The Northern Miner Oct 11 2021 Issue 21

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Agnico Eagle, Kirkland Lake to create new gold giant in US$10.7B merger M&A

| Combined company will have a market cap of about US$24 billion

Workers rescued from Vale’s Totten nickel mine near Sudbury RESCUE

| Miners were trapped underground for three days

BY MARILYN SCALES AND DANIEL SEKULICH

T

hirty-nine miners that had been stuck underground for three days at Vale’s (NYSE: VALE) Totten nickel mine, about 40 km west of Sudbury, were safely brought to surface on Sept. 29.

The miners, none of whom were injured, had been trapped following an incident that occurred around 11:30 a.m. on Sept. 26, when a loadhaul-dumper bucket slung under the cage became hung up in the shaft, blocking access to the shaft and cage.

With the shaft unusable, the miners reported to refuge stations on the various levels where they had been working, which ranged from about 914 to 1219 metres underground.

The company reported that the refuge stations were stocked with food, water, medicine and communication to the surface.

Fifty-eight responders were assembled from Vale’s mine rescue team and Ontario Mine Rescue’s Sudbury

BY CECILIA JAMASMIE

C

anadian gold miners Agnico Eagle Mines (TSX: AEM; NYSE: AEM) and Kirkland Lake Gold (TSX: KL; NYSE: KL; ASX: KLA) are combining their businesses in a stock deal valued at $13.5 billion (US$10.7 billion).

As part of the transaction announced on September 28, Kirkland Lake Gold shareholders will receive 0.7935 of an Agnico Eagle Mines common share for each stock they hold. The deal values each Kirkland Lake share at US$50.63, or a discount of 9% to the stock’s close on September 27.

The combined miner will have a market capitalization of approximately US$24 billion. Once closed, the merger would also leave Agnico with US$2.3 billion of available liquidity, a mineral reserve base of 48 million ounces of gold (969 million tonnes at 1.53 grams gold per tonne) and a pipeline of development and exploration projects.

The global gold miner is expected to generate 3.4 million ounces of gold this year and could herald more consolidation in the gold industry where investors look for deals that unlock value, Agnico CEO Sean Boyd said during a conference call.

Agnico shareholders will own

Agnico Eagle’s CEO Sean Boyd (front left) with a gold doré bar at the Meliadine mine in Nunavut.

AGNICO EAGLE MINES

about 54% of the combined company, while those of Kirkland Lake will have a 46% ownership.

“Both companies don’t have to do this,” Boyd said on the conference call. But the “strategic rationale makes sense and the industrial logic is there,” with a synergy of US$2 billion over the next ten years.

The new Agnico will be led by a combined board and management team. Boyd, its current boss, will become executive chairman, while Kirkland Lake CEO Tony Makuch will be the combined company’s CEO. Agnico has mines in Canada, Finland and Mexico as well as exploration and development activities in those countries and the United States and Colombia.

Kirkland Lake has the Macassa mine and Detour Lake mine, both in northern Ontario, and the Fosterville mine in Australia.

“This deal is more about a number of mines and location of mines in terms of manageability, rather than an overall ounce number,” Boyd said.

See M&A / 16

NICKEL: WORLD’S TOP TEN PRODUCERS / 3

unit and headed underground.

The responders began descending an escapeway ladder system towards the miners about a day and a half after the cage blocked the shaft. The rescuers then began to assist the miners for the trip up the ladders to the surface. This entailed a climb of about a kilometre, with rest stations about every 100 metres along the way, and the climb took about half a day.

The first miners made it to the surface just before sunrise on Sept.

28, where they were met by medical staff and other first responders.

By late that afternoon, 35 of the 39 miners were safely aboveground.

The last four to be rescued made it out just before 5:00 a.m. on Sept. 29.

“I’d like to congratulate our rescue team,” Vale CEO Eduardo Bartolomeo said in a press release after meeting with employees and rescue personnel in Sudbury. “Bringing our 39 employees home safe and healthy See RESCUE / 16

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Peru minister says US$1.4B Tia Maria mine a no go COPPER

P

| Project has faced opposition from locals wave of protests in the Arequipa region.

Developing the controversial project would be a breakthrough in a country where the mining industry’s relations with isolated rural communities often sour.

The mine is expected to produce 120,000 tonnes of copper a year

BY CECILIA JAMASMIE

eru’s economy and finance minister has cast further doubt about Southern Copper’s (NYSE: SCCO) long-delayed US$1.4 billion Tia Maria project by saying he believed the proposed mine in the southern Islay province was “socially and politically” unfeasible.

“Tía María has already gone through three or four waves of community and governmental attempts of repression and death. I don’t think it’s appropriate to try again if you’ve already crashed into a wall of social resistance once, twice, three times,” minister Pedro Francke told local media.

President Pedro Castillo has singled out the Tia Maria project as a nonstarter under his administration, a view that has been echoed by other members of his cabinet, including Minister of Energy and Mines Ivan Merino.

Southern Copper, a subsidiary of Grupo Mexico, has experienced several setbacks since it first announced its intention to develop Tía María in 2010.

Construction plans have been halted and readjusted twice, in 2011 and 2015, due to fierce and at times deadly opposition by locals. They worry about Tia Maria’s impact on nearby crops and water supplies.

In 2019, Peru’s previous government approved Tia Maria’s licence, a decision that triggered yet another

Left: Southern Copper’s Tia Maria copper project in Peru. SOUTHERN COPPER Below: Core shack at Southern Copper’s Tia Maria copper project. SOUTHERN COPPER

Mick Davis walks away from Guinea vehicle he founded

Agnico Eagle and Kirkland Lake deal could be one of the last mega-mergers in Canada

| Mining veteran now looking at opportunities for battery metals

IRON ORE

BY CECILIA JAMASMIE

M

ining veteran Mick Davis has cut ties with Niron Metals, an investment vehicle he co-founded in 2019 to develop Guinea’s Zogota iron ore deposit, previously owned by BSG Resources (BSGR).

The former Xstrata boss, who was chair of Niron, ceased to be a director in mid-September and is no longer a person with “significant control” of the private company, filings at Companies House, England’s registrar of companies, show.

Niron was appointed Zogota’s developer as part of a settlement between the Guinean government and BSGR, the mining group controlled by the family of Israeli diamond tycoon Beny Steinmetz.

Davis’ decision of divorcing himself from Niron Metals was taken before a military coup overthrew Guinean president Alpha Condé in early September, FT.com reports.

“People with knowledge of the situation said Davis had come to the view that it could take many years before Niron would be able to secure a route to market for Zogota’s iron ore and that he wanted to focus on other projects,” the article says.

Guinea, which has some of the world’s biggest unexploited iron ore deposits in its southeastern corner, is also one of the countries where it’s very difficult to bring assets

into production, mainly because of the absence of infrastructure to ship the ore.

Niron had been able to ink a memorandum of understanding with neighbouring Liberia to use a rail and port to export iron ore from the Zogota deposit. Gaining access to the shipping route, the same one Guinea vetoed for years for the much larger Simandou project, could have helped Davis bring the proposed mine into production quickly and relatively cheaply.

Davis is a well-known name in the mining industry as he led Xstrata from a US$500 million business in the early part of the last decade to an operation so big that — at one point — it made a takeover offer for Anglo American (LSE:AAL).

As finance chief of miner Billiton, which he helped list on the London Stock Exchange, Davis was also a key figure in the 2001 megamerger with BHP (NYSE: BHP; LSE: BHP; ASX: BHP), which created the world’s largest mining company.

In 2012, he sold Xstrata to Glencore (LSE: GLEN) and ventured into setting up X2 Resources, a mining fund that was unable to score any deals in the three years after launch.

The mining veteran now wants to seize the opportunity presented by the increasing need for battery metals with his newly founded investment firm Vision Blue Resources (VBR). TNM

over an estimated 20-year lifespan.

It would employ 3,000 people during construction and provide 4,150 permanent direct and indirect jobs.

Despite its ongoing opposition to Tia Maria, the Castillo administration is working on a new approach to community relations and red tape to unlock more of the country’s huge mineral wealth.

Peru is the world’s second-biggest copper producer after neighbouring Chile and a major supplier of silver and zinc. TNM

M&A

T

| ‘Most of the big deals are done,’ says mining analyst

BY TRISH SAYWELL

he mega-merger of Agnico Eagle Mines (TSX: AEM; NYSE: AEM) and Kirkland Lake Gold (TSX: KL; NYSE: KL; ASX: KLA) unveiled to the market on September 28 “makes a lot of strategic sense” but is likely to be the last blockbuster M&A deal by a major in the Canadian mining sector, according to Haywood Securities mining analyst Kerry Smith.

“Most of the big deals are done,” Smith says in an interview. “There are going to be acquisitions of assets by some of the mid-tiers — that’s what’s going to come next. I think we’ll see mid-tier mining companies buying single-asset development stage companies; companies like Rupert Resources, Moneta, and Belo Sun Mining and others — companies that are in super-easy jurisdictions to work in.”

Having assets in safe and familiar jurisdictions was one of the key drivers and rationale behind the tieup of Agnico and Kirkland Lake, Smith says. Kirkland Lake’s assets are in Canada and Australia, while Agnico’s are in Canada (Nunavut and Ontario), Finland, and Mexico. “In terms of the assets they are acquiring and the regions they’re in, I think it’s all pretty complementary and so it’s a really smart deal.”

Smith notes that while there were rumors floating about that Kirkland Lake might merge with one

of a number of other companies including Barrick Gold (TSX: ABX; NYSE: GOLD); Newmont (TSX: NGT; NYSE: NEM) or even Newcrest Mining (ASX: NCM), from the two companies’ perspective, it would be preferable to stay rooted in countries like Canada, Australia and Europe, rather than merge with a company active in riskier regions such as Africa or Papua New Guinea.

“If I’m on the board of Kirkland Lake Gold, I’d much rather link up with Agnico than Barrick,” he says.

“Barrick has operations all over Africa, so there’s stuff that they have in their portfolio that Agnico and Kirkland Lake would not be interested in at all. Newmont would be the same because it has a lot of operations in Africa ... and Newcrest has assets in countries other than Australia and Canada as well.”

“Two thirds of the combined company will be in Canada, which Agnico understands very well, and Australia is a stable jurisdiction,” he continues. “Agnico has been over and looked at the Fosterville operation and it’s pretty self-sufficient and runs pretty well. Agnico has a lot of experience in underground mining and some of that will be useful at Fosterville, but Australia also has good miners.”

Overall, this will make it relatively easier to integrate the operations of both companies into one larger company, he says. “This is a quantum sized deal for Agnico — it’s

doubling the company’s size,” he says. “The reason Agnico’s board is positive is that I don’t think the integration will be nearly as difficult as if it were to buy something else with assets in different jurisdictions where they’ve never worked before.”

Smith points out that not only will the transaction create the third largest gold mining company on the planet, but it will be a Canadian miner. “We’ve finally got another really big Canadian mining company — they’re going to have 85% of their reserves in Canada and 75% of their production is going to be in Canada. I like the deal. It’s great.”

As for comments from some Kirkland Lake shareholders on the conference call that the timing is wrong, given that the company has recently succeeded in getting the Detour mine running well and that it is still trading at a discount to where it was trading when it acquired Detour Gold, in addition to having lots of exploration upside, Kirkland Lake CEO Tony Makuch had a good answer for that, Smith recounts.

“Tony said: ‘Sure, we think we’ve got a lot of upside on exploration at Fosterville and at Macassa and Detour, but we also see a lot of upside in Agnico’s exploration portfolio too in Nunavut and Finland, so we’re trading some of our upside for their upside so I think the deal is good for both of us,’” Smith paraphrases.

See ANALYSIS / 16

GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 11—24, 2021

3

RANKED:

World’s top ten nickel producers NICKEL

N

BY AMANDA STUTT

ickel and its compounds are essential for manufacturing steel, but nickel has also been dubbed ‘the silent saviour’ as it plays a role in the global transition to clean energy as one of the key metals used in batteries for electric vehicles.

Total nickel reserves are estimated at 94 million tonnes globally, according to the US Geological Survey, with Indonesia and Australia among the countries holding the largest endowments.

Global nickel production totalled some 2.2 million tonnes in 2020 despite a global pandemic. This year, global mine production is expected to grow — GlobalData estimates a 6.8% increase to nearly 2.5 million tonnes.

Using data provided by sister company Miningintelligence,

| GlobalData forecasts 2021 nickel production of nearly 2.5 million tonnes MINING.COM has compiled a list of the world’s biggest nickel companies based on their production in 2020.

Russia’s Norilsk Nickel (Nornickel) takes the top spot with over 178 kilotonnes (kt) produced, up from 172 kilotonnes in 2019. Nornickel’s Kola division, which includes five operating mines, is under scrutiny for its environmental footprint, and the company has pledged to invest about US$5 billion over the next decade to clean up lines on the Kola Peninsula.

Brazil’s Vale (NYSE: VALE) comes in second place, with 167 kilotonnes, down from 171 kilotonnes produced the year prior. PT Vale Indonesia said it aims to start construction at its Pomalaa nickel project next year.

Mining giants in third, fourth and fifth places respectively are Glencore (LSE: GLEN), with assets in Australia, Canada and Europe producing a

1

Company

Headquarters

Country

Norilsk Nickel

2020 Production (kt)

% Change y/y

Moscow

Russia

178.2

3.12

2 Vale

Rio de Janeiro

Brazil

167.6

-2.33

3 Glencore

Baar

Switzerland

101.6

-6.45

4 BHP Group

Melbourne

Australia

74.8

13.33

5 Anglo American

London

UK

43.6

2.11

6 South32

Perth

Australia

36.1

-11.08

7 Eramet Group

Paris

France

35.9

35.47

8 IGO

Perth

Australia

29.5

-6.36

9 Terrafame

Sotkamo

Finland

28.7

4.36

10 MCC-JJJ Mining*

Beijing

China

28.6

2.88

Source: Miningintelligence *Production based on 85% ownership of the Ramu mine in Papua New Guinea

combined 101kt, down from 108kt in 2019, followed by BHP (NYSE: BHP; LSE: BHP; ASX: BHP) with 74.8kt from its Nickel West operations in Australia, and Anglo American (LSE: AAL) at 43.6kt from its operations in Brazil.

Australian diversified miner

South32’s (ASX: S32) Colombian nickel operations produced 36.1kts, down 11% from the prior year, nearly neck and neck with Paris-based Eramet Group, which produced 35.9kts.

Perth-based IGO produced 29.5kts, with Finland’s Terrafame

following closely with 28.7kts. China’s MCC-JJJ Mining, with production based on its 85% ownership of the Ramu mine in Papua New Guinea, rounds out the top ten, trailing only a point behind Terrafame, with 28.6kts of nickel produced in 2020. TNM

Mixed hydroxide precipitate — the new class one nickel OP-ED

| MHP behaves very similarly to nickel briquettes, powders and oxide

BY ANTHONY MILEWSKI

W

e’ve all read about the push for de-carbonization, which is the primary driver for the battery mega-factory boom.

All of these factories need nickel and cobalt for their products, but mostly they need nickel.

According to research and consulting firm Wood Mackenzie, there is a general consensus that about 200,000 tonnes of nickel went into battery precursors for rechargeable batteries last year and the expectation this year is that this will increase to as much as 300,000 tonnes, which is close to the availability of Class I briquettes and powder.

The problem is that years of low nickel prices hammered Western Class I nickel producers and many of them scaled back or shut down. In the last ten years we have seen Cuba’s Nicaro, Queensland Nickel’s mine of the same name, Votorantim’s SMP, and First Quantum’s Ravensthorpe nickel operations all shuttered (with Ravensthorpe coming on and off as nickel prices dictated profitability).

New Caledonia’s Goro operation has continued to operate but well under capacity, and it has been the same story for Sumitomo’s Ambatovy in Madagascar. The result was that a lot of Class I nickel (and high purity nickel oxide such as from Queensland Nickel, Nicaro and Goro) came off the market with no new greenfield projects coming online to meet demand when it began to rise.

In response, battery manufacturers started to work backwards, looking for new nickel sources that would allow for interchangeable substitution between metal briquettes, powder and oxide. Crude forms of nickel sulphate (NiSO4) from platinum group metal (PGM) refiners, such as Sibanye-Stillwater and Impala, saw payable nickel increase as demand increased. However, the availability of this material was limited, so the battery industry moved on to look at intermediates that would behave similarly to nickel briquettes or nickel powder.

The available options were mixed sulphide precipitate (MSP), basic

An employee at Murrin Murrin, a nickel and cobalt producer in the northeastern Goldfields region of Western Australia. MINARA RESOURCES

nickel carbonate (BNC), and mixed hydroxide precipitate (MHP). All of these are less expensive to produce than briquettes, powder or oxide because they are an intermediate to making that product. In addition, they all sell at a discount to London Metals Exchange (LME) prices, as opposed to briquettes, which are LME deliverable, and powder/oxides, which are typically priced at or greater than LME depending on application.

MSP, which is typically 55% nickel, is produced by exposing high pressure acid leach (HPAL) solutions to hydrogen sulphide, which is a lethal gas. Ambatovy, Glencore’s Minara, Sherritt’s Moa Bay, and Sumitomo Metals Coral Bay and Taganito, all produce MSP. Finnish producer Terrafame also produces MSP from a heap leach operation.

Basic nickel carbonate sits between 40-50% nickel. It was the intermediate of choice for Caron process plants [which were energy intensive and relied on reducing gases to convert the laterite ore into one that could be easily leached in an ammonia solution allowing for recovery as BNC prior to refining into final product], however, these plants are now essentially defunct. It was also produced at Queensland Nickel, Votorantim’s Niquelandia (Brazil), Marinduque’s

Nonoc (Philippines), Nicaro and Punta Gorda (Cuba). Of these only Punta Gorda is still operating.

Of these three options, it was MHP that quickly gained acceptance because it behaves very similar to nickel briquettes, powder or oxide in that it can be dissolved in the same equipment at the same rates. Admittedly, it contains higher impurity levels and other magnetic materials, but these can be removed with additional investment beyond current purification circuits. After all, these same contaminants are typically present in briquettes and so forth but in greatly reduced concentrations, so it is just a rate limiting issue.

MHP supply was also more favourable than its competitors. Ravensthorpe had decided to produce MHP because refining was to take place at Queensland Nickel, which already upgraded basic nickel carbonate to nickel oxide. Nickel 28’s joint venture on Ramu with China Metallurgical (MCC) was the second operation to start making MHP, given it is far safer to make than mixed sulphide precipitate (MSP). Meta Nikel’s Gordes in Turkey was designed to make MHP and is now operating.

As demand rose, producers quickly responded. Goro, now owned by Prony Resources, is focusing on

MHP production and Indonesia has announced it is building five HPAL projects that will produce MHP with capacity stated to be almost 240,000 tonnes per year of contained nickel by 2025, according to Australia’s Macquarie Bank.

Additionally, two companies with major nickel sulphide projects recently announced that they are going to pursue or produce MHP. The first one is a company in Australia called Blackstone Minerals, which has a nickel sulphide mine in Vietnam.

The other is Giga Metals, which has an advanced nickel sulphide project in Canada and has announced that, instead of making concentrate, it will make MHP. Brazilian Nickel continues to pursue high purity MHP/BNC at its Piaui project in Brazil.

What we’ve seen is the MHP market evolve from an intermediate to a primary feed in the manufacture of rechargeable batteries. And it’s even going further downstream.

For example, cathode plants like BASF and Umicore are building their plants adjacent to MHP producers and they’ll take solution right across the fence and make cathode-active material directly from that to save on shipping costs. This concept is being heavily promoted in Canada, Australia and Indonesia as an integrated supply chain from mine to precursor/cathode.

The rapidly rising dominance of MHP makes their change of direction an obvious choice. This is particularly so because making MHP from sulphide or sulphide concentrate is much simpler, and therefore less costly, than making it from laterites, thus giving sulphide deposits an advantage in the race to cash in on MHP’s rising importance.

What has happened to matte? In February 2021, China’s Tsingshan upset the global nickel market by announcing it will convert Class II nickel pig iron (NPI) into intermediate nickel matte utilizing old but well proven technology. The goal was to solve the looming battery grade nickel deficit.

However, nickel matte cannot be converted to nickel sulphate as easily

as nickel powder, nickel briquettes or MHP/MSP. Therefore, it requires additional investment by nickel sulphate producers. Admittedly, nickel matte sells at a discount to LME, the same as NPI, however, recent NPI pricing has changed the economics of converting NPI to matte and suggests that matte production via this route will remain as swing capacity depending on market conditions.

Matte produced from NPI generates significant greenhouse gas emissions and goes in the opposite direction to the requirements of original equipment manufacturers (OEMs).

Three years ago, nickel intermediates had no use in the market except to be refined to either a chemical like a plaiting grade nickel sulphate or into a metal that went into stainless steel or alloys. They sold at a significant discount to the LME because producers were happy to receive the going rate of 75% of the nickel value. While MHP is still selling below LME, that discount has dwindled and now sits at approximately 5-10%.

The number of new MHP operations expected during this cycle could increase global supply to approximately 400,000 tonnes, according to Macquarie. That number is going to rival the availability of briquettes and powder, which of course are still used in traditional industries. And now that MHP producers recognize they don’t have to make nickel briquettes and powder, they are selling directly to the battery cathode producers.

Prices for MHP may have risen but they are still about 10% cheaper nickel content than buying briquettes and powder, and battery producers are now negotiating long-term contracts for supply and even investing in the plants in Indonesia. MHP really has become the new Class 1 nickel. TNM —Anthony Milewski is the chairman of Nickel 28 Capital (TSXV: NKL). The company has an 8.6% joint-venture interest in the Ramu nickel-cobalt operation in Papua New Guinea. In addition, it has a portfolio of 13 nickel and cobalt royalties on projects in Canada, Australia, and Papua New Guinea.

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COMPANY INDEX Agnico Eagle Mines ..........................1,2,5,16 Alexco Resources........................................ 12 Anglo American .....................................2,3,9 AngloGold Ashanti ...................................... 6 Artemis Gold............................................... 16 Ascot Resources.......................................... 16 B2Gold ........................................................... 6 Barrick Gold.................................................. 2 Bayhorse Silver............................................ 10 BHP ............................................................. 2,3 Centerra Gold ............................................. 12 Discovery Silver .....................................10,12 Ero Copper .................................................... 8 Excellon Resources..................................... 12 First Majestic Silver .................................... 16 Fortuna Silver Mines.................................... 8 Glencore...................................................... 2,3 Great Bear Resources ................................. 16 Group Ten Metals......................................... 9 Hycroft Mining ........................................... 16 Ivanhoe Mines .............................................. 9 K92 Mining ................................................. 16 Kirkland Lake Gold..............................1,2,16

Metallic Minerals...................................12,14 New Gold..................................................... 16 Newcrest Mining .......................................... 2 Newmont ....................................................... 2 Nickel Creek Platinum............................... 14 Orla Mining................................................. 16 Palladium One Mining .........................14,15 Platinum Group Metals .....................9,15,16 Pretium Resources...................................... 16 Probe Metals................................................ 16 Rupert Resources........................................ 16 Sibanye-Stillwater ......................................... 9 SilverCrest Metals....................................... 16 South32 .......................................................... 3 Southern Copper .......................................... 2 Superior Gold.............................................. 16 Vale.........................................................1,3,16 Victoria Gold............................................... 16 Vision Blue Resources.................................. 2 Wallbridge Mining ..................................... 16 Wesdome Gold Mines................................ 16 Yamana Gold.............................................. 5,6

CASARSAGURU/ISTOCK

W

hatever one thinks of the logic behind the proposed ‘merger of equals’ announced last week between Agnico Eagle Mines and Kirkland Lake Gold, one thing is abundantly clear: The business combination will indeed create a ‘Canadian mining Champion’ in the words of Agnico Eagle’s long-time CEO Sean Boyd. So

BY TRISH SAYWELL we thought we’d dedicate this space to Boyd and his opening comments in a conference call with Kirkland Lake Gold CEO Tony Makuch on September 28.

“Tony and I are very happy to be here to talk about our merger of equals, which puts two of the best gold mining businesses together to create an outstanding high quality senior gold producer. ... We think this makes a lot of sense for all of our stakeholders ... not just the shareholders but also our collective employees and also the communities in which we operate and we partner with, and our partners in those communities. This is all about making sure that we’ve created a business that continues to deliver at a high level for all these stakeholders.

We’ve had a sense as you’ve heard us talk about it, that the industry will likely consolidate and consolidate over the next two years and what we’ve been saying is, what’s critical to that is how this happens. How this consolidation happens will determine how successful the industry will be over the next ten to twenty years and how much value the industry will create, and I think the industry has demonstrated a lot of discipline and a lot of focus over the last several years, and we think going through this consolidation phase that we will continue to see discipline from the industry.

We have consistently said that if consolidation is to be successful it has to focus on taking advantage of regional consolidation opportunities that drive significant synergies and that also result in the best assets ending up in the strongest hands and keeping the risks low and the business high quality. We believe that we have accomplished all of those goals with the announced merger this morning.

I think you know that Agnico in its 60-plus year history — we haven’t wanted to be everywhere in the world, we’ve chosen those regions where we could see tremendous mineral potential and ability to do business — and with this combination we keep that favourable jurisdiction profile, and that low political risk profile. This will also be the lowest cost and the lowest risk growth.

This will also continue to be driven by leadership and ESG. ... The risk level is important. The industry is in a period right now where a lot of investors are indifferent about gold, and investors are looking for those high quality, low risk businesses that are generating significant free cash flow and this does that.

One of the key things that drove us to continue to discuss possibilities, which started two to three years ago, was the potential for significant synergies by putting these two businesses together, particularly synergies in the Abitibi Greenstone Belts. And if you go from the Detour mine south to Kirkland Lake and across to Val d’Or, this company will combine the best assets, have the best cost structure, have the opportunity to drive even more synergies from those assets, not just from an operational standpoint but also from a mine building standpoint when you think about the Upper Beaver project in Kirkland Lake and some of the other growth projects that we have. The synergy number is US$2 billion over ten years and we actually think we can do better than that as we get into these assets in more detail.

So that is what was driving the discussions, which we’ve talked off and on over the last two to three years, looking at what the synergies could be, and how by putting these companies together, we could realize on those synergies and put together the lowest risk, highest quality gold business.

One of the keys that I think you’ve seen from both companies over the last year or so is the exploration value-add, whether it’s the recent results coming out of Detour, or Fosterville, or also with our exploration update in July where we talked about our ability to grow our mineral resource and grow our reserves at several of our producing assets, which is driving brownfield opportunities within this business. So this, although it will be a bigger producer, it’s still very much an exploration story, where exploration success at any one of these large producers can move the needle in terms of value creation. ...

In terms of balance sheet strength, this company is extremely strong, and will have one of the best balance sheets in the industry. In fact Agnico has an investment grade credit rating, which we would expect there’s a strong possibility that that credit rating can be upgraded on a successful completion of this transaction.

So what we’ve really done here is we’ve built from a Canadian perspective, a Canadian mining champion that has a solid base of high quality assets; it has an experienced management team that has proven its ability to drive per share value over time; and it’s a company that’s well-positioned to take advantage of additional opportunities that present themselves at the right time with the right value proposition. So that’s why we’re extremely excited about this transaction.” TNM

THE VIEW FROM ENGLAND COLUMN

| Short iron bogey

BY DR. CHRIS HINDE Special to The Northern Miner

I

t is a difficult time to be an iron ore analyst, especially if you’re also a European golfer.

The 43rd biennial clash between golfing teams from the United States and Europe has just ended, with the Americans handing a thrashing to the team from my side of the pond.

I report this without any personal aptitude for the game, having never got past the point where throwing the ball was preferable. In this regard, golf ranks level with tennis, where I always found serving a disadvantage.

The Ryder Cup reminds me of the interview process for metals analysts when I was at S&P Global Market Intelligence (SPGMI). Applicants were frequently asked; how many golf balls are purchased each year?

Famously, a similar question used to be asked by McKinsey & Co.; namely, how many golf balls would fit into a Boeing 747?

The point, of course, is not that SPGMI (or McKinsey) was looking for analysts who knew the answer.

Rather we are looking for people with an ability to think problems though, and reach appropriate conclusions.

For the record, I remember that one (successful) interviewee was able to look at the big picture because he recalled there were some 35,000 golf courses in the world (which, incidentally, means there is almost one golf course per mining project, at least as was recorded on the SPGMI mining database). Based on utilisation rates, sunny days etcetera, the interviewee reckoned that these courses would each host an annual average of 15,000 rounds. If we exclude crazy golf, he estimated that an average round would see two balls lost, damaged or blamed for poor performance. Say 1.1 billion balls lost or discarded annually, with perhaps ten times that number in circulation.

A second SPGMI interviewee started his calculation with individual golfers, and assumed that one in 150 of the world’s population were likely to play at least one round of golf per year — which is about right globally, although the proportion of golfers rises to one in every 75 Europeans and an astonishing one in every 13 Americans (25 million registered golfers in a U.S. population of 330 million).

This prospective metals analyst suggested that the world’s 50 million golfers might play an average of ten rounds of 100 strokes per year, that is, 50 billion strokes. Assuming a similar total is spent on practice, that would mean 100 billion annual swipes at a ball.

Half of this effort, he reckoned, is spent on shots that are hardly likely to result in a lost ball, for example on the driving range or putting. If,

of the remainder, one in 100 strokes results in a lost ball, then some 500 million balls need to be replaced each year. This interviewee didn’t get the job as he had failed to take into account those balls bought as presents or replaced by disgruntled golfers (which is likely to at least equal the lost balls).

Whatever their analytical skills, the predicting of iron ore prices is not for the faint hearted at the moment. Covid-19 has made all economic forecasting problematic, and there is added political uncertainty in China, where ten months ago President Xi Jinping launched a left-leaning ‘Common Prosperity’ agenda.

We are yet to see the long-term impact of the crackdown on privately-owned companies and entrepreneurs but Beijing’s curbs on steel output to slow the construction-intensive economy have led to dramatic price falls for iron ore.

Property starts in China are down 9% this year, and Bank of America estimates that construction activity in the country accounts for 29% of global steel and 11% of copper demand, respectively. As a result, the price of iron ore (62% Fe CFR China) has halved over the past two months to under US$100 per tonne.

Iron ore and copper markets are gripped, in particular, by the debt crisis at Evergrande Group, which is China’s second-largest property developer.

Goldman Sachs predicts that this year’s shortfall of 60 million tonnes in seaborne iron ore will become a 3 million tonne surplus next year, and perhaps an oversupply of 69 million tonnes by 2024 (when an average price of only US$75 per tonne is predicted). UBS is even more pessimistic, and reckons the market for iron ore is already in surplus.

Reflecting this turmoil, the MSCI (formerly Morgan Stanley Capital International) World Metals and Mining index has been in retreat since May, and the equity index has now shed all of its prior gains for the year.

If only iron ore markets were as easy to predict as the Ryder Cup. Only two of the 11 competitions since 1999 have not been won by the home team — the exceptions being European successes in 2004 at Oakland Hills, Michigan, and the 2012 ‘Miracle of Medinah’ in Illinois.

To put you out of your McKinsey misery; our best guess at SPGMI was 21 million balls to fill the empty shell of a Boeing 747. That equates to the number of golf balls replaced globally every week; shame they are not made of iron. TNM Dr. Chris Hinde is a mining engineer and the director of Pick and Pen Ltd., a U.K.-based consulting firm he set up in 2018 specializing in mining industry trends. He previously worked for S&P Global Market Intelligence’s Metals and Mining division.

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GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 11—24, 2021

5

Global Jeffrey Christian says capital formation constraints could ultimately stunt EV revolution GMS

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BY HENRY LAZENBY

he rapid onset of the green energy revolution could be stunted by pervasive structural issues in the finance sector spilling over to mining. It hinders capital formation, especially for junior mineral explorers, CPM Group managing partner Jeffrey Christian recently told The Northern Miner’s Global Mining Symposium.

Chief among the issues constraining capital formation is a lack of enthusiasm among investors for the industry, given its recent history of wholesale value destruction and the relative underperformance of mining equities versus other competing sectors such as technology.

“The dividends tend to be minor compared with other sectors, and in good times, the mining executives have tended to focus on mergers and acquisitions and operations, rather than their shareholder value. So, I think that these are some factors that are causing institutional and non-institutional investors to pivot away from mining,” said Christian.

CPM Group has undertaken indepth research on the matter and has concluded there were several

| ‘Structural issues’ can be negative for investing in mining, Christian says structural issues on the institutional investment side and the capital market side, and on the equity side that are much more negative for investing in mining than anything specific to mining.

“And what they are, they’re specifically negative for investing in individual companies, and in smaller companies. And I hate to say it, but even the largest gold mining companies’ market caps make them look like small-cap companies for most of the largest institutional asset managers,” he said.

Back in 2000, Christian undertook research that looked at the top 25 asset management companies in the world and concluded that if any one of them said, ‘For something to be significant to me in my portfolio, I need to have 2% of my portfolio in that asset. If I want to put 2% of my assets into the gold mining industry, I have to buy all of the shares of the top ten gold mining companies, and I probably will not get the 2%.’

“So, they said, ‘Sorry, it’s not worth our while,’” said Christian. “And I remember being with the founder of one of the largest gold mining companies, and at the time, one of the institutions that we were meeting with

said, ‘Yeah, you have to understand you’re a small-cap company for me.’”

Now, 21 years later, Christian sees the gap has gotten that much more extensive, compounded by significant structural changes on the institutional investor side.

According to Christian, these large investors continue to move away from active portfolio management, favouring index-linked investment funds.

“The senior management at institutional investors are saying: ‘Okay, we’re under pressure from our investors to perform better.’ And quite frankly, a lot of index funds have been outperforming human-managed funds for most of the last few years.

That changed a little bit in 2019 to 2020, and so far in 2021.

“But over the last, say, ten years, the index funds have beaten the funds that have brains on them. And so, the senior management is saying: ‘Okay, I got to get rid of my analysts, I got to get rid of my human-managed funds, I’ve got to get rid of my trading desk, I’ve got to cut my costs, because my clients, my investors, are complaining about my high fees for managed funds, where an index fund is a fraction of the cost,” Christian said.

“So, you’ve got this movement away

from looking at individual companies, let alone mining companies or smaller companies to index funds.

And there’s pressure on that.”

Christian has also observed these very sentiments feeding into the sellside too. “So, suddenly, the institutions say: ‘I’m paying you trading fees, but my portfolio managers are going on the computer and trading?

Yeah, they are using your platform, but it’s not like I’ve got a guy taking me golfing every week, you know, there are no golf fees here. There are no dinners to pay for. Why am I paying such fees?’

“So the buy-side is under a lot of pressure and changing in ways that are negative to investing in individual companies. And the sell-side is under financial pressure because the buyside is squeezing them. And all of that’s bad for investing in individual companies,” said Christian.

“You essentially increasingly have the equity markets moving from the place where corporations go for capital formation to the place where investors go to gamble. That’s what it is. And that has problems across the industries, as well as mining.”

Christian believes the struggles for companies to raise capital in tradi-

Peter Marrone on Yamana Gold’s strategy and outlook GMS

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| Yamana has good proportion of ‘generational mines’

BY TRISH SAYWELL

eter Marrone, executive chairman and founder of Yamana Gold (TSX: YRI; NYSE: AUY; LSE: AUY), shared his views on the company’s ‘generational’ strategy and assets — mines with several decades of mine life — in a keynote interview at The Northern Miner’s Global Mining Symposium on September 24.

Marrone, who set up the company in 2003, noted that Yamana, which has five producing mines spread across Argentina, Chile, Brazil and Canada, has proportionally more generational mines than many of its peers and the number of generational mines in its portfolio is disproportionate to its size.

“Generational means that we’re there for an extended period time,” he said. “Nothing is ever perfect running a mine. There are always hiccups. And so the longer the life of the asset, the more we can deliver returns and the more we can absorb ‘briar patches.’”

“It gives us the luxury—it affords us the comfort, of being able to say that we have a de-risked company because we don’t have to worry about buying something, we don’t have to worry about developing something new. We don’t have to worry about something coming to the end of its mine life. And God forbid should

Peter Marrone, executive chairman and founder of Yamana Gold, speaking during the Global Mining Symposium last month. THE NORTHERN MINER.

there be a briar patch period, we can absorb that briar patch period and move on from there.”

Marrone noted that of Yamana’s five operating mines — Cerro Moro in Argentina, El Penon and Minera Florida in northern Chile, Jacobina in Brazil, and the Canadian Malartic mine in Canada, which it co-owns with Agnico Eagle Mines (TSX: AEM; NYSE: AEM), three are generational: Canadian Malartic, Jacobina and El Penon.

Canadian Malartic, in which Yamana acquired a 50% stake in 2014, entered production as an open pit operation in 2011, and will remain in production until at least 2040

based on the underground mine now in development, Marrone said.

“It is Canada’s largest open pit mine and will continue to be there for many, many years to come,” he said.

“We come to the end of the mine life in late 2027 or early 2028. But what’s happened since 2014 is we’ve made three discoveries underground, that cumulatively come to just over 14 million ounces at an average grade of 2.5 grams per tonne. These are big ore bodies.”

Yamana and partner Agnico Eagle made a construction decision on the underground mine at Malartic in February. Yamana’s portion of the capex is about $650 million, which

will be spent over a roughly sevenyear horizon as that project comes into production, Marrone said. The underground mine, some areas of which will be accessed by ramp and some by shaft, is expected to be in full production from 2029 until at least 2039, and produce about 500,000 to 600,000 oz. gold a year.

Much of Yamana’s portion of the capex will be funded by cash flow.

“It doesn’t cost us very much — in the range of $60 to $80 million per year — for the development of a mine that will be producing 550,000 ounces per year and that will extend at least until 2040 and likely substantially longer than that.”

Marrone also pointed out that not only will the underground mine at Malartic rank as Canada’s largest underground mine once in production, but it also will be highly automated, with electric-powered mobile equipment including trucks, scoops, trams, long-haul drill rigs that can be remotely operated from surface on a 24-hour basis, which means more flexibility and less downtime. Other technology such as on demand ventilation and state-of-the-art analytics are also being looked at.

There is also upside at the underground portions of Malartic, and Marrone noted that they “haven’t touched the bottom of the mineralSee PETER MARRONE / 6

tional markets are posing risks for the green energy transition. The companies that need to find resources and develop mines today for production at the projected height of the battery metals demand from 2030 onwards are falling behind.

Christian floated a figure of an estimated investment requirement of more than US$170 trillion across the globe to construct the green-energy infrastructure required to make electric vehicles genuinely sustainable to reduce global carbon dioxide emissions.

“We don’t see copper as the major constraint to a rapid transition to a new energy environment. What we see is capital constraints for development, not only of the mines to supply the raw materials but for the entire value chain,” he said.

CPM Group sees three significant headwinds for the transition to EVs. The first is capital formation constraints for the companies needed to build everything to make that transition happen.

The second is insufficient electricity supplies. “We already see brown-outs in existing grids with the addition of 2% of EVs on the road. Now 4% and 5% of EVs, and if you try to make a rapid transition to 30%, or 50% market share of EVs, there’s simply not enough electricity in most parts of the world to accommodate those levels of market penetration by 2030,” said Christian.

He stressed that there is a divide between the aspirational goals of metal producers and CEOs, of governments, and CEOs of auto companies, as opposed to a realistic scenario for that transition.

The third challenge is stable grids, and the fourth is political and social backlash.

“You know, if you look at EVs, and you consider the carbon dioxide generated by lithium mining, processing lithium into batteries, generating fuel and electricity (which mostly still comes from coal, and oil and natural gas), and you look at the total carbon dioxide output of an EV versus a petroleum burning vehicle, it’s roughly equivalent,” Christian said.

“And you have half of the EVs that were bought last year were bought by people who are worried about climate change. And if they should wake up to the fact that while EVs have a lot of environmental benefits, they’re not going to significantly reduce carbon dioxide and slow climate change until you have green energy, electricity from solar, wind and nuclear.

“Sorry to say you could have a real backlash, sort of like the backlash you saw in Europe after the European Union said ‘Hello, let’s all move to diesel fuel because it’s cleaner than petrol,’ only to find out that it wasn’t cleaner. And a lot of people said, ‘Thanks. I just spent a premium on my diesel vehicle, thank you very much.”

“So, I think that you have a risk of political and social backlash. If half of the people that want to buy electric vehicles say, ‘wait for a second, this doesn’t solve our problem,’ the industry could face tough existential questions,” said Christian. TNM

6

GMS

OCTOBER 11—24, 2021 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

B2Gold expects a robust H2 performance on all metrics GMS

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| Company on track to achieve full-year guidance of 970,000 to 1.03 million ounces of gold

our production and cost guidance,” McLean said.

The company is guiding for secondhalf output of 580,000 to 615,000 ounces gold. “At an average gold price of US$1,800, we’re expecting US$500 million in the second half of the year. So, it’s a pretty substantial increase over the first half, and given the third quarter has progressed well, we’re on track to be at the upper end of our production guidance by yearend,” said McLean.

Aside from being a strong growth company, B2Gold pays one of the highest dividend yields in the industry. On September 10, B2Gold’s board declared a cash dividend for the third quarter of US4c per common share or an expected US16c per common share on an annualized basis.

“Looking at our balance sheet where we finished the second quarter with US$382 million in the treasury, and US$600 million undrawn on a line of credit with a US$200 million accordion facility, we have great liquidity and a very strong balance sheet,” he said.

In June, B2Gold also provided long-term production guidance, with output expected to average about 950,000 ounces of gold over the next five years, not including any produc-

tion from the Gramalote project in Colombia, for which it has partnered with AngloGold Ashanti (NYSE: AU) on a 50/50 basis.

Much of this future production is underpinned by the company’s cornerstone Fekola gold mine in Mali, where B2Gold has enjoyed substantial exploration success over the years since acquiring the asset in 2015.

B2Gold is working to sequence new satellite gold deposits into the mine plan to sustain production.

The operation is expected to produce 530,000 to 560,000 ounces of gold in 2021 alone, at an AISC of US$745 to US$785 per ounce.

The Cardinal deposit is the latest addition to the mine plan, despite the company planning to mine inferred material via a recently permitted bulk sample at first until it can drill off the resource to a higher-confidence classification. McLean says B2Gold expects Cardinal to add about 640,000 ounces of gold, grading 1.5 grams gold per tonne to the overall resource base.

“And that’s 500 meters from the existing Fekola pit. So, it’s a remarkable discovery that could add immediate additional production to the Fekola mill,” said McLean.

“We’re projecting over the five-year

guidance about 30,000 ounces of gold production from Cardinal annually.

This is just another example of a strong exploration team adding value to the project, which was not even included in the budget even as early as the beginning of this year,” he said.

Meanwhile, in its June earnings release, the company announced it had filed for international arbitration against Mali after declaring a dispute regarding issuing an exploration licence on the Menankoto licence, south of another licence, Bantako, where it is currently drilling. These licences form part of the prospective Anaconda area, which is also expected to sustain the mine’s future production profile.

McLean said B2Gold has been working closely with the government since May to resolve the dispute. “We feel that the parties are in a position to resolve this amicably. We did go to arbitration, but our expectation is we won’t get there. We feel that we’re going to come to a resolution on this in the relatively near future,” said McLean.

Elsewhere in the portfolio, the Masbate mine in the Philippines and the Otjikoto mine in Namibia were said to also outperform guidance on all fronts, with the company confident

both assets retain substantial future exploration upside.

McLean underlined that part of B2Gold’s strategy hinged on remaining a growth company. “Our first choice is to grow from pipeline projects,” he said.

This is where the Colombia-based Gramalote project’s value comes into play. “Gramalote is the first of those projects that we’re working on.

We published a prefeasibility study back in January of 2020, and then we updated that in February 2021.”

“We think there’s strong potential to improve the economics from the prefeasibility to the feasibility.

And so that’s what the focus is now.

We’re looking at various optimization opportunities on the infrastructure, somewhat on the engineering, and we hope to be able to come up with a new feasibility study in the second quarter of 2022,” said McLean.

“We think it can contribute, at least in the first five years of operation, around 200,000 ounces of gold, on a 50% basis with Anglo.”

McLean also said the company was constantly reviewing mergers and acquisitions activity but remained highly selective about it. “Really, B2Gold was built through M&A. We’re always looking, but we have stringent parameters as to what we would engage in.

“Obviously, it must be accretive.

We’re open to looking at different situations that perhaps the markets are not giving value to, and we feel that we could add something that would add value to justify the purchase price.

And then beyond, we’ve been able to optimize and or discover more ounces at all the projects that we’ve acquired over the years,” said McLean.

As of December 31, 2020, B2Gold’s attributable global probable gold reserves stood at 6.26 million ounces grading on average 1.48 grams per tonne, held in 152 million tonnes.

B2Gold last traded on Sept. 30 at $4.33 per share, capitalizing it at $4.57 billion (US$3.6 billion). TNM

of mines. Presently, four mines, likely five mines very soon, with a common plant. And so we have considerable mine faces and mine workings and tonnage is not really an issue.”

Yamana has completed its phase one expansion at the plant, which is now producing at about 7,000 tonnes per day, and the phase two expansion will take the plant to 8,500 tonnes per day. The phase three expansion under consideration would take throughput to 10,000 tonnes per day.

“If we look at its proven and probable reserves alone, based on phase one and moving into phase two at 230,000 ounces per year, we’re already very comfortable saying that we’ve got a couple of decades of mine life. It has become a generational, low-cost [AISCs between US$750 and US$800 per oz.], high-quality and high ounce producing mine in Brazil.”

Yamana’s third generational mine is El Penon in Chile, which has a reserve life index that has never exceeded eight years, yet which has been in production for 22 years. Marrone estimates this mine has at least ten years of mine life in front of it, and with more exploration is likely to contain more ounces.

In terms of ‘generational’ projects, Marrone said its 56.25%-owned MARA copper-gold-molybendum project in Argentina fits into that category, as it is forecast to have a throughput of 115,000 tonnes per day

and produce more than 500 million lb. copper a year for roughly thirty years. Yamana is close to completing a feasibility study and is the operator.

It is currently in the permitting phase.

Yamana is weighing how it wishes to proceed, that is, whether it wants to develop it with its partners and receive its portion of copper production (about 260 million lb. of copper every year), or does it want to bring in another partner.

Marrone also talked about Yamana’s decision in July to build its 100%owned Wasamac project in Quebec, which it acquired earlier this year, and is a big part of the company’s regional growth strategy in Quebec.

Wasamac, which sits about 100 km west of Canadian Malartic, has reserves of 1.91 million oz. of gold at a grade of 2.56 grams per tonne, and will produce about 169,000 oz. of gold a year over a 10-year mine life, including 200,000 oz. per year in the first four years. Initial capex of $416 million is low for a 7,000 tonne-perday underground operation and cash costs would be US$640 an oz. and all-in-sustaining costs would total US$828 per ounce.

“We have a comparatively shallow underground mine — it’s a shear zone — and is no deeper than about 850 metres so we will have rapid access to the ore body; this is not a shaft, long-hole stoping operation,” Marrone said. “And if you look at the

AISCs, we expect it to be in the lowto mid-$800s, and that would be well below the average in the industry.”

Marrone also noted that the goal is through near-mine exploration and exploration on its greater land package to extend Wasamac’s mine life to at least fifteen years. The company recently acquired three other gold deposits within 6 km of Wasamac’s planned mill.

Marrone also touched on other themes, including the company’s approach to cash returns. Yamana increased its dividend by nearly 15% to 12¢ per share in July — the sixth time it has raised dividends since the second quarter of 2019.

Marrone noted that at Yamana, dividends are given equal importance to growth (finding new ounces) and maintaining a robust balance sheet.

“While we don’t have a strict policy that says: ‘this is what we will do with our cash payouts,’ what we’ve said is that since everything in our industry is measured on a per ounce basis, let’s treat a dividend on a per ounce basis.

Since we produce a million ounces, it’s easy math. We were paying $100 million in dividends — that’s $100 per oz.— and we increased it to $120 per oz. or 12¢ per share.”

Asked for his forecast on where gold prices are headed, Marrone joked that he was neither “comfortable or smart enough to be able to predict where gold prices are going, and cer-

tainly not within a timeframe,” but added, “certainly I believe they are going higher.”

“I’m a believer in cycles and the forever nature of cycles and I don’t think that we’ve seen the top of the cycle,” he said. “And if we look at all the indicators that are good for the gold price, those indicators are still there, notwithstanding what the central banks are telling us…I certainly think gold is going back to above US$2,000 an ounce.”

