirkland Lake has two of the highest-grade, producing mines in the world, one in Canada, Macassa, and one in Australia, Fosterville.

You have gone from 155,000 oz. to 600,000 oz. of production, and expect to reach 1 million within five to six years. In two years, Kirkland Lake Gold’s stock price has increased 250% — a sensational story. And part of that story has been mergers and acquisitions, as Fosterville was an acquisition. Can you reflect a little bit about how M&A played a role in your strategy and success?

TM: In 2016 we merged three small junior companies: Kirkland Lake Gold Inc., St Andrew Goldfields that operated the Holt, Holloway and Taylor mines, and then the Newmarket operation, which had three operating mines in Australia. By putting the three junior companies together, our biggest part of the synergy was capital market synergies. We were able to take a different perspective when looking at our operations. We closed three mines with 120,000 oz. production. With St Andrews, that was the whole company back in 2015. It gave us that ability to do that, to take a different approach.

And it allowed us to invest a lot of money with diamond drilling and exploration.

We had significant discoveries at Fosterville and a lot of progress there, and we grew our reserves at Macassa. We started drilling, and we spent more money in the last quarter of 2016 and 2017 at Fosterville than had been spent there in the previous 10 or 15 years. So, it gave us that ability to explore.

When you’re running Lake Shore as a single-asset company, even though things are going well, there are always rumours of something happening in the market that could affect you. A dropping gold price can affect your share price more than others. Or you can have a forest fire in the region that’s a few kilometres away, but you could lose 10% or 20% of your share price. Merging gave us the ability to focus on our operations. How do we grow value for the shareholders and how do we finance internally? It let us look at it from a business perspective more than having to try to chase the share price all the time.

AV: What gave you the confidence to invest in drilling at Fosterville?

Were there things that you noticed that previous operators and other potential acquirers couldn’t see?

TM: The previous operator saw a change in mineralization, and that the grade had improved from 4.5 to 5 grams to all of a sudden 7 grams in 2016. They saw the principal gold and a change in mineralization. You could see that things were definitely improving at depth. There were a few drill holes that were pretty interesting. We didn’t expect it to be 30, 40 or 50 grams, but we did think that things were going to get better. And if things got better or even stayed as good as what they were starting to forecast, at 7 to 9 grams, then we would have a very successful acquisition.

In this business, you can’t be scared to get involved in the details and look at the little things.

I was lucky I had a gentleman like Quinton Hennigh with me and he was talking about the difference in the mineralization, saying: “This is a significant thing that’s going on.”

AV: Going back to the M&A, because your example is such a positive one.

Earlier in the year, there was some trepidation about the recent M&A activity. Regarding the Barrick situation, Pierre Lassonde was on record with some critiques in terms of a possible hollowing out of headquarters in Canada. Kirkland Lake is now becoming an important Canadian gold producer. Where do you stand on this issue? Do you think it’s important for headquarters to remain in Canada? Does M&A threaten that?

TM: Canada is definitely the centre of where you can finance, especially out of the TSX, and continues to be the place where companies come to get money to invest and discover new operations. I don’t think that’s going to change.

Definitely, with some of these mergers, you have had some of the big head offices move out of Canada.

But that happened to us back in the days when Noranda, Inco and Falconbridge left Canada. Those things happen. But new companies come and emerge like Kirkland Lake, and there are a lot of companies like Agnico Eagle, etc., which will come to the forefront. Some of it is natural evolution. I don’t think we should be worried. We should look at it head-on as being a good thing. If people want to come and buy Canadian mining companies, then we must be doing a lot good things, right?

AV: Do you aspire to create the next Barrick Gold? Do you see Kirkland

2019-11-05 8:18 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 11–24, 2019

15

The Northern Miner publisher Anthony Vaccaro (left) in conversation with Kirkland Lake Gold president and CEO Tony Makuch at the Progressive Mine Forum in October 2019. GEORGE MATTHEW PHOTOGRAPHY

Lake Gold becoming the world’s biggest gold producer?

banking ledgers, and some of us feel more comfortable looking at rocks.

TM: Let me put it this way: we would like to be seen as the world’s, or one of the world’s, most profitable gold mining companies. Our goal within Kirkland Lake is to build a company that is profitable, that leads earnings, cash-flow generation and value generation for its shareholders. We just happen to be a gold miner doing that, right?

And so, it’s not about producing 4 million or 5 million ounces. It’s about producing the top earnings or the top cash flow per share. That is important.

The other part, and without sounding too aloof, is that we compete for the investor. So we’re not trying to get the investor that just wants to invest in a gold mine or a gold business, we have to compete for investors. And we would like to believe that we can then compete for the investor who says: “I want to buy Apple stock, and I might want to buy Microsoft or Walmart.”

That’s the type of company we really want to be.

AV: You have experience working in almost every capacity in a mine, how does that experience help you run a company?

AV: You’re the son of Polish immigrants. Your dad was a miner in Timmins, where you grew up. What were your early impressions of what it was to be a miner?

AV: Of all the jobs that you have done coming up through the ranks, leaving aside C-suite, what was the job that you enjoyed doing the most?

TM: I always liked working with my hands. I always liked getting dirty and doing stuff. My father didn’t want me to get into mining.

He wanted me to do something else, be a dentist or something. And I just always went towards doing this kind of work. And it’s a good kind of work. In the mining industry, people get paid very well. We treat people well. We train people well. You get to work fairly autonomously. It’s not a factory. People get to go out and do things individually within the mine or as a small team. It’s good work. I was always interested in doing that. And then you just fall in love with understanding all the things about it. Whether it’s geology — and geology is really cool — and metallurgy, and even what you have to do to mine the rock.

Some people might feel comfortable going into a room and looking at

1-16_NOV11_Main .indd 15

TM: As you get older, you get to reflect back and sometimes you have got to try to be a coach or try to ask people the right questions. You get a sense of knowing what needs to be done or what can be done, what people are doing or what they’re trying to do. And most people try to do things really, really good. None of us are perfect. We make a lot of mistakes. The problem is if we make a mistake and we don’t learn from it or we make a mistake on purpose.

So you’re able to understand the process and what’s going on — what people are doing and work towards trying to help them succeed.

The main aspect of our success at Kirkland Lake Gold is that it’s 2,500 people working together and building success. And it’s all of us as a group, everybody trying to help each other.

TM: I liked doing a lot of the jobs I did. I enjoyed working in engineering. I started as a rock mechanics engineer and I got to do a lot of really neat stuff. And I got to run computer programs. I got to build computers from scratch. Back in the early days, you had plotters and you digitized it, but didn’t have any program. You had to program it yourself. That was interesting.

One of the toughest jobs with the most learning I ever did was as a general foreman, or a mine captain.

That was definitely a job that builds your character. You could never have a good week because there was always something you had to deal with. You have 100 people working for you. You have four or five direct supervisors between you and the hourly workers. And then you have the whole engineering staff and the management above you coming down and asking you for stuff. So,

“I’M NOT SOMEBODY WHO BELIEVES GOLD IS GOING TO BE $5,000 OR $10,000 AN OUNCE, BUT I THINK GOLD’S GOING TO CONTINUE TO ALWAYS MAINTAIN ITS SUPPORT.” TONY MAKUCH PRESIDENT AND CEO, KIRKLAND LAKE GOLD

you have a lot of responsibility, but also a lot of ability to get things done with the people. The biggest part of it was the fun of working with all the people and getting them motivated and seeing what we can do. You could tell at the end of the day the person who had a hard day’s work and worked hard underground — they came up and they had a big smile on their face. They might be dirty, they might be tired, but they were smiling, and there was a deep smiling. I enjoyed that.

AV: Have those experiences fed into the corporate culture at Kirkland Lake Gold?

TM: I like to believe so. As a mining company we have to produce gold most effectively, responsibly and safely as possible, recognizing that it’s the people who are doing work. None of us in the company think we’re any better than anybody else. We just have different jobs, but we’re all focused on the same thing ... the most important people in the company are the people right now who are doing the work.

AV: There’s much talk as well about millennials and how they bring in their own perspective and thoughts on what makes a great work environment, and even the generation coming up behind the millennials. What is your experience with millennials in the workforce?

TM: We were the baby boomers, right? And you had rock and roll coming out when we were young and everybody thought we were lazy and we listened to crazy music and we didn’t want to work. And, you know, we all came in and we did all right. I look at the millennials or the new kids coming in and I think

the kids are alright. The kids today, with their access to technology and learning, they learn more probably by the time they’re five years old than we maybe got to learn till the time we were 10. And so, you think about the wisdom that we might get when we’re 60 or 70 years old, well, maybe this generation will have that wisdom when they’re 50, right? So things are going to move a lot quicker.

The work ethic is there, the ability to question and the willingness to sound off a little bit is a lot more open with this generation of kids, which is good. The worst thing that happens is when we go down a path where everybody says: “This is the way to go.” You need people that are asking questions and looking for different and new ways. I see a lot of energy in the new millennials.

And talking about the mine of the future, I’ll go back again to when I took this job as a mine captain. I remember I was pretty young, but I go to a drift heading and after about three or four days, one of the miners says to me, “You know, you’re not as smart as old Curly Alexander.”

I said, “Why?” “Well, he would tell us, we’ve got to go 100 feet and we’re going to hit ore. You can’t tell us that.” What I figured out, it took me about a couple weeks to figure it out, but he was the one who kept all the prints to himself. He didn’t share the information, right?

So now, take this step to the future.

The workforce of the future is going to be more and more in tune to what’s going on. You don’t have to tell them what to do. They’re going to tell you what they’re doing and what’s going on. That’s really where the success lies. So you have got more and more access to technology, more access to information, and information in a workplace is everything.

AV: What is your opinion on gold?

Why do we really need gold as a currency? Do you see a future where cryptocurrencies undermine gold?

TM: How about if I take a step back and I go back to 1996? Gold was $330 per oz. and I was a manager for Kinross at Macassa. We had our budget meetings in Toronto, and we had somebody come and present to us. He said he expects over the next few years gold going down to under $250 an ounce. And he said gold is going to stay there until 2005 or 2006, and then he said it’s going to come back. And we all would ask the question, “How did you see that?” Well, this guy was somebody who studied demographics. And he talked about how we were all baby boomers, we were all going through this period of time. We didn’t need gold, and we were looking at other things. But he said, “As we all age and we all start thinking like our mothers and our fathers did again, then we’re gonna get back into buying gold as an investment.”

So when you talk about cryptocurrencies, in the end, how much cash do you keep in your wallet? We’re really using cryptocurrencies today.

It’s your credit card. And you’re buying stuff. I can see the governments at some point in time not wanting you to have some new currency that they can’t control.

We almost have a paperless currency as we speak. But a good thing about gold is that it’s physical, you can look at it and it holds its value.

And it does still hold its value even after, you know, the doomsdays from 1996 till 2003–2004 with gold, where you thought it was going down to nowhere. I’m not somebody who believes gold is going to be $5,000 or $10,000 an ounce, but I think gold will always maintain its support. It might have some dips and it could be the younger generation that has different perspectives in terms of what they value, but at some point in time, we all get to the same place when you say, “I need to have some tangible assets.” And one tangible asset is gold, the other tangible asset is your home, and your land where you live. That will always be relevant. TNM

2019-11-05 8:18 PM

16

WWW.NORTHERNMINER.COM

NOVEMBER 11–24, 2019 / THE NORTHERN MINER

A worker inspects core from Orla Mining’s Camino Rojo gold project in Mexico’s Zacatecas state. ORLA MINING

Orla secures financing for Camino Rojo in Mexico GOLD

| US$125M facility will fund open-pit, gold-silver mine “WE EXPECT ORLA WILL BE SUCCESSFUL IN CLOSING ON A SIZABLE FACILITY THAT WILL REPRESENT THE BULK OF THE FUNDS REQUIRED TO BUILD THE PROJECT.”

BY TRISH SAYWELL tsaywell@northernminer.com

O

rla Mining (TSX: OLA) has reached an agreement with Trinity Capital Partners for a project finance facility of up to US$125 million to build its first mine — the Camino Rojo oxide heap-leach gold project in Mexico.

The facility will include a syndicate of lenders led by mining financier Pierre Lassonde, Agnico Eagle Mines (TSX: AEM; NYSE: AEM) and Trinity Capital.

The project in Zacatecas, 50 km southeast of Newmont Goldcorp’s (TSX: NGT; NYSE: NEM) Penasquito mine, would be built for an initial capex of US$123 million and deliver gold as early as mid-2021.

Once in production, the open-pit mine is expected to produce an average of 97,000 oz. gold and 511,000 oz. silver annually over a seven-year

TARA HASSAN ANALYST, RAYMOND JAMES

Orla Mining’s Camino Rojo gold property in Mexico. ORLA MINING

mine life at all-in sustaining costs of US$576 per ounce.

Under the commitment letter, announced on Oct. 21, Lassonde, Agnico Eagle and Trinity Capital will provide an initial US$25-million tranche, which Orla can use to order long-lead items.

Two subsequent tranches of US$50 million each will be available upon closing and once key permits are received.

The five-year facility bears an

annual 8.8% interest rate.

In addition, 32.5 million common share purchase warrants will be issued to the lenders, with an exercise price of $3 per warrant, representing a 97% premium to Orla’s closing share price on Oct. 18, and a seven-year term.

The financing offers Orla flexibility, the company says, given that it can repay the loan in full or in part at any time during the term, without penalty, with cash flow from

operations.

The financing doesn’t come with mandatory hedges, production payments, offtake, streams or royalties.

The debt facility “notably reduces the financial risk at a competitive cost of capital and supports our view that Camino Rojo is an attractive asset that is gaining the attention of investors,” Andrew Mikitchook of BMO Capital Markets says in a research note.

Tara Hassan of Raymond James

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also views the financing positively.

“While the news marks a commitment to a facility only, rather than completion of one, with commitments from two major shareholders, we expect Orla will be successful in closing on a sizable facility that will represent the bulk of the funds required to build the project,” she states in a client note. “We are also encouraged by the simplistic nature of the facility, which will not include many of the covenants and cash sweeps required by a more traditional project finance facility, providing Orla more flexibility as it constructs and commissions the project.”

Camino Rojo — a near-surface, oxide gold-silver deposit with a deeper gold-silver-zinc-lead sulphide zone — has measured and indicated resources of 353.4 million tonnes grading 0.83 gram gold per tonne and 8.8 grams silver per tonne, for 9.5 million contained oz. gold and 100 million oz. silver. Inferred resources add 60.9 million tonnes of 0.87 gram gold and 7.4 grams silver for 1.7 million contained oz. gold and 14.5 million oz. silver.

A feasibility study completed in June envisions an 18,000-tonneper-day throughput rate. Solution from the heap leach will go through a Merrill–Crowe recovery plant, which precipitates gold and silver, and produces doré.

The study uses gold and silver prices of US$1,250 per oz. and US$17 per oz., and forecasts an after-tax net present value at a 5% discount rate of US$142 million, and a 28.7% after-tax internal rate of return.

In addition to Camino Rojo, Orla owns 100% of the Cerro Quema open-pit heap leach project in Panama.

At press time, Orla’s shares were trading at $1.54 in a 52-week range of 85¢ to $1.80.

BMO has a $2.25-per-share target price, and CIBC raised its target price after the news from $1.85 to $2.20 per share, and upgraded its rating from “neutral” to “outperform.”

Orla has 186 million common shares outstanding for a $287-million market capitalization. TNM

2019-11-05 8:18 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 11–24, 2019

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2019-11-04 12:57 PM

18

WWW.NORTHERNMINER.COM

NOVEMBER 11–24, 2019 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / OCTOBER 25–NOVEMBER 1 The S&P/TSX Composite Index rose 1.16% to close at 16,594.07. The S&P/TSX Global Mining Index gained 2.07% to 76.65 and the S&P/TSX Global Base Metals Index went up 2.96% to 100.64. The S&P/TSX Global Gold Index increased 1.53% to 247.01, and spot gold moved 0.67% higher to US$1514.10 per ounce.

Torex Gold Resources shares jumped $2.37, or 13.7%, to $19.68. The company reported record gold production in the third quarter of 138,145 oz. — 21.5% higher than the 113,645 oz. in the previous quarter. Tonnes per hour and hours operated increased monthly, with throughput averaging 12,380 tonnes per day, or 6% higher than the previous quarter. Total cash costs in the quarter came in at US$561 per oz. and all-in sustaining costs at US$675 per ounce. The company posted net income of US$27.4 million, or 32¢ per share, on a basic and diluted basis. At the end of September, Torex had US$168 million in cash and its debt stood at US$255.7 million.

Sandstorm Gold climbed $1.27, or 16%, to $9.25 per share. The company reported record revenue of US$25.8 million, up 49% year-on-year, and net income of US$$6.2 million, up from US$2.1 million in the yearearlier quarter. Sandstorm posted record attributable 17,289 equivalent oz. gold sold in the third quarter — a 21% jump from the same quarter last year. Of the equivalent

ounces of gold that Sandstorm sold during the third quarter, 31% were attributed to mines in Canada, 20% from the rest of North America, 35% from South America, and 14% from other countries. One of the mines, Equinox Gold’s Aurizona, achieved commercial production on July 1. Sandstorm has a 3% to 5% sliding scale, net smelter return royalty on Aurizona. Sandstorm expects its total attributable equivalent ounces of gold sold this year will reach between 63,000 and 70,000, and forecasts this amount will grow to 140,000 oz. in 2023.

Shares of Eldorado Gold went up $1.19, or 11.2%, to $11.83. Third-quarter gold production totalled 101,596 oz., up from 84,783 oz. produced in the third quarter of 2018. The quarterly gold production included 32,037 oz.

TSX MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

First Quantum FM 19667 11.88 10.89 11.73 + 0.74 Yamana Gold YRI 16380 4.87 4.49 4.73 - 0.04 Suncor Energy SU 15467 40.66 38.05 40.63 + 0.85 B2Gold Corp BTO 15052 4.63 4.20 4.62 + 0.28 Kinross Gold K 14515 6.55 6.04 6.36 + 0.07 Barrick Gold ABX 14294 23.00 21.47 22.35 - 0.12 Wallbridge Mng WM 12757 0.70 0.50 0.68 + 0.18 Lundin Mng LUN 8987 6.91 6.57 6.90 + 0.08 Teck Res TECK.B 7610 22.39 20.59 21.19 - 0.61 OceanaGold OGC 6784 3.20 2.98 3.11 - 0.04

from the Lamaque gold mine near Val-d’Or in Quebec, which achieved commercial production in April. The company is undertaking a preliminary economic assessment to increase the underground gold mine’s average annual production from 130,000 to 170,000 oz. gold.

Alacer Gold’s shares increased $1.19, or 20.5%, to $6.59. The company increased its 2019 guidance for its Copler oxide plant in Turkey from a range of 125,000 to 145,000 oz.

to 150,000 to 160,000 ounces. The increase is the result of stacking ore from in-pit exploration, better-than-expected outcomes from the blended-ore program, and positive reconciliation for oxide ore. The sulphide plant’s gold production guidance range for the year remains at 230,000 to 270,000 ounces. So far this year, the oxide and sulphide plants have produced 290,127 oz. at a consolidated allin sustaining cost of US$714 per ounce. TNM

TSX GREATEST PERCENTAGE CHANGE

Wallbridge Mng Calibre Mng Balmoral Res Alacer Gold Orocobre Eastern Platin Wesdome Gold Perseus Mng Sandstorm Gold Ascot Res Guyana Gldflds St Augustine Almaden Min Pretium Res Western Potash Orosur Mng Condor Gold Lydian Intl Sulliden Mng Potash Ridge

WM CXB BAR ASR ORL ELR WDO PRU SSL AOT GUY SAU AMM PVG WRX OMI COG LYD SMC SOP

12757 0.70 2608 0.90 1518 0.24 5310 6.60 54 2.41 77 0.29 3503 8.19 854 0.85 4549 9.47 2562 0.58 5087 0.80 967 0.02 683 0.86 5354 16.11 512 0.34 134 0.06 30 0.38 2856 0.10 412 0.08 2419 0.04

0.50 0.64 0.18 5.28 2.10 0.24 6.70 0.70 7.78 0.45 0.46 0.02 0.60 11.94 0.28 0.05 0.34 0.07 0.06 0.03

0.68 0.85 0.22 6.59 2.40 0.29 8.08 0.80 9.25 0.55 0.53 0.02 0.66 12.47 0.28 0.05 0.34 0.07 0.06 0.03

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

AEM Agnico Eagle Torex Gold TXG Franco-Nevada FNV Caledonia Mng CAL Sandstorm Gold SSL Eldorado Gold ELD Wesdome Gold WDO Alacer Gold ASR Suncor Energy SU Newmont Gdcorp NGT Pretium Res PVG Centerra Gold CG Nexa Resources NEXA Nutrien NTR Teck Res TECK.A Teck Res TECK.B TMAC Resources TMR Maverix Metals MMX Labrador IOR LIF Guyana Gldflds GUY

+ 36.0 + 32.8 + 25.7 + 20.5 + 18.8 + 18.8 + 16.4 + 15.9 + 15.9 + 14.6 - 32.9 - 25.0 - 23.3 - 22.1 - 18.8 - 18.2 - 18.1 - 17.6 - 14.3 - 14.3

VOLUME WEEK (000s) CLOSE CHANGE

3861 79.29 2205 19.68 2287 126.82 23 11.01 4549 9.25 5349 11.83 3503 8.08 5310 6.59 15467 40.63 420 51.97 5354 12.47 5208 11.27 8 12.15 4766 63.50 13 21.30 7610 21.19 563 3.55 240 5.09 1372 22.00 5087 0.53

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

2.56 2.37 1.69 1.31 1.27 1.19 1.14 1.12 0.85 0.81 3.54 1.37 1.13 0.99 0.70 0.61 0.55 0.41 0.29 0.26

TSX VENTURE EXCHANGE / OCTOBER 25–NOVEMBER 1 The S&P/TSX Venture Composite Index fell 0.9% to 541.49. Spot gold finished at US$1,514.10, up 0.67%.

Abitibi Royalties shares jumped 68¢, or 4.78%, to $14.90. The company’s board of directors approved a dividend of 3¢ per common share for the fourth quarter, which would amount to 12¢ per common share on an annual basis. The company generated tota l cash during the third quarter of $988,000, of which $834,000 came from royalties on the open-pit portion contained within its 3% net smelter return at the Canadian Malartic mine, jointly operated by Agnico Eagle Mines and Yamana Gold.

Third-quarter results sent shares of Equinox Gold up 39¢, or 4.8%, to $8.50.

The company produced 62,656 oz. gold in the three months ended Sept. 30, at cash costs of US$800 per oz. sold and all-in sustaining costs of US$953 per ounce.

Earnings from mine operations reached US$30.8 million, and the company ended the quarter with cash and equivalents of US$45.5 million, up from US$33 million at the end of the second quarter. Highlights during the third quarter included the start of commercial production at the company’s Aurizona gold mine in Brazil,

and the first phase of construction at its Castle Mountain project in California.

The company expects to pour first gold at Castle Mountain, which will be its third mine, in the third quarter of 2020. In addition, the company repaid a US$20million, short-term loan to the company’s chairman. The company is maintaining its 2019 production guidance of 200,000 to 235,000 oz. gold at all-in sustaining costs of US$940 to US$990 per oz. gold sold.

New Pacific Metals’ shares rose 27¢, or 6.31%, to $4.55. The company closed a bou g ht- de a l f i na nc i ng t hat r a i s ed $17.3 million from selling 4.3 million com mon sha res at $4 per sha re. T he company will use the funds to advance TSX-V MOST ACTIVE ISSUES

Goliath Res Pacton Gold Bold Ventures Barrian Mining Nexus Gold Gainey Capital Jourdan Res Sandspring Res Leeta Gold Quaterra Res

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

GOT 11049 PAC 6844 BOL 5959 BARI 5624 NXS 5332 GNC 4349 JOR 4202 SSP 4066 HIVE 4003 QTA 3703

0.04 0.16 0.01 0.24 0.08 0.09 0.02 0.35 0.22 0.07

0.02 0.13 0.01 0.20 0.06 0.04 0.01 0.26 0.18 0.06

0.04 - 0.14 unch 0.01 + 0.21 - 0.06 - 0.06 - 0.02 unch 0.32 + 0.18 - 0.07 +

0.03 0.00 0.01 0.01 0.02 0.02 0.00 0.06 0.01 0.01

exploration and build an exploration camp at its Silver Sand project in Bolivia. The company also owns the Tagish Lake gold project in the Yukon and the RZY silver-lead-zinc project in China’s Qinghai province.

Shares of O3 Mining climbed 23¢, or 9.78%, to $2.58. The company announced it has entered into agreements with various

creditors to settle an $820,279 debt by issuing 211,643 common shares of the company.

The financing was done to preserve cash for its operations. The shares are subject to a four-month hold period ending on March 1, 2020. The company owns a portfolio of assets in the James Bay and Chibougamau regions of Quebec, and the Hemlo district in Ontario. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Namibia Crit Bold Ventures Adex Mining Pacific Silk Prime Meridian Central Tim Ex Green Valley M BTU Metals CANEX Metals Meridian Mg Jasper Mining Galantas Gold Revelo Res Worldwide Res Blue River Res Goliath Res Rainy Mtn Royl District Metal Arctic Star Algold Res

NMI BOL ADE PP PMR CTEC SCT BTU CANX MNO JSP.H GAL RVL WR.H BXR GOT RMO DMX ADD ALG

1934 5959 311 68 118 245 18 2976 1774 76 19 516 1038 61 234 11049 57 250 2639 224

0.30 0.01 0.01 0.03 0.09 0.07 0.10 0.14 0.11 0.07 0.25 0.07 0.01 0.03 0.01 0.04 0.09 0.09 0.02 0.21

0.14 0.01 0.01 0.02 0.05 0.04 0.06 0.08 0.07 0.00 0.01 0.03 0.01 0.03 0.01 0.02 0.00 0.09 0.01 0.00

0.30 0.01 0.01 0.03 0.09 0.07 0.09 0.12 0.11 0.07 0.01 0.03 0.01 0.03 0.01 0.04 0.08 0.09 0.01 0.13

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 118.5 + 100.0 + 100.0 + 100.0 + 100.0 + 75.0 + 63.6 + 60.0 + 57.1 + 55.6 - 96.0 - 53.8 - 50.0 - 50.0 - 50.0 - 46.2 - 44.4 - 43.3 - 42.9 - 35.9

VOLUME WEEK (000s) CLOSE CHANGE

Abitibi Royal Equinox Gold HighGold New Pac Metals O3 Mining Namibia Crit Canadian Prem Azimut Explor Standard Lith Revival Gold Cantex Mn Dev Metalore Res Jasper Mining Novo Res Westhaven Vent Arcturus Vent Gold Reserve Golden Secret Bear Creek Mng Regulus Res

RZZ EQX HIGH NUAG OIII NMI CPS AZM SLL RVG CD MET JSP.H NVO WHN OJO GRZ TBRD BCM REG

9 14.90 1001 8.50 214 1.55 533 4.55 76 2.58 1934 0.30 9 0.90 1835 0.45 460 0.79 325 0.62 108 3.53 0 1.60 19 0.01 811 2.69 636 0.80 1090 0.71 79 2.15 331 1.01 356 2.53 166 1.27

+ 0.68 + 0.39 + 0.33 + 0.27 + 0.23 + 0.16 + 0.15 + 0.13 + 0.12 + 0.12 - 0.51 - 0.25 - 0.24 - 0.19 - 0.16 - 0.15 - 0.13 - 0.13 - 0.12 - 0.12

U.S. MARKETS / OCTOBER 25–NOVEMBER 1 The Dow Jones Industrial Average rose 1.44% to 27,347.36 and the S&P 500 Index increased 1.47% to 3,066.91. Spot gold gained 0.67% to US$1514.10 per ounce.

Compania de Minas Buenaventura climbed US$1.59 per share, or 11.27% to US$15.70. Peru’s largest publicly traded precious metals mining company reported third-quarter earnings before interest, taxes, depreciation and amortization (EBITDA) from direct operations of US$55.8 million, compared with US$60.8 million in the third quarter of 2018. The decrease owed to lower production and volume sold at Buenaventura’s Orcopampa and La Zanja mines. Adjusted EBITDA including associated companies reached US$158.5 million, compared to US$150.8 million in the year-earlier quarter. Net income in the three months ended Sept. 30 reached US$4.5 million, compared to negative net income of US$10.3 million in the same period of 2018.

Rio Tinto’s shares rose US$1.42, or 2.7%, to US$53.98. At an investor seminar in London, CEO Jean-Sébastien Jacques forecast free cash f low this year at spot prices of

18_NOV11_MarketNews.indd 18

US$10 billion. The mining executive also noted that capital expenses in 2019 are expected to be US$0.5 billion lower than the company’s previous guidance of US$5.5 billion, with US$0.5 billion deferred into 2020. Capex in 2020 is forecast to reach US$7 billion. In addition, Jacques noted that Shaft 2 has been built at its Oyu Tolgoi mine in Mongolia, with commissioning underway.

In Australia, shipment and cash unit cost guidance for the company’s Pilbara iron ore operations are the same at 320 million to 330 million tonnes, at cash costs of US$14 to US$15 per tonne.

U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Freeport McMoR* FCX 106463 10.61 9.64 10.52 + 0.38 United States S* X 99658 13.78 11.43 13.21 + 1.50 Vale* VALE 94012 12.23 11.60 12.14 + 0.10 Yamana Gold* AUY 77750 3.70 3.40 3.60 - 0.05 Kinross Gold* KGC 59254 4.98 4.63 4.84 + 0.02 Barrick Gold * GOLD 56263 17.48 16.43 17.01 - 0.19 Cleveland-Clif* CLF 49698 7.62 7.05 7.57 + 0.42 Turquoise HIl* TRQ 36806 0.46 0.40 0.43 - 0.02 Hecla Mining* HL 35632 2.34 2.04 2.33 + 0.23 CONSOL Energy* CNX 33021 9.15 7.51 8.69 + 1.02

Shares of Southern Copper increased US$1.38, or 3.84%, to US$37.35. The company announced that Peru’s mining council ratified the construction permit for its Tia Maria copper protect. Work on the project had been halted since August due to op-

position from the local community. In its 2018 annual report, the company said it expects Tia Maria will produce 120,000 tons (109,000 tonnes) of copper annually, employ 600 workers and indirectly provide jobs to another 4,200 people. TNM

U.S. GREATEST PERCENTAGE CHANGE

CONSOL Energy* CNX United States S* X Buenaventura* BVN Hecla Mining* HL Eldorado Gold* EGO IAMGOLD* IAG Endeavr Silver* EXK Coeur Mng* CDE Sibanye-Stillw* SBGL Alamos Gold* AGI Peabody Enrgy* BTU NACCO Ind* NC Pretium Res* PVG Nexa Resources* NEXA CONSOL Coal Rs* CCR CONSOL Energy* CEIX Arch Coal* ARCH Intrepid Pots* IPI Turquoise HIl* TRQ Teck Res* TECK

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

33021 9.15 7.51 8.69 + 13.3 99658 13.78 11.43 13.21 + 12.8 6935 15.70 13.88 15.70 + 11.3 35632 2.34 2.04 2.33 + 11.0 13186 9.01 7.61 8.99 + 10.6 20808 3.83 3.45 3.82 + 8.2 11553 2.59 2.28 2.59 + 7.0 27227 5.66 5.00 5.64 + 6.8 24390 7.69 6.96 7.58 + 6.5 15397 5.66 4.92 5.45 + 6.4 14121 16.40 10.12 10.22 - 35.2 133 64.72 47.01 47.38 - 25.9 19158 12.24 9.07 9.48 - 22.6 941 10.98 8.41 8.56 - 13.5 452 12.42 10.37 11.17 - 9.9 1954 14.67 12.92 13.49 - 7.0 1499 85.50 76.36 79.03 - 5.4 1595 3.29 3.02 3.09 - 4.6 36806 0.46 0.40 0.43 - 4.4 18574 17.15 15.64 16.12 - 3.4

U.S. GREATEST VALUE CHANGE

Buenaventura* BVN Black Hills* BKH Agnico Eagle* AEM United States S* X Rio Tinto* RIO Southern Copp* SCCO Natural Res Pt* NRP CONSOL Energy* CNX Eldorado Gold* EGO Alcoa* AA NACCO Ind* NC Peabody Enrgy* BTU MartinMarietta* MLM Arch Coal* ARCH Pretium Res* PVG Chevron Corp* CVX Nexa Resources* NEXA CONSOL Coal Rs* CCR Nutrien* NTR CONSOL Energy* CEIX

VOLUME WEEK (000s) CLOSE CHANGE

6935 15.70 1733 79.44 6549 60.35 99658 13.21 8801 53.98 4756 37.35 58 27.00 33021 8.69 13186 8.99 19914 21.87 133 47.38 14121 10.22 4355 263.35 1499 79.03 19158 9.48 29140 116.21 941 8.56 452 11.17 5964 48.28 1954 13.49

+ 1.59 + 1.58 + 1.58 + 1.50 + 1.42 + 1.38 + 1.16 + 1.02 + 0.86 + 0.85 - 16.53 - 5.54 - 4.98 - 4.55 - 2.77 - 2.46 - 1.34 - 1.23 - 1.07 - 1.01

2019-11-05 8:19 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / NOVEMBER 11–24, 2019

19

M E TA L S , M I N I N G A N D M O N EY M A R K E T S TSX WARRANTS

PRODUCER AND DEALER PRICES

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, November 1, 2019 (change from October 25, 2019 in brackets): 6040 (+560) Aluminium Alloy Aluminium 956200 (-10000) Copper 255025 (-6000) Lead 70075 (+825) Nickel 66306 (-10452) Tin 6185 (-405) Zinc 54500 (-4025)

Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$65.40 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$12.15 Cobalt: US$16.10/lb.

