The Northern Miner November 25 2019 Issue 24

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Banro calls again for force majeure DRC

| Initial application rejected on technicality

BY TRISH SAYWELL tsaywell@northernminer.com

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The power plant at Semafo’s Boungou gold mine in southeastern Burkina Faso. SEMAFO

Attack near Semafo’s Boungou mine kills 39, wounds 60 BURKINA FASO

| Armed extremists active in area since 2016

BY TRISH SAYWELL tsaywell@northernminer.com

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n attack against workers travelling to Semafo’s (TSX: SMF) Boungou mine in southeastern Burkina Faso has left 39 dead and 60 wounded.

A convoy of five buses escorted by military personnel came under fire on a public road about 40 km from the mine.

It is the third attack in the last 15 months targeting employees of the Canadian mining company, which operates two mines in the West African nation.

Five gendarmes and a subcontractor travelling to the Boungou mine were killed on Aug. 13, 2018.

A few days later, an employee and subcontractor were killed while travelling to Semafo’s Mana mine, in southwestern Burkina Faso, 260 km southwest of the capital, Ouagadougou.

The deaths last year prompted the northern-miner_wide.pdf 1

“THEY WANT FOREIGNERS TO DEPART FROM THE LAND — MEANING THE FRENCH, THE AMERICANS, THE LARGE CORPORATIONS.” CORINNE DUFKA ASSOCIATE DIRECTOR IN THE AFRICA DIVISION, HUMAN RIGHTS WATCH

Quebec-based Semafo to start flying expatriate employees by helicopter between Ouagadougou and other cities, and its two operating mines.

Management in Semafo’s Montreal office could not be reached for comment on the latest ambush.

“In addition to the impact on people, the unprecedented scale and nature of the attack has made basic administration and logistics 2019-10-07 2:33 PM

very difficult, Semafo president and CEO, Benoit Desormeaux, said in a press release on Nov. 11.

“It will take some time to evaluate the new operating environment and to assess how we will be able to operate in a safe and secure manner in Burkina Faso. Until such time the Boungou mine operations will continue to be suspended.”

A total of 241 employees, contractors and suppliers were involved in the ambush, the company has confirmed.

Of those killed, 19 were employees of Australian mining services provider Perenti Global (formerly Ausdrill), and two worked for Geodrill.

It is unclear if any group has claimed responsibility, but Corinne Duf ka, associate director in the Africa division of Human Rights Watch, says it’s “reasonable to assume” the attackers were armed Islamic extremists.

“They are known to be present in that particular area. They have See SEMAFO / 2

nlike the recurring attacks by armed jihadists in Burkina Faso, the rebel groups that are making mining impossible for Banro in the Democratic Republic of the Congo (DRC) are motivated more by commercial than religious reasons, CEO Brett Richards says.

“They run artisanal mining activities in the country and they can generate substantial revenue,” Richards says of the well-organized and heavily armed groups. “They want to control the region, and they do not want western mines being there — they want to operate in our pits, and they want to take back what we have.”

Attacks against the company began in 2015 at its Namoya mine in the southern province of Maniema, and have continued each year since then.

Last year, there were five serious attacks with casualties in the double digits.

The perilous security situation between 2015 and 2018 meant that Namoya operated only 20–30% of the time during that period.

Banro declared bankruptcy in November 2017 and emerged in May 2018 with two principle shareholders — Gramercy Funds Management and Baiyin International Investments, a Chinese state-owned enterprise.

Gramercy hired Richards to stabilize and rehabilitate the company and attempt to put Namoya back into production.

Richards has more than 33 years of experience in the sector, the last 12 of which have focused on Africa, and has held positions for private equity shareholders, including as CEO of Midnight

Sun Mining, African Thunder Platinum, Renew Resources and Octea.

He also served as the transition CEO of Roxgold, Avocet Mining, and was part of the five-person startup of Katanga Mining.

Within 23 days of Richards arriving in the DRC for Banro, however, Namoya was attacked yet again.

Banro decided to proceed with a restart of Namoya in March 2019. At the time, Richards says, the security level was “green” with risk at a low level. “Although the threat was still there — we felt it was safe enough to deploy capital, people and equipment to restart the mine.”

Namoya was ramping up production in June and July and about to turn cash-f low positive, he says, when employees were abducted on July 26 and held for 41 days.

The workers were “tortured and their basic human rights violated daily beyond comprehension,” Richards says. “One of the employees is still under constant medical care.”

After the release of the last hostage on Sept. 5, Banro continued See BANRO / 6 PM40069240

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The grinding circuit at Semafo’s Boungou gold mine in southeastern Burkina Faso. SEMAFO

Attack near Semafo’s Boungou mine kills 39, wounds 60 SEMAFO From 1

been targeting the mining sector recently, and they have been ratcheting up their attacks on the security forces,” she says in an interview from Washington, D.C. “There’s a patchwork of armed dissident groups in Burkina Faso allied to both the Islamic state and Al Qaeda — those active in eastern Burkina Faso have more often been allied with the Islamic state — but it’s too early to say which group this is.”

Thomas Abi-Hanna, global security analyst for geopolitical intelligence group Stratfor, notes that if the number of fatalities is correct, “it would be the single deadliest militant attack in Burkina Faso since 2016.”

Burkina Faso has been struggling with armed Islamist insurgence groups since the emergence in 2016 of Ansarou Islam, a local group with roots in the northern Sahel region that borders Mali and Niger, Dufka says.

Extremist groups allied to Al Qaeda and active in Algeria first moved down into Niger and Mali, she explains.

“They dug in there, and allied in 2012 with the separatist Tuareg in Mali, and took over the entire north of the country,” she says. “Then they were kicked out and routed largely by a French-led operation in 2013, after which they started moving south. They were able to break up into smaller groups and concentrated their recruitment on a particular ethnic group called the

Peuhl. They took advantage of this ethnic group’s grievances against the state, against poverty, and then got these people to move into Burkina Faso, where they started their operations in earnest in 2016.”

“I talk to a lot of people who attend village meetings organized by Islamists in Burkina Faso and Mali, and what they consistently talk about is wanting villagers to adhere to their version of Islam and to strict Sharia law,” Dufka says, “and that they want foreigners to depart from the land — meaning the French, the Americans, the large corporations.”

The jihadists seem to be sustained by kidnapping, which has proven very lucrative for them, she adds, as has artisanal gold mining and the theft of livestock.

In a repor t she aut hored called “Atrocities by Armed Islamists and Security Forces in Burkina Faso’s Sahel Region,” published in March, Duf ka cited statistics from the Africa Center for Strategic Studies that showed attacks by armed Islamist groups in the country totalled 137 in 2018, up from 29 in 2017, 12 in 2016 and three in 2015.

Abuses against civilians by the jihadists have been trending up in Burkina Faso, she says, as evidenced by their increasing attacks on mosques, churches and villagers.

“It has been a terrible year for civilians,” she continues. Thousands of people have fled their homes to escape the violence. According to Save the Children, “almost half a million people are displaced in the country now.”

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“THE ANALYSIS AND INTELLIGENCE THAT HAS COME OUT FOR THE PAST WELL OVER A YEAR HAS BEEN POINTING OUT THE DANGERS IN THIS REGION. THE RISKS WERE ALWAYS THERE.” CHARLES DUMBRILLE CHIEF RISK OFFICER, IN-D-TEL INTERNATIONAL

The security situation in Burkina Faso has “steadily deteriorated” over the last year, confirms Stratfor’s Abi-Hanna.

In January, Kirk Woodman, vice-president of exploration for Vancouver-based Progress Minerals, was kidnapped and killed in northeastern Burkina Faso — his bullet-ridden body found in Gorom-Gorom, in the Sahel. The attack on Woodman followed the kidnapping in the country of Quebec tourist Edith Blais and her Italian companion, Luca Tacchetto, in December 2018.

Earlier this month in Mali, armed militants stormed a military base and killed at least 53 soldiers. They alsostole weapons, ammunition, explosives and vehicles. “That was the deadliest attack carried out by the Islamic state’s affiliate in Mali that we have seen,” Abi-Hanna says in an interview from Austin, Texas.

A day after the attack on the army base, a French soldier died when his vehicle hit an improvised explosive device.

There is also growing concern that Islamic militants will continue to move southward through countries like Benin, Togo, and even Ghana.

A jihadist leader based in the east of Burkina Faso was arrested in Togo at the beginning of the year.

“Burkina Faso is a lynchpin country for the spread of jihadism from the Sahel to the north to coastal West Africa to the southern countries, so it’s an important country in this regard,” Dufka says.

“As we’ve seen in Burkina Faso,

if you have instability in one part of the country, there is potential for it to spread,” Abi-Hanna says.

“Originally the violence was in the north of the country, now it’s in the eastern and southern parts.”

He notes that in recent months, Benin, Togo and Ghana have all ramped up security along their northern borders. Two French tourists were kidnapped in northern Benin earlier this year and taken across the border into Burkina Faso.

They were later rescued in a French commando raid.

In mid-February, Reuters reported that Alpha Barry, Burkina Faso’s foreign minister, warned at a security conference in Germany that “the threat is gaining ground” — with a growing number of attacks in the country and along its borders with Benin, Ivory Coast and Ghana.

Several months ago, the World Food Program reported that Burkina Faso “is dealing with an unfolding humanitarian crisis resulting from a sharp increase in armed violence,” which has forced the displacement of people to increase fivefold since December 2018, “with nearly 240,000 people officially uprooted from their homes.”

Dufka’s report for Human Rights Watch released in March documented atrocities by armed Islamic extremists and security forces in the Sahel region from mid-2018 until February 2019. The report examined incidents in which armed extremist groups allegedly murdered at least 42 civilians “who they suspected of being government collaborators.”

The extremists also “abducted and intimidated local leaders; engaged in pillage, commandeered ambulances and stopped animal vaccination campaigns; destroyed schools, forbade women from socializing or selling in the market, and villagers from celebrating marriages and baptisms; and shot up local businesses.”

In response to the “growing presence of armed Islamists,” the report noted, security forces “allegedly executed at least 116 unarmed men accused of supporting or harbouring the armed Islamists.

“All of the victims were last seen in the custody of government security forces and had been shot in the head or chest hours after their detention,

according to witnesses who spoke with Human Rights Watch.

“Villagers consistently decried being caught between armed Islamists’ threats to execute those who collaborated with the government, and the security forces, who expected them to provide intelligence about the presence of armed groups, and meted out collective punishment when they did not,” the report stated. “Community leaders representing different ethnic groups expressed concern that the security force abuses were serving to drive villagers into the hands of the armed Islamists.”

The report was based on 92 interviews, of which 61 were with victims and witnesses.

Mathieu Pellerin, a specialist on the Sahel region at the International Crisis Group, notes that jihadists “exploit less religious than social and political local grievances to recruit.

“Jihadism in Burkina Faso, like in the whole Sahel, is composed of local insurgency groups, which are committed to local grievances caused by a system of governance [that] produces inequalities, whether it is the judiciary system, governance over natural resources, or the governance of the Defense and Security Forces,” he says. “In that way, we can’t rule out that the attack against Semafo’s Boungou mine was led by local jihadists who have developed resentment towards the mine and the state. There is nothing to assert it for now, but considering how relations between mining companies and local communities are bad and marked by regular conf licts, we cannot exclude such a hypothesis.”

Charles Dumbrille, chief risk officer at IN-D-TEL International in Vancouver, is urging his clients to avoid nonessential travel to outlying areas of Burkina Faso, and warning not to travel to the Sahel, Est, Nord and Boucie du Mouhoun regions of the country. He also recommends avoiding all travel to areas along the Burkina Faso border with Mali and Niger in light of the threat of cross-border militancy.

“The analysis and intelligence that has come out for the past well over a year has been pointing out the dangers in this region,” he tells The Northern Miner. “The risks were always there.” TNM

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GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 25–DECEMBER 8, 2019

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Unrest worsens in Bolivia as Evo Morales steps down POLITICS

| Interim president says new elections could come as soon as January 2020

BY TOM AZZOPARDI Special to The Northern Miner

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ore than 20 people have died in clashes between protesters and security forces in Bolivia since disputed presidential elections in October and the resignation of Evo Morales on Nov. 10.

The United Nations has warned that the country risks spinning out of control.

“The country is split and people on both sides of the political divide are extremely angry,” Michelle Bachelet, the United Nations High Commissioner for Human Rights, said on Nov. 16. “In a situation like this, repressive actions by the authorities will simply stoke that anger even further and are likely to jeopardize any possible avenue for dialogue.”

The unrest marks the end of one of the most stable and prosperous periods in the history of a country better known for countless coups and revolutions.

Morales, the first member of Bolivia’s Indigenous minorities to rule the country, oversaw more than a decade of robust growth combined with significant investment in infrastructure and welfare policies that helped lift millions out of poverty.

After being elected president in December 2005, voters thanked him time and again at the polls, making the socialist the longest-serving president in Bolivia’s two centuries of independence.

In recent years, however, some Bolivians fretted that Morales, a former ally of Venezuela’s Hugo Chavez and Ecuador’s Rafael Correa, who served as that country’s president from 2007–2017, was preparing to stay in power indefinitely.

After losing a 2016 referendum to allow him to stand for a fourth term, Morales appealed to the country’s Constitutional Court, which ruled that stopping him from running amounted to a breach of his human rights. Opponents say the court is dominated by his supporters.

So when counting on the first round of this year’s presidential elections was inexplicably halted on Oct. 21, opponents immediately smelled a rat.

Although Morales claimed victory, many doubted that he won by the required 10% margin to avoid a runoff against second-placed candidate Carlos Meza.

The opposition quickly organized huge protests, bringing many of the largest cities to a halt, and demanded the president’s resignation.

Morales initially held on, but his fate was sealed when an audit by the Washington-based Organization of American States found that electoral fraud had taken place. He resigned on Nov. 10, hours after Bolivia’s top brass requested that he do so for the good of the country.

As required under the constitution, the senate’s right-wing chair, Jeanine Anez, has been sworn in as interim president, and has promised to hold fresh elections as soon as January 2020.

But the path is unlikely to be smooth, Raul Penaranda, a political analyst and founding editor of the Pagina Siete newspaper, told The Northern Miner.

Morales’ supporters are still on the streets clashing with riot police, protesting what they say was a coup d’état against a democratically elected president.

From exile in Mexico City, Morales has offered to return if it would help restore peace — a message that has only further inflamed supporters.

Whoever eventually takes office is set to inherit a nation in turmoil.

For foreign investors, the future

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Former president of Bolivia Evo Morales holds a press conference in Mexico City on Nov. 13, one day after he arrived in Mexico, where he accepted political asylum. ENEASMX /WIKIMEDIACOMMONS Protesters in La Paz, Bolivia, demonstrate against Evo Morales’ disputed re-election in October. MANDARINA420/ WIKIMEDIACOMMONS

looks uncertain.

Under Morales, foreign investment in the mining sector has been minimal compared to the tens of billions of dollars invested in neighbouring Chile and Peru. Apart from Sumitomo’s San Cristobal zinc mine, launched in 2009, no major mines have been built in the country this century.

Instead, Morales was best known for seizing assets from multinationals such as Glencore’s Vinto tin smelter and Colquiri zinc mine.

But with revenue from gas exports declining, squeezing the public finances, the country needs foreign investment to balance the books.

In recent years, the Morales government began to open up the mining sector to private investment again, passing legislation that allows private companies to explore and mine on land held by state mining company Comibol.

At the beginning of this year, the government signed the first such deal granting New Pacific Metals (TSXV: NUAG) a 45-year concession over 55 sq. km of claims around its Silver Sands project in Potosi.

In October, just a fortnight before the elections, Comibol signed a second deal with Prophecy Development (TSX: PCY) covering its Pulacayo and Paca concessions.

The government hopes such projects will eventually replace production from existing mines such as San Cristobal and Pan American Silver’s (TSX: PAAS; NASDAQ: PAAS) San Vicente mine, which are set to close in the coming years as reserves deplete.

But the deals have been criticized in a country where many are suspicious of foreign investment in natural resources.

A weakened government could be susceptible to such pressure.

In October, as he fought for political survival, Morales annulled a decree paving the way for a US$1.3billion joint venture between state lithium company Yacimientos de

“THE COUNTRY IS SPLIT AND PEOPLE ON BOTH SIDES OF THE POLITICAL DIVIDE ARE EXTREMELY ANGRY.” MICHELLE BACHELET HIGH COMMISSIONER FOR HUMAN RIGHTS, UNITED NATIONS

Evo Morales supporters after his resignation in November. ZLATICA HOKE/ WIKIMEDIACOMMONS

Litio Bolivianos and German firm ACI Systems to produce lithium chemicals from the Salar de Uyuni.

The proposal promised to bring jobs and investment to one of Bolivia’s poorest departments and the development of new industries, such as car-making and battery production.

But local leaders criticized the plan for leaving not enough resources in the region (most of the lithium would be exported to Europe), leading to weeks of protests ahead of the October vote.

New Pacific’s deal with Comibol had secured ministerial approval ahead of the elections, but still needs the approval of Congress before enactment.

However, the company is confident that a new administration will not renege on the deal, given the country’s need for foreign investment.

“People in the country recognize the need for companies like us to come in and extract minerals, as long as it is done respectfully,” New Pacific’s president, Gordon Neal, told The Northern Miner.

Another reason is the growing cost of previous expropriations.

Last year, the government paid almost US$43 million in compensation to Chilean mining company Quiborax for the loss of its concession to mine ulexite on the Salar de Uyuni, while the Permanent Court

of Arbitration in the Hague ordered the Bolivian state to pay US$28 million to TriMetals Mining (TSX: GRC) for the expropriation of a major silver deposit.

More could follow. Glencore (LON: GLEN) is seeking almost US$700 million for the seizure of the Vinto smelter and other assets before the International Chamber of Commerce.

For now, New Pacific is holding

tight, but given the recent unrest, the company has halted drilling at Silver Sands to protect staff, and delayed the proposed mineral resource originally planned for year-end.

The company’s share price has fallen 11% since Morales resigned.

Prophecy Development, whose share price has fallen by a third since the elections, did not respond to requests for comment on the status of their contract with Comibol. TNM

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E D I T O R IA L Violence in Mexico spirals out of control EDITORIAL

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

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

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O P- E D

| Weak state institutions can’t cope

T

he slaughter in Mexico in November of nine members of a local Mormon family horrified the world.

Three women and six children were gunned down in broad daylight while driving in three SUVs on a rural road in Sonora near the state’s border with Chihuahua, 160 km from the U.S. border. Seven children escaped.

BY TRISH SAYWELL tsaywell@northernminer.com Whether the massacre was an intentional attack or a case of mistaken identity is uncertain. But what is clear is that Mexico is experiencing record levels of violence as cartels and other organized crime groups carry out attacks on rivals, security forces and civilians with near-full impunity.

“The hard truth is that Mexico is dangerously close to being a failed state,” U.S. Senator Ben Sasse, a member of the Senate Select Committee on Intelligence, stated after the murders.

Eleven months into his term, President Andres Manuel Lopez Obrador has been unable to contain the violence.

In mid-October, gunmen belonging to the Jalisco New Generation Cartel ambushed and killed 14 police officers who were travelling along a road in the western state of Michoacan. Three days later, in the northwestern state of Sinaloa, Mexican security forces who had just captured Ovidio Guzman, the son of Joaquin “El Chapo” Guzman, Mexico’s drug kingpin and head of the Sinaloa cartel, were forced to release him after his half brother and 800 members of the cartel laid siege to the city of Culiacan.

“It was already bad and it is getting worse,” Jose De Bastos, regional intelligence analyst for the Americas at WorldAware, a global risk management firm in Maryland, says of the violence. Homicides hit a record 36,685 in 2018, up from 32,079 in 2017, he says, and this year are widely projected to exceed last year’s tally.

De Bastos points out that it took police five hours to arrive on the scene after the Nov. 4 attack on the Mormon family. “That shows you there are many areas of Mexico where there simply is no authority.”

The high-profile arrests of many of the cartels’ top leaders, like El Chapo, who is now serving a life sentence in the U.S., created a leadership vacuum that split many cartels into rival factions, experts say. “What we’re seeing is smaller groups loosely tied to criminal organizations are becoming increasingly violent and autonomous,” says Cassius Wilkinson, a specialist on Mexican politics and public security at Empra, a risk-consulting firm in Mexico City.

The fractured cartels continue to traffic drugs, but competition and turf wars over routes are forcing some groups to look for other opportunities to make money, like extortion, kidnapping, armed robbery and fuel theft. Guanajuato in central Mexico, for instance, used to be a peaceful state, De Bastos says, but in recent years has become dangerous due to fuel theft from the pipelines that run through it.

Cargo robberies are also problematic. A truck carrying $6 million to $8 million worth of doré bars belonging to a unit of Mexican mining firm Fresnillo was robbed in Sonora on Nov. 8. “Events like this are definitely cause for concern and speak to a larger picture of increased violence, diversified criminality and competing actors that are a concern for any company, particularly mining companies, given where they operate,” Wilkinson says.

Rules that cartel organizations used to follow are becoming increasingly irrelevant, which is why there are more open confrontations with police and public violence like shoot-outs on public roads, Wilkinson notes.

Ten years ago, there were implicit understandings between companies and organized crime groups operating in the same area, which limited the potential for conflict, he says. “If you were working for a mining company, for example, and driving down a highway at a certain time, someone representing the organized crime group in the region might tell you: ‘Hey, it’s not the best time to go down this route — if you come back tomorrow you can take this route and not have any problems.’

“Those understandings are becoming a little less clear,” Wilkinson says, “and a major reason is that there are more competing groups in the area, so rather than dealing with the interests of a single actor, you’re dealing with competing interest groups.”

Still, none of the analysts view Mexico as a failed state just yet. De Bastos of WorldAware reasons it would be wrong to use that label since many parts of the country function normally, but concedes, “it is correct to say that the Mexican military, police, and recently created National Guard are not in complete control of the entire territory — there are certain areas of Mexico where the government doesn’t reach.”

Carlos Cardenas, head of country risk for Latin America at IHS Markit, an information services company in the U.K., says criminal organizations thrive in parts of the country with limited state presence and weak institutions, but points to Mexico’s economy as evidence that things are far from dire. Mexico exports US$450 billion a year, he says, making it the second-largest economy in Latin America.

“It is not a failed state,” Cardenas says, “but there are many challenges ahead in terms of corruption, strengthening of institutions, combating organized crime, and improvement of the business environment.” TNM

COMPANY INDEX Advantage Lithium. . . . . . . . . 6 Almaden Minerals. . . . . . . . . . 5 Almadex Minerals. . . . . . . . . . 5 American Lithium. . . . . . . . . 11 Anaconda Mining. . . . . . . . . . 7 AngloGold Ashanti. . . . . . . . 11 Banro. . . . . . . . . . . . . . . . . . . . . 1 Barrick Gold. . . . . . . . . . . . 11,12 Bauer Resources. . . . . . . . . . . . 6 Coeur Mining. . . . . . . . . . . . . 11 Corvus Gold. . . . . . . . . . . . . . 11 Energy Fuels. . . . . . . . . . . . . . 12 Ethos Gold . . . . . . . . . . . . . . . 12 Fiore Gold. . . . . . . . . . . . . . . . 11 First Cobalt. . . . . . . . . . . . . . . 15

First Vanadium. . . . . . . . . . . . 12 Four C Resources. . . . . . . . . . . 9 Glencore . . . . . . . . . . . . . . . . . . 3 Gold Road Mining. . . . . . . . . . 9 Golden Predator Mining . . . 12 Golden Star Resources. . . . . 14 Harte Gold . . . . . . . . . . . . . . . 14 Hochschild Mining. . . . . . . . 12 Kinross Gold. . . . . . . . . . . . . . 11 Kore Mining. . . . . . . . . . . . . . 12 Laramide Resources . . . . . . . 12 Liberty Gold. . . . . . . . . . . . . . . 9 LSC Lithium. . . . . . . . . . . . . . . 6 McEwen Mining . . . . . . . . . . 12 Nemaska Lithium . . . . . . . . . 15

New Pacific Metals . . . . . . . . . 3 Newmont Goldcorp . . . . . . . 12 North American Palladium. 14 Orocobre. . . . . . . . . . . . . . . . . . 6 Pan American Silver. . . . . . . . 3 Para Resources. . . . . . . . . . . . . 9 Prophecy Development . . . . . 3 Semafo. . . . . . . . . . . . . . . . . . . . 1 Spanish Mountain Gold. . . . 12 Sphinx Resources. . . . . . . . . . . 8 TriMetals Mining. . . . . . . . . . . 3 Victory Metals . . . . . . . . . . . . 12 Western Pacific Resources. . 10 Yamana Gold . . . . . . . . . . . . . 11

Tocqueville’s Hathaway sees ‘tremendous opportunity’ in gold equities INTERVIEW

| Seasoned investor assesses current market trends and peers over the horizon

BY NORTHERN MINER STAFF

John Hathaway, chairman of Tocqueville Management Corp. and co-manager of the Tocqueville Gold Fund, joined Anthony Vaccaro, The Northern Miner Group publisher, at the November 2019 Precious Metals Summit in Zurich to discuss the state of the gold investment space. The following is an edited transcript of the interview. The full video is available at www. northernminer.com.

Anthony Vaccaro: You have had 25 years as a leading investor in the precious metal space and your investment career started in the 1970s. What can history teach us about where we are in the gold equity cycle?

John Hathaway: Gold stocks have been laggards since 2011 [compared to the S&P 500 Index], and by a huge factor. That suggests to me that we are more in a buying range than not. On the other side of it, stocks look very high. They are expensive. They have been driven by monetary policy and zero interest rates, etc. This is the widest gap between the gold mining complex and the S&P 500 in about 25 years.

And to me, it smells of opportunity.

AV: My understanding is right now market breadth is extremely narrow, but price averages are near all-time highs. That is a bit anomalous. Are there other points in history where you have seen this happen, and how did that play out?

JH: Yes. In the early 1970s, there was a phenomenon of the Nifty Fifty, which were the 50 stocks anointed by JP Morgan. In those days, I worked with a firm called Spencer Trask, which was one of the gurus behind these growth stocks. The investment thesis was that it never mattered what you paid for growth because growth would always bail you out.

And, in fact, we called them “desert island stocks” because you could go to a desert island for 20 years, and you would come back, and your portfolio would be just fine. They were also called “onedecision stocks,” because all you had to do is buy them. The problem was it was the wrong decision. You should never have owned them in the first place.

Back then it wasn’t at the scale that we have today. But there was

a kind of a mania and the market averages were propped up by these 50. They were such stalwarts as Avon Products, Polaroid, Eastman Kodak and Simplicity Pattern.

Those four come to mind. Most of them are not even around today.

So had you been on a desert island and then come back, even 10 years later, your portfolio would have been obliterated.

This is not to disparage Amazon or Facebook or any of these investment darlings, but what we’re seeing today in market behaviour is investors crowding into a smaller and smaller number of stocks.

And we’re starting to see them come apart one by one. Amazon is still doing OK. Google is probably doing OK, and Facebook, in terms of stock performance. But we’re starting to see, one by one, they’re getting picked off. And certainly, you see the unicorns like WeWork getting obliterated, and Uber and so forth.

It’s very similar to what we saw in the behaviour of the market in 1974. History rhymes and there’s a repeat factor. And that’s where we are today. Beneath the surface, you see a lot of termites at work.

And the market breadth isn’t that great. This quarter, FactSet is reporting a decline across the board in earnings, a little over 2%.

AV: Another metric that has come up is on initial public offerings (IPOs). Roughly 75% of IPOs this year have had negative earnings.

The number was very high last year.

Again, with this idea of history rhyming, when is the last time we have seen those levels of negative earnings?

JH: It’s reminiscent of the dot-com bubble. I love the metrics, like WeWork’s metric was “communityadjusted earnings before interest, taxes, depreciation and amortization (EBITDA),” whatever that is.

AV: What is that?

JH: I don’t know. Even the SEC wouldn’t let that go through. This is reminiscent of the dot-com bubble.

AV: A big topic here is generalist investors and what it’s going to take for them to come back to gold. Some leading luminaries in the investment space are saying positive things about gold, such as See INTERVIEW / 16

2019-11-19 6:58 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 25–DECEMBER 8, 2019

5

Mexico’s environmental authority halts Almaden’s Ixtaca project PERMITTING

| Lawsuit claims mineral-title system runs afoul of International Labour Organization convention

BY JEAN LIAN jlian@northernminer.com

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exico’s environmental authority, Semarnat, has suspended permitting for Almaden Minerals’ (TSX: AMM; NYSE-AM: AAU) Ixtaca gold-silver project in the state of Puebla, pending the resolution of a lawsuit that challenges the country’s mineraltitle system.

The lawsuit, filed by the Tecoltemi community of about 150 people in Puebla state, contends that granting mineral titles without Indigenous consultation is unconstitutional and a violation of human rights, as set out under the International Labour Organization Convention 169.

In April, a lower court in the state ruled that Mexico’s mineral-title system is unconstitutional and that the original mineral claims granted to Almaden should be suspended until consultation wraps up.

The court’s decision is being appealed by the Mexican Congress, the Senate, the Secretary of Economy and Mining, and the company, as an affected third party to the lawsuit.

Morgan Poliquin, Almaden’s president and CEO, says the claims the company currently owns have nothing to do with the Tecoltemi community. “Our development of the mining area is kilometres away, and our current mineral claims do not overlap with this community,” he said in a recent interview with The Northern Miner.

Poliquin also said the company has been advised that Semarnat has no grounds to delay permitting on this basis because its mandate is to review the technical merits of environmental-permit applications, and none of the 12 communities within Almaden’s current claims covering the Ixtaca project are parties to the lawsuit.

The Ixtaca project, 95 km north of Puebla city, is located on the Tuligtic property owned by Almaden’s subsidiary, Compania Minera Gorrion S.A. de C.V. Almaden submitted a writ to Semarnat on Oct. 24 to clarify that the company has already abandoned mineral claims in the Tecoltemi community and has no interest in holding any mineral claims in the area.

“We have been there for 18 years, working very happily,” Poliquin says, adding that the company had more than 70 local people working on the project during the exploration stage. “The highest levels of government have pointed out that mining is part of their investment strategy and they welcome mining that respects the labour law, that respects communities, that respects the environmental law. So we feel very positive about Mexico.”

He adds that the lawsuit should be a concern to investors in Mexico, and is part of a broader effort

“OUR DEVELOPMENT OF THE MINING AREA IS KILOMETRES AWAY, AND OUR CURRENT MINERAL CLAIMS DO NOT OVERLAP WITH THIS COMMUNITY.” MORGAN POLIQUIN PRESIDENT AND CEO, ALMADEN MINERALS

1-16_NOV25_Main .indd 5

Almaden Minerals officials, including chairman Duane Poliquin (third from left) and president and CEO Morgan Poliquin (far right), at a December 2017 community meeting in the town of Santa Maria Zotoltepec, near the Ixtaca gold-silver project in Mexico. ALMADEN MINERALS

by special interest groups in the country to use Almaden’s mineral claims as a basis to challenge the Mexican government and change the mining law.

“What it speaks to is the fact that there are strategic attacks on the institution of Mexico right now,” Poliquin says, given that every other mineral title in the country had been granted under the existing law.

The permitting suspension has affected the project’s time line. “We would like them to remove that halt to the process, and we are working on that,” Poliquin says.

Almaden identified the Ixtaca gold-silver deposit in 2001 during the company’s regional exploration program.

The Ixtaca deposit is a low sulphidation epithermal vein system.

Most of the gold and silver mineralization occurs as high-grade vein and veinlet zones in the carbonate basement units.

The property first consisted of two concessions covering 140 square kilometres. Almaden filed an application in 2015 to lower the aggregate claim size to those areas that are considered prospective. The application was completed in 2017.

The Tuligtic property comprises seven mineral claims covering a total area of 72 square kilometres.

Almadex Minerals (TSX: DEX), a Vancouver-based exploration company, holds a 2% net smelter return royalty on the property.

Almaden plans to continue advancing Ixtaca’s development, and Poliquin says he is “hopeful that they will resolve it soon.”

A 2018 feasibility study envisioned a conventional open-pit mine producing 1.79 million equivalent oz. gold and 134.3 million equivalent oz. silver over an 11-year mine life.

The study forecast all-in sustaining costs of US$850 per equivalent oz. gold and US$11.30 per equivalent oz. silver.

Initial capital expense was pegged at US$174 million. The study estimated an after-tax net present value of US$310 million at a 5% discount rate and a 42% after-tax internal rate of return with a 1.9-year payback

period, using a US$1,275 per oz. gold price and US$17 per oz. silver price.

Measured resources stand at 43.4 million tonnes grading 0.62 gram gold per tonne and 36.27 grams silver for 862,000 contained oz. gold and 50.6 million contained oz. silver.

The project has indicated resources of 80.7 million tonnes grading 0.44 gram gold and 22.67 grams

northern-miner_quarter-gs.pdf

silver for 1.14 million contained oz. gold and 58.9 million contained oz. silver.

Inferred resources add 40.4 million tonnes grading 0.32 gram gold and 16.83 grams silver for 412,000 contained oz. gold and 21.9 million contained oz. silver.

Mexico has been the world’s top silver-producing country for the last two years, producing 197 mil1

2019-11-12

12:25 PM

lion oz. silver last year, according to the 2019 World Silver Survey.

The country was among the top 10 gold-producing countries in 2018, producing 115.4 tonnes gold.

Almaden’s shares were trading at 61¢ at press time in a 52-week trading range of 57¢ to $1.19. The company has 112 million common shares outstanding for a $68-million market capitalization. TNM

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NOVEMBER 25–DECEMBER 8, 2019 / THE NORTHERN MINER

Advantage Lithium completes study on Cauchari ARGENTINA

BY MAGDA GARDNER mgardner@northernminer.com

A

dvantage Lithium (TSXV: AAL) released the results of a prefeasibility study on its 75%-owned Cauchari project in northern Argentina’s Jujuy province.

The prefeasibility study, announced in October, outlined an operation producing 25,000 tonnes per year of battery-grade lithium carbonate over a 30-year mine life.

Preproduction capital is estimated at US$446 million, including a 20% contingency. Steady-state operating costs are forecast at US$3,560 per tonne battery-grade lithium carbonate.

Based on a weighted average price of US$12,166 per tonne batterygrade lithium carbonate over the life of the operation, the study estimates a US$671-million base case, after-tax net present value at an 8% discount rate, with a 20.9% internal rate of return.

Orocobre (TSX: ORL), which developed and now operates the Olaroz lithium facility, 20 km north of Cauchari, is Advantage Lithium’s largest shareholder, with 33% of Advantage Lithium’s common shares and a 25% interest in the Cauchari

| Planned operation would cost US$446M to build joint venture.

1.02 million tonnes of lithium BASED ON Last year, Orocobre announced carbonate equivalent (LCE) at a plans for an expansion at Olaroz CAUCHARI’S concentration of 480 milligrams per litre (mg/l) lithium. of 25,000 tonnes per year for to- PREFEASIBILITY tal production of 42,500 tonnes Reserves are based on a measured lithium carbonate per year (pro- STUDY, MINING and indicated resource released in posing 17,500 tonnes per year of COULD START AS March of 4.8 million tonnes of LCE battery-grade lithium carbonate and at 476 mg/l. Additional inferred EARLY AS 2022, 25,000 tonnes per year of primaryresources stand at 1.5 million tonnes grade lithium carbonate). Olaroz is WITH A THREELCE at 473 mg/l lithium. producing battery-grade lithium YEAR RAMP-UP The processing design at Cauchari carbonate from stage one. Stage-two is based on pumping the lithiumcommissioning is expected in the TO A STEADY rich brine to surface and diversion first half of 2021 at an estimated PRODUCTION to ponds for solar evaporation.

US$295-million capital cost, includAccording to the company, the RATE OF 25,000 ing contingency. magnesium content in the brine is Matthew O’Keefe of Cantor TONNES PER YEAR relatively low, so it can be removed Fitzgerald remains cautious about with slaked lime as magnesium OF BATTERYthe near-term progress of the 278 sq. hydroxide. During evaporation, km Cauchari project. “We continue GRADE LITHIUM certain salts would be crystallized to see Orocobre as the key driver CARBONATE. to generate a lithium solution for in moving the project forward,” the lithium carbonate precipitation. analyst says in an Oct. 22 research note to clients. “And while their balance sheet appears to be healthy, the company has current expansion commitments with its phase-two expansion project at Olaroz.”

The mining analyst notes that he doesn’t expect Orocobre “to be in a rush to start the development of Cauchari,” given the “steep capital and management commitment and the ongoing weakness in the

lithium market.”

Based on Cauchari’s prefeasibility study, the project could start as early as 2022, with a three-year ramp-up to a steady production rate of 25,000 tonnes per year of battery-grade lithium carbonate.

The study was prepared by Worley, Chile S.A., and outlines proven and probable mineral reserves of

This solution would be polished to remove metals before being recrystallized to make a battery-grade product.

The next steps for Advantage Lithium will include finalizing a strategic partner and preparing a feasibility study. Advantage Lithium has also submitted an environmental impact assessment for the project.

Advantage Lithium started exploration work on the property in 2017.

Elsewhere in Argentina, the company holds three exploration properties and a royalty.

Its 107 sq. km Antofalla property, 80 km away from a railhead, is located on the northern tip of the Antofalla salar, where geological interpretation indicates a deep basin with a lithium- and potassiumbearing aquifer.

Its Incahuasi property is 250 km from the port of Antofagasta. Limited surface sampling on the 98 sq. km property suggests the presence of a low lithium but high potash salar target, with high free calcium and magnesium.

Lastly, its 213 sq. km Guayatayoc property is 80 km east of Cauchari.

Limited surface sampling there suggests the presence of an aquifer richer in potash relative to lithium.

Advantage Lithium also holds a 0.5% royalty on a 336 sq. km land package in the Salinas Grandes salar in Argentina, which is 85% owned

by LSC Lithium (TSXV: LSC).

The company’s market capitalization stands at $33 million, based on 159 million common shares outstanding that trade at 20.5¢.

Over the last year, the company’s shares have traded in a range of 18.5¢ to 72¢. TNM

Banro calls again for force majeure BANRO From 1

to receive death threats from Sheik Hassan, the leader of the Mai Mai Malika, including over the radio.

Hasan warned of further terror and attacks should Banro reopen the mine, Richards says. The situation became untenable and on Sept. 15, the mine was evacuated and put on care and maintenance.

On Sept. 24, Richards met the president of the DRC, Felix Tshisekedi, in New York, where he was attending the United Nations Summit. The president “graciously gave me two hours of his time whereby we heard his strategy and vision for Congo, and then we discussed Banro in great detail,” Richards says.

“We went over the situation. He was well briefed, and he agreed that he would speak to all of his advisors and ministers, and put together a high-level ministerial group to deal with the issues before Banro.”

During his meeting with the president, Richards says the company made a request for force majeure, and later that day, sent a letter to the DRC’s ministers of labour and mines about its application.

Banro didn’t get a reply for three weeks and the application was denied on a technicality on Nov. 4.

The Labour Minister, Nene Ilunga Nkulu, rejected the application because she said Banro didn’t have jurisdiction — that right is preserved for Congolese companies. Richards argues Banro does have jurisdiction because he has power of attorney to act on behalf of Banro’s subsidiaries in the country, and that he is the general manager for two of them.

Nkulu also said Namoya was still in production, which Richards says is untrue.

The company did ship inventory of in-situ material that was in the elution circuit because there was a small team deployed to the site on Oct. 15 to extract and pour the gold, he says, but the material was shipped for export the same day.

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Banro’s Namoya gold mine in the Democratic Republic of the Congo’s Maniema province. BANRO

“THEY WANT TO CONTROL THE REGION, AND THEY DO NOT WANT WESTERN MINES BEING THERE — THEY WANT TO OPERATE IN OUR PITS, AND THEY WANT TO TAKE BACK WHAT WE HAVE.” BRETT RICHARDS CEO, BANRO

“Her Excellency was confused and doesn’t understand our process, and she interpreted a small gold shipment of existing inventory as ‘commercial production,’ when in fact the mine is on care and maintenance,” Richards says.

Banro has resubmitted its application for force majeure and hopes it will be granted.

“Banro needs to push the pause button for two months, and being granted force majeure does just that,” he says. “We need time to restructure the business while the government is resolving the business and security environment. We collectively need to prepare for success, as it is not in that space, and, frankly, Namoya has never been positioned for sustainable success.”

In the meantime, Banro is putting the finishing touches on a deal to sell its Twangiza mine in South Kivu

province, 350 km from Boungou, to China’s Baiyin International — one of Banro’s two key shareholders.

“The reason we’re selling the Twangiza mine is because the business can’t support constant recapitalization of both of the mines due to circumstances we do not have control over — regional and provincial security.”

Over the last two and a half years, Banro shareholders have lost $90 million — $30 million in each restart in 2017, 2018 and 2019. “That’s their give and take, and they’re not prepared to do it again,” Richards says.

“The shareholders of their funds can only speculate how irrational it is to put money into a situation three times, only to see it evaporate because the government can’t provide a safe and secure environment to exploit the resources under the requirements of the mining code.

“If the government lives up to its commitments of completely and permanently fixing the security situation, which means the complete eradication of these rebel groups, then yes, we can coexist with our host communities, and we can run this mine to the benefit of all stakeholders. But I can’t do that while we’re under attack all the time. And that’s the point I’m making to the government.”

In his meeting with the DRC president, Richards also noted that Banro is owed US$38.3 million for value-added tax refunds and fuel tax surcharge rebates due from 2003 to 2019, and the company needs that capital to restart the mine. In addition, he told him that Banro continued to suffer from extortion.

Since Namoya started operating earlier this year, Banro has been under significant attack of extortion and misguided and fake tax audits and penalties that in no way relate to the business, and they are well-documented, Richards says.

“The company continues to get extorted from a multitude of government agencies, from negotiating fictitious million-dollar payments down to several tens or hundreds of thousands of dollars to be made directly to individual, non-government bank accounts,”

he noted. “Banro refuses to behave in this way, and it has worked to their detriment with several local and provincial government and security agencies.”

Richards also told the president that the fiscal regime in the country needs to change. The company reserves its rights under the Mining Convention, which was granted in 2003. But Banro lost its Mining Convention during changes to the DRC’s mining code in June 2018.

The Mining Convention gave Banro a number of financial and economic incentives, as it operates in two regions — Maniema and South Kivu — where there is no power, no water, no roads, no rail and no skilled labour. The incentives were meant to offset the economic impact of the company having to provide this infrastructure, and to maintain 350 km of national highway, just to secure access to Namoya. It also had to build 180 km of road from Bukavu to its Twangiza mine, again to secure access to the site. Under the DRC’s revised mining code, these incentives were removed, and Banro is demanding to have them returned.

The president “said he understood our difficulties and situation and would work to assist Banro back to a proper and safe working environment,” Richards says.

“Our mines in the eastern Congo are extremely important to the government of the Congo, so they don’t want to see them fail, and we don’t want to fail, obviously,” he says. “But it’s going to take some give and take from the government, our employees, from all of our stakeholders.”

Twangiza became Banro’s first producing open-pit gold mine in October 2011, and commenced commercial production in September 2012. Namoya started commercial production in 2015.

Banro has spent over US$900 million in the DRC over 20 years.

In 2012, it had a $1.2-billion market capitalization. TNM

2019-11-19 6:58 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 25–DECEMBER 8, 2019

7

Underground at Anaconda Mining’s Goldboro gold project in Nova Scotia. ANACONDA MINING

Anaconda updates resource at Goldboro in Nova Scotia GOLD

| Feasibility study on the ‘largest single deposit in the province’ expected this year

BY JEAN LIAN

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jlian@northernminer.com

naconda Mining (TSX: ANX; US-OTC: ANXGF) has updated the mineral resource at its wholly owned Goldboro gold project in Nova Scotia.

Measured and indicated resources now stand at 4.1 million tonnes grading 5.3 grams gold per tonne for 698,600 contained oz. gold.

Inferred resources add 3 million tonnes grading 7.09 grams gold per tonne for 685,100 contained oz. gold.

The updated resource represents a 6.9% increase in the combined openpit and underground grade in the measured and indicated categories, and boosts combined open-pit and underground ounces 15.9%.

Inferred ounces rose 51.2% in the combined open-pit and underground resource.

In addition, the latest resource expands the deposit 375 metres east, and incorporates 21 new mineralized zones.

Kevin Bullock, Anaconda’s president and CEO, says the global resource of almost 1.4 million oz. gold makes Goldboro “the largest single deposit in the province,” and notes the numbers will “add a positive economic benefit to the ongoing feasibility study.”

Anaconda plans to complete the feasibility study before year-end, and permitting is underway. “Pending permits and the feasibility, we should be able to break ground mid next year,” Bullock says, noting that construction of the processing plant and associated infrastructure of the open-pit mine will take 14 months.

Anaconda acquired the project

“WE CONSIDER ANACONDA MINING TO BE AN ATTRACTIVE INVESTMENT FOR THE SUCCESSFUL DELIVERY OF PRODUCTION GROWTH OVER THE NEXT FEW YEARS.” MICHAEL CURRAN ANALYST, BEACON SECURITIES

from Orex Exploration in March 2017.

Goldboro, 175 km northeast of Halifax, hosts three mineralized zones: West Goldbrook, Boston– Richardson and East Goldbrook.

Gold mineralization on the property was first discovered in 1862 by Howard Richardson of the Geological Survey of Canada. Richardson Gold Mining Co. began production from the belt in 1893. Government records show that total gold recovery from 1893 to 1910 was 54,871 oz., with an average recovered grade of 4.11 grams gold per tonne. Intermittent work between 1910 and 1981 included metallurgical test work, reprocessing of mine tailings, shaft sinking and cross-cutting.

A 2018 preliminary economic assessment (PEA) forecast a mine life just under nine years. The study estimated life-of-mine production of 375,931 oz. gold, or 41,000 oz. gold a year, at all-in sustaining costs of US$640 per ounce.

The PEA forecast preproduction capex of $47 million to build an open-pit operation before underground development and production. The study envisioned a conventional truck-and-shovel, 600-tonne-per-day, open-pit mining operation at a single pit in the first three years, during which time it

would build underground access, sublevels and ventilation.

“There may be a period of time where there is both [open-pit and underground mining] for several months, but it transitions from open pit to underground in year three,” Bullock says.

In addition to the Goldboro project, Anaconda has been operating the Pine Cove open-pit mine since 2010. The Pine Cove mine is part of the Point Rousse project, 6 km northeast of the town of Baie Verte in Newfoundland. Point Rousse, which had record production of 20,149 oz. gold last year, covers three prospective gold trends: Scrape, Goldenville and Deer Cove. These trends have 20 km of cumulative strike length and include three deposits: Pine Cove, Stog’er Tight and Argyle.

The company will transition mining from Pine Cove to Argyle next year, after discovering more nearsurface ore. The Argyle deposit is located within 4.5 km of the Pine Cove mill. Mining at Stog’er Tight was completed earlier this year.

Bereket Berhe, an analyst at M Partners, has a “buy” rating on the company, with a 12-month target price of 70¢ per share.

“Given the quality of its Goldboro project and its producing asset,

[Anaconda] is currently undervalued,” Berhe wrote in a recent research note.

Michael Curran, an analyst at Beacon Securities, has a “buy” rating on the company, with a 12-month target price of 90¢ per share.

“We consider Anaconda Mining to be an attractive investment for the successful delivery of production growth over the next few years,”

Curran said in a research note.

Curran regards Nova Scotia and Newfoundland as among the lowerrisk jurisdictions in the mining industry.

At press time, Anaconda was trading at 20¢ per share in a 52-week trading range of 18¢ to 35.5¢. The company has 134 million common shares outstanding for a $27-million market capitalization. TNM

Tierra Group International, Ltd. is pleased to announce that Matt Bender, MBA, PE, QP has joined the Tierra Group Team as a Sr. Metallurgical Engineer and Director of Business Development. Matt has 31 years experience in the mining and minerals industry with direct responsibility for metallurgical testwork, process designs, equipment sizing and selection, plant debottlenecking and optimization, and operations. mbender@tierragroupintl.com “Our Clients are First, the Team is Second, and I am Third.”” www.tierragroupinternational.com

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WWW.NORTHERNMINER.COM

NOVEMBER 25–DECEMBER 8, 2019 / THE NORTHERN MINER

Sphinx unfazed by sinking zinc QUEBEC

| Junior keeps active on the ground in Pontiac region

BY PETER DIEKMEYER

Z

Special to The Northern Miner

inc prices have fallen 32% from a high of US$1.63 per lb. in early 2018 to US$1.15 per lb. today. But Jeremie Ryan, CEO of Sphinx Resources (TSXV: SFX), is rolling with the punches.

“Price fluctuations are part of our business,” he says. “If you want to operate in this industry you need to work around them.”

Sphinx Resources is leveraging several plays in the Pontiac region of southwestern Quebec, but its most promising zinc property is Calumet-Sud, a joint venture with SOQUEM, a subsidiary of Investissement Québec and a leading player in mineral exploration in the province.

Calumet-Sud is adjacent to the site of the former New Calumet mine, which produced 3.8 million tonnes at a grade of 5.8% zinc, 1.6% lead, and 65 grams silver per tonne between 1944 and 1968.

All 29 holes along a 1,500-metre zone in the company’s early 2019 drill program returned zinc mineralization. Highlights included 4.9% zinc over 2 metres from 70 metres downhole, including 8.5% zinc over 1 metre in drill hole 1926. Drill hole 1905 cut 2.63% zinc over 1 metre starting from 5 metres’ depth, while drill hole 1917 returned 1.36% zinc over 6 metres from 73 metres, and drill hole 1911 cut 12.75% zinc over 1 metre from 41 metres.

While promising, Ryan admits the initial drill results suggest that Calumet-Sud would not be economic at today’s metal price. Nevertheless, he plans to “drill for bulk” near the initial drill holes to keep his options open in case the zinc market changes.

Ryan’s priority is to get government approval for more drilling.