In terms of whether consolidation in the gold sector is needed, Marrone described the industry as fragmented and said it would benefit from further consolidation. “It is an industry with a cumulative market capitalization that can’t be more than $300 billion,” he said. “I’m not current but that’s got to be what the size of probably close to one-eighth of one of the large technology companies like Apple or Google is, or one of those tech behemoths. So it’s not a big industry and it seems to me that some consolidation, with an industry that has so many companies, thousands of companies and such a small market capitalization, does make sense.”

But for consolidation to occur “it has to make sense” he cautioned. “It has to be smart and when is it smart?

It’s smart when there is synergy, and that’s pretty rare to find … and it’s also smart when it delivers a return on investment.” TNM

BY HENRY LAZENBY

anada’s youngest senior gold producer, B2Gold (TSX: BTO; US-OTC: BTG), expects to report robust operating and financial metrics for the second half of 2021, the company’s VP for investor relations, Ian McLean, recently told The Northern Miner’s Global Mining Symposium.

B2Gold started the year on a solid footing, outperforming guidance.

McLean recapped key consolidated figures for the first six months, including consolidated gold production of 432,256 ounces gold through the end of June, which was about 7% above guidance.

“We had cash operating costs of US$636 an ounce which was below budget by about 4%. And probably most significantly, all-in sustaining costs (AISCs) at US$974 per ounce came in below budget by about 8%,” McLean said.

Gold revenue was robust at US$725 million, while cash from operations on a consolidated basis for the same six months came in at US$138 million.

McLean said the first-half performance placed B2Gold on track to achieve full-year guidance of 970,000 to 1.03 million ounces gold, at a cash operating cost of US$540 to US$550 per ounce, and AISC about US$870 to US$910 per ounce. “Our cost metrics are among the lowest in the industry,” he said.

The performance sets the company up to outperform for the remainder of the year amid a relatively high gold price of around US$1,800 per ounce.

For the full year, B2Gold is projecting gold revenue of about US$1.7 billion and cash flow from operations of approximately US$630 million.

“We’ve been guiding since the beginning of the year that our production and cash from operations are more heavily weighted to the second half. So, we got off to a really good start, which has set the tone for us to be right up there at the higher end of

PETER MARRONE From 5

ization yet” and are already at a depth of about 1.5 kilometres.

Yamana’s Jacobina mine in Brazil, another cash flow generator and generational mine, has more than doubled annual production since 2014 from 75,000 oz. gold to nearly 180,000 oz., and the company is advancing the second phase of expansion at the mine to increase production to 230,000 ounces. A third phase expansion to 270,000 oz. is being evaluated.

“Jacobina has been in production for many, many decades, well before we assumed ownership of it in 2006, but it was production that was done by other companies,” he said. “Its longest production before ours was with AngloGold, and it was being operated with small equipment. And with comparatively low budgets in the course of that period from 2006 until 2014, we’ve been conducting exploration campaigns and trying to get the mine right from 2014 onward.

I think that’s the important point to consider here. In the 2014-2015 blueprint we were producing under 80,000 ounces per year at this mine.

But it always appeared to us that it had the prospectivity to do more.”

Marrone noted that Jacobina is a conglomerate structure very similar to what one sees in West Africa, and is very unique to the Americas. “To be that type of mine it is a complex

B2Gold’s Fekola mine in southwestern Mali. B2GOLD

GMS

GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 11—24, 2021

7

Thought Leadership panel discusses ESG and how values drive values GMS

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| Companies need to find their ‘North Star’ to guide them

BY DANIEL SEKULICH

he Northern Miner’s third Global Mining Symposium of 2021 began with a Thought Leadership panel discussing one of the most important issues facing the mining industry: environmental, social and governance (ESG).

The global importance of ESG issues was evident as the panel discussion came just a day after Chinese President Xi Jinping announced to the United Nations’ General Assembly that his country would stop building new coal power plants overseas and, instead, step up support for developing green and low carbon energy, a decision that could have a huge impact on the future of the coal mining sector.

The panel was presented by ERM (Environmental Resources Management), the world’s largest pure play sustainability consultancy, and was entitled ‘How values drive value – Exploring the heart of ESG.’ Moderated

by Louise Pearce, ERM’s Global Managing Partner, Mining, it also featured Nicola Lower, a partner at ERM’s Toronto office, Kate Sellers, a technical fellow at the consultancy’s Boston office, and Henry Hall, a partner at London-based Critical Resource, an ERM Group company.

Pearce noted that even at a time of disruption, opportunities exist to reflect on what really matters to society and how this translates into what you do, what you are and who you are perceived to be. An understanding of this can provide what she calls a North Star, a point of reference for strategic decisions, as well as day-to-day operations, all centred on the concept of value.

“The notion of value is ever changing,” Pearce said. “Historically, value was, especially in our sector, largely defined in terms of economic value.

We’re now required to think about value to whom and factoring [in] the value of non-financial elements upon which business is relying.”

What this means is that a company seeking to become a leader must be crystal clear on its own values, and how it will deliver longer term value for all its stakeholders.

But Pearce emphasized that while value can be created, it can also be eroded. And though creating value can take a long time, its erosion can happen much more quickly.

She laid out the three key themes that sit at the heart of ESG: intersectionality and integration; accountability and ownership; and the execution element, in which promises must be matched by delivery every time.

Henry Hall of Critical Resource noted that effectively, executives face two main unknowns. First, how the expectations of investors, governments and civil society are likely to evolve, and second what technologies will become available to reduce emissions in the longer term.

“This uncertainty has left companies in limbo wondering whether to wait for more information before going public or make the leap and set ambitious targets without clear visibility of how to achieve them,” Hall noted.

Despite these challenges, the reality, he said, is that climate change has become the preeminent ESG issue that investors have been focused on for the past year or so, and, as such, there is pressure on companies to appear active in their response.

“The world is changing fast, and executives need to decide whether they can afford to risk delaying action and being carbon-intensive

ERM Thought Leadership Panel at The Northern Miner’s Q3 Global Mining Symposium on Sept. 23. Clockwise from top left: Louise Pearce, Kate Sellers, Henry Hall and Nicola Lower. THE NORTHERN MINER.

producers in a quickly decarbonizing world,” he said. “In the longer term, the mining industry will need to show that it can play a constructive role in the low carbon economy.”

In addition, Hall also said that energy transition is not just about cutting carbon emissions, but about creating a new energy system and a broader economy. As an energy-intensive industry, Hall said, the mining sector will have to play its part.

“We all know that what isn’t grown is mined, and therefore mining will always be needed,” Hall said.

“But public opinion, particularly in

developed economies, will demand that the mining industry does more.

This could be vital in recruiting the best young talent and also maintaining the social licence in as many jurisdictions as you can.”

ERM’s Nicola Lower discussed how biodiversity and climate change have impacted the importance of getting ESG right over the last year and a half and pointed out that some have linked the Covid-19 pandemic to deforestation and species transfer.

“We’re all aware of biodiversity, changes in destruction through habitat destruction, through urban-

ization,” she said. “I think we’re much more aware now of how climate change is really influencing and accelerating.”

However, she also said that the topic hasn’t been a critical C-suite issue until recently.

“And from this we’ve seen this new concept emerge,” Lower said. “[It] really does place biodiversity at the centre of business decision-making with the other ESG factors, in the same way as financial returns.”

The circular economy, or circularity, is another issue that companies must have on their radar when it comes to ESG. ERM’s Boston-based Kate Sellers described circularity as an umbrella term that includes waste and pollution, working harder to keep products and material in use, and restoring natural systems. She also pointed out that these concepts are not really new, noting how recycling scrap metal was critical during the Second World War and, in the 19th century, rag pickers would rummage through garbage to salvage what could be reused. Today, Sellers said that by some estimates 75% of aluminium is recycled.

“One estimate says that actually 75% of all of the aluminum ever mined is still in use. So keeping products and materials in use is really nothing new with respect to metals.

But what is new are the pressures on increasing circularity. We’re seeing

interest in the circular economy ripple up the supply chain, motivated sometimes by consumer demands.”

Sellers added that the European Union has new regulations related to the circular economy and these are beginning to expand to the rest of the world. This is especially relevant to the mining sector, she said, as some essential metals become scarcer.

“The data shows us that some resources are going to be increasingly difficult to access in the years to come,” Sellers said. “Ten essential metals are considered to be very scarce, with less than a 20-year supply. We could look at those numbers.

We could debate those numbers. But those kinds of numbers suggest to us that we will need to look further in the years to come at keeping products and materials in use and overall circularity.”

In the end, the panel emphasized that the challenge for the mining industry is that companies cannot solve ESG issues on their own. Cooperation and co-investment across the sector are vital if miners are to retain and enhance their value for stakeholders.

“I think you need to be progressive. That [is] the North Star for your company: What are your values?” TNM

Panel examines ESG integration and reporting GMS

| More standardization occurring related to climate change

BY DANIEL SEKULICH

C

ompanies are facing increasingly complex reporting procedures for environmental, social and governance and preparing and publishing reports on ESG in an industry-compliant manner can be difficult, especially for juniors with limited resources, according to a panel discussion at the Northern Miner’s recent Global Mining Symposium on September 23.

Meghan Harris-Ngae, a partner at EY, kicked off the discussion with a warning that climate change-related issues are having a major impact on ESG. “If we talk about what’s coming just from a regulatory perspective globally, climate change is the area where we’re starting to see more and more standardization,” said HarrisNgae, adding that there’s a framework called the Task Force for Climate-Related Financial Disclosures (TCFD), and disclosure in line with those recommendations has now become mandatory in the United Kingdom.

The TCFD framework was created in 2015 by the Financial Stability Board, an international body that monitors and makes recommendations about the global financial system, she noted, with the goal being to develop consistent climaterelated financial risk disclosures for stakeholders. Now other regulators, such as the U.S. Securities and Exchange Commission (SEC), are reviewing financial filings and starting to ask their own questions around climate risk, Harris-Ngae said.

“What we’re starting to see in North America is that the SEC, for

example, has issued guidance on climate risk disclosure,” she said.

“And we expect that there will be more guidance and requirements issued by the SEC in terms of what needs to be disclosed in financial filings related to climate change risk.”

As security regulators and accounting bodies in Canada and other jurisdictions take a closer look at climate-related financial risk disclosures, companies will need to make it a major focus as they address their ESG reporting, she said.

“I would say that’s the biggest impact, [in] trying to determine where to start, where to focus,” HarrisNgae said. “In mining, focusing on climate risk would be the area to start because it is considered to be one of the most material issues in the ESG space.”

Panel moderator Ingrid Hibbard, the president and CEO of junior Pelangio Exploration, pointed out that another issue for smaller companies is balancing field work searching for new discoveries with developing ESG. Fellow panelist Richard Spencer, president of Aurania Resources, agreed that this creates its own unique problems for explorers.

“Disclosure is actually the last thing that we think about,” Spencer said. “I mean, what we are trying to do is create value for our shareholders. We are trying to make the discoveries of significant deposits, which means that we’re interacting with people right from the outset.

Each geologist that has boots on the ground … he or she is the person that’s carrying the flag for not only the company, but for the industry.”

For Spencer, this is where soft-

ware solutions created to help resource companies complete their reporting in an industry-compliant manner becomes helpful. This is especially true when a junior seeks to both advance its exploration projects and simultaneously navigate what he calls the minefield that can be involved with developing ESG. That minefield is only getting more complicated, according to Edie Hofmeister, a corporate counsel and legislative advisor on ESG. She provided a brief history of ESG’s ever-changing landscape, pointing out that at the start of the millennium there were only about ten relevant standards or laws that related to ESG issues.

“Fast forward twenty years and in 2020 we have dozens and dozens, if not hundreds, and many of which are becoming mandatory,” Hofmeister said. “So, I think for this group, you know, that the big ones that we’re seeing in Canada in terms of mandatory disclosure and vigilance are more in the way of case law.”

Hofmeister noted that there are legislative changes beyond just disclosure, and highlighted human rights issues such as the modern slavery acts, which have been implemented in various countries and which she believes will be passed in Canada sometime next year.

EY’s Harris-Ngae pointed out that the need to be aware of constantly evolving ESG standards and maintaining transparency has sometimes led to ‘ESG-washing’ — a trend similar to ‘greenwashing’ — where companies emphasize how environmentally sound their practices are, when, in fact, the op-

posite may be true.

“Essentially [it] means that you put out a statement or statements of what you’re doing from an environmental perspective. But those statements that you’re making may not be true, or you can’t actually prove that they are true, or they’re being put out for reputational gain,” she said.

As an example, Harris-Ngae cited Volkswagen’s marketing efforts to tout the environmental benefits of its vehicles, only to have the campaign backfire when it was discovered the company was hiding the true extent of its emissions.

“And so now we’re starting to hear this term ESG-washing. It’s not just about environmental, you know, it’s about essentially what you put out or disclose around ESG, and what you’re doing from an ESG perspective, but that you can’t prove it, or you can’t demonstrate that you’re actually doing those things,” she explained. “But it is really important that what you do put out in your disclosure, that you can stand behind it. And that becomes more challenging, you know, with access to data … and don’t just put it out there for marketing purposes, because that’s essentially where greenwashing was born.”

Spencer of Aurania summed up the importance of ESG and its impact on a company’s business.

“You know, we’re there to do a good job, we are there to make discoveries that benefit not only our shareholders, but local people,” he said. “And, you know, I think it’s selfchecking, I think it’s self-regulating, because if we’re not doing a good job on ESG, we will never, ever be able to mine.” TNM

8

WWW.NORTHERNMINER.COM

OCTOBER 11—24, 2021 / THE NORTHERN MINER

Fortuna to add fifth mine to portfolio with construction of Seguela in Côte d’Ivoire GOLD

| Open pit operation will have a nine year mine life based on reserves

BY ALISHA HIYATE

F

ortuna Silver Mines (TSX: FVI; NYSE: FSM) says it will develop its Séguéla gold project in Côte d’Ivoire, which the company acquired in a merger with Roxgold earlier this year.

“With a nine year mine life in reserves, 130,000 ounces of annual gold production in the initial six years, and compelling economics, Séguéla is planned to become our fifth operating mine with first gold by mid-2023,” said Fortuna president and CEO Jorge A. Ganoza.

Ground-breaking at the plant site is scheduled for October, and the accommodations camp should be finished in November.

Roxgold completed a feasibility study on Séguéla in May that outlined an 8.6-year open pit mine producing an average of 120,000 oz. of gold per year. Capital costs were estimated at US$173.5 million. Fortuna acquired the West Africa-focused gold producer in early July in a cash-andstock deal valued at US$884 million.

Extension drilling of the Koula deposit at the Seguela gold project. ROXGOLD.

The feasibility study projected an average life of mine all-in sustaining cost of US$832 per ounce. At a gold price of US$1,600 per oz. and a discount rate of 5%, the project’s net present value is estimated at US$380 million after taxes. Its internal rate of

return was calculated at 49%.

“The decision to commence construction of the still growing Séguéla project marks an exciting milestone for the company,” said Paul Criddle, Fortuna’s chief operating officer for West Africa. “The team has further

de-risked the project by advancing detailed design and commencing procurement of long lead items, including the SAG mill and the execution of critical path agreements including the EPC agreement with Lycopodium for the processing plant. This has allowed

Séguéla’s critical path to be protected as well as managing the cost risk by locking in substantial components of the initial capex in fixed price contracts.”

Exploration drilling at Séguéla continues. Fortuna recently drilled a highlight of 30 metres grading 17.2 grams gold per tonne at the Sunbird prospect on the property.

Séguéla holds proven and probable reserves of 12.1 million tonnes grading 2.8 grams gold per tonne for 1.1 million ounces. The reserves are contained in five deposits: Antenna, Koula, Ancien, Agouti and Boulder.

The government of Côte d’Ivoire holds a 10% interest in the project.

Fortuna has four operating mines in four different jurisdictions: Caylloma (silver-gold-zinc-lead mine) in Peru; Lindero (gold) in Argentina; San Jose (silver and gold) in Mexico; and Yaramoko (gold) in Burkina Faso.

Over the last year Fortuna has traded in a range of $4.88 and $12.61 per share and at press time in Toronto was trading at $4.97. The company has a market cap of $1.45 billion. TNM

Ero Copper’s Boa Esperanca project in Brazil. ERO COPPER

Ero Copper study expands Boa Esperanca mine life, doubles production COPPER

A

BY ALISHA HIYATE

n updated feasibility study for Ero Copper’s (TSX: ERO; NYSE: ERO) Boa Esperanca project in Brazil has doubled lifeof-mine copper production and increased the mine life to 12 years from nine. The previous study on the IOCG-type copper project was completed in 2017.

The updated feasibility is based on a 93% increase in contained copper in reserves at the project since the initial study. Total life of mine production is now estimated at 326,000 tonnes, up from 163,000 tonnes previously.

The study pegs initial capital costs for the 4 million tonne-peryear open pit operation at US$294 million, with sustaining capital of

| CEO sees additional exploration potential

US$196 million.

At an 8% discount rate, the aftertax net present value is US$380 million and the internal rate of return is 41.8%.

The new study improves the aftertax payback period to 1.4 years from 3.6. It also features a lower life-ofmine head grade of 0.83% compared with 0.95%. The study used consensus copper prices of US$3.80 per lb. in 2024, US$3.95 per lb. in 2025 and US$3.40 per lb. after that.

Cash costs per lb. of copper are expected to be US$1.36 per lb. Over the first five years of mine life, when production is expected to be 35,000 tonnes per year (compared with the life of mine average of 27,000 tonnes), cash costs will be only US$1.12 per pound.

Ero Copper has started detailing engineering for the project, located in southern Para state, and early construction works could start in the first half of 2022, if the board gives its approval.

CEO David Strang said he was excited by the results, and that the project was the latest example of the company creating value from its existing portfolio.

“We started the re-evaluation of Boa from the ground up, beginning with a complete review of the mineral resource calculations that identified significant upside opportunities on which to build a new vision for Boa,” he said in a news release. “By re-logging core, focusing our efforts on geologic modelling and optimizing the mine sequence,

we were able to identify a superior mine plan capable of supporting a much larger operation by pulling forward high-grade mineralization in the production plan.”

Proven and probable reserves at Boa Esperanca total 43 million tonnes grading 0.83% copper for 356,600 tonnes copper.

The company also sees additional exploration potential at the project.

In the near-term, it’s targeting the Gap zone, a target area within the pit shell that has seem limited drilling.

“With production from Boa Esperanca expected to commence in 2024, we model ERO copper production to grow from ~45kt in 2021 to ~77kt in 2024, an increase of 69% with peak production of ~96kt in 2025,” Farooq Hamed, a mining analyst who cov-

ers the company for Raymond James wrote in a research note to clients.

“We note further upside potential from excess mill capacity at MCSA. Importantly, we believe that as ERO reaches towards the 100ktpa production level, that level of critical mass makes the company a more attractive potential acquisition target to midtier and larger copper producers.”

In addition to Boa Esperanca, Ero holds the producing MCSA copper complex in Brazil’s northeastern Bahia state, and the NX Gold mining complex in Matto Grosso state.

Over the last year, Ero Copper has traded in a range of $17.24 and $29.76 per share and at presstime in Toronto were $23.31 per share.

The company has a market cap of $2.1 billion. TNM

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SILVER AND PGMs OAT PHAWAT/ISTOCK

Group Ten Metals closing in on initial resource for Stillwater West in Montana PLATINUM GROUP ELEMENTS

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| Company says it will bring PGM bulk mining to North America for the first time

BY HENRY LAZENBY

roup Ten Metals (TSXV: PGE; US-OTC: PGEZF) expects to publish its first resource estimate for the Stillwater West platinum-group elements (PGE) plus gold, copper, nickel and cobalt project in Montana, U.S., in the coming weeks, president and CEO Michael Rowley tells The Northern Miner.

Group Ten is the second-largest landholder in the Stillwater Complex, with a US$15 billion major, Sibanye-Stillwater (NYSE: SBSW), running a highly successful operation one kilometre away at the closest point. Sibanye hosts about 86.9 million ounces PGEs across all resource categories at Stillwater.

“This is a big system, and that’s pretty rare for a junior in the first place. Large magmatic systems with grade are very rare in the world,” he says in an interview.

“You’ve got the Bushveld Igneous Complex in South Africa, the Norilsk Camp in Russia, and then there’s the Stillwater Complex of Montana. Stillwater looks a lot like the Waterberg in South Africa.”

Since acquiring the project in 2017, Group Ten has been working feverishly towards establishing first resources at Stillwater West. “Our strategy is to debut those resources, get them on the table, grow the company around those and expand them organically through the drill bit, to create value,” says Rowley.

“We think we’ve already done that for an expansion next year. I don’t have the results yet, of course, but visually we think we have. And we’ll probably do a bigger program next year. We’ve essentially doubled our program each of the four years we’ve been on the ground, and we look forward to doing that again, maybe more next year.”

Rowley believes the initial resource statement will make a robust debut.

“It’s going to place us nicely among our peers,” he says. “We expect we’ll grow those resources as fast as we can issue an update next year.”

Consulting engineering firm SGS Geological Services recently completed a site visit and is working with Group Ten to deliver the resource estimate. The initial resource will hinge on the most advanced target areas at Stillwater West, comprising the Chrome Mountain, Camp, and Iron Mountain targets.

The company is finalizing block models comprising drill-defined nickel and copper sulphide mineralization, enriched in palladium, platinum, rhodium, gold and cobalt for release in the near term.

In addition to the more advanced areas, the inaugural resource figures will include the Crescent target area following the successful expansion of the block models based on the continuity of mineralization observed in all target areas.

Diamond drilling is ongoing, with one rig at the Chrome Mountain target area, and a second that completed priority holes at the Camp

“THIS IS A BIG SYSTEM, AND THAT’S PRETTY RARE FOR A JUNIOR IN THE FIRST PLACE.” MICHAEL ROWLEY PRESIDENT AND CEO, GROUP TEN METALS

target area before moving to the Iron Mountain area.

Group Ten has drilled twelve holes to date. Rowley says conditions remain favourable, and the program is expected to continue into October.

The company is undertaking an induced polarization geophysical survey to the west of the highly successful 2020 survey in the Chrome Mountain target area. In-fill lines, and additional extension lines off the east end of the previous work at the Crescent target area, are also planned.

Rowley says Group Ten is bringing PGM bulk mining to North America for the first time. The model was pioneered by Ivanhoe Mines (TSX: IVN; US-OTC: IVPAF) on the Platreef project in South Africa, and applied to the Mogalakwena mine in the early 1990s by Anglo American (LSE: AAL), and continued today at Platinum Group Metals’ (TSX: PTM) advanced Waterberg project.

“These three adjoining projects comprise the Platreef district and are similar in stratigraphic location and mine model, with bulk mining methods, economies of scale, and co-product nickel and copper sulphides,” says Rowley.

Group Ten also adds cobalt to that mix at Stillwater that the Bushveld does not have.

Bulk mining brings much lower operating costs (about US$400 per oz. at Anglo American and Ivanhoe Mines) and multi-decade mine life in comparison with conventional platinum group mines from narrow reef-type deposits that have dominated production for many decades historically, according to Rowley.

“For example, our neighbour Sibanye-Stillwater mines at about US$800 per ounce, and the deepest mines in the Bushveld, home to

Above: L-R: Mike Ostenson, Managing Geologist, Mark Nelson, Drill Geologist, and Mike Rowley, CEO. GROUP TEN METALS Right: Drill Geologist Mark Nelson examines core at Group Ten’s Stillwater West project in Montana. GROUP TEN METALS

three-quarters of the world’s platinum resources, have even higher costs in both monetary and human terms,” says Rowley.

Stillwater West is in a parallel location at Stillwater, in a famously similar system, and the focus is clearly on those more extensive, Platreef-style systems. “To be clear, we have known reef-type mineralization — and these are reflected in our cross-sections.

But our upcoming resources will be bulk-tonnage Platreef-in-Montana PGE-nickel-copper-cobalt-plus-gold mineralization, with lots of room to grow,” he says.

Meanwhile, the company has engaged Greg Dipple and his team at the University of British Columbia, Canada, for a second phase of research to assess the capacity to use

mineral carbonation to bind carbon dioxide for permanent disposal as part of a potential mining operation at Stillwater West.

Preliminary work has shown good potential based on the presence of certain minerals at Stillwater West. This next phase of the study is expected to refine and advance that work by identifying specific minerals in rock samples while looking at possible reaction rates, among other items.

“This new study paves the way for further reductions in the carbon footprint for all our commodities in a possible production scenario at Stillwater West, offsetting the impact of mining activities and potentially

even achieving significant reductions wherein the uptake and disposal of carbon exceeds the emission from operations.

“In addition to being strongly aligned with Group Ten’s Environmental, Social and Governance guidelines and principles, the incorporation of carbon uptake may bring financial benefits via initiatives such as the 45Q Tax Credit for Carbon Oxide Sequestration that is now in place in the U.S.,” Rowley says.

Over the last year, Group Ten Metals’ shares listed in Toronto have traded within a range of 26.5¢ and 51¢ and at presstime were 33¢ per share. TNM

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SGS IS THE WORLD’S LEADING INSPECTION, VERIFICATION, TESTING AND CERTIFICATION COMPANY

WWW.SGS.COM/MINING CA.MINERALS@SGS.COM

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OCTOBER 11—24, 2021 / THE NORTHERN MINER

SPECIAL FOCUS SILVER AND PGMs

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SILVER AND PGMs SNAPSHOT EIGHT COMPANIES WITH AN EYE FOR WHITE PRECIOUS METAL

Helicopter support during the 2020 exploration season at the Nickel Shaw project in the Yukon. NICKEL CREEK PLATINUM

BY MARILYN SCALES

Not all that glitters is gold. Sometimes it’s silver, platinum and palladium. The Northern Miner takes a look at eight companies active in the space. n BAYHORSE SILVER Bayhorse Silver (TSXV: BHS; USOTC: KXPLF) is the 100% owner of the past-producing Bayhorse silver mine 14 km from Huntington, Oregon in the United States. The company spent US$7.5 million to return it to production in 2018 and the company poured its first silver bar in February 2019. Because there is no mill on the site, the operation has a small environmental footprint.

The property has a known mineralized zone that was historically

estimated to be 255 metres long, 25 metres wide, and 6.7 metres thick. It was previously estimated (not 43-101 compliant) to contain 150,000 tonnes of mineralization grading 585 to 690 grams silver per tonne, including a 30,000-tonne zone of rhyolite that has returned grades as high as 10,793 grams silver per tonne.

Bayhorse has opened up a zone of mineralization in the most westerly part of the existing workings.

The company has also completed a new 35-metre exploration drift to the southeast of the main haulage way. This new drift intersects highgrade zones that were previously mined as part of the Big Dig stope.

Drilling continues.

Processing equipment includes a new Steinert x-ray transmission ore sorter that Bayhorse bought and a crushing plant that has a throughput of about 200 tonnes per day.

The company is currently crushing at 100 tonnes per day.

Ore sorting significantly im-

proves the ore grade and reduces the volume of material that must be trucked to a gravity and flotation plant for concentration. Run-ofmine ore with a grade as low as 30 grams silver per tonne can be upgraded to 20 times that.

After processing, the concentrate that is produced contains 7,500 to 15,000 grams silver per tonne and 11% copper.

Bayhorse has made a 43-101 compliant resource estimate for its silver project. Using a 7.5 grams silver per tonne cut-off, the mine has 292,000 tonnes in the inferred category, and the average grade is 742.4 grams silver per tonne, for 6.3 million contained oz. of silver.

The company has also created a conceptual exploration target model at Bayhorse of 200,000 to 250,000 tonnes grading 345 to 690 grams silver per tonne..

In British Columbia, the company owns 100% of the Brandywine gold-silver exploration project 14 km south of Whistler. Two histori-

cal smelter shipments from prior mining were made from this pastproducing mine.

A 50-tonne sample in 1967 that graded 83.1 grams gold per tonne, 354 grams silver per tonne, 9.9% lead, 7.4% zinc, and 0.3% copper was treated in Helena, Montana.

A 500-tonne sample grading 2.57 grams gold per tonne, 339 grams silver per tonne, 14.2% lead, and 12.5% zinc was treated in Trail, B.C., in 1977.

Bayhorse has applied for drilling permission and has identified targets at Dave’s Pond and the Placer Dome zone. Any bulk samples will be treated at the Bayhorse mill.

Meanwhile, the company is planning a time-domain electromagnetic (VTEM) survey.

Brandywine has a non-43-101 resource estimate totaling 305,000 tonnes of which 101,400 tonnes is indicated averaging 410 grams silver per tonne, and 201,284 tonnes is inferred averaging 397 grams silver per tonne. This combined

tonnage has a gold grade of 0.37 gram per tonne.

Bayhorse Silver has a market capitalization of $19 million.

DISCOVERY SILVER n Discovery Silver (TSXV: DSV; US-OTC: DSVSF) says it may be sitting on the world’s largest undeveloped silver deposit — Cordero in Chihuahua, Mexico. The global resource for the project is said to be 1.5 billion oz. silver-equivalent and the project is 100% owned.

Resources were estimated in 2018 using a 15 gram silver-equivalent per tonne cut-off grade. The result: 990.1 million indicated tonnes averaging 13 grams silver per tonne for 408 million oz. silver and 282.2 million inferred tonnes averaging 21 grams silver per tonne for 188 million oz. silver. Including payable zinc, lead and gold, that works out to 1 billion silver-equivalent oz. in the indicated category and 513 million oz. silver-equivaSee SILVER AND PGMs / 12

GLOBAL MINING NEWS

SPECIAL FOCUS SILVER AND PGMs

THE NORTHERN MINER / OCTOBER 11—24, 2021

11

JOINT VENTURE ARTICLE

Equity Metals plans to more than double existing resource estimate for Silver Queen in B.C.

The mining camp at Equity Metals’ Silver Queen project. EQUITY METALS

BY NORTHERN MINER STAFF

Equity Metals (TSXV: EQTY; US-OTC: EQMEF) is an exploration company with precious metal and diamond projects in B.C. and the Northwest Territories.

The Canadian junior is focused on advancing its 100%-owned Silver Queen gold-silver-base metal project in central B.C., about 590 km northwest of Vancouver and 35 km south of the town of Houston.

The 18,852-hectare property “offers excellent potential for discovery of new deposits to augment our 2019 resource base, which we expect to lead to the development of a significant and highly productive mining operation,” says Joseph Kizis, Equity Metals’ president.

“The project lies within a prolific mining area of central B.C. and is surrounded by a diverse range of current and past-producing mines as well as numerous advanced-stage exploration projects.”

Similar mineral deposits in the region include Coeur Mining’s (NYSE: CDE) Silvertip silver-zinc-lead mine, the past-producing Equity Silver mine, owned by Newmont (TSX: NGT; NYSE: NEM), and Centerra Gold’s (TSX: CG; NYSE: CGAU) Mount Milligan copper-gold mine and Berg deposit, an advanced explorationstage copper-molybdenum-silver project operated by Surge Copper (TSXV: SURG; US-OTC: SRGXF).

Silver Queen also benefits from excellent infrastructure, says Kizis.

“It can be accessed year-round via an all-weather service road that connects the site to Highway 16, providing access to ports on the Pacific coast. Power lines also run along the western portion of the property, and a rail line services the local town of Houston.”

Exploration of the property dates back over a century, with mineralisation first discovered in

1912. Since then, various owners have completed over 500 drill holes and more than nine km of underground workings. The mine produced over 3,000 oz. of gold, 400,000 oz. of silver, 900,000 lb. of copper, 1.5 million lb. of lead, and 11 million lb. of zinc from 1972-1974.

“Although Silver Queen has been extensively explored in the past, previous exploration was primarily focused on either grass-roots discovery drilling or the development of a small-scale mining operation,” says Kizis.

The mineralisation at Silver Queen occurs in an extensive epithermal vein system, with more than 20 veins discovered on the property.

According to Kizis, Equity Metals has re-evaluated the exploration data in a much more systematic manner than previous owners and has identified several priority targets for further exploration. “The new interpretation of the structural controls of the vein system indicates that several of these relatively shallow targets could rapidly expand the current mineral resource estimate for the project.”

The company has identified three vein zones — Camp, No.3, about one km to the east of Camp, and NG-3, about one km southeast of Camp — which it believes have the potential to increase the mineral resource estimate significantly.

The project currently contains 815,000 indicated tonnes grading 3.2 grams gold per tonne, 201 grams silver per tonne, 0.3% copper, 0.9% lead, and 6.4% zinc for 85,000 oz. contained gold, 5.2 million oz. silver, 5 million lb. copper, 17 million lb. lead, and 114 million lb. zinc (244,000 gold equivalent oz. and 22 million oz. silver-equivalent). Inferred resources add 801,000 tonnes of 2.5 grams gold, 184 grams silver, 0.3% copper, 0.9% lead, and 5.2% zinc for 64,000 oz. gold, 4.7 million oz. silver, 5 million lb. copper, 16 million lb. lead,

Drill rig operating at Equity Metals’ flagship Silver Queen gold-silver-base metal project in central B.C. EQUITY METALS

and 92 million lb. zinc (193,000 oz. gold-equivalent and 17 million oz. silver-equivalent).

Since August 2020, Equity Metals has completed 31 drill holes (9,983 metres), with several high-grade silver intercepts demonstrating the potential of the Camp and No. 3 veins.

Highlights from the drilling included drillhole SQ20-010. Drilled on the Camp target, that hole intersected 4.5 metres grading 0.2 gram gold per tonne, 4,632 grams silver, 0.1% copper, 0.4% lead, and 1.2% zinc (62.9 grams goldequivalent and 4,718 grams silverequivalent) from 112.4 metres downhole, including a higher-grade

interval of 0.3 metres of 0.2 gram gold, 56,115 grams silver, 1.1% copper, 0.6% lead, and 1.2% zinc (750.5 grams gold-equivalent and 56,291 grams silver-equivalent).

A deeper intercept from hole SQ21-031 demonstrated the down dip exploration potential of this target, cutting 7.7 metres of 0.1 gram gold, 919 grams silver, 0.1% copper, 1.3% lead, and 1.8% zinc (14 grams goldequivalent and 1,047 grams silverequivalent) from 229.3 metres, including 0.3 metres of 0.1 gram gold, 14,035 grams silver, 0.5% copper, 1.3% lead, and 3.3% zinc (190.1 grams gold-equivalent and 14,256 grams silver-equivalent).

Drilled on the No. 3 target, SQ21-

022 returned 5.9 metres of 8.7 grams gold, 339 grams silver, 0.7% copper, 1.8% lead, and 7.4% zinc (18.6 grams gold-equivalent and 1,396 grams silver-equivalent) from 319.9 metres downhole.

“The initial drilling on these targets confirmed the exceptional gradepotential of the project,” notes Kizis.

“The re-interpreted vein system establishes the basis for further exploration of the project as we look to add additional resources to the existing estimate.”

Equity Metals now plans to complete a further 15,000 metres of drilling to extend the 2.5 km strike length of Camp, as well as to test several other less defined vein targets.

The first phase of the drill program at Camp, which comprised 4,500 metres of infill and step-out drilling from the previously identified highgrade silver mineralisation, is expected to be completed in the next couple of weeks.

“We believe there is huge upside potential at the Camp vein target area,” says Kizis. “Mineralisation at this vein system wasn’t included in our 2019 mineral resource estimate, so our expectation is that the drilling could more than double the existing resource to between 1-1.5 million gold-equivalent ounces.”

The company plans to release an updated resource estimate in the second quarter of next year.

Equity Metals also holds interests in two highly prospective diamond properties, Monument and WO. Both properties lie within the Lac de Gras area of the Northwest Territories, one of Canada’s most prolific diamondproducing regions.

The preceding Joint-Venture Article is PROMOTED CONTENT sponsored

by EQUITY METALS and produced in cooperation with The Northern Miner.

Visit www.equitymetalscorporation. com for more information.

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SILVER AND PGMs From 10

lent in the inferred portion.

Those numbers were used in the preliminary economic assessment completed three years ago. Since then, Discovery has drilled 91,000 meters and confirmed several higher grade domains. According to the company, the potential is there to in-fill and expand the higher grade zones, as it prepares an updated PEA due by the end of this year.

A new resource estimate is due in the third quarter and will include 110,000 metres of historic drilling plus the first 75,000 metres of Discovery Silver’s phase one drill program. Phase two drilling is underway with a focus on three key areas: upgrading inferred resources to indicated resources; expanding mineralization suitable for bulk tonnage recovery; and testing the high-grade vein system that transects the deposit.

Results from metallurgical tests are also expected in the third quarter. Work has shown that 90% of the silver will probably report to the lead concentrate, and there is heap leach potential for oxide pre-stripping material.

Discovery is also working on an optimized preliminary pit design.

The mine scheduling update has been completed to evaluate the impact on project economics on different mining rates, mill throughput and stockpiling strategies. An environmental baseline study is also underway.

The 2021 PEA is expected to increase the cut-off grade to over 100 grams silver-equivalent per tonne by prioritizing highgrade zones early in the mine life.

Concentrator throughput would be 15,000 tonnes per day to start but could be expanded to 30,000 tonnes per day once the initial capex is paid off, the company says.

Discovery also has a pipeline of three other silver-zinc-lead exploration projects in Coahuila, Mexico: the Puerto Rico property (in the drill permitting stage); Minerva (where modern exploration has been carried out for the first time on three areas of artisanal mining; and Monclova, (another

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artisanal producer tested with modern exploration methods for the first time).

Discovery Silver has a market cap of $390 million. n EXCELLON RESOURCES Excellon Resources (TSX: AM; NYSE: EXN) is the 100% owner and operator of one of Mexico’s highest grade silver mines, Platosa, in the state of Durango. Mineralized material is processed at the 800-tonneper-day Miguel Auza mill, 200 km to the south in Zacatecas.

The mine began with small scale underground production in July 2005, and a preliminary economic assessment in 2015 indicated a six-year mine life. In 2018 mining transitioned to pillarless methods, using cut and fill in steeply dipping areas and drift and fill in shallow dipping areas. The change lowered costs and boosted productivity.

At the end of March, Excellon updated the Platosa mineral resource to 317,000 indicated tonnes grading 485 grams silver per tonne for 4.9 million contained ounces.

The indicated resource also has an average lead grade of 5.3% for 36.7 million contained lb. lead and an average zinc grade of 5.55% for 38.8 million contained lb. zinc.

The inferred resource stands at 42,000 tonnes grading 749 grams silver per tonne (1 million contained oz. silver), 4.3% lead (4 million contained lb. lead) and 5.4% zinc (5 million contained lb. zinc).

Last year the Platosa mine produced 997,690 oz. of silver by milling 65,567 tonnes of mineralized material grading 319 grams silver per tonne, 5.4% lead and 6.6% zinc.

Lead production was 6.5 million lb. and zinc production came in at 7.5 million pounds.

Underground drilling continues at Platosa to define mineralization in areas ahead of production and outside the current mine plan. The most recent drill assays included 1,051 grams silver per tonne, 12.1% lead and 13.1% zinc over 5.2 metres; 1,647 grams silver per tonne, 12.3% lead and 11.6% zinc over 1.6 metres; and 784 grams silver per tonne, 7.7% lead and 13.9% zinc over 2.5 metres.

Advancing Cordero, one of the world’s largest undeveloped silver deposits One of the few silver projects globally offering margin, size & scaleability 100%-owned & located close to infrastructure in a prolific mining belt in Chihuahua State, Mexico Industry-leading balance sheet – $85 million cash available for aggressive exploration, resource expansion & future development

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Above: Crew examines one of multiple underground working faces at the Las Chispas project in Mexico.

SILVERCREST METALS

Right: Drill crew underground at the Bayhorse silver mine in Oregon.

BAYHORSE SILVER

Excellon believes there is significant potential for additional stratabound deposits in the area. The Platosa deposit is open to the north, northeast, east, and southeast of known zones. The company is on the hunt for additional massive sulphide zones that can be accessed from existing underground development. Of particular interest is the gap between the 623 and NE-1S zones.

There are also several other targets in the vicinity of the Platosa silver mine. To the north less than 15 km away is the Jaboncillo target, where follow up work is being done to confirm sulphide silver species, sulfosalts and base metal sulphides.

Much closer to the mine is the PDN target and south of it is the Rincon Del Daido target.

Immediately south of the Platosa mine is the 10-20 target. Historical drilling of these targets has returned significant silver assays.

The Evolution deposit in Zacatecas, adjacent to the Miguel Auza mill, ceased mining in 2008. Excellon continues to examine the property, releasing a resource estimate this year with 6.4 million indicated tonnes grading 64 grams silver per tonne, 1% lead and 1.1% zinc plus 15 million tonnes inferred at 39 grams silver per tonne, 0.8% lead and 1.2% zinc. The resources contain gold averaging 0.09 gram per tonne and 0.1 gram per tonne, respectively.

Excellon also has two drills turning at the Silver City project in a high-grade silver mining district in Saxony, Germany. Mining ceased in the region in the 1880s, but historical assays of veins up to 10 metres wide were as high as 3,700 grams silver per tonne.

Records from the past-producing Braunsdorf mine describe veins up to 1.5 metres wide grading 900 to 2,500 grams silver per tonne.

The company doubled its Silver City landholdings in March, and began a 12,000-metre drill program over a 7.5-km strike length.

Last year hole SC20GWO012 in-

tersected 1.2 metres grading 331 grams silver-equivalent per tonne and 8.1 metres at 194 grams silverequivalent, including 1.3 metres at 1,043 grams silver-equivalent per tonne. Gold, lead and zinc assays were also reported.

The company has identified high priority exploration targets through historical analysis, mapping, geochem and induced polarization studies. The Freiberg mineralogical galleries have a spectacular collection of mineral samples from historical mines, leading Excellon to believe that the German epithermal belts have similar characteristics to those in Mexico.

When Excellon is not hunting for silver, it is testing two gold projects in Idaho in the United States.

A PEA was completed in 2019 for the Kilgore project near the Montana border in the eastern part of the state. It showed potential for annual production of 100,000 oz. of gold. Centerra Gold (TSX: CG; NYSE: CGAU) is earning 70% of Excellon’s Oakley project near the Nevada-Utah border. Centerra will spend up to US$7 million over seven years, and a 2,800-metre drill program is underway.

Excellon Resources has a market capitalization of $55 million.

n METALLIC MINERALS Metallic Minerals (TSXV: MMG; US-OTC: MMNGF) has several silver projects in the Yukon, notably in the famous historic Keno Hill camp, 350 km north of Whitehorse.

Between 1913 and 1989, Keno Hill produced over 220 million oz. of silver, worth more than all the gold mined in the Klondike.

Metallic’s Keno project is adjacent to Alexco Resources’ (TSX: AM; NYSE: AXU) Keno Hill asset, where mining has been restarted and the first concentrates produced in November 2020. Alexco estimates its Keno Hill mine will produce 4.4 million oz. of silver annually.

Metallic holds a 100% interest in Keno, which covers several pastproducers and where it is actively exploring. The company is testing the West and East Keno areas. In particular, the East Keno area has been underexplored due to fragmented private ownership, the company says. Metallic has consolidated the properties and has already made new greenfield discoveries.

In the West Keno portion, the advanced stage Formo property is the home of the historical Formo

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underground mine. The target exhibits very high-grade Keno-style silver mineralization that remains open in all directions. In April Metallic issued results from drilling, which included 1,568 grams silver per tonne over 3 metres from less than 100 metres below surface.

The assay also included 29.45% lead and 15.35% zinc.

Modeling of the Formo deposit has revealed three defined mineralized shoots of high-grade silver grading over 1,000 grams silver per tonne, and sampling on the 2600 level of the old mine shows two more shoots.

Also in the West, Metallic’s Silver Queen target area is adjacent to the mine of the same name owned by Alexco. Metallic has completed soil sampling, very low frequency (VLF) geophysical surveys, reinterpretation of regional geophysics and 3D modeling. The geophysical surveys indicated a 400-metre-wide resistive body that may indicate the presence of a structural corridor.

Soil sampling and geophysical surveys at East Keno have identified 12 multi-kilometre-scale anomalies.

The largest of these extends up to 5 km long and 2 km wide. In 2020, 30 shallow reverse circulation holes were drilled, and the company says that work confirmed the presence of high-grade mineralization within broad zones of potential bulk tonnage mineralization.

Metallic began its initial drill program in July at the La Plata silvergold-copper project near Durango, Colorado in the U.S. The first silver deposits in the district were discovered in the 1700s by Spanish explorers. The company says almost no modern work has been done in 50 years, but the property does have a non-43-101 compliant historic resource estimate.

Metallic is concentrating its efforts on the Allard and Copper Age porphyry targets, both of which are open along strike and at depth.

One of the deepest holes at La Plata returned 378 metres of porphyry style mineralization grading 0.5% copper, 6.2 grams silver per tonne, and 0.06 gram gold per tonne, including 110 metres grading 0.6% copper, 7.4 grams silver per tonne and 0.13 gram gold per tonne.

Fifty kilometres to the north, stretching to the Alaska border, is the McKay Hill project. This is another historic high-grade silver producer that Metallic hopes will prove to be a district scale vein system similar to Keno Hill. McKay Hill was discovered in the 1920s

Above: The portal at Excellon Resources’ Platosa silver-lead-zinc mine in Mexico. EXCELLON RESOURCES Left: Bulk tonnage from the Cordero project. DISCOVERY SILVER

and worked sporadically until 1949.

The company has defined 37 new vein structures with rock sampling and trenching. A comprehensive exploration program is planned.

The company will receive 10% to 15% royalties on two alluvial gold projects — Australia and Dominion creeks — southeast of Dawson City, Yukon. These properties cover four claim blocks under development by three operators.

Metallic Minerals has a market capitalization of $47.3 million. n NICKEL CREEK PLATINUM Nickel Creek Platinum (TSX: NCP; US-OTC: NCPCF) is focused on its wholly owned Nickel Shaw PGM-

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copper-nickel advanced exploration project 317 km northwest of Whitehorse in the Yukon.

The property was acquired in 2011, when Nickel Creek was known as Wellgreen Platinum.

Then in 2018, both the company name and property name were changed, along with the corporate vision to become the next worldclass nickel sulphide mine. With almost 2 billion lb. of nickel estimated to be in the ground, it may make it.

The open pit resource was updated later that year. The estimate included 323.4 million measured and indicated tonnes grading 0.26% nickel, 0.16% copper,

0.015% cobalt, 0.255 gram palladium per tonne, 0.253 gram platinum per tonne, and 0.046 gram gold per tonne. The inferred resource was 108.1 million tonnes averaging 0.29% nickel, 0.15% copper, 0.016% cobalt, 0.256 gram platinum per tonne, 0.279 gram per tonne palladium, and 0.04 gram gold per tonne.

In 2019 and 2020, Nickel Creek flew an electromagnetic (EM) survey over its entire property, including 18 km of ultramafic strike length. The Nickel Shaw deposit is just west of centre, and farther west is the Arch target. To the east, near the centre of the property, is the Quill target and farther east are the Burwash East and West targets.

This year the company completed 1,300 metres of drilling in 12 holes at the Arch and Burwash

targets. The work was funded by the issuance of flow-through units worth $3.6 million. Four of the 12 holes were surveyed for their EM signature and some additional EM surface work was done at Arch.

Assays for these holes are anticipated before the end of the year.

Nickel Creek has completed mini-pilot plant metallurgical tests that point toward saleable nickel and copper concentrates. It has also completed internal mine planning and optimization studies, as well as baseline environmental studies with the potential to maintain a low carbon footprint.

Nickel Creek Platinum has a market cap of $35 million. n PALLADIUM ONE MINING The pride of Palladium One Mining (TSXV: PDM; US-OTC: NKORF) is its Läntinen Koillismaa (LK) PGE-copper-nickel in northcentral Finland. The company has exploration permits, exploration reservations and reservation applications, covering over 30,000 hectares.

Palladium One calls LK “possibly one of the largest palladium dominant PGE projects of its type in the first world.” Existing resources include indicated resources of 11 million tonnes grading 1.60 grams per tonne palladium-equivalent, containing 566,000 palladium-equivalent ounces. Inferred resources stand at 44 million tonnes averaging 1.19 grams per tonne palladium-equivalent, containing 1.67 million palladium-equivalent ounces.

An updated resource estimate will be announced for Kaukua in the first quarter of 2022, which the company says is expected to “materially increase total resources.”

In September, Palladium One reported the highest ever drill hole in Finland at the LK project’s Kaukua South zone. Beginning at 171.5 metres depth, hole LK21081 returned 4.1 grams palladiumequivalent over 24 metres, within a 112-metre section grading 2.08 grams palladium-equivalent per tonne.

