The Northern Miner October 10 2016 Issue by The Northern Miner Group

SERENGETI RESOURCES

THE PHILIPPINES

ROBERT FRIEDLAND

PoliticalGeotech_Earlug_2016_Alt2.pdf uncertainty hits miners /5 1 2016-06-24 4:27:20 PM

Sees a bright future for copper, platinum / 11

VTEM™ | ZTEM™ | Gravity | Magnetics

Kwanika resource update on the way / 3

THE ULTIMATE GEAR ON WHEELS

905 841 5004 | geotech.ca

OCTOBER 10-16, 2016 / VOL. 102 ISSUE 35 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Companies need to take a ‘granular’ view of Mexico

Kirkland Lake, Newmarket unveil $1B merger GOLD

| Creating mid-tier gold miner with assets in Ontario and Australia

RISK

| Violence escalates due to drug cartels BY TRISH SAYWELL tsaywell@northernminer.com

report by the Eurasia Group says the government of Mexico will remain ineffective in its fight against crime. The political risk analysis and consulting group notes that homicides in Mexico in August rose 24% year-on-year to 1,938, while extortions were up 22%, and kidnappings climbed 31% — “underlying a deterioration of the country’s security conditions.” The Eurasia report stated that “violence continues to escalate nationwide, as conflict persists among various drug cartels. Spending cuts at the ministries in charge of security will probably further hinder the fight against crime.” The New York-headquartered group also warns that violence will remain a serious issue for the rest of President Enrique Pena Nieto’s administration. Neil Brown — a principal with KKR, a global investment fund founded by Henry Kravis, George Roberts and Jerry Kohlberg in 1976, which as of June 30 managed $131 billion — told The Northern Miner in an email that while he remains bullish on investing in Mexico across sectors, investors “also have to take a granular look at the local level to assess the security situation.” He said that “most of the country doesn’t pose especially aggravated security concerns, but other areas See MEXICO / 2

Ball mills spinning at Kirkland Lake Gold’s Macassa gold-processing facility in northern Ontario. KIRKLAND LAKE GOLD BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

ntario-based Kirkland Lake Gold (TSX: KLG; US-OTC: KGILF) has reached across the globe in a bid to become the next intermediate gold producer. On Sept. 29, the company unveiled a merger with Australia-focused Newmarket Gold (TSX: CRK; USOTC: NMKTF) that would create a mid-tier miner with a $2.4-billion market capitalization and annual 500,000 oz. gold production. The deal is a reverse takeover, wherein Kirkland Lake shares would be exchanged for 2.1053 Newmarket shares. The ratio

equates to $5.28 per Newmarket share based on the closing prices at the time of the deal, and implies a $1-billion equity value. Kirkland Lake shareholders would own 57% of the combined company. The new Kirkland Lake would have seven mines and five mills, and crank out 510,000 equivalent oz. gold this year at all-in sustaining US$1,000 per oz. cash costs. Production would continue from Kirkland Lake’s Macassa and Taylor gold mines in northern Ontario, and Newmarket’s Fosterville gold mine in Australia’s Victoria state. “We’re combining a portfolio of underground assets in two safe jurisdictions that are profitable and cashflow generating,” Kirkland Lake president and CEO Tony Makuch

said during a conference call. “In both cases we’re in countries where we understand how to do business and we have district-scale land positions in established gold camps. Behind the producing assets we have a strong pipeline of growth, and feel that with the existing reserve-resource base and exploration upside, we can demonstrate growth at low costs,” he continued. Newmarket burst onto the scene in mid-2015 after a $185-million deal for Crocodile Gold, which resulted in the acquistion of three underground mines in Australia, comprising the company’s crown jewel, Fosterville, as well as the

PM40069240

See KIRKLAND LAKE / 3

January 23-26, 2017 | amebc.ca/roundup

Where leaders in mineral exploration connect

COMMENTARY: EXECUTIVE COMPENSATION ON THE REBOUND / 4

1 2 3 4 5 11 13 14 15 16_OCT 10_Main .indd 1

2016-10-04 5:50 PM

WWW.NORTHERNMINER.COM

OCTOBER 10–16, 2016 / THE NORTHERN MINER

Companies need to take a ‘granular’ view of Mexico MEXICO From 1

are much more difficult. In those areas, investors have to seriously consider operating costs of securing a facility and personnel, along with risk of failure, before making an investment.” During a panel discussion on Mexico at the inaugural Mines and Money Americas conference in Toronto, Brown noted that KKR looked hard at Mexico three years ago, trying to assess investing across sectors. What KKR found, he told the conference, were attributes that included positive demographics, a strong consumer base, responsible fiscal and monetary policy — even when lower oil prices hit the economy — a fantastic global trade position, excellent cost of labour (“beating China when it comes to industry labor costs”) and a manufacturing sector “going through the roof — which is important for mining when you think about the supply chain involved.” He also praised more than a dozen constitutional reforms by President Pena aimed at increasing the country’s productivity, among other things, and pointed to success stories like Monterrey, the heart of industrial Mexico, “which is doing fantastically well,” and to Tijuana, which is “also a great success story.” Earlier this year, he said, KKR completed a transaction of over US$1 billion with Pemex, Mexico’s state oil company, “so we’re ready to go in Mexico, and we hope to do more.” Brown cautioned, however, that it’s not all positive. “We have to be realistic about the challenges around corruption, around security, and what those lead to, which are some real questions on governability,” he

said. “The reality is that Mexico is going in a bad direction on security right now.” Most of the violence is related to drug cartels, he said, “so it’s fairly contained, although there have been pretty spectacular examples of that not being the case.” Brown noted that the cartel violence is geographically concentrated, once again emphasizing that investors need to take a granular view, and drew a hypothetical Canadian comparison to make his point: “You can’t have some kind of bad event in Calgary and decide you can’t invest in Toronto.” Nevertheless, he said, “the government needs to improve.” “There are too many localities that are simply overpowered by the local cartels,” he conceded. “These are not gangs. These are sophisticated multinational cartels that deal not only in drugs, but also in fine art, and all sorts of other things that hold value. “You have to have a holistic approach” to the problem, he added. “It’s not enough to throw police at the situation. You also have to reform the prisons. You have to reform the judiciary.” Mining executives Akiba Leisman, chairman and CEO of Marlin Gold Mining (TSXV: MLN), and Tony Rovira, managing director of Azure Minerals (ASX: AZS), were also participants on the Mines and Money panel and weighed in on Mexico’s strengths and weaknesses. Marlin owns the La Trinidad gold mine, 110 km southeast of Mazatlan, which went into production in November 2014. The company holds royalties on two Mexican projects, Kootenay Silver’s (TSXV: KTN) La Cigarra, in Chihuahua state in north-central Mexico, and Endeavour Silver’s (TSX: EDR;

Mexican federal police officers at the funeral of an officer killed in the line of duty in Ciudad Juarez in 2011, allegedly by members of a drug gang. PHOTO BY VIC HINTERLANG

NYSE: EXK) El Compas, a fully permitted gold-silver mine, 1 km south of the city of Zacatecas. Azure is progressing two advanced-stage precious and base metal projects with two of the world’s major mining companies — its flagship Alacran silver-goldcopper project, with Teck Resources (TSX: TCK.B; NYSE: TCK), 50 km south of Mexico’s border with the U.S., and Promontorio, a coppergold-silver project with Rio Tinto (NYSE: RIO) in Chihuahua state. On the topic of security, Azure’s Rovira said that in the 10 years he has worked in Mexico the company has never had an incident with any of its personnel. “Maybe that’s good luck or maybe it’s good management, and good planning,”

Homicide trends in Mexico by state State

Homicide rate per month per 100,000 inhabitants

Homicides per month

Month to month change (%) for August 2016

Security trajectory

Colima

6.75

-4

Deteriorating

Guerrero

6.14

217

Deteriorating

4.07

142

Deteriorating

3 Baja California Sur 4

Sinaloa

3.84

114

Deteriorating

Zacatecas

3.55

Deteriorating

Chihuahua

3.29

117

Deteriorating

Morelos

3.15

Deteriorating

Michoacan

2.84

130

-13

Deteriorating

Baja California

2.41

-25

Deteriorating

Veracruz

2.21

179

Deteriorating

Oaxaca

2.19

Deteriorating

Sonora

1.96

-7

Guanajuato

1.52

-2

Deteriorating

Tamaulipas

1.31

-25

Deteriorating

Jalisco

1.25

Quintana Roo

1.20

Durango

1.20

-9

State of Mexico

1.07

173

Nuevo Leon

1.00

-22

San Luis Potosi

0.99

Campeche

0.89

Tabasco

0.88

-5

Tlaxcala

0.86

Puebla

0.79

-6

Improving

Chiapas

0.77

Mexico City

0.76

-12

Nayarit

0.59

600

Coahuila

0.47

-18

Hidalgo

0.35

-38

Queretaro

0.34

Improving Improving

Yucatan

0.29

100

Aguascalientes

0.15

100

National

1.62

1938

“YOU HAVE TO HAVE A HOLISTIC APPROACH … IT’S NOT ENOUGH TO THROW POLICE AT THE SITUATION. YOU ALSO HAVE TO REFORM THE PRISONS. YOU ALSO HAVE TO REFORM THE JUDICIARY.” NEIL BROWN PRINCIPAL, KKR

space.” Like Azure Minerals, Marlin also makes sure that deliveries to the mine are made with company logos on the vehicles. “They have been accosted a lot less, interfered with a lot less, when people know that it is a Marlin truck that is going in to deliver goods to the mine and as long as it is understood, we actually haven’t had too much in the way of interference in the way of any criminal organizations,” Weisman says. He notes that developing the La Trinidad project in Mexico was much easier than developing Marlin’s silver-gold project in Arizona. Both La Trinidad and its development-stage asset in the U.S. delineated their resources around the same time. “There’s a reason why one is a mine and one is a developmentstage project,” he says. “There are a lot of good things about having projects in the U.S., there’s certainly an element of security and an understanding of what the rules of the game are, but I can’t think of a single jurisdiction where we were able to go into a pre-permitted project in 2012, get it permitted, get it built and get it into commercial production as quickly as we did in Mexico.” TNM

Improving

Deteriorating SOURCE: EURASIA GROUP

1 2 3 4 5 11 13 14 15 16_OCT 10_Main .indd 2

he said. “But I have to say, we have guys working in a bunch of different areas and to go for 10 years without an incident shows that Mexico has a positive side, as well. So yes, bad things can happen, but also a lot of good things, too.” Rovira added that the company and its employees try to make themselves visible. Azure Minerals’ trucks have the company’s name written across the doors, and employees wear company badges as a preventive measure. Management also listens to its employees, virtually all of whom are local, Rovira says. “They know mostly where the safe places are and where the unsafe places are and, for example, we’ve been offered many different projects which geologically are incredibly attractive, but you say to your geologist, ‘would you like to go and work there’ and he says, ‘no, thank you very much,’ and so we know it’s not a place we want to go and frequent.” Beyond that, he notes, there are basic rules: “You don’t drive at night, you don’t drive alone and you always have someone with you.” Weisman of Marlin Gold, who is the only non-Mexican at the company at any level, admits that in 2012, when the company acquired its La Trinidad project, “we were a bit naive of what the situation was in Mexico. “We took a view to basically run our mine with our heads down, so we never had armed security at the site. Initially we thought that was a good idea, and then when things got worse in Mexico, because they have been getting worse over the last 12 to 18 months, that became untenable.” Now the company has taken a more serious approach to the local security situation and has armed security guards on-site. But Weisman pointed out that the professional cartels “have no interest in interfering with mining companies.” He says that “frankly, they have more lucrative things to worry about than the precious metal mining

Trucks at Marlin Gold Mining’s La Trinidad gold mine, 110 km southeast of Mazatlan, Mexico. MARLIN GOLD MINING

2016-10-04 5:50 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 10-16, 2016

Upside ‘very much alive’ at Kwanika in BC, Serengeti says COPPER-GOLD

| Long mineralized intercepts to be incorporated into new resource update

BY LESLEY STOKES

lstokes@northernminer.com VANCOUVER

he latest drill results from Serengeti Resources’ (TSXV: SIR) Kwanika copper-gold project, 250 km east of Smithers, may have triggered a 35% drop in the company’s share price, but Serengeti president and CEO David Moore insists they are “terrific” results. Holes 177 — drilled into the heart of Kwanika’s Central zone coppergold resource — returned some of the highest grades at the project to date: 438 metres grading 0.7% copper and 0.83 gram gold per tonne, including 234 metres of 1.2% copper and 1.3 grams gold. Hole 179, which tested down-dip and northwest of Central, returned a 235-metre interval of 0.2% copper and 0.15 gram gold. The hole bottomed in another 59-metre mineralized interval of 0.3% copper and 0.29 gram gold from 846 metres deep. The last hole in the 2,500-metre program, 178, tested a deep induced polarization (IP) chargeability anomaly, which the company says could represent a mineralized centre 900 metres north of 177. The hole hit 245 metres of 0.1% copper and 0.11 gram gold before the mineralization was cross-cut with a fault and a younger intrusive. “Perhaps the market expected us to deliver a discovery in our exploration holes, but we’re really pleased with the results,” Moore tells The Northern Miner from the company’s office in Vancouver. “We were hoping to find a system but the next best thing would be to establish a vector, and the resounding answer to that is that this deeper IP target is very much alive. Everything we saw in the holes — both in metal distribution and alteration, along with the geophysics — indicates that we are still in the carapace to a mineralized porphyry, it just needs more drilling,” he says.

At a drill site on Serengeti Resources’ Kwanika copper-gold property, 250 km east of Smithers, B.C,. from left: Posco Daewoo’s Ji Su Go and Kyu-Youl Sung, and geologist Cole Godfrey. SERENGETI RESOURCES

The IP anomaly, which Moore says 178 skirted over, suggests that mineralization could extend up to 1 km north of the Central zone below prior drilling, giving Kwanika more room to grow. “Over the past five years, there’s been a lot of recognition that these alkali systems have extraordinarily persistent, high-grade roots,” Moore says, using AuRico Metals’ Kemess Underground copper-gold project, 150 km north of Kwanika, and New Gold’s New Afton mine in Kamloops, B.C., as supporting examples. “The roots of these systems are the future for B.C. porphyries, and that potential exists at Kwanika,” he says. “We haven’t hit the barnburner hole yet, but we think we’re on the doorstep.” The company plans to incorporate the drill results into a revised resource estimate for the Central zone, which, according to a 2011 estimate, hosts 243.6 million indicated tonnes of 0.2% copper and 0.21 gram gold, and 55.2 million

“WE HAVEN’T HIT THE BARN-BURNER HOLE YET, BUT WE THINK WE’RE ON THE DOORSTEP.” DAVID MOORE PRESIDENT AND CEO, SERENGETI RESOURCES

inferred tonnes of 0.1% copper and 0.14 gram gold. The calculations use a US$7.5-pertonne cut-off within a conceptual, open-pittable shell. Moore says that 177 was drilled perpendicular to drill holes used in previous resource calculations, in order to to deliver data that would improve modelling in the upcoming estimate. “We’re trying to determine the highest-grade domain, because that’s what we envision as becoming a potentially economic starter project. Then we can focus on additional

Serengeti Resources’ president and CEO David Moore (centre), passes around highgrade core samples from the Kwanika copper-gold project at a lunch gathering in Vancouver. PHOTO BY ROBERT CAMERON

centres of high-grade mineralization, which will likely come from a buried system,” he says. Serengeti’s drill program has been funded by Daewoo Minerals Canada, a subsidiary of Posco-Daewoo, one of South Korea’s leading trading corporations, as part a deal signed in April. Moore says that by the end of the current program, Daewoo will have earned a 5% interest in the project after paying Serengeti $400,000 in cash, and reaching $800,000 in expense commitments on the project in the first year. Early next year, Daewoo could begin to earn another 30% interest by committing $7 million over the next two years. The project also hosts the South zone, a copper-molybdenum-goldsilver porphyry located 200 metres

south of Central zone. The porphyry has an open-pittable, inferred resource of 240 million tonnes of 0.2% copper and 0.09 gram gold, assuming a US$7.50per-tonne cut-off. Both deposits occur within faultbounded blocks next to a northwesttrending, terrane-bounding structure called the Pinchi fault. An irregular conglomeratic unit overlying the Central zone helped preserve a 5- to 70-metre-thick, copper-enriched supergene zone, which is unusual mineralization to see in porphyry deposits of the Canadian Cordillera. Shares of Serengeti have traded in a 52-week range of 1¢ to 33¢, and closed at 16¢ at press time. The company has 69.9 million shares outstanding for a $10.5-million market capitalization. TNM

Kirkland Lake, Newmarket unveil $1B merger KIRKLAND LAKE From 1

Stawell mine in Victoria and the Cosmo mine in Northern Territory. Newmarket has $92 million in cash and $4 million in debt, and could produce between 225,000 and 235,000 oz. gold at all-in sustaining cash costs ranging from US$900 to US$975 per oz. gold. Fosterville hosts 1.1 million proven and probable tonnes grading 7 grams gold per tonne for 244,000 contained oz., which would equal two years of production at current mining rates. The project has 15 million measured and indicated tonnes grading 4.4 grams gold for 2.1 million oz., and Newmarket has had recent exploration success at the Harrier South and Lower Phoenix gold systems. “We see significant upside here from a valuation standpoint. This is just a starting point and there’s re-rating potential for the combined company,” Newmarket president and CEO Douglas Forster said. “That’s really one of the motivations for us, and there will be significant gains ahead as we become an intermediate gold producer. Our plan since the company’s inception has focused on growth, and we’d been looking

1 2 3 4 5 11 13 14 15 16_OCT 10_Main .indd 3

Newmarket Gold’s Fosterville gold mine in Australia. NEWMARKET GOLD

at assets in Canada and Australia.” Meanwhile, Kirkland Lake’s flagship asset is the 1,000-tonne-perday Macassa underground mine complex in the Abitibi greenstone belt in Ontario. The mine could produce 180,000 oz. in 2017 at cash costs of US$582 per oz. gold. The company acquired junior St Andrew Goldfields in late 2015 for $178 million, which added the East Timmins complex and 109,000 oz. in annual production. Most management from Kirkland Lake are set to take up similar roles in the new company, with

the exception of Darren Hall from Newmarket serving as president of Australian operations. Canadian financier Eric Sprott would be nonexecutive chairman of the merged company, similar to his current role at Kirkland Lake. “I don’t think this takes away the intention to regionally consolidate along the Porcupine-Destor fault in Ontario,” Makuch said. “That’s a business opportunity, and we have a strong presence and team in the region. They know what they’re doing, so this business combination doesn’t take away from that focus at

all. What we see with Newmarket in Australia are similar underground mines, with strong people doing the same things we’re doing in Canada. Maybe some things are a little bit better or different, but you get the feeling the cultures are very close.” Scotiabank analyst Craig Johnson noted there had been “a lot of speculation” that Kirkland Lake was looking for consolidation, but the move into Australia “comes as a surprise.” He added that “on the surface” the merits of the transaction are headlined by an 82% boost in 2016 pro-forma gold production. Scotiabank has a $14-per-share, oneyear price target on Kirkland Lake.

Kirkland Lake has traded within a 52-week range of $4.51 to $12.39 per share, and lost nearly 10% on the merger news before closing at $9.96 per share at press time. The company has 117.4 million shares outstanding for a $1-billion market capitalization. Newmarket has moved within an annual range of $1.27 to $5.07, and closed relatively flat on the news at $4.67 per share. The company has 178 million shares outstanding for an $866-million market capitalization. New York-based Luxor Capital holds 15.7 million shares — or 12% — of Newmarket and has agreed vote in favour of the transaction. TNM

Global Leader

Your Technical Services Partner in Geochemistry and Metallurgy For more information, scan this QR code or visit www.alsglobal.com Phone: +1 604-984-0221 RIGHT SOLUTIONS RIGHT PARTNER

2016-10-04 5:50 PM

WWW.NORTHERNMINER.COM

OCTOBER 10–16, 2016 / THE NORTHERN MINER

GLOBAL MINING NEWS · SINCE 1915

www.northernminer.com

E D I T O R IA L Colombians reject peace deal COLOMBIA REFERENDUM

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

THE NORTHERN MINER is published weekly by BIG Mining L.P., a division of Glacier Media Inc., a leading Canadian media company with interests in business-to-business information services. From time to time we make our subscription list available to select companies and organizations whose products or services may interest you. If you do not wish your contact information to be made available, please contact us by one of the following methods: Phone: 1-888-502-3456; Fax: (416) 447-7658; Mail to: Privacy Officer, The Northern Miner, 38 Lesmill Road, Unit 2, Toronto, ON M3B 2T5.

1 2 3 4 5 11 13 14 15 16_OCT 10_Main .indd 4

| Uribe re-emerges as a force

n Oct. 2, Colombian voters in a national referendum narrowly defeated a peace agreement negotiated between the Colombian government and the Revolutionary Armed Forces of Colombia, or FARC, throwing the ongoing peace process into a fresh round of uncertainty. BY JOHN CUMMING The referendum question was: ¿Apoya el jcumming@northernminer.com acuerdo final para terminación del conflicto y construcción de una paz estable y duradera? (Do you support the final agreement to end the conflict and build a stable and lasting peace?) The “Si” vote in favour of the deal came in at 6.38 million (or 49.8% of valid votes), versus 6.43 million “No” votes (50.2%). The No side won by only 54,000 votes, and turnout was a mere 37%, with 13 million total votes from a potential field of 34.9 million eligible voters. Many blamed heavy rainfall in the country for the depressed turnout. At 52 years and counting, Colombia’s civil war stands as Latin America’s longest-running hot conflict, with 220,000 dead, and millions injured and displaced. The countryside remains riddled with land mines. The primary conflict between the national government’s armed forces and the Marxist FARC guerrillas is further complicated by the participation of the smaller National Liberation Army (ELN) left-wing guerrillas, so-called “right-wing death squads” and violent drug cartels, as well as the country’s falling, but still high, crime rate. The U.S. government notably stepped up its military support of the Colombian government in 2000 with its US$9-billion Plan Colombia assistance package, even as Venezuela’s Hugo Chavez supported leftist guerrillas in Colombia as they crisscrossed between the two countries. FARC’s active guerrilla membership numbers shrunk from 20,000 in 2002 to 7,000 currently, and its leadership took particularly hard hits in 2008, when senior leader Raúl Reyes was killed in a bombing raid and FARC founder Manuel Marulanda died of natural causes, and in 2011 when Alfonso Cano, who took over from Marulanda, was similarly killed in a bombing raid. Colombian President Juan Manuel Santos’s government began talks towards a peace agreement with FARC negotiators in August 2012 in Havana, Cuba, and only concluded a final agreement in late August 2016. The proposed agreement is said to have covered some of the most complex issues to have arisen in the conflict, including ceasefire schedules, rural reform, political participation and the problems with illicit drugs, as well as mechanisms to implement the agreement. Even if they didn’t spend enough time securing actual votes, those promoting the Si side had the best stagecraft to accompany their campaign, culminating in a ceremony on Sept. 26, attended by UN Secretary General Ban Ki-moon, U.S. Secretary of State John Kerry and a dozen Latin American leaders, where Santos signed the agreement with FARC’s current leader Rodrigo Londoño Echeverri (aliases Timoleón Jiménez, or Timochenko) using a pen made out of bullet casings, and crowds waving Colombian flags with an extra white stripe added to symbolize peace. The referendum result was a shock to many, as most Colombian and international media and left-leaning elites pitched the vote as a sure thing. President Santos, in power since 2010, staked all his political capital on the deal and ratcheted up the pressure for a Si vote by suggesting there was no “plan B” and that rejection of the deal meant a dissolution of the current ceasefire and a return to a shooting war. On the other side of all this loomed influential former Colombian President and current Senator Álvaro Uribe — Santos’ predecessor and to the right of him on the political spectrum — who led the No side from his political base in Antioquia department. As president, Uribe leaned heavily on military victories over FARC and ELN forces, including retaking the Angostura gold deposit from guerrilla forces in open combat in the mountains south of Bucaramanga. “No” voters wanted the FARC commanders sent to prison for their crimes, to be prohibited from entering the national Congress and to forfeit ill-gotten land and money — all items the “Yes” side considered worthwhile trade-offs for lasting peace. A magnanimous Uribe said after the votes were tallied that all Colombians “want peace, no one wants violence,” while from Havana, Londoño called on the peace agreement to proceed and said it couldn’t be undone despite Sunday’s vote, and that “Peace with dignity arrived, and will remain.” And so, for the mining community involved in Colombia, there are many reasons to believe it wasn’t peace that was rejected, it was this particular peace, and some new deal can be worked out between combatants in the years ahead. TNM

DEPARTMENTS Editorial. . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Events. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Meetings. . . . . . . . . . . . . . . . . . . . . . . . . . . 11

Metal Prices. . . . . . . . . . . . . . . . . . . . . . . . 11 Professional Directory . . . . . . . . . . . . . . . 12 Stock Tables. . . . . . . . . . . . . . . . . . . . . . 6-10

COMPANY INDEX Agrium . . . . . . . . . . . . . . . 13 Altius Minerals. . . . . . . . . 13 Azure Minerals. . . . . . . . . . 2 B2Gold. . . . . . . . . . . . . . . . . 5 Barrick Gold. . . . . . . . . . . 15 Endeavour Silver. . . . . . . . 2 Falco Resources. . . . . . . . 14 Glencore . . . . . . . . . . . . . . 14 Goldcorp. . . . . . . . . . . . . . 16

Ivanhoe Mines. . . . . . . . . 11 Kinross Gold. . . . . . . . . . . 15 Kirkland Lake Gold. . . . . . 1 Kootenay Silver . . . . . . . . . 2 Marlin Gold Mining. . . . . 2 Newmarket Gold. . . . . . . . 1 Newmont Mining . . . . . . 15 NovaGold Resources. . . . 15 OceanaGold. . . . . . . . . . . . 5

Osisko Gold Royalties. . . 14 Posco-Daewoo. . . . . . . . . . 3 Potash Corp. of Saskatchewan. . . . . . . . . 13 Rio Tinto. . . . . . . . . . . . . . . 2 Serengeti Resources. . . . . . 3 SolidusGold . . . . . . . . . . . 15 Teck Resources. . . . . . . 2,15

O P- E D How a board should craft executive pay in a rebounding market COMMENTARY

| Taking stock of new realities in executive compensation

BY PAUL GRYGLEWICZ Special to The Northern Miner

etermining executive compensation can be tough enough for a mining company to get right in a normal year, but more challenges arise as the mining sector begins a rebound. Executives and boards of directors dealing with pay issues should be aware that a lot has happened in the shareholder community over the past few years. First, “say on pay” is a reality in the boardroom, regardless of whether there is a formal, nonbinding “yes” or “no” vote by shareholders. While Canada has witnessed a handful of public companies failing a formal say-on-pay vote, Barrick Gold stands out for having failed its vote twice over the past three years. Other mining companies have received votes below 70% support, which doesn’t bode well for mining companies.

The boards that have tightened equity grants over the past few years are unfortunately likely to find a management team that is starving for a catch-up payment. The 2016 equity grants are now trending to become performance-based, with the use of performance share units on the rise. The 2016 Global Mining Executive and Board Compensation Survey being published this fall by our firm Global Governance Advisors is showing early evidence of this increased prevalence. These shareholder-friendly equity grants bring complexity in design, granting and monitoring, but they tend to result in a better pay and performance alignment — which proves for a compelling case when explaining the executive pay program to shareholders. It’s with the catch-up payment that the shareholder community could turn into a board’s worst nightmare.

IT’S WITH CATCH-UP PAYMENTS THAT SHAREHOLDERS COULD TURN INTO A BOARD’S WORST NIGHTMARE. Regardless of having a say-onpay vote or not, the shareholder community is examining the decisions made on executive compensation using the same methods. In lieu of offering a say-on-pay vote, shareholders now use their right to “withhold” votes for certain individual directors, mostly those who participate on the company’s Compensation Committee, especially if they feel their concerns around pay are not being addressed. My second point is for mining companies that had a particularly hard time surviving the weak mining sector in 2014 and 2015. Some of these companies will have completed droves of layoffs, and instilled salary freezes, cutbacks and anything else to weather the storm. Now that the rebound is in sight, and the investment community is releasing their capital back into the sector, there will be a sense of a need at the executive and board level to “catch up” for the lean years of lower pay. It is important that the board does not fall into this trap of granting too much equity too quickly to offset the lean years and cause excess equity dilution — a problem that has faced many mining companies in recent years, that will affect the amount of room a company will have to make equity grants in future years. Moreover, the board needs to properly review executive pay packages amidst the rebound. Those boards that have continually granted long-term incentive equity over the past few years will likely find themselves in an advantageous position of retention and employee morale. The historic low share-price equity grants in 2014 and 2015 are likely accruing motivating wealth gains for executives, as their associated vesting schedules unfold.

