The Northern Miner October 17 2016 Issue by The Northern Miner Group

CANADIAN MINING HALL OF FAME: LATEST INDUCTEES ANNOUNCED / 5 Geotech_Earlug_2016_Alt2.pdf 1 2016-06-24 4:27:20 PM

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SILVER & PGMS

Juniors keep busy from Argentina to Ontario / 7-9

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TNM Panel: Industry leaders are ‘cautiously optimistic’ on Argentina

Nighthawk says Colomac a Kalgoorlie lookalike NWT GOLD

| CEO Byron looks to repeat his successes at Aurora, Lakeshore, Falco

MINING MINDS

| Discussing new regional opportunities BY SALMA TARIKH starikh@northernminer.com

iverse industry leaders shared their insights on Argentina’s renewed ties with the mining industry during a panel discussion, moderated by Trish Saywell, The Northern Miner’s senior staff writer, at the publication’s “Focus on Argentina” event. The exclusive one-day affair took place in the offices of PwC Canada in Toronto in late September. Saywell visited Argentina earlier this year with Elena Mayer, PwC’s relationship senior manager, to investigate the country’s changing investment climate following last November’s presidential election won by pro-business candidate and former Buenos Aires mayor Mauricio Macri. “When U.S. president Obama met president Macri in March he described him as a ‘man in hurry’— which is exactly what he seems to be,” Saywell said. Since stepping into office, Macri has eliminated currency restrictions, devalued the peso and reached a deal with holdout creditors on Argentina’s sovereign debt. He has lifted export taxes on metals and a number of agricultural and industrial goods, and is trying to tame inflation and extinguish See TNM PANEL / 15

Leave no

A drill site at Nighthawk Gold’s Colomac gold project, 200 km north of Yellowknife in the Northwest Territories. NIGHTHAWK GOLD

BY TRISH SAYWELL tsaywell@northernminer.com

ichael Byron, the president and CEO of Nighthawk Gold (TSXV: NHK; USOTC: MIMZF) didn’t know a heck of a lot about the Indin Lake area of Canada’s Northwest Territories when he first set foot there in 2009, but he liked what he saw. The greenstone belt, 200 km north of Yellowknife, is the same age and has many of the same

mineralization styles as the Timmins camp in Ontario. Yet unlike Timmins and Canada’s other established Archean gold camps, Indin Lake has seen little exploration — except for brief periods in the 1950s, the late 1980s and the early 1990s. So Byron, who has a PhD in geology, consolidated the best gold assets in the camp through staking and acquisition. Today Nighthawk has a regional land play that controls over 90% of the belt. The big break came in 2012 when Nighthawk got its hands on Colo-

mac — a gold deposit previously mined by Royal Oak Mines that produced just over 500,000 oz. gold from a shallow open-pit operation. Royal Oak went bankrupt in the late 1990s and Colomac reverted to the Government of Canada for reclamation. The crown spent the next 15 years cleaning up the site. Nighthawk approached the government in 2011 about a possible acquisition once the remediation was completed, and a year later a deal was worked out in which

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INTERVIEW: TOM KAPLAN AND ROSS BEATY / 3

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OCTOBER 17–23, 2016 / THE NORTHERN MINER

EVENTS Nov 1 4 -15 The Silver and Gold Summit The Park Central Hotel, San Francisco, CA Tel: (604) 687-4151; Toll Free: 1-877-363-3356 (U.S., CAN) Email: info@cambridgehouse.com Website: http://www.cambridgehouse.com Nov 1 6 -18 Manitoba Mining & Minerals Convention Winnipeg, MAN Tel: 204-945-2691; Toll-free: 1-800-2235215 Email: shirley.holgate@gov.mb. ca Website: http://www.gov.mb.ca/ iem/convention Dec 5 -9 AEMA 2016 Annual Meeting, Exposition & Short Courses Nugget Casino Resort, Sparks, NE Tel: (509) 624-1158 Email: info@miningamerica. org Website: http://www. miningamerica.org

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

MEETINGS Oct 18 Oct 18 Oct 18 Oct 18 Oct 18 Oct 19 Oct 19 Oct 19 Oct 20 Oct 20 Oct 20 Oct 20 Oct 20 Oct 20 Oct 20 Oct 20 Oct 20 Oct 21 Oct 21 Oct 25 Oct 25 Oct 27 Oct 28 Oct 28 Oct 31

Aurcrest Gold AS Berkwood Resources AE Flinders Resources AG Sceptre Ventures AGS Thompson Creek Metals S Genesis Metals AG Group Ten Metals AGS Tarku Resources AGS Bell Copper AG Canterra Minerals AG Ecuador Gold and Copper AGS Elcora Advanced Materials AG GTA Resources and Mining AGS Independence Gold AG Northern Freegold Resources AG Orosur Mining AGS Corvus Gold AGS Rhyolite Resources AGS Minsud Resources AS Chilean Metals A Callinex Mines AGS Playfair Mining AG Red Ore Gold AS Fancamp Exploration AG Hornby Bay Mineral Exploration AS

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

Nighthawk says Colomac a Kalgoorlie lookalike NIGHTHAWK From 1

Nighthawk acquired 100% of the project. Under the transaction, all previous environmental liabilities remained with the crown, and Colomac became a royalty-free acquisition. Before acquiring the project, Byron had chased down the fellow who did the resource work on Colomac. “I could see there was 1 million oz. gold left within the near-surface environment, but more importantly, I saw potential for the resource to grow along strike and to depth,” Byron says in a telephone interview from his office in Sudbury, Ont. Of particular interest to the geologist was the suggestion of highergrade domains. “This was the key to the evolution of the story, as Colomac was not only a near-surface open-pit opportunity, but also had the potential to host high-grade gold zones, effectively changing the nature of the deposit,” he says. Byron argues that Colomac is a “unique deposit” in terms of typical mineralization styles found in Archean gold camps. The host rock is a differentiated mafic intrusion, with gold preferentially located in the silica-rich upper part of the sill. “I know of no others in the Canadian Shield,” he says. “In fact it shares many similarities to the Kalgoorlie gold camp of eastern Australia, one of the world’s most productive.” Kalgoorlie has produced 50 million oz. gold since the turn of the 20th century. It has been mined mostly from underground because the early lodes were incredibly rich, but now it’s a massive open pit

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operated in a fifty-fifty joint venture between Barrick Gold (TSX: ABX; NYSE: ABX) and Newmont Mining (NYSE: NEM). Byron first wrote about the analogue between Colomac and Kalgoorlie in a June 2012 news release, but at that time, it generated little interest. “Back then, we were in a market where most people weren’t overly interested in plays located within northern Canada,” he says. “However it was quite evident to me that if you have a system like Colomac — a differentiated mafic sill sitting in an Archean gold camp that has the characteristics typical of other Archean gold camps, in terms of the same age of rock and mineralization — then you are in a truly exciting setting and one poised for discovery.” Today Nighthawk has a land play with deposit types that show strong mineralization on the only deposit of its type in Canada, he says. “In 2010 the market wasn’t ready for it. but it’s warming up now, and I think Nighthawk is starting to resonate out there.” Byron points to other similarities between Colomac and Kalgoorlie. Each has a 10 km strike length. While Kalgoorlie is 1 km wide and Colomac is 150 metres at its widest, Colomac shares some localization characteristics of the higher-grade domains. In 2014, Nighthawk discovered Zone 1.5, confirming that exploring Colomac based on the Kalgoorlie analogue was the right path to take, Byron says, and that Colomac does host high-grade domains of significant size. The discovery hole intersected 52.5 metres of 7.78 grams gold per tonne, including 21 metres of 16.73 grams gold. Another hole returned an intercept of 33 metres of 4.19 grams gold, including 12.3 metres of 7.77 grams gold. In a September news release, Nighthawk reported on its latest drill results from Zone 1.5, which were highlighted by a 52.1-metre (40 metres true width) intersection of 7.72 grams gold. Drilling in 2015 and in 2016 has defined the zone at upwards of 125 metres along strike, 30 to 40 metres in true width and from surface down to 250 metres deep, and it is still open. The high grade was found 100 metres north of the former open pit. Byron says Nighthawk has also identified three similar zones, and is working on testing another three. One of these early candidates, Zone 1.0 — 2 km north of Zone 1.5 — lies within a largely underexplored section of the sill. Nighthawk drilled Zone 1.0 for the first time last year, following up on historic shallow intercepts. All holes intersected mineralization over a 60-metre strike length and up to 150 metres deep. Highlights include an intercept measuring 43.1 metres of 1.13 grams gold, including 8.5 metres of 2.23 grams. “Our work has shown the deposit’s high-grade potential, that these distinct zones can be sizable and appear to show continuity of mineralization, and that Colomac has not been fully explored,” he says. Byron is convinced the best is yet to come. “We’ve already tabled over 2 million oz., and if you look at our long sections, you can see ample opportunity for Colomac to grow by several orders of magnitude,” he says. “So at the end of the day, it shouldn’t be too unrealistic to believe that Colomac could be advanced towards a multimillionounce gold deposit that hosts several higher grade domains.

“I’m not proclaiming that we’re poised to be of Kalgoorlie’s magnitude,” he continues. “I’m simply saying that the characteristics we see in typical Archean gold camps like Timmins, we also see in the Indin Lake camp, as well as some that characterize Kalgoorlie. One can speculate about potential ounces, but what I have come to understand is that we have uncovered a hidden opportunity, an opportunity to create value on a grossly underexplored former producer that resides in a highly prospective, and equally underexplored land package hosting a variety of gold deposits and showings from north to south, and east to west.” From 2012 to 2015, Nighthawk drilled 17,000 metres targeting new mineralization and extended known zones along strike and to depth, culminating in a resource estimate in 2013. So far this year Nighthawk has completed 8,400 metres of drilling, bringing its total since acquisition to less than 25,000 metres. The company is planning a winter drill program to expand the resource and bump it as close to 3 million oz. gold as possible by mid-2017. Colomac’s inferred resource stands at 39.8 million tonnes grading 1.64 grams gold per tonne for 2.10 million oz. gold at a cut-off grade of 0.6 gram gold per tonne. This resource calculation does not take into account any of the drilling since 2012. In addition to Colomac, Nighthawk is exploring Goldcrest, a 2.5 km mineralized mafic sill similar to the Colomac intrusion, 400 metres west.

junior’s inception in 2010 until May 2015. He is attributed with rediscovering the Horne 5 gold-silver-copperzinc deposit, Falco’s flagship asset in Rouyn-Noranda. Falco’s Horne 5 deposit sits below the former producing Horne mine, which was operated by Noranda from 1926 to 1976. The Horne mine was one of Canada’s richest volcanogenic massive sulphide mines and produced more than 54 million tonnes at a grade of 6.1 grams gold, 13 grams per tonne silver and 2.2% copper. The Quemont mine, 600 metres north of Horne, produced 2 million oz. gold and 400 million lb. copper. Byron points out that the gold produced at Horne was largely a by-product of Noranda’s base metal production and that no one had explored around Horne and Quemont for gold, because they were focused on copper and zinc. “I guess the takeaway is that just because you’re in an established mining camp that doesn’t mean all the work is done,” he says. “Horne 5 pretty much sat under everyone’s noses. We were just the first ones who went in the archives, extracted the data and built out the Horne Mine geological and resource models. “There’s still a lot of good data that hasn’t made it to the computerized stage, data that was put in a box and left in a dusty room. That’s the basis for the early successes of both Falco and Nighthawk. Sometimes opportunities live right underneath your nose, it just takes a different set of eyes to zone in on it. When you can find opportunity within driving distance, that’s

“JUST BECAUSE YOU’RE IN AN ESTABLISHED MINING CAMP, THAT DOESN’T MEAN ALL THE WORK IS DONE.” MICHAEL BYRON PRESIDENT, CEO AND CHIEF GEOLOGIST, NIGHTHAWK GOLD

Unlike Colomac, it was never mined and its near-surface mineralization remains underexplored. Historic drilling was limited to 100 metres deep. Nighthawk first drilled Goldcrest in 2014, with intersections of 19.6 metres of 4.19 grams gold in one hole and 20.3 metres grading 4.83 grams gold in another. Beyond Colomac and Goldcrest, the junior has several other gold deposits and showings across its 222,203-acre landholding. Apart from the differentiated mafic sill setting, it has drilled structure-related “lode gold” prospects at its Leta Arm target (intersecting 26 metres of 6.86 grams gold; 16.9 metres of 6.08 grams gold and 11.8 metres of 7.23 grams gold); and iron formation-hosted targets like Damoti (intercepts include 10.5 metres of 63.48 grams gold, 11.3 metres of 32.21 grams gold and 23.5 metres of 13.91 grams gold). Before joining Nighthawk Gold in 2008, Byron was part of the founding management of Aurora Platinum and vice-president of exploration until its sale to FNX Mining in 2005. He also served as the first vice-president of exploration at Lakeshore Gold, (which was spun out of Aurora Platinum), and where he directed expansion of the company’s projects in the Timmins gold camp and oversaw the growth of the Timmins West deposit to more than 1.2 million oz. gold. He was also one of the cofounders and directors of Falco Resources (TSXV: FPC; US-OTC: FPRGF), and served as the company’s vicepresident of exploration from the

not a bad deal.” A similar situation played out at Lakeshore Gold’s Timmins West, he says, a deposit that was found in the early 1900s. “People knew about the deposit for the better part of 100 years, but the dogma in the camp was that ‘everyone knows there’s no gold over there.’” He adds that “juniors can be effective in carrying out a different approach to exploration,” noting that sometimes in larger companies there is “a corporate mandate that doesn’t allow geologists to be explorers … sometimes geologists aren’t allowed to do what they do because management is under the gun, or they have to feed the mill. “The junior side of our business fills a needed role because you can come into an area with no restrictions other than raising enough money to give birth to your ideas. It’s fun, and that’s why I like to stay in the junior side. You have a little freedom if you have the cash.” As of Sept. 23, Nighthawk Gold had $5.9 million in its treasury. Over the last year, Nighthawk shares have traded between 4¢ and 61¢. At press time the junior’s shares traded at 41¢. The company has 135 million shares outstanding. Current shareholders include Northfield Capital Corp. (16.3%); Osisko Gold Royalties (TSX: OR; NYSE: OR) (6.8%), Dundee Corp. (4.9%); board and management (3%); and retail and financial institutions (69%). In the latter category, 21% are institutions and 43% are retail investors. TNM

2016-10-11 8:25 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 17–23, 2016

Tom Kaplan and Ross Beaty on luck and conservation

INTERVIEW

| Two industry titans reveal their heroes and passions at the Precious Metals Summit

BY TRISH SAYWELL tsaywell@northernminer.com BEAVER CREEK, COLORADO

t the recent Precious Metals Summit in Beaver Creek, Colorado, Robert (Bob) Quartermain, the chairman and CEO of Pretium Resources, moderated a discussion with his long-time friends Tom Kaplan, chairman of the Electrum Group, a private precious metals company based in New York, and Ross Beaty, the founder and chairman of Pan American Silver (TSX: PAA; NASDAQ: PAAS). Kaplan, Beaty and Quartermain have been friends and comrades for decades, not only sharing a passion for silver, initially, and later gold, but a variety of philanthropic interests as well. All three sit on the board of Panthera, an organization that Kaplan and his wife Daphne created in 2006 that is dedicated to preserving wildcats and their critical role in the world’s ecosystems. Panthera’s biologists, law enforcement experts and wildcat advocates develop strategies to protect cheetahs, jaguars, leopards, lions, pumas, snow leopards and tigers, and their landscapes. In addition, Beaty and his wife Trisha have set up the Sitka Foundation, which supports land and ocean conservation, scientific research on nature and the environment, education on the importance of a healthy environment, and public policy on ways to preserve and protect the planet. In an exclusive interview with The Northern Miner, Kaplan and Beaty picked up where Quartermain left off, in a freewheeling, lighthearted discussion about the pair’s similarities and passions, and the people they admire. The Northern Miner: Ross Beaty mentioned during the keynote presentation a few minutes ago that “size really matters,” and described how he spent three years of his life in the late 1980s trying to permit a 50,000 oz. deposit in California. He said by the time he got the permit, the gold price had collapsed and the deposit was uneconomic. He described the experience as being “like root canal surgery without the anesthetic.” Thomas Kaplan: It takes as much time, if not longer, to develop a small asset as it does a big one. It’s one of the reasons why we only go for really big assets, because the small ones don’t make a difference … especially if you ever want to sell one to a major. They need something that moves the needle. And investors tend to be a little bit complacent about that. They get easily seduced — rather than just saying, “Look, I want to focus on the category killer assets.” So when it comes to silver in Argentina, for example, Pan American Silver’s Navidad project would be the Holy Grail. Everything else is a rounding error. It’s editorial. A project like Navidad is all you need for a whole company, quite frankly. Ross Beaty: Right. TNM: And it’s so hard to find those kinds of assets. RB: Very hard to find. They’re like needles in a haystack. TK: That’s why we love them. RB: Yeah. TNM: Most of the low-hanging fruit is gone. RB: Well, you know, Bob Quartermain just got one, it was just hanging there, seven or eight years ago. Right? Bingo, the world’s highest-grade gold deposit. That’s just staggeringly phenomenal ... that’s a pretty

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big thing! TK: You know, Ross, I think you’ve been spending too much time with me. I mean you are ‘out-superlativeing’ me. RB: Tom, the difference between you and me, to be honest, is that you are credible. I’m merely incredible. It’s just that simple. TNM: One of you made the comment that you are like twins. RB: I did. TK: We can complete each other’s sentences. RB: Like peas in a pod. TK: We discovered each other because of Bob Quartermain. TNM: What would you say are the similarities and differences between the two of you? TK: I would put it down to one thing. We have the same values. RB: And the difference would be that Tom is — did you ever read Zen and the Art of Motorcycle Maintenance? I would say Tom has more of the artistic gene and I have more of the kind of operator gene, where nuts and bolts are more important to me, perhaps, than the big picture — the vision. Like I just want to get down and get things done. I’m probably more hands-on than Tom is. TK: No question. TNM: Yes, but Tom, you go out in the field. You look at the rocks. TK: I do. RB: In his Guccis! But I revel in it. I’ve been doing it all my life. TNM: Yes. Ross, you’ve been collecting rocks since you were five years old

Mining entrepreneurs (from left) Ross Beaty, Tom Kaplan and Bob Quartermain at Annie’s Garden, a rainforest field study centre in California, in 2015. PAN AMERICAN SILVER

and you’re a geologist. RB: That’s the difference — a historian and a rock banger. TK: I’m a voyeur and he’s a practitioner. I like to go out and see the things in the field. I like looking at the rocks. I always go out and congratulate a team if they’ve made a discovery. It means a lot to them when, no matter where they are, I show up. I enjoy that. But it’s different showing up and actually telling someone what to do, like Ross can do. I know what I don’t know. And there’s no ego involved in being able to say that. RB: That is one of your great strengths, actually. But that is also a great strength about Robert Friedland — who I respect a great deal, as well — in that he hasn’t spent years at university learning geology or mining. He relies on what really

smart people tell him. And he’s been extremely effective. TK: I’m flattered by the comparison. RB: It really is a good comparison. And there are a handful of others like that. Lukas Lundin is another great entrepreneur we both have enormous respect for. He’s got other skills, I would say, that are different from both of us. He has an ability to concentrate and focus, and be so good with people, as opposed to being a numbers person, or a detail-oriented person. Somehow he doesn’t get bogged down in the weeds, and that allows him to focus on scale, and on people and on growth. He runs on gut feelings. Acceptance of any risk on the planet. That’s what good entrepreneurs are. They’re people who are impatient. Who are looking at the big

picture without getting too bogged down, who accept failure quickly, and just always move on and remain positive. I think we all share that. Bob Quartermain is a little bit different than us, I would say. Bob, you’re not really that textbook entrepreneur. I always see Bob as having the conservatism from his maritime background — it’s in your blood to be rather cautious, and rather formal, but at the same time you are a terrific entrepreneur in many other respects. You find something big and you run with it. TNM: You also have to have courage. Knowing when to buy and sell. And make decisions against the grain. RB: It’s all about risk acceptance. TNM: You both talk about luck a lot, about being lucky, but you still have to have that instinct. Can you talk about that instinct, or sixth-sense, if you will. TK: Look, the odds of being able to take a property from a prospect through to a mine — I’ve seen the estimates vary from 1,000 to 10,000 to one against it happening. When it happens multiple times, if you’re not accepting — more than accepting, embracing — “La Fortuna,” then I think you’re dead, they just haven’t buried you. You really have to be able to stand back and just sometimes laugh, and laugh when it comes right. And if you get it wrong, because you haven’t done the work on the front end, then See INTERVIEW / 15

MANITOBA MINING & MINERALS CONVENTION RBC Convention Centre

Wednesday, Nov. 16: Noon - 6:00 p.m.

375 York Avenue, Winnipeg

Thursday, Nov. 17: 8:30 a.m. - 6:00 p.m.

November 16–18, 2016

Friday, Nov. 18: 8:30 a.m. - 1:00 p.m.

WEDNESDAY, NOVEMBER 16

FRIDAY, NOVEMBER 18

Opening session: Opening Remarks - Minister of Manitoba Growth, Enterprise and Trade

Short Course: Manitoba Mining 101

Social events: Complimentary Bison Burger Lunch; Welcoming Reception hosted by Manitoba mining communities

Commercial Trade Show Booths - Display investment, exploration and mining products and services

THURSDAY, NOVEMBER 17 Technical sessions: Manitoba in Production Mineral Exploration and Geoscience Highlights: I - Northern Superior region II - Lynn Lake belt III - Flin Flon–Snow Lake belt Social event: Mining and Minerals Luncheon

EXHIBIT ROOM

Property Showcase Tables - Showcase Manitoba mineral properties available for option or investment Technical Poster Displays - Showcase the results of this season’s geological investigations

PUBLIC OPEN HOUSE Free to the public on Friday from 9:00 a.m. to 1:00 p.m.

For more information call toll free at 1-800-223-5215 convention@gov.mb.ca • www.mineralsconvention.com

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OCTOBER 17–23, 2016 / THE NORTHERN MINER

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

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E D I T O R IA L

O P- E D

Tom Caldwell: Price drop catches ‘Regulatory gold investors strangulation’ is killing off guard economic strength GOLD

| Worst 1-week drop since 2014 as world currencies groan

s 2016 wore on, gold miners and investors were getting pretty comfortable assuming that spot gold prices would hold firmly above US$1,300 per oz. for the foreseeable future, and that the gold sector was indeed the shining light of the mining world, notwithstanding metallurgical coal’s BY JOHN CUMMING freakish run of late. jcumming@northernminer.com Well that all came crashing down as the fourth quarter got underway, with all the precious metals getting swept down in the riptide. On the last day of the third quarter, Sept. 30, spot prices for the mian precious metals stood at US$1,322.50 per oz. gold, US$19.35 per oz. silver, US$1,035 per oz. platinum and US$722 per oz. palladium. Exactly a week later, prices were down US$63.75 per oz. gold (-4.8%); US$2.02 per oz. silver (-10.4%); US$59 per oz. platinum (-5.7%); and US$48 per oz. palladium (-6.6%). At presstime, gold traded at US$1,254.80 per oz., meaning spot gold prices are now down US$73.00 per oz., or 5.5%, in the last 30 days, but still up US$90.90 per oz., or 7.8%, in the last 12 months. Silver, meanwhile, is off 8% in the last 30 days but up 10.7% over 12 months. It’s the worst one week drop in gold prices since 2014, and traders are now looking at short-term support levels around US$1,250 per oz. If you believe in charts, the one-year price chart for gold reveals an especially ugly head and shoulders formation, which suggests a return to the US$1,100-per-oz. range seen in late 2015. Indeed, the bears have come out of hibernation, with firms such as Wells Fargo now calling for gold to drop another US$200 per oz. Their head of real asset strategy, John LaForge, wrote in an Oct. 7 report that, “The history of gold, and commodity super-cycles, says that gold may very well lose another US$200 per oz., testing the US$1,050 level, before it is time to buy again.” He added that gold is “currently buried knee-deep inside a commodity bear super-cycle, which began in 2011.” In one positive sign for gold, investors took advantage of last week’s price drop to push global holdings of bullion-backed exchange traded funds to their highest levels since 2013. Most notable, the SPDR Gold Trust — the world’s largest gold-backed exchange-traded fund — rose to 958.90 tonnes (30.83 million oz.) on Oct. 8. There are still enormous tensions in the global financial system, but unfortunately for gold investors and miners, the U.S. dollar has been the biggest beneficiary as a safe haven over gold, despite weak U.S. jobs data. The greenback has benefited from renewed speculation that a U.S. Federal Reserve interest-rate hike could once again be in the offing later this year. Charles Evans, president of the Federal Reserve of Chicago, said on Oct. 11 that the U.S. economy is on sound footing and that a December rate increase “could be fine.” As for competing currencies, the Chinese renminbi — now part of the International Monetary Fund’s Special Drawing basket (SDR) basket — fell hard on China’s return from the Golden Week holidays, as it was fixed by Beijing’s central bank at its lowest level versus the U.S. dollar since September 2010. Meanwhile the U.K. pound has returned to the financial headlines, falling brief ly below US$1.21 on Oct. 11 after a “f lash crash” to US$1.1491 on Friday, Oct. 7, compared to US$1.2728 only a week earlier. The pound sterling is now firmly in first place as the worstperforming major currency of 2016, having slumped by 17% year-to-date and 20% against the U.S. dollar since the Brexit vote in June 2016, and raising concerns about inf lation and the country’s ability to finance itself. On a trade-weighted basis, the pound is at its lowest value against the euro since its launch in 1999. This latest weakness comes from new fears that there will be a relatively severe rupture between the United Kingdom and the European Union rather than a hoped-for gradual, friendly transition. TNM

DEPARTMENTS Careers. . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Editorial. . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Events. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Meetings. . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

Metal Prices. . . . . . . . . . . . . . . . . . . . . . . . 11 Professional Directory. . . . . . . . . . . . . . . 10 Stock Tables. . . . . . . . . . . . . . . . . . . 6,11-13

COMPANY INDEX Barrick Gold. . . . . . . . . 2,16 BHP Billiton. . . . . . . . . . . . 7 Denham Capital. . . . . . . . . 7 Electrum Group. . . . . . . . . 3 Endeavour Silver. . . . . . . . 9 Falco Resources. . . . . . . . . 2 Hudbay Minerals. . . . . . . 16

JDS Silver. . . . . . . . . . . . . . . KWG Resources. . . . . . . . . Liberty Silver. . . . . . . . . . . Newmont Mining . . . . . . . Nighthawk Gold. . . . . . . . Noront Resources . . . . . . . North American

7 7 9 2 1 7

Palladium. . . . . . . . . . . . . 9 Osisko Gold Royalties. . . . 2 Pan American Silver. . . . . 3 Silver Standard Resources.9 Silver Wheaton. . . . . . . . . 16 Silvercorp Metals. . . . . . . . 8 Vale. . . . . . . . . . . . . . . . . . . 16

MINES & MONEY

| Bay Street veteran examines the ills plaguing Canada’s independent brokers

The following is a condensed and edited version of a speech given by Thomas S. Caldwell at the Mines and Money Americas conference in Toronto in late September on the health of Canada’s independent investment houses and its relation to the resource industry. Caldwell is chairman and founder of Toronto-based Caldwell Investment Management, CEO of Urbana Corp., a past governor of the Toronto Stock Exchange, and chairman of the Canadian Securities Exchange.

overnments say a lot of things: We want new jobs; we want new organizations growing. But there’s a disconnect between their words and their actions. It’s a disconnect between policymakers and rulemakers. There are three levers to control the economy, but the government is only thinking of two. One lever is monetary — that’s interest rates. The other one is fiscal — let’s go build some bridges. But there’s a third lever: Regulatory.

IF YOU LOOK AT OUR INDUSTRY, ONE THIRD OF ALL INDEPENDENT INVESTMENT FIRMS VANISHED IN THE LAST TWO YEARS. If you have the first two levers but aren’t using the third, you’re just going to spend money and not have economic growth. I personally think we’re past the tipping point in the regulatory role. Not just in securities regulations, but across a whole spectrum of activity. If you look at the mining industry typically you now have 10 years to being a mine into development — you’ve got land claims, you’ve got environmental claims, and so on. We’re in the post-enterprise era. You’ve got rules and regulations that really transcend everything, including the enterprise itself. In the investment industry, where I’ve spent most of my time, you’ve seen a massive increase in regulatory or procedural environments. Probably regulations eat up about 50% of independent investment firms’ [time and effort] in Canada. And all kinds of lobby groups make a living at slagging “bad” brokers, and everyone’s an expert at these things. The media are just as complicit, because they’ll say if you read our paper, you’re going to do well, because brokers are greedy and get no results, and passive investments are better, and you should just buy ETFs [exchange-traded funds]. But remember: ETFs do not add to an economy. They don’t do anything for building an economy. Even our self-regulatory association IIROC [Investment Industry Regulatory Organization of Canada], their motto is “Protect-

ing Investors.” They may as well say, “Protecting You From Sleazy Brokers.” In the legal profession, they don’t have an association that says, “Protecting You From Incompetent Lawyers.” Same thing for accountants and doctors. But our association has this pejorative view of ourselves. There are specific culprits, and I don’t blame everybody here. We do have the banks, which are a major factor in our industry, and their model is to purchase, absorb and then obliterate an industry. There are no more independent trust companies, or automobile leasing companies, etc, they don’t exist anymore. And the regulators are very much influenced by the biggest players in the industry. Hence their influence in our going to a fee-based from commission-based as the revenue model for the investment industry, after hundreds of years of commissionbased in the world, which works and has worked well. When I call you for an idea, you want to get paid. But the abuse isn’t from the broker side, the abuse is from the client side. We’ll take a good idea from the broker and then run off to a discount broker to make the trade. That’s what we have to deal with. The long and short of it is that banks are a major factor for us, and their view of the world is fee-based. But the challenge for the resource industry is that banks are not traditional sources of funding. Debt is often not the right funding for resource developments. Gone If you look at my industry, one third of all independent investment firms vanished in the last two years. One third of the whole industry is gone. And I would say that a quarter to a half of remaining firms will be gone in the next year or so. This has significant ramifications in terms of funding, because these are the firms that finance new prospects, whether they be in minerals, scientific, corporate, whatever. These are the ones that create jobs and build an economy. We’ll miss that. What’s happening in the resource area and other areas is private financing such as private equity is taking more and more of a place. Even in mining you see institutional funds, large funds, coming out of the woodwork to fund large exploration programs. You can raise ten, twenty million dollars. Technology is helping. It is so much better and more efficient now than 20 years ago. So you can get into a little more certainty before you’re funding a project, than 20 years ago. What’s happening in our industry and in the mining industry is people are waiting longer to do an IPO [initial public offering], because the danger in an IPO is it can become an orphan, where no one is trading your stock. There are some wonderful comSee CALDWELL / 14

2016-10-11 8:25 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 17–23, 2016

Five industry standouts to join Canadian Mining Hall of Fame EXCELLENCE

| Class of 2017 shaped the landscape of mining in Canada and beyond

In 2017 the Canadian Mining Hall of Fame will welcome five new inductees: James E. C. Carter, Robert R. McEwen, Donald A. McLeod, William Stearns (Steve) Vaughan and John Zigarlick, Jr. The twenty-ninth annual induction dinner is set for the evening of Jan. 12, 2017, at the Metro Toronto Convention Centre in downtown Toronto. The Northern Miner is a co-founding 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. For more information and tickets to the event, please visit www.mininghalloffame.ca.

