The Northern Miner October 24 2016 Issue

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AZURE MINERALS

Explores exciting silver discovery in Mexico / 3

ARGENTINA

TNM panel tackles nation’s prospects / 5

TELSON RESOURCES

Makes headway in the Sierra Madre / 11

OCTOBER 24-30, 2016 / VOL. 102 ISSUE 37 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Atac builds critical mass at Rackla in Yukon SITE VISIT

| New Orion gold discovery adds ounces at shallow depth

Kamoa is the largest copper find in Africa, Ivanhoe says DRC

| Kakula’s first resource estimate tops 20.7B lb. copper

BY TRISH SAYWELL tsaywell@northernminer.com

A

n initial resource estimate for Ivanhoe Mines’ (TSX: IVN) Kakula copper deposit at its Kamoa project in the Democratic Republic of the Congo (DRC) makes the Kakula-Kamoa project the largest copper discovery made in the history of mining on the African continent, the mining company says, citing industry research and consulting firm Wood Mackenzie.

The Kamoa-Kakula project, a joint-venture between Ivanhoe, China’s Zijin Mining and the DRC government, already ranks among the world’s 10 largest copper deposSee IVANHOE / 12

Atac Resources president and CEO Graham Downs at the Rackla gold property in the central Yukon. ATAC RESOURCES

BY MATTHEW KEEVIL mkeevil@northernminer.com MAYO, YUKON

E

ven after repeated visits by this journalist to Atac Resources’ (TSXV: ATC; USOTC: ATADF) Rackla gold property in the central Yukon, the scenery as we journey into camp is never short of impressive. The company’s 185 km long land position runs through lush valleys alive with mature black spruce and lined by talus-covered hillsides. There are a few jokes during the helicopter ride about how Atac could run an ecotourism resort at the site if the whole mining thing doesn’t

work out.

But that’s unlikely to happen because Rackla has been delivering discovery after discovery over the past six years.

Atac popped up on the industry radar screen back in 2010 when it announced Canada’s first Carlintype gold discovery with a highlight intercept of 65 metres grading 4.65 grams gold per tonne at the Osiris cluster in hole 10-1.

Today, Atac is trying to balance making new discoveries with advancing those it has already made.

“These weaker markets over the past few years have obviously impacted share prices across the industry,” Atac president and CEO Graham Downs says during the

walk across the company’s wellbuilt camp in a tree-lined valley.

“We’ve had to be careful about equity dilution, but we have a project that can take some serious drilling. We have the team and infrastructure in place to crank it up really fast, and I’m hoping if better markets persist we can do just that.

Given where our property is located, we know critical mass would be required for a development scenario to take shape,” he says.

Atac’s Osiris target is at a 1,860-metre elevation, and gold mineralization has a 1,200-metre vertical extent. The 12 sq. km Osiris cluster consists of four zones: Conrad, Osiris, Sunrise and Ibis.

Conrad is the most advanced,

and has returned some eye-opening intercepts, highlighted by 42.9 metres of 18.44 grams gold per tonne from 66 metres deep in hole 12-114.

A tricky part, however, is the alpine to sub-alpine topography, which features north- and southtrending rocky spurs and valleys that flank a main east-trending ridge within the Nadaleen Range of the Selwyn Mountains.

Atac’s strategy in 2016 has been to focus on two new targets it hopes will lead to more near-surface gold, with the impressive grades characteristic of the Carlin-type discoveries.

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See ATAC / 2

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Where leaders in mineral exploration connect

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OCTOBER 24–30, 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

Atac builds critical mass at Rackla in Yukon “WE WERE REALLY EXCITED ABOUT ORION WHEN WE MADE THE DISCOVERY LAST YEAR, BECAUSE IT’S ALMOST RIGHT AT SURFACE BENEATH A VENEER OF OVERBURDEN.”

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

GRAHAM DOWNS

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

PRESIDENT AND CEO, ATAC RESOURCES

MEETINGS Oct 25 Oct 25 Oct 27 Oct 28 Oct 28 Oct 31 Oct 31 Oct 31 Nov 01 Nov 01 Nov 01 Nov 03 Nov 03 Nov 03 Nov 04 Nov 07 Nov 07 Nov 08 Nov 08 Nov 08 Nov 09 Nov 09 Nov 09 Nov 09 Nov 10 Nov 10

Chilean Metals A Callinex Mines AGS Playfair Mining AG Red Ore Gold AS Fancamp Exploration AG Hornby Bay Mineral Exploration AS Inca One Gold AG Luna Gold S Academy Explorations AG Orestone Mining AG Ucore Rare Metals AG Colorado Resources AG Nevada Energy Metals AGS Agrium S Ely Gold & Minerals A Goldeye Explorations S Omineca Mining and Metals AS Bold Ventures AGS Discovery Harbour Resources AGS Great Thunder Gold AG Galore Resources AGS North Arrow Minerals AG Nubian Resources AG Rainy Mountain Royalty AG Scorpion Resources AGS Bellhaven Copper & Gold AG

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

The landscape at Atac Resources’ Rackla gold property in the central Yukon, 55 km northeast of Keno City. PHOTO BY MATTHEW KEEVIL ATAC From 1

Downs points out the company’s rotary air blast (RAB) drill unit, which can drill scout holes at a much cheaper cost than diamond drilling.

Atac has spent much of its time this field season west of Osiris at the Anubis cluster and its new Orion target, where the company cut 47 metres of 3.79 grams gold from 15 metres deep in discovery hole 15-26.

“We were really excited about Orion when we made the discovery last year, because it’s almost right at surface beneath a veneer of overburden,” Downs says during a helicopter tour of the Anubis trend. “We speak about critical mass a lot because given our infrastructure conditions, it is really imperative we identify these nearsurface targets. Drilling out here is

obviously expensive, so either we bring discoveries to market to fund exploration ourselves, or we attract a major partner to fund heavy drill campaigns.”

Cruising over the ridgetops that mark the Nadaleen trend around Orion, we see the planned location of 2,000 metres of RAB drilling intended to test regionally extensive pyritic siltstone unit along strike and to the north.

Atac mobilized equipment in late July, and completed its first two diamond drill holes. On Sept. 12 the company released assays from three holes, highlighted by 61.3 metres of 2.75 grams gold from 18 metres deep in hole 16-10. The drill hole twinned and extended last year’s discovery hole.

Atac found gold mineralization within hydrothermally altered pyritic siltstones in the fault hanging

wall and a fractured and intermittently oxidized reefal limestone unit in the footwall.

Downs points out during a trip over to the company’s Rau Airstrip that the Carlin-style discoveries and emerging potential at Orion are only part of Atac’s story. The Rau trend hosts the Tiger carbonatereplacement oxide gold deposit, where the company released an updated preliminary economic assessment earlier this year.

The study models a small mine at Tiger that would produce 302,000 oz. over a four-year mine life.

The 1,5000-tonne-per-day facility would cost US$109 million in development capital, and use carbon-in-pulp recovery.

Tiger’s measured and indicated resources are 5.7 million tonnes of 2.66 grams gold for 485,700 contained oz. gold.

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The Rau trend sits on the western extent of the Rackla property, which is 55 km northeast of Keno City. Downs points out on a map the location of a proposed tote road that would branch off the Hanson Lake Road, and run 69 km to Tiger.

“There’s potentially big upside for us at Rau, because we have some low-hanging oxide mineralization at Tiger that could grow into an economic deposit,” Downs says.

“It’s a question, again, of making another discovery in the area, and we’ve had impressive gold values all over the area during geochemical sampling.”

The most promising geochemical target sits near the Rau Airstrip, and has been named the Airstrip anomaly.

It’s the largest gold-in-soil anomaly in the Rau trend, and sits 3 km south of the Rackla Pluton, which is responsible for the gold mineralization Tiger. Atac drilled seven RAB holes at the target mid-year, which are highlighted by 13.7 metres of 1.43 grams gold from 55 metres deep in hole 16-6.

Atac hit gold in three of our first scout holes at the Airstrip, Downs says, and identified more oxide mineralization near the eastern edge of the proposed Tiger open pit during prospecting, which could add ounces to that mine plan.

“What we’ve proven this year is that both these targets are prospective and warrant follow-up, in terms of mapping and further diamond drilling,” Downs says.

“We’re on the way to permitting the tote road, which could help us with more advanced exploration at Rau.” Atac shares have traded in a 52week range of 25¢ to 95¢ per share, and closed at 53¢ at press time. The company has 123 million shares outstanding for a $60.5-million market capitalization, and reported $17 million in working capital at the end of June. TNM

A helicopter at Atac Resources’ Rackla gold project in the Yukon. PHOTO BY MATTHEW KEEVIL

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Drill core at Atac Resources’ Rackla gold project in the Yukon. PHOTO BY MATTHEW KEEVIL

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GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 24–30, 2016

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Azure Minerals managing director Tony Rovira on the Mesa de Plata silver deposit in northern Mexico’s Sonora state. AZURE MINERALS

Azure finds silver deposit on top of a hill in Mexico EXPLORATION

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

W

henAzure Minerals (ASX: AZS) picked up an option on the Alacran project in Mexico’s northern Sonora state, 12 km south of Grupo Mexico’s Cananea copper mine, the second largest copper mine in North America, the Australian junior expected that it would explore mainly for copper.

A copper deposit (Cerro Alacran) already existed on the property, which had once been owned by Grupo Mexico. The Mexican mining company carried out a drill program there in the 1990s, carving out an in-house resource of 100 million tonnes grading 0.3% copper in a near-surface, chalcocite blanket in volcanic rocks overlying a porphyry.

But Azure’s exploration team was pleasantly surprised to find more opportunities for precious metals than base metals on the Alacran property.

“We did not really want to have another crack at a porphyry. We wanted to have a look at something that would be of more interest to a company of our size,” the company’s managing director and CEO, Tony Rovira, said during a presentation last month at the Precious Metals Summit at Beaver Creek, Colorado.

“So we focused on those areas where the high-grade old mine workings were.”

It found what it was looking for in just 12 months: an epithermal silver deposit it calls Mesa de Plata, sitting at the top of a hill with no overburden to hide it.

“It’s quite amazing that this is literally sticking out of the ground and undiscovered,” Rovira says, adding that Mesa de Plata is the first epithermal precious metal deposit found in the Cananea district. “It’s quite an amazing rock — it carries silver mineralization that is in the hundreds to thousands of grams per tonne silver in outcrop.”

Rovira adds that the entire hill contains silver mineralization, and the highest grade (averaging 220 grams per tonne) is near or at surface.

“There’s a road that runs right over this and people have been driving on that road for over a hundred years,” he says. “But no one got out of their car and cracked a rock and assayed.

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| Feasibility study underway as Australian junior seeks TSX listing

You can’t see the silver mineralization in it because it’s fine grained.”

In May, Azure completed a JORCcompliant resource estimate. Mesa de Plata has an indicated resource of 9.6 million tonnes grading 84 grams silver per tonne for 25.9 million contained oz. silver, which includes a high-grade portion measuring 2.2 million tonnes grading 219 grams silver per tonne for 15.3 million oz. silver.

The resource estimate confirms that the deposit’s silver mineralization starts from surface, and the mineralized zone has a true vertical thickness of up to 70 metres, the company reports. The mineralization extends throughout Mesa de Plata with internal continuity of silver grades.

The high-grade zone extends over a 400-by-150 metre surface area, with a true vertical thickness ranging from 20 to 50 metres. The high-grade zone exists within the larger mid-grade zone of silver mineralization, which extends along the whole Mesa de Plata ridge, which in places is 300 metres wide, with a 1 km strike length.

The company says that the highgrade zone presents an attractive near-term development option, and it initiated a feasibility study a few months ago, which could be done before the end of next year’s first quarter.

“It will be a definitive feasibility study,” Rovira says. “We’re not doing a preliminary economic study, not a scoping study, not even a prefeasibility — it’s a definitive feasibility study to bring the high-grade zone into production and mine and process those 15 million oz. silver.”

The company is infill drilling to upgrade the resource to the measured category, and as part of this drilling is increasing its understanding of the controls on the nearsurface high-grade zone.

“We’re finding it’s slightly larger and potentially higher grade than what we have in the indicated resource, which is encouraging,” Rovira says.

The mining executive adds that the operation would be simple and involve “just taking the top off a hill and processing it.”

Metallurgical work has gone on for several months, with the more advanced work in progress. Rovira

“THERE’S A ROAD THAT RUNS RIGHT OVER, AND PEOPLE HAVE BEEN DRIVING ON THAT ROAD FOR OVER A HUNDRED YEARS, BUT NO ONE GOT OUT OF THEIR CAR AND CRACKED A ROCK AND ASSAYED.” TONY ROVIRA MANAGING DIRECTOR AND CEO, AZURE MINERALS

says most of it can be done over the next couple of months.

“Recoveries are good — it can be treated either by flotation or leaching, and we’re looking at opportunities for both heap leaching and a carbon-in-leach style operation.

It depends on capital costs versus recoveries.”

“It’s a good deposit, and the highgrade portion of it is a great deposit,” he says.

Before Azure’s involvement in Alacran, Teck Resources (TSX: TCK.B; NYSE: TCK) owned the project.

“Teck pulled out of Mexico three years ago, and we entered into an agreement to buy or earn 100% of the project by spending US$5 million,” Rovira says. “We’re at US$4.5 million on that, so we’re getting close.”

When this point is reached, Teck has a one-off, back-in right under which it can earn 65% ownership by spending US$15 million.

“This decision point for Teck will be reached in the next two months, and by Christmas we’ll have an understanding on whether they want to come back in, or whether they’re going to leave it to us,” he says. “If they pull out entirely, we’ll own it 100%, and there are no outstanding royalties.”

If Teck drops its right, Azure would own 100% of Mesa de Plata as well as 100% of the copper deposit, and Rovira points out that “no one has tested underneath it.”

Azure has also found a near-

surface gold zone 200 metres from Mesa de Plata that it is calling Loma Bonita, which Rovira says “could be a nice sweetener, and in terms of economics, could be of equal value.”

Intercepts at Loma Bonita announced in May include 48 metres grading 2.68 grams gold per tonne and 32 grams silver, including an interval of 27 metres of 4.07 grams gold and 27 grams silver. Another intercept ran 18.4 metres averaging 1.57 grams gold and 40 grams silver.

The gold and silver mineralization is hosted in weathered rock in the oxide zone and the zone is over 300 metres long, and remains open in all directions, the company says.

Azure’s other project in Mexico is called Promontorio. The company has explored there for eight years and has identified high-sulphidation, epithermal, high-grade copper-goldsilver deposits at surface.

“We’ve drilled underneath those, and we identified a porphyry that hosted copper mineralization, and two years ago we entered into a jointventure with Kennecott, or the Rio Tinto group,” Rovira says. “They’re exploring on that at the moment, drilling a lot of holes down there, deep holes — 1,000- to 1,200-metre deep holes — testing this porphyry.

When that program of 9,000 metres is completed, the information will be released publicly, but at this stage there isn’t a great deal of information that I can say about that project.”

Kennecott can earn 80% of Promontorio by spending US$45 million, after which Azure is free-carried for the next US$200 million of jointventure expenses.

As for Azure’s balance sheet, Rovira says the company is well funded, with A$16 million (US$12 million) in the bank.

The company also plans to list on the TSX, he says.

Seventy-five percent of its 1.6 billion shares on the ASX are owned

by Australians and the remaining 25% are owned by North Americans.

Azure’s current market cap is just under A$50 million.

“As with all junior companies, and in order to survive, we’ve issued a lot of stock,” Rovira notes. “However, we recognize that the Australian market isn’t doing us any favours at the moment, and we recognize the benefits of North American investors, and to that end we’ve put a lot of effort into attracting North American investors to our register.

“We’re gradually transferring our share ownership into North American hands,” he continues, “and to accelerate that process, in the first half of next year, we are looking into a listing on the TSX — a share consolidation and rollback to bring the share structure more into line with what North Americans would expect.”

Azure has been in Mexico for the last decade and has developed strong relationships with the federal government, state organizations and local communities, Rovira says.

During a panel discussion on Mexico at the recent Mines and Money Conference in Toronto, Rovira described the country as having had 500 years of mining history, and is a place where “deposits are being found all the time.”

He also pointed out that because of its long mining history, “you get a positive and proactive response from the government, and most of the local population, too, because they see the benefits that mining brings … It’s a powerful, pro-mining message.” TNM

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OCTOBER 24–30, 2016 / THE NORTHERN MINER

GLOBAL MINING NEWS · SINCE 1915

www.northernminer.com

E D I T O R IA L

Deutsche Bank to pay US$38M for silver price manipulation

GROUP PUBLISHER/ PUBLISHER: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com

SILVER | Tying up loose ends from old London Fix pricing system

EDITOR-IN-CHIEF: John Cumming, MSC (GEOL) jcumming@northernminer.com

he silver market saw a little bit of history being made on Oct. 17, with German megabank Deutsche Bank filing papers in Manhattan federal court agreeing to pay $38 million to settle U.S. litigation that alleged it illegally conspired with other banks to fix silver prices at the expense of investors.

The silver price manipulation is the latest

BY JOHN CUMMING jcumming@northernminer.com and one of the smallest of a long string of scandals in the global banking system that has seen many of the world’s largest financial institutions illegally manipulating financial and commodity markets such as mortgage markets, foreign exchange markets, gold prices and interest rate benchmarks like the London Interbank Offered Rate.

For example, in May 2014, Barclays was fined £26 million (US$44 million) by U.K. regulator Financial Conduct Authority (FCA) for failing to implement internal controls from 2004 to 2013 that would have prevented a Barclays gold trader from manipulating what had been the global benchmark of spot gold prices for almost a hundred years: the daily London Gold Fix. This settlement with Deutsche Bank over silver had been arranged in April, according to Reuters, but this October court filing was the first indication of the terms of the settlement. Some observers think Deutsche Bank’s first-mover status in reaching a settlement will entice the remaining banks involved in the litigation to do the same.

Vincent Briganti, a lawyer for the investors, told CNBC that the deal provides “substantial monetary compensation, plus cooperation from Deutsche Bank in the continued prosecution of this important case against the non-settling defendants.”

Only a few years ago, Deutsche Bank was a central player along with a handful of other large Western banks in setting gold and silver prices at the daily London gold and silver fixes. Deutsche Bank left the group in May 2014 as part of a larger exit from the commodities business, leaving the remaining banks Barclays, HSBC, Societe Generale and Scotiabank to continue with the gold fix, and HSBC and Scotiabank to fix silver prices.

With so few members remaining after Deutsche Bank’s departure and no replacement to be found, the entire London price fixing mechanism was swiftly replaced in mid-2014 with the current electronic, auction-based system system run by CME Group and Thomson Reuters, and the “fix” terminology with its unsavoury associations was retired.

In the newly settled silver-price manipulation litigation, investors had claimed Deutsche Bank, HSBC and Scotiabank rigged silver prices through the daily London silver fix, and accused Switzerland’s UBS of exploiting its knowledge of the manipulation.

The alleged conspiracy was described by CNBC as having started in 1999, and it suppressed prices on US$30 billion of silver and silver financial instruments traded each year, and helped the banks pocket returns that could top 100 percent annualized.

U.S. District Judge Valerie Caproni ruled in early October that the aggrieved investors had sufficiently, “albeit barely,” alleged that the banks had violated U.S. antitrust law by conspiring to depress the Silver Fix from 2007 to 2013.

Judge Caproni dismissed UBS from the case, noting there was no proof it had manipulated prices, even if it may have benefitted from price distortions.

The silver manipulation settlement may prove only a footnote in the larger story of Deutsche Bank’s slow motion collapse over the past few years.

Deutsche Bank said in September that the U.S. Justice Department had requested US$14 billion to settle a probe tied to Deutsche Bank’s shady dealings in the residential mortgage-backed securities market, which triggered a sell off in shares that have lost half their value in the past year, and reduced Germany biggest bank to a market cap of only US$19 billion. Deutsche Bank put aside US$6 billion for litigation at the end of June, and has been slashing its U.S. workforce as it retreats from North America. TNM

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O P- E D

Agnico Eagle Mines. . . . . 11 Amerigo Resources. . . . . 16 Atac Resources. . . . . . . . . . 1 Azure Minerals. . . . . . . . . . 3 Barrick Gold. . . . . . . . . . . . 3 Codelco. . . . . . . . . . . . . . . 16 Eloro Resources. . . . . . . . 16 EstratÈgica Corporativa en Finanzas . . . . . . . . . . 11 First Quantum Minerals. . 5 Fresnillo. . . . . . . . . . . . . . . 13 Goldcorp. . . . . . . . . . . . . . . 5

Golden Arrow Resources. . . . . . . . . . . . . 5 Grupo Mexico . . . . . . . . . . 3 Hochschild Mining. . . . . . 5 Hunt Mining. . . . . . . . . . . . 5 Ivanhoe Mines. . . . . . . . . . 1 MAG Silver. . . . . . . . . . . . 13 McEwen Mining . . . . . . . . 5 Roca Mines. . . . . . . . . . . . 15 Sociedad Quimica y Minera . . . . . . . . . . . . . . 16 Southern Pioneer

Resources. . . . . . . . . . . . 16 Taranis Resources . . . . . . 15 Teck Resources. . . . . . . . . . 3 Telson Resources. . . . . . . 11 Tianqi Lithium Industries. . . . . . . . . . . . 16 Turquoise Hill Resources. . . . . . . . . . . . 12 U3O8. . . . . . . . . . . . . . . . . . 5 Yamana Gold . . . . . . . . . . . 5

Junior markets show ‘signs of life,’ PwC reports FACTS ‘N’ FIGURES

| Gold sees the biggest rally

BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

A

ccording to PwC’s annual junior mining report, Signs of life — it has been a better year for companies listed on the S&P/TSX Venture Composite Index. Market values and cash reserves have increased, while equity and debt capital appears more readily available. Drill deeper into the numbers, however, and it’s apparent that the rally is largely reserved for the gold business.

The top-100 companies on the Venture exchange account for two-thirds of the mining sector’s market value. PwC found that the market capitalization of these companies surged 138% year-on-year through the end of June to $11.4 billion. The aggregate market cap of the top-100 juniors was just $4.8 billion a year earlier. Explorationstage companies were the largest beneficiary, likely because they show the most share price volatility in relation to market sentiment.

The report found that the 63 exploration companies on the list jumped 154% year-on-year, while 25 issuers focused on developmentstage assets enjoyed a 124% gain, and the 12 “production companies” showed a “respectable” 67% growth rate. In terms of commodities, gold companies had an average $112.3-million market capitalization, which is up from $51 million a year earlier.

“There has clearly been a rally in the sector, and a lot more people are investing. The value increase also means shares are becoming better currency to do deals, or in other words, companies have more ability to do transactions with stock,” PwC Canadian Mining Leader Liam Fitzgerald said during an interview.

“The other element is that both equity and debt financing activity has increased. The concern would be that gold is dominating these numbers, though I’d point out lithium has had a good year, as well. When we looked at base metals like copper, zinc and nickel, the rallies have been fairly muted,” he added.

PwC found that the ability to “go to the market for funds” remained steady over the past year, but the participation of junior-level companies increased. Cash flows from

financing activities rose 89% to $1.2 billion, with the top 100 raising $763 million through equity financings, and the rest from debt.

The report notes that four companies “dominated” junior financing activities on the equity front: Integra Gold (TSXV: ICG; USOTC: ICGQF), with $61 million; Gold Reserve (TSX: GRZ; USOTC: GDRZF), with $57 million; Kennady Diamonds (TSXV: KDI; US-OTC: KDIAF), with $52 million; and Roxgold (TSXV: ROG), with $46 million.

“When you look at equity sources, a lot of it is from the general market. When you look at the financings, they are not in big blocks, and it’s mostly through prospectus offerings or brokered placements. At the lower end of the list you see more in terms of private placements, mostly coming from management teams and key investors. So that bottom end of the junior spectrum is still struggling,” Fitzgerald said.

One promising aspect is a rise in cash reserves. The top-100 companies reported a total $900 million in their coffers, which is up from $670 million a year earlier, and close to levels reported for 2014.

Promising stories are also present outside the gold space. Lithium, a key material in batteries for electric vehicles and consumer electronics, has been a bright spot.

Five companies in the top 100 are primarily lithium plays, compared with just one in 2015. Meanwhile, uranium explorer NexGen Energy (TSX: NXE; US-OTC: NXGEF) sat atop the 100 list before graduating to the TSX in July, and saw its value more than triple in 12 months. It also secured over $70 million in debt financing.

Base metal markets, however, are mired in recession.

“It’s a bit hard to get a read on base metals because they are so driven by supply-demand curves, and a lot of it comes out of China and macroeconomics,” Fitzgerald added. “That’s compared to precious metals, which is a lot more about market sentiment. It’s difficult to judge when the supplydemand dynamic will allow many of these commodity producers to have a sustainable recovery. When it comes to base metals like copper, nickel and zinc, the supply is still there, and it’s providing that pressure that mutes recovery.” TNM

2016-10-18 8:02 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 24–30, 2016

5

Argentina a ‘playground for geologists and investors’ TNM PANEL

| Discussion touches on Patagonia potential, Veladero spills and uranium supply The company also aims to enhance environmental monitoring at the mine by using digital technology so that “authorities and other stakeholders can access real-time information in ways that provide greater transparency.”

BY SALMA TARIKH

I

starikh@northernminer.com

ndustry experts weighed in on Argentina’s Deseado Massif region, Barrick Gold’s (TSX: ABX; NYSE: ABX) recent spill at the Veladero gold mine and the country’s nuclear capabilities during a panel discussion at The Northern Miner’s “Focus on Argentina” event, held at PwC’s office in Toronto in late September. John Cumming, the publication’s editor-in-chief, moderated the panel.

“There’s a lot of potential there,” McEwen Mining’s (TSX: MUX; NYSE: MUX) chairman and chief owner Rob McEwen said. The mining magnate has spent over a decade working in the Deseado Massif in the southern Patagonia region with McEwen Mining and his previous firm Goldcorp (TSX: G; NSYE: GG). “We have to get over some other issues like labour — they are overstaffed there. But it’s a prospective area,” he commented.

“When Goldcorp bought Cerro Negro for $3.6 billion [in 2010] that woke up our partners. They said maybe we should spend some money on exploration and quickly upped the exploration budget, and started mining swarms of veins,” McEwen revealed.

Located in the Deseado Massif of Santa Cruz province, Cerro Negro is a low-sulphidation, epithermal gold-silver mine, which reached commercial production last January.

It sits 20 km south of McEwen Mining’s 49%-held San Jose gold-silver mine, where Hochschild Mining owns the rest. The high-grade mine started commercial production in January 2008.

The Deseado Massif is a budding region, with enormous exploration potential at surface and at depth.

“The granddaddy mine of the area is AngloGold’s Cerro Vanguardia mine,” Cumming said. It began as an open-pit mine in 1998, with shallow underground mining starting in 2010.

The first underground mine in the camp is San Jose.

“It’s a playground for geologists and investors,” Ricardo Martinez, director and partner at Argentina Minera SA, said of the relatively underexplored camp.

He says the recent shift in the country’s investment climate under President Mauricio Macri will help attract more foreign companies, previously cautious of the country’s currency restrictions and export taxes.

All the discoveries made in the late 1990s and early 2000s have been “piling up” because of the previous government’s restrictions “without major developments in the last few years,” Martinez revealed.

“So everything that is producing

Correction In the story “Noront lobbies for road access to Eagle’s Nest” (T.N.M., October 17–23/16), the estimated capital expenditure for Eagle’s Nest was incorrectly stated as $769 million. The actual figure is $609 million.

In the same story, the Blackbird chromite deposit should have been described as hosting 20.5 million measured and indicated tonnes.

1 2 3 4 5 11 12 13 15 16_OCT24_Main .indd 5

At The Northern Miner’s “Focus on Argentina” symposium at PwC Canada’s offices in Toronto in September, from left: Ricardo Martinez, director and partner at Argentina Minera SA; Richard Spencer, president and CEO of U3O8 Corp.; Rob McEwen, chairman and CEO of McEwen Mining; France M. Tenaille, partner, co-Leader for Latin America at Gowling WLG; and John Cumming, editor-in-chief of The Northern Miner. PHOTO BY SALMA TARIKH

“EVERYTHING THAT IS PRODUCING …

WAS DISCOVERED 25 TO 30 YEARS AGO. NOTHING NEW HAS BEEN BUILT IN THE LAST SIX TO SEVEN YEARS.” RICARDO MARTINEZ DIRECTOR AND PARTNER, ARGENTINA MINERA SA

Northern Miner moderators at the Miner’s “Focus on Argentina” symposium at PWC Canada’s offices in Toronto in September, from left: John Cumming, editor-in-chief; Anthony Vaccaro, publisher; and Trish Saywell, senior staff writer. PHOTO BY SALMA TARIKH

gold, copper, whatever now was discovered 25 to 30 years ago. Nothing new has been built in the last six to seven years.”

Development projects include Yamana Gold’s (TSX: YRI; NYSE: AUY) Cerro Moro gold-copper asset in Santa Cruz and Agua Rica’s copper-gold-silver-molybdenum deposit in Catamarca, as well as Golden Arrow Resources’ (TSXV: GRG) Chinchillas silver-lead-zinc project in Jujuy.