“We have approvals from the farmers that own the properties, but we need permission from the [Commission de protection du territoire agricole du Québec], as well,” hesays. “We

Sphinx Resources’ director Michel Gauthier (left) operates a drone while workers carry out stripping (background) in 2017 at the Sonny zone on the Calumet-Sud zinc property in Quebec. SPHINX RESOURCES

“PRICE FLUCTUATIONS ARE PART OF OUR BUSINESS. IF YOU WANT TO OPERATE IN THIS INDUSTRY YOU NEED TO WORK AROUND THEM.” JEREMIE RYAN CEO, SPHINX RESOURCES

filed a revised claim in June, and are currently waiting for an answer.”

Michel Gilbert, who recently took over as president of SOQUEM, Sphinx Resources’ joint-venture partner, isn’t phased by current low zinc prices, either. “It’s always better to do exploration when prices are low, because there is less competition,” he says. “The mining industry operates on very long cycles, so short-term fluctuations are less of a concern than they would be in

other industries.”

Quebec Premier François Legault, whose Coalition Avenir Québec government took office in October 2018, has made the development of the province’s mining sector a priority. SOQUEM, a division of Ressources Québec, which invested in more than 20 projects last year, should be a beneficiary.

“We are looking to foster diversification of Quebec’s mining base outside of the Abitibi region,” SO-

QUEM’s Gilbert says. “We have been investing a lot in the James Bay area. But the Pontiac region, where Calumet-Sub is located, is also promising, as there used to be considerable mining done there in the 1940s and 1950s.”

Gilbert, a mining geologist, says SOQUEM encourages the exploration of sedimentary exhalative deposit zinc opportunities, such as those in Calumet-Sud, which are relatively underexplored in a province better known for volcanogenic massive sulphide-type deposits, such as those in the Matagami Camp.

Ryan took over as CEO of Sphinx Resources in December 2018. He has been investing in mining companies for more than three decades.

Today, he is a major shareholder in the company, where zinc properties are concentrated along a 40 km

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long, northwest-trending corridor in the Pontiac municipal regional county. “I have lived in the area and done business here for many years,” Ryan says. “That gives me several advantages, particularly on the social-licencing front.”

There are plenty of people cheering Ryan on in his efforts. The Pontiac region has seen a paper mill and associated sawmills close during the last couple of years, and jobs are scarce. “Locals want us to do business here,” Ryan says. “I met with the city council and they were highly enthusiastic.”

Ryan’s connections paid off recently when he was able to recruit Lawrence Cannon — a retired federal cabinet minister, ambassador to France and longtime friend — to sit on Sphinx’s board. Cannon, who has connections in the province dating back to his time as former prime minister Stephen Harper’s Quebec lieutenant, has taken on the chairman’s role at the company, as well.

“Quebec is a great place to do business,” Ryan says. “It always does well on the Fraser Institute [mining jurisdiction study] and offers significant advantages, including tax credits and low after-tax costs for flow-through shares.”

The big question though remains low zinc prices, which show few signs of a short-term bounce back, he says.

Recent data from the International Lead and Zinc Study Group show output currently exceeds demand, with the global zinc market registering a deficit of 134,000 tonnes during the first half of 2019.

Unless that trend reverses, Ryan says, things are unlikely to bounce back anytime soon.

Ever the entrepreneur, he has been finding ways to keep busy while he awaits developments on the zinc front.

In June, Sphinx Resources bought 42 claims in Calumet North from Ressources Tranchemontagne, and Ryan got to work, commissioning flyovers, soil sampling, mapping and induced polarization.

Initial results look promising from 56 grab samples collected in September on the latest stripped exposure of the Shae zone. In October the company announced it traced a 10-metre-wide, copper-gold zone grading up to 3.8 grams gold per tonne and 11.8% copper.

“We will know a lot more once our drilling campaign gets underway next year,” Ryan says. “But we are quite hopeful.” TNM

2019-11-19 6:58 PM

SOUTHWEST US

SPECIAL FOCUS

Kore Mining’s Long Valley gold project in east-central California. KORE MINING

Para Resources pours first doré at Gold Road ARIZONA

| Past-producer has seven-year mine life

BY JEAN LIAN

P An aerial view looking south across the Discovery 1 and 2 zone drill sites, with two rigs drilling on the Discovery 2 zone above a historic pit at Liberty Gold’s Black Pine gold project in southern Idaho. LIBERTY GOLD

Liberty Gold hits high-grade gold at Black Pine

IDAHO

| Junior to ramp up drilling, targeting Carlin-style mineralization

BY JEAN LIAN

N

jlian@northernminer.com

ew drill results from Liberty Gold’s (TSX: LGD; US-OTC: LGDTF) wholly owned Black Pine project in Idaho include highgrade intervals of Carlin-style oxide gold mineralization.

Drilling has also expanded the project’s mineralized footprint by linking the Discovery 2 and Discovery 3 zones for a combined width of 400 metres and a strike length of 300 metres.

The Discovery 2 zone, which was unearthed in July, is open in all directions and continues to deliver thick, high-grade oxide gold intercepts along a north-striking feeder fault corridor, as well as long intervals of gold mineralization in the footwall area to the east.

“It is our best asset in the company at this point, based on the initial 69 drill holes that we have released,” says Cal Everett, Liberty Gold’s president and CEO. “It’s just the grade and thickness of those intercepts, and how laterally continuous they seem to be.”

Everett says that Black Pine hosts a multimillion-ounce gold system that can be recovered through lowcost, open-pit mining and heap leaching, as the intercepts lie below thick intervals of moderate-grade mineralization.

Assays from the five latest drill holes in the Discovery 2 zone included hole 64, which returned 3.4 grams gold per tonne over 63 metres from a downhole depth of 113 metres, along with 5.01 grams gold over 34 metres from 142 metres, and 6.21 grams gold over 21 metres from 146 metres.

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jlian@northernminer.com

ara Resources (TSXV: PBR; US-OTC: PRSRF) has poured the first doré bar at its Gold Road mine in Arizona, 24 km northeast of the state’s borders with California and Nevada.

Ian Harris, the company’s president, expects the mine to produce a doré bar two to three times a month before ramping up to 2,500 to 3,000 oz. gold per month during the first quarter of next year.

“The doré pour was a significant milestone, bringing the full production cycle to completion from mining through milling, processing and smelting,” Harris says. “This is by far our flagship and the most significant project that we have.”

Para Resources acquired the underground mine along with a 500-tonne-per-day, carbon-inpulp mill and processing facility in 2017, when it bought an 88% stake in Gold Road Mining for $7 million.

Two privately held Coloradobased companies, Four C Resources and Bauer Resources, each own 6%.

Since the acquisition, the com-

pany has spent US$5.7 million on repairing the mill and refurbishing the mine, equipment and development, which included extending haulage roads, building infrastructure and ventilation, and removing groundwater from the mine.

Harris says the capital expense numbers will be finalized once the mine reaches commercial production.

According to a preliminary economic assessment (PEA) it completed in 2018, Gold Road has a seven-year mine life and an initial mining rate of 250 tonnes per day at an all-in sustaining cost of US$632.79 per oz. gold, based on a US$1,200 per oz. gold price.

The mining rate will increase to 500 tonnes per day in the third year of production. The PEA forecast an after-tax net present value of US$56.7 million at a 5% discount rate and a 174% after-tax internal rate of return.

The mine has inferred resources of 978,000 tonnes grading 7.54 grams per tonne for 214,000 contained oz. gold. The deposit is open at depth and on strike.

The company is using Alimak machines to open new production See PARA / 13

“WE FOUND THAT THERE IS A REALLY STRONG, HIGH-GRADE PORTION TO THE DEPOSIT THAT IS EXTREMELY MATERIAL TO ANYBODY WHO PUTS THIS INTO PRODUCTION, BECAUSE THAT IS EARLY PAYBACK MATERIAL TO PAY OFF YOUR CAPEX AS SOON AS POSSIBLE.” CAL EVERETT PRESIDENT AND CEO, LIBERTY GOLD

Hole 66 intercepted 1.15 grams gold over 70 metres from 174 metres, including 2.92 grams gold over 15 metres from 175 metres, and 14.7 grams gold over 2 metres from 181 metres.

Other highlights were 2.38 grams gold over 21 metres from 229 metres, including 4.89 grams gold over 9 metres from 238 metres in hole 68, and 1.52 grams gold over 58 metres from 160 metres, with 7.42 grams gold over 9 metres from 174 metres and 12.2 grams gold over 5 metres from 177 metres in hole 69.

Most intercepts to date are oxide, and Everett says he hopes to get the metallurgy done in the first half of next year.

The company says that the area tested to date represents a small part of the Discovery 2 zone’s total strike length. “We have only drilled 30% of the first square kilometre of the 12 sq. km oxide system,” Everett says.

“We found that there is a really strong, high-grade portion to the deposit that is extremely material to anybody who puts this into production, because that is early payback material to pay off your capex as soon as possible, and you have got

a long-life, big-ounce producer for a long time,” Everett says, adding that the company has drilled deeper on average than previous operators.

From 1963 until the mid-1990s, operators explored various parts of the Black Pine property. Of 1,900 historic drill holes, 1,400 still contain unmined gold intercepts. Liberty Gold compiled the best 500 of them, including its own drilling to date, and found that eight of the top-10 and 13 of the top-20 intercepts — measured by average grade multiplied by intercept length — were results generated by their own drilling.

“Our drilling compares very favourably to that of past operators,” says Moira Smith, Liberty Gold’s vice-president of geoscience and exploration.

The company is targeting a minimum resource of 2 million oz. before putting out a maiden resource estimate for the project.

Current drilling focuses on extending the strike length through a 300-metre gap between the Discovery 2 zone and mineralization

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See LIBERTY / 10

2019-11-19 6:58 PM

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NOVEMBER 25–DECEMBER 8, 2019 / THE NORTHERN MINER

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Liberty Gold hits high-grade gold at Black Pine LIBERTY From 9

associated with the historic B pit to the south. The Discovery 1 and Discovery 2 zones are projected to converge near the northern margin and below the historic B pit, which had an average historic mined grade of 1.38 grams gold per tonne.

Smith says drilling will continue until mid-December, weather permitting. The company plans to double the drill rate by adding a night shift to the two reverse-circulation drill rigs that operate within the 1 sq. km area between the historic A pit, B pit and the A basin target.

“We really do think this is going to be the next big thing,” Smith says.

The Black Pine gold project hosts a Carlin-style, sediment-hosted gold deposit in southern Idaho’s Cassia County, 29 km northwest of the nearest town of Snowville, Utah.

The property hosts the Black Pine mine, which produced 435,000 oz. gold from five shallow pits between 1992 and 1997.

The company acquired the Black Pine project from Western Pacific Resources (TSXV: WRP) in June 2016 for US$800,000 in cash, 300,000 Liberty shares, and a 0.5% net smelter return reserved to Western Pacific.

Black Pine’s large and shallow Carlin-style gold system is similar to the company’s Goldstrike project in Utah. The Goldstrike property hosts the Goldstrike heap-leach mine, which produced 209,000 oz. gold from 12 shallow pits at an average grade of 1.2 grams gold per tonne between 1988 and 1994.

“With more successful drilling, we see Black Pine potentially eclipsing Liberty’s Goldstrike property as the company’s flagship project,” says Mick Carew, an analyst at Haywood

Drillers at work in the Discovery 1 zone at Liberty Gold’s Black Pine gold property in early 2019. LIBERTY GOLD

Securities, noting that drilling at Black Pine shows oxide grades that are higher than the average grades at the Goldstrike project.

Brock Salier, a partner at Sprott Capital Partners, describes the project as “one of the highest-margin, undeveloped Carlin assets, and the one oxide-only project.”

National Bank of Canada analyst John Sclodnick says he expects “to continue to see results showing the

potential for a highly economic mine, with two drill rigs continuing to operate.”

Liberty’s project portfolio includes the Kinsley gold project, 150 km northeast of Ely, Nev.; the TV Tower high-sulphidation epithermal and porphyry gold-copper property in northwestern Turkey; the Halilaga copper-gold porphyry project, located 20 km southeast of TV Tower; and a pipeline of early-stage explora-

tion projects in Nevada.

The company’s key shareholders include Van Eck, with 10.1%; Resource Capital Funds, with 7.3%; Newmont Goldcorp (TSX: NGT; NYSE: NEM), with 5.8%; and Teck Resources (TSX: TECK:B; NYSE: TECK), with 3.3%. Fifteen other funds own 17%, and management owns 6.8%.

At press time, Liberty Gold was trading at 85¢ in a 52-week range

of 29¢ to $1 per share.

Haywood’s Carew has a “buy” rating on the stock and a $1.60-pershare price target. Sprott’s Salier has a buy rating and a $1.05-per-share price target, while National Bank’s Sclodnick has an “outperform” rating and a $1-per-share target price.

The company has 237 million common shares outstanding for a $201-million market capitalization. TNM

Mike Gustin, resource estimator with Mine Development Associates, and Liberty Gold’s vice-president of exploration Moira Smith in a historic pit at Black Pine. LIBERTY GOLD

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SOUTHWEST US

GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 25–DECEMBER 8, 2019

11

SOUTHWEST US SNAPSHOT

Precious metals, battery metals and uranium activity In our annual overview of exploration and mining activity in the Southwestern U.S., we focus on eight companies active in the region.

Precious metals appear to be the exploration target of choice in the area, with battery metals (vanadium and lithium) gaining prominence.

AMERICAN LITHIUM American Lithium (TSXV: LI) is exploring for sedimentary lithium carbonate deposits on its 17 sq. km Tonopah lithium claims (TLC) area, which is located within Nevada’s Esmeralda lithium district. The company is working to earn a 100% interest in certain claims from Alaska Nevada Mining, a private company. The TLC project is 12 km northwest of Tonopah. Drill results to date suggest the presence of flat-lying, near-surface, free-digging lithium mineralization over 6 square kilometres.

The property is host to claystoneand siltstone-hosted lithium mineralization, with potential to produce lithium carbonate (used in battery manufacturing) through a relatively brief leaching process (versus a lengthier evaporationbased process for brine deposits), according to the company. Drill intercepts include 72 metres of 1,201 parts per million (ppm) lithium and 67 metres of 1,237 ppm lithium. American Lithium has hired a consultant to produce a resource estimate for the TLC property. The company has also commenced environmental studies on the property. An economic study is upcoming.

Corvus Gold’s North Bullfrog project, 10 km north of Beatty, Nevada. CORVUS GOLD

The company’s Extinction Ridge project is located in Eureka County, Nev., and has potential to host V2O5 mineralization. The property lies on strike with Cornerstone Metals’ (TSXV: CCC) Carlin vanadium project and Prophecy Development’s (TSX: PCY) Gibellini vanadium project.

There are three areas of vanadium mineralization identified on the property so far. The company has an $8.9-million market capitalization.

producing an average of 347,000 oz. gold per year at estimated total costs of US$867 per equivalent oz. gold, with an estimated initial capital cost of US$424 million.

Corvus is examining ways to optimize the mining and processing pathways evaluated in the PEA and is collecting baseline data for permitting. There are additional exploration targets at shallow depths on the property. Drilling is ongoing to expand resources and test targets. The company’s market capitalization stands at $229 million.

CORVUS GOLD

FIORE GOLD

Corvus Gold (TSX: KOR) is focused on gold exploration in Nevada within the Greater Bullfrog gold district. The wholly owned North Bullfrog project is 10 km north of Beatty, Nev., and is adjacent to ground held by Kinross Gold (TSX: K, NYSE: KGC), as well as AngloGold Ashanti (NYSE: AU) and Barrick Gold’s (TSX: ABX, NYSE: GOLD) historic Bullfrog mine. Based on a 2018 resource estimate, measured and indicated resources at North Bullfrog total 158.11 million tonnes at 0.35 gram gold per tonne for a total of 1.76 million contained oz. gold, with inferred resources of 64.79 million tonnes at 0.2 gram gold for 426,000 ounces.

Fiore Gold (TSXV: F) is focused on ramping up gold production across

Bordering the 91 sq. km North Bullfrog is the company’s wholly owned Mother Lode project, which is next to AngloGold and Coeur Mining (NYSE: CDE) ground.

Measured and indicated resources at Mother Lode are 53.38 million tonnes grading 0.68 gram gold per tonne for a total of 1.16 million oz. gold, with additional inferred resources of 16.2 million tonnes at 0.46 gram gold for 241,000 ounces.

A portion of the resources appears to be amendable to heap leaching.

A 2018 PEA of the integrated Mother Lode and North Bullfrog projects outlines a potential open-pit, heap-leach and milling operation

1-16_NOV25_Main .indd 11

its assets in the western U.S. and South America.

The company’s Pan gold project is 28 km southeast of Eureka, Nev., and covers 42 square kilometres. The Pan open pit uses heap leaching, and is expected to produce an estimated 45,000 to 50,000 oz. gold over the next 12 months.

Measured and indicated resources at Pan stand at 27.6 million tonnes grading 0.49 gram gold per tonne for a total of 432,000 contained oz. gold, and inferred resources tally 7.58 million tonnes at 0.45 gram gold for a total of 111,000 ounces.

Near-mine and regional targets have been identified on the property for follow-up drilling.

Thirteen kilometres from Pan is the company’s 203 sq. km Gold Rock property. Gold Rock’s indicated resources stand at 9 million tonnes grading 0.82 gram gold for 238,700 contained oz. gold, with another 7.79 million inferred tonnes at 0.72 gram gold for a total of 180,900 ounces. The company holds federal mining permits for the project, while a feasibility study and production decision is expected in 2021. The project is located within a 16 km prospective trend, and Fiore Gold has identified a number of exploration targets. A resource update and PEA are forthcoming.

Cerro Tostado project, immediately south of Yamana Gold’s (TSX: YRI, NYSE: AUY) El Penon mine, and the high-sulphidation Rio Loa project in the northern part of the Maricunga gold belt.

The company aims to grow gold production to the 150,000 oz. per year level through expanding output from the Pan project, developing the Gold Rock project, and acquiring more assets at or near the production stage.

Fiore Gold has a $39-million market capitalization.

In addition, Fiore holds exploration properties in Chile: the 15 sq. km

See SNAPSHOT / 12

B R I T I S H

TSX:V: KORE | OTCQB: KOREF

C O L U M B I A

Gold Creek FG Gold

Multi-million ounces of gold resources KORE Mining has a portfolio of 100% owned gold projects in California and British Columbia. With Insiders owning approximately 50% of the Company along with strategic investments from Macquarie Bank and Eric Sprott, KORE is well position to develop and unlock the value within the Company’s portfolio of North American development and exploration gold projects.

koremining.com

Long Valley C A L I F O R N I A

Imperial

2019-11-19 6:59 PM

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SOUTHWEST US

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SOUTHWEST US SNAPSHOT SNAPSHOT From 11 FIRST VANADIUM First Vanadium’s (TSXV: FVAN) flagship asset is the Carlin vanadium property, 22 km from Carlin, Nevada. The 43 sq. km property is made up of 150 mining claims. First Vanadium owns 100% of 78 of the claims, and is working to earn a 100% interest in the remaining 72 claims from a private subsidiary of Golden Predator Mining (TSXV: GPY).

The Carlin vanadium property is host to vanadium pentoxide (V2O5) mineralization. Vanadium is used in steel production with a growing importance in energy storage for batteries. Drilling indicates the presence of a shale-hosted, shallowdipping, near-surface mineralized unit that averages 35 metres thick, which has been traced over 1,800 metres of strike and 600 metres across, outcropping at surface. The deposit remains open. A February 2019 mineral resource estimate outlined 22.35 million indicated tonnes at 0.615% V2O5 for a total of 303 million lb. V2O5, with another inferred resource of 6.52 million tonnes at 0.52% V2O5 for a total of 75 million lb. V2O5. In October, the company engaged Wood Canada to prepare a preliminary economic assessment (PEA) for the project, which is expected in the first quarter of 2020.

The company also holds 100% of the 5 sq. km West Jerome property in central Arizona. West Jerome is located within an area that is host to volcanogenic massive sulphide deposits, and the company has identified a number of untested drill targets on the property. First Vanadium has a $10.2-million market capitalization.

KORE MINING Kore Mining’s (TSXV: KORE) focus is gold exploration in California and British Columbia. The company’s wholly owned Imperial project in Imperial County, Calif., is located within 16 km of Equinox Gold’s (TSXV: EQX, NYSE-AM: EQX) Mesquite mine. Historic resources at the 206 sq. km Imperial project stand at 879,000 indicated contained oz. gold within 0.6 gram gold per tonne material, with another 1.3 million inferred ounces within 0.53 gram gold material.

The historic resource features oxide mineralization starting at 25 to 40 metres’ depth, with an average width of 50 metres. Parts of the deposit remain open, with more targets identified. The Imperial project covers a 28 km trend. In May, Macquarie Bank closed a $4-million strategic investment in Kore to fund the restart of permitting, which is expected in early 2020.

The company’s wholly owned Long Valley project is located in Mono County, California. Measured and indicated resources stand at 66.8 million tonnes at 0.58 gram gold for 1.25 million oz. gold and inferred resources are at 23.6 million tonnes grading 0.64 gram gold for 486,000 ounces. These include an oxide gold deposit 60 metres thick, with a current footprint of 3 by 2 km within a larger 6 km trend. The Long Valley project features an oxide zone, with deeper sulphide mineralization.

Follow-up geophysics and drilling are planned for the project.

While extensive historic reversecirculation drilling was completed on the 7 sq. km property, no drilling was conducted below 90 metres.

Kore Mining’s wholly owned Gold

1-16_NOV25_Main .indd 12

First Vanadium’s Carlin vanadium property in Nevada. FIRST VANADIUM Creek and Fraser Gold projects are in the Cariboo region of B.C., known as the historic “gold rush” district. The 13 sq. km Fraser Gold property is located on strike with the gold-bearing zone that includes Spanish Mountain Gold’s (TSXV: SPA) deposit. Mineralization has been identified over a 10 km strike length. Measured and indicated resources stand at 15.2 million tonnes at 0.78 gram gold for 376,000 oz. gold with inferred resources of 27.5 million tonnes at 0.72 gram gold for a total of 634,900 ounces. The 97 sq. km Gold Creek project is 8 km northwest of the Spanish Mountain deposit. The company has a $22-million market capitalization.

LARAMIDE RESOURCES Laramide Resources (TSX: LAM; ASX: LAM) is focused on uranium in the U.S. and Australia.

The company’s wholly owned Churchrock project, a proposed in-situ recovery uranium operation, is in the Grants mineral district in New Mexico. Inferred resources stand at 30.8 million tonnes at 0.075% uranium oxide (U3O8) for a total of 50.8 million lb. U3O8. More exploration is planned to upgrade and step-out resources, to be followed by a PEA. The 100%-owned Crownpoint project is 40 km from the Churchrock project and includes a permit for a 3 million lb. per year uranium processing plant. Inferred resources at Crownpoint stand at 2.3 million tonnes at 0.102% U3O8 for a total of 5.1 million lb. U3O8. The resource is amendable to in-situ recovery.

The wholly owned La Sal project in Utah’s White Mesa mining district is the site of a potential underground hard-rock uranium mine, with permits for bulk sample extraction.

Energy Fuels’ (TSX: EFR, NYSE-AM: UUUU) White Mesa mill is within 100 km of the project. The property was previously held by a subsidiary of Barrick Gold (TSX: ABX, NYSE: GOLD), which completed a feasibility study on the project, but shut it down due to low uranium prices.

Laramide’s wholly owned La Jara Mesa project in Cibola County, New Mexico, is a potential hard-rock underground mine with indicated resources of 1.4 million tonnes at 0.23% U3O8 for a total of 7.2 million lb. U3O8, and inferred resources of 0.7 million tonnes at 0.2% U3O8 for a total of 3.1 million lb. U3O8.

Permitting is underway.

The 100% held Westmoreland project in Northwest Queensland in Australia is a potential shallow open-pit operation. Indicated resources are 18.7 million tonnes at 0.089% U3O8 for a total of 36 million lb. U3O8 and additional inferred resources of 9 million tonnes at 0.083% U3O8 for a total of 15.9 million lb. U3O8.

Laramide also wholly owns the 684 sq. km Murphy project, which is adjacent to and on strike with the company’s Westmoreland project, within the Murphy Uranium province. The company has an approximate $28-million market capitalization.

MCEWEN MINING McEwen Mining (TSX: MUX; NYSE: MUX) is focused on gold and silver production in the Americas. The company’s chairman and chief owner (at 22% of common shares outstanding) is Rob McEwen, the founder and former chairman and CEO of Goldcorp.

The company’s Gold Bar mine in Eureka County, Nev., is located in the Battle Mountain-Eureka-Cortez trend, 40 km away from the Cortez– Goldstrike operation, which is part of Nevada Gold Mines, a 61.5% and 38.5% joint venture between Barrick Gold and Newmont Goldcorp (TSX: NGT; NYSE: NEM). The mine achieved commercial production in May, and is a heap-leach operation.

The company expects the mine will produce between 30,000 and 33,000 oz. gold this year at AISCs of US$975 per ounce. Next year, the company says Gold Bar will produce 65,000 to 70,000 ounces.

In addition, the company holds a 49% interest in the San Jose 1,650-tonne-per-day underground

mine in Santa Cruz, Argentina (51% Hochschild Mining [LSE: HOC]). San Jose is 20 km north of Newmont-Goldcorp’s Cerro Negro project. In 2018, San Jose produced 47,331 oz. gold and 3.02 million oz. silver on an attributable 49% basis.

Production guidance for 2019 is for 49,000 oz. gold and 3.23 million oz. silver attributable, at estimated all-in sustaining costs (AISCs) of US$1,120 per gold equivalent ounce. The company plans to spend US$5 million on exploration this year at San Jose, which is situated on a 2,781 sq. km land package.

The company’s 1,700 sq. km El Gallo complex is in Mexico’s Sinoala state.

Gold was produced from El Gallo between 2012 and 2018. Mining stopped in 2018 due to a transition to sulphide mineralization.

Production guidance this year is for 16,000 equivalent oz. gold at AISCs of US$975 per equivalent oz. gold, based on residual production from heap leaching. The proposed redevelopment of El Gallo is known as the Fenix project. The project includes the construction of a mill to reprocess heap-leach material, and later process open-pit ore.

Its 51 sq. km Black Fox mine complex in the Timmins gold camp includes the Stock and Black Fox properties. The Black Fox mine is an underground operation with 2019 production guidance of 36,000 oz. to 40,000 oz gold. In 2020, the company plans to scale back Black Fox production to advance the development of the adjacent Froome underground deposit. The Stock property hosts the Black-Fox Stock mill and features a number of exploration targets. The company has a US$18-million exploration budget for the Timmins complex this year.

The wholly owned Los Azules project in San Juan, Argentina, is a porphyry-copper asset with indicated resources of 962 million tonnes at 0.48% copper, 1.8 grams per tonne silver and 0.06 gram gold for a total of 10.2 billion lb. copper, 55.7 million oz. silver and 1.7 million oz. gold, with additional inferred resources of 2.67 billion tonnes at 0.33% copper, 1.6 grams silver and

0.04 gram gold for a total of 19.3 billion lb. copper, 135.4 million oz. silver and 3.8 million oz. gold.

The company has a $784-million market capitalization.

VICTORY METALS Victory Metals (TSXV: VMX) is advancing its 54 sq. km Iron Point vanadium project in Nevada, 35 km from Winnemucca. Exploration has found vanadium mineralization starting at surface and down to a depth of 175 metres, with two higher-grade zones averaging 40 metres thick identified within the mineralization. Intercepts include 37 metres 0.55% V2O5 and 23 metres 0.63% V2O5.

Initial metallurgical work suggests vanadium recoveries of up to 94.3% based on a hydrometallurgical process at ambient pressure, with additional metallurgical test work pending. McClelland Laboratories is completing the metallurgical testing. EM Strategies, an environmental permitting firm, has been contracted to begin surveys, liaise with authorities and assist with permitting, and Mine Development Associates is advising the company on future drill hole locations, as well as on understanding potential resources.

A resource estimate is pending, to be followed by a PEA. In May, the company announced that it entered into an option agreement with Ethos Gold (TSXV: ECC), where Ethos may earn a 50% interest in Victory Metals’ Iron Point project precious metals rights by spending $5 million over three years. The agreement includes a provision that if vanadium mineralization is found nearby precious metals, vanadium mining will receive preference. Victory has a veto on any precious metal mining rights that may interfere with a vanadium deposit development.

Ethos says Iron Point contains a potential deep Carlin-style gold deposit.

The company has a $42-million market capitalization. TNM

2019-11-19 6:59 PM

SOUTHWEST US

GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 25–DECEMBER 8, 2019

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At Para Resources’ Gold Road mine in Arizona, from left: Carl Graham, project superintendent (Guy F. Atkinson Construction); Alan Abrams, senior vice-president (Guy F. Atkinson Construction); Mark Bren, general manager; Ian Harris, president; and Larry Luna, controller. PARA RESOURCES

Para Resources pours first doré at Gold Road “THE BIGGEST OBSTACLE FOR US IN THIS AREA IS THE COMPETITION FOR QUALITY MINERS.”

PARA From 9

raises, provide access to highergrade material and improve airflow to the lowest levels of the mine.

“The Alimaks require an upfront capital, but they are one of the lowest-cost mining methods that we have available to us,” Harris says.

“It really accelerates our ability to increase our production over the short-term and at a significantly lower price.”

In early 2018, Para Resources acquired claims on the Tr-Ue vein, 1.6 km from the Gold Road mill. The claims included historic mines that had been shut down in the 1930s during World War II. The area had been explored by different operators in the past, but Harris says Para is the first company to assemble smaller claim packages into a single land package.

“This project will be a driver for exploring the region that has never been [in] a single group’s hand before,” he says.

The company recently completed a nine-hole drill program focusing on the Tr-Ue vein. The drill program “was developed to make sure we could tie in all that old information with modern surveys and confirm the gold-bearing structures,” Harris says. “We have achieved that goal.”

The company is interpreting the data from its latest drill campaign after releasing results from the first four holes of its nine-hole program.

Drill hole 2 intersected 5 metres in a quartz-calcite vein, which averaged 9.39 grams gold per tonne, including a 2-metre intercept of 13.61 grams gold, while hole 6 returned 3 metres at an average grade of 11.55 grams gold, and hole 7 cut 1 metre of 13.99 grams gold.

The next exploration program will focus on prospect drilling along the Tr-Ue vein.

“We will continue to look for opportunities within the area now that we have built this centre of gravity here,” Harris says of the Gold Road mine. “It has enormous potential.”

Hiring skilled miners is also a priority.

“The biggest obstacle for us in this area is the competition for quality miners,” says Harris, adding that it takes expertise to extract mineralization from the narrow, high-grade Tr-Ue vein. “We need the top-notch miners, and there is definitely a limitation to the number that exists

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IAN HARRIS PRESIDENT, PARA RESOURCES

Para Resources’ Gold Road gold mine in Mohave County, Arizona, 24 km from the Arizona-California-Nevada border. PARA RESOURCES

in the U.S., and nowadays.”

The mineralization at the Gold Road mine consists of quartz-calcite-

adularia veins within the northwesttrending Gold Road fault zone.

The fault zone can reach over 46

metres wide, and quartz veins may occupy one or more strands within the structure. Vein strands usually

occupy the footwall, hanging wall or a central part of the structure, but strands may occur in two or all three of these positions within the same area.

The company has raised $10.8 million this year through non-brokered private placements and the proceeds will be used for general corporate and working capital purposes.

Outside the U.S., Para Resources owns the Limon gold mine in Zaragoza, Colombia, and the Tucuma project in Brazil.

Eric Sprott owns 3.9% of the company’s common shares, and insiders, 67%. TNM

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2019-11-19 6:59 PM

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NOVEMBER 25–DECEMBER 8, 2019 / THE NORTHERN MINER

Harte Gold cuts 2019 production guidance, ups cost estimate ONTARIO

BY MAGDA GARDNER mgardner@northernminer.com

A

delay in the start-up of the paste fill plant and lowerthan-expected underground development rates plagued Harte Gold’s (TSX: HRT; US-OTC: HRTFF) Sugar Zone mine in the third quarter.

The company has cut its yearly production guidance to between 24,000 and 26,000 oz. gold from its previous guidance of 39,200 oz. gold. All-in sustaining costs (AISCs) are forecast to jump to between US$2,000 and US$2,200 per oz., surpassing earlier guidance of US$1,300 to US$1,350 per ounce.

Mining rates have been below targets since the start of commercial production in January, and the company has had to supplement run-of-mine mill feed from surface stockpiles, all of which were drawn down by the end of July.

Grades milled have been lower than expected due to planned dilution, as the rate of decline development is behind schedule, which has delayed access to the higher-grade portions of the orebody. As a result, the company is mining too much development ore relative to stoping.

In an interview with The Northern Miner, Sam Coetzer, the company’s new president and CEO, emphasized that his focus is on “breaking [the operation] down to levels of short-term interval

| New management plans to file updated mine plan before year-end

management to focus on getting the right approach to the mine.”

He also noted that the paste plant was not “operating efficiently enough to support the requirement of generating cash flow,” and that the company is using backfill in the stopes to increase productivity.

The medium- to long-term plan is to incorporate paste fill, he said, but using backfill in the short-term reduces the amount of material that needs to move to surface.

During a conference call on Nov. 4, Coetzer and his management team said they expect the paste plant will operate by 2020, and that the mine plan will be updated before year-end.

In the short-term, the company is aiming for the 800-tonne-perday design run rate outlined in its 2019 feasibility study, at the reserve grade of 7.1 grams gold per tonne. It may then consider increasing throughput as the orebody is opened up, and the number of available working faces increases.

Gold production in the third quarter reached 6,069 oz., bringing the total for the first nine months of the year to 19,138 ounces. Thirdquarter all-in sustaining costs came in at US$2,304 per ounce. The company forecasts production in the fourth quarter will total anywhere from 5,000 to 7,000 ounces.

Despite the challenges, Coetzer told analysts and investors on the conference call that he was confi-

“MY SENSE IS THAT … LOTS OF THE HEAVY LIFTING HAS BEEN COMPLETED LAST YEAR. FROM NOW ON WE NEED TO UNTANGLE SOME OF THE CHALLENGES.” SAM COETZER CEO HARTE GOLD

dent about the operation.

“My sense is that … lots of the heavy lifting has been completed last year. From now on we need to untangle some of the challenges.”

Martin Raffield, the company’s new chief operating officer, added that “the stoping methods are good, I don’t think that [unplanned] dilution is the issue ... the ground conditions in the stopes … give me a lot of confidence.”

Coetzer and Raffield were appointed on Nov. 4. Both men previously worked at Golden Star Resources (TSX: GSC; NYSE-AM: GSS), where they were involved with the redesign and transition of the operation from open-pit to underground production.

Coetzer added that he and Raffield “like to untangle complex issues together,” having also worked together at Placer Dome.

The management team appointments follow additions in October to Harte Gold’s board of directors, including James Gallagher and Joseph Conway. Conway’s past

roles include president and CEO of Primero Mining before its acquisition by First Majestic Silver (TSX: FR; NYSE:AG) in January 2018, and president and CEO of Iamgold (TSX: IMG, NYSE: IAG). Gallagher played a key role in North American Palladium’s (TSX: PDL) operational turnaround at the Lac des Îles mine before the acquisition

by Impala Platinum announced in October.

While full production is likely delayed into 2020, Pierre Vaillancourt, who covers Harte Gold for Haywood Capital Markets, echoed management’s positive view of the mine. “While we have concerns about execution, we remain positive about the quality of the asset for the long-term,” he wrote in a research note.

Current exploration efforts are testing targets on the north end of the property and assay results are pending.

The Sugar deposit, 68 km east of the Hemlo gold camp, was discovered in 1991.

Harte acquired the asset and associated claims in 1995 and consolidated its interest to 100% in 2012.

Mineralization, found within three parallel zones, has been traced over 1.5 km of strike and to a depth of 1,200 metres. It remains open on strike and at depth.

A feasibility study on the Sugar zone mine was completed by P&E Mining Consultants in May 2019.

It outlined an 800-tonne-per-day underground longhole-stoping operation with paste backfill. The study outlined an average diluted head grade of 7.1 grams gold per tonne and a 95.5% recovery rate for average production of 62,000 oz. gold per year, at life-of-mine AISCs of US$845 per ounce.

The deposit is accessed by ramp and mining operations run at Sugar Zone North and South.

Indicated resources stand at 4.2 million tonnes grading 8.12 grams gold for 1.11 million contained oz. gold. Inferred resources measure 2.95 million tonnes grading 5.88 grams gold for 558,000 oz. gold.

Most of the current mineral resource is contained within the Sugar and Middle zones. All of the current resource zones are open at depth and on strike.

At press time, the company had an $81-million market capitalization based on a 12¢ share price.

Over the last year it has traded in a range of 12¢ to 44¢ per share. TNM

Harte Gold’s Sugar Zone gold mine in northern Ontario. HARTE GOLD

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GLOBAL MINING NEWS

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The battery metals panel in October 2019 at the Progressive Mine Forum in Toronto, from left: Frik Els (moderator), executive editor, MINING.COM; Ryan Castilloux, managing director, Adamas Intelligence; Guy Bourassa, president and CEO, Nemaska Lithium; Andrew Miller, head of price assessments, Benchmark Mineral Intelligence; and Trent Mell, president and CEO, First Cobalt. GEORGE MATTHEW PHOTOGRAPHY

‘Rising tide’ to float

all battery-metal boats

PROGRESSIVE MINE FORUM

| Panel discusses issues keeping critical minerals in the ground “PEOPLE ASK, ‘WHAT IS THE PRICE OF LITHIUM?’ THERE IS NOT ONE PRICE OF LITHIUM. THERE ARE DOZENS OF DIFFERENT PRICES OF LITHIUM AND DOZENS OF DIFFERENT TYPES OF LITHIUM THAT GO INTO A BATTERY. THERE ARE SIMILAR ISSUES WITH COBALT AND THE OTHER CRITICAL BATTERY INPUTS.”

BY DAVID PERRI

R

dperri@northernminer.com

ising electric vehicle (EV) adoption is driving a massive transformation in lithiumion battery production. “Back in 2015, there were three lithium-ion battery megafactories [built or in development] — we’re now up to 99,” says Andrew Miller, Benchmark Mineral Intelligence’s head of price assessment.

“We have seen a huge wave of companies enter this market, a lot in Asia, which is really the lithium-ion battery production hub,” says Miller, kicking off a panel discussion on battery metals in October 2019 at The Northern Miner’s Progressive Mine Forum in Toronto.

“While the rest of the supply chain maybe isn’t moving at the same pace, what’s happening downstream is worth keeping track of, to see where this market is going longer-term.”

Miller estimates total lithium-ion cell production will come in below 200 gigawatt hours (GWh) for 2019.

As of January 2019, total production capacity in the pipeline over the coming decade (including projects producing, under construction and planned) totalled 1,550 GWh. By 2028, Miller estimates there will be 2,030 GWh in the production pipeline.

Looking upstream at the mining picture, four critical minerals (cobalt, graphite, lithium and nickel) will see demand growth from the battery sector if the 99 planned megafactories come online, he says.

Counting supply from existing operations and their expected growth, Miller forecasts the lithium market will move into deficit in 2022. Under a scenario where all projects under development today become producers, that deficit will arrive in 2027.

Using the same assumptions, he says

1-16_NOV25_Main .indd 15

ANDREW MILLER HEAD OF PRICE ASSESSMENT, BENCHMARK MINERAL INTELLIGENCE

the cobalt market will be in deficit in 2020 or 2026, and a flake graphite deficit will emerge in 2022 or 2028.

Despite the looming deficits, production of these key minerals has been scarce, specifically in the West.

First Cobalt (TSXV: FCC) CEO Trent Mell blames the “log-jam” on “permitting and access to capital.”

Ryan Castilloux, managing director of Adamas Intelligence, notesthere is “a failure to recognize gaps downstream of that mine output that will take … the lithium or nickel mine outputs [and] turn them into chemicals, cathodes, anodes, etc.

“Until these downstream pieces of the puzzle are addressed and filled in ... any efforts that are directed to bringing about new mines or new sources of supply will simply be misguided, and ultimately may just end up resulting in more output that gets sent to China or elsewhere to be processed.”

Guy Bourassa, president and CEO of Nemaska Lithium (TSX: NMX) — which raised $1.1 billion to develop the Whabouchi lithium mine and Shawinigan processing plant in Quebec — emphasizes the lack of investment appetite within Canada and from battery end users.

“I thought that the money would

come from … car manufacturers or large battery manufacturers.

Unfortunately … [they] have not realized that it takes at least 10 years to develop, from the ground up, a new supply chain of raw material,” Bourassa says. “End users should be the ones that are investing.”

Another problem for investors is the lack of price transparency in the market, which complicates project valuation, Benchmark’s Miller says.

“Trying to apply a commodity framework to these types of minerals and metals doesn’t work,” he says. “People ask, ‘what is the price of lithium?’ There is not one price of lithium. There are dozens of different prices of lithium and dozens of different types of lithium that go into a battery. There are similar issues with cobalt and the other critical battery inputs.

“It’s a big hurdle that the industry needs to overcome and that investors need to get their head around at the same time.”

Castilloux points out that the perception that battery technology is rapidly changing also puts off investors. “There are no major surprises coming. We don’t have new-fandangled technologies coming in the next decade or two,” he

says. “It’s going to be nickel, lithium, cobalt, graphite and manganese.

Some may do better than others, but ultimately, a rising tide is going to float all of those boats.”

Miller says that within today’s battery space, technology development focuses on battery cathodes and anodes. EVs need batteries with nickel-intense cathodes, compared to the lithium-cobalt-oxide cells common in mobile electronics.

“Even though the intensity of cobalt is going to decrease … you’re actually going to see a huge amount of volume increase in cobalt.”

Speaking about lithium specifically, Bourassa says investors are spooked by unfounded fears that China can quickly flood the market with cheap products. “[Chinese producers] are dependent on importing the raw material from third parties, thousands of kilometres away …

They have a base cost that is higher than what we can do in Canada.

But more important — they are not reliable, they do lie about their capacity, they never get to their nameplate capacity.”

Having recently returned from a trade mission aimed at connecting Canadian resource firms and large conglomerates in Asia, First Cobalt’s Mell says investments are on the way. “It is coming, the battery plant investment, the cathode makers, the battery makers, to support the EV market here in North America — these are big investments.”

Miller says the market is “definitely” moving towards placing a premium on a strategically located supply chains. “Sensible business practices” will push users to avoid sourcing most of their battery inputs from places like China and the Democratic Republic of the Congo. TNM

JOB OPPORTUNITIES

ADVERTISE YOUR JOB OPENINGS Joe Crofts 416-510-6816, jcrofts@northernminer.com Toll free North America: 1-888-502-3456, (ext. 43729)

2019-11-19 6:59 PM

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NOVEMBER 25–DECEMBER 8, 2019 / THE NORTHERN MINER

Tocqueville’s Hathaway sees ‘tremendous opportunity’ in gold equities See INTERVIEW / 16

Ray Dalio, David Rosenberg and Rick Reade from Blackwater. But we still haven’t seen that move in terms of a healthy revaluation of gold equities.

Why not?

JH: I can think of a couple of reasons.

One is that there is probably still a hangover from the bad experience investors have had, going back to the peak in 2011, about corporate governance and capital allocation decisions. The industry is far better today on those counts than it was in 2010 and 2011.

A second thing is that these stocks have been in hibernation for a long time. And we’re [Tocqueville] probably one of the last men standing in terms of active management in this space. Exchange-traded funds (ETFs) and passive management have been a factor. One of the things it suggests to me is that the flows in and out of the precious metal stocks are enabled and abetted by the availability of an instrument like GDX [VanEck Vectors Gold Miners ETF].

And so investors, if they are generalists who want exposure here, don’t have to do any homework on the underlying companies. And what we have noticed as generalist investors, as value investors, is a huge valuation gap between the big-cap names such as Newmont, Barrick, Newcrest and Agnico. Those are four that come to mind. They probably account for 35–40% of the weighting in GDX. There are obviously other names represented, but if you go down the scale to the mid- and smaller-cap companies, it is not hard to find companies with valuations that are in the single digits in terms of multiple enterprise value to EBITDA, many of them generating free cash flow. I’ve been doing this now for 20-plus years, and I don’t remember any time when you could find those kinds of values.

There was a time in the late 1970s when you could find very good quality companies trading at single-digit price-to-earning multiples with dividend yields that were 3% to 5%. We don’t have that in the gold mining space, but you’re beginning to see companies pay dividends. But the value proposition today, the big cap stocks to me are cheap relative to gold. But beneath the surface, the mid- to smaller-cap stocks are even cheaper.

And, again, it spells tremendous opportunity. If I were a generalist, which I’m not now, but I would have looked at this. But the problem is that gold has gotten a stigma.

And certainly, to be supportive of it within an investment discussion in a large generalist firm, you immediately isolate yourself. If you recommend a stock like Facebook to your peers and clients, and the stock goes down, you’re fine because everybody else is doing it. But if you recommend — let’s take one of our favourites — Torex to your peers and colleagues and it goes down, you could be out of a job. Because gold is the third rail of investment ideas. And all of this feeds into why the stocks are cheap and why the opportunity today, as a generalist contrarian, is the best I have seen it since I have been at this.

If you look at the earnings revisions this year for the largest 20 S&P companies, on the left-hand side of the chart, at the beginning of the year, it’s a steady path downward. But if you look at the earnings revisions for the gold mining firms, it’s a steady path from the left-hand side of the page to the right-hand side upwards.

And they kind of cross over.

Earnings for gold mining companies are going up. The gold price is higher. Costs have been relatively contained. And the sell-side analysts

1-16_NOV25_Main .indd 16

have generally been scrambling to up their estimates. It’s a phenomenon where nobody seems to take notice.

I mean, even though the stocks are up, well into the 20% to 30% area, they’re still way behind where they ought to be, given where the gold price is.

AV: If the general investors don’t take notice, then rival executives might be taking notice. Let’s turn to mergers and acquisitions (M&A).

Fifty percent of iron ore production comes from just four companies.

Fifty percent of copper production comes from just 10 companies. But 45% of gold production comes from 25 companies. When you hear stats like that, is there still more M&A needed in the gold sector?

JH: The M&A that we’ve seen lately has been mergers of equals. Barrick gets together with Randgold. Newmont gets together with Goldcorp.

I’m not saying they’re equal, but they are big mergers with not a lot of incremental value add for the shareholders of either company, and it will all work out over time.

Once the dust settles when these large companies sort out their portfolios and probably divest a couple of their mines or reconfigure into different companies, you will see M&A where you have a good deal of accretion not only for the company being bought, but for the acquiring company.

Mine lives in the mining industry are the lowest in three decades. And so they’re running out of headway for future production. We have seen big cutbacks in exploration and development. The spend is down.

You certainly see within the mining companies a lot of termination and cutbacks on mining, on exploration.

We also have seen that it’s so much harder today to put a new mine into production because of barriers from environmental, social and corporate governance kinds of things, and the reluctance of investors to fund the business. Because most of the funding now comes from streaming companies and very little in the way of bought deals, like what I remember 15 years ago. The capital just isn’t there to build a couple of billion-dollar new mines. We’re on a glide path lower, in terms of production for the industry.

At some point there will be a wakeup call, and that will come about because of higher prices in the metal.

And these companies know it. Any CEO of a large company would agree with everything I have said. But they are still hiding under their desks and looking at life with a rearview mirror in terms of taking advantage of the situation. This is the time to be a buyer. They’re very good at selling low and buying high. Don’t write that down [audience laughs].

But today you can buy an existing property that’s producing earnings and cash flow at a 35% discount to what it would cost you to start from scratch. This, obviously, is going to vary across the board, but it’s that kind of discount.

M&A would be, obviously, accretive, the premium, to the target company. But it could also be accretive to the shareholders of a major making that acquisition. This is a time to be a buyer. But what are they doing? They’re assuming reserves at US$1,200 an ounce, and very little makes sense at US$1,200 an ounce. They’re not going to make any acquisitions. And then they will bump it up. And sooner or later, the investors, shareholders and the investment banking world will be all over them to make deals, and they’ll cave in at higher prices.

Our strategy has been to position these — in many cases — singleasset companies that are penalized because of the headline risk for a single-asset company. The best ex-

John Hathaway, chairman of Tocqueville Management Corp. (left), and Anthony Vaccaro, The Northern Miner Group publisher, at the 2019 Precious Metals Summit in Zurich. PRECIOUS METALS SUMMIT

ample today is Semafo in Burkina Faso. It’s a terrible situation, but it’s a great mine. The company generates free cash. They have to fix it, and it will get fixed. But, in fact, if Semafo was held in a larger company that had seven or eight mines, sure it would hurt the stock, but it wouldn’t get the sort of dramatic, drastic reaction by investors to these, admittedly, very, very bad events.

We see many opportunities like this and they’re not necessarily in a difficult place like Burkina Faso.

They’re in the U.S., Canada, Mexico.

Almost any place I mention — other than the U.S., Canada or Australia — will be thought of as having some sort of headline risk. And if you’re a single-asset company outside of those three jurisdictions you’re penalized. And there are some companies, even in good jurisdictions, which have the same discount.

When you look at when gold was trading below US$300 there were different issues, the hedging was one thing. There was similar value — but not as good as there is today.

And investor interest was absolutely zero when we started our gold fund in 1998, as it is today. There are many things that can change. But what you can see for sure is that the valuations back in 1998–1999 — and the valuations today — will change for the better right across the board, big companies, small companies.

And we can only guess at what the reasons are.

But you have to start with the premise that the gold price is on a rise to higher levels, and I’m not talking about US$1,700 or US$1,800.

Most people think in those terms, but I was on a panel with David Rosenberg at the Precious Metals Summit in Beaver Creek, and David thinks, “Look, bonds have hit a cycle high, stocks have hit a cycle high in terms of valuation, and gold hasn’t.”

Would it surprise him for gold to hit US$3,000? He said, “Absolutely not.” And he is not a gold bug. He is a very rational economic analyst, and he is looking at all the things that I can see and he sees them more clearly than I do, as to where we’re headed from a macro point of view.

And the outcome to me is very, very friendly for the gold price.