James E. C. Carter (b. 1950) ames Carter is a giant in the history of Canada’s oilsands and an exemplary leader in their sustainable development. He transformed the fledgling industry — and the frontier town of Fort McMurray, Alta. — into a powerful economic engine for the nation while building Syncrude Canada into one of the world’s largest and most successful energy producers. During his 28-year career with Syncrude, Carter revolutionized the oilsands industry through bold innovation. He championed development of the world’s largest trucks and shovels and introduced hydro-transport of oilsands and other leading-edge technologies that cost-effectively improved the industry’s performance. He was a pioneering advocate of Aboriginal hiring and business development, and contributed to the creation of a guidance tool for corporate social responsibility (CSR) launched by the Mining Association of Canada (MAC). His commitment to research and education is best exemplified by his pivotal efforts to preserve and build the University of Alberta’s Mining Engineering program. Born in Glasgow, Scot land, Carter emigrated to Canada with his family in 1959, settling in Prince Edward Island. He obtained a Bachelor’s degree in mining engineering from the Nova Scotia Technical College in 1973. He joined Syncrude in 1979 and became vice-president of operations a decade later, after completing a management program at the Harvard Graduate School of Business. He recognized the need for economies of scale in the oilsands early in his career and made the controversial decision to switch to 170-ton trucks from those half that capacity. He later worked with suppliers to develop the world’s largest shovels and the world ’s largest 400-tonne capacity trucks. He also introduced the first patented hydro-transport of oil-

1 2 3 4 5 7 8 9 15 16_OCT 17_Main .indd 5

sands, which rendered conveyor belts obsolete and allowed satellite operations to be linked to distant extraction facilities. This breakthrough combined with the use of large-scale mining equipment reduced the energy required to produce a barrel of bitumen by 40%, with economic and environmental benefits. During his term as president from 1997 to 2007, Syncrude’s production rose from approximately 200,000 barrels to 350,000 barrels per day, while its market capitalization grew from $3 billion to approximately $45 billion. Carter was a proactive and respected advocate of responsible development. During his tenure, Syncrude became the single largest employer of Aboriginal people, and 20 years later, more than 200 Aboriginal-owned companies conduct an estimated $1-billion of annual business with the industry. As a board member and later chair of MAC, he was a driving force behind the creation and implementation of the Towards Sustainable Mining program, now at the cutting edge of CSR practice in Canada and globally. In the early 1990s, Carter marshalled industry leaders to rescue the struggling University of Alberta’s Mining Engineering program and build it into the successful institution it is today. He also helped launch an innovative apprenticeship program for skilled trades that has helped thousands of young people launch their careers. Carter has received many awards for his achievements, including three honorary doctorates, the Queen’s Diamond Jubilee Medal in 2012, and the Order of Canada in 2014.

Robert R. McEwen (b. 1950) obert (Rob) McEwen is one of Canada’s most innovative, original and dynamic mining entrepreneurs. He is best known for transforming Goldcorp Inc. from a holding company into a global gold-mining powerhouse and revitalizing Ontario’s Red Lake

gold mine through the discovery of new high-grade resources at depth. His famous “Goldcorp Challenge” in 2000, which provided open access to 50 years of proprietary geological data from Red Lake and offered prizes to anyone who could find the next six million ounces of gold, created an estimated $6 billion of value from subsequent discoveries. McEwen is also an astute investor and corporate strategist, as demonstrated by Goldcorp’s friendly merger with Wheaton River Minerals in 2005. Goldcorp shares tripled in the next 14 months as it grew through a series of mergers into one of the world’s largest gold producers. He went on to build a new flagship, McEwen Mining, while supporting many worthy causes through donations totalling more than $50 million to date. Born and raised in Toronto, McEwen worked at his father’s investment firm after earning a B.A. from the University of Western Ontario in 1973, followed by an MBA from York University in 1978. In the 1980s, he took the reins of Goldcorp, then a gold fund, and managed its investment portfolio. In 1989, he led Goldcorp’s acquisition of Dickinson Mines and its aging and capital-starved gold mine in the famous Red Lake camp, and began building an operating company. His faith in the mine’s untapped potential was rewarded after a $10-million exploration program led to a high-grade discovery in the mid-1990s. In a brilliant move, he created the “Goldcorp Challenge” and placed the mine’s geological data since 1948 on the internet and offered $575,000 in prizes for the best exploration concepts. More than 1,000 participants from 80 countries took part, resulting in more than 50 new targets, 80% of which yielded total gold resources valued at $6 billion. The Red Lake mine was transformed from a 50,000-ounce producer in 1997 to a 500,000-ounce producer in 2001, while cash costs fell from $360 per ounce to $60 per ounce over this period. Goldcorp went on to become a star performer, with its share price appreciating at a compound annual rate of 31% between 1993 and 2004. McEwen stepped down from Goldcorp after its high-profile $2.4-billion merger with Wheaton River to focus on junior mining. After acquiring U.S. Gold and expanding its assets, he merged the junior with Minera Andes to create McEwen Mining, a gold, silver and copper producer with projects in Nevada, Mexico and Argentina. As a philanthropist, McEwen has donated more than $50 million to encourage excellence, innovation and leadership in healthcare and education. He also contributed to the Red Lake Margaret Cochenour Memorial Hospital, the Red Lake Regional Heritage Centre, St. Andrews College Leadership Program, Rumie Initiative and most recently the McEwen School of Architecture at Laurentian University. In

addition to an honorary degree from York University, McEwen has received many accolades for his achievements, including Developer of the Year for 2001, Mining Man of the Year for 2002, Most Innovative CEO in 2006, and the Order of Canada in 2007.

Donald A. McLeod (b. 1928) onald McLeod is a revered and iconic figure in Canada’s mining industry and an inspirational role model for young mining entrepreneurs. Born and raised in Stewart, B.C., he began his career as a pack-horse operator and miner’s helper in the 1940s, and went on to become a successful mine finder, developer, and founder of the Vancouver-based Northair Group of Companies. He is best known for developing the Brandywine and Summit gold mines in BC, and for making high-grade gold discoveries at the Brucejack project. He also mentored and encouraged countless people to pursue opportunities in the mining industry, including his daughter Catherine and son Bruce, who both achieved success in their own rights. McL eod ’s l i fe jou r ne y wa s shaped his Scottish roots and the mining heritage of his home town. Starting as a teen-ager, McLeod learned almost every aspect of the business as he rose through the ranks at various mines. After managing the discovery of a rich lead-zinc deposit at Pine Point, N.W.T., he was inspired to move

his young family to Vancouver and start his own mining company. In 1972, as president of Northair Mines, he optioned a grassroots discovery near Whistler, B.C., and brought it into production 42 months later. It was an astounding feat, accomplished in a politically challenging era through stubborn persistence and his infectious optimism. Over the next seven years, the Brandywine mine profitably produced more than $70 million worth of gold, silver, lead and zinc. McLeod a lso developed t he Summit gold mine and raised more than $200 million of equity for his Northair Group of Companies before retiring in 2014. In the 1980s, one of his companies, Newhawk Gold Mines, discovered high-grade gold deposits at the Brucejack project in the “Golden Triangle” region north of Stewart. Brucejack was ultimately acquired by Pretium Resources, which went on to discover the 6.9-million-ounce Valley of the Kings gold deposit slated for commercial production in 2017. McLeod exemplifies the qualities that have made Canada a leader in the global mining industry. His willingness to take on projects in difficult terrains and climates — often under challenging political or market conditions — is a testament of his tenacity and pioneering “can-do” spirit. His demonstrated integrity and professionalism throughout his 70 years in mining has earned him the trust of his peers, employees and shareholders. He was intimately familiar with every aspect of the industry from the bush to the boardroom and these experiences gave him the credibility and the sensitivity to encourage others to follow their dreams in the “equal opportunity” mining industry. McLeod has generously suppor ted hea lt h a nd educat ion causes, including the Mining for Miracles campaign, and St. Paul’s Hospital Foundation through the creation of the McLeod Family Professorship in Valvular Heart Disease Intervention. In addition to being named a “Mining Living Legend” by Cambridge House, McLeod was the recipient of AME BC’s E.A. Scholz Award for excellence in mine development, and the CIM’s Proficiency Award. See CMHF / 14

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OCTOBER 17–23, 2016 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / OCTOBER 3–7 Canada’s benchmark index fell ahead of the Thanksgiving long weekend, dropping 1.08% to 14,566.26, despite positive jobs data. The S&P/TSX Global Mining Index slumped 5.5% to 61.45, while the S&P/TSX Global Gold Index plunged 13% to 207.20. Spot gold dropped 4.4%, or US$58.30, to US$1,257.60. November West Texas Intermediate crude gained 3.3% to US$49.81 per oz. The Canadian economy created 67,200 jobs in September, beating analyst expectations. The jobless rate remained at 7% as more people entered the workforce. Of the new jobs, 44,100 were part-time, while 50,100 were self-employed positions. Coro Mining rose 15% to 15¢ per share on promising results from its Marimaca copper project in Chile. It announced the results of seven reverse circulation (RC) holes from the 39-hole, 8,500-metre program completed at the project, where it is earning a 75% interest. One hole returned 58 metres of 0.80% copper, including 18 metres of 0.77% copper. It also reported the results of the remaining four diamond drill holes from the six-hole program, designed to provide metallurgical samples and geotechnical information to support the RC drilling and to test deeper mineralization. Results from the remaining 24 RC holes will be out shortly. Karnalyte Resources shares climbed 15%

to $1.18 following an update on the optimization program at its potash mine at Wynyard, Sask., aimed at improving the economics for the first phase of the planned 625,000 tonnes per year operation. The company retained Ercosplan, an specialist in potash solution mining, to oversee the program. The second stage of optimization started in September and should run until the end of October. Test results to date indicate the company can “continuously extract potash brine at commercial scale production rates.” A final report should be out in December. Karnalyte also terminated the framework agreement it had with Gujarat State Fertilizers and Chemicals Ltd., where the Indian fertilizer firm in March agreed to finance construction of the first phase of production. TSX MOST ACTIVE ISSUES

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

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

YRI 42578 5.73 4.71 4.85 BTO 33334 3.49 2.84 2.97 K 31634 5.56 4.52 4.68 ABX 25646 23.42 20.25 20.91 IMG 23754 5.36 4.18 4.37 TCK.B 20661 24.00 22.38 23.24 G 19629 21.82 18.51 18.72 ELD 16981 5.20 4.39 4.57 FM 16224 11.03 10.08 10.51 OGC 15535 3.97 3.57 3.73

- 0.80 - 0.47 - 0.85 - 2.32 - 0.93 - 0.41 - 2.93 - 0.59 - 0.35 - 0.21

NovaGold Resources shares plunged 26% to $5.44, after reporting the financial results for the third quarter ending Aug. 31. Net loss increased from US$6.3 million, or 2¢ per share, in the third quarter of 2015 to US$7.4 million, or 2¢ per share this year, due to a US$1.1 million foreign exchange gain, in the prior year. Cash and term deposits fell US$3.3 million to US$108.5 million, as the company continued to fund its 50% share of

the Donlin Gold project in Alaska and the Galore Creek project in B.C. National Bank Financial estimates that is more than enough to complete Donlin Gold’s permitting. NovaGold expects to receive a Record of Decision for that project in the second half of 2017. The U.S. Army Corps of Engineers is currently reviewing the public comments for the draft environmental impact statement (EIS), in preparation for completing the final EIS. TNM

TSX GREATEST PERCENTAGE CHANGE

EurOmax Res Coro Mining Formation Mtls Karnalyte Res Horizonte Mnls Potash Ridge Erdene Res Dev Shore Gold Meadow Bay Gd Paladin Energy NovaGold Res Argex Titanium Nemaska Lith Orosur Mng Platinum Gp Mt Detour Gold Intl Tower Hil Argonaut Gold Kirkland Lk Gd Newmarket Gold

EOX COP ECS KRN HZM PRK ERD SGF MAY PDN NG RGX NMX OMI PTM DGC ITH AR KLG NMI

935 1083 1545 105 482 5358 1655 1277 192 1109 4678 2830 8677 230 505 7243 372 6613 6728 7963

0.60 0.50 0.60 0.15 0.13 0.15 0.78 0.56 0.70 1.28 1.00 1.18 0.05 0.04 0.05 0.38 0.32 0.36 0.41 0.36 0.41 0.21 0.20 0.21 0.08 0.07 0.08 0.16 0.15 0.16 7.38 5.42 5.44 0.09 0.07 0.07 1.60 1.21 1.22 0.29 0.00 0.25 3.66 2.81 2.85 28.50 22.39 22.55 1.20 0.91 0.92 3.49 2.70 2.76 10.05 7.76 8.00 4.70 3.68 3.79

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

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Suncor Energy Karnalyte Res Agrium EurOmax Res Formation Mtls Lundin Mng Lucara Diam Potash Ridge Erdene Res Dev Centamin Agnico Eagle Franco-Nevada Detour Gold Silver Wheaton Torex Gold Endeavour Mng Goldcorp First Majestic Pan Am Silver Barrick Gold

17.6 15.4 14.8 14.6 12.5 9.1 7.9 7.7 7.1 6.7 25.8 23.5 22.8 21.9 21.3 21.0 20.0 20.0 19.6 19.5

VOLUME WEEK (000s) CLOSE CHANGE

SU KRN AGU EOX ECS LUN LUC PRK ERD CEE AEM FNV DGC SLW TXG EDV G FR PAA ABX

11767 36.88 105 1.18 1573 118.99 935 0.60 1545 0.70 5421 5.24 2135 3.95 5358 0.36 1655 0.41 121 2.52 5254 59.67 3386 84.30 7243 22.55 9528 29.93 3720 23.75 1606 21.78 19629 18.72 7191 10.95 3904 20.63 25646 20.91

+ 0.46 + 0.15 + 0.14 + 0.09 + 0.09 + 0.05 + 0.04 + 0.03 + 0.03 + 0.03 - 11.28 - 7.36 - 5.99 - 5.51 - 4.63 - 3.70 - 2.93 - 2.58 - 2.47 - 2.32

TSX VENTURE EXCHANGE / OCTOBER 3–7 The S&P/TSX Venture Composite Index dropped 19.43 points to a 780.8-point close over the period, as gold hit a four-month low on the prospect of a U.S. interest rate hike in December. Spot gold prices lost US$58.79 before finishing at US$1,257.08 per oz., whereas Comex copper prices fell US5¢ to US$2.16 per lb. Shares of aspiring miner Goldcliff Resource gained 18¢ to 40¢ over the trading period. On Sept. 26, the company increased a previously announced private placement to 6.6 million units at a price of 19¢ per unit, for total proceeds of $1.3 million. Each unit consists of a share and half a warrant, with each full warrant exercisable within two years into a share for 25¢. The proceeds will be used to buy and develop the Pine Grove gold joint-venture project in Lyon County, Nevada. On Aug. 8, Goldcliff struck a deal with Lincoln Mining, whereby Goldcliff can earn 40% interest in Pine Grove by spending US$1.4 million over three years. The deal is part of Goldcliff ’s newly-adopted business model to develop a gold mine in smaller stages, with any subsequent expansion determined by sufficient cash f low. The Pine Grove project contains two, intrusive-related, shear-hosted gold deposits, the Wilson and

the Wheeler, which host total measured and indicated resources of 3.1 million tonnes of 1.37 grams gold per tonne. Alset Energy reported that two concessions under its Lithium Salars project in Mexico may require $1.8 million in annual exploration expenditures to maintain them in good standing with Mexican mining authorities. As a result of the “new challenges,” the company’s president and CEO Tim Oliver has resigned and been replaced by past-president and CEO Stephen Stares. The project update triggered 16 million shares to trade hands before closing down 16¢ to 11¢ per share. Two of Alset’s Mexican concessions, known as Sutti 19 and Sutti 22, cover 8,9 sq. km and 50 sq. km respectively. Stares clarified in TSX-V MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Alset Energy ION 15989 Westkam Gold WKG 12004 E-Energy Vent EEV 9946 PNG Gold PGK 8955 True North Gem TGX 8081 Nrthn Superior SUP 7880 6996 Minfocus Expl MFX First Mg Fin FF 6887 Integra Gold ICG 6132 Sirios Res SOI 5366

0.23 0.04 0.02 0.01 0.01 0.05 0.04 0.86 0.81 0.90

0.09 0.03 0.01 0.01 0.01 0.03 0.02 0.71 0.71 0.47

0.11 - 0.16 0.04 - 0.01 0.02 + 0.01 0.01 unch 0.00 0.01 unch 0.00 0.04 - 0.01 0.03 + 0.01 0.77 - 0.08 0.76 - 0.01 0.56 - 0.33

a later press release that by subdividing its concessions into smaller parcels, the company can reduce annual expenditure requirements to $292,000. Shares of Great Quest Fertilizer gained 15¢ to 35¢ during the trading period. On Sept. 30, the company initiated a resource conversion program at its Tilemsi phosphate proper t y i n nor t hea ster n

Mali. The work will be completed alongside bulk sampling, additional drilling and topographical surveys to aid mine planning. The program will be the first comprehensive geological effort since conf lict broke out in t he region four years ago. Great Quest expects to report on mineral grades and revised resource calculations by year end. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Central Iron Cerro Mng MacDonald Mns Morro Bay Whitemud Res EastCoal Inc Noble Metal Gr Western Troy C Acme Res Inc Goldcliff Res Lovitt Res Alset Energy Inter-Rock Mnl Jazz Res Montero Mg&Ex RosCan Mrnls Nrthn Lion Quinto Real Kairos Cap White Metal Rs

CIO CRX.H BMK MRB WMK.H ECX.H NMG WRY ARI GCN LRC.H ION IRO JZR MON ROS.H NL QIT KRS WHM

2242 45 417 155 33 4 28 1688 262 533 9 15989 11 91 1009 210 7 89 170 265

0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.07 0.40 0.02 0.23 0.03 0.17 0.03 0.04 0.23 0.08 0.05 0.10

0.01 0.00 0.00 0.01 0.01 0.00 0.01 0.01 0.04 0.24 0.00 0.09 0.00 0.09 0.02 0.02 0.00 0.05 0.03 0.05

0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.07 0.40 0.02 0.11 0.03 0.09 0.02 0.02 0.12 0.05 0.03 0.06

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 300.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 85.7 + 79.5 - 60.0 - 59.6 - 57.1 - 52.6 - 50.0 - 50.0 - 45.5 - 44.4 - 40.0 - 40.0

VOLUME WEEK (000s) CLOSE CHANGE

Gold Reserve Clear Mtn Res Comet Inds Goldcliff Res Zenyatta Vent Till Capital Prize Mng Great Quest Fe Signal Expl Select Sands Chesapeake Gld Redhill Res Brazil Res Sirios Res Rock Tech Lith Abitibi Royalt California Gld Castle Mtn Mng Novo Res Bellhaven Cp&G

GRZ PAT CMU GCN ZEN TIL PRZ.H GQ SNL SNS CKG ML BRI SOI RCK RZZ CGM NCA NVO BHV

104 248 31 533 539 3 69 542 138 4628 115 576 2131 5366 204 49 87 2301 138 195

5.83 0.94 2.90 0.40 1.44 5.24 0.40 0.35 0.50 0.78 4.65 1.80 2.63 0.56 0.88 7.22 0.53 0.83 1.50 0.48

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

0.58 0.34 0.30 0.18 0.16 0.16 0.16 0.15 0.15 0.13 0.59 0.36 0.35 0.33 0.29 0.28 0.23 0.22 0.22 0.22

U.S. MARKETS / OCTOBER 3–7 The Dow Jones Industrial Average fell 0.37% to 18,240.49 and the S&P 500 dropped 0.67% to 2,153.75. Gold fell below US$1,300 per oz., hitting a post-Brexit-vote low of US$1,255.20 per oz. on Oct. 6, before finishing the week at US$1,257.60. The Philadelphia Gold and Silver Index lost 13.49% to 81.32, and gold equities felt the chill. A worse-than-expected U.S. jobs report on Friday eased fears somewhat of a pending rate hike by the U.S. Federal Reserve. Non-farm payroll data showed that 156,000 jobs were created in September, less than the 175,000 economists had anticipated. West Texas Intermediate crude rallied after reports of potential supply cuts from OPEC countries, touching US$50 per barrel, before falling back to US$49 at the end of the week. Shares of Barrick Gold were the third most actively traded and fell US$1.99 to US$15.73 apiece, despite news on Oct. 4 that operations at the company’s Veladero mine in Argentina had resumed after being suspended on Sept. 15 by authorities in San Juan province. The suspension came a week after falling ice damaged a pipe carrying process solution in the leach pad area, causing some material to leave the leach pad. Barrick continues to

6_OCT17_MarketNews.indd 6

expect company-wide gold production for 2016 in the range of 5.0-5.5 million ounces at all-in sustaining costs of US$750-$790 per oz. Newmont Mining reported Oct. 3 that it finished building its Merian gold mine in Suriname, on time and nearly 20% below its initial development capital budget. Gary Goldberg, Newmont’s president and CEO, stated in a news release that the company “took an optimized approach to project development and benefitted from being one of the only gold producers investing in growth during the lower price cycle.” First gold was poured on Oct. 1. Merian contains gold reserves of U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Freeport McMo* FCX 128143 11.20 10.00 10.13 - 0.73 Yamana Gold* AUY 116579 4.38 3.56 3.66 - 0.65 Barrick Gold* ABX 105357 17.87 15.30 15.73 - 1.99 Vale* VALE 100912 5.70 5.39 5.57 + 0.07 Kinross Gold* KGC 96345 4.24 3.42 3.52 - 0.69 Alcoa* AA 95877 32.10 9.96 31.37 + 0.95 United States S* X 66750 19.04 17.16 17.68 - 1.18 IAMGOLD* IAG 56423 4.10 3.14 3.28 - 0.77 Goldcorp* GG 53977 16.64 13.92 14.10 - 2.42 Newmont Mng* NEM 45902 39.33 33.47 33.97 - 5.32

5.1 million oz. Production is expected to average between 400,000 and 500,000 oz. gold per year over 13 years. All-in sustaining costs during the first five years are expected to average between US$650 and US$750 per oz. Kinross Gold inked a three-year collective

labour agreement at its Tasiast gold mine in Mauritania, after reaching another deal earlier in the year with the government to increase the number of local workers at the mine, a requirement under Maritanian law. Kinross shares were down US69¢ to US$3.52. TNM

U.S. GREATEST PERCENTAGE CHANGE

Yanzhou Coal* Vedanta* Vale* CONSOL Energy* Natural Res Pt* Alcoa* Cloud Peak En* Vale* NACCO Ind* Mechel* First Majestic* Sibanye Gold* IAMGOLD* Endeavr Silver* Agnico Eagle* Silver Wheaton* Kinross Gold* Pretium Res* AngloGold Ash* Yamana Gold*

YZC VEDL VALE.P CNX NRP AA CLD VALE NC MTL AG SBGL IAG EXK AEM SLW KGC PVG AU AUY

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

422 7.80 6.75 7.68 + 13.3 1064 11.83 10.57 11.63 + 12.2 43685 5.03 4.72 4.99 + 5.9 20623 20.46 19.06 20.02 + 4.3 759 31.29 26.59 29.00 + 3.9 95877 32.10 9.96 31.37 + 3.1 8635 5.85 5.30 5.56 + 2.2 100912 5.70 5.39 5.57 + 1.3 123 69.58 66.41 68.49 + 0.8 1247 3.06 2.83 2.88 + 0.7 43844 10.45 7.96 8.23 - 20.1 8108 14.15 10.97 11.32 - 19.9 56423 4.10 3.14 3.28 - 19.0 14462 5.18 4.01 4.21 - 17.9 13060 54.41 44.60 44.95 - 17.0 34609 27.23 22.12 22.58 - 16.5 96345 4.24 3.42 3.52 - 16.4 10991 10.40 8.25 8.60 - 16.3 21045 15.92 13.15 13.43 - 15.6 116579 4.38 3.56 3.66 - 15.1

U.S. GREATEST VALUE CHANGE

Vedanta* VEDL Natural Res Pt* NRP Alcoa* AA Yanzhou Coal* YZC CONSOL Energy* CNX NACCO Ind* NC Vale* VALE.P MOS Mosaic* Cloud Peak En* CLD Vale* VALE Agnico Eagle* AEM MartinMarietta* MLM Franco-Nevada* FNV Newmont Mng* NEM Black Hills* BKH Silver Wheaton* SLW Sibanye Gold* SBGL AngloGold Ash* AU Goldcorp* GG First Majestic* AG

VOLUME WEEK (000s) CLOSE CHANGE

1064 11.63 759 29.00 95877 31.37 422 7.68 20623 20.02 123 68.49 43685 4.99 22556 24.58 8635 5.56 100912 5.57 13060 44.95 4177 170.12 5016 63.45 45902 33.97 2294 56.66 34609 22.58 8108 11.32 21045 13.43 53977 14.10 43844 8.23

+ 1.26 + 1.10 + 0.95 + 0.90 + 0.82 + 0.53 + 0.28 + 0.12 + 0.12 + 0.07 - 9.23 - 8.99 - 6.42 - 5.32 - 4.56 - 4.45 - 2.81 - 2.49 - 2.42 - 2.07

2016-10-11 8:19 PM

SPECIAL FOCUS

SILVER & PGMS Taranis Resources’ silver-polymetallic property in southeast British Columbia. TARANIS RESOURCES

Noront lobbies for road access to Eagle’s Nest INFRASTRUCTURE

| Local First Nations says consultation agreements ‘are not happening’

JDS Silver’s Silvertip project nears production in BC PRIVATE EQUITY

| Silvertip is Denham Capital’s first investment in a Canadian miner BY TRISH SAYWELL tsaywell@northernminer.com

posing a side deal with Ontario that would bypass those legal obligations and, more importantly, avoid inclusive First Nation consultation. Meanwhile, KWG Resources continues to advance its transportation study with no First Nation consultation overtop of mining claims in our territories. These are mining claims on which KWG has no intention to explore for mineral resources and/or actually mine.”

n its first investment in a Canadian mining company, private equity firm Denham Capital is giving JDS Silver US$65 million to complete construction of Silvertip, a silver-lead-zinc mine in northern British Columbia. The private mining company started building the mine in December 2015, and it is now on the brink of production, Caroline Donally, Denham Capital’s director, tells The Northern Miner, adding that the investment in JDS Silver also marks its first investment in silver. “We like the team, they’re a team of mine builders — that’s what they do — and they have an asset,” Donally says in a telephone interview from her office in Houston. “Normally when we back teams they are still looking for assets, so they had an asset and a very good team.” JDS Silver’s CEO Jeff Stibbard is a mining engineer who was responsible for the design, construction and operation of BHP Billiton’s (NYSE: BHP) Ekati diamond mine in the Northwest Territories, and for

See NORONT / 8

See JDS SILVER / 8

A drill site at Noront Resources’ AT5 target at the company’s Eagle’s Nest nickel-copper-PGM project in northern Ontario’s Ring of Fire region. NORONT RESOURCES BY LESLEY STOKES lstokes@northernminer.com VANCOUVER

oront Resources (TSXV: NOT) is encouraged that the Ring of Fire camp in northern Ontario, where the junior has its remote Eagle’s Nest nickel-copper and platinum group metal (PGM) deposit, has been designated a priority in Ontario Premier Kathleen Wynne’s Sept. 23 mandate letter to re-appointed Minister of Northern Development and Mines Michael Gravelle. The most specific item in the letter is an instruction to Gravelle to “work towards upgrading existing roads and infrastructure in the region to connect with future Ring of Fire infrastructure, with a target of 2018 to begin road work.” The nearest paved road from Eagle’s Nest is 280 km to the south, and Noront is looking for the provincial government to pay for and build an all-season, all-access road into the Eagle’s Nest site, which is the leading contender to be the first deposit mined in the camp. Noront’s proposed road would use an existing East-West winter road corridor just north of Pickle Lake, where the paved highway ends, and pass through four remote communities before connecting to a main trunk road that would service the Ring of Fire. “What we’d like to see is the government table a proposal that industry and First Nations can then gather around and fine-tune towards the ultimate infrastructure,” Alan Coutts, president and CEO of Noront, tells The Northern Miner during a phone interview. “There’s a number of communities that would really stand to benefit from the road, so it’s really now about

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nutting out the final alignment.” Nine First Nation groups would be impacted by any mining activities in the Ring of Fire. The Webequie, Marten Falls and Neskantaga groups would be the closest to Noront’s proposed mine, whereas the others, including Aroland, are farther away. In response to the premier’s letter, the Marten Falls and Aroland First Nations issued a statement directed to Premier Wynne, Noront and KWG Resources (TSXV: KWG; US-

OTC: KWGBF) — another junior explorer in the district — asserting their jurisdictional authority in the region. “Noront is legally obligated to establish consultation agreements with our First Nations and conduct, with us at the table, a review of alternative transportation options. So far, that is not happening,” Chief Dorothy Towedo of Aroland First Nation said in the Oct. 5 statement. Chief Bruce Achneepineskum of Marten Falls said Noront is “pro-

Targeting Production at the Chinchillas Silver Deposit • Large new silver resource in mining-friendly Jujuy Province, Argentina

• Innovative joint-venture with Silver Standard’s Pirquitas Mine under evaluation > Potential low-risk, fast-track to production and earnings > GRG accruing cash-flow from Pirquitas since Oct 2015 plus US$2M > US$12.6M program underway to pre-feasibilty level with no dilution > Option decision expected Q4 2016

goldenarrowresources.com TSX-V:GRG FSE:GAC OTC: GARWF

2016-10-11 8:21 PM

OCTOBER 17–23, 2016 / THE NORTHERN MINER

SILVER & PGMS

WWW.NORTHERNMINER.COM

Noront lobbies for road access to Eagle’s Nest NORONT From 7

(Achneepineskum’s comments are in reference to KWG’s subsidiary, Canada Chrome Corporation, which in 2010 staked a 330 km-long string of mining claims to create a potential transportation corridor linking KWG and Noront’s Big Daddy chromite deposit to a CN Rail line near Nakina, Ontario.) Coutts conceded that discussions between the various groups can be “tricky.” “Everyone is excited and wants to be part of the process and we think it’s great,” he says. “We view any development in the Ring of Fire as being a way to build sustainable communities in the north. But ultimately it’ll be up to the First Nations themselves to determine who’s going to take the lead and who has the priority. We’re not in the position to make those decisions; it’s something they’ll decide amongst themselves.” Because the Eagle’s Nest project is only at an early stage in terms of any mine development, he adds, formal consultation with First Nations “will certainly start getting serious” if the company decides to move Eagle’s Nest towards production. According to the project’s feasibility study published by Micon International in 2012, an underground mine at Eagle’s Nest would produce 1 million tonnes of ore per year over an 11-year mine life, with the potential for 9 more years if inferred resources are converted into reserves. The mine would ship out concentrate by road or rail. Eagle’s Nest hosts proven and probable reserves of 11.1 million

“WE VIEW ANY DEVELOPMENT IN THE RING OF FIRE AS BEING A WAY TO BUILD SUSTAINABLE COMMUNITIES IN THE NORTH.” ALAN COUTTS PRESIDENT AND CEO, NORONT RESOURCES

tonnes of 1.68% nickel, 0.87% copper, 0.89 gram platinum per tonne, 3.09 grams palladium per tonne and 0.18 gram gold per tonne. Inferred resources stand at 9 million tonnes of 1.1% nickel, 1.14% copper, 1.16 grams platinum, 3.49 grams palladium and 0.3 gram gold. Coutts says the deposit stands out from other magmatic nickelcopper deposits, such as those in Ontario’s Sudbury Basino or Vale’s Voisey’s Bay deposit in Labrador, because of its “hefty” PGM credits, which makes Eagle’s Nest one of the “higher-grade magmatic

Workers at Noront Resources’ Esker exploration camp, including representatives from local First Nations, in Ontario’s James Bay lowlands. NORONT RESOURCES

nickel-copper deposits identified in the world.” Capital expenditures for the project weighed in at $769 million, which didn’t include any cost for road infrastructure. “Our assumption is that the province will pay for the road infrastructure. However we’ll be charged a toll per tonne to use it, so in our economic evaluations we’ve included those charges,” he says.

If Eagle’s Nest ever gets up and running, Noront could then develop the adjacent Blackbird chromite deposit, which has 20.5 measured and indicated tonnes of 35.8% chromium oxide and inferred resources of 23.5 million tonnes of 33.1% chromium oxide. The company controls 800 sq. km of prospective stratigraphy, or 75% of the staked claims in the region, and continues to explore for nickel,

copper and zinc. “Right now metal prices price are low and there’s not a lot of interest, so we’ve decided to take advantage of that by consolidating the land package in the belt. When infrastructure gets built and the market recovers we’ll be the company that’ll be at the forefront on the development of the Ring of Fire. That’s our strategy and we’re sticking to it,” Coutts says. TNM

JDS Silver’s Silvertip project nears production in BC JDS SILVER From 7

the 450,000-tonne-per-day Muskeg River oilsands mine. He cofounded Calgary-based Western Oil Sands, which was sold to Houston’s Marathon Oil Co. for US$6.2 billion in July 2007. (Stibbard’s office did not return requests for comment about Silvertip.) “Jeff has been building mines for a long time, and his reputation definitely precedes him,” Donally says. “The JDS approach is to figure out a way of spending the least

amount of capital to get a return as quickly as possible.” “It’s not about bigger being better. It’s about finding the small, high-grade nut of a deposit, and using the cash generated by the asset to expand the process, and turn assets into far larger assets, if that’s what you want to do,” she continues. “That approach — getting into production quickly and getting capital quickly — aligns with our strategy.” Silvertip sits within the Silvertip Creek valley in the Tootsee River

Pure Silver. Pure Growth.

Celebrating the opening of our second silver mine at the Avino Property near Durango, Mexico.