Advanced exploration projects include Hunt Mining’s (TSXV: HMX) La Josefina and La Valenciana goldsilver project in the Deseado Massif region of Santa Cruz, Austral Gold’s Pinguino silver-lead-zinc project, also in Santa Cruz, and First Quantum Minerals’ (TSX: FM) Taca Taca copper-gold-molybdenum deposit in Salta.

Salta and Jujuy, both in the northwestern corner, are two of the most promising lithium provinces in the country.

According to United States Geological Survey, Argentina churned out 3,800 tonnes of lithium last year, ranking as the world’s third largest producer, after Australia and Chile. It also holds the third-largest lithium reserve at 2 million tonnes, behind Chile’s 7.5 million tonnes and China’s 3.2 million tonnes.

Update on Veladero On Oct. 4, Barrick reported operations resumed at its Veladero gold mine in San Juan. The provincial government had suspended operations in September, due to falling ice that damaged a pipe carrying

solution in the leach pad area on Sept. 8.

This is the second incident at Veladero in the past 12 months.

In March, the provincial government fined the miner $9.8 million for a cyanide spill last September, when a pipe valve failed and leaked solution into the Potrerillos River, a waterway near the mine’s leach pad.

Rob McEwen, who attended the inaugural Argentina Business & Investment Forum in Buenos Aires in September, says the Veladero incidents will have a “big effect” on mining in the country.

Barrick supposedly delayed notifying government officials of the most recent incident because it thought it was “a small problem.”

Given last year’s spill, however, it was a hot topic at the forum, McEwen said, adding there could be some “political casualities.”

Andy Lloyd, Barrick ’s senior vice-president of communications, said in an Oct. 12 email that the company notified the provincial government on the same day the incident occurred.

“There was some discussion in the local media that we did not notify a group of mining regulators who were at the site during the morning of Sept. 8 for a routine visit.

However, the material that left the pad was not identified until late in the afternoon after that group had already departed the mine. So the ministry was notified by phone that day as per protocol. It’s possible officials from other ministries or the federal government were not aware, but that is unrelated to our

reporting obligations,” he said.

The incident is not comparable to the prior year’s event, he said.

“A small amount of crushed ore saturated with process solution escaped over the leach pad berm.” The company contained that solution in the leach valley before returning it to the pad, without causing any environmental damage.

To prevent this incident from recurring, Barrick has increased the height of the perimeter berms surrounding the leach pad, he noted.

Nuclear potential “Argentina is the leader in Latin America in terms of nuclear,” said Richard Spencer, president and CEO of U3O8 (TSX: UWE). The country has three nuclear reactors producing 9% of the country’s electricity, and plans to build two more.

“The Argentine government is obviously keen to have its own uranium supply,” Spencer said.

The country has everything in the uranium cycle — from design and enrichment capabilities to longterm storage facilities — except for uranium production.

Spencer says this represents an opportunity for U3O8 to supply the local industry when the reactors come online in the next five to six years.

U3O8 is advancing the Laguna Salada uranium-vanadium project in Chubut province. According to Spencer, it is the only uranium deposit in the country with a National Instrument 43-101 compliant resource and economic study.

A 2014 preliminary economic assessment envisions the project could produce 640,000 lb. uranium over a 10-year mine life, at cash costs of US$21.62 per lb., net of vanadium by-product credits.

U3O8 notes that the other uranium deposits in Argentina with completed economic studies are the mined out Sierra Pintada deposit and the Cerro Solo deposit. The latter, owned by Argentina’s National Atomic Energy Commission, is in Chubut.

Another uranium junior is Blue Sky Uranium (TSXV: BSK). In 2007, it discovered the Anit uranium prospect in Rio Negro, in the northern part of Patagonia.

Patagonia contains five of Argentina’s 23 provinces, including Santa Cruz, Rio Negro, Chubut, Neuquen and Tierra del Fuego. TNM

BY WAY OF L. Kamerman, Mining and Lands Commissioner for the Province of Ontario – File No. MA 006-13 The Canada Trust Company, as Estate Trustee for the Estate of Chester A. Durkee, is the recorded holder of a 100% interest in the subject properties: All surface and mining rights in, upon or under PCL 5896, 5897, 5898, 5899 SEC SWS, bearing PIN #73041-0017, #73041-0018, #73041-0019, #73041-0020 (LT), being Mining Patents S-3522, S-3523, S-3524, S-3525 situate in the Township of Keith, District of Sudbury, Province of Ontario. > Timber rights are included except for pine trees, which are reserved to the Crown. > No outstanding provincial land taxes & 2016 MNDM mining taxes up-to-date.

Below is a map showing the four grounds. BEST OFFER

CONTACT: TD WEALTH Private Trust Attn: John De Re, Trust Officer 66 Wellington St. W., 3rd Floor, Toronto, ON M5K 1A2 T. (416) 983-2001 | Email: john.dere@td.com

2016-10-18 8:02 PM

6

WWW.NORTHERNMINER.COM

OCTOBER 24–30, 2016 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / OCTOBER 10–14 Canada’s benchmark index finished 0.1% higher at 14,584.99. The S&P/TSX Global Mining Index fell 2.9% to 59.67 and the S&P/TSX Global Gold Index slid 0.6% to 205.98. New York spot gold (bid) fell to US$1,250.50 per oz., down 0.6%, while West Texas Intermediate crude finished higher at US$50 per barrel.

Drill results from Arizona Mining’s Taylor deposit on its wholly owned Hermosa project in Santa Cruz County, Ariz., lifted the junior’s shares 13% to $2.86. The company reported that drilling at the zinc-lead-silver sulphide deposit extended its footprint and returned several assays. Drill hole 374 intersected nine mineralized zones with a cumulative thickness of 183 metres and showed continuity between the original resource area, and other step-out holes. One of the well-mineralized zones intersected in the hole included a 402.5-foot-thick interval assaying 7.3% zinc, 6.2% lead and 2.1 oz. per ton silver. Within the broader mineralization zone were three subintervals, including an upper zone 90 feet thick, which returned 17.5% zinc, 12.6% lead and 4.1 oz. per ton silver, and a lower zone 8.8 metres thick, which assayed 10.1% zinc, 12.4% lead and 4.2 oz. per ton silver.

Ivanhoe Mines climbed 7¢ to $2.33 per share in the wake of a maiden resource for the company’s Kakula copper deposit at its

Kamoa project in the DRC. Ivanhoe says the resource makes the Kakula-Kamoa project the largest copper discovery ever made in the African continent. At a 1% cut-off grade, Kakula contains indicated resources of 192 million tonnes grading 3.5% copper for 14.6 billion contained lb. copper and inferred resources of 101 million tonnes averaging 2.7% copper for 6.1 billion lb. copper. The Kamoa-Kakula project is a joint-venture between Ivanhoe, China’s Zijin Mining and the DRC government, and ranks among the world’s 10 largest copper deposits.

Shares of Klondex Mines rose 42¢ to $6.91. The company acquired the Hollister and Esmeralda mines in Nevada on Oct. 3, and on Oct. 11 released results from 36 underground holes totalling 5,500 metres that TSX MOST ACTIVE ISSUES

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

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

YRI BTO K TCK.B ABX IMG IVN ELD G FM

32793 5.17 4.77 4.79 - 0.06 25686 3.35 2.89 3.25 + 0.28 23934 5.09 4.59 4.74 + 0.06 23030 25.02 22.73 24.66 + 1.42 18758 21.59 20.34 20.60 - 0.31 17195 4.71 4.18 4.45 + 0.08 16354 2.39 2.13 2.33 + 0.07 15352 4.98 4.51 4.58 + 0.01 14838 19.88 18.35 18.81 + 0.09 14311 10.82 10.05 10.65 + 0.14

were drilled in 2014 and 2015 by the prior owner. Klondex reports that the holes found multiple veins and extended the Gloria vein system 800 feet to the west and 244 metres vertically. The Gloria vein system remains open up and down dip and along strike to the west, and Klondex says it plans to infill drill the vein system before year-end to develop a resource estimate and step out to the west. Drill highlights include 143.3

equivalent grams gold per tonne over 2.6 metres, including 629.6 equivalent grams gold over 0.5 metre; 47.8 equivalent grams gold over 2.2 metres; and 124.3 equivalent grams gold over 0.2 metre.

Higher coking coal and zinc prices this year continue to buoy the shares of Teck Resources, which advanced $1.42 to $24.66.

In early January, Teck’s shares traded at $5 apiece. TNM

TSX GREATEST PERCENTAGE CHANGE

Nautilus Mnrls Starcore Intl Moneta Porcpn Eco Oro Mnls Timmins Gold AZ Mining NovaCopper Yorbeau Res Amerigo Res Mandalay Res Aureus Mng Loncor Res Stonegate Agri SouthGobi Res Atlatsa Res Orsu Metals Avalon Adv Mat Mawson Res Orvana Mnrls Horizonte Mnls

NUS SAM ME EOM TMM AZ TMQ YRB.A ARG MND AUE LN ST SGQ ATL OSU AVL MAW ORV HZM

509 188 2701 126 4191 9551 25 300 463 1160 7249 64 162 88 69 3593 914 108 416 809

0.18 0.72 0.28 0.22 0.65 2.99 0.77 0.10 0.17 1.03 0.05 0.16 0.02 0.41 0.11 0.03 0.20 0.49 0.29 0.05

0.15 0.59 0.22 0.19 0.55 2.42 0.00 0.09 0.15 0.92 0.03 0.00 0.02 0.25 0.09 0.02 0.16 0.38 0.25 0.04

0.17 0.70 0.28 0.22 0.62 2.86 0.73 0.10 0.17 1.02 0.03 0.13 0.02 0.32 0.09 0.03 0.16 0.39 0.25 0.04

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Teck Res Teck Res Detour Gold Altius Mnrls Torex Gold TMAC Resources Suncor Energy Klondex Mines Agnico Eagle Pretium Res Agrium Franco-Nevada First Majestic MAG Silver Endeavour Mng Kirkland Lk Gd Barrick Gold Tahoe Res Osisko Gold Centerra Gold

+ 17.2 + 14.8 + 14.6 + 12.8 + 12.7 + 12.6 + 12.3 + 11.1 + 10.0 + 9.7 - 33.3 - 25.7 - 25.0 - 20.0 - 19.0 - 16.7 - 13.9 - 13.5 - 12.3 - 11.1

VOLUME WEEK (000s) CLOSE CHANGE

TCK.B TCK.A DGC ALS TXG TMR SU KDX AEM PVG AGU FNV FR MAG EDV KLG ABX THO OR CG

23030 24.66 43 24.90 5294 23.69 161 10.89 2581 24.38 117 17.79 12995 37.38 3126 6.91 3416 60.01 2326 11.76 1065 117.64 2689 83.27 5914 10.33 1674 17.51 1077 21.33 5695 7.64 18758 20.60 5174 14.51 2188 13.17 4914 6.14

+ 1.42 + 1.40 + 1.14 + 0.77 + 0.63 + 0.52 + 0.50 + 0.42 + 0.34 + 0.33 - 1.35 - 1.03 - 0.62 - 0.53 - 0.45 - 0.36 - 0.31 - 0.31 - 0.29 - 0.28

TSX VENTURE EXCHANGE / OCTOBER 10–14 The S&P/TSX Venture Composite Index saw its third straight week of declines, falling 7.78 points to a 773.02-point close, as the market prepares for an interest rate hike in December. Spot gold prices shed US$6.05 to four-month lows at US$1,251.03 per oz., while Comex copper prices lost US5¢ to US$2.11 per lb. on soft trade data out of China.

NewCastle Gold rose 19¢ to $1.02 per share after announcing plans to increase a bought-deal financing to 22.5 million shares at 82¢, for gross proceeds of $18.5 million. The capital would advance the company’s Castle Mountain gold property in San Bernardino County, California. The property hosts the former Castle Mountain heap-leach gold mine, which saw over 1 million oz. gold produced from 1992 to 2004. Remaining resources amount to 17.4 million measured tonnes of 0.86 gram gold per tonne, 202.5 million indicated tonnes of 0.57 gram gold and 40.8 million inferred tonnes of 0.58 gram gold. Mineralization occurs as structurally controlled, epithermal breccia zones developed within a collapsed caldera environment.

Shares of lithium explorer Alix Resources saw 12.3 million shares traded before closing up 3¢ to 8¢, after finding a 1 km

long lithium-rich clay zone at its recently acquired Agua Fria property in Sonora, Mexico. Samples from either end of the mineralized trend returned 800 and 1,000 ppm lithium. The property borders the company’s Electra project, which is under joint-venture with Lithium Australia, a junior explorer based out of Perth. The partners are preparing for an upcoming drill program at Electra, which will focus on two areas underlain by sediments that are prospective for lithium mineralization. The company says the targets could have similar mineralization to the adjoining Buenavista concession — owned by Bacanora Minerals and Rare Earth Minerals — which hosts 259 million indicated tonnes of 3,200 ppm lithium and 160 million inferred tonnes of TSX-V MOST ACTIVE ISSUES

PNG Gold Alix Res E-Energy Vent Westkam Gold Uravan Mnrls Makena Res Cornerstone Ca Select Sands Minfocus Expl Corsa Coal

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

PGK 17435 AIX 12304 EEV 7534 WKG 7261 UVN 6962 MKN 6833 CGP 6540 SNS 6446 MFX 5888 CSO 5860

0.01 0.10 0.02 0.04 0.30 0.02 0.20 0.99 0.04 0.13

0.01 0.05 0.01 0.03 0.07 0.02 0.12 0.75 0.02 0.11

0.01 - 0.08 + 0.01 - 0.04 unch 0.09 - 0.02 unch 0.17 + 0.85 + 0.02 - 0.12 -

0.01 0.03 0.01 0.00 0.21 0.00 0.05 0.07 0.01 0.01

3,200 ppm lithium, assuming a 1,000 ppm lithium cut-off.

Shares of Nova Scotia-based ScoZinc Mining gained 37¢ before closing at $1.15, on the back of improving zinc prices. The company hopes to restart open-pit operations at its wholly owned Scotia zinc-lead mine, 50 km east of Halifax, which has been on care and maintenance since early 2009.

After acquiring the mine in 2011, ScoZinc has invested more than $10 million into refurbishing the mill, exploration, technical and economic studies, as well as permitting.

In a 2013 preliminary economic assessment, a 2,500-tonne-per-day mining scenario could have a pre-tax net present value, at an 8% discount rate, of $52.4 million, and a 49% pre-tax internal rate of return. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Stratabd Mnr Superior Mng Alba Minerals Alliance Mng Ironside Res Montero Mg&Ex War Eagle Mg Bell Copper QMX Gold Empire Rock Uravan Mnrls Blind Crk Res Morro Bay PNG Gold Duncan Park H Martina Mnls Rockridge Cap Xiana Mng Metallis Res Arcturus Vents

SB SUI.H AA.H ALM IRC MON WAR BCU.H QMX EPR UVN BCK MRB PGK DPH MTN.H RRC XIA MTS AZN.H

222 82 523 636 332 418 551 47 765 42 6962 12 158 17435 1762 75 106 13 96 150

0.04 0.01 0.15 0.02 0.14 0.03 0.04 0.06 0.07 0.23 0.30 0.09 0.01 0.01 0.02 0.04 0.28 0.12 0.16 0.02

0.01 0.01 0.06 0.01 0.08 0.02 0.03 0.03 0.05 0.12 0.07 0.00 0.01 0.01 0.01 0.00 0.15 0.00 0.00 0.00

0.04 0.01 0.12 0.02 0.14 0.03 0.04 0.06 0.07 0.23 0.09 0.07 0.01 0.01 0.01 0.03 0.15 0.11 0.12 0.02

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 166.7 + 100.0 + 100.0 + 100.0 + 68.8 + 66.7 + 60.0 + 57.1 + 55.6 + 55.2 - 70.7 - 51.7 - 50.0 - 50.0 - 50.0 - 45.5 - 45.5 - 43.6 - 42.5 - 40.0

VOLUME WEEK (000s) CLOSE CHANGE

ScoZinc Mg Abitibi Royalt Castle Mtn Mng Rock Tech Lith Almadex Min Gold Std Vents Houston Lake CanAlaska Uran McChip Res G4G Capital Gold Reserve Millennial Lit Uravan Mnrls Avino Silver Regulus Res Lowell Copper Rockridge Cap Novo Res Hunt Mng Minnova Corp

SZM RZZ NCA RCK AMZ GSV FL CVV MCS GGC GRZ ML UVN ASM REG JDL RRC NVO HMX MCI

10 7 2608 414 536 4229 383 1471 11 107 62 710 6962 276 144 670 106 98 10 80

1.15 7.46 1.02 1.07 1.02 3.36 0.37 0.50 0.58 0.69 5.52 1.59 0.09 2.36 1.26 2.00 0.15 1.38 0.22 0.73

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

0.37 0.24 0.19 0.19 0.15 0.11 0.10 0.10 0.10 0.10 0.31 0.21 0.21 0.17 0.16 0.14 0.13 0.12 0.12 0.12

U.S. MARKETS / OCTOBER 10–14 U.S. equities ended in the red overall, as investors focused on third-quarter earnings.

The Dow Jones Industrial Average fell 0.6% to 18,138.38, while the S&P 500 Index lost nearly 1% to close at 2,132.98. The Nasdaq slumped 1.5% to finish at 5,214.16. The spot gold price retreated 0.6%, or US$7.10 to US$1,250.50 per ounce. The November contract for U.S. crude rose 1% to US$50.35 per barrel.

Seabridge Gold shares rose 3.4% to US$10.61. The company reported receiving permits to develop an exploration adit into the Deep Kerr deposit at its KSM gold-copper project in northwestern British Columbia.

The proposed 2,100-metre long adit would lower the cost of underground drilling at the Deep Kerr deposit, and provide access to mineralized zones that are tested to 1,800 metres deep. All drilling at Deep Kerr has been from surface, resulting in long and costly drill holes.

An Oct. 6 preliminary economic assessment (PEA) incorporated the Deep Kerr and Iron Cap Lower zone into a conceptual project design that recommends underground block-caving mining for the Kerr and Deep Kerr deposits. Compared to the September

6_OCT24_MarketNews.indd 6

2016 prefeasibility study, the PEA improves the project’s economic returns and reduces its environmental footprint.

Alcoa shares plunged 16% to US$26.44, despite a third-quarter profit of US$166 million, or 33¢ per share, compared to last year’s US$44 million, or 6¢ per share. Revenue fell 6% to US$5.2 billion, due to curtailed and closed operations, and lower alumina pricing.

First Majestic Silver dipped 4.6% to US$7.85 per share, despite announcing record silverequivalent production in the third quarter.

Silver equivalent production from its six Mexican mines grew 27% year-over-year to U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Vale* VALE 159093 5.94 5.51 5.58 + 0.01 Freeport McMo* FCX 139897 10.42 9.24 9.66 - 0.47 Yamana Gold* AUY 101928 3.91 3.61 3.65 - 0.01 Vale* VALE.P 97095 5.36 5.02 5.15 + 0.16 Alcoa* AA 83115 31.96 26.22 26.44 - 4.93 Kinross Gold* KGC 77280 3.86 3.51 3.62 + 0.10 Barrick Gold* ABX 68523 16.36 15.42 15.69 - 0.04 United States S* X 58797 18.52 16.17 16.42 - 1.26 IAMGOLD* IAG 42384 3.56 3.23 3.37 + 0.09 Teck Res* TCK 37712 18.90 17.57 18.77 + 1.29

4.5 million equivalent oz. silver. Output included 3.1 million oz. silver, 14,452 oz. gold, 8 million lb. lead and 1.5 million lb. zinc.

Silver output improved 20%, largely due to improved grades, throughput rates and recoveries. The company saw higher silver

grades — particularly at its Santa Elena, La Guitarra and San Martin mines — on the back of improved mine sequencing and dilution control.

First Majestic has expanded exploration, after more operational cash flow. TNM

U.S. GREATEST PERCENTAGE CHANGE

Teck Res* NACCO Ind* Pretium Res* Seabridge Gld* Black Hills* Vale* Kinross Gold* IAMGOLD* Suncor Energy* DRDGOLD* Alcoa* Intrepid Pots* United States S* CONSOL Energy* Mosaic* Gold Fields* Freeport McMo* First Majestic* Trecora Res* Endeavr Silver*

TCK NC PVG SA BKH VALE.P KGC IAG SU DRD AA IPI X CNX MOS GFI FCX AG TREC EXK

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

37712 18.90 17.57 18.77 + 7.4 90 71.69 68.70 71.27 + 4.1 8784 9.40 8.50 8.94 + 4.0 2585 11.08 10.17 10.61 + 3.4 1302 59.23 56.53 58.52 + 3.3 97095 5.36 5.02 5.15 + 3.2 77280 3.86 3.51 3.62 + 2.8 42384 3.56 3.23 3.37 + 2.7 15091 28.93 27.67 28.43 + 2.4 1291 4.79 4.41 4.50 + 2.0 83115 31.96 26.22 26.44 - 15.7 3812 1.12 0.93 0.98 - 9.8 58797 18.52 16.17 16.42 - 7.1 16738 20.66 18.69 18.70 - 6.6 24244 25.05 22.77 23.15 - 5.8 27349 4.44 3.99 4.01 - 5.6 139897 10.42 9.24 9.66 - 4.6 25522 8.46 7.67 7.85 - 4.6 101 11.03 10.18 10.33 - 4.4 8481 4.39 4.00 4.03 - 4.3

U.S. GREATEST VALUE CHANGE

MartinMarietta* MLM NACCO Ind* NC Black Hills* BKH Teck Res* TCK Agnico Eagle* AEM Suncor Energy* SU Seabridge Gld* SA PVG Pretium Res* Silver Wheaton* SLW Newmont Mng* NEM Alcoa* AA Mosaic* MOS Rio Tinto* RIO CONSOL Energy* CNX United States S* X Chevron* CVX Trecora Res* TREC Freeport McMo* FCX First Majestic* AG Coeur Mng* CDE

VOLUME WEEK (000s) CLOSE CHANGE

3788 173.38 90 71.27 1302 58.52 37712 18.77 10355 45.66 15091 28.43 2585 10.61 8784 8.94 20339 22.86 28985 34.23 83115 26.44 24244 23.15 19293 31.77 16738 18.70 58797 16.42 29207 101.08 101 10.33 139897 9.66 25522 7.85 20139 10.59

+ 3.26 + 2.78 + 1.86 + 1.29 + 0.71 + 0.67 + 0.35 + 0.34 + 0.28 + 0.26 - 4.93 - 1.43 - 1.39 - 1.32 - 1.26 - 1.19 - 0.48 - 0.47 - 0.38 - 0.37

2016-10-18 7:44 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / OCTOBER 24–30, 2016, 2016

7

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 18, 2016 Precious Metals Price (US$/oz.)

Change 1261.65 +5.25 Gold Silver $17.65 +0.17 Platinum $938.00 -31.00 Palladium $647.00 -21.00 Base Metals Nickel Copper Lead Zinc

Price (US$/tonne) Change $10390.00 +110.00 $4691.50 +17.50 $1998.00 +10.00 $2302.00 +27.00

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, October 17, 2016 (change from October 10, 2016 in brackets): Aluminium Alloy 13680 (0) 2083250 (-36875) Aluminium Copper 345800 (-4875) 189625 (-900) Lead Nickel 362478 (+1650) 3250 (-170) Tin 455650 (-1625) Zinc

TSX WARRANTS

Thermal Coal CAPP: US$40.00 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$45.05 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$9.00 Coal: CME Group Central Appalachian Futures Nov. 2016: US$40.00 Dec. 2016: US$40.00 Cobalt: US$12.70/lb.

Copper: US$2.12/lb.

Copper: CME Group Futures Nov. 2016: US$2.104/lb.; Dec. 2016: US$2.107/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$57.80/tonne Iron Ore Fines: US$52.54/tonne Iron Ore Pellets: US$72.61/tonne Lead: US$0.90/lb.

Magnesium: US$2.04/kg Manganese: US$1.68/kg Molybdenum Oxide: US$6.92/lb.

Phosphate Rock: US$111.00/tonne Potash: US$220.00/tonne Rhodium: Mid-mkt US$685.00/tr. oz.

Ruthenium: Mid-mkt US$42.00/tr. oz.

Silver: Handy & Harman Base: US$17.44 per oz.; Handy & Harman Fabricated: US$21.79 per oz.

Tantalite Ore : US$128.61/kg Tin: US$8.85/lb.

Uranium: U3O8, Trade Tech spot price: US$22.90; The UX Consulting Company spot price: US$22.75/lb.

Zinc: US$1.03/lb.

Prices current Oct. 18, 2016

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

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

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

NORTH AMERICAN STOCK EXCHANGE INDICES TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Oct 03, 2016 (with changes from Sep 16, 2016) Largest short positions LUN 40929234 -314436 9/16/2016 Lundin Mng Potash Corp SK POT 35013368 493781 9/16/2016 Kinross Gold K 33402034 13323870 9/16/2016 B2Gold BTO 24107822 5566933 9/16/2016 NGD 23084145 -978288 9/16/2016 New Gold Eldorado Gold ELD 19229386 -11859 9/16/2016 Teranga Gold TGZ 17918227 1140308 9/16/2016 Centerra Gold CG 14442025 342989 9/16/2016 SU 12914818 -701299 9/16/2016 Suncor Energy Sandstorm Gold SSL 11776692 6012349 9/16/2016 TCK.B 11498865 1999381 9/16/2016 Teck Res Thompson Creek TCM 10611962 42100 9/16/2016 First Quantum FM 10394844 -1014978 9/16/2016 Goldcorp G 8715940 179234 9/16/2016 AR 8659072 -509102 9/16/2016 Argonaut Gold Largest increase in short position Kinross Gold K 33402034 13323870 9/16/2016 Sandstorm Gold SSL 11776692 6012349 9/16/2016 BTO 24107822 5566933 9/16/2016 B2Gold OceanaGold OGC 6503459 2105028 9/16/2016 TCK.B 11498865 1999381 9/16/2016 Teck Res Largest decrease in short position Turquoise HIl TRQ 4861878 -1882795 9/16/2016 HudBay Mnls HBM 5665690 -1809395 9/16/2016 FR 2791328 -1529397 9/16/2016 First Majestic IAMGOLD IMG 7555123 -1198156 9/16/2016 First Quantum FM 10394844 -1014978 9/16/2016

Short positions outstanding as of Oct 03, 2016 (with changes from Sep 16, 2016) Largest short positions FMS 2619169 1594769 9/16/2016 Focus Graphite First Mg Fin FF 1875600 -71662 9/16/2016 Integra Gold ICG 1671632 -6704 9/16/2016 Rye Patch Gold RPM 1358773 294489 9/16/2016 BRI 1206100 -74498 9/16/2016 Brazil Res Westkam Gold WKG 903400 426400 9/16/2016 ROG 446747 -44474 9/16/2016 Roxgold Gold Std Vents GSV 434142 -49395 9/16/2016 IMPACT Silver IPT 322294 23194 9/16/2016 K92 Mng Inc KNT 235500 -863400 9/16/2016 GRZ 224600 204900 9/16/2016 Gold Reserve MX Gold MXL 205400 103400 9/16/2016 Bear Creek Mng BCM 195290 35290 9/16/2016 Kilo Goldmines KGL 135500 134600 9/16/2016 Algold Res ALG 132700 22948 9/16/2016 Largest increase in short position Focus Graphite FMS 2619169 1594769 9/16/2016 Westkam Gold WKG 903400 426400 9/16/2016 Rye Patch Gold RPM 1358773 294489 9/16/2016 Gold Reserve GRZ 224600 204900 9/16/2016 KGL 135500 134600 9/16/2016 Kilo Goldmines Largest decrease in short position K92 Mng Inc KNT 235500 -863400 9/16/2016 Golden Dawn Ml GOM 1300 -168900 9/16/2016 FUU 5000 -136000 9/16/2016 Fission 3.0 Callinex Mines CNX 5800 -96066 9/16/2016 BRI 1206100 -74498 9/16/2016 Brazil Res

52-week

Oct 14 Oct 13 Oct 12 Oct 11 Oct 10 High Low Index S&P/TSX Composite 14584.99 14643.71 14618.97 14549.60 14566.26 15527.30 12400.15 773.02 777.50 770.55 772.67 780.80 1050.26 883.52 S&P/TSXV Composite S&P/TSX 60 852.14 856.02 854.32 851.07 851.00 896.74 709.99 S&P/TSX Global Gold 205.98 212.00 209.22 203.75 207.20 218.90 149.29

NEW 52-WEEK HIGHS AND LOWS OCTOBER 10–14, 2016 76 New Highs Advantage Lith* Afrasia Mnls Alba Minerals Anglo American* Arrowhead Gold* Astar Mnls Augyva Mng AZ Mining Caledonia Mng Caledonia Mng* Carpathian Gld* Cataca Res* Central Iron Clear Mtn Res CONSOL Energy* Cornerstone Ca Cornerstone Ca* Cruz Cap Corp Cruz Cap Corp* CTGX Mining* Engold Mines

EurOmax Res First Liberty* Glencore Plc* Global Cop Grp GobiMin Gold Torrent* Goldcliff Res Goldcliff Res* Great Quest Fe* Horizon Mnls* Inca One Gold* Iron South Mng* Komet Resource La Imperial Laurion Mnl Ex Lode-Star Mg* Logan Res* Manado Gold Midasco Cap Morumbi Res* NACCO Ind* Next Gen Mtls Next Gen Mtls*

DAILY METAL PRICES

Noranda Alum* Nrthn Lion Odin Mng & Exp* Peloton Mnrls Playfair Mng Prospero Silvr Prospero Silvr* Puma Expl QMC Quantum Ml Rainy Mtn Royl* Reva Res Rheingold Expl Rock Tech Lith* Select Sands Senator Mnrls St-Georges Plt* Stratabd Mnr Strikepoint Gd* Sunset Cove Mg Tanqueray Expl Teck Res Timberline Res* Vale*

Vedanta* Vendetta Mng* Volcanic Mtls Walker River War Eagle Mg Whitehaven Coa* Winston Res Xander Res Yanzhou Coal*

35 New Lows Abitibi Royalt Alexandria Min* Americas Petro Bannerman Res* Besra Gold* Bravura Vent * Cameco Corp Cameco Corp* Carube Copper* Centenera Mng* Colonial Coal Comstock Mng* Energy Fuels

Energy Fuels* GoGold Res GoviEx Uranium Highway 50 Gld* Ireland* Maccabi Vent MDN Inc* Medinah Mnrls* Metalore Res Nevada Egy Mtl Nevada Egy Mtl* Premium Expl* Randsburg Int* Rare Element* Rio Silver* Signal Expl Signature Res* SinoCoking Cl* Star Gold* Timberline Res* Trueclaim Expl* Tudor Gold *

CANADIAN GOLD MUTUAL FUNDS

Daily Metal Prices Date Oct 17 Oct 14 Oct 13 Oct 12 Oct 11 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1525/1540 1565/1580 1565/1580 1565/1580 1565/1580 Aluminum 1644.50/1653 1684/1685 1680/1686 1683.50/1685.50 1672.50/1673 Copper 4671/4692 4672/4691 4754/4775.50 4804/4829 4801/4821 Lead 1986/2007 1991/2002 2012/2021 2040.50/2053 2065.50/2074.50 Nickel 10395/10450 10430/10460 10410/10450 10525/10590 10410/10450 Tin 198505/19495 19550/19510 19675/19575 19990/19900 20000/19875 2260/2276.50 2232/2244 2229.50/2242 2259/2267 2265/2279 Zinc PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.)