I wish I had a time frame, but it’s years, it’s not tomorrow. Generalist investors will come back because the space will do well in terms of earnings and cash flow. And then they will discover, “Well, gee, these companies have been adding value, even though it isn’t reflected in their share price.” And then you’ll see the sell-side get more on their side and they will abandon their role as handmaids to the investment bankers and actually pick stocks — which they are not doing now. And so all of these things will take place over a period, maybe even a full decade.

But we’re in an upcycle in this space and we’re still at the very early stage where people are super skeptical, and maybe largely because it’s the third rail of investment ideas.

AV: Your fund has held Newmont.

What are your feelings about the

merger with Goldcorp, the deal logic there and how it has played out?

JH: I like Newmont. We have always held it. We have funds that require daily liquidity, and so we need to have some measure of names like Newmont that are liquid because you have to worry about the potential for redemptions. We don’t own Barrick right now, but I would consider that to be one if we had inflows, which we haven’t.

But our weightings in something like Newmont are a fraction of what they are for GDX. We have no weighting in Barrick. On the other hand, our weighting in Torex or Detour Gold is something like four, five, maybe even six times of its weighting in GDX. We’re so skewed to the mid and smaller-cap names, where the value exists and where you would potentially get much more of a lift from a better assessment by the mainstream investor of investing in precious metals.

Sure, Newmont would be a good stock, and it will be. And Barrick will be good, and Newcrest. And we own Newcrest probably more than the other two, and Agnico and so forth. But where you really stand to get outsized returns is beneath the surface. And again we’re one of the very few firms that’s doing that.

Now that we are joining Sprott, we have amplified research ability to due diligence, a lot of these kinds of things. We’re going get even more skewed towards that strategy.

AV: We have seen Barrick and Kirkland Lake increase their dividend.

Newmont not yet. Is that the sort of thing that we’re going to see more of to get the love back?

JH: Absolutely. And they can because they’re generating cash. Two years ago nobody would have dreamed, particularly in the executive suites of the gold mining industry, that we would even be at US$1,400, much less knocking on the door of US$1,500.

And the industry has tamped down operating costs. The all-in sustaining cost of mining has been relatively flat for the last three or four years.

And when you get a break out in the gold price, your margins go wide and you start to gush cash. And they’re starting to bump dividends — exactly what they should do.

AV: You have alluded to some of your larger positions: Detour, Torex, Wesdome, Pan American Silver, MAG Silver. Can you talk a little bit about the key factors that led to those investment decisions?

JH: Every one was different. In our mind, Detour was a very underperforming asset, and we got involved in a proxy battle with the incumbent board. Paulson & Co. led the charge.

We maintained cordial relations with the outgoing group. But it was clear to us that the asset was underperforming. And by the way, that’s a trophy asset. It’s a 20-plus-year mine life in Canada. Low grade to be sure, but a big land package and the possibility for much more discovery.

The headquarter count, at the time of the changeover of the board, was something like 40 to 50 people. This is in Toronto, very nice offices in Toronto — that always makes me suspicious. They’re down to 15. They brought in a good new board. They have a new CEO who is a tough-asnails operating guy. They were paying hundreds of millions to outside contractors. Now they have cut way back on that. And the operating costs of the asset have gone down substantially. They are generating free cash, and their debt has paid down substantially.

We’re only halfway there ... in terms of where they could get. Just internal things like better equipment availability and less turnover of key mine people. It just all adds up. On its own the stock has the potential to double from here without a takeout.

But sure as shooting, going back to this wind down of reserves and industry production, that is a trophy asset, and it’s beyond me why somebody hasn’t figured it out by now. But they will, and I’m happy to own it without a takeover right now because there’s enough on the way of internal improvements that will carry the stock higher. But our exit strategy here, maybe two, three years out, is going to be a takeover at a big premium to where the stock is trading, hopefully, twice where it is now.

AV: What about Pan American Silver?

JH: Terrific company, smart management. They’re generating free cash and paying a dividend ... there are three things.

First, they had a big discovery at La Colorada, an existing mine, but a different mining structure, a different geological structure. It will be a separate mine. They will announce preliminary reserves I think in December. And that’s here and now, but I don’t think sell-side investors have figured it out. I don’t think even most investors have. But this is like another mine, and it’s right on an existing asset that they own. Even they didn’t know about it two years ago. So that’s a big plus.

Then they took over Tahoe, a silver mine [Escobal] in Guatemala, which had been operating, but then was shut down because Tahoe’s management lost the social licence. Lots of bad things about Guatemala, but not beyond being fixed. And that mine could generate, I believe in terms of tax revenue to the government, 5% of gross domestic product. It’s too big for the Guatemalans not to have a self-interest. And Pan American management is essentially Latinbased, even though they’re from Vancouver. They’ll do a way better job working with all the local, federal and state authorities in Guatemala, and the community. The community actually wants this to happen to get it back and running.

And last there’s their asset in Argentina. Of course, it’s Argentina, so you’re not paying anything for it. But one day Argentina won’t be as bad as it is now. That’s another blockbuster type of development that might be five, seven, 10 years away, or maybe never. But it’s there in the portfolio, and it would move the needle dramatically.

So here’s a stock that trades at a low valuation. It’s not a takeover candidate. I think of this more as a management group, which is very skilled. They’re zigging while everybody else is zagging. They’re taking advantage of the landscape, as they did with Tahoe, to take advantage of a distressed situation. They knew it would be a while before they could get Guatemala back up and running.

But part of our thesis is that not only will companies be taken over, but there are smart management groups that will take advantage of a situation when very few other people are. TNM

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THE NORTHERN MINER / NOVEMBER 25–DECEMBER 8, 2019

17

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17_NOV25_ProDirectory .indd 17

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2019-11-19 1:54 PM

18

WWW.NORTHERNMINER.COM

NOVEMBER 25–DECEMBER 8, 2019 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / NOVEMBER 11–15 The S&P/TSX Composite Index rose 0.89% to close at 17,028.47. The S&P/TSX Global Mining Index gained 0.51% to 76.43 and the S&P/TSX Global Base Metals Index fell 2.47% to 102.61. The S&P/TSX Global Gold Index increased 2.4% to 239.57, and spot gold moved 0.62% higher to US$1,467.90 per ounce.

Franco-Nevada’s shares jumped $4.50, or 3.56%, to $131.02 apiece. The start of precious metal deliveries from Cobre Panama, which declared commercial production one month ahead of schedule on Sept. 1, and the addition of a new energy royalty in the Marcellus, resulted in strong growth during the third quarter. The company sold a record of 133,219 equivalent oz. gold at cash costs of US$276 per equivalent oz. gold. The company reported net income of US$101.6 million, or US54¢ per share, and adjusted earnings before interest, tax, depreciation and amortization of US$192.9 million, or US$1.03 per share.

Detour Gold climbed $2.64 per share, or 14%, to $21.39. The company reported adjusted net earnings of US$35.3 million (20¢ per share) in the third quarter, compared to an adjusted net loss of US$1.5 million (1¢ per share) in the year-earlier quarter. Gold production came in at 137,670 oz. at all-in sustaining costs (AISCs) of US$1,198 per oz. sold and total cash costs of US$730 per oz. sold, representing a 13% and 9% improvement, compared to the same

quarter last year. Detour is increasing the lower end of its 2019 production guidance range to 590,000 to 605,000 oz. gold, and expects production to be towards the upper end of that range. It is lowering the AISC guidance range for 2019 by US$75 per oz. to US$1,100 to US$1,175 per ounce.

Shares of Kirkland Lake Gold went up $2.21, or 3.7%, to $62.01. The company posted record net earnings in the third quarter of $176.6 million, or 84¢ per share — more than triple the net earnings of $55.9 million, or 27¢ per share, in the same quarter last year. Gold production rose 38% to 248,400 oz. Production costs rose to $73.7 million from $64.9 million in the year-earlier quarter, while AISCs per oz. sold averaged US$562 — a 13% improvement from the US$645 per oz. in the third TSX MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Kinross Gold K 17110 5.83 5.42 5.57 + 0.05 B2Gold Corp BTO 13982 4.72 4.41 4.63 + 0.11 Suncor Energy SU 13097 42.99 41.85 42.96 + 0.30 Barrick Gold ABX 12508 22.35 21.25 21.91 + 0.29 OceanaGold OGC 12185 3.22 2.56 2.60 - 0.37 Yamana Gold YRI 11568 4.62 4.22 4.56 + 0.23 First Quantum FM 10457 12.41 11.31 12.01 - 0.60 Semafo SMF 10039 3.05 2.60 2.75 - 0.41 Wallbridge Mng WM 9316 0.66 0.56 0.60 + 0.01 Lundin Mng LUN 8214 7.65 7.18 7.61 + 0.06

quarter of 2018. Kirkland raised its quarterly dividend by 2¢ to 6¢ per share, and ended the quarter with US$615.8 million in cash — a 31% increase from the US$469.4 million it had at the end of June 2019.

Caledonia Mining’s shares fell 55¢, or 4.96%, to $10.54. The company’s Blanket mine in Zimbabwe produced 13,646 oz. gold in the third quarter in a 7.3% increase from the second quarter, despite extended power

outages in July and August. AISCs came in at US$872 per oz., a 15.6% increase from the yearearlier quarter, partly resulting from higher royalty payments due to the increased gold price. Net profit attributable to shareholders reached $7.1 million — a 215% increase yearon-year. The higher profit included foreign exchange gains arising from the devaluation of Zimbabwe’s currency. TNM

TSX GREATEST PERCENTAGE CHANGE

Star Diamond Guyana Gldflds Aberdeen Intl Silvercorp Met Detour Gold Entree Res General Moly Sierra Metals Mawson Res Niocorp Dev Starcore Intl Belo Sun Mng St Augustine Amerigo Res Century Global Yorbeau Res Scandium Intl Prophecy Coal Avalon Advance Nemaska Lith

DIAM GUY AAB SVM DGC ETG GMO SMT MAW NB SAM BSX SAU ARG CNT YRB SCY PCY AVL NMX

3027 2365 212 3117 4479 1613 4 31 40 1196 164 1957 129 1844 67 417 168 1446 1074 6796

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Franco-Nevada FNV Detour Gold DGC Kirkland Lake KL Endeavour Mng EDV Newmont Gdcorp NGT Agnico Eagle AEM Pan Am Silver PAAS First Majestic FR Aura Minerals ORA Wheaton Prec M WPM Teck Res TECK.A Teck Res TECK.B Nexa Resources NEXA First Quantum FM Labrador IOR LIF Caledonia Mng CAL Semafo SMF OGC OceanaGold HudBay Min HBM SilverCrest SIL

0.29 0.20 0.29 + 45.0 0.68 0.50 0.66 + 26.9 0.04 0.03 0.04 + 16.7 6.51 5.44 6.34 + 14.2 22.01 18.51 21.39 + 14.1 0.40 0.31 0.38 + 13.4 0.37 0.34 0.37 + 12.3 2.00 1.73 1.95 + 11.4 0.16 0.14 0.16 + 10.3 0.77 0.68 0.75 + 10.3 0.07 0.05 0.05 - 28.6 0.49 0.33 0.35 - 27.8 0.02 0.02 0.02 - 25.0 0.57 0.40 0.47 - 24.2 0.11 0.00 0.08 - 23.8 0.03 0.02 0.02 - 20.0 0.13 0.10 0.10 - 20.0 0.39 0.29 0.31 - 17.6 0.06 0.05 0.05 - 16.7 0.20 0.16 0.17 - 15.4

VOLUME WEEK (000s) CLOSE CHANGE

2715 131.02 4479 21.39 3647 62.01 1043 24.66 440 49.70 2668 77.54 1572 24.32 2790 14.01 3 21.00 3323 35.61 15 21.77 7701 21.67 2 11.77 10457 12.01 1827 23.26 10 10.54 10039 2.75 12185 2.60 7857 4.66 2068 6.94

+ 4.50 + 2.64 + 2.21 + 1.54 + 1.29 + 1.26 + 1.09 + 1.05 + 0.88 + 0.84 - 0.98 - 0.78 - 0.61 - 0.60 - 0.60 - 0.55 - 0.41 - 0.37 - 0.29 - 0.26

TSX VENTURE EXCHANGE / NOVEMBER 11–15 The S&P/TSX Venture Composite Index fell 1.56% to 528.58. Spot gold finished at US$1,467.90 per oz., up 0.62%.

Shares of Great Bear Resources jumped 70¢, or 11.9%, to $6.57. The company announced on Nov. 7 it would raise $14.6 million in a bought-deal private placement. Under the deal, Cormark Securities and Canaccord Genuity will buy 1.75 million common shares at $8.35 per flow-through common share. The underwriters also have the option to sell up to another 250,000 flow-through shares at the same price, up to the closing date on Nov. 27. The proceeds will be used to finance exploration at the company’s projects in Ontario.

Shares of Aurania Resources climbed 30¢, or 11.8%, to $2.85. The company repor ted on Nov. 15 t hat it had completed scout drilling for epithermal gold and silver in the first hole at the Yawi A target at its Lost Cities–Cutucu project in southeastern Ecuador. The hole was drilled to 533 metres’ depth, and samples sent for lab work. The company said the first hole hit “veinlets that have banded textures typical of epithermal gold-silver systems at various depths.” Drilling is ready to go on a second platform and another bore-hole target is underway.

Aurania has four targets at Yawi and is performing mapping and soil sampling on a fifth. The company plans to drill several holes in each of the four targets at Yawi.

Callinex Mines rose 14¢, or 15.4%, to $1.05 per share. The company has started its 2019 year-end drill program at its Pine Bay project in Manitoba’s Flin Flon mining district. Callinex plans to drill 3,000 metres to test four of 10 target areas that could host a high-grade, zinc-coppergold-silver volcanogenic massive sulphide deposit. The drill program will follow up on a recently completed induced-polarization survey and reinterpret historic electromagnetic and geological data. Pine Bay is 16 km from Hudbay’s 777 mine and TSX-V MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Vulcan Mnrls VUL 12817 Lucky Min LKY 10668 EastCoal Inc ECX.H 4521 Stans Energy HRE 4086 Sphinx Res SFX 3207 Logan Res TRAD 3066 Falcon Gold FG 2662 Barkerville BGM 2585 Origin Gold OIC 2570 Goldsource Min GXS 2549

0.21 0.02 0.07 0.02 0.03 0.05 0.05 0.41 0.08 0.09

0.06 0.02 0.06 0.01 0.02 0.04 0.04 0.39 0.08 0.08

0.08 + 0.02 unch 0.06 unch 0.01 unch 0.02 unch 0.05 - 0.04 - 0.40 unch 0.08 unch 0.08 +

0.06 0.00 0.00 0.00 0.00 0.01 0.01 0.00 0.00 0.01

processing facilities.

Shares of Osino Resources fell 26¢, or 35.1%, to 48¢. Assay results from eight infill drill holes at the company’s Twin Hills Central discovery in Namibia confirmed mineralization over an 800-metre strike length, the company reported. Six of the eight holes intersected mineralization, with hole 7 returning 49 metres of

1.04 grams gold per tonne, including 16 metres of 1.58 grams gold and 16 metres of 1.23 grams gold. The drill program aims to define higher-grade shoots and strike extensions at Twin Hills Central.

Other work planned includes initial drill traverses at Twin Hills West, Barking Dog and Clouds. The next assays are expected by mid-December. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Red Moon Res Nickel North Vulcan Mnrls Jasper Mining Stria Lithium Jaeger Res Cliffmont Res Pan Andean Min Silver Spruce Stratabd Mnr Intl Samuel Ex Sky Gold Bold Ventures ExGen Res Inc Aurelius Min Tintina Mines Till Capital Luckystrike Osino Res Jourdan Res

RMK NNX VUL JSP.H SRA JAEG CMO.H PAD SSE SB ISS SKYG BOL EXG AUL TTS TIL LUKY OSI JOR

650 1414 12817 24 67 325 113 408 1227 650 206 625 64 313 1317 17 4 1871 1542 91

0.24 0.03 0.21 0.04 0.01 0.02 0.12 0.06 0.07 0.06 0.02 0.01 0.01 0.01 0.03 0.07 2.00 0.02 0.73 0.02

0.07 0.01 0.06 0.03 0.00 0.01 0.07 0.00 0.04 0.04 0.01 0.01 0.01 0.01 0.02 0.04 1.00 0.02 0.47 0.00

0.13 0.02 0.08 0.03 0.01 0.02 0.12 0.06 0.06 0.06 0.01 0.01 0.01 0.01 0.02 0.04 1.00 0.02 0.48 0.01

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 333.3 + 300.0 + 275.0 + 200.0 + 100.0 + 100.0 + 84.6 + 71.4 + 57.1 + 57.1 - 66.7 - 50.0 - 50.0 - 50.0 - 50.0 - 46.2 - 43.5 - 40.0 - 35.1 - 33.3

VOLUME WEEK (000s) CLOSE CHANGE

Great Bear Res Equinox Gold Pac Booker Min Aurania Res Callinex Mines White Gold Red Moon Res Bluestone Res Graphite One GT Gold Till Capital Cantex Mn Dev Osino Res Garibaldi Res Lion One Mtls Itafos Chesapeake Gld Novo Res HighGold Cornerstone Ca

GBR EQX BKM ARU CNX WGO RMK BSR GPH GTT TIL CD OSI GGI LIO IFOS CKG NVO HIGH CGP

611 548 12 129 89 829 650 220 166 1470 4 913 1542 871 1503 8 34 563 191 37

6.57 8.40 2.50 2.85 1.05 0.90 0.13 1.17 0.39 0.79 1.00 1.29 0.48 0.93 0.88 1.06 2.85 2.68 1.19 1.97

+ 0.70 + 0.35 + 0.34 + 0.30 + 0.14 + 0.13 + 0.10 + 0.09 + 0.09 + 0.07 - 0.77 - 0.34 - 0.26 - 0.24 - 0.22 - 0.21 - 0.18 - 0.16 - 0.12 - 0.10

U.S. MARKETS / NOVEMBER 11–15 The Dow Jones Industrial Average rose 1.17% to 28,004.89, and the S&P 500 Index increased 0.89% to 3,120.46. Spot gold gained 0.62% to US$1,467.90.

Sibanye-Stillwater climbed US52¢ per share, or 7.39%, to US$7.56. The company reached t h ree-yea r wage ag reements w it h u n ion s for it s Ru s tenbu rg a nd Marikana operations in South Africa, which comprise part of the SA Platinum Group Meta ls operat ions. CEO Nea l Froneman said t he negotiations were conducted without any disruption. The compa ny employs more t ha n 33,0 0 0 employees, excluding contractors, at its Marikana and Rustenburg operations on the Western Limb of the Bushveld complex. Rustenberg is 120 km northwest of Johannesburg, and Marikana is 40 km east of Rustenberg.

Wheaton Precious Metals’ shares rose US66¢, or 2.51%, to US$26.94. The company generated US$142.3 million in operating cash flow in the third quarter and adjusted net earnings of US$75.96 million — year-onyear increases of 31% and 107%, respectively.

Attributable gold production in the three

18_NOV25_MarketNews.indd 18

months ended Sept. 30 came in at 104.2 million. The company updated its 2019 guidance to 390,000 attributable oz. gold production from 385,000 oz. previously, owing to strong performance by the Salobo mine in Brazil, and 21 million attributable oz. silver production, down from 22.5 million oz., to reflect production interruptions at the Penasquito mine in Mexico. Its forecast for palladium remains unchanged at 22,000 attributable ounces.

Shares of Arch Coal fell US$3.99, or 4.96%, to US$76.43. The company discontinued longwall operations at its Mountain Laurel U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Vale* VALE 120064 11.62 Yamana Gold* AUY 105681 3.50 Freeport McMoR* FCX 91797 11.27 Kinross Gold* KGC 71804 4.40 United States S* X 54274 14.03 Barrick Gold* GOLD 50279 16.85 Hecla Mining* HL 45729 2.49 Cleveland-Clif* CLF 36756 7.43 Gold Fields* GFI 32973 5.51 Coeur Mng* CDE 25791 6.58

11.18 11.46 - 0.31 3.19 3.44 + 0.17 10.68 11.16 - 0.36 4.09 4.21 + 0.04 12.73 13.08 - 0.49 16.07 16.57 + 0.20 2.31 2.39 + 0.08 7.05 7.18 - 0.39 5.03 5.35 + 0.28 5.91 6.29 + 0.35

mine in West Virginia three months earlier than planned. Management said it expects the move will lower the company’s fourth-quarter coking coal volumes by between 150,000 and 200,000 tonnes, and its operating results

by US$20 million. Once removed from the

mine, the longwall system will be refurbished and relocated to the Leer South mine, where longwall production is expected to start in the third quarter of 2021. The move accelerates the planned transition of Mountain Laurel to a room-and-pillar operation. TNM

U.S. GREATEST PERCENTAGE CHANGE

First Majestic* AG Sibanye-Stillw* SBGL Endeavr Silver* EXK NACCO Ind* NC Coeur Mng* CDE IAMGOLD* IAG Gold Fields* GFI Yamana Gold* AUY Harmony Gold* HMY Pretium Res* PVG CONSOL Coal Rs* CCR Peabody Enrgy* BTU Nexa Resources* NEXA CONSOL Energy* CNX CONSOL Energy* CEIX Alcoa* AA Intrepid Pots* IPI HudBay Min* HBM McEwen Mng* MUX Cleveland-Clif* CLF

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

18580 10.78 9.77 10.60 + 8.2 16493 7.66 6.73 7.56 + 7.4 11865 2.41 2.15 2.33 + 6.4 69 49.25 45.89 49.01 + 6.2 25791 6.58 5.91 6.29 + 5.9 22144 3.66 3.32 3.54 + 5.7 32973 5.51 5.03 5.35 + 5.5 105681 3.50 3.19 3.44 + 5.2 19407 3.39 3.02 3.27 + 4.8 7320 9.41 8.66 9.21 + 3.8 339 11.08 9.54 9.77 - 11.3 6738 10.68 9.20 9.51 - 10.6 1211 9.77 8.56 8.64 - 8.2 12151 9.17 8.25 8.62 - 8.0 2811 13.10 11.74 12.26 - 7.5 16986 23.02 20.44 20.89 - 7.3 4636 2.53 2.18 2.35 - 7.1 4406 3.69 3.15 3.52 - 6.4 13260 1.72 1.53 1.54 - 6.1 36756 7.43 7.05 7.18 - 5.2

U.S. GREATEST VALUE CHANGE

MartinMarietta* MLM Franco-Nevada* FNV NACCO Ind* NC Kirkland Lake* KL Newmont Gdcorp* NEM Agnico Eagle* AEM First Majestic* AG Wheaton Prec M* WPM Sibanye-Stillw* SBGL Black Hills* BKH Arch Coal* ARCH Alcoa* AA CONSOL Coal Rs* CCR Peabody Enrgy* BTU Mosaic* MOS CONSOL Energy* CEIX Nexa Resources* NEXA CONSOL Energy* CNX Teck Res* TECK Buenaventura* BVN

VOLUME WEEK (000s) CLOSE CHANGE

2460 260.43 3208 99.04 69 49.01 5469 46.92 21636 37.61 5131 58.62 18580 10.60 9770 26.94 16493 7.56 1221 75.59 1343 76.43 16986 20.89 339 9.77 6738 9.51 22860 19.75 2811 12.26 1211 8.64 12151 8.62 12818 16.39 5299 14.73

+ 3.53 + 3.43 + 2.87 + 1.71 + 1.00 + 0.97 + 0.80 + 0.66 + 0.52 + 0.50 - 3.99 - 1.64 - 1.24 - 1.13 - 1.06 - 0.99 - 0.77 - 0.75 - 0.60 - 0.54

2019-11-19 6:45 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / NOVEMBER 25–DECEMBER 8, 2019

19

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

PRODUCER AND DEALER PRICES

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, November 15, 2019 (change from November 8, 2019 in brackets): Aluminium Alloy 6920 (+620) 1065175 (+122000) Aluminium Copper 224775 (-11175) 66850 (-2750) Lead 64566 (-1506) Nickel 6640 (+90) Tin Zinc 52550 (+1725)

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

Copper: US$2.64/lb.

Copper: CME Group Futures Dec. 2019: US$2.62/lb.; Jan. 2020: US$2.62/lb Iridium: NY Dealer Mid-mkt US$1,460.00/tr oz.

Iron Ore 62% Fe CFR China-S: US$84.80/tonne Lead: US$0.91/lb.

Phosphate Rock: US$86.00/tonne Potash: US$226.00/tonne Rhodium: Mid-mkt US$5,805.00 tr. oz.

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

Silver: Handy & Harman Base: US$16.98 per oz.; Handy & Harman Fabricated: US$22.01 per oz.

Tin: US$7.38/lb.

Uranium: U3O8, Trade Tech spot price: US$24.95 per lb.

U308 Zinc: US$1.10/lb.

Prices current Nov.18, 2019

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

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

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

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

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

TSX VENTURE WARRANTS NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

Index Nov 15 Nov 14 Nov 13 Nov 12 Nov 11 High Low S&P/TSX Composite 17028.47 16972.18 16957.99 16909.38 16882.76 15527.30 12400.15 S&P/TSXV Composite 528.58 527.15 530.63 536.32 534.60 1050.26 883.52 S&P/TSX 60 1019.86 1015.68 1016.03 1012.97 1011.04 896.74 709.99 S&P/TSX Global Gold 239.57 241.76 240.02 236.72 233.98 218.90 149.29 DJ Precious Metals 203.14 203.14 201.88 199.40 197.36 420.72 130.95

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Oct 31, 2019 (with changes from Oct 15, 2019) Largest short positions Nemaska Lith NMX 23153793 572666 10/15/2019 Sandstorm Gold SSL 21011482 443779 10/15/2019 NGD 16451404 1501093 10/15/2019 New Gold IVN 15078571 180089 10/15/2019 Ivanhoe Mines K 12463795 -692254 10/15/2019 Kinross Gold ABX 11571620 -1913569 10/15/2019 Barrick Gold OGC 11448331 5537471 10/15/2019 OceanaGold NXE 10674400 -37206 10/15/2019 Nexgen Energy 9915428 1727797 10/15/2019 Premier Gold M PG YRI 9548126 1410336 10/15/2019 Yamana Gold FM 9529455 1675793 10/15/2019 First Quantum SU 8973945 943419 10/15/2019 Suncor Energy ASR 8448207 3790794 10/15/2019 Alacer Gold RNX 8138093 175777 10/15/2019 Royal Nickel FVI 8011189 408734 10/15/2019 Fortuna Silvr Largest increase in short position OGC 11448331 5537471 10/15/2019 OceanaGold ASR 8448207 3790794 10/15/2019 Alacer Gold CGG 4767005 3706708 10/15/2019 China Gold Int SMF 5754669 3294553 10/15/2019 Semafo SVM 4526894 2744069 10/15/2019 Silvercorp Met Largest decrease in short position FF 979935 -7885708 10/15/2019 First Mg Fin LYD 241947 -3321987 10/15/2019 Lydian Intl ABX 11571620 -1913569 10/15/2019 Barrick Gold MGA 1583364 -846855 10/15/2019 Mega Uranium KL 1049317 -821316 10/15/2019 Kirkland Lake

Short positions outstanding as of Oct 31, 2019 (with changes from Oct 15, 2019) Largest short positions PAC 5303960 4705070 10/15/2019 Pacton Gold Novo Res NVO 2884201 1015044 10/15/2019 Gratomic GRAT 1390073 1365073 10/15/2019 KNT 1251766 -14938 10/15/2019 K92 Mining MKR 1001520 960189 10/15/2019 Melkior Res Equinox Gold EQX 564865 -13474 10/15/2019 CLM 488289 321621 10/15/2019 Crystal Lake Coral Gold CLH 471691 471371 10/15/2019 New Pac Metals NUAG 458219 -284249 10/15/2019 Fission 3.0 FUU 433564 204564 10/15/2019 Western Mag WMG 432621 -624610 10/15/2019 Victoria Gold VIT 396746 177956 10/15/2019 Macarthur Min MMS 395061 373777 10/15/2019 Great Bear Res GBR 394183 -35058 10/15/2019 374000 10/15/2019 Golden Ridge GLDN 394000 Largest increase in short position Pacton Gold PAC 5303960 4705070 10/15/2019 Gratomic GRAT 1390073 1365073 10/15/2019 NVO 2884201 1015044 10/15/2019 Novo Res Melkior Res MKR 1001520 960189 10/15/2019 CLH 471691 471371 10/15/2019 Coral Gold Largest decrease in short position Sandspring Res SSP 390355 -1579520 10/15/2019 Ucore Rare Mtl UCU 228947 -1121622 10/15/2019 22264 -982033 10/15/2019 Metalex Vent MTX Blue Star Gold BAU 30367 -624633 10/15/2019 Western Mag WMG 432621 -624610 10/15/2019

DAILY METAL PRICES Daily Metal Prices Nov 18 Nov 15 Nov 14 Nov 13 Nov 12 Date BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1295/1245 1290/1260 1330/1285 1330/1280 1320/1270 1740/1473 1755.50/1758 1767/1768 1765/1766 Aluminum 1743.50/1745 Copper 5827.50/5850 5811.50/5830 5834/5853.50 5822.50/5849 5837/5855 Lead 1975/1989 2003/2008 2022.50/2027 2036/2036 2078/2078 Nickel 14750/14780 14980/14975 15350/15355 15520/15515 15490/15470 16155/16150 16225/16225 16180/16150 16300/16325 16450/16475 Tin 2383/2363 2426/2385 2457/2410.50 2480/2437 16450/16475 Zinc PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.)

Gold AM 1458.40 1465.60 1467.65 1463.45 1455.00 Gold PM 1467.65 1466.90 1466.65 1462.90 1452.05 Silver 16.80 16.87 17.04 16.95 16.74 Platinum 883.00 872.00 867.00 869.00 881.00 Palladium N/A 1725.00 1722.00 1706.00 1698.00

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

NEW 52-WEEK HIGHS AND LOWS NOVEMBER 11–15, 2019 40 New Highs Arian Res* Callinex Mines Callinex Mines* Clifton Mng* Coeur Mng* Copper One Forum Energy Forum Energy* Goldbank Mng* Golden Hope* GSP Resource Impala Platnm* Lion One Mtls Lion One Mtls* Mangazeya Mng Mineral Mtn Mineral Mtn* Namibia Crit Niocorp Dev

Niocorp Dev* Nippon Dragon Nippon Dragon* Nubian Res PanTerra Gold* Red Moon Res RJK Explor RJK Explor* Silver Fields* Silver Spruce Silvercorp Met Silvercorp Met* Star Diamond* Superior Mng Universal Vent Veris Gold* Vizsla Res Vulcan Mnrls Wesdome Gold Wesdome Gold* Yorbeau Res*

81 New Lows Aben Resources* All American* American Lith* American Mang Amerigo Res Amerigo Res* Arcus Dev Grp* Arianne Phosph AsiaBaseMetals* Benton Res* Cache Explor* China Gold Int CNRP Mng CNRP Mng* CONSOL Coal Rs* CONSOL Energy* Copper One Copper One * EVI Global Grp

Falco Res Fiorentina Min Fission Uran Fission Uran* Fremont Gold* Glen Eagle Res* Great Western* Hybrid Mineral Intrepid Pots* Jervois Mining* Juggernaut Exp Klondike Gold La Imperial Largo Res Largo Res* Leeta Gold Legion Metals Liberty One Li* Logan Res Lucara Diam Lydian Intl*

Magna Gold* Mason Graphite Mason Graphite* Maya Gold &Sil Melior Res* Metalo Manuf* Mexican Gold* MGX Minerals MGX Minerals* Midas Gold Nemaska Lith Nemaska Lith* Noka Res* Noront Res Noront Res* OceanaGold Osisko Metals* Pacton Gold Palladium One* Peabody Enrgy* Pure Energy*

Ravencrest Res Ridgestone M’g Riley Resource RosCan Gold* Rugby Mng Sanatana Res Scottie Res* Signature Res* Skyharbour Res* Standard Graph* Stans Energy* Stellar Africa* Strikepoint Gd* Tinka Res TMAC Resources U.S. Gold* Victory Metals* Wealth Mnrls* Wolfden Res Wolfden Res

CANADIAN GOLD MUTUAL FUNDS Fund Nov 15 ($) Nov 08 ($) Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) 18.75 18.63 0.13 0.68 0.58 2.80 88.21 AGF Glob Re A Fd MF BMO Prec Mtls Fd A 21.44 21.12 0.32 1.52 26.93 2.40 54.20 BMO ZGD 56.99 55.81 1.17 2.10 41.69 0.61 BMO ZJG 55.74 54.36 1.38 2.53 32.39 0.60 CIBC Prec Metal Fd A 11.65 11.36 0.29 2.54 30.88 2.44 49.52 Dyn Prec Metls Fd A 7.78 7.71 0.07 0.91 25.15 2.73 417.80 22.93 -0.11 -0.47 0.01 4.89 Harvest HGGG Horizons HEP 27.40 0.74 2.68 31.56 0.83 IG Mac GbPMetCl A 10.21 9.99 0.22 2.15 34.05 2.75 34.27 iShares XGD 14.93 14.58 0.35 2.40 34.07 0.61 854.64 53.48 52.34 1.14 2.17 34.16 2.53 63.82 Mac Prec Met Cl A NBI PrecMetFd Invt 14.69 0.45 3.06 34.38 2.46 29.99 35.32 34.91 0.41 1.17 16.14 3.19 NPT Go&PrMinFd A NPT SilverEquCl A 5.59 5.54 0.06 1.04 25.70 2.98 RBC GblPreMetFd A 40.28 39.66 0.62 1.56 33.40 2.13 356.92 Sentry Pre Met Fd A 33.02 32.81 0.21 0.63 6.25 2.43 163.34 39.45 38.46 0.99 2.57 33.38 2.26 130.60 TD Prec Mtl Fd Inv

Nov 15 Nov 14 Nov 13 Nov 12 Nov 11 1.3250 1.3250 1.3252 1.3237 1.3234 0.7547 0.7547 0.7546 0.7555 0.7556

Exchange rates (Quote Media, November 15, 2019) C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand C$ to AUS 1.1118 0.6849 81.8865 14.5869 11.1923 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 5.2985 54.3132 0.7463 881.6822 0.5859 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.4732 0.9074 108.4990 19.3271 14.8249 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.7763 7.0208 71.9658 0.9888 1168.5200

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

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

19_NOV25_MMMM.indd 19

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

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

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

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

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

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

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

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

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

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

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

GLOBAL MINING NEWS · SINCE 1915

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

2019-11-19 4:22 PM

20

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: NOVEMBER 11–15, 2019 (100s) Stock

WWW.NORTHERNMINER.COM

NOVEMBER 25–DECEMBER 8, 2019 / THE NORTHERN MINER

Week

12-month

Exc Volume High Low Last Change High Low

A 1911 Gold* O 25 1911 Gold V 656 21C Metals* O 260 21C Metals C 427 66 Resources C 33 92 Resources V 188 V 58 Abacus Mining Abacus Mining* O 59 Abcourt Mines V 398 Abcourt Mines* O 86 O 251 Aben Resources* Aben Resources V 657 Aberdeen Intl* O 46 Aberdeen Intl T 212 Abitibi Royal* O 2 Abitibi Royal V 11 AbraPlata Res* O 165 V 238 AbraPlata Res Abzu Gold* O 6 Academy Metals V 19 O 342 Adamera Min* Adamera Min V 267 Adex Mining V 598 Advance Gold V 82 Advantage Lith* O 180 V 348 Advantage Lith Adventus V 34 Adventus* O 14 Aethon Mineral V 91 AEX Gold V 98 Affinity Metal* O 118 African Gold* O 74 African Gold V 195 African Min* O 41 3 African Rainb* O Aftermath Silv* O 600 Aftermath Silv V 1005 Agnico Eagle T 2668 Agnico Eagle* N 5131 AgriMinco* O 84 Aguila Amer Gd V 5 C 84 AJN Resources Alacer Gold T 4114 Alamos Gold T 2830 Alamos Gold* N 11518 100 Alaska Pac Egy* O O 4 Alba Minerals* Albert Mining V 196 O 3 Albert Mining* N 16986 Alcoa* V 70 Aldebaran Res Alderon Iron* O 21 Alderon Iron T 104 Aldever Res* O 0 Aldever Res V 6 O 331 Alexandra Cap* Alexco Res T 1474 Alexco Res* X 5445 Algold Res V 101 Algold Res* O 0 Alianza Min V 707 Alianza Min* O 90 Alien Metals* O 830 Alio Gold* X 429 Alio Gold T 105 All American* O 36 Allegiant Gold V 146 O 80 Allegiant Gold* Alliance Mng V 53 Alliance Res* D 3892 Almaden Min T 262 Almaden Min* X 1870 Almadex Min* O 149 Almadex Min V 159 Almonty Ind * O 8 Almonty Ind T 89 Aloro Mining* O 0 Aloro Mining V 30 Alpha Lithium V 95 O 3 Alpha Lithium* 29 Alphamin Res * O Alphamin Res V 213 ALQ Gold C 222 Altai Resource V 1486 O 2 Altai Resource* Altair Res Inc* O 25 Altair Res Inc V 157 Altamira Gold V 216 Altamira Gold* O 100 Altan Nevada V 50 Altiplano Met V 144 Altiplano Met* O 44 Altius Mnrls * O 91 Altius Mnrls T 228 Alto Ventures* O 33 Alto Ventures V 255 Altura Mining* O 326 Alturas Min V 128 Altus Strat V 129 Alumina Ltd* O 74 ALX Uranium* O 101 ALX Uranium V 1005 AM Resources V 206 Amador Gold V 840 Amarc Res V 104 Amarc Res* O 74 Amarillo Gold V 412 Amarillo Gold* O 138 Amazing Energy* O 15 122 Amer Intl Vent* O American Batt* O 15 American Creek* O 93 American Creek V 537 American CuMo* O 35 American Lith V 407 American Lith* O 137 American Mang* O 594 American Mang V 399 American Pac C 821 O 25 American Pac* AmericanSierra* O 53 Americas Silvr* X 1542 Americas Silvr T 1390 Amerigo Res T 1844 Amerigo Res* O 1265 Amex Expl* O 22 Amex Expl V 160 Amilot Capital V 85 Amilot Capital* O 0 Amseco Expl V 8 Anaconda Mng T 482 Anaconda Mng* O 309 Andes Gold* O 117 V 118 Anfield Energy Anfield Energy* O 90 Angel Gold V 36 Angel Gold* O 0 Angkor Gold* O 92 Angkor Res V 242 Anglo American* O 7 Anglo American* O 608 Anglo Pac Grp T 1 AngloGold Ash* O 0 AngloGold Ash* N 9575 Antioquia Gold V 37 Antioquia Gold* O 20 Antler Gold V 44 Antler Hill V 15 Antofagasta* O 35 Apex Res * O 21 Apex Res V 1071 Appia Energy C 63 Appia Energy* O 46 Applied Min* O 432 Aquila Res* O 194 Aquila Res T 199 Arbor Metals V 3 Arch Coal* N 1343 Arctic Star* O 40 Arctic Star V 240 Arcturus Vent* O 269 Arcturus Vent V 474 Arcus Dev Grp* O 5 Arcus Dev Grp V 74 Arcwest Explor V 114 Arcwest Explor* O 131 Arena Min* O 56

20-23_NOV25_StockTables.indd 20

0.21 0.00 0.21 + 0.04 0.28 0.16 0.27 0.22 0.27 + 0.05 0.37 0.22 0.11 0.06 0.07 - 0.01 0.30 0.02 0.10 0.08 0.08 - 0.02 0.36 0.07 0.11 0.11 0.11 unch 0.00 0.37 0.06 0.11 0.09 0.09 - 0.02 0.90 0.08 0.07 0.00 0.06 - 0.01 0.12 0.04 0.05 0.04 0.04 - 0.00 0.10 0.03 0.08 0.07 0.08 + 0.01 0.10 0.04 0.06 0.05 0.06 + 0.00 0.09 0.03 0.06 0.04 0.06 + 0.00 0.20 0.04 0.08 0.07 0.07 unch 0.00 0.27 0.07 0.03 0.02 0.03 + 0.01 0.05 0.02 0.04 0.03 0.04 + 0.01 0.07 0.03 11.18 11.00 11.15 + 0.07 11.50 5.89 14.99 14.50 14.80 unch 0.00 15.35 7.98 0.04 0.04 0.04 + 0.00 0.08 0.03 0.05 0.05 0.05 unch 0.00 0.11 0.04 0.00 0.00 0.00 unch 0.00 1.07 0.00 0.15 0.15 0.15 unch 0.00 1.40 0.14 0.02 0.00 0.02 - 0.00 0.08 0.01 0.02 0.02 0.02 unch 0.00 0.12 0.02 0.01 0.00 0.01 unch 0.00 0.02 0.01 0.09 0.08 0.08 - 0.01 0.14 0.05 0.17 0.14 0.15 - 0.02 0.55 0.14 0.22 0.18 0.19 - 0.04 0.72 0.18 0.94 0.90 0.91 - 0.07 1.16 0.66 0.72 0.67 0.70 - 0.02 0.90 0.48 0.17 0.16 0.17 + 0.01 0.30 0.11 0.41 0.40 0.41 + 0.03 0.44 0.24 0.12 0.09 0.09 - 0.02 0.13 0.04 0.26 0.22 0.23 - 0.00 0.44 0.12 0.36 0.30 0.31 - 0.01 0.59 0.08 0.00 0.00 0.00 + 0.00 0.01 0.00 9.75 9.75 9.75 unch 0.00 13.60 9.50 0.22 0.19 0.22 + 0.03 0.25 0.05 0.25 0.23 0.25 unch 0.00 0.33 0.05 79.18 75.16 77.54 + 1.26 86.39 45.43 59.78 56.80 58.62 + 0.97 64.88 34.05 0.00 0.00 0.00 - 0.00 0.00 0.00 0.17 0.17 0.17 unch 0.00 0.27 0.15 0.20 0.17 0.17 - 0.03 0.30 0.05 6.76 6.46 6.49 - 0.18 6.93 2.04 7.19 6.86 7.10 + 0.13 10.12 3.88 5.43 5.19 5.37 + 0.10 7.78 2.90 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.04 0.02 0.03 unch 0.00 0.09 0.02 0.08 0.00 0.07 - 0.01 0.25 0.03 0.05 0.04 0.04 - 0.00 0.19 0.02 23.02 20.44 20.89 - 1.64 36.72 16.46 0.33 0.28 0.31 - 0.02 0.75 0.28 0.14 0.14 0.14 unch 0.00 0.35 0.13 0.20 0.17 0.17 - 0.03 0.50 0.18 0.00 0.00 0.07 unch 0.00 0.10 0.02 0.07 0.00 0.07 unch 0.00 0.20 0.04 0.54 0.32 0.33 - 0.01 0.60 0.30 2.42 2.14 2.27 + 0.05 3.73 0.97 1.83 1.62 1.73 + 0.07 2.81 0.74 0.12 0.00 0.12 + 0.02 0.90 0.10 0.00 0.00 0.09 unch 0.00 0.38 0.09 0.06 0.05 0.06 - 0.01 0.10 0.04 0.05 0.03 0.05 + 0.00 0.07 0.03 0.00 0.00 0.00 + 0.00 0.01 0.00 0.60 0.55 0.60 + 0.02 1.07 0.51 0.80 0.75 0.79 + 0.04 1.40 0.69 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.08 0.07 0.07 - 0.01 0.33 0.07 0.06 0.05 0.06 + 0.00 0.26 0.04 0.01 0.01 0.01 unch 0.00 0.02 0.01 12.37 11.43 12.32 + 0.61 20.78 10.30 0.70 0.58 0.66 + 0.06 1.19 0.57 0.55 0.43 0.51 + 0.05 0.90 0.43 0.20 0.14 0.17 + 0.02 0.45 0.14 0.26 0.23 0.24 + 0.01 0.45 0.23 0.50 0.46 0.50 + 0.00 0.81 0.37 0.70 0.61 0.69 + 0.06 1.10 0.51 0.00 0.00 0.03 unch 0.00 0.16 0.02 0.03 0.03 0.03 unch 0.00 0.23 0.03 0.34 0.30 0.32 + 0.02 0.36 0.06 0.23 0.22 0.22 - 0.03 0.26 0.10 0.14 0.14 0.14 unch 0.00 0.22 0.13 0.19 0.18 0.19 unch 0.00 0.29 0.16 2.10 1.75 1.84 - 0.24 4.04 0.65 0.06 0.05 0.06 + 0.01 0.13 0.05 0.02 0.02 0.02 unch 0.00 0.10 0.05 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.03 0.02 0.03 + 0.01 0.07 0.02 0.08 0.07 0.07 - 0.01 0.12 0.05 0.05 0.05 0.05 unch 0.00 0.09 0.04 0.05 0.05 0.05 unch 0.00 0.07 0.02 0.08 0.07 0.07 unch 0.00 0.19 0.06 0.06 0.06 0.06 unch 0.00 0.09 0.05 8.70 8.27 8.43 - 0.14 10.28 7.31 11.49 10.92 11.11 - 0.19 13.76 10.04 0.02 0.01 0.01 - 0.01 0.03 0.01 0.03 0.03 0.03 unch 0.00 0.04 0.02 0.05 0.04 0.04 - 0.01 0.17 0.04 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.09 0.08 0.08 + 0.01 0.10 0.04 6.75 6.56 6.71 + 0.11 7.93 5.69 0.03 0.02 0.02 - 0.01 0.07 0.02 0.04 0.03 0.04 + 0.01 0.09 0.03 0.08 0.08 0.08 unch 0.00 0.21 0.07 0.42 0.39 0.42 + 0.01 0.90 0.39 0.04 0.04 0.04 unch 0.00 0.08 0.04 0.03 0.03 0.03 + 0.00 0.06 0.03 0.22 0.18 0.21 + 0.04 0.31 0.16 0.16 0.14 0.16 + 0.03 0.23 0.11 0.10 0.06 0.08 - 0.01 0.40 0.00 0.01 0.01 0.01 unch 0.00 0.02 0.00 0.12 0.11 0.12 unch 0.00 0.35 0.08 0.06 0.05 0.05 - 0.01 0.09 0.02 0.07 0.06 0.07 - 0.01 0.11 0.03 0.06 0.06 0.06 unch 0.00 0.10 0.00 0.14 0.11 0.11 - 0.02 0.61 0.11 0.10 0.08 0.08 - 0.02 0.47 0.08 0.17 0.15 0.17 + 0.02 0.24 0.10 0.22 0.00 0.22 unch 0.00 0.31 0.13 0.11 0.08 0.08 - 0.02 0.31 0.04 0.07 0.06 0.06 - 0.01 0.24 0.03 0.03 0.00 0.03 + 0.01 0.03 0.01 2.82 2.56 2.63 - 0.01 3.92 1.24 3.72 3.40 3.45 - 0.03 5.19 1.66 0.57 0.40 0.47 - 0.15 1.21 0.40 0.42 0.30 0.35 - 0.13 0.92 0.30 0.84 0.80 0.83 + 0.03 1.12 0.10 1.15 1.03 1.08 + 0.03 1.52 0.08 0.04 0.04 0.04 unch 0.00 0.15 0.03 0.00 0.00 0.05 unch 0.00 0.06 0.00 0.04 0.00 0.04 unch 0.00 0.10 0.04 0.22 0.20 0.22 + 0.02 0.36 0.19 0.17 0.15 0.16 + 0.00 0.27 0.14 0.00 0.00 0.00 - 0.00 0.01 0.00 0.12 0.10 0.11 - 0.01 0.29 0.10 0.08 0.08 0.08 - 0.00 0.23 0.08 0.02 0.02 0.02 unch 0.00 0.05 0.02 0.00 0.00 0.02 unch 0.00 0.03 0.01 0.08 0.06 0.07 + 0.01 0.13 0.06 0.10 0.09 0.09 - 0.01 0.20 0.09 26.88 25.89 26.03 - 0.85 29.00 19.61 13.35 13.09 13.32 - 0.11 14.74 9.72 3.95 0.00 3.95 unch 0.00 4.20 2.12 0.00 0.00 20.15 unch 0.00 22.57 11.00 20.23 18.56 19.56 + 0.48 23.85 9.66 0.03 0.00 0.03 - 0.01 0.04 0.02 0.02 0.02 0.02 + 0.00 0.03 0.01 0.07 0.06 0.06 unch 0.00 0.18 0.05 0.08 0.05 0.05 unch 0.00 0.09 0.05 11.49 0.00 11.49 - 0.36 13.24 9.33 0.18 0.14 0.17 - 0.01 0.31 0.03 0.26 0.20 0.26 + 0.04 0.43 0.04 0.16 0.16 0.16 unch 0.00 0.41 0.14 0.12 0.11 0.12 + 0.01 0.31 0.10 0.02 0.02 0.02 - 0.00 0.10 0.01 0.14 0.12 0.12 - 0.01 0.19 0.10 0.18 0.17 0.17 - 0.01 0.25 0.13 0.11 0.10 0.10 - 0.01 0.27 0.10 79.88 74.25 76.43 - 3.99 101.92 68.63 0.01 0.01 0.01 unch 0.00 0.08 0.01 0.02 0.02 0.02 + 0.00 0.11 0.01 0.46 0.34 0.38 - 0.07 0.69 0.05 0.60 0.43 0.50 - 0.09 0.97 0.05 0.01 0.01 0.01 unch 0.00 0.03 0.02 0.02 0.02 0.02 + 0.01 0.05 0.02 0.06 0.06 0.06 + 0.01 0.19 0.04 0.04 0.03 0.04 + 0.00 0.09 0.02 0.03 0.03 0.03 unch 0.00 0.07 0.03

