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Stornoway opens Quebec’s first diamond mine SITE VISIT

| Renard mine to produce 1.8 million carats annually, 2% of global output

Darnley Bay buys NWT zinc deposits, updates BC resource M&A

| Junior calls Pine Point purchase a ‘game changer’

BY TRISH SAYWELL tsaywell@northernminer.com

D

arnley Bay Resources (TSXV: DBL) is acquiring 42 zinclead deposits over a 68 km strike length in the Northwest Territories, and the junior explorer’s management team is providing a clear path towards production.

The assets — collectively known as the Pine Point project — consist of an underground deposit, an openpit deposit and a cluster of smaller open-pit deposits, 10 km south of Great Slave Lake and 42 km from Hay River.

They are part of the larger Pine Point district, where Cominco mined 64 million tonnes of ore See DARNLEY BAY / 15 PM40069240

Cutting the ribbon at Stornoway Diamond’s Renard diamond mine in north-central Quebec’s James Bay region, from left: Patrick Godin, chief operating officer; Ghislain Poirier, vice-president of public affairs; and Matt Manson, president and CEO. STORNOWAY DIAMOND

BY ALISHA HIYATE ahiyate@northernminer.com JAMES BAY, QUEBEC

O

n a blustery grey day in mid-October, as Stornoway Diamond (TSX: SWY) welcomes 200 visitors to the official opening of its Renard diamond mine in northcentral Quebec, it’s hard not to be impressed by what president and CEO Matt Manson and

Leave no

his team have accomplished here.

The junior turned developer — and now producer — has consistently beat its own construction time lines and spending estimates at the mine, 360 km north of Chibougamau, and 250 km north of Mistissini. The cost to build Quebec’s first diamond mine is an estimated $775 million, which is well under the $811 million originally budgeted. It also expects to start commercial production by the end of 2016 — six months earlier than planned. All

of this happened while Stornoway managed its own growth to 450 employees, from just a dozen three years ago.

Over the first 10 years of its 14-year mine life, Renard could produce 1.8 million carats of diamonds a year — contributing 1.5–2% of global production. A March 2016 mine plan pegs Renard’s net present value at $974 million.

With a remote mine, infrastructure is everySee STORNOWAY / 2

unturned.

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Stornoway opens Quebec’s first diamond mine STORNOWAY From 1

thing, and it’s clear that Stornoway’s partnerships with the local Cree communities and the provincial government have been central to its success.

From the Clarence & Abel Swallow airport — named after two elder members of the Swallow family, the original “tallymen,” or stewards of the land upon which Renard sits — to the road that connects Renard to Chibougamau, it’s evident that the remote mine would have faced severe economic hurdles without the vital infrastructure, which was made possible by those positive relationships.

“It’s true, mines really are made, not discovered. And this mine was made,” Manson told invited guests at the official opening reception on Oct. 19.

“We’re here today to announce the opening of the first diamond mine in Quebec,” Manson told his guests. “But it’s been 20 years of hard work to get here.”

That hard work started with the project’s original owners — Ashton Mining of Canada and provincial agency Soquem — which found the first kimberlites at Renard in 2001, after five years of grassroots exploration (several guests who had been involved in the project early on were in attendance).

Stornoway acquired Ashton’s interest in Renard in 2006, after first merging with Contact Diamond, which was a subsidiary of Agnico Eagle Mines (TSX: AEM; NYSE: AEM) run by Manson. The mergers were orchestrated by Manson, who recognized Renard’s potential, Stornoway chairman and former Agnico

executive Ebe Scherkus noted.

From there, work started on a feasibility study for the project in 2010. Stornoway bought Soquem’s 50% interest in the project in 2011, securing 100% of Renard. From 2012–2014, Manson and his team tried to negotiate a nearly $1-billion financing in one of the worst times in recent history for mining capital, which made things a little tougher for the company. A junior with a $120-million market cap at the time, Stornoway was also trying to raise the funds on its own, since all the other diamond mines in Canada are wholly or partly owned by multinationals.

But the company prevailed, and in April 2014, Stornoway announced it had landed a $944-million financing — the largest ever for a publicly listed diamond company. The complex deal included debt, equity and streaming components, and funding from the Quebec government, institutional and private equity, and an equipment manufacturer.

Plan Nord As a junior trying to advance a remote diamond mine, Stornoway has cleared a lot of hurdles to get Renard built. But the company has had good luck as well. For example, without the provincial Plan Nord strategic infrastructure program — initiated by the former Jean Charest government in 2011 to encourage resource development in far reaches of the province — the economic hurdles to build Renard might have been insurmountable.

Under Plan Nord, a 240 km road linking Chibougamau to Renard was built, making Renard the first and only diamond mine in Canada with

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Stornoway Diamond’s Renard diamond mine in Quebec. PHOTO BY ALISHA HIYATE

all-weather road access. Construction by the provincial Ministry of Transportation began in Feburary 2012, with Stornoway completing the last 100 km in September 2013.

“We wouldn’t have been able to build this mine without a road,” Manson acknowledged.

One of the objectives of Plan Nord is to develop resources to benefit all Québecois, Quebec Minister of Energy and Natural Resources Pierre Arcand noted at the reception.

“The Renard project is an extraordinary example of the vision that we had as a government,” Arcand said. The mine, he continued, has been “a partnership with passionate developers, involved communities and a government that helped [develop] the project.”

The Quebec government owns a 29% interest in Stornoway through Investissement Québec, the parent of Soquem.

‘Ahead of schedule’ Construction of the road and mine site over the past two years has gone remarkably well, with both projects ahead of schedule and below budget.

“I used to joke that it was a drinking game — whenever I said ‘ahead of schedule and below budget’ you’d have to take a drink,” Manson told the crowd.

The company estimates that Renard’s price tag will come in at $775 million, compared to $811 million as budgeted.

Manson gave credit for that to chief operating officer Patrick Godin. Ironically, the deprived financial situation of the mining sector over the past few years has also helped.

Stornoway had little competition for the best contractors and no wait time for equipment while it was building Renard, because it was the only mine being built in eastern Canada.

In addition, the decline in the Canadian dollar worked to Stornoway’s advantage: half of Stornoway’s financing was done in U.S. dollars at a time when the Canadian dollar was US92¢.

As a result, at the end of June, the company estimated it had $197 million in financing capacity (cash, available credit, etc.). Stornoway has $249 million in debt.

The nine-month ramp-up of the processing plant is also off to a good start. The plant saw first ore in July, 10 weeks ahead of schedule, and

“IT’S BEEN 20 YEARS OF HARD WORK TO GET HERE.” MATT MANSON PRESIDENT AND CEO, STORNOWAY DIAMOND

Stornoway expects to be in commercial production by year-end — six months ahead of schedule. Commercial production at the 6,000-tonneper-day plant is defined as the plant running at 60% of capacity for 30 consecutive days.

And the company’s first diamond sale is slated for November — two months earlier than anticipated.

However, Stornoway’s management is aware that it still has some distance to go to show Renard is a viable operation.

“Everyone’s conscious that we’ve had a very good build, we had a successful financing, we’ve had very good construction — ahead of schedule and below budget,” Manson told Diamonds in Canada magazine ahead of the mine opening. “But the job’s not done until we’ve demonstrated the potential of the project as an operating mine, and that’s a ramp-up process.”

In September, the plant was running at an average 30% capacity, with a peak processing rate of 3,130 tonnes per day, or 52% of capacity.

The plant is powered by liquid natural gas rather than diesel generators (a first for a Canadian mine), and should reach full production in mid-2017.

Manson stressed that it would take many months of production to compare actual production to the forecasts of its feasibility study and updated mine plan from March 2016.

“To reconcile against our expected dollar revenue, we’ve got to reconcile [tonnage], grade, size distribution and quality of diamonds,” he says.

“And then we’re selling these diamonds in a market that goes up and down on a monthly basis — which is a fifth variable on what dollars we get. So we’re at the beginning of understanding what this mine is going to produce.”

Production guidance for 2016 is 220,000 carats, and for 2017, 1.7 million carats.

Renard hosts probable reserves

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of 22.3 million carats (33.4 million tonnes grading 67 carats per hundred tonnes).

The company has mined more kimberlite than expected because of greater volumes of high-grade, hypabyssal kimberlite in countryrock breccia material.

“It turns out the hypabyssal kimberlite is in there in big 5- to 10-metre wide blocks that we can mine selectively,” Manson said. “So rather than send that material to a low-grade stockpile, it has been going to the high-grade stockpile.”

Whether or not the surprise extra ore affects overall grades remains to be seen.

Another sweetener for Stornoway could be a large diamond population at Renard 2. The plant includes a large diamond recovery TOMRA XRT unit to avoid breaking larger stones that may be recovered. The size distribution of samples from the Renard 2 kimberlite suggest the potential to recover three to six diamonds between 50 and 100 carats, and one to two stones greater than 100 carats for every 100,000 carats produced.

With plenty of ore in the stockpiles from Renard 2 and 3, the primary production bottleneck is in the plant, and the company is tweaking its process for dewatering kimberlite for disposal in dry-stack tailings.

Until 2018, when the underground ramp to access Renard 2 and Renard 3 is completed, Renard will be a wholly open-pit operation. In addition to going underground in 2018, the company plans to expand the plant to 7,000 tonnes per day to handle underground ore at Renard 2, as well as open-pit ore from R65.

Diamond market While the diamond market had a bad year in 2015, with demand slowing in China, 2016 has seen a bit of a comeback in prices and demand for rough stones.

“Diamonds are a unique product.

They’re sold to commemorate the most important emotional moments in your life — anniversaries, engagements, daughters graduating from college — that is a marvellously cross-cultural, cross-demographic business,” Manson told reporters on-site. “There’s great stability in the diamond business … we don’t have any concerns on that front at all.”

In any event, Renard’s economics are robust and appear resilient to weaker prices. In the company’s updated mine plan in March 2016, it used modelled prices of US$155 per carat, which is 19% lower than in March 2014, Manson pointed out.

“We still had a 58% operating margin after tax and after stream based on those reduced prices,” he said.

Life-of-mine operating costs are projected at $56 per tonne, or $84.37 per carat.

At press time, Stornoway shares traded at $1.10 in a 52-week range of 66¢ to $1.33. TNM

2016-11-08 6:40 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 14–20, 2016

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Callinex CEO discusses VMS discovery at Pine Bay MANITOBA

| Zinc-gold-silver mineralization could be ‘long-lived and robust’ VMS system

BY MATTHEW KEEVIL

C

mkeevil@northernminer.com VANCOUVER

allinex Mines (TSXV: CNX; US-OTC: CLLXF) has caught the market’s attention with a deep discovery at its flagship Pine Bay polymetallic project in Manitoba’s historic Flin Flon mining district.

On Oct. 18 the company tabled results from drill hole 284-3-93, which cut 10.3 metres grading 6% zinc, 1.8 grams gold per tonne, 60.4 grams silver per tonne, 0.7% copper and 0.4% lead from 999 metres downhole. The company says the zinc, gold and silver values could represent the edge of a “long-lived and robust” volcanogenic massive sulphide (VMS) system. The intersection grades over 13% on a zincequivalent basis, and is highlighted by high silver grades.

Callinex’s claim package covers part of the Baker Patton felsic complex,16 km from Hudbay Minerals’ (TSX: HBM; NYSE: HBM) Flin Flon processing facility. The project has seen extensive exploration over the years, but it wasn’t until the company returned to historic work that it uncovered some of the richest precious metal grades ever found.

During the 1990s, Canadian miners including Placer Dome and Inmet Mining explored Pine Bay to define a large VMS deposit at depth.

While reviewing historic work, Callinex found that several proposed drill holes into targets were never completed.

The company combed over the data and decided to extend holes previously drilled by Placer Dome.

The company theorized that the Cabin zone horizon may not have been intersected at depth by historic drilling. Several historic holes, including 284-3-93 and 95-2, were selected for deepening as part of a 2016 drilling campaign.

“We had previously made our Pine Bay East discovery along strike, and that gave us a better stratigraphic understanding about the drill program, in terms of where the productive horizon was located,” president and CEO Max Porterfield said during an interview at Callinex’s Vancouver offices.

“Placer had drilled the most prospective part of the property, but they ended the hole in copperbearing disseminated sulphides.

They probed the hole, but the technology wasn’t as powerful at the time. We looked at this result and concluded they probably didn’t drill far enough,” he added.

Callinex’s experienced technical team hopes to uncover the next VMS mine within the prolific Flin Flon greenstone belt, where several smaller deposits are often found near a large alteration system within a major felsic volcanic centre. Historic and recent exploration has identified three VMS deposits, along with the new Pine Bay East zone, near the sizeable Baker Patton alteration zone.

“We’re fortunate to have patient shareholders who believe in the team and what we’re trying to do,” Porterfield continued. “This is systematic and focused exploration based on collective experience on VMS deposits globally. It’s not a shotgun approach here, and each time we complete a drill program we need to analyze the results to determine our next best steps.”

Callinex had previously outlined a structurally overturned 1,100-by-

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Drill core from hole 284-3-93 at a Callinex Mines’ Pine Bay East project. CALLINEX MINES

700-metre alteration zone. The massive sulphides associated with this mineralizing event could be preserved at depth, and the company’s geophysical target is modelled to have similar conductance as the discovery hole.

“We’re looking at similar depths to mineralization that you’d see at many of the legacy operations in the Flin Flon camp,” Porterfield said. “That has always been our exploration thesis, and when you look at the average depth of drilling on our property, you see a similar profile. We’ve made the previous discoveries at Pine Bay East and our Sourdough target area, but the zinc-equivalent grades really stand out here.”

Over the past year Callinex has drawn institutional investment, including Resource Capital Funds and Adrian Day’s Europacific Gold Fund. The company closed a deal with Rick Rule and Sprott Private Wealth soon after announcing its discovery at Pine Bay. On Oct. 25, Callinex signed a term sheet with Sprott that outlines a $5-million, non-brokered private placement.

The offering includes 8 million non-flow-through units at 50¢ each, and 1.8 million flow-through shares for 55¢ per share. Units will consist of one share and one-half purchase warrant, exercisable at 75¢ within three years.

“It’s a great time for exploration because you’re not competing for drill rigs, and you can get more market awareness and better traction,” Porterfield said. “This was a really focused, strategic drill program for us born out of a lot of previous work. We’ve assembled one of the best geological VMS teams in Canada, and this discovery speaks to our strong technical work. It’s a vectoring approach, because these systems are often quite complex.

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Callinex shares jumped 21¢ after news of the Pine Bay discovery to a 54¢-per-share close at press time.

The company had $5 million in working capital before the Sprott financing, and has 62 million shares outstanding for a $35-million market capitalization. Shares have a 52-week range of 22¢ to 69¢ per share. TNM

A drill site at Callinex Mines’ Pine Bay zinc project in Manitoba. CALLINEX MINES

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GROUP PUBLISHER/ PUBLISHER: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com EDITOR-IN-CHIEF: John Cumming, MSC (GEOL) jcumming@northernminer.com EDITOR, SPECIAL PROJECTS: Alisha Hiyate, BA (POLI SCI, HIST) ahiyate@northernminer.com SENIOR STAFF WRITER: Trish Saywell, BA, MA, MSC (JOUR) tsaywell@northernminer.com WESTERN EDITOR: Matthew Keevil, BA (ECON AND POLI SCI) mkeevil@northernminer.com STAFF WRITERS: Lesley Stokes, BSC (GEOL) lstokes@northernminer.com Salma Tarikh, BSC (PSYCH), MA (JOUR) starikh@northernminer.com COPY EDITOR: Isa Cunanan, BSC (Health Sci. and Prof. Writing Comm.) icunanan@northernminer.com PRODUCTION EDITOR: David Perri, BA dperri@northernminer.com ONLINE EDITOR: Adrian Pocobelli, MA (ENGL) apocobelli@northernminer.com ADVERTISING: Joe Crofts (416) 510-6816 jcrofts@northernminer.com Michael Winter (416) 510-6772 mwinter@northernminer.com PRODUCTION MANAGER: Jessica Jubb (416) 510-5213 jjubb@glacierbizinfo.com CIRCULATION/CUSTOMER SERVICE: Laura Arnold (416) 510-6789, ext. 43564 (Toll free) 1-888-502-3456 northernminer2@northernminer.com SUBSCRIPTION SALES: Laura Arnold (416) 510-6789, ext. 43564 (Toll free) 1-888-502-3456, ext. 43715 dbond@northernminer.com REPUBLISHING: (416) 510-6768 moliveira@northernminer.com ADDRESSES: Toronto Head Office: 38 Lesmill Road, Unit 2 Toronto, ON, M3B 2T5 (416) 510-6789 tnm@northernminer.com Western Bureau: 303 West 5th Avenue Vancouver, BC, V5Y 1J6 (604) 688-9908 SUBSCRIPTION RATES: Canada: C$120.00 one year; 5% G.S.T. to CDN orders.

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E D I T O R IA L

O P- E D Benchmarking program Federal gov’t to establish Canadian paying off for precious metal miners Infrastructure Bank | Stornoway-Quebec partnership at Renard one model for mine development

T

he federal government’s latest initiative comes right out of the Liberal Party of Canada’s 2015 election platform: “We will establish the Canadian Infrastructure Bank to provide low-cost financing for new infrastructure projects.”

After a year in power, the party

BY JOHN CUMMING jcumming@northernminer.com is finally making good on this particular election promise with the announcement in the fall economic statement by Finance Minister Bill Morneau that such a bank will indeed be created.

The idea certainly makes sense from the viewpoint that the federal government — with its supreme credit rating in the country — can borrow money more easily and at a lower rate than any other level of government, and pass along the savings to the provinces and municipalities that will spearhead the particular infrastructure’s development.

Where a lack of capital represents a barrier to projects, the Liberals say the arm’s length Canada Infrastructure Bank could provide loan guarantees and small capital contributions to provinces and municipalities to ensure the projects are built.

The Mining Association of Canada (MAC) was first out of the gate to praise the announcement as “bold, visionary and nationbuilding,” and setting Canada “on a path of long-term, sustainable growth” by attracting private-sector investment, getting Canadian goods to markets, addressing challenges in remote and northern communities — including aboriginal employment — and supporting the transition to a lower carbon economy.

The MAC added that the government has communicated an “unprecedented vision for how infrastructure will transform remote and northern Canada — regions that are critically important to, and reliant on, Canada’s mining sector” and suffer what is often an acute lack of infrastructure.

The association re-emphasized a recent study it has coauthored on infrastructure that concludes it costs 2 to 2.5 times more to build a gold or base metal mine in northern Canada off grid than in the south, as a result of the lack of infrastructure.

The MAC notes that creating an infrastructure bank was one of the key suggestions in its study, and says the idea has been recommended by several aboriginal groups and business organizations, and most recently the Advisory Council on Economic Growth. The MAC points to the Alaska Industrial Development and Export Authority as a model that could be emulated.

Stornoway Diamond’s new Renard diamond mine in Quebec shows how a government’s commitment to infrastructure spending — in Renard’s case, the Quebec government helping build and finance a road to the remote site — can get a mine over a major development hurdle that likely would have been insurmountable without support.

The federal government’s infrastructure bank is part of its larger plans to stimulate the economy and attract investment, with such measures as: $81 million to be spent on infrastructure over the next 11 years (a two-year extension to 2028, though long after the current government’s mandate ends); creating an “Invest in Canada” hub to attract foreign investment; and speeding up the processing of highly skilled temporary foreign workers.

The struggling, resource-dependent Canadian economy, coupled with the current high levels of spending by the federal government, means there is no end in sight to the large federal deficits, with this year’s deficit to come in at $25.1 billion and next year’s at $27.8 billion.

Moreau said details on how the Canadian Infrastructure Bank will operate and be funded will be in the 2017 budget tabled next March, and the bank could be up and running by the end of 2017.

He did say, however, that the bank will be capitalized, with $15 billion from existing programs that have extra funds and another $20 billion in equity or debt tied to specific projects built with public and private partners.

The Federation of Canadian Municipalities is already saying the bank should be capitalized with new money — not from old money from previously earmarked infrastructure programs — but that it is pleased with the new bank’s creation. TNM

DEPARTMENTS Editorial. . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Metal Prices. . . . . . . . . . . . . . . . . . . . . . . . 11

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COMMENTARY

INFRASTRUCTURE

Professional Directory. . . . . . . . . . . . . . . 14 Stock Tables. . . . . . . . . . . . . . . . . . . 6,11-13

COMPANY INDEX Agnico Eagle Mines. . . . . . 2 B2Gold. . . . . . . . . . . . . . . . 15 Bison Gold Resources. . . . 9 BWR Exploration. . . . . . . 9 Callinex Mines. . . . . . . . . . 3 Cameco. . . . . . . . . . . . . . . 10 Centerra Gold. . . . . . . . . . 15 Darnley Bay Resources. . . 1

Denison Mines. . . . . . . . . 10 Fission Uranium . . . . . . . 10 Goldcorp. . . . . . . . . . . . . . 15 Hudbay Minerals. . . 3,5,7,9 Klondex Mines. . . . . . . 5,16 Murchison Minerals. . . . . 9 Mustang Minerals. . . . . . . 9 North Arrow Minerals. . . 9

Rockcliff Copper. . . . . . . . 7 Satori Resources. . . . . . . . . 9 Skyharbour Resources . . . 9 Stornoway Diamond. . . . . 1 Thompson Creek Metals. . . . . . . . . . . . . . . 15 Vale. . . . . . . . . . . . . . . . . . . . 5 Yamana Gold . . . . . . . . . . . 5

T

| Iamgold CEO wants more miners to get involved

he 2011–2016 ensuring the consistency of data between meta ls bear market marked different companies a historic inflection proved challenging. point for the mining After assessing the industry. results and realizing Wit h a ma rket the flaws, the project capitalization erosion STEPHEN J.J. LETWIN stalled. exceeding hundreds Special to The Northern Miner One of our employof billions of dollars, ees, with previous exthe focus shifted from perience working at maximizing tonnes mined and site in the area of performance processed to reducing all-in sus- optimization, examined the data taining costs (AISC) and optimiz- from the study and saw the benefits ing free cash flow. Over the past of continuing with this initiative, five years, I have noticed firsthand but with a different approach. This how companies collaborate for the time we engaged a data services betterment of the industry. There company that was a strong prohave been more joint ventures, and ponent of performance benchmore importantly, a greater effort marking, and claimed to have the to work together to decrease costs technology and expertise necessary and improve efficiencies. to achieve our objective.

Until now, there have been limited ways for mining companies Six companies to compare their mine site costs For two years we collaborated with to those of their peers. They could six other gold mining companies. contact other companies with Unlike the first iteration, which questions, or they could study provided only snapshots of KPIs at publicly available operating and a certain point in time, the second financial information. iteration provided granular cost The first option worked, but comparisons on a quarterly basis. required time and effort to build This helped us build cost curves, so the trusting relationships needed that from one period to the next to share information. we could address issues that affect The second option worked as efficiencies and costs. well, but there were too many hidAs we moved the project forden costs that prevented accurate ward, the benefits began to unanalyses and comparisons. The fold. The anonymous environment industry needed a benchmarking prevented the creation of silos and platform to share detailed mine controlled performance-metric site information in a controlled sharing. With the relationships environment. There was not a good created by the benchmarking projreason as to why such a platform ect, we obtained data from mine did not exist. sites like ours. Instead of waiting

AS WE MOVED THE PROJECT FORWARD, THE BENEFITS BEGAN TO UNFOLD. We were not talking about pharmaceutical and technology industries, for example, which protect intellectual property and keep revolutionary technologies under wraps for competitive reasons.

Three years ago, in the midst of a major cost-reduction program, our board of directors at Iamgold — in particular Bob Dengler and Guy Dufresne — asked whether we could compare our mine site costs to those of other companies.

Having come from the oil and gas industry, where benchmarking performance was commonplace, I thought there should be an affordable way for companies to routinely compare granular mine site costs to those of their peers.

The best we could do was make high-level cost comparisons, AISC per ounce included, and even then, we were not always comparing apples to apples.

So Iamgold decided it was time to do something. We initiated a study and engaged a consulting firm who enlisted support from other companies, so that we could increase the mine sites in benchmarking analytics.

Using a third party helped each company maintain anonymity when sharing data with the group.

Although this study was beneficial, we didn’t achieve our objective, as it only provided a snapshot of the benchmarked key performance indicators (KPIs). In other words, it would not provide us with “living” reports. In addition,

weeks or months for data, it took only a few days to get the information we needed. Using the data collected, we improved working capital management and lowered general and administrative costs at our mine sites. And using data that analyzed labour and reagent costs, we improved processes and further lowered costs.

Although the second iteration of the project was more successful than the first, we still lacked the ability to see detailed mine site data for the peer group in real time, and we needed to have more companies involved with the project.

After a three-year learning curve, we have found a groundbreaking solution for the mining industry: London-based company MiTRAQ, a partner that can broaden participation in the benchmarking program, and expand technology.

MiTRAQ’s technology platform shares meaningful information without compromising confidentiality and security.

The results have been exceptional. The cost benchmarking program created by MiTRAQ and a group of Canadian precious metals mining companies is confidential, centralized, routine and affordable. On an annual basis, it costs less than a haul truck tire. And we could eventually provide participating companies with a secure, live benchmarking platform.

See COMMENTARY / 15

2016-11-08 6:40 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 14–20, 2016

5

Many riches underlie Canadian Prairies GEOLOGY

| From Thompson and Flin Flon to the Athabcasca basin and beyond within the SBZ were deformed and metamorphosed during the Trans-Hudson orogen, today they constitute a 400 km long, 10 to 35 km wide nickel belt called the Thompson.

The belt extends northeastwards in north-central Manitoba, underneath Hudson Bay, and skylights at the Raglan nickel-copper camp in northern Quebec.

The top-three deposits in the Thompson nickel belt — Thompson, Birchtree and Pipe — have produced more than 150 million tonnes of 2.3% nickel, 0.2% copper, 0.1% cobalt and 0.83 gram per tonne platinum group metals since 1961.

While mining continues at Vale’s Thompson and Birchtree deposits, exploration in the Fox River belt, a similar rift sequence in northern Manitoba, has yet to define an economic nickel deposit.

BY LESLEY STOKES

T

lstokes@northernminer.com VANCOUVER

here’s more than meets the eye when it comes to mineral potential in the Canadian Prairie provinces of Alberta, Saskatchewan and Manitoba. Their unique — and often overlooked — geological heritage has fostered a variety of world-class metal districts, and some of the last frontiers for mineral exploration in the country.

Three cratons of the Canadian Shield underpin the Canadian Prairies: the Archean-aged Superior terrane in the east, slightly younger cratons called the Hearne and Rae in the northwest, and remnants of the Paleoproterozoic-aged TransHudson orogen sandwiched inbetween.

The terranes, each largely composed of greenstone belts, were sutured together 1.9 billion years ago during the assembly of ancestral North America. At the time, the Trans-Hudson orogen was a vast mountain chain that has since eroded down to its core.

The Paleozoic sedimentary rocks that cover the rest of Manitoba and Saskatchewan pale in comparison to the sediments over much Alberta.

Erosion off the neighbouring Canadian Rockies for the past 170 million years — coupled with deposition from ancient seas — has buried the Canadian Shield with sediments up to 5 km thick.

Even to this day, the deep burial transforms any organic layers into oil, which is then moved along with vast groundwater brines for hundreds of kilometres before being caught in impervious traps.

In northern Alberta, extremely permeable quartz-rich sand — sourced from a Ganges-sized river system that spanned Canada 90 million years ago — eventually became today’s prolific oilsands deposits, which are the third-largest oil reserve on the planet.

Four deposit types occur in greenstone belts: base-metal rich volcanogenic massive sulphides (VMS) and magmatic-style deposits from early volcanism, and orogenic or intrusion-related gold systems that formed during deformation.

The greenstone belts in Canada are amongst the largest in the world, with equally impressive gold and base-metal contents. In the prairies, they’re also home to world-class uranium deposits and diamondbearing kimberlite fields, whereas the younger sedimentary platforms are excellent hosts for oil, potash and industrial minerals.

Superior In eastern Manitoba, the 4.3- to 2.5-billion-year-old greenstone belts of the Superior terrane host a variety of metal camps, such as Rice Lake (True North), Bird River and Oxford-Stull.

The belts are similar, if not identical, to those that host the world-class gold and base-metal districts of Ontario. In fact, Klondex Mines’ (TSX: KDX; NYSE-MKT: KLDX), True North gold mine (formerly named Rice Lake) in Manitoba is found 100 km along geological strike of the 31.4 million oz. Red Lake gold district in Ontario.

True North, which has 5.6 million oz. in past production and current resources, is the largest gold deposit that has ever been found in the province, and was the only producing gold mine until recently being put on care and maintenance. The belt is open in the west, where the prospective rocks dip under a veneer of Paleozoic sediments.

1 2 3 4 5 7 8 9 10 15 16_NOV14_Main .indd 5

The various mineral districts in the Canadian Prairie provinces. GEOLOGICAL SURVEY OF CANADA/LESLEY STOKES

Bird River South of True North/Rice Lake is Manitoba’s past-producing Dumbarton and Maskwa West magmatic nickel-copper deposits, which are hosted within a 2.7-billion-year-old ultramafic sill complex in the Bird River greenstone belt.

The complex also contains chromite deposits, and before chromite was found in 2008 in northwestern Ontario’s Ring of Fire (ROF), Bird River was Canada’s only chrome camp. Geologists are investigating whether the Bird River and ROF intrusions correlate, considering they’re the same age.

Oxford-Stull In northeast Manitoba, the Superior terrane hosts the 250 km long Oxford-Stull greenstone belt.

The district is most recognized for Yamana Gold’s (TSX: YRI; NYSE: AUY) 3.6 million oz. gold Monument Bay deposit, but it also has granitic pegmatites that are rich with technology metals, such as beryllium, lithium, tantalum and niobium.

Trans-Hudson orogen Most metal production in the Canadian Prairies comes from deposits within the Trans-Hudson orogen.

The most established camp is the long-lived Flin Flon-Snow Lake, one of the largest, Proterozoic-aged VMS districts in the world. The craton also hosts gold, VMS and magmatic-nickel camps, such as Lynn Lake in Manitoba, and La Ronge and Glennie in Saskatchewan.

Flin Flon-Snow Lake The Flin Flon-Snow Lake VMS camp, which straddles the border of Manitoba and Saskatchewan, has produced over 180 million tonnes copper-zinc ore from 31 mines, including the world-class Flin Flon mine, with copper-zinc-gold resources of 62.5 million tonnes of 2.2% copper, 4.1% zinc and 2.7 grams gold.

Three operating mines — 777, Trout Lake and Chisel North — all belonging to Hudbay Minerals (TSX: HBM; NYSE: HBM), continue to operate on the Manitoba side. The Flin Flon-Snow Lake prospective greenstone belt extends southwestwards into Saskatchewan, where it’s called the Glennie and La Ronge.

It proceeds northwards back onto

itself, and trends into the Lynn Lake district in Manitoba.

Glennie and La Ronge The Glennie and La Ronge gold belts in Saskatchewan are popular stops for gold hunters. Small historical mines straddling the highway have together produced 600,000 oz. gold over the past 30 years. Silver Standard Resources’ (TSX: SSO; NASDAQ: SSRI) Seabee and Santoy mining complex remains the largest gold-only mine in the province, having produced over 1 million oz. gold since 1991.

While Glennie and La Ronge are known for orogenic gold deposits, Manitoba’s Lynn Lake camp in the north offers a variety of deposit types.

Lynn Lake The most productive VMS deposits of the Lynn Lake camp include the Fox Lake and Ruttan deposits, which produced 12 million and 55 million tonnes ore at 1.4–2% copper and zinc, and up to 0.5 gram gold per tonne.