In m id-2016, t he Onta r io Teachers’ Pension Plan, Canada Pension Plan Investment Board and California State Teachers’ Retirement System became vocal about out-of-plan or transactionoriented awards. The message to the board is that it should think twice before falling into management’s request of an oversized grant. This isn’t to say a board cannot do such a thing, but it means that if the board has an appropriate business case that uses the corporate wallet more this year than in prior years to offset salary freezes and cutbacks, the shareholder community needs a more robust explanation in the proxy circular. Our advice is for the board to get out ahead of a potential negative reaction by shareholders. First, the chair of the Compensation Committee needs to engage the shareholder community about compensation. This is a separate meeting where the committee chair may or may not be joined by an independent compensation advisor. The committee chair needs to inform key shareholders about the business, governance challenges and human capital challenges, including compensation arrangements. This may seem daunting, but the exercise couldn’t be easier today, given the new technology available to boards that helps identify a company’s shareholders and communicate directly with them. A company should also be prepared to add a section in the Compensation, Discussion and Analysis section of its proxy circular that summarizes shareholder concerns, as well as the Compensation Committee’s acknowledgement of the concerns See COMMENTARY / 11

2016-10-04 8:36 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 10-16, 2016

OceanaGold, B2Gold scramble as Philippines gov’t may suspend 20 more mines PHILIPPINES

| Environment-related suspensions could affect 75% of country’s 41 operating mines

BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

The sociopolitical situation in the Philippines is volatile for miners in the wake of a national mining audit by President Rodrigo Duterte’s newly elected administration. On Sept. 27, Environment Secretary Regina Lopez revealed that 20 more metallic mines in the country face suspension for various infractions. Companies will have seven days to respond to violations found by the Department of Environment and Natural Resources (DENR). The Filipino government recently halted 10 other mines, including eight nickel operations. If the newly named companies also suspend activities, the country will have shuttered nearly 75% of its 41 operating metallic mines. The Philippines is the world’s largest nickel producer, and accounted for 23% of global supply last year. The list of potential closures now includes Melbourne-based OceanaGold’s (TSX: OGC; ASX: OGC; US-OTC: OCANF) Didipio goldcopper mine located on the island of Luzon, and Vancouver-based B2Gold’s (TSX: BTO; NYSE-MKT: BTG) large Masbate gold mine. “I requested a meeting with Secretary Lopez around six weeks ago with no response,” OceanaGold president and CEO Michael Wilkes said during a conference call in late September to address the issue. “The statements made last night at the DENR press conference are confusing and we will address the alleged social issues. The situation remains normal at the mine, and I’d point out I was on-site [at the end of September], and things have never looked better.” At its press conference in Manila, the DENR cited concerns with OceanGold’s operations, including: a petition from local government for the cancellation of exploration permits issued in March; alleged damages to houses due to blasting;

Processing facilities at OceanaGold’s Didipio gold-copper mine on Luzon Island in the Philippines, 270 km north of Manila. OCEANAGOLD

perceived risks from underground mining; and potential harm to regional agriculture. Wilks said the blasting incident was addressed during the audit and caused by poor construction materials and practices, while any concerns around underground mining safety had previously been dealt with through “extensive” local communication programs. He also pointed out that 200 “small-scale, non-permitted” miners had recently convinced the regional governor to approach the central government about permit concerns,

but OceanaGold says these are “selfinterest groups that are trying to take advantage of the situation.” “We want to make it clear we haven’t received any formal orders from the DENR. This is a disappointing outcome, but we want to work collaboratively with regulators,” Wilks continued. “We’re not aware of any environmental violations that would be cause for the proposed suspension. There have been no notifications from the regulators on suspending exploration, nor specifics on our operations.” Wilks also said that non-gov-

B2Gold’s Masbate gold mine at the northern end of the island of Masbate in the Philippines, 360 km southeast of Manila. B2GOLD

1 2 3 4 5 11 13 14 15 16_OCT 10_Main .indd 5

ernmental organizations had approached local government with concerns about agriculture in the Didipio region. “The [citrus industry] is in rapid decline and needs support. I’d like to send the message that the mining industry and any growers in the area can work together,” he added. Didipio employs over 1,800 people, 98% of whom are reportedly Filipino Nationals from local and regional communities. OceanaGold has paid US$70 million in royalties and taxes over the past three and a half years. Wilks said he has been

told that a group numbering “in the thousands” is preparing to “make a representation to the Office of the President as a result of the statements that are being made about a possible suspension of our operation.” In an update on Oct. 4, OceanaGold said it had “engaged directly with the DENR Secretary Gina Lopez and other senior government officials to gain clarity on the findings identified with respect to the Didipio operation.” It said these disccussions have been “constructive” and it will keep engaging with all stakeholders to demonstrate the benefits the mine has delivered to its communities. Didipio continues to operate without interruption and the company “firmly maintains” its 2016 production and cost guidance. Meanwhile, B2Gold reported the DENR had notified it of an order to show cause related to two local partners: the Filminera Resources Corp. and the Philippine Gold Processing and Refining Corporation. The Masbate mine sits in the north of the island of Masbate, 360 km southeast of Manila, and could account for 27% of the company’s 2017 gold production. The operation could generate 175,000 to 185,000 oz. gold this year at cash costs of US$620 to US$660 per oz. gold. The issues at Masbate listed by Filipino regulators include: operating without an “approved threeyear development work program, non-payment of certain waste and tailings fees, and additional undisclosed administrative violations. The company noted that “none of the findings involve any environmental or social issues,” and said it is “confident that these issues will be resolved by working with the government agencies.” OceanGold shares fell 14%, or 66¢, after the news, en route to a $4.05 close at press time. It has 610.4 million shares outstanding for a $2.4-billion market capitalization. B2Gold lost 11%, or 45¢, to close at $3.38. The company has 934 million shares outstanding for a $3.1-billion market capitalization. TNM

2016-10-04 5:52 PM

WWW.NORTHERNMINER.COM

OCTOBER 10–16, 2016 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / SEPTEMBER 26–30 Canada’s benchmark index rose 0.2% to close at 14,725.86, on the back of higher oil prices that led to a strong performance in the energy sector, offsetting lower gold prices and a weak performance in the financial sector. The S&P/TSX Global Gold Index fell 2.7% to 237.28, as the spot gold price lost 1.6% to close at US$1,315.90 per ounce. The S&P/ TSX Global Mining Index, however, edged up 0.6% to 65.01. The November contract for crude oil surged 8% to settle at US$48.24 per barrel, while the December contract for Brent crude soared 9% to US$50.19 per barrel. Oil futures increased after major oil producing nations agreed they would need to curb output to reduce the world’s supply glut. Shares of Ontario junior Kirkland Lake Gold tumbled after it said it would tie the knot with Australia-focused Newmarket Gold to create a mid-tier company that would have a $2.4-billion market capitalization and produce 500,000 oz. gold a year. Each Kirkland Lake share would be exchanged for 2.1053 Newmarket shares. The transaction, expected to close by yearend, implies a value of $1 billion, or $5.28 per share, to Newmarket. The combined firm would boast seven mines and five mills, with the main operations being Kirkland Lake’s Macassa mine complex

in Ontario and Newmarket’s Fosterville gold mine in Australia. “Without significant synergies from integrating a group of Australian mines with a group of Canadian mines, we find that this transaction is fairly neutral to our valuation in that the transaction is somewhat dilutive to the net present value and somewhat accretive to 2017’s estimated cash flow per share,” BMO analyst Brian Quast wrote, who covers Kirkland Lake. Shareholders of Kirkland Lake and Newmarket would own 57% and 43% of the combined entity. Kirkland Lake shares lost 13.5% to close at $9.95. B2Gold shares were the most traded, after a potential ban of 20 more metallic mines in the Philippines after the country’s DepartTSX MOST ACTIVE ISSUES

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

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

BTO 42745 3.92 3.27 3.44 - 0.40 YRI 24641 6.02 5.63 5.65 - 0.26 K 21926 5.77 5.46 5.53 - 0.12 TCK.B 21519 24.89 23.64 23.65 - 0.30 IMG 17709 5.67 5.29 5.30 - 0.15 ABX 16703 24.23 22.95 23.23 - 0.63 ELD 16669 5.51 5.08 5.16 - 0.28 SU 16171 36.83 34.03 36.42 + 1.57 OGC 16084 4.81 3.81 3.94 - 0.73 FM 13957 11.04 10.25 10.86 - 0.04

ment of Environment and Natural Resources (DENR) completed a nationwide audit. The company, which operates its large Masbate gold mine there, is confident it can resolve the “administrative” issues related to Masbate before the deadline. B2Gold shares fell 40¢ to $3.44, as 42.7 million shares changed hands. The pending suspension also hit shares of OceanaGold, which runs the Didipio goldcopper mine on the island of Luzon. The

company said it would work with the DENR to resolve the matter, without disrupting its operation. OceanaGold shed 73¢ to close at $3.94 per share on 16.1 million shares traded. Kerr Mines and Argex Titanium both rose after announcing they have completed a delisting review and meet the Toronto Stock Exchange’s listing requirements. Kerr shares advanced 45% to 15¢, and Argex shares climbed 42% to 9¢. TNM

TSX GREATEST PERCENTAGE CHANGE

SouthGobi Res Kerr Mines Argex Titanium Redhawk Res Mawson Res Altius Mnrls Sulliden Mng Nevada Copper Black Iron Laramide Res Stonegate Agri Xtra-Gold Res Azarga Uranium Freegold Vent Loncor Res OceanaGold Eco Oro Mnls Teranga Gold Avnel Gold Kirkland Lk Gd

SGQ KER RGX RDK MAW ALS SMC NCU BKI LAM ST XTG AZZ FVL LN OGC EOM TGZ AVK KLG

47 0.47 867 0.15 3611 0.09 116 0.07 987 0.56 446 11.17 413 0.42 153 0.64 610 0.04 618 0.26 1157 0.03 160 0.43 91 0.28 173 0.21 161 0.21 16084 4.81 278 0.29 4373 1.38 1538 0.29 3037 11.70

0.33 0.10 0.06 0.06 0.43 9.62 0.36 0.55 0.04 0.23 0.02 0.33 0.00 0.17 0.00 3.81 0.21 1.17 0.25 9.85

0.47 0.15 0.09 0.07 0.50 11.15 0.40 0.64 0.04 0.26 0.02 0.35 0.24 0.17 0.18 3.94 0.22 1.17 0.25 9.95

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Suncor Energy Altius Mnrls Dominion Diam TMAC Resources Potash Corp SK Labrador Iron HudBay Mnls Klondex Mines SouthGobi Res Detour Gold Franco-Nevada Agrium Torex Gold Tahoe Res Kirkland Lk Gd First Majestic MAG Silver Silver Wheaton Pretium Res Silver Std Res

+ 88.0 + 45.0 + 41.7 + 16.7 + 15.1 + 14.9 + 14.3 + 14.3 + 14.3 + 13.3 - 20.0 - 18.8 - 17.5 - 17.1 - 16.7 - 15.6 - 15.4 - 14.6 - 13.8 - 13.5

VOLUME WEEK (000s) CLOSE CHANGE

SU ALS DDC TMR POT LIF HBM KDX SGQ DGC FNV AGU TXG THO KLG FR MAG SLW PVG SSO

16171 36.42 446 11.15 2171 12.75 160 18.56 10193 21.35 539 13.90 11428 5.19 2827 7.54 47 0.47 2457 28.54 2310 91.66 1739 118.85 2203 28.38 4387 16.82 3037 9.95 4710 13.53 865 19.77 6110 35.44 1497 13.47 1712 15.81

+ 1.57 + 1.45 + 0.53 + 0.45 + 0.35 + 0.30 + 0.30 + 0.24 + 0.22 + 0.19 - 2.92 - 2.12 - 2.00 - 1.60 - 1.55 - 1.29 - 1.27 - 1.18 - 0.90 - 0.90

TSX VENTURE EXCHANGE / SEPTEMBER 26–30 The S&P/TSX Venture Composite Index shed 10.66 points over the period close at 800.23, as gold prices slipped on a stronger U.S. dollar. The spot gold price lost US$21.69 before finishing at US$1,315.87 per oz., while Comex’s three-month copper rates remained steady at US$2.21 per pound. Shares of Diamcor Mining gained 25¢ to $1.38 after the company announced secondquarter results of rough diamonds delivered, tendered and sold from the company’s KroneEndora alluvial deposits at its Venetia project in South Africa, as part of the company’s ongoing mine commissioning. During the three months ended Sept. 30, Diamcor had gross proceeds of US$1.2 million from 8,274 carats recovered, up 171% from the comparable quarter last year. The company has a long-term alliance and first right of refusal with jewellery giant Tiffany & Co. to buy up to 100% of any production from the mine. CanAlaska Uranium fell 37¢ to 50¢ per share after the company reported its partner De Beers failed to intercept kimberlite in seven of the 11 targets outlined in this year’s drill program at CanAlaska’s West Athabasca diamond project in Saskatchewan. The targets are described as circular magnetic anomalies in geophysical surveys that could be consistent with kimberlite intrusive bodies cutting

through the magnetic-neutral Athabasca sandstones. CanAlaska says drilling the four remaining targets has been deferred until the Canadian winter, when ice would make them more accessible. The company also states De Beers is analyzing physical property data from the last hole to better understand the overburden’s physical properties and geophysical response. The partners are exploring the 174 sq. km land package, which covers 75 potential kimberlite-style geophysical anomalies, under a staged $20.4-million agreement signed in May this year. Graphite explorer Zenyatta Ventures has begun a metallurgical program in preparation for a prefeasibility study of its Albany graphite project in northern Ontario. The company also announced it could receive TSX-V MOST ACTIVE ISSUES

Nrthn Iron Corsa Coal Nrthn Superior Jaxon Mnls Cap-Ex Iron Pershimco Res RT Minerals Blue Rvr Res K92 Mng Inc Focus Graphite

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

NFE CSO SUP JAX CEV PRO RTM BXR KNT FMS

29627 17166 16813 10404 9822 9019 8390 8151 7546 7484

0.11 0.15 0.05 0.10 0.19 0.32 0.12 0.08 1.52 0.10

0.05 0.11 0.03 0.07 0.14 0.29 0.07 0.06 1.29 0.07

0.07 + 0.13 unch 0.05 + 0.09 + 0.14 - 0.30 + 0.10 + 0.08 + 1.48 + 0.08 -

0.02 0.00 0.02 0.01 0.01 0.01 0.04 0.01 0.03 0.02

up to $350,000 in cash, along with technical advisory services, from the National Research Council of Canada’s Industrial Research Assistance Program. Shares of the company were up 19¢ to $1.28. Mason Graphite gained 19¢ to $1.45 per share after it closed a $28-million bought-deal financing. The company issued 26.2 million shares at $1.10 per share, with Ressources

Québec, a subsidiary of Investissement Québec, subscribing for 9.1 million shares. The proceeds will fund development of Mason’s Lac Guéret graphite mine project in northeastern Quebec, in addition to payments for the mining claims, and another equity investment in Group NanoXplore, a privately held research and development provider of graphene technology. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Atom Energy Randsburg Intl Diamond Fields Nrthn Lion RosCan Mrnls Westridge Res Canoe Mng Vent Dynasty Gold RT Minerals Firesteel Res MacDonald Mns Morro Bay Central Iron Cicada Vents Western Troy C CanAlaska Uran Bell Copper Getty Copper Gitennes Expl Shoshoni Gold

AGY.H RGZ.H DFI NL ROS.H WST.H CLV DYG RTM FTR BMK MRB CIO CID WRY CVV BCU.H GTC GIT SHJ

4 348 184 16 250 5 665 1999 8390 829 1119 84 61 305 2002 2131 179 1039 81 16

0.22 0.02 0.24 0.12 0.04 0.01 0.10 0.03 0.12 0.06 0.01 0.01 0.01 0.01 0.02 0.90 0.06 0.03 0.03 0.12

0.00 0.01 0.00 0.00 0.04 0.01 0.06 0.02 0.07 0.03 0.01 0.00 0.00 0.00 0.01 0.45 0.00 0.02 0.03 0.00

0.22 0.02 0.24 0.22 0.04 0.01 0.10 0.03 0.10 0.05 0.01 0.01 0.01 0.01 0.01 0.50 0.04 0.02 0.03 0.08

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 528.6 + 200.0 + 161.1 + 100.0 + 100.0 + 100.0 + 72.7 + 66.7 + 66.7 + 66.7 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 42.5 - 41.7 - 40.0 - 37.5 - 37.5

VOLUME WEEK (000s) CLOSE CHANGE

G4G Capital Diamcor Mng Gold Std Vents Zenyatta Vent Mason Graphite Atom Energy Golden Peak Mn Redhill Res California Gld Select Sands CanAlaska Uran Comet Inds Chesapeake Gld Till Capital Atacama Pac Gd Southern Arc Avino Silver Brazil Res Unigold Gold Reserve

GGC DMI GSV ZEN LLG AGY.H GP ML CGM SNS CVV CMU CKG TIL ATM SA ASM BRI UGD GRZ

431 515 1190 1793 1360 4 238 2215 17 2468 2131 33 116 1 428 106 119 1672 482 70

0.74 1.38 3.34 1.28 1.45 0.22 0.41 2.16 0.76 0.65 0.50 2.60 5.24 5.08 0.52 0.73 2.71 2.98 0.33 5.25

+ 0.29 + 0.25 + 0.23 + 0.19 + 0.19 + 0.19 + 0.16 + 0.16 + 0.16 + 0.16 - 0.37 - 0.35 - 0.26 - 0.22 - 0.20 - 0.19 - 0.19 - 0.16 - 0.15 - 0.15

U.S. MARKETS / SEPTEMBER 26–30 The U.S. Conference Board reported that consumer confidence increased in September for a second straight month and is now at its highest level since the recession. The Dow Jones Industrial Average rose 0.3% to 18,308.15 and the S&P 500 Index climbed 0.2% to 2,168.27. Spot gold fell US$21.20 to US$1,315.90 per oz., while West Texas Intermediate crude finished at US$48 per barrel. Rio Tinto’s decision to launch a bondpurchase plan for up to US$3 billion drove the company’s shares US99¢ higher to US$33.40 apiece. The company announced on Sept. 26 that it wants to take advantage of its strong liquidity position to lower gross debt. Under the plan, Rio Tinto has issued a redemption notice for US$1.5 billion of its 2017 and 2018 U.S. dollar-denominated notes, and began cash tender offers to buy up to US$1.5 billion of its 2019, 2020, 2021 and 2022 U.S. dollardenominated notes. The move follows the company’s completion of US$4.5 billion cash tender offers earlier this year. Potash Corp. of Saskatchewan advanced US37¢ to US$16.32 per share. The company said that after a relatively slow start to the year during which time many buyers drew down

6_OCT10_MarketNews.indd 6

inventories, management expects stronger buy engagement will support demand through the second half of 2016. Potash Corp. expects full-year global shipments in 2016 of 58 to 61 million tonnes and says there is potential for record demand in 2017, with annual shipments of 61 to 64 million tonnes. Yamana Gold ’s shares fell US18¢ to US$4.31 per share. The company said an action taken by the municipal committee of Andalgala, a town near its Agua Rica project in Argentina’s Catamarca province, “is not binding or legal, and is mostly symbolic.” Yamana said the ordinance passed by the U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Freeport McMo* FCX 129985 11.11 9.99 10.86 + 0.23 United States S* X 90974 20.28 18.46 18.86 - 0.09 Alcoa* AA 88959 10.19 9.50 10.14 + 0.38 Yamana Gold* AUY 78903 4.58 4.25 4.31 - 0.18 Vale* VALE 76473 5.74 5.27 5.50 + 0.08 Kinross Gold* KGC 65583 4.40 4.12 4.21 - 0.09 Barrick Gold* ABX 54806 18.42 17.29 17.72 - 0.39 Hecla Mining* HL 46798 6.08 5.45 5.70 - 0.30 Teck Res* TCK 40622 19.03 17.82 18.03 - 0.15 Chevron* CVX 39787 103.60 97.79 102.92 + 3.70

municipal committee to ban open-pit mining in the high river basin of the town is not legal because under the Argentine Constitution, environmental matters fall under the purview of the provincial government. Yamana is committed to developing Agua

Rica and is improving project design to boost the project’s economics and decrease the environmental footprint. One development scenario contemplates the integration of Agua Rica into the infrastructure of the neighbouring Alumbrera mine. TNM

U.S. GREATEST PERCENTAGE CHANGE

Cloud Peak En* CONSOL Energy* HudBay Mnls* Intrepid Pots* Suncor Energy* Dominion Diam* Alcoa* Chevron* Yanzhou Coal* Vedanta* First Majestic* Tahoe Res* Pretium Res* Coeur Mng* Hecla Mining* Eldorado Gold* Yamana Gold* Osisko Gold* Cameco Corp* DRDGOLD*

CLD CNX HBM IPI SU DDC AA CVX YZC VEDL AG TAHO PVG CDE HL EGO AUY OR CCJ DRD

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

9900 5.44 4.17 5.44 + 20.9 23626 19.45 17.40 19.20 + 10.3 1532 4.03 3.57 3.96 + 6.7 5527 1.14 1.05 1.13 + 6.6 32473 28.14 25.70 27.78 + 4.9 1769 9.87 8.93 9.74 + 4.8 88959 10.19 9.50 10.14 + 3.9 39787 103.60 97.79 102.92 + 3.7 280 6.94 6.27 6.78 + 3.5 1131 10.59 9.83 10.37 + 3.1 23743 11.62 10.26 10.30 - 8.4 8620 14.24 12.73 12.83 - 8.4 5836 11.08 9.93 10.27 - 5.9 23552 12.89 11.45 11.83 - 5.8 46798 6.08 5.45 5.70 - 5.0 25017 4.18 3.83 3.93 - 4.8 78903 4.58 4.25 4.31 - 4.0 349 11.49 10.82 10.94 - 3.4 12238 8.86 8.33 8.56 - 3.2 2261 5.32 4.74 4.95 - 3.1

U.S. GREATEST VALUE CHANGE

Chevron* CVX CONSOL Energy* CNX NACCO Ind* NC Suncor Energy* SU Rio Tinto* RIO Cloud Peak En* CLD Dominion Diam* DDC Natural Res Pt* NRP Alcoa* AA Potash Corp SK* POT MartinMarietta* MLM Franco-Nevada* FNV Black Hills* BKH Tahoe Res* TAHO Agrium* AGU First Majestic* AG Silver Wheaton* SLW Coeur Mng* CDE Pretium Res* PVG Barrick Gold* ABX

VOLUME WEEK (000s) CLOSE CHANGE

39787 102.92 23626 19.20 101 67.96 32473 27.78 20996 33.40 9900 5.44 1769 9.74 564 27.90 88959 10.14 26773 16.32 4146 179.11 2458 69.87 2531 61.22 8620 12.83 2514 90.69 23743 10.30 19016 27.03 23552 11.83 5836 10.27 54806 17.72

+ 3.70 + 1.80 + 1.56 + 1.30 + 0.99 + 0.94 + 0.45 + 0.40 + 0.38 + 0.37 - 2.18 - 2.00 - 1.80 - 1.17 - 0.97 - 0.95 - 0.79 - 0.73 - 0.64 - 0.39

2016-10-04 5:39 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / OCTOBER 10–16, 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, October 4, 2016 Precious Metals Price (US$/oz.) Change 1309.15 -26.70 Gold Silver $18.74 -0.68 Platinum $1020.00 -18.00 Palladium $719.00 +31.00 Base Metals Nickel Copper Lead Zinc

TSX WARRANTS

PRODUCER AND DEALER PRICES

SPOT PRICES COURTESY OF SCOTIABANK

Price (US$/tonne) Change $10155.00 -190.00 $4818.50 +0.50 $2087.00 -10.50 $2398.50 -7.00

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, October 3, 2016 (change from September 26, 2016 in brackets): Aluminium Alloy 13680 (0) 2154825 (+18800) Aluminium Copper 371775 (+7650) 190250 (-1000) Lead Nickel 362004 (-360) 3510 (-205) Tin 438675 (-3325) Zinc

Thermal Coal CAPP: US$40.00 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$40.20 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$8.25 Coal: CME Group Central Appalachian Futures Nov. 2016: US$40.00 Dec. 2016: US$40.00 Cobalt: US$12.38/lb. Copper: US$2.18/lb. Copper: CME Group Futures Nov. 2016: US$2.164/lb.; Dec. 2016: US$2.168/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$55.10/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$7.03/lb. Phosphate Rock: US$111.00/tonne Potash: US$220.00/tonne Rhodium: Mid-mkt US$685.00/tr. oz. Ruthenium: Mid-mkt US$42.00/tr. oz. Silver: Handy & Harman Base: US$18.95 per oz.; Handy & Harman Fabricated: US$23.69 per oz. Tantalite Ore : US$128.61/kg Tin: US$9.20/lb. Uranium: U3O8, Trade Tech spot price: US$24.25; The UX Consulting Company spot price: US$23.75/lb. Zinc: US$1.07/lb. Prices current Oct. 4, 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 Sep 16, 2016 (with changes from Sep 01, 2016) Largest short positions LUN 41243670 -2301889 9/1/2016 Lundin Mng Potash Corp SK POT 34519587 480627 9/1/2016 New Gold NGD 24062433 466492 9/1/2016 Kinross Gold K 20078164 -1499839 9/1/2016 ELD 19241245 -618073 9/1/2016 Eldorado Gold B2Gold BTO 18540889 -2022114 9/1/2016 Teranga Gold TGZ 16777919 2290341 9/1/2016 Centerra Gold CG 14099036 1487293 9/1/2016 SU 13616117 -25945 9/1/2016 Suncor Energy First Quantum FM 11409822 896468 9/1/2016 -24500 9/1/2016 Thompson Creek TCM 10569862 Teck Res TCK.B 9499484 293887 9/1/2016 Argonaut Gold AR 9168174 255544 9/1/2016 IAMGOLD IMG 8753279 -117488 9/1/2016 G 8536706 -1032029 9/1/2016 Goldcorp Largest increase in short position Klondex Mines KDX 4878900 3232632 9/1/2016 Teranga Gold TGZ 16777919 2290341 9/1/2016 SSL 5764343 1694197 9/1/2016 Sandstorm Gold Turquoise HIl TRQ 6744673 1562098 9/1/2016 CG 14099036 1487293 9/1/2016 Centerra Gold Largest decrease in short position Trevali Mng TV 456000 -4242012 9/1/2016 Lundin Mng LUN 41243670 -2301889 9/1/2016 BTO 18540889 -2022114 9/1/2016 B2Gold Kinross Gold K 20078164 -1499839 9/1/2016 Pan Am Silver PAA 1532663 -1057153 9/1/2016

Short positions outstanding as of Sep 16, 2016 (with changes from Sep 01, 2016) Largest short positions FF 1947262 -101038 9/1/2016 First Mg Fin Integra Gold ICG 1678336 35236 9/1/2016 Brazil Res BRI 1280598 452998 9/1/2016 Rye Patch Gold RPM 1064284 462986 9/1/2016 505500 154100 9/1/2016 Castle Mtn Mng NCA Roxgold ROG 491221 439040 9/1/2016 GSV 483537 -38098 9/1/2016 Gold Std Vents IMPACT Silver IPT 299100 72900 9/1/2016 Atlantic Gold AGB 218800 80500 9/1/2016 Goldstrike Res GSR 216600 204983 9/1/2016 RGC 207900 5300 9/1/2016 Redstar Gold Mason Graphite LLG 182500 172600 9/1/2016 Bear Creek Mng BCM 160000 3600 9/1/2016 Zenyatta Vent ZEN 154500 1717 9/1/2016 Fission 3.0 FUU 141000 107000 9/1/2016 Largest increase in short position Rye Patch Gold RPM 1064284 462986 9/1/2016 Brazil Res BRI 1280598 452998 9/1/2016 Roxgold ROG 491221 439040 9/1/2016 Goldstrike Res GSR 216600 204983 9/1/2016 LLG 182500 172600 9/1/2016 Mason Graphite Largest decrease in short position Victoria Gold VIT 86299 -1835055 9/1/2016 Voltaic Min VLT 2500 -836312 9/1/2016 TCO 400 -689600 9/1/2016 Transatlan Mng West Af Res WAF 0 -284715 9/1/2016 ATC 4900 -225400 9/1/2016 ATAC Res

DAILY METAL PRICES Daily Metal Prices Date Oct 3 Sept 30 Sept 29 Sept 28 Sept 27 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1565/1580 1565/1580 1560/1575 1560/1575 1560/1575 Aluminum 1649/1659 1658/1668 1652.50/1663 1648/1657.50 1647.50/1663 Copper 4806/4827 4831.50/4846 4816/4831 4807/4821.50 4773/4795 Lead 2073/2082 2105/2104.50 2035/2037 1986/1984 1962/1965 Nickel 10185/10230 10455/10535 10525/10590 10610/10685 10755/10800 Tin 20250/19975 20275/20075 20075/19900 19925/19840 19950/19800 2369/2371 2377/2379 2353.50/2354 2312/2316 2320/2327 Zinc

PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1318.65 1327.90 1320.85 1324.80 1335.85 Gold PM 1313.30 1322.50 1318.10 1322.50 1327.00 Silver 19.18 19.35 19.01 19.12 19.42 Platinum 1013.00 1034.00 1021.00 1018.00 1033.00 Palladium N/A 722.00 709.00 701.00 694.00

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

Sep 30 Sep 29 Sep 28 Sep 27 Sep 26 1.3129 1.3147 1.3080 1.3197 1.3227 0.7619 0.7606 0.7645 0.7577 0.7555

Exchange rates (Quote Media, September 30, 2016) C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand C$ to AUS 0.6775 77.2000 14.7670 10.4466 0.9943 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 0.5870 5.0810 50.6955 0.7400 840.0221 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.3048 0.8897 101.3430 19.3852 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.7707 6.6710 66.5558 0.9714 1101.9100

52-week

Index Sep 30 Sep 29 Sep 28 Sep 27 Sep 26 High Low S&P/TSX Composite 14725.86 14754.55 14731.43 14558.04 14619.46 15527.30 12400.15 S&P/TSXV Composite 800.23 799.09 801.47 794.49 805.80 1050.26 883.52 S&P/TSX 60 858.47 860.04 858.46 848.54 851.45 896.74 709.99 S&P/TSX Global Gold 237.28 240.21 241.88 237.81 242.32 218.90 149.29

NEW 52-WEEK HIGHS AND LOWS SEPTEMBER 26–30, 2016 122 New Highs Alba Minerals* Algold Res Algold Res* Almo Capital Alternative ER* Amador Gold Anglo American* Atom Energy AZ Mining Barsele Min Barsele Min* Big North Grap Caledonia Mng Caledonia Mng* California Gld Canoe Mng Vent Cap-Ex Iron Carpathian Gld* Cassius Vents Cdn Arrow Centenera Mng Cloud Peak En* Colibri Res Colonial Coal Cornerstone Ca Cornerstone Ca* Coronet Mtls Coronet Mtls* Corsa Coal Cruz Cap Corp Cruz Cap Corp* Del Toro Silvr*

Diamcor Mng Diamcor Mng* Diamond Fields Duran Vent * Ecuador Gold Edgewater Expl Excelsior Mng Excelsior Mng* Filo Mg Corp Fortune Bay* G4G Capital G4G Capital* Gainey Capital Galantas Gold* Glencore Plc* Global Gold* Gold Resource* Goldcliff Res* Golden Band* Golden Eagle* Golden Peak Mn Gray Rock Res Great Atlantic Greenshield Ex Gungnir Res Highbury Proj Inca One Gold Inca One Gold* Irving Res* Ivanhoe Mines Ivanhoe Mines* Jaxon Mnls Jazz Res

Lexam VG Gold Lexam VG Gold* Luna Gold Luna Gold* Lupaka Gold Marlin Gold Mason Graphite Mason Graphite* Mawson Res Mawson Res* Mechel* Meryllion Res Meryllion Res* Mustang Mnrls* Nrthn Iron Oceanic Iron O Orex Expl Orla Mng Ltd Pac Arc Res Pac Topaz* Petra Diamonds* Prize Mng Rapier Gold Redhill Res Redhill Res* Remington Res Resource Cap* Revolver Res Rheingold Expl Rio Silver* Rock Tech Lith* Rockcliff Cop Rockcliff Cop*

Rogue Res* RT Minerals* Select Sands Senator Mnrls Signal Expl Strikepoint Gd Sunset Cove Mg Sunvest Mnrls Tajiri Res Tanager Energy Tanqueray Expl Tasca Res Teck Res Tower Res Trevali Mng Trevali Mng* Uracan Res Uracan Res* Vedanta* Vendome Res Winston Gld Mg* Zenyatta Vent Zenyatta Vent* Zincore Mtls*

39 New Lows Arco Res* Argo Gold Avnel Gold Cameco Corp Cameco Corp* Candelaria Mg Canex Energy* Central Iron

E-Energy Vent Energy Fuels Energy Fuels* Fox River Res* Garibaldi Res GoGold Res Granite Ck Gld Highway 50 Gld* Intigold Mines* Intl Millm Mng Kermode Res Lode-Star Mg* Manado Gold Maritime Res Matamec Expl Merrex Gold MGX Minerals* Morgan Res Noranda Alum* Noront Res Northquest Osisko Gold* Pac Arc Res Ravencrest Res Sego Res Silver Falcon* Skyharbour Res* Stratabd Mnr Vena Res WPC Res* Zincore Mtls*

CANADIAN GOLD MUTUAL FUNDS Fund Sep 30 ($) AGF Prec Mtls Fd MF BMO Prec Mtls Fd A BMO ZGD 12.12 BMO ZJG 9.95 CIBC Prec Metal Fd A Dyn Prec Metls Fd A Horizons HEP IGMacGloPrecMetCl A 10.60 14.82 iShares XGD Mac Prec Met Cl A 60.10 NB Prec Met Fd Inv 15.33 RBC GblPreMetFd A 38.41 RedwUITGolDev&ProClA Sentry Pre Met Fd A 50.27 Sprott Gold&PrMinFdA Sprott SilverEquCl A TD PreciousMetalsInv

Sep 23 ($) Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) 29.39 -1.19 -3.97 78.14 2.78 202.02 23.18 -1.05 -4.43 78.54 2.40 78.82 12.62 -0.49 -3.92 79.25 0.63 43.65 10.39 -0.44 -4.24 96.50 0.60 92.41 13.45 -0.42 -3.04 53.11 2.62 61.86 8.75 -0.16 -1.80 95.58 2.66 464.96 32.07 -0.79 -2.41 68.85 0.80 10.92 -0.31 -2.88 95.76 2.76 103.04 15.23 -0.41 -2.71 76.34 0.61 773.22 61.92 -1.82 -2.94 99.27 2.51 146.14 15.81 -0.48 -3.04 81.93 2.46 43.25 40.02 -1.61 -4.02 85.30 2.13 454.14 10.00 52.07 -1.80 -3.46 96.79 2.90 273.48 47.25 -2.65 -5.44 82.85 3.19 277.12 8.55 -0.49 -5.58 142.09 3.23 102.89 47.25 -2.12 -4.38 80.00 2.26 177.05