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1 2 3 4 5 7 8 9 15 16_OCT 17_Main .indd 8

watershed, 16 km south of B.C.’s border with the Yukon, and 90 km southwest of Watson Lake. It is a high-grade, silver-lead-zinc carbonate replacement deposit nestled in the Cassiar Mountains. The deposit was discovered in 1957, and several companies have held mineral claims and undertaken extensive exploration there, resulting in the construction of a 26 km access road, 2.7 km of underground workings, 86,000 metres of drilling, two bulk-sample programs and 20 years of environmental baseline data and site infrastructure. JDS Silver bought the project from Silvercorp Metals (TSX: SVM) for $15.5 million in November 2013. It then bought concentrating and milling equipment from Teck Resources’ (TSX: TCK.B; NYSE: TCK) decommissioned Sa Dena Hes mine, 45 km north of Watson Lake. “It’s been a nine-month construction time frame, which is almost unheard of,” Donally says, pointing out that one of the reasons why JDS Silver could do it so quickly was because it negotiated with Teck to buy the processing plant and move it to site. “That dramatically shortened the time for construction, and there had been quite a lot of work [done] on-site already,” she says. “There were underground workings, there was a camp on-site and the access road was already in. So you weren’t starting from scratch.” Donally says she’s probably spent two years travelling to Canada to meet management teams in the mining sector. “It’s a pretty lengthy process, and some people are somewhat put off by that, but what it shows is that we’re looking for specific people and teams that we can back with capital. I suppose private equity, not just us, is pretty picky about who

they’ll back with capital.” Once Donally met with Stibbard, however, a deal was signed quickly. After the initial meeting in May 2015, the parties agreed on terms and closed the transaction in July. Denham Capital typically invests in base metals — copper, zinc and lead — but also has investments in metallurgical coal, as well as in niobium and tin. So in the case of Silvertip, the private equity firm was particularly attracted to the deposit’s 30% zincequivalent grade, which makes it one of the world’s highest-grade zinc deposits, Denham Capital says. In addition to developing the zinc resource, JDS intends to produce silver and lead in concentrate. “We were really attracted to the project by the base metals component, so depending where the prices are — it could be fifty-fifty silver to base metals.” “Our approach is to try to find assets that are low on the cost curve so they can survive downturns in prices,” she says. “That’s difficult, but it’s impossible for us to put money into assets that don’t make money in this environment, so we do need margin businesses. So asking a view on where price is going and what it may or may not do for us — it’s almost irrelevant to our investment decisions — because our investments have to make money at low prices. And if prices run, that’s fantastic, [but] that’s not something we can rely on.” When asked for specifics about the mine itself and details on costs and production, however, Donally said that being a private company, JDS Silver tends to keep that information to itself, “which is one of the things we like about being in the private space.” Eventually, JDS could go public as part of an exit strategy for Denham, she says, or its assets could

“IT’S BEEN A NINE-MONTH CONSTRUCTION TIME FRAME, WHICH IS ALMOST UNHEARD OF.” CAROLINE DONALLY DIRECTOR, DENHAM CAPITAL

be bought by a public company at some point. Denham likes the fact that the management teams it backs can concentrate on the work at hand. “We want our management teams out there building the business rather than spending time raising capital … and attending road shows,” she says. “We find it quite intriguing that investors will go to a lot of trouble to do due diligence and look for superior technical expertise, and then have the CEO go out and spend all his time fundraising.” Look ing a head, Denha m is searching for another team to back in Canada, but there is no short list at the moment. “Jeff and his team have great skills and experience in northern and western Canada … so we’d like to put a team in place to operate in the eastern side of the country,” Donally says. “We’re talking to a few, but there’s nothing that has progressed to a term sheet, or anything like that.” With offices in Houstin, Boston, London and Perth, Denham Capital is focussed on the oil and gas, mining and power industries. Its other mining investments include Auctus Minerals; Mining Ventures Brasil; Pangea Exploration; Pembroke Resources; Santiago Metals; Stellar Mining; Trinity Coal; and Upper Wilgat. TNM

2016-10-11 8:21 PM

SILVER & PGMS

GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 17–23, 2016

Processing facilities at Endeavour Silver’s El Cubo silver mine in central Mexico’s Guanajuato state. ENDEAVOUR SILVER

PRECIOUS POTENTIAL: JUNIORS OF INTEREST

Snapshot of four firms in the silver and PGMs space All that glitters is not gold. WIth significant industrial appeal, silver and PGMs capture the attention of consumers, miners and investors alike. Below is a sampling of juniors that should be on your radar in this space.

production in the second half of 2016 compared to the first half, and is looking at ways to boost production in 2017 to fill its excess milling capacity.

ENDEAVOUR SILVER

After years of turmoil, Torontobased Liberty Silver is getting back on its feet with a new board and Bruce Reid-led management team announced in October. The junior’s flagship asset is an option from Renaissance Exploration to earn a 70% interest in the Trinity Silver silver project in Nevada’s Pershing County.

One of the unabashed success stories among junior silver miners is Endeavour Silver (TSX: EDR; NYSE: EXK), which has grown from zero production in 2004 to 11.4 million oz. silver equivalent production in 2015 from three high grade, underground, silver-gold mines in Mexico: Guanacevi in Durango state, and Bolanitos and El Cubo in Guanajuato state. In October, the Vancouver-based company reported its third quarter production of 1.28 million oz. silver and 14,364 oz. gold for silver equivalent production of 2.4 million oz. That brings nine-month output for 2016 to 4.4 million oz. silver and 46,000 oz. gold for 7.8 million oz. silver equivalents, on track to meet its full-year revised guidance of 5.5-6.0 million oz. silver, and 49,00054,000 oz. gold, or and 9.0-9.8 million oz. silver equivalents. Endeavour should see lower

LIBERTY SILVER

Liberty Silver lists its challenges over the past years as: Cease trade orders by U.S. and Canadian regulators in October 2012; insurance underwriter’s denial of insurance coverage under the company’s directors’ and officers’ liability insurance policy in 2013; a securities class action lawsuit brought against the company in 2013; difficult capital market conditions and declining commodity prices through this period; and, limited funds available in the company’s treasury. To earn its 70% interest in Trinity Silver, one final requirement is for Liberty to produce a bankable feasibility study by March 29, 2017.

Instead, Liberty is renegotiating to buy 100% of the property for $1 million, which also involves negotiations with underlying owner Newmont Mining about its net smelter return royalty. NORTH AMERICAN PALLADIUM Ontario-focused platinum group metals (PGM) miner North American Palladium (TSX: PDL; US-OTC: PALDF) has had its share of ups and downs over the years, but this year is seeing a significant revenue rise thanks to much improved production numbers at its sole producing asset, the Lac des Iles palladium mine near Thunder Bay, Ontario. In the second quarter of 2016, NAP produced 38,203 oz. payable palladium at an all-inclusive sustaining cost of US$699 per oz. compared to 22,904 oz. palladium in the year-ago quarter at a AISC of US$1,456 per oz., when there was a mill shutdown due to water balance issues. Quarterly revenue was $39.9 million, up $12.6 million or 46% compared to last year’s second quarter, while adjusted EBITDA was $1.1 million, an increase of $5.1 million compared to a year ago.

SILVER STANDARD RESOURCES Vancouver-based Silver Standard Resources (TSX: SSO: NASDAQ: SSRI) has long been a stalwart in the junior silver mining scene, but is now branching out further into gold mining. Its Pirquitas mine in southern Argentina is one of the largest primary silver mines in the world, and began commercial production in December 2009. In 2015, it produced a record 10.3 million oz. silver and is expected to produce between 8 and 10 million oz. silver in 2016. Silver Standard also owns and operates the Marigold gold mine

in Nevada, which has been in continuous operation since 1988. It also achieved record production of 207,006 oz. gold in 2015 and is expected to produce up to 210,000 oz. gold in 2016. In May 2016, Silver Standard bought Claude Resources and its Seabee gold mine in Saskatchewan, which again produced a record 75,748 oz. gold in 2015 and is expected to produce up to 72,000 oz. gold in 2016. But silver will remain a corporate pillar: In the development pipeline, Silver Standard has the Pitarrilla silver project in Mexico and the San Luis silver project in Peru.

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2016-10-11 6:08 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / OCTOBER 17–23, 2016

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

SPOT PRICES COURTESY OF SCOTIABANK Tuesday, October 11, 2016 Precious Metals Price (US$/oz.) Change 1256.40 -52.75 Gold Silver $17.48 -1.26 Platinum $969.00 -51.00 Palladium $668.00 -51.00 Base Metals Nickel Copper Lead Zinc

Price (US$/tonne) Change $10440.00 -95.00 $4823.00 -36.50 $2052.00 -52.50 $2250.00 -78.00

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, October 10, 2016 (change from October 3, 2016 in brackets): Aluminium Alloy 13680 (0) 2120125 (-34700) Aluminium Copper 350675 (-21100) 190525 (+275) Lead Nickel 360828 (-1176) 3420 (-90) Tin 457275 (+18600) Zinc

Thermal Coal CAPP: US$40.00 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$39.55 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$8.25 Coal: CME Group Central Appalachian Futures Nov. 2016: US$40.00 Dec. 2016: US$40.00 Cobalt: US$13.15/lb. Copper: US$2.17/lb. Copper: CME Group Futures Nov. 2016: US$2.181/lb.; Dec. 2016: US$2.184/lb Ferro-Chrome: US$1.85/kg Ferro Titanium: US$3.87/kg FerroTungsten: US$24.04/kg Ferrovanadium: US$16.01/kg Iridium: NY Dealer Mid-mkt US$650.00/tr oz. Iron Ore 62% Fe CFR China-S: US$55.80/tonne Iron Ore Fines: US$52.54/tonne Iron Ore Pellets: US$72.61/tonne Lead: US$0.95/lb. Magnesium: US$2.04/kg Manganese: US$1.68/kg Molybdenum Oxide: US$7.03/lb. Phosphate Rock: US$111.00/tonne Potash: US$220.00/tonne Rhodium: Mid-mkt US$665.00/tr. oz. Ruthenium: Mid-mkt US$42.00/tr. oz. Silver: Handy & Harman Base: US$17.68 per oz.; Handy & Harman Fabricated: US$22.10 per oz. Tantalite Ore : US$128.61/kg Tin: US$9.13/lb. Uranium: U3O8, Trade Tech spot price: US$22.25; The UX Consulting Company spot price: US$22.50/lb. Zinc: US$1.05/lb. Prices current Oct. 11, 2016

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Sep 16, 2016 (with changes from Sep 01, 2016) Largest short positions LUN 41243670 -2301889 9/1/2016 Lundin Mng Potash Corp SK POT 34519587 480627 9/1/2016 New Gold NGD 24062433 466492 9/1/2016 Kinross Gold K 20078164 -1499839 9/1/2016 ELD 19241245 -618073 9/1/2016 Eldorado Gold B2Gold BTO 18540889 -2022114 9/1/2016 Teranga Gold TGZ 16777919 2290341 9/1/2016 Centerra Gold CG 14099036 1487293 9/1/2016 SU 13616117 -25945 9/1/2016 Suncor Energy First Quantum FM 11409822 896468 9/1/2016 -24500 9/1/2016 Thompson Creek TCM 10569862 Teck Res TCK.B 9499484 293887 9/1/2016 Argonaut Gold AR 9168174 255544 9/1/2016 IAMGOLD IMG 8753279 -117488 9/1/2016 G 8536706 -1032029 9/1/2016 Goldcorp Largest increase in short position Klondex Mines KDX 4878900 3232632 9/1/2016 Teranga Gold TGZ 16777919 2290341 9/1/2016 SSL 5764343 1694197 9/1/2016 Sandstorm Gold Turquoise HIl TRQ 6744673 1562098 9/1/2016 CG 14099036 1487293 9/1/2016 Centerra Gold Largest decrease in short position Trevali Mng TV 456000 -4242012 9/1/2016 Lundin Mng LUN 41243670 -2301889 9/1/2016 BTO 18540889 -2022114 9/1/2016 B2Gold Kinross Gold K 20078164 -1499839 9/1/2016 Pan Am Silver PAA 1532663 -1057153 9/1/2016

Short positions outstanding as of Sep 16, 2016 (with changes from Sep 01, 2016) Largest short positions FF 1947262 -101038 9/1/2016 First Mg Fin Integra Gold ICG 1678336 35236 9/1/2016 Brazil Res BRI 1280598 452998 9/1/2016 K92 Mng Inc KNT 1098900 587200 9/1/2016 RPM 1064284 462986 9/1/2016 Rye Patch Gold Focus Graphite FMS 1024400 51488 9/1/2016 505500 154100 9/1/2016 Castle Mtn Mng NCA Roxgold ROG 491221 439040 9/1/2016 GSV 483537 -38098 9/1/2016 Gold Std Vents Noram Vent NRM 359800 -753100 9/1/2016 BHS 301000 217900 9/1/2016 Bayhorse Silvr IMPACT Silver IPT 299100 72900 9/1/2016 Atlantic Gold AGB 218800 80500 9/1/2016 Goldstrike Res GSR 216600 204983 9/1/2016 Anfield Nickel ANF 214700 214600 9/1/2016 Largest increase in short position K92 Mng Inc KNT 1098900 587200 9/1/2016 Rye Patch Gold RPM 1064284 462986 9/1/2016 Brazil Res BRI 1280598 452998 9/1/2016 Roxgold ROG 491221 439040 9/1/2016 Bayhorse Silvr BHS 301000 217900 9/1/2016 Largest decrease in short position Victoria Gold VIT 86299 -1835055 9/1/2016 Voltaic Min VLT 2500 -836312 9/1/2016 NRM 359800 -753100 9/1/2016 Noram Vent Transatlan Mng TCO 400 -689600 9/1/2016 CMB 58500 -322000 9/1/2016 CMC Metals

DAILY METAL PRICES Daily Metal Prices Date Oct 10 Oct 7 Oct 6 Oct 5 Oct 4 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1565/1580 1565/1580 1565/1580 1565/1580 1565/1580 Aluminum 1677/1681 1673/1681 1667/1675.50 1662/1668 1670/1678 Copper 4785/4805 4740/4760 4741/4762 4777/4800 4790/4809 Lead 2093/2105 2078/2082 2044.50/2048 2059.50/2063 2098/2101 Nickel 10300/10345 10250/10280 10115/10160 9965/10020 10150/10200 Tin 20100/20050 20150/20020 20175/20025 19925/19800 20150/19950 2323/2337 2325/2333 2327/2338 2370.50/2368 2403.50/2402 Zinc PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1262.10 1255.00 1265.50 1274.00 1309.15 Gold PM 1259.50 1259.75 1254.50 1269.40 1283.30 Silver 17.78 17.33 17.76 17.80 18.74 Platinum 967.00 975.00 973.00 983.00 998.00 Palladium 667.00 674.00 667.00 683.00 705.00

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

Oct 07 Oct 06 Oct 05 Oct 04 Oct 03 1.3295 1.3218 1.3176 1.3192 1.3120 0.7520 0.7566 0.7585 0.7581 0.7622

Exchange rates (Quote Media, October 07, 2016) C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand C$ to AUS 0.6714 77.4210 14.5174 10.4348 0.9915 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 0.6048 5.0183 50.0915 0.7352 839.3359 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.3179 0.8928 102.9630 19.2989 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.8042 6.6731 66.6020 0.9775 1115.7500

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

11_OCT17_MMMM.indd 11

TSX WARRANTS

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

Alamos Gold (AGI.WT) - Wt buys sh @ $28.47 to Aug 30/18 Alamos Gold (AGI.WT.A) - Wt buys sh @ $10.00 to Jan 7/19 Coeur Mining (CDM.WT) - Exercisable on a cashless basis. See TSX Bulletin 2013-0377 for calculation. To Apr 16/17 Continental Gold Inc. (CNL.WT.A) - Wt buys sh @ $4.75 to Nov 26/17 Dalradian Resources (DNA.WT.A) - Wt buys sh @ $1.5 to Jul 31/17 Excellon Resources Inc (EXN.WT) - Wt buys sh @ $1.75 to Jul 26/18 Franco Nevada (FNW.WT.A) - Wt buys sh @ $75 to Jun 16/17 GoGold Resources Inc. (GGD.WT) - Wt buys sh @ $1.7 to Jun 7/18 Golden Queen Mining Co (GQM.WT) - Wt buys sh @ $2 to Jul 25/19 Gran Colombia Gold (GCM.WT.A) - Wt buys sh @ $3.25 to Mar 18/19 HudBay Minerals (HBM.WT) - Wt buys sh @ $15 to Jul 20/18 Lithium Americas Corp (LAC.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry Lydian International Limited (LYD.WT) - One Warrant to purchase one additional ordinary share of the Issuer at $0.36 per share until expiry MBAC Fertilizer (MBC.WT) - Wt buys sh @ $1 to Apr 17/19 Nemaska Lithium Inc (NMX.WT) - Wt buys sh @ $1.5 to Jul 8/19 New Gold A J (NGD.WT.A) - Wt buys sh @ $15 to Jun 28/17 Northern Dynasty Minerals Ltd. J (NDM.WT.A) - Wt buys sh @ $0.55 to Jul 9/20 Northern Dynasty Minerals Ltd. J (NDM.WT.B) - Wt buys sh @ $0.55 to Jun 10/21 Northern Dynasty Minerals Ltd. J (NDM.WT) - Wt buys sh @ $3 to Sep 14/17 Oban Mining J (OBM.WT) - Wt buys 20 sh @ $3 to Aug 25/18 Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.5 to Feb 18/22 Osisko Gold Royalties (OR.WT.A) - Wt buys sh @ $19.08 to Feb

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

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

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

IndexName Oct 07 Oct 06 Oct 05 Oct 04 Oct 03 High Low S&P/TSX Composite 14566.26 14595.50 14610.58 14521.01 14689.04 15527.30 12400.15 S&P/TSXV Composite 780.80 766.31 778.50 766.81 792.41 1050.26 883.52 S&P/TSX 60 851.00 853.00 853.70 848.63 856.31 896.74 709.99 211.32 210.22 231.94 218.90 149.29 S&P/TSX Global Gold 207.20 205.97

NEW 52-WEEK HIGHS AND LOWS OCTOBER 3–7, 2016 103 New Highs Alba Minerals* Alcoa* Allante Potash Anglo American* APAC Res Inc Atom Energy Big North Grap Big North Grap* Black Sea Cop Cairo Res Caledonia Mng* Canyon Copper Cdn Silvr Hunt Centenera Mng China Gold Int Clear Mtn Res Cloud Peak En* Colombian Mins CONSOL Energy* Copper One * Coronet Mtls Coronet Mtls* Cruz Cap Corp Cruz Cap Corp* Desert Gold Desert Star*

Dynasty Gold eCobalt Solns* Engold Mines Era Res Inc* Finore Mng Formation Mtls Fortune Bay* Gainey Capital Galantas Gold Galantas Gold* Global Cop Grp GMCI Corp* Goldcliff Res Goldcliff Res* Golden Eagle* Golden Sh Mng Happy Ck Mnrls Horizon Mnls* Hunt Mng Hunt Mng* Idaho North* Iron South Mng* Irving Res Irving Res* Lago Dourado* Lowell Copper Margaux Res

Mechel* Midnight Star Mineral Mtn Morien Res* Natural Res Pt* Next Gen Mtls Next Gen Mtls* Nrthn Lion Nubian Res Oriental Non F Platinex Playfair Mng Playfair Mng* Prize Mng Prospero Silvr Prospero Silvr* PUF Vent Inc PUF Vent Inc * Puma Expl Rackla Mtls Rackla Mtls* Rainy Mtn Royl Rheingold Expl Rio Tinto* Rockcliff Cop Rogue Res* Select Sands

Senator Mnrls Senator Mnrls* Signal Expl SouthGobi Res St-Georges Plt* Stakeholdr Gld Stakeholdr Gld* Strikepoint Gd Strikepoint Gd* Tajiri Res Thunder Mtn Gd* Uracan Res Uracan Res* Uranium Hunter* Valencia Vent* Vedanta* Velocity Mnrls Vendome Res Walker River Walker River* Winston Res Xiana Mng* Yanzhou Coal*

29 New Lows Bravura Vent * Kesselrun Res* AgriMinco*

Athena Silver* Avnel Gold Cameco Corp Cameco Corp* Cleghorn Mnls Comstock Mng* Energy Fuels Fiore Explor* GoGold Res Golden Band* GoviEx Uranium Medinah Mnrls* Metalore Res Montego Res Napier Vent* Noram Vent* Osisko Gold Osisko Gold* Primero Mng Rare Element* Rheingold Expl Rio Silver* Royal Gold* Signature Res* SinoCoking Cl* Vendetta Mng*

CANADIAN GOLD MUTUAL FUNDS Fund Oct 07 ($) AGF Prec Mtls Fd MF 25.59 BMO Prec Mtls Fd A 20.10 BMO ZGD 10.52 BMO ZJG 8.69 CIBC Prec Metal Fd A 11.60 Dyn Prec Metls Fd A Horizons HEP IGMacGloPrecMetCl A 9.42 iShares XGD 12.94 Mac Prec Met Cl A 53.32 NB Prec Met Fd Inv 13.52 RBC GblPreMetFd A 34.27 Redw UITGoDe&ProCl A Sentry Pre Met Fd A 43.83 Sprott Gold&PrMinFdA 39.47 Sprott SilverEquCl A 7.32 TD PreciousMetalsInv 39.30

Sep 30 ($) Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) 28.51 -2.92 -10.24 78.14 2.78 202.02 22.31 -2.22 -9.94 78.54 2.40 78.82 12.12 -1.60 -13.20 79.25 0.63 43.65 9.95 -1.26 -12.71 96.50 0.60 92.41 13.12 -1.52 -11.61 53.11 2.62 61.86 8.63 -1.17 -13.37 95.58 2.66 464.96 31.26 -4.67 -14.71 68.85 0.81 10.60 -1.18 -11.11 95.76 2.76 103.04 14.82 -1.88 -12.68 76.34 0.61 773.22 60.10 -6.79 -11.29 99.27 2.51 146.14 15.33 -1.81 -11.81 81.93 2.46 43.25 38.41 -4.14 -10.79 85.30 2.13 454.14 10.00 50.27 -6.44 -12.82 96.79 2.90 273.48 45.53 -6.06 -13.32 82.85 3.19 277.12 8.17 -0.85 -10.44 142.09 3.23 102.89 45.47 -6.17 -13.57 80.00 2.26 177.05

GLOBAL MINING NEWS · SINCE 1915

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2016-10-11 7:25 PM

WWW.NORTHERNMINER.COM

OCTOBER 17–23, 2016 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: OCTOBER 3–7, 2016 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A 92 Resources V 1236 0.21 0.18 0.19 - 0.02 0.28 0.03 Abcourt Mines* O 154 0.06 0.06 0.06 + 0.00 0.10 0.02 0.08 + 0.01 0.13 0.03 Abcourt Mines V 1443 0.08 0.07 Aben Res* O 87 0.09 0.08 0.09 - 0.01 0.26 0.03 Aben Res V 967 0.13 0.09 0.10 - 0.04 0.34 0.06 Aberdeen Intl* O 114 0.13 0.11 0.12 - 0.02 0.16 0.07 Aberdeen Intl T 490 0.17 0.15 0.16 - 0.02 0.24 0.10 7.22 - 0.28 9.95 2.30 Abitibi Royalt V 49 8.03 6.36 ABT Holdings* O 113 0.28 0.00 0.28 - 0.03 0.76 0.05 Acacia Mining* O 2 5.90 0.00 5.90 - 0.30 7.47 2.40 Acme Res Inc V 262 0.07 0.04 0.07 + 0.03 0.12 0.02 Adamera Mnls V 1455 0.09 0.06 0.08 - 0.01 0.15 0.01 O 200 0.07 0.05 0.07 - 0.00 0.12 0.01 Adamera Mnls* Adriana Res V 844 0.14 0.12 0.14 + 0.01 0.15 0.09 Advance Gold V 13 0.06 0.06 0.06 - 0.01 0.10 0.01 Advantage Lith* O 145 0.78 0.66 0.68 - 0.09 0.92 0.49 Advantage Lith V 198 1.01 0.87 0.91 - 0.10 1.21 0.14 0.08 - 0.01 0.12 0.03 African Gold V 1226 0.09 0.07 African Queen V 501 0.05 0.04 0.04 - 0.01 0.14 0.02 Agave Silver* O 20 0.07 0.00 0.06 - 0.01 0.12 0.01 Agave Silver V 129 0.10 0.07 0.09 + 0.01 0.15 0.02 Agnico Eagle T 5254 71.34 59.24 59.67 - 11.28 78.35 33.00 Agnico Eagle* N 13060 54.41 44.60 44.95 - 9.23 60.10 24.80 T 1573 119.46 115.91 118.99 + 0.14 133.25 104.70 Agrium Agrium* N 3540 90.81 88.28 89.53 - 1.16 100.24 79.94 Aguila Amer Gd V 540 0.08 0.07 0.07 - 0.01 0.14 0.03 Aida Minerals 235 0.12 0.10 0.12 + 0.02 0.23 0.08 Aim Explor* O 3028 0.01 0.00 0.00 + 0.00 0.20 0.00 O 83 0.12 0.11 0.11 - 0.00 0.17 0.08 Alabama Graph* Alacer Gold T 5809 3.31 2.90 2.94 - 0.34 3.79 2.08 Alamos Gold T 5536 10.90 9.13 9.79 - 1.01 13.65 3.27 Alamos Gold* N 11632 8.30 6.89 7.35 - 0.85 10.41 2.27 Alba Minerals V 125 0.09 0.00 0.06 - 0.03 0.11 0.01 0.05 - 0.00 0.07 0.01 Alba Minerals* O 26 0.07 0.05 Alberta Star* O 20 0.24 0.24 0.24 + 0.00 0.28 0.12 Alchemist Mng 133 0.11 0.08 0.11 + 0.02 0.12 0.02 Alcoa* N 95877 32.10 9.96 31.37 + 0.95 34.50 18.42 Alderon Iron T 77 0.13 0.12 0.12 - 0.02 0.20 0.07 0.05 - 0.01 0.07 0.01 Aldershot Res V 250 0.05 0.05 Aldever Res* O 9 0.03 0.00 0.02 - 0.01 0.19 0.03 Aldever Res V 4483 0.05 0.04 0.04 - 0.02 0.26 0.04 Alexandria Min V 4038 0.08 0.05 0.06 - 0.02 0.12 0.02 Alexandria Min* O 960 0.06 0.04 0.05 - 0.01 0.10 0.01 2.10 - 0.23 3.31 0.35 Alexco Res T 1013 2.34 1.91 Alexco Res* X 3121 1.79 1.45 1.57 - 0.21 2.54 0.22 Algold Res V 1833 0.41 0.34 0.35 - 0.05 0.44 0.07 Algold Res* O 168 0.31 0.25 0.25 - 0.08 0.33 0.07 Alianza Min* O 3 0.09 0.09 0.09 - 0.00 0.17 0.07 0.13 - 0.01 0.21 0.10 Alianza Min V 359 0.14 0.11 Alix Res V 2019 0.06 0.05 0.05 - 0.01 0.18 0.04 0.01 - 0.01 0.04 0.01 Alliance Mng V 825 0.02 0.01 Alliance Res* D 1157 22.55 21.42 22.25 + 0.07 24.37 9.95 Almaden Mnls T 327 1.85 1.58 1.63 - 0.22 2.44 0.67 X 2897 1.40 1.19 1.22 - 0.18 1.88 0.50 Almaden Mnls* Almadex Min* O 516 0.75 0.55 0.66 + 0.01 0.91 0.01 0.87 + 0.01 1.17 0.14 Almadex Min V 540 0.97 0.73 Almo Capital V 731 0.14 0.10 0.10 - 0.04 0.18 0.05 Almonty Ind V 503 0.29 0.21 0.23 - 0.04 0.55 0.21 0.27 - 0.01 0.33 0.15 Alphamin Res V 33 0.28 0.25 Alset Energy V 15989 0.23 0.09 0.11 - 0.16 0.84 0.02 838 0.06 0.05 0.05 - 0.01 0.25 0.03 Alta Vista Vnt Altai Res V 965 0.05 0.04 0.04 - 0.01 0.09 0.03 Altair Res Inc V 426 0.21 0.00 0.21 + 0.04 0.70 0.09 O 42 0.46 0.25 0.25 - 0.05 0.46 0.30 Alternative ER* Altiplano Mnls V 338 0.11 0.08 0.08 - 0.02 0.22 0.04 Altitude Res V 175 0.14 0.13 0.13 - 0.02 0.21 0.02 Altius Mnrls T 162 11.25 9.90 10.12 - 1.03 13.89 7.39 Alto Vent V 105 0.07 0.06 0.06 - 0.01 0.09 0.02 12 0.12 0.10 0.10 - 0.02 0.30 0.06 Altura Mng Ltd* O Alturas Mnrls V 194 0.04 0.04 0.04 - 0.01 0.08 0.01 4.38 - 0.08 4.73 2.70 Alumina Inc* O 83 4.41 4.28 ALX Uranium* O 42 0.07 0.06 0.07 + 0.01 0.10 0.03 Am CuMo Mng* O 40 0.06 0.06 0.06 - 0.01 0.12 0.04 201 0.10 0.08 0.08 - 0.02 0.16 0.06 Am CuMo Mng V Am Manganese* O 756 0.13 0.08 0.11 - 0.01 0.20 0.01 V 3430 0.16 0.11 0.13 - 0.03 0.26 0.01 Am Manganese Amador Gold V 12 0.17 0.00 0.15 - 0.07 0.40 0.10 Amarc Res* O 30 0.07 0.07 0.07 - 0.01 0.10 0.02 0.10 + 0.01 0.13 0.04 Amarc Res V 78 0.10 0.09 Amarillo Gold V 290 0.38 0.33 0.34 - 0.04 0.68 0.04 0.40 - 0.15 1.06 0.29 Amazing OG* O 30 0.60 0.40 Amer Vanadium* O 53 0.02 0.01 0.02 + 0.01 0.07 0.00 American Lith V 965 0.54 0.35 0.43 - 0.12 1.62 0.05 0.05 - 0.03 0.15 0.03 American Pot 11 0.08 0.00 Americas Petro V 610 0.17 0.15 0.16 - 0.01 0.28 0.15 0.32 - 0.03 0.48 0.09 Americas Silvr T 5143 0.34 0.29 Americas Silvr* O 1194 0.26 0.22 0.24 - 0.03 0.37 0.04 Amerigo Res T 555 0.17 0.15 0.15 - 0.01 0.34 0.10 0.12 + 0.00 0.25 0.07 Amerigo Res* O 194 0.12 0.11 Anaconda Mng* O 1513 0.07 0.04 0.05 - 0.02 0.09 0.03 T 2441 0.09 0.07 0.08 - 0.02 0.11 0.04 Anaconda Mng Andes Gold* O 3 0.01 0.00 0.01 + 0.00 1.00 0.00 Anfield Nickel V 574 1.53 1.33 1.40 - 0.03 1.94 0.52 0.17 - 0.05 0.31 0.05 Anfield Res V 693 0.22 0.15 Angel Gold V 200 0.10 0.09 0.09 - 0.01 0.15 0.01 0.07 - 0.01 0.11 0.01 Angel Gold* O 48 0.08 0.07 Angkor Gold V 23 0.46 0.44 0.44 - 0.02 0.50 0.39 Anglo American* O 1875 6.56 6.22 6.48 + 0.18 6.56 1.57 7 12.90 0.00 12.90 + 0.46 12.69 3.13 Anglo American* O Anglo-Bomarc V 49 0.09 0.00 0.09 - 0.01 0.30 0.07 13.43 - 2.49 22.91 6.20 AngloGold Ash* N 21045 15.92 13.15 Anthem United V 2333 0.25 0.20 0.24 - 0.02 0.36 0.14 O 394 0.19 0.17 0.17 - 0.02 0.25 0.15 Anthem United* Antofagasta* O 35 6.93 6.74 6.74 - 0.11 8.79 5.24 APAC Res Inc 52 0.14 0.11 0.11 - 0.01 0.14 0.03 V 40 0.22 0.17 0.22 + 0.06 0.44 0.11 Apogee Opport Apple Cap Inc V 239 0.45 0.36 0.37 - 0.08 0.54 0.15 0.21 - 0.00 0.25 0.09 Aquila Res* O 648 0.21 0.19 Arak Res V 719 0.05 0.03 0.03 - 0.01 0.07 0.02 Archon Mineral V 56 1.44 1.40 1.44 + 0.04 2.10 1.30 0.08 + 0.02 0.09 0.03 Arco Res V 218 0.09 0.07 Arctic Star V 4102 0.03 0.02 0.02 - 0.01 0.10 0.01 243 0.08 0.06 0.06 - 0.02 0.20 0.01 Arcus Dev Grp V Arena Mnls V 224 0.19 0.17 0.17 - 0.01 0.34 0.17 Arena Mnls* O 110 0.15 0.13 0.13 - 0.03 0.25 0.12 Argentum Silvr V 105 0.33 0.29 0.32 + 0.02 0.35 0.02 Argex Titanium T 2830 0.09 0.07 0.07 - 0.02 0.11 0.02 Argex Titanium* O 349 0.06 0.05 0.06 + 0.00 0.09 0.01 Argo Gold 4 0.08 0.00 0.08 + 0.01 0.08 0.06 Argonaut Gold T 6613 3.49 2.70 2.76 - 0.69 4.45 0.78 O 249 2.63 2.03 2.06 - 0.58 3.38 0.53 Argonaut Gold* Argus Metals* O 29 0.06 0.00 0.06 - 0.00 0.10 0.01 Argus Metals V 79 0.08 0.00 0.08 - 0.01 0.15 0.02 Arian Silver* O 3211 0.02 0.01 0.02 + 0.00 0.21 0.00 Arianne Phosph V 232 0.95 0.85 0.92 - 0.05 1.25 0.68 O 133 0.74 0.65 0.70 - 0.04 0.98 0.52 Arianne Phosph* Arrowstar Res V 140 0.11 0.09 0.10 - 0.01 0.17 0.04 Asanko Gold T 7101 5.58 4.37 4.64 - 0.86 6.09 1.77 Asanko Gold* X 2682 4.25 3.32 3.46 - 0.74 4.68 1.27 Asante Gold 22 0.22 0.20 0.20 - 0.02 0.27 0.05 Asbestos Corp V 19 0.18 0.14 0.14 - 0.04 0.30 0.14 Ascot Res V 428 2.54 2.32 2.42 - 0.12 2.83 0.80 Ashburton Vent V 4113 0.04 0.02 0.03 - 0.01 0.07 0.01 AsiaBaseMetals V 6 0.32 0.31 0.31 - 0.01 0.40 0.04 Asiamet Res V 199 0.04 0.04 0.04 + 0.01 0.08 0.02 Asian Minl Res V 50 0.04 0.03 0.04 + 0.01 0.04 0.02 Aston Bay V 797 0.40 0.30 0.35 - 0.06 0.49 0.13 Astorius Res V 401 0.36 0.30 0.34 - 0.01 0.41 0.01 Astur Gold V 328 0.08 0.06 0.06 - 0.02 0.10 0.01 ATAC Res V 592 0.60 0.51 0.53 - 0.04 0.95 0.26 Atacama Pac Gd* O 19 0.46 0.33 0.38 - 0.08 0.79 0.09 Atacama Pac Gd V 174 0.52 0.42 0.42 - 0.11 1.02 0.14 Athabasca Mnls* O 70 0.14 0.11 0.12 - 0.01 0.25 0.11 Athabasca Nclr V 558 0.08 0.06 0.08 + 0.01 0.17 0.02 Atico Mng V 225 0.63 0.52 0.53 + 0.01 0.65 0.16 Atico Mng* O 47 0.44 0.39 0.41 - 0.02 0.48 0.12 Atlanta Gold* O 0 0.06 0.00 0.06 - 0.01 0.09 0.03 Atlanta Gold V 140 0.09 0.07 0.07 - 0.02 0.11 0.05 Atlantic Gold V 838 0.97 0.86 0.95 - 0.02 1.05 0.23 Atlatsa Res T 24 0.11 0.09 0.11 + 0.01 0.13 0.03 Atlatsa Res* O 52 0.08 0.07 0.07 - 0.01 0.10 0.02 Atom Energy V 8 0.30 0.00 0.23 + 0.01 0.75 0.16 Atom Energy * O 1 0.16 0.00 0.16 + 0.02 0.16 0.12 Aton Res Inc V 242 0.09 0.07 0.08 - 0.02 0.16 0.04 Augustine Vent 183 0.12 0.06 0.10 - 0.03 0.17 0.03 Augyva Mng V 78 0.13 0.12 0.12 - 0.01 0.13 0.08 Aura Mnls T 173 0.18 0.16 0.17 - 0.01 0.31 0.07 Aura Silver Rs V 575 0.06 0.06 0.06 - 0.01 0.08 0.01 Aurcana Corp V 969 0.56 0.38 0.45 - 0.13 0.80 0.09 Aurcana Corp* O 274 0.42 0.29 0.33 - 0.09 0.63 0.07 Aureus Mng* O 41 0.03 0.03 0.03 - 0.01 0.31 0.03 Aureus Mng T 3510 0.05 0.04 0.05 - 0.01 0.42 0.04 AuRico Metals T 2161 1.11 1.00 1.04 - 0.05 1.22 0.55 AuRico Metals * O 951 0.85 0.75 0.77 - 0.06 0.91 0.37 Aurion Res V 551 0.47 0.41 0.41 - 0.03 0.49 0.05 Aurora Gold* O 90 0.00 0.00 0.00 + 0.00 0.02 0.00 Aurvista Gold* O 124 0.16 0.11 0.11 - 0.03 0.29 0.02 Aurvista Gold V 2600 0.20 0.15 0.15 - 0.05 0.39 0.03 Auryn Res* O 753 2.29 1.76 2.18 - 0.09 3.18 0.70 Austin Res V 1306 0.02 0.02 0.02 - 0.01 0.04 0.01 Avalon Adv Mat T 634 0.21 0.18 0.18 - 0.03 0.33 0.10 Avalon Adv Mat* O 306 0.17 0.14 0.14 - 0.01 0.26 0.07 Avarone Metals 231 0.05 0.04 0.04 - 0.01 0.14 0.02 Avino Silver V 419 2.71 2.30 2.53 - 0.18 4.05 1.03 Avino Silver* X 2650 2.08 1.72 1.93 - 0.13 3.14 0.71 Avnel Gold * O 121 0.19 0.18 0.19 - 0.01 0.30 0.13 Avrupa Mnls* O 138 0.13 0.12 0.12 - 0.01 0.19 0.05 Avrupa Mnls V 1045 0.17 0.13 0.15 - 0.02 0.25 0.08 AXE Expl V 2137 0.03 0.03 0.03 - 0.01 0.04 0.01 Axmin Inc V 369 0.06 0.04 0.04 - 0.01 0.10 0.01 Axmin Inc* O 60 0.04 0.04 0.04 - 0.01 0.06 0.00 AZ Mining T 9157 2.60 2.24 2.54 - 0.02 2.71 0.26 Azarga Mtls* O 17 0.33 0.00 0.24 - 0.09 1.00 0.03 Azarga Mtls V 84 0.37 0.00 0.37 - 0.07 0.45 0.05 Azarga Uranium* O 165 0.19 0.16 0.16 - 0.02 0.29 0.16 Azarga Uranium T 64 0.25 0.00 0.22 - 0.02 0.40 0.22 Azimut Expl V 211 0.57 0.45 0.52 - 0.07 0.68 0.10 Azincourt Uran V 42 0.08 0.07 0.07 - 0.01 0.08 0.04 Azteca Gold* O 406 0.00 0.00 0.00 - 0.00 0.01 0.00

