The Northern Miner November 27 2017 Issue

DIAMONDS IN CANADA: PLAYERS ADVANCING PROJECTS ACROSS THE NATION Geotech_Earlug_2016_Alt2.pdf 1 2016-06-24 4:27:20 PM

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Broadway looks for porphyry discovery in Montana GOLD-COPPER | Madison property shows promise

BY MATTHEW KEEVIL

Orca Gold personnel atop a newly discovered aquifer in the Nubian Desert of northern Sudan: chief operating officer Kevin Ross (second from left) and exploration manager Moses Appiah (sixth from left), CEO Richard Clark and president Hugh Stewart. PHOTO BY RICHARD QUARISA

mkeevil@northernminer.com VANCOUVER

Orca poised to succeed in Sudan B SITE VISIT

BY RICHARD QUARISA

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rquarisa@northernminer.com ABU HAMAD, SUDAN

t’s easy to tell when and where it last rained in the Nubian Desert. Grass sprouts up within a couple days and lasts as long as a few months. The green is a refreshing contrast against the reds and browns of the desert.

Grass grows 85 km west of Orca Gold’s (TSXV: ORG; US-OTC: CANWF) 70%-owned Block 14 gold property — a few hundred metres beyond a set of disused 19th Century train tracks, built by the British and once connecting Cairo to Khartoum. But the grass doesn’t grow because of rain.

“Water exploration was extremely important to us and we were very successful,” Orca chief operating officer Kevin Ross says. “We found this Nubian sandstone, which has got a lot of water in it.”

Standing on Block 14 we are 200 km from the nearest anything and 900 km north of the country’s capital, Khartoum. Despite the intense heat — averaging 30°C annually — it is dry.

And despite the endless expanse of sand, we are not alone. Crossing the desert in white Toyota Land

| US government lifts most economic sanctions

“AS WE SPENT MORE TIME HERE WE REALIZED THAT SUDAN WASN’T THE KIND OF PLACE THAT EVERYBODY THOUGHT IT WAS.” HUGH STUART PRESIDENT, ORCA GOLD

Cruisers, we had more than flies for company, passing scores of artisanal miners squatting in shabby blue tents. They dig shallow holes and use massive metal screens to sift small quantities of gold.

The artisanal miners are active across the Sudanese desert — and that includes on Block 14, where Orca allows them to stay for now, though the Sudanese government will likely soon remove them.

In a place so dry and desolate, it’s hard to overstate the importance of access to water.

“The other thing with the water,” Ross adds, “is that the quality is potable. You may not want to drink it because it’s got a slight taste to it, but it’s certainly not harmful at all.”

Orca’s discovery of the aquifer initially increased its plant throughput estimates for a potential mine at Block 14 to 3.4 million tonnes per year.

After completing more drilling and analysis, Orca now says the water resource could support 6 million tonnes per year. Through its hydrogeological consultant, GCS Water & Environmental Consultants of South Africa, Orca established that it has at least 18 million cubic metres of water.

After drilling four more holes and finishing a 48-hour pump test, Orca determined it could pump 15 to 18 litres of water per second across 15 holes for the rest of the mine’s life.

Now the company needs to find the right ore.

“We’ve run a 6-million-tonne plan, but the life is only eight years, so that’s a little bit light,” Ross says.

Nevertheless, he’s confident that if Orca can keep converting inferred resources to indicated and extend the pit outline, it can get the anticipated life up to at least 10 years.

In a May 30 revised preliminary economic assessment (PEA) of Block 14, Orca shows in-pit resources of 41 million indicated tonnes grading 1.46 grams gold

per tonne and 3.5 million inferred tonnes grading 1.56 grams gold. The PEA uses a US$1,200 per oz. gold price, and calculates a US$227.7million after-tax net present value at a 7% discount rate and a 23.1% internal rate of return.

In August, the company started a 25,000-metre drill program to extend the resource at depth in two zones: Galat Sufar South (GSS) and Wadi Doum.

Orca announced results on Oct. 17 from the initial 7,600 metres of drilling at GSS using four diamond drill rigs. It found several gold intercepts below the resource delineated in the revised PEA. Highlights include hole 15 returning 19.1 metres at 3.98 grams gold per tonne (from 68 metres downhole) and 48 metres at 1.96 grams gold (from 184 metres). Hole 16 cut 96 metres at 2.68 grams gold (from 67 metres) and 20.4 metres at 3.8 grams gold (from 246 metres).

The Block 14 property comprises 2,170 sq. km, though the area was initially 7,000 sq. km when Orca acquired it. Orca has given some of that area back each year, and in May 2017, it renewed its exclusive prospecting licence.

roadway Gold Mining (TSXV: BRD; US-OTC: BDWYF) is big-game hunting at its Madison gold-copper property in the historic Butte-Anaconda mining district, 38 km southeast of Butte, Montana.

The company picked up the 8 sq. km project package — which includes the dormant Broadway gold mine and contiguous Madison concessions — in late 2016. The site saw underground mining from the 1880s through 1950s, which yielded 408,000 tonnes of material at an grade of 9.1 grams gold per tonne.

In the mid-2000s, Coronado Resources spent US$10 million to trial See BROADWAY / 2 PM40069240

See ORCA / 8

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Broadway looks for porphyry discovery BROADWAY From 1

mine at Broadway under “small miner exclusion” regulations.

Infrastructure at the site includes a crushing plant, certified weight scale and grid power. The mine development ran to 229 metres vertical depth and 610 metres laterally.

“We’re taking a new, more systematic approach to the property.

Previous operators had fast-tracked trial mining, but it seems like they fell victim to the commodity cycle,” Broadway Gold president and CEO Duane Parnham says during an interview. “The historical work has effectively solely focused around the known skarn-gold mineralization. Our team looked at the property and saw real potential within what is effectively a largescale copper and gold porphyry district in the U.S.” In initial drilling, Broadway confirmed the presence of native copper and copper oxide mineralization — plus some chalcocite (copper sulphide) — in areas west of the main underground workings.

Next the company uncovered more copper-gold skarn mineralization, as well as a copper-bearing jasperoid zone.

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“WE’RE TAKING A NEW, MORE SYSTEMATIC APPROACH TO THE PROPERTY.” DUANE PARNHAM PRESIDENT AND CEO, BROADWAY GOLD MINING

Drillers at work in Montana at Broadway Gold Mining’s Madison gold-copper project in September 2017.

Highlights from Broadway’s surface drilling to date include: 39 metres of 1.47% copper and 0.42 gram gold from 150 metres deep in hole 17-5; 49 metres of 1.73% copper from 177 metres deep in hole 17-16; and 20 metres of 1.47% copper and 0.25 gram gold from 118 metres in hole 17-13.

Meanwhile, underground drilling confirmed that copper-gold

mineralization at Madison continues at depths below the 600 level.

Broadway Gold says it could consider extracting the high-grade gold values revealed to date using existing permits. Highlights from the subsurface drill campaign include 1.098% copper and 1.65 grams gold over 25.3 metres in hole 17-4.

“We did two phases of drilling

BROADWAY GOLD MINING

and identified the new jasperoid and skarn zones with native copper and gold,” Parnham says. “In tandem with that program we did a property-wide, induced-polarization survey, which revealed a number of anomalous conductors, or chargeability anomalies, that pointed us away from the main adit. That helped us target what we thought might be a deeper-seated

copper porphyry system.”

Broadway combined its geophysical and drilling work into a new geological model at Madison. The company now suspects that a porphyry system “produced a generation of fluids, which formed the skarn zones discovered to date along faulted-intrusive contacts currently exposed in accessible mine workings and at surface.”

On Oct. 26, Broadway identified what it calls a new latite porphyry zone of mineralization at Madison in hole 17-24. The company had drilled into an area of scattered historic prospect pits, within a section of carbonate rocks displaying skarn and jasperoid alteration, along what it calls a “wellmineralized, two-mile-long geophysical and geochemical trend.”

Broadway reports the intercept displays similar characteristics to latiteporphyry mineralization hosted 36 km away at Barrick Gold’s (TSX: ABX; NYSE: ABX) Sunlight operation in Whitehall, Montana.

“That core visually tells us we’re into the big system, which is highly altered and siliceous. So we’re seeing all the right signs,” Parnham says, noting his firm is awaiting assays and completing fluid-inclusion and source-alteration studies.

“We might be a bit high in the system right now, but I think it’s hard to argue we aren’t in a big, mineralized intrusive. It’s obviously the first hole here, but the follow-up drilling is already underway.”

Broadway reportedly hit the carbonate-latite porphyry contact at 300 metres down hole. The company said it cut a zone of phyllic alteration — from 309 metres to 321 metres down hole — consisting of closely spaced quartz-pyrite veinlets and pyrite microveinlets.

At writing, Broadway was 1,000 metres into a planned 3,000-metre drill program designed to test chargeability highs. Parnham says it should take up to three months to wrap up the campaign.

“We have enough cash left in treasury to do even more on the drill side following our third campaign, but absolutely there will be a lot more capital needed to fully understand the discovery,” Parnham says. “But that’s a good problem to have, and we’ll certainly be exploring strategic partnerships. I know senior mining companies love big porphyry deposits, and we know of a few larger companies poking around the area looking for copper.”

On Nov. 7, Broadway staked adjacent ground to Madison that covers the southern extension of a large chargeability anomaly and the Green Campbell fault zone, which defines a thrust fault between Archean basement rocks and skarn-jasperoid altered and mineralized Devonian and Mississippian carbonate rocks. The company’s wholly owned land package now exceeds 10 sq. km.

Broadway shares have traded in a 52-week range of 30¢ to $1.70 per share, and last closed at 35¢. The company has 36 million shares outstanding for a $13-million market capitalization, and has $2 million in its treasury. TNM

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GLOBAL MINING NEWS

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Titan to restart Empire State mine ZINC

| $52M IPO sets stage for revival of former Balmat mine in upstate New York

BY MATTHEW KEEVIL “THERE’S mkeevil@northernminer.com TECHNOLOGY VANCOUVER TODAY THAT WILL itan Mining (TSX: TI) is fully funded to restart operations HELP IMPROVE at the long-standing Empire PRODUCTIVITY, State zinc project in upstate New WHICH CAN York.

On Nov. 6, the company finalized CHANGE THE a $52-million initial public offerWAY WE LOOK ing (IPO) comprised of 37 million shares at $1.40 each. Shares have AT ECONOMIC traded within a post-IPO range of MATERIAL.” $1.26 to $1.40, and closed at $1.32

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per share at press time.

There are 100.8 million shares outstanding for a $135-million market capitalization.

Titan is part of president and CEO Richard Warke’s Augusta Group.

Titan’s flagship property sits near the town of Gouverneur in the Balmat-Edwards district, 145 km southwest of Ottawa, Ontario. It hosts four zinc mines that underpinned nearly continuous production between 1915 and 2008: Edwards, Balmat, Pierrepont and Hyatt.

Hudbay Minerals (TSX: HBM; NYSE: HBM) was the most recent operator, but it was forced to put the asset on care and maintenance after zinc prices plunged in 2008.

Titan has worked on the asset privately for the past 11 months and is targeting first production in early 2018.

“We plan to ramp up production from essentially where Hudbay left off. So we’re leveraging a lot of capital they had invested in the project, but never got to realize,” Titan chief operating officer Keith Boyle says during an interview.

“They had upgraded the hoists, the ventilation circuit and a good portion of the mine equipment fleet. The operation was shut down abruptly so the entire infrastructure is very well maintained. We’re taking advantage of two high-grade zones — called Mahler and New Fold — that they were preparing to mine when the operation went offline.”

Hudbay produced 81 million lb. zinc at the site between mid-2006 and August 2008.

Titan released a preliminary economic assessment (PEA) that envisions mining from four mineralized zones within the fully permitted Balmat area, which it has renamed Empire.

The company’s start-up activities will focus on higher-grade material from the Mahler, Mud Pond and New Fold zones.

Titan will restart underground mining in January at a rate of 800 tonnes per day before expanding operations to 1,800 tonnes per day within 13 months.

Infrastructure at the site includes a 5,000-tonne-per-day mill beside the mine shaft.

The company reports that the coarse grind of soft ore should permit the concentrator to hit design throughput and recovery rates relatively quickly.

Empire hosts sedimentary exhalative mineralization, which Titan says is unique due to the dominance of massive and semi-massive sphalerite, with only minor galena (lead and silver sulphide) and pyrite. The Empire property has 14 known zones of zinc mineralization that tend to occur in clusters.

The PEA considers measured and indicated resources totalling 2 million tonnes of 13.3% zinc, and inferred resources of 2.1 million tonnes of 13.4% zinc.

Hudbay operated Empire from 2006 to 2008 with head grades averaging 7% to 8% zinc, while

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KEITH BOYLE

COO, TITAN MINING

Titan assumes grade reconciliation of 9.2% zinc.

“The orebodies are what I call a number of ‘ribbons’ that have been folded, and dip at 30°C overall. Due to the waves there are steeper sections that lend themselves to longhole mining,” Boyle says. “There are other parts that will require cut-and-fill — or room-and-pillar — mining to go along with it.”

Titan plans to improve head grades by designing tighter stopes; employing on-shift grade control geologist; and leveraging hand-held technology to help miners in following the resource model within each stope.

“We intend to have geologists to follow the mining faces and take photos for mapping purposes,” Boyle says. “The current software packages allow you to build 3-D models with the pictures, and that will be a major reconciliation tool for us to manage grade and dilution.”

The redevelopment will require US$10.7 million in preproduction capital, and allow Titan to produce 80 million payable lb. zinc annually over an eight-year life at all-in sustaining costs of US78¢ per pound.

The PEA estimates a US$150million, after-tax net present value at an 8% discount rate, and a 121% internal rate of return.

The model assumes a sliding zinc price that peaks at US$1.45 per lb. in year two before declining to U$1.05 per lb. by year six.

“The first phase is extending the mine life and filling the shaft.

So we’ll be focused on exploration in, and around, the existing infrastructure,” Boyle says. “Then phase two involves extension to the Mahler and New Fold zones, which are wide open. We’ve also got historic reserves within the infrastructure itself that we’re bringing up to compliance. There are also remnant pillars from past operations, which we’ll also look at under modern methods.”

Titan’s longer-term strategy is explore regionally on 300 sq. km of mineral rights it controls in the district for satellite deposits to feed the Empire State mill.

The company intends to re-evaluate a 2008 versatile time domain electromagnetic survey to find more exploration targets, and in time fly

The administration building in front of the headframe at Titan Mining’s Empire State zinc project in upstate New York. TITAN MINING

another airborne gravity survey.

Titan has budgeted US$4.3 million in near-term exploration, with priority targets including the Gap Zone between Sully and the Empire mine.

“The data vault has gotten just huge over the past hundred years, but a lot of it is still paper records.

It’s probably similar to the quantity of data Goldcorp is wrestling with up in the Red Lake camp,” Boyle says.

“The first thing we’re doing is digitizing all this information so we can start building our geological models and identifying trends.

There are also reams of regional data from exploration over the past few decades that has never really been compiled and put together, including a number of historic drill holes,” he adds.

“There’s technology today that will help improve productivity, which can change the way we look at economic material,” Boyle says.

“We’re talking about robotic scoops, drills operated from surface and a

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lot of the innovation you’re seeing at underground mines today. That’s how we can get our costs down and transition Empire into a sustainable zinc operation for many years to come.”

Scotia Capital analyst Orest Wowkodaw initiated coverage on Titan in November with a “sector outperform” rating and a $1.80-per-

share, one-year price target.

He a rg ues t he compa ny is “uniquely positioned, with 100% of revenue derived from zinc — our preferred near-term commodity exposure.” Wowkodaw did caution, however, that Titan’s balance sheet could be “vulnerable to execution risk during the ramp-up next year.” TNM

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E D I T O R IA L Cameco suspends 40% of production in face of oversupply URANIUM

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| Move puts 845 workers in northern Saskatchewan in limbo

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very mining subsector has its unofficial leader. It’s that company — usually with the largest market capitalization — that has arguably the best combination of top mineral deposits, superb operations, savvy management, high-quality workers, technical excellence, welcoming jurisdictions, a stable balance sheet and steady cash flow.

BY JOHN CUMMING jcumming@northernminer.com And that is what’s particularly distressing about the revelation in mid-November that uranium’s undisputed leader Cameco is suspending operations in northern Saskatchewan at its world-class McArthur River uranium mine and Key Lake mill that processes McArthur River ore.

Cameco owns 70% of McArthur River and 83% of Key Lake, and is operator at both, with France’s Areva owning the rest. Together, the operations produced 11.1 million lb. uranium oxide in the first nine months of 2017.

And this won’t be a Sudbury-style forced extended summer vacation for workers: operations will be suspended at the two facilities at the end of January 2018 and will stay suspended for at least 10 months.

The workforce at the two operations will drop temporarily by 845 workers (560 employees and 285 contractors) while 210 workers (160 employees and 50 contractors) will maintain the idled facilities at a cost of around $7 million per month. There could be more layoffs in the Saskatoon head office in positions that support the suspended operations.

The bottom line is that Cameco is suspending 40–45% of its mine output and laying off 20% of its workforce.

Cameco is also slashing its annual dividend by 80% next year from 40¢ to 8¢ per common share.

“With the continued state of oversupply in the uranium market and no expectation of change on the immediate horizon, it does not make economic sense for us to continue producing at McArthur River and Key Lake when we are holding a large inventory, or paying dividends out of proportion with our earnings,” Cameco’s president and CEO Tim Gitzel said.

Cameco says its can meet its commitments to customers from inventory and other supply sources during the suspension, with its committed sale volumes for 2018 pegged at 28 to 30 million pounds.

Uranium prices have fallen 70% since the Fukushima nuclear disaster in Japan in 2011 that shut down the country’s entire nuclear power system, which has only returned at a few power plant sites all these years later. This demand drop was compounded by the German government’s Fukushima-inspired decision to phase out nuclear power.

Cameco’s suspension announcement boosted spot prices for uranium oxide, which rose to US$23 per lb. from the desultory US$20 range it had sunk to through mid-2017 — levels not seen since 2004.

That’s still a far cry from the spot and long-term prices above US$70 per lb. right before Fukushima. And the 2007–08 peak in long-term uranium prices at US$95 and the even wilder spike in spot prices to US$136 per lb. now feel like half-remembered dreams.

In the post-Fukushima years, Cameco had always reassured stakeholders it was sheltered from the impact of weak uranium prices by its portfolio of long-term contracts, but the company now admits “those contracts are running out, and it is necessary to position the company today to generate cash flow if prices do not improve.”

Cameco emphasizes that company-wide, it has already lowered supply, cut planned capital expenses, avoided selling into a weak spot market, resisted locking in long-term sale commitments at low prices and significantly reduced costs.

Across mining, no one has had a harder past seven years than uranium miners, developers and explorers, and the year ahead shows little sign of improvement. If the subsector’s leader Cameco is having these kinds of grave troubles, we can only imagine what the rest of the uranium pack is going through in closed-door meetings. TNM

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

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

COMPANY INDEX Acacia Mining. . . . . . . . . . . . . . . . . . . 16,23 Advantage Lithium. . . . . . . . . . . . . . . . . . 11 Agnico Eagle Mines . . . . . . . . . . . . . . . . . 16 Alamos Gold. . . . . . . . . . . . . . . . . . . . . . . 23 Albemarle. . . . . . . . . . . . . . . . . . . . . . . . . . 11 Asanko Gold . . . . . . . . . . . . . . . . . . . . . . . . 7 AuRico Metals. . . . . . . . . . . . . . . . . . . . . . . 6 Barrick Gold . . . . . . . . . . . . . 2,11,13,16,23 Black Iron. . . . . . . . . . . . . . . . . . . . . . . . . . 15 Broadway Gold Mining . . . . . . . . . . . . . . . 1 California Gold Mining. . . . . . . . . . . . . . 11 Centerra Gold. . . . . . . . . . . . . . . . . . . . . . . 6 Columbus Gold. . . . . . . . . . . . . . . . . . . . . . 9 Contact Gold. . . . . . . . . . . . . . . . . . . . . . . 12 Crown Mining. . . . . . . . . . . . . . . . . . . . . . 11 Emgold Mining. . . . . . . . . . . . . . . . . . . . . 11 Fiore Gold . . . . . . . . . . . . . . . . . . . . . . . . . 14 Gold Standard Ventures. . . . . . . . . . . . . . 12

Goldcorp . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Hudbay Minerals. . . . . . . . . . . . . . . . . . . . . 3 Kerr Mines. . . . . . . . . . . . . . . . . . . . . . . . . . 9 Kirkland Lake Gold . . . . . . . . . . . . . . . . . . 6 McEwen Mining. . . . . . . . . . . . . . . . . . . . 13 Monarques Gold. . . . . . . . . . . . . . . . . . . . 23 Nevada Sunrise Gold . . . . . . . . . . . . . . . . 11 Newmont Mining. . . . . . . . . . . . . . . . . 9,12 Nordgold . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Orca Gold . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Premier Gold Mines. . . . . . . . . . . . . . . . . 11 Probe Metals . . . . . . . . . . . . . . . . . . . . . . . 23 Pure Energy Minerals. . . . . . . . . . . . . . . . 11 Renaissance Gold . . . . . . . . . . . . . . . . . . . 11 SSR Mining . . . . . . . . . . . . . . . . . . . . . . . . . 9 Teck Resources . . . . . . . . . . . . . . . . . . . . . 16 Titan Mining. . . . . . . . . . . . . . . . . . . . . . . . 3 Western Uranium. . . . . . . . . . . . . . . . . . . 11

O P- E D

Don’t create national park on Thompson Nickel Belt extension COMMENTARY

| Manitoba MLA Steven Fletcher opposes planned Lowlands National Park

The following is an edited transcript of Steven Fletcher — Independent Member of the Legislative Assembly of Manitoba for Assiniboia and a Conservative Member of the Canadian Parliament from 2004–15 — speaking in the Manitoba Assembly on Nov. 9 on the subject of a proposal to establish a national park overtop an extension of the Thompson nickel belt.

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his is an issue of urgency and of public importance. The federal Liberal government announced, in their 2017 budget, plans for a national park.

Though we are all supportive of parks, it’s very important where the parks are located.

The federal government announced it, apparently without consulting anyone — First Nations communities, not sure if they consulted the provincial government or not. If they did, the provincial government should have said no. And if they didn’t, the provincial government should have said no immediately after the announcement.

That has not occurred and, in my new space [having been elected MLA in 2016], this is the only opportunity and the only manner that I have to raise this issue.

Madam Speaker, this Lowlands National Park is right on top of the extension of the Thompson Nickel Belt. The Thompson Nickel Belt is where the jobs and economy and royalties and tax revenue are generated in the third-largest industry in Manitoba, by and large.

And that is the nickel mines in Thompson.

The resources around Thompson — the currently discovered orebodies — are coming to an end of their life and being mined out.

There needs to be new exploration and new development to be found. The Thompson Nickel Belt is a well-known and defined area. It so happens that where the lowlands is, the nickel belt is just under the Paleozoic limestone.

With little effort, this world-class deposit can be exploited. We have the infrastructure, we have the power, the roads, the communities, and the workforce.

But, Madam Speaker, mining capital is ruthless. It goes to the easiest location. Although the extension is the easiest from all sorts

of perspectives, what kills it is the announcement of a national park.

What mining company is going to do any kind of investment with a threat of a national park on the area which they are exploring? A national park would exclude the opportunity for mining — even the suggestion of a national park excludes the possibility.

Thousands of jobs are being lost, and many thousands more are going to be lost.

That is why it’s imperative that this government today, right now, definitively provide assurance to Vale and Hudbay, and other mining operations that there will not be a national park where the ore is.

Having said that, let’s assume for a moment that the announcement was made with good intentions.

There are other areas in Manitoba that are, perhaps, more valuable.

I have long advocated for the preservation of the entire Seal River watershed. This is one of the few watersheds that has been untouched by human development.

It’s almost entirely in Manitoba, with the exception of a sliver that’s in Nunavut. It’s 50,000 sq. km — larger than some European nations — but an untouched watershed.

Perhaps it would be better to focus on protecting that watershed where, at present, there are no mining claims, nor will there be in the foreseeable future. The affected communities are Tadoule Lake and Lac Brochet. Lac Brochet is outside the watershed and the First Nations.

Madam Speaker, why not, instead of arguing with Ottawa on everything, make them a deal: Let’s preserve the Seal River Watershed, just not for Manitobans, but for the world, and let’s give that as our contribution to the environment. It would also be a huge carbon sink, i.e., carbon being absorbed. And in 200 years what will be more valuable: ore, or clean water, in an untouched watershed that’s larger than most countries in Europe?

This watershed is priceless. I would like it to become a canoe park — in fact, canoeing where there are no motorists.

Even kayakers could go, and if you want to go into this canoe park, you can land in Lac Brochet outside the watershed and paddle in, earn your way into paradise. TNM

2017-11-21 10:47 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 27–DECEMBER 10, 2017

5

Expert roundtable discusses perception of mining PROGRESSIVE MINE FORUM

| Partnership model hailed as way forward for mineral developers “THE NEXT WAVE OF INNOVATION IS GOING TO BE AROUND SOCIAL PURPOSE. IT’S GOING TO BE AROUND THE ENVIRONMENT. IT’S GOING TO BE ABOUT MAKING LIFE BETTER FOR THE COMMUNITIES AROUND US.”

BY TRISH SAYWELL tsaywell@northernminer.com

A

roundtable discussion on the imperativeness of innovation in the mining industry and the importance of “getting it right” on corporate social responsibility, kicked off The Northern Miner’s recent Progressive Mine Forum in Toronto.

Kulvir Gill, a senior principal at strategic consulting firm Clareo Partners and founding executive director of the Development Partner Institute, which was set up in 2016 to advance innovative thinking about the role of mining in society, got the ball rolling by noting that sustainability and innovation are interlinked.

Gill, who has spent much of his career working with companies to overcome their innovation deficits and earn their social licence to operate, talked about the importance of doing better as an industry on CSR, emphasizing that mining companies must create stronger legacies in the local communities in which they operate, by creating flourishing ecosystems and longterm opportunities. They also must make sustainability central to their corporate strategies, he says. “The innovation imperative up until now has been economic, financial, operational, safety, productivity — but I challenge that,” Gill declared. “The next wave of innovation is going to be around social purpose. It’s going to be around the environment. It’s going to be about making life better for the communities around us.”

Stephane Leblanc, Rio Tinto’s managing director of Iron Ore and Titanium, talked about how for many years “social licence” and “licence to operate” were the buzzwords in the resource sector but that over the past two years, the terminology at Rio Tinto has shifted away from “licence” towards “consensus” and “partnership.”

“To make partnership work we have to learn to listen … we have to take quality time to spend with the community to understand what they really need,” he said, adding that Rio Tinto has focused on four key areas: education and training; cultural preservation; economic development; and environmental stewardship.

Andrew Cheatle, executive director of the Prospectors and Developers Association of Canada (who has since left the PDAC), noted that

KULVIR GILL Participants in the roundtable discussion about corporate social responsibility at The Northern Miner’s Progressive Mine Forum in October, from left: Kulvir Gill, senior principal at Clareo; Doug Morrison, president and CEO at the Centre for Excellince in Mining Innovation; George Hemingway, partner and innovation practice lead at Stratalis Consulting; Stéphane Leblanc, managing director of energy and minerals at Rio Tinto Iron & Titanium; Lisa Davis, CEO at PearTree Securities; and Andrew Cheatle, thenexecutive director at the Prospectors and Developers Association of Canada. MATTHEW GEORGE PHOTOGRAPHY

the industry has to stand up and be counted. And while the sector has made great technological advances and done a wonderful job of talking about it amongst itself, it has not communicated it very well to society at large, and suffers from a “terrible perception” problem. The geologist recounted that during a recent interview he had given to a 27-year-old journalist from The Guardian newspaper he was told: “Let’s just face it, mining is not sexy.” The reporter added that the mining industry “does not have any interest to the people of my generation — whether it’s to work in it, or to invest it.”

“We have to consider there’s a much younger generation that doesn’t understand mining yet,” Cheatle told the forum. “It’s about communication ... we have to be our own advocates in society.”

By contrast, Douglas Morrison, president and CEO of the Centre for Excellence in Mining Innovation in Sudbury, argued that “we are actually a sexy industry. We just pretend we’re not, and we need to stop doing that.” Morrison added that the industry has done “an extraordinarily bad job” of explaining to the population that what it produces — like the coal used to make steel — is crucial for providing the things society needs. In addition, Morrison described mining as a “sophisticated business,” and pointed to growing automation in underground mining and new

processes that boost productivity and safety. “The stuff we do is really, really interesting,” he said.

“We’re not hacking rock out of the ground with picks anymore.” As an illustration, he pointed to the large copper producers that are attempting to operate underground mines at rates of up to 150,000 tonnes per day. “That is not a trivial engineering feat … and there’s no app for that.”

Lisa Davis, the CEO of Pear Tree Securities, pointed out that while the industry talks a lot about doing things differently, it doesn’t include half the population. “I’m quite frustrated by the lack of progress that we’re making when it comes to diversity,” she said, adding that the mining industry has one of the worst track records of populating their boards with women. “It’s quite clear that innovation requires diversity, and there have been lots of studies and metrics showing that when you’ve got a more diverse leadership group, that you’re going to perform better financially.”

Davis also pointed out that “shorttermism” is a “huge” problem in the industry, when management teams are measured, and rewarded, for achieving short-term goals, rather than investing in innovation for the longer term.

George Hemingway, who runs the innovation practice for the Stratalis consulting group and focuses on helping companies think a little bit differently about the future, argued that many of the founda-

Nominations open for YMP’s 2018 Peter Munk and Eira Thomas awards INDUSTRY HONOURS

T

| Awards recognize exceptional young entrepreneurs

he Young Mining Professionals (YMP) association in partnership with The Northern Miner will be hosting the second annual YMP Awards on March 3, 2018, at Toronto’s Shangri-La Hotel during the opening weekend of the Prospectors & Developers Association of Canada (PDAC) convention.

The YMP Awards are named after two iconic Canadian mining entrepreneurs: Peter Munk and Eira Thomas. The YMP Awards recognizes two young mining entrepreneurs, a male and a female, who over the past year, and during the course of their careers, have shown exceptional leadership skills

1-16, 23_NOV27_Main .indd 5

and innovative thinking to provide value for their companies and shareholders as well as for themselves.

YMP is reaching out to the public for help in identifying nominees.

To be considered, a nominee must be under the age of 40 as of Dec. 31, 2017; currently engaged in the mining and metals industry; and domiciled in Canada, the U.S. or the United Kingdom.

Submit your nomination directly at www.youngminingprofessionals. com/nominate.

Nominations for the Peter Munk Award (male) and the Eira Thomas Award (female) are open to the public until Jan. 19, 2018. An awards

committee consisting of YMP directors and a representative of The Northern Miner will evaluate the nominees and announce the winners in The Northern Miner in February 2018.

Sponsors and supporters of the YMP Awards include Barrick Gold, KPMG, Cassels Brock and the PDAC. YMP is a growing association of young mining professionals with chapters in Vancouver, Toronto, Montreal and London, United Kingdom. For more information, visit www.youngminingprofessionals. com or email info@youngminingprofessionals.com. TNM

tions and assumptions on which mining companies have relied on for decades have started to change and that new alternatives could “absolutely rock the stability that mining has relied on in order to survive.” As an example, he cited the role recycling might play in the future if, “someone like Apple said, ‘Hey, we want 100% of our metals to come from recycling one day.’”

Indeed, Apple could even decide to

SENIOR PRINCIPAL, CLAREO PARTNERS

become a mining company at some point. “Why not?” Hemingway said.

“Let’s face it, the capital markets like it more than they like mining companies. They’re not constrained by the operating model that mining companies have. They don’t have the legacy that mining companies have from a sustainability point of view … it could be a real potential threat because they are playing by a different set of rules … and it makes it difficult to compete if you’re a mining company.” TNM

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2017-11-21 10:47 PM

6

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NOVEMBER 27–DECEMBER 10, 2017 / THE NORTHERN MINER

The Kemess South pit and processing facility at AuRico Metals’ Kemess copper-gold property in British Columbia. PHOTO BY MATTHEW KEEVIL

Centerra bids $310M for AuRico M&A

BY MATTHEW KEEVIL

C

mkeevil@northernminer.com VANCOUVER

enterra Gold (TSX: CG; USOTC: CAGDF) is set to expand its British Columbian footprint via an all-cash, $310-million bid for AuRico Metals (TSX: AMI; US-OTC: ARCTF) and its flagship Kemess copper-gold asset, 430 km north of Prince George.

The miner will pay $1.80 in cash for each AuRico share. The valuation equates to a 37% premium

| Global miner eyes AuRico’s brownfield Kemess copper-gold asset in BC “WE SEE A based on 20-day, volume-weighted “We have a balance sheet capable facility.” average pricing. of not only funding the acquisition, AuRico emerged as a spinout ve- PROJECT THAT’S Centerra said the brownfield Ke- but moving our overall develop- hicle after the US$1.5-billion merger mess site could offer “meaningful ment portfolio forward. We also of AuRico Gold and Alamos Gold SIGNIFICANTLY synergies” with its Mount Milli- see significant upside potential in (TSX: AGI; NYSE: AGI) in early DE-RISKED AND gan copper-gold operation, 155 km terms of integrating the Kemess 2015. northwest of Prince George, which it East deposit into the underground The junior company received FITS WELL INTO picked up through the U$1.1-billion mine plan. It’s just a great project approval from the Canadian Envi- OUR OVERALL acquisition of Thompson Creek in a strong mining jurisdiction ronmental Assessment Agency and Metals in mid-2016. that fits well into our long-term British Columbia Environmental PORTFOLIO.” “We see a project that’s significantly de-risked and fits well into our overall portfolio,” Centerra chairman Stephen Lang said during a conference call.

strategy,” he added.

Centerra holds in excess of US$350 million in cash to fund the acquisition, and has secured a new US$125-million “acquisition

January 22-25, 2018

Where leaders in mineral exploration connect Register online today at roundup.amebc.ca

1-16, 23_NOV27_Main .indd 6

Assessment Office in March for a $600-million redevelopment plan focused on the Kemess Underground (KUG) deposit.

The panel-cave operation could produce 106,000 oz. gold and 47 million lb. copper annually over a 12-year mine life at coproduct all-in sustaining costs of US$718 per oz. gold.

AuRico recently filed a feasibility study on KUG probable reserves of 107 million tonnes grading 0.54 gram gold per tonne, 0.27% copper and 1.99 grams silver per tonne, or 1.9 million contained oz. gold, 630 million contained lb. copper and 6.9 million contained oz. silver.

“When I look back to when we were spun-out it was really due to a sentiment held by management and the directors that Kemess was undervalued,” AuRico president and CEO Chris Richter added.

“But that was at a time when metal prices were really challenging. We’ve invested serious time in exploring project financing and this announcement is the culmination of a lot of due diligence in terms of our options moving forwards,” he continued.

AuRico has also outlined resources at the nearby Kemess East deposit, which is not included in KUG designs. The expansion opportunity has measured and indicated resources of 113 million tonnes grading 0.46 gram gold, 0.38% copper and 19.4 grams silver.

The Kemess asset offers Centerra another development opportunity after more permit delays at its Oksut gold project in Turkey, and an unclear time line at its Gatsuurt gold project in Mongolia.

The company also picks up a “free cash-flow generating” royalty portfolio headlined by a 1.5% net smelter return (NSR) royalty on Alamos’ Young-Davidson gold mine in Ontario, and a 2% NSR royalty on Kirkland Lake Gold’s (TSX:

STEPHEN LANG

CHAIRMAN, CENTERRA GOLD

KLG) high-grade Fosterville gold mine in Australia.

Centerra said it could make a construction decision on Kemess by early 2019, after final permit approvals.

“We’ve had some interaction with B.C.’s New Democratic Party government at Mount Milligan and they’re clearly very interested in retaining jobs, particularly in the northern interior of the province,” Centerra vice-president and chief operating officer Gordon Reid said.

“So our expectation is the permit process with proceed and things will be worked through in normal course.”

Centerra is scheduled to produce between 775,000 and 815,000 oz. gold — and 60 million lb. payable copper — this year at by-product all-in sustaining costs ranging from US$743 to US$824 per ounce.

Centerra CEO Scott Perry has fully recused himself from the transaction, which is expected to close in early 2018, as he holds director positions with both companies.

BMO Capital Markets analyst Andrew Breichmanas has a “market perform” rating on Centerra, alongside a $10.50-per-share price target.

He notes that the deal will “add a lower-risk brownfield development to the company’s growing project pipeline, and further shift the jurisdictional exposure towards Canadian operations.”

BMO Research ca lculates a US$42-million net present value to AuRico’s royalty portfolio at a 5% discount rate.

Centerra shares have traded in a 52-week range of $5.56 to $9.35 per share, and closed at $7.76 at press time. The company has 292 million shares outstanding for a $2.3-billion market capitalization. TNM

2017-11-21 10:47 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 27–DECEMBER 10, 2017

7

Asanko Gold cuts 2018 production guidance GHANA

| Geotechnical redesign of oxide slopes adds waste strip

BY TRISH SAYWELL

A

tsaywell@northernminer.com

sanko Gold (TSX: AKG; NYSE-AM: AKG) is not going to meet its 2018 production guidance at its gold mine in Ghana, the company disclosed in a recent site visit presentation.

The company noted on the thirteenth page of the 27-page updated technical presentation, which was posted on its website on Nov. 9, that production from the mine next year would come in at around the same level it expects to produce this year — or somewhere in the range of 205,000 and 225,000 oz. gold — rather than the 267,943 oz. gold it had forecast earlier this year in a June feasibility study.

Asanko also stated that “practically” the deposit in its Nkran pit “is limited to 3-million-tonne-peryear rates,” and that a “geotechnical redesign of oxide slopes have added waste strip [of] around 4 million tonnes.”

The company also forecast a 1.3-million-tonne reduction in available oxide ore planned from its Akwasiso and Dynamite Hill pits. One of the implications, the company said, would be that stockpile feed would be needed to offset the reduction in oxides.

The company added that its Cut 2 pushback of the pit slopes at Nkran was 50% complete and will continue next year.

Shares of Asanko listed on the Toronto Stock Exchange fell 3% on the news to finish the day at $1.24, with 3.9 million shares traded.

At press time the company’s shares were trading at a 52-week low of 93¢. Its shares traded at a 52week high of $5.07 in January 2017.

Alex Buck, Asanko’s manager of investor and media relations, explained to The Northern Miner via email that the company intends to issue formal 2018 production and cost guidance in December, once the budget and mine plan have been formally approved by the board of directors.

“In the meantime, the disclosure in the recent site visit technical presentation was to ensure we did not selectively disclose solely to the participants on the site visit, as questions about 2018 were bound to come up, and there have been some changes to the mine plan since the June definitive feasibility study, e.g., Akwasiso having less oxide ore tonnes and more granite ore tonnes than previously expected.”

Pit operations at Asanko Gold’s Nkran gold mine in Ghana. ASANKO GOLD

The additional 4 million tonnes of strip, she said, “is not material, as it represents about two months of waste mining. It is solely a function of flattening the angle of the oxide slopes. We are doing this work as part of our continuous responsible development of the Nkran pit to ensure its longevity and sustainability as a primary ore source at the Asanko gold mine complex.”