Copper: US$2.67/lb.

Copper: CME Group Futures Dec. 2019: US$2.69/lb.; Jan. 2020: US$2.71/lb Iridium: NY Dealer Mid-mkt US$1,460.00/tr oz.

Iron Ore 62% Fe CFR China-S: US$82.70/tonne Lead: US$0.99/lb.

Phosphate Rock: US$86.00/tonne Potash: US$226.00/tonne Rhodium: Mid-mkt US$5,355.00 tr. oz.

Ruthenium: Mid-mkt US$246.00/tr. oz.

Silver: Handy & Harman Base: US$18.04 per oz.; Handy & Harman Fabricated: US$22.54 per oz.

Tin: US$7.46/lb.

Uranium: U3O8, Trade Tech spot price: US$24.10 per lb.

U308 Zinc: US$1.17/lb.

Prices current Nov. 5, 2019

Alio Gold Inc. (ALO.WT) - 10 Warrants to purchase one common share of the Issuer at $7.00 until expiry Alio Gold Inc. J (ALO.WT.A) - One Warrant to purchase one common share of the Issuer at $8.00 until expiry Ascendant Resources (ASND.WT) - Wt buys sh @ $1.25 to Mar 7/22 eColbalt Solutions Inc. J (ECS.WT) - One Warrant to purchase one common share of the Issuer at US$1.95 per share until expiry Excellon Resources Inc (EXN.WT.A) - One warrant to purchase one common share of the Issuer at $2.80 until expiry Excellon Resources Inc. (EXN.WT) - One Warrant to purchase one common share of the issuer at $1.40 per share until expiry Gran Colombia Gold (GCM.WT.B) - One warrant to purchase one common share of the Issuer at $2.21 until expiry.

Liberty Gold Corp. Wt (LGD.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry may 16, 2019 Lithium Americas Corp (LAC.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry Lydian International Limited (LYD.WT) One Warrant to purchase one additional ordinary share of the Issuer at $0.36 per share until expiry Northern Dynasty Minerals Ltd. J (NDM. WT.A) - Wt buys sh @ $0.55 to Jul 9/20 Northern Dynasty Minerals Ltd. J (NDM. WT.B) - Wt buys sh @ $0.55 to Jun 10/21 Northern Dynasty Minerals Ltd. J (NDM. WT.B) - Wt buys sh @ $0.55 to Jun 10/21 Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.5 to Feb 18/22

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

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

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

TSX VENTURE WARRANTS NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

IndexName Nov 1 Oct 31 Oct 30 Oct 29 Oct 28 High Low S&P/TSX Composite 16594.07 16483.16 16501.43 16418.14 16387.53 15527.30 12400.15 S&P/TSXV Composite 541.49 538.37 538.25 538.25 540.98 1050.26 883.52 S&P/TSX 60 992.95 986.33 989.12 983.07 981.39 896.74 709.99 S&P/TSX Global Gold 247.01 249.82 243.56 240.03 238.30 218.90 149.29 DJ Precious Metals 210.53 210.53 205.44 203.31 202.60 420.72 130.95

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Oct 15, 2019 (with changes from Sep 30, 2019) Largest short positions Nemaska Lith NMX 22581127 888365 9/30/2019 Sandstorm Gold SSL 20567703 -298553 9/30/2019 New Gold NGD 14950311 -2491521 9/30/2019 Ivanhoe Mines IVN 14898482 115674 9/30/2019 Barrick Gold ABX 13485189 989788 9/30/2019 Kinross Gold K 13156049 -298870 9/30/2019 Nexgen Energy NXE 10711606 55853 9/30/2019 First Mg Fin FF 8865643 -620082 9/30/2019 Sherritt Intl S 8328390 18337 9/30/2019 Premier Gold M PG 8187631 64761 9/30/2019 Yamana Gold YRI 8137790 834065 9/30/2019 Suncor Energy SU 8030526 -363563 9/30/2019 Royal Nickel RNX 7962316 -367047 9/30/2019 First Quantum FM 7853662 -542103 9/30/2019 Fortuna Silvr FVI 7602455 614421 9/30/2019 Largest increase in short position LYD 3563934 3067623 9/30/2019 Lydian Intl Guyana Gldflds GUY 3847112 1262921 9/30/2019 Gold Std Vents GSV 1902262 1049271 9/30/2019 Barrick Gold ABX 13485189 989788 9/30/2019 Nemaska Lith NMX 22581127 888365 9/30/2019 Largest decrease in short position NGD 14950311 -2491521 9/30/2019 New Gold NextSource Mat NEXT 102231 -1956680 9/30/2019 McEwen Mng MUX 3027173 -1368819 9/30/2019 Eldorado Gold ELD 1810999 -824373 9/30/2019 HudBay Min HBM 2121827 -746440 9/30/2019

Short positions outstanding as of Oct 15, 2019 (with changes from Sep 30, 2019) Largest short positions Sandspring Res SSP 1969875 1632800 9/30/2019 Novo Res NVO 1869157 -422265 9/30/2019 Ucore Rare Mtl UCU 1350569 1146580 9/30/2019 K92 Mining KNT 1266704 499410 9/30/2019 Western Mag WMG 1057231 176265 9/30/2019 Cobalt 27 Cap KBLT 963539 111968 9/30/2019 New Pac Metals NUAG 742468 298486 9/30/2019 Blue Star Gold BAU 655000 635000 9/30/2019 Aton Resources AAN 619641 -201443 9/30/2019 Pacton Gold PAC 598890 -276426 9/30/2019 Equinox Gold EQX 578339 10152 9/30/2019 Hawkeye Gld&Di HAWK 576000 512129 9/30/2019 Monument Mng MMY 568000 542000 9/30/2019 Sky Gold SKYG 547710 -428248 9/30/2019 Triumph Gold TIG 545495 466528 9/30/2019 Largest increase in short position Sandspring Res SSP 1969875 1632800 9/30/2019 Ucore Rare Mtl UCU 1350569 1146580 9/30/2019 Blue Star Gold BAU 655000 635000 9/30/2019 Monument Mng MMY 568000 542000 9/30/2019 Sienna Res SIE 531305 513005 9/30/2019 Largest decrease in short position FCC 269628 -1479150 9/30/2019 First Cobalt Nexus Gold NXS 53804 -1201767 9/30/2019 MacDonald Mns BMK 88338 -1060437 9/30/2019 HighGold HIGH 62547 -727268 9/30/2019 PPX Mining PPX 25000 -572000 9/30/2019

DAILY METAL PRICES Daily Metal Prices Nov 4 Nov 1 Oct 31 Oct 30 Oct 29 Date BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1350/1290 1360/1290 1360/1290 1360/1290 1340/1300 Aluminum 1786.50/1781 1765/1762 1742/1745 1746/1749 1737/1741 5846/5873 5795/5818.50 5823/5849 5882/5911 5879/5900 Copper Lead 2175/2163 2175/2163 2209/2191 2255/2231 2265/2241 Nickel 16585/16555 16745/16730 16830/16775 16890/16850 16670/16670 Tin 16425/16400 16525/16575 16725/16730 16795/16800 16700/16700 Zinc 2585.50/2529 2540/2493 2542.50/2495 2562.50/2523 2585/2539 PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.)

Gold AM 1509.20 1509.85 1506.40 1490.15 1492.75 Gold PM 1509.45 1508.80 1510.95 1492.10 1486.75 Silver 18.19 18.12 18.06 17.96 17.66 Platinum 947.00 935.00 936.00 917.00 918.00 Palladium N/A 1801.00 1794.00 1788.00 1780.00

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

Nov 1 Oct 31 Oct 30 Oct 29 Oct 28 1.3169 1.3169 1.3166 1.3092 1.3056 0.7594 0.7594 0.7595 0.7638 0.7660

Exchange rates (Quote Media, November 1, 2019) C$ to AUS C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand 1.1018 0.6807 82.0165 14.6101 11.4725 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 5.3454 53.9684 0.7491 888.1731 0.5869 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.4509 0.8963 108.0025 19.2390 15.1072 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.7729 7.0392 70.9800 0.9865 1169.5500

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

JDL Gold Corp. (JDL.WT) - Wt buy sh @ $3.00 to Oct 06/21 Kootenay Silver Inc. (KTN.WT) - Wt buys sh @ $0.55 to Apr 21/21 LSC Lithium Corporation (LSC.RT) - One (1) right exercisable for One (1) Unit at $0.40 per Unit.

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

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

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

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

Trek Mining (TREK.WT) - Wt buy sh @ $3.00 to Oct 06/21 Ucore Rare Metals Inc. (UCU.RT) - One (1) right exercisable for one share at $4.00 per share.

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

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

NEW 52-WEEK HIGHS AND LOWS OCTOBER 28–NOVEMBER 1, 2019 55 New Highs Abitibi Royal* Affinity Metal* Alacer Gold Alpha Lithium Alpha Lithium* Arcturus Vent* Bear Creek Mng* Bunker Hill Caledonia Mng Caledonia Mng* Calibre Mng CANEX Metals CANEX Metals * Canoe Mng Vent* Colibri Res Ely Gold Royal* Equinox Gold* Franklin Mng* Gem Intl Res Golden Hope

Golden Hope* Graphite One Helio Res* HighGold Hornby Bay Mnl Hornby Bay Mnl* IMC Intl Mng Juggernaut Exp Kombat Copper* Lincoln Mng * Marathon Gold Margaux Res* Millrock Res Millrock Res* Minera IRL* Namibia Crit Namibia Crit* Palladium One* Perseus Mng Pershing Res* Rae-Wallace Mg* Sandstorm Gold

Sandstorm Gold* Sibanye-Stillw* Skeena Res Skeena Res* Southern Silvr Southern Silvr* Tonogold Res* TriMetals Mng* Trueclaim Expl* Wallbridge Mng Wesdome Gold Wesdome Gold* Western Troy C*

71 New Lows

Aben Resources Aben Resources* Advantage Lith* Alliance Res* Almadex Min American Lith* Arianne Phosph Ascot Res

Avenira Ltd* Azucar Min* BC Moly * Bold Ventures* Cabral Gold* Central Iron Centurion Mnls* Chakana Copper* CNRP Mng CNRP Mng* CONSOL Coal Rs* CONSOL Energy* Crystal Lake* Delrey Metals * Fission 3.0 Fission Uran* Gem Intl Res Great Panther Great Panther* Guyana Gldflds Jasper Mining Labrador IOR

Largo Res Largo Res* Liberty One Li* Lithium Amer Logan Res Mason Graphite* Maverix Metals* Megastar Dev* MetalCorp* Metalo Manuf* Midas Gold Midas Gold* Midnight Sun* Miramont Res Nevada Copper Nevada Expl Nexus Gold Noront Res Noront Res* Northway Res Nuinsco Res* Orford Mining

Osisko Metals Peabody Enrgy* PolyMet Mng* Regulus Res Rusoro Mng Skyharbour Res Skyharbour Res* Strikepoint Gd* Syrah Res* Tarku Res Thunderstruck TMAC Resources Trueclaim Expl* UEX Corp Vanadiumcorp* Victory Metals* Waseco Res Western U&V* White Gold

CANADIAN GOLD MUTUAL FUNDS Fund Nov 1 ($) 18.64 AGF Glob Re A Fd MF BMO Prec Mtls Fd A BMO ZGD 59.70 BMO ZJG 58.22 CIBC Prec Metal Fd A Dyn Prec Metls Fd A 8.18 Harvest HGGG Horizons HEP IG Mac GbPMetCl A 10.67 iShares XGD 55.94 Mac Prec Met Cl A NBI PrecMetFd Invt 15.28 NPT Go&PrMinFd A NPT SilverEquCl A RBC GblPreMetFd A 41.32 Sentry Pre Met Fd A TD Prec Mtl Fd Inv

Oct 25 ($) 18.54 21.79 57.91 56.57 11.84 7.91 23.69 28.59 10.48 15.16 54.94 14.97 36.40 5.68 40.17 35.32 40.12

Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) 0.09 0.50 0.83 2.80 89.27 0.77 3.56 21.31 2.40 62.78 1.79 3.09 31.11 0.61 1.66 2.93 24.55 0.60 0.40 3.38 25.43 2.44 47.63 0.27 3.41 21.34 2.73 404.88 0.95 4.06 0.01 4.73 0.93 3.30 24.40 0.83 0.19 1.78 27.54 2.75 32.90 0.47 3.10 26.48 0.61 807.75 1.00 1.82 27.52 2.53 60.81 0.31 2.07 27.69 2.46 28.75 1.43 3.96 13.03 3.19 0.19 3.36 20.25 2.98 1.15 2.86 26.57 2.13 340.80 0.10 0.30 8.29 2.43 168.80 1.16 2.91 27.59 2.26 124.12

GLOBAL MINING NEWS · SINCE 1915

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

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

19_NOV11_MMMM.indd 19

2019-11-05 4:32 PM

20

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: OCTOBER 28–NOVEMBER 1, 2019 (100s) Stock

WWW.NORTHERNMINER.COM

NOVEMBER 11–24, 2019 / THE NORTHERN MINER

Week

12-month

Exc Volume High Low Last Change High Low

A 12 Exploration C 50 1911 Gold* O 24 1911 Gold V 39 21C Metals* O 212 21C Metals C 766 66 Resources C 65 92 Resources V 437 Abacus Mining V 345 Abacus Mining* O 259 Abcourt Mines V 688 O 143 Abcourt Mines* Aben Resources* O 657 Aben Resources V 917 Aberdeen Intl* O 19 Aberdeen Intl T 285 Abitibi Royal* O 7 Abitibi Royal V 9 AbraPlata Res* O 309 AbraPlata Res V 482 V 67 Academy Metals O 153 Adamera Min* Adamera Min V 846 Adex Mining V 311 Advance Gold V 26 V 454 Advantage Lith Advantage Lith* O 376 Adventus V 74 Adventus* O 17 V 269 Aethon Mineral AEX Gold V 310 Affinity Metal* O 26 African Gold* O 253 African Gold V 927 African Min* O 354 1 African Rainb* O Aftermath Silv* O 291 Aftermath Silv V 568 Agnico Eagle T 3861 Agnico Eagle* N 6549 AgriMinco* O 0 0 Aguila Amer Gd* O 0 Aguila Amer Gd V AJN Resources C 90 Alacer Gold T 5310 15397 Alamos Gold* N Alamos Gold T 3523 Alaska Pac Egy* O 300 Alba Minerals* O 140 Albert Mining V 414 O 1 Albert Mining* Alcoa* N 19914 V 36 Aldebaran Res Alderon Iron* O 5 Alderon Iron T 88 Aldever Res* O 2 Aldever Res V 1 O 24 Alexandra Cap* Alexco Res T 1270 Alexco Res* X 4993 Algold Res V 224 Alianza Min V 1679 Alianza Min* O 93 Alien Metals* O 1 Alio Gold* X 522 Alio Gold T 356 All American* O 5110 0 All Grade Mng* O Allegiant Gold V 945 Allegiant Gold* O 201 Alliance Mng V 165 Alliance Res* D 9546 Almaden Min T 683 Almaden Min* X 3373 Almadex Min* O 233 Almadex Min V 416 Almonty Ind * O 70 Almonty Ind T 125 Aloro Mining* O 45 Aloro Mining V 153 O 91 Alpha Lithium* Alpha Lithium V 119 Alphamin Res V 75 Alphamin Res * O 1229 ALQ Gold C 277 V 550 Altai Resource Altair Res Inc* O 15 61 Altair Res Inc V Altamira Gold V 208 Altamira Gold* O 31 Altan Nevada V 31 Altiplano Met V 65 Altius Mnrls T 221 Altius Mnrls * O 156 Alto Ventures* O 8 Alto Ventures V 434 Altura Mining* O 152 Alturas Min V 1113 Altus Strat V 43 Alumina Ltd* O 69 ALX Uranium* O 58 ALX Uranium V 271 V 180 AM Resources Amador Gold V 96 Amarc Res V 92 Amarc Res* O 51 Amarillo Gold V 243 Amarillo Gold* O 44 Amazing Energy* O 269 Amer Intl Vent* O 231 O 379 American Batt* American Creek* O 610 American Creek V 976 American CuMo* O 504 American Lith V 205 American Lith* O 196 American Mang* O 317 American Mang V 196 American Pac C 1837 American Pac* O 68 AmericanSierra* O 44 Americas Silvr* X 1554 Americas Silvr T 2220 Amerigo Res T 291 Amerigo Res* O 301 Amex Expl* O 19 Amex Expl V 280 Amilot Capital V 40 Amseco Expl V 307 Anaconda Mng T 837 Anaconda Mng* O 93 Andes Gold* O 73 Anfield Energy* O 17 Anfield Energy V 62 Angel Gold* O 21 Angel Gold V 60 Angkor Gold* O 55 Angkor Res V 159 Anglo American* O 5 Anglo American* O 2895 Anglo Pac Grp T 9 AngloGold Ash* O 0 AngloGold Ash* N 14432 Antioquia Gold V 165 Antler Gold V 175 Antler Hill V 24 Antofagasta* O 8 Apex Res V 672 Appia Energy* O 70 Appia Energy C 309 Applied Min* O 286 Aquila Res T 170 Aquila Res* O 130 Arch Coal* N 1499 Archon Mineral V 62 Arctic Star* O 11 Arctic Star V 2639 Arcturus Vent* O 394 Arcturus Vent V 1090 Arcus Dev Grp V 332 Arcwest Explor V 213 Arcwest Explor* O 76 Arena Min* O 0 Arena Min V 349 Argentina Lith V 25

20-23_NOV11_StockTables.indd 20

0.20 0.20 0.20 unch 0.00 0.25 0.20 0.20 0.19 0.20 - 0.00 0.28 0.16 0.26 0.00 0.25 - 0.03 0.37 0.22 0.07 0.05 0.05 - 0.01 0.30 0.02 0.09 0.08 0.08 - 0.01 0.36 0.07 0.11 0.10 0.11 + 0.01 0.37 0.06 0.20 0.09 0.13 + 0.01 0.90 0.08 0.07 0.05 0.07 + 0.01 0.14 0.04 0.06 0.04 0.06 + 0.01 0.12 0.03 0.09 0.07 0.08 - 0.01 0.10 0.04 0.07 0.06 0.06 - 0.01 0.09 0.03 0.07 0.05 0.05 - 0.01 0.20 0.05 0.08 0.07 0.07 - 0.01 0.27 0.07 0.03 0.03 0.03 unch 0.00 0.06 0.02 0.04 0.04 0.04 unch 0.00 0.08 0.04 11.50 11.21 11.21 - 0.24 11.50 5.89 15.10 14.65 14.90 + 0.68 15.35 7.98 0.05 0.04 0.05 + 0.01 0.08 0.03 0.07 0.06 0.07 + 0.01 0.11 0.04 0.20 0.20 0.20 unch 0.00 1.40 0.14 0.02 0.00 0.02 + 0.00 0.08 0.01 0.03 0.02 0.02 + 0.01 0.12 0.02 0.01 0.01 0.01 + 0.01 0.02 0.01 0.10 0.00 0.10 + 0.01 0.14 0.05 0.23 0.19 0.21 - 0.02 0.72 0.19 0.17 0.14 0.15 - 0.03 0.55 0.14 1.05 0.95 1.04 + 0.09 1.16 0.66 0.77 0.72 0.77 + 0.05 0.90 0.48 0.19 0.16 0.18 unch 0.00 0.30 0.11 0.38 0.31 0.38 + 0.07 0.42 0.24 0.13 0.10 0.10 - 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0.01 0.26 0.08 0.12 0.00 0.12 - 0.01 0.35 0.10 0.02 0.00 0.02 - 0.00 0.04 0.01 0.02 0.00 0.02 - 0.01 0.06 0.02 0.09 0.08 0.09 + 0.00 0.13 0.07 0.11 0.10 0.11 unch 0.00 0.20 0.10 26.45 0.00 25.57 - 0.09 29.00 19.61 13.50 12.90 13.48 + 0.40 14.74 9.72 3.60 3.30 3.30 unch 0.00 4.20 2.12 0.00 0.00 20.15 unch 0.00 22.57 11.00 22.13 19.54 21.61 - 0.53 23.85 9.17 0.03 0.03 0.03 unch 0.00 0.04 0.02 0.07 0.06 0.06 - 0.03 0.18 0.05 0.09 0.09 0.09 unch 0.00 0.09 0.09 11.80 11.07 11.07 - 0.13 13.24 9.33 0.12 0.07 0.09 + 0.03 0.14 0.04 0.17 0.13 0.17 + 0.01 0.31 0.13 0.23 0.00 0.23 + 0.02 0.41 0.16 0.03 0.02 0.02 - 0.01 0.10 0.01 0.19 0.17 0.18 - 0.01 0.25 0.13 0.14 0.13 0.14 + 0.01 0.19 0.10 85.50 76.36 79.03 - 4.55 101.92 68.63 0.45 0.45 0.45 unch 0.00 0.68 0.45 0.02 0.02 0.02 - 0.00 0.08 0.01 0.02 0.01 0.01 - 0.01 0.11 0.01 0.69 0.49 0.54 + 0.49 0.69 0.05 0.89 0.62 0.71 - 0.15 0.97 0.05 0.02 0.02 0.02 unch 0.00 0.05 0.02 0.05 0.04 0.04 - 0.01 0.19 0.04 0.04 0.02 0.04 + 0.00 0.10 0.02 0.00 0.00 0.04 unch 0.00 0.07 0.03 0.06 0.04 0.05 - 0.01 0.09 0.04 0.06 0.05 0.06 - 0.01 0.25 0.05

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Argentina Lith* O 62 V 165 Argentum Silvr Argentum Silvr* O 25 Argo Gold C 405 Argo Gold* O 100 O 138 Argonaut Gold* Argonaut Gold T 1966 V 426 Arianne Phosph Arianne Phosph* O 183 O 45 Arizona Silver* Arizona Silver V 106 Asanko Gold T 267 Asanko Gold* X 1752 Asante Gold C 538 Asante Gold* O 16 20 Asbestos Corp V Ascendant Res* O 60 T 30 Ascendant Res Ascot Res * O 614 Ascot Res T 2562 Ashanti Sanko V 0 V 27 AsiaBaseMetals Asian Mineral V 8 Asian Mineral* O 5 Aston Bay V 519 Aston Bay* O 60 Astorius Res V 23 ATAC Res V 246 ATAC Res* O 81 Atacama Res* O 24034 T 4 Atalaya Mining Athabasca Min V 432 O 67 Athabasca Min* O 37 Athena Silver* Atico Mining* O 33 Atico Mining V 80 Atlanta Gold* O 3 81 Atom Energy * O Aton Resources* O 10 V 2215 Aton Resources Aura Minerals* O 1 Aura Minerals T 2 Aura Resources V 375 O 10 Aura Resources* Auramex Res V 65 Aurania Res* O 17 Aurania Res V 47 Aurcana Corp V 354 Aurcana Corp* O 81 V 148 AurCrest Gold Aurelius Min V 948 Aurex Energy V 13 Aurion Res * O 46 Aurion Res V 260 Aurora Royal V 250 O 35 AURYN Mining* Auryn Resource T 1742 X 1570 Auryn Resource* Aust Mines* O 345 Austin Res V 80 Austral Gold* O 2 Austral Gold V 52 Avalon Advance T 3513 O 1133 Avalon Advance* Avarone Metals* O 30 C 277 Avarone Metals Avenira Ltd* O 20 Avesoro Res T 22 Avesoro Res* O 5 Avidian Gold V 1030 Avino Silver* X 1145 Avino Silver T 179 Avrupa Min V 70 Avrupa Min* O 20 Awale Res V 75 Axmin Inc* O 4 Axmin Inc V 25 V 16 Azarga Metals Azarga Metals* O 1 Azarga Uranium* O 134 T 964 Azarga Uranium Azimut Explor V 1835 O 1315 Azimut Explor* Azincourt Ener* O 98 V 950 Azincourt Ener Aztec Minerals V 50 O 3 Aztec Minerals* Azteca Gold* O 781 Azucar Min V 138 Azucar Min* O 206

0.04 0.04 0.04 - 0.00 0.17 0.03 0.35 0.26 0.34 + 0.06 0.48 0.10 0.23 0.23 0.23 unch 0.00 0.37 0.13 0.14 0.09 0.14 + 0.02 0.33 0.07 0.10 0.09 0.09 - 0.00 0.24 0.06 1.67 1.51 1.65 - 0.01 2.15 0.85 2.19 1.98 2.18 + 0.03 2.87 1.18 0.39 0.33 0.34 - 0.01 0.65 0.33 0.29 0.25 0.26 - 0.01 0.49 0.25 0.15 0.14 0.15 - 0.01 0.19 0.04 0.20 0.17 0.18 unch 0.00 0.25 0.06 1.22 1.12 1.17 - 0.03 1.45 0.68 0.93 0.83 0.89 - 0.03 1.10 0.50 0.05 0.04 0.04 - 0.02 0.08 0.03 0.04 0.04 0.04 unch 0.00 0.05 0.03 0.50 0.50 0.50 unch 0.00 0.55 0.35 0.26 0.22 0.23 - 0.03 0.53 0.22 0.31 0.00 0.31 + 0.03 0.72 0.28 0.45 0.34 0.44 + 0.07 1.03 0.34 0.58 0.45 0.55 + 0.07 1.44 0.45 0.00 0.00 0.02 unch 0.00 0.05 0.02 0.30 0.23 0.30 + 0.01 0.64 0.12 0.45 0.00 0.44 + 0.03 0.45 0.10 0.27 0.27 0.27 unch 0.00 0.32 0.27 0.07 0.06 0.06 - 0.01 0.11 0.05 0.05 0.04 0.05 - 0.01 0.08 0.03 0.14 0.00 0.11 - 0.02 0.50 0.09 0.21 0.19 0.20 + 0.01 0.43 0.17 0.16 0.14 0.15 + 0.00 0.33 0.12 0.02 0.01 0.02 + 0.01 0.02 0.00 3.25 0.00 3.15 - 0.10 4.10 2.88 0.53 0.40 0.44 - 0.11 0.79 0.19 0.39 0.33 0.33 - 0.10 0.60 0.15 0.05 0.02 0.04 + 0.00 0.06 0.01 0.25 0.23 0.25 + 0.01 0.30 0.17 0.33 0.30 0.31 - 0.01 0.42 0.22 0.02 0.02 0.02 unch 0.00 0.04 0.01 0.35 0.31 0.31 - 0.04 0.68 0.03 0.02 0.02 0.02 unch 0.00 0.05 0.01 0.03 0.03 0.03 unch 0.00 0.07 0.02 15.28 15.28 15.28 + 0.06 16.50 1.00 20.04 19.83 20.04 + 0.04 21.63 14.60 0.04 0.04 0.04 unch 0.00 0.09 0.03 0.03 0.03 0.03 unch 0.00 0.06 0.01 0.04 0.03 0.03 - 0.01 0.08 0.03 2.00 1.89 1.89 - 0.03 3.05 1.57 2.58 2.51 2.54 unch 0.00 4.10 2.15 0.29 0.26 0.26 - 0.03 0.80 0.21 0.23 0.20 0.20 - 0.03 1.25 0.00 0.03 0.03 0.03 unch 0.00 0.05 0.01 0.03 0.02 0.02 - 0.01 0.05 0.02 0.11 0.09 0.10 - 0.02 0.50 0.09 1.50 1.25 1.28 - 0.03 1.77 0.59 1.77 1.67 1.68 - 0.07 2.35 0.75 0.05 0.04 0.04 - 0.02 0.11 0.04 0.50 0.00 0.30 - 0.19 1.17 0.03 2.10 1.62 1.93 + 0.18 2.45 1.14 1.60 1.25 1.51 + 0.19 1.84 0.85 0.02 0.01 0.01 - 0.01 0.19 0.01 0.09 0.09 0.09 unch 0.00 0.13 0.05 0.05 0.04 0.05 + 0.02 0.40 0.00 0.07 0.07 0.07 unch 0.00 0.10 0.05 0.07 0.05 0.06 unch 0.00 0.17 0.04 0.05 0.04 0.04 - 0.00 0.13 0.03 0.05 0.05 0.05 - 0.00 0.11 0.02 0.09 0.07 0.08 unch 0.00 0.15 0.04 0.01 0.01 0.01 unch 0.00 0.01 0.01 1.65 1.61 1.65 + 0.03 3.12 0.42 1.23 1.23 1.23 unch 0.00 1.78 0.65 0.11 0.08 0.08 - 0.03 0.50 0.08 0.60 0.54 0.55 - 0.03 0.81 0.39 0.79 0.67 0.73 - 0.02 1.07 0.53 0.03 0.03 0.03 unch 0.00 0.07 0.02 0.02 0.02 0.02 + 0.00 0.05 0.01 0.10 0.10 0.10 unch 0.00 0.12 0.06 0.29 0.28 0.29 + 0.01 0.50 0.14 0.39 0.37 0.37 - 0.01 0.66 0.15 0.09 0.00 0.07 + 0.01 0.14 0.05 0.06 0.00 0.06 + 0.00 0.10 0.03 0.12 0.11 0.12 + 0.01 0.22 0.08 0.16 0.15 0.16 - 0.01 0.28 0.11 0.47 0.32 0.45 + 0.13 0.52 0.22 0.36 0.23 0.35 + 0.09 0.38 0.17 0.02 0.02 0.02 unch 0.00 0.07 0.01 0.03 0.02 0.03 unch 0.00 0.09 0.02 0.08 0.08 0.08 unch 0.00 0.20 0.07 0.08 0.08 0.08 unch 0.00 0.15 0.04 0.00 0.00 0.00 - 0.00 0.00 0.00 0.19 0.17 0.19 + 0.01 0.59 0.15 0.16 0.12 0.15 + 0.01 0.45 0.13

B2Gold Corp T 15052 25260 B2Gold Corp* X Balmoral Res* O 786 Balmoral Res T 1518 Balto Res V 125 V 342 Bankers Cobalt Bankers Cobalt* O 72 O 569 Bannerman Res* Banyan Gold V 1128 Banyan Gold* O 728 Bard Ventures V 48 O 0 Bard Ventures* Barkerville V 2100 Barkerville* O 152 Barksdale Cap V 64 O 68 Barksdale Cap* Barolo Venture* O 0 V 523 Barolo Venture Baroyeca Gold V 44 V 5624 Barrian Mining Barrian Mining* O 256 Barrick Gold * N 56263 Barrick Gold T 14294 Barsele Min* O 10 Barsele Min V 122 Batero Gold* O 35 Batero Gold V 212 O 117 Bayhorse Silvr* Bayhorse Silvr V 569 BC Moly * O 0 BC Moly V 0 BCM Res V 11 V 3 BE Res BE Res* O 8 Bear Creek Mng V 356 Bear Creek Mng* O 126 Bearclaw Cap V 10 Bearing Lith V 47 Bearing Lith* O 24 Beauce Gold V 115 Bell Copper V 138 Bell Copper* O 73 Belmont Res V 304 Belo Sun Mng T 659 Belo Sun Mng* O 2391 BeMetals * O 15 BeMetals V 13 O 225 Benchmark Met* Benchmark Met V 233 Benton Res V 306 Benton Res* O 8 Benz Mining V 34 Berkwood Res * O 250 V 372 Berkwood Res Bessor Min V 12 Bird River Res C 537 Bitterroot Res* O 15 Bitterroot Res V 375 Black Hills* N 1733 Black Iron T 4486 Black Iron* O 155 V 0 Black Mammoth Black Sea * O 5 Black Sea V 17 Black Tusk Res* O 10 Black Tusk Res C 698 Blackheath Res V 178 O 664 Blackrock Gold* Blackrock Gold V 1340 Blind Creek V 229 BLOX Inc* O 3 Blue Lagoon C 24 Blue Moon Zinc V 333 Blue Moon Zinc* O 225