B B2Gold* X 26469 B2Gold T 33334 Bacanora Mnls V 123 Baja Mng* O 44 Balmoral Res T 1314 Balmoral Res* O 554 Bannerman Res* O 89 Banro T 1627 Banro* X 6232 Banyan Gold V 148 Barisan Gold* O 84

12-13_OCT17_StockTables.indd 12

2.66 2.15 2.22 - 0.41 3.65 0.60 3.49 2.84 2.97 - 0.47 4.74 0.86 1.50 1.39 1.43 - 0.08 1.95 1.17 0.01 0.01 0.01 + 0.00 0.02 0.00 0.99 0.90 0.96 - 0.03 1.28 0.33 0.77 0.67 0.73 - 0.02 0.99 0.23 0.03 0.02 0.02 - 0.01 0.04 0.01 0.42 0.35 0.36 - 0.07 0.62 0.21 0.32 0.27 0.27 - 0.05 0.48 0.15 0.08 0.07 0.07 - 0.01 0.13 0.02 0.03 0.02 0.02 - 0.00 0.04 0.01

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Barkerville Go V 1595 Barkerville Go* O 287 Barksdale Cap V 12 Barrick Gold* N 105357 Barrick Gold T 25646 Barsele Min* O 31 Barsele Min V 603 Batero Gold V 340 Battle Mtn Gld V 202 Battle Mtn Gld* O 77 Bayhorse Silvr* O 63 Bayhorse Silvr V 740 Bayswater Uran* O 2 BCGold V 292 Bear Creek Mng V 578 Bearing Res V 197 Beaufield Res* O 27 Bell Copper* O 6 Bellhaven Cp&G V 195 Bellhaven Cp&G* O 176 Belmont Res V 340 Belo Sun Mng T 1202 Belvedere Res V 1425 Benton Res V 1199 Berkwood Res V 981 Besra Gold* O 172 V 330 Big Bar Res 7 Big North Grap* O Big North Grap V 1943 Bison Gold Res V 73 Bitterroot Res V 43 Black Hills* N 2294 Black Iron T 484 263 Black Sea Cop V Blind Crk Res V 18 BLOX Inc* O 212 Blue Rvr Res V 5036 21 Blue Sky Uran V BonTerra Res V 1251 BonTerra Res* O 229 Bowmore Expl V 157 Bravada Gold* O 290 Bravada Gold V 714 Braveheart Res* O 0 Braveheart Res V 134 O 17103 Bravo Multinat* Bravura Vent * O 50 Bravura Vent 245 Brazil Res V 2131 O 36 BrightRock Gld* Brilliant Sand* O 45 Brionor Res V 579 O 169 Britannia Mng* Brixton Mtls* O 63 Brixton Mtls V 115 Brookmount Exp* O 1092 Bryn Res* O 88 Buenaventura* N 9032 Bullfrog Gold* O 1244 BWR Explor V 271

0.70 0.57 0.60 - 0.10 0.76 0.21 0.54 0.43 0.47 - 0.08 0.60 0.15 0.51 0.50 0.51 + 0.01 0.60 0.01 17.87 15.30 15.73 - 1.99 23.47 6.90 23.42 20.25 20.91 - 2.32 30.45 9.18 1.06 0.99 1.06 - 0.04 1.10 0.05 1.40 1.22 1.40 + 0.04 1.43 0.08 0.14 0.10 0.11 - 0.03 0.23 0.05 0.78 0.60 0.60 - 0.16 0.95 0.09 0.58 0.45 0.48 - 0.09 0.73 0.06 0.21 0.19 0.19 - 0.02 0.22 0.03 0.29 0.24 0.25 + 0.01 0.29 0.05 0.02 0.00 0.02 - 0.00 0.05 0.00 0.06 0.06 0.06 - 0.01 0.13 0.03 2.79 2.51 2.71 - 0.10 3.77 0.50 0.22 0.17 0.21 - 0.02 0.26 0.13 0.08 0.07 0.07 - 0.00 0.12 0.03 0.03 0.02 0.02 - 0.01 0.06 0.00 0.67 0.47 0.48 - 0.22 0.78 0.03 0.51 0.36 0.36 - 0.14 0.61 0.02 0.07 0.06 0.07 - 0.01 0.12 0.02 0.98 0.82 0.89 - 0.05 1.10 0.20 0.05 0.03 0.05 + 0.01 0.09 0.01 0.09 0.07 0.07 - 0.02 0.10 0.03 0.16 0.11 0.15 - 0.01 0.25 0.01 0.00 0.00 0.00 + 0.00 0.02 0.00 0.60 0.45 0.48 - 0.13 0.69 0.29 0.16 0.13 0.15 + 0.03 0.16 0.01 0.23 0.19 0.19 - 0.03 0.23 0.02 0.37 0.25 0.26 - 0.14 0.50 0.10 0.07 0.05 0.06 - 0.01 0.08 0.03 61.25 56.62 56.66 - 4.56 64.58 40.00 0.04 0.00 0.04 - 0.01 0.06 0.03 0.54 0.34 0.35 - 0.05 0.54 0.34 0.15 0.00 0.15 - 0.02 0.16 0.03 0.02 0.01 0.01 - 0.00 0.03 0.01 0.08 0.07 0.07 - 0.01 0.08 0.03 0.59 0.50 0.50 - 0.09 0.74 0.04 0.37 0.31 0.33 - 0.03 0.51 0.17 0.27 0.23 0.24 - 0.03 0.37 0.12 0.09 0.07 0.08 - 0.01 0.16 0.04 0.20 0.14 0.15 - 0.03 0.31 0.02 0.27 0.18 0.22 - 0.03 0.40 0.03 0.01 0.01 0.01 - 0.04 0.06 0.01 0.05 0.03 0.05 + 0.01 0.08 0.02 0.03 0.02 0.02 - 0.00 0.10 0.01 0.42 0.31 0.31 - 0.11 0.43 0.31 0.53 0.40 0.40 - 0.13 0.59 0.02 3.02 2.50 2.63 - 0.35 3.35 0.38 0.00 0.00 0.00 + 0.00 0.01 0.00 0.05 0.04 0.04 - 0.01 0.14 0.05 0.04 0.04 0.04 - 0.01 0.05 0.01 0.00 0.00 0.00 + 0.00 0.01 0.00 0.57 0.45 0.50 - 0.06 0.92 0.03 0.75 0.60 0.66 - 0.07 1.20 0.05 0.02 0.01 0.01 - 0.00 0.02 0.00 0.01 0.00 0.01 - 0.00 0.01 0.00 13.86 11.91 12.40 - 1.44 16.45 3.30 0.17 0.09 0.15 + 0.00 0.19 0.01 0.07 0.06 0.07 + 0.02 0.09 0.01

C Cadan Res V 32 0.05 0.04 0.05 + 0.01 0.09 0.03 0.04 + 0.01 0.05 0.01 Cadillac Vent V 678 0.04 0.03 Cairo Res V 13 0.39 0.35 0.35 - 0.04 0.39 0.09 Caledonia Mng T 350 2.34 2.06 2.20 - 0.15 2.36 0.66 Q 349 1.82 1.55 1.67 - 0.10 1.82 0.48 Caledonia Mng* Calibre Mng V 1979 0.17 0.14 0.16 - 0.02 0.27 0.06 California Gl* O 15 0.48 0.40 0.40 - 0.10 0.56 0.40 California Gld V 87 0.64 0.48 0.53 - 0.23 1.80 0.30 0.34 - 0.03 0.69 0.23 Callinex Mines V 634 0.38 0.34 O 301 0.29 0.26 0.27 - 0.01 0.54 0.17 Callinex Mines* Cameco Corp* N 15011 8.62 7.86 7.88 - 0.68 14.52 7.92 10.47 - 0.74 19.11 10.48 Cameco Corp T 6819 11.31 10.43 Cameo Res* O 175 0.03 0.03 0.03 - 0.01 0.08 0.02 Camino Mnls V 204 0.23 0.20 0.23 - 0.01 0.29 0.07 0.04 - 0.01 0.06 0.01 Canada Coal V 435 0.05 0.04 0.35 - 0.05 0.47 0.08 Canadian Zeol V 667 0.40 0.32 CanAlaska Uran V 1330 0.50 0.36 0.40 - 0.10 1.55 0.09 CanAlaska Uran* O 491 0.41 0.28 0.29 - 0.11 1.20 0.06 0.03 - 0.01 0.08 0.03 Canamex Res V 2815 0.03 0.00 O 3693 0.03 0.02 0.02 - 0.00 0.06 0.02 Canamex Res* Canarc Res T 1477 0.13 0.11 0.13 + 0.01 0.15 0.04 Canarc Res* Q 591 0.10 0.08 0.10 - 0.00 0.12 0.03 0.50 - 0.03 0.73 0.04 Canasil Res V 2760 0.53 0.45 Cancana Res V 458 0.50 0.43 0.46 + 0.04 0.52 0.13 0.35 + 0.01 0.40 0.06 Candelaria Mg V 1085 0.35 0.32 T 274 0.11 0.08 0.10 - 0.01 0.18 0.03 Candente Coppr Candente Gold V 145 0.05 0.04 0.04 - 0.01 0.09 0.01 O 1 0.03 0.03 0.03 + 0.00 0.06 0.00 Candente Gold* CaNickel Mng V 34 0.08 0.00 0.07 - 0.01 0.11 0.03 461 0.09 0.07 0.08 - 0.02 0.10 0.02 Canoe Mng Vent V Canstar Res V 524 0.16 0.13 0.13 - 0.02 0.18 0.04 Canterra Mnls V 301 0.06 0.05 0.05 - 0.02 0.10 0.03 767 0.11 0.08 0.09 - 0.03 0.15 0.03 Cantex Mn Dev V Canyon Copper V 413 0.04 0.03 0.04 + 0.01 0.04 0.01 0.11 + 0.01 0.54 0.03 Canyon Gold* O 28 0.14 0.10 Cap-Ex Iron V 1122 0.14 0.13 0.13 - 0.01 0.19 0.01 T 6683 0.80 0.71 0.74 - 0.06 0.97 0.27 Capstone Mng Caracara Silvr V 475 0.02 0.02 0.02 - 0.01 0.03 0.01 Cardero Res* O 14 0.14 0.11 0.11 - 0.01 0.18 0.05 0.19 - 0.01 0.26 0.08 Cardero Res V 78 0.23 0.15 Cariboo Rose V 66 0.11 0.07 0.08 - 0.03 0.12 0.03 0.04 + 0.01 0.04 0.02 Carmax Mng V 56 0.04 0.03 Carpathian Gld* O 21 0.92 0.88 0.88 - 0.05 1.06 0.81 T 291 1.25 1.07 1.14 - 0.08 1.45 1.00 Carpathian Gld 0.06 + 0.01 0.11 0.01 Cartier Iron 58 0.06 0.05 Cartier Res V 172 0.15 0.12 0.14 - 0.01 0.19 0.04 V 1207 0.15 0.11 0.13 + 0.01 0.17 0.03 Cascadero Copp Cassidy Vents* O 804 0.01 0.00 0.01 + 0.01 0.13 0.00 1.06 0.81 0.83 - 0.22 1.30 0.21 Castle Mtn Mng V 2301 Castle Peak Mg V 691 0.05 0.04 0.04 - 0.01 0.08 0.01 0.94 + 0.12 1.21 0.20 Cataca Res* O 1298 0.97 0.66 Cava Res V 49 0.59 0.50 0.59 + 0.02 0.78 0.04 CB Gold V 203 0.14 0.12 0.13 + 0.01 0.18 0.04 0.21 - 0.00 0.28 0.18 Cda Carbon* O 29 0.22 0.21 0.28 + 0.01 0.42 0.23 Cda Carbon V 620 0.29 0.28 Cda Rare Earth V 166 0.04 0.03 0.03 - 0.01 0.05 0.02 Cda Strtgc Met V 1159 0.14 0.10 0.11 - 0.02 0.26 0.03 Cda Strtgc Met * O 4 0.09 0.07 0.07 - 0.04 0.19 0.01 Cda Zinc Mtls V 891 0.44 0.39 0.40 - 0.02 0.44 0.10 Cdn Arrow V 569 0.02 0.01 0.02 + 0.01 0.02 0.01 205 0.04 0.00 0.04 + 0.01 0.13 0.01 Cdn Intl Mnrls V Cdn Metals 230 0.14 0.12 0.14 + 0.02 0.44 0.06 Cdn Silvr Hunt V 919 0.05 0.03 0.05 + 0.01 0.05 0.01 Cdn Zinc T 1909 0.30 0.22 0.24 - 0.06 0.41 0.06 Cdn Zinc* Q 1036 0.23 0.17 0.18 - 0.05 0.32 0.04 Centamin T 121 2.57 2.40 2.52 + 0.03 3.05 1.19 Centaurus Diam* O 189 0.11 0.05 0.05 - 0.05 0.34 0.03 Centenera Mng V 344 0.50 0.38 0.40 - 0.06 0.50 0.02 Centenera Mng* O 92 0.37 0.30 0.30 - 0.07 0.37 0.03 Centerra Gold T 8111 7.22 6.30 6.42 - 0.77 8.67 5.64 Central Iron V 2242 0.02 0.01 0.02 + 0.02 0.02 0.01 Centurion Mnls V 1397 0.09 0.07 0.08 + 0.02 0.18 0.04 Cerro Grande 159 0.03 0.02 0.02 - 0.01 0.06 0.01 Cerro Grande* O 275 0.03 0.02 0.03 + 0.01 0.06 0.00 Cerro Mng V 45 0.01 0.00 0.01 + 0.01 0.03 0.01 Chalice Gold M T 985 0.18 0.15 0.15 - 0.03 0.21 0.10 Chalice Gold M* O 186 0.14 0.10 0.10 - 0.04 0.18 0.08 Champion Iron* O 61 0.19 0.17 0.17 - 0.02 0.23 0.10 Champion Iron T 277 0.24 0.23 0.23 - 0.01 0.30 0.13 Chesapeake Gld* O 50 4.02 3.48 3.50 - 0.45 5.03 1.16 Chesapeake Gld V 115 5.29 4.60 4.65 - 0.59 6.50 1.53 Chevron* N 26907 103.47 100.76 102.27 - 0.65 107.58 75.33 Chiboug Ind Mn V 180 0.13 0.00 0.10 - 0.01 0.26 0.03 17 0.10 0.08 0.08 - 0.01 0.17 0.07 Chiboug Ind Mn* O Chilean Metals V 262 0.15 0.11 0.13 - 0.03 0.30 0.03 Chilean Metals* O 7 0.10 0.09 0.09 - 0.01 0.22 0.02 Chimata Gold V 1246 0.02 0.02 0.02 + 0.01 0.05 0.01 China Gold Int T 2814 3.42 2.96 3.13 - 0.08 3.42 1.72 16 0.02 0.00 0.01 - 0.01 0.02 0.00 China Mnls Mng* O Cibolan Gold* O 25 0.05 0.04 0.05 + 0.00 0.15 0.03 CKR Carbon V 1514 0.10 0.00 0.08 + 0.01 0.12 0.06 Clear Mtn Res V 248 0.95 0.53 0.94 + 0.34 0.89 0.10 Clifton Mng* O 61 0.16 0.15 0.15 - 0.02 0.16 0.05 Cloud Peak En* N 8635 5.85 5.30 5.56 + 0.12 5.85 1.08 CMC Metals V 1045 0.15 0.12 0.15 + 0.01 0.32 0.05 80 0.10 0.10 0.10 - 0.01 0.10 0.05 CMX Gold & Sil Coeur Mng* N 25582 12.01 10.16 10.96 - 0.87 16.41 1.62 Colombia Crest* O 8 0.01 0.01 0.01 + 0.00 0.02 0.00 Colombian Mins V 913 0.25 0.17 0.21 - 0.01 0.25 0.02 Colonial Coal V 133 0.21 0.19 0.19 - 0.01 0.24 0.02 0.17 - 0.02 0.54 0.04 Colorado Res* O 617 0.20 0.16 Colorado Res V 3436 0.28 0.21 0.22 - 0.05 0.71 0.05 Colt Res* O 502 0.06 0.06 0.06 - 0.00 0.12 0.04 Colt Res V 1089 0.09 0.08 0.09 + 0.01 0.16 0.06 Columbus Gold* O 936 0.55 0.46 0.48 - 0.03 0.72 0.23 Columbus Gold T 710 0.72 0.61 0.64 - 0.02 0.93 0.32 Comet Inds V 31 3.00 2.60 2.90 + 0.30 3.00 1.22 Commander Res V 321 0.05 0.04 0.04 - 0.01 0.08 0.01 Commerce Res* O 155 0.05 0.04 0.04 - 0.00 0.08 0.04 Comstock Mng* X 1777 0.38 0.32 0.32 - 0.04 0.67 0.32 Comstock Mtls * O 24 0.18 0.18 0.18 - 0.02 0.33 0.10 Condor Res V 545 0.08 0.07 0.08 + 0.01 0.12 0.02 Confedertn Ml* O 6 0.41 0.37 0.38 + 0.01 0.63 0.31 Confedertn Mls V 141 0.55 0.48 0.48 - 0.07 9.00 0.46 Conquest Res V 83 0.03 0.03 0.03 - 0.01 0.07 0.01 Cons Westview V 100 0.49 0.49 0.49 + 0.01 0.56 0.22 Cons Woodjam V 31 0.06 0.00 0.06 - 0.01 0.08 0.02 CONSOL Energy* N 20623 20.46 19.06 20.02 + 0.82 20.46 4.54 Constant Mtl V 186 0.10 0.09 0.10 - 0.01 0.15 0.05 Contintl Gold T 2979 3.98 3.16 3.34 - 0.66 4.69 1.28 Contintl Gold* O 149 2.90 2.40 2.53 - 0.51 3.60 0.88 Contintl Prec T 10 0.31 0.00 0.30 - 0.01 0.35 0.25 Copper Ck Gold V 51 0.07 0.00 0.07 + 0.01 0.10 0.05 Copper Fox Mtl V 398 0.12 0.12 0.12 - 0.01 0.24 0.11 Copper Fox Mtl* O 6 0.09 0.08 0.09 + 0.01 0.17 0.08 Copper Lake Rs V 80 0.07 0.06 0.06 - 0.01 0.08 0.03 Copper Mtn Mng* O 43 0.35 0.00 0.34 - 0.02 0.52 0.23 Copper Mtn Mng T 1520 0.48 0.45 0.45 - 0.03 0.70 0.33 Copper North M V 51 0.19 0.13 0.16 + 0.02 0.45 0.13 Copper North M* O 29 0.13 0.00 0.13 - 0.01 0.16 0.10 Copper One * O 1 0.22 0.22 0.22 + 0.08 0.22 0.02 0.20 - 0.01 0.30 0.03 Copper One V 46 0.23 0.19 Copper Reef Mg 302 0.03 0.02 0.02 - 0.01 0.03 0.01 Copperbank Res* O 9 0.06 0.05 0.05 + 0.00 0.08 0.01 Copperbank Res 12608 0.08 0.00 0.08 + 0.02 0.10 0.03 Corazon Gold V 95 0.35 0.30 0.30 - 0.05 0.45 0.18 Cordoba Mnls V 201 0.83 0.76 0.78 - 0.03 1.08 0.10 Cordoba Mnls* O 257 0.63 0.58 0.58 - 0.07 0.79 0.08 Corex Gold V 1184 0.13 0.11 0.13 + 0.01 0.21 0.03 Cornerstone Ca V 2493 0.14 0.11 0.12 - 0.01 0.19 0.02 Cornerstone Ca* O 189 0.10 0.08 0.08 - 0.02 0.12 0.01 Cornerstone Mt V 96 0.04 0.03 0.03 - 0.01 0.04 0.01

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Coro Mining T 1083 Coronet Mtls V 794 Coronet Mtls* O 228 Corvus Gold* O 104 Corvus Gold T 143 Cougar Mnls V 1918 Crazy Horse Res V 218 Critical Elem V 1360 Critical Elem* O 40 Cruz Cap Corp* O 55 Cruz Cap Corp V 547 Crystal Pk Min V 260 Crystal Pk Min* O 12 Currie Rose Rs V 496 Cyclone Uran* O 2905 Cypress Dev* O 11 Cypress Dev V 862

0.15 0.13 0.15 + 0.02 0.21 0.02 0.71 0.49 0.49 - 0.21 0.71 0.03 0.56 0.35 0.36 - 0.14 0.56 0.02 0.67 0.56 0.65 - 0.03 1.05 0.25 0.90 0.73 0.80 - 0.07 1.38 0.33 0.47 0.39 0.47 + 0.04 0.82 0.09 0.03 0.03 0.03 - 0.01 0.07 0.01 0.48 0.39 0.45 - 0.02 0.75 0.14 0.35 0.31 0.34 - 0.02 0.58 0.10 0.53 0.47 0.52 + 0.05 0.50 0.20 0.70 0.61 0.69 + 0.07 0.65 0.07 0.30 0.27 0.27 - 0.02 0.42 0.13 0.23 0.22 0.23 + 0.01 0.32 0.12 0.02 0.00 0.02 - 0.01 0.05 0.01 0.00 0.00 0.00 - 0.00 0.00 0.00 0.09 0.07 0.07 - 0.02 0.16 0.02 0.12 0.10 0.11 - 0.01 0.20 0.03

Dajin Res* O 472 253 Dakota Ter Res* O Daleco Res* O 6 O 456 Dalradian Res* Dalradian Res T 1847 Damara Gold V 55 Danakali* O 176 Darnley Bay V 227 Darnley Bay* O 8 Debut Dmds 42 Decade Res V 713 Defiance Silvr* O 492 Defiance Silvr V 632 Del Toro Silvr* O 1032 Delrand Res V 137 Denison Mines T 5074 X 1546 Denison Mines* Desert Star V 61 Detour Gold T 7243 O 26 Diamante Min* Diamcor Mng V 176 Diamcor Mng* O 15 Diamond Fields V 138 Dios Expl V 154 Ditem Explor* O 5 Dolly Vard Sil V 87 17 Dolly Vard Sil* O Dominion Diam* N 1484 Dominion Diam T 1260 Double Crn Res* O 4764 Doubleview Cap V 278 DRDGOLD* N 1746 Dundee Prec Mt T 1530 Duran Vent * O 700 Durango Res V 1179 Dynacor Gld Mn T 560 DynaResource* O 2 O 32 Dynasty Met&Mn* Dynasty Met&Mn T 128 E-Energy Vent V 9946 Eagle Plains V 887 East Africa V 1201 O 70 East Africa * East Asia Mnls V 106 EastCoal Inc V 4 Eastern Platin* O 22 Eastern Platin T 77 Eastfield Res V 116 Eastmain Res T 1584 158 Eco Oro Mnls T eCobalt Solns* O 864 Ecuador Gold V 139 El Capitan Prc* O 7797 El Nino Vent V 310 Elcora Res V 445 Elcora Res* O 131 Eldorado Gold* N 32524 Eldorado Gold T 16981 Electra Stone V 4008 Eloro Mnrls V 88 Ely Gold & Mnl V 912 Ely Gold & Mnl* O 829 Elysee Dev V 433 Emerita Res V 1004 Emgold Mng* O 45 Encanto Potash V 1207 Encanto Potash* O 130 O 89 Endeavour Mng* Endeavour Mng T 1606 Endeavr Silver* N 14462 Endeavr Silver T 3237 O 33 Energizer Res* Energy Fuels* X 1110 Energy Fuels T 372 Engold Mines V 503 Ensurge* O 174 Entree Gold* X 480 Entree Gold T 474 Equitas Res* O 576 Equitas Res V 1562 Equitorial Ex V 452 Era Res Inc V 11 Erdene Res Dev T 1655 203 Erdene Res Dev* O Erin Ventures V 208 Eskay Mng V 219 Ethos Gold* O 34 Ethos Gold V 167 Eurasian Mnls V 74 Eurasian Mnls* X 546 Eureka Res V 395 EurOmax Res* O 29 EurOmax Res T 935 V 7 Eurotin Everest Vent V 46 Everton Res V 1002 Everton Res* O 34 Evolving Gold 72 Evolving Gold* O 9 Evrim Res V 192 Excalibur Res* O 9 Excellon Res T 1015 Excellon Res* O 510 Excelsior Mng* O 62 Excelsior Mng V 1280 Exeter Res* X 1170 Exeter Res T 225 Expedition Mng* O 136 Explor Res* O 170 Explor Res V 443 Fairmont Res V 505 Falco Res V 1238 Falcon Gold V 72 Filo Mg Corp V 114 Finore Mng 353 Fiore Explor* O 2 Fiore Explor V 1162 Firesteel Res V 531 Firestone Vent V 481 Firma Holdings* O 121 First Bauxite V 36 First Majestic T 7191 First Majestic* N 43844 V 6887 First Mg Fin First Mg Fin * O 7564 First Quantum T 16224 Fission 3.0 V 543 Fission Uran T 4316 Fission Uran* O 1286 Fjordland Exp V 1959 Flinders Res V 291 Flinders Res* O 156 Foran Mng V 339 T 1545 Formation Mtls Fort St J Nick V 5 Fortescue Mtls* O 29 Fortuna Silvr T 3838 Fortuna Silvr* N 7996 Fortune Bay V 71 Fortune Bay* O 6 Fortune Mnrls T 1316 Fortune Mnrls* O 404 Forum Uranium V 828 Forum Uranium* O 607 Franco-Nevada* N 5016 Franco-Nevada T 3386 Freegold Vent T 286 Freeport McMo* N 128143 Fresnillo plc* O 9 Full Metal Mnl V 180 Fura Emeralds V 47

