The Northern Miner November 28 2016 Issue 42

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Alexco hopes Bermingham will drive Keno Hill revival SITE VISIT

| Two silver discoveries could bring sustainable production

Lundin to sell Tenke stake to Chinese PE firm for US$1.1B COPPER

| Move lowers political risk, gives Lundin felxibility, analysts say

BY TRISH SAYWELL tsaywell@northernminer.com

S

Alexco Resource’s president and CEO Clynton Nauman (left) and vice-president of exploration Alan McOnie pause on the way up Galena Hill to explain historic operations at the Hector-Calumet mine at the Keno Hill silver property in the Yukon. PHOTO BY MATTHEW KEEVIL

BY MATTHEW KEEVIL

R

mkeevil@northernminer.com KENO CITY, YUKON

olling into Alexco Resource’s (TSX: AXR; NYSE-MKT: AXU) Keno Hill silver camp outside of the long-standing — though now sparsely populated — mining hamlet of Keno City in the central Yukon is a living lesson in history. The local museum houses industrial relics and antique equipment that tell the silent stories of a half-century of large-scale silver production that ended in the late 1980s, while Alexco’s modern camp is juxtaposed by the fading

remnants of the empty town of Elsa.

Alexco’s goal since acquiring the land package in 2006 has been to revive the prolific district, and it hopes that a pair of discoveries will pave the way to sustainable production. The company took a brief run at restarting operations in 2011 when it began pulling ore from the Bellekeno silver mine, but by 2013 it had announced the “interim suspension of operations,” due to rising operating costs and falling silver prices.

During a walk through Alexco’s quiet flotation mill, president and CEO Clynton Nauman says that the real upside for Keno Hill has always been exploration, and the

Leave no

company’s geological team has never stopped combing the 230 sq. km district for discoveries.

In fact, Alexco nearly built its processing facility on top of its next potential source of mill feed, the Flame & Moth deposit, which the company found while shutting down operations three years ago.

We leave the mill and Nauman points out preliminary work on a portal to develop the first 25 metres of a new underground production ramp.

Flame & Moth hosts indicated resources of 1.4 million tonnes grading 516 grams silver per tonne, 0.42 gram gold per tonne, 1.7% lead and 5.7% zinc. Contained silver is nearly

23 million ounces. Mineralization comprises multi-phase quartz and siderite veining, developed within a broad host fault structure. Locally it contains massive galena, sphalerite, pyrite and pyrrhotite, with associated silver sulphosalts, arsenopyrite and chalcopyrite.

“Our focus has been on the eastern end of the district, and we believe it is the key to restarting production,” Nauman says. “Our Bellekeno mine is located there, and we had expected Flame & Moth to anchor future operations because it appears to be a much larger deposit. So we were

ix months after Freeport-McMoRan (NYSE: FCX) agreed to sell its 56% stake in the Tenke Fungurume copper-cobalt mine in the Democratic Republic of the Congo (DRC) to China Molybdenum, joint-venture partner Lundin Mining (TSX: LUN; US-OTC: LUNMF) has struck a deal to sell its 24% interest in the mine to a Chinese private equity firm, BHR Partners, for US$1.14 billion.

Lundin’s president and CEO Paul Conibear stated that while it was “a difficult decision,” given the company’s 20-year history at Tenke, See LUNDIN / 2 PM40069240

See ALEXCO / 2

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Alexco hopes Bermingham will drive Keno Hill revival ALEXCO From 1

proceeding with that plan and everything was going well, but around one year ago we came across Bermingham.”

During a drive up Galena Hill, vice-president of exploration Alan McOnie pulls up in front of the historic portal to the prolific HectorCalumet mine, which cranked out 96 million oz. silver during its life at an average grade of 1,214 grams silver per tonne.

Bermingham sits 1 km southwest of the old mine workings up a winding gravel road, which is blanketed by a dense fog on the day of The Northern Miner’s visit.

Alexco previously outlined a small resource on the deposit, but due to relatively “lower grades and complicated geology” it had turned its attention towards Flame & Moth.

That all changed in late 2015, however, when drilling cut nearly 5 metres of 7,462 grams silver at Bermingham in hole 15-580.

T he compa ny dev ised a n 8,000-metre follow-up drill program, which rose to 17,000 metres after results confirmed and expanded the high-grade Bear zone, including a recent intercept of 7.5 metres at 2,715 grams silver from hole 16-608.

Current resources are contained within the Etta and Arctic zones, and total 377,000 indicated tonnes grading 430 grams silver for 5.2 million contained ounces.

“The tenor and continuity of the mineralization, plus the continuing thickness of the high-grade zone as we drill deeper, are really exciting,” McOnie shouts over the metallic rumble of a nearby drill rig.

“Plus our understanding of the vein geometry — including finding

Alexco Resource’s idled flotation mill, which was originally commissioned at 407 tonnes per day to produce both lead and zinc concentrates. PHOTO BY MATTHEW KEEVIL

mineralized parallel and conjugate veins — seems to tell us that we’re looking at a mineralization pattern similar to the largest deposits in the district, including Hector-Calumet,” he adds.

The Bear zone is characterized by complex silver-bearing mineral assemblages, including: pyrargyrite (“ruby silver”), freibergite, silverbearing galena, stephanite, polybasite and “wire silver” in a dominantly sideritic gangue.

“It has all the earmarks that have indicated other major deposits discovered around Keno Hill. Bermingham has delayed our restart plans because we really need to see where this thing goes,” Nauman adds. “But even if it goes nowhere, what’s been

outlined is of strategic importance to the way that we develop this district. In the last month or so, we are starting to figure this out.

And at this point, we’re preparing to move forward again.”

Alexco’s quest to resume production is also underpinned by the recent rally in precious metal markets.

Silver prices have rebounded from below US$15 per oz. in late 2015 to nearly US$19 per oz. at press time.

The company does have a financial complication, however, due to a streaming agreement with Silver Wheaton (TSX: SLW; NYSE: SLW) signed in 2008.

Silver Wheaton bought 25% of life-of-mine payable silver produced from the Keno Hill district for US$50

million in cash, plus unit payments tied to the prevailing market silver price. In mid-2014, the companies slightly amended the agreement to “increase the production payment to be a function of the silver price,” but it still encompasses all current and future discoveries by Alexco in the district. Alexco hopes to further renegotiate the agreement to boost potential operating margins.

“We wouldn’t be here today without Silver Wheaton, and their team recognized before anyone else that [Keno Hill] is truly underexplored.

They invested money in Alexco really early, literally on the back of our initial exploration work,” Nauman says. “The recent discoveries are proving we were all right about the

prospectivity, and Silver Wheaton has been open in discussing the options available to get the operation back up and running.”

Alexco hopes to release a preliminary economic assessment by year-end that incorporates its work at Flame & Moth. It intends to finish hydrological well drilling, metallurgical testing and waste-rock characterization studies to support permitting activity.

Restarting operations would involve a “multi-mine” plan that would include the Bellekeno, Lucky Queen and Flame & Moth deposits.

Nauman added, however, that Alexco wants to advance Bermingam as “quickly as realistically possible.”

In May Alexco closed a $13-million, non-brokered private placement wherein it issued 10.8 million units priced at $1.20 apiece. Each unit includes a share and a warrant exercisable at $1.75 for two years.

The company reported $25 million in net working capital in September.

Alexco shares have traded in a 52-week range of 35¢ to $3.31 per share, and closed at $2.43 at press time. There are 69.5 million shares outstanding for a $214-million market capitalization.

“We’re really in the unique position of hitting production with minimal capital costs, and we have a high-grade resource developing at Bermingham,” Nauman said. “I’d caution it’s still at the discovery stage and there is plenty of work to do, but assuming we continue to see strength in the silver market, we’ll be well-positioned to look closely at redeveloping Keno Hill as we move into the new year. There are also other promising targets in the Bermingham area that offer similar geological potential, and I’d expect looking at those in 2017.” TNM

Lundin to sell Tenke stake to China’s BHR for US$1.1B LUNDIN From 1

the sale would help the company “incrementally grow with projects and operations we control, while maintaining a strong balance sheet.”

Under the agreement, Lundin is selling its indirect 30% interest in TF Holdings — a Bermuda holding company that owns an 80% stake in Tenke Fungurume Mining — for US$1.14 billion in cash. The arrangement also has a contingent consideration of up to US$51.4 million, made up of US$25.7 million if the average copper price exceeds US$3.50 per lb., and another US$25.7 million if the average cobalt price exceeds US$20 per lb., within a 24-month period starting on Jan. 1, 2018.

In examining the rationale for the move, Pierre Vaillancourt, a mining analyst at Laurentian Bank Securities, pointed out that Lundin Mining has benefitted from a

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strong partnership with Freeport throughout the life-of-mine,” and that “with Freeport gone, Lundin was faced with the uncertainty of a less-experienced new partner, which may not have been as advantageous to the company.

“In the context of a vocal and somewhat unpredictable DRC government as its other partner (20%), and a major capital commitment for the next phase of expansion at the mine, taking the money was prudent,” he said in a research note, adding that he has raised his target price on Lundin Mining from $7

per share to $8 per share to reflect a stronger copper price environment, a more robust balance sheet and lower political risk.

Vaillancourt also noted that the sale “provides plenty of opportunity for the company to add another asset,” and that it might consider Serbia, and targets within Eastern Europe’s Tethyan belt. It might also consolidate its position in Chile, he said, or “look north to Peru for expansion.”

CIBC analyst Alec Kodatsky kept his target price on the company at $6 per share.

“On the strategic front, the sale of Tenke removes it from the DRC and eliminates the uncertainty of operating the asset with a new partner. Lundin can now refocus on its core assets and return to evaluating strategic growth opportunities, and has the potential to return value to shareholders in the form of a dividend,” he wrote in a research commentary on the transaction.

“The flip side, however, is that Lundin has sold its best copper asset at what looks to be the bottom of the cycle (albeit for a reasonable price), and is now tasked with finding a

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Processing equipment at the Tenke Fungurume copper-cobalt mine in the Democratic Republic of the Congo. LUNDIN MINING

replacement in a highly competitive market for assets as copper prices improve. We would expect the use of proceeds remains top of mind for investors.”

One fund manager in Europe with deep expertise in Africa described the sale in an email to The Northern Miner as “normal,” and “not unexpected.”

The fund manager, who requested anonymity, said that “the Chinese are a massive copper user and they have plans to become a force in the growing electrical vehicle market.

Of course, DRC has a difficult geography, and a few big companies have come unstuck there. But one feels the Chinese can handle the dynamics. So why not?”

Stefan Ioannou of Haywood Securities said in a research note that he views the sale favourably and noted that it would also improve

sentiment about copper.

“The US$3.8-billion Tenke transaction (Freeport and Lundin considerations combined) — one of the largest since Glencore sold the Las Bambas mine in Peru to MMG (China MinMetals) for US$6 billion in 2014 — stands to bolster copper sentiment.

The deal follows Rio Tinto’s recently approved US$5.3-billion underground expansion of the Oyu Tolgoi mine in Mongolia — arguably a sign that the [Chinese] majors are willing to jockey for assets or production growth ahead of anticipated medium- to long-term copper price strength.”

Lundin Mining’s shares were up 3¢, or 0.5%, to $6.38 on the day, and at press time traded at $6.61 apiece.

Over the last year the company has traded in a range of $2.98 to $6.57 per share. TNM

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THE NORTHERN MINER / NOVEMBER 28–DECEMBER 4, 2016

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Newmont’s Long Canyon mine is early and below budget NEVADA GOLD

| Early production comes in 18% below budget

BY SALMA TARIKH

N

starikh@northernminer.com

ewmont Mining (NYSE: NEM) has brought its newest gold mine, Long Canyon, online in Nevada, two months ahead of schedule and US$50 million under budget.

The company poured first gold from Long Canyon on Nov. 8 and declared commercial production on Nov. 15.

Long Canyon — located 161 km from Newmont’s Nevada complex — started production before the early 2017 target. Capital costs came in at US$225 million, or 18% below budget.

“Newmont has been one of the only large producers investing in growth through the lower price cycle, and has continued to generate peer-leading free cash flow while building two mines,” BMO analyst Andrew Kaip writes.

In October, the company started commercial production at the Merian gold mine in Suriname. Newmont completed Merian’s construction on time and more than US$150 million — or nearly 20% — below its initial development capital budget.

A month later, it christened Long Canyon. During its first phase, the operation should deliver between 100,000 and 150,000 oz. gold annually over an eight-year mine life.

Estimated all-in sustaining costs are US$500 to US$600 per oz. gold.

This puts Long Canyon among the lowest-cost producers in Newmont’s portfolio.

Newmont describes Long Canyon as the “most significant oxide gold discovery in Nevada in a decade.”

The operation has similar traits to the Carlin trend, where the company has operated for more than 50 years.

Gary Goldberg, Newmont’s president and CEO, said staging development at Long Canyon attributed to the project’s lower development costs, as well as strong returns, with a 26% rate of return and four-year payback period.

Newmont’s decision to use refurbished equipment instead of new

Members of Newmont Mining’s Long Canyon team pose with one of the first gold bars produced at the mine in Elko County, Nevada. NEWMONT MINING

equipment, build a leach facility instead of a mill and leverage its existing infrastructure, expertise and relationships in Nevada also led to lower costs.

At the end of 2015, Long Canyon’s global resource stood at 3.4 million oz., up 30% from its initial resource of 2.6 million oz. in 2013. The current resource includes reserves of 1.2 million oz. (16.3 million tonnes grading 2.3 grams gold per tonne), plus measured, indicated and inferred resources of 2.2 million oz. gold (22.1 million tonnes at 3.1 grams gold).

Little over half of the resources are in the inferred category.

Newmont is expanding mineralization. It had up to 11 drill rigs active on Long Canyon in 2016. It has grown the project’s mineralized

strike length 70% to over 5 km.

Oxide mineralization remains open in all directions.

Long Canyon is the fourth operation Newmont has brought online in the last three years, after Merian in October 2016, Cripple Creek & Victor in Colorado in August 2014, and Akyem in Ghana in November

2013. Over the same time, Newmont also raked in US$2.8 billion from asset sales. Combined, these efforts have strengthened the company’s balance sheet and improved its free cash flow generation.

Newmont generated free cash flow of US$240 million in the third quarter, compared to US$158 million in

last year’s third quarter. The increase came from higher gold prices and lower development capital expenses.

The miner ended September with US$2.1 billion in consolidated cash on its balance sheet.

BMO’s Kaip has an “outperform” rating and a $45 target price on the stock. TNM

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A gold pour at Newmont Mining’s Long Canyon gold mine in Nevada. NEWMONT MINING

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Silver market to record fourth straight deficit in 2016

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

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| Red metal rides the Trump train to US$2.50 per lb.

M

etal price prognosticators came out almost as badly as the pollsters in the wake of the U.S. presidential election, with most metal analysts predicting a post-election rise in gold prices, even as they put little emphasis on copper prices.

Instead, with Donald J. Trump taking the mantle of U.S. president-elect on Nov. 9, we

BY JOHN CUMMING all watched over the next two weeks as gold jcumming@northernminer.com prices plummeted US$100 per oz. to today’s levels just above US$1,200 per oz., with spot copper prices flying to US$2.54 per lb., after languishing in the US$2.15 per lb. range this year.

Copper’s spike appears to reverse a downward trend that began in early 2012, when copper traded as high as US$3.90 per pound.

The recent move up is supported by shrinking London Metal Exchange copper warehouse stock levels, which now stand at 250,000 tonnes, compared to 380,000 tonnes in October.

The shares of copper miners have shown little leverage to copper prices, however, with the Global X Copper Miners exchange-traded fund up almost 20% over the past month — not outpacing the copper price by much, and showing there’s concern among mining investors that the copper market isn’t out of the woods yet.

The renewed interest in copper comes from a wide expectation that the upcoming Trump administration will follow through on its promise to dramatically ramp up domestic infrastructure spending — a policy more than any other that would be perfectly suited to Trump’s background as a property developer.

Indeed, the Trump-Pence transition website at www.greatagain.gov says the new administration plans to spend US$550 billion on roads, highways, bridges, tunnels, airports and railways across the United States.

To get a glimpse at the fervour for infrastructure spending inside the Trump camp, look no further than the words of Steve Bannon, who has moved from being CEO of the Donald Trump presidential campaign to becoming his chief strategist and senior counsellor (Trump’s first appointment after his win).

“Like [Andrew] Jackson’s populism, we’re going to build an entirely new political movement,” Bannon told Hollywood Reporter in an interview. “It’s everything related to jobs. The conservatives are going to go crazy. I’m the guy pushing a trillion-dollar infrastructure plan.

With negative interest rates throughout the world, it’s the greatest opportunity to rebuild everything. Shipyards, ironworks — get them all jacked up. We’re just going to throw it up against the wall and see if it sticks. It will be as exciting as the 1930s, greater than the Reagan revolution — conservatives, plus populists, in an economic nationalist movement.”

With the U.S. annual gross domestic product (GDP) growth rate limping along at around 1.5% for the past few years, Republican backers of the Trump infrastructure spending vision are already talking about driving the U.S. GDP growth rate to 5–6% in the early years of the presidency to restore middle-income jobs, particularly in areas such as the U.S. Rustbelt that were hard-hit over the last two decades by the outsourcing of manufacturing jobs to low-wage countries.

These plans for massive spending on infrastructure are being wellreceived on the other side of the aisle. Democratic U.S. Senator Chuck Schumer, the incoming Senate minority leader, told several media outlets that infrastructure spending, along with trade and closing the “carried interest” tax loophole, are three areas where Democrats can work with Trump on legislation. He emphasized that he didn’t want to see only federal tax incentives for new infrastructure, but direct spending by the government in the range of US$1 trillion.

Worldwide, the macroeconomics give more mixed signals for copper. The International Copper Study Group (ICSG) reported on Nov. 21 that the refined copper balance for the first eight months of 2016 indicates a production deficit of 91,000 tonnes, versus a production surplus of 10,000 tonnes for the same period of 2015.

But the ICSG estimates world mine production rose by 5.8% (730,000 tonnes) in the first eight months of 2016 compared to the same period of 2015, owing to a 45% rise in Peruvian copper production resulting from new and expanded capacity.

Another factor supporting copper prices is the decline in mine production from the world’s largest producer, Chile, where output is down 4% year-over-year in the first nine months of 2016, as mines get deeper and lower grade, and access to water becomes more constrained. Peru may also see lower-than-planned output in the fourth quarter, as local protests temporarily halted production at mines such as Las Bambas and Constancia. TNM

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

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Professional Directory. . . . . . . . . . . . . . . 15 Stock Tables. . . . . . . . . . . . . . . . . . . 6,11-14

COMPANY INDEX Agnico Eagle Mines. . . 8,10 Alexco Resource. . . . . . . . . 1 Barrick Gold. . . . . . . . . . . 10 BHP Billiton. . . . . . . . . . . . 5 BHR Partners. . . . . . . . . . . 1 China Molybdenum. . . . . 1 Dominion Diamond. . . . . 8

Endeavour Mining. . . . . . 16 Fission Uranium . . . . . . . . 7 Freeport-McMoRan . . . . . 1 Goldcorp. . . . . . . . . . . . . . 10 Harte Gold . . . . . . . . . . . . . 7 Iamgold. . . . . . . . . . . . . . . 10 Newmont Mining . . . . . . . 3

Northern Shield Resources. . . . . . . . . . . . . 9 Radisson Mining Res . . . 10 Richmont Mines . . . . . . . 10 South32. . . . . . . . . . . . . . . . 9 Vale. . . . . . . . . . . . . . . . . . . . 5 Wesdome Gold Mines. . 10

FACTS ‘N’ FIGURES

| Mines to produce 887.4 million oz. silver worldwide this year The following are highlights from The Silver Institute’s 2016 Interim Silver Market Review. For more information, please visit www. silverinstitute.org.

T

he silver market is expected to be in an annual physical deficit of 52.2 million oz. in 2016, marking the fourth consecutive year in which the market has realized an annual physical shortfall. While such deficits do not necessarily influence prices in the near-term, multiple years of annual deficits can begin to apply upward pressure to prices in subsequent periods. This year, an expected 71.4 million oz. net inflow into exchange-traded product (ETP) holdings and a 61.9 million oz. derivatives exchange inventory build on a year-to-date basis (Octoberend) have increased the impact of the physical deficit, bringing the net balance to -185.5 million oz., or nine weeks of global demand.

Above-ground stocks, including ETPs and exchange inventories, could reach 2,640 million oz. in 2016, in a 15% increase from the previous year.

the year before, when investors entered the market en masse to bargain hunt after the silver price decline during secondhalf 2015. Physical bar demand could contract 38% this year to 99.3 million oz., driven by a lacklustre Chinese economy and weak consumer sentiment in North America. But demand in Europe should improve 14%, reaching 14.5 million oz. this year on the back of Brexit fears and a rising silver price. Physical bar and coin demand should account for 21% of physical demand in 2016, down from 25% in 2015 and up from just 5% a decade ago.

Silver demand from the photovoltaics industry is forecast to increase 11% to reach a record high of 83.3 million oz. this year. The rise is driven by global solar installations, which should reach 70 gigawatts in 2016. China accounts for 70% of these additions in solar installations.

Solar will make up 14% of total industrial demand this year, which is f lat compared to 2015, but up from just 1% a decade ago.

MINE PRODUCTION IS FORECAST TO REACH 887.4 MILLION OZ. SILVER THIS YEAR — ALMOST 6 MILLION OZ. LOWER THAN 2015 AND THE SECOND-HIGHEST YEAR OF PRODUCTION ON RECORD. Silver prices this year through Nov. 11 averaged US$17.23 per oz., which was 9.9% higher than in the same period in 2015. The GFMS team at Thomson Reuters forecasts silver prices will average US$17.15 per oz. for the full calendar year, in a 9.4% increase over the 2015 average.

Total silver supply is forecast to fall 3% to 1,012.4 million oz. in 2016. The decline would be driven by a 1% drop in mine production, a 0.3% fall in scrap supply and 20 million oz. in net de-hedging.

Mine production could reach 887.4 million oz. this year, which is almost 6 million oz. lower t ha n 2015, a nd t he secondhighest year of production on record. Healthy increases in primary silver mine production, particularly in Peru, are being partly offset by losses in silver output from lead-zinc and gold mines. After four years of consecutive declines, scrap supply is contracting only marginally at 0.5 million oz., compared to 2015, which is a marked change from the 29 million oz. annual average decline recorded over the previous four years. Higher local silver prices have contributed to the improved sentiment.

Silver bullion coin and bar sales could contract 24% to 222 million oz. this year. Bullion silver coins are forecast to reach 122.7 million oz. in 2016, which is 7.9% below last year’s 133.2 million oz. record. The drop is unsurprising given the increase

Silver demand from ethylene oxide producers is predicted to stay flat this year at 10.2 million oz., after doubled demand last year. Of the annual total, 10% is replacement demand for existing capacity, whereas the rest represents a 6% rise in capacity additions, such as the Sadara project in Saudi Arabia. All other industrial sectors are expected to record minor losses in silver consumption this year, guided by challenging economic backdrops and thrifting and miniaturization trends in electronic applications. Total industrial demand for silver could decline 1% to 585.1 million oz., accounting for 55% of physical demand in 2016.

Jewellery fabrication is forecast to drop 8% to 208.5 million oz. in 2016. A decline in discretionary spending, thrifting, lower economic growth and a higher silver price have all contributed to the decline. In China, demand for high-purity silver bracelets is rising, however. Competition for low-end silver jewellery between smaller fabricators and branded outlets has intensified, weighing down on jewellers’ profitability.

Jewellery demand in Asia is expected to contract 10% this year.

North America mainly imports its silver jewellery, demand for which could slow this year, partly explained by continued trends towards yellow-coloured jewellery. North American domestic fabrication is set to reach 28.9 million oz., a 6% decline yearon-year. TNM

2016-11-22 8:43 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 28–DECEMBER 4, 2016

5

Damage from the Samarco tailings dam failure late last year in Mariana, Brazil. PHOTO BY JOSE MORAES

Pressure on Samarco grows, one year after tailings disaster ENVIRONMENT

| Murder charges laid against execs of Brazilian iron ore JV

THE CANADIAN MINING HALL OF FAME

29TH ANNUAL A group protests Vale in downtown Rio de Janeiro in 2015, in response to the Samarco tailings spill. PHOTO BY LUIZ SOUZARJ

BY ALISHA HIYATE

L

ahiyate@northernminer.com

egal and financial pressures are mounting on Samarco, one year after a tailings dam failure sent 60 million cubic metres of mine waste and sludge into Brazil’s Rio Doce river system.

A federal court in Minas Gerais state has ruled that BHP Billiton (NYSE: BHP) and Vale (NYSE: VALE), owners of the Samarco iron ore mining complex in Minas Gerais, have 30 days to come up with US$354 million to fund initial cleanup at the mine after a tailings dam disaster last November.

According to a report by Reuters, the partners have 90 days to prove the tailings dam burst has been fully contained. The court also gave the companies six months to present their plans to complete the cleanup.

The dam collapse killed 19 people, destroyed 200 homes and several small communities, spurred the evacuation of 600 people and affected thousands more. The tailings travelled 600 km and polluted riverways all the way to the Atlantic Ocean.

In a settlement with the federal government in March, Samarco and its owners agreed to a US$2.3-billion initial rehabilitation plan to clean and rebuild areas affected by the disaster. The agreement would see

1 2 3 4 5 7 8 9 10 15 16_NOV28_Main .indd 5

the companies pay up to 20 billion reais (US$6.4 billion) over 15 years.

The framework agreement includes compensation for residents affected by the spill, provisions to rebuild public infrastructure and clean the river system, and the relocation of three communities that saw the most severe damage — Bento Rodrigues, Paracatu de Baixo and Gesteira.

The work is being carried out by the Renova Foundation, an independent foundation established by BHP and Vale in June 2016.

But the deal was suspended by a court in August, because it considers a 155-real (US$43.5-billion) civil lawsuit federal prosecutors have launched against Samarco, Vale and BHP. Damages in the suit were calculated using the cost of BP’s Deepwater Horizon oil spill in the Gulf of Mexico (US$55 billion).

In October, homicide charges were also laid against 21 executives employed at the time of the failure by the Samarco JV. Among those charged are: former Samarco CEO Ricardo Vescovi, Vale’s iron ore director Peter Poppinga, former BHP iron ore chief Jimmy Wilson and vice-president finance for BHP’s iron ore division, Margaret Beck.

Prosecutors allege that executives were aware of structural problems at the dam. A report commissioned

by Samarco and released in August found that changes to the tailings dam design in 2011 and 2012 caused problems with water drainage and eventually led to the dam burst, which was triggered by a small earthquake.

BHP and Vale rejected the charges, which still need to be approved by a judge before they can be tried in court, and said they would defend the current or former employees.

Samarco, BHP, Vale and Vogbr Recursos Hidricos e Geotecnia — the engineering company that certified the dam’s safety — were also charged with environmental crimes.

The Samarco mine complex has been closed since the disaster occurred over a year ago. However, Reuters recently reported that BHP hopes to reopen the operation in 2017 — pending an agreement with Samarco, Vale, regulatory authorities and other stakeholders.

The Samarco JV has US$3.8 billion in debt and has laid off more than half of its 5,000 employees. TNM

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2016-11-22 8:43 PM

6

WWW.NORTHERNMINER.COM

NOVEMBER 28–DECEMBER 4, 2016 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / NOVEMBER 14–18 Canada’s S&P/TSX Composite jumped 2.1% to 14,864.03, after gains in the energy sector and belief that U.S. president-elect Donald Trump would help boost the American economy. The S&P/TSX Global Mining Index, however, fell 1.7% to 63.09 and the S&P/TSX Global Gold Index plunged 5.9% to 193.72. Spot gold lost 1.6% to close at US$1,207.40 per ounce. The December contract for crude oil jumped 5.3% to US$45.69 per barrel.

Zazu Metals rose 25% to 20¢ per share after reporting that its shares would trade on the TSX Venture Exchange on Dec. 1, under the same trading symbol “ZAZ.” The exploration firm will voluntarily delist from the Toronto Stock Exchange at the end of November.

Zazu has a 50% operating interest in the Lik zinc-lead-silver deposit in northern Alaska.

It is moving the large-tonnage property to prefeasibility.

Anaconda Mining shares climbed 18.2% to 7¢ on the back of strong exploration results.

The company completed the first exploration phase at its Viking gold project in Newfoundland, where it completed over 4,100 metres of diamond drilling and reassessed previous drilled core, among other activities. Anaconda hit gold-bearing alteration zones in 21 of 27 holes drilled, showing a widespread mineralizing system at Viking.

The drilling extended the Thor deposit 100

metres along strike, for a total 650-metre strike length. Anaconda also intersected broad gold mineralization zones at the Viking trend and found new mineralization at Thor’s Cross.

Globex Mining shares gained 18.2% to close at 39¢, after the company optioned its Montalembert gold property in Quebec to Natan Resources. The agreement calls for Natan to pay $2.7 million and 8.5 million shares to Globex, along with $15 million in exploration to earn a 100% interest in the high-grade Montalembert property. Globex will receive a 6% gross metal royalty (9,000 oz.) of the first 150,000 oz. gold and silver recovered from the property, and a 3.5% gross metal royalty from all precious metal production thereafter.