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Arena Min V 451 Argentina Lith V 87 O 10 Argentina Lith* Argentum Silvr V 107 Argo Gold C 149 Argo Gold* O 95 O 333 Argonaut Gold* Argonaut Gold T 2653 Arian Res* O 3 Arianne Phosph V 165 O 74 Arianne Phosph* Arizona Silver* O 125 Arizona Silver V 145 Asanko Gold T 764 Asanko Gold* X 2456 Asante Gold C 118 Asante Gold* O 150 8 Asbestos Corp V Ascendant Res* O 76 Ascendant Res T 561 Ascot Res * O 175 Ascot Res T 609 Ashanti Sanko V 8 AsiaBaseMetals V 106 AsiaBaseMetals* O 0 Asian Mineral V 75 Aston Bay V 477 Aston Bay* O 49 Astorius Res V 3 ATAC Res V 402 ATAC Res* O 170 Atacama Res* O 22682 Atalaya Mining T 4 O 18 Athabasca Min* Athabasca Min V 219 Athena Silver* O 4 Atico Mining* O 99 Atico Mining V 361 Atom Energy * O 83 Aton Resources* O 1150 Aton Resources V 1409 Aura Minerals* O 5 Aura Minerals T 3 Aura Resources V 1 Aura Resources* O 45 Auramex Res V 127 Aurania Res* O 55 Aurania Res V 129 Aurcana Corp V 475 Aurcana Corp* O 247 AurCrest Gold V 5 Aurelius Min V 1317 Aurex Energy V 46 82 Aurion Res * O Aurion Res V 333 Aurora Royal V 224 AURYN Mining* O 8 Auryn Resource T 598 Auryn Resource* X 681 Aust Mines* O 1010 Austin Res V 36 Austral Gold* O 3 Austral Gold V 38 Auxico Res C 423 Avalon Advance T 1074 Avalon Advance* O 283 Avarone Metals* O 7 Avarone Metals C 70 Avenira Ltd* O 40 Avesoro Res T 25 Avesoro Res* O 3 Avidian Gold V 120 Avino Silver* X 881 Avino Silver T 173 Avrupa Min V 792 Avrupa Min* O 121 Awale Res V 293 Axmin Inc* O 69 Axmin Inc V 272 Azarga Metals V 27 Azarga Metals* O 2 Azarga Uranium* O 241 Azarga Uranium T 312 Azimut Explor V 272 Azimut Explor* O 202 Azincourt Ener* O 2304 Azincourt Ener V 1381 Aztec Minerals V 137 Aztec Minerals* O 7 Azteca Gold* O 124 Azucar Min V 90 Azucar Min* O 191

0.05 0.04 0.05 - 0.01 0.09 0.04 0.06 0.04 0.06 + 0.01 0.25 0.04 0.04 0.00 0.03 - 0.00 0.17 0.03 0.34 0.29 0.29 - 0.02 0.48 0.10 0.14 0.00 0.11 - 0.02 0.33 0.07 0.09 0.09 0.09 unch 0.00 0.24 0.06 1.40 1.25 1.32 + 0.06 2.15 0.85 1.88 1.64 1.75 + 0.09 2.87 1.18 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.34 0.26 0.29 - 0.04 0.65 0.26 0.26 0.22 0.22 - 0.03 0.49 0.22 0.11 0.10 0.11 + 0.00 0.19 0.04 0.16 0.14 0.15 + 0.01 0.25 0.06 1.16 1.01 1.15 + 0.07 1.45 0.68 0.87 0.76 0.86 + 0.05 1.10 0.50 0.04 0.00 0.04 unch 0.00 0.08 0.03 0.03 0.03 0.03 unch 0.00 0.05 0.03 0.40 0.40 0.40 unch 0.00 0.55 0.35 0.21 0.18 0.18 - 0.02 0.44 0.18 0.28 0.25 0.26 - 0.02 0.65 0.25 0.44 0.38 0.42 + 0.02 1.03 0.34 0.58 0.50 0.55 + 0.04 1.44 0.45 0.02 0.00 0.02 - 0.01 0.05 0.02 0.50 0.00 0.45 - 0.06 0.64 0.12 0.00 0.00 0.38 unch 0.00 0.38 0.20 0.38 0.00 0.38 - 0.03 0.45 0.10 0.07 0.05 0.06 unch 0.00 0.11 0.05 0.05 0.05 0.05 - 0.01 0.08 0.03 0.13 0.00 0.13 + 0.01 0.50 0.09 0.20 0.18 0.19 unch 0.00 0.39 0.17 0.15 0.14 0.14 - 0.01 0.30 0.12 0.02 0.01 0.02 + 0.00 0.02 0.00 3.15 3.14 3.15 unch 0.00 4.10 2.88 0.37 0.32 0.34 - 0.00 0.60 0.15 0.50 0.42 0.45 + 0.01 0.79 0.20 0.04 0.04 0.04 unch 0.00 0.06 0.01 0.22 0.19 0.19 - 0.02 0.30 0.17 0.29 0.25 0.25 - 0.03 0.42 0.22 0.45 0.00 0.31 unch 0.00 0.68 0.03 0.02 0.02 0.02 unch 0.00 0.05 0.01 0.03 0.02 0.03 unch 0.00 0.06 0.02 15.88 0.00 15.88 + 0.63 16.50 1.00 21.00 0.00 21.00 + 0.88 21.63 14.60 0.00 0.00 0.06 unch 0.00 0.09 0.03 0.03 0.03 0.03 unch 0.00 0.06 0.01 0.03 0.03 0.03 unch 0.00 0.08 0.03 2.17 1.91 2.17 + 0.22 3.05 1.64 2.85 2.53 2.85 + 0.30 4.10 2.18 0.26 0.21 0.24 + 0.01 0.80 0.21 0.20 0.17 0.18 + 0.01 1.25 0.00 0.03 0.03 0.03 - 0.01 0.05 0.01 0.03 0.02 0.02 - 0.02 0.04 0.02 0.16 0.11 0.16 + 0.04 0.50 0.09 1.31 1.20 1.23 + 0.02 1.77 0.59 1.73 1.58 1.62 + 0.03 2.35 0.75 0.04 0.00 0.03 unch 0.00 0.11 0.03 0.31 0.25 0.30 - 0.01 1.00 0.03 1.92 1.70 1.76 - 0.12 2.45 1.14 1.45 1.28 1.33 - 0.08 1.84 0.85 0.01 0.01 0.01 - 0.00 0.19 0.01 0.09 0.09 0.09 unch 0.00 0.13 0.05 0.05 0.02 0.02 - 0.03 0.40 0.00 0.07 0.06 0.06 unch 0.00 0.10 0.05 0.08 0.06 0.08 + 0.02 0.27 0.05 0.06 0.05 0.05 - 0.01 0.17 0.04 0.05 0.04 0.04 - 0.01 0.13 0.03 0.06 0.05 0.05 - 0.01 0.11 0.02 0.07 0.06 0.07 unch 0.00 0.15 0.04 0.01 0.01 0.01 unch 0.00 0.01 0.01 1.69 0.00 1.69 + 0.03 2.85 0.42 1.25 1.25 1.25 unch 0.00 1.78 0.65 0.09 0.08 0.09 + 0.02 0.50 0.07 0.52 0.48 0.49 - 0.01 0.81 0.39 0.67 0.64 0.65 - 0.01 1.07 0.53 0.03 0.03 0.03 - 0.01 0.07 0.02 0.03 0.02 0.03 + 0.00 0.05 0.01 0.08 0.08 0.08 unch 0.00 0.12 0.06 0.24 0.12 0.18 - 0.06 0.50 0.12 0.33 0.18 0.28 - 0.04 0.66 0.15 0.08 0.00 0.08 + 0.01 0.14 0.05 0.06 0.00 0.06 unch 0.00 0.10 0.03 0.12 0.10 0.12 + 0.01 0.22 0.08 0.16 0.14 0.15 unch 0.00 0.28 0.11 0.48 0.42 0.43 - 0.02 0.52 0.22 0.37 0.31 0.32 - 0.03 0.38 0.17 0.02 0.02 0.02 + 0.00 0.06 0.01 0.03 0.02 0.03 unch 0.00 0.08 0.02 0.08 0.06 0.06 - 0.02 0.20 0.06 0.06 0.05 0.05 - 0.01 0.15 0.04 0.00 0.00 0.00 + 0.00 0.00 0.00 0.21 0.18 0.20 + 0.02 0.49 0.15 0.16 0.13 0.15 + 0.01 0.37 0.12

B2Gold Corp T 13982 B2Gold Corp* X 29852 Balmoral Res* O 519 Balmoral Res T 923 Balto Res V 92 Bankers Cobalt V 185 Bankers Cobalt* O 225 O 182 Bannerman Res* Banyan Gold V 1711 Banyan Gold* O 412 Bard Ventures* O 23 Bard Ventures V 17 Barkerville V 2585 Barkerville* O 81 Barksdale Cap V 84 O 176 Barksdale Cap* Barolo Venture V 1 Baroyeca Gold V 10 Barrian Mining V 1429 O 925 Barrian Mining* Barrick Gold* N 50279 Barrick Gold T 12508 Barsele Min* O 36 Barsele Min V 36 Batero Gold* O 0 Batero Gold V 120 Bayhorse Silvr* O 64 V 356 Bayhorse Silvr BC Moly * O 0 BC Moly V 8 BCM Res V 8 V 41 BE Res Bear Creek Mng V 197 117 Bear Creek Mng* O Bearclaw Cap V 2 Bearing Lith V 209 Bearing Lith* O 47 Beauce Gold V 105 Bell Copper V 27 Bell Copper* O 142 Belmont Res V 326 Belo Sun Mng T 1957 Belo Sun Mng* O 6937 BeMetals * O 229 BeMetals V 458 Benchmark Met* O 133 Benchmark Met V 267 Benton Res V 242 Benton Res* O 30 Benz Mining V 63 Benz Mining* O 0 Berkwood Res V 738 Bessor Min V 34 Bird River Res C 1726 Bitterroot Res* O 9 Bitterroot Res V 150 Black Hills* N 1221 Black Iron T 1731 Black Iron* O 136 Black Sea * O 1 Black Sea V 9 Black Tusk Res* O 55 Black Tusk Res C 500 Blackheath Res V 500 Blackrock Gold V 1081 Blackrock Gold* O 257 Blind Creek V 80 BLOX Inc* O 29 Blue Lagoon C 28 Blue Moon Zinc* O 0 Blue Moon Zinc V 42 Blue River Res V 1646 Blue River Res* O 1750 Blue Sky Uran* O 266

4.72 4.41 4.63 + 0.11 5.36 3.24 3.57 3.34 3.51 + 0.07 4.02 2.40 0.19 0.16 0.18 - 0.00 0.20 0.07 0.24 0.23 0.23 - 0.01 0.26 0.10 0.12 0.09 0.10 - 0.02 0.15 0.06 0.02 0.01 0.02 unch 0.00 0.06 0.01 0.01 0.01 0.01 + 0.00 0.04 0.01 0.03 0.03 0.03 - 0.00 0.04 0.03 0.04 0.04 0.04 unch 0.00 0.06 0.04 0.04 0.03 0.04 + 0.00 0.05 0.02 0.06 0.06 0.06 unch 0.00 0.19 0.06 0.13 0.08 0.12 + 0.04 1.23 0.08 0.41 0.39 0.40 unch 0.00 0.56 0.30 0.31 0.30 0.30 - 0.01 0.41 0.23 0.46 0.38 0.38 - 0.02 0.75 0.35 0.35 0.29 0.29 - 0.01 0.57 0.27 0.00 0.00 0.18 unch 0.00 0.30 0.18 0.05 0.05 0.05 unch 0.00 0.20 0.04 0.19 0.15 0.16 - 0.02 0.27 0.10 0.15 0.00 0.12 - 0.00 0.21 0.09 16.85 16.07 16.57 + 0.20 88.70 11.52 22.35 21.25 21.91 + 0.29 26.69 15.37 0.41 0.37 0.37 - 0.03 0.55 0.28 0.53 0.49 0.52 + 0.02 0.75 0.36 0.06 0.06 0.06 unch 0.00 0.07 0.03 0.07 0.06 0.06 unch 0.00 0.10 0.06 0.07 0.06 0.07 + 0.01 0.14 0.04 0.10 0.08 0.09 unch 0.00 0.20 0.07 0.00 0.00 0.02 unch 0.00 0.02 0.02 0.04 0.04 0.04 unch 0.00 0.07 0.03 0.08 0.08 0.08 - 0.01 0.15 0.06 0.04 0.00 0.04 unch 0.00 0.07 0.02 2.49 2.28 2.40 + 0.02 2.76 0.89 1.89 1.72 1.76 - 0.06 2.11 0.71 0.02 0.02 0.02 unch 0.00 0.04 0.02 0.17 0.15 0.17 + 0.01 0.38 0.15 0.13 0.00 0.12 + 0.01 0.29 0.11 0.12 0.11 0.12 + 0.01 0.29 0.07 0.06 0.00 0.06 + 0.01 0.15 0.03 0.04 0.04 0.04 unch 0.00 0.12 0.03 0.04 0.00 0.04 - 0.01 0.44 0.04 0.49 0.33 0.35 - 0.14 0.72 0.22 0.38 0.25 0.26 - 0.11 0.55 0.16 0.17 0.17 0.17 unch 0.00 0.25 0.17 0.23 0.22 0.22 unch 0.00 0.30 0.20 0.26 0.22 0.22 - 0.05 0.34 0.11 0.36 0.31 0.34 - 0.02 0.46 0.16 0.05 0.04 0.05 + 0.01 0.11 0.04 0.03 0.00 0.03 unch 0.00 0.07 0.02 0.10 0.08 0.08 - 0.01 0.14 0.05 0.00 0.00 0.10 unch 0.00 0.10 0.04 0.03 0.03 0.03 unch 0.00 0.11 0.02 0.06 0.06 0.06 unch 0.00 0.20 0.03 0.02 0.01 0.02 + 0.02 0.07 0.01 0.02 0.01 0.01 - 0.00 0.07 0.01 0.03 0.02 0.03 + 0.01 0.07 0.02 76.63 74.09 75.59 + 0.50 82.01 59.49 0.09 0.08 0.08 - 0.01 0.16 0.05 0.07 0.06 0.06 - 0.00 0.12 0.03 0.02 0.00 0.02 - 0.01 0.08 0.01 0.04 0.00 0.04 + 0.01 0.17 0.03 0.04 0.03 0.04 + 0.02 1.06 0.02 0.06 0.05 0.06 + 0.01 0.26 0.03 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.30 0.23 0.25 - 0.03 0.36 0.03 0.22 0.18 0.19 - 0.02 0.27 0.02 0.05 0.04 0.05 + 0.02 0.06 0.03 0.20 0.20 0.20 + 0.01 0.20 0.03 1.35 1.28 1.35 + 0.05 1.65 0.26 0.00 0.00 0.02 unch 0.00 0.06 0.01 0.03 0.00 0.03 unch 0.00 0.08 0.02 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.01 0.01 0.01 unch 0.00 0.02 0.00 0.09 0.07 0.07 + 0.01 0.18 0.06

B

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Blue Sky Uran V 542 Blue Star Gold V 227 BlueBird Batt V 66 BlueBird Batt* O 66 Bluestone Res V 220 Bluestone Res* O 120 O 30 Bold Ventures* Bold Ventures V 64 O 3810 Bonanza Gold* Bond Resources C 13 BonTerra Res V 153 Boreal Metals V 58 175 Boreal Metals * O Borneo Res Inv* O 6680 Bravada Gold V 1406 O 942 Bravada Gold* Braveheart Res V 498 O 1 Braveheart Res* Bravo Multinat* O 1 Brazil Min* O 176662 BrightRock* O 70 Britannia Mng* O 314 Brixton Metals V 559 Brixton Metals* O 241 Broadway Gold* O 9 O 581 Brookmount Exp* Bryn Res* O 128 BTU Metals V 845 Buccaneer Gold* O 30 Buenaventura* N 5299 Buffalo Coal V 144 Bullfrog Gold* O 627 Bullfrog Gold C 103 Bunker Hill C 18 BWR Explor V 188

0.12 0.09 0.11 + 0.01 0.23 0.08 0.05 0.05 0.05 unch 0.00 0.07 0.02 0.10 0.09 0.09 - 0.01 0.35 0.09 0.08 0.06 0.06 - 0.01 0.25 0.06 1.20 1.08 1.17 + 0.09 1.60 0.85 0.92 0.82 0.89 + 0.05 1.15 0.65 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.01 0.01 0.01 - 0.01 0.04 0.01 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.15 0.15 0.15 unch 0.00 0.20 0.11 2.10 1.93 1.95 - 0.05 3.20 1.46 0.05 0.05 0.05 unch 0.00 0.12 0.04 0.04 0.04 0.04 unch 0.00 0.05 0.03 0.00 0.00 0.00 - 0.00 0.00 0.00 0.08 0.06 0.07 unch 0.00 0.20 0.05 0.06 0.04 0.06 + 0.00 0.15 0.04 0.15 0.12 0.15 + 0.02 0.21 0.06 0.09 0.09 0.09 unch 0.00 0.14 0.06 0.28 0.00 0.28 - 0.05 0.95 0.10 0.00 0.00 0.00 + 0.00 0.01 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.01 0.00 0.21 0.19 0.20 + 0.01 0.43 0.10 0.16 0.14 0.15 + 0.01 0.33 0.08 0.05 0.05 0.05 unch 0.00 0.13 0.01 0.01 0.01 0.01 - 0.00 0.02 0.00 0.06 0.05 0.06 - 0.00 0.10 0.01 0.11 0.09 0.09 - 0.02 0.24 0.07 0.00 0.00 0.00 unch 0.00 0.00 0.00 15.60 14.63 14.73 - 0.54 17.85 13.55 0.01 0.01 0.01 unch 0.00 0.01 0.01 0.15 0.11 0.11 - 0.01 0.24 0.04 0.18 0.16 0.16 - 0.03 0.23 0.12 0.80 0.70 0.70 - 0.10 2.00 0.05 0.05 0.04 0.04 unch 0.00 0.06 0.03

Cabral Gold V 281 Cabral Gold* O 50 Cache Explor* O 2 Cache Explor V 125 Cadillac Vent V 125 Caledonia Mng* X 94 Caledonia Mng T 10 Calibre Mng T 760 Calibre Mng* O 129 California Gld C 100 California Gld* O 24 Callinex Mines* O 107 Callinex Mines V 89 Cameco Corp* N 3923 Cameco Corp T 1661 Cameo Cobalt* O 26 Cameo Cobalt V 890 Camino Min* O 1 Camino Min V 181 Camrova Res* O 5 Canada Carbon V 261 Canada Carbon* O 12 Canada Coal V 192 Canada Cobalt V 1121 Canada Cobalt * O 474 Canada One* O 5 Canada One V 58 Canada Rare V 105 Canada Rare* O 125 Canadian Engy V 340 Canadian Engy* O 150 Canadian Metal C 6 Canadian Metal* O 3 Canadian Ore V 453 Canadian Ore* O 49 Canadian Prem V 30 CanAlaska Uran* O 47 CanAlaska Uran V 270 Canamex Gold* O 28 Canarc Res T 289 Canarc Res* O 410 Canasil Res V 271 Candelaria Mg V 152 Candente Coppr T 1743 Candente Gold V 1670 CANEX Metals * O 52 V 213 CANEX Metals CaNickel Mng V 14 CaNickel Mng* O 0 Canoe Mng Vent V 17 Canoe Mng Vent* O 3 Canstar Res V 550 Canterra Mnls V 238 Canterra Mnls* O 1 38 Cantex Mn Dev* O Cantex Mn Dev V 913 Canuc Res V 623 Canuc Res* O 24 Capstone Mng T 820 Cardero Res V 73 Cardero Res* O 45 Cardinal Res* O 11 Cardinal Res T 348 Cariboo Rose V 470 Carlin Gold V 254 Carrara Explor C 366 Cartier Iron C 22 Cartier Res V 149 Carube Copper V 136 O 25 Carube Copper* Casa Minerals V 101 Casa Minerals * O 16 V 65 Cascadero Copp Castle Peak Mg V 15 Cautivo Mining C 4 C 5436 CellCube Enrgy CellCube Enrgy* O 2791 Centamin T 6 Centaurus Diam* O 439 Centerra Gold T 2299 Central Iron V 0 Central Tim Ex V 68 Centurion Mnls V 170 Centurion Mnls* O 1 O 76 Century Cobalt* Century Global T 67 Cerro de Pasc C 372 37 Cerro de Pasc * O Cerro Grande C 112 Cerro Mng* O 3 Cerro Mng V 16 Ceylon Graph V 2 Chakana Copper V 154 Chakana Copper* O 101 Chalice Gold M* O 38 Chalice Gold M T 285 Champion Bear V 134 Champion Bear* O 12 Champion Iron T 3441 Champion Iron* O 20 Chatham Rock* O 0 Chatham Rock V 5 Chesapeake Gld* O 18 Chesapeake Gld V 34 Chevron Corp* N 23858 Chiboug Ind Mn V 677 Chilean Metals* O 1 Chilean Metals V 114 China Gold Int T 519 Chinapintza Mg V 156 CIM Intl Grp C 7 Clarmin Explor V 15 Clean Comm* O 51 Cleghorn Mnls V 300 Cleveland-Clif* N 36756 Cliffmont Res V 113 Clifton Mng* O 118 Cloud Peak En* O 2583 CMC Metals* O 0 CMC Metals V 263 CNRP Mng* O 303 CNRP Mng C 2568 Cobalt Block* O 127 Cobalt Block V 97 Coeur Mng* N 25791 Colibri Res* O 50 Colibri Res V 101 Colonial Coal V 189 Colorado Res V 886 Colorado Res* O 13 Colt Res* O 435

0.14 0.14 0.14 - 0.02 0.33 0.10 0.10 0.10 0.10 + 0.02 0.25 0.09 0.00 0.00 0.00 unch 0.00 0.05 0.00 0.02 0.02 0.02 unch 0.00 0.07 0.02 0.01 0.01 0.01 unch 0.00 0.04 0.01 8.32 7.76 8.00 - 0.28 8.68 5.01 10.92 10.45 10.54 - 0.55 11.15 6.63 0.84 0.73 0.80 + 0.07 0.90 0.33 0.62 0.57 0.61 + 0.05 1.52 0.04 0.41 0.38 0.39 unch 0.00 0.79 0.37 0.34 0.29 0.30 + 0.01 0.59 0.13 0.99 0.69 0.79 + 0.10 0.99 0.03 1.35 0.89 1.05 + 0.14 1.35 0.35 9.65 9.30 9.56 - 0.03 13.04 8.03 12.76 12.34 12.66 - 0.01 17.12 10.70 0.02 0.01 0.01 + 0.00 0.16 0.01 0.02 0.02 0.02 - 0.01 0.15 0.02 0.05 0.00 0.04 - 0.00 0.14 0.04 0.07 0.07 0.07 + 0.01 0.18 0.07 0.03 0.02 0.02 unch 0.00 0.06 0.00 0.06 0.05 0.06 + 0.01 0.18 0.05 0.04 0.04 0.04 unch 0.00 0.13 0.00 0.03 0.02 0.03 + 0.01 0.08 0.01 0.42 0.38 0.40 + 0.02 0.70 0.25 0.32 0.28 0.30 + 0.02 0.53 0.18 0.02 0.01 0.01 - 0.00 0.05 0.01 0.03 0.00 0.03 unch 0.00 0.08 0.02 0.07 0.06 0.06 - 0.01 0.11 0.04 0.05 0.04 0.04 + 0.01 0.08 0.02 0.04 0.03 0.04 + 0.01 0.18 0.03 0.00 0.00 0.09 unch 0.00 0.09 0.09 0.31 0.15 0.16 - 0.16 0.75 0.15 0.21 0.21 0.21 unch 0.00 0.56 0.21 0.10 0.09 0.09 unch 0.00 0.45 0.09 0.07 0.07 0.07 unch 0.00 0.34 0.06 0.85 0.71 0.85 + 0.04 1.73 0.65 0.12 0.09 0.09 - 0.03 0.28 0.09 0.15 0.13 0.13 - 0.03 0.38 0.12 0.03 0.02 0.02 - 0.01 0.09 0.00 0.06 0.06 0.06 + 0.01 0.08 0.04 0.05 0.04 0.04 - 0.01 0.06 0.03 0.07 0.06 0.07 + 0.01 0.09 0.05 0.14 0.11 0.11 - 0.03 0.60 0.11 0.04 0.04 0.04 unch 0.00 0.08 0.04 0.01 0.01 0.01 unch 0.00 0.04 0.01 0.09 0.08 0.09 + 0.01 0.09 0.02 0.12 0.11 0.11 + 0.01 0.14 0.03 0.10 0.00 0.10 + 0.02 0.12 0.06 0.00 0.00 0.07 unch 0.00 0.09 0.03 0.13 0.13 0.13 + 0.01 0.26 0.08 0.09 0.09 0.09 unch 0.00 0.09 0.01 0.05 0.03 0.04 unch 0.00 0.20 0.02 0.01 0.00 0.01 unch 0.00 0.03 0.01 0.01 0.00 0.01 - 0.01 0.02 0.01 1.24 1.00 1.03 - 0.28 5.23 0.38 1.72 1.27 1.29 - 0.34 6.99 0.48 0.06 0.03 0.04 + 0.01 0.13 0.03 0.04 0.00 0.03 + 0.01 0.08 0.02 0.63 0.59 0.61 + 0.01 0.73 0.41 0.03 0.00 0.03 unch 0.00 0.10 0.02 0.02 0.00 0.02 + 0.00 0.08 0.01 0.28 0.23 0.24 - 0.03 0.38 0.20 0.33 0.29 0.31 - 0.03 0.50 0.29 0.04 0.04 0.04 unch 0.00 0.06 0.03 0.02 0.02 0.02 - 0.01 0.03 0.01 0.03 0.02 0.02 - 0.01 0.10 0.02 0.06 0.05 0.05 - 0.01 0.13 0.05 0.15 0.14 0.14 - 0.01 0.22 0.11 0.05 0.04 0.04 - 0.01 0.06 0.03 0.04 0.04 0.04 unch 0.00 0.04 0.03 0.12 0.10 0.10 unch 0.00 0.23 0.07 0.07 0.07 0.07 unch 0.00 0.12 0.07 0.02 0.01 0.01 - 0.01 0.04 0.01 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.00 0.00 0.09 unch 0.00 0.20 0.08 0.04 0.03 0.03 unch 0.00 0.26 0.02 0.06 0.02 0.05 + 0.01 0.30 0.02 1.96 1.90 1.95 + 0.01 2.53 1.39 0.17 0.07 0.10 - 0.05 1.00 0.08 11.11 10.47 10.67 - 0.21 13.00 4.95 0.00 0.00 0.01 unch 0.00 0.05 0.01 0.05 0.04 0.04 - 0.01 0.15 0.03 0.09 0.00 0.07 - 0.03 0.27 0.05 0.06 0.06 0.06 unch 0.00 0.08 0.06 0.04 0.01 0.03 unch 0.00 0.18 0.00 0.11 0.00 0.08 - 0.03 0.25 0.10 0.31 0.27 0.29 - 0.02 0.42 0.24 0.23 0.20 0.21 - 0.02 0.31 0.18 0.01 0.00 0.01 unch 0.00 0.01 0.01 0.12 0.12 0.12 unch 0.00 0.12 0.09 0.16 0.10 0.10 - 0.03 0.36 0.10 0.10 0.00 0.10 unch 0.00 0.18 0.08 0.16 0.15 0.15 - 0.01 0.54 0.14 0.12 0.11 0.11 - 0.00 0.40 0.10 0.14 0.12 0.14 + 0.02 0.18 0.08 0.16 0.15 0.15 - 0.01 0.20 0.10 0.16 0.15 0.16 unch 0.00 0.25 0.10 0.13 0.13 0.13 unch 0.00 0.17 0.11 1.85 1.53 1.83 + 0.07 3.15 0.89 1.30 1.18 1.30 - 0.05 2.36 0.70 0.00 0.00 0.07 unch 0.00 0.14 0.07 0.11 0.11 0.11 unch 0.00 0.19 0.10 2.30 2.13 2.16 - 0.17 3.50 1.03 3.05 2.77 2.85 - 0.18 4.65 1.41 122.94 120.01 120.64 - 0.29 127.34 100.22 0.09 0.09 0.09 + 0.01 0.27 0.04 0.04 0.00 0.04 + 0.01 0.06 0.01 0.05 0.04 0.05 + 0.01 0.23 0.03 1.08 0.88 0.96 - 0.13 1.93 0.97 0.02 0.01 0.01 unch 0.00 0.03 0.01 0.02 0.02 0.02 unch 0.00 0.63 0.02 0.13 0.10 0.13 unch 0.00 0.20 0.10 0.03 0.01 0.02 - 0.00 0.03 0.01 0.05 0.05 0.05 unch 0.00 0.11 0.04 7.43 7.05 7.18 - 0.39 12.26 6.59 0.12 0.07 0.12 + 0.06 0.18 0.05 0.21 0.19 0.19 + 0.01 0.21 0.04 0.01 0.00 0.00 - 0.00 1.35 0.00 0.00 0.00 0.03 unch 0.00 0.06 0.03 0.06 0.05 0.06 - 0.01 0.11 0.04 0.18 0.13 0.14 - 0.03 0.58 0.14 0.23 0.18 0.19 - 0.04 0.75 0.18 0.04 0.04 0.04 + 0.00 0.14 0.03 0.05 0.04 0.05 unch 0.00 0.19 0.04 6.58 5.91 6.29 + 0.35 6.58 2.78 0.04 0.04 0.04 unch 0.00 0.05 0.03 0.08 0.07 0.08 + 0.01 0.08 0.03 0.24 0.21 0.24 + 0.03 0.65 0.21 0.07 0.05 0.06 + 0.01 0.13 0.04 0.05 0.03 0.05 + 0.01 0.10 0.03 0.00 0.00 0.00 unch 0.00 0.00 0.00

C

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

T 86 Columbus Gold O 157 Columbus Gold* Comet Inds V 3 V 246 Commander Res O 120 Commander Res* V 90 Commerce Res O 89 Commerce Res* O 129 Compass Gold* V 837 Compass Gold O 2 Compliance Egy* X 4857 Comstock Mng* V 153 Comstock Mtls 13 Comstock Mtls * O Condor Gold* O 13 Condor Gold T 11 Condor Res V 115 Condor Res* O 50 O 100 Confedertn Ml* V 131 Confedertn Mls 2 Conquest Res * O Conquest Res V 354 V 65 Cons Woodjam CONSOL Coal Rs* N 339 CONSOL Energy* N 12151 N 2811 CONSOL Energy* O 177 Constantine Mt* V 150 Constantine Mt O 15 Contact Gold* Contact Gold V 89 O 75 Contact Mnrls* Contintl Gold T 2657 Contintl Gold* O 269 Contintl Prec* O 1 388 Copper Fox Mtl V 43 Copper Fox Mtl* O 300 Copper Lake Rs V 579 Copper Mtn Mng T 37 Copper Mtn Mng* O 0 Copper North M* O 156 Copper North M V 0 Copper One * O Copper One C 615 288 Copper Reef Mg C O 710 Copperbank Res* C 891 Copperbank Res 39 Coral Gold * O Coral Gold V 79 Cordoba Mnls V 158 O 26 Cordoba Mnls* Core Gold V 271 Core Gold* O 72 Core Lithium* O 8 V 37 Cornerstone Ca O 12 Cornerstone Ca* Coro Mining T 576 Corsa Coal V 29 24 Corsa Coal * O Corsurex Res C 685 Corvus Gold* O 88 Corvus Gold T 128 0 Crazy Horse Res* O C 20 Crest Resource C 0 Crestview Expl Cresval Cap V 17 Critical Elem* O 128 Critical Elem V 645 V 1156 CROPS O 10 Crown Mining* Crown Mining V 46 Cruz Cobalt C 738 Cruz Cobalt* O 38 Crystal Lake* O 45 Crystal Lake V 595 Crystal Peak V 5 Crystal Peak* O 173 CTGX Mining* O 0 341 Currie Rose Rs V C 180 Cyntar Venture Cypress Dev V 951 Cypress Dev* O 159

0.11 unch 0.00 0.27 0.14 0.12 0.13 0.08 0.11 0.09 0.09 - 0.01 0.20 2.75 unch 0.00 3.60 3.40 3.40 3.40 0.07 unch 0.00 0.11 0.08 0.07 0.07 0.05 0.07 0.06 0.06 - 0.00 0.08 0.19 0.23 0.19 0.21 - 0.01 0.90 0.07 unch 0.00 0.68 0.18 0.14 0.16 0.17 0.33 0.27 0.33 + 0.04 0.40 0.11 0.43 0.35 0.42 + 0.03 0.71 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.03 0.09 0.08 0.09 + 0.00 0.28 0.02 unch 0.00 0.06 0.02 0.02 0.02 0.01 0.01 0.01 - 0.01 0.04 0.01 0.23 0.31 0.23 0.23 - 0.04 0.43 0.30 unch 0.00 0.78 0.38 0.38 0.38 0.04 unch 0.00 0.09 0.05 0.05 0.05 0.03 unch 0.00 0.07 0.04 0.04 0.04 0.09 unch 0.00 0.24 0.16 0.14 0.14 0.12 0.19 0.17 0.18 - 0.05 0.37 0.01 0.01 0.01 unch 0.00 0.01 0.00 0.01 0.03 0.02 0.02 + 0.01 0.03 0.03 unch 0.00 0.09 0.04 0.04 0.04 11.08 9.54 9.77 - 1.24 19.47 9.54 9.17 8.25 8.62 - 0.75 14.69 6.14 11.74 13.10 11.74 12.26 - 0.99 38.95 0.14 0.15 0.15 0.15 + 0.01 0.57 0.17 0.21 0.19 0.19 - 0.01 0.72 0.11 0.13 0.13 0.13 - 0.00 0.29 0.14 0.18 0.16 0.17 + 0.01 0.39 0.02 0.10 0.06 0.07 - 0.03 0.30 1.76 4.44 3.98 4.33 + 0.30 4.66 1.33 3.35 3.01 3.25 + 0.22 3.90 0.00 unch 0.00 0.28 0.00 0.00 0.00 0.08 0.07 0.08 + 0.01 0.13 0.06 0.06 0.05 0.06 + 0.01 0.10 0.04 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.65 0.60 0.60 - 0.02 1.18 0.58 0.49 0.45 0.47 - 0.02 0.88 0.44 0.00 0.00 0.02 unch 0.00 0.05 0.01 0.03 0.00 0.02 - 0.01 0.07 0.02 0.00 0.00 0.10 unch 0.00 0.10 0.09 0.05 0.15 0.00 0.15 + 0.03 0.15 0.04 0.03 0.03 - 0.32 0.40 0.15 0.02 0.04 0.03 0.03 - 0.00 0.06 0.04 unch 0.00 0.08 0.05 0.04 0.04 0.33 0.00 0.33 + 0.00 0.39 0.26 0.35 0.44 0.41 0.42 + 0.01 0.51 0.04 0.06 0.05 0.05 - 0.01 0.15 0.03 0.04 0.03 0.03 - 0.00 0.11 0.14 0.25 0.23 0.25 + 0.01 0.33 0.10 0.19 0.18 0.18 - 0.00 0.25 0.05 unch 0.00 0.40 0.21 0.21 0.21 1.97 2.11 1.97 1.97 - 0.10 7.90 0.03 2.15 1.05 1.07 - 0.49 3.61 0.05 unch 0.00 0.12 0.09 0.08 0.08 0.26 0.35 0.34 0.34 + 0.01 0.94 0.28 0.00 0.28 + 0.03 0.67 0.23 0.03 0.04 0.00 0.03 - 0.01 0.08 1.13 1.47 1.34 1.44 + 0.09 2.20 1.55 1.96 1.77 1.91 + 0.14 2.95 0.00 0.00 0.30 unch 0.00 0.38 0.10 0.07 unch 0.00 0.16 0.07 0.00 0.07 0.40 unch 0.00 0.60 0.00 0.00 0.50 0.02 0.02 0.00 0.02 - 0.01 0.05 0.20 0.48 0.00 0.47 + 0.06 0.78 0.26 0.63 0.55 0.58 + 0.03 1.03 0.01 0.02 0.02 0.02 + 0.01 0.05 0.03 unch 0.00 0.10 0.03 0.03 0.03 0.04 0.05 0.04 0.04 - 0.01 0.14 0.03 0.04 0.03 0.03 - 0.01 0.05 0.01 0.03 0.02 0.02 + 0.00 0.06 0.07 0.09 0.07 0.07 - 0.01 0.32 0.10 0.12 0.10 0.10 - 0.01 0.42 0.10 0.13 0.00 0.13 + 0.01 0.25 0.08 unch 0.00 0.19 0.10 0.10 0.10 0.05 unch 0.00 0.12 0.00 0.00 0.05 0.05 0.03 0.04 - 0.01 0.10 0.03 0.07 unch 0.00 0.15 0.10 0.08 0.08 0.17 0.20 0.17 0.17 - 0.03 0.29 0.12 0.15 0.12 0.13 - 0.01 0.21

Dajin Res V 197 Dajin Res* O 371 20 Dakota Ter Res* O Damara Gold V 35 Danakali* O 11 Debut Dmds C 217 Decade Res V 106 Decade Res* O 50 O 5 Deep-South Res* V 97 Deep-South Res C 169 DeepRock Min O 61 Defense Metals* V 622 Defense Metals Defiance Silvr V 708 O 321 Defiance Silvr* Delrand Res V 1197 Delrey Metals C 50 64 Delrey Metals * O X 683 Denison Mines* T 547 Denison Mines Desert Gold* O 6 Desert Gold V 22 61 Desert Mtn Egy V Detour Gold T 4479 O 160 Diamante Min* Diamcor Mng V 612 O 80 Diamcor Mng* O 692 Diamond Disc* V 20 Diamond Fields O 0 Diamond Fields* Dios Expl V 382 V 20 Discovery Harb O 354 Discovery Met* V 494 Discovery Met 349993 O Discovery Min* V 200 Discovery-Corp District Cop* O 2 District Cop V 1358 District Metal* O 0 District Metal V 465 Ditem Explor* O 202 O 5 Diversified Rs* Dixie Gold V 116 DNI Metals* O 88 O 223 Dolat Ventures* 402 Dolly Vard Sil* O 408 Dolly Vard Sil V V 141 Doubleview Cap DRDGOLD* N 338 Dundee Prec Mt T 1579 O 228 Dunnedin Vent* Durango Res V 93 Durango Res* O 250 DV Resources V 250 O 1 DV Resources* 70 Dynacor Gld Mn* O 316 Dynacor Gld Mn T O 30 DynaResource* Dynasty Gold V 5 O 6 Dynasty Gold* E3 Metals V 37 E3 Metals* O 2 V 97 Eagle Graphite O 1 Eagle Graphite* Eagle Plains V 228 414 V East Africa 47 East Asia Mnls* O 412 East Asia Mnls V EastCoal Inc V 4521 O 0 Eastern Platin* Eastern Platin T 38 Eastern Zinc C 260 Eastfield Res V 284 O 113 Eastmain Res* Eastmain Res T 1055 35 Eco Oro Mnls C 50 Eco Oro Mnls* O O 3 Edgewater Expl* V 27 Edgewater Expl El Capitan Prc* O 1625 44 El Nino Vent V 73 Elcora Adv Mat V Elcora Res* O 102 Eldorado Gold* N 10756 Eldorado Gold T 3517 Eloro Res V 142

0.03 0.04 0.03 0.03 - 0.01 0.08 0.02 0.03 0.02 0.02 - 0.00 0.06 0.10 0.06 0.10 + 0.00 0.19 0.02 0.03 unch 0.00 0.05 0.03 0.03 0.03 0.40 0.46 0.43 0.44 - 0.02 0.61 0.01 0.01 0.01 0.01 - 0.01 0.02 0.02 unch 0.00 0.05 0.03 0.02 0.02 0.01 0.02 0.01 0.01 - 0.00 0.03 0.05 unch 0.00 0.07 0.05 0.05 0.05 0.06 unch 0.00 0.15 0.07 0.06 0.06 0.02 0.03 0.00 0.02 - 0.01 0.10 0.06 0.12 0.00 0.12 + 0.01 0.25 0.06 unch 0.00 0.25 0.15 0.14 0.14 0.16 0.22 0.19 0.20 - 0.01 0.37 0.12 0.17 0.13 0.15 - 0.01 0.32 0.25 0.40 0.37 0.37 - 0.03 0.71 0.03 0.03 0.03 0.03 + 0.01 0.40 0.02 0.02 0.02 - 0.00 0.30 0.01 0.38 0.47 0.44 0.45 - 0.01 0.60 0.52 0.62 0.58 0.58 - 0.03 0.79 0.08 unch 0.00 0.31 0.09 0.09 0.09 0.10 0.15 0.13 0.15 + 0.02 0.26 0.22 0.21 0.21 - 0.01 0.31 0.13 22.01 18.51 21.39 + 2.64 25.45 9.55 0.01 0.02 0.02 0.02 - 0.00 0.18 0.08 0.12 0.09 0.09 - 0.03 0.35 0.06 0.08 0.07 0.07 - 0.03 0.27 0.00 0.00 0.00 0.00 - 0.00 0.00 0.07 unch 0.00 0.21 0.19 0.00 0.19 0.00 unch 0.00 0.16 0.00 0.00 0.12 0.04 unch 0.00 0.08 0.05 0.05 0.05 0.01 unch 0.00 0.11 0.09 0.00 0.09 0.13 0.36 0.30 0.34 - 0.02 0.54 0.17 0.48 0.43 0.45 - 0.02 0.74 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.01 unch 0.00 0.02 0.02 0.02 0.02 0.01 0.01 0.01 0.01 - 0.00 0.05 0.01 unch 0.00 0.07 0.01 0.01 0.01 0.16 unch 0.00 0.16 0.00 0.00 0.16 0.09 unch 0.00 0.31 0.09 0.09 0.09 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 unch 0.00 0.05 0.01 0.01 0.01 0.02 0.03 0.03 0.03 - 0.01 0.05 0.01 0.05 0.01 0.03 - 0.01 0.09 0.05 0.13 0.00 0.11 + 0.05 1.80 0.25 0.20 0.21 - 0.01 0.40 0.14 0.30 0.26 0.26 - 0.03 0.55 0.19 0.08 0.10 0.10 0.10 + 0.01 0.18 1.64 4.59 4.17 4.46 + 0.12 5.20 4.52 4.02 4.41 + 0.31 5.75 3.10 0.05 0.06 0.06 0.06 + 0.00 0.13 0.06 unch 0.00 0.10 0.06 0.06 0.06 0.04 unch 0.00 0.07 0.05 0.05 0.05 0.04 0.05 0.05 0.05 + 0.01 0.14 0.06 unch 0.00 0.06 0.06 0.06 0.06 1.29 1.10 1.25 + 0.09 1.60 1.02 1.70 1.50 1.64 + 0.09 2.00 1.42 0.25 0.38 0.30 0.32 - 0.06 1.22 0.06 0.08 0.08 0.08 + 0.01 0.16 0.05 unch 0.00 0.11 0.05 0.05 0.05 0.23 0.43 0.00 0.41 + 0.01 0.60 0.22 0.32 0.00 0.32 + 0.00 0.41 0.03 0.07 0.06 0.07 + 0.01 0.12 0.04 0.06 0.06 0.06 + 0.01 0.09 0.08 0.09 0.09 0.09 - 0.01 0.12 0.14 0.13 0.14 - 0.01 0.26 0.12 0.04 0.03 0.03 - 0.01 0.09 0.02 0.05 0.04 0.05 unch 0.00 0.13 0.04 0.05 unch 0.00 0.10 0.07 0.06 0.06 0.12 unch 0.00 0.26 0.19 0.00 0.19 0.17 0.30 0.00 0.28 - 0.01 0.35 0.02 unch 0.00 0.28 0.02 0.02 0.02 0.03 0.04 0.03 0.04 + 0.01 0.07 0.07 0.09 0.07 0.08 - 0.01 0.20 0.10 0.12 0.10 0.10 - 0.01 0.27 0.07 0.06 0.06 - 0.01 0.27 0.06 0.06 0.04 0.04 - 0.01 0.77 0.00 0.06 0.08 0.07 0.07 - 0.01 0.09 0.06 unch 0.00 0.14 0.12 0.10 0.12 0.01 0.01 0.01 - 0.00 0.04 0.00 0.03 0.02 0.03 + 0.01 0.05 0.02 0.05 0.00 0.05 unch 0.00 0.12 0.04 0.03 0.04 0.03 0.03 - 0.01 0.10 8.03 7.50 7.65 - 0.05 10.09 2.52 10.64 9.91 10.12 - 0.05 13.34 3.36 0.15 unch 0.00 0.51 0.25 0.23 0.24