0.12 0.12 0.12 - 0.00 0.24 0.08 0.04 0.03 0.03 + 0.00 0.20 0.03 0.02 0.02 0.02 - 0.00 0.05 0.01 1.06 0.89 1.00 - 0.09 1.27 0.45 1.42 1.18 1.36 - 0.04 1.68 0.62 0.07 0.05 0.05 - 0.02 0.10 0.04 0.32 0.30 0.32 + 0.02 0.37 0.17 0.16 0.14 0.14 - 0.01 0.24 0.01 0.10 0.10 0.10 - 0.02 0.14 0.00 0.02 0.01 0.02 - 0.01 0.03 0.01 0.06 0.05 0.05 - 0.01 0.13 0.01 0.34 0.26 0.28 - 0.05 0.49 0.04 0.47 0.35 0.35 - 0.11 0.63 0.06 0.04 0.02 0.02 - 0.02 0.05 0.00 0.50 0.40 0.46 + 0.06 0.65 0.13 0.63 0.59 0.62 + 0.01 0.85 0.48 0.47 0.44 0.47 - 0.01 0.67 0.35 0.17 0.16 0.16 - 0.03 0.32 0.05 28.50 22.39 22.55 - 5.99 35.93 12.45 0.20 0.16 0.19 + 0.00 0.85 0.16 1.42 1.30 1.30 - 0.08 1.50 0.65 1.07 0.98 0.98 - 0.02 1.11 0.46 0.20 0.16 0.19 - 0.05 0.24 0.05 0.13 0.10 0.11 - 0.01 0.19 0.05 0.00 0.00 0.00 - 0.00 0.00 0.00 0.82 0.73 0.74 - 0.06 1.11 0.12 0.60 0.57 0.57 - 0.04 0.81 0.08 9.84 8.78 8.81 - 0.93 12.65 7.27 12.89 11.65 11.69 - 1.06 16.82 9.96 0.01 0.01 0.01 + 0.00 0.02 0.01 0.09 0.08 0.09 + 0.02 0.16 0.06 4.95 4.29 4.41 - 0.54 9.10 1.34 3.24 2.72 2.87 - 0.37 4.14 0.84 0.10 0.07 0.07 - 0.03 0.10 0.07 0.09 0.07 0.08 + 0.01 0.21 0.03 3.17 2.45 2.72 - 0.31 3.71 1.46 1.60 0.00 1.60 - 0.04 2.00 0.80 0.18 0.18 0.18 + 0.00 0.34 0.08 0.26 0.23 0.24 - 0.01 0.45 0.10 0.02 0.01 0.02 + 0.01 0.02 0.01 0.15 0.11 0.13 - 0.01 0.17 0.05 0.26 0.19 0.24 + 0.01 0.36 0.03 0.16 0.15 0.16 - 0.03 0.28 0.02 0.02 0.01 0.01 - 0.01 0.03 0.01 0.01 0.00 0.01 + 0.01 0.01 0.01 0.58 0.54 0.54 - 0.02 0.89 0.47 0.74 0.69 0.70 - 0.05 1.19 0.58 0.05 0.00 0.05 + 0.01 0.06 0.02 0.86 0.75 0.79 - 0.07 0.97 0.29 0.22 0.17 0.20 - 0.03 0.70 0.17 0.59 0.45 0.53 + 0.08 0.53 0.39 0.84 0.77 0.80 - 0.01 0.84 0.10 0.09 0.07 0.08 - 0.01 0.28 0.03 0.05 0.04 0.04 - 0.01 0.05 0.01 0.35 0.32 0.35 + 0.03 0.75 0.18 0.27 0.22 0.27 + 0.05 0.55 0.20 3.97 3.34 3.43 - 0.50 5.16 1.87 5.20 4.39 4.57 - 0.59 6.71 2.67 0.05 0.03 0.04 - 0.01 0.12 0.03 0.43 0.38 0.40 - 0.03 0.58 0.09 0.25 0.18 0.22 - 0.03 0.27 0.05 0.19 0.13 0.17 - 0.02 0.20 0.03 0.33 0.00 0.32 + 0.01 0.36 0.18 0.05 0.04 0.05 - 0.01 0.17 0.02 0.02 0.02 0.02 - 0.00 0.03 0.00 0.09 0.08 0.08 - 0.01 0.18 0.05 0.07 0.05 0.06 - 0.01 0.14 0.03 19.50 15.72 16.38 - 2.93 20.85 4.40 25.65 20.85 21.78 - 3.70 27.17 5.70 5.18 4.01 4.21 - 0.92 5.95 1.00 6.79 5.30 5.59 - 1.13 7.75 1.46 0.06 0.05 0.05 - 0.00 0.10 0.03 1.61 1.50 1.52 - 0.07 3.48 1.50 2.12 1.97 2.03 - 0.09 4.50 1.97 0.07 0.05 0.07 + 0.02 0.08 0.03 0.07 0.05 0.06 - 0.01 0.09 0.01 0.29 0.23 0.25 - 0.02 0.38 0.17 0.39 0.31 0.33 - 0.03 0.47 0.25 0.05 0.04 0.05 - 0.00 0.17 0.02 0.07 0.06 0.06 - 0.01 0.22 0.05 0.05 0.04 0.04 - 0.01 0.12 0.02 0.30 0.00 0.26 + 0.01 0.50 0.09 0.41 0.36 0.41 + 0.03 0.55 0.12 0.30 0.28 0.28 - 0.02 0.42 0.09 0.05 0.05 0.05 - 0.01 0.11 0.04 0.26 0.23 0.23 - 0.01 0.42 0.06 0.18 0.17 0.17 - 0.02 0.32 0.05 0.25 0.23 0.23 - 0.02 0.41 0.14 1.50 1.30 1.35 - 0.03 1.84 0.48 1.20 0.98 1.05 - 0.02 1.40 0.35 0.10 0.08 0.09 - 0.02 0.17 0.04 0.45 0.39 0.45 + 0.06 0.46 0.15 0.60 0.50 0.60 + 0.09 0.62 0.21 0.05 0.00 0.05 - 0.01 1.00 0.03 0.74 0.65 0.74 + 0.07 0.95 0.09 0.11 0.08 0.10 - 0.01 0.20 0.01 0.09 0.06 0.06 - 0.02 0.14 0.00 0.30 0.26 0.29 - 0.02 0.50 0.04 0.23 0.00 0.21 - 0.01 0.38 0.02 0.30 0.26 0.27 - 0.04 0.43 0.10 0.07 0.07 0.07 + 0.00 0.09 0.00 1.91 1.58 1.77 - 0.11 2.40 0.20 1.45 1.19 1.34 - 0.08 1.85 0.14 0.33 0.29 0.30 - 0.03 0.33 0.12 0.43 0.36 0.40 - 0.03 0.44 0.19 1.27 1.10 1.15 - 0.11 1.48 0.29 1.69 1.46 1.54 - 0.16 1.94 0.39 0.08 0.07 0.07 - 0.00 0.22 0.06 0.07 0.06 0.07 - 0.00 0.18 0.04 0.09 0.08 0.08 - 0.01 0.24 0.06 0.07 0.05 0.05 - 0.03 0.23 0.02 1.27 1.08 1.22 + 0.05 1.39 0.21 0.09 0.08 0.09 + 0.01 0.20 0.03 1.69 1.50 1.60 - 0.10 1.73 0.64 0.23 0.09 0.17 + 0.10 0.13 0.01 0.50 0.00 0.50 - 0.03 0.55 0.02 0.68 0.59 0.60 - 0.07 0.76 0.03 0.05 0.04 0.04 - 0.01 0.06 0.01 0.07 0.05 0.07 + 0.01 0.08 0.01 0.08 0.05 0.06 - 0.01 0.11 0.02 0.05 0.04 0.04 - 0.01 0.08 0.03 13.69 10.59 10.95 - 2.58 24.96 3.50 10.45 7.96 8.23 - 2.07 19.15 2.40 0.86 0.71 0.77 - 0.08 1.31 0.31 0.66 0.54 0.58 - 0.07 1.02 0.22 11.03 10.08 10.51 - 0.35 12.34 2.15 0.07 0.07 0.07 - 0.01 0.12 0.06 0.63 0.59 0.60 - 0.03 0.82 0.53 0.48 0.44 0.45 - 0.02 0.63 0.39 0.06 0.05 0.05 - 0.01 0.17 0.01 0.40 0.25 0.39 + 0.06 0.77 0.13 0.29 0.22 0.26 - 0.01 0.61 0.09 0.23 0.19 0.20 - 0.03 0.31 0.05 0.78 0.56 0.70 + 0.09 0.72 0.09 0.22 0.00 0.22 + 0.05 0.35 0.05 3.71 0.00 3.70 - 0.14 3.95 1.00 9.65 7.93 8.35 - 1.16 12.73 2.92 7.37 6.02 6.29 - 0.95 9.75 2.00 0.80 0.70 0.70 - 0.10 0.84 0.25 0.63 0.00 0.53 - 0.08 0.63 0.36 0.15 0.14 0.15 + 0.01 0.17 0.02 0.12 0.10 0.11 - 0.00 0.13 0.01 0.10 0.08 0.09 + 0.01 0.20 0.04 0.08 0.06 0.07 + 0.00 0.14 0.03 70.18 62.25 63.45 - 6.42 81.16 41.47 92.11 82.39 84.30 - 7.36 105.69 58.67 0.20 0.16 0.18 + 0.01 0.28 0.05 11.20 10.00 10.13 - 0.73 14.20 3.52 23.23 20.29 21.16 - 2.74 26.65 9.00 0.08 0.00 0.07 - 0.02 0.12 0.02 0.19 0.17 0.17 - 0.02 0.25 0.10

G4G Capital V 252 Gabriel Res T 794 Gainey Capital V 1196 Galane Gold V 634 Galantas Gold V 256 Galantas Gold* O 155 Galena Intl Rs V 65 Galway Gold V 964 Galway Mtls* O 10 Galway Mtls V 216 Garibaldi Res * O 328 GB Minerals V 269 Gear Intl* O 26004 Gem Intl Res V 341 General Moly T 12 General Moly* X 277 Genesis Mtls V 457 Genesis Mtls* O 44 Genius Props 426 Gensource Pot V 1734 Geologix Expl V 1090 Geomega Res V 926 Getty Copper V 669 GFK Res V 201 GGL Res V 253 Giyani Gold V 277 Giyani Gold* O 44 Gldn Predator V 2007 Gldn Predator* O 273 Glencore Plc* O 514 Global Cop Grp V 467

0.80 0.56 0.59 - 0.15 0.80 0.04 0.63 0.60 0.61 - 0.02 0.74 0.12 0.37 0.27 0.27 - 0.04 0.37 0.10 0.13 0.11 0.11 - 0.02 0.19 0.03 0.18 0.14 0.18 + 0.02 0.18 0.07 0.14 0.12 0.12 - 0.00 0.14 0.06 0.11 0.11 0.11 - 0.01 0.15 0.02 0.10 0.09 0.09 - 0.02 0.13 0.04 0.40 0.35 0.36 - 0.05 0.51 0.06 0.52 0.44 0.52 + 0.02 0.65 0.09 0.06 0.05 0.06 + 0.01 0.13 0.05 0.07 0.06 0.07 + 0.01 0.12 0.02 0.00 0.00 0.00 + 0.00 0.00 0.00 0.10 0.08 0.09 - 0.01 0.15 0.04 0.38 0.34 0.34 - 0.04 0.59 0.22 0.30 0.25 0.29 + 0.01 0.47 0.15 0.22 0.18 0.19 - 0.01 0.28 0.06 0.17 0.15 0.15 - 0.03 0.22 0.01 0.04 0.03 0.04 + 0.01 0.06 0.02 0.08 0.06 0.08 - 0.01 0.12 0.04 0.11 0.09 0.11 + 0.01 0.15 0.02 0.09 0.06 0.09 + 0.01 0.23 0.06 0.02 0.01 0.01 - 0.01 0.03 0.01 0.16 0.13 0.13 + 0.01 0.18 0.03 0.03 0.02 0.02 - 0.01 0.05 0.01 0.26 0.18 0.20 - 0.02 0.36 0.06 0.19 0.13 0.17 + 0.01 0.27 0.02 0.89 0.68 0.71 - 0.14 1.17 0.09 0.68 0.52 0.54 - 0.11 0.89 0.06 5.55 5.37 5.50 + 0.05 5.57 1.95 0.09 0.07 0.09 + 0.02 0.08 0.04

D-F

G-H

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Global Gold* O 11 Global Mnrls V 11 Globex Mng* O 50 Globex Mng T 169 GMCI Corp* O 2 O 119 GMV Minerals* GMV Minerals V 270 V 90 GobiMin GoGold Res T 1807 Gold & Silver* O 2310 234 Gold Bulln Dev* O Gold Bulln Dev V 1394 O 380 Gold Dynamics* 32294 Gold Fields* N Gold Lakes* O 1325 Gold Mng USA* O 1786 844 Gold Mtn Mng V 362 Gold Mtn Mng * O 100 Gold Reach Res V Gold Reserve* O 85 Gold Reserve V 104 X 8709 Gold Resource* 18 Gold Ridge Exp V Gold Std Vents* X 3680 Gold Std Vents V 1725 Goldbelt Emp V 25 Goldcliff Res V 533 Goldcliff Res* O 525 Goldcorp* N 53977 T 19629 Goldcorp Golden Arrow V 2292 Golden Arrow* O 1350 Golden Band* O 545 V 146 Golden Cariboo 46 Golden Dawn Ml* O Golden Eagle* O 190 O 58 Golden Goliath* Golden Hope V 105 Golden Hope* O 12 Golden Mnls T 367 Golden Mnls* X 3300 128 Golden Peak Mn V O 706 Golden Queen* Golden Queen T 268 Golden Reign V 1240 Golden Secret V 256 59 Golden Sh Mng V Golden Star T 1450 10411 Golden Star* X Golden Tag V 143 Golden Valley V 2010 Goldex Res* O 40 Goldex Res V 35 Goldeye Expl V 553 O 1763 Goldgroup Mng* GoldON Res* O 91 GoldON Res V 57 V 2936 GoldQuest Mng Goldrea Res 20 O 862 Goldsource Min* V 930 Goldsource Min Goldstar Mnls V 1559 V 10 Goldstream Mnl V 2359 Goldstrike Res Gossan Res V 235 O 51 GoviEx Uranium* V 1640 GoviEx Uranium Gowest Gold* O 236 Gowest Gold V 1028 GPM Metals* O 8 GPM Metals V 518 O 421 Gran Colombia* T 4392 Gran Colombia V 9 Grande Portage O 5437 Graphite Corp* Graphite One V 852 Graphite One* O 889 209 Gray Rock Res V 0 Great Bear Res* O 74 Great Bear Res V Great Lakes Gr V 1297 286 Great Lakes Gr* O Great Panther T 1791 X 6915 Great Panther* 25 Great Quest Fe* O 542 Great Quest Fe V 100 Great Rock Dev* O Great Thunder V 1238 O 228 Great Western* 500 Green Swan Cap V 213 Green Valley M V V 221 Greencastle Rs O 102 Greenland M&En* Grizzly Discvr V 93 Grizzly Gold* O 36 580 GTA Res & Mng V V 331 Guerrero Vents Gungnir Res V 299 Gungnir Res* O 29 Guyana Gldflds T 4225 Handa Copper V 40 269 Happy Ck Mnrls V 203 Hard Creek Ni V 21144 N Harmony Gold* Harte Gold T 4330 Harvest Gold V 482 Harvest Gold* O 84 V 1382 Hawkeye Gld&Di 45577 Hecla Mining* N O 350 Hemcare Health* V 148 Highland Copp 228 Highway 50 Gld V 197 Highway 50 Gld* O Hinterland Mtl V 157 O 209 Hochschild Mg* Horizon Mnls* O 46 T 482 Horizonte Mnls Houston Lake V 112 HTI Ventures V 552 HudBay Mnls T 7698 HudBay Mnls* N 1064 Hudson Res V 127 Hudson Res* O 29 Hunt Mng* O 199 Hunt Mng V 157

0.00 0.03 - 0.01 0.04 0.04 0.00 0.03 0.24 - 0.04 0.30 0.26 0.00 0.15 0.22 - 0.00 0.38 0.24 0.22 0.19 0.32 + 0.02 0.51 0.32 0.29 0.20 2.49 + 0.29 2.60 2.60 0.00 0.06 0.38 - 0.05 0.55 0.42 0.33 0.08 0.50 - 0.07 0.70 0.55 0.43 0.27 0.01 0.54 0.50 - 0.51 0.50 0.72 0.81 - 0.13 1.65 0.93 0.72 0.00 0.00 0.00 - 0.00 1.00 0.00 0.07 0.06 0.07 - 0.00 0.11 0.01 0.10 0.08 0.08 - 0.01 0.16 0.03 0.00 0.00 - 0.01 0.01 0.00 0.00 2.04 4.25 - 0.60 6.60 4.87 4.16 0.02 0.04 + 0.01 1.02 0.04 0.02 0.00 0.00 0.00 - 0.00 0.17 0.00 0.34 0.31 0.32 - 0.02 0.49 0.02 0.26 0.24 0.24 - 0.01 0.31 0.21 0.18 0.14 0.16 - 0.01 0.25 0.08 0.00 4.38 + 0.34 5.90 4.45 3.75 3.06 5.83 + 0.58 8.00 5.99 4.97 1.14 5.25 - 2.17 8.22 7.48 5.21 0.43 0.35 0.35 - 0.08 0.70 0.05 2.58 2.03 2.47 - 0.07 3.20 0.37 3.37 2.67 3.25 - 0.09 4.10 0.48 0.02 0.04 - 0.02 0.10 0.04 0.04 0.05 0.40 + 0.18 0.35 0.40 0.24 0.15 0.31 + 0.14 0.21 0.31 0.18 14.10 - 2.42 20.38 9.46 16.64 13.92 13.55 18.72 - 2.93 26.56 21.82 18.51 0.17 0.82 - 0.14 1.48 0.99 0.76 0.13 0.62 - 0.12 1.30 0.77 0.57 0.00 0.00 - 0.00 0.01 0.00 0.00 0.03 0.11 - 0.02 0.15 0.12 0.11 0.20 0.18 0.20 - 0.00 0.32 0.06 0.00 0.06 + 0.03 0.03 0.06 0.03 0.00 0.05 - 0.00 0.10 0.06 0.05 0.16 0.28 + 0.01 0.39 0.30 0.27 0.12 0.21 + 0.00 0.25 0.21 0.20 0.19 0.81 - 0.18 1.51 0.97 0.79 0.13 0.60 - 0.15 1.16 0.78 0.58 0.40 0.40 0.40 - 0.01 0.90 0.12 0.48 0.81 - 0.07 1.56 0.89 0.75 0.67 1.07 - 0.08 2.00 1.16 1.00 0.07 0.27 - 0.06 0.36 0.33 0.26 0.02 0.42 - 0.03 0.69 0.46 0.42 0.36 0.32 0.35 + 0.03 0.36 0.05 0.21 0.99 - 0.11 1.46 1.11 0.95 0.14 0.74 - 0.10 1.13 0.84 0.73 0.02 0.08 - 0.01 0.18 0.09 0.07 0.07 0.32 - 0.04 0.36 0.35 0.29 0.08 0.42 - 0.04 0.62 0.44 0.42 0.10 0.54 - 0.05 0.90 0.70 0.00 0.02 0.05 - 0.02 0.08 0.07 0.05 0.03 0.22 - 0.00 0.30 0.25 0.16 0.03 0.13 - 0.00 0.18 0.13 0.13 0.03 0.19 - 0.01 0.36 0.20 0.00 0.11 0.36 - 0.07 0.68 0.44 0.34 0.03 0.09 - 0.02 0.14 0.09 0.00 0.12 0.29 - 0.04 0.45 0.33 0.26 0.15 0.38 - 0.05 0.57 0.42 0.35 0.01 0.07 + 0.01 0.08 0.08 0.06 0.09 0.10 - 0.01 0.40 0.10 0.00 0.07 0.03 0.41 0.23 - 0.27 0.21 0.02 0.08 + 0.03 0.11 0.09 0.06 0.08 0.09 - 0.02 0.16 0.11 0.09 0.12 0.12 - 0.03 0.19 0.14 0.11 0.04 0.13 - 0.02 0.22 0.15 0.12 0.06 0.17 - 0.03 0.28 0.20 0.16 0.12 0.17 - 0.01 0.43 0.18 0.16 0.11 0.30 + 0.07 0.57 0.34 0.20 0.04 0.08 - 0.01 0.17 0.09 0.08 0.06 0.11 - 0.01 0.23 0.12 0.11 0.04 0.13 - 0.03 0.22 0.13 0.00 0.00 0.00 + 0.00 0.02 0.00 0.00 0.07 0.08 - 0.01 0.18 0.08 0.08 0.05 0.06 - 0.01 0.14 0.07 0.06 0.12 0.08 0.10 - 0.02 0.12 0.02 0.18 0.18 0.18 - 0.06 0.24 0.24 0.25 0.00 0.20 - 0.05 0.36 0.05 0.10 0.08 0.09 + 0.01 0.13 0.06 0.07 0.06 0.07 - 0.01 0.09 0.04 0.54 1.60 - 0.17 2.82 1.76 1.51 0.41 1.20 - 0.15 2.25 1.36 1.14 0.18 0.18 0.18 + 0.05 0.20 0.09 0.35 0.20 0.35 + 0.15 0.38 0.11 0.00 0.00 0.00 + 0.00 0.02 0.00 0.01 0.05 - 0.03 0.24 0.07 0.05 0.00 0.00 - 0.00 0.00 0.00 0.00 0.08 0.06 0.07 - 0.01 0.14 0.01 0.02 0.02 0.02 - 0.01 0.05 0.01 0.05 0.09 - 0.01 0.18 0.10 0.09 0.00 0.05 - 0.01 0.17 0.05 0.00 0.01 0.04 + 0.01 0.10 0.04 0.04 0.01 0.10 - 0.01 0.22 0.14 0.07 0.08 0.07 0.07 - 0.01 0.24 0.02 0.01 0.02 - 0.01 0.04 0.02 0.02 0.01 0.05 - 0.01 0.06 0.06 0.05 0.00 0.04 + 0.00 0.04 0.04 0.04 8.24 6.80 7.05 - 1.14 10.35 2.48 0.03 0.06 + 0.01 0.07 0.06 0.00 0.20 0.17 0.18 + 0.02 0.20 0.09 0.03 0.02 0.02 - 0.01 0.05 0.01 0.53 3.00 - 0.49 4.87 3.51 2.93 0.05 0.24 - 0.03 0.35 0.27 0.20 0.02 0.06 - 0.01 0.10 0.06 0.05 0.00 0.03 - 0.01 0.05 0.04 0.03 0.03 0.13 + 0.02 0.15 0.15 0.12 1.45 5.24 - 0.46 7.26 5.77 4.93 0.02 0.02 - 0.01 0.24 0.03 0.02 0.07 0.10 - 0.01 0.17 0.11 0.10 0.21 0.16 0.21 + 0.05 0.25 0.05 0.16 0.12 0.16 + 0.05 0.19 0.05 0.01 0.03 - 0.01 0.12 0.04 0.03 0.59 3.27 - 0.42 4.16 3.73 3.10 0.05 0.75 + 0.35 0.65 0.75 0.40 0.02 0.05 + 0.01 0.06 0.05 0.04 0.13 0.27 + 0.01 0.40 0.29 0.00 0.01 0.70 + 0.05 0.98 0.74 0.65 2.26 0.21 7.85 4.98 - 5.25 4.96 1.56 3.74 - 0.22 6.02 4.02 3.72 0.29 0.35 + 0.01 0.50 0.38 0.34 0.24 0.26 - 0.01 0.38 0.27 0.26 0.02 0.19 - 0.09 0.31 0.31 0.18 0.02 0.34 - 0.03 0.40 0.40 0.24

I-Minerals V 86 I-Minerals* O 12 56423 IAMGOLD* N IAMGOLD T 23754 Iberian Mnrls V 614 IC Potash* O 65 IC Potash T 1754 Icon Explor V 294 12 Iconic Mnls * O Iconic Mnls V 713 Idaho North* O 78 IDM Mining* O 799 IDM Mining V 4037 IEMR Res V 958 IMPACT Silver V 1018 O 218 Impala Platnm* Imperial Metal T 66 138 Inca One Gold V 14 Inca One Gold* O 61 Inception Mng * O V 774 Independence G O 74 Independence G* Indico Res V 2638 Inform Res V 132 O 12 Inspiration Mg* Inspiration Mg 12 Intact Gold V 1509 Integra Gold V 6132 Integra Gold* O 2013 V 11 Inter-Rock Mnl Intigold Mines V 18 32 Intl Bethl Mng V Intl Lithium* O 107 Intl Lithium V 548 275 Intl Millm Mng V Intl Montoro V 2152 Intl Montoro* O 4 204 Intl Samuel Ex V Intl Tower Hil* X 1435 372 T Intl Tower Hil Intrepid Pots* N 2821 INV Metals T 244 INV Metals* O 17 201 Inventus Mg * O Inventus Mg V 334 InZinc Mining V 239 InZinc Mining* O 147 O 119 Ireland* Ironside Res V 53 Irving Res 222 Irving Res* O 13 Ivanhoe Mines T 9520 O 1120 Ivanhoe Mines* Jaguar Mng* O 250 Jasper Mng V 21 Jaxon Mnls V 1910 Jayden Res V 572 Jayden Res* O 82 Jazz Res V 91 V 337 Jet Gold Jet Metal* O 6 V 5245 K92 Mng Inc 925 K92 Mng Inc* O Kairos Cap V 170 V 147 Kaizen Discvry V 1060 Kapuskasing Gd Karmin Expl V 205 Karnalyte Res T 105 Kenna Res V 261 Kennady Diam V 61 Kermode Res V 414 Kerr Mines* O 68 Kerr Mines T 692 O 27 Kesselrun Res* Kesselrun Res V 162 Khalkos Expl V 280 Khan Res 144

0.19 0.29 - 0.02 0.37 0.30 0.28 0.15 0.21 - 0.01 0.28 0.23 0.21 1.15 3.28 - 0.77 5.87 4.10 3.14 1.66 4.37 - 0.93 7.65 5.36 4.18 0.04 0.07 - 0.01 0.11 0.08 0.07 0.03 0.00 0.11 0.09 - 0.10 0.09 0.04 0.13 + 0.01 0.15 0.13 0.12 0.01 0.01 - 0.01 0.03 0.02 0.00 0.18 0.18 0.18 - 0.01 0.33 0.02 0.03 0.23 - 0.02 0.45 0.25 0.21 0.06 0.09 - 0.01 0.12 0.12 0.09 0.04 0.14 - 0.02 0.21 0.17 0.14 0.07 0.19 - 0.02 0.26 0.22 0.19 0.01 0.02 - 0.01 0.06 0.03 0.02 0.11 0.75 - 0.01 1.28 0.76 0.58 1.45 4.50 - 0.55 5.23 5.05 4.45 3.92 5.88 - 0.21 8.50 6.20 5.75 0.31 0.27 0.30 + 0.01 0.95 0.21 0.23 0.23 0.23 - 0.00 0.23 0.18 0.68 0.00 0.60 - 0.03 1.00 0.20 0.06 0.24 - 0.04 0.50 0.27 0.22 0.04 0.18 - 0.03 0.37 0.21 0.00 0.03 0.03 - 0.01 0.10 0.03 0.03 0.05 0.20 - 0.04 0.40 0.24 0.20 0.01 0.05 - 0.01 0.10 0.05 0.04 0.02 0.08 + 0.02 0.10 0.08 0.00 0.02 0.08 - 0.01 0.18 0.09 0.08 0.29 0.76 - 0.01 0.96 0.81 0.71 0.21 0.57 - 0.01 0.76 0.62 0.54 0.02 0.03 - 0.04 0.14 0.03 0.00 0.05 0.06 + 0.01 0.19 0.06 0.00 0.04 0.04 0.04 - 0.01 0.08 0.02 0.02 0.14 - 0.01 0.55 0.16 0.13 0.05 0.18 - 0.01 0.38 0.20 0.17 0.06 0.05 0.05 - 0.01 0.10 0.05 0.02 0.02 - 0.01 0.05 0.03 0.02 0.01 0.01 + 0.00 0.03 0.01 0.01 0.08 0.06 0.08 + 0.01 0.15 0.05 0.90 0.68 0.69 - 0.20 1.40 0.18 1.20 0.91 0.92 - 0.23 1.82 0.26 0.65 1.09 - 0.04 7.14 1.14 1.06 0.09 0.65 - 0.10 1.10 0.74 0.62 0.09 0.49 - 0.04 0.77 0.53 0.49 0.17 0.13 0.13 - 0.02 0.28 0.12 0.02 0.17 - 0.03 0.35 0.22 0.16 0.04 0.17 - 0.03 0.25 0.21 0.16 0.03 0.13 - 0.01 0.17 0.14 0.13 0.13 0.14 - 0.01 0.38 0.16 0.14 0.05 0.08 - 0.01 0.24 0.09 0.08 0.11 0.42 + 0.10 0.45 0.45 0.35 0.09 0.28 + 0.04 0.34 0.34 0.00 0.53 2.26 - 0.02 2.40 2.32 2.02 0.36 1.71 - 0.05 1.82 1.76 1.52 0.09 0.50 - 0.04 0.65 0.54 0.45 0.02 0.07 + 0.01 0.08 0.07 0.00 0.03 0.08 - 0.02 0.10 0.10 0.08 0.03 0.20 + 0.02 0.23 0.22 0.18 0.01 0.14 - 0.01 0.17 0.16 0.13 0.08 0.09 - 0.10 0.25 0.17 0.09 0.04 0.08 - 0.02 0.11 0.09 0.08 0.00 0.05 + 0.03 0.12 0.05 0.00 0.87 2.24 0.13 - 1.35 1.53 1.25 1.18 0.95 1.04 - 0.12 1.72 0.75 0.02 0.03 - 0.02 0.09 0.05 0.03 0.08 0.21 - 0.01 0.31 0.23 0.18 0.02 0.05 - 0.02 0.10 0.06 0.05 0.15 0.25 + 0.02 0.32 0.25 0.21 0.64 1.18 + 0.15 4.15 1.28 1.00 0.12 0.15 - 0.02 0.27 0.18 0.15 2.35 4.10 + 0.09 5.00 4.10 3.96 0.01 0.02 - 0.01 0.04 0.02 0.02 0.01 0.10 + 0.00 0.12 0.11 0.10 0.02 0.14 - 0.01 0.16 0.15 0.13 0.17 0.13 - 0.04 0.17 0.17 0.13 0.02 0.17 - 0.05 0.43 0.22 0.15 0.05 0.17 - 0.01 0.26 0.18 0.15 0.34 0.87 + 0.01 0.88 0.87 0.86

I-J-K

2016-10-11 7:24 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 17â&#x20AC;&#x201C;23, 2016

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

Week

12-month

Exc Volume High Low Last Change High Low

Kilo Goldmines* O 467 Kincora Copper V 64 216 Kings Bay Gold V Kinross Gold T 31634 Kinross Gold* N 96345 Kirkland Lk Gd T 6728 Kirkland Lk Gd* O 466 Kiska Metals* O 516 Kiska Metals V 1634 Klondex Mines T 3995 Klondike Gold V 620 Klondike Gold* O 44 Klondike Silv* O 35 Klondike Silv V 1311 Knick Expl V 1464 V 692 Kombat Copper Komet Resource V 246 Kootenay Silvr V 1118 KWG Res* O 8

0.09 0.08 0.08 - 0.01 0.19 0.05 0.31 0.00 0.30 - 0.01 0.55 0.15 0.09 0.08 0.08 - 0.01 0.15 0.05 5.56 4.52 4.68 - 0.85 7.56 1.91 4.24 3.42 3.52 - 0.69 5.82 1.31 10.05 7.76 8.00 - 1.95 12.39 4.51 7.65 5.85 6.00 - 1.62 9.70 3.12 0.06 0.04 0.04 - 0.02 0.09 0.01 0.08 0.06 0.07 - 0.01 0.12 0.01 7.62 6.32 6.49 - 1.05 7.84 2.56 0.20 0.16 0.20 + 0.02 0.45 0.09 0.16 0.13 0.16 + 0.01 0.32 0.07 0.07 0.04 0.04 - 0.02 0.12 0.01 0.09 0.06 0.07 - 0.02 0.15 0.01 0.08 0.06 0.06 - 0.02 0.11 0.01 0.05 0.04 0.05 + 0.01 0.10 0.02 0.49 0.46 0.48 + 0.01 0.50 0.29 0.48 0.41 0.43 - 0.04 0.60 0.17 0.02 0.01 0.01 - 0.01 0.03 0.00