4.63 4.20 4.62 + 0.28 5.36 3.21 3.52 3.21 3.52 + 0.21 4.02 2.40 0.19 0.12 0.17 + 0.04 0.20 0.07 0.24 0.18 0.22 + 0.05 0.26 0.10 0.09 0.06 0.09 + 0.03 0.15 0.06 0.02 0.02 0.02 unch 0.00 0.06 0.02 0.01 0.01 0.01 unch 0.00 0.04 0.01 0.03 0.03 0.03 - 0.00 0.04 0.03 0.05 0.05 0.05 unch 0.00 0.06 0.04 0.04 0.04 0.04 + 0.00 0.05 0.02 0.12 0.12 0.12 unch 0.00 1.63 0.08 0.00 0.00 0.10 unch 0.00 0.21 0.10 0.46 0.44 0.46 + 0.02 0.56 0.30 0.35 0.33 0.34 + 0.01 0.41 0.23 0.49 0.45 0.45 + 0.01 0.75 0.35 0.38 0.34 0.34 - 0.01 0.57 0.27 0.01 0.01 0.01 unch 0.00 0.19 0.01 0.25 0.18 0.18 - 0.07 0.30 0.18 0.05 0.05 0.05 unch 0.00 0.20 0.04 0.24 0.20 0.21 - 0.01 0.27 0.10 0.19 0.15 0.15 - 0.02 0.21 0.13 17.48 16.43 17.01 - 0.19 88.70 11.52 23.00 21.47 22.35 - 0.12 26.69 15.37 0.44 0.00 0.39 + 0.01 0.55 0.28 0.57 0.49 0.54 - 0.06 0.75 0.36 0.06 0.05 0.06 + 0.00 0.07 0.03 0.07 0.06 0.06 + 0.01 0.10 0.06 0.10 0.08 0.09 - 0.00 0.14 0.04 0.12 0.10 0.10 - 0.02 0.20 0.07 0.00 0.00 0.02 unch 0.00 0.02 0.02 0.00 0.00 0.05 unch 0.00 0.07 0.03 0.08 0.07 0.07 - 0.01 0.15 0.06 0.04 0.00 0.04 unch 0.00 0.07 0.02 0.03 0.03 0.03 unch 0.00 0.04 0.01 2.75 2.45 2.53 - 0.12 2.76 0.89 2.11 1.86 1.91 - 0.12 2.11 0.71 0.02 0.02 0.02 unch 0.00 0.04 0.02 0.18 0.17 0.18 + 0.01 0.38 0.17 0.14 0.00 0.14 + 0.00 0.29 0.12 0.12 0.11 0.12 + 0.01 0.29 0.07 0.07 0.05 0.07 + 0.02 0.15 0.03 0.05 0.03 0.05 + 0.02 0.12 0.03 0.05 0.00 0.04 - 0.01 0.52 0.04 0.50 0.47 0.49 + 0.01 0.72 0.22 0.40 0.35 0.37 + 0.00 0.55 0.16 0.17 0.17 0.17 unch 0.00 0.25 0.17 0.24 0.23 0.24 + 0.01 0.30 0.20 0.29 0.26 0.26 unch 0.00 0.34 0.11 0.38 0.36 0.38 + 0.02 0.46 0.16 0.06 0.05 0.05 - 0.01 0.11 0.04 0.04 0.04 0.04 - 0.01 0.07 0.02 0.10 0.09 0.09 unch 0.00 0.14 0.05 0.03 0.03 0.03 unch 0.00 0.09 0.02 0.03 0.03 0.03 unch 0.00 0.12 0.02 0.06 0.00 0.06 + 0.01 0.20 0.03 0.01 0.01 0.01 unch 0.00 0.09 0.01 0.03 0.02 0.03 unch 0.00 0.07 0.01 0.03 0.03 0.03 unch 0.00 0.07 0.02 79.46 77.16 79.44 + 1.58 82.01 59.49 0.09 0.08 0.09 + 0.01 0.16 0.05 0.07 0.05 0.07 + 0.01 0.12 0.03 0.00 0.00 0.04 unch 0.00 0.09 0.02 0.03 0.00 0.02 - 0.01 0.08 0.01 0.04 0.00 0.04 unch 0.00 0.17 0.03 0.04 0.03 0.03 - 0.02 1.06 0.02 0.05 0.04 0.04 unch 0.00 0.26 0.03 0.02 0.01 0.01 unch 0.00 0.03 0.01 0.20 0.13 0.16 - 0.03 0.27 0.02 0.25 0.17 0.22 - 0.03 0.36 0.03 0.04 0.04 0.04 unch 0.00 0.07 0.03 0.20 0.14 0.20 + 0.06 0.20 0.03 1.05 0.00 1.05 + 0.10 1.65 0.26 0.03 0.00 0.03 unch 0.00 0.08 0.02 0.02 0.02 0.02 unch 0.00 0.06 0.01

B

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Blue River Res V 234 Blue River Res* O 1154 Blue Sky Uran* O 115 Blue Sky Uran V 564 Blue Star Gold V 168 O 65 BlueBird Batt* BlueBird Batt V 130 V 252 Bluestone Res Bluestone Res* O 53 O 30 Bold Ventures* Bold Ventures V 5959 O 5151 Bonanza Gold* Bond Resources C 15 BonTerra Res V 126 Boreal Metals V 1922 Borneo Res Inv* O 82788 Bravada Gold V 196 O 445 Bravada Gold* Braveheart Res V 346 O 58 Braveheart Res* Bravo Multinat* O 107 29891 Brazil Min* O BrightRock* O 40 Britannia Mng* O 5 V 1745 Brixton Metals Brixton Metals* O 966 O 3 Broadway Gold* O 587 Brookmount Exp* Bryn Res* O 61 BTU Metals V 2976 Buenaventura* N 6935 Buffalo Coal V 2 O 446 Bullfrog Gold* Bullfrog Gold C 23 Bunker Hill C 19 BWR Explor V 588

0.01 0.01 0.01 - 0.01 0.03 0.01 0.01 0.01 0.01 - 0.00 0.02 0.00 0.10 0.08 0.10 + 0.01 0.18 0.06 0.13 0.11 0.12 unch 0.00 0.23 0.08 0.06 0.05 0.05 - 0.01 0.07 0.02 0.09 0.09 0.09 - 0.00 0.25 0.09 0.12 0.00 0.11 - 0.02 0.35 0.10 1.15 1.08 1.09 - 0.07 1.60 0.85 0.89 0.82 0.84 - 0.06 1.15 0.65 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.01 0.01 0.01 + 0.01 0.04 0.01 0.00 0.00 0.00 - 0.00 0.01 0.00 0.15 0.15 0.15 - 0.01 0.20 0.11 2.25 2.10 2.20 + 0.03 3.80 1.46 0.06 0.05 0.05 - 0.01 0.12 0.04 0.00 0.00 0.00 + 0.00 0.00 0.00 0.08 0.00 0.07 - 0.01 0.20 0.05 0.06 0.04 0.05 - 0.02 0.15 0.04 0.15 0.13 0.14 - 0.02 0.21 0.06 0.11 0.11 0.11 unch 0.00 0.14 0.06 0.36 0.30 0.30 - 0.05 0.95 0.08 0.00 0.00 0.00 - 0.00 0.01 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.28 0.20 0.26 + 0.04 0.43 0.10 0.21 0.15 0.20 + 0.02 0.33 0.08 0.07 0.07 0.07 + 0.01 0.13 0.01 0.01 0.01 0.01 + 0.00 0.02 0.00 0.07 0.05 0.07 + 0.02 0.10 0.01 0.14 0.08 0.12 + 0.05 0.24 0.07 15.70 13.88 15.70 + 1.59 17.85 13.46 0.01 0.00 0.01 unch 0.00 0.01 0.01 0.16 0.12 0.13 - 0.03 0.24 0.04 0.18 0.16 0.18 - 0.02 0.23 0.12 0.75 0.68 0.75 + 0.09 2.00 0.05 0.05 0.03 0.04 unch 0.00 0.06 0.03

Cabral Gold V 718 Cabral Gold* O 40 Cache Explor V 285 Cadillac Vent V 420 X 111 Caledonia Mng* 23 Caledonia Mng T Calibre Mng T 2608 Calibre Mng* O 573 California Gld C 48 O 48 California Gld* Callinex Mines* O 40 V 89 Callinex Mines Cameco Corp* N 16094 Cameco Corp T 3471 Cameo Cobalt* O 70 V 264 Cameo Cobalt Camino Min* O 8 Camino Min V 357 Camrova Res* O 5 V 200 Canada Carbon Canada Carbon* O 63 Canada Coal V 1941 V 847 Canada Cobalt Canada Cobalt * O 211 Canada One V 155 Canada Rare V 120 Canada Rare* O 37 Canadian Engy* O 0 V 72 Canadian Engy Canadian Metal C 60 O 50 Canadian Metal* Canadian Ore V 546 O 75 Canadian Ore* Canadian Prem V 9 O 159 CanAlaska Uran* CanAlaska Uran V 1111 O 15 Canamex Gold* Canarc Res T 146 Canarc Res* O 557 Canasil Res V 486 V 36 Candelaria Mg T 556 Candente Coppr Candente Gold V 64 16 CANEX Metals * O CANEX Metals V 1774 CaNickel Mng V 7 CaNickel Mng* O 0 59 Canoe Mng Vent V Canoe Mng Vent* O 0 Canstar Res* O 100 Canstar Res V 191 V 320 Canterra Mnls Canterra Mnls* O 2 22 Cantex Mn Dev* O Cantex Mn Dev V 108 Canuc Res V 202 Canuc Res* O 0 T 1603 Capstone Mng Cardero Res* O 3 Cardero Res V 30 Cardinal Res* O 52 Cardinal Res T 420 Carlin Gold V 304 C 1187 Carrara Explor Cartier Iron C 40 Cartier Res V 496 Carube Copper V 154 V 276 Casa Minerals Casa Minerals * O 40 V 241 Cascadero Copp Castle Peak Mg V 72 C 1 Cautivo Mining CellCube Enrgy C 1964 O 3005 CellCube Enrgy* Centamin T 55 O 42 Centaurus Diam* Centerra Gold T 5208 Central Iron V 27 Central Tim Ex V 245 Centurion Mnls V 210 O 0 Centurion Mnls* Century Cobalt* O 111 T 119 Century Global Cerro de Pasc * O 35 Cerro de Pasc C 283 Cerro Grande C 10 Cerro Mng* O 1 Cerro Mng V 1 Ceylon Graph V 39 Chakana Copper V 520 O 196 Chakana Copper* Chalice Gold M* O 91 Chalice Gold M T 714 Champion Bear V 182 O 52 Champion Bear* Champion Iron T 1816 O 2 Champion Iron* Chatham Rock* O 0 V 10 Chatham Rock Chesapeake Gld* O 44 V 55 Chesapeake Gld Chevron Corp* N 29140 Chiboug Ind Mn V 224 Chiboug Ind Mn* O 0 V 4 Chilean Metals Chilean Metals* O 1 China Gold Int T 530 CIM Intl Grp C 2 V 40 Clarmin Explor Clean Comm* O 30 V 170 Cleghorn Mnls Cleveland-Clif* N 49698 Cliffmont Res V 1 Clifton Mng* O 766 Cloud Peak En* O 2183 CMC Metals* O 0 CMC Metals V 74 CNRP Mng* O 512 CNRP Mng C 870 Cobalt 27 Cap V 7108 Cobalt Block V 215 Cobalt Block* O 211 27227 Coeur Mng* N Colibri Res V 270 O 5 Colombia Crest* Colonial Coal V 105 Colorado Res V 697 Colorado Res* O 95

0.13 0.11 0.12 unch 0.00 0.33 0.10 0.09 0.09 0.09 - 0.02 0.25 0.09 0.02 0.02 0.02 unch 0.00 0.07 0.02 0.02 0.01 0.01 unch 0.00 0.04 0.01 8.49 7.45 8.49 + 1.09 8.49 5.01 11.10 9.81 11.01 + 1.31 11.10 6.63 0.90 0.64 0.85 + 0.21 0.76 0.33 0.66 0.49 0.65 + 0.16 1.52 0.04 0.48 0.42 0.46 unch 0.00 0.79 0.37 0.37 0.32 0.35 - 0.03 0.59 0.13 0.56 0.00 0.51 - 0.01 0.65 0.03 0.70 0.62 0.67 unch 0.00 1.10 0.35 9.34 8.71 9.21 + 0.08 13.04 8.03 12.28 11.46 12.09 + 0.17 17.12 10.70 0.02 0.01 0.01 - 0.00 0.16 0.01 0.02 0.02 0.02 + 0.00 0.16 0.02 0.07 0.00 0.07 - 0.00 0.14 0.06 0.09 0.00 0.08 - 0.01 0.18 0.07 0.04 0.02 0.04 unch 0.00 0.06 0.00 0.06 0.05 0.05 - 0.01 0.18 0.05 0.03 0.03 0.03 unch 0.00 0.13 0.00 0.02 0.01 0.02 - 0.01 0.08 0.01 0.38 0.33 0.35 + 0.01 0.70 0.25 0.29 0.26 0.26 + 0.00 0.53 0.18 0.03 0.00 0.03 unch 0.00 0.08 0.02 0.07 0.06 0.06 unch 0.00 0.11 0.04 0.06 0.05 0.05 + 0.01 0.08 0.02 0.00 0.00 0.09 unch 0.00 0.09 0.09 0.04 0.04 0.04 - 0.01 0.18 0.04 0.25 0.25 0.25 unch 0.00 0.80 0.16 0.00 0.00 0.31 unch 0.00 0.60 0.24 0.10 0.00 0.10 + 0.01 0.45 0.09 0.06 0.06 0.06 unch 0.00 0.34 0.06 0.97 0.81 0.90 + 0.15 1.95 0.65 0.13 0.10 0.10 - 0.04 0.29 0.10 0.17 0.12 0.12 - 0.06 0.40 0.12 0.03 0.02 0.03 unch 0.00 0.09 0.00 0.07 0.06 0.07 + 0.01 0.08 0.04 0.06 0.04 0.05 + 0.00 0.06 0.03 0.07 0.06 0.06 unch 0.00 0.09 0.05 0.19 0.17 0.17 unch 0.00 0.62 0.15 0.04 0.04 0.04 - 0.01 0.08 0.04 0.02 0.02 0.02 unch 0.00 0.04 0.02 0.09 0.06 0.09 + 0.03 0.06 0.02 0.11 0.07 0.11 + 0.04 0.11 0.03 0.08 0.00 0.08 - 0.01 0.12 0.06 0.00 0.00 0.07 unch 0.00 0.09 0.03 0.13 0.00 0.13 - 0.05 0.26 0.08 0.09 0.09 0.09 unch 0.00 0.09 0.01 0.02 0.02 0.02 unch 0.00 0.14 0.02 0.03 0.02 0.03 - 0.01 0.20 0.02 0.03 0.00 0.02 unch 0.00 0.03 0.01 0.02 0.00 0.02 unch 0.00 0.02 0.01 3.07 2.65 2.82 - 0.28 5.23 0.38 4.09 3.50 3.53 - 0.51 6.99 0.48 0.04 0.03 0.03 unch 0.00 0.14 0.03 0.00 0.00 0.02 unch 0.00 0.10 0.02 0.56 0.49 0.55 + 0.01 0.73 0.41 0.02 0.02 0.02 - 0.00 0.08 0.01 0.03 0.03 0.03 unch 0.00 0.11 0.02 0.28 0.00 0.24 - 0.04 0.38 0.20 0.35 0.33 0.35 - 0.02 0.50 0.29 0.02 0.01 0.02 unch 0.00 0.03 0.01 0.03 0.02 0.03 unch 0.00 0.10 0.02 0.07 0.06 0.06 - 0.01 0.13 0.05 0.18 0.15 0.15 - 0.03 0.22 0.11 0.05 0.04 0.05 unch 0.00 0.06 0.03 0.13 0.10 0.10 - 0.01 0.24 0.07 0.09 0.07 0.07 - 0.02 0.12 0.07 0.02 0.02 0.02 unch 0.00 0.04 0.01 0.02 0.00 0.01 - 0.01 0.02 0.01 0.00 0.00 0.09 unch 0.00 0.20 0.08 0.04 0.02 0.03 + 0.01 0.34 0.02 0.03 0.02 0.02 + 0.01 0.30 0.02 2.15 1.86 1.94 - 0.01 2.53 1.39 0.18 0.10 0.18 + 0.01 1.00 0.10 12.75 10.42 11.27 - 1.37 13.00 4.83 0.01 0.00 0.01 unch 0.00 0.05 0.01 0.07 0.04 0.07 + 0.03 0.15 0.03 0.11 0.06 0.10 + 0.01 0.27 0.05 0.06 0.06 0.06 unch 0.00 0.08 0.06 0.04 0.01 0.03 - 0.01 0.18 0.00 0.11 0.10 0.10 - 0.01 0.25 0.10 0.22 0.20 0.22 - 0.00 0.31 0.18 0.31 0.27 0.31 + 0.02 0.42 0.22 0.01 0.00 0.01 unch 0.00 0.01 0.01 0.12 0.12 0.12 unch 0.00 0.12 0.09 0.00 0.00 0.13 unch 0.00 0.36 0.13 0.10 0.00 0.10 - 0.02 0.19 0.08 0.15 0.14 0.15 + 0.01 0.54 0.14 0.11 0.10 0.11 - 0.01 0.40 0.10 0.15 0.12 0.14 - 0.01 0.18 0.08 0.18 0.16 0.16 + 0.01 0.20 0.10 0.15 0.13 0.15 + 0.01 0.25 0.10 0.11 0.11 0.11 unch 0.00 0.17 0.11 1.98 1.77 1.82 - 0.03 3.15 0.89 1.45 0.00 1.42 + 0.04 2.36 0.70 0.00 0.00 0.07 unch 0.00 0.14 0.07 0.11 0.00 0.11 unch 0.00 0.19 0.10 2.61 2.41 2.52 - 0.02 3.50 1.03 3.42 3.15 3.32 - 0.04 4.65 1.41 119.51 114.02 116.21 - 2.46 127.34 100.22 0.10 0.10 0.10 unch 0.00 0.27 0.04 0.07 0.07 0.07 unch 0.00 0.19 0.03 0.04 0.00 0.04 unch 0.00 0.23 0.03 0.04 0.00 0.03 - 0.01 0.06 0.01 1.15 1.04 1.07 - 0.01 1.93 1.01 0.00 0.00 0.17 unch 0.00 0.63 0.17 0.10 0.10 0.10 unch 0.00 0.20 0.10 0.02 0.00 0.02 - 0.00 0.03 0.01 0.05 0.05 0.05 unch 0.00 0.11 0.04 7.62 7.05 7.57 + 0.42 12.26 6.59 0.00 0.00 0.10 unch 0.00 0.18 0.05 0.20 0.14 0.18 + 0.03 0.20 0.04 0.01 0.01 0.01 - 0.00 1.92 0.00 0.00 0.00 0.03 unch 0.00 0.06 0.03 0.06 0.00 0.05 - 0.02 0.11 0.04 0.25 0.18 0.22 - 0.03 0.76 0.18 0.33 0.25 0.29 - 0.04 0.99 0.25 4.44 4.20 4.40 unch 0.00 6.90 3.27 0.05 0.05 0.05 - 0.01 0.19 0.05 0.04 0.00 0.04 - 0.02 0.14 0.03 5.66 5.00 5.64 + 0.36 5.99 2.78 0.08 0.07 0.08 + 0.01 0.08 0.03 0.13 0.13 0.13 unch 0.00 0.21 0.03 0.23 0.21 0.22 - 0.01 0.65 0.21 0.06 0.05 0.05 - 0.01 0.13 0.05 0.04 0.03 0.03 - 0.01 0.10 0.03

C

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

T 554 Columbus Gold O 443 Columbus Gold* V 113 Commander Res O 3 Commander Res* V 36 Commerce Res O 34 Commerce Res* O 121 Compass Gold* V 836 Compass Gold X 6769 Comstock Mng* V 282 Comstock Mtls Comstock Mtls * O 107 Condor Gold T 30 Condor Res V 422 Condor Res* O 210 O 1 Confedertn Ml* V 28 Confedertn Mls V 149 Conquest Res V 25 Cons Woodjam CONSOL Coal Rs* N 452 N 1954 CONSOL Energy* CONSOL Energy* N 33021 O 140 Constantine Mt* V 236 Constantine Mt O 13 Contact Gold* Contact Gold V 49 O 103 Contact Mnrls* O 174 Contintl Gold* Contintl Gold T 2360 Contintl Prec* O 6 Copper Fox Mtl V 1175 51 Copper Fox Mtl* O Copper Lake Rs V 564 Copper Mtn Mng T 1201 11 Copper Mtn Mng* O 0 Copper North M* O 6 Copper North M V 8 Copper One * O Copper One C 175 Copper Reef Mg C 910 O 816 Copperbank Res* C 643 Copperbank Res Coral Gold * O 142 Coral Gold V 549 V 72 Cordoba Mnls O 63 Cordoba Mnls* Core Gold V 511 Core Gold* O 158 Core Lithium* O 33 V 37 Cornerstone Ca O 4 Cornerstone Ca* Coro Mining T 4927 Corsa Coal V 31 34 Corsa Coal * O Corsurex Res C 316 Corvus Gold* O 92 Corvus Gold T 435 C 130 Crest Resource C 8 Crestview Expl Cresval Cap V 172 Critical Elem* O 22 Critical Elem V 573 V 40 CROPS Crown Mining V 258 Cruz Cobalt C 359 Cruz Cobalt* O 23 Crystal Lake* O 199 Crystal Lake V 3519 Crystal Peak V 79 Crystal Peak* O 129 O 0 CTGX Mining* 85 Currie Rose Rs V 2 Currie Rose Rs* O C 181 Cyntar Venture Cypress Dev* O 18 Cypress Dev V 420

0.11 unch 0.00 0.27 0.15 0.14 0.15 0.08 0.12 0.09 0.12 + 0.01 0.20 0.07 0.08 0.07 0.08 + 0.01 0.11 0.05 0.06 0.05 0.05 - 0.01 0.08 0.26 0.29 0.26 0.26 - 0.01 0.90 0.07 0.20 0.20 0.20 - 0.01 0.68 0.17 0.37 0.25 0.33 + 0.08 0.40 0.11 0.48 0.32 0.42 + 0.09 0.71 0.03 0.10 0.09 0.09 - 0.00 0.28 0.02 unch 0.00 0.06 0.02 0.02 0.02 0.01 0.01 0.01 unch 0.00 0.04 0.01 0.30 0.38 0.34 0.34 - 0.08 0.78 0.04 0.06 0.05 0.05 - 0.01 0.09 0.03 unch 0.00 0.07 0.05 0.05 0.05 0.09 unch 0.00 0.24 0.14 0.00 0.14 0.12 0.22 0.00 0.22 + 0.03 0.37 0.01 unch 0.00 0.03 0.02 0.02 0.02 0.03 unch 0.00 0.09 0.03 0.03 0.03 12.42 10.37 11.17 - 1.23 21.13 10.37 12.92 14.67 12.92 13.49 - 1.01 41.98 9.15 7.51 8.69 + 1.02 16.01 6.14 0.17 0.22 0.14 0.15 - 0.04 0.57 0.17 0.26 0.17 0.18 - 0.08 0.72 0.11 0.13 0.12 0.12 - 0.01 0.29 0.14 unch 0.00 0.39 0.18 0.00 0.17 0.02 0.13 0.07 0.10 + 0.02 0.30 1.33 3.21 2.97 3.12 + 0.01 3.90 1.76 4.26 3.86 4.16 + 0.10 4.66 0.00 0.25 0.25 0.25 + 0.25 0.28 0.08 0.07 0.07 - 0.01 0.13 0.06 0.06 0.05 0.06 - 0.01 0.10 0.04 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.72 0.64 0.65 + 0.01 1.18 0.60 0.53 0.49 0.51 + 0.01 0.88 0.46 0.00 0.00 0.02 unch 0.00 0.05 0.01 0.03 0.00 0.03 + 0.01 0.07 0.02 0.10 0.10 0.10 unch 0.00 0.10 0.08 0.05 0.11 0.10 0.10 - 0.01 0.13 0.04 0.04 0.04 unch 0.00 0.04 0.02 0.02 0.04 0.03 0.04 + 0.01 0.06 0.04 0.05 0.04 0.05 + 0.01 0.08 0.36 0.31 0.35 - 0.02 0.39 0.26 0.35 0.47 0.45 0.45 - 0.02 0.51 0.04 unch 0.00 0.17 0.05 0.05 0.05 0.03 0.04 0.04 0.04 + 0.01 0.13 0.14 0.24 0.23 0.24 - 0.01 0.33 0.10 0.18 0.17 0.17 - 0.01 0.25 0.05 0.21 0.05 0.21 + 0.16 0.40 2.04 2.24 2.06 2.15 - 0.08 7.90 0.03 1.67 1.55 1.58 - 0.13 3.61 0.05 0.09 0.08 0.08 - 0.01 0.12 0.26 unch 0.00 0.94 0.33 0.32 0.33 0.26 0.24 0.26 + 0.01 0.69 0.23 0.03 0.05 0.04 0.04 + 0.01 0.08 1.13 1.53 1.41 1.43 - 0.08 2.23 1.55 2.01 1.84 1.89 - 0.10 2.95 0.07 0.09 0.07 0.07 - 0.03 0.16 0.40 unch 0.00 0.60 0.50 0.50 0.50 0.02 0.03 0.02 0.03 + 0.01 0.05 0.20 0.33 0.32 0.32 - 0.01 0.80 0.26 0.46 0.40 0.46 + 0.03 1.05 0.01 0.02 0.02 0.02 + 0.01 0.05 0.04 unch 0.00 0.14 0.04 0.04 0.04 0.03 0.04 0.03 0.04 - 0.01 0.05 0.01 0.03 0.02 0.02 - 0.00 0.07 0.07 0.11 0.07 0.10 + 0.01 0.34 0.10 0.15 0.10 0.11 - 0.01 0.45 0.10 0.13 0.13 0.13 - 0.01 0.25 0.08 0.11 0.09 0.10 - 0.01 0.19 0.05 unch 0.00 0.12 0.00 0.00 0.05 0.04 0.03 0.04 unch 0.00 0.10 0.03 0.02 0.02 0.02 unch 0.00 0.04 0.02 0.07 0.10 0.08 0.08 - 0.02 0.15 0.12 0.16 0.15 0.15 + 0.00 0.21 0.17 0.20 0.19 0.20 - 0.01 0.29

Dajin Res V 1186 Dajin Res* O 97 34 Dakota Ter Res* O Damara Gold V 103 O 0 Damara Gold* Danakali* O 37 Debut Dmds C 165 Decade Res V 139 Decade Res* O 425 V 105 Deep-South Res C 314 DeepRock Min O 313 Defense Metals* V 1437 Defense Metals Defiance Silvr V 383 O 219 Defiance Silvr* Delrand Res V 191 Delrey Metals * O 190 Delrey Metals C 406 T 865 Denison Mines X 1040 Denison Mines* Desert Gold* O 9 Desert Gold V 217 Desert Mtn Egy V 245 Detour Gold T 3738 O 497 Diamante Min* Diamcor Mng V 834 O 92 Diamcor Mng* O 5321 Diamond Disc* V 15 Diamond Fields O 64 Diamond Fields* Dios Expl V 1290 V 35 Discovery Harb O 479 Discovery Met* V 304 Discovery Met 63751 O Discovery Min* District Cop V 1726 O 0 District Metal* District Metal V 250 Ditem Explor* O 320 O 10 Diversified Rs* Dixie Gold V 302 DNI Metals* O 471 O 47 Dolat Ventures* Dolly Vard Sil* O 215 Dolly Vard Sil V 364 V 113 Doubleview Cap DRDGOLD* N 645 Dundee Prec Mt T 1005 O 300 Dunnedin Vent* Durango Res V 174 Durango Res* O 50 V 275 DV Resources O 0 DV Resources* 10 Dynacor Gld Mn* O Dynacor Gld Mn T 104 O 38 DynaResource* Dynasty Gold V 16 O 1 Dynasty Gold* E3 Metals V 151 E3 Metals* O 1 V 248 Eagle Graphite O 21 Eagle Graphite* Eagle Plains V 171 V 109 East Africa East Asia Mnls* O 113 East Asia Mnls V 734 Eastern Platin T 77 O 7 Eastern Platin* Eastern Zinc C 246 Eastfield Res V 55 O 1 Eastfield Res* Eastmain Res T 455 O 14 Eastmain Res* Eco Oro Mnls* O 136 Eco Oro Mnls C 113 O 18 Edgewater Expl* V 32 Edgewater Expl El Capitan Prc* O 1398 3 El Nino Vent V 95 Elcora Adv Mat V Elcora Res* O 29 Eldorado Gold* N 13186 Eldorado Gold T 5349 Eloro Res* O 3 Eloro Res V 597 Ely Gold Royal V 1679 Ely Gold Royal* O 1852 51 Elysee Dev * O Elysee Dev V 49

0.03 0.04 0.03 0.03 - 0.01 0.08 0.02 0.03 0.02 0.02 - 0.00 0.07 0.10 0.06 0.10 + 0.01 0.19 0.02 0.03 unch 0.00 0.05 0.03 0.03 0.03 0.02 unch 0.00 0.03 0.00 0.00 0.02 0.40 0.44 0.43 0.44 + 0.01 0.61 0.01 0.01 0.00 0.01 - 0.01 0.02 0.02 0.03 0.02 0.02 - 0.01 0.05 0.01 0.02 0.01 0.01 - 0.00 0.03 0.06 0.07 0.06 0.06 - 0.01 0.15 0.02 0.02 0.02 0.02 - 0.01 0.10 0.06 0.09 0.06 0.09 + 0.01 0.25 0.06 0.12 0.06 0.10 + 0.02 0.25 0.16 0.25 0.22 0.23 - 0.02 0.37 0.12 0.19 0.17 0.19 + 0.00 0.32 0.25 0.44 0.36 0.42 - 0.02 0.71 0.03 0.01 0.02 - 0.00 0.30 0.01 0.03 0.03 0.03 0.03 + 0.01 0.40 0.52 0.62 0.59 0.60 - 0.02 0.88 0.38 0.47 0.45 0.46 - 0.01 0.68 0.10 unch 0.00 0.31 0.10 0.10 0.10 0.10 0.15 0.14 0.14 - 0.01 0.26 0.25 0.21 0.21 - 0.03 0.31 0.13 21.89 19.52 21.14 + 0.78 25.45 9.55 0.01 0.03 0.02 0.02 - 0.01 0.18 0.08 0.13 0.10 0.10 - 0.01 0.35 0.06 0.10 0.08 0.09 + 0.01 0.27 0.00 0.00 0.00 0.00 + 0.00 0.00 0.07 0.17 0.00 0.16 - 0.03 0.21 0.00 0.12 0.12 0.12 + 0.00 0.16 0.04 0.06 0.05 0.06 - 0.01 0.08 0.01 unch 0.00 0.11 0.09 0.09 0.09 0.14 0.39 0.33 0.38 - 0.01 0.54 0.17 0.51 0.45 0.51 + 0.01 0.74 0.00 0.00 0.00 0.00 - 0.00 0.00 0.01 unch 0.00 0.07 0.01 0.01 0.01 0.16 unch 0.00 0.16 0.00 0.00 0.16 0.09 0.09 0.09 0.09 - 0.07 0.31 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.05 nch u 0.00 0.00 0.00 0.02 0.03 0.03 0.03 + 0.01 0.05 0.01 0.05 0.02 0.03 - 0.02 0.09 0.06 0.10 0.06 0.06 - 0.01 1.80 0.29 0.25 0.26 - 0.01 0.40 0.14 0.36 0.32 0.33 - 0.04 0.55 0.19 0.08 unch 0.00 0.18 0.10 0.10 0.10 1.64 5.14 4.58 4.99 + 0.15 5.20 4.68 4.37 4.55 + 0.05 5.75 3.10 0.05 0.07 0.05 0.07 + 0.02 0.13 0.06 0.07 0.06 0.07 + 0.01 0.10 0.04 unch 0.00 0.07 0.05 0.05 0.05 0.04 0.06 0.05 0.05 - 0.01 0.14 0.06 unch 0.00 0.06 0.00 0.00 0.06 1.31 0.00 1.26 - 0.03 1.60 1.02 1.73 1.63 1.63 - 0.04 2.00 1.41 0.25 0.39 0.33 0.35 - 0.02 1.25 0.06 unch 0.00 0.16 0.08 0.08 0.08 0.05 unch 0.00 0.11 0.05 0.05 0.05 0.23 0.43 0.39 0.43 + 0.02 0.60 0.22 unch 0.00 0.41 0.32 0.32 0.32 0.03 0.08 0.05 0.08 + 0.02 0.12 0.04 0.04 0.04 0.04 + 0.01 0.09 0.08 unch 0.00 0.12 0.10 0.09 0.09 0.15 0.14 0.14 - 0.01 0.26 0.12 0.04 0.04 0.04 + 0.00 0.09 0.02 0.05 0.04 0.05 unch 0.00 0.13 0.04 0.17 0.29 0.24 0.29 + 0.05 0.35 0.12 0.22 0.20 0.22 + 0.01 0.26 0.02 0.02 0.02 0.02 - 0.01 0.28 0.03 unch 0.00 0.07 0.04 0.04 0.04 0.02 unch 0.00 0.05 0.04 0.04 0.04 0.10 unch 0.00 0.27 0.12 0.11 0.12 0.07 0.10 0.08 0.09 - 0.00 0.20 0.06 0.06 0.06 - 0.00 0.77 0.00 0.09 0.07 0.09 + 0.01 0.27 0.06 0.06 unch 0.00 0.09 0.08 0.08 0.08 0.06 0.12 0.11 0.11 - 0.01 0.14 0.02 0.01 0.01 + 0.00 0.04 0.00 0.03 0.00 0.03 unch 0.00 0.05 0.02 0.05 0.05 0.05 - 0.01 0.15 0.05 0.03 0.04 0.03 0.04 - 0.00 0.12 9.01 7.61 8.99 + 0.86 10.09 2.52 11.83 9.94 11.83 + 1.19 13.34 3.36 0.13 unch 0.00 0.34 0.20 0.20 0.20 0.15 0.26 0.20 0.25 - 0.01 0.51 0.47 0.38 0.41 + 0.01 0.47 0.12 0.36 0.29 0.32 + 0.01 0.36 0.08 0.28 0.27 0.27 - 0.01 0.33 0.23 0.31 0.37 0.35 0.36 - 0.01 0.42

