The Northern Miner November 7 2016 Issue by The Northern Miner Group

GOLD STOCKS

NEVSUN MINING

MARIANA RESOURCES

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Junior moves into Côte d’Ivoire / 15

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Raymond James outlines its top-nine picks / 3

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Brazil-focused Crusader Resources features highprofile board

Premier picks up land from Goldcorp, Kinross EXPLORATION

| Nevada and Mexico show promise

GOLD

| Junior explorer backstopped by Aussie business mogul Copulos, Quantum Fund cofounder Rogers BY TRISH SAYWELL

tsaywell@northernminer.com

nvestors in North America may not be familiar with Aussie gold junior Crusader Resources, but investors in Australia would have heard of the company’s largest shareholder and non-executive chairman, Stephen Copulos, a wealthy businessman with interests that span everything from manufacturing and property development to food and hospitality. Copulos owns 23.8% of Crusader’s stock and has backed the Brazilfocused junior since its earliest days. “He’s not a mining guy. He’s a businessman. And he owns a variety of hotels and retail and KFC franchises, and a whole lot of things in Australia and the United States ... he is individually wealthy, supportive and becoming more interested in the mining scene,” Robert Smakman, Crusader’s managing director, said during a presentation at the Precious Metals Summit in Beavercreek, Colo., in September. North American investors, however, might be familiar with the company’s non-executive director, Jim Rogers, an Alabama-native, author, financial commentator, adventurer and international investor. Rogers is perhaps best known for cofounding the Quantum Fund, a global-investment partnership that over its first 10 years gained 4,200%, after which Rogers retired at 37 to manage his own portfolio See CRUS"DER / 14

Premier Gold Mines’ 40%-owned South Arturo gold mine in Nevada — a joint-venture with Barrick Gold — which saw its first gold pour in August. PREMIER GOLD MINES BY TRISH SAYWELL tsaywell@northernminer.com

n an interview in September, Ewan Downie, Premier Gold Mines’ (TSX: PG; US-OTC: PIRGF) president and CEO, said his management team is “always on the lookout for an opportunity,” and that the company has “staffed up internally to assess resources and deposits.” “I’m always one to preach: ‘Don’t think what we’ve got is the best in the world, there could always be something better,’” he told The Northern Miner. “We’re looking to build a growing production base with a target of being viewed as a mid-tier, high-quality, low-cost producer in 2020.” Premier Gold came a step closer to that goal with recent agreements with Goldcorp (TSX: G; NYSE: GG) and Kinross Gold (TSX: K; NYSE: KGC) to acquire gold exploration projects in Nevada and

Mexico, where recent exploration work has identified high-grade gold mineralization that could represent discoveries for the company. At Kinross Gold’s Goldbanks gold-silver project in Nevada’s Carlin trend, 50 km south of Winnemucca, three deep holes have intersected precious metals mineralization at the Golden Devil discovery, returning intercepts of 192.50 grams gold per tonne and 10,850 grams silver per tonne over 1.1 metres and 27.90 grams gold and 17.10 grams silver over 1.1 metres. The high-grade epithermal vein targets at depth are geologically connected to the property’s near-surface Main Zone and KW open-pit deposits (90% oxide and 10% sulphide), which host an inferred resource of 25.7 million tonnes grading 0.7 gram gold per tonne for 556,700 oz. gold. Goldbanks is made up of 875 claims totalling 16,000 acres. At Goldcorp’s Alto-Cristina project in the southwestern part of Mexico’s Chihuahua state, drilling

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A shovel loads a haul truck at Premier Gold Mines and Barrick Gold’s South Arturo gold mine in Nevada. PREMIER GOLD MINES

Premier picks up land from Goldcorp, Kinross PREMIER GOLD From 1

has returned assays of 2.8 metres grading 10.88 grams gold, 155 grams silver, 0.7% copper, 1.2% lead and 6.5% zinc, and 1.9 metres averaging 9.98 grams gold, 192 grams silver, 1.9% copper, 1.5% lead and 15.2% zinc. (Sixty holes were drilled at Alto-Cristina between 2013 and 2015, and resulted in discovering two high-grade veins — Alto and Guadalupe.) “We consider these targets some of the most attractive that the company has identified over the past several years,” Downie wrote of Alto-Cristina and Goldbanks in his blog, adding that the agreements “adhere to our strategy of gaining access to projects with the potential of high-margin production and minimal up-front risk and costs.” Rob Chang, an analyst at Cantor Fitzgerald, said in a research note that the Goldbanks’ resource alone — at a US$15 per oz. valuation — is worth US$8.4 million on a 100% basis, and described both acquisitions as “positive” because they “appear to have significant upside.” In his blog, Downie described Kinross’ Goldbanks project as having similarities with the Sleeper and

“I’M ALWAYS ONE TO PREACH: ‘DON’T THINK WHAT WE’VE GOT IS THE BEST IN THE WORLD, THERE COULD ALWAYS BE SOMETHING BETTER.’” EWAN DOWNIE PRESIDENT AND CEO, PREMIER GOLD MINES

Midas mines in northern Nevada, and said he regards the project “as potentially hosting a low sulphidation epithermal gold deposit.” At Alto Cristina, Downie noted that drilling should be underway to test well-defined initial targets, adding that “because of the shallow mineralization and the favourable permitting process in Mexico ... a successful exploration campaign at Alto Cristina could move the project along the development pipeline quickly.” Under the deal with Kinross, Premier has the right to earn a 50% interest in Goldbanks by spending

SAN FRANCISCO, CA November 14 - 15, 2016

Premier Gold Mines’ wholly owned Mercedes gold-silver mine in northern Mexico’s Sonora state. Premier bought the mine from Yamana gold in July. PREMIER GOLD MINES

US$20 million on exploration over five years, including a commitment to spend US$3.5 million during the first 18 months. The deal designates Premier as the operator of exploration programs on the property, but after Premier earns its 50% ownership, Kinross could become the operator. At Alto-Cristina, Premier has the option to acquire up to 100% of the project by making payments of US$1.5 million on each of: the date of execution of the agreement; on the year anniversary date; and on completion of a resource estimate. Premier must also make a final payment of US$2.5 million at the time of commercial production. Goldcorp retains a 2% net smelter return royalty, half of which Premier can buy for US$1.5 million for a three-year-period from the acquisition date. The two deals follow news in August of Premier’s first gold pour at its 40%-owned South Arturo mine, a joint-venture with Barrick Gold (TSX: ABX; NYSE: ABX), and the acquisition in late July from Yamana Gold (TSX: YRI; NYSE:

AUY) of its Mercedes mine and exploration properties in Sonora state. The Mercedes mine has produced since 2011, and yielded 109,000 oz. gold a year between 2012 and 2015. This year has been a productive one for Premier. The company is targeting between 100,000 and 110,000 oz. gold production for 2016 from its operations at South Arturo and its Mercedes mine. In addition, Mercedes could generate 90,000 to 100,000 oz. silver during the fourth quarter. On Oct. 18, the company reported that South Arturo — whose ore is processed at Barrick’s Goldstrike facility, 5 km south — produced 75,570 oz. gold on a 100% basis in the third quarter. It estimates gold production from South Arturo attributable to Premier in 2016 will be 80,000 ounces. The mine was completed on time and on budget, and Downie described South Arturo as “one of the highestgrade open-pit operations brought into production in 2016.” Meanwhile, Premier is reporting drill results from a number of its other projects.

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In September, Premier released drill intersections from the Buffalo target at its wholly owned Hasaga gold project in northwestern Ontario’s Red Lake district. Highlights include 69 metres of 1.80 grams gold beginning at 126 metres, including 3 metres of 25.59 grams gold at 192 metres, and 67 metres of 3.66 grams gold at 170 metres. This year Premier will have drilled 50,000 metres at Hasaga, the company’s largest exploration program in Canada. Last year at Hasaga, the company completed a 60,000-metre drill program. At its wholly owned McCoyCove gold project in Nevada’s Battle Mountain-Eureka trend, results from five more step-out holes within the CSD Gap were released in late August. Recent drilling highlights include 5.77 grams gold and 689 grams silver over 2.4 metres, and 10.87 grams gold and 15.23 grams silver over 17.4 metres. The CSD Gap is between the Helen zone and the historic Cove South Deep underground deposit. Premier also owns 50% of the Trans-Canada project (Centerra Gold [TSX: CG] owns the other 50%), and has a 44% interest in the Rahill-Bonanza project (Red Lake Gold Mines, an affiliate of Goldcorp, owns the other 56% interest and is the operator). News of the latest deals with Kinross and Goldcorp sent Premier’s shares down 26¢, or 7.7%, to $3.10 on 1.2 million shares traded. Over the last year Premier’s shares have traded within a range of $2.12 per share and $5.05 per share. Cantor Fitzgerald’s Chang has a target price on the stock of $5.70 per share. TNM

2016-11-01 6:38 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 7–13, 2016

Raymond James’ top nine gold stocks GOLD OUTLOOK

| Gold should rise on interest rate uncertainty

The mill at Agnico Eagle Mines and Yamana Gold’s Canadian Malartic gold mine in Quebec’s Abitibi region. AGNICO EAGLE MINES BY SALMA TARIKH starikh@northernminer.com

Raymond James analysts Phil Russo and Chris Thompson are sharing their top nine gold stocks, expected third-quarter earnings per share and their thoughts on the gold price in an Oct. 25 research note. “The current environment supports a positive backdrop for continued momentum in precious metals, driven by the uncertainty regarding a near-term interest rate hike in the U.S., and other macroeconomic pressures, which we believe will transcend into 2017,” Russo and Thompson write. While traditionally the gold price has fallen with rising interest rates, the analysts note that gold increased 10% in the year after the previous rate hikes in 1999 and 2004, indicating gold’s ability to “coexist with a rising real rate backdrop.” Gold and gold equities have had a good year so far in 2016. Spot gold prices spiked in the year’s first half, touching a US$1,367 per oz. high in early July — up 29% from US$1,061 per oz. in 2015 — before finishing September at US$1,315.90. Given the gains and corrections in the sector and with gold presently trading at more than US$1,250 per oz., Russo and Thompson suggest investors should be extra careful when picking which gold equities can outperform into 2017. They describe the recent pullback in share prices as an opportunity to buy or increase positions in some of the best companies. Agnico Eagle Mines (TSX: AEM; NYSE: AEM) and Yamana Gold (TSX: YRI; NYSE: AUY) are the analysts’ preferred senior gold stocks. Russo has upgraded Agnico to “outperform” from “market perform,” citing decent operational results year-to-date and the recent share price decline. Both companies could produce strong third-quarter earnings per share, beating the average analysts’ US19¢ estimate for Agnico and US4¢ for Yamana. Based on their Oct. 24 closing price on the New York Stock Exchange and six- to 12-month target price, Yamana has an 88% target return, and Agnico has 14%. The analysts’ top intermedi-

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RAYMOND JAMES’ TOP GOLD PICKS SENIOR • Agnico Eagle Mines • Yamana Gold INTERMEDIATE • Alamos Gold • B2Gold • Detour Gold • Eldorado Gold • OceanaGold JUNIOR • Asanko Gold • Roxgold

ate gold names are Alamos Gold (TSX: AGI; NYSE: AGI), B2Gold (TSX: BTO; NYSE-MKT: BTG), Detour Gold (TSX: DGC), Eldorado Gold (TSX: ELD; NYSE: EGO) and OceanaGold (TSX: OGC). On Oct. 13, B2Gold reported record gold production, sales and revenue in the third quarter. It

generated US$193 million on sales of 145,029 oz. gold at an average US$1,331 per oz. gold. Consolidated gold production was 146,768 oz., up 18% from a year ago. Out of the five firms, the analysts forecast OceanaGold will beat its average analysts’ earnings estimate of US4¢ per share in the September quarter. Eldorado has the highest estimated target return of 96%, based on its Oct. 24 close of US$3.57 and US$7 target price. A s a n ko G old (T SX : A KG ; NYSE-MKT: AKG) and Roxgold (TSXV: ROG) are the analysts’ top junior gold picks. In mid-October, Asanko published strong third-quarter production results from the Asanko gold mine’s first phase in Ghana. It expects to make between 106,000 and 111,000 oz. gold in the second half, beating its recently upgraded guidance. Asanko has a 29% estimated target return, compared to Roxgold’s 51%. TNM

B2Gold’s Masbate gold mine in the Phillippines. B2GOLD

THE CANADIAN MINING HALL OF FAME

29TH ANNUAL

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GROUP PUBLISHER/ PUBLISHER: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com EDITOR-IN-CHIEF: John Cumming, MSC (GEOL) jcumming@northernminer.com EDITOR, SPECIAL PROJECTS: Alisha Hiyate, BA (POLI SCI, HIST) ahiyate@northernminer.com SENIOR STAFF WRITER: Trish Saywell, BA, MA, MSC (JOUR) tsaywell@northernminer.com WESTERN EDITOR: Matthew Keevil, BA (ECON AND POLI SCI) mkeevil@northernminer.com STAFF WRITERS: Lesley Stokes, BSC (GEOL) lstokes@northernminer.com Salma Tarikh, BSC (PSYCH), MA (JOUR) starikh@northernminer.com COPY EDITOR: Isa Cunanan, BSC (Health Sci. and Prof. Writing Comm.) icunanan@northernminer.com PRODUCTION EDITOR: David Perri, BA dperri@northernminer.com ONLINE EDITOR: Adrian Pocobelli, MA (ENGL) apocobelli@northernminer.com ADVERTISING: Joe Crofts (416) 510-6816 jcrofts@northernminer.com Michael Winter (416) 510-6772 mwinter@northernminer.com PRODUCTION MANAGER: Jessica Jubb (416) 510-5213 jjubb@glacierbizinfo.com CIRCULATION/CUSTOMER SERVICE: Laura Arnold (416) 510-6789, ext. 43564 (Toll free) 1-888-502-3456 northernminer2@northernminer.com SUBSCRIPTION SALES: Laura Arnold (416) 510-6789, ext. 43564 (Toll free) 1-888-502-3456, ext. 43715 dbond@northernminer.com REPUBLISHING: (416) 510-6768 moliveira@northernminer.com ADDRESSES: Toronto Head Office: 38 Lesmill Road, Unit 2 Toronto, ON, M3B 2T5 (416) 510-6789 tnm@northernminer.com Western Bureau: 303 West 5th Avenue Vancouver, BC, V5Y 1J6 (604) 688-9908 SUBSCRIPTION RATES: Canada: C$120.00 one year; 5% G.S.T. to CDN orders. 7% P.S.T. to BC orders 13% H.S.T. to ON, NF orders 14% H.S.T. to PEI orders 15% H.S.T. to NB, NS orders U.S.A.: US$120.00 one year Foreign: US$157.00 one year GST Registration # 809744071RT001 (ISSN 0029-3164) CANADA POST: Return undeliverable Canadian addresses to Circulation Dept. c/o The Northern Miner 38 Lesmill Road, Unit 2 Toronto, ON M3B 2T5 Publication Mail Agreement #40069240 Periodicals Postage Rates paid at Niagara Falls, NY, 14304. U.S. office of publication 2424 Niagara Falls Blvd, Niagara Falls, N.Y. 14304. U.S. POSTMASTER: send address corrections to: Northern Miner Box 1118 Niagara Falls, N.Y. 14304.-7118

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E D I T O R IA L

Canada’s mining industry still a powerhouse

Laurentian lands $49M from Feds for research EXPLORATION

| Laurentian University aims to help unearth next generation of deposits

MSRP REPORT

| Prolonged downturn can’t erode solid foundations

o get a pulse on the health of Canada’s mining industry, it’s useful to browse through the newly released Mining Sector Performance Report 2006–2015, which is prepared by the Intergovernmental Working Group on the Mineral Industry for submission to the Energy and Mines Ministers’ Conference held in Winnipeg in BY JOHN CUMMING jcumming@northernminer.com August 2016. The report is only prepared once every three years, with the assistance of a variety of external stakeholders, and it is presented to Canada’s federal, provincial and territorial mines ministers. The report provides an overview of global mining trends, and assesses the mining sector’s economic, social and environmental performance within Canada. Above all, the report emphasizes that Canada remains one of the world’s leading mining nations — producing more than 60 minerals and metals — and ranks as a global leader in commodities such as potash, uranium, gold, primary aluminum, nickel and diamonds. There are now more than 200 principal producing mines and 50 smelters, refineries and steel mills in Canada. The report authors expect the global economic recovery — and by extension, the demand for mineral commodities — to “strengthen towards the end of 2017 and beyond, as the result of a gradual normalization of conditions in a number of the stressed economies, the rebalancing of China’s economy and a pickup in commodity export activity.” Government big-picture data can often be slow in coming out, so this report gives a first glimpse at many of the macro-economic numbers for mining in Canada in 2015. Strikingly, because the prices of most major mineral commodities have fallen since 2011, this has resulted in the nearly 40% drop in the Bank of Canada’s Metals & Minerals Commodity Price Index in 2015. This has translated into capital investment activity in Canada’s mining industry dropping 35% in 2015, compared to 2012 levels, with more declines expected in 2016. Even with the global economic downturn, Canada’s mineral industry posted impressive numbers for 2015. The report found mining in Canada accounted for $60.2 billion in nominal gross domestic product (or 3.2% of total Canadian GDP), with $27.9 billion in mineral extraction and mining-related support activities, and $32.3 billion in downstream mineral processing and manufacturing. The mining industry directly employed 373,000 workers in Canada in 2015 (10,300 of whom were indigenous people), including mining-related support activities, with a presence in every region of the country. Furthermore, mining contributed $16.2 billion to Canada’s trade balance in 2015, including $92 billion in merchandise exports (or 19.1% of total exports), and has contributed $172 million to Canada’s balance of trade since 2006. The value of mineral production Canada-wide in 2015 totalled $42.8 billion (not including oilsands), with the following breakdown by province and territory, including each jurisdiction’s top-two products: Ontario, $10.8 billion, gold & nickel; Saskatchewan, $8.5 billion, potash & uranium; Quebec, $7.7 billion, gold & iron ore; British Columbia, $5.9 billion, copper & coal; Newfoundland and Labrador, $2.8 billion, iron ore & nickel; Alberta, $2.5 billion, sand and gravel & coal; Northwest Territories, $1.8 billion, diamonds & tungsten; Manitoba, $1.4 billion, nickel & copper; Nunavut, $0.6 billion, gold & silver; New Brunswick, $0.4 billion, potash & peat; Yukon, $0.2 billion, gold & copper; Nova Scotia, $0.2 billion, stone & salt; and Prince Edward Island, $4.6 million, peat & sand and gravel. Meanwhile, expenses on mineral exploration and deposit appraisal totalled $1.7 billion Canada-wide during 2015, with the following breakdown: Ontario, $393 million; British Columbia, $331 million; Saskatchewan, $258 million; Quebec, $220 million; Nunavut, $215 million; Northwest Territories, $100 million; Yukon, $73 million; Newfoundland and Labrador, $48 million; Alberta, $17 million; Nova Scotia, $10 million; New Brunswick, $8 million; and Prince Edward Island, zero. As of 2014, Canadian mineral exploration and mining assets abroad were worth $169.7 billion, and were located in more than 100 countries. TNM

DEPARTMENTS Editorial. . . . . . . . . . . . . . . . 4 Events. . . . . . . . . . . . . . . . . . 5

Meetings. . . . . . . . . . . . . . . 5 Metal Prices . . . . . . . . . . . . 7

Professional Directory . . 12 Stock Tables . . . . . . . . . 8-10

COMPANY INDEX Agnico Eagle Mines . . . . . . . . . . . . 3,5,16 Alacer Gold. . . . . . . . . . . . 15 Alamos Gold. . . . . . . . . . . . 3 Asanko Gold. . . . . . . . . . . . 3 Ausenco Engineering. . . . 5 Awale Resources. . . . . . . 15 Barrick Gold. . . . . . . . . . . . 2 Calik Group . . . . . . . . . . . 15 Caterpillar. . . . . . . . . . . . . . 5 Centerra Gold. . . . . . . . . 1,2

Cementation. . . . . . . . . . . . 5 Crusader Resources. . . . . . 1 Detour Gold. . . . . . . . . . . . 3 Eldorado Gold. . . . . 3,13,15 Freeport-McMoRan . . . . 11 Goldcorp. . . . . . . . . . . . . . . 1 Hatch. . . . . . . . . . . . . . . . . . 5 IronPlanet. . . . . . . . . . . . . . 5 Kinross Gold. . . . . . . . . . . . 1 Lidya. . . . . . . . . . . . . . . . . 15 Lundin Mining. . . . . . . . . 11

Mariana Resources . . . . . 15 Nevsun Resources. . . . . . 11 OceanaGold. . . . . . . . . . . . 3 Rio Tinto. . . . . . . . . . . . . . 11 Ritchie Bros. Auctioneers. . . . . . . . . . . 5 Roxgold. . . . . . . . . . . . . . . . 3 Vale. . . . . . . . . . . . . . . . . . . 14 Yamana Gold . . . . . . . 2,3,15

Stakeholders at the $49-million funding announcement at Laurentian University in September. LAURENTIAN UNIVERSITY

udbury’s Laurentian University says it is launching an “unprecedented research effort” to boost the discovery rates of new mineral deposits, with the largest funding announcement in the institution’s 56-year history. The seven-year “Metal Earth” initiative costs a total of $104 million, with $49 million in support from the Canada First Research Excellence Fund and the remaining $55 million from 22 partners from academia, industry and government. The research program aims to provide “industry and government with the new knowledge, highly qualified personnel, protocols, and tools to focus exploration and infrastructure dollars in areas with the highest metal endowment,” according to the university. The program will see the recruitment of more than 35 postdoctoral fellows, research assis-

tants, technicians and support staff; more than 80 graduate and 100 undergraduate students; and lead to the hiring of a research chair in Exploration Targeting and three specialized faculty members in Precambrian Geology, Earth Systems Modelling and Exploration Geophysics. “Global metal reser ves are being depleted due to increased demand and decreased global discovery rates over the past 10 years,” said Harold Gibson, director of the Mineral Exploration Research Centre at the Harquail School of Earth Sciences and lead of Metal Earth. “Spending on exploration has increased while discovery rates have decreased. Without a means to discover and extract metals, modern societies will be faced with a crisis that will detrimentally impact social, technological and industrial development.” TNM

O P- E D

ICSG: Copper surplus coming in 2017 METALS COMMENTARY

| Market to remain balanced for 2016

The following is an edited summary of a release by the International Copper Study Group (ICSG) after its meeting in Lisbon, Portugal in late October, where government delegates and industry advisors from most of the world’s major copper producing and consuming nations met to discuss the global copper market. In a meeting of the Statistical Committee, the ICSG developed its view of the world balance of refined copper production and use. For more information, please visit www.icsg.org.

CSG projections for 2016 indicate that the global copper market should stay balanced, while in 2017 ICSG forecasts a surplus of 160,000 tonnes. This compares with a 55,000-tonne deficit and a 20,000-tonne surplus for 2016 and 2017, forecast at a March 2016 meeting. Production and usage have been revised for better-than-expected actual growth this year. In developing its projections, ICSG recognizes that global market balances can vary from those projected owing to factors that could alter projections for both production

and usage. In this context it can be noted that actual market balance outcomes have deviated from ICSG market balance forecasts due to unforeseen developments. World mine production after adjusting for historical disruption factors should increase 4% in 2016 (to reach 19.9 million tonnes from new and expanded capacity brought on-stream in the last two years. While concentrate production could grow 6%, growth will be partly offset by a 3% decline in solvent-extraction and electrowinning (SX-EW) production, due to price-related production cuts in the Democratic Republic of the Congo and closures in Chile. In 2017, world mine production should stay practically the same — with output from operating mines improving, but an anticipated 6% decline in SX-EW production offsetting growth, along with a lack of major mine projects. Peru and Mexico are the main contributors to growth this year, with Chile expected to contribute more in 2017. See ICSG / 5

2016-11-01 6:38 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 7–13, 2016

SU P P L I E R S N EWS

EVENTS Nov 1 4 -15 The Silver and Gold Summit The Park Central Hotel, San Francisco, CA Tel: (604) 687-4151; Toll Free: 1-877-363-3356 (U.S., CAN) Email: info@cambridgehouse.com Website: http://www.cambridgehouse.com

Hatch raises $1M for cancer foundation Over the past five years engineering firm Hatch has raised $1 million in support of Toronto’s Princess Margaret Cancer Centre. Hatch employees have done so by raising funds and participating in the annual Scotiabank Road Hockey to Conquer Cancer tournament. This year’s tournament saw 10 teams comprised of 100 Hatch employees suit up for the event at Woodbine Racetrack in Toronto, after raising funds from their colleagues in support of the cause. For the fifth year in a row Hatch topped the list of corporate participants, raising a

total of $206,000. “Over the past five years, we have lost three of our road hockey teammates to cancer,” said Bruce MacKay, managing director of Hatch, and an ambassador and honorar y chair for the event. “These were young people in the prime of their lives. We must find a solution to the cancer puzzle, and the Princess Margaret Cancer Foundation is a key player to finding a cure.” Hatch is headquartered in Mississauga, Ont., and boasts 9,000 employees, with work experience in more than 150 countries and regional offices across the globe.

Nov 1 6 -18 Manitoba Mining & Minerals Convention Winnipeg, MAN Tel: 204-945-2691; Toll-free: 1-800-2235215 Email: shirley.holgate@gov.mb. ca Website: http://www.gov.mb.ca/ iem/convention Dec 5 -9 AEMA 2016 Annual Meeting Exposition & Short Courses Nugget Casino Resort, Sparks, NE Tel: (509) 624-1158 Email: info@miningamerica. org Website: http://www. miningamerica.org

Hatch employees at the 2016 Scotiabank Road Hockey to Conquer Cancer tournament in Toronto. HATCH

Ritchie Bros. to buy IronPlanet, partner with Caterpiller Vancouver-based Ritchie Bros. Auctioneers (TSX: RBA) plans to pay US$758.5 million for IronPlanet, an online, used heavy equipment marketplace. IronPlanet was founded in 1999 and specializes in serving corporate accounts, equipment manufacturers, dealers and governments, and sells through online-only platforms. Based in California, IronPlanet sold US$787 million in gross merchandise value in 2015. In the first half of 2016, sales were up 41% compared to the year-earlier period. Ritchie says the transaction is the “logical next step for Ritchie Bros., building on our multi-channel platform, global reach and long-standing customer relationships.” In response to the deal, Ritchie Bros. CEO Ravi Saligram stated that “together with IronPlanet, we will create a combined company of trusted brands with the ability to provide customers around the world with a greater number of choices and platforms to sell, buy and list equipment when, where and how they want — whether on-site or online.” The deal is expected to close by the first half of 2017. The auctioneer has also announced an upcoming strategic alliance with heavy equipment

Jan 23 -26 AME Roundup 2017 Vancouver Convention Centre East, Vancouver, BC Tel: (604) 630-3930 Email: roundup@ amebc.ca Website: http://roundup. amebc.ca

For more event information, please go to: www.northernminer.com/events

MEETINGS

Equipment on display at a Ritchie Bros. Auctioneers auction in Edmonton in 2015. RITCHIE BROS. AUCTIONEERS

manufacturer Caterpillar (NYSE: CAT), which begins upon closing of the IronPlanet deal. Caterpillar and its dealers hold a minority position in IronPlanet. The deal would see Ritchie Bros. become Caterpillar’s preferred global partner for live on-site and online auctions for used Caterpillar equipment, for an initial five-year term. “A key element of our digital strategy is connecting more products in our customers’ fleets, allowing us to help improve their

productivity, increase safety and drive sustainability,” group president with responsibility for Caterpillar’s customer and dealer support Rob Charter said. “This alliance will ensure that more used equipment buyers have access to our best-in-class products, digital offerings and world-class customer support.”

Ritchie Bros. was established in 1958 in Kelowna, British Columbia. With operations in 19 countries and 45 auction sites worldwide, the firm is the world’s largest industrial auctioneer, and one of the largest sellers of used industrial equipment used in mining, forestry, construction and other sectors.

Nov 07 Nov 07 Nov 08 Nov 08 Nov 08 Nov 09 Nov 09 Nov 09 Nov 09 Nov 10 Nov 10 Nov 10 Nov 10 Nov 15 Nov 16 Nov 16 Nov 16 Nov 17 Nov 18 Nov 22 Nov 24 Dec 08

Goldeye Explorations Omineca Mining and Metals Bold Ventures Discovery Harbour Resources Great Thunder Gold Galore Resources North Arrow Minerals Nubian Resources Rainy Mountain Royalty Scorpion Resources Bellhaven Copper & Gold Chilean Metals Khan Resources Nortec Minerals Reliant Gold Castle Peak Mining Golden Predator Mining Killdeer Minerals Troymet Exploration Kitrinor Metals Valterra Resource Santa Rosa Resources

S AS AGS AGS AG AGS AG AG AG AGS AG A S AGS AS AG AG AG AGS AS AG AG

MEETINGS LEGEND A – Annual E – Extraordinary G – General S – Special

Cementation earns gold for safety North Bay, Ont.-based contractor Cementation received a gold award at the Canada Occupation Safety Awards Gala in Toronto in October. The award recognizes the mine and facilities contracting and engineering firm as one of the safest employers in Canada for 2016 in the Mining and Natural Resources category. The awards also marks the third straight year of recognition for the firm. Agnico Eagle Mines’ (TSX: AEM) Meadowbank division and Ausenco Engineering each received a silver for their efforts. The awards were launched in 2011, sponsored by Canadian Occupational Safety and Thomson Reuters, and serve to acknowledge companies with a strong commitment to employee safety.

Candidate companies are judged on initiatives such as employee t r a i n i n g , OH S m a n a ge me nt systems, incident investigation, emergenc y prepa red ness a nd innovation. “We are proud of our employees and their commitment to safety,” president of Cementation Canada Roy Slack said. “At Cementation, the safety of our people is paramount, and this recognition as one of Canada’s safest employers helps to reinforce this within our organization.” Cementation has operations in Canada, the U.S. and Chile. It is owned by South Africa-headquartered multinational Murray & Roberts, which serves three sectors: oil and gas; metals and minerals; and power and water.