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_OCT10_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

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

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

2016-10-04 5:54 PM

WWW.NORTHERNMINER.COM

OCTOBER 10–16, 2016 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: SEPTEMBER 26–30, 2016 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A 92 Resources V 1365 0.21 0.19 0.21 + 0.02 0.28 0.03 Abcourt Mines* O 54 0.06 0.06 0.06 - 0.01 0.10 0.02 Abcourt Mines V 892 0.08 0.07 0.08 - 0.01 0.13 0.03 ABE Resources V 367 0.03 0.02 0.02 - 0.01 0.08 0.02 Aben Res* O 156 0.11 0.09 0.10 - 0.04 0.26 0.03 0.13 - 0.03 0.34 0.06 Aben Res V 719 0.15 0.12 Aberdeen Intl* O 102 0.13 0.12 0.13 + 0.01 0.16 0.07 Abitibi Royalt V 43 7.80 7.39 7.50 - 0.12 9.95 2.30 ABT Holdings* O 148 0.32 0.22 0.30 - 0.03 0.76 0.05 Acme Res Inc V 12 0.04 0.04 0.04 - 0.01 0.12 0.02 Adamera Mnls* O 100 0.07 0.06 0.07 + 0.00 0.12 0.01 Adriana Res V 586 0.13 0.12 0.13 + 0.01 0.15 0.08 Advantage Lith V 586 1.06 0.87 1.01 + 0.04 1.21 0.14 Advantage Lith* O 279 0.81 0.65 0.77 + 0.03 0.92 0.49 African Gold V 1448 0.09 0.08 0.09 - 0.02 0.12 0.03 African Mnrls* O 49 0.00 0.00 0.00 - 0.00 0.01 0.00 Agave Silver V 82 0.09 0.00 0.09 - 0.01 0.15 0.02 Agnico Eagle T 2409 73.54 70.57 70.95 - 0.59 78.35 32.48 54.18 - 0.15 60.10 24.47 Agnico Eagle* N 7401 56.08 53.20 Agrium T 1739 120.74 118.24 118.85 - 2.12 133.25 104.70 Agrium* N 2514 91.78 89.62 90.69 - 0.97 100.24 79.94 Aguila Amer Gd V 107 0.08 0.07 0.07 - 0.01 0.14 0.03 Aim Explor* O 14927 0.01 0.00 0.00 + 0.00 0.20 0.00 Alabama Graph* O 105 0.12 0.11 0.11 + 0.00 0.17 0.08 Alabama Graph V 1356 0.15 0.14 0.15 + 0.01 0.23 0.11 Alacer Gold T 3878 3.76 3.28 3.28 - 0.40 3.79 2.08 Alamos Gold T 3338 11.24 10.22 10.80 - 0.04 13.65 3.27 Alamos Gold* N 7768 8.56 7.70 8.20 - 0.05 10.41 2.27 Alaska Pac Egy* O 1 0.01 0.00 0.01 + 0.00 0.20 0.00 Alba Minerals V 151 0.09 0.05 0.09 + 0.02 0.11 0.01 Alberta Star* O 3 0.24 0.24 0.24 - 0.02 0.28 0.12 Alchemist Mng 965 0.12 0.08 0.09 - 0.02 0.12 0.02 Alcoa* N 88959 10.19 9.50 10.14 + 0.38 11.50 6.14 0.09 - 0.01 0.15 0.05 Alderon Iron* O 64 0.10 0.09 Alderon Iron T 65 0.13 0.13 0.13 + 0.01 0.20 0.07 Aldever Res* O 18 0.03 0.03 0.03 - 0.00 0.19 0.03 Aldridge Mnrls V 156 0.29 0.26 0.26 - 0.03 0.34 0.12 Aldrin Res V 77 0.10 0.09 0.10 - 0.01 0.15 0.08 O 282 0.07 0.05 0.06 - 0.01 0.10 0.01 Alexandria Min* Alexandria Min V 968 0.08 0.07 0.08 - 0.01 0.12 0.02 Alexco Res* X 2159 1.81 1.64 1.78 + 0.01 2.54 0.22 Alexco Res T 734 2.40 2.17 2.33 + 0.02 3.31 0.35 Algold Res* O 403 0.33 0.00 0.33 + 0.04 0.33 0.07 0.40 + 0.01 0.44 0.07 Algold Res V 2807 0.44 0.38 Alianza Min* O 1 0.09 0.09 0.09 - 0.02 0.17 0.07 Alianza Min V 267 0.15 0.12 0.14 + 0.01 0.21 0.10 Alix Res V 384 0.06 0.00 0.06 + 0.01 0.18 0.04 Alliance Res* D 1118 22.65 21.17 22.18 + 0.97 24.37 9.95 Almaden Mnls T 207 1.87 1.75 1.85 - 0.03 2.44 0.67 Almaden Mnls* X 865 1.44 1.33 1.40 - 0.03 1.88 0.50 Almadex Min V 168 0.95 0.79 0.86 - 0.04 1.17 0.14 Almadex Min* O 184 0.70 0.59 0.65 - 0.07 0.91 0.01 Almo Capital V 464 0.18 0.14 0.14 - 0.01 0.18 0.05 Almonty Ind V 253 0.33 0.26 0.27 - 0.05 0.59 0.21 Alphamin Res V 119 0.30 0.25 0.28 - 0.03 0.33 0.15 Alset Energy V 720 0.26 0.21 0.26 + 0.02 0.84 0.02 Alta Vista Vnt 131 0.06 0.05 0.05 - 0.01 0.25 0.03 Altai Res V 78 0.05 0.04 0.05 + 0.01 0.09 0.03 178 0.19 0.17 0.17 - 0.03 0.70 0.09 Altair Res Inc V Altan Nev Mnls V 16 0.02 0.00 0.02 - 0.01 0.05 0.01 Altan Rio Mnls V 661 0.04 0.02 0.02 - 0.01 0.04 0.01 Alternative ER V 39 0.37 0.35 0.36 - 0.10 0.46 0.07 Alternative ER* O 16 0.28 0.27 0.28 - 0.06 0.35 0.06 0.10 + 0.01 0.22 0.04 Altiplano Mnls V 500 0.11 0.10 Altitude Res V 228 0.17 0.14 0.14 + 0.02 0.21 0.02 Altius Mnrls T 446 11.17 9.62 11.15 + 1.45 13.89 7.39 Altura Mng Ltd* O 182 0.12 0.10 0.12 + 0.00 0.30 0.06 Alturas Mnrls V 340 0.05 0.00 0.04 - 0.01 0.08 0.01 4.45 + 0.19 4.73 2.70 Alumina Inc* O 71 4.46 4.14 ALX Uranium V 235 0.10 0.09 0.09 - 0.01 0.14 0.06 ALX Uranium* O 129 0.07 0.07 0.07 - 0.02 0.10 0.03 Am CuMo Mng* O 94 0.08 0.06 0.07 - 0.01 0.12 0.04 Am Manganese* O 190 0.14 0.10 0.12 - 0.00 0.20 0.01 Am Manganese V 6684 0.17 0.14 0.16 - 0.01 0.26 0.01 Amador Gold V 40 0.22 0.00 0.22 + 0.07 0.40 0.10 Amarc Res V 292 0.10 0.09 0.09 - 0.01 0.13 0.04 Amarc Res* O 15 0.07 0.07 0.07 - 0.00 0.10 0.02 Amarillo Gold V 463 0.40 0.38 0.38 - 0.02 0.68 0.04 Amazing OG* O 15 0.63 0.45 0.55 + 0.10 1.06 0.29 Amer Vanadium* O 151 0.02 0.01 0.01 - 0.01 0.07 0.00 American Lith V 3185 0.58 0.43 0.54 + 0.11 1.62 0.05 American Pot* O 2 0.05 0.05 0.05 + 0.00 0.11 0.03 Americas Petro V 1294 0.17 0.16 0.17 + 0.01 0.28 0.15 0.35 - 0.02 0.48 0.09 Americas Silvr T 1971 0.37 0.34 Americas Silvr* O 334 0.29 0.26 0.27 - 0.01 0.37 0.04 Amerigo Res* O 163 0.11 0.00 0.11 + 0.00 0.26 0.07 Amerigo Res T 474 0.16 0.15 0.16 + 0.02 0.34 0.10 Amex Expl V 1030 0.06 0.05 0.05 - 0.01 0.08 0.02 T 634 0.10 0.08 0.09 + 0.01 0.11 0.04 Anaconda Mng Anaconda Mng* O 22 0.07 0.07 0.07 + 0.01 0.09 0.03 Anconia Res V 93 0.06 0.04 0.06 + 0.01 0.09 0.01 Andes Gold* O 32 0.01 0.00 0.01 - 0.00 1.00 0.00 Anfield Res* O 66 0.18 0.15 0.18 + 0.02 0.22 0.06 Anfield Res V 850 0.23 0.17 0.22 + 0.01 0.31 0.05 Angel Gold* O 64 0.08 0.06 0.08 - 0.00 0.11 0.01 Angel Gold V 217 0.10 0.09 0.10 - 0.01 0.15 0.01 Angkor Gold V 72 0.46 0.44 0.46 + 0.01 0.50 0.39 7 12.69 0.00 12.44 + 0.12 12.69 3.13 Anglo American* O Anglo American* O 5746 6.39 5.88 6.30 + 0.22 6.39 1.57 Anglo-Can Mng V 33 0.02 0.01 0.01 - 0.01 0.03 0.01 AngloGold Ash* O 0 16.18 0.00 16.18 - 0.22 22.25 8.15 AngloGold Ash* N 15968 16.42 15.56 15.92 - 0.28 22.91 6.20 V 1419 0.26 0.24 0.26 + 0.01 0.36 0.14 Anthem United Anthem United* O 235 0.20 0.18 0.20 + 0.01 0.25 0.15 Antioquia Gold V 208 0.10 0.08 0.10 + 0.01 0.11 0.04 Antipodes Gold V 401 0.03 0.00 0.03 + 0.01 0.04 0.01 Apple Cap Inc V 57 0.45 0.36 0.45 + 0.10 0.54 0.15 Applied Mrnls* O 151 0.15 0.13 0.15 + 0.01 0.43 0.11 AQM Copper V 143 0.14 0.13 0.13 - 0.01 0.17 0.03 Aquila Res* O 320 0.23 0.21 0.21 - 0.02 0.25 0.09 0.27 - 0.02 0.32 0.13 Aquila Res T 924 0.30 0.27 Arak Res V 185 0.04 0.03 0.04 + 0.01 0.07 0.02 Arch Coal* O 6732 0.48 0.18 0.18 - 0.23 4.80 0.11 Archon Mineral V 15 1.50 1.40 1.40 - 0.10 2.10 1.30 Arco Res V 118 0.07 0.06 0.07 - 0.01 0.09 0.03 Arctic Star V 1947 0.03 0.00 0.03 - 0.01 0.10 0.01 Arcturus Vents V 12 0.03 0.00 0.03 + 0.01 0.03 0.01 Arcus Dev Grp V 116 0.08 0.07 0.07 - 0.02 0.20 0.01 Arena Mnls V 300 0.20 0.18 0.18 - 0.01 0.34 0.17 Arena Mnls* O 25 0.16 0.15 0.16 + 0.02 0.25 0.12 Argentum Silvr V 113 0.32 0.30 0.30 - 0.01 0.35 0.02 Argex Titanium T 3611 0.09 0.06 0.09 + 0.03 0.11 0.02 O 254 0.06 0.05 0.06 + 0.01 0.09 0.01 Argex Titanium* Argonaut Gold T 5741 3.83 3.26 3.45 - 0.32 4.45 0.78 Argonaut Gold* O 67 2.85 2.46 2.64 - 0.22 3.38 0.53 Argus Metals V 122 0.09 0.00 0.09 - 0.03 0.15 0.02 Arian Silver* O 243 0.02 0.01 0.01 - 0.00 0.21 0.00 Arianne Phosph V 299 0.97 0.90 0.97 + 0.04 1.25 0.68 Arianne Phosph* O 68 0.73 0.68 0.73 + 0.03 0.98 0.52 Armor Mnrls V 70 0.55 0.00 0.55 + 0.05 0.85 0.12 Arrowstar Res V 85 0.12 0.10 0.11 + 0.01 0.17 0.04 Asanko Gold T 4937 5.76 5.17 5.50 - 0.11 6.09 1.77 Asanko Gold* X 1741 4.38 3.90 4.20 - 0.05 4.68 1.27 Asante Gold 23 0.24 0.22 0.22 - 0.02 0.27 0.05 Asante Gold* O 14 0.19 0.17 0.17 - 0.02 0.19 0.05 Asbestos Corp V 1 0.18 0.00 0.18 + 0.02 0.30 0.14 Ascot Res V 246 2.60 2.34 2.54 + 0.01 2.83 0.80 V 858 0.04 0.03 0.03 - 0.01 0.07 0.01 Ashburton Vent AsiaBaseMetals V 156 0.32 0.30 0.32 - 0.02 0.40 0.04 Astorius Res V 352 0.40 0.34 0.35 - 0.06 0.41 0.01 Astur Gold V 54 0.07 0.05 0.07 + 0.01 0.10 0.01 ATAC Res V 517 0.65 0.54 0.57 - 0.07 0.95 0.26 Atacama Pac Gd* O 16 0.55 0.46 0.46 - 0.09 0.79 0.09 Atacama Pac Gd V 428 0.69 0.52 0.52 - 0.20 1.02 0.14 Athabasca Mnls V 205 0.18 0.16 0.17 - 0.01 0.35 0.15 Athabasca Mnls* O 29 0.14 0.13 0.13 - 0.01 0.25 0.12 Athabasca Nclr V 441 0.10 0.07 0.08 - 0.01 0.17 0.02 Atico Mng V 81 0.55 0.51 0.52 - 0.04 0.65 0.16 Atico Mng* O 50 0.43 0.40 0.43 + 0.02 0.48 0.12 Atlanta Gold V 317 0.10 0.09 0.09 - 0.01 0.11 0.05 Atlanta Gold* O 3 0.07 0.06 0.07 + 0.01 0.09 0.03 Atlantic Gold V 771 1.02 0.96 0.97 - 0.03 1.05 0.23 Atlatsa Res* O 37 0.08 0.08 0.08 - 0.00 0.10 0.02 Atom Energy V 4 0.22 0.00 0.22 + 0.19 0.75 0.16 Atom Energy * O 3 0.16 0.00 0.14 - 0.02 0.16 0.12

8-10_OCT10_StockTables.indd 8

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Aton Res Inc V 196 Augustine Vent 7 Aura Silver Rs V 608 Auramex Res V 142 Aurcana Corp V 170 Aurcana Corp* O 37 AurCrest Gold V 124 Aureus Mng T 1556 Aureus Mng* O 1218 309 AuRico Metals * O AuRico Metals T 1280 Aurion Res V 470 Aurvista Gold V 2094 Aurvista Gold* O 173 Auryn Res* O 198 Austin Res V 1292 Avalon Adv Mat* O 216 763 Avalon Adv Mat T Avarone Metals 903 Avino Silver V 119 Avino Silver* X 1093 Avnel Gold * O 286 Avnel Gold T 1538 Avrupa Mnls V 270 Axmin Inc V 304 AZ Mining T 6481 Azarga Mtls V 86 Azarga Mtls* O 10 Azarga Uranium T 91 Azarga Uranium* O 97 Azimut Expl V 98 Azincourt Uran V 87 Azteca Gold* O 470

0.10 0.08 0.09 + 0.01 0.16 0.04 0.14 0.12 0.13 - 0.01 0.17 0.03 0.07 0.00 0.07 - 0.01 0.08 0.01 0.02 0.00 0.02 - 0.01 0.03 0.01 0.61 0.55 0.57 - 0.01 0.80 0.09 0.44 0.41 0.42 - 0.02 0.63 0.07 0.03 0.03 0.03 - 0.01 0.05 0.01 0.05 0.05 0.05 + 0.01 0.44 0.05 0.03 0.03 0.03 + 0.00 0.31 0.03 0.84 0.77 0.83 + 0.03 0.91 0.37 1.10 1.03 1.09 + 0.03 1.22 0.55 0.48 0.40 0.44 + 0.03 0.49 0.05 0.22 0.17 0.20 - 0.03 0.39 0.03 0.17 0.12 0.14 - 0.04 0.29 0.02 2.40 2.27 2.27 - 0.12 3.18 0.70 0.03 0.02 0.02 + 0.01 0.04 0.01 0.17 0.15 0.16 - 0.02 0.26 0.07 0.22 0.20 0.21 - 0.02 0.33 0.10 0.05 0.04 0.05 + 0.01 0.14 0.02 2.89 2.65 2.71 - 0.19 4.05 1.03 2.20 1.99 2.06 - 0.13 3.14 0.71 0.22 0.19 0.20 - 0.02 0.30 0.13 0.29 0.25 0.25 - 0.04 0.39 0.18 0.18 0.17 0.17 - 0.01 0.25 0.08 0.06 0.05 0.05 - 0.02 0.10 0.01 2.71 2.51 2.56 - 0.03 2.71 0.24 0.44 0.32 0.44 + 0.04 0.45 0.05 0.33 0.25 0.33 + 0.06 1.00 0.03 0.28 0.00 0.24 - 0.05 0.40 0.22 0.22 0.17 0.18 - 0.04 0.29 0.16 0.62 0.53 0.59 - 0.01 0.68 0.10 0.08 0.06 0.08 + 0.01 0.08 0.04 0.00 0.00 0.00 + 0.00 0.01 0.00

B2Gold* X 28089 B2Gold T 42745 Bacanora Mnls V 47 Baja Mng* O 20 Balmoral Res T 1224 Balmoral Res* O 366 Bannerman Res* O 274 Banro* X 2565 Bard Vent V 121 Barisan Gold V 65 O 64 Barkerville Go* Barkerville Go V 650 Barksdale Cap V 7 Baroyeca Go&Si V 175 Barrick Gold* N 54806 Barrick Gold T 16703 Barsele Min* O 97 Batero Gold V 160 Battle Mtn Gld V 169 Battle Mtn Gld* O 116 Bayhorse Silvr* O 71 Bayhorse Silvr V 519 BCGold V 318 BCM Res V 178 Bear Creek Mng V 804 Bearclaw Cap V 35 Bearing Res V 294 Beaufield Res* O 34 Beaufield Res V 569 Beeston Ent* O 45 Bell Copper V 179 Bellhaven Cp&G V 54 Bellhaven Cp&G* O 62 Belo Sun Mng T 858 Benton Res V 352 Berkeley Egy* O 11 Besra Gold* O 218 BHK Mining V 340 Big Bar Res V 130 Big North Grap* O 5 Big North Grap V 998 Bison Gold Res V 42 Black Hills* N 2531 Black Iron T 610 Black Isle Res V 50 Black Sea Cop V 1 Blackheath Res V 151 Blue Rvr Res V 8151 BonTerra Res V 961 BonTerra Res* O 63 Bowmore Expl V 744 Bravada Gold* O 216 Bravada Gold V 254 Braveheart Res V 30 Bravo Multinat* O 5019 Bravura Vent 208 Bravura Vent * O 45 Brazil Res V 1672 BrightRock Gld* O 215 O 573 Britannia Mng* Brixton Mtls* O 72 Brixton Mtls V 152 Brookmount Exp* O 70 Brunswick Res V 215 Buenaventura* N 6476 Bullfrog Gold* O 1164 Bullion Gld Res V 5 Burey Gold* O 345

2.98 2.46 2.63 - 0.27 3.65 0.60 3.92 3.27 3.44 - 0.40 4.74 0.86 1.59 1.48 1.51 - 0.08 1.95 1.17 0.01 0.01 0.01 - 0.00 0.03 0.00 1.15 0.98 0.99 - 0.13 1.28 0.33 0.86 0.74 0.74 - 0.11 0.99 0.23 0.03 0.02 0.03 - 0.00 0.04 0.01 0.33 0.30 0.32 + 0.00 0.48 0.15 0.04 0.00 0.03 - 0.01 0.04 0.01 0.03 0.00 0.03 - 0.01 0.04 0.02 0.56 0.53 0.55 + 0.00 0.60 0.15 0.74 0.70 0.70 - 0.03 0.76 0.21 0.60 0.45 0.50 - 0.10 0.60 0.01 0.03 0.02 0.02 - 0.01 0.03 0.01 18.42 17.29 17.72 - 0.39 23.47 6.13 24.23 22.95 23.23 - 0.63 30.45 8.15 1.10 1.01 1.10 + 0.07 1.09 0.05 0.15 0.14 0.14 - 0.01 0.23 0.05 0.83 0.67 0.76 - 0.08 0.95 0.09 0.63 0.53 0.57 - 0.04 0.73 0.06 0.22 0.18 0.21 + 0.05 0.22 0.03 0.28 0.21 0.24 + 0.02 0.29 0.05 0.07 0.06 0.07 - 0.01 0.13 0.03 0.15 0.11 0.12 - 0.03 0.32 0.04 2.98 2.57 2.81 - 0.09 3.77 0.50 0.04 0.00 0.03 - 0.01 0.06 0.02 0.23 0.19 0.23 + 0.04 0.26 0.13 0.08 0.08 0.08 - 0.00 0.12 0.03 0.12 0.10 0.10 - 0.01 0.16 0.03 0.00 0.00 0.00 - 0.00 0.01 0.00 0.06 0.00 0.04 - 0.03 0.07 0.01 0.78 0.64 0.70 - 0.08 0.78 0.03 0.57 0.49 0.49 - 0.04 0.61 0.02 1.04 0.94 0.94 - 0.05 1.10 0.18 0.09 0.08 0.09 + 0.01 0.10 0.03 0.65 0.64 0.65 + 0.08 0.67 0.31 0.00 0.00 0.00 - 0.00 0.02 0.00 0.04 0.03 0.03 - 0.02 0.10 0.03 0.69 0.29 0.61 + 0.06 0.65 0.29 0.13 0.13 0.13 + 0.00 0.14 0.01 0.21 0.17 0.21 + 0.04 0.21 0.02 0.40 0.00 0.40 - 0.10 0.50 0.10 63.79 60.96 61.22 - 1.80 64.58 40.00 0.04 0.04 0.04 + 0.01 0.06 0.03 0.04 0.00 0.04 + 0.01 0.05 0.02 0.40 0.00 0.40 - 0.04 0.09 0.00 0.09 + 0.02 0.18 0.07 0.08 0.06 0.08 + 0.01 0.08 0.03 0.38 0.35 0.36 - 0.02 0.51 0.17 0.29 0.26 0.27 - 0.00 0.37 0.12 0.10 0.08 0.09 - 0.01 0.16 0.03 0.21 0.18 0.18 - 0.01 0.31 0.02 0.27 0.24 0.25 - 0.02 0.40 0.03 0.04 0.00 0.04 - 0.01 0.08 0.02 0.02 0.01 0.02 + 0.00 0.10 0.01 0.55 0.48 0.53 - 0.03 0.59 0.02 0.43 0.42 0.42 - 0.01 0.43 0.42 3.21 2.85 2.98 - 0.16 3.35 0.38 0.00 0.00 0.00 - 0.00 0.01 0.00 0.01 0.00 0.00 - 0.00 0.01 0.00 0.57 0.52 0.57 - 0.03 0.92 0.03 0.75 0.67 0.73 - 0.06 1.20 0.05 0.02 0.01 0.01 - 0.01 0.02 0.00 0.03 0.02 0.03 + 0.01 0.04 0.01 14.45 12.90 13.84 - 0.33 16.45 3.30 0.18 0.15 0.15 - 0.03 0.19 0.01 0.10 0.00 0.10 - 0.01 0.15 0.05 0.06 0.06 0.06 + 0.00 0.10 0.03

Caledonia Mng T 263 Caledonia Mng* Q 215 Calibre Mng V 4191 California Gl* O 52 California Gld V 17 Callinex Mines V 385 Callinex Mines* O 245 Cameco Corp* N 12238 Cameco Corp T 5294 Cameo Res V 858 Camino Mnls V 76 Canada Coal V 294 Canadian Zeol* O 16 Canadian Zeol V 350 CanAlaska Uran V 2131 CanAlaska Uran* O 432 Canamex Res V 18 Canamex Res* O 61 Canarc Res* Q 233 Canasil Res V 1033 Cancana Res V 167 Candelaria Mg V 134 Candente Coppr T 163 Candente Gold V 330 Candente Gold* O 10 Canex Energy V 171 CaNickel Mng V 28 Canoe Mng Vent V 665 Canstar Res V 1168 Cantex Mn Dev V 135 Canyon Copper V 287 Canyon Gold* O 104 Cap-Ex Iron V 9822 Capstone Mng T 1401 Caracara Silvr V 143 Cardero Res* O 6 Cardero Res V 42 Carlin Gold V 367 Carmax Mng V 13 Carpathian Gld* O 34 Carpathian Gld T 475 Cartier Res V 80 Carube Copper* O 50 Cascadero Copp V 635 Cassius Vents V 13 Castle Mtn Mng V 2136 Castle Peak Mg V 178 Cataca Res* O 1130 Cava Res V 85 Caza Gold* O 4

2.36 2.20 2.35 + 0.14 2.36 0.66 1.80 1.68 1.77 + 0.10 1.79 0.48 0.18 0.16 0.18 + 0.02 0.27 0.06 0.50 0.50 0.50 + 0.00 0.56 0.40 0.76 0.00 0.76 + 0.16 1.80 0.30 0.40 0.36 0.37 - 0.03 0.69 0.23 0.31 0.27 0.28 - 0.01 0.54 0.17 8.86 8.33 8.56 - 0.28 14.52 8.33 11.67 11.05 11.21 - 0.42 19.11 11.05 0.05 0.00 0.04 - 0.01 0.10 0.04 0.24 0.23 0.23 - 0.02 0.29 0.07 0.05 0.04 0.04 - 0.02 0.06 0.01 0.32 0.30 0.30 - 0.01 0.36 0.06 0.43 0.39 0.40 - 0.03 0.47 0.08 0.90 0.45 0.50 - 0.37 1.55 0.09 0.69 0.34 0.40 - 0.27 1.20 0.06 0.04 0.00 0.04 + 0.01 0.08 0.03 0.03 0.03 0.03 - 0.00 0.06 0.02 0.10 0.09 0.10 - 0.00 0.12 0.03 0.64 0.51 0.53 - 0.09 0.73 0.04 0.43 0.37 0.42 + 0.01 0.52 0.13 0.35 0.00 0.35 + 0.07 0.40 0.06 0.12 0.09 0.11 - 0.01 0.18 0.03 0.05 0.04 0.05 + 0.01 0.09 0.01 0.03 0.03 0.03 - 0.00 0.06 0.00 0.14 0.00 0.13 - 0.01 0.15 0.03 0.07 0.06 0.07 + 0.01 0.11 0.03 0.10 0.06 0.10 + 0.04 0.10 0.02 0.17 0.13 0.15 + 0.01 0.18 0.04 0.14 0.10 0.11 + 0.02 0.15 0.03 0.04 0.02 0.04 + 0.01 0.04 0.01 0.18 0.10 0.10 - 0.05 0.54 0.03 0.19 0.14 0.14 - 0.01 0.19 0.01 0.80 0.70 0.80 + 0.02 0.97 0.27 0.02 0.00 0.02 + 0.01 0.03 0.01 0.12 0.00 0.12 - 0.01 0.18 0.05 0.20 0.00 0.20 + 0.03 0.26 0.08 0.05 0.04 0.04 - 0.01 0.05 0.01 0.04 0.03 0.03 - 0.01 0.04 0.02 0.94 0.00 0.92 + 0.05 1.06 0.81 1.26 1.15 1.22 + 0.07 1.45 1.00 0.18 0.15 0.15 - 0.04 0.19 0.04 0.08 0.08 0.08 - 0.02 0.14 0.07 0.13 0.12 0.12 - 0.01 0.17 0.03 0.05 0.00 0.03 - 0.01 0.05 0.01 1.20 1.01 1.05 - 0.13 1.30 0.20 0.05 0.05 0.05 - 0.01 0.08 0.01 0.87 0.72 0.82 - 0.00 1.21 0.20 0.59 0.49 0.57 + 0.03 0.78 0.04 0.03 0.03 0.03 + 0.00 0.06 0.01