TSX MOST ACTIVE ISSUES

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

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

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

42850 3.47 3.02 3.22 + 0.05 37318 4.38 3.95 4.10 + 0.03 33734 5.01 4.20 4.58 + 0.19 25700 3.90 3.46 3.69 + 0.09 24798 21.42 18.95 20.66 + 0.60 23843 14.67 12.79 13.81 - 0.41 23685 5.36 4.70 4.97 + 0.10 18178 32.21 29.76 30.80 + 0.26 16983 42.20 39.28 41.81 + 2.28 16741 18.78 17.20 17.98 + 0.18

NexGen Energy shares advanced 17.5% to $1.88. The uranium explorer reported strong exploration results from 38 holes drilled during the mid-year program on its Rook I property in Saskatchewan. NexGen continues to hit strong mineralization outside of the Arrow deposit’s A2 high-grade domain.

For example, one hole hit 39 metres of total composite mineralization, including 9.1 metres of off-scale radioactivity below the grade

shell of the A2 high-grade domain. In terms of infill drilling, the A2 shear continues to “exceed expectations,” while the A3 shear has also grown. Some 53 assays are pending from the 2016 program, including 33 from Arrow and 20 from the Harpoon discovery. Once NexGen receives all the assays from Arrow, it will incorporate them into the existing resource, with a resource update expected in first half of 2017. TNM

TSX GREATEST PERCENTAGE CHANGE

Nthn Dynasty Zazu Metals General Moly Anaconda Mng Globex Mng Treasury Metal Nexgen Energy Largo Res Loncor Res Peregrine Diam Fortune Mnrls Candente Coppr Karnalyte Res Century Global Nevada Copper RTG Mining Belo Sun Mng Luna Gold Alderon Iron Azarga Uranium

NDM ZAZ GMO ANX GMX TML NXE LGO LN PGD FT DNT KRN CNT NCU RTG BSX LGC ADV AZZ

14767 197 15 959 897 605 14996 267 231 2666 1003 1146 223 118 598 98 2062 112 1408 32

2.08 0.20 0.39 0.07 0.41 0.68 2.00 0.50 0.18 0.20 0.14 0.13 1.00 0.15 0.76 0.40 0.90 2.50 0.37 0.22

1.17 0.15 0.31 0.05 0.31 0.55 1.51 0.40 0.14 0.13 0.11 0.07 0.72 0.13 0.60 0.30 0.69 1.85 0.23 0.00

1.75 0.20 0.39 0.07 0.39 0.67 1.88 0.47 0.17 0.19 0.11 0.09 0.77 0.13 0.60 0.30 0.69 2.03 0.26 0.19

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

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Pan Am Silver Suncor Energy TMAC Resources Torex Gold Silver Wheaton Silver Std Res Centerra Gold Osisko Gold First Majestic Barrick Gold Guyana Gldflds Imperial Metal Tahoe Res Luna Gold First Quantum Labrador Iron Detour Gold Kirkland Lk Gd Altius Mnrls Premier Gold M

48.3 25.0 24.2 18.2 18.2 17.5 17.5 17.5 17.2 15.2 25.0 25.0 21.4 21.2 21.1 21.1 18.8 18.8 16.1 15.9

VOLUME WEEK (000s) CLOSE CHANGE

PAA SU TMR TXG SLW SSO CG OR FR ABX GUY III THO LGC FM LIF DGC KLG ALS PG

4842 16983 400 2672 10870 4681 7366 2637 9617 24798 5436 455 8539 112 23843 3479 7874 6298 216 6007

21.99 41.81 17.10 20.01 25.30 13.48 6.93 13.26 11.49 20.66 5.67 5.14 12.64 2.03 13.81 16.18 16.79 7.78 10.97 2.28

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

2.49 2.28 1.45 1.16 1.02 0.77 0.67 0.66 0.64 0.60 0.86 0.71 0.52 0.47 0.41 0.37 0.37 0.26 0.24 0.23

TSX VENTURE EXCHANGE / NOVEMBER 14–18 The S&P/TSX Venture Composite Index recovered 18.76 points, or 2.6%, to a 746.67-point close during the trading period. The spot gold price dropped US$19.78 to five-month lows at US$1,207.89 per oz., whereas Comex copper prices edged down 3¢ to US$2.48 per lb., in its highest level since July last year.

Shares of MBAC Fertilizer added 49¢ to $1.51 during its second week of trading on the TSX Venture Exchange. The phosphate company, which delisted from the Toronto Stock Exchange in July, operates the Itafos Arraias Single Super Phosphate (SSP) mine and integrated fertilizer producing facility, located in central Brazil. The operation was placed on care and maintenance at the beginning of 2015 due to depressed phosphate prices.

Oronova Resource was a front-runner in the value-added category, gaining 30¢ to 34¢ per share on corporate restructuring.

Jeffrey J. Scott, Frank Giustra and Duncan Nightingale were appointed directors, whereas Nightingale was also appointed as CEO and Joanna Vastardis as chief financial officer and corporate secretary. In connection with the restructuring, 2.9 million stock options were granted at 5¢ per share, exercisable for 10 years. Both Scott and Nightingale acquired 5.8 million and 4.8 million shares in private transactions, accounting for 17.1% and 18.4%

of the company’s shares. The company has the option to earn 100% in the Spray Lake mineral claim in B.C.'s Lillooett Mining Division.

Gold Standard Ventures gained 25¢ to $3.09 per share during the trading period.

On Oct. 28, the company announced closure of a $38-million private placement at an offered price of $3.17 per share. International miner Goldcorp bought 22.9 million shares, worth $15 million, representing 10.3% of the company’s issued and outstanding shares on a non-diluted basis. After the closure, Gold Standard Ventures had $59.5 million cash-in-hand, partly for drilling the company’s Railroad-Pinion gold project in Nevada’s prolific Carlin trend, so that it can expand the high-grade North Dark Star gold deposit.

TSX-V MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Am Manganese AMY 24024 Spearmint Res SRJ 20222 Cameo Res CRU 13998 Makena Res MKN 9908 Metanor Res MTO 9893 PTX 9456 Platinex War Eagle Mg WAR 8628 IDM Mining IDM 7715 First Mg Fin FF 7017 American Lith LI 6967

0.38 0.03 0.06 0.02 0.07 0.14 0.07 0.17 0.79 0.34

0.23 0.02 0.05 0.01 0.05 0.07 0.03 0.12 0.61 0.28

0.30 + 0.07 0.02 - 0.01 0.05 - 0.01 0.02 + 0.01 0.07 - 0.01 0.13 + 0.07 0.05 + 0.03 0.15 + 0.01 0.76 + 0.07 0.29 - 0.06

Shares of Kennady Diamonds fell 30¢ to $3.40 on diamond valuation results at its wholly owned Kennady North project in the Northwest Territories, 5 km southwest of De Beer’s Canada Gahcho Kué diamond mine. A total of 2.3 million carats from bulk sampling programs in 2015 and 2015 had a reported average value of US$52 per carat, for a total parcel value of $118,329. Some

high-value gems — as noted in 2015 valuations — were also confirmed in this year’s bulk sample, including a 2.84-carat sawable diamond valued at US$2,640 per carat. Rory Moore, president and CEO for Kennady, said the valuation is “slightly lower than expected due to a softened market for diamonds,” but are comparable to those historically reported from the Gahcho Kué mine. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Oronova Res Edgewater Expl Lakeside Mnrls Bluenose Gold Mega Copper Platinex Mazarin ExGen Res Inc War Eagle Mg Telson Res Benz Mining Altan Nev Mnls E-Energy Vent Kitrinor Mtls Red Oak Mg Themac Res PNG Gold Braveheart Res Troymet Expl Spruce Ridge R

ONV EDW.H LAK.H BN.H MCU PTX MAZ.H EXG WAR TSN BZ.H ANE EEV KIT ROC.H MAC PGK BHT TYE SHL

1521 71 94 41 58 9456 155 979 8628 179 674 105 1290 401 278 37 4682 31 2421 1065

0.40 0.18 0.07 0.04 0.12 0.14 0.04 0.02 0.07 0.30 0.04 0.02 0.01 0.01 0.02 0.03 0.18 0.05 0.03 0.03

0.00 0.13 0.00 0.00 0.06 0.07 0.02 0.01 0.03 0.00 0.02 0.01 0.00 0.00 0.01 0.03 0.03 0.03 0.02 0.02

0.34 0.18 0.07 0.04 0.12 0.13 0.04 0.01 0.05 0.29 0.02 0.01 0.01 0.01 0.01 0.03 0.11 0.03 0.02 0.03

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 737.5 + 260.0 + 250.0 + 133.3 + 118.2 + 116.7 + 100.0 + 100.0 + 100.0 + 81.3 - 57.1 - 50.0 - 50.0 - 50.0 - 50.0 - 44.4 - 41.7 - 40.0 - 40.0 - 37.5

VOLUME WEEK (000s) CLOSE CHANGE

MBAC Fertilizr Oronova Res Gold Std Vents Tsodilo Res Everest Vent Golden Peak Mn Eurasian Mnls Telson Res Jubilee Gold Edgewater Expl Gold Reserve Chesapeake Gld Kennady Diam Mirasol Res Orla Mng Ltd Gldn Predator Four River Millennial Lit Probe Metals Niobay Metals

MBC ONV GSV TSD HOIL GP EMX TSN JUB EDW.H GRZ CKG KDI MRZ OLA GPY CMM ML PRB NBY

75 1521 1762 58 73 120 187 179 3 71 45 163 1747 441 1583 1065 908 630 270 391

1.51 0.34 3.09 0.77 1.05 0.50 1.40 0.29 0.46 0.18 5.29 3.57 3.40 1.60 1.15 0.57 0.89 1.31 1.23 1.01

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

0.49 0.30 0.25 0.18 0.15 0.15 0.14 0.13 0.13 0.13 0.35 0.33 0.30 0.27 0.26 0.22 0.21 0.18 0.17 0.14

U.S. MARKETS / NOVEMBER 14–18 Expectations that U.S. president-elect Donald Trump would stimulate the economy through infrastructure spending lifted Wall Street.

The Dow Jones Industrial Average rose 0.1%, or 20.27 points, to 18,867.93, and the S&P 500 Index advanced 0.8%, or 17.45 points, to 2,181.90. The U.S. dollar rose against a basket of currencies to its highest level since April 2003. After Fed Chair Janet Yellen told a congressional panel that a rate increase was likely “relatively soon,” the gold price dropped 1.7%, or US$20.20, to US$1,207.40 per ounce.

The Philadelphia Gold & Silver Index rose 1.6% to 79.31. West Texas Intermediate crude ended 5% higher at US$46 per barrel.

Newmont Mining’s shares were up US$1.10 to US$32.69 on news of commercial production at its Long Canyon oxide mine in Nevada. The company describes Long Canyon as “the most significant ore discovery in Nevada in more than a decade.” Newmont completed the project two months ahead of schedule for just under US$225 million, or US$50 million (18%) below budget. The first development phase could produce between 100,000 and 150,000 oz. gold a year over an eight-year mine life, at costs applicable to sales

6_NOV28_MarketNews.indd 6

of between US$400 and US$500 per oz., and all-in sustaining costs of between US$500 and US$600 per ounce. Phase-two studies are underway and Newmont expects to complete these and secure permits to proceed before depleting phase one. Newmont has grown the resource at Long Canyon 30% in two years, from a resource of 2.6 million oz. in 2013 to reserves and resources of 3.4 million oz. by the end of 2015. Newmont geologists have also increased the mineralized strike 70% to more than 5 km, with oxide mineralization open in all directions. Long Canyon is the fourth profitable operation Newmont has added to U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Vale* VALE 148704 7.74 6.85 7.24 - 0.45 Freeport McMo* FCX 146995 14.05 13.46 13.73 - 0.21 Barrick Gold* ABX 110436 15.96 13.95 15.29 + 0.45 United States S* X 102515 29.49 26.36 28.57 + 2.86 Kinross Gold* KGC 84596 3.74 3.10 3.39 + 0.14 Yamana Gold* AUY 81644 3.24 2.91 3.04 + 0.03 Vale* VALE.P 62287 7.20 6.31 6.51 - 0.47 Hecla Mining* HL 55979 6.34 5.65 5.94 - 0.09 Goldcorp* GG 50953 13.99 12.69 13.32 + 0.18 Newmont Mng* NEM 46458 34.27 30.19 32.69 + 1.10

its portfolio in the last three years.

Shares of Gold Fields fell 4.4% to US$3.24.

The company withdrew its joint acquisition offer with Silver Standard Resources for Kirkland Lake Gold. The South Africa-based gold miner said they had made three successive

non-binding proposals for Kirkland Lake Gold, but were rebuffed each time. The most recent cash-and-share offer was valued at US$1.1 billion. Kirkland Lake said the offers were not superior to its previously announced combination with Newmarket Gold. TNM

U.S. GREATEST PERCENTAGE CHANGE

Intrepid Pots* United States S* DRDGOLD* Coeur Mng* Mechel* First Majestic* Suncor Energy* Pretium Res* Silver Wheaton* Osisko Gold* Cloud Peak En* Vedanta* Yanzhou Coal* Buenaventura* Natural Res Pt* Vale* Rio Tinto* Primero Mng* Vale* Gold Fields*

IPI X DRD CDE MTL AG SU PVG SLW OR CLD VEDL YZC BVN NRP VALE.P RIO PPP VALE GFI

U.S. GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

6414 1.36 1.16 1.36 + 19.3 102515 29.49 26.36 28.57 + 11.1 2166 4.60 3.70 4.27 + 8.7 26208 10.09 8.82 9.76 + 6.7 4663 6.74 5.60 5.79 + 6.2 30847 9.21 7.75 8.51 + 6.1 22697 31.47 28.92 30.94 + 6.1 9927 9.18 7.77 8.43 + 4.6 36156 20.15 17.16 18.72 + 4.5 613 10.25 9.10 9.84 + 4.3 23035 7.73 4.80 5.79 - 22.0 1658 13.46 11.84 11.88 - 11.3 161 7.71 6.91 6.94 - 10.3 15659 12.16 10.30 10.92 - 9.2 542 40.00 31.50 33.90 - 7.0 62287 7.20 6.31 6.51 - 6.7 20329 39.65 36.25 36.55 - 6.5 12804 0.85 0.75 0.76 - 6.3 148704 7.74 6.85 7.24 - 5.9 38609 3.70 3.20 3.24 - 4.4

United States S* Chevron* NACCO Ind* Suncor Energy* Alcoa* Newmont Mng* Mosaic* Silver Wheaton* Black Hills* Coeur Mng* MartinMarietta* Natural Res Pt* Rio Tinto* Cloud Peak En* Vedanta* Southern Copp* Buenaventura* Yanzhou Coal* Vale* Vale*

VOLUME WEEK (000s) CLOSE CHANGE

X CVX NC SU AA NEM MOS SLW BKH CDE MLM NRP RIO CLD VEDL SCCO BVN YZC VALE.P VALE

102515 28.57 40990 109.20 52 89.60 22697 30.94 24094 30.42 46458 32.69 22101 28.26 36156 18.72 1507 58.73 26208 9.76 6534 219.67 542 33.90 20329 36.55 23035 5.79 1658 11.88 7169 31.70 15659 10.92 161 6.94 62287 6.51 148704 7.24

+ 2.86 + 2.56 + 2.00 + 1.77 + 1.12 + 1.10 + 0.85 + 0.80 + 0.72 + 0.61 - 10.07 - 2.55 - 2.53 - 1.63 - 1.51 - 1.10 - 1.10 - 0.80 - 0.47 - 0.45

2016-11-22 8:43 PM

SPECIAL FOCUS

EXPLORATION

PROJECTS TO WATCH

The V zone, part of the IVR gold deposit at Agnico Eagle Mines’ Amaruq property in Nunavut. AGNICO EAGLE MINES

Fission poised for growth at Patterson Lake South SITE VISIT

| Drilling underway to upgrade Triple R resource in Saskatchewan

Harte Gold finds new gold zone at Sugar ONTARIO

| Stephen Roman-led junior explores Hemlo area

BY TRISH SAYWELL tsaywell@northernminer.com

H

Drill rigs on barges at Fission Uranium’s Patterson Lake South uranium project near Saskatchewan’s Athabasca basin.

BY LESLEY STOKES

H

lstokes@northernminer.com SASKATCHEWAN

andling drill core caked with uraninite — a radioactive, uranium-rich ore mineral — isn’t exactly for the faint of heart, but with grades north of 25% U3O8, Fission Uranium (TSX: FCU) at its Patterson Lake South (PLS) project, 150 km north of the community of La Loche, Sask., doesn’t appear to have any other choice.

The company’s latest drill results revealed a 4-metre intercept grading 26% U3O8, within a broader interval of 11 metres of 10% U3O8 , starting at 159 metres deep. The drill hole was centered on the R840W zone, a lobe of mineralization 500 metres southwest of the project’s flagship Triple R deposit.

Triple R is well-known in the uranium space as being the most high-grade, near-surface deposit near Saskatchewan’s Athabasca basin, a region that accounts for 20% of global uranium supply.

The deposit contains 2 million indicated tonnes of 1.8% U3O8 and 785,000 inferred tonnes of 1.8% U3O8 , which includes a high-grade core of 45 million lb. at 18.2% U3O8 as indicated, and 13.9 million lb. at 25.1% U3O8 as inferred, starting at 50 metres below surface.

For the past year Fission has delivered high-grade drill results at the property, with a 24,000-metre drill campaign to expand the resource at Triple R. To get a firsthand update on the company’s progress, The Northern Miner, along with a handful of analysts, took a one-hour f loat plane journey from the fire-ravaged town of Fort McMurray, Alta., and met with president, chief operating officer and chief geologist Ross McElroy at one of the main offices at the PLS camp.

“As it stands, the Patterson Lake South trend is already the largest

1 2 3 4 5 7 8 9 10 15 16_NOV28_Main .indd 7

mineralized footprint in the Athabasca basin — it eclipses the size of Cigar Lake — so it’s already quite impressive,” McElroy said during a presentation.

A large map draped over a table shows mineralization at PLS as four main lodes along a 2.6 km,

Whether R780E, R00E or the other zones on the property connect is a question that Fission is trying to answer.

“In the big picture they occur on the same trend, but when you

arte Gold (TSX: HRT; USOTC: HRTFF) has made a gold discovery halfway between the Sugar and Wolf zones at its Sugar project in northern Ontario.

The latest discovery lies within a 28-metre envelope of anomalous gold between 150 and 450 metres deep. The discovery hole returned an intercept of 13.85 grams gold per tonne over 1.2 metres from 450 metres downhole, and 25.40 grams gold over 1.2 metres from 491 metres downhole.

A second drill hole averaged 14.84 grams gold over 1.1 metres from 324.4 metres downhole, including 38.70 grams over 0.4 metre from 324.8 metres downhole. An earlier drill hole — drilled two months ago — returned 2.47 grams gold over 0.3 metre from 140 metres below surface.

The discovery lies in a 2.3 by 1.5 km area between the Sugar and

See FISSION / 8

See HARTE / 10

PHOTO BY LESLEY STOKES

east-trending structural corridor.

From east to west, the zones are called R1620E, R780E, R00E and R840W. The Triple R deposit encompasses the R780E and R00E zones, which strike for 1.1 km, but are separated by a 225-metre gap.

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2016-11-22 8:29 PM

8

NOVEMBER 28–DECEMBER 4, 2016 / THE NORTHERN MINER

EXPLORATION PROJECTS TO WATCH

WWW.NORTHERNMINER.COM

An aerial view of the camp at Fission Uranium’s Patterson Lake South uranium project in northern Saskatchewan. PHOTO BY LESLEY STOKES

Fission poised for growth at Patterson Lake South FISSION From 7

get into them there can be multiple parallel, mineralized structures,” he says. “They’re like vein-hosted gold deposits. They pinch and swell — sometimes coalesce or bifurcate — and as you move higher up the grade scale, they can become more discontinuous.”

For McElroy, the expansion potential at PLS is just a matter of drilling.

Latest results from R1620E include 9.5 metres of 13.7% U3O8 within 27 metres of 5% U3O8 , and 26.5 metres of 3.6% U3O8 , including 9 metres of 8.6% U3O8 .

“We think R1620E tells an interesting story. Over the last couple

of years we’ve only seen low-grade mineralization there and never gave it much attention, but this past winter we found R780E-like widths and grades,” he says. “When you look at the deposit as a whole, it’s not that big of a footprint for 100 million lb. uranium — you can drill 5 metres beside the deposit and only see smoke. With enough holes we may be able to put all this together and prove a more continuous orebody.”

He adds that Fission plans to incorporate results from R840W and R1620E into a resource estimate for Triple R next year.

Outside of the office building, the view of Fission’s property resembles a large sandbox. The uranium-en-

crusted rocks below are overlain by a variably thick package of glacialderived sand and silt, which kicks up dust in the wind.

A lake up to 6 metres deep covers the Triple R deposit and R1620E, whereas the rest of the prospects are land-based.

If Fission develops Triple R, it would need to isolate the deposit from the lake by way of a 3.3 km long perimeter dike and slurry cut-off wall, similarly used at Dominion Diamond’s (TSX: DDC; NYSE: DDC) Diavik diamond mine in the Northwest Territories, and Agnico Eagle Mines’ (TSX: AEM; NYSE: AEM) Meadowbank gold mine in Nunavut.

McElroy says that an estimated $270-million wall is needed for a 1,000-tonne-per-day open-pit and underground operation.

“It’s expensive, but it will allow us to do open-pit mining, which has inexpensive operating costs.

You can move product a lot cheaper with a truck and shovel than you can by selectively mining it out underground,” he says.

According to a preliminary economic assessment published in September last year, Triple R’s 14-year operation could deliver a 34.2% after-tax internal rate of return and a $1-billion after-tax net present value

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Drill core from Fission Uranium’s Patterson Lake South property. PHOTO BY LESLEY STOKES

“WE’VE TAKEN TRIPLE R TO THE NEXT LEVEL … AND THE NEXT THING THAT WILL MOVE THE NEEDLE ON THE STOCK IS A DISCOVERY.” ROSS MCELROY PRESIDENT, COO AND CHIEF GEOLOGIST, FISSION URANIUM

at a 10% discount rate, assuming a US$65 per lb. U3O8 long-term price.

Total preproduction capital costs, which includes the dike and slurry wall, adds up to $1.1 billion, whereas operating expenses at US$14.02 per lb. would make Fission one of the world’s lowest-cost uranium producers.

The prospect of mining at Triple R attracted China’s state-owned CGN Mining to exchange $82.2 million for a 20% stake in Fission last December. CGN also agreed to buy 20% of the annual uranium production from the PLS property, with an option to buy another 15%.

Dev Randhawa, chairman and CEO of Fission, tells The Northern Miner after lunch that the landmark deal was a way to “derisk the project, because we knew we wouldn’t have to raise money for the next three to five years.

“We’re trying to be cautious, and aware that the uranium price might not go anywhere yet,” Randhawa says. “Having CGN as a partner has altered our strategy. They want to produce within 20 years, and that’s not a bad thing. So on one hand we’re moving towards prefeasibility, and

on the other we’re looking elsewhere on the property for discoveries.”

Fission is aiming for shear-hosted uranium deposits, unlike the traditional unconformity-hosted deposits seen elsewhere in the Athabasca basin.

The uranium-rich shear zones on the property are coated with hydrothermal graphite, which serves as an excellent conductor in electromagnetic (EM) geophysical surveys.

With over 100 EM signatures identified across Fission’s 311 sq. km property, the company has its pick of the crop.

“The electromagnetic trend is really quite big, it goes for tens of kilometres,” McElroy says. “If you look at it from a regional scale, further north you’ll see NexGen’s Arrow on the exact same conductive corridor, then you get into Purepoint Uranium Group, Cameco and Areva’s Hook Lake property.

“There’s every reason to believe we could have similar success on the property’s other conductors,” he adds. “We’ve taken Triple R to the next level … and the next thing that will move the needle on the stock is a discovery.” TNM

2016-11-22 8:29 PM

GLOBAL MINING NEWS

EXPLORATION PROJECTS TO WATCH

THE NORTHERN MINER / NOVEMBER 28–DECEMBER 4, 2016

9

Northern Shield sheds light on finds I

LABRADOR TROUGH |

CEO Ian Bliss talks Huckleberry and Séquoi in Q&A

n the last two years, Northern Shield Resources (TSXV: NRN) has made two discoveries in the Labrador Trough, 100 km north of Schefferville, Quebec. The first, Huckleberry, was staked in June 2014. Northern Shield made the discovery there in late 2015, when assays from a gossanous outcrop returned intercepts grading 1.3% copper and 0.54 platinum-palladium per tonne. Its second discovery, Séquoi, lies 10 km east of Huckleberry and is being explored for Norilsk-style nickel-copper-platinum group metal (PGM) massive sulphides. Northern Shield’s president and CEO Ian Bliss spoke to The Northern Miner about the company’s plans for Huckleberry and Séquoi.

The Northern Miner: We last interviewed you in June, after Northern Shield signed an option agreement with South32 (LSE: S32) to earn a 70% interest in the Huckleberry project by spending $5 million on exploration over three years. How did that deal come about, and how long did it take to negotiate?

Ian Bliss: I had met them a year or two earlier regarding another project, but as soon as the doors opened at the Prospectors & Developers Association of Canada convention earlier this year their geologist came up to our booth and said, ‘Let’s talk about the discovery at Huckleberry.’ We were also in conversations at that time with other smaller companies. I wrongly assumed that big companies move slowly, but South32 proved otherwise. They went through the data and due diligence quickly, and within a few weeks had verbally agreed to the terms in principle.

We didn’t sign the deal until June, because they had to wait until the snow melted to do their final due diligence.

TNM: South32 is based in Australia.

How familiar is the company with Canada’s Labrador Trough?

IB: I do not believe they have “boots on the ground experience” with the Labrador Trough, but it’s broadly equivalent to the Fraser zone in Western Australia, which has had recent success with a nickel-copper discovery by an Aussie company called Sirius Resources, now called S2 [not to be confused with South32].

Their initial discovery was in 2014, and they drilled off a 15-milliontonne resource, and were bought out last year for US$1.5 billion. Canadians may not know the Fraser zone or Sirius, but it might help explain why South32 likes our Huckleberry project. The Fraser zone is a higher metamorphic grade, but it’s broadly similar to the Labrador Trough and other craton margins in Canada that have nickel deposits, like Raglan and the Thompson nickel belt.

TNM: Is Séquoi part of the option agreement with South32?

IB: No, it is not. Séquoi is 100% owned by Northern Shield, though South32 has a first right of refusal if we wanted to sell or option the project.

TNM: How would you describe the differences between Huckleberry and Séquoi? They are just 10 km apart.

IB: They’re two distinct properties, but it is possible they are part of the same magmatic system. The geology and geophysics is somewhat complex at Huckleberry. We have no outcrop at Séquoi, so we don’t know if the geology is complex ... but the geophysics appears fairly straightforward: discrete, with strong coincident magnetic and electromagnetic (EM) anomalies. If these are nickel- and copper-bearing, this could be a world-class discovery, even a multiple of a Voisey’s Bay. It’s been awhile since Canada has seen a discovery like that in nickel, and

1 2 3 4 5 7 8 9 10 15 16_NOV28_Main .indd 9

Northern Shield president and CEO Ian Bliss, South32 senior resource manager of resource evaluation Mirek Wozga (centre) and project geologist Gabriela Murray at the Huckleberry project. NORTHERN SHIELD RESOURCES

maybe this is the shot in the arm the junior industry needs right now.

TNM: Tell us more about Séquoi and about your drill program.

IB: The name is actually a play on words. It means “What’s this?” in French, and refers to the unusual magnetic anomaly that underlies the property.

The plan is for a 1,000-metre drill program — about six holes, fairly shallow — to test several compelling geophysical targets we have there.

Séquoi is a blind target. We have no outcrop whatsoever, but we think we could be dealing with a giant ore system. The geophysics — both magnetic and electromagnetic — and extensive nickel and copper anomalies in lake-bottom sediment samples are painting a compelling picture of what could be a large nickel-copper-PGM camp.

TNM: What information do you have that suggests Séquoi may host a world-class nickel-copper deposit?

IB: There is a vast and intense dispersion train of lake-bottom sediment samples that are highly anomalous in nickel-copper-PGMs. One of our geologists had reinterpreted ice movement in that area to be southward, not northward, as indicated on the maps. This would suggest the source is at the north end of the dispersion, not the south end.

Filtering data through various mathematical formulas kept pointing to the Séquoi area. We consulted the regional magnetic map and saw the large and unusual Séquoi magnetic anomaly sitting at the head of the nickel-copper dispersion. It was a eureka moment. We interpreted the magnetic anomaly to represent a large ultramafic intrusion and per-

haps a feeder to the mafic-ultramafic sills of the Labrador.

Northern Shield completed an airborne versatile time domain electromagnetic survey of the property earlier this year, and the results could not have been much better. We saw strong and large EM conductors where our model suggested.

TNM: Can you talk a little more about the regional context of Séquoi and Huckleberry?

IB: The Labrador Trough includes 10,000 sq. km of mafic-ultramafic intrusive sills. To form a nickel or PGM deposit these elements must first be “scavenged” from a maficultramafic magma. We see that many of the mafic sills in the Labrador Trough have had nickel and PGMs removed. Now we just have to find where it has been concentrated — perhaps at Huckleberry and Séquoi.

TNM: Can you tell us more about how you discovered the two projects?

IB: Both of them were brand-new discoveries. Huckleberry is an interesting story. Our background work in the Labrador Trough had highlighted that the southern area of the Labrador Trough was more highly prospective than other parts of the Labrador Trough. Our chief geologist, Christine Vaillancourt, was undertaking reconnaissance in the area in a helicopter and flew over what looked like a rust zone on the side of a ridge. She thought it was obvious someone must have sampled it already. But because of bad weather, the helicopter had to land, so she ended up taking a few samples.

We later found that no one had ever staked it before, and there were no references to it in any database or

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in the literature. It was a brand-new discovery in 2014.