Copper surplus coming ICSG From 4

World refined copper production in 2016 should increase 2% year-onyear to 23.4 million tonnes. Although electrolytic production is expected to increase 3%, growth will be partly offset by a projected 3% decline in SX-EW output. For 2017, world refined production could keep a similar 2% growth, with the anticipated decline in SXEW output still limiting overall growth. In both years China will

1 2 3 4 5 11 13 14 15 16_NOV 7_Main .indd 5

be the biggest contributor to world growth, while total output in Chile would be constrained by declining SX-EW production. ICSG expects world apparent refined use in 2016 will increase 1.5%. This is because apparent demand in China could increase 1.5%, although underlying “real” demand growth in China is an estimated 4%. Use in the rest of the world in 2016 is also expected to increase 1.5%. For 2017, the growth in world apparent refined usage is expected at 1%. TNM

SAN FRANCISCO, CA November 14 - 15, 2016

2016-11-01 6:38 PM

WWW.NORTHERNMINER.COM

NOVEMBER 7–13, 2016 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / OCTOBER 24–28 The S&P/TSX Composite Index lost ground over the week, retreating 1.3% to 14,785.29, as the price of oil weakened. The S&P/TSX Global Mining Index stayed relatively flat at 63.46, while the S&P/TSX Global Gold Index lost 2.6% to finish at 218.26. The spot gold price rose 0.7% to US$1,274.70 per oz. gold. The December crude oil contract on the New York Mercantile Exchange fell 4.2% to US$48.70 per barrel, after concerns on whether the Organization of the Petroleum Exporting Countries could achieve its proposed production cuts. Suncor Energy advanced $2.10 per share to finish at $41.29 per share on 26 million shares traded. Canada’s largest energy company reported net earnings of $392 million, or 24¢ per share, compared to a net loss of $376 million, or 26¢ per share, in the same quarter last year. Suncor’s operating profit, which excludes one-time items, was $346 million, or 21¢ per share, slightly below the year-prior quarter’s 28¢ per share. Analysts had expected a 9¢-pershare operating profit. Suncor’s quarterly production grew 29% year-over-year to 728,100 barrels of oil equivalent per day, as the company increased its interest in the Syncrude project, combined with improved performance from Syncrude. Suncore’s oilsands cash-

operating cost fell 18% in the past year to $22.15 per barrel, marking its lowest level in over a decade, due to its cost-cutting. The company’s oilsands assets returned to normal production rates in the third quarter, after the forest fire shutdown in the previous quarter. On the financial results, BMO analyst Randy Ollenberger increased his target price by $3 to $45 per share. Teck Resources added 90¢ to finish at $28.21 per share, as 24 million shares changed hands. During the week, it reported its third-quarter results. Revenues were up 10% to $2.3 billion on the back of higher steelmaking coal and zinc prices. Adjusted earnings were $152 million, or 26¢ per share, compared to $29 million, or 5¢ per share, a year ago. TSX MOST ACTIVE ISSUES

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

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

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

33359 5.26 4.53 4.58 - 0.50 32497 3.92 3.54 3.71 + 0.02 29777 0.40 0.26 0.32 - 0.09 26415 5.30 4.91 5.03 - 0.17 26078 42.14 38.52 41.29 + 2.10 24145 28.91 26.44 28.21 + 0.90 21589 12.69 11.51 12.24 + 0.54 21133 23.58 21.76 22.89 + 0.33 17762 5.04 4.39 4.45 - 0.53 16274 5.74 5.09 5.25 - 0.21

On a conference call, Teck’s CEO Don Lindsay said while the adjusted earnings were below the average analysts’ expectations, the company overall had a “very good quarter.” Teck exceeded its guidance on coal sales, zinc sales from the Red Dog operation and copper production in the quarter, he notes. Teck also had better-than-expected coal and copper costs. Strong third-quarter earnings also drove

up Agnico Eagle Mines shares. Agnico added 84¢ to close at $66.17 per share, on 3.4 million shares traded. Adjusted thirdquarter earnings grew 44% year-over-year to US$56.6 million, or US25¢ per share. Analysts had estimated earnings per share of US19¢. The beat resulted from higher production and sales. In the third quarter, Agnico produced 416,187 oz. gold, at all-in sustaining costs of US$821 per oz. gold. TNM

TSX GREATEST PERCENTAGE CHANGE

Stonegate Agri Alderon Iron New Milln Iron SouthGobi Res Nthn Dynasty Orsu Metals Loncor Res EurOmax Res IC Potash Perseus Mng RTG Mining Century Global Eastern Platin Rockwell Diam Orbite Tech Talon Metals Imperial Metal NovaCopper Premier Gold M Pilot Gold

ST ADV NML SGQ NDM OSU LN EOX ICP PRU RTG CNT ELR RDI ORT TLO III TMQ PG PLG

3850 10551 6736 8 5587 854 86 64 1040 1480 21 2231 2499 440 29777 351 401 138 5976 2048

0.03 0.48 0.14 0.50 1.39 0.03 0.20 0.77 0.13 0.61 0.48 0.25 0.71 0.08 0.40 0.07 5.95 0.76 3.46 0.69

0.02 0.18 0.09 0.34 0.91 0.00 0.19 0.67 0.12 0.56 0.32 0.17 0.46 0.07 0.26 0.06 4.73 0.62 2.82 0.57

0.03 0.29 0.13 0.50 1.11 0.03 0.19 0.77 0.13 0.60 0.33 0.17 0.48 0.07 0.32 0.06 4.93 0.62 2.87 0.60

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Agrium Suncor Energy Labrador Iron Teck Res Teck Res Agnico Eagle First Quantum NovaGold Res Osisko Gold Barrick Gold Torex Gold Franco-Nevada Pan Am Silver Alamos Gold Detour Gold MAG Silver Imperial Metal Silver Wheaton Goldcorp First Majestic

+ 66.7 + 54.1 + 52.9 + 49.3 + 22.0 + 20.0 + 19.4 + 18.5 + 18.2 + 13.2 - 32.3 - 32.0 - 31.4 - 27.8 - 21.3 - 20.0 - 17.8 - 16.2 - 15.8 - 13.8

VOLUME WEEK (000s) CLOSE CHANGE

AGU SU LIF TCK.B TCK.A AEM FM NG OR ABX TXG FNV PAA AGI DGC MAG III SLW G FR

1667 124.50 26078 41.29 1059 14.58 24145 28.21 22 28.40 3435 66.17 21589 12.24 2459 6.63 1910 14.03 21133 22.89 2116 24.04 2520 85.98 1663 20.64 5990 10.26 4376 24.70 1090 19.34 401 4.93 6113 31.37 16090 19.89 5626 10.39

+ 3.29 + 2.10 + 0.97 + 0.90 + 0.85 + 0.84 + 0.54 + 0.41 + 0.36 + 0.33 - 2.15 - 2.01 - 1.86 - 1.34 - 1.25 - 1.19 - 1.07 - 1.04 - 0.79 - 0.60

TSX VENTURE EXCHANGE / OCTOBER 24–28 The S&P/TSX Venture Composite Index shed 14.76 points, or 1.9%, over the report period to a 775.87-point close despite gains in commodity prices. Spot gold prices rose US$9.01 to US$1,275.47 per oz., while Comex three-month copper prices jumped US10¢ to US$2.19 per pound. Almadex Minerals rose 47¢ to $1.54 per share after reporting assays from a second drill hole at its Norte zone, one of four porphyry copper-gold targets identified on the company’s El Cobre project in Veracruz, Mexico. Intercepts returned 9.9 metres of 0.24 gram gold per tonne and 0.2% copper from 9.1 metres deep, 27.5 metres of 0.12 gram gold and 0.2% copper from 117.8 metres deep, and 433 metres of 0.42 gram gold and 0.2% copper from 162 metres deep. The hole was collared from the same drill pad as an earlier drill hole, 16-010, which returned 151 metres of 0.55 gram gold and 0.2% copper from 392 metres deep. A third hole, drilled at a steeper angle than the first two, has been completed and assays are pending. Most of the drilling this year focused on the Encinal target, 3 km south of Norte, where intercepts returned 53 metres of 0.27 gram gold and 0.1% copper. Whereas the project’s Villa Rica zone, 1 km south of Norte, has yet to be drill-tested, despite having the largest copper-gold soil

and geophysical anomalies identified on the 74.6 sq. km property. RT Minerals saw 12.2 million shares traded before closing up 5¢ to 15¢ per share after an Oct. 19 exploration update of its Ballard Lake gold property, 50 km northeast of Wawa, Ontario. Two of the three diamond drill holes, totalling 435 metres, intercepted mineralization and alteration similar to gold-bearing structures mapped on surface. Gold occurs within coarse pyrite and quartz tourmaline veins in mafic schists, pillow basalt and gabbro host rocks. A total of 153 samples were sent for assays, with results pending. Infill and exploration drill results at Mariana Resources’ Hot Maden project in northeastern Turkey drove shares up 21¢ to $1.23. The company reported a “bonanza” intercept TSX-V MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

RT Minerals RTM 12236 Scientific Mts STM 9549 Alliance Mng ALM 8696 Noram Vent NRM 6279 MX Gold MXL 6248 Atacama Pac Gd ATM 6048 Belvedere Res BEL 5801 Oremex Silver MMN 5757 Dios Expl DOS 5292 Jaxon Mnls JAX 5070

0.22 0.10 0.05 0.07 0.18 0.49 0.06 0.04 0.11 0.11

0.11 0.08 0.03 0.06 0.15 0.41 0.04 0.02 0.08 0.09

0.15 0.08 0.04 0.06 0.16 0.49 0.06 0.03 0.08 0.10

+ - + - - + + - - +

0.05 0.01 0.01 0.01 0.01 0.05 0.01 0.01 0.03 0.02

of 69.6 metres of 62.7 grams silver and 2.7% copper resource from infill drilling at the Main zone resource. The interval included 7 metres of 526 grams gold and 3.3% copper from 210 metres, 14 metres of 27.7 grams gold and 3.4% copper from 217 metres, and 48.6 metres of 1.7 grams gold and 2.4% copper from 231 metres. Gold-copper mineralization at Hot Maden occurs as sub-vertical, quartz-

sulphide and jasperoidal breccia bodies. The deposit contains 7.1 million indicated tonnes of 12.2 grams gold and 2.3% copper, and 718,000 inferred tonnes of 2.7 grams gold and 0.9% copper, assuming an equivalent 2 gram gold cut-off. The 13-hole program also tested for a deep fault offset block of Main zone mineralization beneath the Ridge target in the resource’s southern area. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Lakeside Mnrls Randsburg Intl Tiller Res MacDonald Mns Morro Bay Pac Link Mng Millstream Min Nubian Res Lancaster Cap Engold Mines Whitemud Res Nickel North Gold Ridge Exp Acme Res Inc Claim Post Res Braveheart Res Canasil Res Gitennes Expl TVI Pacific Goldstrike Res

LAK.H RGZ.H TIR.H BMK MRB PKC.H MLM NBR LHC EGM WMK.H NNX GEA.H ARI CPS BHT CLZ GIT TVI GSR

863 70 21 182 72 250 149 126 104 1927 51 460 167 28 2728 23 2255 761 263 4925

0.04 0.02 0.08 0.01 0.01 0.02 0.08 0.20 0.30 0.19 0.01 0.04 0.32 0.10 0.03 0.06 0.39 0.04 0.02 0.22

0.00 0.01 0.04 0.00 0.00 0.01 0.04 0.13 0.16 0.09 0.00 0.02 0.18 0.00 0.02 0.04 0.27 0.02 0.01 0.14

0.04 0.02 0.08 0.01 0.01 0.02 0.08 0.20 0.30 0.14 0.01 0.02 0.18 0.07 0.02 0.04 0.30 0.02 0.01 0.14

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 250.0 + 200.0 + 128.6 + 100.0 + 100.0 + 100.0 + 100.0 + 95.0 + 87.5 + 75.0 - 50.0 - 50.0 - 41.7 - 41.7 - 40.0 - 36.4 - 34.4 - 33.3 - 33.3 - 33.3

VOLUME WEEK (000s) CLOSE CHANGE

Almadex Min Gold Reserve Mariana Res G4G Capital Delrand Res Rockridge Cap Regulus Res Viscount Mng Lancaster Cap Giyani Gold IsoEnergy Ltd Till Capital Gold Std Vents Chesapeake Gld Orex Mnrls Blue Sky Uran Zenyatta Vent Mirasol Res Canasil Res Bear Creek Mng

AMZ GRZ MRA GGC DRN.H RRC REG VML LHC WDG ISO TIL GSV CKG REX BSK ZEN MRZ CLZ BCM

1063 60 695 249 36 121 189 1952 104 2097 35 5 966 71 1888 80 245 147 2255 411

1.54 5.60 1.23 0.92 0.65 0.35 1.30 0.63 0.30 0.41 1.14 4.95 3.17 4.50 0.58 0.41 1.09 2.29 0.30 2.64

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

0.47 0.25 0.21 0.21 0.15 0.15 0.15 0.14 0.14 0.12 0.36 0.25 0.19 0.19 0.18 0.18 0.16 0.16 0.16 0.15

U.S. MARKETS / OCTOBER 24–28 Real gross domestic product in the third quarter increased at a 2.9% annual rate, according to an advance estimate by the U.S. Bureau of Economic Analysis. Real GDP in the second quarter increased 1.4%. The second estimate for the third quarter based on more complete data will be released on Nov. 29. Concern over the outcome of the U.S. presidential elections and its impact on the larger economy continued to worry investors. The Dow Jones Industrial Average edged up 0.1% to 18,161.19, while the S&P 500 Index moved lower, down 0.7% to 2,126.41. The New York spot price for gold rose US$9 per oz. to finish at US$1,274.70 per oz., and the Philadelphia Gold & Silver Index fell 2.4% to 84.77. West Texas Intermediate crude oil closed at US$49 per barrel. Shares of Rio Tinto jumped 5.1%, or US$1.66, to US$34.53. The miner signed a non-binding agreement to sell its entire stake in the giant Simandou iron ore project in Guinea to Chinalco. The agreement sets out the proposed terms of the sale with the goal of signing a binding agreement within six months. Rio Tinto would receive payments of US$1.1 to US$1.3 billion based on

6_NOV 7_MarketNews.indd 6

the timing of the project’s development. The initial payment for shares would start at the time of first commercial production, on a per-tonne basis. Vale’s shares were the most traded, rising 10.2%, or US64¢, to US$6.90. The company reported net revenues in the third quarter of US$7.3 billion — up US$698 million from the second quarter — due to higher sales for iron ore fines and pellets (US$275 million), nickel and copper (US$95 million), and coal (US$25 million), along with higher sales volumes of fertilizers (US$142 million), and for its ferrous business segment (US$127 million). U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Vale* VALE 208436 7.05 6.38 6.90 + 0.64 Freeport McMo* FCX 165640 11.18 9.85 10.93 + 0.89 Yamana Gold* AUY 120098 3.95 3.38 3.42 - 0.40 United States S* X 104508 20.93 19.04 19.31 - 0.47 Vale* VALE.P 84773 6.77 6.04 6.47 + 0.57 Kinross Gold* KGC 84415 3.98 3.66 3.74 - 0.18 Barrick Gold* ABX 75202 17.94 16.29 17.08 + 0.16 Chevron* CVX 44427 105.03 99.87 103.82 + 2.52 Alcoa* AA 41374 28.53 26.76 28.37 + 1.49 Teck Res* TCK 39040 21.69 19.75 21.07 + 0.57

Net income totalled US$575 million, down from US$1.1 billion posted in the second quarter. The US$531-million decrease mostly came from foreign exchange rate variations (US$2.2 billion). Underlying earnings (after adjusting for one-off effects) were US$954

million, mainly after adjustments for foreign exchange variation (US$330 million). Yamana Gold’s shares fell 10.5%, or US40¢, to US$3.42 as it posted US$464.3 million in quarterly revenue and a net loss of US$2.1 million. TNM

U.S. GREATEST PERCENTAGE CHANGE

Mechel* Vale* Vale* Freeport McMo* Alcoa* Rio Tinto* Suncor Energy* Stillwater Mg* Teck Res* NACCO Ind* Natural Res Pt* Primero Mng* Alamos Gold* McEwen Mng* Sibanye Gold* Eldorado Gold* Yamana Gold* Endeavr Silver* Gold Fields* First Majestic*

MTL VALE VALE.P FCX AA RIO SU SWC TCK NC NRP PPP AGI MUX SBGL EGO AUY EXK GFI AG

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

8083 5.25 4.25 4.86 + 27.2 208436 7.05 6.38 6.90 + 10.2 84773 6.77 6.04 6.47 + 9.7 165640 11.18 9.85 10.93 + 8.9 41374 28.53 26.76 28.37 + 5.5 15964 34.82 32.84 34.53 + 5.1 27087 31.52 28.84 30.84 + 4.8 9702 13.73 12.53 13.03 + 3.4 39040 21.69 19.75 21.07 + 2.8 56 75.00 71.45 73.25 + 2.6 309 30.17 25.11 26.00 - 13.5 4168 1.64 1.37 1.40 - 13.0 11673 8.88 7.47 7.68 - 11.7 18199 3.57 3.03 3.12 - 11.1 5936 12.42 10.64 10.99 - 11.1 26320 3.78 3.27 3.33 - 10.7 120098 3.95 3.38 3.42 - 10.5 8018 4.72 4.13 4.23 - 7.6 22271 4.38 3.93 4.05 - 6.7 20536 8.52 7.65 7.78 - 5.6

U.S. GREATEST VALUE CHANGE

VOLUME WEEK (000s) CLOSE CHANGE

AMZ GRZ MRA GGC DRN.H RRC REG VML LHC WDG ISO TIL GSV CKG REX BSK ZEN MRZ CLZ BCM

1063 60 695 249 36 121 189 1952 104 2097 35 5 966 71 1888 80 245 147 2255 411

1.54 5.60 1.23 0.92 0.65 0.35 1.30 0.63 0.30 0.41 1.14 4.95 3.17 4.50 0.58 0.41 1.09 2.29 0.30 2.64

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

0.47 0.25 0.21 0.21 0.15 0.15 0.15 0.14 0.14 0.12 0.36 0.25 0.19 0.19 0.18 0.18 0.16 0.16 0.16 0.15

2016-11-01 5:26 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / NOVEMBER 7–13, 2016

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 Tuesday, November 1, 2016 Precious Metals Price (US$/oz.) Change 1284.40 +15.10 Gold Silver $18.24 +0.51 Platinum $979.00 +43.00 Palladium $615.00 -11.00 Base Metals Nickel Copper Lead Zinc

TSX WARRANTS

PRODUCER AND DEALER PRICES

SPOT PRICES COURTESY OF SCOTIABANK

Price (US$/tonne) Change $10450.00 -20.00 $4878.00 +26.00 $2057.00 -7.50 $2456.50 -5.00

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, October 31, 2016 (change from October 24, 2016 in brackets): Aluminium Alloy 13680 (0) 2141300 (-40975) Aluminium Copper 320825 (-19125) 188525 (-225) Lead Nickel 363558 (+270) 2895 (-65) Tin 450800 (-3300) 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$13.06/lb. Copper: US$2.19/lb. Copper: CME Group Futures Nov. 2016: US$2.21/lb.; Dec. 2016: US$2.23/lb Ferro-Chrome: US$1.85/kg Ferro Titanium: US$3.87/kg FerroTungsten: US$24.04/kg Ferrovanadium: US$16.01/kg Iridium: NY Dealer Mid-mkt US$650.00/tr oz. Iron Ore 62% Fe CFR China-S: US$63.80/tonne Iron Ore Fines: US$52.54/tonne Iron Ore Pellets: US$72.61/tonne Lead: US$0.94/lb. Magnesium: US$2.04/kg Manganese: US$1.68/kg Molybdenum Oxide: US$6.92/lb. Phosphate Rock: US$111.00/tonne Potash: US$220.00/tonne Rhodium: Mid-mkt US$715.00/tr. oz. Ruthenium: Mid-mkt US$40.00/tr. oz. Silver: Handy & Harman Base: US$17.83 per oz.; Handy & Harman Fabricated: US$22.29 per oz. Tantalite Ore : US$128.61/kg Tin: US$9.53/lb. Uranium: U3O8, Trade Tech spot price: US$20.00; The UX Consulting Company spot price: US$20.00/lb. Zinc: US$1.10/lb. Prices current Nov. 1, 2016

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

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

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

NORTH AMERICAN STOCK EXCHANGE INDICES TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

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

Short positions outstanding as of Oct 17, 2016 (with changes from Oct 03, 2016) Largest short positions GSV 3467942 3033800 10/3/2016 Gold Std Vents First Mg Fin FF 1695000 -180600 10/3/2016 Brazil Res BRI 1275000 68900 10/3/2016 Algold Res ALG 313342 180642 10/3/2016 BCM 271049 75759 10/3/2016 Bear Creek Mng Mason Graphite LLG 223500 -17900 10/3/2016 SOI 165400 139400 10/3/2016 Sirios Res Roxgold ROG 146281 -300466 10/3/2016 Integra Gold ICG 94241 -1577391 10/3/2016 Cruz Cap Corp CUZ 92100 89600 10/3/2016 GEM 73000 43000 10/3/2016 Pele Mtn Res Novo Res NVO 57219 39308 10/3/2016 Aston Bay BAY 45400 21700 10/3/2016 Red Eagle Mng RD 37482 28760 10/3/2016 IMPACT Silver IPT 27400 -294894 10/3/2016 Largest increase in short position Gold Std Vents GSV 3467942 3033800 10/3/2016 Algold Res ALG 313342 180642 10/3/2016 Sirios Res SOI 165400 139400 10/3/2016 Cruz Cap Corp CUZ 92100 89600 10/3/2016 BCM 271049 75759 10/3/2016 Bear Creek Mng Largest decrease in short position Integra Gold ICG 94241 -1577391 10/3/2016 Monument Mng MMY 2000 -590800 10/3/2016 ROG 146281 -300466 10/3/2016 Roxgold IMPACT Silver IPT 27400 -294894 10/3/2016 FF 1695000 -180600 10/3/2016 First Mg Fin

52-week

Index Oct 28 Oct 27 Oct 26 Oct 25 Oct 24 High Low 14807.56 14870.63 14923.01 15527.30 12400.15 S&P/TSX Composite 14785.29 14833.75 S&P/TSXV Composite 775.87 775.19 775.39 785.68 786.14 1050.26 883.52 868.61 871.70 868.35 869.73 872.75 896.74 709.99 S&P/TSX 60 S&P/TSX Global Gold 218.26 216.91 220.05 225.31 219.83 218.90 149.29

NEW 52-WEEK HIGHS AND LOWS OCTOBER 24–28, 2016 92 New Highs ABE Resources Alberta Star* Alderon Iron Alderon Iron* Aldever Res* Alliance Mng Alliance Res* Almadex Min Almadex Min* Alumina Inc* Amador Gold* Anglo American* AQM Copper Argo Gold Atico Mng Atico Mng* Aurania Res AuRico Metals Bannerman Res* Bearing Res Big North Grap

Bluenose Gold Canex Energy* Cardero Res Cataca Res* China Gold Int Copper Reef Mg Cornerstone Ca* Desert Gold Elysee Dev Engold Mines Engold Mines* EurOmax Res EurOmax Res* Finore Mng Finore Mng* First Quantum Fortescue Mtls* G4G Capital Giyani Gold Giyani Gold* Glencore Plc* Golden Eagle* GoldTrain Res

DAILY METAL PRICES Daily Metal Prices Date Oct 31 Oct 28 Oct 27 Oct 26 Oct 25 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1565/1580 1556/1580 1545/1560 1525/1540 1525/1540 Aluminum 1722.50/1723 1701/1701 1681/1686 1672/1680 1650/1658 Copper 4826.50/4840 4786/4797 4773.50/4781 4717/4726 4719/4732.50 Lead 2065/2082 2047.50/2057 2063/2073 2057/2069 2068.50/2079 Nickel 10540/10570 10335/10350 10260/10290 10140/10190 10250/10310 Tin 20975/20700 20850/20590 20750/20490 20650/20345 20475/20150 2418/2412 2373.50/2374 2350.50/2356 2339/2351 2357.50/2370 Zinc

PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1274.20 1265.90 1269.30 1273.90 1269.30 Gold PM 1272.00 1273.00 N/A 1270.50 1269.40 Silver 17.76 17.61 17.66 17.66 17.73 Platinum 976.00 972.00 970.00 961.00 958.00 Palladium 612.00 616.00 617.00 631.00 636.00

Hawkeye Gld&Di Jaxon Mnls Jet Gold Komet Resource Laurion Mnl Ex* Logan Res* Lucky Mnls Mariana Res Mariana Res* MDN Inc* Mechel* Midland Expl Mineral Res* Morien Res* Morro Bay* Morumbi Res* NACCO Ind* Nubian Res Pancontinental Pancontinental* ProAm Expl Prospero Silvr Red Eagle Mng

Redstar Gold* Rheingold Expl Rio Tinto* Rise Res Inc Rise Res Inc* RJK Explor* RT Minerals* Silver Phoenix SinoCoking Cl* Stornoway Diam Strikepoint Gd Strikepoint Gd* Suncor Energy Suncor Energy* Teck Res Teck Res* Tiller Res Timberline Res* Uranium Hunter* Vale* Venerable Vent Walker River Wescan Gldflds

Yanzhou Coal* Yorbeau Res

19 New Lows Aldever Res* Bravura Vent * Commerce Res* Comstock Mng* eCobalt Solns* First Point Hard Creek Ni* IsoEnergy Ltd JDL Gold* Kesselrun Res* Lithium Amer* Medinah Mnrls* Noram Vent* Primero Mng Primero Mng* Stone Ridge Ex Trio Resources* Tudor Gold * Wolfeye Res

CANADIAN GOLD MUTUAL FUNDS Fund Oct 28 ($) AGF Prec Mtls Fd MF 26.79 21.11 BMO Prec Mtls Fd A BMO ZGD 11.04 BMO ZJG 9.18 CIBC Prec Metal Fd A 12.13 Dyn Prec Metls Fd A 8.04 Horizons HEP IGMacGloPrecMetCl A 9.91 iShares XGD 56.14 Mac Prec Met Cl A NB Prec Met Fd Inv 14.29 RBC GblPreMetFd A 36.63 Redw UITGoDe&ProCl A Sentry Pre Met Fd A 46.93 Sprott Gold&PrMinFdA 41.84 Sprott SilverEquCl A 7.53 TD PreciousMetalsInv 41.78

Oct 21 ($) Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) 27.77 -0.98 -3.53 87.35 2.78 208.47 21.67 -0.57 -2.61 86.16 2.40 81.17 11.51 -0.47 -4.06 85.37 0.63 9.61 -0.43 -4.43 100.69 0.60 12.47 -0.34 -2.73 58.81 2.62 64.39 8.38 -0.34 -4.06 112.04 2.75 496.12 28.95 -1.04 -3.57 77.81 0.81 10.14 -0.24 -2.34 102.67 2.76 106.90 13.99 -0.41 -2.93 83.21 0.61 729.79 57.46 -1.32 -2.30 106.48 2.51 146.89 14.72 -0.43 -2.92 89.73 2.46 44.26 37.68 -1.04 -2.77 96.21 2.12 477.01 10.00 48.16 -1.22 -2.54 102.47 2.90 278.44 43.42 -1.58 -3.64 93.93 3.19 294.77 7.81 -0.28 -3.62 143.74 3.23 106.58 43.01 -1.23 -2.86 84.46 2.26 179.69

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

Oct 28 Oct 27 Oct 26 Oct 25 Oct 24 1.3396 1.3386 1.3379 1.3351 1.3287 0.7465 0.7470 0.7474 0.7490 0.7531

Exchange rates (Quote Media, October 28, 2016) C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand C$ to AUS 0.9824 0.6794 78.1605 14.1655 10.3205 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 0.6124 5.0610 49.8540 0.7373 857.0608 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.3161 0.9103 104.7315 18.9824 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.8204 6.7756 66.7785 0.9878 1147.3100

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.$

7_NOV 7_MMMM.indd 7

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

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

1 gram per (metric) tonne = 0.02917 troy ounces per (short) ton = 0.03215 troy ounces per (metric) tonne 1 kilometre = 0.6214 miles 1 hectare = 2.47 acres