In a research note commenting on the unexpected change in the company’s 2018 guidance, Jeff Killeen, an analyst with CIBC, noted that the new guidance “is materially below our estimate of around 246 koz and well below the second-half 2017 technical study that guided for around 267 koz in 2018.”

In terms of the pushback of the pit slopes at Nkran, he said, the news compares unfavourably with earlier guidance. “Cut 2 was originally set to be complete in mid-first quarter, with Cut 3 starting by fourth-quarter 2018,” he wrote. “We previously adjusted our 2018 capex higher, recognizing increased waste

“THE DISCLOSURE IN THE RECENT SITE VISIT TECHNICAL PRESENTATION WAS TO ENSURE WE DID NOT SELECTIVELY DISCLOSE SOLELY TO THE PARTICIPANTS ON THE SITE VISIT, AS QUESTIONS ABOUT 2018 WERE BOUND TO COME UP AND THERE HAVE BEEN SOME CHANGES TO THE MINE PLAN SINCE THE JUNE DEFINITIVE FEASIBILITY STUDY.” ALEX BUCK MANAGER OF INVESTOR AND MEDIA RELATIONS, ASANKO GOLD

mining may be necessary, which is currently running at $4 million to $5 million a month. We model around $50 million for 2018.”

Killeen has a 12- to 18-month target price on Asanko’s shares of $1 apiece and noted that “with potential for further negative reserve revisions on the horizon and operational performance issues to date, we continue to expect AKG’s shares to underperform.”

Rahul Paul of Canaccord Genuity downgraded Asanko’s rating to “hold” from “buy,” and cut his target price on the stock from

$2.50 per share to $1. “We believe the investment appeal has diminished and risks have significantly increased,” Paul said in a Nov. 21 research note.

Raymond James’ Chris Thompson trimmed his target price on the company to $3 per share from $3.50 per share.

Asanko’s shares took a beating in August, when the company cut its 2017 production guidance from between 230,000 and 240,000 oz. gold down to between 205,000 and 225,000 oz. gold.

Management attributed the lower production guidance to two things: First, historic artisanal workings at its Akwasiso pit were deeper than previously thought, which meant less oxide and more mineable ore tonnes than expected. Second, results from the ore reconciliation process had identified blast movements as a source of ore losses and dilution in the Nkran pit.

The 9% change in production guidance also brought a 5% change in the forecast of all-in-sustaining costs (AISCs). Under its July 19 production guidance, AISCs ranged

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between US$880 and US$920 per oz. for 2017. The new guidance released on Aug. 3 raised AISCs to between US$920 and US$960 per ounce.

In May, short-seller Muddy Waters published a report alleging that the company “is highly likely to end up a zero.”

Asanko has rejected the allegations.

The mine achieved commercial production in April 2016 and consists of two large deposits: Nkran, which is in production, and Esasse.

There are also a number of satellite deposits on the concession: Abore, Asuadai, Akwasiso, Dynamite Hill, the Nkran Extension, Adubiaso and the Adubiaso Extension. TNM

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2017-11-21 10:47 PM

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NOVEMBER 27–DECEMBER 10, 2017 / THE NORTHERN MINER

Artisanal miners work alongside Orca Gold at the Block 14 gold property in Sudan. PHOTO BY RICHARD QUARISA

Orca in Sudan ORCA From 1

“It’s your standard shear zonehosted, mesothermal gold deposit, as you’ll see in many places around the world, similar to a lot of the Archaean deposits in Canada,” Orca president Hugh Stuart says.

The challenge is that compression underground folded the deposit 10–20%. It has caused Orca some headaches and a little uncertainty, but Stuart says things are getting clearer.

“We generally try to drill perpendicular to the orebody,” Stuart says. “Originally we thought we were doing that. Now we’re drilling probably in places 45 degrees to our deposit, which is OK, because we’ve got continuity from section to section.”

Part of the problem was that there hadn’t been much mineral exploration in Sudan. Orca is the first Western mining company to enter the country in the modern era, and as a result didn’t have much preexisting data for guidance.

“We came to Sudan about six years ago looking at something else down towards the Eritrea border,” Stuart says. “And as we spent more time here we realized that Sudan wasn’t the kind of place that everybody thought it was. It was very different to what was being perceived in the media.”

Sudan has what Orca CEO Richard Clark refers to as “political perception issues.” They come from the country’s history with violence and terrorism, but also the significant sanctions imposed by the U.S. government.

“So put all that together and the rest of the world ended up with this view that Sudan was just a horrible regime, a horrible place to be — a breeding ground of terrorists,” Clark says.

The U.S. government initially imposed sanctions on Sudan in 1997 due to the Sudanese government’s role as a host and backer of terrorist groups — including al-Qaeda, which was based in Khartoum between 1991 and 1996.

In 1998, the U.S. launched a missile attack on the Al-Shifa pharmaceuticals facility in Khartoum North on the north bank of the Blue Nile.

The U.S. government claimed the facility was manufacturing the highly toxic nerve agent VX for alQaeda, but later said there was no proof the plant was manufacturing nerve gas.

Sanctions included a travel ban and the prevention of Sudanese passport holders from entering the U.S., as well as several economic restrictions. As a result, there are

1-16, 23_NOV27_Main .indd 8

still no credit cards in use in Sudan, and ATMs do not dispense foreign currency.

But Orca felt it could succeed despite the sanctions.

“We never ever expected the sanctions to be lifted before we financed and built a mine,” Clark says. “We fully believed and have been proceeding on the basis that we would develop, finance and build the mine while under sanctions.”

Sudan remains — with Syria and Iran — designated a sponsor of terrorism by the United States.

Although U.S. President Donald Trump formally lifted most of the sanctions on Oct. 12, some remain, including a ban on weapon sales and restrictions on aid.

“On the ground it probably doesn’t make too much difference,” Stuart says. “It’s going to probably make banking easier. Looking forward, it will make financing potentially easier.

“I’ve had emails from drilling companies, major gold producers, people I know, saying, ‘We’re coming to Sudan.’ They’re interested in coming here.”

If they do, they’ll join a gold rush that Stuart says started more than six years ago.

On July 9, 2011, Sudan split into Sudan and South Sudan. The breakup resulted from a 2005 agreement that ended Africa’s longest running civil war — 20 years of guerilla warfare that killed at least 1.5 million people. Post-split, Sudan lost some of the revenue from South Sudan’s oil, although because South Sudan still relies on refineries in Khartoum, Sudan still receives 50% of

“WE BASICALLY [TOLD THE ARTISANAL MINERS] ‘YOU CAN CARRY ON — NO MECHANIZED MINING — BUT YOU CAN CARRY ON. THERE WILL BE A TIME IN THE FUTURE WHERE WE’RE GOING TO SAY THAT YOU’RE GOING TO HAVE TO LEAVE, AND WHEN THAT TIME COMES WE’LL GIVE YOU NOTICE AND YOU’RE GOING TO HAVE TO LEAVE.’” HUGH STUART PRESIDENT, ORCA GOLD

all oil revenues. Nevertheless, the economic disruption indirectly helped spark the search for gold.

It began with artisanal miners, and by following them, Orca figured out the best places on Block 14 to look for gold.

“They’re good explorers,” Stuart says. “They have found a lot of the gold deposits in Africa.”

Sudan accounted for 1.1 million oz. gold production in 2015, according to metal markets consulting firm Metals Focus, making the country Africa’s seventh-largest gold producer.

There are more than 1 million artisanal miners in the country, producing 85% of the total gold extraction, the Sudanese government says. The country produced 280 tonnes (9 million oz.) gold between 2010 and 2015.

Initially, Orca had 10,000 artisanal miners on its property.

Using satellite imaging, Orca was able to track artisanal mining patterns. Orca was then able to look at where they were having success, and extrapolate where deep, large orebodies might be located.

Since then, Orca has tried to keep a friendly relationship with the artisanal miners.

“We’re always very straight with

them,” Stuart says. “We basically said: you can carry on — no mechanized mining — but you can carry on. There will be a time in the future where we’re going to say that you’re going to have to leave, and when that time comes we’ll give you notice and you’re going to have to leave.”

Stuart says that the company has relocated artisanal miners before on one of its satellite areas and it went “without a hitch.” He says at least 60 people were told they had to leave, so they moved a couple of kilometres away and continued to mine. Should the time come to ask the artisanal miners on GSS to leave, Orca will have the Sudan government come in to help. The government has a “mining police,” who would oversee the relocation, like before. Orca doesn’t expect any complications.

Orca’s continued success in Sudan hinges on keeping a positive relationship with the government.

Clark says that so far the government has been cautious. They don’t have a lot of experience with the mining industry, so Clark sees their relationship as a teaching process that he hopes culminates in a stability agreement.

He understands their perspective, however. While the government is

Workers loading core racks at Orca Gold’s Block 14 gold project in Sudan. PHOTO BY RICHARD QUARISA

more familiar with the oil and gas industry, it wants to see Orca go into production and gain the resulting tax revenue. Clark says a big part of the process is building trust.

“They patterned their mining laws and concepts after oil and gas concepts,” Clark says. “That’s what they knew, that’s what they understood, and it was like fitting a round peg into a square hole.”

But Clark is confident Orca can work with the government to get everyone’s needs met.

He says he and his team have seen similar situations in Ghana and Mauritania. With his former company, Red Back Mining, Clark says he and his team built the first gold mine in Ghana in 10 years, and under new regulations. In Mauritania, he says they helped the government build the kinds of basic protocols for supporting the gold mining industry that are often taken for granted in established mining nations such as Canada. But progress is slow.

“Probably one of the biggest frustrations with teachers and their students is you get up and you give a lecture and you go, ‘Are there any questions?’ and nobody puts their hand up,” Clark says. “But you would be incorrect to assume that everybody understood it.

“We go in, we have meetings, we have teach-ins with the department of geology, and we now realize that you don’t go and say, ‘Does anybody have any questions?’ You go, ‘You. Did you understand this point?’

And that works a lot better.”

A crucial next step for Orca with the government will be locking up rights to the aquifer. After that, continued cooperation between the two groups would be critical to Orca’s success. For now, the Orca team seems excited.

“It’s got the gold,” Stuart says.

“It’s got the geology. It’s not been explored. This is a great place to work and I’m hoping that Sudan grabs that opportunity so that in five to 10 years’ time there are a whole bunch of mines here. And I think that’s one of the key things with the sanctions going: people would love to come and work here. They’d love to come and explore here. The country’s got to bring them in, got to reel them in. So I’m hoping that they do that.” TNM

2017-11-21 10:47 PM

SOUTHWEST US

SPECIAL FOCUS

Pure Energy Minerals’ Clayton Valley lithium project in Nevada. PURE ENERGY MINERALS

Kerr Mines to make production decision on Copperstone next year

Columbus Gold plans spin-out of US projects

EXPLORATION

| Allegiant Gold to focus on advanced Bolo, Eastside assets in Nevada

ARIZONA

| Fully permitted underground mine could restart within a year

BY TRISH SAYWELL tsaywell@northernminer.com

W

hen two successful businessmen — one from Saudi Arabia and the other from Canada — amass 35% of a junior company’s common shares and dip into their own pockets to loan it $9.5 million, their motives make for good reading.

The story becomes even more compelling when the company’s flagship asset — a past-producing open-pit gold mine in Arizona, called Copperstone, with a tailings facility and a 450-tonne-per-day mill — is fully permitted and can be restarted as an underground mining operation within one year of a production decision.

The mine’s previous owners scooped out half a million ounce gold from an open-pit operation between 1987 and 1993, leaving behind a deposit with a National Instrument 43-101 compliant resource of 311,000 oz. gold in the measured and indicated category (934,000 tonnes grading 10.4 grams gold per tonne) and another 132,000 oz. gold in the inferred category (335,000 tonnes grading 12.2 grams gold).

“It’s highly unique, there’s no question about it,” Claudio Ciavarella, CEO of Kerr Mines (TSX: KER; US-OTC: KERMF), says of his decision, along with the company’s chairman, Fahad Al Tamimi, to restructure the company and lend it nearly $10 million of their own money.

But Ciavarella, an accountant who has built thriving businesses in Canada’s manufacturing, construction and real-estate sectors, and Al Tamimi, a Saudi-based businessman who has founded a flourishing engineering group in the Middle East and holds assets in oil and gas and mining, believe it’s worth the risk.

Both men have been investors in the junior long before it changed its name from Armistice Resources to Kerr Mines in 2014. Al Tamimi got involved in 2012 as an equity participant and shareholder, while Ciavarella has been an investor since 2005, and a director since 2013.

Between 2012 and 2014, however, the company had gone on an acquisition spree, acquiring projects and companies (including Copperstone through a merger with American Bonanza Gold in July 2014).

“During the course of that process it accumulated not only assets but See KERR MINES / 10

1-16, 23_NOV27_Main .indd 9

Drilling on Columbus Gold’s Eastside gold property in Nevada, 32 km west of Tonopah. ALLEGIANT GOLD

BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

C

olumbus Gold (TSX: CGT; US-OTC: CBGDF) hopes to unlock unrecognized value within its extensive portfolio of U.S. precious metal prospects.

The company recently announced dates for the pending spin-out of Allegiant Gold, which will inherit 14 drill-ready properties across Nevada, Arizona, New Mexico and Utah.

Columbus shareholders can receive one Allegiant share for every five shares held. The spinout is expected by Dec. 11.

Furthermore, Columbus is pursuing a $12-million private placement to underpin the deal.

Allegiant reportedly wants to drill 10 projects within 12 months of listing under the leadership of president and CEO Andy Wallace.

“We’re naturally very focused on Latin America and the Guiana Shield,” Columbus CEO and chairman Robert Giustra (who will also serve as chairman on Allegiant’s board of directors) says during an interview. “And we don’t believe the U.S. assets are being recognized by the market.

Given that’s not particularly unusual when you have a 5 million oz. gold deposit advancing toward production, but there’s clearly a history of success across our business in terms of unlocking that value through this type of deal.”

Columbus has a 45% interest in the Montagne d’Or deposit in French Guiana alongside Nordgold (LON: NORD), which holds the rest. The companies released a feasibility study on the project in May that outlines an open-pit mining operation that would produce 2.57 million oz. gold over 12 years.

Meanwhile, Columbus has been advancing the Eastside and Bolo

gold discoveries in Nevada, which will become Allegiant’s flagship projects.

The 67 sq. km Eastside property sits 32 km west of Tonopah and hosts pit-constrained, inferred resources of 35.8 million tonnes of 0.63-gram-per-tonne gold equivalent for 721,000 contained ounces.

Gold mineralization at the project reportedly displays many classic, low-sulphidation epithermal features. It occurs near — and is associated with — the contact of an altered Tertiary rhyolite dome and the surrounding tuffs and intruded volcaniclastic rocks.

Bolo is a Carlin-style target, 60 km northeast of Tonopah. The property made headlines in 2013 when Columbus cut 132 metres of 1.3 grams gold from surface in hole 38.

The company recently drilled 14 reverse-circulation holes at the site, and expects to release assays after the Allegiant spin out.

“The unique situation here is that you have two advanced projects that are much closer to potential mine scenarios. The remainder of the portfolio is ‘discovery opportunities’ assembled

by Andy and his team,” Giustra says. “We’ve been in a relationship with him for over a decade and he’s led our U.S. exploration group. The major difference is that Andy has agreed to become the president of Allegiant, which I think is a major endorsement, based on his track record.”

Wallace is the principal of Cordex Exploration, which he joined in 1974. The private exploration group is credited with a number of major discoveries in Nevada, including: SSR Mining’s (TSX: SSRM; NASDAQ: SSRM) Marigold mine, and Newmont Mining’s (NYSE: NEM) StonehouseLone Tree mine.

Allegiant would spend $9.25 million on core and RC drilling

programs over the next year.

The company is earmarking $5 million for 20,000 metres at Eastside, $1.25 million for 4,000 metres at Bolo and $3 million for 16,000 metres of RC drilling across eight properties in its portfolio.

“Our favourite project in the discovery portfolio is called ‘North Brown’ along the Battle Mountain trend, but we won’t be able to get to it until later in the spring, due to snow fall,” Giustra says.

“I ca n’t emphasi z e enoug h just how important continuous prospecting will be to Allegiant’s strategy. Andy and his team have worked on eight projects that have

become gold mines in Nevada. In order to make discoveries you have to drill, and our team will specialize in finding those grassroots opportunities others may have overlooked.”

Colu mbus has schedu led a shareholder meeting on Nov. 27, which would permit Allegiant to begin trading on the TSX Venture Exchange by December pending regulatory approvals.

The company’s shares have traded in a 52-week range of 42¢ to $1.09 per share, and closed at 73¢ at press time. Columbus has 153 million shares outstanding for a $112-million market capitalization. TNM

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Facilities at Kerr Mines’ past-producing Copperstone gold project in Arizona. KERR MINES

Kerr Mines to make production decision on Copperstone next year KERR MINES From 9

also a lot of liabilities,” Ciavarella says. “Unfortunately, during 2014 to 2015 the equity market wasn’t very strong, so we put all of our assets on care and maintenance.”

By 2016, he says, it looked as though the equity and gold markets were on the brink of a recovery and management thought it was a good time to take the Copperstone project off the shelf. But the executive team had to deal with all the debt accumulated from the company’s earlier buying spree.

“We were upside down financially with regard to liabilities and obligations, so what we did was we ended up restructuring,” he says.

Kerr Mines started the process by selling off its non-core assets, primarily its properties in northern Ontario, to generate cash to deal with some of the $24 million it held in liabilities. When the total debt owed was whittled down to $9.5 million, Ciavarella and Al Tamimi each put up half the money and paid off the remaining creditors. The company has until 2019 to repay the loan, at which point management hopes the company will be cash-flow positive.

Ciavarella was appointed CEO in April 2017 and along with the board put together a strategy of creating value focused on advancing Copperstone. It has launched a drill program and plans to complete an updated resource estimate and a prefeasibility study in the first quarter of 2018, at which point, Ciavarella says, the company will be

able to make a production decision.

Initial results from its phase one underground drill program were released earlier this month, with 10 of 12 holes intersecting mineralization. Highlights include 9.8 metres grading 16.2 grams gold per tonne; 6.1 metres grading 8.6 grams gold; 4.6 metres of 5.1 grams gold; 3.1 metres of 7.9 grams gold; 4 metres of 6.2 grams gold; and 2.7 metres of 5.4 grams gold.

The 4,572-metre phase one underground drill program is using two drills to test along strike and up and down dip in the Copperstone Main Zone, which makes up 100% of the deposit’s resource. The program is designed to confirm the continuity of altered detachment fault breccia from existing underground workings at depths from 100 feet (30.5 metres) to 400 feet (122 metres) below the open-pit bottom. The bottom of the open pit sits at 500 feet (152 metres) from surface and there are two adits right into the resource.

In October, Kerr Mines confirmed the existence of the Footwall Zone by modelling historic drilling and incorporating new drilling of its own. The 500- to 800-metre zone is just 152 metres southwest of the Copperstone Main Zone and is easy to access from the bottom of the pit.

“The Footwall Zone isn’t included in our current resource, so it’s a really nice opportunity for us to expand the ounces,” he says. “Our growth plan over the next three to five years is to continue to drill out the footwall and establish it as

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“THE FOOTWALL ZONE ISN’T INCLUDED IN OUR CURRENT RESOURCE, SO IT’S A REALLY NICE OPPORTUNITY FOR US TO EXPAND THE OUNCES.” CLAUDIO CIAVARELLA CEO, KERR MINES

a potential mining area.”

Another target is the South Zone, which lies 200 metres south of the open pit. “We can drive an adit from the south end of the open pit right into the South target,” Ciavarella says. “Development costs to get into these areas is going to make it very attractive for us, because the infrastructure is all there. The underground workings we have for Copperstone are only a few hundred feet away, and we can shuffle over there and tie those zones together into a mine plan.”

In addition to the Footwall and South Zones, the company has identified the Southwest Zone, which lies 914 metres southwest of the pit.

Back-of-the-envelope calculations suggest there is a lot of room to grow ounces at Copperstone, given that previous owners mined half a million oz. gold from the first 500 feet (152 metres) of the deposit, he says.

“You’re talking about 100,000 oz. gold per 100 feet,” he says. “So you look at our resource: We go down 300 feet below the pit bottom and we have 300,000 oz. of existing resource, or roughly another 100,000 oz. per 100 feet, so the orebody continues down dip … our geologists believe this orebody continues to depth until you get to where the detachment fault is.

“Obviously there’s going to be the economics of getting down there — we’ll have to drive ramps down,” he adds. “If the orebody continues at the same rate that has already presented itself, and we’re able to go down another 300 to 500 feet, we have the potential to add 300,000500,000 oz. gold … that’s one of the

A tunnel at Kerr Mines’ Copperstone gold project in Arizona. KERR MINES

belief systems that the geologists who have studied this project for us have.”

The company is also evaluating the copper content of the deposit, which could create a nice stream of revenue, he says, noting that copper assay values are distributed along the entire strike length of the Copperstone Zone. Of historic and new drill hole intervals that contain a gold grade of 3 grams gold per tonne or higher, and that were assayed for copper, the weighted average copper grade is 0.54%.

“We have some pretty decent grades and two different types of copper — sulphide and oxide — and the results will show how we can monetize it,” he says. “The sulphide copper does not float with the gold concentrate we produce and the majority of the copper, which is

oxide, may be monetized as it flows to tails. So we’ve now started to look at that. It’s nice because it has the potential to be free cash. It’s free money because we have it with the gold and there’s an opportunity to create a good revenue stream.”

This week the company announced initial metallurgical results that demonstrated sulphide copper recoveries of up to 97% and gold recoveries of up to 91%.

The company’s shares are trading on the Toronto Stock Exchange at 31.5¢ per share within a 52-week trading range of 9¢ to 41¢ per share. The company has 235 million common shares outstanding for a $74-million market capitalization.

In addition to Ciavarella, who owns 11.5% of the company’s shares, and Al Tamimi, who owns 23.5%, Eric Sprott owns 8%. TNM

2017-11-21 10:47 PM

SOUTHWEST US

GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 27–DECEMBER 10, 2017

11

SOUTHWEST US SNAPSHOT

Six juniors on the hunt for gold, silver, copper and lithium riches Higher prices for most mined commodities has translated into renewed activity in the junior mining sector in the southwestern U.S. states. Here’s a quick look at six such companies.

for a small series of cash and share payments over three years.

PREMIER GOLD MINES Ewan Downie-led Premier Gold Mines (TSX: PG; US-OTC: PIRGF) continues to grow by leaps and bounds, and now boasts operating gold mines in Nevada (South Arturo) and Mexico (Mercedes mine), and has significant advanced gold projects in both jurisdictions, as well as northwestern Ontario.

CALIFORNIA GOLD MINING Toronto-based junior California Gold Mining (TSXV: CGM) continues make headway advancing its wholly owned flagship Fremont high-grade gold project in central California.

The property is only 150 km east of San Francisco in relatively prodevelopment Mariposa County, on 14 sq. km of patented land in the prolific Mother Lode gold belt that has historically produced over 50 million oz. gold.

South Arturo is 60% owned by operator Barrick Gold (TSX: ABX; NYSE: ABX) and 40% by Premier, which bought its stake from Goldcorp in 2015. The open-pit mine was brought into production in 2016, with ore sent to Barrick’s roaster at its vast Goldstrike gold operations in the region.

Total open-pit resources calculated a year ago stand at 17.2 million indicated and inferred tonnes grading 1.60 grams gold per tonne for 879,000 contained oz. gold.

The company acquired the property in 2013, and as of mid-2017 had carried out three phases of drilling totalling 15,100 metres, and preliminary metallurgical testing showing 93% recoveries from an oxide cap and 86% from sulphide zones.

Scheduled to begin in the fourth quarter of 2017 was a new round of drilling totalling 12,000 metres and further soil and geophysical surveying.

Shares last traded at 45¢, generating an $18-million market capitalization with 40.2 million shares outstanding (59.8 million fully diluted).

The company is led by president and CEO Vishal Gupta, a geologist and former mining equity analyst.

CROWN MINING Further evidence that mining is by no means dead in California is Torontobased junior Crown Mining (TSXV: CWM), which is exploring for copper in the state’s northeast at its historic Moonlight-Superior property, located south of Susanville in Plumas County.

The property has seen commercial production from 1915 to 1930, with more development by Placer AMEX between 1962 and 1994. Various junior operators were active at the site between 2004 and 2011, with Crown stepping into the scene in 2013.

Today, the property hosts National Instrument 43-101 compliant resources in three deposit: the Moonlight deposit has 146.5 million indicated tonnes grading 0.32% copper for 1 billion lb. copper, plus 80 million inferred tonnes at 0.28% copper for 496 million lb. copper; the Superior Mine deposit hosts 54.5 million tonnes at 0.41% copper for 487 million lb. copper; and the Engels Mine deposit hosts 2.6 million tonnes grading 1.05% copper for 60 million lb. copper.

Western Uranium’s Sunday uranium complex in Colorado. WESTERN URANIUM NEVADA SUNRISE GOLD Vancouver-based Nevada Sunrise Gold (TSXV: NEV; US-OTC: NVSGF) is exploring for two of the hottest commodities among investors this year — gold and lithium — and is doing it in one of the world’s premier jurisdictions for mining: Nevada.

Its three gold exploration properties in the state are Golden Arrow, Kinsley Mountain and Roulette, and in the state’s southwest are its wholly owned Neptune and Aquarius lithium brine projects.

Its most advanced gold project is its 100%-owned Golden Arrow property northeast along the Walker Lane structural belt.

Golden Arrow hosts a measured and indicated resource of 296,500 oz. gold and 4 million oz. silver in 12.2 million tonnes grading 0.024 oz. gold per ton (0.82 gram gold per tonne) and 0.33 oz. silver per ton (11.31 grams silver per tonne), plus 3.8 million tonnes at lower gold grades. These figures were calculated in 2009.

In July 2017, Nevada Sunrise struck an agreement with Emgold Mining (TSXV: EMR) granting Emgold the option to acquire up to an 80% interest in the project by paying US$250,000 in cash, 2 million units in Emgold and spending $2.75 million on exploration over three years.

In November Nevada Sunrise Gold and its partner Advantage Lithium (TSXV: AAL) sold their Clayton NE lithium project to Pure Energy Minerals (TSXV: PE; US-OTC: PEMIF). The Clayton NE property borders the lithium brine mine operated by Albemarle (NYSE: ALB) at Silver Peak in Nevada’s Clayton Valley.

Just before the sale, Advantage exercised its option to acquire 70% of the project, so that Nevada Sunrise wound up with 2.1 million Pure Energy shares while Advantage received 4.9 million Pure Energy shares.

On Nov. 21, Nevada Sunrise signed a letter of intent to acquire 100% of the Lovelock high-grade cobalt property, 150 km east of Reno, Nev., in return

Premier’s share of production for 2017 is estimated at 50,000 to 55,000 oz. gold at all-in sustaining costs (AISCs) of only US$450 to US$480 per oz. gold.

During the first half of 2017 AISCs were only US$322 per oz., making South Arturo one of the world’s lowest-cost gold mines.

The partners are evaluating bringing more open-pit deposits on the property into production as well as heading underground below current pit operations, in a project named El Nino.

Also in Nevada, Premier has its fully owned, past-producing McCoy-Cove high-grade gold property, which could be developed into an underground mine. The company plans to carry out definition drilling from a ramp in the second half of 2018 and carry out trial mining and complete a feasibility study in 2019.

out from Fronteer Gold’s 2010 acquisition of AuEx Ventures and its Long Canyon gold discovery in Nevada.

Renaissance positions itself as a prospect generator that brings in joint-venture partners to shoulder the costs of more advanced exploration.

In May 2017, Renaissance acquired privately held Kinetic Gold Corp. and its subsidiaries, which hold various exploration properties located in Nevada.

Kinetic’s president and CEO Robert P. Felder then became Renaissance Gold’s president.

Things went so well, Felder added CEO to his title in November, with Ronald Parratt staying on as executive chairman.

In the Great Basin region as of October, Renaissance had 11 Carlin-type projects, nine epithermal projects and two intrusive-related projects in 11 agreements, plus a few more in the works.

WESTERN URANIUM George Glasier-led Western Uranium (CSE: WUC; USOTC: WSTRF) is a Coloradobased uranium and vanadium conventional mining company focused on low-cost, near-term production of uranium and vanadium in the western U.S., as well as the development and application of ablation mining technology.

RENAISSANCE GOLD

Western Uranium says it is the third largest in-situ holder of historic uranium resources in the U.S., with a resource of 90 million lb. uranium oxide and the second-largest holder of vanadium resources in the U.S., with 35 million lb. vanadium oxide grading between 1.4–2% vanadium oxide.

Reno, Nevada-based Renaissance Gold (TSX: REN; US-OTC: RNSGF) describes itself as a Nevada-based, gold- and silver-focused exploration company that emerged as a spin-

Its plan is to restart production at its permitted Sunday uranium mine complex in Colorado, and it has already secured rights to build the first uranium mill in the U.S. in 30 years. TNM

Your

complete source for

DRILLING rock

i

There is also significant gold and silver present as a potential by-product credit.

Crown describes the geology as characterized by a quartz monzonite intrusive over an 18 sq. km area.

Initially described as a porphyry, Crown says recent work suggests it may be an iron-ore copper-gold deposit.

SURFACE

DRILLING TOOLS

UNDERGROUND

Crown estimates it would require $600 million in capital costs to build a modern mine at the site.

Crown’s news flow through much of 2017 has centred around small, sixfigure private placements.

1-16, 23_NOV27_Main .indd 11

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2017-11-21 10:47 PM

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NOVEMBER 27–DECEMBER 10, 2017 / THE NORTHERN MINER

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A drill rig at Contact Gold’s Pony Creek gold project in Nevada’s Carlin trend. CONTACT GOLD

Contact Gold explores upside at Pony Creek

GOLD

BY LESLEY STOKES

E

lstokes@northernminer.com VANCOUVER

xpect to hear a lot more about Contact Gold (TSXV: C), president and CEO Matthew Lennox-King says. The new junior explorer is more than halfway through an 8,000-metre drill program at its Pony Creek gold property, located south of Gold Standard Ventures’ (TSXV: GSV; NYSE-AM: GSV) Railroad-Pinion gold property in Nevada’s Carlin gold trend.

Contact’s intention is to expand upon a historical resource at the property’s Bowl Zone, and test for similar Carlin-style mineralization 3 km north at the Pony Creek North prospect.

Both targets occur within the Moleen geological formation, the same package of rocks that hosts Gold Standard’s 1 million oz. Dark Star gold deposit.

The more traditional host of Carlin-style deposits, the Webb formation, also occurs across Contact’s 95.4 sq. km property. (The Webb hosts Newmont Mining’s [NYSE: NEM] Rain and Emigrant gold mines, 30 km north of Pony Creek, and Gold Standard’s 1.7 million oz.

Pinion gold deposit.)

“We have all the right rocks and the fact they haven’t really been worked is exciting,” Lennox-King tells The Northern Miner during a phone interview. “We have our base case with the historic deposit at the Bowl Zone, and we can definitely offer growth by capitalizing on some of the lessons learned from Gold Standard — do some good science, fund it well, and you’ll ultimately create a lot of value.”

Contact’s latest drill results have stepped out 50 to 100 metres from Bowl’s historic resource of 29.4 million tonnes of 1.51 grams gold per tonne for 1.4 million oz. gold.

1-16, 23_NOV27_Main .indd 12

| Lennox-King-led junior drills property in Nevada’s prolific Carlin Trend

Lennox-King says the results are “pretty typical of Carlin-style grades and definitely in line with our expectations,” with some higher-grade intervals that are “pretty significant, whether you’re in the Carlin trend or Ontario.”

Higher-grade intercepts include 45.7 metres of 2.82 grams gold, including 6.1 metres of 10.53 grams gold, and 65.5 metres of 0.65 gram gold from 62 metres, including 18.3 metres of 1.48 grams gold.

“The Bowl resource is not current, but a good proxy for what’s there,” he says, noting that most of the historical holes reached 150 metres depth. “Our goal wasn’t to just go in, twin a bunch of holes and say we’re really clever. We’re pushing these drill holes into white space where there’s no mineraliza-

“WE’RE PUSHING THESE DRILL HOLES INTO WHITE SPACE WHERE THERE’S NO MINERALIZATION — WE WANT TO FIND OUT WHAT’S THERE.” MATTHEW LENNOX-KING PRESIDENT AND CEO, CONTACT GOLD

tion — we want to find out what’s there.”

Lennox-King expects to get its first drill results from Pony Creek North in the coming weeks. The company was drawn to the target because of a lone drill hole, completed in 1989 by Barrick Gold, that returned 43 metres of 0.47 gram gold.

“Back then, an intercept like that isn’t considered ore. But today in

Nevada, you can definitely make the case that it is,” he says. “So our program will expand the footprint of that drill hole. We think it’s one of the low-hanging areas where we can define a new resource in a relatively short time frame.”

Pony Creek had been explored since the mid-1980s, but the project sat dormant over the past decade due to poor market conditions.

Ever since Contact went public

Carlin-style mineralization in drill core from Contact Gold’s Pony Creek property in Nevada. CONTACT GOLD

in June, the company has ramped up exploration at Pony Creek, adding over 7,000 soil samples to the existing geochemical database, and conducting geophysical surveys to home in on potential ore-bearing structures.

Results from the generative work have yet to be announced.

Mineralization occurs along a web of north-trending structures that once acted as passageways for gold-bearing f luids into permeable strata. The fluids reacted with chemically favourable rock units, such as limestones, dissolving the carbonate and depositing gold.

The faults follow in-line with a swarm of quartz-feldspar porphyry dykes and intrusions, which are variably hydrothermally altered and locally mineralized.

The geological context makes the property relatively easy to explore, Lennox-King says.

“What hasn’t been done on the property is a concerted, well-funded, year-over-year effort. Major companies would come in and drill some holes, then move onto other opportunities like building a mine.

Or junior companies become so poorly financed they can’t have that year-over-year program. It’s telling what you can do with a good geological platform and having an aggressive, consistent effort — just look at Gold Standard.”

Contact intends to update the resource at Pony Creek by the third quarter of next year and continue exploring the rest of the property.

“What we acquired was a really nice canvas — someone started off a great sketch and now we’re filling with a larger pallet to paint a better picture,” he says.

Shares of Contact have traded within a 52-week range of 55¢ to $2 apiece, and closed at 60¢ at press time. The company has 50.3 million shares outstanding, for a $30 million market capitalization. TNM

2017-11-21 10:48 PM

SOUTHWEST US

GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 27–DECEMBER 10, 2017

13

Nevada green-lights McEwen Mining’s Gold Bar GOLD

| Approval is ‘great news’ for the miner and state of Nevada, chairman Rob McEwen says oz. gold (4.6 million tons grading

BY TRISH SAYWELL “WE ADVANCED...

0.82 gram gold). tsaywell@northernminer.com In January 2016, McEwen Mining [AT] A VERY BRISK evada has approved McEwen acquired 109 mining claims 5 km PACE FOR THE Mining’s (TSX: MUX; NYSE: from Gold Bar that it calls Gold MUX) final environmental Bar South. The property hosts near- LAST LEG OF impact statement for its Gold Bar proj- surface oxides and could become THE PERMITTING ect and the company says it will start a satellite resource, and contribute PROCESS.” building the gold mine immediately. to production at Gold Bar.

N

“Gold Bar is the first new gold mine in Nevada to gain permit approval in several years,” the company’s chairman and chief owner, Rob McEwen, said in a press release. “We advanced from draft environmental impact statement submittal to a record of decision in under eight months, a very brisk pace for the last leg of the permitting process.”

The company expects construction will take a year.

Gold Bar is in the Battle-MountainEureka-Cortez gold trend of Eureka County in central Nevada. The project is 40 km from Waterton Global’s Ruby Hill mine to the southeast and 56 km from Barrick Gold’s (TSX: ABX; NYSE: ABX) Cortez mine to the northwest.

(In 2016, the Cortez mine produced 1.1 million oz. gold at all-in sustaining costs [AISCs] of US$517 per ounce.)

An updated feasibility study on Gold Bar in late 2015 estimated initial capital costs of US$60.4 million.

The study envisioned a conventional open-pit mine with oxide gold heapleach recovery that would produce 65,000 oz. gold a year over five years at average cash costs of US$728 per payable oz. gold and AISCs of US$995 per payable oz. gold.

Using a base-case gold price of US$1,150 per oz. the study estimated an after-tax net present value (NPV) at a 5% discount rate of US$30 million, a 20% after-tax internal rate of return (IRR) and US$22.5-million average annual cash flow. At US$1,300 per oz. gold, the post-tax NPV rises to US$67 million, the IRR to 36% and the average annual cash flow to US$31.5 million.

Over the life-of-mine, Gold Bar will recover 325,000 oz. gold (13 million tonnes of ore at a diluted grade of 1.1 grams gold per tonne).

Payback of the US$60.4 million in initial capex (which includes US$4.8 million, or 8%, for contingencies), is estimated to take three years at a gold price of US$1,150 per oz. and two years at a gold price of US$1,300 per ounce.

Additional capital expenses such as a heap-leach expansion and reclamation and closure obligations bring the total life-of-mine capital required to US$79.4 million, including another US$1.5 million (8%) for contingencies.

Both run-of-mine and screened and agglomerated oxide ore will be processed at a rate of 8,000 tons per day on a conventional heap leach, and using an adsorption-desorption recovery carbon plant, producing a doré product.

The company says there are opportunities to improve the economics at Gold Bar through continued exploration and capital cost reductions, among other measures.

In 2015, a drill program at Gold Bar consisting of 38 infill holes, which was intended to convert inferred resources to the measured and indicated category, returned several significant intercepts, including 4.65 grams gold per tonne over 41.1 metres and 2.2 grams gold over 52 metres. At the time, the company noted that exploration at Gold Bar had been limited since 2012, due to ongoing mine permitting activities and that, once the mine permit was received, it would test several priority targets to expand the resource and mine life.

Gold Bar has a measured and indicated resource of 611,000 oz. gold (22 million tons grading 0.95 gram gold) and an inferred resource of 111,000

Receiving the final environmental permit was not only “great news” for the company but also for the state of Nevada, McEwen said in the Nov. 8 news release.

“Our mission to build Gold Bar has been ongoing since 2013, [and] during that time we have overcome many challenges involved in bringing a new mining project to fruition.”

The company’s shares were trading at $2.43 apiece in a 52-week range of $2.40 (September 2017) and $5.83 per share.

The company has 333 million

ROB MCEWEN CHAIRMAN, MCEWEN MINING

shares outstanding for an $809-million market capitalization. Rob McEwen owns 24% of the company.

In addition to Gold Bar, McEwen Mining’s other major assets include the San Jose mine and the Los Azules project in Argentina; the El Gallo gold mine and El Gallo silver project in Mexico; and the Black Fox mine in Timmins, Ontario. TNM

Experience the Progress.