Labrador Iron T 424 Lago Dourado V 80 Lake Victoria* O 16 Lara Expl V 224 Laramide Res T 460 Largo Res* O 75 Largo Res T 272 Latin Am Mnls V 600 Latin Am Mnls* O 14 Laurion Mnl Ex V 1776 Legend Gold V 134 Lepanto Con Mg* O 70 Levon Res Ltd T 993 Levon Res Ltd * O 529 Lexam VG Gold* O 385 Lexam VG Gold T 1187 Li3 Energy* O 3104 Liberty Star* O 12581 Lion One Mtls V 190 Lion One Mtls* O 134 25 Lions Gate Mtl Lithium Amer* O 788 Lithium Amer T 3501 Lithium Corp* O 449 Lithium Expl* O 6514 O 100 Lode-Star Mg* Logan Res V 128 Lomiko Mtls* O 298 Lone Star Gold* O 248 Lonmin plc* O 4 Los Andes Copp V 49 Lovitt Res V 9 Lovitt Res* O 8 Lowell Copper V 1597 Lucara Diam T 2135 Luna Gold* O 244 Luna Gold T 1265 Lundin Gold T 304 Lundin Mng T 5421 Lupaka Gold V 607 Lydian Intl* O 103 Lydian Intl T 2659 Lynas Corp* O 339

13.90 13.04 13.48 - 0.42 16.92 6.85 0.17 0.13 0.14 + 0.01 0.59 0.05 0.01 0.01 0.01 - 0.00 0.03 0.01 1.28 1.14 1.22 - 0.03 1.58 0.21 0.26 0.22 0.23 - 0.03 0.38 0.15 0.34 0.30 0.33 - 0.03 0.56 0.08 0.46 0.38 0.46 - 0.02 0.72 0.11 0.34 0.28 0.31 + 0.01 0.48 0.05 0.25 0.23 0.23 - 0.00 0.36 0.06 0.04 0.03 0.04 + 0.01 0.04 0.01 0.04 0.00 0.04 - 0.02 0.07 0.02 0.00 0.00 0.00 - 0.00 0.02 0.00 0.49 0.38 0.40 - 0.10 0.71 0.09 0.38 0.28 0.30 - 0.07 0.54 0.07 0.28 0.22 0.24 - 0.03 0.29 0.04 0.37 0.30 0.33 - 0.04 0.38 0.05 0.02 0.01 0.01 - 0.00 0.04 0.01 0.00 0.00 0.00 - 0.00 0.01 0.00 0.99 0.78 0.86 - 0.13 1.17 0.32 0.76 0.59 0.64 - 0.11 0.91 0.23 0.06 0.03 0.03 - 0.03 0.09 0.01 0.72 0.65 0.66 - 0.03 0.87 0.34 0.94 0.87 0.89 - 0.01 1.15 0.26 0.10 0.09 0.10 + 0.00 0.13 0.02 0.01 0.00 0.01 - 0.00 0.45 0.00 0.04 0.00 0.04 + 0.01 0.05 0.01 0.17 0.15 0.15 - 0.01 0.26 0.04 0.03 0.02 0.03 - 0.00 0.04 0.02 0.00 0.00 0.00 + 0.00 0.01 0.00 2.75 0.00 2.58 - 0.20 90.00 0.55 0.20 0.18 0.20 + 0.01 0.25 0.06 0.02 0.00 0.02 - 0.03 0.05 0.02 0.02 0.02 0.02 - 0.02 0.03 0.01 2.19 0.31 2.14 - 0.09 2.55 0.74 3.96 3.73 3.95 + 0.04 4.39 1.55 0.24 0.17 0.21 - 0.02 0.27 0.02 0.31 0.22 0.27 - 0.03 0.35 0.03 5.70 5.35 5.45 - 0.20 6.62 3.75 5.26 5.00 5.24 + 0.05 5.79 2.98 0.29 0.20 0.24 - 0.06 0.29 0.04 0.34 0.31 0.32 - 0.01 0.41 0.13 0.45 0.41 0.42 - 0.02 0.52 0.19 0.05 0.04 0.04 - 0.00 0.10 0.03

M Macarthur Mnl* O 206 0.04 0.03 0.04 - 0.01 0.14 0.02 Macarthur Mnl V 831 0.06 0.05 0.05 - 0.01 0.18 0.02 Maccabi Vent 80 0.10 0.07 0.10 + 0.03 0.14 0.07 MacDonald Mns V 417 0.01 0.00 0.01 + 0.01 0.02 0.01 MacMillan Mnls V 263 1.21 1.00 1.10 - 0.11 1.44 0.30 Mag Copper 203 0.03 0.01 0.03 + 0.02 0.03 0.01 MAG Silver T 1980 21.04 17.51 18.04 - 1.73 23.32 8.67 Magellan Gold* O 22 0.17 0.12 0.12 - 0.04 0.35 0.04 O 44 0.01 0.00 0.01 + 0.01 0.20 0.00 MagIndustries* Majescor Res V 404 0.06 0.05 0.06 - 0.01 0.15 0.02 Majescor Res* O 2 0.04 0.03 0.03 - 0.01 0.09 0.01 Majestic Gold V 200 0.07 0.06 0.07 + 0.01 0.12 0.05 Malbex Res V 135 0.33 0.30 0.33 - 0.01 0.46 0.25 0.02 - 0.01 0.05 0.01 Mammoth Res V 1474 0.03 0.02 Manado Gold V 168 0.13 0.00 0.11 - 0.01 0.15 0.10 Mandalay Res T 1930 1.01 0.87 0.93 - 0.07 1.35 0.59 Mangazeya Mng V 228 0.05 0.04 0.05 + 0.01 0.06 0.02 Manitou Gold V 101 0.07 0.07 0.07 - 0.02 0.12 0.02 0.03 - 0.01 0.06 0.01 Manson Creek V 175 0.04 0.02 Margaux Res V 105 0.32 0.30 0.31 + 0.03 0.32 0.11 1.06 - 0.03 1.20 0.85 Mariana Res V 589 1.10 1.00 Mariana Res* O 277 0.83 0.74 0.80 - 0.00 0.89 0.02 Marifil Mines V 167 0.02 0.02 0.02 - 0.01 0.04 0.01 Maritime Res V 375 0.25 0.22 0.22 - 0.02 0.31 0.08 Marlin Gold* O 62 0.47 0.41 0.45 - 0.02 0.54 0.10 0.59 - 0.03 0.69 0.15 Marlin Gold V 73 0.62 0.00 MartinMarietta* N 4177 180.31 169.86 170.12 - 8.99 206.36 108.31 Mason Graphite* O 181 1.14 0.94 1.04 - 0.06 1.21 0.21 V 712 1.48 1.23 1.38 - 0.07 1.60 0.30 Mason Graphite Masuparia Gold V 40 0.05 0.05 0.05 - 0.01 0.06 0.03 0.06 - 0.01 0.11 0.02 Matamec Expl V 945 0.07 0.06 Matamec Expl* O 50 0.04 0.04 0.04 - 0.01 0.07 0.01 Matmown* O 95 0.03 0.02 0.02 - 0.01 0.10 0.01 Maudore Mnrls* O 5 0.00 0.00 0.00 - 0.00 0.01 0.00 Maverix Mtls* O 14 0.87 0.00 0.78 - 0.13 16.33 0.80 0.34 - 0.02 0.42 0.12 Mawson Res* O 203 0.38 0.32 Mawson Res T 265 0.50 0.42 0.45 - 0.05 0.56 0.17 MaxTech Vent 303 0.25 0.24 0.24 - 0.01 0.26 0.05 Maya Gold &Sil V 1506 0.17 0.13 0.14 - 0.03 0.27 0.10 MBAC Fertilizr* O 395 0.00 0.00 0.00 - 0.00 0.03 0.00 0.48 - 0.12 0.85 0.40 McChip Res V 15 0.48 0.48 McEwen Mng T 3547 4.89 4.01 4.29 - 0.55 6.44 1.05 McEwen Mng* N 25240 3.74 3.02 3.24 - 0.43 4.92 0.79 MDN Inc V 594 1.12 1.00 1.00 - 0.13 1.25 0.05 MDN Inc* O 125 0.83 0.79 0.80 - 0.06 0.86 0.79 192 0.08 0.07 0.08 + 0.01 0.16 0.06 Meadow Bay Gd T Meadow Bay Gd* O 104 0.06 0.05 0.05 - 0.00 0.12 0.04 Mechel* N 1247 3.06 2.83 2.88 + 0.02 3.06 1.23 Medallion Res* O 86 0.02 0.02 0.02 - 0.00 0.04 0.01 Medgold Res V 219 0.21 0.18 0.18 - 0.02 0.25 0.05 Medinah Mnrls* O 8354 0.01 0.01 0.01 - 0.00 0.03 0.01 O 609 0.12 0.10 0.10 - 0.01 0.15 0.04 Mega Uranium* Melior Res V 100 0.04 0.03 0.04 + 0.01 0.06 0.01 Mercator Mnls* O 12 0.00 0.00 0.00 - 0.00 0.01 0.00 Merrex Gold V 351 0.19 0.17 0.18 - 0.01 0.31 0.12 Merrex Gold* O 98 0.16 0.13 0.13 - 0.02 0.24 0.10 0.03 - 0.01 0.14 0.01 Mesa Expl* O 99 0.04 0.03 Mesa Expl V 118 0.07 0.04 0.07 + 0.02 0.17 0.01 Metallic Mnrls* O 19 0.36 0.28 0.36 + 0.03 0.42 0.04 Metalore Res T 4 2.50 2.25 2.25 - 0.45 3.59 1.26 Metalore Res* O 4 1.89 1.66 1.89 + 0.08 2.77 0.99 Metals Creek V 1087 0.09 0.07 0.08 - 0.01 0.20 0.05 0.07 - 0.01 0.14 0.06 Metals Creek* O 4 0.08 0.07 Metals X* O 93 1.22 1.00 1.00 - 0.13 1.43 0.68 Metanor Res V 2700 0.09 0.07 0.08 - 0.01 0.13 0.03 Mexus Gold* O 4490 0.08 0.06 0.07 - 0.01 0.09 0.00 MGX Minerals 747 0.17 0.16 0.17 + 0.01 0.60 0.08 0.63 - 0.06 0.95 0.16 Midas Gold* O 2042 0.69 0.58 Midas Gold T 1660 0.90 0.75 0.83 - 0.07 1.22 0.25 Midasco Cap V 43 0.10 0.09 0.10 + 0.01 0.13 0.06 Midland Expl V 47 1.11 1.01 1.05 - 0.06 1.24 0.45 Midnight Sun V 23 0.11 0.11 0.11 + 0.01 0.24 0.08 MillenMin Vent V 110 0.07 0.05 0.05 - 0.02 0.14 0.01 0.29 - 0.03 0.54 0.11 Millrock Res* O 315 0.33 0.28 Millrock Res V 771 0.43 0.37 0.38 - 0.03 0.70 0.15 0.04 - 0.01 0.16 0.03 Millstream Min V 42 0.04 0.00 Minaurum Gold V 1783 0.10 0.08 0.08 - 0.01 0.14 0.04 Minco Gold* X 477 0.28 0.24 0.24 - 0.03 0.42 0.10 0.34 - 0.02 0.55 0.12 Minco Gold T 49 0.35 0.33 Minco Silver T 298 1.41 1.16 1.26 - 0.14 2.05 0.34 Minco Silver* O 92 1.08 0.89 0.95 - 0.12 1.54 0.26 0.08 - 0.01 0.18 0.01 Minecorp Egy V 113 0.09 0.07 Minera Alamos V 1195 0.17 0.13 0.15 - 0.01 0.29 0.07 0.34 - 0.00 0.38 0.04 Mineral Mtn* O 44 0.36 0.32 Minfocus Expl V 6996 0.04 0.02 0.03 + 0.01 0.07 0.01 Miranda Gold V 747 0.13 0.10 0.10 - 0.03 0.18 0.06 2.30 - 0.14 3.50 0.72 Mirasol Res V 292 2.54 2.14 Mitchell Res V 84 0.09 0.08 0.09 - 0.03 0.14 0.02 0.09 + 0.01 0.11 0.03 Mkango Res V 58 0.09 0.09 Monarques Res* O 73 0.38 0.31 0.32 - 0.05 0.48 0.04 Monarques Res V 633 0.47 0.38 0.40 - 0.05 0.66 0.06 Moneta Porcpn* O 581 0.21 0.15 0.18 - 0.03 0.28 0.07 T 2170 0.28 0.20 0.24 - 0.03 0.36 0.10 Moneta Porcpn Montego Res 130 0.10 0.07 0.08 - 0.03 0.16 0.07 Montero Mg&Ex V 1009 0.03 0.02 0.02 - 0.02 0.08 0.02 V 607 0.12 0.11 0.11 - 0.01 0.19 0.09 Monument Mng Morro Bay V 155 0.01 0.01 0.01 + 0.01 0.03 0.01 N 22556 25.49 24.26 24.58 + 0.12 36.95 22.02 Mosaic* Mountain Boy V 465 0.06 0.05 0.05 - 0.01 0.08 0.01 Mountain Prov T 424 6.88 6.45 6.57 - 0.29 7.18 3.40 Mountain Prov* D 237 5.26 4.89 4.94 - 0.30 5.52 2.47 Mundoro Cap V 794 0.16 0.15 0.15 - 0.01 0.23 0.04 MX Gold V 3742 0.25 0.18 0.19 - 0.06 0.39 0.12 MX Gold* O 803 0.19 0.14 0.15 - 0.04 0.31 0.09

N-O NACCO Ind* N 123 Namibia Rare E* O 61 Namibia Rare E T 110 Napier Vent V 68 Napier Vent* O 11 Natural Res Pt* N 759 Nautilus Mnrls T 472 Nautilus Mnrls* O 371 Navis Res Corp 218 Nemaska Lith T 8677 Nemaska Lith* O 461 Nevada Canyon* O 35 Nevada Clean M V 226 Nevada Copper T 155 Nevada Egy Mtl* O 180 Nevada Egy Mtl V 911 Nevada Expl * O 173 Nevada Expl V 269 Nevada Sunrise* O 307 Nevada Sunrise V 793 Nevada Zinc V 347 Nevado Res V 101 Nevsun Res* X 4956 Nevsun Res T 3090 New Carolin Gd* O 214 New Colombia* O 105294 New Destiny Mg V 23 New Gold* X 29450 New Gold T 9979

69.58 66.41 68.49 + 0.53 70.11 40.04 0.05 0.04 0.04 - 0.00 0.09 0.03 0.08 0.06 0.06 - 0.01 0.14 0.04 0.30 0.24 0.24 - 0.02 0.34 0.15 0.22 0.18 0.22 + 0.04 0.26 0.18 31.29 26.59 29.00 + 1.10 31.29 5.00 0.17 0.14 0.15 - 0.02 0.35 0.10 0.12 0.11 0.12 - 0.00 0.27 0.08 0.02 0.00 0.02 + 0.01 0.02 0.00 1.60 1.21 1.22 - 0.36 1.97 0.26 1.25 0.90 0.93 - 0.30 1.50 0.21 0.12 0.11 0.11 - 0.02 0.25 0.01 0.03 0.03 0.03 - 0.01 0.04 0.02 0.65 0.57 0.63 - 0.01 1.15 0.45 0.10 0.09 0.10 - 0.00 0.20 0.06 0.13 0.12 0.12 - 0.01 0.26 0.02 0.44 0.34 0.37 - 0.03 0.61 0.16 0.58 0.45 0.50 - 0.02 0.94 0.18 0.26 0.22 0.22 - 0.05 0.37 0.11 0.34 0.29 0.29 - 0.04 0.47 0.15 0.52 0.44 0.44 - 0.05 0.80 0.19 0.08 0.00 0.08 - 0.01 0.11 0.01 3.05 2.75 2.88 - 0.15 3.80 2.27 3.98 3.64 3.84 - 0.13 4.81 3.27 0.07 0.06 0.06 + 0.00 0.12 0.03 0.01 0.00 0.01 + 0.01 0.05 0.00 0.21 0.16 0.21 + 0.06 0.32 0.08 4.37 3.83 3.85 - 0.50 6.04 1.76 5.74 5.06 5.14 - 0.55 7.87 2.56

12-13_OCT17_StockTables.indd 13

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

New Guinea Gld* O 378 New Jersey Mng* O 247 New Nadina V 28 New Oroperu V 12 New World Res V 14 NewCastle Gold* O 130 Newmarket Gold T 7963 Newmarket Gold* O 1176 Newmont Mng* N 45902 Newport Expl V 246 Newstrike Res V 967 Nexgen Energy T 5312 Nexgen Energy* O 650 Next Gen Mtls 7737 Next Gen Mtls* O 176 Nexus Gold* O 251 NGEx Res T 248 NGEx Res* O 21 Nickel One Res V 698 Nicola Mg Inc* O 44 Nicola Mg Inc V 2495 V 1937 Nighthawk Gold Niocan Inc V 12 Niocorp Dev T 446 Niocorp Dev* O 365 Nippon Dragon V 1291 28 Noble Metal Gr V Noka Res V 1127 Noranda Alum* O 265 Noront Res V 3352 North Am Pall T 10 North Am Pall* O 5 27 North Arrow Mn V North Springs* O 4481 Northcliff Res T 173 Northisle C&G V 443 Northn Empire V 340 V 128 Nouveau Monde NovaCopper* X 280 NovaCopper T 31 NovaGold Res* X 21327 NovaGold Res T 4678 Novo Res V 138 Novo Res* O 170 Nrthn Abitibi V 560 Nrthn Freegold V 310 Nrthn Freegold* O 52 V 179 Nrthn Graphite Nrthn Iron V 2285 Nrthn Lion V 7 Nrthn Mnrls &E* O 21 Nrthn Shield V 2730 Nrthn Superior V 7880 Nrthn Vertex* O 17 Nrthn Vertex V 503 NSGold V 5 Nthn Dynasty T 2192 Nthn Dynasty* X 5106 Nubian Res V 224 NuLegacy Gold* O 1594 V 1620 NuLegacy Gold NV Gold V 82 OceanaGold T 15535 OceanaGold* O 208 Oceanus Res V 774 Oceanus Res* O 36 Odin Mng & Exp* O 71 964 Odin Mng & Exp V Olivut Res* O 9 Olivut Res V 27 Orbite Tech T 5513 Orbite Tech* O 30 Orca Gold V 1173 Orca Gold* O 69 Orefinders Res V 579 Oremex Silver V 520 Oremex Silver* O 88 Orestone Mng V 928 Orex Mnrls* O 264 Orex Mnrls V 481 Orezone Gold V 930 Orezone Gold* O 282 Organic Potash 149 358 Orla Mng Ltd V Oro East Mg* O 250 Oroco Res V 253 Orocobre T 454 Oroplata Res* O 1440 Orosur Mng T 230 Orsu Metals T 2946 Orsu Metals* O 151 Orvana Mnrls T 339 Orvana Mnrls* O 97 Osisko Gold T 3978 Osisko Gold* N 774 Osisko Mng Inc T 3103 Otis Gold V 921 Otis Gold* O 156 OZ Minerals* O 1

0.00 0.00 0.00 - 0.00 0.00 0.00 0.14 0.11 0.12 - 0.02 0.15 0.04 0.14 0.10 0.10 - 0.04 0.18 0.05 0.63 0.00 0.63 - 0.05 0.72 0.12 0.10 0.08 0.08 - 0.02 0.16 0.01 0.81 0.61 0.63 - 0.18 0.96 0.16 4.70 3.68 3.79 - 0.92 5.07 1.27 3.60 2.78 2.86 - 0.72 3.91 0.91 39.33 33.47 33.97 - 5.32 46.07 16.05 0.28 0.23 0.28 + 0.03 0.38 0.19 0.14 0.11 0.11 - 0.04 0.19 0.02 2.00 1.56 1.83 - 0.17 2.86 0.56 1.51 1.19 1.38 - 0.14 2.25 0.41 0.28 0.12 0.26 + 0.15 0.24 0.09 0.20 0.08 0.20 + 0.11 0.16 0.07 0.07 0.07 0.07 - 0.01 0.08 0.06 1.26 1.19 1.23 - 0.06 1.50 0.44 0.99 0.90 0.90 - 0.09 1.14 0.37 0.09 0.07 0.09 + 0.01 0.18 0.07 0.18 0.14 0.14 - 0.04 0.39 0.03 0.25 0.18 0.19 - 0.05 0.54 0.05 0.56 0.39 0.46 - 0.09 0.61 0.04 0.09 0.09 0.09 - 0.01 0.18 0.04 0.82 0.79 0.79 - 0.02 1.14 0.51 0.63 0.60 0.60 - 0.01 0.87 0.37 0.08 0.06 0.06 - 0.02 0.15 0.03 0.01 0.01 0.01 + 0.01 0.02 0.01 0.08 0.06 0.07 - 0.01 0.21 0.04 0.02 0.01 0.02 - 0.00 2.67 0.01 0.27 0.24 0.24 - 0.02 0.51 0.24 5.44 4.94 4.94 - 0.45 6.49 3.85 4.05 3.73 3.73 - 0.38 5.06 2.71 0.19 0.17 0.17 + 0.01 0.32 0.12 0.10 0.03 0.04 - 0.00 20.00 0.01 0.13 0.12 0.12 - 0.02 0.15 0.06 0.09 0.07 0.09 + 0.02 0.14 0.02 0.17 0.16 0.16 - 0.02 0.27 0.07 0.28 0.25 0.26 - 0.02 0.38 0.13 0.57 0.48 0.50 - 0.05 0.86 0.15 0.73 0.65 0.65 - 0.06 1.08 0.20 5.65 4.08 4.09 - 1.51 7.29 3.05 7.38 5.42 5.44 - 1.89 9.56 4.05 1.76 1.40 1.50 - 0.22 1.95 0.48 1.34 1.06 1.13 - 0.20 1.41 0.35 0.02 0.02 0.02 + 0.01 0.03 0.01 0.23 0.16 0.22 + 0.01 0.29 0.04 0.16 0.12 0.13 - 0.03 0.23 0.02 0.33 0.28 0.33 + 0.03 0.63 0.16 0.08 0.06 0.06 - 0.01 0.11 0.01 0.23 0.00 0.12 - 0.10 0.32 0.07 0.02 0.02 0.02 - 0.00 0.05 0.02 0.21 0.15 0.17 - 0.03 0.30 0.01 0.05 0.03 0.04 - 0.01 0.06 0.01 0.31 0.30 0.31 + 0.01 0.42 0.17 0.45 0.37 0.40 + 0.03 0.52 0.13 0.09 0.09 0.09 - 0.03 0.12 0.03 0.92 0.76 0.81 - 0.11 1.48 0.28 0.72 0.57 0.62 - 0.09 1.16 0.20 0.12 0.09 0.10 + 0.02 0.12 0.01 0.38 0.30 0.33 - 0.03 0.41 0.06 0.50 0.40 0.44 - 0.04 0.54 0.08 0.45 0.36 0.36 - 0.08 0.48 0.03 3.97 3.57 3.73 - 0.21 5.56 2.19 3.10 2.74 2.93 - 0.22 4.26 1.65 0.25 0.20 0.23 - 0.01 0.35 0.15 0.17 0.00 0.16 - 0.04 0.26 0.16 0.71 0.64 0.68 - 0.01 0.76 0.21 0.93 0.85 0.88 - 0.02 0.97 0.27 0.19 0.15 0.16 + 0.00 0.30 0.06 0.24 0.21 0.21 - 0.01 0.42 0.08 0.47 0.42 0.44 - 0.01 0.53 0.20 0.36 0.32 0.33 - 0.01 0.40 0.15 0.42 0.32 0.40 + 0.06 0.45 0.12 0.32 0.22 0.31 + 0.06 0.36 0.08 0.08 0.07 0.08 - 0.01 0.12 0.01 0.04 0.02 0.03 - 0.01 0.10 0.01 0.04 0.02 0.02 - 0.00 0.10 0.00 0.03 0.02 0.02 - 0.01 0.04 0.01 0.81 0.65 0.67 - 0.10 1.02 0.05 1.05 0.85 0.90 - 0.10 1.38 0.11 0.78 0.66 0.68 - 0.09 1.28 0.22 0.58 0.50 0.50 - 0.09 0.99 0.16 0.05 0.02 0.02 - 0.01 0.09 0.01 1.69 1.38 1.50 - 0.15 1.75 0.08 0.02 0.01 0.02 + 0.01 0.05 0.00 0.05 0.00 0.04 - 0.01 0.06 0.01 3.76 3.30 3.35 - 0.45 4.92 1.33 0.55 0.32 0.42 - 0.13 2.04 0.16 0.29 0.00 0.25 - 0.07 0.38 0.10 0.04 0.03 0.03 - 0.01 0.05 0.01 0.02 0.02 0.02 + 0.00 0.04 0.01 0.31 0.26 0.29 - 0.01 0.39 0.11 0.23 0.19 0.21 - 0.02 0.29 0.07 14.36 12.34 13.46 - 0.90 18.64 12.34 10.98 9.38 10.11 - 0.83 14.74 8.88 3.08 2.55 2.80 - 0.25 3.42 0.96 0.30 0.25 0.28 - 0.05 0.42 0.07 0.23 0.19 0.19 - 0.04 0.32 0.05 4.71 0.00 4.50 - 0.21 5.33 2.29

Pac Bay Mnrls V 73 Pac Booker Min* O 60 21 Pac Booker Min V Pac Imperial V 1096 Pac North West* O 19 Pac Ridge Expl V 328 Pac Topaz V 55 Paladin Energy T 1109 O 37 Palamina Corp* Palamina Corp V 133 Pan Am Silver* D 14942 Pan Am Silver T 3904 Pancontinental* O 405 V 290 Pancontinental Pantheon Vent V 290 Para Resources V 1294 Paramount Gold* X 579 Pasinex Res 712 Patriot Gold* O 583 Peabody Enrgy* O 912 Pedro Res V 19 Pelangio Expl* O 114 Pelangio Expl V 750 405 Pele Mtn Res* O Pele Mtn Res V 195 O 10 Peloton Mnrls* Peloton Mnrls 101 Peregrine Diam T 979 Perseus Mng T 1586 Pershimco Res V 2034 Pershing Gold* D 566 Peruvian Prc M* O 78 Pilot Gold T 965 Pilot Gold* O 347 Pine Cliff En* O 67 Pine Cliff En T 1579 Pinecrest Res V 104 Pistol Bay Mng V 300 12 PJSC Polyus Gd* O V 489 PJX Res Plata Latina V 401 Plateau Uran* O 33 Plateau Uran V 181 Platinex V 4857 Platinum Gp Mt T 505 Platinum Gp Mt* X 2055 Plato Gold V 551 Playfair Mng V 450 Playfair Mng* O 34 Polaris Mater T 448 PolyMet Mng* X 899 PolyMet Mng T 95 Portage Res* O 3559 Portofino Res V 22 Potash Corp SK* N 24628 Potash Corp SK T 8587 Potash Ridge T 5358 Potash Ridge* O 208 PPX Mining V 326 Precipitate Gl V 306 Premier Gold M T 4488 Pretium Res T 3522 Pretium Res* N 10991 Primero Mng* N 7136 Primero Mng T 4498 Prism Res V 25 Prize Mng V 69 Probe Metals* O 159 Probe Metals V 496 Prophecy Coal T 6 Prophecy Coal* O 1 Prospect Glob* O 129 Prosper Gold V 341 Prospero Silvr V 235 Prospero Silvr* O 5 PUF Vent Inc 7263 PUF Vent Inc * O 75 Puma Expl V 2686 Pure Energy* O 1237 Pure Energy V 1911 Pure Gold Mg* O 223 Pure Gold Mg V 1904 Q-Gold Res V 111 QMX Gold V 152 QMX Gold* O 200 Quartz Mtn Res* O 1 Quaterra Res* O 281 Quaterra Res V 142 Quest Rare Mnl* O 88 Quest Rare Mnl T 782 Quinto Real V 89

0.06 0.00 0.05 - 0.01 0.10 0.03 0.86 0.85 0.85 + 0.01 1.88 0.45 1.13 1.10 1.10 - 0.02 2.45 0.63 0.03 0.03 0.03 - 0.01 0.05 0.01 0.04 0.03 0.04 + 0.01 0.06 0.00 0.09 0.06 0.08 - 0.01 0.11 0.02 0.20 0.18 0.18 - 0.01 0.29 0.07 0.16 0.15 0.16 + 0.01 0.27 0.15 0.14 0.13 0.14 - 0.02 0.19 0.08 0.20 0.00 0.18 - 0.01 0.25 0.06 18.08 15.03 15.51 - 2.11 21.59 5.38 23.71 19.86 20.63 - 2.47 27.56 7.85 0.07 0.07 0.07 - 0.00 0.10 0.00 0.10 0.06 0.07 - 0.03 0.13 0.01 0.21 0.18 0.18 - 0.03 0.27 0.10 0.26 0.20 0.24 + 0.01 0.36 0.08 2.10 1.65 1.85 - 0.16 2.93 0.93 0.15 0.11 0.11 - 0.04 0.17 0.03 0.12 0.07 0.10 - 0.01 0.23 0.05 1.65 1.43 1.61 + 0.06 27.32 0.55 0.19 0.17 0.19 + 0.02 0.27 0.01 0.03 0.03 0.03 + 0.00 0.06 0.01 0.05 0.04 0.04 - 0.01 0.08 0.01 0.03 0.02 0.02 - 0.00 0.04 0.02 0.03 0.03 0.03 - 0.01 0.06 0.03 0.07 0.06 0.06 - 0.01 0.09 0.03 0.12 0.09 0.12 + 0.02 0.13 0.08 0.24 0.21 0.22 - 0.01 0.32 0.09 0.56 0.46 0.48 - 0.06 0.67 0.27 0.31 0.27 0.28 - 0.02 0.36 0.09 4.58 4.10 4.28 - 0.25 5.02 3.04 0.08 0.07 0.07 - 0.02 0.13 0.02 0.76 0.64 0.69 - 0.04 0.95 0.22 0.56 0.48 0.52 - 0.03 0.72 0.06 0.79 0.76 0.77 - 0.02 0.95 0.51 1.07 1.00 1.07 + 0.03 1.36 0.61 0.23 0.20 0.21 - 0.03 0.30 0.03 0.10 0.00 0.10 + 0.01 0.14 0.01 35.80 34.65 35.55 - 0.25 37.59 18.35 0.20 0.15 0.20 + 0.05 0.21 0.13 0.05 0.04 0.04 - 0.01 0.12 0.02 0.21 0.18 0.18 - 0.01 0.35 0.18 0.28 0.24 0.25 - 0.01 0.45 0.24 0.07 0.04 0.05 + 0.02 0.07 0.01 3.66 2.81 2.85 - 0.77 5.25 1.35 2.80 2.11 2.16 - 0.58 4.04 0.96 0.02 0.01 0.02 + 0.01 0.03 0.01 0.15 0.09 0.14 + 0.05 0.15 0.02 0.11 0.07 0.11 + 0.04 0.11 0.01 1.18 1.09 1.14 - 0.01 1.99 1.00 0.81 0.74 0.77 - 0.04 1.28 0.68 1.05 0.98 0.98 - 0.07 1.71 0.92 0.00 0.00 0.00 + 0.00 0.01 0.00 0.12 0.09 0.09 - 0.01 0.12 0.06 16.36 15.94 15.98 - 0.34 22.37 14.64 21.61 21.05 21.21 - 0.14 29.29 19.93 0.38 0.32 0.36 + 0.03 0.50 0.03 0.28 0.25 0.27 + 0.02 0.38 0.03 0.12 0.10 0.10 - 0.02 0.16 0.03 0.23 0.16 0.19 - 0.04 0.37 0.06 4.10 3.33 3.41 - 0.63 5.05 2.12 13.61 10.92 11.43 - 2.04 16.17 5.74 10.40 8.25 8.60 - 1.67 12.41 4.00 1.70 1.43 1.50 - 0.16 3.16 1.41 2.19 1.90 1.97 - 0.22 3.94 1.90 0.19 0.19 0.19 + 0.01 0.23 0.06 0.42 0.24 0.40 + 0.16 0.42 0.01 1.30 1.14 1.15 - 0.11 1.66 0.24 1.70 1.51 1.51 - 0.15 2.18 0.34 3.40 3.05 3.20 - 0.20 5.48 1.00 2.44 0.00 2.44 - 0.21 4.05 1.25 0.19 0.00 0.07 - 0.00 0.20 0.02 0.40 0.31 0.35 - 0.06 0.44 0.06 0.33 0.30 0.33 + 0.03 0.32 0.05 0.24 0.24 0.24 + 0.01 0.24 0.03 0.39 0.20 0.31 + 0.10 0.39 0.04 0.24 0.17 0.24 + 0.07 0.23 0.03 0.10 0.07 0.09 + 0.03 0.10 0.03 0.60 0.45 0.48 - 0.10 0.91 0.29 0.78 0.59 0.65 - 0.11 1.15 0.41 0.57 0.51 0.55 - 0.02 0.60 0.05 0.76 0.67 0.73 - 0.02 0.77 0.07 0.06 0.00 0.05 - 0.01 0.14 0.01 0.05 0.04 0.05 - 0.01 0.11 0.01 0.04 0.04 0.04 + 0.00 0.08 0.01 0.04 0.00 0.04 - 0.00 0.04 0.00 0.06 0.05 0.05 - 0.01 0.07 0.04 0.08 0.07 0.07 - 0.02 0.10 0.05 0.10 0.09 0.10 - 0.01 0.20 0.03 0.14 0.13 0.13 - 0.01 0.25 0.06 0.08 0.05 0.05 - 0.04 0.20 0.02