GLOBAL MINING NEWS · SINCE 1915

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2016-11-01 5:27 PM

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NOVEMBER 7–13, 2016 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: OCTOBER 24–28, 2016 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A 92 Resources V 1016 0.22 0.18 0.21 + 0.01 0.28 0.03 Abacus Mng &Ex V 774 0.05 0.04 0.04 - 0.01 0.07 0.04 Abcourt Mines* O 79 0.07 0.06 0.06 - 0.00 0.10 0.02 V 62 0.04 0.03 0.04 + 0.02 0.05 0.02 ABE Resources Aben Res* O 78 0.09 0.00 0.09 + 0.01 0.26 0.03 Aben Res V 513 0.11 0.10 0.11 + 0.02 0.34 0.06 Aberdeen Intl* O 61 0.12 0.11 0.11 - 0.00 0.16 0.07 Aberdeen Intl T 452 0.16 0.15 0.15 - 0.01 0.24 0.10 8.50 + 0.06 9.95 2.30 Abitibi Royalt V 8 8.80 8.11 ABT Holdings* O 29 0.28 0.20 0.28 + 0.04 0.76 0.05 Acme Res Inc V 28 0.10 0.00 0.07 - 0.05 0.12 0.02 Adamera Mnls* O 100 0.06 0.04 0.05 - 0.01 0.12 0.01 Adex Mining V 1557 0.02 0.01 0.01 - 0.01 0.02 0.01 0.14 + 0.02 0.15 0.10 Adriana Res V 408 0.15 0.13 Advance Gold V 74 0.06 0.06 0.06 + 0.01 0.10 0.01 Advantage Lith V 529 1.04 0.95 0.96 - 0.02 1.21 0.14 Advantage Lith* O 206 0.80 0.72 0.74 - 0.01 1.00 0.49 0.04 - 0.01 0.14 0.02 African Queen V 196 0.05 0.04 Agave Silver V 89 0.10 0.09 0.09 - 0.01 0.15 0.02 0.07 + 0.00 0.12 0.01 Agave Silver* O 5 0.07 0.07 Agnico Eagle T 3435 67.37 63.71 66.17 + 0.84 78.35 33.00 Agnico Eagle* N 8441 50.20 47.67 49.40 + 0.35 60.10 24.80 Agrium T 1667 126.20 121.01 124.50 + 3.29 133.25 104.70 Agrium* N 2496 94.45 90.80 93.05 + 2.02 100.24 79.94 935 0.05 0.04 0.05 - 0.01 0.14 0.03 Aguila Amer Gd V Aim Explor* O 4117 0.01 0.00 0.00 + 0.00 75.00 0.00 Alabama Graph* O 883 0.11 0.09 0.10 - 0.00 0.17 0.08 V 3664 0.14 0.12 0.13 - 0.01 0.23 0.11 Alabama Graph 2.69 - 0.33 3.79 2.08 Alacer Gold T 6221 3.18 2.64 Alamos Gold T 5990 11.86 10.01 10.26 - 1.34 13.65 3.27 Alamos Gold* N 11673 8.88 7.47 7.68 - 1.02 10.41 2.27 Alberta Star* O 37 0.32 0.00 0.32 + 0.04 0.30 0.12 N 41374 28.53 26.76 28.37 + 1.49 34.50 18.42 Alcoa* Alderon Iron* O 129 0.34 0.16 0.21 + 0.06 0.34 0.05 0.29 + 0.10 0.48 0.07 Alderon Iron T 10551 0.48 0.18 Aldever Res* O 85 0.11 0.00 0.08 - 0.02 0.11 0.06 Aldever Res V 658 0.15 0.10 0.12 - 0.01 0.69 0.09 0.29 + 0.01 0.34 0.12 Aldridge Mnrls V 156 0.29 0.27 Aldrin Res* O 50 0.07 0.07 0.07 + 0.00 0.12 0.06 0.09 - 0.01 0.15 0.08 Aldrin Res V 79 0.09 0.09 Alexandria Min* O 71 0.05 0.04 0.05 + 0.00 0.10 0.01 Alexco Res T 998 2.49 2.25 2.45 + 0.04 3.31 0.35 1.83 + 0.01 2.54 0.22 Alexco Res* X 1802 1.87 1.68 Algold Res V 710 0.36 0.33 0.35 - 0.01 0.44 0.07 0.08 + 0.00 0.17 0.07 Alianza Min* O 29 0.08 0.08 Alianza Min V 131 0.13 0.12 0.13 + 0.01 0.21 0.10 V 1166 0.08 0.06 0.07 - 0.01 0.18 0.04 Alix Res Alliance Mng V 8696 0.05 0.03 0.04 + 0.01 0.05 0.01 Alliance Res* D 1649 24.75 23.05 24.00 + 0.55 24.00 9.95 1.75 + 0.10 2.44 0.67 Almaden Mnls T 148 1.75 1.62 Almaden Mnls* X 720 1.33 1.21 1.30 + 0.05 1.88 0.50 Almadex Min V 1063 1.65 1.15 1.54 + 0.47 1.65 0.14 1.16 + 0.29 1.24 0.09 Almadex Min* O 804 1.24 0.87 Almonty Ind V 137 0.25 0.22 0.24 + 0.01 0.55 0.20 Alphamin Res V 634 0.28 0.27 0.28 + 0.01 0.33 0.16 Alset Energy V 2350 0.15 0.11 0.12 - 0.01 0.84 0.02 Alta Vista Vnt 169 0.05 0.04 0.05 + 0.01 0.25 0.03 0.07 - 0.02 0.16 0.03 Altai Res V 1277 0.09 0.06 Altair Res Inc V 64 0.18 0.17 0.17 - 0.01 0.70 0.09 539 0.02 0.02 0.02 - 0.01 0.04 0.01 Altan Rio Mnls V Altitude Res V 54 0.15 0.12 0.13 - 0.03 0.21 0.02 Alto Vent V 178 0.07 0.06 0.07 + 0.02 0.09 0.02 451 0.12 0.09 0.09 - 0.04 0.30 0.06 Altura Mng Ltd* O Alturas Mnrls V 98 0.05 0.04 0.05 + 0.01 0.08 0.01 4.68 + 0.10 4.94 2.70 Alumina Inc* O 148 4.94 4.62 ALX Uranium* O 175 0.07 0.06 0.07 + 0.00 0.10 0.03 Am CuMo Mng V 162 0.09 0.08 0.09 + 0.01 0.16 0.06 44 0.06 0.06 0.06 - 0.00 0.12 0.04 Am CuMo Mng* O Am Manganese V 4013 0.19 0.14 0.18 + 0.03 0.26 0.01 O 682 0.13 0.10 0.13 + 0.01 0.20 0.01 Am Manganese* Amarc Res* O 10 0.08 0.07 0.08 + 0.01 0.10 0.02 Amarc Res V 191 0.10 0.08 0.10 + 0.02 0.13 0.04 Amarillo Gold V 118 0.35 0.31 0.35 + 0.02 0.68 0.04 Amazing OG* O 76 0.50 0.32 0.48 + 0.17 1.06 0.30 O 87 0.02 0.01 0.01 - 0.01 0.07 0.00 Amer Vanadium* American Lith* O 96 0.32 0.28 0.30 - 0.01 1.24 0.10 American Lith V 1292 0.43 0.39 0.39 - 0.04 1.62 0.05 0.07 + 0.02 0.14 0.03 American Pot 123 0.07 0.06 Americas Silvr T 4557 0.33 0.30 0.32 + 0.01 0.48 0.09 Americas Silvr* O 1167 0.25 0.22 0.24 - 0.00 0.37 0.04 Amerigo Res T 455 0.18 0.16 0.17 + 0.01 0.33 0.10 Amerigo Res* O 145 0.13 0.11 0.13 + 0.01 0.23 0.07 V 305 0.07 0.06 0.07 + 0.01 0.10 0.03 AMI Res Anfield Nickel V 315 1.34 1.30 1.34 + 0.02 1.94 0.52 0.10 - 0.00 0.22 0.06 Anfield Res* O 15 0.10 0.10 Anfield Res V 1371 0.14 0.11 0.11 - 0.04 0.31 0.05 Angel Gold* O 140 0.07 0.05 0.06 - 0.01 0.11 0.01 0.08 - 0.01 0.15 0.01 Angel Gold V 202 0.10 0.08 Angkor Gold V 117 0.44 0.41 0.42 - 0.02 0.50 0.39 O 2869 6.91 6.56 6.81 + 0.02 6.91 1.57 Anglo American* Anglo American* O 16 13.78 0.00 13.19 - 0.30 13.78 3.13 AngloGold Ash* N 16486 14.07 13.15 13.52 - 0.36 22.91 6.20 Antipodes Gold V 75 0.03 0.03 0.03 + 0.01 0.04 0.01 Antofagasta* O 27 6.29 6.29 6.29 - 0.16 7.79 5.24 APAC Res Inc 430 0.09 0.07 0.09 + 0.02 0.14 0.03 Apogee Opport V 220 0.24 0.20 0.20 - 0.01 0.44 0.11 3 0.19 0.17 0.17 - 0.02 0.32 0.08 Apogee Opport * O 272 0.39 0.34 0.39 + 0.05 0.54 0.15 Apple Cap Inc V Applied Mrnls* O 1873 0.14 0.10 0.12 - 0.02 0.43 0.10 AQM Copper V 773 0.20 0.13 0.16 + 0.04 0.20 0.03 0.20 - 0.01 0.25 0.09 Aquila Res* O 432 0.21 0.18 Aquila Res T 325 0.28 0.24 0.27 - 0.01 0.32 0.13 Arcturus Vents V 724 0.03 0.02 0.02 - 0.01 0.03 0.01 Arcus Dev Grp V 2106 0.14 0.09 0.10 + 0.03 0.20 0.02 Arena Mnls V 494 0.17 0.15 0.16 - 0.01 0.34 0.15 Arena Mnls* O 5 0.12 0.12 0.12 - 0.01 0.25 0.12 0.59 - 0.11 0.83 0.04 Argentina Lith V 168 0.70 0.56 Argentina Lith* O 16 0.63 0.48 0.52 + 0.03 0.63 0.03 Argentum Silvr V 46 0.29 0.24 0.28 - 0.01 0.35 0.02 Argex Titanium T 1480 0.07 0.06 0.06 - 0.01 0.11 0.02 Argex Titanium* O 31 0.05 0.04 0.04 - 0.00 0.09 0.01 0.09 + 0.02 0.09 0.06 Argo Gold 150 0.09 0.09 Argonaut Gold T 3495 3.11 2.65 2.72 - 0.35 4.45 0.78 Argonaut Gold* O 185 2.29 2.00 2.02 - 0.28 3.38 0.53 Arian Silver* O 595 0.02 0.01 0.01 + 0.00 0.19 0.00 Arianne Phosph V 69 0.90 0.85 0.86 + 0.01 1.25 0.68 Arianne Phosph* O 31 0.68 0.63 0.64 - 0.00 0.98 0.52 Arrowstar Res V 54 0.09 0.00 0.09 + 0.01 0.17 0.04 Asanko Gold T 5722 5.40 4.82 4.85 - 0.48 6.09 1.77 Asanko Gold* X 1605 4.05 3.60 3.63 - 0.38 4.68 1.27 0.21 + 0.01 0.27 0.05 Asante Gold 76 0.21 0.19 0.16 + 0.05 0.19 0.05 Asante Gold* O 75 0.16 0.16 Ascot Res V 267 2.51 2.27 2.30 - 0.10 2.83 0.80 Ashburton Vent* O 50 0.02 0.02 0.02 + 0.00 0.06 0.01 AsiaBaseMetals V 18 0.26 0.18 0.18 - 0.08 0.40 0.04 Asiamet Res V 30 0.05 0.00 0.05 + 0.01 0.08 0.02 Aston Bay V 32 0.31 0.25 0.25 - 0.05 0.49 0.13 Astorius Res V 924 0.37 0.29 0.35 + 0.05 0.41 0.01 ATAC Res V 571 0.57 0.54 0.55 - 0.02 0.95 0.26 Atacama Pac Gd* O 22 0.37 0.32 0.35 + 0.03 0.79 0.09 Atacama Pac Gd V 6048 0.49 0.41 0.49 + 0.05 1.02 0.14 V 446 0.23 0.19 0.19 - 0.02 0.32 0.15 Athabasca Mnls Athabasca Mnls* O 112 0.17 0.15 0.17 + 0.02 0.23 0.11 Atico Mng V 925 0.75 0.62 0.68 + 0.01 0.75 0.16 Atico Mng* O 564 0.57 0.48 0.53 + 0.02 0.57 0.12 Atlanta Gold V 45 0.08 0.07 0.07 - 0.01 0.11 0.05 Atlantic Gold V 799 1.02 0.95 1.00 - 0.02 1.06 0.23 Atlatsa Res T 21 0.09 0.00 0.09 + 0.01 0.13 0.03 Atom Energy V 5 0.30 0.00 0.30 + 0.05 0.75 0.16 Augustine Vent 278 0.12 0.10 0.11 + 0.01 0.17 0.03 Aura Mnls T 98 0.18 0.17 0.18 - 0.01 0.31 0.07 Aurania Res V 67 0.73 0.55 0.73 + 0.08 0.71 0.32 Aurcana Corp* O 83 0.40 0.35 0.37 - 0.03 0.63 0.07 Aurcana Corp V 199 0.55 0.47 0.50 - 0.03 0.80 0.09 AurCrest Gold V 123 0.03 0.03 0.03 - 0.01 0.05 0.01 Aureus Mng* O 58 0.03 0.00 0.02 + 0.00 0.24 0.02 AuRico Metals * O 673 0.91 0.82 0.90 + 0.07 0.91 0.37 AuRico Metals T 1979 1.23 1.09 1.19 + 0.08 1.22 0.55 Aurion Res V 316 0.41 0.37 0.39 - 0.02 0.49 0.05 Aurvista Gold V 3108 0.26 0.16 0.23 + 0.07 0.39 0.03 Aurvista Gold* O 303 0.19 0.12 0.19 + 0.07 0.29 0.02 Auryn Res* O 187 2.16 2.02 2.07 - 0.04 3.18 0.70 Avalon Adv Mat T 466 0.19 0.16 0.17 - 0.01 0.33 0.10 Avalon Adv Mat* O 169 0.14 0.11 0.13 - 0.00 0.26 0.07 Avarone Metals 1200 0.04 0.03 0.04 - 0.01 0.14 0.02 Avino Silver V 193 2.75 2.48 2.62 - 0.02 4.05 1.03 Avino Silver* X 1090 2.07 1.86 1.94 - 0.05 3.14 0.71 Avnel Gold * O 680 0.20 0.19 0.20 - 0.00 0.30 0.13 Avnel Gold T 1155 0.27 0.25 0.27 + 0.02 0.39 0.18 Avrupa Mnls V 333 0.17 0.15 0.17 + 0.01 0.25 0.08 Avrupa Mnls* O 66 0.13 0.12 0.12 - 0.00 0.19 0.05

8-10_NOV 7_StockTables.indd 8

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

AXE Expl V 1195 Axmin Inc* O 0 Axmin Inc V 110 AZ Mining T 3563 Azarga Mtls V 47 Azarga Mtls* O 9 Azarga Uranium T 53 Azarga Uranium* O 24 Azimut Expl V 53 Azincourt Uran* O 67 V 201 Azincourt Uran

0.04 0.03 0.04 + 0.01 0.04 0.01 0.03 0.03 0.03 - 0.00 0.06 0.00 0.05 0.00 0.04 - 0.01 0.10 0.01 2.96 2.67 2.84 + 0.24 2.99 0.27 0.57 0.41 0.51 + 0.01 0.60 0.05 0.38 0.00 0.38 - 0.02 1.00 0.03 0.23 0.20 0.23 + 0.02 0.40 0.20 0.17 0.15 0.17 + 0.02 0.29 0.15 0.50 0.44 0.45 - 0.03 0.68 0.10 0.04 0.04 0.04 - 0.00 0.07 0.02 0.07 0.05 0.06 + 0.01 0.08 0.04

B2Gold T 32497 Bacanora Mnls V 67 Balmoral Res T 858 Balmoral Res* O 342 Bama Gold 200 O 275 Bannerman Res* Banro T 1066 X 3151 Banro* Bard Vent V 62 Barisan Gold* O 28 Barkerville Go V 562 Barkerville Go* O 103 Baroyeca Go&Si V 377 Barrick Gold* N 75202 Barrick Gold T 21133 Barsele Min V 183 Barsele Min* O 38 Batero Gold V 249 274 Battle Mtn Gld V Battle Mtn Gld* O 57 O 43 Bayhorse Silvr* Bayswater Uran* O 1 V 67 BC Moly BCGold V 105 BCM Res V 81 Bear Creek Mng V 411 Bearing Res V 652 Beaufield Res V 479 O 22 Beaufield Res* Beeston Ent* O 7 V 50 Bell Copper V 30 Bellhaven Cp&G Bellhaven Cp&G* O 128 Belmont Res V 517 Belo Sun Mng T 875 Belvedere Res V 5801 Benton Res V 211 Berkeley Egy* O 37 Berkwood Res V 447 Besra Gold* O 517 Big Bar Res V 41 Big North Grap* O 125 Big North Grap V 1136 Bitterroot Res V 88 Black Hills* N 1125 Black Sea Cop V 208 Black Sea Cop* O 16 Blackheath Res V 461 BLOX Inc* O 73 Blue Sky Uran* O 1 80 Blue Sky Uran V Bluestone Res V 24 Bold Vent V 117 BonTerra Res* O 118 BonTerra Res V 742 Borneo Res Inv* O 1925 Bowmore Expl V 83 Bravada Gold* O 62 Bravada Gold V 228 V 23 Braveheart Res Bravo Multinat* O 5073 Bravura Vent 2802 Bravura Vent * O 262 Brazil Res V 1215 O 83 BrightRock Gld* Brilliant Sand* O 29 Brionor Res V 401 O 460 Britannia Mng* Brixton Mtls* O 173 Brixton Mtls V 579 Buenaventura* N 5964 Bullfrog Gold* O 728 Burey Gold* O 32

3.92 3.54 3.71 + 0.02 4.74 0.86 1.38 1.26 1.31 - 0.07 1.95 1.17 0.94 0.83 0.83 - 0.08 1.28 0.33 0.71 0.63 0.64 - 0.05 0.99 0.23 0.10 0.00 0.10 - 0.01 0.20 0.05 0.03 0.02 0.03 + 0.02 0.04 0.01 0.40 0.33 0.35 - 0.03 0.62 0.21 0.30 0.24 0.26 - 0.02 0.48 0.15 0.03 0.00 0.03 + 0.01 0.04 0.01 0.02 0.01 0.02 - 0.00 0.04 0.01 0.63 0.55 0.58 - 0.01 0.76 0.21 0.46 0.42 0.43 - 0.03 0.60 0.15 0.02 0.01 0.01 - 0.01 0.03 0.01 17.94 16.29 17.08 + 0.16 23.47 6.90 23.58 21.76 22.89 + 0.33 30.45 9.18 1.22 1.07 1.10 - 0.12 1.43 0.08 0.90 0.83 0.83 - 0.10 1.10 0.05 0.15 0.13 0.14 + 0.02 0.23 0.05 0.71 0.56 0.60 - 0.13 0.95 0.09 0.55 0.43 0.48 - 0.06 0.73 0.06 0.19 0.17 0.18 - 0.01 0.22 0.03 0.02 0.02 0.02 + 0.00 0.05 0.00 0.07 0.00 0.07 + 0.02 0.23 0.03 0.06 0.06 0.06 + 0.01 0.13 0.03 0.11 0.07 0.10 - 0.01 0.32 0.04 2.85 2.60 2.64 - 0.15 3.77 0.50 0.40 0.26 0.38 + 0.11 0.39 0.13 0.10 0.08 0.08 - 0.01 0.16 0.03 0.07 0.07 0.07 + 0.01 0.12 0.03 0.00 0.00 0.00 - 0.00 0.01 0.00 0.06 0.04 0.06 + 0.01 0.07 0.01 0.59 0.46 0.59 + 0.06 0.78 0.03 0.34 0.34 0.34 + 0.01 0.61 0.02 0.08 0.06 0.07 + 0.01 0.12 0.02 1.05 0.97 0.99 - 0.06 1.10 0.22 0.06 0.04 0.06 + 0.01 0.09 0.01 0.08 0.08 0.08 + 0.01 0.10 0.03 0.61 0.59 0.61 + 0.04 0.67 0.31 0.16 0.11 0.16 + 0.04 0.25 0.01 0.00 0.00 0.00 + 0.00 0.02 0.00 0.42 0.37 0.37 - 0.05 0.69 0.29 0.14 0.14 0.14 + 0.01 0.16 0.01 0.24 0.19 0.22 + 0.04 0.24 0.02 0.06 0.04 0.04 - 0.02 0.08 0.03 61.27 59.32 60.63 + 1.41 64.58 40.00 0.35 0.31 0.31 - 0.03 0.54 0.32 0.27 0.00 0.26 - 0.00 0.46 0.25 0.10 0.06 0.09 - 0.01 0.18 0.06 0.02 0.01 0.02 + 0.00 0.03 0.01 0.44 0.31 0.31 - 0.13 0.47 0.02 0.59 0.00 0.41 - 0.18 0.74 0.04 0.11 0.00 0.11 - 0.01 0.23 0.05 0.04 0.04 0.04 - 0.01 0.06 0.02 0.22 0.22 0.22 + 0.01 0.37 0.12 0.31 0.28 0.28 - 0.02 0.51 0.17 0.00 0.00 0.00 + 0.00 0.00 0.00 0.12 0.09 0.10 + 0.02 0.16 0.04 0.18 0.15 0.18 + 0.02 0.31 0.02 0.24 0.00 0.24 + 0.02 0.40 0.03 0.06 0.04 0.04 - 0.02 0.08 0.02 0.02 0.01 0.01 - 0.01 0.10 0.01 0.38 0.20 0.28 - 0.07 0.59 0.02 0.29 0.15 0.18 - 0.07 0.49 0.15 2.69 2.47 2.55 - 0.11 3.35 0.38 0.00 0.00 0.00 - 0.00 0.01 0.00 0.04 0.04 0.04 + 0.00 0.13 0.04 0.04 0.03 0.03 - 0.01 0.05 0.01 0.00 0.00 0.00 - 0.00 0.01 0.00 0.38 0.32 0.35 - 0.03 0.92 0.03 0.50 0.42 0.49 - 0.01 1.20 0.05 13.88 12.50 12.91 - 0.71 16.45 3.30 0.15 0.10 0.14 + 0.01 0.19 0.01 0.07 0.06 0.06 + 0.01 0.10 0.03

Cache Expl V 81 Cadan Res V 346 Cadillac Vent V 732 Q 251 Caledonia Mng* Caledonia Mng T 370 Calibre Mng V 1679 California Gl* O 32 California Gld V 246 Callinex Mines V 1970 Callinex Mines* O 288 Cameco Corp* N 10030 Cameco Corp T 5421 Cameo Res V 1730 Camino Mnls V 123 Camrova Res V 115 Can-Cal Res* O 28 Canada Coal V 37 Canadian Zeol* O 76 Canadian Zeol V 606 CanAlaska Uran V 176 CanAm Coal* O 25 O 15 Canamex Res* Canamex Res V 525 Canarc Res T 873 Canarc Res* Q 234 Canasil Res V 2255 Cancana Res V 44 Candente Coppr T 89 Canex Energy V 476 CaNickel Mng* O 42 CaNickel Mng V 21 Canoe Mng Vent V 39 Canterra Mnls V 93 Cantex Mn Dev V 159 Cap-Ex Iron V 1594 Capstone Mng T 2484 Caracara Silvr V 112 Cardero Res* O 132 Cardero Res V 101 Cariboo Rose V 48 Carpathian Gld T 381 Carpathian Gld* O 38 Cartier Iron 335 Cartier Res V 473 V 15 Carube Copper Casablanca Mng* O 80 Cascadero Copp V 375 Castle Mtn Mng V 1204 Cataca Res* O 4996 Cava Res V 9 Caza Gold* O 91 Caza Gold V 61 Cda Carbon V 371 Cda Carbon* O 14 Cda Rare Earth V 888 Cda Strtgc Met V 1595 Cda Zinc Mtls V 364 Cdn Intl Mnrls V 492 Cdn Metals 320 Cdn Silvr Hunt V 202 Cdn Zinc T 1754 Cdn Zinc* Q 279 Centamin T 77 Centaurus Diam* O 145 Centenera Mng V 166 Centenera Mng* O 42 Centerra Gold T 5002 Central Iron V 308 Centurion Mnls V 970 Century Global T 2231 Chalice Gold M T 38 Chalice Gold M* O 50 Champion Bear V 110

0.10 0.10 0.10 + 0.02 0.15 0.03 0.06 0.05 0.06 + 0.01 0.09 0.03 0.04 0.03 0.03 - 0.01 0.05 0.01 1.81 1.50 1.59 - 0.20 1.84 0.48 2.40 2.02 2.12 - 0.25 2.42 0.66 0.15 0.13 0.14 - 0.01 0.27 0.06 0.38 0.35 0.36 - 0.02 0.56 0.35 0.52 0.47 0.52 + 0.02 0.80 0.30 0.58 0.47 0.55 + 0.04 0.69 0.23 0.43 0.36 0.40 + 0.03 0.54 0.17 8.10 7.81 7.93 - 0.11 14.40 7.45 10.82 10.42 10.62 - 0.08 18.98 9.88 0.04 0.04 0.04 + 0.01 0.10 0.04 0.17 0.00 0.17 - 0.01 0.29 0.07 0.20 0.15 0.17 - 0.06 0.60 0.10 0.06 0.05 0.05 - 0.01 0.08 0.03 0.05 0.04 0.04 + 0.01 0.06 0.01 0.30 0.00 0.29 + 0.00 0.36 0.06 0.41 0.36 0.41 + 0.03 0.47 0.08 0.52 0.48 0.48 - 0.02 1.55 0.09 0.01 0.00 0.01 + 0.01 0.04 0.00 0.10 0.09 0.09 - 0.01 0.11 0.09 0.14 0.12 0.13 + 0.01 0.30 0.10 0.13 0.11 0.12 - 0.01 0.15 0.04 0.09 0.08 0.08 - 0.00 0.12 0.03 0.39 0.27 0.30 - 0.16 0.73 0.04 0.40 0.00 0.38 + 0.01 0.52 0.13 0.10 0.10 0.10 + 0.01 0.18 0.03 0.14 0.13 0.14 - 0.01 0.15 0.03 0.06 0.05 0.06 + 0.00 0.08 0.01 0.07 0.00 0.07 - 0.01 0.11 0.03 0.08 0.07 0.07 - 0.01 0.10 0.02 0.07 0.06 0.07 + 0.01 0.10 0.03 0.09 0.07 0.09 + 0.02 0.15 0.03 0.18 0.16 0.17 + 0.01 0.19 0.01 0.83 0.74 0.79 + 0.04 0.97 0.27 0.02 0.01 0.02 + 0.01 0.03 0.01 0.18 0.13 0.17 + 0.06 0.18 0.05 0.24 0.18 0.24 + 0.04 0.26 0.08 0.09 0.09 0.09 + 0.01 0.12 0.03 1.10 0.98 0.98 - 0.08 1.45 0.98 0.78 0.74 0.77 + 0.01 1.06 0.75 0.04 0.00 0.04 - 0.01 0.11 0.01 0.17 0.15 0.16 + 0.02 0.19 0.04 0.11 0.00 0.11 + 0.01 0.20 0.05 0.00 0.00 0.00 + 0.00 0.00 0.00 0.12 0.11 0.11 - 0.01 0.17 0.03 1.05 0.91 0.93 - 0.11 1.30 0.21 1.94 1.23 1.93 + 0.56 1.65 0.20 0.52 0.00 0.49 - 0.01 0.78 0.04 0.04 0.03 0.04 - 0.00 0.06 0.01 0.05 0.04 0.05 + 0.01 0.07 0.02 0.29 0.27 0.27 - 0.01 0.42 0.24 0.22 0.20 0.20 - 0.01 0.28 0.18 0.04 0.03 0.03 + 0.01 0.05 0.02 0.15 0.10 0.13 + 0.02 0.26 0.03 0.36 0.32 0.34 - 0.01 0.44 0.10 0.03 0.03 0.03 - 0.01 0.13 0.01 0.12 0.12 0.12 - 0.02 0.44 0.06 0.05 0.05 0.05 + 0.01 0.05 0.01 0.24 0.20 0.21 - 0.03 0.41 0.06 0.18 0.15 0.15 - 0.02 0.32 0.04 2.59 2.51 2.55 + 0.02 3.05 1.19 0.07 0.05 0.05 - 0.04 0.34 0.03 0.45 0.38 0.40 - 0.01 0.50 0.02 0.33 0.30 0.33 + 0.03 0.37 0.03 7.13 6.51 6.60 - 0.17 8.22 5.64 0.03 0.02 0.03 + 0.01 0.03 0.01 0.09 0.07 0.08 + 0.01 0.18 0.04 0.25 0.17 0.17 - 0.08 0.35 0.15 0.15 0.00 0.15 - 0.01 0.21 0.10 0.09 0.09 0.09 - 0.00 0.18 0.08 0.08 0.00 0.08 - 0.01 0.11 0.03

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Champion Iron* O 187 0.21 0.19 0.20 + 0.01 0.23 0.10 Champion Iron T 1171 0.28 0.23 0.25 + 0.01 0.30 0.13 Chesapeake Gld V 71 4.80 4.41 4.50 - 0.19 6.50 1.72 Chesapeake Gld* O 69 3.60 3.30 3.35 - 0.16 5.03 1.24 Chevron* N 44427 105.03 99.87 103.82 + 2.52 107.58 75.33 Chilean Metals V 53 0.16 0.14 0.14 - 0.03 0.30 0.04 Chilean Metals* O 11 0.12 0.10 0.10 - 0.01 0.22 0.02 Chimata Gold V 1061 0.02 0.01 0.02 + 0.01 0.05 0.01 China Gold Int T 1277 3.51 3.24 3.43 - 0.03 3.51 1.72 China Mnls Mng V 141 0.02 0.00 0.02 - 0.01 0.03 0.01 CKR Carbon V 449 0.08 0.08 0.08 + 0.01 0.12 0.06 Claim Post Res V 2728 0.03 0.02 0.02 - 0.01 0.06 0.01 Clean Comm V 569 0.09 0.07 0.07 - 0.01 0.17 0.02 Clean Comm* O 14 0.05 0.05 0.05 + 0.00 0.13 0.01 Cleghorn Mnls V 279 0.11 0.09 0.11 + 0.02 0.13 0.08 Clifton Mng* O 40 0.15 0.13 0.13 - 0.01 0.16 0.05 Cloud Peak En* N 12582 6.23 5.10 6.01 + 0.12 6.38 1.08 CMC Metals V 923 0.13 0.00 0.13 - 0.01 0.28 0.05 Coeur Mng* N 20562 11.61 10.74 10.99 - 0.18 16.41 1.62 Colibri Res V 11 0.20 0.17 0.18 - 0.03 0.23 0.03 Colombian Mins V 110 0.23 0.20 0.20 - 0.01 0.25 0.02 Colonial Coal V 326 0.17 0.15 0.15 - 0.02 0.24 0.02 Colorado Res V 1262 0.24 0.22 0.23 - 0.02 0.71 0.05 0.16 - 0.01 0.54 0.04 Colorado Res* O 314 0.18 0.16 Colt Res V 3915 0.09 0.06 0.06 - 0.03 0.16 0.06 Columbus Gold* O 108 0.52 0.48 0.49 - 0.01 0.72 0.23 Commerce Res* O 1 0.05 0.00 0.05 - 0.00 0.08 0.04 Comstock Mng* X 3070 0.31 0.23 0.23 - 0.06 0.62 0.23 Comstock Mtls V 419 0.24 0.18 0.22 - 0.02 0.43 0.05 Comstock Mtls * O 40 0.17 0.15 0.15 - 0.02 0.33 0.10 Condor Res V 506 0.08 0.07 0.08 + 0.01 0.12 0.02 Confedertn Mls V 43 0.64 0.62 0.63 + 0.01 9.00 0.46 Cons Woodjam V 51 0.05 0.00 0.05 + 0.01 0.08 0.02 CONSOL Energy* N 19640 17.64 16.14 16.84 - 0.57 20.66 4.54 Constant Mtl V 165 0.10 0.09 0.09 - 0.01 0.15 0.05 Contintl Gold* O 71 2.94 2.64 2.69 - 0.24 3.60 0.88 3.59 - 0.29 4.69 1.28 Contintl Gold T 1432 4.00 3.50 Contintl Prec* O 1 0.21 0.20 0.21 + 0.00 0.27 0.18 Copper Ck Gold V 44 0.08 0.06 0.08 + 0.02 0.10 0.06 Copper Fox Mtl* O 7 0.09 0.08 0.08 - 0.01 0.17 0.08 Copper Mtn Mng* O 182 0.34 0.33 0.33 - 0.00 0.52 0.23 Copper Mtn Mng T 805 0.46 0.44 0.44 - 0.02 0.70 0.33 Copper North M* O 10 0.09 0.08 0.09 - 0.00 0.16 0.08 Copper One V 28 0.18 0.18 0.18 - 0.04 0.30 0.03 Copper Reef Mg 3839 0.05 0.02 0.03 + 0.01 0.05 0.01 Copperbank Res* O 8 0.07 0.05 0.06 - 0.01 0.08 0.01 Corazon Gold V 37 0.40 0.35 0.35 - 0.01 0.45 0.18 Cordoba Mnls V 395 0.76 0.68 0.70 - 0.05 1.08 0.11 O 48 0.58 0.51 0.52 - 0.05 0.79 0.08 Cordoba Mnls* Corex Gold V 1175 0.16 0.13 0.16 + 0.02 0.21 0.03 Cornerstone Ca V 3462 0.20 0.17 0.19 + 0.01 0.20 0.02 Cornerstone Ca* O 577 0.15 0.12 0.14 + 0.01 0.15 0.01 Cornerstone Mt V 1093 0.03 0.00 0.02 - 0.01 0.04 0.01 Coro Mining T 1672 0.14 0.12 0.13 - 0.01 0.21 0.02 Coronet Mtls* O 36 0.37 0.31 0.36 - 0.02 0.56 0.02 Coronet Mtls V 109 0.51 0.00 0.50 + 0.04 0.71 0.03 Corsa Coal V 3874 0.13 0.12 0.12 - 0.01 0.15 0.02 Corvus Gold T 67 0.89 0.78 0.84 - 0.01 1.38 0.33 Corvus Gold* O 27 0.65 0.59 0.62 - 0.02 1.05 0.25 Cougar Mnls V 513 0.45 0.41 0.42 - 0.03 0.82 0.09 Crazy Horse Res V 14 0.03 0.00 0.02 - 0.01 0.07 0.01 0.52 - 0.05 0.75 0.14 Critical Elem V 1761 0.62 0.51 Critical Elem* O 108 0.46 0.38 0.40 - 0.03 0.58 0.10 Crown Mining V 39 0.09 0.07 0.09 + 0.01 0.20 0.04 Cruz Cap Corp* O 50 0.51 0.49 0.51 - 0.00 0.53 0.20 Cruz Cap Corp V 370 0.67 0.63 0.66 - 0.01 0.71 0.07 Crystal Lake V 101 0.35 0.28 0.29 - 0.01 0.43 0.22 Crystal Pk Min V 29 0.29 0.27 0.28 + 0.02 0.42 0.15 Crystal Pk Min* O 69 0.22 0.20 0.21 + 0.01 0.32 0.13 Cyclone Uran* O 2918 0.00 0.00 0.00 - 0.00 0.00 0.00 Cypress Dev* O 352 0.09 0.08 0.09 + 0.01 0.16 0.02 Cypress Dev V 457 0.11 0.10 0.11 + 0.01 0.20 0.03

