The Northern Miner Oct 2 2017 Issue by The Northern Miner Group

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Enticing prospects stir up activity in Rouyn-Noranda, Val-d’Or, James Bay and beyond / 9–17

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OCTOBER 2–15, 2017 / VOL. 103 ISSUE 20 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Adam Lundin on family ties, new role at Filo Mining

Kinross solidifies plans at Tasiast, Round Mountain GOLD

| Projects can be financed with liquidity and operating cash flow

INTERVIEW

| Focused on advancing Filo del Sol copper-gold project in northern Chile, Argentina BY LESLEY STOKES lstokes@northernminer.com BEAVER CREEK, COLORADO

lmost two decades ago, Lukas Lundin’s Argentina Gold discovered the multimillionounce Veladero gold deposit in northwest Argentina, which led to the company being acquired in 1999 by Homestake Mining for US$300 million. Today, Lukas Lundin’s son Adam Lundin hopes to chart a similar path as the newly installed president and CEO of Filo Mining (TSXV: FIL), a junior explorer that is part of the Lundin Group of Companies, while advancing the Filo del Sol copper-gold-silver deposit on the border of Argentina and Chile. Adam Lundin replaces Wojtek Wodzicki, who will continue as president and CEO of the Lundin Group’s NGEx Resources (TSX: NGQ; US-OTC: NGQRF). Filo Mining has recently tabled a 61% increase in resource tonnage at Filo del Sol, and defined gold oxide, copper-gold oxide and silver zones that are amenable to heap leaching. The resource stands at 373 million indicated tonnes of 0.34% copper, 0.33 gram gold per tonne and 9.2 grams silver per tonne, plus 239 million inferred tonnes of 0.27% copper, 0.33 gram gold and 7.8 gram silver. The Northern Miner caught up with Adam Lundin on the sidelines of the 7th annual Precious Metals Summit in Beaver Creek, Colo., to discuss his appointment and what’s ahead for the company. See LUNDIN / 2

Equipment in the pit at Kinross Gold’s Tasiast gold mine in Mauritania. KINROSS GOLD BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

anadian producer Kinross Gold (TSX: K; NYSE: KGC) has outlined a path forward for two gold operations that it hopes will grow the company over the next decade. On Sept. 18, the company approved US$1 billion in brownfield capital expenses at its Tasiast gold asset in Mauritania and Round Mountain gold mine in Nevada. Kinross is proceeding with the expansions based on concurrently released feasibility studies. Kinross president and CEO J. Paul Rollinson said during a con-

ference call that both projects can be financed via existing liquidity and operating cash flow. The company reported cash and equivalents of US$1.1 billion — alongside US$1.4 billion in available credit — at the end of June. Tasiast, Mauritania Kinross outlined a US$1.5-billion, two-phase plan for Tasiast last year. The strategy includes an initial 12,000-tonne-per-day expansion, and a second phase that would boost the mining rate to 30,000 tonnes per day. The company has spent the past few years studying the optimal milling rate for the deposit, which hosts proven and probable reserves of 129 million tonnes grading 1.9

grams gold per tonne for 8 million contained oz. gold. Tasiast also hosts measured and indicated resources of 72 million tonnes of 1.4 grams gold for 3.1 million contained oz. gold. “We’ve always known that Tasiast is a world-class orebody. The focus has really been on finding the best mill configuration to realize that potential,” Rollinson said. “The phase-two design is all about adding horsepower to the back end of the mill. The improved economics have been largely driven by lower upfront capital, higher annual production over the first five years, and operational efficiency gains we’ve achieved at the mine.”

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See KINROSS / 6

PURE GOLD MINING: NEW PEA FOR MADSEN IN RED LAKE / 6

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2017-09-26 8:36 PM

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OCTOBER 2–15, 2017 / THE NORTHERN MINER

The Cerro Vicuna area at Filo Mining’s Filo del Sol gold property, 140 km southeast of the city of Copiapo, Chile on the Chile-Argentina border. FILO MINING

Adam Lundin on family ties, new role at Filo Mining “I GREW UP IN A RESOURCE FAMILY, SO THERE WAS ALWAYS TALK OF MINING, OR OIL, OR ‘LET’S MAKE A BIG DISCOVERY’ AROUND THE DINNER TABLE.”

LUNDIN From 1

The Northern Miner: You’ve been on the job for about a week now. What have you been up to? Adam Lundin: I’ve spent it updating the shareholders on why we made the change. It’s more about me coming in and relieving Wojtek Wodzicki so he can continue doing what he’s done for the last 10 years, and that’s to generate projects for the Lundin Group in South America. We just had a resource update at Filo del Sol and I’ve been mandated by the board to move the project towards production. We’re years away from that — we’re just starting out with our maiden preliminary economic assessment (PEA) and hopefully we’ll publish those results by the first quarter of next year. So it’s very exciting to move this project forward. My father Lukas started off in Argentina for the mining group — that’s where he had his success in his early 30s, and I’m hoping to replicate that. TNM: When did your family get

ADAM LUNDIN PRESIDENT AND CEO, FILO MINING

into the resource industry? AL: My grandfather founded the Lundin Group over 45 years ago and he put his two sons into it. I grew up in a resource family, so there was always talk of mining, or oil, or ‘let’s make a big discovery’ around the dinner table. Everyone is passionate about it. Being in a business family is a 24/7 thing, so it just feels very natural to take this position. TNM: You have three brothers.

AL: Yes. I’m very proud of them. My oldest brother Harry runs a natural resource hedge fund out of Toronto, my other brother Jack is working as the assistant mine manager at Frute del Norte with Lundin Gold in Ecuador and my little brother Will is working as a plant operator for Black Pearl in Alberta. So we’re all in it. TNM: When did the opportunity to join Filo Mining present itself? AL: When I was with Pareto Securities running the London office, we would do financings for the natural resource sector and obviously the Lundin Group needs financing every once in a while, so I was able to work closely with my father. One

day he asked me, “Adam, are you interested in this?” And I said, “For sure, I’ve been interested in joining the Lundin Group full-time ever since I was a kid.” My father and uncle joined my grandpa straight out of college, because he needed guys. So when I was in my early 20s, the Lundin Group was quite advanced. You had the Paul Conibears, the Ashley Heppenstalls — they had some big guys who were doing a great job, and I wasn’t in a position to add a tremendous amount of value to the group. So I went out and earned my stripes. And so both my father and I felt the timing was right, especially with Wojtek Wodzicki doing two roles. Now he can go back to making these grassroots discoveries and I can advance Filo del Sol. TNM: Do you and Lukas share similar views of the resource industry? AL: We may have different views on the little details, but on the big picture, we’re totally aligned. We believe in the electric vehicle revolution and the best way to play that is copper. And we also feel that if you have a world-class deposit, you should build it. In 1999 my dad sold Veladero to Homestake for US$300 million — and this is in the San Juan province of Argentina, exactly where Filo del Sol is. He sold it in a bad market. The Lundin Group was not where

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it is today — it didn’t have financial capacity or manpower to develop the mine. And to this day he says he left a lot of money on the table. And now with Filo del Sol, we’re not going to be forced to sell anything. This is a project that we should build ourselves and take advantage of where the group has come. TNM: What opportunities do you see at Filo del Sol? AL: The project has been in the Lundin Group since 1999, but it always had one or two projects above it and it never got attention because it was so early stage. Three years ago, Wojtek Wodzicki and his team had the game-changing drill season and outlined a gold-copper-silver oxide system. We also believe we’re sitting on a giant porphyry, but we don’t know because we’ve only drilled down to 500 metres and it all ended in mineralization. So we’re curious to see what’s underneath. In the last resource update, we were able to increase the resource by 60% and broke out these subsector zones: gold oxide on surface, into copper-gold and ending in silver. We see an opportunity here for a low-cost, heap-leach operation. TNM: What’s the financial position of the company? AL: When I was with Pareto I assisted with raising $20 million at $2 per share, and now we sit at $2.50 a share. We have $7 million left, and are about to kick off another 10,000-metre drill campaign this November. I’ll come to market to raise money next year so we can complete the PEA and the remainder of drilling. TNM: What are the capital markets like for projects like Filo del Sol? AL: It’s fortunate that the family is a big shareholder. The group has made money for various shareholders, and a lot of them want to back early-stage Lundin Group companies. TNM

2017-09-26 8:36 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 2–15, 2017

JOINT VENTURE ARTICLE

Bonterra Hits Exploration’s Grand Slam: A Hit on Every Hole The geological model Bonterra Resources (TSX-Venture: BTR) is applying to its Gladiator gold project in the Abitibi belt of Quebec is proving to be a reliable predictor of where extensions of the already substantial deposit will appear. As a re sul t, t h e Vanc ouve rbased company has been able to quickly expand the known gold mineralization along strike and at depth and is finding multiple new mineralized horizons within the 105 square kilometre land package. “We let the deposit do the talking,” says Dale Ginn, Bonterra’s Vice-President of Exploration. “It’s a classic stacked vein system that responds well to a combination of till sampling, magnetics, and LIDAR (remote sensing using lasers).” The Gladiator gold deposit occurs within highly silicified, altered and sheared mafic volcanics, with loc al intrusions of syenite and quar t z porphyr y. Smoky quar t z veins contain most of the mineralization including free gold, minor pyrite, c halcopyrite and sphalerite, especially in or near the vein contacts. In 2012 Snowden Mining Industry Consultants identified an i n f e r r e d r e s o u r c e o f 9 05,0 0 0 tonnes grading 9.37 grams gold per tonne (273,000 contained oz.) within a relatively small deposit. Since then, Bonterra has extended mineralization to a strike l e n g t h of 1,200 m e t re s a n d a d e p t h o f 1,0 0 0 m e t re s b e l ow s u r f a c e . T h e d e p o s i t re m a i n s open in all directions and drilling has identified at least five distinct sub-parallel zones. T h e A b i t i b i g re e n s t o n e b e l t s t r a d dlin g t h e m in in g-f r i e n dl y jurisdictions of Ontario and Quebec is receiving a great deal of attention these days because of its potential to host more gold deposits such as Gladiator within a n a l re a d y p ro l i f i c c a m p w i t h excellent infrastructure. A relatively high gold price, at roughly US$1,300 per oz., is an added incentive. The Urban-Barry sub-belt that hosts t he G ladiator de p osit is an underexplored section of the Abitibi. Encouraged by progress at Gladiator, Bonterra has more

A dill rig on Bonterra Resources’ Gladiator gold project in Quebec’s Abitibi belt. than doubled its land position along the northeast trending shear structure and its exploration team is consistently intersecting highgrade zones at mineable widths with step out drilling. “Bonterra has found a new high-grade deposit that looks like it will have some size and that’s a very rare thing, especially within a jurisdiction that is open for business,” says Ginn, an experienced g e o l o g i s t a n d m in e exe c u t i ve who has par ticipated in several gold and base metal discoveries. “Every single drill hole is adding ounces and the mineralization is becoming predictable.” High profile investors have taken note. In March, Kinross Gold (TSX: K; NYSE: KGC) purchased a 9.5% stake in the company for $5.2

A core sample from Bonterra Resources’ Gladiator gold project in Quebec. CREDIT: BONTERRA RESOURCES

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million. Other major shareholders include Eric Sprott, Kirkland Lake Gold (TSX: KL; NYSE: KL) and New York-based Van Eck. Their confidence in the j unior has had a domino affect, allowing Bonterra to raise another $35 million through two oversubscribed bought deal financings and one private placement. As a result of the recent deals, Bonterra now has about 162 million share s outstanding and a market capitalization of $65 million. Shares have been trading in a 52-we e k r a n g e of 21-55 cents with recent trades closer to 40 cents. With exploration financing secured, Bonterra will ramp up its drill program at Gladiator, adding two drills to the four already turning. Some of the work will focus on infill drilling in preparation for an updated National Instrument 43-101 re source e stimation in the first half of 2018. The rest will

CREDIT: BONTERRA RESOURCES

test exploration targets identified along the company’s ex tensive land package. If Bonterra continues to demon s t r ate c ont inui t y in t h e 800 metre long gap (the “Rivage Gap”) between the Rivage Zone — once thought to be a distinct, separate deposit to the west — and Gladiator, resources would increase s igni f ic ant ly f rom t h e 273,000 ounces identified by Snowden. Recent drill results within the gap include 3.8 metres grading 16.8 gpt a n d t h re e m e t re s gr adin g 21.5 gpt gold. Bonterra also has a 100% stake in the Larder Lake project in the Abitibi belt, acquired in 2016 for $4 million in cash and shares, or approximately $4 per ounce of gold in historical resources. The proper t y hosts the Be ar L ake, Cheminis and Fernland deposits that occur along 10 kilometres of the Cadillac-Larder break between Kirkland Lake and Virginiatown

in Ontario. Va r i o u s gro up s h ave dr ill e d m o re t h a n 10 0,0 0 0 m e t re s a t Bear Lake over the years and the deposit remains open at depth. It has two shafts and mine development ex tends to a depth of 330 metres. With access to such an extensive database for modelling, Bonterra intends to conduct a thorough geological review of the historical data and conduct further exploration based on the results. But for now, all eyes are focused on Gladiator, where an aggressive drilling program is confirming and adding ounces to a gold deposit that drew the attention of sophisticated investors early on and continues to reward them. — The preceding Joint Venture Article is promoted content sponsored by Bonterra Resources Inc. and writ ten in conjunction with The Northern Miner. Visit bonterraresources.com to learn more.

An ownership map outlining Bonterra Resources’ property and surrounding area.

CREDIT: BONTERRA RESOURCES

2017-09-26 8:36 PM

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OCTOBER 2–15, 2017 / THE NORTHERN MINER

GLOBAL MINING NEWS · SINCE 1915

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E D I T O R IA L

Osisko leads effort to ‘Raise the Arrow’

Feds, Yukon gov’t team to fund improved roads to mines INFRASTRUCTURE

GROUP PUBLISHER/ PUBLISHER: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com EDITOR-IN-CHIEF: John Cumming, MSC (GEOL) jcumming@northernminer.com SENIOR STAFF WRITER: Trish Saywell, BA, MA, MSC (JOUR) tsaywell@northernminer.com WESTERN EDITOR: Matthew Keevil, BA (ECON AND POLI SCI) mkeevil@northernminer.com STAFF WRITERS: Lesley Stokes, BSC (GEOL) lstokes@northernminer.com Richard Quarisa, BA, MA (Jour & Comm) rquarisa@northernminer.com COPY EDITOR: Isa Cunanan, BSC (Health Sci. and Prof. Writing Comm.) icunanan@northernminer.com PRODUCTION EDITOR: David Perri, BA dperri@northernminer.com ONLINE EDITOR: Adrian Pocobelli, MA (ENGL) apocobelli@northernminer.com EDITOR, DIAMONDS IN CANADA: Alisha Hiyate, BA (POLI SCI, HIST) ahiyate@northernminer.com ADVERTISING: Joe Crofts (416) 510-6816 jcrofts@northernminer.com Michael Winter (416) 510-6772 mwinter@northernminer.com SUBSCRIPTION SALES/ APPOINTMENT NOTICES/ CAREER ADS George Agelopoulos (416) 510-5104 (Toll free) 1-888-502-3456, ext. 43702 gagelopoulos@northernminer.com PRODUCTION MANAGER: Jessica Jubb (416) 510-5213 jjubb@glacierbizinfo.com CIRCULATION/CUSTOMER SERVICE: Laura Arnold (416) 510-5135 (Toll free) 1-888-502-3456 northernminer2@northernminer.com REPUBLISHING: (416) 510-6768 moliveira@northernminer.com ADDRESSES: Toronto Head Office: 38 Lesmill Road, Unit 2 Toronto, ON, M3B 2T5 (416) 510-6789 tnm@northernminer.com Western Bureau: 303 West 5th Avenue Vancouver, BC, V5Y 1J6 (604) 688-9908 SUBSCRIPTION RATES: Canada: C$120.00 one year; 5% G.S.T. to CDN orders. 7% P.S.T. to BC orders 13% H.S.T. to ON, NF orders 14% H.S.T. to PEI orders 15% H.S.T. to NB, NS orders U.S.A.: US$120.00 one year Foreign: US$157.00 one year GST Registration # 809744071RT001 (ISSN 0029-3164) CANADA POST: Return undeliverable Canadian addresses to Circulation Dept. c/o The Northern Miner 38 Lesmill Road, Unit 2 Toronto, ON M3B 2T5

| Goldcorp’s Coffee, Western Copper & Gold’s Casino stand to benefit

he Yukon mining community got some good news on Sept. 2 with the announcement by the federal and Yukon governments that they would jointly fund a $360-million program dubbed the Yukon Resource Gateway project to improve access to mineral projects in the territory. BY JOHN CUMMING The governments say the initiative is jcumming@northernminer.com designed to “improve road access in two mineral-rich areas: the Dawson Range in central Yukon and the Nahanni Range Road in southeastern Yukon,” and it will encompass the upgrading of over 650 km of roads, and the building or replacement of numerous bridges, culverts and stream crossings. In the Dawson Range, four public road systems will be upgraded, while improvement to the Nahanni Range Road will include upgrades from its junction with the Campbell Highway to the border between Yukon and the Northwest Territories. Prime Minister Justin Trudeau joined Yukon Premier Sandy Silver and Yukon Member of Parliament Larry Bagnell in Whitehorse to make the funding announcement, during Trudeau’s first trip to the territory as prime minister. The Prime Minister said in a prepared statement that “modern infrastructure is key to developing and properly managing the incredible natural resources we have at our fingertips. By providing easier access to important resources across Yukon, the Yukon Resource Gateway Project will help create good, middle-class jobs, promote long-term economic prosperity and support a strong, sustainable North. “This is a big announcement and I’m excited about the impact it’s going to have in the coming months and coming years,” Trudeau said at the event, describing the project as “an investment in Yukon’s people.” Premier Silver added that Resource Gateway is “one of the most significant projects ever undertaken in this territory and will have an incredibly positive impact on the Yukon economy … With this commitment, we will continue working with First Nations to complete the project agreements. First Nation agreement is essential to the continuation of the project and we look forward to working in partnership with them on this milestone development.” The federal government has committed to spend up to $247.3 million on the Yukon Resource Gateway project, with the Yukon government contributing up to $112.8 million once project agreements are struck with affected First Nations, and environmental and socioeconomic reviews are completed. As a source of funds, the federal government will tap into its New Building Canada Fund — specifically the National Infrastructure Component. The Canadian government has earmarked more than $180 billion to be spent over 12 years in public transit projects, green infrastructure, social infrastructure, trade and transportation routes, and Canada’s rural and northern communities. The government says more than $10.1 billion of this funding will support trade and transportation projects, including $5 billion available for investment through the newly established Canada Infrastructure Bank, and that another $4 billion of this funding will support infrastructure improvements in indigenous communities. The two Yukon mining projects that will be most impacted by the new road spending are Goldcorp’s Coffee gold project and Western Copper and Gold’s Casino copper-gold project. The Mining Association of Canada lauded the funding announcement and noted that the two projects will “contribute billions in new investment in the territory, and will create thousands of direct and indirect jobs.” During an interview with Matthew Keevil on the Northern Miner podcast, Yukon Mining Alliance chair and president and CEO of Western Copper and Gold Paul West-Sells noted that the Yukon Resource Gateway project had been in the works for at least two years, and that quite a bit of detail has been gathered in terms of costing on the proposed road work, and letters of support were required and obtained from local First Nations. “My understanding is the next step is to ratify the agreements between the three levels of government — federal, territorial and First Nations — on the specific roads,” West-Sells said. “Once those are complete, the funding is released … then it’s about permitting, and then we’ll be able to turn over some dirt.” TNM

Publication Mail Agreement #40069240 Periodicals Postage Rates paid at Niagara Falls, NY, 14304. U.S. office of publication 2424 Niagara Falls Blvd, Niagara Falls, N.Y. 14304. U.S. POSTMASTER: send address corrections to: Northern Miner Box 1118 Niagara Falls, N.Y. 14304.-7118 THE NORTHERN MINER is published biweekly by BIG Mining L.P., a division of Glacier Media Inc., a leading Canadian media company with interests in business-to-business information services. From time to time we make our subscription list available to select companies and organizations whose products or services may interest you. If you do not wish your contact information to be made available, please contact us by one of the following methods: Phone: 1-888-502-3456; Fax: (416) 447-7658; Mail to: Privacy Officer, The Northern Miner, 38 Lesmill Road, Unit 2, Toronto, ON M3B 2T5.

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DEPARTMENTS Editorial. . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Metal Prices. . . . . . . . . . . . . . . . . . . . . . . . 19

Professional Directory. . . . . . . . . . . . . . . 23 Stock Tables. . . . . . . . . . . . . . . . . . . . . 18-22

COMPANY INDEX Agnico Eagle Mines.9,12,15 Alexandria Minerals. . . . 13 Balmoral Resources . . . . 14 Barrick Gold. . . . . . . . . . . . 6 BHP Billiton. . . . . . . . . . . 12 Coeur Mining. . . . . . . . . . . 7 Cordoba Minerals. . . . . . . 8 Eastmain Resources. . . . . . 9 Eldorado Gold. . . . . . . . . . 5 Filo Mining. . . . . . . . . . . . . 1 Galway Metals . . . . . . . . . 13

Genesis Metals. . . . . . . . . 13 Glencore . . . . . . . . . . . . . . 12 Goldcorp. . . . . . . . . . . . . . 10 Hecla Mining. . . . . . . 12,17 JDS Silver. . . . . . . . . . . . . . . 7 Kinross Gold. . . . . . . . . 1,15 Klondike Gold. . . . . . . . . . 7 Lomiko Metals. . . . . . . . . 13 Metanor Resources. . . . . 13 Midland Exploration. . . . 13 Monarques Gold . . . . . . . 16

NGEx Resources . . . . . . . . 1 Nouveau Monde Graphite. 16 Orbit Garant Drilling . . . 12 Probe Metals. . . . . . . . . . . 16 Pure Gold Mining. . . . . . . 6 Richmont Mines . . . . . . . 16 Silvercorp Metals. . . . . . . . 7 Tahoe Resources . . . . . . . . 5 Yamana Gold . . . . . . . . . . . 9 Yorbeau Resources. . . . . . 15

Osisko Mining president and CEO John Burzynski (right) mapping out search areas as expedition lead for the Raise the Arrow initiative. Osisko Mining is a lead sponsor of the search for nine free-flight models of the Avro Arrow fighter jet, which were launched into Lake Ontario between 1954 and 1957. In September, the group announced it located one model. Also pictured is Richard Mayne, historian with the Royal Canadian Air Force, and Scarlett Janusas, expedition archaeologist. RAISE THE ARROW

O P- E D

MAC takes action against child and forced labour COMMENTARY

| Association’s Towards Sustainable Mining initiative expands focus internationally

The following is an edited statement from the Mining Association of Canada. For more information, please visit www.mining.ca.

he Mining Association of Canada (MAC) has added two components to its Towards Sustainable Mining (TSM) initiative to contribute to global efforts in preventing the use of child and forced labour in the mining supply chain, and to provide the information needed to demonstrate the responsible sourcing of minerals and metals.

to take action to strengthen TSM in this important area. The new measures incorporated into TSM are designed to ensure that child labour and forced labour have no place in mines that participate in the program. Participating companies are required to commit to “respecting the rights of our workers and not engaging in practices of forced or child labour, as defined in ILO Conventions 29, 138 and 182.” To ensure this commitment is being adhered to, independent verifiers will assess whether participating mines have

“[THIS] SENDS A POWERFUL SIGNAL THAT THE CANADIAN MINING INDUSTRY IS ABSOLUTELY COMMITTED TO THE INTERNATIONAL EFFORT TO PREVENT AND ERADICATE INSTANCES OF CHILD AND FORCED LABOUR IN THE GLOBAL MINING INDUSTRY AND THE WIDER MINING SUPPLY CHAIN.” PIERRE GRATTON PRESIDENT AND CEO, MAC

Despite the fact that Canada has rigorous legal measures in place to prevent child and forced labour, this action was undertaken because MAC’s TSM initiative has been expanding internationally. These additions to TSM build on the program’s commitment to continuously improve the social and environmental performance of the industry. This work also responds to the needs of organizations such as the Electronic Industry Citizenship Coalition to ensure and demonstrate that such labour practices have no place in their supply chains. For example, Apple’s recently updated Supplier Responsibility Standards included TSM, but noted that the program did not cover child or forced labour. This prompted MAC

processes in place to ensure that there are no instances of child and forced labour in their business. This enhancement to TSM also builds on MAC’s recent announcement of a new membership commitment requiring member companies to implement the Voluntary Principles on Security and Human Rights. By adding these requirements, TSM is well-positioned as a go-to standard for the global mining industry. “[This] sends a powerful signal that the Canadian mining industry is absolutely committed to the international effort to prevent and eradicate instances of child and forced labour in the global mining industry and the wider mining supply chain,” said Pierre Gratton, president and CEO of MAC.

2017-09-26 8:36 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 2–15, 2017

Tahoe gets licence back, blockade remains at Escobal GUATEMALA

BY TRISH SAYWELL tsaywell@northernminer.com

uatemala’s Supreme Court may have reinstated the Escobal mining licence of Tahoe Resources’ (TSX: THO; NYSE: THO) subsidiary, but the company can’t restart operationsat the silver mine until a road blockade is resolved, and to complicate matters even further, its annual export credential to ship metals concentrate has expired. Until mining operations resume, Tahoe says, the company cannot access US$75 million of its US$300-million revolving credit facility “and may continue to be subject to events of default.” On Sept. 10, the Supreme Court ruled that the mine can resume, but ordered Tahoe’s subsidiary, Minera San Rafael, to consult with the Xinca indigenous communities within a certain geographic area under International Labour Organization (ILO) Convention 169, and then report results of the consultation to the Court’s satisfaction within 12 months.

| Company’s export credential expires, reserve grade at Timmins West slips blockade has been resolved, the It also reported a decline in ILO Convention 169, established “THE RENEWAL company could resume opera- grade at its Timmins West mine. in 1989, guarantees the rights of OF THE EXPORT tions within a week. The road While the company said it had Indigenous Peoples. block is at Casillas, 16 km from increased its proven and probable The decision reverses the Su- CREDENTIAL preme Court’s decision in July the company’s operations in San reserves at Timmins West from to suspend Escobal’s mining li- BECAME Rafael las Flores. 233,000 oz. to 738,000 oz., the cence until it could hear an action CONTINGENT ON In the latest news about Gua- grade declined from 3.7 grams brought by non-governmental temala released on Sept. 21, the gold per ton ne to 3. 2 g r a ms organization CALAS against Gua- THE COURT’S company reported that its annual gold. (Total resources remain temala’s Ministry of Energy and REINSTATEMENT export credential for the export unchanged at 1.02 million oz. Mines (MEM). of metals concentrate expired gold at 4.03 grams gold.) OF THE ESCOBAL CALAS filed a claim in May during the time its mining liCosmos Chiu of CIBC has lowalleging that MEM violated the MINING LICENCE.” cence was temporarily suspended. ered West Timmins’ modelled Xinca Indigenous Peoples’ right of consultation before granting the licence for Tahoe’s f lagship silver mine. Tahoe has asked the Supreme Court for clarification on which geographic areas must be included in the consultation process. While the company says it believes its Guatemalan subsidiary complied with ILO Convention 169 before the mining licence was issued, it also confirmed that it would fully support MEM “in any of its future indigenous engagement and will encourage MEM to involve independent ILO 169 experts to assist in this process.”

Eldorado withdraws threat to suspend investment in Greece Miner enters ‘constructive dialogue’ with Ministry of Energy and Environment

RON CLAYTON PRESIDENT AND CEO, TAHOE RESOURCES

But Tahoe noted that it expects that CALAS, the Xinca Parliament and other interested parties may appeal the Supreme Court ruling to the country’s Constitutional Court. Ron Clayton, the company’s president and CEO, said in prepared remarks that the company is “focused on peacefully resolving the blockade at Casillas” and said “the illegal blockage” of the public highway by non-loca ls “has had a devastating economic impact on our employees, contractors and communities.” Tahoe estimates that once the

Tahoe says it f iled its request to renew the export credential with the Ministry of Energy and Mines “in the ordinary course” in June 2017. “The renewa l of t he expor t credential became contingent on the Court’s reinstatement of the Escobal mining licence,” Tahoe said in the news release. “In addition to the clarification motion, therefore, the company has petitioned the Supreme Court to order MEM to provide the routine administrative annual renewal of Escobal’s export credential.” In the same news release, Tahoe updated its 2017 gold production g uidance to bet ween 400,000 and 500,000 oz. gold, up from its previous estimate in May of between 375,000 and 425,000 oz. gold.

head grade after incorporating the lower reserve grade. “With that change, we lower our net asset value (NAV) for the Timmins West-Bell Creek asset by $85 million to $286 million, equating to a 23% decrease to the NAV of the asset, or a 4% decrease to the NAV of the company,” he said in a research note. “With the new reserve grade, we conclude that this operation is one of the lower-grade, higher-cost underground producers in Canada, with average annual production of 139,000 oz. at all-in sustaining costs of $874 per ounce.” At press time, Tahoe’s shares were trading at $7.10. Over the last year, Tahoe has traded in a range of $5.31 (August 2017) to $18.99 (September 2016). TNM

GOLD |

BY TRISH SAYWELL

tsaywell@northernminer.com

ldorado Gold (TSX: ELD; NYSE: EGO) will “temporarily postpone” a decision it made earlier this month to suspend its investments in Greece on Sept. 22 due to permitting delays and cryptic threats of arbitration. In mid-September the company received three long overdue permits and a formal notice of arbitration, prompting George Burns, Eldorado Gold’s president and CEO, to describe the “dialogue” underway with the Ministry of Energy and Environment as “constructive.” But the mining executive also warned he is prepared to suspend operations in the country should talks between the two break down. “We preserve the right to place our assets on care and maintenance and to take prompt legal action to protect the company and its assets in Greece should our dialogue with the Ministry of Energy and Environment prove unsuccessful,” he said in prepared remarks. Just days after threatening to suspend its investments in the country, Eldorado received a three-year operating permit for its Olympias gold-silver-lead-zinc project and a modified electromechanical installation permit for its tailings management facility. The ministry also approved a technical study for the closure of the old Olympias mine, and granted the installation permit for Eldorado’s paste plant at Olympias. The Ministry of Finance and Ministry of Energy and Environment also issued a formal notice that Greece is launching arbitration against Eldorado’s subsidiary, and for the first time, explained exactly what the grievance entails. The government alleges that the December 2014 technical study Eldorado submitted for a metallurgical plant that would treat concentrates from both Olympias and the Skouries gold-copper project is deficient

1-16, 23_Oct2_Main .indd 5

and violates the transfer contract and the project’s environmental terms. Now that Eldorado knows what the arbitration is about, management says it is “highly confident” its technical study “is robust and consistent with the transfer contract, the business plan and the approved environmental terms of the project.” Eldorado still needs an amended electromechanical installation permit for the flotation plant at Skouries, and there are other outstanding issues, such as the relocation of antiquities at Skouries, the company says. It also lacks approval for its Perama Hill gold-silver project’s environmental impact assessment, which has been outstanding for the last three years. The mining company paid nearly US$2 billion to acquire its Greek assets in 2012 and has since invested more than US$1 billion in developing Skouries and Olympias. Eldorado Gold employs 2,400 employees, contractors and suppliers in Greece. Eldorado’s shares fell 6% to $2.34 after its near-suspension of investment in the country on Sept. 11. At press time its shares were trading at $2.75. TNM

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Robert W Hodder, 1932-2017 Robert W. (Bob) Hodder, Professor Emeritus in Economic Geology at Western University, died in London, Ontario on March 26, 2017, at 84. He is survived by his wife, Genet, and his sons, Ian and Kevin. Bob was awarded a B.A. in Geology (Hons.) from Queens University in 1955. He worked for the GSC during undergrad where he met his friend and colleague at Western, Dick Hutchinson. The GSC sponsored his study of carbonatites and alkaline rocks at Nemegos, N Ont that led to the awarding of his Ph.D. from the Univ. of California (Berkeley) in 1959. Bob subsequently worked in the mining/exploration industry before his return to academia in 1970 as Professor of Economic Geology in the Dept. of Geology (now Earth Sciences) at the University of Western Ontario. He continued to consult for industry, commonly seeing a way to develop research opportunities. After his appointment in 1993 as Professor Emeritus he continued to provide consulting services to companies. Previous employers and/or clients include, AMAX, Noranda Exploration Inc., Southwest Potash Corp., Copper North Mining, Callahan Mining Corp., Expatriate Resources, Selwyn Resources, Eagle Plains Resources, Aurelian Resources, Malbex Resources and Goldquest Mining Corp. He served on the boards of North Atlantic Resources Ltd. and Northquest Ltd. Bob was awarded the Duncan Derry Medal by the GAC in 1986, given to “the outstanding economic geologist who has made significant contributions to the science of economic geology in Canada”. His role in training dozens of economic geologists, many who became key players in the mining/exploration industry, was acknowledged in 2010 by the awarding of the Mentorship Medal from the Canadian Federation of Earth Sciences. Foundation Western announced the creation of The Robert W. Hodder Chair in Economic Geology at UWO in 2009. Bob was a tremendous influence on the geologists that he mentored. His emphasis on field work as the preferred method to best understand metallogenetic and geological processes and for knowledge transfer to younger generations of geologists led to the countless field trips to important mining districts in

Canada and around the world. It was on these field trips that Bob shone, where tangible technical, social and cultural lessons were learned and for many participants, these field trip memories of him are strongest. Bob had an impressive memory for outcrop locations, their significance, place names, and the logistics of how to get there. When he led field trips in foreign countries, he amazed not just the participants but also the local people with his encyclopedic knowledge of their countries, not just the geology. The obvious willingness and continued ability to conduct field work for clients after retirement from UWO was testimony to Bob’s enjoyment of good physical health and inspirational to younger field geologists as they age. His dedication to field work is impressive, especially after he sustained serious injuries in a helicopter crash in Nevada in 1975. He was a long-time Fellow of both the Geological Association of Canada and the Society of Economic Geologists. He served the SEG as Regional VPNorth America, as Councillor, on the Strategic Planning Panel and as chair of the Lindgren Award Committee. Bob was closely involved in the creation of the Association of Professional Geoscientists of Ontario (APGO) from the very first committee in 1989 through to 2000 when the Professional Geoscientists Act passed in the Ontario legislature. More recently in 2014 he was a founding director of the APGO Education Foundation and was instrumental in establishing the Foundation’s successful scholarship and bursary programs. For his contributions to APGO and the Foundation, the APGO Education Foundation announced the establishment of the Dr. Robert Hodder Memorial Scholarship the day after his passing. His passing is a great loss to his family and close friends, but the appreciation of his unique gifts to the world will continue to be cherished by those who knew and were inspired by him.