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1-16, 23_NOV27_Main .indd 13

McEwen Mining president and COO Xavier Ochoa standing in the Gold Pick pit in November 2016 at the Gold Bar gold project in Nevada. PHOTO BY LESLEY STOKES

14.11.17 14:32

2017-11-21 10:48 PM

14

NOVEMBER 27–DECEMBER 10, 2017 / THE NORTHERN MINER

Eric LeLacheur, Fiore Gold’s vice-president of U.S. exploration, at the Pan gold mine’s South Pit. FIORE GOLD

SOUTHWEST US

WWW.NORTHERNMINER.COM

A haul truck placing ore on the leach pad at Fiore Gold’s Pan gold mine in Nevada. FIORE GOLD

Fiore brings new life to beleaguered Pan mine

NEVADA GOLD

BY LESLEY STOKES

V

lstokes@northernminer.com VANCOUVER

ancouver-based Fiore Gold (TSXV: F; US-OTC: FFRRF), a new company backed by financier Frank Giustra, is off to a strong start at its revamped Pan gold mine, 28 km southeast of Eureka, Nev., having hit record ore and gold production in September.

The company reached its targeted ramp-up of 12,700 tonnes per day two months ahead of schedule, resulting in production of 1,602 oz. gold in September, a 160% increase from August.

The heap-leach mine was formerly operated by now-insolvent miner Midway Gold. It saw its first gold pour in March 2015 but was shuttered three months later, due to falling recoveries.

Tim Warman, CEO of Fiore, tells The Northern Miner during a phone interview that his company “isn’t seeing any of the issues that plagued

1-16, 23_NOV27_Main .indd 14

| Production ramps up at heap-leach mine as past clay problems resolved

the previous operators,” and expects gold production “will continue to climb for a month or two afterwards due to the time required for leaching on the pad, but the heap-leach pad is performing really well.”

He says Midway did not properly take into account the clay content of the ore.

“They were only mining from one part of the deposit — the South Pit — because that area tends to have faster and higher recoveries. But it also had a lot more clay than they anticipated,” Warman says. “By the time they started to irrigate the leach pad it had so much clay in it that the cyanide solution couldn’t infiltrate, and they had ponding and breakouts. They couldn’t get the recoveries, which is essentially what killed them.”

He reckons that Midway couldn’t get through these start-up problems because the company “ran out of time,” having defaulted on its debt repayments.

To address those recovery issues,

“SINCE THE REHAB AND RESTART, THERE HASN’T BEEN ANY RECURRENCE OF PONDING OR FILTRATION ISSUES, AND THE PADS ARE PERFORMING TO DESIGN.” TIM WARMAN CEO, FIORE GOLD

GRP Minerals — a private company that picked up Midway’s assets in a bankruptcy sale for US$5.5 million early this year — spent US$18 million re-characterizing the deposit, including drilling 15,400 metres and tabling a revised feasibility study

by SRK Consulting that unveiled new geological and reserve models.

GRP reopened the operation in March, and began blending ore from the South Pit — including reprocessed material from the existing leach pad — with rocky and silica-rich ore from the North Pit. “It’s exactly like clay soil in your garden, if you add sand to it you’ll

get better drainage,” Warman says.

“They really addressed the confidence in the project, and introduced operational changes for things that needed to be done — it wasn’t rocket science. Since the rehab and restart, there hasn’t been any recurrence of ponding or filtration issues, and the pads are performing to design.”

Fiore became interested in Pan after shifting focus from exploration towards becoming a 150,000 oz. gold per year producer. The company — formerly known as Fiore Exploration — merged with GRP in July.

“We all recognized that trying to stay alive, as a pure exploration

company is a tough business. The last time a company went from pure exploration to a $1-billion market cap was Aurelian Resources, 10 years ago. I was Aurelian’s vice-president of corporate development at the time so I certainly enjoyed that, but it’s tough to repeat that kind of success.

So we knew we had to build in some more advanced staged assets, or even some smaller producing assets,” Warman says.

The company expects Pan will produce up to 40,000 oz. over the next year, and build up to 50,000 oz. gold in fiscal 2019. Warman says the company’s permitted Gold Rock deposit, 13 km southeast of the Pan mine, also shows promise in becoming a 50,000 to 70,000 oz. gold per year stand-alone producer.

Gold Rock has a historical resource of 343,000 oz. gold in 18.1 million measured and indicated tonnes of 0.58 gram gold per tonne and another 409,000 oz. gold in 30.5 million inferred tonnes of 0.41 gram gold. (For comparison, the Pan mine has 434,000 oz. gold in 27.3 million measured and indicated tonnes of 0.48 gram gold, and 72,000 oz. gold in 5.1 million inferred tonnes of 0.45 gram gold.)

“The mineralization we see at Gold Rock in the open pit runs for 10 km from one end of the property to the other. And that same geology and structure continues north to Kinross Gold’s Bald Mountain mine, which has 2.2 million oz. gold in reserves.

So we believe Gold Rock is very prospective,” he says.

Warman adds that Fiore intends to get “fairly aggressive” with project consolidation in Nevada and nearby states.

“There are a lot of deposits out there that have the potential to produce 50,000 oz. gold per year,” he says. “They’re not attractive on their own, but they make a lot more sense when you can roll three or four of them into a single company. The market has a lot more appetite for companies that produce 150,000 oz. gold per year. So that’s really our strategy: build on our current asset, get Gold Rock into production and acquire additional properties.”

Shares of Fiore have traded in a 52-week range of 20¢ to $1.10, and closed at 72¢ at press time. The company has 94.3 million shares outstanding for a $67-million market capitalization. TNM

2017-11-21 10:48 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 27–DECEMBER 10, 2017

15

Black Iron restarts in Ukraine three years after Russian invasion IRON ORE

| ArcelorMittal plans to invest US$1.1B in its iron ore mine and steel mill in Ukraine

BY TRISH SAYWELL

I

tsaywell@northernminer.com

n the three years leading up to Russia’s invasion of the Ukraine in 2014, Black Iron (TSX: BKI) was making headway at its flagship Shymanivske iron ore project, 330 km southeast of Kiev.

It completed a bankable feasibility study, brought in Metinvest — the largest company in the Ukraine — to finance half the mine’s construction, and was in the midst of speaking to steel mills and large trading houses about offtake agreements.

“There was a large trading house that had visited the site several times to initiate commercial discussions with us on a prepaid offtake agreement, and with the offtake agreement in place we would have had all the equity lined up, but during the negotiations Russia invaded Ukraine,” Black Iron CEO Matt Simpson said in an interview on Oct. 31. “We had to put the project on care and maintenance. We had no idea where the frontline of the war was going to go.”

Since then the frontline of the conflict in Ukraine — 450 km from the project — has not advanced and the company says it’s now time to re-engage.

“That frontline hasn’t significantly moved since the original invasion three and a half years ago, and in my view there is no reason why it would move,” Simpson said, describing the situation as a “frozen conflict.”

“They achieved what they wanted when they got the Crimea, the island where the Russian naval base is located … and if Russia wanted to take over all of the Ukraine, they would have done it three years ago … people have moved beyond it with issues in other parts of the world, like Syria, and there isn’t anything that Russia would gain. It would be just more headaches and sanctions.”

Moreover, during trips to the project over the last few years, Simpson says it’s been “life as usual.”

“Mom and dad go to work, kids go to school. You wouldn’t be aware that something was going on in the country.”

The timing is right to proceed for a number of other reasons, too, Simpson argues, including a rebound in the iron ore price since October 2016; stricter pollution controls in China that have created demand for higher-quality raw materials used in steelmaking; a more favourable exchange rate; and a view held by some international companies and funding agencies that it’s safe to invest again in the region.

As an example, Black Iron cites

Published by:

Drill core on display in 2012 at Black Iron’s Shymanivske iron ore project in Ukraine, 330 km southeast of Kiev. BLACK IRON

“WE HAD TO PUT THE PROJECT ON CARE AND MAINTENANCE. WE HAD NO IDEA WHERE THE FRONTLINE OF THE WAR WAS GOING TO GO.” MATT SIMPSON CEO, BLACK IRON

ArcelorMittal, which recently announced its intention to invest US$1.1 billion over the next few years into its iron ore mine and steel mill, 1 km north of Shymanivske. It also notes that the European Bank for Reconstruction and Development recently approved a long-term senior loan of up to €350 million to finance ArcelorMittal’s capital investment at its Ukrainian plant.

But rising iron ore prices are equally important. Since late last year, benchmark 62% iron content prices jumped from US$37 per tonne in November 2016 to US$95 per tonne in February 2017, and in the last eight months have averaged US$74 per tonne. Currently prices are US$60 per tonne.

The higher prices, Simpson says, largely owe to increased global demand for steel.

At the same time, the iron content premium and corresponding penalty relative to the benchmark price also increased materially. Historically, the premium/penalty per 1% iron above or below 62% iron was charged at US$3 to US$4 per percent, Simpson says. But that premium/penalty is now US$7 to US$8 per percent.

The higher number comes from a lot of factors.

First, premiums for high grades

typically go up when steel mills are profitable because they are trying to boost their output by using more productive raw materials.

Second, demand for high-grade iron ore usually goes up when coking prices rise, as steel mills try to lower their fuel rates by using better quality ore.

Third, China is forcing steel mills to curb their emissions, which has driven a preference in that country for high-quality raw materials.

Shymanivske is expected to produce a high-grade 68% iron content product that at today’s prices would sell for US$42 to US$48 per tonne more than the benchmark 62% iron content product, the company says, or a selling price today of US$105 per tonne.

“What happens with higher-grade iron ore is that you require less coal to make a tonne of steel, so that means less emissions to make a tonne of steel,” Simpson said. “It’s not just in China, but globally people are becoming a lot more environmentally conscious, and that’s what pushes the spreads higher. This is the highest they have ever been.”

The question is, do the spreads stay this high or do they go back down, and the answer to that, he says, depends on how big an emphasis is put on protecting the environment. In China, head grades at some mines can be in the teens, he says, compared to those at Shymanivske, which are 30%. (Black Iron plans 68% concentrate grades.)

“In China you’re mining almost twice the amount of material to get the final product, so it’s a lot more emission intensive to mine in China,” he said. “That also means they’re going to have to import more and choose to continue to import the higher-grade material, because there’s also pressure on the steel mills to keep their emissions in check.”

Simpson also pointed to a Reuters report in September, which

quoted a Chinese mining association official speaking at a conference, as saying that China plans to cancel a third of its iron ore mining licences, mostly belonging to small polluting mines.

A more favourable exchange rate in the Ukraine hasn’t hurt the Shymanivske project’s prospects, either.

When Black Iron completed its feasibility study in 2014, the exchange rate was 8 Ukrainian hryvnia to one U.S. dollar. At press time the rate was 27 hryvnia to the dollar — thanks to the International Monetary Fund’s bailout provisions that Ukraine unpeg the hryvnia from the U.S. currency.

In July, Black Iron commissioned a preliminary economic assessment (PEA) of Shymanivske based on the more favourable exchange rate and on a smaller scale, phased build-out.

The bankable feasibility study was based on a 10 million tonnes per year, while the PEA will examine a development plan that starts with producing 4 million tonnes a year and ramp up to 8 million tonnes a year using cash flow to fund the expansion.

The PEA is due later this month and the company anticipates good economics, partly because it doesn’t need to build major infrastructure like rail, power lines or a port facility.

“What’s unique in our case is that the rail and power lines are literally right beside the property — 2 km away — and there are five different ports we can access, so we don’t have to build such a big project,” Simpson said.

By contrast, most iron ore projects are designed around high production rates because the cost to build rail, power and or ports means they have to go really big to make the economics work, he says, adding that rail costs US$3 million per kilometre, power lines US$1.5 million per kilometre, and in many cases, these mines are several hundred

miles away from a port or rail.

Doing a PEA rather than a feasibility study makes more sense, he continues, not just because a PEA costs a tenth of a feasibility study and can be done in one-third the time, but also because the company wants to get the economics out to potential investors as quickly as possible to test the market appetite among investors “to get serious about Black Iron again.”

“We’re also using part of the information to re-engage with potential offtake partners, people who won’t just buy the ore but will prepay for it to reduce the equity needed to start the mine. So we want to do that now, in parallel to doing the feasibility study, and start debt talks to try to get most of the financing arranged over the next year, and then look to start construction.”

Simpson pointed out that Black Iron divested Metinvest’s position in the company in January 2016 and owns 100% of the project. He also noted there has been a huge amount of work completed on the project already, and at a share price of just 10¢ (down from $1.40 per share at the time of the company’s international public offering in 2011 and 20¢ per share around the time of the Russian invasion), investors are getting a real bargain.

“In reality this company was largely de-risked and was almost ready to go into production, but because of the invasion and iron ore price falling, it’s an opportunity for people,” he said. “That’s where we are … we have an interesting story to tell, and it’s a great time for people to start looking seriously at us again.”

The company has 160 million shares outstanding for a market cap of nearly $16 million. Over the last year its shares have traded in a range of 3¢ per share in December 2016 and 16.5¢ per share in February 2017.

Shymanivske has 355.1 million tonnes grading 32% total iron and 19.5% magnetic iron in the measured category, and another 290.7 million tonnes grading 31.1% total iron and 17.9% magnetic iron in the indicated category. Inferred resources add 188.3 million tonnes grading 30.1% total iron and 18.4% magnetic iron.

The resources were based on a 10% magnetic iron cut-off grade.

The project, in central Ukraine and in the southern part of the KrivBass iron ore mining district, is less than 2 km from two open-pit iron ore mines owned by ArcelorMittal and Metinvest-Evraz Steel, which are mostly magnetite quartzite deposits.

There are seven operating open-pit mines in the district. TNM

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2017-11-21 10:48 PM

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NOVEMBER 27–DECEMBER 10, 2017 / THE NORTHERN MINER

A Q3 financial review of Canada’s largest gold producers GOLD

| Dushnisky, Garofalo and analysts discuss market caps, debt reduction and mine operations

BY MATTHEW KEEVIL

T

mkeevil@northernminer.com VANCOUVER

he Northern Miner presents a roundup of third-quarter results from Canada’s three largest gold producers by market capitalizatio n: Barrick Gold (TSX: ABX; NYSE: ABX); Agnico Eagle Mines (TSX: AEM; NYSE: AEM); and Goldcorp (TSX: G; NYSE: GG).

The review summarizes financial results, and highlights quotes from management and analysts.

Barrick Gold Barrick reported third-quarter gold production of 1.24 million oz. at all-in sustaining costs (AISCs) of US$772 per ounce. The company cut the upper end of its full-year guidance, which now sits between 5.3 and 5.5 million oz. at AISCs from US$790 to US$810 per ounce.

Barrick generated adjusted earnings per share (EPS) of 16¢ and generated US$225 million in free cash flow (FCF). The company finished the quarter with US$2 billion in cash and equivalents, and has US$1 billion in long-term debt.

Management noted that its goal of getting AISC below US$700 per oz. will be “a longer process than we would have originally envisioned” due to delayed technology rollouts and productivity enhancements, and cost inflation from suppliers.

Barrick also provided details on a fifty-fifty economic benefit agreement with the Tanzanian government pursuant to its 63.9% equity stake in Acacia Mining (LON: ACA). The company said the government’s share would come from a 16% free-carried interest, royalties and taxes.

Barrick shares have traded in a 52-week range of $18.52 to $27.19 per share, and closed at $18.87 at press time. The company has 1.2 billion shares outstanding for a $22-billion market capitalization.

Tele-remote operators working at Goldcorp’s Red Lake gold mine in Ontario. GOLDCORP

Kelvin Dushnisky, president, Barrick Gold: “Production levels were expected to be lower and cost higher in the quarter relative to what we expect to end the year. So we’ve narrowed our gold production and cost guidance ranges to reflect our latest expectations. We continue to focus on delivering positive free cash flow, and [keeping] our debt reduction on track.”

Tony Lesiak, analyst, Canaccord Genuity: “Management forecasts

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improved production in [the fourth quarter]. Barrick must maintain its financial discipline and continue to focus on margins [quality over quantity] in the face of a declining production profile to maintain its premium.”

Andrew Kaip, analyst, BMO Capital Markets: “Given the dispute between the government of Tanzania and Acacia, and uncertainty around the possible outcome, we do not expect Barrick shares to outperform near-term. Operating cash flow and free cash flow ... were slightly below expectations, as cash f low estimates were affected by an unfavourable working capital adjustment.”

Tanya Jakusconek, analyst, Scotia Capital Markets: “We view [the results] as neutral. Barrick’s total cash costs and AISCs came in 2% lower and 2% higher, respectively, versus our estimates. This resulted in overall earnings generally in line with our estimate and consensus.”

Agnico Eagle Mines Agnico reported 454,000 oz. in gold production during the second quarter at US$789 per oz. AISCs. The company boosted its full-year guidance for the second consecutive quarter to nearly 1.7 million oz., while expected AISCs were cut to between US$820 and US$870 per ounce.

Agnico registered a 28¢ adjusted EPS and generated US$49 million in negative FCF largely due to development and construction expenditures at its Meliadine and Amaruq projects in Nunavut.

The company reported a quarterend cash balance of US$856 million and US$1.5 billion in available credit, and US$1.37 billion in longterm debt. Agnico also increased its dividend by 10% to 44¢ per share.

The company shares have moved in a 52-week range of $46.91 to $71.15 per share, and closed at $58.08 at press time. It has 232 million shares outstanding for a $13.5-billion market capitalization.

Sean Boyd, president and CEO, Agnico Eagle Mines: “It was a very strong quarter driven by good, solid performances across all of the mines, but particularly at our LaRonde mine, which has been producing gold since 1988. We recently celebrated our 60th year in business and I would suggest that we’re probably in the strongest position we’ve ever been to drive cash flow and production and manage our costs over the next several years.”

Canaccord’s Lesiak: “Agnico continues to justify its valuation premium with another exceptional operating result. Gold production ... well exceeded our estimate and prevailing guidance, while total cash costs were also better than anticipated. It remains in a very solid financial position.”

BMO’s Kaip: “As expected, the strong production beat upped 2017 guidance and beat our earnings expectation. We expect shares of [Agnico] to outperform on these results. Higher production was driven primarily by grades and tonnes at LaRonde and incremental beats across the portfolio.”

Scotia’s Jakusconek: “Agnico’s production and costs came in well ahead of estimates. Focus remains on the development of the Nunavut platform (Meliadine and Amaruq) including obtaining key permits for Amaruq (expected in 2018).”

Goldcorp Goldcorp produced 633,000 oz. gold in the second quarter at US$827 per oz. AISCs. The company has 2.5 million oz. full-year guidance at AISC estimates of US$825 per ounce. Goldcorp had an 8¢ adjusted EPS and negative US$19-million FCF. It has US$2 billion in longterm debt.

On October 18, the company closed the sale of its San Nicolas copper-zinc project to Teck Resources (TSX: TECK.B; NYSE: TCK) for US$50 million.

Goldcorp said construction of surface infrastructure to develop

the exploration ramp at its Borden gold project in Ontario is complete.

Meanwhile, the company also expects a prefeasibility study on its NuevaUnion joint venture with Teck in first-quarter 2018.

Goldcorp shares have traded in a 52-week range of $15.56 to $23.35 per share, and closed at $17.15 at press time.

The company has 865 million shares outstanding for a $14.9-billion market capitalization.

David Garofalo, president and CEO, Goldcorp: “We’re now turning our attention exclusively to our existing operations and on the execution of what we believe is the most substantial pipeline in the gold industry. This means that we expect our harvest’s strong return from existing operations over the next five years, while we prepare the strongest investment cases possible for our next generation of large-scale opportunities.”

Canaccord’s Lesiak: “Goldcorp had a solid quarter and reported adjusted EPS modestly below our estimate, and consensus, of 10¢.

Goldcorp largely replaced reserves at [its] existing operations. Despite the near-term production decline at Red Lake, management remains optimistic in a [300,000 oz.] production profile with aggressive cost cutting and a move to bulk mining, helping to bring cash costs materially lower.”

BMO’s Kaip: “We continue to be constructive on Goldcorp’s longerterm outlook. However, in our view, the shares are unlikely to outperform the peer group until several key catalysts are delivered, which we do not expect until late 2017.”

Scotia’s Jakusconek: “The focus for the market is on the company achieving its 2017 operating targets; through three-quarters we believe it is tracking well to meet full-year guidance. It reported an in line quarter on the earnings front, with gold production in line and strong by-product contribution helping with the lower unit costs.” TNM

2017-11-21 10:48 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 27–DECEMBER 10, 2017

17

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17_NOV27_ProDirectory .indd 17

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2017-11-21 6:17 PM

18

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NOVEMBER 27–DECEMBER 10, 2017 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / NOVEMBER 13–17 The S&P/TSX Composite Index fell 0.25% to finish the trading week at 15,998.57, while the gold price climbed US$18.50 per oz., or 1.45%, to US$1,293.40 per ounce.

Shares of Endeavour Mining jumped $1.27 to $22.43 on exploration results from the company’s Houndé and Karma mines in Burkina Faso. At Houndé, drill results from the Kari Pump area of the Kari target included 43.39 grams gold per tonne over 6.2 metres, 8.75 grams gold over 12.2 metres and 4.81 grams gold over 9 metres. Infill and extension drilling at Kari Pump will start in early 2018 with a maiden resource to follow in the second half of next year. (Just 25% of the large gold-in-soil geochemical anomaly at Kari has been drilled and the other 75% will be drilled in the first six months of 2018.

The anomaly covers an area that is 6 km long and 2.5 km wide.) At Karma, reconnaissance drilling of the Yanonsgo target returned intercepts of 8.1 metres grading 15.8 grams gold, 6.3 metres of 11 grams gold and 9.9 metres of 6.67 grams gold. A maiden resource for Yanonsgo is expected in the first quarter of next year. At North Kao, oxide mineralization found on a parallel structure east of the North Kao deposit returned 33.2 metres of 4.13 grams gold and 22.8 metres of 4.18 grams gold. The company hopes to complete a resource on the parallel structure

in the first quarter of 2018.

Teck Resources climbed 70¢ to $27.98 per share on news that the board approved a supplemental dividend of 40¢ per share in addition to a share repurchase program valued at $230 million. The company said Class B subordinate voting shares will be made opportunistically through March 31, 2018, and explained that the move came from its “strong cash position and feedback from investors, who favour share repurchases over dividends.”

TMAC Resources announced the retirement of its CEO, Catharine Farrow. Farrow, a geologist with a PhD in earth sciences, led the team that reopened Hope Bay and transitioned the site from care and maintenance to commercial production in just four years.

TSX MOST ACTIVE ISSUES

IC Potash Lundin Mng First Quantum Yamana Gold Trevali Mng B2Gold Suncor Energy Potash Ridge Eldorado Gold Teck Res

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

ICP 21995 0.05 0.03 0.05 + 0.01 LUN 16317 10.12 8.95 9.42 - 0.44 FM 14397 16.59 14.53 14.87 - 1.23 YRI 14016 3.51 3.29 3.51 + 0.12 TV 12361 1.51 1.36 1.40 - 0.08 BTO 11720 3.55 3.32 3.51 + 0.16 SU 10904 46.66 44.30 45.21 - 0.98 PRK 10448 0.15 0.10 0.15 + 0.04 ELD 9799 1.63 1.44 1.61 + 0.09 TECK.B 9176 28.29 26.12 27.98 + 0.70

Shares of TMAC Resources finished the week at $8.57, up 88¢.

Trevali Mining fell 8¢ to $1.40 per share.

The company reported a US$7.8-million net loss in the third quarter, mostly owing to expenses related to its acquisition of Glencore’s African zinc mines. The company reported record concentrate sales revenues of US$81.6 million — up 86%, versus US$43.9 million in the third quarter of 2016. Earnings before

interest, taxes, depreciation and amortization totalled US$20 million. Income from mine operations reached US$28.4 million, up 250% from the US$8.1 million in the yearearlier quarter. Trevali finished the quarter with US$105.7 million in cash and working capital of US$135.5 million. The company produced 58.4 million payable lb. zinc, 12.5 million payable lb. lead and 433,442 payable oz. silver during the quarter. TNM

TSX GREATEST PERCENTAGE CHANGE

Atlatsa Res Potash Ridge IC Potash Wellgreen Plat Century Global Golden Star Gabriel Res Eastmain Res Avalon Adv Mat Largo Res Banro Corp Asanko Gold Erdene Res Dev Avesoro Res Redhawk Res Entree Gold Niocorp Dev Golden Queen Horizonte Mnls Heron Res

ATL PRK ICP WG CNT GSC GBU ER AVL LGO BAA AKG ERD ASO RDK ETG NB GQM HZM HER

870 10448 21995 490 20 1014 314 1418 1451 375 2307 8765 1655 586 318 530 614 892 1020 81

0.06 0.15 0.05 0.34 0.23 1.12 0.39 0.33 0.13 1.12 0.24 1.29 0.60 0.04 0.05 0.72 0.49 0.28 0.08 0.08

0.03 0.10 0.03 0.27 0.21 0.99 0.32 0.28 0.11 0.87 0.13 0.99 0.48 0.03 0.03 0.59 0.39 0.23 0.06 0.07

0.05 0.15 0.05 0.34 0.23 1.12 0.37 0.33 0.13 1.09 0.16 1.02 0.52 0.03 0.03 0.62 0.40 0.24 0.07 0.07

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

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Endeavour Mng Franco-Nevada Silver Wheaton Torex Gold Agrium TMAC Resources Pan Am Silver Teck Res Detour Gold Tahoe Res Seabridge Gld First Quantum Suncor Energy Lithium Amer North Am Pall Orocobre Lundin Mng Pretium Res Sierra Metals Osisko Mng Inc

80.0 38.1 28.6 17.5 15.4 14.3 14.1 13.8 13.6 13.5 59.0 17.7 14.8 14.3 14.3 13.9 13.0 13.0 12.5 12.5

VOLUME WEEK (000s) CLOSE CHANGE

EDV FNV WPM TXG AGU TMR PAAS TECK.B DGC THO SEA FM SU LAC PDL ORL LUN PVG SMT OSK

804 22.43 1537 107.71 4433 26.72 1111 14.37 1302 136.44 1219 8.57 1131 19.40 9176 27.98 4955 13.91 3781 5.97 317 14.31 14397 14.87 10904 45.21 3780 11.73 60 7.90 1339 5.63 16317 9.42 2997 14.06 28 3.07 2572 3.45

+ 1.27 + 1.21 + 1.19 + 1.01 + 0.94 + 0.88 + 0.84 + 0.70 + 0.44 + 0.44 - 1.49 - 1.23 - 0.98 - 0.82 - 0.69 - 0.47 - 0.44 - 0.40 - 0.40 - 0.34

TSX VENTURE EXCHANGE / NOVEMBER 13–17 The S&P/TSX Venture Composite Index gained 2.87 points to a 799.35-point close, as spot gold prices gained US$17.35 to US$1,292.42 per oz., and Comex copper prices edged up US1¢ to US$3.09 per pound.

Shares of Pacton Gold gained 28¢, or 350%, to 36¢ upon appointment of Alec Pismiris as the company’s new interim CEO, replacing Dominic Verdejo, who will take on the role of chairman. Pismiris previously held senior management positions for numerous ASX-listed companies, and specializes in acquiring and financing assets. Before the appointment, Pacton’s last press release was on June 21, when it tallied assay results from the first two drill holes at its Tully West gold project, 33 km northeast of Timmins, Ontario. The holes returned best intercepts of 0.8 metre of 6.75 grams gold per tonne, and 2.5 metres of 5.6 grams gold. Pacton’s other assets, Birch and Uchi, are next to First Mining Finance’s Springpole gold deposit in northwestern Ontario, and were acquired in March.

QMC Quantum Minerals gained 32¢ to 75¢ per sha re a f ter a n nou nci ng a $1.6-million private placement to advance its Cat La ke lit hium project in southeast Manitoba. QMC would issue 2.5 million units at 65¢ per unit, with

each unit comprising a share and half a warrant, with a full warrant exercisable into a share at 80¢ within 18 months.

On Nov. 1, QMC updated t he market on its exploration at Cat Lake, including overburden remova l to expose an open-ended, 400-metre strike length of the prospective, lithium-bearing Irgon pegmatite dike. QMC collected four channel samples from the dike this year, with assay results pending. The Irgon dike has a historical resource of 1.1 million tonnes of 1.51% lithium oxide over a 365-metre strike length to 213 metres deep.

Tasca Resources saw 18 million shares traded, with shares rising 9¢ to 34¢ apiece.

On Nov. 6, the junior explorer acquired the 37.1 sq. km Nadina property next to New TSX-V MOST ACTIVE ISSUES

Pacton Gold Portofino Res Tasca Res Leeta Gold Finlay Minrls Advantage Lith Argentina Lith Aldever Res Sparton Res Spearmint Res

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

PAC POR TAC HIVE FYL AAL LIT ALD SRI SRJ

23233 19500 18049 16139 10883 9582 9516 8309 7859 6951

0.37 0.19 0.62 4.05 0.34 1.29 0.60 0.07 0.13 0.05

0.09 0.11 0.25 3.02 0.13 0.91 0.29 0.04 0.06 0.03

0.36 0.14 0.34 3.66 0.16 1.14 0.34 0.05 0.12 0.05

+ + + - + - - + + +

0.28 0.04 0.10 0.41 0.04 0.16 0.10 0.02 0.04 0.01

Nadina Exploration’s Silver Queen polymetallic property, 40 km south of Houston in northcentral British Columbia. On Nov. 17, Tasca optioned the 620 sq. km Poplar property, contiguous to its newly acquired claim blocks, and along strike west of New Nadina’s Silver Queen. Historical drilling at Poplar outlined a historic resource of 131 million indicated tonnes of 0.31% copper,

0.009% molybdenum, 0.09 gram gold and 2.39 grams silver per tonne, and 132 million inferred tonnes of 0.27% copper, 0.005% molybdenum, 0.007 gram gold and 3.75 grams silver. Tasca is acquiring the property from a private vendor for 2.2 million Tasca shares, $4.7 million in staged cash payments and $2 million in exploration expenses over 48 months. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Pacton Gold Copper One Greenshield Ex Laurion Mnl Ex Mkango Res Resolve Vent Ross River Meadow Bay Gd Intercontinent Goliath Res Carmax Mng Cdn Arrow Themac Res Canstar Res Bullman Mnls Tethyan Res Blue Rvr Res Conquest Res Altan Nev Mnls Stroud Res

PAC CUO GRX.H LME MKA RSV RRM.H MAY ICAU GOT CUX CRO MAC ROX BUL TETH BXR CQR ANE SDR

23233 6064 6 1281 1342 5261 1177 785 29 432 294 407 233 2656 220 121 5021 1430 117 541

0.37 0.15 0.15 0.03 0.19 0.11 0.01 0.15 0.20 0.18 0.05 0.01 0.05 0.07 0.10 0.08 0.02 0.02 0.02 0.02

0.09 0.04 0.00 0.02 0.06 0.03 0.01 0.09 0.11 0.10 0.05 0.01 0.00 0.04 0.06 0.05 0.01 0.02 0.01 0.01

0.36 0.10 0.15 0.03 0.16 0.07 0.01 0.15 0.20 0.18 0.05 0.01 0.03 0.04 0.06 0.05 0.01 0.02 0.01 0.01

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 323.5 + 185.7 + 150.0 + 150.0 + 146.2 + 116.7 + 100.0 + 87.5 + 81.8 + 80.0 - 55.0 - 50.0 - 50.0 - 46.2 - 40.0 - 37.5 - 33.3 - 33.3 - 33.3 - 33.3

VOLUME WEEK (000s) CLOSE CHANGE

Kitrinor Mtls Garibaldi Res Metallis Res Kairos Cap QMC Quntm Ml Pacton Gold Chesapeake Gld Lara Expl Goldex Res Eloro Mnrls Novo Res Leeta Gold Gold Reserve SRG Graphite Discovery Met Osisko Metals Standard Lith Bear Creek Mng Ultra Lithium Crystal Lake

SCYB GGI MTS KRS QMC PAC CKG LRA GDX ELO NVO HIVE GRZ SRG DSV OM SLL BCM ULI CLM

172 3381 2937 1524 5664 23233 46 357 87 251 1950 16139 106 376 496 252 4004 455 875 1312

5.05 4.60 2.48 1.20 0.75 0.36 3.70 0.86 0.69 0.85 7.03 3.66 4.68 1.25 0.50 1.02 2.48 1.91 0.46 0.49

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

0.75 0.67 0.52 0.40 0.32 0.28 0.25 0.24 0.19 0.19 0.89 0.41 0.37 0.25 0.22 0.22 0.21 0.19 0.19 0.18

U.S. MARKETS / NOVEMBER 13–17 Gold closed Friday at US$1,293.40 per oz., up US$18.50 per ounce. The Philadelphia Gold and Silver Index rose 0.35% to 80.88 while the Dow Jones Industrial Average slipped 0.27% to 23,358.24 and the S&P 500 Index dipped 0.13% to 2,578.85.

Shares of Tahoe Resources rose 6.6% to US$4.66. In August 2017, the Guatemalan Supreme Court temporarily revoked Tahoe’s Escobal mining licence in response to lobbying from anti-mining organization CALAS. It alleged Guatemala’s Ministry of Energy and Mines violated the Xinca Indigenous Peoples’ rights of consultation by prematurely granting the Escobal licence in the first place.

The decision was reversed two weeks later.

The company announced strong thirdquarter results on Nov. 6, declaring a 10,000 oz. increase in gold production over the same quarter of the previous year. Revenue was down to $155 million from $234 million the previous year, but year-to-date revenue was up to $615 million from $595 million.

DRDGOLD shares rose 5.6% to US$3.77.

On Aug. 29 the company rejected a report released the same day by the Bench Marks Foundation entitled ‘Waiting to Inhale’ that

18_NOV27_MarketNews.indd 18

accused DRDGOLD of breaking environmental regulations for waste disposal around its Ergo plant near Johannesburg. The company categorically rebutted the claims, saying the report lacked “independent, credible research.”

In a July dividend report marking the end of the company’s fiscal year, it declared gold production was down 4% over the previous year and operating profit was down 41%.

However, CEO Niel Pretorius described the costs as “steps to position the company well for fiscal 2018 and beyond.”

Shares of Seabridge Gold fell US$1.25 to U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Vale* VALE 116578 10.19 9.53 10.11 + 0.04 Freprt McMoR* FCX 84567 14.64 13.22 13.86 - 0.55 Cleveland-Clif* CLF 47836 6.30 5.60 6.13 + 0.13 Barrick Gold* ABX 42484 14.18 13.84 14.07 + 0.09 United States S* X 42272 27.86 25.46 27.28 - 0.18 Yamana Gold* AUY 41200 2.75 2.57 2.74 + 0.06 Hecla Mining* HL 36904 4.08 3.63 3.88 - 0.16 Kinross Gold* KGC 36517 4.40 4.25 4.33 + 0.03 Eldorado Gold* EGO 32742 1.28 1.13 1.26 + 0.05 Goldcorp* GG 31896 13.49 13.06 13.41 + 0.16

US$11.20. The company had faced allegations from the South East Alaska Conservation Council claiming that Seabridge had not disclosed project documents or engaged properly with stakeholders regarding its KSM project in British Columbia. The non-governmental

group had also accused Seabridge of not exercising due diligence regarding the potential environmental and human rights impacts of its project. Canada’s National Contact Point dismissed the allegations after an initial assessment on Nov. 21. TNM

U.S. GREATEST PERCENTAGE CHANGE

NACCO Ind* NC CONSOL Energy* CNX Tahoe Res* TAHO Trecora Res* TREC DRDGOLD* DRD Fortuna Silvr* FSM Eldorado Gold* EGO McEwen Mng* MUX Silver Wheaton* WPM AngloGold Ash* AU Seabridge Gld* SA Intrepid Pots* IPI Mechel* MTL Vedanta* VEDL Sibanye Gold* SBGL Hecla Mining* HL Rio Tinto* RIO Freeport McMoR* FCX Pretium Res* PVG HudBay Mnls* HBM

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

183 46.60 42.55 46.20 + 6.9 19805 16.82 15.08 16.80 + 6.8 12918 4.74 4.29 4.66 + 6.6 272 12.30 11.40 12.20 + 5.6 277 3.77 3.49 3.77 + 5.6 4871 4.29 4.03 4.27 + 4.7 32742 1.28 1.13 1.26 + 4.1 8615 2.05 1.89 2.03 + 4.1 14013 21.17 20.02 20.92 + 3.9 11371 10.06 9.55 9.99 + 3.3 3885 12.70 11.10 11.20 - 10.0 4645 3.97 3.50 3.53 - 9.0 515 4.89 4.45 4.57 - 5.8 2515 19.37 17.96 18.94 - 4.6 10820 5.62 5.15 5.33 - 4.5 36904 4.08 3.63 3.88 - 4.0 11862 49.51 46.72 47.59 - 3.9 84567 14.64 13.22 13.86 - 3.8 10143 11.46 10.26 11.01 - 3.4 2755 8.20 7.15 7.70 - 3.1

U.S. GREATEST VALUE CHANGE

NACCO Ind* NC Black Hills* BKH CONSOL Energy* CNX Silver Wheaton* WPM Newmont Mng* NEM Trecora Res* TREC Teck Res* TECK AA Alcoa* Peabody Enrgy* BTU Franco-Nevada* FNV MartinMarietta* MLM Chevron Corp* CVX Rio Tinto* RIO Seabridge Gld* SA Suncor Energy* SU Southern Copp* SCCO Vedanta* VEDL Natural Res Pt* NRP Freeport McMoR* FCX Agnico Eagle* AEM

VOLUME WEEK (000s) CLOSE CHANGE

183 46.20 2850 58.93 19805 16.80 14013 20.92 19427 36.21 272 12.20 19177 21.93 22919 43.40 5538 31.49 2511 84.32 2288 207.72 26875 114.71 11862 47.59 3885 11.20 17559 35.40 3944 42.95 2515 18.94 818 25.35 84567 13.86 5774 44.60

+ 3.00 + 1.34 + 1.07 + 0.78 + 0.69 + 0.65 + 0.40 + 0.39 + 0.39 + 0.34 - 5.53 - 2.47 - 1.92 - 1.25 - 1.02 - 0.96 - 0.92 - 0.60 - 0.55 - 0.40

2017-11-21 10:14 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / NOVEMBER 27–DECEMBER 10, 2017

19

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

SPOT PRICES COURTESY OF SCOTIABANK Tuesday, November 21, 2017 Precious Metals Price (US$/oz.)

Change 1280.00 +6.30 Gold Silver $17.00 +0.07 Platinum $944.00 +14.00 Palladium $996.00 +8.00 Base Metals Nickel Copper Lead Zinc

Price (US$/tonne) Change $11845.00 +210.00 $6915.50 +81.00 $2477.00 +19.00 $3220.50 +27.00

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, November 20, 2017 (change from November 13, 2017 in brackets): Aluminium Alloy 12120 (+180) 1150875 (-14450) Aluminium Copper 241400 (-168175) 145800 (-475) Lead Nickel 379890 (-204) 2220 (+140) Tin 225250 (-7000) Zinc

Thermal Coal CAPP: US$40.00 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$55.50 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$11.75 Cobalt: US$27.90/lb.