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Caza Gold V 6 0.04 0.04 0.04 - 0.01 0.07 0.02 CB Gold V 285 0.14 0.12 0.12 - 0.01 0.18 0.04 Cda Carbon* O 65 0.22 0.22 0.22 - 0.00 0.28 0.18 Cda Carbon V 633 0.30 0.28 0.28 - 0.02 0.42 0.23 Cda Strtgc Met * O 28 0.11 0.11 0.11 - 0.03 0.19 0.01 594 0.15 0.13 0.13 - 0.02 0.26 0.03 Cda Strtgc Met V Cda Zinc Mtls V 1158 0.44 0.40 0.42 + 0.02 0.44 0.10 Cdn Intl Mnrls V 1272 0.04 0.00 0.03 - 0.01 0.13 0.01 Cdn Metals 586 0.14 0.12 0.12 - 0.02 0.44 0.06 Cdn Zinc T 991 0.30 0.27 0.30 + 0.01 0.41 0.06 0.22 + 0.00 0.32 0.04 Cdn Zinc* Q 434 0.22 0.20 Centamin T 121 2.58 2.48 2.49 - 0.03 3.05 1.19 Centaurus Diam* O 294 0.11 0.10 0.10 - 0.01 0.34 0.03 Centenera Mng V 310 0.49 0.36 0.45 + 0.05 0.45 0.02 Centerra Gold T 4764 7.51 6.94 7.19 - 0.25 8.67 5.64 0.01 - 0.01 0.02 0.01 Central Iron V 61 0.01 0.00 Century Global T 5 0.19 0.18 0.18 - 0.01 0.35 0.15 Cerro Grande* O 848 0.02 0.02 0.02 - 0.02 0.06 0.00 Cerro Grande 293 0.03 0.03 0.03 - 0.01 0.06 0.01 94 0.14 0.11 0.14 + 0.02 0.18 0.08 Chalice Gold M* O Chalice Gold M T 203 0.18 0.16 0.18 + 0.02 0.21 0.10 Champion Bear V 212 0.10 0.10 0.10 + 0.01 0.11 0.03 Champion Iron* O 42 0.19 0.17 0.18 + 0.02 0.23 0.10 Champion Iron T 309 0.24 0.23 0.24 + 0.01 0.30 0.13 O 51 4.26 3.95 3.95 - 0.22 5.03 1.08 Chesapeake Gld* Chesapeake Gld V 116 5.64 5.20 5.24 - 0.26 6.50 1.44 Chevron* N 39787 103.60 97.79 102.92 + 3.70 107.58 75.33 78 0.12 0.00 0.11 - 0.02 0.26 0.03 Chiboug Ind Mn V Chilean Metals* O 24 0.12 0.10 0.10 - 0.02 0.22 0.02 204 0.02 0.01 0.02 + 0.01 0.02 0.00 China Mnls Mng* O China Mnls Mng V 1460 0.03 0.02 0.02 + 0.01 0.03 0.01 Cibolan Gold* O 96 0.07 0.00 0.04 - 0.02 0.15 0.03 Cicada Vents V 305 0.01 0.00 0.01 - 0.01 0.02 0.01 CKR Carbon V 1116 0.08 0.07 0.08 - 0.01 0.12 0.06 176 0.02 0.02 0.02 - 0.01 0.06 0.01 Claim Post Res V Cloud Peak En* N 9900 5.44 4.17 5.44 + 0.94 5.25 1.08 CMC Metals V 902 0.14 0.12 0.14 + 0.01 0.32 0.05 Coeur Mng* N 23552 12.89 11.45 11.83 - 0.73 16.41 1.62 Colibri Res V 25 0.23 0.00 0.20 + 0.03 0.23 0.03 O 3 0.01 0.00 0.01 - 0.01 0.02 0.00 Colombia Crest* Colombia Crest V 23 0.03 0.02 0.02 - 0.01 0.04 0.01 Colombian Mins V 283 0.22 0.17 0.22 + 0.04 0.23 0.02 Colonial Coal V 595 0.24 0.19 0.19 - 0.03 0.24 0.02 Colorado Res V 5943 0.28 0.21 0.27 + 0.02 0.71 0.05 0.19 + 0.01 0.54 0.04 Colorado Res* O 981 0.21 0.16 Colt Res* O 140 0.06 0.06 0.06 - 0.00 0.12 0.04 O 197 0.57 0.50 0.50 - 0.02 0.72 0.23 Columbus Gold* Columbus Gold T 344 0.74 0.66 0.66 - 0.05 0.93 0.32 Comet Inds V 33 2.95 2.60 2.60 - 0.35 3.00 1.22 V 741 0.06 0.05 0.05 - 0.01 0.08 0.01 Commander Res Commerce Res* O 201 0.06 0.05 0.05 - 0.00 0.08 0.04 X 1059 0.38 0.36 0.37 + 0.01 0.68 0.33 Comstock Mng* Comstock Mtls V 530 0.29 0.24 0.25 - 0.02 0.43 0.05 Comstock Mtls * O 35 0.20 0.20 0.20 - 0.02 0.33 0.10 0.08 + 0.01 0.12 0.02 Condor Res V 117 0.08 0.00 Confedertn Mls V 66 0.55 0.50 0.55 + 0.07 9.00 0.46 V 175 0.48 0.48 0.48 + 0.02 0.56 0.22 Cons Westview CONSOL Energy* N 23626 19.45 17.40 19.20 + 1.80 19.76 4.54 Constant Mtl V 241 0.11 0.11 0.11 - 0.01 0.15 0.05 3.04 - 0.25 3.60 0.88 Contintl Gold* O 35 3.39 2.84 Contintl Gold T 2111 4.47 3.74 4.00 - 0.36 4.69 1.28 0.23 - 0.01 0.27 0.18 Contintl Prec* O 5 0.23 0.00 Contintl Prec T 12 0.32 0.30 0.31 - 0.01 0.35 0.25 Copper Fox Mtl* O 107 0.09 0.09 0.09 - 0.00 0.17 0.08 138 0.08 0.06 0.07 + 0.01 0.08 0.03 Copper Lake Rs V Copper Mtn Mng* O 50 0.36 0.36 0.36 - 0.01 0.52 0.23 232 0.48 0.46 0.48 + 0.01 0.70 0.33 Copper Mtn Mng T Copper North M V 41 0.19 0.14 0.14 - 0.03 0.45 0.13 Copper Reef Mg 13 0.03 0.02 0.03 + 0.01 0.03 0.01 O 159 0.06 0.05 0.05 + 0.00 0.08 0.01 Copperbank Res* Copperbank Res 527 0.08 0.07 0.07 - 0.01 0.10 0.03 0.32 + 0.01 0.39 0.05 Coral Gold V 174 0.32 0.31 Corazon Gold V 55 0.38 0.33 0.35 + 0.02 0.45 0.18 Cordoba Mnls V 314 0.85 0.81 0.81 - 0.01 1.08 0.10 O 116 0.65 0.62 0.64 + 0.02 0.79 0.08 Cordoba Mnls* Cornerstone Ca V 2982 0.19 0.13 0.13 + 0.01 0.19 0.02 O 458 0.12 0.10 0.10 + 0.01 0.12 0.01 Cornerstone Ca* V 34 0.04 0.03 0.04 + 0.01 0.04 0.01 Cornerstone Mt Coro Mining T 747 0.14 0.13 0.13 - 0.01 0.21 0.02 0.50 + 0.08 0.47 0.02 Coronet Mtls* O 107 0.51 0.36 Coronet Mtls V 1471 0.70 0.50 0.70 + 0.15 0.61 0.03 0.87 - 0.10 1.38 0.33 Corvus Gold T 52 0.95 0.87 Corvus Gold* O 28 0.74 0.67 0.67 - 0.05 1.05 0.25 Cougar Mnls V 2041 0.46 0.38 0.44 - 0.03 0.82 0.09 360 0.04 0.03 0.03 - 0.01 0.07 0.01 Crazy Horse Res V Cresval Cap V 112 0.05 0.04 0.05 + 0.01 0.06 0.03 0.36 - 0.01 0.58 0.10 Critical Elem* O 59 0.39 0.36 Critical Elem V 564 0.52 0.47 0.47 - 0.04 0.75 0.14 Crown Mining V 45 0.12 0.10 0.12 + 0.01 0.20 0.04 14 0.49 0.47 0.47 - 0.00 0.49 0.20 Cruz Cap Corp* O Cruz Cap Corp V 344 0.64 0.61 0.62 - 0.01 0.64 0.07 Crystal Pk Min* O 33 0.22 0.18 0.22 + 0.04 0.32 0.12 Crystal Pk Min V 177 0.30 0.25 0.29 + 0.04 0.42 0.13 Currie Rose Rs V 128 0.03 0.00 0.03 - 0.01 0.05 0.01 CWN M’g Acq V 97 0.20 0.20 0.20 + 0.05 0.25 0.11 Cypress Dev* O 130 0.11 0.09 0.10 - 0.01 0.16 0.02 Cypress Dev V 303 0.13 0.11 0.12 - 0.02 0.20 0.02

512 Ely Gold & Mnl V Emerita Res V 1303 Empire Rock V 10 O 50 Endeavour Mng* Endeavour Mng T 1325 12413 N Endeavr Silver* Endeavr Silver T 1995 V 358 Endurance Gold O 291 Energizer Res* Energizer Res T 563 Energy Fuels* X 1549 Energy Fuels T 586 Engold Mines V 533 Ensurge* O 148 Entree Gold* X 371 Entree Gold T 245 Equitas Res* O 285 Equitorial Ex V 1529 131 Erdene Res Dev* O 93 Eros Res Corp V 93 Eros Res Corp V Eskay Mng V 283 Ethos Gold* O 20 Ethos Gold V 156 Eurasian Mnls V 77 X 490 Eurasian Mnls* Eureka Res V 284 O 12 EurOmax Res* EurOmax Res T 73 V 32 Eurotin Everest Vent V 37 Everton Res V 539 Everton Res* O 37 Evolving Gold 166 O 6 Evolving Gold* O 56 Excalibur Res* Excalibur Res 20 Excellon Res T 738 Excellon Res* O 248 O 90 Excelsior Mng* Excelsior Mng V 781 Exeter Res* X 506 O 348 Expedition Mng* Explor Res V 531 Explorex Res 16 Fairmont Res V 183 Falco Res V 689 Falcon Gold V 4 Far Res 688 Fieldex Expl V 2317 80 Filo Mg Corp V Finore Mng 96 Fiore Explor* O 75 Fiore Explor V 923 Firesteel Res V 829 Firestone Vent V 467 O 162 Firma Holdings* First Bauxite V 32 First Liberty* O 502 First Majestic T 4710 First Majestic* N 23743 First Mexican V 365 V 5520 First Mg Fin First Mg Fin * O 4617 First Point T 138 First Quantum T 13957 Fission Uran T 5034 Fission Uran* O 884 Fjordland Exp V 4349 Flinders Res V 293 Flinders Res* O 126 V 7484 Focus Graphite O 1742 Focus Graphite* Focus Vent V 414 Foran Mng V 106 T 1553 Formation Mtls Forsys Metals T 821 O 9 Fortescue Mtls* T 2903 Fortuna Silvr Fortuna Silvr* N 5659 Fortune Bay* O 13 Fortune Mnrls T 748 O 224 Fortune Mnrls* O 11 Forum Uranium* 2 Fox River Res* O N 2458 Franco-Nevada* Franco-Nevada T 2310 Franklin Mng* O 3 Freegold Vent T 173 Freeport McMo* N 129985 Freeport Res V 344 Fresnillo plc* O 10 Frontline Gold V 913 7 Full Metal Mnl V Fura Emeralds V 368

0.26 0.22 0.25 + 0.02 0.27 0.05 0.02 0.05 - 0.01 0.17 0.06 0.05 0.04 0.15 - 0.05 0.27 0.19 0.15 19.31 + 0.08 20.85 4.40 19.58 18.39 25.48 + 0.12 27.17 5.40 25.89 24.33 1.00 5.13 - 0.10 5.95 5.41 4.80 1.46 6.72 - 0.19 7.75 7.09 6.36 0.02 0.06 + 0.01 0.08 0.06 0.05 0.03 0.05 - 0.01 0.10 0.06 0.05 0.03 0.07 - 0.01 0.13 0.08 0.07 1.50 1.59 - 0.02 3.48 1.62 1.50 1.99 2.12 - 0.01 4.50 2.13 1.99 0.03 0.05 + 0.01 0.08 0.05 0.04 0.01 0.07 + 0.00 0.09 0.08 0.07 0.17 0.27 - 0.01 0.38 0.29 0.27 0.25 0.36 - 0.04 0.47 0.38 0.36 0.02 0.05 + 0.00 0.17 0.05 0.00 0.02 0.05 - 0.01 0.12 0.06 0.04 0.30 0.26 0.30 + 0.01 0.42 0.09 0.21 0.19 0.19 - 0.03 0.23 0.09 0.21 0.19 0.19 - 0.03 0.23 0.09 0.06 0.24 - 0.04 0.42 0.28 0.24 0.05 0.18 - 0.02 0.32 0.20 0.18 0.14 0.25 - 0.01 0.41 0.26 0.23 0.48 1.38 - 0.02 1.84 1.53 1.37 0.35 1.07 + 0.01 1.40 1.18 1.04 0.04 0.11 - 0.01 0.17 0.11 0.09 0.15 0.39 - 0.01 0.46 0.40 0.39 0.21 0.51 - 0.01 0.62 0.58 0.51 0.03 0.06 - 0.01 1.00 0.06 0.00 0.09 0.67 + 0.14 0.95 0.80 0.53 0.01 0.11 + 0.01 0.20 0.12 0.10 0.00 0.08 + 0.00 0.14 0.08 0.08 0.04 0.31 - 0.06 0.50 0.36 0.31 0.02 0.22 - 0.07 0.38 0.26 0.22 0.00 0.07 - 0.01 0.09 0.08 0.07 0.01 0.10 - 0.01 0.11 0.10 0.10 0.20 1.88 - 0.16 2.40 2.12 1.78 0.14 1.42 - 0.12 1.85 1.62 1.35 0.12 0.33 + 0.07 0.31 0.33 0.27 0.19 0.42 + 0.05 0.42 0.44 0.35 0.29 1.26 - 0.03 1.48 1.32 1.20 0.06 0.07 - 0.01 0.22 0.09 0.07 0.05 0.09 - 0.01 0.24 0.11 0.08 0.05 0.13 - 0.06 0.19 0.18 0.13 0.02 0.08 - 0.03 0.23 0.09 0.08 0.21 1.17 - 0.13 1.39 1.34 1.15 0.03 0.08 - 0.02 0.20 0.08 0.08 0.02 0.06 - 0.01 0.15 0.06 0.05 0.01 0.05 - 0.01 0.07 0.06 0.04 1.73 1.51 1.70 + 0.15 1.73 0.64 0.01 0.08 + 0.03 0.08 0.08 0.00 0.02 0.53 - 0.01 0.55 0.53 0.53 0.03 0.67 - 0.04 0.76 0.71 0.64 0.01 0.05 + 0.02 0.06 0.06 0.03 0.01 0.06 + 0.01 0.08 0.07 0.06 0.02 0.07 + 0.01 0.11 0.07 0.06 0.03 0.05 - 0.01 0.08 0.05 0.05 0.00 0.00 + 0.00 0.00 0.00 0.00 13.53 - 1.29 24.96 3.50 15.30 13.47 10.30 - 0.95 19.15 2.40 11.62 10.26 0.03 0.03 - 0.01 0.08 0.04 0.03 0.92 0.82 0.85 - 0.05 1.31 0.31 0.71 0.63 0.65 - 0.04 1.02 0.22 0.04 0.10 + 0.01 0.14 0.10 0.09 10.86 - 0.04 12.34 2.15 11.04 10.25 0.53 0.63 - 0.02 0.82 0.65 0.60 0.39 0.47 - 0.02 0.63 0.49 0.46 0.01 0.06 - 0.03 0.17 0.08 0.05 0.13 0.34 - 0.03 0.77 0.40 0.34 0.09 0.26 - 0.05 0.61 0.31 0.26 0.07 0.08 - 0.02 0.30 0.10 0.07 0.04 0.06 - 0.02 0.23 0.08 0.05 0.05 0.08 + 0.01 0.16 0.08 0.08 0.05 0.23 - 0.03 0.31 0.25 0.23 0.09 0.61 + 0.01 0.72 0.61 0.54 0.05 0.07 - 0.01 0.20 0.07 0.06 1.00 3.84 + 0.05 3.95 3.85 3.68 10.12 9.17 9.51 - 0.28 12.73 2.84 2.00 7.24 - 0.17 9.75 7.73 6.90 0.36 0.60 - 0.01 0.62 0.62 0.00 0.02 0.14 + 0.01 0.17 0.15 0.13 0.01 0.11 + 0.01 0.13 0.11 0.10 0.03 0.07 - 0.00 0.14 0.07 0.06 0.03 0.03 0.03 - 0.00 0.04 0.02 41.47 69.87 - 2.00 81.16 72.56 69.17 95.42 91.26 91.66 - 2.92 105.69 56.57 0.00 0.00 - 0.00 0.01 0.00 0.00 0.05 0.17 - 0.04 0.28 0.21 0.17 11.11 9.99 10.86 + 0.23 14.20 3.52 0.01 0.08 + 0.02 0.09 0.09 0.06 23.90 + 0.52 26.65 9.00 24.37 23.05 0.01 0.03 - 0.01 0.05 0.03 0.03 0.09 0.08 0.09 + 0.01 0.12 0.02 0.10 0.19 + 0.06 0.25 0.21 0.14

D-F

G4G Capital V 431 G4G Capital* O 8 Gabriel Res T 1961 Gainey Capital V 3712 O 60 Galantas Gold* Galantas Gold V 233 390 Galena Intl Rs V Galore Res V 118 Galway Mtls* O 60 155 Garibaldi Res * O Garibaldi Res V 289 GB Minerals V 185 27505 Gear Intl* O 347 V Gem Intl Res General Moly T 22 General Moly* X 257 Genesis Mtls V 390 Genius Props 547 V 601 Gensource Pot Geodex Mnrls V 4 O 144 Geologix Expl* Geologix Expl V 389 Geomega Res V 492 533 Gespeg Cop Res V Getty Copper V 1039 GFK Res V 23 Gitennes Expl V 81 Giyani Gold* O 141 Giyani Gold V 1050 O 195 Gldn Predator* Gldn Predator V 3234 577 Glen Eagle Res V Glencore Plc* O 549 Global Gold* O 25 Global Mnrls V 2 Globex Mng* O 179 Globex Mng T 707 GMCI Corp* O 1 O 61 GMV Minerals* GMV Minerals V 391 V 32 GobiMin GoGold Res T 596 Gold & Silver* O 3668 523 Gold Bulln Dev* O Gold Bulln Dev V 1029 O 74 Gold Dynamics* 23319 Gold Fields* N Gold Lakes* O 1792 Gold Mng USA* O 7201 Gold Mtn Mng V 1628 345 Gold Mtn Mng * O Gold Reserve* O 347 Gold Reserve V 70 X 7749 Gold Resource* 139 Gold Ridge Exp V Gold Std Vents* X 1803 Gold Std Vents V 1190 Gold Torrent* O 8 V 9 Goldbank Mng

0.04 0.74 + 0.29 0.78 0.80 0.40 0.03 0.57 + 0.14 0.50 0.57 0.43 0.12 0.63 + 0.01 0.74 0.64 0.61 0.10 0.31 + 0.11 0.33 0.33 0.19 0.06 0.13 + 0.01 0.13 0.13 0.12 0.07 0.17 + 0.02 0.17 0.17 0.15 0.13 0.08 0.12 - 0.02 0.15 0.02 0.01 0.02 - 0.01 0.04 0.02 0.02 0.06 0.40 + 0.04 0.51 0.40 0.36 0.06 0.05 0.05 - 0.02 0.13 0.05 0.07 0.07 - 0.01 0.18 0.08 0.07 0.02 0.06 - 0.01 0.12 0.06 0.06 0.00 0.00 - 0.00 0.00 0.00 0.00 0.11 0.10 0.10 - 0.01 0.15 0.04 0.22 0.38 - 0.03 0.59 0.40 0.34 0.15 0.28 - 0.03 0.47 0.31 0.28 0.06 0.20 - 0.04 0.28 0.24 0.20 0.02 0.03 - 0.01 0.06 0.04 0.03 0.04 0.08 + 0.01 0.12 0.09 0.08 0.05 0.01 0.11 0.09 - 0.09 0.00 0.01 0.08 + 0.00 0.11 0.09 0.07 0.02 0.10 - 0.02 0.15 0.12 0.10 0.06 0.08 - 0.01 0.23 0.09 0.08 0.03 0.03 0.03 - 0.01 0.06 0.02 0.02 0.02 - 0.01 0.03 0.03 0.02 0.03 0.12 - 0.03 0.18 0.13 0.12 0.01 0.03 - 0.02 0.04 0.03 0.03 0.02 0.16 - 0.01 0.27 0.17 0.15 0.06 0.22 - 0.02 0.36 0.27 0.15 0.06 0.66 + 0.00 0.89 0.68 0.52 0.09 0.85 - 0.01 1.17 0.90 0.77 0.14 0.11 0.14 + 0.02 0.16 0.03 1.95 5.45 + 0.05 5.57 5.57 5.26 0.00 0.04 + 0.01 0.04 0.04 0.03 0.03 0.27 + 0.05 0.30 0.27 0.00 0.15 0.23 - 0.02 0.38 0.25 0.23 0.19 0.30 - 0.01 0.51 0.35 0.29 0.20 2.20 + 0.20 2.51 2.20 0.00 0.06 0.42 - 0.01 0.55 0.47 0.42 0.07 0.56 - 0.01 0.70 0.61 0.54 0.27 0.51 - 0.03 0.54 0.51 0.50 0.89 0.94 - 0.01 1.65 0.97 0.89 0.00 0.00 0.00 + 0.00 2.40 0.00 0.08 0.07 0.07 - 0.01 0.11 0.01 0.10 0.09 0.09 - 0.01 0.16 0.02 0.00 0.01 + 0.00 0.01 0.01 0.00 2.04 4.85 - 0.09 6.60 5.13 4.74 0.01 0.03 - 0.00 1.02 0.03 0.02 0.01 0.00 0.00 - 0.00 0.17 0.00 0.34 0.32 0.34 + 0.01 0.49 0.02 0.26 0.24 0.25 - 0.01 0.31 0.21 0.00 4.04 - 0.21 5.90 4.46 3.48 3.06 5.25 - 0.15 8.00 5.81 5.25 1.14 7.42 + 0.42 7.89 8.22 6.83 0.47 0.36 0.43 + 0.07 0.70 0.05 2.64 2.35 2.54 + 0.17 3.20 0.35 3.48 3.10 3.34 + 0.23 4.10 0.46 0.20 0.51 + 0.16 0.69 0.51 0.35 0.05 0.09 - 0.01 0.16 0.09 0.09

Dajin Res V 666 Dajin Res* O 438 Dakota Ter Res* O 117 Dalradian Res* O 167 Dalradian Res T 1360 Danakali* O 71 Darnley Bay V 431 Debut Dmds 256 Decade Res V 916 Defiance Silvr* O 48 Defiance Silvr V 263 Del Toro Silvr* O 947 Delrand Res V 40 Denison Mines* X 775 Denison Mines T 3296 Desert Star V 73 Detour Gold T 2457 Diamcor Mng V 515 Diamcor Mng* O 49 Diamond Fields V 184 Dios Expl V 129 Ditem Explor* O 3 Dolly Vard Sil V 111 Dolly Vard Sil* O 7 Dominion Diam* N 1769 Dominion Diam T 2171 Double Crn Res* O 1264 Doubleview Cap V 398 DRDGOLD* N 2261 Dundee Prec Mt T 1047 Dunnedin Vent* O 5 Duran Vent V 457 Duran Vent * O 510 Dynacor Gld Mn T 204 Dynasty Gold V 1999 Dynasty Met&Mn* O 3 Dynasty Met&Mn T 251 V 1127 East Africa East Africa * O 108 East Asia Mnls V 1097 Eastern Platin* O 24 Eastern Platin T 1827 Eastfield Res V 217 Eastmain Res T 1173 Eco Oro Mnls T 278 eCobalt Solns* O 138 Ecuador Gold V 305 El Capitan Prc* O 3591 El Nino Vent V 124 Elcora Res V 304 Elcora Res* O 41 Eldorado Gold* N 25017 Eldorado Gold T 16669 Electra Stone V 2141 Eloro Mnrls V 57 Eloro Mnrls* O 2 Ely Gold & Mnl* O 482

0.18 0.16 0.16 - 0.01 0.30 0.10 0.13 0.12 0.12 - 0.01 0.24 0.08 0.04 0.00 0.03 - 0.00 0.20 0.03 1.13 1.05 1.09 - 0.03 1.27 0.45 1.49 1.38 1.40 - 0.10 1.68 0.62 0.31 0.29 0.30 + 0.02 0.37 0.17 0.17 0.14 0.15 + 0.01 0.24 0.01 0.02 0.00 0.02 + 0.01 0.03 0.01 0.07 0.05 0.05 - 0.02 0.13 0.01 0.35 0.31 0.33 - 0.02 0.49 0.04 0.49 0.41 0.46 + 0.02 0.63 0.06 0.05 0.04 0.04 + 0.00 0.05 0.00 0.40 0.00 0.40 + 0.02 0.65 0.13 0.48 0.46 0.47 - 0.01 0.67 0.35 0.63 0.61 0.61 - 0.02 0.85 0.48 0.19 0.00 0.19 + 0.02 0.32 0.05 29.18 27.73 28.54 + 0.19 35.93 12.45 1.50 1.12 1.38 + 0.25 1.50 0.65 1.11 0.86 1.00 + 0.14 1.11 0.46 0.24 0.00 0.24 + 0.15 0.20 0.05 0.12 0.11 0.12 + 0.01 0.19 0.05 0.00 0.00 0.00 + 0.00 0.00 0.00 0.80 0.72 0.80 + 0.02 1.11 0.12 0.60 0.55 0.60 - 0.00 0.81 0.08 9.87 8.93 9.74 + 0.45 12.65 7.27 12.95 11.83 12.75 + 0.53 16.82 9.96 0.01 0.01 0.01 - 0.00 0.02 0.01 0.09 0.07 0.07 - 0.02 0.16 0.06 5.32 4.74 4.95 - 0.16 9.10 1.34 3.36 3.00 3.24 - 0.01 4.14 0.84 0.16 0.16 0.16 - 0.00 0.20 0.04 0.14 0.10 0.11 + 0.01 0.20 0.07 0.10 0.08 0.10 + 0.02 0.10 0.07 3.17 2.92 3.03 - 0.02 3.71 1.46 0.03 0.02 0.03 + 0.01 0.03 0.01 0.19 0.18 0.18 - 0.02 0.34 0.08 0.27 0.23 0.25 - 0.01 0.45 0.10 0.28 0.23 0.24 - 0.04 0.36 0.03 0.21 0.17 0.19 - 0.02 0.28 0.02 0.02 0.01 0.02 + 0.01 0.03 0.01 0.58 0.55 0.56 - 0.03 0.89 0.47 0.80 0.70 0.75 - 0.01 1.19 0.58 0.04 0.03 0.04 + 0.01 0.06 0.02 0.93 0.80 0.86 - 0.07 0.97 0.29 0.29 0.21 0.22 - 0.04 0.70 0.21 0.47 0.42 0.45 + 0.02 0.53 0.39 0.84 0.75 0.81 + 0.06 0.84 0.10 0.10 0.08 0.09 - 0.01 0.28 0.03 0.04 0.04 0.04 + 0.01 0.05 0.01 0.33 0.29 0.32 - 0.01 0.75 0.18 0.24 0.22 0.22 - 0.03 0.55 0.20 4.18 3.83 3.93 - 0.20 5.16 1.87 5.51 5.08 5.16 - 0.28 6.71 2.67 0.05 0.04 0.05 + 0.01 0.12 0.04 0.49 0.00 0.43 - 0.08 0.58 0.09 0.34 0.33 0.33 - 0.03 0.45 0.07 0.20 0.17 0.19 + 0.01 0.20 0.03

G-H

2016-10-04 5:00 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 10–16, 2016

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

Week

12-month

Exc Volume High Low Last Change High Low

Goldcliff Res* O 51 Goldcliff Res V 60 Goldcorp T 9687 Goldcorp* N 33204 Golden Arrow V 2363 Golden Arrow* O 1284 Golden Cariboo V 23 Golden Dawn Ml V 4909 41 Golden Dawn Ml* O Golden Eagle* O 142 V 346 Golden Goliath Golden Goliath* O 390 Golden Hope V 53 Golden Hope* O 10 Golden Matrix* O 523648 Golden Mnls T 61 Golden Mnls* X 1001 Golden Peak Mn V 238 Golden Queen* O 545 Golden Queen T 264 Golden Reign V 498 Golden Secret V 227 Golden Sh Mng V 67 Golden Star T 2612 Golden Star* X 13578 Golden Tag V 134 Goldex Res V 24 Goldeye Expl V 742 Goldgroup Mng T 379 Goldgroup Mng* O 726 GoldON Res V 89 GoldQuest Mng V 2578 Goldsource Min* O 382 Goldsource Min V 483 Goldstar Mnls V 1428 Goldstrike Res V 2350 Gossan Res V 345 GoviEx Uranium* O 52 Gowest Gold V 324 Gowest Gold* O 236 GPM Metals V 299 Gran Colombia* O 427 Gran Colombia T 2768 O 14928 Graphite Corp* Graphite One* O 274 Gray Rock Res V 344 Great Atlantic V 507 Great Bear Res V 38 Great Lakes Gr V 581 Great Lakes Gr* O 254 X 4389 Great Panther* Great Quest Fe V 293 Great Thunder V 297 Great Western* O 204 Green Swan Cap V 268 Green Valley M V 522 Greencastle Rs V 33 Grizzly Gold* O 50 GTA Res & Mng V 439 Gungnir Res* O 214 Gungnir Res V 338 Gunpoint Expl V 3 Guyana Gldflds T 3245 Happy Ck Mnrls V 181 Hard Creek Ni V 156 Harmony Gold* N 13896 Harte Gold T 854 Harvest Gold V 173 Harvest Gold* O 16 Heatherdale Rs V 125 Hecla Mining* N 46798 Helio Res V 539 Hellix Vent* O 112 Hemcare Health* O 156 Heron Res T 73 Highland Copp V 6493 Highway 50 Gld V 10 Highway 50 Gld* O 25 HiHo Silver 363 Hochschild Mg* O 26 Horizon Mnls* O 78 Hornby Bay Mnl V 172 Houston Lake V 65 HTI Ventures V 130 HudBay Mnls* N 1532 HudBay Mnls T 11428 Hudson Res V 64 Hudson Res* O 65 Hunt Mng* O 235

0.17 0.15 0.17 + 0.02 0.17 0.15 0.22 0.19 0.22 + 0.03 0.35 0.05 22.24 21.05 21.65 - 0.26 26.56 13.55 16.98 15.89 16.52 - 0.14 20.38 9.46 1.09 0.89 0.96 - 0.04 1.48 0.17 0.83 0.68 0.74 - 0.01 1.30 0.13 0.12 0.11 0.12 + 0.01 0.15 0.03 0.30 0.25 0.26 - 0.03 0.44 0.07 0.23 0.19 0.20 - 0.04 0.32 0.06 0.03 0.03 0.03 + 0.00 0.03 0.00 0.08 0.07 0.07 - 0.01 0.14 0.01 0.06 0.05 0.05 - 0.01 0.10 0.00 0.30 0.27 0.27 - 0.02 0.39 0.16 0.25 0.20 0.20 - 0.01 0.26 0.12 0.00 0.00 0.00 - 0.00 300.00 0.00 1.04 0.98 0.99 - 0.02 1.51 0.19 0.79 0.74 0.76 - 0.01 1.16 0.13 0.45 0.22 0.41 + 0.16 0.90 0.12 0.92 0.84 0.88 - 0.03 1.56 0.48 1.20 1.11 1.15 - 0.05 2.00 0.67 0.33 0.29 0.33 - 0.01 0.36 0.07 0.50 0.44 0.44 - 0.06 0.69 0.02 0.32 0.28 0.32 + 0.02 0.32 0.05 1.13 1.03 1.10 + 0.07 1.46 0.21 0.87 0.78 0.84 + 0.06 1.13 0.14 0.09 0.08 0.08 - 0.01 0.18 0.02 0.69 0.58 0.59 - 0.06 0.90 0.10 0.07 0.06 0.07 + 0.01 0.08 0.02 0.33 0.28 0.29 - 0.01 0.39 0.05 0.25 0.21 0.22 - 0.01 0.30 0.03 0.22 0.20 0.20 + 0.02 0.36 0.03 0.45 0.41 0.43 - 0.02 0.68 0.10 0.34 0.29 0.33 + 0.01 0.45 0.12 0.44 0.40 0.43 + 0.01 0.57 0.15 0.07 0.04 0.06 + 0.02 0.08 0.01 0.28 0.25 0.25 - 0.02 0.41 0.07 0.07 0.05 0.05 - 0.02 0.11 0.02 0.11 0.10 0.11 + 0.01 0.16 0.08 0.21 0.19 0.20 + 0.01 0.28 0.06 0.16 0.14 0.15 + 0.00 0.22 0.04 0.28 0.22 0.24 - 0.02 0.57 0.11 0.09 0.08 0.09 + 0.00 0.18 0.04 0.12 0.11 0.12 + 0.01 0.23 0.06 0.00 0.00 0.00 - 0.00 0.02 0.00 0.07 0.06 0.07 - 0.00 0.14 0.05 0.12 0.07 0.11 + 0.04 0.11 0.02 0.15 0.14 0.15 + 0.01 0.15 0.03 0.29 0.00 0.25 - 0.05 0.36 0.05 0.09 0.08 0.08 - 0.01 0.13 0.06 0.07 0.07 0.07 - 0.00 0.09 0.04 1.41 1.30 1.35 + 0.02 2.25 0.39 0.20 0.14 0.20 + 0.06 0.38 0.11 0.08 0.06 0.08 - 0.01 0.24 0.01 0.00 0.00 0.00 + 0.00 0.00 0.00 0.08 0.06 0.08 + 0.01 0.14 0.01 0.02 0.02 0.02 - 0.01 0.05 0.01 0.11 0.09 0.10 - 0.01 0.18 0.05 0.14 0.11 0.11 - 0.02 0.22 0.01 0.09 0.07 0.08 - 0.02 0.24 0.02 0.04 0.04 0.04 - 0.00 0.04 0.00 0.06 0.04 0.06 + 0.01 0.06 0.01 0.29 0.00 0.29 + 0.02 0.32 0.13 8.85 7.89 8.19 - 0.50 10.35 2.48 0.18 0.16 0.17 + 0.01 0.19 0.09 0.03 0.03 0.03 - 0.01 0.05 0.01 3.62 3.37 3.49 - 0.01 4.87 0.53 0.28 0.27 0.27 + 0.01 0.35 0.05 0.07 0.06 0.06 - 0.01 0.10 0.02 0.04 0.04 0.04 - 0.01 0.05 0.00 0.05 0.04 0.04 - 0.01 0.07 0.01 6.08 5.45 5.70 - 0.30 7.26 1.45 0.04 0.04 0.04 - 0.01 0.08 0.02 0.03 0.01 0.02 - 0.01 0.06 0.00 0.04 0.03 0.03 - 0.01 0.24 0.03 0.14 0.13 0.13 - 0.01 0.17 0.07 0.11 0.09 0.11 + 0.01 0.17 0.07 0.16 0.16 0.16 - 0.07 0.25 0.05 0.12 0.12 0.12 - 0.06 0.19 0.05 0.08 0.07 0.08 + 0.01 0.25 0.07 3.91 3.58 3.69 - 0.05 4.16 0.59 0.40 0.25 0.40 + 0.05 0.50 0.05 0.05 0.04 0.04 - 0.01 0.08 0.03 0.28 0.27 0.27 - 0.02 0.40 0.13 0.72 0.65 0.65 - 0.02 0.98 0.01 4.03 3.57 3.96 + 0.25 6.02 1.56 5.28 4.74 5.19 + 0.30 7.85 2.26 0.38 0.31 0.34 - 0.04 0.50 0.29 0.27 0.24 0.27 + 0.03 0.39 0.24 0.28 0.28 0.28 - 0.00 0.30 0.02