At the historic Lynn Lake mine, the underlying volcanic crust was also injected with nickel- and copper-rich mafic intrusives 1.9 billion years ago. Between 1953 and 1976, over 22 million tonnes of 1.02%

nickel and 0.5% copper was produced, making it the third-largest nickel producer in Canada before being surpassed by Vale’s (NYSE: VALE) Voisey’s Bay mine in 2005.

The Lynn Lake greenstone belt also hosts five gold deposits, for a total 5 million oz. gold in resources, along two trends. The biggest deposits to date include Alamos Gold’s (TSX: AGI; NYSE: AGI) MacLellan and Farley Lake deposits, which have 2.6 million oz. gold within 40.3 million measured and indicated tonnes of 2.03 grams gold, and 2.1 million oz. in 50.7 million inferred tonnes of 1.28 grams gold.

Superior boundary zone Rifting of the Superior craton 1.9 billion years ago created sedimentary rock platforms that were later injected with ultramafic intrusions and lava flows, which is favourable for nickel-copper magmatic-style deposits. The deformed rocks between the Superior and Trans-Hudson orogen cratons are known as the Superior Boundary Zone (SBZ).

Thompson and Fox River nickel belts Although many of the deposits

Hearne and Rae cratons While the Hearne, Rae and Superior Archean-aged cratons share many geological similarities, Hearne and Rae are recognized as exotic terranes, being slightly younger in age, having more widespread magmatism and covered more extensively with Proterozoic sedimentary rocks.

The Hearne and Rae cratons extend from northern Saskatchewan and northeastern Alberta into Northwest Territories and Nunavut, separated from each other by the 2,800 km long Snowbird Tectonic Zone (STZ) shear corridor.

Athabasca basin The structures of the STZ are responsible for many of the geophysical lineament’s underlying the Proterozoic-aged sediments of Saskatchewan’s Athabasca basin.

The basement-hosted structures, and where they pierce the overlying sediments, served as favourable traps for uranium-rich fluids. In fact, the Athabasca basin is home to the world’s richest uranium deposits, and accounts for 20% of global supply.

While most uranium deposits are found on the eastern and western sides of the basin — with Cameco (TSX: CCO; NYSE: CCJ) leading the way in their production — explorers continue to probe Alberta’s slice of the basin, however no economic deposits have been found to date.

Diamonds Diamond-bearing kimberlites have See PRAIRIES / 16

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2016-11-08 6:40 PM

6

WWW.NORTHERNMINER.COM

NOVEMBER 14–20, 2016 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / OCTOBER 31–NOVEMBER 4 News that Canada’s gross domestic product expanded 0.2% in August after a 0.4% increase in July, and unease about the outcome of the U.S. presidential race, sent the S&P/TSX Composite Index down 1.9% to 14,509.25. Spot gold rose accordingly, posting a US$29.30 per oz. gain, or 2.3%, to US$1,304. The S&P/TSX Global Gold Index jumped 4.4% to 227.79.

The S&P/TSX Global Mining Index advanced 1.01% to 64.10, and West Texas Intermediate crude closed lower at US$44 per barrel.

RTG Mining jumped 23% to 40¢ per share.

The junior announced that the Mines and Geosciences Bureau in the Philippines had renewed the exploration licence for its Bunawan project for another two years. RTG is planning a 1,500-metre drill program. Bunawan is in the east of Mindanao Island in the province of Agusan del Sur, 190 km northeast of Davao.

The project is centered on a diatreme intrusive complex, 5 km northeast of Medusa Mining’s operating Co-O mine. The company’s flagship project, Mabilo, is a high-grade, gold-copper magnetite skarn in the Camarines Norte province in Eastern Luzon.

Orvana Minerals advanced 21% to 27¢ per share. The company reported that its gold-copper-silver El Valle and Carles mines in northern Spain and its gold-copper-silver Don Mario mine in Bolivia produced 65,784 oz. gold in the fiscal year ended on Sept. 30,

2016, which met guidance. The company expects production in fiscal 2017 will be between 85,000 and 95,000 oz. gold. Orvana also produced 14.8 million lb. copper and 525,934 oz. silver in fiscal 2016, and expects to deliver between 13 million and 14 million lb. copper and 300,000 to 350,000 oz. silver in fiscal 2017. The Rio Narcea gold belt of northern Spain produced 1 million oz. gold and 20,000 tonnes copper under previous owners between 1997 and 2006. Don Mario in Bolivia originally held three mineral deposits, with the first two depleted after producing 420,000 oz. gold and 50,000 oz. gold. Current commercial production on the Upper Mineralized Zone began in January 2012.

Shares of Detour Gold fell $4.01, or 16%, to $20.69 per share, mainly on lower guidTSX MOST ACTIVE ISSUES

B2Gold Yamana Gold Kinross Gold Eldorado Gold Barrick Gold First Quantum Teck Res Suncor Energy IAMGOLD Goldcorp

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

BTO YRI K ELD ABX FM TCK.B SU IMG G

40196 4.07 3.67 3.86 + 0.15 39772 5.15 4.56 4.95 + 0.37 27845 5.75 4.96 5.50 + 0.47 26262 4.68 4.16 4.39 - 0.06 21803 25.36 22.78 24.50 + 1.61 21526 12.96 11.74 12.10 - 0.14 19005 29.58 27.55 28.16 - 0.05 16801 41.10 39.03 39.13 - 2.16 16799 5.78 5.16 5.62 + 0.37 13321 21.63 19.73 20.50 + 0.61

ance. The company estimates preliminary gold production in 2017 between 540,000 and 590,000 oz., or 40,000 oz. lower from the current mine life (and assuming 10,000 oz. gold for downside risk.) Management attributes 30,000 oz. of the reduction from the life-of-mine plan to face position (primarily due to slower development progress in 2016 around the Campbell pit), and 10,000 oz., owing to a slightly lower assumption for recovery

and slightly higher assumption for dilution.

Detour also reported third-quarter production of 127,758 oz. gold at total cash costs of US$802 per oz. sold, and all-in sustaining costs of US$1,042 per ounce. Adjusted net earnings were US$1.3 million, or 1¢ per share.

Detour rebought US$60-million convertible notes in the quarter. The company has cash and short-term investments of US$115.6 million. TNM

TSX GREATEST PERCENTAGE CHANGE

Eco Oro Mnls RTG Mining Redhawk Res Orvana Mnrls Vista Gold Entree Gold Orsu Metals Talon Metals Capstone Mng Forsys Metals SouthGobi Res Alderon Iron New Milln Iron Stonegate Agri Loncor Res Azarga Uranium Wallbridge Mng Quest Rare Mnl St Augustine Detour Gold

EOM RTG RDK ORV VGZ ETG OSU TLO CS FSY SGQ ADV NML ST LN AZZ WM QRM SAU DGC

171 37 414 542 331 3301 1215 130 4331 35 16 867 2019 192 37 109 1574 484 3843 10347

0.30 0.19 0.29 0.40 0.30 0.40 0.07 0.05 0.06 0.27 0.21 0.27 1.44 1.15 1.40 0.40 0.32 0.40 0.04 0.03 0.04 0.07 0.06 0.07 0.95 0.76 0.92 0.08 0.07 0.08 0.50 0.31 0.31 0.30 0.21 0.21 0.13 0.10 0.10 0.03 0.02 0.02 0.17 0.15 0.15 0.23 0.19 0.19 0.06 0.00 0.05 0.13 0.10 0.10 0.07 0.05 0.05 26.71 20.54 20.69

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

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Franco-Nevada Agnico Eagle Barrick Gold Pan Am Silver Kirkland Lk Gd Silver Std Res Seabridge Gld First Majestic Endeavr Silver NovaGold Res Agrium Detour Gold Suncor Energy Potash Corp SK Tahoe Res Endeavour Mng TMAC Resources Torex Gold Teck Res Klondex Mines

28.9 23.1 22.2 20.5 19.7 19.4 16.7 16.7 16.5 15.4 38.0 26.3 23.1 20.0 18.9 17.8 16.7 16.7 16.7 16.2

VOLUME WEEK (000s) CLOSE CHANGE

FNV AEM ABX PAA KLG SSO SEA FR EDR NG AGU DGC SU POT THO EDV TMR TXG TCK.A KDX

3034 90.30 2994 69.26 21803 24.50 2540 22.12 5675 9.28 3103 15.33 319 15.27 10844 11.28 3797 6.51 3362 7.28 1316 119.89 10347 20.69 16801 39.13 9054 21.37 7817 15.20 1864 24.25 309 17.93 2096 23.55 40 28.05 4262 7.22

+ 4.32 + 3.09 + 1.61 + 1.48 + 1.07 + 0.96 + 0.91 + 0.89 + 0.86 + 0.65 - 4.61 - 4.01 - 2.16 - 0.69 - 0.63 - 0.58 - 0.54 - 0.49 - 0.35 - 0.30

TSX VENTURE EXCHANGE / OCTOBER 31–NOVEMBER 4 The S&P/TSX Venture Composite Index shed 13.89 points, or 1.8%, to a 761.98-point close despite strengthening commodity prices. Spot gold prices surged US$29.59 to US$1,305.06 per oz., ahead of the U.S. presidential elections, while Comex copper prices rose US8¢ to US$2.27 per pound.

Shares of Almadex Minerals climbed 47¢ to $1.54 — its second-straight weekly gain — on Oct. 24 drill results from its El Cobre copper-gold project in Veracruz, Mexico.

A drill hole from the project’s Norte zone, one of four porphyry copper-gold targets, returned 9.9 metres of 0.24 gram gold per tonne and 0.2% copper from 9.1 metres deep, 27.5 metres of 0.12 gram gold and 0.2% copper from 118 metres deep, and 433 metres of 0.42 gram gold and 0.2% copper from 162 metres deep. The hole cuts a previous drill hole that returned 151 metres of 0.55 gram gold and 0.2% copper from 392 metres deep. A third hole, drilled steeper than the first two, has been completed and assays are pending.

Gold Reserve gained 25¢ to $5.60 per share after announcing a revised payment schedule to the US$769-million settlement agreement between the company and the Venezuelan government. The agreement accounts for losses Gold Reserve incurred after the government rescinded permits and

licences for the company’s Brisas gold-copper project in southeastern Venezuela, as part of a nationalization drive in April 2008.

The schedule envisages staged payments starting on or before Nov. 30 to June 30 next year, seven months earlier than previously negotiated. As part of the agreement, the parties have also taken steps to establish the joint-venture company Empresa Mixta Ecosocialista Siembra Minera, S.A., which will oversee Brisa’s development. In the project’s 2008 technical report, the proposed open-pit has 10.2 million oz. gold and 1.4 billion lb. copper, within proven and probable reserves of 482.7 million tonnes at 0.66 gram gold and 0.1% copper.

Mariana Resources rose 21¢ to $1.23 per share after providing an update on its newly TSX-V MOST ACTIVE ISSUES

Cameo Res CRU VLT Voltaic Min Makena Res MKN Austin Res AUT Jaxon Mnls JAX Victoria Gold VIT IDM IDM Mining True North Gem TGX Metanor Res MTO Rye Patch Gold RPM

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

24180 13393 12252 10732 7561 7496 7215 7145 6774 6752

0.07 0.11 0.02 0.05 0.13 0.66 0.20 0.01 0.10 0.34

0.00 0.06 0.01 0.02 0.10 0.57 0.18 0.01 0.08 0.30

0.05 + 0.01 0.08 + 0.03 0.02 unch 0.00 0.03 + 0.02 0.11 + 0.01 0.63 + 0.01 0.18 - 0.02 0.01 unch 0.00 0.09 unch 0.00 0.32 + 0.01

acquired Bondoukou gold project in Côte d’Ivoire. The company will explore priority targets Bahile-Fako-Elisabeth, Ngouan‐Djoumani and Yanti, which contain artisanal mine workings. Historical rock chips returned 21 samples of weathered quartz-pyrite veins averaging 5 grams gold per tonne from mineralized fault and shear zones. The company has collected 374 regional silt samples over a

10 sq. km catchment area, 525 rock samples and 182 soil samples. The objective will be to define and prioritize targets for reversecirculation drill testing in second-half 2017.

The exploration update came a one week after Mariana announced a 69.6-metre intercept of 62.7 grams gold and 2.7% copper from infill drilling at its Hot Maden project in northeastern Turkey. TNM

TSX-V GREATEST PERCENTAGE CHANGE

ExGen Res Inc Austin Res Xiana Mng Noble Metal Gr Sokoman Iron Parlane Res Starr Peak Exp RosCan Mrnls Quinto Real Anglo-Can Mng Bluenose Gold Altan Nev Mnls EastCoal Inc Bandera Gold Nunavik Nickel GTA Res & Mng Montero Mg&Ex Richmond Mnls Manitou Gold Nrthn Abitibi

EXG AUT XIA NMG SIC PPP STE ROS.H QIT URA BN.H ANE ECX.H BGL KZZ GTA MON RMD MTU NAI

1666 10732 24 1781 4579 182 10 818 865 858 5 344 15 505 66 3052 167 78 100 142

0.02 0.05 0.18 0.02 0.13 0.24 0.17 0.04 0.13 0.02 0.02 0.02 0.01 0.01 0.12 0.12 0.04 0.07 0.06 0.02

0.01 0.02 0.09 0.01 0.04 0.13 0.10 0.03 0.07 0.00 0.00 0.01 0.00 0.01 0.07 0.05 0.00 0.04 0.04 0.01

0.01 0.03 0.18 0.01 0.08 0.24 0.17 0.04 0.12 0.02 0.02 0.01 0.01 0.01 0.07 0.06 0.03 0.05 0.04 0.01

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 100.0 + 100.0 + 100.0 + 100.0 + 87.5 + 84.6 + 78.9 + 75.0 + 64.3 + 50.0 - 57.1 - 50.0 - 50.0 - 50.0 - 45.8 - 42.9 - 37.5 - 35.7 - 33.3 - 33.3

VOLUME WEEK (000s) CLOSE CHANGE

Abitibi Royalt Avino Silver Giyani Gold Mirasol Res Southern Lith Atico Mng Parlane Res Metallic Mnrls Regulus Res Gold Reserve Kennady Diam Barsele Min Wealth Mnrls Lateral Gold Bellhaven Cp&G Cava Res Jubilee Gold Ascot Res Senator Mnrls Roxgold

RZZ ASM WDG MRZ SNL ATY PPP MMG REG GRZ KDI BME WML TRAK BHV CVA JUB AOT SNR ROG

100 384 1473 150 603 1126 182 93 236 134 205 223 618 68 52 246 34 360 59 1368

9.77 3.13 0.57 2.42 0.38 0.80 0.24 0.55 1.40 5.70 3.80 0.91 1.17 1.02 0.44 0.35 0.33 2.19 0.65 1.38

+ 1.27 + 0.51 + 0.16 + 0.13 + 0.13 + 0.12 + 0.11 + 0.10 + 0.10 + 0.10 - 0.35 - 0.19 - 0.18 - 0.17 - 0.15 - 0.14 - 0.13 - 0.11 - 0.11 - 0.11

U.S. MARKETS / OCTOBER 31–NOVEMBER 4 U.S. equities fell into negative territory on concerns about the U.S. presidential election and weakening oil prices. The Dow Jones Industrial Average gave back 1.5% to close at 17,888.28, while the broader S&P 500 Index retreated 1.9% to 2,085.18. The tech-heavy Nasdaq Composite Index dropped 2.8% to 5,046.37. The December contract for U.S. crude plunged 9.5% to US$44.07 per barrel.

Spot gold climbed 2.3% to US$1,304 per ounce.

Endeavour Silver shares rose 15% to US$4.85, after a strong third-quarter profit, as lower costs and higher metal prices offset less sales. Net earnings were US$5.6 million, or US4¢ per share. Last year it reported a loss of US$14.1 million, or US14¢ per share.

Endeavour sold 1.2 million oz. silver and 14,228 oz. silver at higher silver and gold realized prices of US$19.16 and US$1,340 per ounce. Revenue dipped 1% year-over-year to US$42.1 million, largely due to a 35% drop in silver sales. Quarterly production from Endeavour’s three Mexican mines fell 29% to 1.28 million silver oz., and 6% to 14,364 oz. gold. All-in sustaining costs dropped 24% to US$11.47 per oz., net of gold credits, below the company’s US$12 to US$13 per oz.

6_NOV14MarketNews.indd 6

guidance. Endeavour ended September with US$83.2 million in cash.

McEwen Mining shares gained almost 14% to close at US$3.55. McEwen reported a third-quarter profit of US$4.2 million, or US1¢, compared to the US$2.6 million at US1¢ per share earned in the same period last year. Gold-equivalent production fell 16% year-over-year to 36,496 oz., leading to a US$15 increase in all-in sustaining costs of US$1,023 per equivalent oz. gold. For the nine months ended in September, McEwen had a profit of US$25.5 million, or US9¢ per share, versus the loss of US$5.5 million, or U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Vale* VALE 140553 7.03 6.59 6.67 - 0.23 Freeport McMo* FCX 126102 11.37 10.50 11.05 + 0.12 United States S* X 116637 20.18 17.05 19.86 + 0.55 Barrick Gold* ABX 90860 18.95 17.00 18.27 + 1.19 Yamana Gold* AUY 88004 3.85 3.40 3.70 + 0.28 Kinross Gold* KGC 70728 4.27 3.70 4.11 + 0.37 Alcoa* AA 68566 29.13 21.78 25.20 - 3.17 Hecla Mining* HL 49693 6.48 5.75 6.46 + 0.65 Chevron* CVX 46248 106.74 103.78 104.78 + 0.96 Eldorado Gold* EGO 43064 3.50 3.10 3.28 - 0.05

US2¢ per share, in 2015. McEwen promoted its chief operating officer Xavier Ochoa to president and COO. Kinross Gold climbed nearly 10% to US$4.11 per share, after quarterly financials.

Adjusted net earnings were US$128.7 million,

or US10¢ per share. It reported an adjusted loss of US$23.9 million, or US2¢ per share, in the third quarter of 2015. Revenue grew 12% to US$910 million due to higher realized gold prices, despite a drop in sales and slightly higher production costs. TNM

U.S. GREATEST PERCENTAGE CHANGE

Natural Res Pt* Endeavr Silver* McEwen Mng* Harmony Gold* Hecla Mining* Kinross Gold* Cloud Peak En* First Majestic* Yamana Gold* DRDGOLD* Alcoa* Mechel* Turquoise HIl* Suncor Energy* Tahoe Res* Agrium* Yanzhou Coal* Trecora Res* Vale* Potash Corp SK*

NRP EXK MUX HMY HL KGC CLD AG AUY DRD AA MTL TRQ SU TAHO AGU YZC TREC VALE POT

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

366 31.80 25.50 30.50 + 17.3 13117 5.06 4.17 4.85 + 14.7 23719 3.69 3.06 3.55 + 13.8 19599 3.51 3.04 3.42 + 11.4 49693 6.48 5.75 6.46 + 11.2 70728 4.27 3.70 4.11 + 9.9 11672 6.81 5.88 6.59 + 9.7 35649 9.56 7.68 8.42 + 8.2 88004 3.85 3.40 3.70 + 8.2 2142 5.37 4.81 5.30 + 7.9 68566 29.13 21.78 25.20 - 11.2 2866 4.97 4.19 4.39 - 9.7 9804 3.18 2.93 2.93 - 6.1 16943 30.67 29.05 29.18 - 5.4 12960 12.65 11.16 11.34 - 4.1 2946 93.30 88.65 89.51 - 3.8 168 7.70 7.36 7.38 - 3.5 180 10.40 9.75 9.85 - 3.3 140553 7.03 6.59 6.67 - 3.3 31452 16.57 15.87 15.94 - 3.2

U.S. GREATEST VALUE CHANGE

MartinMarietta* MLM Natural Res Pt* NRP NACCO Ind* NC Franco-Nevada* FNV Newmont Mng* NEM Agnico Eagle* AEM Barrick Gold* ABX CVX Chevron* Mosaic* MOS Sibanye Gold* SBGL Agrium* AGU Alcoa* AA Suncor Energy* SU Rio Tinto* RIO Potash Corp SK* POT Tahoe Res* TAHO Southern Copp* SCCO Mechel* MTL Black Hills* BKH Trecora Res* TREC

VOLUME WEEK (000s) CLOSE CHANGE

6356 192.33 366 30.50 61 77.30 3324 67.39 37691 37.80 8889 51.68 90860 18.27 46248 104.78 29916 24.50 8095 11.67 2946 89.51 68566 25.20 16943 29.18 16767 33.93 31452 15.94 12960 11.34 6389 27.33 2866 4.39 1742 60.26 180 9.85

+ 11.01 + 4.50 + 4.05 + 3.19 + 2.42 + 2.28 + 1.19 + 0.96 + 0.71 + 0.68 - 3.54 - 3.17 - 1.66 - 0.60 - 0.53 - 0.48 - 0.48 - 0.47 - 0.37 - 0.34

2016-11-08 6:29 PM

SPECIAL FOCUS

CANADIAN PRAIRIES Rockcliff expands presence in Manitoba BASE METALS

| Consolidating assets in the Flin Flon-Snow Lake greenstone belt

COMMODITY REVIEW

| Uranium spot price collapses to 12-year lows

BY TRISH SAYWELL tsaywell@northernminer.com

W

hile it may not be apparent from its share price, which has ranged between 1.5¢ and 16¢ over the last year, Rockcliff Copper (TSXV: RCU) has quietly expanded its grip on Manitoba’s Flin Flon-Snow Lake greenstone belt, with recent option deals on two of the mining camp’s highest-grade metal deposits.

In September, the junior explorer signed an agreement with a prospector to earn 100% of the Laguna gold property, which hosts a former high-grade gold mine, 20 km southeast of Snow Lake and Hudbay Minerals’ (TSX: HBM; NYSE: HBM) 2,150-tonne-perday gold mill facility.

The deposit was mined intermittently between 1916 and 1939 — producing more than 60,000 oz. gold from 101,000 tonnes averaging 20.57 grams gold per tonne — and there has been virtually no exploration done there in the last 70 years.

Rockcliff struck a second deal, also in September, to earn up to 100% of Hudbay’s Bur property, which hosts a high-grade, zinc-rich volcanogenic massive sulphide (VMS) deposit.

That deposit, 28 km from Snow Lake and 22 km northeast of Hudbay’s Snow Lake copper-zinc concentrator, has a historic resource of 1.1 million tonnes grading 8.6% zinc, 1.9% copper, 12.1 grams silver per tonne and 0.05 gram gold in the indicated category, and another 302,000 tonnes grading 9% zinc, 1.4% copper, 9.6 grams silver and 0.08 gram gold of inferred.

“We have been fortunate in the past couple of years that we do have money in our treasury, and we’ve consolidated some of the best assets in this camp,” Rockcliff ’s president and CEO Ken Lapierre says in an interview. “It’s such a prolific belt, and it’s a great place to hang your hat as a geologist and find mines.”

In addition to its latest acquisitions, which include a deal on Oct. 5 to earn 100% of the Snow Lake gold property, which sits next to Hudbay’s New Britannia gold mine (and is believed to be part of the same structural gold trend), Rockcliff is earning a 51% stake in Hudbay’s Talbot copper project.

The gold-rich VMS deposit is open in all directions and has an inferred resource of 2.2 million tonnes grading 2.8% copper, 2.4 grams gold, 2.2% zinc and 54.6 grams silver, for a 5.7% copper-equivalent grade.

The junior released results on Nov. 1 from the first drill hole in its phase two drill program, and increased its planned drill meterage at Talbot to 6,000 metres from 5,000 metres. The hole returned several mineralized intercepts, including a 6.4-metre intercept grading 1.3% copper, 0.50 gram gold per tonne, 0.4% zinc and 14.6 grams silver per tonne, and another 6.3-metre intercept grading 3.5% copper, 4.82 grams gold, 2.7% zinc and 57.8 grams silver.

“It’s a pretty special deposit,” Lapierre

Uranium firms optimistic despite low demand

BY SALMA TARIKH starikh@northernminer.com

U

ranium companies are staying upbeat, given what they see are strong long-term fundamentals for uranium as the number of nuclear reactors around the world increase, despite the current situation of a weakening uranium price and low market activity.

Year-to-date, 33.1 million lb. uranium oxide (U3O 8) have changed hands on the spot market, which is 15% less than last year. The number of deals has also dropped, TD Securities analysts Greg Barnes and Craig Hutchison write in an Oct. 21 note.

The same is true for term demand.

Given the continued soft demand, the uranium spot price has plunged 46% this year to close Oct. 31 at US$18.75 per lb. U3O8 — its lowest point in 12 years. Over the same time, the long-term price has fallen

Rockcliff Copper president and CEO Ken Lapierre at the Talbot copper project in Manitoba, where the junior is earning a 51% stake from owner Hudbay Minerals. ROCKCLIFF COPPER

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2016-11-08 6:32 PM

8

CANADIAN PRAIRIES

NOVEMBER 14–20, 2016 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

Geologist Greg Robinson inspects core from the first drill hole at Rockcliff Copper and Hudbay Minerals’ Talbot copper project in Manitoba. ROCKCLIFF COPPER

Rockcliff expands ROCKCLIFF From 7

says of Talbot. “It has very, very highgrade associated gold, but the copper is truly outstanding. We think it’s going to grow substantially, and we’re out there drilling right now.”

Talbot, Rockcliff’s flagship asset, is 40 km northwest of the Tower deposit, which Rockcliff sold a year and a half ago to private company Akuna Minerals. Akuna is working on a feasibility study and Rockcliff holds a 1.5% net smelter return royalty (NSR) on the project.

“If Akuna is successful and puts the deposit in production, our royalty stream will be slightly over $1 million per annum over a six-year mine life,” he says. “It is a lot of risk-free cash flow on an annual basis for Rockcliff.

“A production scenario at Tower will mean we have achieved our goal of becoming a mine finder,” he adds.

“This bodes well for our existing deposits that have the same pedigree, but with higher metal grades.”

Tower contains 88.97 million lb. copper in the indicated category (1.1 million tonnes grading 3.7% copper, 1.1% zinc, 17.28 grams silver and 0.55 gram gold), and 55.2 million lb. copper in the inferred category (1.3 million tonnes averaging 2% copper, 1% zinc, 9.78 grams silver and 0.27 gram gold).

“We feel that the Tower deposit has an excellent chance of becoming a significant deposit and a significant mine,” Lapierre says.

“One of the things that we pride ourselves on is that we know how to explore in this camp,” he adds.

“We’ve been there since 2006, and

“YOU KNOW IT’S GREAT INFRASTRUCTURE WHEN YOU POUR YOURSELF A CUP OF HOT COFFEE IN THE MORNING AND BY THE TIME YOU GET TO THE PROPERTY, THE COFFEE IS STILL HOT.” KEN LAPIERRE PRESIDENT AND CEO, ROCKCLIFF COPPER

we’ve spent a little over $20 million.”

Rockcliff also owns 100% of the Rail deposit, 40 km west of Snow Lake, which it earned from Hudbay.

The deposit is open in all directions and contains indicated resources of 822,000 tonnes grading 3% copper, 0.7 gram gold, 0.9% zinc and 9.3 grams silver, for a 3.9% copper-equivalent grade.

Hudbay decided not to buy back in, but has a 2% NSR on the project.

Fifteen kilometres north of the Rail deposit is Rockcliff’s wholly owned Lon deposit, which the company staked itself. Lon has a historic resource of 250,000 tonnes averaging 3.2% copper, 0.6 gram gold, 5.2% zinc and 18.8 grams silver, for a 5.6% copper-equivalent grade.

“We were searching for an opportunity and we looked at that

Assistant project geologist Ashley Durham beside a century-old trench on the 007 vein at Rockcliff Copper’s Laguna gold property, 20 km southeast of Snow Lake, Manitoba. Rockcliff has collected high-grade gold, silver and zinc samples from the trench. ROCKCLIFF COPPER

particular area, and noticed the Lon deposit was open for staking,” Lapierre says. “We staked the entire greenstone belt associated with it.

“I just wanted to find and consolidate the highest-grade assets in the camp — whether they be copper, zinc or gold — and it has taken 12 years to do it.”

Lapierre also notes that the infrastructure in the area can’t be beat.

“You know it’s great infrastructure when you pour yourself a cup of hot coffee in the morning and by the time you get to the property, the coffee is still hot. We can do that at

every one of our properties.”

He also points out that the area is mining friendly.

“The townsfolk of Snow Lake all call you by your first name and want to see you succeed. That’s a good feeling, knowing you’re not alone in this crazy business!”

With $3 million in the treasury and no debt, Lapierre says the company doesn’t have to go back to the market any time soon, and adds that management runs “a very frugal ship.”

The company started drilling at Talbot a month ago, and plans to

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drill 10 to 15 holes totalling 5,000 metres that focus on three areas on high-priority targets. The drill will then move to the Rail deposit, which LaPierre notes has “an outstanding geophysical target” below the deposit that he wants to test. After that, the drill will move to Laguna to test some of the gold veins.

On Oct. 26, Rockcliff reported that at its new Laguna property, it identified visible gold and high-grade gold mineralization from historic surface quartz veins, and also found a gold-bearing quartz vein stockwork system, with a minimum 300-metre surface strike length and an up to 5-metre true thickness.

Called the “007 quartz vein,” it is open to expansion in all directions, with grab samples assaying from trace to 43.3 grams gold, 1.2 grams to 118.6 grams silver and trace to 6.2% zinc.

“We just had boots on the ground, and it really is an incredible gold property. The grades are substantial,” he says of Laguna. “This is a property that has tremendous potential. It has multiple quartz veins on surface that you can bang off visible gold.

We’ve got values of up to 20 oz. in grab samples. It’s all very encouraging, and one of the interesting and striking things is that it is a property that is completely underexplored.

The last drilling was completed in the 1940s, and it boggles my mind that there is a three-compartment vertical shaft down to 381 metres, with 3 km of underground development on one vein that averages almost 20 grams gold.

“It’s a wonderful place to do business,” Lapierre says of the Snow Lake camp. “It is well-endowed with copper, gold, zinc and silver, and right now we have the highest-grade, unmined copper deposit ... and we’ve just acquired the highest-grade gold producer, Laguna, so we really like our chances there. Grade is king, as we all know.” TNM

2016-11-08 6:32 PM

CANADIAN PRAIRIES

GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 14–20, 2016

9

PRAIRIE SNAPSHOTS: EIGHT COMPANIES TO WATCH From diamonds to uranium, and everything in between The compelling geology, excellent infrastructure and mining friendly business environment of Canada’s Prairie provinces have helped a lively mining scene flourish, with companies large and small on the hunt for gold, base metals, uranium and diamonds. The following are eight such companies.

BISON GOLD RESOURCES Bison Gold Resources (TSXV: BGE) is looking for gold in Manitoba, with an emphasis on narrow-vein gold systems in the Rice Lake area in the province’s southeast, as well as the Snow Lake area in the northwest. Its wholly owned Ogama and Central Manitoba gold property in the Rice Lake belt totals 30 sq. km that contain 12 shallow, past-producing gold mines and shafts.

Led by CEO Amir Mousavi, Bison has just announced a non-brokered private placement of up to 6.94 million units at 18¢ per unit for gross proceeds of up to $1.3 million.

Each unit would hold a share and one warrant, so that the holder could buy one share within five years for 24¢. The proceeds go towards general working capital.

Bison last traded at 25¢ per share, coming off a 50¢ short-term spike in September. On Sept. 22, Bison said it had “recently entered into preliminary discussions with an unrelated party with respect to the potential acquisition” of all the securities of the company, but the discussions ended.