Copper: US$3.06/lb.

Copper: CME Group Futures Dec. 2017: US$3.13/lb.; Jan. 2018: US$3.13/lb Ferro-Chrome: US$2.48/kg Ferro Titanium: US$3.77/kg FerroTungsten: US$25.52/kg Ferrovanadium: US$22.60/kg Iridium: NY Dealer Mid-mkt US$970.00/tr oz.

Iron Ore 62% Fe CFR China-S: US$61.60/tonne Iron Ore Fines: US$69.00/tonne Iron Ore Pellets: US$96.06/tonne Lead: US$1.10/lb.

Magnesium: US$2.26/kg Manganese: US$2.06/kg Molybdenum Oxide: US$7.26/lb.

Phosphate Rock: US$93.00/tonne Potash: US$218.00/tonne Rhodium: Mid-mkt US$1,515.00 tr. oz.

Ruthenium: Mid-mkt US$130.00/tr. oz.

Silver: Handy & Harman Base: US$16.95 per oz.; Handy & Harman Fabricated: US$20.34 per oz.

Tantalite Ore : US$123.61/kg Tin: US$8.87/lb.

Uranium: U3O8, Trade Tech spot price: US$23.15; The UX Consulting Company spot price: US$23.00/lb.

Zinc: US$1.45/lb.

Prices current Nov. 21, 2017

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Nov 01, 2017 (with changes from Oct 16, 2017) Largest short positions BTO 18957431 -29696 10/16/2017 B2Gold Sandstorm Gold SSL 15250295 -526236 10/16/2017 Eldorado Gold ELD 13615807 3154569 10/16/2017 Yamana Gold YRI 12547996 244322 10/16/2017 SU 11943457 -1488748 10/16/2017 Suncor Energy Asanko Gold AKG 11475011 -450581 10/16/2017 New Gold NGD 10649871 -584501 10/16/2017 OceanaGold OGC 10369618 102717 10/16/2017 IVN 9198017 -617485 10/16/2017 Ivanhoe Mines Turquoise HIl TRQ 8814618 289671 10/16/2017 ASR 7742073 698305 10/16/2017 Alacer Gold Nevsun Res NSU 6929010 265846 10/16/2017 Lundin Mng LUN 6833130 615320 10/16/2017 Alamos Gold AGI 6734805 1249675 10/16/2017 FR 6676999 -20774 10/16/2017 First Majestic Largest increase in short position Eldorado Gold ELD 13615807 3154569 10/16/2017 Alamos Gold AGI 6734805 1249675 10/16/2017 TV 2064288 1184308 10/16/2017 Trevali Mng Nemaska Lith NMX 1888837 825337 10/16/2017 ASR 7742073 698305 10/16/2017 Alacer Gold Largest decrease in short position Lithium Amer LAC 1277699 -4350919 10/16/2017 Suncor Energy SU 11943457 -1488748 10/16/2017 CXN 5500 -1056400 10/16/2017 Chalice Gold M Sherritt Intl S 1902468 -949795 10/16/2017 Premier Gold M PG 3326732 -771962 10/16/2017

Short positions outstanding as of Nov 01, 2017 (with changes from Oct 16, 2017) Largest short positions HIVE 4630800 2840700 10/16/2017 Leeta Gold Liberty One Li LBY 2630941 190409 10/16/2017 Lithium X Egy LIX 2342768 1093668 10/16/2017 Astorius Res ASQ 1400000 1400000 10/16/2017 NLC 1369300 1345300 10/16/2017 Neo Lithium Atlantic Gold AGB 1322717 -69183 10/16/2017 GGI 728000 599300 10/16/2017 Garibaldi Res QMC Quantum Ml QMC 644100 416000 10/16/2017 Millennial Lit ML 515104 -37616 10/16/2017 Barkerville Go BGM 459854 21754 10/16/2017 FCC 458000 440848 10/16/2017 First Cobalt Core Gold CGLD 448900 328400 10/16/2017 US Cobalt USCO 443000 440859 10/16/2017 Intl Lithium ILC 412600 406579 10/16/2017 West Af Res WAF 400200 395200 10/16/2017 Largest increase in short position Leeta Gold HIVE 4630800 2840700 10/16/2017 Astorius Res ASQ 1400000 1400000 10/16/2017 Neo Lithium NLC 1369300 1345300 10/16/2017 Lithium X Egy LIX 2342768 1093668 10/16/2017 GGI 728000 599300 10/16/2017 Garibaldi Res Largest decrease in short position Blue Rvr Res BXR 12200 -1002100 10/16/2017 Inca One Gold IO 950 -755217 10/16/2017 ABN 200 -553800 10/16/2017 Aben Res Explor Res EXS 2000 -395400 10/16/2017 MXL 157525 -360092 10/16/2017 MX Gold

DAILY METAL PRICES Daily Metal Prices Date Nov 20 Nov 17 Nov 16 Nov 15 Nov 14 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1835/1850 1840/1855 1840/1855 1840/1855 1840/1855 Aluminum 2067/2081.50 2076.50/2095 2105.50/2123 2081.50/2096 2084.50/2105 Copper 6751/6783 6727.50/6765 6763/6797 6715/6751 6821.50/6862 Lead 2429/2436 2407/2418 2422/2433 2419/2432 2476/2492 Nickel 11500/11540 11465/11515 11565/11630 11575/19475 12250/12330 Tin 19535/19400 19555/19450 19700/19600 19580/19475 19500/19450 3197.50/3164 3199/3157.50 3205/3163 3190/3130 3223/3191 Zinc PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.)

Gold AM 1292.35 1283.85 1277.70 1285.70 1273.70 Gold PM 1283.30 1284.35 1280.00 1282.20 1274.60 Silver 17.15 17.09 17.04 17.12 16.94 Platinum 935.00 937.00 931.00 937.00 926.00 Palladium 1000.00 997.00 983.00 981.00 987.00

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

Nov 17 Nov 16 Nov 15 Nov 14 Nov 13 1.2766 1.2747 1.2769 1.2741 1.2737 0.7833 0.7845 0.7832 0.7849 0.7851

Exchange rates (Quote Media, November 17, 2017) C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand C$ to AUS 1.0349 0.6640 87.7985 14.8210 10.9499 C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won C$ to UK Pound C$ to China Yuan 0.5925 5.1901 50.9295 0.7743 857.0241 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.3218 0.8481 112.1076 18.9215 13.9804 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.7569 6.6268 65.0155 0.9887 1094.6300

TSX WARRANTS Alamos Gold (AGI.WT) - Wt buys sh @ $28.47 to Aug 30/18 Alamos Gold (AGI.WT.A) - Wt buys sh @ $10.00 to Jan 7/19 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 Continental Gold Inc. (CNL.WT.A) - Wt buys sh @ $4.75 to Nov 26/17 Excellon Resources Inc (EXN.WT) - Wt buys sh @ $1.75 to Jul 26/18 GoGold Resources Inc. (GGD.WT) - Wt buys sh @ $1.7 to Jun 7/18 Golden Queen Mining Co (GQM.WT) - Wt buys sh @ $2 to Jul 25/19 Gran Colombia Gold (GCM.WT.A) - Wt buys sh @ $3.25 to Mar 18/19 HudBay Minerals (HBM.WT) - Wt buys sh @ $15 to Jul 20/18 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 MBAC Fertilizer (MBC.WT) - Wt buys sh @ $1 to Apr 17/19 Nemaska Lithium Inc (NMX.WT) - Wt buys sh @ $1.5 to Jul 8/19 Northern Dynasty Minerals Ltd. J (NDM.WT.B) - Wt buys sh @ $0.55 to Jun 10/21 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 Oban Mining J (OBM.WT) - Wt buys 20 sh @ $3 to Aug 25/18 Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.5 to Feb 18/22 Osisko Gold Royalties (OR.WT.A) - Wt buys sh @ $19.08 to Feb 26/19 Osisko Mining Inc. J (OSK.WT) - 20 Wt buys sh @ $3 to Aug 25/18 Pilot Gold Inc. Wt (PLG.WT) - Wt buys sh @ $0.9 to May 16/19 Prairie Provident Resources Inc Wt (PPR.WT) - Wt buys sh @ $0.87 to Mar 16/19

Primero Mining Corp (P.WT.C) - Wt buys sh @ $3.35 to Jun 24/18 Sandstorm Gold (SSL.WT.B) - One Warrant to purchase one common share of the Issuer at US $14.00 until expiry.

Sprott Resource Corp (SRHI.WT) - Wt buys sh @ $0.3333 to Feb 09/22 Timmins Gold Corp (TMM.WT) - Wt buy sh at $0.7 to May 30/18

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

Atlantic Gold (AGB.WT) - Wt buys sh @ $0.6 to Aug 20/18 Avino Silver & Gold Mines Ltd. (ASM.WT) - Wt buys sh @ US$0.2 to Nov 28/19 Brazil Resources (BRI.WT) - Wt buys sh @ $0.75 to Dec 31/18 Cornerstone Capital Resources (CGP.WT.S) - Wt buys sh @ $0.35 to Apr 07/19 Falco Resources Ltd. (FPC.WT) - One warrant to purchase one common share at $1.70 per share.

Goldmining Inc. (GOLD.WT) - Wt buys sh @ $0.75 to Dec 31/18 Goldstar Minerals (GDM.RT) - One Right to purchase one common share at $0.03 per share.

JDL Gold Corp. (JDL.WT) - Wt buy sh @ $3.00 to Oct 06/21 Jet Metal (JET.WT) - Wt buys sh @ $0.25 to Sep 16/19 Jet Metal (JET.WT.A) - Wt buys sh @ $0.5 to Feb 28/19 Kootenay Silver Inc. (KTN.WT) - Wt buys sh @ $0.55 to Apr 21/21 Monarques Gold (MQR.WT.A) - Wt buys sh @ $0.18 to Dec 15/17 Rainy Mountain Royalty Corp. (RMO.WT) - Wt buys sh @ $0.15 to Mar 1/18 and sh @ $0.25 from Mar 2/18 to Mar 1/19 Rainy Mountain Royalty Corp. (RMD.WT) - Wt buys sh @ $0.15 to Mar 1/18 and sh @ $0.25 from Mar 2/18 to Mar 1/19 Silvercrest Metals Inc. (SIL.WT) - Wt buys sh @ $3 to Dec 06/18 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 West Kirkland Mining (WKM.WT) - Wt buys sh @ $0.3 to Apr 17/19

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

Nov 17 Nov 16 Nov 15 Nov 14 Nov 13 High Low Index S&P/TSX Composite 15998.57 15935.37 15878.48 15913.13 16026.26 15527.30 12400.15 S&P/TSXV Composite 799.35 792.36 791.62 794.95 802.75 1050.26 883.52 S&P/TSX 60 947.86 944.77 941.71 943.28 949.28 896.74 709.99 S&P/TSX Global Gold 195.91 193.67 193.92 193.56 192.86 218.90 149.29 DJ Precious Metals 170.84 169.29 169.38 169.19 168.59 420.72 130.95

NEW 52-WEEK HIGHS AND LOWS NOVEMBER 13–17, 2017 105 New Highs

Abacus Mng &Ex* AgriMinco* Alchemist Mng Alphamin Res APAC Res Inc* Argentina Lith Argentina Lith* Argus Metals Argus Metals* Asbestos Corp Asiamet Res* Avarone Metals Bankers Cobalt Bankers Cobalt* Belvedere Res* Blackrock Gold* BonTerra Res BonTerra Res* Calaveras Res Cdn Intl Mnrls Cdn Intl Mnrls* Centaurus Diam* CMX Gold & Sil* Colorado Gold* Compass Gold Contact Mnrls* Copper Mtn Mng Copper Mtn Mng* Corvus Gold Dajin Res Dajin Res* DuSolo Fertil*

E3 Metals E3 Metals* Elcora Res* Ero Copper Explorex Res Far Res Far Res* Finlay Minrls Fiore Gold* Franco-Nevada Franco-Nevada* Fura Gems GNCC Capital* Gold Lakes* Gold Reach Res Goldrea Res* Greenshield Ex Group Ten Mtls* Inter-Rock Mnl Interconnect Intercontinent Intl Lithium Intl Lithium* Intl Prospect Kairos Cap Laredo Res* Lions Bay Cap Lithium Corp* Malbex Res* Maya Gold &Sil McChip Res Meadow Bay Gd Meadow Bay Gd* Mexican Gold*

Mineworx Tech Mineworx Tech* Mkango Res Neometals* New Nadina New Nadina* Noka Res* Pac Potash* Pacton Gold Peloton Mnrls* Portofino Res Power Metals Power Metals* PUF Vent Inc PUF Vent Inc * QMC Quantum Ml QMC Quantum Ml* Quartz Mtn Res* Rackla Mtls* Ravencrest Res Resolve Vent Rhyolite Res Rock Tech Lith* Sego Res Suncor Energy Suncor Energy* Syrah Res* Tasca Res Trinity Valley U3O8 Corp U3O8 Corp* Venture Mnrls* Wealth Mnrls Wealth Mnrls*

Westbay Vent Westcot Vent White Metal Rs Wolfden Res Wolfden Res*

96 New Lows

Aim Explor* Alamos Gold Altair Res Inc* Am CuMo Mng* Angkor Gold Arena Mnls Arian Res* Arianne Phosph Asante Gold Atacama Res* Atico Mng Aurcana Corp Auryn Res Balmoral Res Barrick Gold Belo Sun Mng Cascadero Copp Cdn Intl Mnrls* Coeur Mng* Colt Res* Coro Mining Discovery Met* Diversified Rs* East Africa El Capitan Prc* Eldorado Gold Eldorado Gold* Ely Gold & Mnl

Ely Gold & Mnl* Fairmont Res* First Mg Fin First Mg Fin * Fortuna Silvr Fortuna Silvr* Golden Arrow Golden Arrow* Golden Queen Golden Queen* Goldsource Min* Great Lakes Gr* Hecla Mining* IDM Mining* Intl Tower Hil* Kenadyr Mining Klondex Mines Kootenay Silvr La Imperial Latin Am Mnls* Liberty Silver Makena Res Maritime Res Matamec Expl Metallic Mnrls* Metals Creek* Midnight Star Mountain Prov New Milln Iron Niocorp Dev Niocorp Dev* NovaGold Res Olivut Res* Orvana Mnrls*

Prospero Silvr* Provenance Gld Quantum Cobalt Revival Gold * Royal Nickel Running Fox Rs* Saint Jean San Marco Res Sandspring Res Sandspring Res* Santacruz Silv Secova Mtls Secova Mtls* Silver Viper Silvercorp Met* SilverCrest Mt SilverCrest Mt* Solitario Ex&R* Southern Silvr Southern Silvr* Sprott Res Hld SSR Mining SSR Mining* Tanqueray Expl Tanzania Rlty Thunderstruck* Titan Mining Torq Resources* Wesdome Gold West Kirkland * Westhaven Vent Westmoreland* Xemplar Egy* Zenyatta Vent

CANADIAN GOLD MUTUAL FUNDS Fund Nov 17 ($) Nov 10 ($) Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) AGF Prec Mtls Fd MF 20.05 19.85 0.20 1.01 -11.56 2.80 124.94 BMO Prec Mtls Fd A 17.69 17.42 0.26 1.50 -2.85 2.40 61.14 BMO ZGD 9.40 9.25 0.15 1.60 -1.50 0.63 BMO ZJG 8.79 8.58 0.22 2.52 8.99 0.60 CIBC Prec Metal Fd A 10.10 9.93 0.17 1.67 -5.09 2.58 48.36 Dyn Prec Metls Fd A 6.50 6.46 0.04 0.62 4.35 2.66 341.69 GOGO 10.07 9.88 0.18 1.84 Horizons HEP 24.55 24.14 0.41 1.68 5.99 0.81 IG Mac GbPMetCl A 8.66 8.59 0.07 0.84 0.63 2.75 41.26 iShares XGD 12.23 12.02 0.21 1.76 0.63 0.55 770.59 Mac Prec Met Cl A 46.18 45.79 0.39 0.85 0.77 2.51 87.38 NBI PrecMetFd AdvDSC 12.24 12.08 0.16 1.32 -0.73 2.47 29.57 12.08 0.16 1.32 -0.73 2.47 29.57 NBI PrecMetFd AdvISC 12.24 NBI PrecMetFd AdvLSC 12.24 12.08 0.16 1.32 -0.73 2.47 29.57 NBI PrecMetFd Invt 12.24 12.08 0.16 1.32 -0.73 2.46 29.57 RBC GblPreMetFd A 32.46 32.28 0.18 0.55 2.27 2.13 357.43 10.00 0.00 Redw UITGoDe&ProCl A 10.00 Sentry Pre Met Fd A 38.56 37.83 0.74 1.95 -2.18 2.44 174.27 34.74 0.17 0.50 -2.28 2.96 199.14 Sprott Gold&PrMinFdA 34.91 Sprott SilverEquCl A 5.38 5.35 0.02 0.45 -12.54 3.36 119.00 TD PreciousMetalsInv 33.55 33.03 0.52 1.57 -3.71 2.27 122.61

GLOBAL MINING NEWS · SINCE 1915 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_NOV27_MMMM.indd 19

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

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

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

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

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

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

2017-11-21 6:11 PM

20

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: NOVEMBER 13–17, 2017 (100s) Stock

WWW.NORTHERNMINER.COM

NOVEMBER 27–DECEMBER 10, 2017 / THE NORTHERN MINER

Week

12-month

Exc Volume High Low Last Change High Low

A 92 Resources* O 229 0.10 0.09 0.10 + 0.01 0.11 0.07 92 Resources V 1617 0.14 0.11 0.12 - 0.01 0.18 0.07 Abacus Mng &Ex* O 577 0.70 0.56 0.58 - 0.05 2.88 0.06 Abacus Mng &Ex V 425 0.85 0.73 0.75 - 0.03 0.85 0.24 Abcourt Mines V 727 0.07 0.07 0.07 - 0.01 0.13 0.07 Abcourt Mines* O 60 0.06 0.05 0.05 - 0.01 0.10 0.05 ABE Resources V 248 0.40 0.34 0.38 - 0.01 0.57 0.18 Aben Res V 1716 0.13 0.11 0.13 + 0.01 0.50 0.07 Aben Res* O 285 0.10 0.08 0.10 + 0.01 0.41 0.05 Aberdeen Intl* O 75 0.14 0.12 0.12 - 0.00 0.15 0.09 Aberdeen Intl T 503 0.17 0.15 0.16 - 0.01 0.19 0.11 Abitibi Royalt* O 8 6.47 6.14 6.36 + 0.05 8.18 6.00 Abitibi Royalt V 9 8.25 7.82 8.12 + 0.12 10.75 7.41 AbraPlata Res* O 36 0.19 0.18 0.19 + 0.01 0.48 0.18 AbraPlata Res V 199 0.25 0.22 0.24 - 0.01 0.63 0.03 0.11 - 0.01 0.24 0.06 Adamera Mnls V 775 0.12 0.10 Adamera Mnls* O 112 0.09 0.07 0.08 - 0.00 0.18 0.04 Advance Gold V 30 0.07 0.00 0.07 + 0.01 0.13 0.05 Advanced Expl* O 20 0.00 0.00 0.00 - 0.00 0.00 0.00 V 9582 1.29 0.91 1.14 - 0.16 1.42 0.36 Advantage Lith Advantage Lith* O 2790 1.02 0.72 0.90 - 0.12 1.12 0.28 1.00 - 0.01 1.15 0.57 Adventus Zinc V 39 1.02 1.00 Affinity Gold* O 53 0.03 0.00 0.03 - 0.00 0.05 0.01 0.05 - 0.01 0.09 0.04 African Gold V 598 0.05 0.05 African Queen V 904 0.03 0.03 0.03 - 0.01 0.08 0.03 Aftermath Slvr* O 1 0.11 0.00 0.11 - 0.00 0.11 0.00 Aftermath Slvr V 3 0.15 0.00 0.15 - 0.03 0.19 0.04 Agnico Eagle* N 5774 45.80 44.48 44.60 - 0.40 51.86 35.05 Agnico Eagle T 2077 58.49 56.78 56.92 - 0.13 68.76 46.91 T 1302 136.96 132.33 136.44 + 0.94 146.99 115.16 Agrium Agrium* N 1513 107.62 103.51 106.86 - 0.01 111.88 87.82 Aguila Amer Gd V 14 0.23 0.22 0.23 + 0.01 0.45 0.18 Aim Explor* O 4950 0.00 0.00 0.00 - 0.00 0.04 0.00 Alabama Graph V 635 0.16 0.15 0.16 - 0.01 0.22 0.11 O 353 0.13 0.12 0.12 - 0.00 0.17 0.08 Alabama Graph* Alacer Gold T 2295 2.24 2.11 2.23 + 0.12 3.11 1.75 T 3402 8.29 7.79 8.15 + 0.22 11.83 7.79 Alamos Gold Alamos Gold* N 9670 6.50 6.10 6.39 + 0.13 9.00 5.95 0.05 + 0.01 0.07 0.03 Albert Mining* O 8 0.05 0.04 Albert Mining V 780 0.06 0.05 0.05 - 0.01 0.15 0.04 Alchemist Mng 9486 0.17 0.08 0.15 + 0.07 0.17 0.05 Alcoa* N 22919 43.87 40.62 43.40 + 0.39 50.31 28.01 Alderon Iron* O 16 0.19 0.17 0.19 + 0.02 0.60 0.17 Alderon Iron T 369 0.26 0.22 0.25 + 0.02 0.80 0.21 0.04 + 0.01 0.10 0.03 Aldershot Res V 120 0.04 0.03 Aldever Res V 8309 0.07 0.04 0.05 + 0.02 0.13 0.03 0.04 + 0.02 0.09 0.02 Aldever Res* O 85 0.05 0.02 Aldridge Min V 197 0.20 0.15 0.16 - 0.03 0.30 0.15 0.33 - 0.01 0.38 0.02 Alexandra Cap 256 0.34 0.28 Alexandria Min* O 543 0.05 0.04 0.05 - 0.01 0.07 0.03 Alexco Res* X 750 1.28 1.17 1.24 - 0.04 2.04 1.10 Alexco Res T 249 1.60 1.49 1.57 - 0.04 2.66 1.41 Algold Res* O 17 0.11 0.10 0.10 - 0.01 0.21 0.10 Alianza Min V 2989 0.08 0.06 0.07 - 0.01 0.16 0.06 V 3157 0.05 0.04 0.04 + 0.01 0.08 0.03 Alix Res Alix Res* O 65 0.04 0.04 0.04 - 0.01 0.06 0.02 Alliance Res* D 1208 19.00 18.15 18.85 - 0.10 25.95 17.65 Almaden Mnls* X 1259 0.94 0.85 0.92 - 0.00 1.75 0.75 Almaden Mnls T 132 1.19 1.09 1.17 + 0.01 2.33 1.01 1.25 + 0.10 1.95 0.89 Almadex Min V 503 1.39 1.10 Almadex Min* O 717 1.10 0.85 0.98 + 0.08 1.46 0.65 0.53 + 0.02 0.69 0.20 Almonty Ind V 36 0.54 0.52 Alopex Gold V 53 0.60 0.56 0.56 - 0.04 0.71 0.48 0.40 + 0.05 0.44 0.29 Alphamin Res V 1164 0.44 0.37 Alset Minerals* O 93 0.06 0.05 0.05 - 0.02 0.15 0.05 Alset Minerals V 1436 0.09 0.07 0.08 - 0.01 0.24 0.07 Altair Res Inc V 297 0.13 0.11 0.11 - 0.02 0.47 0.10 Altamira Gold V 566 0.21 0.19 0.20 - 0.01 0.34 0.14 Altamira Gold* O 94 0.17 0.15 0.15 - 0.00 0.31 0.11 117 0.02 0.01 0.01 - 0.01 0.03 0.01 Altan Nev Mnls V Altan Rio Mnls V 878 0.02 0.02 0.02 - 0.01 0.03 0.02 0.18 + 0.04 0.28 0.09 Altiplano Mnls V 2026 0.19 0.14 Altius Mnrls T 174 12.36 11.52 11.97 - 0.19 14.06 10.05 0.06 - 0.01 0.14 0.05 Alto Vent V 187 0.08 0.06 Altura Mng Ltd* O 3019 0.35 0.27 0.30 - 0.05 0.35 0.09 Alturas Mnrls V 424 0.04 0.03 0.03 - 0.01 0.05 0.02 Alumina Inc* O 33 6.97 6.68 6.69 - 0.15 7.57 4.74 ALX Uranium V 958 0.09 0.07 0.08 - 0.01 0.16 0.06 ALX Uranium* O 15 0.06 0.06 0.06 - 0.00 0.12 0.05 548 0.09 0.07 0.07 - 0.02 0.49 0.07 Am CuMo Mng V Am CuMo Mng* O 93 0.07 0.05 0.05 - 0.02 0.35 0.05 Am Manganese V 795 0.22 0.19 0.19 - 0.01 0.32 0.13 Am Manganese* O 200 0.17 0.15 0.16 - 0.00 0.25 0.10 Am Sierra Gold* O 67 0.03 0.00 0.03 - 0.00 0.05 0.01 0.19 + 0.05 0.39 0.11 Amador Gold V 2 0.19 0.00 Amarc Res* O 143 0.14 0.12 0.13 + 0.00 0.21 0.04 0.16 - 0.01 0.26 0.07 Amarc Res V 338 0.18 0.16 Amazing Energy* O 63 0.40 0.34 0.35 - 0.01 0.60 0.05 124 0.03 0.03 0.03 + 0.00 0.11 0.01 Amer Intl Vent* O American Lith V 79 0.59 0.56 0.56 - 0.03 3.40 0.33 American Lith* O 14 0.46 0.43 0.44 - 0.03 0.67 0.34 American Pot 1318 0.12 0.07 0.10 + 0.03 0.26 0.03 Americas Silvr* X 132 3.86 3.61 3.80 - 0.03 5.04 2.39 Americas Silvr T 296 4.90 4.66 4.80 - 0.02 6.11 2.70 0.85 + 0.02 0.90 0.24 Amerigo Res T 863 0.85 0.65 Amerigo Res* O 853 0.67 0.51 0.67 + 0.01 0.70 0.18 0.10 + 0.01 0.38 0.08 Amex Expl V 205 0.10 0.09 Anaconda Mng T 900 0.07 0.06 0.07 + 0.01 0.08 0.05 Anaconda Mng* O 35 0.06 0.05 0.06 + 0.00 0.07 0.04 Anfield Res* O 430 0.04 0.03 0.03 - 0.01 0.12 0.03 Anfield Res V 4512 0.06 0.04 0.04 - 0.02 0.16 0.04 Angel Gold* O 16 0.05 0.04 0.05 + 0.01 0.09 0.03 Angel Gold V 487 0.07 0.06 0.06 - 0.01 0.14 0.05 Angkor Gold V 255 0.20 0.17 0.19 - 0.01 0.43 0.17 Anglo American* O 288 9.94 9.41 9.58 - 0.31 10.07 5.95 Anglo American* O 5 19.55 18.69 18.95 - 0.57 19.74 12.19 Anglo-Bomarc V 1304 0.08 0.05 0.08 - 0.01 0.15 0.05 AngloGold Ash* N 11371 10.06 9.55 9.99 + 0.32 13.68 8.89 Antioquia Gold V 516 0.07 0.05 0.06 - 0.01 0.20 0.05 Antioquia Gold* O 43 0.05 0.04 0.05 + 0.00 0.14 0.04 0.25 - 0.03 0.67 0.24 Antler Gold V 110 0.30 0.24 Antofagasta* O 5 12.69 0.00 12.42 - 0.31 13.92 8.13 Apex Res V 75 0.10 0.00 0.09 + 0.01 0.15 0.06 Apogee Opport V 74 0.17 0.14 0.17 + 0.02 0.24 0.14 Apogee Opport * O 1 0.13 0.11 0.11 - 0.02 0.16 0.11 0.18 + 0.01 0.47 0.10 Appia Energy 242 0.19 0.14 Applied Mrnls* O 210 0.10 0.09 0.09 - 0.01 0.14 0.02 0.22 - 0.01 0.24 0.15 Aquila Res* O 140 0.23 0.20 Aquila Res T 160 0.28 0.26 0.28 - 0.01 0.32 0.21 78.79 + 0.05 86.36 60.13 Arch Coal* N 1195 79.63 76.25 Arctic Star* O 88 0.14 0.10 0.14 + 0.03 0.24 0.04 Arctic Star V 5169 0.19 0.13 0.17 + 0.05 0.38 0.06 Ardonblue Vent V 474 0.37 0.29 0.29 - 0.07 0.59 0.08 Arena Mnls* O 255 0.06 0.05 0.05 - 0.00 0.23 0.05 Argentina Lith* O 1226 0.48 0.23 0.27 - 0.06 0.48 0.07 Argentina Lith V 9516 0.60 0.29 0.34 - 0.10 0.60 0.08 Argentum Silvr V 141 0.20 0.19 0.20 - 0.01 0.59 0.17 Argex Titanium T 2953 0.06 0.05 0.06 - 0.01 0.10 0.04 Argex Titanium* O 138 0.05 0.04 0.05 - 0.01 0.08 0.03 Argo Gold* O 78 0.12 0.12 0.12 + 0.00 0.18 0.08 Argo Gold 58 0.17 0.15 0.17 + 0.01 0.26 0.06 Argonaut Gold* O 122 2.03 1.86 2.01 + 0.12 2.40 1.12 Argonaut Gold T 1730 2.61 2.38 2.56 + 0.15 2.98 1.48 Argus Metals* O 9 0.36 0.30 0.36 + 0.16 0.36 0.05 Argus Metals V 135 0.47 0.37 0.41 + 0.03 0.47 0.07 O 170 0.55 0.49 0.52 + 0.00 0.73 0.49 Arianne Phosph* Arianne Phosph V 262 0.70 0.62 0.69 - 0.01 0.97 0.62 Arizona Mng T 1621 3.36 2.93 3.10 - 0.18 3.68 1.70 Arizona Mng* O 95 2.63 2.40 2.45 - 0.15 3.50 1.30 Arizona Silver V 2037 0.28 0.18 0.22 - 0.05 1.23 0.12 Arizona Silver* O 197 0.21 0.15 0.17 - 0.04 0.91 0.13 Asanko Gold* X 6634 1.00 0.78 0.81 - 0.17 3.90 0.78 Asanko Gold T 8765 1.29 0.99 1.02 - 0.22 5.07 0.99 Asbestos Corp V 5 0.35 0.27 0.27 - 0.03 0.35 0.18 Ascot Res V 178 1.48 1.31 1.37 + 0.02 2.10 1.30 Ashburton Vent V 2696 0.09 0.00 0.08 + 0.01 0.34 0.06 Ashburton Vent* O 23 0.06 0.05 0.06 + 0.01 0.24 0.05 AsiaBaseMetals V 67 0.30 0.26 0.26 - 0.01 0.45 0.12 Asiamet Res* O 90 0.13 0.10 0.13 + 0.03 0.11 0.03 Asian Minl Res V 183 0.04 0.00 0.04 + 0.01 0.05 0.02 Aston Bay V 607 0.13 0.11 0.13 + 0.01 0.29 0.10 Astorius Res V 2043 0.20 0.15 0.15 - 0.01 0.30 0.06 ATAC Res V 571 0.51 0.46 0.50 + 0.02 0.89 0.32 Atacama Pacif V 180 0.80 0.66 0.80 + 0.10 0.83 0.26 Atacama Res* O 25653 0.00 0.00 0.00 + 0.00 0.52 0.00 Athabasca Mnls V 249 0.24 0.20 0.23 - 0.02 0.32 0.12 Athabasca Mnls* O 100 0.19 0.19 0.19 - 0.01 0.24 0.09 Atico Mng V 190 0.65 0.57 0.62 - 0.02 0.99 0.57 Atico Mng* O 124 0.54 0.44 0.49 - 0.00 0.75 0.42 Atlanta Gold* O 2 0.05 0.03 0.04 + 0.00 0.07 0.03 Atlantic Gold V 897 1.47 1.36 1.44 + 0.03 1.87 0.76 Atlatsa Res* O 657 0.03 0.02 0.03 + 0.01 0.07 0.01 Atlatsa Res T 870 0.06 0.03 0.05 + 0.02 0.10 0.02 Aton Res Inc V 1142 0.03 0.03 0.03 - 0.01 0.08 0.03 Aura Mnls T 23 1.85 1.71 1.75 - 0.09 2.15 1.30 Auramex Res V 188 0.06 0.05 0.06 + 0.02 0.09 0.02 Aurania Res* O 11 1.54 0.00 1.49 + 0.09 2.20 1.40 Aurania Res V 24 1.95 0.00 1.90 - 0.14 3.75 0.50 Aurcana Corp V 458 0.23 0.20 0.22 - 0.01 0.50 0.20

20-22_NOV27_StockTables.indd 20

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Aurcana Corp* O 58 AurCrest Gold V 746 AuRico Metals * O 288 AuRico Metals T 2950 Aurion Res * O 24 Aurion Res V 267 Aurvista Gold* O 837 Aurvista Gold V 2417 Auryn Res* X 430 Auryn Res T 1204 Austral Gold V 104 Auxico Res 339 Avalon Adv Mat* O 642 Avalon Adv Mat T 1451 Avarone Metals 631 Avesoro Res T 586 Avino Silver* X 692 Avino Silver V 135 Avrupa Mnls* O 53 Axmin Inc V 251 Axmin Inc* O 21 Azarga Mtls V 9 Azarga Mtls* O 4 T 70 Azarga Uranium Azarga Uranium* O 70 Azimut Expl V 1270 O 229 Azincourt Ener* Azincourt Ener V 890 Azteca Gold* O 1150

0.19 0.15 0.19 - 0.00 0.38 0.15 0.03 0.02 0.03 + 0.01 0.04 0.02 1.40 1.38 1.39 - 0.01 1.41 0.62 1.79 1.77 1.78 - 0.01 1.79 0.82 1.88 1.81 1.88 + 0.08 2.82 0.24 2.50 2.17 2.42 + 0.17 3.49 0.33 0.21 0.18 0.18 - 0.02 0.21 0.19 0.27 0.24 0.24 - 0.01 0.46 0.15 1.68 1.55 1.65 - 0.01 3.00 1.55 2.17 1.97 2.10 + 0.01 3.85 1.97 0.14 0.14 0.14 - 0.01 0.19 0.12 0.40 0.33 0.40 + 0.05 0.45 0.24 0.10 0.08 0.10 + 0.00 0.17 0.00 0.13 0.11 0.13 + 0.02 0.23 0.11 0.08 0.05 0.07 + 0.01 0.08 0.02 0.04 0.03 0.03 - 0.01 0.05 0.02 1.36 1.20 1.33 + 0.06 2.13 1.12 1.74 1.54 1.70 + 0.09 2.80 1.52 0.05 0.05 0.05 - 0.01 0.11 0.05 0.04 0.03 0.04 - 0.01 0.09 0.03 0.03 0.02 0.03 + 0.00 0.05 0.02 0.14 0.00 0.14 + 0.01 0.38 0.11 0.10 0.09 0.09 - 0.00 1.21 0.08 0.27 0.24 0.24 - 0.03 0.57 0.18 0.21 0.20 0.20 - 0.01 0.44 0.14 0.37 0.30 0.34 + 0.02 0.48 0.24 0.06 0.05 0.06 - 0.01 0.22 0.03 0.08 0.07 0.07 - 0.01 0.28 0.05 0.00 0.00 0.00 + 0.00 0.00 0.00

B2Gold* X 17767 T 11720 B2Gold Bacanora Mnls V 337 Balmoral Res T 848 Balmoral Res* O 428 Bandera Gold V 164 O 214 Bankers Cobalt* Bankers Cobalt V 3184 Bannerman Res* O 329 Banro Corp* X 11146 T 2307 Banro Corp Banyan Gold V 180 Banyan Gold* O 65 Bard Ventures V 98 Barkerville Go V 1355 O 206 Barkerville Go* Barrick Gold* N 42484 Barrick Gold T 8459 Barsele Min V 2625 Barsele Min* O 228 Batero Gold V 93 Bayhorse Silvr* O 26 Bayhorse Silvr V 340 Bayswater Uran V 108 O 17 Bayswater Uran* BCM Res V 22 V 33 BE Res Bear Creek Mng V 455 Bearing Lith* O 321 Bearing Lith V 645 Beaufield Res V 678 O 106 Beaufield Res* Beeston Ent* O 309 Bell Copper V 110 Belmont Res V 1323 Belo Sun Mng T 840 O 265 Belvedere Res* Benton Res V 550 Benz Mining V 148 Berkeley Egy* O 6 V 613 Berkwood Res Berkwood Res * O 50 Besra Gold* O 300 Big Wind Cap 3016 Bird River Res 820 O 75 Bitterroot Res* Bitterroot Res V 234 Black Dragon V 479 Black Dragon* O 78 Black Hills* N 2850 Black Iron T 1105 Black Sea Cop* O 103 237 Black Sea Cop V Blackheath Res V 412 V 733 Blackrock Gold BLOX Inc* O 30 Blue Moon Zinc V 1500 Blue Rvr Res V 5021 Blue Sky Uran* O 18 Blue Sky Uran V 713 Bluenose Gold V 5 Bluestone Res V 58 Bonanza Gldfds* O 1856 BonTerra Res* O 333 BonTerra Res V 4138 Borneo Res Inv* O 8184 BQ Metals V 715 Bravada Gold V 511 Bravada Gold* O 252 Braveheart Res V 375 Bravo Multinat* O 15 Brazil Mnrls* O 540 BrightRock Gld* O 40 Brilliant Sand* O 90 Brio Gold T 109 O 134 Britannia Mng* Brixton Mtls* O 73 Brixton Mtls V 203 Broadway Gold* O 68 Broadway Gold V 160 Bryn Res* O 51 Buccaneer Gold V 615 Buenaventura* N 5318 Bullman Mnls V 220 BWR Explor V 649