D-F

2019-11-04 1:19 PM

GLOBAL MINING NEWS

(100s) Stock

THE NORTHERN MINER / NOVEMBER 11–24, 2019

Week

12-month

Exc Volume High Low Last Change High Low

Emerita Res V 964 0.08 0.07 0.08 + 0.01 0.17 0.05 O 3 0.04 0.00 0.04 + 0.01 0.14 0.03 Emgold Mining* Emgold Mining V 25 0.07 0.07 0.07 unch 0.00 0.20 0.05 Empire Metals V 30 0.13 0.13 0.13 unch 0.00 0.23 0.13 unch 0.00 0.10 0.02 Empress Res V 813 0.03 0.02 0.03 Empress Res* O 0 0.00 0.00 0.02 unch 0.00 0.06 0.02 1.40 EMX Royalty V 43 1.82 1.75 1.80 + 0.03 2.00 1.04 EMX Royalty* X 408 1.40 1.33 1.36 + 0.00 1.54 Encanto Potash* O 106 0.06 0.06 0.06 - 0.01 0.16 0.06 V 134 0.09 0.08 0.08 unch 0.00 0.23 0.08 Encanto Potash EnCore Energy V 654 0.13 0.12 0.13 - 0.01 0.21 0.09 T 1014 24.14 22.32 23.59 + 0.24 28.98 16.34 Endeavour Mng Endeavour Mng* O 18 18.31 17.18 17.84 - 0.02 21.78 12.38 Endeavr Silver* N 11553 2.59 2.28 2.59 + 0.17 3.20 1.68 T 1720 3.40 2.98 3.39 + 0.24 4.26 2.21 Endeavr Silver V 214 0.04 0.03 0.04 unch 0.00 0.07 0.03 Endurance Gold Energy Fuels* X 2892 2.10 1.92 2.00 + 0.06 4.09 1.50 2.00 Energy Fuels T 393 2.77 2.52 2.61 + 0.05 5.38 Engineer Gold V 48 0.11 0.09 0.09 unch 0.00 0.14 0.05 unch 0.00 0.20 0.06 Engold Mines V 415 0.08 0.06 0.08 Engold Mines* O 203 0.06 0.05 0.06 + 0.01 0.10 0.05 0.01 Ensurge* O 890 0.04 0.02 0.03 - 0.01 0.06 Entree Res* O 349 0.19 0.17 0.19 + 0.01 0.46 0.05 0.22 Entree Res T 348 0.27 0.23 0.25 + 0.02 0.61 ePower Metals* O 98 0.31 0.28 0.30 - 0.00 0.37 0.04 V 235 0.41 0.36 0.36 - 0.01 0.62 0.29 ePower Metals Equinox Gold V 1001 8.65 7.91 8.50 + 0.39 8.90 4.25 X 667 6.85 6.05 6.45 + 0.22 6.85 5.20 Equinox Gold* Equitorial Ex* O 100 0.02 0.02 0.02 unch 0.00 0.03 0.02 unch 0.00 0.06 0.02 Equitorial Ex V 528 0.03 0.02 0.03 Equity Metals V 177 0.08 0.07 0.08 + 0.01 0.12 0.05 0.19 0.18 0.18 - 0.02 0.27 0.16 Erdene Res Dev T 347 Erdene Res Dev* O 93 0.15 0.14 0.14 - 0.00 0.21 0.12 0.04 Erin Ventures V 1422 0.08 0.05 0.06 - 0.02 0.20 Ero Copper T 703 17.06 16.11 16.96 + 0.58 25.69 8.55 38 12.92 0.00 12.78 + 0.91 19.20 6.49 Ero Copper* O Eros Res Corp* O 0 0.00 0.00 0.04 unch 0.00 0.07 0.03 51 0.07 0.00 0.07 - 0.01 0.11 0.05 Eros Res Corp V Eros Res Corp V 51 0.07 0.00 0.07 - 0.01 0.11 0.05 Eskay Mng* O 24 0.10 0.10 0.10 - 0.00 0.11 0.04 0.07 Eskay Mng V 75 0.12 0.10 0.12 - 0.01 0.18 Essex Minerals V 50 0.03 0.03 0.03 unch 0.00 0.08 0.03 0.09 Ethos Gold* O 175 0.15 0.00 0.13 + 0.02 0.25 Ethos Gold V 198 0.19 0.17 0.17 + 0.02 0.34 0.13 0.20 Etruscus Res C 65 0.26 0.23 0.26 + 0.04 0.50 Euro Manganese V 86 0.17 0.14 0.17 + 0.01 0.44 0.13 90 0.25 0.20 0.21 - 0.01 1.00 0.17 Euro Sun Mg* O Euro Sun Mg T 2379 0.30 0.26 0.29 - 0.01 1.25 0.23 O 18 0.02 0.02 0.02 unch 0.00 0.14 0.02 EurOmax Res* EurOmax Res T 59 0.04 0.04 0.04 + 0.01 0.17 0.03 O 22 0.02 0.01 0.01 + 0.00 0.27 0.01 European Elect* European Elect V 57 0.02 0.02 0.02 unch 0.00 0.35 0.02 O 1 0.02 0.00 0.02 + 0.00 0.26 0.00 European Metal* Eurotin V 22 0.01 0.01 0.01 unch 0.00 0.10 0.01 0.17 Evergold V 66 0.19 0.18 0.18 - 0.02 0.25 EVI Global Grp C 1252 0.46 0.37 0.37 - 0.06 1.64 0.37 O 0 0.00 0.00 0.05 unch 0.00 0.06 0.00 Evolving Gold* Evrim Res V 229 0.34 0.30 0.30 - 0.01 1.53 0.27 0.44 Excellon Res* O 195 0.83 0.70 0.78 + 0.01 1.15 Excellon Res T 2078 1.09 0.96 1.03 + 0.03 1.51 0.59 O 94 0.80 0.77 0.77 - 0.01 0.87 0.53 Excelsior Mng* Excelsior Mng T 291 1.03 0.99 1.01 - 0.01 1.14 0.71 0.01 0.01 0.01 unch 0.00 0.03 0.01 ExGen Res Inc V 165 Explor Res* O 1 0.02 0.01 0.02 - 0.00 0.03 0.01 unch 0.00 0.04 0.02 Explor Res V 1112 0.03 0.00 0.03 Explorex Res C 81 0.23 0.20 0.21 - 0.01 0.45 0.15 O 8 0.17 0.14 0.14 unch 0.00 0.26 0.13 Explorex Res* Fabled Copper V 60 0.04 0.03 0.04 unch 0.00 0.09 0.02 O 0 0.00 0.00 0.00 unch 0.00 0.00 0.00 Fairmile Gold* Fairmont Res* O 8 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.20 Falco Res V 514 0.23 0.21 0.22 - 0.01 0.54 Falco Res * O 94 0.17 0.16 0.16 - 0.00 0.31 0.10 0.02 Falcon Gold V 301 0.04 0.04 0.04 - 0.01 0.06 Fancamp Expl V 336 0.07 0.06 0.07 + 0.01 0.11 0.04 C 2574 0.06 0.03 0.05 + 0.01 0.18 0.03 Far Res Far Res* O 35 0.04 0.02 0.04 + 0.01 0.13 0.02 V 500 0.01 0.01 0.01 unch 0.00 0.10 0.01 Fengro Industr Fidelity Min V 108 0.02 0.00 0.02 unch 0.00 0.10 0.01 47 2.45 2.35 2.35 - 0.07 3.25 2.05 Filo Mg Corp V 1 1.83 1.83 1.83 - 0.21 2.31 1.55 Filo Mg Corp * O Finlay Minrls V 125 0.04 0.04 0.04 unch 0.00 0.07 0.02 0.16 Fiore Gold* O 245 0.31 0.29 0.31 + 0.02 0.50 Fiore Gold V 111 0.42 0.39 0.42 + 0.04 0.63 0.21 0.03 0.01 0.01 unch 0.00 0.40 0.00 Fire River Gol* O 125 Firebird Res V 100 0.02 0.02 0.02 unch 0.00 0.04 0.02 0.09 FireFox Gold V 369 0.15 0.11 0.14 + 0.01 0.39 Firestone Vent V 8 0.05 0.05 0.05 unch 0.00 0.10 0.04 V 196 0.57 0.52 0.53 - 0.01 0.98 0.45 Fireweed Zinc Fireweed Zinc* O 202 0.44 0.38 0.38 - 0.03 0.75 0.34 O 603 0.01 0.00 0.01 - 0.00 0.05 0.00 Firma Holdings* First Cobalt * O 378 0.12 0.11 0.12 + 0.00 0.24 0.09 unch 0.00 0.32 0.12 First Cobalt V 449 0.15 0.14 0.15 First Colombia* O 15846 0.00 0.00 0.00 unch 0.00 0.00 0.00 unch 0.00 0.20 0.06 First Energy C 72 0.17 0.00 0.17 First Energy* O 41 0.15 0.13 0.13 - 0.03 0.18 0.05 11.00 9.94 10.99 + 0.24 11.62 4.59 First Majestic* N 19204 First Majestic T 4487 14.45 13.13 14.44 + 0.40 15.50 6.12 0.05 First Mexican V 32 0.06 0.05 0.05 - 0.01 0.25 First Mexican* O 5 0.04 0.04 0.04 unch 0.00 0.04 0.01 0.18 0.16 0.17 - 0.01 0.31 0.16 First Mg Fin * O 2311 First Mg Fin T 2243 0.24 0.22 0.23 - 0.01 0.41 0.21 unch 0.00 0.14 0.07 First Point* O 11 0.11 0.11 0.11 First Quantum T 19667 11.88 10.89 11.73 + 0.74 16.63 7.84 V 158 0.25 0.22 0.24 + 0.05 1.48 0.17 First Vanadium First Vanadium* O 257 0.19 0.13 0.18 + 0.03 1.21 0.12 V 1281 0.06 0.05 0.05 - 0.01 0.30 0.05 Fission 3.0 Fission 3.0* O 244 0.05 0.04 0.04 - 0.01 0.22 0.04 0.22 Fission Uran* O 1080 0.24 0.21 0.22 + 0.00 0.56 Fission Uran T 1253 0.30 0.29 0.30 + 0.01 0.73 0.29 0.06 0.04 0.06 + 0.01 0.08 0.04 Five Star Diam V 726 Fjordland Exp* O 50 0.03 0.03 0.03 - 0.00 0.10 0.03 unch 0.00 0.13 0.03 Fjordland Exp V 48 0.04 0.03 0.04 Focus Graphite* O 642 0.02 0.01 0.02 + 0.00 0.04 0.01 V 809 0.02 0.02 0.02 unch 0.00 0.06 0.02 Focus Graphite Focus Minerals* O 3 0.19 0.19 0.19 unch 0.00 0.19 0.15 0.22 Foran Mng V 167 0.24 0.22 0.22 - 0.02 0.39 Forsys Metals T 162 0.16 0.13 0.15 - 0.01 0.32 0.13 50 0.11 0.09 0.09 - 0.03 0.35 0.08 Fort St J Nick V Fortescue Met* O 6 6.21 5.87 6.21 + 0.22 6.63 2.76 3.22 Fortuna Silvr T 2333 4.28 3.92 4.24 + 0.08 6.12 Fortuna Silvr* N 10244 3.25 2.97 3.23 + 0.05 4.59 2.39 0.10 Fortune Bay* O 4 0.23 0.00 0.20 - 0.03 0.31 Fortune Bay V 5 0.31 0.00 0.31 + 0.01 0.40 0.19 O 122 0.07 0.06 0.06 - 0.01 0.11 0.05 Fortune Mnrls* Fortune Mnrls T 399 0.09 0.08 0.08 - 0.01 0.16 0.07 V 1816 0.05 0.05 0.05 - 0.01 0.09 0.03 Forum Energy Forum Energy* O 220 0.05 0.04 0.04 - 0.00 0.07 0.02 unch 0.00 0.31 0.14 Four Nines C 16 0.14 0.14 0.14 Fox River Res C 7 0.06 0.00 0.04 - 0.02 0.10 0.04 3 0.04 0.03 0.04 - 0.00 0.06 0.03 Fox River Res* O FPX Nickel V 213 0.15 0.13 0.13 + 0.01 0.18 0.10 97.73 92.85 96.45 + 0.69 101.19 62.80 Franco-Nevada* N 2323 Franco-Nevada T 2287 128.60 121.31 126.82 + 1.69 133.92 82.70 0.00 Franklin Mng* O 52 0.00 0.00 0.00 + 0.00 0.00 Freegold Vent T 292 0.07 0.06 0.07 + 0.01 0.12 0.05 10.61 9.64 10.52 + 0.38 14.68 8.43 Freeport McMoR* N 106463 Freeport Res V 4 0.09 0.09 0.09 unch 0.00 0.15 0.04 unch 0.00 0.19 0.04 Fremont Gold V 237 0.05 0.05 0.05 Fremont Gold* O 21 0.05 0.04 0.04 - 0.01 0.18 0.04 46 9.50 8.58 9.50 + 0.77 13.76 7.01 Fresnillo plc* O Frontier Lith V 187 0.24 0.20 0.23 unch 0.00 0.47 0.20 V 2 0.01 0.00 0.01 unch 0.00 0.02 0.01 Frontline Gold Full Metal Mnl* O 0 0.00 0.00 0.00 - 0.00 0.01 0.00 0.14 Fura Gems V 535 0.17 0.15 0.16 - 0.02 0.46 Fura Gems* O 3 0.12 0.12 0.12 + 0.00 0.34 0.11

G-H G2 Goldfields* O 50 G2 Goldfields V 105 Gabriel Res V 288 Gabriel Res* O 147 V 4349 Gainey Capital Galane Gold * O 237 Galane Gold V 774 V 516 Galantas Gold Galantas Gold* O 70 Galore Res V 28 36 Galway Gold * O Galway Gold V 11 Galway Mtls* O 6 Galway Mtls V 903 GAR Limited C 48 Garibaldi Res V 439 Garibaldi Res * O 132 V 295 Gatling Explor Gatling Explor* O 61 77 Gem Intl Res V General Moly T 17 X 706 General Moly* Generation Min* O 93 C 349 Generation Min Genesis Mtls* O 122

0.19 0.18 0.18 - 0.02 0.26 0.05 0.26 0.24 0.24 - 0.03 0.43 0.14 0.67 0.65 0.67 unch 0.00 0.71 0.29 0.52 0.49 0.51 + 0.01 0.52 0.20 0.09 0.04 0.06 - 0.02 0.16 0.04 0.09 0.07 0.08 - 0.00 0.10 0.03 0.11 0.09 0.10 unch 0.00 0.13 0.04 0.07 0.03 0.03 - 0.04 0.15 0.03 0.04 0.02 0.02 - 0.01 0.10 0.02 0.02 0.00 0.02 unch 0.00 0.05 0.01 0.07 0.07 0.07 - 0.00 0.10 0.00 0.11 0.10 0.10 - 0.01 0.15 0.07 0.23 0.21 0.23 + 0.01 0.30 0.10 0.31 0.27 0.31 + 0.03 0.44 0.13 0.01 0.01 0.01 unch 0.00 0.22 0.01 1.50 1.25 1.45 + 0.11 2.25 0.69 1.13 0.95 1.11 + 0.05 1.70 0.51 0.56 0.46 0.55 + 0.08 0.71 0.28 0.43 0.36 0.41 + 0.04 0.54 0.21 0.07 0.00 0.06 - 0.01 0.07 0.06 0.40 0.36 0.40 + 0.04 0.59 0.22 0.31 0.27 0.31 + 0.03 0.45 0.16 0.22 0.00 0.20 + 0.03 0.28 0.03 0.27 0.23 0.26 + 0.05 0.36 0.10 0.05 0.04 0.04 + 0.01 0.08 0.04

20-23_NOV11_StockTables.indd 21

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Genesis Mtls V 611 Genius Metals C 23 V 664 Gensource Pot Gentor Res* O 3 O 11 Geomega Res* Geomega Res V 408 Gespeg Res V 493 Getchell Gold * O 36 Getchell Gold C 74 Getty Copper V 449 V 283 GFG Resources GFG Resources* O 148 GGL Res* O 0 GGL Res V 72 GGX Gold V 155 GGX Gold* O 28 Giga Metals* O 426 Giga Metals V 424 Gitennes Expl V 1022 Giyani Gold V 790 Giyani Gold* O 244 Glacier Lake V 5 O 107 Gldn Predator* Gldn Predator V 243 Glen Eagle Res* O 135 Glen Eagle Res V 99 70 Glencore Plc * O Glencore Plc* O 970 O 24 Global Atomic* Global Atomic T 498 O 3 Global Battery* Global Battery V 370 O 100 Global Energy* Global Energy V 860 Global Li-Ion C 110 Global Li-Ion* O 21 O 1 GlobalMin Vent* Globex Mng* O 28 Globex Mng T 30 GMV Minerals* O 25 GMV Minerals V 58 GNCC Capital* O 13868 Go Cobalt* O 10 Go Cobalt C 11 GobiMin V 25 God’s Lake Res C 9 GoGold Res T 318 Gold Fields* O 0 31734 Gold Fields* N Gold Finder Ex V 2249 5 Gold Finder Ex* O Gold Reserve V 79 O 159 Gold Reserve* Gold Resource* X 5239 Gold Rush Cari V 650 Gold Std Vents T 1497 Gold Std Vents* X 2918 Goldbank Mng V 5 Goldcliff Res* O 30 Goldcliff Res V 87 Golden Arrow V 233 Golden Arrow* O 161 O 49 Golden Band* Golden Cariboo V 20 Golden Dawn Ml V 106 Golden Dawn Ml* O 8 O 11 Golden Goliath* Golden Goliath V 590 Golden Harp V 61 Golden Hope V 444 O 3 Golden Hope* Golden Lake C 652 Golden Mnls* X 535 Golden Mnls T 19 O 18 Golden Phoenix* Golden Pursuit V 40 V 417 Golden Queen Golden Queen* O 882 Golden Ridge V 1503 Golden Secret V 331 Golden Share V 7 Golden Star* X 2111 Golden Star T 459 Golden Tag V 272 O 116 Golden Valley* Golden Valley V 450 Goldex Res* O 2 Goldex Res V 69 O 54 Goldgroup Mng* Goldgroup Mng T 415 GoldMining* O 648 GoldMining T 561 GoldON Res V 72 GoldON Res* O 12 O 152 Goldplay Expl* Goldplay Expl V 891 V 550 GoldQuest Mng Goldrea Res C 67 Goldrea Res* O 50 Goldrich Mng* O 142 O 492 Goldsource Min* Goldsource Min V 919 Goldstar Mnls V 118 Goldstrike Res V 1680 11049 Goliath Res V Goliath Res* O 729 Gossan Res V 50 GoviEx Uranium* O 402 V 682 GoviEx Uranium Gowest Gold* O 12 Gowest Gold V 19 GPM Metals V 44 O 293 Gran Colombia* Gran Colombia T 1264 Granada Gold V 122 Granada Gold* O 20 V 115 Grande Portage Grande Portage* O 86 Granite Creek V 15 Graphite Egy* O 0 O 547 Graphite One* Graphite One V 352 Gratomic* O 200 Gratomic V 2901 0 Gray Rock Res* O Gray Rock Res V 1 Great Atlantic V 86 Great Bear Res V 966 Great Bear Res* O 180 Great Lakes Gr* O 2010 Great Panther T 1349 Great Panther* X 6451 V 280 Great Thunder Great Western* O 1 V 64 Greatbanks Re Green River C 0 18 Green Valley M V Greencastle Rs V 50 O 551 Greenland M&En* Greenshield Ex V 13 Grid Metals V 16 Grid Metals* O 50 O 40 Grizzly Discvr* Grizzly Discvr V 5 V 5 Grosvenor Res Group Eleven V 113 Group Ten Mtls* O 223 Group Ten Mtls V 340 O 330 GrowMax Res* GSP Resource V 565 GT Gold V 1311 GT Gold * O 170 O 9 GTA Resources* Guerrero Vents V 41 Gungnir Res V 310 Gungnir Res* O 122 T 5087 Guyana Gldflds Guyana Goldstr V 762 O 121 Guyana Goldstr* Handa Mining V 533 O 2 Handa Mining* Handeni Gold* O 31 V 341 Hannan Metals Hannan Metals* O 122 Happy Ck Mnrls V 322 Harfang Explor V 53 N 23190 Harmony Gold* Harte Gold T 2617 Harte Gold* O 336 Harvest Gold* O 60 Harvest Gold V 106 Hawkeye Gld&Di V 394 V 37 Heatherdale Rs

0.07 0.05 0.05 - 0.01 0.11 0.05 0.19 0.17 0.19 unch 0.00 0.24 0.14 0.15 0.14 0.14 unch 0.00 0.16 0.08 0.03 0.03 0.03 unch 0.00 0.05 0.03 0.12 0.12 0.12 + 0.00 0.17 0.05 0.16 0.15 0.16 + 0.01 0.23 0.07 0.02 0.01 0.02 + 0.01 0.05 0.01 0.12 0.00 0.12 unch 0.00 0.19 0.05 0.15 0.14 0.15 unch 0.00 3.60 0.06 0.03 0.03 0.03 unch 0.00 0.04 0.02 0.18 0.16 0.18 + 0.01 0.27 0.16 0.14 0.13 0.13 + 0.00 0.21 0.12 0.00 0.00 0.10 unch 0.00 0.10 0.05 0.11 0.10 0.10 unch 0.00 0.17 0.07 0.19 0.14 0.15 - 0.03 0.41 0.14 0.13 0.12 0.13 - 0.00 0.29 0.04 0.36 0.31 0.35 + 0.02 0.37 0.11 0.48 0.40 0.44 + 0.02 0.49 0.15 0.03 0.02 0.02 - 0.01 0.05 0.02 0.17 0.12 0.15 - 0.01 0.35 0.07 0.14 0.10 0.13 + 0.01 0.26 0.06 0.06 0.06 0.06 unch 0.00 0.20 0.06 0.25 0.22 0.24 - 0.01 0.38 0.13 0.32 0.29 0.31 - 0.02 0.50 0.18 0.07 0.07 0.07 - 0.01 0.12 0.06 0.09 0.08 0.09 + 0.01 0.15 0.08 3.16 2.97 3.16 + 0.19 4.49 2.66 6.22 5.92 6.18 + 0.24 8.91 5.29 0.39 0.34 0.39 + 0.04 0.42 0.21 0.54 0.45 0.52 + 0.06 0.56 0.28 0.08 0.07 0.08 - 0.00 0.16 0.05 0.09 0.08 0.08 - 0.01 0.23 0.06 0.02 0.02 0.02 unch 0.00 0.07 0.01 0.03 0.03 0.03 + 0.01 0.10 0.02 0.09 0.09 0.09 + 0.01 0.28 0.06 0.08 0.06 0.08 + 0.01 0.21 0.04 0.27 0.00 0.27 unch 0.00 1.30 0.25 0.30 0.28 0.30 + 0.01 0.31 0.19 0.39 0.37 0.38 - 0.01 0.41 0.25 0.08 0.08 0.08 unch 0.00 0.18 0.07 0.14 0.10 0.13 + 0.03 0.25 0.07 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.04 0.04 0.04 - 0.01 0.26 0.02 0.07 0.00 0.07 - 0.02 0.37 0.06 0.29 0.29 0.29 unch 0.00 0.45 0.20 5.15 5.15 5.15 unch 0.00 6.25 1.51 0.61 0.59 0.59 - 0.02 0.80 0.19 0.00 0.00 4.65 unch 0.00 4.65 2.97 6.21 5.53 6.05 + 0.18 6.29 2.70 0.05 0.04 0.04 unch 0.00 0.13 0.02 0.04 0.03 0.03 - 0.00 0.09 0.02 2.30 2.15 2.15 - 0.13 3.67 2.15 1.76 1.65 1.65 - 0.14 2.75 1.40 4.54 3.86 4.54 + 0.45 5.09 2.73 0.01 0.01 0.01 unch 0.00 0.15 0.01 1.05 0.98 1.03 - 0.01 1.97 0.97 0.81 0.75 0.79 - 0.01 1.50 0.71 0.15 0.14 0.14 - 0.05 0.19 0.07 0.12 0.11 0.11 + 0.00 0.13 0.03 0.16 0.14 0.14 - 0.01 0.17 0.05 0.13 0.12 0.12 unch 0.00 0.37 0.12 0.10 0.09 0.10 + 0.00 0.28 0.08 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.04 0.03 0.04 + 0.01 0.06 0.03 0.24 0.23 0.23 - 0.02 0.38 0.10 0.16 0.16 0.16 unch 0.00 0.28 0.02 0.04 0.03 0.04 + 0.01 0.08 0.00 0.06 0.04 0.05 + 0.01 0.10 0.02 0.07 0.00 0.07 unch 0.00 0.17 0.04 0.24 0.19 0.24 + 0.06 0.24 0.05 0.17 0.00 0.17 + 0.04 0.17 0.03 0.11 0.08 0.09 - 0.02 0.14 0.08 0.25 0.21 0.24 + 0.02 0.38 0.20 0.30 0.28 0.30 + 0.01 0.49 0.28 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.05 0.00 0.04 unch 0.00 0.11 0.02 0.27 0.24 0.27 unch 0.00 1.55 0.20 0.22 0.18 0.22 unch 0.00 0.29 0.01 0.03 0.02 0.03 unch 0.00 0.20 0.02 1.15 0.96 1.01 - 0.13 3.10 0.96 0.13 0.12 0.12 - 0.01 0.18 0.07 3.50 2.94 3.38 + 0.36 4.97 2.43 4.60 3.85 4.46 + 0.52 6.48 3.24 0.06 0.05 0.06 unch 0.00 0.10 0.03 0.34 0.31 0.33 + 0.02 0.34 0.17 0.44 0.40 0.42 + 0.02 0.44 0.23 0.06 0.06 0.06 unch 0.00 0.25 0.05 0.11 0.00 0.11 + 0.02 0.39 0.07 0.03 0.02 0.03 - 0.00 0.06 0.02 0.04 0.03 0.04 unch 0.00 0.08 0.03 0.86 0.79 0.80 - 0.06 1.08 0.52 1.12 1.04 1.04 - 0.07 1.44 0.71 0.54 0.47 0.47 + 0.02 0.91 0.12 0.38 0.31 0.37 + 0.06 0.69 0.09 0.15 0.13 0.14 - 0.00 0.22 0.09 0.20 0.17 0.18 - 0.02 0.30 0.11 0.11 0.10 0.11 unch 0.00 0.23 0.08 0.06 0.00 0.05 - 0.01 0.11 0.04 0.04 0.04 0.04 unch 0.00 0.07 0.02 0.01 0.01 0.01 + 0.00 0.03 0.01 0.07 0.06 0.06 - 0.01 0.16 0.02 0.09 0.08 0.08 - 0.01 0.23 0.04 0.04 0.04 0.04 - 0.01 0.05 0.03 0.02 0.02 0.02 unch 0.00 0.20 0.02 0.04 0.02 0.04 - 0.03 0.15 0.02 0.03 0.02 0.03 - 0.02 0.11 0.02 0.04 0.04 0.04 - 0.01 0.09 0.04 0.12 0.10 0.11 + 0.00 0.19 0.09 0.14 0.14 0.14 unch 0.00 0.25 0.12 0.20 0.19 0.20 - 0.00 0.31 0.01 0.28 0.25 0.27 unch 0.00 0.60 0.08 0.06 0.00 0.06 unch 0.00 0.10 0.06 3.87 3.55 3.78 + 0.08 4.44 1.74 5.12 4.62 4.96 + 0.09 5.91 2.27 0.12 0.11 0.11 - 0.01 0.23 0.09 0.09 0.08 0.08 - 0.01 0.17 0.07 0.13 0.12 0.12 - 0.02 0.21 0.08 0.11 0.08 0.09 - 0.01 0.15 0.06 0.07 0.07 0.07 unch 0.00 0.23 0.05 0.15 0.00 0.15 + 0.15 1.09 0.00 0.31 0.21 0.27 + 0.06 1.00 0.00 0.40 0.27 0.36 + 0.12 0.60 0.12 0.02 0.02 0.02 - 0.00 0.13 0.02 0.03 0.02 0.02 + 0.01 0.17 0.01 0.00 0.00 0.39 unch 0.00 0.06 0.00 0.06 unch 0.00 0.15 0.04 0.50 0.48 0.50 - 0.03 0.95 0.30 7.42 6.49 6.94 + 0.09 9.57 1.85 5.75 5.00 5.25 - 0.08 7.23 1.42 0.00 0.00 0.00 - 0.00 0.10 0.00 0.81 0.68 0.69 - 0.10 1.58 0.70 0.62 0.52 0.52 - 0.08 1.19 0.52 0.03 0.03 0.03 unch 0.00 0.03 0.01 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.09 0.07 0.09 + 0.02 0.15 0.04 0.00 0.00 0.07 unch 0.00 0.08 0.04 0.10 0.06 0.09 + 0.04 1.65 0.06 0.05 0.05 0.05 unch 0.00 0.09 0.02 0.08 0.07 0.08 + 0.01 0.12 0.04 0.20 0.20 0.20 unch 0.00 0.22 0.04 0.11 0.10 0.11 - 0.01 0.16 0.05 0.09 0.09 0.09 unch 0.00 0.12 0.04 0.04 0.04 0.04 unch 0.00 0.08 0.02 0.04 0.04 0.04 + 0.01 0.11 0.03 0.12 0.00 0.12 unch 0.00 0.12 0.08 0.08 0.07 0.07 - 0.02 0.18 0.04 0.14 0.11 0.13 + 0.02 0.17 0.01 0.18 0.15 0.17 + 0.02 0.23 0.12 0.10 0.04 0.05 - 0.01 0.15 0.00 0.22 0.18 0.22 + 0.06 0.26 0.13 0.75 0.67 0.74 + 0.02 2.12 0.55 0.56 0.50 0.56 + 0.01 1.61 0.42 0.00 0.00 0.00 unch 0.00 0.02 0.00 0.14 0.13 0.13 + 0.01 0.17 0.06 0.08 0.07 0.07 - 0.02 0.13 0.06 0.06 0.00 0.06 - 0.00 0.11 0.04 0.80 0.46 0.53 - 0.26 1.98 0.46 0.05 0.04 0.04 - 0.01 0.29 0.04 0.04 0.03 0.04 + 0.00 0.22 0.03 0.02 0.02 0.02 - 0.01 0.08 0.02 0.01 0.01 0.01 unch 0.00 0.05 0.01 0.03 0.03 0.03 - 0.00 0.04 0.02 0.12 0.07 0.11 + 0.03 0.16 0.05 0.08 0.05 0.08 + 0.03 0.12 0.04 0.10 0.09 0.10 - 0.01 0.18 0.08 0.27 0.23 0.23 - 0.04 0.32 0.18 3.50 3.20 3.50 + 0.11 3.86 1.47 0.24 0.23 0.23 - 0.01 0.44 0.21 0.18 0.17 0.17 - 0.00 0.33 0.15 0.01 0.01 0.01 unch 0.00 0.55 0.04 0.11 0.10 0.11 + 0.01 0.70 0.10 0.03 0.03 0.03 + 0.01 0.07 0.03 0.03 0.03 0.03 unch 0.00 0.04 0.02