BWR EXPLORATION BWR Exploration (TSXV: BWR) is the new and less creepy name of Black Widow Resources. The name change took effect on Oct. 3, with no change to the ticker or the number of shares outstanding.

BWR does have a new office in downtown Toronto, filled with the same executive team: cofounder Neil Novak as president and CEO; Daniel Crandall as CFO; cofounder George Duguay as vice-president of corporate development; and cofounder Carmen Diges as corporate secretary. Independent directors are Norman Brewster, Allan Ringler and Earl Coleman.

The name change coincided with BWR closing negotiations to buy the Little Stull Lake gold project in northern Manitoba from Puma Exploration, with the multifaceted deal including BWR paying $150,000 in stages, issuing up to 10 million shares, spending $1.5 million on exploration within three years and adding a Puma representative to the BWR board.

HUDBAY MINERALS Hudbay Minerals (TSX: HBM; NYSE: HBM) has a dominant presence in Manitoba’s base metals subsector, having operated in the Flin Flon greenstone belt for over 85 years, and mining over 145 million tonnes of ore during that time.

Its Canadian operations are in Flin Flon and Snow Lake: the 777 zinccopper-gold-silver mine, which began commercial production in 2004 and will continue until 2020; the Lalor zinc-copper-gold-silver mine, which achieved commercial production in the third quarter of 2014; the Reed high-grade copper mine, which hit commercial production in early 2014; processing facilities in Flin Flon,

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Looking south at the Lueder Lake exploration camp at North Arrow Minerals’ 80%-owned Pikoo diamond project in east-central Saskatchewan. NORTH ARROW MINERALS including a concentrator and stateof-the-art zinc plant; and in Snow Lake, a refurbished concentrator to process Lalor ore.

property “requires higher metal prices ... to meet benchmarks for economic development, the current trend in metal prices is positive.”

MURCHISON MINERALS

NORTH ARROW MINERALS

Toronto-based Murchison Minerals (TSXV: MAM) is the product of the reverse takeover of Manicouagan Minerals by Flemish Gold in June 2014. Murchison has a diversified portfolio of properties, including its flagship Brabant-McKenzie highgrade zinc-copper-silver deposit in north-central Saskatchewan, as well as its the HPM nickel-coppercobalt project in Quebec, gold claims in Ontario’s Pickle Lake area, Cloridorme alumina shale formation in Quebec’s Gaspé region.

North Arrow Minerals (TSXV: NAR) has various exploration projects across two territories and two provinces in Canada, but its Prairie exposure consists of the intriguing Pikoo diamond prospect in eastcentral Saskatchewan. The project — 80% owned by North Arrow and 20% owned by Stornoway Diamond — is at the stage of drilling and target generation, with 10 discrete kimberlite occurrences drilled to date, and five of which are diamond-bearing.

This quarter at Brabant-McKenzie, Murchison is carrying out a regional exploration program to follow up on mineralized showings and airborne geophysical anomalies over the property’s 16 km length.

North Arrow describes kimberlite body PK150 as the “most significant discovery to date,” at 10 to 15 metres wide and traceable to 199 metres, and open at depth.

Depending on the results of a midyear till sampling program, North Arrow could resume drilling in early 2017.

The company says it will also conduct a downhole geophysical probing of past holes drilled into the Brabant-McKenzie deposit. This will inform a drill program expected in early 2017.

MUSTANG MINERALS Mustang Minerals (TSXV: MUM; US-OTC: MSMGF) has suffered along with most other nickel juniors over the past few years from depressed nickel prices.

SATORI RESOURCES Toronto-based and Bruce Reid-led Satori Resources (TSXV: BUD) is looking at recommissioning the historic Tartan Lake gold mine complex in Manitoba’s Flin Flon greenstone belt.

It plans to complete a resource estimate at Tartan Lake, with a focus on improving the average grade; complete a preliminary economic assessment; and complete a drill program started in October that would expand the resource along strike.

In August, Satori raised $300,000 for exploration at Tartan Lake by completing a non-brokered private placement of flow-through shares at 15¢ apiece SKYHARBOUR RESOURCES Skyharbour Resources (TSXV: SYH) is another uranium junior active in Saskatchewan. It has an option from Denison Mines to acquire a 100% interest in the Moore Lake uranium project, which it describes

as “a mature uranium exploration property in the eastern Athabasca basin near existing infrastructure, with known high-grade uranium mineralization and significant discovery potential.”

Under the agreement, Skyharbour will issue 18 million shares and make staged cash payments over five years totalling $500,000 to Denison, and spend $3.5 million on exploration over five years.

Denison owns 12% of Skyharbour’s shares, and its president and CEO is a Skyharbour director.

In October, Skyharbour started an airborne geophysical survey over its Preston uranium property in the basin’s booming Patterson Lake South area. TNM

Cradle to cradle

Mustang owns the mineral rights to the Makwa and Mayville nickel properties in the Bird River Complex of southeastern Manitoba, and completed a preliminary economic assessment of Makwa-Mayville in 2014.

Introducing the

In October Mustang reported that it had completed several transactions to improve its working capital position. Its cash position as of June 30, 2016 was $647,000, although the working capital deficit was $622,000 after accounting for liabilities associated with a federal tax audit. In May the company sold three of the four grinding mills it owned, and has carried out other sales of non-core mining claims in Ontario and Manitoba.

Mustang points to the “steady improvement in nickel prices” over the past several months, and says that while its Makwa-Mayville

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2016-11-08 6:32 PM

10

NOVEMBER 14–20, 2016 / THE NORTHERN MINER

CANADIAN PRAIRIES

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Uranium firms optimistic URANIUM From 7

18% to US$36 per pound.

The sluggish demand stems from the slow restart of Japan’s nuclear reactors, reactor shutdowns in other countries and the slowing global economy, the World Nuclear Association (WNA) says.

After the Fukushima nuclear disaster in 2011, Japan took its 42 nuclear reactors offline, which accounted for 10% of all the reactors in the world. Since then, Japan has restarted only three reactors.

Meanwhile, Germany closed nine of its 17 reactors since 2011. It plans to shutter its remaining reactors by 2022. In the last three years, the U.S. has closed five reactors. It aims to retire another three reactors by 2020, partly due to cheaper shale gas, the WNA states.

Despite this, the number of nuclear reactors under construction in other countries is rising, providing a bright spot for uranium in the long term.

At the end of 2015, there were 439 operable reactors around the world and another 66 reactors under construction, with a further 158 planned. Half of those reactors under construction are in East Asia, with China alone building 24.

“These are not easy days in the uranium business. Yet at Cameco, we remain optimistic. We see growth in reactor construction, and consequently, uranium consumption,” Tim Gitzel said on a recent conference call. Gitzel heads Cameco (TSX: CCO; NYSE: CCJ), Canada’s largest uranium producer.

Canada’s uranium-rich Athabasca basin Since 2009, Canada has been the world’s second-largest uranium producer, behind Kazakhstan. Most of Canada’s production comes from the McArthur River and Cigar Lake mines in Saskatchewan’s uranium-rich Athabasca basin. These Cameco-operated mines are the largest and highest-grade uranium assets in the world.

While CEO Gitzel is optimistic that demand will return to the market, his company Cameco has sliced costs over the last five years to stay competitive in the low-priced environment.

Since 2011, Cameco has slashed its capital expenses by 56% to $245 million this year. Exploration spending has dropped from $85 million in

2011 to around $47 million this year.

Earlier this year, Cameco suspended its Rabbit Lake mine in the basin and curbed output from the United States. These were the company’s highest-cost operations.

Cameco also scaled back output from the McArthur River-Key Lake operations, so it could focus on its low-cost assets, particularly its 50%-held Cigar Lake mine. Cigar Lake started commercial production last May. This year, the mine should produce 16 million lb. on a 100% basis.

More recently, a strong performance from Cameco’s uranium segment has led to third-quarter earnings of $142 million, or 36¢ per share. Last year the company reported a loss of $4 million, or 1¢ per share. Cash production costs in the quarter fell 27% year-over-year to $18.16 per pound.

“Cameco’s contract book continues to protect it against low uranium prices,” BMO analyst Edward Sterck says. Cameco had a realized uranium price of US$43 per lb. in the third quarter, which is 77% higher than the average spot price. However, it also ended two long-term contracts with its utility costumers, gaining $59 million.

Cameco is keeping its 2016 production guidance at 25.8 million lb. U3O 8 , which it lowered earlier from 30 million pounds. However, the company expects 2016 revenues that are 10% to 15% lower than 2015’s $2.8 billion, largely due to declining revenue from its Nukem segment.

Meanwhile, a trial over a tax dispute with the Canadian Revenue Agency is ongoing. A final decision could be out as early as 2018.

Cameco processes ore from Cigar Lake at Areva’s 70%-held McClean Lake mill, 70 km northeast. Denison Mines (TSX: DML; NYSE-MKT: DNN) and OURD own the rest of the mill.

Areva also holds 69% of the Midwest uranium development project in the Athabasca basin, while Cameco has a 70% interest in the Millennium development project.

Millennium sits between McArthur River and Key Lake, and has an indicated resource of 1.4 million tonnes grading 2.4% U3O8 for 75.9 million pounds. However, Cameco halted the project’s permitting process in May 2014, citing poor market conditions.

“We would have to see a significant improvement in the market to

•

ConstruCtion AnD Mining serviCes

1 2 3 4 5 7 8 9 10 15 16_NOV14_Main .indd 10

Drill rigs at NexGen Energy’s Rook 1 uranium project in the southwest Athabasca basin in Saskatchewan. NEXGEN ENERGY

consider bringing any new deposits into production,” Gord Struthers, Cameco’s spokesperson, said in an email.

Promising projects NexGen Energy (TSX: NXE) is drilling the Rook 1 property, which contains the growing Arrow deposit.

Rook 1 is in the basin’s southwest, near Fission Uranium’s (TSX: FCU) Patterson Lake South (PLS) property.

Despite the near-term uncertainty for uranium, NexGen has beefed up its exploration budget from $5.5 million in 2013 to $40 million this year. Over the same time, NexGen has bumped up its general and administrative costs by $1.1 million to $3.4 million, Travis McPherson, the company’s corporate development manager, said in an email.

In March, NexGen tabled Arrow’s maiden inferred resource estimate of 3.5 million tonnes grading 2.7% U3O8 for 202 million pounds.

This included a high-grade core of 410,000 tonnes at 13.3% for 121 million pounds.

If the resource’s cut-off grade is increased from 0.3% to 10% U3O8 ,

the deposit still contains over 100 million lb. at nearly 21% U 3 O 8 , McPherson notes, illustrating Arrow’s high-grade nature.

Recent drill results have shown that the Arrow deposit continues to grow, while infill results have indicated “strength of continuity in terms of grade and thickness at the deposit,” McPherson says. Moreover, metallurgical results have shown recovery rates of over 98%, as well as low deleterious elements.

NexGen’s mid-year program should wrap up shortly. With $75 million on hand, the company has enough to fund its 2017 drilling and resource update, as well as a prefeasibility study. The latter should be out in late 2017.

Fission continues to explore its PLS property on the basin’s southwest margin. It recently found highgrade mineralization outside of the Triple R deposit on PLS. A preliminary economic assessment (PEA) in September 2015 envisioned that a combined open-pit and underground operation at Triple R could produce 101 million lb. over a 14-year mine life, where it would

deliver 77.5 million lb. in the first six years. Average operating costs were US$14.02 per lb. over the mine life.

A resource update should be out in early 2017. Fission exited September with more than $63 million in cash.

Denison is exploring the 60%-held Wheeler River and Waterbury Lake projects in the eastern side of the basin. Denison initiated a prefeasibility study on the Wheeler project in July.

The company recently completed its summer drilling program at Wheeler, where it found mineralized extensions to the Gryphon deposit.

Given that the Gryphon and Phoenix deposits at Wheeler have more than 110 million contained lb. U3O8, the project “could become a source of supply in the eastern Athabasca over the longer term,” BMO’s Sterck says. However, Sterck adds that a higher uranium price could advance Wheeler to production. At the end of September, Denison had nearly $12 million in cash and equivalents.

UEX (TSX: UEX) is working to improve the economics of its 100% held Hidden Bay project, where it completed a PEA in 2011 using a US$60 uranium price. It aims to grow the Shea Creek deposits, where Areva has a 50.9% interest. UEX can also earn up to 70% of the Christie Lake uranium project from JCU (Canada) Exploration. Christie sits 9 km along strike from McArthur River. UEX ended the third quarter with $7 million in its treasury.

Near-term market challenges TD analysts Barnes and Hutchison say the uranium market is oversupplied because of a number of factors.

These include strong primary production from new uranium projects and expansions, such as Cigar Lake.

Underfeeding by uranium enrichment facilities is also to blame, with the analysts explaining that low prices and improved technology result in less uranium consumption to produce the same amount of enriched uranium. Strategic inventories are also disposed at disused nuclear and uranium operations. The earlier-than-expected shutdown of several reactors, particularly in the U.S., adds to the problem.

As a result, the analysts “do not expect the uranium market to rebalance before 2020, and with utilities well-supplied, expect demand to remain highly discretionary.”

Barnes and Hutchison have revised their long-term uranium price forecast to reach US$55 per lb. in 2023, compared to 2020 earlier. TNM

2016-11-08 6:32 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / NOVEMBER 14–20, 2016

11

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

SPOT PRICES COURTESY OF SCOTIABANK Tuesday, November 1, 2016 Precious Metals Price (US$/oz.)

Change 1284.00 -0.40 Gold Silver $18.26 +0.02 Platinum $989.00 +10.00 Palladium $625.00 +10.00 Base Metals Nickel Copper Lead Zinc

Price (US$/tonne) Change $11220.00 +95.00 $5091.00 -6.50 $2094.50 +7.50 $2459.00 -8.00

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, October 31, 2016 (change from October 24, 2016 in brackets): Aluminium Alloy 13680 (0) 2125800 (-15500) Aluminium Copper 298400 (-22425) 187950 (-575) Lead Nickel 363162 (-396) 2930 (+35) Tin 449050 (-1750) Zinc

TSX WARRANTS

Thermal Coal CAPP: US$40.00 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$45.05 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$9.00 Coal: CME Group Central Appalachian Futures, Dec. 2016: US$40.00 Cobalt: US$13.15/lb.

Copper: US$2.28/lb.

Copper: CME Group Futures Dec. 2016: US$2.37/lb.; Jan. 2017: US$2.37/lb Ferro-Chrome: US$1.85/kg Ferro Titanium: US$3.87/kg FerroTungsten: US$24.04/kg Ferrovanadium: US$16.01/kg Iridium: NY Dealer Mid-mkt US$675.00/tr oz.

Iron Ore 62% Fe CFR China-S: US$66.80/tonne Iron Ore Fines: US$52.54/tonne Iron Ore Pellets: US$72.61/tonne Lead: US$0.95/lb.

Magnesium: US$2.04/kg Manganese: US$1.68/kg Molybdenum Oxide: US$6.92/lb.

Phosphate Rock: US$111.00/tonne Potash: US$220.00/tonne Rhodium: Mid-mkt US$815.00/tr. oz.

Ruthenium: Mid-mkt US$40.00/tr. oz.

Silver: Handy & Harman Base: US$18.11 per oz.; Handy & Harman Fabricated: US$22.64 per oz.

Tantalite Ore : US$128.61/kg Tin: US$9.82/lb.

Uranium: U3O8, Trade Tech spot price: US$19.75; The UX Consulting Company spot price: US$20.00/lb.

Zinc: US$1.11/lb.

Prices current Nov. 8, 2016

Alamos Gold (AGI.WT) - Wt buys sh @ $28.47 to Aug 30/18 Alamos Gold (AGI.WT.A) - Wt buys sh @ $10.00 to Jan 7/19 Coeur Mining (CDM.WT) - Exercisable on a cashless basis. See TSX Bulletin 2013-0377 for calculation. To Apr 16/17 Continental Gold Inc. (CNL.WT.A) - Wt buys sh @ $4.75 to Nov 26/17 Dalradian Resources (DNA.WT.A) - Wt buys sh @ $1.5 to Jul 31/17 Excellon Resources Inc (EXN.WT) - Wt buys sh @ $1.75 to Jul 26/18 Franco Nevada (FNW.WT.A) - Wt buys sh @ $75 to Jun 16/17 GoGold Resources Inc. (GGD.WT) - Wt buys sh @ $1.7 to Jun 7/18 Golden Queen Mining Co (GQM.WT) - Wt buys sh @ $2 to Jul 25/19 Gran Colombia Gold (GCM.WT.A) - Wt buys sh @ $3.25 to Mar 18/19 HudBay Minerals (HBM.WT) - Wt buys sh @ $15 to Jul 20/18 Lithium Americas Corp (LAC.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry Lydian International Limited (LYD.WT) - One Warrant to purchase one additional ordinary share of the Issuer at $0.36 per share until expiry MBAC Fertilizer (MBC.WT) - Wt buys sh @ $1 to Apr 17/19 Nemaska Lithium Inc (NMX.WT) - Wt buys sh @ $1.5 to Jul 8/19 New Gold A J (NGD.WT.A) - Wt buys sh @ $15 to Jun 28/17 Northern Dynasty Minerals Ltd. J (NDM.WT.A) - Wt buys sh @ $0.55 to Jul 9/20 Northern Dynasty Minerals Ltd. J (NDM.WT.B) - Wt buys sh @ $0.55 to Jun 10/21 Northern Dynasty Minerals Ltd. J (NDM.WT) - Wt buys sh @ $3 to Sep 14/17 Oban Mining J (OBM.WT) - Wt buys 20 sh @ $3 to Aug 25/18 Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.5 to Feb 18/22

Osisko Gold Royalties (OR.WT.A) - Wt buys sh @ $19.08 to Feb 26/19 Osisko Mining Inc. J (OSK.WT) - 20 Wt buys sh @ $3 to Aug 25/18 Primero Mining Corp (P.WT.C) - Wt buys sh @ $3.35 to Jun 24/18 Quest Rare Minerals (QRM.WT) - Wt buys sh @ $0.4 to Jul 17/17 RTG Mining (RTG.WT) - Wt buys sh @ $1.5 to Jun 04/17 Sandstorm Gold (SSL.WT.A) - Wt buys sh @ US$4 to Oct 19/15 (SSL.WT.B) - Wt buys sh @ US$14 to Sep 07/17 Sandstorm Gold (SSL.WT.A) - Wt buys sh @ US$5 to Oct 19/15 (SSL.WT.B) - Wt buys sh @ US$14 to Sep 07/17 Sandstorm Gold (SSL.WT) - Wt buys sh @ US$4 to Nov 3/20 (SSL.WT.B) - Wt buys sh @ US$14 to Sep 07/17

TSX VENTURE WARRANTS Atlantic Gold (AGB.WT) - Wt buys sh @ $0.6 to Aug 20/18 Brazil Resources (BRI.WT) - Wt buys sh @ $0.75 to Dec 31/18 Cornerstone Capital Resources (CGP.WT.S) - Wt buys sh @ $0.35 to Apr 07/19 Desert Star Resources Ltd (DSR.WT) - Wt buys sh @ $0.25 to Jun 05/17 Jet Metal (JET.WT) - Wt buys sh @ $0.25 to Sep 16/19 Kootenay Silver Inc. (KTN.WT) - Wt buys sh @ $0.55 to Apr 21/21 Mission Gold (MGL.WT) - Wt buys sh @ $0.17 to Sep 13/17 Monarques Gold (MQR.WT.A) - Wt buys sh @ $0.18 to Dec 15/17 Sunridge Gold (SGC.WT) - Wt buys sh @ $0.35 to Oct 18/17 West African Resources (WAF.WT) - Wt buys sh @ $0.4 to Jan 17/17 West Kirkland Mining (WKM.WT) - Wt buys sh @ $0.3 to Apr 17/19

NORTH AMERICAN STOCK EXCHANGE INDICES TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Oct 17, 2016 (with changes from Oct 03, 2016) Largest short positions LUN 41034128 104894 10/3/2016 Lundin Mng Potash Corp SK POT 38533481 3520113 10/3/2016 Kinross Gold K 34358723 956689 10/3/2016 B2Gold BTO 23802732 -305090 10/3/2016 NGD 23165061 80916 10/3/2016 New Gold Eldorado Gold ELD 19412543 183157 10/3/2016 Teranga Gold TGZ 17781110 -137117 10/3/2016 Centerra Gold CG 14676144 234119 10/3/2016 SU 12784446 -130372 10/3/2016 Suncor Energy Sandstorm Gold SSL 12047176 270484 10/3/2016 TCK.B 10897100 -601765 10/3/2016 Teck Res First Quantum FM 10424016 29172 10/3/2016 IAMGOLD IMG 9942624 2387501 10/3/2016 Goldcorp G 9211432 495492 10/3/2016 AR 8738596 79524 10/3/2016 Argonaut Gold Largest increase in short position Potash Corp SK POT 38533481 3520113 10/3/2016 IAMGOLD IMG 9942624 2387501 10/3/2016 KDX 8357884 1589468 10/3/2016 Klondex Mines Argex Titanium RGX 2248200 1358900 10/3/2016 IVN 5727187 959459 10/3/2016 Ivanhoe Mines Largest decrease in short position NovaGold Res NG 2732689 -1229297 10/3/2016 Orbite Tech ORT 485908 -1042884 10/3/2016 FCU 1387262 -861676 10/3/2016 Fission Uran Teck Res TCK.B 10897100 -601765 10/3/2016 OceanaGold OGC 5921185 -582274 10/3/2016

Short positions outstanding as of Oct 17, 2016 (with changes from Oct 03, 2016) Largest short positions GSV 3467942 3033800 10/3/2016 Gold Std Vents Rye Patch Gold RPM 2860110 1501337 10/3/2016 First Mg Fin FF 1695000 -180600 10/3/2016 Brazil Res BRI 1275000 68900 10/3/2016 ALG 313342 180642 10/3/2016 Algold Res Bear Creek Mng BCM 271049 75759 10/3/2016 247200 226600 10/3/2016 Castle Mtn Mng NCA Mason Graphite LLG 223500 -17900 10/3/2016 K92 Mng Inc KNT 217300 -18200 10/3/2016 Nexus Gold NXS 200000 146900 10/3/2016 SOI 165400 139400 10/3/2016 Sirios Res True North Gem TGX 148000 148000 10/3/2016 Roxgold ROG 146281 -300466 10/3/2016 Critical Elem CRE 116291 112791 10/3/2016 Integra Gold ICG 94241 -1577391 10/3/2016 Largest increase in short position Gold Std Vents GSV 3467942 3033800 10/3/2016 Rye Patch Gold RPM 2860110 1501337 10/3/2016 Castle Mtn Mng NCA 247200 226600 10/3/2016 Algold Res ALG 313342 180642 10/3/2016 TGX 148000 148000 10/3/2016 True North Gem Largest decrease in short position Focus Graphite FMS 1863 -2617306 10/3/2016 Integra Gold ICG 94241 -1577391 10/3/2016 2000 -590800 10/3/2016 Monument Mng MMY Roxgold ROG 146281 -300466 10/3/2016 IPT 27400 -294894 10/3/2016 IMPACT Silver

DAILY METAL PRICES Daily Metal Prices Date Nov 7 Nov 4 Nov 3 Nov 2 Nov 1 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1535/1575 1555/1570 1555/1570 1560/1575 1530/1550 Aluminum 1714/1721 1717.50/1721 1725/1728.50 108/1710 1731/1732 Copper 5031/5041 4942/4956 4917.50/4927 4870.50/4888 4862/4876 Lead 2092.50/2107 2070/2085 2060/2073 2047/2063 2051/2066 Nickel 10925/10985 10375/10420 10420/10460 10350/10375 10440/10475 Tin 21650/21475 21400/21225 21200/20850 20900/20700 20985/20750 24538/2469 2440.50/2455 2440/2454 2422/2430 2443/2450 Zinc

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

Gold AM 1286.80 1301.70 1293.00 1295.85 1284.40 Gold PM 1283.05 1302.80 1301.00 1303.75 1288.45 Silver 18.22 18.30 18.07 18.54 18.24 Platinum 995.00 1003.00 986.00 994.00 995.00 Palladium 632.00 625.00 627.00 635.00 631.00

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

Nov 04 Nov 03 Nov 02 Nov 01 Oct 31 1.3397 1.3397 1.3387 1.3388 1.3414 0.7464 0.7464 0.7475 0.7470 0.7455

Exchange rates (Quote Media, November 04, 2016) C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand C$ to AUS 0.6720 76.8585 14.3050 10.0421 0.9716 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 0.5987 5.0482 49.7884 0.7271 854.0046 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.3018 0.9004 102.9690 19.1645 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.8023 6.7633 66.6948 0.9740 1144.4400

52-week

Nov 04 Nov 03 Nov 02 Nov 01 Oct 31 High Low Index S&P/TSX Composite 14509.25 14583.42 14594.72 14778.32 14787.27 15527.30 12400.15 S&P/TSXV Composite 761.98 760.96 770.11 779.56 772.77 1050.26 883.52 S&P/TSX 60 851.86 856.45 857.55 867.29 868.38 896.74 709.99 S&P/TSX Global Gold 227.79 229.61 225.99 230.73 224.59 218.90 149.29

NEW 52-WEEK HIGHS AND LOWS OCTOBER 31–NOVEMBER 4, 2016 95 New Highs Abitibi Royalt Advantage Lith Alba Minerals Alba Minerals* Alliance Res* Almadex Min Almadex Min* Anglo American* Atico Mng Atico Mng* Atom Energy * AuRico Metals AuRico Metals * Austin Res AZ Mining Bearing Res Benton Res Big North Grap* Canamex Res* Canoe Mng Vent Canyon Copper Cap-Ex Iron* Cataca Res* China Gold Int Cloud Peak En*

Cornerstone Ca* Desert Gold* Diamond Fields* Ensurge* EurOmax Res EurOmax Res* Excelsior Mng Excelsior Mng* Falcon Gold Finore Mng Finore Mng* First Quantum G&S Minerals* G4G Capital Giyani Gold Giyani Gold* Glencore Plc* Gray Rock Res Greenshield Ex Hawkeye Gld&Di Hawkeye Gld&Di* Irving Res Jaxon Mnls Jaxon Mnls* Klondex Mines Kootenay Zinc Lateral Gold

Luna Gold Mariana Res Mariana Res* McLaren Res Mega Copper Metallic Mnrls Metallic Mnrls* Midnight Star Morumbi Res* NACCO Ind* Natural Res Pt* Newmac Res* Newport Gold* Nubian Res Parlane Res Platinex Playfair Mng Playfair Mng* Prospero Silvr Radisson Mng Rae-Wallace Mg* Rainy Mtn Royl* Rambler Ml &Mg Reunion Gold Rheingold Expl Rio Tinto* Rise Res Inc

Salazar Res* Signature Res Sokoman Iron Strikepoint Gd* Tajiri Res Teck Res Teck Res* Theia Res Tiller Res TMAC Resources Uranium Hunter* Vedanta* Volcanic Mtls Wesdome Gold Westmoreland* WPC Res

36 New Lows Arianne Phosph Avenira Ltd* Bravo Multinat* Cameco Corp* Cameo Res* Canamex Res* Carube Copper* Castle Peak Mg Cobalt Pwr Grp Comstock Mng*

Desert Star* Energy Fuels Energy Fuels* Equitas Res Euro Sun Mg Explorex Res* Fission Uran Fission Uran* Golden Goliath Ireland* JDL Gold* Kesselrun Res Millennial Lit* Monarca Mnrls Montego Res Paladin Energy Primero Mng Primero Mng* Spearmint Res Stone Ridge Ex Sunset Cove Mg Tudor Gold * Ur-Energy Ur-Energy* West Red Lake* Western Potash

CANADIAN GOLD MUTUAL FUNDS Fund Nov 04 ($) Oct 28 ($) Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) 26.98 26.79 0.19 0.71 87.35 2.78 208.47 AGF Prec Mtls Fd MF BMO Prec Mtls Fd A 21.32 21.11 0.21 1.02 86.16 2.40 81.17 BMO ZGD 11.43 11.04 0.39 3.55 85.37 0.63 BMO ZJG 9.62 9.18 0.44 4.77 100.69 0.60 CIBC Prec Metal Fd A 12.33 12.13 0.20 1.64 58.81 2.62 64.39 Dyn Prec Metls Fd A 8.13 8.04 0.09 1.12 112.04 2.75 496.12 27.78 1.24 4.49 77.81 0.81 Horizons HEP IGMacGloPrecMetCl A 9.98 9.91 0.07 0.71 102.67 2.76 106.90 iShares XGD 13.63 0.79 5.84 83.21 0.61 729.79 Mac Prec Met Cl A 56.57 56.14 0.43 0.77 106.48 2.51 146.89 NB Prec Met Fd Inv 14.40 14.29 0.11 0.77 89.73 2.46 44.26 RBC GblPreMetFd A 36.93 36.63 0.29 0.80 96.21 2.12 477.01 Redw UITGoDe&ProCl A 10.00 Sentry Pre Met Fd A 46.01 46.93 -0.92 -1.96 102.47 2.90 278.44 Sprott Gold&PrMinFdA 41.84 1.22 2.91 93.93 3.19 294.77 Sprott SilverEquCl A 7.53 0.27 3.63 143.74 3.23 106.58 42.24 41.78 0.46 1.10 84.46 2.26 179.69 TD PreciousMetalsInv

GLOBAL MINING NEWS · SINCE 1915

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

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

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

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

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2016-11-08 5:49 PM

12

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: OCTOBER 31–NOVEMBER 4, 2016 (100s) Stock