2.79 2.60 2.75 + 0.11 3.55 2.02 3.55 3.32 3.51 + 0.16 4.64 2.69 1.80 1.62 1.72 + 0.07 1.85 1.01 0.47 0.42 0.45 + 0.02 0.98 0.42 0.37 0.33 0.37 + 0.02 0.91 0.23 0.07 0.06 0.06 + 0.03 0.11 0.02 0.51 0.40 0.42 + 0.05 0.51 0.37 0.65 0.48 0.62 + 0.12 0.65 0.11 0.04 0.03 0.04 - 0.00 0.08 0.02 0.19 0.11 0.12 - 0.20 2.10 0.11 0.24 0.13 0.16 - 0.23 28.00 0.13 0.08 0.06 0.07 - 0.01 0.15 0.05 0.06 0.05 0.06 + 0.00 0.11 0.05 0.04 0.03 0.04 + 0.01 0.05 0.02 0.71 0.65 0.69 - 0.02 1.39 0.41 0.57 0.50 0.55 - 0.01 1.03 0.29 14.18 13.84 14.07 + 0.09 20.78 13.81 18.13 17.61 17.96 + 0.25 27.19 17.61 0.78 0.63 0.64 - 0.02 1.62 0.55 0.53 0.49 0.49 + 0.00 1.25 0.44 0.10 0.00 0.10 - 0.01 0.13 0.08 0.19 0.00 0.16 - 0.00 0.21 0.09 0.24 0.20 0.22 - 0.01 0.26 0.13 0.04 0.03 0.04 + 0.01 0.09 0.02 0.03 0.02 0.03 + 0.01 0.07 0.01 0.12 0.10 0.12 + 0.01 0.22 0.07 0.06 0.06 0.06 + 0.01 0.50 0.04 2.17 1.71 1.91 - 0.19 3.40 1.64 0.70 0.61 0.68 + 0.06 1.41 0.35 0.90 0.78 0.83 + 0.03 1.83 0.39 0.13 0.11 0.13 + 0.01 0.34 0.06 0.10 0.09 0.10 + 0.01 0.25 0.04 0.00 0.00 0.00 - 0.00 0.00 0.00 0.12 0.08 0.12 + 0.02 0.15 0.03 0.04 0.02 0.03 + 0.01 0.09 0.02 0.52 0.45 0.47 - 0.03 1.14 0.45 0.06 0.06 0.06 + 0.00 0.06 0.02 0.06 0.05 0.05 - 0.01 0.15 0.05 0.29 0.23 0.23 - 0.01 0.47 0.15 0.66 0.62 0.66 - 0.01 0.92 0.51 0.37 0.31 0.35 - 0.03 0.80 0.25 0.27 0.27 0.27 + 0.02 0.44 0.20 0.00 0.00 0.00 + 0.00 0.01 0.00 0.67 0.51 0.55 - 0.14 0.85 0.05 0.09 0.08 0.08 - 0.01 0.09 0.03 0.15 0.12 0.13 + 0.00 0.24 0.02 0.18 0.16 0.17 - 0.01 0.29 0.04 0.06 0.06 0.06 + 0.01 0.12 0.03 0.04 0.04 0.04 - 0.00 0.09 0.02 59.32 57.26 58.93 + 1.34 72.02 57.26 0.13 0.11 0.11 - 0.01 0.17 0.03 0.11 0.08 0.10 - 0.00 0.27 0.08 0.14 0.11 0.14 + 0.01 0.35 0.11 0.06 0.05 0.06 + 0.02 0.11 0.04 0.09 0.07 0.09 + 0.03 0.14 0.05 0.26 0.16 0.18 - 0.08 0.35 0.03 0.06 0.05 0.05 + 0.01 0.12 0.02 0.02 0.01 0.01 - 0.01 0.06 0.01 0.22 0.16 0.16 - 0.05 0.37 0.08 0.28 0.18 0.21 - 0.04 0.49 0.10 0.06 0.00 0.06 + 0.02 0.06 0.01 1.15 1.04 1.07 + 0.03 1.90 0.40 0.00 0.00 0.00 - 0.00 0.01 0.00 0.55 0.40 0.51 + 0.11 0.55 0.16 0.70 0.51 0.66 + 0.14 0.70 0.21 0.00 0.00 0.00 - 0.00 0.00 0.00 0.23 0.21 0.21 - 0.01 0.49 0.01 0.13 0.10 0.13 + 0.02 0.34 0.10 0.10 0.07 0.10 + 0.01 0.26 0.07 0.07 0.04 0.07 - 0.01 0.10 0.03 0.60 0.51 0.60 + 0.08 3.49 0.32 0.00 0.00 0.00 - 0.00 0.50 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 0.02 0.02 0.02 + 0.00 0.10 0.02 2.08 1.81 2.00 - 0.05 3.59 1.58 0.00 0.00 0.00 - 0.00 0.02 0.00 0.21 0.19 0.21 + 0.01 0.47 0.15 0.28 0.24 0.28 + 0.04 0.65 0.18 0.34 0.29 0.30 - 0.03 1.29 0.27 0.43 0.37 0.37 - 0.07 1.70 0.35 0.00 0.00 0.00 - 0.00 0.01 0.00 0.05 0.04 0.05 + 0.01 0.08 0.03 14.17 13.34 13.77 - 0.07 14.96 9.87 0.10 0.06 0.06 - 0.04 0.12 0.05 0.07 0.06 0.06 - 0.01 0.09 0.04

Cache Expl* O 47 Cadence Min* O 3 Cadillac Vent V 319 Calaveras Res 55 Caledonia Mng T 42 Caledonia Mng* X 60 California Gld V 97 California Go* O 6 O 463 Callinex Mines* Callinex Mines V 963 Cameco Corp* N 10164 Cameco Corp T 4637 Camino Mnls V 837 Camino Mnls* O 65 Camrova Res V 80 Camrova Res* O 3 Canada Coal V 531 Canada One V 339 Canadian Mng V 148 Canadian Zeol V 702 Canadian Zeol* O 9 O 134 CanAlaska Uran* CanAlaska Uran V 168 Canamex Gold* O 138 Canamex Gold V 434 Canarc Res T 250 Canarc Res* O 83 Canasil Res V 264 Candelaria Mg V 45 Candente Coppr T 452 Candente Gold* O 239 Candente Gold V 507 CANEX Metals V 136 CaNickel Mng V 36 182 Canoe Mng Vent V Canstar Res V 2656 Canstar Res* O 1803 Canterra Mnls V 383 Canuc Res* O 209 Canuc Res V 278 Canyon Copper V 50 Canyon Copper* O 14 Canyon Gold* O 10952 Capstone Mng T 3465 Caracara Silvr V 151 Cardero Res* O 54 Cardero Res V 159 Cardinal Res T 251 Cariboo Rose V 169 Carlin Gold V 472 Carmax Mng V 294 Carrara Explor 258

0.06 0.05 0.06 + 0.00 0.21 0.05 2.22 2.13 2.13 + 0.00 11.34 2.13 0.06 0.05 0.06 + 0.01 0.06 0.03 1.24 0.88 0.88 - 0.22 1.24 0.47 7.65 6.80 7.25 + 0.40 10.30 6.30 5.91 5.39 5.91 + 0.46 6.75 0.05 0.48 0.42 0.44 - 0.06 0.64 0.23 0.38 0.33 0.38 + 0.04 0.49 0.21 0.28 0.24 0.25 - 0.04 0.50 0.21 0.36 0.31 0.33 - 0.04 0.67 0.28 9.47 8.63 9.39 + 0.03 13.36 7.68 12.04 11.05 11.99 + 0.11 17.65 9.90 0.50 0.43 0.46 - 0.01 2.23 0.17 0.37 0.00 0.37 + 0.01 1.62 0.00 0.12 0.11 0.11 + 0.01 0.33 0.06 0.09 0.05 0.08 + 0.03 0.21 0.00 0.04 0.00 0.04 - 0.01 0.10 0.02 0.13 0.09 0.09 + 0.01 0.19 0.06 0.31 0.28 0.30 - 0.01 0.79 0.10 0.42 0.35 0.39 + 0.01 1.95 0.33 0.33 0.27 0.31 + 0.02 1.46 0.27 0.28 0.24 0.26 - 0.01 0.59 0.21 0.36 0.31 0.34 - 0.01 0.78 0.26 0.10 0.08 0.08 - 0.01 0.13 0.06 0.13 0.10 0.11 - 0.02 0.19 0.08 0.08 0.07 0.08 + 0.01 0.12 0.07 0.06 0.05 0.06 - 0.00 0.09 0.05 0.12 0.10 0.11 + 0.01 0.32 0.10 0.64 0.49 0.64 + 0.01 1.05 0.49 0.16 0.13 0.14 - 0.01 0.21 0.06 0.03 0.02 0.03 + 0.01 0.05 0.02 0.05 0.04 0.04 - 0.01 0.08 0.03 0.05 0.00 0.05 + 0.01 0.14 0.03 0.24 0.20 0.22 + 0.02 0.33 0.05 0.11 0.10 0.10 - 0.02 0.15 0.04 0.07 0.04 0.04 - 0.03 0.23 0.00 0.05 0.03 0.04 - 0.02 0.17 0.03 0.03 0.03 0.03 + 0.01 0.06 0.02 0.34 0.26 0.26 - 0.05 0.41 0.22 0.43 0.34 0.35 - 0.01 0.60 0.25 0.17 0.16 0.16 - 0.01 0.29 0.08 0.12 0.00 0.12 - 0.01 0.22 0.09 0.00 0.00 0.00 + 0.00 0.15 0.00 1.51 1.36 1.42 - 0.05 1.81 0.77 0.02 0.02 0.02 - 0.01 0.02 0.01 0.13 0.12 0.12 - 0.01 0.19 0.05 0.18 0.16 0.16 - 0.01 0.23 0.07 0.60 0.54 0.54 - 0.06 1.05 0.54 0.07 0.06 0.06 - 0.01 0.26 0.05 0.07 0.06 0.07 + 0.01 0.10 0.04 0.05 0.05 0.05 - 0.06 0.12 0.05 0.58 0.00 0.58 + 0.03 1.00 0.35

B

C

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Cartier Res V 334 0.22 0.18 0.21 + 0.01 0.38 0.15 Carube Copper V 119 0.07 0.00 0.07 + 0.01 0.14 0.05 Cascadero Copp V 658 0.08 0.07 0.07 - 0.01 0.16 0.07 Castle Peak Mg V 1136 0.02 0.02 0.02 - 0.01 0.04 0.01 Castle Silver* O 211 0.18 0.15 0.16 + 0.02 0.22 0.03 Castle Silver V 2318 0.23 0.17 0.20 + 0.02 0.30 0.02 Catalina Gold V 1799 0.03 0.00 0.03 + 0.01 0.08 0.02 Cautivo Mining 4 0.63 0.00 0.63 + 0.08 0.85 0.20 Cava Res V 499 0.26 0.21 0.21 - 0.05 0.32 0.15 Cavan Vent V 165 0.14 0.11 0.13 + 0.02 0.14 0.02 Cda Carbon* O 43 0.11 0.10 0.11 + 0.00 0.23 0.09 Cda Carbon V 103 0.14 0.13 0.13 - 0.01 0.31 0.11 Cda Rare Earth V 310 0.03 0.03 0.03 + 0.01 0.06 0.03 Cda Rare Earth* O 60 0.02 0.02 0.02 + 0.00 0.05 0.02 Cda Zinc Mtls V 496 0.29 0.26 0.28 - 0.02 0.48 0.22 0.01 - 0.01 0.03 0.01 Cdn Arrow V 407 0.01 0.01 Cdn Intl Mnrls V 672 0.25 0.01 0.22 - 0.09 0.70 0.11 Cdn Metals 503 0.10 0.07 0.09 + 0.02 0.16 0.05 Cdn Orebodies V 64 0.20 0.18 0.20 + 0.03 0.53 0.18 Cdn Platinum V 2160 0.02 0.02 0.02 - 0.01 0.05 0.01 Cdn Silvr Hunt V 145 0.10 0.08 0.08 - 0.01 0.12 0.02 0.16 - 0.01 0.32 0.15 Cdn Zinc T 1407 0.17 0.15 Cdn Zinc* O 197 0.14 0.12 0.13 - 0.01 0.24 0.11 Centamin T 15 2.34 2.22 2.34 + 0.10 3.23 1.84 Centaurus Diam* O 312 0.20 0.09 0.20 + 0.10 0.20 0.01 Centenera Mng* O 340 0.19 0.15 0.19 + 0.04 0.21 0.10 Centenera Mng V 547 0.25 0.19 0.20 - 0.02 0.30 0.15 Centerra Gold T 3687 7.67 7.40 7.58 - 0.05 9.35 5.56 Centurion Mnls V 149 0.04 0.04 0.04 - 0.01 0.09 0.03 Century Global T 20 0.23 0.21 0.23 + 0.03 0.72 0.13 Cerro Grande 519 0.02 0.00 0.01 - 0.01 0.08 0.01 Ceylon Graph V 180 0.19 0.17 0.18 - 0.01 0.45 0.16 Chalice Gold M* O 114 0.17 0.15 0.15 + 0.00 0.25 0.09 Champion Bear V 33 0.18 0.00 0.15 - 0.02 0.28 0.06 T 3302 1.38 1.19 1.37 + 0.10 1.47 0.36 Champion Iron Champion Iron* O 68 1.07 0.99 1.07 + 0.07 1.12 0.27 Chatham Rock V 28 0.49 0.40 0.40 - 0.14 0.90 0.20 Chesapeake Gld* O 36 2.91 2.60 2.91 + 0.18 3.45 2.28 Chesapeake Gld V 46 3.77 3.32 3.70 + 0.25 4.57 2.91 114.71 - 2.47 120.89 102.55 Chevron Corp* N 26875 117.77 113.90 Chilean Metals* O 82 0.05 0.04 0.04 - 0.02 0.24 0.04 Chilean Metals V 1548 0.07 0.06 0.06 - 0.01 0.33 0.06 China Gold Int T 2633 2.18 2.02 2.08 + 0.06 3.40 1.82 2 0.17 0.00 0.17 - 0.00 0.24 0.14 China Mnls Mng* O Cipher Res V 114 0.20 0.14 0.14 - 0.06 0.33 0.10 CKR Carbon V 5038 0.08 0.06 0.08 + 0.01 0.19 0.05 Claim Post Res V 225 0.09 0.07 0.07 - 0.01 0.13 0.02 Clean Comm V 715 0.06 0.05 0.05 - 0.01 0.15 0.05 0.04 + 0.01 0.09 0.03 Clean Comm* O 4 0.04 0.04 Cleghorn Mnls V 130 0.06 0.06 0.06 + 0.01 0.16 0.06 Cleveland-Clif* N 47836 6.30 5.60 6.13 + 0.13 12.37 5.56 Cloud Peak En* N 4693 4.40 4.11 4.30 + 0.06 6.65 2.78 CMC Metals V 201 0.08 0.07 0.07 - 0.01 0.15 0.07 CMX Gold & Sil* O 10 0.08 0.07 0.08 + 0.01 0.08 0.05 CMX Gold & Sil 89 0.10 0.05 0.10 + 0.05 0.10 0.04 CNRP Mng* O 599 1.43 1.01 1.18 - 0.07 1.98 0.02 Cobalt 27 Cap V 78 9.74 9.50 9.67 + 0.12 13.20 7.42 Cobalt Pwr Grp* O 514 0.12 0.09 0.10 - 0.01 0.16 0.06 Cobalt Pwr Grp V 3400 0.14 0.12 0.13 - 0.02 0.19 0.05 CobalTech M’g* O 228 0.14 0.12 0.14 + 0.01 0.32 0.08 Coeur Mng* N 10621 7.42 6.98 7.37 + 0.20 12.30 6.98 0.08 + 0.00 0.16 0.07 Colibri Res* O 261 0.08 0.08 Colibri Res V 84 0.14 0.11 0.12 - 0.02 0.28 0.08 O 67 0.01 0.00 0.01 + 0.00 0.02 0.00 Colombia Crest* Colonial Coal V 425 0.10 0.08 0.10 + 0.01 0.24 0.08 Colorado Res V 1786 0.26 0.22 0.25 + 0.03 0.46 0.18 0.19 + 0.01 0.37 0.13 Colorado Res* O 154 0.20 0.17 Columbus Gold* O 403 0.60 0.55 0.58 - 0.01 0.83 0.31 Columbus Gold T 285 0.75 0.70 0.73 - 0.01 1.09 0.42 Commander Res V 563 0.05 0.04 0.04 - 0.01 0.07 0.03 Commerce Res V 1857 0.10 0.09 0.09 - 0.01 0.11 0.05 Commerce Res* O 35 0.07 0.07 0.07 - 0.00 0.09 0.04 Comstock Mng* X 5719 0.60 0.37 0.40 - 0.20 1.55 0.37 Comstock Mtls V 208 0.09 0.07 0.09 + 0.01 0.20 0.07 Confedertn Ml* O 2 0.53 0.50 0.50 - 0.02 0.80 0.39 Confedertn Mls V 191 0.69 0.60 0.68 - 0.02 1.06 0.46 Conquest Res V 1430 0.02 0.02 0.02 - 0.01 0.05 0.01 CONSOL Energy* N 19805 16.82 15.08 16.80 + 1.07 22.34 13.55 Constantine Mt V 413 0.21 0.17 0.18 - 0.03 0.35 0.09 O 88 0.18 0.06 0.18 + 0.12 0.18 0.05 Contact Mnrls* Contintl Gold T 1827 3.29 3.10 3.12 - 0.11 5.75 2.62 2.46 - 0.12 4.39 1.90 Contintl Gold* O 49 2.58 2.43 Contintl Prec* O 19 0.22 0.21 0.22 + 0.01 0.35 0.11 Contintl Prec V 19 0.30 0.28 0.30 + 0.02 0.44 0.25 403 0.05 0.03 0.03 + 0.01 0.11 0.02 Copper Ck Gold V Copper Fox Mtl* O 35 0.11 0.10 0.11 + 0.00 0.15 0.08 Copper Lake Rs V 1420 0.03 0.03 0.03 - 0.01 0.08 0.03 Copper Mtn Mng* O 85 1.47 1.20 1.24 - 0.14 1.47 0.49 1.85 1.51 1.61 - 0.13 1.85 0.64 Copper Mtn Mng T 2203 Copper North M V 586 0.08 0.06 0.08 + 0.01 0.13 0.06 Copper North M* O 10 0.06 0.04 0.05 - 0.00 0.10 0.00 Copper One * O 31 0.12 0.00 0.09 + 0.06 0.16 0.03 Copper One V 6064 0.15 0.04 0.10 + 0.07 0.20 0.03 845 0.02 0.02 0.02 - 0.01 0.04 0.01 Copper Reef Mg Copperbank Res 1226 0.13 0.11 0.12 - 0.01 0.18 0.05 Copperbank Res* O 88 0.10 0.08 0.10 - 0.00 0.14 0.04 Coral Gold * O 32 0.29 0.27 0.27 - 0.00 0.30 0.20 Coral Gold V 144 0.36 0.34 0.36 + 0.02 0.40 0.27 Cordoba Mnls* O 517 0.49 0.41 0.46 - 0.00 1.21 0.35 0.58 - 0.01 1.59 0.46 Cordoba Mnls V 601 0.61 0.53 Core Gold V 269 0.29 0.26 0.27 - 0.01 0.45 0.18 Core Gold* O 17 0.22 0.21 0.22 + 0.03 0.32 0.13 Corex Gold V 2449 0.17 0.14 0.15 - 0.02 0.18 0.10 Corex Gold* O 214 0.13 0.11 0.12 - 0.01 0.13 0.07 Cornerstone Ca V 957 0.25 0.22 0.23 - 0.02 0.55 0.15 Cornerstone Ca* O 148 0.20 0.17 0.19 - 0.01 0.44 0.10 Cornerstone Mt* O 139 0.28 0.22 0.23 - 0.04 0.33 0.13 Cornerstone Mt V 366 0.32 0.27 0.29 - 0.03 0.41 0.04 Coro Mining T 2108 0.11 0.09 0.10 - 0.01 0.20 0.09 Coronet Mtls* O 14 0.13 0.11 0.11 - 0.02 0.40 0.07 Corsa Coal * O 21 1.17 1.11 1.14 + 0.00 2.93 1.00 Corsa Coal V 77 1.53 1.40 1.47 + 0.02 3.82 1.34 Corvus Gold* O 167 1.06 0.92 1.05 + 0.08 1.07 0.37 Corvus Gold T 392 1.36 1.22 1.29 + 0.04 1.36 0.50 Cresval Cap V 305 0.05 0.04 0.04 - 0.01 0.06 0.04 Critical Elem* O 86 1.41 1.29 1.31 - 0.10 1.48 0.36 1.68 - 0.10 1.85 0.48 Critical Elem V 820 1.79 1.65 Cruz Cobalt* O 346 0.16 0.15 0.16 - 0.01 0.23 0.09 Crystal Explor V 961 0.10 0.07 0.08 + 0.01 0.16 0.05 Crystal Lake V 1312 0.69 0.42 0.49 - 0.18 0.80 0.16 Crystal Lake* O 83 0.52 0.34 0.39 - 0.11 0.58 0.13 Crystal Peak* O 117 0.30 0.29 0.30 + 0.00 0.42 0.22 Curlew Lke Res V 181 0.90 0.75 0.85 + 0.05 1.49 0.10 Cypress Dev* O 42 0.14 0.13 0.13 + 0.02 0.16 0.06

D-F Dajin Res* O 1987 Dajin Res V 3069 Daleco Res* O 70 Dalradian Res* O 253 Dalradian Res T 2935 Damara Gold V 107 Danakali* O 2 Darnley Bay* O 41 Decade Res* O 300 Decade Res V 917 Declan Res 68 Deep-South Res V 858 Defiance Silvr V 122 Defiance Silvr* O 38 Delrand Res V 50 Denison Mines T 5640 Denison Mines* X 6085 Desert Gold V 39 Detour Gold T 4955 Diamante Min* O 199 Diamcor Mng* O 78 Diamcor Mng V 162 Diamond Fields V 78 Discovery Harb V 154 Discovery Met V 496 Discovery Met* O 46 Ditem Explor* O 10 Diversified Rs* O 70 DNI Metals* O 91 Dolat Ventures* O 29356 Dolly Vard Sil* O 144 Dolly Vard Sil V 132 DRDGOLD* N 277 283 Duncan Park H V Dundee Prec Mt T 473 Dunnedin Vent* O 7 Duran Vent V 307 Durango Res V 1073 DV Resources V 757 Dynacor Gld Mn T 134 Dynacor Gld Mn* O 44 Dynamic Gold* O 5 Dynasty Gold V 100 E3 Metals* O 375 Eagle Graphite V 658

0.17 0.12 0.14 - 0.01 0.17 0.06 0.22 0.15 0.18 - 0.02 0.22 0.08 0.01 0.01 0.01 - 0.00 0.02 0.00 1.16 1.04 1.16 + 0.09 1.37 0.79 1.49 1.32 1.47 + 0.13 1.78 1.08 0.16 0.13 0.15 - 0.01 0.18 0.04 0.58 0.54 0.54 - 0.04 0.65 0.28 0.16 0.14 0.16 + 0.02 0.44 0.14 0.08 0.07 0.08 - 0.00 0.16 0.03 0.10 0.09 0.09 - 0.01 0.20 0.04 0.24 0.20 0.21 + 0.01 0.30 0.06 0.21 0.19 0.21 + 0.02 0.33 0.08 0.26 0.22 0.26 + 0.03 0.45 0.21 0.19 0.17 0.18 - 0.01 0.35 0.16 2.28 2.05 2.26 - 0.09 2.44 0.60 0.70 0.56 0.70 + 0.03 1.10 0.50 0.56 0.44 0.55 + 0.02 0.84 0.38 0.30 0.26 0.30 + 0.03 0.40 0.14 14.03 13.10 13.91 + 0.44 21.48 13.01 0.05 0.04 0.04 - 0.02 0.21 0.02 0.33 0.32 0.32 - 0.01 0.94 0.29 0.45 0.40 0.42 - 0.03 1.28 0.37 0.11 0.09 0.09 - 0.02 0.23 0.09 0.07 0.05 0.05 - 0.02 0.12 0.05 0.74 0.48 0.50 - 0.22 0.92 0.48 0.60 0.42 0.42 - 0.17 0.69 0.42 0.00 0.00 0.00 - 0.00 0.00 0.00 0.03 0.02 0.02 - 0.00 0.30 0.02 0.07 0.06 0.07 - 0.00 0.13 0.00 0.08 0.05 0.06 - 0.02 0.16 0.00 0.52 0.48 0.51 + 0.01 0.71 0.35 0.66 0.62 0.63 - 0.01 0.88 0.45 3.77 3.49 3.77 + 0.20 6.67 2.84 0.02 0.01 0.02 + 0.01 0.02 0.01 2.81 2.58 2.81 + 0.11 3.70 1.87 0.15 0.13 0.13 - 0.02 0.31 0.13 0.05 0.04 0.04 - 0.01 0.13 0.04 0.08 0.07 0.07 - 0.01 0.36 0.05 0.18 0.16 0.16 - 0.01 0.63 0.02 1.98 1.83 1.88 - 0.11 2.75 1.82 1.56 1.44 1.49 - 0.13 2.10 1.37 1.90 1.00 1.90 + 0.73 2.00 0.25 0.16 0.00 0.13 - 0.03 0.32 0.12 0.77 0.60 0.69 + 0.09 0.77 0.28 0.04 0.03 0.04 + 0.01 0.05 0.02

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

0.28 0.00 0.24 - 0.01 0.33 0.17 398 V East Africa 0.18 0.18 0.18 - 0.01 0.24 0.13 2 O East Africa * 0.08 0.07 0.08 + 0.01 0.74 0.05 295 East Asia Mnls V 0.19 0.25 + 0.00 0.35 O 1 0.25 0.24 Eastern Platin* 0.23 0.32 + 0.01 0.48 Eastern Platin T 236 0.33 0.31 0.03 0.04 + 0.01 0.08 Eastfield Res V 282 0.04 0.03 0.21 0.26 + 0.03 0.48 Eastmain Res* O 243 0.26 0.22 0.28 0.33 + 0.04 0.64 Eastmain Res T 1418 0.33 0.28 0.15 0.28 0.05 + 0.22 0.17 0.22 168 Mnls Oro Eco 0.18 0.12 0.18 + 0.03 0.65 0.09 66 Eco Oro Mnls* O 0.36 0.83 - 0.11 1.22 O 1353 0.99 0.82 eCobalt Solns* 0.48 1.05 - 0.13 1.48 eCobalt Solns T 2444 1.22 1.05 0.04 0.03 0.04 - 0.00 2.35 0.03 El Capitan Prc* O 1897 0.02 0.02 0.02 - 0.02 0.03 0.01 7 El Nino Vent* O 0.04 0.02 0.04 + 0.01 0.05 0.02 858 V El Nino Vent 0.13 0.39 + 0.12 0.40 Elcora Res V 857 0.39 0.26 0.12 0.31 + 0.11 0.30 Elcora Res* O 276 0.31 0.20 1.13 1.26 + 0.05 3.91 32742 1.28 1.13 N Eldorado Gold* 1.44 1.61 + 0.09 5.13 Eldorado Gold T 9799 1.63 1.44 0.30 0.66 + 0.04 0.68 Eloro Mnrls* O 121 0.66 0.59 0.36 0.85 + 0.19 0.87 Eloro Mnrls V 251 0.85 0.70 0.11 0.10 0.10 - 0.02 0.20 0.10 344 Ely Gold & Mnl V 0.09 0.08 0.08 - 0.02 0.16 0.08 339 Ely Gold & Mnl* O 0.26 0.29 - 0.01 0.49 Elysee Dev V 50 0.31 0.29 0.25 0.22 0.22 - 0.01 0.37 0.20 43 O Elysee Dev * 0.07 0.11 - 0.01 0.22 Emerita Res V 461 0.13 0.11 0.13 0.13 + 0.00 0.25 Emgold Mng* O 2 0.15 0.13 0.15 0.19 + 0.02 0.40 Emgold Mng V 14 0.20 0.18 0.07 0.28 + 0.10 0.30 Empire Rock V 78 0.29 0.23 0.67 0.86 + 0.10 1.24 EMX Royalty* X 313 0.89 0.76 0.85 1.13 + 0.14 1.60 EMX Royalty V 246 1.15 1.00 0.03 0.03 - 0.00 0.13 O 60 0.03 0.03 Encanto Potash* 13.00 17.53 + 0.67 21.89 O 44 17.60 16.60 Endeavour Mng* 17.37 22.43 + 1.27 28.81 Endeavour Mng T 804 22.54 21.07 1.94 2.14 - 0.01 4.90 N 6069 2.16 2.03 Endeavr Silver* 2.50 2.72 - 0.01 6.44 Endeavr Silver T 878 2.74 2.59 0.04 0.08 + 0.02 0.10 V 512 0.08 0.06 Endurance Gold 1.29 0.12 2.71 + 1.81 Energy Fuels* X 1631 1.81 1.56 1.66 2.31 + 0.15 3.53 Energy Fuels T 821 2.31 1.99 0.05 0.08 + 0.03 0.18 O 57 0.08 0.05 Enforcer Gold* 0.07 0.10 + 0.02 0.28 Enforcer Gold V 3516 0.11 0.08 0.05 0.16 - 0.00 0.50 Engold Mines* O 70 0.16 0.16 0.07 0.20 - 0.02 0.68 Engold Mines V 397 0.21 0.19 0.03 0.05 - 0.03 0.12 Ensurge* O 48 0.08 0.05 0.34 0.62 - 0.10 0.94 Entree Gold T 530 0.72 0.59 0.21 0.49 - 0.07 0.72 Entree Gold* X 681 0.58 0.46 0.03 0.07 + 0.01 0.10 Equitorial Ex* O 367 0.07 0.05 0.03 0.11 + 0.03 0.14 Equitorial Ex V 4279 0.11 0.07 0.48 0.37 0.43 - 0.06 1.00 0.29 101 Erdene Res Dev* O 0.60 0.48 0.52 - 0.09 1.40 0.37 Erdene Res Dev T 1655 0.08 0.09 + 0.02 0.42 Erin Ventures V 399 0.10 0.08 4.70 6.54 + 0.23 6.92 Ero Copper T 263 6.92 6.16 3.88 5.06 - 0.21 5.27 Ero Copper* O 1 5.06 5.05 0.13 0.12 0.13 + 0.01 0.17 0.10 30 Eros Res Corp* O 0.17 0.16 0.16 - 0.01 0.21 0.15 201 Eros Res Corp V 0.17 0.16 0.16 - 0.01 0.21 0.15 201 Eros Res Corp V 0.16 0.36 + 0.06 0.45 Eskay Mng V 130 0.38 0.30 0.12 0.25 - 0.01 0.33 V 77 0.25 0.20 Essex Minerals 0.10 0.19 - 0.01 0.23 Ethos Gold* O 39 0.21 0.18 0.13 0.21 - 0.04 0.30 Ethos Gold V 74 0.25 0.20 0.02 0.03 + 0.01 0.13 Eureka Res V 864 0.03 0.03 1.44 1.30 1.33 - 0.11 2.02 0.62 127 T Euro Sun Mg 1.13 1.05 1.05 - 0.08 1.55 0.47 17 Euro Sun Mg* O 0.20 0.21 - 0.02 0.53 O 26 0.22 0.20 EurOmax Res* 0.26 0.27 - 0.03 0.75 EurOmax Res T 159 0.28 0.26 0.00 0.00 - 0.00 0.01 13042 0.00 0.00 O European Metal* 0.03 0.03 + 0.00 0.09 Everton Res* O 3 0.03 0.03 0.13 0.29 - 0.04 0.41 Evolving Gold 30 0.33 0.28 0.10 0.25 - 0.04 0.32 O 50 0.29 0.21 Evolving Gold* 0.16 0.25 - 0.01 0.36 Evrim Res V 201 0.28 0.23 0.92 1.30 - 0.06 1.87 Excellon Res* O 463 1.39 1.24 1.22 1.66 - 0.07 2.30 Excellon Res T 850 1.77 1.58 0.37 0.93 - 0.07 1.18 O 248 1.00 0.81 Excelsior Mng* 0.47 1.16 - 0.09 1.48 Excelsior Mng T 1721 1.27 0.98 0.02 0.02 0.02 - 0.00 0.03 0.01 263 ExGen Res Inc* O 0.04 0.00 0.09 0.05 - Explor Res* O 371 0.06 0.04 0.11 0.30 + 0.06 0.32 Explorex Res 222 0.32 0.26 0.02 0.02 - 0.01 0.16 Fairmont Res V 719 0.03 0.02 0.02 0.01 - 0.01 0.07 Fairmont Res* O 104 0.02 0.01 0.77 0.99 - 0.02 1.65 Falco Res V 1266 1.01 0.90 0.84 0.71 0.76 - 0.04 1.17 0.57 102 O Falco Res * 0.04 0.04 - 0.01 0.10 Falcon Gold V 205 0.05 0.04 0.03 0.06 + 0.01 0.08 Fancamp Expl V 215 0.06 0.05 0.06 0.54 + 0.15 0.57 Far Res 14211 0.57 0.38 0.05 0.41 + 0.10 0.45 Far Res* O 943 0.45 0.30 2.50 2.00 2.31 - 0.11 3.00 1.55 58 Filo Mg Corp V 0.04 0.16 + 0.04 0.34 Finlay Minrls V 10883 0.34 0.13 0.22 0.55 - 0.03 0.75 Fiore Gold* O 334 0.75 0.51 0.65 0.69 - 0.04 1.10 Fiore Gold V 968 0.77 0.66 0.01 0.02 + 0.01 0.04 Firebird Res V 281 0.02 0.00 0.04 0.12 - 0.03 0.15 Firesteel Res V 3075 0.14 0.12 0.03 0.09 - 0.01 0.15 Firestone Vent V 223 0.10 0.00 0.67 0.69 + 0.02 1.00 Fireweed Zinc V 108 0.70 0.67 0.03 0.08 + 0.01 0.12 O 339 0.08 0.07 Firma Holdings* 0.03 0.03 + 0.01 0.07 First Bauxite V 136 0.03 0.03 0.64 0.51 0.57 + 0.02 0.67 0.31 343 First Cobalt * O 0.22 0.72 + 0.04 0.92 First Cobalt V 1293 0.73 0.66 0.02 0.03 - 0.01 0.06 First Energy* O 25 0.04 0.03 8.72 8.21 8.65 + 0.23 14.36 7.51 First Majestic T 2154 6.84 6.41 6.79 + 0.16 10.92 5.92 First Majestic* N 10759 0.46 0.39 0.45 + 0.04 0.84 0.39 First Mg Fin * O 3351 0.58 0.50 0.56 + 0.03 1.10 0.50 T 3161 First Mg Fin 0.05 0.08 + 0.01 0.12 First Point* O 692 0.09 0.07 14.87 - 1.23 17.55 9.69 First Quantum T 14397 16.59 14.53 0.07 0.05 0.06 + 0.01 0.13 0.05 V 2570 Fission 3.0 0.53 0.70 + 0.02 0.92 Fission Uran T 3639 0.70 0.63 0.40 0.55 + 0.02 0.70 Fission Uran* O 1303 0.55 0.49 0.07 0.27 - 0.03 0.47 O 14 0.30 0.25 Fjordland Exp* 0.10 0.34 - 0.01 0.59 Fjordland Exp V 337 0.40 0.32 0.04 0.07 - 0.01 0.11 O 546 0.08 0.06 Focus Graphite* 0.06 0.09 - 0.01 0.15 V 1143 0.09 0.08 Focus Graphite 0.19 0.33 + 0.01 0.47 Foran Mng V 233 0.39 0.32 0.07 0.16 + 0.01 0.28 Forsys Metals T 268 0.16 0.12 0.08 0.30 0.07 - 0.24 0.24 0.24 97 Fort St James V 3.35 3.50 - 0.24 5.50 O 9 3.75 3.50 Fortescue Mtls* 5.13 5.45 + 0.28 9.18 Fortuna Silvr T 1451 5.48 5.13 4.03 4.27 + 0.19 6.92 Fortuna Silvr* N 4871 4.29 4.03 0.30 0.37 - 0.00 0.56 Fortune Bay* O 6 0.40 0.00 0.10 0.19 - 0.02 0.34 Fortune Mnrls T 2773 0.20 0.18 0.07 0.15 - 0.01 0.26 O 1132 0.16 0.14 Fortune Mnrls* 0.04 0.06 - 0.01 0.17 V 732 0.06 0.05 Forum Uranium 0.03 0.05 - 0.00 0.12 O 314 0.05 0.05 Forum Uranium* 0.06 0.06 0.06 + 0.00 0.10 0.02 9 Fox River Res* O 53.31 84.32 + 0.34 85.67 N 2511 85.67 82.95 Franco-Nevada* 107.71 + 1.21 109.25 71.44 Franco-Nevada T 1537 109.25 105.63 0.00 0.00 + 0.00 0.01 Franklin Mng* O 2 0.00 0.00 0.06 0.06 - 0.01 0.14 Freedom Egy V 157 0.08 0.06 0.08 0.10 - 0.01 0.19 Freegold Vent T 451 0.12 0.09 11.05 13.86 - 0.55 17.06 N 84567 14.64 13.22 Freeport McMoR* 0.08 0.14 - 0.02 0.20 Fremont Gold V 288 0.16 0.14 13.18 17.47 + 0.31 22.27 Fresnillo plc* O 5 17.47 16.85 0.24 0.67 - 0.05 0.78 Frontier Lith V 1288 0.76 0.56 0.01 0.02 + 0.01 0.04 Frontline Gold V 309 0.03 0.02 0.12 0.67 + 0.01 0.70 Fura Gems V 406 0.70 0.65

G-H Gabriel Res T 314 Gainey Capital V 644 Galane Gold V 2892 Galantas Gold V 324 Galway Mtls* O 113 Galway Mtls V 239 Garibaldi Res V 3381 444 Garibaldi Res * O GB Minerals V 28 General Moly* X 984 Genesis Mtls* O 131 Genesis Mtls V 747 V 504 Gensource Pot Gentor Res V 57 O 28 Geologix Expl* Geologix Expl V 965 O 5 Geomega Res* 308 Gespeg Cop Res V O 35 GFG Resources* GGL Res V 25 GGX Gold V 434 GGX Gold* O 21 Giga Metals V 559 Giga Metals* O 132 Giyani Gold V 50 Giyani Gold* O 10 Glacier Lake V 63 O 148 Gldn Predator* 736 Glen Eagle Res V Glencore Plc* O 1088 Global Energy V 689 Global Li-Ion 564 Global Li-Ion* O 315 Globex Mng* O 10 GMV Minerals V 100

0.26 0.37 + 0.05 0.59 0.39 0.32 0.09 0.14 + 0.03 0.24 0.15 0.10 0.05 0.06 - 0.01 0.12 0.07 0.05 0.07 0.08 - 0.01 0.15 0.09 0.08 0.18 0.28 + 0.00 0.36 0.29 0.27 0.23 0.36 + 0.01 0.45 0.36 0.33 0.10 4.60 + 0.67 5.27 4.60 3.30 3.62 2.64 3.59 + 0.42 4.12 0.08 0.04 0.06 + 0.01 0.09 0.06 0.00 0.25 0.29 + 0.01 0.72 0.30 0.28 0.08 0.08 - 0.02 0.18 0.10 0.08 0.09 0.10 - 0.02 0.22 0.12 0.09 0.06 0.07 - 0.01 0.25 0.07 0.07 0.07 0.17 + 0.04 0.20 0.17 0.13 0.03 0.03 - 0.00 0.07 0.03 0.03 0.05 0.05 - 0.01 0.09 0.05 0.05 0.04 0.07 - 0.00 0.12 0.07 0.07 0.06 0.05 0.06 + 0.01 0.08 0.02 0.39 0.47 + 0.03 1.00 0.47 0.44 0.10 0.16 + 0.01 0.25 0.17 0.16 0.07 0.14 + 0.01 0.24 0.14 0.12 0.09 0.11 + 0.01 0.17 0.11 0.09 0.05 0.67 - 0.10 0.92 0.80 0.58 0.11 0.49 - 0.13 0.72 0.60 0.46 0.23 0.31 - 0.01 0.58 0.31 0.28 0.19 0.25 - 0.01 0.44 0.26 0.23 0.05 0.08 - 0.01 0.19 0.09 0.08 0.38 0.53 - 0.02 1.59 0.55 0.50 0.21 0.19 0.19 - 0.03 0.31 0.09 9.56 8.99 9.35 - 0.19 10.22 6.36 0.10 0.12 + 0.01 0.67 0.13 0.11 0.30 0.72 - 0.08 0.97 0.80 0.71 0.23 0.57 - 0.05 0.80 0.64 0.57 0.28 0.37 + 0.01 0.48 0.37 0.37 0.27 0.31 - 0.02 0.61 0.36 0.30