I-J-K I-Minerals* O 20 IAMGOLD* N 36723 IAMGOLD T 17709 IC Potash* O 46 Iconic Mnls V 1127 Iconic Mnls * O 22 Idaho North* O 66 IDM Mining* O 726 IEMR Res V 192 iMetal Res V 31 IMPACT Silver V 1645 Impala Platnm* O 97 Imperial Metal* O 2 Imperial Metal T 97 Inca One Gold* O 10 Inca One Gold V 323 Inception Mng * O 118 Independence G V 895 O 120 Independence G* Inform Res V 28 Inspiration Mg 26 Inspiration Mg* O 14 Intact Gold V 1658 Integra Gold* O 754 Integra Gold V 1721 Intigold Mines V 77 Intigold Mines* O 18 Intl Lithium* O 407 Intl Lithium V 436 Intl Millm Mng V 36 Intl Samuel Ex V 91 Intl Tower Hil* X 999 Intl Tower Hil T 325 Intrepid Pots* N 5527 INV Metals T 136 Inventus Mg * O 249 Inventus Mg V 613 InZinc Mining V 359 InZinc Mining* O 296 Ireland* O 155 Ironside Res V 113 Irving Res 23 Irving Res* O 10 Itoco Mg Corp* O 437 Ivanhoe Mines* O 1063 Ivanhoe Mines T 13890 Jaguar Mng* O 74 Jaguar Mng T 644 Jasper Mng V 17 Jaxon Mnls V 10404 Jayden Res* O 250 Jayden Res V 68 Jazz Res V 4 Jubilee Gold V 13 K92 Mng Inc V 7546 K92 Mng Inc* O 827 Kaizen Discvry V 242 Kaizen Discvry* O 121 Kapuskasing Gd V 2060 Kapuskasing Gd* O 370 Karmin Expl V 165 Karnalyte Res T 86 KAT Expl* O 6966 Katanga Mng T 385 Kenna Res V 476

8-10_OCT10_StockTables.indd 9

0.23 0.22 0.22 - 0.01 0.28 0.14 4.32 4.03 4.05 - 0.07 5.87 1.15 5.67 5.29 5.30 - 0.15 7.65 1.66 0.09 0.08 0.09 - 0.00 0.11 0.03 0.33 0.24 0.25 - 0.05 0.45 0.03 0.24 0.18 0.18 - 0.03 0.33 0.02 0.10 0.08 0.10 + 0.02 0.10 0.06 0.17 0.15 0.17 + 0.02 0.21 0.04 0.03 0.03 0.03 - 0.01 0.06 0.01 0.05 0.05 0.05 - 0.01 0.10 0.03 0.80 0.68 0.76 - 0.06 1.28 0.11 5.15 4.80 5.05 + 0.19 5.23 1.45 4.63 4.37 4.63 + 0.01 6.45 2.81 6.20 5.75 6.09 - 0.14 8.50 3.92 0.23 0.23 0.23 + 0.00 0.23 0.18 0.32 0.26 0.29 + 0.02 1.05 0.21 0.65 0.54 0.63 + 0.03 1.00 0.20 0.29 0.23 0.28 + 0.02 0.50 0.06 0.21 0.18 0.21 + 0.01 0.37 0.04 0.24 0.00 0.24 + 0.02 0.40 0.05 0.09 0.00 0.06 - 0.02 0.10 0.02 0.06 0.00 0.06 + 0.03 0.10 0.01 0.10 0.08 0.09 - 0.02 0.18 0.02 0.60 0.56 0.59 - 0.01 0.76 0.21 0.80 0.75 0.77 - 0.02 0.96 0.28 0.06 0.00 0.05 - 0.01 0.19 0.05 0.05 0.05 0.05 - 0.01 0.08 0.05 0.15 0.14 0.14 + 0.01 0.55 0.02 0.20 0.18 0.19 + 0.01 0.38 0.05 0.06 0.00 0.06 - 0.01 0.10 0.05 0.08 0.07 0.07 - 0.01 0.15 0.05 0.99 0.77 0.89 + 0.09 1.40 0.18 1.24 1.01 1.15 + 0.10 1.82 0.26 1.14 1.05 1.13 + 0.07 7.14 0.65 0.75 0.67 0.75 + 0.03 1.10 0.09 0.15 0.12 0.15 - 0.01 0.28 0.12 0.22 0.14 0.20 - 0.02 0.35 0.02 0.21 0.18 0.20 - 0.02 0.25 0.04 0.15 0.14 0.14 - 0.01 0.17 0.03 0.18 0.14 0.15 - 0.03 0.38 0.13 0.11 0.08 0.09 + 0.01 0.24 0.05 0.39 0.00 0.32 - 0.01 0.39 0.11 0.30 0.23 0.24 - 0.02 0.30 0.09 0.10 0.00 0.08 - 0.02 1.10 0.00 1.82 1.63 1.76 + 0.12 1.82 0.36 2.40 2.13 2.28 + 0.11 2.40 0.53 0.57 0.52 0.54 + 0.01 0.65 0.09 0.74 0.69 0.69 + 0.01 0.85 0.14 0.06 0.05 0.06 + 0.01 0.08 0.02 0.10 0.07 0.09 + 0.01 0.09 0.03 0.15 0.15 0.15 - 0.01 0.17 0.01 0.20 0.00 0.19 - 0.02 0.23 0.03 0.25 0.12 0.19 + 0.07 0.25 0.08 0.63 0.58 0.63 + 0.05 0.75 0.30 1.52 1.29 1.48 + 0.03 2.24 0.87 1.17 0.98 1.16 + 0.05 1.72 0.75 0.22 0.18 0.22 + 0.03 0.31 0.08 0.17 0.15 0.17 + 0.01 0.19 0.06 0.10 0.06 0.06 - 0.03 0.10 0.02 0.07 0.04 0.04 - 0.03 0.08 0.02 0.27 0.22 0.23 - 0.04 0.32 0.15 1.05 0.96 1.03 - 0.02 4.15 0.64 0.00 0.00 0.00 - 0.00 0.00 0.00 0.15 0.14 0.14 - 0.01 0.23 0.13 0.20 0.15 0.17 - 0.04 0.27 0.12

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Kennady Diam V 152 Kerr Mines* O 71 Kerr Mines T 867 Kesselrun Res V 169 Khalkos Expl V 774 V 749 Kilo Goldmines Kilo Goldmines* O 80 V 103 Kincora Copper Kingsmen Res* O 13 Kinross Gold* N 65583 Kinross Gold T 21926 Kirkland Lk Gd* O 186 Kirkland Lk Gd T 3037 Kiska Metals* O 421 Kiska Metals V 940 Kivalliq Enrgy V 606 Klondex Mines T 2827 Klondike Gold V 1031 Klondike Gold* O 50 Klondike Silv* O 13 Klondike Silv V 457 Knick Expl V 525 V 524 Kombat Copper Komet Resource V 230 Kootenay Silvr V 577 KWG Res* O 6

4.11 3.96 4.01 - 0.10 5.00 2.35 0.11 0.08 0.10 + 0.02 0.12 0.01 0.15 0.10 0.15 + 0.05 0.16 0.02 0.24 0.19 0.22 + 0.03 0.43 0.02 0.18 0.14 0.18 - 0.01 0.26 0.05 0.14 0.12 0.12 - 0.02 0.25 0.04 0.11 0.09 0.09 - 0.02 0.19 0.05 0.30 0.00 0.30 + 0.03 0.55 0.15 0.10 0.09 0.09 - 0.00 0.12 0.02 4.40 4.12 4.21 - 0.09 5.82 1.31 5.77 5.46 5.53 - 0.12 7.56 1.91 8.80 7.51 7.62 - 1.14 9.70 3.12 11.70 9.85 9.95 - 1.55 12.39 4.51 0.07 0.05 0.06 - 0.01 0.09 0.01 0.09 0.07 0.08 - 0.01 0.12 0.01 0.09 0.08 0.08 - 0.01 0.10 0.07 7.70 6.92 7.54 + 0.24 7.84 2.56 0.25 0.19 0.19 - 0.06 0.45 0.09 0.19 0.15 0.15 - 0.03 0.32 0.07 0.06 0.06 0.06 - 0.00 0.12 0.01 0.10 0.08 0.09 - 0.01 0.15 0.01 0.09 0.08 0.08 - 0.01 0.11 0.01 0.05 0.04 0.04 - 0.01 0.10 0.02 0.49 0.45 0.48 + 0.03 0.50 0.29 0.49 0.45 0.46 - 0.03 0.60 0.17 0.03 0.02 0.02 - 0.00 0.03 0.00

La Imperial 50 Labdr Iron Mns* O 109 Labrador Iron T 539 Lago Dourado V 46 Lake Victoria* O 107 Lamelee Iron V 30 Lara Expl V 265 Laramide Res T 618 Largo Res* O 18 Largo Res T 116 Latin Am Mnls V 549 Latin Am Mnls* O 35 Laurion Mnl Ex V 2204 Legend Gold V 13 Lepanto Con Mg* O 1030 Levon Res Ltd T 703 Levon Res Ltd * O 240 Lexam VG Gold* O 172 332 Lexam VG Gold T Li3 Energy* O 1097 Libero Mg Corp V 215 Liberty Star* O 16837 Lincoln Mng V 783 96 Lion One Mtls V Lion One Mtls* O 32 Lithium Amer* O 593 Lithium Corp* O 366 Lithium Expl* O 32071 LKA Gold* O 10 Logan Res V 134 Lomiko Mtls V 442 Loncor Res T 161 Lone Star Gold* O 15 Lonmin plc* O 6 Lorraine Coppr V 153 Los Andes Copp V 249 Lowell Copper V 733 Lucara Diam T 2333 Luna Gold* O 272 Luna Gold T 2998 Lundin Gold T 201 Lundin Mng T 6287 Lupaka Gold V 1062 Lydian Intl T 1919 Lydian Intl* O 134 Lynas Corp* O 159

0.05 0.05 0.05 + 0.01 0.05 0.01 0.02 0.00 0.01 + 0.00 0.02 0.00 13.98 13.23 13.90 + 0.30 17.00 6.85 0.16 0.13 0.13 - 0.03 0.59 0.05 0.01 0.01 0.01 - 0.00 0.03 0.01 0.30 0.00 0.30 + 0.10 0.50 0.10 1.34 1.25 1.25 - 0.06 1.58 0.21 0.26 0.23 0.26 + 0.03 0.38 0.15 0.39 0.35 0.36 - 0.00 0.56 0.08 0.50 0.43 0.48 + 0.01 0.72 0.11 0.35 0.29 0.30 - 0.05 0.48 0.05 0.27 0.23 0.23 - 0.02 0.36 0.06 0.04 0.03 0.03 - 0.01 0.04 0.01 0.05 0.00 0.05 + 0.01 0.07 0.02 0.00 0.00 0.00 + 0.00 0.02 0.00 0.52 0.45 0.49 - 0.01 0.71 0.09 0.40 0.34 0.37 - 0.02 0.54 0.07 0.29 0.26 0.27 - 0.00 0.29 0.04 0.38 0.34 0.36 - 0.01 0.38 0.05 0.02 0.01 0.02 - 0.00 0.04 0.01 0.15 0.15 0.15 + 0.01 0.21 0.02 0.00 0.00 0.00 + 0.00 0.01 0.00 0.07 0.07 0.07 - 0.02 0.17 0.02 1.08 0.93 0.99 - 0.05 1.17 0.28 0.82 0.73 0.75 - 0.07 0.91 0.20 0.69 0.67 0.69 + 0.01 0.87 0.34 0.11 0.09 0.10 + 0.00 0.13 0.02 0.01 0.00 0.01 + 0.00 0.45 0.00 0.41 0.30 0.30 - 0.11 0.53 0.10 0.20 0.16 0.16 - 0.03 0.26 0.04 0.04 0.03 0.04 + 0.01 0.05 0.03 0.21 0.00 0.18 - 0.04 0.25 0.02 0.00 0.00 0.00 - 0.00 0.01 0.00 2.85 2.59 2.78 + 0.06 90.00 0.55 0.08 0.06 0.07 - 0.01 0.12 0.04 0.22 0.00 0.20 - 0.03 0.25 0.06 0.35 0.32 0.35 - 0.01 0.40 0.12 3.99 3.88 3.91 - 0.07 4.39 1.48 0.27 0.23 0.23 - 0.01 0.27 0.02 0.35 0.30 0.30 - 0.02 0.35 0.03 5.79 5.61 5.65 - 0.10 6.62 3.75 5.32 5.13 5.19 - 0.09 5.79 2.98 0.29 0.23 0.29 + 0.04 0.27 0.04 0.48 0.43 0.44 - 0.03 0.52 0.19 0.37 0.33 0.33 - 0.03 0.41 0.13 0.05 0.04 0.04 - 0.01 0.10 0.03

M MacDonald Mns V 1119 0.01 0.01 0.01 - 0.01 0.02 0.01 MacMillan Mnls V 41 1.23 0.00 1.21 + 0.11 1.44 0.30 MAG Silver T 865 21.53 19.42 19.77 - 1.27 23.32 8.67 Magellan Gold* O 41 0.17 0.11 0.16 + 0.02 0.35 0.04 Majescor Res V 649 0.07 0.05 0.06 - 0.01 0.15 0.02 Majestic Gold V 13 0.06 0.00 0.06 - 0.01 0.12 0.04 Makena Res V 2402 0.03 0.02 0.02 - 0.01 0.05 0.01 Malbex Res V 60 0.35 0.00 0.34 + 0.02 0.46 0.25 Mandalay Res T 1129 1.09 1.00 1.00 - 0.07 1.35 0.59 Mangazeya Mng V 174 0.05 0.04 0.05 + 0.01 0.06 0.02 Manitou Gold V 138 0.09 0.06 0.09 + 0.02 0.12 0.02 Manson Creek V 150 0.04 0.03 0.04 + 0.01 0.06 0.01 Marathon Gold T 2534 0.81 0.69 0.69 - 0.09 0.83 0.11 Mariana Res V 660 1.14 1.00 1.09 + 0.09 1.20 0.85 Mariana Res* O 259 0.88 0.76 0.80 + 0.04 0.89 0.02 Maritime Res V 25 0.28 0.00 0.24 - 0.05 0.31 0.08 Marlin Gold* O 71 0.53 0.46 0.47 - 0.04 0.54 0.10 Marlin Gold V 143 0.69 0.61 0.62 - 0.06 0.69 0.15 MartinMarietta* N 4146 186.00 178.69 179.11 - 2.18 206.36 108.31 Mason Graphite* O 504 1.21 0.95 1.10 + 0.17 1.21 0.21 Mason Graphite V 1360 1.60 1.24 1.45 + 0.19 1.60 0.30 Matamec Expl V 202 0.07 0.00 0.07 + 0.01 0.11 0.02 Matamec Expl* O 104 0.06 0.05 0.06 - 0.00 0.07 0.01 Matmown* O 120 0.04 0.02 0.03 - 0.01 0.10 0.01 Maverix Mtls* O 1 0.91 0.00 0.91 - 0.04 16.33 0.80 Mawson Res T 987 0.56 0.43 0.50 + 0.07 0.56 0.17 Mawson Res* O 241 0.42 0.34 0.36 + 0.05 0.42 0.12 MAX Res V 60 0.08 0.08 0.08 + 0.01 0.11 0.05 Maxwell Res* O 102 0.01 0.01 0.01 - 0.00 0.04 0.00 Mazarin V 439 0.02 0.00 0.02 + 0.01 0.03 0.01 McEwen Mng* N 18359 3.93 3.43 3.67 - 0.10 4.92 0.79 McEwen Mng T 2348 5.14 4.56 4.84 - 0.12 6.44 1.05 MDN Inc* O 99 0.86 0.79 0.86 + 0.03 0.83 0.79 MDN Inc V 361 1.20 0.95 1.13 - 0.02 1.25 0.05 Meadow Bay Gd T 315 0.08 0.07 0.08 - 0.01 0.17 0.06 Meadow Bay Gd* O 136 0.06 0.05 0.06 + 0.00 0.12 0.04 Medallion Res* O 102 0.02 0.02 0.02 + 0.00 0.04 0.01 Medgold Res V 170 0.20 0.19 0.20 + 0.01 0.25 0.05 Mega Uranium T 3896 0.17 0.14 0.15 + 0.01 0.20 0.05 Mega Uranium* O 104 0.12 0.10 0.11 + 0.01 0.15 0.04 Melkior Res V 321 0.04 0.03 0.03 - 0.01 0.06 0.01 Meryllion Res 132 0.05 0.00 0.04 + 0.02 0.05 0.01 Meryllion Res* O 4 0.03 0.01 0.03 + 0.01 0.03 0.01 Mesa Expl V 62 0.06 0.00 0.05 - 0.02 0.17 0.01 Mesa Expl* O 20 0.05 0.04 0.04 - 0.01 0.14 0.01 MetalCorp V 167 0.03 0.02 0.02 - 0.01 0.04 0.01 Metalex Vent V 71 0.08 0.07 0.08 - 0.01 0.11 0.05 Metallic Mnrls* O 107 0.36 0.27 0.33 - 0.03 0.42 0.04 Metalo Manuf 10 0.60 0.00 0.60 - 0.10 1.50 0.30 Metals Creek V 661 0.09 0.00 0.09 + 0.02 0.20 0.05 Metals Creek* O 7 0.08 0.06 0.08 + 0.01 0.14 0.06 Metals X* O 102 1.15 1.08 1.13 + 0.02 1.43 0.68 Metanor Res V 3756 0.09 0.08 0.08 - 0.01 0.13 0.03 Mexus Gold* O 3075 0.08 0.07 0.07 - 0.00 0.09 0.00 Mezzotin Mnrls V 68 0.03 0.02 0.02 - 0.01 0.04 0.01 MGX Minerals* O 96 0.14 0.12 0.12 - 0.03 0.19 0.12 MGX Minerals 1841 0.17 0.14 0.16 - 0.01 0.60 0.08 Micrex Dev V 678 0.02 0.01 0.02 + 0.01 0.03 0.01 Midas Gold T 745 0.96 0.86 0.90 - 0.05 1.22 0.25 Midas Gold* O 729 0.73 0.65 0.69 - 0.04 0.95 0.16 Midasco Cap V 80 0.10 0.06 0.10 + 0.03 0.13 0.06 Midland Expl V 95 1.17 1.10 1.11 - 0.07 1.24 0.45 Midnight Sun V 115 0.11 0.10 0.11 - 0.01 0.24 0.08 Millrock Res* O 163 0.37 0.32 0.32 - 0.04 0.54 0.11 Millrock Res V 522 0.48 0.41 0.41 - 0.07 0.70 0.15 Minaurum Gold V 280 0.10 0.09 0.09 - 0.01 0.14 0.04 Minco Gold* X 485 0.29 0.26 0.27 - 0.01 0.42 0.10 Minco Gold T 47 0.38 0.00 0.35 - 0.03 0.55 0.12 Minco Silver T 95 1.58 1.40 1.40 - 0.16 2.05 0.34 Minco Silver* O 44 1.14 1.07 1.07 - 0.09 1.54 0.26 Minecorp Egy V 49 0.09 0.07 0.09 - 0.01 0.18 0.01 Minera Alamos V 293 0.16 0.15 0.15 - 0.01 0.29 0.07 Mineral Hill V 37 0.26 0.23 0.26 + 0.03 0.40 0.11 Mineral Mtn* O 74 0.36 0.32 0.34 - 0.02 0.38 0.04 MineralRite* O 3 0.00 0.00 0.00 - 0.00 0.00 0.00 Minfocus Expl V 534 0.02 0.00 0.02 + 0.01 0.07 0.01 Miranda Gold V 266 0.14 0.13 0.13 - 0.01 0.18 0.06 Mirasol Res V 394 2.60 2.30 2.44 - 0.13 3.50 0.72 Mitsui M’g* O 5 10.66 10.04 10.66 + 0.39 10.75 6.85

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Mkango Res V 31 Monarques Res V 321 Moneta Porcpn* O 369 Montan Mg V 1892 Montego Res 52 Montero Mg&Ex V 234 Monument Mng V 1042 Morro Bay V 84 Morumbi Res V 215 Mosaic* N 28682 Mountain Prov T 620 Mountain Prov* D 184 Mukuba Res V 4 Mundoro Cap* O 5 Mundoro Cap V 1263 Murchison Min 15 Mustang Mnrls* O 51 MX Gold* O 381 MX Gold V 2722

0.09 0.08 0.08 - 0.01 0.11 0.03 0.50 0.44 0.45 - 0.03 0.66 0.06 0.22 0.19 0.21 + 0.01 0.28 0.06 0.06 0.05 0.05 - 0.01 0.10 0.02 0.14 0.10 0.10 - 0.02 0.16 0.08 0.03 0.03 0.03 - 0.01 0.08 0.01 0.13 0.12 0.12 - 0.01 0.19 0.09 0.01 0.00 0.01 - 0.01 0.03 0.01 0.10 0.08 0.08 - 0.01 0.12 0.02 24.87 23.73 24.46 - 0.36 36.95 22.02 7.15 6.78 6.86 - 0.29 7.18 3.40 5.44 5.18 5.24 - 0.17 5.52 2.47 0.11 0.00 0.11 + 0.01 0.45 0.10 0.14 0.12 0.12 - 0.03 0.20 0.03 0.18 0.16 0.16 - 0.01 0.23 0.04 0.25 0.00 0.25 - 0.05 0.35 0.05 0.02 0.01 0.02 + 0.01 0.01 0.00 0.21 0.18 0.19 - 0.02 0.31 0.09 0.27 0.24 0.25 - 0.02 0.39 0.12

NACCO Ind* N 101 Namibia Rare E T 111 Napier Vent V 30 Natan Res V 660 Natural Res Pt* N 564 Nautilus Mnrls T 509 Nautilus Mnrls* O 219 Nemaska Lith* O 309 Nemaska Lith T 7156 Nevada Canyon* O 22 128 Nevada Clean M* O Nevada Clean M V 323 T 153 Nevada Copper Nevada Egy Mtl* O 635 Nevada Egy Mtl V 744 108 Nevada Expl * O Nevada Expl V 146 O 170 Nevada Sunrise* V 856 Nevada Sunrise Nevada Zinc V 410 Nevado Res V 76 Nevsun Res* X 2851 Nevsun Res T 5532 50 New Carolin Gd* O New Colombia* O 27338 New Destiny Mg V 13 New Dimen Res V 118 New Gold* X 22685 New Gold T 12416 New Gold* O 18 New Guinea Gld* O 95 New Jersey Mng* O 171 New Nadina V 32 New Oroperu V 6 New World Res V 27 O 49 NewCastle Gold* Newmarket Gold T 8391 O 884 Newmarket Gold* Newmont Mng* N 26763 Newport Expl V 104 Newstrike Res V 126 Nexgen Energy* O 131 886 Next Gen Mtls Next Gen Mtls* O 37 Nexus Gold* O 426 Nexus Gold V 942 NGEx Res* O 8 NGEx Res T 370 Nickel One Res V 129 Nicola Mg Inc* O 30 Nicola Mg Inc V 2287 Nighthawk Gold V 552 Niocorp Dev T 332 Niocorp Dev* O 183 Nippon Dragon V 1611 Noka Res V 1588 Noram Vent V 4234 Noranda Alum* O 332 Noront Res V 3744 North Am Nickl* O 5 14 North Am Pall T North Am Pall* O 5 85 North Arrow Mn V North Springs* O 1480 Northcliff Res T 740 Northisle C&G V 368 Northn Empire V 314 Northn Empire* O 235 Norvista Cap V 66 NovaCopper T 137 NovaCopper* X 466 NovaGold Res T 2234 NovaGold Res* X 9365 Novo Res* O 94 Novo Res V 107 V 116 Nrthn Freegold Nrthn Freegold* O 40 Nrthn Graphite V 112 Nrthn Graphite* O 98 Nrthn Iron V 29627 Nrthn Lion V 16 Nrthn Mnrls &E* O 60 Nrthn Shield V 2069 Nrthn Superior V 16813 Nrthn Vertex V 160 Nthn Dynasty* X 3425 Nthn Dynasty T 2658 Nthrn Sphere 33 Nubian Res V 87 NuLegacy Gold* O 877 NuLegacy Gold V 1405 Nunavik Nickel V 13 NV Gold V 101 OceanaGold T 16084 OceanaGold* O 130 Oceanic Iron O V 233 Oceanus Res V 1068 Oceanus Res* O 36 Odin Mng & Exp* O 40 Olivut Res* O 7 Olivut Res V 33 Omineca Mg &Ml V 252 Opawica Expl V 164 Orbite Tech T 11718 Orbite Tech* O 114 Orca Gold V 195 Orca Gold* O 44 Oremex Silver V 1100 Oremex Silver* O 218 Orestone Mng V 839 Orex Mnrls* O 233 Orex Mnrls V 583 Orezone Gold V 1416 Orezone Gold* O 306 Oriental Non F 4 Orla Mng Ltd V 274 Oro East Mg* O 1402 Oroco Res V 356 Orocobre T 378 Orofino Mnrls V 112 Oroplata Res* O 4186 Orosur Mng T 57 Orsu Metals T 3123 Orsu Metals* O 451 Orvana Mnrls T 98 Orvana Mnrls* O 20 Osisko Gold* N 349 Osisko Gold T 1710 Osisko Mng Inc T 1430 Otis Gold* O 330 Otis Gold V 1237 OZ Minerals* O 1

68.45 64.52 67.96 + 1.56 70.11 40.04 0.07 0.06 0.07 - 0.01 0.14 0.04 0.26 0.24 0.26 + 0.02 0.34 0.15 0.30 0.19 0.20 - 0.01 0.40 0.05 29.74 25.84 27.90 + 0.40 29.90 5.00 0.17 0.14 0.16 + 0.02 0.35 0.10 0.12 0.10 0.12 + 0.01 0.27 0.08 1.22 1.07 1.22 + 0.14 1.50 0.21 1.60 1.41 1.58 + 0.17 1.97 0.26 0.12 0.11 0.12 + 0.01 0.25 0.01 0.02 0.02 0.02 + 0.00 0.04 0.00 0.03 0.03 0.03 + 0.01 0.04 0.02 0.64 0.55 0.64 + 0.08 1.15 0.45 0.11 0.10 0.10 - 0.01 0.20 0.06 0.14 0.13 0.13 - 0.01 0.26 0.02 0.42 0.39 0.40 + 0.00 0.61 0.13 0.57 0.51 0.52 - 0.01 0.94 0.18 0.29 0.24 0.27 - 0.02 0.37 0.11 0.38 0.32 0.33 - 0.06 0.47 0.15 0.52 0.45 0.48 - 0.04 0.80 0.19 0.09 0.00 0.09 + 0.01 0.11 0.01 3.23 3.02 3.03 - 0.16 3.80 2.27 4.24 3.96 3.97 - 0.23 4.81 3.27 0.06 0.06 0.06 + 0.00 0.12 0.03 0.00 0.00 0.00 - 0.00 0.05 0.00 0.18 0.00 0.16 - 0.02 0.32 0.08 0.12 0.10 0.10 - 0.02 0.19 0.04 4.64 4.32 4.35 - 0.22 6.04 1.76 6.10 5.66 5.69 - 0.34 7.87 2.56 0.10 0.09 0.10 - 0.01 0.23 0.03 0.00 0.00 0.00 + 0.00 0.00 0.00 0.14 0.12 0.14 + 0.01 0.15 0.02 0.14 0.10 0.14 + 0.01 0.18 0.05 0.69 0.00 0.68 + 0.03 0.72 0.09 0.11 0.00 0.10 - 0.06 0.16 0.01 0.92 0.80 0.81 - 0.09 0.96 0.16 5.02 4.55 4.71 - 0.12 5.07 1.27 3.84 3.42 3.59 - 0.09 3.91 0.91 40.05 37.81 39.29 - 0.27 46.07 15.75 0.26 0.24 0.25 - 0.01 0.38 0.19 0.18 0.15 0.15 - 0.02 0.19 0.02 1.55 1.40 1.52 - 0.00 2.25 0.41 0.13 0.11 0.11 - 0.01 0.18 0.09 0.10 0.08 0.08 - 0.02 0.14 0.07 0.08 0.07 0.07 + 0.00 0.08 0.06 0.11 0.09 0.10 - 0.01 0.14 0.04 1.01 0.99 0.99 + 0.05 1.14 0.37 1.33 1.27 1.29 + 0.03 1.50 0.44 0.09 0.08 0.08 - 0.01 0.18 0.07 0.18 0.16 0.18 + 0.01 0.39 0.03 0.24 0.20 0.24 + 0.02 0.54 0.05 0.58 0.53 0.55 - 0.02 0.61 0.04 0.85 0.79 0.81 - 0.02 1.14 0.51 0.66 0.61 0.61 - 0.03 0.87 0.37 0.11 0.07 0.08 - 0.03 0.15 0.03 0.10 0.08 0.08 - 0.02 0.21 0.04 0.07 0.06 0.07 - 0.01 0.13 0.01 0.03 0.01 0.02 - 0.01 2.67 0.01 0.28 0.24 0.26 - 0.02 0.51 0.25 0.06 0.00 0.06 - 0.00 0.14 0.05 5.45 5.15 5.39 + 0.09 6.49 3.85 4.11 0.00 4.11 + 0.10 5.06 2.71 0.19 0.16 0.16 - 0.02 0.33 0.12 0.11 0.03 0.04 + 0.01 26.40 0.01 0.13 0.11 0.13 + 0.01 0.15 0.06 0.08 0.07 0.07 + 0.01 0.14 0.02 0.18 0.15 0.18 + 0.02 0.27 0.06 0.13 0.13 0.13 + 0.02 0.22 0.04 0.21 0.19 0.19 - 0.02 0.30 0.08 0.85 0.71 0.71 - 0.05 1.08 0.20 0.60 0.53 0.55 - 0.02 0.86 0.15 7.67 7.24 7.33 + 0.07 9.56 4.05 5.87 5.47 5.60 + 0.09 7.29 3.05 1.41 1.33 1.33 - 0.08 1.41 0.35 1.85 1.71 1.72 - 0.04 1.95 0.48 0.22 0.20 0.21 - 0.01 0.29 0.04 0.17 0.15 0.16 - 0.01 0.23 0.02 0.33 0.27 0.30 + 0.02 0.63 0.16 0.25 0.20 0.24 + 0.03 0.47 0.12 0.11 0.05 0.07 + 0.02 0.11 0.01 0.12 0.00 0.22 + 0.11 0.32 0.07 0.03 0.02 0.02 - 0.00 0.07 0.02 0.22 0.19 0.20 - 0.01 0.30 0.01 0.05 0.03 0.05 + 0.02 0.06 0.01 0.38 0.35 0.37 - 0.05 0.52 0.13 0.82 0.68 0.71 - 0.08 1.16 0.20 1.06 0.90 0.92 - 0.13 1.48 0.28 0.35 0.27 0.30 - 0.05 0.63 0.10 0.09 0.08 0.09 + 0.01 0.11 0.01 0.41 0.36 0.37 - 0.01 0.41 0.06 0.54 0.47 0.48 - 0.02 0.54 0.08 0.13 0.12 0.13 + 0.01 0.27 0.03 0.45 0.32 0.44 + 0.07 0.48 0.03 4.81 3.81 3.94 - 0.73 5.56 1.79 3.57 2.96 3.15 - 0.43 4.26 1.43 0.34 0.24 0.26 + 0.02 0.34 0.08 0.28 0.24 0.24 - 0.04 0.35 0.15 0.19 0.00 0.19 - 0.01 0.26 0.16 0.69 0.68 0.69 + 0.01 0.76 0.21 0.19 0.16 0.16 - 0.03 0.30 0.06 0.25 0.21 0.21 - 0.04 0.42 0.08 0.07 0.06 0.06 - 0.01 0.11 0.02 0.10 0.08 0.08 - 0.02 0.16 0.02 0.49 0.41 0.44 - 0.05 0.53 0.20 0.37 0.33 0.34 - 0.03 0.40 0.15 0.37 0.34 0.34 - 0.03 0.45 0.12 0.31 0.25 0.25 - 0.05 0.36 0.08 0.04 0.03 0.04 + 0.01 0.10 0.01 0.03 0.02 0.02 + 0.00 0.10 0.00 0.03 0.02 0.03 + 0.01 0.04 0.01 0.81 0.73 0.77 - 0.01 1.02 0.05 1.05 0.95 1.00 - 0.03 1.38 0.11 0.80 0.74 0.77 + 0.01 1.28 0.22 0.62 0.56 0.58 - 0.00 0.99 0.16 0.86 0.82 0.86 + 0.03 0.86 0.27 1.75 1.44 1.65 + 0.13 1.75 0.08 0.02 0.01 0.01 - 0.00 0.06 0.00 0.06 0.00 0.05 - 0.01 0.06 0.01 3.81 3.44 3.80 + 0.13 4.92 1.33 0.10 0.00 0.09 - 0.03 0.25 0.06 0.70 0.27 0.55 + 0.26 2.04 0.16 0.32 0.29 0.32 + 0.03 0.38 0.10 0.04 0.03 0.04 - 0.01 0.05 0.01 0.04 0.02 0.02 - 0.02 0.04 0.01 0.31 0.29 0.29 - 0.01 0.39 0.11 0.23 0.22 0.23 + 0.01 0.29 0.07 11.49 10.82 10.94 - 0.39 14.74 8.88 15.13 14.25 14.36 - 0.61 18.64 12.58 3.24 2.95 3.05 - 0.12 3.42 0.96 0.28 0.23 0.23 - 0.05 0.32 0.05 0.37 0.29 0.33 - 0.04 0.42 0.07 4.77 0.00 4.71 - 0.01 5.33 2.29