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Hecla Mining* N 35632 Helio Res V 306 Helio Res* O 0 O 31 Hemcare Health* Heron Res* O 9 Highbank Res V 157 Highbury Proj V 253 HighGold V 214 O 62 Highland Copp* V 526 Highland Copp 7 Highway 50 Gld V Highway 50 Gld* O 6 HiHo Silver C 208 HiHo Silver* O 2 Hochschild Mg* O 25 Homeland Egy* O 268 41 Honey Badger E V Horizonte Mnls T 255 Hornby Bay Mnl* O 23 Hornby Bay Mnl V 250 HudBay Min T 5796 HudBay Min* N 3143 Hudson Res V 87 Hudson Res* O 70 Hunt Mng* O 0 Hunt Mng V 526 Hut 8 Mining* O 78 Hut 8 Mining T 567 Hycroft Mining* O 3

2.34 2.04 2.33 + 0.23 3.07 1.21 0.14 0.08 0.13 + 0.04 0.15 0.05 0.09 0.09 0.09 unch 0.00 0.08 0.02 0.78 0.54 0.76 - 0.02 1.54 0.41 0.10 0.00 0.10 - 0.22 0.45 0.10 0.02 0.01 0.02 + 0.01 0.03 0.01 0.26 0.24 0.24 - 0.02 0.26 0.17 1.55 1.20 1.55 + 0.33 1.55 0.78 0.04 0.03 0.03 - 0.00 0.08 0.02 0.04 0.04 0.04 unch 0.00 0.10 0.03 0.13 0.13 0.13 unch 0.00 0.30 0.13 0.13 0.13 0.13 unch 0.00 0.17 0.09 0.05 0.00 0.05 - 0.01 0.08 0.02 0.03 0.03 0.03 unch 0.00 0.04 0.01 2.66 2.51 2.51 - 0.09 2.79 1.90 0.02 0.01 0.02 + 0.00 3.21 0.01 0.02 0.02 0.02 + 0.01 0.05 0.02 0.09 0.00 0.09 + 0.01 0.09 0.03 0.04 0.03 0.04 + 0.01 0.04 0.01 0.06 0.06 0.06 + 0.01 0.06 0.02 5.12 4.66 5.02 + 0.14 10.42 3.98 3.92 3.54 3.81 + 0.09 7.83 2.99 0.36 0.32 0.32 - 0.06 0.53 0.32 0.30 0.24 0.26 + 0.00 0.39 0.24 0.00 0.00 0.04 unch 0.00 0.18 0.00 0.05 0.04 0.05 + 0.01 0.23 0.04 1.70 1.34 1.35 - 0.07 2.29 0.60 2.22 1.73 1.77 - 0.10 3.05 0.76 0.01 0.00 0.01 + 0.01 0.13 0.00

I-Minerals V 406 I-Minerals* O 20 20808 IAMGOLD* N IAMGOLD T 6148 Iconic Mnls V 133 55 Iconic Mnls * O Idaho Champion* O 0 Idaho Champion C 1987 IEMR Res V 80 IMC Intl Mng C 596 iMetal Res* O 1 iMetal Res V 3055 IMPACT Silver V 513 Impala Platnm* O 11 T 69 Imperial Metal Imperial Metal* O 8 Imperial Mg Gr V 629 Inca One Gold* O 4 Inca One Gold V 48 Inception Mng * O 31 Independence G* O 54 Independence G V 137 Indigo Expl V 8 Infinite Lith V 8 Inomin Mines V 154 O 5 Inspiration Mg* Integra Res* O 75 Integra Res V 274 Inter-Rock Mnl V 82 Intercontinent V 8 Intercontinent* O 0 Intl Battery* O 173 Intl Battery C 107 14 Intl Bethl Mng V Intl Cobalt* O 49 Intl Cobalt C 751 Intl Lithium* O 13 Intl Lithium V 372 Intl Montoro* O 28 Intl Montoro V 176 1 Intl Prospect * O Intl Prospect V 5 Intl Samuel Ex V 1718 Intl Star* O 20739 Intl Tower Hil* X 299 Intl Tower Hil T 20 Intl Zeolite V 1225 Intl Zeolite* O 5 Intrepid Pots* N 1595 INV Metals T 168 INV Metals* O 24 Inventus Mg V 205 Inventus Mg * O 179 InZinc Mining V 404 InZinc Mining* O 1080 Irving Res* O 114 Irving Res C 160 IsoEnergy Ltd V 584 Itafos* O 10 Itafos V 201 Itoco Inc* O 554 Ivanhoe Mines* O 649 Ivanhoe Mines T 3168 Jade Leader* O 31 Jade Leader V 19 Jaeger Res * O 1 Jaeger Res V 39 Jaguar Mng T 850 Jaguar Mng* O 207 Japan Gold V 678 Japan Gold* O 89 Jasper Mining V 19 O 132 Jaxon Mining* Jaxon Mining V 98 Jayden Res V 19 JDF Explor Inc C 647 O 654 Jervois Mining* Jervois Mining V 464 Jiulian Res V 58 Josemaria Res* O 67 T 205 Josemaria Res Joshua Gold* O 377 Jourdan Res V 4202 Jubilee Gold V 9 Juggernaut Exp* O 13 Juggernaut Exp V 387 Jupiter Gold* O 4 K2 Gold V 46 K92 Mining* O 395 K92 Mining V 1604 Kaizen Discov V 227 Kaizen Discvry* O 146 Kapuskasing Gd* O 7 Kapuskasing Gd V 122 Karam Min C 0 Karmin Expl V 208 Karnalyte Res T 7 KAT Expl* O 259056 Katanga Mng T 1037 Kenadyr Mining V 220 Kenadyr Mining* O 796 Kermode Res V 210 Kerr Mines* O 439 Kerr Mines T 1043 Kesselrun Res* O 5 Kestrel Gold V 11 Kilo Goldmines V 604 Kilo Goldmines* O 50 Kincora Copper V 29 King Global* O 11 King Global V 140 Kingsmen Res* O 1 Kingsmen Res V 235 Kinross Gold T 14515 Kinross Gold* N 59254 Kintavar Exp V 133 Kirkland Lake* N 6158 Kirkland Lake T 5012 Klondike Gold* O 124 Klondike Gold V 160 Klondike Silv* O 226 Klondike Silv V 308 Kombat Copper* O 5 Kombat Copper V 114 Komet Resource V 85 Kootenay Silvr* O 348 Kootenay Silvr V 609 Kootenay Zinc C 43 Kootenay Zinc* O 19 KOPR Point C 123 Kore Mining V 61 Kore Mining * O 42 Kutcho Copper * O 35 KWG Res* O 189 KWG Res C 3733

0.04 0.03 0.03 - 0.01 0.19 0.03 0.03 0.02 0.02 - 0.01 0.14 0.02 3.83 3.45 3.82 + 0.29 4.17 2.28 5.02 4.52 5.01 + 0.38 5.55 3.08 0.06 0.06 0.06 - 0.01 0.19 0.05 0.05 0.04 0.04 - 0.00 0.14 0.04 0.06 0.06 0.06 unch 0.00 0.06 0.05 0.06 0.05 0.06 + 0.02 0.20 0.04 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.57 0.40 0.57 + 0.12 0.57 0.30 0.06 0.06 0.06 + 0.00 0.14 0.03 0.08 0.06 0.07 unch 0.00 0.19 0.04 0.41 0.35 0.38 - 0.02 0.51 0.20 6.87 6.87 6.87 unch 0.00 7.00 1.82 2.00 1.79 1.91 - 0.01 3.50 0.99 1.46 1.38 1.46 + 0.03 2.60 0.76 0.04 0.03 0.03 - 0.01 0.11 0.03 0.02 0.02 0.02 unch 0.00 0.04 0.02 0.04 0.03 0.04 unch 0.00 0.05 0.03 0.07 0.00 0.07 - 0.00 0.55 0.00 0.05 0.00 0.04 + 0.01 0.08 0.00 0.06 0.05 0.06 - 0.01 0.10 0.04 0.02 0.02 0.02 unch 0.00 0.02 0.01 0.05 0.00 0.05 + 0.01 0.15 0.04 0.03 0.03 0.03 unch 0.00 0.05 0.02 0.00 0.00 0.00 unch 0.00 0.03 0.00 1.03 0.95 1.01 + 0.03 1.07 0.44 1.35 1.25 1.33 + 0.05 1.42 0.61 0.25 0.25 0.25 unch 0.00 0.35 0.19 0.18 0.18 0.18 unch 0.00 0.35 0.09 0.00 0.00 0.13 unch 0.00 0.25 0.07 0.13 0.10 0.11 - 0.02 0.18 0.03 0.17 0.13 0.14 - 0.04 0.23 0.05 0.03 0.03 0.03 unch 0.00 0.10 0.02 0.02 0.01 0.02 + 0.01 0.07 0.00 0.02 0.01 0.01 - 0.01 0.08 0.01 0.03 0.02 0.02 - 0.01 0.06 0.02 0.04 0.04 0.04 + 0.01 0.09 0.03 0.03 0.02 0.03 + 0.00 0.06 0.02 0.05 0.04 0.05 + 0.01 0.09 0.03 0.06 0.06 0.06 unch 0.00 0.12 0.06 0.09 0.09 0.09 unch 0.00 0.20 0.09 0.01 0.01 0.01 - 0.01 0.06 0.01 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.58 0.53 0.55 - 0.02 0.72 0.35 0.73 0.68 0.72 unch 0.00 0.94 0.48 0.07 0.05 0.06 + 0.01 0.16 0.05 0.05 0.04 0.05 + 0.01 0.12 0.01 3.29 3.02 3.09 - 0.15 4.41 2.51 0.41 0.39 0.41 + 0.03 0.83 0.30 0.30 0.28 0.30 + 0.02 0.59 0.22 0.09 0.07 0.07 - 0.01 0.16 0.07 0.08 0.05 0.06 - 0.01 0.12 0.05 0.03 0.03 0.03 - 0.01 0.07 0.02 0.02 0.02 0.02 unch 0.00 0.05 0.02 1.85 1.69 1.72 - 0.11 2.50 0.82 2.42 2.21 2.27 - 0.11 3.25 1.08 0.45 0.37 0.45 + 0.05 0.79 0.33 1.03 0.00 1.03 + 0.04 1.23 0.39 1.40 1.35 1.40 + 0.10 1.63 0.53 0.85 0.37 0.49 - 0.34 0.90 0.06 2.70 2.47 2.54 - 0.07 3.46 1.50 3.53 3.23 3.33 - 0.07 4.54 2.04 0.23 0.21 0.23 unch 0.00 0.27 0.13 0.30 0.00 0.27 - 0.03 0.35 0.13 0.01 0.01 0.01 - 0.00 0.02 0.01 0.02 0.02 0.02 unch 0.00 0.04 0.02 0.17 0.14 0.14 - 0.01 0.30 0.07 0.12 0.10 0.11 - 0.00 0.22 0.05 0.28 0.25 0.26 - 0.01 0.43 0.11 0.22 0.20 0.22 + 0.01 0.32 0.08 0.25 0.01 0.01 - 0.24 0.25 0.01 0.04 0.04 0.04 unch 0.00 0.09 0.03 0.04 0.04 0.04 unch 0.00 0.13 0.03 0.02 0.00 0.02 unch 0.00 0.20 0.01 0.54 0.00 0.53 unch 0.00 0.71 0.01 0.15 0.14 0.15 + 0.00 0.20 0.12 0.20 0.18 0.19 - 0.01 0.24 0.13 0.02 0.02 0.02 unch 0.00 0.14 0.01 0.52 0.47 0.48 - 0.06 0.91 0.42 0.69 0.60 0.63 - 0.01 1.22 0.57 0.27 0.12 0.21 - 0.05 0.40 0.08 0.02 0.01 0.02 unch 0.00 0.06 0.01 0.54 0.48 0.53 + 0.06 0.95 0.48 0.13 0.11 0.11 - 0.02 1.35 0.06 0.31 0.15 0.22 + 0.06 1.70 0.10 1.25 0.60 1.01 - 0.24 2.25 0.60 0.30 0.26 0.28 + 0.01 0.37 0.16 1.76 1.65 1.70 - 0.04 2.08 0.51 2.27 2.19 2.24 - 0.03 2.67 0.67 0.04 0.03 0.03 - 0.01 0.07 0.03 0.03 0.02 0.03 + 0.01 0.05 0.02 0.07 0.07 0.07 unch 0.00 0.07 0.01 0.09 0.07 0.09 - 0.01 0.14 0.03 0.00 0.00 0.13 unch 0.00 0.15 0.05 1.02 1.01 1.01 unch 0.00 1.02 0.60 0.20 0.00 0.19 - 0.01 0.36 0.15 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.37 0.35 0.36 + 0.01 0.83 0.30 0.06 0.05 0.06 + 0.01 0.11 0.04 0.03 0.03 0.03 unch 0.00 0.07 0.03 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.12 0.00 0.10 - 0.01 0.21 0.07 0.16 0.13 0.14 - 0.01 0.27 0.11 0.02 0.02 0.02 unch 0.00 0.04 0.02 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.00 0.00 0.00 unch 0.00 0.02 0.00 0.07 0.07 0.07 unch 0.00 0.16 0.06 0.02 0.02 0.02 unch 0.00 0.05 0.00 0.03 0.02 0.02 - 0.01 0.10 0.02 0.06 0.06 0.06 unch 0.00 0.52 0.01 0.09 0.00 0.09 unch 0.00 0.70 0.07 6.55 6.04 6.36 + 0.07 7.24 3.15 4.98 4.63 4.84 + 0.02 5.47 2.38 0.15 0.13 0.15 unch 0.00 0.29 0.11 47.02 43.66 45.99 + 0.27 51.08 18.12 61.90 57.29 60.45 + 0.75 67.87 23.98 0.20 0.18 0.18 - 0.01 0.35 0.10 0.26 0.24 0.25 - 0.01 0.45 0.17 0.03 0.02 0.03 + 0.01 0.05 0.02 0.03 0.00 0.03 + 0.01 0.07 0.03 0.15 0.13 0.13 - 0.02 0.15 0.05 0.20 0.17 0.17 + 0.01 0.20 0.05 0.11 0.10 0.11 + 0.01 0.24 0.09 0.22 0.18 0.19 - 0.02 0.23 0.08 0.27 0.24 0.25 - 0.02 0.32 0.11 0.06 0.00 0.05 unch 0.00 0.29 0.05 0.05 0.00 0.04 - 0.01 0.17 0.02 0.07 0.00 0.05 - 0.02 0.35 0.01 0.29 0.27 0.27 - 0.04 0.41 0.08 0.23 0.23 0.23 - 0.01 0.31 0.09 0.15 0.00 0.13 - 0.02 0.35 0.10 0.01 0.00 0.00 - 0.01 0.02 0.00 0.01 0.01 0.01 - 0.01 0.02 0.01

I-J-K

L La Imperial C 105 0.02 0.02 0.02 unch 0.00 0.07 0.02 Labrador Gold V 23 0.12 0.11 0.11 unch 0.00 0.26 0.11 Labrador IMH* O 2187 0.07 0.03 0.05 - 0.01 0.20 0.00

(100s) Stock

Week

21

12-month

Exc Volume High Low Last Change High Low

Labrador IOR* O 4 Labrador IOR T 1372 1 Lake Forest Mi* O Lake Resources* O 25 Lara Expl V 157 Laramide Res T 407 Laredo Res* O 248 Largo Res T 3677 Largo Res* O 1129 Lateral Gold V 165 Latin American V 115 Latin American* O 1 Latin Metals V 5 Latin Metals* O 10 3 Laurion Mnl Ex* O Laurion Mnl Ex V 458 Le Mare Gold* O 1 14 Le Mare Gold V Leading Edge* O 230 Leading Edge V 330 Leagold Mg* O 719 Leagold Mg T 1729 Leeta Gold V 4003 C 649 Legion Metals Leo Res* O 4 Lepanto Con Mg* O 879 Libero Copper* O 93 Libero Copper V 1232 Liberty Gold* O 430 Liberty One Li V 629 Liberty One Li* O 532 LiCo Energy* O 131 LiCo Energy V 404 Lincoln Mng V 9 Lincoln Mng * O 1 Lion One Mtls V 275 Lion One Mtls* O 235 Lions Bay Cap V 400 6 Lions Bay Mg C Lions Bay Mg * O 3 2 Lions Gate Mtl* O Lithium Amer T 437 N 601 Lithium Amer* Lithium Chile V 419 Lithium Chile* O 48 Lithium Corp* O 241 O 8 Lithium Energi* Lithium Energi V 618 Lithium Expl* O 391 Lithoquest Dia V 25 O 17 Lithoquest Dia* LKA Gold* O 24 O 5 Lode-Star Mg* Logan Res V 354 Lomiko Mtls V 281 Lomiko Mtls* O 18 Loncor Res* O 21 Loncor Res T 49 1 Lone Star Gold* O Los Andes V 425 Los Andes* O 2 Lucara Diam T 315 Lucky Min V 486 Lucky Min* O 61 Luckystrike * O 2 Luckystrike V 473 Lumina Gold* O 64 Lumina Gold V 200 Luminex Res V 178 Lundin Gold T 611 Lundin Mng* O 104 Lundin Mng T 8987 2 Lupaka Gold * O Lupaka Gold V 309 Lydian Intl* O 483 Lydian Intl T 2856 Lynas Corp* O 596 Lynas Corp* O 126

17.45 16.77 16.92 - 0.28 27.20 16.69 23.04 21.87 22.00 - 0.29 36.01 21.91 3.20 3.00 3.20 unch 0.00 5.00 0.50 0.02 0.02 0.02 unch 0.00 0.09 0.02 0.53 0.50 0.50 - 0.02 0.61 0.41 0.21 0.19 0.20 - 0.01 0.50 0.18 0.00 0.00 0.00 - 0.00 0.02 0.00 1.43 1.25 1.28 - 0.12 4.65 1.31 1.10 0.95 0.98 - 0.10 3.56 0.99 0.05 0.04 0.05 unch 0.00 0.40 0.03 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.01 0.01 0.01 unch 0.00 0.02 0.00 0.12 0.12 0.12 - 0.01 0.22 0.08 0.09 0.09 0.09 unch 0.00 0.11 0.02 0.15 0.15 0.15 unch 0.00 0.16 0.05 0.20 0.19 0.20 + 0.01 0.22 0.07 0.04 0.04 0.04 unch 0.00 0.14 0.00 0.05 0.00 0.05 - 0.02 0.18 0.03 0.07 0.05 0.05 + 0.00 0.30 0.04 0.09 0.07 0.08 + 0.01 0.40 0.06 2.00 1.83 1.93 unch 0.00 2.33 0.95 2.62 2.41 2.56 + 0.06 3.07 1.28 0.22 0.18 0.18 - 0.01 0.82 0.17 0.38 0.34 0.34 - 0.04 0.83 0.30 0.01 0.00 0.01 unch 0.00 0.25 0.01 0.00 0.00 0.00 - 0.00 0.00 0.00 0.09 0.06 0.07 - 0.00 0.18 0.05 0.11 0.08 0.08 - 0.03 0.23 0.07 0.72 0.64 0.69 - 0.01 0.75 0.21 0.06 0.05 0.05 unch 0.00 0.18 0.05 0.04 0.03 0.03 - 0.01 0.14 0.03 0.03 0.02 0.03 - 0.00 0.10 0.02 0.04 0.03 0.03 unch 0.00 0.14 0.03 0.11 0.00 0.11 + 0.02 0.25 0.05 0.09 0.00 0.09 + 0.08 0.09 0.09 0.95 0.90 0.92 + 0.01 1.05 0.35 0.72 0.68 0.71 - 0.00 0.79 0.24 0.06 0.05 0.06 unch 0.00 0.10 0.04 0.14 0.00 0.14 - 0.01 0.20 0.03 0.11 0.10 0.11 + 0.00 0.14 0.00 0.03 0.03 0.03 unch 0.00 0.04 0.03 4.14 3.67 4.04 - 0.02 6.43 3.67 3.17 2.86 3.06 - 0.06 4.89 2.75 0.30 0.25 0.29 - 0.02 0.65 0.25 0.23 0.20 0.22 - 0.01 0.49 0.20 0.07 0.05 0.05 - 0.01 0.16 0.05 0.05 0.05 0.05 unch 0.00 0.30 0.05 0.06 0.05 0.06 unch 0.00 0.32 0.05 0.00 0.00 0.00 unch 0.00 0.02 0.00 0.07 0.00 0.07 - 0.02 0.23 0.07 0.06 0.05 0.05 - 0.01 0.18 0.05 0.07 0.07 0.07 - 0.06 0.43 0.06 0.04 0.04 0.04 unch 0.00 0.15 0.02 0.07 0.06 0.06 - 0.01 0.24 0.06 0.04 0.03 0.03 - 0.01 0.09 0.02 0.02 0.02 0.02 - 0.00 0.07 0.01 0.27 0.00 0.27 unch 0.00 0.40 0.09 0.37 0.36 0.36 - 0.01 0.44 0.12 0.35 0.00 0.35 + 0.01 2.12 0.05 0.41 0.31 0.34 - 0.04 0.52 0.15 0.24 0.24 0.24 unch 0.00 0.40 0.14 1.12 1.06 1.06 - 0.03 2.25 1.02 0.03 0.00 0.03 unch 0.00 0.17 0.03 0.02 0.01 0.01 - 0.01 0.13 0.01 0.01 0.01 0.01 unch 0.00 0.27 0.01 0.03 0.02 0.03 + 0.01 0.35 0.02 0.41 0.00 0.39 - 0.01 1.03 0.35 0.52 0.50 0.50 - 0.02 0.73 0.46 0.65 0.59 0.61 - 0.04 1.02 0.51 8.03 7.41 7.94 + 0.39 9.04 4.42 5.48 5.00 5.23 - 0.01 5.94 3.80 6.91 6.57 6.90 + 0.08 7.96 5.12 0.01 0.00 0.01 unch 0.00 0.11 0.01 0.02 0.02 0.02 - 0.01 0.14 0.02 0.08 0.06 0.06 - 0.02 0.16 0.05 0.10 0.07 0.07 - 0.02 0.24 0.07 1.84 1.66 1.80 + 0.06 2.33 1.05 1.80 1.71 1.75 + 0.03 2.29 1.05

M M.P.V. Explor C 213 0.12 0.08 0.12 + 0.04 0.18 0.06 V 1178 0.06 0.05 0.05 + 0.01 0.17 0.02 Macarthur Min Macarthur Min* O 255 0.04 0.04 0.04 + 0.00 0.31 0.01 O 27 0.09 0.08 0.09 - 0.01 0.16 0.02 MacDonald Mns* MacDonald Mns V 1401 0.12 0.10 0.11 - 0.01 0.21 0.03 MAG Silver T 2104 13.24 11.94 13.02 + 0.52 18.60 8.10 Magellan Gold* O 7 1.50 1.02 1.25 - 0.48 3.80 0.80 O 5 0.00 0.00 0.00 unch 0.00 0.00 0.00 MagIndustries* Magna Gold V 190 0.30 0.28 0.30 + 0.01 0.55 0.19 0.21 Magna Gold* O 154 0.23 0.22 0.22 + 0.00 0.38 Magnitude Mng V 13 0.13 0.10 0.13 + 0.03 0.20 0.04 O 6 0.04 0.04 0.04 + 0.00 0.07 0.03 Majestic Gold* Majestic Gold V 237 0.06 0.05 0.05 - 0.01 0.09 0.04 0.42 Makena Res* O 13 0.61 0.00 0.57 - 0.04 2.18 Mako Mining* O 322 0.17 0.16 0.16 - 0.01 0.18 0.01 0.09 Mako Mining V 594 0.22 0.20 0.21 - 0.01 0.24 Mammoth Res V 339 0.04 0.02 0.03 + 0.01 0.09 0.02 T 158 0.84 0.75 0.78 - 0.07 1.60 0.45 Mandalay Res Mandalay Res* O 14 0.64 0.00 0.60 - 0.04 1.12 0.03 O 113 0.08 0.06 0.06 - 0.02 0.13 0.06 Manganese X* Manganese X V 74 0.10 0.09 0.09 - 0.01 0.19 0.08 V 1053 0.05 0.04 0.04 unch 0.00 0.05 0.02 Mangazeya Mng Mangazeya Mng* O 70 0.03 0.03 0.03 unch 0.00 0.04 0.01 36 0.02 0.02 0.02 unch 0.00 0.05 0.02 Manitou Gold * O Manitou Gold V 229 0.04 0.04 0.04 unch 0.00 0.07 0.02 0.07 Maple Gold V 3031 0.11 0.09 0.10 + 0.01 0.13 Maple Gold* O 2808 0.09 0.06 0.08 + 0.01 0.10 0.05 O 414 1.31 1.20 1.24 - 0.06 1.31 0.49 Marathon Gold* Marathon Gold T 1159 1.72 1.59 1.64 - 0.05 1.72 0.65 V 164 0.03 0.03 0.03 unch 0.00 0.11 0.02 Margaret Lake Margaux Res V 11 0.08 0.00 0.08 + 0.01 0.15 0.03 O 28 0.08 0.05 0.08 + 0.03 0.08 0.02 Margaux Res* Marifil Mines* O 298 0.07 0.05 0.05 - 0.01 0.14 0.04 0.05 Marifil Mines V 106 0.09 0.07 0.07 - 0.01 0.18 Maritime Res V 451 0.09 0.08 0.08 - 0.01 0.12 0.08 MartinMarietta* N 4355 275.44 259.50 263.35 - 4.98 275.99 160.60 Mas Gold V 935 0.06 0.04 0.06 - 0.01 0.16 0.04 O 15 0.07 0.07 0.07 + 0.00 2.50 0.06 Mascota Res* Mason Graphite* O 114 0.18 0.15 0.18 + 0.02 0.71 0.15 V 1009 0.22 0.20 0.22 + 0.02 0.93 0.20 Mason Graphite Matica Ent C 2025 0.04 0.04 0.04 unch 0.00 0.17 0.04 unch 0.00 0.03 0.00 Matmown* O 163 0.01 0.01 0.01 Maverix Metals T 240 5.55 4.94 5.09 - 0.41 6.96 4.06 X 147 4.30 3.80 3.86 - 0.40 5.50 1.55 Maverix Metals* Mawson Res* O 142 0.12 0.11 0.11 + 0.00 0.23 0.09 Mawson Res T 260 0.16 0.14 0.15 + 0.01 0.32 0.13 0.08 MAX Res V 222 0.10 0.08 0.10 - 0.01 3.00 MaxTech Vent C 70 0.10 0.08 0.10 + 0.01 0.22 0.03 O 68 0.07 0.05 0.06 - 0.00 0.17 0.02 MaxTech Vent* Maxwell Res* O 3 0.09 0.00 0.09 unch 0.00 4.54 0.05 1 1.44 1.44 1.44 - 0.02 1.86 1.15 Maya Gold &Sil* O Maya Gold &Sil T 14 1.90 1.80 1.85 - 0.05 2.63 1.58 unch 0.00 0.18 0.05 Mazarin V 20 0.07 0.06 0.06 MBMI Res* O 0 0.00 0.00 0.01 unch 0.00 1.00 0.01 unch 0.00 0.32 0.04 MBMI Res V 1 0.00 0.00 0.13 MBMI Res* O 0 0.00 0.00 0.01 unch 0.00 1.00 0.01 0.53 McChip Res V 5 0.53 0.00 0.53 - 0.01 0.93 McEwen Mng T 1426 2.33 2.07 2.27 + 0.13 2.84 1.67 N 17858 1.77 1.58 1.73 + 0.09 2.14 1.23 McEwen Mng* McLaren Res C 383 0.04 0.02 0.03 unch 0.00 0.05 0.01 0.11 MDN Inc* O 52 0.39 0.31 0.31 - 0.07 0.40 Meadow Bay Gd* O 18 0.02 0.01 0.01 - 0.02 0.04 0.01 1.53 Mechel* N 280 1.87 1.74 1.86 + 0.01 2.98 Medallion Res V 136 0.09 0.07 0.09 + 0.02 0.28 0.07 O 71 0.07 0.05 0.06 + 0.00 0.21 0.05 Medallion Res* Medgold Res V 76 0.08 0.07 0.08 - 0.01 0.25 0.07 O 5 0.05 0.05 0.05 unch 0.00 0.19 0.05 Medgold Res* Medinah Mnrls* O 28053 0.00 0.00 0.00 - 0.00 0.00 0.00 T 193 0.09 0.08 0.09 - 0.01 0.15 0.08 Mega Uranium Mega Uranium* O 95 0.07 0.06 0.07 + 0.00 0.11 0.05 0.04 Megastar Dev V 931 0.12 0.08 0.09 - 0.01 0.19 Megastar Dev* O 22 0.06 0.06 0.06 unch 0.00 0.07 0.06 0.06 MegumaGold C 9106 0.20 0.11 0.20 + 0.10 0.26 MegumaGold* O 30 0.15 0.08 0.15 + 0.07 0.16 0.03 0.01 Melior Res V 141 0.02 0.02 0.02 + 0.01 0.80 0.02 Melkior Res V 3243 0.03 0.02 0.02 - 0.01 0.13 Meridian Mg V 76 0.07 0.00 0.07 + 0.03 0.22 0.04 37 0.04 0.03 0.04 + 0.01 0.13 0.03 Meridian Mg * O Meryllion Res* O 3 0.00 0.00 0.00 - 0.00 0.01 0.00 unch 0.00 0.04 0.01 Meryllion Res C 3175 0.01 0.01 0.01 Mesa Expl* O 25 0.00 0.00 0.00 unch 0.00 0.00 0.00 unch 0.00 0.01 0.00 MetalCorp* O 0 0.00 0.00 0.01 MetalCorp V 9 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.02 Metalex Vent V 153 0.03 0.03 0.03 - 0.01 0.08 Metalla Rylty* O 424 1.12 1.05 1.10 + 0.01 1.15 0.52 0.69 Metalla Rylty V 463 1.45 1.38 1.43 + 0.03 1.50 Metallic Mnrls* O 281 0.18 0.16 0.17 - 0.01 0.19 0.08 0.11 Metallic Mnrls V 690 0.24 0.21 0.21 - 0.01 0.25 Metallica Min* O 3 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.39 Metallis Res V 173 0.46 0.39 0.42 - 0.03 0.99 Metalo Manuf C 8 0.22 0.22 0.22 unch 0.00 0.45 0.10 O 8 0.16 0.16 0.16 unch 0.00 0.31 0.16 Metalo Manuf*

2019-11-04 1:19 PM

22

WWW.NORTHERNMINER.COM

NOVEMBER 11–24, 2019 / THE NORTHERN MINER

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

Week

12-month

Exc Volume High Low Last Change High Low

Metalore Res V 0 O 23 Metals Creek* Metals Creek V 254 Mexican Gold* O 52 Mexus Gold* O 4480 MGX Minerals* O 566 MGX Minerals C 686 Michelin C 1 Midas Gold T 403 Midas Gold* O 1045 Midland Expl V 266 Midnight Star C 473 Midnight Sun* O 349 Midnight Sun V 335 Millennial Lit* O 55 Millennial Lit V 258 Millrock Res* O 788 Millrock Res V 625 V 95 Minaurum Gold Minaurum Gold* O 152 Minco Silver T 122 Minco Silver* O 71 V 2391 Minera Alamos Minera Alamos * O 1442 Minera IRL* O 10 Minera IRL C 471 Mineral Mtn V 126 Mineral Mtn* O 172 10040 MineralRite* O Mineworx Tech V 460 O 316 Mineworx Tech* Minfocus Expl V 111 O 1250 Mining Global* Minnova Corp V 159 O 96 Miramont Res* Miramont Res C 207 Mirasol Res V 148 Mistango River C 77 Mkango Res V 82 ML Gold* O 2 ML Gold Corp V 787 Monarca Mnrls* O 386 V 37 Monarca Mnrls Monarch Gold T 444 O 294 Monarch Gold* Moneta Porcpn* O 169 T 736 Moneta Porcpn Monitor Vent V 17 Monitor Vent* O 2 Monster Uran* O 0 Monterey Min C 413 Montero Mg&Ex V 10 V 126 Monument Mng Morien Res* O 138 Morien Res V 296 Mosaic* N 15947 Mountain Boy V 43 Mountain Boy* O 63 D 85 Mountain Prov* Mountain Prov T 243 O 138 Mundoro Cap* Mundoro Cap V 209 V 32 Murchison Min MX Gold* O 362