The more we eventually learned about the geology at Huckleberry, the more we liked it. Without giving away our secrets, the mineralogy and textures of the rocks at Huckleberry caught our attention.

Northern Shield has collected over 3,000 rock samples of the mafic and ultramafic sills in the Labrador Trough, including those from the surrounding area. Huckleberry is clearly different and prospective.

TNM: What about Séquoi?

IB: We had been building up information on the Séquoi area for some time. We really liked the concept, but didn’t have money to stake the claims until earlier this year, so we had to keep it quiet for nine months.

We pieced all the information together last year when we were looking at various government datasets ... namely lake-bottom sediment samples from the Quebec government and airborne magnetics.

With our understanding of the magmatic events of the Labrador Trough and our knowledge that something special was happening at Huckleberry, we began to build a model for Séquoi, based on the Norilsk-Talnakh deposit.

TNM: You don’t deny that Séquoi is a conceptual target since there is no outcrop, correct?

IB: That’s right. But combining the scientific data (EM, magnetics and lake-bottom sediment samples) with our knowledge of the region, the dial points to a nickel-copper-PGM magmatic system, and potentially a very large one at that.

Most of these large deposits have been found half a century ago, or

often by luck, but this is one of the few times that combined geoscience and thinking outside the box provides a hint at what could be hiding at Séquoi.

TNM: In early November you released results from seven drill holes at Huckleberry totalling 2,053 metres and all but one of the drill holes intersected disseminated magmatic copper-nickel-PGM mineralization, with 29 samples assaying greater than 0.3% copper in association with nickel and PGMs. What did you think when you got those results?

IB: The results we just released for Huckleberry were not quite what the markets were looking for. Of course we would have liked to have seen slightly higher grades, but these are scout holes in a complex intrusion, and some of these holes were designed to build up knowledge in different parts of the intrusion.

We intersected the mineralized unit in the western zone in all but one hole, and we see encouraging features in the drill core.

TNM: Can you be more specific about what you think are the encouraging features?

IB: We see geochemical ratios and mineralization styles that tell us we’re getting close to the feeder to the mineralization. We’ll sit down with our partners at South32 early in the new year to discuss the next exploration phase, but we plan to be back drilling at Huckleberry next year to follow up on what we have seen and learned from the first phase of drilling. We may also complete some ground geophysics to help us, but we see enough already for a larger drill program next year. TNM

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2016-11-22 8:29 PM

10

EXPLORATION PROJECTS TO WATCH

NOVEMBER 28–DECEMBER 4, 2016 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

Radisson advances O’Brien in the Abitibi GOLD A truck exits a portal at Harte Gold’s Sugar gold project in northern Ontario. HARTE GOLD

Harte Gold’s Sugar HARTE From 7

Wolf zones, and mineralization is characterized by quartz veining, fuchsite and tourmaline not seen before in the Sugar zone deposit, the company says.

The Sugar zone is a high-grade, 50,000 oz. gold deposit that is open at depth and on strike, with mineralization 1,000 metres deep.

“The section we drilled these holes on is 500 metres north of the Sugar zone’s northern boundary and 1,000 metres south of the Wolf zone,” Harte Gold’s president and CEO Stephen Roman told The Northern Miner via email about the discovery. “The entire greenstone belt we are on is prospective, and more than one deposit will be found.”

Roman said the discovery “validates the use of geophysics to find targets and the incredible potential to find more ounces on the property.

“As found elsewhere in the Hemlo area gold mines, as you drill deeper, it gets better,” he said.

In October, the junior added a second drill and increased its program to 15,000 metres.

“Harte is off to an excellent start in this new zone, given that the grades reconcile well to the existing [top-cut] resource grade of 8.05 grams gold per tonne, mineralization begins at approximately the same horizon and depth as Sugar and Wolf, and grades, based on the limited drilling to date, appear to increase at depth,” Cantor Fitzgerald analyst Mike Kozak said in a research note.

“Should the Sugar and Wolf zone end up continuous [and expand the discovery in both directions], Harte would target multimillion ounces across the property.”

The company says it will keep drilling its three target areas for the rest of the year, and update the National Instrument 43-101 early in the new year to incorporate more ounces found, Roman confirmed.

At the same time, Harte is continuing its 70,000-tonne advanced

exploration bulk sample, which has been underway since April at its Sugar zone. The company expects a permit before year-end for another 30,000 tonnes of the bulk sample.

Underground ramp development to access the south end of the Sugar zone deposit has been underway since October.

The ore from the bulk sample will go 80 km to Barrick Gold’s (TSX: ABX; NYSE: ABX) Hemlo mine and mill, on the north shore of Lake Superior. Under the contract with Barrick, Harte’s ore must average 5 grams gold per tonne or higher, and so far, Harte has fulfilled the requirement.

In addition to Barrick, the Sugar project is within 80 to 100 km of two other operating mines — Richmont Mines’ (TSX: RIC; NYSE-MKT: RIC) Island Gold mine and Wesdome Gold Mines’ (TSX: WDO) Eagle River mine. Goldcorp’s (TSX: G; NYSE: GG) Borden Lake project is also just 100 km from Sugar.

Cantor Fitzgerald’s Kozak says that “given the relatively short mine lives of these operations … Harte’s Sugar zone is an extremely strategic asset to these much larger companies. While we believe that Harte will prove up a resource base large enough to support a stand-alone mine and mill (1 million oz. gold), given its location and superior grade, the company represents a likely takeover candidate in the next 12 to 24 months by up to four potential suitors.”

The Sugar zone contains an indicated resource of 980,900 tonnes grading 10.13 grams gold per tonne (uncapped) or 8.72 grams gold (capped) for 319,300 oz. gold (uncapped), or 275,000 oz. gold (capped).

Inferred resources add 580,500 tonnes averaging 8.36 grams gold (uncapped), or 7.03 grams gold (capped), for 156,000 oz. gold (uncapped), or 131,300 oz. gold (capped).

At press time, Harte traded at 27.5¢ per share within a 52-week range of 7¢ to 34.5¢.

Kozak has a 40¢ target price on the stock. TNM

TSX: BAR OTCQX: BALMF

| Junior explorer sees potential in past-producer

BY TRISH SAYWELL

T

tsaywell@northernminer.com

he O’Brien gold mine in the Abitibi region of northwestern Quebec was the richest mine by grade along the Larder Lake-Cadillac Fault between 1926 and 1957, when miners intermittently made an estimated 587,121 oz. gold at the the underground operation from 1.1 million tonnes grading 15.25 grams gold per tonne.

The past producer and surrounding 6.4 sq. km property package is now owned by Radisson Mining Resources (TSXV: RDS), a junior exploration company that acquired the asset from Breakwater Resources in two stages that lasted from 1994 to 1999, when Breakwater quit the gold business to focus on zinc.

Now the O’Brien project — halfway between the province’s mining towns of Rouyn-Noranda and Val-d’Or, and 500 metres north of the Trans-Canada Highway 117 — is surrounded by three active gold mines. Agnico Eagle Mines’ (TSX: AEM; NYSE: AEM) Lapa and LaRonde mines are 8 km and 13 km from the project, while Iamgold’s (TSX: IMG; NYSE: IAG) Westwood mine lies 16 km away.

And like Lapa, LaRonde and Westwood today, O’Brien was mined to more than 1,000 metres deep. Previous operators extracted ore from O’Brien to 1,100 metres deep. LaRonde is 3,500 metres below surface, while Westwood is 2,000 metres below surface and Lapa is 1,500 metres below surface.

Radisson has drilled two deep holes into its 36E zone, 500 metres along strike east of the old O’Brien mine, and in the same lithology.

The first returned an intercept of 17 grams gold per tonne over 1 metre at 1,150 metres deep, and the second assayed 13.6 grams over half a metre at 1,100 metres deep.

The company has also produced a resource estimate for the 36E zone and the adjacent Kegawama zone, farther east, which incorporates holes drilled between surface and 700 metres deep.

Indicated resources stand at 570,800 tonnes grading 6.53 grams gold per tonne for 119,819 oz. gold, and inferred resources add 918,300 tonnes grading 6.38 grams gold for 188,466 oz. gold. The resource calculation uses a 3.5-gram-gold cut-off grade.

Radisson plans to update the resource numbers in the fourth quarter of 2017 based on 25,000 metres of drilling. It completed a 5,700-metre drill program in August and announced another 10,000-metre drill program in October.

The company is confident that it can add value to the project with more exploration at shallow depths in areas that have not been explored, as well as at depth, and has defined more than 90 drill targets to increase the resource.

“We believe 36E and Kewagama are two lenses that could compare to the former O’Brien mine because it’s the same lithology, it’s the same mineralization and we have hit visible gold in one out of every three holes drilled in 2016,” Hubert Parent-Bouchard, the company’s vice-president of corporate development, says in an interview.

“We have lateral continuity … and we feel that the O’Brien mine could go to a deeper level as well, based on what we see in the mining camp. We have the chance to have a discovery laterally and intersections at depth suggest there is vertical continuity.”

The resource for the 36E and Kewagama zones come from the Piché Group of volcanic rocks on the property, which separate the Pontiac Group meta-sedimentary rocks south from the Cadillac Group meta-sedimentary rocks to the north.

“It’s obvious there is a mine within the Piché volcanic group,” Parent-Bouchard says. “But is there something bigger in the Pontiac Group to the south? We have hit interesting mineralization in the Pontiac, with intercepts like 23.79 grams gold over 0.5 metre, and a historic drill hole returned 15.90 grams gold over 6.7 metres.”

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On Nov. 2, the company reported more drill results from the Pontiac Group. One drill hole returned 3.82 grams gold over 1.5 metres deep of 315 metres. On Aug. 25 another intercept from the Pontiac Group was released, measuring 5.45 grams gold over 1 metre at 303 metres deep.

In addition to the drill program, Radisson plans to log 15,000 metres of historic drill core.

“Historically there were 60,000 metres of drilling done on the property — 15,000 metres crossed the Pontiac Group and are still at the core shack, and have never been logged,” he says. “We are logging this drill core. Samples have been sent to the laboratory for assays and results are still pending.

“A geologist is working full time logging the historic core to figure out what is of interest in the Pontiac Group on the O’Brien project,” he continues. “In the meantime, an Orevision induced-polarization geophysics program added exploration targets in the Pontiac Group, and results should be available by year-end.

“We are building a unique database to build a geological interpretation of the project towards the new resource estimate,” he says, adding that the company is digitizing 90 years of work representing 60 km of drilling.

In 2014, Radisson also completed metallurgical studies on ore taken from the 36E zone, which returned an average head grade of 11.13 grams gold.

“Metallurgical testing was done on a 61-kilogram sample that graded 7.26 grams gold per tonne,” he says. “Three tests were done to estimate recovery and all three returned values above 9 grams per tonne. The average was 11.13 grams per tonne. An average 59.2% of the gold was recovered via gravity concentration, supporting our view that there is a strong nugget effect on 36E, just like in the old O’Brien mine. The rest could be recovered through cyanidation or flotation.”

Parent-Bouchard notes that drilling costs of $95 per metre make it “one of the lowest-cost explorers in the industry.” He says the project is located in one of the most renowned mining camps in Canada, 1 km from a provincial road, and that most of the contractors are based there. This allows effective allocation of capital.

“If you look at the O’Brien project, it’s halfway between RouynNoranda and Val-d’Or, two mining towns. It’s easily accessible via road. People can go home at night after their shift so it’s good for employees, and mobilization is not an issue.”

The company has grown from a $3-million market capitalization in 2013 to $9 million in 2014, $15 million in 2015 and $16 million this year.

Radisson has 106.6 million shares outstanding and at press time traded at 16.5¢ per share.

Over the last year the company has traded between 9¢ and 18¢ per share.

Management and insiders own 14% of the company’s shares, with US Global funds making up 7%, the Caisse de Dépôt, 5%; and other institutions, 5%. Private investors hold 28% of the company’s shares, and the rest is held by retail investors.

The company has $2.75 million in its treasury. TNM

2016-11-22 8:29 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / NOVEMBER 28–DECEMBER 4, 2016

11

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

SPOT PRICES COURTESY OF SCOTIABANK Tuesday, November 22, 2016 Precious Metals Price (US$/oz.)

Change 1217.55 -11.35 Gold Silver $16.76 -0.24 Platinum $928.00 -12.00 Palladium $726.00 +49.00 Base Metals Nickel Copper Lead Zinc

Price (US$/tonne) Change $11415.00 +20.00 $5628.00 +69.50 $2196.00 +23.00 $2616.50 +36.00

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, November 21, 2016 (change from November 14, 2016 in brackets): Aluminium Alloy 13680 (0) 2152150 (+53200) Aluminium Copper 247075 (-19075) 188675 (+1350) Lead Nickel 366456 (+954) 3085 (-55) Tin 445075 (-1275) Zinc

Thermal Coal CAPP: US$40.00 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$45.05 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$9.00 Coal: CME Group Central Appalachian Futures, Dec. 2016: US$40.00 Cobalt: US$13.72/lb.

Copper: US$2.57/lb.

Copper: CME Group Futures Dec. 2016: US$2.54/lb.; Jan. 2017: US$2.55/lb Ferro-Chrome: US$1.85/kg Ferro Titanium: US$3.65/kg FerroTungsten: US$24.38/kg Ferrovanadium: US$16.80/kg Iridium: NY Dealer Mid-mkt US$675.00/tr oz.

Iron Ore 62% Fe CFR China-S: US$69.80/tonne Iron Ore Fines: US$53.07/tonne Iron Ore Pellets: US$75.93/tonne Lead: US$0.98/lb.

Magnesium: US$2.09/kg Manganese: US$1.74/kg Molybdenum Oxide: US$6.92/lb.

Phosphate Rock: US$111.00/tonne Potash: US$215.00/tonne Rhodium: Mid-mkt US$785.00/tr. oz.

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

Silver: Handy & Harman Base: US$16.59 per oz.; Handy & Harman Fabricated: US$20.74 per oz.

Tantalite Ore : US$125.84/kg Tin: US$9.53/lb.

Uranium: U3O8, Trade Tech spot price: US$18.50; The UX Consulting Company spot price: US$18.50/lb.

Zinc: US$1.16/lb.

Prices current Nov. 22, 2016

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

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

Short positions outstanding as of Nov 01, 2016 (with changes from Oct 17, 2016) Largest short positions Golden Dawn Ml GOM 1202700 1201200 10/17/2016 Brazil Res BRI 841826 -433174 10/17/2016 Nexus Gold NXS 742700 542700 10/17/2016 Monument Mng MMY 546000 544000 10/17/2016 Castle Mtn Mng NCA 291283 44083 10/17/2016 Cruz Cap Corp CUZ 264600 172500 10/17/2016 TCO 250000 250000 10/17/2016 Transatlan Mng Algold Res ALG 248700 -64642 10/17/2016 Gldn Predator GPY 236083 12893 10/17/2016 Mason Graphite LLG 204200 -19300 10/17/2016 WDG 187500 162000 10/17/2016 Giyani Gold Focus Vent FCV 162000 150000 10/17/2016 Sarama Res SWA 149077 149077 10/17/2016 Ucore Rare Mtl UCU 116500 50000 10/17/2016 Sandspring Res SSP 109803 109443 10/17/2016 Largest increase in short position Golden Dawn Ml GOM 1202700 1201200 10/17/2016 Monument Mng MMY 546000 544000 10/17/2016 Nexus Gold NXS 742700 542700 10/17/2016 Transatlan Mng TCO 250000 250000 10/17/2016 CUZ 264600 172500 10/17/2016 Cruz Cap Corp Largest decrease in short position Rye Patch Gold RPM 451 -2859659 10/17/2016 Brazil Res BRI 841826 -433174 10/17/2016 SOI 631 -164769 10/17/2016 Sirios Res ALX Uranium AL 1000 -116300 10/17/2016 CRE 3333 -112958 10/17/2016 Critical Elem

DAILY METAL PRICES Daily Metal Prices Date Nov 21 Nov 18 Nov 17 Nov 16 Nov 15 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1525/1540 1525/1540 1525/1540 1525/1540 1530/1545 Aluminum 1725/1713 1711.50/1699.50 1692/1684 1718.50/1709.50 1725/1721 Copper 5535/5550 5445.50/5458 5425/5435 5457/5461 5445/5440 Lead 2168/2181 2156/2164 2141/2155 2186/2197 2153.50/2168 Nickel 11150/11205 11075/11125 11235/11290 11200/11250 11150/11215 Tin 20975/20725 20400/20145 20315/20200 20295/20050 20475/20350 2564.50/2582 2534.50/2549 2493.50/2514 2555.50/2575 2551/2557 Zinc

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

Gold AM 1217.55 1206.10 1232.00 1225.70 1228.90 Gold PM 1211.00 1226.75 1229.20 1226.95 1213.60 Silver 16.76 16.51 17.04 16.95 17.00 Platinum 923.00 935.00 937.00 933.00 936.00 Palladium 714.00 718.00 716.00 708.00 683.00

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

Nov 18 Nov 17 Nov 16 Nov 15 Nov 14 1.3507 1.3524 1.3446 1.3447 1.3561 0.7405 0.7389 0.7442 0.7436 0.7375

Exchange rates (Quote Media, November 18, 2016) C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand C$ to AUS 0.6990 82.1230 15.2801 10.6680 1.0092 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 0.5996 5.0998 50.4835 0.7475 874.2621 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.3631 0.9443 110.9220 20.6346 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.8100 6.8883 68.1600 1.0102 1181.0000

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 Coeur Mining (CDM.WT) - Exercisable on a cashless basis. See TSX Bulletin 2013-0377 for calculation. To Apr 16/17 Continental Gold Inc. (CNL.WT.A) - Wt buys sh @ $4.75 to Nov 26/17 Dalradian Resources (DNA.WT.A) - Wt buys sh @ $1.5 to Jul 31/17 Excellon Resources Inc (EXN.WT) - Wt buys sh @ $1.75 to Jul 26/18 Franco Nevada (FNW.WT.A) - Wt buys sh @ $75 to Jun 16/17 GoGold Resources Inc. (GGD.WT) - Wt buys sh @ $1.7 to Jun 7/18 Golden Queen Mining Co (GQM.WT) - Wt buys sh @ $2 to Jul 25/19 Gran Colombia Gold (GCM.WT.A) - Wt buys sh @ $3.25 to Mar 18/19 HudBay Minerals (HBM.WT) - Wt buys sh @ $15 to Jul 20/18 Lithium Americas Corp (LAC.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry Lydian International Limited (LYD.WT) - One Warrant to purchase one additional ordinary share of the Issuer at $0.36 per share until expiry MBAC Fertilizer (MBC.WT) - Wt buys sh @ $1 to Apr 17/19 Nemaska Lithium Inc (NMX.WT) - Wt buys sh @ $1.5 to Jul 8/19 New Gold A J (NGD.WT.A) - Wt buys sh @ $15 to Jun 28/17 Northern Dynasty Minerals Ltd. J (NDM.WT.A) - Wt buys sh @ $0.55 to Jul 9/20 Northern Dynasty Minerals Ltd. J (NDM.WT.B) - Wt buys sh @ $0.55 to Jun 10/21 Northern Dynasty Minerals Ltd. J (NDM.WT) - Wt buys sh @ $3 to Sep 14/17 Oban Mining J (OBM.WT) - Wt buys 20 sh @ $3 to Aug 25/18 Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.5 to Feb 18/22 Osisko Gold Royalties (OR.WT.A) - Wt buys sh @ $19.08 to Feb 26/19

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

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

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

Index Nov 18 Nov 17 Nov 16 Nov 15 Nov 14 High Low S&P/TSX Composite 14864.03 14826.09 14733.22 14756.10 14598.45 15527.30 12400.15 S&P/TSXV Composite 746.67 742.44 741.85 747.16 729.64 1050.26 883.52 S&P/TSX 60 878.27 875.91 869.41 870.00 861.38 896.74 709.99 S&P/TSX Global Gold 193.72 194.54 198.75 200.39 193.47 218.90 149.29

NEW 52-WEEK HIGHS AND LOWS NOVEMBER 14–18, 2016 84 New Highs Agrium Allante Potash Am CuMo Mng Am Manganese Am Manganese* Antioquia Gold Antioquia Gold* Arcturus Vents* AXE Expl Camrova Res* Canadian Zeol Canadian Zeol* Chevron* Clear Mtn Res Cruz Cap Corp Currie Rose Rs* Delrand Res Diamond Fields* Edgewater Expl Everest Vent ExGen Res Inc* Finore Mng Firestone Diam* Fortescue Mtls*

G4G Capital G4G Capital* Golden Peak Mn Gray Rock Res HudBay Mnls HudBay Mnls* Karmin Expl Kincora Copper Lakeside Mnrls Lions Gate Mtl Lovitt Res Margaux Res MartinMarietta* MaxTech Vent Mazarin MBAC Fertilizr* Mechel* Mega Copper Mexus Gold* MGX Minerals* Morien Res* Morumbi Res* NACCO Ind* Natural Res Pt* Norsemont Cap Nthn Dynasty

Nthn Dynasty* Oronova Res OZ Minerals* Palladon Vent* Parlane Res Petra Diamonds* Platinex Rainy Mtn Royl Remo Res Rheingold Expl Rio Tinto* Rockridge Cap* Scandium Int M* SG Spirit Gold Signature Res Silver Phoenix SinoCoking Cl* Sterling Grp* Strikepoint Gd Strikepoint Gd* Suncor Energy Sunset Cove Mg Superior Mng Teck Res Teck Res* Trevali Mng

Trevali Mng* Trinity Valley* Tungsten Corp* Turquoise HIl United States S* Walter Energy* War Eagle Mg Westmoreland*

42 New Lows Aftermath Slvr* Athabasca Mnls* Avnel Gold Bannerman Res* Bearing Res* Benz Mining Black Dragon Bravura Vent * Bullfrog Gold* Centenera Mng* CKR Carbon* CMC Metals* Cobalt Pwr Grp Cruz Cap Corp* eCobalt Solns* Euro Sun Mg First Mg Fin *

First Point Fission 3.0 Guerrero Vents* Imperial Metal Infrastructure* K92 Mng Inc* Liberty Star* MBAC Fertilizr MBAC Fertilizr* Merrex Gold* Oriental Non F Osisko Gold* Paladin Energy Quaterra Res* Red Eagle Mng Rio Silver* Royal Gold* Savary Gold* Scientific Mts Tudor Gold * Ur-Energy* West Red Lake* Western Potash Wolfeye Res X-Terra Res*

CANADIAN GOLD MUTUAL FUNDS Fund Nov 18 ($) Nov 11 ($) Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) AGF Prec Mtls Fd MF 22.79 23.17 -0.38 -1.64 78.59 2.78 195.28 BMO Prec Mtls Fd A 18.66 18.42 0.24 1.30 78.53 2.40 76.96 BMO ZGD 9.72 9.59 0.13 1.31 73.01 0.63 34.26 BMO ZJG 8.20 8.08 0.12 1.44 89.46 0.60 89.10 CIBC Prec Metal Fd A 10.48 10.42 0.07 0.64 50.08 2.62 61.43 Dyn Prec Metls Fd A 6.60 6.81 -0.21 -3.08 100.25 2.75 466.00 Horizons HEP 24.88 24.31 0.57 2.35 64.28 0.81 IGMacGloPrecMetCl A 8.72 8.70 0.02 0.27 92.45 2.76 99.82 iShares XGD 12.10 11.93 0.16 1.35 73.35 0.61 736.25 49.29 49.16 0.13 0.27 95.97 2.51 136.89 Mac Prec Met Cl A NB Prec Met Fd Inv 12.24 12.13 0.11 0.91 81.07 2.46 41.82 RBC GblPreMetFd A 31.43 31.38 0.06 0.18 90.50 2.12 459.16 10.00 Redw UITGoDe&ProCl A 10.00 Sentry Pre Met Fd A 38.93 38.79 0.14 0.36 92.41 2.90 262.61 Sprott Gold&PrMinFdA 36.32 36.15 0.17 0.47 82.00 3.19 277.19 6.60 6.58 0.01 0.17 127.98 3.23 102.10 Sprott SilverEquCl A TD PreciousMetalsInv 35.12 35.45 -0.33 -0.93 74.24 2.26 163.65

GLOBAL MINING NEWS · SINCE 1915

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

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

11_NOV28_MMMM.indd 11

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

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

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

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

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2016-11-22 6:29 PM

12

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: NOVEMBER 14–18, 2016 (100s) Stock

