The Northern Miner October 14 2019 Issue 21 by The Northern Miner Group

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Fission study shaves capex, build time for PLS SASKATCHEWAN

| Underground-only plan simplifies uranium deposit’s development BY JEAN LIAN

jlian@northernminer.com

ission Uranium (TSX: FCU; US-OTC: FCUUF) has released an updated prefeasibility study (PFS) for an underground-only mine at its wholly owned Patterson Lake South (PLS) uranium project in northwestern Saskatchewan. The updated PFS follows an earlier study of an openpit and underground operation released in April. The PFS tables a 1,000-tonneper-day underground mine that will process 2.3 million tonnes grading 1.61% uranium oxide (U3O 8) for 81.4 million lb. U3O 8 over its seven-year mine life at average unit-operating costs of US$7.18 per lb. U3O8 . It forecasts a $702-million, aftertax net present value (NPV) at an 8% discount rate, and a 25% after-tax internal rate of return (IRR). This is an improvement over the hybrid study, which tabled a $693-million, after-tax NPV at an 8% discount rate, and a 21% after-tax IRR. The change from an open-pit and underground mine to an underground-only operation is also expected to yield a 21% reduction in initial capex from $1.5 billion to $1.18 billion, and shaves the construction time line from four to three years. The payback period is 2.5 years. The lower capex and shorter construction time is attributed to simplified water-control measures, the company says. The revised mining method eliminates the need for a system of dikes and slurry walls, dewatering and overburden removal, which will lower total mine-related earth movement 90% to 5.4 million tonnes — down from 51.2 million tonnes in the previous PFS, along with a 58% reduction in disturbed area. The company’s 310 sq. km PLS

project, 550 km northwest of the city of Prince Albert and 150 km north of the community of La Loche, is home to the world’s richest uranium mines. Ross McElroy, Fission’s president and chief operating officer, says the company had initially looked at mining the shallow deposit as an open pit. “Normally when the deposit is 50 metres below the surface, an open pit is your preferred method to get to it. And it showed a very viable and attractive scenario,” McElroy says. But the open-pit mining option would involve a high-capital requirement of building a berm wall around the deposit, as two of the five mineralized zones — the R780E and R1620E zones that make up the eastern region of the Triple R deposit — are located beneath Patterson Lake, where the water depth is generally less than 6 metres and overburden thickness is 50 metres. “Because you have a lake sitting there, the Patterson Lake itself, you would have had to build a berm wall around the deposit, which is certainly technically viable, and it has been done many times on several deposits in northern Canada,” McElroy says. “But it is expensive.” As a result, the company looked at the alternative of mining the deposit through an underground mine while it was completing the PFS on the open pit. “We would save a significant amount of capital of at least $300 million, or more,” McElroy says of the underground-only option. “You are still looking at just over $9 per lb. U3O8 of operating costs, almost on par with an open pit ... I’m 95% confident that the underground-only option is the way to go forward.” The uranium project hosts the See FISSION / 15

North American Palladium’s Lac des Îles palladium mine, 100 km northwest of Thunder Bay, Ontario. NORTH AMERICAN PALLADIUM

Implats offers $1B for North American Palladium M&A

| Shareholder Brookfield enters agreement to sell its 81% stake BY STEVE STAKIW

Special to The Northern Miner

yeing its first major operations investment outside of Africa, platinum group metals (PGM) producer Impala Platinum Holdings has struck a friendly deal to buy Canadian pure-play palladium producer North American Palladium (TSX: PDL; US-OTC: PALDF) in an all-cash transaction valued at $1 billion. The proposed takeover gives Implats the Lac des Îles palladium mine, located 100 km northwest of Thunder Bay, Ont., its first PGM operation outside of South Africa and Zimbabwe. The definitive arrangement agreement sees Implats acquire all of North American Palladium’s shares under a two-tiered pricing structure. Brookfield Business Partners (TSX: BBU.UN) — North American Palladium’s controlling shareholder, with an 81% interest — will sell its shares to Implats for $16 apiece, at a 19% discount to the trading price before

the announcement. The remaining minority shareholders reap a better price, getting $19.74 per share, a 15% premium on North American Palladium’s 30-day, volume-weighted average price and the exact closing price of the stock before the takeover news. In a conference call, North American Palladium president and CEO Jim Gallagher discussed the company’s turnaround and the merits of the Implats agreement. “We have a sale of the company in an all-cash deal at near-record palladium prices, and except for a two-day blip in March of this year, at near recordhigh share prices for the company,” he said. “From virtual bankruptcy four years ago, we now have a sale to the tune of $1 billion. The company has been described recently by two separate analysts that cover us as the best free-cash-flow operation in their coverage universe.” Gallagher noted that Brookfield first got involved with the company in 2013, when North American Palladium was “in financial trouble,

with a mine expansion that had gone somewhat poorly. “In May of that year, the company had tapped out all its financial resources, had tapped out the equity See NA PALLADIUM / 2 PM40069240

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OCTOBER 14–27, 2019 / THE NORTHERN MINER

Implats offers $1B for NAP NA PALLADIUM From 1

John Burzynski, president and CEO of Osisko Mining. YMP

From left: Phil Vendemini, YMP Toronto executive committee member and Barrick Gold manager; Tony Cina, Emergent Technology executive; Sean Boyd, Agnico Eagle Mines CEO; and Devlen Malone, Kinross Gold intern. YMP

Inaugural golf tournament raises funds for YMP scholarships EDUCATION

| Event raised $11,000

BY JEAN LIAN jlian@northernminer.com

ining CEOs teamed up with young mining professionals in groups of four to raise money for university scholarships at the inaugural Young Mining Professionals golf tournament in Richmond Hill, Ontario. The golf tournament on Sept. 23 at the Summit Golf and Country Club raised $11,000 for the YMP Scholarship Fund, a registered charity that donates 100% of its receipts to students. Seven CEOs took part in the tournament: David Harquail, CEO of Franco-Nevada (TSX: FNV; NYSE: FNV); Stephen Letwin, president and CEO of Iamgold (TSX: IMG; NYSE: IAG); Sean Boyd, vice-chair and CEO of Agnico Eagle Mines (TSX: AEM; NYSE: AEM); Aaron Regent, CEO and chairman of Niobic; Donald Charter, chairman of Iamgold’s board of directors; John Burzynski, president and CEO of Osisko Mining (TSX: OSK); and Shaun Usmar, founder of Triple Flag Mining Finance. YMP’s 10 scholarships this year range from $1,000 to $10,000 and are funded by Barrick Gold (TSX: ABX; NYSE: GOLD), Agnico Eagle Mines, Iamgold, Yamana Gold (TSX: YRI; NYSE: AUY), Anaconda Mining (TSX: ANX), Orefinders Resources (TSXV: ORX) and The Northern Miner. This year $44,000 will be awarded to students who are pursuing a career in the mining industry and are enrolled in mining-related programs for the 2019–2020 academic year at Canadian universities. Wellqualified, post-secondary students

Sean Boyd, Agnico Eagle Mines CEO, teeing off. YMP

in mining-related college programs are also considered. “As far as I am aware, it is the largest mining-focused scholarship in Canada,” says Stephen Stewart, chairman of YMP and the YMP Scholarship Fund, and CEO of Orefinders. The YMP Scholarship Fund was set up in 2018 and handed out three scholarships with a total value of $12,000. The scholarship fund is available only in the Toronto chapter, which Stewart cofounded along with Michael Woeller and Michael Long of KPMG in 2015. Stewart expects the YMP Scholarship fund will continue to grow. “We are committed to giving

back and promoting the industry through the development and education of young people here in Canada,” he says. Tony Moreau, business development and innovation manager at Iamgold, and one of the directors of YMP’s Toronto chapter, says the scholarships are all about supporting the industry and enriching its talent pool. “One of the problems with mining is that if you are not from Sudbury or some of those mining towns, you tend not to know about it,” he says. “We wanted to use the scholarships as a way to give back to youth, but also as a way to find talented people in the industry.” TNM

David Harquail (far left), Franco-Nevada CEO, on the golf course in Richmond Hill, Ontario.

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YMP

market and was on the brink of insolvency,” Gallagher noted. “Brookfield Asset Management stepped in at that point in time and made an initial investment of US$130 million as a loan-debt facility.” Despite making operational improvements, however, by mid-2015 — with palladium prices weakening, and North American Palladium posting a string of financials losses over multiple preceding quarters — the company tripped some financial covenants and was forced to recapitalize its loan agreement with Brookfield that saw the lender convert its debt into equity, and become a 91% shareholder. Gallagher, who was promoted from chief operating officer to CEO around the time Brookfield became the company’s top shareholder, touched on the private equity group’s vision. “The mandate from Brookfield was simple: fix the asset,” he said. “I remember standing in front of the mine site team making the announcement of Brookfield’s ownership position at 91%, and the message was clear then: they would support management, they would support the turnaround, and when that was complete, they would look at selling their position either through a full sale or a sale back into the market so that they could redeploy that capital into their business. That day has come today.” The company says it started looking for a suitor in 2018, with a major Canadian bank targeting potential parties on a global basis for expressions of interest. However, despite receiving several expressions of interest, including indicative (nonbinding) offers, none were deemed satisfactory. “Discussions with Impala began in earnest in July of this year, and obviously at that time there was a very different share price — under $14,” Gallagher said. “With a near 50% appreciation through the course of the discussions on the deal, of course, as you might imagine, this added some dynamics to the negotiation process. An agreement was reached at a certain price in the $16 range and then the share price continued to move forward. And ultimately both Impala Platinum and Brookfield wanted to ensure that the minority shareholders received their full value, and that resulted in arriving at a split price.” North American Palladium’s initial business dealings with Implats date back to 2017 through a joint venture on the major’s partly owned Sunday Lake PGM project, 60 km south of the Lac des Îles mine. In August of this year, North American Palladium completed its stage-one option terms, vesting a 51% interest in the project by spending $1.5 million on exploration and making payments of $750,000. “Of all the parties that took a look at us over the last few years, this is

definitely the best financial deal that was put on the table, but also likely the best home for the mine and for the team,” Gallagher told analysts and investors on the conference call. With the boards of both North American Palladium and Implats approving the deal, and major shareholder Brookfield entering an agreement to sell its 81% stake, it looks ready to go. However, there is a 30-day, modified go-shop period where North American Palladium can review other offers. If a better offer is accepted during the 30-day window, a $24.5-million termination fee is payable to Implats. Beyond the 30 days, the break fee rises to $37.7 million. Implats also has the right to match any superior proposal within five business days. Both companies aim to close the deal by year-end, subject to standard government and regulatory approvals. The transaction also requires two-thirds of North American Palladium shareholders’ approval at a special meeting. But with Brookfield owning 81%, the vote looks like a formality. North American Palladium’s Lac des Îles mine has operated since 1993, and is forecast to produce 220,000 to 235,000 payable oz. palladium in 2019. The company is in the process of an operational expansion program to ramp up its 6,000-tonne-per-day underground production rate towards 12,000 tonnes per day by 2021. Some analysts were critical of the deal’s valuation. GMP Securities mining analyst David Stewart called the impact negative in his note, and points out that the deal values North American Palladium at just 0.58-times spot net asset value (NAV) in his model and based on the cash offer to common shareholders, and at 0.49-times spot NAV based on the average cash offer to all shareholders. Stewart also notes that North American Palladium has been ramping-up underground output and was looking forward to seeing shareholders benefit from resource and reserve conversions after this year’s exploration programs. Derek Macpherson, vice-president of research at Red Cloud Securities, described the impact as positive, but also thinks the deal “represents a significant discount to our prior fair value estimate of $28 per share, suggesting there is still room for a higher bid.” However, he does concede that the probability of a higher bid for the minority shareholder’s position is unlikely. Implats is one of the world’s largest PGM producers, with operations focused around the Bushveld Complex in South Africa and the Great Dyke in Zimbabwe. In 2018, the company produced 1.47 million oz. platinum and 849,300 oz. palladium. After the takeover announcement, North American Palladium’s shares closed up a cent at $19.75, giving the company a market capitalization of just over $1 billion. TNM

The headframe at the Lac des Îles palladium mine. NORTH AMERICAN PALLADIUM

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OceanaGold expands exploration target at Martha in New Zealand NEW ZEALAND BY TRISH SAYWELL

tsaywell@northernminer.com

ince picking up the Waihi property in New Zealand from Newmont for US$100 million four years ago, OceanaGold (TSX: OGC) has extended the mine life of its Correnso underground gold mine by three years — generating US$200 million of free cash flow. It has also fully permitted an underground mine 1 to 2 km away, which it hopes to put into production by 2021. The underground mine sits below a past-producing, open-pit mine called Martha, which was closed in 2015 due to a pit wall failure. OceanaGold started chasing veins below the 200-metre pit bottom in 2017, and since then has defined gold mineralization to a depth of 550 metres, where it remains open. “We have been drilling there pretty extensively for about two and a half years and have been getting some pretty good widths, and very high grade,” Sam Pazuki, the company’s head of investor relations, says in an interview. “These veins we’re drilling are larger than we expected, so it’s quite exciting stuff.” Some of the major veins in the pit — Martha, Empire and Royal — have been mined for 30 years, but extend at depth. “We thought there might be a point where they started pinching, but as we have gone deeper, we find that these veins are still continuing at depth and are getting wider, as well.” Because it’s a low-sulphidation epithermal system, “the geology is favourable for additional discoveries,” Pazuki adds, and OceanaGold’s geologists are finding more veins. “The other veins we’re hitting are smaller — they’re not as wide — but they are high grade, as well, so we’re making new discoveries.” OceanaGold found the Rex vein a year and a half ago, and the Dreadnought vein 10 months ago. Recent drill results include 38 metres grading 8.1 grams gold per tonne and 10.1 grams silver per tonne on the Edward–Martha veins; 12 metres of 13.7 grams gold and 32.9 grams silver on the Empire vein; 4 metres of 31.7 grams gold and 100.7 grams silver on the Rex vein; and 5 metres of 19.2 grams gold on the Dreadnought vein. “When we first started drilling Martha underground we didn’t have any ounces on the books, but we had historic data because a lot of the area had been mined in the 1880s,” Pazuki says. “We even opened up some old stopes and found they were backfilled with 5- to 10-gram material, which back then was considered low grade.” In March, OceanaGold updated its August 2018 resource estimate. The new estimate shows that indicated resources have grown 136% to 331,000 contained oz. gold within 2.13 million tonnes grading 4.84 grams gold per tonne, while inferred resources have risen 97% to 667,000 contained oz. gold, within 4.52 million tonnes grading 4.59 grams gold per tonne. Last month Oceanagold increased its exploration target from its previous 5 million to 8 million tonnes grading between 4 and 6 grams gold per tonne to 8 million to 10 million tonnes at the same grade. The new exploration target is based on the company’s assessment of surface and underground drill data it has collected, as well as historic and archived geological and mine data.

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| Fully permitted project could start production as early as 2021

The company plans to drill test its revised exploration target during 2020 and 2021, and identify and define mineralization along sections of the Martha, Royal, Empire, Edward and Rex veins, and associated structures. So far it has drilled 77,500 metres, or 60% of its planned drill program at Martha, and is running seven underground rigs and two surface rigs. The underground rigs are drilling along two exploration drives that are 120 metres apart, and the company plans to provide resource updates over the next 12 months. It is also starting work on a preliminary economic assessment (PEA) that will look at the Martha underground project and the nearby WKP prospect. In February the company issued a resource estimate on WKP of 0.41 million tonnes grading 18 grams gold per tonne and 22.7 grams per tonne silver for 234,000 contained oz. gold and 296,000 oz. silver on the East Graben vein. Inferred resources on the East Graben and T-Stream veins add 1.05 million tonnes averaging 11.9 grams gold and 16.8 grams silver for 401,000 oz. gold and 568,000 oz. silver. Pazuki notes that analysts value Waihi at US$150 million, but assign “virtually zero value” to WKP. “They’re giving us little value, because it’s early days,” he says. “They’re taking a very conservative approach ... but that represents the opportunity for investors.” The company’s flagship asset is its Didipio mine in the Philippines. The mine has been shut down while the company awaits renewal of its mining lease. In the meantime, there is US$50 million of concentrate stockpiled at the site. Pazuki says OceanaGold is confident the mining licence will be renewed and that the process “is going in the right direction — we’re getting positive support from different levels of government, from the regulator, and very strong support from the local community.” Over the last year, OceanaGold’s shares have traded in a range of $2.85 to $5.01 per share, and at press time were at $3.54 apiece. The company has 622 million common shares outstanding for a $2.2-billion market capitalization. Daniel Morgan of UBS in Australia upgraded OceanaGold to a “buy” rating on Sept. 19. “The share price has declined about 23% in 2019, year-to-date, underperforming the gold price, which has rallied 16% year-to-date, and the S&P/ASX 200 Gold Index, which has rallied 40%,” the mining analyst says in a research note. “This is due ... to the regulatory issues at Didipio, and to a lesser extent, production issues at Haile

The Martha pit at OceanaGold’s Waihi gold mine in New Zealand. OCEANAGOLD

A drill targets gold beside a rugby field at OceanaGold’s Waihi gold project on New Zealand’s North Island. OCEANAGOLD

“WHEN WE FIRST STARTED DRILLING MARTHA UNDERGROUND WE DIDN’T HAVE ANY OUNCES ON THE BOOKS, BUT WE HAD HISTORIC DATA BECAUSE A LOT OF THE AREA HAD BEEN MINED IN THE 1880S. WE EVEN OPENED UP SOME OLD STOPES AND FOUND THEY WERE BACKFILLED WITH 5- TO 10-GRAM MATERIAL, WHICH BACK THEN WAS CONSIDERED LOW GRADE.” SAM PAZUKI HEAD OF INVESTOR RELATIONS, OCEANAGOLD

... We assess that the share price does not include value for Didipio, so resolution would be a materially positive catalyst. Sequential production and cost improvement over the coming quarters at Haile should also, in our view, be positive catalysts.” The first two months of the year at its Haile mine in South Carolina, U.S., were challenging, with low production, productivity and high costs. For much of the first quarter, the mine remained saturated after

heavy rainfall in the fourth quarter of 2018 and the start of 2019. Access to higher grades was restricted and pre-stripping the saprolitic clay material was challenging. But the operation improved in the second quarter, and, despite accelerated pre-stripping operations, quarteron-quarter production increased

45%, unit cash costs decreased 39% and all-in sustaining costs decreased 23%. The company reported consolidated production for the first half of the year from Haile, Waihi, Didipio and its Macraes operation in New Zealand of 254,972 oz. gold and 7,871 tonnes copper. TNM

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Funds demand more tailings transparency EDITORIAL

| Initiative picks up steam but more needs to be done

GROUP PUBLISHER/ PUBLISHER: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com ACTING EDITOR-IN-CHIEF AND SENIOR REPORTER: Trish Saywell, BA, MA, MSC (JOUR) tsaywell@northernminer.com CONTENT SPECIALIST Jean Lian, BA (ENGL LIT) jlian@northernminer.com COPY EDITOR: Isa Cunanan, HBSC (PROFESSIONAL WRITING, HEALTH SCI COMM)

icunanan@northernminer.com CONTENT SUPERVISOR: David Perri, BA (POLI SCI) dperri@northernminer.com ONLINE EDITOR: Adrian Pocobelli, MA (ENGL) apocobelli@northernminer.com EDITOR, DIAMONDS IN CANADA: Alisha Hiyate, BA (POLI SCI, HIST) ahiyate@northernminer.com ADVERTISING: Joe Crofts (416) 510-6816 jcrofts@northernminer.com Michael Winter (416) 510-6772 mwinter@northernminer.com SUBSCRIPTION SALES/ APPOINTMENT NOTICES/ CAREER ADS George Agelopoulos (416) 510-5104 (Toll free) 1-888-502-3456, ext. 43702 gagelopoulos@northernminer.com PRODUCTION MANAGER: Jessica Jubb (416) 510-5213 jjubb@glacierbizinfo.com CIRCULATION/CUSTOMER SERVICE: Laura Arnold (416) 510-5135 (Toll free) 1-888-502-3456 northernminer2@northernminer.com REPUBLISHING: (416) 510-6768 moliveira@northernminer.com ADDRESSES: Toronto Head Office: 225 Duncan Mill Road, Suite 320 Toronto, ON, M3B 3K9 (416) 510-6789 tnm@northernminer.com Western Bureau: 303 West 5th Avenue Vancouver, BC, V5Y 1J6 (604) 688-9908 SUBSCRIPTION RATES: Canada: C$120.00 one year; 5% G.S.T. to CDN orders. 7% P.S.T. to BC orders 13% H.S.T. to ON, NL orders 14% H.S.T. to PEI orders 15% H.S.T. to NB, NS orders U.S.A.: US$120.00 one year Foreign: US$157.00 one year GST Registration # 809744071RT001 (ISSN 0029-3164) CANADA POST: Return undeliverable Canadian addresses to Circulation Dept. c/o The Northern Miner 225 Duncan Mill Road, Suite 320 Toronto, ON M3B 3K9 Publication Mail Agreement #40069240 Periodicals Postage Rates paid at Niagara Falls, NY, 14304. U.S. office of publication 2424 Niagara Falls Blvd, Niagara Falls, N.Y. 14304. U.S. POSTMASTER: send address corrections to: Northern Miner Box 1118 Niagara Falls, N.Y. 14304.-7118

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ess than a week after the Jan. 25 tailings dam collapse at Vale’s Feijao iron ore mine in Brazil that killed 251 people and left 19 missing, the Church of England Pensions Board, along with Sweden’s Public Pension Funds Council, Dutch funds APG and Robeco, New Zealand Super, the U.K.’s LGPS Central and Canada’s BMO Global BY TRISH SAYWELL tsaywell@northernminer.com Asset Management — together representing over US$1.3 trillion in assets — jointly called for a global independent public classification system that would monitor the safety risk of tailings dams. The Church of England Pensions Board estimates there are 18,000 tailings storage facilities (TSFs) worldwide, 3,500 of which are active, but says there is no consolidated public register of them. “Without a global register, the precise scale of the risks are not clear, nor is it clear which company has responsibility for which facilities,” it says. “This proposal will drive a new level of accountability and transparency within the mining sector,” Adam Matthews, director of Ethics and Engagement for the Church of England Pensions Board, stated on Jan. 31. “Simply put, these failures of tailings dams should not be happening. These are not black-swan events.” Within a month, the number of investors and investment funds that had joined the Investor Mining & Tailings Safety Initiative had grown to over US$6.5 trillion in assets under management. By mid-April, the number had soared to more than US$12 trillion in assets under management from over 100 investors. The Church of England Pensions Board alone manages funds in excess of US$2.8 billion, and receives advice from the Church’s Ethical Investment Advisory Group on all issues relating to the ethics of investment. It says it engages “directly with companies about aspects of their business activities that concern us.” Since April 5, the Investor Mining & Tailings Safety Initiative, which is governed by a steering committee chaired by the Church of England Pensions Board and the Council on Ethics of the Swedish AP Funds, has sent letters to the board chairs and CEOs of 726 publicly listed companies in the extractive sector, including oil and gas firms, requesting they disclose information about their TSFs. The disclosure is supposed to include all tailings facilities in which a company has any interest, through subsidiaries, partnerships or joint ventures, even if the corporation itself is not the operator. The letter also recommended that the companies should accompany their disclosures with “plans to communicate directly with communities that may be affected by the company’s TSF footprint.” The companies were given a June 7 deadline to respond to the letter and post the disclosure on their websites. The Church of England Pensions Board recently published a progress report, and the results seem mixed at best. As of Oct. 1, more than half, or 418 of the 726 companies (58%), had not responded to the request. Of the 308 companies (42%) that did respond, 178 (25%) confirmed they did not have TSFs, and 92 said they did. Another 38 companies did not say whether they had TSFs or not, but requested more time to complete their disclosure. Breaking down the numbers for the mining sector alone, 37 of the top-50 largest mining companies responded and made disclosures, which the Church of England Pensions Board stated “has resulted in information about thousands of tailings dams/facilities being made public on company websites.” Overall, 69% of the mining industry by market capitalization responded, including all of the 22 publicly listed members of the London-based International Council on Mining and Metals, which brings together 26 mining and metals companies, and 35 regional and commodities associations. While these efforts by the Investor Mining & Tailings Safety Initiative underscore the growing importance of environmental, social and governance (ESG) criteria for fund managers, particularly in Europe, it’s time for the rest of the world to catch up and get on board. Increasingly, large institutional investors and even smaller funds have ESG-dedicated analysts within their firms, or hire independent third parties to analyze how the companies in which they invest meet their broader sustainability goals. Companies that ignore this trend do so at their own peril. On Oct. 1, yet another tailings dam failure occurred in Brazil — this time at a mine in Mato Grosso. Reuters reported that the breach injured two people and left a 2 km “trail of mining waste.” The news agency said the dam was “registered under the name of an individual wildcat miner rather than in the name of a mining company.” This latest failure and the tragic events at Vale’s Feijao mine earlier this year follow the deadly tailings spill, also in Brazil, at Vale and BHP Billiton’s Samarco iron ore mine in November 2015 that killed 19 people. In August 2014, a massive tailings spill at Imperial Metals’ Mount Polley copper-gold mine in Canada sent millions of cubic metres of tailings into the Quesnel Lake watershed. Come on people, it’s 2019. We have to get this right. TNM

COMPANY INDEX Agnico Eagle Mines . . . . . . . . . 2 Anaconda Mining. . . . . . . . . . . 2 Anglo American Platinum . . 14 Antofagasta. . . . . . . . . . . . . . . . . 9 Barrick Gold. . . . . . . . . . . . . . . . 2 Brookfield Business Partners . . . . . . . . . . . . . . . . . . 1 Buenaventura. . . . . . . . . . . . . . 11 Coeur Mining . . . . . . . . . . . . . 11 Eldorado Gold. . . . . . . . . . . . . . 6 First Majestic Silver. . . . . . . . . 11 Fission Uranium. . . . . . . . . . . . 1 Fortuna Silver Mines. . . . . . . 12 Franco-Nevada . . . . . . . . . . . . . 2

Franklin Resources. . . . . . . . . 10 Fresnillo. . . . . . . . . . . . . . . . . . . 11 Hecla Mining. . . . . . . . . . . . . . 12 Hochschild Mining. . . . . . 12,15 Iamgold. . . . . . . . . . . . . . . . . . . . 2 Impala Platinum Holdings. . . . . . . . . . . . . . . 9,14 Integra Resources . . . . . . . . . . . 6 Kinross Gold . . . . . . . . . . . . . . . 6 Lundin Mining. . . . . . . . . . . . . . 9 MAG Silver. . . . . . . . . . . . . . . . 12 New Pacific Metals. . . . . . . . . 12 North American Palladium. . . . 1,9,10

OceanaGold. . . . . . . . . . . . . . . . 3 Orefinders Resources. . . . . . . . 2 Osisko Mining. . . . . . . . . . . . . . 2 Pan American Silver. . . . . . . . 11 Platinum Group Metals. . 10,13 Rio Tinto. . . . . . . . . . . . . . . . . . . 9 Sibanye Gold . . . . . . . . . . . . . . 10 Silvercorp Metals. . . . . . . . . . . 12 Talon Metals. . . . . . . . . . . . . . . . 9 Transition Metals. . . . . . . . . . . . 9 Wesdome Gold Mines. . . . . . . 8 Yamana Gold. . . . . . . . . . . . . . . 2

Drillers at SilverCrest Metals’ Las Chispas silver project in Sonora state, Mexico. SILVERCREST METALS

Market sentiment sweetening for silver, report says METALS COMMENTARY

| Macroeconomic conditions could propel metal higher

The following is an edited excerpt from the “Global Silver Investment” report prepared by Metals Focus for The Silver Institute. Visit www.silverinstitute.org for complimentary access to the full report.

nvestor sentiment has strengthened for silver (as well as the wider precious metals complex), in contrast with recent years’ activity, when many institutional investors had been skeptical towards the metal. This ref lects silver’s underperformance to gold over a near-uninterrupted, eight-year period (the gold-to-silver ratio rose from 30.5 in April 2011 to a multi-decade high of 93.5 in July 2019). Investors also saw prices surpass US$50, and the rapid retreat when so many were caught out. That such dramatic events are possible reflects the modest size of global silver investment, where relatively small inflows or liquidations can disproportionately affect the market, leading to heightened price volatility, such as that seen less than a decade ago. Another challenge facing potential silver investors is the market’s depth of liquidity, including the availability of counterparts, to execute significant trades. A comparison between the size of silver and gold investment across asset classes brings this into focus. Looking first at investor exposure on Comex, as of the end of July, the value of net long-managed money positions in silver stood at US$5.2 billion (equivalent to 312.8 million oz., or 9,729 tonnes) compared with US$26.6 billion for gold (18.6 million oz., or 578 tonnes), some five times higher. Hypothetically (and assuming all else remains equal), a relatively modest 5% rotation out of gold in favour of silver would see positioning in the latter rise a dramatic 25%. While such

THE MODEST SIZE OF GLOBAL SILVER INVESTMENT MEANS THAT RELATIVELY SMALL INFLOWS OR LIQUIDATIONS CAN HAVE A DISPROPORTIONATE AFFECT ON THE MARKET. a move would see the gold price weaken, it could have a massive impact on silver. When it comes to exchangetraded products and retail investment, the difference between gold and silver investment demand is more pronounced. For the former, total silver holdings at the end of July amounted to US$11.5 billion (706.2 million oz., or 21,964 tonnes) against US$109 billion (77.2 million oz., or 2,400 tonnes) for gold — nine times greater in value. However, this pales against the difference for silver and gold physical investment, with the latter 17 times greater than for silver. The value of global silver coin and bar demand in 2018 stood at US$2.6 billion (165.7 million oz., or 5,155 tonnes), compared with US$44 billion (34.7 million oz., or 1,080 tonnes) for gold. Given that the macroeconomic environment is becoming more supportive of higher gold prices, the modest value of investor exposure towards silver suggests there is room for growth. That said, each area of silver investment may respond in different ways, which is further explored in Metals Focus’ Global Silver Investment report prepared for The Silver Institute.

2019-10-08 7:59 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 14–27, 2019

Four industry pioneers named to Canadian Mining Hall of Fame HONOURS In 2020, the Canadian Mining Hall of Fame will welcome four new inductees: P. Jerry Asp, Alex G. Balogh, Hans T.F. Lundberg and Eberhard (Ebe) Scherkus. The thirty-second annual induction dinner will take place on the evening of Jan. 9, 2020, in Constitution Hall at the Metro Toronto Convention Centre. The Northern Miner is a cofounding sponsor of the Hall of Fame, along with the Canadian Institute of Mining, Metallurgy and Petroleum, the Mining Association of Canada and the Prospectors & Developers Association of Canada (PDAC). For more information and for tickets to the event, visit www.mininghalloffame.ca/annual-ceremony.

P. Jerry Asp

P. Jerry Asp (b. 1948) P. Jerry Asp is one of Western Canada’s most prominent Indigenous leaders and a tireless advocate for the inclusion of Indigenous Peoples in the mining industry. His leadership skills came to the fore in the 1980s, during a mineral exploration and mining boom in the “Golden Triangle” of northwestern British Columbia. As a chief and member of the Tahltan Nation, he understood his community’s concerns about development taking place on their traditional lands. Yet having worked in the mining industry since 1965, he also recognized the potential for employment and business opportunities, and to build skills and capacity in the community. In 1985, Asp founded the Tahltan Nation Development Corp. (TNDC) as GM and became president in 1987. His goal was to negotiate partnerships between TNDC and mining companies, starting with the Golden Bear mine, which required a 1.6 km access road across Tahltan territory. The concept was new at the time, but Asp negotiated the first impact benefit agreement in the province’s history, which included road construction and other contracts at Golden Bear. TNDC went on to sign contracts at other mines, such as Eskay Creek and Red Chris, and became the largest native-owned and operated heavy construction company in Western Canada. The unemployment rate fell to almost zero in the 1990s and has remained low, as TNDC diversified to other sectors, such as road maintenance, hydroelectric power lines and “green energy” projects. In recent years, Asp has focused on building bridges of understanding between the mining sector and Indigenous Peoples, and challenging misconceptions that hinder the reconciliation process. He is proud of the Tahltan’s history of mining and trading obsidian along the West Coast, and notes that his grandfather was a placer gold prospector. Asp is

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| Inductees fuelled mineral development in distinct ways

an advocate of skills training and apprenticeship programs, a legacy of his early years as an underground miner and driller, captain of a mine rescue team and president of the only all-native United Steelworkers’ local in North America. It was a natural progression for him to work with government and industry to create training and economic development opportunities for Indigenous Peoples in Canada and around the world. He was instrumental in developing the Aboriginal Toolkit for Mining, which won an award from the UN as the best educational document of its kind in 2007. Asp was a founding member of what became the Canadian Aboriginal Minerals Association and served as its vice-president from 1991 to 2013. In 2014, he cofounded the Global Indigenous Development Trust to help educate and build alliances between Indigenous communities and mining companies around the world. Through this program, he has shared Canadian best practices for building partnerships between industry and Indigenous Peoples, with hundreds of Indigenous communities across 15 countries and five continents. Asp has received many awards for his trailblazing role in helping to build inclusive relationships between the mining industry and Indigenous Peoples. In 2011, he was the recipient of PDAC’s prestigious Skookum Jim Award for his exceptional achievements. He was awarded the Queen Elizabeth II Diamond Jubilee Medal in 2013, followed by the Frank Woodside Past Presidents Distinguished Service Award by AME BC in 2015. In 2017, he received the Indspire Award in Business and Commerce, the highest honour the Indigenous community bestows on its own achievers.

Alex G. Balogh

Alex G. Balogh (b. 1932) During an illustrious career spanning 50 years, Alex Balogh earned his place in a select group of industry leaders who shaped and built Noranda and Falconbridge into the most successful mining and metallurgical giants in Canadian history. He has the rare distinction of contributing to the growth of both companies, starting with Noranda, which he joined at Gaspé Copper in 1954 after earning a degree in metallurgical engineering from McGill University in his home city of Montreal, Quebec. An early achievement while a shift foreman was the development while working with others of the now-famous “Gaspé puncher” that improved the operating efficiency and working conditions of copper converters. Heath & Sherwood subsequently licensed this machine worldwide. Another first as a civic activity and initially as a hobby was the founding with R. Ford of bilingual newspaper the Gaspe Peninsula Voyageur, which served the Gaspé region for

over 15 years. Balogh’s greatest contribution to the mining industry and to society was in the 1970s, with the introduction of Noranda’s continuous smelting and converting process at the Horne smelter in Quebec. This pioneering process improved energy and environmental efficiency, eliminated the emission of sulphur dioxide into the atmosphere — mitigating the “acid rain” issue — and ensured the longevity of the Horne smelter, which could treat a variety of feed materials as other smelters closed. Balogh brought the same focus on responsible growth as he transitioned to executive positions at Noranda. He oversaw Noranda’s investment in Falconbridge in 1989, and served as president and CEO of both companies in the 1990s. He developed several major mines during this period — notably the Raglan nickel project in Quebec’s Ungava region. The main challenge facing the stalled project was the remote location and short window to move concentrates to an existing smelter. Balogh supported tests by a new ice-breaking vessel, which solved the shipping problem. The mine began in 1997. He encouraged innovative technology to maximize the value of the giant Collahuasi copper mine in Chile, and the Antamina copper-zinc mine in Peru. Balogh was president and CEO of Falconbridge from 1989 to 1991, and chairman from 1994 to 2003. He was a senior executive at Noranda Mines from 1976 to 1988, president and CEO of Noranda Minerals from 1991 to 1994, and deputy chairman of Noranda Inc. from 1994 to 2003. During that time, Noranda enjoyed remarkable growth and had more than 30,000 employees worldwide by 1996, with total assets of almost $15 billion. The 2005 merger of Noranda and Falconbridge set the stage for

one of the world’s largest mining and metallurgical conglomerates. While a wave of industry consolidation saw the merged entity acquired by a multinational miner a year later, the legacies of its builders and leaders live on and continue to benefit all Canadians. After retirement Balogh served the mining sector as a consultant, corporate director, mentor of young geoscientists, and strong supporter of industry associations and causes. In 2002, he received the CIM Vale Medal for Meritorious Contributions to Mining “in recognition of his many contributions as a metallurgical engineer, operations manager, and executive in the development of technologies, which resulted in low-cost, environmentally sound operations for producing copper, zinc and nickel.”

Hans T. F. Lundberg

Hans T. F. Lundberg (1893–1971) Few people have done more to introduce science and technology to mineral exploration than Hans See HALL OF FAME / 16

The Art and Humour of John Kilburn Cartoons from A hilarious, 262-page anthology of mining cartoons by The Northern Miner’s resident cartoonist John Kilburn. Unique in its scope and ambitions, this anthology gathers the best Northern Miner cartoons created over 25 years by John Kilburn, a Vancouver-based mining professional who has worked in Western Canada as a mining engineer, broker, journalist, equity analyst and investor. Kilburn stylishly captures the mining sector’s biggest events over the past quarter century as well as its perennial conundrums with a cast of characters that includes engineers, geologists, miners, promoters, executives and environmentalists. Joining the cast are coal mine canaries, camp dogs and llamas, plus a special appearance by Santa. With a foreword by Pierre Lassonde, cofounder and chairman of Franco-Nevada, an introduction by John Cumming, editor-in-chief of The Northern Miner, and hundreds of boisterous JK mining cartoons like you’ve never seen them before. Specifications: 7.8” by 10”, 262 pages, B&W with a colour cover, ISBN 978-1-987932-00-3 C$34.99 plus shipping and applicable taxes.

$34.99

To order by phone, call toll-free: 1-888-502-3456 ext. 43702 For more information and to order online visit: www.northernminer.com/jk

2019-10-08 7:59 PM

WWW.NORTHERNMINER.COM

OCTOBER 14–27, 2019 / THE NORTHERN MINER

In the core shack at Integra Resources’ DeLamar gold property in southwestern Idaho, from left: Tim Arnold, vice-president of project development; Kim Richardson, project consultant and former mine superintendent; and Stephen de Jong, chairman. INTEGRA RESOURCES

Integra completes ‘exceptional’ PEA on DeLamar IDAHO BY TRISH SAYWELL

tsaywell@northernminer.com

preliminary economic assessment (PEA) of Integra Resources’ (TSXV: ITR; USOTC: IRRZF) DeLamar project in southwestern Idaho envisions a 10year mining operation producing an average of 124,000 equivalent oz. gold per year. The junior completed the study in just two years after acquiring the project from Kinross Gold (TSX: K; NYSE: KGC) in 2017. At the time of the sale, the project lacked a resource estimate. Today the project’s measured and indicated resources stand at 3.9 million equivalent oz. gold, with another 500,000 equivalent oz. gold inferred. The early-stage study outlines an open-pit, heap-leach operation with a 27,000-tonne-per-day heap leach facility complemented by a 2,000-tonne-per-day mill that would generate after-tax free cash f low of US$61 million annually, based on all-in sustaining costs of US$619 per oz. net of silver byproducts, or US$742 per oz. on a gold-equivalent, coproduct basis. Preproduction capex of US$161 million could be paid back in just under two and a half years, according to the study, which used gold and silver prices of US$1,350 and US$16.90 per ounce. At a 5% discount rate, the project’s after-tax net present value comes to US$358 million and its internal rate of return, 43%. “The economics of DeLamar are truly exceptional,” George Salamis, the company’s president and CEO, says in an interview. “It’s pretty clear to us that we’re looking at an asset that is a company builder — whether it’s a company builder for us, Integra or someone else — there’s a mine to be built here, obviously subject to doing feasibility and permitting work. There aren’t too many assets of this quality left, certainly not in the western United States. Deposits that are this large, this scaleable, with this

1-16_OCT14_Main .indd 6

| Two past-producing mines ready for modern exploration

much upside potential in a tierone jurisdiction and with all this accessible infrastructure — there just aren’t many around.” The DeLamar project, 160 km from Boise, consists of two pastproducing mines — DeLamar and Florida Mountain — which shut down in 1998 due to low precious metal prices, after producing 1.6 million oz. gold and 100 million oz. silver. “Those assets were shut down not because of exhausted resources in the ground, but purely because there were no margins to be made at sub-US$300 gold,” Salamis says. “It was nuclear winter back then, and the world saw many mines shutting down.” Ninety percent of the PEA was based on the project’s measured and indicated resources of 172.37 million tonnes grading 0.43 gram gold per tonne and 21 grams silver per tonne for 2.38 million contained oz. gold and 116.51 million oz. silver. Inferred resources stand at 28.27 million tonnes grading 0.38 gram gold and 13.5 grams silver for 343,000 contained oz. gold and 12.24 million oz. silver. “This study is simply a starting point for us,” Salamis says. “This is Integra’s first PEA at DeLamar, and the fundamental numbers are excellent — the returns look great — but we really think we can add to the resources used in the model. A large portion of the DeLamar unoxidized resource was excluded from this study, and there remain substantial undrilled areas with strong upside potential for additional oxide and transitional gold-silver mineralization along the margins of the current DeLamar and Florida Mountain resources. It’s a foregone conclusion that we will be looking to include more ounces — be they heap leached or milled ounces — into future studies. We believe the option of a larger production profile at DeLamar is possible, and something we will aim to showcase in coming studies.” Work will begin on a prefeasibility study in the next few months.

“DEPOSITS THAT ARE THIS LARGE, THIS SCALEABLE, WITH THIS MUCH UPSIDE POTENTIAL IN A TIER-ONE JURISDICTION AND WITH ALL THIS ACCESSIBLE INFRASTRUCTURE — THERE JUST AREN’T MANY AROUND.” GEORGE SALAMIS PRESIDENT AND CEO, INTEGRA RESOURCES

Integra plans to drill between 15,000 and 20,000 metres this year, and into the first two months of 2020. The company has two drill rigs on-site, one doing metallurgical sampling work for future studies and the second, exploration work. It has outlined a series of highpriority, gold-silver step-out targets designed to expand the large oxide and transitional gold-silver resource base next to the current resource limits. These targets also host geochemical anomalies, positive geophysical signatures and indicate historic underground mining in the late 1800s, which have never been explored with modern drilling. “We’re stepping out from the edges of the Florida Mountain deposit, and looking to add to that oxide and transitional resource because we think it’s the easiest, lowest-hanging fruit,” Salamis says. “The current PEA has demonstrated there is a lot of heap-leach potential at the project — the lowest-cost form of mining and processing there is. So, in our view, one of the best ways to keep adding value is to find more oxide and transitional mineralization at both DeLamar and Florida Mountain. On the margins and on strike of these deposits, exploration drilling has been virtually nonexistent, and the geophysics and geochemistry that we have completed indicate that there are zones that go on for 500 metres or 1,000 metres beyond what has currently been defined by drilling ... this represents one of the most obvious ways to build on what has been presented in this

current PEA.” At the same time, he says, the project’s high-grade component hasn’t been explored to any extent. “There are near-vertical structural or vein features that are extremely high grade that were mined by old-timers back in the late 1800s and early 1900s, grading 30 to 60 grams gold per tonne, and those have never been explored for in a modern sense,” he says. “On occasion at both DeLamar and Florida Mountain we have hit some of these veins, and they’re truly spectacular grades, like 20-gram averages over 3 metres, but we have never gone after them in a concerted fashion. So not only are we going to continue looking for low-grade, oxide-transitional mineralization, but we’re also going to focus on the high-grade origins of the district, and that campaign will start in about three or four weeks from now.” The exploration program will be funded by a $12.5-million, nonbrokered financing the company closed in August. Integra has drilled more than 30,000 metres at DeLamar so far — the first exploration on the property in over 25 years. “We’re going to transition into prefeasibility- and feasibility-level studies later this year and into next year. We believe the key here, just like it was at Integra Gold, is to keep that balance between the important de-risking steps of upgrading studies, while concurrently highlighting the exciting exploration potential that shareholders love

to see,” Salamis says. “We’re going to keep that concerted exploration effort going of between 20,000 and 30,000 metres of exploration drilling every year, to show that what we’re looking at next is going to look bigger than what we put out last. This district is so under-drilled, and it’s our goal to remedy that.” The management team is made up of the former executive team at Integra Gold, which was sold to Eldorado Gold (TSX: ELD; NYSE: EGO) in July 2017, in a deal worth $590 million. In early September, the company strengthened its board with the addition of C.L. “Butch” Otter, who was the 32nd governor of Idaho from 2007 to 2019. “He’s going to be pretty key to the growth of this company and unlocking the value in Idaho,” Salamis says. “This was one component we were missing at the company and board level, the in-state familiarity with the bureaucratic landscape and permitting … welcoming a former governor was a powerful addition for us.” The company is debt-free and has $16 million in cash in its treasury, which is more than enough to take it beyond the end of this year and into next year, Salamis says. Moreover, he adds that “in all of the financings we have done to date, we have resisted the temptation to issue warrants. We have got a really loyal following of shareholders, some very large institutions from the U.K. and North America, who have been participating in all these financings and are very happy with what they have seen so far, so it’s been great.” Integra has raised $52 million in gross proceeds through three financings, and 61% of its shareholders are institutions and highnet-worth individuals. The company has 92 million common shares outstanding for a $124-million market capitalization. At press time it was trading at $1.35 per share in a 52-week range of 61¢ to $1.38. TNM

2019-10-08 7:59 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 14–27, 2019

Surviving Soviet-style exploration ODDS ‘N’ SODS

| Navigating past man-made anomalies and explosive prospects

BY RALPH RUSHTON Special to The Northern Miner

fter the collapse of the Iron Curtain, Eastern Europe was a rich hunting ground for mineral exploration companies. In the mid-1990s, I was part of a small, enthusiastic team assembled by Anglo American under the banner of its subsidiary, Minorco. Anglo essentially gave us carte blanche and a decent budget to conduct reconnaissance exploration along the Tethyan belt from Hungary through to Pakistan, with the odd ad hoc side trip to visit other regions of interest. The Soviet-style exploration carried out under communism was pretty bloody awful. The metallogenic theories applied were, to say the least, iffy, and pretty much all exploration results were regarded as state secrets. From our conversations with the geologists we hired, both young and old, project information was rationed by the higher-ups, so the underlings never really got to see the whole picture — it was need-to-know stuff, and, according to the prevailing political dogma, the juniors didn’t need to know. Any half-decent field geologist will tell you that you can’t explore blind with your hands tied. You have to know the target concept to be able to confidently assess the full data sets. To make matters worse, whole geographic and geological regions were designated by the communist grandees as prospective only for specific commodities, such and such area was a lead-zinc province, for example, so the teams weren’t allowed to explore or assay for anything else. We regularly came across drill core from projects that had only been assayed for a single metal at the expense of a whole suite of other potentially economic ones. The net result of their ill-conceived and poorly executed programs was that we found ourselves working in highly prospective belts that had never been explored using modern metallogenic concepts or techniques. In the late 1990s, I was in Sanaa, the capital city of Yemen on the southern end of the Arabian peninsula. I was helping to establish a field office for a program to evaluate parts of the country for zinc-lead systems. We knew of at least one zinc oxide project, called Jabali, in northern Yemen, and, at that time, zinc oxides were an intriguing target for companies that had access to the acid-leach technology needed to treat them. On our first fact-finding visit we travelled extensively around Yemen, including a detour to the south, which had spent years under the control of a communist, Sovietleaning government. As the British colonial period came to a close in the mid-1960s, an armed struggle began that split Yemen into two countries between 1967 and 1990. The south became the People’s Democratic Republic of Yemen supported by the Soviets. In exchange, Russia got naval access to the key strategic port of Aden. In the north, the westleaning Yemen Arab Republic was established, backed by Saudi Arabia. The communists proceeded to divide South Yemen into four regions for their mineral-exploration efforts. Exploration in each region was handled by a geological team from one of the communist sponsor governments that had supported the establishment of the people’s republic. For example, the Czechs had one region, the Russians another, and the East Germans another. The divisions seemed to be along purely geographical, rather than geological province lines.