D-F Dajin Res V 1186 Dajin Res* O 678 Dakota Ter Res* O 118 Daleco Res* O 70 Dalradian Res* O 120 Dalradian Res T 759 Danakali* O 58 Darnley Bay V 1031 Darnley Bay* O 5 Decade Res* O 869 Decade Res V 807 Declan Res 653 Defiance Silvr* O 346 Defiance Silvr V 541 238 Del Toro Silvr* O Delrand Res V 36 Denison Mines* X 1024 Denison Mines T 1254 Desert Gold V 22 Detour Gold T 4376 Diamante Min* O 121 Diamcor Mng V 79 Diamcor Mng* O 1 Diamond Fields V 344 Dios Expl V 5292 Discovery Harb V 192 Discovery Mnls* O 29497 DNI Metals* O 23 Dolly Vard Sil* O 52 154 Dolly Vard Sil V Dominion Diam T 885 Dominion Diam* N 855 Double Crn Res* O 1792 Doubleview Cap V 620 DRDGOLD* N 1312 Dundee Prec Mt T 858 Duran Vent * O 132 Duran Vent V 201 Durango Res V 147 Dynacor Gld Mn T 211 DynaResource* O 9 O 7 Dynasty Met&Mn* T 330 Dynasty Met&Mn Eagle Graphite V 945 Eagle Graphite* O 1678 Eagle Plains V 194 East Africa V 882 Eastern Platin T 2499 Eastern Platin* O 9 Eastfield Res V 435 Eastmain Res T 4591 Eco Oro Mnls T 49 O 643 eCobalt Solns* Ecuador Gold V 66 V 352 Edgewater Expl El Capitan Prc* O 4348 El Nino Vent V 340 Elcora Res V 381 Elcora Res* O 50 Eldorado Gold* N 26320 Eldorado Gold T 17762 Eloro Mnrls* O 111 Eloro Mnrls V 68 Ely Gold & Mnl V 243 Ely Gold & Mnl* O 197 Elysee Dev V 127 Emerita Res V 3979 Emgold Mng* O 41 Empire Rock V 19 Endeavour Mng* O 27 Endeavour Mng T 857 Endeavr Silver* N 8018 Endeavr Silver T 1810 Endurance Gold V 2070 Energizer Res* O 651 Energizer Res T 691 Energy Fuels T 512 Energy Fuels* X 1139 Engold Mines V 1927 Engold Mines* O 164 Ensurge* O 16 Entree Gold* X 302 Entree Gold T 350 Equitas Res* O 300 Equitas Res V 2343 V 7 Era Res Inc Erdene Res Dev T 142 Erdene Res Dev* O 31

0.16 0.15 0.16 - 0.01 0.30 0.10 0.12 0.11 0.11 - 0.01 0.24 0.08 0.05 0.04 0.04 - 0.01 0.20 0.03 0.02 0.02 0.02 + 0.00 0.05 0.01 1.03 0.96 0.99 - 0.03 1.27 0.45 1.37 1.30 1.32 - 0.04 1.68 0.62 0.31 0.30 0.31 + 0.02 0.37 0.17 0.24 0.18 0.21 - 0.02 0.24 0.01 0.15 0.15 0.15 - 0.01 0.17 0.00 0.05 0.04 0.05 + 0.00 0.10 0.00 0.06 0.05 0.06 + 0.01 0.13 0.01 0.01 0.01 0.01 + 0.01 0.02 0.01 0.31 0.25 0.26 - 0.08 0.49 0.04 0.41 0.33 0.34 - 0.08 0.63 0.06 0.04 0.02 0.04 + 0.01 0.05 0.00 0.65 0.50 0.65 + 0.15 0.65 0.13 0.44 0.41 0.42 - 0.02 0.67 0.35 0.59 0.55 0.56 - 0.03 0.85 0.48 0.30 0.26 0.30 + 0.03 0.30 0.09 27.08 24.36 24.70 - 1.25 35.93 12.45 0.18 0.16 0.18 - 0.01 0.85 0.16 1.38 1.27 1.27 - 0.03 1.50 0.65 1.00 1.00 1.00 + 0.08 1.11 0.46 0.20 0.15 0.15 - 0.05 0.24 0.05 0.11 0.08 0.08 - 0.03 0.19 0.05 0.02 0.02 0.02 + 0.01 0.03 0.01 0.00 0.00 0.00 - 0.00 0.00 0.00 0.03 0.02 0.03 + 0.00 0.10 0.03 0.59 0.54 0.54 - 0.05 0.81 0.08 0.80 0.72 0.75 - 0.03 1.11 0.12 12.02 11.50 11.53 - 0.37 16.82 9.96 9.01 8.59 8.63 - 0.29 12.65 7.27 0.01 0.01 0.01 - 0.00 0.02 0.01 0.08 0.07 0.07 - 0.01 0.16 0.06 5.22 4.67 4.91 - 0.25 9.10 1.34 3.03 2.58 2.84 - 0.14 4.14 0.84 0.09 0.07 0.07 + 0.00 0.10 0.07 0.11 0.10 0.11 + 0.02 0.20 0.07 0.08 0.07 0.07 - 0.01 0.21 0.03 2.78 2.53 2.59 - 0.09 3.71 1.46 1.63 1.35 1.55 + 0.15 2.00 0.80 0.19 0.17 0.17 - 0.02 0.34 0.08 0.24 0.23 0.23 - 0.01 0.45 0.10 0.05 0.04 0.04 - 0.01 0.06 0.02 0.03 0.03 0.03 - 0.00 0.05 0.01 0.12 0.11 0.11 - 0.01 0.17 0.05 0.23 0.18 0.22 + 0.02 0.36 0.03 0.71 0.46 0.48 - 0.22 1.19 0.46 0.54 0.37 0.41 - 0.12 0.89 0.47 0.04 0.03 0.04 + 0.01 0.06 0.02 0.80 0.73 0.75 - 0.05 0.97 0.29 0.23 0.20 0.23 + 0.01 0.70 0.17 0.46 0.35 0.42 - 0.01 0.59 0.35 0.84 0.75 0.80 + 0.03 0.84 0.10 0.07 0.05 0.06 + 0.01 0.07 0.02 0.08 0.05 0.06 - 0.02 0.28 0.03 0.03 0.03 0.03 - 0.01 0.05 0.01 0.38 0.35 0.37 + 0.01 0.75 0.18 0.28 0.27 0.28 - 0.00 0.55 0.20 3.78 3.27 3.33 - 0.40 5.16 1.87 5.04 4.39 4.45 - 0.53 6.71 2.67 0.34 0.32 0.32 - 0.02 0.45 0.07 0.48 0.42 0.43 - 0.02 0.58 0.09 0.22 0.19 0.20 - 0.03 0.27 0.05 0.16 0.14 0.15 - 0.02 0.20 0.03 0.43 0.00 0.40 + 0.02 0.43 0.18 0.10 0.06 0.09 + 0.03 0.17 0.02 0.02 0.02 0.02 - 0.00 0.03 0.00 0.13 0.13 0.13 + 0.01 0.27 0.04 19.20 18.29 18.57 - 0.24 20.85 4.40 25.73 24.46 24.83 - 0.33 27.17 5.70 4.72 4.13 4.23 - 0.35 5.95 1.00 6.28 5.54 5.65 - 0.46 7.75 1.46 0.05 0.05 0.05 - 0.01 0.07 0.02 0.06 0.05 0.06 + 0.00 0.10 0.03 0.08 0.07 0.07 - 0.01 0.13 0.05 2.04 1.89 1.93 - 0.08 4.13 1.78 1.53 1.41 1.44 - 0.05 2.98 1.36 0.19 0.09 0.14 + 0.06 0.19 0.03 0.14 0.00 0.11 + 0.07 0.14 0.02 0.08 0.05 0.08 + 0.00 0.09 0.01 0.27 0.23 0.25 + 0.02 0.38 0.17 0.36 0.30 0.34 + 0.04 0.47 0.25 0.05 0.04 0.04 - 0.00 0.10 0.02 0.06 0.05 0.05 - 0.01 0.15 0.05 0.22 0.14 0.14 - 0.05 0.50 0.09 0.52 0.49 0.51 + 0.03 0.55 0.12 0.39 0.37 0.37 - 0.02 0.42 0.09

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Erin Ventures V 277 Eskay Mng V 166 Ethos Gold* O 35 Ethos Gold V 505 Eurasian Mnls V 16 X 340 Eurasian Mnls* Eureka Res V 557 O 12 EurOmax Res* EurOmax Res T 64 Everest Vent V 17 Everton Res V 1132 Everton Res* O 125 Evolving Gold 9 O 1 Evolving Gold* Evrim Res V 56 O 332 Excalibur Res* Excalibur Res 328 Excellon Res T 731 Excellon Res* O 291 O 56 Excelsior Mng* Excelsior Mng V 269 Exeter Res* X 776 Exeter Res T 225 O 128 Expedition Mng* Explor Res* O 67 Explorex Res 140 Fairmont Res V 1208 Falco Res V 922 Falcon Gold V 124 Far Res 3245 177 Filo Mg Corp V Finlay Minrls V 156 Finore Mng* O 187 Finore Mng 8322 Fiore Explor* O 11 Fiore Explor V 390 Firebird Res V 50 Firesteel Res V 22 O 201 Firma Holdings* First Cobalt V 113 First Liberty* O 4305 First Majestic* N 20536 First Majestic T 5626 V 2909 First Mg Fin First Mg Fin * O 2956 First Nickel* O 3332 First Point V 493 First Quantum T 21589 Fission Uran T 1920 Fission Uran* O 1164 Flinders Res* O 341 Flinders Res V 351 O 359 Focus Graphite* V 1144 Focus Graphite Focus Vent V 507 Foran Mng V 213 T 956 Formation Mtls Forrester Met* O 26 Forrester Met V 935 49 Fort St J Nick V O 48 Fortescue Mtls* T 2800 Fortuna Silvr Fortuna Silvr* N 5416 Fortune Bay V 44 Fortune Bay* O 8 Fortune Mnrls T 681 O 35 Fortune Mnrls* O 83 Forum Uranium* V 185 Forum Uranium N 2623 Franco-Nevada* Franco-Nevada T 2520 Franklin Mng* O 1 Freegold Vent T 287 Freeport McMo* N 165640 Freeport Res V 40 3 Fresnillo plc* O Frontline Gold V 337 22 Full Metal Mnl V Fura Emeralds V 110

0.04 0.06 + 0.01 0.11 0.06 0.05 0.06 0.21 - 0.02 0.42 0.24 0.21 0.05 0.15 - 0.06 0.32 0.21 0.15 0.14 0.21 - 0.03 0.41 0.24 0.21 0.48 1.17 - 0.15 1.84 1.25 1.17 0.35 0.93 - 0.02 1.40 0.98 0.87 0.04 0.12 - 0.01 0.17 0.13 0.12 0.15 0.54 + 0.03 0.54 0.54 0.49 0.21 0.77 + 0.12 0.73 0.77 0.67 0.09 0.66 - 0.06 0.95 0.74 0.66 0.01 0.07 + 0.01 0.20 0.09 0.06 0.00 0.05 + 0.01 0.14 0.05 0.04 0.04 0.31 - 0.07 0.50 0.37 0.00 0.02 0.25 - 0.03 0.38 0.25 0.00 0.10 0.28 + 0.01 0.43 0.28 0.26 0.00 0.07 + 0.00 0.09 0.07 0.06 0.01 0.09 - 0.01 0.11 0.10 0.08 0.20 1.83 - 0.14 2.40 2.01 1.79 0.14 1.36 - 0.16 1.85 1.52 1.35 0.12 0.31 + 0.01 0.33 0.31 0.30 0.19 0.42 + 0.02 0.44 0.42 0.40 0.29 1.10 - 0.06 1.48 1.20 1.07 0.39 1.49 - 0.06 1.94 1.61 1.42 0.06 0.07 + 0.00 0.22 0.07 0.06 0.04 0.06 - 0.00 0.18 0.07 0.05 0.05 0.15 + 0.05 0.19 0.15 0.13 0.02 0.06 + 0.01 0.23 0.06 0.05 0.21 1.10 - 0.06 1.39 1.18 1.06 0.03 0.10 - 0.01 0.20 0.10 0.08 0.02 0.07 + 0.01 0.15 0.07 0.06 2.09 2.00 2.06 - 0.04 2.15 0.64 0.03 0.05 + 0.02 0.09 0.05 0.04 0.00 0.27 + 0.14 0.13 0.32 0.13 0.01 0.34 + 0.15 0.28 0.36 0.18 0.02 0.46 + 0.01 0.55 0.46 0.45 0.03 0.01 0.76 + 0.59 0.63 0.58 0.01 0.03 - 0.01 0.05 0.04 0.03 0.01 0.04 - 0.01 0.06 0.05 0.04 0.02 0.08 + 0.01 0.11 0.10 0.07 0.25 0.30 + 0.01 0.41 0.32 0.28 0.00 0.00 - 0.00 0.00 0.00 0.00 8.52 7.65 7.78 - 0.46 19.15 2.40 10.39 - 0.60 24.96 3.50 11.34 10.24 0.80 0.74 0.80 + 0.01 1.31 0.31 0.60 0.56 0.59 - 0.01 1.02 0.22 0.00 0.00 - 0.00 0.00 0.00 0.00 0.04 0.07 - 0.02 0.14 0.09 0.07 12.24 + 0.54 12.53 2.15 12.69 11.51 0.53 0.55 - 0.01 0.82 0.57 0.55 0.39 0.41 - 0.02 0.63 0.43 0.41 0.09 0.36 + 0.02 0.61 0.36 0.31 0.13 0.48 + 0.02 0.77 0.48 0.43 0.04 0.06 + 0.00 0.23 0.06 0.05 0.07 0.07 - 0.01 0.30 0.08 0.07 0.05 0.07 - 0.01 0.13 0.08 0.07 0.05 0.19 - 0.01 0.31 0.23 0.18 0.09 0.56 + 0.01 0.78 0.61 0.48 0.00 0.05 - 0.03 0.09 0.08 0.05 0.04 0.10 + 0.01 0.14 0.11 0.06 0.20 0.16 0.20 + 0.05 0.35 0.05 1.00 4.05 + 0.22 4.20 4.20 0.00 9.55 8.63 8.86 - 0.18 12.73 2.92 2.00 6.63 - 0.16 9.75 7.17 6.44 0.25 0.76 - 0.09 0.90 0.88 0.76 0.36 0.57 - 0.06 0.64 0.61 0.00 0.02 0.15 + 0.01 0.17 0.15 0.14 0.01 0.11 - 0.00 0.13 0.11 0.11 0.03 0.07 - 0.01 0.14 0.08 0.07 0.04 0.09 - 0.02 0.20 0.10 0.08 41.47 64.20 - 1.80 81.16 66.16 62.77 88.33 84.10 85.98 - 2.01 105.69 58.67 0.00 0.00 - 0.00 0.01 0.00 0.00 0.05 0.16 - 0.02 0.28 0.18 0.15 11.18 9.85 10.93 + 0.89 14.06 3.52 0.01 0.07 - 0.01 0.09 0.08 0.07 20.37 0.00 19.97 - 0.39 26.65 9.00 0.01 0.03 + 0.01 0.05 0.03 0.02 0.07 0.00 0.07 + 0.02 0.12 0.02 0.10 0.14 - 0.03 0.25 0.16 0.00

G&S Minerals* O 1585 G4G Capital V 249 Gabriel Res T 125 Gainey Capital V 676 O 3 Galantas Gold* 190 Galena Intl Rs V Galway Gold V 470 Galway Mtls* O 138 Galway Mtls V 688 Garibaldi Res V 1009 253 Garibaldi Res * O GB Minerals V 78 504 V Gem Intl Res General Moly T 6 General Moly* X 553 Genesis Mtls* O 67 Genesis Mtls V 459 Genius Props 493 V 824 Gensource Pot O 775 Geologix Expl* 273 Gespeg Cop Res V Getty Copper V 207 GFK Res V 210 GGL Res V 493 Gitennes Expl V 761 Giyani Gold* O 4 Giyani Gold V 2097 O 60 Gldn Predator* Gldn Predator V 877 129 Glen Eagle Res V Glencore Plc* O 692 Global Gold* O 8 Globex Mng* O 88 Globex Mng T 180 GMCI Corp* O 2 O 65 GMV Minerals* GMV Minerals V 71 GoGold Res T 1687 Gold & Silver* O 2513 271 Gold Bulln Dev* O O 511 Gold Dynamics* 22271 Gold Fields* N 30198 Gold Lakes* O 912 Gold Mng USA* O 776 Gold Reach Res V Gold Reserve* O 19 Gold Reserve V 60 X 3111 Gold Resource* 167 Gold Ridge Exp V Gold Std Vents* X 2082 966 Gold Std Vents V Goldcliff Res* O 29 Goldcliff Res V 63 T 16090 Goldcorp Goldcorp* N 38881 Golden Arrow* O 563 40 Golden Dawn Ml* O Golden Dawn Ml V 3302 Golden Eagle* O 76 O 69 Golden Goliath* Golden Harp V 32 Golden Hope V 144 Golden Mnls T 124 Golden Mnls* X 1583 O 464 Golden Queen* Golden Queen T 413 Golden Secret V 204 Golden Star T 716 12174 Golden Star* X Golden Tag V 36 Golden Valley V 978 Goldex Res* O 4 Goldex Res V 35 Goldeye Expl V 113 T 1123 Goldgroup Mng O 761 Goldgroup Mng* GoldON Res* O 115 GoldON Res V 173 V 1544 GoldQuest Mng Goldrea Res 51 Goldrea Res* O 50

0.00 0.00 - 0.00 0.00 0.00 0.00 0.04 0.92 + 0.21 0.80 0.92 0.65 0.12 0.58 - 0.03 0.74 0.63 0.58 0.10 0.27 - 0.05 0.37 0.34 0.26 0.06 0.12 - 0.01 0.14 0.12 0.12 0.11 0.09 0.09 - 0.01 0.15 0.03 0.04 0.11 + 0.01 0.13 0.11 0.09 0.06 0.33 + 0.03 0.51 0.33 0.25 0.09 0.47 + 0.08 0.65 0.50 0.33 0.07 0.09 + 0.01 0.18 0.10 0.09 0.07 0.06 0.07 + 0.01 0.13 0.05 0.03 0.10 + 0.03 0.10 0.10 0.08 0.08 0.06 0.07 - 0.01 0.15 0.04 0.22 0.33 + 0.01 0.59 0.33 0.30 0.15 0.24 - 0.01 0.47 0.25 0.22 0.01 0.13 - 0.02 0.22 0.15 0.13 0.07 0.18 - 0.02 0.28 0.20 0.17 0.02 0.04 - 0.02 0.06 0.06 0.04 0.04 0.08 + 0.01 0.12 0.08 0.07 0.01 0.07 + 0.00 0.11 0.07 0.06 0.03 0.02 0.03 + 0.01 0.06 0.02 0.01 0.02 - 0.01 0.03 0.02 0.01 0.03 0.16 + 0.03 0.18 0.16 0.14 0.01 0.03 + 0.01 0.05 0.03 0.02 0.01 0.02 - 0.01 0.04 0.04 0.02 0.02 0.31 + 0.11 0.31 0.31 0.20 0.06 0.12 0.44 + 0.41 0.44 0.30 0.06 0.55 - 0.06 0.89 0.59 0.54 0.09 0.72 - 0.05 1.17 0.81 0.72 0.13 0.11 0.13 + 0.01 0.16 0.04 1.95 5.86 + 0.11 6.04 6.04 5.73 0.00 0.04 - 0.00 0.04 0.04 0.04 0.15 0.22 + 0.00 0.38 0.23 0.21 0.19 0.29 - 0.01 0.51 0.32 0.29 0.20 2.20 - 0.21 2.60 2.20 0.00 0.06 0.38 - 0.04 0.55 0.42 0.36 0.08 0.50 - 0.05 0.70 0.56 0.50 0.56 0.67 - 0.04 1.65 0.76 0.65 0.01 0.00 0.00 - 0.00 0.60 0.00 0.07 0.06 0.07 + 0.00 0.11 0.01 0.00 0.00 + 0.00 0.01 0.00 0.00 2.04 4.05 - 0.29 6.60 4.38 3.93 0.02 0.03 + 0.00 1.02 0.07 0.02 0.00 0.00 0.00 - 0.00 0.17 0.00 0.14 0.12 0.12 - 0.02 0.25 0.08 0.00 4.20 + 0.22 5.90 4.32 3.97 3.06 5.60 + 0.25 8.00 5.75 5.31 1.14 5.44 - 0.35 8.22 5.97 5.33 0.32 0.18 0.18 - 0.13 0.70 0.05 2.57 2.34 2.36 - 0.15 3.20 0.39 3.42 3.15 3.17 - 0.19 4.10 0.50 0.15 0.29 + 0.01 0.36 0.34 0.28 0.05 0.36 - 0.03 0.47 0.45 0.36 13.55 19.89 - 0.79 26.56 21.05 19.54 14.82 - 0.69 20.38 9.46 15.78 14.57 0.13 0.59 - 0.00 1.30 0.62 0.57 0.24 0.23 0.23 + 0.00 0.32 0.06 0.32 0.29 0.30 + 0.01 0.44 0.07 0.00 0.05 - 0.01 0.07 0.07 0.05 0.00 0.05 + 0.01 0.10 0.05 0.04 0.03 0.13 + 0.01 0.28 0.13 0.12 0.16 0.31 + 0.04 0.39 0.34 0.27 0.19 0.84 - 0.07 1.51 0.91 0.81 0.13 0.63 - 0.06 1.16 0.71 0.60 0.48 0.78 - 0.07 1.56 0.86 0.77 0.67 1.04 - 0.10 2.00 1.14 1.03 0.02 0.36 - 0.03 0.69 0.38 0.35 0.21 1.16 + 0.01 1.46 1.20 1.10 0.14 0.87 + 0.04 1.13 0.90 0.82 0.02 0.08 + 0.01 0.18 0.09 0.08 0.07 0.33 + 0.02 0.36 0.33 0.27 0.08 0.41 - 0.00 0.62 0.41 0.41 0.10 0.56 - 0.04 0.90 0.60 0.56 0.02 0.07 + 0.01 0.08 0.07 0.06 0.05 0.25 - 0.01 0.39 0.29 0.25 0.03 0.20 - 0.00 0.30 0.22 0.18 0.03 0.14 + 0.01 0.18 0.15 0.12 0.03 0.19 + 0.02 0.36 0.22 0.17 0.12 0.43 - 0.02 0.68 0.47 0.41 0.03 0.09 - 0.02 0.14 0.11 0.00 0.02 0.06 - 0.02 0.10 0.08 0.06

G-H

2016-11-01 5:28 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 7â&#x20AC;&#x201C;13, 2016

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

Week

12-month

Exc Volume High Low Last Change High Low

Goldsource Min* O 506 Goldsource Min V 551 V 39 Goldstream Mnl Goldstrike Res V 4925 O 123 GoviEx Uranium* V 279 GoviEx Uranium Gowest Gold* O 214 GPM Metals* O 45 GPM Metals V 99 V 90 Grande Portage O 2988 Graphite Corp* Graphite One V 1111 Graphite One* O 101 Gray Rock Res V 58 Great Atlantic V 555 Great Bear Res V 44 Great Lakes Gr V 1578 662 Great Lakes Gr* O Great Panther T 1392 Great Panther* X 5794 Great Quest Fe* O 11 Great Quest Fe V 173 Great Thunder V 997 Great Western* O 554 Green Swan Cap V 910 Greencastle Rs V 33 Greenland M&En* O 338 Grizzly Gold* O 15 GrowMax Res* O 975 GTA Res & Mng V 3386 Gungnir Res* O 70 Gungnir Res V 93 Guyana Gldflds T 2446 Handa Copper* O 70 Handeni Gold* O 2 Happy Ck Mnrls V 408 Hard Creek Ni V 300 N 15909 Harmony Gold* Harte Gold T 3419 Hawkeye Gld&Di V 683 Heatherdale Rs V 124 Hecla Mining* N 35102 Hellix Vent* O 62 Highbank Res V 108 Highland Copp V 1370 Hinterland Mtl V 599 Hochschild Mg* O 29 275 Honey Badger E V Horizon Mnls* O 17 Houston Lake V 648 HTI Ventures V 157 HudBay Mnls* N 551 HudBay Mnls T 6939 Hudson Res V 202 Hudson Res* O 73 Hunt Mng V 213 Hunt Mng* O 222

0.26 0.21 0.23 - 0.02 0.45 0.12 0.34 0.29 0.30 - 0.02 0.57 0.15 0.10 0.09 0.09 - 0.01 0.40 0.09 0.22 0.14 0.14 - 0.07 0.41 0.07 0.08 0.07 0.07 - 0.01 0.16 0.04 0.11 0.10 0.10 - 0.01 0.19 0.10 0.14 0.12 0.13 - 0.00 0.22 0.04 0.20 0.17 0.19 - 0.02 0.43 0.12 0.26 0.24 0.25 - 0.02 0.57 0.11 0.18 0.15 0.15 - 0.03 0.22 0.04 0.00 0.00 0.00 - 0.00 0.02 0.00 0.09 0.08 0.08 - 0.01 0.18 0.07 0.07 0.06 0.06 - 0.01 0.14 0.05 0.11 0.09 0.11 + 0.01 0.12 0.02 0.12 0.10 0.11 - 0.01 0.15 0.03 0.26 0.22 0.25 - 0.02 0.36 0.05 0.08 0.08 0.08 - 0.01 0.13 0.06 0.06 0.06 0.06 - 0.00 0.09 0.04 1.86 1.67 1.75 + 0.03 2.82 0.54 1.40 1.25 1.31 + 0.01 2.25 0.41 0.24 0.22 0.22 - 0.03 0.24 0.09 0.30 0.23 0.30 + 0.07 0.38 0.11 0.05 0.04 0.04 - 0.01 0.24 0.01 0.00 0.00 0.00 - 0.00 0.00 0.00 0.07 0.06 0.06 - 0.01 0.14 0.01 0.10 0.09 0.10 + 0.01 0.18 0.05 0.08 0.05 0.06 - 0.00 0.17 0.00 0.12 0.06 0.10 + 0.01 0.22 0.01 0.12 0.11 0.12 + 0.01 0.22 0.11 0.13 0.07 0.11 + 0.03 0.24 0.02 0.04 0.04 0.04 + 0.00 0.04 0.00 0.05 0.04 0.04 - 0.01 0.06 0.01 8.23 7.42 7.55 - 0.50 10.35 2.48 0.04 0.04 0.04 - 0.00 0.04 0.02 0.10 0.00 0.10 - 0.02 0.53 0.10 0.20 0.17 0.18 + 0.01 0.20 0.09 0.03 0.03 0.03 + 0.01 0.05 0.01 3.26 2.98 3.07 - 0.11 4.87 0.53 0.30 0.25 0.28 + 0.03 0.35 0.07 0.23 0.15 0.21 + 0.03 0.19 0.03 0.04 0.00 0.04 - 0.01 0.07 0.01 6.10 5.63 5.81 - 0.10 7.26 1.45 0.03 0.01 0.02 - 0.00 0.06 0.00 0.06 0.05 0.05 - 0.01 0.12 0.04 0.14 0.11 0.13 - 0.01 0.17 0.07 0.04 0.03 0.03 - 0.01 0.12 0.01 3.37 3.17 3.17 - 0.11 4.16 0.59 0.03 0.03 0.03 - 0.01 0.05 0.01 0.65 0.61 0.65 + 0.05 0.80 0.05 0.32 0.27 0.29 - 0.01 0.40 0.13 0.66 0.65 0.66 - 0.01 0.98 0.01 4.10 3.80 4.10 + 0.05 5.57 1.56 5.50 5.08 5.47 + 0.07 7.25 2.26 0.38 0.34 0.36 + 0.01 0.50 0.29 0.28 0.25 0.26 + 0.01 0.38 0.24 0.30 0.19 0.19 - 0.08 0.40 0.02 0.18 0.14 0.14 - 0.04 0.31 0.02