WWW.NORTHERNMINER.COM

NOVEMBER 14–20, 2016 / THE NORTHERN MINER

Week

12-month

Exc Volume High Low Last Change High Low

A 92 Resources V 707 0.22 0.18 0.21 - 0.01 0.28 0.03 Abcourt Mines V 473 0.09 0.08 0.09 + 0.01 0.13 0.04 Abcourt Mines* O 24 0.07 0.05 0.07 + 0.01 0.10 0.02 V 87 0.04 0.03 0.03 - 0.01 0.05 0.02 ABE Resources Aben Res* O 185 0.10 0.07 0.07 - 0.02 0.26 0.03 Aben Res V 900 0.13 0.09 0.10 - 0.02 0.34 0.06 Abitibi Royalt V 100 10.00 8.30 9.77 + 1.27 10.00 2.30 ABT Holdings* O 2 0.28 0.00 0.26 - 0.02 0.76 0.05 Acme Res Inc V 6 0.07 0.00 0.06 - 0.01 0.12 0.02 Adamera Mnls V 2096 0.08 0.06 0.08 + 0.02 0.15 0.01 O 67 0.05 0.04 0.05 - 0.00 0.12 0.01 Adamera Mnls* Adriana Res V 351 0.14 0.13 0.13 - 0.01 0.15 0.10 Advantage Lith V 2120 1.22 0.95 1.04 + 0.08 1.22 0.14 Advantage Lith* O 455 0.91 0.71 0.77 + 0.04 1.00 0.49 Agave Silver V 33 0.10 0.00 0.09 + 0.01 0.15 0.02 Agave Silver* O 8 0.08 0.07 0.08 + 0.00 0.12 0.01 Agnico Eagle* N 8889 53.17 49.09 51.68 + 2.28 60.10 24.80 Agnico Eagle T 2994 71.15 65.76 69.26 + 3.09 78.35 33.00 T 1316 125.02 118.69 119.89 - 4.61 133.25 104.70 Agrium Agrium* N 2946 93.30 88.65 89.51 - 3.54 100.24 79.94 Aguila Amer Gd V 1052 0.05 0.00 0.04 - 0.01 0.14 0.03 O 1683 0.01 0.00 0.00 - 0.00 75.00 0.00 Aim Explor* Alabama Graph* O 352 0.10 0.09 0.09 - 0.01 0.17 0.08 Alacer Gold T 5921 2.96 2.66 2.87 + 0.18 3.79 2.08 Alamos Gold T 5772 11.15 10.14 10.42 + 0.16 13.65 3.27 Alamos Gold* N 9432 8.33 7.56 7.75 + 0.07 10.41 2.27 Alba Minerals V 123 0.19 0.13 0.16 + 0.02 0.19 0.01 Alberta Star* O 3 0.29 0.28 0.28 - 0.04 0.32 0.12 N 68566 29.13 21.78 25.20 - 3.17 34.50 18.42 Alcoa* Alderon Iron* O 20 0.19 0.16 0.16 - 0.06 0.34 0.05 0.21 - 0.08 0.48 0.07 Alderon Iron T 867 0.30 0.21 Aldershot Res V 37 0.06 0.05 0.06 + 0.01 0.07 0.01 Aldever Res V 207 0.11 0.10 0.11 - 0.02 0.69 0.09 Aldever Res* O 13 0.08 0.00 0.06 - 0.01 0.11 0.06 Aldridge Mnrls V 353 0.28 0.26 0.28 - 0.01 0.34 0.12 Aldrin Res V 146 0.09 0.08 0.08 - 0.01 0.15 0.08 Alexandria Min* O 238 0.05 0.04 0.05 - 0.00 0.10 0.01 1.86 + 0.03 2.54 0.22 Alexco Res* X 1730 1.97 1.73 Alexco Res T 1098 2.65 2.32 2.47 + 0.02 3.31 0.35 Algold Res V 687 0.36 0.33 0.33 - 0.03 0.44 0.07 Algold Res* O 604 0.25 0.00 0.25 - 0.00 0.33 0.07 0.10 + 0.01 0.17 0.07 Alianza Min* O 74 0.10 0.08 Alix Res V 1269 0.08 0.06 0.06 - 0.01 0.18 0.04 0.03 - 0.01 0.05 0.01 Alliance Mng V 4236 0.05 0.03 Alliance Res* D 1640 25.85 23.00 23.35 - 0.65 25.85 9.95 Almaden Mnls T 306 1.97 1.75 1.85 + 0.10 2.44 0.67 Almaden Mnls* X 1241 1.54 1.30 1.39 + 0.09 1.88 0.50 1.60 + 0.06 1.74 0.14 Almadex Min V 724 1.74 1.48 Almadex Min* O 765 1.31 1.12 1.20 + 0.04 1.31 0.09 Almo Capital V 179 0.15 0.13 0.13 - 0.02 0.18 0.05 0.24 - 0.01 0.51 0.20 Almonty Ind V 86 0.24 0.23 Alphamin Res V 848 0.30 0.28 0.29 + 0.01 0.33 0.16 Alset Energy* O 1264 0.12 0.07 0.12 + 0.06 0.65 0.01 Alset Energy V 6031 0.16 0.11 0.15 + 0.04 0.84 0.02 Alta Vista Vnt 92 0.06 0.05 0.05 + 0.01 0.25 0.03 Altai Res V 138 0.07 0.06 0.06 - 0.01 0.16 0.03 127 0.21 0.16 0.19 + 0.02 0.70 0.09 Altair Res Inc V Altan Nev Mnls V 344 0.02 0.01 0.01 - 0.01 0.05 0.01 Altan Rio Mnls V 2314 0.02 0.02 0.02 + 0.01 0.04 0.01 Altiplano Mnls V 192 0.12 0.11 0.11 + 0.02 0.22 0.04 0.12 - 0.01 0.21 0.02 Altitude Res V 383 0.13 0.12 11.46 + 0.42 12.65 7.39 Altius Mnrls T 236 11.70 10.98 Alto Vent V 266 0.08 0.07 0.07 - 0.01 0.09 0.02 181 0.11 0.10 0.10 + 0.01 0.30 0.06 Altura Mng Ltd* O Alturas Mnrls V 41 0.05 0.04 0.04 - 0.01 0.08 0.01 Alumina Inc* O 65 4.83 4.61 4.64 - 0.04 4.94 2.70 ALX Uranium V 421 0.09 0.08 0.08 - 0.01 0.14 0.06 0.06 - 0.01 0.10 0.03 ALX Uranium* O 80 0.07 0.06 Am CuMo Mng V 199 0.10 0.08 0.10 + 0.01 0.16 0.06 Am CuMo Mng* O 17 0.07 0.06 0.06 - 0.00 0.12 0.04 Am Manganese* O 319 0.16 0.12 0.12 - 0.01 0.20 0.01 Am Manganese V 6413 0.21 0.15 0.17 - 0.01 0.26 0.01 Amador Gold V 20 0.19 0.00 0.16 + 0.01 0.40 0.10 0.09 - 0.01 0.13 0.04 Amarc Res V 136 0.10 0.09 Amarc Res* O 37 0.07 0.07 0.07 - 0.01 0.10 0.02 Amarillo Gold V 231 0.35 0.29 0.32 - 0.03 0.68 0.04 0.06 + 0.01 0.10 0.01 Amato Expl V 49 0.06 0.05 Amazing OG* O 84 0.44 0.31 0.31 - 0.17 1.06 0.30 Amer Intl Vent* O 655 0.05 0.02 0.04 + 0.02 0.10 0.01 Amer Vanadium* O 18 0.01 0.01 0.01 + 0.00 0.07 0.00 O 120 0.28 0.25 0.26 - 0.05 1.24 0.10 American Lith* American Lith V 1361 0.39 0.32 0.34 - 0.05 1.62 0.05 0.31 - 0.01 0.48 0.09 Americas Silvr T 4073 0.34 0.31 Americas Silvr* O 1847 0.25 0.23 0.23 - 0.01 0.37 0.04 Amerigo Res* O 111 0.13 0.12 0.12 - 0.01 0.23 0.07 Anaconda Mng* O 45 0.06 0.06 0.06 - 0.00 0.09 0.03 T 578 0.08 0.06 0.07 - 0.01 0.11 0.04 Anaconda Mng 0.05 + 0.01 0.09 0.01 Anconia Res V 279 0.05 0.04 Andes Gold* O 204 0.01 0.00 0.00 + 0.00 1.00 0.00 Anfield Nickel V 451 1.39 1.31 1.38 + 0.04 1.94 0.52 Anfield Res* O 44 0.10 0.07 0.07 - 0.03 0.22 0.06 Anfield Res V 2875 0.11 0.09 0.09 - 0.02 0.31 0.05 Angel Gold* O 100 0.08 0.05 0.08 + 0.02 0.11 0.01 0.09 + 0.01 0.15 0.01 Angel Gold V 264 0.10 0.08 Angkor Gold V 210 0.44 0.40 0.43 + 0.01 0.50 0.40 2 14.23 0.00 13.86 + 0.67 14.23 3.13 Anglo American* O Anglo American* O 1375 7.19 6.74 6.79 - 0.02 7.19 1.57 Anglo-Bomarc V 1055 0.10 0.06 0.10 + 0.01 0.25 0.06 Anglo-Can Mng V 858 0.02 0.00 0.02 + 0.01 0.03 0.01 AngloGold Ash* N 20192 14.77 13.27 14.18 + 0.66 22.91 6.20 O 187 0.07 0.05 0.07 + 0.01 0.08 0.04 Antioquia Gold* Antioquia Gold V 201 0.10 0.08 0.10 + 0.02 0.11 0.06 V 81 0.03 0.02 0.02 - 0.01 0.04 0.01 Antipodes Gold Antofagasta* O 14 6.80 6.29 6.70 + 0.41 7.79 5.24 APAC Res Inc 250 0.08 0.08 0.08 - 0.01 0.14 0.03 Apogee Opport V 21 0.20 0.00 0.17 - 0.03 0.44 0.11 213 0.39 0.32 0.32 - 0.07 0.54 0.15 Apple Cap Inc V Applied Mrnls* O 919 0.14 0.10 0.10 - 0.02 0.43 0.10 0.27 + 0.01 0.32 0.13 Aquila Res T 240 0.28 0.26 Arak Res V 266 0.03 0.03 0.03 - 0.01 0.07 0.02 Arctic Star V 606 0.08 0.06 0.07 + 0.01 0.40 0.02 0.03 + 0.01 0.03 0.01 Arcturus Vents V 500 0.03 0.02 Arcus Dev Grp V 468 0.10 0.09 0.09 - 0.02 0.20 0.02 0.18 + 0.03 0.34 0.15 Arena Mnls V 330 0.18 0.15 Arena Mnls* O 100 0.11 0.11 0.11 - 0.01 0.25 0.11 Argentina Lith V 25 0.66 0.55 0.58 - 0.01 0.83 0.04 Argentum Silvr V 174 0.28 0.25 0.28 - 0.01 0.35 0.02 Argex Titanium T 1028 0.07 0.06 0.07 + 0.01 0.11 0.02 Argex Titanium* O 11 0.05 0.05 0.05 + 0.01 0.09 0.01 Argonaut Gold T 4143 3.06 2.69 2.89 + 0.17 4.45 0.78 Argonaut Gold* O 47 2.26 2.02 2.16 + 0.14 3.38 0.53 Argus Metals V 9 0.09 0.00 0.09 + 0.01 0.15 0.02 Arian Silver* O 3041 0.01 0.01 0.01 - 0.01 0.19 0.00 Arianne Phosph V 167 0.86 0.00 0.84 - 0.02 1.25 0.68 Arianne Phosph* O 93 0.64 0.62 0.62 - 0.02 0.98 0.52 Arizona Mng* O 78 2.20 2.06 2.08 - 0.03 2.25 0.19 Arrowhead Gold* O 5 0.29 0.00 0.26 - 0.18 0.44 0.26 Asanko Gold T 5333 5.47 4.84 5.11 + 0.26 6.09 1.77 Asanko Gold* X 1584 4.17 3.61 3.83 + 0.20 4.68 1.27 Asante Gold 93 0.21 0.18 0.18 - 0.04 0.27 0.05 Ascot Res V 360 2.35 2.11 2.19 - 0.11 2.83 0.80 AsiaBaseMetals V 98 0.25 0.18 0.19 + 0.01 0.40 0.04 Asiamet Res V 223 0.05 0.04 0.04 - 0.01 0.08 0.02 Asian Minl Res V 23 0.04 0.04 0.04 + 0.01 0.04 0.02 Aston Bay V 142 0.26 0.22 0.26 + 0.01 0.49 0.13 Astorius Res V 490 0.35 0.27 0.27 - 0.08 0.41 0.01 ATAC Res V 670 0.63 0.54 0.59 + 0.04 0.95 0.26 Atacama Pac Gd* O 11 0.41 0.35 0.41 + 0.06 0.79 0.09 Atacama Pac Gd V 413 0.57 0.44 0.50 + 0.01 1.02 0.14 Athabasca Mnls* O 14 0.17 0.13 0.13 - 0.04 0.23 0.11 Athabasca Mnls V 332 0.20 0.16 0.17 - 0.02 0.32 0.15 Atico Mng* O 725 0.69 0.54 0.62 + 0.09 0.69 0.12 0.80 + 0.12 0.91 0.16 Atico Mng V 1126 0.91 0.72 Atlanta Gold* O 10 0.06 0.00 0.06 - 0.01 0.09 0.03 0.08 + 0.01 0.11 0.05 Atlanta Gold V 175 0.08 0.06 Atlantic Gold V 462 1.01 0.93 0.95 - 0.05 1.06 0.23 0.06 - 0.00 0.10 0.02 Atlatsa Res* O 75 0.07 0.00 Atlatsa Res T 54 0.09 0.00 0.09 - 0.01 0.13 0.03 Atom Energy * O 1 0.19 0.19 0.19 + 0.00 0.19 0.12 Atom Energy V 2 0.28 0.00 0.27 - 0.03 0.64 0.16 Augustine Vent 300 0.11 0.08 0.10 - 0.01 0.17 0.03 0.12 - 0.01 0.16 0.08 Augyva Mng V 3 0.12 0.12 Aurania Res V 35 0.73 0.70 0.70 - 0.03 0.73 0.32 Aurcana Corp V 178 0.58 0.46 0.49 - 0.01 0.80 0.09 0.03 + 0.01 0.05 0.01 AurCrest Gold V 607 0.03 0.03 Aureus Mng* O 123 0.03 0.02 0.03 + 0.01 0.24 0.02 AuRico Metals * O 823 0.94 0.82 0.89 - 0.00 0.94 0.37 1.18 - 0.01 1.26 0.55 AuRico Metals T 2566 1.26 1.08 Aurion Res V 86 0.42 0.37 0.42 + 0.03 0.49 0.05 0.15 - 0.04 0.29 0.02 Aurvista Gold* O 131 0.19 0.15 Aurvista Gold V 1071 0.25 0.20 0.24 + 0.01 0.39 0.03 2.20 + 0.13 3.18 0.70 Auryn Res* O 285 2.39 2.05 Austin Res V 10732 0.05 0.02 0.03 + 0.02 0.05 0.01 Avalon Adv Mat T 402 0.18 0.17 0.18 + 0.01 0.33 0.10 Avalon Adv Mat* O 170 0.14 0.12 0.12 - 0.01 0.26 0.07 Avarone Metals 1155 0.04 0.03 0.03 - 0.01 0.14 0.02 Avino Silver V 384 3.33 2.59 3.13 + 0.51 4.05 1.03 Avino Silver* X 3055 2.49 1.91 2.35 + 0.41 3.14 0.71 Avnel Gold * O 239 0.20 0.18 0.19 - 0.01 0.30 0.13 Avnel Gold T 614 0.27 0.25 0.26 - 0.02 0.39 0.18 Avrupa Mnls V 414 0.16 0.14 0.16 - 0.01 0.25 0.08 Avrupa Mnls* O 184 0.12 0.10 0.11 - 0.00 0.19 0.05 AXE Expl V 1341 0.04 0.00 0.03 - 0.01 0.04 0.01 Axiom Mng* O 3 0.16 0.14 0.14 - 0.02 0.23 0.01 AZ Mining T 3925 3.00 2.72 2.78 - 0.06 3.00 0.27 Azarga Mtls V 106 0.54 0.00 0.53 + 0.02 0.60 0.05 Azarga Mtls* O 16 0.41 0.00 0.40 + 0.03 1.00 0.03 Azarga Uranium* O 37 0.17 0.15 0.15 - 0.02 0.29 0.15 Azarga Uranium T 109 0.23 0.19 0.19 - 0.04 0.40 0.20 Azimut Expl V 265 0.49 0.40 0.42 - 0.03 0.68 0.10

B B2Gold* X 30069 B2Gold T 40196 Bacanora Mnls V 73 Balmoral Res T 1007 Balmoral Res* O 361 Bandera Gold V 505 Bannerman Res* O 33 Banro T 656 Banro* X 3362 Bard Vent V 34 Barkerville Go* O 196 Barkerville Go V 441 Barrick Gold* N 90860 Barrick Gold T 21803 Barsele Min* O 41 Barsele Min V 223

12-13_NOV14_StockTables.indd 12

3.04 2.73 2.89 + 0.11 3.65 0.60 4.07 3.67 3.86 + 0.15 4.74 0.86 1.31 1.22 1.26 - 0.05 1.95 1.17 0.93 0.84 0.89 + 0.06 1.28 0.33 0.70 0.62 0.67 + 0.03 0.99 0.23 0.01 0.01 0.01 - 0.01 0.02 0.01 0.03 0.02 0.02 - 0.01 0.04 0.01 0.37 0.33 0.34 - 0.01 0.62 0.21 0.28 0.24 0.25 - 0.01 0.48 0.15 0.03 0.03 0.03 - 0.01 0.04 0.01 0.46 0.43 0.44 + 0.01 0.60 0.15 0.62 0.58 0.59 + 0.01 0.76 0.21 18.95 17.00 18.27 + 1.19 23.47 6.90 25.36 22.78 24.50 + 1.61 30.45 9.18 0.83 0.71 0.71 - 0.11 1.10 0.05 1.12 0.89 0.91 - 0.19 1.43 0.08

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Batero Gold V 463 Battle Mtn Gld* O 73 Battle Mtn Gld V 136 Bayhorse Silvr* O 170 Bayhorse Silvr V 477 Bayswater Uran* O 188 BCGold V 293 BCM Res V 33 Bear Creek Mng V 552 Bearing Res V 190 Beaufield Res V 370 Beaufield Res* O 130 Beeston Ent* O 22 Bell Copper V 64 Bellhaven Cp&G V 52 O 55 Bellhaven Cp&G* Belmont Res V 158 Belo Sun Mng T 703 Belvedere Res V 1460 Benton Res V 4955 Berkwood Res V 513 Big Bar Res V 125 14 Big North Grap* O Big North Grap V 409 Bison Gold Res V 47 Bitterroot Res* O 134 Black Dragon V 56 Black Hills* N 1742 Black Mam Mtls* O 3 Black Sea Cop V 115 Black Sea Cop* O 45 Blackheath Res V 276 Blind Crk Res V 46 BLOX Inc* O 285 Blue Rvr Res V 3941 Blue Sky Uran V 127 Bluenose Gold V 5 Bluestone Res V 17 BonTerra Res V 750 BonTerra Res* O 139 Borneo Res Inv* O 2102 Bravada Gold V 468 Bravada Gold* O 47 Braveheart Res V 38 Bravo Multinat* O 5391 Bravura Vent * O 34 Bravura Vent 578 Brazil Mnrls* O 986029 Brazil Res V 1863 Brixton Mtls* O 109 Brixton Mtls V 359 Brookmount Exp* O 225 Brunswick Res V 107 Bryn Res* O 6 Buenaventura* N 7362 Bullfrog Gold* O 554 Bullion Gld Res V 71 Burey Gold* O 271

0.16 0.12 0.13 - 0.02 0.23 0.05 0.48 0.44 0.48 - 0.00 0.73 0.06 0.64 0.59 0.59 - 0.01 0.95 0.09 0.19 0.16 0.18 - 0.00 0.22 0.03 0.25 0.21 0.25 + 0.02 0.29 0.05 0.02 0.02 0.02 + 0.00 0.05 0.00 0.06 0.05 0.06 - 0.01 0.13 0.03 0.11 0.08 0.11 + 0.01 0.32 0.05 2.90 2.60 2.65 + 0.01 3.77 0.50 0.46 0.39 0.40 + 0.02 0.46 0.13 0.09 0.08 0.09 + 0.01 0.16 0.03 0.07 0.06 0.06 - 0.01 0.12 0.03 0.00 0.00 0.00 - 0.00 0.01 0.00 0.05 0.04 0.05 - 0.02 0.07 0.01 0.59 0.44 0.44 - 0.15 0.78 0.03 0.38 0.33 0.34 - 0.01 0.61 0.02 0.07 0.06 0.06 - 0.01 0.12 0.02 1.00 0.97 0.98 - 0.01 1.10 0.22 0.06 0.05 0.05 - 0.01 0.09 0.01 0.11 0.08 0.09 + 0.01 0.11 0.03 0.19 0.11 0.13 - 0.03 0.25 0.01 0.42 0.34 0.34 - 0.03 0.69 0.29 0.17 0.15 0.16 + 0.01 0.17 0.01 0.24 0.20 0.20 - 0.02 0.24 0.02 0.30 0.24 0.25 - 0.05 0.50 0.10 0.03 0.03 0.03 - 0.01 0.06 0.02 0.07 0.07 0.07 - 0.01 0.10 0.01 62.07 57.25 60.26 - 0.37 64.58 40.00 0.04 0.04 0.04 + 0.00 0.07 0.03 0.37 0.32 0.34 + 0.03 0.54 0.31 0.27 0.23 0.24 - 0.02 0.46 0.23 0.09 0.07 0.08 - 0.01 0.18 0.06 0.09 0.07 0.08 + 0.01 0.16 0.03 0.03 0.02 0.03 + 0.01 0.03 0.01 0.07 0.06 0.06 - 0.01 0.08 0.03 0.46 0.30 0.32 - 0.09 0.74 0.04 0.02 0.00 0.02 - 0.02 0.04 0.01 0.11 0.00 0.09 - 0.03 0.23 0.05 0.29 0.24 0.24 - 0.04 0.51 0.17 0.21 0.20 0.21 - 0.01 0.37 0.12 0.00 0.00 0.00 - 0.00 0.00 0.00 0.29 0.23 0.26 + 0.02 0.40 0.03 0.22 0.18 0.18 + 0.00 0.31 0.02 0.04 0.04 0.04 + 0.01 0.08 0.02 0.01 0.01 0.01 - 0.00 0.10 0.01 0.19 0.16 0.16 - 0.02 0.49 0.15 0.26 0.22 0.24 - 0.04 0.59 0.02 0.00 0.00 0.00 - 0.00 0.00 0.00 2.67 2.48 2.51 - 0.04 3.35 0.38 0.41 0.35 0.35 + 0.01 0.92 0.03 0.55 0.48 0.50 + 0.01 1.20 0.05 0.01 0.01 0.01 - 0.00 0.02 0.00 0.03 0.02 0.03 + 0.01 0.04 0.01 0.01 0.01 0.01 + 0.00 0.01 0.00 13.99 12.38 12.62 - 0.29 16.45 3.30 0.14 0.11 0.12 - 0.02 0.19 0.01 0.10 0.09 0.10 + 0.01 0.15 0.05 0.07 0.06 0.06 - 0.01 0.10 0.03

C Cache Expl V 18 0.10 0.09 0.09 - 0.01 0.15 0.03 0.03 + 0.01 0.05 0.01 Cadillac Vent V 427 0.04 0.03 Caledonia Mng* Q 242 1.69 1.42 1.51 - 0.08 1.84 0.48 Caledonia Mng T 347 2.25 1.93 2.04 - 0.08 2.42 0.66 Calibre Mng V 1444 0.15 0.13 0.14 + 0.01 0.27 0.06 California Gld V 197 0.53 0.47 0.48 - 0.04 0.80 0.30 0.58 + 0.03 0.69 0.23 Callinex Mines V 910 0.59 0.51 Callinex Mines* O 105 0.44 0.38 0.38 - 0.02 0.54 0.17 Cameco Corp* N 21350 8.58 7.41 8.24 + 0.31 13.59 7.41 Cameco Corp T 9469 11.50 9.93 11.07 + 0.45 17.67 9.88 Cameo Res* O 449 0.05 0.00 0.04 + 0.01 0.07 0.02 Cameo Res V 24180 0.07 0.00 0.05 + 0.01 0.10 0.04 Camino Mnls* O 494 0.16 0.00 0.15 - 0.06 0.22 0.05 Camino Mnls V 460 0.22 0.15 0.21 + 0.04 0.29 0.07 Camrova Res * O 35 0.12 0.12 0.12 - 0.01 0.13 0.10 Camrova Res V 105 0.18 0.16 0.16 - 0.01 0.60 0.10 0.44 + 0.03 0.47 0.08 Canadian Zeol V 861 0.45 0.40 Canadian Zeol* O 44 0.34 0.29 0.34 + 0.05 0.36 0.06 CanAlaska Uran V 211 0.52 0.44 0.44 - 0.04 1.55 0.09 CanAlaska Uran* O 65 0.38 0.33 0.33 - 0.04 1.20 0.06 CanAm Coal* O 470 0.01 0.00 0.00 - 0.01 0.04 0.00 O 27 0.10 0.00 0.09 + 0.00 0.11 0.09 Canamex Res* Canarc Res* Q 1163 0.09 0.08 0.08 - 0.00 0.12 0.03 Canarc Res T 1148 0.12 0.10 0.11 - 0.01 0.15 0.04 Canasil Res V 2067 0.32 0.23 0.28 - 0.02 0.73 0.04 Cancana Res V 187 0.40 0.35 0.35 - 0.03 0.52 0.13 Candente Coppr T 160 0.10 0.09 0.09 - 0.01 0.18 0.03 Canex Energy V 54 0.14 0.11 0.11 - 0.03 0.15 0.03 Canoe Mng Vent V 60 0.10 0.00 0.09 + 0.03 0.10 0.02 Canstar Res V 489 0.14 0.13 0.13 - 0.01 0.18 0.04 Canterra Mnls V 299 0.06 0.05 0.05 - 0.02 0.10 0.03 Cantex Mn Dev V 57 0.09 0.08 0.08 - 0.02 0.15 0.03 Canyon Gold* O 67 0.11 0.08 0.11 + 0.02 0.54 0.03 Cap-Ex Iron V 392 0.18 0.16 0.17 + 0.01 0.19 0.01 Capstone Mng T 4331 0.95 0.76 0.92 + 0.13 0.97 0.27 Cardero Res V 21 0.24 0.20 0.22 - 0.02 0.25 0.08 0.16 - 0.01 0.18 0.05 Cardero Res* O 42 0.18 0.16 Carlin Gold V 706 0.04 0.03 0.03 - 0.01 0.05 0.01 Carube Copper V 69 0.10 0.08 0.10 - 0.02 0.20 0.05 Cascadero Copp V 672 0.12 0.09 0.10 - 0.02 0.17 0.03 Castle Mtn Mng V 2490 1.01 0.88 0.92 - 0.01 1.30 0.21 Castle Peak Mg V 595 0.04 0.00 0.03 - 0.01 0.08 0.01 Castle Res 35 0.30 0.01 0.30 + 0.30 0.40 0.01 Cava Res V 246 0.50 0.35 0.35 - 0.14 0.78 0.04 CB Gold V 125 0.16 0.00 0.16 - 0.01 0.18 0.04 Cda Carbon* O 54 0.21 0.19 0.20 + 0.00 0.28 0.18 Cda Rare Earth* O 183 0.02 0.00 0.02 + 0.00 0.04 0.01 Cda Strtgc Met V 325 0.15 0.12 0.15 + 0.02 0.26 0.03 Cda Zinc Mtls V 730 0.40 0.34 0.39 + 0.05 0.44 0.10 Cdn Arrow V 1173 0.02 0.01 0.02 + 0.01 0.02 0.01 Cdn Silvr Hunt V 285 0.05 0.04 0.04 - 0.02 0.05 0.01 0.22 + 0.01 0.41 0.06 Cdn Zinc T 854 0.24 0.20 Cdn Zinc* Q 312 0.17 0.15 0.16 + 0.01 0.32 0.04 Centamin T 67 2.77 2.55 2.65 + 0.10 3.05 1.19 Centaurus Diam* O 235 0.07 0.05 0.07 + 0.02 0.34 0.03 V 243 0.44 0.00 0.39 - 0.01 0.50 0.02 Centenera Mng Centerra Gold T 5352 7.38 6.61 7.05 + 0.45 8.22 5.64 Century Global T 38 0.17 0.17 0.17 - 0.01 0.35 0.15 Cerro Grande 29 0.03 0.00 0.03 + 0.01 0.06 0.01 Cerro Grande* O 37 0.02 0.01 0.01 - 0.00 0.06 0.00 Chalice Gold M T 147 0.16 0.15 0.15 + 0.01 0.21 0.10 Champion Bear V 57 0.08 0.08 0.08 + 0.01 0.11 0.03 Champion Iron* O 16 0.19 0.19 0.19 - 0.00 0.23 0.10 Chesapeake Gld* O 24 3.64 3.29 3.40 + 0.05 5.03 1.24 V 57 4.89 4.40 4.57 + 0.07 6.50 1.72 Chesapeake Gld Chevron* N 46248 106.74 103.78 104.78 + 0.96 107.58 75.33 Chiboug Ind Mn V 1389 0.07 0.06 0.06 - 0.01 0.26 0.03 O 35 0.10 0.09 0.10 + 0.00 0.22 0.02 Chilean Metals* Chilean Metals V 262 0.13 0.12 0.13 - 0.01 0.30 0.04 China Gold Int T 1706 3.67 3.37 3.47 + 0.04 3.67 1.75 47 0.02 0.02 0.02 + 0.01 0.03 0.01 China Mnls Mng V Cibolan Gold* O 14 0.05 0.00 0.05 + 0.00 0.15 0.03 CIM Intl Grp 35 0.98 0.55 0.90 - 0.08 1.50 0.90 Claim Post Res V 5918 0.02 0.02 0.02 + 0.01 0.06 0.01 Clean Comm* O 2 0.04 0.04 0.04 - 0.01 0.13 0.01 Clean Comm V 266 0.08 0.07 0.08 + 0.01 0.17 0.02 Clifton Mng* O 48 0.14 0.13 0.13 - 0.00 0.16 0.05 Cloud Peak En* N 11672 6.81 5.88 6.59 + 0.58 6.81 1.08 CMC Metals V 824 0.13 0.11 0.12 - 0.01 0.25 0.05 CMX Gold & Sil 45 0.10 0.10 0.10 - 0.01 0.10 0.05 Cobalt Pwr Grp V 644 0.11 0.08 0.09 - 0.01 0.12 0.04 Coeur Mng* N 26256 11.78 10.91 11.23 + 0.24 16.41 1.62 0.21 + 0.04 0.23 0.03 Colibri Res V 6 0.21 0.00 Colombian Mins V 111 0.23 0.20 0.20 + 0.01 0.25 0.02 Colorado Res* O 78 0.19 0.17 0.17 + 0.01 0.54 0.04 Colorado Res V 1223 0.25 0.23 0.24 + 0.02 0.71 0.05 Columbus Gold* O 352 0.54 0.48 0.51 + 0.02 0.72 0.23 T 271 0.72 0.65 0.67 + 0.01 0.93 0.32 Columbus Gold Commander Res V 307 0.05 0.05 0.05 - 0.01 0.08 0.01 Comstock Mng* X 1896 0.28 0.21 0.25 + 0.02 0.62 0.21 V 388 0.20 0.17 0.17 - 0.05 0.43 0.05 Comstock Mtls Comstock Mtls * O 10 0.15 0.14 0.14 - 0.01 0.33 0.10 Condor Res V 76 0.08 0.00 0.08 - 0.01 0.12 0.02 Confedertn Ml* O 5 0.55 0.47 0.52 + 0.05 0.63 0.31 Confedertn Mls V 88 0.75 0.63 0.70 + 0.07 9.00 0.46 Cons Woodjam V 130 0.06 0.04 0.06 + 0.01 0.08 0.02 CONSOL Energy* N 30833 18.77 16.44 16.80 - 0.04 20.66 4.54 0.10 + 0.01 0.15 0.05 Constant Mtl V 111 0.10 0.09 Contintl Gold T 1975 4.05 3.50 4.02 + 0.43 4.69 1.28 Contintl Gold* O 203 3.03 2.60 3.00 + 0.31 3.60 0.88 Contintl Prec* O 2 0.21 0.20 0.20 - 0.01 0.27 0.18 Contintl Prec T 345 0.30 0.28 0.30 + 0.02 0.35 0.27 41 0.08 0.07 0.07 - 0.01 0.10 0.06 Copper Ck Gold V Copper Fox Mtl* O 10 0.09 0.08 0.09 + 0.01 0.17 0.08 Copper Lake Rs V 194 0.07 0.07 0.07 + 0.02 0.08 0.03 253 0.33 0.32 0.32 - 0.01 0.52 0.23 Copper Mtn Mng* O Copper Mtn Mng T 917 0.46 0.42 0.45 + 0.02 0.70 0.33 Copper North M V 78 0.11 0.00 0.10 - 0.01 0.40 0.10 Copper North M* O 9 0.09 0.07 0.07 - 0.02 0.16 0.08 Copperbank Res 312 0.09 0.08 0.09 + 0.02 0.10 0.03 Copperbank Res* O 3 0.06 0.06 0.06 + 0.00 0.08 0.01 Coral Gold V 180 0.32 0.30 0.32 + 0.01 0.39 0.05 Corazon Gold V 33 0.39 0.34 0.36 + 0.01 0.45 0.18 0.73 + 0.03 1.08 0.11 Cordoba Mnls V 290 0.77 0.69 Cordoba Mnls* O 70 0.59 0.51 0.55 + 0.03 0.79 0.08 Corex Gold V 1168 0.17 0.14 0.15 - 0.01 0.21 0.03 Cornerstone Ca V 2362 0.20 0.18 0.18 - 0.01 0.20 0.02 Cornerstone Ca* O 85 0.15 0.13 0.14 + 0.00 0.15 0.01 Cornerstone Mt V 644 0.03 0.02 0.03 + 0.01 0.04 0.01 Coro Mining T 784 0.14 0.12 0.13 - 0.01 0.21 0.02 0.41 - 0.09 0.71 0.03 Coronet Mtls V 80 0.51 0.41 Coronet Mtls* O 57 0.37 0.32 0.33 - 0.03 0.56 0.02 Corvus Gold* O 10 0.67 0.61 0.64 + 0.02 1.05 0.25 Corvus Gold T 57 0.89 0.81 0.86 + 0.02 1.38 0.33 Cougar Mnls V 252 0.43 0.39 0.39 - 0.03 0.82 0.10 Critical Elem V 1778 0.58 0.49 0.55 + 0.03 0.75 0.14 Critical Elem* O 259 0.43 0.36 0.42 + 0.02 0.58 0.10 Crown Mining V 63 0.10 0.08 0.08 - 0.01 0.20 0.04 Cruz Cap Corp* O 72 0.51 0.51 0.51 + 0.01 0.53 0.20 Cruz Cap Corp V 305 0.68 0.66 0.68 + 0.02 0.71 0.07 Crystal Lake V 75 0.29 0.25 0.27 - 0.03 0.43 0.22 Crystal Pk Min V 125 0.28 0.26 0.27 - 0.01 0.42 0.17 Crystal Pk Min* O 15 0.22 0.20 0.20 - 0.01 0.32 0.13 CWN M’g Acq V 105 0.25 0.18 0.19 - 0.01 0.25 0.11 Cyclone Uran* O 400 0.00 0.00 0.00 + 0.00 0.00 0.00 Cypress Dev* O 139 0.07 0.07 0.07 - 0.02 0.16 0.02 Cypress Dev V 375 0.11 0.10 0.10 - 0.01 0.20 0.03 Cyprium Mng V 2239 0.06 0.06 0.06 - 0.01 0.13 0.06