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A field crew in Yemen with heavily armed Yemeni geologists. PHOTO BY RALPH RUSHTON

We did a quick reconnaissance sweep of an area near the southern port city of Aden using some of the old communist-era maps. One of their exploration techniques was to sample stream sediments, sieve and separate them, then pick out mineral grains using a microscope and tweezers, and count them. Cheap labour was never a problem for the communists. So their maps were covered in densely packed coloured contours, each colour representing grain counts for specific minerals at different locations: sphalerite, pyrite, gold and so on. There were lots of apparent anomalies containing high ore mineral counts. In the absence of reports or any other data, they weren’t definitive, but they were interesting enough that we decided to spend a day trying to ground truth on a few of the more accessible ones. We were investigating a really high concentration of native copper metal reported from one of the deeply incised dry stream beds north of Aden, along with traces of secondary zinc and other metals. The Soviet geologists had unusually marked the anomaly on the map to follow up as a potential mineral showing. Curiously, the map also showed native lead grains in the sediments. The presence of native lead was a bit of a head-scratcher at first, because lead typically occurs as its sulphide, galena, and the native metal is extremely rare. There are only a handful of native lead localities known worldwide, and some of those are actually old smelters. It didn’t make sense to see so much in one small area. And then the penny dropped. I remembered my dad telling me that his brother Peter had served part of his national service in the Royal Air Force in Aden. In the run up to the communist takeover, the British army had been caught up in an escalating guerilla war in and around Aden, with firefights and running battles against insurgents. The Russian geologists had been picking out weathered bullet and munition fragments from the stream sediments, relics of the many small battles that took place during the struggle. Their exploration methodology was itself so fragmented that nobody had sufficient information to put two and two together and arrive at the obvious conclusion: it was a man-made anomaly. I have come across the bloated legacy of communism in other countries, too. In Iran, I was once pushed by a local group to hire an old Soviet-trained project geologist to manage some work for us. He tried to sell me on the concept of a huge communist-style exploration camp, complete with a thin-section lab, assay facilities and all the bells and whistles that a hundred geologists might need just to explore 48 km of volcanic belt. The concept of a small, three- to four-man team conducting a first-pass reconnaissance program

A market in Sanaa, the capital city of Yemen. PHOTO BY RALPH RUSHTON

THE RUSSIAN GEOLOGISTS HAD BEEN PICKING OUT WEATHERED BULLET AND MUNITION FRAGMENTS FROM THE STREAM SEDIMENTS. was completely foreign to him. In the mid-1990s I was based in Sofia, the capital of Bulgaria. Exploring there was fun. It’s a beautiful country, and culturally diverse, a consequence of the many invaders who have trudged through on their way to Asia, or from Asia into Europe. The Romans, Mongols, Turks, Greeks, and more recently the Nazi Germans, all left their mark on the country. Bulgaria also provided good examples of how not to conduct exploration. I once took a rather spooky walk into an abandoned, 1.2 km long adit somewhere near the Serbian border, which eventually cut a 50 cm thick quartz vein with minor copper and zinc mineralization. The equivalent of millions of dollars had been spent on tunnelling, when a couple of boreholes would have done the job quicker and cheaper. We had a tough job educating the senior government geological staff on what modern exploration was all about — the type of deals western companies would sign, the budgets and modern methodology — it was all very confusing to them. In stark contrast, the young geologists we hired were a different breed. Fast learners, well-trained technically, and keen as anything to work, they soon adapted to operating in small reconnaissance teams. In fact, they performed so well that we were able to use them as a highly mobile project-evaluation team in Pakistan, Iran, Yemen and India, and they have all gone on to forge successful international careers. Around 1995 or 1996, I was tasked with reviewing a small gold project called Petelovo, in the Panagyurishte volcanic belt near the village of Poplintsi in southern Bulgaria. It’s a small, high-sulphidation gold deposit — geologically interesting, but lowish-grade, with a mix of sulphide and oxide gold ore to complicate the metallurgy. The deposit has been explored on and off for decades, but work recently stalled in the face of staunch local environmental opposition. When we worked there under the guise of Minorco, Petelovo hadn’t been touched since the 1980s, so we walked on to a textbook example of inefficient over-exploration. I could barely believe what had been done there. The old maps showed 4.5 km of adits and dozens of drill holes. The communists had done mil-

Project geologist Yasar Daglioglu at a field camp in Yemen. PHOTO BY RALPH RUSHTON

lions of dollars’ worth of work to explore something that contained, at most, 16 million tonnes at about 1 gram per tonne gold, and was clearly economically marginal. A Vancouver-based company would probably have drilled 20 to 30 holes, completed a resource estimate, run a quick economic model, and walked away. I was working with a Bulgarian colleague, Daniel, and as far as we were concerned, the tunnels made our jobs easier, so I wasn’t complaining. It’s rare to come across an abandoned gold project riddled with so many well-engineered adits to provide access. We got kitted up with underground gear — lamps and hard hats — and began work checking the underground mapping and channel sampling the adits. We were both former mine geologists so the work went quite quickly. I cut my professional teeth underground and still love it (luckily, I have never suffered from claustrophobia). There’s something special about the smell of broken rock and the feel of being in it rather than on top of it. You develop a unique 3-D insight into mineral deposits. By the time we got to the third or fourth adit, we had a routine worked out. I would map the geology and mark the sample intervals along the adit wall with paint for Daniel. He would follow along, chipping away with his hammer, and bag the samples, and label and tag them. Local labourers removed the samples from the adit for shipment to the assay laboratory. We had noticed that the floor of the tunnel was lined with old boards and planks, which were handy to stand on and work. They had been stacked on top of the iron rails left in place by the communists. After years exposed to the subsurface, the wood was pretty rotten and regularly crumbled underfoot. One afternoon, a couple of hundred metres in, I stumbled and my foot went through one of the boards. Shining my headlight down, I could see that my right leg was ankle-deep through a splintered board, and I had landed in a 2-by-1-foot cardboard box. It was lined with a plastic bag and was full of neatly packed sticks of dynamite. Even worse, the dynamite

sticks had been there for so long that they were sweating nitroglycerine, which had pooled at one end of the box — luckily not the end I had stepped in. I knew straight away what it was. In the 1950s my dad was sent to the western desert of Egypt for National Service, blowing up old German munitions dumps, and had described finding boxes swimming in the stuff. At that moment, I heard a crack from along the tunnel in Daniel’s direction. The same thing had happened to him, and he was now standing in another box full of the capricious, liquid explosive. There are various issues with nitroglycerine. Its volatility makes it highly dangerous but it also causes really nasty headaches if you get it on your skin or inhale the fumes. A potent vadose-dilator, I can only describe the side effect of inhalation as being akin to somebody driving 6-inch nails into your forehead. I had experienced it in South Africa in the 1980s on a small tin mine in the Bushveld complex, and wasn’t keen to suffer another bout. Discretion took over and I shouted to Daniel that we needed to get out of there. Quietly whispering ‘oh bloody hell’ to myself, I gingerly withdrew my foot from the box and pressed myself to the side of the tunnel, as far away from the tracks as you can get in a 2- to 3-metre-wide adit. Shining my headlight down at the rails, I could see through gaps between the boards we had walked on. There were perhaps a dozen or more rotten cardboard boxes full of waxy-looking sticks hidden along the adit. The miners had simply left their dynamite underground, covered it up with wood, and buggered off. Daniel and I carefully made our way back down the tunnel, me treading in his footprints so I knew I was safe, towards a spot where only bare earth was visible between the rails. We abandoned a bunch of samples as it was too dangerous to go back in. He told me a few years later that a North American company had restarted the project and had cleaned up the mess to access the full length of adits for remapping. All in all, it was a salutary lesson in communist-era inefficiency and waste that could have gone badly wrong for us. TNM

2019-10-08 7:59 PM

WWW.NORTHERNMINER.COM

OCTOBER 14–27, 2019 / THE NORTHERN MINER

Wesdome hits high grades at Kiena in Quebec EXPLORATION

The Kiena Deep A zone consists of visible gold within shear veins along the mafic–ultramafic contact and within the ultramafic rocks in shear zones. The A zone is divided into four subparallel subzones that form a plunging fold nose. Highlights from its ongoing drill program in the Kiena Deep A zone reported in July included hole 6456, which returned 68.2 grams gold per tonne over 19 metres starting from 183 metres’ deep. Other highlights included 126.3 grams gold per tonne over 4 metres from 94 metres in hole 6450; 44.5 grams gold per tonne over 9 metres from 57 metres in hole 6449; and 52.4 grams gold per tonne over 5 metres from 500 metres in hole 6505. Kiena has measured and indicated resources of 3.1 million tonnes grading 5.81 grams gold per tonne for 582,600 contained oz. gold. Inferred resources add 4.1 million tonnes grading 7.57 grams gold per tonne for 1 million contained oz. gold. Michael Michaud, Wesdome’s vice-president of exploration, says things started to come together in late 2017, when the company enhanced its drill platforms at the bottom of the mine from a 1,000-metre depth. “Now we understand the controls on gold mineralization, and we have extended the zone over 700 metres up- and down-plunge — that is a very significant size,” Michaud says. The high-grade intercepts were “dramatically different from what we have historically mined,” which were brecciated and did not have a lot of visible gold, Middlemiss says. The company has four drills turning on the 1,050-metre level exploration ramp to complete the infill and immediate plunge extension drilling in the Kiena Deep A zone. A fifth drill is located on the 670-metre level and continues to return high-grade intersections

BY JEAN LIAN

| Miner sees past-producing property as key to growth

jlian@northernminer.com

rill results from Wesdome Gold Mines’ (TSX: WDO) Kiena complex in Quebec have confirmed high-grade gold mineralization in the Kiena Deep A zone. The 65 sq. km Kiena complex, 10 km from the city of Val-d’Or, includes a fully permitted mine, a 930-metre shaft and a 2,000-tonneper-day mill. Wesdome operated the Kiena mine from August 2006 to June 2013, during which time it produced 1.8 million tonnes grading 3.38 grams gold per tonne for 198,708 oz. gold. Since the 1980s, the Kiena Mine has produced 12.5 million tonnes grading 4.5 grams gold per tonne for 1.75 million contained oz. gold. The mine was placed on care and maintenance due to decreasing recovered grades and persistent industry cost pressures. Wesdome has been exploring Kiena since 2016, and intersected high-grade gold mineralization in what is now known as the Kiena Deep A Zone. “We are very pleased with the ongoing definition drilling that continues to confirm the overall continuity of the Kiena Deep A zone, which has now been defined over 700 metres along plunge,” says Duncan Middlemiss, the company’s president and CEO. The Kiena Deep A zone is deeper than the past-producing S-50 zone, the main orebody at Kiena, but occurs on a distinct structure that connects to subparallel regional shears, namely the Marbanite and Norbanite shears. The S-50 style of gold mineralization comprises stockworks of quartz-carbonate veins and veinlets hosted in basal, typically yielding less than 10 grams gold per tonne.

The headframe at Wesdome Gold Mines’ Kiena gold property near Val-d’Or, Quebec. WESDOME GOLD MINES

along the interpreted up-plunge extension of the Deep A zone towards the VC zone area, with one hole (6531) returning 31.1 grams gold per tonne over 5 metres from 530 metres. The VC zone resides between the 670-metre and 1,000-metre level. The Deep A Zone sits below the VC zone, between the 1,000-metre and1,600metre level. Drilling has revealed that the structure of the Deep A zone is folded like an inverted “U,” as it extends up-plunge to intersect the VC1 and VC6 zones. “So it is part of the same structure,” Michaud explains. “The

structure that holds the A zone is expected to continue up towards the VC zones.” The company is considering driving an exploration drift near the 790-metre level to better drill the area, which could help development and production from the Kiena Deep A and VC zones. The company has drilled 30,000 metres of its 50,000-metre underground exploration program this year, and updated the resource for the Kiena complex on Sept. 25. The global resource, below a 100-metrethick crown pillar, now stands at 2.83 million measured and indicated

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1-16_OCT14_Main .indd 8

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tonnes grading 8.67 grams gold per tonne for 788,100 oz. gold. Inferred resources add 2.92 million tonnes grading 8.51 grams gold for 798,100 oz. gold. The resource included drill data as of Aug. 6 and includes another 140 drill holes, for a total of 36,050 metres drilled since Oct. 12, 2018. A preliminary economic assessment will be completed in early 2020. The company will continue with exploration and focus on bringing Kiena back into production. Wesdome aims to become a midtier gold producer, which calls for at least 200,000 oz. production per year. “The Kiena mine will certainly be another production pillar to that,” Middlemiss says. “Kiena is ... 50% of our market cap right now.” In the meantime, Wesdome’s production comes from its flagship asset, the Eagle River complex, 50 km west of Wawa, Ontario. The complex has two operating gold mines — the Eagle River underground mine and the Mishi open-pit mine, which in the second quarter produced a total of 22,437 oz. and generated $6.7 million in free cash flow, of which $5.5 million was reinvested in the Kiena complex. The Eagle River mine has been in production since 1995, and Mishi since 2002. Ore from both operations is sent to a central mill. Wesdome also owns the Moss Lake gold project, 100 km west of Thunder Bay. Moss Lake has measured and indicated resources of 39.8 million tonnes averaging 1.1 grams gold for 1.38 million contained oz. gold, and inferred resources of 50.4 million tonnes grading 1.1 grams gold for 1.75 million oz. gold. A 2013 PEA estimated that the Moss Lake project has a 10-year mine life (including four years of preproduction), a $196-million, after-tax net present value at a 5% discount rate (based on US$1,546 per oz. gold), a 12% after-tax internal rate of return and a 1.75-year payback period. At press time, Wesdome’s shares were trading at $6.21 in a 52-week range of $3.30 to $7.81. The company has 137 million common shares outstanding for an $851-million market capitalization. TNM

2019-10-08 7:59 PM

SPECIAL FOCUS

SILVER & PGMs Fresnillo and MAG Silver’s Juanicipio silver project in Mexico. FRESNILLO

Silver and PGMs offer investors hope OUTLOOK

| More investment expected

BY BRENDA BOUW Special to The Northern Miner

Drill core from North American Palladium’s Sunday Lake PGM project in Ontario. NORTH AMERICAN PALLADIUM

North American Palladium acquires 51% of Sunday Lake ONTARIO

| Project offers ‘best blue-sky opportunity,’ CEO says

BY STEVE STAKIW Special to The Northern Miner

n the back of record quarterly revenues from its wholly owned Lac des Îles mine, 100 km northwest of Thunder Bay, Ont., pure-play palladium producer North American Palladium (TSX: PDL; US-OTC: PALDF) recently added to its regional presence by acquiring 51% of the nearby Sunday Lake platinum group metal project, just 60 km south of its mine. Originally entering an earn-in agreement in mid-2017 with Sunday Lake partners Impala Platinum Holdings and project-generator Transition Metals (TSXV: XTM), North American Palladium has completed its stage-one option terms, vesting a 51% interest by spending $1.5 million on exploration and making $675,000 in payments to major platinum group metals (PGM) producer Implats and $75,000 to Transition Metals, which now hold 24% and 25%. In North American Palladium’s news release announcing the acquisition on Aug. 19, CEO and president Jim Gallagher described Sunday Lake as the company’s “best blue-sky opportunity and a key element of our long-term strategy to build an inventory of high-quality platinum group metal assets in the Thunder Bay region. We have demonstrated that the PGM zone has significant lateral continuity and are now able to focus on areas of enhanced thickness and grade.” Drill programs over the past two years have confirmed PGM and base metal sulphide mineralization along the lower part of the Sunday

1-16_OCT14_Main .indd 9

old grabs most of the mining headlines, especially since its recent comeback, but other precious metals such as silver and palladium are also performing well in today’s market, giving miners new hope after a prolonged commodities slump. The silver price — seen as both a haven for investors and an industrial commodity — hit a three-year high above US$19 per oz. in early September, while palladium surpassed US$1,700 per oz. due to tightening supply for the auto-catalyst metal. While both metals have pulled back a bit since then — as has the gold price from a recent six-year high of US$1,550 per oz. — growing macroeconomic uncertainty could send the silver and gold price higher, while palladium will be supported by an ongoing supply deficit. Rohit Savant, vice-president of research at CPM Group in New York, said the silver price is rising due in part to market uncertainty related to the ongoing U.S.–China trade war, and other factors such as Brexit and funding pressure in U.S. money markets. “Declining yields and the increased demand for portfolio diversifiers at a time of increased stock market volatility [is also]

“HARD ASSETS LIKE SILVER, LIKE GOLD, LIKE PGMS [WILL GO] HIGHER.” RANDY SMALLWOOD CEO, WHEATON PRECIOUS METALS

expected to help drive silver prices up during the quarter,” Savant said in an email. Bart Melek, head of commodity strategy at TD Securities in Toronto, has a “fairly positive” outlook for silver. He forecasts the silver price will reach an average of US$19.50 per oz. in 2020, up from his forecast of US$16.43 per oz. for 2019. Silver started 2019 at $15.44 per oz. and trades at US$17.57 per ounce. “There will be a whole lot more investment” in the silver space, Melek said in an interview, citing an uptick so far this year. Global silver investment has “increased appreciably” in 2019, according to a report from the Washington-based Silver Institute. It cites “fresh all-time highs” for silver in exchange-traded products, where 746 million oz. silver are allocated, and says global mint bullion coin sales have risen 30% See INVESTORS / 10

“WE HAVE DEMONSTRATED THAT THE PGM ZONE HAS SIGNIFICANT LATERAL CONTINUITY AND ARE NOW ABLE TO FOCUS ON AREAS OF ENHANCED THICKNESS AND GRADE.” JIM GALLAGHER PRESIDENT AND CEO, NORTH AMERICAN PALLADIUM

Lake intrusion, which is modelled as a near-continuous blanket with a 1.5 km north–south extent, and a 900-metre, east–west extent. Drill highlights include hole 19-026 on the “Big Red” geophysical target returning a 41-metre interval grading 5.51 grams PGM per tonne (3.22 grams platinum per tonne, 2.08 grams palladium per tonne and 0.21 gram gold per tonne) and 0.57% copper, including a high-grade section of 16 metres of 9.11 grams PGM per tonne (5.42 grams platinum, 3.35 grams palladium and 0.34 gram gold), plus 0.88% copper. Drilling indicates the main mineralized zone forms a tabular body ranging from 10 to 60 metres thick. The Sunday Lake PGM mineralized mafic-ultramafic intrusion is modelled as part of the Proterozoic midcontinental rift magmatic event also responsible for Lundin Mining’s (TSX: LUN) Eagle nickel deposit in Michigan, as well as the Tamarack nickel-copper-cobalt deposit (a Rio Tinto [NYSE: RIO; LSE: RIO] and Talon Metals [TSX: TLO] joint venture) and Antofagasta’s (LSE: ANTO) Duluth complex magmatic sulphide deposits in Minnesota. North American Palladium can boost its Sunday Lake interest to

75% through more staged earn-ins comprised of cumulative exploration expenses of $3 million, plus cumulative payments of $2.48 million and $275,000 to Implats and Transition Metals over the next three years. Transition has a 25% interest in the project carried to feasibility. The company’s next stage of drilling at Sunday Lake will target remaining geophysical targets and look to establish continuity of the thickest, highest-grade mineralization found to date. Sunday Lake gives North American Palladium future optionality to its Lac des Îles palladium mine, which has operated since 1993. Based on its 2018 Lac des Îles feasibility study to incorporate underground mining of the Roby zone using bulk-mining methods, the company has been ramping up its 6,000-tonne-per-day underground production rate towards 12,000 tonnes per day, which it says is on target to achieve by 2021. The revised development plan aims to extract material from several near-surface resources outside the original openpit development plan and could push out mine life another year to 2027.

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See SUNDAY LAKE / 12

2019-10-08 7:59 PM

OCTOBER 14–27, 2019 / THE NORTHERN MINER

SILVER & PGM s

WWW.NORTHERNMINER.COM

North American Palladium’s Lac des Îles palladium mine, 100 km northwest of Thunder Bay, Ontario. NORTH AMERICAN PALLADIUM

Silver and PGMs offer investors hope INVESTORS From 9

year-over-year through July. In the futures market, net long positioning on Comex at the end of July rose to its highest since November 2017, the report states, while high silver prices have helped boost related mining equities. The Solactive Global Silver Miners Equity Index, which includes international silver mining exploration and refining companies, is up 14% year-to-date and 19% year-over-year. While silver is getting stronger, it could be held back by its industrial side, particularly as concerns mount about a global recession. One bad sign for the economy came on Oct. 2, when the closely watched ISM manufacturing index, a measure of U.S. manufacturing, fell to its lowest level since June 2009. Despite the volatility, most mining companies feel optimistic that the worst of the commodities slump is behind them, and that precious metals are poised to benefit. “Hard assets like silver, like gold,

like PGMs, [will go] higher,” Randy Smallwood, CEO of Wheaton Precious Metals (TSX: WPM; NYSE: WPM), said in an interview. He sees it in the market, but also in boardrooms, where more fund managers are showing up at mining investment meetings. “We are seeing a bit of a wake-up,” Smallwood said, suggesting investors are looking for alternatives to “safe” investments, such as the U.S. dollar. “I get a sense that what we’re seeing is an increased appetite for precious metals.” Silver accounts for 40% of revenues at Wheaton Precious Metals, but the company has also entered the promising palladium market with its July 2018 acquisition of the gold and palladium stream from Sibanye Gold’s (NYSE: SBGL) Stillwater mine. “We felt good with [our investment in] palladium in the sense that we expect demand will increase,” he says. Palladium prices are up more than 30% this year to US$1,636 per

“WE FELT GOOD WITH [OUR INVESTMENT IN] PALLADIUM IN THE SENSE THAT WE EXPECT DEMAND WILL INCREASE.” RANDY SMALLWOOD CEO, WHEATON PRECIOUS METALS

oz. due to supply constraints, and Savant of CPM Group expects the price will stay at elevated levels in the coming months amid strong demand from fabricators. The palladium price will also support platinum, Savant says, which has climbed to about US$900 per oz., but has not exceeded US$1,000 in recent years. At press time platinum was US$888 per ounce. Savant says the biggest risk to platinum group metals such as platinum and palladium is a further slowdown in the auto sector. RBC Dominion Securities recently started coverage of Torontobased North American Palladium (TSX: PDL; US-OTC: PALDF), which is behind the Lac des Îles

Load and haul trucks in the north pit at Anglo American’s Mogalakwena PGM mine in South Africa. ANGLO AMERICAN

1-16_OCT14_Main .indd 10

mine near Thunder Bay, Ont., with an “outperform” rating and $26 target, well ahead of its $19 price. In a note, analyst Mark Mihaljevic cited the company’s “positive financial outlook, demonstrated capital returns through regular and special dividends, and unique exposure to palladium” at a time when prices trade near record highs. Mihaljevic also cited the deficit in the palladium market — driven by growing demand from carmakers and a large supply shortfall — that pushes up prices, saying he expects the market deficit will continue through 2021. According to Reuters, palladium has almost doubled in value from a low in August last year, due to

tighter environmental regulations that force carmakers to buy more of the metal used in vehicle exhausts to reduce harmful emissions. Mitsubishi analyst Jonathan Butler said manufacturers, which account for 80% of palladium consumption, have ramped up orders in recent weeks, which could send prices even higher. “Over the next 12 to 18 months, we are probably going to see $2,000 in range,” Butler told Reuters. Philip Newman at consultants Metals Focus told Reuters he expects an eighth consecutive annual shortfall in 2019 of about 617,000 oz. in the 10 million oz. a year palladium market. RBC’s Mihaljevic is cautious longer-term, forecasting “an eventual rebalancing of the market” for palladium, “as supply and demand gradually respond to current prices, with the market and value chains in vehicle OEMs eventually arbitraging out the pricing differences between palladium and platinum via substitution.” Michael Jones, CEO of Vancouver-based Platinum Group Metals (TSX: PTM; NYSE-AM: PLG), 50% co-owner of the palladiumdominant Waterberg project in South Africa, said the company has seen some increase in investor interest since palladium prices started rising. However, he says the interest remains relative given the capital shortage across the broader sector. “Frankly, we are caught up in the current mining malaise,” Jones said in an interview. “There just isn’t interest in where things come from.” Jones says Platinum Group Metals has the support of its three largest shareholders: Hosken Consolidated Investments, with a 30% stake; Liberty Mutual Insurance, at 19%; and Franklin Resources (NYSE: BEN), with 17%. “We are in a very fortunate position that we are supported by major owners that are long-term thinkers,” Jones said. “[Other] investors just aren’t here yet ... they will come as the opportunity develops.” TNM

2019-10-08 7:59 PM

SILVER & PGM s

GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 14–27, 2019

Top-10 silver companies by market cap RANKINGS

| Running down the biggest silver players across the globe

BY DAVID PERRI

dperri@northernminer.com

he Northern Miner presents the top-10, silver-focused companies by market capitalization. 1. Fresnillo Market cap: $8 billion With 61.8 million oz. silver production in 2018, Mexico City-headquartered Fresnillo (LSE: FRES) says it’s the world’s largest silver producer. Across Mexico, the company operates seven mines and holds two development projects and three advanced exploration properties. This year the company is scheduled to produce between 55 million and 58 million oz. silver. Fresnillo reported consolidated cash costs of US$7.88 per oz. silver for the first half of 2019. The company has a total of 2.2 billion oz. silver in resources across its suite of properties. Fresnillo also produced 922,000 oz. gold in 2018 and has 39 million oz. gold in resources. The company also owns a number of early exploration projects in Mexico, Chile and Peru. 2. Buenaventura Market cap: $5 billion Lima-based miner Buenaventura (NYSE: BVN) owns dozens of mineral assets throughout Peru, with a heavy silver weighting. The company delivered 26.9 million oz. silver in 2018, as well as 603,000 oz. gold, 39,000 tonnes lead, 63,000 tonnes zinc and 122,000 tonnes copper. In 2019, the company plans to produce between 20.8 million and 23.4 million oz. silver, with cash costs between US$10 and US$11 per oz. silver. Buenaventura owns all or part of 16 silver-bearing assets containing 197 million oz. silver in attributable reserves, and another 172 million oz. silver in non-reserve resources. The company’s wholly owned Uchucchacua underground mine is its flagship silver asset, 265 km northeast of Lima. In 2018, the mine produced more than 15.4 million oz. silver from ore averaging 398 grams silver per tonne. The mine has 11.9 million tonnes in proven and probable reserves grading 239 grams silver per tonne, for 92 million contained oz. silver. Buenaventura has 266 million oz. silver in reserves across its property portfolio. 3. Pan American Silver Market cap: $4.6 billion Pan American Silver (TSX: PAAS; NASDAQ: PAAS) operates across the Americas, with 10 mines in Mexico, Peru, Canada, Bolivia and Argentina. In 2018, Pan American produced 24.8 million oz. silver at average cash costs of US$3.35 per ounce. The company’s guidance for 2019 targets producing between 26.6 million and 27.6 million oz. silver. The company’s proven and probable reserves add up to 273 million tonnes, which house 557 million oz. silver and 5.1 million oz. gold. Additionally, Pan American has more than 1 billion tonnes of measured and indicated resources, which contain 797 million oz. silver and 10.6 million oz. gold. In February 2019, the company closed the US$1.1-billion acquisition of Tahoe Resources and its Escobal silver mine in Guatemala. A Guatemalan court suspended Escobal in 2018 and ordered more consultation with local communities before mining can resume.

1-16_OCT14_Main .indd 11

Hochschild Mining’s Selene plant in southern Peru, which processes ore from its nearby Pallancata silver-gold mine. HOCHSCHILD MINING

TOP 10 DEPOSITS BY SILVER IN RESERVES RANK

PROJECT

OWNER

COUNTRY

RESERVES

SILVER GRADE

CONTAINED OZ.

STATUS

COMMODITIES

Polkowice-Sieroszowice

KGHM

Poland

430,539,000

45.13

624,230,000

Producing

Copper, gold, silver

Rudna

KGHM

Poland

378,751,000

51.21

623,620,000

Producing

Copper, gold, silver

Pascua-Lama

Barrick Gold

Chile/Argentina

277,870,000

67.92

606,820,000

Undeveloped

Gold, silver, copper

Penasquito

Newmont Goldcorp

Mexico

520,410,000

31.53

527,610,000

Production

Udokan

Baikal Mining

Russia

1,439,500,000

10.73

496,750,000

Undeveloped

Gold, lead, silver, zinc Copper, silver

Metates

Chesapeake Gold

Mexico

1,102,330,000

13.70

485,530,000

Undeveloped

Gold, silver, zinc

Pitarrilla

SSR Mining

Mexico

313,200,000

47.55

478,810,000

Undeveloped

Copper, lead, silver, zinc

Hycroft

Hycroft Mining

United States

861,100,000

16.82

465,780,000

Producing

Gold, silver

Lubin

KGHM

Poland

339,133,000

40.05

436,470,000

Producing

Copper, gold, silver

San Cristobal

Sumitomo

Bolivia

223,900,000

56.97

410,110,000

Producing

Lead, silver, zinc

Combined proven and probable reserves.1 Grams silver per tonne.2 SOURCE: MINING INTELLIGENCE

4. First Majestic Silver Market cap: $2.6 billion Mexico-focused First Majestic Silver (TSX: FR; NYSE: AG) owns six silver mines across the country. Precious metal production for 2018 totalled 11.7 million oz. silver, or 22.2 million equivalent oz. silver (including gold, lead and zinc credits).

In 2019, the company expects to extract 12.8 million to 13.5 million oz. silver, which would amount to 24.7 million to 27.5 million equivalent oz. silver, including secondary metal credits. First Majestic’s proven and probable reserves total 17.3 million tonnes grading 184 grams silver per tonne and 1.44 grams gold, for 103 million

contained oz. silver and 807,000 oz. gold. Another 150 million oz. silver and 1.35 million oz. gold sit in 20.6 million measured and indicated tonnes grading 227 grams silver and 1.88 grams gold. First Majestic is also advancing several exploration and advanced development projects across Mexico.

5. Coeur Mining Market cap: $1.6 billion Chicago-based Coeur Mining (NYSE: CDE) owns five operating mines across North America: Kensington in Alaska, Silvertip in British Columbia, Rochester in Nevada, Wharf in South Dakota See TOP 10 SILVER / 12

Developing Mexico’s next modern Silver/Gold Mine 2019 Feasibility Study Results: • 7.1 million ozs silver per year AND 108,000 ozs gold per year over first 6 years • Life-of-mine (11 years) production of 63.4 million ozs silver AND 945,000 ozs gold • Initial capex of US$174 million • After-tax IRR of 42% at US$1275/oz Au and US$17/oz Ag • After-tax NPV (5%) of US$310 million at US$1275/oz Au and US$17/oz Ag • After-tax initial capital payback of 1.9 years

Environmental permit submitted and response due before year-end 2019 Rock Creek Mill dismantled and awaiting shipment from Nome, AK Construction and operating team being assembled Construction planned to commence in 2020 www.almadenminerals.com | NYSE AMERICAN: AAU • TSX: AMM

2019-10-08 7:59 PM

SILVER & PGM s

OCTOBER 14–27, 2019 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

Fortuna Silver Mines’ San Jose silver-gold mine in Oaxaca state, Mexico. FORTUNA SILVER MINES

Top-10 silver companies by market cap Henan province. In fiscal year 2019, ended March 31, 2019, the company reports it sold 6.4 million oz. silver, 3,500 oz. gold, 64.8 million lb. lead and 22.7 million lb. zinc, representing annual increases of 6%, 13%, 5% and 16% from the year before. The company has 16.1 million tonnes in reserves, which contain 106.7 million oz. silver, plus 518,000 tonnes lead and 279,000 tonnes zinc. Silvercorp also holds a 29% stake in New Pacific Metals’ (TSXV: NUAG) Silver Sand project in Bolivia, which targets 55,000 metres of drilling in 2019, ahead of a firsttime resource estimate expected in early 2020.

TOP 10 SILVER From 11

and Palmarajo in Chihuahua state, Mexico. In 2018, the company delivered 13.5 million oz. silver, 353,000 oz. gold, 32.5 million lb. zinc and 27.5 million lb. lead. Coeur’s guidance for 2019 outlines 12.2 million to 14.7 million oz. silver, 334,000 to 372,000 oz. gold, 25,000 to 40,000 lb. zinc and 20,000 to 35,000 lb. lead. The company is also advancing its feasibility-stage La Preciosa silver project, 85 km northeast of the city of Durango in Mexico. In addition, Coeur owns the advanced Sterling gold property near Beatty, Nevada. Across its asset portfolio, the company holds 263 million tonnes in proven and probable reserves containing 171 million oz. silver, 2.8 million oz. gold, 291 million lb. zinc and 197 million lb. lead. 6. Hochschild Mining Market cap: $1.5 billion London-based operator Hochschild Mining (LSE: HOC) owns the Inmaculada and Pallancata mines in Peru and its 51%-owned San Jose mine in southern Argentina. In 2018, the company produced 19.7 million oz. silver and 260,000 oz. gold. For 2019, the miner is set to produce 16.9 million oz. silver and 253,000 oz. gold. In early 2019, Hochschild transitioned its Arcata precious metals mine to care and maintenance in Peru. Across its holdings, the company has 46 million oz. silver and 741,000 oz. gold within 6.2 million tonnes of proven and probable reserves. Its measured and indicated resources

A truck at Pan American Silver’s Dolores silver mine in Chihuahua state, Mexico. PAN AMERICAN SILVER

total 429 million tonnes containing 178.3 million oz. silver and 10.6 million oz. gold. Hochschild is spending US$37 million at various brownfield and greenfield exploration assets in 2019. 7. MAG Silver Market cap: $1.2 billion MAG Silver (TSX: MAG; NYSEAM: MAG) comes in as the most valuable, non-producing silver company. The Vancouver-based firm’s flagship asset is its 44% stake in the Juanicipio silver project in Mexico, jointly held with Fresnillo (56%). In April 2019, the partners announced their boards approved construction of the US$395-million mine, with production scheduled for the second half of 2020. As outlined in a 2017 preliminary economic assessment, Fresnillo will

operate the mine at 4,000 tonnes per day to produce (on a 100% basis) 183 million oz. silver, 750,000 oz. gold, 1.3 billion lb. zinc and 812 million lb. lead over an initial 19year mine life. Exploration is ongoing at the property, with four drill rigs active on-site. 8. Hecla Mining Market cap: $1.2 billion Idaho-based Hecla Mining (NYSE: HL) operates three silver mines: Greens Creek in Alaska, Lucky Friday in Idaho and San Sebastian in Durango state, Mexico. It has two gold mines: Casa Berardi in Quebec and its Nevada operations, which include the Hollister, Fire Creek and Midas assets. In 2018, the 128-year old company produced 10.4 million oz. silver and a record 262,103 oz. gold.

In 2019, Hecla is on track to produce 11.7 million oz. silver and 274,000 oz. gold. Its current reserve base amounts to 38.9 million tonnes in the proven and probable categories, containing 191 million oz. silver, 2.8 million oz. gold, 702,000 tonnes lead and 845,000 tonnes zinc. During the second quarter of 2019, Hecla reported it had up to 21 drills turning at its five mine sites. Drilling intersected high-grade material, which could improve and extend operations. 9. Silvercorp Metals Market cap: $918 million China-focused Silvercorp Metals (TSX: SVM: NYSE-AM: SVM) owns the GC silver-zinc mine in Guangdong province and the Ying Mine District, which is comprised of six silver-lead-zinc mines in

10. Fortuna Silver Mines Market cap: $694 million Fortuna Silver Mines (TSX: FVI: NYSE: FSM) holds a portfolio of silver assets, including two producing mines: the San Jose silver-gold mine in Mexico and the Caylloma silver-gold-zinc-lead mine in Peru. In Argentina’s Salta province, the company’s Lindero gold project started preproduction mining in September 2019. The company plans to place ore on the leach pad in the fourth quarter and pour gold in early 2020. In 2018, the company produced a total of 8.9 million oz. silver and 54,000 oz. gold along with 28 million lb. lead and 45 million lb. zinc. Fortuna’s 2019 guidance outlines production of between 8.2 million and 9 million oz. silver and 49,000 to 54,000 oz. gold. Lead production should total 26.1 million lb. to 28.8 million lb., and zinc is expected to come in between 39.8 million and 44 million pounds. TNM

North American Palladium acquires 51% of Sunday Lake SUNDAY LAKE From 9

Current processing capacity at the mine is more than sufficient to accommodate this planned increased ore output, with its 13,500-tonneper-day rated mill. As of 2018, total surface and underground proven and probable reserves at Lac des Îles stand at 40.9 million tonnes grading 2.31 grams palladium, 0.21 gram platinum and 0.17 gram gold. North American Palladium has had strong performance from its Lac des Îles operation over recent quarters, driven by both increased mining rates and the rally in palladium prices to record levels of just under US$1,700 per ounce. In the second quarter of 2019, the company produced 56,472 payable oz. palladium at an all-in sustaining cost of US$834 per oz., net of by-

1-16_OCT14_Main .indd 12

product revenues. Second-quarter revenue of $135.6 million was also a record for the company and net income was $36.6 million, or 62¢ per share, prompting the company to add a special dividend of 35¢ per share on top of its 10¢-per-share quarterly dividend payout. The company forecasts 2019 annual production of 220,000 to 235,000 payable oz. palladium from its Lac des Îles operations at an allin sustaining cost of US$815 per payable oz. palladium. Shares of North American Palladium traded at the $19.65 level at press time, slightly above the midpoint of its 52-week trading range of $26.30 to $9.12, giving the company a $1.16-billion market capitalization. As of its latest financials, the company had $58.2 million in the treasury and a $123.8-million working capital position. TNM

Trees on the Sunday Lake PGM property in Ontario. NORTH AMERICAN PALLADIUM

2019-10-08 7:59 PM

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GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 14–27, 2019

Waterberg study pegs 45-year mine life for Platinum Group Metals SOUTH AFRICA

| Capital costs estimated at US$874 million

BY STEVE STAKIW

Special to The Northern Miner

latinum Group Metals (TSX: PTM) tabled its definitive feasibility study (DFS) for the Waterberg platinum group metals (PGM) project in South Africa’s Bushveld Complex outlining a boost in palladium, platinum, gold and rhodium (4E) reserves, as well as enhanced economics using recent spot metal prices. The DFS envisions annual production of 420,000 combined oz. 4E over a 45-year mine life, plus nickel and copper by-products. Waterberg is a joint venture between Platinum Group Metals (37.05%), South Africa-based major Impala Platinum Holdings (Implats) (15%), Japan Oil, Gas and Metals National Corp. (JOGMEC) (12.95%), Japanese trading company Hanwa (9.75%) and Black Economic Empowerment (BEE) partner Mnombo Wethu Consultants (26%). Factoring in Platinum Group’s 49.9% ownership in BEE Mnombo, it has an effective 50.02% interest in the Waterberg joint venture. The DFS — incorporating Sept. 4 buoyant 4E spot prices — shows a substantial mineral reserve boost over the 2016 prefeasibility study results. Proven and probable reserves in all six zones of the deposit are estimated at 187.5 million tonnes grading 0.94 gram platinum per tonne, 2.04 grams palladium per tonne, 0.05 gram rhodium per tonne and 0.21 gram gold per tonne, or a combined 3.24 grams 4E per tonne using a 2.5 gram 4E per tonne cut-off grade. The 19.5 million contained oz. 4E metal reserves in this latest tally is a 58% increase from the 2016 study’s 12.32 million contained oz. 4E metal in reserves. Total measured and indicated resources — inclusive of reserves — in the Waterberg DFS are pegged at 242.4 million tonnes at 0.98 gram platinum, 2.13 grams palladium, 0.05 gram rhodium and 0.22 gram gold, or a combined 3.38 grams 4E using the same 2.5 gram 4E cut-off grade. Under the recent metal spot price valuation model, the DFS indicates a US$982-million, after-tax net present value (NPV) at an 8% discount rate. However, with a three-year, trailing average metal-price model, the NPV drops to US$333 million. After-tax internal rates of return are 20.7% at spot prices and 13.3% using three-year trailing metal prices. Platinum Group Metals’ CEO, Michael Jones, said in a press release that the DFS “provides a clear outline of the world-class nature of the Waterberg palladium deposit, and concludes that it can be one of the largest fully mechanized, low-cost PGM mines in the world.” But big mines don’t come cheap. Capital costs to build Waterberg are estimated at US$874 million, including US$87 million in contingencies, with almost half of the projected spend allocated for underground development. Life-of-mine average site cash costs (inclusive of by-product credits and smelter discounts) are projected at US$640 per oz. 4E under the spot metal price valuation scenario, placing the project in the lower quartile of the PGM industry cost curve, according to Platinum Group’s data and projections. A formal construction decision by the joint-venture partners comes after mining rights are granted,

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

which is expected in early 2020, and first production is estimated 3.5 years later in late 2023, with ramp-up to a steady state by 2027. The development plan uses twin decline tunnels to access the shallow orebody a couple hundred metres below surface, and extends to 1,280 metres’ depth. The Waterberg mine plan aims to exploit six zones over an 8 km strike length of the orebody that sits in the North Limb of the Bushveld Complex. However, unlike many other orebodies, or reefs, in the region that have relatively narrow widths (typically less than 1 metre to a couple metres), Waterberg’s ore horizons have true widths ranging from 2 metres to 107 metres that allow for more efficient bulk-mechanized mining. Additionally, metallurgy differs from other regional PGM operations in that Waterberg is more palladium-dominant, with strong gold credits — a definite valuation boost under recent metal pricing. Platinum Group’s joint-venture partner Implats, one of the world’s largest PGM producers, bought into the Waterberg project in 2017 under a US$30-million strategic investment for a 15% ownership (8.6% acquired from Platinum Group and 6.4% from JOGMEC). Additionally, Implats holds a right of first refusal for concentrate offtake. Under the 2017 transaction terms, completion of the DFS now triggers Implats formal review and option to boost its stake to 50.01% through additional purchases and earn-in arrangements from the joint-venture partners totalling US$166 million. BEE partner Mnombo would keep a 26% interest. If the project comes to fruition it would provide economic and social benefits into the region, with an estimated 1,170 employees involved in long-term operations. Capita l i zi ng on t he recent strength in the palladium market to bolster its treasury, Platinum Group completed a financing package that saw a US$10.4-million, boughtdeal financing at US$1.25 per share through BMO Capital Markets. Additionally, the company completed two private-placement financings of US$10 million and US$9.2 million to

Liberty Metals & Mining Holdings (now an 18.9% shareholder), and to Hosken Consolidated Investments subsidiary Deepkloof (now a 30.2% shareholder). In conjunction with some of the financing proceeds, Platinum Group also drew US$20 million from its new credit agreement with Sprott Private Resource Lending to repay in full a secured US$43-million debt facility it had in place with Liberty

Metals, significantly reducing and deferring the company’s overall debt position. Platinum Group recently teamed up with Anglo American Platinum to form Lion Battery Technologies, a venture aiming to fast-track development of potential next-generation battery technology using platinum and palladium. Although still an early-stage technology, the venture will form

university partnerships to advance studies and potential battery development that could lead to new applications and markets for PGMs. After releasing its DFS on Sept. 24, shares of Platinum Group Metals slipped 5% to $2.36. At press time shares slipped further to $2 apiece, giving the company a $117-million market capitalization. The company’s 52-week trading range is $2.92 to $1.36. TNM

Advancing the Largest Undeveloped

PALLADIUM DEPOSIT In North America

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OPEN PIT, NEAR POWER, RAIL, TRANS-CANADA HIGHWAY and the TOWN OF MARATHON, ONTARIO

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A stockpile at Anglo American’s Mogalakwena PGM mine in western Limpopo, South Africa. ANGLO AMERICAN

Rhodium punches above its weight with strong prices DEMAND BY DENISE HECKBERT

Special to The Northern Miner

hodium is an irreplaceable material for complying with carbon emission standards in gasoline-powered vehicles, which consume almost all of its annual production. But while global auto sales declined in late 2018 and the first eight months of this year, rhodium spot prices soared to nearly double their 10-year high. Manufacturing of carbon-emitting vehicles consumes 80% of rhodium production each year due to the metal’s unique ability to convert harmful nitrogen oxide (NOx) in vehicle emissions. Demand from these vehicles — working to comply with stringent emission limits — drive the price of rhodium. The prices are subject to fluctuations during times of even small mismatches between supply and demand, due to rhodium’s small production volumes. (Rhodium is a by-product of palladium and platinum mining.) Yet, the global downturn in auto sales, paired with the broader economic impacts of the tariff battle between the U.S. and China, have not squashed rhodium spot prices. The slide in auto sales has also overlapped with significant reductions in rhodium demand yearover-year in the chemical and glass industries, which consume much of the remaining 20% of annual production. Nevertheless, rhodium prices climbed to US$5,400 per oz. by the end of September 2019. This is nearly double the 10-year high of US$2,975 per oz. and more than three times the 10-year average of US$1,627 per ounce. The price increases were evident in major platinum group metal (PGM) producers Anglo American