Expressed another way, the 112metre section assayed 0.93 gram palladium per tonne, 0.33 gram platinum per tonne, 0.10 gram gold per tonne, 0.16% copper, 0.16%

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zone was drilled in late 2020, the company discovered up to 9.9% nickel-equivalent over 4 metres at surface. Follow-up drilling in 2021 extended the mineralized zone to 350 metres along strike. Additional work is planned to find the source of the high-grade mineralization.

In the meantime, the company has flown a property-wide VTEM survey and conducted an extensive summer field program, the results of which are pending.

Other nickel and copper drill intercepts on the property are 17 km to the west, and the company says there are numerous untested targets on the 25,000-hectare property.

Palladium One Mining has a market capitalization of $49.4 million.

The Metallic field team examines core at its Keno silver project. METALLIC MINERALS

nickel, and 78 parts per million (ppm) cobalt. The hole included a 24-metre intersection that assayed 1.98 grams palladium per tonne, 0.7 gram platinum per tonne, 0.18 gram gold per tonne, 0.31% copper, 0.27% nickel, and 104 ppm cobalt.

The Kaukua South zone, 500 metres south of the existing pit resource, has been the company’s focus in 2021. The updated resource scheduled for the first quarter of 2022 will include the first resource for Kaukua South (2 of 7 km strike length) and an update to the Kaukua zone.

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BUILDING A WORLD-CLASS

Additional resource expansion may occur from more drilling at both the eastern and western portions of the Kaukua South target, the company says.

Future drilling is also planned for the Haukiaho deposit, 12 km south of Kaukua. Haukiaho’s 2021 inferred resource estimate stands

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SILVER AND PGMs From 14

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at 32.7 million tonnes grading 1.15 grams per tonne palladium-equivalent (0.25 gram palladium per tonne), 0.10 gram platinum per tonne, 0.10 gram gold per tonne, 0.13% nickel, 0.18% copper, and 53 ppm cobalt (1.15 grams palladiumequivalent per tonne).

Palladium One also owns the Kostonjärvi (KS) property southeast of the LK property. This is another high-grade massive sulphide target said to have similarities to Norilsk in Russia and Voisey’s Bay in Newfoundland and Labrador.

In Canada, Palladium One owns the Tyko copper-nickel-PGM sulphide property near Manitouwadge, Ontario. When the Smoke Lake

n PLATINUM GROUP METALS Platinum Group Metals (TSX: PTM; NYSE: PLG) is the operator of the Waterberg PGM-gold exploration project on the North Limb of the Bushveld Complex in South Africa.

The project itself is a joint venture between Platinum Group (37.05%), Impala Platinum (15%), JOGMEC (Japan Oil, Gas and Metals National Corp.) (12.195%), Hanwa (9.75%), and BEE partner Mnombo Wethu Consultants (26%). As a result of Platinum Group’s 49.9% ownership in Mnombo, the company has an effective interest in the Waterberg joint-venture of 50.02%.

Platinum Group made the Waterberg discovery in 2011 and completed a prefeasibility study in 2016, followed by a definitive feasibility study in 2019. The project is shaping up as a shallow, low-cost, bulk mineable undertaking.

The feasibility study outlined proven and probable mineral reserves with a cut-off grade of 2.5 grams per tonne PGM+gold to be 187.5 million tonnes grading 0.94 gram platinum per tonne, 2.004 grams palladium per tonne, 0.5 gram rhodium per tonne, and 0.21 gram gold per tonne. Expressed as PGM-plus gold, the reserves contain 19.5 million ounces.

Measured and indicated resources total 242.4 million tonnes at 0.98 gram platinum per tonne, 2.13 grams palladium per tonne, 0.05

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gram rhodium per tonne, 0.22 gram gold per tonne, or 26.4 million oz. of PGE plus gold. The inferred resource is 66.7 million tonnes grading 0.96 gram platinum per tonne, 1.92 grams palladium per tonne, 0.05 gram rhodium per tonne, and 0.22 gram gold per tonne for 7 million oz. of PGM-plus gold.

Both reserves and resources contain measurable amounts of copper and nickel.

The feasibility study gave the mine a 45-year life based on current resources with average production of 420,000 oz. of PGMplus-gold and 16.7 million lb. of total nickel and copper. A fully mechanized, shallow mine accessed by a decline, will make it a large, low cost PGM mine.

The Waterberg project has an after-tax net present value at an 8% discount rate of US$982 million and an after-tax internal rate of return of 20.7%. The estimated preproduction capital requirement is US$874 million, including US$87 million in contingencies.

The project will create about 1,100 new highly skilled jobs, and Platinum Group Metals will have to oversee investments in local training and business opportunities. The project includes a commitment to upgrade the local water infrastructure.

Timelines are dependent on regulatory approvals and financing, but the company would like to see the five-year construction period begin next year. The sixyear underground development phase would start a year later with production beginning half way through. Mill throughput will be built up over three years from plant commissioning reaching steady state production perhaps in 2028.

In February, the South African department of mineral resources and energy granted the mining right for the Waterberg joint venture. The next month the decision was appealed by four individuals from a local community. A sec-

Drill rigs on Platinum Group Metals’ Waterberg PGM property in South Africa. PLATINUM GROUP METALS

ond appeal was launched in April, followed in May by a community seeking to overturn the environmental authorization.

Platinum Group Metals says it believes the authorizations were correctly granted. The company’s near-term objectives are to continue working closely with local community leaders and to complete construction funding and offtake agreements for Waterberg.

Platinum Group Metals has a market capitalization of $187.4 million. n SILVERCREST METALS SilverCrest Metals (TSX: SIL; NYSE: SILV) released a feasibility study for its Las Chispas silvergold project in Sonora, Mexico and made a positive development decision earlier this year. Both construction of a 1,250 tonne-per-day mine and mill and underground development have begun.

In August the company said construction is on schedule and capi-

tal spending is on budget. A total of 13.1 km of underground development has been completed, access to four veins has been established; and detailed engineering was 90% complete. Most of the procurement contacts have been awarded, the erection of the leach tanks has begun, and the steel-mechanicalpipeline work is underway. Detailed engineering is also underway for the tailings management facility with construction to begin by year-end.

The construction camp consists of 513 single occupancy units, and Covid-19 protocols and tests are in place.

The Las Chispas mine is expected to average 6.4 million oz. of silver and 69,000 oz. of gold (12.2 million oz. of silver-equivalent) annually beginning in 2023. All in sustaining costs should be US$6.68 per silver-equivalent oz., at a silver price of US$19 per oz. and a gold price of US$1,500 per ounce.

The initial capital cost for the project is US$138 million, plus

M&A From 1

Carey MacRury of Canaccord Genuity described the transaction as “positive” and said he views the merger “as making the most strategic sense relative to potential suitors.”

“Agnico and Kirkland are highquality senior gold producers of similar size and valuation multiples, and have complementary and low-political-risk geographic overlap,” he commented in a research note to clients.

“Overall we see the transaction as largely neutral on most financial metrics, given similar trading multiples,” adding that he sees “the probability of an interloper as low.”

In terms of the benefits to Kirkland Lake’s shareholders, MacRury outlined a “stronger, more diversified platform and operating experience” Gold bar from Kirkland Lake's Fosterville mine in Australia. KIRKLAND LAKE GOLD and “lower risk profile.”

“While Kirkland Lake has strong which include AngloGold Ashanti, PVG), Victoria Gold (TSX: VGCX), growth potential, Agnico has a long Goldfields, Kinross Gold and New- New Gold (TSX: NGD; NYSE-AM: history of technical excellence and crest, could also possibly purchase a NGD), Hycroft Mining (NASDAQ: continuous improvement,” he wrote. smaller senior producer or larger mid- HYMC), Superior Gold (TSXV: “Kirkland would gain access to a sized peer for growth, the bank says. SGI), Wesdome Gold Mines (TSX: deeper technical team, in addition to The recent Northern Star merger WDO) and K92 Mining (TSX: KNT; gaining a more balanced production and the formation of the Nevada Gold US-OTC: KNTNF) platform (Detour represents ~65% of Mines JV are examples of opportuThe analysts believe that as sevour standalone NAV for Kirkland).” nities for operational and regulatory eral new projects are struggling for BMO analysts believe that as travel synergies where assets are in close valuation and financing, there is an restrictions gradually begin to loosen, proximity, the report notes. opportunity for producers to buy merger activity will likely heat up.

“With tier 1 jurisdictions currently developers to deliver growth. BMO’s They argue that future transactions in vogue, there are some single juris- favoured developers include Artewill develop around three key themes: diction companies active in Can- mis Gold (TSXV: ARTG), Ascot stepping up a tier, jurisdictional syn- ada, USA, and Australia which may Resources (TSX: AOT; US-OTC: ergies and growth generation. become tuck-in acquisitions to drive AOTVR), Great Bear Resources In a report about M&A in the cash flows / production growth pro- (TSXV: GBR; US-OTC: GTBAF), precious metals sector, BMO says files and improve acquirers’ geopoliti- Orla Mining (TSX: OLA; NYSE: a few majors may consider tying up cal risk profiles,” BMO says.

ORLA, Probe Metals (TSXV: PRB; to increase their relevance among Companies that could follow this US-OTC: PROBF), Rupert Resources investors seeking large and liquid path, according to the bank, are Pre- (TSXV: RUP) and Wallbridge Mininvestment options. The companies, tium Resources (TSX: PVG; NYSE: ing (TSX: WM). TNM

US$124 million for sustaining capital. The project should pay for itself in a year.

The proven and probable reserves are 3.4 million tonnes grading 879 grams silver-equivalent per tonne for 94.7 million contained oz. of silver-equivalent. The measured and indicated resources are 2.8 million tonnes grading 1,191 grams silver-equivalent per tonne for 108.1 million contained oz. of silver-equivalent. The inferred resource is 1.2 million tonnes grading 745 grams silver-equivalent per tonne for 29.7 million contained oz. of silver-equivalent.

Only 15 of more than 45 known veins at Las Chispas are included in the reserve estimate. Reserves also include stockpiled mine development material, which will be used during mill ramp-up.

SilverCrest has identified numerous opportunities for growth and optimization. The company is looking to expand and convert resources at the BAVS, Granaditas, Babi

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Vista, and Babicanora Norte veins and the El Muerto zone, all of which are close to the planned underground workings and all of which were drilled this year. Other opportunities include optimizing the lifeof-mine grade profile and potential acceleration of the mine ramp-up.

Silver was discovered on the Las Chispas property in 1640 by Spanish soldiers, but it was the late1800s before any significant production occurred. From 1880 to 1930, several mines on the property produced as much as 100 million oz. of silver and 200,000 oz. of gold.

The property then stood idle until the early 1980s when a local company reprocessed old waste and tails but kept no production records.

SilverCrest also owns the El Picacho property, site of historic silver and gold production in Sonora.

The first production occurred in the late 1800s with grades of over 15 grams gold per tonne. This year the company completed 42 drill holes that traced the El Picacho vein across 500 metres along strike and 300 metres down dip from surface.

Permits are in place to continue drilling.

The Cruz de Mayo property, also in Sonora, consists of two mineral concessions totalling 452 hectares.

It was transferred to SilverCrest Metals as part of the friendly acquisition of SilverCrest Mines by First Majestic Silver (TSX: FR; NYSE: AG) in 2015. A resource estimate was done the same year that put total indicated material at 793,000 tonnes grading 156 grams silver per tonne and 0.21 gram gold per tonne, for 4.1 million silver-equivalent ounces. The inferred material totalled 325,000 tonnes at 129 grams silver per tonne and 0.25 gram gold per tonne for 1.6 million oz. of silver-equivalent.

SilverCrest also owns the less advanced Angel de Plata and Estacion Llano properties in Sonora. No work is planned at these projects as the company concentrates on development at Las Chispas.

SilverCrest Metals has a market cap of $1.3 billion. TNM

RESCUE From 1

was our top priority, and we’re glad that our emergency plans and procedures worked to deliver that outcome. All the employees are safe now and deserve our deep respect for their perseverance and strong will.”

Gord Gilpin, the head of Vale’s Ontario base metal mining operations, spoke to the media after the miners were safely above ground, and thanked the responders for their successful efforts.

“Through the massive efforts of a great team, we hit the mark,” he said, adding, “I attended a safety summit recently, and someone made a comment that really resonated to me personally. And that is that the most important thing that

comes out of a mine is the miner.”

Gilpin says the company will be working to find out why the accident happened and put measures in place to insure it never happens again.

Vale acquired the Totten mine as part of its $19 billion purchase of Inco in 2006. The company inaugurated production at the coppernickel mine in 2014, the first new mine to open in the Sudbury area in more than forty years.

Totten produced 3,600 tonnes of nickel in the first half of this year, accounting for about 4% of Vale’s total nickel production, however full operations at the mine are currently suspended pending a review of the incident. TNM

ANALYSIS From 2

As for the US$2 billion in synergies the companies say the merger will have, Smith says “I think there are more than that, but that’s the figure they are comfortable with.”

The Toronto-based analyst also believes there won’t be a competing bid. “I’m not sure why Kirkland Lake keeps trading at a little bit higher than the premium, although it has come off a bit; normally what you’d see is Kirkland Lake

trading at a 2-3% discount to the implied bid. The market for some reason thinks there is some possibility for a competing bid but I can’t see it; I can’t see anyone else coming in. And there’s a $450 million break-fee. Barrick’s Mark Bristow has said a hundred times he’s not going to pay a premium, so I don’t think there’s a competing bid out there, but I still think this is a great bid.” TNM

GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 11—24, 2021

17

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OCTOBER 11—24, 2021 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / SEPTEMBER 27 — OCTOBER 1 The S&P/TSX Composite Index fell 251.83 points or 1.23% to finish the Sept. 27-Oct. 1 trading week at 20,150.87. The S&P/TSX Global Mining Index fell 0.52 points or 0.55% to 93.45 and the S&P/TSX Global Base Metals Index rose 0.7 points or 0.44% to 158.34. The S&P/TSX Global Gold Index fell 4.12 points or 1.55% to 261.20 and spot gold rose US$10.80 per oz. or 0.62% to US$1,761 per ounce.

Solaris Resources jumped $1.22 to $12.17 per share. Solaris announced additional assay results from its Warintza East discovery within the company’s Warintza copper and gold project in southeastern Ecuador. Drill hole SLSE-01, collared about 1,300 metres east of Warintza Central and drilled to the southwest, returned 396 metres of 0.42% copper-equivalent from surface, with the full length of the hole of 1,213 metres assaying 0.28% copper-equivalent. Drill hole SLSE-02, collared from the same platform but drilled to the northwest, cut 320 metres of 0.48% copper-equivalent, including 62 metres of 0.68% copper-equivalent from surface, from the first 320 metres of core for which assays were received, with the last 10 metres of the interval grading 0.47% copper-equivalent. Warintza East is the third major discovery within the 7 km by 5 km Warintza porphyry cluster. “With

this latest discovery at Warintza East and the growing footprint of Warintza Central to the north and east returning some of the strongest intervals reported to date, the conceptual pit shell is expected to be extended to the north and east showing the potential to ultimately become one multi-kilometre ‘superpit’ joining the two areas,” Jorge Fierro, the company’s vice president of exploration, stated in a press release. “Future drilling will focus on the open, undrilled area between these two zones.”

Denison Mines rose 22¢ to $1.91 per share.

The company announced on Sept. 22 that it is advancing its 95%-owned Wheeler River uranium project to a feasibility study. The project in northern Saskatchewan, hosts the Phoenix and Gryphon uranium deposits, which Denison TSX MOST ACTIVE ISSUES

Suncor Energy Denison Mines Barrick Gold Fission Uran B2Gold Corp Kinross Gold Yamana Gold Nexgen Energy Lundin Mng Cameco Corp

SU DML ABX FCU BTO K YRI NXE LUN CCO

VOLUME (000s) HIGH

WEEK LOW CLOSE CHANGE

33593 27.22 20182 1.93 19463 23.08 19430 0.92 17300 4.45 17006 6.86 15053 5.14 10653 6.26 10613 9.38 9172 28.05

25.90 26.47 + 0.88 1.68 1.91 + 0.22 22.30 22.74 - 0.10 0.78 0.90 + 0.06 4.21 4.29 - 0.06 6.56 6.70 + 0.02 4.87 4.91 - 0.09 5.73 6.23 + 0.45 8.81 8.93 - 0.22 25.30 27.92 + 2.50

discovered in 2008 and 2014, respectively. The feasibility study will assess an in-situ recovery (ISR) mining operation at the Phoenix deposit.

The company completed a prefeasibility study on the project in 2018; the PFS considered the economic potential of developing the Phoenix deposit as an in-situ recovery (ISR) operation and the Gryphon deposit as a conventional underground mining operation. The company also announced an at-the-market offering

agreement with Cantor Fitzgerald and Scotia Capital, which will allow Denison to offer and sell common shares worth a total of up to US$50 million. The ATM will be effective until October 16 2023 unless Denison chooses to cancel it before that date.

Shares of Verde AgriTech, formerly Verde Potash, jumped 15.6% to $1.26. The company raised its 2021 revenue guidance to R$90 million (US$15 million) from R$50 million. TNM TSX GREATEST VALUE CHANGE

TSX GREATEST PERCENTAGE CHANGE VOLUME (000s) HIGH

SouthGobi Res Titan Mining Sierra Metals EurOmax Res Intl Tower Hil Verde Potash Sulliden Mng Denison Mines Solaris Res Northcliff Res Silver Bull Re Mawson Res RTG Mining Orea Mining Harte Gold Nthn Dynasty Labrador IOR Yorbeau Res Nickel Creek Ascot Res

SGQ TI SMT EOX ITH NPK SMC DML SLS NCF SVB MAW RTG OREA HRT NDM LIF YRB NCP AOT

VOLUME (000s)

WEEK LOW CLOSE CHANGE

5113 1.36 0.30 720 0.53 0.33 681 3.57 2.28 247 0.08 0.00 68 0.99 0.79 464 1.32 1.19 130 0.12 0.00 20182 1.93 1.68 1121 12.20 10.34 497 0.05 0.05 1545 1.19 0.59 408 0.20 0.16 67 0.12 0.00 8398 0.30 0.21 3566 0.06 0.05 2014 0.67 0.55 4210 40.36 33.74 1016 0.04 0.00 1838 0.09 0.08 1371 1.18 1.04

0.70 0.48 3.05 0.08 0.99 1.26 0.12 1.91 12.17 0.05 0.63 0.16 0.12 0.25 0.05 0.57 34.47 0.04 0.08 1.07

+ 118.8 + 37.1 + 29.8 + 25.0 + 16.5 + 15.6 + 15.0 + 13.0 + 11.1 + 11.1 - 48.4 - 20.0 - 17.2 - 16.9 - 16.7 - 14.9 - 11.5 - 11.1 - 11.1 - 10.8

Nutrien Cameco Corp Solaris Res Suncor Energy Lithium Amer Sierra Metals Energy Fuels First Quantum Teck Res Teck Res Franco-Nevada Labrador IOR Wheaton Prec Kirkland Lake Seabridge Gld Wesdome Gold Gatos Silver Silver Bull Re First Majestic Endeavour Mng

NTR CCO SLS SU LAC SMT EFR FM TECK.A TECK.B FNV LIF WPM KL SEA WDO GATO SVB FR EDV

6797 9172 1121 33593 3404 681 3776 8592 3 7327 2053 4210 7100 9104 346 1752 127 1545 2387 3581

WEEK CLOSE

84.91 27.92 12.17 26.47 27.98 3.05 8.66 23.50 36.50 31.82 161.14 34.47 46.72 51.80 19.32 9.99 14.54 0.63 14.35 28.89

CHANGE

+ + + + + + + + + + -

2.69 2.50 1.22 0.88 0.71 0.70 0.67 0.67 0.49 0.48 5.20 4.49 3.04 2.09 0.97 0.79 0.74 0.59 0.59 0.55

TSX VENTURE EXCHANGE / SEPTEMBER 27 — OCTOBER 1 The S&P/TSX Venture Composite Index fell 10.25 points or 1.17% to finish the Sept. 27 to Oct. 1 trading week at 865.88. Spot gold rose US$10.80 per oz. or 0.62% to US$1,761 per ounce.

Shares of Baselode Energy increased 22¢ to 80¢. The junior announced it intersected a “wide zone of elevated radioactivity” in the first drill program at its Hook uranium project in northern Saskatchewan’s Athabasca Basin.

Hole HK21-07, the first drilled into the Ackio target area at Hook, intersected 16.2 metres of continuous elevated radioactivity (>300 counts per second) starting at 133.8 metres, within a massive structurally controlled hydrothermal alteration envelope that exceeds 250 metres thickness. Baseload said the radioactive interval averaged 642 cps and included multiple intersections of >1,000 counts per second.

The company is expanding the drill program from 2,500 to 3,500 metres with holes now ranging from 200 to 500 metres drill hole depth. “The widespread basement alteration we’ve intersected in HK21-07 reflects a large hydrothermal fluid system that could be fertile for high-grade uranium mineralization which is demonstrated with radioactivity >10,000 cps in the Akio area,” Cameron MacKay, projects manager, said in a news release. “We’re also

excited to have intersected Athabasca sandstones outside the previously known basin margin.

This provides us with exploration targets for discovering unconformity-style mineralization just 50 metres below surface at Ackio.”

Cornerstone Capital Resources gained 20¢ to $3.80. In mid-September the company announced assays from three drill holes from the Bramaderos gold and copper joint venture in southern Ecuador. Cornerstone has a 12.5% stake in the joint-venture with Sunstone Metals the project operator. Drillhole BMDD009 returned 185.3 metres grading 0.4 gram gold per tonne, 0.15% copper (0.64 gram goldequivalent per tonne) from 116.8 metres; and drillhole BMDD010 cut 170.65 metres grading 0.46 gram gold per tonne and 0.15% copper (0.7 TSX-V MOST ACTIVE ISSUES VOLUME (000s) HIGH

Conquest Res Gungnir Res Leeta Gold QC Copper American Mang Azincourt Ener Galane Gold Buffalo Coal GoviEx Uranium Anfield Energy

CQR 12050 GUG 11702 HIVE 7332 QCCU 6391 AMY 6236 AAZ 5916 GG 5689 BUF 5163 GXU 5046 AEC 4780

0.20 0.32 3.74 0.41 1.29 0.09 0.14 0.06 0.43 0.15

WEEK LOW CLOSE CHANGE

0.12 0.19 3.23 0.29 0.89 0.08 0.10 0.00 0.34 0.13

0.13 + 0.24 + 3.49 0.36 + 0.91 0.08unch 0.10 0.03unch 0.36 0.13 -

0.01 0.02 0.17 0.07 0.16 0.00 0.03 0.00 0.03 0.01

gram per tonne gold-equivalent) from 311.75 metres, including 69.6 metres of 0.65 gram gold per tonne and 0.2% copper (0.97 gram goldequivalent per tonne). BMDD011 intersected 404.8 metres grading 0.32 gram gold per tonne and 0.09% copper (0.46 gram gold-equivalent per tonne) from surface, including 51.3 metres of 0.54 gram gold per tonne and 0.07% copper.

Conquest Resources climbed 1¢ to 13¢ per share. The company announced it has

completed 17 holes into 32 geophysical targets on its Belfast-TeckMag project, 50 km east of Sudbury, Ontario. Bore hole EM surveys are underway on its volcanogenic massive sulphide (VMS) targets and the company intends to follow up on the survey results with more holes following the drilling of the balance of the remaining untested targets. The company will start drilling on the iron oxide copper gold (IOCG) targets in mid-October. TNM

TSX-V GREATEST PERCENTAGE CHANGE VOLUME (000s) HIGH

Cleghorn Min Vizsla Copper Minsud Res Magnum Goldco InZinc Mining Millennium Sil Colonial Coal Baselode Egy Altamira Gold Petrolympic Aurora Royal Noble Metal Jubilee Gold Virginia Enrgy Grid Metals Running Fox Rs Independence G Pacific Silk Azimut Explor Milner Con Slv

CZZ VCU MSR MGI IZN MSC CAD FIND ALTA PCQ AUR.H NMG.H JUB VUI GRDM RUN.H IGO PP AZM MCA.H

323 494 167 573 2604 29 1286 4492 645 31 1 5 3 1202 956 168 882 24 940 2

0.17 0.38 0.27 0.18 0.08 0.02 1.53 0.87 0.31 0.10 0.04 0.01 0.59 0.56 0.13 0.03 0.07 0.03 2.01 0.08

TSX-V GREATEST VALUE CHANGE

WEEK LOW CLOSE CHANGE

0.00 0.00 0.00 0.07 0.05 0.00 1.03 0.58 0.20 0.00 0.00 0.00 0.00 0.35 0.09 0.00 0.00 0.00 1.39 0.00

0.17 0.31 0.27 0.12 0.07 0.02 1.43 0.80 0.28 0.10 0.04 0.01 0.59 0.37 0.10 0.03 0.05 0.03 1.45 0.08

+ 112.5 + 106.7 + 100.0 + 76.9 + 55.6 + 50.0 + 41.6 + 37.9 + 36.6 + 35.7 - 42.9 - 33.3 - 32.2 - 30.2 - 29.6 - 28.6 - 28.6 - 28.6 - 27.5 - 27.3

VOLUME (000s)

Los Andes Colonial Coal Nouveau Monde Rupert Res Sigma Lithium Neo Lithium Baselode Egy Cornerstone Ca Pure Energy Teuton Res Abitibi Royal Golden Valley New Found Gold Tanqueray Expl Azimut Explor St. James Gold Highwood Asset IsoEnergy Ltd Rock Tech Lith Jubilee Gold

LA CAD NOU RUP SGML NLC FIND CGP PE TUO RZZ GZZ NFG IPA AZM LORD HAM ISO RCK JUB

80 1286 209 985 103 1784 4492 61 115 99 35 105 825 131 940 97 0 2189 88 3

WEEK CLOSE

8.20 1.43 7.62 4.56 10.79 4.82 0.80 3.80 1.62 2.34 26.45 11.95 7.93 7.54 1.45 3.95 12.00 3.90 4.77 0.59

CHANGE

+ + + + + + + + + + -

0.80 0.42 0.37 0.36 0.33 0.27 0.22 0.20 0.18 0.17 2.04 1.00 0.77 0.73 0.55 0.55 0.50 0.44 0.29 0.28

U.S. MARKETS / SEPTEMBER 27 — OCTOBER 1 The Dow Jones Industrial Average dropped 471.54 points or 1.36% to finish the Sept. 27 to Oct. 1 trading week at 34,326.46 and the S&P 500 fell 98.44 points or 2.21% to 4,357.04.

Spot gold rose US$10.80 per oz. or 0.62% to US$1,761 per ounce.

Arch Resources topped the list of value gains, jumping US$19.49 to US$97.54 per share on no corporate news. The company announced on September 9 that production had begun at its new Leer South longwall coal mine in West Virginia. When fully ramped, the mine is projected to produce up to four million tons per year of premium-quality, high-volume A metallurgical coal for the global steel market.

The company said it started work on the new mine two and a half years ago and invested about US$400 million on the buildout. Full production is slated for the start of 2022.

Shares of Peabody Energy climbed US$2.68 to US$15.65. The company announced the ratification of a new collective bargaining agreement by the union representing its hourly workers at its Shoal Creek mine in Alabama, which produces hard coking coal.

Freeport McMoRan gained US60¢ to US$32.84 per share. The company published its climate report, which it says details the

work it is doing across its business to reduce greenhouse gas emissions (GHG). This year the company established a new 30% GHG emissions intensity reduction target for its Indonesian operations by 2030. “As both a major consumer of energy, and as one of the world’s largest producers of the copper essential to enable the global energy transition, Freeport aspires to participate in, and positively contribute to, a 2050 net zero economy,” Richard C. Adkerson, chairman and CEO said in a press release on September 30. “Our path to net zero carbon emissions will require industry-wide new technological solutions and innovation.

We embrace these challenges and are focused on achieving meaningful progress through our internal efforts and through collaboraU.S. MOST ACTIVE ISSUES VOLUME (000s)

Vale* Barrick Gold* United States S* Cleveland-Clif* Freeport McMoR* Yamana Gold* Chevron Corp* Kinross Gold* Peabody Enrgy* Cameco Corp*

HIGH

VALE 210040 14.84 GOLD113818 18.26 X 103924 23.05 CLF 103779 21.27 FCX 94042 34.05 AUY 76108 4.07 CVX 64679 104.89 KGC 52678 5.43 BTU 45824 15.93 CCJ 43997 22.19

WEEK LOW CLOSE CHANGE

13.75 14.20 - 0.29 17.56 17.99 - 0.04 21.35 21.72 - 0.13 19.14 19.66 - 0.84 31.86 32.84 + 0.60 3.82 3.89 - 0.07 101.45 104.33 + 3.73 5.18 5.32 + 0.04 12.56 15.65 + 2.68 19.98 22.11 + 2.04

tion with industry partners. We are in the process of integrating our climate initiatives into our long-term business plans as we work to responsibly produce copper for the benefit of all stakeholders.”

Shares of Kirkland Lake Gold fell US$1.60 to US$40.97. Under a proposed merger with Agnico Eagle Mines announced on September 28, Kirkland Lake Gold shareholders will receive 0.7935 of an Agnico Eagle common

share for each Kirkland Lake Gold common share held. The consideration to Kirkland Lake Gold represents about a 1% premium to the ten-day volume weighted average prices on the Toronto Stock Exchange, as at the close of trading on September 24, and implies a combined market capitalization of roughly $24 billion.

Upon closing, Agnico Eagle and Kirkland shareholders will own about 54% and 46% of the combined company, respectively. TNM U.S. GREATEST VALUE CHANGE

U.S. GREATEST PERCENTAGE CHANGE VOLUME (000s) HIGH

Arch Resources* Peabody Enrgy* Natural Res Pt* CONSOL Energy* NACCO Ind* Cameco Corp* CONSOL Energy* Nexa Resources* Mechel* AngloGold Ash* Sibanye-Stillw* Wheaton Prec* Gatos Silver* Seabridge Gld* Buenaventura* DRDGOLD* Cleveland-Clif* First Majestic* Kirkland Lake* Sandstorm Gold*

ARCH BTU NRP CEIX NC CCJ CNX NEXA MTL AU SBSW WPM GATO SA BVN DRD CLF AG KL SAND

2735 45824 133 3122 82 43997 25368 548 1790 16931 22479 14033 3595 1249 8279 1022 103779 20171 20028 8596

99.07 15.93 25.20 28.82 30.97 22.19 13.15 7.81 4.19 16.23 12.92 39.93 12.53 16.40 7.47 8.71 21.27 12.24 46.18 6.11

VOLUME (000s)

WEEK LOW CLOSE CHANGE

79.68 12.56 21.42 23.80 27.72 19.98 11.96 6.97 3.83 14.98 11.90 36.66 11.03 14.92 6.62 7.88 19.14 11.02 39.35 5.57

97.54 15.65 24.82 28.30 30.24 22.11 12.62 7.51 4.06 16.23 12.53 36.97 11.49 15.28 6.92 8.21 19.66 11.34 40.97 5.70

+ + + + + + + + + + -

25.0 20.7 15.8 15.0 11.0 10.2 8.4 7.1 6.6 6.1 6.9 5.9 5.0 4.9 4.6 4.2 4.1 3.8 3.8 3.7

Arch Resources* ARCH Chevron Corp* CVX CONSOL Energy* CEIX Natural Res Pt* NRP MartinMarietta* MLM NACCO Ind* NC Peabody Enrgy* BTU Nutrien* NTR Cameco Corp* CCJ Mosaic* MOS Franco-Nevada* FNV Wheaton Prec* WPM Kirkland Lake* KL Southern Copp* SCCO Sibanye-Stillw* SBSW Cleveland-Clif* CLF Seabridge Gld* SA Gatos Silver* GATO First Majestic* AG DRDGOLD* DRD

2735 64679 3122 133 2572 82 45824 10947 43997 20933 3561 14033 20028 5173 22479 103779 1249 3595 20171 1022

WEEK CLOSE

CHANGE

97.54 104.33 28.30 24.82 354.01 30.24 15.65 67.20 22.11 37.80 127.49 36.97 40.97 56.79 12.53 19.66 15.28 11.49 11.34 8.21

+ 19.49 + 3.73 + 3.69 + 3.39 + 3.01 + 3.00 + 2.68 + 2.29 + 2.04 + 1.94 - 4.00 - 2.32 - 1.60 - 1.16 - 0.93 - 0.84 - 0.79 - 0.60 - 0.45 - 0.36

GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 11—24, 2021

19

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

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, August 26 2021 (change from August 19, 2021 in brackets): Aluminium Alloy 1820 (0) Aluminium 1306950 (-2750) Copper 254300 (+9175) Lead 56725 (-325) Nickel 196290 (-2196) Tin 1635 (-225) Zinc 239650 (+11300)

Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$71.05 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$13.35 Cobalt: US$24.03/lb.

Copper: US$4.10 Copper: CME Group Futures November 2021: US$4.24/lb.; December 2021: US$4.24/lb Iridium: NY Dealer Mid-mkt US$5,000.00/tr oz.

Iron Ore 62% Fe CFR China-S: US$117.00 Lead: US$0.96/lb.

Rhodium: Mid-mkt US$13,400.00 tr. oz.

Ruthenium: Mid-mkt US$675.00/tr. oz.

Silver: Handy & Harman Base: US$22.57 per oz.; Handy & Harman Fabricated: US$28.21 per oz.

Tin: US$16.60/lb.

Uranium: U308, Trade Tech spot price: US$44.10 per lb. U308 Zinc: US$1.37 per lb.

Prices current Oct. 4, 2021

*Current metal stocks held in London Metal Exchange warehouses were unavailable at presstime.

TSX SHORT POSITIONS

Short positions outstanding as of September 15, 2021 (with changes from August 31, 2021) Largest short positions Pure Gold Mg PGM 4659415 3673338 8/31/2021 Fission 3.0 FUU 4233548 4173049 8/31/2021 EnCore Energy EU 3814865 3200691 8/31/2021 Blue Sky Uran BSK 2011088 1684540 8/31/2021 GoviEx Uranium GXU 1890258 1400247 8/31/2021 Standard Uran STND 1853708 1758903 8/31/2021 Anfield Energy AEC 1702976 1398870 8/31/2021 Uragold Bay Rs HPQ 1684171 20205 8/31/2021 Azincourt Ener AAZ 1676917 1528671 8/31/2021 Uranium Roylty URC 1410108 1193131 8/31/2021 AbraSilver Res ABRA 1192609 815872 8/31/2021 Forum Energy FMC 1171950 1069526 8/31/2021 Leeta Gold HIVE 1131772 -285953 8/31/2021 Emgold Mining EMR 1100742 1100131 8/31/2021 Ethos Gold ECC 1097963 968298 8/31/2021 Largest increase in short position Fission 3.0 FUU 4233548 4173049 8/31/2021 Pure Gold Mg PGM 4659415 3673338 8/31/2021 EnCore Energy EU 3814865 3200691 8/31/2021 Standard Uran STND 1853708 1758903 8/31/2021 Blue Sky Uran BSK 2011088 1684540 8/31/2021 Largest decrease in short position GR Silver GRSL 104948 -4342580 8/31/2021 Contact Gold C 178385 -3220512 8/31/2021 First Cobalt FCC 370541 -1535212 8/31/2021 NEO Battery NBM 130275 -1524439 8/31/2021 Intl Lithium ILC 407907 -874706 8/31/2021

DAILY METAL PRICES Date Oct 1 Sept 30 Sept 29 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 2525/2500 2525/2500 2525/2500 Aluminum 2864/2880 2850.5/2866 2912.5/2929 Copper 9112/9099 9040/9020 9226/9215 Lead 2154/2124 2113/2087 2184.5/2160 Nickel 18120/18080 18175/18100 18615/18555 Tin 35550/33950 36550/35250 37580/35945 Zinc 2998.5/3007 3014.5/3025 3047/3057 PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.)

Gold AM 1755.60 1730.95 Gold PM 1757.05 1742.80 Silver 22.10 21.53 Platinum 972.00 963.00 Palladium 1911.00 1899.00

1741.65 1737.15 22.33 967.00 1897.00

Sept 28

Sept 27

2526/2500 2898.5/2915 9262.5/9258 2204/2183 18600/18585 36795/35450 3070.5/3079

2516/2490 2887.5/2903 9339/9326 2183/2164 18890/18890 36585/36585 3091/3098

1739.65 1733.75 22.80 987.00 1944.00

1749.15 1755.30 22.56 986.00 2949.00

Sep 30 1.2685 0.7884

Sep 29 1.2754 0.7841

Sep 28 1.2679 0.7887

Exchange rates (Quote Media, October 01, 2021) C$ to AUS C$ to EURO C$ to YEN 1.0867 0.6814 87.7502 C$ to UK Pound C$ to China Yuan C$ to India Rupee 0.5838 5.0965 58.6201 US to AUS US to EURO US to YEN 1.3778 0.8624 111.0765 US to UK Pound US to China Yuan US to India Rupee 0.7382 6.4467 74.1450

Sep 27 1.2629 0.7919

Sep 24 ($) 22.48 62.21 59.14 49.53 13.15 11.03 24.77 26.60 13.56 16.59 17.54 48.31 8.13 58.63 51.58 51.93 42.43

warrant to purchase one common share at $0.75 per share.

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

Eros Resources Corp. (ERC.WT) - One (1) Right exercisable for (1) Unit at $0.05 per Unit.

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

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

Firefox Gold Corp. (FFOX.WT) - One warrant to purchase one common share at $0.60 per share.

Giga Metals Corporation (GIGA.WT) One warrant to purchase one common share at $0.60 per share.

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

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

JDL Gold Corp. (JDL.WT) - Wt buy sh @ $3.00 to Oct 06/21 Kaizen Discovery Inc. (KZD.RT) - One warrant to purchase one common share at $0.51 per share.

LaSalle Exploration Corp. (LSX.WT) - One warrant to purchase one common share at $0.15 per share.

Lion One Metals Limited (LIO.WT) - One warrant to purchase one common share at $2.75 per share.

LSC Lithium Corporation (LSC.RT) - One (1) right exercisable for One (1) Unit at $0.40 per Unit.

Mako Mining Corp. (MKO.WT.A) - One warrant to purchase one common share at $0.60 per share.

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

Manganese X Energy Corp. (MN.WT) One warrant to purchase one common share at $0.15 per share.

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

Change ($) -0.43 -0.80 -1.09 -0.67 -0.22 -0.15 -0.38 -0.40 -0.14 -0.25 -0.36 -0.53 -0.17 -0.62 -1.20 -1.21 -0.58

C$ to Mex Peso 16.1634 C$ to Swiss Franc 0.7358 US to Mex Peso 20.4509 US to Swiss Franc 0.9305

Change (%) -1.89 -1.28 -1.85 -1.36 -1.64 -1.39 -1.53 -1.51 -1.04 -1.51 -2.05 -1.10 -2.13 -1.06 -2.33 -2.33 -1.37

YTDChange (%) -8.96 -14.34 -16.98 -5.33 -8.22 -11.88 -12.97 -8.49 -8.56 -6.93 -9.19 -14.01 -18.36 -8.66 -11.66 -11.68 -9.67

GLOBAL MINING NEWS · SINCE 1915

TSX VENTURE WARRANTS

moliveira@ northernminer.com or 416-510-6768

Mexican Gold Corp. (MEX.WT) - One warrant to purchase one common share at $0.12 per share.

Millennial Lithium Corp. (ML.WT) - One right to purchase one common share at $4.80 per share.

Millennial Lithium Corp. (ML.WT) - One warrant to purchase one common share at $4.25 per share.

Mineworx Technologies Ltd. (MWX.RT) One right to purchase one common share at $0.015 per share.

Northern Vertex Mining Corp. (NEE.WT) One warrant to purchase one common share at $0.80 per share.

Novo Resources Corp. (NVO.WT) - One warrant to purchase one common share at $4.40 per share.

Orezone Gold Corporation (ORE.WT) One warrant to purchase one common share at $0.80 per share.

Orezone Gold Corporation (ORE.WT) One warrant to purchase one common share at $0.80 per share.

Sandfire Resources America Inc. (SFR.RT) Forty one (41) Rights exercisable for One (1) Share at $0.15 per Share.

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

Star Royalties Ltd. (STRR.WT) - One warrant to purchase one common share at $1.00 per share.

Three Valley Copper Corp. (TVC.WT) - 20 warrants to purchase one Class A common share at $6.66 per share.

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

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

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

Westhaven Gold Corp. (WHN.WT) - One warrant to purchase one common share at $1.00 per share.

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

NORTH AMERICAN STOCK EXCHANGE INDICES 52-week

C$ to SA Rand 11.7640 C$ to S. Korea Won 934.6726 US to SA Rand 14.8631 US to S. Korea Won 1182.6200

MER (%) 2.40 0.55 0.55 2.31 2.29 2.73 0.68 0.81 2.64 0.61 2.46 3.19 2.98 2.52 2.09 2.12 2.26

TotalAssets (M$) 55.89 105.19 78.10 369.86 60.32 571.81 6.75 25.66 1124.35 29.17

439.97 2.14 130.96

75 New Highs Abitibi Royal* Advance United Alcoa* Alliance Res* Alphamin Res Arch Resources* Asante Gold Asante Gold* Bessor Min* Black Shield Bonanza Gold* Buffalo Coal Buffalo Coal * C3 Metals* Cadillac Vent* CAVU Mining* Cdn Goldcamps Cirrus Gold Cleghorn Min Cleghorn Min* Cliffmont Res Clydesdale Res CONSOL Energy* Core Assets CWN M’g Acq E2Gold Inc* Engold Mines* Gensource Pot Glencore Plc* Golden Spike Goldshore Res* Greenshield Ex Gungnir Res Gungnir Res* Hemcare Health* Inter-Rock Mnl Inter-Rock Mnl* Intl Iconic* Intl Star* InZinc Mining InZinc Mining* Karam Min Magnum Goldco

Oct 01 20150.87 865.88 1208.44 261.20 234.86

Sep 30 20070.25 858.87 1203.34 263.71 234.86

Sep 29 20158.14 856.27 1209.60 260.90 230.90

Sep 28 20174.14 867.59 1209.00 264.01 235.09

Sep 27 20463.42 880.41 1225.97 264.29 236.22

High 20897.57 1113.64 1251.17 380.32 334.44

Low 15418.46 676.47 919.76 258.51 230.26

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Minsud Res Moneta Porcpn* Morien Res Morien Res* NACCO Ind* Natural Res Pt* New Klondike* Nutrien Nutrien* Orea Mining* Oronova Energy* Pine Cliff En Pine Cliff En* QC Copper QNB Metals Quartz Mtn Res* Questex Gold* Ross River* Sigma Lithium South32* Surge Battery* Tombill Mines* Trinity Res* Usha Res Usha Res* Vizsla Copper Walker Lane* Wealth Mnrls Wealth Mnrls* Whitehaven Coa* ZEN Graphene ZEN Graphene* 182 New Lows A.I.S Res Abacus Mining* Agnico Eagle Agnico Eagle* Alamos Gold Alamos Gold* Alexco Res Alexco Res* Alianza Min* American Creek American CuMo*

Americas Silvr Americas Silvr* Aris Gold Arizona Gold Atacama Cop Aurion Res Avino Silver Avino Silver* B2Gold Corp B2Gold Corp* Barrick Gold Barrick Gold* Batero Gold* Bear Creek Mng Bear Creek Mng* Belo Sun Mng* BLOX Inc* Blue Lagoon* Cabral Gold Calibre Mng Canada Silver Canada Silver* Cdn Palladium* Chesapeake Gld Cipher Mining* Clarity Gold Clean Air Met Collective Mg Copper One * Decade Res Defiance Silvr Defiance Silvr* Discovery Silv* DRDGOLD* E2Gold Inc* Eldorado Gold Eldorado Gold* EMX Royalty EMX Royalty* Equity Metals Excelsior Mng Fireweed Zinc First Mg Fin First Mg Fin *

Fokus Mining Fortuna Silvr Fredonia Mg* Freegold Vent Fury Gold* Galane Gold Galane Gold * Genesis Mtls Gold Fields* Gold Resource* Golden Indepen GR Silver GR Silver* Grid Metals Harmony Gold* HighGold Idaho Champion Idaho Champion* Integra Res Integra Res* Intl Tower Hil Intl Tower Hil* Jaguar Mng K92 Mining* Kinross Gold Kinross Gold* Kootenay Silvr Kootenay Silvr* Kore Mining Kore Mining * Kuya Silver Leocor Gold* Lumina Gold* Magna Gold Magna Gold* Mantaro Silver Maverix Metals Maverix Metals* Mawson Res Mayfair Gold Medallion Res* MegaWatt Lith* Metallic Mnrls Metallic Mnrls*

Millennial Lit Millrock Res* Mineral Mtn Monarch Min* Moneta Porcpn* MPV Explor Nevada Expl * New Gold New Pac Metals Newcore Gold Newmont Corp Newmont Corp* NewRange Gold Nicola Mg Inc Nighthawk Gold Nobel Res* NovaGold Res NovaGold Res* Novo Res Nubian Res* NV Gold* O3 Mining Omineca Mining* Orca Gold Orca Gold* Orex Mnrls Osisko Mng Inc Outcrop S&G Outcrop S&G* Pan Am Silver Pan Am Silver* Pure Gold Mg Pure Gold Mg* Questex Gold* Reyna Silver Reyna Silver* Rio2 Limited Rio2 Limited* Riverside Res* RosCan Gold Royal Gold* Sabina Gd&Slvr* Sandstorm Gold Sandstorm Gold*

Seabridge Gld Seabridge Gld* Sierra Madre G* Silver Bull Re Silver One Silver One* Silver Sands Silvercorp Met Silvercorp Met* SilverCrest SilverCrest* Spanish Mtn Gd Spanish Mtn Gd* SRG Mining Standard Graph* Strikepoint Gd* Temas Res Terrax Mnrls Tier One Silv Timberline Res* Tocvan Venture* Torex Gold Trillium Gold Triple Flag Troilus Gold Troilus Gold* TRU Precious Turmalina Met Vanstar Mng Rs* Vista Gold Vista Gold* West Mining* West Red Lake* Westhaven Gold White Gold* Winston Gold Winston Gold* Yamana Gold Yamana Gold*

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

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

Sherritt International Corporation (S.WT) Each whole Warrant entitles the holder to acquire between 1.00 and 1.25 additional common shares (as bulletin 2018-0062 table ) determined based on the Applicable Reference Cobalt Price at an exercise price of $1.95 per Warrant at any time prior to the Expiry Date Sprott Resource Corp (SRHI.WT) - Wt buys sh @ $0.3333 to Feb 09/22 Treasury Metals Inc. Wt (TML.WT) - One Warrant to purchase one common share of the Issuer at $1.50 until expiry.

Trevali Mining Corporation (TV.WT) - One Warrant to purchase one common share of the Issuer at $0.23 until expiry.

NEW 52-WEEK HIGHS AND LOWS SEPTEMBER 27—OCTOBER 1, 2021

CANADIAN GOLD MUTUAL FUNDS FundName Oct 01 ($) BMO Prec Mtls Fd A 22.05 BMO ZGD 61.41 BMO ZJG 58.05 CI Pre Met Fd A 48.86 CIBC Prec Metal Fd A 12.93 Dyn Prec Metls Fd A 10.88 Harvest HGGG 24.39 Horizons HEP 26.07 IG MacGbPreMetCl A 13.42 iShares XGD 16.34 NBI PrecMetFd Invt 17.18 NPT Go&PrMinFd A 47.78 NPT SilverEquCl A 7.95 Prec Met Fd A 58.01 RBC GblPreMetFd A 50.38 RBC GblPreMetFd Adv 50.72 TD Prec Mtl Fd Inv 41.85

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

Alpha Lithium Corporation (ALLI.WT) One warrant to purchase one common share at $1.10 per share.

American Cumo Mining Corp. (MLY.RT) 2 rights and $0.07 are required to purchase one share American Lithium Corp. (LI.WT) - One warrant to purchase one common share at $0.30 per share.

Antioquia Gold Inc. (AGD.RT) - One (1) Right and $0.042 are required to purchase one share.

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

Aurania Resources Ltd. (ARU.WT) - One warrant to purchase one common share at $5.50 per share.

Aurania Resources Ltd. (ARU.WT.A) - One warrant to purchase one common share at $4.25 per share.

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

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

Boreal Metals Corp. (BMX.WT) - One warrant to purchase one common share at $0.30 per share.