D-F

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Dajin Res V 1151 Dajin Res* O 976 Dakota Ter Res* O 197 Daleco Res* O 163 Dalradian Res* O 262 Dalradian Res T 927 Danakali* O 149 Darnley Bay V 474 Debut Dmds 183 Decade Res V 359 Defiance Silvr V 609 Defiance Silvr* O 312 Del Toro Silvr* O 226 Delrand Res V 34 Denison Mines* X 2798 T 2316 Denison Mines Desert Gold V 114 Detour Gold T 10347 Diamante Min* O 16 Diamcor Mng V 69 Diamcor Mng* O 7 Diamond Fields V 38 Diamond Fields* O 3 Discovery Gold* O 129 Discovery Harb V 158 Discovery-Corp V 133 Ditem Explor* O 50 DNI Metals 113 DNI Metals* O 159 Dolly Vard Sil* O 33 Dolly Vard Sil V 54 Dominion Diam T 936 Dominion Diam* N 1180 Double Crn Res* O 2938 V 873 Doubleview Cap DRDGOLD* N 2142 Dundee Prec Mt T 1150 Duran Vent V 72 Dynacor Gld Mn T 296 DynaResource* O 4 Dynasty Gold V 153 Dynasty Met&Mn* O 6 Eagle Graphite* O 96 Eagle Plains V 973 East Africa V 795 East Africa * O 14 EastCoal Inc V 15 Eastern Platin* O 19 Eastmain Res T 2918 Eco Oro Mnls T 171 eCobalt Solns* O 186 V 439 Edgewater Expl El Capitan Prc* O 1241 El Nino Vent* O 42 V 289 El Nino Vent Elcora Res V 811 Elcora Res* O 76 Eldorado Gold* N 43064 Eldorado Gold T 26262 Eloro Mnrls* O 20 Eloro Mnrls V 75 Ely Gold & Mnl V 452 Ely Gold & Mnl* O 334 Elysee Dev V 44 Emerita Res V 1858 Emgold Mng V 107 Emgold Mng* O 3 Empire Rock V 5 Encanto Potash* O 128 O 33 Endeavour Mng* Endeavour Mng T 1864 Endeavr Silver* N 13117 Endeavr Silver T 3797 Endurance Gold V 116 Energizer Res* O 179 Energizer Res T 1443 Energy Fuels T 548 Energy Fuels* X 814 Engold Mines V 596 Engold Mines* O 81 Ensurge* O 516 Entree Gold T 3301 Entree Gold* X 460 Equitas Res V 5899 Equitas Res* O 1516 Era Res Inc V 7 50 Erdene Res Dev* O Erdene Res Dev T 350 Erin Ventures V 363 Eros Res Corp* O 2 Eros Res Corp V 7 7 Eros Res Corp V Eskay Mng V 199 Ethos Gold* O 8 Ethos Gold V 1082 Eurasian Mnls* X 463 Eurasian Mnls V 170 Eureka Res V 507 Euro Sun Mg T 343 Euro Sun Mg* O 35 EurOmax Res T 84 O 40 EurOmax Res* Everest Vent V 23 Everton Res V 1059 Everton Res* O 264 Evolving Gold 24 Evolving Gold* O 3 Evrim Res V 258 Excalibur Res* O 127 Excalibur Res 160 Excellon Res T 1233 Excellon Res* O 315 Excelsior Mng* O 240 Excelsior Mng V 333 Exeter Res* X 837 Exeter Res T 166 ExGen Res Inc V 1666 Expedition Mng* O 296 Explor Res* O 70 Explor Res V 471 Explorex Res 391 Fairmont Res V 952 Falco Res V 1191 Falcon Gold V 260 Far Res 4738 Fieldex Expl V 1296 Filo Mg Corp V 85 Finore Mng 18092 Finore Mng* O 1644 Fiore Explor V 662 Fire River Gol* O 1 Firestone Vent V 44 First Bauxite V 171 First Cobalt V 645 First Liberty* O 2135 First Majestic* N 35649 First Majestic T 10844 First Mg Fin V 5933 First Mg Fin * O 2975 First Quantum T 21526 Fission 3.0 V 645 Fission Uran T 3308 Fission Uran* O 2073 Fjordland Exp V 563 Flinders Res V 512 Flinders Res* O 670 Focus Graphite V 550 Focus Graphite* O 333 Focus Vent V 292 Foran Mng V 145 Forrester Met V 176 Forsys Metals T 35 Fort St J Nick V 200 Fortescue Mtls* O 18 Fortuna Silvr T 4296 Fortuna Silvr* N 7419 Fortune Bay V 53 Fortune Bay* O 6 Fortune Mnrls T 820 Fortune Mnrls* O 48 Forum Uranium V 165 Forum Uranium* O 71 Fox River Res* O 23 Franco-Nevada* N 3324 Franco-Nevada T 3034 Franklin Mng* O 73 Freegold Vent T 147 Freeport McMo* N 126102 Freeport Res V 88 Fresnillo plc* O 5 Frontline Gold V 1073 Full Metal Mnl V 289 Fura Emeralds V 77

0.16 0.14 0.15 - 0.01 0.30 0.10 0.12 0.10 0.11 - 0.00 0.24 0.08 0.05 0.00 0.05 + 0.01 0.20 0.03 0.03 0.01 0.02 - 0.00 0.05 0.01 1.09 0.97 1.07 + 0.08 1.27 0.45 1.49 1.30 1.45 + 0.13 1.68 0.62 0.34 0.30 0.32 + 0.01 0.37 0.17 0.21 0.17 0.18 - 0.03 0.24 0.01 0.02 0.00 0.01 - 0.01 0.03 0.01 0.06 0.06 0.06 - 0.01 0.13 0.01 0.44 0.31 0.43 + 0.09 0.63 0.06 0.33 0.23 0.32 + 0.06 0.49 0.04 0.05 0.03 0.04 + 0.00 0.05 0.00 0.65 0.55 0.64 - 0.01 0.65 0.13 0.42 0.37 0.38 - 0.04 0.67 0.35 0.56 0.49 0.51 - 0.05 0.85 0.48 0.30 0.25 0.27 - 0.03 0.30 0.09 26.71 20.54 20.69 - 4.01 35.93 12.45 0.18 0.16 0.17 - 0.01 0.85 0.16 1.30 1.18 1.19 - 0.08 1.50 0.65 1.00 0.91 0.91 - 0.09 1.11 0.46 0.19 0.16 0.16 + 0.01 0.24 0.05 0.12 0.11 0.12 - 0.00 0.12 0.10 0.00 0.00 0.00 + 0.00 0.00 0.00 0.02 0.02 0.02 - 0.01 0.03 0.01 0.03 0.02 0.02 - 0.01 0.08 0.02 0.00 0.00 0.00 + 0.00 0.00 0.00 0.04 0.00 0.04 - 0.01 0.10 0.04 0.03 0.02 0.02 - 0.01 0.10 0.02 0.57 0.53 0.55 + 0.01 0.81 0.08 0.76 0.71 0.72 - 0.03 1.11 0.12 11.68 11.17 11.46 - 0.07 16.82 9.96 8.72 8.30 8.54 - 0.09 12.65 7.27 0.01 0.01 0.01 - 0.00 0.02 0.01 0.09 0.07 0.09 + 0.02 0.16 0.06 5.37 4.81 5.30 + 0.39 9.10 1.34 3.21 2.72 2.92 + 0.08 4.14 0.84 0.11 0.10 0.10 - 0.02 0.20 0.07 2.68 2.37 2.54 - 0.05 3.71 1.46 1.55 1.30 1.42 - 0.13 2.00 0.80 0.03 0.00 0.02 - 0.01 0.03 0.01 0.17 0.16 0.16 - 0.01 0.34 0.08 0.03 0.03 0.03 - 0.00 0.05 0.01 0.15 0.11 0.15 + 0.04 0.17 0.05 0.25 0.22 0.22 - 0.01 0.36 0.03 0.18 0.16 0.18 + 0.02 0.28 0.02 0.01 0.00 0.01 - 0.01 0.01 0.01 0.41 0.34 0.35 - 0.06 0.89 0.34 0.75 0.63 0.69 - 0.06 0.97 0.29 0.30 0.19 0.29 + 0.07 0.67 0.17 0.46 0.40 0.42 - 0.00 0.59 0.35 0.06 0.05 0.05 - 0.01 0.07 0.02 0.06 0.05 0.06 - 0.00 0.28 0.03 0.03 0.02 0.03 + 0.01 0.04 0.00 0.04 0.03 0.03 + 0.01 0.05 0.01 0.38 0.30 0.33 - 0.04 0.75 0.18 0.29 0.23 0.23 - 0.05 0.55 0.20 3.50 3.10 3.28 - 0.05 5.16 1.87 4.68 4.16 4.39 - 0.06 6.71 2.67 0.36 0.36 0.36 + 0.04 0.45 0.07 0.50 0.43 0.46 + 0.03 0.58 0.09 0.21 0.18 0.19 - 0.01 0.27 0.05 0.16 0.13 0.15 - 0.00 0.20 0.03 0.40 0.38 0.38 - 0.02 0.43 0.18 0.12 0.07 0.11 + 0.02 0.17 0.02 0.03 0.00 0.03 - 0.01 0.05 0.01 0.02 0.00 0.02 + 0.00 0.03 0.00 0.13 0.11 0.11 - 0.03 0.27 0.04 0.06 0.05 0.06 + 0.01 0.14 0.03 19.81 18.07 18.12 - 0.45 20.85 4.40 26.61 24.09 24.25 - 0.58 27.17 5.70 5.06 4.17 4.85 + 0.62 5.95 1.00 6.79 5.60 6.51 + 0.86 7.75 1.46 0.06 0.06 0.06 + 0.01 0.07 0.02 0.06 0.05 0.05 - 0.00 0.10 0.03 0.08 0.07 0.07 - 0.01 0.13 0.05 1.99 1.76 1.78 - 0.15 4.13 1.78 1.48 1.30 1.32 - 0.12 2.98 1.32 0.15 0.11 0.11 - 0.03 0.19 0.03 0.11 0.09 0.09 - 0.01 0.14 0.02 0.09 0.07 0.09 + 0.02 0.09 0.01 0.40 0.32 0.40 + 0.07 0.47 0.25 0.30 0.24 0.30 + 0.05 0.38 0.17 0.05 0.04 0.05 - 0.01 0.15 0.05 0.04 0.03 0.03 - 0.01 0.10 0.02 0.34 0.19 0.19 + 0.05 0.50 0.09 0.38 0.35 0.35 - 0.01 0.42 0.09 0.50 0.47 0.48 - 0.03 0.55 0.12 0.06 0.05 0.05 - 0.01 0.11 0.04 0.13 0.13 0.13 - 0.00 0.17 0.06 0.19 0.00 0.19 + 0.01 0.23 0.09 0.19 0.00 0.19 + 0.01 0.23 0.09 0.24 0.15 0.15 - 0.06 0.42 0.06 0.18 0.16 0.18 + 0.03 0.32 0.05 0.24 0.22 0.22 + 0.01 0.41 0.14 1.05 0.86 0.91 - 0.02 1.40 0.35 1.34 1.18 1.24 + 0.07 1.84 0.48 0.13 0.12 0.12 - 0.01 0.17 0.04 1.05 0.90 0.95 - 0.03 1.45 0.90 0.78 0.74 0.74 - 0.03 1.06 0.74 0.79 0.62 0.67 - 0.10 0.79 0.21 0.59 0.48 0.48 - 0.06 0.59 0.15 0.73 0.67 0.72 + 0.06 0.95 0.09 0.07 0.06 0.06 - 0.01 0.20 0.01 0.05 0.04 0.05 - 0.00 0.14 0.00 0.31 0.29 0.29 - 0.02 0.50 0.04 0.24 0.21 0.21 - 0.04 0.38 0.02 0.28 0.24 0.25 - 0.03 0.43 0.10 0.08 0.06 0.06 - 0.00 0.09 0.00 0.10 0.09 0.10 + 0.01 0.11 0.01 2.05 1.70 1.94 + 0.11 2.40 0.20 1.52 1.31 1.43 + 0.07 1.85 0.14 0.34 0.31 0.33 + 0.02 0.33 0.12 0.45 0.40 0.45 + 0.03 0.44 0.19 1.25 1.10 1.19 + 0.09 1.48 0.29 1.66 1.47 1.58 + 0.09 1.94 0.39 0.02 0.01 0.01 + 0.01 0.02 0.01 0.08 0.07 0.07 + 0.00 0.22 0.06 0.06 0.00 0.05 - 0.02 0.18 0.04 0.08 0.07 0.07 - 0.02 0.24 0.06 0.15 0.12 0.12 - 0.03 0.19 0.05 0.08 0.06 0.08 + 0.02 0.23 0.02 1.17 0.90 1.07 - 0.03 1.39 0.21 0.12 0.09 0.12 + 0.03 0.20 0.03 0.08 0.06 0.08 + 0.01 0.15 0.02 0.04 0.03 0.04 + 0.01 0.07 0.01 2.01 1.90 1.96 - 0.10 2.15 0.64 0.49 0.28 0.34 - 0.01 0.49 0.01 0.41 0.21 0.26 - 0.01 0.41 0.00 0.58 0.50 0.54 - 0.05 0.76 0.03 0.05 0.00 0.00 + 0.00 0.77 0.00 0.05 0.00 0.05 - 0.01 0.08 0.01 0.06 0.05 0.05 - 0.01 0.08 0.03 0.30 0.25 0.25 - 0.05 0.41 0.25 0.00 0.00 0.00 - 0.00 0.00 0.00 9.56 7.68 8.42 + 0.64 19.15 2.40 12.78 10.29 11.28 + 0.89 24.96 3.50 0.87 0.79 0.79 - 0.01 1.31 0.31 0.65 0.58 0.61 + 0.02 1.02 0.22 12.96 11.74 12.10 - 0.14 12.96 2.15 0.07 0.06 0.06 - 0.01 0.12 0.06 0.56 0.50 0.51 - 0.04 0.82 0.50 0.42 0.37 0.38 - 0.03 0.63 0.37 0.05 0.05 0.05 - 0.01 0.17 0.01 0.49 0.41 0.47 - 0.01 0.77 0.13 0.37 0.30 0.35 - 0.01 0.61 0.09 0.08 0.07 0.08 + 0.01 0.30 0.07 0.06 0.05 0.05 - 0.01 0.23 0.04 0.08 0.07 0.07 + 0.01 0.12 0.05 0.21 0.00 0.21 + 0.02 0.31 0.05 0.11 0.08 0.09 - 0.01 0.14 0.04 0.08 0.07 0.08 + 0.01 0.20 0.05 0.25 0.16 0.25 + 0.05 0.35 0.05 4.20 4.00 4.01 - 0.04 4.20 1.00 10.32 8.71 9.50 + 0.64 12.73 2.92 7.73 6.50 7.09 + 0.46 9.75 2.00 0.88 0.00 0.71 - 0.05 0.90 0.25 0.57 0.52 0.53 - 0.04 0.64 0.36 0.15 0.14 0.14 - 0.01 0.17 0.02 0.11 0.10 0.11 - 0.00 0.13 0.01 0.10 0.08 0.09 + 0.01 0.20 0.04 0.07 0.05 0.07 - 0.00 0.14 0.03 0.03 0.03 0.03 + 0.00 0.04 0.02 69.36 63.67 67.39 + 3.19 81.16 41.47 92.84 85.36 90.30 + 4.32 105.69 58.67 0.00 0.00 0.00 - 0.00 0.01 0.00 0.16 0.14 0.15 - 0.01 0.28 0.05 11.37 10.50 11.05 + 0.12 14.06 3.52 0.08 0.06 0.08 + 0.01 0.09 0.01 22.30 0.00 20.41 + 0.44 26.65 9.00 0.04 0.02 0.03 - 0.01 0.05 0.01 0.10 0.00 0.10 + 0.03 0.12 0.02 0.12 0.12 0.12 - 0.02 0.25 0.10

G&S Minerals* O 10224 G4G Capital V 143 Gabriel Res T 229 Gainey Capital V 636 Galane Gold V 2617 Galantas Gold V 91 Galway Gold V 319 Galway Mtls* O 27 Galway Mtls V 51 Garibaldi Res V 427 Garibaldi Res * O 100 GB Minerals V 18 Gem Intl Res V 41 General Moly T 7 General Moly* X 679 Genesis Mtls* O 28 Genesis Mtls V 231 Genius Props 619 Gensource Pot V 1055 Geologix Expl* O 204 Geologix Expl V 820 Geomega Res V 138 GFK Res V 181 Gitennes Expl V 449 Giyani Gold* O 174 Giyani Gold V 1473

0.01 0.00 0.00 + 0.00 0.00 0.00 0.94 0.84 0.91 - 0.01 0.94 0.04 0.61 0.55 0.60 + 0.02 0.74 0.12 0.30 0.24 0.24 - 0.03 0.37 0.10 0.14 0.12 0.13 + 0.01 0.19 0.03 0.16 0.15 0.16 - 0.01 0.18 0.07 0.11 0.09 0.09 - 0.03 0.13 0.04 0.35 0.29 0.30 - 0.03 0.51 0.06 0.50 0.40 0.43 - 0.04 0.65 0.09 0.09 0.08 0.08 - 0.01 0.18 0.07 0.07 0.06 0.06 - 0.01 0.13 0.05 0.10 0.08 0.08 - 0.02 0.10 0.03 0.08 0.00 0.08 + 0.01 0.15 0.04 0.33 0.30 0.32 - 0.02 0.59 0.22 0.25 0.21 0.22 - 0.02 0.47 0.15 0.14 0.13 0.13 + 0.00 0.22 0.01 0.18 0.17 0.17 - 0.01 0.28 0.07 0.06 0.05 0.06 + 0.02 0.06 0.02 0.08 0.06 0.07 - 0.01 0.12 0.04 0.07 0.06 0.06 - 0.01 0.11 0.01 0.10 0.08 0.08 - 0.02 0.15 0.02 0.11 0.09 0.09 - 0.02 0.23 0.06 0.16 0.14 0.15 - 0.02 0.18 0.03 0.03 0.02 0.03 + 0.01 0.04 0.01 0.41 0.31 0.41 + 0.11 0.40 0.02 0.64 0.40 0.57 + 0.16 0.55 0.06

G-H

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

O 106 Gldn Predator* Gldn Predator V 1431 151 Glen Eagle Res V Glencore Plc* O 553 Global Gold* O 11 O 137 GlobalMin Vent* Globex Mng* O 65 Globex Mng T 231 GMV Minerals V 386 O 52 GMV Minerals* GoGold Res T 1139 Gold & Silver* O 7377 481 Gold Bulln Dev* O O 164 Gold Dynamics* 27248 Gold Fields* N Gold Lakes* O 9697 470 Gold Mng USA* O 68 Gold Reach Res V Gold Reserve* O 54 Gold Reserve V 134 X 5414 Gold Resource* 100 Gold Ridge Exp V Gold Std Vents* X 2114 Gold Torrent* O 5 Goldbelt Emp V 106 Goldcliff Res V 81 Goldcliff Res* O 37 Goldcorp* N 38658 T 13321 Goldcorp Golden Arrow* O 814 Golden Arrow V 2100 V 35 Golden Cariboo Golden Dawn Ml V 3852 106 Golden Dawn Ml* O Golden Eagle* O 79 O 59 Golden Goliath* V 266 Golden Goliath Golden Hope V 71 Golden Hope* O 5 Golden Mnls T 180 Golden Mnls* X 2085 44 Golden Peak Mn V O 586 Golden Queen* Golden Queen T 334 Golden Secret V 169 61 Golden Sh Mng V Golden Star T 1835 15396 Golden Star* X Golden Tag V 71 Golden Valley V 1262 Goldex Res V 18 Goldex Res* O 11 Goldeye Expl V 613 O 628 Goldgroup Mng* T 641 Goldgroup Mng GoldON Res* O 250 GoldON Res V 185 V 1104 GoldQuest Mng Goldrea Res* O 13 O 900 Goldsource Min* V 1131 Goldsource Min Goldstar Mnls V 525 V 32 Goldstream Mnl V 1710 Goldstrike Res Gossan Res V 17 V 596 GoviEx Uranium O 200 GoviEx Uranium* Gowest Gold V 863 Gowest Gold* O 379 GPM Metals* O 144 GPM Metals V 483 O 388 Gran Colombia* T 2143 Gran Colombia O 13 Grande Portage* Graniz Mondal V 21 Graphite One* O 452 Graphite One V 1475 590 Gray Rock Res V Great Atlantic V 253 184 Great Bear Res V 364 Great Lakes Gr* O Great Panther T 2092 X 7951 Great Panther* 66 Great Quest Fe V 124 Great Rock Dev* O Great Thunder V 484 O 206 Great Western* 335 Green Swan Cap V 955 Green Valley M V V 29 Greencastle Rs O 107 Greenland M&En* Grizzly Gold* O 8 Group Ten Mtls V 2208 O 280 GrowMax Res* GTA Res & Mng V 3052 V 236 Guerrero Vents Gungnir Res V 161 Gunpoint Expl V 21 Guyana Gldflds T 2872 176 Happy Ck Mnrls V 19599 N Harmony Gold* Harte Gold T 2332 Harvest Gold V 278 V 818 Hawkeye Gld&Di O 40 Hawkeye Gld&Di* 49693 Hecla Mining* N Highbank Res V 1591 V 134 Highland Copp 5 Highway 50 Gld V Hinterland Mtl V 763 O 42 Hochschild Mg* 253 Hornby Bay Mnl V Houston Lake V 32 HTI Ventures V 106 HudBay Mnls* N 1471 HudBay Mnls T 10599 Hudson Res V 116 Hudson Res* O 35 Hunt Mng* O 50 Hunt Mng V 34 Hycroft Mg* O 4

0.06 0.58 + 0.03 0.89 0.61 0.55 0.09 0.77 + 0.05 1.17 0.82 0.72 0.13 0.12 0.13 - 0.01 0.16 0.04 1.95 5.87 + 0.01 6.11 6.11 5.74 0.00 0.03 - 0.01 0.04 0.03 0.03 0.05 0.06 - 0.02 0.13 0.08 0.06 0.15 0.24 + 0.03 0.38 0.25 0.22 0.19 0.31 + 0.02 0.51 0.34 0.30 0.08 0.48 - 0.02 0.70 0.51 0.43 0.06 0.37 - 0.00 0.55 0.38 0.34 0.56 0.65 - 0.02 1.65 0.70 0.65 0.01 0.00 0.00 - 0.00 0.60 0.00 0.07 0.06 0.06 - 0.00 0.11 0.01 0.00 0.00 - 0.00 0.01 0.00 0.00 2.04 4.17 + 0.12 6.60 4.45 4.03 0.02 0.03 + 0.01 1.02 0.04 0.02 0.00 0.00 0.00 + 0.00 0.17 0.00 0.14 0.12 0.14 + 0.02 0.25 0.08 0.00 4.26 + 0.07 5.90 4.79 4.24 3.06 5.70 + 0.10 8.00 6.68 5.67 1.14 5.49 + 0.05 8.22 6.45 5.33 0.18 0.14 0.14 - 0.04 0.70 0.05 2.50 2.31 2.37 + 0.01 3.20 0.40 0.20 0.55 - 0.15 0.70 0.55 0.55 0.02 0.04 + 0.01 0.10 0.04 0.04 0.05 0.37 + 0.01 0.47 0.40 0.37 0.15 0.28 - 0.01 0.36 0.30 0.27 15.30 + 0.48 20.38 9.46 16.14 14.72 13.55 20.50 + 0.61 26.56 21.63 19.73 0.13 0.62 + 0.03 1.30 0.71 0.55 0.17 0.83 + 0.05 1.48 0.94 0.73 0.03 0.07 - 0.03 0.15 0.10 0.00 0.30 0.27 0.30 - 0.01 0.44 0.07 0.23 0.21 0.22 - 0.01 0.32 0.06 0.00 0.05 - 0.00 0.07 0.05 0.04 0.00 0.06 + 0.01 0.10 0.06 0.05 0.01 0.07 + 0.01 0.14 0.07 0.00 0.16 0.27 - 0.04 0.39 0.35 0.27 0.12 0.25 + 0.05 0.25 0.25 0.00 0.19 0.92 + 0.08 1.51 0.98 0.82 0.13 0.69 + 0.07 1.16 0.74 0.60 0.44 0.35 0.35 - 0.10 0.90 0.12 0.48 0.80 + 0.02 1.56 0.84 0.75 0.67 1.07 + 0.03 2.00 1.12 1.01 0.02 0.37 + 0.01 0.69 0.40 0.35 0.33 0.28 0.33 + 0.03 0.36 0.07 0.21 1.13 - 0.03 1.46 1.28 1.04 0.14 0.87 - 0.01 1.13 0.96 0.77 0.02 0.09 + 0.01 0.18 0.09 0.08 0.07 0.36 + 0.04 0.36 0.36 0.31 0.10 0.57 + 0.01 0.90 0.65 0.56 0.08 0.42 + 0.01 0.62 0.42 0.41 0.02 0.06 - 0.01 0.08 0.07 0.06 0.03 0.19 - 0.00 0.30 0.21 0.18 0.05 0.26 + 0.01 0.39 0.28 0.25 0.03 0.12 - 0.01 0.18 0.13 0.12 0.03 0.17 - 0.02 0.36 0.18 0.17 0.12 0.38 - 0.05 0.68 0.42 0.36 0.02 0.07 + 0.01 0.10 0.07 0.00 0.12 0.23 + 0.00 0.45 0.24 0.18 0.15 0.32 + 0.03 0.57 0.32 0.25 0.01 0.07 + 0.02 0.08 0.08 0.06 0.08 0.08 - 0.01 0.40 0.10 0.00 0.07 0.16 + 0.02 0.41 0.17 0.14 0.02 0.06 + 0.01 0.11 0.06 0.06 0.10 0.11 + 0.01 0.19 0.11 0.10 0.04 0.08 + 0.01 0.16 0.09 0.07 0.06 0.22 + 0.05 0.28 0.22 0.17 0.04 0.16 + 0.03 0.22 0.17 0.13 0.12 0.17 - 0.02 0.43 0.18 0.13 0.11 0.22 - 0.03 0.57 0.29 0.20 0.04 0.09 + 0.00 0.17 0.09 0.08 0.06 0.11 - 0.01 0.23 0.12 0.11 0.02 0.11 + 0.01 0.14 0.11 0.11 0.01 0.04 - 0.01 0.05 0.04 0.04 0.05 0.06 - 0.01 0.14 0.06 0.06 0.07 0.08 - 0.01 0.18 0.08 0.08 0.15 0.10 0.13 + 0.02 0.15 0.02 0.03 0.14 + 0.03 0.15 0.14 0.10 0.28 0.25 0.26 + 0.02 0.36 0.05 0.06 0.06 0.06 - 0.00 0.09 0.04 0.54 1.84 + 0.09 2.82 1.93 1.72 0.41 1.38 + 0.07 2.25 1.44 1.28 0.32 0.25 0.25 - 0.05 0.38 0.11 0.00 0.00 0.00 + 0.00 0.01 0.00 0.01 0.05 + 0.01 0.24 0.05 0.04 0.00 0.00 + 0.00 0.00 0.00 0.00 0.08 0.06 0.08 + 0.02 0.14 0.01 0.02 0.02 0.02 + 0.01 0.05 0.01 0.05 0.09 - 0.01 0.18 0.11 0.09 0.00 0.05 - 0.01 0.17 0.07 0.05 0.01 0.09 - 0.01 0.22 0.12 0.07 0.03 0.02 0.02 - 0.01 0.07 0.01 0.11 0.11 - 0.01 0.22 0.11 0.11 0.12 0.05 0.06 - 0.05 0.24 0.02 0.01 0.02 + 0.01 0.04 0.02 0.02 0.01 0.05 + 0.01 0.06 0.05 0.04 0.13 0.28 - 0.01 0.32 0.29 0.00 8.55 7.43 7.86 + 0.31 10.35 2.48 0.19 0.17 0.17 - 0.01 0.20 0.09 0.53 3.42 + 0.35 4.87 3.51 3.04 0.07 0.28 - 0.01 0.35 0.28 0.26 0.02 0.07 + 0.01 0.10 0.07 0.06 0.03 0.28 + 0.08 0.28 0.31 0.22 0.05 0.20 + 0.06 0.20 0.20 0.14 1.45 6.46 + 0.65 7.26 6.48 5.75 0.04 0.05 - 0.01 0.12 0.06 0.05 0.07 0.12 - 0.01 0.17 0.14 0.12 0.16 0.00 0.16 - 0.04 0.25 0.05 0.01 0.05 + 0.02 0.12 0.05 0.03 0.59 3.38 + 0.21 4.16 3.40 3.29 0.03 0.00 0.03 - 0.01 0.08 0.03 0.13 0.28 - 0.01 0.40 0.30 0.27 0.01 0.62 - 0.04 0.98 0.64 0.60 1.56 4.40 + 0.30 5.57 4.58 4.05 2.26 5.91 + 0.44 7.25 6.13 5.43 0.29 0.37 + 0.01 0.50 0.38 0.33 0.24 0.27 + 0.01 0.38 0.28 0.25 0.02 0.18 + 0.04 0.31 0.18 0.18 0.02 0.24 + 0.05 0.40 0.25 0.00 0.00 0.00 + 0.00 0.05 0.00 0.00