WWW.NORTHERNMINER.COM

NOVEMBER 28–DECEMBER 4, 2016 / THE NORTHERN MINER

Week

12-month

Exc Volume High Low Last Change High Low

A 92 Resources V 608 0.17 0.14 0.17 + 0.02 0.28 0.03 Abacus Mng &Ex V 405 0.05 0.04 0.04 - 0.01 0.07 0.04 Abcourt Mines V 876 0.08 0.07 0.08 + 0.01 0.13 0.04 Abcourt Mines* O 83 0.06 0.05 0.05 + 0.00 0.10 0.03 Aben Res V 442 0.10 0.08 0.09 - 0.01 0.34 0.06 Aberdeen Intl* O 60 0.12 0.11 0.12 + 0.01 0.16 0.07 Aberdeen Intl T 399 0.16 0.15 0.16 + 0.01 0.24 0.10 Abitibi Royalt V 39 8.87 8.20 8.23 - 0.12 10.00 2.51 ABT Holdings* O 2 0.35 0.00 0.35 - 0.34 0.76 0.05 Acacia Mining* O 4 5.65 5.58 5.58 - 0.07 7.47 2.55 Adamera Mnls V 574 0.08 0.06 0.07 + 0.01 0.15 0.01 Adamera Mnls* O 242 0.06 0.04 0.06 + 0.01 0.12 0.01 Adriana Res V 1177 0.15 0.14 0.14 + 0.01 0.15 0.10 Advance Gold V 19 0.05 0.00 0.05 - 0.01 0.10 0.01 V 537 1.21 1.05 1.10 - 0.04 1.24 0.14 Advantage Lith O 196 0.89 0.80 0.81 + 0.01 1.00 0.49 Advantage Lith* African Gold V 585 0.08 0.07 0.08 + 0.01 0.12 0.03 Agnico Eagle T 4619 60.34 54.11 57.04 - 0.15 78.35 33.38 42.20 - 0.04 60.10 24.93 Agnico Eagle* N 12655 44.98 39.89 T 1156 134.50 129.61 132.93 + 0.38 134.50 Agrium 104.70 Agrium* N 2184 99.07 96.26 98.40 + 0.55 100.24 79.94 Aim Explor* O 369 0.01 0.00 0.00 - 0.00 75.00 0.00 Alabama Graph* O 196 0.09 0.08 0.08 - 0.01 0.17 0.08 Alabama Graph V 1528 0.12 0.11 0.11 - 0.01 0.23 0.11 2.37 + 0.03 3.79 2.08 Alacer Gold T 7307 2.53 2.24 Alamos Gold T 5023 9.42 8.20 8.65 + 0.05 13.65 3.27 Alamos Gold* N 11670 7.01 6.04 6.40 + 0.06 10.41 2.27 Alba Minerals* O 129 0.11 0.11 0.11 - 0.00 0.11 0.01 0.13 - 0.02 0.19 0.01 Alba Minerals V 58 0.16 0.13 Alberta Star* O 12 0.29 0.26 0.26 - 0.03 0.32 0.12 Alchemist Mng 247 0.09 0.07 0.09 + 0.02 0.12 0.02 N 24094 32.02 28.61 30.42 + 1.12 34.50 18.42 Alcoa* Alderon Iron* O 55 0.25 0.18 0.22 + 0.02 0.34 0.05 Alderon Iron T 1408 0.37 0.23 0.26 - 0.05 0.48 0.07 0.05 - 0.01 0.07 0.01 Aldershot Res V 7 0.05 0.05 Aldever Res* O 14 0.07 0.06 0.06 - 0.00 0.11 0.06 Aldever Res V 306 0.10 0.00 0.09 - 0.01 0.69 0.08 Aldridge Mnrls V 849 0.26 0.25 0.26 + 0.02 0.34 0.12 0.08 - 0.01 0.15 0.07 Aldrin Res V 417 0.09 0.07 Alexandria Min* O 284 0.05 0.03 0.04 - 0.01 0.10 0.01 Alexco Res* X 4326 1.68 1.27 1.53 + 0.01 2.54 0.22 2.05 - 0.05 3.31 0.35 Alexco Res T 799 2.25 1.73 Algold Res V 1493 0.29 0.25 0.25 - 0.02 0.44 0.07 Algold Res* O 10 0.25 0.20 0.20 - 0.05 0.33 0.07 0.07 - 0.03 0.17 0.07 Alianza Min* O 61 0.10 0.07 Alliance Mng V 1154 0.04 0.03 0.04 - 0.01 0.05 0.01 23.60 - 1.00 26.65 9.95 Alliance Res* D 2558 25.60 21.95 Almaden Mnls T 304 1.68 1.43 1.44 - 0.14 2.44 0.67 X 1469 1.29 1.06 1.07 - 0.10 1.88 0.50 Almaden Mnls* Almadex Min V 533 1.55 1.08 1.30 + 0.01 2.00 0.14 Almadex Min* O 764 1.16 0.80 0.97 + 0.02 1.51 0.09 0.12 - 0.02 0.18 0.05 Almo Capital V 304 0.13 0.10 Alphamin Res V 282 0.33 0.29 0.31 + 0.02 0.33 0.16 0.03 - 0.04 0.06 0.03 ALQ Gold 44 0.05 0.00 0.08 - 0.01 0.65 0.01 Alset Energy* O 45 0.11 0.07 Alset Energy V 2056 0.13 0.10 0.11 - 0.02 0.84 0.02 Alta Vista Vnt* O 40 0.03 0.00 0.03 + 0.00 0.14 0.03 Alta Vista Vnt 618 0.07 0.04 0.05 + 0.01 0.25 0.03 0.07 + 0.01 0.16 0.03 Altai Res V 1138 0.08 0.06 Altan Nev Mnls V 105 0.02 0.01 0.01 - 0.01 0.05 0.01 130 0.02 0.02 0.02 - 0.01 0.04 0.01 Altan Rio Mnls V O 14 0.24 0.18 0.21 + 0.01 0.46 0.19 Alternative ER* Altiplano Mnls V 24 0.12 0.00 0.12 + 0.01 0.22 0.04 Altitude Res V 154 0.09 0.09 0.09 - 0.01 0.21 0.02 10.97 - 0.24 12.20 7.39 Altius Mnrls T 216 11.75 10.87 Altura Mng Ltd* O 60 0.12 0.10 0.12 + 0.02 0.30 0.06 Alturas Mnrls V 80 0.03 0.00 0.03 - 0.01 0.08 0.01 4.93 - 0.14 5.17 2.70 Alumina Inc* O 39 5.00 4.89 0.07 + 0.01 0.10 0.03 ALX Uranium* O 90 0.07 0.06 Am CuMo Mng V 1772 0.16 0.10 0.16 + 0.06 0.16 0.06 Am CuMo Mng* O 804 0.12 0.07 0.12 + 0.05 0.12 0.04 O 983 0.27 0.17 0.22 + 0.05 0.27 0.01 Am Manganese* Am Manganese V 24024 0.38 0.23 0.30 + 0.07 0.38 0.01 Amador Gold V 15 0.14 0.12 0.14 - 0.01 0.40 0.10 0.06 + 0.00 0.10 0.02 Amarc Res* O 347 0.07 0.04 Amarillo Gold V 308 0.39 0.29 0.34 + 0.01 0.68 0.04 Amato Expl V 117 0.07 0.04 0.07 + 0.01 0.10 0.01 Amazing OG* O 52 0.40 0.30 0.33 - 0.07 1.06 0.30 1 0.04 0.04 0.04 - 0.00 0.10 0.01 Amer Intl Vent* O American Lith* O 165 0.26 0.20 0.21 - 0.05 1.24 0.10 American Lith V 6967 0.34 0.28 0.29 - 0.06 1.62 0.05 0.08 + 0.01 0.14 0.03 American Pot 199 0.08 0.00 Americas Silvr T 8020 0.29 0.23 0.24 - 0.04 0.48 0.09 Americas Silvr* O 1475 0.21 0.17 0.18 - 0.02 0.37 0.04 0.25 - 0.01 0.28 0.10 Amerigo Res T 1852 0.28 0.23 Amerigo Res* O 191 0.21 0.18 0.18 - 0.02 0.21 0.07 Anaconda Mng* O 245 0.04 0.04 0.04 + 0.00 0.09 0.03 Anaconda Mng T 959 0.07 0.05 0.07 + 0.01 0.11 0.04 0.04 - 0.01 0.09 0.01 Anconia Res V 78 0.05 0.00 Anfield Res* O 165 0.08 0.04 0.04 - 0.04 0.22 0.06 Angel Gold* O 84 0.07 0.05 0.05 - 0.02 0.11 0.02 Angel Gold V 151 0.10 0.07 0.07 - 0.02 0.15 0.02 Angkor Gold V 98 0.43 0.37 0.43 + 0.01 0.50 0.37 Anglo American* O 1057 7.46 6.76 6.89 - 0.48 7.70 1.57 Anglo American* O 21 14.81 13.46 13.46 - 0.76 15.30 3.13 Anglo-Can Mng V 249 0.02 0.01 0.01 - 0.01 0.03 0.01 AngloGold Ash* O 7 12.01 11.68 12.01 - 4.17 22.25 10.15 11.43 + 0.22 22.91 6.20 AngloGold Ash* N 25503 12.09 10.96 Antioquia Gold* O 305 0.11 0.07 0.09 + 0.00 0.11 0.04 Antioquia Gold V 1136 0.16 0.09 0.13 + 0.01 0.16 0.06 Antofagasta* O 101 8.80 0.00 8.20 - 0.60 8.90 5.24 APAC Res Inc 102 0.09 0.00 0.09 + 0.01 0.14 0.03 Apogee Opport V 48 0.15 0.00 0.14 - 0.02 0.44 0.11 Apple Cap Inc V 2522 0.19 0.14 0.16 - 0.01 0.54 0.14 Applied Mrnls* O 123 0.13 0.10 0.10 - 0.01 0.43 0.10 AQM Copper V 79 0.16 0.14 0.15 - 0.01 0.20 0.03 Aquila Res* O 397 0.19 0.15 0.17 - 0.02 0.25 0.09 Aquila Res T 1671 0.25 0.19 0.22 - 0.01 0.32 0.13 Arak Res V 667 0.03 0.02 0.02 - 0.01 0.07 0.02 Arcturus Vents V 203 0.03 0.02 0.02 - 0.01 0.03 0.01 Arena Mnls V 792 0.18 0.15 0.16 - 0.03 0.34 0.15 Arena Mnls* O 2 0.12 0.12 0.12 - 0.00 0.25 0.11 Argentina Lith V 40 0.49 0.42 0.42 - 0.06 0.83 0.04 Argex Titanium* O 30 0.05 0.04 0.04 - 0.00 0.09 0.01 Argo Gold 22 0.10 0.00 0.06 - 0.03 0.14 0.06 Argonaut Gold* O 58 1.94 1.65 1.72 - 0.01 3.38 0.53 Argonaut Gold T 5969 2.63 2.24 2.31 - 0.05 4.45 0.78 Arian Silver* O 33 0.01 0.01 0.01 - 0.01 0.19 0.00 Arianne Phosph V 299 0.87 0.73 0.82 - 0.05 1.25 0.68 Arianne Phosph* O 129 0.63 0.53 0.60 - 0.01 0.98 0.52 Arizona Mng* O 128 2.38 2.18 2.26 + 0.02 2.42 0.19 Arrowstar Res V 215 0.07 0.06 0.06 - 0.01 0.17 0.05 Asanko Gold T 6707 4.64 4.11 4.44 + 0.15 6.09 1.77 3.39 + 0.24 4.68 1.27 Asanko Gold* X 2676 3.45 3.03 Asante Gold 27 0.20 0.16 0.20 + 0.01 0.27 0.05 Ascot Res V 127 2.05 1.87 2.00 + 0.11 2.83 0.80 Ashburton Vent V 4074 0.02 0.01 0.02 - 0.01 0.07 0.01 AsiaBaseMetals V 28 0.25 0.22 0.25 + 0.06 0.40 0.04 Asiamet Res* O 69 0.04 0.04 0.04 + 0.00 0.05 0.03 Aston Bay V 76 0.26 0.24 0.24 - 0.01 0.49 0.13 Astorius Res V 514 0.31 0.26 0.28 + 0.02 0.41 0.01 ATAC Res V 1870 0.53 0.37 0.37 - 0.04 0.95 0.26 Athabasca Mnls* O 227 0.13 0.11 0.13 + 0.00 0.23 0.11 Athabasca Mnls V 619 0.20 0.14 0.17 + 0.01 0.32 0.14 Atico Mng* O 297 0.63 0.55 0.58 - 0.03 0.69 0.12 Atlanta Gold* O 50 0.07 0.07 0.07 + 0.02 0.09 0.03 Atlanta Gold V 99 0.09 0.07 0.08 + 0.01 0.11 0.05 Atlatsa Res T 116 0.10 0.00 0.09 - 0.01 0.13 0.03 Atlatsa Res* O 106 0.07 0.06 0.06 + 0.00 0.10 0.02 Atom Energy V 24 0.26 0.23 0.23 - 0.04 0.64 0.16 Atom Energy * O 1 0.19 0.16 0.16 - 0.03 0.19 0.12 Aton Res Inc* O 296 0.06 0.00 0.05 + 0.01 0.12 0.03 Aton Res Inc V 255 0.08 0.07 0.07 + 0.01 0.16 0.04 Augustine Vent 724 0.10 0.07 0.10 + 0.02 0.17 0.03 Aura Mnls T 150 0.19 0.18 0.18 + 0.01 0.31 0.07 Aurania Res V 51 0.73 0.61 0.61 - 0.12 0.73 0.32 Aurcana Corp* O 58 0.34 0.27 0.30 - 0.02 0.63 0.07 Aurcana Corp V 358 0.46 0.37 0.40 - 0.02 0.80 0.09 AurCrest Gold V 404 0.03 0.03 0.03 - 0.01 0.05 0.01 Aureus Mng* O 74 0.02 0.01 0.02 + 0.01 0.23 0.01 AuRico Metals * O 454 0.79 0.69 0.72 - 0.03 0.94 0.37 AuRico Metals T 952 1.06 0.94 0.97 - 0.06 1.26 0.55 Aurion Res V 144 0.38 0.32 0.33 - 0.05 0.49 0.05 Aurvista Gold* O 29 0.14 0.12 0.13 + 0.00 0.29 0.02 Auryn Res* O 313 2.05 1.65 1.88 + 0.08 3.18 0.70 Auryn Res T 572 2.75 2.25 2.49 + 0.07 4.17 0.94 Avalon Adv Mat T 513 0.18 0.15 0.17 + 0.01 0.33 0.10 Avalon Adv Mat* O 239 0.13 0.11 0.12 - 0.02 0.26 0.07 Avarone Metals 1164 0.04 0.02 0.04 + 0.01 0.14 0.02

12-14_NOV28_StockTables.indd 12

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Avino Silver V 175 Avino Silver* X 2011 Avnel Gold * O 654 Avnel Gold T 1731 Avrupa Mnls* O 174 Avrupa Mnls V 769 AXE Expl V 5665 AZ Mining T 1547 Azarga Mtls V 94 Azarga Mtls* O 71 O 60 Azarga Uranium* Azarga Uranium T 32 Azimut Expl V 238 V 163 Azincourt Uran Azincourt Uran* O 48 Azteca Gold* O 1006

2.76 2.44 2.52 - 0.06 4.05 1.03 2.08 1.80 1.87 - 0.03 3.14 0.71 0.16 0.13 0.15 - 0.00 0.30 0.13 0.23 0.18 0.20 - 0.01 0.39 0.18 0.09 0.08 0.09 - 0.03 0.19 0.05 0.15 0.11 0.12 - 0.04 0.25 0.08 0.05 0.03 0.04 + 0.01 0.05 0.01 3.22 2.95 3.08 - 0.02 3.26 0.27 0.42 0.26 0.36 - 0.01 0.60 0.05 0.25 0.00 0.25 - 0.16 1.00 0.03 0.17 0.14 0.14 - 0.03 0.29 0.14 0.22 0.00 0.19 - 0.04 0.40 0.19 0.36 0.28 0.33 - 0.02 0.68 0.10 0.08 0.07 0.07 + 0.02 0.08 0.04 0.06 0.05 0.05 + 0.01 0.07 0.02 0.00 0.00 0.00 - 0.00 0.01 0.00

B2Gold* X 20712 B2Gold T 42850 V 43 Bacanora Mnls Balmoral Res T 1213 Balmoral Res* O 677 Bama Gold 40 Bannerman Res* O 609 Banro* X 4619 T 1136 Banro Banyan Gold V 959 Bard Vent V 247 Barkerville Go* O 237 Barkerville Go V 1742 110436 Barrick Gold* N Barrick Gold T 24798 Barsele Min* O 4 Barsele Min V 182 Batero Gold V 166 Battle Mtn Gld* O 406 775 Battle Mtn Gld V Bayhorse Silvr* O 47 Bayhorse Silvr V 187 O 3 Bayswater Uran* Bayswater Uran V 119 V 3 BC Moly BCGold V 271 BCGold* O 3 Bear Creek Mng V 866 Bearing Res V 56 Bell Copper* O 13 V 50 Bellhaven Cp&G Bellhaven Cp&G* O 22 Belmont Res V 156 Belo Sun Mng T 2062 Belvedere Res V 460 Benton Res V 701 Benz Mining V 674 V 195 Berkwood Res Big Bar Res V 330 23 Big North Grap* O Big North Grap V 793 Bison Gold Res V 5 Bitterroot Res* O 51 Black Dragon* O 20 Black Dragon V 86 Black Hills* N 1507 Black Iron T 398 47 Black Mam Mtls V 87 Black Sea Cop V Blackheath Res V 137 133 Blind Crk Res V BLOX Inc* O 412 7 Blue Sky Uran* O Blue Sky Uran V 45 V 41 Bluenose Gold Bold Vent V 154 BonTerra Res* O 72 BonTerra Res V 6324 Borneo Res Inv* O 4001 Bowmore Expl V 86 Bravada Gold* O 153 Bravada Gold V 381 Braveheart Res V 31 O 4205 Bravo Multinat* Bravura Vent * O 10 Bravura Vent 626 Brilliant Sand* O 13 O 58 Britannia Mng* Brixton Mtls* O 143 Brixton Mtls V 438 137 Broadway Gd Mg* O Brookmount Exp* O 322 Buenaventura* N 15659 Buffalo Coal * O 49 Bullfrog Gold* O 519 Bullion Gld Res V 28 Bullman Mnls V 1506 Burey Gold* O 214 BWR Explor V 385

2.58 2.23 2.38 + 0.02 3.65 0.60 3.47 3.02 3.22 + 0.05 4.74 0.86 1.29 1.20 1.28 + 0.07 1.95 1.17 0.88 0.75 0.84 + 0.01 1.28 0.33 0.91 0.55 0.63 + 0.01 0.99 0.23 0.04 0.00 0.02 - 0.02 0.20 0.02 0.03 0.01 0.03 - 0.00 0.04 0.01 0.22 0.18 0.20 - 0.01 0.48 0.15 0.30 0.24 0.26 - 0.02 0.62 0.21 0.08 0.06 0.07 + 0.02 0.13 0.02 0.04 0.02 0.03 + 0.01 0.04 0.01 0.41 0.31 0.36 + 0.04 0.60 0.15 0.55 0.43 0.48 + 0.05 0.76 0.21 15.96 13.95 15.29 + 0.45 23.47 6.94 21.42 18.95 20.66 + 0.60 30.45 9.22 0.67 0.65 0.65 - 0.02 1.10 0.05 0.95 0.85 0.95 + 0.05 1.43 0.08 0.12 0.09 0.10 - 0.01 0.23 0.05 0.35 0.25 0.31 - 0.02 0.73 0.06 0.47 0.32 0.41 + 0.04 0.95 0.09 0.16 0.15 0.16 + 0.00 0.22 0.03 0.23 0.20 0.22 + 0.01 0.29 0.05 0.02 0.01 0.02 + 0.00 0.05 0.00 0.03 0.00 0.03 + 0.01 0.07 0.01 0.06 0.00 0.06 - 0.01 0.21 0.03 0.06 0.05 0.05 - 0.01 0.13 0.03 0.03 0.03 0.03 - 0.00 0.07 0.03 2.25 1.86 2.07 + 0.02 3.77 0.50 0.48 0.42 0.45 + 0.02 0.49 0.13 0.03 0.02 0.03 + 0.01 0.06 0.00 0.49 0.42 0.44 + 0.01 0.78 0.03 0.32 0.29 0.32 + 0.00 0.61 0.02 0.07 0.06 0.07 - 0.01 0.12 0.02 0.90 0.69 0.69 - 0.16 1.10 0.22 0.04 0.03 0.03 - 0.01 0.09 0.01 0.10 0.08 0.08 - 0.01 0.11 0.03 0.04 0.02 0.02 - 0.02 0.08 0.01 0.19 0.13 0.13 - 0.04 0.25 0.01 0.37 0.30 0.36 + 0.03 0.69 0.29 0.16 0.12 0.15 - 0.01 0.17 0.01 0.22 0.16 0.22 + 0.03 0.24 0.02 0.30 0.00 0.25 + 0.01 0.50 0.10 0.02 0.02 0.02 + 0.00 0.06 0.02 0.04 0.04 0.04 - 0.00 0.07 0.00 0.06 0.00 0.05 - 0.01 0.10 0.01 59.38 57.38 58.73 + 0.72 64.58 40.70 0.04 0.03 0.03 - 0.01 0.06 0.03 0.07 0.06 0.07 + 0.01 0.13 0.04 0.33 0.00 0.25 - 0.03 0.54 0.23 0.09 0.06 0.06 - 0.03 0.18 0.06 0.10 0.00 0.10 + 0.02 0.16 0.03 0.03 0.02 0.03 + 0.01 0.03 0.01 0.17 0.00 0.17 - 0.14 0.47 0.02 0.25 0.22 0.25 - 0.01 0.74 0.04 0.04 0.00 0.04 + 0.02 0.04 0.01 0.04 0.03 0.03 - 0.01 0.06 0.02 0.19 0.15 0.17 - 0.00 0.37 0.12 0.26 0.21 0.23 + 0.01 0.51 0.17 0.00 0.00 0.00 + 0.00 0.00 0.00 0.09 0.08 0.08 - 0.01 0.16 0.04 0.18 0.13 0.14 - 0.04 0.31 0.02 0.24 0.18 0.22 - 0.02 0.40 0.03 0.05 0.03 0.03 - 0.02 0.08 0.02 0.01 0.01 0.01 - 0.00 0.10 0.01 0.11 0.11 0.11 - 0.00 0.49 0.11 0.17 0.13 0.14 + 0.01 0.59 0.02 0.03 0.03 0.03 - 0.01 0.13 0.03 0.00 0.00 0.00 + 0.00 0.01 0.00 0.35 0.28 0.29 - 0.03 0.92 0.03 0.46 0.35 0.37 - 0.04 1.20 0.05 0.29 0.22 0.29 + 0.06 0.29 0.22 0.02 0.01 0.02 + 0.01 0.02 0.00 12.16 10.30 10.92 - 1.10 16.45 3.30 0.02 0.02 0.02 + 0.00 0.02 0.01 0.14 0.00 0.14 + 0.03 0.19 0.01 0.10 0.08 0.08 - 0.02 0.15 0.05 0.07 0.05 0.05 - 0.02 0.09 0.03 0.06 0.05 0.06 + 0.01 0.10 0.03 0.07 0.06 0.06 - 0.01 0.09 0.01

Cadan Res V 175 Caledonia Mng T 445 Caledonia Mng* Q 194 Calibre Mng V 1914 California Gl* O 31 California Gld V 55 Callinex Mines V 1162 Callinex Mines* O 388 Cameco Corp T 6294 Cameco Corp* N 12369 Cameo Res* O 494 Cameo Res V 13998 Camino Mnls V 154 Camino Mnls* O 157 Camrova Res V 76 Camrova Res* O 3 Can-Cal Res* O 73 Canada Coal V 865 Canadian Zeol V 1795 Canadian Zeol* O 109 CanAlaska Uran* O 54 CanAlaska Uran V 311 CanAm Coal* O 80 Canamex Res* O 8 Canamex Res V 609 Canarc Res T 834 Canarc Res* Q 476 Canasil Res V 999 Cancana Res V 198 Candelaria Mg V 270 T 1146 Candente Coppr Candente Gold V 224 CaNickel Mng V 19 Canstar Res V 272 Canterra Mnls V 245 Cantex Mn Dev V 161 Canyon Gold* O 12 Capstone Mng T 4245 Cardero Res* O 44 Cariboo Rose V 101 Carlin Gold V 765 Cartier Iron 161 Carube Copper V 61 Casablanca Mng* O 28 Castle Mtn Mng V 2024 Cataca Res* O 3218 Cava Res V 123 Caza Gold* O 8 CB Gold V 65 Cda Carbon* O 46 Cda Rare Earth* O 105 Cda Strtgc Met V 595 Cda Strtgc Met * O 3 Cda Zinc Mtls V 742 Cdn Arrow V 1010 Cdn Metals 180 Cdn Silvr Hunt V 284 Cdn Zinc T 1054 Cdn Zinc* Q 248 Centamin T 181 Centaurus Diam* O 278 Centenera Mng* O 47

0.06 0.05 0.05 - 0.01 0.09 0.03 1.89 1.54 1.56 - 0.14 2.42 0.66 1.36 1.14 1.15 - 0.10 1.84 0.48 0.13 0.10 0.11 - 0.02 0.27 0.06 0.41 0.38 0.39 + 0.00 0.56 0.35 0.55 0.51 0.54 + 0.02 0.80 0.35 0.65 0.57 0.59 - 0.04 0.69 0.27 0.49 0.42 0.44 - 0.02 0.54 0.18 12.49 11.77 12.27 + 0.49 17.67 9.88 9.33 8.70 9.08 + 0.37 13.59 7.41 0.05 0.03 0.04 + 0.00 0.07 0.02 0.06 0.05 0.05 - 0.01 0.10 0.04 0.20 0.17 0.17 - 0.03 0.29 0.07 0.15 0.12 0.13 - 0.03 0.22 0.05 0.18 0.16 0.16 - 0.01 0.40 0.10 0.14 0.00 0.14 + 0.02 0.13 0.10 0.05 0.04 0.04 - 0.02 0.08 0.03 0.05 0.04 0.05 + 0.02 0.06 0.01 0.96 0.84 0.93 + 0.02 0.96 0.08 0.71 0.61 0.66 - 0.01 0.71 0.06 0.33 0.30 0.32 - 0.00 1.20 0.06 0.47 0.40 0.47 + 0.04 1.55 0.09 0.01 0.01 0.01 + 0.00 0.04 0.00 0.10 0.07 0.09 - 0.01 0.11 0.07 0.12 0.10 0.11 - 0.02 0.30 0.10 0.10 0.08 0.08 - 0.01 0.15 0.04 0.07 0.06 0.06 - 0.01 0.12 0.03 0.31 0.26 0.27 - 0.01 0.73 0.04 0.43 0.33 0.43 + 0.08 0.52 0.13 0.32 0.22 0.32 + 0.03 0.40 0.06 0.13 0.07 0.09 - 0.03 0.18 0.03 0.05 0.03 0.05 + 0.02 0.09 0.01 0.06 0.00 0.05 - 0.01 0.11 0.03 0.14 0.09 0.11 - 0.04 0.18 0.04 0.05 0.04 0.04 - 0.01 0.10 0.03 0.08 0.06 0.06 - 0.01 0.15 0.03 0.12 0.08 0.10 + 0.02 0.54 0.03 1.00 0.86 0.95 + 0.07 1.13 0.27 0.16 0.12 0.16 + 0.01 0.18 0.05 0.11 0.09 0.10 + 0.02 0.12 0.03 0.05 0.04 0.04 - 0.01 0.08 0.01 0.05 0.00 0.04 - 0.01 0.11 0.01 0.10 0.06 0.08 - 0.01 0.20 0.05 0.00 0.00 0.00 + 0.00 0.00 0.00 0.84 0.72 0.76 + 0.01 1.30 0.21 1.96 0.81 1.34 - 0.61 2.58 0.20 0.28 0.25 0.25 - 0.03 0.78 0.04 0.02 0.02 0.02 - 0.02 0.06 0.01 0.14 0.00 0.13 - 0.01 0.18 0.04 0.20 0.18 0.19 - 0.01 0.28 0.18 0.02 0.02 0.02 + 0.00 0.04 0.01 0.14 0.12 0.13 + 0.01 0.26 0.03 0.10 0.09 0.09 - 0.01 0.19 0.01 0.39 0.36 0.36 - 0.01 0.44 0.10 0.02 0.01 0.02 + 0.01 0.02 0.01 0.16 0.15 0.15 - 0.01 0.44 0.06 0.03 0.03 0.03 - 0.01 0.05 0.01 0.25 0.21 0.23 + 0.01 0.41 0.06 0.18 0.16 0.17 + 0.01 0.32 0.04 2.46 2.18 2.23 - 0.15 3.05 1.19 0.09 0.03 0.06 + 0.01 0.34 0.03 0.33 0.16 0.16 - 0.17 0.37 0.03

B

C

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Centenera Mng V 223 0.30 0.22 0.22 - 0.09 0.50 0.04 Centerra Gold T 7366 7.10 6.21 6.93 + 0.67 8.22 5.64 Central Iron V 350 0.03 0.02 0.02 - 0.01 0.03 0.01 Centurion Mnls V 759 0.09 0.08 0.08 - 0.01 0.18 0.04 Century Global T 118 0.15 0.13 0.13 - 0.04 0.35 0.13 Cerro Grande 10 0.03 0.00 0.03 - 0.01 0.06 0.01 Champion Iron T 3000 0.38 0.35 0.36 + 0.03 0.44 0.13 Champion Iron* O 101 0.28 0.25 0.27 + 0.02 0.31 0.10 Chesapeake Gld* O 93 3.10 2.50 2.65 - 0.31 5.03 1.24 Chesapeake Gld V 163 4.29 3.40 3.57 - 0.33 6.50 1.75 Chevron* N 40990 110.10 105.59 109.20 + 2.56 110.10 75.33 Chilean Metals* O 17 0.12 0.10 0.12 + 0.02 0.22 0.02 Chilean Metals V 275 0.18 0.12 0.17 + 0.05 0.30 0.04 China Gold Int T 2856 3.33 2.78 3.02 - 0.01 3.67 1.75 China Mnls Mng* O 2 0.01 0.00 0.01 - 0.01 0.02 0.00 Cibolan Gold* O 31 0.12 0.05 0.05 - 0.08 0.15 0.03 CIM Intl Grp 19 0.55 0.55 0.55 - 0.35 1.50 0.55 CKR Carbon V 474 0.09 0.08 0.08 - 0.01 0.12 0.06 Claim Post Res V 1524 0.04 0.02 0.03 + 0.01 0.06 0.01 Clean Comm* O 2 0.04 0.04 0.04 + 0.01 0.13 0.01 Clean Comm V 274 0.07 0.06 0.06 - 0.03 0.17 0.02 Clear Mtn Res V 2376 1.38 0.97 1.18 - 0.14 1.38 0.10 Cleghorn Mnls V 243 0.11 0.10 0.11 + 0.01 0.13 0.08 7.73 4.80 5.79 - 1.63 8.04 1.08 Cloud Peak En* N 23035 CMC Metals* O 18 0.07 0.00 0.07 - 0.00 0.13 0.07 CMC Metals V 1823 0.14 0.11 0.13 + 0.03 0.25 0.05 Cobalt Pwr Grp V 659 0.07 0.06 0.06 - 0.02 0.12 0.04 Coeur Mng* N 26208 10.09 8.82 9.76 + 0.61 16.41 1.62 Colibri Res V 16 0.18 0.16 0.16 - 0.02 0.23 0.03 Colombia Crest V 927 0.02 0.00 0.02 - 0.01 0.04 0.01 Colombian Mins V 84 0.18 0.13 0.15 - 0.04 0.25 0.02 Colonial Coal V 135 0.15 0.14 0.14 - 0.02 0.24 0.02 Colorado Res* O 81 0.18 0.16 0.16 - 0.02 0.54 0.04 Colorado Res V 1719 0.24 0.21 0.22 - 0.01 0.71 0.05 Colt Res V 709 0.06 0.06 0.06 - 0.01 0.15 0.06 Columbus Gold* O 436 0.48 0.37 0.44 + 0.00 0.72 0.23 T 572 0.64 0.50 0.59 + 0.01 0.93 0.32 Columbus Gold Comet Inds V 16 2.60 2.50 2.51 - 0.09 3.00 1.22 Commerce Res* O 13 0.05 0.04 0.05 + 0.00 0.08 0.04 Comstock Mng* X 1772 0.25 0.20 0.25 + 0.05 0.62 0.19 Comstock Mtls V 305 0.20 0.16 0.20 + 0.04 0.43 0.05 Condor Res V 189 0.09 0.08 0.08 + 0.01 0.12 0.02 Confedertn Ml* O 15 0.51 0.46 0.46 - 0.04 0.63 0.31 Cons Woodjam V 179 0.08 0.06 0.06 - 0.01 0.08 0.02 CONSOL Energy* N 19034 18.96 17.86 18.44 + 0.44 20.66 4.54 Constant Mtl V 395 0.10 0.09 0.09 - 0.02 0.15 0.05 Contintl Gold T 3329 3.87 3.16 3.62 + 0.35 4.69 1.28 Contintl Gold* O 26 2.85 2.35 2.69 + 0.27 3.60 0.88 0.20 + 0.00 0.27 0.19 Contintl Prec* O 3 0.21 0.00 Contintl Prec T 12 0.31 0.27 0.27 - 0.03 0.35 0.27 Copper Ck Gold V 262 0.10 0.08 0.10 + 0.04 0.10 0.06 Copper Fox Mtl V 1567 0.15 0.12 0.12 - 0.03 0.24 0.11 Copper Fox Mtl* O 9 0.11 0.10 0.10 - 0.01 0.17 0.08 Copper Lake Rs V 121 0.06 0.05 0.05 - 0.01 0.08 0.03 Copper Mtn Mng* O 22 0.53 0.46 0.49 - 0.02 0.53 0.23 Copper Mtn Mng T 3563 0.72 0.61 0.66 - 0.02 0.79 0.33 Copper North M V 96 0.13 0.12 0.12 - 0.01 0.40 0.10 Copper One * O 65 0.20 0.00 0.16 - 0.04 0.22 0.02 Copper One V 291 0.26 0.19 0.19 - 0.07 0.30 0.03 Copperbank Res 252 0.09 0.00 0.08 - 0.01 0.10 0.03 Copperbank Res* O 59 0.06 0.05 0.06 - 0.01 0.08 0.01 0.29 - 0.01 0.39 0.05 Coral Gold V 86 0.32 0.29 Corazon Gold V 52 0.40 0.33 0.37 - 0.02 0.45 0.18 Cordoba Mnls V 400 0.84 0.75 0.80 + 0.03 1.08 0.11 Cordoba Mnls* O 81 0.62 0.56 0.61 + 0.03 0.79 0.08 Corex Gold V 581 0.15 0.13 0.14 + 0.01 0.21 0.03 Cornerstone Ca* O 246 0.14 0.11 0.14 + 0.02 0.15 0.01 Coro Mining T 513 0.15 0.13 0.13 - 0.01 0.21 0.02 Coronet Mtls V 22 0.38 0.34 0.37 - 0.02 0.71 0.03 Corsa Coal V 6655 0.13 0.11 0.12 + 0.01 0.15 0.02 Corvus Gold* O 94 0.59 0.46 0.51 - 0.08 1.05 0.25 Corvus Gold T 173 0.81 0.63 0.69 - 0.10 1.38 0.33 Cougar Mnls V 169 0.39 0.33 0.34 - 0.02 0.82 0.33 31 0.01 0.01 0.01 - 0.00 0.02 0.00 Crazy Horse Res* O Cresval Cap V 143 0.05 0.05 0.05 - 0.01 0.06 0.03 Critical Elem* O 60 0.37 0.35 0.37 + 0.01 0.58 0.10 Critical Elem V 935 0.53 0.47 0.51 + 0.01 0.75 0.14 Crown Mining V 303 0.11 0.10 0.10 + 0.01 0.20 0.04 Crown Mining* O 1 0.07 0.00 0.07 - 0.01 0.13 0.04 Cruz Cap Corp* O 66 0.53 0.16 0.16 - 0.01 0.18 0.07 Cruz Cap Corp V 1613 0.73 0.22 0.24 + 0.02 0.24 0.02 Crystal Lake V 117 0.28 0.24 0.25 - 0.03 0.43 0.22 Crystal Pk Min V 429 0.35 0.27 0.35 + 0.07 0.42 0.17 Crystal Pk Min* O 71 0.23 0.20 0.23 + 0.01 0.32 0.13 Currie Rose Rs V 104 0.02 0.00 0.02 - 0.01 0.05 0.01 Cyclone Uran* O 2093 0.00 0.00 0.00 + 0.00 0.00 0.00 0.08 - 0.01 0.16 0.02 Cypress Dev* O 18 0.09 0.08 Cypress Dev V 831 0.12 0.10 0.12 + 0.01 0.20 0.03 Cyprium Mng V 1924 0.06 0.05 0.05 - 0.01 0.12 0.05