Gold AM 1252.70 1256.15 1258.00 1255.70 1256.40 Gold PM 1254.80 1251.75 1261.05 1256.50 1253.45 Silver 17.40 17.47 17.59 17.44 17.48 Platinum 932.00 933.00 935.00 947.00 958.00 Palladium 641.00 642.00 640.00 651.00 657.00

Fund Oct 14 ($) 25.75 AGF Prec Mtls Fd MF BMO Prec Mtls Fd A 20.25 BMO ZGD 10.50 BMO ZJG 8.72 CIBC Prec Metal Fd A 11.53 Dyn Prec Metls Fd A Horizons HEP IGMacGloPrecMetCl A 9.45 iShares XGD 12.87 Mac Prec Met Cl A 53.46 13.57 NB Prec Met Fd Inv RBC GblPreMetFd A 34.73 Redw UITGoDe&ProCl A Sentry Pre Met Fd A 44.61 Sprott Gold&PrMinFdA 39.66 Sprott SilverEquCl A 7.23 TD PreciousMetalsInv 39.43

Oct 07 ($) Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) 25.59 0.16 0.63 87.35 2.78 208.47 20.10 0.16 0.77 86.16 2.40 81.17 10.52 -0.02 -0.19 85.37 0.63 8.69 0.03 0.37 100.69 0.60 11.60 -0.07 -0.61 58.81 2.62 64.39 7.60 0.31 4.09 112.04 2.75 496.12 27.12 0.58 2.13 77.81 0.81 9.42 0.02 0.25 102.67 2.76 106.90 12.94 -0.08 -0.60 83.21 0.61 729.79 53.32 0.15 0.27 106.48 2.51 146.89 13.52 0.05 0.37 89.73 2.46 44.26 34.27 0.46 1.34 96.21 2.12 477.01 10.00 43.83 0.78 1.78 102.47 2.90 278.44 39.47 0.19 0.49 93.93 3.19 294.77 7.32 -0.09 -1.21 143.74 3.23 106.58 39.30 0.13 0.33 84.46 2.26 179.69

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

Oct 14 Oct 13 Oct 12 Oct 11 Oct 10 1.3140 1.3192 1.3276 1.3264 1.3175 0.7610 0.7575 0.7532 0.7544 0.7590

Exchange rates (Quote Media, October 14, 2016) C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand C$ to AUS 0.99903 0.6937 79.2815 14.4674 10.8985 C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won C$ to UK Pound C$ to China Yuan 0.6243 5.1214 50.7695 0.7537 864.7864 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.3129 0.9115 104.1790 19.0096 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.8210 6.7292 66.7173 0.9903 1136.4100

GLOBAL MINING NEWS · SINCE 1915

Re-Publishing License

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

7_OCT24_MMMM.indd 7

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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

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2016-10-18 6:40 PM

8

WWW.NORTHERNMINER.COM

OCTOBER 24–30, 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 10–14, 2016 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A 92 Resources V 692 0.19 0.17 0.18 - 0.01 0.28 0.03 Abcourt Mines* O 83 0.07 0.06 0.07 + 0.01 0.10 0.02 Abcourt Mines V 603 0.09 0.08 0.09 + 0.01 0.13 0.04 Aben Res* O 142 0.09 0.06 0.06 - 0.03 0.26 0.03 Aben Res V 813 0.11 0.09 0.09 - 0.01 0.34 0.06 0.12 + 0.00 0.16 0.07 Aberdeen Intl* O 57 0.13 0.12 Aberdeen Intl T 663 0.16 0.14 0.15 - 0.01 0.24 0.10 Abitibi Royalt V 7 7.46 0.00 7.46 + 0.24 9.95 2.30 Adamera Mnls* O 60 0.07 0.05 0.06 - 0.00 0.12 0.01 Adriana Res V 213 0.14 0.13 0.13 - 0.01 0.15 0.10 Advantage Lith* O 463 0.93 0.68 0.71 + 0.03 0.93 0.49 Advantage Lith V 836 1.07 0.90 0.95 + 0.04 1.21 0.14 African Gold V 1530 0.08 0.07 0.08 - 0.01 0.12 0.03 Agave Silver* O 27 0.06 0.06 0.06 + 0.01 0.12 0.01 Agave Silver V 99 0.10 0.08 0.09 - 0.01 0.15 0.02 Agnico Eagle T 3416 62.68 58.12 60.01 + 0.34 78.35 33.00 Agnico Eagle* N 10355 47.47 43.93 45.66 + 0.71 60.10 24.80 Agrium T 1065 119.46 116.30 117.64 - 1.35 133.25 104.70 Agrium* N 1516 90.52 87.78 89.49 - 0.04 100.24 79.94 Aguila Amer Gd V 1016 0.08 0.05 0.05 - 0.02 0.14 0.03 Aim Explor* O 805 0.01 0.00 0.01 + 0.00 0.20 0.00 Alabama Graph* O 48 0.11 0.11 0.11 + 0.00 0.17 0.08 Alabama Graph V 700 0.15 0.14 0.14 - 0.01 0.23 0.11 Alacer Gold T 5472 3.09 2.80 2.88 - 0.06 3.79 2.08 Alamos Gold T 4376 10.65 9.37 9.80 + 0.01 13.65 3.27 Alamos Gold* N 8084 8.07 7.14 7.47 + 0.12 10.41 2.27 Alba Minerals V 523 0.15 0.06 0.12 + 0.06 0.15 0.01 Alberta Star* O 17 0.26 0.25 0.26 + 0.02 0.28 0.12 Alchemist Mng 298 0.11 0.08 0.09 - 0.03 0.12 0.02 Alcoa* N 83115 31.96 26.22 26.44 - 4.93 34.50 18.42 Alderon Iron* O 98 0.09 0.08 0.08 - 0.01 0.15 0.05 Alderon Iron T 118 0.12 0.11 0.11 - 0.01 0.20 0.07 Aldever Res* O 16 0.02 0.02 0.02 - 0.05 0.48 0.07 0.07 - 0.00 0.12 0.06 Aldrin Res* O 26 0.08 0.07 Aldrin Res V 209 0.10 0.09 0.09 - 0.01 0.15 0.08 Alexandria Min* O 891 0.06 0.00 0.06 + 0.01 0.10 0.01 Alexandria Min V 3114 0.07 0.06 0.07 + 0.02 0.12 0.02 Alexco Res T 470 2.14 1.98 2.05 - 0.05 3.31 0.35 0.25 - 0.00 0.33 0.07 Algold Res* O 42 0.26 0.00 Algold Res V 2362 0.38 0.32 0.37 + 0.02 0.44 0.07 Alianza Min V 84 0.13 0.12 0.12 - 0.01 0.21 0.10 Alix Res V 12304 0.10 0.05 0.08 + 0.03 0.18 0.04 Alliance Mng V 636 0.02 0.01 0.02 + 0.01 0.04 0.01 22.82 + 0.57 22.96 9.95 Alliance Res* D 1572 22.96 21.50 Almaden Mnls T 169 1.70 1.56 1.69 + 0.06 2.44 0.67 Almadex Min V 536 1.05 0.86 1.02 + 0.15 1.17 0.14 Almadex Min* O 355 0.79 0.65 0.78 + 0.12 0.91 0.09 Almo Capital V 427 0.13 0.10 0.13 + 0.03 0.18 0.05 Almonty Ind V 519 0.27 0.21 0.24 + 0.01 0.55 0.21 Alphamin Res V 153 0.28 0.25 0.27 - 0.01 0.33 0.16 Alset Energy V 3517 0.11 0.08 0.09 - 0.02 0.84 0.02 Alta Vista Vnt 159 0.06 0.05 0.06 + 0.01 0.25 0.03 Altai Res V 755 0.05 0.04 0.05 + 0.01 0.09 0.03 Altair Res Inc V 43 0.21 0.00 0.18 - 0.03 0.70 0.09 Altan Nev Mnls V 61 0.02 0.02 0.02 - 0.01 0.05 0.01 Alternative ER* O 11 0.27 0.00 0.26 + 0.00 0.46 0.25 Altiplano Mnls V 64 0.09 0.08 0.09 + 0.01 0.22 0.04 Altitude Res V 68 0.13 0.11 0.11 - 0.02 0.21 0.02 T 161 11.01 9.97 10.89 + 0.77 13.60 7.39 Altius Mnrls Altura Mng Ltd* O 77 0.11 0.10 0.11 + 0.00 0.30 0.06 Alturas Mnrls V 93 0.04 0.03 0.03 - 0.01 0.08 0.01 Alumina Inc* O 138 4.62 4.32 4.57 + 0.20 4.73 2.70 ALX Uranium* O 77 0.07 0.06 0.07 - 0.01 0.10 0.03 0.09 - 0.01 0.14 0.06 ALX Uranium V 1002 0.10 0.08 Am Creek Res V 486 0.09 0.07 0.08 - 0.01 0.12 0.03 Am CuMo Mng* O 108 0.07 0.05 0.07 + 0.01 0.12 0.04 Am CuMo Mng V 168 0.09 0.08 0.09 + 0.01 0.16 0.06 Am Manganese* O 143 0.14 0.08 0.11 + 0.00 0.20 0.01 V 4782 0.18 0.12 0.14 + 0.01 0.26 0.01 Am Manganese Amarc Res V 131 0.10 0.09 0.09 - 0.02 0.13 0.04 Amarillo Gold V 68 0.40 0.33 0.39 + 0.05 0.68 0.04 Amato Expl V 60 0.06 0.05 0.05 - 0.01 0.10 0.01 Amazing OG* O 52 0.50 0.42 0.49 + 0.09 1.06 0.30 Amer Vanadium* O 251 0.02 0.01 0.02 - 0.00 0.07 0.00 American Lith V 1363 0.47 0.40 0.47 + 0.04 1.62 0.05 American Pot 44 0.05 0.00 0.05 + 0.01 0.15 0.03 Americas Petro V 513 0.16 0.14 0.15 - 0.01 0.28 0.14 Americas Silvr T 3345 0.34 0.30 0.32 + 0.01 0.48 0.09 Americas Silvr* O 407 0.26 0.23 0.25 + 0.01 0.37 0.04 Amerigo Res T 463 0.17 0.15 0.17 + 0.02 0.34 0.10 Amerigo Res* O 36 0.12 0.11 0.11 - 0.00 0.25 0.07 Amex Expl V 111 0.05 0.05 0.05 - 0.01 0.08 0.02 Anfield Nickel V 403 1.43 1.30 1.30 - 0.10 1.94 0.52 0.13 - 0.05 0.22 0.06 Anfield Res* O 71 0.13 0.10 Anfield Res V 226 0.17 0.15 0.17 - 0.01 0.31 0.05 Angel Gold* O 94 0.07 0.06 0.06 - 0.01 0.11 0.01 Angel Gold V 191 0.09 0.00 0.08 - 0.01 0.15 0.01 Angkor Gold V 205 0.46 0.41 0.44 - 0.01 0.50 0.39 1 13.06 0.00 12.24 - 0.66 13.06 3.13 Anglo American* O Anglo American* O 2292 6.57 6.07 6.25 - 0.23 6.57 1.57 Anglo-Bomarc V 56 0.09 0.07 0.07 - 0.02 0.30 0.07 AngloGold Ash* N 21240 14.06 12.92 13.38 - 0.05 22.91 6.20 Antioquia Gold V 67 0.10 0.08 0.09 - 0.01 0.11 0.06 Antofagasta* O 1 6.90 6.45 6.45 - 0.29 8.50 5.24 APAC Res Inc 58 0.11 0.10 0.10 - 0.01 0.14 0.03 Apogee Opport V 363 0.24 0.19 0.21 - 0.02 0.44 0.11 Apogee Opport * O 6 0.19 0.12 0.19 + 0.07 0.32 0.08 0.20 - 0.01 0.25 0.09 Aquila Res* O 131 0.22 0.19 Arak Res V 200 0.03 0.03 0.03 + 0.01 0.07 0.02 Archon Mineral V 15 1.44 1.42 1.42 - 0.02 2.10 1.30 Arctic Star V 2173 0.02 0.02 0.02 - 0.01 0.10 0.01 Arcturus Vents V 150 0.02 0.00 0.02 - 0.01 0.03 0.01 38 0.08 0.06 0.07 + 0.02 0.20 0.02 Arcus Dev Grp V Arena Mnls V 186 0.17 0.16 0.17 - 0.01 0.34 0.16 Argentum Silvr* O 32 0.22 0.19 0.19 - 0.03 0.26 0.04 Argentum Silvr V 80 0.32 0.26 0.26 - 0.06 0.35 0.02 Argex Titanium* O 43 0.06 0.05 0.06 - 0.00 0.09 0.01 Argonaut Gold T 4368 3.05 2.70 2.79 + 0.03 4.45 0.78 Argonaut Gold* O 64 2.29 2.04 2.14 + 0.08 3.38 0.53 Argus Metals V 162 0.08 0.07 0.07 - 0.01 0.15 0.02 0.02 + 0.00 0.21 0.00 Arian Silver* O 61 0.02 0.01 Arianne Phosph V 207 0.92 0.85 0.86 - 0.06 1.25 0.68 Arianne Phosph* O 106 0.73 0.65 0.65 - 0.05 0.98 0.52 Armor Mnrls V 1 0.47 0.00 0.47 - 0.09 0.85 0.12 Arrowhead Gold* O 1 0.44 0.00 0.44 + 0.42 0.44 0.44 Asanko Gold T 4908 5.28 4.52 4.79 + 0.15 6.09 1.77 Asanko Gold* X 1708 3.99 3.41 3.63 + 0.17 4.68 1.27 Asbestos Corp V 22 0.15 0.14 0.15 + 0.01 0.30 0.14 Ascot Res V 185 2.45 2.29 2.40 - 0.02 2.83 0.80 Asian Minl Res V 32 0.04 0.03 0.03 - 0.01 0.04 0.02 Aston Bay V 434 0.35 0.29 0.30 - 0.05 0.49 0.13 Astorius Res V 347 0.36 0.30 0.35 + 0.01 0.41 0.01 0.03 - 0.03 0.07 0.00 Astur Gold* O 35 0.03 0.03 Astur Gold V 307 0.08 0.06 0.08 + 0.02 0.10 0.01 ATAC Res V 434 0.59 0.52 0.57 + 0.04 0.95 0.26 Atacama Pac Gd V 120 0.47 0.41 0.42 + 0.01 1.02 0.14 Athabasca Mnls V 308 0.18 0.15 0.18 + 0.01 0.33 0.15 Athabasca Mnls* O 29 0.15 0.11 0.12 + 0.00 0.24 0.11 Athabasca Nclr V 140 0.08 0.06 0.06 - 0.02 0.17 0.02 Atico Mng* O 111 0.44 0.40 0.43 + 0.02 0.48 0.12 Atlanta Gold* O 9 0.05 0.05 0.05 - 0.01 0.09 0.03 Atlanta Gold V 105 0.07 0.00 0.07 - 0.01 0.11 0.05 Atlantic Gold V 293 0.96 0.89 0.91 - 0.04 1.05 0.23 Atlatsa Res T 69 0.11 0.09 0.09 - 0.02 0.13 0.03 Atlatsa Res* O 57 0.08 0.07 0.07 - 0.00 0.10 0.02 Atom Energy V 8 0.30 0.00 0.25 + 0.02 0.75 0.16 Aton Res Inc V 173 0.09 0.07 0.07 - 0.01 0.16 0.04 0.09 - 0.01 0.17 0.03 Augustine Vent 436 0.11 0.09 Augyva Mng V 1075 0.16 0.11 0.14 + 0.02 0.16 0.08 Aura Mnls T 123 0.19 0.17 0.18 + 0.01 0.31 0.07 Aura Silver Rs V 561 0.06 0.05 0.05 - 0.01 0.08 0.01 Aurcana Corp V 284 0.50 0.41 0.46 + 0.02 0.80 0.09 Aurcana Corp* O 54 0.39 0.33 0.35 + 0.02 0.63 0.07 Aureus Mng T 7249 0.05 0.03 0.03 - 0.02 0.42 0.04 AuRico Metals T 809 1.06 1.00 1.03 - 0.01 1.22 0.55 AuRico Metals * O 157 0.84 0.76 0.79 + 0.02 0.91 0.37 Aurion Res V 238 0.43 0.37 0.41 - 0.01 0.49 0.05 Aurvista Gold* O 222 0.14 0.12 0.14 + 0.03 0.29 0.02 Aurvista Gold V 2872 0.19 0.15 0.18 + 0.03 0.39 0.03 Auryn Res* O 281 2.49 2.01 2.15 - 0.03 3.18 0.70 Avalon Adv Mat T 914 0.20 0.16 0.16 - 0.03 0.33 0.10 Avalon Adv Mat* O 257 0.14 0.11 0.12 - 0.02 0.26 0.07 Avino Silver* X 1140 1.99 1.77 1.81 - 0.12 3.14 0.71 Avino Silver V 276 2.60 2.35 2.36 - 0.17 4.05 1.03 Avnel Gold * O 38 0.19 0.18 0.19 - 0.00 0.30 0.13

8-10_OCT24_StockTables.indd 8

(100s) Stock

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12-month

Exc Volume High Low Last Change High Low

Avnel Gold T 395 Avrupa Mnls* O 114 Axmin Inc V 782 AZ Mining T 9551 Azarga Mtls V 81 O 29 Azarga Uranium* Azarga Uranium T 51 Azimut Expl V 49 Azincourt Uran* O 19 Azincourt Uran V 19 Azteca Gold* O 5140

0.25 0.24 0.25 - 0.01 0.39 0.18 0.13 0.11 0.12 + 0.00 0.19 0.05 0.05 0.04 0.05 + 0.01 0.10 0.01 2.99 2.42 2.86 + 0.32 2.78 0.26 0.38 0.30 0.34 - 0.03 0.45 0.05 0.18 0.15 0.18 + 0.02 0.29 0.15 0.23 0.20 0.23 + 0.01 0.40 0.20 0.52 0.00 0.48 - 0.04 0.68 0.10 0.05 0.04 0.04 - 0.01 0.07 0.02 0.08 0.06 0.06 - 0.01 0.08 0.04 0.00 0.00 0.00 - 0.00 0.01 0.00

B2Gold* X 19518 B2Gold T 25686 B4MC Gold* O 1 V 98 Bacanora Mnls Baja Mng* O 77 Balmoral Res T 834 Balmoral Res* O 250 Banro T 875 X 4646 Banro* Bard Vent V 56 Barisan Gold V 1072 Barkerville Go* O 215 Barkerville Go V 737 Barrick Gold* N 68523 Barrick Gold T 18758 Barsele Min* O 77 Barsele Min V 245 Batero Gold V 377 Battle Mtn Gld V 92 Battle Mtn Gld* O 37 O 15 Bayhorse Silvr* Bayhorse Silvr V 266 Bayswater Uran* O 1 V 21 Bayswater Uran V 3 BC Moly V 213 BCGold BCM Res V 263 Bear Creek Mng V 446 Bearing Res V 122 Beaufield Res V 484 Beaufield Res* O 204 Beeston Ent* O 417 Bell Copper V 47 V 92 Bellhaven Cp&G Bellhaven Cp&G* O 17 Belmont Res V 281 835 Belo Sun Mng T Benton Res V 533 Berkwood Res V 645 Besra Gold* O 1376 Big Bar Res V 144 165 Bird River Res Bison Gold Res V 53 O 5 Bitterroot Res* Bitterroot Res V 188 Black Hills* N 1302 1 Black Mam Mtls* O Black Mam Mtls V 23 397 Black Sea Cop V V 199 Blackheath Res Blind Crk Res V 12 Blue Rvr Res V 3811 57 Blue Sky Uran V Bluestone Res V 7 BonTerra Res* O 52 BonTerra Res V 535 Bowmore Expl V 125 Bravada Gold* O 58 Bravada Gold V 186 Bravo Multinat* O 2787 Bravura Vent 334 Bravura Vent * O 7 Brazil Mnrls* O 289223 Brazil Res V 1390 O 54 BrightRock Gld* O 134 Britannia Mng* Brixton Mtls* O 29 Brixton Mtls V 114 Brookmount Exp* O 385 Buenaventura* N 6527 Bullfrog Gold* O 174 Burey Gold* O 122 BWR Explor V 1483

2.54 2.20 2.47 + 0.25 3.65 0.60 3.35 2.89 3.25 + 0.28 4.74 0.86 5.85 0.00 5.85 - 0.15 7.00 2.50 1.43 1.33 1.34 - 0.09 1.95 1.17 0.01 0.00 0.00 - 0.01 0.02 0.00 0.98 0.90 0.92 - 0.04 1.28 0.33 0.77 0.69 0.70 - 0.03 0.99 0.23 0.38 0.34 0.35 - 0.01 0.62 0.21 0.29 0.25 0.27 + 0.00 0.48 0.15 0.04 0.03 0.04 + 0.01 0.04 0.01 0.03 0.02 0.02 - 0.01 0.04 0.02 0.48 0.43 0.44 - 0.03 0.60 0.15 0.63 0.55 0.56 - 0.04 0.76 0.21 16.36 15.42 15.69 - 0.04 23.47 6.90 21.59 20.34 20.60 - 0.31 30.45 9.18 1.08 0.95 1.04 - 0.02 1.10 0.05 1.42 1.25 1.35 - 0.05 1.43 0.08 0.15 0.11 0.13 + 0.02 0.23 0.05 0.68 0.60 0.67 + 0.07 0.95 0.09 0.51 0.46 0.51 + 0.04 0.73 0.06 0.19 0.17 0.19 - 0.01 0.22 0.03 0.25 0.23 0.24 - 0.01 0.29 0.05 0.02 0.00 0.02 - 0.01 0.05 0.00 0.03 0.00 0.03 - 0.01 0.07 0.01 0.05 0.00 0.05 - 0.01 0.23 0.03 0.06 0.05 0.06 - 0.01 0.13 0.03 0.12 0.08 0.10 - 0.02 0.32 0.04 2.77 2.61 2.65 - 0.06 3.77 0.50 0.22 0.19 0.22 + 0.01 0.26 0.13 0.10 0.08 0.10 - 0.01 0.16 0.03 0.08 0.06 0.06 - 0.02 0.12 0.03 0.00 0.00 0.00 + 0.00 0.01 0.00 0.06 0.03 0.06 + 0.02 0.07 0.01 0.52 0.45 0.50 + 0.02 0.78 0.03 0.42 0.33 0.33 - 0.02 0.61 0.02 0.07 0.06 0.06 - 0.01 0.12 0.02 0.96 0.83 0.96 + 0.07 1.10 0.20 0.07 0.06 0.07 + 0.01 0.10 0.03 0.16 0.00 0.16 + 0.01 0.25 0.01 0.00 0.00 0.00 - 0.00 0.02 0.00 0.50 0.45 0.45 - 0.03 0.69 0.29 0.05 0.01 0.05 + 0.02 0.07 0.01 0.30 0.25 0.30 + 0.04 0.50 0.10 0.04 0.04 0.04 + 0.00 0.06 0.02 0.06 0.04 0.05 - 0.01 0.08 0.03 59.23 56.53 58.52 + 1.86 64.58 40.00 0.05 0.04 0.04 - 0.01 0.07 0.03 0.08 0.06 0.07 + 0.01 0.13 0.04 0.39 0.35 0.36 + 0.01 0.54 0.34 0.10 0.08 0.10 + 0.01 0.18 0.07 0.09 0.00 0.07 - 0.08 0.16 0.03 0.08 0.07 0.07 - 0.01 0.08 0.03 0.61 0.50 0.59 + 0.09 0.74 0.04 0.13 0.00 0.13 - 0.01 0.23 0.05 0.24 0.22 0.23 - 0.01 0.37 0.12 0.33 0.30 0.31 - 0.02 0.51 0.17 0.09 0.07 0.08 + 0.01 0.16 0.04 0.15 0.14 0.15 + 0.01 0.31 0.02 0.22 0.00 0.20 - 0.02 0.40 0.03 0.02 0.01 0.02 + 0.00 0.10 0.01 0.42 0.30 0.32 - 0.08 0.59 0.02 0.31 0.22 0.22 - 0.09 0.43 0.22 0.00 0.00 0.00 - 0.00 0.00 0.00 2.74 2.51 2.56 - 0.07 3.35 0.38 0.00 0.00 0.00 - 0.00 0.01 0.00 0.00 0.00 0.00 + 0.00 0.01 0.00 0.48 0.43 0.43 - 0.07 0.92 0.03 0.66 0.55 0.55 - 0.11 1.20 0.05 0.02 0.01 0.01 + 0.00 0.02 0.00 13.11 12.12 12.43 + 0.03 16.45 3.30 0.17 0.15 0.15 - 0.00 0.19 0.01 0.06 0.05 0.05 - 0.01 0.10 0.03 0.08 0.05 0.08 + 0.01 0.09 0.01

Cache Expl V 114 Cadan Res V 60 Cadillac Vent V 943 Caledonia Mng* Q 156 T 239 Caledonia Mng Calibre Mng V 905 California Gl* O 5 California Gld V 7 Callinex Mines V 978 Callinex Mines* O 358 Cameco Corp* N 13907 Cameco Corp T 6861 Cameo Res V 938 Canada Coal V 286 Canadian Zeol* O 27 Canadian Zeol V 496 CanAlaska Uran V 1471 CanAlaska Uran* O 414 Canamex Res V 205 Canamex Res* O 342 Canarc Res T 890 Canarc Res* Q 159 Canasil Res V 1483 Cancana Res V 373 Candelaria Mg V 2257 T 216 Candente Coppr Candente Gold V 384 CaNickel Mng V 90 Canoe Mng Vent V 99 Canstar Res V 242 Canterra Mnls V 249 Canyon Copper V 413 Canyon Gold* O 7 Cap-Ex Iron V 1818 Capstone Mng T 4350 Cardero Res V 44 Cardero Res* O 18 Carmax Mng V 116 Carpathian Gld T 149 Cartier Iron 237 Cartier Res V 116 Carube Copper* O 43 Cascadero Copp V 987 Cassidy Vents* O 574 Castle Mtn Mng V 2608 Castle Peak Mg V 1134 Cataca Res* O 3865 Cava Res V 21 Caza Gold* O 44 CB Gold V 108 Cda Carbon* O 28 Cda Carbon V 631 Cda Strtgc Met V 221 Cda Zinc Mtls V 1132 Cdn Arrow V 847 Cdn Intl Mnrls V 105 Cdn Silvr Hunt V 844 Cdn Zinc T 1842 Cdn Zinc* Q 968 Centamin T 186 Centaurus Diam* O 262 Centenera Mng V 86 Centenera Mng* O 74 Centerra Gold T 4914 Century Global T 41 Cerro Grande* O 8 Cerro Grande 345 Chalice Gold M* O 201