2017-11-21 6:10 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 27–DECEMBER 10, 2017

21

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

Week

12-month

Exc Volume High Low Last Change High Low

GMV Minerals* O 107 GoGold Res T 785 Gold Fields* O 4 22347 Gold Fields* N Gold Lakes* O 321 Gold Mng USA* O 1579 Gold Reach Res V 469 Gold Reserve* O 52 Gold Reserve V 106 Gold Resource* X 1521 Gold Std Vents* X 1695 Gold Std Vents T 1028 Gold Torrent* O 17 Goldbelt Emp V 145 Goldcliff Res V 209 Goldcliff Res* O 66 Goldcorp* N 31896 Goldcorp T 7457 Golden Arrow* O 661 Golden Arrow V 719 Golden Cariboo V 9 Golden Dawn Ml V 1134 Golden Dawn Ml* O 4 Golden Eagle* O 182 Golden Global* O 48 O 84 Golden Goliath* Golden Goliath V 200 Golden Harp V 3 Golden Hope V 234 Golden Hope* O 1 Golden Queen T 892 Golden Queen* O 1207 Golden Reign V 172 Golden Star T 1014 Golden Star* X 8649 Golden Sun* O 317 Golden Tag V 849 Golden Valley* O 25 Golden Valley V 157 Goldex Res V 87 Goldgroup Mng T 394 O 120 Goldgroup Mng* GoldON Res V 82 V 1709 GoldQuest Mng Goldrea Res 1198 Goldrea Res* O 5 Goldrich Mng* O 196 O 491 Goldsource Min* Goldstream Mnl V 160 Goldstrike Res V 565 Goliath Res V 432 Gossan Res V 117 GoviEx Uranium V 2667 O 508 GoviEx Uranium* Gowest Gold V 474 Gowest Gold* O 443 GPM Metals V 162 Gran Colombia T 271 Gran Colombia* O 57 Granada Gold* O 51 Grande Portage V 184 Graphite Corp* O 14215 Graphite Egy 8 Graphite One* O 291 Gray Rock Res V 81 Great Atlantic V 338 Great Bear Res V 169 313 Great Lakes Gr* O Great Panther* X 2343 Great Panther T 445 Green Swan Cap V 302 V 657 Greencastle Rs Greenland M&En* O 326 V 6 Greenshield Ex Grenville Gold V 460 Grizzly Discvr* O 75 Group Ten Mtls* O 80 Group Ten Mtls V 383 GrowMax Res* O 88 GT Gold V 1525 O 185 GT Gold * GTA Res & Mng V 716 V 185 Guerrero Vents Gungnir Res* O 242 Gunpoint Expl V 12 Guyana Gldflds T 2576 V 352 Guyana Goldstr Handa Copper* O 0 Handa Copper V 105 Handeni Gold* O 1 V 140 Hannan Metals Hannan Metals* O 108 Happy Ck Mnrls V 207 Harfang Explor V 35 Harte Gold* O 341 Harvest Gold V 410 Hawkeye Gld&Di V 418 Heatherdale Rs V 296 Hecla Mining* N 36904 Hellix Vent* O 61 Hemcare Health* O 46 Heron Res T 81 Highbank Res V 100 Highland Copp V 305 Highland Copp* O 28 Highway 50 Gld V 88 HiHo Silver 307 Hinterland Mtl V 515 Hochschild Mg* O 54 Homeland Egy V 10 Honey Badger E V 153 Horizonte Mnls T 1020 HudBay Mnls* N 2755 HudBay Mnls T 7102 Hudson Res V 91 Hudson Res* O 7 Hunt Mng* O 22 Hunt Mng V 22

0.28 0.23 0.23 - 0.05 0.49 0.22 0.46 0.42 0.44 - 0.01 0.99 0.41 3.95 0.00 3.95 - 0.27 4.80 3.04 4.06 3.76 4.05 + 0.09 4.70 2.60 0.44 0.01 0.06 - 0.44 140.00 0.01 0.03 0.02 0.02 + 0.00 0.03 0.00 0.20 0.14 0.16 + 0.02 0.20 0.09 3.92 3.50 3.68 - 0.22 5.16 1.94 5.05 4.61 4.68 - 0.37 6.75 2.61 3.98 3.70 3.95 + 0.10 6.27 3.08 1.58 1.41 1.47 - 0.11 2.95 1.25 2.00 1.80 1.90 - 0.11 3.85 1.61 0.85 0.72 0.76 + 0.01 1.10 0.51 0.02 0.02 0.02 + 0.01 0.06 0.01 0.19 0.17 0.18 - 0.01 0.39 0.11 0.15 0.13 0.14 - 0.02 0.33 0.08 13.49 13.06 13.41 + 0.16 17.87 11.91 17.22 16.64 17.10 + 0.29 23.35 15.56 0.38 0.30 0.37 + 0.05 0.71 0.30 0.48 0.37 0.48 + 0.08 0.97 0.37 0.14 0.09 0.09 - 0.05 0.19 0.05 0.28 0.25 0.27 - 0.02 0.42 0.19 0.22 0.20 0.20 - 0.02 0.32 0.14 0.09 0.07 0.07 - 0.01 0.11 0.02 0.01 0.01 0.01 - 0.00 0.36 0.00 0.04 0.02 0.03 - 0.01 0.07 0.02 0.04 0.03 0.03 - 0.01 0.08 0.03 0.12 0.00 0.12 + 0.05 0.24 0.07 0.12 0.10 0.11 + 0.01 0.27 0.07 0.09 0.00 0.09 + 0.02 0.18 0.07 0.28 0.23 0.24 - 0.04 1.09 0.24 0.23 0.17 0.18 - 0.03 0.83 0.17 0.30 0.26 0.27 - 0.02 0.37 0.20 1.12 0.99 1.12 + 0.14 1.33 0.76 0.87 0.76 0.87 + 0.09 1.01 0.59 0.00 0.00 0.00 + 0.00 0.00 0.00 0.05 0.04 0.04 + 0.01 0.08 0.03 0.22 0.22 0.22 + 0.01 0.38 0.20 0.28 0.27 0.27 - 0.01 0.50 0.24 0.69 0.50 0.69 + 0.19 1.04 0.44 0.06 0.05 0.06 + 0.01 0.18 0.05 0.05 0.04 0.04 - 0.00 0.13 0.04 0.15 0.12 0.15 + 0.01 0.23 0.10 0.31 0.27 0.31 + 0.02 0.59 0.22 0.10 0.06 0.07 + 0.02 0.14 0.03 0.07 0.00 0.05 + 0.01 0.07 0.01 0.03 0.02 0.03 + 0.00 0.06 0.02 0.07 0.05 0.05 - 0.00 0.23 0.05 0.07 0.00 0.07 - 0.01 0.14 0.05 0.26 0.21 0.23 - 0.03 0.43 0.12 0.18 0.10 0.18 + 0.08 0.40 0.04 0.09 0.00 0.09 - 0.01 0.09 0.05 0.28 0.21 0.28 + 0.04 0.44 0.09 0.22 0.16 0.22 + 0.02 0.34 0.07 0.15 0.14 0.14 - 0.01 0.25 0.10 0.12 0.11 0.11 + 0.00 0.18 0.08 0.08 0.08 0.08 - 0.01 0.18 0.07 2.07 1.90 1.97 + 0.06 2.23 1.20 1.61 1.52 1.52 + 0.03 1.81 1.02 0.03 0.03 0.03 + 0.00 0.07 0.03 0.29 0.23 0.24 - 0.06 0.71 0.14 0.00 0.00 0.00 + 0.00 0.01 0.00 0.80 0.70 0.71 + 0.01 0.80 0.40 0.04 0.03 0.04 - 0.00 0.09 0.03 0.30 0.26 0.28 - 0.03 0.57 0.12 0.13 0.09 0.11 + 0.01 0.24 0.07 0.34 0.26 0.33 + 0.03 0.50 0.13 0.06 0.00 0.06 + 0.01 0.08 0.02 1.22 1.14 1.15 - 0.02 2.28 1.11 1.55 1.45 1.47 - 0.01 2.95 1.44 0.08 0.06 0.07 + 0.01 0.13 0.05 0.12 0.09 0.12 + 0.02 0.14 0.07 0.10 0.08 0.08 - 0.01 0.16 0.03 0.15 0.00 0.15 + 0.09 0.15 0.04 0.13 0.00 0.13 + 0.01 0.14 0.09 0.05 0.04 0.04 - 0.01 0.05 0.02 0.17 0.15 0.17 + 0.02 0.17 0.06 0.22 0.17 0.22 + 0.03 0.24 0.08 0.08 0.06 0.06 - 0.02 0.13 0.06 0.91 0.74 0.81 + 0.03 2.76 0.10 0.73 0.58 0.64 + 0.02 2.24 0.25 0.05 0.04 0.05 + 0.02 0.08 0.04 0.03 0.02 0.02 - 0.01 0.04 0.01 0.12 0.10 0.11 + 0.01 0.17 0.02 0.19 0.18 0.19 + 0.01 0.31 0.18 4.67 4.30 4.61 + 0.18 8.11 3.96 0.35 0.25 0.35 - 0.03 0.38 0.14 0.07 0.00 0.07 + 0.01 0.07 0.04 0.10 0.00 0.09 - 0.01 0.18 0.05 0.05 0.00 0.05 - 0.06 0.14 0.04 0.28 0.26 0.28 + 0.02 0.51 0.15 0.22 0.20 0.22 + 0.01 0.39 0.18 0.21 0.19 0.19 - 0.03 0.29 0.13 0.29 0.24 0.24 - 0.05 0.35 0.03 0.35 0.32 0.34 - 0.02 0.66 0.19 0.06 0.05 0.05 - 0.01 0.07 0.03 0.07 0.06 0.07 - 0.01 0.22 0.06 0.07 0.05 0.06 - 0.01 0.12 0.03 4.08 3.63 3.88 - 0.16 6.78 3.63 0.05 0.03 0.05 + 0.02 0.23 0.00 0.03 0.02 0.03 + 0.01 0.23 0.01 0.08 0.07 0.07 - 0.01 0.17 0.06 0.03 0.02 0.03 + 0.01 0.05 0.02 0.16 0.14 0.14 + 0.01 0.18 0.08 0.11 0.00 0.11 - 0.01 0.14 0.06 0.40 0.31 0.31 - 0.09 0.66 0.08 0.06 0.00 0.05 + 0.01 0.18 0.03 0.03 0.02 0.02 - 0.01 0.06 0.02 3.15 3.09 3.15 + 0.06 4.37 2.25 0.27 0.24 0.27 + 0.03 2.25 0.18 0.05 0.00 0.05 + 0.01 0.20 0.04 0.08 0.06 0.07 - 0.01 0.09 0.03 8.20 7.15 7.70 - 0.25 9.35 4.60 10.39 9.18 9.81 - 0.30 11.95 6.13 0.44 0.40 0.43 - 0.01 0.80 0.32 0.34 0.32 0.32 - 0.03 0.60 0.24 0.15 0.14 0.14 - 0.01 0.25 0.11 0.19 0.17 0.17 - 0.02 0.35 0.13

I-Minerals V 193 I-Minerals* O 50 IAMGOLD* N 29166 IAMGOLD T 6433 IC Potash* O 259 IC Potash T 21995 Icon Explor V 457 Iconic Mnls V 392 IDM Mining* O 297 iMetal Res V 1037 IMPACT Silver V 678 Imperial Metal T 428 Imperial Metal* O 59 Inca One Gold V 191 Inception Mng * O 4 Independence G V 615 Independence G* O 29 Inform Res V 37 Inomin Mines V 807 Inspiration Mg 646 Inter-Rock Mnl V 183 Intercontinent V 29 Intercontinent* O 0 Intgr Egy Sol* O 14252 Intl Battery* O 325 Intl Bethl Mng V 194 Intl Cobalt* O 46 Intl Cobalt 2103 Intl Corona V 140 Intl Lithium* O 965 Intl Lithium V 2661 Intl Montoro V 325 Intl Prospect V 439 Intl Tower Hil* X 819 Intl Tower Hil T 430 Intrepid Pots* N 4645 INV Metals* O 64 INV Metals T 83 Inventus Mg * O 58 Inventus Mg V 550 InZinc Mining V 432 InZinc Mining* O 50 Ireland* O 440 Ironside Res V 86 Irving Res 91 Irving Res* O 53 IsoEnergy Ltd V 704 Itafos* O 33 Itafos V 44 Itoco Mg Corp* O 52

0.35 0.32 0.34 + 0.01 0.60 0.27 0.26 0.25 0.26 + 0.01 0.44 0.20 5.92 5.60 5.75 - 0.16 7.25 3.16 7.51 7.13 7.34 - 0.15 8.87 4.24 0.04 0.01 0.03 + 0.01 0.10 0.01 0.05 0.03 0.05 + 0.01 0.12 0.02 0.10 0.03 0.09 + 0.02 0.10 0.01 0.05 0.04 0.05 + 0.01 0.20 0.04 0.09 0.08 0.09 + 0.01 0.14 0.08 0.07 0.05 0.06 - 0.01 0.09 0.04 0.35 0.29 0.32 + 0.01 0.88 0.28 2.99 2.44 2.74 - 0.20 7.89 2.35 2.32 1.93 2.07 - 0.15 5.86 1.84 0.08 0.07 0.07 - 0.01 0.37 0.06 0.27 0.00 0.27 + 0.02 0.80 0.11 0.14 0.10 0.12 - 0.01 0.28 0.10 0.11 0.09 0.10 + 0.00 0.21 0.09 0.39 0.00 0.39 + 0.04 0.39 0.06 0.05 0.04 0.05 + 0.01 0.10 0.02 0.03 0.03 0.03 - 0.01 0.09 0.01 0.45 0.32 0.43 + 0.08 0.45 0.05 0.20 0.11 0.20 + 0.09 0.20 0.06 0.13 0.00 0.13 - 0.02 0.16 0.04 0.00 0.00 0.00 - 0.00 0.00 0.00 0.48 0.37 0.38 - 0.07 1.11 0.28 0.06 0.04 0.06 + 0.02 0.06 0.03 0.21 0.15 0.15 - 0.07 0.23 0.15 0.26 0.19 0.20 - 0.06 0.40 0.00 0.06 0.04 0.05 - 0.01 0.17 0.03 0.18 0.14 0.16 - 0.00 0.18 0.06 0.23 0.18 0.20 + 0.01 0.23 0.07 0.05 0.04 0.05 - 0.01 0.15 0.03 0.36 0.19 0.32 + 0.13 0.36 0.04 0.44 0.36 0.38 - 0.04 0.77 0.36 0.54 0.46 0.48 - 0.06 1.01 0.46 3.97 3.50 3.53 - 0.35 4.63 1.22 0.71 0.65 0.71 + 0.01 0.85 0.56 0.90 0.00 0.81 - 0.09 1.13 0.62 0.21 0.18 0.20 - 0.02 0.31 0.11 0.28 0.23 0.28 - 0.01 0.39 0.13 0.13 0.12 0.13 + 0.01 0.36 0.10 0.10 0.10 0.10 - 0.00 0.27 0.07 0.20 0.17 0.17 - 0.04 0.32 0.04 0.19 0.16 0.19 + 0.01 0.21 0.06 0.83 0.79 0.80 - 0.01 1.54 0.45 0.66 0.62 0.62 - 0.02 1.24 0.09 0.35 0.27 0.30 - 0.03 1.70 0.27 1.73 0.00 1.69 + 0.67 2.23 0.97 2.18 2.03 2.15 + 0.06 3.45 1.14 0.02 0.01 0.02 + 0.01 0.16 0.01

I-J-K

20-22_NOV27_StockTables.indd 21

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Ivanhoe Mines* O 1011 Ivanhoe Mines T 5495 Jaguar Mng* O 414 Jaguar Mng T 1013 Japan Gold V 313 Jasper Mng V 42 Jaxon Mining* O 25 Jaxon Mining V 2378 Jayden Res V 142 Jourdan Res V 618 K2 Gold V 62 425 K92 Mng Inc* O Kairos Cap V 1524 Kaizen Discov V 488 Kaizen Discvry* O 54 Karmin Expl V 99 Karnalyte Res T 109 KAT Expl* O 51 Katanga Mng T 2717 Kenadyr Mining V 886 Kenadyr Mining* O 114 Kennady Diam V 83 Kerr Mines T 1592 Kesselrun Res V 376 O 61 Kesselrun Res* Kestrel Gold V 201 Khan Res 444 Kilo Goldmines V 1313 Kincora Copper* O 87 Kincora Copper V 291 Kinross Gold* N 36517 Kinross Gold T 8948 Kintavar Exp V 29 Kirkland Lake* N 2099 Kirkland Lake T 3866 Kitrinor Mtls V 172 Kivalliq Enrgy V 1266 Klondex Mines T 5536 Klondike Gold V 1197 Klondike Gold* O 257 Klondike Silv* O 57 V 750 Kombat Copper Kootenay Silvr* O 176 Kootenay Silvr V 1052 Kootenay Zinc* O 112 Kootenay Zinc 638 KWG Res* O 449

3.89 3.33 3.60 - 0.18 4.10 0.00 4.94 4.26 4.56 - 0.25 5.47 2.25 0.27 0.23 0.27 + 0.02 0.58 0.18 0.35 0.30 0.35 + 0.04 0.75 0.22 0.35 0.31 0.35 - 0.01 0.40 0.24 0.10 0.00 0.08 + 0.01 0.10 0.05 0.23 0.20 0.21 - 0.00 0.27 0.16 0.30 0.27 0.27 + 0.01 0.41 0.04 0.22 0.16 0.17 - 0.05 0.38 0.06 0.07 0.06 0.07 + 0.01 0.20 0.05 0.29 0.25 0.26 - 0.03 0.58 0.22 0.42 0.38 0.40 + 0.00 0.95 0.33 1.23 0.80 1.20 + 0.40 1.23 0.04 0.14 0.12 0.14 + 0.02 0.30 0.11 0.09 0.09 0.09 - 0.01 0.21 0.08 1.16 0.97 1.00 - 0.16 1.50 0.25 0.57 0.50 0.55 - 0.02 0.96 0.53 0.00 0.00 0.00 + 0.00 0.00 0.00 1.32 1.11 1.26 - 0.03 1.44 0.12 0.16 0.13 0.14 + 0.01 1.00 0.13 0.12 0.00 0.11 + 0.01 1.45 0.11 2.90 2.57 2.90 + 0.15 4.40 2.57 0.34 0.27 0.31 - 0.01 0.41 0.09 0.16 0.14 0.14 - 0.03 0.23 0.08 0.14 0.10 0.10 - 0.04 0.17 0.06 0.08 0.07 0.07 - 0.01 0.19 0.02 0.14 0.12 0.13 + 0.01 0.17 0.02 0.05 0.04 0.04 - 0.01 0.13 0.03 0.28 0.25 0.28 + 0.02 0.43 0.24 0.37 0.30 0.34 + 0.02 0.65 0.26 4.40 4.25 4.33 + 0.03 4.91 2.88 5.62 5.41 5.53 + 0.08 6.29 3.87 0.15 0.12 0.13 - 0.01 0.35 0.10 14.48 13.83 14.12 - 0.28 15.19 5.23 18.43 17.68 17.97 - 0.22 19.06 6.33 5.55 4.40 5.05 + 0.75 7.98 1.00 0.09 0.08 0.09 + 0.01 0.19 0.07 3.32 2.75 3.26 + 0.10 7.73 2.75 0.33 0.29 0.32 - 0.02 0.60 0.14 0.27 0.23 0.24 - 0.02 0.49 0.10 0.04 0.03 0.03 - 0.01 0.09 0.03 0.47 0.41 0.41 - 0.04 0.70 0.21 0.16 0.14 0.14 - 0.01 0.30 0.14 0.20 0.17 0.20 + 0.02 0.41 0.17 0.05 0.03 0.05 + 0.01 0.59 0.01 0.06 0.04 0.06 + 0.02 0.70 0.03 0.01 0.01 0.01 + 0.00 0.02 0.00

Labdr Iron Mns* O 11 Labrador Iron T 1058 Lake Victoria* O 476 Lamelee Iron V 10 Lara Expl V 357 Laramide Res T 2189 Laredo Res* O 1451 Largo Res* O 296 Largo Res T 375 Lateral Gold V 135 936 Latin Am Mnls V Latin Am Mnls* O 17 Laurion Mnl Ex* O 249 Laurion Mnl Ex V 1281 Leading Edge V 526 O 573 Leading Edge* Leagold Mg* O 58 Leagold Mg T 400 Leeta Gold V 16139 Legend Gold V 52 112 Levon Res Ltd * O Li3 Energy* O 2559 Liberty Gold* O 252 Liberty One Li V 2260 Liberty One Li* O 4779 Liberty Silver 44 LiCo Energy* O 4171 LiCo Energy V 3396 Lion One Mtls V 74 Lion One Mtls* O 22 Lithium Amer T 3780 Lithium Amer* O 1475 Lithium Corp* O 9604 Lithium Energi V 3003 O 63 Lithium Energi* Lithium Energy V 848 Lithium X Egy V 1197 Lithium X Egy* O 999 LKA Gold* O 53 Logan Res V 187 Lomiko Mtls V 546 Lomiko Mtls* O 55 Loncor Res* O 19 Loncor Res T 112 237 Lone Star Gold* O Lonmin plc* O 43 O 5 Lorraine Coppr* Lorraine Coppr V 40 86 Los Andes Copp V LSC Lithium* O 145 Lucara Diam T 1063 Lucky Mnls * O 41 Lumina Gold V 449 Lumina Gold* O 7 Lundin Gold T 298 Lundin Mng T 16317 Lupaka Gold V 164 Lydian Intl* O 517 Lydian Intl T 1440 Lynas Corp* O 427

0.01 0.00 0.00 - 0.01 0.10 0.00 21.80 20.31 21.41 - 0.12 21.83 15.10 0.00 0.00 0.00 + 0.00 0.01 0.00 0.24 0.23 0.24 + 0.02 0.34 0.14 0.99 0.67 0.86 + 0.24 1.23 0.50 0.34 0.27 0.34 + 0.01 0.74 0.20 0.00 0.00 0.00 + 0.00 0.00 0.00 0.88 0.68 0.87 + 0.14 1.08 0.26 1.12 0.87 1.09 + 0.13 1.35 0.34 0.85 0.76 0.84 - 0.02 1.27 0.57 0.11 0.07 0.08 - 0.03 0.23 0.07 0.08 0.07 0.07 - 0.01 0.18 0.07 0.02 0.02 0.02 - 0.00 0.05 0.01 0.03 0.02 0.03 + 0.02 0.06 0.01 0.63 0.53 0.57 - 0.04 0.93 0.46 0.48 0.41 0.47 - 0.01 0.71 0.33 2.45 2.24 2.31 - 0.11 2.80 1.76 3.20 2.76 2.94 - 0.13 3.48 2.27 4.05 3.02 3.66 - 0.41 6.75 0.09 0.35 0.32 0.35 + 0.03 0.40 0.10 0.27 0.24 0.27 + 0.02 0.39 0.18 0.03 0.01 0.02 - 0.00 0.06 0.01 0.37 0.34 0.35 - 0.01 0.51 0.27 1.93 1.63 1.80 - 0.05 2.49 0.31 1.52 1.27 1.42 - 0.05 1.95 0.37 2.00 0.00 1.80 - 0.20 3.00 0.90 0.08 0.07 0.07 - 0.00 0.20 0.06 0.10 0.09 0.10 + 0.01 0.24 0.08 0.53 0.48 0.50 - 0.02 0.96 0.45 0.44 0.38 0.39 + 0.01 0.71 0.36 13.20 9.76 11.73 - 0.82 13.26 3.00 10.38 7.66 9.18 - 0.74 10.38 2.29 0.28 0.09 0.28 + 0.18 0.19 0.05 0.95 0.74 0.80 - 0.08 0.97 0.07 0.74 0.58 0.61 - 0.06 0.75 0.07 0.06 0.05 0.06 + 0.01 0.11 0.04 2.06 1.92 1.94 - 0.10 2.37 1.40 1.61 1.51 1.51 - 0.09 1.87 1.03 0.28 0.15 0.22 - 0.03 0.68 0.15 0.05 0.04 0.04 - 0.01 0.14 0.04 0.12 0.10 0.11 - 0.02 0.35 0.10 0.09 0.08 0.08 - 0.02 0.32 0.08 0.06 0.00 0.06 + 0.01 0.14 0.05 0.09 0.08 0.09 + 0.01 0.20 0.08 0.00 0.00 0.00 + 0.00 0.01 0.00 0.95 0.82 0.94 + 0.12 2.39 0.80 0.07 0.05 0.05 - 0.01 0.10 0.05 0.09 0.08 0.08 - 0.01 0.12 0.06 0.36 0.00 0.33 - 0.03 0.47 0.15 1.23 1.11 1.11 - 0.11 1.24 1.10 2.50 2.36 2.45 + 0.01 3.58 2.18 0.13 0.12 0.12 - 0.00 0.18 0.03 0.66 0.62 0.64 - 0.02 1.20 0.60 0.52 0.49 0.51 - 0.01 0.89 0.46 5.02 4.72 4.85 - 0.08 6.50 4.59 10.12 8.95 9.42 - 0.44 10.22 6.25 0.13 0.11 0.12 - 0.01 0.25 0.11 0.30 0.28 0.30 + 0.01 0.32 0.22 0.38 0.36 0.38 + 0.01 0.41 0.28 0.17 0.15 0.16 + 0.01 0.18 0.04

L

M Macarthur Mnl V 3790 0.09 0.07 0.09 + 0.01 0.16 0.05 Macarthur Mnl* O 426 0.07 0.05 0.07 + 0.00 0.12 0.03 MacDonald Mns V 401 0.11 0.00 0.10 - 0.01 0.28 0.05 MacMillan Mnls V 27 1.80 1.76 1.77 + 0.01 1.84 0.95 MAG Silver T 1199 14.28 12.94 14.05 + 0.14 21.99 12.75 Magellan Gold* O 79 0.05 0.03 0.04 + 0.01 0.28 0.03 Magna Terra V 183 0.06 0.05 0.05 - 0.01 0.09 0.03 Majestic Gold* O 2653 0.04 0.00 0.04 + 0.00 0.09 0.04 Malbex Res V 48 0.37 0.35 0.36 - 0.05 0.43 0.29 Malbex Res* O 1 0.28 0.00 0.28 + 0.02 0.25 0.23 Mammoth Res V 178 0.09 0.08 0.09 + 0.01 0.14 0.05 Mandalay Res T 647 0.31 0.29 0.30 + 0.01 0.99 0.28 Mandalay Res* O 392 0.24 0.22 0.23 + 0.01 0.72 0.21 Manganese X V 2691 0.19 0.14 0.15 - 0.04 0.26 0.08 Manganese X* O 55 0.15 0.11 0.11 - 0.03 0.19 0.07 Mangazeya Mng V 564 0.02 0.02 0.02 - 0.01 0.04 0.02 Manitou Gold V 261 0.09 0.06 0.08 + 0.01 0.20 0.05 Manson Creek V 153 0.25 0.21 0.21 - 0.02 0.25 0.02 Manson Creek* O 36 0.19 0.16 0.16 - 0.02 0.20 0.01 Marathon Gold* O 226 0.85 0.77 0.82 - 0.01 1.14 0.33 Marifil Mines V 120 0.05 0.04 0.05 + 0.01 0.13 0.03 Marlin Gold* O 135 0.71 0.55 0.71 + 0.12 0.87 0.33 Marlin Gold V 112 0.90 0.71 0.85 + 0.14 1.15 0.44 MartinMarietta* N 2288 213.09 205.79 207.72 - 5.53 244.32 191.09 Mason Graphite* O 749 2.08 1.52 2.02 + 0.02 2.47 0.83 Mason Graphite V 1338 2.67 1.94 2.62 + 0.08 3.15 1.10 Mason Res* O 125 0.19 0.16 0.16 - 0.01 0.29 0.01 Mason Res T 530 0.25 0.21 0.22 - 0.01 0.40 0.13 Masuparia Gold V 278 0.12 0.09 0.09 - 0.05 0.15 0.03 Matamec Expl V 676 0.04 0.03 0.03 - 0.01 0.08 0.03 Matica Ent 48946 0.16 0.09 0.13 + 0.03 0.18 0.01 Matica Ent* O 409 0.12 0.08 0.10 + 0.03 0.14 0.02 Maudore Mnrls* O 36 0.00 0.00 0.00 - 0.00 0.00 0.00 Maverix Mtls* O 5 1.41 0.00 1.40 + 0.02 1.46 0.70 Mawson Res* O 126 0.31 0.27 0.28 - 0.04 0.48 0.23 Mawson Res T 323 0.40 0.34 0.37 - 0.03 0.65 0.29 MaxTech Vent* O 528 0.37 0.26 0.34 + 0.03 0.46 0.13 MaxTech Vent 937 0.47 0.31 0.43 + 0.05 0.63 0.14 Maxwell Res* O 125 0.01 0.00 0.01 - 0.00 0.04 0.00 Maya Gold &Sil V 3025 0.44 0.36 0.40 + 0.05 0.44 0.10 Mazarin V 34 0.07 0.05 0.07 + 0.02 0.08 0.02 McChip Res V 20 0.70 0.55 0.65 + 0.09 0.70 0.37 McEwen Mng* N 8615 2.05 1.89 2.03 + 0.08 4.43 1.88 McEwen Mng T 618 2.61 2.42 2.59 + 0.12 5.83 2.40 McLaren Res 129 0.08 0.07 0.07 - 0.02 0.14 0.01 Meadow Bay Gd V 785 0.15 0.09 0.15 + 0.07 0.28 0.06 Meadow Bay Gd* O 37 0.11 0.00 0.11 + 0.04 0.10 0.04 Mechel* N 515 4.89 4.45 4.57 - 0.28 6.83 4.16 Medallion Res* O 144 0.14 0.14 0.14 - 0.02 0.17 0.08 Medallion Res V 351 0.20 0.17 0.19 + 0.01 0.28 0.08 Medgold Res* O 1 0.12 0.12 0.12 - 0.01 0.17 0.12 Medgold Res V 199 0.17 0.15 0.16 + 0.01 0.25 0.13 Medinah Mnrls* O 8818 0.01 0.00 0.01 - 0.00 0.01 0.00 Mega Uranium* O 801 0.16 0.13 0.16 + 0.01 0.25 0.09 Melior Res V 405 0.12 0.09 0.12 - 0.01 0.15 0.02 Meridian Mg V 32 0.79 0.65 0.79 + 0.10 1.54 0.35 Mesa Expl V 7 0.05 0.00 0.04 - 0.01 0.12 0.04 Mesa Expl* O 37 0.03 0.03 0.03 - 0.00 0.08 0.03 MetalCorp V 170 0.03 0.02 0.03 + 0.01 0.06 0.02

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Metalex Vent V 463 Metalla Rylty* O 122 Metalla Rylty 735 Metallic Mnrls V 157 Metallic Mnrls* O 7 Metallis Res V 2937 Metals Creek V 1282 Metals Creek* O 140 Metals X* O 71 Metanor Res* O 87 Metanor Res V 524 Mexican Gold* O 148 Mexus Gold* O 2020 O 428 MGX Minerals* MGX Minerals 1394 Midas Gold T 287 Midas Gold* O 329 Midasco Cap V 4 Midland Expl V 46 Midnight Sun V 350 Midway Gold* O 240 Millennial Lit* O 714 Millennial Lit V 2076 Millrock Res* O 384 Minaurum Gold V 361 Minco Silver* O 41 Minco Silver T 85 V 1233 Minera Alamos Minera IRL 658 Mineral Hill V 2 Mineral Mtn* O 54 Mineral Mtn V 268 Mineral Res* O 3 Mineworx Tech* O 1401 Mineworx Tech V 6360 Minnova Corp V 291 Miranda Gold V 227 Mirasol Res V 242 Mistango River 101 MK2 Ventures V 174 Mkango Res V 1342 O 61 Monarca Mnrls* Monarques Res* O 244 V 714 Monarques Res Moneta Porcpn* O 79 T 2094 Moneta Porcpn Monitor Vent* O 6 Monitor Vent V 38 Montego Res 998 Montero Mg&Ex V 314 Morien Res* O 385 Morien Res V 545 Morumbi Res* O 6 Morumbi Res T 192 Mosaic* N 20798 Mountain Boy V 2185 Mountain Boy* O 2013 Mountain Lake 74 Mountain Prov T 404 Mountain Prov* D 292 Mundoro Cap* O 10 Murchison Min 198 Mustang Mnrls V 602 Mustang Mnrls* O 222 MX Gold* O 277 MX Gold V 5993

0.06 0.05 0.06 + 0.01 0.09 0.04 0.49 0.43 0.46 - 0.02 0.68 0.20 0.62 0.55 0.58 - 0.02 0.88 0.26 0.30 0.26 0.28 - 0.01 0.50 0.22 0.24 0.00 0.24 - 0.00 0.37 0.19 2.49 1.61 2.48 + 0.52 2.75 0.11 0.06 0.05 0.06 - 0.01 0.13 0.05 0.04 0.03 0.03 - 0.01 0.09 0.03 0.81 0.80 0.80 - 0.01 1.14 0.41 0.64 0.60 0.64 + 0.05 0.94 0.54 0.81 0.76 0.81 + 0.05 1.29 0.45 0.32 0.23 0.30 + 0.07 0.32 0.11 0.04 0.03 0.04 - 0.00 0.24 0.03 0.80 0.73 0.75 - 0.03 2.12 0.17 1.00 0.94 0.95 - 0.04 2.75 0.22 0.77 0.67 0.70 - 0.05 0.99 0.62 0.61 0.53 0.55 - 0.04 0.75 0.02 0.08 0.00 0.08 - 0.01 0.11 0.05 0.95 0.87 0.95 + 0.01 1.20 0.87 0.30 0.26 0.30 - 0.01 0.54 0.10 0.00 0.00 0.00 + 0.00 0.01 0.00 2.83 2.25 2.72 - 0.03 3.03 0.88 3.59 2.86 3.49 - 0.10 3.59 1.20 0.25 0.22 0.24 - 0.01 0.50 0.21 0.27 0.23 0.25 - 0.02 0.38 0.08 0.57 0.50 0.57 + 0.02 1.23 0.50 0.75 0.64 0.72 + 0.03 1.74 0.64 0.19 0.16 0.18 + 0.02 0.24 0.12 0.14 0.12 0.13 - 0.01 0.22 0.06 0.30 0.00 0.30 + 0.05 0.34 0.17 0.21 0.17 0.17 - 0.04 0.34 0.13 0.26 0.21 0.22 - 0.04 0.45 0.15 14.10 14.00 14.00 - 0.10 14.10 7.00 0.13 0.07 0.11 + 0.04 0.13 0.05 0.16 0.09 0.15 + 0.06 0.16 0.05 0.69 0.62 0.62 - 0.03 0.90 0.55 0.06 0.05 0.06 - 0.01 0.11 0.05 1.72 1.58 1.67 + 0.08 2.28 1.18 0.03 0.02 0.03 + 0.01 0.05 0.01 0.16 0.14 0.16 + 0.02 0.24 0.09 0.19 0.06 0.16 + 0.10 0.19 0.04 0.09 0.07 0.08 + 0.00 0.14 0.07 0.25 0.20 0.24 + 0.04 0.38 0.18 0.34 0.25 0.32 + 0.04 0.49 0.25 0.16 0.13 0.16 + 0.01 0.22 0.10 0.22 0.17 0.18 - 0.01 0.30 0.13 0.28 0.00 0.28 + 0.00 0.81 0.00 0.40 0.00 0.40 + 0.05 1.13 0.13 0.33 0.28 0.28 - 0.03 0.85 0.10 0.22 0.12 0.15 - 0.01 0.32 0.12 0.47 0.37 0.40 - 0.08 0.56 0.30 0.60 0.47 0.55 - 0.05 0.74 0.36 0.57 0.57 0.57 + 0.00 1.26 0.45 0.76 0.69 0.69 - 0.05 1.70 0.53 23.45 22.34 22.94 + 0.10 34.36 19.23 0.11 0.08 0.11 + 0.03 0.11 0.05 0.08 0.06 0.08 + 0.02 0.09 0.03 0.06 0.00 0.05 - 0.02 0.09 0.02 3.69 3.35 3.56 - 0.07 6.94 3.38 2.95 2.61 2.78 - 0.08 5.45 2.55 0.10 0.10 0.10 + 0.00 0.22 0.10 0.22 0.00 0.17 - 0.03 0.30 0.13 0.39 0.33 0.36 + 0.01 0.48 0.05 0.31 0.26 0.27 + 0.00 0.36 0.04 0.12 0.08 0.09 - 0.02 0.20 0.07 0.15 0.11 0.11 - 0.03 0.26 0.10

NA Frac Sand* O 184 NACCO Ind* N 183 Napier Vent V 34 Napier Vent* O 70 Natural Res Pt* N 818 Nautilus Mnrls* O 445 Navis Res Corp 41 Nemaska Lith T 4031 Nemaska Lith* O 758 Neo Lithium V 1597 Neometals* O 43 Nevada Canyon* O 136 175 Nevada Clean M* O Nevada Clean M V 1280 543 Nevada Egy Mtl V Nevada Egy Mtl* O 36 48 Nevada Expl * O Nevada Expl V 143 O 262 Nevada Sunrise* Nevada Sunrise V 258 Nevada Zinc V 425 Nevsun Res* X 3864 Nevsun Res T 2098 New Carolin Gd* O 48 48 New Destiny Mg V New Gold T 4047 New Gold* X 24458 New Guinea Gld* O 1902 New Jersey Mng* O 212 New Milln Iron* O 10 New Nadina V 2594 New Nadina* O 562 New Pac Metals* O 7 New Pac Metals V 4 New Stratus V 76 New World Res V 100 NewCastle Gold T 2937 NewCastle Gold* O 255 Newlox Gold 185 Newmac Res V 30 Newmont Mng* N 19427 Newport Expl V 73 NewRange Gold* O 372 V 1698 NewRange Gold Nexco Res 53 T 7955 Nexgen Energy Nexgen Energy* X 1544 NextSource Mat T 1168 Nexus Gold V 1988 Nexus Gold* O 502 NGEx Res* O 58 Nickel One Res V 1504 Nicola Mg Inc V 2242 Nicola Mg Inc* O 1386 Nighthawk Gold* O 123 Nighthawk Gold T 493 Niobay Metals V 132 Niocan Inc V 49 Niocorp Dev T 614 Niocorp Dev* O 854 Nippon Dragon* O 292 Nippon Dragon V 410 Nitinat Mnls V 77 Noble Mnl Expl* O 95 Noble Mnl Expl V 2363 Noka Res* O 175 Noram Vent V 1563 Noram Vent* O 161 Noranda Alum* O 12 Noront Res V 1150 Nortec Mnls V 414 North Am Nickl V 516 North Am Nickl* O 126 North Am Pall* O 42 60 North Am Pall T North Arrow Mn* O 29 249 North Arrow Mn V Northern Uran V 1285 Northn Empire* O 14 Northn Empire V 324 Norvista Cap V 220 Nouveau Monde* O 32 Nouveau Monde V 2439 NovaGold Res T 803 NovaGold Res* X 8961 Novo Res* O 822 Novo Res V 1950 NRG Metals V 6154 NRG Metals* O 4574 Nrthn Graphite V 474 Nrthn Graphite* O 620 Nrthn Mnrls &E* O 85 Nrthn Superior* O 190 Nrthn Superior V 3291 Nrthn Vertex* O 34 Nrthn Vertex V 279 NSGold V 49 Nthn Dynasty* X 22346 Nthn Dynasty T 5435 Nthrn Sphere* O 100 Nthrn Sphere 300 NuLegacy Gold V 507