(100s) Stock

0.13 0.11 0.11 - 0.01 0.30 0.10 0.09 0.08 0.08 - 0.01 0.24 0.08 0.98 0.78 0.97 + 0.05 1.27 0.45 1.33 1.06 1.30 + 0.05 1.68 0.62 0.02 0.00 0.02 - 0.01 0.03 0.02 0.31 0.28 0.28 - 0.03 0.37 0.17 0.23 0.19 0.20 + 0.02 0.24 0.01 0.02 0.00 0.02 - 0.01 0.03 0.01 0.06 0.05 0.05 + 0.01 0.13 0.01 0.05 0.03 0.04 + 0.00 0.10 0.00 0.27 0.21 0.22 - 0.04 0.49 0.04 0.37 0.28 0.29 - 0.04 0.63 0.06 0.04 0.03 0.03 - 0.01 0.05 0.00 0.70 0.55 0.70 + 0.06 0.70 0.13 0.65 0.59 0.63 + 0.03 0.85 0.48 0.48 0.44 0.47 + 0.03 0.67 0.35 0.27 0.27 0.27 + 0.01 0.30 0.09 0.14 0.13 0.13 - 0.02 0.32 0.05 18.79 16.02 16.79 - 0.37 35.93 12.45 0.17 0.12 0.14 - 0.01 0.85 0.13 1.16 1.04 1.10 - 0.06 1.50 0.65 0.00 0.00 0.00 + 0.00 0.00 0.00 0.19 0.13 0.17 + 0.01 0.24 0.05 0.15 0.10 0.14 + 0.02 0.15 0.10 0.08 0.07 0.07 - 0.01 0.19 0.05 0.00 0.00 0.00 - 0.00 0.00 0.00 0.04 0.03 0.04 + 0.01 0.08 0.02 0.03 0.00 0.03 - 0.01 0.10 0.03 0.02 0.01 0.02 - 0.00 0.10 0.01 0.46 0.41 0.44 + 0.00 0.81 0.08 0.67 0.55 0.63 + 0.03 1.11 0.12 11.98 11.29 11.75 + 0.25 16.82 9.96 8.92 8.40 8.70 + 0.20 12.65 7.27 0.01 0.01 0.01 + 0.00 0.02 0.01 4.60 3.70 4.27 + 0.34 9.10 1.34 2.37 1.87 2.08 - 0.19 4.14 0.84 0.09 0.07 0.08 - 0.03 0.20 0.07 0.05 0.05 0.05 - 0.02 0.10 0.05 2.48 2.04 2.39 + 0.13 3.71 1.46 0.15 0.13 0.13 - 0.01 0.34 0.08 0.21 0.17 0.19 - 0.02 0.45 0.10 0.01 0.00 0.01 - 0.01 0.02 0.01 0.04 0.03 0.04 + 0.01 0.06 0.02 0.17 0.13 0.15 + 0.01 0.17 0.05 0.28 0.17 0.20 + 0.01 0.36 0.03 0.15 0.13 0.15 + 0.00 0.28 0.02 0.35 0.33 0.34 - 0.02 0.89 0.33 0.46 0.42 0.44 + 0.01 1.19 0.42 0.05 0.04 0.05 + 0.01 0.06 0.02 0.63 0.51 0.55 - 0.03 0.97 0.29 0.20 0.19 0.19 - 0.01 0.62 0.17 0.39 0.34 0.36 - 0.04 0.59 0.34 0.18 0.13 0.18 + 0.13 0.28 0.06 0.06 0.04 0.05 - 0.01 0.28 0.03 0.34 0.29 0.33 - 0.02 0.75 0.18 0.26 0.25 0.26 + 0.02 0.55 0.20 2.91 2.54 2.74 + 0.08 5.16 1.87 3.90 3.46 3.69 + 0.09 6.71 2.67 0.33 0.32 0.32 - 0.01 0.45 0.07 0.49 0.41 0.41 - 0.04 0.58 0.09 0.20 0.16 0.16 - 0.03 0.27 0.05 0.15 0.11 0.12 - 0.03 0.20 0.03 0.40 0.35 0.35 - 0.04 0.43 0.18 0.06 0.05 0.05 - 0.01 0.14 0.03 0.08 0.07 0.07 - 0.01 0.18 0.05 22.24 19.76 21.00 + 0.14 27.17 5.70 16.26 14.69 15.58 + 0.18 20.85 4.40 4.13 3.53 3.76 + 0.02 5.95 1.00 0.06 0.05 0.06 + 0.01 0.07 0.02 0.05 0.04 0.05 - 0.00 0.10 0.03 1.45 1.35 1.38 - 0.04 2.98 1.30

12-month

Energy Fuels T 592 Engold Mines V 428 Engold Mines* O 254 Ensurge* O 123 Entree Gold* X 329 Equitas Res* O 928 Equitorial Ex V 686 2 V Era Res Inc 21 Erdene Res Dev* O 216 Erdene Res Dev T 125 Eros Res Corp* O 37 Eros Res Corp V 37 Eros Res Corp V Eskay Mng V 89 Ethos Gold* O 35 X 595 Eurasian Mnls* Eurasian Mnls V 187 10 Euro Sun Mg* O 677 T Euro Sun Mg EurOmax Res T 495 O 14 EurOmax Res* O 145 European Metal* Everest Vent V 73 Everton Res V 1954 Everton Res* O 81 Evolving Gold 15 O 5 Evolving Gold* Evrim Res V 230 O 284 Excalibur Res* Excalibur Res 344 Excellon Res T 1113 Excellon Res* O 296 O 254 Excelsior Mng* Excelsior Mng V 468 Exeter Res* X 1382 Exeter Res T 304 979 ExGen Res Inc V O 20 Expedition Mng* Explor Res* O 231 Explor Res V 1344 Fairmont Res V 388 Falco Res V 1269 Falcon Gold V 46 Far Res 4020 Fieldex Expl V 842 32 Filo Mg Corp V Finlay Minrls V 5 Finore Mng 13562 Finore Mng* O 373 Fiore Explor V 880 Firebird Res V 15 Firesteel Res V 1099 O 52 Firestone Diam* O 48 Firma Holdings* First Bauxite V 83 First Cobalt V 129 First Majestic* N 30847 First Majestic T 9617 First Mexican V 336 First Mg Fin * O 5260 V 7017 First Mg Fin First Point V 120 First Quantum T 23843 Fission Uran T 2158 Fission Uran* O 818 Flinders Res* O 323 O 563 Focus Graphite* Focus Vent V 731 Foran Mng V 714 T 407 Formation Mtls 22 Fort St J Nick V O 67 Fortescue Mtls* T 3685 Fortuna Silvr 10113 Fortuna Silvr* N Fortune Bay V 23 Fortune Bay* O 13 Fortune Mnrls T 1003 O 242 Fortune Mnrls* Four River V 908 19 Fox River Res* O N 7578 Franco-Nevada* Franco-Nevada T 5498 Franklin Mng* O 300 Freegold Vent T 217 146995 N Freeport McMo* Fresnillo plc* O 21 Frontline Gold V 3884 39 Full Metal Mnl V Fura Emeralds V 80

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G4G Capital V 250 Gabriel Res T 121 Gainey Capital V 382 Galane Gold V 1223 Galantas Gold V 970 509 Galena Intl Rs V Galway Gold V 458 Galway Mtls* O 166 Galway Mtls V 194 Garibaldi Res V 1656 179 Garibaldi Res * O GB Minerals V 16 322 V Gem Intl Res General Moly T 15 General Moly* X 1672 Genesis Mtls V 398 Genius Props 1353 V 1419 Gensource Pot O 214 Geologix Expl* Geologix Expl V 789 Geomega Res V 590 986 Gespeg Cop Res V Getty Copper V 225 GFK Res V 131 GGL Res V 134 Giyani Gold V 746 Giyani Gold* O 2 Gldn Predator V 1065 O 156 Gldn Predator* Glencore Plc* O 929 Global Gold* O 70 Globex Mng T 897 Globex Mng* O 68 GMCI Corp* O 0 GMV Minerals V 160 O 108 GMV Minerals* GoGold Res T 736 Gold & Silver* O 4150 929 Gold Bulln Dev* O 38609 Gold Fields* N Gold Lakes* O 5031 841 Gold Mng USA* O 107 Gold Reach Res V Gold Reserve V 45 Gold Reserve* O 38 X 5422 Gold Resource* 103 Gold Ridge Exp V Gold Std Vents V 1762 Gold Std Vents* X 3211 Goldcliff Res* O 349 Goldcliff Res V 269 T 16741 Goldcorp Goldcorp* N 50953 Golden Arrow V 1225 Golden Arrow* O 761 147 Golden Dawn Ml* O 983 Golden Dawn Ml V Golden Eagle* O 71 V 254 Golden Goliath O 139 Golden Goliath* Golden Hope V 100 Golden Mnls T 293 Golden Mnls* X 2679 120 Golden Peak Mn V O 692 Golden Queen* Golden Queen T 348 Golden Reign V 843 Golden Secret V 192 44 Golden Sh Mng V Golden Star T 1030

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D-F Dajin Res V 1264 Dajin Res* O 772 Dalradian Res* O 319 Dalradian Res T 1225 Damara Gold* O 1 Danakali* O 112 Darnley Bay V 361 Debut Dmds 21 Decade Res V 1384 Decade Res* O 1236 Defiance Silvr* O 500 Defiance Silvr V 738 507 Del Toro Silvr* O Delrand Res V 37 Denison Mines T 1286 Denison Mines* X 1782 Desert Gold V 4 Desert Star V 56 Detour Gold T 7874 Diamante Min* O 497 Diamcor Mng V 74 Diamond Disc* O 2 Diamond Fields V 30 Diamond Fields* O 18 Dios Expl V 485 O 22595 Discovery Mnls* Discovery-Corp V 259 DNI Metals 348 DNI Metals* O 48 Dolly Vard Sil* O 32 50 Dolly Vard Sil V Dominion Diam T 977 Dominion Diam* N 2385 Double Crn Res* O 1149 DRDGOLD* N 2166 Dundee Prec Mt T 1537 Duran Vent V 75 O 24 Duran Vent * Dynacor Gld Mn T 297 Dynasty Met&Mn* O 51 Dynasty Met&Mn T 555 E-Energy Vent V 1290 Eagle Graphite V 592 Eagle Plains V 1301 East Africa V 2720 East Africa * O 14 Eastern Platin* O 13 Eastern Platin T 260 Eastfield Res V 670 Eastmain Res T 1640 Eco Oro Mnls T 113 eCobalt Solns* O 128 Edgewater Expl V 71 El Capitan Prc* O 7166 Elcora Res V 138 Elcora Res* O 7 Eldorado Gold* N 42015 Eldorado Gold T 25700 Eloro Mnrls* O 3 Eloro Mnrls V 65 Ely Gold & Mnl V 275 Ely Gold & Mnl* O 151 Elysee Dev V 77 Encanto Potash* O 17 Encanto Potash V 563 Endeavour Mng T 1625 Endeavour Mng* O 44 Endeavr Silver* N 13509 Endurance Gold V 168 Energizer Res* O 297 Energy Fuels* X 847

Week

Exc Volume High Low Last Change High Low

G-H

2016-11-22 6:23 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 28–DECEMBER 4, 2016

13

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

Week

12-month

Exc Volume High Low Last Change High Low

Golden Star* X 13939 Golden Tag V 125 Golden Valley V 500 Goldex Res* O 2 Goldex Res V 13 Goldeye Expl V 973 Goldgroup Mng T 1184 Goldgroup Mng* O 1014 GoldON Res* O 6 GoldON Res V 22 V 2446 GoldQuest Mng Goldrea Res 27 Goldrea Res* O 16 Goldsource Min* O 714 Goldsource Min V 1192 Goldstar Mnls V 233 Goldstream Mnl V 64 Goldstrike Res V 1339 Gossan Res V 291 GoviEx Uranium* O 71 Gowest Gold* O 395 GPM Metals V 4900 GPM Metals* O 394 Gran Colombia* O 518 T 6236 Gran Colombia Grande Portage* O 4 Graphite Corp* O 1014 Graphite One* O 208 Graphite One V 2036 Gray Rock Res V 338 Great Atlantic V 10 137 Great Bear Res V Great Lakes Gr V 817 Great Lakes Gr* O 216 Great Panther T 1692 Great Panther* X 7832 Great Quest Fe V 224 Great Western* O 400 Green Swan Cap V 1989 759 Green Valley M V Greencastle Rs V 141 O 62 Greenland M&En* Greenshield Ex V 3 Grenville Gold V 16 Grizzly Gold* O 66 GrowMax Res* O 156 V 121 Guerrero Vents Gungnir Res* O 170 Guyana Gldflds T 5436 Handa Copper V 95 Handeni Gold* O 8 Hard Creek Ni V 78 Harmony Gold* N 30437 Harte Gold T 5109 Hawkeye Gld&Di V 563 Hawkeye Gld&Di* O 134 V 346 Heatherdale Rs 55979 Hecla Mining* N Helio Res V 4531 Hellix Vent* O 22 Heron Res T 106 Highbank Res V 1214 Highland Copp V 4634 Highland Copp* O 2 HiHo Silver 48 Hinterland Mtl V 243 O 10 Hochschild Mg* Honey Badger E V 811 Horizon Mnls* O 10 Hornby Bay Mnl V 758 Houston Lake V 196 HTI Ventures V 365 HudBay Mnls* N 2246 HudBay Mnls T 14794 Hudson Res V 41 Hudson Res* O 6 Hunt Mng V 5

0.78 0.67 0.74 + 0.00 1.13 0.14 0.08 0.07 0.07 - 0.01 0.18 0.02 0.34 0.30 0.34 + 0.01 0.36 0.07 0.48 0.44 0.46 - 0.07 0.63 0.08 0.66 0.00 0.62 - 0.13 0.90 0.10 0.06 0.05 0.05 - 0.01 0.08 0.02 0.19 0.16 0.17 - 0.01 0.39 0.05 0.14 0.12 0.13 + 0.00 0.30 0.04 0.13 0.12 0.12 - 0.01 0.18 0.03 0.17 0.00 0.16 - 0.01 0.36 0.04 0.32 0.20 0.27 - 0.02 0.68 0.12 0.09 0.07 0.08 + 0.01 0.14 0.03 0.06 0.06 0.06 - 0.00 0.10 0.02 0.21 0.12 0.15 - 0.02 0.45 0.12 0.27 0.17 0.21 - 0.03 0.57 0.15 0.07 0.04 0.05 - 0.02 0.08 0.01 0.08 0.07 0.07 - 0.01 0.40 0.07 0.14 0.12 0.13 - 0.01 0.41 0.09 0.08 0.05 0.06 + 0.01 0.11 0.02 0.08 0.07 0.08 - 0.00 0.16 0.04 0.14 0.11 0.14 + 0.02 0.22 0.04 0.19 0.09 0.10 - 0.05 0.57 0.09 0.13 0.00 0.08 - 0.05 0.43 0.12 0.09 0.06 0.08 + 0.01 0.16 0.04 0.12 0.09 0.11 + 0.01 0.22 0.06 0.11 0.11 0.11 + 0.00 0.14 0.02 0.00 0.00 0.00 - 0.00 0.02 0.00 0.07 0.06 0.06 + 0.00 0.14 0.05 0.08 0.07 0.08 - 0.01 0.18 0.07 0.20 0.13 0.19 + 0.06 0.20 0.02 0.14 0.11 0.11 - 0.04 0.15 0.03 0.21 0.15 0.16 - 0.05 0.36 0.05 0.07 0.06 0.07 - 0.01 0.13 0.06 0.06 0.05 0.05 - 0.00 0.09 0.04 1.87 1.55 1.85 + 0.20 2.82 0.54 1.38 1.14 1.36 + 0.13 2.25 0.41 0.29 0.22 0.23 - 0.02 0.38 0.11 0.00 0.00 0.00 + 0.00 0.00 0.00 0.10 0.07 0.10 + 0.02 0.14 0.01 0.03 0.02 0.03 + 0.01 0.05 0.01 0.13 0.09 0.11 + 0.02 0.18 0.05 0.05 0.04 0.04 - 0.03 0.17 0.00 0.06 0.00 0.06 - 0.02 0.08 0.01 0.12 0.00 0.12 - 0.04 0.18 0.07 0.09 0.05 0.08 + 0.02 0.22 0.01 0.11 0.10 0.10 - 0.01 0.22 0.10 0.02 0.00 0.02 + 0.01 0.04 0.01 0.04 0.03 0.04 - 0.00 0.04 0.01 6.68 5.48 5.67 - 0.86 10.35 2.48 0.06 0.05 0.06 + 0.01 0.07 0.03 0.10 0.10 0.10 + 0.00 0.41 0.10 0.04 0.04 0.04 + 0.01 0.05 0.01 2.82 2.39 2.47 - 0.07 4.87 0.53 0.30 0.25 0.27 - 0.01 0.35 0.07 0.22 0.17 0.20 + 0.01 0.33 0.03 0.15 0.13 0.13 - 0.01 0.20 0.05 0.05 0.03 0.04 + 0.01 0.07 0.01 6.34 5.65 5.94 - 0.09 7.64 1.45 0.03 0.03 0.03 - 0.01 0.08 0.02 0.03 0.01 0.03 + 0.00 0.06 0.00 0.14 0.13 0.13 - 0.02 0.17 0.07 0.06 0.05 0.05 - 0.01 0.12 0.04 0.14 0.10 0.11 - 0.03 0.17 0.07 0.11 0.00 0.11 + 0.02 0.11 0.07 0.09 0.07 0.07 - 0.02 0.15 0.07 0.04 0.03 0.04 - 0.01 0.12 0.01 2.99 2.84 2.88 - 0.17 4.16 0.59 0.03 0.02 0.03 + 0.01 0.05 0.02 0.70 0.00 0.60 - 0.05 0.80 0.05 0.04 0.00 0.03 + 0.01 0.08 0.03 0.30 0.26 0.28 - 0.01 0.40 0.13 0.63 0.55 0.61 + 0.04 0.98 0.01 6.20 5.50 5.70 - 0.05 6.20 1.56 8.40 7.43 7.69 - 0.06 8.40 2.26 0.37 0.33 0.36 + 0.01 0.50 0.29 0.26 0.25 0.26 + 0.01 0.38 0.24 0.30 0.25 0.26 + 0.01 0.40 0.02

I-Minerals V 224 I-Minerals* O 5 IAMGOLD* N 43667 IAMGOLD T 23685 Iberian Mnrls V 922 IC Potash* O 170 IC Potash T 787 Iconic Mnls * O 6 Iconic Mnls V 449 IDM Mining V 7715 IDM Mining* O 1020 iMetal Res V 70 Impala Platnm* O 101 Imperial Metal T 455 O 51 Imperial Metal* Inca One Gold V 384 118 Inca One Gold* O Inception Mng * O 142 V 471 Independence G Independence G* O 25 Inform Res V 1 Inspiration Mg* O 34 Intact Gold V 377 Integra Gold V 5811 Integra Gold* O 2041 Inter-Rock Mnl V 125 Intgr Egy Sol* O 111382 Intl Lithium V 302 Intl Lithium* O 95 283 Intl Millm Mng V Intl Montoro V 542 Intl Montoro* O 100 Intl Samuel Ex V 13 Intl Tower Hil T 518 Intl Tower Hil* X 2026 Intrepid Pots* N 6414 INV Metals* O 54 INV Metals T 359 21 Inventus Mg * O InZinc Mining* O 47 InZinc Mining V 292 O 308 Ireland* Ironside Res * O 2 Irving Res* O 42 IsoEnergy Ltd V 22 Ivanhoe Mines T 11771 Ivanhoe Mines* O 805 Jaguar Mng* O 406 Jaguar Mng T 4668 Japan Gold V 401 Japan Gold* O 20 Jaxon Mnls V 2732 Jayden Res V 274 Jazz Res V 44 JDL Gold V 506 JDL Gold* O 131 Jet Gold V 127 Jet Metal* O 18 Jubilee Gold V 3 K2 Gold V 51 K92 Mng Inc* O 601 K92 Mng Inc V 2292 Kaizen Discvry V 353 Karmin Expl V 271 Karnalyte Res T 223 KAT Expl* O 6260 Katanga Mng T 693 Kennady Diam V 1747 Kerr Mines* O 1 Kerr Mines T 157 Kesselrun Res V 353 Khalkos Expl V 88 Khan Res 931 Kilo Goldmines V 644 Kincora Copper* O 287 Kincora Copper V 157 Kings Bay Gold V 37 Kinross Gold* N 84596 Kinross Gold T 33734 Kirkland Lk Gd* O 355 Kirkland Lk Gd T 6298 Kiska Metals* O 983 Kiska Metals V 767

0.31 0.27 0.31 + 0.03 0.37 0.20 0.21 0.00 0.21 - 0.00 0.28 0.15 3.99 3.46 3.69 + 0.10 5.87 1.15 5.36 4.70 4.97 + 0.10 7.65 1.66 0.06 0.05 0.05 - 0.01 0.11 0.04 0.09 0.08 0.08 - 0.00 0.11 0.03 0.12 0.11 0.12 - 0.01 0.15 0.04 0.12 0.12 0.12 - 0.00 0.33 0.02 0.20 0.17 0.19 - 0.01 0.45 0.03 0.17 0.12 0.15 + 0.01 0.26 0.07 0.13 0.08 0.12 + 0.02 0.21 0.04 0.05 0.05 0.05 - 0.01 0.08 0.03 3.60 3.40 3.48 - 0.21 5.23 1.45 5.91 3.46 5.14 - 0.71 8.50 3.46 4.10 2.78 3.74 - 0.58 6.21 2.78 0.29 0.25 0.29 + 0.02 0.84 0.21 0.22 0.19 0.22 + 0.01 0.35 0.18 0.62 0.40 0.45 - 0.27 1.65 0.25 0.16 0.14 0.14 - 0.02 0.50 0.06 0.12 0.10 0.10 - 0.01 0.37 0.04 0.16 0.00 0.16 + 0.01 0.40 0.05 0.03 0.02 0.02 - 0.01 0.10 0.01 0.07 0.06 0.07 + 0.01 0.18 0.02 0.65 0.54 0.65 + 0.04 0.96 0.30 0.48 0.40 0.48 + 0.03 0.76 0.21 0.06 0.05 0.06 + 0.01 0.14 0.02 0.00 0.00 0.00 - 0.00 0.00 0.00 0.18 0.15 0.16 - 0.02 0.38 0.06 0.13 0.12 0.12 - 0.01 0.55 0.02 0.04 0.04 0.04 - 0.01 0.10 0.04 0.03 0.02 0.03 + 0.01 0.05 0.02 0.02 0.02 0.02 - 0.00 0.03 0.01 0.08 0.00 0.06 - 0.04 0.15 0.05 0.90 0.68 0.72 - 0.13 1.82 0.26 0.65 0.51 0.54 - 0.08 1.40 0.18 1.36 1.16 1.36 + 0.22 3.68 0.65 0.62 0.54 0.62 + 0.08 0.77 0.15 0.85 0.75 0.80 + 0.05 1.10 0.09 0.14 0.11 0.13 + 0.01 0.28 0.11 0.13 0.10 0.12 - 0.00 0.17 0.03 0.19 0.15 0.18 + 0.02 0.25 0.04 0.10 0.06 0.07 - 0.01 0.35 0.05 0.06 0.05 0.05 - 0.00 0.12 0.05 0.34 0.33 0.33 - 0.02 0.46 0.09 0.97 0.95 0.97 - 0.03 1.50 0.69 2.49 2.32 2.38 - 0.04 2.54 0.53 1.84 1.73 1.77 - 0.03 1.88 0.36 0.51 0.42 0.48 + 0.02 0.65 0.09 0.70 0.57 0.65 + 0.03 0.85 0.14 0.39 0.31 0.32 - 0.02 0.88 0.20 0.28 0.24 0.25 + 0.01 0.67 0.24 0.12 0.08 0.10 + 0.02 0.13 0.03 0.14 0.00 0.13 - 0.02 0.23 0.03 0.09 0.07 0.07 - 0.02 0.25 0.07 1.86 1.49 1.79 + 0.05 2.55 0.74 1.39 1.10 1.29 + 0.00 1.64 1.10 0.15 0.00 0.25 - 0.01 0.39 0.07 0.10 0.03 0.03 - 0.01 0.11 0.00 0.46 0.46 0.46 + 0.13 0.75 0.30 0.40 0.32 0.40 + 0.09 0.45 0.08 0.95 0.74 0.78 - 0.07 1.72 0.74 1.17 0.99 1.03 - 0.11 2.24 0.87 0.18 0.14 0.15 - 0.01 0.31 0.08 0.37 0.24 0.37 + 0.11 0.37 0.16 1.00 0.72 0.77 - 0.21 4.15 0.64 0.00 0.00 0.00 - 0.00 0.00 0.00 0.17 0.14 0.14 - 0.01 0.23 0.13 3.75 3.26 3.40 - 0.30 5.00 2.35 0.08 0.00 0.08 - 0.01 0.12 0.01 0.12 0.11 0.11 - 0.01 0.16 0.02 0.15 0.10 0.15 + 0.05 0.43 0.02 0.17 0.14 0.17 + 0.02 0.26 0.06 0.87 0.03 0.03 - 0.84 0.88 0.03 0.12 0.11 0.11 + 0.01 0.25 0.06 0.28 0.26 0.27 - 0.03 0.30 0.17 0.44 0.33 0.42 + 0.05 0.55 0.15 0.09 0.08 0.09 + 0.01 0.15 0.05 3.74 3.10 3.39 + 0.14 5.82 1.31 5.01 4.20 4.58 + 0.19 7.56 1.91 6.47 5.53 5.79 - 1.40 9.70 3.12 8.83 7.45 7.78 - 0.26 12.39 4.51 0.05 0.04 0.04 - 0.01 0.09 0.01 0.06 0.05 0.05 - 0.01 0.12 0.01

I-J-K

12-14_NOV28_StockTables.indd 13

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Kitrinor Mtls V 401 Kivalliq Enrgy V 1227 Klondex Mines T 4545 Klondike Gold V 443 Klondike Gold* O 47 Klondike Silv* O 25 Klondike Silv V 695 Knick Expl V 933 Kombat Copper V 342 Komet Resource V 194 Kootenay Silvr V 1221 KWG Res 770

0.01 0.00 0.01 - 0.01 0.03 0.01 0.08 0.07 0.07 - 0.01 0.10 0.07 6.47 5.67 6.44 + 0.48 7.95 2.56 0.18 0.15 0.16 - 0.01 0.45 0.09 0.13 0.12 0.12 + 0.00 0.32 0.07 0.05 0.04 0.04 - 0.01 0.12 0.01 0.07 0.05 0.06 - 0.01 0.15 0.01 0.08 0.07 0.07 + 0.01 0.11 0.01 0.05 0.05 0.05 - 0.01 0.10 0.02 0.48 0.45 0.45 - 0.02 0.58 0.29 0.42 0.35 0.37 - 0.02 0.60 0.17 0.02 0.02 0.02 - 0.01 0.04 0.01