Cabral Gold Inc. (CBR.WT) - One warrant to purchase one common share at $0.80 per share.

Caldas Gold Corp. (CGC.WT) - One warrant to purchase one common share at $2.75 per share.

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

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

Cordoba Minerals Corp. (CDB.RT) - One (1) Right exercisable for One (1) Rights Share at $0.05 per Share.

Cordoba Minerals Corp. (CDB.RT) - One right to purchase one common share at $0.54 per share.

Denarius Silver Corp. (DSLV.WT) - One warrant to purchase one common share at $0.80 per share.

Empress Royalty Corp. (EMPR.WT) - One

IndexName S&P/TSX Composite S&P/TSXV Composite S&P/TSX 60 S&P/TSX Global Gold DJ Precious Metals

EXCHANGE RATES Oct 01 1.2650 0.7907

the Issuer at $0.50 until expiry.

Liberty Gold Corp. Wt (LGD.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry may 16, 2019 Lithium Americas Corp (LAC.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry Lydian International Limited (LYD.WT) One Warrant to purchase one additional ordinary share of the Issuer at $0.36 per share until expiry Nevada Copper Corp. (NCU.WT) - One Warrant to purchase one common share of the Issuer at $0.20 until expiry Nevada Copper Corp. (NCU.WT.A) - One Warrant to purchase one common share of the Issuer at $0.22 until expiry Nomad Royalty Company Ltd. (NSR.WT) One Warrant to purchase one common share of the Issuer at $1.71 until expiry.

Novo Resources Corp. (NOVO.WT.A) One Warrant to purchase one common share of the Issuer at $3.00 until expiry.

Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.5 to Feb 18/22 Platinum Group Metals Ltd. (PTM.WT.U) One Warrant to purchase one common

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of September 15, 2021 (with changes from August 31, 2021) Largest short positions Suncor Energy SU 23576314 8264764 8/31/2021 Ivanhoe Mines IVN 14971820 -1937183 8/31/2021 Fission Uran FCU 14940544 7299613 8/31/2021 Lundin Mng LUN 13170734 4559735 8/31/2021 Argonaut Gold AR 13047434 124379 8/31/2021 New Gold NGD 11410013 -1774138 8/31/2021 Nexgen Energy NXE 8991390 -2718883 8/31/2021 Fortuna Silvr FVI 8434760 355368 8/31/2021 Kinross Gold K 8242412 -152511 8/31/2021 B2Gold Corp BTO 8241768 133528 8/31/2021 Teck Res TECK.B 8068558 1850972 8/31/2021 Equinox Gold EQX 7822180 -18905 8/31/2021 Barrick Gold ABX 7578226 1420843 8/31/2021 Wheaton Prec WPM 7417946 14689 8/31/2021 First Quantum FM 7404225 -1006908 8/31/2021 Largest increase in short position Suncor Energy SU 23576314 8264764 8/31/2021 Fission Uran FCU 14940544 7299613 8/31/2021 Lundin Mng LUN 13170734 4559735 8/31/2021 Cameco Corp CCO 4750600 2100786 8/31/2021 UEX Corp UEX 4942295 1943245 8/31/2021 Largest decrease in short position Nexgen Energy NXE 8991390 -2718883 8/31/2021 Ivanhoe Mines IVN 14971820 -1937183 8/31/2021 New Gold NGD 11410013 -1774138 8/31/2021 Yamana Gold YRI 6800999 -1511165 8/31/2021 First Quantum FM 7404225 -1006908 8/31/2021

Date US$ in C$ C$ in US$

TSX WARRANTS Alio Gold Inc. (ALO.WT) - 10 Warrants to purchase one common share of the Issuer at $7.00 until expiry Alio Gold Inc. J (ALO.WT.A) - One Warrant to purchase one common share of the Issuer at $8.00 until expiry Aris Gold Corporation (ARIS.WT) - One Warrant to purchase one Common Share of the Issuer at $2.75 until expiry.

Ascendant Resources (ASND.WT) - Wt buys sh @ $1.25 to Mar 7/22 eCobalt Solutions Inc. J (ECS.WT) - One Warrant to purchase one common share of the Issuer at US$1.95 per share until expiry Excellon Resources Inc (EXN.WT.A) - One warrant to purchase one common share of the Issuer at $2.80 until expiry Excellon Resources Inc. (EXN.WT) - One Warrant to purchase one common share of the issuer at $1.40 per share until expiry Excelsior Mining Corp. (MIN.WT) - One Warrant to purchase one Common Share of the Issuer at $1.25 until expiry.

Gran Colombia Gold (GCM.WT.B) - One warrant to purchase one common share of the Issuer at $2.21 until expiry.

Karora Resources Inc. (KRR.WT) - One Warrant to purchase one common share of

LEGEND A C L N O Q T V X *

– – – – – – – – – –

Australian Securities Exchange Canadian Stock Exchange London Stock Exchange New York Stock Exchange U.S. over-the-counter NASDAQ or U.S. OTC Toronto Stock Exchange TSX Venture Exchange NYSE American Denotes price in U.S.$

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

20

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OCTOBER 11—24, 2021 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: SEPTEMBER 27—OCTOBER 1, 2021 (100s) Stock

Exc Volume

Week High

Low

Last

12-month Change

High Low

A 1111 Explor 1844 Resources 1911 Gold* 1911 Gold 55 North 79North A.I.S Res* A.I.S Res Abacus Mining* Abacus Mining Abcourt Mines Abcourt Mines* Aben Resources* Aben Resources Abitibi Royal* Abitibi Royal AbraSilver Res* AbraSilver Res Academy Metals ACME Lithium Adamera Min Adamera Min* Adex Mining Advance Gold Advance United Adventus Adventus* Adyton Res Adyton Res* AEX Gold Affinity Metal* African Gold* African Gold African Metals African Min* African Rainbo* Aftermath Silv* Agnico Eagle* Agnico Eagle AgriMinco* Aguila Amer Gd* Aguila Amer Gd Aiml Res* AJN Resources Alamos Gold Alamos Gold* Alcoa* Aldebaran Res* Aldebaran Res Alexandra Cap* Alexco Res Alexco Res* Alianza Min Alianza Min* Alien Metals* All American* Allegiant Gold Allegiant Gold* Alliance Mng Alliance Res* Allied Copper Almaden Min Almaden Min* Almadex Min* Almadex Min Almonty Ind Almonty Ind * Aloro Mining* Aloro Mining Alpha Lithium Alphamin Res * Alphamin Res Altai Resource Altair Res Inc* Altair Res Inc Altaley Mining Altaley Mining* Altamira Gold* Altamira Gold Altan Nevada Altan Rio Min Altiplano Met Altiplano Met* Altius Mnrls Altius Mnrls * Alto Ventures Alto Ventures* Altura Mining* Alturas Min Altus Strat Altus Strat* Alumina Ltd* ALX Resources ALX Resources* AM Resources Amani Gold* Amarc Res Amarc Res* Amarillo Gold Amarillo Gold* Amer Intl Vent* American Creek* American Creek American CuMo American CuMo* American Eagle American Lith* American Lith American Mang* American Mang American Pac AmericanSierra* Americas Silvr* Americas Silvr Amerigo Res Amerigo Res* Ameriwest Lith* Ameriwest Lith Amex Expl Amex Expl* Amilot Capital AmmPower AmmPower* Amseco Expl AMV Capital Anaconda Mng* Anaconda Mng Andean Prec Andean Prec* Andes Gold* Andover Mng* Anfield Energy* Anfield Energy Angel Gold* Angel Gold Angkor Gold* Angkor Res Anglo American* Anglo American* Anglo Pac Grp AngloGold Ash* AngloGold Ash* Angold Res Angold Res* Angus Gold* Angus Gold Antioquia Gold* Antioquia Gold Antler Gold * Antler Gold Antler Hill Antofagasta* Apex Res * Apogee Min Apollo Silver Apollo Silver* Appia Energy* Appia Energy Applied Min* Aquila Res* Aquila Res Arbor Metals Arch Resources* Archer Explor Archon Mineral Arcland Res ArcPacific Res ArcPacific Res* Arctic Star* Arctic Star Arcturus Vent* Arcus Dev Grp Arcwest Explor Arcwest Explor*

C 100 V 521 O 169 V 125 C 1292 C 140 O 11 V 850 O 251 V 350 V 336 O 7 O 274 V 694 O 16 V 35 O 2475 V 3443 V 5 C 62 V 449 O 175 V 18 V 546 C 459 V 476 O 45 V 370 O 3 V 136 O 100 O 55 V 1087 V 20 O 1221 O 0 O 719 N 15591 T 5965 O 775 O 20 V 26 O 393 C 81 T 2860 N 13446 N 32586 O 14 V 97 O 622 T 830 X 3827 V 451 O 491 O 200 O 99769 V 159 O 107 V 7 D 5671 V 0 T 36 X 2782 O 441 V 1432 T 153 O 48 O 60 V 145 V 472 O 1721 V 3088 V 304 O 33 V 230 V 1348 O 346 O 105 V 645 V 100 V 69 V 379 O 206 T 286 O 73 V 430 O 133 O 9 V 119 V 11 O 56 O 34 V 1377 O 700 V 580 O 15053305 V 137 O 739 V 1138 O 212 O 75 O 194 V 787 V 363 O 64 V 864 O 1058 V 1863 O 5517 V 6236 C 1562 O 57 X 7086 T 800 T 821 O 425 O 3297 C 3131 V 271 O 98 V 5 C 742 O 1017 V 51 V 0 O 172 T 553 V 127 O 10 O 18 O 1030 O 2447 V 4780 O 31 V 0 O 141 V 920 O 47 O 4182 T 40 O 0 N 16931 V 458 O 28 O 2 V 15 O 17 V 136 O 2 V 51 V 0 O 5 O 2 V 40 V 740 O 408 O 565 C 1210 O 6702 O 180 T 93 V 31 N 2735 C 1 V 1 V 1 V 112 O 190 O 18 V 2781 O 10 V 105 V 86 O 0

0.08 0.09 0.27 0.35 0.06 0.13 0.04 0.06 0.10 0.12 0.11 0.08 0.05 0.06 22.57 28.50 0.34 0.43 0.53 1.25 0.05 0.04 0.02 0.07 1.69 0.93 0.71 0.09 0.07 0.47 0.09 0.12 0.15 0.10 0.00 0.00 0.34 53.08 67.12 0.02 0.19 0.25 0.64 0.30 9.29 7.35 52.45 0.56 0.71 0.27 2.03 1.61 0.07 0.06 0.01 0.00 0.37 0.29 0.31 11.04 0.00 0.51 0.41 0.24 0.31 0.93 0.72 0.05 0.07 0.75 0.70 0.90 0.07 0.09 0.12 0.47 0.37 0.23 0.31 0.02 0.15 0.33 0.26 15.81 12.50 0.31 0.24 0.02 0.03 1.23 0.93 6.26 0.12 0.09 0.08 0.00 0.12 0.11 0.26 0.20 0.02 0.15 0.19 0.05 0.04 0.14 2.00 2.54 1.01 1.29 1.13 0.05 0.84 1.05 1.29 1.05 0.74 0.88 2.41 1.88 0.05 0.61 0.49 0.07 0.00 0.58 0.73 1.22 0.91 0.00 0.00 0.12 0.15 0.02 0.00 0.06 0.08 35.74 18.08 2.48 0.00 16.23 0.22 0.18 0.71 0.92 0.03 0.04 0.11 0.15 0.00 19.65 0.07 0.10 0.85 0.69 0.57 0.72 0.03 0.07 0.08 2.08 99.07 0.00 0.21 0.17 0.07 0.06 0.07 0.10 0.02 0.03 0.08 0.00

0.08 0.08 0.24 0.31 0.05 0.12 0.00 0.05 0.07 0.00 0.10 0.08 0.00 0.05 20.69 25.79 0.28 0.35 0.00 1.10 0.00 0.00 0.00 0.00 1.41 0.87 0.68 0.00 0.07 0.44 0.09 0.11 0.14 0.00 0.00 0.00 0.30 49.20 62.28 0.00 0.00 0.00 0.45 0.21 8.83 6.94 47.94 0.47 0.60 0.22 1.81 1.41 0.07 0.05 0.01 0.00 0.32 0.25 0.00 9.86 0.00 0.00 0.38 0.17 0.22 0.82 0.64 0.05 0.00 0.63 0.62 0.78 0.00 0.09 0.00 0.36 0.29 0.16 0.20 0.00 0.00 0.28 0.22 15.09 11.70 0.25 0.21 0.02 0.00 0.00 0.92 5.96 0.10 0.07 0.06 0.00 0.11 0.10 0.21 0.17 0.02 0.13 0.16 0.05 0.00 0.00 1.83 2.33 0.71 0.89 0.99 0.03 0.73 0.92 1.21 0.97 0.56 0.71 2.21 1.74 0.00 0.54 0.43 0.00 0.00 0.50 0.63 1.06 0.00 0.00 0.00 0.10 0.13 0.00 0.00 0.05 0.06 0.00 16.96 2.35 0.00 14.98 0.21 0.18 0.69 0.85 0.00 0.00 0.11 0.00 0.00 0.00 0.02 0.00 0.74 0.60 0.49 0.61 0.02 0.06 0.00 1.90 79.68 0.00 0.00 0.00 0.00 0.05 0.06 0.07 0.00 0.00 0.00 0.00

0.08 unch 0.09 + 0.26 0.34 0.05 0.13 + 0.04 0.05 0.09 0.10 0.10 0.08 0.04 0.05 20.93 26.45 0.33 + 0.42 + 0.50 1.22 + 0.05 unch 0.04 0.02 unch 0.06 1.69 + 0.89 0.71 + 0.08 0.07 unch 0.47 0.09 unch 0.12 + 0.15 + 0.10 0.00 17.38 unch 0.31 50.99 + 64.46 + 0.02 + 0.19 + 0.25 + 0.50 0.27 + 9.04 + 7.14 + 49.77 + 0.56 + 0.70 + 0.22 1.93 1.51 0.07 + 0.06 + 0.01 unch 0.00 0.33 0.26 0.30 10.87 + 0.41 unch 0.49 0.39 0.21 + 0.26 + 0.88 0.70 0.05 unch 0.05 0.69 0.64 0.82 0.07 0.09 0.12 + 0.38 0.30 0.22 + 0.28 + 0.02 unch 0.15 unch 0.30 0.23 15.54 + 12.22 unch 0.30 + 0.24 + 0.02 + 0.02 1.15 0.92 unch 6.13 + 0.12 + 0.09 + 0.07 + 0.00 + 0.11 0.10 0.23 0.18 0.02 + 0.15 unch 0.18 0.05 unch 0.04 + 0.11 1.93 + 2.42 + 0.72 0.91 1.00 0.03 unch 0.76 0.95 1.27 + 1.00 + 0.58 0.76 2.27 1.78 0.05 + 0.57 0.44 0.07 unch 0.13 unch 0.53 0.68 1.09 0.87 0.00 unch 0.00 0.10 0.13 0.01 + 0.02 unch 0.06 + 0.08 + 35.41 18.00 + 2.35 15.50 unch 16.23 + 0.21 0.18 unch 0.69 0.85 0.03 0.04 unch 0.11 unch 0.15 + 0.18 unch 18.90 0.02 unch 0.10 unch 0.75 0.60 0.54 + 0.69 + 0.03 + 0.06 + 0.08 + 2.06 + 97.54 + 0.28 unch 0.21 unch 0.17 0.07 0.05 0.06 0.08 0.02 + 0.03 0.08 unch 0.06 unch

0.00 0.08 0.07 0.01 0.11 0.05 0.01 0.90 0.22 0.02 0.80 0.28 0.01 0.23 0.04 0.01 0.16 0.08 0.01 0.11 0.04 0.01 0.11 0.05 0.01 0.18 0.07 0.02 0.24 0.10 0.01 0.24 0.10 0.00 0.18 0.07 0.00 0.08 0.04 0.01 0.10 0.05 1.49 22.57 15.48 2.04 28.50 20.05 0.01 0.68 0.19 0.02 0.82 0.26 0.04 3.00 0.49 0.02 1.34 0.31 0.00 0.12 0.05 0.00 0.10 0.04 0.00 0.04 0.01 0.01 0.16 0.05 0.48 1.64 0.15 0.02 1.34 0.80 0.01 1.06 0.62 0.01 0.40 0.08 0.00 0.07 0.07 0.01 1.00 0.44 0.00 0.23 0.08 0.01 0.24 0.01 0.01 0.24 0.11 0.01 0.18 0.06 0.00 0.02 0.00 0.00 18.00 12.05 0.03 1.37 0.29 0.48 85.46 49.20 0.37 112.25 62.28 0.02 0.13 0.00 0.04 0.53 0.14 0.06 0.67 0.19 0.10 0.79 0.39 0.01 0.45 0.15 0.02 13.34 8.83 0.01 10.21 6.94 1.28 52.45 10.98 0.09 0.70 0.24 0.10 0.74 0.33 0.02 1.45 0.13 0.01 4.38 1.81 0.02 3.45 1.41 0.01 0.25 0.07 0.00 0.19 0.05 0.00 0.04 0.01 0.00 0.02 0.00 0.02 0.56 0.23 0.01 0.46 0.18 0.10 1.15 0.13 1.11 11.04 2.63 0.00 0.68 0.15 0.01 1.60 0.47 0.01 1.24 0.36 0.02 0.29 0.14 0.02 0.36 0.20 0.01 1.30 0.58 0.01 1.07 0.40 0.00 0.13 0.01 0.01 0.08 0.04 0.05 1.16 0.45 0.06 0.73 0.14 0.07 0.90 0.18 0.01 0.10 0.06 0.00 0.13 0.02 0.02 0.19 0.01 0.07 0.80 0.15 0.06 0.79 0.12 0.06 0.42 0.09 0.08 0.47 0.13 0.00 0.05 0.01 0.00 0.22 0.09 0.01 0.50 0.19 0.03 0.36 0.10 0.04 19.39 9.63 0.00 16.00 7.23 0.03 0.43 0.09 0.02 0.34 0.08 0.00 0.50 0.00 0.01 0.05 0.01 0.01 1.66 0.88 0.00 1.29 0.69 0.01 6.62 3.83 0.01 0.13 0.05 0.01 0.10 0.03 0.01 0.09 0.03 0.00 0.01 0.00 0.01 0.20 0.05 0.01 0.16 0.03 0.03 0.37 0.21 0.02 0.30 0.17 0.00 0.08 0.01 0.00 0.35 0.13 0.01 0.44 0.16 0.00 0.10 0.03 0.00 0.08 0.02 0.03 0.40 0.12 0.02 3.32 0.74 0.01 4.21 0.98 0.13 2.25 0.13 0.16 2.86 0.18 0.11 1.19 0.13 0.00 0.06 0.01 0.04 3.46 0.76 0.05 4.40 0.92 0.04 1.61 0.50 0.04 1.35 0.37 0.12 1.00 0.56 0.12 1.25 0.13 0.04 4.19 2.07 0.05 3.26 1.65 0.01 0.08 0.04 0.03 2.15 0.30 0.03 1.90 0.43 0.00 0.12 0.04 0.00 0.26 0.11 0.03 0.85 0.34 0.02 1.05 0.45 0.07 2.03 1.02 0.11 1.44 0.85 0.00 0.02 0.00 0.00 0.07 0.00 0.00 0.18 0.03 0.01 0.23 0.05 0.00 0.03 0.01 0.00 0.04 0.02 0.00 0.07 0.03 0.01 0.09 0.05 0.92 49.42 23.65 0.20 24.75 11.52 0.05 2.90 1.75 0.00 27.71 15.45 0.94 28.48 14.57 0.01 0.53 0.20 0.00 0.34 0.15 0.02 1.25 0.43 0.05 1.51 0.54 0.00 0.06 0.03 0.00 0.07 0.04 0.00 0.55 0.08 0.02 0.33 0.09 0.00 0.75 27.80 13.03 0.00 0.13 0.01 0.00 0.14 0.10 0.07 1.15 0.38 0.05 1.00 0.33 0.02 1.00 0.22 0.04 1.22 0.29 0.01 0.14 0.01 0.00 0.13 0.04 0.01 0.16 0.06 0.06 2.63 1.63 19.49 94.49 27.86 0.00 0.75 0.08 0.00 0.40 0.17 0.05 0.38 0.14 0.01 0.25 0.06 0.01 0.52 0.05 0.01 0.24 0.02 0.02 0.29 0.03 0.02 0.10 0.00 0.01 0.04 0.02 0.00 0.15 0.07 0.00 0.11 0.05

(100s) Stock

Exc Volume

Week Low

0.16 0.16 0.20 0.20 0.19 0.20 0.25 0.26 0.00 0.20 + 0.00 0.12 0.14 0.14 + 2.68 2.74 2.11 2.16 0.00 0.00 unch 0.29 0.40 + 0.24 0.32 + 1.25 1.34 0.07 0.07 0.08 0.10 + 3.30 3.74 + 2.59 2.92 + 0.13 0.14 + 0.17 0.18 + 0.00 0.58 unch 4.19 4.23 5.31 5.39 0.00 0.90 + 1.08 1.13 unch 0.00 0.68 unch 0.00 0.21 0.25 0.26 0.82 0.83 1.04 1.07 0.00 0.02 0.00 0.20 unch 0.00 0.00 unch 0.03 0.04 + 0.00 0.04 0.09 0.09 0.12 0.12 0.48 0.50 0.02 0.02 unch 0.00 5.31 0.12 0.15 + 0.00 0.16 0.08 0.10 + 0.36 0.41 + 0.46 0.53 + 0.00 0.00 0.72 0.82 0.57 0.64 0.00 0.19 1.11 1.45 + 0.92 1.06 unch 13.19 14.01 + 0.00 10.84 + 1.65 1.73 + 2.09 2.18 + 0.70 0.71 0.55 0.57 0.00 0.24 + 0.14 0.14 + 0.26 0.27 0.20 0.22 0.54 0.55 0.68 0.69 0.00 0.04 0.15 0.15 0.00 0.70 0.11 0.13 + 0.02 0.02 0.00 0.09 unch 0.08 0.08 0.10 0.10 1.20 1.30 + 1.54 1.63 0.09 0.09 0.11 0.12 unch 0.00 0.02 unch 0.12 0.12 unch 0.10 0.10 0.77 0.83 0.98 1.05 0.00 0.07 0.00 0.07 0.00 0.04 + 0.00 0.06 0.04 0.04 unch 5.60 6.14 0.04 0.04 + 0.00 0.06 + 0.60 0.63 unch 0.47 0.50 + 1.39 1.45 1.12 1.14 0.08 0.08 unch 0.06 0.06 + 0.00 0.30 + 0.21 0.24 + 0.00 0.00 unch 0.06 0.06 0.00 0.08 -

Arena Min* Arena Min Argentina Lith* Argentina Lith Argentum Silvr Argo Gold* Argo Gold Argonaut Gold Argonaut Gold* Arian Res* Arianne Phosph Arianne Phosph* Aris Gold Arizona Gold* Arizona Gold Arizona Metals Arizona Metals* Arizona Silver* Arizona Silver Armor Min Artemis Gold* Artemis Gold Asante Gold* Asante Gold Asbestos Corp Ascendant Res* Ascendant Res Ascot Res * Ascot Res Ashanti Sanko AsiaBaseMetals Asiamet Res* Aston Bay* Aston Bay ATAC Res* ATAC Res Atacama Cop Atacama Res* Atalaya Mining Athabasca Min* Athabasca Min Athena Gold* Atico Mining* Atico Mining Atlanta Gold* Atlas Salt Atlas Salt* Aton Resources Augusta Gold Augusta Gold* Aura Minerals Aura Minerals* Aurania Res* Aurania Res Aurcana Silver Aurcana Silver* AurCrest Gold AurCrest Gold* Aurelius Min Aurelius Min* Aurion Res * Aurion Res Aurora Royal Aurwest Res AURYN Mining* Aust Goldfield* Aust Mines* Austin Res Austral Gold* Austral Gold Auxico Res* Auxico Res Avalon Advance* Avalon Advance Avarone Metals* Avidian Gold Avidian Gold* Avino Silver* Avino Silver Avrupa Min* Avrupa Min Awale Res Axmin Inc Axmin Inc* Aya Gold* Azarga Metals* Azarga Metals Azarga Uranium Azarga Uranium* Azimut Explor Azimut Explor* Azincourt Ener Azincourt Ener* Aztec Minerals Aztec Minerals* Azteca Gold* Azucar Min* Azucar Min

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

601 1707 819 845 1 1 25 2995 273 80 802 541 541 667 1476 808 130 218 122 0 166 646 12 2117 0 29 135 904 1371 2 0 3 1378 563 129 147 192 3330 2 12 205 40 150 340 247 1272 105 52 278 101 57 2 60 98 939 848 412 14 226 48 82 231 1 286 17 5 403 34 95 160 144 583 1043 1047 40 90 34 2383 169 1 1 1350 111 120 97 80 85 4012 935 940 170 5916 1442 167 25 793 484 537

0.19 0.23 0.25 0.30 0.20 0.12 0.14 2.93 2.31 0.00 0.43 0.34 1.56 0.08 0.10 3.74 2.96 0.15 0.19 0.00 4.40 5.59 0.90 1.15 0.00 0.22 0.28 0.94 1.18 0.02 0.00 0.00 0.04 0.05 0.10 0.13 0.52 0.03 5.31 0.15 0.18 0.10 0.41 0.53 0.00 0.86 0.68 0.20 1.47 1.17 14.24 10.93 1.90 2.40 0.77 0.63 0.24 0.14 0.31 0.25 0.59 0.75 0.04 0.16 0.80 0.13 0.02 0.09 0.09 0.12 1.34 1.73 0.10 0.13 0.02 0.14 0.11 0.85 1.07 0.07 0.07 0.04 0.07 0.04 6.27 0.04 0.06 0.67 0.53 2.01 1.59 0.09 0.07 0.32 0.25 0.01 0.07 0.09

B2Gold Corp* B2Gold Corp Baden Res Bald Eagle Balto Res Bam Bam Res Bam Bam Res* Bannerman Res* Banyan Gold Banyan Gold* Barker Min* Barksdale Res* Barksdale Res Baroyeca Gold Baroyeca Gold* Barrick Gold* Barrick Gold Barsele Min* Barsele Min Baru Gold Baru Gold* Baselode Egy* Baselode Egy Batero Gold Batero Gold* Bathurst Met Battery Min Bayhorse Silvr* Bayhorse Silvr BC Moly BCM Res* BCM Res BE Res Bear Creek Mng Bear Creek Mng* Bearclaw Cap Bearing Lith Bearing Lith* Beauce Gold Bell Copper* Bell Copper Belmont Res* Belmont Res Belo Sun Mng Belo Sun Mng* BeMetals * BeMetals Benchmark Met* Benchmark Met Benjamin Hill Benjamin Hill* Benton Res* Benton Res Benz Mining Benz Mining* Bessor Min Bessor Min* Bird River Res Bitterroot Res* Bitterroot Res Black Hills* Black Iron* Black Iron Black Mammoth* Black Mammoth Black Mountain Black Mountain* Black Shield Black Tusk Res Black Tusk Res* Blackrock Silv* Blackrock Silv Blackwolf Cop Blackwolf Cop* Blind Creek BLOX Inc*

X 32383 T 17300 C 53 V 89 V 62 C 601 O 521 O 6774 V 495 O 73 O 1274 O 45 V 530 V 75 O 82 N 113818 T 19463 O 15 V 107 V 1176 O 741 O 1804 V 4492 V 75 O 142 V 110 V 228 O 565 V 418 V 2 O 51 V 696 V 0 V 820 O 338 V 0 V 564 O 46 V 264 O 27 V 39 O 4 V 299 T 731 O 3816 O 12 V 262 O 74 V 574 C 1130 O 52 O 364 V 323 V 44 O 3 V 39 O 57 C 88 O 205 V 214 N 1363 O 88 T 1441 O 22 V 11 V 354 O 35 C 440 C 515 O 257 O 941 V 700 V 90 O 64 V 238 O 228

3.52 4.45 0.18 0.05 0.17 0.15 0.13 0.23 0.29 0.23 0.00 0.28 0.38 0.23 0.19 18.26 23.08 0.44 0.51 0.10 0.08 0.69 0.87 0.08 0.05 0.10 0.65 0.10 0.12 0.10 0.13 0.21 0.00 1.13 0.90 0.00 0.23 0.18 0.16 0.12 0.14 0.06 0.07 0.47 0.37 0.21 0.29 0.89 1.13 0.39 0.28 0.16 0.20 0.66 0.50 0.08 0.07 0.14 0.08 0.11 64.18 0.21 0.26 0.08 0.11 0.38 0.33 0.23 0.03 0.02 0.67 0.81 0.68 0.51 0.09 0.01

Last

12-month

High

Change

Stock

0.02 0.02 0.03 0.03 0.04 0.01 0.01 0.13 0.12 0.00 0.10 0.09 0.16 0.00 0.01 0.14 0.06 0.00 0.01 0.00 0.14 0.13 0.07 0.00 0.00 0.01 0.01 0.11 0.13 0.01 0.00 0.00 0.00 0.01 0.01 0.01 0.02 0.00 0.03 0.02 0.01 0.01 0.02 0.04 0.00 0.02 0.04 0.04 0.05 0.00 0.16 0.12 0.08 0.03 0.05 0.03 0.06 0.00 0.05 0.02 0.05 0.06 0.03 0.02 0.10 0.00 0.00 0.00 0.01 0.02 0.02 0.04 0.01 0.00 0.00 0.00 0.01 0.01 0.01 0.00 0.01 0.01 0.01 0.00 0.16 0.00 0.01 0.00 0.01 0.55 0.49 0.00 0.00 0.03 0.03 0.00 0.00 0.01

0.21 0.27 0.26 0.33 0.35 0.19 0.26 3.45 2.91 0.40 0.60 0.50 3.29 0.12 0.16 5.55 4.53 0.33 0.41 0.89 5.96 7.21 0.90 1.15 0.68 0.55 0.34 1.33 1.63 0.06 0.29 0.09 0.06 0.06 0.24 0.30 0.65 0.05 6.51 0.27 0.34 0.23 0.65 0.78 0.08 1.42 1.11 0.38 3.60 2.79 17.50 14.31 4.10 5.50 1.25 0.99 0.33 0.25 1.00 0.51 1.09 1.41 0.10 0.22 1.00 0.72 0.04 0.12 0.40 0.24 1.50 1.85 0.25 0.36 0.05 0.30 0.40 2.82 3.60 0.16 0.16 0.18 0.11 0.07 9.44 0.12 0.17 0.80 0.63 2.49 1.98 0.18 0.14 0.52 0.41 0.05 0.17 0.23

0.01 0.02 0.04 0.07 0.15 0.10 0.12 1.90 1.50 0.00 0.13 0.10 1.25 0.07 0.08 0.55 0.46 0.13 0.17 0.56 3.40 4.86 0.06 0.08 0.46 0.06 0.08 0.67 0.84 0.02 0.13 0.00 0.03 0.04 0.09 0.12 0.48 0.01 2.50 0.08 0.11 0.04 0.29 0.39 0.00 0.07 0.48 0.18 1.11 0.92 11.30 8.73 1.63 2.05 0.62 0.49 0.04 0.04 0.26 0.20 0.43 0.69 0.03 0.04 0.17 0.01 0.01 0.08 0.05 0.10 0.00 0.16 0.08 0.07 0.02 0.11 0.09 0.77 0.98 0.06 0.06 0.04 0.05 0.04 1.88 0.04 0.05 0.16 0.11 0.78 0.60 0.02 0.01 0.25 0.20 0.00 0.06 0.08

Blue Lagoon Blue Lagoon* Blue Moon* Blue Moon Blue River Res Blue River Res* Blue Sky Uran* Blue Sky Uran Blue Star Gold Blue Thunder BlueBird Batt* BlueBird Batt Bluejay Mining* Bluestone Res Bluestone Res* BMEX Gold BMEX Gold* Bold Ventures* Bold Ventures Bolt Metals* Bolt Metals Bonanza Gold* Bond Resources BonTerra Res Boreal Metals* Boreal Metals Borneo Res Inv* Boundary Gold* Boundary Gold Bravada Gold* Bravada Gold Braveheart Res* Braveheart Res Bravo Multinat* Brazil Min* Brigadier Gold* Brigadier Gold BrightRock* Britannia Mng* Brixton Metals* Brixton Metals Brookmount Exp* Brunswick Expl Bryn Res* BTU Metals* BTU Metals Buenaventura* Buffalo Coal * Buffalo Coal Bullet Explor Bullion Gold* Bunker Hill Burrell Res Bushveld Min* BWR Explor

C 418 O 471 O 16 V 219 V 455 O 2 O 849 V 950 V 36 V 671 O 10 V 61 O 1398 V 195 O 70 V 86 O 24 O 19 V 23 O 15 C 116 O 115103 C 346 V 386 O 129 V 484 O 81779 O 55 V 185 O 166 V 216 O 468 V 1587 O 102 O 27570 O 52 V 941 O 489 O 2925 O 867 V 675 O 3 V 164 O 410 O 28 V 224 N 8279 O 53 V 5163 V 0 O 10 C 192 C 62 O 80 V 227

0.06 0.06 0.00 0.00 0.02 0.01 0.00 0.00 0.02 0.01 0.00 0.00 0.01 0.01 0.02 0.04 0.10 0.07 0.03 0.00 0.00 0.18 0.22 0.00 0.02 0.01 0.01 0.01 0.01 0.00 0.02 0.05 0.00 0.02 0.02 0.00 0.03 0.02 0.02 0.00 0.01 0.01 0.00 0.04 0.04 0.01 0.01 0.05 0.06 0.08 0.02 0.02 0.03 0.00 0.00 0.01 0.00 0.02 0.01 0.01 0.29 0.01 0.02 0.01 0.00 0.07 0.03 0.03 0.00 0.00 0.02 0.01 0.07 0.02 0.01 0.00

7.14 9.42 0.20 0.16 0.44 0.71 1.12 0.30 0.34 0.60 0.11 0.57 0.70 0.42 0.31 29.60 38.76 0.66 0.82 0.22 0.17 1.15 1.19 0.16 0.13 0.26 0.90 0.25 0.26 0.10 0.22 0.30

3.30 4.21 0.13 0.05 0.06 0.10 0.08 0.02 0.17 0.10 0.00 0.26 0.33 0.17 0.15 17.56 22.30 0.35 0.45 0.06 0.05 0.23 0.30 0.07 0.05 0.09 0.46 0.06 0.08 0.04 0.04 0.06

3.48 2.68 0.60 0.34 0.25 0.44 0.32 0.45 0.15 0.11 1.44 1.10 0.39 0.50 1.36 1.64 0.48 0.52 0.37 0.25 1.40 1.10 0.09 0.07 0.26 0.19 0.25 72.78 0.62 0.76 0.19 0.26 0.75 0.51 0.21 0.09 0.08 1.03 1.22 1.51 1.75 0.20 0.05

0.92 0.74 0.15 0.12 0.08 0.10 0.10 0.13 0.00 0.05 0.41 0.32 0.20 0.23 0.62 0.83 0.31 0.20 0.10 0.14 0.60 0.46 0.04 0.03 0.04 0.04 0.06 52.84 0.08 0.10 0.05 0.05 0.34 0.25 0.11 0.02 0.01 0.49 0.62 0.56 0.00 0.07 0.00

C2C Gold* C3 Metals* C3 Metals Cabral Gold* Cabral Gold Cache Explor* Cadillac Vent Cadillac Vent* Cairo Res Caledonia Mng* Calibre Mng Calibre Mng* Califfi Cap Callinex Mines* Callinex Mines Cameco Corp* Cameco Corp Camino Min Camino Min* Camrova Res Camrova Res* Canada Carbon Canada Carbon* Canada Nickel Canada Nickel* Canada One Canada Rare Canada Rare* Canada Silver Canada Silver* Canadian Metal* Canadian Metal Canadian Prem Canadian Prem* Canadian Silv Canagold Res Canagold Res* CanAlaska Uran CanAlaska Uran* Canamex Gold* Canasil Res Candelaria Mg* Candelaria Mg Candente Coppr Candente Gold* Candente Gold CANEX Metals * CANEX Metals CaNickel Mng* CaNickel Mng Canoe Mng Vent Canstar Res* Canstar Res Canterra Min* Canterra Min Cantex Mn Dev* Cantex Mn Dev Canuc Res* Canuc Res Capella Min* Capella Min Capitan Mining Capitan Mining* Capricorn Met* Capstone Mng Cardero Res* Cardero Res Cariboo Rose Carlin Gold Carlyle Comm* Carrara Explor Cartier Iron Cartier Res* Cartier Res Casa Minerals * Casa Minerals Cascada Silver Cascadero Copp Cassiar Gold Cassius Vents Castle Peak Mg CAT Strategic CAT Strategic* CAVU Mining* CAVU Mining Cdn Goldcamps* Cdn Goldcamps CDN Maverick* Cdn Palladium Cdn Palladium* CellCube Enrgy* Centamin Centaurus Diam* Centerra Gold Central Afric Central Afric* Central Iron Centurion Mnls Century Cobalt* Century Global Cerrado Gold Cerro de Pasc * Cerro de Pasc Cerro Grande Cerro Mng Ceylon Graph Ceylon Graph* Chakana Copper* Chakana Copper Chalice Gold M* Champion Bear* Champion Bear Champion Iron* Champion Iron Chatham Rock Chatham Rock* Chesapeake Gld Chesapeake Gld* Chevron Corp*

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

B 3.30 3.39 4.21 4.29 0.16 0.18 unch 0.00 0.05 unch 0.00 0.15 0.14 0.14 0.10 0.11 0.18 0.21 + 0.26 0.27 0.20 0.21 0.00 0.00 unch 0.27 0.27 + 0.33 0.35 + 0.00 0.20 + 0.15 0.15 17.56 17.99 22.30 22.74 0.37 0.37 0.00 0.48 0.09 0.10 unch 0.07 0.08 0.46 0.64 + 0.58 0.80 + 0.00 0.08 unch 0.05 0.05 0.00 0.09 0.51 0.54 0.08 0.09 + 0.10 0.11 + 0.00 0.10 unch 0.12 0.12 0.14 0.15 0.00 0.20 unch 0.92 1.10 + 0.74 0.85 0.00 0.25 unch 0.00 0.23 + 0.17 0.18 + 0.13 0.13 0.10 0.11 0.13 0.14 + 0.06 0.06 + 0.06 0.06 unch 0.41 0.42 0.32 0.33 0.00 0.20 0.00 0.26 0.79 0.85 + 1.02 1.09 + 0.31 0.33 0.25 0.25 0.14 0.14 0.18 0.18 0.00 0.62 unch 0.50 0.50 unch 0.08 0.08 + 0.06 0.07 + 0.00 0.14 + 0.07 0.08 0.09 0.10 61.95 63.15 + 0.19 0.19 0.24 0.25 0.08 0.08 0.00 0.11 unch 0.32 0.32 0.26 0.26 0.21 0.23 + 0.02 0.02 unch 0.02 0.02 + 0.57 0.62 + 0.73 0.79 + 0.56 0.68 + 0.31 0.50 0.00 0.08 0.00 0.01 unch

(100s)

High Low

Exc Volume

Week High

Low

Last

0.54 0.42 0.03 0.04 0.03 0.02 0.26 0.32 0.71 0.05 0.07 0.08 0.16 1.39 1.11 0.17 0.13 0.07 0.10 0.24 0.31 0.04 0.06 1.02 0.16 0.22 0.01 0.03 0.04 0.05 0.06 0.07 0.09 0.10 0.01 0.04 0.06 0.06 0.05 0.12 0.14 0.48 0.17 0.03 0.06 0.08 7.47 0.04 0.06 0.00 0.07 0.23 0.50 0.20 0.03

0.48 0.37 0.00 0.00 0.00 0.02 0.21 0.27 0.59 0.00 0.05 0.00 0.14 1.30 1.01 0.00 0.13 0.07 0.00 0.21 0.26 0.02 0.06 0.94 0.13 0.17 0.00 0.03 0.00 0.04 0.00 0.05 0.07 0.00 0.01 0.04 0.05 0.04 0.02 0.10 0.13 0.00 0.00 0.02 0.05 0.07 6.62 0.03 0.00 0.00 0.07 0.18 0.22 0.14 0.00

0.50 0.40 0.03 0.04 0.03 0.02 0.22 0.29 0.60 0.04 0.07 0.07 0.15 1.37 1.11 0.15 0.13 0.07 0.10 0.23 0.31 0.02 0.06 0.98 0.15 0.19 0.00 0.03 0.04 0.05 0.06 0.07 0.09 0.10 0.01 0.04 0.05 0.04 0.04 0.10 0.13 0.47 0.17 0.02 0.05 0.07 6.92 0.03 0.03 0.09 0.07 0.18 0.50 0.17 0.03

12-month Change

Stock

unch unch + + unch + + + unch unch + + + + + + + + + + unch unch + + unch + unch unch + -

0.01 0.01 0.00 0.01 0.00 0.00 0.00 0.01 0.11 0.00 0.00 0.01 0.00 0.04 0.02 0.02 0.00 0.00 0.01 0.01 0.07 0.00 0.01 0.02 0.00 0.01 0.00 0.00 0.01 0.00 0.01 0.02 0.02 0.00 0.00 0.00 0.00 0.02 0.00 0.01 0.01 0.03 0.00 0.01 0.00 0.01 0.33 0.00 0.00 0.00 0.01 0.01 0.27 0.01 0.01

0.98 0.80 0.08 0.09 0.03 0.02 0.29 0.37 1.20 0.15 0.26 0.33 0.24 2.16 1.71 1.05 0.65 0.11 0.16 0.48 0.70 0.04 0.23 1.54 0.23 0.36 0.02 0.07 0.09 0.15 0.19 0.12 0.16 0.55 0.10 0.27 0.35 0.13 0.07 0.31 0.41 1.06 0.29 0.06 0.19 0.27 13.44 0.04 0.06 0.45 0.20 0.61 0.53 0.60 0.08

0.47 0.37 0.02 0.03 0.01 0.00 0.06 0.09 0.55 0.04 0.05 0.07 0.11 1.28 1.01 0.13 0.11 0.04 0.04 0.18 0.23 0.00 0.05 0.79 0.13 0.17 0.00 0.02 0.03 0.04 0.06 0.05 0.07 0.06 0.00 0.03 0.05 0.01 0.00 0.10 0.13 0.28 0.14 0.01 0.05 0.07 6.11 0.00 0.01 0.09 0.06 0.18 0.20 0.02 0.02

0.20 0.18 + 0.23 + 0.29 0.39 0.04 + 0.06 unch 0.05 unch 0.37 unch 12.32 + 1.31 1.04 0.15 unch 2.23 2.84 22.11 + 27.92 + 0.13 + 0.10 0.07 unch 0.10 + 0.09 0.08 + 2.28 1.81 0.12 unch 0.07 0.06 0.24 0.19 0.18 unch 0.24 + 0.46 0.39 unch 0.07 unch 0.44 0.35 0.68 + 0.54 + 0.02 + 0.12 0.45 unch 0.53 0.14 unch 0.06 unch 0.07 0.07 unch 0.09 0.11 0.15 0.14 0.26 0.32 0.26 0.30 0.36 0.46 0.15 unch 0.18 0.08 0.11 0.27 + 0.21 + 1.48 unch 5.02 0.06 0.07 unch 0.06 + 0.05 0.05 0.03 unch 0.13 0.19 + 0.23 0.14 unch 0.17 unch 0.04 unch 0.03 unch 0.42 + 0.09 0.02 unch 0.04 0.04 0.43 + 0.55 + 0.03 unch 0.72 + 0.18 unch 0.09 0.07 0.03 1.61 0.00 8.86 + 0.18 unch 0.15 unch 0.06 unch 0.07 unch 0.03 + 0.26 unch 1.46 + 0.23 0.32 unch 0.02 unch 0.60 unch 0.17 + 0.14 + 0.24 0.30 4.43 0.06 0.10 + 3.40 4.28 0.12 0.14 unch 3.59 2.80 104.33 +

0.01 0.02 0.02 0.04 0.03 0.01 0.00 0.00 0.00 0.11 0.07 0.03 0.00 0.18 0.11 2.04 2.50 0.01 0.00 0.00 0.09 0.01 0.01 0.21 0.16 0.00 0.01 0.00 0.01 0.00 0.00 0.04 0.08 0.00 0.00 0.05 0.04 0.05 0.05 0.00 0.02 0.00 0.02 0.00 0.00 0.01 0.00 0.01 0.01 0.01 0.02 0.03 0.05 0.01 0.02 0.04 0.03 0.00 0.01 0.01 0.01 0.02 0.02 0.00 0.02 0.01 0.00 0.01 0.01 0.01 0.00 0.01 0.01 0.01 0.00 0.00 0.00 0.00 0.06 0.03 0.00 0.01 0.01 0.04 0.07 0.00 0.17 0.00 0.01 0.00 0.00 0.01 0.00 0.13 0.00 0.00 0.00 0.00 0.01 0.00 0.01 0.02 0.00 0.00 0.00 0.04 0.02 0.04 0.06 0.57 0.02 0.01 0.17 0.20 0.03 0.00 0.05 0.08 3.73

0.48 0.19 0.25 0.70 0.88 0.39 0.17 0.05 0.37 20.00 2.80 2.40 0.21 5.26 6.50 26.57 33.61 0.30 0.22

0.06 0.03 0.05 0.30 0.37 0.01 0.05 0.01 0.37 11.28 1.26 0.92 0.12 1.65 2.09 9.01 11.84 0.09 0.07

0.10 0.29 0.23 4.54 3.68 0.12 0.22 0.18 0.77 0.60 0.30 0.45 0.60 0.53 0.13 0.95 0.78 0.84 0.68 0.06 0.18 0.52 0.68 0.27 0.07 0.09 0.21 0.26 0.22 0.31 0.24 0.51 0.61 0.37 0.50 1.04 1.39 0.32 0.40 0.10 0.12 0.42 2.00 1.48 6.64 0.09 0.11 0.09 0.07 0.21 0.05 0.19 0.31 0.37 0.27 0.35 0.20 0.05 0.80 0.17 0.04 0.10 0.15 1.18 0.63 4.26 6.80 1.00 0.19 0.16 0.15 3.47 0.08 16.12 0.43 0.33 0.10

0.01 0.08 0.00 1.69 1.18 0.04 0.05 0.03 0.23 0.18 0.00 0.07 0.14 0.12 0.05 0.11 0.31 0.19 0.14 0.01 0.09 0.34 0.43 0.08 0.02 0.04 0.07 0.09 0.09 0.09 0.13 0.15 0.19 0.12 0.15 0.35 0.44 0.13 0.15 0.04 0.07 0.20 0.11 1.48 1.39 0.02 0.04 0.05 0.03 0.05 0.02 0.08 0.14 0.21 0.07 0.09 0.03 0.02 0.35 0.07 0.01 0.03 0.00 0.33 0.10 0.63 0.55 0.09 0.08 0.06 0.01 1.56 0.00 8.21 0.14 0.11 0.04

0.15 0.40 1.78 0.35 0.49 0.04 0.60 0.62 0.49 0.53 0.70 7.21 0.11 0.15 5.82 7.24 0.20 0.14 6.05 4.75 113.11

0.01 0.12 0.93 0.19 0.23 0.02 0.36 0.09 0.08 0.22 0.28 1.65 0.05 0.08 2.11 2.65 0.06 0.04 3.15 2.50 65.16

C 43 145 844 126 1156 349 305 146 0 123 1369 297 0 50 39 43997 9172 364 107 0 8 322 26 826 230 0 225 130 971 587 2 79 20 11 11 287 301 1416 469 14 859 0 58 615 118 746 60 52 1 10 21 103 383 59 103 17 99 26 208 172 309 308 320 0 4246 4 276 217 186 21 303 241 177 174 18 0 1884 359 285 14 105 6329 95 452 468 0 298 7 1796 803 357 56 36 2444 0 2 310 0 3703 0 201 61 359 18 0 489 369 270 512 20 22 73 273 3314 24 0 113 84 64679