0.01 0.01 0.01 + 0.00 0.09 0.01 46.60 42.55 46.20 + 3.00 99.55 23.80 0.45 0.42 0.45 + 0.01 0.54 0.27 0.36 0.34 0.36 + 0.02 0.44 0.22 26.30 25.30 25.35 - 0.60 45.60 22.81 0.16 0.15 0.16 + 0.01 0.21 0.10 0.40 0.00 0.39 - 0.03 2.50 0.33 1.75 1.64 1.69 - 0.05 1.85 0.95 1.41 1.28 1.32 - 0.05 1.47 0.70 2.07 1.90 1.98 - 0.03 2.16 0.85 0.37 0.00 0.37 + 0.05 0.37 0.20 0.17 0.13 0.17 + 0.00 0.19 0.13 0.05 0.03 0.04 - 0.01 0.08 0.03 0.05 0.04 0.04 - 0.02 0.08 0.04 0.23 0.16 0.16 - 0.07 1.15 0.15 0.18 0.13 0.13 - 0.03 0.90 0.10 0.34 0.30 0.30 - 0.03 0.35 0.21 0.43 0.38 0.38 - 0.05 0.46 0.27 0.15 0.10 0.13 + 0.03 0.28 0.09 0.19 0.14 0.16 + 0.03 0.36 0.12 0.23 0.20 0.22 + 0.01 0.60 0.18 2.50 2.31 2.33 - 0.04 3.52 1.96 3.17 2.94 2.98 - 0.02 4.63 2.49 0.02 0.02 0.02 - 0.00 0.06 0.02 0.22 0.16 0.16 - 0.04 0.22 0.16 4.32 4.01 4.13 - 0.14 5.79 3.11 3.40 3.14 3.23 - 0.13 4.41 2.39 0.00 0.00 0.00 - 0.00 0.00 0.00 0.14 0.13 0.13 - 0.01 0.17 0.09 0.07 0.07 0.07 - 0.00 0.27 0.07 4.60 3.25 3.62 + 0.12 4.60 0.08 3.60 2.58 2.75 - 0.02 3.60 0.06 1.20 1.17 1.17 - 0.03 1.26 0.45 1.51 1.48 1.51 + 0.01 1.59 0.55 0.25 0.20 0.21 - 0.03 0.48 0.07 0.13 0.11 0.12 + 0.02 0.16 0.08 0.81 0.76 0.77 - 0.02 1.12 0.52 0.63 0.60 0.62 - 0.01 0.86 0.39 0.06 0.06 0.06 - 0.01 0.07 0.02 0.06 0.06 0.06 - 0.01 0.08 0.04 36.48 35.49 36.21 + 0.69 39.63 30.40 0.27 0.22 0.26 + 0.02 0.32 0.19 0.35 0.25 0.26 - 0.10 0.59 0.07 0.40 0.31 0.32 - 0.13 0.75 0.08 0.37 0.30 0.30 - 0.06 0.40 0.15 3.00 2.57 2.99 + 0.06 4.45 1.70 2.35 2.02 2.34 + 0.02 3.40 1.30 0.07 0.06 0.07 - 0.01 0.11 0.06 0.08 0.07 0.07 - 0.01 0.37 0.06 0.06 0.05 0.05 - 0.01 0.27 0.05 0.82 0.81 0.81 - 0.01 1.05 0.58 0.05 0.04 0.04 - 0.01 0.12 0.02 0.20 0.16 0.19 + 0.02 0.30 0.14 0.16 0.12 0.15 + 0.01 0.23 0.11 0.54 0.45 0.47 - 0.05 0.97 0.27 0.68 0.57 0.62 - 0.03 1.15 0.36 0.24 0.22 0.24 + 0.02 1.08 0.11 0.09 0.07 0.07 - 0.03 0.15 0.05 0.49 0.39 0.40 - 0.06 0.89 0.40 0.40 0.31 0.32 - 0.05 0.81 0.31 0.05 0.04 0.04 + 0.00 0.09 0.03 0.06 0.05 0.05 - 0.01 0.11 0.05 0.05 0.04 0.05 + 0.01 0.07 0.04 0.11 0.08 0.11 + 0.02 0.15 0.03 0.15 0.11 0.13 + 0.01 0.19 0.03 0.22 0.20 0.20 - 0.02 0.22 0.02 0.05 0.04 0.05 - 0.01 0.07 0.03 0.04 0.04 0.04 + 0.00 0.05 0.02 0.02 0.01 0.01 - 0.01 0.05 0.01 0.29 0.28 0.28 - 0.01 0.52 0.22 0.08 0.07 0.07 - 0.01 0.18 0.05 0.10 0.08 0.08 - 0.01 0.12 0.06 0.08 0.07 0.07 + 0.00 0.08 0.04 6.84 5.63 6.20 - 0.49 7.60 3.51 8.70 7.12 7.90 - 0.69 9.49 4.65 0.20 0.18 0.20 + 0.00 0.23 0.13 0.26 0.22 0.26 + 0.02 0.40 0.16 0.02 0.02 0.02 - 0.01 0.03 0.01 0.77 0.70 0.72 - 0.04 0.78 0.47 0.97 0.85 0.89 - 0.06 1.05 0.33 0.14 0.12 0.14 + 0.02 0.19 0.11 0.38 0.31 0.32 - 0.07 0.42 0.16 0.49 0.37 0.41 - 0.08 0.54 0.21 5.36 4.85 4.96 - 0.32 8.15 4.88 4.23 3.79 3.89 - 0.27 6.21 3.78 6.25 5.40 5.51 - 0.71 7.08 0.49 7.92 6.92 7.03 - 0.89 8.83 0.66 0.40 0.32 0.37 - 0.02 0.52 0.09 0.32 0.24 0.29 - 0.02 0.45 0.07 0.55 0.46 0.52 - 0.03 0.70 0.18 0.45 0.37 0.40 - 0.04 0.55 0.14 0.04 0.03 0.03 - 0.00 0.05 0.01 0.04 0.04 0.04 + 0.00 4.63 0.02 0.05 0.04 0.04 - 0.01 0.08 0.03 0.43 0.37 0.39 - 0.02 0.57 0.27 0.52 0.46 0.47 - 0.01 0.70 0.35 0.15 0.10 0.10 - 0.05 0.20 0.06 2.34 2.11 2.12 - 0.01 3.45 1.06 2.98 2.69 2.70 - 0.02 4.54 1.43 0.10 0.10 0.10 + 0.00 0.32 0.08 0.15 0.10 0.10 - 0.02 0.85 0.09 0.20 0.16 0.18 - 0.01 0.35 0.16

N-O

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

NuLegacy Gold* O 543 NV Gold V 31 NV Gold* O 45 NxGold Ltd V 163 OceanaGold* O 12 OceanaGold T 6859 Oceanic Iron O V 320 Oceanus Res V 195 Oceanus Res* O 59 OK2 Minerals V 1052 Olivut Res V 42 Olivut Res* O 44 Omineca Mg &Ml V 216 One World Min 743 Opawica Expl V 1499 Orbite Tech* O 22 Orca Gold V 1966 Orca Gold* O 165 V 160 Orefinders Res Orex Mnrls V 155 Orex Mnrls* O 19 Orezone Gold V 584 O 145 Orezone Gold* Orla Mng Ltd* O 25 512 Orla Mng Ltd V Oro East Mg* O 48 Oroco Res V 196 Oroco Res* O 33 Orocobre T 1339 Oroplata Res* O 101 Orsu Metals* O 30 Orsu Metals V 46 Orvana Mnrls* O 76 Orvana Mnrls T 457 Osisko Gold* N 2380 Osisko Gold T 1965 O 4 Osisko Metals* Osisko Metals V 252 Osisko Mng Inc T 2572 Otis Gold V 201 Otis Gold* O 93 OZ Minerals* O 1

0.15 0.13 0.15 + 0.00 0.26 0.00 0.38 0.33 0.38 + 0.03 0.48 0.17 0.30 0.27 0.30 + 0.06 0.39 0.13 0.24 0.22 0.23 - 0.02 0.72 0.20 2.80 2.64 2.68 - 0.04 3.60 2.36 3.54 3.33 3.50 + 0.07 5.00 3.24 0.13 0.00 0.13 - 0.02 0.35 0.06 0.32 0.29 0.32 + 0.02 0.36 0.14 0.26 0.22 0.26 + 0.03 0.29 0.11 0.10 0.08 0.09 - 0.01 0.17 0.07 0.11 0.09 0.11 + 0.02 0.22 0.08 0.09 0.00 0.09 + 0.01 0.17 0.06 0.04 0.03 0.04 + 0.01 0.07 0.03 0.19 0.14 0.19 + 0.05 0.75 0.13 0.04 0.02 0.04 + 0.02 0.15 0.02 0.05 0.02 0.05 + 0.03 0.29 0.00 0.72 0.63 0.63 - 0.04 0.74 0.31 0.53 0.49 0.51 - 0.01 0.56 0.20 0.08 0.07 0.07 - 0.02 0.11 0.04 0.13 0.12 0.13 + 0.01 0.50 0.10 0.10 0.09 0.09 - 0.01 0.36 0.08 0.75 0.69 0.73 + 0.01 0.85 0.42 0.59 0.53 0.58 + 0.01 0.63 0.31 1.08 1.08 1.08 - 0.01 1.18 0.88 1.45 1.30 1.45 + 0.12 1.50 1.04 0.01 0.01 0.01 - 0.00 0.02 0.01 0.09 0.08 0.08 - 0.01 0.10 0.02 0.07 0.05 0.06 - 0.01 0.07 0.01 6.08 5.56 5.63 - 0.47 6.12 2.73 0.12 0.10 0.12 + 0.01 0.35 0.10 0.22 0.21 0.22 - 0.00 0.22 0.11 0.28 0.00 0.28 + 0.04 0.45 0.13 0.16 0.14 0.15 - 0.00 0.25 0.14 0.20 0.18 0.19 - 0.01 0.33 0.18 12.26 12.01 12.21 + 0.08 14.39 8.88 15.65 15.31 15.57 + 0.21 17.58 11.90 0.80 0.80 0.80 - 0.00 1.33 0.74 1.15 0.96 1.02 - 0.22 1.74 0.21 3.81 3.28 3.45 - 0.34 5.65 2.08 0.28 0.25 0.27 + 0.01 0.39 0.21 0.22 0.20 0.22 + 0.01 0.29 0.15 6.56 6.56 6.56 + 0.11 7.39 4.70

Pac Booker Min V 31 25 Pac Booker Min* O Pac Potash V 35 58 Pac Ridge Expl V Pac Topaz V 100 Pacific Rim 271 Pacton Gold V 23233 Paladin Energy* O 1125 O 126 Palamina Corp* Palamina Corp V 99 Pan Am Silver* D 10241 Pan Am Silver T 1131 Pan Global Res V 34 O 250 Pancontinental* Pancontinental V 621 Panoro Mnrls V 565 Pantheon Vent V 652 X 312 Paramount Gold* Paringa Res* O 1 Parlane Res V 142 Pasinex Res 128 Peabody Enrgy* N 5538 Peat Res V 157 Pedro Res V 72 Pelangio Expl* O 2 34 Pele Mtn Res* O Peloton Mnrls 179 O 171 Peloton Mnrls* Peregrine Diam T 639 Perseus Mng T 380 Pershing Gold* D 512 Pershing Gold T 8 O 12 Petra Diamonds* Pine Cliff En* O 24 T 7239 Pine Cliff En Pinecrest Res V 57 Pistol Bay Mng* O 37 1 PJSC Polyus Gd* O PJX Res V 322 Plata Latina V 20 Plateau Uran* O 394 Plateau Uran V 1222 Platinex Inc 1586 Platinum Gp Mt T 113 Platinum Gp Mt* X 2119 Plato Gold V 1406 PolyMet Mng* X 598 PolyMet Mng T 147 Portofino Res V 19500 Potash Corp SK* N 15758 Potash Corp SK T 4870 Potash Ridge T 10448 Potash Ridge* O 135 Power Metals* O 197 Power Metals V 5060 PPX Mining V 479 PPX Mining* O 461 Precipitate Gl V 572 Premier Gold M T 2078 Pretium Res* N 10143 Pretium Res T 2997 Primero Mng T 3495 Primero Mng* O 2068 Prism Res V 42 Prize Mng* O 106 Prize Mng V 809 Probe Metals* O 289 Probe Metals V 374 Prophecy Coal* O 6 Prophecy Coal T 12 Prospect Glob* O 122 Prospector Res V 16 Prosper Gold V 196 Prospero Silvr V 307 Prospero Silvr* O 44 Provenance Gld 243 Providence V 79 PUF Vent Inc 13458 PUF Vent Inc * O 1143 Pure Energy* O 889 Pure Energy V 1281 Pure Gold Mg* O 350 Pure Nickel* O 14 Purepoint Uran V 3818 QMC Quntum Ml* O 6332 QMC Quantum Ml V 5664 QMX Gold* O 63 QMX Gold V 667 Quantum Cobalt 1320 Quartz Mtn Res V 840 Quartz Mtn Res* O 16 Quaterra Res* O 312 Quest Rare Mnl* O 124 Quinto Res V 1109

1.05 0.95 1.05 + 0.11 1.44 0.42 0.85 0.79 0.84 + 0.05 0.99 0.35 0.04 0.04 0.04 + 0.01 0.05 0.03 0.05 0.05 0.05 - 0.01 0.12 0.05 0.14 0.00 0.11 - 0.03 0.23 0.10 0.84 0.75 0.83 - 0.02 0.85 0.33 0.37 0.09 0.36 + 0.28 0.37 0.04 0.03 0.02 0.02 - 0.00 0.13 0.00 0.15 0.15 0.15 + 0.02 0.19 0.10 0.20 0.00 0.20 + 0.03 0.26 0.14 15.25 14.47 15.20 + 0.58 21.29 14.05 19.46 18.42 19.40 + 0.84 27.99 18.31 0.18 0.17 0.17 - 0.02 0.19 0.05 0.02 0.01 0.01 - 0.01 0.07 0.02 0.04 0.02 0.03 - 0.01 0.10 0.02 0.42 0.36 0.38 + 0.01 0.48 0.15 0.11 0.10 0.11 + 0.01 0.38 0.08 1.29 1.18 1.23 + 0.03 2.10 1.16 0.36 0.33 0.33 - 0.02 0.50 0.26 0.18 0.16 0.17 + 0.02 0.30 0.10 0.30 0.28 0.29 - 0.01 0.34 0.10 31.89 30.49 31.49 + 0.39 32.50 22.58 0.02 0.01 0.02 + 0.01 0.03 0.01 0.35 0.33 0.34 - 0.01 1.05 0.13 0.03 0.03 0.03 + 0.00 0.05 0.02 0.20 0.04 0.04 - 0.16 0.40 0.01 0.10 0.08 0.09 - 0.01 0.10 0.05 0.08 0.08 0.08 + 0.01 0.08 0.04 0.14 0.13 0.13 - 0.01 0.26 0.11 0.33 0.31 0.33 + 0.01 0.60 0.27 2.98 2.75 2.91 + 0.05 3.94 2.60 3.83 3.53 3.70 + 0.08 5.52 3.44 0.95 0.89 0.89 - 0.06 2.12 0.89 0.50 0.44 0.47 - 0.00 0.89 0.39 0.63 0.57 0.59 - 0.04 1.22 0.49 0.32 0.32 0.32 - 0.01 0.56 0.16 0.04 0.03 0.03 - 0.01 0.08 0.03 42.03 41.40 42.03 + 0.63 50.23 31.83 0.13 0.12 0.13 - 0.03 0.27 0.11 0.04 0.04 0.04 - 0.01 0.06 0.03 0.37 0.32 0.37 + 0.03 0.54 0.12 0.48 0.37 0.47 + 0.04 0.71 0.17 0.11 0.09 0.09 - 0.01 0.23 0.05 0.52 0.49 0.50 - 0.01 3.19 0.43 0.41 0.39 0.39 - 0.00 2.45 0.35 0.04 0.03 0.04 + 0.01 0.04 0.01 0.64 0.60 0.62 + 0.01 0.97 0.57 0.81 0.77 0.77 - 0.02 1.27 0.71 0.19 0.11 0.14 + 0.04 0.19 0.04 19.20 18.48 19.09 + 0.02 20.27 15.74 24.48 23.63 24.38 + 0.20 26.62 20.68 0.15 0.10 0.15 + 0.04 0.33 0.09 0.11 0.08 0.11 + 0.03 0.24 0.07 0.44 0.34 0.44 + 0.09 0.44 0.07 0.56 0.44 0.56 + 0.14 0.56 0.08 0.09 0.08 0.09 - 0.02 0.12 0.05 0.07 0.06 0.06 - 0.02 0.09 0.04 0.09 0.07 0.08 - 0.01 0.23 0.07 3.75 3.49 3.71 + 0.07 4.13 1.87 11.46 10.26 11.01 - 0.39 12.53 6.82 14.56 13.05 14.06 - 0.40 16.48 9.17 0.10 0.08 0.09 + 0.01 1.30 0.08 0.07 0.06 0.07 - 0.00 0.97 0.06 0.16 0.15 0.16 + 0.01 0.25 0.14 0.35 0.31 0.32 - 0.02 0.52 0.21 0.45 0.40 0.40 - 0.04 0.72 0.25 1.23 1.11 1.23 + 0.10 1.42 0.75 1.56 1.38 1.56 + 0.13 1.74 0.99 3.79 3.45 3.78 - 0.04 5.17 2.21 4.85 4.50 4.70 - 0.15 7.19 2.75 0.08 0.04 0.07 + 0.01 0.08 0.02 1.00 0.90 0.90 - 0.10 1.90 0.31 0.09 0.08 0.09 + 0.01 0.25 0.08 0.17 0.15 0.15 - 0.01 0.37 0.15 0.13 0.11 0.11 - 0.02 0.26 0.11 0.20 0.00 0.20 - 0.01 0.40 0.08 0.19 0.16 0.19 - 0.01 0.27 0.07 0.80 0.48 0.59 + 0.12 0.80 0.20 0.62 0.34 0.45 + 0.08 0.62 0.15 0.45 0.37 0.39 - 0.04 0.57 0.33 0.57 0.48 0.50 - 0.06 0.75 0.42 0.43 0.36 0.43 + 0.04 0.55 0.29 0.01 0.01 0.01 + 0.00 0.03 0.00 0.09 0.07 0.09 + 0.02 0.19 0.06 0.65 0.35 0.54 + 0.20 0.65 0.02 0.82 0.44 0.75 + 0.32 0.82 0.04 0.17 0.17 0.17 - 0.01 0.29 0.05 0.25 0.22 0.24 + 0.02 0.40 0.08 1.78 1.50 1.66 - 0.05 1.90 0.03 0.12 0.07 0.08 + 0.01 0.12 0.04 0.09 0.04 0.06 + 0.01 0.09 0.04 0.05 0.05 0.05 + 0.00 0.13 0.03 0.01 0.00 0.00 - 0.00 0.23 0.00 0.10 0.08 0.10 + 0.01 0.16 0.05

Rackla Mtls* O 1 Radisson Mng V 568 Radius Gold V 848 Rae-Wallace Mg* O 100 Rainy Mtn Royl* O 6 Rainy Mtn Royl V 268 Rambler Ml &Mg V 91 Randgold Res* D 1784 Rare Element* O 402 Rathdowney Res V 155 Ravencrest Res 349 RB Energy* O 94 Red Eagle Expl V 707 Red Eagle Mng T 2018 Red Eagle Mng* O 736 Red Pine Expl V 1938 Redhawk Res T 318 Redstar Gold* O 757 Redstar Gold V 1961 Redzone Res V 150 Regulus Res V 55 Renaissance Gd* O 92 Renaissance Gd V 235 Resolve Vent V 5261 Resource Cap* O 372 Reunion Gold V 170 Revival Gold * O 23 Revival Gold V 63 Rhyolite Res V 122 Richmond Mnls V 262

0.13 0.00 0.13 + 0.01 0.13 0.05 0.15 0.14 0.15 - 0.01 0.20 0.12 0.11 0.10 0.10 - 0.01 0.17 0.09 0.01 0.01 0.01 + 0.00 0.03 0.00 0.04 0.03 0.04 + 0.01 0.14 0.03 0.05 0.05 0.05 + 0.01 0.18 0.05 0.15 0.13 0.13 - 0.01 0.22 0.11 93.69 90.21 93.62 + 3.07 108.29 67.54 0.25 0.20 0.25 + 0.02 0.53 0.00 0.18 0.15 0.15 - 0.02 0.33 0.13 2.10 1.74 2.05 + 0.33 2.10 0.01 0.00 0.00 0.00 + 0.00 0.00 0.00 0.11 0.09 0.09 - 0.01 0.30 0.09 0.35 0.28 0.29 - 0.04 0.88 0.23 0.26 0.22 0.23 - 0.02 0.68 0.17 0.14 0.12 0.13 + 0.01 0.16 0.08 0.05 0.03 0.03 - 0.01 0.08 0.02 0.09 0.07 0.07 + 0.00 0.12 0.05 0.11 0.09 0.09 - 0.01 0.16 0.07 0.13 0.12 0.13 + 0.03 0.27 0.10 2.13 1.84 1.95 - 0.02 3.00 1.15 0.24 0.21 0.22 - 0.02 0.38 0.20 0.30 0.27 0.27 - 0.02 0.49 0.25 0.11 0.03 0.07 + 0.04 0.11 0.02 0.09 0.08 0.09 + 0.00 0.25 0.08 0.14 0.00 0.12 - 0.01 0.17 0.03 0.57 0.52 0.55 - 0.02 0.70 0.52 0.73 0.63 0.72 - 0.01 0.86 0.08 0.32 0.23 0.32 + 0.09 0.32 0.11 0.07 0.05 0.06 - 0.01 0.18 0.03

P-Q

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2017-11-21 6:10 PM

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WWW.NORTHERNMINER.COM

NOVEMBER 27–DECEMBER 10, 2017 / THE NORTHERN MINER

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

Week

12-month

Exc Volume High Low Last Change High Low

Richmont Mines T 1963 801 Richmont Mines* N Rift Valley 123 Rimrock Gold* O 397414 Rio Novo Gold T 16 Rio Tinto* O 62 Rio Tinto* N 11862 Rise Gold Corp 994 River Wild Exp 13 Riverside Res* O 256 Riverside Res V 265 Robex Res V 627 Rochester Res V 132 253 Rock Tech Lith V Rock Tech Lith* O 3 Rockcliff Met V 778 Rockhaven Res V 146 Rogue Res V 44 Rojo Res V 41 V 521 Rokmaster Res Romios Gold Rs V 676 478 Romios Gold Rs* O RosCan Mrnls V 16 Rosita Mg Corp V 1917 V 1177 Ross River Roughrider Exp V 2606 T 4398 Roxgold Roxgold* O 254 Royal Gold* D 1850 Royal Nickel T 4982 Royal Nickel* O 23 Royal Rd Mnrls V 1435 Royal Std Mnrl* O 95 Rubicon Mnrls* O 20 Rubicon Mnrls T 1973 Rugby Mng V 166 24 Running Fox Rs* O Rupert Res V 93 Rusoro Mng* O 48 Rye Patch Gold V 1680 670 Rye Patch Gold* O

11.47 10.75 11.25 + 0.33 13.19 7.36 8.95 8.43 8.85 + 0.25 10.45 5.45 0.09 0.08 0.09 - 0.01 0.15 0.03 0.00 0.00 0.00 - 0.00 0.00 0.00 0.10 0.00 0.10 - 0.01 0.23 0.08 48.81 46.80 46.80 - 2.01 49.90 37.20 49.51 46.72 47.59 - 1.92 50.77 36.25 0.15 0.12 0.13 - 0.02 0.40 0.09 0.20 0.19 0.19 - 0.01 0.20 0.01 0.23 0.20 0.22 + 0.01 0.46 0.20 0.29 0.26 0.28 + 0.02 0.60 0.26 0.10 0.09 0.09 - 0.01 0.14 0.06 0.05 0.04 0.04 - 0.01 0.08 0.03 2.12 1.80 2.05 + 0.10 2.16 0.75 1.66 1.45 1.54 + 0.01 1.66 0.59 0.11 0.08 0.08 - 0.02 0.13 0.06 0.18 0.15 0.18 + 0.03 0.22 0.12 0.21 0.20 0.20 - 0.02 0.74 0.18 0.25 0.24 0.24 + 0.01 0.50 0.23 0.04 0.03 0.04 + 0.01 0.08 0.03 0.08 0.06 0.06 - 0.01 0.09 0.04 0.06 0.05 0.05 - 0.01 0.08 0.03 0.05 0.05 0.05 - 0.02 0.12 0.02 0.06 0.04 0.04 + 0.01 0.07 0.02 0.01 0.01 0.01 + 0.01 0.01 0.01 0.12 0.04 0.08 + 0.03 0.12 0.04 1.23 1.08 1.13 - 0.03 1.67 1.03 0.93 0.86 0.87 - 0.01 1.27 0.78 86.79 84.56 85.38 - 0.23 94.39 60.21 0.19 0.16 0.17 - 0.02 0.39 0.16 0.15 0.13 0.13 - 0.02 0.30 0.12 0.10 0.08 0.09 - 0.01 0.13 0.06 0.00 0.00 0.00 - 0.00 0.01 0.00 1.20 1.07 1.14 - 0.01 1.48 1.00 1.49 1.36 1.42 - 0.04 2.39 1.27 0.36 0.00 0.35 + 0.05 0.50 0.23 0.02 0.01 0.01 - 0.00 0.02 0.01 0.97 0.89 0.95 + 0.08 1.47 0.60 0.07 0.06 0.07 + 0.01 0.19 0.06 0.24 0.23 0.24 + 0.01 0.37 0.18 0.19 0.17 0.18 + 0.01 0.27 0.14

Sabina Gd&Slvr T 1155 Sabina Gd&Slvr* O 440 Sable Res V 287 Sage Gold V 577 Saint Jean* O 298 Salazar Res V 26 Salazar Res* O 98 Sama Res* O 147 Sama Res V 3032 Samex Mng* O 31 San Marco Res V 254 35 San Marco Res* O Sandspring Res V 587 Sandspring Res* O 219 T 1112 Sandstorm Gold Sandstorm Gold* X 5056 267 Sandy Lake Gld V Santa Fe Gold* O 281 Santacruz Silv V 1125 Sarama Res V 645 Sarissa Res* O 1269 Satori Res* O 50 Saturn Mnrls V 572 Savary Gold V 337 Saville Res V 101 Scandium Intl* O 161 727 Scandium Intl T Scorpio Gold V 783 Seabridge Gld T 317 Seabridge Gld* N 3885 Secova Mtls* O 348 Sego Res V 350 Select Sands V 2085 Senator Mnrls V 2207 Serabi Gold T 109 Serengeti Res V 141 Shamrock Ent 216 Sherritt Intl T 6992 Shore Gold T 1045 Sibanye Gold* N 10820 O 160 Sidney Resrces* Sienna Res* O 146 Sierra Metals T 28 Sierra Metals* X 68 Signature Res V 268 205 Silver Bear Rs T Silver Bear Rs* O 73 Silver Bull Re* O 2298 Silver Bull Re T 2548 Silver Grail V 103 Silver Mtn Mns V 121 Silver Predatr V 81 Silver Range V 126

2.37 2.22 2.25 - 0.07 2.70 0.84 1.85 1.75 1.78 - 0.05 2.17 0.61 0.17 0.15 0.15 - 0.01 0.20 0.11 0.19 0.17 0.18 - 0.01 0.27 0.11 0.04 0.03 0.04 + 0.00 0.26 0.02 0.14 0.11 0.14 + 0.03 0.18 0.08 0.11 0.09 0.11 + 0.01 0.14 0.06 0.30 0.25 0.25 - 0.05 0.34 0.05 0.38 0.30 0.31 - 0.07 0.44 0.07 0.00 0.00 0.00 + 0.00 0.00 0.00 0.16 0.13 0.15 - 0.01 0.27 0.13 0.12 0.12 0.12 - 0.01 0.20 0.10 0.31 0.27 0.30 - 0.01 0.67 0.27 0.25 0.22 0.24 - 0.02 0.51 0.22 5.82 5.49 5.77 + 0.22 6.81 4.29 4.56 4.31 4.53 + 0.15 5.18 3.18 0.06 0.06 0.06 + 0.01 0.13 0.04 0.10 0.08 0.10 + 0.01 0.23 0.03 0.16 0.12 0.12 - 0.03 0.43 0.12 0.10 0.09 0.10 - 0.01 0.29 0.09 0.01 0.00 0.00 - 0.00 0.01 0.00 0.08 0.08 0.08 - 0.00 0.18 0.08 0.14 0.12 0.14 + 0.01 0.15 0.07 0.06 0.05 0.06 + 0.01 0.12 0.05 0.06 0.06 0.06 - 0.01 0.40 0.06 0.23 0.19 0.20 - 0.01 0.35 0.15 0.29 0.25 0.27 - 0.01 0.48 0.21 0.05 0.04 0.05 + 0.01 0.15 0.04 16.21 14.20 14.31 - 1.49 17.65 9.99 12.70 11.10 11.20 - 1.25 13.70 7.35 0.03 0.02 0.03 - 0.00 0.09 0.02 0.09 0.07 0.07 - 0.02 0.09 0.02 0.69 0.44 0.44 - 0.17 2.04 0.41 0.90 0.35 0.71 + 0.15 1.99 0.35 0.07 0.07 0.07 + 0.01 0.10 0.05 0.21 0.18 0.19 + 0.01 0.26 0.11 0.05 0.04 0.04 - 0.02 0.06 0.02 1.52 1.29 1.33 - 0.11 1.67 0.74 0.19 0.17 0.18 - 0.01 0.44 0.17 5.62 5.15 5.33 - 0.25 10.59 4.27 0.01 0.00 0.01 - 0.01 0.02 0.00 0.13 0.12 0.12 - 0.02 0.14 0.07 3.53 3.07 3.07 - 0.40 3.75 1.80 2.73 2.40 2.40 - 0.34 3.10 1.40 0.09 0.07 0.08 + 0.01 0.19 0.07 0.15 0.13 0.15 + 0.01 0.49 0.12 0.12 0.11 0.11 + 0.01 0.38 0.08 0.11 0.09 0.11 + 0.01 0.16 0.06 0.14 0.12 0.14 + 0.01 0.21 0.08 0.08 0.06 0.06 - 0.01 0.13 0.05 0.02 0.02 0.02 + 0.01 0.06 0.02 0.03 0.03 0.03 + 0.01 0.08 0.03 0.16 0.13 0.16 + 0.02 0.29 0.09

S

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Silver Viper V 110 Silver Wheaton T 4433 Silver Wheaton* N 14013 Silvercorp Met T 1621 Silvercorp Met* X 1136 O 398 SilverCrest Mt* SilverCrest Mt V 784 Silvermet V 727 Silverstar Res* O 6 Sirios Res* O 8 Sirios Res V 694 Skeena Res V 210 Skeena Res* O 9 O 355 Skyharbour Res* Skyharbour Res V 593 Slam Explor V 473 Sojourn Explor V 40 O 600 Sokoman Iron* Sokoman Iron V 1393 SolGold plc T 837 SolGold plc* O 487 Solitario Ex&R T 135 Solitario Ex&R* X 833 Sonora Gld & S V 45 Sonora Res * O 391 Southern Arc* O 19 Southern Copp* N 3944 Southern Lith V 1457 Southern Silvr* O 297 Southern Silvr V 616 SouthGobi Res T 5 Spanish Mtn Gd V 842 Spanish Mtn Gd* O 633 Sparton Res* O 179 Sparton Res V 7859 Spearmint Res* O 233 Spearmint Res V 6951 Sphinx Res V 585 Sprott Res Hld T 1792 SRG Graphite V 376 SSR Mining* D 5435 SSR Mining T 844 Stakeholdr Gld V 64 Stakeholdr Gld* O 23 Standard Lith V 4004 Standard Metal* O 229 Stans Energy V 701 Stans Energy* O 349 Starcore Intl T 872 Starr Peak Exp V 44 Stellar Africa V 282 Stelmine Can V 138 Stina Res 3664 Stina Res* O 479 28 Stone Ridge Ex Stornoway Diam* O 13 T 2270 Stornoway Diam Stratabd Mnr V 316 Strateco Res* O 50 Strategic Metl* O 155 Strategic Metl V 148 Stria Lithium V 5234 Strikepoint Gd V 348 Strikepoint Gd* O 104 Strongbow Expl V 355 Stroud Res V 541 Sulliden Mng T 231 Suncor Energy T 10904 Suncor Energy* N 17559 Sunvest Mnrls V 541 Sunvest Mnrls* O 10 Superior Gold* O 26 Superior Gold V 336 Sutter Gold* O 468 Syrah Res* O 93

0.20 0.17 0.18 - 0.03 0.30 0.17 27.00 25.53 26.72 + 1.19 30.32 22.63 21.17 20.02 20.92 + 0.78 23.06 16.94 3.18 2.94 3.11 - 0.02 5.90 2.82 2.50 2.30 2.44 - 0.03 4.50 2.07 1.03 0.84 0.95 - 0.06 2.10 0.84 1.29 1.05 1.20 - 0.10 2.79 1.05 0.11 0.09 0.09 - 0.03 0.22 0.05 2.00 0.00 1.50 - 0.60 3.36 1.50 0.25 0.00 0.25 + 0.01 0.42 0.21 0.32 0.29 0.31 - 0.01 0.56 0.25 0.52 0.47 0.52 + 0.04 1.05 0.40 0.41 0.37 0.40 + 0.03 0.77 0.27 0.36 0.26 0.36 + 0.05 0.54 0.19 0.46 0.34 0.46 + 0.08 0.70 0.25 0.04 0.03 0.04 + 0.01 0.11 0.03 0.17 0.16 0.16 - 0.01 0.30 0.09 0.04 0.04 0.04 + 0.01 0.08 0.02 0.06 0.05 0.05 - 0.01 0.12 0.03 0.52 0.45 0.47 + 0.02 0.95 0.42 0.40 0.35 0.35 - 0.05 0.63 0.27 0.80 0.70 0.77 + 0.05 1.21 0.70 0.62 0.55 0.62 + 0.05 0.91 0.55 0.08 0.08 0.08 - 0.01 0.15 0.05 0.00 0.00 0.00 + 0.00 0.00 0.00 0.55 0.52 0.52 - 0.02 0.65 0.30 44.31 41.87 42.95 - 0.96 44.69 31.15 0.07 0.06 0.06 - 0.01 0.38 0.04 0.23 0.19 0.23 + 0.00 0.46 0.19 0.29 0.24 0.29 + 0.02 0.60 0.24 0.20 0.00 0.20 + 0.01 0.47 0.12 0.11 0.10 0.11 - 0.01 0.23 0.09 0.09 0.08 0.08 - 0.01 0.17 0.06 0.09 0.07 0.09 + 0.02 0.11 0.02 0.13 0.06 0.12 + 0.04 0.14 0.03 0.03 0.03 0.03 + 0.00 0.05 0.02 0.05 0.03 0.05 + 0.01 0.06 0.02 0.06 0.05 0.06 + 0.01 0.08 0.04 0.15 0.13 0.13 - 0.01 0.23 0.14 1.60 1.12 1.25 - 0.25 1.69 0.15 8.79 8.33 8.73 + 0.06 11.40 8.33 11.21 10.65 11.15 + 0.15 16.11 10.32 0.28 0.23 0.26 - 0.02 0.53 0.19 0.22 0.20 0.20 - 0.02 0.43 0.17 2.70 1.95 2.48 - 0.21 2.85 0.30 0.07 0.04 0.05 + 0.01 0.22 0.04 0.05 0.04 0.05 + 0.01 0.08 0.03 0.04 0.03 0.03 - 0.01 0.06 0.02 0.30 0.26 0.28 - 0.02 0.65 0.26 0.17 0.10 0.17 + 0.07 0.17 0.08 0.04 0.04 0.04 + 0.01 0.07 0.03 0.27 0.22 0.22 - 0.03 0.34 0.17 0.35 0.29 0.32 + 0.03 0.36 0.07 0.27 0.23 0.25 + 0.01 0.28 0.05 0.08 0.06 0.06 - 0.02 0.15 0.05 0.53 0.47 0.53 + 0.06 0.81 0.47 0.67 0.60 0.66 + 0.06 1.09 0.60 0.05 0.04 0.04 - 0.01 0.05 0.01 0.01 0.00 0.01 + 0.01 0.07 0.00 0.35 0.32 0.32 - 0.02 0.54 0.28 0.44 0.41 0.42 - 0.03 0.73 0.37 0.07 0.05 0.05 + 0.01 0.10 0.03 0.19 0.16 0.16 - 0.03 0.67 0.15 0.15 0.12 0.13 - 0.02 0.47 0.12 0.22 0.17 0.19 + 0.01 0.27 0.13 0.02 0.01 0.01 - 0.01 0.02 0.01 0.34 0.30 0.34 + 0.04 0.39 0.18 46.66 44.30 45.21 - 0.98 46.66 36.09 36.71 34.73 35.40 - 1.02 36.71 27.96 0.11 0.10 0.10 + 0.01 0.20 0.08 0.09 0.07 0.07 - 0.02 0.16 0.07 0.75 0.72 0.72 + 0.00 0.78 0.71 0.95 0.85 0.92 + 0.02 1.25 0.85 0.02 0.00 0.02 + 0.00 0.06 0.02 3.25 2.90 3.05 + 0.21 3.25 1.68

Tahoe Res* N 12918 Tahoe Res T 3781 Tajiri Res V 69 Taku Gold* O 16 Taku Gold 647 Tamino Mnrls* O 165 Tanager Energy V 346 Tanqueray Expl V 111 Tantalex Res 980 Tanzania Rlty T 89 Tanzania Rlty* X 683 Taranis Res V 163 Taranis Res* O 5252 Tartisan Res 317 Tasca Res V 18049 Taseko Mines* X 4467 Taseko Mines T 1590 Teck Res T 9176 Teck Res T 11