Labdr Iron Mns* O 125 Labrador Iron T 3479 Lago Dourado V 89 Lake Victoria* O 119 Lakeside Mnrls V 94 Lancaster Cap V 81 Largo Res T 267 Largo Res* O 120 Lateral Gold V 82 Latin Am Mnls V 466 Latin Am Mnls* O 9 Laurion Mnl Ex* O 90 LeadFX Inc* O 2 Legend Gold V 97 Lepanto Con Mg* O 330 349 Levon Res Ltd T Levon Res Ltd * O 94 Lexam VG Gold* O 519 Lexam VG Gold T 685 Li3 Energy* O 702 Libero Mg Corp V 158 Liberty Star* O 36232 Lincoln Mng V 234 Lion One Mtls V 88 Lion One Mtls* O 67 Lithium Amer T 2557 Lithium Amer* O 1592 Lithium Corp* O 2620 LKA Gold* O 17 Logan Res V 6 Lomiko Mtls V 300 Lomiko Mtls* O 137 Loncor Res* O 140 Loncor Res T 231 Lone Star Gold* O 82 Lonmin plc* O 10 Los Andes Copp V 127 Lovitt Res V 126 Lucara Diam T 3494 Luna Gold T 112 Luna Gold* O 92 Lundin Gold T 626 Lundin Mng T 16678 Lupaka Gold V 351 Lydian Intl* O 209 Lydian Intl T 3051 Lynas Corp* O 292

0.01 0.00 0.01 + 0.00 0.02 0.00 16.75 15.82 16.18 - 0.37 16.78 6.85 0.12 0.09 0.12 + 0.03 0.59 0.05 0.01 0.01 0.01 + 0.00 0.02 0.01 0.07 0.00 0.07 + 0.05 0.12 0.02 0.24 0.21 0.24 - 0.02 0.32 0.07 0.50 0.40 0.47 + 0.07 0.72 0.11 0.37 0.30 0.34 + 0.04 0.56 0.08 0.99 0.89 0.99 + 0.04 1.25 0.26 0.23 0.18 0.19 - 0.03 0.48 0.09 0.15 0.14 0.14 - 0.01 0.36 0.06 0.03 0.03 0.03 + 0.00 0.05 0.00 0.22 0.18 0.22 + 0.04 0.41 0.11 0.03 0.03 0.03 - 0.01 0.07 0.02 0.00 0.00 0.00 + 0.00 0.02 0.00 0.39 0.33 0.33 - 0.02 0.71 0.09 0.29 0.24 0.26 - 0.01 0.54 0.07 0.19 0.14 0.15 - 0.03 0.29 0.04 0.25 0.19 0.20 - 0.04 0.38 0.05 0.02 0.01 0.02 + 0.00 0.03 0.01 0.19 0.16 0.19 + 0.03 0.21 0.02 0.00 0.00 0.00 - 0.00 0.01 0.00 0.07 0.00 0.07 + 0.01 0.17 0.02 0.86 0.74 0.80 - 0.02 1.17 0.32 0.64 0.54 0.57 - 0.03 0.91 0.23 0.71 0.60 0.64 - 0.05 1.15 0.26 0.53 0.44 0.47 - 0.04 0.87 0.34 0.10 0.05 0.10 + 0.04 0.13 0.02 0.38 0.26 0.38 - 0.02 0.53 0.10 0.15 0.14 0.14 - 0.02 0.26 0.04 0.04 0.03 0.04 + 0.01 0.05 0.03 0.03 0.02 0.03 - 0.00 0.04 0.02 0.11 0.11 0.11 + 0.00 0.20 0.01 0.18 0.14 0.17 + 0.03 0.25 0.02 0.00 0.00 0.00 + 0.00 0.01 0.00 2.56 2.14 2.14 - 0.60 90.00 0.55 0.23 0.17 0.23 + 0.04 0.25 0.06 0.16 0.07 0.16 + 0.01 0.16 0.02 3.59 3.34 3.54 + 0.20 4.39 1.56 2.50 1.85 2.03 - 0.47 3.50 0.30 1.82 0.00 1.50 - 0.08 1.96 1.31 5.85 5.23 5.47 + 0.01 6.62 3.78 6.45 6.08 6.26 + 0.14 6.57 2.98 0.20 0.16 0.16 - 0.02 0.29 0.04 0.28 0.23 0.25 - 0.07 0.41 0.13 0.40 0.32 0.32 - 0.06 0.52 0.19 0.06 0.04 0.05 + 0.01 0.10 0.03

L

M Macarthur Mnl V 1554 0.06 0.05 0.05 - 0.01 0.18 0.02 Macarthur Mnl* O 59 0.04 0.03 0.04 - 0.01 0.14 0.02 MacMillan Mnls V 101 1.10 0.90 1.00 + 0.05 1.44 0.30 MAG Silver T 989 17.01 15.13 15.83 + 0.04 23.32 8.79 O 18 0.14 0.11 0.14 + 0.03 0.35 0.04 Magellan Gold* MagIndustries* O 31 0.02 0.00 0.01 + 0.01 0.20 0.00 Majestic Gold* O 14 0.05 0.04 0.04 - 0.01 0.08 0.03 Makena Res* O 51 0.01 0.00 0.01 + 0.01 0.04 0.00 Makena Res V 9908 0.02 0.01 0.02 + 0.01 0.05 0.01 Malbex Res V 73 0.31 0.29 0.30 - 0.01 0.46 0.25 Manado Gold V 87 0.12 0.11 0.12 + 0.01 0.15 0.10 Mandalay Res T 1659 0.90 0.80 0.80 - 0.10 1.35 0.59 Manitou Gold V 93 0.08 0.07 0.07 + 0.01 0.12 0.02 Manson Creek V 227 0.03 0.00 0.02 - 0.01 0.06 0.01 Marathon Gold T 2693 0.57 0.43 0.52 + 0.02 0.83 0.11 Mariana Res* O 489 0.95 0.82 0.94 + 0.03 1.05 0.02 Mariana Res V 419 1.30 1.13 1.30 + 0.10 1.35 0.85 0.16 - 0.07 0.31 0.08 Maritime Res V 161 0.24 0.16 Marlin Gold* O 119 0.40 0.33 0.39 + 0.01 0.54 0.10 Marlin Gold V 130 0.53 0.45 0.47 - 0.05 0.69 0.15 MartinMarietta* N 6534 236.41 217.65 219.67 - 10.07 236.41 108.31 Mason Graphite* O 264 1.05 0.92 1.03 + 0.06 1.21 0.21 Mason Graphite V 600 1.41 1.27 1.39 + 0.06 1.60 0.30 Matachewan Con V 13 0.28 0.00 0.28 - 0.03 0.44 0.21 Matamec Expl* O 99 0.04 0.04 0.04 - 0.00 0.07 0.01 Matica Ent* O 141 0.02 0.01 0.02 + 0.01 0.02 0.00 Matmown* O 75 0.03 0.02 0.02 - 0.01 0.10 0.01 Maudore Mnrls* O 2 0.00 0.00 0.00 - 0.00 0.01 0.00 Maverix Mtls* O 4 0.78 0.66 0.66 - 0.12 16.33 0.66 0.27 - 0.02 0.42 0.12 Mawson Res* O 76 0.29 0.27 Mawson Res T 122 0.40 0.36 0.38 - 0.03 0.56 0.17 Mazarin V 155 0.04 0.02 0.04 + 0.02 0.04 0.01 MBAC Fertilizr* O 9 1.29 0.00 1.29 + 0.50 1.29 0.68 MBAC Fertilizr V 75 1.79 0.90 1.51 + 0.49 5.00 0.90 McEwen Mng* N 23177 3.17 2.51 2.74 + 0.07 4.92 0.82 3.72 + 0.10 6.44 1.09 McEwen Mng T 4097 4.26 3.40 MDN Inc* O 108 0.79 0.72 0.72 - 0.14 0.92 0.03 Meadow Bay Gd T 513 0.06 0.05 0.05 - 0.01 0.14 0.05 Mechel* N 4663 6.74 5.60 5.79 + 0.34 6.74 1.23 0.03 + 0.01 0.06 0.03 Medallion Res V 91 0.03 0.03 O 527 0.03 0.02 0.02 + 0.00 0.04 0.01 Medallion Res* Medgold Res V 131 0.20 0.17 0.17 - 0.02 0.25 0.05 Medinah Mnrls* O 13775 0.01 0.01 0.01 - 0.00 0.02 0.00 Mega Copper V 58 0.12 0.06 0.12 + 0.07 0.12 0.02 Mega Uranium* O 41 0.09 0.08 0.08 - 0.01 0.15 0.04 Megastar Dev V 11 0.05 0.05 0.05 + 0.01 0.08 0.02 Melior Res V 175 0.05 0.03 0.04 - 0.01 0.06 0.01 Merrex Gold* O 25 0.12 0.00 0.11 - 0.01 0.24 0.10 Merrex Gold V 96 0.17 0.15 0.16 - 0.01 0.31 0.13 Meryllion Res 26 0.03 0.02 0.02 - 0.01 0.05 0.01 Metalex Vent V 534 0.05 0.05 0.05 + 0.01 0.11 0.05 Metallic Mnrls V 126 0.52 0.45 0.49 + 0.01 0.59 0.05 O 58 0.37 0.34 0.37 + 0.01 0.44 0.04 Metallic Mnrls* Metallis Res V 122 0.18 0.13 0.18 + 0.05 0.28 0.02 Metalo Manuf 3 0.50 0.26 0.50 - 0.01 1.50 0.26 Metals Creek* O 56 0.06 0.04 0.04 - 0.02 0.14 0.05 Metanor Res V 9893 0.07 0.05 0.07 - 0.01 0.13 0.03 Mexus Gold* O 6310 0.12 0.08 0.11 + 0.03 0.12 0.00 MGX Minerals* O 410 0.22 0.15 0.17 + 0.03 0.22 0.11 MGX Minerals 4103 0.30 0.19 0.23 + 0.05 0.50 0.08 0.70 + 0.03 0.95 0.16 Midas Gold* O 1179 0.75 0.65 Midas Gold T 2978 1.00 0.88 0.95 + 0.04 1.22 0.25 Midland Expl V 170 1.16 1.07 1.14 + 0.06 1.25 0.45 Midnight Sun V 295 0.11 0.10 0.10 - 0.01 0.24 0.08 1.31 - 0.18 2.45 0.06 Millennial Lit V 630 1.43 1.31 0.97 - 0.09 1.20 0.97 Millennial Lit* O 42 1.06 0.97 Millrock Res* O 300 0.36 0.31 0.34 + 0.01 0.54 0.11 Millrock Res V 687 0.49 0.42 0.46 + 0.02 0.70 0.15 Millstream Min V 13 0.07 0.05 0.05 - 0.02 0.16 0.03 Minco Gold* X 613 0.24 0.19 0.20 - 0.01 0.42 0.11 Minco Gold T 104 0.33 0.25 0.28 - 0.03 0.55 0.15 Minco Silver T 279 1.20 0.86 0.98 + 0.03 2.05 0.34 Minco Silver* O 82 0.88 0.65 0.74 + 0.02 1.54 0.26 Minecorp Egy V 34 0.11 0.00 0.11 + 0.02 0.18 0.01 Minera Alamos V 55 0.17 0.15 0.15 - 0.01 0.29 0.07 Mineral Mtn V 87 0.49 0.40 0.45 + 0.04 0.49 0.08 Mineral Mtn* O 40 0.34 0.29 0.34 + 0.03 0.38 0.04 Minnova Corp V 19 0.79 0.00 0.75 - 0.03 0.90 0.30 Miranda Gold V 1365 0.08 0.07 0.08 + 0.01 0.18 0.06 Mirasol Res V 441 1.84 1.50 1.60 - 0.27 3.50 0.74 Mistango River 113 0.02 0.02 0.02 - 0.01 0.05 0.01 Mitchell Res V 4 0.12 0.10 0.12 + 0.02 0.14 0.02 Mkango Res V 188 0.05 0.00 0.05 - 0.01 0.11 0.03 ML Gold* O 83 0.11 0.10 0.10 - 0.03 0.13 0.00 Monarca Mnrls* O 450 0.02 0.01 0.01 - 0.01 0.10 0.00 Monarques Res V 330 0.33 0.28 0.31 + 0.02 0.66 0.06 Moneta Porcpn* O 87 0.18 0.15 0.16 - 0.02 0.28 0.07 Morien Res* O 21 0.30 0.27 0.29 - 0.01 0.30 0.13 Morro Bay V 1544 0.01 0.00 0.01 - 0.01 0.03 0.01 Morumbi Res* O 21 0.08 0.07 0.08 + 0.01 0.08 0.01 Morumbi Res V 583 0.12 0.11 0.12 + 0.02 0.12 0.02 Mosaic* N 22101 28.36 27.02 28.26 + 0.85 32.66 22.02 Mountain Boy V 769 0.08 0.05 0.06 + 0.01 0.08 0.01 Mountain Boy* O 951 0.06 0.03 0.06 + 0.02 0.06 0.00 Mountain Prov T 927 6.95 6.38 6.75 + 0.19 7.18 3.40 Mountain Prov* D 306 5.20 4.75 5.00 + 0.05 5.52 2.47 Mukuba Res V 70 0.10 0.08 0.08 - 0.04 0.45 0.08 Mundoro Cap* O 17 0.13 0.12 0.12 - 0.01 0.20 0.03

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Murchison Min 23 0.25 0.21 0.24 + 0.03 0.35 0.05 MX Gold* O 502 0.11 0.09 0.11 + 0.01 0.31 0.09

N-O NACCO Ind* N 52 Namibia Rare E T 115 137 Namibia Rare E* O Napier Vent V 53 Napier Vent* O 13 Natan Res V 235 Natural Res Pt* N 542 Nautilus Mnrls T 330 O 322 Nautilus Mnrls* Nemaska Lith T 3875 Nemaska Lith* O 414 Nevada Canyon* O 24 Nevada Copper T 598 Nevada Egy Mtl* O 710 Nevada Egy Mtl V 1976 Nevada Expl * O 146 Nevada Expl V 345 Nevada Sunrise* O 280 Nevada Sunrise V 716 Nevada Zinc V 505 Nevsun Res* X 3658 Nevsun Res T 3516 New Carolin Gd* O 134 O 61714 New Colombia* New Destiny Mg V 27 101 New Dimen Res V New Gold T 12202 New Gold* X 30807 New Guinea Gld* O 1256 New Jersey Mng* O 263 New Milln Iron* O 16 New Milln Iron T 1542 New Nadina V 35 New World Res V 121 NewCastle Gold* O 351 Newlox Gold 187 Newmac Res V 5 Newmarket Gold* O 544 T 6321 Newmarket Gold Newmont Mng* N 46458 Newport Expl V 52 Newport Gold* O 295 Nexgen Energy T 14996 Nexgen Energy* O 175 Next Gen Mtls* O 20 Nexus Gold V 3102 Nexus Gold* O 787 NGEx Res* O 11 NGEx Res T 476 Nicola Mg Inc* O 99 614 Nicola Mg Inc V Nighthawk Gold V 1923 Nikos Expl V 129 Niobay Metals V 391 Niocorp Dev T 428 Niocorp Dev* O 177 Nippon Dragon V 228 Noble Mnl Expl V 843 Noka Res V 96 Nomad Ventures V 13 Noram Vent* O 20 Noranda Alum* O 196 Norsemont Cap 424 Nortec Mnls V 121 North Am Nickl* O 3 North Am Nickl V 694 North Am Pall* O 23 North Arrow Mn V 45 Northcliff Res T 150 Northn Empire* O 7 Northn Empire V 57 Norvista Cap V 312 Nouveau Monde V 343 NovaCopper* X 384 NovaCopper T 72 X 12252 NovaGold Res* NovaGold Res T 2860 Novo Res V 127 Novo Res* O 104 Nrthn Freegold* O 85 Nrthn Freegold V 136 Nrthn Graphite V 222 O 80 Nrthn Graphite* Nrthn Iron V 566 Nrthn Lion V 6 91 Nrthn Mnrls &E* O Nrthn Shield V 1814 Nrthn Vertex* O 7 NSGold V 15 Nthn Dynasty T 14767 32504 Nthn Dynasty* X Nubian Res V 105 NuLegacy Gold* O 1983 NuLegacy Gold V 2343 NV Gold* O 3 O.T. Mining* O 26 OceanaGold T 15089 OceanaGold* O 154 Oceanic Iron O V 129 Oceanus Res V 728 Oceanus Res* O 16 Odin Mng & Exp* O 49 Odin Mng & Exp V 378 Olivut Res* O 34 Olivut Res V 28 Omineca Mg &Ml V 7 Opawica Expl V 135 Orbite Tech* O 508 Orbite Tech T 6061 Orca Gold V 589 Orca Gold* O 132 V 249 Orefinders Res Orex Mnrls V 481 Orex Mnrls* O 95 Orezone Gold V 782 Orezone Gold* O 147 Organic Potash 26 Oriental Non F 7 Orla Mng Ltd V 1583 Oro East Mg* O 32 Oroco Res* O 164 Orocobre T 573 Oronova Res V 1521 Oroplata Res* O 441 Orosur Mng T 564 Orsu Metals T 573 Orvana Mnrls T 259 Orvana Mnrls* O 30 Osisko Gold T 2637 Osisko Gold* N 613 Osisko Mng Inc T 2231 Otis Gold V 428 Otis Gold* O 135 OZ Minerals* O 5

91.25 86.10 89.60 + 2.00 91.25 40.04 0.06 0.05 0.06 - 0.01 0.14 0.04 0.04 0.04 0.04 - 0.00 0.09 0.03 0.31 0.26 0.30 - 0.01 0.34 0.15 0.23 0.22 0.22 - 0.00 0.26 0.18 0.20 0.19 0.20 - 0.02 0.40 0.05 40.00 31.50 33.90 - 2.55 40.00 5.00 0.19 0.16 0.17 - 0.01 0.35 0.10 0.14 0.12 0.13 + 0.00 0.27 0.08 1.33 1.22 1.33 + 0.04 1.97 0.29 0.99 0.91 0.99 + 0.04 1.50 0.23 0.17 0.15 0.15 + 0.00 0.25 0.01 0.76 0.60 0.60 - 0.16 1.10 0.45 0.10 0.08 0.09 - 0.00 0.20 0.06 0.13 0.11 0.12 - 0.01 0.26 0.03 0.31 0.26 0.28 - 0.03 0.56 0.18 0.45 0.36 0.39 - 0.04 0.72 0.24 0.23 0.19 0.21 - 0.02 0.37 0.11 0.31 0.26 0.27 - 0.04 0.47 0.15 0.46 0.40 0.44 + 0.03 0.80 0.21 3.12 2.87 2.94 - 0.14 3.80 2.27 4.19 3.88 3.96 - 0.19 4.81 3.27 0.06 0.05 0.05 - 0.01 0.12 0.03 0.02 0.01 0.01 - 0.00 0.05 0.00 0.17 0.16 0.16 - 0.01 0.32 0.08 0.12 0.00 0.12 + 0.02 0.19 0.04 5.32 4.74 5.07 + 0.11 7.87 2.56 3.96 3.50 3.78 + 0.11 6.04 1.76 0.00 0.00 0.00 + 0.00 0.00 0.00 0.14 0.11 0.13 + 0.02 0.15 0.04 0.08 0.08 0.08 + 0.00 0.11 0.03 0.13 0.11 0.12 + 0.01 0.18 0.05 0.12 0.00 0.12 + 0.02 0.18 0.05 0.11 0.08 0.09 - 0.01 0.16 0.02 0.61 0.54 0.57 + 0.02 0.96 0.17 0.04 0.03 0.04 + 0.01 0.06 0.02 0.06 0.06 0.06 - 0.02 0.12 0.05 2.76 2.39 2.59 + 0.11 3.91 0.91 3.74 3.21 3.48 + 0.12 5.07 1.27 34.27 30.19 32.69 + 1.10 46.07 16.05 0.29 0.28 0.28 - 0.02 0.38 0.19 0.04 0.02 0.02 - 0.03 0.06 0.00 2.00 1.51 1.88 + 0.28 2.86 0.56 1.48 1.12 1.39 + 0.22 2.25 0.41 0.20 0.18 0.20 - 0.00 0.29 0.07 0.08 0.07 0.08 - 0.01 0.13 0.04 0.07 0.05 0.05 - 0.01 0.08 0.05 0.86 0.86 0.86 - 0.01 1.14 0.40 1.32 1.10 1.25 + 0.07 1.50 0.47 0.12 0.11 0.12 + 0.00 0.39 0.03 0.18 0.15 0.16 - 0.01 0.54 0.05 0.47 0.36 0.43 + 0.04 0.61 0.04 0.10 0.05 0.10 + 0.04 0.19 0.02 1.13 0.98 1.01 - 0.14 1.25 0.05 0.86 0.75 0.85 + 0.03 1.14 0.51 0.64 0.55 0.64 + 0.04 0.87 0.37 0.08 0.07 0.07 - 0.01 0.13 0.05 0.01 0.01 0.01 - 0.01 0.03 0.01 0.06 0.06 0.06 - 0.01 0.21 0.04 0.20 0.00 0.17 - 0.03 0.40 0.10 0.05 0.05 0.05 - 0.00 0.06 0.05 0.06 0.03 0.05 + 0.01 0.90 0.01 0.34 0.28 0.28 - 0.03 0.34 0.22 0.07 0.00 0.07 + 0.01 0.09 0.02 0.08 0.07 0.07 - 0.01 0.11 0.05 0.11 0.10 0.10 - 0.01 0.15 0.07 3.80 0.00 3.68 - 0.07 5.06 2.71 0.21 0.19 0.19 - 0.02 0.32 0.12 0.11 0.09 0.10 + 0.01 0.15 0.07 0.11 0.10 0.10 - 0.01 0.22 0.06 0.15 0.00 0.14 - 0.01 0.27 0.07 0.14 0.13 0.14 - 0.01 0.30 0.08 0.26 0.24 0.24 - 0.01 0.38 0.13 0.52 0.45 0.52 + 0.06 0.86 0.15 0.71 0.62 0.70 + 0.07 1.08 0.20 4.75 4.01 4.44 + 0.21 7.29 3.45 6.36 5.49 6.00 + 0.28 9.56 4.51 1.24 1.05 1.07 - 0.03 1.95 0.48 0.92 0.76 0.82 - 0.00 1.41 0.35 0.18 0.14 0.15 - 0.01 0.23 0.02 0.23 0.19 0.20 - 0.01 0.29 0.04 0.25 0.21 0.22 - 0.04 0.63 0.16 0.20 0.15 0.17 - 0.01 0.47 0.12 0.06 0.05 0.05 - 0.01 0.11 0.01 0.15 0.11 0.15 - 0.04 0.32 0.07 0.04 0.02 0.04 + 0.02 0.05 0.02 0.14 0.11 0.13 - 0.01 0.30 0.01 0.30 0.30 0.30 + 0.00 0.42 0.17 0.09 0.00 0.09 + 0.02 0.12 0.04 2.08 1.17 1.75 + 0.57 2.08 0.28 1.55 0.86 1.36 + 0.47 1.55 0.20 0.23 0.16 0.20 + 0.03 0.23 0.01 0.22 0.16 0.21 - 0.00 0.41 0.06 0.29 0.21 0.28 + 0.01 0.54 0.08 0.21 0.21 0.21 - 0.04 0.37 0.08 0.04 0.04 0.04 + 0.00 0.09 0.02 3.87 3.42 3.85 + 0.33 5.56 2.25 2.80 2.40 2.67 + 0.11 4.26 1.67 0.26 0.22 0.24 + 0.03 0.34 0.08 0.20 0.18 0.19 + 0.01 0.35 0.15 0.15 0.00 0.13 - 0.04 0.26 0.13 0.59 0.55 0.56 - 0.02 0.84 0.24 0.80 0.70 0.75 - 0.03 0.97 0.27 0.15 0.11 0.14 - 0.01 0.30 0.06 0.21 0.17 0.19 - 0.02 0.42 0.08 0.06 0.00 0.06 + 0.01 0.11 0.02 0.08 0.07 0.08 + 0.01 0.16 0.02 0.23 0.21 0.22 - 0.00 0.37 0.15 0.31 0.28 0.29 - 0.01 0.50 0.20 0.39 0.35 0.36 - 0.01 0.55 0.12 0.28 0.26 0.26 - 0.02 0.44 0.08 0.07 0.06 0.06 - 0.01 0.12 0.01 0.49 0.45 0.46 - 0.03 1.38 0.11 0.36 0.33 0.35 - 0.00 1.02 0.05 0.66 0.56 0.60 - 0.03 1.28 0.22 0.47 0.41 0.44 - 0.03 0.99 0.16 0.02 0.01 0.01 - 0.01 0.09 0.01 0.79 0.00 0.76 - 0.03 0.87 0.27 1.43 1.15 1.15 - 0.26 1.75 0.10 0.01 0.01 0.01 + 0.00 0.04 0.00 0.04 0.02 0.02 - 0.02 0.05 0.01 4.14 3.73 3.83 + 0.19 4.92 1.33 0.40 0.00 0.34 + 0.30 0.40 0.04 0.28 0.22 0.27 + 0.01 2.04 0.16 0.28 0.24 0.26 - 0.01 0.38 0.10 0.04 0.00 0.03 - 0.01 0.05 0.01 0.26 0.21 0.23 - 0.03 0.39 0.11 0.19 0.17 0.18 + 0.01 0.29 0.07 13.79 12.37 13.26 + 0.66 18.64 12.34 10.25 9.10 9.84 + 0.41 14.74 8.88 2.43 2.20 2.35 + 0.06 3.42 0.96 0.25 0.21 0.22 - 0.02 0.42 0.07 0.19 0.15 0.18 - 0.01 0.32 0.05 6.05 5.25 5.70 + 0.45 6.05 2.29

Pac Arc Res V 9 Pac Booker Min* O 3 Pac Booker Min V 28 Pac Iron Ore V 17 Pac North West* O 153 Pac North West V 1342 Pac Potash V 51 Pac Ridge Expl V 196 Pac Ridge Expl* O 123 Pac Topaz V 67 Paget Mrnls V 73 Paladin Energy T 4139 Palamina Corp* O 1 Palamina Corp V 148 Palisades Vent V 169 Palladon Vent* O 5 Pan Am Silver T 4842 Pan Am Silver* D 19185 Pancontinental* O 237 Pancontinental V 38 Pangolin Dia V 377

0.11 0.10 0.11 + 0.01 0.50 0.05 0.77 0.00 0.72 - 0.04 1.75 0.45 1.15 0.98 1.10 + 0.10 2.38 0.63 0.20 0.16 0.16 - 0.04 0.34 0.15 0.03 0.02 0.02 - 0.01 0.06 0.00 0.03 0.03 0.03 - 0.01 0.08 0.01 0.04 0.03 0.04 + 0.01 0.07 0.03 0.08 0.00 0.07 - 0.01 0.11 0.02 0.05 0.05 0.05 - 0.01 0.08 0.01 0.19 0.18 0.19 + 0.01 0.29 0.08 0.04 0.00 0.04 - 0.02 0.09 0.01 0.11 0.09 0.10 - 0.02 0.27 0.09 0.11 0.00 0.11 - 0.00 0.19 0.08 0.17 0.00 0.15 - 0.01 0.25 0.06 0.06 0.00 0.06 + 0.01 0.08 0.05 0.00 0.00 0.00 + 0.00 0.00 0.00 23.34 18.70 21.99 + 2.49 27.56 7.85 17.39 13.80 16.25 + 1.83 21.59 5.38 0.07 0.06 0.06 - 0.01 0.10 0.00 0.10 0.08 0.08 - 0.01 0.16 0.01 0.07 0.05 0.06 + 0.01 0.22 0.03

P-Q

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Panoro Mnrls V 128 Pantheon Vent V 209 Parallel Mng V 49 Paramount Gold* X 298 Parlane Res V 864 Pasinex Res 554 Passprt Potash* O 232 Patriot Gold* O 267 Peabody Enrgy* O 2832 Pele Mtn Res* O 101 Peregrine Diam T 2666 Perseus Mng T 1224 Pershimco Res V 2229 Pershing Gold* D 620 Pershing Gold T 7 Pershing Res* O 241 Peruvian Prc M* O 280 Petra Diamonds* O 3 Philex Mng* O 40 Philippine Mtl V 86 Pilot Gold* O 484 Pilot Gold T 2889 Pine Cliff En* O 93 Pine Cliff En T 5196 Pinecrest Res V 75 Pistol Bay Mng V 157 PJSC Polyus Gd* O 1 V 251 PJX Res Planet Mng V 38 Plata Latina V 69 Plateau Uran* O 25 Plateau Uran V 185 Platinex V 9456 Platinum Gp Mt* X 1272 Platinum Gp Mt T 399 Playfair Mng V 1401 Playfair Mng* O 41 PNG Gold V 4682 Polaris Mater T 66 PolyMet Mng* X 1490 PolyMet Mng T 199 Portage Res* O 14026 Portofino Res V 37 Potash Corp SK* N 29936 Potash Corp SK T 10076 Potash Ridge T 3648 Potash Ridge* O 212 PPX Mining V 525 Precipitate Gl V 277 Premier Gold M T 6007 Pretium Res* N 9927 Pretium Res T 2816 12804 Primero Mng* N Primero Mng T 6601 Probe Metals* O 82 Probe Metals V 270 Prophecy Coal T 20 Prosper Gold V 552 PUF Vent Inc 3254 PUF Vent Inc * O 28 Pure Energy V 892 Pure Energy* O 884 Pure Gold Mg* O 322 Pure Gold Mg V 1935 Pure Nickel* O 29 V 3800 Purepoint Uran QMX Gold V 179 Quaterra Res* O 1274 Quaterra Res V 315 Quest Rare Mnl* O 133 Quest Rare Mnl T 1482 Quinto Real V 632