D-F

2019-11-18 12:31 PM

GLOBAL MINING NEWS

(100s) Stock

THE NORTHERN MINER / NOVEMBER 25–DECEMBER 8, 2019

Week

12-month

Exc Volume High Low Last Change High Low

Ely Gold Royal V 457 0.40 0.37 0.38 - 0.02 0.47 0.12 Ely Gold Royal* O 564 0.31 0.28 0.29 - 0.01 0.36 0.08 Elysee Dev * O 50 0.27 0.26 0.26 - 0.00 0.33 0.23 Elysee Dev V 30 0.37 0.00 0.36 - 0.01 0.42 0.31 unch 0.00 0.17 0.05 Emerita Res V 1392 0.10 0.09 0.10 Emgold Mining* O 167 0.05 0.04 0.04 + 0.00 0.14 0.03 Emgold Mining V 154 0.06 0.00 0.05 - 0.02 0.20 0.05 V 3 0.13 0.13 0.13 unch 0.00 0.23 0.13 Empire Metals unch 0.00 0.10 0.02 Empress Res V 82 0.03 0.03 0.03 EMX Royalty V 97 1.84 1.76 1.80 - 0.04 2.00 1.40 EMX Royalty* X 401 1.40 1.33 1.37 - 0.02 1.54 1.04 O 17 0.06 0.05 0.05 - 0.01 0.14 0.05 Encanto Potash* Encanto Potash V 74 0.08 0.07 0.07 - 0.01 0.20 0.07 V 184 0.14 0.13 0.14 + 0.02 0.21 0.09 EnCore Energy Endeavour Mng T 1043 25.07 22.96 24.66 + 1.54 28.98 16.34 O 51 18.86 16.73 18.80 + 1.36 21.78 12.38 Endeavour Mng* N 11865 2.41 2.15 2.33 + 0.14 3.20 1.68 Endeavr Silver* Endeavr Silver T 1769 3.19 2.88 3.10 + 0.19 4.26 2.21 Endurance Gold* O 25 0.03 0.03 0.03 unch 0.00 0.05 0.02 V 25 0.04 0.04 0.04 unch 0.00 0.07 0.03 Endurance Gold Energy Fuels* X 3328 2.10 1.89 2.05 + 0.14 3.77 1.50 2.00 Energy Fuels T 353 2.77 2.51 2.72 + 0.18 5.04 Engineer Gold V 297 0.10 0.09 0.10 + 0.01 0.14 0.05 0.06 Engold Mines V 224 0.08 0.06 0.08 + 0.01 0.20 Engold Mines* O 262 0.06 0.06 0.06 + 0.00 0.10 0.05 Ensurge* O 160 0.05 0.04 0.04 - 0.01 0.06 0.01 0.05 Entree Res* O 772 0.30 0.23 0.28 + 0.04 0.46 Entree Res T 1613 0.40 0.31 0.38 + 0.05 0.61 0.22 ePower Metals* O 116 0.28 0.23 0.27 - 0.02 0.37 0.04 ePower Metals V 113 0.34 0.30 0.34 - 0.02 0.62 0.29 4.25 Equinox Gold V 548 8.50 7.95 8.40 + 0.35 8.90 Equinox Gold* X 527 6.43 6.02 6.34 + 0.25 6.85 5.20 Equitorial Ex V 220 0.04 0.03 0.03 unch 0.00 0.06 0.02 Equity Metals* O 21 0.07 0.07 0.07 unch 0.00 0.09 0.03 Equity Metals V 47 0.09 0.08 0.08 - 0.01 0.12 0.05 201 0.19 0.18 0.18 unch 0.00 0.27 0.16 Erdene Res Dev T Erdene Res Dev* O 67 0.14 0.13 0.14 - 0.00 0.20 0.12 Erin Ventures* O 375 0.05 0.05 0.05 unch 0.00 0.11 0.03 Erin Ventures V 151 0.07 0.06 0.06 - 0.01 0.20 0.04 Ero Copper T 522 19.78 18.94 19.65 + 0.53 25.69 8.70 Ero Copper* O 26 14.94 0.00 14.94 + 0.42 19.20 7.16 Eros Res Corp* O 6 0.05 0.00 0.05 unch 0.00 0.07 0.03 Eros Res Corp V 72 0.08 0.00 0.07 - 0.01 0.11 0.05 72 0.08 0.00 0.07 - 0.01 0.11 0.05 Eros Res Corp V Eskay Mng* O 25 0.11 0.09 0.09 - 0.01 0.11 0.04 Eskay Mng V 191 0.14 0.00 0.14 + 0.02 0.17 0.07 Essex Minerals V 96 0.03 0.02 0.03 + 0.01 0.07 0.02 0.09 Ethos Gold* O 74 0.14 0.12 0.13 - 0.00 0.25 Ethos Gold V 133 0.18 0.16 0.17 - 0.01 0.34 0.13 Etruscus Res C 50 0.30 0.23 0.27 - 0.03 0.50 0.20 Euro Manganese V 508 0.15 0.15 0.15 unch 0.00 0.44 0.13 0.29 0.21 0.22 - 0.03 0.83 0.17 Euro Sun Mg* O 1053 Euro Sun Mg T 1531 0.33 0.28 0.29 - 0.03 1.10 0.23 EurOmax Res* O 4 0.02 0.02 0.02 unch 0.00 0.14 0.02 EurOmax Res T 132 0.04 0.04 0.04 unch 0.00 0.17 0.03 O 268 0.02 0.01 0.01 - 0.00 0.15 0.01 European Elect* European Elect V 304 0.02 0.02 0.02 unch 0.00 0.19 0.02 European Metal* O 0 0.00 0.00 0.02 unch 0.00 0.26 0.00 Eurotin V 40 0.01 0.01 0.01 unch 0.00 0.10 0.01 Evergold V 344 0.20 0.19 0.20 + 0.01 0.25 0.17 Everton Res* O 9 0.02 0.02 0.02 + 0.00 0.03 0.01 EVI Global Grp C 489 0.45 0.33 0.34 - 0.03 1.64 0.33 Evolving Gold C 45 0.07 0.02 0.06 unch 0.00 0.07 0.02 O 40 0.05 0.00 0.05 + 0.05 0.06 0.00 Evolving Gold* Evrim Res V 107 0.30 0.29 0.29 unch 0.00 1.43 0.27 Excellon Res T 830 0.90 0.73 0.77 - 0.13 1.51 0.59 Excellon Res* O 269 0.66 0.54 0.58 - 0.09 1.15 0.44 O 248 0.75 0.70 0.71 - 0.03 0.87 0.53 Excelsior Mng* Excelsior Mng T 251 0.99 0.93 0.95 - 0.02 1.14 0.71 ExGen Res Inc V 313 0.01 0.01 0.01 - 0.01 0.03 0.01 Explor Res* O 41 0.02 0.00 0.02 - 0.00 0.03 0.01 unch 0.00 0.04 0.02 Explor Res V 459 0.03 0.02 0.03 Explorex Res C 160 0.20 0.18 0.20 unch 0.00 0.45 0.15 Explorex Res* O 10 0.18 0.13 0.13 - 0.01 0.26 0.13 Fabled Copper V 500 0.04 0.04 0.04 unch 0.00 0.09 0.02 Fairmile Gold* O 2 0.00 0.00 0.00 unch 0.00 0.00 0.00 Falco Res V 520 0.21 0.19 0.20 unch 0.00 0.54 0.19 Falco Res * O 12 0.16 0.15 0.15 - 0.01 0.31 0.10 Falcon Gold V 2662 0.05 0.04 0.04 - 0.01 0.06 0.02 Fancamp Expl V 221 0.07 0.06 0.06 - 0.01 0.11 0.04 Far Res C 975 0.05 0.04 0.05 + 0.01 0.18 0.03 Far Res* O 62 0.04 0.00 0.04 + 0.01 0.13 0.02 Fengro Industr V 100 0.01 0.01 0.01 unch 0.00 0.08 0.01 Fidelity Min V 2019 0.02 0.01 0.01 unch 0.00 0.10 0.01 Filo Mg Corp V 96 2.30 2.01 2.30 + 0.01 3.25 2.01 Filo Mg Corp * O 0 0.00 0.00 1.75 unch 0.00 2.31 1.55 Finlay Minrls V 145 0.04 0.04 0.04 unch 0.00 0.07 0.02 Fiore Gold* O 406 0.34 0.29 0.33 + 0.04 0.50 0.16 Fiore Gold V 336 0.45 0.38 0.44 + 0.05 0.63 0.22 Fiorentina Min C 6 0.20 0.00 0.20 unch 0.00 0.20 0.20 Fire River Gol* O 0 0.00 0.00 0.01 unch 0.00 0.40 0.00 Firebird Res V 9 0.02 0.02 0.02 unch 0.00 0.04 0.02 FireFox Gold V 235 0.12 0.10 0.10 - 0.02 0.39 0.09 Firestone Vent V 64 0.05 0.04 0.05 + 0.01 0.10 0.04 Fireweed Zinc V 70 0.57 0.54 0.56 + 0.01 0.98 0.45 Fireweed Zinc* O 12 0.43 0.40 0.43 + 0.00 0.75 0.34 Firma Holdings* O 333 0.01 0.00 0.00 - 0.00 0.05 0.00 First Cobalt * O 1352 0.11 0.10 0.10 - 0.01 0.22 0.09 First Cobalt V 1687 0.15 0.13 0.13 - 0.01 0.29 0.12 First Colombia* O 4 0.00 0.00 0.00 + 0.00 0.00 0.00 First Energy C 67 0.15 0.09 0.10 - 0.03 0.20 0.06 First Energy* O 20 0.13 0.09 0.09 - 0.03 0.18 0.05 First Majestic* N 18580 10.78 9.77 10.60 + 0.80 11.62 4.59 First Majestic T 2790 14.29 12.93 14.01 + 1.05 15.50 6.12 First Mexican V 23 0.05 0.00 0.05 unch 0.00 0.25 0.04 T 1348 0.23 0.21 0.23 + 0.02 0.41 0.21 First Mg Fin First Mg Fin * O 1670 0.18 0.16 0.17 + 0.01 0.31 0.16 First Point* O 30 0.13 0.10 0.10 - 0.01 0.14 0.07 First Quantum T 10457 12.41 11.31 12.01 - 0.60 16.63 7.84 First Vanadium V 488 0.34 0.22 0.26 + 0.02 1.29 0.17 First Vanadium* O 481 0.25 0.16 0.21 + 0.04 0.98 0.12 V 297 0.06 0.06 0.06 + 0.01 0.29 0.05 Fission 3.0 Fission 3.0* O 35 0.04 0.00 0.04 - 0.01 0.21 0.03 Fission Uran* O 1373 0.23 0.20 0.23 + 0.01 0.50 0.20 0.27 Fission Uran T 2269 0.31 0.27 0.30 + 0.02 0.66 Five Star Diam V 978 0.05 0.03 0.05 + 0.01 0.08 0.03 O 224 0.03 0.03 0.03 - 0.00 0.10 0.02 Fjordland Exp* Fjordland Exp V 390 0.04 0.04 0.04 + 0.01 0.13 0.03 Focus Graphite* O 490 0.02 0.01 0.01 - 0.00 0.04 0.01 Focus Graphite V 2056 0.02 0.02 0.02 - 0.01 0.06 0.02 0.22 Foran Mng V 120 0.28 0.22 0.27 + 0.04 0.39 Forsys Metals T 60 0.13 0.12 0.12 unch 0.00 0.29 0.11 Fort St J Nick V 5 0.09 0.09 0.09 unch 0.00 0.32 0.08 0 0.00 0.00 0.09 unch 0.00 0.23 0.09 Fort St James* O Fortescue Met* O 5 6.10 0.00 5.88 - 0.62 6.63 2.76 Fortuna Silvr T 2482 4.29 3.79 4.01 - 0.05 6.12 3.22 10076 3.24 2.86 3.05 - 0.03 4.59 2.39 Fortuna Silvr* N Fortune Bay V 3 0.26 0.00 0.26 - 0.05 0.40 0.19 0.14 Fortune Bay* O 2 0.20 0.00 0.20 - 0.03 0.31 Fortune Mnrls* O 167 0.06 0.05 0.05 - 0.00 0.11 0.05 Fortune Mnrls T 138 0.08 0.07 0.07 - 0.01 0.16 0.07 Forum Energy V 2346 0.10 0.06 0.10 + 0.04 0.10 0.03 O 289 0.08 0.05 0.07 + 0.02 0.07 0.02 Forum Energy* Four Nines C 20 0.14 0.14 0.14 unch 0.00 0.31 0.14 34 0.06 0.06 0.06 unch 0.00 0.10 0.04 Fox River Res C Fox River Res* O 4 0.04 0.03 0.04 unch 0.00 0.06 0.03 FPX Nickel V 95 0.14 0.12 0.12 - 0.02 0.18 0.10 Franco-Nevada* N 3208 100.70 95.47 99.04 + 3.43 101.19 66.45 Franco-Nevada T 2715 133.15 126.22 131.02 + 4.50 133.92 85.79 Franklin Mng* O 95 0.00 0.00 0.00 - 0.00 0.00 0.00 unch 0.00 0.12 0.05 Freegold Vent T 151 0.06 0.06 0.06 Freeport McMoR* N 91797 11.27 10.68 11.16 - 0.36 14.68 8.43 Freeport Res V 16 0.07 0.00 0.07 - 0.02 0.15 0.04 Fremont Gold V 158 0.05 0.05 0.05 unch 0.00 0.19 0.04 O 15 0.04 0.04 0.04 - 0.00 0.18 0.04 Fremont Gold* Fresnillo plc* O 29 8.65 7.92 8.03 - 0.68 13.76 7.01 Frontier Lith V 123 0.24 0.22 0.24 - 0.01 0.47 0.20 Frontline Gold V 191 0.01 0.00 0.01 unch 0.00 0.02 0.01 Full Metal Mnl* O 1 0.00 0.00 0.00 unch 0.00 0.01 0.00 Fura Gems V 348 0.15 0.13 0.14 - 0.01 0.46 0.13 Fura Gems* O 6 0.12 0.10 0.10 - 0.00 0.34 0.10

G-H G2 Goldfields* O 10 G2 Goldfields V 277 Gabriel Res* O 37 Gabriel Res V 27 Gainey Capital V 532 Galane Gold V 389 Galane Gold * O 101 Galantas Gold V 124 Galantas Gold* O 85 Galore Res V 33 Galway Gold * O 1 Galway Gold V 132 Galway Mtls* O 40 Galway Mtls V 363 GAR Limited C 798 Garibaldi Res V 871 Garibaldi Res * O 196 Gatling Explor V 226 Gatling Explor* O 72 Gem Intl Res V 145 Gem Intl Res* O 15 General Moly* X 785

0.19 0.17 0.17 - 0.01 0.26 0.08 0.25 0.23 0.24 + 0.01 0.43 0.15 0.52 0.46 0.46 - 0.05 0.53 0.20 0.69 0.00 0.60 - 0.06 0.71 0.29 0.06 0.05 0.05 unch 0.00 0.16 0.04 0.12 0.11 0.11 unch 0.00 0.13 0.04 0.09 0.08 0.09 + 0.01 0.10 0.03 0.04 0.03 0.04 + 0.01 0.15 0.03 0.02 0.02 0.02 unch 0.00 0.10 0.02 0.02 0.02 0.02 unch 0.00 0.05 0.01 0.07 0.07 0.07 unch 0.00 0.10 0.00 0.10 0.09 0.09 unch 0.00 0.15 0.07 0.23 0.22 0.23 + 0.02 0.30 0.10 0.32 0.29 0.30 + 0.01 0.44 0.14 0.15 0.01 0.15 + 0.03 4.38 0.13 1.21 0.88 0.93 - 0.24 2.25 0.69 0.88 0.66 0.69 - 0.19 1.70 0.51 0.47 0.45 0.46 - 0.01 0.71 0.29 0.36 0.34 0.35 - 0.01 0.54 0.21 0.05 0.05 0.05 - 0.02 0.07 0.05 0.04 0.04 0.04 unch 0.00 0.04 0.04 0.28 0.25 0.28 + 0.03 0.45 0.16

20-23_NOV25_StockTables.indd 21

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

General Moly T 4 O 56 Generation Min* Generation Min C 185 Genesis Mtls* O 28 Genesis Mtls V 446 Genius Metals C 45 Gensource Pot V 383 Gentor Res V 4 Geomega Res V 696 Geomega Res* O 86 Gespeg Res V 460 24 Getchell Gold * O Getchell Gold C 61 Getty Copper V 250 GFG Resources V 202 GFG Resources* O 25 GGL Res* O 8 GGL Res V 6 GGX Gold V 91 GGX Gold* O 7 Giga Metals* O 395 Giga Metals V 439 Gitennes Expl V 357 Giyani Gold V 321 Giyani Gold* O 130 Glacier Lake V 73 Glacier Lake* O 3 Gldn Predator* O 79 Gldn Predator V 257 Glen Eagle Res* O 60 84 Glen Eagle Res V Glencore Plc * O 83 Glencore Plc* O 425 O 170 Global Atomic* Global Atomic T 258 Global Battery* O 3 Global Battery V 237 O 2 Global Energy* Global Energy V 284 Global Gold* O 0 Global Li-Ion* O 40 Global Li-Ion C 69 GlobalMin Vent* O 0 Globex Mng* O 63 Globex Mng T 98 GMV Minerals* O 53 GMV Minerals V 59 GNCC Capital* O 8925 Go Cobalt* O 2 Go Cobalt C 85 GobiMin V 9 God’s Lake Res C 9 GoGold Res T 429 Gold Fields* O 0 Gold Fields* N 32973 Gold Finder Ex V 1569 Gold Finder Ex* O 44 Gold Reserve V 8 Gold Reserve* O 67 Gold Resource* X 3740 Gold Rush Cari V 677 Gold Std Vents T 416 Gold Std Vents* X 1902 Goldbank Mng V 6 Goldbank Mng* O 1 Goldcliff Res* O 67 Goldcliff Res V 30 Golden Arrow V 885 Golden Arrow* O 230 Golden Band* O 482 Golden Cariboo V 982 Golden Dawn Ml V 130 25 Golden Dawn Ml* O Golden Goliath V 910 Golden Goliath* O 134 Golden Harp V 56 Golden Hope V 53 Golden Hope* O 3 Golden Lake C 730 Golden Mnls T 38 Golden Mnls* X 655 Golden Phoenix* O 30 V 13 Golden Pursuit Golden Queen* O 8 Golden Ridge V 1091 Golden Secret V 183 Golden Share V 95 Golden Star* X 3101 Golden Star T 268 Golden Tag V 216 Golden Valley* O 75 Golden Valley V 201 Goldex Res* O 6 Goldex Res V 14 Goldgroup Mng* O 17 Goldgroup Mng T 51 GoldMining* O 494 GoldMining T 392 GoldON Res V 60 GoldON Res* O 12 Goldplay Expl* O 34 Goldplay Expl V 185 V 314 GoldQuest Mng Goldrea Res C 27 Goldrea Res* O 1 Goldrich Mng* O 64 Goldsource Min* O 869 V 2549 Goldsource Min Goldstar Mnls V 281 Goldstrike Res V 205 Goliath Res V 1011 Goliath Res* O 234 Gossan Res V 34 O 468 GoviEx Uranium* GoviEx Uranium V 562 Gowest Gold* O 45 Gowest Gold V 33 GPM Metals* O 1 GPM Metals V 515 Gran Colombia* O 104 T 1150 Gran Colombia Granada Gold V 261 Granada Gold* O 12 Grande Portage V 71 O 60 Grande Portage* Granite Creek V 128 Graphite Egy* O 8 O 340 Graphite One* Graphite One V 166 Gratomic V 399 Gratomic* O 500 Gray Rock Res* O 0 Gray Rock Res V 0 Great Atlantic V 194 Great Bear Res V 611 Great Bear Res* O 170 Great Lakes Gr* O 269 Great Panther T 684 Great Panther* X 3720 Great Thunder V 1109 O 43 Great Western* Greatbanks Re V 45 Green Valley M V 30 Greencastle Rs V 77 Greenland M&En* O 403 Greenshield Ex V 93 Grenville Gold C 6 Grid Metals* O 12 Grid Metals V 95 Grizzly Discvr* O 5 Grizzly Discvr V 51 Grosvenor Res V 5 Group Eleven V 21 Group Ten Mtls* O 555 Group Ten Mtls V 447 GrowMax Res* O 25 GSP Resource V 1194 GT Gold V 1470 GT Gold * O 178 GTA Resources* O 1 Guerrero Vents V 545 Gungnir Res V 371 Gungnir Res* O 135 Guyana Gldflds T 2365 Guyana Goldstr V 367 Guyana Goldstr* O 47 Handa Mining V 378 Handa Mining* O 3 Handeni Gold* O 14 Hannan Metals V 88 Hannan Metals* O 157 Happy Ck Mnrls V 100 Harfang Explor V 95 Harmony Gold* N 19407 Harte Gold* O 1215 Harte Gold T 2985

0.37 0.34 0.37 + 0.04 0.59 0.22 0.19 0.15 0.18 + 0.01 0.28 0.03 0.25 0.23 0.25 + 0.02 0.36 0.10 0.04 0.03 0.04 + 0.00 0.08 0.03 0.06 0.05 0.05 unch 0.00 0.11 0.05 0.19 0.16 0.19 + 0.02 0.24 0.14 0.14 0.14 0.14 - 0.01 0.16 0.08 0.05 0.05 0.05 unch 0.00 0.07 0.05 0.16 0.14 0.16 unch 0.00 0.23 0.07 0.12 0.11 0.11 - 0.01 0.17 0.05 0.02 0.01 0.02 unch 0.00 0.05 0.01 0.10 0.07 0.07 - 0.03 0.19 0.05 0.12 0.10 0.10 - 0.01 3.60 0.06 0.04 0.04 0.04 unch 0.00 0.04 0.02 0.17 0.17 0.17 - 0.01 0.27 0.16 0.13 0.00 0.13 + 0.00 0.21 0.12 0.07 0.00 0.07 - 0.03 0.10 0.05 0.09 0.00 0.09 - 0.01 0.17 0.07 0.15 0.00 0.13 - 0.04 0.41 0.13 0.11 0.11 0.11 unch 0.00 0.29 0.04 0.39 0.30 0.34 - 0.04 0.40 0.11 0.49 0.40 0.43 - 0.06 0.53 0.15 0.03 0.02 0.03 + 0.01 0.05 0.02 0.17 0.14 0.14 - 0.01 0.35 0.07 0.13 0.10 0.10 - 0.02 0.26 0.06 0.06 0.04 0.04 - 0.02 0.20 0.04 0.05 0.05 0.05 unch 0.00 0.09 0.01 0.21 0.19 0.21 - 0.01 0.38 0.13 0.28 0.26 0.26 - 0.01 0.50 0.18 0.07 0.06 0.06 - 0.02 0.10 0.06 0.10 0.09 0.09 - 0.01 0.15 0.08 3.22 3.05 3.14 - 0.11 4.49 2.66 6.30 6.07 6.23 - 0.23 8.91 5.29 0.38 0.35 0.37 + 0.01 0.42 0.21 0.50 0.46 0.49 unch 0.00 0.56 0.28 0.07 0.05 0.05 - 0.01 0.16 0.05 0.08 0.08 0.08 unch 0.00 0.23 0.06 0.02 0.02 0.02 unch 0.00 0.07 0.01 0.03 0.03 0.03 + 0.01 0.10 0.02 0.00 0.00 0.75 unch 0.00 1.60 0.75 0.07 0.00 0.06 unch 0.00 0.21 0.04 0.09 0.08 0.09 - 0.01 0.28 0.06 0.27 0.00 0.27 unch 0.00 1.30 0.25 0.28 0.26 0.27 - 0.00 0.31 0.20 0.38 0.33 0.36 - 0.01 0.41 0.25 0.07 0.06 0.06 - 0.01 0.17 0.06 0.10 0.09 0.10 unch 0.00 0.25 0.07 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.04 0.04 0.04 unch 0.00 0.25 0.02 0.05 0.05 0.05 - 0.02 0.34 0.05 0.26 0.26 0.26 unch 0.00 0.45 0.20 5.15 5.15 5.15 unch 0.00 6.25 1.51 0.61 0.59 0.61 unch 0.00 0.80 0.19 0.00 0.00 4.65 unch 0.00 4.65 2.97 5.51 5.03 5.35 + 0.28 6.29 2.89 0.04 0.03 0.03 - 0.01 0.12 0.02 0.03 0.02 0.02 - 0.00 0.09 0.02 2.18 2.04 2.18 + 0.05 3.67 2.04 1.70 1.50 1.57 + 0.01 2.75 1.40 4.72 4.14 4.43 + 0.23 5.09 2.73 0.01 0.01 0.01 unch 0.00 0.15 0.01 1.04 1.00 1.03 + 0.03 1.81 0.97 0.79 0.75 0.77 + 0.02 1.38 0.71 0.13 0.13 0.13 unch 0.00 0.19 0.07 0.14 0.14 0.14 unch 0.00 0.14 0.11 0.11 0.09 0.09 - 0.01 0.13 0.03 0.14 0.13 0.13 - 0.01 0.17 0.05 0.14 0.12 0.13 + 0.01 0.37 0.12 0.10 0.09 0.09 - 0.00 0.28 0.08 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.04 0.03 0.03 - 0.01 0.06 0.03 0.18 0.12 0.15 unch 0.00 0.38 0.10 0.11 0.11 0.11 unch 0.00 0.28 0.02 0.05 0.04 0.04 - 0.01 0.10 0.02 0.03 0.03 0.03 + 0.00 0.08 0.00 0.07 0.07 0.07 unch 0.00 0.17 0.04 0.26 0.23 0.23 - 0.04 0.27 0.05 0.18 0.00 0.18 + 0.01 0.18 0.03 0.13 0.10 0.13 unch 0.00 0.14 0.08 0.31 0.28 0.28 - 0.03 0.49 0.28 0.23 0.20 0.21 - 0.01 0.38 0.20 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.06 0.00 0.06 unch 0.00 0.11 0.02 0.18 0.17 0.18 + 0.01 0.29 0.01 0.03 0.02 0.02 unch 0.00 0.20 0.02 1.08 1.00 1.05 unch 0.00 2.59 0.96 0.12 0.11 0.11 - 0.01 0.18 0.07 3.24 2.98 3.15 + 0.13 4.97 2.43 4.30 3.93 4.22 + 0.20 6.48 3.24 0.06 0.05 0.05 - 0.01 0.10 0.03 0.30 0.30 0.30 unch 0.00 0.34 0.17 0.40 0.39 0.39 - 0.01 0.44 0.23 0.06 0.00 0.06 + 0.00 0.25 0.05 0.09 0.00 0.08 - 0.01 0.39 0.07 0.02 0.02 0.02 unch 0.00 0.06 0.02 0.03 0.03 0.03 unch 0.00 0.08 0.03 0.81 0.71 0.80 + 0.05 1.08 0.52 1.07 0.93 1.06 + 0.07 1.44 0.71 0.51 0.00 0.50 - 0.01 0.91 0.12 0.38 0.36 0.36 - 0.02 0.69 0.09 0.18 0.16 0.16 + 0.00 0.22 0.09 0.24 0.20 0.21 + 0.01 0.30 0.11 0.12 0.11 0.11 unch 0.00 0.23 0.08 0.05 0.05 0.05 unch 0.00 0.11 0.04 0.03 0.03 0.03 unch 0.00 0.07 0.02 0.02 0.01 0.02 + 0.00 0.03 0.01 0.07 0.05 0.05 + 0.00 0.16 0.02 0.09 0.08 0.08 + 0.01 0.23 0.04 0.03 0.00 0.03 unch 0.00 0.05 0.03 0.02 0.00 0.02 unch 0.00 0.14 0.02 0.03 0.03 0.03 + 0.01 0.15 0.02 0.03 0.02 0.02 - 0.00 0.11 0.02 0.06 0.00 0.06 unch 0.00 0.09 0.04 0.11 0.10 0.10 + 0.00 0.16 0.09 0.15 0.14 0.14 + 0.01 0.21 0.12 0.20 0.20 0.20 unch 0.00 0.31 0.01 0.28 0.21 0.28 + 0.02 0.60 0.08 0.02 0.02 0.02 unch 0.00 0.06 0.02 0.08 0.06 0.07 + 0.01 0.10 0.06 3.81 3.42 3.60 + 0.07 4.44 1.80 5.06 4.51 4.86 + 0.12 5.91 2.37 0.11 0.10 0.11 unch 0.00 0.23 0.09 0.07 0.07 0.07 - 0.00 0.17 0.07 0.12 0.11 0.11 - 0.01 0.21 0.08 0.11 0.09 0.09 - 0.02 0.15 0.06 0.07 0.07 0.07 unch 0.00 0.23 0.05 0.17 0.01 0.01 - 0.16 1.09 0.00 0.30 0.25 0.28 + 0.04 1.00 0.00 0.40 0.31 0.39 + 0.09 0.50 0.12 0.02 0.01 0.02 unch 0.00 0.17 0.01 0.01 0.01 0.01 - 0.01 0.13 0.01 0.00 0.00 0.39 unch 0.00 0.00 0.00 0.06 unch 0.00 0.15 0.04 0.55 0.50 0.50 - 0.05 0.95 0.30 6.93 5.54 6.57 + 0.70 9.57 1.85 5.22 4.25 4.96 + 0.56 7.23 1.42 0.00 0.00 0.00 + 0.00 0.10 0.00 0.71 0.63 0.64 - 0.02 1.58 0.62 0.52 0.48 0.48 - 0.03 1.19 0.47 0.03 0.03 0.03 - 0.01 0.03 0.01 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.09 0.09 0.09 unch 0.00 0.15 0.04 0.06 0.06 0.06 unch 0.00 1.00 0.06 0.07 0.06 0.06 unch 0.00 0.09 0.02 0.09 0.07 0.08 - 0.00 0.12 0.04 0.17 0.17 0.17 unch 0.00 0.22 0.04 0.11 0.11 0.11 unch 0.00 0.40 0.11 0.10 0.07 0.08 - 0.00 0.12 0.04 0.12 0.10 0.10 - 0.01 0.16 0.05 0.03 0.03 0.03 unch 0.00 0.08 0.02 0.04 0.04 0.04 unch 0.00 0.11 0.03 0.12 0.12 0.12 unch 0.00 0.12 0.08 0.06 0.00 0.06 unch 0.00 0.18 0.04 0.14 0.11 0.13 - 0.00 0.17 0.01 0.18 0.16 0.18 + 0.02 0.23 0.12 0.04 0.04 0.04 unch 0.00 0.15 0.00 0.29 0.20 0.27 + 0.03 0.29 0.13 0.84 0.71 0.79 + 0.07 1.70 0.55 0.63 0.00 0.59 + 0.05 1.30 0.42 0.00 0.00 0.00 unch 0.00 0.02 0.00 0.17 0.14 0.17 unch 0.00 0.17 0.06 0.06 0.00 0.06 unch 0.00 0.13 0.06 0.05 0.00 0.05 - 0.00 0.11 0.04 0.68 0.50 0.66 + 0.14 1.85 0.46 0.05 0.04 0.04 - 0.01 0.28 0.04 0.04 0.03 0.03 + 0.01 0.21 0.03 0.02 0.02 0.02 + 0.01 0.07 0.02 0.01 0.00 0.01 unch 0.00 0.03 0.01 0.04 0.02 0.02 unch 0.00 0.04 0.02 0.10 0.08 0.09 unch 0.00 0.16 0.05 0.08 0.07 0.07 - 0.01 0.12 0.04 0.12 0.00 0.10 unch 0.00 0.18 0.08 0.23 0.21 0.21 - 0.02 0.32 0.18 3.39 3.02 3.27 + 0.15 3.86 1.47 0.11 0.09 0.10 - 0.01 0.33 0.09 0.14 0.12 0.13 unch 0.00 0.44 0.12

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Harvest Gold V 22 Hawkeye Gld&Di V 1374 Hawkeye Gld&Di* O 0 Heatherdale Rs V 98 45729 Hecla Mining* N Helio Res V 65 Helio Res* O 2 O 51 Hemcare Health* Heron Res* O 17 Highbank Res V 355 Highbury Proj V 64 HighGold V 191 O 309 Highland Copp* Highland Copp V 458 Highway 50 Gld* O 30 36 Highway 50 Gld V HiHo Silver C 123 HiHo Silver* O 0 Hochschild Mg* O 35 O 22 Homeland Egy* Honey Badger E V 442 T 102 Horizonte Mnls Hornby Bay Mnl* O 164 405 Hornby Bay Mnl V HudBay Min* N 4406 HudBay Min T 7857 Hudson Res* O 58 Hudson Res V 131 Hunt Mng* O 9 Hunt Mng V 126 33 Hut 8 Mining* O Hut 8 Mining T 138 Hybrid Mineral V 160 Hycroft Mining* O 3

0.10 0.10 0.10 - 0.01 0.65 0.10 0.04 0.03 0.04 + 0.01 0.07 0.03 0.00 0.00 0.04 unch 0.00 0.05 0.00 0.03 0.02 0.03 unch 0.00 0.04 0.02 2.49 2.31 2.39 + 0.08 3.07 1.21 0.12 0.10 0.10 - 0.02 0.15 0.05 0.09 0.09 0.09 unch 0.00 0.09 0.02 0.80 0.55 0.75 + 0.00 1.54 0.41 0.10 0.10 0.10 unch 0.00 0.45 0.10 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.24 0.24 0.24 unch 0.00 0.26 0.17 1.32 1.13 1.19 - 0.12 1.89 0.78 0.04 0.02 0.02 - 0.01 0.08 0.02 0.04 0.03 0.03 - 0.01 0.10 0.03 0.13 0.13 0.13 unch 0.00 0.17 0.09 0.11 0.11 0.11 unch 0.00 0.25 0.11 0.04 0.00 0.04 unch 0.00 0.08 0.02 0.00 0.00 0.03 unch 0.00 0.04 0.01 2.47 2.34 2.36 - 0.16 2.79 1.90 0.02 0.02 0.02 unch 0.00 3.21 0.01 0.02 0.02 0.02 unch 0.00 0.05 0.02 0.08 0.08 0.08 unch 0.00 0.09 0.03 0.04 0.04 0.04 - 0.01 0.05 0.01 0.06 0.05 0.05 - 0.01 0.06 0.02 3.69 3.15 3.52 - 0.24 7.83 2.99 4.87 4.16 4.66 - 0.29 10.42 3.98 0.24 0.13 0.21 - 0.03 0.38 0.13 0.31 0.28 0.28 - 0.05 0.48 0.28 0.04 0.04 0.04 unch 0.00 0.18 0.00 0.05 0.04 0.05 + 0.01 0.23 0.04 1.25 1.18 1.24 - 0.03 2.23 0.60 1.70 1.56 1.63 - 0.05 2.94 0.76 0.02 0.02 0.02 unch 0.00 0.13 0.02 0.01 0.01 0.01 unch 0.00 0.13 0.00

I-Minerals* O 17 I-Minerals V 102 IAMGOLD T 4772 IAMGOLD* N 22144 Iconic Mnls V 84 Iconic Mnls * O 100 Idaho Champion* O 0 C 20 Idaho Champion IM Exploration C 120 IMC Intl Mng C 6 iMetal Res* O 40 iMetal Res V 1275 IMPACT Silver V 631 Impala Platnm* O 4 Imperial Metal* O 7 Imperial Metal T 151 Imperial Mg Gr V 852 Inca One Gold* O 60 Inca One Gold V 796 Inception Mng * O 4 Independence G V 156 Independence G* O 39 Indigo Expl V 1 Infinite Lith* O 8 Infinite Lith V 93 Infrastructure* O 100 Inomin Mines V 166 Inspiration Mg* O 1 Integra Res* O 199 Integra Res V 384 Inter-Rock Mnl V 40 Interconnect V 96 O 0 Intercontinent* Intercontinent V 5 Intl Battery C 435 Intl Battery* O 376 Intl Bethl Mng V 14 Intl Cobalt* O 46 Intl Cobalt C 732 Intl Lithium* O 5 Intl Lithium V 245 Intl Montoro* O 170 Intl Montoro V 214 Intl Prospect * O 91 Intl Prospect V 69 Intl Samuel Ex V 206 Intl Star* O 13885 Intl Tower Hil* X 563 70 Intl Tower Hil T Intl Zeolite V 281 Intl Zeolite* O 34 Intrepid Pots* N 4636 INV Metals* O 13 INV Metals T 7 Inventus Mg * O 77 Inventus Mg V 110 InZinc Mining V 1397 InZinc Mining* O 355 Irving Res* O 72 Irving Res C 85 IsoEnergy Ltd V 199 Itafos* O 0 Itafos V 8 Itoco Inc* O 315 Ivanhoe Mines* O 225 T 3281 Ivanhoe Mines Jade Leader* O 10 Jade Leader V 36 Jaeger Res * O 0 Jaeger Res V 325 Jaguar Mng T 1821 Jaguar Mng* O 296 Japan Gold V 235 Japan Gold* O 66 Jasper Mining V 24 Jasper Mining* O 10 O 100 Jaxon Mining* Jaxon Mining V 856 Jayden Res V 120 JDF Explor Inc C 234 Jervois Mining* O 727 Jervois Mining V 927 Jiulian Res V 355 Josemaria Res* O 23 T 167 Josemaria Res Joshua Gold* O 396 Jourdan Res V 91 Jubilee Gold V 33 O 26 Juggernaut Exp* Juggernaut Exp V 184 Jupiter Gold* O 44 K2 Gold V 36 K92 Mining* O 1390 K92 Mining V 2060 Kaizen Discov V 235 Kaizen Discvry* O 5 V 25 Kapuskasing Gd Karam Min C 2 Karmin Expl V 46 Karnalyte Res T 9 12337 KAT Expl* O Katanga Mng T 3349 V 172 Kenadyr Mining Kenadyr Mining* O 1 Kermode Res V 79 Kerr Mines* O 748 Kerr Mines T 454 Kesselrun Res V 274 Kesselrun Res* O 4 Kestrel Gold V 210 Kilo Goldmines V 500 Kilo Goldmines* O 43 Kincora Copper* O 13 Kincora Copper V 610 King Global* O 10 King Global V 1152 Kings Bay Res* O 1 Kingsmen Res V 435 Kingsmen Res* O 25 Kinross Gold T 17110 Kinross Gold* N 71804 Kintavar Exp V 51 Kirkland Lake* N 5469 Kirkland Lake T 3647 Klondike Gold* O 45 Klondike Gold V 192 Klondike Silv* O 2 Klondike Silv V 210 Kombat Copper* O 3 Kombat Copper V 113 Komet Resource V 115 Kootenay Silvr* O 190 Kootenay Silvr V 783 Kootenay Zinc C 21 Kootenay Zinc* O 2 KOPR Point C 135 Kore Mining V 59 Kore Mining * O 45 Kutcho Copper * O 9

0.04 0.00 0.04 + 0.01 0.14 0.02 0.05 0.05 0.05 unch 0.00 0.19 0.03 4.84 4.39 4.69 + 0.26 5.55 3.08 3.66 3.32 3.54 + 0.19 4.17 2.28 0.06 0.05 0.05 unch 0.00 0.18 0.05 0.04 0.03 0.03 - 0.01 0.13 0.03 0.06 0.06 0.06 unch 0.00 0.06 0.05 0.05 0.05 0.05 unch 0.00 0.20 0.04 0.10 0.00 0.10 + 0.06 0.15 0.04 0.52 0.00 0.52 - 0.03 0.58 0.30 0.06 0.05 0.06 + 0.01 0.14 0.03 0.08 0.07 0.07 unch 0.00 0.19 0.04 0.34 0.31 0.32 - 0.03 0.51 0.20 7.20 7.20 7.20 + 0.33 7.20 4.75 1.50 1.29 1.29 - 0.21 2.60 0.76 1.99 1.61 1.73 - 0.25 3.50 0.99 0.05 0.03 0.05 + 0.02 0.11 0.03 0.03 0.02 0.03 - 0.00 0.04 0.02 0.04 0.03 0.04 unch 0.00 0.05 0.03 0.07 0.00 0.06 - 0.00 0.55 0.00 0.06 0.00 0.05 - 0.01 0.10 0.04 0.05 0.04 0.05 + 0.00 0.08 0.00 0.00 0.00 0.02 unch 0.00 0.02 0.01 0.02 0.00 0.02 unch 0.00 0.11 0.02 0.04 0.04 0.04 - 0.01 0.15 0.04 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.04 0.00 0.04 + 0.01 0.05 0.02 0.03 0.03 0.03 unch 0.00 0.03 0.00 0.96 0.88 0.90 - 0.01 1.07 0.44 1.27 1.15 1.18 - 0.02 1.42 0.61 0.25 0.25 0.25 unch 0.00 0.35 0.19 0.06 0.06 0.06 unch 0.00 0.08 0.04 0.00 0.00 0.13 unch 0.00 0.25 0.07 0.18 0.18 0.18 unch 0.00 0.35 0.09 0.12 0.11 0.11 - 0.01 0.23 0.05 0.10 0.09 0.10 + 0.01 0.18 0.03 0.03 0.03 0.03 unch 0.00 0.10 0.02 0.02 0.01 0.01 - 0.00 0.05 0.00 0.02 0.01 0.02 unch 0.00 0.07 0.01 0.03 0.02 0.03 unch 0.00 0.06 0.02 0.05 0.04 0.05 + 0.01 0.09 0.03 0.03 0.02 0.02 - 0.01 0.06 0.02 0.04 0.04 0.04 - 0.01 0.09 0.03 0.10 0.09 0.10 unch 0.00 0.12 0.06 0.11 0.09 0.09 - 0.02 0.20 0.08 0.02 0.01 0.01 - 0.01 0.05 0.01 0.00 0.00 0.00 + 0.00 0.00 0.00 0.53 0.50 0.51 - 0.02 0.72 0.35 0.70 0.66 0.67 - 0.02 0.94 0.48 0.08 0.06 0.06 - 0.02 0.16 0.05 0.06 0.05 0.05 - 0.01 0.12 0.01 2.53 2.18 2.35 - 0.18 4.39 2.18 0.31 0.29 0.29 - 0.03 0.59 0.22 0.40 0.39 0.39 - 0.02 0.83 0.30 0.08 0.06 0.06 - 0.02 0.12 0.05 0.09 0.08 0.08 - 0.02 0.16 0.07 0.03 0.02 0.02 - 0.01 0.07 0.02 0.02 0.02 0.02 unch 0.00 0.05 0.02 2.09 1.99 2.09 + 0.02 2.50 0.82 2.75 2.64 2.75 + 0.01 3.25 1.08 0.46 0.37 0.45 + 0.07 0.79 0.36 0.00 0.00 0.98 unch 0.00 1.23 0.39 1.06 0.00 1.06 - 0.21 1.63 0.53 0.25 0.16 0.18 - 0.05 0.90 0.06 2.91 2.63 2.80 - 0.06 3.46 1.50 3.79 3.50 3.71 - 0.07 4.54 2.04 0.20 0.20 0.20 unch 0.00 0.27 0.13 0.27 0.23 0.26 + 0.02 0.35 0.13 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.02 0.01 0.02 + 0.01 0.04 0.01 0.12 0.11 0.11 - 0.01 0.30 0.07 0.10 0.07 0.09 + 0.04 0.22 0.05 0.26 0.23 0.26 unch 0.00 0.43 0.11 0.20 0.18 0.19 - 0.01 0.32 0.09 0.04 0.03 0.03 + 0.02 0.25 0.01 0.03 0.03 0.03 unch 0.00 0.03 0.03 0.03 0.03 0.03 unch 0.00 0.08 0.03 0.06 0.05 0.05 unch 0.00 0.10 0.03 0.02 0.00 0.02 unch 0.00 0.20 0.01 0.64 0.60 0.64 + 0.02 0.71 0.01 0.14 0.12 0.13 - 0.01 0.20 0.12 0.19 0.16 0.18 + 0.01 0.24 0.13 0.02 0.01 0.02 unch 0.00 0.14 0.01 0.46 0.00 0.46 - 0.03 0.91 0.42 0.60 0.58 0.58 - 0.01 1.22 0.57 0.17 0.09 0.15 - 0.04 0.40 0.08 0.02 0.00 0.01 - 0.01 0.06 0.01 0.54 0.53 0.53 unch 0.00 0.95 0.48 0.17 0.13 0.13 - 0.04 1.20 0.06 0.20 0.00 0.19 - 0.01 1.60 0.10 1.05 0.36 0.55 - 0.46 2.00 0.36 0.26 0.23 0.24 - 0.02 0.37 0.16 1.63 1.39 1.58 + 0.06 2.08 0.51 2.16 1.83 2.05 + 0.04 2.67 0.67 0.04 0.03 0.04 + 0.01 0.07 0.03 0.03 0.03 0.03 - 0.00 0.05 0.02 0.09 0.00 0.08 - 0.02 0.14 0.03 0.00 0.00 0.13 unch 0.00 0.15 0.05 1.01 1.01 1.01 unch 0.00 1.02 0.60 0.19 0.19 0.19 + 0.01 0.36 0.15 0.00 0.00 0.00 - 0.00 0.00 0.00 0.19 0.15 0.17 + 0.01 0.83 0.14 0.06 0.05 0.05 - 0.01 0.11 0.04 0.04 0.03 0.03 - 0.01 0.07 0.03 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.10 0.08 0.08 - 0.01 0.21 0.07 0.12 0.11 0.12 - 0.01 0.27 0.11 0.05 0.04 0.04 unch 0.00 0.07 0.03 0.02 0.02 0.02 unch 0.00 0.04 0.02 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.01 0.00 0.00 + 0.00 0.02 0.00 0.06 0.05 0.05 - 0.01 0.11 0.05 0.07 0.05 0.06 - 0.03 0.16 0.05 0.01 0.01 0.01 unch 0.00 0.05 0.00 0.02 0.02 0.02 unch 0.00 0.10 0.02 0.00 0.00 0.00 unch 0.00 0.03 0.00 0.08 0.00 0.07 - 0.02 0.70 0.07 0.06 0.06 0.06 - 0.00 0.52 0.01 5.83 5.42 5.57 + 0.05 7.24 3.18 4.40 4.09 4.21 + 0.04 5.47 2.49 0.15 0.14 0.15 unch 0.00 0.29 0.11 48.30 44.92 46.92 + 1.71 51.08 18.37 64.02 59.39 62.01 + 2.21 67.87 24.39 0.20 0.17 0.19 + 0.01 0.35 0.10 0.26 0.00 0.24 unch 0.00 0.45 0.17 0.03 0.01 0.01 - 0.01 0.04 0.01 0.03 0.03 0.03 unch 0.00 0.06 0.03 0.13 0.13 0.13 unch 0.00 0.15 0.05 0.18 0.00 0.18 + 0.01 0.20 0.05 0.10 0.10 0.10 unch 0.00 0.22 0.09 0.20 0.15 0.20 + 0.02 0.23 0.08 0.26 0.23 0.26 + 0.02 0.32 0.11 0.05 0.05 0.05 unch 0.00 0.29 0.05 0.04 0.00 0.03 + 0.00 0.17 0.02 0.06 0.05 0.06 + 0.01 0.35 0.01 0.28 0.25 0.26 + 0.01 0.41 0.08 0.21 0.20 0.21 - 0.02 0.31 0.09 0.12 0.11 0.11 - 0.01 0.35 0.10

I-J-K

(100s) Stock

Week

21

12-month

Exc Volume High Low Last Change High Low

KWG Res* O 50 0.00 0.00 0.00 unch 0.00 0.02 0.00 KWG Res C 465 0.01 0.01 0.01 unch 0.00 0.02 0.01

L La Imperial C 6 V 27 Labrador Gold Labrador IMH* O 1234 Labrador IOR* O 7 Labrador IOR T 1827 Lake Forest Mi* O 0 Lara Expl V 491 Laramide Res T 475 Laredo Res* O 264 Largo Res T 2369 Largo Res* O 2811 Lateral Gold V 375 V 13 Latin American Latin American* O 2 Latin Metals V 119 36 Laurion Mnl Ex* O Laurion Mnl Ex V 207 5 Le Mare Gold* O Le Mare Gold V 819 Leading Edge V 492 Leading Edge* O 468 Leagold Mg* O 1453 Leagold Mg T 1480 Leeta Gold V 2338 Legion Metals C 1279 Leo Res* O 5 Lepanto Con Mg* O 97 O 63 Libero Copper* Libero Copper V 207 Liberty Gold* O 495 Liberty One Li V 164 214 Liberty One Li* O LiCo Energy* O 203 LiCo Energy V 378 Lightspeed Dis* O 0 2 Lincoln Mng * O Lincoln Mng V 69 Lion One Mtls V 1503 Lion One Mtls* O 906 34 Lions Bay Cap V Lions Bay Mg C 144 Lions Bay Mg * O 2 Lithium Amer* N 810 Lithium Amer T 372 Lithium Chile V 60 Lithium Chile* O 32 Lithium Corp* O 380 Lithium Energi* O 10 Lithium Energi V 205 Lithoquest Dia V 99 Lithoquest Dia* O 10 LKA Gold* O 29 O 40 Lode-Star Mg* Lodge Res C 450 Logan Res V 3066 Lomiko Mtls V 251 Lomiko Mtls* O 49 Loncor Res* O 0 Loncor Res T 136 Lone Star Gold* O 45 Los Andes* O 4 Los Andes V 272 Lucara Diam T 1316 Lucky Min V 10668 Lucky Min* O 361 Luckystrike * O 215 Luckystrike V 1871 Lumina Gold* O 30 Lumina Gold V 438 Luminex Res V 53 Lundin Gold T 672 Lundin Mng* O 105 Lundin Mng T 8214 Lupaka Gold * O 0 Lupaka Gold V 610 Lydian Intl* O 39 Lydian Intl T 1519 Lynas Corp* O 185 Lynas Corp* O 194

0.02 0.02 0.02 unch 0.00 0.07 0.02 0.13 0.11 0.13 + 0.02 0.26 0.11 0.05 0.01 0.02 - 0.02 0.20 0.00 17.61 16.98 17.37 - 0.53 27.20 16.69 23.80 22.32 23.26 - 0.60 36.01 21.87 3.20 0.00 3.20 unch 0.00 5.00 0.50 0.47 0.44 0.47 - 0.01 0.59 0.41 0.22 0.20 0.22 unch 0.00 0.49 0.18 0.00 0.00 0.00 - 0.00 0.01 0.00 1.28 1.06 1.07 - 0.17 4.65 1.10 0.96 0.80 0.80 - 0.15 3.52 0.84 0.04 0.03 0.03 unch 0.00 0.40 0.03 0.01 0.00 0.01 unch 0.00 0.03 0.01 0.01 0.01 0.01 - 0.00 0.02 0.00 0.11 0.11 0.11 - 0.01 0.22 0.08 0.15 0.15 0.15 + 0.01 0.16 0.05 0.20 0.19 0.19 - 0.01 0.22 0.07 0.05 0.04 0.05 unch 0.00 0.14 0.00 0.09 0.08 0.09 unch 0.00 0.18 0.03 0.08 0.07 0.07 - 0.01 0.40 0.06 0.06 0.05 0.05 - 0.01 0.30 0.04 1.55 1.44 1.50 + 0.02 2.33 0.95 2.07 1.92 1.99 + 0.04 3.07 1.33 0.16 0.14 0.15 - 0.01 0.82 0.14 0.36 0.26 0.30 - 0.07 0.83 0.26 0.01 0.01 0.01 unch 0.00 0.19 0.00 0.00 0.00 0.00 + 0.00 0.00 0.00 0.08 0.06 0.08 + 0.01 0.18 0.05 0.11 0.00 0.10 + 0.02 0.23 0.07 0.70 0.60 0.70 + 0.08 0.75 0.21 0.05 0.00 0.04 - 0.01 0.18 0.04 0.04 0.03 0.03 - 0.00 0.14 0.03 0.02 0.02 0.02 + 0.00 0.10 0.02 0.03 0.02 0.02 - 0.01 0.14 0.02 0.00 0.00 0.11 unch 0.00 0.11 0.10 0.09 0.09 0.09 unch 0.00 0.09 0.09 0.13 0.00 0.13 - 0.02 0.25 0.05 1.13 0.87 0.88 - 0.22 1.13 0.35 0.85 0.66 0.67 - 0.15 0.85 0.24 0.05 0.04 0.04 - 0.02 0.10 0.04 0.14 0.00 0.09 - 0.05 0.20 0.03 0.08 0.00 0.07 - 0.06 0.14 0.00 3.02 2.81 2.97 - 0.02 4.89 2.75 4.00 3.70 3.92 - 0.03 6.43 3.67 0.34 0.00 0.30 - 0.05 0.65 0.25 0.25 0.22 0.22 - 0.03 0.49 0.20 0.07 0.05 0.06 + 0.01 0.15 0.05 0.05 0.03 0.03 - 0.02 0.30 0.03 0.05 0.05 0.05 - 0.01 0.32 0.05 0.07 0.06 0.07 - 0.01 0.22 0.06 0.05 0.05 0.05 unch 0.00 0.14 0.05 0.08 0.00 0.07 - 0.00 0.43 0.06 0.06 0.00 0.06 + 0.01 0.15 0.02 0.11 0.00 0.11 unch 0.00 0.11 0.11 0.05 0.04 0.05 - 0.01 0.24 0.04 0.04 0.03 0.03 unch 0.00 0.09 0.02 0.02 0.00 0.02 + 0.00 0.07 0.01 0.00 0.00 0.27 unch 0.00 0.40 0.09 0.36 0.33 0.35 + 0.03 0.44 0.12 0.78 0.38 0.59 + 0.31 2.12 0.05 0.24 0.24 0.24 unch 0.00 0.40 0.14 0.38 0.30 0.32 - 0.03 0.52 0.15 0.90 0.84 0.84 - 0.04 2.02 0.84 0.02 0.02 0.02 unch 0.00 0.15 0.02 0.02 0.01 0.02 - 0.00 0.12 0.01 0.03 0.00 0.02 + 0.01 0.21 0.01 0.02 0.02 0.02 - 0.01 0.28 0.02 0.50 0.00 0.46 + 0.01 1.03 0.35 0.65 0.59 0.59 - 0.04 0.73 0.47 0.60 0.56 0.58 - 0.02 1.02 0.53 7.68 7.01 7.48 + 0.07 9.04 4.50 5.76 5.40 5.75 + 0.05 5.94 3.80 7.65 7.18 7.61 + 0.06 7.96 5.12 0.00 0.00 0.01 unch 0.00 0.11 0.01 0.02 0.00 0.01 - 0.01 0.14 0.01 0.05 0.04 0.05 + 0.00 0.16 0.04 0.07 0.06 0.07 + 0.01 0.24 0.06 1.68 1.54 1.58 - 0.13 2.29 1.05 1.74 1.56 1.62 - 0.10 2.33 1.05