N-O

P-Q

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Pac Arc Res V 2 Pac Bay Mnrls V 22 Pac Booker Min* O 16 Pac Booker Min V 21 Pac Iron Ore V 10 Pac North West* O 99 Pac Ridge Expl V 199 Pac Topaz V 39 Paladin Energy T 780 Palamina Corp* O 2 Palamina Corp V 116 Palisades Vent V 10 Palladon Vent* O 265 Pan Am Silver T 2327 Pan Am Silver* D 11973 Pancontinental* O 13 Pancontinental V 753 Panoro Mnrls V 340 Pantheon Vent V 405 Para Resources V 405 Parallel Mng V 189 X 332 Paramount Gold* Pasinex Res 306 Patriot Gold* O 417 Peabody Enrgy* O 933 Peat Res V 82 Pedro Res V 66 Pelangio Expl* O 130 Pelangio Expl V 202 Peloton Mnrls 169 Peregrine Diam T 963 Perseus Mng T 966 Pershimco Res V 9019 D 630 Pershing Gold* Petra Diamonds* O 5 Philex Mng* O 60 Philippine Mtl V 74 Pilot Gold T 507 Pilot Gold* O 74 Pine Cliff En T 6222 Pinecrest Res V 721 Pistol Bay Mng V 377 PJSC Polyus Gd* O 19 PJX Res V 728 Plateau Uran* O 56 Plateau Uran V 400 Platinex V 411 Platinum Gp Mt T 198 Platinum Gp Mt* X 851 Playfair Mng V 208 PNG Gold V 41 Polaris Mater T 69 PolyMet Mng* X 590 PolyMet Mng T 56 31456 Portage Res* O Portofino Res V 87 Potash Corp SK* N 26773 Potash Corp SK T 10193 Potash Ridge T 4234 Potash Ridge* O 187 PPX Mining V 88 Precipitate Gl V 154 Premier Gold M T 2684 Premium Expl* O 33 Pretium Res* N 5836 Pretium Res T 1497 Primero Mng* N 4941 Primero Mng T 3328 Prize Mng V 21 Probe Metals* O 94 Probe Metals V 417 T 20 Prophecy Coal Prophecy Coal* O 15 O 41 Prospect Glob* Prosper Gold V 632 PUF Vent Inc * O 17 2114 PUF Vent Inc Pure Energy* O 802 V 1076 Pure Energy Pure Gold Mg* O 373 Pure Gold Mg V 1816 Pure Nickel* O 124 Q-Gold Res V 52 211 QMC Quantum Ml V QMX Gold V 112 Quaterra Res* O 530 73 Quest Rare Mnl* O

0.13 0.00 0.13 + 0.04 0.50 0.05 0.06 0.04 0.06 + 0.01 0.10 0.03 0.90 0.84 0.84 - 0.06 1.93 0.45 1.14 1.11 1.12 - 0.07 2.50 0.63 0.19 0.18 0.19 + 0.01 0.39 0.15 0.04 0.03 0.03 - 0.00 0.06 0.00 0.10 0.00 0.09 - 0.01 0.11 0.02 0.20 0.00 0.19 - 0.01 0.29 0.07 0.16 0.15 0.15 - 0.01 0.27 0.16 0.15 0.00 0.15 - 0.00 0.19 0.08 0.21 0.19 0.19 - 0.04 0.25 0.06 0.06 0.00 0.06 - 0.01 0.08 0.05 0.00 0.00 0.00 + 0.00 0.01 0.00 24.22 22.82 23.10 - 0.32 27.56 7.85 18.49 17.22 17.62 - 0.17 21.59 5.38 0.08 0.07 0.07 - 0.02 0.10 0.00 0.12 0.07 0.10 - 0.01 0.13 0.01 0.18 0.00 0.16 - 0.02 0.21 0.09 0.21 0.19 0.21 - 0.01 0.27 0.10 0.24 0.21 0.23 - 0.01 0.36 0.08 0.17 0.11 0.11 - 0.06 0.18 0.05 2.17 1.93 2.01 - 0.11 2.93 0.93 0.15 0.14 0.15 - 0.01 0.17 0.03 0.12 0.11 0.11 - 0.00 0.23 0.04 1.66 1.26 1.55 - 0.03 28.00 0.55 0.03 0.03 0.03 - 0.01 0.07 0.01 0.18 0.17 0.17 - 0.01 0.27 0.01 0.04 0.03 0.03 - 0.01 0.06 0.01 0.05 0.00 0.05 + 0.01 0.08 0.01 0.13 0.09 0.10 - 0.02 0.13 0.08 0.25 0.22 0.23 - 0.01 0.32 0.09 0.55 0.51 0.53 + 0.01 0.67 0.27 0.32 0.29 0.30 + 0.01 0.36 0.09 4.68 4.25 4.53 + 0.11 5.02 3.04 1.74 1.50 1.74 + 0.24 1.74 0.86 0.19 0.00 0.19 + 0.03 0.21 0.05 0.05 0.00 0.04 - 0.02 0.18 0.01 0.79 0.70 0.73 - 0.04 0.95 0.22 0.58 0.54 0.55 - 0.02 0.72 0.06 1.08 0.98 1.04 - 0.02 1.36 0.61 0.25 0.20 0.24 + 0.04 0.30 0.03 0.09 0.08 0.09 - 0.01 0.14 0.01 35.80 0.00 35.80 + 0.54 37.59 18.35 0.16 0.15 0.16 + 0.01 0.21 0.13 0.20 0.19 0.19 - 0.03 0.35 0.18 0.31 0.24 0.25 - 0.02 0.45 0.24 0.04 0.03 0.04 - 0.01 0.05 0.01 3.84 3.58 3.62 - 0.16 5.25 1.35 2.92 2.69 2.74 - 0.14 4.04 0.96 0.10 0.09 0.09 + 0.01 0.13 0.02 0.01 0.00 0.01 - 0.01 0.02 0.01 1.20 1.15 1.15 - 0.06 2.00 1.00 0.86 0.79 0.80 - 0.02 1.28 0.55 1.11 1.03 1.05 - 0.03 1.71 0.76 0.00 0.00 0.00 - 0.00 0.01 0.00 0.12 0.09 0.09 - 0.03 0.12 0.06 16.50 15.81 16.32 + 0.37 22.37 14.64 21.59 20.83 21.35 + 0.35 29.29 19.93 0.34 0.29 0.33 + 0.03 0.50 0.03 0.25 0.22 0.25 + 0.02 0.38 0.03 0.13 0.11 0.12 - 0.01 0.16 0.03 0.25 0.23 0.23 - 0.02 0.37 0.06 4.30 3.82 4.04 - 0.24 5.05 2.12 0.01 0.01 0.01 - 0.00 0.04 0.00 11.08 9.93 10.27 - 0.64 12.41 4.00 14.58 13.19 13.47 - 0.90 16.17 5.74 1.72 1.53 1.66 + 0.02 3.16 1.41 2.25 2.03 2.19 + 0.03 3.94 1.94 0.29 0.00 0.24 + 0.02 0.35 0.01 1.36 1.20 1.26 - 0.09 1.66 0.24 1.80 1.55 1.66 - 0.10 2.18 0.34 3.70 3.30 3.40 - 0.38 5.48 1.00 2.73 0.00 2.65 - 0.04 4.05 1.25 0.07 0.04 0.07 + 0.02 0.20 0.02 0.44 0.36 0.40 - 0.04 0.44 0.06 0.19 0.18 0.18 - 0.02 0.19 0.03 0.23 0.18 0.21 - 0.02 0.30 0.04 0.61 0.55 0.58 - 0.01 0.91 0.29 0.79 0.73 0.76 - 0.02 1.15 0.41 0.58 0.55 0.57 + 0.01 0.60 0.05 0.76 0.72 0.75 + 0.01 0.77 0.07 0.01 0.01 0.01 + 0.00 0.03 0.00 0.06 0.06 0.06 - 0.01 0.14 0.01 0.06 0.05 0.05 - 0.01 0.08 0.01 0.05 0.00 0.05 - 0.01 0.11 0.01 0.06 0.05 0.06 + 0.00 0.08 0.04 0.11 0.09 0.10 - 0.00 0.20 0.03

R Radisson Mng V 97 0.17 0.15 0.16 - 0.01 0.18 0.09 Radius Gold V 68 0.16 0.14 0.16 - 0.01 0.17 0.05 Rainforest Res* O 4 4.25 0.00 3.35 - 1.90 7.00 0.30 Rainmaker Res V 58 0.12 0.10 0.12 + 0.02 0.25 0.07 Rainy Mtn Royl V 17 0.07 0.06 0.07 - 0.01 0.08 0.03 Randgold Res* D 4034 104.36 99.82 100.07 - 1.02 126.55 58.34 Randgold Res* O 1 101.55 0.00 101.45 - 2.65 120.75 59.09 Randsburg Intl V 348 0.02 0.01 0.02 + 0.01 0.02 0.01 Rare Earth Mnl* O 0 15.07 0.00 4.60 - 10.68 15.28 2.75 Rare Element* O 116 0.08 0.06 0.07 + 0.01 0.33 0.06 Rathdowney Res V 215 0.20 0.14 0.18 + 0.03 0.26 0.11 RB Energy* O 72 0.00 0.00 0.00 - 0.00 0.01 0.00 Red Eagle Mng V 966 0.88 0.83 0.85 - 0.02 0.90 0.25 Red Eagle Mng* O 96 0.67 0.64 0.64 - 0.04 0.91 0.18 V 25 0.09 0.00 0.09 + 0.01 0.29 0.01 Red Hut Red Pine Expl V 583 0.19 0.16 0.17 - 0.02 0.24 0.03 Red Tiger Mng V 17 0.05 0.00 0.05 - 0.01 0.10 0.02 Redhawk Res T 116 0.07 0.06 0.07 + 0.01 0.09 0.04 Redhill Res* O 8 1.83 1.64 1.66 + 0.14 1.83 0.51 2.16 + 0.16 2.45 0.06 Redhill Res V 2215 2.45 1.86 Redstar Gold V 1867 0.15 0.13 0.14 - 0.01 0.17 0.03 Redzone Res V 34 0.20 0.14 0.14 - 0.07 0.32 0.06 Regulus Res V 175 1.44 1.35 1.40 - 0.06 1.87 0.19 Renaissance Gd* O 179 0.49 0.42 0.43 - 0.00 0.52 0.08 Renaissance Gd V 120 0.64 0.00 0.56 - 0.04 0.66 0.11 Renforth Res 1052 0.04 0.04 0.04 - 0.01 0.05 0.01 Resolve Vent V 703 0.05 0.04 0.05 + 0.01 0.30 0.04 Resource Cap V 336 0.34 0.21 0.26 + 0.06 0.35 0.02 Resource Cap* O 150 0.26 0.18 0.22 + 0.04 0.26 0.02 Reunion Gold V 125 0.05 0.04 0.05 + 0.01 0.06 0.01 Revelo Res V 213 0.08 0.07 0.08 - 0.01 0.11 0.04 Revolver Res V 972 0.39 0.30 0.31 + 0.02 0.39 0.07 Rheingold Expl 1844 0.08 0.05 0.06 + 0.01 0.06 0.01 Richmont Mines T 1580 14.16 12.86 13.22 - 0.60 15.01 3.56 Richmont Mines* X 2480 10.78 9.82 10.05 - 0.42 11.66 2.67 Rio Novo Gold* O 52 0.16 0.15 0.15 + 0.02 0.23 0.06 Rio Novo Gold T 158 0.21 0.19 0.21 + 0.02 0.30 0.07 Rio Silver V 86 0.15 0.14 0.15 + 0.01 0.17 0.02 Rio Silver* O 9 0.11 0.11 0.11 + 0.00 0.11 0.11 Rio Tinto* O 11 37.75 37.50 37.50 + 1.44 39.53 25.47 Rio Tinto* N 20996 34.34 31.61 33.40 + 0.99 40.05 21.89 Rio Tinto* O 7 34.00 31.50 34.00 + 1.75 38.70 21.90 Rise Res Inc 83 0.19 0.15 0.19 + 0.01 0.25 0.11 Riverside Res* O 187 0.33 0.30 0.31 - 0.01 0.38 0.08 Riverside Res V 391 0.44 0.40 0.42 - 0.01 0.49 0.12 RJK Explor V 129 0.18 0.17 0.18 + 0.02 0.25 0.05 Robex Res V 259 0.11 0.10 0.11 - 0.01 0.17 0.05 Rock Tech Lith V 328 1.26 1.07 1.17 - 0.04 1.45 0.03 Rock Tech Lith* O 5 0.81 0.62 0.81 + 0.17 0.81 0.02 Rockcliff Cop* O 83 0.12 0.08 0.12 + 0.03 0.10 0.01 Rockcliff Cop V 1093 0.15 0.12 0.13 + 0.01 0.14 0.02 Rockhaven Res V 416 0.24 0.20 0.21 - 0.03 0.29 0.10 Rockland Mnls V 202 0.06 0.05 0.06 + 0.01 0.11 0.01 Rockridge Cap V 67 0.42 0.32 0.42 + 0.03 0.57 0.05 Rockshield Cap 119 0.06 0.05 0.05 - 0.01 0.11 0.04 Rockwell Diam T 79 0.09 0.09 0.09 + 0.01 0.20 0.07 Rodinia Lithm V 881 0.13 0.11 0.12 + 0.02 0.35 0.10 Rogue Res* O 2 0.33 0.32 0.32 - 0.01 0.43 0.32 Rogue Res V 85 0.45 0.41 0.45 + 0.01 1.50 0.40 Rokmaster Res V 275 0.03 0.00 0.03 + 0.01 0.05 0.01 Romios Gold Rs V 155 0.09 0.07 0.09 + 0.02 0.10 0.02 Romios Gold Rs* O 97 0.07 0.05 0.07 + 0.01 0.08 0.01 Romulus Res V 10 0.11 0.00 0.11 - 0.01 0.17 0.07 RosCan Mrnls V 250 0.04 0.04 0.04 + 0.02 0.04 0.01 Rosita Mg Corp V 248 0.09 0.06 0.09 + 0.01 0.14 0.01 3 0.06 0.06 0.06 + 0.00 0.10 0.01 Rosita Mg Corp* O Roughrider Exp V 29 0.09 0.08 0.09 + 0.01 0.15 0.05

2016-10-04 5:00 PM

WWW.NORTHERNMINER.COM

OCTOBER 10–16, 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

Roxgold* O 108 Roxgold V 1730 Royal Gold* D 2751 Royal Nickel T 8873 Royal Nickel* O 107 456 Royal Rd Mnrls V Royal Sapphire V 10 RT Minerals* O 364 RT Minerals V 8390 O 432 Rubicon Mnrls* Rubicon Mnrls T 4447 Rugby Mng V 79 141 Running Fox Rs* O Running Fox Rs V 352 Rupert Res V 79 Rusoro Mng* O 162 Rusoro Mng V 762 Rye Patch Gold* O 605

1.26 1.17 1.18 - 0.09 1.35 0.42 1.65 1.53 1.55 - 0.13 1.76 0.56 82.82 76.89 77.43 - 3.99 87.74 24.68 0.44 0.40 0.43 + 0.04 0.63 0.12 0.34 0.31 0.32 + 0.02 0.50 0.10 0.15 0.12 0.15 + 0.02 0.18 0.04 0.04 0.00 0.04 - 0.01 0.07 0.03 0.09 0.05 0.08 + 0.03 0.07 0.05 0.12 0.07 0.10 + 0.04 0.30 0.05 0.04 0.04 0.04 - 0.00 0.77 0.01 0.06 0.05 0.05 - 0.01 1.00 0.02 0.37 0.36 0.36 - 0.04 0.58 0.03 0.03 0.01 0.03 + 0.01 0.03 0.00 0.03 0.02 0.03 + 0.01 0.04 0.01 0.86 0.78 0.86 + 0.07 0.99 0.02 0.19 0.17 0.17 - 0.01 0.31 0.02 0.24 0.22 0.22 - 0.02 0.41 0.03 0.24 0.22 0.23 - 0.00 0.37 0.08

Sabina Gd&Slvr T 2583 Sabina Gd&Slvr* O 698 Sage Gold V 1668 Saint Jean* O 49 Salazar Res V 49 Salt Lake Pot* O 42 Sama Res V 341 Samex Mng* O 505 San Marco Res* O 124 San Marco Res V 285 Sandspring Res V 1073 O 605 Sandspring Res* Sandstorm Gold* X 10015 Sandstorm Gold T 2231 Santa Fe Gold* O 1490 Santacruz Silv V 1547 Sarama Res V 277 Sarissa Res* O 680 Satori Res* O 21 Satori Res V 34 Saturn Mnrls V 484 Savannah Gold V 4 Savary Gold* O 50 Savary Gold V 104 Scandium Int M* O 275 Scientific Mts V 686 Scorpio Gold V 1344 ScoZinc Mg V 31 Seabridge Gld* N 2702 Seabridge Gld T 256 Searchlight* O 50 Secova Mtls V 794 Select Sands V 2468 Semafo T 5894 Senator Mnrls V 32 Sennen Potash V 285 Serengeti Res V 1688 Shamrock Ent 727 Sherritt Intl T 1349 Shore Gold T 2415 Shoshoni Gold V 16 Sibanye Gold* N 3354 Sidney Resrces* O 452 Sienna Res* O 136 Sienna Res V 1415 Sierra Iron Or V 310 Sierra Metals T 49 Sierra Metals* O 1 Sierra Res* O 8160 Signal Expl V 184 Signature Res V 246 Silver Bear Rs T 715 Silver Bull Re* O 751 Silver Bull Re T 516 Silver Dragon* O 311 Silver Grail V 272 178 Silver Mtn Mns V Silver Predatr V 189 Silver Pursuit V 110 Silver Scott* O 86 Silver Shield 75 Silver Spruce V 377 Silver Std Res T 1712 Silver Std Res* D 8595

1.42 1.32 1.40 + 0.06 1.87 0.38 1.09 0.99 1.08 + 0.05 1.55 0.29 0.16 0.11 0.15 + 0.05 0.16 0.03 0.03 0.03 0.03 + 0.00 0.05 0.02 0.11 0.10 0.10 - 0.01 0.16 0.03 0.36 0.33 0.33 - 0.03 0.40 0.15 0.12 0.00 0.12 + 0.01 0.20 0.07 0.00 0.00 0.00 + 0.00 0.00 0.00 0.16 0.12 0.12 - 0.03 0.22 0.01 0.20 0.17 0.17 - 0.03 0.30 0.02 0.69 0.61 0.66 - 0.02 0.94 0.11 0.52 0.47 0.49 - 0.02 0.72 0.08 5.23 4.85 5.03 - 0.03 6.75 1.94 6.85 6.43 6.63 - 0.04 8.73 2.82 0.07 0.04 0.06 - 0.00 0.07 0.00 0.51 0.43 0.45 - 0.06 0.63 0.09 0.31 0.28 0.29 - 0.02 0.55 0.05 0.01 0.01 0.01 - 0.00 0.01 0.00 0.09 0.07 0.09 + 0.01 0.13 0.02 0.16 0.11 0.15 + 0.05 0.18 0.03 0.10 0.09 0.10 + 0.01 0.22 0.08 0.09 0.00 0.09 - 0.01 0.15 0.01 0.09 0.09 0.09 - 0.00 0.12 0.06 0.12 0.11 0.12 - 0.01 0.15 0.02 0.13 0.12 0.13 + 0.01 0.17 0.08 0.08 0.07 0.08 + 0.01 0.10 0.07 0.08 0.07 0.08 + 0.01 0.11 0.05 0.90 0.80 0.80 - 0.10 1.25 0.40 11.50 10.58 11.03 - 0.14 15.88 5.46 15.03 14.05 14.47 - 0.28 20.71 7.44 0.07 0.06 0.06 - 0.01 0.29 0.01 0.06 0.00 0.06 + 0.01 0.10 0.03 0.72 0.48 0.65 + 0.16 0.72 0.20 5.77 5.34 5.46 - 0.24 7.46 2.69 0.72 0.54 0.72 + 0.15 0.72 0.05 0.11 0.10 0.11 - 0.03 0.18 0.09 0.20 0.15 0.17 - 0.01 0.33 0.02 0.05 0.03 0.03 - 0.02 0.06 0.01 0.85 0.82 0.84 - 0.01 1.15 0.53 0.22 0.20 0.20 - 0.01 0.25 0.13 0.12 0.00 0.08 - 0.05 0.25 0.05 14.54 13.58 14.13 - 0.06 20.97 4.59 0.01 0.00 0.01 + 0.01 0.02 0.00 0.14 0.13 0.14 + 0.00 0.20 0.01 0.19 0.18 0.19 - 0.01 0.27 0.01 0.40 0.33 0.36 + 0.02 0.45 0.22 2.05 1.85 1.95 - 0.10 2.19 0.95 1.57 1.57 1.57 + 0.04 1.69 0.69 0.00 0.00 0.00 + 0.00 0.00 0.00 0.35 0.25 0.35 + 0.05 0.35 0.01 0.10 0.08 0.09 + 0.01 0.12 0.01 0.30 0.27 0.28 - 0.01 0.53 0.02 0.15 0.13 0.15 - 0.00 0.21 0.02 0.20 0.17 0.19 - 0.01 0.28 0.04 0.03 0.03 0.03 - 0.01 0.05 0.00 0.08 0.08 0.08 - 0.01 0.16 0.02 0.03 0.00 0.03 - 0.01 0.05 0.01 0.08 0.07 0.07 - 0.01 0.12 0.01 0.12 0.11 0.12 + 0.02 0.13 0.02 0.03 0.02 0.03 + 0.01 0.04 0.00 0.08 0.07 0.08 + 0.01 0.17 0.02 0.13 0.11 0.11 - 0.02 0.14 0.05 17.02 15.54 15.81 - 0.90 20.48 5.28 12.93 11.72 12.06 - 0.63 15.84 3.66

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Silver Wheaton T 6110 Silver Wheaton* N 19016 Silvercorp Met T 3558 Silvercorp Met* O 876 SinoCoking Cl* D 43 Sirios Res V 913 Sirios Res* O 58 Skeena Res* O 69 Skeena Res V 2032 Sky Ridge V 455 Skyharbour Res V 180 Slam Explor V 242 Solitario Ex&R T 92 Solitario Ex&R* X 315 Sonoro Mtls V 10 Source Expl V 1096 Southern Arc V 106 Southern Arc* O 43 Southern Copp* N 4354 Southern Silvr V 1515 Southern Silvr* O 727 SouthGobi Res T 47 Spada Gold V 5 Spanish Mtn Gd V 639 Spanish Mtn Gd* O 320 Sparton Res* O 29 Sphinx Res V 578 St Augustine T 852 Stakeholdr Gld* O 85 Stakeholdr Gld V 272 Standard Graph V 823 Standard Metal* O 138 Stans Energy* O 34 Starcore Intl T 298 Starr Peak Exp V 65 Sterling Grp* O 420 Stillwater Mg* N 9199 Stina Res* O 230 Stina Res 472 Stockport Expl V 104 Stonegate Agri T 1157 Stornoway Diam T 5364 Strategic Metl V 153 Strategic Res V 10 Stratton Res V 149 Stria Lithium V 464 Strikepoint Gd V 170 V 68 Strongbow Expl Sulliden Mng T 413 Suncor Energy T 16171 Suncor Energy* N 32473 Sunridge Gold* O 424 Sunset Cove Mg V 787 Sunvest Mnrls V 198 Sutter Gold* O 134 Sutter Gold V 94

37.12 35.44 35.44 - 1.18 40.80 14.51 28.29 26.85 27.03 - 0.79 31.35 10.04 4.55 4.05 4.19 - 0.30 4.73 0.60 3.45 3.06 3.21 - 0.19 3.67 0.41 0.32 0.29 0.31 + 0.00 0.76 0.26 0.95 0.85 0.89 - 0.04 1.42 0.07 0.68 0.66 0.67 - 0.03 1.13 0.07 0.12 0.11 0.12 + 0.01 0.15 0.04 0.16 0.14 0.15 - 0.01 0.20 0.06 0.76 0.51 0.63 - 0.13 0.88 0.17 0.30 0.25 0.26 - 0.06 0.42 0.08 0.08 0.07 0.08 + 0.01 0.15 0.01 0.94 0.86 0.89 - 0.01 1.29 0.57 0.73 0.66 0.66 - 0.06 0.95 0.41 0.12 0.12 0.12 - 0.01 0.15 0.04 0.25 0.00 0.23 - 0.02 0.50 0.10 0.92 0.72 0.73 - 0.19 1.09 0.24 0.71 0.56 0.56 - 0.15 0.75 0.17 26.70 25.46 26.30 + 0.34 31.31 21.55 0.43 0.37 0.40 + 0.01 0.66 0.03 0.33 0.28 0.31 - 0.00 0.52 0.02 0.47 0.33 0.47 + 0.22 0.47 0.21 0.21 0.21 0.21 + 0.01 0.60 0.20 0.16 0.14 0.15 - 0.02 0.22 0.02 0.12 0.10 0.11 - 0.03 0.17 0.01 0.05 0.04 0.05 + 0.01 0.07 0.01 0.08 0.06 0.07 + 0.01 0.14 0.01 0.09 0.07 0.09 - 0.01 0.14 0.07 0.56 0.44 0.56 + 0.10 0.58 0.05 0.70 0.56 0.70 + 0.06 0.75 0.04 0.07 0.06 0.06 - 0.01 0.13 0.01 0.10 0.07 0.08 - 0.04 0.51 0.01 0.03 0.03 0.03 - 0.00 0.06 0.01 0.72 0.68 0.69 - 0.03 0.91 0.25 0.12 0.11 0.11 - 0.02 0.19 0.05 0.03 0.03 0.03 - 0.01 0.04 0.01 13.45 11.96 13.36 + 0.23 15.91 4.99 0.08 0.08 0.08 - 0.00 0.16 0.06 0.10 0.09 0.09 - 0.01 0.19 0.09 0.03 0.03 0.03 - 0.01 0.06 0.01 0.03 0.02 0.02 - 0.01 0.04 0.01 1.20 1.13 1.18 + 0.03 1.20 0.66 0.70 0.63 0.65 - 0.07 0.86 0.24 0.21 0.00 0.21 + 0.01 0.34 0.08 0.67 0.64 0.64 - 0.01 0.85 0.07 0.08 0.06 0.07 - 0.01 0.18 0.02 0.30 0.26 0.30 + 0.03 0.55 0.05 0.20 0.16 0.20 + 0.03 0.25 0.05 0.42 0.36 0.40 + 0.05 0.47 0.19 36.83 34.03 36.42 + 1.57 40.35 27.32 28.14 25.70 27.78 + 1.30 30.70 18.71 0.03 0.03 0.03 + 0.00 0.29 0.01 0.16 0.11 0.13 + 0.04 0.16 0.07 0.28 0.24 0.27 - 0.01 0.50 0.01 0.05 0.04 0.05 + 0.01 0.13 0.02 0.06 0.05 0.05 - 0.01 0.16 0.04

Tahoe Res* N 8620 Tahoe Res T 4387 Tajiri Res V 223 Taku Gold 82 Taku Gold* O 1 Tamino Mnrls* O 150 Tanager Energy V 715 Tanqueray Expl V 5 Tantalex Res 74 Tanzania Rlty T 106 Tanzania Rlty* X 737 Taranis Res V 128 Tarku Res V 642 Tartisan Res 167 Tasca Res V 114 Taseko Mines* X 530 Teck Res T 21519 Teck Res* N 40622 Teck Res T 10 O 23 Telson Res * Telson Res V 103 Tembo Gold V 70 Tembo Gold* O 88 Teranga Gold T 4373 Teras Res V 270 Terraco Gold V 338

14.24 12.73 12.83 - 1.17 17.01 6.48 18.75 16.71 16.82 - 1.60 22.13 9.45 0.13 0.12 0.13 + 0.02 0.13 0.01 0.11 0.00 0.10 - 0.03 0.22 0.02 0.14 0.10 0.10 - 0.04 0.14 0.01 0.00 0.00 0.00 + 0.00 0.00 0.00 0.12 0.05 0.09 + 0.01 0.12 0.02 0.14 0.00 0.14 + 0.04 0.11 0.02 0.17 0.14 0.14 - 0.01 0.18 0.01 1.20 1.05 1.07 - 0.10 1.95 0.24 0.90 0.80 0.80 - 0.08 1.49 0.17 0.13 0.09 0.12 + 0.02 0.15 0.04 0.08 0.07 0.07 - 0.02 0.10 0.02 0.03 0.03 0.03 + 0.01 0.10 0.01 0.21 0.12 0.12 - 0.01 0.21 0.00 0.49 0.46 0.48 + 0.01 0.70 0.23 24.89 23.64 23.65 - 0.30 24.89 3.65 19.03 17.82 18.03 - 0.15 19.08 2.56 25.00 23.62 23.62 - 0.34 25.00 5.69 0.23 0.23 0.23 - 0.04 0.43 0.07 0.32 0.30 0.31 - 0.01 0.55 0.04 0.05 0.05 0.05 - 0.01 0.07 0.01 0.05 0.04 0.04 - 0.01 0.06 0.01 1.38 1.17 1.17 - 0.20 1.40 0.38 0.17 0.15 0.17 + 0.01 0.21 0.03 0.17 0.16 0.17 + 0.01 0.19 0.07