0.10 0.07 0.09 - 0.02 0.15 0.03 0.06 0.00 0.06 + 0.02 0.09 0.03 0.04 0.04 0.04 - 0.01 0.05 0.01 1.84 1.69 1.74 + 0.07 1.84 0.48 2.42 2.09 2.30 + 0.10 2.42 0.66 0.16 0.15 0.16 + 0.01 0.27 0.06 0.41 0.39 0.39 - 0.01 0.56 0.39 0.53 0.51 0.52 - 0.01 0.80 0.30 0.37 0.30 0.36 + 0.02 0.69 0.23 0.27 0.23 0.27 + 0.00 0.54 0.17 8.08 7.45 8.02 + 0.14 14.52 7.45 10.67 9.88 10.55 + 0.08 19.11 9.88 0.04 0.04 0.04 - 0.01 0.10 0.04 0.04 0.04 0.04 + 0.01 0.06 0.01 0.30 0.29 0.29 - 0.01 0.36 0.06 0.39 0.33 0.39 + 0.04 0.47 0.08 0.53 0.36 0.50 + 0.10 1.55 0.09 0.39 0.31 0.36 + 0.08 1.20 0.06 0.03 0.03 0.03 - 0.01 0.08 0.03 0.02 0.02 0.02 - 0.00 0.06 0.02 0.13 0.12 0.12 - 0.01 0.15 0.04 0.10 0.09 0.09 - 0.01 0.12 0.03 0.52 0.45 0.47 - 0.03 0.73 0.04 0.46 0.39 0.41 - 0.05 0.52 0.13 0.35 0.29 0.29 - 0.07 0.40 0.06 0.11 0.08 0.09 - 0.01 0.18 0.03 0.05 0.04 0.05 + 0.01 0.09 0.01 0.08 0.00 0.07 + 0.01 0.11 0.03 0.08 0.08 0.08 - 0.01 0.10 0.02 0.15 0.13 0.13 - 0.01 0.18 0.04 0.07 0.00 0.07 + 0.02 0.10 0.03 0.04 0.04 0.04 - 0.01 0.04 0.01 0.13 0.11 0.11 + 0.00 0.54 0.03 0.16 0.13 0.16 + 0.03 0.19 0.01 0.75 0.68 0.70 - 0.04 0.97 0.27 0.20 0.00 0.20 + 0.01 0.26 0.08 0.12 0.11 0.12 + 0.00 0.18 0.05 0.04 0.03 0.03 - 0.01 0.04 0.02 1.15 1.07 1.10 - 0.04 1.45 1.00 0.06 0.04 0.04 - 0.02 0.11 0.01 0.15 0.14 0.15 + 0.01 0.19 0.04 0.08 0.06 0.06 - 0.02 0.14 0.06 0.15 0.11 0.12 - 0.01 0.17 0.03 0.01 0.00 0.00 - 0.01 0.13 0.00 1.07 0.82 1.02 + 0.19 1.30 0.21 0.04 0.04 0.04 - 0.01 0.08 0.01 1.39 0.93 1.39 + 0.45 1.34 0.20 0.59 0.00 0.55 - 0.04 0.78 0.04 0.04 0.03 0.04 + 0.01 0.06 0.01 0.17 0.13 0.17 + 0.04 0.18 0.04 0.22 0.20 0.21 - 0.00 0.28 0.18 0.29 0.27 0.27 - 0.01 0.42 0.23 0.14 0.11 0.12 + 0.01 0.26 0.03 0.41 0.33 0.33 - 0.07 0.44 0.10 0.02 0.01 0.01 - 0.01 0.02 0.01 0.04 0.00 0.03 - 0.01 0.13 0.01 0.05 0.04 0.04 - 0.01 0.05 0.01 0.25 0.18 0.25 + 0.01 0.41 0.06 0.19 0.15 0.19 + 0.01 0.32 0.04 2.57 2.31 2.33 - 0.19 3.05 1.19 0.06 0.05 0.05 + 0.00 0.34 0.03 0.40 0.36 0.36 - 0.04 0.50 0.02 0.30 0.29 0.29 - 0.01 0.37 0.03 6.67 6.13 6.14 - 0.28 8.67 5.64 0.19 0.18 0.19 + 0.01 0.35 0.15 0.03 0.02 0.02 - 0.01 0.06 0.00 0.03 0.02 0.03 + 0.01 0.06 0.01 0.11 0.09 0.09 - 0.01 0.18 0.08

B

C

(100s) Stock

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12-month

Exc Volume High Low Last Change High Low

Chalice Gold M T 118 0.16 0.15 0.15 + 0.01 0.21 0.10 Champion Bear V 59 0.10 0.08 0.08 - 0.02 0.11 0.03 Champion Bear* O 46 0.07 0.06 0.06 - 0.00 0.08 0.02 Champion Iron* O 13 0.19 0.19 0.19 + 0.02 0.23 0.10 Champion Iron T 616 0.24 0.23 0.24 + 0.01 0.30 0.13 Chesapeake Gld V 65 5.00 4.56 4.56 - 0.09 6.50 1.72 Chesapeake Gld* O 45 3.70 3.41 3.47 - 0.03 5.03 1.24 Chevron* N 29207 104.42 99.61 101.08 - 1.19 107.58 75.33 Chiboug Ind Mn V 240 0.10 0.00 0.09 - 0.01 0.26 0.03 Chilean Metals V 161 0.16 0.10 0.16 + 0.04 0.30 0.04 Chilean Metals* O 177 0.12 0.07 0.12 + 0.03 0.22 0.02 China Gold Int T 2012 3.31 2.94 2.98 - 0.15 3.42 1.72 China Mnls Mng* O 1 0.01 0.00 0.01 - 0.00 0.02 0.00 China Mnls Mng V 244 0.02 0.00 0.02 - 0.01 0.03 0.01 CKR Carbon V 674 0.10 0.08 0.09 + 0.01 0.12 0.06 Clear Mtn Res V 175 0.99 0.82 0.82 - 0.12 0.99 0.10 Cleghorn Mnls V 76 0.12 0.08 0.12 + 0.02 0.13 0.08 Clifton Mng* O 61 0.16 0.13 0.16 + 0.01 0.16 0.05 5.85 5.31 5.55 - 0.01 5.85 1.08 Cloud Peak En* N 5847 CMX Gold & Sil 30 0.10 0.00 0.10 + 0.01 0.10 0.05 10.59 - 0.37 16.41 1.62 Coeur Mng* N 20139 11.39 10.54 Colibri Res V 49 0.20 0.14 0.19 - 0.02 0.23 0.03 V 569 0.21 0.18 0.20 - 0.01 0.25 0.02 Colombian Mins Colonial Coal V 70 0.19 0.00 0.17 - 0.02 0.24 0.02 0.18 + 0.01 0.54 0.04 Colorado Res* O 205 0.19 0.16 Colorado Res V 1339 0.24 0.21 0.23 + 0.01 0.71 0.05 V 863 0.09 0.08 0.08 - 0.01 0.16 0.06 Colt Res Columbus Gold* O 423 0.52 0.46 0.48 + 0.01 0.72 0.23 T 513 0.67 0.62 0.62 - 0.02 0.93 0.32 Columbus Gold Commander Res V 431 0.05 0.04 0.05 + 0.01 0.08 0.01 V 306 0.07 0.06 0.06 - 0.01 0.11 0.06 Commerce Res Commerce Res* O 60 0.05 0.05 0.05 + 0.00 0.08 0.04 X 959 0.36 0.31 0.33 + 0.00 0.64 0.32 Comstock Mng* Comstock Mtls V 1219 0.25 0.21 0.24 - 0.01 0.43 0.05 71 0.18 0.16 0.17 - 0.01 0.33 0.10 Comstock Mtls * O Condor Res V 362 0.09 0.00 0.09 + 0.01 0.12 0.02 V 44 0.55 0.48 0.55 + 0.07 9.00 0.46 Confedertn Mls Cons Westview V 83 0.49 0.48 0.48 - 0.01 0.56 0.22 V 96 0.06 0.05 0.05 - 0.01 0.08 0.02 Cons Woodjam CONSOL Energy* N 16738 20.66 18.69 18.70 - 1.32 20.66 4.54 0.09 - 0.01 0.15 0.05 Constant Mtl V 256 0.10 0.09 Contintl Gold T 2200 3.67 3.19 3.61 + 0.27 4.69 1.28 2.76 + 0.23 3.60 0.88 Contintl Gold* O 50 2.76 2.48 Contintl Prec* O 27 0.23 0.23 0.23 - 0.00 0.27 0.18 17 0.07 0.00 0.07 - 0.01 0.10 0.06 Copper Ck Gold V Copper Fox Mtl* O 4 0.09 0.08 0.08 - 0.01 0.17 0.08 91 0.34 0.34 0.34 + 0.00 0.52 0.23 Copper Mtn Mng* O Copper Mtn Mng T 642 0.48 0.44 0.46 + 0.01 0.70 0.33 16 0.16 0.00 0.14 - 0.03 0.45 0.13 Copper North M V Copper North M* O 1 0.13 0.00 0.10 - 0.02 0.16 0.10 0.18 - 0.02 0.30 0.03 Copper One V 118 0.20 0.18 Copper Reef Mg 724 0.02 0.02 0.02 - 0.01 0.03 0.01 O 4 0.06 0.05 0.05 - 0.00 0.08 0.01 Copperbank Res* Copperbank Res 107 0.08 0.07 0.07 - 0.01 0.10 0.03 0.32 - 0.01 0.39 0.05 Coral Gold V 154 0.32 0.30 Corazon Gold V 52 0.31 0.25 0.28 - 0.03 0.45 0.18 0.75 - 0.03 1.08 0.10 Cordoba Mnls V 188 0.81 0.75 Cordoba Mnls* O 172 0.64 0.57 0.57 - 0.00 0.79 0.08 0.12 - 0.01 0.21 0.03 Corex Gold V 2070 0.15 0.12 Cornerstone Ca V 6540 0.20 0.12 0.17 + 0.05 0.20 0.02 O 645 0.14 0.08 0.12 + 0.04 0.14 0.01 Cornerstone Ca* Cornerstone Mt V 112 0.03 0.03 0.03 - 0.01 0.04 0.01 0.15 - 0.01 0.21 0.02 Coro Mining T 843 0.15 0.14 Coronet Mtls V 236 0.56 0.45 0.56 + 0.07 0.71 0.03 0.37 + 0.01 0.56 0.02 Coronet Mtls* O 40 0.37 0.35 Corsa Coal V 5860 0.13 0.11 0.12 - 0.01 0.15 0.02 0.66 + 0.01 1.05 0.25 Corvus Gold* O 45 0.69 0.58 Corvus Gold T 82 0.87 0.77 0.87 + 0.07 1.38 0.33 0.46 - 0.02 0.82 0.09 Cougar Mnls V 2772 0.48 0.39 Crazy Horse Res V 272 0.03 0.03 0.03 + 0.01 0.07 0.01 0.05 + 0.01 0.06 0.03 Cresval Cap V 100 0.05 0.05 Critical Elem* O 152 0.36 0.31 0.34 - 0.00 0.58 0.10 0.10 - 0.02 0.20 0.04 Crown Mining V 32 0.12 0.10 Cruz Cap Corp* O 31 0.53 0.50 0.50 - 0.03 0.53 0.20 540 0.71 0.65 0.66 - 0.03 0.71 0.07 Cruz Cap Corp V Crystal Pk Min* O 23 0.21 0.19 0.21 - 0.02 0.32 0.12 301 0.29 0.26 0.26 - 0.01 0.42 0.13 Crystal Pk Min V CTGX Mining* O 5 0.20 0.20 0.20 + 0.10 0.20 0.00 0.00 - 0.00 0.00 0.00 Cyclone Uran* O 4453 0.00 0.00 Cypress Dev V 503 0.12 0.10 0.11 - 0.01 0.20 0.03 0.06 - 0.01 0.13 0.06 Cyprium Mng V 590 0.07 0.06

D-F Dajin Res* O 443 Dakota Ter Res* O 110 Daleco Res* O 59 Dalradian Res* O 185 Dalradian Res T 1424 Danakali* O 43 Darnley Bay V 92 Debut Dmds 323 Decade Res* O 408 Decade Res V 483 Defiance Silvr* O 437 Defiance Silvr V 691 Del Toro Silvr* O 1109 Delrand Res V 22 Denison Mines* X 974 Denison Mines T 1392 Detour Gold T 5294 Diamante Min* O 366 Diamcor Mng V 79 Diamond Fields V 200 Dios Expl V 86 Discovery-Corp V 224 Ditem Explor* O 8 DNI Metals 834 Dolly Vard Sil V 82 Dolly Vard Sil* O 35 Dominion Diam* N 1061 Dominion Diam T 1012 Dorex Mnrls V 1400 Double Crn Res* O 2474 Doubleview Cap V 312 DRDGOLD* N 1291 Duncan Park H V 1762 Dundee Prec Mt T 1023 Duran Vent V 101 Dynacor Gld Mn T 230 Dynasty Met&Mn* O 21 Dynasty Met&Mn T 274 E-Energy Vent V 7534 Eagle Graphite* O 62 Eagle Graphite V 766 Eagle Plains V 338 East Africa V 429 East Africa * O 71 Eastern Platin* O 15 Eastfield Res V 36 Eastmain Res T 1468 Eco Oro Mnls T 126 eCobalt Solns* O 462 Ecuador Gold V 14 Edgewater Expl V 289 El Capitan Prc* O 1617 Elcora Res V 709 Elcora Res* O 83 Eldorado Gold* N 23483 Eldorado Gold T 15352 Ely Gold & Mnl* O 216 Ely Gold & Mnl V 455 Elysee Dev V 274 Emerita Res V 914 Empire Rock V 42 Encanto Potash* O 240 Encanto Potash V 1259 Endeavour Mng T 1077 Endeavour Mng* O 29 Endeavr Silver* N 8481 Endeavr Silver T 2578 Endurance Gold* O 751 Endurance Gold V 44 Energizer Res* O 526 Energy Fuels T 612 Energy Fuels* X 1039 Ensurge* O 314 Entree Gold* X 121

0.13 0.11 0.12 - 0.00 0.24 0.08 0.06 0.03 0.05 + 0.02 0.20 0.03 0.03 0.02 0.03 + 0.00 0.05 0.01 1.08 0.95 0.99 - 0.01 1.27 0.45 1.36 1.19 1.31 - 0.05 1.68 0.62 0.30 0.29 0.30 - 0.02 0.37 0.17 0.16 0.13 0.13 - 0.01 0.24 0.01 0.02 0.01 0.01 - 0.01 0.03 0.01 0.04 0.04 0.04 + 0.00 0.10 0.00 0.06 0.05 0.06 + 0.02 0.13 0.01 0.27 0.22 0.24 - 0.04 0.49 0.04 0.40 0.30 0.32 - 0.03 0.63 0.06 0.03 0.02 0.03 + 0.00 0.05 0.00 0.50 0.46 0.50 + 0.04 0.65 0.13 0.47 0.41 0.44 - 0.03 0.67 0.35 0.63 0.58 0.59 - 0.03 0.85 0.48 24.80 21.83 23.69 + 1.14 35.93 12.45 0.20 0.16 0.19 + 0.00 0.85 0.16 1.33 1.27 1.28 - 0.02 1.50 0.65 0.21 0.17 0.20 + 0.01 0.24 0.05 0.12 0.09 0.12 + 0.01 0.19 0.05 0.03 0.03 0.03 - 0.01 0.08 0.02 0.00 0.00 0.00 - 0.00 0.00 0.00 0.04 0.04 0.04 - 0.01 0.10 0.04 0.80 0.70 0.70 - 0.04 1.11 0.12 0.59 0.55 0.59 + 0.03 0.81 0.08 9.11 8.48 8.77 - 0.04 12.65 7.27 12.05 11.25 11.52 - 0.17 16.82 9.96 0.03 0.02 0.02 - 0.01 0.03 0.01 0.01 0.01 0.01 - 0.00 0.02 0.01 0.09 0.07 0.07 - 0.02 0.16 0.06 4.79 4.41 4.50 + 0.09 9.10 1.34 0.02 0.01 0.01 - 0.01 0.03 0.01 2.95 2.63 2.66 - 0.21 4.14 0.84 0.11 0.10 0.11 - 0.01 0.20 0.07 2.88 2.48 2.60 - 0.12 3.71 1.46 0.18 0.18 0.18 - 0.00 0.34 0.08 0.25 0.23 0.24 - 0.01 0.45 0.10 0.02 0.01 0.01 - 0.01 0.02 0.01 0.04 0.03 0.04 + 0.01 0.05 0.01 0.05 0.04 0.04 - 0.01 0.06 0.02 0.14 0.12 0.12 - 0.01 0.17 0.05 0.25 0.21 0.21 - 0.03 0.36 0.03 0.19 0.15 0.18 + 0.02 0.28 0.02 0.55 0.51 0.55 + 0.01 0.89 0.47 0.04 0.00 0.03 - 0.02 0.06 0.02 0.87 0.76 0.86 + 0.07 0.97 0.29 0.22 0.19 0.22 + 0.03 0.70 0.17 0.58 0.52 0.54 + 0.01 0.59 0.39 0.82 0.76 0.82 + 0.02 0.84 0.10 0.07 0.05 0.05 - 0.01 0.07 0.02 0.08 0.06 0.07 - 0.01 0.28 0.03 0.39 0.32 0.34 - 0.01 0.75 0.18 0.32 0.26 0.26 - 0.01 0.55 0.20 3.77 3.41 3.49 + 0.06 5.16 1.87 4.98 4.51 4.58 + 0.01 6.71 2.67 0.17 0.15 0.16 - 0.00 0.20 0.03 0.24 0.18 0.21 - 0.01 0.27 0.05 0.35 0.00 0.35 + 0.03 0.36 0.18 0.05 0.04 0.05 + 0.01 0.17 0.02 0.23 0.12 0.23 + 0.08 0.27 0.04 0.06 0.05 0.06 + 0.00 0.14 0.03 0.08 0.07 0.07 - 0.01 0.18 0.05 22.90 20.97 21.33 - 0.45 27.17 5.70 17.21 15.75 16.36 - 0.01 20.85 4.40 4.39 4.00 4.03 - 0.18 5.95 1.00 5.76 5.28 5.31 - 0.28 7.75 1.46 0.04 0.00 0.04 - 0.01 0.05 0.02 0.05 0.00 0.05 - 0.01 0.08 0.02 0.06 0.05 0.05 + 0.00 0.10 0.03 2.04 1.82 1.87 - 0.16 4.38 1.82 1.55 1.37 1.41 - 0.11 3.40 1.37 0.08 0.02 0.08 + 0.02 0.09 0.01 0.26 0.23 0.25 - 0.00 0.38 0.17

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Equitas Res V 1926 Equitas Res* O 128 21 V Era Res Inc 507 Erdene Res Dev T 50 Erdene Res Dev* O Eskay Mng V 33 Ethos Gold* O 5 Ethos Gold V 221 Eurasian Mnls V 37 X 235 Eurasian Mnls* Eureka Res V 3122 EurOmax Res T 502 O 118 EurOmax Res* V 54 Eurotin Everest Vent V 68 Everton Res V 1488 Everton Res* O 30 Evolving Gold 46 O 27 Evolving Gold* Evrim Res V 93 O 32 Excalibur Res* Excellon Res T 637 Excellon Res* O 268 Excelsior Mng V 273 Exeter Res* X 778 Exeter Res T 95 O 45 Expedition Mng* Explor Res* O 116 Explorex Res 4 Fairmont Res V 1040 Falco Res V 688 Falcon Gold V 19 Far Res 2474 Fieldex Expl V 2476 114 Filo Mg Corp V Finlay Minrls V 52 Finore Mng 592 1 Fire River Gol* O Firebird Res V 224 Firesteel Res V 384 Firestone Vent V 844 O 190 Firma Holdings* First Bauxite V 22 27296 First Liberty* O First Majestic T 5914 First Majestic* N 25522 V 4347 First Mg Fin First Mg Fin * O 2527 First Point T 415 First Quantum T 14311 Fission Uran* O 1133 Fission Uran T 2136 Flinders Res* O 174 V 1199 Focus Graphite O 216 Focus Graphite* Focus Vent V 225 Foran Mng V 719 T 851 Formation Mtls Forrester Met V 232 Forsys Metals T 198 335 Fort St J Nick V O 13 Fortescue Mtls* T 3033 Fortuna Silvr Fortuna Silvr* N 5152 Fortune Bay* O 5 Fortune Mnrls T 1176 O 38 Fortune Mnrls* V 1380 Forum Uranium O 616 Forum Uranium* N 3010 Franco-Nevada* Franco-Nevada T 2689 Franklin Mng* O 20 Freeport McMo* N 139897 Fresnillo plc* O 6 49 Frontier Rr Er* O

0.05 0.06 - 0.01 0.19 0.07 0.06 0.02 0.04 - 0.01 0.15 0.05 0.04 0.30 0.16 0.19 - 0.07 0.50 0.09 0.44 0.38 0.43 + 0.02 0.55 0.12 0.34 0.28 0.32 + 0.04 0.42 0.09 0.06 0.27 + 0.04 0.42 0.27 0.21 0.05 0.16 - 0.01 0.32 0.16 0.16 0.14 0.25 + 0.02 0.41 0.25 0.23 0.48 1.25 - 0.10 1.84 1.35 1.24 0.35 0.94 - 0.11 1.40 1.13 0.93 0.04 0.10 + 0.01 0.17 0.11 0.09 0.21 0.54 - 0.06 0.63 0.63 0.51 0.15 0.42 - 0.03 0.46 0.45 0.41 0.03 0.05 + 0.01 1.00 0.05 0.05 0.09 0.79 + 0.05 0.95 0.95 0.68 0.01 0.07 - 0.03 0.20 0.10 0.05 0.00 0.05 - 0.01 0.14 0.06 0.05 0.04 0.30 + 0.01 0.50 0.36 0.27 0.02 0.22 + 0.01 0.38 0.22 0.20 0.10 0.26 - 0.01 0.43 0.29 0.26 0.00 0.07 - 0.00 0.09 0.07 0.06 0.20 1.81 + 0.04 2.40 1.91 1.65 0.14 1.36 + 0.02 1.85 1.44 1.29 0.19 0.39 - 0.01 0.44 0.41 0.37 0.29 1.16 + 0.01 1.48 1.20 1.07 0.39 1.52 - 0.02 1.94 1.55 1.41 0.06 0.07 + 0.00 0.22 0.07 0.07 0.04 0.06 - 0.01 0.18 0.07 0.06 0.05 0.13 + 0.01 0.19 0.13 0.13 0.02 0.06 + 0.01 0.23 0.06 0.00 0.21 1.20 - 0.02 1.39 1.25 1.12 0.03 0.08 - 0.01 0.20 0.09 0.08 0.02 0.06 + 0.01 0.15 0.07 0.05 0.01 0.04 - 0.01 0.07 0.05 0.04 1.60 1.49 1.50 - 0.10 1.73 0.64 0.03 0.04 - 0.01 0.09 0.04 0.04 0.01 0.14 - 0.03 0.23 0.23 0.10 0.00 0.00 0.00 - 0.04 0.77 0.00 0.01 0.03 + 0.01 0.05 0.03 0.03 0.01 0.04 - 0.01 0.06 0.04 0.04 0.01 0.06 - 0.01 0.08 0.07 0.05 0.02 0.08 + 0.02 0.11 0.08 0.06 0.03 0.03 - 0.01 0.08 0.04 0.03 0.00 0.00 + 0.00 0.00 0.00 0.00 10.33 - 0.62 24.96 3.50 11.50 10.22 8.46 7.67 7.85 - 0.38 19.15 2.40 0.82 0.72 0.78 + 0.01 1.31 0.31 0.62 0.56 0.60 + 0.02 1.02 0.22 0.04 0.09 - 0.01 0.14 0.10 0.09 10.65 + 0.14 12.34 2.15 10.82 10.05 0.39 0.45 - 0.00 0.63 0.47 0.43 0.53 0.59 - 0.01 0.82 0.61 0.57 0.09 0.31 + 0.05 0.61 0.32 0.24 0.07 0.08 - 0.01 0.30 0.09 0.07 0.04 0.05 - 0.01 0.23 0.07 0.05 0.05 0.07 - 0.01 0.15 0.08 0.07 0.05 0.22 + 0.02 0.31 0.22 0.19 0.09 0.71 + 0.01 0.78 0.78 0.69 0.04 0.11 + 0.03 0.14 0.11 0.00 0.05 0.06 - 0.01 0.20 0.07 0.06 0.24 0.15 0.17 - 0.05 0.35 0.05 1.00 3.69 - 0.01 3.95 3.92 3.64 8.96 8.11 8.26 - 0.09 12.73 2.92 2.00 6.27 - 0.02 9.75 6.80 6.16 0.36 0.53 + 0.01 0.63 0.57 0.00 0.02 0.14 - 0.01 0.17 0.15 0.14 0.01 0.10 - 0.01 0.13 0.12 0.10 0.04 0.10 + 0.01 0.20 0.10 0.09 0.03 0.07 + 0.00 0.14 0.08 0.06 41.47 63.33 - 0.12 81.16 66.08 61.76 87.24 81.90 83.27 - 1.03 105.69 58.67 0.00 0.00 + 0.00 0.01 0.00 0.00 10.42 9.24 9.66 - 0.47 14.06 3.52 20.00 - 1.16 26.65 9.00 21.19 19.55 0.02 0.00 0.02 + 0.01 0.06 0.00

G4G Capital V 107 Gabriel Res T 734 Gainey Capital V 422 Galantas Gold V 1051 Galway Gold V 632 Galway Mtls* O 41 Galway Mtls V 441 Garibaldi Res V 576 310 Garibaldi Res * O GB Minerals V 166 52035 Gear Intl* O General Moly T 9 General Moly* X 755 Genesis Mtls V 251 V 497 Gensource Pot O 82 Geologix Expl* Geomega Res V 204 Getty Copper V 334 GFK Res V 275 GGL Res V 202 Giyani Gold V 290 Gldn Predator V 4023 O 97 Gldn Predator* 36 Glen Eagle Res V Glencore Plc* O 609 Global Gold* O 68 O 43 Global Hunter* Globex Mng* O 43 Globex Mng T 279 O 63 GMV Minerals* GMV Minerals V 129 V 47 GobiMin GoGold Res T 1858 Gold & Silver* O 2087 63 Gold Bulln Dev* O O 5 Gold Dynamics* 27349 Gold Fields* N Gold Lakes* O 1135 343 Gold Mng USA* O 158 Gold Reach Res V Gold Reserve* O 67 Gold Reserve V 62 X 4684 Gold Resource* Gold Std Vents V 4229 Gold Std Vents* X 2595 Gold Torrent* O 16 Goldcliff Res* O 536 Goldcliff Res V 543 T 14838 Goldcorp Goldcorp* N 32601 Golden Arrow V 1132 Golden Arrow* O 661 V 102 Golden Cariboo 57 Golden Dawn Ml* O Golden Eagle* O 150 O 51 Golden Goliath* Golden Hope* O 12 Golden Mnls* X 1251 Golden Queen T 184 O 388 Golden Queen* Golden Reign V 1313 Golden Secret V 228 210 Golden Sh Mng V Golden Star T 655 Golden Star* X 5036 Golden Valley V 603 Goldex Res* O 25 Goldex Res V 30 Goldeye Expl V 573 T 679 Goldgroup Mng O 1061 Goldgroup Mng* GoldON Res* O 62 GoldON Res V 72 V 3266 GoldQuest Mng Goldrea Res 57 O 617 Goldsource Min* V 622 Goldsource Min Goldstar Mnls V 241 V 29 Goldstream Mnl