“See you back at camp, Bob”.

2017-09-26 8:36 PM

WWW.NORTHERNMINER.COM

OCTOBER 2–15, 2017 / THE NORTHERN MINER

Pure Gold tables Madsen revival plan GOLD

| CEO Labrenz sees technical ‘breakthrough’ in Ontario’s Red Lake district BY MATTHEW KEEVIL

mkeevil@northernminer.com VANCOUVER

ure Gold Mining’s (TSXV: PGM) new preliminary economic assessment (PEA) culminates three years of detailed geological modelling and drilling at its past-producing Madsen gold mine in northwestern Ontario’s Red Lake district. The company released an updated resource on the project in August, which president and CEO Darin Labrenz said is underpinned by a technical “breakthrough.” Pure Gold has boosted global indicated resources 48% to 5.8 million tonnes grading 8.9 grams gold per tonne for 1.65 million contained oz. gold. Madsen’s inferred resources now total 587,000 tonnes at 9.4 grams gold for 178,000 oz. gold. The resource update follows 178,300 metres of drilling. “When I say ‘breakthrough,’ I’m referring to the idea that historically it was viewed as a rock, or stratigraphic, control for the mineralization,” Labrenz explained during a conference call. “We’ve been able to identify cryptic structures and trace them across stratigraphy to generate our targets.

That’s what we’ve captured in our model and our resource. That gives us a lot of confidence when it comes to opportunities in areas that have been previously mined.” Pure Gold estimates it will require nearly $51 million to get Madsen up and running. The PEA examines a combination of conventional cut-and-fill and shrinkage mining methods that will target 3 million tonnes at a 10.3-gram-gold head grade. Pure Gold plans to upgrade Madsen’s mill and tailings management facility, which have been on care and maintenance since 1999. The company would run the carbon-in-pulp (CIP) circuit at 600 tonnes per day after upgrades on the reagent and grinding circuits, and new pump installation. Madsen’s historic portal and ramp are 1 km from the mill, and provide access to the top 150 metres of mine workings. The PEA outlines a need for more ramp development to 1,430 metres deep. Pure Gold models 92% gold recoveries via a single-stage crushing and two-stage grinding circuit followed by cyanide leaching. Madsen has grandfathered permits — including environmental compliance approval — which allow

A drill rig at Pure Gold Mining’s Madsen gold property in Ontario’s Red Lake region. PURE GOLD MINING

for operation of a 1,090-tonne-perday mill and CIP circuit, and use of the existing tailings facility. “Our conviction in the property has led us underground. We’ve reopened the portal and ramp, built a new power line, installed new heating and ventilation systems and we’re well into advancing the reconditioning of the ramp,” Labrenz said. “The ground is in great shape, and we’re testing the boundaries of the resource with underground drilling. Over the past three years we’ve consolidated our land position, identified gaps in our knowledge, and observed and recorded over 3,500 outcrops.” The current resource includes the Austin, South Austin, 8 Zone, McVeigh and A3 domains. Pure Gold said it could eventually incorporate “satellite deposits” that host

more “near-surface mineralization,” including the Russet South and Fork Zone. Assuming US$1,275 per oz. gold, the Madsen PEA features a 47% after-tax internal rate of return, and a $258-million net present value at a 5% discount rate. The mine would produce 66,109 oz. gold annually over 14 years at direct operating cash costs of US$595 per ounce. “We did take a look at a larger throughput study and we’re confident we can achieve some degree of expansion. The bottleneck comes down to the number of mining faces, so the key would be figuring out how to develop it fast enough to deliver the tonnes,” Labrenz said. “Larger scenarios are possible, and that’s where we look at the satellite deposits and some of the opportunities there. The fact that

we have a deposit near surface, and close to existing infrastructure, gives us a lot of flexibility,” he added. Pure Gold says it is on track to deliver an updated project resource by year-end, which will feature maiden estimates for the Fork and Russet South satellite targets. Canaccord Genuity analyst Kevin MacKenzie has a “speculative buy” rating on Pure Gold alongside a $1 price target. He comments that the PEA highlights “the material impact associated with Pure Gold’s ongoing focus on resource expansion.” Pure Gold shares have traded in a 52-week range of 39.5¢ to 76¢, and closed at 63¢ per share at press time. The company has 192 million shares outstanding for a $121-million market capitalization. It reported $4.6 million in working capital at the end of June. TNM

Kinross solidifies plans at Tasiast, Round Mountain KINROSS From 1

The approved plan requires US$590 million in upfront capital. The company will replace Tasiast’s twin ball mills and add leaching, thickening and refinery capacity. Kinross will also develop its mining fleet and a power plant to service the 30,000-tonne-per-day mill expansion. The investment could boost average annual production to 634,000 oz. gold, at all-in sustaining costs of US$720 per oz., starting in 2020. The mine plan estimates an eight-year operation. Tasiast produced 175,000 oz. gold in 2016, with production costs of sales pegged at US$1,061 per ounce. Assuming a US$1,200 per oz. gold price, the phase-two project carries a 24% internal rate of return (IRR) and a US$1.4-billion, after-tax net present value (NPV) at a 5% discount rate. Construction on the Tasiast expansion could begin in early 2018. Scotia Capital analyst Tanya Jakusconek has a “sector perform” rating on Kinross and a one-year, US$4.75-per-share price target. She notes that the updated lifeof-mine plan at Tasiast “benefits from a smoother production profile and slower [lower-risk] ramp-up.” Jakusconek adds that the Tasiast Sud project could “improve upon the production profile in the mediumterm by adding higher production.” Round Mountain, Nevada Meanwhile, Kinross also approved an expansion at its Round Mountain gold mine in Nye County, Nev., called “Phase W.” The US$445-million project involves a pit layback, a new carbonin-column plant and heap-leach pad, additions to the mining fleet and equipment, and relocation of

1-16, 23_Oct2_Main .indd 6

Kinross Gold’s 50%-owned Round Mountain gold mine in Nye County, Nevada. KINROSS GOLD

existing infrastructure. The company set the stage for the expansion when it picked up the other 50% stake in Round Mountain from Barrick Gold (TSX: ABX; NYSE: ABX) for US$610 million in cash in early 2016. Kinross later infill drilled 35,000 metres at the project. Round Mountain now hosts proven and probable reserves of 57 million tonnes grading 0.7 gram gold for 1.3 million contained oz., and measured and indicated resources of 76 million tonnes averaging 0.8 gram gold for 1.9 million contained ounces.

Management noted the company has upgraded 1.3 million oz. gold to measured and indicated resources — and added 1.7 million oz. to inferred mineral resources — through “geologic modelling, drilling and reengineering of the Phase W project.” “We’ve long known that mineralization at depth and to the west of the pit at Round Mountain, but the economics of that next layback proved to be a challenge,” Rollinson said. “We’ve addressed the development in three key ways, including: driving the cost structure lower in terms of mining and processing; increasing

our understanding of the orebody by effectively rebuilding the geological model; and, finally, optimizing the mine design and scheduling.” Assuming a US$1,200 oz. gold price, the company’s Round Mountain expansion carries a 13% IRR and US$135 million NPV. The nine-year mine plan would produce 253,000 oz. gold annually at all-in sustaining costs of US$900 per ounce. Kinross expects to complete the construction and relocation of infrastructure by mid-2019, with initial “low-grade” Phase W ore available thereafter. “We view these two projects posi-

tively chiefly because they significantly improve [Kinross’] mine life [and] production profile — a key investor concern,” Jakusconek said. “We estimate that [the company] can maintain production at or above [2 million oz. gold per year] until about 2024, with its approved pipeline of projects alone.” Shares of Kinross have gained nearly 30% in 2017, en route to a $5.55 close at press time. The company has traded within a 52week range of $3.87 to $6.29, and has 1.3 billion shares outstanding for a $6.9-billion market capitalization. TNM

2017-09-26 8:36 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 2–15, 2017

Coeur to buy JDS’ Silvertip mine BC SILVER

| Six-month closure, rethink of mine plan could lead to doubling throughput

BY MATTHEW KEEVIL

mkeevil@northernminer.com VANCOUVER

hicago-based Coeur Mining (NYSE: CDE) is coming to British Columbia pending a US$200-million cash-andshare deal for JDS Silver and the fledgling Silvertip silver-zinc-lead mine, 16 km south of the Yukon border. Coeur plans to close the underground operation for six months and optimize its mine plan, and pursue permit amendments to boost throughput from 500 tonnes to 1,000 tonnes per day. Coeur will pay US$146.5 million in cash, US$38.5 million in shares and assume S$15 million in outstanding debt. The company has also committed to more payments of US$50 million, depending on achieving permitting and exploration milestones. JDS Silver is a private mining subsidiary of engineering firm JDS Energy and Mining, which bought the asset from Silvercorp Metals (TSX: SVM) for $15.5 million in late 2013. The company is backed by U.S. private equity firm Denham Capital, which invested US$65 million in Silvertip in October 2016.

JDS Silver’s Silvertip silver-zinc-lead mine in northern British Columbia, 16 km south of the Yukon border. JDS SILVER

“This is certainly a unique situation in terms of buying a private company. I’d say that JDS has done a good job advancing the project, but like most mine commissioning it’s not a linear path,” acknowledged Coeur president and CEO Mitchell Krebs during a conference call. He added that there have been “a couple snags” in the Silvertip mill. Coeur revealed that JDS was hit with two stop-work orders ear-

lier this year from B.C.’s Ministry of Energy, Mines and Petroleum Resources related to “dust in the mill facility.” Krebs said one order has already been lifted, while the second is “expected to be lifted soon.” “Those situations certainly impacted their ramp-up momentum this year,” Krebs said. “JDS’ objective has always been to advance the project and then turn it over to a

proven operator, and we see a lot of opportunities to do things a bit differently.” Coeur reckons it will need to spend between US$25 million and US$35 million in incremental capital before declaring commercial production at Silvertip in early 2018. These primary investments would include mill optimization, as well as underground development and drilling. The project hosts indicated resources of 2.35 million tonnes grading 353 grams silver per tonne, 9.41% zinc and 6.73% lead. Coeur estimates a 1,000-tonneper-day operation would produce 10 million equivalent oz. silver annually, which would consist of 3 million oz. silver, 45 million lb. zinc and 42 million lb. lead. The project has an estimated 7.5-year mine life. Coeur also said it believes in the “discovery upside” across the 370 sq. km Silvertip land package. The company pointed out that only 5% of the property has been explored. “Current resources represent the edge of a much larger mineral system, so we intend to launch an aggressive drill program,” Krebs said. Coeur could fund the cash por-

tion of the deal via its treasury, and US$100 million from a new US$200-million revolving credit. BMO Capital Markets analyst Andrew Kaip has an “outperform” rating on Coeur along with an US$11-per-share price target. “The acquisition makes sense,” Kaip wrote on Sept. 11. “Silvertip’s high grades [and low costs] will help to improve operating margins and bolster diversification. We also note that [the acquisition] will add lead and zinc to Coeur’s revenue mix.” Canaccord Genuity analyst Dalton Baretto has a “buy” rating on Coeur, alongside a US$13.50-pershare price target. He noted on Sept. 14 that the “purchase price [for Silvertip] is rich,” and that realizing value from the deal “will depend on exploration success and further optimization of the mine plan as currently presented.” Coeur shares have traded in a 52week range of US$7.30 to US$13.65, and closed up US10¢ after the news en route to a U$9.44-per-share close at press time. The company has 181.5 million shares outstanding for a US$1.7billion market capitalization, and expects to issue 4.3 million shares in the Silvertip deal. TNM

Klondike Gold to ramp up drilling in Yukon GOLD | BY LESLEY STOKES

lstokes@northernminer.com VANCOUVER

he rush is on for Klondike Gold (TSXV: KG; US-OTC: KDKGF) in the Yukon’s 20 million oz. Klondike placer goldfields. The junior explorer has mobilized a second drill rig onto its 527 sq. km Klondike gold property, outside Dawson City, with the target of drilling 40 holes in less than 30 days. The 4,000-metre program follows the company’s Aug. 16 press release, which details an open-ended and largely untested 4 km gold-in-soil anomaly across the property’s Lone Star target area. The higher-grade core of the

“THE REGION HAS BEEN EXPLORED AND MINED FOR 120 YEARS, AND YET NO ONE HAS FIGURED OUT THE GEOLOGY UNTIL NOW.” PETER TALLMAN PRESIDENT AND CEO, KLONDIKE GOLD

New ideas about source of legendary Klondike placer gold

anomaly, which ranges from 0.075 gram per tonne to 2.9 gram gold, coincides with the drilled Lone Star target and extends 700 metres northwest and 1 km southeast towards the O’Neil and Pioneer target areas. “The soil survey has given us a huge number of targets right off the bat, so we decided get another drill,” Peter Tallman, Klondike Gold’s president and CEO, tells The Northern Miner during a phone interview. “We’re hoping to test the entire 4 km length of the anomaly and prove that mineralization is continuous.” Klondike Gold has drilled 4,000 metres this year into Lone Star — a structurally controlled gold system discovered by the company in 2016. Drilling has defined mineralization over an 800-metre strike length to 100 metres of vertical depth, with intercepts at surface of 40.9 metres of 2.4 grams gold and 30.7 metres of 1.6 grams gold. In July, The Northern Miner visited Tallman at the company’s core shack — a short drive along the quartz-gravel roads of Dawson City — to discuss the results and investigate the drill core. At the shack, Lone Star’s drill core was marked with flagging tape to highlight the high-grade gold hits.

Klondike Gold president and CEO Peter Tallman (left) and newsletter writer Micky Fulp on the Klondike property near Dawson City, Yukon, in July 2017. PHOTO BY LESLEY STOKES

1-16, 23_Oct2_Main .indd 7

The rocks within the intervals are mostly schists speckled with finely disseminated, gold-bearing pyrite grains, and occasionally cut by narrow quartz veins glinting with visible gold. The schists sit above a thick interval of fault gouge, which Tallman has coined the Bonanza Fault. He says the fault, which separates an underlying felsic unit from the mineralized schists, is a splay off a regional-trending thrust fault that may have injected gold into the Klondike. Parts of the thrust were later incised by three of the most productive placer gold creeks in the region — Eldorado, Bonanza and Victoria Gulch — which accounted for 8 million historical placer oz. gold production. “This fault system and plumbing network can explain the source of almost half of the placer gold found in the Klondike,” Tallman said. “The region has been explored and mined for 120 years, and yet no one has figured out the geology until now.” How the gold occurs in the rocks varies, he continued. At the project’s Nugget Zone, which was the focus of previous drilling, gold is found in a complex vein array in competent mafic rocks. Drilling at Lone Star this year has unveiled a whole new target. “We started to notice a stratigraphic control to mineralization at Lone Star,” he said. “The gold was pumped into this permeable schist unit and reacted with the pyrite. That has created a broad zone of gold-bearing rock that’s easier to trace in drilling.” The geology and mineralization style at Lone Star is also seen at the O’Neil and Pioneer targets, where recent drilling has hit visible gold in quartz veins. Assay results are still pending. “We now have at least 2 km of known mineralization at surface, and I think it keeps going,” Tallman said. “We have geophysics and soil geochemistry that suggest mineralization continues considerably

farther, and we have a geological model that explains the hits as well as the misses.” And the geological model continues to evolve. Grab samples from outcropping quartz veins at the O’Neil and the new Victoria Gulch area have returned unusually high antimony-bismuth-tellurium geochemistry — a signature that is more associated with a Cretaceous-aged, intrusion-related mineralization similar to the 37 million oz. Donlin Creek gold deposit in Alaska than the older, Jurassic-aged gold-rich fluids that endowed the Klondike. “What we’ve picked up in prospecting this year is a set of quartz veins with a different structural trend and chemical signature than

what we’re seeing at Lone Star,” Tallman said. “Where these two styles of mineralization overprint, we see an uptick in gold grades, so we’re aiming to test that theory and see what we uncover.” Klondike Gold is fully funded to complete its next round of drilling. The company recently closed the first tranche of a $5-million private placement, issuing flowthrough and non-f low-through units for 34¢ to 29¢. Both types of units come with a half warrant, exercisable within two years at 45¢ (flow-through) and 40¢ (non flow-through) per share. The proceeds would go towards next year’s exploration. Financier Frank Giustra owns 22% of Klondike Gold. TNM

2017-09-26 8:36 PM

WWW.NORTHERNMINER.COM

OCTOBER 2–15, 2017 / THE NORTHERN MINER

Cordoba Minerals’ geologists at work near Montiel East at the San Matias copper-gold project in Colombia. CORDOBA MINERALS

Alacran is just the tip of the iceberg, Cordoba says

COPPER-GOLD

| Cordoba’s footprint in northern Colombia exceeds that of any other company, Cordoba says

BY TRISH SAYWELL

tsaywell@northernminer.com

ince January, when Cordoba Minerals (TSXV: CDB; USOTC: CDBMF) completed the first resource estimate on its Alacran deposit in Colombia based on 22 drill holes, the company has drilled another 45 holes, and in August, unveiled a 3,000-metre drill program to test high-priority targets to the south, northeast and down dip. “We’re pretty confident that Alacran is going to get bigger than the 54 million tonnes previously reported,” says president and CEO Mario Stifano, referring to the inferred resource of 53.5 million tonnes grading 0.70% copper and 0.37 gram gold per tonne, or 0.95% copper equivalent. “We’re well on our way to having a sizeable resource here,” he adds. “We will be able to demonstrate that we have a really economic orebody at Alacran. It’s exciting because the mineralization starts right from surface — so you have no pre-strip — and you’ve got great grades.” The near-surface copper-gold skarn deposit, 200 km north of Medellin, is part of the company’s San Matias project, which consists of a 200 sq. km land package in the northern part of the Mid-Cauca gold belt within the department of Cordoba. “Colombia is a frontier for discoveries and the reason is that there really hasn’t been modern exploration,” Stifano tells The Northern Miner in an interview. “Historically, Colombia was one of the oldest gold producers in the world, but in northern Colombia, where we are, there wasn’t any exploration in gold and copper before we came in 2012.” Cordoba hopes to make up for lost time. So far the company has defined mineralization at Alacran over 1.3 km of strike and up to 400 metres of lateral width, and is now looking to the south, northeast and downdip extension on the western edge

1-16, 23_Oct2_Main .indd 8

of the orebody. “We’ve got to see if Alacran continues at depth,” Stifano says. “But it won’t stop there — we haven’t even started to test where we think the source of the porphyry is for Alacran — we’re still trying to understand. “The Alacaran deposit is complex and doesn’t fit into any known model, which is fantastic in that the largest deposits and structures in the world are complex, and they write their own rules,” he says. “We’ve got the most exciting copper-gold project in Colombia and Latin America.” In July, Cordoba released results from hole 66, which was drilled south of the current mineral resource shell. The hole assayed 48 metres of 0.70% copper and 0.19 gram gold (0.84% copper equivalent) from surface, including 12 metres of 1.13% copper and 0.26 gram gold (1.32% copper equivalent) from 20 metres. The hole also returned a 34-metre intercept of 0.37% copper and 0.14 gram gold (0.48% copper equivalent) from 60 metres, including 8 metres of 0.73% copper and 0.37 gram gold (1.01% copper equivalent) from 57 metres. Another hole, 63, cut 30 metres of 0.66% copper and 0.69 gram gold (1.18% copper equivalent) from 78 metres, and 48 metres of 1.70% copper and 0.79 gram gold (2.30% copper equivalent) from 51 metres in drill hole 64. Results released in May included 184 metres of 0.46% copper and 0.28 gram gold (0.67% copper equivalent) from six metres in hole 41, and 122 metres of 0.55% copper and 0.22 gram gold (0.72% copper equivalent) from 40 metres in hole 40. There’s more to San Matias than Alacran, however. The project hosts several known areas of porphyry mineralization, including two nearsurface copper-gold porphyries called Montiel and Costa Azul. Alacran is 2 km southwest of Montiel, where drilling has intersected 101 metres of 1% copper and 0.65 gram gold per tonne, and 2 km northwest of Costa Azul, where drilling has cut 87 metres

“WE WILL BE ABLE TO DEMONSTRATE THAT WE HAVE A REALLY ECONOMIC OREBODY AT ALACRAN. IT’S EXCITING BECAUSE THE MINERALIZATION STARTS RIGHT FROM SURFACE — SO YOU HAVE NO PRE-STRIP — AND YOU’VE GOT GREAT GRADES.” MARIO STIFANO

PRESIDENT AND CEO, CORDOBA MINERALS

Quartz vein stockwork at the Montiel West copper-gold porphyry target on Cordoba Minerals’ San Matias property in Colombia. CORDOBA MINERALS

of 0.62% copper and 0.51 gram gold per tonne. Stifano notes that Cordoba’s footprint in northern Colombia exceeds that of any other company. Cordoba has mining rights covering 200 sq. km, and has another 2,500 sq. km under application, which Stifano says means that when the government is ready to grant that land, it will go to Cordoba. “When we saw in our part of northern Colombia that we had potentially a district that nobody was even aware of, we locked it up, because we think there are going to be multiple deposits in this district,” Stifano says. “If San Matias proves as prospective as we think it is, we own it all. This is not a district where other juniors have ground. There is no ability for any other mining company to come in and take ground from us. That’s what

makes it really exciting from an investor’s perspective.” Moreover, while artisanal mining has been problematic for some companies (six contractors working for Continental Gold (TSX: CNL; US-OTC: CGOOF) at its Buritica project were killed in an explosion by artisanal miners in July), Cordoba has not had any issues. “We are quite lucky. We haven’t the same problems that many other companies have with illegal miners,” Stifano says. “The difference is that in our district, essentially there are open-pit-style grades rather than high-grade vein systems, so we don’t have illegal miners coming from all over the country to mine.” In addition, he says, northern Colombia is less populated than many other areas of the country due to its hot temperatures and fewer towns.

Stifano estimates there are 70 artisanal miners at Alacran while at Montiel there is just one family with 11 members. At Alacran, he adds, some of the miners, who are very poor, have asked the company to buy them out. “We have done a lot of social work there, like building schools and providing other assistance,” he says. “We trained some families to cultivate bees and produce honey, and we’ve been recognized for our social and environmental work. And a lot of people are currently employed by us.” Earlier this year, Cordoba acquired the 51% stake in San Matias owned by its joint-venture partner, High Power Exploration (HPX), in exchange for 92.7 million common shares of Cordoba, or a 67% stake. The privately owned exploration company is headed by Robert Friedland. While some criticized the deal as bad for Cordoba’s small retail shareholders because it transfers much of the exploration and financial risk to Cordoba, Stifano says the deal is a win-win. “It’s always better to own 100% of a project,” he says. “We want to position Cordoba for the future. The joint-venture has been a tremendous success for shareholders and HPX, but we’ve simplified the structure now and rather than have a 49–51% structure, where we had the minority, we now own 100%. “Having a minority interest is not usually of interest to funds, whereas having a 100% interest is of interest to funds,” he adds. “So the next stage will be to attract significant ownership. Having 100% will allow us to bring in other strategic investors. If we need to sell 5% or 10% to the Chinese, or Japanese, for example, which Friedland has done many times in the past, having 100% of the project is critical. The other structure we had was too difficult. “We have a pretty powerful board and the members recognized that having 100% ownership will bring much higher, long-term shareholder value to shareholders.” TNM

2017-09-26 8:36 PM

SPECIAL FOCUS

QUEBEC Big gets bigger for Agnico, Yamana at Canadian Malartic SITE VISIT

| Barnat zone promises new source of mill feed

BY JOHN CUMMING jcumming@northernminer.com MALARTIC, QUEBEC

espite its already enormous size, the Canadian Malartic open-pit gold mine in Malartic, Que., halfway between Rouyn-Noranda and Val-d’Or, is on track to grow even more for owners Agnico Eagle Mines (TSX: AEM; NYSE: AEM) and Yamana Gold (TSX: YRI; NYSE: AUY), as mine life is extended to 2026 and beyond. The mine is equally owned by Agnico and Yamana, with operations managed by a fifty-fifty joint partnership. Canadian Malartic became Canada’s largest gold mine as it achieved commercial production in May 2011 and has gone on to raise production every year since: 390,000 oz. gold in 2012; 475,000

Haul trucks in the pit at Agnico Eagle Mines and Yamana Gold’s Canadian Malartic gold mine in Quebec. PHOTO BY JOHN CUMMING

oz. gold in 2013; 535,000 oz. gold in 2014; 572,000 oz. gold in 2015; and 585,000 oz. gold in 2016. The mine poured its two-millionth gold ounce in September 2015. This year, the mine is slated to produce a record 600,000 oz. gold, churning through ore at a rate of 55,000 tonnes per day and ranking

as one of the world’s largest pure gold mines. During the first half of 2017, the mine cranked out 307,782 oz. gold at a production cost per ounce of US$554 and a total cash cost per ounce of US$548 on a by-product basis (with 346,000 oz. silver produced over this period).

During the half, it processed 10.1 million tonnes of ore, or 55,650 tonnes per day, with production costs per tonne at $23, and mine site costs per tonne of $23. The complex includes semi-autogenous grinding followed by processing through three identical ball mills, conventional cyanidation and carbon-in-pulp processing technology. Doré bars containing gold and silver are poured on-site. Total capital expenses at Canadian Malartic for 2017 are pegged at $172 million, including $101 million in sustaining costs, $67 million in stripping and pre-split, and $4 million on an extension project. Looking ahead, the partners expect to produce 650,000 oz. gold in 2018 before levelling off to 640,000 oz. gold in 2019. The main pit at Canadian Malartic is slated

Eastmain confident in Eau Claire GOLD

| Grade increases 57% and resource declines 18% to 1.3M oz. BY TRISH SAYWELL tsaywell@northernminer.com

rilling over the last two years and more conservative parameters used in an updated resource estimate have increased grade and deleted marginal ounces at Eastmain Resources’ (TSX: ER; US-OTC: EANRF) Eau Claire gold deposit in Quebec’s James Bay region. An appropriately constrained Whittle pit shell, stricter underground wireframe model and minimum 2-metre mining width

See CANADIAN MALARTIC / 16

See EASTMAIN / 10

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2017-09-26 8:36 PM

OCTOBER 2–15, 2017 / THE NORTHERN MINER

QUEBEC

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Eastmain confident in Eau Claire EASTMAIN From 9

An outcrop with visible veining and “piano key” breccia at the proposed pit location Eastmain Resources’ Eau Claire gold project in Quebec’s James Bay region. EASTMAIN RESOURCES

were employed in the revised resource estimate in what Eastmain calls a “robust, realistic and practical approach to a potential mining scenario” at the deposit. The result is a 57% increase in grade to 6.3 grams gold per tonne and an 18% decline in the resource to 1.3 million ounces. “We took a much more conservative and realistic approach to the resource and the potential mineability of the deposit,” Claude Lemasson, Eastmain’s president and CEO, tells The Northern Miner. “In the last five years you’ve seen quite a few companies issuing really good-looking resource estimates, and all of a sudden they get to a preliminary economic assessment or feasibility study and once they apply conservative parameters

the resource shrinks significantly,” he says. “We wanted to make sure that the base case started with a conservative approach, so we can build on that.” Lemasson notes that the company ended up with 20% of all the ounces in the pit and 80% in an underground scenario with a ramp. The open-pit grade in the measured and indicated categor y jumped 46% to 5.9 grams gold and the underground grade increased 31% to 6.26 grams gold. Eau Claire now consists of 4.2 million tonnes grading 6.16 grams gold per tonne for 826,000 oz. gold in the measured and indicated category, and another 2.2 million tonnes grading 6.49 grams gold for 465,000 inferred ounces. The estimate is based on 690 drill holes, or 274,000 metres of drilling — 78,000 metres of which were completed between 2015 and 2017. Eastmain says the resource justifies moving ahead with a preliminary economic assessment (PEA), which it expects to finish in the first half of 2018. In the meantime, it will complete its 15,000-metre drill program before year-end and add the data into the PEA. Lemasson said infill drilling has expanded the company’s understanding of the structure and mineralizing controls at Eau Claire, and drilling will focus on the extension of the deposit.

“WE TOOK A MUCH MORE CONSERVATIVE AND REALISTIC APPROACH TO THE RESOURCE AND THE POTENTIAL MINEABILITY OF THE DEPOSIT.” CLAUDE LEMASSON PRESIDENT AND CEO, EASTMAIN RESOURCES

“Because we understand the deposit much better, we are able to actually follow the two different types of veins we have — high-grade schist veins and quartz tourmaline veins — and we are able to follow them a little deeper,” he says. “We can focus drilling between a depth of 350 metres and 600 metres, and put that into the PEA.” Eau Claire, 50 km from Goldcor p’s (T SX : G ; N YSE : G G) Éléonore gold mine, is open at depth towards the southeast. In August, the company reported shallow mineralization in quartz veining a kilometre southeast of Eau Claire’s 450W Zone outcrop. Drill hole 771 intersected 226 grams gold over half a metre at a 69-metre vertical depth. “What’s interesting is that it’s in an area where we never knew there was any mineralization whatsoever, so this is a completely new target stepped away from the target that we are also investigating,” Lemasson says. Lemasson is excited about the property’s overall potential, too, noting that Eau Claire takes up only 1 sq. km of land in the southwestern corner of the company’s 50 sq. km land package. There are “multiple” targets on the Clearwater property, he says, some of which will be drilled this year and some next year. “It’s looking very promising, so what we may end up with is Eau Claire as an anchor deposit, with some satellite deposits that we may identify over further exploration.” TNM BAR_NMiner_Fullpage_20Mar2017.indd 9

1-16, 23_Oct2_Main .indd 10

4/7/2017 9:31:00 AM

2017-09-26 8:37 PM

“Our goal is to deliver a world class graphite resource”

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Near Surface Mineralization Open Pit, Large Scale Target 53 km to Imerys Graphite Mine - 25MT, including 5.2MT open pit at 7.42% Cgf Road to the Property Built 192 km Highway to Port of Montreal

“

* Length along the core. The company does not have enough information to estimate the true width of the mineralized zone intersected in the drill holes.

Another example right now is pure carbon, which most people think is just carbon, “What’s so valuable about that?” It’s actually graphite. To be specific, it’s essential for batteries, automobiles, electric devices. There’s a big boom coming on that, and already Tesla is a well-known investment. The mass mind is still locked against graphite, they don’t think of it. That’s how you make your money in the stock market, by anticipating, by drinking upstream from the herd before they see it. — James Dines, Legendary Investor and Author of Mass Psychology interviewed by Gerardo Del Real for Resource Stock Digest December 12, 2016

info@lomiko.comn

1-16, 23_Oct2_Main .indd 11

www.lomiko.com

2017-09-26 8:37 PM

QUEBEC

OCTOBER 2–15, 2017 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

Quebec’s Orbit Garant drills most since 2012

DRILLING

| Supplier sees pricing improvements in new contracts in Canada

BY TRISH SAYWELL

tsaywell@northernminer.com

fter a lengthy downturn across the industry, Orbit Garant Drilling (TSX: OGD) drilled more metres in fiscal 2017 than during any other year since the peak of the last cycle in fiscal 2012. The company still posted a net loss of $5.9 million — or 17¢ per share — in fiscal 2017, which ended on June 30, but the fourth quarter marked the company’s tenth consecutive quarter of revenue growth. “Demand for our mining drilling services continues to grow as the mining sector commits more money to exploration and mining development,” Eric Alexandre, the company’s president and CEO, tells The Northern Miner during a recent marketing trip to Toronto. Drill-use rates have increased since the third quarter of fiscal 2015, he says, reaching 66% in the fourth quarter of fiscal 2017, up from 52% at the end of the first quarter. (By contrast, drill use was just 31% in the second quarter of 2014.) And while pricing remains competitive across the industry, Alexandre says he sees pricing improvement in the company’s new contracts in Canada, which coincide with increasing use rates. He says the drilling services market is showing signs of life again, and the outlook will continue to get brighter as companies gain greater access to capital for exploration. “In the last upcycle we were able to double the size of our company’s revenues, and we think we can do it again in a positive market,” says the Val d’Or-based driller. “In 2007 our revenues were about $70 million and they got up to around $156 million in 2011–2012. We were dragged back down to $80 million in the last drill cycle, but last year we posted $125 million in revenues, so we’re set up now to probably double that.” Orbit Garant took advantage of the last downturn to make strategic acquisitions. In December 2015, it created a foothold in South America through its acquisition of Captagua Ingenieria, a Chilean drilling company based in Santiago, with 180 employees and expertise in surface drilling, water drilling and equipment. In November 2010, the company acquired specialized technologies and equipment through its purchase

A crew on one of Orbit Garant’s surface drills deployed in Quebec. ORBIT GARANT

of Advantage Control Technologies, a tech company based in Sudbury, Ontario. The deal provided Orbit Garant with base technology, from which it developed a line of underground rigs fitted with computerized monitoring and control. The company is one of Canada’s largest drilling companies, with a fleet of 221 surface and underground drill rigs. It also designs and makes its own surface and underground drill rigs — often with customized features for customer projects — via its wholly owned subsidiary, Soudure Royale. Alexandre says designing new rigs or modifying existing ones in-house to meet clients’ project requirements is a huge advantage. In some cases, it can make modified rigs at a fraction of the original cost and with a lead time as short as two weeks for a surface drill and one month for an underground drill. (Designing a next-generation computerized drill rig can take closer to a year.) So far it has produced three generations of computerized underground rigs, one of which, the YU 1800, was made for the special needs of Anglo American (LON: AAL; NASDAQ: AAUK) at its Los Bronces project in

Chile. The YU 1800 can drill deeper with larger diameters and also drill holes upward. “They were looking for a company that was able to drill underground on a bigger HQ size and drill up from underground,” he says. “They were looking for a drill good for up to 600 metres and this machine didn’t exist in the industry, so we custom-built a rig to perform this kind of work, and we’re still working with them.” Orbit Garant has 32 computerized drill rigs, all of which are for use underground. It also has several computerized surface drill rigs, but they are being used for training drillers and for research and development. “Manufacturing new computerized surface rigs or retrofitting existing conventional surface rigs and deploying them to customer project sites is an important future growth initiative for the company,” Alexandre says. Of its total drill f leet, 90 are underground drills (including 72 electric drills and 18 air drills) and 131 are surface drills (including 124 hydraulic drills and seven reversecirculation drills). Roughly 79% of the driller’s work

Well-funded gold explorer unlocking value in Val-d’Or

TSX.V: PRB

1-16, 23_Oct2_Main .indd 12

www.probemetals.com

“WE KNOW THE INDUSTRY — WE ARE ALL FORMER DRILLERS — AND THAT’S WHAT DIFFERENTIATES US FROM MANY OF OUR COMPETITORS.” ERIC ALEXANDRE PRESIDENT AND CEO, ORBIT GARANT DRILLING

is in Canada and 21% international, spread across Chile, Peru, Guyana, Burkina Faso, Ghana and, until recently, Kazakhstan, where it has completed work for Glencore (LON: GLEN) and is leaving the country. Alexandre says his goal is to grow the company’s international work to 25% of the company’s revenues, with the rest stemming from Canada. Majors and intermediates make up 79% of its clientele, including Goldcorp (TSX: G; NYSE: GG), Agnico Eagle Mines (TSX: AEM; NYSE: AEM), BHP Billiton (NYSE: BHP; LON: BLT), Hecla Mining (NYSE: HL), Anglo American and Glencore. Orbit Garant’s two largest customers represented 29% of total revenue in fiscal 2017, Alexandre says, adding that it’s “important to note that these are long-term, or recently renewed, long-term contracts.” Alexandre says that 75% of the company’s drilling involves gold and the rest is base and other metals. That positions the company well with the upturn in the gold market, he says. The company has access to a $25-million revolving credit facility maturing this December, of which $13.6 million has been drawn down. Orbit Garant is in discussions with the lender to amend and renew the facility. Alexandre’s father, Bernard, and uncle, Pierre, founded the company in their hometown of Val-d’Or in 1986, and were later joined by another uncle, Richard. All three men, now 69, 59 and 54, are still active in the company today, as are many cousins and other relatives. “They built crews with family

members — brothers, kids, cousins,” says Alexandre, who first worked for his father cleaning rigs in the family garage in his early teens. Now 41, Alexandre went on to study accounting at university (working as a driller in the summers) and became a chartered accountant. After a stint as a controller for a lumber company, and later as an account manager for National Bank of Canada, he rejoined the family business as a general manager. In 2006, the company started a training school to teach skills to new drillers, and, in 2007, the family business merged with another family-owned drilling company called Garant & Brothers. Alexandre took the new company Orbit Garant public in a $60-million initial public offering (IPO) in 2008—the last IPO on the Toronto Stock Exchange before the financial crisis. “We survived the financial crisis and we’re still in business,” Alexandre says. “We expanded the company in Canada and internationally. We know the industry — we are all former drillers — and that’s what differentiates us from many of our competitors.” The company has 36 million common shares outstanding that are trading at $1.85 apiece for a market capitalization of just under $67 million. Insiders own 30% of Orbit Garant’s 38 million fully diluted shares. “We have skin in the game — we like the industry and we’re passionate people,” Alexandre says. “We’re really excited about what’s coming up in the year ahead because of the health of the industry, and we see big potential.” TNM

2017-09-26 8:37 PM

QUEBEC

GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 2–15, 2017

QUEBEC SNAPSHOT: NINE JUNIORS WITH ACTIVE EXPLORATION AND DEVELOPMENT PROJECTS Abitibi gold belt continues to draw explorers to La Belle Province Quebec has proven to be a hotbed for junior mining company activity and perennially one of the industry’s favourite jurisdictions in which to operate. Gold remains the target of interest, but the province’s rich mineral endowment means juniors are also on the hunt for silver, platinum group metals, copper, lead-zinc, nickel, iron ore, rare earth elements, graphite and lithium.