1-16_OCT14_Main .indd 14

| Carbon-emission converter hangs on, despite low global car sales

Platinum (Amplats) and Impala Platinum Holdings’ (Implats) recent financial statements. Rhodium made up just 6% of Amplats’ PGM production for the first half of 2019 but provided 15% of its revenue for the same period, according to its interim results. Those revenue figures were based on an average rhodium price of just US$2,846 per oz. in the first half of 2019 — roughly half of the current price. Similarly, Implats’ fiscal year 2019 results, posted in September, showed major contributions from rhodium to its total revenue. The low-volume metal provided 14% and 17% of total PGM revenue at its two biggest mines, IRS and Impala, and up to 21% of revenue at its Two Rivers platinum mine, all of which are in South Africa. Again, these results were based on average spot prices of just US$2,568 per ounce. The rhodium price increases over the past couple years were not entirely unexpected. Johnson Matthey, which monitors PGM markets, along with the major PGM producers, had anticipated increases in 2018 due to strong auto-sector demand, as carbon emission standards tightened and consumers in China, the European Union and the U.S. continued to buy new cars. Auto demand expectations were so strong that, while the rhodium market was in surplus in 2018, prices had climbed to an eightyear high in December 2018, due to “higher forward purchasing from auto and industrial buyers,” Johnson Matthey said in its May 2019 “PGM Market Report.” However, the 2018 trend looked ready to slow moving into 2019. Johnson Matthey reported that an increase in rhodium sales caused spot prices to retreat to US$$2,460 per oz. in the last days of 2018. And,

“RHODIUM IS AN EXTREMELY EFFECTIVE CATALYST FOR THE CONVERSION OF [NITROGEN OXIDE] IN THE EXHAUST STREAM.” REPORT JOHNSON MATTHEY

by that time, China had already posted the most noteworthy of its disappointing auto sales results. In mid-2018, China posted its first decline in internal combustion car sales in decades, and sales have declined year-over-year since then, according to the China Association of Automobile Manufacturers. China has not been alone in facing declining vehicle sales. The European Automobile Manufacturers Association recently announced a 3.1% decline in EU sales for the first half of 2019 over the same period in 2018, and it found a similar decline in the U.S., with even bigger slides in India and South America. Despite these ongoing auto sales declines, rhodium’s price climbed throughout 2019, far beyond what analysts and PGM producers had predicted. So, what is responsible for rhodium’s soaring prices in 2019? Ironically, it appears to be the struggling automobile market. Most carbon emission standards in the world’s biggest auto markets have mandatory limits on NOx, but stringent carbon emission policies are due to take effect in two of the most important auto markets in the world — the EU and China — according to Johnson Matthey. As of September, all passenger cars sold in Europe are required to meet the “Euro 6d-TEMP” standards, which require vehicles to show NOx and particle number emissions compliance in road and

laboratory tests. The standards are tighter — and must be met for most of the vehicle’s lifetime — but it is the addition of road test requirements that really make rhodium more essential than ever before. “Rhodium is an extremely effective catalyst for the conversion of NOx in the exhaust stream, and even small increases in rhodium content can result in a large improvement in catalyst performance [under emissions testing],” Johnson Matthey said in its May 2019 report. As the world’s most effective means of dealing with NOx in gasolinepowered vehicles, rhodium’s spot prices are being impacted in a big way by the EU’s new policies. Meanwhile, China is set to implement its next round of carbon emission rules between 2020 and 2023. China’s new standard will “involve significantly higher palladium and rhodium loadings compared to the current” system, according to Johnson Matthey. Johnson Matthey declined to comment on whether these new demand pressures per vehicle can offset declines in overall auto sales, but the current price of rhodium would seem to indicate that they are more than sufficient. Implats appears to agree. The PGM producer said in its 2019 fiscal year results that, while it has made “downward revisions to its expectations in the medium-term” for auto sales, it expects to see “loadings

[due to emission policies] offsetting volume declines” in the auto sector. Not everyone is so down on the auto sector, indicating that nearterm demand increases could put even more pressure on rhodium prices in 2020. Amplats stated in its 2019 interim results, posted in July, that tightening emission standards will increase demand in 2020 “as vehicle sales grow once again,” and said it expects that as a result “rhodium should move towards a deficit over the next few years.” (Implats reported that rhodium is already in a deficit in 2019. Johnson Matthey estimates rhodium is likely in a “technical surplus” again this year, as rhodium production appears more than sufficient to meet actual demand, but forward purchasers may move the market into a small deficit. No one has ventured specific estimates.) At the same time, it may be that auto-sector buyers, whose forwardpurchasing Johnson Matthey said drove up rhodium prices in 2018, are at it again in 2019, buying more rhodium than is currently usable in anticipation of the new standards in the EU and China. Johnson Matthey declined to comment. Ongoing labour negotiations in South Africa — where the World Bank estimates 83% of known rhodium is located — may also contribute to buyers’ desire to squirrel away rhodium reserves. Slow progress appears to be on the horizon between the South African platinum mining union, Mineworkers and Construction Union, and major platinum producers in the country, but nothing is guaranteed in this ongoing matter. For now, it seems rhodium will continue punching above its weight, providing more economic benefit to PGM producers than anyone expected. TNM

2019-10-08 7:59 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 14–27, 2019

Hochschild diversifies into rare earths with Chile acquisition REE s

| Miner says deposit is in ‘a key industry, with expected exponential growth’

BY TRISH SAYWELL tsaywell@northernminer.com

ochschild Mining (LSE: HOC) has mined precious metal epithermal vein deposits in South America for nearly 50 years, and operates three underground mines: two in southern Peru, and one in southern Argentina. The mines produced 245,325 equivalent oz. gold, or 19.9 million equivalent oz. silver, in the first half of 2019, the second-highest production figures in the company’s history. So investors could be forgiven for feeling a little taken aback by the company’s announcement that it is acquiring a rare earths deposit in Chile for US$56.3 million in cash. Hochschild already owns a 6.2% stake in the early-stage BioLantanidos project, an investment it made last year. The BioLantanidos deposit contains terbium, dysprosium, praseodymium and neodymium — rare earth minerals with permanent magnetic properties that boost the efficiency of motors, particularly in electric vehicles, wind turbines and drone motors. “The company remains focused on precious metals and on our successful exploration-based strategy, but this diversification gives us the potential to acquire a unique deposit in a key industry, with expected exponential growth, in a low-risk jurisdiction,” CEO Ignacio Busta-

The pilot plant at the BioLantanidos rare earth element project in Chile. HOCHSCHILD MINING

“THIS IS A MASSIVE VOTE OF CONFIDENCE BY A MID-TIER PRECIOUS METALS MINER IN NOT ONLY RARE EARTHS, BUT MORE SPECIFICALLY, HEAVY RARE EARTHS AND LATIN AMERICA.” CHRISTOPHER ECCLESTONE MINING STRATEGIST, HALLGARTEN & CO.

mante said in prepared remarks. “We are also excited by the strong geological upside potential, which could see the company become a

relevant player in the global rare earth market.” Bustamante noted that the investment is the culmination of

“an extensive, long-term project to identify commodities with very strong growth characteristics, as well as our ability to discover regional investment options that might not otherwise be available.” BioLantanidos consists of ionic clay resources, similar to those found in China, which are the lowest-cost rare earth sources in the world, Hochschild says. The ionic clay deposits differ from most other rock-based rare earth projects, and do not require the use of explosives. Instead, the clay undergoes a washing process that creates a rare earth oxide. The deposits do not require tailings dams, since the washed clay is returned to the open pits. Mineralization at BioLantanidos runs from surface to a depth of 20 to 30 metres. Since Hochschild made its initial investment in the project, an on-site pilot plant has been built, which has shown technical and commercial viability, and “the opportunity to scale up into industrial operations, the company says. A feasibility study has been completed by the project’s current owners, a private Chilean company that is controlled by FIP Lantanidos, a private fund. FIP Lantanidos is managed by private equity firm Mineria Activa. Hochschild says it will revise the study over the next year and a half. “The acquisition of a rare earth project may leave some in-

vestors questioning the rationale to diversify outside of gold and silver,” Ryan Thomas of BMO Capital Markets said in a research note to clients. “That being said, the initial $56-million investment represents less than 5% of Hochschild’s market capitalization. Given the small size of the acquisition and the fact that a dedicated management team will oversee the project, we don’t see BioLantanidos as a major distraction from the precious metals business.” Christopher Ecclestone, a mining strategist at Hallgarten & Co., a boutique research firm in London, notes that Hochschild’s investment signals a new era in the rare earths sector. “This is a massive vote of confidence by a mid-tier precious metals miner in not only rare earths, but more specifically, heavy rare earths and Latin America (which was largely passed by in the rare earth elements boom of 2009–2012),” he writes in an email to The Northern Miner. “Beyond that it signals that HREEs are going to be majority foreign-dominated (that is, nonChinese) by 2025, if not earlier. It’s the start of an era and the end of an era.” In a recent research report, Ecclestone pointed out that China “is facing an increasing shortage of heavy rare earths, as is the west,” and that “some chatter suggests that China is now a net importer of HREEs.” TNM

Fission study shaves capex, build time for PLS FISSION From 1

Triple R deposit, which consists of five mineralized bodies — R1515W, R840W, R00E, R780E and R1620E — spread across a 3.2 km mineralized trend on the southwestern end of Saskatchewan’s Athabasca basin. Mineralization at PLS occurs along steeply dipping structures and is often associated with graphitic material. The deposit sits 50 metres below the surface and is open in several directions. In 2009, the company ran a highresolution, airborne radiometric and magnetic survey that detected a radioactive anomaly 3 km west of Patterson Lake, in a new area. Fission discovered a high-grade, uranium boulder field through follow-up work on the anomaly. Through drilling, it traced the anomaly back to the west shore of Patterson Lake. It drilled the discovery hole, announced on Nov. 5, 2012, in what is now called the R00E zone. “When we made the discovery back in 2012, it was in an area that nobody even looked at. That is why we were able to beat the big guys at the game,” McElroy says. “We really did open up a very important part of the Athabasca basin,” he adds. “The future of uranium mining in Saskatchewan will come out of this area.” The project’s 17 mineral claims now comprise five mineralized zones that make up the Triple R deposit. R1515W covers 90 metres in strike length, 68 metres across strike and 220 metres vertical. Mineralization remains open in several directions. R840W is located 515 metres east along strike of R1515W, and has a strike length of 430 metres. R00E is located 485 metres east along strike of R840W, and is drill defined to 115

1-16_OCT14_Main .indd 15

metres in strike length. The R780E zone and R1620E zones, located beneath Patterson Lake, make up the eastern region of the Triple R deposit. R780E, the biggest zone, is located 225 metres east of R00E and has a strike length of 945 metres. R1620E is located 210 metres along strike to the east of R780E, and is drill defined to 185 metres in strike length. The mineral resources in the updated study remain unchanged from the previous one. The PLS project contains 2.22 million indicated tonnes grading 2.1% U3O8 for 102.4 million contained lb. U3O 8 . Inferred resources add 1.22 million tonnes grading 1.22% U3 O 8 for 32.8 million contained pounds. Resources are based on a cut-off grade of 0.25% U3O8 . Fission plans to complete a feasibility study, along with an updated resource estimate, by December 2020. Also in the pipeline is a 90-hole, 28,000-metre drilling program scheduled to begin in December until July 2020 to expand and convert the resources in the three mineralized zones — R1515W, R845W and R1620E — from the inferred to indicated category. The underground PFS is based on indicated resources from the R780E and R00E zones, although the project will accommodate more resources from the other three zones. “If we are able to convert everything that we know, we roughly get about another 35% of the resource,” McElroy says. Fission also plans to drill deeper on R780E to increase the overall mineral reserve mine life. McElroy expects the PLS project will reach production in seven years’ time, in 2026. “Once we are in production, I

think we will be a very important supplier of uranium to the world,” he says. Canada is the world’s secondlargest producer of uranium after Kazakhstan. According to Natural Resources Canada, most of the country’s uranium reserves are located in the Athabasca basin, which hosts the world’s largest high-grade deposits. The deposits mined in Canada have grades that are 10 to 100 times greater than the average grade of deposits mined elsewhere in the world. Fission Uranium’s ownership of the PLS project dates back to 2013, when the company was created after Fission Energy signed an agreement with Denison Mines that saw Fission Energy spin out some of its assets, including its 50% interest in the PLS property, into a new, publicly traded company called Fission Uranium. As part of the agreement, Denison acquired a portfolio of uranium exploration projects from Fission Energy. Fission Uranium held the remaining assets of Fission Energy, including their 50% interest in the PLS property. In 2016, CGN Mining became Fission’s strategic partner when the Chinese state-owned company took a 19.9% equity stake through the purchase of 97 million Fission shares at 85¢ per share, for gross proceeds of $82.2 million. “That is why the Chinese chose to invest with us,” says Dev Randhawa, Fission Uranium’s CEO and chairman. “They like very shallow projects. They feel there are less technical risks.” Randhawa says the rise of electric vehicles and cryptocurrencies will drive the demand for nuclear energy, which is fuelled by uranium ore. According to a 2019 performance report by the World Nuclear Asso-

ciation, nuclear generation in Asia rose more than 10% in 2018 over 2017 to reach 533 terawatt hours, accounting for more than one-fifth of the world’s nuclear generation. China and India’s need for reliable, non-air-polluting electricity drives the two countries’ continued growth in nuclear-power investment. After the updated PFS, Eight Capital’s vice-president and senior mining analyst David Talbot increased his target price for Fission from $2 to $2.30, and reiterated his “buy” recommendation. The economics of the underground PFS is a “vast improvement” over the previous PFS based on a hybrid mine, he says in a Sept. 23 research note, adding that “today’s underground PFS should not only improve confidence greatly, but lay the groundwork for Fission’s ultimate development plans.” The quickest way Fission can improve the value of the PLS project is to convert inferred resources from all five zones to the indicated category. Running the permitting process in parallel would also help minimize the development time line. “[Fission] is one of our top

developer picks, as it may come in cheaper and quicker to production than certain peers, assuming it can execute,” Talbot says. Alexander Pearce, a mining analyst with BMO Capital Markets, gave Fission an “outperform” rating. “We view the design as an attractive alternative development, with similar economics, but potentially lower permitting and social risks,” he says in a research note. Derek Macpherson, vice-president of research with Red Cloud Securities, maintains his $1.20-pershare, fair-value estimate. “The high-grade nature and politically safe jurisdiction at PLS warrants a substantial premium relative to current prices,” he says in a research note. Macpherson says that uranium prices are poised to rally, and “a premium asset like PLS is likely to be one of the first to re-rate in the industry.” Fission’s shares were trading at 36¢ per share within a 52-week trading range of 32¢ to 75¢ at press time. The company has 486 million common shares outstanding for a $175-million market capitalization. TNM

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The Progressive Four industry pioneers named to Canadian Mining Hall of Fame

MINE FORUM

Lundberg moved to Canada in wrote scientific papers, gave lec1926, became a citizen in 1936, tures, supported research, patented Lundberg, a visionary pioneer in and helped the government meet 20 inventions, and, more imporIdeas > Next Generation the development andNew application its strategic mineral resource re- tantly, encouraged many young of geophysical and geochemical quirements during the war. He geophysicists and geochemists to methods in Canada and other parts had followed developments in advance these new branches of sciof the world. He was the first to aviation and electronics and was ence. He left a legacy of discovery conduct ground geophysical surveys determined to pursue his vision of and innovation that was unparalin Canada in the 1920s, which led airborne geophysics once peace was leled in his lifetime, which earned to two major discoveries in the declared. In 1946, he began aerial him the reputation as Canada’s first Buchans area of Newfoundland. He magnetic surveys into northern ambassador of exploration. was the first to attempt geochemical Ontario and Quebec, using one of prospecting in Canada, and the first the first commercial Bell helicopters to integrate geophysics and geo- in Canada. He saw the electrochemistry into a multidisciplinary magnetic (EM) technique as the exploration strategy. next logical geophysical method Lundberg’s greatest accomplish- to deploy by aircraft, and in 1947, ments were the first application conducted trials of an EM system of airborne geophysical methods built inside a helicopter bubble. in the 1940s, and his adaptations The system worked, albeit with low of geophysical instruments from limits of coverage, and led to further aircraft. These ideas came from advancements, such as mounting his early years in Sweden, where EM systems on fixed-wing aircraft. geophysics was emerging as a tool In the 1950s, Lundberg pioneered for finding buried mineral deposits. airborne radiometric surveying, Lundberg graduated in 1917 from which would prove invaluable to the Royal Institute of Technology, uranium exploration in subsequent Stockholm, with a thesis entitled decades. “Electrical prospecting.” The young While the geophysical methods civil engineer went on to develop introduced by Lundberg would be a new variation of “equipotential” considered primitive by today’s surveying that proved more sensi- standards, they did contribute to tive and practical for field use in numerous discoveries, starting Eberhard (Ebe) Scherkus a cold climate, which resulted in with the Lucky Strike and Oriental two polymetallic discoveries in the polymetallic discoveries at Buchans. Eberhard (Ebe) Scherkus Skelleftea District: Kristineberg in These deposits accounted for half (b. 1952) 1918, and Bjurfors in 1922. During of the 56-year production history The remarkable success and longevthis period he also experimented of this prolific mine. Lundberg’s ity of Agnico Eagle Mines (TSX: with instruments carried aloft by pioneering use of biogeochemistry, AEM; NYSE: AEM) owes much kites, gliders and large balloons, lake-sediment sampling and boul- to Eberhard (“Ebe”) Scherkus, a in the belief that aerial magnetic der tracing also contributed to the multi-faceted geologist and prosurveys would provide better access success of Buchans. Despite these fessional engineer with a track and faster coverage than ground early successes, and discovery track record of achievement. He joined surveys. It was not until 25 years record, Lundberg faced industry the company as a project manager later, after the Second World War, skepticism for his novel ideas and in 1985, became chief operating that his lofty dreams were realized. eclectic interests. In response, he officer (COO) in 1998, and was HALL OF FAME From 5

president and COO from 2005 until he retired in 2012. During this time he transformed Agnico Eagle from a regional single-mine company into a top-performing global gold producer, with nine mines in Canada, Finland and Mexico. He also earned a reputation as a generous career mentor, environmentally responsible industry leader, and a builder of bridges with Indigenous Peoples and other stakeholders in Canada and abroad. Born in Germany, Scherkus came to Canada as an infant and was raised in Val-d’Or, Quebec. He earned his B.Sc. in geology from McGill University in 1975, and worked for several companies before joining Agnico Eagle. The company was then headed by legendary founder Paul Penna, who needed a technical team to turn around a struggling, lowgrade, open-pit mine with limited reserves. Scherkus accepted the daunting challenge, transformed LaRonde into a productive mine, and subsequently expanded it at least four times. LaRonde’s 2.2 km Penna shaft is the deepest single-lift shaft in the Americas. As of 2017, the flagship mine had produced five million oz. gold, with another 2.6 million oz. in proven and probable reserves. Scherkus developed the nearby Goldex and Lapa gold mines, as well as the Meadowbank gold project in Nunavut, which Agnico Eagle had acquired in 2007. Meadowbank was Agnico Eagle’s first Arctic mine, where the main difficulties were the remote location and harsh weather conditions. An impact benefit agreement was signed

with the Kivalliq Inuit Association to ensure employment and business opportunities. Meadowbank poured its first gold in 2010, and had produced 2 million oz. gold by 2015, with nearly 250,000 oz. in 2018. More recently, Agnico Eagle opened the Meliadine gold mine to expand its presence in Nunavut. Another phase of Agnico Eagle’s growth was outside of Canada, where the challenge was to adapt to new cultures while promoting corporate policies on responsible mine development. The Kittila mine in Finland and the Pinos Altos mine in Mexico both poured their first gold in 2009. Scherkus showed strong leadership during this period of growth by building highly skilled professional teams for each operation. The number of employees grew from 400 people at Canadian projects in 1985, to 5,700 people at mines and projects around the world when he retired. Since then, Scherkus has continued to contribute to the mining industry by serving as a director of numerous companies, and as a board member of industry associations. Scherkus has received many awards and honours for his achievements, including the Viola McMillan Award from PDAC in 2000, and the Selwyn G. Blaylock Medal from CIM in 2005. He was a cowinner of The Northern Miner’s Person of the Year Award in 2007, and the 2011 recipient of the Nunavut Mining Symposium’s Mike Hine Award. Prior to being appointed to the Governors’ Circle of the Quebec Mining Association in 2014, Scherkus served as president of the association in 1994. TNM

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OCTOBER 14–27, 2019 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / SEPTEMBER 30–OCTOBER 4 The S&P/TSX Composite Index fell 1.5% to close at 16,449.35. Spot gold finished the trading week at US$1,504 per oz., up US$8.10 per ounce (0.54%). The S&P/TSX Global Gold Index rose 1.7% to end at 245.80, the S&P/ TSX Global Base Metals Index advanced 4.4% to 98.08, and the Global Mining Index fell 1% to 74.62. Shares of Detour Gold went up 68¢ (3.4%) to $20.89. The company announced on Sept. 25 a US$400-million, senior-secured revolving credit facility that will replace its previous US$500-million, senior-secured credit facility. The new credit facility has a four-year term, maturing in September 2023. It also comes with an accordion option that allows Detour to increase it by another $100 million to a total of $500 million. The company said it plans to “fully pay down its indebtedness under the new credit facility in the coming months.” Detour Gold estimates this will translate into interest savings of US$9 million a year and available liquidity of US$370 million. The previous facility consisted of a US$200-million term loan maturing in July 2020, and a US$300million revolving credit facility maturing in July 2022. Torex Gold Resources gained 59¢ (3.4%) to $18.05. The company reported thirdquarter production hit a record 138,100

oz. gold, surpassing the second quarter’s record production by 21%. The company sold 132,500 oz. gold during the quarter at an average realized price of US$1,475 per ounce. Torex said its total cash balance in the quarter rose US$52 million, and total debt dropped more than US$36 million. The company says it is on track to achieve its full-year guidance of 430,000 oz. gold sold. In the first nine months of 2019, Torex sold 322,400 oz. gold at an average realized price of US$1,376 per ounce. Continental Gold rose 32¢ (8.3%) to $4.17 per share. The company announced that project construction of its wholly owned flagship Buritica project, 91 km northwest of Medellin in northwestern Antioquia, Colombia, is advancing more rapidly than TSX MOST ACTIVE ISSUES

First Quantum Barrick Gold Coro Mining B2Gold Corp Kinross Gold Yamana Gold Suncor Energy Lundin Mng IAMGOLD New Gold

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

FM ABX COP BTO K YRI SU LUN IMG NGD

22511 11.23 9.55 9.67 - 1.16 21634 23.92 22.51 23.62 + 0.16 20952 0.09 0.08 0.09 - 0.01 20572 4.56 4.19 4.52 + 0.16 18608 6.65 6.00 6.48 + 0.12 15890 4.63 4.15 4.60 + 0.27 13879 42.11 39.40 39.89 - 2.03 13517 6.35 5.94 6.19 + 0.03 10932 4.89 4.48 4.88 + 0.04 8990 1.44 1.32 1.35 - 0.05

planned. As a result, the company says mechanical completion should come in the first quarter of 2020, sooner than its original guidance of the first half of next year. Rampup to commercial production is expected to take six to nine months from the date mechanical completion has been achieved. Nutrien’s shares fell 96¢ (1.5%) to $64.48. The company announced on Sept. 30 that it had closed its acquisition of Ruralco Hold-

ings, a diversified agricultural company in Australia. Nutrien said it expects its annual earnings before interest, tax, depreciation and amortization will surpass US$230 million in 2020, of which US$70 million is expected to come from the Ruralco acquisition. Nutrien also said the business combination would enhance the delivery of products and services to Australian farmers, and help them better compete in the global market. TNM

TSX GREATEST PERCENTAGE CHANGE

Goldgroup Mng NextSource Mat General Moly Potash Ridge Silver Bear Rs Aberdeen Intl Starcore Intl Steppe Gold Lydian Intl Moneta Porcpn Kerr Mines Condor Gold Eastern Platin Yorbeau Res Scandium Intl Amerigo Res New Milln Iron Mandalay Res Sierra Metals Mountain Prov

GGA NEXT GMO SOP SBR AAB SAM STGO LYD ME KER COG ELR YRB SCY ARG NML MND SMT MPVD

295 8839 82 1873 148 410 82 384 5523 577 1480 13 68 4350 365 245 231 423 48 636

0.04 0.05 0.45 0.04 0.20 0.05 0.10 1.06 0.12 0.11 0.21 0.45 0.31 0.03 0.11 0.72 0.07 1.28 1.75 1.35

0.03 0.04 0.28 0.03 0.14 0.04 0.09 0.87 0.09 0.10 0.15 0.35 0.25 0.03 0.10 0.62 0.06 1.09 1.52 1.17

0.04 0.05 0.34 0.04 0.18 0.05 0.10 1.00 0.11 0.11 0.16 0.36 0.25 0.03 0.10 0.62 0.06 1.10 1.56 1.18

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

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Franco-Nevada Kirkland Lake North Am Pall Centerra Gold Detour Gold Torex Gold SSR Mining SilverCrest Wheaton Prec M Contintl Gold Suncor Energy Endeavour Mng First Quantum Agnico Eagle Labrador IOR Nutrien Ero Copper Teck Res Teck Res Seabridge Gld

33.3 28.6 28.3 16.7 16.1 12.5 11.1 11.1 10.5 10.0 22.0 21.1 16.9 16.7 16.7 15.1 14.3 13.4 13.3 13.2

VOLUME WEEK (000s) CLOSE CHANGE

FNV KL PDL CG DGC TXG SSRM SIL WPM CNL SU EDV FM AEM LIF NTR ERO TECK.B TECK.A SEA

2757 125.70 3876 62.15 1172 19.74 5767 12.28 4680 20.89 2880 18.05 1362 20.39 1273 8.00 4901 35.92 1838 4.17 13879 39.89 1716 24.94 22511 9.67 4544 72.34 1696 23.01 6424 64.48 684 18.22 7738 20.78 6 20.90 460 16.99

+ 3.00 + 1.93 + 1.38 + 0.79 + 0.68 + 0.59 + 0.52 + 0.49 + 0.49 + 0.32 - 2.03 - 1.67 - 1.16 - 1.14 - 1.00 - 0.96 - 0.89 - 0.89 - 0.85 - 0.50

TSX VENTURE EXCHANGE / SEPTEMBER 30–OCTOBER 4 The S&P/TSX Venture Composite Index fell 1.9% to 558.76 during the trading week. Shares of Abitibi Royalties rose 34¢ (2.4%) to $14.44. The company announced on Sept. 23 that it received conditional acceptance from the TSX Venture Exchange to buy up to 626,695 of its common shares for cancellation (5% of all of its issued and outstanding shares) under a normal course-issuer bid. Abitibi Royalties has been rebuying its shares since 2015, and said the practice is warranted when the trading price of its shares is below management’s estimated after-tax net present value. C oba lt 27 C apita l sha res rose 22¢ (5.5%) to $4.23 per share. The company announced on Oct. 1 that after “extensive consultations with shareholders,” Pala Investments had sweetened the terms of its proposed acquisition of the company. Under the amended agreement, Pala will acquire the remaining shares of Cobalt 27 that it doesn’t already own for $4 per share, up from its previous offer of $3.57 per share, which represents another $30 million in cash for Cobalt 27’s shareholders. Under the new agree-

ment, change-of-control payments have been lowered US$7.13 mi l lion (46%), and the termination fee payable to Pala in the event of a superior proposal has been c ut 50% to $7.75 m i l l ion, f rom $15.5 million. Pala’s interest in Nickel 28 would increase to 9.9% from 4.9%. Pala will continue to repay Cobalt 27’s net debt, leaving Nickel 28 with no debt and funds of US$5 million in cash if the dea l closes. Pa la sa id it was its “ best and final offer.” Pala owns 19% of the company. Novo Resources advanced 9¢ (3.7%) to $2.51 per share. The company reported it held a cash balance of $39.9 million and working capital of $36.7 million as of TSX-V MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Juggernaut Exp JUGR 14170 Pacton Gold PAC 6270 Leeta Gold HIVE 5740 MacDonald Mns BMK 5464 Goliath Res GOT 5195 Sun Metals SUNM 4773 RosCan Gold ROS 4621 Klondike Silv KS 4494 Maple Gold MGM 4182 Nexus Gold NXS 3901

0.02 0.18 0.25 0.16 0.10 0.30 0.16 0.04 0.10 0.09

0.01 0.16 0.17 0.10 0.06 0.21 0.13 0.03 0.07 0.08

0.02 - 0.18 unch 0.18 - 0.16 + 0.08 - 0.21 - 0.13 - 0.04 unch 0.10 + 0.08 -

0.03 0.00 0.04 0.04 0.03 0.09 0.02 0.00 0.02 0.01

Sept. 30. The company also reported that Sumitomo Corp. of Japan, which has an option to earn up to 40% of Novo’s Egina gold project in Australia for US$30 million over three years, had spent A$2.6 million ($2.3 million) on the project as of Sept. 30. Titanium Corp.’s shares rose 9¢ (13.6%) to 75¢. The company announced on Oct. 1 that it had issued 110,997 deferred share units

at 75¢ per share to non-executive directors under the company’s shareholder-approved, deferred share-unit plan (DSU) to settle $83,233 of directors’ compensation for the quarter ended Sept. 30. The DSUs will be settled in Titanium Cor p.’s common sha res when a director ret ires f rom a l l posit ions w it h t he compa ny. TN M

TSX-V GREATEST PERCENTAGE CHANGE

Emerita Res Adex Mining Volt Energy Academy Metals Jayden Res Hornby Bay Mnl Discovery Harb Whitemud Res Doubleview Cap Blue River Res Juggernaut Exp Solstice Gold Themac Res Frontline Gold Noble Metal Meridian Mg King Global Comstock Mtls Golden Pursuit Lateral Gold

EMO ADE VOLT AM JDN HBE DHR WMK.H DBV BXR JUGR SGC MAC FGC NMG.H MNO KING CSL GDP TRAK

2630 55 29 17 471 500 467 760 686 77 14170 2070 101 1044 10 134 32 1416 72 165

0.11 0.01 0.06 0.27 0.03 0.03 0.08 0.02 0.14 0.02 0.02 0.15 0.08 0.01 0.01 0.10 0.03 0.02 0.09 0.08

0.05 0.01 0.00 0.14 0.02 0.03 0.05 0.02 0.09 0.01 0.01 0.05 0.00 0.01 0.01 0.04 0.03 0.02 0.00 0.04

0.10 0.01 0.06 0.27 0.03 0.03 0.08 0.02 0.12 0.02 0.02 0.06 0.04 0.01 0.01 0.04 0.03 0.02 0.06 0.05

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 100.0 + 100.0 + 83.3 + 80.0 + 66.7 + 50.0 + 50.0 + 50.0 + 50.0 + 50.0 - 62.5 - 60.0 - 56.3 - 50.0 - 50.0 - 50.0 - 50.0 - 40.0 - 38.9 - 37.5

VOLUME WEEK (000s) CLOSE CHANGE

Abitibi Royal Cobalt 27 Cap Academy Metals Jubilee Gold Novo Res Titanium Corp Metalla Rylty BonTerra Res Ximen Mining Wealth Mnrls Cantex Mn Dev Great Bear Res Pac Booker Min O3 Mining Itafos Equinox Gold Millennial Lit Chesapeake Gld Athabasca Min New Pac Metals

RZZ KBLT AM JUB NVO TIC MTA BTR XIM WML CD GBR BKM OIII IFOS EQX ML CKG ABM NUAG

6 14.44 2934 4.23 17 0.27 3 0.95 571 2.51 146 0.75 1402 1.42 386 2.36 738 0.45 384 0.37 565 3.05 1221 8.10 8 2.50 64 2.55 25 0.96 669 7.25 340 1.27 44 3.09 808 0.57 1209 4.39

+ 0.34 + 0.22 + 0.12 + 0.10 + 0.09 + 0.09 + 0.08 + 0.08 + 0.08 + 0.06 - 1.00 - 0.55 - 0.51 - 0.30 - 0.26 - 0.24 - 0.16 - 0.13 - 0.13 - 0.13

U.S. MARKETS / SEPTEMBER 30–OCTOBER 4 The Dow Jones Industrial Average fell 0.9% to 26,573.70 and the S&P 500 Index fell 0.34% to 2,952. Spot gold finished the trading week at US$1,504 per oz., up US$8.10 per ounce. Shares of South Africa’s Sibanye-Stillwater rose 80¢ (14.4%) to US$6.36. The mining company announced on Oct. 4 that it plans to acquire 100% of the share capital of Sibanye Gold as part of a restructuring after the company’s recent merger with Lonmin. The precious metals miner said the restructuring will create a more efficient group structure, with a new holding company. The entity will keep Sibanye-Stillwater as its name and list on the Johannesburg Stock Exchange with the same shareholders. (Exactly the same shares in the new holding company will be issued to existing shareholders.) The gold subsidiary will continue to be called Sibanye Gold. NACCO Industries rose 43¢ (0.7%) to US$62.53 per share. The company announced on Sept. 25 that its subsidiary, North American Coal Corp., will be the exclusive contract miner for the Thacker Pass lithium project, which is wholly owned by a subsidiary of Lithium Americas. Thacker Pass is described by Lithium

18_OCT14_MarketNews.indd 18

Americas as the largest known lithium deposit in the United States. North American Coal has formed a wholly owned subsidiary, Sawtooth Mining, to design, build, operate and maintain the Thacker Pass project. Under the arrangement, Lithium Americas will reimburse Sawtooth for its operating and mine-reclamation costs, and pay Sawtooth a management fee per tonne of lithium delivered during the 20-year contract term. Sawtooth will give Lithium Americas $3.5 million to develop the project and provide engineering services related to mine design and permitting. Sawtooth plans to invest up to $50 million on the initial mining fleet and U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Vale* VALE 116084 11.66 10.73 11.45 + 0.02 Freeport McMoR* FCX 114389 9.68 8.60 8.83 - 0.82 United States S* X 87329 12.66 10.46 10.77 - 0.56 Cleveland-Clif* CLF 86552 7.59 6.75 7.38 + 0.25 Yamana Gold* AUY 80379 3.47 3.13 3.45 + 0.17 Barrick Gold * GOLD 79490 17.93 17.00 17.75 + 0.02 Kinross Gold* KGC 77770 5.00 4.51 4.87 + 0.07 Gold Fields* GFI 39487 5.36 4.83 5.32 + 0.23 Hecla Mining* HL 34964 1.95 1.74 1.92 - 0.02 Chevron Corp* CVX 33744 119.46 110.42 113.85 - 4.75

equipment after Lithium Americas has secured permits and financing for the project. Lithium Americas will reimburse Sawtooth’s equipment investment over a seven-year period from the equipment-acquisition date. Cleveland-Cliffs rose 25¢ (3.5%) to US$7.38

per share. The company announced it has finished building a 139-metre furnace reactor tower for its hot-briquetted iron project in Toledo, Ohio. The company says the project is ahead of schedule and could start commercial production in the first half of 2020. TNM

U.S. GREATEST PERCENTAGE CHANGE

Sibanye-Stillw* SBGL Harmony Gold* HMY AngloGold Ash* AU Yamana Gold* AUY Gold Fields* GFI CONSOL Energy* CNX Cleveland-Clif* CLF Arch Coal* ARCH DRDGOLD* DRD Kirkland Lake* KL Turquoise HIl* TRQ Freeport McMoR* FCX HudBay Min* HBM Mechel* MTL Alcoa* AA Suncor Energy* SU CONSOL Energy* CEIX Buenaventura* BVN United States S* X Teck Res* TECK

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

26415 6.37 5.33 6.36 + 14.4 32138 3.12 2.80 3.11 + 6.5 21257 20.24 18.04 20.18 + 5.9 80379 3.47 3.13 3.45 + 5.2 39487 5.36 4.83 5.32 + 4.5 18743 7.43 6.82 7.41 + 3.6 86552 7.59 6.75 7.38 + 3.5 1081 77.53 72.54 76.73 + 3.1 1076 4.96 4.17 4.74 + 3.0 5551 47.60 43.76 46.64 + 2.7 22730 0.50 0.44 0.44 - 9.8 114389 9.68 8.60 8.83 - 8.5 2830 3.67 3.19 3.34 - 8.5 185 1.92 1.81 1.83 - 6.6 15876 20.87 18.68 19.45 - 5.6 12890 31.80 29.54 29.98 - 5.4 1788 16.13 14.04 14.66 - 5.4 6066 15.73 14.29 14.91 - 5.1 87329 12.66 10.46 10.77 - 4.9 16476 16.45 14.89 15.63 - 4.5

U.S. GREATEST VALUE CHANGE

Arch Coal* ARCH Franco-Nevada* FNV Kirkland Lake* KL AngloGold Ash* AU Sibanye-Stillw* SBGL Natural Res Pt* NRP NACCO Ind* NC CONSOL Energy* CNX Cleveland-Clif* CLF Wheaton Prec M* WPM MartinMarietta* MLM Chevron Corp* CVX Rio Tinto* RIO Suncor Energy* SU Alcoa* AA Agnico Eagle* AEM Southern Copp* SCCO Nutrien* NTR Mosaic* MOS CONSOL Energy* CEIX

VOLUME WEEK (000s) CLOSE CHANGE

1081 76.73 2548 94.44 5551 46.64 21257 20.18 26415 6.36 81 26.40 136 62.53 18743 7.41 86552 7.38 9728 26.98 3164 261.93 33744 113.85 10685 50.14 12890 29.98 15876 19.45 9306 54.33 3208 33.00 5515 48.47 20265 19.39 1788 14.66

+ 2.32 + 1.81 + 1.21 + 1.13 + 0.80 + 0.48 + 0.43 + 0.26 + 0.25 + 0.23 - 8.79 - 4.75 - 1.84 - 1.71 - 1.16 - 1.16 - 1.10 - 0.98 - 0.87 - 0.83

2019-10-08 8:02 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / OCTOBER 14–27, 2019

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 TSX WARRANTS

PRODUCER AND DEALER PRICES

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, October 4, 2019 (change from September 27, 2019 in brackets): Aluminium Alloy 6380 (-100) Aluminium 966525 (+51800) Copper 288425 (+22170) Lead 69165 (-835) Nickel 133128 (-24984) Tin 6800 (-85) Zinc 65075 (-2675)

Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$65.55 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$12.10 Cobalt: US$16.33/lb. Copper: US$2.57/lb. Copper: CME Group Futures Nov. 2019: US$2.57/lb.; Dec. 2019: US$2.57/lb Iridium: NY Dealer Mid-mkt US$1,460.00/tr oz. Iron Ore 62% Fe CFR China-S: US$93.90/tonne Lead: US$0.97/lb. Phosphate Rock: US$86.00/tonne Potash: US$226.00/tonne Rhodium: Mid-mkt US$5,180.00 tr. oz. Ruthenium: Mid-mkt US$246.00/tr. oz. Silver: Handy & Harman Base: US$17.52 per oz.; Handy & Harman Fabricated: US$21.89 per oz. Tin: US$7.42/lb. Uranium: U3O8, Trade Tech spot price: US$25.70 per lb. U308 Zinc: US$1.06/lb. Prices current Oct. 8, 2019

Alio Gold Inc. (ALO.WT) - 10 Warrants to purchase one common share of the Issuer at $7.00 until expiry Alio Gold Inc. J (ALO.WT.A) - One Warrant to purchase one common share of the Issuer at $8.00 until expiry Ascendant Resources (ASND.WT) - Wt buys sh @ $1.25 to Mar 7/22 eColbalt 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 Gran Colombia Gold (GCM.WT.B) - One warrant to purchase one common share of the Issuer at $2.21 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 Northern Dynasty Minerals Ltd. J (NDM. WT.A) - Wt buys sh @ $0.55 to Jul 9/20 Northern Dynasty Minerals Ltd. J (NDM. WT.B) - Wt buys sh @ $0.55 to Jun 10/21 Northern Dynasty Minerals Ltd. J (NDM. WT.B) - Wt buys sh @ $0.55 to Jun 10/21 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 share of the Issuer at US$0.17 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 20180062 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

TSX VENTURE WARRANTS NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

Index Oct 4 Oct 3 Oct 2 Oct 1 Sep 30 High Low S&P/TSX Composite 16449.35 16369.03 16310.97 16447.66 16658.63 15527.30 12400.15 S&P/TSXV Composite 558.76 557.78 554.84 554.91 558.68 1050.26 883.52 S&P/TSX 60 983.06 978.16 975.34 985.03 997.93 896.74 709.99 S&P/TSX Global Gold 245.80 241.04 241.18 236.15 235.58 218.90 149.29 DJ Precious Metals 199.95 199.95 200.71 197.48 196.87 420.72 130.95

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Sep 30, 2019 (with changes from Sep 15, 2019) Largest short positions Nemaska Lith NMX 21692762 964168 9/15/2019 Sandstorm Gold SSL 20866256 -232217 9/15/2019 New Gold NGD 17441832 245269 9/15/2019 Ivanhoe Mines IVN 14782808 384613 9/15/2019 Kinross Gold K 13454919 417747 9/15/2019 Barrick Gold ABX 12495401 426704 9/15/2019 Nexgen Energy NXE 10655753 -2453065 9/15/2019 First Mg Fin FF 9485725 511752 9/15/2019 First Quantum FM 8395765 -331513 9/15/2019 Suncor Energy SU 8394089 466712 9/15/2019 Royal Nickel RNX 8329363 -9315610 9/15/2019 Sherritt Intl S 8310053 301007 9/15/2019 Premier Gold M PG 8122870 261512 9/15/2019 Yamana Gold YRI 7303725 -2154610 9/15/2019 Fortuna Silvr FVI 6988034 2842307 9/15/2019 Largest increase in short position Fortuna Silvr FVI 6988034 2842307 9/15/2019 NextSource Mat NEXT 2058911 2006384 9/15/2019 OceanaGold OGC 6165714 1548869 9/15/2019 Alamos Gold AGI 2546063 1077652 9/15/2019 Nemaska Lith NMX 21692762 964168 9/15/2019 Largest decrease in short position Royal Nickel RNX 8329363 -9315610 9/15/2019 Nexgen Energy NXE 10655753 -2453065 9/15/2019 Lundin Mng LUN 4481206 -2340678 9/15/2019 Yamana Gold YRI 7303725 -2154610 9/15/2019 Copper Mtn Mng CMMC 6059024 -1510764 9/15/2019

Short positions outstanding as of Sep 30, 2019 (with changes from Sep 15, 2019) Largest short positions Novo Res NVO 2291422 428476 9/15/2019 First Cobalt FCC 1748778 1152215 9/15/2019 Nexus Gold NXS 1255571 1202505 9/15/2019 MacDonald Mns BMK 1148775 1089798 9/15/2019 Sky Gold SKYG 975958 894911 9/15/2019 Western Mag WMG 880966 -40606 9/15/2019 Pacton Gold PAC 875316 -1331703 9/15/2019 Cobalt 27 Cap KBLT 851571 -22291 9/15/2019 Aton Resources AAN 821084 747201 9/15/2019 K92 Mining KNT 767294 39051 9/15/2019 PPX Mining PPX 597000 578000 9/15/2019 Mineworx Tech MWX 588992 549218 9/15/2019 Equinox Gold EQX 568187 78456 9/15/2019 Hut 8 Mining HUT 502901 488461 9/15/2019 Azincourt Ener AAZ 464067 195544 9/15/2019 Largest increase in short position NXS 1255571 1202505 9/15/2019 Nexus Gold First Cobalt FCC 1748778 1152215 9/15/2019 MacDonald Mns BMK 1148775 1089798 9/15/2019 Sky Gold SKYG 975958 894911 9/15/2019 Aton Resources AAN 821084 747201 9/15/2019 Largest decrease in short position SME 13658 -1979526 9/15/2019 Sama Res Pacton Gold PAC 875316 -1331703 9/15/2019 Macarthur Min MMS 10800 -699750 9/15/2019 Secova Mtls SEK 112000 -611000 9/15/2019 Leeta Gold HIVE 186256 -487516 9/15/2019

DAILY METAL PRICES Daily Metal Prices Date Oct 7 Oct 4 Oct 3 Oct 2 Oct 1 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1150/1150 1100/1100 1175/1175 1175/1175 1189/1180 Aluminum 1712/1718 1701/1714.50 1696.50/1710 1696/1718 1705/1718.50 5625/5667.50 5598/5633 5625/5655 5628.50/5660 5609/5639 Copper Lead 2187/2179 2147/2142 2095/2104 2076.50/2085 2112/2121 Nickel 17940/17800 17900/17780 17775/17600 17665/17460 17375/17190 Tin 16525/16545 16330/16350 16425/16425 16275/16300 16175/16150 Zinc 2326/2304 2344/2305 2323/2277 2315/2272 2379/2343 PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1502.15 1509.50 1504.00 1484.05 1466.10 Gold PM 1501.25 1499.15 1517.10 1492.60 1473.45 Silver 17.43 17.61 17.60 17.26 17.11 Platinum 885.00 873.00 893.00 879.00 881.00 Palladium N/A 1661.00 1670.00 1676.00 1660.00

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

Oct 4 Oct 3 Oct 2 Oct 1 Sep 30 1.3312 1.3335 1.3331 1.3222 1.3240 0.7512 0.7499 0.7501 0.7563 0.7553

Exchange rates (Quote Media, October 4, 2019) C$ to AUS C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand 1.1095 0.6842 80.3400 14.6600 11.3083 C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won C$ to UK Pound C$ to China Yuan 0.6107 5.3693 53.2099 0.7478 895.3397 US to EURO US to YEN US to Mex Peso US to SA Rand US to AUS 1.4769 0.9108 106.9502 19.5152 15.0491 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 7.1485 70.8250 0.9956 1192.2500 0.8108

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

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

ABE Resources Inc. (ABE.WT) - One warrant to purchase one common share at $0.15 per share. American Cumo Mining Corp. (MLY.RT) 2 rights and $0.07 are required to purchase one 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. Avidian Gold Corp. (AVG.RT) - Three rights and $0.11 are required to purchase one Share. Avino Silver & Gold Mines Ltd. (ASM. WT) - Wt buys sh @ US$0.2 to Nov 28/19 Boreal Metals Corp. (BMX.WT) - One warrant to purchase one common share at $0.30 per share. Boreal Metals Corp. (BMX.WT) - One warrant to purchase one common share at $0.50 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. Equinoxgold Corp (EQX.WT) - One warrant to purchase one common share at $3.00 per share. 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. 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 Kootenay Silver Inc. (KTN.WT) - Wt buys sh @ $0.55 to Apr 21/21