0.04 0.69 + 0.10 0.80 0.75 0.57 0.12 0.62 + 0.01 0.74 0.62 0.00 0.10 0.27 - 0.01 0.37 0.30 0.26 0.07 0.16 - 0.02 0.18 0.18 0.16 0.04 0.09 - 0.01 0.13 0.10 0.08 0.06 0.31 - 0.05 0.51 0.36 0.30 0.09 0.40 - 0.12 0.65 0.52 0.37 0.07 0.09 + 0.02 0.18 0.09 0.07 0.06 0.06 0.06 + 0.01 0.13 0.05 0.03 0.07 + 0.01 0.12 0.07 0.07 0.00 0.00 + 0.00 0.00 0.00 0.00 0.22 0.35 + 0.01 0.59 0.36 0.34 0.15 0.26 - 0.03 0.47 0.29 0.25 0.06 0.19 - 0.01 0.28 0.20 0.18 0.04 0.08 + 0.01 0.12 0.09 0.08 0.01 0.08 - 0.00 0.11 0.09 0.08 0.06 0.10 + 0.01 0.23 0.10 0.08 0.01 0.02 + 0.01 0.03 0.02 0.01 0.03 0.17 + 0.04 0.18 0.17 0.13 0.01 0.02 + 0.01 0.05 0.03 0.02 0.06 0.23 + 0.03 0.36 0.26 0.20 0.09 0.80 + 0.09 1.17 0.87 0.69 0.06 0.61 + 0.06 0.89 0.66 0.54 0.14 0.13 0.14 - 0.01 0.16 0.03 1.95 5.53 + 0.03 5.72 5.72 5.28 0.00 0.04 + 0.01 0.04 0.04 0.00 0.01 0.01 - 0.00 0.04 0.01 0.00 0.15 0.23 + 0.01 0.38 0.25 0.22 0.19 0.30 - 0.03 0.51 0.32 0.29 0.06 0.36 - 0.02 0.55 0.38 0.35 0.08 0.47 - 0.03 0.70 0.50 0.45 0.27 0.55 + 0.05 0.55 0.55 0.50 0.72 0.74 - 0.07 1.65 0.81 0.71 0.00 0.00 0.00 + 0.00 0.80 0.00 0.07 0.06 0.06 - 0.00 0.11 0.01 0.00 0.00 + 0.00 0.01 0.00 0.00 2.04 4.01 - 0.24 6.60 4.44 3.99 0.02 0.02 - 0.01 1.02 0.03 0.02 0.00 0.00 0.00 - 0.00 0.17 0.00 0.08 0.25 0.19 0.13 0.16 + 0.01 0.00 4.22 - 0.16 5.90 4.58 0.00 3.06 5.52 - 0.31 8.00 5.99 5.25 1.14 5.23 - 0.02 8.22 5.64 5.14 3.55 2.91 3.36 + 0.11 4.10 0.49 2.70 2.24 2.55 + 0.08 3.20 0.38 0.20 0.70 + 0.19 0.70 0.70 0.51 0.15 0.34 + 0.03 0.32 0.36 0.20 0.05 0.47 + 0.08 0.42 0.47 0.25 13.55 18.81 + 0.09 26.56 19.88 18.35 14.31 + 0.21 20.38 9.46 15.06 13.86 0.17 0.76 - 0.06 1.48 0.85 0.75 0.13 0.61 - 0.01 1.30 0.66 0.57 0.03 0.10 - 0.01 0.15 0.11 0.10 0.20 0.19 0.19 - 0.00 0.32 0.06 0.00 0.05 - 0.01 0.06 0.05 0.03 0.00 0.04 - 0.00 0.10 0.05 0.04 0.12 0.19 - 0.01 0.25 0.22 0.19 0.13 0.62 + 0.01 1.16 0.65 0.60 0.67 1.10 + 0.03 2.00 1.15 1.02 0.48 0.83 + 0.02 1.56 0.88 0.77 0.07 0.26 - 0.01 0.36 0.33 0.26 0.02 0.40 - 0.02 0.69 0.43 0.40 0.36 0.27 0.30 - 0.05 0.36 0.06 0.21 1.01 + 0.02 1.46 1.05 0.94 0.14 0.78 + 0.04 1.13 0.79 0.73 0.07 0.30 - 0.02 0.36 0.32 0.28 0.08 0.41 - 0.01 0.62 0.44 0.41 0.10 0.55 + 0.01 0.90 0.70 0.00 0.02 0.06 + 0.01 0.08 0.06 0.05 0.05 0.29 - 0.01 0.39 0.31 0.24 0.03 0.22 - 0.01 0.30 0.26 0.18 0.03 0.13 - 0.00 0.18 0.13 0.13 0.03 0.18 - 0.02 0.36 0.19 0.17 0.12 0.40 + 0.05 0.68 0.42 0.34 0.03 0.10 + 0.02 0.14 0.10 0.09 0.12 0.26 - 0.03 0.45 0.29 0.25 0.15 0.35 - 0.03 0.57 0.38 0.34 0.01 0.08 + 0.01 0.08 0.08 0.07 0.09 0.11 + 0.01 0.40 0.11 0.00

G-H

2016-10-18 6:39 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 24–30, 2016

9

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

Week

12-month

Exc Volume High Low Last Change High Low

Goldstrike Res V 1432 Gossan Res V 222 GoviEx Uranium* O 97 GoviEx Uranium V 2388 Gowest Gold* O 335 Gowest Gold V 841 GPM Metals V 112 Gran Colombia* O 180 Gran Colombia T 5202 Grande Portage V 34 Graniz Mondal V 79 Graphite Corp* O 5394 Graphite One V 1755 Gray Rock Res V 98 Great Atlantic V 335 Great Bear Res V 60 Great Lakes Gr V 508 Great Lakes Gr* O 160 Great Panther T 1178 Great Panther* X 4220 Great Quest Fe V 226 Great Quest Fe* O 25 Great Thunder V 619 Great Western* O 191 Green Swan Cap V 106 Green Valley M V 438 Greenland M&En* O 416 Grizzly Gold* O 29 Group Ten Mtls V 496 Gungnir Res V 542 Gungnir Res* O 492 Guyana Gldflds T 3494 Harmony Gold* N 15225 Harvest Gold V 678 Heatherdale Rs V 30 Hellix Vent* O 79 Highland Copp V 286 Highway 50 Gld V 366 Highway 50 Gld* O 317 HiHo Silver 256 Hinterland Mtl V 439 Hochschild Mg* O 14 Horizon Mnls* O 15 Horizonte Mnls T 809 Houston Lake V 383 HTI Ventures V 279 HudBay Mnls* N 571 HudBay Mnls T 7034 Hudson Res V 85 Hudson Res* O 36 Hunt Mng V 10

0.25 0.19 0.22 - 0.01 0.41 0.07 0.09 0.07 0.07 - 0.01 0.11 0.02 0.08 0.04 0.08 - 0.01 0.16 0.04 0.12 0.10 0.11 - 0.01 0.19 0.10 0.13 0.12 0.13 + 0.00 0.22 0.04 0.19 0.16 0.17 + 0.01 0.28 0.06 0.34 0.26 0.26 - 0.04 0.57 0.11 0.09 0.07 0.08 - 0.01 0.17 0.04 0.11 0.10 0.11 - 0.01 0.23 0.06 0.15 0.13 0.15 + 0.02 0.22 0.04 0.04 0.00 0.04 + 0.01 0.05 0.01 0.00 0.00 0.00 + 0.00 0.02 0.00 0.09 0.08 0.09 + 0.01 0.18 0.07 0.10 0.08 0.08 - 0.02 0.12 0.02 0.15 0.12 0.12 - 0.04 0.15 0.03 0.24 0.00 0.24 + 0.04 0.36 0.05 0.09 0.08 0.08 - 0.01 0.13 0.06 0.07 0.06 0.07 + 0.00 0.09 0.04 1.73 1.51 1.63 + 0.03 2.82 0.54 1.30 1.17 1.23 + 0.03 2.25 0.41 0.35 0.30 0.30 - 0.05 0.38 0.11 0.24 0.18 0.24 + 0.06 0.24 0.09 0.06 0.05 0.06 + 0.01 0.24 0.01 0.00 0.00 0.00 + 0.00 0.00 0.00 0.08 0.07 0.07 + 0.01 0.14 0.01 0.02 0.02 0.02 + 0.01 0.05 0.01 0.07 0.03 0.06 + 0.01 0.17 0.00 0.10 0.06 0.06 - 0.03 0.22 0.01 0.03 0.03 0.03 - 0.01 0.07 0.01 0.05 0.04 0.04 - 0.01 0.06 0.01 0.04 0.00 0.04 + 0.00 0.04 0.00 7.71 6.80 7.25 + 0.20 10.35 2.48 3.08 2.85 2.94 - 0.06 4.87 0.53 0.07 0.00 0.06 + 0.01 0.10 0.02 0.04 0.00 0.04 - 0.01 0.07 0.01 0.02 0.02 0.02 - 0.00 0.06 0.00 0.11 0.09 0.11 + 0.02 0.17 0.07 0.21 0.15 0.16 - 0.05 0.25 0.05 0.16 0.11 0.11 - 0.05 0.19 0.05 0.08 0.07 0.07 - 0.01 0.25 0.07 0.04 0.03 0.04 + 0.01 0.12 0.01 3.25 3.04 3.05 - 0.22 4.16 0.59 0.80 0.80 0.80 + 0.05 0.80 0.05 0.05 0.04 0.04 - 0.01 0.06 0.02 0.37 0.27 0.37 + 0.10 0.40 0.13 0.71 0.62 0.65 - 0.05 0.98 0.01 3.90 3.67 3.81 + 0.07 5.74 1.56 5.17 4.85 5.01 + 0.03 7.42 2.26 0.37 0.31 0.32 - 0.03 0.50 0.29 0.27 0.24 0.24 - 0.02 0.38 0.24 0.34 0.21 0.22 - 0.12 0.40 0.02

I-Minerals V 127 I-Minerals* O 5 42384 IAMGOLD* N IAMGOLD T 17195 Iberian Mnrls V 746 IC Potash* O 60 IC Potash T 1010 Icon Explor V 75 Iconic Mnls V 1136 Iconic Mnls * O 17 Idaho North* O 15 IDM Mining* O 490 IEMR Res V 1001 iMetal Res V 181 IMPACT Silver V 531 Impala Platnm* O 144 Imperial Metal T 78 Imperial Metal* O 1 166 Inca One Gold V Inca One Gold* O 11 112 Inception Mng * O Independence G* O 111 V 762 Independence G Inspiration Mg 22 O 15 Inspiration Mg* Intact Gold V 1597 Integra Gold V 2146 Integra Gold* O 1014 Intigold Mines V 191 Intl Bethl Mng V 437 Intl Lithium* O 158 Intl Lithium V 428 63 Intl Millm Mng V Intl Tower Hil* X 700 T 216 Intl Tower Hil Intrepid Pots* N 3812 INV Metals T 277 INV Metals* O 10 220 Inventus Mg * O InZinc Mining V 192 Ireland* O 285 Iron South Mng* O 4 Ironside Res V 332 Ivanhoe Mines* O 1270 Ivanhoe Mines T 16354 Jaguar Mng* O 88 Jayden Res V 215 Jayden Res* O 70 JDL Gold* O 87 Jet Gold V 38 Jet Metal* O 7 K92 Mng Inc* O 463 Kairos Cap V 165 Kaizen Discvry* O 8 Kaizen Discvry V 52 Karmin Expl V 166 Karnalyte Res T 46 KAT Expl* O 6580 Katanga Mng T 688 Kennady Diam V 57 Kermode Res V 188 Kerr Mines* O 4 Kerr Mines T 250 Kesselrun Res V 270 Khalkos Expl V 112 Khan Res 1050 Kilo Goldmines V 1389 Kincora Copper V 81 Kings Bay Gold V 23 Kinross Gold T 23934 Kinross Gold* N 77280 Kirkland Lk Gd T 5695 Kirkland Lk Gd* O 323 Kiska Metals* O 535 Kiska Metals V 2165 Klondex Mines T 3126 Klondike Gold V 545 Klondike Gold* O 67 Klondike Silv V 599 Klondike Silv* O 2 Knick Expl V 575 Kombat Copper V 592 Komet Resource V 160

0.29 0.27 0.29 + 0.01 0.37 0.19 0.21 0.21 0.21 + 0.00 0.28 0.15 3.56 3.23 3.37 + 0.09 5.87 1.15 4.71 4.18 4.45 + 0.08 7.65 1.66 0.08 0.07 0.07 - 0.01 0.11 0.04 0.09 0.09 0.09 + 0.00 0.11 0.03 0.13 0.12 0.12 - 0.01 0.15 0.04 0.02 0.00 0.02 + 0.01 0.03 0.01 0.25 0.19 0.19 - 0.05 0.45 0.03 0.19 0.14 0.16 - 0.01 0.33 0.02 0.11 0.11 0.11 + 0.02 0.12 0.06 0.16 0.13 0.15 + 0.01 0.21 0.04 0.03 0.01 0.02 - 0.01 0.06 0.01 0.07 0.05 0.05 + 0.01 0.08 0.03 0.77 0.67 0.72 - 0.03 1.28 0.11 4.51 4.00 4.04 - 0.46 5.23 1.45 6.00 5.60 5.86 - 0.02 8.50 3.92 4.45 4.19 4.45 - 0.18 6.29 2.81 0.32 0.28 0.31 + 0.02 0.91 0.21 0.24 0.23 0.24 + 0.01 0.23 0.18 0.60 0.00 0.48 - 0.12 1.00 0.20 0.18 0.12 0.13 - 0.05 0.37 0.04 0.25 0.18 0.19 - 0.06 0.50 0.06 0.08 0.00 0.06 - 0.02 0.10 0.02 0.05 0.05 0.05 - 0.00 0.10 0.01 0.09 0.07 0.08 - 0.01 0.18 0.02 0.77 0.73 0.75 - 0.01 0.96 0.30 0.62 0.55 0.58 + 0.00 0.76 0.21 0.06 0.00 0.05 - 0.01 0.19 0.05 0.04 0.03 0.03 - 0.01 0.08 0.02 0.14 0.13 0.13 - 0.01 0.55 0.02 0.19 0.16 0.16 - 0.02 0.38 0.05 0.06 0.05 0.06 + 0.01 0.10 0.05 0.78 0.69 0.76 + 0.07 1.40 0.18 1.02 0.91 0.99 + 0.07 1.82 0.26 1.12 0.93 0.98 - 0.11 6.60 0.65 0.74 0.65 0.70 + 0.05 1.10 0.09 0.50 0.49 0.50 + 0.01 0.77 0.09 0.15 0.13 0.13 + 0.00 0.28 0.12 0.18 0.00 0.15 - 0.02 0.25 0.04 0.15 0.11 0.13 - 0.01 0.38 0.11 0.42 0.35 0.42 + 0.06 0.42 0.03 0.14 0.08 0.14 + 0.06 0.21 0.05 1.80 1.61 1.78 + 0.07 1.82 0.36 2.39 2.13 2.33 + 0.07 2.40 0.53 0.58 0.50 0.52 + 0.02 0.65 0.09 0.20 0.15 0.19 - 0.01 0.23 0.03 0.14 0.13 0.14 + 0.00 0.17 0.01 1.64 1.50 1.54 - 0.10 1.64 1.50 0.08 0.08 0.08 + 0.01 0.11 0.04 0.05 0.00 0.03 - 0.02 0.12 0.00 1.09 0.95 1.03 - 0.01 1.72 0.75 0.05 0.03 0.04 + 0.01 0.09 0.02 0.14 0.00 0.14 - 0.03 0.19 0.06 0.21 0.19 0.19 - 0.03 0.31 0.08 0.25 0.21 0.25 + 0.01 0.32 0.15 1.24 1.02 1.05 - 0.13 4.15 0.64 0.00 0.00 0.00 + 0.00 0.00 0.00 0.14 0.13 0.13 - 0.01 0.23 0.13 4.10 3.60 4.01 - 0.09 5.00 2.35 0.02 0.02 0.02 + 0.01 0.04 0.01 0.11 0.00 0.11 + 0.01 0.12 0.01 0.14 0.12 0.13 - 0.02 0.16 0.02 0.17 0.14 0.14 - 0.03 0.43 0.02 0.17 0.00 0.16 - 0.01 0.26 0.05 0.87 0.86 0.86 - 0.01 0.88 0.34 0.12 0.10 0.11 - 0.01 0.25 0.04 0.30 0.00 0.30 + 0.01 0.55 0.15 0.08 0.08 0.08 - 0.01 0.15 0.05 5.09 4.59 4.74 + 0.06 7.56 1.91 3.86 3.51 3.62 + 0.10 5.82 1.31 8.47 7.62 7.64 - 0.36 12.39 4.51 6.25 5.80 5.83 - 0.17 9.70 3.12 0.06 0.04 0.04 - 0.00 0.09 0.01 0.07 0.04 0.06 - 0.01 0.12 0.01 7.41 6.32 6.91 + 0.42 7.84 2.56 0.21 0.18 0.19 - 0.01 0.45 0.09 0.16 0.13 0.15 - 0.00 0.32 0.07 0.08 0.06 0.06 - 0.01 0.15 0.01 0.06 0.04 0.06 + 0.02 0.12 0.01 0.07 0.06 0.07 + 0.01 0.11 0.01 0.05 0.04 0.04 - 0.01 0.10 0.02 0.50 0.47 0.47 - 0.01 0.50 0.29

Labdr Iron Mns* O 26 Labrador Iron T 631 Lago Dourado V 43 Lakeside Mnrls V 20 Lamelee Iron V 3 Lancaster Cap V 145 Lara Expl V 153 Laramide Res T 160 Largo Res T 226 Latin Am Mnls* O 19 Latin Am Mnls V 331 Laurion Mnl Ex V 2238 Legend Gold V 181 Levon Res Ltd * O 239 Levon Res Ltd T 331 Lexam VG Gold* O 95 Lexam VG Gold T 529 Li3 Energy* O 122

0.01 0.00 0.00 - 0.00 0.02 0.00 13.89 13.03 13.54 + 0.06 16.92 6.85 0.14 0.13 0.13 - 0.01 0.59 0.05 0.01 0.00 0.01 - 0.01 0.04 0.01 0.19 0.00 0.19 - 0.12 0.50 0.10 0.16 0.13 0.16 + 0.03 0.32 0.06 1.30 1.13 1.20 - 0.02 1.58 0.21 0.24 0.23 0.24 + 0.01 0.38 0.15 0.46 0.39 0.41 - 0.05 0.72 0.11 0.24 0.23 0.23 - 0.00 0.36 0.06 0.32 0.28 0.28 - 0.03 0.48 0.05 0.05 0.04 0.05 + 0.02 0.05 0.01 0.04 0.04 0.04 + 0.01 0.07 0.02 0.32 0.27 0.29 - 0.01 0.54 0.07 0.44 0.37 0.39 - 0.01 0.71 0.09 0.27 0.22 0.24 - 0.01 0.29 0.04 0.33 0.30 0.30 - 0.03 0.38 0.05 0.01 0.01 0.01 - 0.00 0.04 0.01

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8-10_OCT24_StockTables.indd 9

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Liberty Star* O 16853 Lincoln Mng V 280 Lion One Mtls V 150 83 Lion One Mtls* O Lions Gate Mtl 5 Lithium Amer* O 1649 Lithium Amer T 4055 Lithium Corp* O 400 12792 Lithium Expl* O Lode-Star Mg* O 209 Logan Res V 122 Lomiko Mtls V 216 Lomiko Mtls* O 329 Loncor Res T 64 Lone Star Gold* O 105 O 9 Lonmin plc* Lorraine Coppr V 361 Lovitt Res V 84 Lovitt Res* O 84 Lowell Copper V 670 Lucara Diam T 1473 Luna Gold* O 61 Luna Gold T 400 Lund Enterpr V 45 Lundin Gold T 391 Lundin Mng T 5312 Lupaka Gold V 186 Lydian Intl T 4141 Lydian Intl* O 111 Lynas Corp* O 76

0.00 0.00 0.00 - 0.00 0.01 0.00 0.08 0.06 0.08 + 0.02 0.17 0.02 0.93 0.79 0.92 + 0.06 1.17 0.32 0.69 0.59 0.67 + 0.03 0.91 0.23 0.04 0.03 0.04 + 0.02 0.09 0.01 0.68 0.59 0.61 - 0.05 0.87 0.34 0.90 0.78 0.81 - 0.08 1.15 0.26 0.11 0.10 0.11 + 0.01 0.13 0.02 0.01 0.00 0.01 - 0.00 0.45 0.00 0.05 0.04 0.05 + 0.01 0.05 0.01 0.17 0.14 0.17 + 0.02 0.26 0.04 0.04 0.03 0.03 - 0.01 0.05 0.03 0.03 0.02 0.03 + 0.00 0.04 0.02 0.16 0.00 0.13 - 0.05 0.25 0.02 0.00 0.00 0.00 - 0.00 0.01 0.00 2.66 0.00 2.44 - 0.14 90.00 0.55 0.07 0.06 0.07 - 0.01 0.12 0.04 0.03 0.02 0.03 + 0.01 0.05 0.02 0.02 0.02 0.02 + 0.00 0.03 0.01 2.19 1.99 2.00 - 0.14 2.55 0.74 3.96 3.86 3.94 - 0.01 4.39 1.55 0.23 0.20 0.22 + 0.01 0.27 0.02 0.30 0.24 0.28 + 0.01 0.35 0.03 0.16 0.15 0.15 - 0.01 0.19 0.02 5.72 5.40 5.66 + 0.21 6.62 3.75 5.29 4.97 4.99 - 0.25 5.79 2.98 0.25 0.21 0.25 + 0.02 0.29 0.04 0.43 0.39 0.40 - 0.03 0.52 0.19 0.32 0.31 0.31 - 0.01 0.41 0.13 0.04 0.04 0.04 - 0.00 0.10 0.03

M Macarthur Mnl* O 262 0.05 0.04 0.05 + 0.01 0.14 0.02 Macarthur Mnl V 1211 0.07 0.05 0.06 + 0.01 0.18 0.02 Maccabi Vent 120 0.10 0.06 0.06 - 0.04 0.14 0.06 MAG Silver T 1674 18.73 17.43 17.51 - 0.53 23.32 8.67 Majescor Res V 237 0.06 0.04 0.05 - 0.01 0.15 0.02 Majestic Gold V 75 0.07 0.00 0.06 - 0.01 0.12 0.05 Majestic Gold* O 29 0.05 0.04 0.05 + 0.00 0.08 0.04 Malbex Res V 57 0.33 0.30 0.30 - 0.03 0.46 0.25 0.03 + 0.01 0.05 0.01 Mammoth Res V 1758 0.03 0.02 Mandalay Res T 1160 1.03 0.92 1.02 + 0.09 1.35 0.59 V 278 0.05 0.04 0.04 - 0.01 0.06 0.02 Mangazeya Mng Manson Creek V 428 0.03 0.00 0.03 + 0.01 0.06 0.01 T 966 0.72 0.64 0.66 - 0.03 0.83 0.11 Marathon Gold Mariana Res V 506 1.06 0.98 0.99 - 0.07 1.20 0.85 Mariana Res* O 166 0.83 0.74 0.76 - 0.04 0.89 0.02 Maritime Res V 409 0.24 0.22 0.24 + 0.02 0.31 0.08 Marlin Gold* O 14 0.44 0.40 0.44 - 0.01 0.54 0.10 0.56 - 0.03 0.69 0.15 Marlin Gold V 45 0.59 0.56 Martina Mnls V 75 0.04 0.00 0.03 - 0.03 0.06 0.02 173.38 + 3.26 206.36 108.31 MartinMarietta* N 3788 174.18 167.06 Mason Graphite* O 250 1.08 0.97 1.05 + 0.01 1.21 0.21 Matmown* O 195 0.02 0.01 0.02 - 0.00 0.10 0.01 Maverix Mtls* O 15 0.85 0.00 0.85 + 0.07 16.33 0.78 Mawson Res T 108 0.49 0.38 0.39 - 0.06 0.56 0.17 Mawson Res* O 81 0.37 0.29 0.33 - 0.01 0.42 0.12 MAX Res V 16 0.11 0.00 0.11 + 0.03 0.11 0.05 Maya Gold &Sil V 490 0.14 0.13 0.13 - 0.01 0.27 0.10 McChip Res V 11 0.58 0.48 0.58 + 0.10 0.85 0.40 McEwen Mng* N 13741 3.54 3.15 3.25 + 0.01 4.92 0.79 McEwen Mng T 2712 4.67 4.15 4.27 - 0.02 6.44 1.05 MDN Inc V 655 1.06 0.97 1.03 + 0.03 1.25 0.05 MDN Inc* O 101 0.80 0.00 0.77 - 0.03 0.86 0.77 Meadow Bay Gd T 158 0.08 0.00 0.07 - 0.01 0.16 0.06 N 866 2.97 2.64 2.84 - 0.04 3.06 1.23 Mechel* Medallion Res* O 40 0.02 0.01 0.01 - 0.00 0.04 0.01 0.03 + 0.01 0.06 0.02 Medallion Res V 251 0.03 0.03 Medgold Res V 143 0.21 0.18 0.20 + 0.02 0.25 0.05 O 4306 0.01 0.01 0.01 + 0.00 0.02 0.01 Medinah Mnrls* Mega Uranium T 1394 0.15 0.14 0.14 - 0.01 0.20 0.05 Mega Uranium* O 410 0.11 0.10 0.10 - 0.00 0.15 0.04 Megastar Dev V 162 0.06 0.05 0.06 + 0.01 0.08 0.02 Melior Res V 28 0.04 0.03 0.03 - 0.01 0.06 0.01 Mercator Mnls* O 412 0.00 0.00 0.00 - 0.00 0.01 0.00 Merrex Gold* O 61 0.14 0.13 0.14 + 0.01 0.24 0.10 Mesa Expl* O 108 0.04 0.03 0.03 + 0.00 0.14 0.01 Mesa Expl V 42 0.07 0.00 0.04 - 0.03 0.17 0.01 Metalex Vent V 399 0.08 0.07 0.07 - 0.01 0.11 0.05 Metallic Mnrls V 33 0.47 0.40 0.47 + 0.01 0.54 0.05 Metallis Res V 96 0.16 0.00 0.12 - 0.09 0.28 0.02 0.61 + 0.01 1.50 0.30 Metalo Manuf 3 0.61 0.00 Metalore Res T 10 2.50 2.20 2.20 - 0.05 3.59 1.26 Metalore Res* O 3 1.89 1.59 1.59 - 0.30 2.77 0.99 Metals Creek* O 3 0.07 0.06 0.06 - 0.00 0.14 0.06 1.04 + 0.04 1.43 0.68 Metals X* O 45 1.04 1.00 Mexus Gold* O 4145 0.07 0.06 0.07 + 0.00 0.09 0.00 MGX Minerals 630 0.19 0.16 0.18 + 0.01 0.60 0.08 Micrex Dev V 238 0.02 0.01 0.01 - 0.01 0.03 0.01 Midas Gold* O 926 0.70 0.62 0.66 + 0.03 0.95 0.16 Midas Gold T 1484 0.91 0.80 0.87 + 0.04 1.22 0.25 Midasco Cap V 85 0.15 0.10 0.12 + 0.02 0.15 0.06 Midland Expl V 69 1.06 1.00 1.00 - 0.05 1.24 0.45 Midnight Sun V 59 0.11 0.10 0.10 - 0.01 0.24 0.08 Midway Gold* O 668 0.00 0.00 0.00 - 0.00 0.01 0.00 1.59 - 0.21 2.45 0.06 Millennial Lit V 710 1.85 1.33 Millrock Res* O 166 0.35 0.27 0.31 + 0.02 0.54 0.11 Millrock Res V 392 0.44 0.37 0.40 + 0.02 0.70 0.15 Millstream Min V 237 0.04 0.04 0.04 + 0.01 0.16 0.03 Minaurum Gold V 394 0.10 0.08 0.10 + 0.02 0.14 0.04 0.25 + 0.00 0.42 0.10 Minco Gold* X 523 0.27 0.21 Minco Gold T 163 0.34 0.31 0.32 - 0.02 0.55 0.12 Minco Silver T 120 1.29 1.19 1.29 + 0.03 2.05 0.34 0.96 + 0.01 1.54 0.26 Minco Silver* O 29 0.96 0.89 Minecorp Egy V 255 0.11 0.08 0.10 + 0.02 0.18 0.01 Minera Alamos V 543 0.15 0.13 0.15 + 0.01 0.29 0.07 Mineral Hill V 4 0.26 0.23 0.23 - 0.03 0.40 0.11 Mineral Mtn V 164 0.49 0.42 0.44 - 0.01 0.49 0.08 0.36 + 0.02 0.38 0.04 Mineral Mtn* O 28 0.36 0.33 MineralRite* O 2930 0.00 0.00 0.00 + 0.00 0.00 0.00 0.02 - 0.01 0.07 0.01 Minfocus Expl V 5888 0.04 0.02 Minnova Corp V 80 0.73 0.00 0.73 - 0.12 0.90 0.30 Miranda Gold V 444 0.10 0.09 0.09 - 0.01 0.18 0.06 Mirasol Res V 171 2.44 2.15 2.32 + 0.02 3.50 0.72 Mkango Res V 388 0.09 0.07 0.07 - 0.02 0.11 0.03 Monarques Res* O 12 0.29 0.00 0.27 - 0.05 0.48 0.04 V 448 0.40 0.36 0.38 - 0.02 0.66 0.06 Monarques Res Moneta Porcpn* O 227 0.21 0.17 0.21 + 0.03 0.28 0.07 Moneta Porcpn T 2701 0.28 0.22 0.28 + 0.04 0.36 0.11 Montero Mg&Ex V 418 0.03 0.02 0.03 + 0.01 0.08 0.02 Monument Mng V 180 0.14 0.11 0.12 + 0.01 0.19 0.09 0.01 - 0.01 0.03 0.01 Morro Bay V 158 0.01 0.01 Morumbi Res V 701 0.11 0.07 0.10 + 0.02 0.12 0.02 Mosaic* N 24244 25.05 22.77 23.15 - 1.43 36.95 22.02 Mountain Boy V 291 0.07 0.05 0.06 + 0.01 0.08 0.01 Mountain Boy* O 200 0.05 0.05 0.05 - 0.00 0.06 0.00 Mountain Prov T 259 6.74 6.50 6.62 + 0.05 7.18 3.40 Mountain Prov* D 88 5.07 4.89 5.05 + 0.11 5.52 2.47 Mundoro Cap V 68 0.16 0.15 0.15 + 0.01 0.23 0.04 Murchison Min 55 0.25 0.19 0.19 - 0.06 0.35 0.05 MX Gold V 3150 0.20 0.16 0.17 - 0.03 0.39 0.12 MX Gold* O 543 0.16 0.13 0.13 - 0.01 0.31 0.09