The firm says drilling in 2016 and 2017 has uncovered a high-grade zone with the same footprint, but better economics. Lomiko notes La Loutre is 53 km from the 20-year Imerys graphite mine, which has 5.2 million openpittable tonnes grading 7.42% carbon-graphite. Lomiko owns 40% of Graphene ESD — a U.S. company established in partnership with Graphene Labs and Stony Brook University to develop patents for graphenebased energy storage devices and converting graphite to graphene oxide and reduced graphene oxide.

ALEXANDRIA MINERALS Toronto-based, Eric Owens-led junior Alexandria Minerals (TSXV: AZX) is in the midst of a 30,000-metre, mid-year drill campaign at its Orenada gold property, situated on the Cadillac Break geological structure, immediately southeast of the city of Val-d’Or, Quebec. Alexandria’s near-term goal is to expand the deposit to the east and west — especially the deposit’s Zone 1 — with an eye to completing a resource estimate before year-end.

The company has 25.1 million shares outstanding at a $4-million market capitalization. METANOR RESOURCES

Miners in Metanor Resources’ Bachelor gold mine, 225 km northeast of Val-d’Or, Quebec. METANOR RESOURCES subsequently sold to Kinross Gold. LOMIKO METALS

As of 2009, Orenada had a nearsurface resource of 4.3 million measured tonnes grading 1.36 grams gold per tonne (189,000 contained oz. gold), 6 million indicated tonnes of 1.01 grams gold and 4.7 million inferred tonnes. With three rigs operating, the company had already completed 21,000 metres of drilling as of midSeptember. Alexandria says initial results from recent drilling already show gold zones being intersected over 1.1 km along strike at Zone 4, with widths up to 75 metres across strike, and to a 300-metre depth, with the deposit remaining open along strike and at depth. Alexandria has some heavy hitters amongst its shareholders, including Sprott (8.5%), Agnico Eagle Mines (8%), Teck Resources (2%) and Iamgold (2%). GALWAY METALS Galway Metals’ (TSXV: GWM; USOTC: GAYMF) flagship project is its Clarence Stream gold project in New Brunswick, but it is also active at its past-producing, high-grade Estrades polymetallic project in northwestern Quebec, 95 km north of the town of La Sarre. Estrades is a volcanogenic massive sulphide deposit with a resource calculated by Roscoe Postle Associates in August 2016 of 1.3 million indicated tonnes grading 3.89 grams gold per tonne, 137.9 grams silver per tonne, 7.95% zinc, 1.12% copper and 0.65% lead. Inferred resources add 1.2 million tonnes grading 1.54 grams gold, 68.6 grams silver, 4.31% zinc, 1.46% copper and 0.26% lead. Breakwater Resources spent $20 million at Estrades in 1990, including building a ramp to 200 metres depth, a ventilation raise and associated infrastructure. Some 94,000 metres of historic drilling has been carried out at the site. Production at Estrades in 1990–91 totalled 175,000 tonnes grading 6.4 grams gold, 172.3 grams silver, 12.9% zinc and 1.1% copper. Galway has been carrying out a 12,500-metre drilling campaign at Estrades in recent months, with

1-16, 23_Oct2_Main .indd 13

Vancouver-based, Paul Gill-led Lomiko Metals (TSXV: LMR; USOTC: LMRMF) is fully invested in the “green economy” and is focused on graphite and lithium mineral development, as well as graphene technology.

A worker sampling at Genesis Metals’ Chevrier gold project, near Chibougamau, Quebec. GENESIS METALS highlights such as hole 17E-27, which returned 3.3 metres (from 500 metres downhole) grading 28.5% zinc, 2.2 grams gold, 181 grams silver, 0.3% copper and 0.9% lead. In September, Galway announced a 54% increase in resources at Clarence Stream, including 6.2 measured and indicated tonnes grading 1.96 grams gold for 390,000 contained oz. gold. The company is drilling 24,000 metres at the project in 2017. Galway Metals, which was spun out of Galway Resources after its acquisition for US$340 million, had $6.4 million in cash as of the second quarter of 2017. GENESIS METALS Brian Groves and Jeff Sundar-led Genesis Metals (TSXV: GIS; US-OTC: GGISF) is focused on advancing its Chevrier gold deposit in Quebec’s Chibougamau camp. The property is 35 km southwest of the town of Chibougamau, and is serviced by excellent infrastructure, including easy road and airport access.

Chevrier’s Main Zone has 4.6 million inferred tonnes grading 1.99 grams gold per tonne (300,000 contained oz. gold) according to a 2010 estimate, while the South Zone appears to show similar potential — though it has been probed by only 19 holes, which is not enough to calculate a resource. Genesis acquired Chevrier in the second quarter of 2016, and subsequently carried out preliminary work, such as data compilation, resampling of trenches and an induced-polarization (IP) geophysical surveying.

Lomiko’s flagship graphite asset is its 80%-owned La Loutre flake-graphite property, 192 km northwest of Montreal, Que., which has an indicated resource of 4.1 million tonnes grading 6.50% carbon-graphite (at a cut-off of 3% carbon-graphite for 268,800 tonnes of graphite.

Metanor Resources (TSXV: MTO; US-OTC: MEAOF) has been producing gold since 2008 at its Bachelor gold mine in Quebec’s Urban-Barry gold camp near the town of Lebel-sur-Quévillon, including 35,000 oz. gold over the past 12 months at a cash cost of US$940 per oz. gold. The current shaft at Bachelor extends 700 metres, with a hoisting capacity of 1,500 tonnes per day. The mill has a capacity of 800 tonnes per day and has carbonin-pulp recovery, and could be expanded to 1,200 tonnes per day for less than $4 million. Metanor is exploring the potential of a gold zone at Bachelor that is 250 metres below the lowest level. Drilling started in September

See QUEBEC SNAPSHOT / 16

IMPROVED GRADE AND CONTINUITY

TSX:ER OTCQX:EANRF

Armed with a $4-million financing, Genesis is now in the midst of a 10,000-metre drilling and trenching campaign designed to test the Main Zone at depth and to the north, plus other IP targets. Genesis aims to calculate a resource estimate in the second quarter of 2018. Several members of Genesis’ management team were part of Underworld Resources, which found gold in the Yukon and was

Structural reinterpretation New gold zone defined 2 year mine life extension Think of the profits. Visit: na.srk.com resourceful | experienced | worldwide

Updated Eau Claire Mineral Resource Estimate* Category

Tonnes

Grade (g/t Au)

Contained Au (Oz)

M&I Inferred

4,170,000 2,227,000

6.16 6.49

826,000 465,000

Open pit and underground delineated. Conservative interpretation. Advancing to Preliminary Economic Assessment (H1 2018). Eastmain Mine Project mineral resource conversion (Q4 2017). *For more information and footnotes related to the mineral resource update, please see Eastmain press release dated, September 11, 2017.

Focused Management Aggressive Exploration The Right Location 3 Key Assets in James Bay, Quebec

www.eastmain.com

2017-09-26 8:37 PM

WWW.NORTHERNMINER.COM

OCTOBER 2–15, 2017 / THE NORTHERN MINER

Balmoral Resources’ geologist Jordan Vervaeke (left) and GIS manager Ken Kuiper examine core from the New Bug NW gold discovery on the Martiniere property in Quebec. BALMORAL RESORUCES

Balmoral discovers more gold at Martiniere EXPLORATION

BY TRISH SAYWELL

tsaywell@northernminer.com

ince drilling its first holes into the overburden that covers most of its Martiniere property in Quebec, Balmoral Resources (TSX: BAR; US-OTC: BALMF) has delineated three gold-bearing deposits along a north–south fault system. The junior has traced its Bug

| Shallow find points to Bug Gold trend’s potential South, Bug North and Bug Lower considered less prospective. “THIS IS THE WONDERFUL PART OF Steep gold deposits to vertical Balmoral is calling the discovery WORKING IN THE PROVINCE OF QUEBEC depths of 350, 350 and 550 me- the Bug Northwest (NW) Zone, tres, and each remains open for and it is 450 metres northwest of … I DON’T THINK WE’VE EVER HAD A expansion down-plunge. the Bug North deposit. PERMIT DENIED. WE DO A LOT OF WORK The company reported that the Four holes produced mineralfirst holes of its mid-year drill pro- ized intercepts ranging from 16.4 UPFRONT TO MAKE SURE EVERYTHING IN gram have uncovered a broad gold to 64.7 metres in downhole width OUR SUBMISSION IS CORRECT, BUT THE mineralization zone at shallow and at grades ranging from 0.39 TURNAROUND IS FABULOUS.” depths along the Bug Gold Trend in gram gold per tonne to 1.58 grams an untested area of the Martiniere property that it had previously

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gold per tonne. In addition, the broad intervals included higher-grade vein mineralization, such as 17.1 metres of 3.26 grams gold, including half a metre of 94.20 grams gold; 1.1 metres of 13.13 grams gold; and 0.9 metre grading 31 grams gold from three holes. “The new Bug NW discovery is geologically similar to the other three known deposits along the trend,” Darin Wagner, Balmoral president and CEO, tells The Northern Miner by phone from the Precious Metals Summit in Beaver Creek, Colorado. “It exhibits a very rapid increase in width to the northwest as it crosses through the Lac du Doigt fault corridor. Initial interpretation had indicated that the Bug Gold Trend might be terminated by this feature but happily the fault merely changes the trajectory of the trend

DARIN WAGNER PRESIDENT AND CEO, BALMORAL RESOURCES

and allows the mineralized zone to broaden rapidly into an untested area of the property.” In addition to cutting the Bug NW discovery, one of the four holes intersected a new lower zone of strong shearing and gold mineralization with an intercept of 44.4 metres grading 0.52 gram gold from 305.4 metres downhole, including 0.5 metre grading 7.81 grams gold from 314.5 metres downhole. The sheared and altered zone was not intersected in the other three holes testing the Bug NW Zone, which the company says suggests that the mineralized shear system has a different orientation than the Bug Gold Trend. The company submitted requests

2017-08-21 4:05:49 PM

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AT GLADIATOR PROJECT IN QUEBEC AND LARDER LAKE GOLD PROJECT IN ONTARIO

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three or four weeks ago to drill another 20 holes along trend from the discovery of Bug NW, and has the approved permits already in hand and is drilling the discovery, reinforcing Wagner’s view that Quebec is one of the best mining jurisdictions on the planet to explore for minerals. “This is the wonderful part of working in the province of Quebec — the infrastructure is there to support the industry,” he says. “I don’t think we’ve ever had a permit denied. We do a lot of work upfront to make sure everything in our submission is correct, but the turnaround is fabulous.” By contrast, Wagner adds, it can take two or three months to get drill permits approved in British Columbia and three months or longer in Nevada. The last time he worked in Ontario, he says, permits took six weeks. In general, he says, mining companies in Quebec have support from the local population and from the government. “It doesn’t matter which political stripe, it’s all supportive,” he says of government, “and there is also an understanding among the First Nations that there are job opportunities and advancement opportunities.” This year Balmoral will drill a total of 35,000 metres, and management envisages completing a similar-sized — or perhaps slightly larger — drill program in 2018. The company just closed a $4.1-million private placement of flow-through shares and expects to close a second financing of $3 million, which will bring the cash in Balmoral’s treasury up to just over $10.5 million, which should fully fund the company’s drill program next year. Balmoral is modelling the top 300 metres of Bug South, Bug North and Martiniere West (a separate mineralized body with slightly different mineralization, 600 metres west of the Bug Lake Trend), and may complete a resource estimate before year-end that would include a small part of the Bug Lower Steep Zone. (There isn’t enough drill density at the Bug Lower Steep Zone to incorporate more material.) If drilling in the new Bug NW Zone See BALMORAL / 15

1-16, 23_Oct2_Main .indd 14

2017-09-26 8:37 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 2–15, 2017

Kinross cuts gold at Yorbeau’s Rouyn GOLD

| Drilling part of option agreement to sell Kinross 100% interest in the property

BY RICHARD QUARISA

rquarisa@northernminer.com

inross Gold (TSX: K; NYSE: KGC) has intercepted highgrade gold during drilling at the Rouyn property, 4 km south of Rouyn-Noranda, Que., that could add significant resources at depth, partner Yorbeau Resources (TSX: YRB) says. Holes 17-678 and 17-678W returned 23.7 grams gold per tonne over 4.1 metres from 677 metres downhole and 19.3 grams gold per tonne over 4.1 metres from 674 metres downhole. Meanwhile, holes 17-669 and 17-676W returned 11.6 grams gold over 4.7 metres from 594 metres and 5.3 grams gold over 13 metres from 507 metres. Kinross’ work has focused on two deposits on the property: Astoria and Lac Gamble. Hole 17-678 was drilled in Astoria and Yorbeau says the results suggest that the Footwall and Lower Piché zones may be merging, at least locally, to provide wider mineralized zones. In October 2016, Kinross signed an option agreement to make $12 million in exploration expenses over four years in the first steps towards buying a 100% interest in the Rouyn property. It committed to spend $3 million exploring the property in the first 18 months, including at least 12,500 metres of diamond drilling. Kinross is operator of the project during the option period. Kinross has already spent $2.7 million and drilled 24,149 metres in 33 holes. Kinross will have the option to buy the 100% interest after giving Yorbeau a new resource estimate and having spent $12 million on exploration. To secure the 100% interest, Kinross would make a single cash payment to Yorbeau of US$25 million plus 2% of the gold price multiplied by the number of ounces in measured, indicated and inferred resources identified in the estimate. Yorbeau Resources president

“ONE OF THE REASONS FOR THE BIG CASH PAYMENT IS THAT WE HAVE A LOT OF THE UNDERGROUND INFRASTRUCTURE IN PLACE, INCLUDING TWO SHAFTS.” GÉRALD RIVERIN PRESIDENT, YORBEAU RESOURCES

Gérald Riverin said he knew in early 2016 that Kinross was interested in gold properties in Quebec, and reached out to Kinross. “They had already acquired property to the east of our ground,” he says. “So I phoned them and said, ‘Hey, we have a much bigger property to the west with favourable geology.” The Rouyn property is located in the Abitibi greenstone belt, a 2.5-billion-year-old sequence of volcanic, sedimentary and granitic rocks that stretch 700 km from northeastern Ontario into northwestern Quebec. Over the past century, it has yielded over 170 million oz. gold. Mafic volcanic rocks underlie the property to the north with sandstone-to-siltstone sediments, schist and gneiss to the south. Gold occurs in silicified and brecciated fuchsitic carbonate-altered rocks, as well as silicified and veined metasediments. “One of the reasons for the big cash payment is that we have a lot of the underground infrastructure in place, including two shafts,” Riverin said. One shaft delves more than 500 metres deep while the other is 250 metres deep. For Yorbeau, the plan at the Rouyn property is to focus on the Piché group of ultramafic rocks in the Cadillac Break, and eventually expand to other zones.

Balmoral BALMORAL From 14

this year expands the zone as quickly as it did with the first few holes, however, Balmoral may choose to include it in a resource estimate. “That’s the rationale for hitting Bug NW pretty hard before the snow flies and then make a determination whether we include it or not,” Wagner explains. “Realistically we’d be looking at the end of the year or early first quarter of next year for a resource estimate. But if NW blossoms, then we’d probably want to include it, and that might move the resource estimate into the latter part of the first quarter.” The company is assessing other bits and pieces of the Bug Lake Trend, too, including a potential vein system east of Bug Lake. “About 200 or 300 metres east of the Bug [Lake] Trend we’re seeing a series of high-grade veins over a kilometre and they seem to be coalescing into something that we would be able to say is a trend of mineralization,” he says. “We haven’t been overly visible on that because it’s very early, but we’ve got about 12 intercepts out over about a kilometre that are all over 5 grams plus in this new structure.” TNM

1-16, 23_Oct2_Main .indd 15

The headframe and main building at Yorbeau Resources and Kinross Gold’s historic Rouyn gold property in Quebec’s Abitibi greenstone belt. YORBEAU RESOURCES

“But it’s up to Kinross as to when they do the work and where,” Riverin said. Yorbeau is in good financial standing with over $2.5 million in cash and equivalents as of June 30. A large reason for that is a net smelter return royalty over the Ellison gold property in the Abitibi region that it sold in early June. Yorbeau had received the royalty when it sold Ellison to Agnico Eagle Mines (TSX: AEM; NYSE: AEM) in 2002. Yorbeau sold the royalty back to Agnico for $2.25 million in cash. Yorbeau’s stock sits at 9¢ per share with 293 million shares outstanding. The market capitalization is $26 million. Yorbeau will continue to focus on its wholly owned Scott Lake property, 20 km west of Chibougamau, Quebec. A 2017 resource estimate for Scott Lake by independent firm Roscoe Postle Associates shows 3.6 million indicated tonnes grading 0.95% copper, 4.17% zinc, 37 grams silver per tonne and 0.22 gram gold per tonne. Inferred resources add another 14.3 million tonnes at 0.78% copper, 3.49% zinc. 22 grams silver and 0.2 gram gold. TNM

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2017-09-26 8:37 PM

WWW.NORTHERNMINER.COM

OCTOBER 2–15, 2017 / THE NORTHERN MINER

Canadian Malartic CANADIAN MALARTIC From 9

to be mined out in 2021–2022, at which time the pit will be partly filled by waste from the Barnat pit as it comes online, as well as tailings residue. Agnico and Yamana acquired the mine through its purchase of Osisko Mining in June 2014, and since then, the partners haves sought to improve the environmental performance of the mine, particularly in relation to dust, vibration and noise effects on the local town of Malartic, which sits right against the open pit. Proven and probable reserves at Canadian Malartic stood at 204 million tonnes grading 1.08 grams per tonne gold (7.1 million contained oz. gold) at the end of 2016. The partners received more good news in April 2017, in the form of the Quebec government authorizing a proposed expansion of the Canadian Malartic mine that would require the $60-million diversion of 3.4 km of Highway 117 in Malartic to allow the mining of the Barnat deposit. More resource growth potential is seen 1.5 km east of the pit in the Odyssey North and South Zones, with initial Odyssey Zone inferred resources calculated at year-end 2016 of 20.6 million tonnes grading 2.15 grams gold per tonne. Agnico describes the property as lying on the southern margin of the eastern part of the Archean-aged Abitibi volcanic

QUEBEC SNAPSHOT From 13 2017 to test what might be the intersection at depth of the Bachelor mine and Moroy zones. Metanor has its Barry Underground project, where the company is probing potential gold mineralization under and along strike of an existing pit. The firm notes that its Bachelor mill is the “only mill in the heart of the Urban-Barry camp” which could set the stage for more consolidation in the camp or new toll-milling opportunities. At the end of August, Metanor had 81.7 million shares outstanding (105.7 million fully diluted) for a $65-million market capitalization. MIDLAND EXPLORATION

Pit operations in the Canadian Malartic gold mine in Quebec. PHOTO BY JOHN CUMMING

belt, mainly within the Pontiac Group of metasedimentary rocks. The north-central portion of the property covers a 3.5 km long section of the Cadillac-Larder Lake Fault Zone and is underlain by mafic-ultramafic metavolcanic rocks of the Piché Group cut by intrusions, as well as metasediments of the Cadillac Group north of the fault zone. Mineralization is described as a large-tonnage, low-grade Ar-

chean gold system, consisting of a widespread shell of disseminated gold-bearing pyrite mineralization hosted by porphyritic felsic to intermediate intrusions and altered metasediments, with the system open west and south at depth. The partners continue to explore on the property, and this year expect to spend $6.4 million on 46,000 metres of exploration drilling and $4.6 million on 53,700 metres of conversion drilling. TNM

s Recipient of the award of “Discovery of the Year 2016” from Quebec Mineral Exploration Association. s Property right next to Goldcorp’s

Eleonore Mine in the James Bay area, Quebec, Canada. s Continuous drilling program 2017-2018.

Objective: World-class gold deposit.

Prospect-generator Midland Exploration (TSXV: MD) has a suite of gold, platinum group metals, base metals and rare earth element projects throughout Quebec, from Ungava down to the Quebec Lowlands. In recent years it has had joint ventures and other dealings with companies such as Iamgold, Altius Minerals, Teck Resources, Osisko Mining, Agnico Eagle Mines, Soquem, Abcourt Mines, NioBay Metals and Japan Oil, Gas and Metals National Corporation. At last count, Midland has no debt, $12.5 million in its treasury and was connected to $8-million worth of exploration work (mostly by partners) in 2017, including more than 25,000 metres of drilling. Midland says its recent highlights include: high-grade gold veins discovered on the Willbob project in Ungava; a zinc-bearing belt discovered with Altius on the BJ JV project; a nickel-copper-cobalt discovery with Altius on the BJ JV project; an option agreement with Niobay for the La Peltrie project; an option agreement with Iamgold for the Heva project; and a new alliance with Altius in the James Bay area.

Sirios Resources (SOI.V) – Cheechoo Gold Discovery

www.sirios.com Contact: Dominique Doucet, President: 514-510-7961

THE NEXT MAJOR DISCOVERER IN QUEBEC Prospect Generator / Joint-Venture Model Strong Management Team Well funded with more than $12.5 M in the treasury Important oppon agreements and JV’s with IAMGOLD, Allus, Agnico Eagle, Teck, Osisko, JOGMEC, SOQUEM & NioBay Drill programs with more than 25,000 metres

1-16, 23_Oct2_Main .indd 16

QUEBEC SNAPSHOT Before the Richmont deal, Monarques’ flagship asset had been its prefeasibility stage Croinor gold property, 55 km east of Val-d’Or, assembled though a consolidation of four properties in 2014. NOUVEAU MONDE GRAPHITE Montreal-based Nouveau Monde Graphite (TSXV: NOU; US-OTC: NMGRF) is developing the Matawinie high-purity, flake graphite deposit located north of Montreal, Que., which Nouveau Monde describes as the “only major North American graphite discovery since 2001.” Nouveau Monde says its goal is to “become a major low-cost producer of anode material for Lithiumion batteries and other valueadded graphite products with the industry’s lowest environmental footprint, driving sustainable development in the UpperMatawinie region.” Matawinie, Nouveau Monde says, provides high-purity graphite and large-flake distribution, plus a location that translates to “strong economics, due to local infrastructure and proximity to customers.” With the nearby Lac des Îles graphite mine operated by Imerys nearing depletion in 2020, there may be opportunities for Matawinie to step into any supply gap. Meanwhile Nouveau Monde is designing a mine at Matawinie that could produce 50,000 tonnes per year of graphite. According to a March 2017 estimate, Matawinie’s in-pit West Zone contains 32.9 million indicated tonnes grading 4.5% graphite, while the South Zone contains 26.3 million indicated tonnes grading 3.73% graphite, plus 19.2 million inferred tonnes of 3.67% graphite. Nouveau Monde intends to complete a feasibility study at Matawinie during the second quarter of 2018.

MONARQUES GOLD

PROBE METALS

Monarques Gold (TSXV: MQR; US-OTC: MRQRF) is another junior developing gold projects near Vald’Or, Que., and in the wider Abitibi region.

David Palmer-led Probe Metals (TSXV: PRB; US-OTC: PROBF) is active in what it considers the “under-explored” region east of Vald’Or, Que., and has assembled a 327 sq. km land package partly through various deals with Adventure Gold, Richmont Mines, Alexandria Minerals, QMX Gold and Monarques Gold.

The firm’s biggest news of late is a deal announced in early September to acquire all of Richmont Mines’ (TSX: RIC; NYSE: RIC) gold assets in Quebec, which consist of “all of Richmont’s mineral claims, mining leases and mining concessions, including the Beaufor mine, the Chimo, Monique and Wasamac properties, and all the issued and outstanding shares of Usine Camflo Inc., as well as all mills, buildings, structures, equipment, inventory and property.” In return Monarques will issue shares to Richmont worth 19.9% of the company and will assume certain closure liabilities worth $5 million. Three net smelter return royalties will be payable by Monarques to Richmont. Monarques will immediately sell the newly acquired Couvan asset to Probe Metals for $400,000 in cash. After the deal closes, Monarques will be a gold producer (Beaufor produced 19,562 oz. gold for Richmont in 2016) and will have $12 million in cash and equivalents. Some 150 Richmont employees will join Monarques.

Probe’s Val-d’Or East project has total inferred resources of 9.13 million tonnes grading 2.63 grams gold per tonne for 770,000 contained oz. gold. It is the subject of a 75,000-metre drilling campaign that is testing the New Beliveau gold deposit to the west, north and south, as well as along parallel dikes similar to those hosting the past-producing Beliveau mine. An updated resource estimate is scheduled to be completed later this year. Probe has several high-profile shareholders, including Goldcorp (14%), Caisse de dépôt et placement du Québec, and Sprott Asset Management, and boasts over $30 million in cash and investments. Probe has 93.5 million shares outstanding (106.5 million fully diluted) and a $153-million market capitalization. TNM

2017-09-26 8:37 PM

QUEBEC

GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 2–15, 2017

A loader underground at Hecla Mining’s Casa Berardi gold mine, 95 km north of La Sarre, Quebec. HECLA MINING

Hecla sees ‘huge potential’ along Casa Berardi trend GOLD

BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

ecla Mining (NYSE: HL) saw untapped potential at the Casa Berardi gold mine when it swooped in with a “white knight,” $796-million offer for Aurizon Gold in early 2013. Since then, the company has invested in unlocking that upside, and its efforts appear to be paying off. Hecla reported record throughput at the operation in the second quarter. It also boosted contained gold ounces by 23% at the property last year, after identifying “new resource trends near surface and underground” at the West Mine area. Casa Berardi lies 95 km north of La Sarre, Que., and straddles a 37 km piece of the Casa Berardi fault. The property hosts classic Archean, sedimentary-hosted lode gold mineralization, which the company says is “superimposed on a continuous graphitic mudrock unit corresponding to the Casa Berardi fault plane.” The mine has proven and probable reserves of 9.3 million tonnes grading 3.69 grams gold per tonne for 1.31 million contained oz. gold, and measured and indicated resources of 12 million tonnes averaging 3.12 grams gold for 1.5 million contained ounces. Lawrence Radford, Hecla’s senior vice-president of operations, said during a recent conference call that the “big story at Casa” is increased throughput made possible by open-pit material. The company has increased mill rates by

| Record throughput, new resources at surface and below

“THE TEAM CONTINUES TO LOOK INTO INCREASING THE THROUGHPUT ... WE’RE CURRENTLY RUNNING A TRIAL ON ADDITIONAL GRINDING HORSEPOWER.” LAWRENCE RADFORD SENIOR VICE-PRESIDENT OF OPERATIONS, HECLA MINING

more than 100% since acquiring the mine and reported a record of nearly 3,300 tonnes per day in the second quarter. The major driver has been Casa’s East Mine Crown Pillar pit, which began contributing ore last year. The deposit sits near the East mine, and is expected to produce 30,000 oz. gold annually for six years. “We’re not stopping there,” Radford said. “The team continues to look into increasing the throughput ... we’re currently running a trial on additional grinding horsepower.” Casa Berardi could make between 150,000 and 165,000 oz. gold in 2017, at all-in sustaining costs of US$1,150 per ounce. “Our second half at Casa Berardi not only has higher grades, but also reduced stripping costs,” president and CEO Phil Baker added. “We’re expecting significant free cash flow from the mine.” Hecla is on the lookout for more open-pit mineralization along the mine trend. The company reports its new 134 pit is scheduled to be incorporated into reserves and resources by year-end, while permits are expected in early 2019. Furthermore, the company indicated in its mid-year exploration update that surface drilling due

west of Casa Berardi’s West Shaft cut “strong mineralization” up-dip of the Lower Inter and South West zones, including 2 grams gold over 55 metres from 81 metres deep in hole 17-766. “We plan to evaluate the entire Casa Berardi fault corridor from surface to search for more open pits and to test if we can combine them into larger, more productive pits,” senior vice-president of explora-

tion Dean McDonald said. “The extensions of many mineralized zones down-plunge throughout the mine show huge potential to extend the life.” Meanwhile, Hecla is also exploring the underground element at Casa Berardi. The company reported five underground drills during the second quarter, which were targeting the 118, 123 and 124 zones. It hopes to “refine stope designs and expand reserves and resources.” Furthermore, Hecla is turning to innovation to streamline the Casa Berardi operations. The company reports its automation project at the 985 drift is “proceeding well,” with two Sandvik, 40-tonne automated trucks expected to operate by the end of next year. The driverless technology is expected to lower the

number of trucks and associated maintenance and personnel costs. BMO Capital Markets analyst Andrew Kaip has a “market perform” rating on Hecla, and a $6-pershare price target. “Since mining of the open pit began last year, grades have been reconciling in line with the resource model,” Kaip wrote after a Casa Berardi site visit in August. “We expect production to increase … as grade increases and the strip ratio decreases.” Hecla shares have traded within a 52-week range of US$4.61 to US$7.64 per share, and closed at US$5.13 at press time. The company has 399 million shares outstanding for a US$2.1-billion market capitalization, and reported US$202 million in cash and equivalents at the end of June. TNM

TSX.V: GIS Gold focus in Québec Chevrier Gold Deposit 100% owned 10,000 metre drill program underway Updated 43-101 resource in 2018

www.genesismetalscorp.com

1-16, 23_Oct2_Main .indd 17

2017-09-28 12:11 PM

WWW.NORTHERNMINER.COM

OCTOBER 2–15, 2017 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / SEPTEMBER 18–22 During a relatively quiet week politically, Canada’s benchmark index rose steadily to 15,454.23 — a 1.85% gain — while the S&P/TSX Global Mining Index rose 0.24% to 66.34 and West Texas Intermediate crude closed at US$50.66 per barrel. Gold, however, did not perform as well. The price of gold fell 1.67% to 1297.10 per oz. and the S&P/TSX Global Gold Index fell 1.87% to 197.05. Teck Resources rose $1.42 to $27.17 per share, but fell sharply Sept. 25 to $26.73. The company reported quarterly revenues of $2.8 billion, up $1.1 billion from a year ago. This was in part due to increased steelmaking coal sales, which were up 6.9 million tonnes from 6.3 million tonnes a year ago. Zinc production reached a record high for the company of 102,300 tonnes in the quarter. Sales of zinc-in-concentrate also contributed with a rise from 95,000 tonnes to 113,000 tonnes over last year. The average price of zinc during the quarter was US$1.18 per pound. Steelmaking coal and zinc were the two largest contributors to revenue at $1.6 billion and $660 million. Gross profit for steelmaking coal was also up over last year, at $785 million compared to $52 million. Cash flow from operations was also up over last year to $1.4 billion. Shares for Agrium rose $5.07 to $133.17.