LSC Lithium Corporation (LSC.RT) - One (1) right exercisable for One (1) Unit at $0.40 per Unit. Mako Mining Corp. (MKO.RT) - Rights exercisable for One (1) share at $0.10 per share. Maple Gold Mines Ltd. (MGM.WT) One warrant to purchase one common share at $0.40 per share Millennial Lithium Corp. (ML.WT) - One warrant to purchase one common share at $4.25 per share. Sandfire Resources America Inc. (SFR.RT) - Eight (8) Rights exercisable for One (1) share at $0.06 per unit. 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 Vision Lithium Inc. (VLI.WT) - One warrant to purchase one common share at $0.15 per share. Yellowhead Mining Inc. (YMI.RT) - One (1) Right and $0.12 are required to prchase one Share

NEW 52-WEEK HIGHS AND LOWS SEPTEMBER 30–OCTOBER 4, 2019 47 New Highs AJN Resources Athabasca Min Athabasca Min* Bonanza Gold* Bullfrog Gold Copper One Crazy Horse Res* Desert Mtn Egy Discovery Harb Explor Res* Golden Dawn Ml Golden Dawn Ml* GPM Metals* GrowMax Res* Helio Res HighGold Itoco Inc* Jubilee Gold Kapuskasing Gd Liberty Gold* Lincoln Mng Loncor Res*

MartinMarietta* MDN Inc* Metalla Rylty Metalla Rylty* Mineworx Tech Mineworx Tech* NACCO Ind* New Guinea Gld* Niobay Metals North Am Nickl O3 Mining* Oceanic Iron O* OrganiMax* PJSC Polyus Gd* Rainy Mtn Royl Royal Rd Mnrls Sibanye-Stillw* Sidney Resrces* Strategic Metl Superior Mng TriMetals Mng* Unigold Unigold* Westminster Rs*

Yukoterre Res

92 New Lows Advantage Lith* Alexco Res Altura Mining* Avalon Advance Avalon Advance* Azucar Min* Barrian Mining* BeMetals * Cameo Cobalt* Carrara Explor CellCube Enrgy CellCube Enrgy* Centaurus Diam* Chakana Copper Chakana Copper* China Gold Int Cloud Peak En* Columbus Gold Columbus Gold* Conquest Res * CONSOL Energy* Corsurex Res

Crystal Lake* Defense Metals Empress Res* Ensurge* Entree Res* Equinox Gold* EVI Global Grp Firestone Diam* First Vanadium First Vanadium* Fission 3.0 Genesis Mtls Gold Std Vents Gold Std Vents* Golden Arrow* GoldQuest Mng Group Eleven IMC Intl Mng Joshua Gold* Juggernaut Exp Labrador IOR Leeta Gold Logan Res Lucara Diam

Mascota Res* Mason Graphite* Maverix Metals* MAX Res Mega Uranium Mundoro Cap Nemaska Lith Nevada Copper Nevada Expl Nexus Gold* Northern Light NRG Metals* NxGold Ltd Orford Mining Oroco Res* Osisko Metals* Paramount Gold* Peabody Enrgy* Plateau Energy Platinex Inc* PolyMet Mng* Power Metals* PPX Mining* Prime Meridian

Ravencrest Res Rise Gold Corp Rugby Mng Rusoro Mng Sama Res Scandium Intl Scandium Intl* Silver Bull Re Silver Bull Re* Skyharbour Res Skyharbour Res* Standard Graph* Stans Energy* Syrah Res* Teck Res Teck Res* Vendetta Mng* Victory Metals* Western U&V* White Gold Wolfden Res Wolfeye Res

CANADIAN GOLD MUTUAL FUNDS Fund BMO Prec Mtls Fd A BMO ZGD BMO ZJG CIBC Prec Metal Fd A Dyn Prec Metls Fd A Harvest HGGG Horizons HEP IG Mac GbPMetCl A iShares XGD Mac Prec Met Cl A NBI PrecMetFd Invt NPT Go&PrMinFd A NPT SilverEquCl A RBC GblPreMetFd A Sentry Pre Met Fd A TD Prec Mtl Fd Inv

Oct 4 ($) 22.42 58.69 58.16 12.18 8.28 24.36 28.71 10.65 15.32 55.85 15.35 37.72 5.70 41.16 37.21 40.91

Sep 27 ($) 22.10 57.72 57.38 12.02 8.29 24.03 28.40 10.58 15.07 55.48 15.23 37.54 5.76 40.87 37.10 40.35

Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) 0.32 1.47 36.46 2.40 69.95 0.98 1.69 50.01 0.61 0.78 1.35 44.58 0.60 0.16 1.33 41.08 2.44 53.87 -0.01 -0.12 33.54 2.71 442.61 0.33 1.38 0.01 5.87 0.32 1.11 38.70 0.83 0.07 0.65 44.57 2.75 37.42 0.25 1.65 41.23 0.61 879.25 0.38 0.68 44.79 2.53 70.35 0.12 0.79 43.92 2.46 32.23 0.18 0.47 27.16 3.19 -0.06 -0.99 36.10 2.98 0.28 0.69 40.69 2.13 379.34 0.11 0.30 21.45 2.43 193.90 0.56 1.39 43.55 2.26 138.97

GLOBAL MINING NEWS · SINCE 1915

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19_OCT14_MMMM.indd 19

2019-10-08 7:02 PM

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OCTOBER 14â&#x20AC;&#x201C;27, 2019 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: SEPTEMBER 30â&#x20AC;&#x201C;OCTOBER 4, 2019 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A 1911 Gold* O 7 1911 Gold V 18 21C Metals* O 100 21C Metals C 1155 66 Resources C 75 92 Resources V 2032 O 185 92 Resources* Abacus Mining* O 862 Abacus Mining V 578 Abcourt Mines V 761 Abcourt Mines* O 110 Aben Resources* O 1361 Aben Resources V 2059 Aberdeen Intl* O 0 Aberdeen Intl T 410 Abitibi Royal* O 3 Abitibi Royal V 6 AbraPlata Res* O 243 AbraPlata Res V 228 Academy Metals* O 20 V 17 Academy Metals Adamera Min* O 109 Adamera Min V 697 Adex Mining V 55 Advance Gold V 76 Advantage Lith V 197 Advantage Lith* O 131 Adventus V 44 Adventus* O 8 V 227 Aethon Mineral AEX Gold V 92 Affinity Metal* O 13 African Gold* O 128 African Gold V 587 African Rainb* O 2 O 678 Aftermath Silv* Aftermath Silv V 656 Agnico Eagle T 4544 Agnico Eagle* N 9306 AgriMinco* O 292 0 Aguila Amer Gd* O Aguila Amer Gd V 0 C 66 AJN Resources Alacer Gold T 3536 Alamos Gold T 5504 Alamos Gold* N 12856 900 Alaska Pac Egy* O Alba Minerals* O 12 Albert Mining V 732 Albert Mining* O 11 N 15876 Alcoa* V 57 Aldebaran Res Alderon Iron* O 32 Alderon Iron T 120 Aldever Res* O 0 Aldever Res V 0 Alexandra Cap* O 114 T 1416 Alexco Res Alexco Res* X 6301 Algold Res V 3 Alianza Min V 546 Alianza Min* O 84 Alien Metals* O 2 Alio Gold* X 583 Alio Gold T 238 Allegiant Gold V 642 O 182 Allegiant Gold* Alliance Mng V 304 Alliance Res* D 2719 Almaden Min T 92 Almaden Min* X 714 Almadex Min* O 109 Almadex Min V 186 3 Almonty Ind * O Almonty Ind T 17 Aloro Mining* O 112 Aloro Mining V 992 Alpha Lithium V 45 Alphamin Res * O 20 Alphamin Res V 177 ALQ Gold C 2872 V 507 Altai Resource Altair Res Inc* O 3 5 Altair Res Inc V Altamira Gold V 746 Altamira Gold* O 38 Altan Nevada V 10 50 Altan Rio Min V Altiplano Met V 289 Altiplano Met* O 63 106 Altius Mnrls * O Altius Mnrls T 279 Alto Ventures* O 1 Alto Ventures V 84 Altura Mining* O 106 Alturas Min V 1907 Altus Strat V 90 Alumina Ltd* O 143 ALX Uranium V 1989 ALX Uranium* O 99 AM Resources V 729 Amador Gold V 530 Amarc Res V 177 Amarc Res* O 75 Amarillo Gold V 405 O 58 Amarillo Gold* Amazing Energy* O 130 Amer Intl Vent* O 2635 American Batt* O 1 American Creek* O 664 American Creek V 918 O 80 American CuMo* American Lith V 35 American Lith* O 106 American Mang* O 495 American Mang V 600 American Pac C 2264 American Pac* O 341 AmericanSierra* O 37 X 2223 Americas Silvr* Americas Silvr T 1757 Amerigo Res T 245 Amerigo Res* O 189 Amex Expl* O 55 Amex Expl V 898 Amilot Capital V 200 Amseco Expl V 25 T 921 Anaconda Mng Anaconda Mng* O 288 Andes Gold* O 256 Anfield Energy* O 390 Anfield Energy V 124 Angel Gold* O 5 Angel Gold V 63 Angkor Gold* O 3 Angkor Res V 84 Anglo American* O 2 Anglo American* O 765 Anglo Pac Grp T 2 AngloGold Ash* O 3 AngloGold Ash* N 21257 Antioquia Gold V 41 Antioquia Gold* O 50 Antler Gold V 36 Antofagasta* O 2 Apex Res * O 1 Apex Res V 82 Appia Energy C 845 Appia Energy* O 19 Applied Min* O 45 Aquila Res* O 308 Aquila Res T 661 Arbor Metals V 1112 Arch Coal* N 1081 Archon Mineral* O 7 Archon Mineral V 5 Arctic Star* O 8 Arctic Star V 616 Arcus Dev Grp V 478 Arcwest Explor V 326 Arcwest Explor* O 500 Arena Min* O 216 Arena Min V 201 Argentina Lith V 78 Argentina Lith* O 14

20-23_OCT14_StockTables.indd 20

0.22 0.00 0.21 - 0.01 0.28 0.16 0.29 0.00 0.28 unch 0.00 0.38 0.22 0.09 0.06 0.09 + 0.04 0.30 0.05 0.14 0.08 0.11 + 0.03 0.42 0.07 0.11 0.10 0.10 - 0.02 0.37 0.06 0.03 0.02 0.03 unch 0.00 0.09 0.02 0.02 0.02 0.02 unch 0.00 0.07 0.01 0.04 0.03 0.04 - 0.00 0.15 0.03 0.06 0.04 0.05 unch 0.00 0.19 0.04 0.09 0.07 0.08 - 0.01 0.10 0.04 0.07 0.05 0.07 - 0.00 0.09 0.03 0.11 0.08 0.11 + 0.03 0.21 0.07 0.15 0.10 0.15 + 0.04 0.27 0.10 0.00 0.00 0.03 unch 0.00 0.07 0.02 0.05 0.04 0.05 + 0.01 0.08 0.04 10.83 10.52 10.69 + 0.03 11.25 5.89 14.45 13.90 14.44 + 0.34 15.35 7.98 0.05 0.04 0.05 + 0.01 0.08 0.03 0.07 0.06 0.07 + 0.01 0.11 0.04 0.21 0.21 0.21 unch 0.00 0.96 0.21 0.27 0.14 0.27 + 0.12 1.40 0.14 0.02 0.01 0.02 - 0.00 0.08 0.01 0.03 0.02 0.02 unch 0.00 0.12 0.02 0.01 0.01 0.01 + 0.01 0.02 0.01 0.11 0.10 0.10 - 0.02 0.19 0.05 0.30 0.26 0.29 + 0.01 0.72 0.26 0.23 0.19 0.20 - 0.00 0.55 0.19 1.03 1.00 1.00 - 0.04 1.16 0.66 0.78 0.76 0.77 - 0.01 0.90 0.48 0.20 0.17 0.19 + 0.02 0.37 0.11 0.32 0.31 0.31 - 0.01 0.48 0.24 0.11 0.11 0.11 unch 0.00 0.11 0.04 0.33 0.27 0.33 + 0.05 0.44 0.12 0.44 0.36 0.43 + 0.05 0.59 0.08 9.50 0.00 9.50 + 0.51 13.60 9.50 0.22 0.15 0.19 - 0.02 0.25 0.05 0.28 0.21 0.26 - 0.02 0.33 0.05 73.34 69.22 72.34 - 1.14 86.39 42.91 55.08 52.09 54.33 - 1.16 64.88 33.10 0.00 0.00 0.00 - 0.00 0.00 0.00 0.00 0.00 0.11 unch 0.00 0.13 0.11 0.00 0.00 0.16 unch 0.00 0.28 0.15 0.30 0.18 0.20 + 0.02 0.30 0.05 5.69 5.20 5.67 + 0.15 6.25 2.04 8.01 7.56 7.93 - 0.15 10.12 3.88 6.06 5.68 5.96 - 0.15 7.78 2.90 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.02 0.02 0.02 unch 0.00 0.09 0.02 0.10 0.08 0.08 - 0.01 0.25 0.02 0.06 0.00 0.06 - 0.00 0.19 0.01 20.87 18.68 19.45 - 1.16 42.65 16.46 0.40 0.39 0.39 - 0.01 0.90 0.38 0.16 0.00 0.16 - 0.01 0.35 0.15 0.22 0.21 0.22 - 0.01 0.50 0.20 0.00 0.00 0.06 unch 0.00 0.10 0.02 0.00 0.00 0.07 unch 0.00 0.20 0.04 0.35 0.33 0.35 + 0.01 0.48 0.30 2.49 2.20 2.42 - 0.13 3.73 0.92 1.88 1.66 1.81 - 0.09 2.81 0.68 0.24 0.24 0.24 + 0.01 1.00 0.11 0.08 0.07 0.07 unch 0.00 0.10 0.04 0.06 0.04 0.04 - 0.01 0.07 0.03 0.00 0.00 0.00 + 0.00 0.01 0.00 0.64 0.60 0.62 - 0.03 1.07 0.51 0.86 0.80 0.81 - 0.03 1.40 0.69 0.10 0.08 0.09 - 0.02 0.43 0.07 0.09 0.06 0.06 - 0.01 0.33 0.04 0.01 0.01 0.01 unch 0.00 0.04 0.01 16.14 14.55 14.75 - 1.20 20.99 14.41 0.91 0.82 0.90 unch 0.00 1.19 0.57 0.69 0.61 0.68 + 0.01 0.90 0.43 0.24 0.20 0.22 unch 0.00 0.45 0.14 0.31 0.29 0.30 + 0.01 0.49 0.25 0.53 0.00 0.53 unch 0.00 0.81 0.37 0.74 0.71 0.74 + 0.01 1.10 0.51 0.03 0.02 0.03 - 0.10 0.16 0.02 0.04 0.03 0.04 unch 0.00 0.23 0.03 0.26 0.19 0.21 - 0.02 0.32 0.06 0.16 0.16 0.16 unch 0.00 0.22 0.13 0.21 0.17 0.20 - 0.01 0.29 0.17 2.50 2.10 2.14 - 0.32 4.04 0.65 0.07 0.05 0.06 unch 0.00 0.15 0.05 0.01 0.00 0.01 - 0.02 0.03 0.01 0.02 0.00 0.02 unch 0.00 0.08 0.02 0.07 0.06 0.07 - 0.01 0.12 0.05 0.06 0.04 0.04 - 0.02 0.09 0.04 0.04 0.04 0.04 - 0.02 0.07 0.02 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.11 0.11 0.11 unch 0.00 0.23 0.06 0.09 0.09 0.09 unch 0.00 0.09 0.05 8.40 7.95 8.29 - 0.09 10.63 7.31 11.20 10.64 11.02 - 0.10 13.93 10.04 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.03 0.02 0.02 - 0.01 0.04 0.02 0.05 0.00 0.05 + 0.00 0.21 0.04 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.08 0.07 0.08 unch 0.00 0.10 0.04 6.50 6.05 6.25 - 0.14 8.70 5.69 0.05 0.03 0.04 - 0.01 0.09 0.03 0.03 0.03 0.03 - 0.01 0.07 0.03 0.15 0.10 0.11 + 0.02 0.21 0.07 0.56 0.51 0.55 unch 0.00 1.10 0.46 0.05 0.04 0.04 - 0.01 0.10 0.04 0.04 0.03 0.04 + 0.01 0.07 0.03 0.24 0.22 0.22 - 0.02 0.32 0.18 0.18 0.16 0.16 - 0.02 0.25 0.13 0.12 0.00 0.12 + 0.01 0.40 0.00 0.02 0.01 0.01 + 0.01 0.03 0.00 0.12 0.12 0.12 unch 0.00 0.35 0.12 0.08 0.07 0.07 + 0.00 0.09 0.02 0.10 0.09 0.10 + 0.01 0.11 0.03 0.05 0.05 0.05 unch 0.00 0.10 0.00 0.18 0.17 0.17 - 0.01 0.74 0.13 0.15 0.12 0.12 - 0.01 0.57 0.09 0.19 0.15 0.18 + 0.03 0.24 0.10 0.25 0.21 0.24 + 0.04 0.31 0.13 0.10 0.08 0.08 - 0.01 0.31 0.04 0.07 0.06 0.06 - 0.01 0.24 0.03 0.02 0.00 0.02 + 0.01 0.03 0.01 2.90 2.45 2.82 + 0.07 3.92 1.24 3.84 3.24 3.74 + 0.15 5.19 1.66 0.72 0.62 0.62 - 0.11 1.21 0.51 0.54 0.47 0.48 - 0.08 0.92 0.39 0.94 0.83 0.89 - 0.12 1.12 0.04 1.24 1.07 1.18 - 0.10 1.52 0.06 0.04 0.04 0.04 unch 0.00 0.15 0.03 0.05 0.05 0.05 unch 0.00 0.14 0.04 0.23 0.20 0.21 - 0.02 0.36 0.18 0.17 0.15 0.15 - 0.03 0.27 0.14 0.00 0.00 0.00 - 0.00 0.01 0.00 0.08 0.08 0.08 unch 0.00 0.34 0.08 0.12 0.10 0.12 + 0.01 0.42 0.10 0.01 0.00 0.01 - 0.01 0.05 0.01 0.02 0.02 0.02 unch 0.00 0.07 0.02 0.09 0.09 0.09 unch 0.00 0.13 0.07 0.12 0.10 0.11 unch 0.00 0.20 0.10 22.38 0.00 22.38 - 0.65 29.00 19.61 11.56 10.89 11.22 - 0.31 14.74 9.72 3.80 0.00 3.75 - 0.06 4.10 2.12 19.75 0.00 19.20 - 0.55 22.57 8.70 20.24 18.04 20.18 + 1.13 23.85 8.19 0.04 0.03 0.03 - 0.01 0.04 0.02 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.10 0.06 0.10 + 0.03 0.18 0.05 11.13 10.30 10.30 - 0.69 13.24 9.27 0.05 0.05 0.05 unch 0.00 0.15 0.03 0.08 0.06 0.07 - 0.01 0.14 0.04 0.23 0.22 0.23 - 0.01 0.41 0.16 0.18 0.16 0.17 - 0.00 0.31 0.14 0.03 0.02 0.02 - 0.00 0.11 0.01 0.12 0.11 0.11 - 0.01 0.19 0.10 0.16 0.15 0.15 unch 0.00 0.25 0.13 0.14 0.13 0.13 unch 0.00 0.27 0.10 77.53 72.54 76.73 + 2.32 101.92 68.63 0.34 0.34 0.34 unch 0.00 0.37 0.34 0.45 0.45 0.45 unch 0.00 0.68 0.45 0.02 0.02 0.02 unch 0.00 0.08 0.01 0.03 0.02 0.03 + 0.01 0.11 0.02 0.03 0.02 0.02 - 0.01 0.05 0.02 0.06 0.05 0.06 + 0.01 0.20 0.05 0.04 0.04 0.04 + 0.01 0.11 0.03 0.05 0.03 0.03 - 0.01 0.07 0.03 0.06 0.06 0.06 unch 0.00 0.09 0.05 0.07 0.07 0.07 + 0.01 0.31 0.05 0.06 0.00 0.05 - 0.01 0.27 0.03

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Argentum Silvr V 78 Argo Gold C 37 Argo Gold* O 51 Argonaut Gold* O 127 Argonaut Gold T 2383 Arian Res* O 0 Arianne Phosph V 115 Arianne Phosph* O 106 Arizona Silver* O 27 Arizona Silver V 45 Armor Min V 3 Asanko Gold T 592 Asanko Gold* X 1882 Asante Gold C 226 Asbestos Corp V 6 O 2 Ascendant Res* Ascendant Res T 66 O 79 Ascot Res * Ascot Res T 433 Ashanti Sanko V 70 V 10 AsiaBaseMetals Asian Mineral V 57 Asian Mineral* O 68 Aston Bay V 365 Aston Bay* O 195 Astorius Res V 73 ATAC Res V 336 ATAC Res* O 117 Atacama Res* O 6847 V 808 Athabasca Min O 25 Athabasca Min* Athena Silver* O 3 Atico Mining* O 49 Atico Mining V 285 Atlanta Gold* O 0 Atlantic Indus V 130 2 Atlas Cons Mng* O Atom Energy * O 26 Aton Resources* O 209 Aton Resources V 479 0 Aura Minerals* O Aura Minerals T 1 V 198 Aura Resources Aura Resources* O 20 Auramex Res V 416 Aurania Res* O 13 Aurania Res V 69 Aurcana Corp V 536 O 280 Aurcana Corp* AurCrest Gold V 94 AurCrest Gold* O 25 Aurelius Min V 961 Aurex Energy V 23 Aurion Res V 759 Aurion Res * O 46 Aurora Royal V 220 AURYN Mining* O 1 T 551 Auryn Resource Auryn Resource* X 464 Aust Mines* O 282 Austral Gold* O 5 Austral Gold V 129 Auxico Res C 162 Avalon Advance T 2717 O 804 Avalon Advance* O 3 Avarone Metals* Avarone Metals C 301 Avesoro Res T 2 Avidian Gold V 1230 Avino Silver* X 1634 Avino Silver T 136 Avrupa Min V 1646 Avrupa Min* O 556 Awale Res V 188 Axmin Inc* O 28 Axmin Inc V 63 Azarga Metals V 23 Azarga Metals* O 22 Azarga Uranium* O 486 Azarga Uranium T 917 Azimut Explor V 27 Azimut Explor* O 29 O 62 Azincourt Ener* Azincourt Ener V 2775 Aztec Minerals V 177 Aztec Minerals* O 12 Azteca Gold* O 1041 Azucar Min V 376 Azucar Min* O 369

0.35 0.31 0.31 - 0.03 0.48 0.10 0.14 0.13 0.14 - 0.02 0.33 0.07 0.12 0.09 0.09 - 0.03 0.24 0.06 1.73 1.51 1.69 - 0.03 2.15 0.85 2.34 2.01 2.26 - 0.02 2.87 1.18 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.44 0.40 0.44 unch 0.00 0.65 0.35 0.34 0.30 0.32 - 0.01 0.49 0.27 0.15 0.13 0.14 + 0.01 0.19 0.04 0.20 0.18 0.19 + 0.01 0.25 0.06 0.36 0.36 0.36 - 0.04 0.59 0.36 1.35 1.18 1.34 + 0.03 1.45 0.68 1.01 0.90 0.99 + 0.01 1.10 0.50 0.07 0.06 0.06 - 0.01 0.08 0.03 0.50 0.46 0.46 unch 0.00 0.55 0.35 0.26 0.26 0.26 unch 0.00 0.62 0.24 0.37 0.31 0.33 - 0.02 0.80 0.28 0.51 0.45 0.46 - 0.02 1.03 0.39 0.69 0.59 0.62 unch 0.00 1.44 0.52 0.02 0.02 0.02 unch 0.00 0.05 0.02 0.39 0.00 0.38 - 0.02 0.64 0.12 0.43 0.36 0.36 - 0.07 0.59 0.10 0.32 0.32 0.32 unch 0.00 0.32 0.29 0.08 0.06 0.07 - 0.01 0.13 0.05 0.05 0.05 0.05 unch 0.00 0.11 0.03 0.14 0.09 0.09 - 0.05 0.50 0.09 0.22 0.19 0.22 - 0.01 0.46 0.18 0.17 0.15 0.17 - 0.01 0.36 0.14 0.01 0.01 0.01 + 0.00 0.02 0.00 0.79 0.57 0.57 - 0.13 0.79 0.16 0.60 0.44 0.44 - 0.04 0.60 0.12 0.05 0.05 0.05 unch 0.00 0.06 0.01 0.28 0.24 0.24 - 0.04 0.31 0.17 0.38 0.33 0.33 - 0.04 0.42 0.22 0.00 0.00 0.01 unch 0.00 0.04 0.01 0.02 0.02 0.02 - 0.01 0.02 0.01 0.04 0.04 0.04 unch 0.00 0.05 0.03 0.40 0.31 0.31 - 0.09 0.68 0.03 0.03 0.02 0.02 + 0.00 0.07 0.01 0.04 0.03 0.03 - 0.01 0.08 0.02 0.00 0.00 13.00 unch 0.00 16.50 1.00 16.69 0.00 16.69 - 0.42 21.63 14.60 0.04 0.04 0.04 unch 0.00 0.10 0.03 0.04 0.04 0.04 unch 0.00 0.06 0.01 0.04 0.04 0.04 - 0.01 0.08 0.04 1.98 1.86 1.98 - 0.06 3.05 1.53 2.70 2.51 2.67 - 0.09 4.10 2.02 0.30 0.25 0.27 - 0.03 0.80 0.21 0.23 0.19 0.21 - 0.02 1.25 0.00 0.04 0.04 0.04 unch 0.00 0.05 0.01 0.03 0.03 0.03 unch 0.00 0.03 0.01 0.03 0.00 0.03 + 0.01 0.07 0.02 0.14 0.00 0.13 - 0.01 0.50 0.10 1.74 1.55 1.66 + 0.01 2.35 0.75 1.29 1.15 1.25 - 0.03 1.77 0.59 0.07 0.00 0.06 + 0.02 0.11 0.05 0.49 0.29 0.49 + 0.09 1.40 0.05 1.74 1.58 1.64 - 0.04 2.45 1.14 1.32 1.20 1.20 - 0.07 1.84 0.85 0.02 0.02 0.02 + 0.00 0.19 0.01 0.05 0.04 0.05 + 0.01 0.40 0.00 0.07 0.07 0.07 + 0.01 0.10 0.05 0.10 0.06 0.10 + 0.01 0.27 0.06 0.05 0.04 0.05 unch 0.00 0.17 0.04 0.04 0.03 0.04 - 0.00 0.13 0.03 0.06 0.06 0.06 unch 0.00 0.11 0.02 0.09 0.08 0.09 - 0.01 0.15 0.04 1.65 1.65 1.65 unch 0.00 3.20 0.42 0.14 0.14 0.14 unch 0.00 0.68 0.09 0.61 0.55 0.56 - 0.06 0.81 0.39 0.82 0.72 0.75 - 0.07 1.07 0.53 0.04 0.03 0.03 unch 0.00 0.07 0.02 0.02 0.02 0.02 + 0.00 0.05 0.01 0.09 0.08 0.08 unch 0.00 0.12 0.06 0.33 0.32 0.32 - 0.00 0.50 0.14 0.45 0.40 0.43 - 0.01 0.66 0.15 0.10 0.00 0.08 - 0.02 0.15 0.06 0.08 0.06 0.07 - 0.01 0.10 0.04 0.16 0.13 0.14 - 0.01 0.24 0.08 0.21 0.17 0.19 - 0.02 0.30 0.11 0.35 0.35 0.35 - 0.02 0.52 0.22 0.26 0.25 0.25 - 0.03 0.38 0.17 0.03 0.01 0.02 + 0.00 0.07 0.01 0.03 0.02 0.03 + 0.01 0.09 0.02 0.10 0.08 0.10 + 0.02 0.20 0.07 0.08 0.08 0.08 unch 0.00 0.15 0.04 0.00 0.00 0.00 + 0.00 0.00 0.00 0.27 0.22 0.23 - 0.06 0.68 0.22 0.19 0.16 0.17 - 0.05 0.53 0.16

B2Gold Corp T 20572 B2Gold Corp* X 34095 Balmoral Res* O 488 Balmoral Res T 682 Balto Res V 85 V 1347 Bankers Cobalt Bankers Cobalt* O 140 Bannerman Res* O 448 Banyan Gold V 1323 Banyan Gold* O 54 Bard Ventures V 16 Barker Min* O 604 Barkerville V 2497 Barkerville* O 478 Barksdale Cap V 46 Barksdale Cap* O 87 O 0 Barolo Venture* Barolo Venture V 15 Baroyeca Gold* O 1 V 5 Baroyeca Gold Barrian Mining V 725 Barrian Mining* O 172 Barrick Gold * N 79490 Barrick Gold T 21634 Barsele Min* O 427 Barsele Min V 41 Batero Gold* O 5 Batero Gold V 113 Bayhorse Silvr* O 108 Bayhorse Silvr V 487 BC Moly V 7 BCM Res V 55 V 8 BE Res BE Res* O 35 Bear Creek Mng V 134 Bear Creek Mng* O 161 Bearclaw Cap V 22 Bearing Lith V 254 Bearing Lith* O 30 Beauce Gold V 94 Bell Copper V 130 Bell Copper* O 2 Belmont Res V 249 Belo Sun Mng T 1183 Belo Sun Mng* O 4527 BeMetals * O 16 BeMetals V 84 Benchmark Met* O 410 Benchmark Met V 882 Benton Res V 250 Benton Res* O 100 Benz Mining V 367 Berkwood Res * O 0 Berkwood Res V 417 Bessor Min V 65 Bird River Res C 3 Bitterroot Res* O 22 Bitterroot Res V 568 Black Dragon* O 2 Black Hills* N 1489 Black Iron T 4374 Black Iron* O 102 Black Mammoth* O 0 Black Sea V 104 Black Sea * O 1 Black Tusk Res* O 269 Black Tusk Res C 3485 Blackheath Res V 138 Blackrock Gold* O 261 Blackrock Gold V 737 Blind Creek V 202 BLOX Inc* O 52 Blue Lagoon C 72 Blue Moon Zinc* O 50 Blue Moon Zinc V 166 Blue River Res V 77

4.56 4.19 4.52 + 0.16 5.36 3.05 3.43 3.16 3.41 + 0.12 4.02 2.35 0.15 0.12 0.13 - 0.02 0.20 0.07 0.20 0.16 0.17 - 0.02 0.26 0.10 0.08 0.08 0.08 unch 0.00 0.15 0.06 0.02 0.02 0.02 - 0.01 0.06 0.02 0.02 0.01 0.01 - 0.01 0.05 0.01 0.04 0.03 0.03 + 0.00 0.05 0.03 0.05 0.05 0.05 unch 0.00 0.06 0.04 0.04 0.04 0.04 - 0.00 0.05 0.02 0.08 0.08 0.08 unch 0.00 1.63 0.08 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.46 0.43 0.46 + 0.01 0.56 0.30 0.35 0.32 0.34 + 0.01 0.41 0.23 0.50 0.46 0.46 - 0.04 0.75 0.35 0.38 0.35 0.35 - 0.03 0.57 0.27 0.05 0.05 0.05 unch 0.00 0.19 0.05 0.25 0.25 0.25 unch 0.00 0.30 0.09 0.03 0.03 0.03 unch 0.00 0.03 0.00 0.05 0.05 0.05 unch 0.00 0.20 0.04 0.20 0.17 0.18 - 0.02 0.21 0.10 0.15 0.14 0.14 - 0.01 0.15 0.14 17.93 17.00 17.75 + 0.02 88.70 11.52 23.92 22.51 23.62 + 0.16 26.69 14.42 0.50 0.44 0.44 unch 0.00 0.62 0.28 0.69 0.00 0.69 + 0.04 0.85 0.36 0.06 0.06 0.06 - 0.00 0.07 0.03 0.08 0.07 0.07 - 0.01 0.10 0.06 0.11 0.09 0.10 + 0.01 0.14 0.04 0.14 0.11 0.13 + 0.02 0.20 0.07 0.05 0.05 0.05 unch 0.00 0.07 0.03 0.07 0.07 0.07 - 0.01 0.17 0.06 0.04 0.04 0.04 unch 0.00 0.07 0.02 0.03 0.03 0.03 unch 0.00 0.04 0.01 2.28 1.97 2.13 - 0.02 2.70 0.89 1.71 1.49 1.60 - 0.02 2.05 0.71 0.02 0.02 0.02 unch 0.00 0.04 0.02 0.24 0.19 0.20 - 0.05 0.38 0.17 0.18 0.14 0.14 - 0.04 0.29 0.12 0.14 0.00 0.14 + 0.01 0.29 0.07 0.05 0.05 0.05 - 0.03 0.15 0.03 0.05 0.05 0.05 - 0.00 0.12 0.03 0.08 0.06 0.06 - 0.02 0.52 0.04 0.56 0.48 0.53 - 0.02 0.72 0.20 0.42 0.36 0.41 - 0.01 0.55 0.15 0.25 0.17 0.17 - 0.08 0.25 0.17 0.22 0.21 0.21 - 0.03 0.30 0.21 0.28 0.27 0.28 + 0.02 0.34 0.11 0.39 0.36 0.37 unch 0.00 0.46 0.16 0.05 0.04 0.05 - 0.01 0.11 0.04 0.03 0.03 0.03 unch 0.00 0.07 0.02 0.10 0.09 0.10 + 0.01 0.14 0.05 0.04 0.02 0.04 + 0.00 0.10 0.02 0.04 0.04 0.04 + 0.01 0.13 0.03 0.06 0.05 0.06 + 0.01 0.20 0.03 0.00 0.00 0.01 unch 0.00 0.10 0.01 0.02 0.02 0.02 - 0.00 0.07 0.01 0.04 0.03 0.03 - 0.01 0.07 0.02 0.00 0.00 0.01 unch 0.00 0.12 0.01 77.53 74.91 76.69 - 0.13 82.01 58.44 0.09 0.08 0.08 - 0.01 0.16 0.05 0.07 0.05 0.06 + 0.00 0.12 0.03 0.00 0.00 0.04 unch 0.00 0.06 0.03 0.06 0.00 0.05 - 0.01 0.23 0.05 0.04 0.00 0.04 - 0.00 0.08 0.01 0.06 0.02 0.02 - 0.04 1.06 0.02 0.09 0.03 0.04 - 0.04 0.29 0.03 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.25 0.22 0.24 + 0.01 0.27 0.02 0.34 0.29 0.32 + 0.01 0.36 0.03 0.04 0.04 0.04 unch 0.00 0.07 0.03 0.20 0.15 0.15 - 0.05 0.20 0.03 0.94 0.77 0.88 - 0.06 1.65 0.26 0.02 0.02 0.02 unch 0.00 0.06 0.01 0.03 0.00 0.02 - 0.01 0.08 0.02 0.02 0.01 0.02 + 0.01 0.03 0.01

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Blue River Res* O 225 Blue Sky Uran* O 44 Blue Sky Uran V 135 Blue Star Gold V 64 BlueBird Batt V 163 BlueBird Batt* O 6 Bluenose Gold V 244 Bluestone Res* O 105 Bluestone Res V 270 Bold Ventures* O 25 Bold Ventures V 185 Bonanza Gold* O 70953 Bond Resources C 5 BonTerra Res V 386 Boreal Metals V 870 Borneo Res Inv* O 5721 Bravada Gold V 1046 O 460 Bravada Gold* Braveheart Res V 395 Braveheart Res* O 162 O 30 Bravo Multinat* Brazil Min* O 14692 BrightRock* O 960 O 773 Britannia Mng* Brixton Metals V 594 O 441 Brixton Metals* O 3 Broadway Gold* Brookmount Exp* O 461 Bryn Res* O 364 BTU Metals V 1717 Buenaventura* N 6066 Buffalo Coal V 15 Bullfrog Gold* O 1898 Bullfrog Gold C 369 Bunker Hill C 73 BWR Explor V 560

0.01 0.01 0.01 - 0.00 0.02 0.00 0.09 0.08 0.08 + 0.00 0.18 0.06 0.12 0.11 0.11 + 0.01 0.23 0.08 0.06 0.05 0.06 - 0.01 0.07 0.02 0.16 0.15 0.16 unch 0.00 0.35 0.13 0.12 0.11 0.11 - 0.02 0.25 0.10 0.14 0.00 0.14 + 0.01 0.33 0.09 1.01 0.93 0.98 - 0.02 1.15 0.65 1.35 1.25 1.30 - 0.01 1.60 0.85 0.01 0.01 0.01 unch 0.00 0.01 0.01 0.02 0.01 0.01 - 0.01 0.04 0.01 0.01 0.00 0.00 + 0.00 0.01 0.00 0.15 0.15 0.15 unch 0.00 0.20 0.11 2.40 2.12 2.36 + 0.08 4.00 1.46 0.05 0.05 0.05 - 0.01 0.13 0.04 0.00 0.00 0.00 - 0.00 0.00 0.00 0.09 0.08 0.09 - 0.02 0.20 0.05 0.07 0.06 0.07 - 0.02 0.15 0.04 0.15 0.10 0.14 + 0.04 0.21 0.06 0.10 0.09 0.10 + 0.00 0.14 0.06 0.50 0.37 0.48 - 0.02 0.95 0.05 0.00 0.00 0.00 - 0.00 0.01 0.00 0.00 0.00 0.00 - 0.00 0.01 0.00 0.00 0.00 0.00 - 0.00 0.01 0.00 0.26 0.21 0.25 + 0.01 0.43 0.10 0.20 0.16 0.19 + 0.01 0.33 0.08 0.05 0.04 0.04 - 0.01 0.13 0.01 0.01 0.00 0.00 - 0.00 0.02 0.00 0.07 0.04 0.05 - 0.02 0.10 0.01 0.15 0.11 0.13 - 0.01 0.24 0.05 15.73 14.29 14.91 - 0.80 17.85 12.44 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.14 0.09 0.14 + 0.03 0.24 0.04 0.19 0.12 0.19 + 0.07 0.19 0.12 0.20 0.20 0.20 unch 0.00 2.90 0.05 0.05 0.05 0.05 unch 0.00 0.06 0.03

Cabral Gold V 116 Cabral Gold* O 5 Cache Explor* O 0 Cache Explor V 434 Cadence Min* O 0 Cadillac Vent V 166 Caledonia Mng* X 53 T 6 Caledonia Mng Calibre Mng* O 88 California Gld* O 79 California Gld C 193 Callinex Mines* O 12 Callinex Mines V 24 Cameco Corp* N 9303 Cameco Corp T 3025 Cameo Cobalt* O 44 V 1986 Cameo Cobalt Camino Min* O 0 Camino Min V 192 O 13 Camrova Res* Canada Carbon V 143 Canada Carbon* O 36 Canada Coal V 3475 V 1164 Canada Cobalt Canada Cobalt * O 82 Canada One* O 0 Canada One V 5 Canada Rare V 95 Canada Rare* O 126 V 820 Canadian Engy Canadian Metal C 229 Canadian Metal* O 5 Canadian Ore V 115 Canadian Prem V 16 Canadian Prem* O 1 V 419 CanAlaska Uran CanAlaska Uran* O 123 Canarc Res T 178 Canarc Res* O 38 Canasil Res V 84 Candelaria Mg* O 0 T 196 Candente Coppr Candente Gold* O 330 V 334 Candente Gold CANEX Metals * O 0 CANEX Metals V 131 CaNickel Mng V 6 6 Canoe Mng Vent V Canoe Mng Vent* O 0 Canstar Res* O 2 Canstar Res V 77 Canterra Mnls V 0 Canterra Mnls* O 9 68 Cantex Mn Dev* O 565 Cantex Mn Dev V Canuc Res V 75 Canuc Res* O 6 T 728 Capstone Mng Cardero Res V 300 Cardero Res* O 0 Cardinal Res* O 47 Cardinal Res T 2516 Cariboo Rose V 1422 Carlin Gold V 141 Carrara Explor C 1592 Cartier Iron C 2 Cartier Res V 363 V 680 Carube Copper Carube Copper* O 20 Casa Minerals V 335 V 128 Cascadero Copp Cassius Vents V 10 Castle Peak Mg V 210 C 0 Cautivo Mining CellCube Enrgy C 2262 O 3572 CellCube Enrgy* Centamin T 68 Centaurus Diam* O 27 Centerra Gold T 5767 Central Iron V 190 Central Tim Ex V 629 Central Tim Ex* O 150 Centurion Mnls V 59 Centurion Mnls* O 0 Century Cobalt* O 75 T 5 Century Global Cerro de Pasc * O 57 Cerro de Pasc C 798 O 64 Cerro Grande* Cerro Grande C 62 Cerro Mng* O 0 Cerro Mng V 32 Ceylon Graph V 52 V 608 Chakana Copper Chakana Copper* O 333 Chalice Gold M* O 53 Chalice Gold M T 341 Champion Bear V 89 O 145 Champion Bear* Champion Iron T 1665 Champion Iron* O 79 Chatham Rock* O 0 Chatham Rock V 160 Chesapeake Gld* O 39 Chesapeake Gld V 44 Chevron Corp* N 33744 Chiboug Ind Mn V 346 Chiboug Ind Mn* O 13 Chilean Metals V 173 Chilean Metals* O 65 China Gold Int T 344 CIM Intl Grp C 25 Clarmin Explor V 5 Clean Comm V 977 Clean Comm* O 2 Cleghorn Mnls V 10 Cleveland-Clif* N 86552 Cliffmont Res V 120 Clifton Mng* O 84 Cloud Peak En* O 4367 Clydesdale Res V 50 CMC Metals* O 3 CMC Metals V 325 CNRP Mng* O 517 CNRP Mng C 1229 Cobalt 27 Cap V 2934 Cobalt Block V 181 Cobalt Block* O 164 Coeur Mng* N 31855

0.14 0.00 0.14 - 0.01 0.33 0.10 0.11 0.11 0.11 unch 0.00 0.25 0.10 0.02 0.02 0.02 unch 0.00 0.05 0.01 0.03 0.02 0.03 unch 0.00 0.07 0.02 0.00 0.00 0.00 unch 0.00 0.02 0.02 0.02 unch 0.00 0.04 0.01 7.01 6.56 7.01 + 0.20 7.50 5.01 9.35 8.70 9.35 + 0.14 9.80 6.63 1.20 0.00 0.64 - 0.15 1.52 0.03 0.42 0.37 0.42 + 0.03 0.59 0.13 0.55 0.49 0.53 + 0.06 0.79 0.37 0.41 0.00 0.38 - 0.02 0.46 0.03 0.55 0.00 0.55 unch 0.00 1.45 0.35 9.60 9.09 9.34 - 0.25 13.04 8.03 12.72 12.05 12.40 - 0.29 17.12 10.70 0.02 0.01 0.02 - 0.00 0.23 0.01 0.03 0.02 0.02 unch 0.00 0.23 0.02 0.00 0.00 0.10 unch 0.00 0.15 0.07 0.12 0.11 0.11 - 0.01 0.20 0.09 0.04 0.02 0.04 + 0.01 0.06 0.00 0.06 0.05 0.06 unch 0.00 0.18 0.05 0.04 0.04 0.04 + 0.01 0.13 0.00 0.04 0.03 0.04 + 0.01 0.08 0.02 0.34 0.30 0.34 + 0.03 0.70 0.25 0.27 0.22 0.25 + 0.02 0.53 0.18 0.00 0.00 0.02 unch 0.00 0.06 0.01 0.03 0.03 0.03 unch 0.00 0.08 0.02 0.06 0.06 0.06 unch 0.00 0.11 0.04 0.05 0.04 0.04 - 0.01 0.08 0.02 0.06 0.05 0.05 unch 0.00 0.18 0.05 0.44 0.40 0.44 unch 0.00 0.80 0.16 0.31 0.31 0.31 unch 0.00 0.63 0.24 0.13 0.11 0.13 + 0.01 0.45 0.11 1.00 0.85 0.98 - 0.02 2.33 0.75 0.83 0.83 0.83 unch 0.00 1.15 0.08 0.20 0.16 0.16 - 0.04 0.40 0.16 0.15 0.12 0.12 - 0.03 0.29 0.12 0.08 0.07 0.08 + 0.01 0.08 0.04 0.05 0.05 0.05 - 0.00 0.06 0.03 0.07 0.06 0.06 - 0.01 0.10 0.05 0.17 0.00 0.17 + 0.04 0.52 0.12 0.05 0.04 0.05 unch 0.00 0.08 0.04 0.02 0.02 0.02 + 0.00 0.03 0.01 0.02 0.02 0.02 unch 0.00 0.04 0.02 0.00 0.00 0.04 unch 0.00 0.05 0.02 0.06 0.06 0.06 - 0.01 0.10 0.03 0.08 0.00 0.08 unch 0.00 0.12 0.06 0.14 0.00 0.14 - 0.02 0.26 0.08 0.00 0.00 0.01 unch 0.00 0.02 0.01 0.02 0.02 0.02 unch 0.00 0.14 0.02 0.05 0.04 0.05 + 0.01 0.20 0.04 0.00 0.00 0.02 unch 0.00 0.04 0.01 0.01 0.01 0.01 unch 0.00 0.03 0.01 2.95 1.98 2.29 - 0.78 5.23 0.36 4.05 2.67 3.05 - 1.00 6.99 0.18 0.04 0.00 0.04 unch 0.00 0.14 0.03 0.02 0.02 0.02 unch 0.00 0.10 0.02 0.60 0.55 0.55 - 0.03 0.79 0.41 0.03 0.03 0.03 unch 0.00 0.13 0.02 0.00 0.00 0.02 unch 0.00 0.08 0.01 0.30 0.28 0.28 - 0.02 0.38 0.20 0.40 0.37 0.39 unch 0.00 0.50 0.29 0.05 0.04 0.04 - 0.01 0.06 0.02 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.03 0.02 0.03 unch 0.00 0.15 0.02 0.06 0.00 0.06 - 0.02 0.13 0.05 0.19 0.17 0.17 - 0.02 0.22 0.11 0.05 0.04 0.04 unch 0.00 0.07 0.03 0.04 0.04 0.04 unch 0.00 0.05 0.03 0.11 0.10 0.10 - 0.01 0.24 0.07 0.02 0.02 0.02 unch 0.00 0.04 0.02 0.07 0.07 0.07 - 0.03 0.09 0.06 0.02 0.01 0.01 - 0.01 0.02 0.01 0.00 0.00 0.10 unch 0.00 0.25 0.08 0.07 0.04 0.05 - 0.02 0.34 0.04 0.06 0.03 0.03 - 0.02 0.30 0.04 2.08 1.79 1.92 - 0.15 2.53 1.39 0.19 0.00 0.16 - 0.03 1.00 0.09 12.36 11.12 12.28 + 0.79 12.88 4.76 0.02 0.02 0.02 unch 0.00 0.05 0.02 0.05 0.04 0.05 + 0.01 0.20 0.03 0.03 0.03 0.03 unch 0.00 0.03 0.03 0.12 0.09 0.12 + 0.03 0.27 0.05 0.08 0.08 0.08 unch 0.00 0.08 0.08 0.09 0.02 0.04 - 0.03 0.18 0.00 0.10 0.10 0.10 unch 0.00 0.25 0.10 0.24 0.21 0.23 - 0.01 0.31 0.18 0.32 0.28 0.30 - 0.02 0.42 0.22 0.00 0.00 0.00 + 0.00 0.01 0.00 0.01 0.00 0.01 unch 0.00 0.01 0.01 0.00 0.00 0.09 unch 0.00 0.12 0.09 0.13 0.13 0.13 unch 0.00 0.36 0.13 0.10 0.09 0.09 - 0.02 0.20 0.08 0.17 0.15 0.16 - 0.02 0.54 0.15 0.13 0.10 0.12 - 0.01 0.41 0.10 0.17 0.14 0.17 + 0.02 0.18 0.08 0.19 0.17 0.18 - 0.01 0.20 0.10 0.16 0.14 0.14 - 0.02 0.25 0.10 0.12 0.12 0.12 unch 0.00 0.17 0.11 2.24 2.05 2.11 - 0.05 3.15 0.89 1.72 1.57 1.59 - 0.10 2.36 0.70 0.00 0.00 0.07 unch 0.00 0.14 0.07 0.11 0.10 0.11 - 0.01 0.19 0.10 2.55 2.28 2.30 - 0.09 3.50 1.03 3.44 3.00 3.09 - 0.13 4.65 1.41 119.46 110.42 113.85 - 4.75 127.60 100.22 0.11 0.10 0.11 + 0.01 0.27 0.04 0.08 0.08 0.08 unch 0.00 0.19 0.03 0.05 0.00 0.05 + 0.01 0.23 0.03 0.04 0.03 0.04 unch 0.00 0.06 0.01 1.18 1.12 1.17 unch 0.00 2.01 1.12 0.19 0.19 0.19 unch 0.00 0.63 0.19 0.13 0.10 0.13 + 0.03 0.20 0.10 0.04 0.03 0.03 - 0.01 0.05 0.02 0.03 0.03 0.03 unch 0.00 0.03 0.01 0.05 0.05 0.05 - 0.01 0.11 0.04 7.59 6.75 7.38 + 0.25 12.55 6.64 0.11 0.00 0.10 - 0.01 0.23 0.05 0.09 0.07 0.09 + 0.01 0.20 0.04 0.03 0.01 0.02 - 0.01 2.57 0.01 0.03 0.03 0.03 unch 0.00 0.08 0.02 0.03 0.03 0.03 unch 0.00 0.06 0.03 0.06 0.04 0.05 - 0.01 0.11 0.04 0.38 0.26 0.29 - 0.07 1.58 0.20 0.50 0.35 0.40 - 0.08 2.02 0.27 4.40 3.98 4.23 + 0.22 6.90 3.27 0.06 0.05 0.06 - 0.01 0.19 0.05 0.05 0.03 0.05 - 0.01 0.15 0.03 5.16 4.73 5.12 - 0.09 5.99 2.78