N-O NACCO Ind* N 90 Namibia Rare E T 58 Napier Vent V 44 Natan Res V 280 Natural Res Pt* N 406 Nautilus Mnrls T 509 Nautilus Mnrls* O 214 Navis Res Corp 26 Nemaska Lith T 8403 Nemaska Lith* O 133 Nevada Canyon* O 35 Nevada Clean M V 1718 Nevada Clean M* O 314 Nevada Copper T 54 Nevada Egy Mtl* O 601 Nevada Egy Mtl V 1018 Nevada Expl * O 66 Nevada Expl V 90 Nevada Sunrise* O 351 Nevada Sunrise V 770 Nevada Zinc V 254 Nevsun Res* X 3601

71.69 68.70 71.27 + 2.78 71.54 40.04 0.07 0.06 0.06 - 0.01 0.14 0.04 0.33 0.24 0.26 + 0.02 0.34 0.15 0.20 0.17 0.17 - 0.03 0.40 0.05 30.27 27.84 28.92 - 0.08 31.29 5.00 0.18 0.15 0.17 + 0.03 0.35 0.10 0.13 0.12 0.13 + 0.01 0.27 0.08 0.01 0.00 0.01 - 0.01 0.02 0.00 1.38 1.19 1.31 + 0.09 1.97 0.26 1.04 0.89 1.00 + 0.08 1.50 0.21 0.12 0.11 0.11 + 0.01 0.25 0.01 0.03 0.03 0.03 + 0.01 0.04 0.02 0.03 0.02 0.03 + 0.01 0.04 0.00 0.63 0.59 0.61 - 0.02 1.10 0.45 0.10 0.07 0.08 - 0.01 0.20 0.06 0.13 0.09 0.11 - 0.01 0.26 0.02 0.42 0.36 0.38 + 0.01 0.61 0.16 0.55 0.48 0.49 - 0.01 0.94 0.19 0.27 0.19 0.23 + 0.01 0.37 0.11 0.35 0.27 0.30 + 0.01 0.47 0.15 0.48 0.40 0.42 - 0.02 0.80 0.19 2.94 2.68 2.75 - 0.13 3.80 2.27

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Nevsun Res T 3195 New Colombia* O 248779 16 New Destiny Mg V New Dimen Res V 30 New Gold* X 20908 New Gold T 7618 New Gold* O 186 New Jersey Mng* O 493 New Milln Iron T 304 New Oroperu V 36 40 New World Res V NewCastle Gold* O 28 T 5650 Newmarket Gold Newmarket Gold* O 1393 Newmont Mng* N 28985 Newport Expl V 531 Newstrike Res V 949 Nexgen Energy T 2522 Nexgen Energy* O 82 Next Gen Mtls 7946 Next Gen Mtls* O 272 Nexus Gold* O 228 NGEx Res T 144 NGEx Res* O 29 Nickel One Res V 1139 Nicola Mg Inc V 195 Nighthawk Gold V 2634 Nikos Expl V 74 Niocorp Dev* O 403 Niocorp Dev T 553 Nippon Dragon V 2523 Nitinat Mnls V 2 Noram Vent V 3527 Noranda Alum* O 1175 Noront Res V 1081 North Am Nickl* O 54 North Am Pall T 22 North Am Pall* O 6 226 North Arrow Mn V Northcliff Res T 130 Northisle C&G V 291 Northn Empire V 184 Norvista Cap V 138 Nouveau Monde V 772 NovaCopper* X 379 NovaCopper T 25 NovaGold Res* X 9851 NovaGold Res T 2699 Novo Res V 98 Novo Res* O 52 Nrthn Freegold V 326 Nrthn Freegold* O 7 V 262 Nrthn Graphite Nrthn Graphite* O 175 Nrthn Iron V 388 Nrthn Lion V 23 Nrthn Shield V 1179 Nrthn Vertex V 241 Nrthn Vertex* O 16 Nthn Dynasty* X 3484 Nthrn Sphere 111 NuLegacy Gold V 912 NuLegacy Gold* O 872 Nunavik Nickel V 41 NV Gold* O 16 NV Gold V 28 O.T. Mining* O 42 OceanaGold T 10155 OceanaGold* O 103 Oceanic Iron O V 53 Oceanus Res V 487 Oceanus Res* O 45 Odin Mng & Exp V 175 23 Odin Mng & Exp* O Olivut Res* O 17 Olivut Res V 20 Orbite Tech T 3224 Orbite Tech* O 14 Orca Gold V 585 Orefinders Res V 1099 Oremex Silver V 396 Oremex Silver* O 285 Orestone Mng V 1484 Orex Mnrls V 390 Orex Mnrls* O 139 Orezone Gold V 778 Orezone Gold* O 118 Organic Potash 34 Oriental Non F 5 Oro East Mg* O 968 Orocobre T 349 Oroplata Res* O 758 Orosur Mng T 175 Orsu Metals T 3593 Orvana Mnrls T 416 Orvana Mnrls* O 34 Osisko Gold* N 264 Osisko Gold T 2188 Osisko Mng Inc T 2101 Otis Gold* O 134 Otis Gold V 536 OZ Minerals* O 6

3.86 3.55 3.62 - 0.22 4.81 3.27 0.01 0.00 0.01 - 0.00 0.05 0.00 0.21 0.18 0.18 - 0.03 0.32 0.08 0.10 0.00 0.09 - 0.01 0.19 0.04 4.12 3.81 3.87 + 0.02 6.04 1.76 5.45 5.05 5.09 - 0.05 7.87 2.56 0.10 0.10 0.10 - 0.00 0.23 0.03 0.13 0.10 0.12 + 0.01 0.15 0.04 0.09 0.08 0.08 - 0.01 0.18 0.05 0.63 0.00 0.53 - 0.10 0.72 0.12 0.12 0.08 0.11 + 0.03 0.16 0.01 0.76 0.00 0.76 + 0.13 0.96 0.16 3.98 3.59 3.60 - 0.19 5.07 1.27 3.03 2.70 2.76 - 0.10 3.91 0.91 35.65 33.29 34.23 + 0.26 46.07 16.05 0.28 0.25 0.26 - 0.02 0.38 0.19 0.13 0.11 0.12 + 0.01 0.19 0.02 1.89 1.62 1.79 - 0.04 2.86 0.56 1.47 1.27 1.36 - 0.02 2.25 0.41 0.42 0.19 0.36 + 0.10 0.42 0.09 0.29 0.18 0.26 + 0.06 0.29 0.07 0.08 0.07 0.08 + 0.01 0.08 0.06 1.23 1.15 1.17 - 0.06 1.50 0.46 0.91 0.87 0.87 - 0.04 1.14 0.37 0.09 0.07 0.08 - 0.01 0.18 0.07 0.19 0.17 0.18 - 0.01 0.54 0.05 0.57 0.44 0.52 + 0.06 0.61 0.04 0.09 0.06 0.07 - 0.02 0.19 0.02 0.64 0.59 0.62 + 0.02 0.87 0.37 0.83 0.79 0.81 + 0.02 1.14 0.51 0.07 0.05 0.06 - 0.01 0.15 0.03 0.06 0.00 0.06 - 0.01 0.08 0.04 0.07 0.06 0.06 - 0.01 0.13 0.01 0.10 0.02 0.07 + 0.05 2.32 0.01 0.26 0.24 0.26 + 0.02 0.51 0.24 0.07 0.06 0.07 + 0.01 0.14 0.05 5.10 4.80 5.02 + 0.08 6.49 3.85 4.03 0.00 3.68 - 0.05 5.06 2.71 0.20 0.17 0.19 + 0.02 0.32 0.12 0.12 0.11 0.11 - 0.01 0.15 0.06 0.09 0.08 0.09 + 0.01 0.14 0.02 0.16 0.15 0.15 - 0.02 0.27 0.07 0.19 0.17 0.17 - 0.02 0.30 0.08 0.27 0.20 0.24 - 0.03 0.38 0.13 0.60 0.48 0.55 + 0.05 0.86 0.15 0.77 0.00 0.73 + 0.08 1.08 0.20 4.40 4.00 4.11 + 0.02 7.29 3.05 5.94 5.31 5.40 - 0.04 9.56 4.05 1.71 1.38 1.38 - 0.12 1.95 0.48 1.30 1.06 1.07 - 0.06 1.41 0.35 0.28 0.20 0.26 + 0.04 0.29 0.04 0.19 0.00 0.18 + 0.05 0.23 0.02 0.33 0.26 0.26 - 0.07 0.63 0.16 0.24 0.19 0.20 - 0.04 0.47 0.12 0.06 0.05 0.05 - 0.01 0.11 0.01 0.27 0.12 0.17 + 0.05 0.32 0.07 0.18 0.15 0.16 - 0.01 0.30 0.01 0.45 0.40 0.42 + 0.02 0.52 0.13 0.34 0.31 0.34 + 0.03 0.42 0.17 0.67 0.54 0.62 + 0.00 1.16 0.20 0.30 0.20 0.20 - 0.10 0.63 0.10 0.47 0.43 0.45 + 0.01 0.54 0.08 0.37 0.32 0.34 + 0.01 0.41 0.06 0.12 0.00 0.12 - 0.01 0.27 0.03 0.24 0.24 0.24 - 0.04 0.37 0.08 0.39 0.32 0.37 + 0.02 0.48 0.03 0.04 0.04 0.04 + 0.01 0.09 0.02 3.86 3.64 3.71 - 0.02 5.56 2.25 2.95 2.80 2.85 - 0.08 4.26 1.67 0.26 0.19 0.23 - 0.04 0.34 0.08 0.28 0.20 0.22 - 0.02 0.35 0.15 0.18 0.15 0.18 + 0.02 0.26 0.15 0.88 0.81 0.81 - 0.07 0.97 0.27 0.84 0.63 0.64 - 0.04 0.84 0.21 0.17 0.15 0.17 + 0.01 0.30 0.06 0.22 0.21 0.22 + 0.02 0.42 0.08 0.45 0.42 0.42 - 0.02 0.53 0.20 0.33 0.32 0.32 - 0.01 0.40 0.15 0.42 0.37 0.40 + 0.01 0.45 0.12 0.09 0.07 0.09 + 0.01 0.12 0.01 0.03 0.03 0.03 - 0.01 0.10 0.01 0.02 0.02 0.02 + 0.00 0.10 0.00 0.02 0.02 0.02 + 0.01 0.04 0.01 0.92 0.80 0.81 - 0.09 1.38 0.11 0.72 0.60 0.63 - 0.04 1.02 0.05 0.74 0.66 0.70 + 0.02 1.28 0.22 0.54 0.49 0.53 + 0.03 0.99 0.16 0.02 0.02 0.02 + 0.01 0.09 0.01 0.86 0.82 0.82 - 0.04 0.87 0.27 0.02 0.01 0.02 - 0.00 0.05 0.00 3.48 3.15 3.23 - 0.12 4.92 1.33 0.44 0.31 0.38 - 0.05 2.04 0.16 0.27 0.24 0.27 + 0.02 0.38 0.10 0.03 0.02 0.03 - 0.01 0.05 0.01 0.29 0.25 0.25 - 0.04 0.39 0.11 0.21 0.21 0.21 - 0.00 0.29 0.07 10.58 9.92 10.01 - 0.10 14.74 8.88 14.03 13.12 13.17 - 0.29 18.64 12.34 2.94 2.55 2.79 - 0.01 3.42 0.96 0.23 0.17 0.21 + 0.02 0.32 0.05 0.28 0.25 0.27 - 0.01 0.42 0.07 4.58 0.00 4.53 + 0.03 5.33 2.29

Pac Booker Min V 18 Pac Booker Min* O 7 Pac Iron Ore V 32 172 Pac North West* O Pac North West V 2342 Pac Potash V 21 Pac Ridge Expl* O 61 Pac Ridge Expl V 96 Pac Topaz V 122 Palamina Corp V 36 O 9 Palamina Corp* Palisades Vent V 265 Pan Am Silver* D 8294 Pan Am Silver T 2124 Pancontinental* O 236 Pancontinental V 460 Pangolin Dia V 660 Panoro Mnrls V 79 Para Resources V 928 Parallel Mng V 68 Paramount Gold* X 134 Parlane Res V 8 Pasinex Res 254 Passprt Potash* O 104 Patriot Gold* O 246 Peabody Enrgy* O 754 Peat Res V 308 Pelangio Expl V 425 Pelangio Expl* O 75 Pele Mtn Res V 117 178 Pele Mtn Res* O Peloton Mnrls 147 Peregrine Diam T 497 Perseus Mng T 1096 Pershing Gold* D 356 Pershing Res* O 34 Peruvian Prc M* O 735 Philex Mng* O 52 Pilot Gold* O 211 Pilot Gold T 545 Pine Cliff En* O 11 Pine Cliff En T 3848 Pistol Bay Mng V 267 PJSC Polyus Gd* O 8 PJX Res V 131 Planet Mng V 541 Plate Res V 133 Plateau Uran* O 61 Plateau Uran V 90 Platinex V 2193 Platinum Gp Mt T 243 Platinum Gp Mt* X 1158

1.13 1.05 1.05 - 0.05 2.45 0.63 0.83 0.00 0.80 - 0.05 1.88 0.45 0.25 0.00 0.25 + 0.06 0.39 0.15 0.04 0.03 0.03 - 0.00 0.06 0.00 0.05 0.04 0.05 + 0.01 0.08 0.01 0.03 0.03 0.03 - 0.01 0.07 0.03 0.07 0.05 0.07 + 0.00 0.08 0.01 0.08 0.07 0.08 - 0.01 0.11 0.02 0.18 0.16 0.16 - 0.02 0.29 0.07 0.20 0.00 0.20 + 0.02 0.25 0.06 0.14 0.13 0.14 + 0.01 0.19 0.08 0.06 0.06 0.06 + 0.01 0.08 0.05 16.09 15.16 15.48 - 0.03 21.59 5.38 21.23 20.10 20.36 - 0.27 27.56 7.85 0.07 0.04 0.04 - 0.03 0.10 0.00 0.09 0.05 0.09 + 0.02 0.13 0.01 0.06 0.05 0.06 + 0.01 0.22 0.03 0.16 0.14 0.15 - 0.01 0.21 0.09 0.26 0.21 0.22 - 0.02 0.36 0.08 0.11 0.09 0.09 - 0.02 0.18 0.05 1.86 1.72 1.84 - 0.01 2.93 0.93 0.15 0.00 0.15 - 0.03 0.21 0.01 0.15 0.11 0.15 + 0.04 0.17 0.03 0.00 0.00 0.00 + 0.00 0.02 0.00 0.11 0.09 0.11 + 0.01 0.23 0.05 1.80 1.59 1.71 + 0.10 24.86 0.55 0.03 0.03 0.03 + 0.01 0.07 0.01 0.05 0.04 0.04 - 0.01 0.08 0.01 0.04 0.04 0.04 + 0.00 0.06 0.01 0.03 0.03 0.03 + 0.01 0.06 0.03 0.02 0.02 0.02 + 0.00 0.04 0.02 0.13 0.11 0.13 + 0.01 0.13 0.08 0.23 0.21 0.22 + 0.01 0.32 0.09 0.51 0.47 0.49 + 0.02 0.67 0.27 4.40 4.10 4.20 - 0.08 5.02 3.04 0.03 0.03 0.03 - 0.00 0.06 0.02 0.10 0.07 0.09 + 0.02 0.13 0.02 0.16 0.16 0.16 - 0.04 0.21 0.05 0.55 0.50 0.50 - 0.02 0.72 0.06 0.72 0.66 0.66 - 0.03 0.95 0.22 0.81 0.77 0.80 + 0.02 0.85 0.51 1.11 1.02 1.09 + 0.02 1.30 0.61 0.10 0.09 0.09 - 0.01 0.14 0.01 35.60 34.80 34.80 - 0.75 37.59 18.35 0.20 0.18 0.18 - 0.02 0.21 0.13 0.06 0.05 0.05 - 0.01 0.08 0.02 0.04 0.03 0.03 - 0.01 0.08 0.03 0.22 0.18 0.22 + 0.04 0.35 0.18 0.30 0.24 0.30 + 0.05 0.45 0.24 0.07 0.05 0.06 + 0.01 0.07 0.01 3.02 2.60 2.61 - 0.24 5.25 1.35 2.25 1.98 2.00 - 0.16 4.04 0.96

P-Q

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Playfair Mng V 580 Playfair Mng* O 30 PNG Gold V 17435 Polaris Mater T 528 PolyMet Mng* X 997 PolyMet Mng T 69 Portage Res* O 940 Potash Corp SK T 10491 Potash Corp SK* N 30683 Potash Ridge T 3935 Potash Ridge* O 10 PPX Mining V 1278 Precipitate Gl V 131 Premier Gold M T 3835 Premium Expl* O 4 Pretium Res* N 8784 Pretium Res T 2326 Primero Mng T 3235 Primero Mng* N 3707 Prism Res V 79 Probe Metals* O 43 Probe Metals V 154 Prophecy Coal T 13 Prophecy Coal* O 16 Prospect Glob* O 1 Prosper Gold V 346 Prospero Silvr V 598 Prospero Silvr* O 5 3540 PUF Vent Inc PUF Vent Inc * O 29 Puma Expl V 1924 Pure Energy* O 659 V 1531 Pure Energy Pure Gold Mg* O 338 Pure Gold Mg V 1456 Pure Nickel* O 99 Purepoint Uran V 859 QMC Quantum Ml V 193 QMX Gold* O 194 QMX Gold V 765 Quartz Mtn Res* O 1 Quaterra Res* O 137 Quaterra Res V 126 Quest Rare Mnl* O 59

0.15 0.11 0.11 - 0.04 0.15 0.02 0.11 0.07 0.07 - 0.04 0.11 0.01 0.01 0.01 0.01 - 0.01 0.02 0.01 1.19 1.13 1.19 + 0.05 1.99 1.00 0.78 0.72 0.74 - 0.03 1.28 0.68 1.04 0.97 0.97 - 0.01 1.71 0.93 0.00 0.00 0.00 + 0.00 0.01 0.00 21.50 20.88 21.04 - 0.17 29.29 19.93 16.33 15.75 16.00 + 0.02 22.37 14.64 0.38 0.34 0.37 + 0.01 0.50 0.03 0.28 0.26 0.28 + 0.02 0.38 0.03 0.13 0.10 0.12 + 0.02 0.16 0.03 0.24 0.19 0.20 + 0.02 0.37 0.06 3.65 3.33 3.37 - 0.04 5.05 2.12 0.01 0.00 0.01 - 0.01 0.04 0.00 9.40 8.50 8.94 + 0.34 12.41 4.00 12.41 11.11 11.76 + 0.33 16.17 5.74 2.03 1.90 1.95 - 0.02 3.87 1.90 1.53 1.44 1.48 - 0.02 3.02 1.41 0.23 0.19 0.23 + 0.04 0.23 0.06 1.23 1.14 1.18 + 0.03 1.66 0.24 1.60 1.50 1.52 + 0.01 2.18 0.34 3.54 2.92 3.25 + 0.05 5.48 1.00 2.45 2.40 2.40 - 0.04 4.05 1.25 0.07 0.00 0.04 - 0.03 0.20 0.02 0.36 0.28 0.30 - 0.05 0.44 0.06 0.35 0.32 0.34 + 0.01 0.35 0.05 0.25 0.24 0.25 + 0.00 0.24 0.03 0.33 0.27 0.27 - 0.04 0.39 0.04 0.24 0.21 0.22 - 0.02 0.24 0.03 0.11 0.09 0.10 + 0.01 0.11 0.03 0.53 0.45 0.49 + 0.01 0.91 0.29 0.68 0.59 0.64 - 0.01 1.15 0.41 0.57 0.53 0.56 + 0.01 0.60 0.05 0.75 0.70 0.74 + 0.01 0.77 0.07 0.01 0.01 0.01 - 0.00 0.03 0.00 0.11 0.09 0.09 - 0.02 0.15 0.02 0.09 0.05 0.08 + 0.03 0.09 0.01 0.06 0.04 0.06 + 0.02 0.08 0.01 0.07 0.05 0.07 + 0.03 0.11 0.01 0.04 0.04 0.04 - 0.00 0.04 0.00 0.05 0.05 0.05 + 0.01 0.07 0.04 0.07 0.06 0.06 - 0.01 0.10 0.05 0.10 0.08 0.09 - 0.00 0.20 0.03

Rackla Mtls V 16 Rackla Mtls* O 1 Radius Gold V 162 Rainforest Res* O 73 Rainmaker Res V 62 760 Rainy Mtn Royl V Rambler Ml &Mg V 23 1 Randgold Res* O Randgold Res* D 5557 V 24 Randsburg Intl Rapier Gold V 183 Raptor Res* O 351 Rare Element* O 380 Rathdowney Res V 226 Red Eagle Mng V 854 Red Eagle Mng* O 38 Red Moon Potsh V 47 Red Pine Expl V 1902 Redstar Gold V 2898 Redstar Gold* O 1895 Regulus Res V 144 Reliant Gold V 691 Renaissance Gd V 243 O 201 Renaissance Gd* Renforth Res 1222 O 28 Resource Cap* Resource Cap V 53 Reva Res V 11 Revolver Res V 197 Rheingold Expl 172 Richmont Mines T 1147 Richmont Mines* X 1601 Rio Novo Gold* O 2 Rio Novo Gold T 13 Rio Silver V 348 Rio Silver* O 151 Rio Tinto* O 1 Rio Tinto* N 19293 Rio Tinto* O 1 Rise Res Inc 221 Riverside Res* O 228 Riverside Res V 188 Rochester Res* O 2 Rochester Res V 47 Rock Tech Lith* O 4 Rock Tech Lith V 414 Rockcliff Cop V 679 Rockhaven Res V 360 Rockland Mnls V 90 V 106 Rockridge Cap Rockshield Cap 634 Rockwell Diam T 115 Rodinia Lithm V 313 Rogue Res V 213 122 Romios Gold Rs* O Romios Gold Rs V 786 RosCan Mrnls V 266 Rosita Mg Corp* O 83 Rosita Mg Corp V 232 Roxgold* O 123 Roxgold V 1824 Royal Gold* D 3089 Royal Nickel* O 205 Royal Nickel T 2387 Royal Rd Mnrls V 546 RT Minerals* O 38 RTG Mining T 1 Rubicon Mnrls* O 849 Rugby Mng V 40 Rupert Res V 232 Rusoro Mng* O 148 Rusoro Mng V 913 Rye Patch Gold* O 785 Rye Patch Gold V 2342

0.17 0.15 0.15 - 0.02 0.22 0.05 0.10 0.00 0.10 - 0.00 0.17 0.03 0.14 0.13 0.13 - 0.01 0.17 0.05 7.00 2.50 6.05 + 1.47 7.00 0.30 0.11 0.10 0.10 - 0.01 0.25 0.07 0.09 0.08 0.08 - 0.01 0.10 0.03 0.09 0.00 0.09 - 0.01 0.12 0.05 87.86 85.45 87.86 - 4.69 120.75 59.09 88.82 82.49 83.04 - 5.21 126.55 58.77 0.02 0.00 0.02 + 0.01 0.02 0.01 0.16 0.00 0.16 + 0.01 0.17 0.03 0.00 0.00 0.00 - 0.00 0.00 0.00 0.07 0.05 0.06 - 0.00 0.31 0.06 0.20 0.18 0.20 + 0.01 0.26 0.11 0.83 0.77 0.80 + 0.03 0.90 0.25 0.64 0.57 0.62 + 0.04 0.91 0.18 0.04 0.03 0.04 + 0.01 0.09 0.02 0.16 0.13 0.14 - 0.01 0.24 0.03 0.14 0.11 0.14 + 0.02 0.17 0.03 0.11 0.09 0.10 + 0.01 0.13 0.01 1.44 1.26 1.26 - 0.16 1.87 0.19 0.03 0.02 0.03 + 0.01 0.04 0.01 0.49 0.42 0.42 - 0.06 0.66 0.11 0.37 0.32 0.33 - 0.04 0.52 0.08 0.04 0.03 0.03 - 0.01 0.05 0.01 0.20 0.15 0.19 - 0.00 0.26 0.02 0.27 0.25 0.26 - 0.01 0.35 0.02 0.35 0.00 0.35 + 0.03 0.40 0.08 0.34 0.27 0.34 + 0.02 0.39 0.07 0.12 0.08 0.11 + 0.04 0.12 0.01 12.05 10.96 11.53 + 0.30 15.01 3.73 9.12 8.28 8.79 + 0.36 11.66 2.79 0.13 0.12 0.13 - 0.01 0.23 0.06 0.19 0.00 0.19 + 0.01 0.30 0.07 0.16 0.12 0.16 + 0.03 0.17 0.02 0.11 0.10 0.10 - 0.01 0.11 0.10 39.40 0.00 38.62 - 0.47 40.08 25.47 33.94 31.24 31.77 - 1.39 39.27 21.89 33.25 0.00 33.11 - 0.15 38.70 21.90 0.25 0.18 0.21 - 0.03 0.25 0.11 0.31 0.27 0.27 - 0.01 0.38 0.08 0.40 0.34 0.39 + 0.01 0.49 0.12 0.05 0.04 0.05 + 0.01 0.09 0.01 0.08 0.06 0.08 + 0.02 0.11 0.03 0.83 0.80 0.83 + 0.02 0.83 0.02 1.11 0.88 1.07 + 0.19 1.45 0.03 0.14 0.13 0.13 + 0.01 0.16 0.02 0.20 0.17 0.17 - 0.03 0.29 0.10 0.07 0.05 0.07 + 0.02 0.11 0.01 0.28 0.15 0.15 - 0.13 0.57 0.05 0.08 0.07 0.08 + 0.01 0.11 0.04 0.09 0.08 0.08 - 0.01 0.20 0.07 0.11 0.10 0.10 - 0.01 0.25 0.10 0.44 0.00 0.44 + 0.03 1.50 0.40 0.06 0.05 0.06 - 0.01 0.08 0.01 0.09 0.07 0.07 - 0.02 0.10 0.02 0.03 0.02 0.03 + 0.01 0.04 0.01 0.05 0.05 0.05 + 0.00 0.10 0.01 0.07 0.00 0.06 - 0.02 0.14 0.01 1.16 1.03 1.12 - 0.01 1.35 0.46 1.53 1.35 1.45 - 0.05 1.76 0.62 69.00 65.03 65.96 - 0.16 87.74 24.68 0.31 0.28 0.28 - 0.03 0.50 0.10 0.42 0.37 0.38 - 0.04 0.63 0.12 0.13 0.10 0.12 + 0.01 0.18 0.04 0.07 0.06 0.06 - 0.01 0.09 0.05 0.48 0.00 0.48 - 0.04 0.70 0.33 0.04 0.03 0.04 + 0.01 0.51 0.01 0.28 0.24 0.24 - 0.02 0.58 0.03 0.79 0.68 0.74 + 0.04 0.99 0.02 0.17 0.15 0.16 + 0.00 0.31 0.02 0.23 0.19 0.23 + 0.03 0.41 0.03 0.24 0.19 0.20 - 0.02 0.37 0.08 0.31 0.25 0.26 - 0.03 0.47 0.11

Sabina Gd&Slvr* O 533 Sabina Gd&Slvr T 1209 Sage Gold V 469 Sage Gold* O 62 Saint Jean V 1068 Salazar Res* O 145 Salazar Res V 347 Samex Mng* O 422 San Marco Res* O 81 San Marco Res V 192 Sanatana Diam V 993 Sandspring Res V 354 Sandspring Res* O 90 Sandstorm Gold* X 6251 Sandstorm Gold T 2294 Santa Fe Gold* O 316 Santacruz Silv V 1161 Sarama Res V 232 Sarissa Res* O 1638 Savary Gold* O 10 Savary Gold V 430 Scandium Int M* O 63 Scientific Mts V 2625 ScoZinc Mg V 10 Seabridge Gld T 465 Seabridge Gld* N 2585 Searchlight* O 650 Secova Mtls V 1146 Sego Res V 298 Select Sands V 6446 Semafo T 7804 Senator Mnrls V 31 Serabi Gold T 1270 Serengeti Res V 1079