1.60 0.00 1.60 - 0.25 2.60 0.89 0.04 0.03 0.03 - 0.00 0.05 0.02 0.04 0.04 0.04 + 0.01 0.06 0.03 0.07 0.07 0.07 - 0.00 0.17 0.06 0.03 0.01 0.01 + 0.00 0.03 0.00 0.11 0.08 0.09 - 0.01 0.55 0.08 0.14 0.11 0.12 - 0.01 0.72 0.11 0.00 0.00 0.15 unch 0.00 0.50 0.15 0.57 0.52 0.57 + 0.03 1.10 0.52 0.44 0.39 0.44 + 0.01 0.85 0.40 0.91 0.78 0.84 - 0.04 1.46 0.78 0.21 0.12 0.15 + 0.01 0.40 0.11 0.10 0.08 0.09 - 0.01 0.13 0.08 0.12 0.10 0.11 - 0.02 0.17 0.10 0.92 0.86 0.89 - 0.01 1.59 0.67 1.27 1.13 1.14 - 0.02 2.12 1.04 0.16 0.11 0.15 + 0.01 0.15 0.05 0.21 0.16 0.18 unch 0.00 0.21 0.07 0.43 0.40 0.41 + 0.01 0.58 0.32 0.33 0.30 0.31 + 0.01 0.43 0.23 0.75 0.67 0.70 - 0.04 0.99 0.35 0.57 0.52 0.52 - 0.05 0.73 0.24 0.22 0.20 0.20 - 0.01 0.22 0.09 0.17 0.15 0.16 - 0.01 0.17 0.06 0.12 0.12 0.12 unch 0.00 0.13 0.11 0.16 0.12 0.16 + 0.04 0.19 0.05 0.23 0.20 0.23 + 0.02 0.32 0.10 0.19 0.14 0.19 + 0.01 0.24 0.07 0.00 0.00 0.00 + 0.00 0.00 0.00 0.18 0.17 0.18 + 0.02 0.24 0.07 0.14 0.12 0.14 + 0.01 0.18 0.06 0.04 0.04 0.04 unch 0.00 0.09 0.03 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.09 0.07 0.09 - 0.02 0.77 0.07 0.07 0.06 0.06 - 0.01 0.48 0.06 0.09 0.08 0.09 - 0.01 0.63 0.08 0.59 0.53 0.55 - 0.04 1.40 0.49 0.04 0.02 0.03 - 0.02 0.05 0.01 0.16 0.12 0.15 + 0.03 0.19 0.09 0.10 0.09 0.09 - 0.01 0.54 0.01 0.12 0.11 0.12 - 0.02 0.77 0.09 0.05 0.03 0.05 + 0.02 0.06 0.01 0.06 0.05 0.05 - 0.01 0.08 0.02 0.24 0.21 0.23 + 0.01 0.33 0.19 0.19 0.15 0.19 + 0.02 0.24 0.11 0.09 0.07 0.09 + 0.00 0.12 0.06 0.11 0.10 0.11 + 0.01 0.16 0.07 0.20 0.00 0.20 + 0.06 0.98 0.14 0.11 0.00 0.11 + 0.01 0.80 0.10 0.00 0.00 0.11 unch 0.00 0.11 0.10 0.06 0.05 0.05 unch 0.00 0.16 0.04 0.06 0.00 0.06 unch 0.00 0.20 0.05 0.05 0.05 0.05 unch 0.00 0.08 0.04 0.31 0.25 0.28 - 0.02 0.41 0.25 0.40 0.33 0.38 - 0.02 0.54 0.33 20.90 19.56 20.66 + 0.12 37.37 17.36 0.22 0.18 0.22 + 0.02 0.27 0.15 0.13 0.13 0.13 unch 0.00 0.21 0.12 1.05 0.93 0.96 - 0.04 1.72 0.65 1.35 1.25 1.27 - 0.02 2.26 0.91 0.13 0.11 0.13 + 0.01 0.19 0.00 0.16 0.14 0.16 + 0.02 0.25 0.10 0.09 0.08 0.08 + 0.01 0.18 0.04 0.00 0.00 0.00 unch 0.00 0.01 0.00

NA Frac Sand* O 88 NACCO Ind* N 133 Namibia Crit V 1934 Namibia Crit* O 1755 Napier Vent V 20 Napier Vent* O 0 58 Natural Res Pt* N Nautilus Mnrls* O 774 Nemaska Lith T 2611 Nemaska Lith* O 190 Neo Lithium V 530 Neometals* O 3 O 77 Network Expl* Network Expl V 155 T 3121 Nevada Copper Nevada Energy* O 0 V 31 Nevada Energy Nevada Expl * O 260 Nevada Expl V 143 Nevada Sunrise* O 104 V 227 Nevada Sunrise Nevada Zinc V 206 Nevado Res V 78 New Age Metals* O 121 New Age Metals V 653 New Carolin Gd* O 41 New Carolin Gd V 612 New Destiny Mg V 15 New Dimen Res V 405 New Dimen Res* O 1 New Energy Met V 325 New Gold T 4128 New Gold* X 15736 New Guinea Gld* O 11 New Jersey Mng* O 78 New Klondike* O 2 New Milln Iron* O 4 New Milln Iron T 215 New Oroperu V 44 New Pac Metals V 533 New Pac Metals* O 522 New Tech Min* O 222 New Tech Min C 93 Newlox Gold C 120 Newmac Res V 24 Newmont Gdcorp* N 25573 Newmont Gdcorp T 420 Newport Expl V 31 Newport Gold* O 50 NewRange Gold* O 399 NewRange Gold V 492 Nexa Resources T 8 Nexa Resources* N 941 Nexco Res C 261 Nexgen Energy* X 979 Nexgen Energy T 886 NextSource Mat T 2937 Nexus Gold* O 190 Nexus Gold V 5332 NGEx Minerals V 111 Nickel Creek T 617 Nickel Creek* O 186 Nickel North V 225 Nicola Mg Inc V 282 Nicola Mg Inc* O 5 Nighthawk Gold* O 99 Nighthawk Gold T 1222 Niobay Metals V 152 Niocan Inc V 5 Niocorp Dev T 662 Niocorp Dev* O 848 Nippon Dragon V 422 Nippon Dragon* O 0 Nitinat Mnls V 60 Noble Metal V 240 Noble Metal * O 100 Noble Mineral V 371 Noble Mineral* O 61 Noka Res* O 690 Noram Vent V 230 Noram Vent* O 4 Noranda Alum* O 114 Nordic Gold* O 51 Nordic Gold V 214 Noront Res V 1685 Noront Res* O 145 Norra Metals V 560 Norsemont Cap C 3 Nortec Mnls V 200 North Am Nickl V 121 North Am Nickl* O 8 North Am Pall T 555 North Am Pall* O 79 North Arrow Mn* O 64 North Arrow Mn V 294 North Bay Res * O 51888 North Springs* O 260 Northcliff Res T 134 Northern Light C 210 Northisle C&G * O 1

0.02 0.01 0.01 - 0.01 0.03 0.00 64.72 47.01 47.38 - 16.53 66.40 30.30 0.30 0.14 0.30 + 0.16 0.30 0.08 0.23 0.10 0.23 + 0.13 0.23 0.06 0.19 0.18 0.18 - 0.01 0.34 0.16 0.00 0.00 0.15 unch 0.00 0.28 0.13 27.00 25.25 27.00 + 1.16 44.71 25.00 0.00 0.00 0.00 + 0.00 0.07 0.00 0.22 0.20 0.21 + 0.01 0.88 0.17 0.17 0.14 0.15 - 0.01 0.68 0.12 0.52 0.45 0.50 unch 0.00 1.15 0.45 0.12 0.12 0.12 unch 0.00 0.39 0.10 0.19 0.15 0.16 - 0.01 0.45 0.15 0.24 0.20 0.20 - 0.03 0.54 0.20 0.21 0.19 0.19 - 0.01 0.53 0.19 0.09 0.00 0.09 + 0.01 0.13 0.07 0.15 0.00 0.15 + 0.03 0.19 0.10 0.16 0.11 0.13 - 0.03 0.38 0.12 0.20 0.17 0.17 - 0.04 0.50 0.17 0.04 0.03 0.04 - 0.00 0.11 0.03 0.05 0.04 0.04 - 0.01 0.15 0.04 0.04 0.04 0.04 unch 0.00 0.14 0.04 0.11 0.11 0.11 unch 0.00 0.20 0.09 0.04 0.04 0.04 - 0.00 0.08 0.02 0.05 0.04 0.04 unch 0.00 0.10 0.04 0.10 0.09 0.10 + 0.01 0.18 0.05 0.13 0.11 0.13 + 0.01 0.24 0.08 0.08 0.08 0.08 unch 0.00 0.24 0.08 0.04 0.00 0.04 - 0.01 0.09 0.04 0.02 0.02 0.02 - 0.00 0.05 0.02 0.15 0.07 0.15 + 0.05 0.84 0.07 1.42 1.24 1.36 + 0.05 2.03 0.82 1.08 0.95 1.04 + 0.04 1.56 0.61 0.01 0.00 0.01 unch 0.00 0.02 0.00 0.17 0.15 0.15 - 0.02 0.20 0.11 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.04 0.04 0.04 unch 0.00 0.08 0.03 0.06 0.06 0.06 unch 0.00 0.11 0.04 0.54 0.50 0.50 - 0.04 0.64 0.22 4.55 4.12 4.55 + 0.27 6.71 1.18 3.48 3.15 3.47 + 0.19 5.09 0.86 0.01 0.00 0.01 + 0.00 0.04 0.01 0.02 0.02 0.02 + 0.01 0.05 0.02 0.07 0.06 0.06 - 0.01 0.10 0.03 0.08 0.06 0.06 - 0.02 0.09 0.04 39.86 38.28 39.61 + 0.43 41.23 29.77 52.46 50.03 51.97 + 0.81 54.87 40.01 0.32 0.30 0.32 + 0.03 0.38 0.22 0.01 0.01 0.01 unch 0.00 0.04 0.00 0.12 0.08 0.09 - 0.00 0.21 0.04 0.15 0.12 0.13 + 0.01 0.24 0.11 14.33 12.15 12.15 - 1.13 17.81 9.40 10.98 8.41 8.56 - 1.34 13.69 7.00 0.04 0.03 0.03 unch 0.00 0.10 0.03 1.41 1.25 1.31 - 0.08 2.53 1.10 1.83 1.66 1.73 - 0.07 3.31 1.46 0.06 0.05 0.05 + 0.01 0.16 0.03 0.06 0.05 0.05 - 0.01 0.18 0.04 0.08 0.06 0.06 - 0.02 0.18 0.06 0.39 0.34 0.34 - 0.05 0.66 0.30 0.10 0.08 0.09 + 0.01 0.15 0.03 0.07 0.06 0.07 + 0.01 0.10 0.02 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.10 0.00 0.10 + 0.01 0.14 0.08 0.07 0.00 0.07 unch 0.00 0.11 0.06 0.34 0.30 0.31 - 0.02 0.54 0.23 0.45 0.40 0.41 - 0.02 0.73 0.31 0.49 0.41 0.45 - 0.05 0.53 0.15 0.14 0.14 0.14 - 0.02 0.36 0.11 0.66 0.62 0.64 unch 0.00 0.69 0.50 0.51 0.47 0.50 + 0.01 0.52 0.36 0.03 0.00 0.03 unch 0.00 0.03 0.01 0.00 0.00 0.02 unch 0.00 0.02 0.00 0.04 0.04 0.04 unch 0.00 0.11 0.03 0.01 0.01 0.01 unch 0.00 0.01 0.01 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.11 0.09 0.09 - 0.01 0.18 0.06 0.08 0.06 0.07 - 0.01 0.13 0.04 0.13 0.10 0.12 + 0.01 0.29 0.08 0.07 0.07 0.07 - 0.01 0.32 0.06 0.05 0.05 0.05 - 0.01 0.22 0.05 0.01 0.00 0.01 + 0.00 0.04 0.00 0.05 0.03 0.03 - 0.01 0.10 0.02 0.06 0.04 0.05 + 0.01 0.13 0.03 0.22 0.18 0.19 - 0.02 0.35 0.18 0.15 0.14 0.14 - 0.03 0.26 0.14 0.03 0.03 0.03 unch 0.00 0.09 0.03 0.29 0.29 0.29 unch 0.00 0.43 0.25 0.02 0.02 0.02 unch 0.00 0.06 0.02 0.21 0.00 0.18 + 0.01 0.50 0.10 0.14 0.13 0.13 - 0.02 0.39 0.02 19.74 19.58 19.65 + 0.05 26.30 9.12 15.32 14.87 14.95 - 0.07 19.91 6.69 0.04 0.00 0.04 - 0.01 0.14 0.04 0.06 0.05 0.06 unch 0.00 0.17 0.05 0.00 0.00 0.00 + 0.00 0.00 0.00 0.01 0.01 0.01 unch 0.00 0.03 0.00 0.07 0.06 0.07 + 0.01 0.11 0.05 0.04 0.03 0.04 + 0.01 0.14 0.02 0.04 0.00 0.04 + 0.00 0.08 0.03

N-O

20-23_NOV11_StockTables.indd 22

(100s) Stock

Week

(100s) Stock

12-month

Exc Volume High Low Last Change High Low

Northisle C&G V 22 V 431 Northway Res Norvista Cap V 280 NorZinc* O 118 NorZinc T 621 Nouveau Monde V 564 Nouveau Monde* O 172 X 11901 NovaGold Res* NovaGold Res T 1449 Novo Res V 811 Novo Res* O 564 NRG Metals V 56 NRG Metals* O 132 Nrthn Graphite V 171 Nrthn Graphite* O 342 Nrthn Lion V 13 Nrthn Mnrls &E* O 32 Nrthn Shield V 310 O 62 Nrthn Superior* Nrthn Superior V 228 Nrthn Vertex* O 240 Nrthn Vertex V 462 V 10 NSGold NSS Res Inc C 129 Nthn Dynasty T 1075 Nthn Dynasty* X 7187 Nubian Res V 34 Nuinsco Res C 1532 Nuinsco Res* O 84 NuLegacy Gold V 246 O 168 NuLegacy Gold* Nutrien* N 5964 T 4766 Nutrien NV Gold V 202 NV Gold* O 97 NX Uranium* O 127 NxGold Ltd* O 190 NxGold Ltd V 668 O.T. Mining* O 16 O3 Mining* O 14 O3 Mining V 76 OceanaGold T 6784 OceanaGold* O 5 Oceanic Iron O V 252 8 Oceanic Iron O* O Oceanus Res V 154 O 61 Oceanus Res* Odyssey Res V 100 Olivut Res V 143 Olivut Res* O 84 V 101 Omineca Mining Omineca Mining* O 38 99 One World Lith C One World Lith* O 13 O 0 Opawica Expl* Opawica Expl V 21 Opus One Res V 478 Orbite Tech* O 25 Orca Gold V 263 Orca Gold* O 158 V 249 Orefinders Res Orestone Mng V 219 Orex Mnrls* O 91 Orex Mnrls V 185 O 45 Orezone Gold* Orezone Gold V 65 Orford Mining V 1542 OrganiMax* O 0 OrganiMax V 58 Origin Gold V 5 O 8 Original Sixtn* Orla Mng Ltd T 1415 15 Orla Mng Ltd* O Oroco Res V 442 Oroco Res* O 186 Orocobre T 54 V 50 Oronova Energy Orosur Mng T 134 Orsu Metals V 56 Orvana Mnrls T 1149 O 69 Orvana Mnrls* Osino Res V 787 Osisko Gold* N 2388 Osisko Gold T 1437 O 33 Osisko Metals* Osisko Metals V 488 Osisko Mng Inc T 1744 Osprey Gold V 417 Otis Gold V 125 Otis Gold* O 138 Outcrop Gold V 1284 Outcrop Gold* O 850 OZ Minerals* O 5

0.06 0.00 0.06 - 0.01 0.13 0.05 0.10 0.08 0.10 + 0.01 0.14 0.08 0.10 0.08 0.08 unch 0.00 0.13 0.06 0.07 0.06 0.06 - 0.01 0.10 0.05 0.10 0.08 0.08 - 0.01 0.13 0.08 0.21 0.18 0.21 + 0.01 0.33 0.17 0.16 0.15 0.16 + 0.00 0.26 0.14 7.29 6.53 7.21 + 0.44 7.95 3.42 9.60 8.53 9.47 + 0.61 10.55 4.57 3.06 2.47 2.69 - 0.19 3.55 1.87 2.34 1.87 2.03 - 0.16 2.67 1.38 0.10 0.00 0.09 - 0.01 0.56 0.08 0.09 0.06 0.06 - 0.01 0.25 0.03 0.07 0.06 0.06 unch 0.00 0.27 0.06 0.06 0.04 0.05 + 0.01 0.21 0.04 0.10 0.10 0.10 unch 0.00 0.46 0.10 0.04 0.03 0.03 - 0.00 0.12 0.02 0.06 0.06 0.06 + 0.01 0.12 0.02 0.11 0.09 0.09 + 0.01 0.22 0.02 0.15 0.11 0.11 - 0.03 0.40 0.10 0.24 0.17 0.24 + 0.02 0.27 0.12 0.30 0.24 0.30 + 0.01 0.35 0.16 0.11 0.11 0.11 unch 0.00 0.15 0.07 0.09 0.08 0.09 unch 0.00 0.24 0.03 0.79 0.72 0.78 + 0.02 1.47 0.56 0.60 0.55 0.58 + 0.01 1.12 0.41 0.16 0.13 0.16 + 0.03 0.19 0.07 0.01 0.01 0.01 unch 0.00 0.08 0.01 0.00 0.00 0.00 - 0.01 0.04 0.00 0.08 0.07 0.07 - 0.01 0.18 0.03 0.06 0.04 0.05 - 0.00 0.14 0.02 49.84 47.75 48.28 - 1.07 57.97 43.96 65.14 62.89 63.50 - 0.99 75.78 59.97 0.17 0.15 0.17 - 0.01 0.29 0.07 0.14 0.10 0.12 - 0.01 0.22 0.05 0.14 0.03 0.09 + 0.05 1.00 0.02 0.03 0.03 0.03 unch 0.00 0.08 0.03 0.03 0.03 0.03 unch 0.00 0.11 0.03 0.07 0.07 0.07 + 0.00 0.24 0.04 1.97 1.80 1.97 + 0.22 2.09 1.71 2.58 2.33 2.58 + 0.23 4.00 1.60 3.20 2.98 3.11 - 0.04 5.01 2.85 2.42 2.28 2.39 - 0.03 3.74 2.20 0.07 0.06 0.06 unch 0.00 0.15 0.04 0.04 0.04 0.04 unch 0.00 0.07 0.04 0.09 0.07 0.09 unch 0.00 0.15 0.04 0.07 0.05 0.07 + 0.02 0.10 0.04 0.03 0.03 0.03 unch 0.00 0.05 0.02 0.07 0.05 0.07 + 0.02 0.16 0.05 0.06 0.04 0.06 + 0.00 0.12 0.04 0.07 0.00 0.07 + 0.01 0.09 0.02 0.04 0.04 0.04 unch 0.00 0.07 0.01 0.14 0.12 0.14 + 0.01 0.28 0.09 0.11 0.11 0.11 - 0.01 0.22 0.07 0.00 0.00 0.05 unch 0.00 0.05 0.02 0.06 0.00 0.06 unch 0.00 0.11 0.05 0.05 0.03 0.04 - 0.01 0.08 0.01 0.00 0.00 0.00 unch 0.00 0.17 0.00 0.39 0.36 0.38 + 0.01 0.55 0.30 0.28 0.27 0.28 + 0.00 0.40 0.23 0.06 0.06 0.06 - 0.01 0.08 0.03 0.11 0.10 0.11 + 0.01 0.25 0.09 0.08 0.06 0.06 - 0.02 0.09 0.03 0.10 0.08 0.09 - 0.01 0.13 0.05 0.56 0.54 0.54 - 0.00 0.67 0.30 0.73 0.69 0.71 unch 0.00 0.88 0.39 0.04 0.04 0.04 - 0.01 0.21 0.04 0.00 0.00 0.10 unch 0.00 0.14 0.02 0.12 0.00 0.12 unch 0.00 0.29 0.05 0.08 0.08 0.08 unch 0.00 0.14 0.07 0.12 0.12 0.12 unch 0.00 0.13 0.00 1.68 1.54 1.66 - 0.02 1.80 0.85 1.27 1.17 1.22 - 0.04 1.34 0.00 0.37 0.29 0.30 - 0.04 0.74 0.18 0.32 0.23 0.23 - 0.03 0.56 0.13 2.41 2.10 2.40 + 0.38 4.77 2.01 0.05 0.05 0.05 unch 0.00 0.16 0.04 0.06 0.05 0.05 - 0.01 0.15 0.04 0.27 0.20 0.20 - 0.08 0.40 0.18 0.19 0.16 0.18 + 0.01 0.41 0.12 0.15 0.12 0.15 + 0.02 0.30 0.09 0.77 0.69 0.74 - 0.01 1.07 0.22 9.95 9.38 9.86 + 0.30 13.43 7.00 13.07 12.27 12.93 + 0.43 17.47 9.27 0.39 0.38 0.39 - 0.01 0.54 0.36 0.52 0.00 0.50 - 0.01 0.72 0.46 2.95 2.76 2.78 - 0.05 3.90 2.19 0.06 0.04 0.05 + 0.01 0.07 0.04 0.10 0.10 0.10 unch 0.00 0.16 0.07 0.09 0.08 0.08 - 0.01 0.11 0.05 0.12 0.08 0.11 + 0.02 0.43 0.08 0.09 0.06 0.08 + 0.01 0.33 0.01 6.99 6.89 6.89 + 0.48 7.89 6.03

Pac Bay Mnrls* O 0 Pac Bay Mnrls V 77 Pac Booker Min* O 0 Pac Booker Min V 30 Pac Imperial V 75 Pac Ridge Expl V 130 Pac Wildcat* O 5 Pacific Empire V 120 Pacific Rim C 472 Pacific Rim* O 173 Pacific Silk* O 1 Pacific Silk V 68 Pacton Gold V 6844 Paladin Energy* O 2317 Palamina Corp V 118 Palamina Corp* O 84 Paleo Resource V 272 Paleo Resource* O 461 Palladium One V 3191 Palladium One* O 17 Pan Am Silver* D 18641 Pan Am Silver T 2654 Pan Andean Min V 274 Pan Andean Min* O 2 Pan Global Res V 525 Pancontinental* O 6 Pancontinental V 352 Panex Res* O 5 Pangolin Dia V 243 Panoro Mnrls V 163 PanTerra Gold* O 0 Pantheon Vent V 50 Para Resources V 118 Parallel Mng V 610 Paramount Gold* X 118 Paringa Res* O 46 Paringa Res* D 4 Parlane Res V 313 Pasinex Res C 1594 Pasofino Gold V 19 Patriot Gold C 2 Patriot Gold* O 50 Peabody Enrgy* N 14121 Pelangio Expl* O 0 Pelangio Expl V 36 Peloton Mnrls C 302 Peloton Mnrls* O 180 Perseus Mng T 854 Pershimex Res V 138 Pershing Res* O 876 Peruvian Metal V 8 Petra Diamonds* O 41 Philex Mng* O 4 Pike Mountain C 65 Pine Cliff En T 828 Pine Cliff En* O 1 Pinecrest Res V 240 Pinecrest Res * O 5 Pistol Bay Mng V 116 Pistol Bay Mng* O 3 Pivit Explor C 222 PJSC Polyus Gd* O 0 PJX Res V 54 Plate Res V 57 Plateau Energy V 358 Plateau Energy* O 170 Platinex Inc C 467 Platinum Gp Mt* X 555 Platinum Gp Mt T 61 Plato Gold V 62 Playfair Mng V 909

0.03 0.03 0.03 unch 0.00 0.05 0.03 0.09 0.06 0.09 unch 0.00 0.20 0.06 1.68 0.00 1.68 + 0.01 3.10 0.55 2.40 2.16 2.33 + 0.03 4.10 0.72 0.02 0.02 0.02 unch 0.00 0.04 0.01 0.05 0.05 0.05 unch 0.00 0.07 0.04 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.03 0.03 0.03 + 0.01 0.10 0.02 0.17 0.16 0.17 + 0.02 0.34 0.10 0.14 0.12 0.12 unch 0.00 0.26 0.07 0.02 0.01 0.01 - 0.01 0.02 0.01 0.03 0.02 0.03 + 0.02 0.04 0.01 0.16 0.13 0.14 unch 0.00 0.39 0.11 0.06 0.06 0.06 + 0.00 0.19 0.06 0.22 0.19 0.22 + 0.02 0.41 0.19 0.16 0.14 0.16 + 0.01 0.31 0.14 0.05 0.04 0.04 + 0.01 0.10 0.01 0.04 0.03 0.03 - 0.00 0.07 0.00 0.10 0.07 0.10 + 0.03 0.15 0.03 0.08 0.04 0.08 + 0.03 0.07 0.02 17.08 15.96 17.06 + 0.04 19.48 10.26 22.52 20.85 22.39 + 0.20 25.99 13.83 0.05 0.04 0.05 + 0.01 0.09 0.03 0.04 0.04 0.04 unch 0.00 0.07 0.02 0.15 0.12 0.13 - 0.02 0.18 0.06 0.02 0.02 0.02 unch 0.00 0.05 0.01 0.04 0.03 0.04 + 0.01 0.08 0.02 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.07 0.06 0.07 - 0.01 0.10 0.03 0.11 0.09 0.10 - 0.01 0.26 0.09 0.00 0.00 0.01 unch 0.00 0.01 0.00 0.04 0.04 0.04 unch 0.00 0.12 0.04 0.16 0.14 0.15 + 0.02 0.22 0.11 0.02 0.02 0.02 unch 0.00 0.08 0.02 0.71 0.67 0.70 - 0.00 1.08 0.64 0.06 0.02 0.02 unch 0.00 0.35 0.02 2.12 0.00 1.84 + 0.05 9.02 1.65 0.06 0.05 0.05 - 0.01 0.20 0.03 0.04 0.02 0.04 + 0.02 0.14 0.02 0.17 0.07 0.11 + 0.02 0.32 0.07 0.05 0.05 0.05 unch 0.00 0.06 0.04 0.06 0.00 0.05 + 0.01 0.15 0.04 16.40 10.12 10.22 - 5.54 37.37 10.12 0.00 0.00 0.11 unch 0.00 0.29 0.09 0.15 0.13 0.13 - 0.03 0.38 0.12 0.10 0.08 0.10 + 0.01 0.13 0.07 0.08 0.06 0.08 + 0.01 0.11 0.05 0.85 0.70 0.80 + 0.11 0.79 0.32 0.04 0.03 0.04 unch 0.00 0.06 0.03 0.06 0.02 0.03 + 0.02 0.06 0.00 0.04 0.00 0.04 - 0.01 0.05 0.03 0.09 0.09 0.09 + 0.00 0.53 0.09 0.04 0.00 0.04 - 0.05 0.10 0.00 0.15 0.13 0.13 - 0.01 0.15 0.10 0.13 0.12 0.13 unch 0.00 0.36 0.10 0.09 0.09 0.09 unch 0.00 0.25 0.07 0.18 0.18 0.18 unch 0.00 0.28 0.16 0.13 0.13 0.13 unch 0.00 0.17 0.12 0.02 0.02 0.02 - 0.01 0.07 0.02 0.02 0.02 0.02 unch 0.00 0.05 0.01 0.21 0.17 0.17 unch 0.00 0.64 0.06 59.23 0.00 59.23 unch 0.00 60.99 31.10 0.14 0.13 0.13 - 0.01 0.36 0.11 0.06 0.00 0.06 unch 0.00 0.06 0.03 0.22 0.19 0.22 + 0.02 1.09 0.19 0.17 0.15 0.17 + 0.01 0.81 0.12 0.02 0.02 0.02 unch 0.00 0.08 0.02 1.60 1.45 1.45 - 0.09 2.17 1.04 2.05 1.92 1.92 - 0.09 2.91 1.36 0.02 0.02 0.02 unch 0.00 0.04 0.01 0.05 0.05 0.05 + 0.01 0.07 0.02

P-Q

Week

12-month

Exc Volume High Low Last Change High Low

Playfair Mng* O 1 X 2027 PolyMet Mng* PolyMet Mng T 35 Portage Res* O 253 Portex Mnrls* O 3 Portofino Res V 744 O 78 Potash Ridge* Potash Ridge T 2419 Power Group V 288 Power Group* O 58 O 40 Power Metals* Power Metals V 220 PowerOre V 309 PPX Mining* O 1469 PPX Mining V 726 Precipitate Gl V 364 O 109 Precipitate Gl* Premier Gold M T 4238 Premium Expl* O 1 Pretium Res* N 19158 Pretium Res T 5354 Prime Meridian V 118 Prism Res V 40 Prize Mng* O 188 Prize Mng V 1268 Probe Metals* O 82 Probe Metals V 62 Prog Planet V 140 Promithian Gl * O 19 Prophecy Coal* O 437 T 753 Prophecy Coal Prophecy Pot C 9 Prosper Gold V 208 Prospero Silvr V 121 O 295 Prospero Silvr* Provenance Gld C 244 Providence V 111 PUF Vent Inc * O 2868 Puma Expl V 147 Puma Expl* O 0 Pure Alumina* O 4 Pure Energy* O 416 Pure Energy V 109 Pure Gold Mg* O 434 Pure Gold Mg V 1792 Pure Nickel V 30 Pure Nickel* O 135 Purepoint Uran V 455 Q-Gold Res* O 0 Q-Gold Res V 13 QC Precious V 93 QC Precious * O 67 QMC Quantum Ml V 271 QMC Quantum Ml* O 124 QMX Gold* O 32 QMX Gold V 2518 Quantum Cobalt C 285 O 0 Quantum Cobalt* Quartz Mtn Res* O 0 Quartz Mtn Res V 305 Quaterra Res V 3703 Quaterra Res* O 2679 Quest Rare Mnl* O 703 Quinto Res V 278

0.03 0.03 0.03 unch 0.00 0.04 0.01 0.35 0.29 0.31 + 0.01 1.24 0.29 0.46 0.38 0.41 + 0.01 1.60 0.38 0.00 0.00 0.00 unch 0.00 0.02 0.00 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.03 0.03 0.03 - 0.01 0.16 0.03 0.02 0.02 0.02 - 0.00 0.08 0.02 0.04 0.03 0.03 - 0.01 0.11 0.03 0.08 0.07 0.08 - 0.01 0.40 0.06 0.05 0.05 0.05 unch 0.00 0.18 0.01 0.06 0.04 0.05 - 0.01 0.20 0.04 0.08 0.07 0.07 - 0.01 0.26 0.06 0.06 0.05 0.06 unch 0.00 0.14 0.05 0.04 0.03 0.04 unch 0.00 0.07 0.03 0.07 0.06 0.07 + 0.01 0.10 0.05 0.16 0.14 0.16 + 0.01 0.17 0.07 0.12 0.10 0.12 + 0.02 0.13 0.04 2.30 1.95 2.22 + 0.27 2.55 1.39 0.00 0.00 0.00 unch 0.00 0.01 0.00 12.24 9.07 9.48 - 2.77 13.83 6.65 16.11 11.94 12.47 - 3.54 18.30 8.85 0.09 0.05 0.09 + 0.05 0.16 0.05 0.03 0.03 0.03 unch 0.00 0.05 0.03 0.01 0.00 0.01 + 0.01 0.12 0.00 0.02 0.01 0.02 + 0.01 0.11 0.01 0.85 0.76 0.83 - 0.05 1.16 0.68 1.12 1.03 1.10 + 0.03 1.53 0.92 0.03 0.03 0.03 unch 0.00 0.07 0.03 3.10 1.90 2.95 + 0.20 3.50 0.02 0.36 0.31 0.32 - 0.01 0.56 0.11 0.47 0.41 0.43 - 0.02 0.74 0.15 0.10 0.10 0.10 unch 0.00 0.13 0.01 0.07 0.05 0.06 - 0.01 0.18 0.05 0.05 0.04 0.04 - 0.01 0.11 0.04 0.04 0.03 0.04 unch 0.00 0.08 0.03 0.19 0.15 0.16 - 0.03 0.25 0.10 0.11 0.11 0.11 unch 0.00 0.20 0.08 0.21 0.18 0.19 - 0.01 0.64 0.09 0.15 0.12 0.12 - 0.03 0.50 0.10 0.00 0.00 0.01 unch 0.00 0.32 0.05 0.02 0.02 0.02 unch 0.00 0.06 0.02 0.04 0.03 0.03 - 0.01 0.13 0.03 0.06 0.05 0.05 - 0.01 0.18 0.05 0.47 0.44 0.46 + 0.00 0.62 0.36 0.61 0.58 0.61 + 0.01 0.81 0.49 0.06 0.05 0.06 unch 0.00 0.09 0.01 0.04 0.00 0.03 - 0.00 0.06 0.00 0.06 0.05 0.06 - 0.01 0.11 0.05 0.00 0.00 0.16 unch 0.00 0.21 0.14 0.24 0.22 0.22 unch 0.00 0.30 0.12 0.25 0.21 0.23 - 0.02 0.40 0.21 0.20 0.17 0.18 - 0.01 0.31 0.16 0.15 0.12 0.13 + 0.01 0.37 0.09 0.10 0.08 0.10 + 0.02 0.29 0.06 0.04 0.03 0.03 - 0.01 0.07 0.03 0.06 0.05 0.05 unch 0.00 0.11 0.04 0.04 0.00 0.03 - 0.01 0.10 0.03 0.03 0.03 0.03 unch 0.00 0.09 0.02 0.00 0.00 0.16 unch 0.00 0.31 0.16 0.21 0.17 0.21 + 0.04 0.47 0.17 0.07 0.06 0.07 + 0.01 0.13 0.05 0.06 0.04 0.05 - 0.01 0.10 0.04 0.01 0.01 0.01 + 0.00 0.06 0.00 0.06 0.05 0.06 unch 0.00 0.09 0.02