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Colibri Res* O 50 Colibri Res V 828 Colonial Coal V 212 Colorado Res V 1236 O 22 Colorado Res* Colt Res* O 0 T 675 Columbus Gold O 679 Columbus Gold* Comet Inds V 79 O 326 Commander Res* V 303 Commander Res V 44 Commerce Res O 6 Commerce Res* O 30 Compass Gold* V 242 Compass Gold O 1 Compliance Egy* X 4892 Comstock Mng* V 1416 Comstock Mtls 179 Comstock Mtls * O Condor Gold* O 23 Condor Gold T 13 Condor Res V 322 Condor Res* O 68 O 50 Confedertn Ml* V 52 Confedertn Mls Conquest Res V 35 36 Conquest Res * O V 250 Cons Woodjam CONSOL Coal Rs* N 184 CONSOL Energy* N 18743 N 1788 CONSOL Energy* O 208 Constantine Mt* V 144 Constantine Mt Contact Gold* O 77 Contact Gold V 366 O 36 Contact Mnrls* Contintl Gold* O 159 Contintl Gold T 1838 Contintl Prec* O 0 228 Copper Fox Mtl V 81 Copper Fox Mtl* O 85 Copper Lake Rs V Copper Mtn Mng T 1541 39 Copper Mtn Mng* O 0 Copper North M* O 194 Copper North M V Copper One C 1415 Copper Reef Mg C 1978 O 152 Copperbank Res* C 271 Copperbank Res 58 Coral Gold * O Coral Gold V 39 Cordoba Mnls V 1701 O 400 Cordoba Mnls* Core Gold V 1693 Core Gold* O 207 Core Lithium* O 1 V 118 Cornerstone Ca O 16 Cornerstone Ca* Coro Mining T 20952 Corsa Coal V 191 28 Corsa Coal * O Corsurex Res C 430 Corvus Gold* O 345 Corvus Gold T 852 CR Capital V 59 9 Crazy Horse Res* O C 108 Crest Resource C 2 Crestview Expl Cresval Cap V 15 Critical Elem* O 67 Critical Elem V 331 V 1329 CROPS O 274 Crown Mining* Crown Mining V 260 Cruz Cobalt C 102 Cruz Cobalt* O 32 Crystal Lake* O 288 Crystal Lake V 1168 Crystal Peak V 102 Crystal Peak* O 265 548 Currie Rose Rs V 0 Currie Rose Rs* O Cypress Dev* O 97 Cypress Dev V 699

0.02 unch 0.00 0.05 0.04 0.04 0.04 0.03 0.08 0.06 0.08 + 0.02 0.08 0.25 0.33 0.29 0.30 - 0.04 0.65 0.05 0.07 0.05 0.06 - 0.01 0.13 0.03 0.05 0.00 0.04 - 0.01 0.10 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.12 0.14 0.12 0.13 - 0.02 0.29 0.08 0.11 0.08 0.09 - 0.02 0.22 2.60 unch 0.00 3.60 3.50 3.25 3.50 0.05 0.07 0.06 0.07 + 0.01 0.10 0.07 unch 0.00 0.14 0.09 0.08 0.08 0.26 0.31 0.28 0.29 - 0.04 0.90 0.03 0.23 0.23 0.23 - 0.00 0.29 0.17 unch 0.00 0.40 0.21 0.20 0.20 0.11 0.27 0.22 0.26 + 0.01 0.71 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.03 0.11 0.10 0.10 - 0.00 0.33 0.02 0.02 0.02 0.02 - 0.01 0.06 0.02 0.02 0.02 + 0.00 0.04 0.01 0.23 0.27 0.00 0.27 - 0.09 0.43 0.30 0.45 0.35 0.36 - 0.10 0.80 0.04 0.06 0.05 0.05 - 0.02 0.09 0.03 0.05 0.04 0.04 - 0.01 0.07 0.09 unch 0.00 0.24 0.17 0.15 0.17 0.12 0.23 0.21 0.21 - 0.02 0.40 0.01 unch 0.00 0.03 0.03 0.03 0.03 0.01 0.00 0.01 + 0.00 0.01 0.00 0.03 0.03 0.03 0.03 - 0.01 0.09 13.59 12.85 13.02 - 0.33 21.13 12.30 7.43 6.82 7.41 + 0.26 16.09 6.14 14.04 16.13 14.04 14.66 - 0.83 41.98 0.24 0.27 0.23 0.24 - 0.03 0.57 0.30 0.35 0.30 0.33 - 0.02 0.72 0.11 0.14 0.11 0.14 + 0.01 0.38 0.14 unch 0.00 0.49 0.20 0.14 0.20 0.02 0.15 0.10 0.15 + 0.02 0.30 1.33 3.14 2.72 3.12 + 0.21 3.90 1.76 4.18 3.60 4.17 + 0.32 4.66 0.00 unch 0.00 0.28 0.00 0.00 0.00 0.09 0.08 0.08 - 0.01 0.13 0.08 0.07 0.05 0.05 - 0.01 0.10 0.05 0.02 0.01 0.01 - 0.01 0.03 0.01 0.69 0.65 0.66 - 0.03 1.22 0.65 0.53 0.49 0.49 - 0.03 0.90 0.48 0.00 0.00 0.02 unch 0.00 0.05 0.02 0.03 0.02 0.03 - 0.01 0.07 0.02 0.05 0.11 0.05 0.11 + 0.06 0.11 0.03 0.03 0.03 unch 0.00 0.04 0.02 0.02 0.03 0.03 0.03 - 0.00 0.06 0.04 0.04 0.04 0.04 + 0.01 0.08 0.36 0.33 0.35 - 0.01 0.39 0.26 0.35 0.49 0.44 0.45 - 0.04 0.51 0.04 0.05 0.04 0.05 - 0.01 0.17 0.03 0.04 0.03 0.03 - 0.01 0.13 0.14 unch 0.00 0.33 0.27 0.20 0.22 0.10 0.21 0.16 0.16 - 0.01 0.25 0.07 unch 0.00 0.40 0.10 0.10 0.10 2.57 2.88 2.57 2.70 - 0.02 7.90 0.03 2.11 1.99 1.99 - 0.07 3.61 0.05 0.09 0.08 0.09 - 0.01 0.12 0.26 0.44 0.26 0.35 - 0.09 1.20 0.33 0.25 0.27 - 0.07 0.90 0.28 0.03 0.04 0.00 0.04 - 0.01 0.08 1.13 1.77 1.47 1.49 - 0.23 2.72 1.55 2.30 1.95 2.00 - 0.28 3.39 0.04 unch 0.00 0.08 0.05 0.05 0.05 0.38 0.30 0.30 - 0.08 0.38 0.08 0.08 0.11 0.09 0.09 - 0.01 0.16 0.60 unch 0.00 0.60 0.60 0.60 0.60 0.02 unch 0.00 0.05 0.02 0.02 0.02 0.20 0.30 0.27 0.27 - 0.03 0.80 0.26 0.41 0.36 0.36 - 0.03 1.05 0.02 0.02 0.02 0.02 - 0.01 0.05 0.03 0.04 0.03 0.03 - 0.01 0.10 0.04 unch 0.00 0.17 0.05 0.05 0.05 0.03 unch 0.00 0.05 0.05 0.04 0.05 0.01 0.03 0.03 0.03 + 0.00 0.08 0.13 0.15 0.13 0.14 - 0.00 0.46 0.18 0.20 0.18 0.18 - 0.01 0.62 0.10 0.15 0.13 0.15 + 0.01 0.29 0.08 0.11 0.10 0.11 + 0.01 0.22 0.06 0.04 0.05 - 0.01 0.10 0.04 0.00 0.00 0.03 unch 0.00 0.07 0.03 0.12 0.17 0.14 0.17 + 0.02 0.21 0.17 0.23 0.20 0.22 + 0.04 0.29

Dajin Res V 168 Dajin Res* O 41 142 Dakota Ter Res* O Damara Gold V 26 Damara Gold* O 0 Danakali* O 111 Debut Dmds C 47 Decade Res V 508 O 0 Deep-South Res* V 20 Deep-South Res C 141 DeepRock Min O 31 Defense Metals* V 294 Defense Metals Defiance Silvr V 468 O 336 Defiance Silvr* Delrand Res V 237 37 Delrey Metals * O Delrey Metals C 23 T 888 Denison Mines X 1571 Denison Mines* Desert Gold* O 44 Desert Gold V 178 134 Desert Mtn Egy V Detour Gold T 4680 O 72 Diamante Min* Diamcor Mng V 265 O 73 Diamcor Mng* O 1200 Diamond Disc* V 61 Diamond Fields O 361 Diamond Fields* Dios Expl V 370 V 467 Discovery Harb O 303 Discovery Met* V 468 Discovery Met 67517 O Discovery Min* V 470 Discovery-Corp District Cop* O 4 District Cop V 427 District Metal* O 0 District Metal V 0 Ditem Explor* O 500 O 311 Diversified Rs* DNI Metals* O 184 O 17 Dolat Ventures* 97 Dolly Vard Sil* O 254 Dolly Vard Sil V V 686 Doubleview Cap DRDGOLD* N 1076 Dundee Prec Mt T 1978 O 14 Dunnedin Vent* Durango Res V 425 Durango Res* O 250 DV Resources V 125 125 Dynacor Gld Mn T 14 Dynacor Gld Mn* O O 0 DynaResource* Dynasty Gold V 5 O 0 Dynasty Gold* E3 Metals V 175 E3 Metals* O 8 V 65 Eagle Graphite O 0 Eagle Graphite* Eagle Plains V 301 74 V East Africa 25 East Africa * O 54 East Asia Mnls* O 510 East Asia Mnls V EastCoal Inc V 12 O 16 Eastern Platin* Eastern Platin T 68 Eastern Zinc C 75 Eastfield Res V 10 O 108 Eastmain Res* Eastmain Res T 843 9 Eco Oro Mnls C 8 Eco Oro Mnls* O O 5 Edgewater Expl* V 7 Edgewater Expl 917 El Capitan Prc* O 100 V El Nino Vent

0.04 unch 0.00 0.09 0.04 0.04 0.04 0.02 0.03 0.03 0.03 - 0.00 0.08 0.13 0.06 0.09 - 0.00 0.19 0.02 0.03 0.04 0.00 0.04 + 0.01 0.05 0.02 unch 0.00 0.03 0.00 0.00 0.02 0.40 0.45 0.40 0.40 - 0.05 0.61 0.01 unch 0.00 0.02 0.01 0.00 0.01 0.02 unch 0.00 0.07 0.03 0.02 0.03 0.06 unch 0.00 0.09 0.07 0.07 0.07 0.06 unch 0.00 0.16 0.11 0.11 0.11 0.02 0.04 0.00 0.03 + 0.01 0.10 0.08 0.09 0.06 0.07 - 0.03 0.25 0.09 0.12 0.09 0.10 - 0.02 0.25 0.16 0.25 0.23 0.23 - 0.02 0.37 0.12 0.19 0.17 0.18 - 0.01 0.32 0.25 unch 0.00 0.71 0.45 0.40 0.44 0.04 0.03 0.04 + 0.01 0.30 0.02 0.04 0.05 0.04 0.05 + 0.01 0.50 0.52 0.65 0.61 0.64 + 0.01 0.88 0.38 0.49 0.45 0.48 - 0.01 0.68 0.10 0.11 0.10 0.10 - 0.01 0.31 0.10 unch 0.00 0.26 0.14 0.13 0.13 0.31 0.26 0.30 + 0.03 0.31 0.13 21.20 18.93 20.89 + 0.68 25.45 9.38 0.01 0.03 0.03 0.03 - 0.00 0.20 0.08 unch 0.00 0.50 0.10 0.09 0.09 0.06 0.07 0.06 0.06 + 0.00 0.28 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.07 0.20 0.20 0.20 + 0.01 0.21 0.00 unch 0.00 0.16 0.16 0.16 0.16 0.04 0.06 0.05 0.06 + 0.02 0.08 0.01 0.08 0.05 0.08 + 0.03 0.08 0.14 0.39 0.34 0.37 - 0.01 0.54 0.17 0.54 0.45 0.49 - 0.01 0.74 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.01 unch 0.00 0.02 0.01 0.01 0.01 0.01 unch 0.00 0.05 0.01 0.01 0.01 0.01 0.01 0.01 0.01 + 0.00 0.07 0.16 unch 0.00 0.16 0.00 0.00 0.16 0.15 unch 0.00 0.31 0.00 0.00 0.15 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.00 - 0.00 0.05 0.01 0.06 0.00 0.04 + 0.02 0.09 0.06 0.14 0.00 0.14 - 0.01 1.80 0.35 0.29 0.30 - 0.01 0.40 0.14 0.47 0.39 0.41 - 0.02 0.55 0.19 0.08 0.14 0.09 0.12 + 0.04 0.18 1.64 4.96 4.17 4.74 + 0.14 5.20 4.60 4.38 4.49 - 0.12 5.75 3.07 0.05 unch 0.00 0.13 0.06 0.06 0.06 0.06 0.08 0.06 0.07 - 0.01 0.10 0.04 unch 0.00 0.07 0.06 0.06 0.06 0.04 unch 0.00 0.15 0.07 0.07 0.07 1.80 1.72 1.75 - 0.05 2.00 1.41 1.36 1.30 1.30 - 0.05 1.60 1.02 0.25 unch 0.00 1.25 0.00 0.00 0.50 0.06 0.09 0.09 0.09 + 0.01 0.16 0.05 unch 0.00 0.11 0.05 0.05 0.05 0.23 0.50 0.43 0.43 - 0.04 0.60 0.22 0.37 0.36 0.37 + 0.00 0.41 0.03 0.06 0.00 0.06 + 0.01 0.15 0.04 unch 0.00 0.11 0.05 0.05 0.05 0.08 0.11 0.09 0.10 + 0.01 0.12 0.17 0.16 0.17 unch 0.00 0.26 0.15 0.13 0.13 0.13 unch 0.00 0.19 0.11 0.06 0.06 0.06 - 0.01 0.09 0.03 0.07 0.07 0.07 - 0.01 0.13 0.04 0.05 unch 0.00 0.11 0.07 0.00 0.07 0.12 0.23 0.19 0.19 - 0.04 0.26 0.17 0.31 0.25 0.25 - 0.05 0.35 0.03 unch 0.00 0.56 0.03 0.03 0.03 0.03 0.05 0.00 0.05 + 0.01 0.07 0.07 unch 0.00 0.20 0.09 0.08 0.09 0.10 0.13 0.12 0.12 - 0.01 0.27 0.13 0.10 0.10 - 0.03 0.27 0.06 0.07 0.07 0.07 unch 0.00 0.77 0.00 0.06 unch 0.00 0.09 0.08 0.08 0.08 0.06 unch 0.00 0.14 0.11 0.11 0.11 0.02 0.02 0.02 + 0.00 0.04 0.00 0.02 0.05 0.01 + 0.03 0.02 0.03

D-F

2019-10-08 6:37 PM

GLOBAL MINING NEWS

(100s) Stock

THE NORTHERN MINER / OCTOBER 14â&#x20AC;&#x201C;27, 2019

Week

12-month

Exc Volume High Low Last Change High Low

Elcora Adv Mat V 137 0.07 0.05 0.06 - 0.01 0.18 0.05 Elcora Res* O 88 0.05 0.04 0.05 + 0.00 0.16 0.04 Eldorado Gold* N 11666 8.01 7.50 7.87 - 0.01 10.09 2.52 Eldorado Gold T 5438 10.67 9.93 10.48 + 0.06 13.34 3.36 Eloro Res* O 20 0.19 0.19 0.19 unch 0.00 0.34 0.13 Eloro Res V 7 0.23 0.21 0.21 - 0.03 0.51 0.15 Ely Gold Royal V 447 0.39 0.32 0.38 + 0.03 0.47 0.09 Ely Gold Royal* O 743 0.30 0.23 0.29 + 0.02 0.35 0.07 Elysee Dev * O 3 0.27 0.27 0.27 - 0.00 0.33 0.23 0.31 Elysee Dev V 88 0.36 0.35 0.36 - 0.01 0.42 Emerita Res V 2630 0.11 0.05 0.10 + 0.05 0.17 0.05 Emgold Mining* O 5 0.06 0.05 0.05 - 0.00 0.14 0.03 Emgold Mining V 189 0.08 0.00 0.08 + 0.01 0.20 0.05 Empire Metals V 1 0.00 0.00 0.13 unch 0.00 0.23 0.13 Empress Res V 471 0.05 0.03 0.03 - 0.01 0.10 0.03 Empress Res* O 0 0.02 0.02 0.02 unch 0.00 0.06 0.05 EMX Royalty V 68 1.86 1.77 1.86 + 0.02 2.00 1.40 EMX Royalty* X 393 1.40 1.33 1.34 - 0.03 1.54 1.04 Encanto Potash* O 44 0.08 0.07 0.07 - 0.01 0.18 0.07 Encanto Potash V 23 0.10 0.09 0.09 - 0.02 0.26 0.08 EnCore Energy V 1164 0.14 0.11 0.13 unch 0.00 0.21 0.09 Endeavour Mng T 1716 26.55 24.36 24.94 - 1.67 28.98 16.34 O 29 19.46 18.33 18.74 - 1.31 21.78 12.38 Endeavour Mng* Endeavr Silver* N 19795 2.46 2.20 2.43 - 0.02 3.20 1.68 2.21 Endeavr Silver T 4809 3.28 2.92 3.23 - 0.01 4.26 Endurance Gold V 153 0.04 0.04 0.04 unch 0.00 0.07 0.03 Energy Fuels* X 2761 1.99 1.80 1.98 + 0.06 4.09 1.50 2.00 Energy Fuels T 598 2.64 2.39 2.64 + 0.10 5.38 Enforcer Gold* O 15 0.11 0.11 0.11 unch 0.00 0.11 0.02 0.09 Enforcer Gold V 101 0.14 0.09 0.09 - 0.05 0.50 unch 0.00 0.14 0.05 Engineer Gold V 113 0.12 0.12 0.12 Engold Mines V 145 0.09 0.07 0.08 - 0.01 0.20 0.06 Engold Mines* O 25 0.07 0.07 0.07 + 0.01 0.11 0.05 Ensurge* O 593 0.06 0.01 0.03 - 0.02 0.07 0.01 0.05 Entree Res* O 2353 0.20 0.16 0.18 - 0.02 0.46 Entree Res T 1277 0.26 0.22 0.24 - 0.02 0.61 0.23 ePower Metals* O 19 0.30 0.27 0.30 - 0.01 0.37 0.04 ePower Metals V 229 0.40 0.34 0.40 - 0.01 0.62 0.29 Equinox Gold V 669 7.42 6.90 7.25 - 0.24 8.90 4.25 X 549 5.69 5.20 5.45 - 0.20 6.25 5.20 Equinox Gold* Equitorial Ex V 361 0.04 0.04 0.04 + 0.01 0.06 0.02 Equity Metals* O 3 0.07 0.07 0.07 unch 0.00 0.09 0.03 Equity Metals V 479 0.09 0.05 0.07 - 0.02 0.12 0.05 Erdene Res Dev* O 87 0.16 0.14 0.15 unch 0.00 0.23 0.12 226 0.21 0.19 0.19 - 0.02 0.31 0.16 Erdene Res Dev T Erin Ventures V 228 0.06 0.05 0.05 - 0.02 0.20 0.04 Ero Copper T 684 19.40 17.95 18.22 - 0.89 25.69 8.55 Ero Copper* O 2 14.54 13.89 13.89 - 0.64 19.20 6.49 Eros Res Corp* O 2 0.04 0.04 0.04 unch 0.00 0.07 0.03 15 0.06 0.06 0.06 unch 0.00 0.11 0.05 Eros Res Corp V Eros Res Corp V 15 0.06 0.06 0.06 unch 0.00 0.11 0.05 Eskay Mng* O 42 0.09 0.08 0.08 - 0.01 0.20 0.04 Eskay Mng V 820 0.11 0.09 0.09 - 0.01 0.28 0.07 Essex Minerals V 140 0.04 0.03 0.03 - 0.01 0.11 0.03 0.09 Ethos Gold* O 208 0.16 0.12 0.13 - 0.03 0.25 Ethos Gold V 424 0.21 0.15 0.17 - 0.04 0.34 0.13 0.24 Etruscus Res C 30 0.35 0.34 0.34 - 0.03 0.50 Euro Manganese V 71 0.17 0.00 0.17 + 0.02 0.44 0.15 830 0.34 0.29 0.31 - 0.02 1.25 0.23 Euro Sun Mg T Euro Sun Mg* O 95 0.27 0.19 0.27 + 0.02 1.00 0.17 O 3 0.03 0.02 0.02 unch 0.00 0.14 0.02 EurOmax Res* EurOmax Res T 25 0.04 0.03 0.04 unch 0.00 0.19 0.03 European Elect* O 563 0.02 0.01 0.01 - 0.01 0.27 0.01 V 250 0.03 0.00 0.02 - 0.01 0.35 0.02 European Elect European Metal* O 1 0.26 0.00 0.26 unch 0.00 0.26 0.00 Eurotin V 190 0.01 0.01 0.01 unch 0.00 0.10 0.01 0.63 0.37 0.53 + 0.14 1.64 0.37 EVI Global Grp C 1943 Evolving Gold* O 2 0.05 0.05 0.05 unch 0.00 0.06 0.00 0.27 Evrim Res V 251 0.35 0.33 0.33 - 0.02 1.63 Excellon Res* O 149 0.77 0.68 0.72 - 0.01 1.15 0.44 0.59 Excellon Res T 556 1.03 0.91 0.94 - 0.02 1.51 Excelsior Mng* O 149 0.83 0.72 0.73 - 0.05 0.90 0.53 0.71 Excelsior Mng T 273 1.10 0.96 0.97 - 0.07 1.15 490 0.01 0.01 0.01 unch 0.00 0.03 0.01 ExGen Res Inc V Explor Res* O 215 0.03 0.02 0.03 + 0.01 0.03 0.01 Explor Res V 1633 0.04 0.03 0.03 - 0.01 0.04 0.02 Explorex Res C 69 0.21 0.19 0.20 - 0.01 0.45 0.15 unch 0.00 0.00 0.00 Fairmile Gold* O 0 0.00 0.00 0.00 Falco Res V 150 0.24 0.22 0.23 - 0.01 0.54 0.20 O 197 0.20 0.17 0.19 unch 0.00 0.31 0.10 Falco Res * Falcon Gold V 468 0.05 0.04 0.04 - 0.01 0.06 0.02 Fancamp Expl V 187 0.08 0.06 0.07 - 0.01 0.11 0.04 C 338 0.05 0.04 0.05 + 0.01 0.18 0.04 Far Res Far Res* O 23 0.04 0.03 0.03 - 0.01 0.13 0.03 unch 0.00 0.10 0.02 Fidelity Min V 560 0.03 0.02 0.02 Filo Mg Corp V 22 2.55 2.50 2.50 unch 0.00 3.25 2.05 Filo Mg Corp * O 0 0.00 0.00 2.04 unch 0.00 2.31 1.55 0.02 Finlay Minrls V 1100 0.06 0.05 0.06 + 0.01 0.06 Fiore Gold* O 356 0.33 0.29 0.32 - 0.01 0.50 0.16 Fiore Gold V 452 0.43 0.39 0.43 + 0.01 0.63 0.21 Fire River Gol* O 6 0.14 0.03 0.14 + 0.02 0.51 0.00 Firebird Res V 30 0.02 0.02 0.02 unch 0.00 0.04 0.02 0.09 FireFox Gold V 369 0.16 0.14 0.15 - 0.02 0.39 Firestone Diam* O 36 0.01 0.01 0.01 unch 0.00 0.03 0.01 unch 0.00 0.10 0.04 Firestone Vent V 267 0.05 0.05 0.05 Fireweed Zinc V 149 0.52 0.45 0.50 + 0.05 1.22 0.45 Fireweed Zinc* O 19 0.37 0.35 0.37 + 0.02 0.89 0.34 O 150 0.01 0.01 0.01 - 0.00 0.05 0.01 Firma Holdings* First Cobalt * O 265 0.13 0.11 0.12 + 0.00 0.27 0.09 0.12 First Cobalt V 2377 0.17 0.14 0.17 + 0.02 0.33 First Colombia* O 8250 0.00 0.00 0.00 unch 0.00 0.00 0.00 First Energy C 95 0.17 0.13 0.17 + 0.04 0.20 0.06 First Energy* O 0 0.00 0.00 0.07 unch 0.00 0.18 0.05 First Majestic* N 22408 9.84 8.91 9.66 + 0.03 11.62 4.59 First Majestic T 3391 13.11 11.81 12.86 + 0.11 15.50 6.12 0.20 0.17 0.19 - 0.01 0.31 0.16 First Mg Fin * O 1211 First Mg Fin T 1587 0.26 0.24 0.25 - 0.01 0.41 0.21 0.06 First Point* O 29 0.13 0.11 0.11 - 0.02 0.14 First Quantum T 22511 11.23 9.55 9.67 - 1.16 16.63 7.84 V 216 0.23 0.20 0.21 - 0.02 1.96 0.20 First Vanadium First Vanadium* O 191 0.18 0.14 0.15 - 0.03 1.60 0.14 Fission 3.0 V 573 0.06 0.05 0.06 unch 0.00 0.30 0.05 Fission 3.0* O 80 0.04 0.00 0.04 - 0.00 0.22 0.04 Fission Uran* O 885 0.29 0.25 0.27 - 0.02 0.58 0.24 Fission Uran T 1113 0.38 0.34 0.35 - 0.03 0.74 0.32 Five Star Diam* O 60 0.04 0.04 0.04 - 0.00 0.06 0.04 Fjordland Exp* O 150 0.04 0.04 0.04 unch 0.00 0.15 0.03 Fjordland Exp V 91 0.05 0.04 0.05 - 0.01 0.20 0.04 10 0.12 0.10 0.10 - 0.02 0.15 0.09 Flowery Gold* O Focus Graphite* O 930 0.02 0.01 0.02 - 0.00 0.04 0.01 Focus Graphite V 1368 0.03 0.02 0.03 unch 0.00 0.06 0.02 O 10 0.15 0.15 0.15 unch 0.00 0.15 0.15 Focus Minerals* Foran Mng V 331 0.25 0.00 0.25 + 0.02 0.43 0.22 0.13 Forsys Metals T 49 0.17 0.15 0.17 + 0.01 0.32 Fort St J Nick V 5 0.10 0.10 0.10 unch 0.00 0.36 0.08 O 31 5.93 0.00 5.72 - 0.22 6.63 2.58 Fortescue Met* Fortuna Silvr T 2547 4.33 3.99 4.31 unch 0.00 6.12 3.22 Fortuna Silvr* N 13557 3.25 3.01 3.23 - 0.04 4.59 2.39 Fortune Bay V 1 0.00 0.00 0.35 unch 0.00 0.41 0.19 Fortune Bay* O 2 0.26 0.00 0.23 - 0.04 0.31 0.10 Fortune Mnrls* O 213 0.07 0.05 0.05 - 0.01 0.11 0.05 Fortune Mnrls T 774 0.09 0.08 0.09 unch 0.00 0.16 0.07 unch 0.00 0.09 0.03 Forum Energy V 706 0.08 0.07 0.08 Forum Energy* O 295 0.07 0.04 0.06 + 0.00 0.07 0.02 Four Nines C 3 0.15 0.15 0.15 unch 0.00 0.31 0.10 Fox River Res C 24 0.06 0.00 0.06 unch 0.00 0.10 0.06 Fox River Res* O 1 0.04 0.04 0.04 + 0.00 0.06 0.04 0.08 FPX Nickel V 85 0.17 0.14 0.14 - 0.01 0.18 Franco-Nevada* N 2548 94.52 90.09 94.44 + 1.81 101.19 60.47 Franco-Nevada T 2757 125.96 119.63 125.70 + 3.00 133.92 78.50 Franklin Mng* O 1 0.00 0.00 0.00 unch 0.00 0.00 0.00 unch 0.00 0.13 0.05 Freegold Vent T 137 0.08 0.07 0.08 Freeport McMoR* N 114389 9.68 8.60 8.83 - 0.82 14.68 8.58 Freeport Res V 55 0.09 0.09 0.09 unch 0.00 0.15 0.04 Fremont Gold V 1171 0.06 0.00 0.06 unch 0.00 0.19 0.04 Fremont Gold* O 38 0.05 0.04 0.05 - 0.00 0.18 0.04 Fresnillo plc* O 14 8.50 8.10 8.19 - 0.53 13.76 7.01 Frontier Lith V 35 0.25 0.24 0.25 - 0.01 0.47 0.24 Frontline Gold V 1044 0.01 0.01 0.01 - 0.01 0.02 0.01 Full Metal Mnl* O 2 0.00 0.00 0.00 - 0.01 0.01 0.00 Fura Gems V 410 0.20 0.16 0.20 + 0.01 0.46 0.14 Fura Gems* O 7 0.12 0.11 0.11 - 0.01 0.34 0.11

G-H G2 Goldfields* O 2 G2 Goldfields V 348 Gabriel Res V 24 Gabriel Res* O 12 Gainey Capital V 167 Galane Gold * O 1353 Galane Gold V 874 Galantas Gold V 35 Galantas Gold* O 20 Galore Res V 15 Galway Gold * O 63 Galway Gold V 255 Galway Mtls* O 20 Galway Mtls V 384 GAR Limited C 195 Garibaldi Res V 493 Garibaldi Res * O 104 Gatling Explor V 537 Gatling Explor* O 58 Gem Intl Res* O 0

0.19 0.00 0.18 - 0.08 0.26 0.05 0.29 0.23 0.23 - 0.06 0.43 0.13 0.58 0.54 0.55 - 0.02 0.71 0.29 0.43 0.41 0.43 + 0.02 0.52 0.20 0.09 0.08 0.09 unch 0.00 0.16 0.04 0.09 0.07 0.08 - 0.01 0.10 0.03 0.12 0.10 0.10 - 0.02 0.13 0.04 0.07 0.07 0.07 - 0.01 0.15 0.06 0.05 0.05 0.05 unch 0.00 0.10 0.04 0.02 0.02 0.02 - 0.01 0.05 0.01 0.08 0.08 0.08 unch 0.00 0.11 0.00 0.12 0.11 0.12 unch 0.00 0.15 0.07 0.23 0.23 0.23 unch 0.00 0.30 0.10 0.33 0.30 0.30 - 0.02 0.44 0.13 0.02 0.01 0.02 + 0.01 0.22 0.01 1.86 1.68 1.79 + 0.01 2.25 0.69 1.38 1.27 1.36 + 0.00 1.70 0.51 0.52 0.45 0.50 unch 0.00 0.71 0.13 0.39 0.35 0.38 - 0.00 0.54 0.21 0.00 0.00 0.00 unch 0.00 0.00 0.00

20-23_OCT14_StockTables.indd 21

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

General Moly* X 6487 General Moly T 82 Generation Min C 585 Generation Min* O 21 Genesis Mtls* O 341 Genesis Mtls V 412 Genius Metals C 93 Gensource Pot V 573 Gentor Res V 5 Geomega Res V 202 Geomega Res* O 4 Gespeg Res V 1794 Getchell Gold * O 75 Getchell Gold C 50 Getty Copper V 20 GFG Resources V 370 GFG Resources* O 375 GGL Res* O 0 GGL Res V 2 GGX Gold V 184 GGX Gold* O 64 Giga Metals* O 378 Giga Metals V 383 Gitennes Expl V 226 Giyani Gold V 317 Giyani Gold* O 250 Glacier Lake V 36 Gldn Predator* O 200 Gldn Predator V 446 Glen Eagle Res V 102 204 Glencore Plc * O Glencore Plc* O 899 O 94 Global Atomic* Global Atomic T 289 Global Battery V 81 O 30 Global Battery* Global Energy* O 110 Global Energy V 1352 Global Gold* O 0 Global Li-Ion* O 38 Global Li-Ion C 114 GlobalMin Vent* O 0 Globex Mng* O 11 Globex Mng T 150 GMV Minerals* O 12 GMV Minerals V 203 GNCC Capital* O 125511 Go Cobalt* O 3 Go Cobalt C 75 GobiMin V 21 0 Godâ&#x20AC;&#x2122;s Lake Res C GoGold Res T 566 39487 Gold Fields* N Gold Fields* O 0 Gold Finder Ex V 841 Gold Finder Ex* O 1 Gold Reserve V 8 O 282 Gold Reserve* Gold Resource* X 5329 84 Gold Rush Cari V Gold Std Vents T 1771 Gold Std Vents* X 2399 Goldbank Mng V 10 Goldbank Mng* O 0 Goldcliff Res* O 162 Goldcliff Res V 156 Golden Arrow V 634 Golden Arrow* O 212 Golden Band* O 6 Golden Cariboo V 137 Golden Dawn Ml V 452 16 Golden Dawn Ml* O Golden Goliath V 1622 O 108 Golden Goliath* Golden Harp V 64 Golden Hope V 318 Golden Hope* O 211 Golden Lake C 115 Golden Mnls* X 593 Golden Mnls T 52 Golden Pursuit V 72 Golden Queen V 36 O 119 Golden Queen* Golden Ridge V 1800 Golden Secret V 164 Golden Share V 7 Golden Star* X 2278 Golden Star T 413 Golden Sun* O 1 Golden Tag V 266 Golden Valley* O 42 Golden Valley V 241 Goldex Res* O 17 Goldex Res V 99 Goldgroup Mng T 295 O 122 Goldgroup Mng* GoldMining* O 641 GoldMining T 581 GoldON Res V 65 GoldON Res* O 59 O 267 Goldplay Expl* Goldplay Expl V 210 V 115 GoldQuest Mng Goldrea Res C 71 Goldrea Res* O 2 Goldrich Mng* O 76 O 91 Goldsource Min* Goldsource Min V 804 Goldstar Mnls V 243 Goldstrike Res V 621 Goliath Res V 5195 Goliath Res* O 512 Gossan Res V 279 GoviEx Uranium* O 188 GoviEx Uranium V 895 Gowest Gold* O 1 Gowest Gold V 6 GPM Metals* O 2 GPM Metals V 162 Gran Colombia* O 541 T 1387 Gran Colombia Granada Gold V 602 Granada Gold* O 11 Grande Portage V 249 Grande Portage* O 70 Granite Creek V 289 Graphite One* O 53 Graphite One V 78 Gratomic V 1139 Gray Rock Res V 104 Great Atlantic V 86 Great Bear Res V 1221 Great Bear Res* O 280 Great Lakes Gr* O 344 Great Panther T 901 Great Panther* X 3548 V 397 Great Thunder Greatbanks Res* O 0 Green River C 340 Green Swan Cap V 700 V 84 Greencastle Rs Greenland M&En* O 393 Greenshield Ex V 31 Grenville Gold C 1 Grid Metals V 193 Grid Metals* O 68 Grizzly Discvr* O 150 Grizzly Discvr V 202 Grosvenor Res V 75 Group Eleven V 25 Group Ten Mtls* O 260 Group Ten Mtls V 93 GrowMax Res* O 13 GSP Resource V 35 GT Gold V 987 GT Gold * O 50 Gungnir Res* O 85 Gungnir Res V 229 Gunpoint Expl V 11 Guyana Gldflds T 2460 Guyana Goldstr V 1562 Guyana Goldstr* O 725 Handa Mining V 97 Handeni Gold* O 16 Hannan Metals V 105 Hannan Metals* O 2 Happy Ck Mnrls V 168 Harfang Explor V 38 Harmony Gold* N 32138 Harte Gold T 1196 Harte Gold* O 229 Harvest Gold* O 139 Harvest Gold V 2404 Hawkeye Gld&Di* O 5 Hawkeye Gld&Di V 2140

0.35 0.21 0.26 + 0.06 0.45 0.16 0.45 0.28 0.34 + 0.08 0.59 0.22 0.28 0.21 0.22 - 0.04 0.36 0.10 0.19 0.16 0.16 - 0.03 0.28 0.03 0.05 0.04 0.05 - 0.00 0.08 0.04 0.06 0.05 0.06 - 0.01 0.12 0.05 0.20 0.17 0.19 - 0.01 0.25 0.12 0.13 0.11 0.11 unch 0.00 0.14 0.08 0.06 0.06 0.06 unch 0.00 0.10 0.05 0.15 0.13 0.13 - 0.02 0.23 0.07 0.10 0.10 0.10 - 0.01 0.17 0.05 0.02 0.01 0.01 - 0.01 0.05 0.01 0.07 0.07 0.07 unch 0.00 0.19 0.05 0.09 0.00 0.09 - 0.01 3.60 0.08 0.03 0.03 0.03 unch 0.00 0.05 0.02 0.19 0.17 0.17 - 0.01 0.35 0.17 0.14 0.12 0.13 - 0.01 0.25 0.12 0.00 0.00 0.10 unch 0.00 0.10 0.05 0.00 0.00 0.10 unch 0.00 0.17 0.07 0.23 0.17 0.22 + 0.03 0.41 0.15 0.16 0.14 0.16 + 0.01 0.29 0.04 0.29 0.24 0.28 - 0.01 0.32 0.11 0.38 0.32 0.37 - 0.01 0.42 0.15 0.04 0.00 0.03 - 0.01 0.05 0.02 0.22 0.15 0.20 + 0.01 0.35 0.07 0.18 0.15 0.17 + 0.02 0.26 0.06 0.07 0.06 0.07 unch 0.00 0.30 0.06 0.27 0.23 0.25 - 0.01 0.38 0.13 0.36 0.31 0.31 - 0.03 0.50 0.18 0.11 0.09 0.09 + 0.01 0.16 0.08 3.02 2.79 2.80 - 0.22 4.49 2.66 6.00 5.47 5.60 - 0.38 8.91 5.29 0.39 0.00 0.38 - 0.01 0.42 0.21 0.54 0.50 0.50 - 0.03 0.56 0.28 0.11 0.10 0.10 - 0.01 0.23 0.06 0.07 0.06 0.07 + 0.01 0.16 0.05 0.02 0.01 0.02 - 0.00 0.07 0.01 0.03 0.03 0.03 unch 0.00 0.10 0.03 0.00 0.00 1.19 unch 0.00 1.85 1.16 0.08 0.08 0.08 - 0.00 0.21 0.04 0.14 0.11 0.11 - 0.01 0.28 0.06 0.00 0.00 0.30 unch 0.00 1.30 0.30 0.29 0.27 0.29 - 0.00 0.31 0.19 0.40 0.34 0.38 + 0.01 0.41 0.25 0.15 0.00 0.12 - 0.03 0.19 0.07 0.18 0.13 0.13 - 0.05 0.25 0.07 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.02 0.02 0.02 unch 0.00 0.26 0.02 0.07 0.07 0.07 unch 0.00 0.38 0.06 0.34 0.29 0.29 - 0.05 0.45 0.20 0.00 0.00 6.25 unch 0.00 6.25 1.51 0.66 0.59 0.65 unch 0.00 0.80 0.19 5.36 4.83 5.32 + 0.23 6.29 2.39 0.00 0.00 4.65 unch 0.00 4.65 2.40 0.05 0.04 0.05 + 0.01 0.19 0.04 0.00 0.00 0.03 unch 0.00 0.12 0.03 2.34 2.31 2.31 + 0.04 3.67 2.26 1.85 1.74 1.81 + 0.06 2.75 1.40 3.38 3.02 3.22 - 0.12 6.42 2.73 0.02 0.01 0.01 - 0.01 0.15 0.01 1.15 0.97 0.97 - 0.11 2.39 1.00 0.82 0.71 0.73 - 0.09 1.83 0.71 0.11 0.00 0.11 - 0.04 0.17 0.07 0.00 0.00 0.11 unch 0.00 0.11 0.11 0.13 0.10 0.10 - 0.03 0.13 0.03 0.16 0.13 0.13 - 0.04 0.17 0.05 0.16 0.14 0.15 - 0.01 0.37 0.14 0.11 0.09 0.11 - 0.00 0.28 0.09 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.05 0.05 0.05 unch 0.00 0.07 0.03 0.38 0.31 0.32 - 0.05 0.40 0.10 0.28 0.26 0.27 + 0.01 0.28 0.02 0.06 0.04 0.05 unch 0.00 0.10 0.02 0.04 0.03 0.04 + 0.00 0.08 0.00 0.09 0.09 0.09 - 0.01 0.17 0.07 0.19 0.15 0.19 + 0.02 0.23 0.05 0.13 0.12 0.13 unch 0.00 0.16 0.03 0.12 0.10 0.12 + 0.02 0.14 0.10 0.26 0.23 0.24 - 0.01 0.38 0.20 0.34 0.31 0.32 - 0.02 0.49 0.27 0.09 0.00 0.06 - 0.04 0.13 0.02 0.31 0.28 0.31 + 0.03 1.70 0.20 0.24 0.19 0.24 + 0.02 0.29 0.01 0.04 0.03 0.03 - 0.01 0.30 0.03 1.45 1.26 1.30 - 0.10 3.10 1.10 0.14 0.00 0.13 + 0.01 0.18 0.07 3.08 2.78 2.98 - 0.11 4.97 2.43 4.08 3.70 3.96 - 0.12 6.48 3.24 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.08 0.07 0.08 unch 0.00 0.10 0.03 0.30 0.29 0.29 - 0.01 0.34 0.17 0.40 0.38 0.40 + 0.02 0.44 0.23 0.07 0.05 0.07 - 0.02 0.25 0.05 0.10 0.07 0.09 - 0.01 0.39 0.07 0.04 0.03 0.04 + 0.01 0.08 0.03 0.03 0.02 0.03 - 0.00 0.06 0.02 0.91 0.84 0.87 - 0.04 1.08 0.52 1.20 1.12 1.16 - 0.05 1.44 0.71 0.53 0.45 0.47 - 0.05 0.91 0.12 0.40 0.38 0.38 - 0.05 0.69 0.09 0.16 0.14 0.15 - 0.01 0.22 0.09 0.20 0.19 0.20 - 0.01 0.30 0.11 0.14 0.00 0.14 - 0.01 0.23 0.08 0.06 0.05 0.06 - 0.01 0.11 0.04 0.05 0.05 0.05 unch 0.00 0.07 0.03 0.02 0.01 0.01 + 0.00 0.03 0.01 0.08 0.03 0.05 - 0.02 0.16 0.02 0.10 0.08 0.09 - 0.01 0.23 0.04 0.05 0.05 0.05 unch 0.00 0.05 0.03 0.03 0.02 0.02 unch 0.00 0.20 0.02 0.10 0.06 0.08 - 0.03 0.17 0.06 0.07 0.05 0.06 - 0.02 0.13 0.04 0.08 0.05 0.05 - 0.03 0.10 0.05 0.13 0.11 0.12 + 0.00 0.20 0.09 0.17 0.15 0.16 - 0.01 0.25 0.12 0.20 0.20 0.20 unch 0.00 0.31 0.01 0.30 0.27 0.28 - 0.02 0.60 0.08 0.06 0.04 0.06 + 0.02 0.06 0.02 0.07 0.07 0.07 unch 0.00 0.10 0.06 4.12 3.61 4.11 + 0.11 4.44 1.72 5.48 4.77 5.46 + 0.23 5.91 2.25 0.12 0.10 0.12 + 0.02 0.23 0.09 0.09 0.07 0.09 + 0.01 0.17 0.07 0.17 0.13 0.13 - 0.03 0.34 0.08 0.12 0.11 0.11 - 0.02 0.25 0.06 0.07 0.07 0.07 - 0.01 0.23 0.05 0.13 0.12 0.12 - 0.01 1.00 0.00 0.17 0.15 0.17 unch 0.00 0.60 0.12 0.02 0.02 0.02 unch 0.00 0.17 0.02 0.06 0.05 0.05 - 0.01 0.15 0.05 0.42 0.40 0.40 - 0.02 0.95 0.30 8.66 7.40 8.10 - 0.55 9.57 1.85 6.55 5.56 6.14 - 0.37 7.23 1.41 0.00 0.00 0.00 unch 0.00 0.10 0.00 0.97 0.90 0.94 - 0.02 1.58 0.70 0.74 0.68 0.71 - 0.02 1.19 0.54 0.03 0.03 0.03 unch 0.00 0.03 0.01 0.00 0.00 0.01 unch 0.00 0.01 0.01 0.07 0.06 0.06 unch 0.00 0.08 0.04 0.02 0.02 0.02 unch 0.00 0.07 0.02 0.06 0.05 0.05 + 0.01 0.09 0.02 0.09 0.08 0.08 - 0.01 0.12 0.04 0.20 0.16 0.20 + 0.04 0.20 0.04 0.00 0.00 0.17 unch 0.00 0.70 0.12 0.14 0.12 0.12 - 0.01 0.16 0.05 0.11 0.10 0.11 + 0.02 0.12 0.04 0.04 0.03 0.03 unch 0.00 0.10 0.03 0.05 0.03 0.03 - 0.02 0.12 0.03 0.12 0.11 0.11 unch 0.00 0.14 0.08 0.04 0.00 0.04 unch 0.00 0.18 0.04 0.12 0.10 0.11 - 0.00 0.17 0.01 0.15 0.00 0.15 unch 0.00 0.23 0.12 0.15 0.05 0.09 + 0.04 0.15 0.00 0.16 0.16 0.16 unch 0.00 0.26 0.13 0.97 0.84 0.92 - 0.04 2.15 0.55 0.73 0.70 0.71 - 0.02 1.62 0.42 0.07 0.06 0.07 - 0.00 0.12 0.04 0.10 0.08 0.09 unch 0.00 0.16 0.06 0.55 0.55 0.55 unch 0.00 0.68 0.38 1.03 0.91 0.99 - 0.01 3.40 0.80 0.09 0.05 0.08 - 0.01 0.29 0.05 0.07 0.05 0.06 - 0.01 0.23 0.05 0.03 0.02 0.03 unch 0.00 0.08 0.02 0.03 0.00 0.03 - 0.01 0.04 0.02 0.09 0.08 0.09 unch 0.00 0.19 0.05 0.07 0.00 0.06 - 0.01 0.15 0.04 0.13 0.10 0.13 + 0.02 0.19 0.09 0.24 0.24 0.24 unch 0.00 0.32 0.18 3.12 2.80 3.11 + 0.19 3.86 1.47 0.28 0.23 0.25 unch 0.00 0.44 0.21 0.20 0.18 0.19 + 0.01 0.33 0.15 0.01 0.00 0.01 - 0.01 0.07 0.00 0.02 0.01 0.02 - 0.01 0.09 0.01 0.04 0.04 0.04 unch 0.00 0.05 0.00 0.05 0.04 0.04 - 0.01 0.07 0.03