1.02 0.93 0.98 + 0.00 1.55 0.38 1.38 1.24 1.29 - 0.01 1.87 0.50 0.12 0.10 0.12 + 0.01 0.16 0.03 0.10 0.07 0.10 + 0.02 0.12 0.03 0.04 0.03 0.03 - 0.01 0.07 0.03 0.09 0.07 0.09 + 0.02 0.12 0.03 0.11 0.09 0.11 + 0.02 0.16 0.03 0.00 0.00 0.00 - 0.00 0.00 0.00 0.13 0.11 0.12 - 0.00 0.22 0.01 0.17 0.13 0.15 - 0.01 0.30 0.02 0.02 0.02 0.02 - 0.01 0.04 0.01 0.65 0.58 0.62 + 0.03 0.94 0.11 0.50 0.43 0.48 + 0.02 0.72 0.08 4.80 4.45 4.58 + 0.08 6.75 1.94 6.34 5.83 6.01 + 0.01 8.73 2.82 0.06 0.05 0.06 - 0.00 0.07 0.00 0.43 0.38 0.40 + 0.01 0.63 0.09 0.26 0.22 0.24 - 0.02 0.55 0.05 0.01 0.01 0.01 + 0.00 0.01 0.00 0.08 0.08 0.08 + 0.01 0.12 0.06 0.13 0.10 0.11 - 0.01 0.15 0.02 0.12 0.10 0.10 - 0.01 0.17 0.08 0.10 0.08 0.08 - 0.02 0.10 0.07 1.15 0.00 1.15 + 0.37 1.25 0.40 14.62 13.30 13.93 + 0.32 20.71 7.99 11.08 10.17 10.61 + 0.35 15.88 5.46 0.06 0.04 0.04 - 0.02 0.19 0.01 0.05 0.05 0.05 - 0.01 0.10 0.03 0.04 0.03 0.04 + 0.01 0.05 0.01 0.99 0.75 0.85 + 0.07 0.88 0.20 5.38 4.77 4.96 + 0.08 7.46 2.69 0.80 0.75 0.75 - 0.01 0.80 0.05 0.09 0.08 0.09 + 0.01 0.12 0.04 0.17 0.12 0.17 + 0.04 0.33 0.02

R

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2016-10-18 6:39 PM

10

WWW.NORTHERNMINER.COM

OCTOBER 24–30, 2016 / THE NORTHERN MINER

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

Week

12-month

Exc Volume High Low Last Change High Low

Sherritt Intl T 1344 Shore Gold T 1133 Sibanye Gold* N 7665 O 295 Sidney Resrces* Sienna Res V 1010 Sienna Res* O 56 Sierra Metals T 40 Sierra Metals* O 1 Signal Expl V 140 O 14 Signature Res* Silver Bear Rs T 795 950 Silver Bull Re T Silver Bull Re* O 1307 Silver Dragon* O 2202 Silver Grail V 41 Silver Hill* O 3 Silver Predatr V 65 Silver Pursuit V 92 Silver Range V 177 Silver Scott* O 96 Silver Shield 65 Silver Spruce V 125 Silver Spruce* O 16 Silver Std Res T 2527 Silver Std Res* D 7736 Silver Wheaton T 6282 Silver Wheaton* N 20339 Silvercorp Met T 2832 Silvercorp Met* O 518 SinoCoking Cl* D 284 Sirios Res V 1976 Sirios Res* O 91 Skeena Res* O 47 Skeena Res V 1945 Sky Ridge V 841 Skyharbour Res V 261 Skyharbour Res* O 58 Slam Explor V 106 Solitario Ex&R T 24 Solitario Ex&R* X 142 Sonora Gld & S V 1022 Sonoro Mtls V 21 Southern Arc V 253 Southern Arc* O 36 Southern Copp* N 3750 Southern Silvr V 767 Southern Silvr* O 385 T 88 SouthGobi Res Spanish Mtn Gd* O 65 Spanish Mtn Gd V 375 Sparton Res V 774 Sparton Res* O 18 Sphinx Res V 1022 Spruce Ridge R V 33 Squire Mg Ltd 298 St Augustine T 2514 St Elias Mns* O 566 St-Georges Plt* O 114 Stakeholdr Gld V 44 Standard Graph V 553 Stans Energy V 3111 Stans Energy* O 137 Starcore Intl T 188 Stellar Africa V 131 Stelmine Can V 47 Sterling Grp* O 53 Stillwater Mg* N 7806 Stina Res* O 32 Stockport Expl* O 20

0.83 0.79 0.80 - 0.01 1.07 0.53 0.21 0.20 0.21 - 0.01 0.25 0.16 12.02 10.75 11.46 + 0.14 20.97 4.59 0.01 0.01 0.01 - 0.00 0.02 0.00 0.18 0.15 0.16 - 0.03 0.27 0.01 0.14 0.13 0.14 + 0.00 0.20 0.01 2.05 1.80 1.95 + 0.15 2.19 0.95 1.55 1.40 1.55 + 0.05 1.69 0.69 0.50 0.00 0.40 - 0.10 0.50 0.01 0.09 0.07 0.07 - 0.00 0.09 0.08 0.28 0.23 0.25 - 0.01 0.53 0.02 0.18 0.15 0.17 - 0.01 0.28 0.04 0.14 0.10 0.13 - 0.00 0.21 0.02 0.03 0.01 0.02 - 0.01 0.04 0.00 0.07 0.06 0.06 - 0.01 0.16 0.02 0.80 0.60 0.80 + 0.20 1.05 0.60 0.07 0.06 0.07 + 0.01 0.12 0.01 0.12 0.00 0.09 - 0.02 0.13 0.02 0.15 0.11 0.13 + 0.02 0.24 0.02 0.04 0.03 0.03 + 0.00 0.04 0.00 0.08 0.07 0.08 + 0.01 0.17 0.02 0.13 0.09 0.12 + 0.01 0.14 0.05 0.09 0.07 0.07 - 0.02 0.10 0.03 14.55 13.64 13.78 - 0.19 20.48 5.28 11.02 10.34 10.48 - 0.02 15.84 3.66 31.21 29.39 30.04 + 0.11 40.80 14.51 23.65 22.36 22.86 + 0.28 31.35 10.04 3.58 3.29 3.37 - 0.06 4.73 0.60 2.68 2.51 2.56 - 0.00 3.67 0.41 0.27 0.20 0.22 - 0.05 0.76 0.22 0.60 0.49 0.51 - 0.05 1.42 0.07 0.45 0.39 0.40 - 0.05 1.13 0.07 0.10 0.09 0.09 - 0.01 0.15 0.04 0.13 0.11 0.11 - 0.03 0.20 0.06 0.52 0.40 0.40 - 0.09 0.88 0.20 0.30 0.25 0.30 + 0.04 0.42 0.08 0.22 0.19 0.22 + 0.01 0.32 0.19 0.07 0.06 0.07 + 0.01 0.15 0.01 0.90 0.82 0.83 - 0.07 1.29 0.57 0.73 0.62 0.62 - 0.09 0.95 0.41 0.05 0.05 0.05 + 0.01 0.08 0.01 0.12 0.11 0.12 + 0.01 0.15 0.04 0.75 0.60 0.62 - 0.11 1.09 0.24 0.57 0.48 0.48 - 0.06 0.75 0.17 26.87 25.79 26.01 - 0.21 31.31 21.55 0.40 0.34 0.39 + 0.04 0.66 0.03 0.31 0.25 0.30 + 0.03 0.52 0.02 0.41 0.25 0.32 - 0.08 0.65 0.21 0.10 0.10 0.10 + 0.00 0.17 0.01 0.14 0.12 0.14 + 0.01 0.22 0.02 0.07 0.05 0.07 + 0.01 0.09 0.02 0.05 0.04 0.05 + 0.01 0.07 0.01 0.10 0.07 0.07 + 0.01 0.14 0.01 0.05 0.04 0.05 + 0.01 0.06 0.01 0.16 0.10 0.16 + 0.06 0.19 0.10 0.08 0.07 0.07 - 0.01 0.14 0.07 0.00 0.00 0.00 - 0.00 0.01 0.00 0.05 0.03 0.04 - 0.01 0.05 0.01 0.85 0.76 0.85 + 0.03 0.89 0.04 0.06 0.05 0.05 - 0.01 0.13 0.01 0.07 0.05 0.06 - 0.01 0.09 0.01 0.05 0.04 0.04 - 0.01 0.06 0.01 0.72 0.59 0.70 + 0.09 0.91 0.25 0.03 0.03 0.03 + 0.01 0.08 0.01 0.32 0.29 0.32 + 0.01 0.38 0.05 0.03 0.02 0.02 - 0.01 0.04 0.01 12.32 11.19 11.81 + 0.01 15.91 4.99 0.07 0.05 0.07 + 0.00 0.16 0.05 0.01 0.01 0.01 - 0.01 0.04 0.00

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Stockport Expl V 183 Stonegate Agri T 162 Stornoway Diam T 2596 Stratabd Mnr V 222 Strategic Metl V 128 Strategic Res V 14 Stratton Res V 148 Stria Lithium V 2033 Strikepoint Gd V 428 Strikepoint Gd* O 36 Strongbow Expl V 146 Sulliden Mng T 47 Sultan Mnrls V 18 Suncor Energy T 12995 Suncor Energy* N 15091 Sunridge Gold* O 116 Sunvest Mnrls V 293 Superior Mng V 82 Sutter Gold V 42 Sutter Gold* O 34 Syrah Res* O 11

0.03 0.02 0.02 - 0.01 0.06 0.01 0.02 0.02 0.02 - 0.01 0.04 0.01 1.16 1.10 1.12 - 0.03 1.20 0.66 0.04 0.01 0.04 + 0.03 0.03 0.01 0.58 0.52 0.54 - 0.01 0.86 0.24 0.16 0.00 0.13 - 0.03 0.34 0.08 0.65 0.57 0.59 - 0.06 0.85 0.07 0.06 0.04 0.05 - 0.01 0.18 0.03 0.33 0.26 0.32 - 0.01 0.55 0.05 0.25 0.24 0.25 + 0.01 0.25 0.08 0.20 0.17 0.17 - 0.03 0.25 0.05 0.38 0.37 0.37 + 0.01 0.47 0.19 0.11 0.00 0.11 - 0.01 0.20 0.05 38.01 36.47 37.38 + 0.50 40.35 27.32 28.93 27.67 28.43 + 0.67 30.70 18.71 0.03 0.03 0.03 + 0.00 0.29 0.01 0.24 0.20 0.22 - 0.02 0.40 0.01 0.01 0.01 0.01 + 0.01 0.01 0.01 0.06 0.00 0.05 - 0.01 0.16 0.04 0.05 0.03 0.04 - 0.01 0.13 0.02 2.99 2.89 2.91 + 0.15 4.90 2.10

Tahoe Res* N 9614 Tahoe Res T 5174 Tajiri Res V 532 Talmora Diamd 11 Talon Metals T 598 Tanager Energy V 485 V 12 Tanqueray Expl Tantalex Res 589 Tanzania Rlty T 175 Tanzania Rlty* X 911 Taranis Res V 821 Tarku Res V 101 Tartisan Res 363 Tasca Res V 50 Taseko Mines* X 482 Taseko Mines T 138 T 23030 Teck Res Teck Res* N 37712 Teck Res T 43 Telferscot Res 1658 Telson Res * O 35 Tembo Gold* O 326 Tembo Gold V 272 Teranga Gold T 7223 Teras Res V 353 Terraco Gold V 794 Terrax Mnrls* O 182 Terrax Mnrls V 360 Teryl Res Corp* O 13 Teslin Rvr Res V 1121 Teuton Res V 163 Teuton Res* O 123 Thompson Creek* O 736 Thompson Creek T 1012 Thunder Mtn Gd* O 81 Thunderstruck V 117 Till Capital V 2 Till Capital* D 2 Timberline Res V 304 Timberline Res* O 350 Timmins Gold* X 9441 Timmins Gold T 4191 Tinka Res* O 257 Tinka Res V 408 Tintina Res* O 189

11.93 10.99 11.04 - 0.08 17.01 6.48 15.75 14.45 14.51 - 0.31 22.13 9.45 0.12 0.10 0.11 + 0.01 0.13 0.01 0.05 0.01 0.05 + 0.04 0.05 0.01 0.08 0.06 0.06 - 0.01 0.15 0.07 0.10 0.07 0.09 + 0.02 0.12 0.02 0.15 0.00 0.15 + 0.01 0.14 0.02 0.17 0.13 0.13 - 0.04 0.18 0.01 1.00 0.86 0.86 - 0.05 1.95 0.24 0.71 0.65 0.65 - 0.03 1.49 0.17 0.13 0.11 0.11 - 0.02 0.15 0.04 0.07 0.06 0.06 - 0.01 0.10 0.02 0.04 0.03 0.03 - 0.01 0.10 0.01 0.16 0.12 0.15 - 0.01 0.21 0.00 0.46 0.42 0.42 - 0.02 0.70 0.23 0.61 0.55 0.55 - 0.03 0.88 0.35 25.02 22.73 24.66 + 1.42 25.02 3.65 18.90 17.57 18.77 + 1.29 19.08 2.56 25.07 23.00 24.90 + 1.40 25.07 5.69 0.01 0.01 0.01 + 0.01 0.05 0.01 0.23 0.22 0.23 + 0.01 0.43 0.07 0.04 0.03 0.03 - 0.01 0.06 0.01 0.05 0.05 0.05 - 0.01 0.07 0.01 1.10 1.00 1.04 - 0.02 1.40 0.38 0.18 0.14 0.16 + 0.01 0.21 0.03 0.17 0.15 0.16 - 0.01 0.19 0.08 0.70 0.63 0.66 - 0.01 0.80 0.17 0.91 0.82 0.82 - 0.07 1.05 0.24 0.00 0.00 0.00 - 0.00 0.01 0.00 0.28 0.23 0.27 + 0.02 0.43 0.20 0.28 0.21 0.25 + 0.03 0.46 0.04 0.21 0.16 0.19 + 0.03 0.34 0.03 0.47 0.44 0.45 - 0.01 0.60 0.07 0.64 0.59 0.59 - 0.03 0.77 0.16 0.15 0.02 0.15 + 0.06 0.16 0.02 0.09 0.08 0.08 - 0.01 0.20 0.01 5.24 4.93 5.20 - 0.04 6.00 3.28 4.05 3.95 4.04 + 0.04 5.00 2.76 0.65 0.45 0.53 + 0.05 0.72 0.16 0.48 0.00 0.43 + 0.07 0.55 0.08 0.49 0.42 0.48 + 0.06 0.63 0.07 0.65 0.55 0.62 + 0.07 0.80 0.11 0.18 0.15 0.16 - 0.00 0.22 0.07 0.23 0.20 0.21 - 0.02 0.27 0.09 0.08 0.05 0.07 + 0.01 0.12 0.04

T

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Tirex Res* O 20 Tirex Res V 61 Titanium Corp V 48 TMAC Resource* O 11 TMAC Resources T 117 Toachi Mg Inc V 734 TomaGold V 821 Tombstone Expl* O 266 Torex Gold T 2581 Torex Gold* O 81 Tower Res V 410 Transatlan Mng V 550 Treasury Metal T 242 Trecora Res* N 101 Tres-Or Res V 232 Trevali Mng* O 91 Trevali Mng T 6594 420 Tri Origin Exp V O 83 TriMetals Mng* TriMetals Mng* O 65 TriMetals Mng T 357 TriStar Gold* O 32 TriStar Gold V 67 Troy Res* O 17 Troymet Expl V 4422 True Grit Res V 5 O 19 Tudor Gold * Tudor Gold V 73 Tungsten Corp* O 243 Turquoise HIl* N 7831 Turquoise HIl T 3131 Typhoon Expl V 36

0.08 0.07 0.08 + 0.00 0.16 0.05 0.10 0.09 0.09 - 0.01 0.22 0.05 0.70 0.00 0.69 + 0.01 1.25 0.31 13.53 12.90 13.41 + 0.54 15.16 9.26 17.97 17.00 17.79 + 0.52 19.97 5.90 0.55 0.48 0.50 - 0.01 0.59 0.03 0.11 0.09 0.09 - 0.01 0.17 0.04 0.01 0.01 0.01 - 0.00 0.02 0.01 25.90 22.95 24.38 + 0.63 35.17 10.90 19.50 17.32 18.65 + 0.73 27.34 7.97 0.20 0.14 0.17 - 0.03 0.21 0.01 0.07 0.06 0.07 - 0.01 0.15 0.03 0.65 0.59 0.60 - 0.01 0.85 0.32 11.03 10.18 10.33 - 0.48 14.86 8.17 0.04 0.03 0.04 + 0.01 0.06 0.02 0.77 0.71 0.71 - 0.07 0.87 0.18 1.05 0.93 0.94 - 0.10 1.13 0.25 0.07 0.06 0.06 - 0.01 0.08 0.02 0.23 0.20 0.21 - 0.00 0.28 0.04 0.21 0.19 0.21 + 0.01 0.32 0.06 0.29 0.27 0.27 - 0.02 0.36 0.06 0.33 0.30 0.31 - 0.02 0.41 0.10 0.43 0.38 0.42 - 0.02 0.53 0.14 0.29 0.27 0.27 - 0.02 0.56 0.13 0.04 0.03 0.03 - 0.02 0.05 0.01 0.02 0.00 0.02 - 0.01 0.05 0.01 0.57 0.54 0.55 + 0.00 1.26 0.54 0.82 0.68 0.71 - 0.05 2.50 0.03 0.00 0.00 0.00 + 0.00 0.00 0.00 3.02 2.87 3.00 + 0.06 3.67 1.55 3.96 3.80 3.95 + 0.06 4.72 2.30 0.08 0.00 0.08 + 0.01 0.15 0.03

U.S. Lithium* O 15 U3O8 Corp* O 84 Ucore Rare Mtl* O 287 759 Ucore Rare Mtl V UEX Corp T 873 Ultra Lithium* O 7 Ultra Lithium V 121 Umbral Enrgy* O 156 Unigold* O 40 Unigold V 897 165 United Res Hdg* O United Silver* O 1185 United States A* X 119 United States S* N 58797 Ur-Energy* X 894 Ur-Energy T 145 Uracan Res V 235 Uracan Res* O 31 Uranium Energy* X 1440 Uranium Res* D 1942 Uravan Mnrls V 6962 US Energy* D 354 US Precious M* O 1831 US Tungsten* O 112 USCorp* O 733 N 97095 Vale* Vale* N 159093 Valley High Mg* O 79 Valterra Res V 66 Valterra Res* O 89 O 196 Vanadiumcorp* Vanadiumcorp V 556 Vantex Res V 48 Vedanta* N 1361

0.03 0.02 0.02 - 0.01 0.15 0.01 0.02 0.01 0.02 + 0.00 0.03 0.01 0.27 0.24 0.25 - 0.00 0.35 0.15 0.35 0.31 0.31 - 0.01 0.45 0.20 0.21 0.18 0.20 + 0.01 0.29 0.11 0.18 0.18 0.18 - 0.00 0.27 0.06 0.24 0.20 0.23 + 0.01 0.35 0.06 0.04 0.02 0.03 + 0.01 0.08 0.02 0.24 0.23 0.23 - 0.04 0.51 0.06 0.35 0.29 0.30 - 0.06 0.69 0.08 0.03 0.02 0.03 + 0.00 0.06 0.01 0.00 0.00 0.00 - 0.00 0.01 0.00 0.46 0.39 0.44 + 0.05 0.60 0.16 18.52 16.17 16.42 - 1.26 27.64 6.15 0.51 0.46 0.49 - 0.00 0.73 0.44 0.66 0.60 0.64 - 0.02 0.98 0.60 0.09 0.08 0.08 - 0.02 0.10 0.01 0.08 0.06 0.06 - 0.02 0.08 0.00 0.97 0.90 0.90 - 0.02 1.47 0.65 1.41 1.27 1.28 - 0.04 10.08 1.25 0.30 0.07 0.09 - 0.21 0.42 0.05 2.21 1.80 1.82 + 0.01 3.12 0.67 0.01 0.01 0.01 - 0.00 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 5.36 5.02 5.15 + 0.16 5.36 1.55 5.94 5.51 5.58 + 0.01 6.26 2.13 0.00 0.00 0.00 + 0.00 0.02 0.00 0.07 0.06 0.06 - 0.01 0.09 0.01 0.05 0.04 0.05 + 0.00 0.07 0.00 0.04 0.04 0.04 + 0.00 0.05 0.01 0.05 0.05 0.05 + 0.01 0.06 0.02 0.03 0.02 0.02 - 0.01 0.04 0.01 11.99 11.30 11.42 - 0.21 11.99 3.52

U-V

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

O 37 Vendetta Mng* Vendetta Mng V 1047 Vendome Res V 47 Venture Mnrls* O 36 Veris Gold* O 19 Victoria Gold V 2301 Victory Nickel* O 1 Virginia Enrgy V 4 Viscount Mng V 391 Vista Gold* X 2725 Volcanic Mtls V 33 VVC Expl V 256

0.08 0.10 + 0.01 0.10 0.10 0.00 0.05 0.12 - 0.01 0.13 0.13 0.11 0.05 0.24 + 0.07 0.35 0.24 0.18 0.01 0.02 - 0.00 0.04 0.02 0.02 0.00 0.00 + 0.00 0.01 0.00 0.00 0.13 0.55 - 0.03 0.80 0.58 0.54 0.01 0.01 - 0.00 0.04 0.01 0.01 0.04 0.04 - 0.01 0.10 0.04 0.00 0.33 0.49 - 0.02 0.91 0.53 0.48 0.26 0.89 + 0.01 2.09 0.94 0.81 0.04 0.22 + 0.04 0.20 0.22 0.00 0.01 0.02 - 0.01 0.05 0.03 0.02

Walker River V 1398 O 483 Walter Energy* 551 War Eagle Mg V WCB Res V 875 Wealth Mnrls* O 246 Wealth Mnrls V 925 O 170 Wellgreen Plat* Wellgreen Plat T 310 V 18 Wescan Gldflds T 1881 Wesdome Gold 131 West High Yld V West Kirkland V 308 447 West Red Lake 63 West Red Lake* O X 110 Western Copper* T 114 Western Copper 27 Western Pac Rs* O T 246 Western Potash Western Uran 11 Western Uran* O 8 V 308 Westhaven Vent O 351 Westkam Gold* Westmoreland* D 886 O 52 WestMountain* 110 White Mtn Engy* O O 1 Whitehaven Coa* Wildcat Expl* O 294 Wildcat Expl V 628 40 Winston Gld Mg* O 516 Winston Gld Mg Winston Res 561 Wolfden Res V 95 X-Terra Res V 162 Xander Res V 388 Xiana Mng V 13 Ximen Mng V 614 533 XLI Tech Inc* O V 206 Xtierra O 83 Xtra-Gold Res* Xtra-Gold Res T 71 Yamana Gold T 32793 101928 Yamana Gold* N Yanzhou Coal* N 411 Yorbeau Res T 300 Zadar Vent V 719 Zazu Metals* O 69 Zazu Metals T 55 Zenyatta Vent V 386 O 21 Zenyatta Vent* Zephyr Mnls* O 24 Zephyr Mnls V 131 Zincore Mtls V 40

0.02 0.14 + 0.01 0.14 0.14 0.11 0.01 0.03 + 0.00 0.10 0.04 0.03 0.04 0.03 0.04 + 0.02 0.04 0.01 0.02 0.03 - 0.01 0.09 0.04 0.03 0.10 0.97 - 0.04 1.16 1.04 0.93 0.14 1.27 - 0.11 1.50 1.38 1.17 0.12 0.34 - 0.00 0.46 0.36 0.32 0.16 0.43 - 0.02 0.62 0.46 0.42 0.02 0.06 - 0.01 0.10 0.07 0.00 0.96 2.48 + 0.06 2.90 2.48 2.25 0.17 0.15 0.15 - 0.01 0.30 0.15 0.04 0.11 + 0.02 0.17 0.11 0.09 0.28 0.25 0.27 - 0.01 0.40 0.01 0.21 0.19 0.21 - 0.00 0.31 0.02 0.20 0.77 - 0.02 1.04 0.80 0.75 0.29 1.00 - 0.05 1.35 1.06 0.93 0.02 0.02 0.02 - 0.01 0.04 0.00 0.14 0.15 + 0.01 0.26 0.15 0.14 1.20 1.90 - 0.03 3.50 1.93 1.41 1.01 1.44 + 0.04 2.67 1.45 1.06 0.04 0.13 - 0.02 0.16 0.14 0.13 0.01 0.03 + 0.00 0.07 0.03 0.00 9.43 8.26 8.85 + 0.21 14.50 3.44 0.04 0.05 - 0.05 0.20 0.10 0.05 0.07 0.05 0.05 - 0.02 0.35 0.05 0.25 2.12 + 0.22 1.97 2.12 1.90 0.02 0.09 + 0.01 0.11 0.09 0.08 0.03 0.12 + 0.01 0.16 0.13 0.10 0.42 0.32 0.32 - 0.10 0.42 0.10 0.46 0.42 0.42 - 0.03 0.57 0.10 0.01 0.10 + 0.03 0.10 0.10 0.05 0.05 0.13 + 0.02 0.19 0.13 0.11 0.06 0.17 - 0.01 0.31 0.18 0.00 0.32 0.49 + 0.01 0.49 0.49 0.42 0.03 0.11 - 0.09 0.21 0.12 0.00 0.03 0.13 + 0.01 0.18 0.14 0.10 0.02 0.01 0.01 + 0.00 1.50 0.00 0.01 0.05 - 0.01 0.08 0.06 0.04 0.15 0.21 - 0.03 0.43 0.26 0.21 0.20 0.27 - 0.03 0.56 0.31 0.27 2.00 4.79 - 0.06 7.87 5.17 4.77 1.38 3.65 - 0.01 5.99 3.91 3.61 3.66 7.58 - 0.10 7.80 7.79 7.40 0.06 0.10 + 0.01 0.13 0.10 0.09 0.01 0.11 + 0.01 0.26 0.12 0.10 0.08 0.16 + 0.01 0.24 0.16 0.15 0.09 0.21 + 0.01 0.33 0.21 0.19 0.63 1.40 - 0.04 1.55 1.48 1.30 0.47 1.05 - 0.01 1.17 1.10 0.00 0.15 0.27 - 0.00 0.30 0.27 0.27 0.08 0.37 - 0.01 0.42 0.40 0.33 0.03 0.16 - 0.04 0.30 0.20 0.16

W-Z

BID-ASK — OCTOBER 10–14, 2016

STOCK

12-MONTH

EXC BID ASK LAST HIGH

37 Capital One ABE Resources Acme Res Corp Active Growth Aftermath Slvr Aida Minerals Alberta Star Alderon Iron* Alexandra Cap Allante Potash Alternative ER Amanta Res Anconia Res Anglo Pac Grp Antipodes Gold Arch Coal* Arco Res Ardonblue Vent Argo Gold Arrowstar Res AsiaBaseMetals Asiamet Res Ateba Res Atlantic Ind Atlatsa Res* Auramex Res Aurgent Gold Balto Res Bandera Gold BE Res Bethpage Cap BHK Mining Big Wind Cap Black Bull Res Black Isle Res BlackEagle Dev Bluenose Gold Bold Vent Boss Power Brakpan Vents Buffalo Coal Bullion Gld Res Cairo Res Canuc Res Cariboo Rose Carlin Gold Carrie Arran Cascade Res Cassidy Gold Cassius Vents Castle Res Celtic Minrls Cerro Mng Chantrell Vent Chieftain Mtls Chimata Gold Chinapintza Mg Cicada Vents CIM Intl Grp Claim Post Res Cliffs Nat Res* Clydesdale Res CNRP Mng Comet Inds Compliance Egy Crestwell Res Cricket Res Desert Gold DGS Mnls Discovery Harb DuSolo Fertil DV Resources Enfield Expl European Metal ExGen Res Inc Fire River Gol First Idaho Four River Freeport Res

8-10_OCT24_StockTables.indd 10

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

0.10 1.63 0.25 0.25 0.02 0.03 0.02 0.08 0.01 0.03 0.02 0.03 0.05 0.06 0.05 0.10 ... 0.01 0.01 0.03 0.10 0.12 0.12 0.23 0.20 0.22 0.20 0.23 ... 0.40 0.14 0.52 0.02 ...

0.03 0.03 0.06 0.35 0.06 0.06 0.34 0.37 0.36 0.46 0.01 0.02 0.01 0.05 0.05 0.06 0.09 0.56 ...

0.80 1.50 0.03 0.03 0.03 0.04 ... ...

0.58 0.06 0.10 0.08 0.09 0.09 0.11 0.09 0.09 0.08 0.22 0.08 0.08 0.09 0.10 0.10 0.17 0.26 0.32 0.31 0.40 0.04 0.04 0.04 0.08 ... 0.01 0.01 0.01 0.01 0.03 0.01 0.01 ... ...

0.06 0.45 0.02 0.03 0.02 0.03 0.20 0.25 0.21 0.30 0.01 0.03 0.01 0.03 0.01 0.01 0.01 0.02 ... 0.34 0.35 0.06 0.10 0.10 0.10 0.03 0.04 0.03 0.09 0.09 0.15 0.09 0.19 ...

0.01 0.01 0.03 0.05 0.04 0.05 0.05 0.15 0.05 0.12 0.02 0.03 0.03 0.03 0.04 0.04 0.04 0.06 0.17 0.20 0.17 0.02 0.04 0.02 0.06 0.01 0.02 0.02 0.05 0.10 0.13 0.10 0.15 0.35 ...

0.35 0.39 0.23 0.29 0.25 0.27 0.08 0.09 0.08 0.12 0.04 0.05 0.04 0.05 0.05 ...

0.05 0.07 0.02 0.04 0.02 0.05 0.01 0.02 0.02 0.04 0.03 0.10 0.03 0.05 0.01 0.30 0.20 1.50 ... ...

0.01 0.01 0.03 0.01 0.03 0.09 0.11 0.11 0.19 ... ...