0.19 0.16 0.18 - 0.01 0.21 0.09 0.20 0.14 0.17 + 0.02 0.27 0.10 0.11 0.09 0.09 - 0.01 0.18 0.05 1.75 1.51 1.74 + 0.20 2.93 0.93 0.33 0.27 0.28 - 0.01 0.33 0.01 0.14 0.11 0.12 + 0.01 0.17 0.03 0.00 0.00 0.00 + 0.00 0.02 0.00 0.09 0.08 0.08 - 0.00 0.23 0.05 15.02 10.28 11.15 - 1.33 18.75 0.55 0.02 0.02 0.02 - 0.00 0.04 0.02 0.20 0.13 0.19 + 0.03 0.32 0.09 0.59 0.52 0.53 - 0.03 0.67 0.27 0.26 0.22 0.24 - 0.03 0.36 0.09 4.10 3.73 3.84 - 0.09 5.02 3.04 5.43 5.00 5.10 + 0.10 0.03 0.02 0.02 - 0.02 0.06 0.02 0.07 0.05 0.06 - 0.01 0.13 0.02 1.84 1.80 1.84 + 0.04 1.80 0.95 0.16 0.00 0.16 + 0.02 0.21 0.05 0.06 0.04 0.04 - 0.02 0.18 0.01 0.37 0.32 0.35 - 0.02 0.72 0.06 0.50 0.43 0.48 - 0.04 0.95 0.22 0.77 0.70 0.77 + 0.09 0.85 0.51 1.05 0.94 0.99 + 0.06 1.13 0.61 0.20 0.00 0.20 - 0.01 0.30 0.03 0.09 0.07 0.08 - 0.02 0.14 0.01 34.19 33.51 34.00 - 0.19 37.59 18.35 0.20 0.19 0.20 + 0.01 0.21 0.13 0.04 0.03 0.03 - 0.01 0.08 0.02 0.05 0.04 0.04 - 0.01 0.12 0.02 0.17 0.13 0.15 - 0.03 0.35 0.13 0.23 0.19 0.21 - 0.02 0.45 0.19 0.14 0.07 0.13 + 0.07 0.14 0.01 1.68 1.40 1.43 - 0.14 4.04 0.96 2.28 1.89 1.91 - 0.21 5.25 1.35 0.13 0.10 0.12 + 0.01 0.18 0.02 0.09 0.07 0.09 - 0.00 0.12 0.01 0.18 0.03 0.11 - 0.08 0.31 0.03 1.48 1.29 1.30 - 0.08 1.77 1.00 0.92 0.80 0.88 + 0.03 1.28 0.68 1.23 1.06 1.20 + 0.05 1.71 0.93 0.00 0.00 0.00 + 0.00 0.01 0.00 0.09 0.08 0.08 - 0.01 0.12 0.06 17.84 17.25 17.82 + 0.22 20.82 14.64 24.17 23.23 24.05 + 0.21 27.70 19.93 0.33 0.28 0.29 - 0.04 0.50 0.03 0.24 0.20 0.21 - 0.02 0.38 0.03 0.09 0.07 0.07 - 0.02 0.16 0.03 0.20 0.15 0.19 + 0.01 0.37 0.06 2.56 2.27 2.28 - 0.23 5.05 2.12 9.18 7.77 8.43 + 0.37 12.41 4.00 12.31 10.55 11.37 + 0.44 16.17 5.74 0.85 0.75 0.76 - 0.05 2.73 0.75 1.14 1.02 1.03 - 0.03 3.78 1.01 1.07 0.92 0.93 - 0.12 1.66 0.24 1.44 1.21 1.23 - 0.17 2.18 0.34 3.15 2.90 3.07 - 0.21 5.48 1.00 0.25 0.19 0.24 + 0.01 0.44 0.07 0.30 0.25 0.28 + 0.02 0.39 0.04 0.20 0.19 0.20 + 0.01 0.24 0.03 0.58 0.53 0.55 - 0.03 1.15 0.41 0.43 0.39 0.40 - 0.03 0.91 0.29 0.38 0.34 0.35 + 0.01 0.60 0.05 0.53 0.45 0.49 + 0.01 0.77 0.07 0.01 0.01 0.01 + 0.00 0.03 0.00 0.10 0.07 0.09 + 0.02 0.15 0.02 0.10 0.09 0.09 - 0.01 0.11 0.01 0.05 0.03 0.05 + 0.00 0.07 0.03 0.08 0.06 0.06 - 0.01 0.10 0.05 0.10 0.07 0.09 + 0.01 0.20 0.03 0.16 0.10 0.12 + 0.01 0.25 0.06 0.14 0.10 0.14 + 0.03 0.20 0.03

Rackla Mtls V 105 Radisson Mng V 114 Radius Gold V 328 Rae-Wallace Mg* O 175 Rainforest Res* O 50 Rainmaker Res V 85 Rambler Ml &Mg V 76 Randgold Res* O 1 Randgold Res* D 8067 Rapier Gold V 1580 Rare Element* O 524 RB Energy* O 94 Red Eagle Mng* O 587 Red Eagle Mng T 2420 25 Red Moon Potsh V Red Oak Mg V 278 Red Pine Expl V 3301 Redstar Gold* O 696 Redstar Gold V 2373 Reliant Gold V 358 Remo Res V 98 Renaissance Gd* O 70 Renaissance Gd V 223 Resource Cap* O 12 Resource Cap V 185 Reunion Gold V 199 Revelo Res V 323 Revolver Res V 1131 Rheingold Expl 188 Richmont Mines T 2316 Richmont Mines* X 2507 Rio Novo Gold T 49 Rio Novo Gold* O 17 Rio Silver V 155 Rio Tinto* N 20329 Rio Tinto* O 2 Rio Tinto* O 3 329 Rise Res Inc* O Rise Res Inc 70 Riverside Res* O 188 Riverside Res V 478 RJK Explor V 44 Robex Res V 345 Rock Tech Lith V 241 Rock Tech Lith* O 2 Rockcliff Cop V 486 Rockex Mng 800 Rockhaven Res V 782 Rockland Mnls V 80 V 1254 Rockridge Cap T 59 Rockwell Diam Rodinia Lithm V 63 Rogue Res* O 4 Rogue Res V 58 Rojo Res V 6 Rokmaster Res V 453 Romios Gold Rs* O 366 Rosita Mg Corp V 2468 Roughrider Exp V 17 Roxgold* O 384 Roxgold V 2286 Royal Gold* D 4130 Royal Nickel T 2344 Royal Nickel* O 59 Royal Rd Mnrls V 601 Royal Std Mnrl* O 585 RT Minerals V 1504 RT Minerals* O 63 RTG Mining T 98 Rugby Mng V 57 Rupert Res V 214 Rusoro Mng V 498 Rusoro Mng* O 157 Rye Patch Gold* O 854 Rye Patch Gold V 5384

0.19 0.14 0.15 + 0.01 0.22 0.05 0.20 0.19 0.19 - 0.01 0.20 0.09 0.13 0.11 0.12 - 0.02 0.17 0.05 0.02 0.01 0.01 - 0.01 0.02 0.00 7.50 5.00 6.00 + 0.05 8.25 0.30 0.10 0.00 0.10 + 0.01 0.25 0.07 0.15 0.00 0.12 - 0.04 0.16 0.05 74.80 70.61 71.55 - 4.15 120.75 59.80 75.89 70.58 72.19 - 1.48 126.55 59.08 0.15 0.13 0.15 + 0.01 0.17 0.04 0.06 0.05 0.05 + 0.01 0.28 0.04 0.00 0.00 0.00 + 0.00 0.01 0.00 0.66 0.55 0.58 - 0.08 0.91 0.18 0.90 0.69 0.75 - 0.14 1.05 0.69 0.04 0.03 0.04 - 0.01 0.09 0.02 0.02 0.01 0.01 - 0.01 0.02 0.01 0.14 0.09 0.10 - 0.01 0.24 0.03 0.09 0.08 0.09 + 0.01 0.15 0.01 0.13 0.10 0.12 + 0.01 0.17 0.03 0.03 0.03 0.03 + 0.01 0.04 0.01 0.10 0.10 0.10 + 0.01 0.10 0.05 0.33 0.29 0.29 - 0.02 0.52 0.08 0.45 0.39 0.40 - 0.02 0.66 0.11 0.17 0.16 0.16 - 0.00 0.26 0.02 0.24 0.21 0.21 - 0.02 0.35 0.02 0.05 0.05 0.05 + 0.01 0.08 0.01 0.10 0.09 0.10 - 0.01 0.12 0.05 0.13 0.10 0.11 - 0.04 0.39 0.07 0.30 0.16 0.30 + 0.10 0.30 0.01 9.79 8.33 8.98 + 0.18 15.01 3.80 7.30 6.15 6.60 + 0.15 11.66 2.79 0.16 0.14 0.16 - 0.01 0.30 0.07 0.12 0.11 0.11 - 0.01 0.23 0.06 0.14 0.11 0.13 - 0.04 0.18 0.02 39.65 36.25 36.55 - 2.53 40.19 21.89 44.49 42.27 43.31 + 0.76 44.49 25.47 39.05 37.00 37.25 - 1.50 39.35 21.90 0.24 0.11 0.12 - 0.08 0.40 0.08 0.30 0.18 0.18 - 0.10 0.35 0.11 0.37 0.32 0.35 + 0.02 0.39 0.08 0.49 0.44 0.47 + 0.01 0.52 0.12 0.18 0.17 0.17 - 0.01 0.25 0.05 0.10 0.08 0.10 + 0.01 0.17 0.05 1.02 0.78 0.96 + 0.09 1.45 0.03 0.73 0.59 0.73 + 0.09 0.83 0.02 0.12 0.10 0.11 + 0.01 0.16 0.02 0.07 0.06 0.06 - 0.01 0.75 0.02 0.17 0.14 0.16 - 0.02 0.29 0.10 0.05 0.04 0.05 - 0.01 0.11 0.01 0.46 0.30 0.38 + 0.11 0.57 0.05 0.07 0.00 0.07 + 0.01 0.20 0.06 0.10 0.00 0.10 - 0.01 0.16 0.09 0.25 0.00 0.25 - 0.04 0.43 0.25 0.37 0.33 0.37 - 0.01 1.50 0.32 0.09 0.09 0.09 - 0.01 0.15 0.04 0.04 0.03 0.04 + 0.01 0.05 0.01 0.08 0.05 0.08 + 0.01 0.08 0.01 0.06 0.05 0.05 - 0.01 0.14 0.01 0.07 0.06 0.06 - 0.01 0.15 0.05 0.98 0.84 0.89 - 0.05 1.35 0.47 1.33 1.13 1.21 - 0.06 1.76 0.62 70.82 61.41 68.11 + 2.63 87.74 24.68 0.35 0.29 0.33 + 0.01 0.63 0.12 0.26 0.22 0.24 - 0.00 0.50 0.10 0.11 0.09 0.10 - 0.02 0.18 0.04 0.00 0.00 0.00 - 0.00 0.00 0.00 0.12 0.09 0.11 + 0.01 0.30 0.05 0.08 0.07 0.07 - 0.00 0.14 0.05 0.40 0.30 0.30 - 0.08 0.70 0.30 0.33 0.30 0.33 + 0.03 0.58 0.03 0.82 0.72 0.77 - 0.03 0.99 0.02 0.24 0.20 0.23 + 0.02 0.41 0.03 0.17 0.15 0.16 + 0.00 0.31 0.02 0.21 0.17 0.18 - 0.01 0.37 0.08 0.28 0.23 0.23 - 0.03 0.47 0.11

Sabina Gd&Slvr* O 902 Sabina Gd&Slvr T 2228 Sage Gold V 838 Saint Jean V 5637 Saint Jean* O 456 Salazar Res* O 55 Salazar Res V 45 Salt Lake Pot* O 40 Samex Mng* O 13 San Marco Res V 116

0.87 0.72 0.77 - 0.05 1.55 0.38 1.16 0.96 1.03 - 0.09 1.87 0.54 0.15 0.13 0.14 + 0.01 0.16 0.03 0.05 0.04 0.05 + 0.01 0.07 0.03 0.04 0.02 0.04 + 0.01 0.05 0.02 0.11 0.09 0.11 + 0.01 0.12 0.03 0.15 0.12 0.12 - 0.01 0.16 0.04 0.40 0.38 0.40 + 0.02 0.40 0.15 0.01 0.00 0.00 - 0.00 0.01 0.00 0.19 0.15 0.16 - 0.02 0.30 0.02

R

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2016-11-22 6:23 PM

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WWW.NORTHERNMINER.COM

NOVEMBER 28–DECEMBER 4, 2016 / 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

Sanatana Diam V 5485 Sandspring Res V 2300 Sandspring Res* O 1026 Sandstorm Gold T 2902 Santa Fe Gold* O 728 Santacruz Silv V 2071 Sarama Res V 954 Sarissa Res* O 275 Satori Res V 158 Savannah Gold V 6 Savant Expl V 36 Savary Gold* O 569 Scandium Int M* O 358 Scientific Mts V 1372 Scorpio Gold V 1026 Seabridge Gld* N 3807 Seabridge Gld T 668 Searchlight* O 582 Sego Res V 205 Select Sands V 1200 Semafo T 11133 Senator Mnrls V 71 Serabi Gold T 73 Serengeti Res V 310 SG Spirit Gold V 344 Shamrock Ent 740 Sherritt Intl T 3553 Shore Gold T 552 Shoshoni Gold V 299 Sibanye Gold* N 8624 Sidney Resrces* O 540 Sienna Res V 537 Sienna Res* O 27 Sierra Iron Or* O 2 Sierra Metals* O 5 Sierra Metals T 90 740 Silver Bull Re T Silver Bull Re* O 1550 Silver Dragon* O 2236 27958 Silver Falcon* O Silver Grail V 55 Silver Phoenix 41 Silver Predatr* O 92 Silver Predatr V 172 Silver Pursuit V 259 Silver Range V 445 Silver Scott* O 95 Silver Shield 428 Silver Spruce V 216 Silver Spruce* O 50 Silver Std Res T 4681 Silver Std Res* D 11535 Silver Wheaton T 10870 Silver Wheaton* N 36156 Silvercorp Met T 5697 O 905 Silvercorp Met* Silvermet V 484 SinoCoking Cl* D 836 Sirios Res V 1884 Sirios Res* O 66 Skeena Res* O 159 Skeena Res V 2757 Skyharbour Res* O 274 Skyharbour Res V 700 Sokoman Iron V 439 Solitario Ex&R T 23 Solitario Ex&R* X 269 Sonora Gld & S V 90 Sonoro Mtls V 451 Source Expl V 74 Southern Arc V 161 Southern Arc* O 29 Southern Copp* N 7169 Southern Lith V 2213 Southern Silvr* O 551 Southern Silvr V 1118 T 4 SouthGobi Res Spanish Mtn Gd V 535 Spanish Mtn Gd* O 83 Sparton Res V 1199 Sparton Res* O 46 Spearmint Res V 20222 Sphinx Res V 264

0.02 0.01 0.01 - 0.01 0.04 0.01 0.48 0.33 0.48 + 0.08 0.94 0.11 0.36 0.24 0.36 + 0.06 0.72 0.08 5.53 4.91 5.09 + 0.01 8.73 2.82 0.06 0.04 0.06 + 0.00 0.07 0.00 0.39 0.33 0.35 - 0.04 0.63 0.09 0.21 0.14 0.16 - 0.05 0.55 0.06 0.01 0.00 0.01 + 0.00 0.01 0.00 0.13 0.09 0.12 + 0.02 0.18 0.03 0.08 0.07 0.08 + 0.01 0.15 0.01 0.02 0.00 0.02 - 0.01 0.03 0.01 0.07 0.05 0.06 - 0.02 0.12 0.05 0.21 0.12 0.19 + 0.07 0.16 0.08 0.07 0.06 0.06 - 0.01 0.10 0.06 0.08 0.07 0.07 - 0.01 0.11 0.05 9.65 8.60 9.25 + 0.10 15.88 5.46 13.00 11.69 12.51 + 0.14 20.71 7.99 0.13 0.05 0.05 - 0.06 0.19 0.01 0.04 0.04 0.04 - 0.01 0.05 0.01 0.92 0.80 0.90 - 0.02 1.21 0.20 4.59 4.09 4.36 + 0.05 7.46 3.01 0.55 0.50 0.55 + 0.04 0.80 0.05 0.09 0.08 0.08 - 0.01 0.12 0.04 0.18 0.15 0.15 - 0.04 0.33 0.02 0.14 0.11 0.13 + 0.02 0.14 0.06 0.03 0.02 0.03 + 0.01 0.06 0.01 1.03 0.93 0.94 + 0.02 1.07 0.53 0.21 0.19 0.19 - 0.02 0.25 0.17 0.05 0.00 0.04 - 0.01 0.25 0.04 10.25 9.18 9.36 - 0.08 20.97 4.93 0.01 0.01 0.01 + 0.00 0.02 0.00 0.15 0.14 0.14 - 0.01 0.27 0.01 0.11 0.10 0.11 + 0.01 0.20 0.01 0.18 0.18 0.18 + 0.00 0.30 0.15 1.49 1.40 1.40 - 0.05 1.69 0.69 1.97 1.80 1.80 - 0.15 2.19 0.95 0.16 0.12 0.13 - 0.02 0.28 0.04 0.12 0.09 0.10 - 0.01 0.21 0.02 0.01 0.01 0.01 - 0.00 0.04 0.00 0.00 0.00 0.00 + 0.00 0.00 0.00 0.07 0.05 0.07 + 0.01 0.16 0.02 0.15 0.08 0.15 + 0.03 0.15 0.01 0.05 0.05 0.05 + 0.00 0.08 0.00 0.06 0.00 0.05 - 0.01 0.12 0.01 0.11 0.10 0.11 + 0.01 0.13 0.02 0.11 0.09 0.09 - 0.02 0.24 0.02 0.04 0.03 0.03 + 0.01 0.04 0.00 0.09 0.04 0.06 + 0.02 0.17 0.02 0.11 0.00 0.11 + 0.02 0.14 0.05 0.06 0.05 0.05 - 0.02 0.10 0.03 13.91 12.30 13.48 + 0.77 20.48 5.28 10.36 9.07 9.99 + 0.61 15.84 3.66 27.05 23.26 25.30 + 1.02 40.80 14.51 20.15 17.16 18.72 + 0.80 31.35 10.04 3.56 2.99 3.18 + 0.05 4.73 0.60 2.68 2.20 2.34 + 0.02 3.67 0.41 0.06 0.05 0.06 + 0.01 0.06 0.03 7.69 3.04 4.20 + 0.70 7.69 1.66 0.56 0.38 0.46 + 0.08 1.42 0.07 0.40 0.28 0.35 + 0.07 1.13 0.07 0.06 0.06 0.06 - 0.01 0.15 0.04 0.09 0.08 0.08 - 0.01 0.20 0.06 0.24 0.18 0.23 - 0.01 0.32 0.18 0.32 0.25 0.31 - 0.01 0.42 0.08 0.07 0.06 0.06 - 0.01 0.13 0.01 0.88 0.81 0.87 + 0.01 1.29 0.57 0.69 0.60 0.62 - 0.04 0.95 0.41 0.06 0.06 0.06 + 0.01 0.08 0.01 0.12 0.10 0.10 - 0.02 0.15 0.04 0.21 0.20 0.20 + 0.01 0.50 0.10 0.50 0.44 0.44 - 0.07 1.09 0.24 0.36 0.32 0.32 - 0.06 0.75 0.17 33.18 31.15 31.70 - 1.10 34.79 21.55 0.42 0.29 0.37 - 0.01 0.49 0.01 0.27 0.23 0.24 - 0.01 0.52 0.02 0.37 0.32 0.33 + 0.01 0.66 0.03 0.33 0.00 0.31 - 0.02 0.65 0.21 0.13 0.10 0.11 - 0.02 0.22 0.02 0.09 0.08 0.08 - 0.00 0.17 0.01 0.07 0.05 0.05 - 0.01 0.09 0.02 0.06 0.03 0.03 - 0.03 0.07 0.01 0.03 0.02 0.02 - 0.01 0.06 0.01 0.07 0.04 0.06 - 0.02 0.14 0.01

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Spruce Ridge R V 1065 St Augustine T 418 Stakeholdr Gld* O 27 Stakeholdr Gld V 125 Standard Graph V 3535 Standard Metal* O 160 Stans Energy* O 351 Star Gold* O 11 Starcore Intl T 284 Stellar Africa V 517 Sterling Grp* O 1634 Stillwater Mg* N 10688 Stina Res 629 Stockport Expl* O 3 Stone Ridge Ex 16 Stornoway Diam T 4003 Stratabd Mnr V 440 Strategic Metl V 433 Stratton Res V 75 Stria Lithium V 575 Strikepoint Gd V 479 Strikepoint Gd* O 73 V 604 Strongbow Expl Stroud Res V 1368 Sulliden Mng T 120 Sultan Mnrls V 103 Suncor Energy T 16983 Suncor Energy* N 22697 Sunridge Gold* O 183 Sunset Cove Mg V 4137 Sunvest Mnrls V 336 Superior Mng V 1222 Sutter Gold V 17 Sutter Gold* O 53 Syrah Res* O 6

0.03 0.02 0.03 - 0.02 0.05 0.01 0.06 0.05 0.05 - 0.01 0.14 0.05 0.37 0.28 0.28 - 0.10 0.67 0.05 0.47 0.38 0.40 - 0.06 0.89 0.04 0.10 0.05 0.08 + 0.02 0.13 0.01 0.08 0.06 0.07 + 0.00 0.21 0.01 0.04 0.03 0.04 - 0.00 0.06 0.01 0.10 0.00 0.10 - 0.01 0.20 0.05 0.54 0.50 0.51 - 0.02 0.91 0.25 0.03 0.00 0.03 - 0.01 0.08 0.01 0.10 0.03 0.07 + 0.05 0.09 0.01 15.55 14.70 14.93 + 0.10 15.91 4.99 0.10 0.08 0.08 + 0.01 0.19 0.08 0.01 0.01 0.01 + 0.00 0.04 0.01 0.05 0.04 0.05 + 0.02 0.17 0.04 1.13 0.96 1.05 + 0.01 1.33 0.66 0.05 0.03 0.05 + 0.01 0.08 0.02 0.50 0.44 0.46 - 0.04 0.86 0.24 0.65 0.54 0.57 - 0.03 0.85 0.07 0.05 0.04 0.05 + 0.01 0.18 0.03 0.40 0.35 0.39 + 0.03 0.40 0.05 0.30 0.26 0.28 + 0.03 0.30 0.08 0.15 0.12 0.14 - 0.01 0.25 0.06 0.02 0.02 0.02 + 0.01 0.03 0.01 0.39 0.35 0.35 - 0.04 0.47 0.19 0.08 0.00 0.08 - 0.01 0.20 0.05 42.20 39.28 41.81 + 2.28 42.14 27.32 31.47 28.92 30.94 + 1.77 31.52 18.71 0.04 0.03 0.03 - 0.00 0.29 0.01 0.18 0.14 0.16 + 0.01 0.18 0.07 0.24 0.20 0.20 + 0.01 0.28 0.01 0.02 0.01 0.02 + 0.01 0.02 0.01 0.06 0.00 0.06 + 0.01 0.16 0.04 0.04 0.03 0.04 + 0.01 0.13 0.02 2.47 2.29 2.35 - 0.19 4.90 2.29

Tahoe Res* N 15228 Tahoe Res T 8539 Tajiri Res V 122 Takara Res V 206 Taku Gold 16 Tamino Mnrls* O 435 Tango Mining V 4086 Tantalex Res 1606 Tanzania Rlty T 377 Tanzania Rlty* X 1385 Taranis Res V 41 Tarku Res V 60 Tartisan Res 223 Tasca Res V 253 Taseko Mines* X 1971 Taseko Mines T 791 Teck Res T 18178 Teck Res* N 39021 Teck Res T 22 Telferscot Res 1610 Telson Res * O 38 Telson Res V 179 Tembo Gold V 587 Tembo Gold* O 63 Teranga Gold T 9519 Teras Res V 263 Terraco Gold V 337 Terrax Mnrls* O 83 Terrax Mnrls V 589 Terreno Res V 524 Teslin Rvr Res V 343 Tesoro Mnrls V 40 Teuton Res V 149 Teuton Res* O 66 Theia Res V 29 Themac Res V 37 Thunder Mtn Gd* O 447 Thunderstruck V 220 Till Capital V 1 Till Capital* D 16 Tiller Res V 4 Timberline Res* O 171 Timberline Res V 51 Timmins Gold T 3895

10.10 9.11 9.36 - 0.34 17.01 6.48 13.62 12.38 12.64 - 0.52 22.13 9.45 0.15 0.12 0.13 - 0.02 0.17 0.01 0.07 0.05 0.06 - 0.01 0.10 0.02 0.15 0.06 0.15 + 0.03 0.22 0.02 0.00 0.00 0.00 + 0.00 0.00 0.00 0.03 0.02 0.03 + 0.01 0.14 0.01 0.14 0.12 0.12 - 0.02 0.18 0.02 0.79 0.66 0.71 + 0.02 1.95 0.24 0.60 0.49 0.52 + 0.01 1.49 0.17 0.12 0.00 0.11 - 0.01 0.15 0.04 0.05 0.04 0.05 + 0.01 0.10 0.02 0.05 0.04 0.05 + 0.01 0.10 0.01 0.14 0.11 0.11 - 0.01 0.21 0.00 0.59 0.49 0.50 - 0.06 0.70 0.23 0.80 0.67 0.69 - 0.07 0.88 0.35 32.21 29.76 30.80 + 0.26 31.50 3.65 24.00 22.01 22.77 + 0.18 24.00 2.56 32.22 30.36 31.02 + 0.60 31.98 5.69 0.01 0.01 0.01 - 0.01 0.05 0.01 0.22 0.11 0.22 + 0.11 0.43 0.07 0.30 0.00 0.29 + 0.13 0.55 0.08 0.05 0.04 0.04 - 0.01 0.07 0.01 0.04 0.03 0.03 + 0.01 0.06 0.01 0.95 0.80 0.88 + 0.01 1.40 0.38 0.19 0.15 0.17 + 0.02 0.21 0.03 0.15 0.14 0.15 - 0.01 0.19 0.09 0.48 0.41 0.45 - 0.02 0.80 0.17 0.65 0.55 0.57 - 0.06 1.05 0.24 0.03 0.03 0.03 - 0.01 0.08 0.02 0.24 0.22 0.22 - 0.01 0.43 0.22 0.07 0.06 0.06 - 0.01 0.08 0.01 0.23 0.18 0.21 + 0.04 0.46 0.04 0.15 0.13 0.14 + 0.01 0.34 0.03 0.15 0.12 0.12 - 0.03 0.20 0.05 0.03 0.03 0.03 - 0.02 0.10 0.01 0.10 0.08 0.08 - 0.02 0.16 0.02 0.09 0.07 0.07 - 0.02 0.20 0.01 5.00 0.00 5.00 - 0.05 6.00 3.28 4.39 4.00 4.10 + 0.10 5.00 2.76 0.06 0.00 0.06 - 0.03 0.09 0.01 0.43 0.35 0.40 - 0.01 0.53 0.08 0.57 0.00 0.57 + 0.01 0.73 0.16 0.51 0.43 0.48 + 0.03 0.80 0.11

T

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Timmins Gold* X 7284 Tinka Res* O 253 Tinka Res V 683 Tintina Res* O 139 Tintina Res V 221 Tirex Res* O 61 Titanium Corp V 577 TMAC Resource* O 21 TMAC Resources T 400 TNR Gold V 771 Toachi Mg Inc V 379 TomaGold V 1234 Tombstone Expl* O 3415 Tonogold Res* O 25 Torex Gold* O 78 Torex Gold T 2672 Tower Res V 310 Transatlan Mng V 554 Transition Mtl V 13 Treasury Metal T 605 Trecora Res* N 204 Trevali Mng* O 741 Trevali Mng T 8341 Tri Origin Exp V 48 TriMetals Mng* O 136 TriMetals Mng* O 351 TriMetals Mng T 449 Trinity Valley V 24 TriStar Gold* O 80 TriStar Gold V 229 Troy Res* O 11 Troymet Expl V 2421 Trueclaim Expl V 56 Tsodilo Res V 58 Tudor Gold V 57 O 49 Tudor Gold * Tungsten Corp* O 7598 Turquoise HIl T 8155 Typhoon Expl V 221

0.38 0.31 0.35 + 0.01 0.63 0.07 0.16 0.14 0.16 + 0.00 0.22 0.07 0.22 0.20 0.21 - 0.01 0.27 0.09 0.06 0.05 0.06 + 0.00 0.12 0.04 0.08 0.07 0.08 + 0.01 0.15 0.05 0.06 0.06 0.06 + 0.00 0.16 0.05 0.70 0.49 0.60 + 0.11 0.95 0.31 12.79 11.11 12.79 + 1.34 15.16 9.26 17.39 15.02 17.10 + 1.45 20.18 5.95 0.05 0.04 0.05 + 0.01 0.09 0.01 0.40 0.35 0.35 - 0.05 0.59 0.03 0.07 0.06 0.07 - 0.01 0.17 0.04 0.01 0.01 0.01 - 0.00 0.02 0.00 0.05 0.03 0.03 - 0.00 0.07 0.01 15.34 13.45 14.71 + 0.80 27.34 7.97 20.84 18.23 20.01 + 1.16 35.17 10.90 0.15 0.11 0.15 - 0.01 0.21 0.01 0.07 0.06 0.07 + 0.01 0.15 0.03 0.17 0.17 0.17 - 0.01 0.25 0.09 0.68 0.55 0.67 + 0.10 0.85 0.32 12.39 11.55 12.05 + 0.15 14.67 8.17 0.88 0.82 0.88 + 0.06 0.88 0.18 1.21 1.11 1.21 + 0.10 1.18 0.25 0.06 0.05 0.06 + 0.01 0.08 0.02 0.21 0.14 0.19 + 0.03 0.32 0.06 0.20 0.15 0.18 + 0.01 0.28 0.04 0.26 0.20 0.22 - 0.01 0.36 0.06 0.01 0.00 0.01 - 0.01 0.04 0.01 0.25 0.00 0.22 - 0.03 0.41 0.10 0.37 0.28 0.30 - 0.04 0.53 0.14 0.23 0.21 0.21 - 0.03 0.56 0.13 0.03 0.02 0.02 - 0.01 0.05 0.01 0.04 0.03 0.03 - 0.01 0.05 0.01 0.77 0.60 0.77 + 0.18 0.90 0.50 0.69 0.52 0.60 - 0.07 2.50 0.05 0.50 0.46 0.46 - 0.01 1.26 0.46 0.00 0.00 0.00 + 0.00 0.00 0.00 4.77 4.44 4.55 - 0.02 4.77 2.30 0.08 0.07 0.07 - 0.01 0.15 0.03