M M.P.V. Explor C 63 0.12 0.12 0.12 unch 0.00 0.18 0.06 Macarthur Min* O 62 0.05 0.04 0.04 + 0.01 0.31 0.01 Macarthur Min V 387 0.07 0.06 0.06 unch 0.00 0.17 0.02 MacDonald Mns* O 137 0.07 0.06 0.07 + 0.01 0.16 0.02 MacDonald Mns V 919 0.10 0.08 0.08 - 0.02 0.21 0.03 MAG Silver T 1257 13.65 12.55 13.23 + 0.31 18.60 8.65 Magellan Gold* O 3 1.16 1.05 1.05 - 0.35 3.80 0.80 0.19 Magna Gold V 98 0.32 0.27 0.32 + 0.03 0.55 Magna Gold* O 29 0.24 0.20 0.24 + 0.03 0.38 0.20 Magnitude Mng V 3 0.13 0.13 0.13 unch 0.00 0.20 0.04 Majestic Gold V 257 0.06 0.05 0.05 - 0.01 0.09 0.04 O 70 0.04 0.04 0.04 - 0.01 0.06 0.03 Majestic Gold* Makena Res* O 92 0.53 0.48 0.48 - 0.05 2.18 0.42 Mako Mining* O 256 0.15 0.14 0.15 - 0.00 0.18 0.01 Mako Mining V 728 0.20 0.19 0.20 + 0.01 0.24 0.09 V 302 0.03 0.03 0.03 + 0.01 0.09 0.02 Mammoth Res Mandalay Res T 122 0.85 0.77 0.80 + 0.02 1.60 0.50 Mandalay Res* O 29 0.61 0.58 0.60 - 0.01 1.12 0.03 Manganese X* O 1 0.06 0.06 0.06 unch 0.00 0.13 0.06 Manganese X V 104 0.09 0.08 0.08 - 0.01 0.18 0.07 Mangazeya Mng V 476 0.06 0.04 0.06 + 0.02 0.06 0.02 Mangazeya Mng* O 20 0.03 0.03 0.03 - 0.00 0.04 0.01 120 0.02 0.02 0.02 - 0.01 0.05 0.02 Manitou Gold * O Manitou Gold V 421 0.04 0.03 0.04 - 0.01 0.07 0.02 unch 0.00 0.13 0.07 Maple Gold V 632 0.10 0.09 0.09 Maple Gold* O 705 0.08 0.07 0.07 - 0.00 0.10 0.05 Marathon Gold* O 342 1.23 1.14 1.18 - 0.05 1.31 0.51 Marathon Gold T 811 1.62 1.51 1.55 - 0.09 1.72 0.67 V 16 0.03 0.00 0.03 unch 0.00 0.11 0.02 Margaret Lake Margaux Res V 166 0.08 0.05 0.08 + 0.01 0.15 0.03 unch 0.00 0.08 0.02 Margaux Res* O 13 0.00 0.00 0.06 Marifil Mines* O 72 0.07 0.05 0.06 + 0.00 0.14 0.04 Marifil Mines V 107 0.08 0.07 0.07 - 0.01 0.18 0.05 Maritime Res V 99 0.08 0.07 0.07 - 0.01 0.12 0.07 unch 0.00 0.12 0.04 Martina Mnls V 1 0.00 0.00 0.05 MartinMarietta* N 2460 263.70 252.55 260.43 + 3.53 275.99 160.60 0.04 Mas Gold V 329 0.07 0.05 0.07 + 0.01 0.16 Mascota Res* O 50 0.08 0.08 0.08 unch 0.00 2.50 0.06 Mason Graphite* O 330 0.19 0.14 0.15 - 0.02 0.52 0.15 Mason Graphite V 1845 0.23 0.19 0.20 - 0.04 0.66 0.19 unch 0.00 0.17 0.04 Matica Ent C 624 0.05 0.04 0.04 Maverix Metals T 375 6.22 5.63 5.90 + 0.18 6.96 4.06 X 477 4.99 4.25 4.48 + 0.13 5.50 1.55 Maverix Metals* Mawson Res* O 31 0.12 0.10 0.11 - 0.01 0.22 0.09 Mawson Res T 40 0.16 0.14 0.16 + 0.02 0.29 0.13 MAX Res V 97 0.11 0.09 0.10 + 0.01 3.00 0.08 0.03 MaxTech Vent C 95 0.10 0.08 0.09 - 0.02 0.22 MaxTech Vent* O 102 0.07 0.06 0.06 - 0.01 0.17 0.02 unch 0.00 4.54 0.05 Maxwell Res* O 0 0.00 0.00 0.09 Maya Gold &Sil* O 9 1.34 1.32 1.34 + 0.02 1.84 1.15 Maya Gold &Sil T 65 1.94 1.56 1.74 - 0.06 2.63 1.56 Mazarin V 24 0.05 0.05 0.05 unch 0.00 0.18 0.04 MBMI Res* O 1 0.10 0.00 0.10 + 0.09 1.00 0.01 MBMI Res V 6 0.20 0.00 0.13 unch 0.00 0.32 0.04 0.52 McChip Res V 3 0.52 0.00 0.52 - 0.01 0.93 McEwen Mng T 1275 2.26 2.03 2.05 - 0.12 2.84 1.67 McEwen Mng* N 13260 1.72 1.53 1.54 - 0.10 2.14 1.23 McLaren Res C 317 0.02 0.02 0.02 unch 0.00 0.05 0.01 MDN Inc* O 0 0.33 0.00 0.33 unch 0.00 0.40 0.11 Meadow Bay Gd* O 9 0.02 0.01 0.01 unch 0.00 0.04 0.01 Mechel* N 251 1.93 1.77 1.82 - 0.08 2.95 1.53 Medallion Res V 81 0.10 0.09 0.10 - 0.01 0.28 0.07 Medallion Res* O 42 0.08 0.07 0.08 + 0.01 0.21 0.05 Medgold Res V 371 0.08 0.00 0.07 + 0.01 0.23 0.06 Medgold Res* O 5 0.05 0.05 0.05 unch 0.00 0.16 0.05 Medinah Mnrls* O 1216 0.00 0.00 0.00 - 0.00 0.00 0.00 Mega Uranium T 251 0.09 0.08 0.08 - 0.01 0.14 0.08 Mega Uranium* O 131 0.07 0.06 0.07 + 0.00 0.10 0.05 Megastar Dev V 186 0.10 0.09 0.09 unch 0.00 0.19 0.04 Megastar Dev* O 22 0.06 0.06 0.06 unch 0.00 0.07 0.06 MegumaGold C 1837 0.17 0.11 0.15 - 0.02 0.26 0.06 MegumaGold* O 97 0.13 0.09 0.11 - 0.02 0.16 0.03 Melior Res V 68 0.02 0.02 0.02 unch 0.00 0.73 0.01 Melior Res* O 0 0.00 0.00 0.34 unch 0.00 0.50 0.24 Melkior Res V 906 0.02 0.02 0.02 - 0.01 0.13 0.02 Merger Mines* O 0 0.00 0.00 25.00 unch 0.00 Meridian Mg * O 0 0.04 0.04 0.04 unch 0.00 0.13 0.03 Meridian Mg V 52 0.10 0.00 0.09 unch 0.00 0.22 0.04 Meryllion Res* O 3 0.00 0.00 0.00 unch 0.00 0.01 0.00 Meryllion Res C 495 0.01 0.01 0.01 unch 0.00 0.04 0.01 Mesa Expl* O 8 0.00 0.00 0.00 unch 0.00 0.00 0.00 MetalCorp* O 0 0.00 0.00 0.01 unch 0.00 0.01 0.00 MetalCorp V 36 0.01 0.01 0.01 unch 0.00 0.02 0.01 Metalex Vent V 682 0.03 0.02 0.02 - 0.01 0.08 0.02 Metalex Vent * O 1 0.01 0.01 0.01 unch 0.00 0.03 0.01 Metalla Rylty V 382 1.36 1.32 1.35 unch 0.00 1.50 0.75 Metalla Rylty* O 692 1.05 1.00 1.02 - 0.01 1.15 0.57 Metallic Mnrls* O 645 0.17 0.15 0.16 + 0.01 0.19 0.08 Metallic Mnrls V 594 0.22 0.19 0.22 + 0.02 0.25 0.11

2019-11-18 12:31 PM

22

WWW.NORTHERNMINER.COM

NOVEMBER 25–DECEMBER 8, 2019 / THE NORTHERN MINER

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

Week

12-month

Exc Volume High Low Last Change High Low

Metallica Min* O 23 Metallis Res V 61 Metalo Manuf C 6 Metalo Manuf* O 6 Metalore Res V 1 Metals Creek* O 14 Metals Creek V 66 Metals X* O 30 Mexican Gold* O 26 O 4 Mexivada Mng* Mexus Gold* O 2663 O 973 MGX Minerals* MGX Minerals C 846 Michelin C 1 Midas Gold T 498 Midas Gold* O 629 Midasco Cap V 39 Midland Expl V 92 Midnight Star C 24 Midnight Sun* O 124 Midnight Sun V 307 Millennial Lit* O 36 Millennial Lit V 131 Millrock Res* O 352 Millrock Res V 312 Minaurum Gold V 74 O 80 Minaurum Gold* Minco Silver T 75 Minco Silver* O 46 Minera Alamos * O 404 Minera Alamos V 1897 Minera IRL* O 20 Minera IRL C 266 Mineral Mtn* O 596 Mineral Mtn V 2526 MineralRite* O 9291 Mineworx Tech V 462 O 295 Mineworx Tech* Minfocus Expl V 1 Minfocus Expl* O 1 O 400 Mining Global* Minnova Corp V 11 Minsud Res V 25 Minsud Res* O 225 Miramont Res C 316 O 108 Miramont Res* Mirasol Res V 146 Mistango River C 153 Mkango Res V 369 ML Gold* O 5 ML Gold Corp V 1019 Monarca Mnrls* O 2 Monarca Mnrls V 182 Monarch Gold T 195 Monarch Gold* O 183 Moneta Porcpn* O 3 Moneta Porcpn T 810 Monitor Vent V 3 Monitor Vent* O 1 Monterey Min C 13 V 10 Montero Mg&Ex Monument Mng V 119 Morien Res* O 23 Morien Res V 436 Mosaic* N 22860 Mountain Boy V 97 Mountain Prov* D 91 Mountain Prov T 252 O 12 Mundoro Cap* Mundoro Cap V 57 Murchison Min V 568 MX Gold* O 9

0.01 0.01 0.01 unch 0.00 0.03 0.01 0.34 0.31 0.33 - 0.02 0.99 0.31 0.19 0.19 0.19 unch 0.00 0.40 0.10 0.16 0.14 0.14 - 0.03 0.18 0.14 1.60 1.60 1.60 unch 0.00 2.60 0.89 0.03 0.03 0.03 + 0.00 0.05 0.02 0.04 0.00 0.04 unch 0.00 0.06 0.03 0.12 0.12 0.12 unch 0.00 0.31 0.11 0.06 0.06 0.06 - 0.01 0.17 0.06 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.01 0.01 0.01 - 0.00 0.03 0.00 0.09 0.06 0.07 - 0.02 0.55 0.07 0.11 0.08 0.09 - 0.03 0.70 0.08 0.00 0.00 0.15 unch 0.00 0.50 0.15 0.58 0.51 0.55 - 0.03 1.10 0.51 0.45 0.39 0.41 - 0.03 0.85 0.39 0.09 0.09 0.09 unch 0.00 0.11 0.08 0.82 0.76 0.78 - 0.03 1.46 0.76 0.15 0.12 0.15 unch 0.00 0.34 0.11 0.11 0.09 0.10 + 0.01 0.13 0.08 0.14 0.11 0.13 + 0.02 0.17 0.10 0.95 0.77 0.88 + 0.04 1.59 0.67 1.20 1.10 1.15 + 0.01 2.12 1.04 0.14 0.11 0.14 + 0.01 0.16 0.05 0.17 0.16 0.17 - 0.01 0.21 0.07 0.40 0.37 0.40 + 0.02 0.55 0.32 0.31 0.28 0.29 + 0.01 0.43 0.23 0.73 0.63 0.63 - 0.03 0.99 0.35 0.54 0.50 0.51 + 0.01 0.73 0.24 0.16 0.15 0.15 + 0.00 0.17 0.06 0.21 0.20 0.20 unch 0.00 0.22 0.09 0.12 0.12 0.12 unch 0.00 0.13 0.11 0.13 0.11 0.11 - 0.02 0.19 0.05 0.30 0.24 0.24 + 0.02 0.30 0.07 0.40 0.30 0.32 + 0.02 0.40 0.10 0.00 0.00 0.00 - 0.00 0.00 0.00 0.17 0.14 0.16 - 0.01 0.24 0.07 0.14 0.11 0.12 - 0.01 0.18 0.06 0.04 0.00 0.04 unch 0.00 0.09 0.03 0.03 0.03 0.03 unch 0.00 0.07 0.02 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.09 0.00 0.09 unch 0.00 0.77 0.07 0.12 0.12 0.12 + 0.02 0.15 0.01 0.06 0.06 0.06 unch 0.00 0.06 0.06 0.09 0.08 0.08 - 0.01 0.63 0.08 0.07 0.06 0.06 - 0.01 0.48 0.06 0.53 0.49 0.53 + 0.01 1.40 0.49 0.05 0.00 0.05 unch 0.00 0.05 0.01 0.15 0.12 0.15 - 0.01 0.19 0.09 0.09 0.08 0.09 + 0.02 0.54 0.01 0.14 0.10 0.12 + 0.02 0.77 0.09 0.03 0.00 0.03 unch 0.00 0.06 0.01 0.05 0.05 0.05 - 0.01 0.08 0.02 0.23 0.21 0.23 + 0.02 0.33 0.20 0.18 0.15 0.18 + 0.02 0.24 0.11 0.09 0.08 0.08 + 0.00 0.12 0.06 0.11 0.10 0.10 - 0.01 0.16 0.08 0.18 0.00 0.18 - 0.01 0.98 0.14 0.12 0.11 0.12 + 0.00 0.80 0.10 0.06 0.04 0.04 - 0.01 0.16 0.04 0.04 0.04 0.04 - 0.01 0.20 0.04 0.05 0.04 0.05 unch 0.00 0.08 0.04 0.30 0.28 0.29 - 0.01 0.41 0.25 0.40 0.37 0.40 + 0.02 0.54 0.33 21.38 19.28 19.75 - 1.06 37.33 17.36 0.24 0.18 0.22 + 0.02 0.27 0.15 0.99 0.81 0.90 - 0.04 1.48 0.65 1.22 1.12 1.20 - 0.06 2.00 0.91 0.11 0.11 0.11 - 0.00 0.19 0.00 0.17 0.16 0.17 unch 0.00 0.25 0.10 0.06 0.05 0.06 - 0.01 0.18 0.04 0.00 0.00 0.00 unch 0.00 0.01 0.00

NA Frac Sand* O 66 NACCO Ind* N 69 Namibia Crit V 269 Namibia Crit* O 278 Napier Vent V 28 Napier Vent* O 0 149 Natural Res Pt* N Nautilus Mnrls* O 928 Nemaska Lith T 6796 Nemaska Lith* O 526 Neo Lithium V 543 Network Expl* O 63 Network Expl V 62 O 20 Nevada Canyon* Nevada Copper T 3024 Nevada Energy* O 6 Nevada Energy V 8 Nevada Expl * O 486 Nevada Expl V 349 O 86 Nevada Sunrise* Nevada Sunrise V 84 Nevada Zinc V 237 New Age Metals* O 131 New Age Metals V 832 1 New Carolin Gd* O New Carolin Gd V 309 New Destiny Mg V 5 New Dimen Res V 1 New Dimen Res* O 1 New Energy Met V 60 New Energy Met* O 0 New Gold* X 11305 New Gold T 4012 659 New Guinea Gld* O New Jersey Mng* O 386 57 New Milln Iron* O New Milln Iron T 114 New Oroperu V 512 642 New Pac Metals V New Pac Metals* O 435 New Tech Min* O 242 New Tech Min C 510 Newlox Gold C 192 Newmac Res V 3 Newmac Res* O 1 Newmont Gdcorp* N 21636 Newmont Gdcorp T 440 Newport Expl V 67 NewRange Gold* O 106 V 161 NewRange Gold Nexa Resources T 2 Nexa Resources* N 1211 Nexco Res C 347 T 646 Nexgen Energy X 927 Nexgen Energy* NextSource Mat T 786 Nexus Gold* O 189 Nexus Gold V 890 NGEx Minerals V 432 Nickel Creek T 532 Nickel Creek* O 882 Nickel North V 1414 Nicola Mg Inc V 525 Nicola Mg Inc* O 2 Nighthawk Gold* O 164 Nighthawk Gold T 543 Niobay Metals V 84 Niocan Inc V 58 Niocorp Dev T 1196 Niocorp Dev* O 784 Nippon Dragon V 517 Nippon Dragon* O 278 Nitinat Mnls* O 25 Noble Metal V 436 Noble Mineral* O 70 Noble Mineral V 315 Noka Res* O 298 Noram Vent V 147 Noram Vent* O 7 Noranda Alum* O 1 Nordic Gold* O 52 Nordic Gold V 205 Noront Res V 448 Noront Res* O 18 Norra Metals V 668 Norsemont Cap C 1 Nortec Mnls V 138 North Am Nickl V 151 North Am Nickl* O 199 North Am Pall T 307 North Am Pall* O 67 North Arrow Mn* O 45 North Arrow Mn V 109 North Bay Res * O 20263

0.02 0.01 0.01 + 0.00 0.03 0.00 49.25 45.89 49.01 + 2.87 66.40 30.30 0.31 0.27 0.27 unch 0.00 0.31 0.08 0.24 0.20 0.21 + 0.00 0.24 0.06 0.17 0.15 0.15 - 0.02 0.34 0.15 0.00 0.00 0.15 unch 0.00 0.28 0.13 23.00 21.72 22.14 + 0.14 44.71 21.44 0.00 0.00 0.00 - 0.00 0.07 0.00 0.20 0.16 0.17 - 0.03 0.85 0.17 0.15 0.12 0.13 - 0.02 0.64 0.12 0.53 0.47 0.50 + 0.01 1.13 0.45 0.18 0.00 0.17 unch 0.00 0.45 0.14 0.23 0.21 0.21 unch 0.00 0.54 0.20 0.06 0.06 0.06 unch 0.00 0.25 0.04 0.22 0.20 0.20 unch 0.00 0.53 0.19 0.09 0.07 0.08 - 0.01 0.13 0.07 0.12 0.11 0.11 - 0.01 0.17 0.10 0.18 0.14 0.17 + 0.02 0.37 0.11 0.25 0.19 0.23 + 0.05 0.49 0.15 0.04 0.03 0.04 - 0.00 0.11 0.02 0.05 0.05 0.05 + 0.01 0.15 0.04 0.05 0.04 0.05 + 0.01 0.14 0.04 0.04 0.02 0.02 - 0.02 0.08 0.02 0.04 0.03 0.04 unch 0.00 0.10 0.03 0.09 0.09 0.09 unch 0.00 0.18 0.05 0.13 0.12 0.12 - 0.01 0.24 0.08 0.06 0.06 0.06 unch 0.00 0.24 0.05 0.00 0.00 0.03 unch 0.00 0.09 0.03 0.02 0.02 0.02 unch 0.00 0.05 0.02 0.09 0.00 0.09 - 0.01 0.84 0.07 0.00 0.00 0.13 unch 0.00 0.26 0.11 0.90 0.84 0.84 - 0.02 1.56 0.61 1.20 1.11 1.12 - 0.02 2.03 0.82 0.01 0.00 0.01 + 0.01 0.02 0.00 0.16 0.14 0.14 - 0.01 0.20 0.11 0.04 0.04 0.04 + 0.00 0.08 0.03 0.06 0.06 0.06 + 0.01 0.11 0.04 0.53 0.48 0.52 + 0.02 0.64 0.22 4.46 4.23 4.44 - 0.06 6.71 1.18 3.43 3.20 3.36 - 0.05 5.09 0.86 0.01 0.01 0.01 unch 0.00 0.04 0.01 0.02 0.01 0.02 unch 0.00 0.05 0.01 0.06 0.05 0.05 - 0.01 0.10 0.03 0.06 0.00 0.06 unch 0.00 0.09 0.04 0.04 0.04 0.04 unch 0.00 0.04 0.00 37.77 36.46 37.61 + 1.00 41.23 29.77 50.08 48.21 49.70 + 1.29 54.87 40.01 0.32 0.30 0.31 unch 0.00 0.38 0.22 0.11 0.09 0.10 + 0.01 0.21 0.04 0.14 0.12 0.13 unch 0.00 0.23 0.11 12.72 11.77 11.77 - 0.61 17.26 9.40 9.77 8.56 8.64 - 0.77 12.97 7.00 0.03 0.03 0.03 unch 0.00 0.10 0.03 1.78 1.67 1.67 - 0.08 3.05 1.46 1.35 1.26 1.27 - 0.05 2.31 1.10 0.06 0.05 0.05 unch 0.00 0.16 0.03 0.05 0.05 0.05 + 0.00 0.18 0.04 0.07 0.06 0.07 + 0.01 0.18 0.06 0.35 0.33 0.33 - 0.03 0.66 0.30 0.09 0.07 0.07 - 0.01 0.15 0.03 0.06 0.05 0.06 - 0.01 0.10 0.02 0.03 0.01 0.02 + 0.02 0.03 0.01 0.10 0.09 0.10 unch 0.00 0.14 0.08 0.08 0.00 0.08 + 0.01 0.11 0.06 0.29 0.27 0.29 + 0.01 0.54 0.23 0.39 0.37 0.38 unch 0.00 0.73 0.31 0.43 0.41 0.41 - 0.02 0.53 0.15 0.15 0.13 0.13 - 0.02 0.36 0.11 0.77 0.68 0.75 + 0.07 0.77 0.50 0.59 0.51 0.58 + 0.07 0.59 0.36 0.04 0.03 0.04 + 0.01 0.04 0.01 0.03 0.02 0.02 + 0.00 0.03 0.00 0.04 0.04 0.04 unch 0.00 0.07 0.04 0.01 0.01 0.01 unch 0.00 0.01 0.01 0.08 0.07 0.07 - 0.01 0.13 0.04 0.10 0.09 0.10 unch 0.00 0.18 0.06 0.09 0.07 0.08 - 0.00 0.29 0.07 0.06 0.06 0.06 - 0.01 0.32 0.06 0.06 0.05 0.05 + 0.01 0.21 0.05 0.00 0.00 0.00 + 0.00 0.04 0.00 0.04 0.03 0.03 - 0.01 0.10 0.02 0.05 0.00 0.04 - 0.01 0.13 0.03 0.18 0.17 0.18 - 0.01 0.35 0.17 0.14 0.13 0.13 - 0.00 0.26 0.13 0.03 0.03 0.03 unch 0.00 0.09 0.03 0.29 0.29 0.29 unch 0.00 0.43 0.25 0.02 0.02 0.02 unch 0.00 0.05 0.02 0.20 0.16 0.17 - 0.02 0.50 0.10 0.15 0.12 0.12 - 0.02 0.39 0.02 19.80 19.63 19.64 + 0.01 26.30 9.12 15.01 14.79 14.87 + 0.04 19.91 6.69 0.04 0.04 0.04 unch 0.00 0.09 0.04 0.06 0.00 0.06 + 0.01 0.17 0.05 0.00 0.00 0.00 unch 0.00 0.00 0.00

N-O

20-23_NOV25_StockTables.indd 22

(100s) Stock

Week

(100s) Stock

12-month

Exc Volume High Low Last Change High Low

North Springs* O 70 Northcliff Res T 57 C 275 Northern Light Northisle C&G * O 5 Northisle C&G V 224 Northway Res V 465 Norvista Cap V 361 NorZinc T 324 NorZinc* O 139 Nouveau Monde V 571 O 73 Nouveau Monde* NovaGold Res T 795 X 7514 NovaGold Res* Novo Res* O 257 Novo Res V 563 NRG Metals* O 464 NRG Metals V 226 O 179 Nrthn Graphite* Nrthn Graphite V 66 Nrthn Lion V 4 Nrthn Mnrls &E* O 100 Nrthn Shield V 574 Nrthn Superior* O 0 Nrthn Superior V 19 Nrthn Vertex* O 187 Nrthn Vertex V 122 NSGold V 1 NSS Res Inc C 90 Nthn Dynasty T 292 X 2863 Nthn Dynasty* Nubian Res V 131 Nuinsco Res C 719 Nuinsco Res* O 45 V 256 NuLegacy Gold NuLegacy Gold* O 364 Nutrien* N 4933 Nutrien T 3715 NV Gold V 62 NV Gold* O 49 NX Uranium* O 8 NxGold Ltd* O 80 NxGold Ltd V 1315 O.T. Mining* O 1 O3 Mining* O 41 O3 Mining V 56 OceanaGold* O 6 OceanaGold T 12185 Oceanic Iron O V 728 Oceanic Iron O* O 18 Oceanus Res V 28 Oceanus Res* O 50 Odyssey Res V 159 Olivut Res V 129 Olivut Res* O 22 Omineca Mining V 13 Omineca Mining* O 1 One World Lith C 152 One World Lith* O 14 Opawica Expl* O 0 Opawica Expl V 0 Opus One Res V 461 Orbite Tech* O 42 Orca Gold V 118 Orca Gold* O 37 Orefinders Res V 103 Orestone Mng V 59 Orex Mnrls* O 53 Orex Mnrls V 1272 Orezone Gold* O 66 Orezone Gold V 105 Orford Mining V 274 OrganiMax* O 0 OrganiMax V 27 Origin Gold V 2570 Orla Mng Ltd* O 2 Orla Mng Ltd T 211 Oroco Res* O 249 Oroco Res V 279 Orocobre T 32 Oronova Energy V 90 Orosur Mng T 55 Orsu Metals V 72 Orsu Metals* O 153 Orvana Mnrls T 245 Orvana Mnrls* O 91 Osino Res V 1542 Osisko Gold* N 3636 Osisko Gold T 1480 Osisko Metals* O 47 Osisko Metals V 821 Osisko Mng Inc T 3875 Osprey Gold V 679 Otis Gold V 292 Otis Gold* O 81 Outcrop Gold V 304 Outcrop Gold* O 122 OZ Minerals* O 1

0.01 0.01 0.01 unch 0.00 0.03 0.00 0.07 0.06 0.06 - 0.01 0.11 0.05 0.06 0.04 0.04 - 0.02 0.09 0.02 0.05 0.03 0.03 - 0.01 0.07 0.03 0.06 0.01 0.04 - 0.02 0.13 0.01 0.09 0.08 0.08 unch 0.00 0.14 0.07 0.09 0.07 0.08 + 0.01 0.13 0.06 0.09 0.08 0.08 unch 0.00 0.13 0.08 0.07 0.06 0.07 - 0.00 0.10 0.05 0.22 0.20 0.22 + 0.02 0.30 0.17 0.16 0.15 0.16 + 0.01 0.23 0.14 8.95 8.12 8.75 + 0.49 10.55 4.57 6.77 6.14 6.63 + 0.37 7.95 3.42 2.14 1.99 2.01 - 0.12 2.67 1.38 2.84 2.63 2.68 - 0.16 3.55 1.87 0.07 0.06 0.06 - 0.00 0.25 0.03 0.10 0.08 0.09 - 0.01 0.52 0.08 0.06 0.04 0.05 + 0.01 0.21 0.04 0.07 0.07 0.07 + 0.01 0.27 0.06 0.12 0.00 0.12 unch 0.00 0.46 0.10 0.04 0.04 0.04 unch 0.00 0.12 0.02 0.06 0.05 0.06 unch 0.00 0.12 0.04 0.00 0.00 0.09 unch 0.00 0.22 0.02 0.12 0.00 0.11 - 0.02 0.40 0.10 0.21 0.17 0.20 + 0.00 0.27 0.12 0.27 0.22 0.27 + 0.02 0.35 0.16 0.11 0.00 0.11 unch 0.00 0.15 0.07 0.15 0.00 0.12 + 0.02 0.22 0.03 0.78 0.73 0.73 - 0.03 1.47 0.56 0.59 0.55 0.56 - 0.01 1.12 0.41 0.22 0.15 0.22 + 0.06 0.22 0.07 0.01 0.01 0.01 unch 0.00 0.08 0.01 0.01 0.00 0.00 + 0.00 0.04 0.00 0.07 0.05 0.06 - 0.01 0.15 0.03 0.05 0.04 0.05 + 0.01 0.11 0.02 49.77 48.37 49.37 + 0.26 56.00 43.96 65.97 63.98 65.33 + 0.43 73.64 59.97 0.19 0.17 0.17 - 0.02 0.29 0.08 0.14 0.13 0.13 - 0.01 0.22 0.06 0.08 0.05 0.05 - 0.00 1.00 0.03 0.03 0.03 0.03 unch 0.00 0.08 0.03 0.03 0.03 0.03 - 0.01 0.11 0.03 0.07 0.07 0.07 unch 0.00 0.11 0.04 1.95 1.84 1.84 - 0.01 2.15 1.71 2.57 2.44 2.45 + 0.01 4.00 1.60 2.35 2.19 2.23 + 0.17 3.74 2.06 3.22 2.56 2.60 - 0.37 5.01 2.71 0.06 0.00 0.06 - 0.01 0.15 0.04 0.04 0.04 0.04 - 0.01 0.07 0.04 0.08 0.07 0.07 - 0.01 0.13 0.04 0.06 0.06 0.06 unch 0.00 0.10 0.04 0.03 0.03 0.03 unch 0.00 0.05 0.02 0.07 0.06 0.06 unch 0.00 0.16 0.05 0.05 0.04 0.05 - 0.00 0.12 0.04 0.06 0.00 0.06 - 0.01 0.09 0.02 0.04 0.04 0.04 unch 0.00 0.07 0.01 0.12 0.11 0.11 - 0.01 0.28 0.09 0.10 0.09 0.09 - 0.02 0.22 0.07 0.00 0.00 0.05 unch 0.00 0.05 0.02 0.00 0.00 0.06 unch 0.00 0.11 0.05 0.05 0.03 0.04 - 0.01 0.08 0.01 0.00 0.00 0.00 - 0.00 0.17 0.00 0.35 0.33 0.35 - 0.01 0.55 0.30 0.26 0.24 0.24 - 0.04 0.40 0.23 0.06 0.06 0.06 - 0.01 0.08 0.03 0.13 0.12 0.13 - 0.01 0.25 0.09 0.07 0.06 0.07 + 0.01 0.09 0.03 0.11 0.08 0.09 - 0.01 0.13 0.05 0.51 0.45 0.51 + 0.02 0.67 0.30 0.67 0.62 0.65 + 0.02 0.88 0.39 0.05 0.05 0.05 unch 0.00 0.21 0.04 0.06 0.00 0.06 - 0.05 0.14 0.02 0.09 0.00 0.08 - 0.01 0.26 0.05 0.08 0.08 0.08 unch 0.00 0.14 0.07 1.14 1.14 1.14 - 0.03 1.34 0.00 1.57 1.45 1.50 unch 0.00 1.80 0.85 0.28 0.27 0.28 + 0.02 0.56 0.13 0.39 0.00 0.37 + 0.03 0.74 0.18 2.53 2.21 2.45 - 0.03 4.77 2.01 0.05 0.05 0.05 unch 0.00 0.15 0.04 0.06 0.05 0.05 unch 0.00 0.14 0.04 0.21 0.00 0.21 unch 0.00 0.40 0.18 0.16 0.13 0.13 - 0.03 0.30 0.13 0.15 0.14 0.14 - 0.01 0.41 0.12 0.12 0.10 0.11 + 0.00 0.30 0.09 0.73 0.47 0.48 - 0.26 1.07 0.22 8.76 8.34 8.57 + 0.07 13.43 7.09 11.59 11.04 11.33 + 0.11 17.47 9.35 0.38 0.34 0.34 - 0.03 0.54 0.36 0.50 0.44 0.45 - 0.04 0.72 0.44 3.04 2.61 2.80 + 0.18 3.90 2.37 0.05 0.04 0.05 - 0.01 0.07 0.04 0.10 0.09 0.09 - 0.01 0.15 0.07 0.08 0.07 0.07 - 0.01 0.11 0.05 0.10 0.09 0.09 - 0.01 0.43 0.08 0.08 0.07 0.07 - 0.02 0.33 0.01 7.32 0.00 7.32 + 0.01 7.89 6.03

Pac Bay Mnrls* O 0 Pac Bay Mnrls V 12 Pac Booker Min* O 6 12 Pac Booker Min V Pac Imperial V 1000 Pac Ridge Expl V 790 Pac Ridge Expl* O 1 Pac Wildcat* O 27 Pacific Empire V 653 Pacific Rim C 429 Pacific Rim* O 100 Pacific Silk* O 0 Pacific Silk V 15 Pacton Gold V 751 Paladin Energy* O 290 Palamina Corp V 59 Palamina Corp* O 73 V 419 Paleo Resource Paleo Resource* O 343 V 1607 Palladium One Palladium One* O 7 Pan Am Silver* D 11402 Pan Am Silver T 1572 408 Pan Andean Min V Pan Global Res V 334 Pancontinental* O 20 Pancontinental V 315 Panex Res* O 40 Pangolin Dia V 131 Panoro Mnrls V 509 PanTerra Gold* O 1 V 318 Pantheon Vent Para Resources V 56 Parallel Mng V 104 Paramount Gold* X 77 Paringa Res* O 56 Paringa Res* D 196 Parlane Res V 216 Pasinex Res C 554 Pasofino Gold* O 1 Pasofino Gold V 51 Patriot Gold C 8 Patriot Gold* O 241 Peabody Enrgy* N 6738 Pelangio Expl* O 5 Pelangio Expl V 235 Peloton Mnrls C 112 Peloton Mnrls* O 96 PepinNini Lith* O 50 Perseus Mng T 139 Pershimex Res V 40 Pershing Res* O 163 Peruvian Metal V 205 Peruvian Metal* O 351 Petra Diamonds* O 3 Philex Mng* O 11 Philippine Mtl* O 3 Pike Mountain C 50 Pine Cliff En T 1536 Pine Cliff En* O 25 Pinecrest Res V 188 Pinecrest Res * O 0 Pistol Bay Mng* O 0 Pistol Bay Mng V 250 Pivit Explor C 69 PJSC Polyus Gd* O 0 PJX Res V 98 Plata Latina V 22 Plate Res V 3

0.04 0.04 0.04 unch 0.00 0.05 0.03 0.08 0.06 0.08 + 0.03 0.17 0.06 1.92 1.71 1.83 unch 0.00 3.10 0.55 2.50 2.36 2.50 + 0.34 4.10 0.74 0.02 0.02 0.02 unch 0.00 0.04 0.01 0.05 0.04 0.04 unch 0.00 0.06 0.04 0.03 0.00 0.03 - 0.00 0.05 0.02 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.03 0.03 0.03 unch 0.00 0.10 0.02 0.16 0.14 0.14 - 0.02 0.34 0.11 0.12 0.10 0.11 - 0.02 0.26 0.08 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.02 0.00 0.02 unch 0.00 0.04 0.01 0.12 0.10 0.11 unch 0.00 0.39 0.10 0.07 0.06 0.06 - 0.01 0.18 0.06 0.22 0.19 0.22 + 0.02 0.41 0.19 0.17 0.00 0.17 + 0.01 0.31 0.14 0.04 0.03 0.04 unch 0.00 0.10 0.01 0.03 0.02 0.03 + 0.00 0.07 0.00 0.10 0.08 0.08 unch 0.00 0.15 0.04 0.07 0.00 0.06 unch 0.00 0.08 0.02 18.54 17.13 18.41 + 0.88 19.48 10.26 24.57 22.67 24.32 + 1.09 25.99 13.83 0.06 0.00 0.06 + 0.03 0.09 0.03 0.14 0.10 0.12 + 0.01 0.17 0.06 0.02 0.02 0.02 unch 0.00 0.05 0.01 0.03 0.02 0.02 - 0.01 0.08 0.02 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.06 0.06 0.06 - 0.01 0.10 0.03 0.10 0.10 0.10 unch 0.00 0.26 0.09 0.02 0.02 0.02 unch 0.00 0.02 0.00 0.06 0.04 0.04 - 0.01 0.10 0.04 0.15 0.15 0.15 unch 0.00 0.22 0.11 0.01 0.01 0.01 unch 0.00 0.08 0.01 0.72 0.67 0.69 + 0.02 1.08 0.64 0.06 0.02 0.02 unch 0.00 0.35 0.02 2.80 1.45 1.51 - 1.06 9.02 1.45 0.04 0.00 0.04 unch 0.00 0.20 0.03 0.03 0.02 0.02 unch 0.00 0.14 0.02 0.06 0.06 0.06 unch 0.00 0.11 0.02 0.09 0.09 0.09 - 0.01 0.27 0.07 0.05 0.05 0.05 unch 0.00 0.06 0.04 0.06 0.05 0.05 + 0.00 0.15 0.04 10.68 9.20 9.51 - 1.13 37.37 9.20 0.11 0.10 0.11 + 0.02 0.29 0.09 0.14 0.12 0.13 + 0.01 0.38 0.12 0.10 0.09 0.10 + 0.01 0.13 0.07 0.08 0.06 0.06 - 0.01 0.11 0.05 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.78 0.62 0.78 + 0.03 0.86 0.32 0.04 0.04 0.04 unch 0.00 0.06 0.03 0.03 0.02 0.02 - 0.01 0.06 0.00 0.04 0.03 0.03 - 0.01 0.05 0.03 0.02 0.01 0.02 + 0.01 0.04 0.01 0.09 0.09 0.09 unch 0.00 0.53 0.09 0.04 0.00 0.04 - 0.00 0.10 0.00 0.02 0.02 0.02 unch 0.00 0.04 0.00 0.14 0.13 0.14 + 0.01 0.15 0.10 0.15 0.14 0.14 - 0.01 0.36 0.10 0.11 0.11 0.11 + 0.02 0.25 0.07 0.18 0.18 0.18 unch 0.00 0.28 0.16 0.13 0.13 0.13 unch 0.00 0.17 0.12 0.00 0.00 0.01 unch 0.00 0.05 0.01 0.02 0.02 0.02 unch 0.00 0.07 0.02 0.17 0.15 0.15 - 0.02 0.64 0.06 59.50 0.00 59.50 unch 0.00 60.99 32.00 0.14 0.13 0.13 unch 0.00 0.36 0.11 0.02 0.02 0.02 unch 0.00 0.04 0.02 0.05 0.00 0.05 - 0.02 0.06 0.03

P-Q

Week

12-month

Exc Volume High Low Last Change High Low

Plateau Energy V 451 Plateau Energy* O 200 Platinex Inc* O 8 Platinex Inc C 900 Platinum Gp Mt T 33 306 Platinum Gp Mt* X Plato Gold V 133 Playfair Mng V 560 Playfair Mng* O 4 PolyMet Mng* X 1076 PolyMet Mng T 23 Portage Res* O 801 Portex Mnrls* O 3 Portofino Res V 122 Potash Ridge* O 59 Potash Ridge T 523 Power Group V 84 Power Group* O 5 Power Metals* O 135 Power Metals V 188 PowerOre V 70 PPX Mining V 253 PPX Mining* O 368 Precipitate Gl* O 84 Precipitate Gl V 259 Premier Gold M T 2356 Premium Expl* O 3 Pretium Res* N 7320 Pretium Res T 2287 Prime Meridian V 111 Prism Res V 10 Prize Mng* O 142 Prize Mng V 71 ProAm Expl V 6 Probe Metals* O 63 Probe Metals V 86 Prog Planet V 446 Prog Planet* O 22 Promithian Gl * O 18 Prophecy Coal* O 444 Prophecy Coal T 1446 Prophecy Pot C 14 Prosper Gold V 158 Prospero Silvr V 236 Prospero Silvr* O 19 Provenance Gld C 47 Providence V 1428 Providence Gld* O 539 PUF Vent Inc * O 2327 Puma Expl V 340 Puma Expl* O 1 Pure Energy* O 354 Pure Energy V 656 Pure Gold Mg* O 512 Pure Gold Mg V 396 Pure Nickel* O 142 Pure Nickel V 331 Purepoint Uran V 364 Q-Gold Res V 150 QC Precious V 72 QC Precious * O 20 QMC Quantum Ml V 432 QMC Quantum Ml* O 299 QMX Gold* O 21 QMX Gold V 1871 Quadro Res V 190 Quantum Cobalt C 367 Quantum Cobalt* O 9 Quartz Mtn Res* O 1 1 Quartz Mtn Res V Quaterra Res V 85 Quaterra Res* O 214 Quest Rare Mnl* O 489 Quinto Res V 45

0.21 0.18 0.20 + 0.02 0.99 0.17 0.16 0.08 0.15 - 0.00 0.75 0.08 0.01 0.01 0.01 unch 0.00 0.04 0.01 0.02 0.01 0.02 unch 0.00 0.08 0.01 1.88 1.78 1.88 + 0.05 2.91 1.36 1.43 1.34 1.42 unch 0.00 2.17 1.04 0.03 0.02 0.02 - 0.01 0.04 0.01 0.05 0.04 0.05 - 0.02 0.07 0.02 0.03 0.03 0.03 + 0.00 0.04 0.01 0.34 0.31 0.34 + 0.02 0.91 0.29 0.46 0.42 0.44 + 0.02 1.22 0.38 0.00 0.00 0.00 - 0.00 0.02 0.00 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.03 0.03 0.03 unch 0.00 0.14 0.03 0.02 0.02 0.02 unch 0.00 0.08 0.02 0.03 0.02 0.03 unch 0.00 0.11 0.02 0.10 0.08 0.10 + 0.01 0.30 0.06 0.07 0.05 0.07 + 0.02 0.18 0.01 0.05 0.04 0.05 + 0.00 0.18 0.04 0.07 0.06 0.07 + 0.01 0.23 0.06 0.06 0.05 0.05 unch 0.00 0.14 0.05 0.06 0.06 0.06 unch 0.00 0.10 0.05 0.04 0.03 0.03 - 0.01 0.07 0.03 0.11 0.09 0.10 - 0.01 0.13 0.05 0.14 0.12 0.13 - 0.02 0.17 0.07 2.08 1.94 1.98 - 0.03 2.55 1.39 0.00 0.00 0.00 unch 0.00 0.01 0.00 9.41 8.66 9.21 + 0.34 13.83 6.65 12.45 11.46 12.20 + 0.46 18.30 8.85 0.10 0.07 0.09 - 0.01 0.16 0.04 0.03 0.03 0.03 unch 0.00 0.05 0.03 0.01 0.00 0.01 + 0.00 0.12 0.00 0.01 0.00 0.01 unch 0.00 0.07 0.01 0.09 0.00 0.09 unch 0.00 0.12 0.05 0.83 0.79 0.80 - 0.04 1.16 0.68 1.06 1.03 1.05 unch 0.00 1.53 0.92 0.03 0.00 0.03 unch 0.00 0.06 0.03 0.02 0.02 0.02 unch 0.00 0.04 0.02 3.99 2.25 3.73 + 0.18 4.00 0.02 0.30 0.22 0.23 - 0.05 0.49 0.11 0.39 0.29 0.31 - 0.07 0.62 0.15 0.07 0.00 0.07 unch 0.00 0.19 0.01 0.06 0.04 0.05 - 0.01 0.18 0.04 0.04 0.04 0.04 + 0.01 0.11 0.04 0.02 0.02 0.02 unch 0.00 0.08 0.02 0.16 0.14 0.15 - 0.02 0.25 0.10 0.14 0.11 0.12 + 0.01 0.20 0.08 0.12 0.00 0.10 - 0.01 0.16 0.06 0.15 0.12 0.14 - 0.01 0.64 0.09 0.17 0.16 0.16 - 0.01 0.50 0.10 0.12 0.12 0.12 unch 0.00 0.32 0.05 0.04 0.03 0.03 - 0.01 0.13 0.03 0.05 0.04 0.04 - 0.01 0.18 0.04 0.46 0.43 0.45 + 0.01 0.62 0.36 0.61 0.59 0.60 + 0.01 0.81 0.49 0.04 0.03 0.04 + 0.01 0.06 0.00 0.05 0.05 0.05 unch 0.00 0.09 0.01 0.06 0.05 0.06 unch 0.00 0.11 0.05 0.15 0.15 0.15 unch 0.00 0.30 0.12 0.27 0.23 0.25 + 0.03 0.40 0.21 0.20 0.18 0.18 - 0.00 0.31 0.16 0.11 0.09 0.10 - 0.02 0.37 0.09 0.09 0.07 0.08 - 0.00 0.29 0.06 0.04 0.03 0.03 - 0.01 0.07 0.03 0.05 0.04 0.05 unch 0.00 0.11 0.04 0.02 0.02 0.02 unch 0.00 0.06 0.02 0.05 0.03 0.03 unch 0.00 0.10 0.03 0.02 0.02 0.02 unch 0.00 0.08 0.02 0.16 0.13 0.13 - 0.03 0.31 0.13 0.00 0.00 0.21 unch 0.00 0.42 0.17 0.07 0.06 0.07 + 0.01 0.13 0.05 0.05 0.05 0.05 unch 0.00 0.10 0.04 0.01 0.01 0.01 - 0.00 0.06 0.00 0.07 0.05 0.05 - 0.01 0.09 0.02

R Rackla Metals* O 1 0.09 0.00 0.09 - 0.00 0.12 0.05 Rackla Metals V 106 0.13 0.00 0.13 unch 0.00 0.20 0.08 Radisson Mng V 755 0.20 0.18 0.19 - 0.01 0.21 0.09 Radius Gold V 298 0.26 0.24 0.26 + 0.01 0.47 0.09 Rae-Wallace Mg* O 46 0.02 0.01 0.02 unch 0.00 0.02 0.01 Rain City C 190 0.10 0.10 0.10 unch 0.00 0.14 0.04 Rainforest Res* O 17 7.30 5.49 7.10 + 0.10 8.00 4.00 Rainy Mtn Royl V 80 0.08 0.08 0.08 unch 0.00 0.40 0.08 Rambler Metals* O 39 0.01 0.01 0.01 unch 0.00 0.04 0.00 Rare Element* O 583 0.55 0.46 0.51 - 0.02 0.60 0.03 Rathdowney Res V 766 0.10 0.08 0.10 unch 0.00 0.13 0.03 Ravencrest Res C 1673 0.17 0.13 0.13 - 0.04 0.75 0.13 Red Eagle Mng* O 65 0.00 0.00 0.00 unch 0.00 0.02 0.00 Red Moon Res V 650 0.24 0.07 0.13 + 0.10 0.24 0.01 Red Oak Mining V 13 0.02 0.00 0.02 unch 0.00 0.08 0.01 Red Pine Expl V 1535 0.04 0.03 0.03 unch 0.00 0.08 0.03 Redstar Gold V 435 0.03 0.02 0.03 - 0.01 0.04 0.02 Redstar Gold* O 444 0.02 0.02 0.02 - 0.00 0.04 0.01 Regis Res NL* O 3 3.18 3.11 3.13 - 0.30 4.61 3.03 Regulus Res V 64 1.38 1.33 1.34 - 0.01 2.00 1.23 Renaissance Gd* O 327 0.23 0.19 0.23 + 0.01 0.33 0.11 Renaissance Gd V 142 0.30 0.26 0.30 + 0.02 0.43 0.15 Renforth Res C 352 0.05 0.00 0.05 + 0.01 0.06 0.02 Resolve Vent V 173 0.08 0.07 0.07 unch 0.00 0.13 0.06 Reunion Gold V 272 0.18 0.16 0.17 unch 0.00 0.34 0.15 Reunion Gold* O 56 0.14 0.00 0.14 + 0.01 0.25 0.12 Revelo Res V 75 0.01 0.01 0.01 unch 0.00 0.03 0.01 Revival Gold * O 66 0.48 0.41 0.46 + 0.02 0.67 0.32 0.43 Revival Gold V 142 0.61 0.54 0.61 + 0.02 0.87 Rhyolite Res V 61 0.12 0.12 0.12 unch 0.00 0.26 0.12 Richmond Mnls V 830 0.06 0.05 0.06 unch 0.00 0.06 0.02 V 14 0.20 0.00 0.20 + 0.01 0.30 0.15 Ridgestone M’g Ridgestone M’g* O 3 0.16 0.15 0.15 - 0.00 0.21 0.14 Riley Resource V 5 0.11 0.11 0.11 unch 0.00 0.21 0.11 Rimrock Gold* O 23326 0.00 0.00 0.00 unch 0.00 0.00 0.00 unch 0.00 0.05 0.03 Rio Silver V 50 0.05 0.04 0.05 Rio Silver* O 50 0.03 0.03 0.03 - 0.01 0.04 0.02 Rio Tinto* N 8267 53.99 52.02 53.97 - 0.14 64.02 44.62 Rio Tinto* O 1 53.37 52.60 52.60 unch 0.00 62.00 43.47 Rio Tinto* O 0 62.59 0.00 62.59 + 0.59 74.50 51.75 Rio2 Limited* O 801 0.29 0.23 0.27 - 0.02 0.52 0.23 Rio2 Limited V 881 0.38 0.30 0.37 unch 0.00 0.70 0.30 Rise Gold Corp C 1116 0.08 0.06 0.07 + 0.01 0.12 0.06 0.07 0.05 0.05 - 0.00 0.10 0.04 Rise Gold Corp* O 1021 Riverside Res V 500 0.14 0.13 0.14 unch 0.00 0.22 0.13 Riverside Res* O 467 0.11 0.10 0.11 - 0.00 0.17 0.10 RJK Explor* O 165 0.12 0.09 0.11 + 0.01 0.12 0.00 RJK Explor V 1091 0.18 0.10 0.15 + 0.05 0.18 0.04 Robex Res V 367 0.11 0.10 0.11 unch 0.00 0.11 0.06 V 3 0.03 0.00 0.03 unch 0.00 0.06 0.03 Rochester Res Rochester Res* O 0 0.03 0.00 0.03 unch 0.00 0.04 0.02 Rock Tech Lith V 24 0.51 0.00 0.47 - 0.03 1.00 0.46 Rockcliff Met C 1057 0.10 0.07 0.08 + 0.01 0.19 0.06 unch 0.00 0.14 0.02 Rockcliff Met* O 38 0.07 0.07 0.07 Rockex Mng C 29 0.03 0.03 0.03 unch 0.00 0.10 0.01 V 128 0.13 0.13 0.13 + 0.01 0.19 0.09 Rockhaven Res Rockridge Res V 112 0.15 0.14 0.15 unch 0.00 0.39 0.14 Rodinia Lithm V 143 0.06 0.00 0.06 + 0.01 0.08 0.03 Rogue Res* O 15 0.08 0.00 0.06 - 0.02 0.10 0.04 Rogue Res V 251 0.09 0.08 0.09 - 0.01 0.16 0.05 Rokmaster Res* O 1 0.03 0.03 0.03 unch 0.00 0.04 0.03 V 353 0.06 0.00 0.04 - 0.02 0.08 0.03 Rokmaster Res Romios Gold Rs V 1291 0.03 0.02 0.03 - 0.01 0.07 0.02 195 0.03 0.02 0.02 + 0.01 0.05 0.02 Romios Gold Rs* O RosCan Gold* O 169 0.09 0.05 0.08 - 0.02 0.23 0.05 RosCan Gold V 434 0.13 0.11 0.12 - 0.02 0.33 0.05 Roughrider Exp V 248 0.07 0.06 0.06 unch 0.00 0.11 0.06 Roxgold* O 214 0.69 0.61 0.67 + 0.02 1.07 0.55 Roxgold T 3104 0.92 0.81 0.89 + 0.04 1.42 0.72 Royal Gold* D 2686 115.71 110.92 115.18 + 1.62 138.78 71.13 Royal Gold V 2 0.18 0.00 0.18 + 0.01 0.33 0.10 Royal Mines &M* O 44 0.00 0.00 0.00 + 0.00 0.01 0.00 Royal Nickel T 3355 0.40 0.37 0.38 - 0.01 0.79 0.33 Royal Nickel* O 409 0.30 0.28 0.29 - 0.00 0.59 0.25 Royal Rd Mnrls V 293 0.23 0.21 0.21 - 0.01 0.26 0.06 Royal Std Mnrl* O 1 0.03 0.03 0.03 - 0.01 3.14 0.01 RT Minerals V 200 0.04 0.04 0.04 unch 0.00 0.10 0.03 RTG Mining T 201 0.09 0.00 0.08 + 0.01 0.16 0.07 RTG Mining * O 15 0.05 0.05 0.05 unch 0.00 0.11 0.05 Rubicon Mnrls T 37 1.05 0.86 0.88 - 0.15 1.52 0.61 Rubicon Mnrls* O 29 0.80 0.66 0.66 - 0.09 1.11 0.46 Rugby Mng V 118 0.09 0.00 0.09 + 0.01 0.26 0.08 Running Fox Rs* O 15 0.01 0.01 0.01 unch 0.00 0.01 0.01 Running Fox Rs V 220 0.02 0.02 0.02 unch 0.00 0.03 0.01 Rupert Res V 128 0.71 0.66 0.69 + 0.03 1.12 0.66 Rusoro Mng* O 34 0.04 0.03 0.04 - 0.00 0.17 0.03 Rusoro Mng V 402 0.05 0.05 0.05 + 0.01 0.22 0.04