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Terrax Mnrls* O 174 Terrax Mnrls V 685 Terreno Res V 520 Teslin Rvr Res V 566 Tesoro Mnrls V 103 Teuton Res* O 36 Teuton Res V 1560 Thompson Creek T 4980 Thompson Creek* O 823 128 Thunder Mtn Gd* O Thunderstruck V 276 Thunderstruck* O 47 Till Capital V 1 Till Capital* D 4 V 158 Timberline Res Timmins Gold* X 3062 Timmins Gold T 2691 Tinka Res* O 379 Tinka Res V 1717 Tintina Res* O 395 Tirex Res V 340 Titanium Corp V 21 TMAC Resource* O 15 TMAC Resources T 160 Toachi Mg Inc V 91 Tombstone Expl* O 2174 Tonogold Res* O 39 Torex Gold* O 50 Torex Gold T 2203 Tower Res V 2780 Transition Mtl V 130 Treasury Metal T 356 Trecora Res* N 124 Tres-Or Res V 1033 Trevali Mng* O 348 Trevali Mng T 7952 Tri Origin Exp V 972 TriMetals Mng* O 111 TriMetals Mng* O 100 TriMetals Mng T 242 TriStar Gold* O 194 TriStar Gold V 472 Troy Enrgy V 49 Troy Res* O 132 Tsodilo Res V 10 Tudor Gold V 85 Tungsten Corp* O 2041 Turquoise HIl* N 8345 Turquoise HIl T 4155 TVI Pacific* O 40 TVI Pacific V 1585 Typhoon Expl V 41

0.77 0.67 0.71 - 0.02 0.80 0.17 1.01 0.90 0.91 - 0.06 1.05 0.24 0.04 0.00 0.04 - 0.01 0.08 0.02 0.30 0.24 0.26 + 0.02 0.43 0.20 0.08 0.00 0.06 - 0.02 0.08 0.01 0.25 0.18 0.18 - 0.09 0.34 0.03 0.37 0.23 0.26 - 0.11 0.46 0.04 0.73 0.67 0.69 - 0.02 0.77 0.16 0.55 0.50 0.52 - 0.02 0.60 0.07 0.15 0.10 0.15 + 0.03 0.15 0.02 0.10 0.08 0.10 - 0.01 0.20 0.01 0.07 0.06 0.07 + 0.00 0.09 0.04 5.30 0.00 5.08 - 0.22 6.00 3.28 4.35 0.00 4.35 + 0.33 5.00 2.76 0.58 0.50 0.50 - 0.03 0.72 0.16 0.50 0.46 0.47 - 0.02 0.63 0.07 0.65 0.60 0.61 - 0.02 0.80 0.11 0.16 0.14 0.14 - 0.01 0.22 0.07 0.20 0.19 0.19 - 0.01 0.27 0.09 0.09 0.06 0.06 - 0.01 0.12 0.04 0.11 0.09 0.11 + 0.01 0.22 0.05 0.67 0.65 0.66 - 0.04 1.54 0.31 14.51 13.49 14.20 + 0.44 15.16 9.26 19.10 17.80 18.56 + 0.45 19.97 5.43 0.50 0.48 0.50 - 0.05 0.59 0.03 0.01 0.01 0.01 - 0.00 0.02 0.01 0.03 0.03 0.03 - 0.00 0.07 0.01 23.91 21.50 21.72 - 1.37 27.34 7.97 31.07 28.13 28.38 - 2.00 35.17 10.90 0.21 0.16 0.19 + 0.02 0.20 0.01 0.19 0.17 0.19 + 0.02 0.25 0.07 0.80 0.69 0.75 + 0.06 0.85 0.32 11.57 10.85 11.42 - 0.11 14.96 8.17 0.05 0.04 0.04 - 0.01 0.06 0.02 0.87 0.75 0.84 + 0.06 0.86 0.18 1.13 1.00 1.09 + 0.07 1.12 0.25 0.07 0.07 0.07 - 0.01 0.08 0.02 0.21 0.17 0.21 + 0.01 0.32 0.06 0.24 0.22 0.23 - 0.01 0.28 0.04 0.31 0.28 0.30 - 0.01 0.36 0.06 0.34 0.27 0.30 + 0.03 0.41 0.10 0.44 0.35 0.41 + 0.03 0.53 0.14 0.04 0.03 0.03 - 0.02 0.05 0.01 0.29 0.27 0.29 + 0.02 0.56 0.13 0.80 0.73 0.80 - 0.03 0.90 0.50 1.03 0.86 0.91 - 0.09 2.50 0.03 0.00 0.00 0.00 + 0.00 0.00 0.00 3.13 2.91 2.97 - 0.08 3.67 1.55 4.12 3.87 3.88 - 0.14 4.72 2.30 0.02 0.01 0.02 + 0.01 0.03 0.00 0.02 0.01 0.02 + 0.01 0.04 0.01 0.10 0.09 0.09 - 0.01 0.15 0.03

U.S. Lithium* O 164 U3O8 Corp* O 213 369 Ucore Rare Mtl* O Ucore Rare Mtl V 1065 UEX Corp T 1383 Ultra Lithium V 228 Umbral Enrgy 1206 Unigold V 482 Unigold* O 11 United Res Hdg* O 177 United Silver* O 848 United States A* X 153 United States S* N 90974 Unity Energy V 205 Ur-Energy T 187 Ur-Energy* X 1073 Uracan Res V 315 Uracan Res* O 36 Uragold Bay Rs V 1255 Uranium Energy* X 2684 Uranium Res* D 2403 Uravan Mnrls V 243 US Energy* D 81 US Precious M* O 3678 US Rare Earths* O 6 US Tungsten* O 268 USCorp* O 626 Vale* N 76473 Valencia Vent V 2 ValGold Res V 3168

0.05 0.02 0.02 - 0.01 0.15 0.01 0.03 0.02 0.02 + 0.00 0.03 0.01 0.29 0.25 0.28 + 0.02 0.35 0.15 0.39 0.32 0.36 + 0.03 0.45 0.20 0.22 0.18 0.22 + 0.02 0.29 0.11 0.24 0.20 0.22 + 0.01 0.35 0.05 0.04 0.02 0.02 - 0.02 0.10 0.02 0.45 0.33 0.33 - 0.15 0.69 0.08 0.31 0.00 0.26 - 0.09 0.51 0.06 0.03 0.02 0.03 + 0.01 0.06 0.01 0.00 0.00 0.00 + 0.00 0.01 0.00 0.49 0.40 0.45 - 0.04 0.60 0.16 20.28 18.46 18.86 - 0.09 27.64 6.15 0.13 0.10 0.12 - 0.01 0.48 0.10 0.68 0.63 0.64 - 0.04 0.98 0.60 0.52 0.47 0.49 - 0.01 0.73 0.44 0.09 0.08 0.08 + 0.01 0.09 0.01 0.07 0.05 0.07 + 0.01 0.07 0.00 0.20 0.17 0.17 - 0.02 0.31 0.02 1.06 0.99 0.99 - 0.05 1.47 0.65 1.43 1.25 1.28 - 0.15 10.20 1.26 0.32 0.29 0.29 - 0.03 0.42 0.05 1.81 1.66 1.75 + 0.01 3.39 0.67 0.02 0.01 0.02 + 0.01 0.08 0.00 0.03 0.00 0.03 + 0.02 0.72 0.01 0.00 0.00 0.00 + 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.03 0.00 5.74 5.27 5.50 + 0.08 6.26 2.13 0.10 0.00 0.10 + 0.01 0.40 0.07 0.04 0.03 0.04 + 0.01 0.08 0.01

U-V

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Valley High Mg* O 2331 Valterra Res V 159 Valterra Res* O 134 O 454 Vanadiumcorp* 96 Vanstar Mng Rs V Vantex Res V 197 Vatic Vent V 103 N 1131 Vedanta* Vena Res V 179 Vendetta Mng V 3072 Vendome Res V 105 Venture Mnrls* O 15 Verde Potash T 91 Verde Res* O 63 Victoria Gold V 1695 O 5 Virginia Enrgy* Viscount Mng V 720 Vista Gold* X 2005 Vista Gold T 203 Voltaic Min V 2301 VVC Expl V 277

0.00 0.00 0.00 - 0.00 0.02 0.00 0.01 0.08 + 0.01 0.09 0.08 0.08 0.00 0.06 + 0.01 0.07 0.06 0.06 0.01 0.04 + 0.00 0.05 0.04 0.03 0.06 0.06 0.06 + 0.01 0.10 0.03 0.01 0.03 - 0.01 0.04 0.03 0.03 0.04 0.08 + 0.01 0.24 0.08 0.00 10.59 9.83 10.37 + 0.31 10.59 3.52 0.04 0.11 + 0.03 0.14 0.11 0.00 0.05 0.12 + 0.02 0.13 0.12 0.09 0.05 0.20 + 0.05 0.30 0.20 0.02 0.01 0.02 + 0.01 0.04 0.02 0.02 0.13 0.35 + 0.01 0.48 0.38 0.33 0.04 0.05 - 0.00 0.08 0.06 0.05 0.12 0.63 - 0.04 0.80 0.67 0.63 0.02 0.03 - 0.00 0.06 0.03 0.03 0.33 0.56 + 0.03 0.91 0.59 0.50 0.26 1.06 + 0.02 2.09 1.07 1.00 0.35 1.37 + 0.02 2.73 1.40 1.32 0.03 0.05 - 0.02 0.52 0.07 0.05 0.01 0.03 + 0.01 0.05 0.03 0.03

Walker River V 1056 T 1011 Wallbridge Mng O 242 Walter Energy* 301 War Eagle Mg V WCB Res V 25 Wealth Mnrls* O 551 Wealth Mnrls V 1319 O 245 Wellgreen Plat* Wellgreen Plat T 325 V 5 Gldflds Wescan T 1410 Wesdome Gold V 1186 West Af Res West Kirkland V 452 182 West Red Lake* O 901 West Red Lake X 99 Western Copper* T 189 Western Copper O 2810 Western Graphi* 33 Western Pac Rs* O T 181 Western Potash Western Troy C V 2002 Western Uran 11 Western Uran* O 65 V 562 Westhaven Vent O 116 Westkam Gold* V 716 Westminster Rs Westmoreland* D 584 O 175 WestMountain* Westridge Res V 5 121 White Mtn Engy* O O 0 Whitehaven Coa* Wildcat Expl* O 216 Wildcat Expl V 555 100 Winston Gld Mg* O 341 Winston Gld Mg Wolfden Res V 478 WPC Res V 925 X-Terra Res V 124 Xander Res V 257 Ximen Mng V 253 Ximen Mng* O 31 XLI Tech Inc* O 3450 V 180 Xtierra O 42 Xtra-Gold Res* Xtra-Gold Res T 160 Yamana Gold T 24641 78903 Yamana Gold* N Yanzhou Coal* N 280 T 191 Yellowhead Mng Yorbeau Res* O 11 Zadar Vent V 1660 48 O Zadar Vent * Zazu Metals* O 9 Zazu Metals T 73 Zenyatta Vent V 1793 O 75 Zenyatta Vent* Zephyr Mnls V 190 Zimtu Capital V 20 Zincore Mtls V 67 Zincore Mtls* O 4 Zonte Mtls V 179

0.02 0.10 + 0.01 0.10 0.10 0.08 0.02 0.07 - 0.01 0.10 0.08 0.07 0.01 0.04 + 0.00 0.10 0.04 0.03 0.03 0.00 0.03 - 0.01 0.04 0.01 0.02 0.04 + 0.01 0.09 0.04 0.04 0.10 1.06 + 0.09 1.16 1.09 0.92 0.14 1.39 + 0.12 1.50 1.43 1.21 0.12 0.35 - 0.02 0.46 0.39 0.35 0.16 0.47 - 0.04 0.62 0.52 0.46 0.02 0.07 + 0.01 0.10 0.07 0.00 0.95 2.67 - 0.06 2.90 2.78 2.53 0.35 0.33 0.35 + 0.03 0.40 0.05 0.04 0.11 - 0.01 0.17 0.12 0.10 0.24 0.20 0.20 - 0.01 0.31 0.02 0.32 0.25 0.28 + 0.01 0.40 0.01 0.20 0.84 + 0.03 1.04 0.86 0.81 0.29 1.10 + 0.03 1.35 1.12 1.04 0.00 0.00 - 0.00 0.00 0.00 0.00 0.02 0.02 0.02 - 0.00 0.04 0.00 0.14 0.14 - 0.01 0.28 0.15 0.14 0.02 0.01 0.01 - 0.01 0.05 0.01 1.20 1.75 - 0.01 3.50 1.90 1.57 1.19 1.27 - 0.07 2.67 1.43 1.15 0.04 0.15 + 0.02 0.16 0.16 0.12 0.01 0.03 - 0.00 0.07 0.03 0.03 0.02 0.05 - 0.01 0.18 0.05 0.05 9.06 8.18 8.86 - 0.11 16.14 3.44 0.04 0.10 + 0.03 0.20 0.10 0.05 0.01 0.01 + 0.01 0.02 0.01 0.01 0.07 0.07 0.07 + 0.00 0.35 0.07 0.25 1.90 - 0.07 1.97 1.90 0.00 0.02 0.06 - 0.01 0.11 0.06 0.06 0.03 0.09 + 0.01 0.16 0.09 0.08 0.42 0.42 0.42 + 0.02 0.42 0.10 0.57 0.51 0.55 + 0.01 0.57 0.10 0.05 0.12 - 0.01 0.19 0.14 0.12 0.03 0.08 - 0.01 0.12 0.09 0.08 0.06 0.19 - 0.02 0.31 0.19 0.00 0.32 0.44 + 0.01 0.48 0.44 0.43 0.03 0.13 - 0.01 0.18 0.14 0.13 0.02 0.11 + 0.01 0.13 0.11 0.09 0.02 0.01 0.02 + 0.01 1.50 0.00 0.01 0.06 + 0.01 0.08 0.06 0.05 0.14 0.27 - 0.07 0.43 0.34 0.27 0.20 0.35 - 0.08 0.56 0.43 0.33 2.00 5.65 - 0.26 7.87 6.02 5.63 1.38 4.31 - 0.18 5.99 4.58 4.25 3.66 6.78 + 0.23 7.02 6.94 6.27 0.03 0.05 - 0.01 0.10 0.06 0.05 0.04 0.08 + 0.00 0.09 0.08 0.08 0.01 0.11 - 0.03 0.26 0.14 0.11 0.11 0.09 0.09 - 0.02 0.20 0.06 0.08 0.16 - 0.02 0.24 0.17 0.16 0.09 0.21 - 0.03 0.33 0.23 0.19 0.63 1.28 + 0.19 1.55 1.55 1.08 0.47 0.99 + 0.16 1.17 1.17 0.87 0.08 0.39 + 0.05 0.42 0.41 0.34 0.12 0.21 - 0.02 0.38 0.23 0.00 0.03 0.20 + 0.01 0.30 0.21 0.00 0.15 0.15 + 0.01 0.15 0.15 0.00 0.02 0.08 + 0.01 0.15 0.08 0.07

W-Z

BID-ASK — SEPTEMBER 26–30, 2016 STOCK

12-MONTH

EXC BID ASK LAST HIGH

37 Capital One Acme Res Corp Active Growth Afrasia Mnls Aftermath Slvr Alberta Star Alderon Iron* Aldershot Res Alexandra Cap Allante Potash Amanta Res Amato Expl APAC Res Inc Appia Energy Arch Coal* Astar Mnls Ateba Res Atlantic Ind Atlatsa Res* Aurgent Gold BE Res Black Bull Res Boss Power Buccaneer Gold Cairo Res Canuc Res Carrie Arran Cartier Iron Cascade Res Cassidy Gold Celtic Minrls Cerro Mng Chieftain Mtls Chimata Gold Chinapintza Mg CIM Intl Grp Clear Mtn Res Cleghorn Mnls Cliffs Nat Res* Clydesdale Res CNRP Mng Compliance Egy Crestwell Res Cricket Res Desert Gold DGS Mnls Discovery Harb DV Resources Enfield Expl Era Res Inc European Metal Fire River Gol First Idaho Four River

8-10_OCT10_StockTables.indd 10

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

0.10 1.63 0.25 0.25 0.01 0.03 0.02 0.03 0.05 0.06 0.05 0.10 0.04 0.08 0.04 0.05 ... 0.01 0.01 0.03 0.20 0.22 0.20 0.23 ... 0.40 0.14 0.52 0.05 0.07 0.05 0.07 0.03 ... 0.03 0.03 0.03 0.10 0.03 0.04 0.01 0.02 0.01 0.06 0.07 0.06 0.10 0.12 0.15 0.12 0.12 0.18 0.25 0.18 0.30 ... ... 0.58 15.00 0.09 ... 0.10 0.10 ... 0.01 0.01 0.01 0.01 0.03 0.01 0.01 ... ... 0.06 0.45 0.20 0.25 0.21 0.30 ... 0.34 0.35 ... 0.01 0.01 0.17 0.20 0.17 0.03 0.04 0.04 0.04 0.04 ... 0.26 0.30 0.23 0.29 0.25 0.27 0.05 ... 0.05 0.07 0.05 0.06 0.05 0.11 0.02 0.04 0.02 0.05 0.01 0.02 0.02 0.04 ... ... 0.01 0.01 0.03 0.01 0.03 ... ... 0.05 0.23 0.02 0.02 0.02 0.05 0.01 0.02 0.01 0.01 1.00 1.02 1.00 1.50 0.20 0.27 0.19 0.40 0.11 0.15 0.11 0.13 1.45 3.20 1.43 7.17 0.05 0.10 0.05 0.08 0.01 0.04 0.01 0.01 0.03 0.03 0.03 0.25 0.04 0.10 0.13 0.01 0.10 0.01 0.02 0.13 0.25 0.13 0.18 0.04 0.09 0.04 0.06 0.02 0.03 0.02 0.03 0.03 0.04 0.04 0.06 ... ... 0.01 0.01 0.22 0.25 0.25 0.50 ... 0.01 0.01 0.01 0.03 0.07 0.09 0.75 0.07 0.14 0.09 0.12 0.27 0.35 0.30 0.39

LOW

STOCK

0.05 0.02 0.02 0.01 0.01 0.16 0.12 0.01 0.03 0.01

GAR Limited C GFM Res V Global Cobalt V God’s Lake Res C Gold Jub Cap V Goldbelt Emp V Golden Harp V GoldTrain Res C Gonzaga Res V Gravis Energy C Greywacke Expl C Hadley Mng C HFX Holding V Highvista Gold V Indico Res V Inter-Rock Mnl V Interconnect V Iron South Mng V JDF Explor Inc C Jet Metal V Kairos Cap V Karoo Expl V Kestrel Gold V Lancaster Cap V Lateral Gold V Leeta Gold V Lions Bay Cap V Lucky Mnls V MAG Silver* X Mainstream Mnl V Match Capital V Matica Ent C McLaren Res C Mega Copper V Metallum Res V Midnight Star C MillenMin Vent V Milner Con Slv V Minsud Res V Moag Copper C Montana Gold C Mountain Lake C Nebu Res V Network Expl V New Klondike V Niocan Inc V Norsemont Cap C Nortec Mnls V North Am Tung V NRG Metals V NSS Res Inc C Open Gold V Organic Potash C Oxford Res V

0.01 0.03 0.01 0.58 0.09 0.01 0.01 0.06 0.02

0.02 0.09 0.05 0.05 0.01 0.02 0.01 0.01 0.03 0.01 0.01 0.90 0.10 0.11 0.98 0.01 0.01 0.03 0.01 0.09 0.04 0.01 0.03 0.01 0.09 0.01 0.03 0.05 0.06

12-MONTH

EXC BID ASK LAST HIGH LOW

0.02 0.04 0.04 0.05 0.02 0.10 0.02 0.03 0.02 0.02 0.02 0.08 0.02 ... 0.08 0.08 0.15 0.17 0.15 0.28 0.04 0.06 0.06 0.10 0.17 0.23 0.19 0.28 0.06 0.20 0.20 0.20 0.04 0.08 0.05 0.06 ... 0.02 0.01 0.06 ... 0.06 0.06 ... 0.01 0.01 0.03 0.04 0.05 0.04 0.15 ... 0.16 0.17 0.03 0.04 0.03 0.10 0.07 0.10 0.07 0.14 0.06 0.13 0.06 0.14 0.24 0.27 0.24 0.28 0.01 0.05 0.01 0.01 0.10 0.10 0.09 0.15 0.05 0.08 0.05 0.09 0.01 0.02 0.01 0.02 0.02 0.02 0.02 0.07 0.18 0.25 0.19 0.32 0.11 0.16 0.14 0.15 0.04 0.10 0.04 0.05 0.04 0.06 0.04 0.04 0.05 0.08 0.05 0.11 12.52 13.30 12.52 14.40 ... 0.01 0.01 0.01 0.04 0.04 0.04 0.01 0.01 0.01 0.06 ... 0.01 0.01 0.01 0.05 0.11 0.05 0.05 0.03 0.06 0.12 0.06 0.15 0.06 0.10 0.05 0.08 0.07 0.14 0.04 0.05 0.04 0.07 0.07 0.08 0.08 0.10 ... ... 0.08 0.08 0.09 0.10 0.10 0.10 ... 0.01 0.01 0.01 0.01 0.02 0.01 0.03 0.17 0.23 0.17 0.22 0.01 0.01 0.01 0.09 0.11 0.09 0.18 0.25 0.30 0.25 0.31 0.07 0.07 0.07 0.09 ... 0.01 0.01 0.02 0.11 0.11 0.11 0.18 ... ... 0.20 0.20 0.01 0.01 0.01 0.02 0.05 0.02 0.09 0.02 0.03 0.03

0.01 0.02 0.01 0.01 0.07 0.02 0.03 0.05 0.01 0.04 0.01 0.01 0.03 0.02 0.05 0.04 0.01 0.07 0.01 0.01 0.01 0.06 0.07 0.03 0.01 0.05 6.12 0.01 0.01 0.01 0.02 0.06 0.01 0.02 0.06 0.08 0.02 0.01 0.01 0.02 0.04 0.13 0.02 0.01 0.02 0.20 0.01

STOCK

Pac Cascade Pan Global Res Phoenix Gold Phoenix Metals Prime Meridian Prism Res ProAm Expl Quartz Mtn Res Rare Element* Red Rock Enrgy Reliant Gold Remo Res Rhyolite Res Rift Valley River Wild Exp Rockex Mng RTG Mining Rubicon Mnrls* Saville Res Savoy Vent Scavo Res SG Spirit Gold SGX Res Silver Phoenix Sniper Res Squire Mg Ltd Standard Toll Stone Ridge Ex Strata Mnls Sunrise Res Superior Mng Swift Res Talmora Diamd Tearlach Res Telferscot Res Teryl Res Corp Theia Res Thunder Mtn Gd Tiger Intl Tiller Res Trigen Res UC Res United Coal Universal Vent Vela Minerals Venerable Vent West Melville Weststar Res Winston Res Wolfeye Res Xiana Mng Zena Mng Zinco Mng

12-MONTH

EXC BID ASK LAST HIGH LOW

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

0.01 0.02 0.01 0.02 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 0.19 0.23 0.19 0.23 0.02 0.03 0.02 0.02 0.06 0.07 0.06 0.07 0.11 0.16 0.15 0.89 0.01 0.01 0.01 0.03 0.03 0.03 0.03 0.04 0.09 0.15 0.09 0.10 0.23 0.35 0.23 0.27 0.01 0.04 0.01 0.02 0.01 ... 0.01 0.01 0.04 0.10 0.10 0.75 0.46 0.56 0.50 0.70 ... ... 0.03 1.35 0.03 0.04 0.02 0.05 ... ... 0.16 0.36 0.57 0.36 0.54 0.11 ... 0.09 0.13 0.02 0.02 0.02 0.05 0.03 0.10 0.03 0.10 0.01 0.01 0.01 0.07 0.10 0.15 0.15 0.19 ... 0.01 0.01 0.06 0.08 0.19 0.10 0.17 0.01 0.02 0.01 0.05 0.01 0.02 0.01 0.05 0.01 0.01 0.01 0.01 0.20 0.24 0.25 0.25 0.01 0.04 0.04 0.05 0.08 0.15 0.08 0.16 0.01 0.01 0.01 0.05 0.01 0.02 0.02 0.02 0.12 0.17 0.12 0.17 0.10 0.16 0.16 0.23 0.09 0.24 0.10 0.20 0.04 0.05 0.04 0.07 0.08 0.15 0.11 0.11 0.01 0.02 0.02 0.03 ... 0.01 0.01 0.40 ... 0.45 0.04 0.07 0.04 0.08 0.01 0.04 0.02 0.02 0.28 0.37 0.30 0.45 0.04 0.06 0.06 0.06 0.01 0.08 0.02 0.05 0.25 ... 0.25 0.12 0.15 0.15 0.21 0.08 0.12 0.08 0.10 0.05 0.07 0.05 0.08

0.01 0.01 0.01 0.02 0.05 0.06 0.01 0.01 0.06 0.01 0.01 0.05 0.09 0.01 0.01 0.02 0.33 0.03 0.01 0.26 0.05 0.01 0.01 0.01 0.10 0.01 0.08 0.01 0.01 0.01 0.01 0.01 0.02 0.01 0.01 0.05 0.08 0.08 0.01 0.03 0.01 0.02 0.01 0.08 0.02 0.01 0.03 0.05 0.01

2016-10-04 5:00 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 10-16, 2016

Friedland a skeptic on lithium, rare earths

BIG PICTURE

| Ivanhoe’s platinum and copper are his “metals of the future”

BY SALMA TARIKH

starikh@northernminer.com

obert Friedland, a renowned mining financier and promoter, took the stage at the recent Mines and Money Americas conference in Toronto to highlight the need for platinum and copper, as rapid global urbanization continues. Both are key metals in projects his company Ivanhoe Mines (TSX: IVN; US-OTC: IVPAF) is developing in Africa. “I am not here to depress the gold bugs in this room. I’m just here to get you excited about copper and other metals that we need in our new society,” Friedland said. The executive — who sold the large nickel-copper-cobalt deposit Voisey’s Bay in Labrador to Inco for $4.3 billion in 1996, and whose company discovered the large Oyu Tolgoi copper-gold deposit in Mongolia in 2001 — noted that there will likely be a billion more people living in urban environments by 2030. As a result, more people would live in cities filled with “toxic smog,” he said, citing that 6.5 million people die a year from air pollution. To combat air pollution from tradiotional vehicles, Friedland noted the automotive industry plans to use more platinum to make hydrogen-powered cars and more copper to produce electric cars. Honda’s new hydrogen-powered Clarity Fuel Cell uses an ounce of platinum, Friedland said, noting that other car manufacturers, including part of the Volkswagen Group, would follow suit in making greener cars. Meanwhile Tesla’s Model 3 employs a copper induction motor, the executive said, noting newer electric cars contain more copper and no expensive rare earth metals.

as discussion items and the actions taken against the concerns. The board needs prepare now to review executive bonuses for 2016, especially since they are likely going to rise. The board should examine operational, financial and capital market performance on both an absolute and relative level, and let management know it is taking pay seriously and that the board is not waiting for management to negotiate or propose what they

www.mineshandbook.com

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 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

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

MEETINGS

A drill site at Ivanhoe Mines’ Kakula copper project in the Democratic Republic of the Congo. IVANHOE MINES

“I AM NOT HERE TO DEPRESS THE GOLD BUGS IN THIS ROOM. I’M JUST HERE TO GET YOU EXCITED ABOUT COPPER AND OTHER METALS THAT WE NEED IN OUR NEW SOCIETY.” ROBERT FRIEDLAND MINING FINANCIER AND PROMOTER, IVANHOE MINES

(The latter sector has typically been dominated by Chinese suppliers.) “I’m glad we finally killed this rare earth thing,” Friedland said. “Don’t worry about the Chinese,” he added. “We don’t need them any more.” According to the mining entrepreneur, rare earth metals, along with lithium, could fall out of favour. “Most lit hium miners will also end in tears,” he predicted, citing that drones f ly longer when powered by hydrogen fuel cells as opposed to lithium-ion batteries.

Strengthening his case for platinum, Friedland told the audience that China is spending $32 billion over the next four years to expand its hydrogen-powered tram system to address its air pollution problem. Platinum is also conveniently a metal Friedland will extract at Ivanhoe’s large Platreef project in South Africa. The platinum-palladium-nickel-copper-gold-rhodium project sits on the northern limb of the Bushveld Complex, which is 280 km northeast of Johannesburg. “The orebody is as thick as an eight-storey building,” Friedland

said. It is also flat, high-grade and shallow, making it easy to mine. The company expects to develop the underground mine in three phases. It would process 4 million tonnes per year, double this in the second phase and expand to 12 million tonnes per year in phase three. Meanwhile, in the Democratic Republic of the Congo, Ivanhoe is developing the large Kamoa copper project, where in August it made the even larger Kakula copper discovery. Drilling at Kakula with seven rigs in the last 90 days delineated “45 million equivalent oz. gold,” Friedland said. An initial resource for Kakula should be out shortly. After highlighting the potential at Kamoa-Kakula, Friedland noted that Chile’s aging copper mines, including El Teniente, are “like little old ladies lying in bed waiting to die.” Also in DRC, Ivanhoe is working on the Kipushi zinc-copper project. TNM

Crafting executive pay in a rebounding market COMMENTARY From 4

believe is the “right” number. Any such waiting only results in delays and unnecessary conf lict. If a board already has a defined scorecard to measure performance and determine bonus payouts, that’s even better. After reviewing corporate and industry results and speaking w it h sha reholders a nd ma nagement, t he C ompensat ion Committee will be in the most advantageous position to finalize 2016 pay and establish marketappropriate, long-term incentive grants in 2017.

Mining markets are rebounding fast and without the right process and pay decisions by the board, there is a potential for a groundswell of disgruntled shareholders at the next general meeting. So boards should get out ahead, and ideally start a compensation review in the middle of the fourth quarter. Executives should be rewarded proportionately with shareholder gains and leading value creation in the short-, mid- and long-term. The right executive pay design

will accomplish this in upward and downward market cycles. TNM — Based in Toronto, Paul Gryglewicz is a senior partner and independent compensation board advisor at Global Governance Advisors, and oversees Canadian operations. Global Governance Advisors is an independent advisory firm with five offices in Canada and the U.S. that helps organizations with executive compensation, governance, value enhancement and risk mitigation. Please visit ggainc.com for more information.