I-Minerals V 47 IAMGOLD T 16799 35435 IAMGOLD* N Iberian Mnrls V 561 IC Potash* O 252 Icon Explor V 172 11 Iconic Mnls * O Iconic Mnls V 260 IDM Mining V 7215 IDM Mining* O 493 IEMR Res V 287 iMetal Res V 270 O 54 Impala Platnm* Imperial Metal T 118 O 13 Imperial Metal* 190 Inca One Gold V 82 Inca One Gold* O 18 Inception Mng * O V 198 Independence G O 72 Independence G* Indico Res V 202 Inform Res V 151 O 10 Inspiration Mg* Inspiration Mg 34 Intact Gold V 323 Integra Gold V 3038 Integra Gold* O 1127 Intgr Egy Sol* O 21226 Intigold Mines V 187 520 Intl Bethl Mng V Intl Lithium* O 138 Intl Lithium V 296 Intl Montoro V 139 183 Intl Samuel Ex V 205 T Intl Tower Hil 862 Intl Tower Hil* X Intrepid Pots* N 5905 INV Metals* O 22 INV Metals T 774 48 Inventus Mg * O Inventus Mg V 207 InZinc Mining V 914 InZinc Mining* O 106 O 396 Ireland* Ironside Res V 112 Irving Res 56 Irving Res* O 2 IsoEnergy Ltd V 1 Ivanhoe Mines T 8721 O 491 Ivanhoe Mines* Jaguar Mng* O 99 Jaguar Mng T 3217 Japan Gold V 742 Japan Gold* O 28 Jaxon Mnls V 7561 Jayden Res V 80 Jayden Res* O 7 JDL Gold V 338 JDL Gold* O 52 V 442 Jet Gold Jet Metal* O 14 Jubilee Gold V 34 V 73 K2 Gold 359 K92 Mng Inc* O V 3217 K92 Mng Inc V 183 Kaizen Discvry V 124 Kapuskasing Gd Karmin Expl V 36 Karnalyte Res T 51 KAT Expl* O 8906 Katanga Mng T 442 Kennady Diam V 205 Kerr Mines* O 18 Kerr Mines T 609 Kesselrun Res V 858 Khalkos Expl V 251 V 789 Kilo Goldmines V 48 Kincora Copper

0.20 0.29 + 0.01 0.37 0.30 0.29 1.66 5.62 + 0.37 7.65 5.78 5.16 1.15 4.21 + 0.28 5.87 4.33 3.85 0.04 0.06 - 0.01 0.11 0.07 0.06 0.03 0.08 - 0.01 0.11 0.10 0.08 0.01 0.02 + 0.01 0.03 0.02 0.02 0.13 0.12 0.12 + 0.00 0.33 0.02 0.03 0.16 - 0.02 0.45 0.19 0.16 0.07 0.18 - 0.02 0.26 0.20 0.18 0.04 0.13 - 0.01 0.21 0.14 0.13 0.01 0.01 - 0.01 0.06 0.02 0.01 0.03 0.06 + 0.01 0.08 0.07 0.00 1.45 3.94 + 0.06 5.23 4.38 3.93 3.92 5.03 + 0.10 8.50 5.18 4.91 2.81 3.77 + 0.07 6.21 3.81 3.66 0.40 0.35 0.35 - 0.05 0.88 0.21 0.30 0.26 0.26 - 0.02 0.35 0.18 0.50 0.00 0.45 - 0.05 1.65 0.40 0.06 0.18 + 0.01 0.50 0.19 0.17 0.04 0.13 + 0.01 0.37 0.14 0.11 0.02 0.03 + 0.01 0.10 0.03 0.03 0.05 0.15 + 0.01 0.40 0.15 0.00 0.01 0.02 - 0.01 0.10 0.06 0.00 0.02 0.05 - 0.03 0.10 0.08 0.05 0.02 0.07 - 0.01 0.18 0.07 0.07 0.30 0.73 - 0.01 0.96 0.78 0.72 0.21 0.56 + 0.01 0.76 0.59 0.54 0.00 0.00 0.00 + 0.00 0.00 0.00 0.04 0.05 - 0.01 0.19 0.05 0.04 0.05 0.04 0.04 - 0.02 0.08 0.02 0.02 0.12 - 0.00 0.55 0.13 0.12 0.06 0.18 + 0.01 0.38 0.19 0.16 0.02 0.02 - 0.01 0.05 0.03 0.02 0.07 0.05 0.06 - 0.02 0.15 0.05 1.15 0.98 1.05 + 0.05 1.82 0.26 0.87 0.73 0.79 + 0.05 1.40 0.18 0.65 1.11 + 0.03 4.03 1.32 1.01 0.15 0.54 + 0.01 0.77 0.54 0.52 0.09 0.77 + 0.06 1.10 0.80 0.65 0.14 0.12 0.13 + 0.02 0.28 0.12 0.02 0.18 + 0.01 0.35 0.19 0.16 0.04 0.19 + 0.01 0.25 0.21 0.18 0.03 0.13 + 0.00 0.17 0.13 0.11 0.05 0.07 - 0.03 0.38 0.10 0.05 0.05 0.08 - 0.01 0.16 0.09 0.08 0.11 0.45 - 0.05 0.65 0.65 0.00 0.09 0.36 - 0.00 0.46 0.36 0.36 0.69 1.13 - 0.01 1.50 1.13 1.13 0.53 2.14 + 0.12 2.40 2.27 2.02 0.36 1.60 + 0.08 1.82 1.70 1.50 0.09 0.55 + 0.00 0.65 0.58 0.55 0.14 0.76 + 0.01 0.85 0.78 0.74 0.20 0.36 - 0.06 0.88 0.43 0.35 0.28 0.28 - 0.03 0.67 0.32 0.28 0.03 0.11 + 0.01 0.13 0.13 0.10 0.03 0.15 + 0.01 0.23 0.15 0.11 0.01 0.12 + 0.01 0.17 0.12 0.00 0.74 1.90 - 0.10 2.55 2.00 1.85 1.37 1.41 - 0.09 1.64 1.48 1.37 0.04 0.11 - 0.02 0.14 0.13 0.10 0.00 0.06 + 0.01 0.11 0.06 0.03 0.30 0.33 - 0.13 0.75 0.46 0.33 0.08 0.31 - 0.04 0.45 0.35 0.31 1.04 0.89 0.96 + 0.01 1.72 0.75 1.38 1.19 1.27 + 0.01 2.24 0.87 0.08 0.17 + 0.01 0.31 0.19 0.15 0.02 0.04 - 0.01 0.10 0.04 0.00 0.15 0.27 + 0.05 0.32 0.27 0.25 0.64 1.01 + 0.02 4.15 1.06 0.96 0.00 0.00 + 0.00 0.00 0.00 0.00 0.13 0.14 + 0.00 0.23 0.14 0.13 2.35 3.80 - 0.35 5.00 4.16 3.61 0.01 0.09 - 0.02 0.12 0.11 0.09 0.02 0.13 - 0.01 0.16 0.15 0.13 0.02 0.10 - 0.01 0.43 0.12 0.08 0.06 0.17 + 0.01 0.26 0.17 0.16 0.06 0.14 + 0.02 0.25 0.14 0.11 0.15 0.30 + 0.05 0.55 0.32 0.25

I-J-K

2016-11-08 5:50 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 14–20, 2016

13

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

Week

12-month

Exc Volume High Low Last Change High Low

Kings Bay Gold V 337 Kingsmen Res* O 3 Kinross Gold T 27845 Kinross Gold* N 70728 Kirkland Lk Gd* O 546 Kirkland Lk Gd T 5675 Kiska Metals* O 230 Kiska Metals V 1472 Kivalliq Enrgy V 377 Klondex Mines T 4262 Klondike Gold V 393 Klondike Gold* O 67 Klondike Silv* O 2 Knick Expl V 411 Kombat Copper V 843 Komet Resource V 257 Kootenay Silvr V 510 Kootenay Zinc 2 KWG Res 1230

0.10 0.08 0.09 - 0.01 0.15 0.05 0.10 0.10 0.10 + 0.00 0.12 0.02 5.75 4.96 5.50 + 0.47 7.56 1.91 4.27 3.70 4.11 + 0.37 5.82 1.31 7.20 6.16 6.95 + 0.82 9.70 3.12 9.63 8.30 9.28 + 1.07 12.39 4.51 0.05 0.03 0.05 + 0.01 0.09 0.01 0.07 0.05 0.06 + 0.01 0.12 0.01 0.09 0.08 0.08 - 0.01 0.10 0.07 7.95 6.99 7.22 - 0.30 7.95 2.56 0.21 0.19 0.20 + 0.01 0.45 0.09 0.16 0.14 0.16 + 0.01 0.32 0.07 0.05 0.04 0.04 - 0.01 0.12 0.01 0.08 0.07 0.07 - 0.01 0.11 0.01 0.05 0.04 0.05 + 0.01 0.10 0.02 0.58 0.49 0.49 - 0.05 0.58 0.29 0.48 0.41 0.45 + 0.04 0.60 0.17 0.20 0.00 0.20 + 0.09 0.22 0.06 0.03 0.02 0.02 - 0.01 0.04 0.01

Labdr Iron Mns* O 180 Labrador Iron T 559 Lago Dourado V 14 Lake Victoria* O 41 Lakeside Mnrls V 314 Lamelee Iron V 19 Lancaster Cap V 60 Lara Expl V 173 Laramide Res T 165 Largo Res* O 17 Largo Res T 285 Lateral Gold V 68 Latin Am Mnls V 410 25 Latin Am Mnls* O Laurion Mnl Ex V 1144 Laurion Mnl Ex* O 590 LeadFX Inc* O 3 Legend Gold V 38 Levon Res Ltd * O 453 Levon Res Ltd T 479 118 Lexam VG Gold* O Lexam VG Gold T 404 Li3 Energy* O 41 Libero Mg Corp V 5 Liberty Star* O 9286 Lincoln Mng V 31 Lion One Mtls V 349 25 Lion One Mtls* O Lithium Amer T 1983 Lithium Amer* O 833 Lithium Corp* O 704 Lithium Expl* O 68920 LKA Gold* O 3 Logan Res V 898 Lomiko Mtls* O 621 Loncor Res* O 35 Loncor Res T 37 Lone Star Gold* O 232 Lonmin plc* O 9 Lorraine Coppr* O 1 Lucara Diam T 2543 Luna Gold T 355 Luna Gold* O 113 Lund Enterpr V 2 Lundin Gold T 308 Lundin Mng T 8575 Lupaka Gold V 160 Lydian Intl T 2582 Lydian Intl* O 75 Lynas Corp* O 77

0.01 0.00 0.00 + 0.00 0.02 0.00 14.93 13.97 14.34 - 0.24 16.92 6.85 0.15 0.13 0.13 - 0.02 0.59 0.05 0.01 0.01 0.01 + 0.00 0.03 0.01 0.04 0.03 0.03 - 0.01 0.04 0.01 0.22 0.18 0.18 - 0.05 0.50 0.10 0.31 0.26 0.27 - 0.03 0.32 0.07 1.44 1.28 1.34 - 0.01 1.58 0.21 0.24 0.22 0.22 - 0.02 0.38 0.15 0.35 0.00 0.35 - 0.01 0.56 0.08 0.49 0.42 0.42 - 0.04 0.72 0.11 1.25 1.01 1.02 - 0.17 1.25 0.26 0.30 0.24 0.27 - 0.03 0.48 0.05 0.23 0.17 0.17 - 0.04 0.36 0.06 0.07 0.06 0.06 - 0.02 0.08 0.01 0.04 0.04 0.04 + 0.00 0.05 0.00 0.29 0.24 0.24 - 0.05 0.41 0.11 0.04 0.00 0.04 - 0.01 0.07 0.02 0.33 0.28 0.28 - 0.02 0.54 0.07 0.45 0.38 0.38 - 0.01 0.71 0.09 0.25 0.20 0.24 + 0.03 0.29 0.04 0.32 0.28 0.30 + 0.02 0.38 0.05 0.02 0.01 0.01 + 0.00 0.04 0.01 0.14 0.14 0.14 + 0.01 0.21 0.02 0.00 0.00 0.00 - 0.00 0.01 0.00 0.06 0.06 0.06 + 0.01 0.17 0.02 0.96 0.85 0.95 + 0.03 1.17 0.32 0.71 0.64 0.71 + 0.02 0.91 0.23 0.78 0.68 0.69 - 0.03 1.15 0.26 0.57 0.50 0.51 - 0.03 0.87 0.34 0.10 0.07 0.08 - 0.02 0.13 0.02 0.00 0.00 0.00 - 0.00 0.45 0.00 0.40 0.29 0.40 + 0.03 0.53 0.10 0.17 0.15 0.17 + 0.02 0.26 0.04 0.03 0.02 0.03 + 0.01 0.04 0.02 0.13 0.11 0.11 - 0.02 0.20 0.01 0.17 0.15 0.15 - 0.04 0.25 0.02 0.00 0.00 0.00 + 0.00 0.01 0.00 2.85 2.39 2.84 + 0.45 90.00 0.55 0.04 0.00 0.04 - 0.02 0.07 0.03 3.97 3.68 3.71 - 0.26 4.39 1.55 2.60 0.25 2.60 - 0.15 3.50 0.30 0.21 0.19 0.20 - 1.88 2.68 0.22 0.11 0.00 0.11 - 0.04 0.19 0.02 6.23 5.93 5.97 - 0.20 6.62 3.75 5.40 5.15 5.15 - 0.19 5.79 2.98 0.25 0.20 0.25 + 0.04 0.29 0.04 0.43 0.39 0.41 + 0.01 0.52 0.19 0.32 0.29 0.31 + 0.02 0.41 0.13 0.05 0.04 0.04 - 0.01 0.10 0.03

L

M Macarthur Mnl* O 35 0.05 0.04 0.05 + 0.01 0.14 0.02 MacMillan Mnls V 23 1.19 1.09 1.12 + 0.03 1.44 0.30 MAG Silver T 1472 21.75 19.11 19.73 + 0.39 23.32 8.67 0.07 - 0.01 0.15 0.02 Majescor Res V 559 0.07 0.06 Malbex Res V 57 0.33 0.00 0.32 - 0.01 0.46 0.25 Malbex Res* O 1 0.23 0.22 0.22 - 0.00 0.27 0.22 Mammoth Res V 680 0.03 0.02 0.03 + 0.01 0.05 0.01 0.92 - 0.13 1.35 0.59 Mandalay Res T 1107 1.05 0.92 Mangazeya Mng V 77 0.04 0.00 0.03 - 0.01 0.06 0.02 Manitou Gold V 100 0.06 0.04 0.04 - 0.02 0.12 0.02 T 1331 0.68 0.62 0.65 - 0.01 0.83 0.11 Marathon Gold Margaux Res V 11 0.32 0.00 0.30 - 0.02 0.32 0.11 0.98 + 0.10 1.05 0.02 Mariana Res* O 826 1.05 0.89 0.02 - 0.01 0.04 0.01 Marifil Mines V 126 0.02 0.02 Maritime Res V 138 0.23 0.21 0.23 + 0.01 0.31 0.08 0.48 + 0.09 0.54 0.10 Marlin Gold* O 104 0.48 0.36 Marlin Gold V 232 0.69 0.48 0.59 + 0.06 0.69 0.15 192.33 + 11.01 206.36 108.31 MartinMarietta* N 6356 195.32 181.52 Mason Graphite* O 239 0.96 0.85 0.91 + 0.00 1.21 0.21 Mason Graphite V 895 1.30 1.14 1.23 + 0.02 1.60 0.30 0.06 - 0.01 0.11 0.02 Matamec Expl V 402 0.07 0.06 Matica Ent 3702 0.03 0.02 0.02 - 0.01 0.04 0.01 Matmown* O 130 0.04 0.03 0.03 - 0.01 0.10 0.01 Maudore Mnrls* O 8 0.00 0.00 0.00 + 0.00 0.01 0.00 Maverix Mtls* O 8 0.84 0.00 0.82 + 0.00 16.33 0.78 Mawson Res* O 84 0.35 0.29 0.29 - 0.05 0.42 0.12 Mawson Res T 99 0.47 0.39 0.40 - 0.05 0.56 0.17 0.08 + 0.01 0.11 0.05 MAX Res V 50 0.10 0.07 Maxwell Res* O 82 0.01 0.01 0.01 - 0.00 0.03 0.00 Maya Gold &Sil V 435 0.15 0.14 0.14 - 0.01 0.27 0.10 MBAC Fertilizr* O 179 0.00 0.00 0.00 + 0.00 0.03 0.00 McEwen Mng T 4016 4.93 4.11 4.76 + 0.60 6.44 1.05 McEwen Mng* N 23719 3.69 3.06 3.55 + 0.43 4.92 0.79 MDN Inc* O 13 0.86 0.82 0.86 + 0.04 0.92 0.03 Meadow Bay Gd T 525 0.07 0.06 0.06 - 0.01 0.14 0.06 N 2866 4.97 4.19 4.39 - 0.47 5.25 1.23 Mechel* Medgold Res V 297 0.23 0.18 0.21 + 0.03 0.25 0.05 Medinah Mnrls* O 14833 0.01 0.01 0.01 - 0.00 0.02 0.00 0.06 + 0.01 0.06 0.02 Mega Copper V 5 0.06 0.06 Mega Uranium* O 295 0.10 0.08 0.08 - 0.01 0.15 0.04 0.12 - 0.02 0.20 0.05 Mega Uranium T 907 0.14 0.11 Mercator Mnls* O 107 0.00 0.00 0.00 - 0.00 0.01 0.00 Merrex Gold* O 92 0.12 0.11 0.12 - 0.00 0.24 0.10 Metalex Vent V 94 0.07 0.06 0.06 - 0.01 0.11 0.05 Metallic Mnrls V 93 0.56 0.42 0.55 + 0.10 0.56 0.05 Metallic Mnrls* O 49 0.42 0.33 0.41 + 0.08 0.42 0.04 Metallis Res V 107 0.13 0.12 0.12 - 0.01 0.28 0.02 Metalo Manuf 3 0.51 0.00 0.51 - 0.10 1.50 0.30 Metalore Res T 7 2.80 2.10 2.10 - 0.70 3.59 1.26 Metals Creek* O 85 0.07 0.06 0.07 + 0.01 0.14 0.05 Metals X* O 481 1.07 0.00 1.07 + 0.07 1.43 0.68 Mexus Gold* O 3374 0.07 0.07 0.07 - 0.00 0.09 0.00 MGX Minerals* O 29 0.13 0.12 0.12 - 0.02 0.19 0.12 MGX Minerals 355 0.17 0.15 0.16 + 0.01 0.55 0.08 Midas Gold* O 1194 0.78 0.70 0.78 + 0.06 0.95 0.16 1.04 + 0.07 1.22 0.25 Midas Gold T 1753 1.04 0.95 Midasco Cap V 43 0.09 0.09 0.09 - 0.02 0.15 0.06 1.20 + 0.05 1.25 0.45 Midland Expl V 176 1.20 1.01 Midnight Star 57 0.19 0.13 0.13 + 0.02 0.19 0.06 Midway Gold* O 760 0.00 0.00 0.00 - 0.00 0.01 0.00 MillenMin Vent V 37 0.05 0.05 0.05 - 0.01 0.14 0.01 Millennial Lit* O 9 1.01 0.97 0.97 - 0.05 1.20 0.97 Millennial Lit V 1061 1.54 1.26 1.50 - 0.01 2.45 0.06 Millrock Res* O 296 0.34 0.29 0.34 + 0.04 0.54 0.11 Millrock Res V 524 0.45 0.40 0.45 + 0.01 0.70 0.15 Minaurum Gold V 271 0.09 0.08 0.09 + 0.01 0.14 0.04 Minco Gold* X 448 0.25 0.21 0.23 - 0.02 0.42 0.10 Minco Gold T 32 0.32 0.29 0.32 + 0.02 0.55 0.12 Minco Silver T 149 1.44 1.23 1.24 - 0.08 2.05 0.34 Minco Silver* O 85 1.11 0.93 0.93 - 0.03 1.54 0.26 Minera Alamos V 717 0.18 0.14 0.17 + 0.02 0.29 0.07 0.26 + 0.04 0.40 0.11 Mineral Hill V 5 0.26 0.23 Mineral Mtn* O 99 0.35 0.33 0.33 - 0.01 0.38 0.04 Mineral Mtn V 178 0.45 0.42 0.42 - 0.03 0.49 0.08 Minfocus Expl V 1340 0.03 0.02 0.02 - 0.01 0.07 0.01 0.78 - 0.02 0.90 0.30 Minnova Corp V 4 0.80 0.00 Miranda Gold V 647 0.09 0.08 0.08 - 0.01 0.18 0.06 2.42 + 0.13 3.50 0.72 Mirasol Res V 150 2.47 2.27 Mitchell Res V 5 0.10 0.00 0.10 + 0.01 0.14 0.02 Monarques Res* O 135 0.30 0.26 0.26 - 0.04 0.48 0.04 Monarques Res V 360 0.38 0.33 0.34 - 0.04 0.66 0.06 Moneta Porcpn* O 145 0.20 0.18 0.19 + 0.00 0.28 0.07 Moneta Porcpn T 2010 0.27 0.24 0.27 + 0.02 0.36 0.11 Montan Mg V 302 0.05 0.05 0.05 - 0.01 0.10 0.02 Montego Res 474 0.08 0.06 0.06 - 0.01 0.16 0.06 V 167 0.04 0.00 0.03 - 0.02 0.08 0.02 Montero Mg&Ex Monument Mng V 1109 0.12 0.11 0.11 - 0.01 0.19 0.09 Morro Bay V 3451 0.03 0.00 0.02 + 0.01 0.03 0.01 Morumbi Res* O 17 0.07 0.07 0.07 + 0.00 0.07 0.01 Morumbi Res V 242 0.11 0.10 0.11 + 0.02 0.12 0.02 Mosaic* N 29916 25.04 23.26 24.50 + 0.71 33.89 22.02 Mountain Boy V 176 0.07 0.05 0.06 - 0.01 0.08 0.01 Mountain Prov T 338 7.06 6.85 6.96 - 0.04 7.18 3.40 Mundoro Cap* O 10 0.14 0.12 0.14 + 0.02 0.20 0.03 Mundoro Cap V 740 0.19 0.17 0.17 - 0.01 0.23 0.04 MX Gold* O 347 0.14 0.11 0.11 + 0.00 0.31 0.09

N-O NACCO Ind* N 61 Namibia Rare E T 22 Namibia Rare E* O 14 Napier Vent V 61 Natan Res V 173 Natural Res Pt* N 366 Nautilus Mnrls T 420 Nautilus Mnrls* O 189 Navis Res Corp 158 Nemaska Lith T 4427 Nemaska Lith* O 243 Nevada Clean M* O 202 Nevada Clean M V 660 Nevada Copper T 106 Nevada Egy Mtl* O 1344 Nevada Egy Mtl V 1410 Nevada Expl * O 150 Nevada Expl V 262 Nevada Sunrise* O 231 Nevada Sunrise V 383 Nevada Zinc V 502 Nevado Res V 1048 Nevsun Res* X 4047 Nevsun Res T 3835 New Carolin Gd V 547 New Carolin Gd* O 189 New Colombia* O 174766

78.15 72.25 77.30 + 4.05 78.15 40.04 0.07 0.06 0.06 - 0.01 0.14 0.04 0.04 0.00 0.04 - 0.00 0.09 0.03 0.29 0.28 0.28 - 0.01 0.34 0.15 0.28 0.19 0.19 - 0.09 0.40 0.05 31.80 25.50 30.50 + 4.50 31.29 5.00 0.20 0.16 0.17 - 0.01 0.35 0.10 0.15 0.12 0.13 - 0.02 0.27 0.08 0.01 0.01 0.01 - 0.01 0.02 0.00 1.43 1.27 1.28 - 0.04 1.97 0.29 1.08 0.95 0.95 - 0.04 1.50 0.23 0.03 0.02 0.02 - 0.01 0.04 0.00 0.05 0.04 0.05 + 0.01 0.05 0.02 0.62 0.57 0.62 + 0.04 1.10 0.45 0.10 0.09 0.09 - 0.01 0.20 0.06 0.14 0.12 0.13 - 0.01 0.26 0.03 0.36 0.30 0.33 - 0.02 0.56 0.18 0.49 0.41 0.48 - 0.01 0.72 0.24 0.28 0.22 0.24 + 0.02 0.37 0.11 0.36 0.30 0.32 - 0.01 0.47 0.15 0.45 0.37 0.42 + 0.02 0.80 0.19 0.09 0.07 0.07 - 0.01 0.11 0.01 2.95 2.72 2.74 - 0.10 3.80 2.27 3.93 3.65 3.67 - 0.13 4.81 3.27 0.08 0.08 0.08 + 0.01 0.15 0.04 0.06 0.06 0.06 + 0.01 0.12 0.03 0.04 0.01 0.01 - 0.01 0.05 0.00

12-13_NOV14_StockTables.indd 13

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

New Dimen Res V 54 New Gold T 9580 New Gold* X 29723 New Gold* O 64 New Guinea Gld* O 361 New Jersey Mng* O 76 New Milln Iron* O 165 New Milln Iron T 2019 New Nadina V 5 New Oroperu V 8 32 New World Res V NewCastle Gold* O 529 Newmac Res V 10 Newmarket Gold* O 539 Newmarket Gold T 6325 Newmont Mng* N 37691 Newport Expl V 226 Newport Gold* O 252 Nexgen Energy T 3883 Nexgen Energy* O 170 28 Next Gen Mtls* O Next Gen Mtls 3368 Nexus Gold* O 594 NGEx Res T 139 NGEx Res* O 9 Nickel North V 105 Nicola Mg Inc V 1414 Nicola Mg Inc* O 305 Nighthawk Gold V 1484 Niobay Metals V 290 Niocorp Dev T 508 Niocorp Dev* O 428 Nippon Dragon V 333 Noble Metal Gr V 1781 Noka Res V 701 Noram Vent V 4094 O 63 Noranda Alum* Noront Res V 510 Norsemont Cap 29 Nortec Mnls V 38 North Am Nickl* O 142 North Am Nickl V 5906 North Am Pall T 12 North Am Pall* O 13 North Arrow Mn V 501 Northcliff Res T 171 Northisle C&G V 128 Northn Empire* O 24 Northn Empire V 239 Norvista Cap V 868 Nouveau Monde V 391 NovaCopper* X 266 NovaCopper T 51 NovaGold Res* X 16150 NovaGold Res T 3362 Novo Res V 155 Novo Res* O 100 Nrthn Abitibi V 142 Nrthn Freegold* O 10 V 118 Nrthn Freegold Nrthn Graphite V 291 Nrthn Graphite* O 124 Nrthn Iron V 566 Nrthn Lion V 15 Nrthn Mnrls &E* O 42 Nrthn Shield V 1624 Nrthn Superior V 1711 Nrthn Vertex V 1647 NSGold V 161 Nthn Dynasty T 6458 Nthn Dynasty* X 10263 Nubian Res V 84 NuLegacy Gold* O 1517 NuLegacy Gold V 1615 Nunavik Nickel V 66 NV Gold V 2047 OceanaGold* O 60 OceanaGold T 11857 Oceanic Iron O V 193 Oceanus Res V 449 Odin Mng & Exp* O 4 Odin Mng & Exp V 168 Olivut Res* O 20 Olivut Res V 54 12 Omineca Mg &Ml V Opawica Expl V 1942 Orbite Tech T 3792 Orbite Tech* O 393 Orca Gold V 1297 Orca Gold* O 104 Orefinders Res V 526 Orestone Mng V 421 Orex Mnrls* O 397 Orex Mnrls V 1363 Orezone Gold V 989 Orezone Gold* O 146 Orla Mng Ltd V 365 Oro East Mg* O 118 Oroco Res* O 33 Oroco Res V 71 Orocobre T 607 Orofino Mnrls V 9 Oroplata Res* O 393 Orosur Mng T 65 Orsu Metals T 1215 Orvana Mnrls T 542 Orvana Mnrls* O 69 Osisko Gold T 1949 Osisko Gold* N 451 Osisko Mng Inc T 1738 Otis Gold* O 403 Otis Gold V 833 OZ Minerals* O 1