S Sabina Gd&Slvr T 799 Sabina Gd&Slvr* O 630 Sable Res* O 39 Sable Res V 578 Sage Gold* O 3 Sailfish Rylty V 29 Saint Jean* O 4 Salazar Res* O 35 Salazar Res V 88

1.61 1.49 1.51 - 0.05 2.28 0.99 1.23 1.12 1.13 - 0.06 1.72 0.73 0.08 0.07 0.08 + 0.01 0.19 0.07 0.11 0.10 0.10 unch 0.00 0.27 0.09 0.00 0.00 0.00 unch 0.00 0.02 0.00 0.97 0.91 0.91 - 0.02 1.81 0.72 0.01 0.01 0.01 unch 0.00 0.04 0.00 0.14 0.14 0.14 unch 0.00 0.15 0.07 0.18 0.17 0.17 - 0.02 0.20 0.10

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

27 Salt Lake Pot* O Sama Res V 49 Sama Res* O 8 Samex Mng* O 164 34 San Gold Corp* O 5 San Marco Res* O 309 San Marco Res V Sanatana Res V 435 Sandfire Res V 84 Sandfire Res* O 133 O 1100 Sandspring Res* V 438 Sandspring Res T 2579 Sandstorm Gold X 7817 Sandstorm Gold* 285 Santa Fe Gold* O Santacruz Silv V 372 Sarama Res V 167 Sarissa Res* O 2402 Satori Res V 41 Saturn Mnrls V 331 Saville Res V 704 168 Scandium Intl T O 59 Scandium Intl* Scorpio Gold V 36 46 Scorpio Gold * O Scottie Res* O 33 Scottie Res V 1089 ScoZinc Mg* O 0 ScoZinc Mg V 24 Seabridge Gld T 266 Seabridge Gld* N 1343 Seafield Res* O 4432 Search Mnls V 540 Searchlight* O 2 O 366 SearchlightMin* V 183 SearchlightRes Secova Mtls V 738 Sego Res V 40 Select Sands V 283 10039 T Semafo Serabi Gold T 39 Serabi Gold* O 0 Serengeti Res V 84 Shamrock Ent C 43 O 5 Shear Diamonds* Sherritt Intl T 2766 V 120 Shine Minerals 16493 N Sibanye-Stillw* O 3 Sibanye-Stillw* O 8077 Sidney Resrces* Sienna Res* O 35 Sienna Res V 508 Sierra Madre V 0 Sierra Metals T 31 Sierra Metals* X 65 V 384 Sigma Lithium O 120 Signature Res* Signature Res V 990 139 Silver Bear Rs* O 745 Silver Bear Rs T 484 Silver Bull Re* O 345 Silver Bull Re T Silver Fields* O 0 Silver Grail V 49 190 Silver Mtn Mns V C 2 Silver Phoenix O 4 Silver Predatr* Silver Predatr V 121 Silver Range* O 556 Silver Range V 373 Silver Scott* O 3 Silver Spruce V 1227 Silver Spruce* O 266 Silver Viper V 65 T 3117 Silvercorp Met X 8546 Silvercorp Met* SilverCrest* X 1788 SilverCrest T 2068 O 0 Silverstar Res* Sirios Res V 336 Sirios Res* O 8 Sitka Gold C 69 Sixty North* O 15 Sixty North C 70 Skeena Res* O 135 Skeena Res V 1117 Sky Gold V 625 Sky Gold* O 30 O 483 Skyharbour Res* V 418 Skyharbour Res Slam Explor* O 0 Slam Explor V 168 579 Slave Lake Zn C 160 Slave Lake Zn* O O 22 Sokoman Min* Sokoman Min V 2079 SolGold plc* O 10 SolGold plc T 24 Solitario Ex&R T 33 X 104 Solitario Ex&R* Solstice Gold V 224 O 155 Sonoro Metals* V 318 Sonoro Metals South32* O 500 Southern Arc* O 64 Southern Arc V 24 N 2598 Southern Copp* O 134 Southern Silvr* Southern Silvr V 282 T 0 SouthGobi Res V 45 Southstone Min 642 Spanish Mtn Gd* O 276 Spanish Mtn Gd V Sparton Res V 236 Sparton Res* O 55 O 555 Spearmint Res* C 1353 Spearmint Res C 100 Spey Resources Sphinx Res V 3207 272 Sprott Res Hld T 121 Spruce Ridge R V SRG Mining V 40 SSR Mining* D 4761 SSR Mining T 1016 St Augustine T 129 C 479 St-Georges Eco O 605 St-Georges Eco* V 126 Stakeholdr Gld O 41 Stakeholdr Gld* O 979 Standard Graph* Standard Lith V 307 O 279 Standard Metal* Stans Energy V 4086 Stans Energy* O 473 Star Diamond T 3027 O 215 Star Diamond* Star Gold* O 42 Starcore Intl T 164 73 Starr Peak Exp V O 0 Steele Oceanic* Stellar Africa* O 15 Stellar Africa V 110 Stelmine Can V 1 Steppe Gold T 59 O 8124 Stornoway Diam* Stratabd Mnr V 650 Strateco Res* O 10 O 86 Strategic Metl* Strategic Metl V 355 Strategic Res V 345 O 0 Strategic Res* Stria Lithium V 67 V 167 Strikepoint Gd O 132 Strikepoint Gd* V 29 Strongbow Expl O 13 Strongbow Expl* Stroud Res V 133 Stuhini Explor V 63 Sulliden Mng T 320 Sun Metals V 289 Suncor Energy T 13097 N 10976 Suncor Energy* O 41 Superior Gold* Superior Gold V 442 Superior Mng V 2222 O 0 Supreme Metal* C 92 Supreme Metals 25 Surge Copper * O Surge Copper V 87 Surge Explor* O 1139 Surge Explor V 819 Sutter Gold* O 1256 Syrah Res* O 207

0.54 0.00 0.54 - 0.02 0.59 0.31 0.16 unch 0.00 0.44 0.20 0.17 0.19 0.13 0.14 0.13 0.14 + 0.00 0.33 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.09 0.09 0.09 - 0.01 0.35 0.06 0.12 0.09 0.09 - 0.04 0.45 0.09 0.02 unch 0.00 0.06 0.02 0.02 0.02 0.06 0.21 0.20 0.20 - 0.01 0.40 0.05 0.16 0.14 0.15 - 0.00 0.31 0.11 0.22 0.20 0.21 - 0.01 0.34 0.15 0.29 0.26 0.27 - 0.02 0.45 4.85 9.10 8.39 8.81 + 0.18 9.47 3.86 6.87 6.35 6.67 + 0.14 7.21 0.10 0.08 0.09 + 0.00 0.14 0.04 0.05 0.16 0.14 0.16 + 0.02 0.20 0.05 unch 0.00 0.12 0.07 0.00 0.07 0.00 0.00 0.00 0.00 + 0.00 0.00 0.04 unch 0.00 0.10 0.05 0.00 0.05 0.09 0.14 0.13 0.14 + 0.01 0.24 0.02 0.03 0.03 0.03 + 0.01 0.06 0.13 0.10 0.10 - 0.03 0.26 0.08 0.06 0.10 0.07 0.09 - 0.01 0.20 0.01 0.09 0.00 0.07 - 0.01 0.16 0.07 0.05 0.05 - 0.01 0.11 0.01 0.10 0.11 0.10 0.10 - 0.00 0.15 0.07 0.16 0.13 0.14 - 0.01 0.25 0.26 unch 0.00 0.59 0.00 0.00 0.41 0.34 unch 0.00 0.78 0.68 0.00 0.54 14.74 16.80 15.67 16.61 + 0.55 21.98 10.95 12.69 11.83 12.58 + 0.45 16.55 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.03 unch 0.00 0.06 0.04 0.04 0.04 0.00 0.02 0.00 0.01 - 0.02 0.10 0.01 0.04 0.03 0.03 - 0.00 0.07 0.02 0.03 0.03 0.03 - 0.01 0.05 0.02 0.04 0.03 0.04 + 0.01 0.06 0.03 unch 0.00 0.05 0.05 0.05 0.05 0.02 unch 0.00 0.14 0.02 0.02 0.02 2.24 3.05 2.60 2.75 - 0.41 5.75 0.45 1.28 1.26 1.28 + 0.02 1.49 0.62 0.00 1.08 unch 1.08 0.00 0.00 0.15 0.23 0.20 0.21 - 0.02 0.40 0.01 unch 0.00 0.04 0.01 0.01 0.01 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.17 0.21 0.18 0.19 - 0.02 0.60 0.03 unch 0.00 0.08 0.03 0.00 0.03 2.32 7.66 6.73 7.56 + 0.52 7.69 0.53 1.80 1.79 1.80 - 0.20 2.00 0.00 0.03 0.01 0.02 - 0.01 0.04 0.03 unch 0.00 0.06 0.03 0.03 0.03 0.04 unch 0.00 0.07 0.04 0.04 0.04 0.04 unch 0.00 0.15 0.00 0.00 0.04 1.33 2.00 1.73 1.95 + 0.20 3.35 1.01 1.51 1.31 1.47 + 0.14 2.55 1.59 2.00 1.90 1.95 + 0.05 2.15 0.03 0.05 0.03 0.03 - 0.01 0.08 0.04 0.06 0.04 0.04 - 0.01 0.10 0.10 0.09 0.09 - 0.03 0.18 0.07 0.15 0.12 0.12 - 0.02 0.25 0.10 0.08 0.07 0.07 - 0.01 0.14 0.06 0.10 0.09 0.09 - 0.01 0.19 0.08 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.02 0.08 0.07 0.07 - 0.03 0.12 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.13 unch 0.00 0.22 0.00 0.00 0.13 0.04 unch 0.00 0.12 0.08 0.08 0.08 0.06 0.09 0.00 0.09 - 0.01 0.17 0.05 0.07 0.05 0.06 - 0.01 0.11 0.07 0.10 0.00 0.08 - 0.02 0.15 0.01 0.02 0.02 0.02 - 0.01 0.06 0.02 0.07 0.04 0.06 + 0.02 0.07 0.01 0.04 0.00 0.04 + 0.01 0.05 0.07 0.25 0.22 0.24 + 0.01 0.38 2.43 6.51 5.44 6.34 + 0.79 6.47 1.83 4.93 4.12 4.80 + 0.60 4.93 2.21 5.88 5.21 5.21 - 0.20 6.69 2.93 7.80 6.88 6.94 - 0.26 8.73 0.01 unch 0.00 0.14 0.00 0.00 0.03 0.12 0.19 0.18 0.18 - 0.01 0.28 0.09 0.15 0.14 0.15 - 0.01 0.20 0.04 0.16 0.15 0.16 + 0.01 0.18 0.03 unch 0.00 0.06 0.03 0.03 0.03 0.03 0.05 0.04 0.04 - 0.01 0.10 0.19 0.49 0.45 0.45 - 0.04 0.54 0.27 0.64 0.60 0.60 - 0.02 0.71 0.01 0.01 0.01 0.01 - 0.01 0.07 0.00 0.01 0.00 0.01 + 0.00 0.07 0.11 0.14 0.11 0.13 + 0.02 0.39 0.15 0.19 0.16 0.18 + 0.02 0.51 0.01 unch 0.00 0.02 0.00 0.00 0.02 0.01 unch 0.00 0.03 0.02 0.00 0.02 0.08 0.07 0.08 + 0.02 0.13 0.04 0.06 0.05 0.06 unch 0.00 0.06 0.05 0.04 0.05 0.04 0.04 - 0.00 0.22 0.04 0.06 0.05 0.05 + 0.01 0.32 0.21 0.26 0.25 0.25 - 0.05 0.56 0.28 0.38 0.35 0.36 - 0.01 0.76 0.26 0.39 0.37 0.37 - 0.01 0.59 0.19 0.30 0.28 0.28 - 0.01 0.54 0.05 unch 0.00 0.27 0.07 0.07 0.07 0.09 0.12 0.00 0.12 + 0.00 0.15 0.12 unch 0.00 0.20 0.16 0.14 0.14 1.59 1.96 0.00 1.78 - 0.18 2.86 0.23 0.27 0.25 0.27 - 0.03 0.47 0.30 0.36 0.32 0.32 - 0.02 0.62 29.01 38.36 36.91 37.72 - 0.07 42.42 0.08 0.22 0.18 0.21 + 0.00 0.23 0.11 0.28 0.25 0.28 + 0.03 0.31 0.10 unch 0.00 0.18 0.00 0.00 0.13 0.01 unch 0.00 0.04 0.01 0.01 0.01 0.08 0.07 0.08 - 0.01 0.11 0.03 0.10 0.10 0.10 - 0.01 0.14 0.05 0.02 0.03 0.02 0.03 + 0.01 0.08 0.01 0.01 0.01 0.01 - 0.00 0.06 0.00 unch 0.00 0.08 0.01 0.01 0.01 0.01 0.02 0.01 0.01 - 0.01 0.04 0.04 unch 0.00 0.11 0.04 0.04 0.04 0.02 unch 0.00 0.06 0.03 0.02 0.02 0.85 0.73 0.76 - 0.09 1.77 0.73 0.05 0.04 0.05 unch 0.00 0.13 0.04 0.64 0.74 0.70 0.70 - 0.03 1.15 10.21 15.25 14.24 14.89 + 0.38 17.56 13.59 20.20 18.83 19.67 + 0.46 23.42 0.02 0.02 0.02 0.02 - 0.01 0.03 0.06 unch 0.00 0.25 0.08 0.06 0.07 0.04 0.05 0.04 0.05 + 0.01 0.17 0.03 0.05 0.04 0.04 - 0.01 0.10 0.02 0.04 0.00 0.03 - 0.01 0.07 0.14 0.18 0.14 0.15 - 0.02 0.65 0.57 0.68 0.57 0.61 - 0.07 1.44 0.02 unch 0.00 0.12 0.05 0.04 0.05 0.01 unch 0.00 0.11 0.02 0.01 0.01 0.01 0.02 0.01 0.01 - 0.00 0.08 0.18 0.29 0.20 0.29 + 0.09 0.30 0.14 0.22 0.15 0.21 + 0.06 0.21 0.02 0.05 0.03 0.03 - 0.00 0.30 0.06 0.07 0.05 0.05 - 0.02 0.16 0.33 0.29 0.33 + 0.04 0.40 0.09 0.65 unch 0.00 1.00 0.00 0.00 0.65 0.01 0.03 0.00 0.01 - 0.02 0.03 0.01 unch 0.00 0.03 0.03 0.03 0.03 0.09 0.12 0.00 0.12 - 0.01 0.17 0.59 1.07 1.00 1.00 - 0.08 1.14 0.00 0.00 0.00 0.00 - 0.00 0.18 0.02 0.06 0.04 0.06 + 0.02 0.18 0.00 unch 0.00 0.01 0.00 0.00 0.00 0.21 0.34 0.30 0.32 + 0.02 0.42 0.28 0.45 0.40 0.42 + 0.01 0.56 0.20 0.31 0.00 0.28 - 0.03 0.70 0.19 unch 0.00 0.46 0.00 0.00 0.39 0.01 0.01 0.00 0.01 + 0.01 0.04 0.04 0.05 0.04 0.04 - 0.01 0.18 0.03 0.04 0.03 0.03 - 0.01 0.13 0.04 unch 0.00 0.20 0.05 0.05 0.05 0.03 unch 0.00 0.13 0.03 0.03 0.03 0.05 unch 0.00 0.37 0.29 0.23 0.24 0.19 0.25 0.20 0.20 - 0.05 0.35 0.05 0.05 0.05 0.05 - 0.01 0.16 0.18 unch 0.00 0.65 0.22 0.20 0.21 35.53 42.99 41.85 42.96 + 0.30 46.50 25.81 32.50 31.54 32.47 + 0.17 34.87 0.30 0.35 0.30 0.31 - 0.04 0.84 0.39 0.46 0.39 0.40 - 0.07 1.14 0.05 0.15 0.12 0.15 + 0.03 0.15 0.01 unch 0.00 0.03 0.00 0.00 0.01 0.01 unch 0.00 0.03 0.01 0.01 0.01 0.03 0.03 0.03 unch 0.00 0.06 0.03 0.03 unch 0.00 0.08 0.05 0.04 0.05 0.02 0.02 0.02 0.02 - 0.00 0.11 0.03 0.03 0.03 0.03 - 0.01 0.12 0.00 0.00 0.00 0.00 + 0.00 0.02 0.26 0.34 0.30 0.33 + 0.01 1.50

T

2019-11-18 12:31 PM

GLOBAL MINING NEWS

(100s) Stock

THE NORTHERN MINER / NOVEMBER 25–DECEMBER 8, 2019

Week

12-month

Exc Volume High Low Last Change High Low

Taiga Gold* O 27 Taiga Gold C 275 Tajiri Res V 200 Taku Gold* O 3 Taku Gold C 41 Talisker Res C 513 Talisker Res* O 228 Talmora Diamd C 22 Talon Metals T 307 Tamerlane Vent* O 50 Tamino Mnrls* O 3047 Tanqueray Expl V 286 Tantalex Res C 437 X 461 Tanzanian Gold* Tanzanian Gold T 31 Taranis Res* O 8 Taranis Res V 63 Tarku Res V 1785 Tartisan Nick* O 74 Tartisan Nick C 224 Taseko Mines T 286 Taseko Mines* X 978 Teck Res T 7701 Teck Res T 15 Teck Res* N 12818 Telson Res * O 3 Telson Res V 73 Tembo Gold V 61 Tembo Gold* O 0 Teranga Gold T 1091 Teranga Gold* O 59 Teras Res* O 116 Teras Res V 310 Terrax Mnrls V 441 Terrax Mnrls* O 23 Terreno Res V 115 Teslin Rvr Res V 713 Tesoro Mnrls V 454 Tesoro Mnrls* O 0 Tethyan Res V 167 Teuton Res V 193 Teuton Res* O 16 O 152 Texas Mineral* Themac Res V 61 Themac Res* O 5 Thor Expl V 7 Thunder Mtn Gd* O 18 V 107 Thunderstruck Thunderstruck* O 7 Till Capital V 4 Timberline Res V 143 O 280 Timberline Res* Tinka Res V 399 Tinka Res* O 338 Tintina Mines V 17 Tisdale Res V 15 Titan Mining T 133 Titan Mining* O 25 Titanium Corp V 47 O 13 TMAC Resource* TMAC Resources T 424 TNR Gold V 331 Tocvan Venture C 278 Tombstone Expl* O 13 O 21 Tonogold Res* Torex Gold* O 110 Torex Gold T 1215 V 103 Torq Resources Torq Resources* O 50 Tower Res V 83 Transatlantic V 315 Transition Met V 81 T 235 Treasury Metal

0.07 0.06 0.07 + 0.01 0.10 0.04 0.10 0.09 0.10 + 0.01 0.14 0.06 0.05 0.05 0.05 - 0.01 0.08 0.03 0.04 0.03 0.04 + 0.00 0.08 0.02 0.06 0.00 0.06 + 0.01 0.10 0.03 0.17 0.14 0.16 + 0.01 0.22 0.08 0.12 0.00 0.11 - 0.01 0.15 0.00 0.05 0.05 0.05 unch 0.00 0.06 0.02 0.17 0.15 0.16 - 0.01 0.25 0.07 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.00 + 0.00 0.01 0.00 0.63 0.58 0.61 + 0.03 0.85 0.45 0.02 0.01 0.02 unch 0.00 0.07 0.01 0.79 0.75 0.78 - 0.02 1.20 0.25 1.05 1.00 1.02 - 0.02 1.56 0.34 0.07 0.05 0.06 + 0.00 0.08 0.03 0.08 0.06 0.07 - 0.01 0.11 0.05 0.04 0.02 0.02 + 0.01 0.05 0.01 0.05 0.04 0.04 - 0.02 0.06 0.02 0.07 0.05 0.06 + 0.01 0.08 0.02 0.61 0.56 0.58 - 0.01 1.05 0.50 0.45 0.42 0.44 - 0.01 0.79 0.38 22.63 20.86 21.67 - 0.78 34.31 19.34 22.36 21.05 21.77 - 0.98 34.00 19.60 17.10 15.73 16.39 - 0.60 25.75 14.51 0.12 0.12 0.12 unch 0.00 0.37 0.10 0.14 0.11 0.11 - 0.04 0.50 0.11 0.02 0.02 0.02 unch 0.00 0.04 0.01 0.00 0.00 0.02 unch 0.00 0.03 0.01 5.49 5.06 5.41 + 0.11 5.74 2.97 4.12 3.84 4.06 + 0.06 4.37 2.23 0.05 0.04 0.04 - 0.00 0.07 0.03 0.06 0.05 0.06 - 0.01 0.12 0.04 0.25 0.23 0.24 - 0.01 0.50 0.23 0.19 0.17 0.18 - 0.01 0.36 0.17 0.02 0.02 0.02 - 0.01 0.05 0.02 0.33 0.27 0.30 + 0.02 0.60 0.26 0.04 0.00 0.04 - 0.01 0.07 0.04 0.00 0.00 0.03 unch 0.00 0.03 0.03 0.21 0.17 0.18 + 0.03 0.85 0.11 0.32 0.29 0.29 - 0.05 0.65 0.10 0.24 0.21 0.21 - 0.02 0.49 0.07 0.31 0.27 0.28 - 0.02 0.57 0.12 0.04 0.00 0.04 unch 0.00 0.08 0.03 0.05 0.04 0.04 unch 0.00 0.07 0.02 0.16 0.15 0.15 - 0.02 0.18 0.13 0.11 0.10 0.10 - 0.02 0.12 0.03 0.04 0.03 0.04 - 0.01 0.11 0.03 0.03 0.03 0.03 + 0.00 0.08 0.02 2.00 1.00 1.00 - 0.77 2.27 1.00 0.10 0.09 0.10 + 0.01 0.13 0.07 0.08 0.06 0.08 - 0.00 0.13 0.03 0.16 0.14 0.14 - 0.01 0.40 0.14 0.12 0.10 0.10 - 0.01 0.28 0.10 0.07 0.04 0.04 - 0.03 0.08 0.02 0.09 0.09 0.09 unch 0.00 0.30 0.06 0.29 0.26 0.27 - 0.02 1.20 0.25 0.22 0.22 0.22 unch 0.00 0.89 0.22 0.69 0.63 0.69 + 0.04 1.20 0.47 2.64 2.48 2.48 - 0.07 5.29 2.44 3.55 3.10 3.18 - 0.19 7.06 3.11 0.03 0.03 0.03 - 0.01 0.05 0.02 0.16 0.14 0.15 - 0.01 0.17 0.07 1.80 0.00 1.60 - 0.39 3.80 0.12 0.23 0.21 0.23 + 0.01 0.27 0.04 14.76 13.95 14.41 + 0.11 16.54 7.46 19.60 18.41 19.05 + 0.13 21.91 9.83 0.52 0.46 0.52 + 0.04 0.54 0.33 0.40 0.35 0.39 + 0.05 0.41 0.24 0.02 0.00 0.02 unch 0.00 0.07 0.02 0.04 0.03 0.03 - 0.01 0.16 0.02 0.14 0.12 0.12 - 0.04 0.23 0.06 0.25 0.24 0.24 unch 0.00 0.42 0.21

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Treasury Metal* O 58 Trecora Res* N 168 Tres-Or Res* O 0 Tres-Or Res V 29 Trevali Mng* O 412 Trevali Mng T 4397 Tri Origin Exp V 242 Trident Gold V 3 Trifecta Gold* O 12 Trifecta Gold V 410 Trilogy Mtls T 78 Trilogy Mtls* X 491 TriMetals Mng* O 91 TriMetals Mng T 30 Trinity Res* O 57 Trinity Valley V 747 O 43 Trio Resources* TriStar Gold* O 250 TriStar Gold V 198 Triumph Gold V 449 Triumph Gold* O 628 Troilus Gold* O 30 Troilus Gold T 565 Troubadour Res V 113 Troy Enrgy V 28 True Grit Res V 2 1 True North Gem* O 18 True North Gem V Trueclaim Expl* O 2 Tsodilo Res V 401 Tudor Gold * O 78 Tudor Gold V 495 Turquoise HIl T 1905 Turquoise HIl* N 13812 TVI Pacific* O 35 TVI Pacific V 1573 Tyhee Gold* O 20 Tymbal Res V 40 Typhoon Expl V 218

0.19 0.17 0.18 - 0.01 0.32 0.15 8.72 8.20 8.21 - 0.37 10.54 6.69 0.00 0.00 0.10 unch 0.00 0.15 0.01 0.14 0.10 0.10 - 0.04 0.30 0.10 0.16 0.14 0.14 - 0.02 0.39 0.13 0.21 0.19 0.20 - 0.01 0.52 0.17 0.03 0.03 0.03 unch 0.00 0.04 0.01 0.15 0.15 0.15 unch 0.00 0.16 0.14 0.03 0.00 0.03 - 0.00 0.06 0.02 0.03 0.03 0.03 - 0.01 0.07 0.03 3.20 2.72 2.74 - 0.25 4.10 2.00 2.35 2.05 2.07 - 0.18 3.13 1.48 0.10 0.08 0.10 + 0.02 0.10 0.02 0.12 0.11 0.12 unch 0.00 0.12 0.03 0.40 0.26 0.35 - 0.11 0.50 0.01 0.08 0.00 0.08 + 0.01 0.15 0.04 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.18 0.15 0.15 - 0.03 0.19 0.07 0.22 0.20 0.20 - 0.03 0.25 0.09 0.32 0.28 0.30 - 0.02 0.58 0.25 0.25 0.21 0.23 - 0.02 0.44 0.19 0.56 0.46 0.46 - 0.03 0.81 0.40 0.74 0.59 0.68 + 0.01 1.16 0.49 0.07 0.05 0.06 + 0.01 0.21 0.03 0.02 0.02 0.02 unch 0.00 0.05 0.01 0.00 0.00 0.02 unch 0.00 0.04 0.01 0.04 0.04 0.04 unch 0.00 0.14 0.00 0.08 0.00 0.08 + 0.02 0.60 0.05 0.08 0.07 0.07 - 0.00 0.12 0.07 0.08 0.08 0.08 unch 0.00 0.38 0.08 0.37 0.35 0.36 - 0.01 0.81 0.15 0.50 0.46 0.49 unch 0.00 1.07 0.20 0.63 0.59 0.59 - 0.01 2.84 0.53 0.47 0.44 0.45 - 0.01 2.17 0.40 0.01 0.00 0.00 - 0.01 0.01 0.00 0.01 0.01 0.01 - 0.00 0.02 0.01 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.06 0.00 0.06 unch 0.00 0.15 0.05 0.07 0.05 0.05 - 0.01 0.07 0.02

U.S. Gold* D 807 U.S. Lithium* O 24 U3O8 Corp* O 217 U3O8 Corp T 510 C 10 Ubique Mineral UC Res* O 233 Ucore Rare Mtl V 322 759 Ucore Rare Mtl* O UEX Corp T 791 Ultra Lithium* O 26 Ultra Lithium V 151 Umbral Enrgy* O 229 Unigold* O 347 Unigold V 288 United Battery* O 59 C 72 United Battery United Res Hdg* O 50 92 United States A* X United States S* N 54274 Universal Cop V 1026 Universal Vent V 1597 Ur-Energy* X 794 Ur-Energy T 119 Uragold Bay Rs V 258 X 2169 Uranium Energy* Uranium Hunter* O 0 Uranium Res* D 279 V 512 UrbanGold Min USCorp* O 469 Val-d’Or Mg V 9 N 120064 Vale*

0.84 0.70 0.73 - 0.05 1.53 0.72 0.40 0.29 0.33 - 0.02 0.72 0.09 0.05 0.04 0.05 + 0.00 0.22 0.04 0.07 0.05 0.06 - 0.01 0.29 0.05 0.03 0.03 0.03 unch 0.00 0.20 0.03 0.42 0.27 0.31 - 0.12 1.27 0.00 0.11 0.00 0.10 - 0.01 0.34 0.09 0.08 0.07 0.08 - 0.00 0.25 0.07 0.14 0.12 0.13 + 0.01 0.20 0.11 0.06 0.05 0.06 + 0.01 0.11 0.05 0.09 0.06 0.06 - 0.01 0.16 0.06 0.24 0.20 0.20 - 0.03 0.54 0.11 0.15 0.12 0.15 + 0.03 0.19 0.07 0.20 0.17 0.19 + 0.02 0.26 0.09 0.02 0.01 0.02 - 0.00 0.89 0.01 0.03 0.02 0.02 - 0.01 1.20 0.02 0.06 0.06 0.06 unch 0.00 0.09 0.01 0.50 0.43 0.48 + 0.03 0.80 0.42 14.03 12.73 13.08 - 0.49 28.06 9.93 0.03 0.03 0.03 - 0.01 0.15 0.03 0.51 0.46 0.47 + 0.01 0.51 0.28 0.64 0.59 0.60 - 0.02 0.99 0.50 0.84 0.77 0.78 - 0.05 1.30 0.70 0.09 0.08 0.09 unch 0.00 0.12 0.06 1.05 0.99 1.00 - 0.02 1.58 0.83 0.00 0.00 3.00 unch 0.00 3.50 0.51 2.98 2.70 2.81 - 0.08 10.50 2.45 0.14 0.10 0.14 + 0.03 0.18 0.10 0.00 0.00 0.00 - 0.00 0.00 0.00 0.06 0.06 0.06 unch 0.00 0.11 0.05 11.62 11.18 11.46 - 0.31 15.45 10.20

U-V

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Valley High Mg* O 3369 ValOre Metals* O 5 ValOre Metals V 234 Valterra Res* O 50 Valterra Res V 31 O 62 Vanadian Enrgy* Vanadian Enrgy V 193 Vanadium One* O 9 V 369 Vanadium One O 229 Vanadiumcorp* Vanadiumcorp V 236 Vangold Res* O 0 Vanstar Mng Rs* O 18 Vanstar Mng Rs V 282 2 Vantex Res * O Vantex Res V 13 Velocity Mnrls V 117 Velocity Mnrls* O 16 Vendetta Mng V 253 Vendetta Mng* O 68 Venerable Vent V 19 Verde Potash T 212 Verde Res* O 40 Veris Gold* O 48 Vertical Expl V 232 Victoria Gold V 1516 O 18 Victory Metals* Victory Metals V 35 Victory Nickel* O 83 Victory Nickel C 58 Victory Res C 142 Victory Res* O 3 Virginia Enrgy V 298 Virginia Enrgy* O 79 Viscount Mng V 26 Visible Gold M V 327 Vision Lithium* O 1 Vision Lithium V 17 Vista Gold T 22 Vista Gold* X 846 Viva Gold* O 50 Viva Gold V 74 Vizsla Res V 781 Volcanic Gold V 7 Volt Energy V 6 Voyageur Min* O 75 Voyageur Min V 43 O 131 VR Resources* VR Resources V 239 Vulcan Mnrls V 12817 VVC Expl V 255

0.01 0.00 0.00 - 0.00 0.01 0.00 0.21 0.00 0.19 - 0.02 0.31 0.00 0.27 0.24 0.24 - 0.03 0.40 0.11 0.02 0.02 0.02 + 0.00 0.03 0.01 0.03 0.00 0.03 + 0.01 0.04 0.02 0.02 0.00 0.01 - 0.01 0.11 0.01 0.02 0.02 0.02 - 0.01 0.13 0.02 0.04 0.00 0.04 - 0.02 0.18 0.04 0.06 0.06 0.06 - 0.01 0.23 0.06 0.04 0.03 0.04 - 0.00 0.10 0.03 0.05 0.04 0.05 - 0.01 0.14 0.04 0.00 0.00 0.03 unch 0.00 0.03 0.01 0.24 0.23 0.24 - 0.01 0.27 0.11 0.32 0.30 0.31 - 0.01 0.36 0.10 0.10 0.09 0.09 - 0.02 0.22 0.10 0.14 0.10 0.10 unch 0.00 0.40 0.10 0.44 0.41 0.44 + 0.03 0.58 0.15 0.35 0.30 0.30 - 0.05 0.44 0.12 0.06 0.05 0.06 + 0.01 0.18 0.05 0.04 0.04 0.04 unch 0.00 0.13 0.03 0.07 0.06 0.06 unch 0.00 0.11 0.05 0.63 0.43 0.50 - 0.08 0.90 0.43 0.01 0.00 0.01 + 0.00 0.10 0.00 0.00 0.00 0.00 + 0.00 0.00 0.00 0.03 0.02 0.03 unch 0.00 0.11 0.02 0.47 0.45 0.46 - 0.01 0.66 0.35 0.40 0.00 0.30 - 0.06 0.57 0.29 0.45 0.00 0.41 - 0.05 0.77 0.37 0.01 0.01 0.01 unch 0.00 0.04 0.01 0.02 0.00 0.02 - 0.01 0.05 0.01 0.03 0.02 0.02 + 0.01 0.12 0.01 0.02 0.02 0.02 unch 0.00 0.10 0.02 0.05 0.00 0.05 + 0.01 0.37 0.04 0.04 0.03 0.03 - 0.00 0.25 0.03 0.22 0.20 0.22 + 0.01 0.31 0.15 0.07 0.05 0.06 - 0.01 0.11 0.04 0.02 0.02 0.02 unch 0.00 0.13 0.02 0.05 0.00 0.03 - 0.01 0.21 0.03 0.90 0.84 0.84 - 0.11 1.39 0.56 0.70 0.63 0.64 - 0.06 1.05 0.37 0.19 0.19 0.19 - 0.02 0.32 0.16 0.25 0.21 0.22 - 0.02 0.44 0.21 0.52 0.42 0.47 + 0.04 0.52 0.13 0.16 0.00 0.16 - 0.01 0.44 0.14 0.04 0.04 0.04 unch 0.00 0.10 0.02 0.06 0.06 0.06 - 0.00 0.10 0.04 0.08 0.07 0.07 unch 0.00 0.12 0.05 0.27 0.20 0.23 + 0.01 0.35 0.09 0.30 0.25 0.30 + 0.01 0.40 0.12 0.21 0.06 0.08 + 0.06 0.21 0.02 0.04 0.03 0.03 unch 0.00 0.05 0.02

Walcott Res C 50 Walker River V 458 Walker River* O 50 Wallbridge Mng T 9316 Warrior Gold* O 272 Warrior Gold V 407 Waseco Res V 1600 Wealth Mnrls V 278 Wealth Mnrls* O 431 V 3 Wescan Gldflds O 307 Wesdome Gold* Wesdome Gold T 3748 187 West High Yld V West Kirkland V 60 West Kirkland * O 51 295 West Red Lake* O West Red Lake C 204 O 1 Western Areas*

0.10 0.10 0.10 unch 0.00 0.10 0.10 0.10 0.08 0.09 unch 0.00 0.27 0.05 0.07 0.07 0.07 unch 0.00 0.19 0.05 0.66 0.56 0.60 + 0.01 0.74 0.15 0.07 0.00 0.05 - 0.01 0.09 0.03 0.09 0.07 0.07 - 0.01 0.12 0.04 0.04 0.02 0.04 - 0.01 0.05 0.02 0.27 0.24 0.24 - 0.03 0.65 0.24 0.21 0.18 0.19 - 0.03 0.50 0.18 0.04 0.00 0.04 unch 0.00 0.11 0.03 6.55 5.98 6.30 + 0.08 6.55 2.34 8.69 7.90 8.31 + 0.09 8.69 3.30 0.17 0.11 0.14 - 0.01 0.60 0.11 0.07 0.07 0.07 unch 0.00 0.09 0.03 0.06 0.04 0.05 - 0.00 0.07 0.02 0.05 0.03 0.04 + 0.00 0.10 0.03 0.06 0.05 0.05 unch 0.00 0.12 0.04 2.17 2.17 2.17 unch 0.00 2.32 1.27

W-Z

(100s) Stock

Week

23

12-month

Exc Volume High Low Last Change High Low

Western Atlas V 181 Western Copper T 319 X 432 Western Copper* Western Mag V 589 Western Mag* O 407 Western Pac Rs* O 1 Western Pac Rs V 9 Western Potash T 325 Western Res* O 60 Western Troy C* O 1 Western Troy C V 160 Western U&V C 32 Western U&V* O 44 O 5 Westgold Res* Westhaven Vent V 165 Westhaven Vent* O 60 Westkam Gold* O 93 V 118 Westkam Gold Westminster Rs V 66 Westmoreland* O 197 WestMountain* O 1 Wheaton Prec M* N 9770 Wheaton Prec M T 3323 White Energy* O 2 White Gold* O 539 White Gold V 829 White Metal R* O 140 White Metal Rs V 817 406 White Mtn Engy* O Whitehaven Coa* O 204 Wildsky Res* O 0 Wildsky Res V 13 O 198 Winston Gold* Winston Gold C 140 Winston Res C 228 Wolfden Res* O 29 Wolfden Res V 380 Wolfeye Res V 282 V 55 Worldwide Res X-Terra Res V 574 X-Terra Res* O 25 T 60 Xanadu Mines Xemplar Egy* O 3 Xiana Mng* O 6 Xiana Mng V 40 Ximen Mining V 81 21 Ximen Mining* O Xtierra Inc V 123 Xtra-Gold Res T 15 Xtra-Gold Res* O 20 Yamana Gold T 11568 N 105681 Yamana Gold* Yanzhou Coal* O 5 Yorbeau Res* O 11 Yorbeau Res T 417 Yukoterre Res C 150 V 25 Zadar Ventures Zanzibar Gold C 413 Zara Res* O 2225 ZEN Graphene* O 29 V 201 ZEN Graphene Zena Mining V 600 Zephyr Mnls V 78 Zephyr Mnls* O 56 Zimtu Capital V 172 Zinc One Res V 1580 81 Zinc One Res * O ZincX Res V 234 ZincX Res* O 13 Zonte Metals V 119 Zonte Metals* O 5

0.07 0.07 0.07 + 0.01 0.11 0.05 1.05 0.98 1.00 - 0.01 1.08 0.52 0.80 0.73 0.76 - 0.01 0.83 0.35 0.18 0.14 0.17 + 0.03 0.35 0.04 0.14 0.10 0.14 + 0.03 0.43 0.03 0.26 0.00 0.26 + 0.07 0.62 0.15 0.35 0.00 0.35 + 0.04 0.83 0.20 0.33 0.29 0.31 - 0.03 0.55 0.11 0.24 0.24 0.24 unch 0.00 0.41 0.08 0.02 0.02 0.02 unch 0.00 0.02 0.01 0.03 0.03 0.03 unch 0.00 0.10 0.02 0.86 0.68 0.80 unch 0.00 2.90 0.65 0.70 0.52 0.61 + 0.02 2.20 0.49 1.65 1.40 1.40 - 0.25 1.67 0.60 0.81 0.74 0.79 + 0.03 1.43 0.51 0.62 0.55 0.60 + 0.02 1.03 0.39 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.01 0.01 0.01 unch 0.00 0.01 0.01 0.07 0.07 0.07 unch 0.00 0.45 0.07 0.01 0.01 0.01 unch 0.00 0.05 0.01 1.00 1.00 1.00 unch 0.00 3.00 1.00 27.24 25.66 26.94 + 0.66 30.90 15.25 36.06 33.95 35.61 + 0.84 40.95 19.90 0.29 0.29 0.29 unch 0.00 0.55 0.23 0.71 0.54 0.69 + 0.11 1.25 0.54 0.95 0.74 0.90 + 0.13 1.69 0.73 0.04 0.03 0.03 - 0.00 0.05 0.02 0.04 0.03 0.03 - 0.01 0.07 0.03 0.04 0.03 0.04 + 0.01 0.07 0.00 2.32 0.00 2.21 - 0.11 3.32 2.14 0.04 0.00 0.04 - 0.02 0.11 0.05 0.08 0.07 0.07 - 0.01 0.14 0.06 0.08 0.07 0.07 - 0.01 0.13 0.02 0.11 0.09 0.09 - 0.02 0.17 0.03 0.02 0.02 0.02 - 0.01 0.07 0.02 0.08 0.06 0.06 - 0.01 0.23 0.06 0.09 0.08 0.08 - 0.01 0.30 0.08 0.57 0.49 0.54 + 0.05 0.93 0.45 0.03 0.03 0.03 unch 0.00 0.07 0.02 0.15 0.13 0.14 + 0.01 0.17 0.07 0.10 0.10 0.10 unch 0.00 0.10 0.07 0.04 0.00 0.03 unch 0.00 0.17 0.02 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.29 0.28 0.28 unch 0.00 0.45 0.23 0.39 0.39 0.39 unch 0.00 0.61 0.31 0.38 0.36 0.36 unch 0.00 0.86 0.22 0.29 0.29 0.29 + 0.01 10.27 0.19 0.06 0.05 0.05 unch 0.00 0.08 0.03 0.47 0.45 0.46 + 0.01 0.64 0.28 0.36 0.35 0.35 + 0.01 0.47 0.20 4.62 4.22 4.56 + 0.23 5.04 2.41 3.50 3.19 3.44 + 0.17 3.79 1.78 1.02 1.02 1.02 unch 0.00 1.08 0.81 0.02 0.02 0.02 + 0.00 0.02 0.01 0.03 0.02 0.02 - 0.01 0.05 0.02 0.14 0.14 0.14 unch 0.00 0.16 0.12 0.10 0.10 0.10 unch 0.00 0.45 0.08 0.12 0.10 0.11 - 0.01 0.32 0.10 0.03 0.02 0.02 unch 0.00 0.63 0.02 0.29 0.00 0.28 - 0.01 0.47 0.21 0.38 0.36 0.37 - 0.02 0.63 0.28 0.08 0.07 0.07 - 0.01 0.10 0.04 0.25 0.24 0.24 - 0.01 0.34 0.15 0.19 0.19 0.19 unch 0.00 0.54 0.11 0.11 0.10 0.10 - 0.01 0.35 0.10 0.03 0.02 0.02 unch 0.00 0.11 0.02 0.02 0.01 0.02 + 0.01 0.08 0.00 0.11 0.10 0.11 + 0.01 0.27 0.10 0.08 0.08 0.08 unch 0.00 0.21 0.08 0.28 0.25 0.26 - 0.01 0.39 0.20 0.22 0.19 0.19 - 0.04 0.30 0.16

BID-ASK — NOVEMBER 11–15, 2019

STOCK

12-MONTH

EXC BID ASK LAST HIGH

12 Exploration C 66 Resources C African Metals V Aftermath Silv V Aguila Amer Gd V Alchemist Mng C Alexandra Cap C Allante Res V Altan Rio Min V AM Resources V American CuMo V American Uran V Anconia Res V Anglo-Bomarc V Antler Gold V Archon Mineral V Armor Min V Arrowstar Res V Asbestos Corp V Atalaya Mining T Atlanta Gold V Atlantic Indus V Aurelius Min V Austin Res V Austral Gold V Banro Corp* X V Barker Min Barolo Venture V BC Moly V Bearclaw Cap V BHK Mining V Black Mammoth V Blackheath Res V Bluenose Gold V Bond Resources C Boss Power V Brigadier Gold V Broadway Gold V Brunswick Res V Bullion Gold V BWR Explor V Cache Explor V Cadillac Vent V Cairo Res V Camrova Res V Canadian Silv V Canex Energy V Cassius Vents V V Castle Peak Mg CAT Strategic C Central Iron V Century Metals V Cerro de Pasc C Chatham Rock V CIM Intl Grp C Cleghorn Mnls V Cliffs Nat Res* N Clydesdale Res V CMX Gold & Sil C Colombia Crest V Comet Inds V Cons Woodjam V Contintl Prec V Copper Lake Rs V CR Capital V CWN M’g Acq V Cyntar Venture C Cyprium Mng V Damara Gold V V District Metal Eastern Zinc C Edison Cobalt V Electra Stone V Endurance Gold V Equitorial Ex V Euro Manganese V EurOmax Res T Eurotin V Everton Res V Excalibur Res C Fabled Copper V Fengro Industr V Fieldex Expl V Finore Mng C Fire River Gol V Firebird Res V

20-23_NOV25_StockTables.indd 23

0.15 0.25 0.20 0.25 0.11 0.15 0.11 0.37 0.06 0.09 0.06 0.24 0.25 0.25 0.33 0.18 0.27 0.17 0.27 ... 0.06 0.06 ... ...

0.50 0.93 0.01 ...

0.16 0.20 0.01 0.01 0.01 0.02 0.07 0.12 0.08 0.21 0.06 0.07 0.06 0.06 0.24 0.06 0.07 0.01 0.01 0.01 0.02 0.08 0.08 0.15 0.06 0.08 0.06 0.18 0.41 0.79 0.45 0.68 0.33 0.49 0.36 0.59 0.01 0.01 0.12 0.45 0.88 0.40 0.55 3.00 3.15 3.15 4.10 0.03 0.04 0.03 0.04 0.01 0.02 0.02 0.02 0.13 0.14 0.14 0.15 0.09 0.11 0.09 0.13 0.06 0.07 0.06 0.10 0.11 0.11 0.11 2.10 0.01 0.01 0.01 0.01 0.19 0.33 0.18 0.30 0.04 0.05 0.04 0.07 0.02 0.03 0.02 0.04 0.02 0.02 0.02 0.04 0.06 0.04 0.09 0.01 0.02 0.02 0.03 0.16 0.16 0.14 0.20 0.14 ...

0.15 0.20 0.17 0.20 0.17 ... 0.17 0.15 0.25 0.07 0.07 0.08 0.14 ... 0.03 0.03 0.04 0.06 0.15 0.10 0.47 0.04 0.05 0.04 0.06 0.02 0.02 0.02 0.07 0.01 0.01 0.01 0.04 0.26 ...

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

0.17 0.17 0.07 0.09 0.07 0.09 0.01 0.02 0.01 0.02 0.04 0.05 0.04 0.09 0.01 0.02 0.01 0.05 0.06 0.10 0.07 0.11 ... ...

0.29 0.34 0.11 0.14 0.11 0.19 0.02 0.15 0.02 0.63 0.04 0.06 0.05 0.11 1.45 3.20 1.43 7.17 0.02 0.03 0.03 0.05 ...

0.06 0.05 0.08 ... 0.18 0.18 0.30 3.40 3.75 3.40 3.60 0.03 0.04 0.04 0.09 0.35 0.35 0.30 0.38 0.01 0.01 0.01 0.02 0.04 0.07 0.05 0.08 0.04 0.06 0.07 0.08 0.08 ...

0.08 0.15 0.03 0.03 0.03 0.03 0.04 0.03 0.05 0.08 0.15 0.09 0.31 0.02 0.04 0.02 0.28 0.08 0.08 0.06 0.09 0.01 0.02 0.01 0.03 0.04 0.04 0.07 0.03 0.03 0.03 0.06 0.13 0.17 0.15 0.44 0.03 0.04 0.04 0.17 0.01 0.01 0.01 0.10 0.04 0.04 0.03 0.04 0.09 0.10 0.10 0.11 0.03 0.06 0.04 0.09 0.01 0.01 0.01 0.08 ... 0.15 0.19 0.12 0.12 0.11 0.03 0.07 0.09 0.02 0.03 0.02 0.04

LOW

STOCK

0.20 0.06

Fort St J Nick V Four Nines C Freedom Egy V Full Metal Mnl V Fusion Gold V C Generic Gold Getty Copper V GFM Res V GK Resources V Global Cop Grp V V Global Vanad God’s Lake Res C Goldbelt Emp V Golden Harp V Golden Queen V Goldstream Mnl V Graphite Egy C Gray Rock Res V Great Lakes Gr V V Great Quest Fe Greatbanks Re V Green Arrow V Green River C Green Swan Cap V Greenshield Ex V Grenville Gold C Grosvenor Res V GrowMax Res V Guerrero Vents V Gunpoint Expl V Heatherdale Rs V HFX Holding V Highbury Proj V Highvista Gold V IEMR Res V Indico Res V Infinite Lith V Inform Res V Inspiration Mg C Intact Gold V Inter-Rock Mnl V Intl Battery C Intl Bethl Mng V Intl Millm Mng V Iron South Mng V Jazz Res V Jubilee Gold V Kal Minerals C Karam Min C Karoo Expl V Kings Bay Res V Knick Expl V Lateral Gold V Latin Metals V Le Mare Gold V Leo Res C Lightspeed Dis V Lithion Energy V Lithium Energy V Lovitt Res V M.P.V. Explor C Madeira Mrnls V MAG Silver* X Magna Terra V Magnitude Mng V Manado Gold V Mariner Res C Matachewan Con V Meadow Bay Gd C Mega Copper V Meridius Res V Meryllion Res C Metalore Res V Metron Capital V Michelin C Micrex Dev V Midasco Cap V MillenMin Vent V Milner Con Slv V Minecorp Egy V Mineral Hill V Montana Gold C Mountain Lake C MX Gold V Navy Res V Nebu Res V

0.05 0.15 0.25 0.11 0.01 0.07 0.06 0.01 0.05 0.45 0.36 0.35 2.88 0.03 0.01 0.03 0.05 0.05 0.10 0.01 0.18 0.03 0.02 0.02 0.01 0.09 0.11 0.05 0.06 0.02 0.09 0.03 0.02 0.01 0.24 0.06 0.11 0.06 0.01 0.04 0.01 0.06 0.12 0.10 0.02 0.04 0.98 0.02 0.03 0.11 2.75 0.03 0.30 0.01 0.04 0.03 0.07 0.03 0.09 0.02 0.04 0.03 0.02 0.13 0.03 0.01 0.02 0.01 0.02 0.01

0.02

12-MONTH

EXC BID ASK LAST HIGH LOW

0.09 0.18 0.09 0.32 0.14 0.32 0.14 0.31 0.02 0.02 0.01 0.03 0.01 0.06 0.10 0.10 ...