On Sept. 11 the company announced that it had received approval from the Canadian Competition Bureau for its proposed merger with PotashCorp. The merger had already received clearance in Brazil and Russia, although the approval process continues in China, India and the United States. Agrium’s potash production almost tripled compared to the same quarter last year. Sales volumes were 2% higher, with a 31% increase in international volumes resulting in a 14% drop in domestic volumes over last year. However, the company’s share prices remain consistent with last year. Agrium ended the quarter with US$319 million in cash and equivalents, but US$1.2 billion in short-term debt. During the first half of 2017, Agrium’s short-term debt almost doubled. TSX MOST ACTIVE ISSUES

Kinross Gold Yamana Gold Teck Res Suncor Energy First Quantum Potash Corp SK B2Gold Eldorado Gold Goldcorp Barrick Gold

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

K 17032 5.82 5.17 5.23 - 0.65 YRI 13585 3.47 3.25 3.37 - 0.14 TECK.B 13178 27.19 25.66 27.10 + 1.41 SU 12570 42.30 41.27 42.09 + 0.54 FM 12509 14.09 13.24 14.03 + 0.77 POT 11981 23.86 22.81 23.79 + 0.99 BTO 11817 3.37 3.16 3.27 + 0.03 ELD 11769 2.88 2.68 2.80 - 0.02 G 11587 16.07 15.56 15.87 - 0.27 ABX 11349 20.92 19.95 20.19 - 0.88

The company remains in compliance with the debt-to-capital ratios outlined by their revolving credit facilities. Shares of Largo Resources fell 31% to 88¢. The company reported second-quarter revenues of $35.8 million in a $20-million increase over the previous year. Its expenses for the quarter totalled $49.7 million, resulting in a $13.9-million net loss. Vanadium production from its Maracas Menchen mine

in Brazil increased 120 tonnes in the second quarter to 2,182 tonnes, but was still below last year’s output of 2,311 tonnes. A Largo report attributes the decline in productivity to a planned kiln refurbishment that began in March and ended in April. The company has $12.4 million in cash and $349.3 million in total assets. Operating costs for the second quarter totalled $29.9 million for a net loss of $13.9 million. TNM

TSX GREATEST PERCENTAGE CHANGE

Polaris Mater Jaguar Mng Gran Colombia Brio Gold Aberdeen Intl Rio Novo Gold Talon Metals TMAC Resources Rubicon Mnrls Excellon Res Largo Res McEwen Mng Karnalyte Res Loncor Res Platinum Gp Mt Sulliden Mng Serabi Gold AuRico Metals Scandium Intl Kinross Gold

PLS JAG GCM BRIO AAB RN TLO TMR RMX EXN LGO MUX KRN LN PTM SMC SBI AMI SCY K

5076 2990 1488 397 1199 189 435 102 74 1586 1343 3412 85 576 816 136 38 501 702 17032

3.63 0.40 2.20 2.20 0.17 0.12 0.13 10.62 1.69 2.05 1.27 3.09 0.67 0.10 0.54 0.28 0.08 1.34 0.34 5.82

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Leeta Gold Kitrinor Mtls Garibaldi Res Regulus Res Senator Mnrls American Lith US Cobalt Mason Graphite Grande Portage Almadex Min GT Gold Till Capital Abitibi Royalt Aurion Res Metalore Res Lithium X Egy Ascot Res Filo Mg Corp Osisko Metals Bear Creek Mng

2.72 3.60 + 32.4 0.26 0.34 + 24.1 1.73 2.10 + 18.6 1.84 2.14 + 16.9 0.14 0.15 + 16.0 0.09 0.12 + 15.0 0.10 0.13 + 13.6 9.30 10.58 + 12.7 1.56 1.69 + 11.9 1.77 1.99 + 10.6 0.88 0.88 - 30.7 2.44 2.53 - 18.6 0.55 0.55 - 17.9 0.09 0.10 - 13.6 0.46 0.46 - 13.2 0.25 0.25 - 12.5 0.07 0.07 - 12.5 1.16 1.18 - 11.9 0.31 0.31 - 11.4 5.17 5.23 - 11.1

VOLUME WEEK (000s) CLOSE CHANGE

HIVE SCYB GGI REG SNR LI USCO LLG GPG AMZ GTT TIL RZZ AU MET LIX AOT FIL OM BCM

37082 183 6039 302 2944 730 2344 1199 426 493 2524 1 15 404 8 2445 317 189 179 651

1.82 5.50 1.70 2.45 1.86 0.64 0.74 2.00 0.45 1.34 1.86 4.50 9.02 2.86 3.75 1.86 1.45 2.50 1.32 2.06

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

0.86 0.50 0.37 0.28 0.26 0.23 0.19 0.18 0.16 0.15 0.75 0.50 0.43 0.29 0.26 0.21 0.20 0.20 0.17 0.14

TSX VENTURE EXCHANGE / SEPTEMBER 18–22 The S&P/TSX Venture Composite Index shed 1.56 points to a 778.1-point close, as commodity prices declined amid hawkish comments from the U.S. Federal Reserve. Spot gold prices fell US$22.88 to US$1,297.3 per oz., whereas Comex copper prices lost US5¢ to US$2.94 per pound. Shares of GT Gold lost 75¢ to $1.86 after a drill update at the company’s Tatogga gold property in northwestern B.C.’s Golden Triangle. Drilling intercepted 1.7 metres of 10.93 grams gold per tonne at 190.4 metres deep in the first hole at the project’s Saddle North prospect, 500 metres north of the company’s Saddle South Discovery Zone. Another hole intercepted 0.8 metre of 7.62 grams gold from 86 metres deep, but stopped short of the target due to ground conditions. The current 1,000-metre drill program at Saddle North is targeting 1.4 km of a 2.4 km long induced-polarization geophysical anomaly that coincides with elevated gold in soil samples. At Saddle South, assay results from 36 core holes are pending. Drill intercepts completed to date averaged 11.1 metres of 11.77 grams gold, with the broadest intercept returning 20.7 metres of 5.84 grams gold from 161.3 metres deep. The epithermal-style mineralization has been outlined 360 metres along strike and 500 metres down-dip.

US Cobalt gained 19¢ to 74¢ per share, as the company awaits drill assays from its Iron Creek cobalt property in Idaho. The company’s 12,200-metre drill program is halfway complete, with results highlighting numerous zones of massive to semi-massive sulphide mineralization close to historical drill holes. The drill campaign is designed to confirm historical estimates of cobalt and copper mineralization, and test the depth potential below historical drilling. Channel samples taken from underground workings returned 6.1 metres of 0.45% cobalt and 6.1 metres of 0.57% cobalt. Zones of high-grade cobalt were also found in three channel samples, with intercepts of 3 metres of 1.02% cobalt, 1.5 metres of 0.83% cobalt and 6.1 metres of 0.7% cobalt. TSX-V MOST ACTIVE ISSUES

Leeta Gold MX Gold Encanto Potash Aben Res Caracara Silvr Altai Res Wolfden Res Spearmint Res Cobalt Pwr Grp Rapier Gold

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

HIVE MXL EPO ABN CSV.H ATI WLF SRJ CPO RPR

37082 19577 9809 7915 7147 6877 6754 6298 6208 6104

2.27 0.19 0.07 0.47 0.02 0.35 0.30 0.05 0.19 0.08

0.74 0.14 0.05 0.32 0.01 0.21 0.19 0.04 0.14 0.06

1.82 0.18 0.06 0.36 0.02 0.21 0.29 0.04 0.18 0.08

+ + + - + - + - + +

0.86 0.01 0.01 0.13 0.01 0.01 0.10 0.01 0.04 0.01

Shares of Grande Portage Resources rose 16¢ to 45¢ during the trading period. The company is awaiting drill results from the first few drill holes at its Herbert gold project, 25 km north of Juneau, Alaska. The 3,700-metre drill campaign is designed to test for extensions of the project’s Goat vein. Mineralization at Goat has been defined by drilling from surface to 200 metres deep, and 350 metres along

strike. On Sept. 6, the company announced assay results from a surface grab sample taken 350 metres from current drilling. The sample returned 231 grams gold and 49.8 grams silver per tonne, and could represent the mineralized extensions of the Goat vein. Mineralization on the property occurs within at least six main composite vein-fault structures across a 1 by 1 km area. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Orsu Metals Westcot Vent Randsburg Intl Gentor Res Minsud Res Spruce Ridge R Leeta Gold Chimata Gold Red Oak Mg AurCrest Gold Alturas Mnrls Victory Res ExGen Res Inc Adex Mining Baroyeca Go&Si Freeport Res Great Lakes Gr NSGold Homeland Egy CaNickel Mng

OSU WET.H RGZ.H GNT MSR SHL HIVE CAT ROC.H AGO ALT VR EXG ADE BGS FRI GLK NSX SNX.H CML

92 125 5 13 460 1874 37082 113 50 155 130 676 355 487 5 347 2525 50 96 21

0.18 0.26 0.02 0.15 0.16 0.03 2.27 0.12 0.21 0.03 0.02 0.01 0.03 0.02 0.02 0.04 0.05 0.10 0.15 0.11

0.14 0.04 0.02 0.07 0.08 0.02 0.74 0.07 0.12 0.02 0.02 0.01 0.02 0.01 0.01 0.03 0.03 0.00 0.10 0.09

0.14 0.18 0.02 0.15 0.16 0.03 1.82 0.12 0.21 0.03 0.02 0.01 0.02 0.01 0.01 0.03 0.03 0.10 0.15 0.09

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 575.0 + 414.3 + 200.0 + 123.1 + 121.4 + 100.0 + 89.6 + 76.9 + 75.0 + 66.7 - 33.3 - 33.3 - 33.3 - 33.3 - 33.3 - 33.3 - 33.3 - 31.0 - 31.0 - 29.2

VOLUME WEEK (000s) CLOSE CHANGE

HIVE SCYB GGI REG SNR LI USCO LLG GPG AMZ GTT TIL RZZ AU MET LIX AOT FIL OM BCM

37082 183 6039 302 2944 730 2344 1199 426 493 2524 1 15 404 8 2445 317 189 179 651

1.82 5.50 1.70 2.45 1.86 0.64 0.74 2.00 0.45 1.34 1.86 4.50 9.02 2.86 3.75 1.86 1.45 2.50 1.32 2.06

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

0.86 0.50 0.37 0.28 0.26 0.23 0.19 0.18 0.16 0.15 0.75 0.50 0.43 0.29 0.26 0.21 0.20 0.20 0.17 0.14

U.S. MARKETS / SEPTEMBER 18–22 The Dow Jones Industrial Average inched up 0.37% to 22,349.59 and the S&P 500 Index rose 0.08% to 2,502.22. The Philadelphia Gold and Silver Index fell 2.63% to 86.06, as the gold price dropped US$22.10 per oz. (1.68%) to finish at US$1,297.10 per ounce. News of a significant financing sent McEwen Mining’s shares down US52¢ to US$2.06. The company closed a US$46.6million bought deal and will use the proceeds to buy the Black Fox complex, an underground gold mine in Timmins. A total of 20.7 million shares of common stock and warrants to buy up to 10.4 million shares were sold at a price of US$2.25 per share and associated one-half warrant. Each whole warrant entitles the holder to buy one share at a US$2.70-per-share exercise price until Sept. 28, 2018. “The opportunity to buy Black Fox came together quickly and the time frame to close was short, which meant that our financing options were limited to a bought deal or the issuance of debt,” Rob McEwen, the company’s chairman and owner, said in a news release. “Weighing the alternatives,

18_Oct2_MarketNews.indd 18

we decided that this offering represented the best option for our shareholders at this time.” Black Fox will produce 50,000 oz. gold in 2018, increasing the company’s total gold-equivalent production by 16% from 157,000 oz. in 2017 to 182,000 oz. in 2018. “Black Fox reminds me a lot of the early days of the Red Lake mine, when I was building Goldcorp,” McEwen said. “The mine is shallower than many of the larger mines in the Timmins area, and some of its best high-grade zones extend near the bottom of the known mineralization, suggesting there is good potential to U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Vale* VALE 160715 10.98 10.12 10.16 - 0.69 Frprt McMoR* FCX 82907 14.68 13.82 14.06 + 0.18 United States S* X 69795 26.47 23.16 23.83 - 1.26 Kinross Gold* KGC 55695 4.77 4.18 4.25 - 0.57 Eldorado Gold* EGO 47059 2.35 2.17 2.26 - 0.06 Yamana Gold* AUY 46846 2.84 2.63 2.73 - 0.13 Cleveland-Clif* CLF 43918 7.42 6.78 6.86 - 0.27 Barrick Gold* ABX 43083 17.14 16.16 16.36 - 0.94 Goldcorp* GG 38737 13.16 12.57 12.87 - 0.38 McEwen Mng* MUX 37302 2.53 1.98 2.06 - 0.52

grow the deposit at depth.” Sha res of Pret ium Resou rces rose US56¢ to US$9.23. Management updated shareholders on the ramp-up at its Brucejack mine in British Columbia, saying it is targeting steady production for the

end of 2017. Pretium said the grade is ramping up, the mill is exclusively processing stope ore, and production of doré and f lotation concentrate has increased. The company expects positive working capital soon. TNM

U.S. GREATEST PERCENTAGE CHANGE

NACCO Ind* Cloud Peak En* Pretium Res* Tahoe Res* Teck Res* Intrepid Pots* CONSOL Energy* Potash Corp SK* Agrium* Chevron Corp* McEwen Mng* Sibanye Gold* Harmony Gold* Kinross Gold* Vale* Vale* Alamos Gold* Arch Coal* Barrick Gold* Mechel*

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

NC 170 85.35 76.70 83.80 + 9.2 CLD 4820 3.60 3.19 3.59 + 8.1 PVG 13411 9.25 8.10 9.23 + 6.5 TAHO 17732 5.85 5.41 5.76 + 4.3 TECK 32031 22.20 21.00 21.96 + 4.3 IPI 8286 4.24 3.94 4.03 + 4.1 CNX 12373 16.36 15.59 16.27 + 3.8 POT 30204 19.50 18.70 19.28 + 2.9 AGU 2342 109.39 105.16 107.93 + 2.7 CVX 26162 117.83 114.32 117.29 + 2.3 MUX 37302 2.53 1.98 2.06 - 20.2 SBGL 20553 5.40 4.60 4.69 - 15.0 HMY 17379 2.06 1.82 1.86 - 13.1 KGC 55695 4.77 4.18 4.25 - 11.8 VALE.P 15677 10.22 9.40 9.45 - 6.5 VALE 160715 10.98 10.12 10.16 - 6.4 AGI 8453 7.37 6.91 6.96 - 5.9 ARCH 1876 75.52 70.71 71.15 - 5.5 ABX 43083 17.14 16.16 16.36 - 5.4 MTL 379 5.45 5.09 5.16 - 5.3

U.S. GREATEST VALUE CHANGE

NACCO Ind* NC Agrium* AGU Chevron Corp* CVX Teck Res* TECK Alcoa* AA CONSOL Energy* CNX Pretium Res* PVG Potash Corp SK* POT Cloud Peak En* CLD Tahoe Res* TAHO Arch Coal* ARCH Franco-Nevada* FNV Agnico Eagle* AEM United States S* X Black Hills* BKH Barrick Gold* ABX Sibanye Gold* SBGL Vedanta* VEDL Vale* VALE Vale* VALE.P

VOLUME WEEK (000s) CLOSE CHANGE

170 83.80 2342 107.93 26162 117.29 32031 21.96 22306 45.38 12373 16.27 13411 9.23 30204 19.28 4820 3.59 17732 5.76 1876 71.15 3018 79.32 7670 46.74 69795 23.83 1930 68.60 43083 16.36 20553 4.69 2325 19.24 160715 10.16 15677 9.45

+ 7.05 + 2.81 + 2.66 + 0.90 + 0.73 + 0.59 + 0.56 + 0.54 + 0.27 + 0.24 - 4.15 - 1.57 - 1.38 - 1.26 - 1.03 - 0.94 - 0.83 - 0.76 - 0.69 - 0.66

2017-09-26 8:38 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / OCTOBER 2–15, 2017

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, September 12, 2017 Precious Metals Price (US$/oz.) Change 1306.90 -1.55 Gold Silver $17.01 -0.14 Platinum $931.00 -37.00 Palladium $920.00 -16.00 Base Metals Nickel Copper Lead Zinc

Price (US$/tonne) Change $10470.00 -105.00 $6440.50 -9.50 $2465.50 -6.00 $3110.00 +13.50

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, September 25, 2017 (change from September 18, 2017 in brackets): Aluminium Alloy 11920 (0) 1290775 (-20025) Aluminium Copper 305250 (-2325) 160925 (-1975) Lead Nickel 380562 (-2910) 2070 (+140) Tin 261925 (-175) Zinc

TSX SHORT POSITIONS

Thermal Coal CAPP: US$40.00 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$54.25 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$11.55 Cobalt: US$26.99/lb. Copper: US$2.91/lb. Copper: CME Group Futures Oct 2017: US$2.89/lb.; Nov. 2017: US$2.91/lb Ferro-Chrome: US$2.48/kg Ferro Titanium: US$3.77/kg FerroTungsten: US$25.52/kg Ferrovanadium: US$22.60/kg Iridium: NY Dealer Mid-mkt US$970.00/tr oz. Iron Ore 62% Fe CFR China-S: US$63.40/tonne Iron Ore Fines: US$69.00/tonne Iron Ore Pellets: US$96.06/tonne Lead: US$1.14/lb. Magnesium: US$2.26/kg Manganese: US$2.06/kg Molybdenum Oxide: US$7.26/lb. Phosphate Rock: US$93.00/tonne Potash: US$218.00/tonne Rhodium: Mid-mkt US$1,160 tr. oz. Ruthenium: Mid-mkt US$65.00/tr. oz. Silver: Handy & Harman Base: US$17.03 per oz.; Handy & Harman Fabricated: US$21.29 per oz. Tantalite Ore : US$123.61/kg Tin: US$9.45/lb. Uranium: U3O8, Trade Tech spot price: US$20.75; The UX Consulting Company spot price: US$20.60/lb. Zinc: US$1.44/lb. Prices current Sept. 26, 2017

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Sep 18, 2017 (with changes from Sep 01, 2017) Largest short positions BTO 22476455 719644 9/1/2017 B2Gold Suncor Energy SU 17008981 1988433 9/1/2017 Sandstorm Gold SSL 14560789 -90565 9/1/2017 Asanko Gold AKG 14123379 2581933 9/1/2017 NGD 12269083 -20534666 9/1/2017 New Gold Eldorado Gold ELD 12112772 -16156337 9/1/2017 Ivanhoe Mines IVN 9702477 505264 9/1/2017 OceanaGold OGC 9181273 -1275883 9/1/2017 YRI 8500636 1081984 9/1/2017 Yamana Gold Potash Corp SK POT 8210775 -2051414 9/1/2017 ASR 7399699 590640 9/1/2017 Alacer Gold First Quantum FM 7172776 -583188 9/1/2017 Lithium Amer LAC 7060100 1121823 9/1/2017 Turquoise HIl TRQ 6871637 607696 9/1/2017 FR 6805962 -23536 9/1/2017 First Majestic Largest increase in short position Asanko Gold AKG 14123379 2581933 9/1/2017 Suncor Energy SU 17008981 1988433 9/1/2017 KL 4639530 1870674 9/1/2017 Kirkland Lake Lithium Amer LAC 7060100 1121823 9/1/2017 YRI 8500636 1081984 9/1/2017 Yamana Gold Largest decrease in short position Kinross Gold K 5387538 -48143286 9/1/2017 Trevali Mng TV 1344765 -33420766 9/1/2017 NGD 12269083 -20534666 9/1/2017 New Gold Eldorado Gold ELD 12112772 -16156337 9/1/2017 Teck Res TECK.B 4108895 -5651164 9/1/2017

Short positions outstanding as of Sep 18, 2017 Largest short positions ML 1766057 Millennial Lit Aben Res ABN 960600 Atlantic Gold AGB 940200 Barkerville Go BGM 863400 PBR 701100 Para Resources Decade Res DEC 551000 GEMC 500000 Global Energy Noble Mnl Expl NOB 470000 Novo Res NVO 424763 Liberty One Li LBY 417348 EXS 397200 Explor Res Plata Latina PLA 324000 Duncan Park H DPH 300000 GoviEx Uranium GXU 298656 Rainmaker Res RIR 280000

DAILY METAL PRICES Daily Metal Prices Date Sept 25 Sept 22 Sept 21 Sept 20 Sept 19 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1770/1780 1765/1775 1765/1775 1750/1760 1720/1760 Aluminum 2127.50/2147 2136/2159 2153/2174 2163.50/2190 2107/2131.50 Copper 6414/6459 6404/6445 6407/6451 6515/6564.50 6491.50/6539 Lead 2512.50/2507 2477/2478 2470/2468 2442.50/2462 2350.50/2409 Nickel 10390/10475 10575/10620 10850/10930 11370/11465 10945/11000 Tin 20800/20575 20840/20575 20725/20575 20850/20725 20900/20700 3167/3103 3112.50/3075 3097.50/3076 3169.50/3155 3123/3096 Zinc

PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1295.50 1297.00 1297.35 1314.90 1308.45 Gold PM 1293.30 1294.80 1292.10 1311.30 1309.60 Silver 16.95 16.97 16.95 17.38 17.15 Platinum 927.00 935.00 933.00 945.00 950.00 Palladium 917.00 915.00 916.00 907.00 915.00

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

Sep 22 Sep 21 Sep 20 Sep 19 Sep 18 1.2329 1.2329 1.2332 1.2290 1.2279 0.8111 0.8111 0.8109 0.8137 0.8144

Exchange rates (Quote Media, September 22, 2017) C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand C$ to AUS 1.0232 0.6792 91.2145 14.5070 10.7887 C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won C$ to UK Pound C$ to China Yuan 0.5975 5.3473 52.5800 0.7873 918.5572 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.2615 0.8374 112.4585 17.8826 13.2865 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.7367 6.5908 64.8123 0.9707 1132.3500

TSX WARRANTS 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 Alio Gold Inc. (ALO.WT) - 10 Warrants to purchase one common share of the Issuer at $7.00 until expiry Alio Gold Inc. J (ALO.WT.A) - One Warrant to purchase one common share of the Issuer at $8.00 until expiry Ascendant Resources (ASND.WT) - Wt buys sh @ $1.25 to Mar 7/22 Continental Gold Inc. (CNL.WT.A) - Wt buys sh @ $4.75 to Nov 26/17 Excellon Resources Inc (EXN.WT) - Wt buys sh @ $1.75 to Jul 26/18 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 Liberty Gold Corp. Wt (LGD.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry may 16, 2019 Lithium Americas Corp (LAC.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry Lydian International Limited (LYD.WT) - One Warrant to purchase one additional ordinary share of the Issuer at $0.36 per share until expiry 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 Northern Dynasty Minerals Ltd. J (NDM.WT.B) - Wt buys sh @ $0.55 to Jun 10/21 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 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

Pilot Gold Inc. Wt (PLG.WT) - Wt buys sh @ $0.9 to May 16/19 Prairie Provident Resources Inc Wt (PPR.WT) - Wt buys sh @ $0.87 to Mar 16/19 Primero Mining Corp (P.WT.C) - Wt buys sh @ $3.35 to Jun 24/18 Sandstorm Gold (SSL.WT.B) - One Warrant to purchase one common share of the Issuer at US $14.00 until expiry. Sprott Resource Corp (SRHI.WT) - Wt buys sh @ $0.3333 to Feb 09/22 Timmins Gold Corp (TMM.WT) - Wt buy sh at $0.7 to May 30/18

TSX VENTURE WARRANTS Atlantic Gold (AGB.WT) - Wt buys sh @ $0.6 to Aug 20/18 Avino Silver & Gold Mines Ltd. (ASM.WT) - Wt buys sh @ US$0.2 to Nov 28/19 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 Falco Resources Ltd. (FPC.WT) - One warrant to purchase one common share at $1.70 per share. Goldmining Inc. (GOLD.WT) - Wt buys sh @ $0.75 to Dec 31/18 Goldstar Minerals (GDM.RT) - One Right to purchase one common share at $0.03 per share. JDL Gold Corp. (JDL.WT) - Wt buy sh @ $3.00 to Oct 06/21 Jet Metal (JET.WT) - Wt buys sh @ $0.25 to Sep 16/19 Jet Metal (JET.WT.A) - Wt buys sh @ $0.5 to Feb 28/19 Kootenay Silver Inc. (KTN.WT) - Wt buys sh @ $0.55 to Apr 21/21 Monarques Gold (MQR.WT.A) - Wt buys sh @ $0.18 to Dec 15/17 Rainy Mountain Royalty Corp. (RMO.WT) - Wt buys sh @ $0.15 to Mar 1/18 and sh @ $0.25 from Mar 2/18 to Mar 1/19 Rainy Mountain Royalty Corp. (RMD.WT) - Wt buys sh @ $0.15 to Mar 1/18 and sh @ $0.25 from Mar 2/18 to Mar 1/19 Silvercrest Metals Inc. (SIL.WT) - Wt buys sh @ $3 to Dec 06/18 Sunridge Gold (SGC.WT) - Wt buys sh @ $0.35 to Oct 18/17 Trek Mining (TREK.WT) - Wt buy sh @ $3.00 to Oct 06/21 West Kirkland Mining (WKM.WT) - Wt buys sh @ $0.3 to Apr 17/19

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

Sep 22 Sep 21 Sep 20 Sep 19 Sep 18 High Low Index S&P/TSX Composite 15454.23 15454.92 15389.60 15292.97 15236.67 15527.30 12400.15 S&P/TSXV Composite 778.10 775.87 776.66 777.75 776.78 1050.26 883.52 S&P/TSX 60 908.48 909.29 904.89 898.99 895.28 896.74 709.99 S&P/TSX Global Gold 197.05 195.07 195.83 198.80 198.25 218.90 149.29 DJ Precious Metals 177.44 175.51 176.53 179.83 179.25 420.72 130.95

NEW 52-WEEK HIGHS AND LOWS SEPTEMBER 18–22, 2017 94 New Highs Aberdeen Intl* Alcoa* Almonty Ind Altai Res Altamira Gold Altura Mng Ltd* American Lith American Lith* Amerigo Res* Anglo American* BC Moly Benz Mining Bitterroot Res* Black Dragon Braveheart Res Bravura Vent Bravura Vent * Cava Res* Chimata Gold China Mnls Mng China Mnls Mng* Cobalt Pwr Grp Cobalt Pwr Grp* Cornerstone Mt

Dorex Mnrls Dorex Mnrls* Dynasty Gold eCobalt Solns* Emgold Mng Far Res* Five Star Diam* Garibaldi Res Garibaldi Res * Gentor Res GGL Res Giga Metals Giga Metals* Global Li-Ion Goldbank Mng Goldbank Mng* Gran Colombia Gran Colombia* Grande Portage Grande Portage* Intrepid Pots* Ironside Res * Jasper Mng* Jaxon Mining* Jayden Res

Jourdan Res Katanga Mng Kerr Mines Kerr Mines* Labrador Iron Leeta Gold Lynas Corp* Manson Creek Margaux Res* Mason Graphite Mason Graphite* Meadow Bay Gd Minera Alamos * Mineral Res* Minsud Res Napier Vent* Northn Empire* Nouveau Monde Nouveau Monde* Orca Gold Orca Gold* Orsu Metals Polaris Mater QMC Quantum Ml QMC Quantum

Ml* Red Oak Mg Revival Gold Rift Valley Rockshield Cap Rockshield Cap* Seafield Res* Senator Mnrls Senator Mnrls* Silver Grail Standard Lith Stina Res* Suncor Energy* Tap Res* U3O8 Corp U3O8 Corp* Ultra Lithium* Unity Energy* Westcot Vent Wolfden Res Wolfden Res*

53 New Lows 92 Resources* Altair Res Inc* Anfield Res*

Ascot Res Aurum* Bear Creek Mng Cache Expl* Canadian Mng Cdn Orebodies China Mnls Mng* Condor Gold* Cordoba Mnls Diamcor Mng EMX Royalty Enforcer Gold Enforcer Gold* Ethos Gold* Fireweed Zinc Gold Std Vents Goldcliff Res Goldcorp Granada Gold Graphite One Graphite One* Guyana Gldflds IMPACT Silver Jaxon Mining* K92 Mng Inc

K92 Mng Inc* Kootenay Silvr Lucara Diam McEwen Mng McEwen Mng* Nevada Sunrise Nevada Sunrise* North Arrow Mn* NovaGold Res OceanaGold* Olivut Res* Paladin Energy* Platinum Gp Mt Platinum Gp Mt* Primero Mng Primero Mng* Prosper Gold Rockhaven Res Santacruz Silv Silver Bear Rs Sutter Gold* Tanzania Rlty Tanzania Rlty* U3O8 Corp* Voltaic Min

CANADIAN GOLD MUTUAL FUNDS Fund Sep 22 ($) AGF Prec Mtls Fd MF 21.08 BMO Prec Mtls Fd A 17.98 9.78 BMO ZGD BMO ZJG 9.23 CIBC Prec Metal Fd A 10.34 Dyn Prec Metls Fd A 6.72 Horizons HEP 24.65 IG Mac GbPMetCl A 8.86 iShares XGD 12.31 Mac Prec Met Cl A 47.24 NBI PrecMetFd AdvDSC 12.59 NBI PrecMetFd AdvISC 12.59 NBI PrecMetFd AdvLSC 12.59 NBI PrecMetFd Invt 12.59 34.45 RBC GblPreMetFd A Redw UITGoDe&ProCl A 10.00 Sentry Pre Met Fd A 39.96 Sprott Gold&PrMinFdA 35.81 Sprott SilverEquCl A 5.76 TD PreciousMetalsInv 33.95

Sep 15 ($) Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) 21.25 -0.17 -0.80 -2.66 2.80 140.75 18.35 -0.37 -2.02 4.51 2.40 66.82 9.89 -0.11 -1.06 7.19 0.63 9.44 -0.20 -2.16 19.62 0.60 10.51 -0.17 -1.61 2.99 2.58 53.43 6.85 -0.13 -1.90 13.21 2.75 373.96 25.12 -0.47 -1.87 12.87 0.81 8.93 -0.08 -0.87 7.55 2.75 45.09 12.55 -0.23 -1.87 8.36 0.55 844.20 47.71 -0.47 -0.98 7.85 2.51 95.51 12.78 -0.19 -1.49 9.42 2.47 33.63 12.78 -0.19 -1.49 9.42 2.47 33.63 12.78 -0.19 -1.49 9.42 2.47 33.63 12.78 -0.19 -1.49 9.42 2.46 33.63 34.57 -0.12 -0.35 14.28 2.13 406.49 10.00 0.00 39.77 0.19 0.47 6.08 2.44 195.90 35.90 -0.09 -0.25 4.95 3.12 219.41 5.73 0.03 0.52 -5.81 3.09 130.20 34.48 -0.53 -1.54 4.28 2.27 134.20

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.$

19_Oct2_MMMM.indd 19

STAFF INVESTMENT POLICY The Northern Miner does not permit any editorial employee to file stories about companies in which the writer owns shares. Editorial employees are also not permitted to take part in initial public offerings or to engage in short selling.