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Heatherdale Rs V 181 Hecla Mining* N 34964 Helio Res V 140 Helio Res* O 17 Hemcare Health* O 15 Heron Res* O 0 HFX Holding V 50 Highbank Res V 30 HighGold V 519 Highland Copp* O 459 Highland Copp V 677 Highway 50 Gld V 50 HiHo Silver C 60 HiHo Silver* O 22 Hinterland Mtl* O 40 Hochschild Mg* O 47 Homeland Egy* O 829 Honey Badger E V 425 Horizonte Mnls T 48 Hornby Bay Mnl* O 1 Hornby Bay Mnl V 500 HudBay Min* N 2830 HudBay Min T 4418 Hudson Res V 213 Hudson Res* O 72 Hunt Mng* O 470 Hunt Mng V 1256 Hut 8 Mining* O 81 279 Hut 8 Mining V Hybrid Mineral V 295 O 1 Hycroft Mining*

0.04 0.03 0.03 - 0.01 0.04 0.02 1.95 1.74 1.92 - 0.02 3.09 1.21 0.15 0.11 0.15 + 0.03 0.15 0.05 0.08 0.08 0.08 unch 0.00 0.08 0.02 0.85 0.75 0.81 - 0.08 1.54 0.41 0.00 0.00 0.32 unch 0.00 0.45 0.32 0.02 0.02 0.02 unch 0.00 0.06 0.01 0.02 0.02 0.02 unch 0.00 0.04 0.01 1.25 0.96 1.09 - 0.13 1.25 0.78 0.04 0.03 0.03 - 0.01 0.10 0.02 0.06 0.04 0.04 - 0.02 0.13 0.03 0.17 0.17 0.17 - 0.01 0.46 0.13 0.05 0.02 0.05 + 0.03 0.08 0.02 0.04 0.04 0.04 unch 0.00 0.04 0.01 0.00 0.00 0.00 + 0.00 0.14 0.00 2.52 2.24 2.32 - 0.16 2.79 1.90 0.12 0.09 0.09 - 0.03 3.21 0.09 0.02 0.02 0.02 unch 0.00 0.05 0.02 0.07 0.07 0.07 - 0.01 0.09 0.03 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.03 0.03 0.03 + 0.01 0.04 0.02 3.67 3.19 3.34 - 0.31 7.83 2.99 4.87 4.23 4.45 - 0.37 10.42 3.98 0.37 0.35 0.35 unch 0.00 0.53 0.32 0.27 0.25 0.26 - 0.01 0.39 0.25 0.00 0.00 0.05 unch 0.00 0.20 0.00 0.06 0.05 0.05 - 0.01 0.32 0.04 1.63 1.52 1.58 - 0.05 2.56 0.60 2.16 1.96 2.14 - 0.01 3.35 0.76 0.03 0.03 0.03 unch 0.00 0.15 0.03 0.00 0.00 0.00 unch 0.00 0.13 0.00

I-Minerals* O 16 I-Minerals V 12 IAMGOLD T 10932 IAMGOLD* N 24794 Icon Explor* O 202 Iconic Mnls V 199 Iconic Mnls * O 32 Idaho Champion C 440 IEMR Res V 126 IM Exploration C 74 191 IMC Intl Mng C iMetal Res* O 20 iMetal Res V 1680 IMPACT Silver V 590 Impala Platnm* O 0 Imperial Metal T 187 Imperial Metal* O 122 Imperial Mg Gr V 245 Inca One Gold* O 76 69 Inca One Gold V 1 Inception Mng * O Independence G V 62 Independence G* O 135 Indico Res V 146 Indigo Expl V 55 Infinite Lith V 2085 Inform Res V 230 O 228 Infrastructure* Inomin Mines V 359 Inspiration Mg* O 287 Intact Gold* O 1 Integra Res* O 147 Integra Res V 861 Inter-Rock Mnl* O 15 Inter-Rock Mnl V 55 Interconnect V 3 O 63 Intercontinent* Intercontinent V 4 Intl Battery C 478 Intl Battery* O 331 Intl Bethl Mng V 25 Intl Cobalt* O 181 Intl Cobalt C 127 Intl Lithium* O 41 Intl Lithium V 277 Intl Montoro V 386 2 Intl Prospect * O Intl Prospect V 359 Intl Samuel Ex V 3 Intl Star* O 186129 Intl Tower Hil* X 519 43 Intl Tower Hil T Intl Zeolite V 938 Intl Zeolite* O 46 Intrepid Pots* N 1745 INV Metals* O 8 INV Metals T 43 Inventus Mg V 105 Inventus Mg * O 91 InZinc Mining* O 282 InZinc Mining V 527 Irving Res* O 206 Irving Res C 324 IsoEnergy Ltd V 140 Itafos* O 0 V 25 Itafos Itoco Inc* O 1896 O 395 Ivanhoe Mines* Ivanhoe Mines T 2347 Jade Leader* O 59 Jade Leader V 256 Jaeger Res * O 0 Jaeger Res V 69 Jaguar Mng T 259 Jaguar Mng* O 268 Japan Gold V 417 Japan Gold* O 95 Jaxon Mining V 186 Jayden Res* O 204 Jayden Res V 471 343 JDF Explor Inc C Jervois Mining* O 454 V 735 Jervois Mining Jiulian Res V 154 O 4 Josemaria Res* Josemaria Res T 167 Joshua Gold* O 644 Jourdan Res V 381 Jubilee Gold V 3 Juggernaut Exp* O 1725 Juggernaut Exp V 14170 Jupiter Gold* O 1 K2 Gold V 62 K92 Mining* O 559 K92 Mining V 1575 Kaizen Discov V 203 O 231 Kaizen Discvry* Kal Minerals C 29 V 330 Kapuskasing Gd Karam Min C 0 Karmin Expl V 176 Karnalyte Res T 25 KAT Expl* O 1518427 Katanga Mng T 417 Kenadyr Mining V 574 Kenadyr Mining* O 32 Kerr Mines* O 949 Kerr Mines T 1480 Kesselrun Res* O 1 Kesselrun Res V 94 Kestrel Gold V 70 Kilo Goldmines V 761 Kilo Goldmines* O 48 Kincora Copper* O 11 Kincora Copper V 283 King Global* O 0 King Global V 32 Kings Bay Res* O 1 Kingsmen Res V 150 Kingsmen Res* O 1 Kingsrose Mng* O 80 Kinross Gold* N 77770 Kinross Gold T 18608 Kintavar Exp V 306 Kirkland Lake* N 5551 Kirkland Lake T 3876 Klondike Gold* O 71 Klondike Gold V 300 Klondike Silv* O 6 Klondike Silv V 4494 Kombat Copper V 188 Komet Resource V 130 Kootenay Silvr* O 505 Kootenay Silvr V 1792 Kootenay Zinc C 32 Kootenay Zinc* O 6 KOPR Point C 5 Kore Mining V 162 Kore Mining * O 103 Kutcho Copper * O 28 KWG Res* O 6

0.04 0.03 0.03 - 0.01 0.14 0.03 0.05 0.05 0.05 unch 0.00 0.19 0.04 4.89 4.48 4.88 + 0.04 5.55 3.08 3.68 3.37 3.66 + 0.01 4.17 2.28 0.08 0.07 0.07 + 0.00 0.21 0.07 0.06 0.00 0.06 - 0.01 0.19 0.06 0.05 0.04 0.04 + 0.00 0.14 0.04 0.05 0.04 0.05 unch 0.00 0.38 0.04 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.09 0.00 0.08 - 0.01 0.15 0.08 0.49 0.00 0.49 + 0.09 0.50 0.30 0.06 0.06 0.06 unch 0.00 0.14 0.03 0.09 0.07 0.08 + 0.01 0.19 0.04 0.37 0.33 0.35 unch 0.00 0.51 0.20 0.00 0.00 6.35 unch 0.00 6.35 1.82 2.22 1.90 2.00 - 0.19 3.50 0.99 1.66 1.42 1.50 - 0.14 2.60 0.76 0.07 0.06 0.06 - 0.01 0.11 0.05 0.02 0.02 0.02 - 0.00 0.05 0.02 0.04 0.03 0.04 unch 0.00 0.05 0.03 0.07 0.00 0.07 - 0.01 0.55 0.00 0.07 0.00 0.07 unch 0.00 0.10 0.04 0.06 0.06 0.06 unch 0.00 0.08 0.00 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.02 0.01 0.01 - 0.01 0.02 0.01 0.06 0.06 0.06 unch 0.00 0.15 0.05 0.04 0.03 0.04 unch 0.00 0.10 0.03 0.00 0.00 0.00 - 0.00 0.00 0.00 0.04 0.03 0.03 - 0.01 0.05 0.02 0.00 0.00 0.00 unch 0.00 0.03 0.00 0.00 0.00 0.00 unch 0.00 0.07 0.00 0.98 0.94 0.96 - 0.01 1.07 0.44 1.32 1.22 1.29 + 0.01 1.41 0.61 0.19 0.19 0.19 unch 0.00 0.20 0.16 0.27 0.27 0.27 + 0.01 0.35 0.19 0.06 0.06 0.06 unch 0.00 0.08 0.04 0.13 0.13 0.13 unch 0.00 0.25 0.07 0.23 0.23 0.23 - 0.01 0.41 0.09 0.16 0.12 0.15 + 0.01 0.24 0.05 0.11 0.09 0.10 - 0.02 0.19 0.03 0.04 0.04 0.04 - 0.01 0.10 0.02 0.02 0.00 0.02 - 0.00 0.07 0.00 0.02 0.01 0.02 - 0.01 0.09 0.01 0.03 0.02 0.03 + 0.00 0.07 0.02 0.04 0.03 0.04 + 0.01 0.10 0.03 0.04 0.03 0.04 - 0.01 0.09 0.03 0.08 0.08 0.08 unch 0.00 0.16 0.06 0.10 0.09 0.09 unch 0.00 0.21 0.09 0.00 0.00 0.01 unch 0.00 0.08 0.01 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.59 0.51 0.53 + 0.01 0.72 0.35 0.75 0.68 0.72 + 0.03 0.94 0.48 0.09 0.06 0.09 + 0.02 0.16 0.05 0.06 0.05 0.06 + 0.01 0.12 0.01 3.39 3.10 3.28 + 0.08 4.41 2.51 0.34 0.31 0.31 - 0.02 0.59 0.22 0.44 0.00 0.42 - 0.03 0.83 0.30 0.10 0.09 0.09 - 0.01 0.16 0.09 0.08 0.07 0.07 + 0.00 0.12 0.07 0.02 0.02 0.02 + 0.00 0.05 0.02 0.03 0.03 0.03 unch 0.00 0.07 0.03 1.92 1.70 1.76 - 0.16 2.50 0.76 2.53 2.27 2.33 - 0.23 3.25 0.98 0.45 0.41 0.45 unch 0.00 0.79 0.29 0.00 0.00 0.92 unch 0.00 1.25 0.39 1.15 0.96 0.96 - 0.26 1.63 0.53 0.67 0.40 0.65 + 0.21 0.67 0.02 2.74 2.51 2.60 - 0.03 3.46 1.50 3.64 3.35 3.46 - 0.03 4.54 2.04 0.24 0.19 0.23 + 0.03 0.27 0.13 0.33 0.25 0.30 + 0.04 0.35 0.13 0.00 0.00 0.01 unch 0.00 0.02 0.01 0.03 0.03 0.03 + 0.01 0.04 0.02 0.20 0.17 0.19 - 0.01 0.30 0.07 0.15 0.12 0.14 - 0.01 0.22 0.05 0.35 0.30 0.31 - 0.05 0.43 0.08 0.25 0.22 0.24 - 0.04 0.32 0.07 0.05 0.04 0.05 + 0.01 0.14 0.04 0.02 0.02 0.02 + 0.01 0.12 0.00 0.03 0.02 0.03 + 0.01 0.20 0.01 0.54 0.47 0.53 unch 0.00 0.71 0.01 0.16 0.14 0.15 + 0.01 0.20 0.12 0.20 0.19 0.19 - 0.01 0.24 0.13 0.02 0.02 0.02 unch 0.00 0.14 0.01 0.45 0.45 0.45 - 0.00 0.91 0.45 0.65 0.57 0.60 - 0.01 1.22 0.57 0.20 0.08 0.20 + 0.06 0.26 0.08 0.02 0.02 0.02 - 0.01 0.06 0.02 0.95 0.95 0.95 + 0.10 0.95 0.54 0.02 0.01 0.01 - 0.03 0.27 0.01 0.02 0.01 0.02 - 0.03 0.33 0.01 1.05 1.05 1.05 + 0.26 2.25 0.79 0.28 0.25 0.28 - 0.01 0.37 0.16 1.69 1.55 1.67 - 0.02 2.08 0.51 2.25 2.05 2.24 + 0.03 2.67 0.67 0.05 0.00 0.05 unch 0.00 0.09 0.04 0.04 0.00 0.04 unch 0.00 0.07 0.03 0.13 0.13 0.13 - 0.01 0.25 0.12 0.09 0.05 0.09 + 0.03 0.12 0.03 0.00 0.00 0.12 unch 0.00 0.15 0.05 1.02 1.01 1.02 + 0.01 1.02 0.60 0.20 0.18 0.19 - 0.01 0.36 0.15 0.00 0.00 0.00 + 0.00 0.00 0.00 0.43 0.40 0.41 - 0.02 0.83 0.30 0.09 0.08 0.08 unch 0.00 0.11 0.05 0.07 0.05 0.05 - 0.02 0.09 0.04 0.16 0.00 0.12 - 0.03 0.21 0.07 0.21 0.15 0.16 - 0.05 0.27 0.11 0.03 0.03 0.03 unch 0.00 0.05 0.02 0.05 0.04 0.04 - 0.01 0.07 0.03 0.03 0.02 0.02 unch 0.00 0.03 0.01 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.06 0.05 0.06 + 0.01 0.12 0.05 0.08 0.07 0.08 + 0.01 0.16 0.07 0.00 0.00 0.02 unch 0.00 0.05 0.00 0.03 0.03 0.03 - 0.03 0.10 0.03 0.00 0.00 0.00 unch 0.00 0.03 0.00 0.08 0.08 0.08 - 0.01 0.70 0.07 0.05 0.05 0.05 - 0.01 0.52 0.01 0.14 0.11 0.12 - 0.02 0.16 0.09 5.00 4.51 4.87 + 0.07 5.47 2.38 6.65 6.00 6.48 + 0.12 7.24 3.15 0.17 0.13 0.14 - 0.01 0.30 0.11 47.60 43.76 46.64 + 1.21 51.08 18.12 63.44 58.01 62.15 + 1.93 67.87 23.98 0.21 0.19 0.20 + 0.02 0.35 0.10 0.27 0.24 0.27 + 0.03 0.45 0.17 0.03 0.00 0.03 + 0.00 0.05 0.02 0.04 0.03 0.04 unch 0.00 0.07 0.03 0.17 0.14 0.16 + 0.01 0.19 0.05 0.13 0.11 0.11 - 0.02 0.28 0.10 0.22 0.17 0.21 + 0.03 0.23 0.08 0.29 0.23 0.28 + 0.02 0.32 0.11 0.08 0.00 0.08 - 0.01 0.29 0.05 0.07 0.04 0.07 + 0.01 0.17 0.02 0.00 0.00 0.03 unch 0.00 0.35 0.01 0.36 0.31 0.33 - 0.04 0.41 0.08 0.28 0.24 0.24 - 0.04 0.31 0.09 0.14 0.14 0.14 - 0.02 0.35 0.10 0.00 0.00 0.00 unch 0.00 0.02 0.00

I-J-K

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

KWG Res C 443 0.01 0.01 0.01 unch 0.00 0.02 0.01

L La Imperial C 80 Labrador Gold* O 20 Labrador Gold V 135 Labrador IMH* O 15 Labrador IOR* O 15 Labrador IOR T 1696 Lara Expl V 121 Laramide Res T 665 Laredo Res* O 71 Largo Res T 2310 Largo Res* O 745 Lateral Gold V 165 Latin American V 3 Latin American* O 8 Latin Metals* O 1 Latin Metals V 25 Laurion Mnl Ex* O 25 Laurion Mnl Ex V 874 Le Mare Gold* O 0 Le Mare Gold V 22 Leading Edge V 318 O 297 Leading Edge* Leagold Mg T 1953 Leagold Mg* O 976 Leeta Gold V 5740 Legion Metals C 2467 Leo Res* O 23 Lepanto Con Mg* O 20 O 119 Libero Copper* Libero Copper V 427 Liberty Gold* O 1051 Liberty One Li V 280 205 Liberty One Li* O LiCo Energy* O 18 LiCo Energy V 78 Lincoln Mng V 18 Lion One Mtls V 463 336 Lion One Mtls* O Lions Bay Cap V 3 Lions Bay Mg C 169 1 Lions Bay Mg * O Lithion Energy* O 4 Lithium Amer* N 662 Lithium Amer T 261 Lithium Chile V 100 Lithium Chile* O 53 Lithium Corp* O 327 O 14 Lithium Energi* Lithium Energi V 80 Lithium Expl* O 5470 Lithoquest Dia V 54 Lithoquest Dia* O 0 LKA Gold* O 2 Lode-Star Mg* O 5 Logan Res* O 1 Logan Res V 429 Lomiko Mtls V 476 Lomiko Mtls* O 196 Loncor Res* O 13 Loncor Res T 89 Lone Star Gold* O 4 Los Andes V 36 Los Andes* O 0 Lucara Diam T 531 Lucky Min V 174 Lucky Min* O 93 Luckystrike * O 1 Luckystrike V 414 Lumina Gold* O 70 Lumina Gold V 235 Luminex Res V 70 Lundin Gold T 700 Lundin Mng* O 239 Lundin Mng T 13517 Lupaka Gold * O 0 Lupaka Gold V 270 Lydian Intl* O 194 Lydian Intl T 5523 Lynas Corp* O 205 Lynas Corp* O 86

0.02 0.02 0.02 unch 0.00 0.07 0.02 0.09 0.09 0.09 unch 0.00 0.19 0.09 0.16 0.14 0.14 - 0.02 0.26 0.13 0.00 0.00 0.00 - 0.00 0.03 0.00 18.61 16.81 16.98 - 1.24 27.20 16.81 24.84 22.19 23.01 - 1.00 36.01 22.19 0.57 0.52 0.57 + 0.05 0.61 0.41 0.26 0.24 0.24 - 0.02 0.50 0.21 0.01 0.00 0.01 + 0.00 0.02 0.00 1.52 1.35 1.41 - 0.12 4.65 1.33 1.15 1.01 1.05 - 0.09 3.56 0.99 0.08 0.04 0.05 - 0.03 0.46 0.04 0.00 0.00 0.01 unch 0.00 0.03 0.01 0.00 0.00 0.00 unch 0.00 0.02 0.00 0.09 0.00 0.09 unch 0.00 0.11 0.02 0.13 0.00 0.13 unch 0.00 0.30 0.08 0.15 0.14 0.14 + 0.00 0.16 0.05 0.20 0.19 0.19 - 0.01 0.22 0.07 0.02 0.00 0.02 + 0.00 0.14 0.00 0.04 0.04 0.04 unch 0.00 0.18 0.03 0.13 0.11 0.12 - 0.01 0.45 0.10 0.10 0.08 0.09 - 0.01 0.35 0.07 2.76 2.54 2.69 - 0.06 3.07 1.28 2.13 1.89 2.03 - 0.04 2.33 0.95 0.25 0.17 0.18 - 0.04 0.82 0.17 0.46 0.36 0.41 - 0.04 0.83 0.30 0.01 0.01 0.01 unch 0.00 0.60 0.01 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.14 0.11 0.14 + 0.02 0.18 0.04 0.18 0.15 0.18 + 0.02 0.23 0.07 0.73 0.51 0.72 + 0.13 0.73 0.21 0.07 0.06 0.06 unch 0.00 0.18 0.06 0.05 0.04 0.04 + 0.00 0.15 0.04 0.03 0.02 0.03 + 0.00 0.15 0.02 0.04 0.04 0.04 + 0.01 0.18 0.03 0.10 0.00 0.07 - 0.03 0.25 0.05 0.95 0.80 0.91 + 0.04 1.05 0.35 0.73 0.60 0.72 + 0.05 0.79 0.24 0.05 0.05 0.05 unch 0.00 0.10 0.04 0.10 0.00 0.10 - 0.01 0.20 0.03 0.07 0.00 0.07 - 0.04 0.14 0.00 0.33 0.33 0.33 unch 0.00 0.35 0.02 3.18 3.00 3.08 - 0.03 4.89 2.75 4.20 3.95 4.08 - 0.03 6.43 3.74 0.35 0.33 0.34 unch 0.00 0.79 0.33 0.25 0.24 0.24 - 0.01 0.61 0.24 0.07 0.06 0.07 + 0.01 0.21 0.05 0.08 0.07 0.07 - 0.01 0.30 0.07 0.10 0.09 0.09 - 0.01 0.36 0.09 0.01 0.01 0.01 unch 0.00 0.02 0.00 0.10 0.10 0.10 - 0.01 0.27 0.07 0.08 0.08 0.08 unch 0.00 0.18 0.06 0.12 0.06 0.12 + 0.06 0.43 0.06 0.04 0.04 0.04 - 0.00 0.15 0.02 0.07 0.07 0.07 unch 0.00 0.12 0.00 0.08 0.07 0.08 + 0.01 0.24 0.07 0.04 0.03 0.03 - 0.01 0.09 0.03 0.03 0.02 0.02 - 0.00 0.07 0.02 0.32 0.26 0.32 + 0.06 0.40 0.09 0.42 0.36 0.40 - 0.01 0.44 0.12 0.64 0.00 0.59 - 0.00 2.12 0.05 0.40 0.36 0.40 + 0.01 0.52 0.15 0.00 0.00 0.26 unch 0.00 0.40 0.14 1.13 1.02 1.05 - 0.07 2.25 1.02 0.04 0.04 0.04 unch 0.00 0.20 0.03 0.03 0.03 0.03 - 0.00 0.14 0.03 0.01 0.00 0.01 - 0.05 0.35 0.01 0.03 0.02 0.03 - 0.01 0.48 0.02 0.46 0.42 0.46 + 0.02 1.03 0.35 0.60 0.57 0.59 unch 0.00 0.73 0.46 0.85 0.80 0.80 - 0.07 1.02 0.51 8.16 7.62 8.11 + 0.03 9.04 4.42 4.79 4.43 4.67 + 0.02 5.94 3.60 6.35 5.94 6.19 + 0.03 7.96 4.70 0.00 0.00 0.01 unch 0.00 0.13 0.01 0.02 0.02 0.02 - 0.01 0.21 0.02 0.09 0.07 0.08 + 0.01 0.21 0.05 0.12 0.09 0.11 + 0.01 0.28 0.07 1.84 1.67 1.71 - 0.07 2.29 1.05 1.87 1.70 1.74 - 0.02 2.33 1.05

M M.P.V. Explor C 3 0.15 0.15 0.15 unch 0.00 0.18 0.06 Macarthur Min* O 758 0.05 0.04 0.05 + 0.00 0.31 0.01 Macarthur Min V 3075 0.07 0.05 0.06 - 0.01 0.17 0.02 MacDonald Mns* O 125 0.11 0.08 0.11 + 0.00 0.13 0.02 V 5464 0.16 0.10 0.16 + 0.04 0.18 0.03 MacDonald Mns MAG Silver T 1311 14.63 13.80 14.29 - 0.36 18.60 8.10 O 9 1.82 0.00 1.50 - 0.80 3.80 0.80 Magellan Gold* Magna Gold V 226 0.40 0.36 0.37 - 0.04 0.55 0.19 Magna Gold* O 31 0.31 0.28 0.28 - 0.03 0.38 0.26 Magna Terra* O 7 0.01 0.01 0.01 unch 0.00 0.04 0.01 0.01 Magna Terra V 633 0.02 0.01 0.01 - 0.01 0.05 Magnitude Mng V 115 0.12 0.04 0.11 unch 0.00 0.20 0.04 Majestic Gold V 618 0.06 0.06 0.06 unch 0.00 0.10 0.04 O 150 0.04 0.04 0.04 - 0.00 0.07 0.03 Majestic Gold* 0.42 Makena Res* O 6 0.63 0.00 0.51 - 0.07 2.18 Mako Mining* O 153 0.16 0.13 0.13 - 0.05 0.18 0.01 Mako Mining V 1000 0.21 0.18 0.18 - 0.04 0.24 0.09 V 54 0.03 0.02 0.02 - 0.01 0.09 0.02 Mammoth Res Mandalay Res T 423 1.28 1.09 1.10 - 0.17 1.60 0.45 Mandalay Res* O 1 0.95 0.00 0.85 - 0.13 1.12 0.03 Manganese X* O 12 0.09 0.08 0.09 + 0.02 0.16 0.06 Manganese X V 93 0.11 0.10 0.11 unch 0.00 0.20 0.08 Mangazeya Mng V 339 0.05 0.04 0.04 + 0.01 0.05 0.02 Mangazeya Mng* O 84 0.03 0.03 0.03 unch 0.00 0.04 0.01 3 0.03 0.02 0.02 - 0.01 0.05 0.02 Manitou Gold * O Manitou Gold V 355 0.04 0.03 0.04 unch 0.00 0.08 0.03 0.07 Maple Gold V 4182 0.10 0.07 0.10 + 0.02 0.14 Maple Gold* O 3708 0.08 0.05 0.08 + 0.02 0.11 0.05 Marathon Gold* O 421 1.10 0.95 1.08 + 0.05 1.14 0.49 T 1221 1.46 1.25 1.46 + 0.10 1.50 0.65 Marathon Gold Margaret Lake V 142 0.04 0.03 0.03 unch 0.00 0.11 0.02 Margaux Res V 395 0.10 0.08 0.08 - 0.01 0.15 0.03 unch 0.00 0.08 0.02 Margaux Res* O 50 0.07 0.07 0.07 Marifil Mines* O 333 0.07 0.05 0.06 - 0.01 0.14 0.04 unch 0.00 0.18 0.05 Marifil Mines V 352 0.09 0.07 0.09 0.08 Maritime Res V 325 0.09 0.08 0.09 + 0.01 0.12 Martina Mnls V 500 0.06 0.05 0.05 unch 0.00 0.12 0.04 MartinMarietta* N 3164 275.99 256.53 261.93 - 8.79 275.99 150.75 Mas Gold V 125 0.07 0.06 0.06 unch 0.00 0.16 0.04 Mascota Res* O 11 0.70 0.35 0.35 - 0.65 2.50 0.35 Mason Graphite* O 187 0.20 0.16 0.17 - 0.03 0.81 0.16 Mason Graphite V 389 0.26 0.22 0.24 - 0.02 1.01 0.22 Matachewan Con V 45 0.12 0.11 0.11 unch 0.00 0.25 0.11 Matica Ent C 1072 0.05 0.05 0.05 unch 0.00 0.32 0.05 0.00 Matmown* O 95 0.01 0.00 0.01 - 0.00 0.03 Maverix Metals T 63 5.58 5.28 5.50 + 0.03 6.96 4.06 Maverix Metals* X 49 4.20 4.00 4.16 + 0.04 5.50 1.55 unch 0.00 0.26 0.11 Mawson Res* O 44 0.12 0.00 0.11 Mawson Res T 217 0.16 0.14 0.15 - 0.01 0.35 0.14 0.05 MAX Res V 2657 0.07 0.05 0.05 - 0.01 0.50 MaxTech Vent C 107 0.10 0.05 0.09 + 0.03 0.26 0.03 MaxTech Vent* O 24 0.07 0.04 0.07 + 0.02 0.19 0.02 0.10 Maxwell Res* O 1 0.51 0.00 0.10 - 0.41 4.54 Maya Gold &Sil* O 2 1.51 0.00 1.44 - 0.07 2.12 1.20 Maya Gold &Sil T 882 2.05 1.72 1.86 - 0.11 2.80 1.58 Mazarin V 1875 0.07 0.06 0.07 + 0.01 0.18 0.05 MBMI Res V 1 0.00 0.00 0.13 unch 0.00 0.36 0.04 MBMI Res* O 0 0.00 0.00 0.01 unch 0.00 1.00 0.01 McChip Res V 15 0.65 0.57 0.57 - 0.03 0.93 0.57 McEwen Mng T 2033 2.20 2.04 2.10 - 0.10 3.20 1.67 McEwen Mng* N 18876 1.67 1.54 1.59 - 0.07 2.44 1.23 McLaren Res C 412 0.05 0.04 0.04 - 0.02 0.05 0.01 MDN Inc* O 528 0.29 0.24 0.24 - 0.05 0.29 0.11 Mechel* N 185 1.92 1.81 1.83 - 0.13 3.16 1.53 Medallion Res V 371 0.11 0.09 0.10 - 0.01 0.28 0.09 O 51 0.08 0.07 0.08 - 0.01 0.21 0.06 Medallion Res* Medgold Res V 208 0.11 0.09 0.09 - 0.02 0.31 0.09 Medgold Res* O 104 0.07 0.06 0.07 unch 0.00 0.24 0.06 Medinah Mnrls* O 625 0.00 0.00 0.00 - 0.00 0.00 0.00 Mega Copper V 9 0.12 0.12 0.12 unch 0.00 0.18 0.12 Mega Uranium T 1417 0.09 0.08 0.09 - 0.01 0.15 0.08 Mega Uranium* O 466 0.07 0.05 0.06 + 0.00 0.12 0.05 Megastar Dev V 66 0.10 0.09 0.09 unch 0.00 0.19 0.04 Megastar Dev* O 0 0.07 0.07 0.07 unch 0.00 0.07 0.07 MegumaGold C 538 0.08 0.08 0.08 - 0.01 0.26 0.06 MegumaGold* O 46 0.06 0.03 0.03 - 0.03 0.16 0.03 Melior Res V 521 0.03 0.02 0.02 - 0.01 0.80 0.01 Melkior Res V 139 0.03 0.03 0.03 - 0.01 0.13 0.02 Mensa Mng Corp* O 0 0.00 0.00 0.00 unch 0.00 Merger Mines* O 0 0.00 0.00 25.00 unch 0.00 Meridian Mg V 134 0.10 0.04 0.04 - 0.04 0.22 0.04 Meridius Res V 62 0.16 0.15 0.15 - 0.01 0.22 0.09 Meryllion Res* O 1 0.00 0.00 0.00 unch 0.00 0.02 0.00 Meryllion Res C 1 0.00 0.00 0.01 unch 0.00 0.04 0.01 MetalCorp V 675 0.01 0.01 0.01 unch 0.00 0.02 0.01 Metalex Vent V 225 0.06 0.05 0.05 - 0.01 0.08 0.02 Metalla Rylty* O 1962 1.13 0.96 1.07 + 0.04 1.13 0.52 Metalla Rylty V 1402 1.50 1.27 1.42 + 0.08 1.50 0.69

2019-10-08 6:37 PM

WWW.NORTHERNMINER.COM

OCTOBER 14–27, 2019 / THE NORTHERN MINER

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

Week

12-month

Exc Volume High Low Last Change High Low

Metallic Mnrls* O 418 Metallic Mnrls V 927 Metallica Min* O 48 Metallis Res V 63 Metalo Manuf C 25 Metalore Res V 3 Metals Creek* O 12 Metals Creek V 404 Mexican Gold* O 12 Mexus Gold* O 4338 MGX Minerals* O 306 MGX Minerals C 288 Michelin C 5 Midas Gold T 511 Midas Gold* O 1202 Midasco Cap V 25 Midland Expl V 116 Midnight Star C 243 Midnight Sun V 237 Millennial Lit* O 48 Millennial Lit V 340 Millrock Res* O 34 Millrock Res V 79 Milner Con Slv V 72 Minaurum Gold V 271 O 154 Minaurum Gold* Minco Silver* O 67 Minco Silver T 175 Minera Alamos * O 700 Minera Alamos V 2207 Minera IRL* O 50 Minera IRL C 305 Mineral Mtn V 189 Mineral Mtn* O 176 Mineral Res* O 2 MineralRite* O 100 Mineworx Tech V 2986 Mineworx Tech* O 1230 Minfocus Expl V 202 Minfocus Expl* O 30 O 7800 Mining Global* Minnova Corp V 4 Minsud Res V 2 Miramont Res* O 181 Miramont Res C 301 Mirasol Res V 242 Mistango River C 65 Mkango Res V 242 ML Gold* O 78 ML Gold Corp V 380 O 173 Monarca Mnrls* Monarca Mnrls V 115 Monarch Gold T 325 Monarch Gold* O 123 Moneta Porcpn* O 367 Moneta Porcpn T 577 Monitor Vent V 14 Monitor Vent* O 3 Monster Uran V 15 Monterey Min C 450 V 13 Montero Mg&Ex Monument Mng V 722 Morien Res* O 10 Morien Res V 360 Mosaic* N 20265 Mountain Boy V 10 Mountain Boy* O 10 Mountain Prov* D 84 Mountain Prov T 636 Mundoro Cap* O 137 Mundoro Cap V 455 Murchison Min V 459 MX Gold* O 116

0.16 0.13 0.15 - 0.01 0.19 0.08 0.21 0.18 0.19 - 0.02 0.25 0.11 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.70 0.65 0.69 unch 0.00 0.99 0.39 0.35 0.16 0.28 + 0.15 0.45 0.10 2.11 2.09 2.10 unch 0.00 2.85 0.89 0.04 0.03 0.04 + 0.00 0.05 0.02 0.05 0.04 0.04 unch 0.00 0.06 0.03 0.10 0.07 0.10 + 0.02 0.17 0.06 0.02 0.01 0.01 + 0.00 0.03 0.00 0.15 0.12 0.14 - 0.01 0.57 0.11 0.21 0.17 0.18 - 0.02 0.74 0.15 0.20 0.15 0.15 - 0.03 0.50 0.15 0.68 0.58 0.65 + 0.05 1.10 0.56 0.52 0.44 0.49 + 0.03 0.85 0.41 0.08 0.08 0.08 unch 0.00 0.11 0.08 0.83 0.81 0.81 - 0.03 1.46 0.73 0.17 0.13 0.13 - 0.04 0.40 0.11 0.11 0.11 0.11 unch 0.00 0.17 0.10 1.06 0.92 0.98 - 0.08 1.59 0.67 1.43 1.21 1.27 - 0.16 2.12 1.04 0.07 0.06 0.07 + 0.01 0.13 0.05 0.09 0.08 0.09 unch 0.00 0.17 0.07 0.05 0.05 0.05 unch 0.00 0.08 0.02 0.44 0.39 0.41 - 0.02 0.58 0.32 0.33 0.29 0.32 + 0.00 0.45 0.23 0.63 0.46 0.63 + 0.05 0.73 0.24 0.84 0.63 0.80 + 0.04 0.99 0.35 0.14 0.13 0.14 + 0.00 0.15 0.06 0.19 0.17 0.19 unch 0.00 0.20 0.09 0.11 0.11 0.11 unch 0.00 0.13 0.11 0.14 0.11 0.13 - 0.01 0.19 0.05 0.18 0.16 0.18 - 0.01 0.22 0.09 0.13 0.12 0.13 - 0.00 0.17 0.06 8.77 8.77 8.77 unch 0.00 12.00 8.77 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.24 0.15 0.20 + 0.05 0.24 0.07 0.18 0.11 0.15 + 0.04 0.18 0.06 0.04 0.04 0.04 - 0.01 0.09 0.03 0.04 0.04 0.04 unch 0.00 0.07 0.02 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.12 0.12 0.12 unch 0.00 0.79 0.09 0.06 0.06 0.06 unch 0.00 0.09 0.01 0.09 0.08 0.08 - 0.02 0.48 0.07 0.13 0.12 0.12 - 0.01 0.63 0.10 0.56 0.51 0.54 + 0.02 1.40 0.49 0.05 0.02 0.05 + 0.03 0.05 0.01 0.12 0.11 0.11 - 0.01 0.19 0.09 0.10 0.09 0.10 unch 0.00 0.54 0.01 0.12 0.09 0.11 - 0.01 0.77 0.09 0.05 0.04 0.04 - 0.01 0.06 0.01 0.06 0.00 0.06 - 0.02 0.08 0.02 0.24 0.22 0.22 - 0.02 0.33 0.17 0.18 0.16 0.17 - 0.02 0.24 0.11 0.09 0.07 0.09 + 0.00 0.12 0.06 0.11 0.10 0.11 + 0.01 0.16 0.07 0.20 0.00 0.20 + 0.05 0.98 0.14 0.11 0.00 0.10 - 0.00 0.80 0.10 0.08 0.08 0.08 - 0.01 0.32 0.08 0.08 0.07 0.07 - 0.01 0.16 0.04 0.09 0.09 0.09 unch 0.00 0.20 0.05 0.06 0.06 0.06 unch 0.00 0.08 0.04 0.27 0.27 0.27 unch 0.00 0.43 0.27 0.35 0.34 0.34 - 0.01 0.57 0.34 21.11 19.17 19.39 - 0.87 37.37 17.36 0.23 0.23 0.23 - 0.01 0.33 0.15 0.16 0.16 0.16 + 0.00 0.21 0.04 1.03 0.89 0.90 - 0.10 2.18 0.65 1.35 1.17 1.18 - 0.18 2.61 0.91 0.09 0.07 0.07 - 0.01 0.19 0.00 0.11 0.10 0.11 - 0.01 0.25 0.10 0.07 0.06 0.06 - 0.01 0.18 0.04 0.00 0.00 0.00 - 0.00 0.02 0.00

NA Frac Sand* O 212 NACCO Ind* N 136 Namibia Crit V 55 Namibia Crit* O 31 Napier Vent V 47 Napier Vent* O 4 Natural Res Pt* N 81 O 4181 Nautilus Mnrls* Navis Res Corp* O 0 Nemaska Lith T 5621 Nemaska Lith* O 285 Neo Lithium V 180 Neometals* O 24 Network Expl* O 30 Network Expl V 120 Nevada Canyon* O 63 Nevada Copper T 1540 O 7 Nevada Energy* Nevada Energy V 9 Nevada Expl * O 247 Nevada Expl V 628 Nevada Sunrise* O 119 Nevada Sunrise V 68 Nevada Zinc V 1010 Nevado Res V 8 New Age Metals* O 17 New Age Metals V 268 New Carolin Gd* O 247 483 New Carolin Gd V New Destiny Mg V 51 53 New Dimen Res V New Dimen Res* O 0 New Energy Met V 203 New Energy Met* O 0 New Gold T 8990 New Gold* X 30689 New Guinea Gld* O 203 New Jersey Mng C 494 New Jersey Mng* O 480 New Klondike* O 3 New Milln Iron* O 125 New Milln Iron T 231 New Oroperu V 321 New Pac Metals V 1209 New Pac Metals* O 1051 100 New Tech Min* O New Tech Min C 1989 0 New World Res* O Newlox Gold C 119 Newmac Res V 20 Newmont Gdcorp* N 33474 Newmont Gdcorp T 501 Newport Expl V 345 O 1000 Newport Gold* NewRange Gold* O 105 V 290 NewRange Gold Nexa Resources T 2 Nexa Resources* N 566 Nexco Res C 33 Nexgen Energy T 1453 Nexgen Energy* X 1366 NextSource Mat T 8839 Nexus Gold* O 181 Nexus Gold V 3901 NGEx Minerals V 63 Nickel Creek T 203 Nickel Creek* O 98 Nickel North V 125 Nicola Mg Inc V 1434 Nicola Mg Inc* O 8 O 239 Nighthawk Gold* Nighthawk Gold T 1243 Niobay Metals V 267 Niocan Inc V 11 Niocorp Dev T 327 Niocorp Dev* O 434 Nippon Dragon V 193 Nippon Dragon* O 40 Nitinat Mnls V 370 Noble Metal V 10 O 127 Noble Mineral* Noble Mineral V 2870 Noka Res* O 221 Noram Vent V 116 Noram Vent* O 7 Noranda Alum* O 151 Nordic Gold* O 51 Nordic Gold V 221 Noront Res V 400 Noront Res* O 21 Norra Metals V 20