Rackla Mtls* O 14 Rackla Mtls V 128 Radisson Mng V 276 Radius Gold V 310 Rainforest Res* O 10 Rainmaker Res V 79 Rainy Mtn Royl V 4730 Rambler Ml &Mg V 30 Randgold Res* O 1

0.17 0.10 0.10 - 0.00 0.17 0.03 0.22 0.14 0.17 + 0.03 0.22 0.05 0.16 0.15 0.15 - 0.01 0.18 0.09 0.15 0.13 0.13 - 0.03 0.17 0.05 5.00 0.00 4.58 + 1.23 7.00 0.30 0.12 0.10 0.11 - 0.01 0.25 0.07 0.10 0.06 0.09 + 0.02 0.10 0.03 0.10 0.00 0.09 - 0.01 0.14 0.05 94.93 0.00 92.55 - 8.90 120.75 59.09

P-Q

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Randgold Res* D 8473 100.93 86.62 88.25 - 11.82 126.55 58.77 Randsburg Int* O 20 0.01 0.00 0.00 - 0.00 0.01 0.00 Randsburg Intl V 118 0.02 0.01 0.01 - 0.01 0.02 0.01 Raptor Res* O 103 0.00 0.00 0.00 + 0.00 0.00 0.00 Rare Element* O 173 0.08 0.06 0.06 - 0.01 0.33 0.06 Rathdowney Res V 89 0.20 0.16 0.20 + 0.02 0.26 0.11 RB Energy* O 54 0.00 0.00 0.00 - 0.00 0.01 0.00 Red Eagle Mng V 1942 0.85 0.76 0.77 - 0.08 0.90 0.25 619 0.63 0.57 0.58 - 0.06 0.91 0.18 Red Eagle Mng* O Red Pine Expl V 2293 0.17 0.12 0.14 - 0.03 0.24 0.03 Red Tiger Mng V 5 0.04 0.00 0.03 - 0.02 0.10 0.02 Redhawk Res T 80 0.07 0.06 0.06 - 0.01 0.09 0.04 Redhill Res V 576 2.01 1.76 1.80 - 0.36 2.45 0.06 Redhill Res* O 11 1.69 0.00 1.40 - 0.26 1.83 0.51 Redstar Gold* O 526 0.11 0.09 0.09 - 0.01 0.13 0.01 0.12 - 0.02 0.17 0.03 Redstar Gold V 1964 0.14 0.11 Regulus Res V 107 1.50 1.29 1.42 + 0.02 1.87 0.19 Reliant Gold V 896 0.03 0.02 0.02 - 0.01 0.04 0.01 Renaissance Gd V 403 0.63 0.45 0.48 - 0.08 0.66 0.11 Renaissance Gd* O 263 0.48 0.34 0.37 - 0.06 0.52 0.08 0.04 - 0.01 0.30 0.04 Resolve Vent V 186 0.05 0.04 0.27 + 0.01 0.35 0.02 Resource Cap V 184 0.28 0.25 Resource Cap* O 161 0.20 0.19 0.19 - 0.03 0.26 0.02 0.04 - 0.01 0.06 0.01 Reunion Gold V 343 0.05 0.04 Revolver Res V 470 0.34 0.26 0.32 + 0.01 0.39 0.07 0.08 + 0.02 0.10 0.01 Rheingold Expl 451 0.10 0.00 Richmont Mines* X 2789 10.16 8.23 8.43 - 1.62 11.66 2.79 Richmont Mines T 1485 13.32 10.92 11.23 - 1.99 15.01 3.73 Rio Novo Gold* O 20 0.14 0.14 0.14 - 0.01 0.23 0.06 Rio Novo Gold T 80 0.22 0.19 0.19 - 0.03 0.30 0.07 0.14 - 0.02 0.17 0.02 Rio Silver V 113 0.15 0.12 Rio Silver* O 9 0.11 0.11 0.11 - 0.01 0.11 0.11 Rio Tinto* O 8 40.08 37.50 39.09 + 1.59 40.08 25.47 33.16 - 0.24 40.05 21.89 Rio Tinto* N 16391 34.16 32.94 Rio Tinto* O 5 34.00 32.48 33.25 - 0.75 38.70 21.90 274 0.24 0.18 0.24 + 0.05 0.25 0.11 Rise Res Inc Riverside Res* O 513 0.32 0.27 0.28 - 0.04 0.38 0.08 0.38 - 0.05 0.49 0.12 Riverside Res V 486 0.42 0.36 RJK Explor V 98 0.18 0.16 0.16 - 0.02 0.25 0.05 Robex Res V 322 0.11 0.10 0.10 - 0.01 0.17 0.05 O 3 0.06 0.04 0.04 - 0.02 0.09 0.01 Rochester Res* Rochester Res V 48 0.07 0.00 0.06 - 0.02 0.11 0.03 Rock Tech Lith* O 5 0.81 0.81 0.81 - 0.00 0.81 0.02 Rock Tech Lith V 204 1.18 0.87 0.88 - 0.29 1.45 0.03 0.13 - 0.01 0.16 0.02 Rockcliff Cop V 935 0.16 0.12 V 640 0.21 0.16 0.20 - 0.01 0.29 0.10 Rockhaven Res Rockland Mnls V 211 0.06 0.05 0.05 - 0.01 0.11 0.01 V 163 0.43 0.25 0.28 - 0.15 0.57 0.05 Rockridge Cap Rockshield Cap 77 0.07 0.05 0.07 + 0.02 0.11 0.04 Rockwell Diam T 38 0.09 0.09 0.09 - 0.01 0.20 0.07 0.11 - 0.02 0.35 0.10 Rodinia Lithm V 561 0.13 0.10 0.33 + 0.02 0.43 0.32 Rogue Res* O 11 0.34 0.00 Rogue Res V 411 0.44 0.41 0.41 - 0.04 1.50 0.40 Rokmaster Res V 1055 0.03 0.02 0.02 - 0.01 0.05 0.01 0.09 0.08 0.09 + 0.01 0.10 0.02 Romios Gold Rs V 1059 661 0.07 0.05 0.07 - 0.00 0.08 0.01 Romios Gold Rs* O RosCan Mrnls V 210 0.04 0.02 0.02 - 0.02 0.04 0.01 Rosita Mg Corp V 399 0.08 0.00 0.08 - 0.01 0.14 0.01 100 0.05 0.05 0.05 - 0.01 0.10 0.01 Rosita Mg Corp* O Roughrider Exp V 263 0.09 0.07 0.07 - 0.02 0.15 0.05 1.13 - 0.04 1.35 0.46 Roxgold* O 297 1.18 1.08 V 1880 1.58 1.40 1.50 - 0.05 1.76 0.60 Roxgold Royal Gold* D 5252 77.82 64.67 66.12 - 11.31 87.74 24.68 Royal Nickel T 4486 0.45 0.40 0.41 - 0.02 0.63 0.12 Royal Nickel* O 202 0.34 0.29 0.31 - 0.01 0.50 0.10 0.15 0.11 0.12 - 0.04 0.18 0.04 Royal Rd Mnrls V 1139 Royal Sapphire V 310 0.06 0.05 0.06 + 0.02 0.07 0.03 Royal Std Mnrl* O 488 0.00 0.00 0.00 - 0.00 0.00 0.00 0.07 - 0.01 0.09 0.05 RT Minerals* O 74 0.09 0.07 RTG Mining T 5 0.52 0.00 0.52 + 0.02 0.70 0.33 O 1546 0.04 0.03 0.03 - 0.00 0.56 0.01 Rubicon Mnrls* Rubicon Mnrls T 2149 0.06 0.05 0.05 - 0.01 0.73 0.02 0.26 - 0.10 0.58 0.03 Rugby Mng V 47 0.36 0.26 Running Fox Rs* O 28 0.03 0.01 0.02 - 0.00 0.03 0.00 Running Fox Rs V 61 0.03 0.03 0.03 - 0.01 0.04 0.01 0.70 - 0.16 0.99 0.02 Rupert Res V 273 0.86 0.67 Rusoro Mng* O 127 0.17 0.15 0.16 - 0.01 0.31 0.02 0.21 - 0.02 0.41 0.03 Rusoro Mng V 1015 0.23 0.19 Rye Patch Gold* O 696 0.24 0.21 0.22 - 0.01 0.37 0.08 0.32 0.28 0.29 - 0.03 0.47 0.11 Rye Patch Gold V 1709

S Sabina Gd&Slvr T 1721 O 943 Sabina Gd&Slvr* Sage Gold V 1160 Sage Gold* O 97 Saint Jean* O 61 Saint Jean V 2664 Salazar Res* O 112 Salazar Res V 365 Sama Res V 54 San Marco Res* O 115 San Marco Res V 172 V 545 Sanatana Diam Sandspring Res V 1274 O 404 Sandspring Res* Sandstorm Gold* X 12849 T 3655 Sandstorm Gold Santacruz Silv V 1545 Sarama Res V 694 Sarissa Res* O 598 Satori Res V 116 Satori Res* O 59 Saturn Mnrls V 1369 V 77 Savannah Gold Savary Gold* O 38 Scandium Int M* O 255 Scientific Mts V 2578 Scorpio Gold V 756 ScoZinc Mg V 35 Seabridge Gld T 660 Seabridge Gld* N 3840 Search Mnls V 168 Searchlight* O 50 Secova Mtls V 1156 Sego Res V 387 Select Sands V 4628 Semafo T 8397 Senator Mnrls V 65 O 25 Senator Mnrls* Sennen Potash V 87 Serengeti Res V 1880 Shamrock Ent 153 Sherritt Intl T 1783 Shore Gold T 1277 Shoshoni Gold V 26 Sibanye Gold* N 8108 Sidney Resrces* O 132 Sienna Res V 446 Sienna Res* O 70 Sierra Iron Or V 126 Sierra Metals T 111 Sierra Metals* O 1 Signal Expl V 138 Signature Res V 230 Silver Bear Rs T 2098 Silver Bull Re* O 1642 Silver Bull Re T 771 Silver Dragon* O 1792 Silver Grail V 67 Silver Mtn Mns V 56 Silver Predatr V 40 Silver Pursuit V 160 Silver Range V 158 Silver Shield 53 Silver Spruce V 146 Silver Spruce* O 63 Silver Std Res T 2570 Silver Std Res* D 10716 Silver Wheaton T 9528 Silver Wheaton* N 34609 Silvercorp Met T 4577 Silvercorp Met* O 1614 SinoCoking Cl* D 334 Sirios Res V 5366 Sirios Res* O 304 Skeena Res* O 124 Skeena Res V 2057 Sky Ridge V 978 Skyharbour Res* O 7 Slam Explor V 550 Solitario Ex&R T 22 Solitario Ex&R* X 258 Sonora Gld & S V 879 Sonoro Mtls V 19 Source Expl V 401 20 Source Expl * O Southern Arc* O 132 Southern Copp* N 4060 Southern Silvr V 1434 Southern Silvr* O 879 SouthGobi Res T 96 Spanish Mtn Gd* O 91 Spanish Mtn Gd V 1406 Sparton Res* O 22 Sphinx Res V 680 St Augustine T 1697 St-Georges Plt* O 13 Stakeholdr Gld V 147 Stakeholdr Gld* O 85 Stans Energy* O 277 Stans Energy V 2484 Starcore Intl T 161 Stellar Africa V 608 Stelmine Can V 22 Sterling Grp* O 71 Stillwater Mg* N 11544 Stina Res 229 Stina Res* O 78 Stockport Expl* O 12 Stonegate Agri* O 33 Stornoway Diam T 3739 Strategic Metl V 594 Strategic Res V 10 Stratton Res V 300 Stria Lithium V 2388 Strikepoint Gd V 338 Strikepoint Gd* O 19 Stroud Res V 1254 Sulliden Mng T 197 Sultan Mnrls V 60 Suncor Energy T 11767 Suncor Energy* N 14804 Sunridge Gold* O 574

1.41 1.24 1.30 - 0.10 1.87 0.44 1.08 0.94 0.98 - 0.10 1.55 0.33 0.15 0.10 0.11 - 0.04 0.16 0.03 0.08 0.07 0.07 - 0.01 0.12 0.03 0.03 0.03 0.03 - 0.00 0.05 0.02 0.04 0.03 0.04 + 0.01 0.07 0.03 0.07 0.07 0.07 + 0.00 0.12 0.03 0.10 0.09 0.09 - 0.01 0.16 0.03 0.12 0.11 0.11 - 0.01 0.20 0.07 0.14 0.11 0.12 - 0.01 0.22 0.01 0.19 0.13 0.15 - 0.02 0.30 0.02 0.03 0.02 0.02 - 0.01 0.04 0.01 0.65 0.55 0.59 - 0.07 0.94 0.11 0.50 0.40 0.46 - 0.03 0.72 0.08 5.14 4.33 4.50 - 0.53 6.75 1.94 6.74 5.73 6.00 - 0.63 8.73 2.82 0.45 0.36 0.40 - 0.05 0.63 0.09 0.30 0.22 0.26 - 0.04 0.55 0.05 0.01 0.01 0.01 - 0.00 0.01 0.00 0.16 0.09 0.12 - 0.03 0.18 0.03 0.10 0.07 0.10 + 0.01 0.13 0.02 0.10 0.09 0.10 - 0.01 0.22 0.08 0.09 0.00 0.08 - 0.01 0.15 0.01 0.08 0.08 0.08 - 0.01 0.12 0.06 0.13 0.11 0.11 - 0.02 0.17 0.08 0.10 0.07 0.10 + 0.02 0.10 0.07 0.08 0.07 0.08 - 0.01 0.11 0.05 0.80 0.78 0.78 - 0.02 1.25 0.40 14.56 13.07 13.61 - 0.86 20.71 7.99 11.14 9.92 10.26 - 0.77 15.88 5.46 0.08 0.07 0.07 - 0.01 0.11 0.04 0.07 0.06 0.06 + 0.00 0.19 0.01 0.06 0.05 0.05 - 0.01 0.10 0.03 0.03 0.03 0.03 - 0.01 0.05 0.01 0.88 0.59 0.78 + 0.13 0.88 0.20 5.49 4.69 4.88 - 0.58 7.46 2.69 0.77 0.68 0.76 + 0.04 0.77 0.05 0.54 0.54 0.54 + 0.11 0.54 0.04 0.13 0.11 0.13 + 0.02 0.18 0.09 0.17 0.12 0.13 - 0.04 0.33 0.02 0.04 0.03 0.04 + 0.01 0.06 0.01 0.84 0.79 0.81 - 0.03 1.15 0.53 0.21 0.20 0.21 + 0.02 0.25 0.15 0.07 0.00 0.06 - 0.02 0.25 0.05 14.15 10.97 11.32 - 2.81 20.97 4.59 0.01 0.01 0.01 - 0.00 0.02 0.00 0.19 0.17 0.18 - 0.01 0.27 0.01 0.14 0.13 0.13 - 0.00 0.20 0.01 0.40 0.33 0.33 - 0.03 0.45 0.22 1.93 1.70 1.80 - 0.15 2.19 0.95 1.57 1.31 1.50 - 0.07 1.69 0.69 0.50 0.37 0.50 + 0.15 0.43 0.01 0.10 0.08 0.10 + 0.01 0.12 0.01 0.28 0.21 0.26 - 0.03 0.53 0.02 0.15 0.12 0.14 - 0.01 0.21 0.02 0.19 0.16 0.18 - 0.01 0.28 0.04 0.03 0.02 0.03 - 0.00 0.05 0.00 0.07 0.00 0.07 - 0.01 0.16 0.02 0.03 0.03 0.03 + 0.01 0.05 0.01 0.07 0.06 0.06 - 0.01 0.12 0.01 0.12 0.11 0.11 - 0.01 0.13 0.02 0.15 0.10 0.11 - 0.04 0.24 0.02 0.07 0.07 0.07 - 0.01 0.17 0.02 0.12 0.11 0.11 - 0.01 0.14 0.05 0.10 0.09 0.09 - 0.01 0.10 0.03 15.97 13.42 13.97 - 1.84 20.48 5.28 12.14 10.13 10.50 - 1.56 15.84 3.66 35.69 29.39 29.93 - 5.51 40.80 14.51 27.23 22.12 22.58 - 4.45 31.35 10.04 4.24 3.29 3.43 - 0.76 4.73 0.60 3.24 2.47 2.56 - 0.65 3.67 0.41 0.32 0.22 0.27 - 0.04 0.76 0.22 0.90 0.47 0.56 - 0.33 1.42 0.07 0.67 0.36 0.45 - 0.23 1.13 0.07 0.12 0.09 0.10 - 0.03 0.15 0.04 0.15 0.12 0.13 - 0.02 0.20 0.06 0.66 0.48 0.49 - 0.14 0.88 0.17 0.22 0.21 0.21 - 0.03 0.32 0.21 0.08 0.05 0.06 - 0.02 0.15 0.01 0.90 0.82 0.90 + 0.01 1.29 0.57 0.72 0.64 0.71 + 0.05 0.95 0.41 0.05 0.05 0.05 - 0.01 0.08 0.01 0.11 0.11 0.11 - 0.01 0.15 0.04 0.24 0.20 0.20 - 0.03 0.50 0.10 0.18 0.17 0.17 - 0.04 0.21 0.17 0.68 0.53 0.54 - 0.02 0.75 0.17 26.69 25.94 26.22 - 0.08 31.31 21.55 0.40 0.30 0.35 - 0.05 0.66 0.03 0.31 0.23 0.27 - 0.04 0.52 0.02 0.65 0.00 0.40 - 0.07 0.65 0.21 0.11 0.09 0.10 - 0.01 0.17 0.01 0.15 0.12 0.14 - 0.01 0.22 0.02 0.05 0.04 0.04 - 0.01 0.07 0.01 0.08 0.06 0.07 - 0.01 0.14 0.01 0.08 0.07 0.07 - 0.02 0.14 0.07 0.05 0.03 0.05 + 0.02 0.04 0.01 0.89 0.72 0.82 + 0.12 0.89 0.04 0.67 0.56 0.64 + 0.09 0.67 0.05 0.05 0.03 0.05 + 0.02 0.06 0.01 0.07 0.04 0.06 + 0.02 0.09 0.01 0.68 0.59 0.61 - 0.08 0.91 0.25 0.04 0.03 0.03 - 0.01 0.08 0.01 0.34 0.00 0.31 - 0.03 0.38 0.05 0.03 0.03 0.03 - 0.00 0.04 0.01 13.50 11.67 11.80 - 1.56 15.91 4.99 0.10 0.08 0.08 - 0.01 0.19 0.08 0.08 0.06 0.07 - 0.01 0.16 0.06 0.01 0.01 0.01 - 0.01 0.04 0.00 0.01 0.01 0.01 - 0.01 0.03 0.00 1.19 1.10 1.15 - 0.03 1.20 0.66 0.64 0.52 0.55 - 0.10 0.86 0.24 0.21 0.16 0.16 - 0.05 0.34 0.08 0.65 0.57 0.65 + 0.01 0.85 0.07 0.08 0.05 0.05 - 0.02 0.18 0.03 0.33 0.27 0.33 + 0.03 0.55 0.05 0.24 0.00 0.24 + 0.05 0.24 0.08 0.02 0.01 0.01 - 0.01 0.03 0.01 0.41 0.37 0.37 - 0.04 0.47 0.19 0.12 0.00 0.12 + 0.02 0.20 0.05 37.12 36.03 36.88 + 0.46 40.35 27.32 28.09 27.30 27.76 - 0.02 30.70 18.71 0.03 0.03 0.03 - 0.00 0.29 0.01

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Sunset Cove Mg V 805 Sunvest Mnrls V 296 Sutter Gold V 7 Syrah Res* O 27

0.16 0.12 0.15 + 0.02 0.16 0.07 0.27 0.21 0.24 - 0.03 0.45 0.01 0.06 0.05 0.06 + 0.01 0.16 0.04 3.32 2.61 2.76 - 0.56 4.90 2.10

Tahoe Res* N 14446 Tahoe Res T 8349 Tajiri Res V 449 Takara Res V 127 Talon Metals T 1093 Tamino Mnrls* O 660 Tanager Energy V 154 Tango Mining V 3807 Tantalex Res 963 Tanzania Rlty T 397 Tanzania Rlty* X 1813 Taranis Res V 863 Tasca Res V 140 Taseko Mines* X 512 Taseko Mines T 268 Teck Res T 20661 Teck Res* N 41025 Teck Res T 16 Telson Res * O 29 Telson Res V 267 Tembo Gold* O 68 Teranga Gold T 7854 Teras Res V 360 Terraco Gold V 480 Terrax Mnrls* O 181 Terrax Mnrls V 739 279 Teslin Rvr Res V Tesoro Mnrls V 193 Teuton Res V 469 Teuton Res* O 40 Thompson Creek T 1944 Thompson Creek* O 1271 Thunder Mtn Gd* O 116 Thunderstruck V 52 Till Capital V 3 Till Capital* D 36 Timberline Res V 391 Timberline Res* O 219 Timmins Gold T 3084 Timmins Gold* X 8892 Tinka Res* O 295 Tinka Res V 1366 Tintina Res* O 163 Tirex Res* O 13 Tirex Res V 246 Titanium Corp V 49 TMAC Resource* O 33 TMAC Resources T 149 TomaGold V 1495 Tombstone Expl* O 3995 Tonogold Res* O 13 Torex Gold* O 197 Torex Gold T 3720 Tower Res V 893 V 630 Transatlan Mng Treasury Metal T 1628 Trecora Res* N 54 Tres-Or Res V 468 Trevali Mng* O 370 Trevali Mng T 6196 TriMetals Mng* O 79 TriMetals Mng* O 83 TriMetals Mng T 320 TriStar Gold* O 129 TriStar Gold V 211 Troy Enrgy V 51 Troymet Expl V 2289 Trueclaim Expl* O 26 Trueclaim Expl V 32 Tudor Gold V 116 Tungsten Corp* O 86 Turquoise HIl* N 8727 Turquoise HIl T 4576 TVI Pacific* O 23 TVI Pacific V 2683 Typhoon Expl V 95

12.91 10.92 11.12 - 1.71 17.01 6.48 16.91 14.43 14.82 - 2.00 22.13 9.45 0.13 0.10 0.10 - 0.03 0.13 0.01 0.07 0.05 0.06 - 0.01 0.10 0.02 0.09 0.07 0.07 - 0.02 0.15 0.07 0.00 0.00 0.00 - 0.00 0.00 0.00 0.11 0.07 0.07 - 0.02 0.12 0.02 0.03 0.02 0.02 - 0.01 0.14 0.01 0.17 0.14 0.17 + 0.03 0.18 0.01 1.12 0.86 0.91 - 0.16 1.95 0.24 0.84 0.65 0.68 - 0.12 1.49 0.17 0.14 0.11 0.13 + 0.01 0.15 0.04 0.16 0.11 0.16 + 0.04 0.21 0.00 0.50 0.44 0.44 - 0.04 0.70 0.23 0.65 0.58 0.58 - 0.05 0.88 0.35 24.00 22.38 23.24 - 0.41 24.89 3.65 18.37 16.95 17.48 - 0.55 19.08 2.56 23.99 22.65 23.50 - 0.12 25.00 5.69 0.23 0.22 0.22 - 0.00 0.43 0.07 0.31 0.27 0.31 + 0.01 0.55 0.04 0.04 0.04 0.04 + 0.00 0.06 0.01 1.19 1.00 1.06 - 0.11 1.40 0.38 0.17 0.14 0.15 - 0.02 0.21 0.03 0.17 0.15 0.17 - 0.01 0.19 0.08 0.72 0.60 0.67 - 0.05 0.80 0.17 0.94 0.80 0.89 - 0.02 1.05 0.24 0.28 0.25 0.25 - 0.01 0.43 0.20 0.06 0.00 0.05 - 0.01 0.08 0.01 0.28 0.16 0.22 - 0.04 0.46 0.04 0.18 0.16 0.16 - 0.02 0.34 0.03 0.70 0.61 0.62 - 0.07 0.77 0.16 0.53 0.46 0.46 - 0.06 0.60 0.07 0.16 0.08 0.08 - 0.07 0.16 0.02 0.09 0.09 0.09 - 0.01 0.20 0.01 5.24 5.08 5.24 + 0.16 6.00 3.28 4.31 3.95 4.00 - 0.35 5.00 2.76 0.53 0.48 0.49 - 0.02 0.72 0.16 0.40 0.35 0.37 - 0.03 0.55 0.08 0.62 0.55 0.55 - 0.06 0.80 0.11 0.47 0.42 0.42 - 0.04 0.63 0.07 0.17 0.13 0.17 + 0.03 0.22 0.07 0.22 0.17 0.22 + 0.03 0.27 0.09 0.08 0.06 0.06 + 0.00 0.12 0.04 0.08 0.07 0.07 - 0.01 0.16 0.05 0.10 0.09 0.10 - 0.01 0.22 0.05 0.70 0.58 0.68 + 0.02 1.35 0.31 14.20 12.20 12.86 - 1.34 15.16 9.26 18.59 16.05 17.27 - 1.29 19.97 5.81 0.12 0.09 0.10 - 0.02 0.17 0.04 0.01 0.01 0.01 + 0.00 0.02 0.01 0.03 0.03 0.03 + 0.01 0.07 0.01 21.78 16.74 17.92 - 3.80 27.34 7.97 28.63 22.08 23.75 - 4.63 35.17 10.90 0.20 0.18 0.20 + 0.01 0.21 0.01 0.07 0.06 0.07 + 0.01 0.15 0.03 0.74 0.48 0.61 - 0.14 0.85 0.32 11.53 10.80 10.81 - 0.61 14.96 8.17 0.04 0.03 0.03 - 0.01 0.06 0.02 0.85 0.77 0.78 - 0.06 0.87 0.18 1.11 1.01 1.04 - 0.05 1.13 0.25 0.21 0.18 0.20 - 0.02 0.32 0.06 0.23 0.21 0.21 - 0.02 0.28 0.04 0.30 0.27 0.29 - 0.02 0.36 0.06 0.33 0.26 0.33 + 0.03 0.41 0.10 0.43 0.34 0.43 + 0.02 0.53 0.14 0.04 0.02 0.02 - 0.01 0.05 0.01 0.04 0.03 0.04 + 0.01 0.05 0.01 0.04 0.04 0.04 - 0.01 0.04 0.01 0.05 0.05 0.05 - 0.01 0.05 0.01 0.92 0.70 0.76 - 0.15 2.50 0.03 0.00 0.00 0.00 - 0.00 0.00 0.00 3.00 2.91 2.94 - 0.03 3.67 1.55 3.95 3.82 3.89 + 0.01 4.72 2.30 0.02 0.01 0.01 - 0.01 0.03 0.00 0.02 0.01 0.02 - 0.01 0.04 0.01 0.10 0.07 0.07 - 0.02 0.15 0.03

U.S. Lithium* O 135 U3O8 Corp* O 960 Ucore Rare Mtl* O 229 Ucore Rare Mtl V 560 UEX Corp T 916 Umbral Enrgy 5674 Unigold V 899 Unigold* O 92 United Res Hdg* O 142 United States A* X 336 United States S* N 66750 Unity Energy V 235 Ur-Energy T 201 Ur-Energy* X 1478 Uracan Res V 122 Uracan Res* O 57 Uragold Bay Rs V 968 Uranium Energy* X 2458 Uranium Hunter* O 1 Uranium Res* D 1941 Uravan Mnrls V 417 US Energy* D 227 US Precious M* O 2332 US Tungsten* O 38 USCorp* O 969 Vale* N 43685 Vale* N 100912 Valencia Vent* O 2 Valencia Vent V 3 ValGold Res V 2406 Valley High Mg* O 2443 Valterra Res V 138 Valterra Res* O 205 Vanadiumcorp V 447 Vanadiumcorp* O 220 Vangold Res V 1473 N 1064 Vedanta* Vela Minerals V 98 Vena Res V 44 Vendetta Mng V 2779 Vendome Res V 32 Venture Mnrls* O 35 Verde Potash T 36 Veris Gold* O 61 Victoria Gold V 3228 Victory Nickel* O 5 Victory Nickel 162 Victory Res V 606 Virginia Enrgy V 99 Viscount Mng V 507 Vista Gold* X 5997 Vista Gold T 358 Voltaic Min V 514 Vulcan Mnrls V 25

0.04 0.03 0.03 + 0.01 0.15 0.01 0.02 0.01 0.02 - 0.00 0.03 0.01 0.28 0.24 0.25 - 0.03 0.35 0.15 0.36 0.32 0.32 - 0.04 0.45 0.20 0.22 0.18 0.20 - 0.02 0.29 0.11 0.05 0.02 0.04 + 0.02 0.10 0.02 0.35 0.30 0.35 + 0.02 0.69 0.08 0.27 0.24 0.27 + 0.00 0.51 0.06 0.03 0.02 0.02 - 0.00 0.06 0.01 0.49 0.35 0.39 - 0.06 0.60 0.16 19.04 17.16 17.68 - 1.18 27.64 6.15 0.12 0.09 0.09 - 0.03 0.48 0.10 0.66 0.60 0.66 + 0.02 0.98 0.60 0.50 0.45 0.49 - 0.00 0.73 0.44 0.10 0.08 0.09 + 0.01 0.10 0.01 0.08 0.05 0.07 + 0.00 0.08 0.00 0.18 0.14 0.17 - 0.01 0.31 0.02 0.99 0.90 0.92 - 0.07 1.47 0.65 1.10 0.00 1.10 + 0.10 6.00 0.85 1.45 1.25 1.32 + 0.04 10.20 1.25 0.34 0.29 0.29 + 0.01 0.42 0.05 1.88 1.65 1.81 + 0.06 3.18 0.67 0.02 0.01 0.01 - 0.01 0.07 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.03 0.00 5.03 4.72 4.99 + 0.28 5.12 1.55 5.70 5.39 5.57 + 0.07 6.26 2.13 0.11 0.00 0.11 + 0.06 0.20 0.05 0.15 0.00 0.15 + 0.05 0.40 0.07 0.05 0.04 0.04 + 0.01 0.08 0.01 0.00 0.00 0.00 - 0.00 0.02 0.00 0.08 0.06 0.07 - 0.01 0.09 0.01 0.06 0.04 0.04 - 0.01 0.07 0.00 0.05 0.04 0.05 - 0.01 0.06 0.02 0.04 0.04 0.04 - 0.00 0.05 0.01 0.02 0.02 0.02 - 0.01 0.03 0.01 11.83 10.57 11.63 + 1.26 11.76 3.52 0.06 0.04 0.06 + 0.02 0.08 0.02 0.09 0.00 0.08 - 0.03 0.14 0.04 0.13 0.10 0.12 + 0.01 0.13 0.05 0.35 0.18 0.18 - 0.03 0.35 0.05 0.03 0.02 0.02 - 0.00 0.04 0.01 0.35 0.33 0.34 - 0.01 0.48 0.13 0.01 0.00 0.00 + 0.00 0.01 0.00 0.64 0.54 0.58 - 0.05 0.80 0.13 0.02 0.00 0.02 - 0.00 0.04 0.01 0.03 0.00 0.03 - 0.01 0.05 0.02 0.05 0.04 0.04 - 0.02 0.09 0.02 0.05 0.00 0.05 + 0.02 0.10 0.04 0.57 0.50 0.51 - 0.05 0.91 0.33 1.09 0.83 0.88 - 0.18 2.09 0.26 1.42 1.10 1.17 - 0.20 2.73 0.35 0.07 0.05 0.07 + 0.02 0.52 0.03 0.04 0.04 0.04 + 0.01 0.08 0.02