4.74 4.29 4.66 + 0.29 11.43 4.24 6.04 5.48 5.97 + 0.44 15.11 5.31 0.12 0.10 0.10 - 0.02 0.21 0.08 0.08 0.05 0.08 + 0.01 0.20 0.00 0.12 0.06 0.12 + 0.02 0.25 0.06 0.00 0.00 0.00 + 0.00 0.00 0.00 0.15 0.11 0.12 + 0.01 0.20 0.07 0.78 0.70 0.72 - 0.05 1.56 0.70 0.10 0.09 0.09 + 0.01 0.17 0.03 0.36 0.33 0.34 - 0.02 0.84 0.33 0.29 0.25 0.26 - 0.02 0.63 0.25 0.13 0.10 0.12 - 0.01 0.13 0.08 0.10 0.08 0.08 - 0.01 0.11 0.06 0.15 0.13 0.13 - 0.01 0.18 0.04 0.62 0.25 0.34 + 0.10 0.62 0.05 2.24 1.95 2.10 - 0.10 2.46 0.49 2.86 2.50 2.66 - 0.10 2.96 0.67 28.29 26.12 27.98 + 0.70 35.67 19.27 28.52 26.35 28.18 + 0.24 36.49 20.00

T

(100s) Stock

Week

12-month

(100s)

Exc Volume High Low Last Change High Low

Teck Res* N 19177 Telson Res * O 66 Telson Res V 219 Tembo Gold V 426 Tembo Gold* O 362 Teranga Gold T 1807 Teranga Gold* O 155 Teras Res V 241 Terrax Mnrls V 694 Terrax Mnrls* O 199 Terreno Res V 209 Tethyan Res V 121 Teuton Res V 207 Teuton Res* O 131 Texas Mineral* O 213 Themac Res V 233 Thor Expl V 332 Thunderstruck V 76 Thunderstruck* O 35 Till Capital V 1 Timberline Res* O 71 Timmins Gold T 806 Timmins Gold* X 939 Tinka Res* O 907 Tinka Res V 1889 Tintina Res* O 83 Tirex Res* O 2610 Tirex Res V 910 Titan Mining T 298 Titanium Corp V 85 TMAC Resource* O 2 TMAC Resources T 1219 Toachi Mg Inc V 570 Tombstone Expl* O 5637 Tonogold Res* O 38 Torex Gold* O 129 Torex Gold T 1111 Toron, Inc* O 1104 Tower Res V 518 Transatlan Mng V 58 Treasury Metal* O 112 Treasury Metal T 393 Trecora Res* N 272 Trek Mining V 1123 Trek Mining* O 401 Tres-Or Res V 333 Trevali Mng* O 334 Trevali Mng T 12361 140 Tri Origin Exp V Trident Gold V 54 Trifecta Gold* O 49 Trifecta Gold V 296 Trilogy Mtls T 34 Trilogy Mtls* X 409 O 14 TriMetals Mng* TriMetals Mng* O 24 Trinity Valley V 404 Trio Resources* O 2608 TriStar Gold* O 245 TriStar Gold V 285 Triumph Gold V 220 Triumph Gold* O 67 Troy Enrgy V 290 Troy Res* O 100 True Grit Res V 390 Tsodilo Res V 8 Tudor Gold V 172 Tudor Gold * O 5 Turquoise HIl T 1968 Turquoise HIl* N 7143 TVI Pacific* O 1020 Typhoon Expl V 270

22.23 20.42 21.93 + 0.40 26.60 14.56 0.57 0.53 0.53 - 0.03 0.72 0.17 0.78 0.67 0.67 - 0.04 0.89 0.20 0.02 0.02 0.02 + 0.01 0.06 0.01 0.01 0.01 0.01 + 0.00 0.04 0.01 2.72 2.36 2.68 + 0.20 5.25 2.36 2.12 1.85 2.11 + 0.17 6.40 1.85 0.13 0.11 0.12 + 0.01 0.18 0.08 0.45 0.41 0.43 + 0.04 0.92 0.39 0.36 0.31 0.34 + 0.04 0.70 0.30 0.06 0.05 0.06 + 0.01 0.08 0.03 0.08 0.05 0.05 - 0.03 0.10 0.04 0.19 0.16 0.19 + 0.01 0.35 0.15 0.15 0.13 0.13 - 0.02 0.26 0.11 0.19 0.16 0.19 + 0.01 0.39 0.09 0.05 0.00 0.03 - 0.03 0.10 0.03 0.20 0.16 0.16 - 0.04 0.25 0.08 0.08 0.07 0.08 + 0.01 0.14 0.05 0.06 0.05 0.05 - 0.01 0.11 0.05 4.65 0.00 4.65 + 0.15 5.85 4.10 0.30 0.26 0.27 - 0.02 0.52 0.02 4.53 3.84 4.33 - 0.17 7.99 3.70 3.57 3.02 3.41 - 0.14 6.06 2.70 0.65 0.51 0.53 - 0.11 0.75 0.14 0.80 0.64 0.68 - 0.14 0.87 0.20 0.07 0.00 0.06 - 0.00 0.10 0.04 0.03 0.03 0.03 - 0.01 0.09 0.02 0.04 0.03 0.03 - 0.01 0.12 0.03 1.35 1.20 1.29 - 0.06 1.40 1.26 1.44 1.36 1.37 - 0.07 1.50 0.41 6.73 0.00 6.73 + 0.66 14.36 5.52 8.96 7.50 8.57 + 0.88 19.00 6.90 0.25 0.21 0.21 - 0.05 0.62 0.21 0.01 0.00 0.01 - 0.00 0.01 0.00 0.20 0.16 0.18 - 0.02 0.25 0.02 11.25 10.34 11.24 + 0.72 25.59 9.77 14.41 13.14 14.37 + 1.01 33.85 12.42 0.00 0.00 0.00 + 0.00 0.01 0.00 0.15 0.13 0.15 + 0.01 0.34 0.12 0.07 0.05 0.06 + 0.01 0.65 0.04 0.50 0.47 0.47 - 0.04 0.67 0.30 0.63 0.59 0.60 - 0.02 0.90 0.51 12.30 11.40 12.20 + 0.65 14.80 10.13 1.03 0.98 0.99 - 0.04 2.02 0.96 0.81 0.77 0.78 - 0.03 1.55 0.75 0.06 0.05 0.06 + 0.01 0.06 0.03 1.18 1.06 1.11 - 0.07 1.34 0.76 1.51 1.36 1.40 - 0.08 1.64 1.03 0.04 0.03 0.04 + 0.01 0.07 0.03 0.16 0.00 0.15 - 0.01 0.22 0.05 0.09 0.07 0.08 - 0.03 0.20 0.07 0.13 0.10 0.12 - 0.02 0.40 0.10 1.26 1.16 1.21 - 0.02 1.60 0.58 0.99 0.92 0.94 - 0.03 1.35 0.44 0.15 0.13 0.15 + 0.03 0.23 0.12 0.20 0.16 0.19 - 0.01 0.20 0.11 0.11 0.03 0.11 + 0.03 0.20 0.04 0.00 0.00 0.00 - 0.00 0.00 0.00 0.18 0.16 0.17 + 0.01 0.34 0.15 0.25 0.21 0.22 - 0.02 0.44 0.20 0.31 0.26 0.28 - 0.03 0.57 0.18 0.24 0.21 0.22 - 0.02 0.46 0.13 0.11 0.10 0.10 - 0.01 0.15 0.01 0.09 0.09 0.09 + 0.02 0.21 0.05 0.07 0.05 0.05 - 0.02 0.08 0.01 0.68 0.00 0.68 + 0.01 1.05 0.56 0.59 0.50 0.52 - 0.05 0.94 0.37 0.45 0.39 0.40 - 0.05 0.71 0.33 4.03 3.76 3.91 - 0.05 5.03 3.25 3.17 2.94 3.07 - 0.05 3.80 2.44 0.01 0.00 0.00 - 0.01 0.06 0.00 0.07 0.06 0.06 - 0.01 0.12 0.06

U3O8 Corp T 326 U3O8 Corp* O 119 Ucore Rare Mtl* O 508 Ucore Rare Mtl V 1051 UEX Corp T 2597 Ultra Lithium* O 82 Ultra Lithium V 875 Unigold V 91 United Res Hdg* O 128 United Silver* O 237 United States A* X 194 United States S* N 42272 Universal Vent V 68 Ur-Energy* X 1752 Uracan Res* O 12 Uragold Bay Rs V 2548 Uranium Energy* X 8052 Uranium Res* D 1809 Uravan Mnrls V 439 URZ Energy* O 29 URZ Energy V 299 O 441 US Cobalt *

0.50 0.38 0.41 - 0.02 1.00 0.21 0.43 0.30 0.31 + 0.01 0.43 0.18 0.24 0.20 0.23 + 0.01 0.28 0.18 0.30 0.25 0.28 + 0.01 0.37 0.22 0.25 0.19 0.24 - 0.01 0.43 0.15 0.50 0.30 0.30 - 0.24 0.63 0.11 0.65 0.36 0.46 - 0.19 0.80 0.14 0.25 0.21 0.22 - 0.04 0.35 0.15 0.01 0.01 0.01 + 0.01 0.04 0.01 0.00 0.00 0.00 - 0.00 0.01 0.00 0.25 0.22 0.23 - 0.01 0.52 0.20 27.86 25.46 27.28 - 0.18 41.83 18.55 0.45 0.40 0.40 - 0.04 0.50 0.35 0.66 0.55 0.64 - 0.01 0.91 0.41 0.02 0.02 0.02 + 0.01 0.07 0.01 0.12 0.09 0.09 - 0.02 0.26 0.08 1.50 1.26 1.49 + 0.07 1.92 0.81 0.97 0.86 0.96 + 0.06 4.00 0.76 0.06 0.05 0.05 + 0.01 0.16 0.04 0.49 0.43 0.43 - 0.01 0.51 0.31 0.62 0.53 0.53 - 0.05 0.79 0.20 0.54 0.45 0.46 - 0.09 0.88 0.27

Stock

Week

12-month

Exc Volume High Low Last Change High Low

825 V US Cobalt US Energy* D 411 US Precious M* O 3877 US Tungsten* O 163 N 14670 Vale* N 116578 Vale* ValGold Res V 40 303 Valley High Mg* O Valterra Res V 362 Valterra Res* O 83 Vanadium One V 4269 O 227 Vanadiumcorp* Vanadiumcorp V 1820 Vangold Res V 468 175 Vanstar Mng Rs V Vantex Res V 172 N 2515 Vedanta* O 7 Velocity Mnrls* Velocity Mnrls V 502 O 182 Vendetta Mng* Verde Potash T 131 Verde Res* O 3 Veris Gold* O 752 Victoria Gold V 2468 Victory Nickel 78 Victory Res V 135 Victory Vent V 2074 O 73 Virginia Enrgy* Virginia Enrgy V 107 212 Visible Gold M V 378 Visible Gold M* O Vista Gold T 100 Vista Gold* X 739 Volcanic Gold V 290 Voltaic Min V 1729 Voyageur Min V 6 VR Resources V 381

0.68 0.56 0.58 - 0.11 0.99 0.45 0.60 1.17 + 0.01 2.74 1.20 1.00 0.01 0.00 0.00 + 0.00 0.02 0.00 0.00 0.00 + 0.00 0.00 0.00 0.00 9.49 8.88 9.42 + 0.04 11.10 6.31 10.19 9.53 10.11 + 0.04 11.72 7.00 0.02 0.07 - 0.01 0.07 0.07 0.00 0.00 0.00 0.00 + 0.00 0.02 0.00 0.03 0.03 - 0.01 0.06 0.04 0.03 0.01 0.03 - 0.00 0.05 0.03 0.02 0.06 0.09 - 0.01 0.19 0.12 0.08 0.03 0.09 - 0.01 0.13 0.10 0.08 0.04 0.11 - 0.01 0.18 0.13 0.11 0.05 0.08 + 0.02 0.22 0.08 0.07 0.08 0.08 0.08 + 0.01 0.15 0.05 0.06 0.06 - 0.01 0.24 0.06 0.06 11.55 18.94 - 0.92 21.63 19.37 17.96 0.17 0.02 0.35 0.20 - 0.22 0.20 0.22 0.25 - 0.02 0.47 0.30 0.25 0.08 0.19 + 0.00 0.27 0.20 0.18 0.21 0.40 - 0.06 1.77 0.46 0.40 0.02 0.02 - 0.05 0.20 0.07 0.02 0.00 0.00 + 0.00 0.02 0.01 0.00 0.42 0.47 + 0.01 0.74 0.49 0.43 0.02 0.04 - 0.01 0.09 0.05 0.00 0.13 0.25 + 0.05 0.88 0.25 0.00 0.06 0.18 + 0.06 0.76 0.18 0.12 0.03 0.10 - 0.03 0.54 0.11 0.08 0.04 0.14 + 0.03 0.38 0.15 0.10 0.10 0.09 0.10 - 0.01 0.35 0.09 0.07 0.06 0.06 - 0.00 0.15 0.04 0.83 0.86 - 0.06 1.61 0.94 0.83 0.63 0.68 - 0.04 1.24 0.74 0.67 0.27 0.28 - 0.07 0.65 0.34 0.27 0.04 0.04 - 0.01 0.24 0.05 0.04 0.04 0.08 - 0.03 0.15 0.10 0.00 0.21 0.29 + 0.04 0.51 0.33 0.26

Wabi Explor 232 T 4438 Wallbridge Mng 532 War Eagle Mg V Waseco Res V 32 Wealth Mnrls V 1831 Wealth Mnrls* O 1288 O 460 Wellgreen Plat* Wellgreen Plat T 490 T 2851 Wesdome Gold O 115 Wesdome Gold* 228 V West Af Res 732 West High Yld V 72 West Kirkland * O 119 West Red Lake* O Westbay Vent V 87 Westcot Vent V 50 O 79 Western Areas* T 356 Western Copper X 989 Western Copper* O 8905 Western Graphi* T 178 Western Potash Western Res* O 13 Western Uran* O 147 V 152 Westhaven Vent O 81 Westhaven Vent* O 361 Westkam Gold* Westmoreland* D 878 O 24 Westridge Res* White Gold V 191 White Gold* O 27 430 White Metal Rs V White Mtn Engy* O 2126 O 20 Wincash Apolo* Winston Gold* O 281 Wolfden Res* O 65 Wolfden Res V 1614 Wolfeye Res V 484 X-Terra Res V 55 Xander Res V 665 Ximen Mng V 427 148 XLI Tech Inc* O Xtra-Gold Res T 40 O 38 Xtra-Gold Res* Yamana Gold T 14016 41200 Yamana Gold* N V 25 Yellowhead Mng Yorbeau Res T 2495 Zena Mng V 174 O 4 Zenyatta Vent* Zenyatta Vent V 341 Zephyr Mnls* O 21 Zephyr Mnls V 79 Zimtu Capital V 51 651 Zinc One Res V 197 Zinc One Res * O Zincore Mtls V 88 Zonte Mtls V 608

0.05 0.08 - 0.01 0.09 0.08 0.00 0.04 0.11 - 0.01 0.15 0.15 0.11 0.05 0.05 0.05 + 0.01 0.08 0.04 0.04 0.05 - 0.01 0.12 0.05 0.05 0.95 1.99 + 0.01 2.34 2.34 1.97 0.71 1.58 + 0.03 1.85 1.85 1.56 0.16 0.26 + 0.04 0.37 0.26 0.21 0.22 0.34 + 0.05 0.49 0.34 0.27 1.74 1.84 + 0.03 4.40 1.91 1.74 0.00 1.46 + 0.03 3.22 1.49 1.39 0.42 0.34 0.35 + 0.01 0.42 0.19 0.50 0.27 0.46 + 0.18 3.80 0.11 0.06 0.04 0.06 - 0.00 0.08 0.04 0.08 0.06 0.07 - 0.00 0.24 0.06 0.16 0.43 + 0.13 0.43 0.43 0.30 0.04 0.45 + 0.08 0.45 0.45 0.30 1.57 2.39 - 0.18 2.60 2.60 0.00 1.10 1.15 - 0.09 2.24 1.24 1.10 0.85 0.90 - 0.08 1.80 0.98 0.86 0.00 0.00 + 0.00 0.00 0.00 0.00 0.37 0.42 - 0.02 1.80 0.44 0.42 0.29 0.33 - 0.00 0.47 0.34 0.33 0.65 0.83 - 0.03 2.17 0.98 0.68 0.07 0.10 - 0.01 0.15 0.11 0.00 0.05 0.08 - 0.00 0.10 0.08 0.08 0.01 0.00 0.03 0.02 - 0.02 0.01 1.95 1.60 1.77 - 0.11 19.92 1.60 0.12 0.28 + 0.03 0.29 0.28 0.25 0.87 1.39 + 0.15 2.34 1.41 1.09 0.74 1.11 + 0.03 1.73 1.11 0.85 0.07 0.04 0.07 + 0.03 0.07 0.03 0.00 0.00 0.00 - 0.00 0.05 0.00 0.03 0.05 - 0.02 0.22 0.07 0.00 0.02 0.03 - 0.00 0.04 0.04 0.03 0.10 0.34 + 0.02 0.35 0.35 0.00 0.08 0.49 + 0.09 0.49 0.49 0.38 0.24 1.40 - 0.08 1.64 1.60 1.37 0.16 0.22 - 0.02 0.40 0.24 0.22 0.20 0.20 - 0.04 0.42 0.24 0.20 0.03 0.04 - 0.01 0.12 0.04 0.04 0.01 0.01 0.01 + 0.00 0.05 0.00 0.17 0.23 - 0.01 0.37 0.25 0.00 0.12 0.17 - 0.01 0.28 0.19 0.17 2.84 3.51 + 0.12 4.80 3.51 3.29 2.21 2.74 + 0.06 3.65 2.75 2.57 0.44 0.57 - 0.02 1.20 0.59 0.50 0.08 0.10 + 0.01 0.12 0.10 0.09 0.07 0.11 - 0.04 0.18 0.18 0.11 0.51 0.54 - 0.04 0.93 0.55 0.00 0.65 0.69 - 0.06 1.29 0.73 0.65 0.15 0.22 - 0.01 0.30 0.23 0.22 0.18 0.28 - 0.02 0.42 0.30 0.27 0.16 0.24 - 0.02 0.40 0.25 0.23 0.45 0.40 0.41 - 0.03 0.90 0.22 0.36 0.31 0.32 - 0.04 0.81 0.01 0.06 0.20 + 0.04 0.29 0.25 0.00 0.08 0.17 - 0.01 0.49 0.18 0.16

W-Z

U-V

BID-ASK — NOVEMBER 13–17, 2017

STOCK

Accend Capital Acme Res Corp African Metals Aida Minerals Alba Minerals Alderon Iron* Allante Potash Alliance Mng ALQ Gold Amanta Res Amato Expl Anglo Pac Grp APAC Res Inc Arch Coal* Archon Mineral Arco Res Arian Res Ashanti Sanko Astar Mnls Astur Gold Atlatsa Res* Aurelius Min Bethpage Cap BHK Mining Black Bull Res Black Isle Res Boss Power Brigadier Gold Brunswick Res Bullion Gld Res Cairo Res Cameo Res Canex Energy Cascade Res Cassius Vents Cerro Mng Chantrell Vent Chieftain Mtls Chinapintza Mg CIM Intl Grp Cliffs Nat Res* CNRP Mng Cons Westview Corazon Gold CR Capital CWN M’g Acq Cyprium Mng Dawson Gold Desert Star Eastern Zinc Edgewater Expl European Metal Eurotin EVI Global Grp Excalibur Res Fieldex Expl Finore Mng Fire River Gol First Idaho Four Nines Galore Res

12-MONTH

EXC BID ASK LAST HIGH

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

20-22_NOV27_StockTables.indd 22

0.62 0.68 0.62 0.70 0.01 0.03 0.02 0.06 0.09 0.06 0.06 0.91 1.03 1.00 1.50 0.15 0.16 0.16 0.28 ... 0.40 0.14 0.52 0.06 0.11 0.05 0.06 0.06 0.06 0.04 0.05 0.25 0.29 0.22 0.45 0.01 0.02 0.01 0.03 0.05 0.03 0.07 1.21 ...

1.32 2.02 0.04 0.06 0.06 0.10 ... ...

0.58 0.90 1.30 1.00 1.68 0.06 0.08 0.06 0.12 0.01 0.02 0.01 0.02 0.02 0.03 0.02 0.10 0.31 1.00 0.35 0.40 0.06 0.08 0.08 0.10 ... ...

0.06 0.45 0.13 0.14 0.14 0.15 0.09 ...

0.14 0.16 0.02 0.02 0.02 0.05 0.10 0.18 0.10 0.15 0.04 0.05 0.04 0.06 0.17 0.20 0.17 0.17 0.25 0.17 0.30 0.02 0.03 0.03 0.05 0.31 0.35 0.35 0.47 0.41 0.98 0.41 0.60 1.40 1.40 1.34 1.60 0.33 0.40 0.32 0.68 0.02 0.04 0.02 0.03 0.05 0.03 0.06 0.05 0.10 0.05 0.18 0.07 0.08 0.08 0.11 ... ...

0.05 0.01 0.05 0.01 0.02 0.20 0.25 0.25 0.88 1.45 3.20 1.43 7.17 0.71 0.76 0.76 12.50 0.40 0.70 0.40 0.55 0.52 0.55 0.55 0.55 0.09 0.12 0.09 0.13 0.15 0.26 0.16 0.27 0.03 0.03 0.03 0.06 0.15 0.34 0.30 0.30 0.39 0.50 0.45 0.47 0.20 0.28 0.20 0.30 0.13 0.18 0.14 0.25 ... 0.01 0.01 0.05 0.08 0.07 0.12 0.03 0.08 0.03 0.07 0.09 0.10 0.10 0.11 0.18 0.19 0.19 0.30 0.12 0.12 0.11 0.88 0.03 0.07 0.09 0.05 0.25 0.05 0.10 0.12 0.15 0.11 0.16 0.02 0.02 0.02 0.07

LOW

STOCK

0.50

Genius Props Getty Copper GFM Res Global Cobalt Global Cop Grp GobiMin Gold Finder Ex Gravis Energy Greatbanks Res Green River Hadley Mng Highbury Proj Highvista Gold IGC Res Intl Battery Iron South Mng JDF Explor Inc Jiulian Res Jubilee Gold Karoo Expl Kenna Res Kingsmen Res Leo Res Libero Copper Lions Gate Mtl Lithion Energy Lovitt Res Lund Enterpr Maccabi Vent Madeira Mrnls MAG Silver* Manado Gold Martina Mnls Match Capital Mega Copper Metalore Res MillenMin Vent Millstream Min Milner Con Slv Minecorp Egy Minsud Res Miramont Res Moag Copper Montana Gold Morgan Res Mukuba Res Namibia Rare E Navy Res Nebu Res Network Expl New Dimen Res New Klondike New Oroperu Noble Metal Gr Norsemont Cap North Am Ptash NQ Explor Nrthn Lion Nunavik Nickel Orestone Mng Oriental Non F

0.06 0.01 0.04 0.12 0.04 0.02 0.05 0.03 1.05 0.03 1.00 0.01 0.01 0.02 0.17 0.01 0.06 0.03 0.04 0.02 0.06 0.03 0.13 0.02 0.08 0.21 0.31 0.30 0.02 0.04 0.05 0.01 0.08 0.98 0.18 0.35 0.30 0.06 0.15 0.03 0.09 0.18 0.10 0.13 0.04 0.02 0.01 0.10 0.17 0.05 0.11 0.01

12-MONTH

EXC BID ASK LAST HIGH LOW

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

0.15 0.16 0.16 0.38 0.02 0.03 0.03 0.04 0.05 0.09 0.05 0.05 0.02 0.02 0.02 0.07 0.08 0.08 0.11 0.45 0.49 0.42 0.58 0.11 0.14 0.12 0.20 ... 0.03 0.01 0.01 0.03 0.05 0.03 0.02 0.06 0.06 0.06 0.95 0.98 0.95 1.08 0.25 ...

0.25 0.30 ... 0.16 0.17 0.01 0.01 0.01 0.02 ... ...

0.31 0.40 0.24 0.27 0.24 0.28 0.01 ...

0.01 0.02 0.06 0.02 0.06 0.44 0.65 0.64 0.73 0.02 0.02 0.02 0.03 0.13 0.16 0.15 0.11 0.18 0.11 0.20 1.06 1.09 1.09 2.50 0.08 0.09 0.09 0.22 0.43 0.44 0.43 0.48 ... ...

0.10 0.18 0.03 0.09 0.10 0.17 0.13 0.14 0.14 0.18 0.03 0.08 0.03 0.09 0.03 0.07 0.03 0.05 12.52 13.30 12.52 14.40 0.08 0.09 0.08 0.14 0.03 0.06 0.03 0.04 0.01 0.04 0.04 0.17 0.27 0.17 0.30 2.95 4.00 3.15 5.16 0.05 0.07 0.05 0.05 0.04 0.06 0.04 0.06 0.04 0.05 0.05 0.05 ... ...

0.12 0.20 0.08 0.10 0.10 0.16 0.25 0.35 0.30 0.30 ... ...

0.08 0.09 0.10 0.10 0.10 0.01 0.02 0.01 0.07 0.08 0.15 0.06 0.16 0.04 0.05 0.04 0.10 0.17 0.27 0.21 0.21 0.04 0.04 0.04 0.05 0.17 0.23 0.17 0.04 0.05 0.04 0.17 0.01 0.01 0.01 0.43 0.54 0.43 0.70 0.01 0.01 0.01 0.02 0.37 0.45 0.40 0.45 0.05 0.08 0.04 0.01 0.01 0.01 0.04 0.45 0.59 0.45 0.74 0.11 0.13 0.11 0.17 0.09 0.12 0.12 0.13 0.70 1.22 1.05 1.20

0.11 0.02 0.01 0.04 0.40 0.08 0.01 0.01 0.06 0.25 0.01 0.11 0.04 0.02 0.50 0.01 0.09 0.05 0.07 0.10 0.03 0.04 0.09 0.03 0.01 6.12 0.06 0.02 0.12 1.50 0.05 0.04 0.03 0.07 0.03 0.20 0.02 0.01 0.06 0.04 0.09 0.01 0.04 0.37 0.01 0.26 0.01 0.16 0.07 0.05 0.70

STOCK

12-MONTH

EXC BID ASK LAST HIGH LOW

Orofino Mnrls Oronova Energy Pac Arc Res Pac Cascade Pac Link Mng Parana Copper Patriot Gold Pele Mtn Res Philippine Mtl Phoenix Gold Phoenix Metals Pitchblack Res Prime Meridian ProAm Expl Quantum Cobalt Rainmaker Res Rare Element* Razore Rock Res Red Oak Mg Red Tiger Mng Remo Res Riley Resource Rio Silver Rockex Mng Rockland Mnls Romulus Res Rotation Mnls Royal Sapphire Rubicon Mnrls* Savoy Vent Scavo Res SGX Res Silver Phoenix Sniper Res Sonoro Mtls Spada Gold Spruce Ridge R Standard Graph Stockport Expl Superior Mng Tearlach Res Theia Res Thunder Mtn Gd Tiger Intl Tiller Res Tri-River Vent Trigen Res Trueclaim Expl UC Res Umbral Enrgy United Coal Vanadium One Vela Minerals Venerable Vent WCB Res Western Troy C Westminster Rs Whistler Gold Winston Res Zara Res Zinco Mng

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

0.09 0.14 0.09 0.15 0.36 0.40 0.40 0.46 0.25 0.35 0.26 0.30 0.01 0.02 0.01 0.03 0.06 0.03 0.07 0.06 0.25 0.06 0.15 0.07 0.15 0.09 0.15 0.02 0.02 0.02 0.40 0.07 0.11 0.07 0.16 ... 0.01 0.01 0.19 0.20 0.21 0.41 0.45 0.41 0.46 0.12 0.15 0.14 0.02 0.03 0.02 0.06 ... ...

1.10 3.15 0.05 0.06 0.05 0.09 0.11 0.16 0.15 0.89 0.03 0.07 0.03 0.18 0.21 0.30 0.21 0.25 0.02 0.03 0.03 0.07 0.09 0.15 0.09 0.30 0.11 0.40 0.11 0.20 0.04 0.05 0.05 0.13 0.01 0.04 0.02 0.06 0.07 0.08 0.08 0.11 0.15 0.23 0.19 0.20 0.19 0.20 0.19 0.45 0.13 0.23 0.13 1.40 ... ...

0.03 1.35 0.25 0.45 0.45 0.45 0.36 0.57 0.36 0.54 0.02 0.02 0.02 ... 0.22 0.22 0.25 0.01 0.01 0.01 0.14 0.15 0.15 0.16 0.25 0.38 0.25 0.38 0.01 0.02 0.02 0.04 0.18 0.18 0.17 0.20 0.02 0.03 0.03 0.06 0.04 0.06 0.04 0.40 0.08 0.15 0.08 0.09 0.15 0.10 0.13 0.15 ...

0.15 0.32 0.10 0.18 0.10 0.10 0.25 0.35 0.35 0.65 0.04 0.12 0.04 0.04 0.08 0.12 0.08 0.10 0.18 0.18 0.18 0.45 0.01 0.02 0.02 0.03 0.14 0.15 0.14 0.20 ... 0.01 0.01 0.13 0.15 0.13 0.18 0.05 0.06 0.05 0.09 0.10 0.13 0.10 0.18 0.05 0.07 0.07 0.09 0.03 0.03 0.03 0.04 0.35 0.36 0.35 0.40 0.05 0.10 0.03 0.06 0.56 0.58 0.56 0.82 0.07 0.15 0.15 0.43 0.05 0.07 0.05

0.06 0.32 0.09 0.01 0.03 0.09 0.15 0.03 0.07 0.02 0.20 0.05 0.06 0.01 0.05 0.02 0.09 0.11 0.04 0.01 0.01 0.09 0.12 0.10 0.03 0.05 0.26 0.05 0.08 0.13 0.01 0.05 0.02 0.04 0.07 0.11 0.08 0.05 0.04 0.07 0.08 0.01 0.03 0.09 0.03 0.09 0.03 0.02 0.15 0.03 0.03 0.01

2017-11-21 6:10 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 27–DECEMBER 10, 2017

23

Monarques pours first gold at Beaufor, grows Wasamac resource QUEBEC |

BY TRISH SAYWELL tsaywell@northernminer.com

M

onarques Gold (TSXV: MQR) has joined the club of Canadian gold producers after pouring its first gold bar from its Beaufor mine in Quebec, 20 km northeast of Val-d’Or. The Montreal-based junior acquired Beaufor — along with a number of other key assets in the province — from Richmont Mines (TSX: RIC; NYSE: RIC) in a deal that closed earlier this month.

I n a d d i t i o n t o B e a u f o r, Monarques received the Camflo mill, 50 km from Beaufor, as well as the Wasamac, Camflo Northwest, Chimo, Monique and Louven 117 properties.

Richmont agreed to sell its noncore assets in Quebec to Monarques on Sept. 11, the same day it announced that it had signed a plan of arrangement under which it will be acquired by Alamos Gold (TSX: AGI; NYSE: AGI) in a friendly transaction.

In addition to becoming a gold producer with Beaufor, which churned out 19,562 oz. gold in 2016, Monarques has also come out with an updated resource for the Wasamac project, 15 km southwest of Rouyn-Noranda.

By upgrading most of the previous inferred resource to the indicated category based on infill drilling, Wasamac now has measured and indicated resources of 2.59 million oz. gold (29.86 million tonnes grading 2.70 grams gold per tonne) and 293,900 inferred oz. gold (4.2 million tonnes grading 2.20 grams gold per tonne). The resource is estimated at a cut-off grade of 1 gram gold per tonne and using a gold price of US$1,500 per ounce.

Monarques is also making headway at its Croinor gold project, which it owned before the Richmont transaction, and on which it

Expects to complete a prefeasibility study on Croinor gold project “WE ALL KNOW IF GOLD STARTS GOING, THE VALUE OF THE WASAMAC PROJECT WILL DEVELOP. THAT WAS OUR INTENTION ALL ALONG WITH THIS TRANSACTION WITH RICHMONT, IT WAS TO HAVE WHAT I LIKE TO CALL: ‘A FREE CALL ON THE PRICE OF GOLD.’” JEAN-MARC LACOSTE PRESIDENT AND CEO, MONARQUES GOLD

A worker handles a glowing-hot gold bar from Monarques Gold’s Beaufor gold mine, 20 km northeast of Val-d’Or, Quebec. MONARQUES GOLD

expects to complete a prefeasibility study in November.

At an investment conference in Toronto hosted by Red Cloud Klondike Strike, Monarques president and CEO Jean-Marc Lacoste said the company is growing from strength to strength.

“We are now officially a gold producer with the Beaufor mine in East Val-d’Or and we now have a very large portfolio of 250 sq. km with two advanced projects — Wasamac and Croinor,” Lacoste said. “Croinor is fully permitted and ready to go and is about the size of the Beaufor mine as we know it now, and we also have six other exploration projects that have a lot of potential.”

As for Wasamac, he said, “we have leverage with the gold price.

We all know if gold starts going,

the value of the Wasamac project will develop. And that was our intention all along with this transaction with Richmont, it was to have what I like to call ‘a free call on the price of gold.’ We all know we’re one tweet away from a crazy price on gold.”

LaCoste adds t hat before Monarques’ transaction with Richmont, the company was “evaluated at $115 per oz. gold underground — mostly based on the fact that we had Rob McEwen [as an investor] and a lot of good people around us and a lot of goodwill. Post transaction we are valued at around $20 per oz. underground … that’s good.

Isn’t it good for shareholders to be valued at $20 instead of $115? We are hoping to get back to $115 with the portfolio we have. The idea is to get a good deal for your buck,

and that’s what we’re aiming at.”

The company’s wholly owned high-grade Croinor deposit, 55 km east of Val-d’Or, has measured and indicated resources of 804,600 tonnes grading 9.12 grams gold for 236,000 contained oz. gold and inferred resources of 160,800 tonnes averaging 7.42 grams gold for 38,400 oz. gold.

“Croinor was the main reason why Rob McEwen came on board,” LaCoste says. “He said: ‘Jean-Marc, you have 150 sq. km and [Croinor] is only on a square kilometre of the property, I don’t believe this is the only thing you’ve got. There’s a lot of exploration that should be done.’”

Mon a rqu e s a l s o ow n s t he 750-tonne-per-day Beacon mill, which is authorized to process up to 1.8 million tonnes of ore, equivalent to nine years of production at full capacity. Beacon, which Monarques acquired in November 2016, is 4 km from the Beaufor mine, and can be used as a secondary milling operation.

“Beacon is a fully permitted mill, may I repeat, fully permitted, in Quebec, which means we don’t have to wait three to five years to get the permits in line,” LaCoste says. “It’s not functional at the moment. We know it’s going to take about $1 million to $2 million to put it in movement.”

The company has $12 million

in cash. In March it completed a $5.1-million, bought-deal private placement and during the Richmont transaction in October, completed a senior-secured gold loan from Auramet International LLC in New York, which gave the junior access to US$4 million.

“We borrowed some money against the gold we are pouring at Beaufor to be repaid on a monthly basis for 12 months,” LaCoste says.

“That was one of the conditions that helped us close the deal.”

It also completed a $6.5-million financing at 35¢ per share at the time of the Richmont deal. Major subscribers included Richmont ($2 million), Fonds de Solidarité FTQ ($1 million) and Probe Metals (TSXV: PRB) ($0.6 million).

R ichmont ow ns 40 mi l lion shares of Monarques’ 200 million shares outstanding. That block of shares will be transferred on Nov. 23 should the transaction with Alamos Gold go through, LaCoste adds.

“We have had a meeting with Alamos and they like what we’re doing and they want us to pursue and develop the assets, and they will be supportive shareholders.”

At press time Monarques’ shares were trading at 32¢ apiece within a 52-week range of 25.5¢ (November 2016) and 49¢ (January 2017). The company has 200 million shares outstanding. TNM

Barrick, Acacia struggle to find common ground in Tanzania GOLD

| Barrick proposes $300M payment as part of new deal with gov’t

BY MATTHEW KEEVIL

B

mkeevil@northernminer.com VANCOUVER

arrick Gold (TSX: ABX; NYSE: ABX) has proposed a framework to resolve a three-month dispute with the government of Tanzania. It appears that management at Acacia Mining (LON: ACA), however, may have missed the memo.

That situation could be problematic, since any agreement between Barrick and Tanzanian authorities will require Acacia’s approval, and on Oct. 20 the company reported it “was seeking further explanation.”

Barrick holds a 63.9% equity stake in Acacia, which it spun out to hold its African interests seven years ago.

Barrick released details on a “Twenty-first Century partnership” on Oct. 19. The agreement would involve a new Tanzanian operating company to manage the Bulyanhulu, Buzwagi and North Mara mines, in which undefined “economic benefits” would be distributed on a fifty-fifty basis.

In addition, Acacia would make a US$300-million payment to the Tanzanian government to resolve claims for US$193 billion in “unpaid taxes and penalties.”

“We’re seeking further clarifi-

1-16, 23_NOV27_Main .indd 23

Material drops off a conveyor at Acacia Mining’s Buzwagi gold mine northwest Tanzania. ACACIA MINING

cation on the agreement,” Acacia CEO Brad Gordon said on an Oct. 20 conference call. “It’s very early in the process. There’s a long way to go before any proposal is made to Acacia.”

The company also pointed out its treasury “would not support” the US$300-million tax settlement.

The government halted con-

centrate exports in March over regulatory concerns surrounding valuation on mineral exports.

Tanzania has since instituted legislation providing for a minimum 16% free-carried interest and acquisition of up to 50% ownership of mining projects, increasing royalties from 4% to 6%, and introducing a 1% clearing fee on exports.

Acacia is the largest gold producer in Tanzania.

The company expects to produce between 850,000 and 900,000 oz. in 2017, at all-in sustaining costs (AISCs) ranging from US$880 to US$910 per ounce. Barrick’s share of production would equate to 450,000 oz. gold.

In September, Acacia announced

it would “reduce operational activity” at Bulyanhulu, slashing 2017 production guidance by 100,000 ounces.

BMO Capital Markets analyst Andrew Breichmanas said that “a number of other concessions suggest Acacia management and minority shareholder interests may have been sacrificed to reach an agreement.”

He cited the US$300-million payment and “absence of any resolution on tax or concentrate issues.”

BMO Research suspects that concentrate exports would “remain restricted while the parties are reviewing conditions for lifting the ban.”

Acacia said that its third-quarter revenues had declined 40% year-onyear to US$171 million as a result of the concentrate ban. The company reported US$24 million in net cash at the end of September.

Breichmanas cut his price target from £2.25 to £1.75 after the news and noted that conditions surrounding unpaid taxed and penalties appear to be “subject to ongoing efforts by a working group.”

Shares of Acacia have plummeted nearly 66% on the London Stock Exchange since the concentrate ban was announced in early March en route to a £1.85-per-share close at press time. TNM

2017-11-21 10:12 PM

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2017-11-21 10:36 AM