R Rackla Metals* O 0 0.10 0.00 0.10 + 0.01 0.12 0.05 V 178 0.13 0.00 0.13 + 0.01 0.20 0.08 Rackla Metals Radisson Mng V 770 0.21 0.19 0.21 + 0.01 0.21 0.09 Radius Gold V 193 0.28 0.25 0.26 + 0.01 0.47 0.09 Rae-Wallace Mg* O 100 0.02 0.01 0.02 + 0.01 0.02 0.01 Rain City C 50 0.09 0.04 0.05 + 0.02 0.14 0.04 Rainforest Res* O 11 7.00 0.00 6.10 - 0.90 8.00 4.00 57 0.09 0.00 0.08 - 0.06 0.40 0.08 Rainy Mtn Royl V Rare Element* O 3065 0.52 0.28 0.50 + 0.22 0.60 0.03 Rathdowney Res V 50 0.10 0.10 0.10 unch 0.00 0.13 0.03 Ravencrest Res C 369 0.24 0.20 0.22 - 0.01 0.85 0.20 15 0.10 0.10 0.10 unch 0.00 0.10 0.07 Razore Rock Res C Red Eagle Mng* O 50 0.00 0.00 0.00 unch 0.00 0.03 0.00 Red Moon Res V 19 0.04 0.03 0.03 - 0.01 0.11 0.01 Red Oak Mining V 50 0.02 0.02 0.02 unch 0.00 0.08 0.01 0.04 0.04 0.04 unch 0.00 0.08 0.03 Red Pine Expl V 1301 Redstar Gold V 280 0.03 0.02 0.03 unch 0.00 0.04 0.02 Redstar Gold* O 300 0.02 0.02 0.02 - 0.00 0.04 0.01 Regis Res NL* O 8 3.43 3.17 3.43 + 0.08 4.61 3.03 1.23 Regulus Res V 166 1.40 1.23 1.27 - 0.12 2.00 Remington Res V 2 0.00 0.00 0.16 unch 0.00 0.23 0.12 Renaissance Gd* O 174 0.24 0.21 0.24 + 0.02 0.33 0.11 Renaissance Gd V 82 0.32 0.27 0.32 + 0.05 0.43 0.15 Renforth Res C 647 0.05 0.04 0.05 unch 0.00 0.06 0.02 Resolve Vent V 101 0.08 0.00 0.08 + 0.01 0.13 0.06 Reunion Gold V 366 0.22 0.17 0.22 + 0.02 0.34 0.15 Reunion Gold* O 60 0.16 0.14 0.16 + 0.01 0.25 0.12 Revelo Res V 1038 0.01 0.01 0.01 - 0.01 0.03 0.01 Revival Gold * O 208 0.48 0.38 0.47 + 0.09 0.67 0.32 Revival Gold V 325 0.62 0.49 0.62 + 0.12 0.87 0.43 Rhyolite Res V 121 0.14 0.12 0.12 - 0.02 0.26 0.12 Richmond Mnls* O 9 0.02 0.02 0.02 unch 0.00 0.03 0.01 Richmond Mnls V 295 0.05 0.04 0.05 unch 0.00 0.05 0.02 Ridgestone M’g V 3 0.24 0.24 0.24 unch 0.00 0.30 0.15 O 292815 0.00 0.00 0.00 + 0.00 0.00 0.00 Rimrock Gold* Rio Silver V 210 0.04 0.04 0.04 unch 0.00 0.05 0.03 Rio Tinto* N 8801 54.04 51.71 53.98 + 1.42 64.02 44.62 Rio Tinto* O 1 53.37 0.00 52.60 + 1.50 62.00 43.47 Rio Tinto* O 3 64.18 0.00 62.00 + 0.30 74.50 51.75 Rio2 Limited* O 122 0.32 0.28 0.30 - 0.00 0.52 0.24 Rio2 Limited V 578 0.42 0.37 0.41 + 0.04 0.70 0.31 Rise Gold Corp C 520 0.07 0.06 0.07 unch 0.00 0.12 0.06 Rise Gold Corp* O 162 0.06 0.05 0.05 - 0.00 0.10 0.04 Riverside Res V 382 0.16 0.14 0.14 - 0.01 0.22 0.13 Riverside Res* O 397 0.12 0.11 0.11 - 0.00 0.17 0.10 RJK Explor V 359 0.09 0.09 0.09 - 0.01 0.14 0.04 Robex Res V 356 0.11 0.10 0.11 - 0.01 0.11 0.06 Rochester Res V 5 0.03 0.03 0.03 unch 0.00 0.06 0.03 Rochester Res* O 1 0.02 0.02 0.02 unch 0.00 0.04 0.02 Rock Tech Lith V 58 0.52 0.51 0.51 - 0.01 1.35 0.50 Rockcliff Met C 555 0.10 0.08 0.09 + 0.01 0.19 0.06 Rockex Mng C 53 0.04 0.03 0.03 - 0.01 0.10 0.01 Rockhaven Res V 114 0.15 0.13 0.15 unch 0.00 0.19 0.09 Rockridge Res V 223 0.16 0.15 0.15 - 0.02 0.39 0.14 Rockwell Diam* O 0 0.00 0.00 0.00 unch 0.00 0.00 0.00 Rodinia Lithm V 191 0.06 0.06 0.06 + 0.01 0.08 0.03 Rogue Res* O 6 0.07 0.07 0.07 + 0.01 0.10 0.04 Rogue Res V 51 0.10 0.00 0.09 - 0.01 0.19 0.05 Rokmaster Res V 314 0.04 0.04 0.04 unch 0.00 0.09 0.03 Romios Gold Rs* O 140 0.04 0.02 0.04 + 0.01 0.06 0.02 Romios Gold Rs V 420 0.04 0.03 0.04 + 0.01 0.07 0.03 RosCan Gold* O 86 0.12 0.07 0.12 + 0.03 0.23 0.07 RosCan Gold V 932 0.16 0.10 0.15 + 0.05 0.33 0.05 Roughrider Exp V 125 0.07 0.07 0.07 unch 0.00 0.12 0.06 0.55 Roxgold* O 138 0.77 0.71 0.73 - 0.01 1.07 Roxgold T 3153 0.99 0.94 0.95 - 0.01 1.42 0.72 Royal Gold* D 3830 121.63 112.00 114.02 - 6.46 138.78 70.16 Royal Gold V 1 0.00 0.00 0.17 unch 0.00 0.33 0.10 unch 0.00 0.22 0.02 Royal Gold* O 2 0.11 0.11 0.11 Royal Mines &M* O 51 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.25 Royal Nickel* O 661 0.30 0.27 0.30 + 0.01 0.59 Royal Nickel T 3626 0.39 0.37 0.39 + 0.01 0.79 0.33 0.22 0.22 0.22 unch 0.00 0.26 0.06 Royal Rd Mnrls V 439 Royal Std Mnrl* O 0 0.00 0.00 0.02 unch 0.00 3.14 0.01 RT Minerals V 130 0.04 0.03 0.03 unch 0.00 0.10 0.03 RT Minerals* O 0 0.00 0.00 0.02 unch 0.00 0.07 0.02 RTG Mining T 27 0.07 0.07 0.07 - 0.01 0.16 0.07 Rubicon Mnrls* O 102 0.74 0.62 0.74 + 0.02 1.14 0.46 Rubicon Mnrls T 191 0.98 0.82 0.98 + 0.04 1.52 0.61 Rugby Mng V 74 0.10 0.09 0.09 - 0.01 0.26 0.08 Running Fox Rs V 446 0.02 0.02 0.02 unch 0.00 0.03 0.01 Rupert Res V 13 0.78 0.74 0.74 - 0.04 1.12 0.68 Rusoro Mng* O 4 0.04 0.03 0.04 + 0.01 0.18 0.03 Rusoro Mng V 189 0.05 0.00 0.05 - 0.01 0.25 0.04

S Sabina Gd&Slvr T 850 Sabina Gd&Slvr* O 652 Sable Res* O 7 Sable Res V 605 Sailfish Rylty V 110 Saint Jean* O 16 Salazar Res* O 358 Salazar Res V 395 Salt Lake Pot* O 1 Sama Res* O 83 Sama Res V 99 Samex Mng* O 448 San Gold Corp* O 408 San Marco Res* O 30 San Marco Res V 62 Sanatana Res V 845 Sandfire Res V 51 Sandfire Res* O 93 Sandspring Res* O 3325

1.79 1.67 1.75 - 0.02 2.28 0.99 1.39 1.25 1.33 - 0.03 1.72 0.73 0.07 0.07 0.07 + 0.00 0.21 0.07 0.11 0.09 0.11 unch 0.00 0.27 0.09 1.04 0.88 1.04 + 0.07 1.81 0.70 0.02 0.00 0.01 + 0.01 0.04 0.00 0.14 0.13 0.14 + 0.00 0.15 0.07 0.19 0.17 0.18 + 0.01 0.20 0.10 0.55 0.55 0.55 unch 0.00 0.59 0.31 0.15 0.13 0.14 - 0.01 0.33 0.13 0.19 0.18 0.18 - 0.01 0.44 0.16 0.00 0.00 0.00 + 0.00 0.00 0.00 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.12 0.11 0.11 - 0.01 0.39 0.06 0.14 0.13 0.14 - 0.01 0.53 0.11 0.03 0.03 0.03 unch 0.00 0.06 0.03 0.24 0.23 0.23 - 0.01 0.40 0.06 0.19 0.15 0.17 - 0.02 0.31 0.05 0.26 0.20 0.24 + 0.03 0.34 0.11

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

V 4066 Sandspring Res T 4549 Sandstorm Gold 16994 X Sandstorm Gold* Santa Fe Gold* O 203 V 481 Santacruz Silv Sarama Res V 571 Sarissa Res* O 2578 Satori Res V 7 Saturn Mnrls V 163 Saville Res V 1876 Scandium Intl T 144 O 67 Scandium Intl* Scorpio Gold V 67 51 Scorpio Gold * O Scotch Creek C 50 Scottie Res* O 15 Scottie Res V 561 ScoZinc Mg* O 10 ScoZinc Mg V 9 Seabridge Gld T 292 N 1360 Seabridge Gld* Search Mnls V 38 Searchlight* O 104 O 11 SearchlightMin* V 443 SearchlightRes Secova Mtls V 484 Secova Mtls* O 107 Sego Res V 360 Select Sands V 214 T 3501 Semafo Serabi Gold T 13 Serabi Gold* O 0 Serengeti Res V 1428 C 86 Shamrock Ent Sherritt Intl T 3252 V 250 Shine Minerals 24390 N Sibanye-Stillw* O 7 Sibanye-Stillw* O 3108 Sidney Resrces* Sienna Res* O 98 Sienna Res V 361 Sierra Madre V 2 Sierra Metals T 144 Sierra Metals* X 61 V 16 Sigma Lithium Signature Res V 223 O 138 Signature Res* 6 Silver Bear Rs* O 73 Silver Bear Rs T Silver Bull Re* O 686 Silver Bull Re T 497 Silver Grail V 206 5 Silver Mtn Mns V O 2 Silver Predatr* Silver Predatr V 1 Silver Range* O 37 Silver Range V 82 Silver Scott* O 1 O 1 Silver Spruce* Silver Spruce V 538 Silver Viper V 31 Silver Viper* O 500 T 2319 Silvercorp Met X 4815 Silvercorp Met* SilverCrest* X 1266 SilverCrest T 1112 O 150 Silverore Mns* O 0 Silverstar Res* Sirios Res* O 9 Sirios Res V 649 Sitka Gold C 704 Sixty North* O 6 Sixty North C 80 Skeena Res* O 273 Skeena Res V 860 Sky Gold V 595 Sky Gold* O 73 O 370 Skyharbour Res* V 623 Skyharbour Res Slam Explor* O 50 Slam Explor V 100 Sokoman Min V 1335 O 125 Sokoman Min* SolGold plc T 10 SolGold plc* O 43 X 170 Solitario Ex&R* T 97 Solitario Ex&R Solstice Gold V 108 25 Sonora Gld & S V O 4 Sonoro Metals* V 105 Sonoro Metals South32* O 6 O 4 Southern Arc* Southern Arc V 16 N 4756 Southern Copp* O 201 Southern Silvr* V 375 Southern Silvr T 4 SouthGobi Res V 225 Southstone Min Spanish Mtn Gd* O 261 Spanish Mtn Gd V 396 Sparton Res V 2576 Sparton Res* O 11 O 484 Spearmint Res* C 583 Spearmint Res C 239 Spey Resources Sphinx Res V 41 60 Sprott Res Hld T Spruce Ridge R V 166 SRG Mining V 27 SSR Mining* D 4391 SSR Mining T 1235 St Augustine T 967 C 779 St-Georges Eco O 3 Stakeholdr Gld* V 20 Stakeholdr Gld O 639 Standard Graph* Standard Lith V 460 O 14 Standard Metal* Stans Energy V 373 O 49 Stans Energy* Star Diamond T 440 O 96 Star Diamond* Star Gold* O 392 Starcore Intl T 182 Starr Peak Exp V 348 Stellar Africa* O 2 Stellar Africa V 228 Stelmine Can V 52 Steppe Gold T 365 O 5663 Stornoway Diam* Stratabd Mnr V 532 Strateco Res* O 5 Strategic Metl V 132 O 65 Strategic Metl* O 272 Strategic Min* Strategic Res V 319 Stria Lithium V 75 V 879 Strikepoint Gd O 158 Strikepoint Gd* V 196 Strongbow Expl O 0 Strongbow Expl* Stroud Res V 88 Stuhini Explor V 54 Sulliden Mng T 412 Sun Metals V 1043 N 19063 Suncor Energy* Suncor Energy T 15467 Superior Gold V 1053 O 496 Superior Gold* Superior Mng V 197 C 436 Supreme Metals Surge Copper V 407 Surge Explor* O 691 Surge Explor V 408 Sutter Gold* O 114 Syrah Res* O 183

0.15 0.35 0.26 0.32 + 0.06 0.45 4.60 9.47 7.78 9.25 + 1.27 9.47 3.48 7.20 5.92 7.04 + 0.94 7.20 0.09 0.07 0.09 + 0.00 0.14 0.04 0.05 0.16 0.15 0.16 - 0.01 0.20 0.05 0.08 0.08 0.08 - 0.01 0.12 0.00 0.00 0.00 0.00 + 0.00 0.00 0.04 0.05 0.00 0.05 - 0.01 0.10 0.09 0.14 0.13 0.13 - 0.01 0.26 0.02 0.03 0.02 0.02 - 0.01 0.06 0.11 0.10 0.10 unch 0.00 0.26 0.08 0.06 0.08 0.07 0.08 - 0.00 0.20 0.01 0.10 0.08 0.09 - 0.01 0.16 0.08 0.06 0.07 - 0.01 0.11 0.01 0.06 unch 0.00 0.13 0.07 0.07 0.07 0.11 0.12 0.12 0.12 - 0.01 0.15 0.07 0.18 0.16 0.17 + 0.01 0.25 0.26 unch 0.00 0.59 0.59 0.59 0.59 0.34 0.78 0.73 0.73 - 0.05 0.78 14.74 17.14 15.81 16.87 + 0.49 21.98 10.95 13.02 12.10 12.82 + 0.29 16.55 0.03 unch 0.00 0.06 0.05 0.04 0.05 0.00 0.04 0.02 0.03 - 0.01 0.10 0.01 0.04 0.00 0.04 + 0.00 0.07 0.02 0.05 0.03 0.03 - 0.02 0.05 0.02 0.04 0.04 0.04 + 0.01 0.08 0.01 unch 0.00 0.05 0.02 0.02 0.02 0.03 0.04 0.03 0.04 + 0.01 0.05 0.02 unch 0.00 0.14 0.02 0.02 0.02 2.24 4.29 3.98 4.17 + 0.04 5.75 0.45 1.42 1.38 1.38 - 0.04 1.49 0.62 unch 0.00 0.70 0.00 0.00 0.70 0.15 0.23 0.15 0.17 - 0.08 0.48 0.01 unch 0.00 0.04 0.01 0.01 0.01 0.17 0.29 0.24 0.24 - 0.03 0.71 0.03 unch 0.00 0.14 0.03 0.03 0.03 2.25 7.69 6.96 7.58 + 0.46 7.69 0.53 2.00 0.00 2.00 + 0.35 2.00 0.00 unch 0.00 0.04 0.04 0.03 0.03 0.03 0.04 0.03 0.03 - 0.01 0.06 0.04 0.05 0.04 0.04 - 0.01 0.07 0.04 unch 0.00 0.15 0.00 0.00 0.04 1.33 1.89 1.79 1.85 - 0.01 3.37 1.01 1.46 1.35 1.40 + 0.01 2.59 1.59 1.88 0.00 1.80 - 0.08 2.15 0.04 unch 0.00 0.12 0.06 0.06 0.06 0.03 0.05 0.04 0.04 - 0.00 0.10 0.13 0.13 0.13 unch 0.00 0.18 0.07 0.18 0.16 0.17 - 0.01 0.25 0.10 0.09 0.06 0.07 + 0.00 0.14 0.06 0.10 0.09 0.09 - 0.01 0.19 0.08 0.02 0.08 0.05 0.07 + 0.02 0.12 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.04 unch 0.00 0.12 0.06 0.06 0.06 0.06 unch 0.00 0.17 0.00 0.00 0.10 0.05 0.08 0.00 0.06 + 0.00 0.11 0.07 unch 0.00 0.15 0.10 0.00 0.08 0.01 0.03 0.00 0.03 + 0.00 0.06 0.01 unch 0.00 0.05 0.02 0.00 0.02 0.02 0.05 0.04 0.05 + 0.02 0.06 0.07 0.27 0.23 0.25 - 0.03 0.38 0.07 unch 0.00 0.25 0.16 0.16 0.16 2.43 0.26 6.15 5.63 5.05 5.63 + 1.83 4.29 3.86 4.27 + 0.14 4.66 2.21 5.84 5.49 5.75 - 0.07 6.69 2.93 7.68 7.18 7.49 - 0.07 8.73 0.02 unch 0.00 0.03 0.02 0.02 0.02 0.01 unch 0.00 0.14 0.00 0.00 0.05 0.09 0.17 0.14 0.16 + 0.03 0.20 0.12 0.21 0.19 0.20 + 0.02 0.28 0.04 0.16 0.12 0.16 + 0.03 0.18 0.03 unch 0.00 0.06 0.04 0.04 0.04 0.03 unch 0.00 0.10 0.04 0.04 0.04 0.19 0.44 0.39 0.44 + 0.01 0.44 0.27 0.58 0.50 0.58 + 0.03 0.58 0.01 unch 0.00 0.07 0.01 0.00 0.01 0.01 0.01 0.01 0.01 - 0.00 0.07 0.13 0.15 0.11 0.12 - 0.04 0.42 0.15 0.20 0.15 0.16 - 0.05 0.56 0.01 unch 0.00 0.02 0.02 0.02 0.02 0.01 unch 0.00 0.03 0.02 0.02 0.02 0.05 0.05 0.05 0.05 - 0.01 0.32 0.04 0.04 0.04 0.04 + 0.00 0.22 0.28 0.37 0.36 0.37 + 0.02 0.76 0.21 0.30 0.26 0.30 + 0.02 0.56 0.19 0.31 0.29 0.30 + 0.02 0.54 0.26 0.41 0.37 0.39 + 0.03 0.59 0.05 unch 0.00 0.27 0.08 0.08 0.08 0.04 0.04 0.04 unch 0.00 0.08 0.04 0.09 unch 0.00 0.16 0.09 0.09 0.09 0.12 0.16 0.14 0.15 - 0.01 0.20 1.59 1.84 1.71 1.76 + 0.04 2.86 0.20 0.26 0.23 0.26 + 0.03 0.47 0.29 0.38 0.33 0.38 + 0.08 0.62 29.01 37.36 35.38 37.35 + 1.38 42.42 0.08 0.23 0.19 0.23 + 0.02 0.22 0.11 0.30 0.27 0.30 + 0.03 0.30 0.10 unch 0.00 0.18 0.14 0.00 0.14 0.01 unch 0.00 0.04 0.01 0.01 0.01 0.10 0.07 0.09 - 0.00 0.11 0.03 0.11 0.10 0.11 + 0.01 0.14 0.05 0.02 unch 0.00 0.12 0.03 0.02 0.02 0.01 0.02 0.01 0.02 + 0.01 0.09 0.00 0.02 0.01 0.01 + 0.00 0.08 0.01 unch 0.00 0.05 0.02 0.01 0.02 0.04 0.04 0.04 0.04 - 0.01 0.11 0.02 0.03 0.00 0.03 + 0.01 0.06 0.90 0.85 0.87 - 0.03 1.77 0.85 0.05 0.05 0.05 - 0.01 0.13 0.04 0.64 0.76 0.73 0.74 - 0.01 1.15 14.93 13.99 14.56 - 0.11 17.56 9.65 12.68 19.64 18.27 19.12 - 0.07 23.42 0.02 0.02 0.02 0.02 - 0.01 0.03 0.05 0.08 0.06 0.08 + 0.02 0.25 0.02 0.03 0.03 0.03 + 0.01 0.08 0.03 0.05 0.00 0.05 - 0.01 0.10 0.16 0.19 0.17 0.19 + 0.01 0.88 0.65 0.79 0.66 0.79 + 0.12 1.53 0.02 unch 0.00 0.12 0.04 0.04 0.04 0.01 unch 0.00 0.11 0.02 0.01 0.02 0.01 0.02 0.01 0.01 - 0.00 0.08 0.18 unch 0.00 0.34 0.22 0.19 0.20 0.14 0.16 0.15 0.15 - 0.00 0.26 0.02 0.04 0.03 0.03 - 0.02 0.30 0.07 0.09 0.07 0.07 - 0.01 0.16 0.30 0.27 0.30 + 0.02 0.40 0.09 0.01 unch 0.00 0.03 0.03 0.03 0.03 0.01 0.03 0.03 0.03 - 0.01 0.03 0.09 0.13 0.13 0.13 - 0.01 0.17 0.59 1.08 0.95 1.06 - 0.04 1.14 0.00 0.01 0.00 0.00 - 0.00 0.21 0.02 0.06 0.04 0.05 - 0.01 0.18 0.00 unch 0.00 0.01 0.00 0.00 0.00 0.28 0.54 0.49 0.50 - 0.04 0.56 0.21 0.42 0.38 0.38 - 0.02 0.42 0.01 unch 0.00 0.03 0.01 0.01 0.01 0.18 0.35 0.27 0.35 + 0.05 0.70 0.01 unch 0.00 0.04 0.01 0.01 0.01 0.04 0.05 0.04 0.05 - 0.01 0.18 0.03 0.04 0.03 0.03 - 0.00 0.14 0.04 0.06 0.05 0.06 + 0.01 0.22 0.04 0.00 0.15 nch u 0.00 0.00 0.05 0.05 0.26 0.22 0.26 + 0.04 0.37 0.19 0.22 0.21 0.22 + 0.02 0.35 0.06 0.08 0.06 0.06 - 0.01 0.16 0.18 0.25 0.19 0.25 + 0.06 0.65 25.81 30.94 28.92 30.90 + 0.45 35.37 35.53 40.66 38.05 40.63 + 0.85 46.50 0.44 0.49 0.47 0.48 - 0.05 1.14 0.33 0.38 0.36 0.36 - 0.03 0.84 0.05 0.12 0.11 0.11 - 0.01 0.14 0.01 unch 0.00 0.03 0.01 0.01 0.01 0.03 unch 0.00 0.08 0.05 0.04 0.04 0.02 0.04 0.02 0.03 - 0.00 0.12 0.03 unch 0.00 0.16 0.04 0.04 0.04 0.00 0.01 0.00 0.00 + 0.00 0.02 0.26 0.31 0.26 0.31 + 0.03 1.50

Taiga Gold C 118 Taiga Gold* O 21 Tajiri Res V 229 Taku Gold* O 35 Taku Gold C 69 Talisker Res C 450 Talisker Res* O 17 Talon Metals T 283 O 10 Tamerlane Vent* O 7616 Tamino Mnrls* V 251 Tanqueray Expl Tantalex Res C 145 X 708 Tanzanian Gold*

0.06 unch 0.00 0.14 0.09 0.08 0.08 0.04 0.06 0.05 0.05 - 0.01 0.10 0.03 0.04 0.04 0.04 + 0.01 0.08 0.02 0.05 0.04 0.04 - 0.01 0.08 0.03 0.06 0.00 0.05 - 0.01 0.10 0.08 0.18 0.16 0.17 - 0.02 0.22 0.00 0.14 0.12 0.13 + 0.00 0.15 0.07 unch 0.00 0.25 0.18 0.16 0.17 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.00 0.00 0.45 0.61 0.53 0.55 + 0.01 0.89 0.01 unch 0.00 0.08 0.02 0.02 0.02 0.25 0.83 0.74 0.83 + 0.07 1.20

T

2019-11-04 1:19 PM

GLOBAL MINING NEWS

(100s) Stock

THE NORTHERN MINER / NOVEMBER 11–24, 2019

Week

12-month

Exc Volume High Low Last Change High Low

Tanzanian Gold T 76 Taranis Res* O 8 Taranis Res V 35 Tarku Res V 180 Tartisan Nick* O 32 Tartisan Nick C 768 Taseko Mines T 523 Taseko Mines* X 1935 Tearlach Res V 4 T 7610 Teck Res Teck Res T 13 Teck Res* N 18574 Telson Res * O 115 Telson Res V 118 Tembo Gold V 33 Teranga Gold* O 70 Teranga Gold T 1359 Teras Res V 137 Teras Res* O 18 Terrax Mnrls V 930 Terrax Mnrls* O 64 Terreno Res V 29 Teslin Rvr Res V 502 Tesoro Mnrls V 93 Tesoro Mnrls* O 0 Tethyan Res V 953 Teuton Res V 246 Teuton Res* O 101 O 473 Texas Mineral* Themac Res V 98 Thor Expl V 5 Thunder Mtn Gd* O 103 V 277 Thunderstruck Thunderstruck* O 26 Till Capital V 1 Timberline Res V 80 O 198 Timberline Res* Tinka Res V 928 Tinka Res* O 487 Tisdale Res V 71 Titan Mining T 293 Titan Mining* O 750 V 75 Titanium Corp TMAC Resource* O 34 T 563 TMAC Resources TNR Gold V 344 C 502 Tocvan Venture Tombstone Expl* O 2 O 89 Tonogold Res* Torex Gold* O 217 Torex Gold T 2205 Torq Resources* O 25 V 289 Torq Resources Tower Res V 909 Transatlantic V 120 Transition Met V 104 T 584 Treasury Metal Treasury Metal* O 73 Trecora Res* N 136 Tres-Or Res V 24 Trevali Mng* O 71 Trevali Mng T 3151 Tri Origin Exp V 1117 Trifecta Gold* O 13 Trifecta Gold V 171 Trilogy Mtls T 225 Trilogy Mtls* X 780 TriMetals Mng T 665

1.09 0.98 1.08 + 0.08 1.56 0.34 0.07 0.06 0.06 - 0.01 0.09 0.03 0.08 0.08 0.08 unch 0.00 0.12 0.05 0.02 0.01 0.02 unch 0.00 0.05 0.01 0.04 0.03 0.04 + 0.00 0.06 0.02 0.06 0.05 0.05 unch 0.00 0.08 0.02 0.59 0.52 0.53 - 0.04 1.05 0.50 0.45 0.40 0.41 - 0.03 0.79 0.38 0.12 0.12 0.12 unch 0.00 0.28 0.03 22.39 20.59 21.19 - 0.61 34.31 19.34 22.64 20.86 21.30 - 0.70 34.00 19.60 17.15 15.64 16.12 - 0.57 25.75 14.51 0.10 0.10 0.10 unch 0.00 0.37 0.10 0.15 0.14 0.15 + 0.01 0.50 0.13 0.03 0.02 0.02 - 0.01 0.04 0.01 4.30 3.91 4.30 + 0.32 4.36 2.23 5.65 5.06 5.62 + 0.38 5.71 2.97 0.04 0.04 0.04 unch 0.00 0.12 0.04 0.04 0.03 0.03 - 0.01 0.07 0.03 0.28 0.24 0.25 - 0.04 0.50 0.23 0.21 0.19 0.19 - 0.02 0.36 0.17 0.02 0.02 0.02 unch 0.00 0.05 0.02 0.34 0.30 0.32 unch 0.00 0.60 0.29 0.05 0.05 0.05 unch 0.00 0.07 0.04 0.00 0.00 0.03 unch 0.00 0.03 0.03 0.18 0.12 0.13 - 0.04 0.85 0.12 0.33 0.29 0.32 + 0.02 0.65 0.10 0.26 0.22 0.24 - 0.00 0.49 0.07 0.30 0.24 0.30 + 0.02 0.57 0.12 0.05 0.04 0.04 unch 0.00 0.09 0.03 0.15 0.15 0.15 unch 0.00 0.18 0.13 0.12 0.10 0.10 unch 0.00 0.12 0.03 0.05 0.00 0.04 - 0.01 0.11 0.04 0.04 0.03 0.04 + 0.01 0.08 0.02 1.54 1.54 1.54 unch 0.00 2.27 1.45 0.11 0.08 0.09 - 0.02 0.13 0.07 0.09 0.06 0.09 + 0.02 0.13 0.03 0.18 0.15 0.16 - 0.02 0.40 0.15 0.14 0.12 0.12 - 0.01 0.28 0.11 0.13 0.00 0.13 + 0.04 0.30 0.06 0.31 0.28 0.30 unch 0.00 1.34 0.25 0.24 0.23 0.24 + 0.01 0.98 0.22 0.77 0.66 0.66 - 0.04 1.20 0.47 3.20 2.44 2.73 - 0.42 5.29 2.71 4.18 3.11 3.55 - 0.55 7.06 3.57 0.04 0.03 0.03 unch 0.00 0.05 0.02 0.16 0.15 0.15 unch 0.00 0.17 0.07 2.60 1.52 2.59 + 0.69 3.80 0.12 0.27 0.18 0.26 + 0.04 0.27 0.04 14.99 12.67 14.96 + 1.71 16.54 7.46 19.74 16.50 19.68 + 2.37 21.91 9.83 0.36 0.32 0.36 + 0.08 0.41 0.24 0.49 0.39 0.48 + 0.09 0.54 0.33 0.02 0.02 0.02 unch 0.00 0.07 0.02 0.03 0.03 0.03 - 0.01 0.16 0.02 0.16 0.15 0.15 unch 0.00 0.23 0.06 0.29 0.25 0.28 + 0.02 0.42 0.21 0.21 0.19 0.21 - 0.00 0.32 0.15 8.95 8.61 8.82 + 0.08 10.54 6.69 0.15 0.14 0.14 unch 0.00 0.30 0.13 0.17 0.14 0.15 - 0.01 0.43 0.13 0.22 0.20 0.21 - 0.01 0.56 0.17 0.03 0.03 0.03 - 0.01 0.04 0.01 0.03 0.00 0.03 + 0.01 0.06 0.02 0.04 0.03 0.03 unch 0.00 0.07 0.03 2.75 2.50 2.63 + 0.07 4.10 2.00 2.07 1.93 2.00 + 0.03 3.13 1.48 0.12 0.10 0.11 unch 0.00 0.12 0.03

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

TriMetals Mng* O 60 Trinity Res* O 21 Trinity Valley V 492 O 1664 Trio Resources* TriStar Gold V 79 TriStar Gold* O 37 Triumph Gold V 655 Triumph Gold* O 377 Troilus Gold T 442 Troilus Gold* O 10 Troubadour Res V 622 Troy Enrgy V 78 Troy Res* O 30 True Grit Res V 160 True North Gem V 15 Trueclaim Expl* O 1 Tsodilo Res V 125 Tudor Gold V 384 Tudor Gold * O 83 1 Tundra Gold* O Turquoise HIl T 2701 Turquoise HIl* N 36806 TVI Pacific* O 107 TVI Pacific V 1218 Tyhee Gold* O 155 Tymbal Res V 0 Typhoon Expl V 294