I-Minerals V 441 I-Minerals* O 29 IAMGOLD* N 35434 IAMGOLD T 16274 Iberian Mnrls V 1954 IC Potash* O 112 IC Potash T 1040 Iconic Mnls * O 25 Iconic Mnls V 437 Idaho North* O 103 IDM Mining* O 594 IDM Mining V 1842 IEMR Res V 399 IMPACT Silver V 748 Impala Platnm* O 190 O 16 Imperial Metal* Imperial Metal T 401 Inca One Gold V 807 200 Inca One Gold* O Inception Mng * O 10 V 971 Independence G Independence G* O 114 Indico Res V 449 Inspiration Mg 8 Inspiration Mg* O 3 Intact Gold* O 1 Intact Gold V 153 Integra Gold* O 1070 Integra Gold V 4047 Intgr Egy Sol* O 305 Intigold Mines V 144 Intl Bethl Mng V 369 Intl Lithium* O 20 Intl Lithium V 131 Intl Millm Mng V 469 Intl Montoro* O 450 Intl Tower Hil* X 486 Intl Tower Hil T 124 Intrepid Pots* N 1548 INV Metals T 216 INV Metals* O 110 Inventus Mg * O 114 Inventus Mg V 227 InZinc Mining V 676 InZinc Mining* O 118 Ireland* O 254 Ironside Res V 56 Irving Res 37 Irving Res* O 7 IsoEnergy Ltd V 35 Ivanhoe Mines T 11841 Ivanhoe Mines* O 1114 Jaguar Mng* O 100 Jaguar Mng T 3703 Jaxon Mnls V 5070 Jayden Res* O 35 Jayden Res V 117 Jazz Res V 10 JDL Gold* O 117 V 209 Jet Gold Jet Metal* O 66 K92 Mng Inc V 2682 K92 Mng Inc* O 289 Kaizen Discvry V 96 Kapuskasing Gd* O 118 Kapuskasing Gd V 12 Karmin Expl V 137 Karnalyte Res T 75 KAT Expl* O 10418 Katanga Mng T 235 Kennady Diam V 252 Kerr Mines* O 17 Kerr Mines T 1680 Kesselrun Res* O 48 Kesselrun Res V 944 Khalkos Expl V 84 Kilo Goldmines* O 29 Kincora Copper V 56 Kings Bay Gold V 1091 Kinross Gold T 26415 Kinross Gold* N 84415 Kirkland Lk Gd T 3718 Kirkland Lk Gd* O 254 Kiska Metals* O 152 Kiska Metals V 1921 Kitrinor Mtls V 2423 Klondex Mines T 4080 Klondike Gold* O 31 Klondike Silv* O 36 Klondike Silv V 295 Knick Expl V 588 Kombat Copper V 302 Komet Resource V 375 Kootenay Silvr V 744 KWG Res* O 22 KWG Res 3253

0.29 0.28 0.28 + 0.01 0.37 0.20 0.21 0.21 0.21 - 0.01 0.28 0.15 4.30 3.81 3.93 - 0.17 5.87 1.15 5.74 5.09 5.25 - 0.21 7.65 1.66 0.07 0.06 0.07 - 0.01 0.11 0.04 0.10 0.08 0.10 + 0.01 0.11 0.03 0.13 0.12 0.13 + 0.02 0.15 0.04 0.14 0.12 0.12 - 0.02 0.33 0.02 0.20 0.16 0.18 - 0.01 0.45 0.03 0.11 0.08 0.09 - 0.02 0.12 0.06 0.16 0.14 0.14 - 0.02 0.21 0.04 0.21 0.19 0.19 - 0.01 0.26 0.07 0.02 0.02 0.02 - 0.01 0.06 0.01 0.77 0.70 0.75 + 0.03 1.28 0.11 4.08 3.80 3.88 - 0.02 5.23 1.45 4.40 3.63 3.70 - 0.76 6.21 2.81 5.95 4.73 4.93 - 1.07 8.50 3.92 0.43 0.31 0.39 - 0.01 0.91 0.21 0.32 0.25 0.28 - 0.02 0.35 0.18 0.50 0.00 0.50 - 0.02 1.65 0.40 0.20 0.13 0.18 - 0.02 0.50 0.06 0.14 0.10 0.12 - 0.02 0.37 0.04 0.03 0.02 0.02 - 0.01 0.10 0.02 0.08 0.05 0.08 + 0.03 0.10 0.02 0.05 0.03 0.03 - 0.01 0.10 0.01 0.06 0.06 0.06 + 0.01 0.14 0.04 0.08 0.07 0.08 + 0.01 0.18 0.02 0.61 0.53 0.55 - 0.06 0.76 0.21 0.81 0.70 0.74 - 0.07 0.96 0.30 0.00 0.00 0.00 - 0.00 0.00 0.00 0.06 0.00 0.05 + 0.01 0.19 0.04 0.05 0.04 0.05 + 0.02 0.08 0.02 0.13 0.13 0.13 + 0.00 0.55 0.02 0.19 0.17 0.18 + 0.01 0.38 0.06 0.06 0.04 0.04 - 0.01 0.10 0.05 0.03 0.02 0.02 + 0.00 0.03 0.01 0.76 0.71 0.74 - 0.00 1.40 0.18 1.04 0.95 1.00 - 0.01 1.82 0.26 1.19 1.05 1.08 - 0.01 4.31 0.65 0.73 0.66 0.71 + 0.05 1.10 0.09 0.52 0.00 0.52 + 0.02 0.77 0.09 0.13 0.12 0.12 - 0.02 0.28 0.12 0.18 0.16 0.17 - 0.01 0.35 0.02 0.18 0.14 0.18 + 0.03 0.25 0.04 0.13 0.11 0.13 + 0.02 0.17 0.03 0.13 0.08 0.10 - 0.02 0.38 0.08 0.11 0.08 0.08 - 0.01 0.16 0.05 0.59 0.45 0.50 + 0.05 0.60 0.11 0.40 0.00 0.36 - 0.10 0.46 0.09 1.50 0.69 1.14 - 0.36 1.50 0.69 2.34 1.86 2.02 - 0.31 2.40 0.53 1.75 1.39 1.52 - 0.24 1.82 0.36 0.57 0.51 0.55 + 0.01 0.65 0.09 0.77 0.69 0.75 + 0.05 0.85 0.14 0.11 0.09 0.10 + 0.02 0.11 0.03 0.14 0.00 0.10 - 0.04 0.17 0.01 0.17 0.15 0.15 - 0.05 0.23 0.03 0.07 0.07 0.07 - 0.02 0.25 0.07 1.54 1.45 1.50 - 0.03 1.64 1.45 0.14 0.10 0.12 + 0.04 0.14 0.04 0.06 0.00 0.05 + 0.03 0.11 0.00 1.35 1.26 1.26 - 0.08 2.24 0.87 1.02 0.94 0.95 - 0.06 1.72 0.75 0.20 0.15 0.16 - 0.04 0.31 0.08 0.04 0.03 0.03 - 0.01 0.08 0.02 0.05 0.00 0.05 - 0.01 0.10 0.02 0.23 0.21 0.22 - 0.01 0.32 0.15 1.02 0.96 0.99 - 0.03 4.15 0.64 0.00 0.00 0.00 - 0.00 0.00 0.00 0.14 0.13 0.13 + 0.01 0.23 0.13 4.34 3.77 4.15 + 0.05 5.00 2.35 0.11 0.09 0.11 + 0.02 0.12 0.01 0.15 0.13 0.14 + 0.01 0.16 0.02 0.09 0.08 0.08 - 0.00 0.17 0.08 0.14 0.10 0.11 - 0.03 0.43 0.02 0.17 0.16 0.16 - 0.01 0.26 0.06 0.09 0.08 0.09 + 0.01 0.19 0.05 0.30 0.25 0.25 - 0.06 0.55 0.15 0.10 0.08 0.10 + 0.02 0.15 0.05 5.30 4.91 5.03 - 0.17 7.56 1.91 3.98 3.66 3.74 - 0.18 5.82 1.31 8.46 7.78 8.21 + 0.16 12.39 4.51 6.35 5.83 6.13 + 0.10 9.70 3.12 0.05 0.03 0.04 - 0.01 0.09 0.01 0.06 0.05 0.05 - 0.01 0.12 0.01 0.02 0.01 0.01 - 0.01 0.03 0.01 7.81 7.22 7.52 + 0.11 7.84 2.56 0.15 0.13 0.15 + 0.02 0.32 0.07 0.06 0.05 0.05 - 0.00 0.12 0.01 0.08 0.06 0.06 - 0.01 0.15 0.01 0.09 0.07 0.08 - 0.01 0.11 0.01 0.05 0.04 0.04 - 0.01 0.10 0.02 0.58 0.48 0.54 + 0.07 0.58 0.29 0.46 0.40 0.41 - 0.01 0.60 0.17 0.02 0.01 0.01 - 0.01 0.03 0.00 0.03 0.02 0.03 + 0.01 0.04 0.01

Labdr Iron Mns* O 299 Labrador Iron T 1059 Lakeside Mnrls V 863 Lamelee Iron V 4

0.01 0.00 0.00 - 0.00 0.02 0.00 14.77 13.42 14.58 + 0.97 16.92 6.85 0.04 0.00 0.04 + 0.03 0.04 0.01 0.22 0.00 0.22 + 0.03 0.50 0.10

I-J-K

8-10_NOV 7_StockTables.indd 9

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Lancaster Cap V 104 Lara Expl V 128 Laramide Res T 426 Largo Res* O 45 Largo Res T 89 Latin Am Mnls V 323 Latin Am Mnls* O 13 Laurion Mnl Ex* O 1174 Levon Res Ltd * O 341 Levon Res Ltd T 401 Lexam VG Gold* O 210 Lexam VG Gold T 530 Li3 Energy* O 532 Libero Mg Corp V 27 Liberty Star* O 12076 Lincoln Mng V 392 Lion One Mtls V 166 Lion One Mtls* O 86 Lithium Amer* O 1432 Lithium Amer T 2976 Lithium Corp* O 383 Lithium Expl* O 64410 LKA Gold* O 7 Lode-Star Mg* O 4 Logan Res* O 100 Lomiko Mtls* O 146 Loncor Res* O 23 Loncor Res T 86 Lonmin plc* O 8 Lonmin plc* O 0 Lorraine Coppr V 125 Lowell Copper V 499 Lucara Diam T 2892 Luna Gold* O 89 Luna Gold T 259 Lund Enterpr V 6 Lundin Gold T 449 Lundin Mng T 12034 Lupaka Gold V 351 Lydian Intl T 2531 Lydian Intl* O 58 Lynas Corp* O 177

0.30 0.16 0.30 + 0.14 0.32 0.07 1.40 1.25 1.35 + 0.04 1.58 0.21 0.25 0.23 0.24 - 0.02 0.38 0.15 0.36 0.30 0.36 + 0.06 0.56 0.08 0.48 0.43 0.46 + 0.03 0.72 0.11 0.30 0.28 0.30 + 0.01 0.48 0.05 0.24 0.21 0.21 - 0.03 0.36 0.06 0.05 0.04 0.04 - 0.00 0.05 0.00 0.32 0.27 0.29 - 0.00 0.54 0.07 0.44 0.37 0.39 + 0.02 0.71 0.09 0.23 0.21 0.21 - 0.02 0.29 0.04 0.31 0.27 0.29 - 0.02 0.38 0.05 0.02 0.01 0.01 - 0.00 0.04 0.01 0.14 0.14 0.14 - 0.01 0.21 0.02 0.00 0.00 0.00 + 0.00 0.01 0.00 0.07 0.00 0.06 - 0.03 0.17 0.02 0.92 0.85 0.92 + 0.02 1.17 0.32 0.69 0.64 0.69 + 0.00 0.91 0.23 0.62 0.49 0.54 - 0.07 0.87 0.34 0.82 0.66 0.72 - 0.10 1.15 0.26 0.11 0.08 0.10 + 0.01 0.13 0.02 0.01 0.00 0.00 - 0.00 0.45 0.00 0.37 0.00 0.37 - 0.03 0.53 0.10 0.04 0.04 0.04 + 0.00 0.05 0.02 0.13 0.13 0.13 + 0.03 0.13 0.05 0.03 0.02 0.02 - 0.01 0.04 0.02 0.13 0.11 0.13 + 0.02 0.20 0.01 0.20 0.19 0.19 + 0.03 0.25 0.02 2.48 2.21 2.39 - 0.04 90.00 0.55 2.40 0.00 2.40 + 0.08 3.12 0.01 0.07 0.06 0.06 - 0.01 0.12 0.04 2.05 1.91 2.00 - 0.01 2.55 0.74 4.19 3.87 3.97 - 0.20 4.39 1.55 0.21 0.19 0.21 - 0.00 0.27 0.02 0.28 0.26 0.28 - 0.01 0.35 0.03 0.15 0.13 0.15 + 0.03 0.19 0.02 6.29 6.06 6.17 + 0.07 6.62 3.75 5.42 5.05 5.34 + 0.16 5.79 2.98 0.23 0.20 0.21 - 0.02 0.29 0.04 0.42 0.39 0.40 - 0.02 0.52 0.19 0.33 0.29 0.30 - 0.03 0.41 0.13 0.06 0.04 0.06 + 0.01 0.10 0.03

M Macarthur Mnl V 4028 0.07 0.06 0.06 - 0.02 0.18 0.02 Macarthur Mnl* O 119 0.06 0.04 0.04 - 0.01 0.14 0.02 MacDonald Mns V 182 0.01 0.00 0.01 + 0.01 0.02 0.01 MacMillan Mnls V 17 1.12 1.09 1.09 - 0.03 1.44 0.30 MAG Silver T 1090 20.91 18.91 19.34 - 1.19 23.32 8.67 Magellan Gold* O 3 0.11 0.11 0.11 - 0.01 0.35 0.04 Majescor Res V 827 0.07 0.05 0.07 + 0.01 0.15 0.02 Majescor Res* O 12 0.03 0.03 0.03 + 0.00 0.09 0.01 Majestic Gold* O 7 0.04 0.04 0.04 + 0.00 0.08 0.03 0.02 - 0.01 0.05 0.01 Makena Res V 1379 0.02 0.02 Malbex Res V 344 0.34 0.31 0.33 - 0.02 0.46 0.25 Mandalay Res T 940 1.07 1.00 1.05 + 0.02 1.35 0.59 Mangazeya Mng V 73 0.05 0.04 0.04 + 0.01 0.06 0.02 Manitou Gold V 35 0.06 0.05 0.06 + 0.01 0.12 0.02 Manson Creek V 50 0.03 0.00 0.03 + 0.01 0.06 0.01 Marathon Gold T 754 0.70 0.65 0.66 - 0.04 0.83 0.11 Margaux Res V 48 0.32 0.28 0.32 + 0.01 0.32 0.11 Mariana Res* O 1518 0.90 0.76 0.88 + 0.11 0.89 0.02 Mariana Res V 695 1.24 1.04 1.23 + 0.21 1.20 0.85 Marifil Mines V 178 0.02 0.02 0.02 + 0.01 0.04 0.01 Maritime Res V 35 0.23 0.20 0.22 - 0.01 0.31 0.08 Marlin Gold* O 22 0.43 0.00 0.38 - 0.03 0.54 0.10 0.53 - 0.01 0.69 0.15 Marlin Gold V 76 0.59 0.51 MartinMarietta* N 3217 182.47 175.16 181.32 + 1.59 206.36 108.31 Mason Graphite* O 213 1.00 0.90 0.91 - 0.09 1.21 0.21 Mason Graphite V 610 1.33 1.21 1.21 - 0.10 1.60 0.30 Masuparia Gold V 91 0.05 0.04 0.04 - 0.01 0.06 0.03 Matamec Expl V 226 0.07 0.06 0.07 + 0.01 0.11 0.02 Matmown* O 190 0.04 0.02 0.04 + 0.02 0.10 0.01 Maudore Mnrls* O 4 0.00 0.00 0.00 - 0.01 0.01 0.00 Maverix Mtls* O 1 0.83 0.00 0.81 - 0.02 16.33 0.78 Mawson Res* O 62 0.36 0.30 0.33 + 0.01 0.42 0.12 Mawson Res T 72 0.48 0.41 0.45 + 0.03 0.56 0.17 MAX Res V 65 0.08 0.07 0.07 - 0.01 0.11 0.05 161 0.15 0.13 0.15 + 0.01 0.27 0.10 Maya Gold &Sil V McEwen Mng* N 18199 3.57 3.03 3.12 - 0.39 4.92 0.79 McEwen Mng T 3567 4.76 4.07 4.16 - 0.52 6.44 1.05 MDN Inc V 323 1.18 1.09 1.12 + 0.04 1.25 0.05 MDN Inc* O 432 0.88 0.82 0.82 + 0.00 0.92 0.03 Meadow Bay Gd T 632 0.07 0.07 0.07 + 0.01 0.15 0.06 Meadow Bay Gd* O 171 0.05 0.05 0.05 + 0.00 0.11 0.04 Mechel* N 8083 5.25 4.25 4.86 + 1.04 5.25 1.23 Medallion Res* O 115 0.02 0.01 0.02 + 0.00 0.04 0.01 Medgold Res V 259 0.20 0.18 0.18 - 0.01 0.25 0.05 Medinah Mnrls* O 6380 0.01 0.00 0.01 - 0.00 0.02 0.01 Mega Uranium* O 534 0.10 0.09 0.09 - 0.01 0.15 0.04 Merrex Gold V 331 0.18 0.16 0.17 - 0.01 0.31 0.12 0.03 - 0.01 0.05 0.01 Meryllion Res 185 0.04 0.00 MetalCorp V 6 0.03 0.00 0.02 - 0.01 0.04 0.01 Metallic Mnrls* O 32 0.35 0.32 0.33 - 0.02 0.42 0.04 Metallic Mnrls V 93 0.47 0.40 0.45 - 0.02 0.54 0.05 Metallis Res V 410 0.13 0.11 0.13 - 0.01 0.28 0.02 Metals Creek* O 82 0.07 0.05 0.06 - 0.01 0.14 0.05 Metals Creek V 1251 0.09 0.07 0.09 + 0.01 0.20 0.05 Metals X* O 4 1.00 0.99 1.00 - 0.01 1.43 0.68 Metanor Res V 4599 0.09 0.07 0.09 + 0.01 0.13 0.03 Mexus Gold* O 4156 0.07 0.07 0.07 + 0.00 0.09 0.00 MGX Minerals 1265 0.17 0.15 0.15 - 0.01 0.55 0.08 Micrex Dev V 8 0.02 0.01 0.02 + 0.01 0.03 0.01 Midas Gold* O 754 0.75 0.70 0.72 + 0.01 0.95 0.16 0.97 + 0.03 1.22 0.25 Midas Gold T 1258 0.99 0.93 Midasco Cap V 15 0.10 0.10 0.10 - 0.02 0.15 0.06 Midland Expl V 145 1.25 1.05 1.15 + 0.05 1.25 0.45 Midnight Sun V 124 0.12 0.11 0.11 - 0.01 0.24 0.08 Midway Gold* O 570 0.00 0.00 0.00 + 0.00 0.01 0.00 1.51 + 0.05 2.45 0.06 Millennial Lit V 1615 1.52 1.20 Millrock Res* O 133 0.35 0.30 0.30 - 0.04 0.54 0.11 Millrock Res V 292 0.47 0.41 0.44 - 0.01 0.70 0.15 Millstream Min V 149 0.08 0.04 0.08 + 0.04 0.16 0.03 Minaurum Gold V 599 0.09 0.08 0.08 - 0.01 0.14 0.04 Minco Gold* X 430 0.25 0.22 0.24 - 0.01 0.42 0.10 Minco Gold T 95 0.34 0.30 0.30 - 0.02 0.55 0.12 Minco Silver T 109 1.46 1.25 1.32 - 0.12 2.05 0.34 Minco Silver* O 47 1.06 0.93 0.96 - 0.11 1.54 0.26 Minecorp Egy V 104 0.11 0.00 0.11 + 0.01 0.18 0.01 Mineral Mtn* O 54 0.34 0.33 0.34 - 0.01 0.38 0.04 Mineral Mtn V 135 0.46 0.44 0.45 + 0.03 0.49 0.08 Minfocus Expl V 2885 0.03 0.02 0.03 + 0.01 0.07 0.01 Minnova Corp V 65 0.85 0.80 0.80 - 0.05 0.90 0.30 Minsud Res V 17 0.08 0.06 0.06 - 0.02 0.10 0.06 Miranda Gold V 1658 0.10 0.09 0.09 - 0.01 0.18 0.06 Mirasol Res V 147 2.48 2.25 2.29 - 0.16 3.50 0.72 MK2 Ventures V 11 0.26 0.26 0.26 + 0.02 0.30 0.03 Monarques Res V 280 0.40 0.37 0.37 - 0.03 0.66 0.06 Moneta Porcpn* O 247 0.21 0.18 0.19 - 0.02 0.28 0.07 T 1436 0.27 0.24 0.25 - 0.02 0.36 0.11 Moneta Porcpn Montan Mg V 777 0.06 0.00 0.06 + 0.01 0.10 0.02 Montero Mg&Ex V 403 0.05 0.03 0.04 + 0.02 0.08 0.02 Monument Mng V 2294 0.14 0.11 0.12 - 0.01 0.19 0.09 Morro Bay V 72 0.01 0.00 0.01 + 0.01 0.03 0.01 Morumbi Res* O 60 0.07 0.05 0.07 + 0.02 0.07 0.01 Mosaic* N 19279 25.07 23.53 23.79 - 0.52 36.95 22.02 Mountain Boy V 255 0.07 0.05 0.06 + 0.01 0.08 0.01 Mountain Prov* D 176 5.45 5.15 5.20 - 0.05 5.52 2.47 Mountain Prov T 444 7.15 6.94 7.00 - 0.04 7.18 3.40 Mundoro Cap V 619 0.18 0.15 0.18 + 0.01 0.23 0.04 MX Gold V 6248 0.18 0.15 0.16 - 0.01 0.39 0.12 MX Gold* O 761 0.14 0.11 0.11 - 0.01 0.31 0.09

N-O NACCO Ind* N 56 Namibia Rare E T 66 Napier Vent V 69 Natan Res V 365 Natural Res Pt* N 309 Nautilus Mnrls T 898 Nautilus Mnrls* O 475 Nemaska Lith* O 146 Nemaska Lith T 1890 Nevada Clean M V 1302 Nevada Copper T 198 Nevada Egy Mtl* O 1267 Nevada Egy Mtl V 3047 Nevada Expl * O 92 Nevada Expl V 234 Nevada Sunrise* O 183 Nevada Sunrise V 572

75.00 71.45 73.25 + 1.85 75.00 40.04 0.07 0.00 0.07 + 0.01 0.14 0.04 0.29 0.24 0.29 + 0.05 0.34 0.15 0.29 0.16 0.27 + 0.11 0.40 0.05 30.17 25.11 26.00 - 4.07 31.29 5.00 0.20 0.16 0.18 + 0.02 0.35 0.10 0.15 0.11 0.15 + 0.02 0.27 0.08 1.02 0.93 0.99 - 0.00 1.50 0.21 1.35 1.23 1.32 - 0.02 1.97 0.28 0.04 0.04 0.04 - 0.01 0.05 0.02 0.62 0.58 0.58 - 0.01 1.10 0.45 0.10 0.08 0.10 + 0.01 0.20 0.06 0.14 0.12 0.13 + 0.01 0.26 0.02 0.41 0.35 0.35 - 0.07 0.56 0.18 0.51 0.47 0.49 - 0.01 0.72 0.24 0.27 0.22 0.22 - 0.04 0.37 0.11 0.34 0.30 0.33 - 0.02 0.47 0.15

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Nevada Zinc V 997 Nevado Res V 329 Nevsun Res* X 4226 Nevsun Res T 3750 276 New Carolin Gd V New Carolin Gd* O 122 New Colombia* O 215298 New Dimen Res V 67 New Gold* X 26882 New Gold T 8966 New Gold* O 35 New Guinea Gld* O 36 New Jersey Mng* O 269 New Milln Iron T 6736 New Nadina* O 1 New Oroperu V 233 New World Res V 1 NewCastle Gold* O 24 Newmarket Gold T 3397 Newmarket Gold* O 606 Newmont Mng* N 30494 Newport Expl V 790 Newport Gold* O 16 T 3973 Nexgen Energy Nexgen Energy* O 364 Next Gen Mtls 2111 Next Gen Mtls* O 19 Nexus Gold* O 181 Nexus Gold V 1453 NGEx Res T 51 NGEx Res* O 8 V 460 Nickel North Nicola Mg Inc* O 195 750 Nicola Mg Inc V Nighthawk Gold V 2024 Nikos Expl V 150 Niocan Inc V 6 Niocorp Dev T 608 Niocorp Dev* O 218 Nippon Dragon V 2457 892 Noble Mnl Expl V Noram Vent V 6279 Noram Vent* O 4 Noranda Alum* O 125 Noront Res V 1209 Nortec Mnls V 22 North Am Nickl* O 100 North Am Nickl V 954 8 North Am Pall T 7 North Am Pall* O North Arrow Mn V 140 North Arrow Mn* O 5 Northisle C&G V 153 Northn Empire V 174 Northn Empire* O 3 Norvista Cap V 306 Nouveau Monde V 636 NovaCopper* X 353 NovaCopper T 138 NovaGold Res* X 9221 NovaGold Res T 2459 Novo Res V 122 Novo Res* O 137 V 96 Nrthn Freegold Nrthn Freegold* O 8 O 101 Nrthn Graphite* Nrthn Graphite V 213 Nrthn Iron V 463 Nrthn Lion V 2 Nrthn Mnrls &E* O 5 Nrthn Vertex V 331 Nrthn Vertex* O 1 Nthn Dynasty T 5587 11012 Nthn Dynasty* X Nubian Res V 126 NuLegacy Gold* O 642 NuLegacy Gold V 831 NV Gold V 3 NX Uranium* O 44 O.T. Mining* O 16 OceanaGold T 10221 OceanaGold* O 160 Oceanic Iron O V 93 Oceanus Res V 552 Oceanus Res* O 60 Odin Mng & Exp V 182 Odin Mng & Exp* O 5 Olivut Res* O 121 Olivut Res V 117 Omineca Mg &Ml V 34 Opawica Expl V 1716 Orbite Tech T 29777 Orbite Tech* O 886 Orca Gold V 1372 Orca Gold* O 92 Orefinders Res V 398 Oremex Silver V 5757 Oremex Silver* O 741 Orestone Mng V 360 Orex Mnrls* O 544 Orex Mnrls V 1888 Orla Mng Ltd V 170 Oro East Mg* O 158 Orocobre T 244 Oroplata Res* O 598 Orosur Mng T 725 Orsu Metals T 854 Orsu Metals* O 111 Orvana Mnrls T 346 Orvana Mnrls* O 44 Osisko Gold T 1910 Osisko Gold* N 386 Osisko Mng Inc T 2267 Otis Gold* O 262 Otis Gold V 935 OZ Minerals* O 2

0.46 0.38 0.41 - 0.01 0.80 0.19 0.08 0.07 0.08 + 0.01 0.11 0.01 2.90 2.72 2.84 - 0.08 3.80 2.27 3.88 3.63 3.80 - 0.08 4.81 3.27 0.08 0.07 0.08 + 0.01 0.15 0.04 0.06 0.05 0.05 - 0.00 0.12 0.03 0.05 0.02 0.03 - 0.00 0.05 0.00 0.11 0.08 0.10 + 0.01 0.19 0.04 4.21 3.78 4.01 - 0.13 6.04 1.76 5.61 5.06 5.38 - 0.12 7.87 2.56 0.09 0.06 0.06 - 0.03 0.19 0.03 0.00 0.00 0.00 + 0.00 0.00 0.00 0.15 0.12 0.12 - 0.01 0.15 0.04 0.14 0.09 0.13 + 0.05 0.18 0.05 0.06 0.00 0.06 - 0.01 0.11 0.06 0.55 0.46 0.54 + 0.09 0.72 0.12 0.11 0.00 0.11 - 0.03 0.16 0.01 0.77 0.69 0.70 - 0.09 0.96 0.16 3.98 3.65 3.86 + 0.09 5.07 1.27 2.99 2.73 2.89 + 0.05 3.91 0.91 36.96 34.15 35.38 - 0.97 46.07 16.05 0.27 0.25 0.27 + 0.01 0.38 0.19 0.02 0.01 0.02 + 0.01 0.03 0.00 1.72 1.52 1.61 - 0.06 2.86 0.56 1.27 1.15 1.21 - 0.07 2.25 0.41 0.31 0.23 0.27 - 0.04 0.42 0.09 0.22 0.19 0.19 - 0.04 0.29 0.07 0.08 0.07 0.07 - 0.01 0.08 0.06 0.10 0.09 0.10 - 0.01 0.14 0.04 1.29 1.20 1.21 - 0.03 1.50 0.46 0.90 0.90 0.90 - 0.00 1.14 0.40 0.04 0.02 0.02 - 0.02 0.04 0.01 0.15 0.13 0.13 - 0.02 0.39 0.03 0.20 0.17 0.17 - 0.03 0.54 0.05 0.51 0.47 0.48 - 0.03 0.61 0.04 0.07 0.07 0.07 - 0.01 0.19 0.02 0.07 0.06 0.07 - 0.02 0.18 0.04 0.78 0.70 0.73 - 0.04 1.14 0.51 0.59 0.53 0.54 - 0.04 0.87 0.37 0.08 0.06 0.07 + 0.01 0.13 0.05 0.02 0.01 0.01 - 0.01 0.03 0.01 0.07 0.06 0.06 - 0.01 0.13 0.01 0.05 0.05 0.05 - 0.00 0.06 0.05 0.05 0.03 0.04 + 0.00 2.10 0.01 0.28 0.25 0.27 + 0.02 0.51 0.24 0.07 0.06 0.07 + 0.02 0.09 0.02 0.08 0.06 0.07 + 0.00 0.11 0.05 0.11 0.08 0.10 + 0.02 0.15 0.07 5.05 4.75 4.90 - 0.20 6.49 3.85 3.79 3.58 3.63 - 0.12 5.06 2.71 0.20 0.17 0.19 - 0.01 0.32 0.12 0.15 0.15 0.15 + 0.01 0.24 0.11 0.08 0.07 0.08 + 0.01 0.14 0.02 0.18 0.17 0.18 + 0.01 0.27 0.07 0.12 0.00 0.12 - 0.00 0.22 0.04 0.16 0.15 0.15 - 0.01 0.30 0.08 0.25 0.21 0.24 + 0.03 0.38 0.13 0.59 0.47 0.47 - 0.10 0.86 0.15 0.76 0.62 0.62 - 0.12 1.08 0.20 5.01 4.60 4.96 + 0.30 7.29 3.05 6.69 6.16 6.63 + 0.41 9.56 4.05 1.40 1.29 1.34 - 0.01 1.95 0.48 1.06 0.95 1.01 - 0.01 1.41 0.35 0.27 0.19 0.26 - 0.02 0.29 0.04 0.17 0.00 0.17 - 0.03 0.23 0.02 0.20 0.18 0.18 - 0.01 0.47 0.12 0.28 0.24 0.26 - 0.01 0.63 0.16 0.06 0.05 0.05 - 0.01 0.11 0.01 0.20 0.00 0.20 - 0.06 0.32 0.07 0.02 0.02 0.02 + 0.00 0.05 0.02 0.45 0.40 0.40 - 0.05 0.52 0.13 0.34 0.34 0.34 - 0.00 0.42 0.17 1.39 0.91 1.11 + 0.20 1.48 0.28 1.04 0.70 0.85 + 0.16 1.16 0.20 0.20 0.13 0.20 + 0.10 0.20 0.01 0.34 0.30 0.32 + 0.00 0.41 0.06 0.45 0.41 0.43 + 0.01 0.54 0.08 0.35 0.00 0.34 - 0.02 0.48 0.03 0.02 0.02 0.02 + 0.00 0.04 0.01 0.04 0.04 0.04 - 0.01 0.09 0.02 4.32 4.02 4.09 - 0.10 5.56 2.25 3.24 3.05 3.11 - 0.11 4.26 1.67 0.26 0.22 0.23 - 0.01 0.34 0.08 0.24 0.21 0.23 + 0.02 0.35 0.15 0.17 0.16 0.17 + 0.01 0.26 0.15 0.84 0.00 0.82 + 0.04 0.97 0.27 0.64 0.61 0.61 - 0.01 0.84 0.21 0.17 0.13 0.16 - 0.01 0.30 0.06 0.22 0.17 0.21 - 0.01 0.42 0.08 0.06 0.05 0.05 - 0.01 0.11 0.02 0.08 0.05 0.06 - 0.02 0.16 0.02 0.40 0.26 0.32 - 0.09 0.53 0.20 0.29 0.21 0.24 - 0.04 0.40 0.15 0.52 0.46 0.46 - 0.06 0.55 0.12 0.41 0.34 0.35 - 0.05 0.44 0.08 0.08 0.07 0.07 - 0.01 0.12 0.01 0.04 0.02 0.03 - 0.01 0.10 0.01 0.03 0.02 0.02 - 0.00 0.10 0.00 0.03 0.02 0.02 - 0.01 0.04 0.01 0.54 0.42 0.44 - 0.14 1.02 0.05 0.70 0.56 0.58 - 0.18 1.38 0.11 1.50 1.32 1.43 - 0.02 1.75 0.10 0.01 0.01 0.01 + 0.00 0.04 0.00 3.45 3.06 3.30 - 0.14 4.92 1.33 0.42 0.32 0.36 - 0.04 2.04 0.16 0.35 0.29 0.29 - 0.02 0.38 0.10 0.03 0.00 0.03 + 0.01 0.05 0.01 0.02 0.01 0.02 + 0.00 0.04 0.01 0.25 0.22 0.22 - 0.03 0.39 0.11 0.19 0.16 0.17 - 0.02 0.29 0.07 14.40 13.27 14.03 + 0.36 18.64 12.34 10.72 9.95 10.49 + 0.23 14.74 8.88 3.12 2.80 2.85 - 0.18 3.42 0.96 0.26 0.20 0.24 + 0.02 0.32 0.05 0.34 0.26 0.33 + 0.04 0.42 0.07 4.60 4.40 4.49 - 0.01 5.33 2.29