0.03 0.02 0.02 - 0.00 0.03 0.00 66.33 61.79 62.53 + 0.43 66.33 28.77 0.09 0.08 0.08 - 0.02 0.26 0.08 0.07 0.06 0.06 - 0.01 0.23 0.06 0.21 0.19 0.19 - 0.02 0.35 0.17 0.15 0.15 0.15 unch 0.00 0.34 0.13 26.40 25.12 26.40 + 0.48 44.71 25.00 0.01 0.00 0.00 - 0.00 0.08 0.00 0.00 0.00 0.24 unch 0.00 0.27 0.24 0.24 0.21 0.22 - 0.01 0.88 0.21 0.18 0.16 0.17 - 0.00 0.68 0.16 0.56 0.53 0.53 - 0.02 1.15 0.49 0.12 0.11 0.11 unch 0.00 0.39 0.10 0.22 0.00 0.20 - 0.03 0.45 0.19 0.31 0.26 0.26 - 0.07 0.54 0.23 0.07 0.04 0.04 - 0.01 0.25 0.04 0.24 0.22 0.22 - 0.01 0.54 0.22 0.10 0.00 0.08 + 0.01 0.13 0.07 0.14 0.00 0.13 + 0.03 0.20 0.10 0.17 0.14 0.16 - 0.02 0.39 0.14 0.24 0.19 0.21 - 0.04 0.50 0.19 0.05 0.04 0.04 - 0.00 0.11 0.03 0.06 0.05 0.05 - 0.01 0.15 0.05 0.05 0.04 0.05 + 0.01 0.15 0.04 0.12 0.00 0.12 unch 0.00 0.20 0.09 0.03 0.02 0.02 - 0.01 0.08 0.02 0.05 0.04 0.04 unch 0.00 0.10 0.04 0.11 0.09 0.10 - 0.01 0.23 0.05 0.14 0.12 0.14 - 0.01 0.30 0.08 0.10 0.10 0.10 unch 0.00 0.24 0.09 0.05 0.05 0.05 - 0.01 0.10 0.04 0.00 0.00 0.03 unch 0.00 0.07 0.02 0.13 0.10 0.10 - 0.03 0.84 0.10 0.00 0.00 0.13 unch 0.00 0.26 0.11 1.44 1.32 1.35 - 0.05 2.03 0.82 1.09 0.99 1.02 - 0.05 1.56 0.61 0.01 0.00 0.01 + 0.00 0.01 0.00 0.15 0.15 0.15 unch 0.00 0.20 0.15 0.18 0.15 0.16 - 0.02 0.20 0.11 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.04 0.04 0.04 - 0.01 0.08 0.03 0.07 0.06 0.06 - 0.01 0.11 0.04 0.60 0.53 0.53 - 0.07 0.64 0.22 4.63 4.09 4.39 - 0.13 6.71 1.18 3.50 3.09 3.29 - 0.12 5.09 0.86 0.01 0.01 0.01 unch 0.00 0.04 0.01 0.02 0.02 0.02 - 0.01 0.05 0.02 0.00 0.00 0.22 unch 0.00 0.22 0.18 0.05 0.05 0.05 unch 0.00 0.10 0.03 0.05 0.05 0.05 unch 0.00 0.10 0.04 38.77 37.45 38.31 - 0.09 41.23 29.06 51.62 49.52 51.04 + 0.19 54.87 40.01 0.31 0.29 0.29 - 0.01 0.38 0.22 0.01 0.01 0.01 unch 0.00 0.04 0.00 0.11 0.10 0.11 + 0.00 0.21 0.04 0.15 0.14 0.14 - 0.01 0.24 0.09 12.46 12.04 12.17 - 0.21 17.81 9.40 9.49 8.98 9.12 - 0.25 13.69 7.00 0.04 0.04 0.04 unch 0.00 0.12 0.03 1.75 1.62 1.72 unch 0.00 3.31 1.46 1.33 1.23 1.29 - 0.04 2.53 1.10 0.05 0.04 0.05 + 0.01 0.16 0.03 0.07 0.00 0.06 - 0.00 0.18 0.04 0.09 0.08 0.08 - 0.01 0.18 0.07 0.47 0.41 0.41 - 0.06 0.66 0.30 0.11 0.09 0.10 - 0.01 0.15 0.03 0.08 0.06 0.07 - 0.01 0.10 0.02 0.01 0.00 0.01 unch 0.00 0.03 0.01 0.11 0.10 0.10 - 0.01 0.14 0.08 0.07 0.07 0.07 unch 0.00 0.11 0.06 0.36 0.34 0.35 - 0.04 0.54 0.23 0.50 0.45 0.46 - 0.04 0.73 0.31 0.41 0.32 0.41 + 0.05 0.41 0.15 0.19 0.00 0.15 + 0.01 0.36 0.11 0.61 0.57 0.57 unch 0.00 0.69 0.50 0.46 0.43 0.44 + 0.00 0.52 0.36 0.03 0.03 0.03 - 0.01 0.03 0.01 0.02 0.02 0.02 - 0.00 0.02 0.00 0.04 0.04 0.04 unch 0.00 0.11 0.03 0.01 0.01 0.01 - 0.01 0.02 0.01 0.10 0.06 0.08 + 0.02 0.13 0.04 0.14 0.09 0.11 + 0.02 0.18 0.06 0.14 0.11 0.13 - 0.00 0.35 0.08 0.08 0.00 0.08 + 0.01 0.32 0.07 0.06 0.06 0.06 - 0.00 0.22 0.05 0.01 0.00 0.00 - 0.01 0.04 0.00 0.04 0.03 0.03 - 0.01 0.10 0.02 0.04 0.03 0.04 unch 0.00 0.13 0.03 0.22 0.21 0.21 - 0.01 0.35 0.19 0.17 0.16 0.17 + 0.00 0.26 0.15 0.04 0.04 0.04 unch 0.00 0.09 0.04

N-O

20-23_OCT14_StockTables.indd 22

(100s) Stock

Week

(100s) Stock

12-month

Exc Volume High Low Last Change High Low

Norsemont Cap C 55 Nortec Mnls V 361 North Am Nickl V 816 North Am Nickl* O 67 North Am Pall T 1172 North Am Pall* O 128 North Arrow Mn* O 18 North Arrow Mn V 155 North Bay Res * O 37097 Northcliff Res T 114 Northern Light C 302 Northisle C&G * O 10 Northisle C&G V 212 Northway Res V 267 Norvista Cap V 10 NorZinc T 104 NorZinc* O 38 Nouveau Monde V 564 Nouveau Monde* O 35 NovaGold Res T 1624 X 12571 NovaGold Res* Novo Res* O 371 Novo Res V 571 NovX21* O 45 NRG Metals V 439 NRG Metals* O 237 Nrthn Graphite V 115 O 140 Nrthn Graphite* Nrthn Lion* O 0 Nrthn Lion V 0 Nrthn Mnrls &E* O 32 Nrthn Shield V 1637 O 0 Nrthn Superior* Nrthn Superior V 348 Nrthn Vertex* O 105 Nrthn Vertex V 638 NSGold V 3 62 NSS Res Inc C Nthn Dynasty T 479 Nthn Dynasty* X 5727 Nthrn Sphere* O 255 Nubian Res V 46 Nuinsco Res C 211 Nuinsco Res* O 7 V 430 NuLegacy Gold O 277 NuLegacy Gold* Nutrien* N 5515 T 6424 Nutrien NV Gold V 130 NV Gold* O 55 NX Uranium* O 41 NxGold Ltd* O 0 NxGold Ltd V 1182 O.T. Mining* O 27 O3 Mining* O 36 O3 Mining V 64 OceanaGold* O 5 OceanaGold T 8660 Oceanic Iron O V 15 Oceanic Iron O* O 19 Oceanus Res V 66 Oceanus Res* O 1 Odyssey Res V 30 Olivut Res V 5 Olivut Res* O 42 V 25 Omineca Mining 76 One World Lith* O One World Lith C 162 O 0 Opawica Expl* Opawica Expl V 13 Opus One Res V 560 Orbite Tech* O 100 Orca Gold V 141 Orca Gold* O 32 Orefinders Res V 242 Orestone Mng V 348 Orex Mnrls* O 16 Orex Mnrls V 154 Orezone Gold* O 145 Orezone Gold V 417 Orford Mining V 557 OrganiMax* O 11 OrganiMax V 42 Origin Gold V 11 Orla Mng Ltd* O 29 509 Orla Mng Ltd T Oroco Res* O 110 Oroco Res V 133 Orocobre T 44 Oronova Energy V 100 Orosur Mng T 199 Orsu Metals V 7 Orvana Mnrls* O 287 Orvana Mnrls T 544 Osino Res V 710 Osisko Gold* N 5191 Osisko Gold T 2848 Osisko Metals* O 154 Osisko Metals V 267 Osisko Mng Inc T 1602 Osprey Gold V 518 Otis Gold V 44 Otis Gold* O 82 Outcrop Gold V 59 Outcrop Gold* O 53 OZ Minerals* O 1

0.30 0.30 0.30 unch 0.00 0.43 0.25 0.03 0.03 0.03 unch 0.00 0.06 0.02 0.23 0.02 0.20 - 0.01 0.55 0.15 0.02 0.00 0.01 - 0.12 0.40 0.06 19.94 17.17 19.74 + 1.38 26.30 9.12 14.94 13.02 14.88 + 1.01 19.91 6.69 0.05 0.05 0.05 unch 0.00 0.14 0.04 0.06 0.06 0.06 - 0.01 0.18 0.05 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.08 0.07 0.07 unch 0.00 0.11 0.05 0.04 0.00 0.04 + 0.01 0.15 0.02 0.06 0.06 0.06 unch 0.00 0.09 0.03 0.07 0.05 0.07 + 0.01 0.13 0.05 0.14 0.10 0.11 - 0.03 0.14 0.10 0.10 0.00 0.10 unch 0.00 0.13 0.06 0.10 0.09 0.09 unch 0.00 0.13 0.08 0.08 0.07 0.07 - 0.00 0.10 0.05 0.24 0.21 0.21 - 0.01 0.33 0.20 0.18 0.15 0.17 - 0.01 0.26 0.15 8.69 7.95 8.65 + 0.27 10.55 4.57 6.52 5.99 6.50 + 0.17 7.95 3.42 1.90 1.71 1.87 + 0.05 2.67 1.38 2.52 2.26 2.51 + 0.09 3.55 1.87 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.11 0.00 0.10 - 0.04 0.76 0.09 0.10 0.00 0.07 - 0.03 0.25 0.03 0.11 0.08 0.08 - 0.01 0.30 0.07 0.08 0.05 0.05 - 0.01 0.24 0.05 0.00 0.00 0.15 unch 0.00 0.15 0.15 0.00 0.00 0.25 unch 0.00 0.46 0.15 0.04 0.04 0.04 + 0.00 0.12 0.02 0.07 0.06 0.06 - 0.01 0.12 0.02 0.00 0.00 0.10 unch 0.00 0.22 0.02 0.11 0.10 0.11 unch 0.00 0.40 0.10 0.23 0.20 0.23 - 0.01 0.27 0.12 0.32 0.27 0.30 unch 0.00 0.35 0.16 0.11 0.11 0.11 unch 0.00 0.15 0.07 0.14 0.11 0.11 - 0.04 0.35 0.03 0.80 0.74 0.78 - 0.03 1.47 0.56 0.61 0.55 0.59 - 0.02 1.12 0.41 0.01 0.01 0.01 unch 0.00 0.20 0.00 0.14 0.14 0.14 - 0.02 0.17 0.07 0.01 0.01 0.01 unch 0.00 0.08 0.01 0.00 0.00 0.00 - 0.01 0.04 0.00 0.08 0.07 0.07 unch 0.00 0.20 0.03 0.06 0.04 0.06 + 0.00 0.15 0.02 50.87 48.27 48.47 - 0.98 58.99 43.96 67.53 64.23 64.48 - 0.96 75.78 59.97 0.19 0.17 0.17 - 0.02 0.29 0.07 0.15 0.13 0.13 - 0.01 0.22 0.05 0.04 0.00 0.04 - 0.05 1.00 0.01 0.00 0.00 0.04 unch 0.00 0.12 0.04 0.04 0.03 0.03 - 0.01 0.16 0.03 0.07 0.04 0.07 - 0.00 0.24 0.04 2.09 1.93 1.95 - 0.07 2.09 1.71 2.85 2.55 2.55 - 0.30 4.00 1.60 2.70 2.70 2.70 - 0.07 3.74 2.20 3.61 3.42 3.54 - 0.08 5.01 2.85 0.10 0.10 0.10 + 0.01 0.15 0.04 0.07 0.07 0.07 unch 0.00 0.07 0.03 0.06 0.06 0.06 - 0.01 0.18 0.05 0.04 0.04 0.04 unch 0.00 0.10 0.04 0.03 0.03 0.03 unch 0.00 0.05 0.02 0.07 0.00 0.07 unch 0.00 0.16 0.06 0.06 0.04 0.06 + 0.00 0.12 0.04 0.06 0.06 0.06 unch 0.00 0.09 0.02 0.11 0.09 0.10 - 0.01 0.22 0.07 0.15 0.13 0.13 - 0.02 0.28 0.09 0.00 0.00 0.05 unch 0.00 0.05 0.02 0.07 0.00 0.07 + 0.01 0.11 0.05 0.04 0.02 0.04 - 0.01 0.08 0.01 0.00 0.00 0.00 - 0.00 0.17 0.00 0.36 0.33 0.35 - 0.01 0.55 0.30 0.26 0.00 0.26 - 0.01 0.40 0.23 0.07 0.06 0.06 - 0.01 0.08 0.03 0.12 0.10 0.12 + 0.01 0.25 0.09 0.07 0.07 0.07 - 0.01 0.11 0.03 0.10 0.09 0.10 unch 0.00 0.15 0.05 0.55 0.50 0.53 - 0.03 0.67 0.30 0.73 0.66 0.70 - 0.04 0.88 0.39 0.07 0.04 0.07 unch 0.00 0.26 0.04 0.14 0.13 0.14 + 0.00 0.14 0.02 0.19 0.17 0.17 - 0.02 0.33 0.05 0.09 0.09 0.09 unch 0.00 0.14 0.07 1.25 1.17 1.24 - 0.04 1.34 0.00 1.66 1.49 1.64 - 0.04 1.80 0.85 0.38 0.13 0.30 - 0.01 0.56 0.13 0.40 0.39 0.40 - 0.01 0.74 0.18 2.33 2.24 2.24 - 0.03 4.77 2.05 0.05 0.05 0.05 unch 0.00 0.16 0.04 0.07 0.06 0.07 unch 0.00 0.18 0.04 0.27 0.00 0.27 unch 0.00 0.40 0.18 0.19 0.15 0.17 - 0.01 0.30 0.09 0.24 0.19 0.24 + 0.01 0.41 0.12 0.78 0.74 0.78 + 0.01 1.07 0.22 9.77 9.19 9.69 unch 0.00 13.43 7.00 13.01 12.17 12.90 + 0.07 17.47 9.27 0.39 0.38 0.39 - 0.00 0.54 0.36 0.53 0.48 0.51 - 0.01 0.72 0.46 3.28 3.08 3.25 unch 0.00 3.90 2.19 0.05 0.04 0.05 unch 0.00 0.07 0.04 0.10 0.10 0.10 - 0.01 0.19 0.07 0.08 0.06 0.07 - 0.01 0.15 0.05 0.23 0.20 0.21 - 0.02 0.43 0.10 0.17 0.00 0.13 - 0.04 0.33 0.01 6.10 0.00 6.10 - 0.52 7.89 5.90

Pac Arc Res V 3 12 Pac Bay Mnrls V Pac Booker Min* O 15 Pac Booker Min V 8 Pac Imperial V 2149 Pac Iron Ore V 10 Pac Ridge Expl V 135 Pac Ridge Expl* O 1 Pac Wildcat* O 50 Pacific Empire V 173 Pacific Rim C 774 Pacific Rim* O 69 Pacific Silk V 0 Pacton Gold V 6270 Paladin Energy* O 303 Palamina Corp V 3 Palamina Corp* O 27 Paleo Resource V 110 Paleo Resource* O 79 Palladium One V 1777 Palladium One* O 6 Pan Am Silver* D 13521 Pan Am Silver T 2302 Pan Andean Min V 250 Pan Andean Min* O 20 10 Pan Global Res V Pancontinental V 413 Pancontinental* O 75 Panex Res* O 550 Pangolin Dia V 150 Panoro Mnrls V 209 Pantheon Vent V 480 Para Resources V 59 Parallel Mng V 617 Paramount Gold* X 175 Paringa Res* O 61 Paringa Res* D 1 Parlane Res V 155 Pasinex Res C 126 Patriot Gold C 100 Patriot Gold* O 81 Peabody Enrgy* N 4496 Pedro Res V 346 Pelangio Expl* O 187 Pelangio Expl V 192 Peloton Mnrls C 111 Peloton Mnrls* O 179 Perseus Mng T 362 Pershimex Res V 72 Pershing Res* O 100 Peruvian Metal* O 2 Peruvian Metal V 369 Philex Mng* O 0 Philippine Mtl* O 0 Pike Mountain C 325 Pine Cliff En T 1311 Pine Cliff En* O 4 Pinecrest Res V 71

0.27 0.00 0.27 - 0.03 0.45 0.20 0.06 0.06 0.06 unch 0.00 0.20 0.06 2.22 0.00 1.85 - 0.55 3.10 0.50 3.08 2.50 2.50 - 0.51 4.10 0.65 0.02 0.01 0.02 - 0.01 0.04 0.01 0.07 0.07 0.07 unch 0.00 0.10 0.06 0.05 0.05 0.05 unch 0.00 0.07 0.04 0.03 0.03 0.03 unch 0.00 0.05 0.02 0.00 0.00 0.00 unch 0.00 0.15 0.00 0.05 0.04 0.04 + 0.01 0.10 0.03 0.17 0.14 0.14 - 0.03 0.34 0.10 0.13 0.10 0.10 - 0.02 0.26 0.07 0.00 0.00 0.03 unch 0.00 0.04 0.02 0.18 0.16 0.18 unch 0.00 0.45 0.11 0.07 0.06 0.07 - 0.01 0.19 0.06 0.24 0.24 0.24 + 0.02 0.41 0.20 0.19 0.18 0.18 - 0.01 0.31 0.16 0.05 0.03 0.03 - 0.01 0.10 0.01 0.04 0.03 0.04 + 0.01 0.07 0.00 0.07 0.06 0.06 unch 0.00 0.15 0.03 0.04 0.04 0.04 unch 0.00 0.07 0.02 16.42 15.40 16.26 + 0.11 19.48 10.26 21.88 20.42 21.64 + 0.27 25.99 13.83 0.05 0.05 0.05 + 0.01 0.09 0.03 0.02 0.02 0.02 unch 0.00 0.07 0.02 0.10 0.10 0.10 + 0.01 0.20 0.06 0.03 0.03 0.03 unch 0.00 0.08 0.02 0.02 0.02 0.02 unch 0.00 0.05 0.01 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.06 0.05 0.06 unch 0.00 0.07 0.03 0.12 0.11 0.12 unch 0.00 0.30 0.10 0.05 0.04 0.05 unch 0.00 0.12 0.04 0.13 0.12 0.12 unch 0.00 0.22 0.11 0.02 0.02 0.02 - 0.01 0.08 0.02 0.71 0.64 0.65 - 0.07 1.24 0.64 0.06 0.06 0.06 unch 0.00 0.35 0.02 1.99 0.00 1.97 - 0.17 10.38 1.65 0.06 0.05 0.05 - 0.01 0.20 0.03 0.05 0.04 0.04 unch 0.00 0.14 0.03 0.06 0.06 0.06 - 0.01 0.10 0.04 0.06 0.04 0.06 + 0.00 0.15 0.04 15.31 13.89 14.69 - 0.26 37.37 13.89 0.13 0.09 0.10 + 0.01 0.29 0.09 0.12 0.12 0.12 + 0.01 0.29 0.09 0.16 0.00 0.15 - 0.01 0.38 0.12 0.10 0.09 0.09 - 0.01 0.13 0.07 0.08 0.06 0.07 + 0.01 0.11 0.05 0.64 0.59 0.64 + 0.01 0.78 0.32 0.04 0.04 0.04 unch 0.00 0.06 0.03 0.01 0.01 0.01 unch 0.00 0.05 0.00 0.02 0.02 0.02 unch 0.00 0.05 0.02 0.05 0.04 0.05 unch 0.00 0.06 0.03 0.00 0.00 0.00 unch 0.00 0.10 0.00 0.00 0.00 0.04 unch 0.00 0.07 0.03 0.13 0.11 0.13 + 0.02 0.14 0.10 0.15 0.12 0.14 unch 0.00 0.37 0.10 0.11 0.11 0.11 - 0.01 0.25 0.07 0.20 0.18 0.20 + 0.01 0.28 0.16

P-Q

Week

12-month

Exc Volume High Low Last Change High Low

Pinecrest Res * O 4 Pistol Bay Mng V 1009 Pistol Bay Mng* O 93 Pivit Explor C 1052 PJSC Polyus Gd* O 1 PJX Res V 190 Plata Latina V 5 Plate Res V 3 Plateau Energy V 149 Plateau Energy* O 50 Platinex Inc* O 60 Platinex Inc C 730 Platinum Gp Mt T 91 Platinum Gp Mt* X 1233 Plato Gold V 2376 Playfair Mng V 453 Playfair Mng* O 1 PolyMet Mng* X 1689 PolyMet Mng T 174 Portage Res* O 404 Portofino Res V 343 O 143 Potash Ridge* Potash Ridge T 1873 Power Group V 65 Power Group* O 5 Power Metals* O 90 Power Metals V 403 PowerOre V 630 PPX Mining V 1452 PPX Mining* O 26 Precipitate Gl V 846 O 182 Precipitate Gl* Premier Gold M T 2559 Premium Expl* O 7 Pretium Res* N 8256 Pretium Res T 2338 Prime Meridian V 84 Prism Res V 370 Prize Mng* O 140 Prize Mng V 83 Probe Metals* O 30 Probe Metals V 183 Prog Planet V 625 Project One C 50 Promithian Gl * O 3 O 1004 Prophecy Coal* Prophecy Coal T 2122 Prophecy Pot C 16 Prosper Gold V 55 Prospero Silvr V 456 O 161 Prospero Silvr* C 35 Provenance Gld Providence V 235 PUF Vent Inc * O 4842 Puma Expl V 2247 Puma Expl* O 38 Pure Alumina* O 4 Pure Energy* O 203 502 Pure Energy V Pure Gold Mg* O 796 Pure Gold Mg V 1434 Pure Nickel* O 147 Pure Nickel V 408 Purepoint Uran V 203 Q-Gold Res* O 5 Q-Gold Res V 1 QC Precious V 218 QC Precious * O 43 585 QMC Quantum Ml V QMC Quantum Ml* O 401 QMX Gold* O 124 QMX Gold V 819 C 124 Quantum Cobalt Quartz Mtn Res V 165 Quartz Mtn Res* O 0 Quaterra Res V 119 Quaterra Res* O 242 330 Quest Rare Mnl* O Quinto Res V 463

0.12 0.12 0.12 unch 0.00 0.17 0.12 0.02 0.02 0.02 - 0.01 0.07 0.02 0.03 0.01 0.01 - 0.02 0.05 0.01 0.22 0.16 0.17 - 0.09 0.64 0.06 60.00 0.00 60.00 + 2.00 60.00 31.05 0.15 0.13 0.15 unch 0.00 0.36 0.11 0.03 0.03 0.03 unch 0.00 0.04 0.02 0.05 0.00 0.05 unch 0.00 0.07 0.03 0.27 0.00 0.25 - 0.03 1.14 0.24 0.21 0.12 0.18 - 0.01 0.90 0.12 0.01 0.01 0.01 unch 0.00 0.06 0.01 0.02 0.00 0.02 unch 0.00 0.10 0.02 2.22 1.94 2.03 - 0.09 2.91 1.36 1.69 1.46 1.51 - 0.08 2.17 1.04 0.02 0.02 0.02 unch 0.00 0.04 0.01 0.05 0.04 0.05 + 0.01 0.07 0.02 0.03 0.03 0.03 unch 0.00 0.04 0.01 0.36 0.30 0.33 + 0.01 1.25 0.30 0.48 0.40 0.46 + 0.03 1.60 0.40 0.00 0.00 0.00 + 0.00 0.02 0.00 0.04 0.03 0.03 - 0.01 0.18 0.03 0.03 0.02 0.02 - 0.00 0.08 0.02 0.04 0.03 0.04 + 0.01 0.11 0.03 0.11 0.10 0.11 + 0.01 0.65 0.07 0.09 0.08 0.09 + 0.02 0.18 0.01 0.06 0.05 0.05 - 0.00 0.20 0.05 0.08 0.07 0.07 unch 0.00 0.26 0.07 0.06 0.06 0.06 unch 0.00 0.14 0.05 0.05 0.05 0.05 unch 0.00 0.10 0.05 0.04 0.03 0.03 - 0.01 0.08 0.03 0.17 0.13 0.13 - 0.03 0.17 0.04 0.13 0.09 0.10 - 0.01 0.13 0.03 1.94 1.80 1.91 - 0.04 2.55 1.39 0.00 0.00 0.00 unch 0.00 0.01 0.00 12.19 11.26 12.03 + 0.06 13.83 6.65 16.25 14.91 16.01 + 0.18 18.30 8.85 0.08 0.07 0.08 - 0.01 0.16 0.07 0.03 0.03 0.03 unch 0.00 0.05 0.03 0.01 0.01 0.01 - 0.00 0.14 0.01 0.02 0.02 0.02 unch 0.00 0.18 0.02 0.91 0.00 0.88 + 0.00 1.16 0.68 1.24 1.09 1.20 + 0.03 1.53 0.91 0.04 0.03 0.03 unch 0.00 0.10 0.03 0.18 0.18 0.18 unch 0.00 0.30 0.18 0.05 0.00 0.02 - 0.03 0.10 0.02 0.35 0.26 0.29 - 0.03 0.56 0.11 0.47 0.33 0.39 - 0.04 0.74 0.15 0.10 0.10 0.10 - 0.01 0.13 0.01 0.08 0.08 0.08 + 0.01 0.18 0.06 0.06 0.05 0.06 - 0.02 0.11 0.04 0.05 0.03 0.04 - 0.02 0.08 0.03 0.20 0.18 0.20 + 0.01 0.25 0.10 0.14 0.13 0.13 unch 0.00 0.20 0.08 0.20 0.11 0.20 + 0.04 0.64 0.09 0.02 0.01 0.02 unch 0.00 0.06 0.01 0.02 0.02 0.02 - 0.00 0.04 0.01 0.02 0.02 0.02 unch 0.00 0.06 0.02 0.04 0.04 0.04 - 0.00 0.13 0.03 0.06 0.05 0.05 - 0.01 0.18 0.05 0.46 0.42 0.44 - 0.01 0.62 0.36 0.61 0.56 0.56 - 0.03 0.81 0.49 0.04 0.04 0.04 - 0.00 0.06 0.00 0.06 0.05 0.06 unch 0.00 0.09 0.01 0.06 0.06 0.06 + 0.01 0.11 0.05 0.20 0.20 0.20 unch 0.00 0.21 0.14 0.26 0.00 0.26 unch 0.00 0.30 0.12 0.31 0.25 0.26 - 0.05 0.40 0.22 0.22 0.20 0.21 - 0.03 0.31 0.16 0.13 0.09 0.10 - 0.03 0.37 0.09 0.09 0.07 0.08 - 0.01 0.29 0.07 0.06 0.04 0.05 - 0.01 0.07 0.03 0.08 0.06 0.06 - 0.01 0.11 0.04 0.04 0.04 0.04 unch 0.00 0.14 0.04 0.21 0.20 0.20 unch 0.00 0.66 0.20 0.00 0.00 0.16 unch 0.00 0.31 0.16 0.09 0.07 0.08 + 0.01 0.13 0.05 0.06 0.05 0.05 unch 0.00 0.10 0.04 0.01 0.01 0.01 + 0.00 0.06 0.00 0.07 0.06 0.06 - 0.01 0.09 0.02

R Rackla Metals* O 1 0.09 0.00 0.09 unch 0.00 0.12 0.05 0.06 Rackla Metals V 15 0.12 0.00 0.12 - 0.01 0.20 Radisson Mng V 607 0.21 0.19 0.20 unch 0.00 0.21 0.09 Radius Gold V 425 0.28 0.23 0.26 - 0.02 0.47 0.09 0.05 Rain City C 32 0.06 0.06 0.06 - 0.01 0.14 O 1 4.60 0.00 4.50 - 0.30 8.99 4.00 Rainforest Res* Rainy Mtn Royl V 18 0.20 0.16 0.16 + 0.01 0.40 0.15 0 0.00 0.00 0.01 - 0.08 0.28 0.06 Rainy Mtn Royl* O Rare Element* O 346 0.35 0.25 0.30 - 0.01 0.60 0.03 V 49 0.11 0.10 0.10 unch 0.00 0.13 0.03 Rathdowney Res Ravencrest Res C 1865 0.32 0.23 0.26 - 0.04 1.09 0.23 249 0.00 0.00 0.00 + 0.00 0.08 0.00 Red Eagle Mng* O 6 0.04 0.04 0.04 unch 0.00 0.11 0.01 Red Moon Res V Red Oak Mining V 44 0.03 0.02 0.03 unch 0.00 0.08 0.01 Red Pine Expl V 336 0.04 0.03 0.04 unch 0.00 0.08 0.03 unch 0.00 0.04 0.02 Redstar Gold V 1487 0.03 0.03 0.03 Redstar Gold* O 202 0.02 0.01 0.02 unch 0.00 0.04 0.01 0.10 Regency Gold V 66 0.13 0.00 0.13 + 0.01 0.23 Regulus Res V 80 1.51 1.39 1.39 - 0.12 2.00 1.25 O 116 0.25 0.20 0.24 + 0.01 0.33 0.11 Renaissance Gd* V 135 0.34 0.27 0.34 + 0.04 0.43 0.15 Renaissance Gd unch 0.00 0.06 0.02 Renforth Res C 584 0.05 0.05 0.05 Resolve Vent V 239 0.09 0.08 0.08 - 0.01 0.13 0.06 Resource Cap* O 79 0.00 0.00 0.00 unch 0.00 0.03 0.00 Reunion Gold* O 257 0.20 0.18 0.18 - 0.02 0.25 0.12 Reunion Gold V 163 0.24 0.22 0.22 - 0.04 0.34 0.15 unch 0.00 0.03 0.01 Revelo Res V 617 0.02 0.01 0.01 Revival Gold * O 213 0.49 0.44 0.48 + 0.00 0.67 0.32 Revival Gold V 304 0.65 0.59 0.63 unch 0.00 0.87 0.44 Rhyolite Res V 76 0.20 0.16 0.16 - 0.02 0.26 0.14 V 128 0.03 0.03 0.03 - 0.01 0.06 0.02 Richmond Mnls Richmond Mnls* O 4 0.02 0.02 0.02 unch 0.00 0.03 0.01 Ridgestone M’g V 25 0.24 0.24 0.24 - 0.01 0.30 0.15 V 73 0.16 0.16 0.16 unch 0.00 0.41 0.15 Riley Resource Rimrock Gold* O 21880 0.00 0.00 0.00 unch 0.00 0.00 0.00 Rio Silver V 150 0.04 0.04 0.04 unch 0.00 0.05 0.03 Rio Silver* O 128 0.04 0.04 0.04 unch 0.00 0.04 0.02 Rio Tinto* O 1 49.72 0.00 49.72 - 0.49 62.00 43.47 Rio Tinto* N 10685 52.20 48.94 50.14 - 1.84 64.02 44.62 Rio Tinto* O 3 60.80 0.00 59.03 - 0.65 74.50 51.74 Rio2 Limited* O 164 0.34 0.31 0.33 + 0.00 0.54 0.24 Rio2 Limited V 730 0.45 0.41 0.43 unch 0.00 0.74 0.31 Rise Gold Corp C 652 0.08 0.00 0.08 unch 0.00 0.12 0.05 580 0.06 0.05 0.06 + 0.00 0.10 0.04 Rise Gold Corp* O Riverside Res V 363 0.16 0.15 0.16 unch 0.00 0.22 0.13 Riverside Res* O 230 0.13 0.11 0.12 + 0.00 0.17 0.10 RJK Explor* O 175 0.07 0.07 0.07 unch 0.00 0.10 0.00 RJK Explor V 351 0.09 0.09 0.09 + 0.01 0.14 0.04 Robex Res V 998 0.10 0.10 0.10 unch 0.00 0.12 0.06 Rochester Res V 65 0.04 0.00 0.03 unch 0.00 0.06 0.03 Rochester Res* O 0 0.02 0.02 0.02 unch 0.00 0.04 0.02 Rock Tech Lith V 8 0.53 0.00 0.51 - 0.02 1.35 0.50 Rockcliff Met C 223 0.09 0.08 0.08 - 0.01 0.19 0.07 0.02 Rockcliff Met* O 60 0.07 0.00 0.07 + 0.01 0.14 Rockex Mng C 128 0.04 0.03 0.04 + 0.01 0.10 0.01 Rockhaven Res V 60 0.14 0.12 0.12 - 0.03 0.19 0.09 Rockridge Res V 255 0.15 0.14 0.14 unch 0.00 0.39 0.14 Rockshield Cap* O 35 0.05 0.05 0.05 unch 0.00 0.13 0.04 Rockwell Diam* O 0 0.00 0.00 0.00 unch 0.00 0.00 0.00 Rodinia Lithm V 133 0.04 0.03 0.04 unch 0.00 0.08 0.03 Rogue Res* O 14 0.08 0.08 0.08 + 0.00 0.13 0.04 Rogue Res V 36 0.10 0.09 0.10 unch 0.00 0.21 0.06 Rojo Res* O 0 0.00 0.00 0.17 unch 0.00 0.17 0.00 Rokmaster Res* O 15 0.04 0.04 0.04 unch 0.00 0.06 0.03 Rokmaster Res V 145 0.05 0.04 0.04 - 0.01 0.11 0.03 Romios Gold Rs V 629 0.05 0.05 0.05 - 0.01 0.09 0.04 Romios Gold Rs* O 503 0.04 0.04 0.04 unch 0.00 0.07 0.02 RosCan Gold* O 62 0.11 0.10 0.11 + 0.01 0.23 0.09 RosCan Gold V 4621 0.16 0.13 0.13 - 0.02 0.33 0.05 Rotation Mnls V 604 0.20 0.17 0.18 - 0.01 0.25 0.07 Roughrider Exp V 34 0.07 0.06 0.06 - 0.01 0.12 0.06 Rover Metals* O 1 0.17 0.17 0.17 unch 0.00 2.01 0.02 Roxgold T 5414 1.12 1.01 1.06 - 0.08 1.42 0.72 Roxgold* O 260 0.84 0.77 0.78 - 0.07 1.07 0.55 Royal Gold V 7 0.22 0.17 0.17 - 0.05 0.33 0.10 Royal Gold* O 0 0.22 0.22 0.22 unch 0.00 0.22 0.02 Royal Gold* D 2493 129.31 121.13 128.86 + 3.27 138.78 70.16 Royal Mines &M* O 1250 0.00 0.00 0.00 unch 0.00 0.01 0.00 Royal Nickel T 5413 0.38 0.34 0.35 - 0.04 0.91 0.33 Royal Nickel* O 695 0.29 0.25 0.26 - 0.02 0.71 0.25 Royal Rd Mnrls V 487 0.24 0.21 0.24 + 0.03 0.24 0.06 Royal Std Mnrl* O 4 0.02 0.02 0.02 unch 0.00 3.14 0.01 RT Minerals V 452 0.04 0.00 0.03 unch 0.00 0.10 0.03 RT Minerals* O 2 0.02 0.00 0.02 - 0.00 0.07 0.02 RTG Mining T 50 0.07 0.07 0.07 unch 0.00 0.16 0.07 Rubicon Mnrls* O 30 0.73 0.00 0.67 - 0.06 1.14 0.46 Rubicon Mnrls T 54 0.96 0.81 0.87 - 0.12 1.52 0.61 Rugby Mng V 166 0.11 0.10 0.10 - 0.01 0.26 0.10 Running Fox Rs* O 34 0.01 0.01 0.01 unch 0.00 0.02 0.01 Running Fox Rs V 229 0.02 0.02 0.02 unch 0.00 0.03 0.01 Rupert Res V 532 0.90 0.76 0.90 + 0.05 1.12 0.68 Rusoro Mng* O 945 0.05 0.03 0.04 - 0.01 0.32 0.03

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

0.04 Rusoro Mng V 1561 0.06 0.04 0.05 - 0.01 0.42

S T 1171 Sabina Gd&Slvr O 1168 Sabina Gd&Slvr* Sable Res* O 21 Sable Res V 579 Sage Gold* O 21 Sailfish Rylty V 63 Salazar Res* O 1563 Salazar Res V 99 29 Salt Lake Pot* O Sama Res V 241 Sama Res* O 1 Samex Mng* O 77 2 San Gold Corp* O 30 San Marco Res* O 251 San Marco Res V Sanatana Res V 615 Sandfire Res V 91 Sandfire Res* O 438 O 930 Sandspring Res* V 1335 Sandspring Res T 1925 Sandstorm Gold X 7781 Sandstorm Gold* 715 Santa Fe Gold* O Santacruz Silv V 715 Sarama Res V 2413 Sarissa Res* O 4528 Satori Res V 90 Satori Res* O 16 Saturn Mnrls V 500 Saville Res V 513 365 Scandium Intl T O 133 Scandium Intl* Scorpio Gold V 329 48 Scorpio Gold * O Scotch Creek C 175 ScoZinc Mg V 53 ScoZinc Mg* O 198 Seabridge Gld T 460 Seabridge Gld* N 1929 Seafield Res* O 350 Search Mnls* O 100 Search Mnls V 168 Searchlight* O 0 O 49 SearchlightMin* V 379 SearchlightRes Secova Mtls* O 25 Secova Mtls V 2515 Sego Res V 185 Select Sands V 537 T 3706 Semafo Serabi Gold T 41 Serengeti Res V 165 Shamrock Ent C 500 Sherritt Intl T 2351 O 50 Shine Minerals* V 120 Shine Minerals 26415 N Sibanye-Stillw* O 102 Sibanye-Stillw* 15467 O Sidney Resrces* Sienna Res* O 60 Sienna Res V 1435 Sierra Madre V 48 Sierra Metals T 48 Sierra Metals* X 155 Sigma Lithium V 4 Signature Res V 617 O 71 Signature Res* 35 Silver Bear Rs* O 148 Silver Bear Rs T Silver Bull Re* O 2294 Silver Bull Re T 1077 Silver Fields* O 0 Silver Grail V 255 4 Silver Mtn Mns* O 203 Silver Mtn Mns V Silver Phoenix C 55 O 10 Silver Predatr* Silver Predatr V 354 Silver Range* O 13 Silver Range V 100 Silver Scott* O 120 Silver Spruce V 875 Silver Spruce* O 1350 Silver Viper V 208 X 7496 Silvercorp Met* T 3446 Silvercorp Met SilverCrest T 1273 SilverCrest* X 1617 O 98 Silverore Mns* O 10 Silverstar Res* Sirios Res* O 50 Sirios Res V 338 Sitka Gold C 241 Sixty North* O 20 Sixty North C 320 Skarb Explor C 450 Skeena Res* O 114 Skeena Res V 283 Sky Gold V 1272 Sky Gold* O 46 V 381 Skyharbour Res O 186 Skyharbour Res* Slam Explor* O 250 Slam Explor V 713 Sokoman Min V 1119 O 64 Sokoman Min* SolGold plc T 96 SolGold plc* O 43 X 154 Solitario Ex&R* Solitario Ex&R T 20 Solstice Gold V 2070 9 Sonora Gld & S V V 89 Sonoro Metals South32* O 53 Southern Arc* O 59 Southern Arc V 16 N 3208 Southern Copp* O 204 Southern Silvr* Southern Silvr V 491 T 30 SouthGobi Res 908 Spanish Mtn Gd V 295 Spanish Mtn Gd* O Sparton Res V 87 Sparton Res* O 93 O 278 Spearmint Res* C 506 Spearmint Res C 406 Spey Resources Sphinx Res V 126 73 Sprott Res Hld T Spruce Ridge R V 1731 SRG Mining V 39 SSR Mining* D 5264 SSR Mining T 1362 St Augustine T 46 C 306 St-Georges Eco O 50 Stakeholdr Gld* V 101 Stakeholdr Gld O 1224 Standard Graph* Standard Lith V 349 O 8 Standard Metal* Stans Energy V 218 Stans Energy* O 205 O 108 Star Diamond* Star Diamond T 270 Star Gold* O 50 Starcore Intl T 82 613 Starr Peak Exp V O 0 Steele Oceanic* Stellar Africa* O 1 Stellar Africa V 5 Stelmine Can V 34 Steppe Gold T 384 Stratabd Mnr V 424 Strateco Res* O 50 Strategic Metl V 360 O 176 Strategic Metl* Strategic Res V 178 O 2 Strategic Res* Stria Lithium V 1625 V 325 Strikepoint Gd O 259 Strikepoint Gd* V 222 Strongbow Expl Stroud Res V 120 Stuhini Explor V 142 Sulliden Mng T 570 Sun Metals V 4773 N 12890 Suncor Energy* Suncor Energy T 13879 O 23 Superior Gold* Superior Gold V 131

0.99 1.85 1.66 1.82 + 0.01 2.28 0.73 1.39 1.25 1.38 + 0.03 1.72 0.07 0.10 0.10 0.10 + 0.01 0.28 0.09 unch 0.00 0.37 0.13 0.11 0.12 0.00 unch 0.00 0.02 0.00 0.00 0.00 0.70 1.15 1.05 1.11 - 0.03 1.81 0.07 0.14 0.13 0.13 - 0.01 0.15 0.10 0.17 0.17 0.17 - 0.01 0.20 0.58 0.55 0.55 - 0.03 0.58 0.31 0.16 0.18 0.16 0.17 - 0.02 0.44 0.13 unch 0.00 0.33 0.14 0.14 0.14 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 0.13 0.00 0.13 + 0.02 0.16 0.02 0.17 0.13 0.16 + 0.01 0.69 0.11 0.03 unch 0.00 0.06 0.04 0.03 0.03 0.06 0.29 0.26 0.29 + 0.01 0.40 0.05 0.23 0.18 0.22 + 0.01 0.31 0.11 0.27 0.24 0.25 - 0.02 0.34 0.15 0.35 0.32 0.34 - 0.01 0.45 4.60 7.83 7.42 7.80 + 0.07 9.21 3.48 5.88 5.59 5.88 + 0.03 7.02 0.09 0.07 0.09 + 0.01 0.14 0.04 0.05 0.16 0.13 0.15 + 0.01 0.20 0.05 0.10 0.09 0.10 + 0.01 0.12 0.00 0.00 0.00 0.00 + 0.00 0.00 0.04 0.07 0.06 0.06 + 0.01 0.10 0.03 unch 0.00 0.07 0.04 0.04 0.04 0.09 0.15 0.13 0.14 - 0.01 0.30 0.03 0.04 0.04 0.04 - 0.01 0.06 0.11 0.10 0.10 - 0.02 0.30 0.10 0.07 0.09 0.07 0.08 + 0.00 0.23 0.01 0.10 0.09 0.09 - 0.01 0.16 0.08 0.06 0.06 - 0.02 0.11 0.01 0.06 unch 0.00 0.13 0.07 0.06 0.06 0.34 0.75 0.00 0.54 + 0.03 0.85 0.26 0.40 0.40 0.40 + 0.01 0.53 14.74 17.50 16.35 16.99 - 0.50 21.98 10.95 13.20 12.29 12.78 - 0.42 16.55 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.02 unch 0.00 0.04 0.00 0.00 0.02 0.03 0.04 0.04 0.04 + 0.01 0.06 0.00 0.03 0.00 0.03 - 0.01 0.10 0.01 0.05 0.03 0.04 - 0.00 0.07 0.02 0.01 0.06 0.05 - 0.05 0.04 0.01 unch 0.00 0.06 0.04 0.04 0.04 0.02 0.05 0.04 0.05 + 0.01 0.08 0.03 0.05 0.04 0.05 + 0.01 0.05 0.02 unch 0.00 0.17 0.03 0.02 0.02 2.24 4.63 4.20 4.49 + 0.08 5.75 0.45 1.32 1.25 1.27 - 0.05 1.44 0.14 0.28 0.23 0.27 + 0.01 0.60 0.01 unch 0.00 0.05 0.01 0.01 0.01 0.17 0.30 0.26 0.27 - 0.03 0.81 0.02 unch 0.00 0.06 0.02 0.02 0.02 0.03 unch 0.00 0.15 0.04 0.03 0.03 2.25 6.37 5.33 6.36 + 0.80 6.37 0.53 1.45 1.36 1.42 + 0.32 1.45 0.00 0.03 0.01 0.03 + 0.02 0.03 0.03 unch 0.00 0.05 0.04 0.00 0.03 0.04 0.07 0.05 0.07 + 0.02 0.07 0.04 unch 0.00 0.15 0.05 0.04 0.04 1.51 1.75 1.52 1.56 - 0.24 3.48 1.15 1.31 1.16 1.17 - 0.18 2.71 1.59 unch 0.00 2.20 1.90 1.80 1.90 0.04 unch 0.00 0.12 0.08 0.06 0.07 0.03 0.06 0.05 0.06 - 0.00 0.10 0.15 0.10 0.12 - 0.00 0.18 0.07 0.20 0.14 0.18 + 0.03 0.25 0.10 0.07 0.06 0.06 - 0.01 0.14 0.07 0.10 0.08 0.09 - 0.01 0.19 0.09 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.02 0.07 0.00 0.05 - 0.02 0.12 0.02 0.01 0.01 - 0.01 0.02 0.01 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.03 0.18 0.13 0.13 - 0.06 0.22 0.04 0.12 0.12 0.12 - 0.00 0.12 0.06 unch 0.00 0.17 0.15 0.00 0.15 0.05 0.08 0.07 0.08 + 0.01 0.11 0.07 unch 0.00 0.18 0.11 0.10 0.11 0.01 0.03 0.02 0.03 + 0.00 0.06 0.02 0.05 0.04 0.04 - 0.01 0.06 0.01 unch 0.00 0.05 0.04 0.03 0.04 0.07 0.28 0.25 0.26 - 0.01 0.38 1.83 4.16 3.82 4.07 - 0.19 4.66 2.43 5.53 5.07 5.44 - 0.22 6.15 2.93 8.03 6.67 8.00 + 0.49 8.73 2.21 6.04 5.05 5.98 + 0.27 6.69 0.02 unch 0.00 0.03 0.03 0.03 0.03 0.01 0.05 0.05 0.05 - 0.00 0.14 0.09 0.14 0.13 0.13 - 0.01 0.20 0.12 0.18 0.16 0.17 - 0.01 0.28 0.04 0.17 0.10 0.14 + 0.02 0.18 0.03 unch 0.00 0.06 0.05 0.05 0.05 0.03 0.06 0.05 0.05 - 0.01 0.11 0.08 unch 0.00 0.10 0.08 0.08 0.08 0.19 0.35 0.32 0.34 - 0.01 0.39 0.27 0.46 0.42 0.45 - 0.02 0.54 0.02 unch 0.00 0.07 0.02 0.02 0.02 0.02 unch 0.00 0.07 0.02 0.02 0.02 0.17 0.22 0.17 0.19 - 0.03 0.57 0.13 0.16 0.13 0.14 - 0.02 0.44 0.01 unch 0.00 0.02 0.02 0.02 0.02 0.02 unch 0.00 0.04 0.02 0.02 0.02 0.08 0.06 0.07 - 0.01 0.32 0.06 0.00 0.06 0.05 0.06 + 0.00 0.22 0.36 0.43 0.36 0.36 - 0.02 0.76 0.26 unch 0.00 0.58 0.29 0.27 0.27 0.19 0.30 0.28 0.29 - 0.01 0.54 0.26 0.40 0.37 0.38 - 0.01 0.59 0.05 0.15 0.05 0.06 - 0.09 0.27 0.06 0.06 0.06 + 0.01 0.08 0.04 0.08 0.16 0.16 0.16 - 0.01 0.20 1.59 1.70 0.00 1.70 - 0.05 2.86 0.20 0.30 0.00 0.30 + 0.04 0.47 0.27 0.38 0.35 0.38 + 0.03 0.62 29.01 34.26 32.10 33.00 - 1.10 43.43 0.08 0.22 0.19 0.20 - 0.01 0.22 0.11 0.29 0.26 0.27 - 0.01 0.29 0.10 0.12 0.11 0.12 + 0.01 0.18 0.10 0.08 0.10 + 0.01 0.14 0.05 0.10 0.07 0.07 + 0.00 0.11 0.03 0.02 unch 0.00 0.12 0.03 0.03 0.03 0.01 0.02 0.02 0.02 - 0.00 0.09 0.00 0.02 0.01 0.02 + 0.00 0.08 0.02 0.00 0.05 unch 0.02 0.02 0.02 0.04 0.05 0.04 0.04 - 0.01 0.11 0.02 unch 0.00 0.06 0.04 0.03 0.03 0.98 0.00 0.96 - 0.02 1.77 0.90 0.09 0.06 0.08 + 0.01 0.13 0.04 0.64 0.78 0.70 0.76 + 0.01 1.25 15.54 14.33 15.32 + 0.32 17.56 8.65 11.29 20.70 18.98 20.39 + 0.52 23.42 0.02 unch 0.00 0.03 0.02 0.02 0.02 0.04 0.08 0.07 0.07 - 0.01 0.25 0.02 unch 0.00 0.11 0.03 0.03 0.03 0.03 0.06 0.05 0.06 + 0.01 0.14 0.21 0.27 0.21 0.24 - 0.02 1.01 0.67 0.78 0.68 0.78 - 0.03 1.60 0.02 unch 0.00 0.13 0.06 0.06 0.06 0.02 unch 0.00 0.11 0.02 0.02 0.02 0.01 0.01 0.01 0.01 - 0.00 0.08 0.14 0.15 0.15 0.15 + 0.00 0.29 0.18 0.22 0.21 0.21 - 0.01 0.38 0.02 0.04 0.04 0.04 + 0.00 0.30 0.07 0.10 0.09 0.10 + 0.01 0.16 0.28 0.27 0.27 unch 0.00 0.40 0.09 0.65 unch 0.00 1.00 0.00 0.00 0.65 0.01 unch 0.00 0.03 0.01 0.01 0.01 0.01 unch 0.00 0.04 0.02 0.00 0.02 0.09 unch 0.00 0.17 0.12 0.10 0.12 0.59 1.06 0.87 1.00 + 0.10 1.15 0.02 0.05 0.02 0.04 - 0.01 0.36 0.00 unch 0.00 0.01 0.00 0.00 0.00 0.28 unch 0.00 0.56 0.56 0.51 0.52 0.21 0.41 0.35 0.39 - 0.01 0.42 0.18 0.55 0.51 0.55 + 0.03 0.70 0.12 0.39 0.00 0.39 - 0.00 0.46 0.01 0.01 0.01 0.01 - 0.01 0.04 0.06 unch 0.00 0.20 0.07 0.06 0.06 0.04 0.05 0.04 0.04 - 0.00 0.15 0.04 unch 0.00 0.22 0.05 0.05 0.05 0.05 0.23 0.18 0.19 + 0.01 0.37 0.19 0.25 0.20 0.22 - 0.02 0.35 0.07 0.08 0.07 0.08 + 0.01 0.18 0.14 0.30 0.21 0.21 - 0.09 0.65 25.81 31.80 29.54 29.98 - 1.71 40.03 35.53 42.11 39.40 39.89 - 2.03 51.78 0.33 0.56 0.53 0.54 - 0.01 0.84 0.44 unch 0.00 1.14 0.75 0.67 0.73