U.S. Lithium* O 3341 U3O8 Corp* O 139 Ucore Rare Mtl* O 887 Ucore Rare Mtl V 934 UEX Corp T 3466 Ultra Lithium V 66 Umbral Enrgy* O 5 Umbral Enrgy 8866 Unigold* O 62 Unigold V 676 United Res Hdg* O 198 United Silver* O 50 United States A* X 546 United States S* N 102515 Unity Energy V 139 Ur-Energy T 278 Ur-Energy* X 2266 Uracan Res V 279 Uragold Bay Rs V 4797 Uranium Energy* X 1601 Uranium Res* D 9502 V 5 Uranium Valley Uravan Mnrls V 1011 US Energy* D 222 US Precious M* O 1608 US Rare Earths* O 12 US Tungsten* O 7 USCorp* O 401 Vale* N 148704 Vale* N 62287 Valley High Mg* O 303 Vanadiumcorp* O 35 Vangold Res V 17 Vanstar Mng Rs V 195 Vantex Res V 198 Vatic Vent V 120 Vedanta* N 1658 Vendetta Mng* O 55 Vendome Res V 128 Venerable Vent V 5

0.05 0.03 0.05 + 0.01 0.15 0.01 0.02 0.01 0.02 - 0.00 0.03 0.01 0.26 0.19 0.24 + 0.02 0.35 0.16 0.35 0.27 0.31 + 0.01 0.45 0.23 0.18 0.15 0.18 - 0.01 0.29 0.11 0.17 0.15 0.15 - 0.02 0.35 0.07 0.03 0.03 0.03 + 0.01 0.08 0.02 0.06 0.03 0.05 + 0.02 0.10 0.02 0.21 0.19 0.20 + 0.00 0.51 0.06 0.28 0.24 0.27 - 0.01 0.69 0.08 0.02 0.01 0.01 + 0.00 0.05 0.01 0.00 0.00 0.00 - 0.00 0.01 0.00 0.41 0.26 0.29 - 0.13 0.60 0.16 29.49 26.36 28.57 + 2.86 29.49 6.15 0.08 0.07 0.08 + 0.01 0.48 0.07 0.65 0.57 0.58 - 0.07 0.98 0.57 0.48 0.42 0.44 - 0.04 0.73 0.42 0.06 0.05 0.05 - 0.01 0.10 0.01 0.13 0.11 0.11 - 0.02 0.31 0.02 0.97 0.90 0.92 - 0.01 1.47 0.65 1.72 1.02 1.49 + 0.41 8.88 0.97 0.13 0.13 0.13 - 0.03 0.35 0.04 0.09 0.06 0.08 + 0.01 0.42 0.05 1.45 1.25 1.41 + 0.03 3.03 0.67 0.01 0.01 0.01 + 0.00 0.06 0.00 0.06 0.00 0.04 - 0.01 0.40 0.01 0.00 0.00 0.00 + 0.00 0.00 0.00 0.00 0.00 0.00 + 0.00 0.03 0.00 7.74 6.85 7.24 - 0.45 8.10 2.13 7.20 6.31 6.51 - 0.47 7.50 1.55 0.00 0.00 0.00 - 0.00 0.02 0.00 0.04 0.03 0.04 + 0.01 0.05 0.02 0.05 0.00 0.05 - 0.01 0.09 0.02 0.06 0.00 0.06 - 0.01 0.10 0.03 0.02 0.02 0.02 + 0.01 0.04 0.01 0.08 0.08 0.08 + 0.01 0.24 0.04 13.46 11.84 11.88 - 1.51 13.66 3.52 0.09 0.09 0.09 - 0.01 0.10 0.08 0.22 0.17 0.18 - 0.01 0.35 0.05 0.15 0.15 0.15 + 0.01 0.18 0.05

U-V

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Venture Mnrls* O 25 Verde Potash T 162 Veris Gold* O 12 Victoria Gold V 3131 Victory Nickel 151 Victory Res* O 30 Victory Vent V 724 Virginia Enrgy V 12 O 14 Virginia Enrgy* Viscount Mng V 308 Vista Gold* X 3075 Vista Gold T 107 Voltaic Min V 825 Vulcan Mnrls V 105

0.01 0.02 - 0.00 0.04 0.02 0.02 0.13 0.22 - 0.03 0.48 0.26 0.20 0.00 0.00 - 0.00 0.01 0.00 0.00 0.13 0.52 - 0.01 0.80 0.57 0.49 0.02 0.03 + 0.01 0.05 0.03 0.03 0.02 0.02 + 0.00 0.07 0.02 0.02 0.01 0.02 - 0.01 0.06 0.03 0.02 0.04 0.04 - 0.01 0.10 0.05 0.00 0.02 0.03 - 0.00 0.06 0.03 0.03 0.43 0.67 - 0.03 0.91 0.74 0.66 0.27 0.91 + 0.04 2.09 0.95 0.83 0.35 1.21 + 0.03 2.73 1.28 1.13 0.03 0.08 + 0.01 0.52 0.08 0.06 0.02 0.04 - 0.01 0.08 0.05 0.04

Walker River V 927 T 1249 Wallbridge Mng O 6413 Walter Energy* War Eagle Mg V 8628 Waseco Res V 291 WCB Res V 165 Wealth Mnrls* O 186 Wealth Mnrls V 818 Wellgreen Plat T 1020 O 885 Wellgreen Plat* T 1910 Wesdome Gold 938 V West Af Res West Kirkland V 561 354 West Red Lake 12 West Red Lake* O O 213 Western Areas* X 504 Western Copper* T 277 Western Copper 24405 O Western Graphi* 204 Western Pac Rs* O 235 Western Pac Rs V T 627 Western Potash Western Uran* O 15 Western Uran 11 V 1033 Westhaven Vent O 46 Westhaven Vent* O 50 Westkam Gold* V 353 Westminster Rs Westmoreland* D 2453 O 6 Whitehaven Coa* Wildcat Expl* O 293 Wildcat Expl V 642 548 Winston Gld Mg* O 470 Winston Gld Mg Wolfden Res V 636 Wolfeye Res V 228 V 31 Wolverine Mnls WPC Res V 1521 X-Terra Res V 283 Xander Res V 348 Xiana Mng V 4 Ximen Mng V 281 Ximen Mng* O 105 444 XLI Tech Inc* O Xmet Inc* O 2020 V 105 Xtierra Xtra-Gold Res T 38 O 42 Xtra-Gold Res* Yamana Gold T 37318 81644 Yamana Gold* N Yanzhou Coal* N 161 O 152 Yellowhead Mng* Yorbeau Res T 902 12 O Zadar Vent * Zadar Vent V 697 Zazu Metals T 197 Zena Mng V 316 O 228 Zenyatta Vent* Zenyatta Vent V 393 Zephyr Mnls V 12 Zincore Mtls V 10 Zonte Mtls V 863

0.03 0.11 - 0.01 0.18 0.12 0.11 0.02 0.05 + 0.01 0.10 0.05 0.04 0.01 0.17 - 0.06 0.28 0.28 0.12 0.07 0.03 0.05 + 0.03 0.07 0.01 0.02 0.08 - 0.03 0.11 0.11 0.07 0.02 0.04 - 0.02 0.08 0.06 0.04 0.10 0.90 - 0.01 1.16 0.90 0.84 0.14 1.19 - 0.03 1.50 1.24 1.13 0.16 0.44 + 0.01 0.62 0.49 0.42 0.12 0.34 + 0.02 0.46 0.37 0.31 0.98 2.53 + 0.16 3.08 2.67 2.30 0.29 0.24 0.25 - 0.04 0.40 0.05 0.04 0.11 + 0.01 0.17 0.11 0.10 0.26 0.21 0.23 - 0.01 0.40 0.01 0.18 0.15 0.18 + 0.00 0.31 0.02 1.28 2.24 + 0.46 2.34 2.24 0.00 0.20 0.88 + 0.06 1.04 0.88 0.79 0.29 1.19 + 0.09 1.35 1.19 1.07 0.00 0.00 + 0.00 0.00 0.00 0.00 0.03 0.01 0.01 - 0.02 0.04 0.00 0.03 0.02 0.03 + 0.01 0.05 0.01 0.12 0.12 - 0.01 0.22 0.14 0.12 1.01 1.05 - 0.23 2.67 1.30 1.01 1.20 1.40 - 0.34 3.49 1.74 1.35 0.04 0.13 + 0.02 0.16 0.13 0.11 0.08 0.10 + 0.01 0.12 0.10 0.09 0.01 0.03 - 0.00 0.07 0.03 0.03 0.02 0.03 - 0.02 0.18 0.04 0.03 15.50 - 0.14 17.37 3.44 17.37 14.51 0.25 1.95 - 0.50 2.50 2.41 1.95 0.02 0.07 - 0.01 0.16 0.09 0.07 0.03 0.11 - 0.02 0.21 0.13 0.10 0.34 0.26 0.30 + 0.01 0.49 0.10 0.45 0.37 0.41 + 0.01 0.64 0.10 0.05 0.10 + 0.01 0.19 0.10 0.09 0.23 0.26 + 0.01 0.35 0.27 0.23 0.07 0.09 - 0.02 0.18 0.09 0.00 0.03 0.08 - 0.01 0.13 0.09 0.07 0.06 0.26 + 0.10 0.31 0.28 0.00 0.31 0.32 + 0.01 0.49 0.33 0.31 0.03 0.10 - 0.03 0.21 0.13 0.00 0.03 0.12 + 0.01 0.18 0.12 0.10 0.02 0.08 - 0.01 0.13 0.08 0.08 0.01 0.01 0.01 + 0.00 1.50 0.00 0.00 0.00 - 0.01 0.01 0.01 0.00 0.01 0.04 - 0.01 0.08 0.04 0.00 0.21 0.26 + 0.01 0.56 0.26 0.23 0.15 0.19 - 0.00 0.43 0.19 0.18 2.00 4.10 + 0.03 7.87 4.38 3.95 1.38 3.04 + 0.03 5.99 3.24 2.91 3.66 6.94 - 0.80 8.09 7.71 6.91 0.02 0.04 - 0.01 0.06 0.05 0.04 0.06 0.12 - 0.01 0.14 0.12 0.11 0.09 0.06 0.06 - 0.03 0.20 0.06 0.01 0.09 - 0.01 0.26 0.10 0.09 0.09 0.20 + 0.04 0.33 0.20 0.15 0.05 0.07 + 0.01 0.10 0.09 0.07 0.47 0.71 + 0.01 1.17 0.75 0.67 0.63 1.00 + 0.08 1.55 1.11 0.89 0.08 0.34 + 0.01 0.42 0.37 0.33 0.03 0.08 - 0.01 0.30 0.08 0.08 0.05 0.10 + 0.02 0.15 0.13 0.05

W-Z

BID-ASK — NOVEMBER 14–18, 2016

STOCK

12-MONTH

EXC BID ASK LAST HIGH

37 Capital One ABE Resources Acme Res Corp Acme Res Inc Active Growth Afrasia Mnls African Metals Aftermath Slvr Aida Minerals Alberta Star Alderon Iron* Alexandra Cap Amanta Res AMI Res Antipodes Gold Arch Coal* Archon Mineral Arco Res Ardonblue Vent Argentum Silvr Armor Mnrls Asbestos Corp Asian Minl Res Astar Mnls Astur Gold Atlantic Ind Atlatsa Res* Auramex Res Baroyeca Go&Si BE Res Bearclaw Cap Benz Mining Bethpage Cap Big Wind Cap Black Bull Res BlackEagle Dev Boss Power Brionor Res Brunswick Res Buccaneer Gold Cairo Res Canuc Res Carrie Arran Cascade Res Cassidy Gold Cassius Vents Caza Gold Chieftain Mtls Chinapintza Mg Cliffs Nat Res* Clydesdale Res Compliance Egy Cons Westview Cricket Res CWN M’g Acq DGS Mnls Discovery Harb Dorex Mnrls DV Resources Enfield Expl European Metal Eurotin Explorex Res Fire River Gol

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

12-14_NOV28_StockTables.indd 14

0.10 0.50 0.10 0.25 0.03 0.03 0.03 0.05 0.01 0.03 0.02 0.02 0.06 0.08 0.06 0.12 0.05 0.06 0.05 0.10 0.05 0.06 0.05 0.08 0.05 0.09 0.06 0.11 ... 0.01 0.01 0.03 0.10 0.12 0.12 0.23 0.20 0.22 0.20 0.23 ... 0.40 0.14 0.52 0.02 ...

0.03 0.03 0.01 0.02 0.01 0.06 0.07 0.07 0.10 0.02 0.03 0.02 0.04 ... ...

0.58 1.46 1.70 1.70 2.10 0.06 0.10 0.08 0.09 0.09 0.11 0.09 0.09 0.28 0.29 0.28 0.35 0.38 0.59 0.39 0.85 0.17 0.30 0.15 0.27 0.03 0.04 0.04 0.04 0.16 ...

0.16 0.16 0.06 0.08 0.08 0.10 0.01 0.05 0.01 0.01 ... ...

0.06 0.45 0.02 0.03 0.02 0.03 0.01 0.02 0.01 0.03 ... 0.34 0.35 0.04 0.06 0.06 0.06 0.03 0.03 0.03 0.08 0.06 0.10 0.10 0.10 0.07 0.12 0.07 0.19 ...

0.01 0.01 0.01 0.15 0.05 0.12 0.17 0.20 0.17 0.03 0.05 0.03 0.05 0.03 0.03 0.03 0.04 0.03 0.04 0.03 0.04 0.30 0.38 0.35 0.39 0.23 0.29 0.25 0.27 0.05 ...

0.05 0.07 0.02 0.04 0.02 0.05 0.01 0.02 0.02 0.04 0.03 0.06 0.03 0.05 0.03 0.04 0.04 0.07 ... ...

0.05 0.23 0.01 0.02 0.01 0.01 1.45 3.20 1.43 7.17 0.03 ...

0.05 0.05 0.03 0.03 0.03 0.25 0.48 0.70 0.48 0.56 0.01 0.10 0.01 0.01 0.22 0.25 0.22 0.25 0.04 0.09 0.04 0.06 0.02 0.03 0.02 0.03 0.02 0.02 0.02 0.03 0.03 0.04 0.04 0.06 ... ...

0.01 0.01 ... 0.01 0.01 0.01 0.06 0.08 0.06 1.00 0.11 0.15 0.14 0.19 0.03 0.07 0.09 0.75

LOW

STOCK

0.05 0.02 0.02 0.02 0.02 0.01 0.02 0.01 0.08 0.16 0.12 0.03

First Idaho V GAR Limited C V Gentor Res GFM Res V Global Cobalt V Global Cop Grp V God’s Lake Res C Goldbelt Emp V Golden Harp V GoldTrain Res C Granite Ck Gld V Graniz Mondal V Gravis Energy C Greatbanks Res V Green Arrow V Greywacke Expl C HFX Holding V Highvista Gold V Indigo Expl V V Interconnect Iron South Mng V Jet Metal V Jiulian Res V V Karoo Expl Kazax Mnls V Kenna Res V Kestrel Gold V Kootenay Zinc C La Imperial C Lamelee Iron V Leo Res C Lions Bay Cap V Lucky Mnls V Lund Enterpr V Maccabi Vent C Madeira Mrnls V Mag Copper C MAG Silver* X Mainstream Mnl V Martina Mnls V Match Capital V McChip Res V McLaren Res C Metallum Res V Mezzotin Mnrls V Midasco Cap V MillenMin Vent V Minsud Res V C Moag Copper Montan Mg V Montana Gold C Morgan Res V Mountain Lake C Navis Res Corp C Nebu Res V Network Expl V Nevado Res V New Klondike V Nitinat Mnls V North Am Ptash V North Am Tung V NRG Metals V NSS Res Inc C Nthrn Sphere C

0.03 0.01 1.30 0.03 0.05 0.02 0.12 0.14 0.02 0.09 0.01 0.01 0.06 0.01 0.01 0.02 0.01 0.03 0.01 0.01 0.01 0.01 0.02 0.13 0.05 0.05 0.02 0.01 0.01 0.02 0.03 0.01 0.98 0.01 0.03 0.22 0.01 0.11 0.04 0.01 0.01 0.03 0.01 0.01 0.03 0.05 0.03

12-MONTH

EXC BID ASK LAST HIGH LOW

0.10 0.20 0.14 0.14 0.02 0.04 0.04 0.05 0.01 0.02 0.01 0.03 0.02 0.10 0.02 0.03 0.02 0.02 0.02 0.08 0.07 0.08 0.08 0.11 0.02 ...

0.02 0.08 0.04 0.05 0.04 0.07 0.13 0.20 0.13 0.28 0.04 0.10 0.06 0.25 0.04 0.10 0.04 0.06 0.04 0.05 0.04 0.05 0.01 0.03 0.01 0.01 0.03 0.05 0.03 0.03 0.03 0.03 0.10 0.06 ...

0.06 0.06 0.04 0.06 0.06 0.07 ... 0.16 0.17 0.03 0.04 0.03 0.04 0.07 0.17 0.06 0.14 0.24 0.27 0.24 0.28 0.10 0.10 0.09 0.12 0.03 0.04 0.03 0.05 0.01 0.02 0.01 0.02 0.01 0.01 0.01 0.04 0.13 0.16 0.15 0.27 0.02 0.02 0.02 0.07 0.20 0.40 0.20 0.22 0.05 0.13 0.05 0.08 0.19 0.21 0.21 0.50 ... 0.05 0.01 0.01 0.04 0.06 0.04 0.04 0.13 0.18 0.12 0.12 0.12 0.15 0.12 0.19 0.06 0.10 0.06 0.14 0.02 0.03 0.02 0.03 0.01 0.03 0.03 0.03 12.52 13.30 12.52 14.40 ... 0.01 0.01 0.03 0.05 0.03 0.06 0.01 0.04 0.04 0.04 0.46 0.57 0.58 0.77 0.01 0.02 0.01 0.02 0.03 0.06 0.12 0.01 0.03 0.02 0.04 0.09 0.15 0.08 0.15 0.05 0.07 0.05 0.14 0.06 0.06 0.06 0.10 ... ...

0.08 0.06 0.06 0.05 0.10 0.09 0.10 0.10 0.10 0.01 0.02 0.01 0.02 ... 0.01 0.01 0.01 0.01 0.02 0.01 0.02 0.01 0.02 0.01 0.03 0.17 0.23 0.17 0.22 0.06 0.07 0.07 0.11 0.01 0.01 0.01 0.07 0.09 0.09 0.09 0.05 0.08 0.04 0.15 ...

0.01 0.01 0.02 0.11 0.11 0.11 0.18 ... ...

0.20 0.18 0.28 0.17 0.63

0.05 0.01 0.01 0.02 0.01 0.04 0.02 0.02 0.03 0.05 0.01 0.01 0.01 0.03 0.04 0.03 0.01 0.05 0.04 0.07 0.01 0.01 0.01 0.12 0.01 0.06 0.01 0.10 0.01 0.01 0.05 0.02 0.06 0.02 0.01 6.12 0.02 0.01 0.40 0.01 0.01 0.06 0.01 0.06 0.02 0.02 0.01 0.01 0.00 0.01 0.02 0.01 0.04 0.03 0.01 0.02 0.10

STOCK

12-MONTH

EXC BID ASK LAST HIGH LOW

V Open Gold Orofino Mnrls V Oxford Res V Pac Bay Mnrls V Pac Cascade V V Pac Link Mng Pan Global Res V Pedro Res V V Phoenix Gold Phoenix Metals V Prime Meridian V V Prism Res ProAm Expl V Prospector Res V QMC Quantum Ml V Quartz Mtn Res V Rare Element* X Rathdowney Res V Ravencrest Res C Razore Rock Res C Red Tiger Mng V Remington Res V Rhyolite Res V V Riley Resource River Wild Exp C Rockshield Cap C Romulus Res V RosCan Mrnls V Rotation Mnls V Royal Sapphire V Rubicon Mnrls T Rubicon Mnrls* X Saville Res V Savoy Vent V Scavo Res C Sennen Potash V SGX Res V V Sniper Res Spada Gold V Squire Mg Ltd C Starr Peak Exp V Strata Mnls V Swift Res V Tanqueray Expl V Tearlach Res V Teryl Res Corp V Thunder Mtn Gd V Tiger Intl V Tolima Gold V Tres-Or Res V Tri-River Vent V Trigen Res V True Grit Res V V UC Res United Coal C Universal Vent V Vela Minerals V Velocity Mnrls V Volcanic Mtls V Westridge Res V Whistler Gold V Zara Res C Zinco Mng V

0.01 0.01 0.01 0.07 0.10 0.10 0.25 0.02 0.03 0.03 0.04 0.05 0.04 0.09 0.01 0.02 0.01 0.02 0.02 0.07 0.02 0.03 0.04 0.05 0.04 0.08 0.14 0.17 0.17 0.27 ... 0.01 0.01 0.01 0.19 0.20 0.21 0.21 0.12 0.15 0.14 0.18 0.17 0.24 0.19 0.23 0.02 0.03 0.02 0.02 0.03 0.95 0.04 0.06 0.05 0.06 0.06 0.09 0.05 0.07 0.06 0.07 0.11 0.16 0.15 0.89 0.17 0.20 0.19 0.26 0.01 ...

0.02 0.02 0.01 0.04 0.04 0.08 0.04 0.06 0.04 0.10 0.07 0.10 0.07 0.07 0.23 0.35 0.23 0.27 0.05 ...

0.13 0.13 0.01 ...

0.01 0.01 0.05 0.08 0.05 0.11 0.11 0.20 0.11 0.17 0.02 0.04 0.02 0.04 0.25 0.30 0.30 0.30 0.04 0.06 0.04 0.07 0.05 0.05 0.05 0.19 ... ...

0.03 1.35 0.03 0.04 0.02 0.05 ... ...

0.16 0.36 0.57 0.36 0.54 0.09 0.11 0.09 0.18 0.02 0.02 0.02 0.05 0.01 0.01 0.01 0.07 0.15 0.30 0.15 0.60 0.11 0.17 0.16 0.19 0.08 0.16 0.08 0.19 0.01 0.02 0.01 0.05 0.20 0.24 0.25 0.25 0.18 0.38 0.17 0.17 0.08 0.15 0.08 0.16 0.01 0.02 0.02 0.02 0.10 0.16 0.16 0.23 0.09 0.24 0.08 0.20 0.01 0.02 0.01 0.03 0.04 0.04 0.04 0.06 0.03 0.12 0.03 0.07 0.08 0.11 0.08 0.11 0.02 0.04 0.02 0.05 0.01 0.02 0.02 0.03 ... 0.01 0.01 0.40 ...

0.45 0.04 0.06 0.04 0.08 0.18 0.22 0.18 0.19 0.23 0.30 0.23 0.23 0.01 0.03 0.01 0.02 0.06 0.08 0.02 0.02 0.01 0.02 0.01 0.10 0.05 0.07 0.05 0.08

0.06 0.04 0.01 0.01 0.01 0.01 0.01 0.02 0.05 0.07 0.01 0.01 0.01 0.01 0.06 0.12 0.01 0.01 0.03 0.02 0.09 0.10 0.01 0.04 0.08 0.01 0.02 0.03 0.02 0.03 0.01 0.26 0.09 0.01 0.01 0.15 0.10 0.05 0.01 0.01 0.02 0.02 0.01 0.08 0.08 0.01 0.02 0.03 0.03 0.01 0.01 0.03 0.06 0.04 0.01 0.01 0.01 0.01

2016-11-22 6:23 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 28–DECEMBER 4, 2016

15

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2016-11-22 6:22 PM

16

WWW.NORTHERNMINER.COM

NOVEMBER 28–DECEMBER 4, 2016 / THE NORTHERN MINER

A pit at Endeavour Mining’s Ity gold mine in Côte d’Ivoire. ENDEAVOUR MINING

Endeavour Mining says Ity may emerge as ‘flagship asset’ WEST AFRICAN GOLD

BY MATTHEW KEEVIL

E

mkeevil@northernminer.com VANCOUVER

ndeavour Mining (TSX: EDV) is confident enough in its Ity gold mine in Côte d’Ivoire, West Africa, to start expansion next year. Recent exploration success, however, hints that the mine might have even greater upside.

On Nov. 10, the company released an updated feasibility study that offers a snapshot of a carbon-in-leach (CIL) operation that would crank out 114,000 oz. gold per year, but management pointed out the mine plan doesn’t take into account the recent Bakatouo and Colline Sud discoveries.

The study models a 3-milliontonne-per-year circuit with development costs of US$307 million, and includes eight indicated resource areas: Daapleu, Mont Ity, Ity Flat, Zia NE, Walter and Gbeitouo.

| Annual 3-million-tonne circuit would cost US$307 million to develop

Ity’s global reserves total 41 million tonnes grading 1.42 grams gold per tonne for 1.88 million contained oz. gold. Daapleu is the largest deposit and hosts half of the reserves.

It is also the only orebody with “significant sulphide mineralization,” while the other deposits contain mostly oxides.

The CIL expansion would have a 14-year mine life and feature all-in sustaining costs of US$507 per oz. gold over its first five years of operation. All-in sustaining costs over the mine’s life are an estimated US$603 per oz. gold. The project would involve multiple open-pit mines — plus decommissioned heap-leach stockpiles — while construction could take 20 months.

Assuming a US$1,250 per oz. gold price, the study features a US$411million after-tax net present value at a 5% discount rate, along with a 36% internal rate of return and 2.1-year payback.

“This project could become the longest-life mine in the portfolio, and over the first nine years of operation it would also become our lowest-cost operation,” president and CEO Sébastien de Montessus said during a conference call.

“That’s just based on what we know today, and doesn’t consider the upside we might realize from ongoing exploration and optimization. In light of oxide discoveries, we’ll also look at running both the CIL and heap-leach components in the early years, which could boost initial gold production,” he added.

On Nov. 7, Endeavour released a maiden resource on its Bakatouo and Colline Sud discoveries, which sit 2.5 km from Ity’s current processing facilities. Oxide and fresh mineralization make up 42% of total indicated gold ounces, and could be “amenable to the heapleach process.”

Bakatouo and Colline Sud host 5.4 million indicated tonnes grading 2.97 grams gold for 515,000 contained oz. gold, while inferred resources total 1.2 million tonnes of 2.73 grams gold for 108,000 contained oz. gold.

Meanwhile, the company completed a 26,855-metre auger drill program within 5 km of the current mine complex. The campaign identified “large and highly anomalous clusters” that have emerged as “high-priority” near-mine targets, including: the Bakatouo Northeast, Vavoua, Morgan/Yacetouo, Le Plaque and Daapleu Southwest areas.

“It’s the exploration upside that really shows the potential for the Ity complex to become another flagship asset,” de Montessus said.

“This is a great story because there are only a handful of companies that can advance grassroots discoveries to production, which is the best way to create value in our

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industry. The current feasibility document doesn’t include our nearmine discoveries, and we expect exploration success to continue, with the near-mine targets already identified,” he added.

Endeavour expects to start construction on the Ity expansion after the Côte d’Ivoire rainy season in September 2017. The mine plan may look different at that point, however, since yet another economic study is scheduled for release early next year. The company intends to incorporate 11,700 metres of drilling at the Bakatouo and Colline Sud deposits, as well as 33,000 metres of infill drilling at the Daapleu and Mont Ity deposits. Verse Ouest could also be in the mine plan.

“The only thing we have outstanding right now in terms of the regulators is one more mining permit, so we’re almost ready to start,” executive-vice president of projects Jeremy Langford said. “This economic study was basically the last component we needed, and now that it’s complete I don’t foresee much else preventing us from moving ahead. The permitting process is regimented and the timelines are well established. We’re certainly confident we’ll have the permit by the time we make that construction decision next year.”

Endeavour expects to produce between 575,000 and 610,000 oz. gold this year — at all-in-sustaining-costs of between US$870 and US$920 per oz. gold — from its five gold mines in West Africa: Agbaou and Ity in Côte d’Ivoire, Tabakoto in Mali, Nzema in Ghana and Karma in Burkina Faso.

The company says it can fund the Ity expansion via free cash flows and current cash reserves. Endeavour shares have a 52-week trading range of $7.70 to $22.20 per share, and closed at $20.77 at press time.

The firm reported US$397 million in “available sources of financing and liquidity” at the end of October.

BMO Capital Market analyst Andrew Breichmanas observed that the CIL study results appear “largely in line,” and has an “outperform” rating on Endeavour, along with a $36-per-share price target. BMO Research notes that the company could increase its production in excess of 900,000 oz. annually with the “ramp-up of the Karma mine, completion of the Houndé project and addition of CIL processing at Ity.” TNM

2016-11-22 8:19 PM