Pac Booker Min V 9 Pac Booker Min* O 5 Pac Gold* O 8406 V 36 Pac Iron Ore Pac Link Mng V 250 Pac North West V 321 Pac North West* O 73 Pac Ridge Expl* O 5 Pac Topaz V 207 Paladin Energy T 876 Palamina Corp V 27 Palamina Corp* O 6 Palisades Vent V 251 Pan Am Silver* D 11902 Pan Am Silver T 1663 Pancontinental* O 26 Pancontinental V 951 Pangolin Dia V 551 Panoro Mnrls V 103 Pantheon Vent V 252 Para Resources V 213 Parallel Mng V 230 Paramount Gold* X 130 Pasinex Res 447 Passprt Potash* O 11 Patriot Gold* O 135 Peabody Enrgy* O 18392 Pedro Res V 554 Pelangio Expl V 615 Pele Mtn Res* O 87 Pele Mtn Res V 886 Peloton Mnrls 13 Peregrine Diam T 408 Perseus Mng T 1480 Pershing Gold* D 254 Peruvian Prc M* O 129 Philippine Mtl V 42 Pilot Gold T 2048 Pilot Gold* O 365 Pine Cliff En* O 12 Pine Cliff En T 2010 Pistol Bay Mng V 118 Pitchblack Res V 528 Pitchblack Res* O 0

1.10 0.98 1.05 - 0.05 2.45 0.63 0.82 0.80 0.80 - 0.02 1.88 0.45 0.00 0.00 0.00 + 0.00 0.00 0.00 0.25 0.20 0.20 - 0.05 0.35 0.15 0.02 0.01 0.02 + 0.01 0.03 0.01 0.04 0.04 0.04 - 0.01 0.08 0.01 0.04 0.02 0.02 - 0.00 0.06 0.00 0.07 0.07 0.07 + 0.01 0.08 0.01 0.18 0.16 0.18 - 0.01 0.29 0.07 0.16 0.15 0.15 - 0.01 0.27 0.15 0.20 0.19 0.19 - 0.01 0.25 0.06 0.15 0.14 0.14 - 0.00 0.19 0.08 0.06 0.06 0.06 - 0.01 0.08 0.05 17.15 15.10 15.43 - 1.45 21.59 5.38 22.86 20.22 20.64 - 1.86 27.56 7.85 0.10 0.08 0.09 + 0.04 0.10 0.00 0.16 0.06 0.11 + 0.04 0.16 0.01 0.06 0.05 0.05 - 0.01 0.22 0.03 0.17 0.15 0.16 - 0.01 0.21 0.09 0.17 0.15 0.17 + 0.02 0.27 0.10 0.22 0.20 0.22 + 0.01 0.36 0.08 0.14 0.09 0.09 - 0.02 0.18 0.05 1.84 1.75 1.76 - 0.05 2.93 0.93 0.13 0.11 0.11 - 0.02 0.17 0.03 0.01 0.00 0.01 + 0.00 0.02 0.00 0.10 0.09 0.10 + 0.01 0.23 0.05 18.75 6.75 7.99 - 2.60 18.75 0.55 0.19 0.16 0.19 + 0.03 0.27 0.01 0.05 0.04 0.04 - 0.01 0.08 0.01 0.03 0.02 0.02 - 0.00 0.04 0.02 0.03 0.03 0.03 - 0.01 0.06 0.03 0.14 0.12 0.13 - 0.01 0.15 0.08 0.22 0.20 0.20 - 0.01 0.32 0.09 0.61 0.56 0.60 + 0.07 0.67 0.27 4.45 4.11 4.18 - 0.18 5.02 3.04 0.09 0.09 0.09 - 0.01 0.13 0.02 0.04 0.00 0.04 - 0.01 0.18 0.01 0.69 0.57 0.60 - 0.10 0.95 0.22 0.52 0.42 0.44 - 0.08 0.72 0.06 0.77 0.77 0.77 - 0.04 0.85 0.51 1.09 1.02 1.04 - 0.05 1.17 0.61 0.10 0.00 0.09 - 0.02 0.14 0.01 0.08 0.08 0.08 - 0.01 0.16 0.05 0.05 0.00 0.05 - 0.05 0.12 0.03

P-Q

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

PJSC Polyus Gd* O 22 PJX Res V 311 Planet Mng V 200 Plata Latina V 235 Plate Res V 778 Plateau Uran V 238 Plateau Uran* O 25 Platinex V 581 Platinum Gp Mt T 635 Platinum Gp Mt* X 2693 Playfair Mng V 340 Playfair Mng* O 30 Polaris Mater T 66 PolyMet Mng* X 672 Portage Res* O 995 Potash Corp SK T 11918 Potash Corp SK* N 38270 Potash Ridge T 3397 Potash Ridge* O 179 PPX Mining V 282 Precipitate Gl V 414 Premier Gold M T 5976 Pretium Res* N 5009 Pretium Res T 1361 Primero Mng T 5081 Primero Mng* N 4168 Prism Res V 40 Probe Metals* O 206 Probe Metals V 337 Prophecy Coal T 3 Prophecy Coal* O 1 Prospect Glob* O 1 Prosper Gold V 162 Prospero Silvr V 141 PUF Vent Inc * O 5 PUF Vent Inc 979 Pure Energy* O 667 Pure Energy V 1143 Pure Gold Mg* O 149 Pure Gold Mg V 2170 Pure Nickel V 240 Q-Gold Res V 67 QMC Quantum Ml V 643 QMX Gold* O 43 QMX Gold V 842 Quaterra Res* O 460 Quaterra Res V 277 Quest Rare Mnl* O 47 Quest Rare Mnl T 347 Quinto Real V 389

35.40 33.78 34.50 - 0.50 37.59 18.35 0.19 0.17 0.17 - 0.01 0.21 0.13 0.04 0.04 0.04 - 0.01 0.08 0.02 0.05 0.05 0.05 + 0.01 0.12 0.02 0.04 0.04 0.04 + 0.01 0.08 0.03 0.27 0.24 0.24 - 0.05 0.45 0.24 0.19 0.17 0.17 - 0.04 0.35 0.18 0.07 0.06 0.07 + 0.01 0.07 0.01 2.96 2.29 2.35 - 0.37 5.25 1.35 2.10 1.72 1.76 - 0.29 4.04 0.96 0.12 0.10 0.10 - 0.01 0.15 0.02 0.09 0.09 0.09 + 0.01 0.11 0.01 1.34 1.17 1.17 - 0.09 1.97 1.00 0.83 0.74 0.77 - 0.03 1.28 0.68 0.00 0.00 0.00 - 0.00 0.01 0.00 22.77 21.79 22.06 + 0.17 29.22 19.93 17.03 16.32 16.47 + 0.06 22.37 14.64 0.36 0.34 0.34 - 0.01 0.50 0.03 0.27 0.25 0.26 + 0.00 0.38 0.03 0.12 0.10 0.10 - 0.03 0.16 0.03 0.23 0.19 0.22 + 0.01 0.37 0.06 3.46 2.82 2.87 - 0.54 5.05 2.12 10.14 9.32 9.56 - 0.37 12.41 4.00 13.52 12.48 12.79 - 0.44 16.17 5.74 2.18 1.83 1.87 - 0.28 3.78 1.90 1.64 1.37 1.40 - 0.21 2.73 1.41 0.20 0.00 0.20 - 0.03 0.23 0.07 1.24 1.08 1.20 - 0.03 1.66 0.24 1.67 1.32 1.60 + 0.01 2.18 0.34 3.16 0.00 3.00 - 0.29 5.48 1.00 2.33 0.00 2.33 - 0.04 4.05 1.25 0.04 0.00 0.04 + 0.00 0.20 0.02 0.30 0.27 0.28 - 0.01 0.44 0.06 0.36 0.34 0.35 + 0.01 0.36 0.05 0.20 0.20 0.20 - 0.00 0.24 0.03 0.30 0.25 0.25 - 0.05 0.39 0.04 0.51 0.43 0.47 - 0.01 0.91 0.29 0.67 0.60 0.61 - 0.03 1.15 0.41 0.54 0.47 0.52 - 0.00 0.60 0.05 0.72 0.63 0.69 - 0.01 0.77 0.07 0.02 0.00 0.02 - 0.01 0.04 0.01 0.05 0.05 0.05 - 0.01 0.14 0.01 0.07 0.05 0.06 - 0.02 0.09 0.01 0.07 0.06 0.07 - 0.00 0.08 0.01 0.11 0.10 0.10 + 0.01 0.11 0.01 0.06 0.05 0.05 + 0.00 0.07 0.04 0.08 0.06 0.08 + 0.02 0.10 0.05 0.10 0.08 0.08 - 0.01 0.20 0.03 0.14 0.12 0.12 - 0.01 0.25 0.06 0.07 0.06 0.07 + 0.02 0.20 0.03

Rackla Mtls* O 3 Rackla Mtls V 2 Radisson Mng V 205 Radius Gold V 94 Rae-Wallace Mg* O 211 Rambler Ml &Mg V 42 Randgold Res* D 2726 Randsburg Intl V 70 Rapier Gold V 298 Raptor Res* O 234 Rare Element* O 257 Rathdowney Res V 430 Red Eagle Mng V 2996 Red Eagle Mng* O 490 Red Moon Potsh V 10 Red Pine Expl V 2539 Redhawk Res T 403 Redstar Gold V 1929 Redstar Gold* O 467 Redzone Res V 137 Regulus Res V 189 Renaissance Gd* O 72 Renaissance Gd V 303 Resolve Vent V 527 Resource Cap V 167 O 107 Resource Cap* Reunion Gold V 169 Reva Res V 4 Revolver Res* O 30 Revolver Res V 543 Rheingold Expl 76 Richmond Mnls V 5 Richmont Mines* X 1536 Richmont Mines T 1152 Rio Novo Gold T 39 Rio Silver V 389 Rio Tinto* O 4 Rio Tinto* N 15964 Rio Tinto* O 1 Rise Res Inc 681 Riverside Res* O 41 Riverside Res V 104 RJK Explor V 86 V 5 Rochester Res Rock Tech Lith V 63 Rockcliff Cop V 512 Rockhaven Res V 210 V 65 Rockland Mnls V 121 Rockridge Cap Rockshield Cap 741 Rockwell Diam T 440 Rockwell Diam* O 10 Rodinia Lithm V 374 Rogue Res V 41 Romios Gold Rs* O 463 Romios Gold Rs V 541 Rosita Mg Corp V 442 Rosita Mg Corp* O 3 Roxgold* O 33 Roxgold V 947 Royal Gold* D 2759 Royal Nickel T 1646 Royal Nickel* O 108 Royal Rd Mnrls V 875 Royal Std Mnrl* O 1072 RT Minerals V 12236 RT Minerals* O 70 RTG Mining T 21 Rugby Mng V 76 Running Fox Rs* O 520 Rupert Res V 106 Rusoro Mng* O 328 Rusoro Mng V 1281 473 Rye Patch Gold* O Rye Patch Gold V 3797

0.11 0.11 0.11 + 0.01 0.17 0.03 0.15 0.00 0.15 + 0.01 0.22 0.05 0.18 0.16 0.18 + 0.02 0.18 0.09 0.14 0.13 0.14 + 0.01 0.17 0.05 0.01 0.01 0.01 + 0.00 0.01 0.00 0.10 0.10 0.10 - 0.01 0.12 0.05 88.00 84.59 85.85 - 1.09 126.55 58.77 0.02 0.01 0.02 + 0.01 0.02 0.01 0.17 0.15 0.15 - 0.02 0.17 0.03 0.00 0.00 0.00 + 0.00 0.00 0.00 0.07 0.05 0.05 - 0.00 0.28 0.04 0.20 0.18 0.20 + 0.02 0.26 0.11 1.03 0.89 1.00 + 0.08 1.03 0.25 0.76 0.69 0.74 + 0.04 0.91 0.18 0.04 0.00 0.03 - 0.01 0.09 0.02 0.17 0.14 0.14 - 0.01 0.24 0.03 0.06 0.05 0.05 - 0.01 0.09 0.04 0.12 0.11 0.12 - 0.01 0.17 0.03 0.15 0.08 0.09 - 0.00 0.15 0.01 0.14 0.10 0.12 - 0.02 0.32 0.06 1.35 1.05 1.30 + 0.15 1.87 0.19 0.37 0.31 0.31 - 0.05 0.52 0.08 0.50 0.40 0.41 - 0.11 0.66 0.11 0.04 0.04 0.04 - 0.01 0.30 0.04 0.26 0.21 0.22 - 0.02 0.35 0.02 0.19 0.16 0.18 - 0.01 0.26 0.02 0.06 0.04 0.04 - 0.02 0.06 0.01 0.27 0.00 0.26 - 0.10 0.40 0.08 0.25 0.23 0.23 - 0.02 0.25 0.05 0.30 0.21 0.21 - 0.08 0.39 0.07 0.14 0.12 0.14 + 0.02 0.12 0.01 0.07 0.07 0.07 + 0.01 0.13 0.03 9.71 9.00 9.17 - 0.46 11.66 2.79 12.99 12.04 12.25 - 0.53 15.01 3.73 0.19 0.17 0.18 - 0.02 0.30 0.07 0.18 0.13 0.15 - 0.03 0.18 0.02 34.40 0.00 34.40 + 2.30 36.50 21.90 34.82 32.84 34.53 + 1.66 37.25 21.89 40.52 38.86 40.52 + 1.66 40.13 25.47 0.29 0.24 0.29 + 0.03 0.29 0.11 0.32 0.30 0.32 + 0.01 0.38 0.08 0.42 0.39 0.40 - 0.02 0.49 0.12 0.17 0.00 0.15 - 0.01 0.25 0.05 0.07 0.07 0.07 - 0.02 0.11 0.03 1.01 0.00 1.01 + 0.01 1.45 0.03 0.14 0.12 0.12 - 0.01 0.16 0.02 0.19 0.17 0.19 + 0.01 0.29 0.10 0.06 0.05 0.05 - 0.01 0.11 0.01 0.40 0.27 0.35 + 0.15 0.57 0.05 0.07 0.07 0.07 - 0.01 0.11 0.04 0.08 0.07 0.07 - 0.03 0.20 0.07 0.06 0.00 0.05 - 0.01 0.15 0.05 0.14 0.10 0.10 + 0.01 0.20 0.09 0.43 0.38 0.40 - 0.01 1.50 0.38 0.06 0.05 0.06 - 0.01 0.08 0.01 0.08 0.07 0.07 - 0.01 0.10 0.02 0.07 0.06 0.07 + 0.01 0.14 0.01 0.04 0.04 0.04 - 0.01 0.10 0.01 1.12 1.08 1.11 - 0.02 1.35 0.46 1.52 1.45 1.49 + 0.02 1.76 0.62 70.15 64.85 66.06 - 2.29 87.74 24.68 0.39 0.35 0.35 - 0.02 0.63 0.12 0.29 0.26 0.27 - 0.02 0.50 0.10 0.11 0.10 0.11 - 0.01 0.18 0.04 0.00 0.00 0.00 - 0.00 0.00 0.00 0.22 0.11 0.15 + 0.05 0.30 0.05 0.14 0.08 0.11 + 0.04 0.14 0.05 0.48 0.32 0.33 - 0.16 0.70 0.32 0.30 0.30 0.30 + 0.06 0.58 0.03 0.02 0.01 0.01 - 0.00 0.03 0.00 0.76 0.71 0.71 - 0.02 0.99 0.02 0.17 0.16 0.16 - 0.01 0.31 0.02 0.24 0.20 0.22 - 0.01 0.41 0.03 0.25 0.22 0.23 - 0.01 0.37 0.08 0.33 0.29 0.32 - 0.01 0.47 0.11

Sabina Gd&Slvr T 984 Sabina Gd&Slvr* O 445 Sage Gold V 1231 Sage Gold* O 125 Saint Jean* O 215 Saint Jean V 1619 Salazar Res* O 50 Salazar Res V 236 Salt Lake Pot* O 6 Sama Res V 205 San Marco Res* O 5 San Marco Res V 20 Sanatana Diam V 676 Sandspring Res V 710 Sandspring Res* O 214 Sandstorm Gold* X 5638 Sandstorm Gold T 1569 Santacruz Silv V 565 Sarama Res V 695 Sarissa Res* O 862 Satori Res V 57 Saturn Mnrls V 584 V 116 Savannah Gold Savary Gold* O 150 Savary Gold V 737 Scandium Int M* O 366 Scientific Mts V 9549 Scorpio Gold V 1354 Seabridge Gld* N 1834 Seabridge Gld T 318 Search Mnls V 197 Searchlight* O 818

1.46 1.35 1.39 - 0.05 1.87 0.54 1.09 1.00 1.04 - 0.04 1.55 0.38 0.14 0.11 0.13 + 0.01 0.16 0.03 0.09 0.09 0.09 + 0.00 0.12 0.03 0.03 0.02 0.02 - 0.01 0.05 0.02 0.04 0.03 0.04 + 0.01 0.07 0.03 0.10 0.09 0.09 - 0.00 0.12 0.03 0.16 0.11 0.15 + 0.03 0.16 0.03 0.37 0.37 0.37 + 0.01 0.40 0.15 0.13 0.12 0.12 - 0.01 0.16 0.07 0.14 0.14 0.14 + 0.01 0.22 0.01 0.18 0.16 0.18 + 0.01 0.30 0.02 0.02 0.02 0.02 + 0.01 0.04 0.01 0.62 0.54 0.57 - 0.03 0.94 0.11 0.46 0.40 0.41 - 0.03 0.72 0.08 4.99 4.55 4.68 - 0.25 6.75 1.94 6.64 6.09 6.23 - 0.32 8.73 2.82 0.42 0.39 0.40 - 0.01 0.63 0.09 0.28 0.22 0.24 - 0.05 0.55 0.05 0.01 0.01 0.01 - 0.00 0.01 0.00 0.13 0.11 0.11 + 0.01 0.18 0.03 0.10 0.09 0.10 + 0.01 0.22 0.08 0.09 0.08 0.08 - 0.01 0.15 0.01 0.08 0.08 0.08 - 0.01 0.12 0.06 0.12 0.10 0.10 - 0.02 0.15 0.02 0.11 0.10 0.10 + 0.00 0.16 0.08 0.10 0.08 0.08 - 0.01 0.10 0.07 0.09 0.07 0.09 + 0.02 0.11 0.05 11.40 10.50 10.75 - 0.50 15.88 5.46 15.20 14.05 14.36 - 0.60 20.71 7.99 0.07 0.06 0.07 - 0.01 0.11 0.04 0.06 0.04 0.04 - 0.02 0.19 0.01

2016-11-01 5:28 PM

WWW.NORTHERNMINER.COM

NOVEMBER 7–13, 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

Sego Res V 174 Select Sands V 3360 T 11108 Semafo Senator Mnrls V 42 V 6 Sennen Potash Serabi Gold T 442 Serengeti Res V 998 SG Spirit Gold V 279 Shamrock Ent 712 Sherritt Intl T 2771 Shore Gold T 502 Shoshoni Gold V 540 Sibanye Gold* N 5936 Sidney Resrces* O 386 Sienna Res* O 55 Sienna Res V 948 Sierra Metals T 18 Signature Res V 102 Silver Bear Rs T 1758 Silver Bull Re* O 1074 609 Silver Bull Re T Silver Dragon* O 4820 Silver Grail V 37 257 Silver Mtn Mns V Silver Phoenix 31 Silver Predatr V 107 Silver Range V 59 Silver Shield 117 Silver Spruce V 114 Silver Std Res T 2362 Silver Std Res* D 6842 Silver Wheaton T 6113 Silver Wheaton* N 18847 Silvercorp Met T 2584 Silvercorp Met* O 636 Silvermet V 619 D 185 SinoCoking Cl* Sirios Res* O 193 Skeena Res* O 90 Sky Ridge* O 115 Sky Ridge V 547 V 79 Skyharbour Res Skyharbour Res* O 72 Slam Explor V 48 Solitario Ex&R T 18 X 105 Solitario Ex&R* Sonora Gld & S V 183 Sonora Res * O 11 Sonoro Mtls V 36 Source Expl V 312 Southern Arc V 58 Southern Arc* O 15 Southern Copp* N 4478 Southern Silvr V 455 Southern Silvr* O 161 T 8 SouthGobi Res Spanish Mtn Gd* O 28 Spanish Mtn Gd V 186 Sparton Res V 2186 Sparton Res* O 219 Sphinx Res V 159 12 Spruce Ridge R V St Augustine T 527 O 31 Stakeholdr Gld* Stakeholdr Gld V 109 Standard Graph V 415 Stans Energy V 354 Stans Energy* O 116 Star Gold* O 32 Starcore Intl T 348 25 Starr Peak Exp V Stelmine Can V 33

0.04 0.04 0.04 - 0.01 0.05 0.01 1.20 0.87 1.08 - 0.12 1.21 0.20 5.85 5.21 5.29 - 0.22 7.46 2.69 0.77 0.65 0.76 + 0.02 0.80 0.05 0.12 0.09 0.09 - 0.03 0.18 0.09 0.08 0.08 0.08 - 0.01 0.12 0.04 0.22 0.16 0.18 + 0.03 0.33 0.02 0.11 0.07 0.10 + 0.03 0.13 0.05 0.04 0.03 0.04 - 0.01 0.06 0.01 0.96 0.85 0.85 - 0.09 1.07 0.53 0.21 0.20 0.20 - 0.01 0.25 0.17 0.08 0.05 0.07 + 0.02 0.25 0.05 12.42 10.64 10.99 - 1.37 20.97 4.59 0.01 0.00 0.01 + 0.00 0.02 0.00 0.13 0.12 0.13 + 0.01 0.20 0.01 0.17 0.15 0.15 - 0.01 0.27 0.01 1.84 1.74 1.82 - 0.02 2.19 0.95 0.09 0.07 0.09 + 0.01 0.12 0.01 0.42 0.33 0.37 + 0.01 0.53 0.02 0.13 0.11 0.12 - 0.01 0.21 0.02 0.17 0.15 0.16 - 0.01 0.28 0.04 0.01 0.01 0.01 - 0.00 0.04 0.00 0.08 0.06 0.08 + 0.01 0.16 0.02 0.03 0.02 0.03 + 0.01 0.05 0.01 0.12 0.09 0.12 + 0.03 0.12 0.01 0.07 0.06 0.06 - 0.01 0.12 0.01 0.14 0.12 0.14 + 0.02 0.24 0.02 0.07 0.05 0.05 - 0.02 0.17 0.02 0.12 0.11 0.11 - 0.01 0.14 0.05 15.19 13.99 14.37 - 0.52 20.48 5.28 11.39 10.45 10.75 - 0.44 15.84 3.66 32.89 30.84 31.37 - 1.04 40.80 14.51 24.61 23.04 23.44 - 0.89 31.35 10.04 3.87 3.35 3.40 - 0.34 4.73 0.60 2.90 2.50 2.53 - 0.27 3.67 0.41 0.03 0.03 0.03 - 0.01 0.06 0.03 2.90 0.20 2.26 + 0.19 7.60 1.66 0.45 0.41 0.41 - 0.01 1.13 0.07 0.09 0.08 0.09 + 0.00 0.15 0.04 0.34 0.28 0.31 - 0.01 0.67 0.28 0.44 0.36 0.42 - 0.03 0.88 0.20 0.31 0.27 0.29 - 0.01 0.42 0.08 0.23 0.20 0.22 - 0.01 0.32 0.19 0.06 0.00 0.05 - 0.01 0.15 0.01 0.89 0.83 0.83 - 0.06 1.29 0.57 0.68 0.63 0.65 - 0.00 0.95 0.41 0.06 0.05 0.05 - 0.01 0.08 0.01 0.00 0.00 0.00 + 0.00 0.00 0.00 0.12 0.10 0.12 + 0.02 0.15 0.04 0.23 0.20 0.23 + 0.02 0.50 0.10 0.68 0.62 0.63 + 0.01 1.09 0.24 0.47 0.43 0.47 + 0.03 0.75 0.17 28.51 27.43 27.81 + 0.41 31.31 21.55 0.44 0.37 0.40 + 0.01 0.66 0.03 0.32 0.28 0.30 + 0.01 0.52 0.02 0.50 0.34 0.50 + 0.17 0.65 0.21 0.11 0.10 0.11 - 0.01 0.17 0.01 0.15 0.13 0.14 - 0.01 0.22 0.02 0.08 0.06 0.08 + 0.01 0.09 0.02 0.06 0.05 0.06 + 0.00 0.07 0.01 0.09 0.07 0.08 + 0.01 0.14 0.01 0.05 0.04 0.04 - 0.01 0.05 0.01 0.07 0.06 0.06 - 0.01 0.14 0.06 0.54 0.49 0.49 - 0.04 0.67 0.05 0.76 0.63 0.71 - 0.01 0.89 0.04 0.05 0.05 0.05 - 0.01 0.13 0.01 0.06 0.05 0.05 + 0.01 0.09 0.01 0.05 0.04 0.04 + 0.00 0.06 0.01 0.15 0.10 0.10 - 0.04 0.20 0.05 0.77 0.67 0.68 - 0.04 0.91 0.25 0.10 0.10 0.10 - 0.01 0.19 0.05 0.34 0.31 0.32 - 0.05 0.38 0.05

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Sterling Grp* O 170 Stillwater Mg* N 9702 Stina Res* O 60 Stina Res 559 Stonegate Agri T 3850 Stornoway Diam T 10333 Stratabd Mnr V 439 Strategic Metl V 205 Strategic Res V 4 Stratton Res V 233 Stria Lithium V 600 Strikepoint Gd* O 78 Strongbow Expl V 122 Stroud Res V 729 Sulliden Mng T 106 Sultan Mnrls V 96 Suncor Energy T 26078 Suncor Energy* N 27087 Sunridge Gold* O 146 823 Sunset Cove Mg V Sunvest Mnrls V 346 Sutter Gold V 92 Sutter Gold* O 88 Syrah Res* O 27

0.03 0.02 0.02 - 0.00 0.04 0.01 13.73 12.53 13.03 + 0.43 15.91 4.99 0.07 0.06 0.07 - 0.01 0.16 0.05 0.10 0.08 0.08 - 0.03 0.19 0.08 0.03 0.02 0.03 + 0.01 0.04 0.01 1.33 1.16 1.16 - 0.10 1.33 0.66 0.04 0.00 0.03 - 0.01 0.08 0.02 0.60 0.52 0.53 - 0.04 0.86 0.24 0.15 0.00 0.15 + 0.02 0.34 0.08 0.59 0.53 0.56 - 0.02 0.85 0.07 0.06 0.04 0.05 - 0.01 0.18 0.03 0.27 0.25 0.25 - 0.02 0.27 0.08 0.18 0.15 0.18 + 0.03 0.25 0.05 0.02 0.01 0.01 - 0.01 0.03 0.01 0.39 0.38 0.39 + 0.01 0.47 0.19 0.11 0.09 0.10 + 0.01 0.20 0.05 42.14 38.52 41.29 + 2.10 42.14 27.32 31.52 28.84 30.84 + 1.42 31.52 18.71 0.04 0.03 0.03 + 0.00 0.29 0.01 0.16 0.14 0.15 - 0.02 0.17 0.07 0.17 0.15 0.15 - 0.01 0.35 0.01 0.05 0.05 0.05 - 0.01 0.16 0.04 0.04 0.03 0.03 - 0.00 0.13 0.02 2.97 2.82 2.84 - 0.12 4.90 2.10

Tahoe Res* N 7564 Tahoe Res T 4644 Taku Gold 33 Talon Metals T 351 Tamino Mnrls* O 804 V 1041 Tanager Energy Tango Mining V 419 Tantalex Res 304 Tanzania Rlty T 270 Tanzania Rlty* X 1141 Taranis Res V 145 Tartisan Res 340 Tasca Res V 66 Taseko Mines T 433 Taseko Mines* X 433 T 24145 Teck Res Teck Res* N 39040 T 22 Teck Res Telferscot Res 2625 Telson Res * O 75 Telson Res V 75 Tembo Gold V 133 Tembo Gold* O 65 Teranga Gold T 5364 Teras Res V 319 Terraco Gold V 336 Terrax Mnrls* O 117 Terrax Mnrls V 711 Terreno Res V 190 Teuton Res* O 37 Teuton Res V 258 Thor Expl V 242 87 Thunder Mtn Gd* O Thunderstruck V 598 Thunderstruck* O 126 Till Capital V 5 Till Capital* D 12 Tiller Res V 21 V 60 Timberline Res Timberline Res* O 133 Timmins Gold T 1725 Timmins Gold* X 3575 Tinka Res* O 261 Tinka Res V 378