Walker River* O 10 Walker River V 2260 T 784 Wallbridge Mng Walter Energy* O 498 Waseco Res V 55 WCB Res V 136 Wealth Mnrls* O 220 Wealth Mnrls V 1338 Wellgreen Plat* O 311 Wellgreen Plat T 335 T 1393 Wesdome Gold West Af Res V 854 West High Yld V 100 West Kirkland V 797 West Red Lake* O 504 X 207 Western Copper* Western Copper T 183 Western Pac Rs V 134 Western Pac Rs* O 18 Western Troy C V 1688 Western Uran 14 Western Uran* O 26 Westhaven Vent V 265 Westkam Gold* O 190 Westkam Gold V 12004 Westminster Rs V 1364 Westmoreland* D 607 White Metal Rs V 265 White Mtn Engy* O 189 Whitemud Res V 33 Wildcat Expl* O 454 Wildcat Expl V 1259 Winston Gld Mg 466 Winston Res 168 Wolfden Res V 108 Wolverine Mnls V 190 WPC Res V 908 X-Terra Res V 261 Xander Res V 331 Xiana Mng V 19 Xiana Mng* O 2 Ximen Mng V 345 Ximen Mng* O 39 XLI Tech Inc* O 916 Xtierra V 125 Xtra-Gold Res* O 23 Xtra-Gold Res T 108 Yamana Gold T 42578 Yamana Gold* N 116579 Yanzhou Coal* N 422 Yellowhead Mng* O 15 Yorbeau Res T 383 Zadar Vent * O 217 Zadar Vent V 979 Zazu Metals* O 41 Zazu Metals T 124 Zenyatta Vent V 539 Zenyatta Vent* O 67 Zephyr Mnls V 54 Zimtu Capital V 17 Zonte Mtls V 114

0.10 0.08 0.08 - 0.02 0.10 0.06 0.13 0.10 0.13 + 0.04 0.12 0.02 0.07 0.06 0.06 - 0.01 0.10 0.02 0.04 0.03 0.03 - 0.01 0.10 0.01 0.07 0.06 0.06 - 0.01 0.09 0.02 0.04 0.03 0.04 - 0.01 0.09 0.02 1.06 0.88 1.01 - 0.05 1.16 0.10 1.38 1.16 1.38 - 0.01 1.50 0.14 0.38 0.33 0.34 - 0.01 0.46 0.12 0.48 0.44 0.44 - 0.03 0.62 0.16 2.74 2.33 2.42 - 0.25 2.90 0.95 0.36 0.25 0.30 - 0.05 0.40 0.05 0.16 0.16 0.16 - 0.02 0.31 0.15 0.12 0.09 0.10 - 0.02 0.17 0.04 0.22 0.19 0.21 + 0.01 0.31 0.02 0.85 0.77 0.79 - 0.05 1.04 0.20 1.10 0.93 1.05 - 0.05 1.35 0.29 0.05 0.03 0.04 + 0.01 0.05 0.01 0.03 0.02 0.03 + 0.01 0.04 0.00 0.02 0.01 0.02 + 0.01 0.05 0.01 1.96 1.36 1.93 + 0.18 3.50 1.20 1.47 1.01 1.40 + 0.13 2.67 1.01 0.15 0.14 0.14 - 0.01 0.16 0.04 0.03 0.03 0.03 - 0.00 0.07 0.01 0.04 0.03 0.04 - 0.01 0.09 0.02 0.05 0.04 0.04 - 0.01 0.18 0.02 9.45 8.47 8.64 - 0.22 16.14 3.44 0.10 0.05 0.06 - 0.04 0.13 0.02 0.09 0.05 0.07 - 0.00 0.35 0.06 0.01 0.01 0.01 + 0.01 0.03 0.01 0.10 0.06 0.08 + 0.03 0.11 0.02 0.14 0.09 0.11 + 0.03 0.16 0.03 0.55 0.42 0.45 - 0.10 0.57 0.10 0.07 0.00 0.07 + 0.05 0.05 0.01 0.13 0.11 0.11 - 0.01 0.19 0.05 0.11 0.00 0.09 - 0.03 0.18 0.07 0.10 0.07 0.07 - 0.01 0.12 0.03 0.20 0.18 0.18 - 0.02 0.31 0.06 0.48 0.43 0.48 + 0.04 0.48 0.32 0.20 0.00 0.20 + 0.05 0.21 0.03 0.15 0.07 0.15 + 0.08 0.15 0.02 0.13 0.11 0.12 - 0.01 0.18 0.03 0.11 0.10 0.10 - 0.02 0.13 0.02 0.02 0.01 0.01 - 0.01 1.50 0.00 0.07 0.05 0.05 - 0.01 0.08 0.01 0.27 0.20 0.24 - 0.03 0.43 0.14 0.34 0.29 0.30 - 0.05 0.56 0.20 5.73 4.71 4.85 - 0.80 7.87 2.00 4.38 3.56 3.66 - 0.65 5.99 1.38 7.80 6.75 7.68 + 0.90 7.50 3.66 0.02 0.02 0.02 - 0.01 0.06 0.02 0.10 0.09 0.09 - 0.02 0.13 0.06 0.09 0.00 0.07 - 0.02 0.20 0.06 0.12 0.10 0.10 - 0.01 0.26 0.01 0.16 0.13 0.15 - 0.01 0.24 0.08 0.21 0.19 0.20 - 0.01 0.33 0.09 1.50 1.25 1.44 + 0.16 1.55 0.63 1.11 0.97 1.06 + 0.07 1.17 0.47 0.38 0.36 0.38 - 0.01 0.42 0.08 0.22 0.19 0.19 - 0.02 0.38 0.12 0.08 0.05 0.05 - 0.03 0.15 0.03

U-V

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2016-10-11 7:24 PM

WWW.NORTHERNMINER.COM

OCTOBER 17–23, 2016 / THE NORTHERN MINER

Tom Caldwell CALDWELL From 4

panies at this convention but you have to get somebody to buy into your idea. Otherwise it’s a cry in the wilderness. To give you an idea what happened, the number of IPOs coming to market in early 2016 was single digit. It was around five in the first six months in Canada. That’s incredible. It’s off-the-Richter-Scale bad. There are all kinds of unintended consequences, too. Maureen Jensen was here from the Ontario Securities Commission, and she was saying we’re going to get rid of [trader fees on mutual funds]. You might ask, how does that affect us in resources? What happens is independent firms live off those traders selling mutual funds, and if you take away that source of revenue, you may lose those firms that are financing the resource area. And all of this affects speculative financing — not directly, but indirectly. We have a client relationship model that has fiduciary responsibility. Brokers are afraid to recommend junior stocks to people. Even with massive disclosure to clients, brokers aren’t going to do it, because sooner or later, the son-in-law comes and says, Mrs. Smith didn’t have the knowledge to buy this thing, and the broker is on the hook for it. Somebody asked me on television recently, what my solution was. And the only one I can see to this regulatory overload is a kind of 12-step program called “Regulation Anonymous” because these guys are addicted to ever-more regulation. One of the things we’re trying to do at the Canadian Securities Exchange [Caldwell is a co-founder and chairman] is bring costs down and ease the process because the other exchanges in this sector are really buying into this procedural overload. We’ve tried to make it as simple as possible, and that’s very, very important. Ned Goodman and myself are shareholders of this company, and we control it, and we think it’s a wonderful opportunity for new companies to grow. We can’t solve the problem, but we can make it a little bit easier on the exchange side, even if we can’t get into the regulatory stuff. There’s the Goldfinger movie where the villain says to James Bond, who’s been captured, “No, I expect

you to die.” Sometimes I think that’s what we’re confronted with. The traditional model for funding resources has been deteriorating, but it’s interesting because if you look at the drug companies, they have taken on the old prospecting companies’ prospecting model. It’s a good model. Best execution The other one that is killing our industry is the demise of financial boutiques. For example, we now have “best execution”, which means you can’t pay a commission for an IPO. I once paid a broker a $70,000 commission for an investment idea where I made $10 million on the trade. Seventy grand for ten million kinda works for me. That was the process then. But “best execution” means you can only pay for that trade. That makes every broker a discount broker. When “best execution” was instituted, what that meant for those boutiques is that their in-between cash filler evaporated. Terry Salman’s Salman Partners in Vancouver — great company and good guy — his firm went from $1 million a month in revenues to $50,000. What we’re seeing is larger pools of capital are looking for successful operators. Osisko is great example: big land space, big sources of capital. They did a bang-up job of going into an area like Urban Township in Quebec, where my company is. I think there are going to be fewer piecemeal projects, because these big pools are going to want projects to be moved along a little further than before. It’s a pretty glum picture, but we have to make sure elected officials understand the down side of unregulated regulators. You have to make them realize what is happening in the real world, so they have some degree of influence on this process. The basic issue is regulatory strangulation is killing economic strength. I think the new job description for every resource executive includes being an advocate at the political level. You can’t just sit on the sidelines. You have to be out there stating your case, writing letters, making a call, sending an email, and influencing the process. Because if you’re not involved, then the one responsible for the industry’s decline is you. We have to be more involved, otherwise it won’t change. TNM

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Canadian Mining Hall of Fame CMHF From 5

William Stearns (Steve) Vaughan (b. 1937) illiam (Steve) Vaughan helped elevate the stature of Canada’s mining industry at home and abroad as a leading expert and advisor on natural resource law, project finance and mineral policy matters for more than 40 years. With a rare background in both geology and law, he served as head of the mining practice for a number of Toronto-based law firms and earned his peer-ranked status as one of best mining lawyers in Canada and the world. His expertise has benefited countless clients involved in resource development in more than 65 countries and strengthened the legal administration of the global minerals industry. Vaughan is also known as a trailblazing advocate of corporate social responsibility and a dedicated industry advocate. He was involved in numerous initiatives to improve mining and investment policies in Canada, and promote industry best practices. In the aftermath of the 1997 Bre-X Minerals fraud, he was a driving force behind the OSC/TSX Mining Standards Task Force, which called for new mining disclosure standards, later adopted as National Instrument 43-101. He actively supported the successful globalization of the Canadian mining industry and helped numerous foreign jurisdictions lay the foundation for progressive mining policies and fiscal regimes. As the “Elder Dean” of the Canadian mining legal fraternity, he was an exemplary mentor to dozens of young mining lawyers in Canada and other mining nations. Born in Fredericton, N.B., Vaughan earned a B.Sc. degree in geology from the University of New Brunswick (UNB) in 1959, followed by a M.Sc. degree from McGill University in 1962 and an LLD (honoris causa) from UNB in 2015. After completing his law degree at UNB in 1965, he joined Aird & Berlis and became head of its Toronto-based mining group.

VAUGHAN HELPED ELEVATE THE STATURE OF CANADA’S MINING INDUSTRY AT HOME AND ABROAD AS A LEADING EXPERT AND ADVISOR.

His client list expanded in the 1990s as companies faced regulatory roadblocks, permitting challenges and stakeholder opposition to foreign and domestic projects. In the early ‘90s, he participated in the multi-stakeholder Whitehorse Mining Initiative and its efforts to seek consensus-based support for responsible mineral development in Canada. The rapport he developed with government official and other stakeholders subsequently led to policy reforms and broad acceptance and advancement of mining’s role as an economic engine in Canada and the developing world. Vaughan drafted the first flowthrough share mining prospectus financing in Canada. Vaughan also played a leadership role as the only local member of the Mining Standards Task Force Committee established by the OSC and the TSX to restore investor confidence after the Bre-X scandal. Many of the committee’s recommendations, including stronger disclosure standards for mineral projects and the involvement of a Qualified Person, were incorporated into National Instrument 43-101 and adopted in 2001. Vaughan has been a director of the Prospectors and Developers Association of Canada (PDAC) for more than 35 years, and strongly supported its successful transition from a domestic-focused entity into a leading international mining association. He helped organize gatherings of the world’s mine ministers and shared his expertise through published papers and lectures while serving as a distinguished ambassador of Canada’s mining industry. He was also an inspirational mentor to a new generation of mining lawyers in Canada, Chile, Peru, Argentina, Mongolia, China, South Korea and many other mining nations. Vaughan was the recipient of PDAC’s Distinguished Service Award in 2002 and was named a Distinguished Lecturer by the Canadian Institute of Mining and Metallurgy for 2002/2003.

John Zigarlick, Jr. (1937-2011) ohn Zigarlick, Jr. was a visionary mine-maker and companybuilder who left an enduring legacy in Canada’s North through innovative infrastructure development and the formation of progressive Aboriginal business partnerships. As head of Echo Bay Mines in the 1980s, Zigarlick conceived and led construction of the world’s largest winter road in order to service the Lupin gold mine, which he built using air support due to its remote location 400 km northeast of Yellowknife. The Tibbitt to Contwoyto road was

THE ICE ROAD ZIGARLICK HELPED CREATE PROVIDED A LIFELINE FOR CANADA’S FIRST DIAMOND MINES AND A HOST OF OTHER PROJECTS. a daunting challenge, as 75% of the 568-km route was built over lake ice, making it the largest ice road of that time. Under Zigarlick’s leadership, Lupin became one of Canada’s top gold producers while Echo Bay grew from a net worth of $7 million in 1979 into a North American producer with a 1992 market capitalization of approximately $2 billion. After retiring from Echo Bay, Zigarlick incorporated Nuna Logistics as a partnership with the Inuit of the Kitikmeot Region in Nunavut. It was a timely move, as the ice road he helped create provided a lifeline for Canada’s first diamond mines and a host of other projects. Nuna became the largest Aboriginal civil contractor in Canada, and provided a role model for similar ventures. Born in Winnipeg, Zigarlick followed in his father’s footsteps and worked in uranium mining camps of northern Saskatchewan before leaving to serve in Canadian military. In 1971, he joined Echo Bay as a purchasing and personnel manager and became president and CEO in 1977, after earning a degree in business administration from the Northern Alberta Institute of Technology. Echo Bay’s sole asset was the Port Radium silver mine in the N.W.T., which was supplied by air and a winter road from the Mackenzie Highway, several hundred kilometres to the south. As Port Radium neared depletion, Zigarlick acquired the remote Lupin gold discovery and after a brief underground program, proposed a mine. It was not an easy sell to Echo Bay’s owners, but Zigarlick persevered and built Lupin almost entirely with materials brought in by Hercules and Convair aircraft, on time and on budget, in 1982. He then took on the challenge of building a winter road to service Lupin, a phenomenal feat that contributed to the mine’s profitability and demonstrated the viability of remote Arctic mines to the world. Echo Bay went on to acquire and develop additional mines in Nevada, Colorado and Washington state. In 1993, Zigarlick formed Nuna Logistics with two Inuit corporations and took over annual construction of his old Lupin winter road, which fortuitously passed near diamond discoveries being developed into the Ekati and Diavik mines. The road went from handling 500-600 truck loads per year while serving Lupin to more than 10,000 truck loads annually while serving the diamond mines at their peak. Zigarlick also found time for charitable work, particularly with the Boyle Street Soup Kitchen in Edmonton, where he served Christmas dinner for sixteen years. His legacy lives on through his famous winter road and the success of the Aboriginal businesses he helped foster. He was the recipient of numerous awards, including the CIM’s John Campbell Sproule Award, The Northern Miner’s 1984 Mining Man of the Year, PDAC’s 1985 Distinguished Service Award, and the 2006 Transport Association of Canada Award. TNM

2016-10-11 8:26 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 17–23, 2016

Tom Kaplan, Ross Beaty INTERVIEW From 3

From left: Mariano Ortego, partner at PwC Canada; Pablo Breard, Scotiabank’s VP and head of international economics; Ignacio Celorrio, partner-in-charge of the Natural Resources Group at Quevedo Abogado; Andrew Cheatle, executive director of the PDAC; Trish Saywell, The Northern Miner’s senior staff writer. PHOTO BY SALMA TARIKH

TNM Panel on Argentina TNM PANEL From 1

subsidies on electricity and transportation, putting an end to more than a decade of populist rule by his predecessor Cristina Kirchner and her late husband Nestor. Macri has assembled a financially savvy cabinet. His finance minister Alfonso Prat-Gray, previously led J.P. Morgan Chase & Co.’s currency research unit, while the mines and energy minister Juan Jose Aranguren is the former CEO of Shell Argentina, Saywell said. To build investor confidence, the new Argentine government sponsored an investment forum in Buenos Aires in mid-September, attracting 2,000 executives from a dozen of countries. U.S. industrial conglomerate General Electric plans to invest US$10 billion over the next decade, making it the latest foreign company to invest in Argentina under the Macri government, she added. “Argentina is back on investors’ radar screens. That is the first step,” Scotiabank’s vice-president and head of international economics Pablo Breard commented. “Not along ago, Argentina was isolated from those radar screens.” The country is working to attract long-term equity investments more so than short-term capital. In the banking sector, there is also a need to attract more local direct investments, which rests abroad back into the country. The global economist emphasized the new administration is “a sign of change,” not only in leadership, but also for the country’s political regime. “That creates an outstanding, unique opportunity that probably will transcend this administration.” While Breard says there is a “fiscal emergency” in the country, he applauded the new government’s early successes of returning the country to international debt markets and consolidating the foreign exchange rate. The country, he noted, still needs time to remove subsidies, control inflation and rebuild its credibility. “I am cautiously optimistic about where Argentina is going,” he revealed. “But I’m also pragmatic.” (Breard forecasts the country’s inflation will end 2016 at 38% to 40%, before dropping between 20% and 22% next year.) Turning to the mining legislation in Argentina, Saywell recalled that when she recently spoke to Ross Beaty, Pan American Silver’s founder and chairman, he was confident the provincial government of Chubut — where Pan American has its large Navidad silver project — would reverse its ban on open-pit mining. “Mining is not 100% provincial itself. The authority over mining properties is in the provinces. A reform of our constitution in ’94 grants them the original ownership of the natural resources,” lawyer and partner-in-charge of the Natural Resources Group at Quevedo Abogado Ignacio Celorrio explained. The provinces, however, have delegated authority to the federal government to enact and amend the Argentine

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Mining Code. While the national code applies to all provinces, there have been some “misinterpretations” between the provinces and federal government on what the mining policy should be, Celorrio said. The discrepancy usually arises from the “dual capabilities” the provinces and federal government have over environmental law. In turn, each province could pass environmental restrictions that could affect mining activity. Despite that, he forecasts mining companies in unison with the new administration will apply “political pressure” to reverse such restrictions and open the doors in the so-called “anti-mining” provinces such as Chubut and Mendoza. For Chubut, the limitations include restricting mining in a specific area of the province and suspending open-pit activ it y and the use of cyanide, Celorrio said, noting the Navidad project is “one of the best examples for turning around these restrictions.” The project is far from the “epicentre of the disturbance around mining development” in an arid setting, where there is minimal development and people. “So in the end, it really doesn’t take a lot of legal resources to ease up and move the project forward,” Celorrio reckoned. “The country has a one-way ticket to promoting investments, and they have to show evidence of that.” Andrew Cheatle, the executive director of the Prospectors & Developers Association of Canada, pointed out exploration expenses in Argentina fell from $600 million in 2012 to $130 million in 2015, due to the country’s currency and import restrictions. With those limitations now removed, he remains “cautiously optimistic” about Argentina’s direction forward, noting some of his colleagues look to return to the more investment-friendly country. Cheatle compares Argentina to Ecuador, which went from a “nogo zone” a few years ago to more recently a pro-mining place. “I can see Argentina taking that path.” “[Argentines] do have a good legislation. It’s attractive, it’s competitive,” Mariano Ortego, a partner at PwC Canada, added. While Macri has a role to play in the legislation, Ortego said he would like see the justice power and system hold individuals who stray from the legislation accountable, leading to promising changes in behaviour. According to Celorrio, the country faces a “crisis of development from the mining perspective.” Argentina has traditionally been an agricultural country. Its economics and population are in the Pampas, which includes the provinces of Buenos Aires, Santa Fe, Cordoba and La Pampa. The Pampas is far from the mining projects, which are generally in provinces with less political sway. Celorrio says Argentina’s mining industry has to build a foundation to better participate in the national dialogue and communicate its needs, which he believes under the current government will improve. TNM

you deserve it. But when you get it right is when you really have to understand how fragile is luck and the relative unimportance, I find, of talent. Because we’ve seen it before: you can be right geologically, make a big discovery and then you can’t unlock it metallurgically, which has got to be God’s way of being spiteful. That must be horrific. RB: It’s really hard for me to put my finger on it. I just feel that I’m a lucky individual. I don’t know whether it is because I was a cow in my last life and I came back as a lucky human in this life, and maybe I’ll be a guru in my next life or maybe a dog, I don’t know. I’ve never been able to explain why I’m so bloody lucky. That is not something that anybody can take for granted. So multiple discoveries, multiple successful companies, multiple crazy investments that turned into ridiculous gains. I don’t know. Maybe part of it is skill, you have to roll the dice and buy the lottery ticket, but I’ve known a lot of other people who are smarter than I am, and they just don’t have the luck of finding the mine and then capitalizing on the discovery. They spend all their life grinding away and just never get that luck. So I can’t put a finger on it. TK: I can’t either. On my first foray into mining we discovered San Cristobal. It was Larry Buchanan’s first trip to Bolivia! On his first reconnaissance trip to Bolivia, he discovered one of the great silver deposits. And then, after that, with respect to our energy company, Leor, I’d never been in energy before. I was feeling lucky. People say “why did you go into energy?” I had a macro thesis on oil and gas. But then, to choose to express that through exploration in Texas? It’s not as if people haven’t been in Texas before looking for oil. After finding that, you can’t possibly take yourself seriously. You just have to say you’re the luckiest son of a bitch you’ve ever met. I know I’ve been. And Ross feels the same way about himself. It’s a strong common denominator, and both of us identify with that. It also informs very much those values about giving back and about focusing so much time and energy into an underappreciated area of philanthropy. We love nature. We’re completely focused on the environment. It’s my major passion. If somebody were to say to me, ‘you have to stop business, but you can continue on with the conservation,’ I would say “well, that’s a no-brainer.” Tomorrow. No problem. But the other way around? Not happening. My life would become meaningless, other than my family. I think the best thing that I’ve given to my family is the power of example … about what the luck and what the wealth need to be translated into. This is something my kids get. They understand me. They understand what moves me. And that’s all-important. Because, as Ross said, you can’t take it with you. Death shrouds don’t have pockets. It’s all about the legacy that you leave to your children. And then a few generations hence, we’ll be forgotten anyway, which is fine, it’s the way it is. But we want to make an impact now. And we’re impatient and we’re as entrepreneurial about our conservation activities as we are in building businesses. Ross would say exactly the same thing. It’s an unusual constellation. The fact that there was a time when we were the three hotshots in silver, and that we’re now together in philanthropy, is great. And I have

no doubt that it’s going to lead to other things that we’re going to do together. RB: We’ll be the three hotshots in gold, too, if I can find something as nice as what you and Bob already have. TK: As in philanthropy, as in gold. We find we’re interested or involved in the same things. On the mining side, I found myself really interested in Poland. Unbeknownst to me, Ross was in Poland. I didn’t know about that. I was in Poland trying to acquire land and he was already acquiring land. He’s operating stealthily and properly. It’s the way I’m doing it. And then I found out Ross is in Poland. And I said, “That’s fabulous! I’m in great company.” My attitude was, if he’s successful, that’s good for us. This used to be an incredibly psychotic industry in terms of the way people would compete against each other. Now I see it all the time in wildlife conservation. I call it the shrinking-pie psychosis: if one person gets an investor it must be to someone else’s detriment. I remember in silver, we had George Soros and Ross had Bill Gates, which was all very, very cool. And it was all cool for me because my attitude was, if Bill Gates invested in silver, that’s a good thing. Soros investing in silver was also a validation for Ross’s silver thesis, which was a validation for Pan American, which was also a good thing. So our attitude was that someone else’s success is not a negative. It’s a positive. It shows it can be done. That’s why whenever someone has great success — whenever Robert Friedland would find something, for example — I’d cheer him on. I remember someone asking me “so what do you think about Robert Friedland?” And I said, “I think about Bob the same way Voltaire thought about God: ‘If God didn’t exist, one would have to create him.’” Because he’s good for the industry. RB: Yes, he is. TK: He’s good for the industry. Successes are good, whoever makes them. It’s great to see. RB: It’s all true. It’s so rare, and making people money through that success is all good. TNM: Who are your other role models? Tom I know for you one of them is Ted Turner, who has done a lot in the conservation field. TK: We both share Doug and Chris Tompkins. They were the founders of Patagonia Sportswear, North Face and L’Esprit, and basically ended up doing something that was of historic proportions in acquiring land in Chile and Argentina, and setting it aside for national parks. It was epic. RB: Doug and Kris deserve the Nobel Prize. There’s a recent article in The New Yorker on another of my heroes, Yvon Chouinard, which included Doug and his whole story. It was a really good article. TK: And it’s interesting because the Tompkins acted as references for both of us. They said to me there was this great Canadian guy, and I said “I know, I’ve known him for 20 years and we’re going to talk about wildlife conservation next week.” And yes, Ted Turner is another role model for me. His laser focus on imperiled species conservation, and putting his money where his mouth is, is fantastic. I have great affection for him. RB: In the mining industry, Lukas Lundin, he’s the guy I think is a brilliant entrepreneur and a great philanthropist, as well. He chooses to spend his money on helping Africans, and you can’t fault that. People like Bob Quartermain of course. I respect Bob enormously

for what he’s done. Another person I respect a lot who never seems to get any coverage is Richard Warke. He is the brains behind Ventana, Augusta, Arizona Mining and Newcastle Gold — all huge winners. He’s so low profile, but he is a great entrepreneur in his own right. There’s actually a small handful, but it’s a handful that I really do admire and respect. TK: For me it’s Ross and Bob, and I have huge regard for Mark Bristow. RB: Yes he’s a good guy. TK: But also I saw him in the trenches with someone who was beleaguered, and he was the only one who acted honorably and ethically. RB: Don Lindsay, CEO of Teck. He’s another guy I think is a king. TNM: What’s also great about Randgold’s Mark Bristow is that he isn’t afraid to criticize the industry and what it’s done wrong. TK: I’m not a shareholder with them, but sometimes we have discussions about jurisdictional risk, and I’m just calling it the way I see it. To me, there’s that common denominator in Ross, Bob Quartermain and Mark Bristow. I’d also add someone who’s really the reason why I am the chairman of a public company, because it’s been a long time since I wanted that role. It’s Greg Lang who runs NovaGold. He just makes it all so enjoyable. He’s a class act — smart, with integrity, incredible skill and he just makes it really easy. And that’s why I do it, because people like that help me enjoy it. I usually don’t. The common denominator is that these people care for their shareholders. And they’ll do whatever it takes to spread the message. I am a big believer that, wearing down shoe leather and keeping faith with your shareholders, particularly when times are tough, is extremely important. These are guys who have paid their dues over decades. They’ll travel anywhere because they believe it’s the right thing to do. That’s Ross. He has an incredibly loyal shareholder base. He’s been with them in the trenches. These are the common denominators that I like to see. Not people who run away but people who run into the cannon fire. They’re rare. Bristow does it. Bob does it. Greg does it. And Ross does it. They’re very rare. RB: It didn’t help the Grenadiers, they all died. TK: I think a noble death beats the alternatives. RB: I’ve been in a few of those Valleys of Death in the mining business. They’re called bear markets. Not many come out alive. TK: I remember the first scene from Little Big Man and Dustin Hoffman playing an Indian — an unusual casting choice — and he looks up and says: “Today is a good day to die.” RB: And then do you know what happened? He went up to die and it started raining. And then he rolled up his bag, and he said: “Today is not the day the great flint comes singing into my heart.” [Spoiler alert] Meanwhile the village he’s just left is being ransacked by General Custer. That was a great movie. I use that quote all the time, Tom. And by the way, when it comes my time to croak, that’s exactly how I want to go. I want to go out into the woods and put my blanket on the ground and say adios to a fun ride. TK: That’s what my wife fears I’m going to do. Like an old predator, I will just want to go roll up somewhere and be left alone, and not be a burden on anybody. TNM: That’s probably a good place to end this conversation. TK: But we talk about it so cheerfully! TNM

2016-10-11 8:26 PM

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OCTOBER 17–23, 2016 / THE NORTHERN MINER

Vale’s Salobo copper-gold mine in Para state in northern Brazil, where Silver Wheaton holds a 75% gold stream. VALE

Silver Wheaton turns to internal growth SILVER STREAMING BY MATTHEW KEEVIL

mkeevil@northernminer.com VANCOUVER

ndustry stalwart Silver Wheaton (TSX: SLW; NYSE: SLW) has enjoyed a meteoric rise over the past decade. The pioneer of providing stream financing has mobilized over US$8 billion in capital in 12 years. It now holds interests in 22 operating mines and eight development projects globally, and generated US$134 million, or 31¢ per share, in operating cash f lows during the second quarter. In 2005 Silver Wheaton’s annual cash flows totalled just US$30 million. On Sept. 29 the company hosted its inaugural investor day that included a three-hour presentation focused on its growth plans and what it calls its “portfolio optionality,” which could boost annual attributable production from 56 million oz. to over 80 million oz. silver equivalent. That growth would be driven by development-stage projects and mine expansions, including a pair of major open-pit copper projects that might be inching closer to production. “It is most effective in the development space. Now, we haven’t seen a lot of development money as of late, and there are not many new projects being built,” president and CEO Randy Smallwood said during the presentation. “There are few new royalties ever put into place in the precious metal space or in the mining space itself these days. It’s typically streaming that has taken it over.” Silver Wheaton received good news when Barrick Gold (TSX: ABX; NYSE: ABX) announced it was taking a fresh look at its mothballed Pascua-Lama gold project on the Chile-Argentina border. Barrick is now studying a smallerscale underground operation on the Argentina side of the project as a starter mine. Only about 25% of the deposit sits in Argentina, with the rest in Chile. Silver Wheaton paid US$625 million for 25% of life-of-mine silver production at Pascua-Lama, which could result in between 3 million and 3.5 million oz. annual attributable silver production during phase-one operations under the original larger mine plan. Pascua-Lama’s proven and prob-

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| Vale’s Salobo may be Silver Wheaton’s biggest long-term money maker

able reserves total 324.6 million tonnes grading 1.47 grams gold per tonne and 64.66 grams silver per tonne for 15.3 million contained oz. gold and 675 contained oz. silver — or 169 million contained oz. silver attributable to Silver Wheaton, with an 82% recovery rate for silver. Meanwhile, Hudbay Minerals (TSX: HBM; NYSE: HBM) could be making inroads on permits for the large, skarn-hosted Rosemont copper-molybdenum-silver deposit, 50 km southeast of Tucson, Arizona. The company is working towards a decision from the United States Forest Service, and its more contentious 404 Water Permit. During the investor presentation, Hudbay chief operating officer Cashel Meagher said he would “not be surprised to see [the decision]” within the next year, though he cautioned the project would likely require a copper price of US$3 per lb. to trigger a production deci-

sion. Hudbay is working to update Rosemont’s mine plan, which contemplated an 80,000-tonne-per-day operation with a 20-year mine life. Silver Wheaton paid an upfront consideration of US$230 million for 100% life-of-mine payable gold and silver production at the project, which it could buy for US$3.90 per oz. silver and US$450 per oz. gold. Rosemont has proven and probable reserves of 667.2 million tonnes grading 0.4% copper, 0.02% molybdenum and 0.12 oz. silver for 5.9 billion lb. copper, 193 million lb. moly and 80.1 million oz. silver. Hudbay is also working on metallurgy and assaying to determine potential gold recoveries. Rosemont could tack on 2.5 million oz. in silver production to Silver Wheaton’s annual production without taking gold content into account. Silver Wheaton’s current flagship asset is a 75% gold stream in Vale’s (NYSE: VALE) Salobo copper-

gold mine in Brazil, and the mine could have the greatest long-term upside in Silver Wheaton’s current stable of asset. Silver Wheaton has offered a one-time capital contribution of up to US$950 million to expand Salobo’s capacity above 40 million tonnes per year. The mine’s throughput was doubled to 24 million tonnes per annum in mid-2014. Silver Wheaton estimates Salobo has a 50-year life based on reserves of 1.2 billion tonnes grading 0.7% copper and 0.35 gram gold, plus exploration potential. The transaction gives Silver Wheaton another 3.2 million oz. gold in reserves, 700,000 oz. in measured and indicated, and 400,000 oz. in inferred. Vale’s executive director of base metals Jennifer Maki said during her presentation that Vale expects a 50% increase in processing capacity to 36 million tonnes per annum by 2021.

Scotiabank analyst Trevor Turnbull calls Salobo Silver Wheaton’s “most compelling” asset, and notes the mine accounts for 33% of his asset base calculation. Silver Wheaton chief operating officer Gary Brown also gave an update on a dispute with the Canadian Revenue Agency over a tax reassessment for filings between 2005 and 2010. The company has opted to petition the case into Canadian tax courts in Canada, since it believes that is the “most expeditious way to get a resolution.” A court date is not anticipated until 2018, with a ruling potentially a year after that. Silver Wheaton shares have traded in a 52-week range of $14.51 to $40.80 per share, and closed at $30.64 at press time. The company has 441 million shares outstanding for a $12.2-billion market capitalization. TNM

SAVE UP TO 50% OFF WITH SITE LICENSE THE NORTHERN MINER TEAM ACCOUNTS Save Up to 50% with The Northern Miner Group Account Subscriptions Each member of your team can have their own access to reliable, timely and informed analysis of global mining and exploration activity. For pricing and other inquiries please email Dan Bond at

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2016-10-11 8:26 PM