0.09 0.08 0.08 - 0.01 0.09 0.02 0.08 0.04 0.08 + 0.04 0.20 0.01 0.08 0.07 0.08 unch 0.00 0.15 0.04 0.00 0.00 0.00 + 0.00 0.01 0.00 0.21 0.19 0.21 unch 0.00 0.25 0.09 0.17 0.15 0.17 + 0.01 0.19 0.07 0.38 0.33 0.37 + 0.02 0.58 0.25 0.29 0.25 0.27 + 0.00 0.44 0.19 0.70 0.63 0.68 - 0.02 1.16 0.40 0.54 0.50 0.54 + 0.03 0.81 0.40 0.05 0.04 0.05 unch 0.00 0.22 0.03 0.03 0.02 0.02 - 0.01 0.05 0.01 0.07 0.07 0.07 unch 0.00 0.10 0.06 0.02 0.02 0.02 unch 0.00 0.04 0.01 0.06 0.06 0.06 unch 0.00 0.60 0.05 0.08 0.00 0.08 + 0.02 0.12 0.09 0.09 0.09 0.09 unch 0.00 0.38 0.08 0.56 0.49 0.55 + 0.04 1.07 0.20 0.42 0.38 0.41 + 0.00 0.81 0.15 7.00 7.00 7.00 unch 0.00 500.00 7.00 0.60 0.54 0.56 - 0.02 2.84 0.53 0.46 0.40 0.43 - 0.02 2.17 0.40 0.01 0.01 0.01 + 0.00 0.01 0.00 0.01 0.01 0.01 - 0.00 0.02 0.01 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.05 unch 0.00 0.15 0.05 0.03 0.03 0.03 + 0.01 0.05 0.02

U.S. Gold* D 572 U.S. Lithium* O 87 U3O8 Corp* O 57 U3O8 Corp T 24 Ubique Mineral C 0 UC Res* O 99 Ucore Rare Mtl V 1541 Ucore Rare Mtl* O 2272 UEX Corp T 1193 Ultra Lithium* O 0 Ultra Lithium V 99 O 101 Umbral Enrgy* Unigold* O 25 V 19 Unigold United Battery C 53 O 157 United Battery* United Res Hdg* O 14 United States A* X 165 United States S* N 99658 V 198 Universal Cop Universal Vent V 321 Ur-Energy T 99 Ur-Energy* X 870 Uragold Bay Rs V 284 Uranium Energy* X 2953 O 0 Uranium Hunter* Uranium Res* D 712 V 269 UrbanGold Min USCorp* O 77 Val-d’Or Mg* O 0 Val-d’Or Mg V 16 N 94012 Vale* Valley High Mg* O 4273 O 124 ValOre Metals* ValOre Metals V 129 Valterra Res* O 210 Valterra Res V 170 O 93 Vanadian Enrgy*

0.86 0.79 0.84 + 0.00 1.53 0.74 0.38 0.28 0.29 - 0.00 0.80 0.09 0.07 0.07 0.07 - 0.00 0.26 0.05 0.09 0.00 0.09 unch 0.00 0.34 0.05 0.00 0.00 0.07 unch 0.00 0.20 0.05 0.45 0.35 0.42 + 0.07 1.27 0.00 0.11 0.10 0.10 - 0.01 0.34 0.09 0.09 0.07 0.08 - 0.01 0.25 0.07 0.15 0.13 0.13 - 0.01 0.22 0.13 0.00 0.00 0.06 unch 0.00 0.14 0.05 0.08 0.07 0.07 - 0.01 0.19 0.07 0.20 0.17 0.18 - 0.02 0.54 0.11 0.15 0.12 0.12 - 0.03 0.19 0.07 0.18 0.00 0.17 - 0.01 0.26 0.09 0.03 0.00 0.02 unch 0.00 1.68 0.02 0.02 0.01 0.02 + 0.00 1.28 0.01 0.06 0.04 0.06 + 0.01 0.09 0.01 0.54 0.47 0.51 + 0.01 0.80 0.42 13.78 11.43 13.21 + 1.50 29.84 9.93 0.04 0.04 0.04 + 0.01 0.17 0.04 0.45 0.41 0.43 + 0.01 0.47 0.28 0.79 0.73 0.76 - 0.01 1.30 0.70 0.61 0.55 0.58 - 0.03 0.99 0.50 0.09 0.08 0.09 unch 0.00 0.12 0.06 1.01 0.94 0.98 - 0.01 1.58 0.83 0.00 0.00 3.00 unch 0.00 3.50 0.51 3.27 2.80 3.16 - 0.08 14.50 2.45 0.14 0.11 0.12 unch 0.00 0.18 0.10 0.00 0.00 0.00 - 0.00 0.00 0.00 0.00 0.00 0.05 unch 0.00 0.08 0.05 0.07 0.07 0.07 unch 0.00 0.11 0.05 12.23 11.60 12.14 + 0.10 15.92 10.20 0.00 0.00 0.00 + 0.00 0.01 0.00 0.25 0.20 0.21 - 0.03 0.31 0.00 0.32 0.26 0.27 - 0.05 0.40 0.11 0.02 0.01 0.02 + 0.00 0.03 0.01 0.02 0.02 0.02 + 0.01 0.04 0.02 0.02 0.01 0.02 - 0.00 0.11 0.01

U-V

(100s) Stock

Week

12-month

(100s)

Exc Volume High Low Last Change High Low

Vanadian Enrgy V 105 Vanadium One* O 1 Vanadium One V 802 Vanadiumcorp* O 202 Vanadiumcorp V 166 Vangold Res* O 0 Vanstar Mng Rs* O 91 Vanstar Mng Rs V 826 Vantex Res * O 0 O 3 Velocity Mnrls* Velocity Mnrls V 41 Vendetta Mng V 894 Vendetta Mng* O 906 Venerable Vent V 64 Verde Potash T 35 Verde Res* O 100 Veris Gold* O 206 Vertical Expl V 634 Victoria Gold V 2236 O 30 Victory Metals* Victory Metals V 39 Victory Nickel* O 27 Victory Nickel C 51 Victory Res C 135 O 24 Virginia Enrgy* Virginia Enrgy V 96 Viscount Mng V 199 Visible Gold M V 109 Vision Lithium* O 15 Vision Lithium V 711 Vista Gold* X 512 Vista Gold T 10 Viva Gold* O 21 Viva Gold V 85 Vizsla Res V 562 Volcanic Gold V 39 Volt Energy V 36 Voyageur Min V 210 Voyageur Min* O 194 O 93 VR Resources* VR Resources V 548 Vulcan Mnrls V 489 VVC Expl V 2494

0.03 0.03 0.03 - 0.01 0.15 0.02 0.06 0.06 0.06 unch 0.00 0.20 0.04 0.08 0.06 0.07 unch 0.00 0.26 0.06 0.05 0.03 0.03 - 0.01 0.10 0.03 0.05 0.05 0.05 - 0.01 0.14 0.05 0.00 0.00 0.03 unch 0.00 0.03 0.01 0.25 0.23 0.23 - 0.04 0.27 0.08 0.35 0.30 0.31 - 0.03 0.36 0.09 0.00 0.00 0.12 unch 0.00 0.22 0.12 0.38 0.37 0.37 - 0.00 0.44 0.11 0.48 0.00 0.48 + 0.01 0.58 0.15 0.07 0.06 0.06 - 0.02 0.19 0.05 0.05 0.04 0.04 - 0.01 0.14 0.03 0.07 0.06 0.06 - 0.01 0.11 0.05 0.60 0.58 0.60 - 0.01 0.90 0.50 0.01 0.01 0.01 unch 0.00 0.10 0.00 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.04 0.03 0.03 - 0.01 0.11 0.03 0.49 0.46 0.47 - 0.02 0.66 0.35 0.37 0.29 0.37 + 0.05 0.57 0.29 0.47 0.42 0.45 + 0.03 0.77 0.37 0.02 0.00 0.02 - 0.00 0.04 0.01 0.03 0.02 0.02 unch 0.00 0.05 0.01 0.03 0.03 0.03 - 0.01 0.12 0.01 0.04 0.00 0.03 + 0.00 0.28 0.03 0.05 0.04 0.04 unch 0.00 0.37 0.04 0.24 0.21 0.22 - 0.02 0.31 0.15 0.07 0.07 0.07 - 0.01 0.11 0.04 0.03 0.03 0.03 - 0.00 0.13 0.03 0.05 0.03 0.04 - 0.02 0.21 0.03 0.78 0.73 0.75 - 0.03 1.05 0.37 1.02 0.98 0.98 - 0.05 1.39 0.56 0.21 0.16 0.21 + 0.03 0.32 0.16 0.26 0.24 0.24 - 0.01 0.44 0.22 0.45 0.37 0.37 - 0.06 0.50 0.13 0.16 0.00 0.15 - 0.07 0.60 0.14 0.04 0.04 0.04 - 0.01 0.10 0.02 0.07 0.06 0.06 - 0.01 0.12 0.05 0.00 0.00 0.04 unch 0.00 0.10 0.04 0.23 0.19 0.21 - 0.04 0.35 0.09 0.33 0.25 0.29 - 0.02 0.40 0.12 0.03 0.02 0.02 - 0.01 0.06 0.02 0.04 0.03 0.03 + 0.01 0.05 0.02

Walcott Res C 80 Walker Lane* O 1 Walker River* O 79 Walker River V 1038 Wallbridge Mng T 12757 Warrior Gold* O 19 Warrior Gold V 65 Waseco Res V 173 Wealth Mnrls V 390 Wealth Mnrls* O 340 V 2 Wescan Gldflds Wesdome Gold* O 651 T 3503 Wesdome Gold West High Yld V 112 West Kirkland V 199 West Kirkland * O 25 West Red Lake* O 312 West Red Lake C 1411 O 2 Western Areas* Western Atlas V 258 T 114 Western Copper Western Copper* X 310

0.10 0.10 0.10 unch 0.00 0.10 0.10 0.18 0.18 0.18 unch 0.00 0.40 0.03 0.09 0.05 0.09 + 0.04 0.19 0.05 0.12 0.09 0.09 - 0.01 0.27 0.05 0.70 0.50 0.68 + 0.18 0.64 0.15 0.06 0.00 0.06 + 0.00 0.09 0.03 0.08 0.08 0.08 + 0.01 0.12 0.04 0.04 0.00 0.04 unch 0.00 0.05 0.02 0.33 0.30 0.30 - 0.03 0.65 0.27 0.25 0.21 0.23 - 0.03 0.50 0.20 0.04 0.00 0.04 unch 0.00 0.11 0.03 6.22 5.14 6.16 + 0.84 6.22 2.34 8.19 6.70 8.08 + 1.14 8.07 3.30 0.19 0.17 0.19 unch 0.00 0.60 0.16 0.07 0.06 0.07 + 0.01 0.09 0.03 0.05 0.05 0.05 unch 0.00 0.07 0.02 0.05 0.03 0.04 - 0.00 0.10 0.03 0.06 0.04 0.06 unch 0.00 0.12 0.04 2.17 2.05 2.17 + 0.12 2.32 1.27 0.07 0.05 0.07 + 0.01 0.12 0.05 1.03 0.92 0.95 - 0.03 1.08 0.52 0.80 0.70 0.74 - 0.01 0.83 0.35

Stock

12-month

Exc Volume High Low Last Change High Low

Western Mag V 1480 Western Mag* O 795 Western Pac Rs* O 1 5 Western Pac Rs V Western Potash T 512 Western Res* O 27 Western Troy C* O 7 Western Troy C V 62 Western U&V C 62 O 150 Western U&V* Westgold Res* O 76 Westhaven Vent* O 513 Westhaven Vent V 636 O 3975 Westkam Gold* Westkam Gold V 775 Westminster Rs V 25 Westminster Rs* O 25 Westmoreland* O 66 WestMountain* O 0 Wheaton Prec M* N 14583 Wheaton Prec M T 5083 White Energy* O 2 White Gold* O 80 White Gold V 846 White Metal R* O 100 White Metal Rs V 147 White Mtn Engy* O 465 O 16 Whitehaven Coa* Wildsky Res* O 1 Wildsky Res V 26 O 254 Winston Gold* Winston Gold C 196 Winston Res C 41 Wolfden Res* O 142 Wolfden Res V 503 Wolfeye Res V 309 Worldwide Res* O 50 V 61 Worldwide Res X-Terra Res V 2645 X-Terra Res* O 0 T 20 Xanadu Mines Xemplar Egy* O 3 Xiana Mng V 31 Xiana Mng* O 1 50 Ximen Mining* O Ximen Mining V 603 Xtierra Inc V 75 O 5 Xtra-Gold Res* Xtra-Gold Res T 23 16380 Yamana Gold T N 77750 Yamana Gold* Yanzhou Coal* O 15 Yorbeau Res T 642 Yukoterre Res C 25 V 6 Zadar Ventures Zanzibar Gold C 26 Zara Res* O 660 O 36 ZEN Graphene* ZEN Graphene V 165 Zephyr Mnls* O 20 Zephyr Mnls V 77 Zimtu Capital V 60 Zinc One Res V 1038 Zinc One Res * O 46 ZincX Res V 587 ZincX Res* O 15 Zonte Metals V 45 O 6 Zonte Metals*

W-Z

Week

23

0.16 0.13 0.15 - 0.02 0.35 0.04 0.13 0.10 0.11 - 0.02 0.43 0.03 0.19 0.00 0.19 - 0.03 0.62 0.14 0.31 0.25 0.31 + 0.06 0.98 0.20 0.34 0.28 0.28 - 0.07 0.55 0.11 0.23 0.23 0.23 + 0.00 0.41 0.08 0.02 0.02 0.02 unch 0.00 0.02 0.01 0.04 0.03 0.03 + 0.01 0.10 0.03 0.80 0.65 0.72 - 0.01 3.22 0.65 0.59 0.49 0.58 + 0.00 2.50 0.49 1.65 0.00 1.65 - 0.02 1.67 0.60 0.75 0.60 0.63 - 0.12 1.03 0.39 0.98 0.80 0.80 - 0.16 1.43 0.51 0.00 0.00 0.00 - 0.00 0.01 0.00 0.01 0.01 0.01 unch 0.00 0.01 0.01 0.08 0.08 0.08 unch 0.00 0.45 0.07 0.06 0.06 0.06 unch 0.00 0.14 0.05 0.01 0.01 0.01 - 0.00 0.05 0.01 1.00 0.00 1.00 - 1.00 3.00 1.00 28.50 26.53 27.93 + 0.43 30.90 15.08 37.52 34.68 36.65 + 0.76 40.95 19.90 0.29 0.29 0.29 unch 0.00 0.55 0.23 0.73 0.62 0.68 - 0.06 1.25 0.62 0.95 0.83 0.89 - 0.06 1.69 0.83 0.04 0.04 0.04 - 0.00 0.09 0.02 0.04 0.04 0.04 unch 0.00 0.11 0.04 0.05 0.04 0.04 + 0.00 0.07 0.00 2.23 2.14 2.23 + 0.09 3.32 2.14 0.06 0.00 0.06 + 0.01 0.11 0.05 0.09 0.07 0.07 - 0.02 0.14 0.06 0.08 0.07 0.08 - 0.01 0.13 0.02 0.10 0.10 0.10 - 0.01 0.17 0.03 0.02 0.00 0.02 - 0.01 0.07 0.02 0.08 0.07 0.08 - 0.01 0.23 0.07 0.10 0.09 0.10 unch 0.00 0.30 0.09 0.50 0.49 0.50 unch 0.00 0.93 0.45 0.05 0.05 0.05 unch 0.00 0.05 0.03 0.03 0.03 0.03 - 0.03 0.07 0.02 0.15 0.10 0.14 + 0.04 0.17 0.07 0.00 0.00 0.07 unch 0.00 0.10 0.07 0.04 0.04 0.04 unch 0.00 0.17 0.04 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.40 0.39 0.39 - 0.01 0.61 0.31 0.29 0.28 0.28 unch 0.00 0.45 0.23 0.28 0.28 0.28 unch 0.00 10.27 0.17 0.35 0.31 0.32 - 0.04 0.86 0.22 0.05 0.05 0.05 unch 0.00 0.08 0.03 0.35 0.20 0.35 - 0.01 0.47 0.20 0.47 0.42 0.44 - 0.03 0.64 0.24 4.87 4.49 4.73 - 0.04 5.04 2.41 3.70 3.40 3.60 - 0.05 3.79 1.78 1.02 1.02 1.02 unch 0.00 1.08 0.81 0.03 0.02 0.03 unch 0.00 0.05 0.02 0.15 0.15 0.15 unch 0.00 0.16 0.12 0.10 0.10 0.10 unch 0.00 0.45 0.08 0.15 0.12 0.13 - 0.01 0.32 0.11 0.04 0.02 0.03 + 0.00 0.63 0.02 0.29 0.00 0.28 - 0.02 0.47 0.21 0.39 0.00 0.38 - 0.01 0.63 0.28 0.21 0.19 0.19 - 0.01 0.54 0.11 0.26 0.25 0.25 unch 0.00 0.34 0.15 0.12 0.00 0.12 + 0.02 0.35 0.10 0.03 0.02 0.03 unch 0.00 0.11 0.02 0.02 0.01 0.02 - 0.00 0.08 0.00 0.11 0.10 0.11 + 0.01 0.34 0.10 0.08 0.08 0.08 unch 0.00 0.25 0.08 0.30 0.28 0.30 + 0.01 0.39 0.20 0.22 0.22 0.22 + 0.01 0.30 0.16

BID-ASK — OCTOBER 28–NOVEMBER 1, 2019

STOCK

12-MONTH

EXC BID ASK LAST HIGH

12 Exploration C Aberdeen Intl T Academy Metals V African Metals V Aguila Amer Gd V AJN Resources C Alba Minerals V Alchemist Mng C Alexandra Cap C Allante Res V Alliance Mng V Altan Rio Min V American CuMo V American Uran V Anconia Res V Anglo-Bomarc V Antler Hill V Arbor Metals V Archon Mineral V Armor Min V Arrowstar Res V Asbestos Corp V Atlanta Gold V Atlantic Indus V V Aurelius Min Auxico Res C Aztec Minerals V X Banro Corp* Bard Ventures V Barker Min V Baroyeca Gold V BHK Mining V Black Mammoth V Bluenose Gold V Boss Power V Brigadier Gold V Broadway Gold V Brunswick Res V Bullion Gold V Cache Explor V Cadillac Vent V Cairo Res V Camrova Res V Canadian Silv V Canex Energy V Cariboo Rose V V Cassius Vents CAT Strategic C Century Metals V C Cerro de Pasc Cerro Mng V Chinapintza Mg V CIM Intl Grp C Cliffs Nat Res* N Clydesdale Res V C CMX Gold & Sil Colombia Crest V Comet Inds V Contintl Prec V CR Capital V Crestview Expl C CWN M’g Acq V Cyprium Mng V Discovery-Corp V EastCoal Inc V Edison Cobalt V Electra Stone V Emgold Mining V Essex Minerals V Eurotin V Everton Res V Evolving Gold C Excalibur Res C Fieldex Expl V Finlay Minrls V Finore Mng C Fire River Gol V Freedom Egy V Full Metal Mnl V Fusion Gold V Generic Gold C Gentor Res V GFM Res V

20-23_NOV11_StockTables.indd 23

0.15 0.25 0.20 0.25 0.04 0.04 0.04 0.08 0.13 0.27 0.20 1.40 0.06 0.09 0.06 0.17 0.26 0.15 0.27 0.19 0.24 0.17 0.30 0.15 0.16 0.16 0.28 ... 0.06 0.06 ... ...

0.50 0.93 0.01 ...

0.16 0.20 0.01 0.01 0.01 0.03 0.01 0.01 0.01 0.02 0.06 0.07 0.06 0.06 0.06 0.24 0.06 0.07 0.01 0.01 0.01 0.02 0.08 0.08 0.15 0.05 0.08 0.09 0.09 0.11 0.20 0.13 0.27 0.41 0.79 0.45 0.68 0.36 0.48 0.36 0.59 0.01 0.12 0.12 0.55 1.00 0.50 0.55 0.03 0.04 0.03 0.04 0.01 0.02 0.02 0.02 0.13 0.14 0.14 0.15 0.03 0.06 0.06 0.27 0.08 0.10 0.08 0.20 0.11 0.11 0.11 2.10 0.07 0.14 0.12 1.63 0.01 0.01 0.01 0.01 0.05 0.08 0.05 0.20 0.02 0.02 0.02 0.04 0.06 0.04 0.09 0.16 0.16 0.14 0.33 0.17 0.20 0.17 ... 0.17 0.15 0.25 0.07 0.07 0.08 0.14 ... 0.03 0.03 0.04 0.06 0.15 0.10 0.47 0.02 0.02 0.02 0.07 0.01 0.02 0.01 0.04 0.26 ...

0.30 0.39 ... 0.07 0.07 0.08 0.01 0.06 0.06 ... ...

0.17 0.17 0.04 0.04 0.04 0.06 0.07 0.09 0.07 0.09 0.04 ...

0.04 0.12 0.06 0.10 0.07 0.11 ... ...

0.29 0.34 0.16 0.40 0.13 0.36 0.02 0.03 0.02 0.03 0.02 0.15 0.17 0.63 1.45 3.20 1.43 7.17 0.01 0.03 0.03 0.05 ...

0.06 0.05 0.08 ... 0.30 0.18 0.30 3.40 3.75 3.45 3.60 0.35 0.35 0.30 0.39 0.05 0.07 0.05 0.08 0.50 0.60 0.50 0.60 0.04 0.05 0.07 0.08 0.03 0.03 0.03 0.01 0.02 0.02 0.02 0.07 0.10 0.07 0.11 0.08 0.08 0.06 0.12 0.01 0.02 0.01 0.05 0.07 0.07 0.20 0.03 0.04 0.03 0.08 0.01 0.01 0.01 0.10 0.03 0.03 0.03 0.04 0.08 0.08 0.08 0.09 0.10 0.10 0.11 ... 0.15 0.19 0.04 0.05 0.04 0.07 0.12 0.12 0.11 0.03 0.07 0.09 0.02 0.02 0.01 0.05 0.01 0.01 0.10 0.10 ...

0.17 0.30 ... 1.33 0.06 0.23 0.05 0.08 0.06 0.08 0.05 0.10 0.05 0.05

LOW

STOCK

0.20 0.04 0.14

GK Resources V Glacier Lake V Global Cop Grp V Global Vanad V Gold Rush Cari V Goldbelt Emp V Golden Queen V Goldstream Mnl V Graphite Egy C Great Lakes Gr V Great Quest Fe V Green Arrow V Green River C Green Swan Cap V Grenville Gold C GrowMax Res V Gunpoint Expl V HFX Holding V Highvista Gold V Highway 50 Gld V Hybrid Mineral V IEMR Res V IM Exploration C V Indico Res Infinite Lith V Inform Res V Inspiration Mg C Intact Gold V Interconnect V C Intl Battery Intl Bethl Mng V Intl Millm Mng V Iron South Mng V Jazz Res V C Kal Minerals Karoo Expl V Kesselrun Res V Kestrel Gold V Kings Bay Res V Knick Expl V C La Imperial Lateral Gold V Latin Metals V C Leo Res Lions Bay Cap V V Lithion Energy Lithium Energy V Lovitt Res V Madeira Mrnls V MAG Silver* X Magna Terra V Manado Gold V Mariner Res C Martina Mnls V Matachewan Con V Meadow Bay Gd C Mega Copper V Meridius Res V Meryllion Res C Metron Capital V Micrex Dev V Midasco Cap V MillenMin Vent V Milner Con Slv V Minecorp Egy V V Mineral Hill Minfocus Expl V Minsud Res V Monster Uran V Montana Gold C Mountain Lake C MX Gold V Navy Res V Nebu Res V Nevado Res V New Destiny Mg V New Jersey Mng C New Klondike V New Stratus V New World Res V Nickel North V Nitinat Mnls V Nortec Mnls V

0.15 0.05 0.04 0.25 0.11 0.01 0.01 0.06 0.06 0.01 0.09 0.10 0.45 0.36 0.35 0.03 0.01 0.03 0.05 0.07 0.10 0.08 0.01 0.04 0.02 0.09 0.05 0.06 0.02 0.09 0.02 0.01 0.24 0.06 0.11 0.03 0.06 0.04 0.06 0.12 0.13 0.01 0.17 0.98 0.02 0.03 0.11 2.75 0.30 0.04 0.40 0.03 0.01 0.05 0.04 0.05 0.03 0.01 0.02 0.01 0.02 0.01 0.11 0.03 0.05 0.04

12-MONTH

EXC BID ASK LAST HIGH LOW

... 0.35 0.26 0.30 0.05 0.06 0.06 0.20 0.07 0.08 0.08 0.11 0.17 0.24 0.24 0.28 0.01 0.01 0.01 0.15 0.01 0.01 0.02 0.24 0.24 0.27 1.55 0.01 0.07 0.05 0.09 0.21 0.21 0.47 1.35 0.05 0.05 0.04 0.05 0.05 0.05 0.10 0.02 0.03 0.02 0.04 0.06 0.06 0.07 0.08 0.01 0.03 0.02 0.05 0.12 0.18 0.12 0.70 0.05 0.05 0.09 0.13 0.55 0.73 0.55 0.74 0.01 ...

0.02 0.06 ... ...

0.17 0.12 0.18 0.13 0.30 0.02 0.03 0.03 0.15 0.01 0.02 0.01 0.02 0.04 0.11 0.08 0.15 ... 0.01 0.01 0.02 0.26 0.29 0.28 0.32 0.04 0.12 0.04 0.08 0.04 0.04 0.03 0.04 0.06 0.05 0.11 0.06 0.20 0.06 0.08 ... ...

0.31 0.03 0.06 0.03 0.10 0.01 0.01 0.03 0.24 0.27 0.24 0.28 0.05 0.06 0.06 0.06 0.13 0.40 0.13 0.25 ... 0.35 0.35 1.65 0.04 0.04 0.04 0.07 0.02 0.02 0.02 0.03 0.04 0.04 0.04 0.06 0.01 0.01 0.01 0.02 0.02 0.49 0.02 0.07 0.04 0.05 0.05 0.40 0.03 0.04 0.03 0.16 ... ...

1.09 0.05 0.06 0.06 0.10 ... ...

0.10 0.01 0.10 0.10 0.17 0.08 0.13 0.10 ... ...

0.03 0.04 12.52 13.30 12.52 14.40 0.02 0.02 0.02 0.05 0.01 ...

0.05 0.05 0.15 ...

0.16 0.20 0.05 0.11 0.05 0.12 0.13 0.23 0.12 0.25 0.04 0.04 0.04 0.06 0.12 0.20 0.12 0.18 0.10 ...

0.15 0.22 0.01 0.02 0.01 0.04 0.04 0.07 0.05 0.07 0.02 0.02 0.01 0.08 0.09 0.08 0.11 0.01 0.50 0.05 0.03 0.04 0.04 0.08 ... ...

0.12 0.20 0.01 ...

0.15 0.17 0.04 0.05 0.04 0.09 0.05 0.10 0.06 0.09 0.08 0.25 0.08 0.32 0.09 0.10 0.10 0.10 ... ...

0.05 0.11 0.11 0.11 0.12 0.24 0.12 0.17 0.04 0.04 0.04 0.11 0.13 0.11 0.20 0.05 0.09 0.08 0.24 ... ...

0.15 0.20 0.01 0.01 0.01 ... 0.40 0.40 0.30 0.30 0.21 0.30 0.01 0.01 0.01 0.03 0.04 0.05 0.04 0.11 0.02 0.02 0.02 0.06

0.15 0.06 0.04 0.16 0.01 0.20 0.04 0.02 0.02 0.02 0.04 0.02 0.12 0.07 0.38 0.01 0.13 0.03 0.01 0.08 0.01 0.12 0.03 0.05 0.04 0.02 0.04 0.03 0.12 0.35 0.03 0.01 0.03 0.01 0.02 0.03 0.02 0.04 0.09 0.02 6.12 0.01 0.04 0.15 0.04 0.11 0.03 0.12 0.09 0.01 0.04 0.08 0.02 0.07 0.09 0.03 0.01 0.08 0.02 0.10 0.09 0.08 0.15 0.17 0.01 0.03 0.02

STOCK

12-MONTH

EXC BID ASK LAST HIGH LOW

Northern Uran Nrthn Lion Oronova Energy Pac Arc Res Pac Cascade Pac Imperial Pac Ridge Expl Parallel Mng Pedro Res Philippine Mtl Phoenix Gold Plata Latina Primary Energy ProAm Expl Project One Q-Gold Res Quadro Res Quantum Cobalt Rare Element* Razore Rock Res Red Oak Mining Regency Gold Reliant Gold Remington Res Ridgestone M’g Riley Resource Rio Silver Rizal Res Rockland Mnls Rockwealth Res Rojo Res Ross River Roughrider Exp Rover Metals RT Minerals Rubicon Mnrls* Sage Gold Saint Jean Samco Gold Scotch Creek Sennen Potash Shine Minerals Silver Mtn Mns Silver Phoenix Skarb Explor Slave Lake Zn Sonora Gld & S Surge Explor Talmora Diamd Tearlach Res Themac Res Thor Expl Thunder Mtn Gd Tiger Intl Till Capital Tintina Mines TomaGold Tri-River Vent Trident Gold True Grit Res True North Gem Tsodilo Res Upper Canyon Uravan Mnrls Usha Res Vale* ValOre Metals Vangold Res Vantex Res Vatic Vent Walcott Res Westcot Vent Westminster Rs Whitemud Res Xander Res Yukoterre Res Zadar Ventures Zara Res Zena Mining Zenith Explor Zinco Mng Zincore Mtls

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

0.01 0.01 0.01 0.02 0.12 0.40 0.10 0.46 0.04 0.05 0.05 0.16 0.23 0.50 0.27 0.45 0.01 0.02 0.01 0.01 0.02 0.02 0.04 0.04 0.05 0.05 0.07 0.01 0.02 0.02 0.08 0.11 0.15 0.10 0.29 0.03 0.13 0.08 0.14 ... ...

0.05 0.07 0.02 0.04 0.02 0.04 ... 0.40 0.40 0.70 0.07 0.09 0.07 0.12 0.17 0.25 0.18 0.30 0.23 0.30 0.22 0.30 0.02 0.03 0.02 0.07 ... ...

1.10 3.15 0.11 0.16 0.15 0.89 0.07 ...

0.10 0.10 0.02 0.04 0.02 0.08 0.11 0.18 0.13 0.23 ... 0.02 0.02 0.13 0.20 0.16 0.23 0.24 0.25 0.24 0.30 0.11 0.24 0.13 0.21 0.03 0.04 0.04 0.05 0.01 0.02 0.02 0.03 0.07 0.08 0.08 0.11 0.46 1.00 0.46 0.50 0.20 0.20 0.19 0.30 ...

0.25 0.26 0.07 0.08 0.07 0.12 0.04 0.04 0.07 0.08 0.03 0.04 0.03 0.10 ... ...

0.03 1.35 0.01 0.01 0.02 0.01 0.01 0.04 0.06 0.03 0.06 0.05 0.08 0.07 0.20 0.07 0.13 0.22 1.00 0.45 0.45 0.03 0.05 0.03 0.14 0.01 0.01 0.01 0.02 0.13 0.20 0.13 0.22 0.02 ...

0.08 0.10 0.04 0.07 0.06 0.13 0.04 0.05 0.04 0.08 0.39 0.44 0.39 0.23 0.02 0.05 0.03 0.06 0.12 0.20 0.12 0.28 0.04 0.06 0.04 0.09 0.12 0.15 0.15 0.18 ... ...

0.17 0.17 0.05 0.14 0.06 0.15 ... 3.35 1.54 2.27 0.04 0.07 0.04 0.08 0.03 0.03 0.05 0.06 ... ...

0.04 0.15 0.20 0.15 0.16 0.01 0.02 0.02 0.04 0.06 0.10 0.06 0.60 0.08 0.09 0.09 0.38 0.75 0.75 0.25 0.35 0.03 0.03 0.04 0.05 0.01 0.17 0.10 0.17 ... ...

10.24 11.10 0.06 0.07 0.07 0.13 0.05 0.05 0.04 0.07 0.13 0.28 0.20 0.40 0.08 0.08 0.10 0.10 0.07 0.20 0.10 0.10 ... ...

0.35 0.06 0.08 0.08 0.45 0.01 0.02 0.02 0.03 0.09 ...

0.09 0.12 0.11 0.15 0.15 0.16 0.09 0.12 0.10 0.45 ... ...

0.07 0.22 0.08 0.12 0.09 0.10 ... ...

0.14 0.20 0.05 0.07 0.05 0.03 0.40 0.05 0.07

0.01 0.10 0.04 0.20 0.01 0.04 0.02 0.09 0.04 0.04 0.02 0.08 0.05 0.18 0.12 0.02 0.20 0.06 0.07 0.01 0.10 0.12 0.15 0.13 0.03 0.01 0.01 0.12 0.10 0.06 0.03 0.03 0.03 0.02 0.02 0.06 0.45 0.03 0.01 0.03 0.08 0.04 0.04 0.03 0.02 0.03 0.03 0.13 0.17 0.04 1.45 0.02 0.04 0.14 0.01 0.05 0.08 0.17 0.02 0.10 6.57 0.07 0.03 0.14 0.06 0.10 0.07 0.01 0.03 0.12 0.08 0.07 0.04 0.04 0.05

2019-11-04 1:19 PM

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24_NOV11_BackCover.indd 24

2019-11-04 1:20 PM