12.45 11.60 11.82 - 0.14 17.01 6.48 16.59 15.54 15.83 - 0.13 22.13 9.45 0.10 0.00 0.08 + 0.01 0.22 0.02 0.07 0.06 0.06 - 0.02 0.15 0.06 0.00 0.00 0.00 - 0.00 0.00 0.00 0.10 0.09 0.10 + 0.01 0.12 0.02 0.02 0.02 0.02 + 0.01 0.14 0.01 0.15 0.13 0.13 - 0.02 0.18 0.01 1.09 0.88 0.90 - 0.08 1.95 0.24 0.89 0.64 0.67 - 0.08 1.49 0.17 0.13 0.11 0.11 - 0.01 0.15 0.04 0.03 0.03 0.03 - 0.01 0.10 0.01 0.12 0.11 0.11 - 0.05 0.21 0.00 0.61 0.56 0.61 + 0.04 0.88 0.35 0.46 0.42 0.45 + 0.02 0.70 0.23 28.91 26.44 28.21 + 0.90 28.91 3.65 21.69 19.75 21.07 + 0.57 21.69 2.56 28.75 27.22 28.40 + 0.85 28.59 5.69 0.01 0.01 0.01 - 0.01 0.05 0.01 0.29 0.24 0.25 + 0.02 0.43 0.07 0.39 0.32 0.33 + 0.03 0.55 0.04 0.06 0.05 0.05 - 0.01 0.07 0.01 0.04 0.03 0.04 - 0.01 0.06 0.01 1.21 1.09 1.12 - 0.07 1.40 0.38 0.19 0.15 0.17 + 0.02 0.21 0.03 0.17 0.15 0.16 - 0.01 0.19 0.08 0.60 0.52 0.54 - 0.06 0.80 0.17 0.81 0.70 0.71 - 0.08 1.05 0.24 0.04 0.03 0.03 - 0.01 0.08 0.02 0.21 0.16 0.19 + 0.01 0.34 0.03 0.28 0.21 0.22 - 0.02 0.46 0.04 0.11 0.10 0.11 + 0.01 0.16 0.02 0.13 0.10 0.13 + 0.01 0.16 0.02 0.10 0.08 0.10 + 0.02 0.20 0.01 0.07 0.06 0.07 + 0.00 0.09 0.04 5.20 0.00 4.95 - 0.25 6.00 3.28 3.91 3.88 3.90 - 0.01 5.00 2.76 0.08 0.04 0.08 + 0.05 0.07 0.01 0.73 0.63 0.64 - 0.09 0.73 0.16 0.53 0.47 0.50 - 0.02 0.54 0.08 0.64 0.60 0.61 - 0.02 0.80 0.11 0.48 0.45 0.46 - 0.01 0.63 0.07 0.16 0.15 0.16 + 0.00 0.22 0.07 0.22 0.21 0.21 + 0.01 0.27 0.09

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Tintina Mines V 33 Tintina Res V 3178 Tintina Res* O 718 Tirex Res* O 147 Tirex Res V 309 Titanium Corp V 78 TMAC Resource* O 19 TMAC Resources T 85 Toachi Mg Inc V 2394 TomaGold V 729 Tombstone Expl* O 3817 Tonogold Res* O 29 Torex Gold* O 53 Torex Gold T 2116 Tower Res V 778 Transatlan Mng V 1065 Treasury Metal T 482 Trecora Res* N 138 Trevali Mng* O 121 Trevali Mng T 5333 Tri Origin Exp V 136 O 231 TriMetals Mng* O 110 TriMetals Mng* TriMetals Mng T 480 Trio Resources* O 777 TriStar Gold* O 33 TriStar Gold V 53 Trueclaim Expl V 111 Tudor Gold V 198 O 25 Tudor Gold * Tungsten Corp* O 122 Turquoise HIl* N 9281 Turquoise HIl T 5498 TVI Pacific V 263

0.06 0.06 0.06 + 0.01 0.12 0.05 0.09 0.06 0.07 - 0.02 0.15 0.05 0.07 0.05 0.05 - 0.02 0.12 0.04 0.07 0.06 0.07 + 0.00 0.16 0.05 0.09 0.08 0.08 - 0.01 0.22 0.05 0.58 0.53 0.56 - 0.02 1.24 0.31 14.13 13.58 13.87 - 0.20 15.16 9.26 18.90 18.07 18.47 - 0.26 19.97 5.90 0.48 0.39 0.46 + 0.04 0.59 0.03 0.10 0.08 0.09 - 0.01 0.17 0.04 0.01 0.01 0.01 - 0.00 0.02 0.00 0.05 0.03 0.04 + 0.01 0.07 0.01 19.81 17.80 17.92 - 1.71 27.34 7.97 26.49 23.77 24.04 - 2.15 35.17 10.90 0.18 0.15 0.17 + 0.01 0.21 0.01 0.06 0.05 0.06 + 0.01 0.15 0.03 0.78 0.68 0.72 - 0.02 0.85 0.32 10.81 10.11 10.19 - 0.47 14.84 8.17 0.81 0.73 0.73 - 0.05 0.87 0.18 1.09 0.96 0.99 - 0.03 1.13 0.25 0.08 0.06 0.06 - 0.01 0.08 0.02 0.21 0.18 0.19 - 0.02 0.28 0.04 0.20 0.16 0.17 - 0.04 0.32 0.06 0.28 0.23 0.26 - 0.02 0.36 0.06 0.00 0.00 0.00 + 0.00 0.00 0.00 0.32 0.28 0.30 - 0.02 0.41 0.10 0.43 0.37 0.40 - 0.01 0.53 0.14 0.04 0.03 0.03 - 0.01 0.05 0.01 0.78 0.68 0.70 - 0.04 2.50 0.05 0.59 0.52 0.52 - 0.09 1.26 0.54 0.00 0.00 0.00 + 0.00 0.00 0.00 3.18 3.03 3.12 + 0.02 3.67 1.55 4.25 4.05 4.18 + 0.06 4.72 2.30 0.02 0.01 0.01 - 0.01 0.04 0.01

U3O8 Corp* O 747 Ucore Rare Mtl* O 230 UEX Corp T 434 Ultra Lithium V 247 Unigold V 380 Unigold* O 5 United Silver* O 53 United States S* N 104508 Unity Energy V 150 Ur-Energy T 472 Ur-Energy* X 2124 Uracan Res V 506 Uracan Res* O 96 218 Uragold Bay Rs V Uranium Energy* X 1671 Uranium Hunter* O 1 Uranium Res* D 1722 Uranium Valley V 35 Uravan Mnrls V 574 US Energy* D 33 US Precious M* O 735 4 US Rare Earths* O Vale* N 84773 N 208436 Vale* Valley High Mg* O 606 Valterra Res* O 51 Valterra Res V 101 Vanadiumcorp* O 15 Vanadiumcorp V 305 Vangold Res V 1808 Vantex Res V 3670 Vatic Vent V 1856 Vedanta* N 910 Vendetta Mng V 483

0.02 0.02 0.02 + 0.00 0.03 0.01 0.25 0.22 0.23 - 0.01 0.35 0.16 0.21 0.20 0.20 - 0.01 0.29 0.11 0.23 0.17 0.17 - 0.03 0.35 0.07 0.33 0.28 0.30 - 0.02 0.69 0.08 0.25 0.23 0.24 + 0.01 0.51 0.06 0.00 0.00 0.00 - 0.00 0.01 0.00 20.93 19.04 19.31 - 0.47 27.64 6.15 0.09 0.08 0.08 + 0.01 0.48 0.08 0.69 0.61 0.68 + 0.04 0.98 0.60 0.52 0.46 0.52 + 0.03 0.73 0.44 0.08 0.07 0.07 - 0.02 0.10 0.01 0.06 0.05 0.05 - 0.01 0.08 0.00 0.18 0.15 0.16 - 0.01 0.31 0.02 0.94 0.86 0.86 - 0.04 1.47 0.65 1.20 0.00 1.20 + 0.10 6.00 0.85 1.37 1.26 1.27 - 0.06 10.08 1.25 0.13 0.00 0.12 - 0.03 0.35 0.04 0.09 0.07 0.08 - 0.01 0.42 0.05 1.80 1.62 1.63 - 0.11 3.03 0.67 0.01 0.01 0.01 - 0.00 0.06 0.00 0.05 0.05 0.05 - 0.08 0.48 0.01 6.77 6.04 6.47 + 0.57 6.77 1.55 7.05 6.38 6.90 + 0.64 7.05 2.13 0.00 0.00 0.00 - 0.00 0.02 0.00 0.05 0.04 0.05 - 0.00 0.07 0.00 0.07 0.06 0.06 - 0.01 0.09 0.01 0.04 0.00 0.03 + 0.00 0.05 0.01 0.05 0.05 0.05 + 0.01 0.06 0.02 0.03 0.02 0.02 + 0.01 0.03 0.01 0.03 0.02 0.02 - 0.01 0.04 0.01 0.09 0.08 0.09 + 0.01 0.24 0.04 12.24 11.78 11.92 - 0.04 12.31 3.52 0.14 0.12 0.12 - 0.02 0.14 0.05

U-V

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

O 51 Vendetta Mng* Venture Mnrls* O 62 Verde Potash T 113 Victoria Gold V 3017 Victory Nickel 180 O 310 Virginia Enrgy* Viscount Mng V 1952 Vista Gold* X 2772 Vista Gold T 238 Voltaic Min V 691 VVC Expl V 223

0.08 0.08 - 0.02 0.10 0.08 0.00 0.01 0.02 + 0.00 0.04 0.02 0.02 0.13 0.31 - 0.03 0.48 0.34 0.31 0.13 0.62 + 0.01 0.80 0.63 0.58 0.02 0.03 - 0.01 0.05 0.03 0.02 0.02 0.03 + 0.00 0.06 0.03 0.03 0.42 0.63 + 0.14 0.91 0.63 0.49 0.26 0.88 - 0.06 2.09 0.97 0.85 0.35 1.17 - 0.09 2.73 1.28 1.13 0.03 0.05 - 0.01 0.52 0.06 0.05 0.01 0.02 - 0.01 0.05 0.03 0.02

O 5299 Walter Energy* Waseco Res V 92 Wealth Mnrls* O 306 Wealth Mnrls V 1250 O 223 Wellgreen Plat* Wellgreen Plat T 480 V 40 Wescan Gldflds T 799 Wesdome Gold 952 V West Af Res 143 West High Yld V West Kirkland V 1010 311 West Red Lake 106 West Red Lake* O X 240 Western Copper* T 216 Western Copper 183 Western Pac Rs* O Western Uran 15 Western Uran* O 17 V 461 Westhaven Vent O 20 Westkam Gold* V 2856 Westkam Gold Westmoreland* D 594 97 White Metal Rs V 201 White Mtn Engy* O O 31 Whitehaven Coa* Whitemud Res V 51 Wildcat Expl* O 431 3159 Winston Gld Mg Winston Gld Mg* O 1935 Winston Res 390 Winston Res* O 468 Wolfden Res V 893 Wolfeye Res V 1390 V 74 Wolverine Mnls V 152 Worldwide Res WPC Res V 1232 X-Terra Res V 200 Xander Res V 455 Xiana Mng* O 3 Ximen Mng V 1523 XLI Tech Inc* O 1724 O 149 Xtra-Gold Res* Yamana Gold T 33359 120098 Yamana Gold* N Yanzhou Coal* N 210 Yanzhou Coal* O 10 T 574 Yellowhead Mng Yorbeau Res T 1376 Zadar Vent V 2028 80 O Zadar Vent * Zazu Metals T 205 Zazu Metals* O 93 Zenyatta Vent V 245 O 43 Zenyatta Vent* Zincore Mtls V 6

0.01 0.06 - 0.04 0.11 0.11 0.05 0.02 0.08 + 0.01 0.09 0.08 0.07 0.10 1.01 + 0.03 1.16 1.03 0.91 0.14 1.35 + 0.05 1.50 1.39 1.20 0.12 0.37 + 0.01 0.46 0.39 0.34 0.16 0.49 + 0.02 0.62 0.51 0.45 0.02 0.07 - 0.03 0.10 0.10 0.00 0.98 2.61 - 0.09 2.90 2.75 2.49 0.35 0.30 0.30 - 0.04 0.40 0.05 0.17 0.15 0.16 + 0.01 0.30 0.15 0.04 0.12 + 0.01 0.17 0.13 0.10 0.27 0.24 0.25 - 0.01 0.40 0.01 0.20 0.18 0.19 - 0.01 0.31 0.02 0.20 0.78 + 0.02 1.04 0.84 0.75 0.29 1.05 + 0.04 1.35 1.10 0.99 0.02 0.02 0.02 + 0.00 0.04 0.00 1.20 1.69 + 0.27 3.50 1.69 1.45 1.01 1.05 - 0.01 2.67 1.30 1.03 0.04 0.13 + 0.01 0.16 0.13 0.11 0.01 0.04 - 0.00 0.07 0.04 0.03 0.02 0.04 + 0.01 0.09 0.05 0.04 9.55 8.83 9.45 + 0.08 10.44 3.44 0.07 0.06 0.06 - 0.02 0.13 0.02 0.07 0.04 0.06 - 0.01 0.35 0.04 0.25 2.31 + 0.07 2.50 2.40 2.31 0.01 0.01 - 0.01 0.03 0.01 0.00 0.02 0.14 + 0.00 0.16 0.14 0.13 0.61 0.44 0.49 - 0.13 0.64 0.10 0.47 0.33 0.36 - 0.10 0.49 0.10 0.01 0.03 + 0.01 0.10 0.06 0.03 0.04 0.05 - 0.00 0.05 0.05 0.04 0.05 0.11 - 0.02 0.19 0.13 0.09 0.23 0.27 + 0.02 0.35 0.28 0.23 0.07 0.08 - 0.02 0.18 0.10 0.08 0.01 0.02 - 0.01 0.06 0.02 0.02 0.03 0.09 - 0.02 0.12 0.11 0.08 0.06 0.15 - 0.01 0.31 0.16 0.15 0.32 0.35 - 0.12 0.49 0.45 0.34 0.02 0.14 - 0.01 0.15 0.14 0.14 0.03 0.10 - 0.03 0.18 0.13 0.10 0.01 0.01 0.01 - 0.00 1.50 0.00 0.15 0.20 - 0.02 0.43 0.22 0.19 2.00 4.58 - 0.50 7.87 5.26 4.53 1.38 3.42 - 0.40 5.99 3.95 3.38 3.66 7.65 - 0.01 8.09 8.09 7.48 0.39 0.83 + 0.08 0.83 0.83 0.83 0.03 0.04 - 0.01 0.10 0.05 0.04 0.06 0.12 + 0.01 0.13 0.13 0.10 0.01 0.11 + 0.01 0.26 0.11 0.09 0.08 0.00 0.08 + 0.01 0.20 0.06 0.09 0.19 - 0.01 0.33 0.21 0.00 0.08 0.14 - 0.02 0.24 0.16 0.14 0.63 1.09 - 0.16 1.55 1.29 1.09 0.47 0.82 - 0.13 1.17 0.97 0.81 0.03 0.14 + 0.04 0.30 0.14 0.10

W-Z

BID-ASK — OCTOBER 24–28, 2016 STOCK

EXC BID ASK LAST HIGH

Acme Res Corp Active Growth Afrasia Mnls Aftermath Slvr Aida Minerals Alberta Star Alderon Iron* Alexandra Cap Allante Potash Alternative ER Altiplano Mnls Amanta Res Amato Expl Anglo Pac Grp Anglo-Bomarc Arak Res Arch Coal* Ardonblue Vent Argus Metals Armor Mnrls Asbestos Corp Astar Mnls Astur Gold Atlantic Ind Atlatsa Res* Auramex Res Balto Res Barksdale Cap BE Res Bearclaw Cap Benz Cap Bethpage Cap Bison Gold Res Black Bull Res Black Mam Mtls BlackEagle Dev Blind Crk Res Boss Power Buccaneer Gold Bullion Gld Res Bullman Mnls Cairo Res Canuc Res Canyon Copper Carrie Arran Cascade Res Cassidy Gold Cassius Vents Castle Res CB Gold Celtic Minrls Chantrell Vent Chieftain Mtls Chinapintza Mg CIM Intl Grp Clear Mtn Res Cliffs Nat Res* Clydesdale Res CNRP Mng Comet Inds Compliance Egy Cons Westview Cresval Cap Cricket Res CWN M’g Acq Desert Star DGS Mnls DV Resources Enfield Expl European Metal

8-10_NOV 7_StockTables.indd 10

12-MONTH

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

0.01 0.03 0.02 0.03 0.05 0.06 0.05 0.10 0.06 0.08 0.07 0.08 ... 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 0.06 0.35 0.06 0.06 0.34 0.37 0.36 0.46 0.09 0.11 0.09 0.22 0.01 0.02 0.01 0.05 0.07 0.05 0.10 0.56 ... 0.80 1.50 0.08 0.09 0.09 0.30 0.03 0.04 0.03 0.07 ... ... 0.58 0.09 0.11 0.09 0.09 0.08 0.09 0.09 0.15 0.47 0.89 0.47 0.85 0.15 0.30 0.15 0.30 0.16 ... 0.16 0.16 0.06 0.08 0.08 0.10 0.01 0.03 0.01 0.01 ... ... 0.06 0.45 0.02 0.03 0.02 0.03 0.01 0.03 0.01 0.03 0.40 0.60 0.40 0.60 ... 0.34 0.35 0.03 0.04 0.03 0.06 0.03 0.04 0.03 0.08 0.06 0.10 0.10 0.10 0.21 0.46 0.30 0.50 ... 0.01 0.01 0.07 0.08 0.07 0.13 0.05 0.15 0.05 0.12 0.07 0.12 0.07 0.16 0.17 0.20 0.17 0.03 0.04 0.02 0.04 0.09 0.12 0.09 0.15 0.06 ... 0.06 0.09 0.35 ... 0.35 0.39 0.23 0.29 0.25 0.27 0.05 0.06 0.05 0.05 0.05 ... 0.05 0.07 0.02 0.04 0.02 0.05 0.01 0.02 0.02 0.04 0.03 0.10 0.03 0.05 0.01 0.30 0.20 0.70 0.13 0.16 0.17 0.18 ... ... 0.01 0.09 0.11 0.11 0.19 ... ... 0.05 0.23 0.01 0.02 0.01 0.01 ... 0.98 0.98 1.50 0.82 0.85 0.82 0.99 1.45 3.20 1.43 7.17 0.03 ... 0.05 0.05 0.01 0.03 0.01 0.01 2.60 3.00 3.00 3.00 0.03 0.03 0.03 0.25 0.48 0.70 0.48 0.56 0.04 0.05 0.05 0.06 0.01 0.10 0.01 0.02 0.16 0.23 0.20 0.25 0.14 0.18 0.14 0.32 0.04 0.09 0.04 0.06 0.03 0.04 0.04 0.06 ... ... 0.01 0.01 ... 0.01 0.01 0.01

LOW

STOCK

0.02 0.02 0.01 0.01 0.08 0.16 0.12 0.03 0.01 0.09 0.04

Fire River Gol V First Idaho V Four River V Gentor Res V Geodex Mnrls V GFM Res V Global Cobalt V Global Cop Grp V GobiMin V Gold Jub Cap V Goldbelt Emp V Golden Peak Mn V V Gonzaga Res Graniz Mondal V Gravis Energy C Greatbanks Res V Greenshield Ex V Grenville Gold V Greywacke Expl C Hadley Mng C HFX Holding V Highbury Proj V Highvista Gold V IGC Res V Interconnect V Intl Samuel Ex V Iron South Mng V Jasper Mng V JDF Explor Inc C Jet Metal V Jiulian Res V V Kairos Cap Karoo Expl V Kazax Mnls V Kestrel Gold V Kootenay Zinc C La Imperial C Lago Dourado V V Lateral Gold Lions Bay Cap V Lions Gate Mtl C Lovitt Res V Maccabi Vent C Madeira Mrnls V Mag Copper C MAG Silver* X Mainstream Mnl V Manado Gold V Martina Mnls V Matachewan Con V Match Capital V Matica Ent C MaxTech Vent C McChip Res V McLaren Res C Melkior Res V Metallum Res V Metalore Res T Mezzotin Mnrls V MillenMin Vent V Milner Con Slv V Mitchell Res V Moag Copper C Montana Gold C Morgan Res V Mountain Lake C Navy Res V Nebu Res V Network Expl V New Destiny Mg V

0.01 0.75 0.07 0.02 0.05 0.02 0.12 0.14 0.09 0.01 0.01 0.06 0.01 0.01 0.01 0.02 0.01 0.03 0.10 0.04 0.01 0.03 0.02 0.05 0.03 0.13 0.05 0.01 0.05 0.02 0.01 0.01 0.05 0.04 0.06 0.03 0.01 0.90 0.10 0.98 0.01 0.01 1.22 0.03 0.22 0.03 0.01 0.11 0.05 0.04 0.03 0.01 0.01

12-MONTH

EXC BID ASK LAST HIGH LOW

0.03 0.07 0.09 0.75 0.10 0.20 0.14 0.14 0.27 0.35 0.30 0.39 0.01 0.02 0.01 0.03 0.06 0.09 0.05 0.11 0.02 0.10 0.02 0.03 0.02 0.02 0.02 0.08 0.07 0.08 0.08 0.11 0.50 0.60 0.50 0.55 0.15 0.17 0.15 0.28 0.04 0.05 0.04 0.10 0.44 0.50 0.44 0.90 0.04 0.08 0.05 0.06 0.04 0.05 0.04 0.05 0.01 ... 0.01 0.01 0.03 0.05 0.03 0.06 0.08 0.06 0.06 0.10 0.17 0.11 0.18 0.06 ... 0.06 0.06 0.01 0.01 0.01 0.01 0.03 ... 0.05 0.15 0.27 ... 0.27 0.27 ... 0.16 0.17 0.01 0.02 0.01 0.02 0.07 0.17 0.06 0.14 0.05 0.08 0.07 0.15 0.24 0.27 0.24 0.28 0.07 0.08 0.07 0.08 0.01 0.04 0.01 0.01 0.10 0.10 0.09 0.15 0.03 0.04 0.03 0.05 0.04 0.07 0.04 0.09 0.01 0.02 0.01 0.02 0.01 0.01 0.01 0.04 0.02 0.02 0.02 0.07 0.20 0.50 0.11 0.22 0.05 0.13 0.05 0.08 0.13 0.15 0.14 0.59 0.11 0.16 0.14 0.58 0.04 0.06 0.04 0.04 0.04 0.11 0.04 0.09 0.03 0.12 0.03 0.05 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 0.10 0.12 0.11 0.15 0.03 0.05 0.03 0.06 0.29 0.38 0.30 0.49 0.01 0.04 0.04 0.04 0.01 0.01 0.01 0.04 0.24 ... 0.24 0.26 0.42 0.58 0.58 0.85 0.02 0.05 0.02 0.02 0.03 0.03 0.03 0.06 0.03 0.06 0.12 2.84 2.90 2.80 3.59 0.02 0.03 0.02 0.04 0.05 0.08 0.05 0.14 0.04 0.05 0.04 0.07 0.11 0.19 0.09 0.14 ... ... 0.08 0.09 0.10 0.10 0.10 0.01 0.02 0.01 0.02 ... 0.01 0.01 0.01 0.17 0.30 0.19 0.30 0.01 0.02 0.01 0.03 0.17 0.23 0.17 0.22 0.17 0.19 0.17 0.32

0.03 0.05 0.07 0.01 0.05 0.02 0.01 0.04 0.27 0.07 0.02 0.12 0.01 0.01 0.01 0.01 0.07 0.04 0.01 0.03 0.13 0.01 0.05 0.05 0.04 0.03 0.01 0.07 0.01 0.02 0.01 0.01 0.01 0.06 0.01 0.05 0.26 0.01 0.01 0.02 0.06 0.02 0.01 6.12 0.10 0.02 0.21 0.01 0.01 0.05 0.40 0.01 0.01 1.26 0.01 0.01 0.02 0.02 0.02 0.01 0.01 0.15 0.01 0.02 0.08

STOCK

New Klondike Newmac Res Newstrike Res Nitinat Mnls Noble Metal Gr Norsemont Cap North Am Ptash North Am Tung NRG Metals NSS Res Inc Nthrn Sphere Open Gold Orofino Mnrls Oronova Res Oxford Res Pac Arc Res Pac Cascade Paget Mrnls Pan Global Res Phoenix Gold Phoenix Metals Prime Meridian Quartz Mtn Res Rare Element* Razore Rock Res Red Oak Mg Red Rock Enrgy Remington Res Remo Res Rhyolite Res Rift Valley Riley Resource River Wild Exp Romulus Res RosCan Mrnls Ross River Rotation Mnls Royal Sapphire Rubicon Mnrls Rubicon Mnrls* Saville Res Savoy Vent Scavo Res SGX Res Sniper Res Spada Gold Squire Mg Ltd Strata Mnls Swift Res Talmora Diamd Tanqueray Expl Tearlach Res Teryl Res Corp Theia Res Themac Res Thunder Mtn Gd Tiger Intl Trinity Valley Troy Enrgy True Grit Res Tsodilo Res UC Res United Coal Universal Vent Velocity Mnrls Volcanic Mtls War Eagle Mg Westridge Res Whistler Gold Zinco Mng

12-MONTH

EXC BID ASK LAST HIGH LOW

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

0.01 0.01 0.01 0.08 ... 0.10 0.12 0.10 0.13 0.10 0.19 0.07 0.09 0.09 0.09 0.01 0.02 0.01 0.02 0.25 0.30 0.25 0.31 0.05 0.08 0.04 0.15 ... 0.01 0.01 0.02 0.11 0.11 0.11 0.18 ... ... 0.20 0.20 0.18 0.25 0.25 0.63 0.01 0.01 0.01 0.06 0.09 0.09 0.25 0.05 0.10 0.04 0.08 0.02 0.03 0.03 0.11 0.15 0.13 0.50 0.01 0.02 0.01 0.02 0.06 0.08 0.06 0.09 0.04 0.05 0.04 0.08 ... 0.01 0.01 0.01 0.19 0.20 0.21 0.21 0.12 0.15 0.14 0.18 0.05 0.06 0.06 0.07 0.11 0.16 0.15 0.89 0.01 0.04 0.04 0.08 0.01 0.02 0.01 0.02 0.01 0.01 0.01 0.03 0.07 0.10 0.07 0.07 0.09 0.15 0.09 0.10 0.23 0.35 0.23 0.27 0.01 0.02 0.01 0.01 0.05 ... 0.13 0.13 0.01 ... 0.01 0.01 0.11 0.20 0.11 0.17 0.02 0.03 0.02 0.04 0.01 0.02 0.01 0.03 0.25 0.30 0.30 0.30 0.04 0.06 0.04 0.07 0.05 0.05 0.05 0.62 ... ... 0.03 1.35 0.03 0.04 0.02 0.05 ... ... 0.16 0.36 0.57 0.36 0.54 0.02 0.02 0.02 0.05 0.01 0.01 0.01 0.07 0.21 0.60 0.21 0.60 0.11 0.17 0.16 0.19 0.01 0.02 0.01 0.05 0.20 0.24 0.25 0.25 0.01 0.05 0.05 0.05 0.18 0.38 0.17 0.17 0.08 0.15 0.08 0.16 0.01 0.02 0.02 0.02 0.11 0.17 0.11 0.17 0.05 0.05 0.05 0.10 0.10 ... 0.16 0.23 0.09 0.24 0.10 0.20 0.02 0.02 0.02 0.04 0.02 0.05 0.02 0.05 0.02 0.04 0.02 0.05 0.69 0.80 0.80 0.90 0.01 0.02 0.02 0.03 ... 0.01 0.01 0.40 ... 0.45 0.18 0.22 0.18 0.19 0.14 0.20 0.16 0.22 0.02 0.03 0.03 0.04 0.01 0.03 0.01 0.02 0.03 ... 0.02 0.02 0.05 0.07 0.05 0.08

0.05 0.02 0.04 0.01 0.16 0.03 0.01 0.02 0.20 0.10 0.06 0.04 0.05 0.01 0.01 0.01 0.01 0.02 0.05 0.01 0.06 0.01 0.01 0.01 0.02 0.05 0.09 0.01 0.10 0.01 0.08 0.01 0.01 0.02 0.03 0.02 0.03 0.01 0.26 0.01 0.01 0.20 0.10 0.01 0.01 0.01 0.02 0.02 0.01 0.05 0.01 0.08 0.08 0.01 0.01 0.01 0.50 0.01 0.06 0.04 0.01 0.01 0.01 0.01

2016-11-01 5:28 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 7–13, 2016

Nevsun CEO’s plans for Timok in Serbia and Bisha in Eritrea INTERVIEW

| Company expands Bisha zinc operation by US$77 million

Nevsun Resources’ Bisha copper-zinc mine in Eritrea, 150 km west of the capital Asmara. NEVSUN RESOURCES BY MATTHEW KEEVIL

mkeevil@northernminer.com VANCOUVER

t’s been a busy year for Nevsun Resources (TSX: NSU; NYSEMKT: NSU) headlined by the US$440-million cash-and-share purchase of junior Reservoir Minerals and its stake in the emerging Timok high-grade copper-gold discovery in Serbia. The company also completed a US$77-million zinc expansion at its Bisha polymetallic mine in Eritrea. Nevsun announced its maiden concentrate sale from Bisha in September, while the copper circuit — coupled with the new zinc circuit — has produced 40,000 tonnes of commercially saleable zinc concentrate since June. The twin achievements mark Nevsun’s move towards becoming a mid-tier base metal producer. The company’s primary cash driver during Bisha’s early years was gold-silver doré produced from a high-grade layer of a volcanogenic massive sulphide deposit with base metal zones beneath. The new zinc and existing copper flotation plants could produce 225 million lb. zinc-in-concentrate and 53 million lb. copper-in-concentrate every year through 2025. The company’s annual production estimates for 2016 total 70 to 100 million lb. zinc-in-concentrate and between 40 and 60 million lb. copper-inconcentrate. Nevsun envisions its presence in Eritrea running far beyond that 2025 cut-off date, however, and in late July it expanded its exploration licences in Eritrea to 814 sq. km. The company will spend US$10 million this year on regional and near-mine exploration. “We have had promising drill results regionally, and we’re following up on these additions. We’re also doing more airborne geophysics because that land position is highly prospective. There are a number of deposits, and it’s simply a question of delineating resources,” Nevsun president and CEO Cliff Davis said during an interview in the company’s Vancouver offices. “The ramp-up for zinc concentrate will continue over the rest of