0.05 0.23 0.02 0.02 0.02 0.05 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.01 1.00 1.02 1.00 1.50 0.02 0.03 0.02 0.06 1.45 3.20 1.43 7.17 0.05 0.10 0.05 0.08 0.01 0.03 0.01 0.01 2.60 2.95 2.90 3.00 0.03 0.03 0.03 0.25 0.04 0.10 0.13 0.01 0.10 0.01 0.02 0.15 0.20 0.20 0.20 0.04 0.09 0.04 0.06 0.02 0.03 0.02 0.03 0.03 0.04 0.04 0.10 0.03 0.04 0.04 0.06 ... ...

0.01 0.01 ... 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.03 0.07 0.09 0.75 0.07 0.14 0.09 0.12 0.27 0.35 0.30 0.39 0.07 0.08 0.08 0.09

LOW

STOCK

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2016-10-18 6:39 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 24–30, 2016

11

Telson leverages Mexican expertise to move forward at Tahuehueto GOLD-ZINC-SILVER

| Company signed letter of intent to aquire and develop Mexican projects

BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

M

a nagement of Telson Resources (TSXV: TSN; US-OTC: SOHFF) tell a familiar story of tepid capital markets and stalled project development, but the company has found a path forward through local partnerships at its Tahuehueto epithermal gold-zinc-silver property in Mexico’s Sierra Madre mineral belt.

The company now plans to release a prefeasibility study for a 500-tonne-per-day mine at the site later this year, and hopes it can begin construction in 2017.

In mid-2015 Telson signed a letter of intent with private Mexican mining group Estratégica Corporativa en Finanzas to acquire and develop in-country projects. The partnership started with a $2-million private placement, and grew through a $10.5-million line of credit that allows Telson to complete a 2,000-tonne bulk sample to produce the project’s first concentrate test sales.

“Last year we had a new group enter into the company,” president Ralph Shearing says during an interview. “They’re a Mexican outfit that’s experienced when it comes to mining in the country.

Our partners are hands-on in terms of project management, and I’d say it’s the main factor that will allow us to move forward quickly. They’ve also brought in two financial funds from Mexico City that helped us fund the bulk sample, complete our economic study and move towards production. It’s been really tough over the past few years, so it’s been a great relief to get that sort of financial traction.”

Mining engineer Jose Antonio Berlanga Balderas now serves as Telson’s CEO, and previously

Exploration road switchbacks cross-cutting the El Creston zone at the Tahuehueto gold-zinc-silver property in Mexico’s Sierra Madre mineral belt. TELSON RESOURCES

worked on Cayden Resources’ Morelos Sur and El Barqueno projects, which were acquired by Agnico Eagle Mines (TSX: AEM; NYSE: AEM) for $205 million in late 2014. Shearing adds that project logistics, including equipment acquisitions and contracting, are largely handled by the company’s Mexican technical partner, Reyna Minas.

The bulk sample will underpin a new mine plan that reworks a preliminary economic assessment (PEA) tabled in 2010.

Telson envisions a smaller startup operation that would produce lead and zinc concentrates via a sulphide-flotation circuit. The goal

is to cut upfront capital requirements and speed up cash f low to facilitate mill expansion and exploration ofepithermal targets at Tahuehueto.

“We’re permitting the project as a reactivation of an old mine, so it’s going to really speed up the process. In fact, we’re filing all the final documents right now and don’t anticipate any problems,” Shearing says.

“When we published our first economic study nobody was really looking at projects, and frankly, the capital costs were too high,” he concedes. “We’re looking to drop the development capital in a number of ways, including equip-

ment leases and an agreement with a group that’s building a power facility. Our Mexican partners are handling most of the logistics now, which has been great for us.”

Telson will rethink its resource models with higher cut-off grades.

Ta huehueto hosts 7.4 million measured and indicated tonnes grading 2.1 grams gold per tonne, 35 grams silver per tonne, 0.3% copper, 1.1% lead and 2% zinc.

Contained metals at a 3 gram gold equivalent cut-off grade total 498,000 oz. gold, 8.3 million oz. silver, 45 million lb. copper, 173 million lb. lead and 327 million lb. zinc.

Current metallurgical assump-

tions are that most of the recovered gold would report to the lead concentrate, while the proposed zinc concentrate could also drive profit at spot metal prices.

“We’re sending out bulk sample through a sulphide flotation circuit that was built within the past several years to process material from small-scale miners,” Shearing adds.

“It looks like we’ll produce clean concentrate since the material is coarse-grained, and so far we’ve had great recoveries.”

Mineralization at Tahuehueto consists of epithermal, low-sulphidation, polymetallic silver-gold veins and breccias with copper, lead and zinc. The setting is common within the gold-silver metallogenic Sierra Madre Occidental province.

Telson will access the site via roads close to Topia. The company’s previous PEA modelled a US$90-million operation that would have processed material at 3,000 tonnes per day over an 11-year mine life.

“There are a lot of promising elements to the project,” Shearing says. “It could be a zinc or a gold story, and though we’re focused on production right now, there is a lot of untapped exploration potential in what we think could be a mineralized camp that hosts a huge epithermal system. Now that markets have improved, we’ve had meetings about returning to Canadian equity markets, as well, and people are starting to get really interested in production stories.”

Telson shares have traded in a 52-week range of 3¢ to 55¢ per share, and last closed at 36¢.

The company completed a 2-for1 share rollback in late 2015, and now has 93 million shares outstanding for a $39-million market capitalization. Estrategica Corporativa en Finanzas is Telson’s largest shareholder. TNM

Loading material for transport at the Tahuehueto polymetallic project in Durango state, Mexico. TELSON RESOURCES

1 2 3 4 5 11 12 13 15 16_OCT24_Main .indd 11

2016-10-18 8:01 PM

12

WWW.NORTHERNMINER.COM

OCTOBER 24–30, 2016 / THE NORTHERN MINER

Kamoa is the largest copper find in Africa, Ivanhoe says IVANHOE From 1

its, the Vancouver-based miner says.

“This is a really big one. This is a really, really important one,” Robert Friedland, Ivanhoe’s executive chairman and founder, declared at the Mines and Money conference in Toronto last month.

“We’re hoping that Kakula becomes a household name all over the planet.”

Friedland noted that Turquoise Hill Resources’ (TSX: TRQ; NYSE: TRQ) Oyu Tolgoi mine in Mongolia contains 31 million tonnes of copper, while Kakula today has over 30 million tonnes of copper.

“The amount of copper contained is the same, these are the two most disruptive copper discoveries in the world,” the mining executive proclaimed, “but Kakula is just a puppy. Kakula is still growing.”

According to the resource estimate released on Oct. 12, Kakula contains indicated resources of 192 million tonnes grading 3.5% copper for 14.6 billion contained lb. copper at a 1% copper cut-off grade, and inferred resources at the same cut-off grade add 101 million tonnes averaging 2.7% copper for 6.1 billion lb. copper. (The average true thickness of the selective mineralized zone at a 1% cut off is 14.3 metres in the indicated resource area and 10.3 metres in the inferred resource area.)

At a 2% copper cut-off, indicated resources total 115 million tonnes at a 4.8% copper grade, containing 12.1 billion lb. copper, and at a 3% cut-off, the indicated resource totals 66 million tonnes at a 6.6% copper grade, containing 9.6 billion lb. copper.

At a 2% copper cut-off grade, the inferred resource totals 51 million tonnes at a 3.9% copper grade, containing 4.4 billion lb. copper, while at a 3% cut-off, the inferred resource totals 27 million tonnes at 5.3% copper, containing 3.2 billion lb. copper.

“When you really take a look at these cut-off grades,” Friedland said during his presentation in Toronto, “at a 1% cut-off, the mineralization is 21 metres thick, and remember it’s

A ventilation system for excavation of the twin tunnels under development at Ivanhoe Mines’ Kamoa copper property in the Democratic Republic of the Congo. IVANHOE MINES

flat. So 21 metres is 63 feet — we’re as thick as a six-storey building … if you want to mine it at a 2% cutoff, it’s still as thick as a five-storey building, and at a 3% cut-off. Who has got a copper mine even at 3%?

The cut-off grade at 3% is what we’re throwing away.”

“I’m highly confident, when we announce our studies, that we can deliver 8–12% copper to the mill every day,” he said.

“This is good news for the Congolese people.” he continued. “They need good news in the Congo. And it’s very good news for Zijin, our Chinese partners, who have put their foot on a big piece of the best copper discovery in the world. And it’s even better news for all the people in the world that want to stop buying our Arab friends’ oil and want to stop burning coal because we

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1 2 3 4 5 11 12 13 15 16_OCT24_Main .indd 12

“KAKULA IS JUST A PUPPY. KAKULA IS STILL GROWING.” ROBERT FRIEDLAND EXECUTIVE CHAIRMAN AND FOUNDER, IVANHOE MINES

need a huge amount of copper to electrify the automobile industry.

We need a huge amount of copper to clean the air.”

In a press release announcing the resource estimate, the company noted that the significantly higher copper grades at Kakula make the management team highly confident that fast-tracking Kakula’s development will have a profound and positive impact on the economics of the overall Kamoa-Kakula project.

The initial resource at Kakula boosts the Kamoa project’s overall indicated mineral resource (at a 1% cut-off grade and a minimum 3 metres thick) to 944 million tonnes grading 2.8% copper for 58.9 billion contained lb. copper, plus inferred resources (at the same cut-off grade and 3-metre minimum thickness) of 286 million tonnes of 2.3% copper for 14.6 billion contained lb. copper ounces.

“We are evaluating technical and infrastructure options to rapidly advance the development of the near-surface, highest-grade copper resources at Kakula,” the company said in the press release. “Our mine planning will focus on how to expeditiously develop the zones of thick, bottom-loaded chalcocite — grading in excess of 6% copper — near the centre of Kakula’s high-grade area.”

A preliminary economic assessment is already underway for a 4-million-tonne-per-year mine and mill at Kakula, and the company expects to complete the study before year-end. The PEA will establish economic parameters of a potential mining operation at Kakula, including capital and operating costs, for an underground mine.

The Kakula resource and Kamoa’s earlier Kansoko Sud discovery, remain open for expansion in numerous directions, leaving potential upside. At Kakula, mineralization is open along trend northwest and southeast, while the rest of the Kakula exploration area remains untested.

Indeed, the maiden resource at Kakula was based on drill results from 24,000 metres in 65 holes,

A drill sample of chalcocite-rich mineralization (nearly 80% copper by weight) intersected at 619 metres in the Kakula discovery zone. IVANHOE MINES

while Ivanhoe and Zijin have drilled more than 31,000 metres since April 2016, and have also expanded the program by 60,000 metres, and extended it into 2017.

While the Kakula exploration area measures 60 sq. km, the indicated resource was 4.6 sq. km and the inferred resource was 3.3 sq. km.

After the news was released, shares of Ivanhoe on the Toronto Stock Exchange closed 8%, or 17¢ higher, at $2.35 apiece, on a trading volume of 5.75 million shares.

Raymond James boosted its target price after releasing the resource estimate to $3 per share from its previous $2.25-per-share target, and called the maiden resource for

Kakula “a game changer for Kamoa.”

In addition to its 48%-owned Kamoa project, Ivanhoe owns 68% of the Kipushi zinc-copper project — also in the DRC — and 64% of Platreef, a platinum group metals and gold-nickel-copper project in South Africa.

“Everything we’ve ever done in geology is driven by hungry geologists who are put in a corporate culture, where there is no sin in failure,” Friedland said at the outset of his presentation at Mines and Money.

“You have to take risk, you have to go through a lot of program rotations, you have to drill, drill, drill — and you have to believe in what you are trying to do.” TNM

2016-10-18 8:01 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 24–30, 2016

13

The portal at MAG Silver and Fresnillo’s Juanicipio high-grade silver project in Mexico’s Zacatecas state. MAG SILVER

MAG Silver’s low-risk Juanicipio gets wider at depth MEXICAN SILVER

| Firm has US$141M in the bank and no debt

shoot the Desprendido vein, and the Juanicipio vein.

“Juanicipio is small but high grade eorge Paspalas has spent the — it has multiple kilos per tonne of last 30 years building and silver, but over 90% of the metal is operating complex open-pit contained in the Valdecanas vein, and underground mines in South that’s the big one,” Paspalas says, Africa, Tanzania, Australia, South adding that MAG Silver discovered America and Canada for the likes Juanicipio on its first drill hole and of Placer Dome, Silver Standard Valdecanas on its sixteenth.

Resources and Aurizon Mines.

“Once we hit Valdecanas we reHis repertoire includes Big Bell, alized we had something big,” he Granny Smith, South Deep, Wal- continues. “I get excited when I laby, Pirquitas and the North Mara tell this story. It’s unbelievable the Expansion. But nothing he has opportunity here, and the geologiworked on compares with the Juani- cal endowment is something pretty cipio mine that MAG Silver (TSX: unique.”

MAG; NYSE-MKT: MAG) and Paspalas jokes that the company partner Fresnillo (LSE: FRES) are can’t seem to get away from the building in Mexico.

Valdecanas vein. “We drilled below “I’ve built six mines but this is it, and it got five times bigger in the most exciting thing I’ve been width,” he says. “It’s apparent now associated with in mining, and I that the Valdecanas vein is sitting have been associated with some on where there was a major fluid ore pretty exciting things,” says Pas- input that mineralized perhaps that palas, who joined MAG Silver as whole Valdecanas system … and president and CEO three years ago. if you look at other fluid ore input It’s not a stretch to understand points around the district, there is why. more than one vein.”

The Juanicipio project in the FresIn addition to the silver, the veins nillo district of Zacatecas is the at Juanicipio host gold, lead and zinc. highest-grade undeveloped silver The gold content of the deposit in asset in the world, with grades of the Bonanza zone alone accounts over 600 grams silver per tonne. for 7% of the project’s revenue, The project, a joint venture be- Paspalas says. “They’re high silver tween MAG Silver (44%) and Fres- grades, yes, but that gold grade nillo (56%), the operator, is situated over the tonnage we have in the in Mexico’s Fresnillo district, the Bonanza zone is 1 million oz. gold. most prolific silver district in the It’s a million-ounce gold deposit world, where 4.2 billion oz. silver has that most people would kill for … been mined over the last 500 years. and you have other contributions “I’ve worked on high-grade mines from lead and zinc.” but never worked on high grade like As for the high-grade silver, it this,” Paspalas says in an interview. makes the project resilient at lower “What we have is a low temperature silver prices. At a silver price of forming environment, which results US$18 per oz., the mine would in very good metallurgy, and a nice generate an after-tax cash flow for high angle of dip and width, which MAG Silver of US$75 million a year facilitates mechanized mining and for the first six years and translate efficient extraction. Coupled with into a 33% after-tax internal rate the experience and ability of Fres- of return (IRR). At US$20 per oz. nillo as the operator, the value of silver the cash flow rises to US$85 the high grade is maximized on million and the IRR to 38%. But at this project.” a US$10 per oz. silver price, the IRR So far, MAG Silver has identi- generated is a fairly robust 15%, and fied three high-grade silver veins: the after-tax cash flow comes in at Valdecanas, with its footwall off- US$40 million.

BY TRISH SAYWELL

G

tsaywell@northernminer.com

1 2 3 4 5 11 12 13 15 16_OCT24_Main .indd 13

“I’VE BUILT SIX MINES, BUT THIS IS THE MOST EXCITING THING I’VE BEEN ASSOCIATED WITH IN MINING, AND I HAVE BEEN ASSOCIATED WITH SOME PRETTY EXCITING THINGS.” GEORGE PASPALAS PRESIDENT AND CEO, MAG SILVER

The Bonanza zone, which runs from 350 to 750 metres deep, contains indicated resources of 8.3 million tonnes grading 601 grams silver per tonne, 1.7 grams gold per tonne, 2% lead and 3.7% zinc, for 160 million contained oz. silver.

Inferred resources add 2.4 million tonnes averaging 626 grams silver, 1.9 grams gold, 1.4% lead and 2.2% zinc, for 48 million contained oz. silver.

But a year and a half ago, the joint-venture partners discovered a deeper zone below the Bonanza zone from an 800-metre vertical depth — or 100 metres below the last known mineralization.

The deep zone was discovered when the joint venture drilled four holes in April 2015 that were intended to close out the Bonanza zone and define the parameters of the asset so that engineering studies could begin.

The four holes showed that the average width of the Valdecanas vein went from an average of six metres in the Bonanza part of the deposit, to anywhere from 11 to 32 metres wide in the Deep zone.

MAG Silver recently released assay results from 12 holes ranging from 850 to over 1,200 metres deep that were drilled from December 2015 through August 2016. The drilling showed that mineralization in the Deep zone is traceable over a strike length of 800 metres, and the structures remain open to depth and laterally.

Drilling highlights included 36.5 metres (29.9 metres true width) grading 235 grams silver, half a gram gold, 4.8% lead, 5.8% zinc

and 1% copper. The drilling also uncovered a fourth vein, Anticipada, with a 6.7-metre (true width) intercept grading 105 grams silver, 2.69 grams gold, 3.6% lead, 10.8% zinc and 0.2% copper.

Six drill rigs are operating — five from surface and one from underground — to pursue the possible extension of the new zone to the east by 700 metres and to the west by 300 metres.

Paspalas says that “as you peel the onion on this and go down the layers, you just keep thinking: ‘My God, this gets better and better.’”

Michael Curlook, MAG Silver’s vice-president of investor relations and communications, adds that finding the Deep zone with its wider widths has enormous implications for the project in terms of mining efficiencies and capital costs.

“It means that all of a sudden your mining efficiencies go up, because you don’t have to spend more capex to go lower,” Curlook says. “And you don’t have as much dilution because of the width. If there is enough tonnage you could have a second project and you don’t have to spend any more capex getting to it, and your IRR goes through the roof. So what you would have is a second project that has a lower cost than the [Bonanza zone] above it.”

Meanwhile, the Va ldecanas vein on the joint-venture property extends onto the Jarillas vein on Fresnillo’s adjacent Saucito mining operation, 2 km away. Fresnillo commissioned Jarillas in 2014, so by the time Valdecanas moves into production in mid-2018, Fresnillo will have been mining Jarillas for

over three years and better understand its attributes.

Fresnillo has built mines for the last 130 years, and MAG Silver benefits from its experience. “You have one of the best assets on paper, for sure, a tier-one asset,” Paspalas, “that probably is being built by the best people on earth to build it.”

As far as its relationship with Fresnillo is concerned, the partnership is running smoothly. “We enjoy a really good relationship with Fresnillo now,” Paspalas says. “There was a bit of a speed bump when they attempted a hostile takeover in 2008. They’re doing a great job on the ground and are making great decisions, so we’re fortunate to have them as the operator.”

Over the last couple of years, the partners have built an access ramp to 3,200 metres deep, and expect it will reach the resource in the Valdecanas vein by year-end, or in early 2017. The decline is fully concrete-lined and floored. Stope development starts in 2017, and if all goes well, the mine could produce by mid-2018.

A construction decision could come in the next two months.

In addition to the infill drilling at Juanicipio, the joint venture has set aside US$5.2 million for an exploration program in 2017 that looks at other targets. MAG Silver has only drilled one target (which found Juancipio) of the six it has identified.

Capex for the mine is an estimated US$302 million. MAG Silver’s share is US$132 million. The company has spent US$13 million so far and has US$119 million left.

MAG Silver is well funded to pay its share, management says, with US$141 million in the bank, and no debt.

Twelve research analysts are covering the company, and it has an average $23.11-per-share target price.

At press time the company’s shares traded at $17.84 apiece, within a 52-week trading range of $8.67 to $23.32. TNM

2016-10-18 8:01 PM

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THE NORTHERN MINER / OCTOBER 24–30, 2016

15

Taranis seeks growth at Thor BC GOLD-SILVER-COPPER

| Drilling finds stacked zones of mineralization beneath deposit

BY LESLEY STOKES

T

lstokes@northernminer.com VANCOUVER

aranis Resources (TSXV: TRO; US-OTC: TNREF) is blazing a new path at its Thor polymetallic deposit, 8 km northeast of Trout Lake in southeastern B.C., ever since backing out of an opportunity last year to buy a 65% stake in the nearby Max mine and mill.

The company was considering using the mothballed 1,000-tonne-per-day facility, which was owned by FortyTwo Metals, a subsidiary of beleaguered molybdenum miner Roca Mines, to expedite development at Thor.

But after looking at the high number of creditors and the potential liabilities associated with the former mine’s tailings pond, Taranis president and CEO John Gardiner tells The Northern Miner during an interview that his company took a pass on the Max deal, and is looking at new options.

“Our goal is to expand Thor’s resource to beyond 2.5 million tonnes.

resource for the project next year, but first the company wants to drill up to 10,000 metres at the less explored Broadview and Scab zone targets at Thor.

Broadview holds 500 metres of the total mineralized strike length, whereas Scab zone is a 450-metre-long portion between the True Fissure and Blue Bell mines. Gardiner says both target areas have had little to no drilling, because they are in steep areas that require specialized, small drills.

Scab zone forms a large, gossanous outcrop of quartz-sulphide breccia at least 250 metres in strike and 100 metres in dip, where seven grab samples averaged 4.6 grams gold, 535.2 grams silver, 0.3% copper, 8.9% lead and 4.38% zinc.

“We’re of a firm impression that by [mid-2017] we’ll outline a sizeable deposit,” Gardiner says. “We just have to keep our nose to the grindstone.”

Taranis also aims to recover a 1,000-tonne bulk sample from the project’s SIF zone, an exposed goldrich quartz vein that sits in the nose of a fold along Thor’s main structural trend. The company bought a turnkey processing plant last July, and expects the work will get underway by June.

“We envision Thor as a bite-sized operation, rather than these mammoths you normally see out there,” Gardiner says. “Because of its small size, you can be a lot more surgical in terms of the grades you’re going to produce, and the amount of equity you’ll need to build a mine on the project. They’re a lot more budget friendly than some of the other big projects, and much easier to permit.”

Taranis shares have traded within a 52-week range of 4¢ to 15¢ per share, and closed at 11¢ at press time. It has 49.8 million shares outstanding for a $4.8-million market capitalization. TNM

Taranis Resources’ president and CEO John Gardiner at the Thor polymetallic deposit, 8 km northeast of Trout Lake in southeastern B.C. TARANIS RESOURCES

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JOHN GARDINER PRESIDENT AND CEO, TARANIS RESOURCES

When you can place that amount of material on the table with the kind of grades we’re getting, it changes the economics of the deposit,” Gardiner says. “With that critical size in hand, there are a lot more options on how to push the project forward, whether it will become a standalone operation or not.”

Taranis completed 2,100 metres of drilling at Thor this year, aimed at expanding known mineralization. The volcanogenic massive sulphide deposit has four main zones — Broadview, Great Northern, True Fissure and Blue Bell — which occur across a 2 km strike along the eastern flank of a sheared, northwest-trending fold.

A study by Roscoe Postle Associates in 2013 estimated that Great Northern, True Fissure and Blue Bell contain an open-pittable, 471,000 indicated tonnes of 0.91 gram gold per tonne, 204 grams silver per tonne, 0.1% copper, 2.8% lead and 3.7% zinc; and 189,000 inferred tonnes of 1.28 grams gold, 218 grams silver, 0.2% copper, 2.7% lead and 3.8% zinc.

The drilling identified stacked mineralization zones beneath Great Northern, with intercepts returning 2.3 metres of 0.53 gram gold, 683.8 grams silver, 0.3% copper, 4.4% lead and 4.5% zinc from 34 metres deep, and 3 metres of 0.27 gram gold, 229.6 grams silver, 0.1% copper, 2.6% lead and 3.8% zinc from 65 metres deep.

“These underlying zones show there’s room for resource expansion outside the areas surveyed in the 2013 estimate,” Gardiner says. “Now that we have a handle on the geology of the deposit, we know in some areas we have to drill deeper than the first zone we hit.”

Other drill holes targeting new mineralization zones east of Great Northern found 9.1 metres of 1.05 grams gold, 143.9 grams silver, 1.8% lead and 3.8% zinc from 72 metres deep, and 9.1 metres of 0.74 gram gold, 97.7 grams silver, 3.3% lead and 5.8% zinc from 35 metres deep.

Taranis plans to publish a global

1 2 3 4 5 11 12 13 15 16_OCT24_Main .indd 15

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16

Productivity, cost concerns weigh on Chile’s miners CHILE REVIEW

BY SALMA TARIKH

P

starikh@northernminer.com

roductivity concerns, high costs and unmet landowner expectations are some of the problems foreign mining companies face in Chile — a country responsible for a third of the world’s copper and lithium production last year.

“We have been in Chile since 2002, and we noticed a decrease in productivity over this period, probably associated with the rising copper price and possible complacency, and just getting not as competitive as one should be,” Amerigo Resources’ (TSX: ARG) CEO Rob Henderson said at the Mines and Money Americas conference in Toronto in late September.

Amerigo’s Minera Valle Central operation makes copper concentrates by processing fresh and

| Mines & Money Americas panelists discuss the country’s potential and challenges historic tailings from state-owned Codelco’s El Teniente mine near Rancagua, Chile.

Spot copper has gone from US70¢ in 2002 to US$4.50 per lb. in early 2011. It was recently trading at US$2.15 per lb.

“On our mine site, we have probably twice as many workers as we would get away with in Canada, or even South Africa,” Henderson revealed.

The industry is aware of the productivity issue, Henderson stated, adding there is “no simple shortcut to fix it.” He proposes that investments in automation could become part of the solution.

Responding to Robert Friedland’s comment that Chilean mines are “old ladies” with declining grades, Henderson noted that despite El Teniente being in production since 1904, it still has another 70 years ahead of it. “Chile is endowed with

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“ON OUR MINE SITE, WE HAVE PROBABLY TWICE AS MANY WORKERS AS WE WOULD GET AWAY WITH IN CANADA, OR EVEN SOUTH AFRICA.” ROB HENDERSON CEO, AMERIGO RESOURCES

spectacular assets. Some of the mines there are geological freaks.”

Keeping the mines going, however, would take significant investments.

According to the Wall Street Journal, Codelco, the world’s top copper producer, just announced it would delay $2.3 billion in investments. It proposed to invest $25 billion over five years to fund various projects to keep output at its aging copper mines. However, it cut that commitment to $20 billion, and then to $18 billion.

On Oct. 6, Amerigo reported a strike by its 216 unionized employees over wages, noting the action would lower its copper output.

Jim Steel, Eloro Resources’ (TSXV: ELO) senior vice-president of mining — who has 30 years of experience in mining exploration, production and mining finance, and has worked in several Latin American countries — highlighted the ease of connecting with government officials and establishing a business in Chile, compared to Peru.

“Setting up a company in Chile takes a week, and it takes three months in Peru and involves two sets of lawyers, and notaries.

“In our early-stage efforts within

Chile, Chile is far more expensive than Peru. But there is a benefit in that you can get stuff done,” Steel said. “But we’re not in a position of hiring anybody yet, so we don’t know if we would have to hire twice as many people as we would anywhere else.”

Commenting on the regulation landscape in Chile, Cesar Lopez, founder of Santiago-based law firm Lopez & Ashton, and executive chairman of private firm Southern Pioneer Resources, said Chile’s mining legislation is well defined and that foreign capital is regulated and protected by the central bank.

The judicial courts regulate the granting of mining concessions, where you could apply to get either an exploration or an exploitation concession. An exploration concession can be held for two years and renewed, while an exploitation concession can be held indefinitely as long as annual fees are paid, Lopez said.

While Chile has tightened its environmental restrictions, Lopez said he has not experienced “any big surprises in terms of new developments or last minute changes.”

As an operator, Henderson said he noticed an “increased scrutiny”

from environmental regulators, who are becoming more diligent. “I don’t have any qualms about what they are doing. It’s appropriate … and they are applying the law where it should be applied.”

Henderson, however, shared his concerns about Chile’s energy cost. When energy prices spiked in 2009–2010 to 30¢ a kilowatthour, Amerigo bought a 20-watt generator to supplement its power.

“We figured that self-generation at 20¢ was better than buying it from the grid at 30¢,” Henderson said.

While prices have since fallen, they still fluctuate from 5¢ to 20¢ in the southern hydro-based grid, he said.

Comparing lithium salars in Chile with those in neighbouring Argentina, Lopez said lithium in Chile as opposed to Argentina is a strategic mineral and requires a “special operations contract” with the government.

Despite this, he says the Chilean government has encouraged foreign investments in its lithium sector.

China’s Tianqi Lithium Industries is set to buy a 2.1% stake in Chilean rival’s Sociedad Quimica y Minera (SQM) for nearly $210 million, Lopez said, adding that Julio Ponce’s close to 30% stake in SQM is up for sale for $3 billion, which has up to three Chinese firms interested.

While the costs of exploring for lithium in both countries are relatively the same, Steel said it is “really expensive” to acquire lithium concessions in Chile, explaining it could cost up to $6,000 per hectare, due to unrealistic landowner expectations.

Exploring for lithium would be “cheaper, easier and faster in Argentina, also because of the access,” Steel said, adding that many salars in Chile lack road access. TNM

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The Cauquenes tailings deposit, part of Amerigo Resources’ MVC operation, which produces copper concentrates from tailings from Codelco’s El Teniente copper mine in Chile. AMERIGO RESOURCES

2016-10-18 8:00 PM