2019-10-08 6:37 PM

GLOBAL MINING NEWS

(100s) Stock

THE NORTHERN MINER / OCTOBER 14–27, 2019

Week

12-month

Exc Volume High Low Last Change High Low

Superior Mng V 449 Supreme Metal* O 100 Supreme Metals C 220 Surge Copper V 85 Surge Explor* O 989 Surge Explor V 846 Sutter Gold* O 190 Syrah Res* O 116

0.13 0.09 0.13 + 0.04 0.13 0.05 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.01 0.00 0.01 unch 0.00 0.03 0.01 0.04 0.04 0.04 unch 0.00 0.09 0.03 0.05 0.03 0.04 - 0.01 0.12 0.02 0.06 0.05 0.05 - 0.01 0.16 0.03 0.01 0.01 0.01 unch 0.00 0.02 0.00 0.36 0.30 0.33 - 0.03 1.55 0.30

Taiga Gold* O 13 Taiga Gold C 207 Tajiri Res V 250 Taku Gold* O 20 Taku Gold C 1834 Talisker Res C 735 Talisker Res* O 80 Talon Metals T 342 O 22 Tamerlane Vent* Tamino Mnrls* O 15277 Tango Mining V 99 Tanqueray Expl V 613 Tantalex Res C 100 T 53 Tanzanian Gold X 591 Tanzanian Gold* Taranis Res* O 44 Taranis Res V 29 Tarku Res V 106 Tartisan Nick* O 4 Tartisan Nick C 1349 Taseko Mines T 226 Taseko Mines* X 900 Tearlach Res V 0 Teck Res T 7738 Teck Res* N 16476 Teck Res T 6 Telson Res * O 32 Telson Res V 122 Tembo Gold V 468 Tembo Gold* O 25 Teranga Gold T 1460 Teranga Gold* O 170 Teras Res V 335 Teras Res* O 50 Terrax Mnrls V 752 Terrax Mnrls* O 48 Terreno Res V 88 Teslin Rvr Res V 827 Tesoro Mnrls V 15 Tethyan Res V 586 Teuton Res V 272 Teuton Res* O 4 Texas Mineral* O 495 Themac Res V 101 Thor Expl V 9 Thunder Mtn Gd* O 45 Thunderstruck V 30 Thunderstruck* O 20 Tiger Intl V 150 Till Capital V 0 Timberline Res V 67 Timberline Res* O 227 Tinka Res V 456 Tinka Res* O 184 Tintina Mines V 25 Tisdale Res V 1 Titan Mining T 442 Titan Mining* O 5 Titanium Corp V 146 O 7 TMAC Resource* TMAC Resources T 266 TNR Gold V 1106 Tocvan Venture C 69

0.05 0.05 0.05 unch 0.00 0.10 0.04 0.08 0.07 0.08 unch 0.00 0.14 0.06 0.05 0.05 0.05 unch 0.00 0.08 0.03 0.07 0.00 0.05 - 0.02 0.08 0.02 0.07 0.00 0.06 - 0.01 0.10 0.03 0.20 0.15 0.19 + 0.02 0.22 0.08 0.13 0.13 0.13 + 0.00 0.15 0.00 0.18 0.15 0.18 + 0.01 0.25 0.07 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.00 + 0.00 0.01 0.00 0.02 0.02 0.02 unch 0.00 0.04 0.01 0.56 0.46 0.51 - 0.07 0.96 0.46 0.02 0.02 0.02 unch 0.00 0.09 0.01 1.09 1.01 1.06 - 0.05 1.56 0.34 0.84 0.76 0.79 - 0.05 1.20 0.25 0.06 0.05 0.06 unch 0.00 0.09 0.03 0.08 0.06 0.07 - 0.01 0.12 0.05 0.02 0.02 0.02 - 0.01 0.05 0.02 0.03 0.03 0.03 - 0.00 0.06 0.02 0.04 0.03 0.04 + 0.01 0.08 0.02 0.58 0.53 0.54 - 0.02 1.05 0.50 0.44 0.40 0.40 - 0.02 0.80 0.38 0.00 0.00 0.12 unch 0.00 0.28 0.03 21.79 19.87 20.78 - 0.89 34.31 19.87 16.45 14.89 15.63 - 0.74 25.75 14.89 21.75 0.00 20.90 - 0.85 34.00 19.99 0.16 0.16 0.16 - 0.01 0.41 0.14 0.20 0.20 0.20 unch 0.00 0.55 0.17 0.03 0.03 0.03 unch 0.00 0.04 0.01 0.03 0.03 0.03 unch 0.00 0.03 0.01 5.38 4.73 5.35 + 0.19 5.71 2.97 4.03 3.56 4.00 + 0.09 4.36 2.23 0.05 0.04 0.04 - 0.01 0.12 0.04 0.03 0.03 0.03 unch 0.00 0.07 0.03 0.34 0.29 0.30 - 0.04 0.50 0.29 0.24 0.21 0.22 - 0.01 0.36 0.21 0.02 0.02 0.02 unch 0.00 0.05 0.02 0.40 0.37 0.40 + 0.01 0.60 0.37 0.04 0.04 0.04 - 0.01 0.07 0.04 0.27 0.19 0.19 - 0.08 0.85 0.14 0.46 0.36 0.45 + 0.06 0.65 0.10 0.30 0.28 0.30 + 0.00 0.49 0.07 0.39 0.33 0.35 - 0.02 0.57 0.12 0.08 0.00 0.04 - 0.05 0.09 0.03 0.16 0.00 0.16 + 0.01 0.19 0.13 0.10 0.08 0.10 unch 0.00 0.12 0.03 0.05 0.04 0.04 unch 0.00 0.11 0.04 0.03 0.03 0.03 unch 0.00 0.08 0.03 0.07 0.06 0.06 unch 0.00 0.15 0.05 0.00 0.00 2.08 unch 0.00 2.54 1.45 0.10 0.10 0.10 unch 0.00 0.13 0.07 0.09 0.07 0.07 - 0.02 0.13 0.00 0.17 0.15 0.15 - 0.02 0.40 0.15 0.13 0.11 0.12 - 0.01 0.28 0.11 0.04 0.04 0.04 unch 0.00 0.08 0.02 0.00 0.00 0.06 unch 0.00 0.36 0.06 0.32 0.26 0.29 - 0.02 1.38 0.26 0.25 0.22 0.22 - 0.03 1.02 0.22 0.80 0.61 0.75 + 0.09 1.20 0.47 3.37 0.00 3.25 - 0.21 5.29 2.71 4.70 4.32 4.41 - 0.13 7.06 3.57 0.03 0.02 0.03 unch 0.00 0.05 0.02 0.15 0.13 0.14 + 0.01 0.17 0.07

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Tombstone Expl* O 7 Tonogold Res* O 26 Torex Gold* O 194 Torex Gold T 2880 Torq Resources* O 3 Torq Resources V 506 Tower Res* O 10 Tower Res V 74 Transatlantic* O 3 Transatlantic V 213 Transition Met V 190 Transition Met* O 30 Treasury Metal T 846 Treasury Metal* O 45 Trecora Res* N 286 Tres-Or Res* O 5 Tres-Or Res V 61 Trevali Mng* O 107 Trevali Mng T 2580 Tri Origin Exp V 328 Trifecta Gold V 20 Trifecta Gold* O 25 Trilogy Mtls T 91 Trilogy Mtls* X 708 O 150 TriMetals Mng* TriMetals Mng T 550 Trinity Res* O 3 Trinity Valley V 76 Trio Resources* O 2841 TriStar Gold* O 133 TriStar Gold V 532 Triumph Gold V 643 O 332 Triumph Gold* Troilus Gold T 318 Troilus Gold* O 3 Troubadour Res V 161 Troy Enrgy V 484 Troy Res* O 100 True Grit Res V 300 0 True North Gem* O True North Gem V 70 Tsodilo Res V 1048 Tudor Gold V 567 Tudor Gold * O 221 Turquoise HIl T 3489 Turquoise HIl* N 22730 TVI Pacific* O 56 TVI Pacific V 219 Tyhee Gold* O 83 Typhoon Expl V 900

3.04 0.00 3.04 + 0.34 3.80 0.12 0.21 0.16 0.21 + 0.01 0.25 0.04 13.61 12.13 13.58 + 0.38 16.54 7.46 18.20 16.04 18.05 + 0.59 21.91 9.83 0.28 0.28 0.28 - 0.00 0.41 0.25 0.39 0.36 0.36 - 0.03 0.54 0.32 0.02 0.02 0.02 unch 0.00 0.05 0.01 0.03 0.02 0.03 unch 0.00 0.07 0.02 0.03 0.03 0.03 unch 0.00 0.10 0.01 0.04 0.03 0.04 unch 0.00 0.16 0.02 0.16 0.14 0.15 - 0.02 0.23 0.06 0.11 0.11 0.11 unch 0.00 0.17 0.07 0.32 0.29 0.30 - 0.03 0.42 0.21 0.24 0.22 0.22 - 0.03 0.32 0.15 9.05 8.51 8.86 - 0.17 13.69 6.69 0.10 0.10 0.10 unch 0.00 0.15 0.01 0.14 0.13 0.13 - 0.02 0.30 0.13 0.17 0.16 0.17 - 0.00 0.60 0.13 0.23 0.21 0.23 + 0.01 0.78 0.17 0.03 0.02 0.02 unch 0.00 0.04 0.01 0.04 0.00 0.03 unch 0.00 0.07 0.03 0.03 0.02 0.02 - 0.01 0.06 0.02 2.50 2.00 2.14 - 0.08 4.10 2.00 1.68 1.50 1.61 - 0.06 3.13 1.48 0.09 0.08 0.09 + 0.01 0.09 0.02 0.12 0.10 0.11 unch 0.00 0.12 0.03 0.01 0.00 0.01 - 0.00 0.20 0.01 0.08 0.07 0.07 - 0.01 0.15 0.04 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.17 0.15 0.17 - 0.01 0.19 0.07 0.23 0.19 0.22 - 0.01 0.25 0.09 0.32 0.25 0.28 - 0.04 0.62 0.25 0.25 0.19 0.21 - 0.03 0.49 0.19 0.82 0.72 0.76 + 0.02 1.16 0.40 0.58 0.56 0.58 + 0.01 0.81 0.40 0.07 0.05 0.05 - 0.02 0.25 0.05 0.04 0.00 0.03 - 0.01 0.05 0.01 0.08 0.07 0.07 - 0.00 0.10 0.06 0.02 0.02 0.02 unch 0.00 0.04 0.01 0.00 0.00 0.09 unch 0.00 0.14 0.00 0.09 0.08 0.08 - 0.01 1.00 0.05 0.09 0.09 0.09 + 0.01 0.39 0.09 0.74 0.64 0.66 - 0.06 1.07 0.20 0.56 0.49 0.50 - 0.05 0.81 0.15 0.66 0.59 0.59 - 0.07 2.84 0.53 0.50 0.44 0.44 - 0.05 2.17 0.40 0.01 0.00 0.01 unch 0.00 0.01 0.00 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.04 0.04 0.04 unch 0.00 0.05 0.02

U.S. Gold* D 602 U.S. Lithium* O 37 U3O8 Corp* O 73 U3O8 Corp T 133 C 20 Ubique Mineral UC Res* O 41 Ucore Rare Mtl V 587 Ucore Rare Mtl* O 1789 UEX Corp T 1900 Ultra Lithium* O 5 Ultra Lithium V 4 Umbral Enrgy* O 91 Unigold* O 310 Unigold V 247 O 210 United Battery* United Battery C 37 United Res Hdg* O 81 89 United States A* X United States S* N 87329 Universal Cop V 549 Universal Vent V 751

0.99 0.89 0.93 - 0.05 1.53 0.74 0.29 0.22 0.29 + 0.05 0.96 0.09 0.08 0.06 0.08 + 0.01 0.26 0.06 0.11 0.00 0.11 unch 0.00 0.34 0.08 0.07 0.07 0.07 unch 0.00 0.25 0.05 0.49 0.44 0.44 - 0.01 1.27 0.00 0.13 0.11 0.12 + 0.01 0.34 0.09 0.10 0.08 0.09 - 0.00 0.25 0.07 0.15 0.14 0.15 - 0.01 0.23 0.13 0.06 0.05 0.05 + 0.00 0.14 0.05 0.08 0.00 0.08 - 0.01 0.22 0.08 0.23 0.17 0.21 - 0.02 0.54 0.11 0.19 0.00 0.18 + 0.01 0.19 0.07 0.26 0.20 0.23 + 0.01 0.26 0.09 0.02 0.01 0.02 + 0.00 1.58 0.01 0.03 0.00 0.03 unch 0.00 1.68 0.02 0.07 0.06 0.07 + 0.02 0.09 0.01 0.58 0.48 0.56 + 0.01 0.81 0.42 12.66 10.46 10.77 - 0.56 29.84 10.16 0.06 0.05 0.05 - 0.02 0.17 0.05 0.44 0.40 0.43 + 0.01 0.47 0.28

U-V

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Ur-Energy* X 1258 Ur-Energy T 95 Uragold Bay Rs V 888 X 2439 Uranium Energy* Uranium Hunter* O 0 Uranium Res* D 340 UrbanGold Min V 394 USCorp* O 1955 Val-d’Or Mg V 0 Vale* N 116084 Valley High Mg* O 6128 ValOre Metals* O 112 ValOre Metals V 142 Valterra Res* O 562 Valterra Res V 164 Vanadian Enrgy* O 51 Vanadian Enrgy V 127 Vanadium One* O 0 V 705 Vanadium One Vanadiumcorp* O 69 Vanadiumcorp V 572 Vangold Res* O 0 Vanstar Mng Rs* O 98 395 Vanstar Mng Rs V Vantex Res * O 0 Vantex Res V 8 Velocity Mnrls V 250 O 13 Velocity Mnrls* Vendetta Mng* O 128 Vendetta Mng V 1895 Venerable Vent V 15 Verde Potash T 158 Verde Res* O 20 Veris Gold* O 2 Vertical Expl* O 120 Vertical Expl V 160 Victoria Gold V 3802 O 119 Victory Metals* Victory Metals V 137 Victory Nickel* O 0 Victory Nickel C 4 Victory Res C 760 O 1691 Virginia Enrgy* Virginia Enrgy V 274 Viscount Mng V 212 Visible Gold M V 217 Visible Gold M* O 0 Vision Lithium V 637 Vision Lithium* O 260 Vista Gold* X 1406 Vista Gold T 56 Viva Gold* O 46 Viva Gold V 26 Volcanic Gold V 47 Volt Energy* O 1 Volt Energy V 29 Voyageur Min V 131 VR Resources* O 61 VR Resources V 111 Vulcan Mnrls V 78 VVC Expl V 93

0.61 0.58 0.59 - 0.01 0.99 0.50 0.81 0.77 0.81 + 0.01 1.30 0.70 0.10 0.09 0.09 - 0.01 0.12 0.06 1.00 0.94 0.98 + 0.01 1.58 0.83 0.55 0.00 0.55 - 0.66 3.50 0.51 3.50 2.70 2.85 - 0.50 14.50 2.48 0.14 0.11 0.14 unch 0.00 0.18 0.10 0.00 0.00 0.00 - 0.00 0.01 0.00 0.00 0.00 0.10 unch 0.00 0.11 0.05 11.66 10.73 11.45 + 0.02 16.02 10.20 0.00 0.00 0.00 + 0.00 0.01 0.00 0.27 0.25 0.26 - 0.02 0.33 0.00 0.36 0.33 0.34 - 0.04 0.45 0.11 0.02 0.02 0.02 - 0.00 0.03 0.01 0.02 0.00 0.02 - 0.01 0.04 0.02 0.03 0.01 0.02 + 0.00 0.13 0.01 0.03 0.00 0.03 unch 0.00 0.18 0.03 0.00 0.00 0.07 unch 0.00 0.21 0.04 0.08 0.06 0.07 unch 0.00 0.29 0.06 0.05 0.03 0.04 + 0.00 0.11 0.03 0.06 0.05 0.06 unch 0.00 0.14 0.05 0.00 0.00 0.03 unch 0.00 0.04 0.01 0.16 0.16 0.16 + 0.00 0.20 0.07 0.23 0.22 0.22 unch 0.00 0.36 0.08 0.00 0.00 0.12 unch 0.00 0.22 0.12 0.20 0.00 0.20 unch 0.00 0.40 0.14 0.52 0.45 0.50 + 0.01 0.58 0.15 0.37 0.37 0.37 unch 0.00 0.44 0.11 0.05 0.03 0.05 + 0.00 0.15 0.03 0.06 0.05 0.05 - 0.01 0.20 0.05 0.07 0.07 0.07 unch 0.00 0.11 0.06 0.72 0.61 0.65 - 0.07 0.92 0.50 0.01 0.01 0.01 unch 0.00 0.10 0.00 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.04 0.04 0.04 unch 0.00 0.09 0.02 0.08 0.00 0.06 - 0.02 0.11 0.03 0.56 0.48 0.52 unch 0.00 0.66 0.35 0.37 0.31 0.32 - 0.03 0.57 0.31 0.47 0.42 0.44 - 0.02 0.77 0.42 0.00 0.00 0.02 unch 0.00 0.04 0.01 0.04 0.00 0.04 + 0.01 0.05 0.01 0.03 0.02 0.02 unch 0.00 0.12 0.01 0.04 0.03 0.03 - 0.00 0.28 0.03 0.05 0.04 0.05 unch 0.00 0.37 0.04 0.22 0.20 0.22 + 0.02 0.31 0.15 0.07 0.06 0.07 unch 0.00 0.11 0.04 0.05 0.05 0.05 unch 0.00 0.06 0.03 0.05 0.04 0.04 - 0.01 0.21 0.04 0.03 0.03 0.03 unch 0.00 0.18 0.03 0.85 0.66 0.83 + 0.06 1.05 0.37 1.21 0.92 1.12 + 0.09 1.39 0.56 0.20 0.19 0.19 unch 0.00 0.32 0.16 0.28 0.25 0.25 - 0.01 0.45 0.22 0.24 0.22 0.22 - 0.03 0.67 0.14 0.03 0.03 0.03 unch 0.00 0.05 0.03 0.06 0.00 0.06 + 0.03 0.10 0.02 0.08 0.07 0.07 unch 0.00 0.12 0.05 0.28 0.23 0.28 + 0.02 0.35 0.09 0.37 0.32 0.36 unch 0.00 0.40 0.12 0.04 0.03 0.03 - 0.01 0.06 0.03 0.03 0.03 0.03 unch 0.00 0.05 0.02

Walcott Res C 60 Walker Lane* O 11 Walker River* O 323 Walker River V 622 T 2877 Wallbridge Mng Warrior Gold* O 0 Warrior Gold V 716 Waseco Res V 45 Wealth Mnrls V 384 Wealth Mnrls* O 435

0.10 0.10 0.10 unch 0.00 0.10 0.10 0.20 0.04 0.20 unch 0.00 0.40 0.03 0.08 0.08 0.08 + 0.01 0.19 0.06 0.10 0.08 0.09 - 0.01 0.27 0.05 0.34 0.31 0.34 unch 0.00 0.49 0.15 0.00 0.00 0.07 unch 0.00 0.09 0.03 0.09 0.00 0.08 - 0.02 0.12 0.04 0.04 0.04 0.04 unch 0.00 0.05 0.02 0.37 0.32 0.37 + 0.06 0.67 0.27 0.29 0.24 0.28 + 0.04 0.52 0.20

W-Z

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Wescan Gldflds V 60 Wesdome Gold* O 533 Wesdome Gold T 4569 West High Yld V 195 West Kirkland V 216 West Kirkland * O 26 West Red Lake* O 68 West Red Lake C 460 Western Areas* O 10 Western Atlas V 313 Western Copper T 224 Western Copper* X 411 Western Mag V 1168 Western Mag* O 717 Western Pac Rs* O 3 Western Pac Rs V 10 Western Potash T 505 Western Res* O 28 Western U&V C 21 Western U&V* O 83 Westhaven Vent* O 104 Westhaven Vent V 313 Westkam Gold* O 23 Westkam Gold V 2868 V 14 Westminster Rs Westminster Rs* O 4 Westmoreland* O 29 WestMountain* O 0 Wheaton Prec M* N 9728 Wheaton Prec M T 4901 White Energy* O 0 White Gold* O 119 White Gold V 1337 White Metal R* O 130 White Metal Rs V 1025 White Mtn Engy* O 1513 V 760 Whitemud Res Wildsky Res* O 0 Wildsky Res V 11 Winston Gold* O 1220 Winston Gold C 578 Winston Res C 595 Wolfden Res* O 63 Wolfden Res V 277 Wolfeye Res V 581 Worldwide Res V 45 X-Terra Res V 2047 Xanadu Mines T 10 Xemplar Egy* O 2 Xiana Mng V 64 Ximen Mining V 738 Ximen Mining* O 4 Xtierra Inc V 185 Xtra-Gold Res* O 68 Xtra-Gold Res T 46 Yamana Gold T 15890 80379 Yamana Gold* N Yanzhou Coal* O 3 Yorbeau Res* O 200 Yorbeau Res T 4350 Yukoterre Res C 389 V 3 Zadar Ventures Zanzibar Gold C 576 Zara Res* O 2093 ZEN Graphene* O 19 ZEN Graphene V 224 Zena Mining V 610 Zephyr Mnls V 120 Zephyr Mnls* O 33 Zimtu Capital V 241 Zinc One Res V 1634 123 Zinc One Res * O ZincX Res V 390 ZincX Res* O 45 Zonte Metals V 159

0.04 0.04 0.04 unch 0.00 0.11 0.03 4.80 4.35 4.77 - 0.07 5.89 2.34 6.41 5.74 6.35 - 0.07 7.81 3.30 0.24 0.19 0.19 + 0.01 0.60 0.16 0.07 0.06 0.07 unch 0.00 0.09 0.03 0.06 0.05 0.05 - 0.00 0.07 0.02 0.06 0.05 0.06 + 0.01 0.09 0.03 0.08 0.07 0.08 - 0.01 0.12 0.05 2.29 2.20 2.22 unch 0.00 2.32 1.27 0.10 0.08 0.08 - 0.02 0.12 0.05 0.90 0.82 0.84 - 0.06 1.08 0.52 0.70 0.60 0.64 - 0.04 0.83 0.35 0.24 0.20 0.23 unch 0.00 0.35 0.04 0.18 0.15 0.18 + 0.01 0.43 0.03 0.18 0.18 0.18 unch 0.00 0.62 0.01 0.24 0.24 0.24 + 0.01 1.08 0.20 0.30 0.25 0.26 - 0.01 0.55 0.11 0.21 0.19 0.19 - 0.02 0.41 0.08 0.77 0.71 0.74 - 0.01 3.32 0.71 0.60 0.54 0.54 - 0.04 2.70 0.54 0.79 0.75 0.78 - 0.01 1.03 0.21 1.05 0.98 1.03 unch 0.00 1.43 0.29 0.01 0.00 0.00 - 0.00 0.01 0.00 0.01 0.01 0.01 unch 0.00 0.01 0.01 0.08 0.00 0.08 - 0.01 0.45 0.08 0.06 0.00 0.06 + 0.01 0.05 0.01 0.01 0.01 0.01 + 0.00 0.14 0.01 2.00 0.00 2.00 - 0.90 3.00 2.00 27.52 25.78 26.98 + 0.23 30.90 15.08 36.68 34.24 35.92 + 0.49 40.95 19.90 0.00 0.00 0.55 unch 0.00 0.55 0.23 0.79 0.69 0.76 + 0.01 1.40 0.69 1.07 0.92 1.00 unch 0.00 1.80 0.92 0.04 0.04 0.04 - 0.00 0.11 0.02 0.04 0.04 0.04 unch 0.00 0.15 0.04 0.06 0.03 0.04 - 0.01 0.07 0.00 0.02 0.02 0.02 + 0.01 0.03 0.01 0.00 0.00 0.06 unch 0.00 0.11 0.05 0.08 0.00 0.08 unch 0.00 0.14 0.06 0.11 0.08 0.09 unch 0.00 0.13 0.02 0.13 0.11 0.12 + 0.01 0.17 0.03 0.03 0.03 0.03 unch 0.00 0.07 0.02 0.09 0.07 0.08 - 0.01 0.24 0.07 0.11 0.10 0.11 unch 0.00 0.33 0.10 0.53 0.45 0.49 - 0.05 0.93 0.45 0.07 0.07 0.07 unch 0.00 0.07 0.02 0.14 0.10 0.14 + 0.03 0.17 0.07 0.05 0.00 0.05 - 0.01 0.17 0.04 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.41 0.40 0.40 unch 0.00 0.61 0.31 0.53 0.35 0.45 + 0.08 0.86 0.16 0.38 0.26 0.38 + 0.10 10.27 0.15 0.06 0.06 0.06 unch 0.00 0.08 0.03 0.38 0.35 0.38 - 0.01 0.47 0.18 0.52 0.46 0.49 - 0.04 0.64 0.24 4.63 4.15 4.60 + 0.27 5.04 2.41 3.47 3.13 3.45 + 0.17 3.78 1.78 1.04 1.02 1.04 + 0.02 1.08 0.81 0.02 0.02 0.02 unch 0.00 0.02 0.01 0.03 0.03 0.03 - 0.01 0.05 0.02 0.16 0.15 0.16 + 0.01 0.16 0.14 0.10 0.10 0.10 unch 0.00 0.50 0.08 0.20 0.17 0.18 - 0.01 0.32 0.10 0.05 0.02 0.03 - 0.01 0.63 0.02 0.31 0.28 0.29 - 0.01 0.47 0.21 0.40 0.36 0.37 - 0.03 0.63 0.28 0.10 0.09 0.09 unch 0.00 0.10 0.04 0.29 0.28 0.28 - 0.01 0.34 0.15 0.22 0.21 0.22 + 0.00 0.54 0.11 0.14 0.00 0.12 - 0.01 0.35 0.11 0.03 0.00 0.02 - 0.01 0.12 0.02 0.02 0.01 0.01 - 0.01 0.09 0.00 0.11 0.10 0.11 - 0.01 0.48 0.10 0.09 0.08 0.08 - 0.01 0.33 0.09 0.33 0.30 0.32 - 0.02 0.41 0.20

BID-ASK — SEPTEMBER 30–OCTOBER 4, 2019 STOCK

12-MONTH

EXC BID ASK LAST HIGH

12 Exploration African Metals Aguila Amer Gd Alba Minerals Alchemist Mng Aldever Res Alexandra Cap Allante Res Altan Rio Min American CuMo American Uran Amilot Capital Amseco Expl Anconia Res Anglo-Bomarc Antler Hill Archon Mineral Arcturus Vent Arrowstar Res Asbestos Corp Atalaya Mining Atlanta Gold Aurelius Min Austin Res Avesoro Res Avidian Gold Awale Res Banro Corp* Barker Min Baroyeca Gold BE Res BHK Mining Bird River Res Black Bull Res Black Mammoth Boss Power Brigadier Gold Broadway Gold Brunswick Res Buffalo Coal Bullion Gold Cairo Res Calibre Mng Camrova Res Canada One Canadian Engy Canadian Metal Canadian Silv Candelaria Mg Canex Energy Cardero Res CAT Strategic Cautivo Mining Century Global Century Metals Cerro de Pasc Cerro Mng Chinapintza Mg CIM Intl Grp Cliffs Nat Res* Clydesdale Res CMX Gold & Sil Colombia Crest Comet Inds Contintl Prec Crestview Expl CWN M’g Acq Cyntar Venture Cyprium Mng Deep-South Res District Metal DV Resources Edison Cobalt Electra Stone Engineer Gold Eros Res Corp Eros Res Corp EurOmax Res Eurotin Everton Res Evolving Gold Excalibur Res Fabled Copper Fengro Industr Fieldex Expl Finore Mng Fire River Gol

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

20-23_OCT14_StockTables.indd 23

0.05 0.25 0.22 0.25 0.06 0.09 0.06 0.16 0.26 0.16 0.28 0.15 0.16 0.16 0.28 ... 0.04 0.06 0.08 0.12 0.07 0.20 ... ... 0.50 0.93 0.15 ... 0.16 0.20 0.01 0.01 0.01 0.02 0.06 0.07 0.06 0.07 0.06 0.24 0.06 0.07 0.04 0.05 0.04 0.15 0.05 0.08 0.05 0.14 0.01 0.01 0.01 0.02 0.08 0.08 0.15 0.10 0.10 0.10 0.40 0.55 0.45 0.68 0.01 0.85 0.08 0.15 0.01 0.12 0.12 0.46 0.75 0.46 0.55 3.00 3.35 3.25 4.25 0.03 0.04 0.03 0.04 0.13 0.14 0.14 0.15 0.09 0.12 0.09 0.13 1.55 1.65 1.65 3.20 0.14 0.16 0.14 0.68 0.07 0.10 0.08 0.12 0.11 0.11 0.11 2.10 0.01 0.01 0.01 0.01 0.05 0.08 0.05 0.20 0.04 0.07 0.04 0.07 0.02 0.02 0.02 0.01 0.01 0.01 0.10 0.10 0.18 0.10 0.04 0.06 0.04 0.09 0.17 0.20 0.17 0.14 0.17 0.15 0.25 0.06 0.06 0.08 0.14 ... 0.03 0.03 0.04 0.01 0.02 0.01 0.02 0.06 0.15 0.10 0.47 0.26 0.35 0.30 0.39 0.55 0.55 0.58 0.74 0.02 0.02 0.07 0.09 0.03 0.04 0.03 0.08 0.05 0.07 0.05 0.18 0.33 0.42 0.44 0.80 0.01 0.06 0.06 0.19 0.25 0.25 0.69 ... ... 0.17 0.17 0.03 0.03 0.03 0.13 0.04 ... 0.04 0.12 0.09 0.15 0.10 0.25 0.09 0.14 0.10 0.25 0.06 0.10 0.07 0.11 ... ... 0.29 0.34 0.16 0.40 0.13 0.36 0.02 0.09 0.02 0.03 0.19 0.50 0.19 0.63 1.45 3.20 1.43 7.17 0.03 0.04 0.03 0.08 0.02 0.06 0.05 0.08 0.10 0.29 0.18 0.30 3.50 3.75 3.50 3.60 0.36 0.36 0.30 0.39 0.43 0.55 0.60 0.60 0.04 0.07 0.07 0.08 0.10 0.20 0.11 0.15 0.03 0.03 0.03 0.10 0.11 0.11 0.16 0.11 0.23 0.15 0.31 0.06 0.08 0.07 0.15 0.08 0.08 0.06 0.13 0.01 0.02 0.01 0.11 0.13 0.12 0.14 0.06 0.07 0.06 0.11 0.06 0.07 0.06 0.11 0.03 0.05 0.04 0.19 0.01 0.01 0.01 0.10 0.03 0.03 0.03 0.04 0.08 0.08 0.08 0.09 0.10 0.10 0.11 0.04 0.08 0.08 0.09 0.02 0.04 0.02 0.12 ... 0.17 0.19 0.12 0.12 0.11 0.03 0.07 0.09

LOW

0.20 0.15 0.04 0.04 0.25 0.11 0.01 0.05 0.06 0.03 0.04 0.01 0.45 0.05 0.35 2.88 0.03 0.03 0.05 0.42 0.09 0.06 0.10 0.01 0.04 0.02 0.01 0.02 0.05 0.06 0.02 0.01 0.09 0.24 0.30 0.06 0.02 0.05 0.16 0.15 0.11 0.02 0.04 0.08 0.10 0.06 0.12 0.13 0.01 0.19 0.98 0.02 0.03 0.11 2.60 0.30 0.60 0.03 0.07 0.06 0.15 0.04 0.04 0.05 0.05 0.05 0.03 0.01 0.02 0.01 0.04 0.02

STOCK

12-MONTH

EXC BID ASK LAST HIGH LOW

Firebird Res V First Mexican V Five Star Diam V Fort St J Nick V Four Nines C Freedom Egy V Freeport Res V Full Metal Mnl V Fusion Gold V Galway Gold V Gem Intl Res V Generic Gold C V Gentor Res Getty Copper V GFM Res V GK Resources V Glacier Lake V Global Cop Grp V Global Vanad V C Go Cobalt C God’s Lake Res Goldbelt Emp V Goldstream Mnl V Graphite Egy C Great Lakes Gr V Great Quest Fe V Greatbanks Re V Green Arrow V C Green River Green Valley M V Grenville Gold C GrowMax Res V GSP Resource V Guerrero Vents V Gunpoint Expl V Hannan Metals V Harfang Explor V V HFX Holding Highbank Res V Highbury Proj V Highvista Gold V Indico Res V Infinite Lith V Infinite Lith V Inform Res V Inspiration Mg C Intact Gold V C Intl Battery Intl Millm Mng V Intl Samuel Ex V Iron South Mng V Jasper Mining V V Jazz Res Karam Min C Karoo Expl V Kermode Res V Kings Bay Res V V Knick Expl KOPR Point C Latin Metals V Leo Res C Lithion Energy V Lithium Energy V Lovitt Res V M.P.V. Explor C Madeira Mrnls V MAG Silver* X Magnitude Mng V Manado Gold V Mariner Res C Martina Mnls V Mas Gold V Matachewan Con V Meadow Bay Gd C Mega Copper V MetalCorp V Metron Capital V Micrex Dev V Midasco Cap V MillenMin Vent V Minecorp Egy V Mineral Hill V Minnova Corp V Montana Gold C Montero Mg&Ex V Mountain Lake C MX Gold V Navy Res V

0.02 0.03 0.02 0.04 0.01 0.01 0.01 0.25 0.05 0.05 0.07 0.09 0.10 0.19 0.10 0.36 0.13 0.23 0.15 0.31 0.02 0.02 0.01 0.05 0.08 0.09 0.09 0.15 0.01 0.01 0.10 0.10 0.24 0.17 0.30 0.10 0.12 0.12 0.15 0.01 0.02 0.02 ... ... 0.06 0.28 0.05 0.08 0.06 0.10 0.02 0.04 0.03 0.05 0.05 0.10 0.05 0.05 ... 0.35 0.26 0.30 0.06 0.08 0.07 0.30 0.07 0.08 0.08 0.11 0.17 0.24 0.24 0.28 ... 0.08 0.07 0.38 5.15 6.00 6.25 6.25 0.01 0.03 0.02 0.01 0.07 0.05 0.09 ... 0.22 0.47 1.35 0.05 0.05 0.04 0.06 0.10 0.10 0.10 0.06 0.09 0.08 0.15 0.02 0.03 0.02 0.04 0.06 0.06 0.06 0.08 0.06 0.18 0.09 1.65 0.15 0.21 0.17 0.70 0.06 0.06 0.09 0.13 0.16 0.17 0.16 0.26 0.11 0.19 0.14 0.17 0.55 0.61 0.55 0.68 0.08 0.09 0.09 0.19 0.22 0.26 0.24 0.32 0.01 0.05 0.02 0.06 0.02 0.02 0.02 0.04 0.25 0.45 0.24 0.25 ... ... 0.17 ... 0.01 0.01 0.02 0.05 0.06 0.06 0.15 0.26 0.29 0.28 0.32 0.04 0.13 0.04 0.10 0.04 0.04 0.03 0.03 0.04 0.06 0.05 0.11 ... ... 0.31 0.01 0.01 0.03 0.01 0.02 0.01 0.08 0.24 0.27 0.24 0.28 ... 0.10 0.09 0.29 0.05 0.06 0.06 0.06 0.03 0.13 0.12 0.15 0.04 0.10 0.35 1.65 0.01 0.01 0.01 0.02 0.04 0.04 0.04 0.06 0.01 0.01 0.01 0.02 0.03 0.04 0.03 0.35 0.03 0.04 0.03 0.16 ... ... 1.09 ... ... 0.10 0.01 0.01 0.10 0.20 0.08 0.13 0.10 0.11 0.15 0.15 0.18 ... ... 0.03 0.04 12.52 13.30 12.52 14.40 0.12 0.20 0.11 0.20 0.01 0.16 0.05 0.05 0.16 ... 0.16 0.20 0.05 0.11 0.05 0.12 0.06 0.07 0.06 0.16 0.12 0.23 0.11 0.25 0.02 0.02 0.04 0.06 0.12 0.19 0.12 0.18 0.01 0.01 0.01 0.02 0.04 0.07 0.05 0.07 0.02 0.02 0.01 0.08 0.15 0.08 0.11 0.01 0.50 0.05 ... ... 0.12 0.20 0.01 0.15 0.15 0.20 0.09 0.12 0.12 0.79 0.09 0.10 0.10 0.10 0.07 0.09 0.09 0.20 ... ... 0.05 0.11 0.11 0.11 0.10 0.24 0.12 0.22

0.02 0.05 0.05 0.08 0.10 0.01 0.04 0.11 0.07 0.03 0.05 0.02 0.04 0.15 0.06 0.04 0.16 0.06 1.51 0.04 0.02 0.02 0.04 0.02 0.04 0.06 0.12 0.07 0.13 0.06 0.38 0.05 0.18 0.01 0.01 0.17 0.01 0.05 0.12 0.03 0.02 0.05 0.01 0.04 0.08 0.03 0.05 0.35 0.01 0.03 0.01 0.01 0.02 0.09 0.06 0.02 6.12 0.04 0.04 0.15 0.04 0.04 0.11 0.03 0.12 0.01 0.04 0.08 0.07 0.09 0.09 0.02 0.05 0.10

STOCK

12-MONTH

EXC BID ASK LAST HIGH LOW

V Nebu Res New Destiny Mg V New Jersey Mng C New Klondike V New Stratus V New World Res V Nexco Res C Norra Metals V Norsemont Cap C Northern Uran V Odyssey Res V Omineca Mining V Oronova Energy V Pac Bay Mnrls V Pac Cascade V Pac Iron Ore V Pacific Silk V Pantheon Vent V Philippine Mtl V Phoenix Gold V Plata Latina V PowerOre V Primary Energy C ProAm Expl V C Project One Quadro Res V Quantum Cobalt C Rare Element* X Razore Rock Res C Red Moon Res V C Reliant Gold Remington Res V Rio Silver V Rizal Res V Rockland Mnls V Rockwealth Res V Rojo Res V Ross River V Rover Metals V RTG Mining T Rubicon Mnrls* X Sage Gold V Saint Jean V Samco Gold V Scotch Creek C Sennen Potash V Shamrock Ent C V Sierra Madre Silver Range V Skarb Explor C Slave Lake Zn C Starr Peak Exp V Stornoway Diam T Surge Explor V Talmora Diamd C Tearlach Res V Thunder Mtn Gd V Tintina Mines V Tisdale Res V TomaGold V Tri-River Vent V Trident Gold V True Grit Res V Trueclaim Expl V Tymbal Res V Upper Canyon V Uravan Mnrls V Val-d’Or Mg V Vale* N ValOre Metals V Vangold Res V Vatic Vent V Venerable Vent V Vizsla Res V Waseco Res V Wescan Gldflds V Westcot Vent V Western Troy C V White Metal Rs V Winston Res C Worldwide Res V Xander Res V Zadar Ventures V Zara Res C Zena Mining V Zenith Explor C Zinco Mng V Zincore Mtls V

0.04 0.04 0.04 0.09 0.10 0.10 0.24 ... ... 0.15 0.20 0.01 0.01 0.01 ... 0.40 0.40 0.30 0.30 0.21 0.30 0.04 0.08 0.04 0.12 0.04 0.05 0.04 0.09 0.30 0.40 0.30 0.43 0.01 0.01 0.01 0.02 0.03 0.07 0.03 0.05 0.06 0.07 0.06 0.09 0.05 0.06 0.05 0.16 0.05 0.08 0.06 0.20 0.01 0.02 0.01 0.07 0.13 0.07 0.10 0.03 0.04 0.03 0.04 0.04 0.05 0.05 0.12 0.04 0.14 0.08 0.14 ... ... 0.05 0.07 0.03 0.04 0.03 0.04 0.06 0.06 0.06 0.14 ... 0.39 0.40 1.10 0.02 0.04 0.02 0.04 0.18 0.25 0.18 0.30 0.02 0.03 0.02 0.07 ... ... 1.10 3.15 0.11 0.16 0.15 0.89 0.05 0.10 0.09 0.09 0.04 0.07 0.04 0.11 ... 0.02 0.02 0.12 0.24 0.17 0.23 0.03 0.05 0.04 0.05 0.01 0.02 0.02 0.03 0.07 0.08 0.08 0.11 0.35 0.50 0.46 0.50 ... 1.17 0.19 0.30 ... 0.09 0.26 0.04 0.04 0.07 0.08 0.07 0.08 0.07 0.16 ... ... 0.03 1.35 0.01 0.01 0.02 0.03 0.03 0.04 0.06 0.04 0.06 0.05 0.08 0.07 0.20 0.06 0.13 0.23 1.00 0.45 0.45 0.02 0.02 0.01 0.05 0.04 0.07 0.04 0.15 0.06 0.11 0.11 0.18 0.04 0.10 0.08 0.10 0.04 0.07 0.06 0.13 0.26 0.27 0.27 0.40 0.01 0.01 0.02 0.39 0.39 0.44 0.39 0.23 0.01 0.03 0.03 0.06 0.12 0.20 0.12 0.28 ... ... 0.17 0.17 0.04 0.08 0.04 0.08 0.08 0.11 0.06 0.36 0.03 0.03 0.05 0.06 ... ... 0.04 0.15 0.20 0.15 0.18 0.02 0.02 0.02 0.04 0.07 0.12 0.10 0.13 0.03 0.10 0.05 0.15 0.75 0.75 0.25 0.37 0.03 0.03 0.04 0.05 0.07 0.10 0.10 0.11 ... ... 10.24 11.10 0.06 0.07 0.07 0.13 0.05 0.05 0.04 0.09 0.06 0.06 0.10 0.10 0.06 0.10 0.07 0.11 0.38 0.38 0.27 0.33 0.03 0.04 0.04 0.05 0.04 0.06 0.04 0.11 ... ... 0.35 0.01 0.10 0.10 0.10 0.04 0.05 0.04 0.15 0.02 0.04 0.03 0.07 0.03 0.11 0.07 0.07 0.10 ... 0.09 0.12 0.09 0.12 0.10 0.50 ... ... 0.07 0.22 0.08 0.12 0.09 0.10 ... ... 0.14 0.20 0.05 0.07 0.05 0.03 0.40 0.05 0.07

0.09 0.15 0.13 0.03 0.04 0.25 0.01 0.02 0.02 0.04 0.06 0.06 0.02 0.04 0.04 0.04 0.02 0.05 0.08 0.02 0.18 0.02 0.20 0.06 0.07 0.01 0.16 0.03 0.01 0.01 0.11 0.10 0.03 0.07 0.03 0.02 0.02 0.06 0.45 0.01 0.04 0.07 0.08 0.04 0.09 0.01 0.03 0.01 0.03 0.17 0.02 0.06 0.04 0.14 0.01 0.07 0.05 0.17 0.02 0.05 6.57 0.07 0.03 0.06 0.06 0.13 0.02 0.03 0.03 0.04 0.02 0.02 0.03 0.08 0.07 0.04 0.04 0.05

2019-10-08 6:37 PM

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2019-10-08 6:26 PM