0.22 0.19 0.24 0.34 0.43 0.04 0.06 0.05 0.00 12.70 1.41 1.11 0.00 2.38 2.94 22.19 28.05 0.13 0.10 0.00 0.10 0.10 0.09 2.53 2.01 0.00 0.08 0.07 0.26 0.21 0.18 0.24 0.55 0.53 0.07 0.48 0.38 0.70 0.55 0.02 0.14 0.00 0.56 0.16 0.06 0.07 0.08 0.09 0.12 0.18 0.18 0.30 0.38 0.28 0.35 0.39 0.50 0.15 0.20 0.09 0.12 0.27 0.21 0.00 5.18 0.06 0.07 0.06 0.05 0.07 0.03 0.14 0.19 0.24 0.14 0.00 0.04 0.03 0.42 0.10 0.02 0.05 0.04 1.18 0.63 0.00 0.72 0.18 0.09 0.08 0.03 1.66 0.00 9.02 0.00 0.16 0.06 0.00 0.03 0.00 1.50 0.26 0.34 0.02 0.00 0.17 0.14 0.28 0.35 5.12 0.08 0.10 3.64 4.61 0.14 0.00 3.90 3.10 104.89

0.20 0.15 0.18 0.29 0.37 0.02 0.00 0.03 0.00 12.04 1.26 0.98 0.00 2.03 2.72 19.98 25.30 0.11 0.09 0.00 0.00 0.08 0.03 2.18 1.72 0.00 0.07 0.05 0.23 0.18 0.18 0.20 0.00 0.39 0.00 0.42 0.32 0.61 0.47 0.01 0.12 0.00 0.00 0.13 0.05 0.00 0.07 0.00 0.11 0.00 0.00 0.25 0.31 0.24 0.00 0.36 0.45 0.15 0.00 0.08 0.10 0.20 0.16 0.00 4.65 0.05 0.00 0.00 0.00 0.00 0.02 0.13 0.17 0.22 0.14 0.00 0.03 0.00 0.36 0.00 0.00 0.04 0.03 0.41 0.50 0.00 0.58 0.18 0.08 0.06 0.02 1.57 0.00 8.46 0.00 0.15 0.00 0.00 0.01 0.00 1.40 0.23 0.28 0.02 0.00 0.13 0.11 0.23 0.29 4.33 0.06 0.00 3.36 4.16 0.00 0.00 3.15 2.50 101.45

(100s)

High Low

Week

12-month

Exc Volume

High

Low

Last

Change

High Low

Chiboug Ind Mn Chiboug Ind Mn* Chilean Metals Chilean Metals* China Gold Int Churchill Res Cipher Mining* Cirrus Gold Clarity Gold* Clarity Gold Class 1 Nickel Clean Air Met Clean Comm* Cleghorn Min Cleghorn Min* Cleveland-Clif* Cliffmont Res Clifton Mng* Clydesdale Res CMC Metals CMC Metals* CNRP Mng Coast Copper Cobalt Block* Cobalt Block Coeur Mng* Colibri Res* Colibri Res Collective Mg* Colombia Crest Colombia Crest* Colonial Coal Colt Res* Comet Inds Commander Res* Commander Res Commerce Res Commerce Res* Compass Gold* Compass Gold Compliance Egy* Comstock Mng* Comstock Mtls Comstock Mtls * Condor Gold* Condor Gold Condor Res* Condor Res Conquest Res Conquest Res * Cons Uranium* Cons Uranium Cons Woodjam CONSOL Energy* CONSOL Energy* Constantine Mt* Constantine Mt Contact Gold* Contact Gold Contact Mnrls* CopAur Min CopAur Min* Copper Fox Mtl* Copper Fox Mtl Copper Lake Rs Copper Mtn Mng* Copper Mtn Mng Copper One * Copperbank Res Copperbank Res* Cordoba Mnls* Cordoba Mnls Core Assets Cornerstone Ca Cornerstone Ca* Corsa Coal * Corsa Coal Cortus Metals Corvus Gold* Corvus Gold Crest Resource Crest Resource* Crestview Expl Cresval Cap Critical Elem* Critical Elem Cross River* Cross River Crown Mining Crown Mining* Cruz Battery* Cruz Battery CTGX Mining* Currie Rose Rs* Currie Rose Rs CWN M’g Acq Cyntar Venture Cypress Dev* Cypress Dev

137 V 30 O 428 V 29 O 92 T 91 V 1127 D 2 C 577 O 1315 C 21 C 768 V 7 O 323 V 11 O N 103779 1 V 161 O 1 V 726 V 312 O 1605 C 134 V 31 O 76 V N 15827 148 O 128 V 3 O 56 V 0 O 1286 V 40 O 0 V 152 O 112 V 742 V 79 O 10 O 90 V 8 O 5955 X 117 V 13 O 30 O 23 T 309 O 1017 V V 12050 O 17985 253 O 784 V 934 V 3122 N N 25368 311 O 188 V 172 O 508 V 1107 O 357 V 100 O 196 O 681 V 2280 V 627 O 4948 T 274 O 831 C 414 O 46 O 112 V 4819 C 61 V 2 O 208 O 820 V 100 V 1689 D 597 T 295 C 12 O 47 C 17 V 129 O 512 V 12 O 438 C 430 V 211 O 627 O 1630 C 25 O 0 O 0 V 175 V 238 C 487 O 557 V

0.23 0.16 0.20 0.15 3.90 0.26 11.83 0.25 0.32 0.42 0.30 0.21 0.20 0.17 0.14 21.27 0.23 0.24 0.08 0.10 0.08 0.38 0.11 0.04 0.06 6.50 0.08 0.10 2.12 0.12 0.00 1.53 0.00 0.00 0.13 0.15 0.20 0.16 0.14 0.18 0.00 3.15 0.08 0.07 0.60 0.70 0.12 0.17 0.20 0.16 2.19 2.78 0.11 28.82 13.15 0.33 0.40 0.05 0.06 0.13 1.13 0.89 0.21 0.27 0.06 2.46 3.10 0.05 0.67 0.53 0.49 0.62 0.39 3.82 3.03 0.62 0.79 0.14 3.21 4.05 0.12 0.10 0.35 0.04 1.13 1.45 0.12 0.14 0.12 0.10 0.09 0.12 0.02 0.00 0.00 0.09 0.86 1.28 1.57

0.21 0.16 0.18 0.13 3.56 0.00 9.81 0.25 0.22 0.29 0.22 0.19 0.17 0.00 0.13 19.14 0.00 0.16 0.00 0.08 0.06 0.32 0.00 0.03 0.05 5.96 0.06 0.00 1.90 0.00 0.00 1.03 0.00 0.00 0.11 0.00 0.20 0.16 0.14 0.00 0.00 2.52 0.00 0.00 0.45 0.00 0.09 0.11 0.12 0.09 1.91 2.41 0.09 23.80 11.96 0.27 0.00 0.04 0.00 0.04 0.83 0.68 0.18 0.22 0.05 2.07 2.70 0.04 0.57 0.44 0.00 0.00 0.23 3.46 2.73 0.49 0.62 0.00 3.16 4.02 0.12 0.09 0.00 0.00 1.02 1.32 0.10 0.13 0.10 0.08 0.09 0.11 0.02 0.00 0.00 0.00 0.80 1.15 1.46

0.21 0.16 unch + 0.19 + 0.15 3.62 0.23 10.34 0.25 unch 0.24 0.30 0.22 0.19 + 0.20 + 0.17 + 0.14 19.66 + 0.23 + 0.20 + 0.08 0.09 unch 0.07 + 0.38 0.09 0.04 0.05 + 6.23 0.07 0.09 1.90 0.11 unch 0.09 unch + 1.43 0.00 unch 3.75 unch 0.11 0.14 0.20 unch + 0.16 0.14 unch 0.18 unch 0.00 unch 2.58 0.08 + 0.07 0.45 0.67 + 0.12 + 0.16 + 0.13 + 0.10 + 2.08 + 2.64 0.11 + 28.30 + 12.62 0.29 + 0.37 0.04 0.06 0.05 0.98 0.78 + 0.21 + 0.27 + 0.06 2.29 2.89 + 0.04 + 0.67 + 0.50 + 0.49 0.61 0.27 + 3.80 + 3.02 + 0.62 + 0.79 0.13 3.17 4.04 0.12 unch + 0.10 0.33 0.04 unch 1.07 1.37 0.10 0.14 unch + 0.11 + 0.09 + 0.09 + 0.12 0.02 unch 0.03 unch 0.04 unch + 0.09 0.82 1.19 1.51

0.02 0.00 0.02 0.01 0.25 0.02 0.91 0.00 0.08 0.11 0.10 0.02 0.04 0.09 0.01 0.84 0.04 0.02 0.02 0.00 0.00 0.06 0.02 0.00 0.01 0.05 0.01 0.01 0.22 0.00 0.00 0.42 0.00 0.00 0.02 0.02 0.00 0.00 0.00 0.00 0.00 0.26 0.01 0.00 0.14 0.03 0.02 0.02 0.01 0.00 0.04 0.07 0.01 3.69 0.98 0.00 0.01 0.01 0.01 0.00 0.14 0.13 0.02 0.04 0.01 0.09 0.12 0.00 0.07 0.03 0.01 0.01 0.07 0.20 0.16 0.06 0.07 0.01 0.03 0.01 0.00 0.01 0.03 0.00 0.03 0.01 0.02 0.00 0.02 0.01 0.01 0.01 0.00 0.00 0.00 0.01 0.03 0.05 0.05

0.46 0.36 0.55 0.40 4.47 0.35 15.39 0.25 1.48 1.82 1.11 0.49 0.39 0.17 0.13 26.51 0.23 0.35 0.08 0.27 0.21 0.82 0.23 0.14 0.17 12.60 0.16 0.17 3.50 0.44 0.35 1.78 0.00 4.00 0.21 0.32 0.50 0.39 0.21 0.30 0.00 9.85 0.14 0.15 0.79 1.20 0.32 0.33 0.36 0.26 2.52 3.10 0.30 28.27 15.89 0.53 0.67 0.15 0.19 0.25 1.20 0.95 0.53 0.66 0.07 4.20 5.07 0.60 0.82 0.65 1.62 2.04 0.39 6.50 5.00 0.62 0.79 0.25 3.30 4.15 0.29 0.25 2.53 0.16 1.52 1.79 1.22 0.50 0.36 0.29 0.14 0.18 0.20 0.04 0.06 0.09 0.99 2.00 2.45

0.13 0.10 0.12 0.09 1.48 0.17 9.81 0.12 0.22 0.29 0.25 0.19 0.14 0.08 0.07 6.34 0.08 0.13 0.05 0.08 0.03 0.25 0.09 0.03 0.04 5.95 0.04 0.05 1.90 0.10 0.09 0.50 0.00 2.00 0.09 0.11 0.20 0.15 0.14 0.11 0.00 0.93 0.07 0.03 0.51 0.65 0.00 0.11 0.07 0.05 0.37 0.47 0.09 3.66 8.31 0.13 0.16 0.04 0.06 0.01 0.11 0.11 0.08 0.11 0.02 0.69 0.94 0.04 0.16 0.12 0.03 0.54 0.07 3.40 2.55 0.12 0.18 0.12 1.71 2.17 0.09 0.07 0.29 0.02 0.30 0.40 0.01 0.13 0.06 0.04 0.03 0.04 0.00 0.02 0.04 0.03 0.50 0.32 0.43

Dajin Lithium* Dajin Res Damara Gold* Damara Gold Danakali* Decade Res Decade Res* Deep-South Res* Deep-South Res DeepRock Min Defense Metals* Defense Metals Defiance Silvr Defiance Silvr* Delrand Res Denarius Silv Denison Mines Denison Mines* Desert Gold* Desert Gold Desert Mtn Egy Diamante Min* Diamcor Mng Diamcor Mng* Diamond Disc* Diamond Fields Dios Expl Discovery Harb* Discovery Harb Discovery Min* Discovery Silv Discovery Silv* Discovery-Corp District Cop District Cop* District Metal* District Metal District Mines Ditem Explor* Diversified Rs* Dixie Gold DNI Metals* Dolat Ventures* Dolly Vard Sil* Dolly Vard Sil Dore Copper Doubleview Gld Doubleview Gld* DRDGOLD* Dundee Prec Mt Durango Res* Durango Res Duro Metals DV Resources* DV Resources Dynacor Gld Mn Dynacor Gld Mn* DynaResource* Dynasty Gold Dynasty Gold* E2Gold Inc E2Gold Inc* E3 Metals* E3 Metals E79 Resources E79 Resources* Eagle Graphite* Eagle Graphite Eagle Plains Earl Res East Africa * East Africa EastCoal Inc Eastern Platin* Eastern Platin

26 O 7 V 563 O 857 V 248 O 366 V 24 O 755 O 515 V 177 C 919 O 2177 V 851 V 954 O 135 V 369 V T 20182 X 82795 110 O 419 V 464 V 16 O 492 V 203 O 411 O 0 V 98 V 134 O 753 V O 150563 1476 V 1384 O 4 V 117 V 1 O 75 O 549 V 0 V 34 O 350 O 14 V 1145 O 40 O 829 O 919 V 230 V 702 V 340 O 1022 N 1841 T 74 O 1963 V 0 V 2 O 3 V 112 T 23 O 8 O 93 V 90 O 1337 V 222 O 165 O 450 V 294 C 74 O 60 O 7 V 158 V 0 V 27 O 667 V 14 V 4 O 17 T

0.58 0.67 0.05 0.07 0.31 0.05 0.04 0.05 0.06 0.05 0.25 0.32 0.47 0.37 0.05 0.42 1.93 1.53 0.12 0.15 3.06 0.04 0.35 0.27 0.00 0.00 0.10 0.07 0.09 0.01 1.31 1.04 0.11 0.13 0.11 0.17 0.22 0.00 0.00 0.00 0.23 0.01 0.03 0.40 0.51 0.74 0.35 0.28 8.71 8.13 0.05 0.06 0.00 0.07 0.12 2.85 2.23 2.00 0.18 0.14 0.20 0.18 1.61 2.06 1.09 0.90 0.13 0.15 0.18 0.00 0.27 0.37 0.31 0.24 0.30

+ 0.53 0.67 0.04 + 0.07 0.31 0.05 unch 0.03 0.05 0.06 + 0.05 + 0.22 + 0.28 + 0.47 0.37 0.05 0.42 + 1.91 + 1.51 + 0.11 0.12 2.76 0.04 unch + 0.35 + 0.27 0.00 unch 0.19 unch 0.08 0.07 + 0.09 0.00 + 1.26 + 1.00 + 0.11 0.12 0.11 0.15 + 0.22 0.26 unch 0.00 0.00 0.23 unch 0.01 unch 0.02 unch 0.39 0.49 + 0.71 0.32 0.26 8.21 7.65 + 0.04 0.05 0.24 unch 0.07 unch 0.12 2.74 2.14 2.00 unch + 0.18 0.14 unch + 0.19 + 0.16 1.48 1.86 0.91 0.73 0.11 0.15 unch 0.16 0.45 unch 0.26 0.35 unch 0.30 0.23 0.29

0.01 0.03 0.01 0.01 0.00 0.00 0.01 0.00 0.01 0.01 0.01 0.02 0.01 0.00 0.01 0.01 0.22 0.18 0.00 0.02 0.04 0.00 0.04 0.03 0.00 0.00 0.01 0.00 0.01 0.00 0.06 0.06 0.01 0.01 0.00 0.00 0.02 0.00 0.00 0.01 0.00 0.00 0.00 0.00 0.01 0.05 0.03 0.02 0.36 0.42 0.00 0.01 0.00 0.00 0.01 0.09 0.09 0.00 0.01 0.00 0.01 0.01 0.12 0.16 0.02 0.03 0.02 0.00 0.02 0.00 0.01 0.00 0.05 0.00 0.01

0.71 2.00 0.16 0.20 0.47 0.12 0.09 0.23 0.30 0.11 0.59 0.75 1.07 0.91 0.18 0.69 2.29 1.81 0.17 0.23 4.95 0.06 0.35 0.29 0.01 1.25 0.13 0.10 0.11 0.04 2.74 2.23 0.12 0.50 0.20 0.55 0.59 0.40 0.02 0.01 0.41 0.09 0.51 0.77 0.98 1.28 1.18 1.22 13.69 10.67 0.12 0.16 0.24 0.11 0.16 2.98 2.49 2.45 0.35 0.20 0.24 0.18 4.22 5.37 1.65 1.34 0.28 0.38 0.19 0.55 0.39 0.58 0.35 0.43 0.57

0.43 0.45 0.00 0.05 0.22 0.04 0.01 0.03 0.04 0.03 0.11 0.15 0.42 0.33 0.05 0.38 0.41 0.30 0.09 0.12 1.31 0.01 0.07 0.05 0.00 0.09 0.06 0.03 0.05 0.00 1.19 0.90 0.06 0.10 0.10 0.14 0.19 0.12 0.00 0.00 0.17 0.00 0.01 0.33 0.42 0.57 0.20 0.06 7.88 7.18 0.03 0.05 0.15 0.06 0.07 1.64 1.26 0.52 0.07 0.05 0.10 0.10 0.28 0.39 0.24 0.07 0.03 0.04 0.14 0.20 0.10 0.14 0.09 0.23 0.29

D-F 0.48 0.00 0.04 0.00 0.30 0.00 0.03 0.04 0.05 0.00 0.21 0.27 0.42 0.33 0.00 0.00 1.68 1.32 0.11 0.12 2.46 0.04 0.31 0.24 0.00 0.00 0.00 0.00 0.00 0.00 1.19 0.90 0.00 0.11 0.11 0.15 0.19 0.00 0.00 0.00 0.22 0.01 0.02 0.34 0.44 0.64 0.31 0.25 7.88 7.39 0.04 0.00 0.00 0.07 0.00 2.70 2.12 1.95 0.00 0.14 0.18 0.00 1.42 1.81 0.91 0.71 0.11 0.00 0.00 0.00 0.25 0.00 0.00 0.23 0.00

GLOBAL MINING NEWS

(100s) Stock

Exc Volume

Eastfield Res Eastfield Res* Eco Oro Min Eco Oro Min* Edgemont Gold Edgewater Expl Edgewater Expl* Edison Battery* Edison Battery EEE Explor El Capitan Prc* El Nino Vent* El Nino Vent Elcora Adv Mat Elcora Res* Eldorado Gold* Eldorado Gold Element 29* Element79 Elevation Gold Elevation Gold* Eloro Res* Eloro Res Elysee Dev Elysee Dev * Emerita Res Emerita Res* Emgold Mining Emgold Mining* Eminent Gold Eminent Gold* Emperor Metals EMX Royalty* EMX Royalty Encanto Potash* EnCore Energy Endeavour Mng Endeavr Silver Endeavr Silver* Endurance Gold* Endurance Gold Enduro Metals Enduro Metals* Energy Fuels Energy Fuels* Engineer Gold Engineer Gold* Engold Mines Engold Mines* Entree Res* Entree Res Equinox Gold* Equinox Gold Equity Metals* Equity Metals Erdene Res Dev Erdene Res Dev* Erin Ventures* Erin Ventures Ero Copper Ero Copper* Eros Res Corp* Eros Res Corp Eros Res Corp Eskay Mng Eskay Mng* Essex Minerals Essex Minerals* Ethos Gold* Ethos Gold Etruscus Res* Etruscus Res Euro Manganese Euro Manganese* Euro Sun Mg Euro Sun Mg* EurOmax Res EurOmax Res* European Elect* European Elect European Metal* Eurotin Evergold Evergold* Everton Res* EVI Global Grp Evolving Gold Evolving Gold* Evrim Res Excellon Res* Excellon Res Excelsior Mng* Excelsior Mng ExGen Res Inc Exploits Disc* Explorex Res* Explorex Res Fabled Silver Fabled Silver* Fairchild Gold Falco Res Falco Res * Falcon Gold Falcon Gold* Fancamp Expl Far Res Far Res* Fathom Nickel* Fathom Nickel FenixOro Gold* FenixOro Gold Fidelity Min* Fidelity Min Filo Mg Corp Filo Mg Corp * Finlay Minrls Fiore Gold* Fiore Gold* Fiore Gold FireFox Gold FireFox Gold* Firestone Vent Fireweed Zinc* Fireweed Zinc First Cobalt * First Cobalt First Energy* First Energy First Idaho First Majestic* First Majestic First Mg Fin First Mg Fin * First Point* First Quantum First Tellur First Tellur* Fission 3.0 Fission 3.0* Fission Uran* Fission Uran Five Star Diam Fjordland Exp* Fjordland Exp Flow Metals Flowery Gold* Focus Graphite* Focus Graphite Fokus Mining Foran Mining* Foran Mining Forsys Metals Fort St James Fortescue Met* Fortuna Silvr Fortuna Silvr* Fortune Bay Fortune Bay* Fortune Min Fortune Min* Forty Pillars Forum Energy* Forum Energy Fosterville Founders Metal Four Nines Fox River Res Fox River Res* FPX Nickel Franco-Nevada* Franco-Nevada Franklin Mng* Fredonia Mg Fredonia Mg* Freegold Vent Freeman Gold Freeman Gold* Freeport McMoR* Freeport Res Fremont Gold Fresnillo plc* Frontier Lith Frontline Gold Full Metal Mnl

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

323 20 219 50 312 33 50 40 731 60 61 0 196 490 87 10226 2439 500 62 302 392 161 325 48 41 3028 607 197 64 7 4 7 695 119 264 2489 3581 1466 9740 14 235 823 208 3776 28906 968 171 43 9 308 634 6514 2496 581 1212 485 327 33 131 1098 110 0 187 187 512 297 746 10 291 1483 8 116 241 12 260 160 247 45 0 22 41 0 332 1 20 565 32 0 150 245 227 268 834 21 713 8 6 1445 983 59 206 22 260 60 931 3536 50 104 560 912 870 1 154 518 44 207 52 98 577 1031 304 5 12 434 1625 1280 48 466 0 20171 2387 3224 2003 288 8592 198 5 1827 588 4930 19430 69 1 86 162 45 473 770 263 97 1045 3015 8 118 3690 17628 48 6 618 247 76 1489 1603 181 14 522 297 35 294 3561 2053 560 410 154 329 418 255 94042 752 459 53 372 103 3

THE NORTHERN MINER / OCTOBER 11—24, 2021

Week High

Low

0.08 0.06 0.16 0.09 0.18 0.17 0.13 0.08 0.10 0.17 0.00 0.03 0.04 0.12 0.09 8.05 10.18 0.44 0.77 1.52 0.22 3.04 3.84 0.76 0.60 1.60 1.25 0.06 0.05 0.84 0.67 0.25 2.85 3.51 0.01 1.89 30.12 5.59 4.42 0.16 0.22 0.20 0.15 9.01 7.14 0.03 0.03 0.30 0.27 0.84 1.06 6.87 8.68 0.10 0.12 0.41 0.33 0.08 0.11 24.35 19.38 0.08 0.09 0.09 2.29 1.82 0.13 0.10 0.27 0.34 0.17 0.21 0.51 0.39 0.37 0.31 0.08 0.05 0.00 0.16 0.08 0.00 0.17 0.13 0.07 0.08 0.46 0.00 0.37 1.51 1.76 0.43 0.54 0.10 0.47 5.95 7.52 0.14 0.11 0.15 0.41 0.31 0.10 0.09 0.13 0.14 0.10 0.33 0.43 0.32 0.40 0.07 0.08 9.36 7.30 0.19 0.07 0.93 1.19 0.33 0.25 0.13 0.71 0.91 0.22 0.28 0.16 0.19 0.00 12.24 15.46 0.33 0.26 0.42 24.00 0.11 0.08 0.18 0.14 0.73 0.92 0.04 0.08 0.12 0.04 0.11 0.05 0.07 0.11 1.72 2.20 1.01 0.47 11.70 5.32 4.22 0.69 0.51 0.13 0.11 0.15 0.39 0.50 1.05 0.43 0.60 0.34 0.24 0.50 132.25 167.26 0.02 0.23 0.20 0.56 0.38 0.30 34.05 0.19 0.03 10.95 0.88 0.03 0.16

0.06 0.05 0.12 0.09 0.15 0.00 0.13 0.00 0.07 0.17 0.00 0.03 0.00 0.08 0.00 7.46 9.52 0.42 0.72 1.26 0.20 2.65 3.36 0.00 0.56 1.26 1.00 0.00 0.04 0.00 0.00 0.25 2.47 3.14 0.00 1.70 28.35 5.03 3.93 0.15 0.19 0.18 0.14 7.95 6.23 0.00 0.03 0.00 0.24 0.78 1.00 6.42 8.17 0.07 0.09 0.39 0.31 0.07 0.00 22.02 17.34 0.00 0.00 0.00 2.07 1.64 0.10 0.00 0.21 0.28 0.15 0.17 0.46 0.37 0.35 0.27 0.00 0.05 0.00 0.00 0.00 0.00 0.15 0.00 0.00 0.07 0.42 0.00 0.34 1.25 1.60 0.37 0.47 0.00 0.37 5.50 6.99 0.12 0.09 0.00 0.37 0.29 0.10 0.07 0.11 0.10 0.08 0.32 0.37 0.25 0.31 0.07 0.00 8.70 6.96 0.14 0.06 0.90 1.15 0.23 0.18 0.00 0.62 0.00 0.20 0.26 0.12 0.16 0.00 11.02 14.07 0.30 0.22 0.34 22.60 0.09 0.08 0.16 0.12 0.61 0.78 0.00 0.08 0.00 0.04 0.03 0.04 0.06 0.00 1.64 2.04 0.86 0.00 10.45 4.88 3.81 0.57 0.44 0.11 0.08 0.00 0.34 0.43 0.97 0.00 0.50 0.26 0.23 0.44 126.64 160.26 0.02 0.00 0.19 0.51 0.32 0.26 31.86 0.16 0.00 10.25 0.82 0.00 0.00

Last

12-month Change

0.06 0.05 0.16 + 0.09 unch 0.18 + 0.16 unch 0.13 0.06 0.08 0.17 unch 0.00 unch 0.03 unch 0.04 unch 0.10 0.08 7.76 9.80 0.43 + 0.77 unch 1.40 0.20 unch 2.72 3.43 0.74 + 0.57 + 1.48 + 1.15 + 0.05 0.04 0.75 0.66 + 0.25 unch 2.50 3.18 0.00 1.74 + 28.89 5.17 4.07 0.15 0.20 0.19 0.14 8.66 + 6.82 + 0.03 unch 0.03 unch 0.25 0.27 + 0.80 + 1.00 unch 6.47 8.20 0.09 0.12 0.40 0.32 + 0.07 + 0.10 + 22.35 17.58 0.08 unch 0.09 unch 0.09 unch 2.14 1.70 0.12 0.10 0.23 0.29 0.15 0.20 0.47 0.37 0.37 unch 0.28 0.08 + 0.05 unch 0.13 unch 0.16 + 0.06 0.02 unch 0.15 0.13 + 0.07 + 0.07 + 0.46 + 0.33 unch 0.35 1.27 1.63 0.38 0.49 0.09 0.40 5.95 + 7.50 + 0.13 0.10 0.14 0.37 0.29 0.10 0.08 0.11 0.11 0.09 0.32 0.40 0.27 0.34 0.07 + 0.08 9.05 unch 7.13 0.19 + 0.06 0.90 1.15 0.28 + 0.24 + 0.13 0.65 0.88 0.21 0.26 0.14 0.19 0.10 unch 11.34 14.35 0.30 0.23 0.40 + 23.50 + 0.11 + 0.08 0.17 + 0.13 + 0.71 + 0.90 + 0.04 unch 0.08 unch 0.10 0.04 0.10 + 0.05 0.06 unch 0.11 + 1.68 unch 2.13 0.95 + 0.41 10.73 4.95 3.93 0.57 0.46 0.12 + 0.10 + 0.13 0.37 + 0.48 + 1.00 0.43 0.59 + 0.31 + 0.24 + 0.50 + 127.49 161.14 0.02 + 0.20 0.19 0.54 0.36 + 0.29 + 32.84 + 0.16 0.03 + 10.48 0.84 0.03 unch 0.16 -

0.01 0.00 0.04 0.00 0.01 0.00 0.05 0.02 0.02 0.00 0.00 0.00 0.00 0.01 0.01 0.06 0.11 0.01 0.00 0.18 0.00 0.09 0.17 0.01 0.01 0.04 0.01 0.01 0.00 0.10 0.07 0.00 0.21 0.25 0.01 0.03 0.55 0.16 0.15 0.01 0.02 0.01 0.01 0.67 0.51 0.00 0.00 0.04 0.09 0.01 0.00 0.23 0.26 0.01 0.01 0.01 0.00 0.00 0.03 0.04 0.12 0.00 0.00 0.00 0.03 0.03 0.01 0.02 0.04 0.04 0.02 0.01 0.01 0.01 0.00 0.01 0.02 0.00 0.00 0.01 0.01 0.00 0.01 0.00 0.02 0.01 0.04 0.00 0.01 0.06 0.05 0.03 0.06 0.01 0.06 0.01 0.20 0.01 0.01 0.02 0.03 0.03 0.01 0.01 0.03 0.01 0.00 0.01 0.02 0.05 0.06 0.00 0.01 0.00 0.14 0.05 0.01 0.02 0.04 0.04 0.06 0.03 0.05 0.02 0.00 0.02 0.01 0.01 0.00 0.45 0.59 0.03 0.03 0.00 0.67 0.01 0.00 0.01 0.00 0.04 0.06 0.00 0.00 0.01 0.01 0.07 0.00 0.00 0.01 0.00 0.01 0.08 0.07 0.46 0.14 0.10 0.07 0.03 0.01 0.01 0.02 0.01 0.02 0.03 0.01 0.05 0.05 0.00 0.01 4.00 5.20 0.00 0.03 0.02 0.01 0.02 0.01 0.60 0.02 0.01 0.37 0.04 0.00 0.01

(100s)

High Low

Stock

0.10 0.09 0.20 0.15 0.31 0.27 0.20 1.00 0.25 0.25 0.02 0.05 0.06 0.19 0.16 14.49 18.90 0.49 1.26 4.32 3.40 4.65 5.88 0.85 0.74 2.16 1.72 0.16 0.12 1.05 0.87 0.29 3.81 4.83 0.12 2.27 37.12 9.32 7.76 0.35 0.24 0.30 0.22 10.56 8.39 0.14 0.06 0.55 0.30 0.90 1.12 13.07 17.25 0.25 0.33 0.50 0.40 0.19 0.25 29.76 22.30 0.09 0.11 0.11 3.14 2.49 0.75 0.14 0.50 0.60 0.32 0.44 0.85 0.66 0.47 0.39 0.24 0.16 0.39 0.49 1.02 0.06 0.53 0.44 0.13 0.23 1.45 0.98 0.42 3.90 4.76 0.94 1.19 0.20 1.35 8.34 10.50 0.40 0.60 0.20 0.48 0.50 0.17 0.17 0.17 0.31 0.24 0.44 0.88 0.46 0.60 0.11 0.17 11.97 9.85 0.20 0.26 1.29 1.69 0.40 0.34 0.30 0.94 1.23 0.37 0.46 0.31 0.62 0.10 24.01 30.75 0.51 0.42 0.76 35.07 0.18 0.14 0.24 0.20 0.96 1.18 0.07 0.21 0.27 0.11 0.24 0.22 0.28 0.48 2.15 2.63 1.30 0.50 20.40 12.61 9.85 1.30 0.98 0.27 0.22 0.38 0.47 0.56 3.47 0.60 0.60 0.73 0.57 0.94 163.79 205.25 0.15 0.26 0.20 1.17 0.68 0.67 46.10 0.45 0.10 17.90 1.39 0.04 0.65

Full Metal Mnl* Fury Gold Fury Gold* Fuse Cobalt* Fuse Cobalt

O T X O V

G2 Goldfields* G2 Goldfields Gabriel Res* Gabriel Res Galane Gold * Galane Gold Galantas Gold Galantas Gold* Galiano Gold Galiano Gold* Galleon Gold Galleon Gold* Galore Res Galway Gold * Galway Gold Galway Mtls* Galway Mtls Gambier Gold Gambier Gold* Garibaldi Res * Garibaldi Res Gatling Explor Gatling Explor* Gatos Silver Gatos Silver* General Gold Generation Min Generation Min* Generic Gold* Generic Gold Genesis Mtls Genesis Mtls* Genius Metals Gensource Pot Gentor Res Geomega Res Geomega Res* Getchell Gold Getchell Gold * Getty Copper GFG Resources GFG Resources* GFM Res GGL Res GGL Res* GGX Gold* GGX Gold Giga Metals Giga Metals* Gitennes Expl Gitennes Expl * Giyani Gold* Giyani Gold GK Resources Glacier Lake* Glacier Lake Glen Eagle Res* Glen Eagle Res Glencore Plc * Glencore Plc* Global Atomic* Global Atomic Global Battery* Global Battery Global Energy* Global Energy Global Gold* Global Li-Ion Global Li-Ion* GlobalMin Vent* Globex Mng* Globex Mng GMV Minerals* GMV Minerals GNCC Capital* Go Cobalt GobiMin GoGold Res Golcap Res Gold Basin Res* Gold Basin Res Gold Bull Res Gold Bull Res* Gold Fields* Gold Fields* Gold Finder Ex* Gold Finder Ex Gold Hunter Rs Gold Line Res Gold Lion Res* Gold Lion Res Gold Mountain* Gold Mountain Gold Port Gold Reserve* Gold Reserve Gold Resource* Gold Royalty* Gold State Res* Gold State Res Gold Std Vents Gold Std Vents* Gold’n Futures Gold79 Mines Gold79 Mines* Goldbank Mng Goldbelt Emp Goldcliff Res Goldcliff Res* Golden Arrow* Golden Arrow Golden Band* Golden Dawn Ml* Golden Dawn Ml Golden Goliath* Golden Goliath Golden Harp* Golden Harp Golden Hope Golden Hope* Golden Indepen Golden Indepe* Golden Lake Golden Mnls Golden Mnls* Golden Pursuit* Golden Pursuit Golden Ridge Golden Secret Golden Share Golden Spike Golden Star* Golden Star Golden Star* Golden Sun* Golden Tag Golden Tag* Golden Valley Golden Valley* Goldex Res Goldex Res* Goldflare Expl Goldgroup Mng* Goldgroup Mng GoldHaven Res* Goldhills Hldg GoldMining GoldON Res GoldON Res* Goldoz* Goldplay Min GoldQuest Mng Goldrea Res Goldrea Res* Goldrich Mng* Goldseek Res Goldseek Res* Goldshore Res* Goldshore Res Goldsource Min* Goldsource Min Goldstar Mnls Goliath Res Goliath Res* Gossan Res GoviEx Uranium* GoviEx Uranium Gowest Gold* Gowest Gold GPM Metals* GPM Metals GR Silver* GR Silver Gran Colombia* Gran Colombia Granada Gold

0.05 0.03 0.05 0.03 0.10 0.16 0.12 0.01 0.03 0.15 0.00 0.02 0.03 0.06 0.04 7.46 9.52 0.28 0.67 1.30 1.20 0.90 1.18 0.43 0.32 0.13 0.05 0.05 0.04 0.41 0.47 0.10 2.50 3.22 0.00 0.35 23.12 4.00 2.99 0.09 0.19 0.17 0.12 1.91 1.42 0.03 0.03 0.23 0.18 0.27 0.39 5.90 7.53 0.07 0.09 0.33 0.26 0.03 0.03 17.24 16.71 0.05 0.07 0.07 0.66 0.48 0.10 0.10 0.12 0.16 0.15 0.17 0.18 0.33 0.30 0.20 0.01 0.00 0.11 0.14 0.01 0.01 0.15 0.00 0.00 0.05 0.28 0.10 0.28 1.25 1.59 0.39 0.47 0.08 0.19 4.66 6.00 0.07 0.07 0.14 0.35 0.16 0.08 0.02 0.08 0.05 0.04 0.30 0.35 0.15 0.15 0.04 0.06 1.60 1.00 0.07 0.06 0.74 0.95 0.13 0.11 0.11 0.51 0.65 0.09 0.12 0.12 0.14 0.07 9.33 12.52 0.30 0.22 0.05 11.26 0.05 0.03 0.06 0.04 0.17 0.23 0.02 0.05 0.07 0.04 0.03 0.01 0.02 0.10 0.24 0.16 0.12 0.13 10.54 4.88 3.81 0.59 0.10 0.06 0.04 0.11 0.08 0.11 0.89 0.37 0.25 0.06 0.05 0.42 105.62 133.63 0.00 0.03 0.12 0.51 0.28 0.23 15.22 0.15 0.03 10.20 0.27 0.02 0.11

Exc Volume

Week High

Low

22 215 1006 214 454

0.12 0.82 0.64 0.06 0.08

0.12 0.77 0.60 0.05 0.06

O 44 V 282 O 144 V 131 O 3211 V 5689 V 210 O 40 T 189 X 1757 V 2801 O 726 V 0 O 3 V 38 O 169 V 434 V 369 O 158 O 265 V 735 V 185 O 175 T 127 N 3595 C 7 T 1070 O 256 O 5 C 107 V 813 O 37 C 8 V 557 V 0 V 662 O 28 C 269 O 102 V 166 V 1314 O 1369 V 0 V 67 O 86 O 5 V 224 V 272 O 354 V 187 O 41 O 87 V 821 V 36 O 0 V 21 O 1509 V 2116 O 480 O 2172 O 1312 T 3226 O 679 V 568 O 236 V 337 O 2 C 83 O 30 O 0 O 52 T 113 O 189 V 295 O 3357891 C 33 V 0 T 3209 C 113 O 9 C 87 V 416 O 335 O 1 N 27266 O 637 V 1476 C 87 V 394 O 10 C 266 O 109 V 1333 C 850 O 210 V 82 X 2492 X 4681 O 80 V 954 T 383 X 2800 C 356 V 329 O 26 V 0 V 0 V 124 O 18 O 215 V 706 O 4135 O 13 V 409 O 62 V 750 O 0 V 1 V 57 O 2 C 415 O 92 C 1155 T 51 X 1884 O 0 V 32 V 263 V 454 V 39 C 38 O 0 T 45 X 1277 O 23 V 342 O 849 V 105 O 37 V 235 O 1 V 301 O 250 T 727 O 415 V 0 T 408 V 142 O 15 O 0 V 104 V 439 C 229 O 13 O 321 C 76 O 0 O 127 V 308 O 29 V 131 V 80 V 307 O 206 V 74 O 2031 V 5046 O 34 V 130 O 3 V 101 O 1031 V 1563 O 135 T 780 V 1083

0.38 0.50 0.19 0.24 0.11 0.14 0.42 0.32 0.94 0.74 0.09 0.06 0.00 0.15 0.19 0.52 0.66 0.12 0.09 0.24 0.30 0.39 0.32 15.81 12.53 0.30 0.69 0.53 0.30 0.33 0.11 0.09 0.22 0.32 0.00 0.29 0.24 0.60 0.48 0.08 0.15 0.12 0.00 0.12 0.11 0.13 0.18 0.38 0.31 0.06 0.05 0.38 0.49 0.17 0.00 0.28 0.10 0.14 4.80 9.57 2.65 3.33 0.23 0.28 0.20 0.25 1.75 0.08 0.07 0.16 0.78 1.01 0.20 0.25 0.00 0.26 0.00 3.04 0.23 0.29 0.34 0.24 0.19 8.52 8.28 0.07 0.08 0.40 0.17 0.08 0.11 1.50 1.87 0.11 1.66 2.06 1.68 5.65 0.08 0.10 0.58 0.47 0.10 0.07 0.06 0.00 0.00 0.07 0.06 0.14 0.18 0.00 0.22 0.30 0.04 0.05 0.00 0.20 0.34 0.23 0.14 0.11 0.19 0.57 0.46 0.00 0.11 0.20 5.30 0.14 0.49 0.00 3.18 2.52 0.00 0.28 0.23 12.96 10.27 0.07 0.06 0.06 0.04 0.05 0.38 0.00 1.58 0.19 0.14 0.00 0.16 0.16 0.05 0.04 0.04 0.13 0.00 1.75 0.64 0.64 0.80 0.09 0.99 0.75 0.19 0.35 0.43 0.17 0.21 0.09 0.12 0.25 0.33 3.94 4.92 0.11

Last

12-month Change

High Low

0.12 + 0.80 unch 0.63 + 0.06 + 0.07 unch

0.00 0.00 0.01 0.00 0.00

0.57 7.27 3.85 0.26 0.33

0.00 0.76 0.60 0.02 0.03

0.00 0.38 + 0.41 0.45 unch 0.17 0.17 0.22 0.22 0.08 0.08 0.10 0.10 0.36 0.38 0.29 0.30 0.87 0.91 + 0.68 0.74 + 0.07 0.07 0.05 0.06 0.00 0.02 unch 0.15 0.15 + 0.00 0.16 0.46 0.49 + 0.59 0.61 + 0.09 0.11 0.07 0.08 0.19 0.21 0.23 0.26 0.36 0.37 0.28 0.30 + 14.10 14.54 11.03 11.49 0.00 0.30 unch 0.57 0.63 0.46 0.50 0.25 0.25 0.00 0.31 0.09 0.10 0.07 0.08 0.22 0.22 unch 0.30 0.30 0.00 0.11 unch 0.26 0.28 0.21 0.21 0.54 0.56 0.43 0.44 0.00 0.06 0.13 0.14 0.10 0.11 0.00 0.15 unch 0.00 0.12 + 0.08 0.08 0.13 0.13 unch 0.15 0.16 0.35 0.36 0.27 0.29 0.00 0.06 + 0.00 0.05 + 0.30 0.30 0.36 0.44 0.00 0.17 0.00 0.22 unch 0.00 0.27 0.09 0.10 + 0.11 0.14 + 4.51 4.78 + 9.06 9.55 + 2.38 2.59 + 3.02 3.26 + 0.18 0.20 0.24 0.24 0.17 0.20 + 0.21 0.25 + 0.00 1.75 unch 0.00 0.08 + 0.06 0.06 + 0.00 0.16 unch 0.71 0.74 0.90 0.94 0.15 0.17 0.19 0.20 0.00 0.00 unch 0.00 0.20 + 0.00 0.22 unch 2.71 2.82 0.20 0.21 unch 0.27 0.28 0.32 0.32 0.18 0.23 + 0.14 0.18 + 0.00 8.52 7.75 8.18 + 0.05 0.06 0.07 0.07 0.36 0.36 0.16 0.17 + 0.00 0.08 0.08 0.08 1.26 1.43 + 1.69 1.84 + 0.10 0.11 0.00 1.60 0.00 2.05 1.55 1.57 4.95 5.02 0.06 0.07 0.00 0.09 0.56 0.57 unch 0.44 0.45 + 0.07 0.07 0.07 0.07 unch 0.00 0.05 + 0.00 0.18 unch 0.00 0.02 unch 0.00 0.07 unch 0.05 0.06 + 0.13 0.13 0.17 0.17 0.00 0.00 unch 0.17 0.19 0.23 0.23 0.03 0.04 + 0.05 0.05 unch 0.00 0.40 unch 0.00 0.17 + 0.30 0.33 + 0.00 0.23 + 0.12 0.12 0.09 0.10 0.15 0.17 0.53 0.54 0.42 0.42 0.00 0.12 unch 0.00 0.11 unch 0.16 0.17 4.64 4.75 0.00 0.11 0.40 0.40 0.00 2.98 unch 2.97 3.00 + 2.32 2.39 + 0.00 0.00 unch 0.25 0.25 0.20 0.20 11.75 11.95 9.32 9.40 0.00 0.07 0.06 0.06 0.00 0.05 + 0.03 0.03 + 0.04 0.04 unch 0.34 0.34 0.00 0.25 unch 1.47 1.48 0.18 0.18 0.00 0.14 0.00 0.02 unch 0.00 0.16 0.14 0.15 0.04 0.04 0.02 0.03 0.03 0.04 + 0.13 0.13 0.00 0.16 unch 0.44 0.49 0.58 0.61 0.55 0.60 0.74 0.79 0.00 0.08 0.82 0.91 + 0.64 0.70 + 0.00 0.19 + 0.27 0.29 0.34 0.36 0.15 0.15 0.00 0.20 0.09 0.09 unch 0.00 0.12 unch 0.20 0.22 0.25 0.28 3.67 3.84 + 4.65 4.88 + 0.09 0.09 -

0.01 0.00 0.01 0.01 0.02 0.03 0.02 0.01 0.01 0.02 0.01 0.01 0.00 0.02 0.03 0.01 0.01 0.01 0.01 0.03 0.04 0.01 0.00 0.74 0.60 0.00 0.04 0.01 0.11 0.03 0.02 0.01 0.00 0.02 0.00 0.01 0.01 0.05 0.03 0.01 0.01 0.01 0.00 0.01 0.03 0.00 0.02 0.02 0.01 0.01 0.01 0.08 0.04 0.03 0.00 0.02 0.01 0.02 0.33 0.56 0.24 0.29 0.01 0.03 0.02 0.03 0.00 0.01 0.01 0.00 0.04 0.02 0.02 0.05 0.00 0.01 0.00 0.12 0.00 0.03 0.03 0.03 0.01 0.46 0.07 0.01 0.02 0.04 0.02 0.02 0.02 0.09 0.14 0.01 0.02 0.01 0.08 0.39 0.01 0.02 0.00 0.00 0.03 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.03 0.07 0.01 0.00 0.00 0.01 0.03 0.01 0.02 0.02 0.01 0.04 0.03 0.00 0.00 0.03 0.25 0.03 0.07 0.00 0.04 0.05 0.00 0.01 0.00 1.00 0.80 0.01 0.00 0.01 0.00 0.00 0.02 0.00 0.04 0.01 0.00 0.00 0.01 0.01 0.01 0.00 0.01 0.01 0.00 0.00 0.01 0.05 0.01 0.01 0.03 0.01 0.01 0.02 0.03 0.02 0.01 0.00 0.00 0.03 0.04 0.09 0.13 0.02

0.50 0.66 0.33 0.44 0.28 0.35 0.94 0.78 2.17 1.64 0.14 0.12 0.03 3.95 0.29 1.09 1.45 0.36 0.29 0.51 0.65 0.68 0.55 31.08 24.00 0.63 1.23 1.02 0.67 0.80 0.28 0.22 0.28 0.32 0.11 0.60 0.47 0.77 0.61 0.11 0.26 0.22 0.15 0.45 0.29 0.16 0.20 1.13 0.85 0.17 0.12 0.70 0.87 0.30 0.42 0.40 0.13 0.18 4.94 9.49 3.62 4.42 1.52 1.93 0.28 0.35 2.70 0.27 0.21 0.80 1.24 1.49 0.36 0.45 0.00 1.20 0.37 3.55 0.60 0.39 0.46 0.71 0.56 12.90 13.21 0.23 0.23 0.95 0.76 0.52 0.52 2.65 3.12 0.28 1.78 2.30 3.78 7.08 0.17 0.38 1.23 0.97 0.22 0.12 0.10 0.19 0.05 0.16 0.13 0.20 0.21 0.01 0.24 0.31 0.30 0.36 0.40 0.25 0.46 0.35 0.72 0.57 0.70 1.65 1.30 0.19 0.25 0.41 5.44 0.17 0.49 3.49 6.26 4.77 5.10 0.65 0.54 13.05 10.33 0.10 1.10 0.10 0.06 0.08 0.87 0.33 3.50 1.14 0.86 0.02 0.20 0.43 0.08 0.05 0.10 0.45 0.27 1.75 0.98 1.12 1.60 0.25 1.62 1.31 0.35 0.47 0.59 0.39 0.51 0.13 0.15 0.74 0.92 6.61 8.40 0.27

0.25 0.35 0.15 0.20 0.08 0.10 0.22 0.16 0.85 0.66 0.07 0.05 0.01 0.09 0.12 0.45 0.57 0.09 0.01 0.19 0.23 0.35 0.28 7.77 5.78 0.16 0.45 0.33 0.25 0.29 0.09 0.07 0.16 0.17 0.05 0.17 0.10 0.30 0.22 0.04 0.12 0.10 0.07 0.11 0.08 0.08 0.10 0.33 0.27 0.05 0.04 0.13 0.17 0.10 0.20 0.20 0.04 0.05 1.97 3.90 0.41 0.56 0.05 0.09 0.12 0.15 0.55 0.07 0.05 0.00 0.43 0.57 0.15 0.19 0.00 0.18 0.19 1.38 0.08 0.02 0.25 0.18 0.14 8.00 7.75 0.03 0.05 0.30 0.14 0.08 0.08 1.04 0.76 0.10 1.17 1.50 1.55 3.39 0.05 0.05 0.55 0.43 0.07 0.06 0.04 0.10 0.02 0.07 0.05 0.12 0.15 0.00 0.08 0.11 0.00 0.05 0.17 0.16 0.26 0.21 0.12 0.09 0.12 0.53 0.40 0.10 0.10 0.12 2.00 0.08 0.35 0.17 2.58 2.04 0.00 0.22 0.17 6.01 4.81 0.06 0.00 0.04 0.02 0.04 0.20 0.08 1.40 0.18 0.00 0.00 0.15 0.14 0.03 0.02 0.02 0.11 0.15 0.26 0.53 0.55 0.74 0.08 0.12 0.10 0.08 0.09 0.12 0.12 0.16 0.04 0.05 0.20 0.25 3.37 4.50 0.09