1 2 3 4 5 11 13 14 15 16_NOV 7_Main .indd 11

the year, and we expect to increase recoveries and the quality of the product,” Davis said. “One of the difficulties we’ve had is producing a saleable copper product. We’re producing a concentrate, but it’s a bulk product right now, which means it’s off specification. That said it’s still saleable, but has lower payables.” Nevsun has enjoyed success in Eritrea, but it’s also come under fire from non-governmental organizations and media that say it has partnered with a human rightsabusing authoritarian regime. In early October, the B.C. Supreme Court approved a civil lawsuit filed by three Eritrean refugees who claim the company may have been complicit in using forced labour provided by the Eritrean government while building Bisha. The case will be the first instance where a Canadian company faces allegations domestically over claims of international human rights abuses. None of the claims have been proven in court. “I obviously can’t comment on outstanding legal proceedings,” Davis said when asked about the civil suit and related media coverage. “I can say that we’ve been in Eritrea for over 18 years and we know our community. It’s important to understand the deep poverty there, and the good being done in terms of training and supply lines. When it comes to some of the media attention, we are comfortable with who we are and how we operate. We’ve had an international lawyer complete independent human rights assessments. There are certain international groups focused on regime change, and that plays a role in terms of the broader issue.” Last year Nevsun decided to deploy its growing capital in a merger or acquisition. Davis said “80%” of management’s time was dedicated to finding the company’s next mine. The focus remained on base metals with a tilt towards copper due to management’s belief in the red metal’s positive long-term supply-demand fundamentals. In April, Nevsun waded into a bidding war for Reservoir and its interest in Timok after a US$262-

Nevsun Resources’ Timok copper-gold project in Serbia. NEVSUN RESOURCES

million starting offer from mid-tier Lundin Mining (TSX: LUN; USOTC: LUNMF). Nevsun upped the stakes with its own US$365-million bid which was eventually boosted by US$75 million in cash to entice two holdout Reservoir shareholders: Jing Bao Ltd. and Shandong Xiangguang Group. “The gauntlet was dropped with the Lundin bid, but we reacted quickly because we were already well into due diligence with Reservoir. We didn’t need to worry about valuations, because we had already established a benchmark that allowed us to be opportunistic,” Davis said. “We were quite prepared to pay the cash. We had the deal proxies a couple days before and we knew that we were just going to miss the approval vote. It came down to negotiating with a few shareholders of Reservoir that were grinding us. We came to an agreement with a couple of parties to get the deal over the line right at the deadline.” The current crown jewel at Timok is the Cukaru Peki deposit, which is subdivided into an Upper Zone of high-sulphidation epithermal mineralization, and an underlying Lower Zone of porphyry-type mineralization, which has bulk-tonnage potential and is not included in current resource estimates. Nevsun acquired full ownership of the Upper Zone, while U.S. major

Freeport-McMoRan (NYSE: FCX) has a right to back into a 54% stake in the Lower Zone after a feasibility study. Upper Zone resources include 1.7 million indicated tonnes above a 0.8% copper cut-off grade, with grades of 13.5% copper, 10.4 grams gold per tonne and 0.2% arsenic. Inferred resources include 35 million tonnes above a 0.8% copper cut-off grade, with grades of 2.9% copper, 1.7 grams gold and 0.2% arsenic. Contained metals total 1.2 million tonnes copper and 2.5 million oz. gold. Nevsun has six drills completing a 50,000-metre program on the Upper Zone, while it will spend US$20 million on a 67,000-metre program on the Lower Zone in accordance with the Freeport joint venture. The plan involves releasing a prefeasibility study within 12 months leading into production by 2021. “It’s beneficial to have major mining companies like Freeport involved in assets like Timok’s Lower Zone, and similarly our arrangements with Rio Tinto (NYSE: RIO) on the neighbouring Tilva project. They not only bring more skills, but also a longer-term ability to develop larger projects,” Davis added. “The Serbian state is supportive and understands the long-term implications of the project. We recently received an endorsement, and there are economic reasons to

advance the development. Given that support and our experience in mine development, we have fairly aggressive targets for Timok.” On Oct. 17, Nevsun unveiled assays from the Upper Zone that formed part of a resource upgrade program last year. The results reflect the deposit’s impressive grades, with highlights of: 248 metres of 6.4% copper and 3.19 grams gold per tonne in hole 150099; 300 metres of 5.5% copper and 3.32 grams gold in hole 150078; and 188 metres of 4% copper and 4.24 grams gold in hole 150094. Davis points out that the Upper Zone’s rich gold credits will drive profit in the early years, reminiscent of Nevsun’s strategy at Bisha. Reservoir released a preliminary economic assessment on a two-stage build on the Upper Zone that would cost US$213 million to develop. The mine would have produced 58,000 tonnes copper and 62,000 oz. gold annually, but Nevsun will instead look at direct-shipping options for high-grade material, as well as other mine plan adjustments. “We just finished a major strategic review and our story right now is Timok and Bisha. That doesn’t mean we close our eyes to opportunity, but we won’t be allocating nearly as much of our time to external opportunities as we were before the Reservoir acquisition,” Davis said. “We had looked thoroughly in the space and Timok is truly high quality, and the most recent drill results we released reinforce this. And we believe in copper and base metals. We had always considered ourselves a base metal company, even though Bisha was a gold story in the early days.” Nevsun had US$220 million in cash and no debt at the end of September. Shares have traded in a 52-week range of $3.27 to $4.81 per share, and closed at $3.69 at press time. Nevsun has 299.7 million shares outstanding for a $1.1-billion market capitalization. Davis argues that the market perhaps hasn’t “fully valued” Timok since the deal, but he expects this to change as more drilling and scoping results are released over the coming year. TNM

2016-11-01 6:31 PM

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2016-11-01 5:24 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 7–13, 2016

Drillers at Eldorado Gold’s Skouries high-grade gold-copper porphyry deposit in northern Greece’s Halkidiki peninsula in 2015. ELDORADO GOLD

Eldorado re-emphasizes internal growth, exploration GOLD

BY MATTHEW KEEVIL

mkeevil@northernminer.com

ldorado Gold (TSX: ELD; NYSE: EGO) will likely have $1 billion in total liquidity on its balance sheet at year-end thanks to the proposed sale its Chinese gold mines, but management shows little interest in pursuing high-profile mergers and acquisitions. In fact, the company has underlined its focus on internal growth, and is gearing up for work at four new exploration projects. When the deal finally closes in the coming weeks, the capital influx will largely fund Eldorado’s aggressive mine development plans, which could boost its gold production 110% over the next three years to 400,000 oz. gold. The company will spend between US$420 million and US$480 million next year on development work including on mine expansion and the building of two new mines. Taking into account the sale of the Chinese assets, Eldorado’s 2016 consolidated production is slated to be 495,000 oz. gold at all-in sustaining costs of US$915 per oz. gold. The adjustment assumes a timely deal close and implies that the company’s Kisladag and Efemcukuru mines in Turkey would produce 100,000 oz. in the fourth quarter. During the third quarter, Eldorado produced 117,782 oz. gold at all-in sustaining costs of US$890 per oz., which compares to 183,226

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| Two-stage development seen at Skouries gold-copper deposit in Greece oz. during the same period last year. The company reported total quarterly revenue of US$156 million, but generated negative free cash flows of $46 million before changes in working capital, with cash flows at its Turkish operations offset by US$65 million in development capital expenses on its Greek asset portfolio. “We expect the final stage of our China transactions with Yintai on schedule,” president and CEO Paul Wright said during a third-quarter conference call. “This leads to the question of where we’re going to spend these funds. We’ve been open with our plans recently in terms of our internal pipeline, and our emphasis remains on these [projects]. “Our [exploration] activity has increased through the quarter, and we are engaged in drilling programs in Brazil, Greece, Romania and Serbia,” he added. Eldorado’s biggest near-term investment is the two-stage development of its Skouries gold-copper porphyry deposit in Greece, which is earmarked for between US$240 million and US$260 million in capital expenses next year. An initial US$710-million construction phase will set the stage for open-pit and underground mining, which would produce 1.4 million oz. gold and 620 million lb. copper over a nine-year mine life. The second phase would only involve underground operations and require US$460 million in development

“WE EXPECT THE FINAL STAGE OF OUR CHINA TRANSACTIONS WITH YINTAI ON SCHEDULE ... OUR [EXPLORATION] HAS INCREASED ... AND WE ARE ENGAGED IN DRILLING PROGRAMS IN BRAZIL, GREECE, ROMANIA AND SERBIA.” PAUL WRIGHT PRESIDENT AND CEO, ELDORADO GOLD

costs. The mine could begin production in 2019. Eldorado is also targeting initial production from a second phase at its Olympias operation in Greece during the first quarter of 2017. The 1,200-tonne-per-day facilities would produce 72,000 oz. gold annually over a five-year mine life, though the best upside lies in a subsequent underground expansion that would increase annual payable gold production to 170,000 oz. starting in 2022. Meanwhile, the company will spend US$63 million at Kisladag via an expansion that will increase throughput at the crusher from 12.5 million tonnes to 20 million tonnes per year. Eldorado expects between 310,000 and 320,000 oz. gold annually through 2020 from the operation, at average cash costs of US$490 per oz. gold. The company hopes to hit initial production at Tocantinzinho in Brazil by 2019, after next year’s US$464-million construction phase.

The mine could produce 170,000 oz. annually at US$535 per oz. cash costs. Earlier in the quarter Eldorado unveiled four exploration projects in South America and eastern Europe. The company was awarded the Bolcana project by the Romanian National Agency for Mineral Resources, which “comprises a central copper-gold porphyry system, flanked by vein-hosted and disseminated epithermal gold deposits and occurrences.” Within the first year, Eldorado is obligated to complete a work program that includes 24,000 metres of drilling. In July, Eldorado signed definitive agreements with Votorantim Metais for the option to acquire up to 70% ownership in the Borborema and Nazareno licence areas, located in Brazil’s Pernambuco and Minas Gerais states. The company can earn 51% in either project by spending US$2 million in the first year and US$1 million every subsequent year on exploration, and generat-

ing a “compliant resource” of at least 500,000 oz. gold, or by spending $10 million over five years. Eldorado picked up the KMC project in Serbia, which hosts a large magmatic-hydrothermal system with multiple gold-copper-base metal mineralization zones. Prograde and retrograde skarn is present within regionally extensive limestones, generally close to Tertiary dikes and plugs, while epithermalstyle alteration and mineralization overprints skarn leads to an overlying volcanic package. “Drill work in Romania at the Bolcana area [has begun], and we’ll test regionally for along-strike extensions of historically mined veins,” Wright added. “In Brazil, we drilled late in the quarter on licences at the Vulture showing in Pernambuco state … we’ll also continue at our KMC skarn project, with four drill rigs active.” Scotiabank analyst Tanya Jakusconek says Eldorado offers a strong risk and reward trade-offs. She added that the liquidity boost from China’s asset sales is reportedly earmarked for the company’s development pipeline. Scotiabank has a “sector outperform” rating on Eldorado, along with a $4.45-per-share, oneyear price target. The company shares have traded in a 52-week range of $2.67 to $6.71 per share, and closed at $4.23 at press time. Eldorado has 717 million shares outstanding for a $3-billion market capitalization. TNM

2016-11-01 6:29 PM

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NOVEMBER 7–13, 2016 / THE NORTHERN MINER

Brazil-focused Crusader Resources features high-profile board PREMIER From 1

and write books. He wrote his first title, Investment biker: On the road with Jim Rogers, after a 100,000mile motorcycle trip across six continents from 1990–1992. Other books were to follow, including Adventure capitalist: The ultimate road trip, and Hot commodities: How anyone can invest profitably in the world’s best market. Rogers has also taken a shine to Brazil. “Unfortunately he sees it as a bit of a basketcase, and that’s where he likes to invest,” Crusader’s Smakman explained. “He likes to take a long-term view. He likes gold, and he likes Brazil … he’s agreed to join the board, which is quite good for us, and opens a few more doors in North America.” For Smakman, however, who has lived in Brazil for the last decade, non-executive director Mauricio Ferreira serves one of the most important functions on the board. The senior executive — who spent 26 years within Vale (NYSE: VALE), and in the 1990s was involved in the exploration and development of three gold mines in Brazil — is of

particular importance to Crusader in-country. “He’s built businesses within Vale itself, billion-dollar businesses … and he brings me a lot of projects. He opens a lot of doors, and his real role that I have him doing for me is explaining Brazil to the rest of the board, because sometimes the country can be a little confounding.” Crusader is advancing two gold projects of its own: Borborema in northeastern Brazil; and Juruena, in central Brazil, on the southern fringe of the Amazon basin towards the western end of the Juruena-Alta Floresta gold belt. The company acquired 100% of Borborema in 2010. The asset had been mined as an open pit by Brazilian businessman Eike Batista in the 1980s, and was the country’s first heap-leach mine. But Batista didn’t keep it for long. “Once he reached the fresh ore, at 30 metres deep, he didn’t get any recovery, and he left the project at that point,” Smakman said. “It has been fully licensed ever since for heap leaching on a small footprint, and that licence has been maintained.” Crusader bought it from a private group that had inherited the project.

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During 2011 and 2012, Crusader drilled 90,000 metres at Borborema, completed a prefeasibility study in 2011 and a bankable feasibility in 2013. “We were doing the bankable feasibility study during the falling gold price,” Smakman said. “It was a big capital hurdle for us at the time. We put the feasibility on ice at that point, so we never released those numbers, we kept it as a draft.” Borborema has a JORC-compliant proven and probable reserve of 42.4 million tonnes grading 1.18 grams gold for 1.61 million oz. gold. Measured and indicated resources stand at 51 million tonnes grading 1.14 grams gold per tonne for 1.87 million oz. gold, and inferred resources are 17.6 million tonnes at 1 gram gold for 0.57 million contained oz. gold. “There are two main lenses, one is a bit shallower than the other, which means we have quite a bit of optionality in how we go ahead and mine it,” Smakman said. The shallower lens contains most of the reserve (26 million tonnes grading 1.14 grams for 970,000 oz. gold). The company envisions annual production of 120,000 to 130,000 oz. gold a year, with a throughput rate of 3 million tonnes per year. Crusader is reevaluating the deposit’s metallurgy. “One of the criticisms that came back from the document [draft bankable feasibility study in 2013] when it was reviewed by the banks was that the metallurgy was all done in-country, it was not done in an ISO lab, and they wanted us to redo it,” Smakman noted. “During 2015 we drilled another 1,000 metres of PQ core and sent it to Australia.” The sample material is at the ALS lab, and the company is awaiting the results. “At this point we have no concerns, there are only opportunities that we can improve the economics from the advanced metallurgy, but it’s just work we need to do.” He adds that there is only a small part that remains oxide — 5% of the entire resource and reserve — and it has been well studied. Smakman describes Borborema as a tabular orebody with lenses that have a shallow plunge south. “It dips 40 degrees, which is perfect for an open pit,” he says. “They really just scratched the surface of this orebody,” Smakman added, referring to Batista’s tenure in the 1980s. “We have to do a bit more than that.” Borborema is 20 km from the mining town of Currais Novos, which Smakman describes as the capital of the tungsten mining industry in South America. The town has a population of 40,000 and a technical school for miners, which could provide skilled workers. The project is 140 km from the port city of Natal, where an international airport has flights to the U.S. and Europe. It also has access to cheap hydropower, although it will have to build a 6 km spur. “The town is important to us because one of our primary sources of water will be coming from there,” he said. “They have no wastewater treatment at all, they put it all into the river. The agreement we have reached with the local mayor is that we will build him a wastewater treatment plant and pump that water to site, and that will create our main water source for the project. “We own 100% of the project, we own the farm under the project and it’s really quite a vanilla site,” Smakman said. The area’s other benefits include regional tax concessions (Crusader’s overall tax rate will be 15.3%) and government mineral royalties, which are low at 1%. Crusader has completed all its drilling for the updated bankable

A drill site at Crusader Resources’ Borborema gold project in Eastern Brazil in 2014. CRUSADER RESOURCES

feasibility study, which it hopes to finish over the next couple of months. It has worked with the government to convert the valid licence for heap leaching into a carbon-in-leach and carbon-in-pulp permit, which it expects to receive within two months. “We’ve been backwards and forwards with them for the last 18 months, and we’re getting close to that final point,” Smakman said. The company expects to have a full feasibility study completed in the second quarter of 2017, and at that point will look at its financing and development options. It is also working through environmental permits. “It’s obviously a big project and something we’ve worked on for a number of years, and we’re pretty excited about it.

“AT THIS POINT WE HAVE NO CONCERNS. THERE ARE ONLY OPPORTUNITIES THAT WE CAN IMPROVE THE ECONOMICS FROM THE ADVANCED METALLURGY, BUT IT’S JUST WORK WE NEED TO DO.” ROBERT SMAKMAN MANAGING DIRECTOR, CRUSADER RESOURCES

“Borborema is a significant development project for us,” he continued. “We’ll move it forward until we get to a natural decision — whether we develop it, whether we look for a joint-venture partner — it’s a project that has great potential. “It’s close to getting permitted, and it’s certainly got the size to interest the mid-tiers.” The company’s Juruena high-grade gold project, meanwhile, continues to excite the management team, despite its small size. The company acquired the project in May 2014 (“in the depths of the gold doldrums) from a Canadian junior for $650,000, and milestone scrip payments. “We were looking for a project that we could develop at really low gold prices and to do that we wanted something with grade,” Smakman said. Smakman noted that the vendor had another geological model, and were looking for a gold-copper porphyry. “They spent a lot of money. They did a lot of drilling with great geochem and great geophysics, but were unsuccessful in finding a porphyry. It doesn’t mean that there is not one there,” Smakman said. “But the work they did was to a high standard. They built a great camp and did a

lot of drilling, which we’ve used a lot along the way.” Crusader is following another approach, and has analyzed a huge gold-in-soil anomaly that the previous owners produced using auger drilling and careful soil geochemistry. The gold anomaly is 8 km long and 4 km wide. “You can see it’s quite an extensive soil anomaly ... it is pretty real, but within that anomaly, there are a whole number of small operations that appear to be a series of gold deposits within a district-scale area.” Crusader started drilling each one, in turn. In 2015 it drilled 10,000 metres on four targets and delineated three inferred resources. The first were two high-grade targets — Querosene and Dona Maria — and the third was called Crentes. Querosene has a JORC-compliant inferred resource of 263,500 tonnes grading 12.3 grams gold for 104,100 oz. gold; Dona Maria contains 196,300 tonnes of 11.8 grams gold for 74,700 oz. gold; and Crentes has 846,000 tonnes grading 2 grams gold for 55,100 oz. gold. This year the company has infilldrilled nearly 8,000 metres, and plans to upgrade the resources and complete a scoping study before year-end. Smakman noted that artisanal miner “garimpeiros” have been active in the area since the 1980s, and have produced an estimated 500,000 oz. gold. The Australian geologist says Juruena would mine these targets at the same time, because in Brazil you can use a trial mining permit. “It allows you to get into production quickly and has restrictions on tonnage,” Smakman said. “These two targets — Queresone and Dona Maria — are 1 km apart, and they are on separate tenements ... we are allowed to go out and ask for trial mining licences on each one.” The idea is to build a central processing facility — something in the order of 100,000 or 150,000 tonnes per year, that are “quite small and quite cheap to build” — and to “truck from individual deposits to that facility.” Crusader has reported that a trial mining licence had been approved for the Querosene, which the company noted in a press release “demonstrates our team has a strong relationship with the Department of Mines.” The company also released more drill results from Querosene, including 8.3 metres grading 23.71 grams gold from 87 metres, and 1.5 metres grading 76.69 grams from 78 metres. Depending on the results of the scoping study for Juruena, Smakman said the company will look to build and get the project into production in 2017, “albeit at a modest run rate initially, hopefully growing as we build up the resources on the different targets. “Juruena is exciting,” he said. “We’ve added a lot of value to it already.” TNM

2016-11-01 6:29 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 7–13, 2016

Mariana Resources acquires first African project GOLD

| Takes 80% stake in Awale Resources and its Côte d’Ivoire concessions

Technical personnel collect samples at Mariana Resources’ Los Cisnes gold-silver property in Argentina’s Santa Cruz province. MARIANA RESOURCES BY TRISH SAYWELL tsaywell@northernminer.com

ariana Resources (TSX: MRY) is on the verge of releasing a preliminary economic assessment of its Hot Maden joint-venture gold-copper project in Turkey and gearing up for a mid-year field season with its assets in Argentina, but, still, the company’s ambitious management team has decided to acquire another gold exploration project — this time in West Africa. The Australian junior announced in the first week of October that it is taking an 80% stake in Awale Resources, a private exploration company with gold projects in Côte d’Ivoire, marking Mariana’s first investment in Africa. Awale’s Bondoukou concessions are situated in northeastern Côte d’Ivoire’s Zanzan region and are accessible from Bondoukou, a town close to the Ghana border. The concessions lie along the southwestern extension of the Birimian-age, Bole-Nangodi greenstone belt in neighbouring Ghana, which hosts high-grade, orogenictype gold deposits. Mariana says it will focus on the Bondoukou Est (east) concession, where high-grade gold mineralization (up to 36 grams gold per tonne from initial sampling) appears within a sheeted quartz vein complex at the contact between a zoned granitoid intrusion and the host meta-volcanic and metasedimentary rocks. Artisanal miners are active at Bondoukou Est, mining to 30 metres deep from higher-grade quartz veins that lie within a northwest to southeast mineralized corridor with an 18 km strike, the company says. The diversified junior’s flagship project, however, remains Hot Maden, a high-grade, gold-copper asset in northeastern Turkey, where it owns a 30% stake and a Turkish exploration company called Lidya owns 70%. Lidya completed its earnin in January and is the operator. Lidya is probably better known in the industry for its joint-venture with Alacer Gold (TSX: ASR; ASX: AQG) at the Copler gold mine in eastern Turkey, which could produce 150,000 to 170,000 oz. gold this year at total cash costs of US$575 to US$625 per oz. gold. Lidya is part of the Calik Group,

1 2 3 4 5 11 13 14 15 16_NOV 7_Main .indd 15

one of Turkey’s largest private conglomerates, with interests that extend beyond mining to include energy, finance, construction, textiles, telecoms and media. “It is a really strong Turkish partner,” Glen Parsons, Mariana’s president and CEO, said during a presentation at the Precious Metals Summit in Beaver Creek, Colo., last September. “They have driven exploration and are driving development.” Mariana announced a discovery at Hot Maden in February 2015, and 17 drill holes later, in August 2015, released its first resource estimate of 3 million equivalent oz. gold, on a combined basis. In July 2016, with 62 drill holes, Mariana upgraded the resource estimate. Hot Maden’s indicated resource in the Main Zone, at a 2 gram goldequivalent cut-off grade, stands at 7.1 million tonnes grading 12.2 grams gold per tonne, 2.3% copper and 0.2% zinc (15 grams per tonne gold-equivalent), for 2.79 million contained oz. gold and 166,000 tonnes copper (3.43 million equivalent oz. gold). Inferred resources in the Main zone add 718,000 tonnes grading 2.7 grams gold, 0.9% copper and 0.1% zinc (3.8 equivalent grams gold), for 62,000 contained oz. gold and 7,000 tonnes copper (88,000 equivalent oz. gold). In the Southern zone, the jointventure partners have delineated an inferred resource of 1.4 million tonnes grading 7.2 grams gold, 0.7% copper and 0.1% zinc (8.1 equivalent grams gold), for 313,000 oz. gold and 10,000 tonnes copper (351,000 equivalent oz. gold). In addition, a Hangingwall Zinc zone contains 398,000 tonnes in the indicated category grading 2.9% zinc and 0.6% lead for 11,600 tonnes zinc. The Hangingwall zone’s inferred resource stands at 2.9 million tonnes grading 4% zinc and 0.5% lead, for 114,000 contained tonnes zinc. The company expects to finish a PEA on Hot Maden soon and hopes to wrap up a prefeasibility study during the first half of 2017, and is “rapidly moving to development,” Parsons said. The focus at Hot Maden is exploring for potential strike extensions to the known mineralization along the 5 km long Hot Maden fault and hydrothermal alteration zone, and

People touring Mariana Resources’ flagship Hot Maden gold-copper project in northeastern Turkey. MARIANA RESOURCES

by testing (through deep geophysics and drilling) the potential for more gold-copper resources beneath the mineralization’s depth limit, which is 400 metres below surface, the company says. Some of its best drill intercepts include 82 metres grading 32.7 grams gold per tonne and 1.9% copper from 55 metres, including 22 metres of 83.9 grams gold and 1.8% copper from 89 metres. Another returned 63.6 metres of 14.5 grams gold and 3.4% copper from 56.8 metres, including 21 metres of 38.9 grams gold and 5.1% copper from 85 metres. Over in western Turkey, Mariana owns 100% of the Ergama goldcopper project, where initial drill holes have been permitted and drilling is expected to begin this year. Ergama is not far from the Kisladag porphyry deposit, Turkey’s largest gold mine, owned by Eldorado Gold (TSX: ELD; NYSE: EGO). While Mariana’s flagship project is Hot Maden, its roots are in southern Argentina, where its projects are part of a 1,600 sq. km land package in the Deseado Massif district in Santa Cruz province. The projects — Las Calandrias, Sierra Blanca, Los Cisnes and Bozal — have been “on a low-cost, maintenance type of program going though the bad times,” Parsons said. But now, with the change in government and the election late last year of Mauricio Macri, the country’s new probusiness president, Mariana sees upside potential. “Most of Mariana’s attributable value in the old days was because of Argentina, so it’s something to unlock for us going forward,” Parsons said. Its exploration focus has been on advancing high-grade gold-silver vein and breccia targets. The company’s most advanced exploration asset is Las Calandrias, where in 2011 Mariana reported a maiden resource estimate of 11.8 million tonnes grading 1.29 grams gold per tonne and 17.4 grams silver per tonne for 381,000 contained oz. gold and 6.6 million contained oz. silver. Inferred resources add 0.9 million tonnes grading 0.93 gram gold and 5.2 grams silver for 25,900 oz. gold and 144,000 contained oz. silver. At Los Cisnes, 120 km southeast of Las Calandrias (and 75 km southwest of Yamana Gold’s [TSX: YRI; NYSE: AUY] Cerro Moro gold-silver

development project), drilling in 2015 returned a 2.9-metre intercept grading 755 grams silver per tonne, including a 0.9-metre interval of 1,400 grams silver. Work at its Sierra Blanca project, in the western part of the Deseado Massif, has focused on delineating high-grade gold-silver shoots within the 22 km strike extent of an intermediate sulphidation epithermal vein system. Assays from channel sampling included up to 25.7 grams gold and 7,600 grams silver. In addition to its projects in Argentina, and the Dona Ines goldsilver prospect and Exploradora East copper prospects in Chile, Mariana has a 10.2% interest in the Nassau gold project in Suriname, a country on the northeastern Atlantic coast of South America. At press time Mariana Resources

traded at 99¢ per share within a 52-week range of 85¢ to $1.20. The junior has 120 million shares for a $119-million market cap. Top shareholders include Sandstorm Gold (7.5%); the Sprott Group (5.7%); AngloGold Ashanti Holdings (4.1%); Resource Capital Funds (4.4%); and directors and management (1.8%). “At the beginning of last year, we would have been 85% retail, and just with the whole move with Hot Maden and the obviously exciting nature of that project, we started seeing institutions coming in,” Parsons said. “Sandstorm came in recently, in May, and the Sprott Group has been invested in us for the last two years and continues to support us heavily. Rick Rule always does comment on Hot Maden being one of the greatest discoveries.” TNM

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Agnico’s adjusted profit grows 44% in third quarter GOLD

| Seasoned miner posts eight consecutive quarters of free cash flow BY SALMA TARIKH

Agnico Eagle Mines’ Pinos Altos gold-silver mine in northern Mexico, 220 km west of Chihuahua. AGNICO EAGLE MINES

starikh@northernminer.com

gnico Eagle Mines (TSX: AEM; NYSE: AEM) hit the ball out of the park with its third-quarter results, driven by strong production and cash generation. Net income was US$49.4 million, or 22¢ per share, up from last year’s US$1.3 million, or 1¢ per share. Excluding one-time items, adjusted earnings grew 44% year-over-year to US$56.6 million, or US25¢ per share. Analysts had estimated earnings per share of US19¢. Gold production from Agnico’s nine operations totalled 416,187 oz. at by-product, all-in sustaining costs of US$821 per oz., beating BMO analyst Andrew Kaip’s 399,000 oz. and US$845 per oz. targets. “We had a strong production quarter. We had record production at La India and record silver production

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coming out of Mexico. As a result, our Mexican operations had an extremely strong quarter in terms of cash generation. We also had strong production continuing at our Lapa mine,” Sean Boyd, Agnico’s CEO, said on a conference call. Agnico’s jointly held Canadian Malartic mine in Quebec contributed the most gold in the quarter at 76,428 ounces (on a 50% basis). Meanwhile, the La India gold mine in Mexico delivered an all-time high of 30,779 oz. gold. The company expects the Lapa gold mine in Quebec will churn out ounces into 2017. Compared to 2015’s third quarter, total production, however, fell 5% due to lower grades at Lapa and the Meadowbank mine in Nunavut. The lower production led to an 8% year-over-year increase in all-in sustaining costs. Despite this, Agnico had impressive quarterly financials. Revenue climbed 20% year-overyear to US$611 million, helped by higher realized gold and silver prices, and by-product revenue. Agnico’s Mexican mines produced a record 825,000 oz. silver. The company has the Pinos Altos and La India mines, and the producing Creston Mascota deposit in Mexico. The three — comprising Agnico’s Southern business — produced more than 90,000 oz. at cash costs of below US$400 per oz., Boyd says. They also generated over US$90 million of the company’s total operating margin of US$333.5 million for the quarter, he notes. Free cash flow in the September quarter came in at US$157 million, marking the eighth straight quarter of positive free cash flow, CIBC analyst David Haughton says. The strong cash generation helped Agnico strengthen its cash position and lower its net debt. Cash, equivalents and short-term investments increased to US$627 million at the end of September, up from US$474 million at the end of June. Over the same time, net debt fell by US$154 million to US$588 million. Boyd points out the company’s net debt has declined over 50% in the last two years, helping Agnico fuel its next growth phase and keep a lid on its share count. (Agnico has 228 million shares, fully diluted.) After more exploration success during the quarter, Agnico has added US$16 million to its annual exploration and corporate development budget of US$154 million. It expects to increase exploration spending at the Amaruq gold project in Nunavut, the 55%-held Barsele project in Sweden, the Odyssey prospect near Canadian Malartic and the La India mine. At Amaruq, Boyd says road construction should run until late 2017. Meanwhile, permitting should wrap up in the third quarter of 2018, followed by production in the second half of 2019. As of mid-October, Agnico has drilled more than 125,000 metres in 500 holes at Amaruq. It expects to update the project’s resource next February. “It’s still early, but that’s a good sign,” Boyd says, adding that Amaruq has grade, size and depth working in its favour. Given the strong year-to-date performance, Agnico anticipates surpassing the upper end of its 2016 production guidance of 1.6 million oz. gold. It has kept its annual all-in sustaining cost target at US$840 to US$880 per oz. gold. Agnico closed Oct. 27 up 69¢ at $65.11 per share. TNM

2016-11-01 6:29 PM