CONVERSIONS OF WEIGHTS & MEASURES 1 troy ounce = 31.1 grams 1 kilogram = 32.15 troy ounces 1 kilogram = 2.2046 pounds 1 (metric) tonne = 1,000 kilograms 1 (metric) tonne = 2,204.6 pounds 1 (short) ton = 2,000 pounds 1 (metric) tonne = 1.1023 (short) tons

1 gram per (metric) tonne = 0.02917 troy ounces per (short) ton = 0.03215 troy ounces per (metric) tonne 1 kilometre = 0.6214 miles 1 hectare = 2.47 acres

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

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

2017-09-26 8:39 PM

WWW.NORTHERNMINER.COM

OCTOBER 2–15, 2017 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: SEPTEMBER 18–22, 2017 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A 92 Resources V 2510 0.13 0.10 0.11 - 0.01 0.22 0.07 92 Resources* O 561 0.11 0.07 0.09 - 0.02 0.13 0.07 Abacus Mng &Ex* O 59 0.38 0.32 0.34 + 0.00 2.88 0.06 0.08 - 0.01 0.13 0.07 Abcourt Mines V 297 0.09 0.08 Abcourt Mines* O 181 0.07 0.06 0.06 - 0.01 0.10 0.05 ABE Resources V 715 0.23 0.18 0.19 - 0.03 0.57 0.04 Aben Res* O 1021 0.38 0.26 0.29 - 0.12 0.41 0.05 Aben Res V 7915 0.47 0.32 0.36 - 0.13 0.50 0.07 0.12 + 0.02 0.14 0.09 Aberdeen Intl* O 142 0.14 0.11 Aberdeen Intl T 1199 0.17 0.14 0.15 + 0.02 0.17 0.11 Abitibi Royalt* O 3 7.97 7.32 7.32 - 0.66 8.18 4.99 Abitibi Royalt V 15 9.58 9.00 9.02 - 0.43 10.75 6.36 AbraPlata Res* O 69 0.27 0.20 0.20 - 0.07 0.48 0.20 0.24 - 0.08 0.63 0.03 AbraPlata Res V 330 0.33 0.23 0.08 - 0.02 0.24 0.06 Adamera Mnls V 1688 0.10 0.07 Adamera Mnls* O 145 0.09 0.06 0.07 - 0.02 0.18 0.04 Adex Mining V 487 0.02 0.01 0.01 - 0.01 0.02 0.01 V 4040 0.67 0.52 0.56 - 0.01 1.34 0.36 Advantage Lith Advantage Lith* O 662 0.55 0.43 0.44 - 0.03 1.01 0.28 0.75 - 0.01 0.99 0.57 Adventus Zinc V 73 0.80 0.75 Affinity Gold* O 24 0.03 0.00 0.03 + 0.01 0.05 0.00 African Queen V 614 0.04 0.04 0.04 - 0.01 0.08 0.03 57.67 - 1.07 74.57 46.91 Agnico Eagle T 3482 59.29 56.93 Agnico Eagle* N 7670 48.40 46.07 46.74 - 1.38 56.43 35.05 T 2158 134.31 128.30 133.17 + 5.07 146.99 115.16 Agrium N 2342 109.39 105.16 107.93 + 2.81 111.88 87.78 Agrium* Aida Minerals 587 0.06 0.04 0.06 + 0.01 0.16 0.01 0.00 - 0.00 0.04 0.00 Aim Explor* O 1224 0.00 0.00 Alabama Graph* O 156 0.11 0.09 0.10 + 0.01 0.17 0.08 V 1246 0.14 0.11 0.14 + 0.02 0.22 0.11 Alabama Graph Alacer Gold T 2205 2.27 2.05 2.09 - 0.17 3.77 1.75 Alamos Gold T 3140 8.98 8.53 8.58 - 0.46 11.86 7.86 6.96 - 0.44 9.00 5.95 Alamos Gold* N 8453 7.37 6.91 Albert Mining* O 4 0.04 0.04 0.04 - 0.00 0.07 0.03 0.06 + 0.01 0.15 0.04 Albert Mining V 93 0.07 0.00 0.05 - 0.01 0.12 0.05 Alchemist Mng 544 0.06 0.05 Alcoa* N 22306 47.95 44.66 45.38 + 0.73 47.95 20.00 0.22 - 0.02 0.60 0.08 Alderon Iron* O 5 0.22 0.22 Alderon Iron T 287 0.29 0.27 0.29 + 0.01 0.80 0.11 0.04 + 0.01 0.10 0.04 Aldershot Res V 46 0.04 0.04 Aldever Res* O 0 0.02 0.00 0.02 + 0.00 0.11 0.02 0.19 - 0.03 0.30 0.17 Aldridge Min V 147 0.22 0.19 Alexandria Min* O 384 0.05 0.04 0.05 - 0.00 0.07 0.03 1.56 + 0.05 2.06 1.10 Alexco Res* X 1611 1.59 1.48 Algold Res* O 29 0.15 0.14 0.15 + 0.01 0.33 0.14 0.17 - 0.02 0.44 0.17 Algold Res V 685 0.19 0.17 Alianza Min* O 10 0.11 0.10 0.10 - 0.01 0.12 0.05 0.11 - 0.02 0.16 0.10 Alianza Min V 368 0.13 0.11 Alliance Res* D 1218 19.40 18.35 18.55 - 0.30 26.65 17.65 1.39 - 0.07 2.33 1.01 Almaden Mnls T 150 1.50 1.37 Almaden Mnls* X 981 1.23 1.12 1.13 - 0.07 1.75 0.75 1.34 + 0.15 2.00 0.73 Almadex Min V 493 1.35 1.25 Almadex Min* O 352 1.10 1.01 1.08 + 0.10 1.51 0.55 0.65 + 0.02 0.69 0.20 Almonty Ind V 846 0.69 0.60 Alset Minerals* O 4 0.07 0.07 0.07 - 0.00 0.18 0.06 0.21 - 0.01 0.35 0.04 Altai Res V 6877 0.35 0.21 Altair Res Inc* O 3 0.16 0.14 0.14 - 0.02 0.34 0.14 268 0.20 0.17 0.17 - 0.02 0.47 0.16 Altair Res Inc V Altamira Gold V 2302 0.34 0.19 0.30 + 0.09 0.34 0.14 0.25 + 0.08 0.31 0.11 Altamira Gold* O 392 0.28 0.16 Altiplano Mnls V 80 0.16 0.13 0.13 - 0.03 0.28 0.08 Altius Mnrls T 260 11.81 11.29 11.76 + 0.65 14.06 9.41 0.19 0.17 0.18 + 0.00 0.19 0.09 Altura Mng Ltd* O 1229 Alturas Mnrls V 130 0.02 0.02 0.02 - 0.01 0.05 0.02 6.89 + 0.03 7.07 4.14 Alumina Inc* O 40 7.06 6.73 ALX Uranium V 287 0.09 0.08 0.09 + 0.02 0.16 0.06 ALX Uranium* O 60 0.07 0.06 0.06 - 0.00 0.12 0.05 0.06 0.05 0.05 - 0.01 0.09 0.04 Am Creek Res V 1181 Am CuMo Mng V 2315 0.15 0.08 0.14 + 0.01 0.49 0.08 667 0.12 0.06 0.11 + 0.01 0.35 0.05 Am CuMo Mng* O Am Manganese V 1602 0.23 0.19 0.21 - 0.03 0.38 0.11 Am Manganese* O 358 0.21 0.16 0.17 - 0.03 0.27 0.08 28 0.02 0.00 0.01 - 0.01 0.05 0.01 Am Sierra Gold* O Amarc Res* O 142 0.18 0.16 0.16 - 0.00 0.21 0.04 0.33 + 0.02 0.45 0.28 Amarillo Gold V 120 0.33 0.32 Amazing Energy* O 78 0.40 0.25 0.28 - 0.09 0.63 0.05 Amer Intl Vent* O 69 0.05 0.05 0.05 - 0.01 0.11 0.01 O 27 0.67 0.35 0.61 + 0.26 0.67 0.34 American Lith* American Lith V 730 0.82 0.43 0.64 + 0.23 5.80 0.33 0.13 - 0.01 0.26 0.03 American Pot 265 0.14 0.11 Americas Silvr* X 462 4.38 3.96 4.14 - 0.37 5.04 2.39 Americas Silvr T 681 5.38 4.87 5.13 - 0.04 6.11 2.70 0.61 + 0.01 0.64 0.10 Amerigo Res* O 549 0.64 0.58 Anaconda Mng* O 71 0.07 0.06 0.06 - 0.01 0.07 0.04 Anconia Res V 228 0.03 0.03 0.03 + 0.01 0.06 0.02 Andes Gold* O 67 0.01 0.01 0.01 - 0.00 0.03 0.00 Anfield Nickel V 376 0.44 0.39 0.40 - 0.05 1.53 0.35 Anfield Res* O 138 0.04 0.03 0.04 + 0.00 0.18 0.03 Anfield Res V 2105 0.05 0.04 0.05 - 0.01 0.23 0.04 Angel Gold* O 120 0.06 0.00 0.05 - 0.00 0.09 0.04 Angel Gold V 165 0.07 0.06 0.07 + 0.01 0.14 0.06 Anglo American* O 1682 9.60 8.67 9.12 + 0.29 9.60 5.88 Anglo American* O 10 18.72 0.00 18.24 + 0.44 18.76 11.80 AngloGold Ash* N 15237 9.72 9.10 9.47 - 0.47 16.76 8.89 Antioquia Gold V 263 0.08 0.07 0.08 + 0.01 0.20 0.07 Antioquia Gold* O 164 0.06 0.05 0.06 - 0.01 0.14 0.05 0.44 + 0.01 0.67 0.28 Antler Gold V 157 0.49 0.42 Antofagasta* O 11 12.75 12.44 12.63 + 0.01 13.79 6.29 Apex Res V 84 0.09 0.08 0.08 - 0.01 0.15 0.06 Apogee Opport V 55 0.22 0.16 0.19 - 0.01 0.26 0.14 O 227 0.04 0.02 0.04 + 0.00 0.16 0.02 Applied Mrnls* Aquila Res* O 151 0.20 0.00 0.19 + 0.01 0.24 0.15 Aquila Res T 131 0.24 0.22 0.24 + 0.01 0.32 0.19 Arch Coal* N 1876 75.52 70.71 71.15 - 4.15 86.47 59.05 Arctic Star* O 11 0.10 0.09 0.10 + 0.00 0.24 0.04 Arctic Star V 461 0.13 0.11 0.12 - 0.01 0.38 0.06 Arcus Dev Grp V 182 0.16 0.14 0.15 - 0.01 0.18 0.06 Ardonblue Vent V 397 0.48 0.43 0.45 - 0.06 0.57 0.08 Arena Mnls* O 447 0.10 0.08 0.09 - 0.00 0.23 0.08 Argentina Lith* O 91 0.13 0.11 0.12 + 0.02 0.63 0.07 Argex Titanium* O 23 0.05 0.03 0.04 + 0.01 0.08 0.03 Argo Gold 399 0.19 0.00 0.17 - 0.03 0.26 0.06 Argonaut Gold T 3804 2.48 2.30 2.37 - 0.09 4.00 1.48 Argonaut Gold* O 189 2.03 1.91 1.94 - 0.10 3.06 1.12 Arian Silver* O 206 0.01 0.01 0.01 + 0.00 0.02 0.00 Arianne Phosph* O 188 0.67 0.61 0.64 + 0.01 0.74 0.52 Arizona Mng T 1673 3.14 2.90 3.08 + 0.14 3.49 1.70 Arizona Mng* O 103 2.55 2.35 2.51 + 0.11 2.80 1.30 Arizona Silver V 606 0.32 0.27 0.29 - 0.03 1.23 0.12 0.23 - 0.03 0.91 0.13 Arizona Silver* O 86 0.24 0.21 Armor Mnrls V 1 0.44 0.00 0.44 + 0.06 0.59 0.35 Arrowstar Res V 94 0.05 0.04 0.04 - 0.01 0.12 0.04 Asanko Gold T 3251 1.36 1.21 1.23 - 0.04 6.09 0.99 Asanko Gold* X 4380 1.12 0.98 1.00 - 0.06 4.68 0.78 Asante Gold 46 0.11 0.09 0.09 - 0.01 0.26 0.07 Ascot Res V 317 1.70 1.40 1.45 - 0.20 2.60 1.40 Ashanti Sanko V 307 0.04 0.03 0.04 + 0.01 0.10 0.03 Ashburton Vent V 696 0.10 0.09 0.09 - 0.02 0.35 0.09 AsiaBaseMetals V 1 0.29 0.00 0.29 - 0.12 0.45 0.12 Astorius Res V 84 0.09 0.09 0.09 - 0.01 0.41 0.06 ATAC Res V 1359 0.78 0.66 0.72 - 0.04 0.89 0.32 Atacama Pacif V 178 0.77 0.65 0.65 - 0.10 0.83 0.26 Athabasca Mnls* O 21 0.12 0.11 0.11 + 0.01 0.24 0.09 Athena Silver* O 17 0.06 0.04 0.04 - 0.02 0.14 0.02 Atico Mng* O 36 0.63 0.59 0.59 - 0.01 0.75 0.39 Atico Mng V 75 0.77 0.73 0.73 - 0.01 0.99 0.51 Atlanta Gold V 127 0.07 0.06 0.06 - 0.01 0.10 0.06 Atlantic Gold V 1213 1.53 1.41 1.47 + 0.01 1.64 0.76 Atlatsa Res* O 333 0.03 0.03 0.03 + 0.00 0.08 0.02 Atom Energy V 20 0.06 0.00 0.05 - 0.02 0.65 0.05 Aton Res Inc V 828 0.05 0.04 0.05 + 0.01 0.10 0.03 Aura Mnls T 43 1.95 1.71 1.85 - 0.05 2.15 1.30 Aura Mnls* O 2 1.50 1.48 1.48 - 0.11 1.72 1.03 Aura Silver Rs V 501 0.05 0.04 0.04 - 0.01 0.10 0.03 Auramex Res V 208 0.06 0.05 0.05 - 0.01 0.09 0.02

20-22_Oct2_StockTables.indd 20

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Aurania Res* O 16 Aurania Res V 43 Aurcana Corp V 827 Aurcana Corp* O 178 AurCrest Gold V 155 AuRico Metals T 501 AuRico Metals * O 563 Aurion Res * O 41 Aurion Res V 404 Aurum* O 26 Aurvista Gold V 2194 Aurvista Gold* O 202 Auryn Res T 442 Auryn Res* X 267 Austral Gold* O 14 Austral Gold V 89 Avalon Adv Mat T 1829 Avalon Adv Mat* O 380 Avino Silver* X 754 Avino Silver V 82 Azarga Mtls* O 0 Azarga Uranium* O 140 Azincourt Uran* O 106 Aztec Minerals V 154

1.65 1.58 1.59 - 0.06 2.20 1.54 2.02 1.93 1.95 - 0.05 3.75 0.50 0.28 0.24 0.26 - 0.02 0.61 0.23 0.23 0.20 0.21 - 0.02 0.46 0.18 0.03 0.02 0.03 + 0.01 0.04 0.02 1.34 1.16 1.18 - 0.16 1.43 0.82 1.08 0.94 0.96 - 0.13 1.19 0.62 2.63 2.12 2.23 - 0.44 2.82 0.24 3.20 2.62 2.86 - 0.29 3.49 0.32 0.16 0.14 0.14 - 0.02 1.30 0.14 0.29 0.26 0.28 - 0.02 0.46 0.15 0.24 0.22 0.23 - 0.01 0.34 0.10 3.09 2.91 2.97 - 0.06 3.85 2.14 2.53 2.36 2.42 - 0.08 3.00 1.58 0.12 0.10 0.10 - 0.02 0.19 0.08 0.16 0.00 0.15 - 0.01 0.21 0.12 0.16 0.14 0.15 + 0.01 0.23 0.13 0.13 0.11 0.13 + 0.02 0.17 0.00 1.68 1.53 1.61 - 0.10 2.59 1.12 2.06 1.91 1.99 - 0.06 3.45 1.52 0.12 0.00 0.12 + 0.01 1.21 0.11 0.17 0.17 0.17 - 0.00 0.44 0.14 0.05 0.04 0.04 - 0.00 0.22 0.03 0.28 0.22 0.23 - 0.06 0.65 0.22

B2Gold* X 13990 T 11817 B2Gold Bacanora Mnls V 191 Balmoral Res T 443 Balmoral Res* O 156 Bandera Gold V 6 Bannerman Res* O 245 Banro Corp T 79 Banro Corp* X 724 Bard Ventures V 244 Barkerville Go* O 148 Barkerville Go V 851 Baroyeca Go&Si V 5 Barrick Gold* N 43083 Barrick Gold T 11349 Barsele Min* O 97 Barsele Min V 345 Batero Gold V 450 Bayhorse Silvr* O 40 Bayhorse Silvr V 5481 Bayswater Uran V 44 Bayswater Uran* O 20 BC Moly V 48 BCM Res V 31 V 11 BE Res Bear Creek Mng V 651 Bearclaw Cap V 94 Bearing Lith* O 221 Bearing Lith V 215 Beaufield Res V 1217 Beaufield Res* O 143 Bell Copper V 123 Bell Copper* O 13 Belmont Res V 710 967 Belo Sun Mng T Benton Res V 492 160 Berkwood Res * O Berkwood Res V 1324 301 Big Wind Cap Bird River Res 1276 Bison Gold Res V 1001 Bitterroot Res* O 136 Bitterroot Res V 393 Black Dragon* O 15 Black Dragon V 1273 Black Hills* N 1930 Black Iron T 635 Black Sea Cop V 168 Black Sea Cop* O 33 Blackrock Gold V 165 Blind Crk Res V 87 718 Blue Moon Zinc V Blue Rvr Res V 2867 34 Blue Sky Uran* O Blue Sky Uran V 268 Bluestone Res V 98 Bonanza Gldfds* O 208 BonTerra Res V 1312 BonTerra Res* O 342 Borneo Res Inv* O 13245 Bravada Gold V 195 Bravada Gold* O 82 Braveheart Res V 331 O 16 Bravo Multinat* Bravura Vent * O 516 Bravura Vent 1130 Brazil Mnrls* O 2140 Brio Gold T 397 Britannia Mng* O 172 Brixton Mtls* O 360 Brixton Mtls V 470 Broadway Gold* O 196 Broadway Gold V 254 Brunswick Res V 46 Bryn Res* O 0 Buenaventura* N 5447 Buffalo Coal V 178 Bullfrog Gold* O 2340 Bullion Gld Res V 110 BWR Explor V 255

2.75 2.56 2.64 - 0.07 3.55 2.02 3.37 3.16 3.27 + 0.03 4.64 2.69 1.36 1.25 1.30 + 0.03 1.75 1.01 0.67 0.61 0.61 - 0.05 1.17 0.55 0.55 0.49 0.51 - 0.04 0.91 0.44 0.04 0.00 0.04 + 0.01 0.11 0.02 0.03 0.03 0.03 + 0.00 0.08 0.01 0.54 0.42 0.47 + 0.02 46.00 0.31 0.40 0.34 0.38 + 0.02 3.60 0.25 0.03 0.00 0.03 + 0.01 0.05 0.02 0.74 0.69 0.73 - 0.02 1.03 0.29 0.89 0.86 0.88 - 0.01 1.39 0.41 0.02 0.01 0.01 - 0.01 0.02 0.01 17.14 16.16 16.36 - 0.94 20.78 13.81 20.92 19.95 20.19 - 0.88 27.19 18.52 0.65 0.57 0.57 - 0.06 1.25 0.44 0.78 0.68 0.72 - 0.02 1.62 0.55 0.10 0.08 0.10 + 0.02 0.16 0.08 0.21 0.17 0.17 - 0.04 0.22 0.09 0.25 0.20 0.20 - 0.05 0.29 0.13 0.05 0.00 0.03 - 0.01 0.09 0.02 0.03 0.02 0.02 - 0.01 0.07 0.01 0.08 0.00 0.08 + 0.02 0.08 0.05 0.12 0.11 0.11 - 0.02 0.22 0.07 0.04 0.00 0.04 + 0.01 0.50 0.04 2.33 1.64 2.06 - 0.14 3.40 1.64 0.03 0.03 0.03 + 0.01 0.06 0.03 0.74 0.66 0.67 - 0.07 1.41 0.30 0.91 0.81 0.83 - 0.07 1.83 0.17 0.20 0.17 0.18 - 0.01 0.34 0.06 0.16 0.14 0.14 - 0.01 0.25 0.04 0.09 0.00 0.09 + 0.01 0.15 0.03 0.06 0.05 0.05 - 0.01 0.12 0.02 0.04 0.04 0.04 - 0.01 0.09 0.03 0.61 0.56 0.58 - 0.01 1.14 0.50 0.07 0.06 0.07 - 0.01 0.15 0.06 0.30 0.25 0.25 - 0.07 0.44 0.25 0.38 0.29 0.31 - 0.07 0.93 0.27 0.35 0.25 0.25 - 0.07 0.60 0.05 0.08 0.07 0.08 + 0.01 0.09 0.01 0.58 0.56 0.58 + 0.01 0.60 0.20 0.24 0.19 0.20 + 0.00 0.24 0.02 0.28 0.23 0.24 + 0.01 0.29 0.04 0.06 0.05 0.05 + 0.00 0.06 0.02 0.12 0.05 0.08 + 0.02 0.12 0.03 69.64 68.26 68.60 - 1.03 72.02 54.76 0.11 0.09 0.11 + 0.01 0.17 0.03 0.19 0.15 0.16 - 0.04 0.54 0.15 0.14 0.00 0.12 - 0.02 0.46 0.12 0.07 0.06 0.06 - 0.01 0.18 0.05 0.21 0.20 0.20 + 0.01 0.38 0.07 0.07 0.05 0.06 - 0.01 0.10 0.02 0.03 0.03 0.03 - 0.01 0.08 0.03 0.12 0.11 0.11 - 0.00 0.44 0.08 0.15 0.13 0.13 - 0.01 0.62 0.10 1.15 0.00 1.02 - 0.04 1.90 0.40 0.00 0.00 0.00 - 0.00 0.01 0.00 0.44 0.40 0.41 - 0.02 0.55 0.21 0.36 0.33 0.33 - 0.01 0.41 0.15 0.00 0.00 0.00 - 0.00 0.00 0.00 0.16 0.13 0.13 - 0.02 0.34 0.13 0.13 0.10 0.12 - 0.01 0.26 0.10 0.09 0.07 0.07 - 0.01 0.09 0.03 1.15 0.00 1.15 + 0.15 9.75 0.32 0.61 0.45 0.57 + 0.10 4.85 0.18 0.75 0.56 0.70 + 0.10 5.70 0.20 0.01 0.01 0.01 + 0.00 0.50 0.00 2.20 1.84 2.14 + 0.31 3.59 1.58 0.00 0.00 0.00 + 0.00 0.02 0.00 0.27 0.23 0.25 - 0.01 0.60 0.15 0.34 0.29 0.30 - 0.02 0.79 0.18 0.44 0.38 0.40 - 0.01 1.29 0.22 0.55 0.47 0.49 - 0.05 1.70 0.24 0.03 0.03 0.03 - 0.01 0.05 0.02 0.01 0.00 0.01 + 0.00 0.01 0.00 13.37 12.57 12.84 - 0.32 14.77 9.87 0.02 0.00 0.02 + 0.01 0.03 0.01 0.18 0.09 0.16 + 0.06 0.19 0.05 0.23 0.20 0.23 + 0.02 0.30 0.08 0.08 0.06 0.07 - 0.01 0.09 0.04

Cache Expl V 1487 Cache Expl* O 50 Cadillac Vent V 398 Caledonia Mng* X 26 Caledonia Mng T 22 California Gld V 552 California Go* O 50 Callinex Mines* O 744 Callinex Mines V 1129 Cameco Corp* N 7330 Cameco Corp T 4043 Camino Mnls V 436 Camino Mnls* O 33 Camrova Res* O 3 Canadian Mng V 224 Canadian Zeol V 700 Canadian Zeol* O 80 CanAlaska Uran* O 59 CanAlaska Uran V 103 Canamex Res* O 92 Canamex Res V 1217 Canarc Res* O 233 Canasil Res V 208 Candente Coppr T 282 Candente Gold V 556 Candente Gold* O 1 CANEX Metals V 8 CaNickel Mng V 21 Canoe Mng Vent V 488 Canterra Mnls V 306 Canuc Res V 166 Canyon Copper V 333 Canyon Copper* O 50 Canyon Gold* O 46087 Capstone Mng T 5323 Caracara Silvr V 7147 Cardero Res* O 178 Cardero Res V 245

0.12 0.11 0.11 - 0.01 0.31 0.07 0.09 0.09 0.09 - 0.01 0.21 0.09 0.05 0.04 0.05 - 0.01 0.06 0.03 6.28 5.83 5.87 - 0.47 7.30 5.44 7.75 7.25 7.26 - 0.27 12.10 6.30 0.63 0.49 0.50 - 0.12 0.76 0.23 0.49 0.41 0.41 - 0.08 0.50 0.21 0.37 0.31 0.33 + 0.01 0.50 0.21 0.45 0.39 0.41 + 0.02 0.67 0.28 10.26 9.81 9.98 - 0.16 13.36 7.41 12.50 12.11 12.30 - 0.03 17.65 9.88 0.58 0.50 0.50 - 0.07 2.23 0.15 0.46 0.44 0.44 - 0.02 1.62 0.00 0.06 0.01 0.01 - 0.05 0.21 0.00 0.74 0.00 0.65 - 0.02 0.79 0.10 0.50 0.41 0.43 - 0.02 1.95 0.32 0.40 0.34 0.35 - 0.01 1.46 0.29 0.30 0.28 0.30 + 0.01 0.69 0.24 0.37 0.35 0.37 + 0.01 0.90 0.33 0.08 0.06 0.08 - 0.01 0.13 0.06 0.10 0.08 0.09 - 0.02 0.19 0.08 0.07 0.06 0.07 - 0.00 0.10 0.05 0.15 0.13 0.15 + 0.02 0.64 0.13 0.10 0.09 0.09 - 0.01 0.14 0.06 0.05 0.04 0.05 + 0.01 0.08 0.03 0.03 0.00 0.03 - 0.01 0.05 0.02 0.07 0.00 0.07 - 0.01 0.14 0.05 0.11 0.09 0.09 - 0.04 0.33 0.05 0.14 0.11 0.12 - 0.01 0.15 0.04 0.04 0.03 0.03 - 0.01 0.08 0.03 0.50 0.39 0.39 - 0.11 0.60 0.25 0.22 0.19 0.20 - 0.01 0.29 0.06 0.18 0.15 0.18 + 0.01 0.22 0.09 0.01 0.00 0.00 - 0.00 0.18 0.00 1.38 1.29 1.33 - 0.02 1.81 0.68 0.02 0.01 0.02 + 0.01 0.02 0.01 0.13 0.08 0.12 + 0.05 0.19 0.05 0.15 0.10 0.14 + 0.05 0.24 0.07

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Cariboo Rose V 483 0.14 0.11 0.14 - 0.02 0.26 0.07 Carlin Gold V 128 0.09 0.07 0.08 - 0.01 0.10 0.03 Carrara Explor 537 0.80 0.70 0.75 - 0.05 1.00 0.35 0.07 + 0.01 0.16 0.03 Cartier Iron 37 0.10 0.06 Cartier Res V 385 0.29 0.27 0.27 + 0.01 0.38 0.12 Cascadero Copp V 210 0.09 0.08 0.08 - 0.01 0.16 0.08 Castle Silver V 591 0.21 0.19 0.21 + 0.01 0.30 0.02 Castle Silver* O 100 0.18 0.16 0.17 + 0.01 0.22 0.03 Cautivo Mining 4 0.56 0.00 0.56 + 0.01 0.85 0.20 Cava Res V 249 0.26 0.21 0.23 - 0.01 0.59 0.15 Cava Res* O 120 0.21 0.17 0.19 - 0.02 0.21 0.14 Cavan Vent V 751 0.09 0.05 0.09 + 0.03 0.09 0.02 Cda Carbon V 158 0.15 0.13 0.14 - 0.02 0.31 0.11 Cda Rare Earth* O 152 0.04 0.02 0.03 + 0.00 0.05 0.02 265 0.04 0.04 0.04 + 0.01 0.06 0.03 Cda Rare Earth V Cda Strtgc Met V 255 0.10 0.09 0.09 - 0.01 0.16 0.09 Cda Strtgc Met * O 57 0.07 0.07 0.07 - 0.00 0.12 0.07 419 0.34 0.30 0.31 - 0.03 0.48 0.22 Cda Zinc Mtls V Cdn Metals 270 0.07 0.06 0.06 - 0.01 0.19 0.05 V 41 0.23 0.00 0.22 - 0.03 0.53 0.19 Cdn Orebodies 187 0.11 0.09 0.10 - 0.01 0.12 0.02 Cdn Silvr Hunt V Cdn Zinc* O 281 0.17 0.15 0.15 - 0.01 0.24 0.11 Cdn Zinc T 779 0.21 0.19 0.19 - 0.01 0.32 0.15 Centamin T 72 2.31 2.25 2.29 - 0.07 3.23 1.84 O 85 0.07 0.05 0.06 + 0.01 0.11 0.01 Centaurus Diam* Centenera Mng V 88 0.19 0.17 0.17 - 0.01 0.50 0.15 O 28 0.16 0.15 0.15 - 0.01 0.37 0.10 Centenera Mng* Centerra Gold T 2566 9.13 8.74 9.10 + 0.19 9.29 5.56 V 114 0.05 0.04 0.05 + 0.01 0.09 0.04 Centurion Mnls Ceylon Graph V 200 0.20 0.00 0.19 - 0.01 0.45 0.16 Chalice Gold M T 650 0.15 0.15 0.15 + 0.01 0.19 0.14 133 0.10 0.10 0.10 - 0.00 0.15 0.09 Chalice Gold M* O Champion Bear V 106 0.15 0.14 0.14 - 0.01 0.28 0.06 O 14 0.84 0.81 0.84 + 0.00 1.12 0.17 Champion Iron* Champion Iron T 776 1.06 1.00 1.05 + 0.03 1.47 0.23 V 12 0.42 0.00 0.42 + 0.04 0.90 0.15 Chatham Rock Chesapeake Gld* O 15 3.23 2.94 2.94 - 0.11 4.26 2.28 Chevron Corp* N 26162 117.83 114.32 117.29 + 2.66 119.00 97.79 336 0.07 0.06 0.06 - 0.01 0.14 0.06 Chiboug Ind Mn V V 339 0.10 0.09 0.10 + 0.01 0.33 0.08 Chilean Metals Chilean Metals* O 42 0.09 0.06 0.08 + 0.01 0.24 0.06 0.12 + 0.05 0.13 0.05 Chimata Gold V 113 0.12 0.07 2.20 1.96 2.03 - 0.22 3.67 1.82 China Gold Int T 2275 China Mnls Mng* O 11 0.20 0.00 0.16 + 0.01 0.20 0.14 103 0.23 0.00 0.23 + 0.06 0.75 0.16 China Mnls Mng V CIM Intl Grp 16 0.10 0.00 0.10 - 0.02 0.98 0.08 0.06 - 0.01 0.19 0.06 CKR Carbon V 624 0.07 0.06 Claim Post Res V 285 0.12 0.09 0.11 + 0.02 0.13 0.02 0.08 + 0.01 0.16 0.07 Cleghorn Mnls V 59 0.08 0.08 7.42 6.78 6.86 - 0.27 12.37 4.91 Cleveland-Clif* N 43918 Clifton Mng* O 107 0.12 0.11 0.12 + 0.03 0.16 0.07 Cloud Peak En* N 4820 3.60 3.19 3.59 + 0.27 8.04 2.78 0.06 - 0.01 0.10 0.06 CMC Metals* O 14 0.07 0.06 CNRP Mng* O 93 0.70 0.46 0.46 - 0.09 1.00 0.07 148 9.55 9.20 9.40 - 0.04 13.20 7.42 Cobalt 27 Cap V Cobalt Pwr Grp* O 312 0.16 0.11 0.16 + 0.04 0.14 0.06 0.19 0.14 0.18 + 0.04 0.19 0.05 Cobalt Pwr Grp V 6208 CobalTech M’g* O 15 0.13 0.11 0.12 - 0.00 0.32 0.08 CobalTech M’g V 2121 0.15 0.14 0.14 - 0.01 0.45 0.11 N 11242 9.58 8.91 9.08 - 0.20 13.18 7.30 Coeur Mng* Colibri Res V 100 0.14 0.12 0.12 - 0.03 0.28 0.11 O 140 0.01 0.01 0.01 + 0.00 0.02 0.00 Colombia Crest* Colonial Coal V 1375 0.13 0.11 0.11 - 0.01 0.24 0.09 0.30 - 0.03 0.46 0.18 Colorado Res V 2090 0.34 0.28 Colorado Res* O 322 0.28 0.23 0.23 - 0.03 0.37 0.13 Columbus Gold* O 572 0.59 0.51 0.53 - 0.04 0.83 0.31 T 513 0.70 0.62 0.68 - 0.02 1.09 0.42 Columbus Gold Comet Inds V 86 3.05 3.00 3.05 + 0.05 3.20 2.50 V 747 0.06 0.05 0.06 + 0.01 0.07 0.03 Commander Res Commerce Res* O 168 0.08 0.07 0.08 - 0.00 0.09 0.04 V 1183 0.10 0.09 0.09 - 0.01 0.11 0.05 Commerce Res Comstock Mng* X 11956 0.18 0.16 0.17 - 0.01 0.38 0.13 Comstock Mtls V 265 0.12 0.10 0.11 - 0.02 0.29 0.10 Confedertn Ml* O 4 0.60 0.60 0.60 + 0.02 0.80 0.38 V 214 0.81 0.71 0.75 + 0.05 1.06 0.46 Confedertn Mls Cons Woodjam V 26 0.06 0.06 0.06 - 0.02 0.09 0.04 N 12373 16.36 15.59 16.27 + 0.59 22.34 13.55 CONSOL Energy* V 284 0.30 0.27 0.27 - 0.03 0.35 0.09 Constantine Mt Contact Gold V 40 0.75 0.69 0.73 - 0.01 1.10 0.68 2.56 + 0.06 4.39 1.90 Contintl Gold* O 122 2.63 2.45 Contintl Gold T 2920 3.22 2.99 3.16 + 0.13 5.75 2.62 0.30 - 0.01 0.44 0.25 Contintl Prec V 48 0.33 0.00 Copper Ck Gold V 134 0.04 0.03 0.03 - 0.01 0.11 0.03 909 0.18 0.16 0.16 + 0.01 0.19 0.11 Copper Fox Mtl V Copper Fox Mtl* O 11 0.14 0.14 0.14 + 0.00 0.15 0.08 Copper Lake Rs V 84 0.04 0.04 0.04 + 0.01 0.08 0.03 60 1.03 0.95 0.95 - 0.05 1.15 0.32 Copper Mtn Mng* O Copper Mtn Mng T 1333 1.27 1.16 1.17 - 0.05 1.42 0.42 Copper North M* O 1 0.07 0.00 0.07 + 0.00 0.15 0.00 Copper Reef Mg 670 0.03 0.02 0.02 - 0.01 0.05 0.02 Copperbank Res* O 187 0.12 0.10 0.11 + 0.00 0.14 0.04 Copperbank Res 1168 0.14 0.00 0.13 + 0.01 0.18 0.05 Coral Gold * O 22 0.29 0.28 0.29 - 0.00 0.30 0.20 Cordoba Mnls* O 270 0.54 0.47 0.48 - 0.05 1.21 0.45 0.58 - 0.07 1.59 0.58 Cordoba Mnls V 658 0.65 0.58 Corex Gold* O 93 0.10 0.00 0.10 - 0.00 0.13 0.07 Cornerstone Ca V 1621 0.40 0.35 0.37 - 0.05 0.55 0.11 Cornerstone Ca* O 310 0.33 0.29 0.29 - 0.05 0.44 0.08 Cornerstone Mt* O 196 0.07 0.06 0.06 - 0.07 0.14 0.04 Coro Mining T 397 0.14 0.13 0.13 - 0.01 0.20 0.10 Coronet Mtls V 108 0.15 0.11 0.11 - 0.03 0.71 0.11 0.10 + 0.00 0.56 0.09 Coronet Mtls* O 76 0.11 0.10 Corsa Coal V 180 1.55 1.39 1.40 + 0.01 3.82 1.34 Corsa Coal * O 19 1.24 1.13 1.13 - 0.04 2.93 1.10 Corvus Gold* O 147 0.69 0.60 0.65 + 0.03 0.74 0.37 Corvus Gold T 345 0.85 0.74 0.80 + 0.04 0.97 0.50 Cresval Cap V 78 0.05 0.04 0.04 - 0.01 0.06 0.04 Critical Elem* O 61 1.41 1.31 1.34 - 0.09 1.44 0.31 Critical Elem V 925 1.73 1.61 1.65 - 0.07 1.79 0.39 Crown Mining V 53 0.09 0.09 0.09 - 0.01 0.18 0.07 Cruz Cobalt* O 306 0.19 0.17 0.19 - 0.00 0.23 0.09 0.23 + 0.01 0.31 0.11 Cruz Cobalt V 691 0.23 0.21 Crystal Lake* O 31 0.20 0.17 0.17 - 0.03 0.25 0.13 Crystal Lake V 55 0.25 0.19 0.21 + 0.01 0.40 0.16 Crystal Peak V 16 0.42 0.37 0.40 - 0.02 0.56 0.24 Curlew Lke Res V 22 0.85 0.75 0.80 - 0.07 1.49 0.10 Currie Rose Rs V 126 0.06 0.05 0.06 + 0.01 0.08 0.04 Cypress Dev V 530 0.13 0.11 0.13 + 0.02 0.15 0.08 Cypress Dev* O 108 0.11 0.09 0.10 + 0.01 0.11 0.06