G-H

(100s) Stock

Exc Volume

Week High

Granada Gold* Grande Portage Grande Portage* Granite Creek* Granite Creek Graphano Egy Graphite One* Graphite One Gratomic Gratomic* Graycliff Exp Great Atlantic Great Bear Res* Great Bear Res Great Lakes Gr* Great Panther Great Panther* Great Quest Fe Great Western* Green Battery Green River* Green River Green Swan Cap Green Valley M Greencastle Rs Greenhawk Res Greenland M&En* Greenland Res Greenshield Ex Grid Metals* Grid Metals Grizzly Discvr* Grizzly Discvr Grosvenor Res Group Eleven Group Ten Mtls* Group Ten Mtls GSP Resource GTA Resources* Guanajuato Sil* Guanajuato Sil Guardian Exp Gungnir Res* Gungnir Res Gunpoint Expl* Gunpoint Expl Guyana Goldstr Handeni Gold* Hanna Capital Hannan Metals Hannan Metals* Hanstone Gold Hanstone Gold* Happy Ck Mnrls Harfang Explor* Harfang Explor Harmony Gold* Harte Gold Harte Gold* Harvest Gold* Harvest Gold Hawkeye Gld&Di Hawkeye Gld&Di* Hawkmoon Res Headwater Gold Headwater Gold* Hecla Mining* Heliostar Met* Heliostar Met Hemcare Health* Hemlo Expl* Hemlo Expl HFX Holding Highbank Res Highbury Proj HighGold HighGold* Highland Copp Highland Copp* Highway 50 Gld Highway 50 Gld* Highwood Asset Hochschild Mg* Homerun Res Honey Badger Honey Badger* Horizonte Mnls* Horizonte Mnls HudBay Min* HudBay Min Hudson Res Hudson Res* Hunt Mng* Hunt Mng Hylands Intl i-80 Gold i-80 Gold*

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

95 365 209 150 288 181 389 785 1542 309 232 169 23 70 328 302 5384 90 11 784 1 142 566 12 35 2821 1515 1267 330 488 956 122 171 0 221 702 195 235 0 715 1188 6 1368 11702 1 7 0 41 0 250 62 26 3 150 9 560 25864 3566 568 2 9 313 22 2552 189 21 30523 191 251 107 233 64 0 0 0 284 64 28 105 25 0 0 46 53 504 332 625 1363 9545 7880 496 30 47 83 1 834 39

0.08 0.50 0.40 0.14 0.19 0.40 1.25 1.56 1.38 1.15 0.41 0.37 10.92 13.81 0.00 0.60 0.47 0.05 0.00 0.12 0.05 0.07 0.06 0.68 0.12 0.09 0.09 0.54 0.88 0.10 0.13 0.05 0.06 0.00 0.11 0.28 0.35 0.22 0.00 0.35 0.45 0.08 0.25 0.32 0.46 0.59 0.00 0.02 0.00 0.30 0.24 0.35 0.28 0.05 0.26 0.34 3.31 0.06 0.05 0.11 0.15 0.03 0.02 0.12 0.22 0.18 5.71 0.62 0.78 2.14 0.23 0.28 0.00 0.00 0.00 1.23 0.93 0.09 0.08 0.36 0.00 12.55 1.97 0.07 0.07 0.06 0.12 0.15 6.49 8.22 0.08 0.06 0.05 0.05 0.03 3.29 2.57

I-Minerals* I-Minerals IAMGOLD IAMGOLD* Icon Explor* Iconic Mnls * Iconic Mnls Idaho Champion* Idaho Champion IEMR Res IM Exploration iMetal Res* iMetal Res IMPACT Silver Impala Platnm* Imperial Metal Imperial Metal* Imperial Mg Gr* Imperial Mg Gr Inca One Gold* Inca One Gold Inception Mng * Independence G* Independence G Indigo Expl Infield Min Infinite Ore Infinite Ore* Inflection Res Infrastructure* Inomin Mines Intact Gold Integra Res Integra Res* Inter-Rock Mnl Inter-Rock Mnl* Interconnect Intercontinent Interra Copper Interra Copper* Intl Battery* Intl Battery Intl Bethl Mng* Intl Bethl Mng Intl Iconic* Intl Iconic Intl Lithium Intl Lithium* Intl Prospect Intl Prospect * Intl Star* Intl Tower Hil* Intl Tower Hil Intl Zeolite* Intl Zeolite Intrepid Pots* Inventus Mg * Inventus Mg InZinc Mining InZinc Mining* Ion Energy* Ion Energy Irving Res* Irving Res IsoEnergy Ltd Itafos* Itafos Itoco Inc* Ivanhoe Mines* Ivanhoe Mines Jade Leader Jaeger Res Jaguar Mng* Jaguar Mng Japan Gold* Japan Gold Jasper Mining Jaxon Mining Jayden Res Jazz Res Jervois Mining Jervois Mining* Josemaria Res Joshua Gold*

O 5 V 0 T 7385 N 30250 O 75 O 77 V 598 O 471 C 539 V 0 C 108 O 51 V 137 V 1099 O 1 T 118 O 11 O 127 V 698 O 15 V 82 O 374 O 142 V 882 V 50 V 1305 V 326 O 8 C 405 O 153 V 60 V 15 V 211 X 581 V 37 O 35 V 0 V 3 C 1045 O 193 O 77 C 38 O 3 V 790 O 23 V 81 V 1067 O 1466 V 165 O 43 O 164193 X 1065 T 68 O 4 V 154 N 407 O 50 V 106 V 2604 O 25 O 80 V 206 O 72 C 57 V 2189 O 15 V 637 O 736 O 676 T 7366 V 152 V 9 O 186 T 460 O 53 V 77 V 6 V 78 V 44 V 208 V 668 O 882 T 822 O 47

0.02 0.00 2.98 2.35 0.04 0.17 0.22 0.07 0.09 0.00 0.13 0.06 0.08 0.49 11.38 4.00 3.12 0.13 0.17 0.31 0.40 0.01 0.05 0.07 0.08 0.11 0.07 0.05 0.20 0.00 0.08 0.06 3.17 2.49 0.50 0.39 0.00 0.15 0.13 0.10 0.56 0.68 0.03 0.05 0.10 0.06 0.09 0.07 0.19 0.15 0.02 0.81 0.99 0.13 0.17 32.84 0.16 0.20 0.08 0.05 0.35 0.44 0.98 1.21 4.79 1.10 1.48 0.30 6.79 8.59 0.08 0.03 3.23 4.08 0.25 0.31 0.07 0.07 0.55 0.59 0.50 0.39 1.11 0.04

V O V O V V V O V V O O V V O V O V V O V V O V O V O V N T O O V V O C C O N O V O O V V V V V O V O V O V O V V O O T N T V O O V V T O

Low

Last

12-month Change

0.07 0.08 0.40 0.48 + 0.32 0.37 + 0.12 0.13 0.15 0.16 0.27 0.28 0.99 1.14 1.26 1.44 1.22 1.23 0.96 0.97 0.37 0.40 unch 0.34 0.35 10.41 10.70 13.26 13.70 + 0.00 0.00 unch 0.55 0.59 + 0.44 0.47 + 0.00 0.05 0.00 0.00 + 0.10 0.11 0.00 0.05 + 0.06 0.07 + 0.00 0.06 unch 0.00 0.68 unch 0.00 0.12 0.08 0.09 0.07 0.08 0.45 0.47 0.75 0.83 unch 0.07 0.07 0.09 0.10 0.03 0.03 0.00 0.05 0.00 0.14 unch 0.10 0.11 unch 0.23 0.25 0.32 0.33 0.00 0.20 0.00 0.00 unch 0.30 0.34 + 0.37 0.42 + 0.00 0.08 unch 0.15 0.19 + 0.19 0.24 + 0.46 0.46 unch 0.00 0.59 0.00 0.13 unch 0.00 0.00 0.00 0.06 unch 0.26 0.30 + 0.20 0.23 + 0.00 0.33 0.28 0.28 unch 0.00 0.04 0.26 0.26 unch 0.30 0.31 3.00 3.18 unch 0.05 0.05 0.04 0.04 0.11 0.11 unch 0.00 0.15 + 0.02 0.02 unch 0.02 0.02 unch 0.08 0.12 + 0.19 0.22 + 0.15 0.18 + 5.38 5.51 + 0.54 0.61 + 0.69 0.78 + 1.83 2.14 + 0.20 0.20 0.00 0.25 0.00 0.03 unch 0.00 0.02 unch 0.00 0.26 unch 0.98 1.07 0.79 0.85 0.00 0.09 unch 0.07 0.07 + 0.00 0.28 0.00 0.28 unch 0.00 12.00 1.75 1.75 0.00 0.07 unch 0.06 0.06 0.05 0.05 0.11 0.11 0.14 0.14 5.83 6.23 + 7.41 7.88 + 0.07 0.08 + 0.05 0.05 0.03 0.03 0.00 0.05 0.00 0.03 3.02 3.09 2.38 2.45 -

High Low

0.01 0.05 0.03 0.02 0.02 0.04 0.10 0.12 0.09 0.07 0.00 0.03 0.03 0.13 0.00 0.01 0.00 0.01 0.00 0.01 0.00 0.01 0.00 0.00 0.01 0.01 0.01 0.03 0.00 0.03 0.04 0.01 0.01 0.00 0.00 0.01 0.01 0.03 0.00 0.02 0.01 0.00 0.02 0.02 0.00 0.01 0.00 0.02 0.00 0.05 0.03 0.02 0.00 0.01 0.00 0.02 0.00 0.01 0.00 0.00 0.01 0.00 0.00 0.03 0.02 0.01 0.05 0.01 0.02 0.05 0.02 0.03 0.00 0.00 0.00 0.12 0.08 0.00 0.00 0.04 0.00 0.50 0.12 0.00 0.01 0.00 0.01 0.01 0.34 0.41 0.01 0.00 0.01 0.01 0.01 0.01 0.01

0.20 0.78 0.65 0.24 0.29 0.40 1.89 2.40 1.84 1.51 2.86 0.88 14.89 17.92 0.02 1.47 1.16 0.17 0.01 0.72 0.07 0.10 0.12 1.81 0.26 0.70 0.30 0.55 0.88 0.27 0.34 0.07 0.09 0.17 0.18 0.50 0.51 0.50 0.00 0.70 0.74 0.20 0.25 0.32 0.60 0.78 0.20 0.15 0.16 0.62 0.49 0.63 0.35 0.15 0.39 0.62 6.02 0.18 0.15 0.20 0.25 0.05 0.04 0.20 0.65 0.27 9.44 1.47 1.95 2.12 0.64 0.90 0.11 0.03 0.26 2.99 2.26 0.15 0.12 0.47 0.37 19.00 3.77 0.13 0.18 0.21 0.15 0.18 9.60 11.62 0.38 0.29 0.23 0.20 0.06 3.54 2.83

0.07 0.24 0.18 0.08 0.11 0.30 0.28 0.37 0.13 0.10 0.37 0.34 10.08 12.80 0.00 0.53 0.42 0.05 0.00 0.07 0.04 0.05 0.03 0.25 0.08 0.08 0.05 0.30 0.14 0.07 0.10 0.02 0.03 0.14 0.06 0.20 0.27 0.19 0.00 0.14 0.20 0.07 0.03 0.04 0.45 0.57 0.09 0.00 0.06 0.22 0.16 0.30 0.28 0.04 0.22 0.27 3.00 0.05 0.04 0.00 0.14 0.02 0.01 0.08 0.19 0.15 4.32 0.10 0.69 0.65 0.20 0.25 0.03 0.01 0.20 0.98 0.79 0.04 0.03 0.20 0.16 4.72 1.75 0.04 0.06 0.00 0.07 0.10 4.06 5.41 0.07 0.05 0.01 0.05 0.03 2.26 1.88

0.00 0.00 0.07 0.06 0.00 0.01 0.01 0.00 0.01 0.00 0.01 0.00 0.01 0.02 0.67 0.19 0.21 0.01 0.01 0.01 0.00 0.00 0.01 0.02 0.01 0.02 0.01 0.00 0.04 0.00 0.01 0.01 0.20 0.19 0.06 0.02 0.00 0.02 0.01 0.00 0.00 0.04 0.01 0.00 0.02 0.01 0.01 0.01 0.03 0.01 0.00 0.11 0.14 0.01 0.01 1.50 0.00 0.00 0.03 0.02 0.01 0.01 0.04 0.10 0.44 0.10 0.03 0.02 0.08 0.13 0.00 0.00 0.08 0.12 0.00 0.02 0.00 0.00 0.07 0.00 0.01 0.02 0.07 0.00

0.05 0.06 5.51 4.30 0.13 0.30 0.37 0.25 0.30 0.05 0.33 0.15 0.20 1.22 21.00 6.25 4.92 0.90 0.24 0.55 0.65 0.05 0.17 0.23 0.11 0.42 0.23 0.19 0.50 0.14 0.23 0.12 5.16 4.08 0.50 0.39 0.11 0.26 0.34 0.27 0.78 0.99 0.09 0.12 0.10 0.09 0.16 0.13 0.25 0.40 0.02 1.90 2.60 0.24 0.33 39.19 0.26 0.33 0.08 0.05 1.40 0.67 2.80 3.31 6.61 1.55 1.90 0.35 8.28 10.22 0.11 0.06 9.30 11.30 0.38 0.47 0.21 0.10 1.05 0.60 0.61 0.51 1.22 0.20

0.01 0.03 2.75 2.16 0.00 0.07 0.09 0.06 0.07 0.02 0.08 0.06 0.08 0.42 8.64 2.92 2.16 0.08 0.07 0.18 0.30 0.01 0.04 0.05 0.06 0.08 0.05 0.04 0.14 0.00 0.06 0.05 2.80 2.19 0.37 0.31 0.07 0.09 0.10 0.07 0.07 0.10 0.01 0.03 0.03 0.04 0.04 0.03 0.09 0.07 0.00 0.62 0.79 0.04 0.04 8.16 0.08 0.10 0.03 0.02 0.13 0.27 0.85 1.09 0.93 0.88 0.23 0.02 3.27 4.51 0.05 0.03 1.25 3.70 0.21 0.27 0.05 0.06 0.17 0.20 0.25 0.17 0.62 0.02

I-J-K 0.02 0.02 unch 0.00 0.03 unch 2.75 2.85 + 2.17 2.26 + 0.04 0.04 unch 0.15 0.16 + 0.19 0.20 + 0.06 0.06 0.07 0.08 0.00 0.03 unch 0.12 0.12 0.06 0.06 0.00 0.08 0.46 0.47 0.00 11.38 3.81 3.88 + 3.02 3.11 + 0.11 0.12 0.15 0.16 + 0.29 0.30 0.37 0.37 unch 0.01 0.01 0.04 0.04 0.00 0.05 0.00 0.07 0.00 0.09 0.06 0.07 0.00 0.05 0.14 0.17 0.00 0.00 0.00 0.08 0.00 0.06 + 2.80 2.89 2.19 2.29 0.43 0.43 0.39 0.39 + 0.00 0.10 unch 0.00 0.15 0.10 0.11 0.07 0.08 0.45 0.53 + 0.60 0.66 + 0.00 0.03 0.03 0.05 unch 0.04 0.06 + 0.00 0.06 + 0.07 0.08 0.06 0.06 0.15 0.15 0.12 0.13 0.01 0.02 + 0.62 0.81 + 0.79 0.99 + 0.00 0.13 + 0.15 0.16 30.50 32.33 + 0.16 0.16 0.18 0.19 unch 0.05 0.07 + 0.00 0.05 + 0.32 0.34 0.40 0.43 0.87 0.93 1.09 1.12 3.55 3.90 0.00 1.10 + 1.23 1.28 + 0.26 0.30 + 6.21 6.41 7.89 8.10 0.00 0.08 unch 0.00 0.03 unch 2.91 3.10 3.70 3.92 0.22 0.23 + 0.00 0.29 0.00 0.07 unch 0.00 0.06 unch 0.00 0.50 0.00 0.59 unch 0.44 0.48 0.25 0.39 + 1.00 1.04 0.03 0.04 +

(100s) Stock

Week

Exc Volume

High

Jourdan Res Jubilee Gold Jubilee Metals* Juggernaut Exp* Juggernaut Exp Jupiter Gold* K2 Gold K9 Gold* K92 Mining K92 Mining* Kainantu Res Kaizen Discov Kaizen Discvry* Kalo Gold Kanadario Gold Karam Min Karnalyte Res Karoo Expl Karora Res* KAT Expl* Kenadyr Metals* Kenadyr Metals Kenorland Min Kermode Res Kesselrun Res Kesselrun Res* Kestrel Gold KGL Resources KGL Resources* Kincora Copper* Kincora Copper King Global* King Global Kingfisher Met* Kingfisher Met Kingman Min* Kingman Min Kings Bay Res Kings Bay Res* Kingsmen Res Kingsmen Res* Kinross Gold Kinross Gold* Kintavar Exp Kiplin Metals Kiplin Metals* Kirkland Lake Kirkland Lake* Klondike Gold Klondike Gold* Klondike Silv* Klondike Silv Kodiak Copper* Kombat Copper* Kombat Copper Kootenay Silvr Kootenay Silvr* Kootenay Zinc Kore Mining Kore Mining * Kutcho Copper * Kuya Silver Kuya Silver* KWG Res KWG Res*

V 2288 V 3 O 28 O 234 V 97 O 1 V 82 O 260 T 3812 O 314 V 54 V 1500 O 760 V 107 V 123 C 25 T 296 V 21 O 479 O 188007 O 0 V 27 V 280 V 455 V 358 O 124 V 451 V 13 O 1 O 15 V 147 O 50 V 167 O 37 V 518 O 1255 V 382 V 1 O 0 V 33 O 9 T 17006 N 52678 V 335 V 72 O 1 T 9104 N 20028 V 188 O 152 O 934 V 964 O 62 O 12 V 410 V 1453 O 1072 C 1720 V 249 O 267 O 42 C 298 O 266 C 2847 O 420

0.06 0.59 0.24 0.15 0.19 1.05 0.25 0.25 6.31 5.06 0.20 0.06 0.05 0.27 0.85 0.40 0.15 0.56 2.65 0.00 0.00 0.13 0.75 0.03 0.17 0.12 0.09 0.16 0.15 0.12 0.15 0.05 0.06 0.41 0.53 0.07 0.09 0.15 0.00 0.16 0.12 6.86 5.43 0.20 0.81 0.61 58.43 46.18 0.18 0.16 0.06 0.06 1.07 0.39 0.50 0.19 0.15 0.03 0.40 0.32 0.64 1.24 0.96 0.05 0.04

Labrador Gold* Labrador Gold Labrador IMH* Labrador IOR* Labrador IOR Lake Resources* Lara Expl Laramide Res Laredo Res* Largo Res* Largo Res Lasalle Explor* Lasalle Explor Latin Metals Latin Metals* Laurion Mnl Ex Laurion Mnl Ex* Leading Edge Leading Edge* Leeta Gold Legion Metals Leo Res* Leocor Gold Leocor Gold* Lepanto Con Mg* Leviathan Gold Leviathan Gold* Libero Copper Libero Copper* Liberty Gold* Liberty One Li Liberty One Li* Lida Resources* Lido Minerals Lightspeed Dis Lincoln Mng Linux Gold * Lion One Mtls Lion One Mtls* Lions Gate Mtl* Lithium Amer Lithium Amer* Lithium Chile Lithium Chile* Lithium Corp* Lithium Energi Lithium Energi* Lithium South* Lithoquest Res* Lithoquest Res LKA Gold* Lode-Star Mg* Logan Res Lomiko Mtls Lomiko Mtls* Loncor Res* Loncor Res Lone Star Gold* Los Andes Lovitt Res Lovitt Res* Lucara Diam Lucky Min* Lucky Min Luckystrike * Luckystrike Lumina Gold* Lumina Gold Luminex Res Lundin Gold Lundin Mng* Lundin Mng Lupaka Gold * Lupaka Gold Lydian Intl* Lynas Corp* Lynas Corp*

O V O O T O V T O D T O V V O V O V O V C O C O O V O V O O V O O C V V O V O O T N V O O V O O O V O O V V O O T O V V O T O V O V O V V T O T O V O O O

1479 1865 636 156 4210 7170 64 2983 3100 441 310 580 551 40 3 684 8 276 294 7332 504 0 323 388 2978 226 22 91 79 1634 59 37 11 153 0 4 1191 598 343 3 3404 24090 816 471 1374 139 9 321 14 599 312 2 0 1175 514 24 376 22 80 0 0 363 45 1283 11 192 332 581 210 682 482 10613 0 30 124 679 494

0.91 1.16 0.14 31.92 40.36 0.46 0.63 0.84 0.01 11.39 14.38 0.10 0.14 0.15 0.12 0.50 0.39 0.23 0.18 3.74 0.25 0.00 0.57 0.47 0.00 0.18 0.19 0.40 0.32 0.75 0.46 0.31 0.55 0.35 0.00 0.22 0.05 1.15 0.92 0.09 28.67 22.64 0.55 0.44 0.35 0.17 0.12 0.38 0.09 0.14 0.02 0.10 0.00 0.12 0.10 0.50 0.64 0.96 8.22 0.00 0.00 0.66 0.07 0.09 0.40 0.53 0.48 0.60 0.60 10.02 7.50 9.38 0.00 0.05 0.01 5.29 5.25

Macarthur Min Macarthur Min* MacDonald Mns MacDonald Mns* Madeira Mrnls Madoro Metals* Madoro Metals MAG Silver Magellan Gold* Magna Gold Magna Gold* Magna Mining Magna Terra* Magna Terra Magnum Goldco Majestic Gold* Majestic Gold Major Precious Major Precious* Makara Mining* Makara Mining Makena Res* Mako Mining* Mako Mining Mammoth Res * Mammoth Res Mandalay Res Mandalay Res* Manganese X* Manganese X Mangazeya Mng Mangazeya Mng* Manitou Gold * Manitou Gold Manning Vent Mantaro Silver

V O V O V O V T O V O V O V V O V C O O C O O V O V T O O V V O O V C V

474 308 3175 559 0 25 14 847 11 139 20 199 1 58 573 4 305 337 45 75 85 382 389 902 100 87 163 82 225 584 21 18 369 586 75 521

0.45 0.37 0.05 0.04 0.00 0.08 0.09 21.22 1.03 0.79 0.65 0.38 0.09 0.12 0.18 0.05 0.06 0.35 0.27 0.13 0.16 0.48 0.27 0.34 0.12 0.15 2.24 1.75 0.24 0.31 0.07 0.05 0.06 0.08 0.13 0.23

Low

Last

21

12-month Change

0.00 0.06 unch 0.00 0.59 0.20 0.20 0.12 0.13 0.00 0.17 unch 0.00 0.58 0.21 0.22 0.22 0.23 5.90 6.10 4.42 4.85 0.00 0.20 + 0.05 0.05 0.04 0.05 0.24 0.27 + 0.78 0.81 0.00 0.40 + 0.13 0.14 0.48 0.48 2.38 2.59 + 0.00 0.00 0.00 0.17 unch 0.00 0.13 0.68 0.70 unch 0.00 0.02 unch 0.14 0.15 0.11 0.11 0.06 0.07 unch 0.00 0.16 unch 0.15 0.15 unch 0.12 0.12 unch 0.00 0.13 0.04 0.04 0.00 0.06 0.35 0.38 0.46 0.48 0.06 0.07 unch 0.00 0.07 0.00 0.15 + 0.00 0.11 unch 0.00 0.15 unch 0.00 0.11 6.56 6.70 + 5.18 5.32 + 0.18 0.18 unch 0.00 0.80 + 0.61 0.61 unch 49.83 51.80 39.35 40.97 0.00 0.18 + 0.13 0.14 0.04 0.04 0.05 0.06 unch 0.91 0.96 0.00 0.39 + 0.44 0.48 + 0.17 0.18 unch 0.12 0.14 0.02 0.02 unch 0.35 0.39 + 0.28 0.31 + 0.58 0.59 0.88 1.11 0.84 0.88 0.04 0.04 0.03 0.04 +

High Low

0.00 0.28 0.04 0.01 0.00 0.48 0.04 0.03 0.12 0.06 0.01 0.02 0.00 0.01 0.04 0.20 0.02 0.02 0.18 0.00 0.00 0.01 0.00 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.02 0.00 0.01 0.02 0.03 0.00 0.02 0.01 0.00 0.00 0.01 0.02 0.04 0.00 0.03 0.00 2.09 1.60 0.01 0.01 0.01 0.00 0.11 0.02 0.03 0.00 0.00 0.00 0.03 0.03 0.04 0.12 0.10 0.01 0.00

0.18 0.90 0.32 0.41 0.52 2.25 0.96 0.66 9.36 7.60 0.40 0.09 0.07 0.59 1.95 0.28 0.31 0.94 3.88 0.02 0.17 0.50 1.75 0.06 0.47 0.37 0.24 0.60 0.44 0.29 0.48 0.09 0.12 0.56 0.80 0.18 0.24 0.28 0.14 0.24 0.16 12.38 9.42 0.24 0.96 0.75 67.99 51.78 0.27 0.25 0.26 0.34 2.51 0.47 0.61 0.46 0.40 0.40 2.01 1.55 4.09 3.13 2.47 0.05 0.04

0.02 0.65 0.07 0.08 0.11 0.31 0.21 0.21 5.77 4.42 0.15 0.03 0.03 0.24 0.40 0.10 0.13 0.32 2.25 0.00 0.10 0.13 0.65 0.02 0.13 0.10 0.06 0.16 0.01 0.12 0.14 0.03 0.04 0.33 0.40 0.05 0.06 0.05 0.05 0.14 0.11 6.56 5.18 0.07 0.12 0.01 40.07 31.72 0.17 0.13 0.03 0.05 0.80 0.18 0.23 0.17 0.12 0.02 0.35 0.28 0.13 0.88 0.83 0.01 0.00

+ + unch unch + unch + unch unch + unch + + + unch + unch + unch + + + + + + unch + unch unch + + unch unch unch -

0.07 0.11 0.02 3.53 4.49 0.03 0.06 0.02 0.00 0.06 0.47 0.01 0.00 0.00 0.01 0.03 0.02 0.00 0.01 0.17 0.01 0.00 0.01 0.01 0.00 0.02 0.02 0.04 0.03 0.01 0.00 0.00 0.13 0.04 0.00 0.03 0.00 0.01 0.01 0.00 0.71 0.57 0.03 0.02 0.00 0.01 0.00 0.07 0.00 0.04 0.01 0.01 0.00 0.01 0.00 0.01 0.02 0.06 0.80 0.00 0.00 0.04 0.01 0.01 0.00 0.03 0.02 0.01 0.02 0.42 0.16 0.22 0.00 0.00 0.00 0.22 0.24

1.50 1.85 0.95 42.40 50.45 0.50 0.89 1.03 0.09 18.71 22.96 0.18 0.23 0.24 0.18 0.75 0.61 0.45 0.35 7.25 0.42 0.50 1.00 1.47 0.01 0.99 0.65 0.89 0.73 1.68 0.90 1.00 1.96 0.41 0.35 0.25 0.05 1.84 1.45 0.11 36.60 28.75 1.15 0.89 1.22 0.33 0.26 0.92 0.11 0.15 0.19 0.28 0.37 0.28 0.22 0.97 1.16 4.20 11.11 0.60 0.27 1.00 0.54 0.16 0.54 0.66 0.79 1.00 0.94 12.93 13.11 16.07 0.07 0.08 0.04 5.80 5.83

0.24 0.30 0.01 18.13 23.47 0.04 0.58 0.21 0.00 10.24 8.90 0.10 0.11 0.10 0.08 0.18 0.14 0.16 0.12 0.34 0.17 0.00 0.35 0.28 0.00 0.16 0.12 0.35 0.27 0.68 0.33 0.01 0.26 0.17 0.11 0.11 0.00 1.00 0.77 0.11 11.40 8.95 0.13 0.09 0.15 0.06 0.05 0.17 0.04 0.05 0.01 0.05 0.11 0.04 0.03 0.38 0.50 0.62 4.02 0.09 0.12 0.45 0.04 0.06 0.18 0.28 0.44 0.55 0.51 9.11 5.30 7.19 0.00 0.04 0.00 1.65 1.65

0.38 0.42 0.30 0.34 0.04 0.04 0.03 0.03 0.00 0.03 unch 0.07 0.07 unch 0.00 0.09 19.84 20.51 0.94 0.99 0.73 0.77 0.57 0.59 0.33 0.38 + 0.09 0.09 unch 0.10 0.12 + 0.07 0.12 + 0.05 0.05 + 0.00 0.06 unch 0.33 0.34 0.27 0.27 + 0.10 0.10 0.13 0.15 unch 0.42 0.44 0.24 0.25 0.30 0.32 0.12 0.12 unch 0.00 0.13 1.82 1.95 1.43 1.52 0.20 0.22 + 0.27 0.28 + 0.00 0.07 unch 0.05 0.05 + 0.05 0.05 0.06 0.06 0.13 0.13 unch 0.21 0.23 +

0.06 0.03 0.01 0.00 0.00 0.00 0.01 0.09 0.05 0.02 0.07 0.02 0.00 0.01 0.05 0.00 0.00 0.01 0.01 0.02 0.00 0.01 0.02 0.03 0.00 0.02 0.23 0.21 0.02 0.02 0.00 0.01 0.01 0.01 0.00 0.01

0.70 0.54 0.12 0.09

0.38 0.30 0.04 0.03

0.14 0.18 31.21 1.40 1.35 1.07 0.65 0.18 0.25 0.18 0.07 0.07 0.76 2.00 0.92 1.17 1.75 0.39 0.44 0.39 0.21 3.68 3.00 0.82 1.04 0.10 0.09 0.10 0.13 0.72 0.57

0.05 0.09 17.88 0.75 0.73 0.57 0.30 0.09 0.10 0.04 0.03 0.05 0.13 0.15 0.08 0.10 0.37 0.19 0.25 0.00 0.05 1.17 0.74 0.13 0.17 0.07 0.04 0.03 0.05 0.13 0.21

L 0.67 0.88 0.10 26.61 33.74 0.42 0.57 0.73 0.01 10.24 12.77 0.10 0.12 0.00 0.12 0.43 0.00 0.20 0.16 3.23 0.22 0.00 0.35 0.28 0.00 0.15 0.11 0.37 0.29 0.68 0.00 0.26 0.00 0.30 0.00 0.00 0.01 1.05 0.82 0.09 25.75 20.18 0.48 0.37 0.30 0.00 0.10 0.30 0.08 0.00 0.01 0.10 0.00 0.09 0.07 0.47 0.57 0.66 0.00 0.00 0.00 0.60 0.06 0.00 0.00 0.46 0.44 0.55 0.53 9.25 6.90 8.81 0.00 0.00 0.01 4.53 4.68

0.75 0.94 0.12 27.26 34.47 0.44 0.57 0.78 0.01 10.51 12.96 0.10 0.13 0.15 0.12 0.48 0.37 0.22 0.17 3.49 0.25 0.03 0.54 0.43 0.00 0.15 0.11 0.37 0.29 0.70 0.40 0.31 0.48 0.32 0.11 0.22 0.01 1.07 0.85 0.09 27.98 22.10 0.50 0.39 0.33 0.11 0.10 0.31 0.08 0.14 0.01 0.10 0.30 0.11 0.08 0.49 0.64 0.66 8.20 0.19 0.12 0.62 0.06 0.08 0.40 0.53 0.45 0.58 0.56 9.57 7.04 8.93 0.03 0.05 0.01 4.80 4.76

M

22

WWW.NORTHERNMINER.COM

OCTOBER 11—24, 2021 / THE NORTHERN MINER

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

Exc Volume

Mantaro Silver* Maple Gold* Maple Gold Marathon Gold* Marathon Gold Margaret Lake Margaret Lake* Marimaca Cop* Marimaca Cop Maritime Res Martina Mnls MartinMarietta* Marvel Discov* Marvel Discov Mas Gold Masivo Silver Masivo Silver* Mason Graphite Mason Graphite* Matachewan Con Matica Ent Matmown* Maverix Metals Maverix Metals* Mawson Res* Mawson Res MAX Res MaxTech Vent* MaxTech Vent Maxwell Res* Mayfair Gold* Mayfair Gold Mazarin McChip Res McEwen Mng* McEwen Mng McLaren Res MDN Inc* Mechel* Medallion Res* Medallion Res Medaro Mining Medaro Mining* Medgold Res* Medgold Res Medinah Mnrls* Mega Copper Mega Uranium* Mega Uranium MegaWatt Lith MegaWatt Lith* MegumaGold* MegumaGold Melior Res Melkior Res Melkior Res* Mensa Mng Corp* Meridian Mg Meridian Mg * Meryllion Res* Meryllion Res MetalCorp* MetalCorp Metalex Vent Metalex Vent * Metallic Mnrls Metallic Mnrls* Metallica Met* Metallica Met Metallis Res Metallum Res Metalo Manuf Metalore Res Metals Creek* Metals Creek Metals X* Metron Capital Mexican Gold* MGX Minerals MGX Minerals* Midasco Cap Midland Expl Midnight Star Midnight Sun* Midnight Sun Millbank Mg MillenMin Vent Millennial Lit* Millennial Lit Millennial Pr* Millennial Pr Millennium Sil Millrock Res* Millrock Res Milner Con Slv Minaurum Gold Minaurum Gold* Minco Silver* Minco Silver Minera Alamos * Minera Alamos Minera IRL* Minera IRL Mineral Hill Mineral Mtn* Mineral Mtn Mineral Res* MineralRite* Mineworx Tech* Mineworx Tech Minfocus Expl Mining Global* Minnova Corp Minsud Res Mirasol Res Mistango River Mkango Res ML Gold* ML Gold Corp Monarca Mnrls* Monarca Mnrls Monarch Min* Monarch Mining Moneta Porcpn Moneta Porcpn* Monitor Vent* Monitor Vent Montage Gold Montage Gold* Montego Res Montego Res* Monterey Min Montero Mg&Ex * Montero Mg&Ex Monument Mng Monument Mng* Monumental Gld Morien Res* Morien Res Mosaic* Mosaic Min Mountain Boy Mountain Boy* Mountain Prov* Mountain Prov MPV Explor Mundoro Cap* Mundoro Cap Murchison Min* Murchison Min Musgrave Min* Musk Metals Musk Metals*

O 19 O 898 V 738 O 355 T 1800 V 1294 O 8 O 3 T 256 V 945 V 0 N 2572 O 183 V 569 V 225 V 226 O 182 V 505 O 277 V 51 C 710 O 259 T 139 X 480 O 154 T 408 V 956 O 14 C 752 O 9 O 75 V 551 V 7 V 3 N 16411 T 576 C 398 O 48 N 1790 O 455 V 529 C 800 O 177 O 2105 V 863 O 10429 V 0 O 1934 T 6492 C 614 O 67 O 312 C 536 V 0 V 47 O 33 O 0 V 1093 O 341 O 1 C 3 O 50 V 13 V 370 O 1 V 240 O 325 O 7 C 294 V 134 V 58 C 258 V 2 O 960 V 1950 O 355 V 365 O 102 C 311 O 278 V 0 V 73 C 172 O 73 V 152 V 14 V 0 O 146 V 3168 O 100 V 1351 V 29 O 517 V 1346 V 2 V 1215 O 991 O 5 T 5 O 1389 V 1551 O 13 C 652 V 2 O 266 V 518 O 6 O 335379 O 218 V 696 V 0 O 249351 V 115 V 167 V 119 C 188 V 43 O 55 V 63 O 641 V 1806 O 101 T 1012 T 55 O 18 O 0 V 14 V 268 O 16 C 150 O 0 C 42 O 108 V 174 V 447 O 13 V 0 O 1113 V 1464 N 20933 C 180 V 206 O 159 O 54 T 400 C 311 O 79 V 301 O 41 V 2080 O 25 C 194 O 13

NA Frac Sand* NACCO Ind* Namibia Crit Namibia Crit* Napier Vent* Natural Res Pt* Nautilus Mnrls* Navis Res Corp* NEO Battery NEO Battery* Neo Lithium Neometals* Network Expl Network Expl* Nevada Canyon* Nevada Copper Nevada Copper* Nevada Expl Nevada Expl * Nevada King* Nevada King

O N V O O N O O V O V O V O O T O V O O V

Week High

Low

Last

12-month Change

0.19 0.17 0.19 + 0.24 0.21 0.24 + 0.31 0.27 0.30 + 2.55 2.31 2.41 3.22 2.97 3.06 0.04 0.03 0.04 0.03 0.03 0.03 + 2.95 0.00 2.95 3.88 3.40 3.75 0.14 0.12 0.14 + 0.00 0.00 0.07 unch 361.15 337.84 354.01 + 0.12 0.09 0.10 + 0.15 0.12 0.13 0.11 0.11 0.11 0.10 0.00 0.09 0.08 0.07 0.08 + 0.54 0.42 0.46 0.44 0.34 0.34 0.22 0.00 0.21 0.03 0.03 0.03 0.01 0.00 0.00 unch 5.85 5.48 5.65 4.64 4.29 4.44 0.18 0.13 0.14 0.20 0.16 0.16 0.18 0.15 0.16 0.04 0.04 0.04 + 0.05 0.05 0.05 unch 0.23 0.00 0.23 unch 0.52 0.50 0.52 + 0.66 0.56 0.56 0.13 0.00 0.12 0.99 0.00 0.96 unch 1.11 1.01 1.05 unch 1.40 1.30 1.31 0.07 0.00 0.05 0.34 0.26 0.30 + 4.19 3.83 4.06 + 0.13 0.11 0.11 0.16 0.14 0.14 0.75 0.56 0.60 0.64 0.43 0.50 0.03 0.03 0.03 0.03 0.00 0.03 + 0.00 0.00 0.00 + 0.00 0.00 0.14 unch 0.26 0.22 0.23 0.31 0.27 0.30 unch 0.25 0.20 0.23 + 0.20 0.16 0.18 + 0.04 0.04 0.04 + 0.06 0.05 0.05 unch 0.00 0.00 0.08 unch 0.32 0.29 0.31 + 0.25 0.22 0.24 + 0.00 0.00 0.00 unch 0.80 0.71 0.73 0.63 0.56 0.56 0.07 0.00 0.07 unch 0.08 0.00 0.08 unch 0.03 0.03 0.03 unch 0.05 0.00 0.05 unch 0.04 0.00 0.04 unch 0.03 0.03 0.03 unch 0.37 0.32 0.35 0.29 0.25 0.28 0.16 0.14 0.14 + 0.21 0.00 0.16 0.30 0.00 0.27 0.07 0.00 0.07 unch 0.55 0.40 0.50 2.50 0.00 2.36 + 0.13 0.10 0.11 + 0.16 0.13 0.15 + 0.29 0.25 0.27 0.24 0.19 0.22 0.06 0.05 0.06 + 0.05 0.04 0.04 0.04 0.03 0.03 + 0.00 0.00 0.12 unch 0.64 0.58 0.60 0.35 0.33 0.35 unch 0.27 0.25 0.26 0.34 0.00 0.34 + 0.50 0.00 0.50 + 0.00 0.00 0.05 unch 3.11 2.81 2.86 3.80 0.00 3.64 0.27 0.27 0.27 unch 0.39 0.33 0.35 0.02 0.00 0.02 + 0.05 0.04 0.05 0.06 0.05 0.06 unch 0.08 0.00 0.08 0.32 0.27 0.28 0.27 0.21 0.22 0.29 0.00 0.28 0.38 0.00 0.38 unch 0.43 0.39 0.41 0.54 0.50 0.52 0.07 0.07 0.07 unch 0.10 0.08 0.10 + 0.25 0.00 0.25 unch 0.11 0.11 0.11 0.15 0.14 0.14 32.96 0.00 30.75 0.00 0.00 0.00 0.08 0.06 0.07 0.10 0.08 0.08 0.00 0.00 0.17 unch 0.00 0.00 0.00 0.16 0.14 0.14 0.27 0.00 0.27 + 0.37 0.00 0.35 0.09 0.08 0.08 0.48 0.00 0.47 0.08 0.08 0.08 0.11 0.10 0.10 0.08 0.06 0.07 + 0.11 0.08 0.09 0.62 0.52 0.57 0.78 0.69 0.73 1.79 1.66 1.71 1.44 0.00 1.35 0.00 0.00 0.12 unch 0.15 0.00 0.15 0.65 0.61 0.63 + 0.50 0.47 0.50 + 0.02 0.02 0.02 unch 0.00 0.00 0.01 unch 0.49 0.40 0.40 0.07 0.05 0.06 0.09 0.08 0.08 + 0.15 0.12 0.15 + 0.12 0.09 0.12 + 0.00 0.00 0.37 unch 0.48 0.29 0.48 + 0.60 0.46 0.55 + 37.99 35.65 37.80 + 0.12 0.10 0.12 + 0.19 0.17 0.17 0.14 0.00 0.13 0.37 0.34 0.34 0.45 0.42 0.43 0.31 0.25 0.27 0.16 0.15 0.15 0.20 0.19 0.20 unch 0.07 0.00 0.07 + 0.10 0.07 0.09 + 0.22 0.22 0.22 unch 0.07 0.07 0.07 unch 0.06 0.00 0.05 -

High Low

0.02 0.50 0.17 0.01 0.42 0.11 0.02 0.56 0.15 0.04 3.00 0.65 0.05 3.73 2.10 0.01 0.13 0.03 0.01 0.09 0.02 0.02 4.55 2.36 0.05 5.85 2.75 0.01 0.24 0.12 0.00 0.18 0.05 3.01 391.76 230.59 0.00 0.20 0.04 0.02 0.22 0.05 0.01 0.25 0.06 0.02 0.25 0.03 0.01 0.12 0.01 0.09 1.19 0.19 0.09 0.94 0.14 0.01 0.27 0.13 0.01 0.09 0.02 0.00 0.10 0.00 0.01 7.78 5.48 0.06 6.40 4.29 0.03 0.39 0.14 0.04 0.52 0.16 0.02 0.55 0.14 0.00 0.07 0.03 0.00 0.10 0.05 0.00 1.26 0.01 0.02 1.63 0.50 0.06 2.15 0.59 0.01 0.20 0.05 0.00 1.45 0.43 0.00 1.71 0.90 0.04 2.07 1.15 0.02 0.10 0.05 0.02 2.00 0.26 0.25 5.19 1.29 0.02 0.59 0.11 0.01 0.75 0.14 0.14 1.43 0.45 0.10 1.81 0.43 0.00 0.08 0.02 0.01 0.11 0.03 0.00 0.01 0.00 0.00 0.28 0.11 0.00 0.34 0.08 0.00 0.42 0.11 0.02 1.17 0.20 0.01 0.90 0.16 0.00 0.11 0.04 0.00 0.15 0.05 0.00 0.08 0.05 0.01 1.07 0.24 0.02 0.82 0.22 0.00 0.02 0.94 0.11 0.04 0.77 0.14 0.00 0.12 0.00 0.00 0.20 0.05 0.00 0.08 0.02 0.00 0.11 0.03 0.00 0.13 0.03 0.00 0.10 0.02 0.02 0.88 0.32 0.00 0.71 0.25 0.00 0.45 0.09 0.02 0.57 0.12 0.03 0.57 0.23 0.00 0.20 0.07 0.05 0.55 0.08 0.10 3.50 2.20 0.00 0.20 0.03 0.01 0.21 0.05 0.01 0.29 0.05 0.01 0.59 0.18 0.00 0.13 0.05 0.01 0.11 0.04 0.00 0.09 0.03 0.00 0.15 0.07 0.02 1.02 0.57 0.00 0.71 0.12 0.01 0.40 0.00 0.02 0.42 0.18 0.04 0.60 0.40 0.00 0.25 4.16 0.90 0.25 5.25 1.28 0.00 0.38 0.27 0.01 0.74 0.30 0.01 0.04 0.01 0.00 0.12 0.04 0.00 0.15 0.05 0.03 0.20 0.07 0.04 0.69 0.23 0.04 0.54 0.17 0.01 0.55 0.24 0.00 0.68 0.30 0.02 0.63 0.38 0.02 0.78 0.48 0.00 0.17 0.06 0.02 0.25 0.08 0.00 0.30 0.13 0.01 0.25 0.11 0.01 0.33 0.14 11.25 44.65 18.30 0.00 0.00 0.00 0.01 0.08 0.04 0.02 0.18 0.05 0.00 0.48 0.16 0.00 0.00 0.00 0.02 0.49 0.14 0.14 0.27 0.04 0.02 0.69 0.31 0.01 0.41 0.07 0.01 0.59 0.10 0.00 0.12 0.06 0.01 0.15 0.09 0.00 0.20 0.04 0.01 0.30 0.05 0.00 0.90 0.52 0.01 1.31 0.59 0.09 2.85 0.69 0.00 1.84 1.25 0.00 0.37 0.09 0.01 0.43 0.10 0.01 1.27 0.61 0.00 0.85 0.47 0.00 0.04 0.01 0.00 0.02 0.01 0.09 5.60 0.21 0.00 0.86 0.05 0.01 0.95 0.07 0.02 0.21 0.08 0.03 0.16 0.00 0.00 0.65 0.28 0.11 0.48 0.10 0.09 0.60 0.14 1.94 38.23 16.01 0.02 0.19 0.05 0.01 0.51 0.16 0.01 0.41 0.13 0.02 0.64 0.25 0.03 0.82 0.34 0.01 1.35 0.25 0.01 0.27 0.11 0.00 0.35 0.15 0.01 0.09 0.03 0.01 0.11 0.06 0.00 0.45 0.22 0.00 0.17 0.06 0.00 0.15 0.00

N-O 7430 82 248 393 155 133 419 20 2504 337 1784 441 162 16 5 5183 4108 245 418 424 541

0.01 30.97 0.26 0.21 0.00 25.20 0.01 1.79 0.69 0.56 4.82 0.68 0.50 0.43 0.60 0.60 0.07 0.12 0.09 0.31 0.38

0.01 0.01 27.72 30.24 + 0.23 0.23 unch 0.17 0.18 0.00 0.00 unch 21.42 24.82 + 0.00 0.00 + 1.40 1.74 0.57 0.62 0.46 0.49 4.49 4.82 + 0.61 0.63 0.43 0.48 0.00 0.36 0.00 0.60 + 0.49 0.59 unch 0.05 0.06 unch 0.10 0.11 0.08 0.08 0.27 0.30 unch 0.37 0.38 unch

0.00 3.00 0.00 0.01 0.00 3.39 0.00 0.00 0.06 0.05 0.27 0.08 0.03 0.03 0.01 0.00 0.00 0.01 0.01 0.00 0.00

0.02 30.71 0.43 0.40 0.08 24.06 0.04 5.00 1.31 1.21 4.88 0.71 2.05 1.62 1.25 3.15 10.00 0.22 0.17 1.50 0.84

0.00 18.03 0.19 0.14 0.00 11.54 0.00 1.05 0.08 0.00 0.72 0.05 0.23 0.17 0.11 0.49 0.47 0.10 0.08 0.23 0.35