0.11 0.00 0.11 + 0.01 0.19 0.04 5.84 5.15 5.58 + 0.20 7.87 2.56 4.37 3.83 4.15 + 0.14 6.04 1.76 0.08 0.06 0.08 + 0.02 0.17 0.03 0.00 0.00 0.00 - 0.00 0.00 0.00 0.14 0.12 0.12 - 0.00 0.15 0.04 0.08 0.08 0.08 - 0.00 0.11 0.03 0.13 0.10 0.10 - 0.03 0.18 0.05 0.12 0.08 0.09 + 0.01 0.18 0.05 0.60 0.00 0.60 + 0.06 0.72 0.12 0.11 0.10 0.10 - 0.01 0.16 0.01 0.76 0.66 0.67 - 0.02 0.96 0.16 0.08 0.00 0.08 - 0.03 0.12 0.05 3.15 2.91 3.03 + 0.14 3.91 0.91 4.20 3.85 4.05 + 0.19 5.07 1.27 38.87 35.26 37.80 + 2.42 46.07 16.05 0.32 0.27 0.29 + 0.03 0.38 0.19 0.06 0.01 0.06 + 0.04 0.03 0.00 1.65 1.42 1.47 - 0.14 2.86 0.56 1.24 1.05 1.10 - 0.11 2.25 0.41 0.27 0.20 0.26 + 0.07 0.29 0.07 0.39 0.24 0.37 + 0.10 0.42 0.09 0.08 0.07 0.07 + 0.00 0.08 0.06 1.22 1.16 1.20 - 0.01 1.50 0.46 0.90 0.87 0.87 - 0.02 1.14 0.40 0.03 0.02 0.03 + 0.01 0.04 0.01 0.18 0.16 0.18 + 0.01 0.54 0.05 0.14 0.12 0.12 - 0.01 0.39 0.03 0.53 0.47 0.48 - 0.01 0.61 0.04 1.19 1.08 1.18 + 0.06 1.25 0.05 0.75 0.67 0.70 - 0.03 1.14 0.51 0.56 0.50 0.52 - 0.02 0.87 0.37 0.08 0.07 0.08 + 0.01 0.13 0.05 0.02 0.01 0.01 + 0.01 0.02 0.01 0.07 0.06 0.07 - 0.01 0.21 0.04 0.07 0.06 0.07 + 0.01 0.13 0.01 0.04 0.03 0.04 - 0.00 2.01 0.01 0.28 0.26 0.28 + 0.01 0.51 0.24 0.28 0.26 0.28 + 0.03 0.31 0.21 0.08 0.00 0.06 - 0.02 0.09 0.02 0.11 0.07 0.11 + 0.04 0.11 0.05 0.15 0.10 0.11 + 0.01 0.15 0.07 5.00 4.54 4.65 - 0.25 6.49 3.85 3.74 3.33 3.40 - 0.23 5.06 2.71 0.18 0.17 0.17 - 0.02 0.32 0.12 0.11 0.09 0.10 + 0.01 0.15 0.07 0.08 0.07 0.07 - 0.01 0.14 0.02 0.13 0.11 0.11 - 0.01 0.22 0.06 0.18 0.15 0.15 - 0.04 0.27 0.07 0.15 0.12 0.13 - 0.03 0.30 0.08 0.26 0.24 0.25 + 0.01 0.38 0.13 0.53 0.48 0.51 + 0.04 0.86 0.15 0.70 0.63 0.65 + 0.03 1.08 0.20 5.54 4.91 5.42 + 0.46 7.29 3.05 7.41 6.58 7.28 + 0.65 9.56 4.05 1.49 1.22 1.39 + 0.05 1.95 0.48 1.13 0.92 1.05 + 0.04 1.41 0.35 0.02 0.01 0.01 - 0.01 0.03 0.01 0.19 0.17 0.18 + 0.01 0.23 0.02 0.28 0.23 0.27 + 0.02 0.29 0.04 0.29 0.25 0.25 - 0.01 0.63 0.16 0.22 0.18 0.19 + 0.01 0.47 0.12 0.06 0.05 0.06 + 0.01 0.11 0.01 0.25 0.20 0.25 + 0.05 0.32 0.07 0.04 0.02 0.04 + 0.02 0.05 0.02 0.16 0.15 0.15 - 0.01 0.30 0.01 0.05 0.04 0.04 - 0.01 0.06 0.01 0.42 0.37 0.42 + 0.02 0.52 0.13 0.08 0.07 0.07 - 0.01 0.12 0.04 1.22 0.95 0.97 - 0.14 1.48 0.28 0.92 0.71 0.73 - 0.12 1.16 0.20 0.23 0.17 0.19 - 0.01 0.23 0.01 0.33 0.27 0.28 - 0.04 0.41 0.06 0.45 0.37 0.38 - 0.06 0.54 0.08 0.12 0.07 0.07 - 0.06 0.27 0.03 0.40 0.29 0.30 - 0.04 0.48 0.03 3.15 3.00 3.06 - 0.05 4.26 1.67 4.23 3.95 3.98 - 0.11 5.56 2.25 0.27 0.22 0.27 + 0.04 0.34 0.08 0.24 0.20 0.22 - 0.02 0.35 0.15 0.62 0.61 0.62 + 0.01 0.84 0.21 0.88 0.80 0.85 + 0.03 0.97 0.27 0.16 0.11 0.15 - 0.00 0.30 0.06 0.21 0.16 0.21 - 0.01 0.42 0.08 0.06 0.05 0.06 + 0.01 0.11 0.02 0.09 0.06 0.09 + 0.03 0.16 0.02 0.32 0.29 0.31 - 0.01 0.53 0.20 0.24 0.22 0.22 - 0.02 0.40 0.15 0.52 0.44 0.46 + 0.01 0.55 0.12 0.40 0.34 0.34 - 0.01 0.44 0.08 0.08 0.07 0.07 - 0.01 0.12 0.01 0.02 0.02 0.02 - 0.01 0.04 0.01 0.46 0.34 0.36 - 0.08 1.02 0.05 0.61 0.46 0.48 - 0.11 1.38 0.11 0.84 0.74 0.77 - 0.01 1.28 0.22 0.63 0.55 0.58 - 0.01 0.99 0.16 1.52 1.35 1.46 + 0.03 1.75 0.10 0.01 0.01 0.01 - 0.00 0.04 0.00 0.04 0.02 0.04 + 0.01 0.05 0.01 0.04 0.04 0.04 - 0.01 0.06 0.01 3.91 3.52 3.69 + 0.39 4.92 1.33 0.07 0.06 0.06 - 0.01 0.25 0.06 0.37 0.32 0.32 - 0.04 2.04 0.16 0.30 0.28 0.28 - 0.02 0.38 0.10 0.04 0.03 0.04 + 0.01 0.05 0.01 0.27 0.21 0.27 + 0.05 0.39 0.11 0.20 0.17 0.20 + 0.02 0.29 0.07 14.89 13.83 13.97 - 0.06 18.64 12.34 11.13 10.33 10.42 - 0.07 14.74 8.88 3.00 2.77 2.81 - 0.04 3.42 0.96 0.23 0.19 0.19 - 0.04 0.32 0.05 0.31 0.26 0.26 - 0.07 0.42 0.07 5.25 4.49 5.25 + 0.76 5.33 2.29

Pac Bay Mnrls V 106 Pac Booker Min V 10 Pac North West* O 96 Pac North West V 1799 Pac Potash V 193 Pac Ridge Expl V 62 Pac Ridge Expl* O 1 Paget Mrnls V 470 T 1365 Paladin Energy Palamina Corp* O 2 Pan Am Silver* D 13409 Pan Am Silver T 2540 Pancontinental* O 70 Pancontinental V 151 Panoro Mnrls V 661 PanTerra Gold* O 2 Parallel Mng V 10 Paramount Gold* X 312 Parlane Res V 182 Pasinex Res 926 Passprt Potash* O 24 Peabody Enrgy* O 2743 Pedro Res V 112 Pelangio Expl V 389 Pele Mtn Res* O 239 Peloton Mnrls* O 49 Peloton Mnrls 87 Peregrine Diam T 319 Perseus Mng T 2408 Pershing Gold* D 459 Philex Mng* O 26 Philippine Mtl V 104 Pilot Gold* O 333 Pilot Gold T 1479 Pine Cliff En* O 19 Pine Cliff En T 4397 Pistol Bay Mng V 153 V 498 Pitchblack Res PJSC Polyus Gd* O 17 PJX Res V 843 Planet Mng V 50 Plata Latina V 26 Plateau Uran* O 59 Plateau Uran V 201 Platinex V 3798 Platinum Gp Mt* X 1744 Platinum Gp Mt T 386 Playfair Mng V 902 Playfair Mng* O 48 Polaris Mater T 97 PolyMet Mng* X 1100 PolyMet Mng T 119 Portage Res* O 1282 Portofino Res V 197 Potash Corp SK* N 31452 Potash Corp SK T 9054 Potash Ridge T 2170 Potash Ridge* O 144 PPX Mining V 204 Precipitate Gl V 290 Premier Gold M T 5626 Pretium Res* N 8514 Pretium Res T 1705 Primero Mng T 6328 Primero Mng* N 6979 Prism Res V 37 Prize Mng V 2 ProAm Expl V 23 Probe Metals* O 28 Probe Metals V 179 Prophecy Coal* O 0 Prophecy Coal T 20 Prospect Glob* O 4 Prosper Gold V 312 Prospero Silvr V 265 PUF Vent Inc 702 PUF Vent Inc * O 73 Puma Expl V 612 Pure Energy V 1020 Pure Energy* O 577 171 Pure Gold Mg* O Pure Gold Mg V 876 Purepoint Uran V 1307 QMC Quantum Ml V 632 QMX Gold* O 90 QMX Gold V 726

0.04 0.04 0.04 - 0.01 0.09 0.04 1.10 1.05 1.06 + 0.01 2.38 0.63 0.03 0.02 0.02 - 0.00 0.06 0.00 0.04 0.03 0.03 - 0.01 0.08 0.01 0.04 0.03 0.04 + 0.01 0.07 0.03 0.10 0.00 0.10 + 0.02 0.11 0.02 0.06 0.06 0.06 - 0.01 0.08 0.01 0.07 0.01 0.04 - 0.02 0.09 0.01 0.15 0.13 0.14 - 0.01 0.27 0.13 0.14 0.14 0.14 - 0.00 0.19 0.08 17.09 15.34 16.50 + 1.07 21.59 5.38 22.88 20.56 22.12 + 1.48 27.56 7.85 0.08 0.07 0.07 - 0.02 0.10 0.00 0.12 0.10 0.12 + 0.01 0.16 0.01 0.16 0.15 0.15 - 0.01 0.21 0.09 0.06 0.05 0.06 + 0.02 0.09 0.04 0.10 0.10 0.10 + 0.01 0.18 0.05 1.86 1.63 1.72 - 0.04 2.93 0.93 0.24 0.13 0.24 + 0.11 0.22 0.01 0.13 0.11 0.12 + 0.01 0.17 0.03 0.01 0.00 0.00 - 0.00 0.02 0.00 9.45 7.72 8.20 + 0.21 18.75 0.55 0.17 0.13 0.17 - 0.02 0.27 0.01 0.05 0.04 0.05 + 0.01 0.08 0.01 0.02 0.02 0.02 - 0.00 0.04 0.02 0.10 0.08 0.08 - 0.04 0.12 0.04 0.11 0.10 0.10 - 0.03 0.15 0.08 0.21 0.19 0.20 - 0.01 0.32 0.09 0.66 0.59 0.64 + 0.04 0.67 0.27 4.41 4.12 4.27 + 0.09 5.02 3.04 0.16 0.14 0.14 - 0.02 0.21 0.05 0.05 0.04 0.05 + 0.01 0.18 0.01 0.45 0.42 0.44 - 0.00 0.72 0.06 0.60 0.56 0.58 - 0.02 0.95 0.22 0.77 0.73 0.73 - 0.04 0.85 0.51 1.03 0.96 0.98 - 0.06 1.17 0.61 0.10 0.09 0.10 + 0.01 0.14 0.01 0.11 0.08 0.10 + 0.03 0.16 0.05 35.00 33.46 34.60 + 0.10 37.59 18.35 0.19 0.16 0.16 - 0.01 0.21 0.13 0.05 0.04 0.04 + 0.01 0.08 0.02 0.05 0.05 0.05 - 0.01 0.12 0.02 0.20 0.18 0.20 + 0.03 0.35 0.17 0.28 0.24 0.24 + 0.01 0.45 0.24 0.07 0.05 0.06 - 0.01 0.07 0.01 1.85 1.61 1.68 - 0.08 4.04 0.96 2.45 2.17 2.23 - 0.12 5.25 1.35 0.18 0.10 0.15 + 0.05 0.18 0.02 0.12 0.09 0.12 + 0.03 0.12 0.01 1.33 1.11 1.14 - 0.03 1.97 1.00 0.80 0.73 0.77 - 0.01 1.28 0.68 1.05 0.95 1.02 - 0.01 1.71 0.93 0.00 0.00 0.00 - 0.00 0.01 0.00 0.10 0.09 0.09 - 0.01 0.12 0.06 16.57 15.87 15.94 - 0.53 21.51 14.64 22.18 21.24 21.37 - 0.69 28.39 19.93 0.35 0.32 0.34 + 0.01 0.50 0.03 0.26 0.23 0.25 - 0.01 0.38 0.03 0.11 0.09 0.10 + 0.01 0.16 0.03 0.22 0.18 0.21 - 0.02 0.37 0.06 3.15 2.75 3.00 + 0.13 5.05 2.12 10.76 9.47 10.02 + 0.46 12.41 4.00 14.39 12.69 13.42 + 0.63 16.17 5.74 1.98 1.79 1.82 - 0.05 3.78 1.79 1.49 1.33 1.36 - 0.04 2.73 1.33 0.19 0.19 0.19 - 0.01 0.23 0.07 0.41 0.00 0.41 + 0.02 0.42 0.01 0.02 0.02 0.02 - 0.01 0.02 0.01 1.21 0.00 1.16 - 0.04 1.66 0.24 1.62 1.52 1.55 - 0.05 2.18 0.34 2.30 0.00 2.30 - 0.03 4.05 1.25 3.23 0.00 3.23 + 0.23 5.48 1.00 0.04 0.00 0.04 + 0.00 0.20 0.02 0.29 0.26 0.28 - 0.01 0.44 0.06 0.38 0.35 0.36 + 0.01 0.38 0.05 0.27 0.23 0.24 - 0.01 0.39 0.04 0.18 0.17 0.17 - 0.03 0.24 0.03 0.08 0.07 0.07 - 0.01 0.11 0.03 0.62 0.57 0.57 - 0.04 1.15 0.41 0.47 0.42 0.42 - 0.05 0.91 0.29 0.51 0.46 0.48 - 0.04 0.60 0.05 0.68 0.62 0.64 - 0.05 0.77 0.07 0.10 0.08 0.09 - 0.01 0.15 0.02 0.06 0.05 0.05 - 0.01 0.09 0.01 0.07 0.07 0.07 - 0.00 0.08 0.01 0.11 0.10 0.11 + 0.01 0.11 0.01

P-Q

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Quartz Mtn Res* O 0 Quaterra Res* O 233 Quest Rare Mnl* O 117 Quest Rare Mnl T 484 Quinto Real V 865

0.03 0.00 0.03 - 0.00 0.04 0.00 0.06 0.05 0.05 - 0.00 0.07 0.04 0.09 0.00 0.07 - 0.01 0.20 0.03 0.13 0.10 0.10 - 0.02 0.25 0.06 0.13 0.07 0.12 + 0.05 0.20 0.03

Rackla Mtls* O 2 Radisson Mng V 461 Radius Gold V 150 Rae-Wallace Mg* O 401 Rainforest Res* O 105 Rainmaker Res V 707 Rainy Mtn Royl V 415 Rambler Ml &Mg V 208 Randgold Res* O 1 Randgold Res* D 6173 Randsburg Int* O 8 Rapier Gold V 209 Raptor Res* O 198 Rare Element* O 178 Rathdowney Res V 36 272 Red Eagle Mng* O Red Pine Expl V 1463 Redhawk Res T 414 Redstar Gold* O 473 Redstar Gold V 1716 Regulus Res V 236 O 163 Renaissance Gd* Renaissance Gd V 559 Renforth Res 555 Resource Cap* O 50 Reunion Gold V 1079 Revelo Res V 121 Revolver Res V 104 Revolver Res* O 21 Rheingold Expl 150 Richmond Mnls V 78 Richmont Mines* X 1794 Richmont Mines T 1806 Rio Novo Gold T 38 Rio Silver V 85 Rio Tinto* N 16767 Rio Tinto* O 6 Rio Tinto* O 1 514 Rise Res Inc* O Rise Res Inc 335 O 291 Riverside Res* Riverside Res V 369 RJK Explor V 83 Robex Res V 456 Rock Tech Lith V 123 Rockcliff Cop* O 13 V 383 Rockhaven Res Rockland Mnls V 34 V 62 Rockridge Cap Rockshield Cap 115 T 31 Rockwell Diam Rogue Res V 81 Rokmaster Res V 693 414 Romios Gold Rs V Romios Gold Rs* O 17 RosCan Mrnls V 818 474 Rosita Mg Corp V Rosita Mg Corp* O 42 Roughrider Exp V 30 Roxgold* O 397 V 1368 Roxgold Royal Gold* D 4171 Royal Nickel* O 136 V 29 Royal Sapphire Royal Std Mnrl* O 760 RT Minerals V 4296 RT Minerals* O 16 RTG Mining T 37 310 Running Fox Rs* O Rupert Res V 153 Rusoro Mng V 2065 Rusoro Mng* O 87 Rye Patch Gold V 6752 644 Rye Patch Gold* O

0.11 0.11 0.11 + 0.00 0.17 0.03 0.19 0.17 0.18 + 0.01 0.18 0.09 0.15 0.13 0.14 + 0.01 0.17 0.05 0.02 0.01 0.02 + 0.01 0.02 0.00 7.69 4.01 5.71 - 0.79 8.25 0.30 0.17 0.09 0.10 + 0.01 0.25 0.07 0.10 0.08 0.09 - 0.01 0.10 0.03 0.13 0.10 0.12 + 0.02 0.13 0.05 92.50 0.00 90.72 + 2.86 120.75 59.09 93.87 84.71 85.89 + 0.04 126.55 58.77 0.00 0.00 0.00 + 0.00 0.01 0.00 0.15 0.13 0.14 - 0.02 0.17 0.03 0.00 0.00 0.00 + 0.00 0.00 0.00 0.06 0.05 0.05 + 0.01 0.28 0.04 0.20 0.18 0.18 - 0.02 0.26 0.12 0.78 0.71 0.74 - 0.00 0.91 0.18 0.15 0.00 0.13 - 0.02 0.24 0.03 0.07 0.05 0.06 + 0.01 0.09 0.04 0.10 0.08 0.09 - 0.00 0.15 0.01 0.12 0.11 0.11 - 0.01 0.17 0.03 1.45 1.32 1.40 + 0.10 1.87 0.19 0.32 0.28 0.30 - 0.01 0.52 0.08 0.43 0.39 0.42 + 0.02 0.66 0.11 0.04 0.03 0.03 - 0.01 0.05 0.01 0.18 0.18 0.18 + 0.00 0.26 0.02 0.08 0.04 0.06 + 0.02 0.06 0.01 0.10 0.09 0.10 + 0.01 0.11 0.05 0.28 0.22 0.22 + 0.01 0.39 0.07 0.23 0.20 0.20 - 0.03 0.25 0.05 0.20 0.14 0.20 + 0.07 0.18 0.01 0.07 0.04 0.05 - 0.03 0.13 0.03 10.00 8.65 9.20 + 0.03 11.66 2.79 13.38 11.69 12.30 + 0.05 15.01 3.73 0.17 0.16 0.17 - 0.01 0.30 0.07 0.16 0.14 0.16 + 0.02 0.18 0.02 35.37 33.91 33.93 - 0.60 35.67 21.89 35.05 34.40 34.48 + 0.08 35.31 21.90 40.74 40.52 40.70 + 0.18 40.74 25.47 0.35 0.20 0.23 + 0.03 0.40 0.08 0.35 0.26 0.30 + 0.02 0.30 0.11 0.35 0.29 0.35 + 0.03 0.38 0.08 0.48 0.39 0.46 + 0.06 0.49 0.12 0.17 0.11 0.16 + 0.01 0.25 0.05 0.10 0.09 0.09 - 0.01 0.17 0.05 1.10 0.97 1.00 - 0.01 1.45 0.03 0.10 0.10 0.10 - 0.01 0.12 0.01 0.20 0.19 0.20 + 0.01 0.29 0.10 0.06 0.05 0.06 + 0.01 0.11 0.01 0.38 0.33 0.38 + 0.03 0.57 0.05 0.07 0.05 0.05 - 0.02 0.11 0.04 0.08 0.07 0.07 + 0.01 0.20 0.07 0.41 0.36 0.37 - 0.03 1.50 0.36 0.04 0.02 0.04 + 0.01 0.05 0.01 0.09 0.07 0.09 + 0.02 0.10 0.02 0.07 0.06 0.07 + 0.01 0.08 0.01 0.04 0.03 0.04 + 0.02 0.04 0.01 0.07 0.06 0.06 - 0.01 0.14 0.01 0.04 0.04 0.04 - 0.01 0.10 0.01 0.07 0.07 0.07 - 0.02 0.15 0.05 1.14 0.99 1.02 - 0.09 1.35 0.46 1.51 1.33 1.38 - 0.11 1.76 0.62 76.33 65.75 75.82 + 9.76 87.74 24.68 0.27 0.25 0.25 - 0.02 0.50 0.10 0.04 0.04 0.04 + 0.01 0.07 0.03 0.00 0.00 0.00 - 0.00 0.00 0.00 0.17 0.11 0.13 - 0.02 0.30 0.05 0.12 0.10 0.10 - 0.02 0.14 0.05 0.40 0.30 0.40 + 0.08 0.70 0.32 0.02 0.01 0.02 + 0.01 0.03 0.00 0.89 0.71 0.75 + 0.04 0.99 0.02 0.32 0.21 0.26 + 0.05 0.41 0.03 0.21 0.16 0.19 + 0.02 0.31 0.02 0.34 0.30 0.32 + 0.01 0.47 0.11 0.26 0.22 0.24 + 0.01 0.37 0.08

Sabina Gd&Slvr* O 462 Sabina Gd&Slvr T 1103 Sage Gold V 1664 Sage Gold* O 135 Saint Jean V 1125 Salazar Res* O 84 Salazar Res V 131 50 Salt Lake Pot* O Sama Res V 373 San Marco Res* O 5 V 883 Sandspring Res Sandspring Res* O 348 Sandstorm Gold T 2258 Sandstorm Gold* X 8912 489 Santa Fe Gold* O Santacruz Silv V 942 Sarama Res V 744 Sarissa Res* O 309 Satori Res V 5 V 75 Savannah Gold Savant Expl V 107 Savary Gold V 677 Savary Gold* O 181 Scandium Int M* O 1270 Scorpio Gold V 412 ScoZinc Mg V 16 Seabridge Gld T 319 Seabridge Gld* N 2724 Search Mnls V 292 Searchlight* O 1047 Secova Mtls V 687 Sego Res V 182 Select Sands V 1747 Senator Mnrls V 59 Serabi Gold T 279 Shamrock Ent 382 Shore Gold T 343 Shoshoni Gold V 44 Sibanye Gold* N 8095 Sibanye Gold* O 16 Sidney Resrces* O 279 Sienna Res* O 3 Sierra Metals* O 11 Sierra Metals T 22 Signature Res V 1338 Silver Bear Rs T 1418 Silver Bull Re* O 782 Silver Bull Re T 453 Silver Dragon* O 5126 Silver Grail V 35 Silver Mtn Mns V 435 Silver Pursuit V 773 Silver Range V 150 Silver Shield 328 Silver Spruce* O 22 Silver Std Res T 3103 Silver Std Res* D 8658 Silver Wheaton T 7679 Silver Wheaton* N 24382 Silvercorp Met T 5368 Silvercorp Met* O 1130 Silvermet V 722 SinoCoking Cl* D 32 Sirios Res V 1720 Sirios Res* O 197 Skeena Res* O 82 Skeena Res V 2636 Skyharbour Res* O 53 Skyharbour Res V 369 Slam Explor V 212 Sokoman Iron V 4579 Sokoman Iron* O 30 Solitario Ex&R T 46 X 285 Solitario Ex&R* Source Expl V 146 Southern Arc V 98 Southern Arc* O 71 Southern Copp* N 6389 Southern Lith V 603 Southern Silvr V 945 Southern Silvr* O 390 SouthGobi Res T 16 Spanish Mtn Gd V 327 Sparton Res V 507 Sparton Res* O 61 Spearmint Res V 210 Sphinx Res V 114 St Augustine T 3843 St-Georges Plt* O 40 Stakeholdr Gld V 161 Stakeholdr Gld* O 29 Standard Metal* O 76 Stans Energy* O 130 Star Gold* O 6 Starcore Intl T 103 Starr Peak Exp V 10 Stellar Africa V 90 Stelmine Can V 51 Sterling Grp* O 220 Stillwater Mg* N 8443 Stina Res 173 Stina Res* O 50 Stockport Expl* O 11 18 Stone Ridge Ex Stonegate Agri* O 62 Stonegate Agri T 192 Stornoway Diam T 5591 Strategic Metl V 157 Stratton Res V 125 Strikepoint Gd* O 31 Strikepoint Gd V 524 Strongbow Expl V 803 Stroud Res V 1422 Sulliden Mng T 720 Suncor Energy T 16801 Suncor Energy* N 16943

1.07 1.00 1.02 - 0.02 1.55 0.38 1.42 1.33 1.36 - 0.03 1.87 0.54 0.14 0.13 0.14 + 0.01 0.16 0.03 0.11 0.09 0.10 + 0.02 0.12 0.03 0.04 0.03 0.04 - 0.01 0.07 0.03 0.12 0.10 0.10 + 0.01 0.12 0.03 0.16 0.12 0.15 - 0.01 0.16 0.03 0.38 0.38 0.38 + 0.02 0.40 0.15 0.12 0.10 0.11 - 0.01 0.16 0.07 0.14 0.13 0.13 - 0.00 0.22 0.01 0.62 0.54 0.60 + 0.03 0.94 0.11 0.46 0.40 0.45 + 0.03 0.72 0.08 6.87 6.13 6.52 + 0.29 8.73 2.82 5.14 4.58 4.88 + 0.20 6.75 1.94 0.05 0.04 0.05 - 0.00 0.07 0.00 0.46 0.40 0.44 + 0.04 0.63 0.09 0.28 0.22 0.22 - 0.02 0.55 0.05 0.01 0.01 0.01 + 0.00 0.01 0.00 0.12 0.11 0.12 + 0.02 0.18 0.03 0.08 0.06 0.06 - 0.02 0.15 0.01 0.02 0.02 0.02 - 0.01 0.03 0.01 0.11 0.09 0.11 + 0.01 0.15 0.02 0.08 0.07 0.08 - 0.00 0.12 0.06 0.12 0.00 0.11 + 0.00 0.16 0.08 0.09 0.08 0.08 - 0.01 0.11 0.05 0.87 0.00 0.85 - 0.03 1.25 0.40 16.13 14.10 15.27 + 0.91 20.71 7.99 12.05 10.50 11.35 + 0.60 15.88 5.46 0.09 0.06 0.09 + 0.03 0.11 0.05 0.06 0.02 0.06 + 0.02 0.19 0.01 0.05 0.04 0.04 - 0.01 0.10 0.03 0.04 0.03 0.04 + 0.01 0.05 0.01 1.09 0.95 0.97 - 0.11 1.21 0.20 0.76 0.64 0.65 - 0.11 0.80 0.05 0.09 0.08 0.09 + 0.01 0.12 0.04 0.04 0.03 0.03 - 0.01 0.06 0.01 0.20 0.19 0.19 - 0.01 0.25 0.17 0.07 0.00 0.05 - 0.02 0.25 0.05 11.95 10.83 11.67 + 0.68 20.97 4.59 2.84 0.00 2.84 - 0.83 5.12 1.50 0.01 0.00 0.00 - 0.00 0.02 0.00 0.12 0.11 0.11 - 0.01 0.20 0.01 1.45 1.32 1.43 - 0.02 1.69 0.69 1.85 1.76 1.80 - 0.02 2.19 0.95 0.13 0.07 0.13 + 0.04 0.13 0.01 0.38 0.33 0.35 - 0.03 0.53 0.02 0.14 0.11 0.13 + 0.01 0.21 0.02 0.18 0.15 0.18 + 0.02 0.28 0.04 0.01 0.01 0.01 - 0.00 0.04 0.00 0.08 0.08 0.08 + 0.01 0.16 0.02 0.03 0.02 0.02 - 0.01 0.05 0.01 0.10 0.00 0.10 + 0.01 0.13 0.02 0.13 0.11 0.11 - 0.04 0.24 0.02 0.05 0.05 0.05 - 0.01 0.17 0.02 0.08 0.07 0.07 + 0.00 0.10 0.03 16.43 14.24 15.33 + 0.96 20.48 5.28 12.28 10.62 11.44 + 0.69 15.84 3.66 33.83 31.20 31.90 + 0.53 40.80 14.51 25.27 23.27 23.80 + 0.36 31.35 10.04 4.07 3.35 3.86 + 0.46 4.73 0.60 3.08 2.51 2.86 + 0.33 3.67 0.41 0.04 0.03 0.04 + 0.01 0.06 0.03 2.28 1.86 1.92 - 0.34 7.60 1.66 0.58 0.46 0.47 - 0.11 1.42 0.07 0.42 0.35 0.36 - 0.05 1.13 0.07 0.10 0.08 0.09 - 0.00 0.15 0.04 0.13 0.11 0.12 + 0.01 0.20 0.06 0.22 0.20 0.20 - 0.01 0.32 0.19 0.29 0.26 0.28 - 0.01 0.42 0.08 0.07 0.06 0.07 + 0.02 0.15 0.01 0.13 0.04 0.08 + 0.04 0.13 0.01 0.08 0.03 0.06 + 0.03 0.08 0.03 0.99 0.86 0.95 + 0.12 1.29 0.57 0.75 0.64 0.68 + 0.03 0.95 0.41 0.22 0.19 0.20 - 0.03 0.50 0.10 0.60 0.55 0.55 - 0.08 1.09 0.24 0.45 0.42 0.44 - 0.03 0.75 0.17 28.70 26.52 27.33 - 0.48 31.31 21.55 0.49 0.22 0.38 + 0.13 0.49 0.01 0.47 0.39 0.45 + 0.05 0.66 0.03 0.36 0.29 0.34 + 0.03 0.52 0.02 0.50 0.31 0.31 - 0.19 0.65 0.21 0.15 0.13 0.14 + 0.01 0.22 0.02 0.08 0.00 0.08 - 0.01 0.09 0.02 0.06 0.06 0.06 + 0.01 0.07 0.01 0.03 0.00 0.02 - 0.01 0.06 0.01 0.08 0.00 0.07 - 0.01 0.14 0.01 0.07 0.05 0.05 - 0.01 0.14 0.05 0.03 0.02 0.02 - 0.01 0.05 0.01 0.71 0.60 0.61 - 0.10 0.89 0.04 0.53 0.45 0.46 - 0.03 0.67 0.05 0.08 0.06 0.08 - 0.01 0.21 0.01 0.05 0.03 0.04 + 0.00 0.06 0.01 0.10 0.00 0.10 + 0.00 0.20 0.05 0.69 0.62 0.65 - 0.03 0.91 0.25 0.17 0.10 0.17 + 0.08 0.19 0.05 0.04 0.03 0.03 - 0.01 0.08 0.01 0.34 0.30 0.33 + 0.01 0.38 0.05 0.04 0.02 0.03 + 0.00 0.04 0.01 14.05 12.95 13.68 + 0.65 15.91 4.99 0.10 0.08 0.09 + 0.01 0.19 0.08 0.07 0.07 0.07 + 0.01 0.16 0.05 0.02 0.01 0.01 - 0.01 0.04 0.00 0.06 0.04 0.04 - 0.03 0.17 0.04 0.02 0.01 0.01 - 0.01 0.03 0.00 0.03 0.02 0.02 - 0.01 0.04 0.01 1.19 1.11 1.11 - 0.05 1.33 0.66 0.64 0.54 0.61 + 0.08 0.86 0.24 0.65 0.55 0.65 + 0.09 0.85 0.07 0.27 0.25 0.27 + 0.02 0.27 0.08 0.37 0.34 0.36 + 0.01 0.55 0.05 0.16 0.14 0.14 - 0.04 0.25 0.05 0.02 0.01 0.02 + 0.01 0.03 0.01 0.43 0.35 0.38 - 0.01 0.47 0.19 41.10 39.03 39.13 - 2.16 42.14 27.32 30.67 29.05 29.18 - 1.66 31.52 18.71

(100s) Stock

12-month

Sunridge Gold* O 447 Sunset Cove Mg V 542 Sunvest Mnrls V 138 Sutter Gold* O 260 Sutter Gold V 136 Syrah Res* O 5

0.03 0.03 0.03 + 0.00 0.29 0.01 0.14 0.00 0.12 - 0.03 0.17 0.07 0.19 0.15 0.19 + 0.04 0.35 0.01 0.04 0.04 0.04 + 0.00 0.13 0.02 0.06 0.05 0.05 + 0.01 0.16 0.04 2.85 2.54 2.54 - 0.30 4.90 2.10

Tahoe Res* N 12960 Tahoe Res T 7817 Tajiri Res V 230 Takara Res V 192 Taku Gold 15 Talon Metals T 130 Tanager Energy V 882 Tango Mining V 275 Tantalex Res 400 Tanzania Rlty T 274 Tanzania Rlty* X 1057 Tartisan Res 190 Taseko Mines T 802 Teck Res* N 33714 Teck Res T 19005 Teck Res T 40 Telferscot Res 955 Telson Res * O 26 Telson Res V 317 Tembo Gold* O 122 Teranga Gold T 10468 Teras Res V 212 Terraco Gold V 318 Terrax Mnrls* O 97 Terrax Mnrls V 456 Teslin Rvr Res V 233 Teuton Res V 160 Teuton Res* O 55 Theia Res V 39 Thor Expl V 320 Thunder Mtn Gd* O 184 Thunderstruck V 485 Till Capital V 1 Till Capital* D 5 Tiller Res V 55 Timberline Res V 41 Timmins Gold T 3939 Timmins Gold* X 7055 Tinka Res* O 335 Tinka Res V 706 Tintina Res* O 240 Tintina Res V 1951 Tirex Res V 316 Tirex Res* O 257 Titanium Corp V 143 TMAC Resource* O 32 T 309 TMAC Resources Toachi Mg Inc V 1665 TomaGold V 689 O 5268 Tombstone Expl* Tonogold Res* O 220 Torex Gold* O 63 Torex Gold T 2096 Tower Res V 384 V 2343 Transatlan Mng Transition Mtl V 73 Trecora Res* N 180 Trevali Mng* O 266 Trevali Mng T 7778 Tri Origin Exp V 128 TriMetals Mng T 251 O 204 TriMetals Mng* TriMetals Mng* O 55 Trinity Res* O 1 O 590 Trio Resources* TriStar Gold* O 81 TriStar Gold V 83 Trueclaim Expl V 91 Tsodilo Res V 31 Tudor Gold * O 21 Tudor Gold V 523 O 8 Tungsten Corp* Turquoise HIl* N 9804 Turquoise HIl T 5525 Typhoon Expl V 119