Oct 11 Oct 12 Oct 12 Oct 14 Oct 17 Oct 18 Oct 18 Oct 18 Oct 18 Oct 18 Oct 19 Oct 19 Oct 19 Oct 20 Oct 20 Oct 20 Oct 20 Oct 20 Oct 20 Oct 20 Oct 20 Oct 20 Oct 21 Oct 21 Oct 25 Oct 25 Oct 27 Oct 28 Oct 28 Oct 31 Oct 31 Oct 31 Nov 01 Nov 01 Nov 01 Nov 03 Nov 03 Nov 03 Nov 04 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

Lateral Gold AGS Altitude Resources A Eastern Platinum S Ecuador Gold and Copper AGS Lions Gate Metals A Aurcrest Gold AS Berkwood Resources AE Flinders Resources AG Sceptre Ventures AGS Thompson Creek Metals S Genesis Metals AG Group Ten Metals AGS Tarku Resources AGS Bell Copper AG Canterra Minerals AG Ecuador Gold and Copper AGS Elcora Advanced Materials AG GTA Resources and Mining AGS Independence Gold AG Northern Freegold Resources AG Orosur Mining AGS Corvus Gold AGS Rhyolite Resources AGS Minsud Resources AS Chilean Metals A Callinex Mines AGS Playfair Mining AG Red Ore Gold AS Fancamp Exploration AG Hornby Bay Mineral Exploration AS Inca One Gold AG Luna Gold S Academy Explorations AG Orestone Mining AG Ucore Rare Metals AG Colorado Resources AG Nevada Energy Metals AGS Agrium S Ely Gold & Minerals A Goldeye Explorations S Omineca Mining and Metals AS Bold Ventures AGS Discovery Harbour Resources AGS Great Thunder Gold AG Galore Resources AGS North Arrow Minerals AG Nubian Resources AG Rainy Mountain Royalty AG Scorpion Resources AGS Bellhaven Copper & Gold AG Chilean Metals A Khan Resources S Nortec Minerals AGS Reliant Gold AS Castle Peak Mining AG Golden Predator Mining AG Killdeer Minerals AG Troymet Exploration AGS Kitrinor Metals AS Valterra Resource AG Santa Rosa Resources AG

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

A POWERFUL RESOURCE IN YOUR BUSINESS ARSENAL Comprehensive profiles on over 2,000 active publicly-traded mining companies as well as over 1,300 mines and advanced projects related to those companies, your business decisions will always be backed up by the most up-to-date industry data.

Order Your Copy Today!

1 2 3 4 5 11 13 14 15 16_OCT 10_Main .indd 11

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

2016-10-04 5:56 PM

WWW.NORTHERNMINER.COM

OCTOBER 10–16, 2016 / THE NORTHERN MINER

PROFESSIONAL DIRECTORY srk consulting

ASSAYERS

GENETIC MODELLING

Consulting services from exploration through to mine closure

www.srk.com

INSTRUMENTATION Rent / Purchase 3D IP & EM Gear Canadian Manufacturer of

GEOPHYSICS

Geophysical Instruments since 1976

Tel.: +1 418-877-4249

www.gdd.ca

Crone Geophysics

Highest Precision Magnetometers in the World

Worldwide 3D Pulse-EM TDEM, 3D E-SCAN IP/Resistivity Surveys www.cronegeophysics.com

(905) 814-0100

3D Pulse-EM (Time-Domain EM) Borehole and Surface Surveys Coil, Fluxgate or SQUID Sensors High Power, Low noise Step Response

3D E-SCAN (IP/DC Res) Mapping Recon3D , Target3D , HiRes3D Any Topography, any Scale Immediate QC, daily Results Deep, Efficient, Safe

Providing Robust High Precision Potassium, Overhauser and Proton Magnetometers with New add-on or stand alone VLF for resistivity depth sections

UAV - Airborne - Ground Solutions Call for a Quote today www.gemsystems.ca • info@gemsystems.ca • Tel: +1.905.752.2202 • +1.888.397.4083

Celebrating 35 Years Leading the World of Magnetics

- 3D / 32 channels IP Receivers - 4800V / 10,000W IP Transmitters - MPP - SCIP - Chain+Level - Beep Mat

CONSTRUCTION MANAGEMENT

Your Exploration Advantage. Project and Construction Management

Rentals and Sales Sales and Rentals: of instruments for:

LNA provides construction management services to assure industrial facility owners realize cost efficiency and quality of their projects within the project schedule, budgets and safety objectives.

905 841 5004 | geotech.ca

TDEM New ! GPRTEM System Magnetics Gradiometer HELIMAGER Heliborne & Fixed-wing Magnetics, Radiometrics and Gravity

L. NARDELLA ASSOCIATES LTD.

2292 blvd. Industriel, Suite 207, Laval (Quebec) H7 S 1P9 Telephone: (450) 967-1000 Fax: (450) 967-4445 Tel. CALGARY: (403) 254-4851 Tel MISSISSAUGA: (905) 381-0415

Tel: Fax: e-mail: Website:

(905) 764-5505 (905) 764-8093 sales@terraplus.ca www.terraplus.ca

450-679-2400 info@gprmtl.com www.geophysicsgpr.com

www.nardellagroup.com

GOLDAK AIRBORNE SURVEYS

CONSULTING

TERRAPLUS INC. 52 W. Beaver Creek Rd., Unit 12 Richmond Hill, Ontario L4B 1L9 (Canada)

TRI-MAXIAL MAGNETIC GRADIOMETER 1024 channel radiometrics Full 4 sensor - 3 axis gradiometry 3D attitude correction system True gradient guided gridding process

A.C.A. HOWE INTERNATIONAL LIMITED MINING & GEOLOGICAL CONSULTANTS

2 Hangar Road Saskatoon, SK S7L 5X4

Toronto, Canada Tel: 1-416-368-7041 London, UK Tel: 011-44-1442-873398 Email: howe@acahowe.ca www.acahowe.ca

tel 306 249 4474 - www.goldak.ca

Magnetometers/VLF Magnetics/VLF Gamma-Ray Spectrometers IP, Radiation Infrared Spectrometers Resistivity TDEM and HLEM (Multi-electrodes) Resistivity (ERT) Susceptibility Full Wave Form IP Conductivity Borehole Gyro GPR/ GPS Borehole Logging Gravity Magnetic Susceptibility Seismics Conductivity Borehole Logging GPR Seismic

LEGAL

litigate

CONTRACTUAL & MINING DISPUTES CONSTRUCTION DISPUTES PRODUCT LIABILITY DISPUTES INQUESTS: OCCUPATIONAL/SAFETY DEFENCE

Excellence in Commercial Litigation and Competition Law agmlawyers.com • thelitigator.ca

Affleck Greene McMurtry LLP 365 Bay Street, Suite 200, Toronto Canada M5H 2V1 T 416.360.2800

SURVEYORS & CORE SYSTEMS JEAN-LUC CORRIVEAU, Q.L.S., CLS

Land & Mining Surveyors – 3D Scanning GYRO-THEODOLITE, UNDERGROUND CONTROL PHOTOGRAMMETRIC MAPPING (AIRBORNE LIDAR AND DRONE), CAVITY SCANNING, BOREHOLE AND BATHYMETRIC SURVEYS 1085, 3rd Avenue West, Val-d’Or (Quebec) J9P 1T5 Tel: (819) 825-3702 Fax: (819) 825-2863 E-mail: bureau@corriveaujl.com www.corriveaujl.com

GYRO BOREHOLE SURVEYING CORRIVEAU J.L. & ASS. INC.

rvi

Also, Magnetic probe surveys

valuation and evaluation of mineral properties; mineral resource and mineral reserve estimates; independent engineer services; project and feasibility studies; expert witness and litigation support

www.micon-international.com

Toronto Vancouver Norwich Cornwall Canada: mail@micon-international.com United Kingdom: office@micon-international.co.uk

International Exploration & Mining Consultants Project generation, design, management Independent reporting|Geophysics|GIS

www.mphconsulting.com +1.416.365.0930

Toronto Denver London Vancouver Quebec City Geological and Mining Consultants www.rpacan.com +1 (416) 947-0907

12_OCT10_ProDirectory .indd 12

Providing geophysical services for over 20 years

PETROS EIKON

Val-d’Or (Quebec) Tel: (819)825-3702 www.corriveaujl.com E-mail: bureau@corriveaujl.com

Worldwide experience in sedimentary and hardrock

Processing through final Interpretation PETROSEIKON.COM

services@petroseikon.com

1.519.943.0001

To reserve space for your advertisement in the Professional Directory please contact:

Joe Crofts: 416-510-6816 Toll free North America: 1-888-502-3456 (ext. 43729) jcrofts@northernminer.com Fax: 416-447-7658

2016-10-04 11:59 AM

GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 10-16, 2016

Workers in an underground storage area at Potash Corp. of Saskatchewan’s Allan potash mine, 50 km southwest of Saskatoon, where Altius Minerals holds a royalty. POTASH CORP. OF SASKATCHEWAN

Altius reaps benefits of contrarian investing REVENUE GROWTH BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

hen it comes to the project generator business model, it’s tough to find a more successful example than Altius Minerals (TSX: ALS; US-OTC: ATUSF). The company has seen substantial revenue growth over the past five years largely due to its contrarian investment strategy, which saw it add 13 productionstage royalties to its portfolio and boost revenues from less than 10¢ to more than $1 per share. On Sept. 12 Altius released its second-quarter financial results headlined by adjusted earnings of $6.4 million, or 15¢ per share. The company expects to generate $40 million per year in revenue going forward, which is especially impressive considering it was $3 million per year in 2013. And Altius has succeeded largely by investing in commodities that are out of favour. The company’s largest revenue generator is actually thermal coal, while it’s also heavily invested in fertilizers via royalties on mining operations run by Potash Corp. of Saskatchewan (TSX: POT; NYSE: POT) and Agrium (TSX: AGU; NYSE: AGU). Altius’ most recent deal involves acquiring future copper payments from Yamana Gold’s (TSX: YRI; NYSE: AUY) Chapada copper-gold mine in central Brazil. Altius paid US$60 million and 400,000 shares for 3.7% copper production from the operation, which drops to 1.5% for remaining life-of-mine after delivering 75 million pounds. “The timing of the Chapada purchase marked the end of this down period in the commodity cycle,” Altius president and CEO Brian Dalton said during a confer-

1 2 3 4 5 11 13 14 15 16_OCT 10_Main .indd 13

| Thermal coal and fertilizer among investments

ence call. “We were able to get in under the wire with that deal, but immediately we shifted our gears. Sentiment towards our sector has changed and speculative capital has begun to return. Accordingly, we’re turning a good part of our time and attention to preparing to realize value from the extensive portfolio of exploration-stage projects we accumulated during the bear market.”

west Cork sediment-hosted copper target, where recent grab sampling yielded 7.6% copper and 342 grams silver per tonne from disseminated bornite and chalcocite, within a reduced sandstone unit. “It’s a business we know well, since it was this exact type of activity during the previous [bull market] that allowed us to build a large cash balance that we converted to cash-flow royalties. The market

“WE’RE TURNING A GOOD PART OF OUR TIME AND ATTENTION TO PREPARING TO REALIZE VALUE FROM THE EXTENSIVE PORTFOLIO OF EXPLORATION-STAGE PROJECTS WE ACCUMULATED DURING THE BEAR MARKET.” BRIAN DALTON PRESIDENT AND CEO, ALTIUS MINERALS

of “bread-and-butter” resources. In May, Altius closed a $40-million, bought-deal financing wherein it sold 3.6 million shares priced at $11.25 per share. The offering was led by TD Securities and Scotia Capital, and included Raymond James, BMO Nesbitt Burns and

Haywood Securities. Altius shares have traded in a 52week price range of $7.39 to $13.89 per share, and closed at $9.56 at press time. The company has 43.4 million shares outstanding for a $419-million market capitalization. TNM

CAREER OPPORTUNITIES

CAREERS ADVERTISING RATES $12.65 per agate line. Minimum size 2 columns x 1” $354.20. Closing date is 10 days prior to publication date. All Canadian orders subject to applicable taxes.

For further Careers advertising information contact: Given Altius’ contrarian investment thesis, it has expanded its exploration portfolio over the past few years, and has earmarked copper and zinc as commodities of interest. Last year, the company acquired 80% of 1,800 sq. km in Ireland that it deems prospective for carbonate-hosted zinc-leadsilver deposits. Altius also picked up the largest land position in Newfoundland’s Buchans camp, after parts of the mineral belt became available for staking last year. The company’s holdings include concessions surrounding the past-producing, Buchans high-grade zinc-lead-copper mine. As for copper, Altius is part of a joint venture exploring 1,000 sq. km in northern Chile, as well as another 1,100 sq. km in Ireland at the South-

shift has reduced opportunity and attractiveness from that perspective, and our experience and instincts tell us we can do more by daylighting our exploration assets,” Dalton said. “What we’re seeing on the ground level is that things have changed completely. Companies of all sizes are now calling for projects, and that’s an early sign that the cycle is turning. We’re going to demonstrate over the next couple quarters just how prepared we are for this market,” he added. Two commodities Altius will likely avoid are uranium and lithium. Dalton said during the conference call that recent large-scale uranium discoveries could “meet demand for quite some time,” while the company avoids specialty commodities that tend to “run up and run out quite quickly” in favour

Joe Crofts 416-510-6816, jcrofts@northernminer.com, Toll free North America: 1-888-502-3456, (ext. 43729) Fax: 416-447-7658

Resumes Wanted Looking for a career in the mining and exploration industries? Post your resume for FREE on the website that specializes in recruitment for mining companies and suppliers... you’ll be glad you did.

Visit www.northernminerjobs.com today

2016-10-04 5:59 PM

WWW.NORTHERNMINER.COM

OCTOBER 10–16, 2016 / THE NORTHERN MINER

Falco eyes high-tech mining at Horne 5 in Rouyn-Noranda QUEBEC GOLD

| Automated operation could move 15,000 tonnes daily BY MATTHEW KEEVIL

The Horne 5 gold deposit is below the past-producing Horne polymetallic mine (above), operated by Noranda from 1926 to 1976 in Rouyn-Noranda, Que. FALCO RESOURCES

mkeevil@northernminer.com VANCOUVER

alco Resources (TSXV: FPC; US-OTC: FPRGF) says new mining technology and methods could boost efficiency at its large Horne 5 gold-silver-copper-zinc deposit in Rouyn-Noranda, Quebec. The $905-million operation would be one of the largest underground gold operations in North America, and the company aims to start production within four years. In May, Falco released a preliminary economic assessment (PEA) on Horne 5 that outlines an operation that would use remote control equipment to move 15,000 tonnes of material per day to a flotation-thickening facility divided between three circuits to

recover copper, zinc and pyrite concentrates. The deposit is located 600 metres to 2,300 metres below surface. “The main thing we’re pushing right now is a high level of automation. We’ll use a lot of trucks underground that are remotely controlled from surface, and that will materially boost our efficiency,” president and CEO Luc Lessard said during a presentation in September. “That will allow us to really push the tonnage, and within 15 to 30 minutes of blasting you can start mucking. It will all be a state of the art, high-tech mine. This has really emerged regionally as a new form of mining that takes advantage of modern processes. It’s a big lowgrade deposit and it’s going to be a lot like what we did with Canadian Malartic, except it will obviously

GET ON BOARD WITH A LEADING SOURCE OF MINING

COMPANY & PROPERTY DATA

The 2016 Canadian & American Mines Handbook is an incredibly powerful resource in your business arsenal.

Featuring comprehensive profiles on over 2,000 active publicly-traded mining companies as well as over 1,400 mines and advanced projects related to those companies, your business decisions will always be backed up by the most up-to-date industry data.

Order Your Copy Today!

$136

+ S/H

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

www.mineshandbook.com Canadian & American Mines Handbook - 38 Lesmill Rd., Unit 2, Toronto ON, M3B 2T5

1 2 3 4 5 11 13 14 15 16_OCT 10_Main .indd 14

be underground,” he added. A Horne 5 operation would crank out 236,000 oz. gold annually at all-in sustaining costs of US$427 per oz., net of by-product credits. The US$1,250 per oz. base case features a U$667-million, after-tax net present value at a 5% discount rate, and a 16% internal rate of return. The mine plan targets 63.8 million tonnes of volcanogenic massive sulphide material with an average diluted grade of 1.6 grams gold per tonne, 15.5 grams silver per tonne, 0.2% copper and 0.9% zinc. The average gold-equivalent grade is 2.6 grams per tonne for 4.8 million contained equivalent ounces. On Sept. 6, Glencore (LSE: GLEN) confirmed it would not exercise a back-in right on the property that it negotiated during the initial sale to Falco in 2011. The multinational miner still retains a 2% net smelter return royalty on all metal produced from Horne 5. Glencore operates the Horne smelter in the same industrial complex, which takes in both copper concentrates and precious metalbearing recyclable materials to produce a 99.1% copper anode. Lessard said Falco would produce a “clean concentrate” that could likely be processed at the facility. “We’ll now be able to aggressively drive this project forward, and we believe it’s one of the next big mines in Canada,” Lessard said, noting there should be a resource update within two months, and then Falco will complete a feasibility study and an environmental assessment. “We have strong support from the Quebec government. They have been part of mine builds and are active in supplying capital,” he said. “That relationship carries over to permitting, which is really straightforward, and we aim to be in full commercial production by mid-2020.” Horne 5 carries a hefty capital expense, and Falco hopes to leverage its relationship with Osisko Gold Royalties (TSX: OR; NYSE: OR) and the Quebec government to shoulder the burden. In May the company arranged a $1-million loan with Osisko that included an 18-month clause to negotiate a silver and/or gold stream for part of the development capital. Lessard said the deal could provide up to $150 million in capital. “Following that, we do expect support from the governmentsponsored funds,” he said. The company also invested in a 10,000-metre drilling program to test an area between the western edge of the Horne 5 deposit and the Horne Creek fault, which it hopes can provide more ore early in the mine’s life to delay costs required to access deeper material. Positive results from hole 16-17A reportedly confirmed grade and thickness in the western area, including 12.4 metres at 5.14 grams gold equivalent. “The most recent results were collared on the target we’re using to extend the mine life over the first phase of operations. If we can find more tonnage on that western side, we’ll be able to delay the deepening of the shaft,” Lessard said. Falco has traded in a 52-week range of 20¢ to $1.39, and closed at $1.31 per share at press time. The company has 114 million shares outstanding for a $144-million market capitalization. Osisko Royalties holds a 16% equity stake. TNM

2016-10-04 5:59 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 10-16, 2016

SolidusGold to buy Newmont’s Northumberland for US$20M NEVADA GOLD

| Van Nieuwenhuyse-led junior sees exploration potential in past producer

BY MATTHEW KEEVIL

mkeevil@northernminer.com

ick Van Nieuwenhuyse’s SolidusGold (TSXV: SDC; USOTC: SLDGF) is making a significant wager on a potentially underappreciated piece of Newmont Mining’s (NYSE: NEM) expansive gold portfolio in Nevada. On Sept. 15, Solidus announced its intention to acquire a 100% interest in Newmont’s 97 sq. km Northumberland gold project for US$20 million in cash. The Carlin-style gold deposit is 150 km northeast of the historic mining town of Tonopah along State Highway 376. Newmont picked up the property in 2011 as part of its US$2.3billion deal for Fronteer Gold and the junior’s Long Canyon oxide gold discovery. SolidusGold says that US$17.5 million has been spent on Northumberland over the past eight years. Northumberland has a historic resource of 36.5 million indicated tonnes grading 1.92 grams gold per tonne and 7.72 grams silver per tonne for 2.2 million contained oz. gold and 9.1 million contained oz. silver. SolidusGold’s initial interest will be in open-pit oxide material that includes 13.6 million indicated tonnes of 1.23 grams gold and 7.31 grams silver for 602,000 contained oz. gold equivalent. Van Nieuwenhuyse serves as SolidusGold chairman and interim CEO. He is best known for his role in discovering the massive Donlin Gold deposit in the historic Kuskokwim belt of southwest Alaska, now a project jointly owned by Barrick Gold (TSX: ABX; NYSE: ABX) and NovaGold Resources (TSX:

The historic pit at Newmont Mining’s Northumberland gold project in Nevada. SOLIDUSGOLD

NG; NYSE-MKT: NG) following Barrick’s failed hostile takeover of NovaGold almost a decade ago. “There’s a lot of information that can go into updating the historic resource, and we’ll do our own work as well,” Van Nieuwenhuyse said during a conference call. “Newmont’s current focus on near-mine exploration and development meant this was a non-core asset, which allowed us to make the proposal. The scarcity factor in terms of assets of this size and calibre really makes this a unique opportunity. There’s just not a lot of large-scale, multimillion-ounce gold deposits in Nevada that are not already in the hands of major companies.” Northumberland sits in the middle of Nevada in northern Nye County,

50 km north of Kinross Gold’s (TSX: K; NYSE: KGC) Round Mountain mine. The project area includes 16 sq. km of patented private mining claims, mill-site patents and fee lands. Open-pit, heap-leach mining from 1981 through 1990 generated 231,000 oz. gold and 486,000 oz. silver. Northumberland has a 35 km gravel road, while Newmont’s exploration permits, on private and United States Forest Service lands, are designed and bonded for future surface disturbance. Previous site development includes 400 metres of underground decline and drill platforms. All historic resources are on private land with no underlying royalties. “Our team believes there is significant discovery upside on the

property, and obviously it’s a safe jurisdiction. We’ll focus on the openpit oxides initially and there’s good potential for expansion, but there is also tremendous upside, in terms of underground sulphide mineralization,” Van Nieuwenhuyse said. “We also see some really great exploration upside on a number of targets that have been identified, but not yet drilled. These are located on forestry-service lands, so it will require another permit step, but I’m encouraged by the high-grade soil anomalies south of the historic resource along trend,” he added. To finance the acquisition and near-term exploration work, SolidusGold has signed a deal with Haywood Securities for a $40-million private placement, wherein it would sell 114.3 million subscription

receipts at 35¢ each. SolidusGold also negotiated an over-allotment option that could raise another $6 million. Each subscription receipt converts to a SolidusGold share when the Northumberland deal is finalized. The financing could close in October, while the property deal is scheduled to be complete by late November. The company reports that “certain strategic investors,” led by U.S.-based private equity outfit GF Capital, have expressed interest in subscribing for up to $20 million of the financing. SolidusGold has out lined a $9-million work program that could include $8 million in drilling and $750,000 in metallurgical work to gain more understanding of the sulphide and transitional material. The company hopes to release a National Instrument 43-101 compliant resource estimate at Northumberland by May 2017. “There’s a great database there, so I don’t think it’s going to take a lot of drilling to get comfortable with the historic resource. That will be the first phase of our drilling,” Van Nieuwenhuyse said. “We need to validate the oxides, and see if we can get that resource up towards 1 million oz. gold. The second phase will probably look at expanding the sulphide resource and gain greater confidence in the oxides.” SolidusGold has traded in a 52week range of 3¢ to 72¢, and gained 14¢ after news of the Northumberland deal to a 49¢-per-share close at press time. The company has 49 million shares outstanding for a $25.2-million market capitalization, and expects to have pro-forma cash of $14.5 million after the acquisition. TNM

Teck seeks more cuts despite ‘cost-reduction fatigue’ RESTRUCTURING BY SALMA TARIKH

starikh@northernminer.com

eck Resources’ (TSX: TCK.B; NYSE: TCK) chief financial officer Ron Millos said the company intends to lower debt and improve operating costs, despite the fact that it is getting harder find ways to save money. Beginning in earnest in 2012, the diversified miner cut costs amid the decline in commodity prices. Most savings have come from “productivity improvements” and labour reductions, Millos said at the Mines and Money Americas conference in Toronto. “We have taken $800 million out and targeted $200 million or so this year. We think we will be successful.” Productiv it y improvements include shrinking cycle times on t r uck s to s ave on labou r, fuel and maintenance costs, as well as changing maintenance practices to increase equipment produc t iv it y equ ipment , t he executive said. The senior producer of metallurgical coal, copper and zinc is working on 400 initiatives, where potential savings range from thousands to millions of dollars, Millos said, adding that they would have to be sustainable to count. Teck has also hired consultants to offest “cost-reduction fatigue” by providing fresh ideas. “We got the low-hanging fruit. We will continue to work at it. And

1 2 3 4 5 11 13 14 15 16_OCT 10_Main .indd 15

| Diversified miner aims to remove another $200M in annual costs after 2016

TECK HAS OVER $5 BILLION IN LIQUIDITY, DESPITE OPERATING AT A NEGATIVE CASH FLOW LAST YEAR. maybe there is another $100 million or $200 million … it’s getting down to where it is going to be challenging to continue cutting,” Millos admitted. The executive noted Teck has over $5 billion in liquidity, brushing off concerns that it operated at a negative cash flow last year. If investors exclude Teck’s capital spending on the 20%-held Fort Hills oilsands project in Alberta, it would have been “cash-flow neutral or positive,” and “continue to be so in 2016,” Millos said. (The company invested $966 million in Fort Hills last year.) To ensure the firm has enough funds to finance the remaining costs at Fort Hills, it extended the maturity on US$1 billion of its US$1.2-billion revolving credit facility from June 2017 to June 2019. It also closed a $1.3-billion offering of senior unsecured notes, where it used the proceeds to repay its nearterm maturities. Meanwhile, the miner seeks to regain its investment-grade credit rating. Teck would have to lower its

Teck Resources’ Highland Valley copper-molybdenum mine, 50 km southwest of Kamloops, British Columbia.

debt by $1.5 billion to $2 billion to achieve that goal, Millos said. Moody’s Investors Service cut Teck’s credit rating to “Ba1” last September, citing a decline in commodity prices and the company’s large capital spending plans. It further lowered that to “B3” this February. Market observers consider both ratings as non-investment grade, or “junk.” (Lower ratings

generally increase a company’s borrowing costs.) Teck’s total debt was $9 billion on June 30, 2016, down from $9.6 billion at the end of 2015. Net debt remained at $7.7 billion. Teck aims to lower its debt as commodity prices improve by using excess cash and proceeds from its asset sales, Millos noted. It is open to selling its two-thirds

TECK RESOURCES

of interest in the Waneta Dam and its interest in the Neptune coal terminal in British Columbia. “If we get a price that makes sense to us, we will consider acting on it,” Millos said, adding that these potential deals would take time to close. In addition, it has several noncore exploration assets that could generate “hundreds of millions of dollars” in sales. TNM

2016-10-04 5:59 PM

WWW.NORTHERNMINER.COM

OCTOBER 10–16, 2016 / THE NORTHERN MINER

Goldcorp’s Éléonore gold mine in the James Bay region of Quebec, 350 km north of the town of Matagami. GOLDCORP

S U B S C R I P T I O N

F O R M

Save Over 40 %

o of th e cover price!

ff 3 Easy Ways to Order:  Fax this form to: 416-447-7658  Call Toll Free: 1-888-502-3456  Order online at www.northernminer.com

PLEASE SEND MY SUBSCRIPTION OPTION AS INDICATED BELOW

Your subscription to The Northern Miner will include our authoritative weekly newspaper in either Print or Digital Edition format. Please select your format preference, as well as the subscription level you'd like to access. The Northern Miner BASIC

Weekly and daily news, daily E-NewsLetter, press releases, 4 issues of Mining Markets Magazine, 2 Issues of Diamonds in Canada Magazine, 1-year article archives.

The Northern Miner EXECUTIVE

Includes all the content from the Basic service, PLUS a database of detailed company, property and personnel profiles, article archive dating back to 1987, and personal topic alerts.

PRINT* 

DIGITAL 

Canada  $114 US  $114 International  $151

$114 $114 $114

Canada  $229 US  $229 International  $269

$229 $229 $229

*Add $6 for shipping and handling SUBSCRIBER INFORMATION

Name Email (Required for Daily News Service) Title

Address City

Prov/State

Postal/Zip Code

Tel

Country

Fax

MY PAYMENT PREFERENCE IS:

 

Cheque Enclosed to THE NORTHERN MINER (Payment must accompany order)



VISA

MasterCard



Amex

Credit Card #

Expiry Date

Name on Card: Signature (must be signed to be valid)

 Make my service continuous! I’ll never miss another issue. By requesting continuous service now, my subscription to The Northern Miner will renew automatically every year and my service will never be interrupted. I may cancel my subscription at any time PLEASE INDICATE YOUR CONNECTION WITH THE MINERAL RESOURCES INDUSTRY  Mining Company (Head Office)  Mining Company (Operations Personnel)  Mining Company (Other)

 Mining Services  Manufacturer/ Distributor or equip. supplies, etc.  Plant  Engineering and Research

 Exploration  Processing  Oil and Gas Services  Oil and Gas Exec. or Head Office  Government

 Investor  Institutional (School, Library, Assn. ... etc)  Other, please specify __________________

MONEY BACK GUARANTEE: If I am not satisfied with The Northern Miner, or northernminer.com I can cancel at any time and receive a refund for any undelivered issues.

1 2 3 4 5 11 13 14 15 16_OCT 10_Main .indd 16

QUEBEC GOLD

| Dilution, recovery issues lower production forecast

BY ALISHA HIYATE

Canadians (excl. ON, NB, NL, NS, PEI) add 5% GST, BC residents add 7% PST, ON, NB, NL residents add 13% HST, NS residents add 15% HST, PEI residents add 14% HST

Company

Goldcorp fine-tunes Éléonore mine

ahiyate@northernminer.com

s the Éléonore gold mine ramps up towards full production in 2018, its owner Goldcorp (TSX: G; NYSE: GG) appears well on its way to solve problems that popped up in its first year of commercial production. The underground mine in the James Bay region of Quebec achieved commercial production in April 2015. However, after unexpected dilution at the mine and recovery issues in the mill, production fell shy of expectations. Last year, Éléonore churned out 249,800 oz. gold — about 40,000 oz. short of its production target of 290,000 to 330,000 ounces. For 2016, the mine has a more modest production forecast of 250,000 to 280,000 oz. gold. One of the main issues at Éléonore last year was higher-than-expected dilution that reduced head grades after finding unexpected folding and faulting in the mine’s initial production stopes. In response, the company has reworked the stope designs, CEO David Garofalo said on the company’s second-quarter conference call. “As we continue to improve on the stope design to account for the folding and faulting, we are experiencing lower dilution and increasing grades,” he said. Another issue was not in the mine, but in the processing plant: reactive sulphide ores in some production stopes led to lower-thanexpected gold recoveries. Recoveries have increased with lab and plant work conducted on the reactive ore. The operation achieved a 90% recovery rate in the first two quarters of 2016, compared with as low as 85% in the last two quarters of 2015. Preproduction test work at Éléonore had achieved 92.5% recoveries. In addition to addressing the dilution and recovery issues at the mine, finishing the production shaft by year-end will drive efficiencies,

eliminating the need to truck ore or hoist it up the production shaft, and lower operating costs. “It will also allow us to ramp up to full production of 7,000 tonnes per day in the first half of 2018, following the expansion from four to six mining horizons that is expected in 2017,” Garafalo noted on the conference call. Reserves of 28.3 million tonnes grading 5.87 grams gold per tonne for 5.35 million oz. are contained in six horizons at the deposit. Throughput is expected to average 4,900 tonnes per day in 2016. Executive vice-president and chief operating officer George Burns confirmed that the company expects “steady improvement” at Éléonore. “We’re working on infrastructure in that lower half of the mine, so we’ll have the production shaft complete at the end of the year,” he said. “We’ll work on then connecting the shaft with ore waste passes that will be much more efficient than our current method of moving material, and we’ll shut down the exploration shaft, so there are lots of advantages coming.” The exploration shaft will be

converted to ventilation once the production shaft is complete. “Early next year into the middle of 2018, as we get the development done in the lower half of the mine and get that infrastructure in place, we’ll see a steady ramp-up of production and throughput at Éléonore.” In the second quarter, production at the mine totalled 74,000 oz. gold at an all-in sustaining cost (AISC) of US$919 per ounce (with a total by-product cash cost of US$857 per ounce). In 2015, the mine produced 249,800 oz. gold at a US$1,007 per oz. AISC. Across all of its mines, Goldcorp expects to produce 2.8 to 3.1 million oz. gold in 2016 at a US$850 to US$925 per oz. AISC. The company has undergone a restructuring, whereby it reduced staff, introduced zero-based budgeting and strengthened its management team. Goldcorp expects the changes will increase its annual sustained cash flow by US$250 million starting in 2018. Goldcorp shares recently traded at $21.94 in a 52-week range of $13.55 to $26.56. The company has 853.4 million shares outstanding. TNM

Workers underground at Goldcorp’s Éléonore gold mine in Quebec. GOLDCORP

2016-10-04 5:59 PM