(100s) Stock

Exc Volume

Nevada Lithium Nevada Silver Nevada Sunrise Nevada Sunrise* Nevada Zinc Nevado Res NevGold* NevGold New Age Metals* New Age Metals New Carolin Gd New Carolin Gd* New Destiny Mg New Energy Met* New Energy Met New Found Gold New Gold* New Gold New Guinea Gld* New Jersey Mng* New Klondike* New Oroperu New Pac Metals New Pac Metals* New Placer New Placer* New Stratus New Target Mng New Tech Min* New Tech Min New World Res* Newcore Gold Newcore Gold* Newcrest Mg Newcrest Mg* Newlox Gold Newmac Res Newmont Corp* Newmont Corp Neworigin Gold Newport Expl Newport Gold* NewRange Gold* NewRange Gold Nexa Resources Nexa Resources* Nexgen Energy Nexgen Energy* NextSource Mat Nexus Gold* Nexus Gold Nfld Discovery* Nfld Discovery NGEx Minerals NGEx Minerals* Nickel 28 Nickel 28* Nickel Creek Nickel Creek* Nickel North Nickel Rock Nickel Rock* Nicola Mg Inc* Nicola Mg Inc Nighthawk Gold Nighthawk Gold* Niobay Metals Niocan Inc Niocorp Dev Niocorp Dev* Nippon Dragon Nobel Res Nobel Res* Noble Metal * Noble Metal Noble Mineral Noble Mineral* Noka Res* Noram Vent Noram Vent* Noranda Alum* Norilsk Nickel* Noront Res* Noront Res Norra Metals Norrland Gold Norse Gold Norseman Silv Norsemont Cap* Norsemont Cap Nortec Mnls* Nortec Mnls North Am Nickl* North Am Nickl North Arrow Mn* North Arrow Mn North Bay Res * North Peak Res* North Peak Res North Springs* Northcliff Res Northern Light Northern Light* Northern Uran Northisle C&G Northisle C&G * Northstar Gold Northstar Gold* Northwest Cop* Northwest Cop Norvista Cap NorZinc NorZinc* Nouveau Monde Nouveau Monde* NovaGold Res NovaGold Res* Novo Res NovX21* NQ Minerals Pl* Nrthn Graphite Nrthn Graphite* Nrthn Lion Nrthn Mnrls &E* Nrthn Shield Nrthn Superior Nrthn Superior* NSGold NSJ Gold NSS Res Inc Nthn Dynasty* Nthn Dynasty Nthrn Sphere* Nubian Res Nubian Res* Nuinsco Res* Nuinsco Res NuLegacy Gold* NuLegacy Gold Nutrien* Nutrien NV Gold* NV Gold O.T. Mining* O2Gold O3 Mining OceanaGold OceanaGold* Oceanic Iron O Oceanic Iron O* Oceanus Res Oceanus Res* Odyssey Res Olivut Res* Olivut Res Omai Gold Omai Gold* Omineca Mining* Omineca Mining One World Lith* One World Lith Opawica Expl Opawica Expl* Ophir Gold Ophir Gold* Optimum Vent* Optimum Vent Optimus Gold Opus One Gold* Opus One Gold Orbite Tech* Orca Gold* Orca Gold Ord Mountain Orea Mining Orea Mining* Orefinders Res

C 165 V 138 V 316 O 182 V 467 V 8 O 3 V 148 O 382 V 1635 V 97 O 111 V 72 O 6 V 1 V 825 X 37542 T 8810 O 5994 O 580 O 5 V 2 T 274 X 745 V 715 O 112 V 600 V 5 O 6 C 189 O 50 V 336 O 15 T 5 O 25 C 1953 V 0 N 31070 T 839 V 92 V 660 O 845 O 239 V 632 T 8 N 548 T 10653 X 11593 T 787 O 373 V 1307 O 94 C 213 V 725 O 43 V 241 O 98 T 1838 O 1032 V 0 V 355 O 373 O 30 V 337 T 458 O 44 V 1087 V 54 T 476 O 917 V 0 V 704 O 66 O 56 V 5 V 261 O 94 O 66 V 497 O 394 O 75 O 279 O 62 V 157 V 214 V 129 V 0 V 130 O 145 C 299 O 6 V 803 O 282 V 1237 O 23 V 459 O 1086726 O 35 V 80 O 0 T 497 C 717 O 121 V 3664 V 447 O 36 C 210 O 68 O 76 V 654 V 87 T 1505 O 469 V 209 N 352 T 850 X 5114 T 836 O 500 O 4 V 542 O 333 V 0 O 46 V 696 V 341 O 265 V 4 C 120 C 128 X 77932 T 2014 O 157 V 15 O 4 O 2416 C 1080 O 785 V 1566 N 10947 T 6797 O 54 V 135 O 29 V 965 V 199 T 5138 O 0 V 126 O 25 V 365 O 393 V 0 O 45 V 72 V 255 O 67 O 179 V 583 O 255 C 836 V 301 O 79 V 184 O 107 O 6 V 4 V 0 O 160 V 608 O 808 O 197 V 516 V 0 T 8398 O 23054 V 1141

(100s) Stock

Week High 0.47 0.30 0.09 0.07 0.13 0.12 0.37 0.45 0.10 0.12 0.09 0.07 0.05 0.08 0.00 8.83 1.17 1.47 0.00 0.35 0.00 1.78 4.33 3.41 0.09 0.07 0.29 0.19 0.04 0.07 1.96 0.50 0.38 22.25 17.07 0.37 0.00 55.10 69.65 0.13 0.46 0.02 0.09 0.12 9.65 7.81 6.26 4.95 3.15 0.05 0.04 0.32 0.40 0.83 0.64 0.99 0.78 0.09 0.07 0.00 0.11 0.09 0.08 0.11 0.82 0.64 0.42 0.13 1.08 0.85 0.00 0.55 0.44 0.01 0.01 0.12 0.10 0.34 0.75 0.60 0.01 31.36 0.63 0.81 0.06 0.16 0.00 0.39 0.42 0.53 0.03 0.02 0.29 0.35 0.07 0.08 0.00 0.34 0.42 0.00 0.05 0.04 0.03 0.05 0.20 0.14 0.28 0.21 0.45 0.57 0.10 0.06 0.04 7.72 6.08 8.92 7.04 1.92 0.00 0.07 0.48 0.38 0.00 0.20 0.05 0.70 0.55 0.26 0.14 0.09 0.54 0.67 0.00 0.32 0.26 0.02 0.02 0.04 0.06 67.52 85.28 0.12 0.15 0.07 0.26 2.03 2.34 0.00 0.14 0.10 0.48 0.38 0.00 0.04 0.05 0.13 0.09 0.14 0.18 0.06 0.07 0.31 0.24 0.17 0.14 0.53 0.55 0.00 0.04 0.05 0.01 0.37 0.46 0.00 0.30 0.26 0.07

12-month

Low

Last

Change

0.33 0.00 0.00 0.05 0.00 0.00 0.00 0.00 0.07 0.10 0.09 0.07 0.00 0.07 0.00 7.59 1.01 1.29 0.00 0.27 0.00 0.00 3.67 2.96 0.08 0.06 0.27 0.00 0.04 0.06 1.75 0.45 0.37 20.16 16.01 0.33 0.00 53.26 67.36 0.00 0.43 0.02 0.08 0.00 0.00 6.97 5.73 4.50 2.50 0.03 0.04 0.27 0.35 0.69 0.53 0.94 0.74 0.08 0.06 0.00 0.09 0.07 0.08 0.00 0.73 0.60 0.32 0.00 0.97 0.77 0.00 0.50 0.40 0.01 0.00 0.10 0.08 0.32 0.64 0.52 0.01 29.66 0.59 0.78 0.00 0.14 0.00 0.32 0.38 0.48 0.02 0.00 0.22 0.27 0.07 0.00 0.00 0.30 0.38 0.00 0.05 0.03 0.02 0.04 0.17 0.00 0.24 0.19 0.40 0.51 0.08 0.05 0.04 6.88 5.41 8.21 6.48 1.69 0.00 0.07 0.39 0.30 0.00 0.17 0.05 0.54 0.44 0.00 0.13 0.08 0.43 0.55 0.00 0.00 0.00 0.02 0.02 0.04 0.05 64.34 81.68 0.00 0.13 0.06 0.23 1.93 2.04 0.00 0.13 0.10 0.44 0.35 0.00 0.03 0.00 0.00 0.07 0.12 0.14 0.05 0.06 0.28 0.21 0.15 0.12 0.47 0.00 0.00 0.04 0.00 0.00 0.32 0.42 0.00 0.21 0.16 0.06

0.40 unch 0.29 + 0.07 0.06 0.09 0.11 0.34 0.44 unch 0.08 + 0.10 0.09 unch 0.07 unch 0.05 unch 0.08 + 0.07 unch 7.93 1.11 + 1.38 0.00 unch 0.30 0.00 + 1.75 3.94 + 3.11 + 0.08 0.07 + 0.29 + 0.19 + 0.04 unch 0.07 + 1.79 0.47 0.38 + 21.15 16.67 0.35 0.29 unch 53.56 67.70 0.11 0.45 + 0.02 + 0.09 0.12 + 9.50 + 7.51 + 6.23 + 4.92 + 2.93 + 0.03 + 0.04 unch 0.30 0.37 0.82 + 0.61 0.95 0.77 0.08 0.06 0.04 unch 0.10 + 0.08 0.08 + 0.10 0.80 unch 0.62 + 0.39 + 0.13 unch 1.01 + 0.80 + 0.03 unch 0.52 + 0.40 0.01 unch 0.01 0.11 0.09 0.32 + 0.71 0.56 0.01 unch 30.37 0.62 0.79 0.05 0.14 0.06 unch 0.35 0.41 + 0.52 + 0.03 + 0.02 unch 0.25 + 0.32 + 0.07 unch 0.08 + 0.00 + 0.30 0.38 0.00 unch 0.05 + 0.04 unch 0.03 + 0.05 + 0.18 + 0.14 + 0.27 + 0.19 + 0.43 + 0.53 0.08 0.06 + 0.04 + 7.62 + 6.05 + 8.64 + 6.84 + 1.74 0.00 unch 0.07 unch 0.46 + 0.36 + 0.38 unch 0.17 0.05 0.64 0.51 0.26 0.13 unch 0.09 + 0.45 0.57 0.00 unch 0.32 + 0.25 0.02 + 0.02 unch 0.04 + 0.06 unch 67.20 + 84.91 + 0.11 + 0.14 0.06 unch 0.23 1.95 2.07 1.90 unch 0.14 + 0.10 unch 0.46 + 0.36 + 0.04 unch 0.04 + 0.05 + 0.13 + 0.09 + 0.13 + 0.17 + 0.05 0.07 0.29 unch 0.24 0.15 0.12 0.53 unch 0.55 unch 0.20 unch 0.04 unch 0.05 0.01 + 0.34 0.43 0.20 unch 0.25 0.20 0.06 unch

0.00 0.01 0.02 0.01 0.03 0.03 0.02 0.00 0.00 0.01 0.00 0.00 0.00 0.01 0.00 0.77 0.01 0.02 0.00 0.05 0.00 0.07 0.13 0.08 0.01 0.00 0.01 0.02 0.00 0.02 0.11 0.02 0.01 0.15 0.05 0.02 0.00 0.31 0.49 0.01 0.01 0.00 0.00 0.01 0.30 0.50 0.45 0.37 0.25 0.00 0.00 0.00 0.02 0.11 0.04 0.01 0.01 0.01 0.01 0.00 0.01 0.00 0.00 0.01 0.00 0.01 0.03 0.00 0.05 0.03 0.00 0.02 0.01 0.00 0.01 0.01 0.01 0.00 0.01 0.02 0.00 0.95 0.01 0.02 0.01 0.04 0.00 0.03 0.02 0.02 0.01 0.00 0.05 0.07 0.00 0.01 0.00 0.04 0.08 0.00 0.01 0.00 0.01 0.01 0.01 0.00 0.03 0.02 0.01 0.01 0.01 0.01 0.00 0.37 0.26 0.23 0.17 0.08 0.00 0.00 0.09 0.05 0.00 0.01 0.01 0.06 0.05 0.03 0.00 0.01 0.09 0.10 0.00 0.01 0.01 0.00 0.00 0.00 0.00 2.29 2.69 0.00 0.01 0.00 0.03 0.06 0.16 0.00 0.01 0.00 0.01 0.01 0.00 0.01 0.01 0.03 0.01 0.01 0.01 0.00 0.01 0.00 0.01 0.03 0.01 0.00 0.00 0.00 0.00 0.01 0.00 0.02 0.04 0.00 0.05 0.04 0.00

High Low 0.47 0.53 0.28 0.21 0.18 0.19 0.50 0.65 0.19 0.24 0.10 0.09 0.11 0.17 0.12 13.50 2.40 3.05 0.01 0.60 0.00 3.59 9.02 5.84 0.38 0.43 0.62 0.28 0.10 0.15 4.07 0.92 0.70 31.25 23.61 0.61 0.31 75.31 90.94 0.30 0.60 0.08 0.17 0.22 14.92 12.58 7.81 6.17 5.30 0.08 0.09 0.73 0.95 0.97 0.71 1.14 2.00 0.33 0.24 0.07 1.18 0.93 0.20 0.25 1.48 1.17 1.19 0.28 2.08 1.65 0.07 0.77 0.56 0.02 0.03 0.21 0.17 1.18 1.25 0.99 0.15 38.21 0.67 0.83 0.21 0.39 0.17 0.76 1.47 1.96 0.12 0.06 0.30 0.39 0.10 0.15 0.00 0.83 1.03 0.05 0.10 0.09 0.07 0.09 0.42 0.40 0.45 0.36 0.91 1.06 0.23 0.10 0.08 27.40 17.24 15.88 12.05 3.70 0.04 0.13 0.70 0.55 0.69 0.35 0.10 1.55 1.26 0.51 0.37 0.46 1.26 1.67 0.05 0.61 0.46 0.05 0.05 0.17 0.22 66.47 85.28 0.34 0.40 0.17 0.38 3.68 2.74 2.40 0.32 0.25 0.79 0.67 0.07 0.11 0.11 0.30 0.19 0.38 0.45 0.13 0.16 0.65 0.54 0.31 0.24 0.53 0.65 0.35 0.07 0.09 0.03 0.75 0.93

0.33 0.22 0.05 0.04 0.05 0.10 0.21 0.20 0.04 0.06 0.04 0.03 0.04 0.04 0.06 2.07 1.01 1.29 0.00 0.22 0.00 1.62 3.67 2.86 0.08 0.06 0.19 0.15 0.02 0.05 1.04 0.47 0.36 20.16 16.01 0.10 0.06 53.26 67.36 0.11 0.34 0.00 0.08 0.10 6.98 5.13 2.12 1.61 0.40 0.02 0.04 0.24 0.30 0.43 0.38 0.23 0.17 0.08 0.05 0.03 0.07 0.06 0.07 0.09 0.73 0.58 0.32 0.12 0.69 0.53 0.02 0.31 0.40 0.00 0.01 0.07 0.05 0.32 0.12 0.09 0.01 23.23 0.11 0.15 0.05 0.14 0.05 0.19 0.36 0.45 0.01 0.02 0.11 0.14 0.03 0.05 0.00 0.29 0.38 0.00 0.03 0.03 0.02 0.01 0.12 0.00 0.19 0.12 0.40 0.51 0.07 0.05 0.04 2.25 5.07 8.21 6.48 1.69 0.00 0.00 0.21 0.16 0.30 0.03 0.03 0.49 0.38 0.21 0.13 0.03 0.31 0.39 0.00 0.28 0.22 0.00 0.01 0.04 0.05 37.51 49.88 0.10 0.12 0.02 0.18 1.93 1.58 0.00 0.13 0.10 0.35 0.28 0.04 0.03 0.04 0.10 0.00 0.12 0.14 0.05 0.06 0.12 0.09 0.14 0.11 0.28 0.33 0.12 0.02 0.03 0.00 0.32 0.42

0.31 0.08 0.26 0.06 0.21 0.05

Orestone Mng Orex Mnrls Orex Mnrls* Orezone Gold* Orezone Gold Orford Mining Origen Res* Origen Res Original Sixtn* Orla Mining Oroco Res Oroco Res* Orocobre Oronova Energy* Orosur Mng Orsu Metals Orsu Metals* Orvana Mnrls Orvana Mnrls* Osino Res* Osino Res Osisko Dev* Osisko Gold* Osisko Gold Osisko Metals* Osisko Metals Osisko Mng Inc Otso Gold* Otso Gold Outback Gold* Outback Gold Outcrop S&G* Outcrop S&G OZ Minerals*

Exc Volume

Week Low

0.00 0.06 unch 0.00 0.09 unch 0.00 0.07 0.82 0.87 1.08 1.08 0.23 0.23 0.00 0.25 unch 0.30 0.33 + 0.25 0.25 unch 4.05 4.13 2.21 2.44 + 1.74 1.92 + 7.67 7.76 0.05 0.05 + 0.26 0.26 0.00 0.23 + 0.00 0.17 0.28 0.34 + 0.22 0.22 0.80 0.84 + 1.01 1.05 unch 3.94 4.03 11.02 11.17 14.03 14.11 0.00 0.30 0.35 0.38 2.33 2.46 0.06 0.07 + 0.00 0.08 + 0.17 0.22 0.21 0.26 unch 0.13 0.14 0.16 0.17 0.00 15.85 -

V V O O V V O C O T V O T O T V O T O O V O N T O V T O V O C O V O

66 336 256 207 566 153 400 263 5 1284 525 394 172 50 126 7 10 367 130 59 157 29 4880 2341 12 607 6147 732 731 46 416 355 540 2

0.06 0.09 0.08 0.89 1.14 0.24 0.00 0.33 0.25 4.69 2.50 1.97 8.26 0.05 0.30 0.23 0.17 0.36 0.26 0.85 1.08 4.15 11.54 14.57 0.30 0.40 2.58 0.07 0.09 0.22 0.28 0.15 0.19 16.57

P2 Gold* O P2 Gold V Pac Arc Res V Pac Bay Mnrls V Pac Bay Mnrls* O Pac Booker Min V Pac Booker Min* O Pac Imperial V Pac Ridge Expl V Pac Ridge Expl* O Pac Wildcat* O V Pacific Empire Pacific Silk V Pacific Silk* O Pacton Gold V Paladin Energy* O Palamina Corp* O Palamina Corp V Palayan Res* O Paleo Resource* O Palladium One V Palladium One* O Pampa Metals* O Pampa Metals C Pan Am Silver T Pan Am Silver* D Pan Global Res V Pan Global Res* O Pancontinental V Pancontinental* O Pangolin Dia V Panoro Mnrls* O Panoro Mnrls V Pantera Silver V PanTerra Gold* O Pantheon Vent V Para Resources V Parallel Mng V Paramount Gold* X Paringa Res* O Parlane Res V Pasinex Res C Pasofino Gold* O Pasofino Gold V Patriot Gold C Patriot Gold* O Peabody Enrgy* N Pegasus Res* O Pegasus Res V Pelangio Expl V Pelangio Expl* O Peloton Mnrls* O Peloton Mnrls C PepinNini Lith* O Perpetua Res T Perpetua Res* D Perseus Mng T Pershimex Res V Pershing Res* O Peruvian Metal* O Peruvian Metal V O Petrolympic* Petrolympic V Phenom Res* O Phenom Res V Philex Mng* O Philippine Mtl V Phoenix Global* O Phoenix Gold V Phoenix Metals V Pine Cliff En* O Pine Cliff En T Pivit Explor C PJSC Polyus Gd* O PJX Res V Plata Latina V Platinex Inc* O Platinex Inc C Platinum Gp Mt T Platinum Gp Mt* X Plato Gold V Playfair Mng V Playfair Mng* O PNG Copper C PolyMet Mng* X PolyMet Mng T Portex Mnrls* O Portofino Res V Portofino Res* O V Power Group Power Group* O Power Metals* O Power Metals V PPX Mining* O Precipitate Gl V Precipitate Gl* O Pretium Res* N Pretium Res T Prime Meridian V Prime Meridia* O Prime Mining* O Prime Mining V Prism Res V Prismo Metals C ProAm Expl V Probe Metals* O Probe Metals V Prog Planet* O Prog Planet V Project One C Promithian Gl * O Prophecy Pot C Prospect Ridge C Prosper Gold V Provenance Gld C Providence V Providence Gld* O Pucara Gold V Pucara Gold* O PUF Vent Inc * O Puma Expl* O Puma Expl V Pure Alumina* O Pure Energy* O Pure Energy V Pure Gold Mg* O Pure Gold Mg V V Purepoint Uran Q-Gold Res* O Q-Gold Res V QC Copper V QC Copper* O QC Precious * O QC Precious V QcX Gold V QcX Gold* O QMC Quantum Ml* O QMC Quantum Ml V QNB Metals C Quadro Res* O Quadro Res V Quantum Batt C Quantum Batt* O Quartz Mtn Res* O Quartz Mtn Res V Quaterra Res V Quaterra Res* O

9 13 0 1 6 6 2 236 470 120 3 472 24 10 141 10733 18 142 690 217 1175 403 14 484 2209 9752 420 147 472 45 212 100 351 11 5 484 310 0 259 50 1286 278 39 29 0 192 45824 38 2334 19 5 85 167 1 105 503 59 2649 364 2 115 187 31 373 449 81 0 2 497 696 691 2467 13 8 106 0 49 1795 513 5857 211 552 39 192 725 18 1 205 338 239 2 263 534 5 313 240 5619 1635 1033 115 58 804 0 62 72 93 106 5 493 435 3 29 25 463 329 152 10 125 53 46 61 659 66 373 115 977 3952 1770 1 552 6391 5173 28 197 170 10 223 186 112 34 291 148 2 15 27 381 487

0.31 0.39 0.00 0.12 0.10 2.40 1.98 0.03 0.13 0.09 0.00 0.05 0.03 0.03 0.43 0.60 0.23 0.30 0.03 0.04 0.21 0.17 0.29 0.44 30.73 24.31 0.59 0.46 0.14 0.10 0.02 0.10 0.15 0.16 0.07 0.15 0.36 0.00 0.85 0.03 0.17 0.03 0.75 0.94 0.00 0.09 15.93 0.05 0.08 0.13 0.08 0.08 0.10 0.34 6.60 5.24 1.32 0.05 0.04 0.10 0.12 0.07 0.10 0.50 0.61 0.10 0.00 0.90 0.43 0.40 0.60 0.74 0.18 90.25 0.21 0.00 0.05 0.06 2.63 2.09 0.04 0.22 0.17 0.10 3.33 4.18 0.00 0.09 0.07 0.06 0.04 0.19 0.23 0.01 0.09 0.07 9.89 12.49 0.13 0.09 3.31 4.31 0.00 0.38 0.06 1.55 1.97 0.31 0.41 0.34 3.63 0.31 1.35 1.65 0.16 0.08 0.06 0.16 0.14 0.96 0.38 0.49 0.02 1.34 1.68 0.73 0.94 0.14 0.08 0.11 0.41 0.32 0.17 0.22 0.13 0.10 0.28 0.35 0.22 0.05 0.06 3.24 2.10 0.29 0.33 0.09 0.08

Last

12-month

High

Change

Stock

0.00 0.00 0.00 0.01 0.03 0.01 0.00 0.01 0.00 0.45 0.08 0.02 0.37 0.01 0.03 0.01 0.00 0.02 0.04 0.01 0.00 0.04 0.13 0.19 0.01 0.01 0.02 0.01 0.01 0.01 0.00 0.00 0.02 0.72

0.16 0.25 0.20 1.39 1.70 0.27 0.25 0.55 0.25 7.30 3.66 3.02 9.17 0.05 0.70 0.39 0.30 0.54 0.39 1.40 1.61 10.10 15.12 18.40 0.42 0.52 4.12 0.09 0.10 1.22 1.55 0.40 0.69 21.04

0.05 0.08 0.06 0.61 0.81 0.13 0.22 0.12 0.06 3.84 1.01 0.77 2.28 0.03 0.23 0.20 0.02 0.22 0.18 0.80 1.01 3.94 9.77 12.39 0.27 0.35 2.33 0.03 0.04 0.17 0.21 0.13 0.16 9.67

Quebec Nickel Quebec Silica Quest Rare Mnl* Questex Gold* Questex Gold

C C O O V

0.01 0.02 0.00 0.02 0.00 0.05 0.00 0.01 0.01 0.00 0.00 0.01 0.01 0.00 0.02 0.03 0.01 0.01 0.00 0.01 0.03 0.02 0.03 0.14 0.33 0.17 0.03 0.01 0.01 0.00 0.00 0.00 0.01 0.01 0.00 0.00 0.03 0.00 0.02 0.00 0.01 0.00 0.04 0.01 0.00 0.01 2.68 0.00 0.01 0.02 0.00 0.01 0.01 0.02 0.11 0.06 0.02 0.01 0.01 0.01 0.00 0.01 0.03 0.06 0.06 0.01 0.00 0.15 0.06 0.06 0.01 0.01 0.00 3.84 0.01 0.00 0.00 0.01 0.08 0.06 0.00 0.01 0.02 0.01 0.06 0.04 0.00 0.01 0.01 0.01 0.01 0.01 0.01 0.00 0.00 0.00 0.27 0.33 0.00 0.01 0.13 0.16 0.00 0.03 0.00 0.07 0.07 0.00 0.01 0.01 0.55 0.07 0.10 0.02 0.02 0.01 0.00 0.01 0.00 0.13 0.04 0.03 0.01 0.15 0.18 0.01 0.01 0.01 0.00 0.01 0.07 0.06 0.02 0.03 0.03 0.04 0.02 0.02 0.08 0.00 0.01 0.19 0.45 0.17 0.07 0.01 0.00

0.50 0.65 0.26 0.18 0.10 3.75 3.10 0.08 0.33 0.30 0.01 0.13 0.06 0.04 1.57 0.80 0.36 0.37 1.28 0.10 0.40 0.49 1.07 0.72 50.70 39.62 0.84 0.68 0.20 0.16 0.05 0.18 0.23 0.29 0.07 1.02 0.65

0.23 0.30 0.14 0.09 0.08 1.33 1.15 0.03 0.05 0.04 0.00 0.04 0.02 0.01 0.38 0.08 0.13 0.16 0.03 0.00 0.11 0.08 0.23 0.27 28.96 22.92 0.35 0.00 0.08 0.06 0.02 0.05 0.09 0.12 0.05 0.05 0.25

1.59 0.03 0.84 0.09 2.75 3.08 0.50 0.23 19.83 0.06 0.09 0.23 0.17 0.12 0.15 0.42 15.30 9.45 1.56 0.07 0.10 0.14 0.17 0.12 0.15 1.10 0.85 0.14 0.12 1.29 0.59 0.55 0.60 0.74 0.42 123.00 0.25 0.06 0.06 0.09 8.00 6.27 0.05 0.30 0.23 0.26 5.41 6.71 0.03 0.23 0.20 0.16 0.10 0.35 0.43 0.50 0.31 0.24 13.66 17.92 0.17 0.14 3.71 4.72 0.14 0.88 0.11 1.71 2.15 0.37 0.50 0.50 13.50 0.52 1.48 2.40 0.18 0.20 0.16 1.50 0.85 11.40 0.50 0.64 0.03 2.07 2.63 2.42 3.08 0.20 0.39 0.65 0.41 4.12 0.27 0.33 0.32 0.24 0.47 0.60 0.22 0.25 0.25 5.85 5.85 0.29 0.36 0.30 0.25

0.76 0.00 0.06 0.01 0.14 0.86 0.09 0.03 0.80 0.02 0.03 0.11 0.08 0.06 0.08 0.11 5.93 4.70 0.99 0.04 0.00 0.02 0.04 0.03 0.04 0.25 0.34 0.06 0.04 0.40 0.15 0.25 0.14 0.19 0.13 80.55 0.10 0.03 0.04 0.04 2.26 1.70 0.03 0.10 0.00 0.09 2.69 3.28 0.00 0.08 0.05 0.05 0.03 0.13 0.17 0.00 0.07 0.06 8.29 10.40 0.06 0.05 1.01 1.32 0.04 0.19 0.06 0.99 1.26 0.04 0.05 0.18 2.50 0.10 0.20 0.50 0.07 0.07 0.00 0.14 0.00 0.76 0.11 0.14 0.01 0.06 0.65 0.63 0.81 0.04 0.08 0.10 0.09 0.11 0.15 0.20 0.08 0.06 0.07 0.14 0.05 0.04 0.05 0.55 0.14 0.10 0.12 0.06 0.04

Rackla Metals Radisson Mng Radius Gold Rae-Wallace Mg* Rain City Raindrop Vent Rainforest Res* Rainy Mtn Royl Rainy Mtn Royl* Rambler Metals* Rare Element* Rathdowney Res Razore Rock Res Ready Set Gold Ready Set Gold* Recharge Res* Recharge Res Red Eagle Mng* Red Pine Expl Regulus Res Remington Res Renforth Res* Renforth Res Resolve Vent Resource Cap* Reunion Gold* Reunion Gold Revival Gold * Revival Gold Rex Res Reyna Silver* Reyna Silver Rhyolite Res Richmond Mnls Ridgeline Min Ridgestone M’g* Ridgestone M’g Riley Gold* Riley Gold Rio Silver Rio Silver* Rio Tinto* Rio Tinto* Rio Tinto* Rio2 Limited* Rio2 Limited Rise Gold Corp* Rise Gold Corp Riverside Res Riverside Res* RJK Explor RJK Explor* Robex Res Rochester Res* Rochester Res Rock Tech Lith* Rock Tech Lith Rockcliff Met* Rockcliff Met Rockex Mng Rockhaven Re* Rockhaven Res Rockland Res Rockridge Res Rockwealth Res Rogue Res* Rogue Res Rojo Res* Rokmaster Res* Rokmaster Res Romios Gold Rs Romios Gold Rs* RooGold* RooGold RosCan Gold* RosCan Gold Ross River* Ross River Rover Metals* Rover Metals Royal Fox Gold Royal Fox Gold* Royal Gold* Royal Mines &M* Royal Rd Mnrls Royal Std Mnrl* RT Minerals RT Minerals* RTG Mining Rugby Mng Running Fox Rs* Running Fox Rs Rupert Res Rupert Res* Rusoro Mng Rusoro Mng*

S2 Minerals Sabina Gd&Slvr* Sabina Gd&Slvr Sable Res Sable Res* Sage Gold* Sailfish Rylty Saint Jean Saint Jean* Salazar Res* Salazar Res Salt Lake Pot* Sama Res Sama Res* Samco Gold San Gold Corp* San Lorenzo* San Lorenzo Sanatana Res Sanatana Res* Sandfire Res* Sandfire Res Sandstorm Gold* Sandstorm Gold Santacruz Silv Sarama Res Sarissa Res* Sassy Res Sassy Res* Satori Res* Satori Res Saturn Mnrls Savannah Min Saville Res Scandium Intl* Scandium Intl Scorpio Gold * Scorpio Gold Scotch Creek Scotch Creek* Scottie Res* Scottie Res ScoZinc Mg* ScoZinc Mg Seabridge Gld Seabridge Gld* Seahawk Gold* Seahawk Gold Search Mnls Search Mnls* Searchlight* SearchlightMin* SearchlightRes Secova Mtls* Sego Res Select Sands Sennen Potash Sentinel Res Sentinel Res* Serabi Gold Serabi Gold* Sherritt Intl Shine Minerals Sibanye-Stillw* Sibanye-Stillw* Sidney Resrces* Sienna Res* Sienna Res Sierra Grande Sierra Grande* Sierra Madre G* Sierra Madre G Sierra Metals Sierra Metals* Sigma Lithium* Sigma Lithium Signature Res*

P-Q 0.30 0.00 0.00 0.00 0.09 0.00 0.00 0.00 0.10 0.08 0.00 0.00 0.00 0.03 0.40 0.52 0.21 0.27 0.03 0.02 0.17 0.13 0.00 0.27 28.96 22.92 0.51 0.42 0.12 0.10 0.00 0.10 0.00 0.00 0.00 0.13 0.00 0.00 0.77 0.03 0.15 0.03 0.69 0.00 0.00 0.08 12.56 0.05 0.06 0.11 0.08 0.06 0.08 0.32 6.06 4.76 1.21 0.05 0.03 0.09 0.11 0.07 0.00 0.43 0.55 0.09 0.00 0.00 0.35 0.32 0.53 0.68 0.00 0.00 0.00 0.00 0.00 0.05 2.29 1.79 0.00 0.19 0.14 0.09 2.99 3.81 0.00 0.08 0.06 0.00 0.03 0.16 0.21 0.01 0.08 0.06 9.25 11.71 0.11 0.09 2.99 3.64 0.00 0.29 0.00 1.44 1.82 0.31 0.36 0.27 2.78 0.22 1.14 1.24 0.15 0.00 0.06 0.00 0.11 0.80 0.35 0.45 0.01 1.03 1.30 0.63 0.81 0.12 0.08 0.00 0.29 0.23 0.17 0.20 0.08 0.06 0.24 0.31 0.05 0.04 0.00 2.08 0.00 0.00 0.00 0.08 0.06

0.30 + 0.37 0.15 unch 0.12 0.09 unch 2.40 + 1.98 unch 0.03 0.12 0.09 unch 0.00 0.05 + 0.03 0.03 unch 0.43 + 0.55 0.23 + 0.30 + 0.03 + 0.03 0.18 0.15 0.28 + 0.31 29.33 23.27 0.54 0.44 0.13 0.10 0.02 unch 0.10 unch 0.15 + 0.15 0.07 + 0.15 unch 0.36 + 0.15 unch 0.82 + 0.03 unch 0.16 0.03 unch 0.69 0.90 0.10 unch 0.08 15.65 + 0.05 + 0.07 0.11 0.08 unch 0.07 0.09 0.32 + 6.48 + 4.98 1.27 0.05 0.04 + 0.09 + 0.11 unch 0.07 + 0.10 + 0.44 0.55 0.09 0.10 unch 0.90 + 0.43 + 0.33 0.55 0.73 + 0.18 unch 81.43 0.17 0.03 unch 0.05 0.06 2.60 + 2.06 + 0.03 unch 0.20 + 0.16 + 0.10 + 3.22 4.09 0.00 unch 0.09 + 0.06 0.05 0.04 + 0.18 + 0.21 0.01 unch 0.08 unch 0.06 9.67 + 12.23 + 0.12 unch 0.09 3.17 4.02 0.10 unch 0.35 0.06 unch 1.47 1.85 0.31 unch 0.39 0.33 3.63 + 0.22 1.30 + 1.37 + 0.15 0.07 + 0.06 0.16 + 0.11 0.84 0.36 0.46 0.02 + 1.29 + 1.62 + 0.69 + 0.87 0.13 0.08 unch 0.10 0.36 + 0.29 + 0.17 0.21 0.10 0.06 0.25 0.32 0.14 + 0.04 0.05 2.59 + 2.10 + 0.00 0.32 + 0.08 0.07 -

(100s)

High Low

Exc Volume

Week

12-month

High

Low

Last

Change

High Low

526 35 379 22 214

0.32 0.10 0.01 0.65 0.81

0.23 0.00 0.00 0.00 0.78

0.23 0.07 0.01 0.65 0.78

+ + +

0.11 0.03 0.01 0.05 0.01

0.39 0.27 0.06 1.07 1.37

0.10 0.05 0.00 0.36 0.47

V V V O C C O V O O O V C C O O V O V V V O C V O O V O V V O V V V V O V O V V O O N O O V O C V O V O V O V O V O C C O V C V V O V O O V V O O C O V O V O V V O D O V O V O T V O V V O V O

0 808 101 0 65 55 9 0 0 0 677 4727 190 580 9 818 2959 289 735 211 0 43 855 0 95 597 1119 379 177 77 1000 971 190 107 191 738 822 100 20 250 100 4 20049 1 582 671 62 108 801 311 167 5 199 51 10 7 88 313 246 295 108 76 373 272 2 85 82 757 80 711 559 49 23 54 1154 3534 5 0 148 998 362 10 2160 49 140 0 353 185 67 123 466 168 985 26 819 36

0.00 0.26 0.24 0.15 0.08 0.25 2.67 0.00 0.00 0.00 2.03 0.03 0.12 0.17 0.14 0.07 0.07 0.00 0.64 0.90 0.00 0.06 0.08 0.00 0.00 0.10 0.11 0.55 0.69 0.16 0.55 0.69 1.15 0.05 0.49 0.05 0.06 0.28 0.35 0.07 0.05 66.52 67.64 73.98 0.48 0.63 0.43 0.50 0.15 0.12 0.14 0.12 0.41 0.06 0.06 4.25 5.19 0.05 0.07 0.05 0.10 0.12 0.17 0.10 0.20 0.06 0.15 0.77 0.31 0.39 0.04 0.04 0.24 0.39 0.25 0.28 0.00 0.00 0.06 0.07 0.05 0.03 102.12 0.01 0.29 0.00 0.09 0.06 0.12 0.14 0.02 0.03 4.75 3.63 0.06 0.05

0.41 unch + 0.23 0.23 0.15 unch 0.08 unch + 0.24 2.33 0.10 unch 0.10 unch 0.30 unch + 1.95 0.03 0.11 unch 0.16 unch 0.12 0.05 0.06 + 0.00 + 0.58 0.87 unch 0.25 unch + 0.06 0.07 0.05 unch 0.00 unch 0.08 0.09 0.52 + 0.67 + 0.16 0.50 0.62 1.06 0.05 unch 0.43 0.04 0.05 + 0.28 + 0.35 0.06 unch 0.05 unch 65.92 + 66.81 70.58 0.43 0.55 0.37 0.47 0.14 0.11 0.14 0.12 unch + 0.41 0.05 0.06 unch 3.79 4.77 + 0.05 0.06 0.05 unch + 0.09 0.12 unch 0.17 unch 0.09 0.20 unch 0.06 unch + 0.11 0.59 + 0.31 + 0.39 0.04 unch + 0.03 + 0.24 0.27 0.20 0.25 + 0.00 0.26 unch 0.05 0.07 unch + 0.05 0.03 unch 95.49 0.01 unch + 0.29 0.06 unch 0.06 0.06 0.12 0.13 0.02 0.03 + 4.56 + 3.63 0.06 0.04

0.00 0.01 0.01 0.00 0.00 0.01 0.63 0.00 0.00 0.00 0.04 0.01 0.00 0.00 0.03 0.00 0.01 0.00 0.01 0.00 0.00 0.00 0.01 0.00 0.00 0.04 0.01 0.02 0.02 0.01 0.01 0.03 0.04 0.00 0.05 0.01 0.01 0.02 0.02 0.00 0.00 0.84 0.04 1.34 0.04 0.05 0.08 0.03 0.03 0.01 0.01 0.00 0.02 0.01 0.00 0.23 0.29 0.00 0.01 0.00 0.00 0.00 0.00 0.01 0.00 0.00 0.01 0.05 0.01 0.01 0.00 0.00 0.03 0.13 0.02 0.03 0.00 0.00 0.00 0.00 0.01 0.00 4.74 0.00 0.02 0.00 0.02 0.01 0.03 0.01 0.01 0.01 0.36 0.28 0.01 0.00

0.50 0.40 0.36 0.28 0.12 0.40 14.50 0.18 0.15 2.00 4.13 0.12 0.25 0.49 0.15 0.25 0.19 0.01 0.95 1.69 0.37 0.11 0.12 0.13 0.01 0.11 0.14 0.91 1.20 0.25 1.25 1.48 1.70 0.07 0.77 0.18 0.23 0.61 0.74 0.11 0.11 94.42 95.97 108.00 0.85 1.03 0.83 1.02 0.37 0.29 0.36 0.26 0.55 0.13 0.15 7.00 9.00 0.07 0.10 0.09 0.15 0.19 0.29 0.20 0.24 0.10 0.16 1.93 0.60 0.76 0.07 0.05 0.60 0.60 0.80 0.64 0.00

0.14 0.21 0.20 0.00 0.05 0.15 1.57 0.08 0.07 0.00 0.47 0.02 0.06 0.15 0.12 0.00 0.04 0.00 0.30 0.70 0.15 0.03 0.05 0.04 0.00 0.04 0.06 0.46 0.60 0.13 0.44 0.55 0.17 0.04 0.29 0.04 0.05 0.24 0.23 0.05 0.03 55.15 55.39 63.85 0.41 0.53 0.33 0.45 0.14 0.11 0.13 0.01 0.31 0.04 0.05 0.66 0.70 0.04 0.06 0.02 0.02 0.10 0.11 0.09 0.06 0.06 0.07 0.18 0.18 0.24 0.04 0.02 0.19 0.25 0.11 0.23 0.00

0.12 0.13 0.12 0.07 129.69 0.06 0.42 0.15 0.29 0.20 0.23 0.16 0.07 0.08 6.20 5.49 0.14 0.09

0.04 0.06 0.05 0.01 95.22 0.00 0.25 0.06 0.05 0.04 0.12 0.07 0.01 0.02 3.44 2.00 0.04 0.03

C O T V O O V V O O V O V O V O O V V O O V N T V V O C O O V V V V O T O V C O O V O V T N O C V O O O V O V V V C O T O T V O N O O V C O O V T X D V O

54 663 1134 673 487 2 138 367 69 24 185 103 530 285 0 1187 6 339 529 4 211 53 8596 1704 1218 112 507 687 195 25 111 4029 2 63 176 249 121 380 139 2 280 499 0 101 346 1249 17 160 1623 349 7 25 54 307 255 39 0 127 30 7 125 1135 2 4 22479 1303 133 884 4 0 0 93 681 21764 168 103 528

0.16 1.19 1.52 0.25 0.19 0.03 1.37 0.18 0.13 0.26 0.33 0.21 0.17 0.13 0.00 0.00 0.10 0.12 0.14 0.11 0.18 0.23 6.11 7.72 0.28 0.17 0.00 0.48 0.36 0.09 0.11 0.18 0.22 0.04 0.15 0.19 0.09 0.11 0.54 0.35 0.14 0.18 0.00 0.51 20.70 16.40 0.50 0.67 0.18 0.14 0.06 0.02 0.07 0.02 0.08 0.06 0.00 0.43 0.34 1.17 0.00 0.45 0.10 3.55 12.92 0.18 0.08 0.10 0.00 0.07 0.00 0.51 3.57 2.84 8.77 10.95 0.08

0.15 + 1.15 1.45 unch 0.22 0.17 + 0.03 1.25 + 0.16 + 0.12 0.24 0.31 0.04 unch + 0.16 + 0.13 0.05 unch 0.00 0.10 unch 0.10 0.12 0.11 unch + 0.17 0.20 5.70 7.22 0.28 0.16 unch 0.00 0.41 0.32 0.08 0.10 + 0.17 0.22 unch 0.04 + 0.14 0.16 + 0.08 0.09 + 0.49 0.35 unch 0.13 + 0.17 0.50 unch 0.46 19.32 15.28 + 0.50 0.53 + 0.16 + 0.12 + 0.06 0.01 0.07 + 0.02 0.08 0.05 0.45 unch + 0.40 + 0.30 1.13 unch 0.87 unch 0.42 0.10 unch 3.06 12.53 + 0.18 + 0.08 + 0.10 0.09 unch 0.07 0.47 unch 0.49 + 3.05 + 2.44 + 8.38 + 10.79 + 0.07

0.03 0.00 0.00 0.01 0.02 0.02 0.13 0.01 0.01 0.02 0.03 0.00 0.01 0.01 0.00 0.00 0.00 0.02 0.01 0.00 0.00 0.03 0.22 0.27 0.01 0.00 0.00 0.06 0.05 0.01 0.02 0.01 0.00 0.01 0.01 0.01 0.00 0.02 0.01 0.00 0.01 0.01 0.00 0.11 0.97 0.79 0.02 0.16 0.02 0.01 0.01 0.01 0.01 0.02 0.01 0.01 0.00 0.05 0.02 0.00 0.00 0.01 0.00 0.36 0.93 0.03 0.02 0.02 0.00 0.02 0.00 0.01 0.70 0.60 0.13 0.33 0.02

0.30 2.80 3.54 0.40 0.36 0.05 1.44 0.24 0.19 0.32 0.40 0.60 0.20 0.16

0.13 1.07 1.40 0.15 0.12 0.00 1.00 0.03 0.01 0.21 0.21 0.18 0.11 0.08

0.04 0.15 0.30 0.32 0.28 0.22 0.27 9.31 11.61 0.58 0.45 0.02 1.24 0.92 0.14 0.19 0.22 0.88 0.09 0.28 0.35 0.15 0.19 0.98 2.88 0.35 0.44 0.56 0.80 29.00 22.86 1.24 1.05 0.37 0.40 0.09 0.05 0.11 0.25 0.16 0.10

0.00 0.10 0.11 0.07 0.06 0.13 0.17 5.57 7.11 0.23 0.16 0.00 0.35 0.28 0.08 0.10 0.08 0.20 0.03 0.08 0.11 0.07 0.09 0.10 0.31 0.12 0.16 0.26 0.35 19.04 14.92 0.30 0.40 0.04 0.01 0.03 0.01 0.06 0.00 0.03 0.02

2.55 0.66 1.90 1.56 0.70 0.20 7.72 20.68 0.22 0.14 0.17 0.35 0.28 0.71 1.07 4.92 3.92 8.93 10.95 0.20

0.22 0.09 1.01 0.00 0.19 0.09 2.65 10.49 0.02 0.04 0.05 0.06 0.06 0.47 0.46 1.91 1.42 1.68 2.40 0.03

R 0.00 0.21 0.00 0.15 0.08 0.23 2.33 0.00 0.00 0.00 1.66 0.02 0.11 0.16 0.12 0.05 0.06 0.00 0.57 0.81 0.00 0.05 0.07 0.00 0.00 0.07 0.09 0.49 0.63 0.00 0.44 0.55 1.06 0.00 0.42 0.04 0.05 0.28 0.00 0.00 0.05 0.00 65.13 0.00 0.41 0.53 0.33 0.45 0.14 0.11 0.00 0.12 0.00 0.05 0.00 3.78 4.77 0.05 0.06 0.04 0.08 0.00 0.15 0.09 0.00 0.06 0.00 0.55 0.28 0.36 0.00 0.00 0.00 0.25 0.18 0.23 0.00 0.00 0.05 0.07 0.00 0.03 95.22 0.01 0.00 0.00 0.00 0.06 0.00 0.00 0.02 0.00 4.24 3.40 0.00 0.04

S 0.14 1.07 1.41 0.21 0.16 0.00 1.25 0.14 0.11 0.24 0.30 0.03 0.00 0.12 0.00 0.00 0.10 0.10 0.12 0.11 0.15 0.00 5.57 7.11 0.26 0.00 0.00 0.38 0.30 0.08 0.10 0.16 0.00 0.00 0.12 0.15 0.08 0.09 0.47 0.35 0.12 0.16 0.00 0.00 19.04 14.92 0.44 0.49 0.12 0.09 0.05 0.01 0.00 0.00 0.00 0.00 0.00 0.35 0.30 0.00 0.00 0.41 0.00 3.06 11.90 0.14 0.06 0.08 0.00 0.00 0.00 0.00 2.28 1.80 7.35 9.82 0.05

GLOBAL MINING NEWS

(100s) Stock

Week

Exc Volume

Signature Res Silver Bear Rs Silver Bear Rs* Silver Bull Re* Silver Bull Re Silver Dollar* Silver Dollar Silver Eleph Silver Eleph* Silver Fields* Silver Grail Silver Hammer* Silver Hammer Silver One* Silver One Silver Phoenix Silver Predatr* Silver Predatr Silver Range* Silver Range Silver Sands Silver Sands* Silver Spruce* Silver Spruce Silver Valley* Silver Valley Silver Viper* Silver Viper Silver Wolf Silver Wolf* Silver X Silver X* Silvercorp Met Silvercorp Met* SilverCrest* SilverCrest Silverore Mns* Silverstock Silverton Met Sirios Res* Sirios Res Sitka Gold Sitka Gold* Sixty North Sixty North* Skeena Res* Skeena Res SKRR Explor Sky Gold Sky Gold* Skyharbour Res Skyharbour Res* Slam Explor* Slam Explor Slave Lake Zn Slave Lake Zn* Snowline Gold Snowy Owl Sokoman Min Sokoman Min* Solaris Res SolGold plc SolGold plc* SolidusGold Solitario Ex&R Solitario Ex&R* Solstice Gold Sonora Gld & S Sonoro Gold* Sonoro Gold SOPerior Fert South Atlantic* South Atlantic South Star Bat South Star Bat* South32* Southern Copp* Southern Emp* Southern Emp Southern Silvr Southern Silvr* SouthGobi Res Southstone Min Spanish Mtn Gd Spanish Mtn Gd* Sparton Res Sparton Res* SPC Nickel Spearmint Res* Spearmint Res Sphinx Res Spruce Ridge R SRG Mining SSR Mining* SSR Mining St Augustine St Elias Mns* St-Georges Eco* St-Georges Eco St. James Gold St. James Gold* Stakeholdr Gld Stallion Gold Standard Graph* Standard Metal* Standard Uran* Standard Uran Stans Energy* Stans Energy Star Diamond* Star Diamond Star Gold* Starcore Intl* Starcore Intl Starr Peak* Starr Peak Steele Oceanic* Stellar Africa* Stellar Africa Stelmine Can* Stelmine Can Steppe Gold Steppe Gold* Sterling Metal* Sterling Metal Stevens Gold* Stevens Gold Stinger Res Stinger Res*