D-F Dajin Res V 597 Dajin Res* O 399 Dakota Ter Res* O 15 Daleco Res* O 350 Dalradian Res* O 327 Dalradian Res T 911 Damara Gold V 846 Damara Gold* O 1 Danakali* O 25 Darnley Bay V 773 Darnley Bay* O 90 Debut Dmds 154 Decade Res* O 1060 Decade Res V 1600 Deep-South Res V 356 Defiance Silvr V 254 Defiance Silvr* O 140 Delrand Res V 65 Denison Mines T 1592 Denison Mines* X 1114 Desert Gold V 227 Detour Gold T 5474 Diamante Min* O 203 Diamcor Mng V 45 Diamcor Mng* O 9

0.14 0.11 0.12 - 0.02 0.18 0.08 0.11 0.09 0.10 - 0.01 0.13 0.06 0.04 0.03 0.04 - 0.00 0.10 0.02 0.01 0.00 0.00 - 0.00 0.03 0.00 1.35 1.17 1.20 - 0.11 1.37 0.78 1.64 1.46 1.47 - 0.18 1.78 1.06 0.15 0.11 0.14 - 0.01 0.18 0.04 0.11 0.00 0.11 - 0.03 0.14 0.02 0.55 0.51 0.54 - 0.03 0.65 0.27 0.24 0.22 0.23 + 0.01 0.29 0.22 0.19 0.18 0.18 - 0.01 0.44 0.10 0.02 0.01 0.02 + 0.01 0.03 0.01 0.15 0.12 0.14 - 0.01 0.16 0.03 0.18 0.14 0.15 - 0.03 0.20 0.04 0.24 0.19 0.24 - 0.01 0.39 0.08 0.36 0.31 0.33 - 0.02 0.49 0.21 0.29 0.26 0.27 - 0.02 0.36 0.16 1.65 1.59 1.60 - 0.05 1.94 0.40 0.63 0.57 0.63 + 0.05 1.10 0.49 0.50 0.46 0.49 + 0.01 0.84 0.37 0.26 0.17 0.24 + 0.04 0.40 0.14 15.72 14.56 14.82 - 0.92 30.09 13.24 0.09 0.07 0.07 - 0.01 0.21 0.02 0.66 0.62 0.63 - 0.01 1.50 0.62 0.54 0.52 0.52 - 0.02 1.11 0.52

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

0.06 0.07 + 0.01 0.13 Dios Expl V 110 0.07 0.06 0.60 0.65 - 0.01 0.69 O 2 0.66 0.65 Discovery Met* 0.03 0.03 - 0.01 0.36 O 86 0.04 0.03 Diversified Rs* 0.02 0.10 - 0.01 0.16 DNI Metals 4983 0.11 0.07 0.00 0.08 + 0.00 0.13 DNI Metals* O 391 0.08 0.05 0.00 0.03 - 0.00 0.13 16732 0.04 0.03 O Dolat Ventures* 0.62 0.56 0.61 - 0.01 0.71 0.35 81 Dolly Vard Sil* O 0.74 0.64 0.74 + 0.02 0.88 0.45 336 Dolly Vard Sil V 11.07 17.50 + 0.27 18.27 Dominion Diam T 781 17.56 17.26 14.18 + 0.02 14.20 8.29 N 5656 14.20 14.15 Dominion Diam* 0.14 0.09 0.27 + 0.27 0.27 0.18 80 Dorex Mnrls* O 0.10 0.31 + 0.04 0.33 Dorex Mnrls V 122 0.33 0.00 0.04 0.05 - 0.01 0.19 V 1036 0.06 0.05 Doubleview Cap 2.84 3.80 - 0.16 6.67 DRDGOLD* N 607 3.95 3.67 2.63 2.34 2.41 - 0.05 3.70 1.87 675 Dundee Prec Mt T 0.14 0.15 - 0.03 0.31 O 18 0.18 0.15 Dunnedin Vent* 0.05 0.08 - 0.01 0.36 Durango Res V 487 0.09 0.08 0.05 0.07 - 0.01 0.22 Durango Res* O 50 0.07 0.07 0.25 0.31 + 0.02 0.60 DuSolo Fertil V 48 0.31 0.26 2.01 1.94 1.98 - 0.02 3.19 1.82 83 Dynacor Gld Mn T 1.65 1.58 1.60 - 0.05 2.44 1.37 22 Dynacor Gld Mn* O 0.25 1.45 - 0.45 2.00 O 1 1.90 1.45 Dynamic Gold* 0.13 0.27 + 0.01 0.32 O 21 0.28 0.25 Dynasty Met&Mn* 0.17 0.33 + 0.04 0.45 V 185 0.35 0.31 Dynasty Met&Mn 0.18 0.40 - 0.02 0.78 E3 Metals V 197 0.43 0.40 0.03 0.03 - 0.01 0.05 V 126 0.03 0.03 Eagle Graphite 0.02 0.02 - 0.01 0.04 O 60 0.02 0.02 Eagle Graphite* 0.11 0.16 - 0.01 0.24 Eagle Plains V 340 0.16 0.15 0.24 0.23 0.24 + 0.02 0.33 0.17 343 V East Africa 0.18 0.18 0.18 - 0.00 0.24 0.13 17 O East Africa * 0.15 0.13 0.13 - 0.02 0.49 0.10 73 East Asia Mnls* O 0.07 0.09 + 0.02 0.30 EastCoal Inc V 1069 0.11 0.07 0.19 0.26 + 0.02 0.58 O 1 0.26 0.26 Eastern Platin* 0.23 0.33 + 0.02 0.80 Eastern Platin T 188 0.35 0.30 0.10 0.17 - 0.04 0.30 Eastern Zinc V 25 0.17 0.17 0.03 0.05 + 0.01 0.08 Eastfield Res V 457 0.05 0.04 0.21 0.26 - 0.02 0.71 Eastmain Res* O 311 0.30 0.26 0.30 0.32 - 0.03 0.97 Eastmain Res T 1392 0.36 0.32 0.37 0.33 0.33 - 0.01 0.87 0.13 48 Eco Oro Mnls T 0.46 1.35 - 0.10 1.48 eCobalt Solns T 991 1.44 1.35 0.34 1.10 - 0.07 1.22 O 947 1.22 1.09 eCobalt Solns* 0.13 0.17 - 0.02 0.28 V 786 0.17 0.16 Edgewater Expl 0.05 0.04 0.05 - 0.00 2.35 0.04 El Capitan Prc* O 1811 0.17 0.21 + 0.03 0.40 Elcora Res V 161 0.21 0.18 0.14 0.16 + 0.00 0.32 Elcora Res* O 6 0.17 0.16 1.77 2.26 - 0.06 4.27 47059 2.35 2.17 N Eldorado Gold* 2.24 2.80 - 0.02 5.63 Eldorado Gold T 11769 2.88 2.68 0.36 0.85 + 0.01 0.86 Eloro Mnrls V 35 0.86 0.84 0.15 0.13 0.14 - 0.01 0.26 0.11 650 Ely Gold & Mnl V 0.12 0.10 0.11 - 0.01 0.20 0.08 222 Ely Gold & Mnl* O 0.30 0.36 - 0.01 0.49 Elysee Dev V 33 0.38 0.00 0.31 0.27 0.27 - 0.01 0.37 0.23 6 O Elysee Dev * 0.15 0.24 - 0.06 0.40 Emgold Mng V 47 0.31 0.00 0.75 0.86 - 0.04 1.24 EMX Royalty* X 322 0.92 0.84 1.02 1.07 - 0.01 1.60 EMX Royalty V 116 1.20 1.02 0.03 0.05 + 0.01 0.13 O 310 0.06 0.04 Encanto Potash* 0.05 0.06 + 0.01 0.17 V 9809 0.07 0.05 Encanto Potash 17.37 24.19 + 1.01 28.81 Endeavour Mng T 648 24.38 22.50 13.00 19.52 + 0.54 21.89 O 22 19.74 18.41 Endeavour Mng* 2.08 2.42 - 0.05 5.47 N 8332 2.48 2.33 Endeavr Silver* 2.64 3.00 + 0.01 7.59 Endeavr Silver T 1774 3.02 2.87 0.04 0.07 - 0.01 0.10 V 289 0.07 0.06 Endurance Gold 1.74 2.04 - 0.16 3.53 Energy Fuels T 396 2.20 2.03 1.29 1.64 - 0.10 2.71 Energy Fuels* X 746 1.83 1.63 0.12 0.12 - 0.02 0.18 O 41 0.13 0.12 Enforcer Gold* 0.13 0.13 - 0.02 0.28 Enforcer Gold V 1045 0.16 0.13 0.03 0.20 - 0.04 0.50 Engold Mines* O 61 0.22 0.20 0.21 0.45 - 0.01 0.72 Entree Gold* X 657 0.48 0.43 0.36 1.40 0.07 - 0.73 0.67 0.81 602 Erdene Res Dev T 0.67 0.57 0.59 - 0.07 1.00 0.26 257 Erdene Res Dev* O 0.12 0.12 - 0.01 0.42 Erin Ventures V 115 0.14 0.12 0.16 0.14 0.15 + 0.01 0.16 0.10 39 Eros Res Corp* O 0.21 0.00 0.18 + 0.01 0.21 0.15 889 Eros Res Corp V 0.21 0.00 0.18 + 0.01 0.21 0.15 889 Eros Res Corp V 0.13 0.15 + 0.01 0.30 Ethos Gold V 418 0.15 0.13 0.10 0.12 + 0.01 0.23 Ethos Gold* O 100 0.12 0.10 0.04 0.05 - 0.02 0.15 Eureka Res V 796 0.05 0.04 1.28 1.06 1.10 - 0.19 1.55 0.47 29 Euro Sun Mg* O 1.60 1.28 1.46 - 0.06 2.02 0.62 516 T Euro Sun Mg 0.23 0.26 - 0.03 0.59 O 30 0.28 0.26 EurOmax Res* 0.30 0.33 - 0.02 0.81 EurOmax Res T 54 0.34 0.32 0.04 0.06 + 0.01 0.12 V 19 0.06 0.00 Eurotin 0.03 0.03 - 0.01 0.09 Everton Res* O 16 0.04 0.03 0.13 0.30 + 0.03 0.39 Evolving Gold 910 0.30 0.26 0.10 0.24 + 0.02 0.29 O 60 0.24 0.21 Evolving Gold* 0.16 0.26 + 0.01 0.36 Evrim Res V 231 0.27 0.24 1.22 1.99 + 0.19 2.30 Excellon Res T 1586 2.05 1.77 0.92 1.59 + 0.11 1.87 Excellon Res* O 656 1.66 1.46 0.26 0.95 - 0.02 1.18 O 51 1.02 0.95 Excelsior Mng* 0.35 1.19 - 0.02 1.48 Excelsior Mng T 422 1.24 1.16 0.02 0.02 0.02 + 0.00 0.03 0.00 79 ExGen Res Inc* O 0.03 0.02 0.02 - 0.01 0.04 0.01 355 ExGen Res Inc V 0.04 0.06 - 0.00 0.09 Explor Res* O 28 0.07 0.06 0.06 0.07 - 0.01 0.11 Explor Res V 2323 0.08 0.07 0.10 0.20 - 0.01 0.29 Explorex Res 25 0.21 0.20 0.02 0.03 + 0.01 0.16 Fairmont Res V 831 0.03 0.02 0.77 1.10 + 0.01 1.65 Falco Res V 1162 1.17 1.05 0.93 0.86 0.90 + 0.01 1.17 0.57 216 O Falco Res * 0.05 0.25 - 0.01 0.41 Far Res* O 247 0.41 0.23 0.05 0.32 - 0.01 0.38 Far Res 6596 0.32 0.27 2.65 2.50 2.50 - 0.20 3.00 1.49 189 Filo Mg Corp V 0.22 0.25 - 0.05 0.53 Fiore Explor* O 49 0.30 0.25 0.02 0.02 - 0.01 0.04 Firebird Res V 1500 0.02 0.00 0.03 0.08 - 0.01 0.15 Firestone Vent V 71 0.08 0.07 0.75 0.80 - 0.01 1.00 Fireweed Zinc V 172 0.81 0.75 0.03 0.00 0.12 + 0.06 0.08 0.04 198 O Firma Holdings* 0.22 0.61 - 0.02 0.92 First Cobalt V 2068 0.66 0.56 0.55 0.45 0.47 - 0.05 0.67 0.31 193 First Cobalt * O 0.04 0.05 - 0.01 0.10 First Energy V 9 0.05 0.00 7.20 6.70 7.14 + 0.13 11.86 5.92 First Majestic* N 15086 8.82 8.25 8.81 + 0.23 17.05 7.51 First Majestic T 2600 0.01 0.02 - 0.00 0.03 First Mexican* O 60 0.03 0.01 0.68 0.62 0.63 - 0.07 1.10 0.57 T 3142 First Mg Fin 0.57 0.50 0.52 - 0.05 0.84 0.42 First Mg Fin * O 3135 0.05 0.09 + 0.01 0.12 First Point* O 180 0.09 0.08 14.03 + 0.77 17.55 9.69 First Quantum T 12509 14.09 13.24 0.06 0.06 0.06 - 0.01 0.13 0.05 251 V Fission 3.0 0.49 0.69 + 0.03 0.92 Fission Uran T 1105 0.69 0.65 0.36 0.56 + 0.02 0.70 Fission Uran* O 517 0.56 0.53 0.29 0.23 0.29 + 0.03 0.55 0.17 696 Five Star Diam V 0.22 0.14 0.22 + 0.08 0.22 0.14 53 Five Star Diam* O 0.10 0.50 + 0.03 0.59 Fjordland Exp V 341 0.52 0.45 0.07 0.39 - 0.04 0.47 O 33 0.39 0.36 Fjordland Exp* 0.04 0.05 - 0.00 0.11 O 388 0.06 0.04 Focus Graphite* 0.06 0.06 - 0.01 0.15 V 1535 0.07 0.06 Focus Graphite 0.17 0.30 + 0.01 0.47 Foran Mng V 278 0.30 0.30 0.06 0.01 0.28 + 0.13 Forsys Metals T 360 0.14 0.13 3.35 4.15 - 0.36 5.50 O 8 4.33 4.15 Fortescue Mtls* 5.96 5.65 5.78 - 0.01 10.67 5.44 T 1818 Fortuna Silvr 4.11 4.68 - 0.07 7.79 Fortuna Silvr* N 5459 4.87 4.59 0.30 0.40 - 0.01 0.64 Fortune Bay* O 2 0.41 0.00 0.10 0.21 + 0.01 0.34 Fortune Mnrls T 2341 0.23 0.21 0.07 0.18 + 0.01 0.26 O 544 0.19 0.17 Fortune Mnrls* 0.11 0.13 - 0.01 0.16 Four Nines 31 0.14 0.13 0.12 0.00 0.10 + 0.01 0.15 0.04 71 Fox River Res 0.08 0.08 0.08 + 0.00 0.10 0.02 4 Fox River Res* O 53.31 79.32 - 1.57 85.03 N 3018 82.05 78.35 Franco-Nevada* Franco-Nevada T 2500 100.51 96.84 97.88 - 0.84 104.00 71.44 0.00 0.00 + 0.00 0.01 Franklin Mng* O 60 0.00 0.00 0.09 0.10 + 0.01 0.14 Freedom Egy V 713 0.10 0.09 0.08 0.13 - 0.01 0.21 Freegold Vent T 96 0.14 0.13 14.06 + 0.18 17.06 9.24 N 82907 14.68 13.82 Freeport McMoR* 0.03 0.03 - 0.02 0.09 Freeport Res V 347 0.04 0.03 0.06 0.16 + 0.01 0.20 Fremont Gold V 20 0.17 0.15 13.18 19.30 - 0.80 24.37 Fresnillo plc* O 10 19.85 18.60 0.24 0.42 + 0.02 0.46 Frontier Lith V 475 0.44 0.39 0.01 0.02 - 0.01 0.04 Frontline Gold V 435 0.03 0.02

2017-09-25 2:58 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 2â&#x20AC;&#x201C;15, 2017

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

Week

12-month

Exc Volume High Low Last Change High Low

Fura Gems V 362 0.44 0.37 0.44 + 0.05 0.50 0.12

G-H Gabriel Res T 399 Gainey Capital V 98 Galane Gold V 102 Galantas Gold* O 69 Galway Gold V 182 Galway Mtls* O 122 Galway Mtls V 288 Garibaldi Res V 6039 Garibaldi Res * O 411 GB Minerals V 52 General Moly* X 584 Genesis Mtls* O 183 Genesis Mtls V 343 Genius Props 195 Gensource Pot V 455 Gentor Res V 13 Geodex Mnrls* O 1 Geologix Expl* O 26 Geologix Expl V 415 Geomega Res* O 55 Geomega Res V 4269 Gespeg Cop Res V 357 GFG Resources* O 154 GGL Res* O 2 GGL Res V 1827 GGX Gold V 982 Giga Metals* O 230 Giga Metals V 392 Gitennes Expl V 154 Giyani Gold* O 198 Gldn Predator V 669 Gldn Predator* O 135 Glen Eagle Res V 980 Global Energy V 191 Global Li-Ion 561 Globex Mng T 245 Globex Mng* O 31 GMV Minerals* O 32 GMV Minerals V 189 GoGold Res T 181 O 1255 Gold Dynamics* Gold Fields* O 9 Gold Fields* N 21638 Gold Reach Res V 33 Gold Reserve* O 43 Gold Reserve V 152 Gold Resource* X 2341 Gold Std Vents V 439 Gold Std Vents* X 1558 Goldbank Mng V 20 O 14 Goldbank Mng* Goldcliff Res* O 186 Goldcliff Res V 196 Goldcorp T 11587 Goldcorp* N 38737 Golden Arrow V 446 Golden Arrow* O 363 Golden Cariboo V 23 Golden Dawn Ml V 1791 Golden Dawn Ml* O 45 Golden Eagle* O 72 Golden Global* O 347 Golden Goliath V 86 O 84 Golden Goliath* Golden Hope V 99 Golden Hope* O 88 Golden Mnls T 53 Golden Mnls* X 948 Golden Peak Mn V 53 Golden Queen* O 667 Golden Queen T 215 Golden Reign V 512 Golden Secret V 369 Golden Share V 86 Golden Star T 649 Golden Star* X 9738 Golden Tag V 584 Golden Valley* O 74 Golden Valley V 471 Goldex Res V 17 O 219 Goldgroup Mng* Goldgroup Mng T 380 GoldMining V 1323 GoldON Res V 68 GoldQuest Mng V 964 Goldrea Res 120 Goldsource Min* O 43 Goldstrike Res V 277 GoviEx Uranium* O 288 GoviEx Uranium V 1261 Gowest Gold* O 42 Gowest Gold V 824 GPM Metals V 565 Gran Colombia* O 259 T 1488 Gran Colombia Granada Gold V 3371 Granada Gold* O 130 Grande Portage V 426 Graphite Corp* O 260 Graphite One V 1474 Graphite One* O 1494 Gray Rock Res V 32 Great Atlantic V 423 Great Bear Res* O 26 Great Bear Res V 366 Great Lakes Gr V 2525 Great Lakes Gr* O 536 Great Panther T 289 Great Panther* X 2743 Great Quest Fe V 104 Great Thunder V 2985 Great Western* O 680 Green Valley M V 23 Greencastle Rs V 237 Greenland M&En* O 236 Grizzly Discvr V 406 Grizzly Discvr* O 130 Group Ten Mtls* O 52 Group Ten Mtls V 1216 GrowMax Res* O 72 GrowMax Res V 428 GT Gold * O 298 GT Gold V 2524 GTA Res & Mng V 149 Gungnir Res* O 188 Guyana Gldflds T 4667 Guyana Goldstr V 108 Halio Energy V 7 Handa Copper V 155 Hannan Metals V 114 Hannan Metals* O 33 Harfang Explor V 28 Harmony Gold* N 17379 Harte Gold* O 213 Harte Gold T 1210 Harvest Gold V 28 Heatherdale Rs V 307 Hecla Mining* N 19102 Hellix Vent* O 48 Highland Copp* O 76 Highland Copp V 1386 45 Highway 50 Gld V Highway 50 Gld* O 21

20-22_Oct2_StockTables.indd 21

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(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Hinterland Mtl V 397 Hochschild Mg* O 12 Homeland Egy V 96 Honey Badger E V 51 T 2982 Horizonte Mnls Hornby Bay Mnl V 16 HudBay Mnls* N 2992 HudBay Mnls T 7989 Hudson Res V 170 Hudson Res* O 111 Hunt Mng* O 55 Hunt Mng V 238

0.03 0.03 0.03 - 0.01 0.06 0.02 3.25 3.12 3.22 - 0.13 4.37 2.25 0.15 0.10 0.15 - 0.07 2.25 0.18 0.08 0.06 0.07 - 0.01 0.20 0.05 0.06 0.05 0.05 - 0.01 0.06 0.03 0.07 0.06 0.06 - 0.01 0.09 0.03 8.00 7.32 7.45 - 0.05 9.35 3.57 9.80 9.04 9.15 - 0.01 11.95 4.74 0.47 0.45 0.45 - 0.01 0.80 0.31 0.38 0.37 0.37 - 0.01 0.60 0.24 0.16 0.12 0.12 - 0.03 0.31 0.11 0.17 0.13 0.15 - 0.04 0.40 0.13

I-Minerals V 79 I-Minerals* O 97 IAMGOLD* N 32256 IAMGOLD T 7831 IC Potash* O 125 Icon Explor V 1156 212 Iconic Mnls * O Iconic Mnls V 984 Idaho North* O 60 IDM Mining* O 1516 IEMR Res V 399 iMetal Res* O 135 iMetal Res V 804 IMPACT Silver V 1431 O 11 Imperial Metal* Imperial Metal T 83 Inca One Gold V 187 Inca One Gold* O 2 Inception Mng * O 15 Independence G V 64 Indico Res V 205 Indigo Expl V 317 Inspiration Mg* O 3 Inter-Rock Mnl V 17 Intl Cobalt 182 Intl Lithium* O 1319 Intl Lithium V 1172 Intl Millm Mng V 517 Intl Samuel Ex* O 14 Intl Samuel Ex V 2232 Intl Star* O 189788 777 Intl Tower Hil* X Intl Tower Hil T 123 Intrepid Pots* N 8286 INV Metals T 37 INV Metals* O 19 Inventus Mg * O 79 Inventus Mg V 175 Ireland* O 212 Ironside Res V 51 Irving Res 182 Irving Res* O 88 V 40 Itafos Itafos* O 4 Itoco Mg Corp* O 670 Ivanhoe Mines* O 697 Ivanhoe Mines T 8360 Jaguar Mng* O 118 Jaguar Mng T 2990 Japan Gold V 463 Japan Gold* O 90 Jaxon Mining* O 64 Jaxon Mining V 1648 Jayden Res V 1121 Jourdan Res V 4766 K2 Gold V 121 K92 Mng Inc* O 537 V 2042 K92 Mng Inc Kairos Cap V 66 Kaizen Discov V 141 Kaizen Discvry* O 25 Karmin Expl V 70 Karnalyte Res T 85 Katanga Mng T 5525 Kenadyr Mining V 1102 O 41 Kenadyr Mining* Kennady Diam V 3 Kermode Res V 209 Kerr Mines* O 1512 Kerr Mines T 4570 Kesselrun Res* O 1 Kesselrun Res V 421 Kestrel Gold V 2037 Khan Res 287 Kincora Copper* O 67 Kincora Copper V 140 Kings Bay Res V 1768 Kingsmen Res V 32 Kinross Gold T 17032 Kinross Gold* N 55695 Kintavar Exp V 66 Kirkland Lake* N 1922 Kirkland Lake T 4436 Kitrinor Mtls V 183 Klondex Mines T 2376 Klondike Gold V 2418 Klondike Gold* O 436 Knick Expl V 508 V 324 Kombat Copper Komet Resource V 37 Kootenay Silvr V 2019 Kootenay Silvr* O 182 Kootenay Zinc 256 Kootenay Zinc* O 28

0.39 0.35 0.35 - 0.01 0.60 0.27 0.32 0.29 0.29 + 0.00 0.44 0.20 6.52 6.03 6.31 - 0.26 7.25 3.14 7.97 7.48 7.80 - 0.22 8.87 4.18 0.02 0.00 0.02 + 0.00 0.11 0.01 0.09 0.05 0.09 + 0.01 0.10 0.01 0.04 0.04 0.04 - 0.00 0.24 0.03 0.05 0.04 0.04 - 0.01 0.33 0.04 0.03 0.02 0.02 - 0.01 0.12 0.01 0.12 0.10 0.11 - 0.01 0.17 0.08 0.02 0.02 0.02 + 0.01 0.05 0.01 0.06 0.06 0.06 + 0.01 0.07 0.03 0.08 0.07 0.07 - 0.01 0.09 0.04 0.35 0.28 0.33 - 0.01 0.88 0.28 2.82 2.64 2.73 - 0.18 5.86 2.16 3.50 3.29 3.35 - 0.06 7.89 2.94 0.11 0.10 0.10 - 0.01 0.50 0.08 0.08 0.08 0.08 - 0.01 0.35 0.06 0.30 0.00 0.30 - 0.02 0.80 0.15 0.19 0.18 0.19 - 0.01 0.29 0.13 0.02 0.02 0.02 - 0.01 0.04 0.01 0.06 0.04 0.04 - 0.02 0.06 0.02 0.02 0.01 0.01 - 0.00 0.06 0.01 0.29 0.25 0.25 - 0.05 0.40 0.03 0.14 0.10 0.14 + 0.04 0.30 0.00 0.13 0.10 0.10 - 0.02 0.16 0.06 0.15 0.13 0.14 - 0.01 0.20 0.07 0.03 0.03 0.03 - 0.01 0.06 0.03 0.11 0.09 0.09 - 0.03 0.12 0.04 0.14 0.10 0.12 - 0.02 0.15 0.05 0.00 0.00 0.00 + 0.00 0.00 0.00 0.61 0.53 0.55 - 0.04 0.99 0.43 0.75 0.69 0.71 - 0.03 1.25 0.57 4.24 3.94 4.03 + 0.16 4.24 0.93 0.92 0.86 0.88 + 0.01 1.13 0.62 0.75 0.71 0.75 + 0.05 0.85 0.49 0.20 0.18 0.18 - 0.01 0.21 0.11 0.25 0.22 0.24 - 0.01 0.27 0.13 0.21 0.16 0.19 + 0.02 0.32 0.04 0.12 0.09 0.12 + 0.03 0.14 0.06 1.00 0.85 0.93 + 0.02 1.54 0.32 0.82 0.69 0.74 - 0.01 1.24 0.09 1.73 1.45 1.62 - 0.06 3.45 0.90 1.36 1.36 1.36 - 0.00 2.23 0.68 0.01 0.01 0.01 + 0.00 0.16 0.01 3.57 3.26 3.37 + 0.03 4.10 0.00 4.37 4.00 4.16 + 0.11 5.47 1.86 0.28 0.21 0.26 + 0.04 0.58 0.18 0.40 0.26 0.34 + 0.07 0.78 0.22 0.37 0.32 0.35 + 0.02 0.77 0.24 0.30 0.26 0.27 + 0.01 0.59 0.17 0.27 0.23 0.23 - 0.04 0.27 0.23 0.33 0.28 0.30 - 0.02 0.41 0.04 0.24 0.16 0.22 + 0.04 0.24 0.06 0.16 0.12 0.12 - 0.02 0.20 0.06 0.35 0.29 0.35 - 0.04 0.58 0.25 0.38 0.33 0.36 - 0.02 1.18 0.33 0.46 0.41 0.44 - 0.03 1.53 0.41 0.65 0.53 0.60 - 0.04 0.95 0.03 0.15 0.13 0.13 - 0.02 0.30 0.11 0.12 0.12 0.12 - 0.00 0.21 0.08 0.75 0.68 0.75 + 0.05 0.89 0.21 0.67 0.55 0.55 - 0.12 1.28 0.53 1.10 0.92 0.94 - 0.06 1.10 0.12 0.30 0.26 0.26 - 0.05 1.00 0.26 0.24 0.21 0.22 - 0.03 1.45 0.21 3.04 2.98 3.04 + 0.04 4.40 2.90 0.02 0.01 0.02 - 0.01 0.02 0.01 0.34 0.26 0.30 + 0.01 0.34 0.07 0.41 0.31 0.37 + 0.03 0.41 0.09 0.07 0.06 0.07 + 0.00 0.17 0.06 0.10 0.08 0.09 + 0.01 0.24 0.08 0.14 0.08 0.12 + 0.04 0.17 0.02 0.07 0.06 0.07 + 0.01 0.87 0.02 0.29 0.28 0.28 + 0.00 0.43 0.17 0.36 0.32 0.34 + 0.02 0.65 0.23 0.11 0.09 0.09 - 0.02 0.21 0.08 0.11 0.11 0.11 - 0.01 0.20 0.09 5.82 5.17 5.23 - 0.65 6.29 3.87 4.77 4.18 4.25 - 0.57 4.91 2.88 0.17 0.13 0.16 + 0.01 0.35 0.13 13.40 12.60 13.16 + 0.01 13.73 4.74 16.49 15.49 16.25 + 0.59 16.96 6.33 6.30 4.98 5.50 + 0.50 7.98 1.00 4.61 4.25 4.46 + 0.19 7.95 3.57 0.42 0.37 0.41 - 0.03 0.60 0.14 0.38 0.30 0.33 - 0.04 0.49 0.10 0.04 0.04 0.04 - 0.01 0.09 0.04 0.38 0.31 0.34 + 0.03 0.70 0.21 0.35 0.34 0.34 - 0.03 0.58 0.31 0.24 0.18 0.22 - 0.02 0.49 0.18 0.19 0.14 0.17 - 0.05 0.36 0.14 0.07 0.06 0.06 - 0.01 0.70 0.06 0.06 0.05 0.05 - 0.01 0.59 0.01

Labdr Iron Mns* O 39 Labrador Iron T 2143 Lake Victoria* O 5 Lamelee Iron V 16 Lara Expl V 42 Largo Res T 1343 Largo Res* O 110 Lateral Gold V 80 Latin Am Mnls V 542 7 Latin Am Mnls* O Laurion Mnl Ex* O 24 Laurion Mnl Ex V 203 Leading Edge* O 234 Leading Edge V 333 Leagold Mg T 544 Leagold Mg* O 70 Leeta Gold V 37082 Legend Gold V 199 Levon Res Ltd * O 230 Levon Res Ltd T 423 Li3 Energy* O 2452 Libero Mining V 23 Libero Mining* O 50 Liberty Gold* O 421 Liberty One Li V 2143 Liberty One Li* O 2392 Liberty Silver 56 LiCo Energy* O 1092 LiCo Energy V 5764 Lion One Mtls* O 51 Lion One Mtls V 348 Lions Gate Mtl 161 Lithium Amer* O 5694 Lithium Amer T 8970 Lithium Corp* O 1567 Lithium Energi* O 14

0.02 0.01 0.01 + 0.00 0.07 0.00 21.58 20.11 20.88 + 1.21 21.58 13.03 0.01 0.01 0.01 + 0.00 0.01 0.00 0.16 0.16 0.16 - 0.01 0.34 0.14 0.61 0.56 0.56 - 0.01 1.44 0.54 1.27 0.88 0.88 - 0.39 1.35 0.34 1.00 0.73 0.73 - 0.27 1.08 0.26 1.01 0.90 0.94 - 0.02 1.27 0.57 0.14 0.11 0.12 - 0.03 0.35 0.10 0.12 0.11 0.11 - 0.01 0.27 0.07 0.02 0.01 0.02 + 0.01 0.05 0.01 0.03 0.02 0.03 + 0.01 0.08 0.02 0.52 0.49 0.51 - 0.01 0.71 0.22 0.65 0.61 0.61 - 0.02 0.93 0.25 3.16 2.94 3.16 + 0.13 3.70 2.27 2.56 2.40 2.56 + 0.04 2.80 1.76 2.27 0.74 1.82 + 0.86 2.27 0.09 0.24 0.18 0.19 - 0.04 0.50 0.10 0.31 0.26 0.27 - 0.03 0.41 0.18 0.38 0.32 0.34 - 0.04 0.53 0.25 0.03 0.02 0.03 - 0.00 0.06 0.01 0.09 0.00 0.09 + 0.02 0.22 0.07 0.08 0.08 0.08 - 0.07 0.15 0.08 0.41 0.38 0.40 - 0.00 0.61 0.27 0.68 0.63 0.65 + 0.01 0.83 0.08 0.55 0.52 0.54 + 0.01 0.66 0.37 2.00 1.65 1.95 + 0.15 3.00 0.90 0.09 0.08 0.09 + 0.01 0.20 0.06 0.12 0.10 0.12 + 0.02 0.24 0.08 0.57 0.48 0.49 - 0.07 0.82 0.42 0.68 0.59 0.60 - 0.10 1.08 0.55 0.12 0.11 0.12 + 0.01 0.35 0.10 1.48 1.23 1.25 - 0.16 1.49 0.38 1.79 1.52 1.54 - 0.16 1.80 0.52 0.09 0.07 0.08 - 0.01 0.11 0.05 0.16 0.14 0.14 - 0.01 0.16 0.07

I-J-K

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Lithium Energi V 202 Lithium Energy V 231 Lithium X Egy V 2445 Lithium X Egy* O 1918 LKA Gold* O 22 Lode-Star Mg* O 110 Logan Res V 901 Lomiko Mtls V 87 Lomiko Mtls* O 30 Loncor Res T 576 Lone Star Gold* O 197 Lonmin plc* O 1 Lonmin plc* O 97 Lorraine Coppr V 1282 Lucara Diam T 1542 Lucky Mnls * O 24 Lucky Mnls V 3589 Lumina Gold V 254 Lumina Gold* O 33 Lund Enterpr V 14 Lundin Gold T 341 Lundin Mng T 9776 Lupaka Gold V 238 Lydian Intl* O 98 Lydian Intl T 2121 Lynas Corp* O 1354