12.65 11.16 11.34 - 0.48 17.01 6.48 16.91 14.96 15.20 - 0.63 22.13 9.45 0.15 0.12 0.15 + 0.03 0.13 0.01 0.07 0.06 0.06 - 0.01 0.10 0.02 0.08 0.00 0.07 - 0.01 0.22 0.02 0.07 0.06 0.07 + 0.01 0.15 0.06 0.10 0.09 0.09 - 0.01 0.12 0.02 0.02 0.02 0.02 - 0.01 0.14 0.01 0.15 0.12 0.12 - 0.01 0.18 0.01 0.99 0.88 0.91 + 0.01 1.95 0.24 0.74 0.66 0.68 + 0.00 1.49 0.17 0.04 0.03 0.03 + 0.01 0.10 0.01 0.65 0.59 0.60 - 0.01 0.88 0.35 22.13 20.52 21.03 - 0.04 22.13 2.56 29.58 27.55 28.16 - 0.05 29.58 3.65 30.00 27.14 28.05 - 0.35 30.00 5.69 0.02 0.01 0.01 + 0.01 0.05 0.01 0.23 0.21 0.22 - 0.03 0.43 0.07 0.31 0.27 0.27 - 0.07 0.55 0.04 0.04 0.04 0.04 - 0.00 0.06 0.01 1.16 1.00 1.04 - 0.08 1.40 0.38 0.19 0.15 0.15 - 0.02 0.21 0.03 0.17 0.15 0.17 + 0.01 0.19 0.08 0.60 0.52 0.53 - 0.01 0.80 0.17 0.80 0.71 0.72 + 0.01 1.05 0.24 0.25 0.22 0.23 - 0.03 0.43 0.20 0.24 0.21 0.24 + 0.02 0.46 0.04 0.18 0.17 0.17 - 0.01 0.34 0.03 0.20 0.11 0.14 + 0.03 0.20 0.05 0.11 0.10 0.10 - 0.01 0.16 0.02 0.13 0.08 0.09 - 0.04 0.16 0.02 0.10 0.08 0.09 - 0.01 0.20 0.01 5.00 0.00 5.00 + 0.05 6.00 3.28 4.08 0.00 3.87 - 0.03 5.00 2.76 0.09 0.05 0.09 + 0.01 0.09 0.01 0.68 0.63 0.68 + 0.04 0.73 0.16 0.67 0.60 0.65 + 0.04 0.80 0.11 0.50 0.46 0.49 + 0.03 0.63 0.07 0.16 0.14 0.15 - 0.01 0.22 0.07 0.21 0.19 0.20 - 0.01 0.27 0.09 0.06 0.05 0.05 - 0.00 0.12 0.04 0.07 0.07 0.07 + 0.01 0.15 0.05 0.09 0.07 0.09 + 0.01 0.22 0.05 0.07 0.05 0.07 - 0.00 0.16 0.05 0.59 0.48 0.48 - 0.08 1.22 0.31 14.76 13.24 13.41 - 0.47 15.16 9.26 20.18 17.64 17.93 - 0.54 20.18 5.90 0.50 0.41 0.44 - 0.02 0.59 0.03 0.09 0.08 0.08 - 0.01 0.17 0.04 0.01 0.01 0.01 + 0.00 0.02 0.00 0.05 0.04 0.05 + 0.02 0.07 0.01 19.67 17.40 17.58 - 0.34 27.34 7.97 26.60 23.25 23.55 - 0.49 35.17 10.90 0.19 0.15 0.16 - 0.02 0.21 0.01 0.07 0.06 0.07 + 0.01 0.15 0.03 0.18 0.17 0.17 - 0.02 0.25 0.07 10.40 9.75 9.85 - 0.34 14.80 8.17 0.79 0.74 0.77 + 0.04 0.87 0.18 1.06 0.98 1.03 + 0.04 1.13 0.25 0.08 0.06 0.07 + 0.01 0.08 0.02 0.27 0.24 0.25 - 0.01 0.36 0.06 0.19 0.14 0.16 - 0.01 0.32 0.06 0.20 0.18 0.20 + 0.01 0.28 0.04 0.05 0.00 0.05 - 0.02 0.33 0.03 0.00 0.00 0.00 + 0.00 0.00 0.00 0.30 0.26 0.29 - 0.01 0.41 0.10 0.40 0.35 0.39 - 0.02 0.53 0.14 0.04 0.03 0.04 + 0.01 0.05 0.01 0.79 0.00 0.79 - 0.01 0.90 0.50 0.51 0.48 0.49 - 0.03 1.26 0.48 0.68 0.61 0.65 - 0.05 2.50 0.05 0.74 0.73 0.73 - 0.01 0.85 0.54 3.18 2.93 2.93 - 0.19 3.67 1.55 4.24 3.92 3.92 - 0.26 4.72 2.30 0.09 0.07 0.09 + 0.02 0.15 0.03

U.S. Lithium* O 1452 U3O8 Corp* O 322 Ucore Rare Mtl* O 195 572 Ucore Rare Mtl V UEX Corp T 1374 Ultra Lithium* O 6 Ultra Lithium V 50 Umbral Enrgy* O 35 Umbral Enrgy 1074 Unigold* O 24 Unigold V 404 514 United Res Hdg* O United Silver* O 31 United States A* X 73 United States S* N 116637 Unity Energy V 258 Ur-Energy T 262 Ur-Energy* X 1523 Uracan Res V 505 Uracan Res* O 77 Uragold Bay Rs V 3180 Uranium Energy* X 1529 Uranium Hunter* O 1 Uranium Res* D 2427 Uranium Valley V 32 Uravan Mnrls V 597 US Energy* D 36 US Precious M* O 401 US Tungsten* O 2 Vale* N 34672 Vale* N 140553 ValGold Res V 106 Valley High Mg* O 520 Valterra Res* O 38 Vanadiumcorp* O 106 Vanadiumcorp V 193 Vanstar Mng Rs V 225 Vedanta* N 1270 Vendetta Mng* O 23 Vendetta Mng V 1012 Venerable Vent V 78 Venture Mnrls* O 15 Verde Potash T 44 Veris Gold* O 11 Victoria Gold V 7496 Victory Nickel 234 Victory Vent V 1339 Virginia Enrgy* O 13 Viscount Mng V 588 Visible Gold M V 1319 Vista Gold* X 4688 Vista Gold T 331 Volcanic Mtls V 267 Voltaic Min V 13393 Vulcan Mnrls V 284 VVC Expl V 430

0.04 0.03 0.03 - 0.00 0.15 0.01 0.02 0.01 0.02 + 0.00 0.03 0.01 0.24 0.21 0.23 - 0.01 0.35 0.16 0.32 0.29 0.30 - 0.01 0.45 0.23 0.21 0.16 0.17 - 0.03 0.29 0.11 0.15 0.14 0.14 - 0.01 0.27 0.06 0.20 0.17 0.17 - 0.01 0.35 0.07 0.03 0.02 0.03 + 0.01 0.08 0.02 0.04 0.03 0.04 - 0.01 0.10 0.02 0.26 0.23 0.23 - 0.01 0.51 0.06 0.35 0.30 0.31 + 0.01 0.69 0.08 0.04 0.01 0.02 - 0.01 0.06 0.01 0.00 0.00 0.00 + 0.00 0.01 0.00 0.41 0.35 0.40 - 0.01 0.60 0.16 20.18 17.05 19.86 + 0.55 27.64 6.15 0.09 0.07 0.07 - 0.02 0.48 0.07 0.68 0.57 0.59 - 0.09 0.98 0.57 0.51 0.43 0.43 - 0.09 0.73 0.43 0.07 0.06 0.06 - 0.01 0.10 0.01 0.05 0.05 0.05 - 0.00 0.08 0.00 0.20 0.14 0.15 - 0.02 0.31 0.02 0.91 0.85 0.87 + 0.01 1.47 0.65 1.40 0.00 1.35 + 0.15 6.00 0.85 1.29 1.12 1.17 - 0.10 9.84 1.12 0.16 0.12 0.16 + 0.04 0.35 0.04 0.08 0.06 0.07 - 0.01 0.42 0.05 1.67 1.30 1.30 - 0.33 3.03 0.67 0.01 0.01 0.01 - 0.00 0.06 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 6.55 6.16 6.32 - 0.15 6.77 1.55 7.03 6.59 6.67 - 0.23 7.05 2.13 0.04 0.04 0.04 + 0.01 0.08 0.01 0.00 0.00 0.00 - 0.00 0.02 0.00 0.05 0.04 0.04 - 0.00 0.07 0.00 0.03 0.00 0.03 - 0.00 0.05 0.01 0.05 0.04 0.05 - 0.01 0.06 0.02 0.07 0.06 0.07 + 0.01 0.10 0.03 13.22 11.95 12.51 + 0.59 13.22 3.52 0.08 0.08 0.08 - 0.00 0.10 0.08 0.13 0.10 0.10 - 0.02 0.14 0.05 0.18 0.15 0.15 - 0.03 0.18 0.05 0.02 0.02 0.02 + 0.00 0.04 0.01 0.31 0.30 0.30 - 0.01 0.48 0.13 0.00 0.00 0.00 - 0.00 0.01 0.00 0.66 0.57 0.63 + 0.01 0.80 0.13 0.03 0.02 0.02 - 0.01 0.05 0.02 0.03 0.02 0.03 + 0.01 0.06 0.01 0.03 0.02 0.02 - 0.00 0.06 0.02 0.78 0.62 0.70 + 0.07 0.91 0.43 0.03 0.03 0.03 - 0.01 0.07 0.02 1.08 0.85 1.05 + 0.17 2.09 0.26 1.44 1.15 1.40 + 0.23 2.73 0.35 0.23 0.14 0.23 + 0.07 0.22 0.04 0.11 0.06 0.08 + 0.03 0.52 0.03 0.05 0.04 0.05 + 0.01 0.08 0.02 0.03 0.00 0.03 + 0.01 0.05 0.01

Walker River V 1538 T 1574 Wallbridge Mng Walter Energy* O 751 Wealth Mnrls* O 116 Wealth Mnrls V 618 Wellgreen Plat* O 232 Wellgreen Plat T 468 Wescan Gldflds* O 2 Wesdome Gold T 1584 West High Yld V 28 West Red Lake 732 West Red Lake* O 199 Western Copper* X 177 Western Copper T 224 Western Pac Rs* O 72 Western Potash T 342 Western Uran* O 11 Western Uran 8 Westkam Gold V 3880 Westminster Rs V 2237 Westmoreland* D 3143 WestMountain* O 24 174 White Metal Rs V White Mtn Engy* O 252 Whitehaven Coa* O 27 Wildcat Expl* O 583 Wildcat Expl V 918 Winston Gld Mg* O 338 Winston Gld Mg 838 WPC Res V 5108 X-Terra Res V 169 Xander Res V 44 Xiana Mng V 24 Ximen Mng* O 43 Ximen Mng V 227 XLI Tech Inc* O 2308 Xmet Inc* O 190 Xtierra V 269 Xtra-Gold Res* O 231 Xtra-Gold Res T 394 Yamana Gold T 39772 Yamana Gold* N 88004 Yanzhou Coal* O 5 Yanzhou Coal* N 168 Yellowhead Mng T 212 Yorbeau Res T 897 Zadar Vent * O 3 Zazu Metals* O 8 Zazu Metals T 168 Zenyatta Vent V 102 Zenyatta Vent* O 20 Zephyr Mnls* O 100 Zephyr Mnls V 52 Zonte Mtls V 216

0.16 0.13 0.16 - 0.01 0.17 0.03 0.06 0.00 0.05 - 0.01 0.10 0.02 0.08 0.06 0.07 + 0.01 0.11 0.01 1.01 0.88 0.88 - 0.13 1.16 0.10 1.35 1.15 1.17 - 0.18 1.50 0.14 0.38 0.34 0.34 - 0.02 0.46 0.12 0.50 0.46 0.48 - 0.01 0.62 0.16 0.05 0.05 0.05 + 0.01 0.06 0.01 3.08 2.56 2.88 + 0.27 3.08 0.98 0.15 0.15 0.15 - 0.01 0.30 0.15 0.27 0.23 0.25 - 0.01 0.40 0.01 0.20 0.17 0.19 + 0.00 0.31 0.02 0.81 0.74 0.77 - 0.01 1.04 0.20 1.06 1.00 1.03 - 0.02 1.35 0.29 0.03 0.02 0.03 + 0.01 0.04 0.00 0.14 0.13 0.13 - 0.01 0.24 0.13 1.34 1.08 1.29 + 0.24 2.67 1.01 1.79 1.55 1.74 + 0.05 3.50 1.20 0.05 0.04 0.04 - 0.01 0.09 0.02 0.05 0.03 0.05 + 0.01 0.18 0.02 13.18 8.53 12.47 + 3.02 11.80 3.44 0.05 0.04 0.04 - 0.01 0.20 0.04 0.07 0.05 0.05 - 0.01 0.13 0.02 0.06 0.04 0.06 - 0.00 0.35 0.04 2.31 2.26 2.26 - 0.05 2.50 0.25 0.14 0.10 0.12 - 0.02 0.16 0.02 0.18 0.14 0.16 - 0.03 0.21 0.03 0.39 0.31 0.33 - 0.03 0.49 0.10 0.52 0.41 0.43 - 0.06 0.64 0.10 0.13 0.08 0.10 + 0.02 0.13 0.03 0.21 0.17 0.19 + 0.05 0.31 0.06 0.34 0.33 0.33 - 0.02 0.49 0.32 0.18 0.09 0.18 + 0.09 0.21 0.03 0.09 0.07 0.09 - 0.00 0.13 0.02 0.12 0.10 0.11 + 0.01 0.18 0.03 0.01 0.01 0.01 - 0.01 1.50 0.00 0.01 0.00 0.01 + 0.01 0.01 0.00 0.06 0.05 0.06 + 0.01 0.08 0.01 0.20 0.17 0.20 - 0.00 0.43 0.15 0.26 0.24 0.25 - 0.01 0.56 0.20 5.15 4.56 4.95 + 0.37 7.87 2.00 3.85 3.40 3.70 + 0.28 5.99 1.38 0.83 0.77 0.77 - 0.06 0.83 0.39 7.70 7.36 7.38 - 0.27 8.09 3.66 0.05 0.04 0.05 + 0.01 0.10 0.03 0.13 0.11 0.12 + 0.01 0.13 0.06 0.09 0.00 0.09 + 0.00 0.20 0.06 0.14 0.13 0.13 - 0.01 0.24 0.08 0.19 0.17 0.17 - 0.02 0.33 0.09 1.14 1.08 1.12 + 0.03 1.55 0.63 0.83 0.81 0.82 + 0.00 1.17 0.47 0.28 0.27 0.28 + 0.01 0.30 0.15 0.37 0.32 0.32 - 0.04 0.42 0.08 0.07 0.06 0.06 - 0.01 0.15 0.03

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2016-11-07 4:29 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 14–20, 2016

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Darnley Bay buys NWT zinc deposits, updates BC resource DARNLEY BAY From 1

grading 7% zinc and 3.1% lead from 50 open pits and two underground deposits between 1964 and 1987.

“We’re after the 48 million tonnes of resources that Cominco — and another company active in the area, Westmin — left behind,” the junior’s president and CEO Jamie Levy says.

“This acquisition is a game changer for Darnley Bay. It is rare in the mining business that the opportunity to acquire an entire mining district presents itself.”

Darnley Bay will pay an initial fee of $50,000 and issue 1.15 million shares to KSV Kofman Inc. — Tamerlane’s the court-appointed receiver for the bankrupted previous owner Tamerlane Ventures — for the option to buy 100% of the Pine Point assets.

Darnley Bay would then make a payment of $2.95 million before Jan. 22, 2017, and issue another 23.9 million shares. (KSV would redistribute these shares so that after the redistribution and the completion of a financing by Darnley Bay of $5 million, no new Darnley Bay shareholder related to this agreement would own more than 19.9% of the company’s shares.)

If the financing is completed at a price below 20¢ per share, Darnley Bay would issue another 1.25 million shares to KSV for each cent below 20¢, to a maximum of 2.5 million shares.

Before the project’s previous owner, Tamerlane Ventures, went into receivership, it prepared a technical report that outlined reserves for the project’s assets. (Previous drilling on the property by Tamerlane, Westmin and Cominco totalled 1.3 million metres in 18,422 holes.)

According to the March 14, 2014 report, the R-190 underground deposit contains proven reserves of 647,308 tonnes grading 12.5% zinc and 6.1% lead, and probable reserves of 357,311 tonnes grading 8.3% zinc and 3.8% lead.

The N-204 open-pit deposit has probable reserves of 12.8 million tonnes grading 2.6% zinc and 0.7% lead, while the other open pits contain proven and probable reserves totalling 10.4 million tonnes grading 3.5% zinc and 1.5% lead.

The technical report also estimated that the project would yield a 35% after-tax internal rate of return

An aerial view of two historic open pits mined by Cominco, at Darnley Bay Resources’ Pine Point zinc project in the Northwest Territories. DARNLEY BAY RESOURCES

and $111-million after-tax net present value on a base case of US95¢ per lb. zinc and US$1 per lb. lead, at a Canadian dollar at par with the U.S. dollar.

The Pine Point property belongs to a class of carbonate-hosted leadzinc sulphide deposits known as Mississippi Valley-type deposits, which include the Nanisivik and Polaris deposits in Canada. The deposits are known for moderate to high grades, non-complex metallurgy, and processing and beneficiation characteristics that yield high-quality concentrates.

“IT IS RARE IN THE MINING BUSINESS THAT THE OPPORTUNITY TO ACQUIRE AN ENTIRE MINING DISTRICT PRESENTS ITSELF.” JAMIE LEVY PRESIDENT AND CEO, DARNLEY BAY RESOURCES

Cominco shut down its mining operation in the Pine Point area in the late 1980s due to lower zinc prices, the expense of maintaining a mining town at Pine Point and because they had bigger zinc projects coming online (Polaris in Nunavut and Red Dog in Alaska).

Levy and Kerry Knoll, the company’s chairman, are convinced the property offers exploration upside,

with 34 untested geophysical anomalies and 15 km of strike length that has never been drilled.

“There is a deposit on that trend — on average, every kilometre and a half — and yet you have 15 km that has never been tested,” Knoll says. “The reason Cominco didn’t drill it was because it was too far from their mill, so it’s very, very prospective ground.

“This looks like — with little exploration — that it could be a mine,” Knoll adds, who over the last 35 years has built four mines and cofounded several mining companies, including Blue Pearl Mining, which is now Thompson Creek Metals (TSX: TCM; US-OTC: TCPTF); Glencairn Gold, now B2Gold (TSX: BTO; NYSE-MKT: BTG); and Wheaton River Minerals, now Goldcorp (TSX: G; NYSE: GG). Last month, Thompson Creek Metals was acquired by Centerra Gold (TSX: CG) in a deal worth US$1.1 billion.

Levy notes that the project has the six factors he looks for in a project.

“Pine Point has historic size, it’s got grade — which is economic at today’s prices — it’s got phenomenal infrastructure, a good jurisdiction in Canada, willing aboriginal partners and exploration upside,” he says.

“I’m sure there are other favourable things, as well, but all factors are important in our decision-making process.”

In terms of infrastructure, the project can be reached by an allweather, year-round highway from Hay River, which has an airport with flights to Edmonton and Yellowknife, a rail terminal and a port

Zinc-rich crystals in a drill core sample from Darnley Bay Resources’ Pine Point zinc project. DARNLEY BAY RESOURCES

from which all barge traffic travels down the Mackenzie River. There is also a power line over the property.

“You have a rail head there so you could get the concentrate out,” Knoll says. “A lot of these zinc deposits are isolated, and unless you’re near tidewater or a rail head, you’re probably going to struggle — so there are a lot of things lined up here that make it look like a mine to me.

“We want to stay in Canada,” he adds. “We know the laws and permitting requirements, and we know we’re allowed to build mines here where you’re not in some other places.”

In addition, most analysts agree that the fundamentals look strong for zinc.

“Given what’s happened to zinc our timing is really, really good,” Knoll says. “Zinc was at a five-year high.” The benchmark zinc contract on the London Metal Exchange reached US$2,485 per tonne on Nov. 1, which is its highest since August 2011, according to Reuters.

Knoll notes that Pine Point is “every bit as good a deposit,” (and larger in terms of in-situ pounds in the ground) as the company’s Davidson molybdenum-tungsten project near Smithers, British Columbia.

Last month the company updated the Davidson project’s resource estimate based on drilling dating back to the 1950s. The latest resource is based on 73,000 metres in 218 holes, 23 of which were drilled by

the project’s previous operator.

Davidson’s measured and indicated resources, at a 0.2% molybdenum sulphide cut-off grade, now tally 90.1 million tonnes grading 0.3% molybdenum sulphide (MoS2) and 0.03% tungsten trioxide (WO3), for 340.5 million lb. molybdenum and 67.5 million lb. tungsten.

At a higher 0.3% MoS 2 cut-off, measured and indicated resources stand at 34.4 million tonnes grading 0.4% MoS2 and 0.04% WO3 , for 170.1 million lb. molybdenum and 27.3 million lb. WO3.

“The numbers are good, the grade is slightly higher and tungsten adds a nice kicker,” Knoll says. “On top of that, we have more pounds, so it’s all good.”

At some point, when the company has the funds, it will proceed with a preliminary economic assessment to determine what price is needed for a mine there, Knoll says. “We don’t know that number yet until the work is done. A lot of engineering work has been done. It was done on a shipping scenario, but we would look at building our own mill.”

Thompson Creek Metals completed a feasibility study on Davidson in 2008, but never filed it on Sedar. The study envisioned trucking ore to the mill at the Endako moly mine to the southeast (now owned by Centerra, but on care and maintenance since July 2015), but the trip accounted for half of the project’s production costs of US$9.46 per pound.

Thompson Creek Metals disposed of Davidson in 2013, when the company retreated from the molybdenum business.

In addition to Davidson and now Pine Point, Darnley Bay holds a huge gravity anomaly in the Northwest Territories near Paulatuk, a hamlet along the shores of Darnley Bay in the Inuvialuit Settlement Region.

Early exploration programs there failed because none of the holes were drilled deep enough to test targets.

The company plans to undertake more work on the anomaly.

Over the last year, Darnley Bay’s shares have traded within a range of 1¢ to 24¢. At press time the company was trading at 18¢ per share and had a $9.6-million market capitalization. TNM

CAREER OPPORTUNITIES

Benchmarking program COMMENTARY From 4

MiTRAQ organizes and maintains a database of agreed-upon KPIs for each of the participating mining companies, segregated by operation. The premise is that company information will stay confidential on a military-grade, secure private cloud. Companies will see their own mine data, while the mine data of their peers will remain confidential.

This will help companies see how their mines do against others without compromising the confidentiality of specific mine information.

With a “private cloud,” companies can rank their mine costs to their peers. But data for a company’s mines will be strictly confidential to that company, and data will not be provided to anyone outside the cloud.

Mining companies looking at the data could filter the comparator set of peer data to refine the analysis, providing there are enough peer operations available to preserve anonymity. The first phase focuses on a smaller set of higher-level KPIs to prove the concept. The second phase will expand and deepen the

1 2 3 4 5 7 8 9 10 15 16_NOV14_Main .indd 15

level of KPIs used.

The periodic data upload process — which is initially done on a quarterly basis — will be a simple exercise for each of the participating entities, which lowers system overhead. MiTRAQ and mining companies are working together to enhance the process, so that data can be retrieved in real time.

While this is a precious metals mining industry project, Iamgold has overseen the project since inception. Iamgold’s board is fully supportive, because it has a proactive approach to managing and lowering site costs.

Throughout our industry, efforts to control costs and improve efficiencies at site level are ongoing.

There is an opportunity to enhance the mining culture in a way that helps share information between companies, while respecting data security and disclosure concerns.

So far, I am inspired by how well the current group of mining companies have collaborated to improve the efficiency of their operations.

MiTRAQ could become an industry staple. After a year of testing, the benchmarking project is ready to be marketed to mining

companies around the world. Designed by miners for miners with no other purpose than to help mining companies target their inefficiencies and improve operations, it would benefit the precious metals industry tremendously if all companies were to join the program.

Lowering costs and improving efficiencies is an ongoing process, not a single event, and this benchmarking initiative is the linchpin to get us to the next level.

— Stephen J.J. Letwin has been president and CEO of Toronto-based gold miner Iamgold since 2010. Before joining Iamgold, he held senior positions at Enbridge, TransCanada Energy, TransCanada Pipelines, Numac (Westcoast Energy) and Encor Energy. He holds an MBA from the University of Windsor, is a Certified General Accountant, a graduate of McMaster University (BSc, Honours) and a graduate of the Harvard Advanced Management Program.

For more information on the program, please contact: Anthony Moreau, CFA, special projects & innovation manager at Iamgold, at +1 (416) 594-2879, or anthony_ moreau@iamgold.com.

CAREERS ADVERTISING RATES $12.65 per agate line.

Minimum size 2 columns x 1” $354.20.

Closing date is 10 days prior to publication date.

All Canadian orders subject to applicable taxes.

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2016-11-08 6:41 PM

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Klondex Mines’ True North gold mine near Bisset, Manitoba, which has been on care and maintenance since 2015. KLONDEX MINES

Klondex advances True North mine MANITOBA GOLD

BY TRISH SAYWELL

I

tsaywell@northernminer.com

n January, Klondex Mines (TSX: KDX; NYSE-MKT: KLDX) negotiated a deal with creditors to buy the Rice Lake gold mine and mill complex near Bisset, Man., for US$32 million.

The previous owners had put the mine on care and maintenance and declared bankruptcy around mid-2015.

Before that, according to Klondex, they had spent US$375 million in the operation over the previous five years, which included 220 pieces of mobile equipment, some of which Klondex dispatched to its mines in Nevada.

| Project has a fully permitted, 2,500-tonne-per-day mill

“We picked up a tremendous amount of value for only US$32 million,” Klondex’s senior vicepresident of investor relations and corporate development John Seaberg says. “It has a fully permitted, 2,500-tonne-per-day mill. We’re not going to run it that hard, but it shows you how much infrastructure was put in and how much capital has been invested.”

Since the acquisition, Klondex has renamed the mine “True North,” begun an underground drill campaign, reported updated resources and reserves, and announced plans to put the mine back into production.

Proven and probable reserves stand at 85,000 oz. from 319,300

Canadian Prairie riches PRAIRIES From 5

a range of ages in Canada, dating back 2.7 billion years (Wawa breccia diamonds in Ontario) to 55 million years (Lac de Gras in the Northwest Territories). The deposits are typically found in Archean terranes, because the crust reaches a depth where carbon destabilizes and converts to diamonds. The diamonds are brought to surface by volatile-rich magmas, which punch rapidly through the crust, and erupt at surface in the shape of cylindrical-shaped pipes.

In Alberta, 51 kimberlites have been found in three areas: Buffalo Head Hills, Birch Mountains and Mountain Lake. To date, the 81-million to 60-million-year-old Buffalo Head Hills kimberlites have the highest diamond contents, with grades up to 55 carats per hundred tonne.

While new diamond frontiers are being explored near Saskatchewan’s Athabasca basin, most explorers focus on the established Fort de la Corne, Sturgeon Lake and Candle Lake kimberlite fields in the central parts of Saskatchewan, beneath a thin cover of Paleozoic sediments.

In Manitoba, kimberlite-indicator minerals have been found within the young sedimentary rocks, but no diamond-bearing kimberlites have been discovered to date. The province points to its locally thick overburden and complex glacial history as potential challenges for explorers, but highlights the SBZ as a prospective area for diamonds.

Overlying sedimentary sequences Potash, industrial minerals, coal, oil and gas take the stage for resource

1 2 3 4 5 7 8 9 10 15 16_NOV14_Main .indd 16

development in the Paleozoic and younger sedimentary sequences across Manitoba, Saskatchewan and Alberta. Groundwater associated with oil and gas production is being investigated for lithium-brine potential, with values up to 140 ppm so far reported. TNM

“WE PICKED UP A TREMENDOUS AMOUNT OF VALUE FOR ONLY US$32 MILLION.” JOHN SEABERG SENIOR VP OF INVESTOR RELATIONS AND CORPORATE DEVELOPMENT, KLONDEX MINES

tonnes grading 8.33 grams gold.

Measured and indicated resources stand at 294,000 oz. (averaging 7.27 grams gold per tonne) and inferred resources add another 460,000 oz. gold (5.66 grams gold per tonne).

Seaberg and the team at Klondex are confident that these numbers will grow. “We came out with a 754,000 oz. initial resource in September and of that, only 85,000 oz. was proven and probable,” he says. “But do we think that’s all? No. We did a 50-hole drill program in the second quarter and only 15 of those holes made it into the resource.”

The company plans to update the resource in the first quarter of 2017.

Seaberg says that “we know it’s going to grow. We just have to do

the work.”

Klondex has unveiled a probable reserve estimate for the mine’s tailings of 32,400 oz. gold (at a grade of 0.96 gram gold per tonne).

The previous owners had tried to fill the mill to capacity, Seaberg says, and the result was that a lot of gold ended up in the waste pile. “The recoveries from the prior operation were so low,” he says. “We assayed the tailings and realized there was a 1- to 1.5-gram-per-tonne orebody sitting right there.

“They were pushing the mill so hard that a lot of gold went straight out with the tailings,” he says in a telephone interview from Nevada.

“They were trying to fill it to capacity, but because it was a narrow-vein, underground mine, this brought in dilution ... the long-hole stopes were too wide, and they brought in a lot of waste material. We’re going to narrow the stopes and run it at 600 to 1,000 tonnes per day, which is the right rate for the mine.”

Klondex plans to modify the mill to process the tailings concurrently with the fresh ore. The idea is to run the tailings mid-year and suspend processing at year-end or early 2017, when everything freezes.

“The tailings are a seasonal pro-

cess,” he says. “The dozers push t hem into sumps and t hey’re pumped one mile to the mill. So when the weather turns, it will freeze. We’ve already winterized it and have switched to running the ore.”

During the third quarter, test stope mining and tailings processing produced 1,752 oz. gold. The company expects to produce 8,000 to 12,000 oz. gold in 2016.

Klondex estimates initial annual production between 45,000 and 65,000 oz. gold at an average all-in sustaining cost of $950 and $1,050 per oz. gold. Annual capital expenses are expected to fall between $15 and $25 million.

The True North mining complex covers 430 sq. km and is part of a 400 sq. km land package, 253 km northeast of Winnipeg. It will be Klondex’s third operating mine.

T he m i ne is accessed by a 1,234-metre A-Shaft, and Klondex is improving its hoisting speed and efficiency. The company is also improving the track and main haulage systems.

Gold was discovered there in 1911.

The mine has operated intermittently since 1931, and has produced more than 1.5 million oz. gold. TNM

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2016-11-08 6:41 PM