V T O O T O C T O O V O C O V C O V O V C O O V O V O V V O V O T X X T O C V O V C O C O O T V V O V O O V C O C C V O T T O V T X V V O V V O V V O O N O V V O T V V O V O V O C V V V D T T O O C V O V V O O O V O V O T O O T O V O O V O V T O O V O C V O

THE NORTHERN MINER / OCTOBER 11—24, 2021

Low

Last

0.10 0.10 0.08 0.89 1.19 0.63 0.78 0.28 0.22 0.02 0.23 0.39 0.50 0.39 0.43 0.42 0.12 0.12 0.12 0.14 0.17 0.13 0.04 0.04 0.10 0.17 0.41 0.52 0.33 0.33 0.38 0.29 5.18 4.10 7.51 9.49 0.00 0.25 0.61 0.06 0.08 0.12 0.09 0.07 0.05 10.07 12.75 0.14 0.10 0.08 0.75 0.59 0.10 0.10 0.23 0.16 0.49 0.10 0.44 0.34 12.20 0.52 0.44 0.07 0.74 0.59 0.17 0.00 0.16 0.20 0.03 0.04 0.06 0.13 0.10 2.55 59.37 0.13 0.16 0.34 0.27 1.36 0.05 0.20 0.15 0.10 0.07 0.14 0.09 0.12 0.02 0.13 0.63 15.09 19.07 0.08 0.00 0.22 0.27 4.59 3.63 0.81 0.43 0.05 4.50 0.29 0.37 0.03 0.04 0.16 0.20 0.04 0.20 0.25 1.70 2.03 0.00 0.04 0.05 0.18 0.25 1.30 1.01 0.26 0.34 0.05 0.08 0.18 0.15

0.07 0.09 0.06 0.45 0.59 0.56 0.71 0.25 0.19 0.00 0.00 0.30 0.36 0.29 0.36 0.41 0.10 0.00 0.10 0.00 0.15 0.12 0.03 0.04 0.00 0.13 0.34 0.43 0.22 0.18 0.33 0.26 4.74 3.71 6.76 8.65 0.00 0.23 0.00 0.06 0.07 0.10 0.08 0.06 0.05 9.27 11.74 0.00 0.09 0.06 0.61 0.48 0.06 0.00 0.16 0.15 0.42 0.08 0.34 0.26 10.34 0.00 0.41 0.00 0.00 0.54 0.14 0.00 0.13 0.18 0.02 0.04 0.00 0.00 0.09 2.47 55.53 0.11 0.13 0.29 0.23 0.30 0.00 0.17 0.13 0.09 0.00 0.11 0.08 0.10 0.01 0.00 0.00 14.19 18.11 0.07 0.00 0.19 0.24 3.70 2.95 0.00 0.00 0.04 0.00 0.24 0.31 0.00 0.01 0.15 0.19 0.00 0.19 0.00 1.35 1.75 0.00 0.03 0.00 0.18 0.20 1.22 0.93 0.20 0.25 0.04 0.07 0.14 0.11

0.10 + 0.10 + 0.07 + 0.50 0.63 0.58 0.72 0.26 unch 0.20 + 0.02 unch 0.20 + 0.32 0.41 0.30 0.38 0.41 unch 0.10 0.12 0.12 + 0.13 0.15 0.12 0.03 0.04 unch 0.10 0.16 + 0.36 0.44 0.23 0.18 0.35 0.28 4.83 3.82 6.98 8.82 0.00 unch 0.25 0.58 + 0.06 0.07 0.11 0.08 0.07 + 0.05 9.87 + 12.52 + 0.11 0.10 unch 0.07 0.63 0.50 0.08 0.09 0.16 0.15 0.42 0.09 0.37 0.29 12.17 + 0.48 0.41 0.07 0.71 + 0.55 0.16 unch 0.09 unch 0.15 0.19 0.03 unch 0.04 + 0.06 unch 0.12 0.10 2.55 + 56.79 0.11 0.14 0.33 + 0.27 + 0.70 + 0.05 unch 0.17 0.13 0.10 + 0.07 0.12 0.09 0.11 0.02 unch 0.13 + 0.60 14.55 18.32 0.07 0.00 unch 0.20 0.25 3.95 3.13 0.80 0.41 0.05 + 4.50 unch 0.27 0.34 0.00 0.02 unch 0.16 + 0.19 0.04 + 0.20 + 0.25 unch 1.51 1.90 0.03 unch 0.04 0.05 unch 0.18 0.25 + 1.22 0.97 0.22 + 0.28 + 0.05 unch 0.07 0.14 0.12 -

1512 139 35 739 1545 92 111 4106 768 6 110 225 305 1246 1003 90 94 78 24 42 258 103 3052 1372 0 125 371 524 160 94 1168 43 2248 4760 3486 1600 5 147 197 19 828 544 84 509 341 65 393 223 301 43 1975 947 47 807 417 265 517 458 1695 1298 1121 152 6 21 30 3213 659 0 214 354 1305 3 87 1126 64 15 5173 162 458 1197 578 5113 198 319 216 809 112 194 584 1065 69 408 108 5953 2056 404 3 1306 1830 97 63 110 58 980 8 866 2103 422 715 147 603 39 11 40 177 467 0 85 30 75 1065 168 23 386 766 76 258 405 106

(100s)

12-month

High

Change 0.02 0.01 0.01 0.50 0.59 0.02 0.04 0.00 0.01 0.00 0.02 0.08 0.09 0.04 0.05 0.00 0.01 0.01 0.01 0.01 0.01 0.01 0.00 0.00 0.03 0.01 0.04 0.06 0.05 0.03 0.03 0.03 0.13 0.08 0.25 0.34 0.00 0.02 0.08 0.00 0.01 0.01 0.01 0.01 0.00 0.10 0.22 0.03 0.00 0.01 0.02 0.01 0.02 0.02 0.07 0.01 0.03 0.01 0.06 0.05 1.22 0.05 0.03 0.01 0.02 0.00 0.00 0.00 0.01 0.01 0.00 0.00 0.00 0.01 0.01 0.09 1.16 0.02 0.03 0.01 0.00 0.38 0.00 0.02 0.03 0.01 0.01 0.02 0.00 0.01 0.00 0.01 0.03 0.10 0.23 0.01 0.00 0.01 0.01 0.55 0.43 0.02 0.02 0.00 0.00 0.01 0.01 0.02 0.00 0.00 0.01 0.01 0.01 0.00 0.01 0.05 0.00 0.00 0.00 0.00 0.01 0.02 0.04 0.02 0.02 0.00 0.01 0.04 0.02

High Low

Stock

0.22 0.20 0.16 1.25 1.55 2.51 2.29 0.59 0.46 0.02 0.25 0.66 0.77 0.75 0.94 0.90 0.28 0.30 0.29 0.30 0.37 0.37 0.48 0.11 0.28 0.35 0.70 0.80 0.60 0.51 0.90 0.68 10.93 8.55 12.88 16.37 0.30 0.29 1.00 0.13 0.18 0.34 0.27 0.09 0.07 13.60 16.49 0.38 0.25 0.21 0.87 0.70 0.12 0.16 0.43 0.38 0.75 0.25 0.78 0.64 15.20 0.72 0.56 0.20 1.56 1.25 0.18 0.10 0.32 0.39 0.06 0.13 0.18 0.31 0.25 2.55 83.29 0.49 0.57 0.70 0.55 1.39 0.10 0.52 0.39 0.21 0.16 0.80 0.36 0.27 0.03 0.17 1.05 21.80 27.79 0.20 0.00 0.99 1.19 6.50 5.16 1.12 0.60 0.50 18.00 0.39 0.51 0.18 0.04 0.25 0.30 0.09 0.27 0.35 3.56 4.05 0.51 1.00 0.14 0.22 0.29 2.67 2.41 1.00 0.92 0.29 0.38 0.35 0.29

Stone Gold Stornoway Diam* Straightup Res Stratabd Mnr* Stratabd Mnr Strateco Res* Strategic Metl* Strategic Metl Strategic Res Strategic Res* Stria Lithium Strikepoint Gd Strikepoint Gd* Strongbow Expl Strongbow Expl* Stroud Res Stuhini Explor Stuhini Explor* Stuve Gold Sulliden Mng* Sulliden Mng Summa Silver* Summa Silver Sun Peak Metal Sun Summit Sun Summit* Suncor Energy* Suncor Energy Superior Gold* Superior Gold Superior Mng Superior Mng* Surge Battery* Surge Battery Surge Copper* Surge Copper Sutter Gold* Sylla Gold Syrah Res*

V O C O V O O V V O V V O V O V V O V O T O V V V O N T O V V O O V O V O V O

Taiga Gold Taiga Gold* Tajiri Res Tajiri Res* Talisker Res Talisker Res* Talmora Diamd Talon Metals Tamerlane Vent* Tanqueray Expl Tantalex Res Tanzanian Gold* Tanzanian Gold Tarachi Gold Tarachi Gold* Taranis Res* Taranis Res Tarku Res Tarku Res* Tartisan Nick Tartisan Nick* Taseko Mines Taseko Mines* TDG Gold Teck Res* Teck Res Teck Res Tectonic Metal* Tectonic Metal Temas Res* Temas Res Tembo Gold Tembo Gold* Tempus Res* Tempus Res Teras Res* Teras Res Terrax Mnrls* Terrax Mnrls Terreno Res Tesoro Mnrls* Tesoro Mnrls Teuton Res* Teuton Res Texas Mineral* Themac Res* Themac Res Thesis Gold Theta Gold* Thor Explor* Thor Explor Three Valley Three Valley* Thunder Mtn Gd* Thunder Mtn Gd Thunderstruck Thunderstruck* Tier One Silv Timberline Res Timberline Res* Tinka Res* Tinka Res Tintina Mines Tisdale Res* Tisdale Res Titan Mining* Titan Mining Titanium Corp TNR Gold Tocvan Venture Tocvan Venture* TomaGold Tombill Mines Tombill Mines* Tombstone Expl* Tonogold Res* Tonopah Div Mg* Torex Gold* Torex Gold Torq Resources Torq Resources* Tower Res* Tower Res Traction Expl Trailbreaker Trailbreaker* Trans Canada

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

0.05 0.08 0.00 0.45 0.59 0.53 0.69 0.17 0.13 0.00 0.13 0.26 0.25 0.29 0.36 0.41 0.10 0.12 0.02 0.09 0.15 0.11 0.03 0.04 0.05 0.04 0.24 0.33 0.13 0.13 0.32 0.00 4.74 3.71 6.76 8.65 0.00 0.20 0.35 0.06 0.07 0.10 0.08 0.05 0.04 9.27 8.76 0.11 0.09 0.06 0.15 0.11 0.00 0.06 0.07 0.11 0.19 0.05 0.13 0.10 4.12 0.35 0.28 0.07 0.51 0.37 0.06 0.04 0.13 0.16 0.02 0.04 0.06 0.04 0.02 1.43 43.63 0.11 0.13 0.27 0.21 0.01 0.04 0.17 0.13 0.04 0.02 0.11 0.03 0.05 0.01 0.05 0.41 13.68 17.29 0.05 0.00 0.04 0.05 0.10 0.15 0.17 0.29 0.04 1.01 0.12 0.12 0.00 0.01 0.11 0.15 0.01 0.16 0.20 1.25 1.68 0.03 0.01 0.04 0.12 0.05 1.20 0.93 0.20 0.25 0.04 0.06 0.10 0.02

Week

Exc Volume

Last

12-month

High

Low

Change

34 439 298 53 81 1548 29 648 193 6 0 1220 1246 353 311 7 10 41 40 0 130 128 547 84 618 6 35327 33593 48 187 27 0 505 342 209 387 348 0 109

0.09 0.00 0.22 0.08 0.11 0.00 0.25 0.32 0.39 0.28 0.00 0.14 0.11 0.24 0.22 0.57 0.54 0.44 0.21 0.09 0.12 0.73 0.91 0.35 0.56 0.42 21.49 27.22 0.44 0.55 0.48 0.00 0.35 0.36 0.29 0.36 0.01 0.00 0.85

0.00 0.08 unch 0.00 0.00 + 0.19 0.22 unch 0.08 0.08 0.00 0.11 unch 0.00 0.00 0.23 0.23 0.29 0.29 0.33 0.38 unch 0.28 0.28 unch 0.00 0.03 unch 0.13 0.14 0.10 0.11 0.22 0.23 0.17 0.18 0.00 0.57 0.00 0.54 0.42 0.42 0.00 0.21 + 0.00 0.09 unch 0.00 0.12 + 0.66 0.68 0.84 0.88 0.30 0.32 0.48 0.53 + 0.00 0.42 + 20.35 20.96 + 25.90 26.47 + 0.39 0.43 + 0.49 0.53 + 0.00 0.48 + 0.00 0.40 unch 0.25 0.26 0.32 0.35 0.25 0.28 + 0.32 0.35 + 0.00 0.00 0.00 0.30 unch 0.73 0.75 -

348 98 245 24 1780 90 170 984 2371 131 1139 2547 161 420 148 45 0 193 43 79 7 2320 9574 247 21377 7327 3 178 449 204 1006 198 28 18 333 19 36 70 323 5 3 87 60 99 218 100 3 79 77 14 1671 767 154 53 0 115 306 654 156 348 67 241 3 0 5 43 720 88 1055 417 6 84 1638 672 1 132 1 227 1531 260 22 448 370 14 158 14 76

0.20 0.14 0.08 0.07 0.27 0.21 0.03 0.63 0.00 8.42 0.08 0.51 0.65 0.19 0.16 0.09 0.00 0.09 0.08 0.45 0.36 2.46 1.95 0.63 25.75 32.73 36.98 0.11 0.13 0.18 0.24 0.20 0.17 0.14 0.19 0.03 0.04 0.17 0.20 0.05 0.04 0.05 1.87 2.36 1.48 0.05 0.07 1.44 0.16 0.23 0.27 0.45 0.36 0.13 0.00 0.07 0.05 0.99 0.22 0.17 0.15 0.19 0.04 0.00 0.80 0.40 0.53 0.39 0.06 0.93 0.84 0.07 0.17 0.35 2.00 0.12 0.27 10.20 12.96 0.62 0.49 0.05 0.06 0.34 0.35 0.30 0.14

Stock

0.00 0.00 0.00 0.01 0.00 0.00 0.01 0.01 0.00 0.00 0.00 0.01 0.01 0.01 0.00 0.01 0.04 0.02 0.01 0.00 0.02 0.04 0.02 0.01 0.04 0.05 0.74 0.88 0.02 0.03 0.02 0.00 0.01 0.01 0.01 0.01 0.00 0.00 0.06

0.28 0.01 0.35 0.26 0.38 0.01 0.55 0.72 0.52 0.41 0.09 0.33 0.26 0.28 0.26 0.90 0.72 0.60 0.55 0.10 0.20 2.10 1.71 1.28 1.35 1.09 25.73 31.38 0.69 0.84 0.80 0.63 0.35 0.36 0.46 0.85 0.05 0.30 1.18

0.06 0.00 0.13 0.02 0.10 0.00 0.21 0.28 0.22 0.19 0.02 0.12 0.10 0.07 0.05 0.47 0.38 0.31 0.19 0.00 0.05 0.60 0.78 0.30 0.18 0.14 10.67 14.28 0.35 0.45 0.40 0.40 0.03 0.06 0.25 0.21 0.00 0.10 0.26

0.02 0.00 0.01 0.00 0.00 0.00 0.01 0.00 0.00 0.73 0.01 0.03 0.03 0.00 0.01 0.01 0.00 0.01 0.02 0.02 0.01 0.12 0.10 0.01 0.41 0.48 0.49 0.01 0.01 0.03 0.04 0.01 0.00 0.01 0.01 0.00 0.00 0.00 0.01 0.01 0.01 0.01 0.06 0.17 0.01 0.00 0.02 0.14 0.05 0.01 0.02 0.02 0.00 0.01 0.00 0.01 0.00 0.01 0.04 0.04 0.02 0.02 0.00 0.00 0.00 0.12 0.13 0.02 0.01 0.01 0.00 0.01 0.04 0.04 0.05 0.01 0.00 0.08 0.09 0.03 0.04 0.00 0.01 0.08 0.01 0.04 0.03

0.28 0.24 0.20 0.15 0.44 0.34 0.15 0.90 0.10 26.25 0.12 1.91 2.12 0.50 0.43 0.16 0.16 0.25 0.14 0.56 0.55 3.22 2.67 0.69 27.08 34.25 42.50 0.25 0.18 1.78 2.27 0.24 0.18 0.21 0.33 0.08 0.12 0.34 0.45 0.07 0.12 0.17 2.75 3.38 4.70 0.11 0.12 1.75 0.48 1.00 0.45 1.02 0.69 0.21 0.19 0.14 0.11 1.90 0.51 0.40 0.24 0.30 0.08 1.65 2.10 0.99 1.10 0.65 0.09 1.67 1.18 0.11 0.33 0.35 2.97 0.44 1.90 17.27 21.86 1.07 0.86 0.12 0.15 0.73 0.49 0.38 0.30

0.14 0.12 0.07 0.06 0.25 0.20 0.02 0.25 0.00 6.39 0.01 0.36 0.48 0.15 0.12 0.07 0.08 0.08 0.06 0.21 0.00 1.04 0.78 0.24 11.91 15.81 18.90 0.07 0.09 0.15 0.18 0.10 0.08 0.12 0.14 0.03 0.04 0.14 0.18 0.03 0.03 0.05 1.62 2.02 1.23 0.04 0.06 0.52 0.00 0.16 0.17 0.14 0.15 0.11 0.11 0.06 0.05 0.77 0.16 0.13 0.11 0.16 0.03 0.50 0.45 0.00 0.28 0.24 0.03 0.30 0.82 0.05 0.09 0.08 1.53 0.11 0.01 9.37 12.21 0.54 0.41 0.04 0.05 0.20 0.20 0.18 0.11

Trans Canada* Transatlantic Transatlantic* Transition Met* Transition Met Treasury Metal* Treasury Metal Trecora Res* Tres-Or Res Tres-Or Res* Trevali Mining* Trevali Mining Tri-River Vent Trident Gold Trifecta Gold* Trifecta Gold Trillium Gold* Trillium Gold Trilogy Mtls Trilogy Mtls* TriMetals Mng* Trinity Res* Trinity Valley Trinity Valley* Triple Flag TriStar Gold* TriStar Gold Triumph Gold Triumph Gold* Troilus Gold* Troilus Gold Troubadour Res Troy Res* TRU Precious* TRU Precious True North Gem* True North Gem Tsodilo Res Tudor Gold * Tudor Gold Tundra Gold* Turmalina Met Turmalina Met* Turquoise HIl* Turquoise HIl TVI Pacific TVI Pacific* Tyhee Gold* Tymbal Res

O V O O V O T N V O O T V V O V O V T X O O V O T O V V O O T V O O V O V V O V O V O N T V O O V

U.S. Gold* U3O8 Corp* U3O8 Corp Ubique Mineral UC Res* Ucore Rare Mtl* Ucore Rare Mtl UEX Corp Ultra Resource* Ultra Resource Umbral Enrgy* Unigold* Unigold United Battery United Battery* United Res Hdg* United States A* United States S* Universal Cop* Universal Cop Universal Vent Ur-Energy* Ur-Energy Uragold Bay Rs Uranium Energy* Uranium Hunter* Uranium Res* Uranium Roylty Uranium Roylty* Uravan Mnrls* Uravan Mnrls USCorp* Usha Res* Usha Res Val-d’Or Mg* Val-d’Or Mg Vale* Valley High Mg* ValOre Metals* ValOre Metals Valorem Res Valterra Res* Valterra Res Vanadian Enrgy* Vanadian Enrgy Vanadium One Vanadium One* Vanstar Mng Rs* Vanstar Mng Rs Vantex Res Vantex Res * Velocity Mnrls* Velocity Mnrls Vendetta Mng Vendetta Mng* Venerable Vent Venture Mnrls* Verde Potash Verde Res* Vertical Expl Vertical Expl* Victoria Gold* Victoria Gold Victory Nickel Victory Nickel* Victory Res Victory Res* Virginia Enrgy Virginia Enrgy* Viscount Mng Visible Gold M Visible Gold M* Vision Lithium Vision Lithium* Visionary Gold Vista Gold Vista Gold*

T 0.18 0.14 0.00 0.07 0.26 0.20 0.02 0.57 0.00 7.50 0.06 0.47 0.60 0.15 0.12 0.08 0.00 0.00 0.07 0.40 0.32 2.14 1.67 0.58 24.51 31.09 34.70 0.07 0.10 0.14 0.18 0.18 0.15 0.13 0.00 0.03 0.00 0.15 0.18 0.00 0.04 0.00 1.72 2.17 1.39 0.05 0.00 1.28 0.00 0.00 0.25 0.36 0.25 0.00 0.00 0.00 0.05 0.76 0.16 0.13 0.14 0.00 0.00 0.00 0.00 0.27 0.33 0.00 0.00 0.84 0.00 0.00 0.10 0.08 2.00 0.11 0.27 9.50 12.21 0.55 0.44 0.04 0.00 0.20 0.28 0.00 0.00

0.19 0.14 0.07 0.07 0.27 0.21 0.03 0.60 0.00 7.54 0.06 0.47 0.60 0.18 0.15 0.09 0.11 0.08 0.07 0.44 0.35 2.42 1.92 0.60 25.19 31.82 36.50 0.10 0.12 0.14 0.19 0.20 0.16 0.13 0.18 0.03 0.04 0.15 0.19 0.05 0.04 0.05 1.87 2.34 1.42 0.05 0.07 1.30 0.09 0.20 0.25 0.40 0.31 0.12 0.14 0.07 0.05 0.81 0.18 0.13 0.14 0.18 0.04 0.65 0.80 0.40 0.48 0.36 0.05 0.90 0.84 0.07 0.14 0.11 2.00 0.11 0.27 9.87 12.50 0.56 0.45 0.05 0.05 0.28 0.29 0.21 0.12

+ unch unch + unch unch unch + + unch + + + + + + + + + + + + + unch + + + unch + unch unch + unch unch unch + + + unch + + + + unch + + -

(100s)

High Low

Week

Exc Volume

Last

12-month

High

Low

Change

21 42 7 27 46 137 189 147 26 5 193 1847 0 0 49 24 16 216 35 871 32 326 97 3 29 620 351 183 135 261 914 15 2 50 167 0 17 31 84 180 3 190 302 1962 1068 1579 255 174 152

0.11 0.04 0.03 0.13 0.18 0.61 0.76 8.41 0.09 0.06 0.16 0.19 0.00 0.00 0.14 0.09 0.59 0.76 2.39 1.89 0.16 0.40 0.05 0.04 12.12 0.25 0.30 0.15 0.12 0.61 0.79 0.09 0.03 0.12 0.15 0.06 0.09 0.95 1.86 2.31 0.02 0.63 0.49 15.03 19.05 0.05 0.04 0.00 0.02

0.11 0.11 0.00 0.04 0.03 0.03 unch 0.00 0.13 + 0.00 0.16 0.54 0.55 0.70 0.71 8.07 8.28 + 0.00 0.09 unch 0.06 0.06 0.13 0.13 0.17 0.18 0.00 0.04 unch 0.00 0.10 unch 0.06 0.07 0.00 0.09 + 0.52 0.55 0.00 0.70 2.25 2.30 + 1.75 1.81 + 0.15 0.15 0.05 0.35 + 0.00 0.05 unch 0.04 0.04 + 11.38 11.65 0.21 0.22 + 0.00 0.29 + 0.00 0.14 0.10 0.11 0.53 0.58 + 0.69 0.73 + 0.00 0.07 0.02 0.03 + 0.11 0.11 0.14 0.14 0.00 0.06 0.00 0.09 0.72 0.78 1.65 1.78 + 2.17 2.25 + 0.02 0.02 unch 0.52 0.60 + 0.42 0.48 + 14.10 14.57 17.92 18.41 0.04 0.05 + 0.03 0.04 + 0.00 0.00 unch 0.00 0.01 unch

D 111 O 862 V 625 C 100 O 3976 O 145 V 56 T 8871 O 10 V 63 O 705 O 115 V 212 C 1239 O 1286 O 2419 X 41738 N 103924 O 2 V 19 V 223 X 19320 T 1667 V 2429 X 36248 O 3799 X 2892 V 1438 D 5449 O 1 V 29 O 1254 O 78 V 230 O 128 V 139 N 210040 O 3618 O 680 V 545 C 1207 O 62 V 53 O 29 V 130 V 369 O 85 O 232 V 558 V 1 O 2 O 27 V 67 V 331 O 272 V 0 O 134 T 464 O 91 V 922 O 38 O 123 T 549 C 194 O 165 C 557 O 146 V 1202 O 519 V 131 V 476 O 2 V 1863 O 327 V 129 T 73 X 1492

11.00 0.38 0.50 0.06 11.26 0.77 0.92 0.46 0.15 0.21 0.06 0.09 0.11 0.56 0.45 0.03 1.10 23.05 0.08 0.09 2.47 1.80 2.27 0.76 3.19 0.03 3.75 5.57 4.46 0.32 0.38 0.05 0.27 0.37 0.11 0.14 14.84 0.03 0.32 0.41 0.15 0.04 0.04 0.10 0.11 0.16 0.13 0.35 0.45 0.19 0.18 0.35 0.45 0.05 0.04 0.00 0.04 1.32 0.08 0.15 0.12 12.10 15.37 0.02 0.01 0.06 0.05 0.56 0.44 0.44 0.09 0.08 0.13 0.10 0.15 0.94 0.74

High Low

0.00 0.01 0.00 0.06 0.01 0.03 0.06 0.07 0.00 0.01 0.01 0.01 0.00 0.00 0.00 0.01 0.11 0.12 0.02 0.01 0.00 0.35 0.00 0.01 0.05 0.00 0.02 0.03 0.02 0.00 0.01 0.01 0.01 0.02 0.01 0.01 0.02 0.12 0.06 0.06 0.00 0.02 0.01 0.04 0.10 0.01 0.01 0.00 0.00

0.24 0.07 0.05 0.20 0.26 1.18 1.53 9.17 0.20 0.14 0.23 0.28

0.10 0.03 0.02 0.07 0.13 0.54 0.70 5.79 0.08 0.05 0.09 0.12

0.12 0.19 0.13 1.55 1.96 3.70 3.06 0.17 0.42 0.15 0.11 16.46 0.30 0.39 0.28 0.22 1.22 1.42 0.30 0.27 0.41 0.52 0.19 0.25 1.46 3.00 3.65 6.00 1.38 1.00 21.89 26.45 0.06 0.06 0.01 0.05

0.10 0.00 0.06 0.48 0.62 1.90 1.43 0.06 0.00 0.04 0.04 11.38 0.15 0.19 0.13 0.10 0.55 0.69 0.06 0.02 0.02 0.14 0.05 0.08 0.07 1.60 2.01 0.02 0.52 0.42 7.49 9.80 0.02 0.01 0.00 0.01

0.47 0.05 0.09 0.00 0.30 0.02 0.02 0.02 0.00 0.00 0.01 0.00 0.01 0.04 0.04 0.00 0.04 0.13 0.00 0.00 0.11 0.05 0.06 0.05 0.08 0.00 0.01 0.02 0.27 0.01 0.02 0.00 0.02 0.01 0.00 0.00 0.29 0.00 0.01 0.01 0.01 0.00 0.00 0.02 0.02 0.02 0.04 0.00 0.01 0.00 0.03 0.02 0.00 0.01 0.01 0.00 0.00 0.17 0.00 0.01 0.00 0.11 0.08 0.01 0.00 0.01 0.01 0.16 0.12 0.03 0.01 0.00 0.02 0.01 0.00 0.04 0.01

17.40 0.55 0.70 0.10 30.20 2.36 2.97 0.60 0.23 0.28 0.19 0.40 0.51 1.80 1.46 0.04 2.56 30.57 0.15 0.21 3.25 2.10 2.63 1.68 3.77 0.27 14.50 7.11 5.60 0.55 0.70 0.07 0.26 0.37 0.24 0.18 23.18 0.20 0.36 0.45 0.44 0.09 0.12 0.10 0.13 0.36 0.32 2.32 1.58 0.38 0.27 0.47 0.61 0.08 0.07 0.13 0.12 1.97 1.00 0.30 0.19 18.50 22.54 0.10 0.08 0.60 0.49 0.80 0.64 0.55 0.38 0.30 0.95 0.74 0.24 1.72 1.40

8.01 0.03 0.09 0.03 0.43 0.64 0.70 0.12 0.04 0.04 0.00 0.08 0.10 0.40 0.27 0.01 0.22 7.25 0.06 0.06 1.05 0.42 0.55 0.47 0.82 0.02 2.00 1.06 0.81 0.05 0.15 0.00 0.15 0.16 0.08 0.09 10.29 0.00 0.16 0.21 0.08 0.03 0.04 0.03 0.04 0.09 0.00 0.31 0.41 0.16 0.03 0.31 0.41 0.04 0.01 0.10 0.02 0.59 0.01 0.03 0.01 8.18 10.42 0.01 0.01 0.05 0.04 0.07 0.05 0.31 0.08 0.00 0.02 0.01 0.07 0.85 0.67

U-V 9.98 0.30 0.38 0.06 9.56 0.68 0.88 0.39 0.15 0.00 0.04 0.08 0.10 0.43 0.34 0.02 0.84 21.35 0.08 0.00 2.16 1.58 2.03 0.65 2.78 0.03 3.38 4.50 3.56 0.00 0.31 0.04 0.25 0.32 0.11 0.00 13.75 0.03 0.28 0.35 0.12 0.03 0.00 0.07 0.09 0.14 0.12 0.31 0.41 0.00 0.14 0.32 0.00 0.00 0.03 0.00 0.04 1.19 0.05 0.12 0.12 11.07 14.18 0.00 0.01 0.06 0.04 0.35 0.28 0.40 0.00 0.08 0.11 0.08 0.00 0.85 0.67

10.18 0.33 0.43 0.06 10.29 0.71 0.90 0.44 0.15 0.21 0.05 0.08 0.10 0.51 0.42 0.03 0.88 21.72 0.08 0.09 2.35 1.69 2.13 0.74 3.01 0.03 3.50 4.96 3.61 0.32 0.37 0.05 0.27 0.35 0.11 0.14 14.20 0.03 0.30 0.38 0.13 0.04 0.04 0.07 0.09 0.14 0.12 0.33 0.43 0.19 0.14 0.34 0.44 0.05 0.04 0.12 0.04 1.26 0.07 0.15 0.12 11.73 14.82 0.01 0.01 0.06 0.05 0.37 0.30 0.40 0.08 0.08 0.11 0.08 0.15 0.92 0.73

+ + unch + unch + + + + + unch + + + + + + + + + unch + + + unch + unch + unch + + unch + + unch + + + unch unch + +

(100s) Stock

Exc Volume

Week High

Low 0.12 0.00 0.00 2.03 1.58 0.08 0.27 0.33 0.00 0.00 0.08 0.10 0.24 0.31 0.22 0.18 0.00 0.12

Viva Gold* Viva Gold Vizsla Copper Vizsla Silver Vizsla Silver* Volatus Cap Volcanic Gold* Volcanic Gold Voyageur Min* Voyageur Min Voyageur Min* Voyageur Min VR Resources* VR Resources Vulcan Mnrls Vulcan Mnrls* VVC Expl VVC Expl*

O V V V O C O V O C O V O V V O V O

135 95 494 643 391 3294 28 191 0 28 6 112 63 223 1041 36 636 759

0.14 0.17 0.38 2.30 1.83 0.12 0.28 0.36 0.00 0.37 0.09 0.11 0.28 0.35 0.27 0.21 0.18 0.14

Walker Lane* Walker River* Walker River Wallbridge Mng* Wallbridge Mng Warrior Gold* Warrior Gold Waseco Res Wealth Mnrls* Wealth Mnrls Wedgemount Res Wescan Gldflds Wesdome Gold Wesdome Gold* West High Yld West Mining* West Mining West Oak Gold West Red Lake* West Red Lake West Vault Western Areas* Western Atlas Western Atlas* Western Copper* Western Copper Western Gold Western Mag* Western Mag Western Potash Western Res* Western Troy C Western U&V Western U&V* Westgold Res* Westhaven Gold* Westhaven Gold Westkam Gold* Westkam Gold Westminster Rs* Westminster Rs WestMountain* Wheaton Prec Wheaton Prec* White Energy* White Gold* White Gold White Metal R* White Metal Rs White Mtn Engy* Whitehaven Coa* Whitehorse GC Wildsky Res* Wildsky Res Winshear Gold Winshear Gold* Winston Gold Winston Gold* Winston Res Wolfden Res* Wolfden Res Wolfeye Res World Copper Worldwide Res X-Terra Res X-Terra Res* Xanadu Mines Xanadu Mines* Xander Res* Xander Res Xemplar Egy* Xiana Mng* Ximen Mining Ximen Mining* Xplore Res Xtierra Inc Xtra-Gold Res Xtra-Gold Res* Yamana Gold Yamana Gold* Yanzhou Coal* Yorbeau Res* Yorbeau Res Zacatecas Silv Zacatecas Silv* ZEB Nickel ZEN Graphene* ZEN Graphene Zena Mining Zephyr Mnls* Zephyr Mnls Zimtu Capital Zinc One Res Zinc One Res * Zincore Mtls Zincore Mtls* ZincX Res ZincX Res* Zonte Metals

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

1 44 302 488 1649 125 222 54 4870 4320 29 2 1752 441 152 42 571 7 241 862 36 14 89 0 1793 450 121 656 537 60 22 0 490 477 3 117 447 20 4 10 140 4 7100 14033 5 189 281 40 397 790 284 240 0 2 177 5 443 1981 990 447 1042 312 151 0 1484 3 5905 43 29 134 3 0 197 82 0 71 111 21 15053 76108 3 969 1016 429 46 32 974 2032 0 47 112 465 23 6 0 9 158 16 20

0.60 0.05 0.06 0.44 0.55 0.07 0.07 0.04 0.56 0.70 0.43 0.07 10.99 8.60 0.31 0.14 0.17 0.19 0.05 0.07 1.10 2.22 0.08 0.00 1.67 2.12 0.19 0.46 0.55 0.20 0.15 0.00 3.55 2.81 1.15 0.35 0.45 0.12 0.14 0.22 0.28 0.35 50.50 39.93 0.09 0.45 0.56 0.07 0.08 0.04 2.51 0.90 0.00 0.17 0.09 0.08 0.06 0.05 0.56 0.17 0.22 0.45 0.43 0.00 0.08 0.07 0.04 0.03 0.09 0.13 0.01 0.00 0.22 0.16 0.00 0.05 1.05 0.84 5.14 4.07 1.98 0.05 0.04 0.88 0.61 0.25 4.75 5.99 0.00 0.13 0.15 0.25 0.77 0.60 0.00 0.00 0.15 0.11 0.22

23

12-month

Last

Change

High Low

0.12 0.16 0.31 + 2.26 + 1.80 + 0.11 0.27 + 0.36 + 0.36 unch 0.33 0.08 0.11 0.24 0.31 0.26 + 0.21 + 0.17 + 0.13 +

0.03 0.03 0.16 0.01 0.01 0.01 0.00 0.01 0.00 0.05 0.01 0.01 0.05 0.06 0.02 0.02 0.02 0.01

0.31 0.39 0.37 2.86 2.37 0.25 0.55 0.69 0.36 0.49 0.25 0.35 0.55 0.68 0.33 0.80 0.30 0.50

0.10 0.13 0.22 1.26 0.99 0.01 0.26 0.30 0.19 0.24 0.03 0.04 0.18 0.23 0.05 0.04 0.04 0.02

0.25 0.60 + 0.05 0.05 + 0.00 0.06 + 0.38 0.41 0.51 0.54 + 0.00 0.05 0.06 0.06 0.00 0.04 0.37 0.42 0.46 0.53 0.35 0.43 + 0.00 0.07 unch 9.96 9.99 7.85 7.91 0.26 0.26 0.11 0.12 0.14 0.16 0.19 0.19 unch 0.04 0.05 + 0.05 0.06 0.00 1.05 2.11 2.18 + 0.00 0.08 + 0.00 0.05 unch 1.44 1.49 1.83 1.85 0.00 0.16 0.34 0.40 0.41 0.51 0.18 0.20 + 0.14 0.14 + 0.00 0.16 unch 2.61 3.06 2.12 2.43 1.15 1.15 unch 0.32 0.32 0.40 0.40 0.11 0.11 0.00 0.13 0.22 0.22 + 0.24 0.24 0.35 0.35 46.48 46.72 36.66 36.97 0.08 0.08 0.37 0.38 0.49 0.50 0.06 0.06 0.00 0.08 0.03 0.03 2.24 2.49 + 0.77 0.78 0.00 0.13 unch 0.00 0.17 unch 0.00 0.08 0.08 0.08 unch 0.05 0.05 0.03 0.04 0.46 0.48 0.15 0.17 + 0.19 0.22 + 0.36 0.45 + 0.40 0.43 + 0.00 0.05 unch 0.06 0.06 0.05 0.05 0.03 0.03 unch 0.03 0.03 unch 0.07 0.07 0.00 0.13 + 0.01 0.01 0.00 0.02 unch 0.00 0.20 0.15 0.16 0.00 0.07 unch 0.00 0.05 unch 0.92 0.98 0.69 0.80 + 4.87 4.91 3.82 3.89 0.00 1.82 0.04 0.05 unch 0.00 0.04 0.60 0.68 0.49 0.49 0.00 0.23 4.01 4.08 5.08 5.13 0.00 0.15 unch 0.10 0.13 + 0.00 0.15 + 0.00 0.25 + 0.66 0.66 + 0.00 0.54 + 0.00 0.05 unch 0.00 0.00 0.00 0.14 0.10 0.10 0.00 0.21 +

0.21 0.00 0.01 0.01 0.01 0.01 0.01 0.01 0.05 0.05 0.05 0.00 0.79 0.60 0.04 0.02 0.02 0.00 0.00 0.01 0.05 0.07 0.01 0.00 0.16 0.20 0.05 0.02 0.01 0.01 0.00 0.00 0.13 0.09 0.00 0.02 0.04 0.01 0.01 0.00 0.04 3.14 3.04 2.32 0.01 0.05 0.05 0.01 0.01 0.01 0.20 0.16 0.00 0.00 0.01 0.00 0.01 0.00 0.09 0.02 0.03 0.04 0.03 0.00 0.02 0.02 0.00 0.00 0.01 0.02 0.01 0.00 0.02 0.01 0.00 0.00 0.03 0.01 0.09 0.07 0.23 0.00 0.01 0.16 0.13 0.05 0.06 0.04 0.00 0.01 0.01 0.04 0.01 0.04 0.00 0.00 0.01 0.01 0.01

0.60 0.11 0.14 0.83 1.08 0.11 0.15 0.07 0.56 0.70 0.79 0.15 14.16 10.74 0.43 1.16 1.70 0.19 0.11 0.15 1.99 2.43 0.15 0.12 2.83 3.35 0.69 0.76 0.96 0.37 0.19 0.30 4.18 3.28 2.05 0.90 1.20 0.22 0.30 0.32 0.39 6.00 67.57 51.43 0.11 0.82 1.05 0.12 0.17 0.05 2.44 4.80 0.29 0.36 0.13 0.09 0.19 0.18 2.34 0.40 0.36 1.54 0.78 0.09 0.18 0.13 0.11 0.05 0.20 0.31 2.00 0.13 0.55 0.38 0.14 0.21 1.53 1.22 8.27 6.30 2.05 0.06 0.07 1.89 1.05 0.75 4.75 5.99 0.25 0.19 0.24 0.30 5.00 1.27

0.03 0.01 0.06 0.33 0.48 0.01 0.07 0.02 0.06 0.09 0.25 0.06 7.78 6.05 0.13 0.11 0.14 0.13 0.04 0.05 0.90 1.25 0.05 0.04 0.95 1.24 0.16 0.08 0.10 0.15 0.11 0.13 0.53 0.39 1.15 0.32 0.40 0.10 0.11 0.10 0.13 0.35 44.09 34.85 0.08 0.38 0.49 0.04 0.06 0.00 0.66 0.57 0.12 0.13 0.08 0.06 0.06 0.04 0.22 0.13 0.18 0.36 0.29 0.04 0.06 0.05 0.03 0.02 0.07 0.09 0.00 0.02 0.19 0.15 0.05 0.04 0.87 0.65 4.87 3.82 0.74 0.01 0.04 0.69 0.59 0.23 0.50 0.66 0.08 0.10 0.12 0.11 0.62 0.01

0.04 0.23 0.19 0.30

0.00 0.09 0.07 0.16

W-Z

BID-ASK — SEPTEMBER 27 — OCTOBER 1, 2021 12-MONTH STOCK

1111 Explor 79 Resources Aftermath Silv Alacer Gold Anglo-Bomarc Apex Res Arctic Fox Ven Arcturus Vent Atlanta Gold AUQ Gold Aurelius Min Aurex Energy Aust Goldfield Avarone Metals Aya Gold Baden Res Banro Corp* Barker Min Boss Power Brunswick Res Buccaneer Gold Bullion Gold C2C Gold Cache Explor Canamera Energ Cerro de Pasc Cerro Grande Cliffs Nat Res* Crystal Peak EEE Explor Electra Stone Encanto Potash Equitorial Ex Everton Res Evolution Glob Excalibur Res Exploits Disc Finore Mng

EXC

BID

ASK

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

0.07 0.10 0.24 9.41 0.08 0.07 0.16 0.02 0.03 0.33 0.13 0.04 ... ...

1.94 0.16 0.11 0.01 0.17 ...

0.06 0.06 ...

0.16 0.33 ...

0.02 1.45 0.01 0.17 0.01 0.06 0.08 0.10 0.50 0.09 ...

0.12

0.13 0.10 0.25 9.52 0.08 0.11 0.28 0.03 0.04 0.40 0.14 0.06 ... ...

2.19 0.18 0.11 0.01 0.20 0.05 0.07 0.15 ...

0.17 0.50 ...

0.02 3.20 0.02 0.19 0.02 0.07 0.08 0.10 4.00 0.10 ...

0.12

12-MONTH

LAST

HIGH

LOW

STOCK

0.08 0.12 0.25 9.47 0.15 0.10 0.14 0.03 0.03 0.40 0.14 0.05 0.47 0.04 2.01 0.18 0.11 0.01 0.17 0.03 0.06 0.10 0.11 0.16 0.32 0.29 0.02 1.43 0.01 0.17 0.01 0.06 0.08 0.03 2.00 0.10 0.59 0.11

0.08 0.25 0.33 10.82

0.07 0.10 0.05 3.50

0.14 0.16 0.13 0.04 0.40 0.15

0.09 0.14 0.01 0.03 0.25 0.03

0.47 0.15 2.50 0.20 2.10

0.42 0.03 0.82 0.13 0.10

0.14 0.28 0.15 0.33 0.39 0.34 0.04 7.17 0.10 0.25

0.05 0.01 0.03 0.09 0.25 0.12 0.02 0.98 0.01 0.15

0.12 0.37

0.05 0.07

2.00 0.11 0.62

2.00 0.01 0.13

GAR Limited General Moly* Gespeg Res Gldn Predator Global Cop Grp Goldblock Cap Golden Cariboo GoldHaven Res Goldshore Res Great Lakes Gr Green Arrow Handa Mining Highvista Gold Indico Res Inspiration Mg Intl Battery Intl Cobalt Iron South Mng Ivor Explor K9 Gold Karora Res Kodiak Copper La Imperial Latin Metals Leo Res Lida Resources Lithium South MAG Silver* Mansa Explor Mich Resources Minecorp Egy Mongoose Mg Montana Gold Napier Vent Navis Res Corp New Klondike Nexco Res North Valley

EXC

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

BID

... ...

0.06 0.15 0.07 ...

0.10 ... ...

0.05 0.02 0.04 ... ... ... ...

0.20 0.24 0.33 0.17 0.47 0.05 0.04 0.03 ... ...

0.31 12.52 0.25 0.37 ... ...

0.09 0.06 ...

0.01 ...

0.06

12-MONTH

ASK

LAST

HIGH

LOW

STOCK

... ...

0.06 0.17 0.08 ...

0.12 ...

375.00 0.05 0.03 0.05 ...

0.01 ... ...

0.25 0.27 0.38 0.24 0.48 0.06 0.15 0.04 ... ...

0.34 13.30 0.25 0.50 ...

0.12 0.10 ... ...

0.01 ...

0.12

0.15 0.11 0.06 0.16 0.08 0.32 0.10 0.42 0.11 0.04 0.02 0.04 0.17 0.01 0.03 0.31 0.26 0.24 0.32 0.24 0.48 0.05 0.06 0.03 1.09 0.24 0.31 12.52 0.19 0.37 0.12 0.12 0.10 0.07 0.30 0.01 0.30 0.10

4.13 100.00 0.10 0.36 0.11 0.32 0.15 0.45 1.20

0.13 0.10 0.06 0.12 0.04 0.16 0.02 0.06 0.48

0.04 0.06

0.02 0.01

1.08 0.28 0.42 0.28 0.73 0.13 0.09 0.16

0.06 0.04 0.28 0.16 0.20 0.04 0.05 0.02

0.27 0.66 14.40 0.22 0.48 0.20 0.22 0.10

0.13 0.24 6.12 0.08 0.22 0.07 0.05 0.02

0.40 0.10

0.13 0.10

NSJ Gold O2Gold Paleo Resource Patriot Batt Phenom Res PPX Mining Primary Energy Prospero Silvr Quinto Res Rain City Rare Element* Razore Rock Res Reliant Gold Rizal Res Rockex Mng Rockland Mnls Sierra Grande Silver Phoenix Southern Arc Southstone Min Standard Lith Supernova Met Tiger Intl Trench Metals TriMetals Mng Ubique Mineral Vale* ValOre Metals Vanadiumcorp Vatic Vent Waraba Gold West Oak Gold Whitemud Res Winshear Gold Xiana Mng Zara Res Zinco Mng

EXC

BID

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

0.12 0.23 0.02 0.09 0.68 0.04 ...

0.55 0.05 0.07 0.11 0.11 ...

0.01 0.04 0.07 0.08 0.36 0.32 0.01 6.65 0.05 ...

0.55 0.11 0.05 ...

0.06 0.10 0.05 0.19 0.11 0.01 0.12 0.07 ...

0.05

ASK

0.21 0.27 0.03 0.10 0.71 0.05 ...

1.18 0.07 0.09 0.16 0.15 0.10 0.02 0.05 0.08 0.13 0.47 0.90 0.01 6.95 0.06 0.17 0.55 0.12 0.08 ...

0.07 0.10 ...

0.30 0.19 0.02 0.14 0.08 ...

0.07

LAST

0.13 0.23 0.03 0.10 0.69 0.04 0.17 0.56 0.08 0.08 0.15 0.11 0.02 0.02 0.05 0.08 0.09 0.41 0.89 0.01 6.95 0.06 0.15 0.55 0.12 0.06 10.24 0.07 0.09 0.10 0.19 0.19 0.02 0.14 0.08 0.07 0.05

HIGH

LOW

0.37 0.37 0.04 0.18 0.76 0.06 0.82 1.35

0.13 0.06 0.01 0.08 0.24 0.04 0.16 0.51

0.12 0.89 0.25

0.05 0.06 0.06

0.09 0.11 0.35 0.90 0.93 0.04 6.95 0.19 0.30 0.22 0.12 0.10 11.10 0.13 0.13

0.02 0.01 0.06 0.41 0.24 0.01 1.02 0.05 0.07 0.04 0.03 0.03 6.57 0.07 0.04

0.70 0.19 0.03 0.15 0.12 0.22

0.19 0.13 0.01 0.05 0.06 0.07

24

WWW.NORTHERNMINER.COM

OCTOBER 11—24, 2021 / THE NORTHERN MINER

Constant Change is the New Normal DON'T GET LEFT BEHIND

The pressure has never been higher on miners to lower their environmental impact while delivering more of the metals and minerals the world desperately needs. The pace of change in the industry has been exponential – but more change is ahead.

Building on The Northern Miner's successful Progressive Mine Forum, Canadian Mining Journal's Suppliers Symposium will connect delegates with the industry leaders on the forefront of these changes. Interact with experts tackling mining's big challenges - like decarbonization - and specialists who can shed light on the essential costing piece of the puzzle.

KEYNOTE SPEAKERS

PRESENTED BY

IN PARTNERSHIP WITH TONY MAKUCH President and CEO, Kirkland Lake Gold

Global Sponsor

GEORGE HEMINGWAY Managing Partner & Head of Innovation Practice, Stratalis

Thought Leadership Partners

Silver Sponsor

Corporate Presenter

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