0.18 0.15 0.18 + 0.02 0.55 0.07 0.05 0.04 0.04 - 0.01 0.11 0.04 2.10 1.73 1.86 - 0.21 2.37 1.40 1.74 1.43 1.51 - 0.18 1.87 1.03 0.40 0.30 0.39 + 0.04 0.68 0.26 0.04 0.03 0.04 + 0.01 0.10 0.02 0.06 0.00 0.06 + 0.01 0.20 0.04 0.18 0.17 0.17 - 0.01 0.35 0.16 0.15 0.13 0.14 - 0.01 0.32 0.08 0.10 0.09 0.10 - 0.02 0.21 0.09 0.00 0.00 0.00 - 0.00 0.01 0.00 0.90 0.00 0.90 - 0.14 2.66 0.90 1.05 0.00 1.04 - 0.02 2.85 0.81 0.10 0.08 0.10 + 0.02 0.10 0.06 2.50 2.31 2.34 - 0.14 4.21 2.36 0.13 0.12 0.12 + 0.00 0.16 0.03 0.20 0.15 0.17 + 0.02 0.20 0.08 0.64 0.62 0.64 + 0.01 1.20 0.60 0.55 0.51 0.52 - 0.03 0.89 0.49 0.11 0.10 0.11 + 0.01 0.18 0.09 5.57 4.89 5.33 + 0.31 6.50 4.59 8.93 8.65 8.79 + 0.15 9.90 4.97 0.16 0.00 0.16 + 0.01 0.29 0.13 0.31 0.27 0.27 - 0.04 0.37 0.22 0.37 0.33 0.33 - 0.04 0.50 0.28 0.18 0.15 0.16 - 0.01 0.18 0.04

M Macarthur Mnl* O 47 0.05 0.04 0.05 + 0.01 0.12 0.03 O 90 0.11 0.10 0.10 - 0.01 0.20 0.04 MacDonald Mns* MacDonald Mns V 339 0.13 0.11 0.12 - 0.01 0.28 0.05 V 57 1.71 1.55 1.65 + 0.06 1.84 0.90 MacMillan Mnls MAG Silver T 740 14.99 14.39 14.85 + 0.01 22.53 12.75 Magellan Gold* O 566 0.08 0.06 0.06 - 0.02 0.28 0.06 Majestic Gold* O 11 0.06 0.06 0.06 - 0.00 0.09 0.03 Makena Res* O 10 0.11 0.11 0.11 + 0.00 0.15 0.10 0.14 + 0.01 0.14 0.13 Makena Res 44 0.14 0.13 Makena Res V 10 0.14 0.14 0.14 - 0.01 0.21 0.11 Mammoth Res V 78 0.06 0.05 0.05 - 0.01 0.14 0.05 Mandalay Res T 747 0.35 0.32 0.34 + 0.01 1.12 0.31 Mandalay Res* O 39 0.28 0.27 0.28 + 0.02 0.84 0.24 Manganese X V 807 0.12 0.11 0.12 + 0.02 0.26 0.08 Manitou Gold V 611 0.10 0.07 0.10 + 0.02 0.20 0.04 Manson Creek V 187 0.12 0.00 0.09 - 0.01 0.12 0.02 O 523 1.03 0.84 0.93 + 0.09 1.14 0.33 Marathon Gold* Marathon Gold T 3469 1.27 1.01 1.14 + 0.09 1.36 0.43 0.29 + 0.01 0.50 0.18 Margaux Res V 1090 0.31 0.27 Margaux Res* O 38 0.27 0.23 0.23 + 0.00 0.27 0.16 Marifil Mines* O 54 0.03 0.03 0.03 - 0.00 0.04 0.02 Marifil Mines V 42 0.04 0.04 0.04 - 0.01 0.13 0.03 Maritime Res V 950 0.12 0.10 0.11 - 0.02 0.28 0.10 Marlin Gold* O 56 0.81 0.71 0.78 - 0.06 0.87 0.33 Marlin Gold V 48 0.99 0.00 0.93 - 0.09 1.15 0.44 MartinMarietta* N 3511 205.16 197.23 198.69 - 0.51 244.32 167.06 O 194 1.72 1.49 1.63 + 0.11 1.72 0.83 Mason Graphite* Mason Graphite V 1199 2.10 1.81 2.00 + 0.18 2.10 1.10 0.19 - 0.01 0.29 0.10 Mason Res* O 31 0.21 0.19 Matachewan Con V 41 0.30 0.30 0.30 + 0.03 0.35 0.24 Matamec Expl* O 106 0.04 0.03 0.03 + 0.00 0.06 0.03 Matica Ent* O 64 0.08 0.06 0.06 - 0.02 0.14 0.01 Matica Ent 6681 0.09 0.08 0.09 - 0.01 0.18 0.01 1.27 - 0.16 1.45 0.66 Maverix Mtls* O 13 1.43 1.26 Mawson Res* O 9 0.29 0.00 0.29 + 0.01 0.44 0.23 Mawson Res T 14 0.37 0.00 0.32 - 0.03 0.57 0.29 MAX Res V 177 0.08 0.07 0.08 - 0.01 0.14 0.07 MaxTech Vent 122 0.20 0.14 0.20 + 0.05 0.63 0.14 Maxwell Res* O 72 0.01 0.01 0.01 + 0.00 0.04 0.00 Maya Gold &Sil V 427 0.36 0.34 0.34 - 0.02 0.40 0.10 Mazarin V 37 0.06 0.05 0.06 + 0.01 0.08 0.02 37302 2.53 1.98 2.06 - 0.52 4.43 1.98 McEwen Mng* N McEwen Mng T 3412 3.09 2.44 2.53 - 0.58 5.83 2.44 546 0.11 0.03 0.11 + 0.01 0.32 0.08 Meadow Bay Gd T Meadow Bay Gd* O 34 0.03 0.02 0.03 - 0.03 0.24 0.06 Mechel* N 379 5.45 5.09 5.16 - 0.29 6.83 2.64 Medallion Res* O 66 0.13 0.11 0.11 - 0.02 0.14 0.08 Medallion Res V 97 0.16 0.13 0.13 - 0.04 0.28 0.08 Medgold Res* O 40 0.14 0.00 0.14 - 0.01 0.17 0.12 Medgold Res V 148 0.20 0.17 0.20 + 0.02 0.25 0.13 Medinah Mnrls* O 4694 0.01 0.00 0.01 + 0.00 0.01 0.00 0.18 - 0.01 0.32 0.11 Mega Uranium T 886 0.19 0.18 Mega Uranium* O 333 0.16 0.14 0.15 + 0.00 0.25 0.08 0.06 + 0.01 0.07 0.03 Megastar Dev V 174 0.06 0.05 Melior Res V 828 0.04 0.04 0.04 - 0.02 0.09 0.02 Meridian Mg V 9 0.71 0.59 0.59 - 0.05 1.54 0.33 Meryllion Res 15 0.03 0.03 0.03 + 0.01 0.05 0.02 0.04 + 0.01 0.06 0.02 MetalCorp V 707 0.04 0.03 Metalex Vent V 478 0.07 0.07 0.07 + 0.01 0.09 0.04 Metalla Rylty* O 110 0.51 0.48 0.49 - 0.00 0.68 0.18 Metalla Rylty 194 0.63 0.57 0.60 + 0.01 0.88 0.23 Metallic Mnrls* O 351 0.29 0.23 0.26 + 0.01 0.44 0.19 Metallic Mnrls V 572 0.34 0.29 0.30 - 0.02 0.59 0.22 Metallis Res V 2618 0.85 0.64 0.79 + 0.07 0.88 0.09 Metalo Manuf 30 0.46 0.00 0.46 + 0.09 1.00 0.26 Metalore Res V 8 4.19 3.74 3.75 - 0.26 5.16 1.50 Metals Creek V 953 0.08 0.07 0.07 + 0.01 0.13 0.06 Metals Creek* O 48 0.06 0.05 0.06 + 0.01 0.09 0.04 Metals X* O 143 0.62 0.58 0.58 - 0.02 1.23 0.41 Metanor Res* O 54 0.65 0.60 0.64 + 0.00 0.94 0.54 Metanor Res V 216 0.79 0.75 0.79 + 0.02 1.29 0.45 Mexican Gold* O 8 0.23 0.21 0.21 - 0.03 0.29 0.11 Mexus Gold* O 2822 0.06 0.05 0.06 - 0.01 0.24 0.03 MGX Minerals 986 0.96 0.90 0.94 + 0.02 2.75 0.14 Midas Gold T 458 0.73 0.70 0.71 + 0.01 1.07 0.62 Midas Gold* O 520 0.59 0.56 0.58 - 0.00 0.80 0.02 Midnight Sun V 392 0.29 0.21 0.23 - 0.06 0.54 0.10 Midway Gold* O 116 0.00 0.00 0.00 - 0.00 0.01 0.00 Millennial Lit* O 116 1.29 1.17 1.20 - 0.04 1.43 0.88 Millennial Lit V 1189 1.58 1.43 1.45 - 0.09 2.45 1.20 Millrock Res* O 185 0.32 0.25 0.27 - 0.03 0.50 0.23 Millrock Res V 320 0.39 0.32 0.35 - 0.02 0.64 0.32 Minaurum Gold V 613 0.34 0.32 0.34 - 0.02 0.38 0.07 Minco Silver T 400 0.95 0.71 0.89 - 0.01 1.74 0.71 Minco Silver* O 84 0.78 0.60 0.71 - 0.07 1.23 0.60 Minera Alamos * O 1218 0.18 0.16 0.16 + 0.00 0.18 0.10 Minera IRL 335 0.11 0.10 0.10 - 0.01 0.22 0.06 Mineral Mtn* O 58 0.18 0.15 0.15 - 0.01 0.36 0.13 Mineworx Tech* O 114 0.06 0.05 0.06 - 0.00 0.08 0.05 Minfocus Expl V 494 0.02 0.02 0.02 - 0.01 0.04 0.02 Minnova Corp V 158 0.70 0.68 0.69 - 0.01 0.90 0.55 Minsud Res V 460 0.16 0.08 0.16 + 0.09 0.16 0.03 Miranda Gold V 600 0.07 0.06 0.06 - 0.01 0.14 0.06 Mirasol Res V 213 1.75 1.51 1.63 - 0.05 2.76 1.18 MK2 Ventures V 7 0.14 0.14 0.14 + 0.05 0.27 0.10 Monarca Mnrls V 150 0.14 0.13 0.13 - 0.01 0.28 0.08 Monarca Mnrls* O 33 0.11 0.10 0.11 + 0.01 0.14 0.09 Monarques Res* O 141 0.32 0.00 0.32 + 0.01 0.38 0.18 Monarques Res V 412 0.39 0.35 0.39 + 0.02 0.50 0.26 Moneta Porcpn* O 241 0.13 0.12 0.13 - 0.00 0.23 0.10 Moneta Porcpn T 723 0.17 0.15 0.16 - 0.01 0.30 0.13 Monitor Vent* O 2 0.37 0.00 0.37 - 0.01 0.81 0.00 Monitor Vent V 9 0.38 0.00 0.38 - 0.02 1.13 0.13 Montego Res 433 0.20 0.17 0.20 + 0.02 1.35 0.10 Montero Mg&Ex V 71 0.18 0.00 0.16 - 0.02 0.40 0.12 Morien Res* O 186 0.55 0.52 0.54 + 0.01 0.56 0.26 Morien Res V 173 0.68 0.64 0.66 - 0.01 0.74 0.34 Morumbi Res* O 1 0.60 0.55 0.55 - 0.08 1.26 0.45 Morumbi Res T 122 0.72 0.67 0.67 - 0.03 1.70 0.35 Mosaic* N 24653 21.86 20.66 20.86 + 0.20 34.36 19.23 Mountain Boy V 1614 0.10 0.08 0.08 - 0.01 0.11 0.05 Mountain Boy* O 1266 0.08 0.07 0.07 + 0.00 0.09 0.03 Mountain Lake 296 0.08 0.06 0.08 + 0.02 0.09 0.02 Mountain Prov T 241 4.14 3.96 4.05 - 0.06 7.18 3.56 Mountain Prov* D 163 3.40 3.20 3.25 - 0.15 5.45 2.55 Mundoro Cap* O 66 0.14 0.13 0.14 - 0.00 0.22 0.10 Mundoro Cap V 222 0.18 0.16 0.17 - 0.01 0.30 0.13 Murchison Min 141 0.17 0.14 0.17 + 0.03 0.30 0.13

(100s) Stock

MX Gold MX Gold*

Week

12-month

Exc Volume High Low Last Change High Low

V 19577 0.19 0.14 0.18 + 0.01 0.27 0.10 O 1926 0.15 0.11 0.15 + 0.01 0.22 0.07

N-O NA Frac Sand* O 328 NACCO Ind* N 170 227 Namibia Rare E V Napier Vent V 208 Napier Vent* O 47 Natural Res Pt* N 88 Nautilus Mnrls T 367 Nautilus Mnrls* O 191 Navis Res Corp 498 Nemaska Lith T 7856 Nemaska Lith* O 836 528 Nevada Clean M* O Nevada Copper T 197 Nevada Egy Mtl* O 227 45 Nevada Expl * O Nevada Sunrise V 256 O 284 Nevada Sunrise* Nevada Zinc V 129 Nevsun Res* X 3287 Nevsun Res T 4624 New Carolin Gd* O 158 New Dimen Res V 168 New Gold T 3737 New Gold* X 23657 21 New Jersey Mng* O New Nadina V 86 New Pac Metals V 152 New Pac Metals* O 31 New Stratus V 33 New World Res V 196 NewCastle Gold T 2400 O 312 NewCastle Gold* Newmont Mng* N 20954 Newport Expl V 73 NewRange Gold* O 157 NewRange Gold V 401 Nexgen Energy* X 263 Nexgen Energy T 1873 NextSource Mat T 1621 Nexus Gold* O 1011 NGEx Res T 158 NGEx Res* O 35 Nickel One Res V 233 Nicola Mg Inc V 598 Nighthawk Gold* O 248 Nikos Expl V 1015 Niocorp Dev* O 461 Niocorp Dev T 433 Nippon Dragon* O 68 Nitinat Mnls V 1254 Noble Mnl Expl* O 60 Noble Mnl Expl V 1293 O 55 Noranda Alum* Noront Res V 1291 Norsemont Cap 10 Nortec Mnls V 35 172 North Am Nickl* O North Am Nickl V 444 24 North Am Pall T North Am Pall* O 14 North Arrow Mn* O 5 North Arrow Mn V 38 Northcliff Res T 79 Northn Empire V 414 O 73 Northn Empire* Nouveau Monde V 2381 Nouveau Monde* O 96 NovaGold Res T 850 NovaGold Res* X 7378 Novo Res* O 738 Novo Res V 2045 NRG Metals* O 41 NRG Metals V 2280 Nrthn Graphite V 88 Nrthn Graphite* O 106 Nrthn Lion V 9 Nrthn Shield V 1032 Nrthn Superior V 258 Nrthn Superior* O 83 Nrthn Vertex* O 105 Nrthn Vertex V 276 NSGold V 50 Nthn Dynasty T 3755 Nthn Dynasty* X 15980 Nthrn Sphere 103 Nubian Res V 116 NuLegacy Gold* O 230 NuLegacy Gold V 198 Nunavik Nickel V 77 NV Gold* O 1 V 26 NV Gold NxGold Ltd V 148 O.T. Mining* O 5 OceanaGold T 6006 OceanaGold* O 11 Oceanus Res V 404 Oceanus Res* O 21 Odyssey Res V 4964 OK2 Minerals V 660 Olivut Res V 140 Olivut Res* O 193 Opawica Expl V 567 Opus One Res V 34 Orca Gold V 1448 Orca Gold* O 277 Orefinders Res V 1245 Orestone Mng V 47 Orex Mnrls* O 24 Orex Mnrls V 47 Orezone Gold V 347 Orezone Gold* O 128 Organic Potash 780 Orla Mng Ltd* O 3 Orla Mng Ltd V 428 Oroco Res* O 506 Oroco Res V 884 Orofino Mnrls V 44 Oroplata Res* O 303 Orosur Mng T 631 Orsu Metals V 92 Orvana Mnrls T 204 Orvana Mnrls* O 37 Osisko Gold T 2779 Osisko Gold* N 3576 Osisko Metals V 179 Osisko Metals* O 38 Osisko Mng Inc T 1278 Osprey Gold V 720 Otis Gold V 308 Otis Gold* O 110

0.02 0.01 0.01 - 0.00 0.09 0.01 85.35 76.70 83.80 + 7.05 99.55 62.15 0.06 0.05 0.05 - 0.01 0.10 0.04 0.50 0.45 0.50 + 0.05 0.50 0.24 0.39 0.38 0.39 + 0.01 0.39 0.18 25.35 24.50 25.05 - 0.15 45.60 22.81 0.24 0.22 0.24 + 0.01 0.28 0.14 0.19 0.17 0.19 + 0.00 0.21 0.10 0.08 0.04 0.06 - 0.05 0.25 0.04 1.50 1.37 1.41 - 0.04 1.60 0.95 1.25 1.10 1.16 - 0.01 1.25 0.70 0.05 0.05 0.05 - 0.01 0.08 0.02 0.63 0.59 0.61 + 0.01 0.86 0.41 0.02 0.02 0.02 + 0.00 0.11 0.01 0.27 0.25 0.26 - 0.00 0.45 0.21 0.20 0.18 0.19 - 0.03 0.42 0.18 0.18 0.14 0.14 - 0.03 0.31 0.14 0.24 0.22 0.23 - 0.01 0.60 0.20 2.24 2.13 2.15 - 0.01 3.52 1.96 2.74 2.62 2.65 + 0.03 4.63 2.49 0.04 0.03 0.03 + 0.00 0.07 0.02 0.06 0.05 0.05 - 0.01 0.17 0.05 4.74 4.40 4.56 - 0.23 6.47 3.11 3.90 3.56 3.69 - 0.19 4.99 2.39 0.16 0.16 0.16 - 0.01 0.17 0.09 0.11 0.09 0.10 - 0.01 0.18 0.08 1.40 1.31 1.35 - 0.04 1.59 0.48 1.12 1.09 1.09 - 0.06 1.26 0.33 0.35 0.27 0.27 - 0.07 0.48 0.07 0.15 0.13 0.13 + 0.01 0.16 0.08 0.85 0.77 0.81 + 0.03 1.27 0.52 0.68 0.63 0.65 - 0.00 0.92 0.39 38.71 37.07 37.89 + 0.04 40.91 30.19 0.25 0.00 0.25 + 0.01 0.32 0.19 0.41 0.36 0.38 + 0.00 0.59 0.07 0.49 0.43 0.47 - 0.01 0.75 0.08 2.50 2.30 2.31 - 0.16 3.40 1.05 3.05 2.83 2.85 - 0.15 4.45 1.42 0.08 0.07 0.08 - 0.01 0.11 0.06 0.10 0.08 0.10 - 0.00 0.27 0.05 1.13 1.03 1.05 - 0.06 1.45 0.75 0.88 0.88 0.88 + 0.01 1.05 0.58 0.04 0.04 0.04 + 0.01 0.12 0.03 0.20 0.18 0.19 - 0.01 0.30 0.14 0.79 0.73 0.77 - 0.01 0.97 0.26 0.20 0.14 0.17 + 0.04 0.21 0.04 0.50 0.45 0.46 - 0.01 0.81 0.43 0.62 0.56 0.56 - 0.01 0.89 0.53 0.05 0.04 0.04 - 0.00 0.09 0.03 0.06 0.00 0.06 + 0.02 0.09 0.05 0.12 0.10 0.10 - 0.04 0.15 0.03 0.15 0.12 0.12 - 0.04 0.19 0.03 0.02 0.00 0.01 - 0.01 0.10 0.01 0.37 0.32 0.33 + 0.02 0.52 0.22 0.44 0.40 0.44 + 0.06 0.45 0.26 0.09 0.08 0.09 + 0.01 0.18 0.05 0.06 0.06 0.06 - 0.00 0.11 0.04 0.09 0.08 0.08 + 0.01 0.15 0.06 6.15 5.60 6.10 + 0.35 6.31 4.54 4.87 0.00 4.87 + 0.06 5.23 3.33 0.21 0.00 0.21 - 0.00 0.23 0.13 0.26 0.22 0.25 + 0.03 0.40 0.16 0.17 0.15 0.16 + 0.01 0.23 0.09 0.90 0.72 0.78 - 0.10 0.95 0.33 0.74 0.61 0.61 - 0.07 0.74 0.47 0.39 0.33 0.36 + 0.03 0.39 0.20 0.31 0.24 0.30 + 0.04 0.31 0.16 5.29 4.94 5.28 + 0.17 8.15 4.94 4.29 4.02 4.26 + 0.12 6.21 3.78 4.24 3.65 4.14 - 0.04 4.71 0.49 5.23 4.51 5.11 + 0.03 5.91 0.66 0.12 0.11 0.11 + 0.01 0.15 0.07 0.18 0.13 0.14 + 0.01 0.22 0.09 0.29 0.26 0.26 - 0.01 0.40 0.18 0.23 0.21 0.22 - 0.02 0.30 0.14 0.59 0.45 0.59 + 0.14 0.74 0.11 0.06 0.05 0.05 - 0.01 0.22 0.04 0.05 0.04 0.05 + 0.01 0.08 0.03 0.04 0.03 0.04 + 0.01 4.63 0.02 0.48 0.41 0.45 + 0.00 0.50 0.27 0.59 0.51 0.53 - 0.01 0.70 0.35 0.10 0.00 0.10 - 0.05 0.20 0.06 2.43 2.20 2.32 + 0.09 4.54 0.71 1.99 1.80 1.88 + 0.06 3.45 0.54 0.20 0.16 0.17 - 0.05 0.85 0.16 0.25 0.23 0.25 + 0.03 0.38 0.08 0.20 0.18 0.18 - 0.01 0.41 0.00 0.24 0.22 0.22 - 0.02 0.54 0.16 0.14 0.00 0.14 + 0.04 0.17 0.06 0.35 0.35 0.35 - 0.04 0.39 0.13 0.47 0.40 0.40 - 0.03 0.48 0.17 0.27 0.22 0.24 - 0.03 0.72 0.13 0.20 0.04 0.20 - 0.00 0.29 0.03 3.74 3.55 3.63 + 0.01 5.00 3.24 3.12 0.00 3.12 + 0.12 3.62 2.36 0.35 0.28 0.29 - 0.07 0.36 0.14 0.26 0.24 0.25 - 0.04 0.29 0.11 0.06 0.04 0.04 - 0.01 0.08 0.02 0.12 0.09 0.09 - 0.02 0.17 0.07 0.11 0.09 0.11 + 0.01 0.25 0.09 0.09 0.07 0.09 + 0.00 0.19 0.07 0.06 0.05 0.05 - 0.01 0.15 0.04 0.10 0.10 0.10 - 0.01 0.18 0.08 0.60 0.49 0.54 + 0.04 0.60 0.31 0.48 0.40 0.45 + 0.05 0.48 0.20 0.08 0.06 0.07 - 0.01 0.11 0.04 0.11 0.09 0.09 - 0.01 0.13 0.05 0.10 0.10 0.10 + 0.00 0.81 0.08 0.13 0.12 0.12 - 0.01 1.06 0.11 0.75 0.67 0.73 - 0.01 0.85 0.42 0.60 0.54 0.59 - 0.02 0.63 0.31 0.02 0.01 0.01 - 0.01 0.05 0.01 1.04 0.00 1.04 - 0.05 1.09 0.88 1.33 1.25 1.25 - 0.09 1.75 1.04 0.05 0.05 0.05 - 0.01 0.05 0.01 0.07 0.05 0.06 - 0.01 0.07 0.02 0.08 0.07 0.08 + 0.01 0.15 0.06 0.13 0.10 0.10 - 0.02 0.70 0.10 0.30 0.27 0.29 + 0.01 0.35 0.19 0.18 0.14 0.14 + 0.12 0.45 0.14 0.28 0.25 0.28 + 0.01 0.33 0.18 0.23 0.20 0.23 + 0.00 0.25 0.14 16.62 16.05 16.22 - 0.12 17.58 11.90 13.58 13.02 13.13 - 0.29 14.39 8.88 1.45 1.27 1.32 - 0.17 1.74 0.21 1.22 1.12 1.12 - 0.11 1.33 0.74 4.75 4.44 4.55 + 0.02 5.65 2.08 0.18 0.17 0.17 - 0.01 0.44 0.05 0.35 0.32 0.32 - 0.02 0.40 0.21 0.29 0.26 0.26 - 0.03 0.31 0.15

Pac Booker Min V 23 Pac Booker Min* O 12 Pac Imperial V 433 Pac North West V 636 Pac North West* O 30 Pac Ridge Expl V 116 Pacton Gold V 138 Paladin Energy* O 1363 Pan Am Silver T 1819 Pan Am Silver* D 7572

0.98 0.83 0.89 - 0.09 1.44 0.42 0.79 0.79 0.79 + 0.01 0.96 0.35 0.02 0.01 0.02 + 0.01 0.04 0.01 0.08 0.06 0.07 - 0.01 0.15 0.06 0.06 0.05 0.05 - 0.01 0.10 0.05 0.06 0.05 0.06 - 0.01 0.12 0.05 0.08 0.00 0.08 + 0.01 0.16 0.04 0.02 0.00 0.02 - 0.00 0.13 0.00 21.98 20.80 21.53 - 0.16 27.99 18.70 17.93 16.82 17.46 - 0.30 21.29 13.80

P-Q

2017-09-25 2:58 PM

WWW.NORTHERNMINER.COM

OCTOBER 2–15, 2017 / 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

Pan Global Res V 304 Pancontinental V 296 Pangolin Dia V 767 Panoro Mnrls V 432 Pantheon Vent V 3754 Para Resources V 664 Parallel Mng V 464 Paramount Gold* X 196 Paringa Res* O 50 Parlane Res V 175 Pasinex Res 148 Peabody Enrgy* N 5359 Pedro Res V 69 Pelangio Expl* O 19 Peloton Mnrls 524 Perseus Mng T 551 3 Pershing Gold T Philippine Mtl V 38 16 Pine Cliff En* O Pine Cliff En T 811 Pinecrest Res V 287 Pistol Bay Mng V 299 PJSC Polyus Gd* O 1 Plateau Uran* O 25 Plateau Uran V 188 Platinex Inc 560 Platinum Gp Mt T 816 Platinum Gp Mt* X 4535 Playfair Mng V 225 Polaris Mater T 5076 PolyMet Mng* X 1012 PolyMet Mng T 306 Portage Res* O 6116 Portofino Res V 303 Potash Corp SK* N 30204 Potash Corp SK T 11981 Potash Ridge T 10050 Potash Ridge* O 595 Power Metals* O 121 Power Metals V 3533 PPX Mining* O 330 PPX Mining V 371 Precipitate Gl V 381 Premier Gold M T 2855 O 29 Premium Expl* Pretium Res T 3818 Pretium Res* N 13411 Primero Mng* O 3901 Prism Res V 245 Prize Mng* O 75 Prize Mng V 551 Probe Metals V 175 Probe Metals* O 30 T 16 Prophecy Coal Prophecy Coal* O 4 Prospect Glob* O 27 Prospector Res V 18 Prosper Gold V 548 Prospero Silvr V 111 Providence V 324 PUF Vent Inc * O 43 1380 PUF Vent Inc Puma Expl V 2084 Pure Energy* O 828 802 Pure Gold Mg V Pure Gold Mg* O 185 Pure Nickel V 118 QMC Quantum Ml* O 689 QMC Quantum Ml V 2179 QMX Gold* O 111 QMX Gold V 558 Quartz Mtn Res* O 2 Quartz Mtn Res V 67 Quaterra Res V 426 Quaterra Res* O 225 Quest Rare Mnl* O 329

0.12 0.10 0.10 - 0.02 0.17 0.05 0.05 0.04 0.04 - 0.01 0.16 0.03 0.07 0.05 0.05 - 0.02 0.09 0.04 0.30 0.25 0.30 + 0.02 0.36 0.13 0.15 0.13 0.15 + 0.03 0.38 0.08 0.19 0.19 0.19 + 0.01 0.27 0.17 0.07 0.06 0.07 - 0.01 0.16 0.06 1.77 1.53 1.70 + 0.28 2.30 1.36 0.42 0.32 0.42 + 0.08 0.50 0.30 0.13 0.12 0.12 - 0.01 0.33 0.10 0.29 0.26 0.27 + 0.01 0.34 0.10 30.09 28.84 29.52 - 0.06 32.50 22.58 0.22 0.17 0.17 - 0.01 1.05 0.13 0.04 0.03 0.03 - 0.01 0.05 0.02 0.10 0.07 0.10 - 0.01 0.15 0.05 0.36 0.33 0.35 + 0.01 0.66 0.27 3.79 3.44 3.70 + 0.07 5.52 3.44 0.11 0.10 0.10 - 0.01 0.16 0.03 0.54 0.54 0.54 + 0.00 0.89 0.51 0.70 0.65 0.67 + 0.01 1.22 0.65 0.38 0.37 0.37 + 0.01 0.56 0.16 0.05 0.04 0.05 + 0.01 0.12 0.04 41.00 0.00 36.50 - 4.00 42.66 31.83 0.28 0.25 0.28 + 0.03 0.54 0.12 0.35 0.30 0.30 - 0.02 0.71 0.17 0.10 0.05 0.07 - 0.03 0.23 0.05 0.54 0.46 0.46 - 0.07 3.85 0.46 0.45 0.37 0.37 - 0.08 2.97 0.37 0.06 0.06 0.06 - 0.01 0.18 0.05 3.63 2.72 3.60 + 0.88 2.76 0.90 0.65 0.61 0.62 - 0.01 0.97 0.57 0.78 0.74 0.77 + 0.02 1.27 0.71 0.00 0.00 0.00 + 0.00 0.00 0.00 0.06 0.04 0.05 - 0.01 0.12 0.04 19.50 18.70 19.28 + 0.54 20.27 15.72 23.86 22.81 23.79 + 0.99 26.62 20.67 0.17 0.13 0.13 - 0.01 0.38 0.12 0.14 0.10 0.11 + 0.01 0.28 0.10 0.26 0.22 0.25 + 0.03 0.38 0.07 0.35 0.27 0.29 + 0.01 0.55 0.07 0.07 0.07 0.07 + 0.00 0.10 0.04 0.09 0.07 0.07 - 0.01 0.13 0.05 0.13 0.00 0.12 - 0.02 0.25 0.10 3.80 3.58 3.65 - 0.12 4.55 1.87 0.01 0.00 0.01 + 0.00 0.03 0.00 11.41 9.92 11.40 + 0.84 16.48 9.17 9.25 8.10 9.23 + 0.56 12.53 6.82 0.70 0.06 0.70 + 0.62 1.80 0.07 0.17 0.16 0.17 + 0.01 0.25 0.16 0.28 0.24 0.28 + 0.02 0.52 0.21 0.35 0.29 0.35 + 0.03 0.72 0.21 1.74 1.62 1.63 - 0.11 1.80 0.99 1.42 0.00 1.36 - 0.05 1.42 0.75 3.92 3.60 3.60 - 0.15 7.19 2.75 2.96 0.00 2.96 - 0.05 5.17 2.21 0.05 0.04 0.05 + 0.01 0.19 0.02 1.11 1.00 1.11 + 0.01 1.90 0.04 0.14 0.12 0.12 - 0.01 0.44 0.12 0.24 0.20 0.21 - 0.05 0.38 0.20 0.22 0.18 0.18 - 0.05 0.27 0.07 0.38 0.37 0.38 + 0.03 0.40 0.15 0.48 0.43 0.47 + 0.01 0.50 0.18 0.08 0.08 0.08 + 0.01 0.11 0.05 0.43 0.40 0.42 - 0.01 0.61 0.36 0.64 0.57 0.57 - 0.07 0.76 0.40 0.53 0.47 0.47 - 0.05 0.58 0.29 0.02 0.02 0.02 - 0.01 0.03 0.01 0.18 0.10 0.15 + 0.06 0.18 0.02 0.22 0.13 0.16 + 0.06 0.22 0.04 0.29 0.25 0.27 + 0.02 0.29 0.04 0.34 0.30 0.31 - 0.02 0.40 0.04 0.06 0.05 0.05 - 0.01 0.07 0.03 0.08 0.07 0.07 - 0.01 0.12 0.04 0.09 0.08 0.08 - 0.01 0.15 0.06 0.08 0.07 0.07 + 0.00 0.13 0.03 0.02 0.01 0.01 - 0.00 0.23 0.00