0.17 0.30 ... 1.33 0.06 0.15 0.03 0.04 0.04 0.04 0.05 0.10 0.05 0.05 1.00 1.00 0.26 0.30 0.07 0.08 0.08 0.11 0.17 0.24 0.24 0.28 0.87 6.00 5.15 6.25 0.01 0.01 0.02 0.07 0.08 0.07 0.17 0.24 0.24 0.27 1.50 0.01 0.07 0.05 0.09 ... 0.20 0.47 1.35 0.05 0.06 0.06 0.15 0.05 0.05 0.04 0.05 0.04 0.04 0.10 0.06 0.08 0.09 0.15 0.02 0.03 0.02 0.04 0.06 0.06 0.07 0.08 0.01 0.03 0.02 0.05 0.15 0.20 0.17 0.22 0.11 0.18 0.11 0.40 0.13 0.18 0.12 0.12 0.07 0.07 0.09 0.13 0.14 0.17 0.17 0.17 0.50 0.74 0.55 0.74 0.02 0.03 0.03 0.04 0.01 ...

0.02 0.06 0.20 0.34 0.24 0.26 ... ...

0.17 0.02 0.02 0.01 0.02 ... 0.01 0.01 0.02 0.26 0.29 0.28 0.32 0.04 0.12 0.04 0.08 0.04 0.04 0.03 0.04 0.06 0.05 0.10 0.23 0.29 0.25 0.35 ... ...

0.31 0.03 0.06 0.03 0.10 0.01 0.01 0.03 0.24 0.27 0.24 0.28 0.03 0.06 0.06 0.06 0.35 0.98 0.53 0.95 0.10 0.40 0.13 0.25 0.03 0.13 0.13 0.15 ... 0.35 0.35 1.65 0.04 0.04 0.04 0.05 0.01 0.01 0.01 0.02 0.04 0.04 0.03 0.40 0.03 0.04 0.03 0.16 0.07 0.09 0.09 0.18 ... ...

1.09 0.08 ...

0.08 0.32 ... ...

0.10 0.01 0.01 0.10 0.17 0.08 0.13 0.10 0.09 0.13 0.12 0.18 ... ...

0.03 0.04 12.52 13.30 12.52 14.40 0.02 0.02 0.02 0.05 0.13 ...

0.13 0.20 0.01 ...

0.05 0.05 0.15 ...

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

0.15 0.22 0.01 0.02 0.01 0.04 1.50 2.26 1.60 2.60 0.04 0.07 0.05 0.07 0.11 0.20 0.15 0.50 0.02 0.02 0.01 0.08 0.15 0.09 0.11 0.01 0.50 0.05 0.03 0.05 0.04 0.08 ... ...

0.12 0.20 0.02 ...

0.15 0.17 0.09 0.10 0.10 0.10 ... ...

0.05 0.11 0.11 0.11 0.10 0.15 0.12 0.17 0.04 0.04 0.04

0.08 0.14 0.01 0.11 0.03 0.02 0.04 0.15 0.04 0.16 1.51 0.04 0.20 0.04 0.02 0.04 0.02 0.04 0.02 0.04 0.02 0.04 0.11 0.08 0.07 0.06 0.38 0.02 0.01 0.17 0.01 0.01 0.12 0.03 0.05 0.19 0.02 0.04 0.03 0.48 0.12 0.05 0.35 0.03 0.01 0.03 0.02 0.03 0.08 0.09 0.06 0.02 6.12 0.01 0.04 0.04 0.15 0.11 0.03 0.12 0.09 0.01 0.89 0.04 0.15 0.08 0.02 0.07 0.09 0.02 0.10

STOCK

Nevado Res New Jersey Mng New Klondike New Stratus New World Res Nitinat Mnls Norsemont Cap Northern Uran Opawica Expl Pac Arc Res Pac Cascade Patriot Gold Pedro Res Philippine Mtl Phoenix Gold Pinecrest Res Pistol Bay Mng Plata Latina Primary Energy Prism Res Project One Quadro Res Quantum Cobalt Rare Element* Razore Rock Res Regency Gold Reliant Gold Remington Res Revelo Res Rhyolite Res Richmond Mnls Rizal Res Rockland Mnls Rockwealth Res Rojo Res Ross River Roughrider Exp Rover Metals Rubicon Mnrls* Running Fox Rs Sage Gold Saint Jean Samco Gold Scotch Creek Sego Res Sennen Potash Sierra Madre Silver Mtn Mns Silver Phoenix Skarb Explor Sonora Gld & S SouthGobi Res Southstone Min Spey Resources Surge Explor Tearlach Res Thunder Mtn Gd Tiger Intl Tisdale Res TomaGold Tri-River Vent TriMetals Mng Troy Enrgy Ubique Mineral Upper Canyon Uravan Mnrls Usha Res Vale* ValOre Metals Vangold Res Vatic Vent Venerable Vent Volt Energy Walcott Res Westcot Vent Western Troy C Whitemud Res Worldwide Res Xander Res Zadar Ventures Zara Res Zenith Explor Zinco Mng Zincore Mtls

12-MONTH

EXC BID ASK LAST HIGH LOW

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

0.11 0.13 0.11 0.20 ... ...

0.15 0.20 0.01 0.01 0.01 ... 0.40 0.40 0.30 0.30 0.21 0.25 0.04 0.05 0.04 0.11 0.31 0.40 0.29 0.43 0.01 0.01 0.01 0.02 0.06 0.09 0.06 0.11 0.22 0.50 0.27 0.45 0.01 0.02 0.01 0.05 0.09 0.05 0.06 0.11 0.15 0.10 0.29 0.03 0.13 0.08 0.14 ... ...

0.05 0.07 0.18 0.23 0.18 0.28 0.02 0.02 0.02 0.07 0.02 0.04 0.02 0.04 ... 0.40 0.40 0.55 0.03 0.05 0.03 0.05 0.17 0.25 0.18 0.30 0.02 0.03 0.02 0.06 ... ...

1.10 3.15 0.11 0.16 0.15 0.89 0.07 0.25 0.10 0.10 0.11 0.18 0.13 0.23 ... 0.02 0.02 0.13 0.20 0.16 0.23 0.01 0.01 0.01 0.03 0.10 0.14 0.12 0.26 0.05 0.05 0.06 0.06 0.01 0.02 0.02 0.03 0.07 0.08 0.08 0.11 0.47 0.95 0.46 0.50 0.20 0.20 0.19 0.30 ...

0.26 0.26 0.09 0.09 0.06 0.11 0.04 0.05 0.07 0.08 ... ...

0.03 1.35 0.01 0.02 0.02 0.03 0.01 0.01 0.02 0.01 0.01 0.04 0.04 0.03 0.04 0.05 0.08 0.07 0.12 0.07 0.13 0.04 0.04 0.05 0.05 0.22 0.40 0.45 0.45 0.04 0.07 0.04 0.15 0.01 0.01 0.01 0.02 0.13 0.20 0.13 0.22 0.04 0.10 0.08 0.10 0.04 0.05 0.04 0.07 0.13 0.20 0.13 0.18 0.01 0.01 0.01 0.04 0.04 0.04 0.04 0.11 0.39 0.44 0.39 0.23 0.12 0.20 0.12 0.28 ... ...

0.17 0.17 0.05 0.12 0.06 0.15 0.07 0.14 0.09 0.30 0.05 0.05 0.05 0.06 ... ...

0.04 0.11 0.12 0.12 0.12 0.02 0.03 0.02 0.05 0.01 0.05 0.03 0.20 0.35 0.75 0.25 0.29 0.03 0.03 0.04 0.05 0.01 0.17 0.10 0.16 ... ...

10.24 11.10 0.06 0.07 0.07 0.13 0.05 0.05 0.04 0.05 0.08 0.08 0.10 0.10 0.06 0.10 0.06 0.11 0.04 0.05 0.04 0.10 0.10 0.20 0.10 0.10 ... ...

0.35 0.02 0.04 0.03 0.10 0.01 0.02 0.02 0.03 0.03 0.05 0.03 0.07 0.09 ...

0.09 0.12 0.09 0.11 0.10 0.45 ... ...

0.07 0.22 ... ...

0.14 0.20 0.05 0.07 0.05 0.03 0.19 0.05 0.07

0.09 0.15 0.17 0.03 0.25 0.01 0.05 0.20 0.04 0.09 0.04 0.04 0.16 0.02 0.02 0.08 0.03 0.18 0.02 0.20 0.06 0.07 0.10 0.12 0.01 0.12 0.02 0.01 0.01 0.12 0.10 0.06 0.03 0.03 0.01 0.02 0.02 0.06 0.03 0.45 0.04 0.01 0.13 0.08 0.04 0.10 0.01 0.04 0.03 0.03 0.17 0.04 0.06 0.04 0.03 0.01 0.03 0.17 0.02 0.10 6.57 0.07 0.03 0.06 0.05 0.02 0.10 0.02 0.01 0.02 0.03 0.08 0.07 0.04 0.05

2019-11-18 12:31 PM

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HARD-LINE.COM

24_NOV25_BackCover.indd 24

2019-11-18 12:19 PM

TSXV: RRI

www.bureauveritas.com/um

Ag

Pb

Au

MINING and EXPLORATION ACTIVITY NEW MEXICO

ARIZONA

Juarez Puerto De Anapra

USA

Nogales

MILPILLAS(Cu)

EL PILAR(Cu)

Los Cuarentas

TAJITOS (Au)

Riverside

(Borate)

SANTA GERTUDIS (Au, Ag)

CERRO PRIETO(Au, Pb, Ag, Zn)

Riverside

S TAT E S

OF

So

Presa Plutarco

O VERACRUZ

VERACRUZ ORIZABA Cosamaloapan

Tehuacan

San Juan Bautista Tuxtepec

MEDIA LUNA/MORELOS(Cu, Au, Ag)

EL LIMON GUAJES/MORELOS(Cu, Au, Ag) LOS FILOS(Au, Ag)

TALEA (Au, Ag)

GUERRERO

OAXACA

Ocotlan

Ometepec

SAN JOSE/TAVICHE OESTE(Au, Pb, Ag, Zn)

EL AGUILA(Cu, Au, Pb, Ag, Zn)

500

o

10 0 °W

105°W

110°W

NUEVA ROITA (Coal)

Sabinas

LA CONQUISTA(Coal)

Anahuac SIERRA MOJADA (Cu, Pb, Ag, Zn)

PARRAL (Au, Ag)

BOLIVAR (Cu, Au, Ag, Zn)

CORDERO-SANSON(Au, Pb, Ag, Zn) EL SAUZAL (LA BRIGIDA-BATOPILAS)(Au, Ag) PARRAL (Cu, Au, Pb, Ag, Zn)

BAHUERACHI (Cu, Au, Mo, Ag, Zn)

PARADOX/CUAUHTMOC(F, Zne)

PANUCO (Cu, Mo)

Castaños

Hidalgo Del Parral

SAN FRANCISCO DEL ORO(Cu, Au, Pb, Ag, Zn) SANTA BARBARA(Cu, (Cu, Au, Au, Pb, Pb, Ag, Ag, Zn) Zn)

Frontera

Monclova

ESMERALDA TAILINGS(Au, Ag)

Miguel Aleman

Sabinas Hidalgo

SANTA MARIA (Au, Pb, Ag,Zn)

Gustavo Diaz Ordaz

ALAMO DORADO (Cu, Au, Ag)

G

Reynosa

49

LF O

PORVENIR DOS(Au, Ag)

CA LI

MINA GRANDE (MEXICO)(Au, Ag)

Gomez Palacio

Riverside

LA DURA(Au, Ag)

TAHUEHEUTO (Cu, Au, Pb, Ag, Zn)

Matamoros

EL SALITRE - DURANGO (Au, Pb, Mo, Ag, Zn)

FO

TOPIA (Au, Pb, Ag, Zn) CIENEGA (Au, Pb, Ag, Zn)

VELARDENA (Cu, Au, Pb, Ag, Zn)

RN IA

Canatlan

El Dorado

AVINO (Au, Ag)

CERRO DE MERCADO - CEMESA(Fe)

VENTANAS (Au, Pb, Ag, Zn)

Vizsla Marlin

o ag

CONETO (Au, Ag)

Valparaiso

ZACATECAS

rta

CATANAVA (Au)

GUANAJUATO Tonala

F

JALISCO

Cocuta

Chapala

MINAS DE AMECA/MAGISTRAL(Cu, Au)

C

Ocotlan

Moroleon

O

PENA COLORADA (Fe)

Cihuatlan

C

LEGEND

Manzanillo

MANZANILLO (Fe)

E

OPERATING MINES NON-OPERATING MINES DEPOSITS

Colima

COLIMA

URUAPAN

Apatzingan

MICHOACAN

NEW MIRASOL(Ag)

ARROYO SECO(Au, Ag)

AQUILLA-ENCINAS(Fe)

EL BAZTAN (Cu)

NOCHE BUENA(Au, Ag) CAPIRE (Cu, Au, Pb, Ag, Zn)

N

ANA PAULA (Au, Ag) LA BALSA (Cu)

Matamoros

Atenciago

San Juan Bautista Tuxtepec

MEDIA LUNA/MORELOS(Cu, Au, Ag)

EL LIMON GUAJES/MORELOS(Cu, Au, Ag) LOS FILOS(Au, Ag)

TALEA (Au, Ag)

OAXACA

Ocotlan

Acapulco

0

San Marcos

Ometepec

SAN JOSE/TAVICHE OESTE(Au, Pb, Ag, Zn)

250

500

Kilometres

110°W

105°W

10 0 °W

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COBRE GRANDE (Cu, Au, Pb, Ag, Zn)

TAVICHE (Au, Ag)

N

DISTRIBUTED BY

Yelesia

Oaxaca

Atoyac

This map is copyright by The Northern Miner. Reprinting or any form of reproduction only with prior permission.

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Cosamaloapan

Tehuacan

Iguala De La Independencia

GUERRERO Tecpan

VERACRUZ

ORIZABA

MORELOS SUR GOLD(Au)

Zihuatenejo Petatlan

DISCLAIMER

TAXCO (Cu, Au, Pb, Ag, Zn)

SAN NICOLAS DEL ORO(Au, Ag)

Lazaro Cardenas

Railroads

PUEBLO

Jose Cardel

VERACRUZ

PUEBLA

(Cu, Au, Pb, Ag, Zn)

Teloloapan CAMPO MORADO(Cu, Au, Pb, Ag, Zn)

LAS TRUCHAS(Fe)

ESPERANZA (Au, Ag)

CABALLO BLANCO (Cu, Au, Ag)

JALAPA

Coatepec

Atlixco

TLAXCALA CUCHRA-OSCAR (Cu, Au, Pb, Ag, Zn)

REY DE PLATA(Cu, Au, Pb, Ag, Zn)

Presa Infiernillo

Major Roads

This map has been produced from the most current information available to The Northern Miner. While every attempt has been made to ensure the content, accuracy and completeness of this map, The Northern Miner assumes no responsibility for any errors, omissions and inaccuracies in the information provided, and explicitly disclaims all representations or warranties, either express or implied.

CUERNAVACA

GUADALUPE (Au, Pb, Ag, Zn)

LA JOYA (FRESNILLO)(Au, Ag)

MORELAS

LA GUITARRA (Au, Ag)

TIZAPA (Cu, Au, Pb, Ag, Zn)

LA VERDE (Cu, Au, Ag)

Coalcoman

A

COLOSO(Au, Ag)

EL ENCINO (ENCINAS)(Fe)

Tecoman

TULIGTIC/IXTACA ZONE (Cu, Au, Ag)

DISTRITO FEDERAL Huejotzingo

Toluca

Mexican Gold

LAS MINAS (Cu, Au, Ag)

Apan

MEXICO CITY

Los Reyes

TEPAL (Cu, Au, Mo, Ag)

Altotongo

MEXICO

EL ORO (Au, Ag)

Morelia

Tuxpan

25°N

ZACATLAN

EL ORO - HILLSBOROUGH/ ALL-NORTH (Au, Ag)

ANGANGUEO (Cu, Pb, Ag, Zn)

Sayula

POZA RICA

Huauchinanco

JALES DE PACHUCA(Au, Ag)

Laguna De Cuitzeo

El Grullo

PACHUCA (Au, Pb, Ag, Zn)

43

EL RAYO (Au, Pb, Ag)

Autlan De Navarro Casimiro Castillo

The colour in the company profiles on the outside of the map correspond to properties on the map that the companies have an interest in.

Any information that is used from this map should be verified with the participating companies.

QUERETARO IxmiquilpanMetzquiltitlan

San Juan Del Rio

La Piedad Cavadas

L de Chapala

Zacoalco

COYOTE (Au, Ag)

Celaya

Tihuatlan

Huayacocotla

EL MONTE (Cu, Au, Pb, Ag, Zn)

SAN MARTIN (Au, Ag)

Abasolo Penjamo

EL BARQUENO (Cu, Au, Pb, Ag, Zn)

NONOALCO(Mn)

Zacualtipan

O

I

GUADALAJARA

ZIMAPAN (Pb, Zn)

Zintapan

Tuxpan

I C

Magdalena

Alamo

LA NEGRA (Cu, Pb, Ag, Zn)

EL CUBO and LAS TORRES(Au, Ag)

GUANAJUATO (Au, Ag)

Huejutla De Royes

X

CINCO MINAS(Au, Ag)

Tamazunchale

CERRO DEL GALLO(Cu, Aù, Ag)

SAN IGNACIO(Au, Ag)

Jalostotitlan

Naranjos

E

C

SANTO DOMINGO(Au, Ag)

ta M aria

QUERETARO

Leon

LA TRINI/ MOLOLOA(Au, Ag)

Tantoyuca

San

San Luis De La Paz

EL HORCAN(Au, Pb, Ag, Zn)

BOLANITOS (Au, Ag)

CEBADILLAS(Au, Ag)

25°N

45

LA YESCA (Au, Ag)

MINA REAL (Au, Ag)

57

San Felipe

Moreno

LA YESCA (FRESNILLO)(Au, Ag)

Compostela Las Varas

I

Rio

M

Teocaltiche

NUEVO MILENIO(Au, Ag)

Puerto Vallarta

ua

Tepic

Santa Maria Del Rio

49

SAN MARTIN (Au, Pb, Ag, Zn)

Encarnacion De Diaz

Ciudad Valles

iah

A

NAYARIT

Xalisco

SAN LUIS POTOSI

REAL DE ANGELES - ASIENTOS(Cu, Au, Pb, Ag, Zn)

AGUASCALIENTES

Panuco

CERRO SAN PEDRO(Au, Pb, Ag, Zn)

PORVENIR (Au, Ag)

LA FRAZADA (Au, Pb, Ag, Zn)

TAMPICO

m Ta

Santiago Ixcuintla

Ruiz

SAN LUIS POTOSI

REAL DE ANGELES - EL CORONEL(Au, Ag)

SAN NICOLES/EL SALVADOR(Cu, Pb, Ag, Zn)

na

P

Tuxpan

BILBAO

(Cu, Pb, Ag, Zn)

gu

Laguana De Agua Brava

Altamira

SAN JOSE ZACATECAS(Cu, Au, Pb, Ag, Zn)

La

Tecuala

ORION (Au, Ag)

Cuauhtemoc

LAGUNA (PEDEMALILLO)(Au, Ag)

EL COMPAS (Au, (Au, Ag) Ag)

Rio Jesu

DIABLITO(Au, Ag)

COZAMIN (Cu, Au, Pb, Ag, Zn)

Laguna San Andres

O F

Acaponeta

Ciudad Mante

SAN ACACIO (Au, Mercury, Ag)

SANDRA-ESCOBAR (Au, (Au, Ag) Ag)

s Ma

PLOMOSAS (Au, Pb, Ag, Zn)

Gonzales Ursulo Galvan

ROSAIO (Au, Pb, Ag, Zn)

SAUCITO (Au, (Au, Pb, Pb, Ag, Ag, Zn) Zn)

FRANCISCO I. MADERO(Cu, Au, Pb, Ag, Zn)

Sa

nti

CABO SAN LUCAS

a

Ch

(Pb, Ag, Zn)

LA TRINADAD(Au)

Escuinapa El Rosario

la pa

Aldama

CHARCAS (Cu, Pb, Zn)

FRESNILLO (Au, Pb, Ag, Zn)

na ga JUANICIPIO(Cu, Au, Pb, Ag, Zn)

AuSAN MARCIAL

Luguna El Huizache

(Au, Pb, Ag, Zn)

(Cu, Au, Pb, Ag, Zn)

co

Villa Union

VETA GRANDE and MINILLAS(Au, Pb, Ag, Zn)

LA COLORADA

SAN MARTIN

(Cu, Au, Pb, Ag, Zn)

L F G U

CEBOLLA GRANDE

MAZATLAN

DEL TORO (CHALCHIHUITES)(Au, Pb, Ag, Zn)

First Majestic

COPALA (Au, Ag)

54

Del Diablo

SOMBRERETE

La Silla

LAS CARDONES(Au)

First

SABINAS (Cu, Pb, Ag, Zn)

LA PARRILLA(Au, Pb, Ag, Zn)

El Salto

Riverside

Rio Grande

he

40

LA SILLA (Au, Ag)

First Majestic

LA JOYA (Cu, Au, Mo, Ag)

LA LUZ (Pb,Ag, Zn)

AT L A N T I C OCEAN

Laguna Almagre

Ciudad Victoria

NIEVES (Cu, Au, Pb, Ag)

Chu

DURANGO

CAMINO ROJO(Au, Pb, Ag, Zn)

GUACHICHIL(Au, Pb, Ag, Zn)

Rio

Villa Union

SAN DIMAS (Au, Ag)

LA PAZ

Presa Vicente Guerrero

45

Marlin

GUADALUPE DE LOS REYES(Au, Ag)

TAMAULIPAS

NUEVO LEON

Guadalupe Victoria

LA PRECIOSA(Au, Ag)

GAVILANES (Ag, Pb, Zn, Au, Cu)

SAN ANTONIO(Au)

ARANZAZU (Cu, Au, Ag)

SAN JUAN (Cu, (Cu, Au, Au, Pb, Pb, Ag, Ag, Zn) Zn) SAN SEBASTIAN (DON SERGIO)(Au, Pb, Ag, Zn) EL HERRERO-LA BUFA (Au, Ag) CERROS LAS MINITAS(Au, Ag)

Americas Gold and Silver

La Cruz

TAYAHUA (Cu, Au, Pb, Ag, Zn)

NOCHE BUENA(Au, Ag)

PENASQUITO (Au, Pb, Ag, Zn)

SAN AGUSTIN (Au, Pb, Ag, Zn)

SAN RAFAEL (Ag, Zn, Pb)

San Fernando

CHICAGO (Au, Pb, Ag, Zn) JESUS MARIA Y JOSE(Cu, Au, Ag)

EL CASTILLO(Cu, (Cu, Au, Au, Ag) Ag)

LA RASTRA-CHACALA(Au, Ag)

NUESTRA SENORA (Cu, Au, Pb, Ag, Zn)

54

TEJAMEN (Au, Ag)

SANTA CRUZ (Au, Ag)

30°N

Ciudad De Allende Montemorios Linares

SAN DIEGO

VELARDENA (Cu, Au, Pb, Ag, Zn)

MONTOROS (Au, Ag)

METATES (Au, Ag, Zn)

Culiacan

CONETO (Ag, Au, Pb, Zn)

Santiago Papasquiaro

CLAUDIA (Au, Ag)

Santiago

Saltillo

SAN LUIS DEL CORDERO(Cu, Ag, Zn)

PITARRILLA (Cu, Pb, Ag, Zn)

TOVAR (Ag, Pb, Zn)

LA FORTUNA(Cu, Au, Ag)

San Jose Del Cabo

TORREON

Peñoles

PALMARITO (Au, Ag)

Guamuchil

MONTERREY

PENOLES (Au, Ag)

EL GALLO(Au, Ag)

Guasave

30

GUANACEVI (Cu, Au, Pb, Ag, Zn)

BOLERAS (Ag)

Valle Hermoso

PLATOSA/SALTILLERA(Pb, Ag, Zn)

RODEO (Au, Ag)

MAGISTRAL DEL ORO(Au)

Rio Aten

F

Los Mochis

Hidalgo

GUADALUPE Y CALVO(Au, Ag)

SINALOA

Ahome

DURANGO

SAN JULIAN (Au, Pb, Ag, Zn)

SAN JOSE DE GRACIA

Heroica Matamoros

Rio Bravo

Canon

U

El Fuerte

95°W

LA CIGARRA (Au, Pb, Ag, Zn)

Contact us: George Agelopoulos Sales Representative (416) 510-5104 gagelopoulos@northernminer.com

Call 1-888-502-3456 or email info@northernminer.com

COBRE GRANDE (Cu, Au, Pb, Ag, Zn)

TAVICHE (Au, Ag)

San Marcos

MUZQUIZ - LAS SABINAS(Fluorite)

Jose Mariano Jimenez

Yelesia

Oaxaca

Atoyac

Nuevo Laredo

La Boquilla

EC120 (Ag, Cu)

Now Available in Spanish

I C

(Cu, Au, Pb Ag)

(Cu, Au, Pb, Ag, Zn)

Published by:

Jose Cardel

San Buenaventura

DON ROMAN and LOUDRES(Pb,Ag, Zn)

WWW.SONOROMETALS.COM

X

Navojoa

OTCQB: SMOFF

E

TAJO EL COYOTE (Coal)

Nueva Rosita Ciudad Melchor Muzquiz MIMOSA UNIT(Coal)

oyn a

URIQUE (Au, Ag)

CLENEGUITA

PIEDRAS VERDES(Cu)

TSX.V: SMO

Matamoros

MORELOS SUR GOLD(Au)

250

JALAPA

Kilometres

ORISYVO (Au, Ag)

Boc

Ri De

Sierra Metals

SAN MIGUEL(Au, Ag)

IN MEXICO

PUEBLO

CABALLO BLANCO (Cu, Au, Ag)

Iguala De La Independencia

SAN NICOLAS DEL ORO(Au, Ag)

Lazaro Cardenas

0

M

ANA PAULA (Au, Ag) LA BALSA (Cu)

PUEBLA

Atenciago

TAXCO (Cu, Au, Pb, Ag, Zn)

Teloloapan CAMPO MORADO(Cu, Au, Pb, Ag, Zn)

LAS TRUCHAS(Fe)

(Cu, Au, Pb, Ag, Zn)

CUCHRA-OSCAR(Cu, Au, Pb, Ag, Zn)

NOVEMBER 2019

PASTA DE CONCHOS(Coal)

PALMAREJO (Au, Ag)

SARA ALICIA (Co, Au)

GOLD & SILVER

NOCHE BUENA(Au, Ag) CAPIRE (Cu, Au, Pb, Ag, Zn)

REY DE PLATA(Cu, Au, Pb, Ag, Zn)

Presa Infiernillo

N

ESPERANZA (Au, Ag)

TLAXCALA

NEW MIRASOL(Ag)

EL BAZTAN (Cu)

Mexican Gold

Coatepec

Atlixco

CUERNAVACA

GUADALUPE (Au, Pb, Ag, Zn)

LA JOYA (FRESNILLO)(Au, Ag) ARROYO SECO(Au, Ag)

Acapulco

Nava

Allende

LA GUITARRA (Au, Ag)

EL ENCINO (ENCINAS)(Fe)

Tecoman AQUILLA-ENCINAS(Fe)

A

COLOSO(Au, Ag)

TIZAPA (Cu, Au, Pb, Ag, Zn)

LA VERDE (Cu, Au, Ag)

Coalcoman

E

a hu mia Ta

COLIMA

MANZANILLO (Fe)

MICHOACAN

MORELAS

DISTRITO FEDERAL Huejotzingo

Toluca

Tecpan

MICARE UNIT - MINOSA (Coal)

Zaragoza

TAJO EL MILAGRO(Coal)

CUSI (Cu, Au, Pb, Ag, Zn)

Manzanillo

Apatzingan

na gu La

C

TEPAL (Cu, Au, Mo, Ag)

TULIGTIC/IXTACA ZONE (Cu, Au, Ag)

MEXICO CITY

URUAPAN

Colima

O F

PENA COLORADA (Fe)

Cihuatlan

Altotongo

LAS MINAS (Cu, Au, Ag)

Apan

MEXICO

EL ORO (Au, Ag)

Laguna De Cuitzeo

Morelia Los Reyes

Tuxpan

25°N

ZACATLAN

EL ORO - HILLSBOROUGH/ ALL-NORTH (Au, Ag)

ANGANGUEO (Cu, Pb, Ag, Zn)

Sayula

POZA RICA

Huauchinanco

JALES DE PACHUCA(Au, Ag)

EL RAYO (Au, Pb, Ag)

El Grullo

PACHUCA (Au, Pb, Ag, Zn)

43

Moroleon

L de Chapala

Zacoalco

Tuxpan

Tihuatlan

Huayacocotla

QUERETARO IxmiquilpanMetzquiltitlan

San Juan Del Rio

La Piedad Cavadas

NONOALCO(Mn)

Zacualtipan

EL MONTE (Cu, Au, Pb, Ag, Zn)

SAN MARTIN (Au, Ag)

Celaya

Abasolo Penjamo Ocotlan

Zihuatenejo Petatlan

LA PERLA (Fe)

HERCULES (Fe)

Tonala

Alamo

ZIMAPAN (Pb, Zn)

Zintapan

GUANAJUATO

Chapala

L F G U

SANTA EULALIA (Cu, Pb, Ag, Zn)

he

Cocuta

COYOTE (Au, Ag)

Piedras Negras

(Coal)

Chu

GUADALAJARA

Huejutla De Royes

LA NEGRA (Cu, Pb, Ag, Zn)

EL CUBO and LAS TORRES(Au, Ag)

GUANAJUATO (Au, Ag)

Naranjos

Tamazunchale

CERRO DEL GALLO(Cu, Aù, Ag)

SAN IGNACIO(Au, Ag)

Jalostotitlan

EL BARQUENO (Cu, Au, Pb, Ag, Zn)

MINAS DE AMECA/MAGISTRAL(Cu, Au)

C

Rio

SANTO DOMINGO(Au, Ag)

JALISCO

aM aria

QUERETARO

Leon

LA TRINI/ MOLOLOA(Au, Ag)

MINA REAL (Au, Ag)

Tantoyuca

Sant

San Luis De La Paz

EL HORCAN(Au, Pb, Ag, Zn)

Moreno

BOLANITOS (Au, Ag)

Magdalena

I

Rio 57

San Felipe

45

LA YESCA (Au, Ag)

CINCO MINAS(Au, Ag)

Puerto Vallarta

LA ENCANTADA(Au, Pb, Ag, Zn)

Santa RosaliaDe Camargo

MONTERDE (Au, Ag)

Ciudad Obregon

Villa Morelos

Teocaltiche

Ciudad Valles

Santa Maria Del Rio

49

AGUASCALIENTES SAN MARTIN (Au, Pb, Ag, Zn)

Panuco

CERRO SAN PEDRO(Au, Pb, Ag, Zn)

SAN LUIS POTOSI

LOS GATOS (Cu, Au, Pb, Ag, Zn)

El Volcan

Ignacio Zaragoza

CATANAVA (Au)

PORVENIR (Au, Ag)

Encarnacion De Diaz

TAMPICO

REAL DE ANGELES - EL CORONEL(Au, Ag)

REAL DE ANGELES - ASIENTOS(Cu, Au, Pb, Ag, Zn)

CEBADILLAS(Au, Ag)

Altamira

SAN LUIS POTOSI

SAN JOSE ZACATECAS(Cu, Au, Pb, Ag, Zn) BILBAO

(Cu, Pb, Ag, Zn)

LA YESCA (FRESNILLO)(Au, Ag)

Compostela Las Varas

Laguna San Andres

Cuauhtemoc

SAN NICOLES/EL SALVADOR(Cu, Pb, Ag, Zn)

Autlan De Navarro Casimiro Castillo

COAHUILA

LAS BOLAS/ LOS HILOS(Au, Ag)

HUATABAMPO

Tepic

Ciudad Mante

COZAMIN (Cu, Au, Pb, Ag, Zn) LAGUNA (PEDEMALILLO)(Au, Ag)

EL COMPAS (Au, (Au, Ag) Ag)

LA FRAZADA (Au, Pb, Ag, Zn)

Aldama Gonzales Ursulo Galvan

ROSAIO (Au, Pb, Ag, Zn)

SAN ACACIO (Au, Mercury, Ag)

SANDRA-ESCOBAR (Au, (Au, Ag) Ag)

ZACATECAS

NAYARIT

Xalisco

F

CANDAMENA (Cu, Au, Pb, Ag, Zn)

Ruiz

Tuxpan

Valparaiso

CHARCAS (Cu, Pb, Zn)

FRESNILLO (Au, Pb, Ag, Zn) SAUCITO (Au, (Au, Pb, Pb, Ag, Ag, Zn) Zn)

CONETO (Au, Ag)

FRANCISCO I. MADERO(Cu, Au, Pb, Ag, Zn)

NUEVO MILENIO(Au, Ag)

ZACATOSA

Petro Meoqui Ciudad Delicias

1615

EL VOLCAN(Fe)

30°N

Laguana De Agua Brava

25°N

POTOSI (Pb, Ag, Zn)

Cuauhtemoc

ORION (Au, Ag)

Santiago Ixcuintla

ala

ap

Ch

(Pb, Ag, Zn)

DIABLITO(Au, Ag)

Tecuala

Ciudad Acuna

VETA GRANDE and MINILLAS(Au, Pb, Ag, Zn)

LA COLORADA

(Au, Pb, Ag, Zn)

(Cu, Au, Pb, Ag, Zn)

na ga JUANICIPIO(Cu, Au, Pb, Ag, Zn)

Acaponeta

LA LUZ (Pb,Ag, Zn)

SOMBRERETE

LA TRINADAD(Au)

PLOMOSAS (Au, Pb, Ag, Zn)

NAICA (Cu, Au, Pb, Ag, Zn)

Presa Alvaro Obregon

Villa Juarez

CABO SAN LUCAS

First

54

Del Diablo

DEL TORO (CHALCHIHUITES)(Au, Pb, Ag, Zn)

SAN MARTIN

(Cu, Au, Pb, Ag, Zn)

AuSAN MARCIAL

Escuinapa El Rosario

I

MORIS (Au, Ag)

PROMONTORIO (Au, Pb, Ag, Zn)

CASCADA (Cu, Au, Ag)

EL CONCHENO(Cu Au, Ag, Zn) PINOS PINOS ALTOS ALTOS(Au, Ag) OCAMPA (Au, Ag)

GUADALUPE(Cu, (Cu, Mo, Mo, Ag) Ag)

SANTANA (Cu, Au, Ag)

Empalme Heroica Guaymas

CEBOLLA GRANDE

Marlin

Rio Grande

AT L A N T I C OCEAN

Laguna Almagre

Ciudad Victoria

NIEVES (Cu, Au, Pb, Ag)

SABINAS (Cu, Pb, Ag, Zn)

LA PARRILLA(Au, Pb, Ag, Zn)

First Majestic

Vizsla Villa Union

CAMINO ROJO(Au, Pb, Ag, Zn)

GUACHICHIL(Au, Pb, Ag, Zn)

First Majestic

LA JOYA (Cu, Au, Mo, Ag)

40

El Salto

COPALA (Au, Ag)

C

PROMONTORIO(Cu, Au, Ag)

CRESTON MASCOTA(Au, Ag)

SANTANA

Sierra Metals

Villa Union

La Silla

Luguna El Huizache

Presa Vicente Guerrero

45

DURANGO

Riverside

TAMAULIPAS

NUEVO LEON

AVINO (Au, Ag)

CERRO DE MERCADO - CEMESA(Fe)

SAN DIMAS (Au, Ag)

LA SILLA (Au, Ag)

ARANZAZU (Cu, Au, Ag)

Guadalupe Victoria

LA PRECIOSA(Au, Ag)

A

SAN JAVIER (Cu, Mo) SAN JAVIER (Au, Pb, Ag, Zn)

Riverside LOS VERDES(Au, Ag)

CHIHUAHUA

Canatlan

Marlin

VENTANAS (Au, Pb, Ag, Zn)

TAYAHUA (Cu, Au, Pb, Ag, Zn)

NOCHE BUENA(Au, Ag)

SAN SEBASTIAN (DON SERGIO)(Au, Pb, Ag, Zn)

GAVILANES (Ag, Pb, Zn, Au, Cu)

MAZATLAN

RIO TINTO CLAIMS(Cu)

MULATOS (Au, Ag)

LA INDIA (Au, Ag)

Teco

De Comondu

EL HERRERO-LA

P

LUZ DEL COBRE (Cu)

CHICAGO (Au, Pb, Ag, Zn) JESUS MARIA Y JOSE(Cu, Au, Ag)

PENASQUITO (Au, Pb, Ag, Zn)

Americas Gold and Silver

GUADALUPE DE LOS REYES(Au, Ag)

EAGLE PASS (Coal)

Juan Aldama

VELARDENA (Cu, Au, Pb, Ag, Zn)

EL CASTILLO(Cu, (Cu, Au, Au, Ag) Ag)

SAN RAFAEL (Ag, Zn, Pb)

El Dorado

PLOMOSAS (Pb, Ag, Zn)

DOLORES (Au, Ag)

Sonoro

LA COLORADO(Au, Ag) SAN ANTONIO(Au, Ag)

Loreto

SANTA CRUZ (Au, Ag)

EC120 (Ag, Cu)

NUESTRA SENORA (Cu, Au, Pb, Ag, Zn)

San Fernando

Linares

SAN DIEGO

(Ag, Au, Pb, Zn)

VELARDENA (Cu, Au, Pb, Ag, Zn)

SAN AGUSTIN (Au, Pb, Ag, Zn) SAN JUAN (Cu, (Cu, Au, Au, Pb, Pb, Ag, Ag, Zn) Zn) BUFA (Au, Ag) CERROS LAS MINITAS(Au, Ag)

30°N

Ciudad De Allende Montemorios

54

TEJAMEN (Au, Ag)

LA RASTRA-CHACALA(Au, Ag)

IA

HERMOSILLO

San Jose

RN

NAMIQUIPA (Pb, Ag, Ag, Zn) Zn)

CONETO

Santiago Papasquiaro

MONTOROS (Au, Ag)

METATES (Au, Ag, Zn)

San Jose Del Cabo

INDEX of MAP

US A

Matamoros

(Au, Pb, Mo, Ag, Zn)

CLAUDIA (Au, Ag)

CIENEGA (Au, Pb, Ag, Zn)

Culiacan

Santiago

Saltillo

SAN LUIS DEL CORDERO(Cu, Ag, Zn)

PITARRILLA (Cu, Pb, Ag, Zn)

EL SALITRE - DURANGO

SAN ANTONIO(Au)

ce an

TORREON

TOVAR (Ag, Pb, Zn)

TOPIA (Au, Pb, Ag, Zn)

FO

Madera

45

15

TAHUEHEUTO (Cu, Au, Pb, Ag, Zn)

O

Presa Plutarco

Miguel Aleman

LI

SONORA

n

LA DURA(Au, Ag) LA FORTUNA(Cu, Au, Ag)

LAS CARDONES(Au)

O

MEGALIT (Li)

LA VENTANA (Li)

So

Villa Morelos

MONTERREY Gomez Palacio

Riverside Peñoles

PALMARITO (Au, Ag)

35°N

Valle Hermoso

PLATOSA/SALTILLERA(Pb, Ag, Zn)

30

PENOLES (Au, Ag)

Guamuchil MINA GRANDE (MEXICO)(Au, Ag)

Heroica Matamoros

Rio Bravo Hidalgo

GUANACEVI (Cu, Au, Pb, Ag, Zn)

BOLERAS (Ag)

c

CHIHUAHUA

EL SAUZ/FLEUR(Li)

SONORA(Li)

SAN FELIPE (Zn, Ag, Pb)

a or

PORVENIR DOS(Au, Ag)

EL GALLO(Au, Ag)

Guasave

A

CINCO DE MAYO

Americas Gold and Silver

15

C

POZO SECO

SANTA ELENA (Au, Ag)

EL CRESTON(Cu, Mo, Ag)

F

CORPOS

10

CRUZ DE MAYO(Au, (Au, Ag) Ag)

(Au, Ag)

SINALOA

Ahome

Los Mochis

fi

MERCEDES

CERRO COLORADO(Au)

Riverside Palofierro

Riverside El Valle and Ariel

SAN FRANCISCO/ LA CHICHARRA(Au, Ag)

Loreto

ci

La Union

35°N

LA CARIDAD(Cu, Au, Mo Ag) Ag)

Sonoro

Reynosa

RODEO (Au, Ag)

MAGISTRAL DEL ORO(Au)

La Cruz

Nuevo Casas Grandes

Gustavo Diaz Ordaz

GUADALUPE Y CALVO(Au, Ag)

LA PAZ

LA CLENEGUITA(Au, Ag)

Miguel Aleman

Sabinas Hidalgo

SANTA MARIA (Au, Pb, Ag,Zn)

DURANGO

SAN JULIAN (Au, Pb, Ag, Zn)

SAN JOSE DE GRACIA

Pa

Riverside

El Fuerte

O

SANTA GERTUDIS (Au, Ag)

CERRO PRIETO(Au, Pb, Ag, Zn)

MEXICO

45

EL TIGRE/PACEMAKER(Au, (Au,Ag) Ag)

Llano de Nogal

ESMERALDA TAILINGS(Au, Ag)

49

Ignacio Zaragoza

30°N

PANUCO (Cu, Mo)

Castaños

Hidalgo Del Parral

SAN FRANCISCO DEL ORO(Cu, Au, Pb, Ag, Zn) SANTA BARBARA(Cu, (Cu, Au, Au, Pb, Pb, Ag, Ag, Zn) Zn)

Frontera

Monclova

PARRAL (Au, Ag)

CORDERO-SANSON(Au, Pb, Ag, Zn)

EL SAUZAL (LA BRIGIDA-BATOPILAS)(Au, Ag) PARRAL (Cu, Au, Pb, Ag, Zn)

(Cu, Au, Ag)

LF

TAJITOS (Au)

Riverside

(Borate)

Jose Mariano Jimenez

LA CIGARRA (Au, Pb, Ag, Zn)

BOLIVAR (Cu, Au, Ag, Zn)

ALAMO DORADO

U

SANTA ANA MAGDALENA

Nuevo Laredo MUZQUIZ - LAS SABINAS(Fluorite)

SIERRA MOJADA (Cu, Pb, Ag, Zn)

San Buenaventura

URIQUE (Au, Ag)

(Cu, Au, Pb Ag)

(Cu, Au, Pb, Ag, Zn)

De Comondu

Sabinas

LA CONQUISTA(Coal)

Anahuac La Boquilla

Sierra Metals

CLENEGUITA

BAHUERACHI (Cu, Au, Mo, Ag, Zn)

PARADOX/CUAUHTMOC(F, Zne)

HUATABAMPO

Los Cuarentas

LLUVIA DE ORO/JOJOBA(Au)

Boco ORISYVO (Au, Ag) yna

Ri De

DON ROMAN and LOUDRES(Pb,Ag, Zn)

Gulf of Mexico

TAJO EL COYOTE (Coal) NUEVA ROITA (Coal)

MIMOSA UNIT(Coal)

CUSI (Cu, Au, Pb, Ag, Zn)

Santa RosaliaDe Camargo

SAN MIGUEL(Au, Ag)

San Jose

PASTA DE CONCHOS(Coal)

TAJO EL MILAGRO(Coal)

G

2

LEONES (Au, Pb, Ag, Zn)

Allende

LA ENCANTADA(Au, Pb, Ag, Zn)

Nueva Rosita Ciudad Melchor Muzquiz

HERCULES (Fe)

PALMAREJO (Au, Ag)

SARA ALICIA (Co, Au)

PIEDRAS VERDES(Cu)

Riverside Cecilia ALACRAN (Cu, Au, Ag) Riverside

PENASCO QUEMADO(Ag)

EL CHANATE (Au, Ag)

Ascension

MICARE UNIT - MINOSA (Coal)

Nava

LOS GATOS (Cu, Au, Pb, Ag, Zn)

Navojoa

Villa Juarez

(Coal)

Piedras Negras

(Coal)

Zaragoza

LA PERLA (Fe)

Petro Meoqui Ciudad Delicias

1615

MONTERDE (Au, Ag)

Ciudad Obregon

SANTA GERTRUDIS

BUENAVISTA (Cu, Aù, Mo, Ag)

Sandy

TEXAS

BISMARK (Cu, Pb, Ag, Zn)

MINERA MARIA

MINERA MARIA (Cu, Mo)

Riverside -

CANDAMENA (Cu, Au, Pb, Ag, Zn)

POTOSI (Pb, Ag, Zn) SANTA EULALIA (Cu, Pb, Ag, Zn)

Cuauhtemoc

LAS BOLAS/ LOS HILOS(Au, Ag)

El Volcan

Agua Prieta

ZACATOSA

COAHUILA

NAICA (Cu, Au, Pb, Ag, Zn)

Presa Alvaro Obregon EL VOLCAN(Fe)

MILPILLAS(Cu)

EL PILAR(Cu)

Tajitos

MORIS (Au, Ag)

PROMONTORIO (Au, Pb, Ag, Zn)

CASCADA (Cu, Au, Ag)

EL CONCHENO(Cu Au, Ag, Zn) PINOS PINOS ALTOS ALTOS (Au, Ag) OCAMPA (Au, Ag)

GUADALUPE(Cu, (Cu, Mo, Mo, Ag) Ag)

SANTANA (Cu, Au, Ag)

Empalme Heroica Guaymas

CHIHUAHUA

Sierra Metals

PROMONTORIO(Cu, Au, Ag)

CRESTON MASCOTA(Au, Ag)

SANTANA

Teco

EAGLE PASS

PLOMOSAS (Pb, Ag, Zn)

RIO TINTO CLAIMS(Cu)

MULATOS (Au, Ag)

LA INDIA (Au, Ag)

SAN JAVIER (Cu, Mo) SAN JAVIER (Au, Pb, Ag, Zn)

Riverside LOS VERDES(Au, Ag)

Ciudad Acuna

Juan Aldama

LUZ DEL COBRE (Cu)

SAN ANTONIO(Au, Ag)

Nogales

NAMIQUIPA (Pb, Ag, Ag, Zn) Zn)

DOLORES (Au, Ag)

Sonoro

LA COLORADO(Au, Ag)

15

Riverside

Madera

45

HERMOSILLO

US A

MEGALIT (Li)

SONORA

ra

Miguel Aleman

USA

CHIHUAHUA

EL SAUZ/FLEUR(Li)

SONORA(Li)

SAN FELIPE (Zn, Ag, Pb)

no

AMERICA

CINCO DE MAYO

Americas Gold and Silver

15

UNITED

POZO SECO

SANTA ELENA (Au, Ag)

LA VENTANA (Li)

Puerto De Anapra

CORPOS

10

CRUZ DE MAYO(Au, (Au, Ag) Ag)

(Au, Ag)

EL CRESTON(Cu, Mo, Ag)

Riverside Palofierro

Riverside

MERCEDES

Canon

Juarez

Nuevo Casas Grandes

LA CARIDAD(Cu, Au, Mo Ag) Ag) El Valle and Ariel

SAN FRANCISCO/ LA CHICHARRA(Au, Ag) CERRO COLORADO(Au)

35°N

LA CLENEGUITA(Au, Ag)

Sonoro

La Union

45

EL TIGRE/PACEMAKER(Au, (Au,Ag) Ag)

Llano de Nogal

San tiag

ARIZONA

35°N

Riverside Cecilia Riverside

ALACRAN (Cu, Au, Ag)

LLUVIA DE ORO/JOJOBA(Au)

SANTA ANA MAGDALENA

TEXAS

LEONES (Au, Pb, Ag, Zn)

SANTA GERTRUDIS

PENASCO QUEMADO(Ag)

EL CHANATE (Au, Ag)

Ascension

MINERA MARIA

MINERA MARIA (Cu, Mo)

BUENAVISTA (Cu, Aù, Mo, Ag)

2

BISMARK (Cu, Pb, Ag, Zn)

co Rio Aten

Riverside

Tajitos

Riverside Sandy

Agua Prieta

95°W

LA BOLSA(Au, Ag)

LA BOLSA(Au, Ag)

95°W

Cu

sM Rio Jesu arta

HERMOSILLO

Zn

100°W

NEW MEXICO

110°W

www.americas-gold.com

DURANGO

100°W

CABORCA

TSX: USA NYSE-AM: USAS

105°W

110°W

Suite # 550 - 800 West Pender St, Vancouver BC V6C 2V6

MEXICO

A HIGH-GROWTH, LOW-COST PRECIOUS METALS COMPANY IN NORTH AMERICA

Servicios de Pruebas Analíticas para la Industria Minera Global

T: 778.327.6671

105°W

relmajian@rivres.com

95°W

www.rivres.com

EL AGUILA(Cu, Au, Pb, Ag, Zn)