R Radius Gold V 930 0.13 0.10 0.11 + 0.01 0.17 0.09 O 170 0.01 0.01 0.01 - 0.00 0.03 0.00 Rae-Wallace Mg* Rainforest Res* O 4 6.95 4.26 5.97 - 0.98 8.25 1.00 Rainy Mtn Royl* O 12 0.07 0.06 0.07 + 0.00 0.14 0.06 Rambler Ml &Mg V 107 0.18 0.16 0.17 - 0.01 0.22 0.08 1 103.90 100.35 100.35 - 3.55 104.10 70.61 Randgold Res* O Randgold Res* D 2361 101.81 97.85 100.15 - 2.42 108.29 67.54 Randsburg Intl V 5 0.02 0.02 0.02 + 0.01 0.03 0.01 Rapier Gold V 6104 0.08 0.06 0.08 + 0.01 0.17 0.06 V 257 0.16 0.14 0.15 - 0.01 0.33 0.13 Rathdowney Res RB Energy* O 37 0.00 0.00 0.00 - 0.00 0.00 0.00 40 0.11 0.10 0.10 - 0.01 0.30 0.09 Red Eagle Expl V Red Eagle Mng* O 129 0.22 0.21 0.21 - 0.00 0.79 0.17 Red Eagle Mng T 1879 0.28 0.26 0.27 + 0.01 1.05 0.23 Red Oak Mg V 50 0.21 0.12 0.21 + 0.09 0.25 0.05 Red Pine Expl V 868 0.11 0.10 0.11 + 0.01 0.19 0.08 Redstar Gold V 689 0.09 0.08 0.08 - 0.01 0.16 0.07 Redstar Gold* O 1281 0.07 0.06 0.07 - 0.00 0.15 0.05 Regulus Res V 302 2.55 2.20 2.45 + 0.28 2.68 1.05 Remo Res V 67 0.12 0.10 0.10 - 0.02 0.30 0.09 Renaissance Gd V 136 0.44 0.38 0.38 - 0.02 0.64 0.25 O 94 0.36 0.31 0.32 - 0.01 0.49 0.20 Renaissance Gd* Renforth Res 210 0.06 0.05 0.06 + 0.01 0.09 0.03 0.15 - 0.01 0.35 0.14 Resource Cap V 182 0.17 0.15 Reunion Gold V 1489 0.14 0.12 0.13 - 0.01 0.17 0.03 Revelo Res V 2005 0.05 0.04 0.04 - 0.01 0.12 0.04 Revival Gold V 86 0.86 0.67 0.73 - 0.05 0.86 0.08 Richmond Mnls V 329 0.17 0.14 0.16 - 0.01 0.18 0.03 Richmond Mnls* O 164 0.13 0.00 0.13 - 0.01 0.15 0.03 Richmont Mines* N 2317 10.30 9.70 9.90 - 0.55 11.15 5.45 Richmont Mines T 2418 12.58 12.01 12.21 - 0.58 14.98 7.36 Rift Valley 243 0.15 0.11 0.14 + 0.04 0.15 0.03 Rimrock Gold* O 514643 0.00 0.00 0.00 - 0.00 0.00 0.00 273 0.09 0.08 0.09 + 0.01 0.16 0.07 Rio Novo Gold* O Rio Novo Gold T 189 0.12 0.09 0.12 + 0.02 0.23 0.09 Rio Silver V 114 0.05 0.04 0.05 + 0.01 0.18 0.04 47.20 - 0.75 49.05 31.30 Rio Tinto* O 3 48.13 47.15 Rio Tinto* N 13010 48.52 47.28 47.82 + 0.19 49.89 31.24 Rio Tinto* O 10 54.33 50.15 50.15 - 4.13 55.82 37.50 Riverside Res V 535 0.35 0.30 0.32 - 0.03 0.60 0.29 Riverside Res* O 292 0.29 0.25 0.25 - 0.04 0.46 0.24 Rizal Res V 241 0.04 0.03 0.04 + 0.01 0.06 0.02 RJK Explor V 262 0.13 0.09 0.10 - 0.01 0.25 0.08 0.10 - 0.02 0.14 0.06 Robex Res V 528 0.12 0.10 Rock Tech Lith V 82 1.21 1.13 1.20 + 0.05 1.26 0.75 Rockcliff Cop V 411 0.09 0.08 0.09 - 0.01 0.16 0.06 Rockcliff Cop* O 12 0.06 0.06 0.06 + 0.00 0.12 0.05 Rockhaven Res V 268 0.15 0.12 0.13 - 0.02 0.24 0.12 Rockshield Cap* O 129 0.15 0.00 0.15 + 0.01 0.15 0.05 Rockwealth Res V 46 0.22 0.19 0.22 + 0.01 0.35 0.15 Rodinia Lithm V 24 0.11 0.10 0.10 - 0.01 0.14 0.08 Rogue Res V 185 0.27 0.23 0.26 + 0.02 0.74 0.22 Rokmaster Res V 570 0.04 0.04 0.04 + 0.01 0.08 0.02 Romios Gold Rs V 249 0.08 0.06 0.06 - 0.01 0.10 0.04 Romios Gold Rs* O 218 0.06 0.05 0.06 - 0.00 0.08 0.03 RosCan Mrnls V 377 0.08 0.06 0.06 - 0.02 0.12 0.02 Rotation Mnls V 25 0.20 0.19 0.20 + 0.01 0.45 0.12 Roughrider Exp V 2495 0.06 0.05 0.05 - 0.01 0.12 0.05 Roxgold* O 179 1.05 0.98 1.04 + 0.03 1.28 0.78 Roxgold T 2100 1.32 1.21 1.27 + 0.02 1.75 1.04 Royal Gold* D 2590 93.16 88.73 89.66 - 0.04 94.39 60.21 Royal Nickel T 2324 0.21 0.19 0.19 - 0.01 0.45 0.17 Royal Nickel* O 310 0.17 0.16 0.16 + 0.00 0.34 0.12 Royal Rd Mnrls V 864 0.09 0.08 0.09 + 0.01 0.15 0.06 Royal Std Mnrl* O 173 0.00 0.00 0.00 - 0.00 0.01 0.00 RT Minerals* O 33 0.05 0.00 0.05 - 0.01 0.14 0.04 Rubicon Mnrls* O 11 1.39 1.28 1.35 - 0.01 8.92 1.00 Rubicon Mnrls T 74 1.69 1.56 1.69 + 0.18 2.39 1.30 Rugby Mng V 54 0.31 0.31 0.31 - 0.02 0.45 0.23

20-22_Oct2_StockTables.indd 22

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Running Fox Rs* O 311 Rupert Res V 327 Rusoro Mng* O 4229 855 Rye Patch Gold* O Rye Patch Gold V 1876

0.02 0.01 0.02 + 0.00 0.03 0.01 1.18 1.04 1.12 - 0.01 1.47 0.60 0.10 0.09 0.10 - 0.00 0.21 0.06 0.18 0.16 0.16 - 0.01 0.27 0.15 0.22 0.20 0.20 - 0.01 0.37 0.19

Sabina Gd&Slvr* O 493 Sabina Gd&Slvr T 1395 Sable Res V 512 Sage Gold V 1254 Sage Gold* O 91 Saint Jean* O 131 Salazar Res V 162 Sama Res V 662 Samco Gold V 110 Samex Mng* O 126 San Gold Corp* O 32 137 San Marco Res V 73 San Marco Res* O Sanatana Diam V 253

1.95 1.79 1.89 - 0.08 2.17 0.61 2.40 2.21 2.31 - 0.09 2.70 0.84 0.17 0.15 0.17 + 0.01 0.20 0.07 0.23 0.18 0.22 + 0.03 0.27 0.10 0.16 0.15 0.16 - 0.01 0.19 0.07 0.05 0.03 0.05 + 0.00 0.26 0.02 0.14 0.12 0.12 - 0.02 0.18 0.08 0.16 0.15 0.16 - 0.01 0.25 0.07 0.02 0.02 0.02 - 0.01 0.05 0.02 0.00 0.00 0.00 - 0.00 0.01 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 0.20 0.17 0.20 + 0.03 0.27 0.13 0.17 0.14 0.17 + 0.01 0.20 0.10 0.05 0.05 0.05 - 0.01 0.07 0.01

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Strategic Metl V 256 Strategic Metl* O 252 Stria Lithium V 528 Strikepoint Gd V 236 Strikepoint Gd* O 24 V 577 Strongbow Expl Sulliden Mng T 136 Suncor Energy T 12570 Suncor Energy* N 12158 Superior Gold* O 105 Superior Gold V 676 Supreme Metals 167 Sutter Gold V 33 Sutter Gold* O 20 Syrah Res* O 69

0.50 0.46 0.47 - 0.04 0.75 0.37 0.41 0.37 0.38 - 0.03 0.58 0.28 0.04 0.04 0.04 - 0.01 0.10 0.03 0.30 0.25 0.26 - 0.04 0.67 0.25 0.25 0.19 0.20 - 0.03 0.47 0.19 0.21 0.19 0.20 + 0.02 0.27 0.12 0.28 0.25 0.25 - 0.04 0.43 0.18 42.30 41.27 42.09 + 0.54 44.90 34.03 34.37 33.73 34.12 - 0.01 34.37 25.70 0.78 0.73 0.73 - 0.04 0.78 0.73 0.98 0.88 0.88 - 0.09 1.25 0.85 0.03 0.03 0.03 - 0.01 0.15 0.02 0.04 0.03 0.03 + 0.01 0.08 0.03 0.03 0.02 0.02 - 0.00 0.06 0.02 3.14 2.76 2.88 - 0.00 3.32 1.68

Tahoe Res* N 17732 Tahoe Res T 6993 Tajiri Res V 128 Taku Gold 45

5.85 5.41 5.76 + 0.24 14.24 4.24 7.24 6.61 7.08 + 0.38 18.99 5.31 0.11 0.10 0.11 + 0.01 0.21 0.08 0.19 0.16 0.17 - 0.01 0.25 0.06

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Unigold* O 8 90 United Res Hdg* O 229 United States A* X United States S* N 69795 Unity Energy V 60 Unity Energy* O 3 Upper Canyon V 34 Ur-Energy* X 1040 Ur-Energy T 170 Uracan Res V 47 Uragold Bay Rs V 1064 Uranium Res* D 1367 V 304 Uranium Valley Uravan Mnrls V 193 URZ Energy V 119 URZ Energy* O 23 990 O US Cobalt * V 2344 US Cobalt US Energy* D 43 US Precious M* O 7404 USCorp* O 447

0.12 0.19 + 0.00 0.31 0.20 0.19 0.01 0.01 0.01 - 0.01 0.04 0.01 0.32 0.29 0.30 - 0.02 0.52 0.22 26.47 23.16 23.83 - 1.26 41.83 16.17 0.11 0.14 - 0.01 0.38 0.15 0.13 0.10 0.13 + 0.02 0.13 0.13 0.13 0.05 0.23 + 0.03 0.60 0.28 0.23 0.41 0.58 - 0.01 0.91 0.60 0.55 0.55 0.71 - 0.01 1.19 0.73 0.68 0.02 0.03 - 0.01 0.10 0.04 0.00 0.13 0.10 0.11 + 0.01 0.26 0.09 0.97 1.41 + 0.04 4.00 1.50 1.34 0.04 0.11 + 0.02 0.33 0.11 0.10 0.05 0.05 - 0.01 0.34 0.06 0.05 0.20 0.44 - 0.07 0.79 0.51 0.44 0.33 0.35 - 0.02 0.51 0.41 0.35 0.60 0.43 0.58 + 0.13 0.88 0.27 0.74 0.52 0.74 + 0.19 0.99 0.45 0.60 0.80 - 0.04 2.74 0.84 0.76 0.00 0.00 0.00 + 0.00 0.02 0.00 0.00 0.01 + 0.00 0.01 0.01 0.00

NEVADA, USA The Right Place, The Right Time

Nevada Sunrise Gold Corp. Four Lithium Projects in the Clayton Valley and Lida Valley, Nevada For Sale or Option – Permitted and Drill Ready www.nevadasunrise.ca | PH: (604) 428-8028

Sandspring Res* O 583 Sandspring Res V 1098 X 7712 Sandstorm Gold* 14 Sandy Lake Gld* O Santa Fe Gold* O 435 Santacruz Silv V 2573 Satori Res V 265 Saturn Mnrls V 508 Savary Gold* O 60 Scandium Intl T 702 Scandium Intl* O 13 ScoZinc Mg V 9 Seabridge Gld T 363 Seabridge Gld* N 1632 Seafield Res* O 1 Search Mnls V 81 Searchlight* O 61 Secova Mtls* O 51 Sego Res V 423 Select Sands V 956 T 8570 Semafo Senator Mnrls* O 12 Senator Mnrls V 2944 Sennen Potash V 75 Serabi Gold T 38 Serengeti Res V 261 Sherritt Intl T 3989 Sibanye Gold* N 20553 Sidney Resrces* O 1377 Sienna Res* O 30 Sienna Res V 444 Sierra Metals* X 224 Sierra Metals T 158 Silver Bear Rs* O 63 Silver Bear Rs T 393 Silver Bull Re* O 1238 Silver Bull Re T 1066 Silver Dragon* O 65 Silver Grail V 802 Silver Predatr V 42 Silver Pursuit V 78 Silver Range V 71 Silver Spruce V 397 Silver Wheaton T 4315 N 11948 Silver Wheaton* Silvercorp Met T 2194 Silvercorp Met* X 1478 SilverCrest Mt* O 125 SilverCrest Mt V 162 Silvermet V 151 Silverstar Res* O 6 Sirios Res* O 44 Sirios Res V 232 Skeena Res V 3569 Skeena Res* O 202 Skyharbour Res* O 49 Skyharbour Res V 306 Sojourn Explor V 41 SolGold plc T 224 SolGold plc* O 107 Solitario Ex&R T 203 Solitario Ex&R* X 652 Sonora Gld & S V 392 Southern Arc V 33 Southern Copp* N 4479 Southern Silvr V 398 Southern Silvr* O 175 Spanish Mtn Gd* O 413 Spanish Mtn Gd V 830 Spearmint Res V 6298 Spearmint Res* O 70 Sphinx Res V 163 Sprott Res Hld T 1428 Spruce Ridge R V 1874 SRG Graphite V 44 SSR Mining T 699 SSR Mining* D 4015 Stakeholdr Gld V 96 Stakeholdr Gld* O 81 Standard Lith V 2753 Standard Metal* O 8 Stans Energy V 426 Starcore Intl T 192 Starr Peak Exp V 50 Stellar Africa V 174 Stelmine Can V 135 Sterling Grp* O 40 Stina Res* O 151 Stina Res 1527 Stornoway Diam T 680 Stornoway Diam* O 3

0.34 0.27 0.28 - 0.06 0.52 0.23 0.42 0.33 0.34 - 0.07 0.69 0.31 4.82 4.50 4.72 - 0.07 5.74 3.18 0.05 0.05 0.05 + 0.01 0.09 0.04 0.12 0.08 0.11 + 0.01 0.23 0.03 0.19 0.15 0.18 - 0.01 0.51 0.15 0.15 0.13 0.13 - 0.02 0.30 0.07 0.11 0.09 0.11 + 0.02 0.13 0.07 0.05 0.05 0.05 - 0.00 0.09 0.04 0.34 0.31 0.31 - 0.04 0.48 0.14 0.29 0.27 0.28 - 0.00 0.35 0.10 1.55 1.50 1.55 + 0.03 1.70 0.76 14.69 13.65 14.69 + 0.60 17.11 9.99 11.90 11.10 11.85 + 0.15 12.85 7.35 0.02 0.02 0.02 + 0.01 0.02 0.00 0.06 0.05 0.06 + 0.01 0.10 0.05 0.05 0.03 0.04 + 0.00 0.13 0.01 0.04 0.04 0.04 + 0.00 0.09 0.03 0.04 0.03 0.04 + 0.01 0.08 0.02 0.50 0.47 0.49 + 0.01 2.04 0.46 3.51 3.20 3.45 + 0.25 6.03 2.68 1.55 1.29 1.50 + 0.18 1.55 0.43 1.90 1.58 1.86 + 0.26 1.90 0.47 0.07 0.06 0.06 - 0.01 0.13 0.06 0.08 0.07 0.07 - 0.01 0.10 0.07 0.24 0.21 0.21 - 0.02 0.26 0.11 1.17 1.05 1.11 + 0.08 1.67 0.74 5.40 4.60 4.69 - 0.83 14.69 4.43 0.01 0.01 0.01 + 0.00 0.02 0.00 0.11 0.11 0.11 + 0.00 0.14 0.07 0.15 0.13 0.15 + 0.01 0.19 0.09 2.58 2.36 2.43 - 0.04 3.10 1.29 3.12 2.90 2.97 + 0.07 3.75 1.70 0.14 0.12 0.13 + 0.01 0.38 0.08 0.17 0.15 0.16 + 0.01 0.49 0.15 0.11 0.09 0.10 - 0.00 0.16 0.06 0.13 0.11 0.12 - 0.01 0.21 0.08 0.02 0.01 0.01 - 0.00 0.03 0.01 0.13 0.10 0.12 + 0.02 0.13 0.05 0.04 0.00 0.04 - 0.01 0.08 0.03 0.19 0.00 0.18 - 0.01 0.23 0.09 0.21 0.18 0.19 - 0.03 0.29 0.08 0.06 0.06 0.06 + 0.01 0.13 0.05 24.14 23.18 23.69 - 0.16 38.40 22.63 19.69 18.77 19.23 - 0.36 28.68 16.94 3.68 3.42 3.59 - 0.07 5.90 2.82 2.99 2.77 2.89 - 0.10 4.50 2.07 1.29 1.15 1.18 - 0.01 2.33 1.08 1.58 1.41 1.46 - 0.04 3.05 1.39 0.18 0.17 0.17 - 0.01 0.22 0.03 3.35 3.20 3.35 + 0.01 3.36 1.51 0.27 0.26 0.26 + 0.00 0.71 0.21 0.33 0.31 0.31 - 0.01 0.95 0.25 0.07 0.06 0.06 - 0.01 0.16 0.04 0.06 0.05 0.06 - 0.00 0.12 0.03 0.35 0.31 0.34 + 0.01 0.54 0.18 0.42 0.38 0.42 + 0.01 0.70 0.24 0.24 0.20 0.23 + 0.01 0.30 0.09 0.73 0.00 0.70 + 0.05 0.95 0.56 0.44 0.00 0.44 + 0.01 0.63 0.25 0.91 0.83 0.85 - 0.01 1.21 0.76 0.81 0.68 0.71 - 0.03 0.91 0.58 0.09 0.09 0.09 - 0.01 0.15 0.05 0.72 0.00 0.72 - 0.01 0.98 0.38 40.73 38.95 39.11 - 0.24 42.00 25.46 0.37 0.33 0.37 - 0.01 0.60 0.27 0.31 0.27 0.30 - 0.00 0.46 0.19 0.12 0.10 0.11 - 0.01 0.17 0.06 0.14 0.11 0.13 - 0.01 0.23 0.09 0.05 0.04 0.04 - 0.01 0.06 0.02 0.04 0.03 0.03 - 0.01 0.05 0.02 0.07 0.00 0.06 - 0.01 0.10 0.04 0.16 0.15 0.16 - 0.01 0.23 0.15 0.03 0.02 0.03 + 0.02 0.05 0.01 0.69 0.65 0.65 - 0.03 0.74 0.15 12.76 12.23 12.68 - 0.03 17.86 10.32 10.42 9.90 10.26 - 0.17 10.89 8.89 0.45 0.33 0.35 - 0.10 0.89 0.19 0.43 0.27 0.28 - 0.09 0.67 0.17 1.67 1.37 1.57 + 0.11 1.67 0.30 0.08 0.06 0.08 - 0.01 0.22 0.04 0.04 0.04 0.04 + 0.01 0.08 0.03 0.36 0.33 0.34 + 0.01 0.77 0.33 0.13 0.12 0.12 - 0.01 0.17 0.08 0.05 0.00 0.05 + 0.01 0.07 0.02 0.30 0.29 0.29 + 0.01 0.37 0.17 0.06 0.00 0.05 - 0.01 0.18 0.02 0.27 0.21 0.21 - 0.05 0.27 0.05 0.33 0.25 0.26 - 0.05 0.35 0.07 0.76 0.75 0.76 + 0.01 1.33 0.69 0.62 0.61 0.61 - 0.01 0.96 0.54

Talon Metals T 435 Tanager Energy V 267 V 384 Tanqueray Expl Tanzania Rlty T 71 Tanzania Rlty* X 702 Taranis Res V 25 Tartisan Res 214 Tasca Res V 319 Taseko Mines* X 5969 Taseko Mines T 1990 T 13178 Teck Res Teck Res* N 32031 T 12 Teck Res Telson Res * O 108 Telson Res V 66 Teranga Gold* O 89 Teranga Gold T 1726 Terraco Gold V 452 Terrax Mnrls* O 810 Terreno Res V 10 Teslin Rvr Res V 1236 Tethyan Res V 75 Teuton Res* O 94 Teuton Res V 728 Texas Mineral* O 144 Thor Expl V 70 Thunder Mtn Gd* O 164 Thunderstruck V 210 Thunderstruck* O 80 Till Capital V 1 Till Capital* D 10 Timberline Res V 94 Timberline Res* O 155 Timmins Gold* X 1906 Timmins Gold T 910 Tinka Res* O 261 Tinka Res V 1249 Tintina Res V 224 Tintina Res* O 100 Tirex Res* O 5149 Titanium Corp V 171 TMAC Resource* O 12 TMAC Resources T 102 Tombstone Expl* O 2641 Tonogold Res* O 92 Torex Gold* O 33 Torex Gold T 1577 Toron, Inc* O 10536 Torq Resources* O 6 Tower Res V 1980 Transatlan Mng V 80 Treasury Metal* O 103 Treasury Metal T 364 Trecora Res* N 256 Trek Mining V 486 Trek Mining* O 77 Tres-Or Res V 360 Trevali Mng T 10691 Trifecta Gold V 36 Trifecta Gold* O 17 Trilogy Mtls* X 921 Trilogy Mtls T 69 TriMetals Mng* O 124 TriMetals Mng* O 23 TriMetals Mng T 150 Trinity Res* O 0 Trio Resources* O 314 TriStar Gold* O 55 TriStar Gold V 178 Triumph Gold* O 123 Triumph Gold V 221 Troymet Expl V 633 Trueclaim Expl V 251 Tsodilo Res V 12 Tudor Gold V 66 Tudor Gold * O 63 Tungsten Corp* O 1147 Turquoise HIl* N 19722 Turquoise HIl T 3607 TVI Pacific* O 100 Typhoon Expl V 72

0.13 0.10 0.13 + 0.02 0.15 0.06 0.15 0.13 0.14 - 0.01 0.20 0.05 1.08 0.99 1.06 + 0.05 1.56 0.14 0.49 0.45 0.45 - 0.05 1.35 0.45 0.39 0.36 0.36 - 0.03 1.03 0.36 0.11 0.09 0.11 + 0.02 0.14 0.08 0.14 0.09 0.13 + 0.02 0.18 0.03 0.15 0.10 0.10 + 0.01 0.21 0.05 1.90 1.68 1.82 - 0.03 2.05 0.42 2.34 2.06 2.24 - 0.06 2.50 0.55 27.19 25.66 27.10 + 1.41 35.67 19.27 22.20 21.00 21.96 + 0.90 26.60 14.56 27.46 26.05 27.17 + 1.42 36.49 20.00 0.69 0.65 0.65 + 0.02 0.72 0.11 0.85 0.74 0.75 - 0.04 0.89 0.16 2.55 2.41 2.44 - 0.16 6.40 2.02 3.16 2.94 2.97 - 0.22 7.00 2.78 0.12 0.10 0.10 - 0.01 0.17 0.09 0.50 0.46 0.49 + 0.01 0.80 0.30 0.05 0.05 0.05 + 0.01 0.08 0.03 0.62 0.57 0.62 + 0.03 0.76 0.21 0.08 0.07 0.07 - 0.01 0.10 0.04 0.20 0.17 0.18 - 0.03 0.27 0.11 0.25 0.21 0.25 + 0.03 0.37 0.15 0.21 0.20 0.21 + 0.00 0.39 0.09 0.23 0.18 0.22 - 0.01 0.25 0.08 0.29 0.18 0.20 - 0.02 0.30 0.02 0.11 0.09 0.09 - 0.02 0.14 0.05 0.08 0.07 0.07 - 0.02 0.11 0.06 4.50 0.00 4.50 - 0.50 5.85 4.10 3.90 3.58 3.58 - 0.39 4.39 3.58 0.49 0.41 0.42 - 0.03 0.73 0.32 0.38 0.32 0.34 - 0.03 0.53 0.02 4.94 4.46 4.71 + 0.48 6.06 2.70 6.05 5.44 5.80 + 0.54 7.99 3.70 0.46 0.41 0.44 - 0.02 0.59 0.13 0.56 0.51 0.52 - 0.06 0.78 0.17 0.12 0.10 0.12 + 0.01 0.14 0.06 0.10 0.08 0.09 - 0.00 0.10 0.04 0.04 0.03 0.04 - 0.00 0.09 0.02 1.32 1.24 1.25 - 0.05 1.46 0.41 8.61 0.00 8.43 + 0.81 14.76 6.64 10.62 9.30 10.58 + 1.19 20.18 8.12 0.01 0.01 0.01 + 0.00 0.01 0.00 0.10 0.06 0.09 + 0.02 0.13 0.02 16.54 15.69 15.92 - 0.64 25.59 12.73 20.20 19.24 19.66 - 0.60 33.85 17.05 0.00 0.00 0.00 - 0.00 0.01 0.00 0.61 0.60 0.60 - 0.02 0.73 0.50 0.19 0.16 0.17 - 0.01 0.34 0.11 0.08 0.08 0.08 - 0.01 0.80 0.07 0.62 0.55 0.55 - 0.05 0.67 0.30 0.75 0.68 0.68 - 0.04 0.90 0.48 12.95 12.55 12.75 - 0.10 14.80 9.75 1.13 1.10 1.13 + 0.01 2.26 0.96 0.92 0.89 0.92 + 0.00 1.64 0.75 0.06 0.05 0.05 - 0.01 0.06 0.03 1.46 1.37 1.40 + 0.03 1.60 0.91 0.22 0.19 0.19 - 0.03 0.40 0.18 0.18 0.16 0.16 - 0.02 0.20 0.14 1.05 0.95 0.98 - 0.00 1.35 0.41 1.29 1.17 1.21 + 0.04 1.60 0.58 0.18 0.15 0.17 - 0.00 0.24 0.13 0.19 0.18 0.19 + 0.03 0.21 0.11 0.22 0.19 0.21 - 0.01 0.31 0.18 0.04 0.00 0.04 + 0.02 0.33 0.02 0.00 0.00 0.00 - 0.00 0.00 0.00 0.27 0.21 0.22 - 0.03 0.34 0.17 0.33 0.26 0.28 - 0.06 0.44 0.22 0.41 0.34 0.35 - 0.06 0.46 0.12 0.50 0.43 0.43 - 0.07 0.57 0.16 0.02 0.01 0.02 - 0.01 0.04 0.01 0.02 0.02 0.02 + 0.01 0.05 0.02 0.70 0.59 0.60 - 0.10 1.05 0.59 0.78 0.70 0.74 + 0.01 1.03 0.37 0.66 0.57 0.58 - 0.01 0.71 0.33 0.00 0.00 0.00 - 0.00 0.00 0.00 3.17 3.08 3.14 + 0.04 3.80 2.44 3.91 3.76 3.86 + 0.10 5.03 3.25 0.01 0.01 0.01 - 0.00 0.06 0.00 0.08 0.07 0.07 - 0.01 0.12 0.06

U.S. Lithium* O 2457 U3O8 Corp* O 40 U3O8 Corp T 111 Ucore Rare Mtl V 1032 Ucore Rare Mtl* O 1258 Ultra Lithium* O 31 Ultra Lithium V 146 Unigold V 77

0.05 0.04 0.04 + 0.00 0.08 0.01 0.36 0.00 0.34 + 0.00 0.36 0.24 0.45 0.38 0.38 - 0.01 1.00 0.21 0.28 0.25 0.28 + 0.03 0.39 0.22 0.24 0.20 0.23 + 0.02 0.29 0.18 0.20 0.00 0.17 + 0.03 0.20 0.11 0.24 0.20 0.20 - 0.02 0.26 0.14 0.26 0.24 0.24 - 0.01 0.45 0.15

U-V

160715 N Vale* N 15677 Vale* 783 Valley High Mg* O Vanadium One V 1571 O 246 Vanadiumcorp* Vangold Res V 617 236 Vanstar Mng Rs V 7 O Vantex Res * Vantex Res V 91 N 2325 Vedanta* O 8 Velocity Mnrls* Velocity Mnrls V 182 Vendetta Mng V 2099 V 32 Venerable Vent Verde Potash T 56 Verde Res* O 77 Victoria Gold V 1218 Victory Nickel 84 Victory Res V 676 Victory Vent V 1082 Virginia Enrgy V 9 O 29 Virginia Enrgy* Viscount Mng V 227 135 Visible Gold M V Vista Gold* X 916 Volcanic Gold V 432 Voltaic Min V 1974 Voyageur Min V 406 VR Resources V 331 Vulcan Mnrls V 439

10.16 - 0.69 11.72 5.27 10.98 10.12 10.22 9.40 9.45 - 0.66 11.10 4.57 0.00 0.00 0.00 - 0.00 0.02 0.00 0.07 0.08 + 0.01 0.19 0.10 0.07 0.02 0.10 - 0.01 0.13 0.10 0.09 0.05 0.09 - 0.02 0.22 0.10 0.08 0.09 0.08 0.08 - 0.01 0.15 0.05 0.06 0.05 0.06 + 0.00 0.16 0.05 0.07 0.08 - 0.01 0.30 0.09 0.08 19.24 - 0.76 20.92 9.83 20.56 19.14 0.17 0.30 + 0.00 0.35 0.30 0.30 0.18 0.35 - 0.02 0.47 0.37 0.34 0.09 0.26 - 0.02 0.35 0.29 0.26 0.09 0.09 - 0.01 0.18 0.10 0.09 0.20 0.73 - 0.02 1.77 0.77 0.70 0.02 0.08 - 0.03 0.20 0.11 0.08 0.42 0.49 - 0.01 0.74 0.50 0.48 0.02 0.04 + 0.01 0.09 0.04 0.04 0.01 0.01 - 0.01 0.05 0.01 0.01 0.02 0.03 - 0.01 0.19 0.03 0.03 0.04 0.13 - 0.02 0.38 0.14 0.00 0.02 0.12 + 0.00 0.54 0.12 0.11 0.22 0.28 - 0.02 0.81 0.29 0.27 0.12 0.40 0.01 + 0.13 0.12 0.13 0.63 0.79 + 0.03 1.24 0.81 0.76 0.14 0.35 - 0.06 0.65 0.40 0.33 0.05 0.06 - 0.01 0.24 0.08 0.00 0.05 0.05 - 0.01 0.13 0.06 0.05 0.14 0.30 + 0.01 0.51 0.35 0.29 0.03 0.06 + 0.01 0.08 0.07 0.06

Walker River V 158 T 593 Wallbridge Mng 566 War Eagle Mg V Wealth Mnrls V 589 Wealth Mnrls* O 317 O 422 Wellgreen Plat* T 3227 Wesdome Gold O 154 Wesdome Gold* 70 V West Af Res 144 West High Yld V 170 West Kirkland * O 233 West Red Lake 13 West Red Lake* O Westcot Vent V 125 O 8 Western Areas* T 462 Western Copper X 378 Western Copper* 168 Western Pac Rs* O T 142 Western Potash Western Res* O 43 157 Western Troy C V Western Uran* O 17 Western Uran 17 O 1652 Westkam Gold* V 3465 Westkam Gold Westmoreland* D 749 O 300 WestMountain* Westridge Res V 156 White Gold V 124 White Gold* O 25 388 White Metal Rs V 230 White Mtn Engy* O O 1 Wincash Apolo* Winston Gold* O 215 Wolfden Res* O 308 Wolfden Res V 6754 Wolfeye Res V 557 V 52 Wolverine Mnls WPC Res V 185 X-Terra Res V 137 X-Terra Res* O 43 Xander Res V 357 257 XLI Tech Inc* O O 29 Xtra-Gold Res* Xtra-Gold Res T 106 Yamana Gold T 13585 46846 Yamana Gold* N V 7 Yellowhead Mng Yorbeau Res T 1562 9 O Zadar Vent * Zadar Vent V 5891 O 9 Zenyatta Vent* Zephyr Mnls V 155 Zimtu Capital V 68 884 Zinc One Res V 177 Zinc One Res * O Zincore Mtls V 28 Zonte Mtls V 740

0.07 0.12 + 0.01 0.18 0.12 0.11 0.04 0.09 - 0.01 0.14 0.10 0.09 0.07 0.05 0.06 - 0.01 0.08 0.02 0.95 1.81 + 0.01 2.10 1.87 1.70 0.71 1.48 - 0.01 1.69 1.51 1.40 0.16 0.25 - 0.00 0.39 0.26 0.24 1.93 2.44 + 0.21 4.40 2.46 2.15 0.00 1.96 + 0.14 3.22 2.00 1.75 0.35 0.33 0.34 + 0.01 0.38 0.19 0.32 0.28 0.28 - 0.02 0.43 0.09 0.07 0.06 0.07 + 0.00 0.09 0.04 0.15 0.13 0.15 + 0.01 0.32 0.11 0.12 0.00 0.12 - 0.00 0.24 0.09 0.04 0.18 + 0.15 0.26 0.26 0.04 1.57 2.01 - 0.08 2.35 2.09 2.01 0.93 1.52 - 0.09 2.24 1.61 1.51 0.74 1.24 - 0.08 1.80 1.33 1.22 0.02 0.01 0.02 + 0.01 0.03 0.01 0.37 0.44 + 0.02 1.80 0.47 0.42 0.30 0.37 + 0.04 0.47 0.37 0.33 0.04 0.03 0.03 - 0.01 0.04 0.01 0.70 0.90 - 0.05 2.17 0.96 0.86 0.88 1.10 - 0.06 2.80 1.16 1.06 0.01 0.02 + 0.00 0.04 0.02 0.02 0.02 0.03 + 0.01 0.05 0.03 0.00 2.57 2.30 2.35 - 0.11 19.92 1.88 0.00 0.00 - 0.00 0.10 0.01 0.00 0.01 0.22 + 0.03 0.39 0.22 0.18 0.40 1.34 + 0.04 2.34 1.34 1.20 0.43 1.10 + 0.02 1.73 1.10 1.00 0.04 0.00 0.04 + 0.01 0.10 0.04 0.00 0.00 0.00 + 0.00 0.09 0.00 0.03 0.07 + 0.02 0.22 0.09 0.00 0.03 0.03 - 0.00 0.04 0.03 0.03 0.10 0.22 + 0.04 0.23 0.23 0.18 0.08 0.29 + 0.10 0.30 0.30 0.19 0.23 0.87 - 0.10 1.31 0.99 0.86 0.05 0.08 + 0.01 0.13 0.08 0.00 0.04 0.05 - 0.01 0.13 0.06 0.05 0.13 0.31 + 0.02 0.40 0.31 0.28 0.16 0.23 - 0.02 0.28 0.25 0.00 0.23 0.25 - 0.01 0.49 0.26 0.23 0.01 0.01 0.01 - 0.00 0.05 0.00 0.12 0.20 - 0.01 0.34 0.21 0.20 0.17 0.25 - 0.02 0.45 0.27 0.25 2.84 3.37 - 0.14 6.43 3.47 3.25 2.21 2.73 - 0.13 4.71 2.84 2.63 0.44 0.55 - 0.01 1.20 0.56 0.55 0.08 0.09 - 0.01 0.14 0.10 0.09 0.08 0.05 0.08 + 0.03 0.12 0.05 0.07 0.09 + 0.01 0.16 0.11 0.08 0.61 0.75 - 0.01 1.17 0.77 0.75 0.18 0.24 + 0.04 0.42 0.24 0.20 0.15 0.24 + 0.02 0.40 0.24 0.22 0.49 0.44 0.45 - 0.03 0.90 0.10 0.41 0.36 0.36 - 0.03 0.81 0.01 0.06 0.12 - 0.01 0.29 0.14 0.11 0.05 0.34 - 0.03 0.49 0.37 0.33

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