The Northern Miner October 3 2016 Issue

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Agnico Eagle adds gold ounces at Amaruq NUNAVUT

| First production anticipated in 2019, as nearby Meadowbank nears depletion

West Kirkland improves Hasbrouck’s economics NEVADA GOLD

| Hasbrouck has US$120M NPV and 43% IRR after tax

BY SALMA TARIKH starikh@northernminer.com

W

est Kirkland Mining (TSXV: WKM; US-OTC: WKLDF) has added more shine to its 75%-held Hasbrouck gold-silver project in southwestern Nevada, with an updated prefeasibility study (PFS) outlining lower startup capital for a heap-leach operation producing 74,000 equivalent oz. gold annually for nine years.

“It confirms the viability of the original study that was published last year. The key things to this project are the small amount of See WEST KIRKLAND / 2

BY MATTHEW KEEVIL

PM40069240

mkeevil@northernminer.com VANCOUVER

Geologist Roxanne Takpanie and project geologist Robert Fraser at Agnico Eagle Mines’ Amaruq gold project in Nunavut. AGNICO EAGLE MINES

BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

A

gnico Eagle Mines’ (TSX: AEM; NYSE: AEM) Amaruq gold project is well on the way to becoming its next great discovery story. The company has rapidly advanced the Whale Tail and IVR zones over the past three years, and the resource growth rate has been impressive.

On Sept. 15 Agnico reported an updated resource estimate at Amaruq, which boasts 3.7 million inferred oz. gold within 19.4 million tonnes grading 5.97 grams gold per tonne. The IVR deposit grew 320% to 3.9 million tonnes of 6.84 grams gold for 852,000 contained oz., while overall open-pit resources

jumped 33% to 13.6 million tonnes at 5.53 grams gold for 2.4 million contained oz. gold.

“We’ve advanced quickly due to everything we’ve learned from our nine-year experience in Nunavut,” Agnico Eagle vice-president of exploration Guy Gosselin said during an interview. “Having the infrastructure in the region also keeps costs affordable, and we’ve established a really strong understanding of Archean greenstone deposits.”

Gosselin commented that most of the deposits Agnico has explored are typical of the iron-formation greenstone belts seen in northern Canada.

“The affinity with iron formation makes the magnetic and electromagnetic (EM) surveys very powerful,” he said. “You can recognize

signs under cover and see the folds of the formations, which are the structural and chemical traps for the gold.”

Amaruq has become a high priority because Agnico’s Meadowbank gold mine, which lies 50 km southeast, is scheduled to run out of ore by the third quarter of 2018.

The company plans to complete a 62 km access road between the two sites, and hopes to get Amaruq into production by 2019.

To date at Amaruq, Agnico has discovered six zones of gold-bearing quartz-pyrrhotite-arsenopyrite veining and flooding within volcano-sedimentary rocks.

The IVR deposit is composed of the I, V and R zones. The V zone hosts almost the entire stated resource, and has emerged as a secondary source of open-pit mill feed

in a production scenario.

Gosselin says the IVR material would help Agnico optimize throughput at Meadowbank ’s 11,000-tonne-per-day mill, which manages operating and production costs.

Exploration at Amaruq has recently been highlighted by more lens discoveries in the V zone, which forms parallel quartz-vein structures dipping shallowly towards Whale Tail from surface to 542 metres deep.

The surface expression of the zone has a 1.2 km strike length, while the Whale Tail deposit has been defined over 2.2 km of strike length and extends from surface to 650 metres deep. Both deposits remain open to depth and lateral See AGNICO / 2

DETOUR GOLD: PIT FLOODING HOLDS BACK PRODUCTION / 16

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2016-09-27 7:53 PM

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OCTOBER 3–9, 2016 / THE NORTHERN MINER

West Kirkland improves Hasbrouck’s economics WEST KIRKLAND From 1

upfront capital and the low all-in sustaining costs to operate it. And the internal rate of return (IRR) is phenomenal, versus most other gold projects. We have a solid project,” the company’s manager of investor relations Kris Begic says.

The Hasbrouck project comprises the Three Hills and Hasbrouck oxidized gold deposits, sitting 8 km apart. West Kirkland plans to mine the deposits sequentially, starting with the fully permitted Three Hills.

Phase-one production from Three Hills should occur for two years at 15,000 tons (13,600 tonnes) per day, followed by phase-two production from Hasbrouck for seven years at 17,500 tons (15,675 tonnes) per day.

Initial capital to build the Three Hills mine is US$47 million, down from the estimated US$54 million in the July 2015 prefeasibility study.

The US$8 million in savings comes from several changes, including deferring building a gold recovery plant by two years.

The firm had planned to install a gold plant at the start of phase one, but realized it could save US$6 million by installing an inexpensive carbon-in-column plant at the Three Hills mine, and use an off-site facility to strip the gold from the carbon, the company’s chief operating officer Sandy McVey says.

After the first two years of production, West Kirkland would add an adsorption-desorption recovery plant at the Hasbrouck mine to handle the greater amount of silver.

Given the higher silver presence at Hasbrouck, McVey says it would have been too expensive to truck the carbon-loaded material off-site. “It would’ve just been too much carbon.

You can’t make money out of it.”

The junior realized more savings of US$7 million from sourcing water from wells, reworking its reclamation bond amounts and other consequential improvements, offsetting a US$5-million increase in preproduction mining costs.

Through more engineering work, the company found that it would need to spend the US$5 million before producing at Three Hills, instead of during the first months

A driller on the eastern flank of Hasbrouck Peak at West Kirkland Mining’s 75%-owned Hasbrouck gold project in southwestern Nevada. WEST KIRKLAND MINING

“WE’VE BEEN OUT HAVING DISCUSSIONS WITH A NUMBER OF POTENTIAL LENDERS, AND THERE’S INTEREST TO FUND THIS PROJECT.” KRIS BEGIC MANAGER OF INVESTOR RELATIONS, WEST KIRKLAND MINING

of production, McVey notes.

“We’ve done a lot of detailed engineering on the preproduction and the construction phase of Three Hills, in anticipation that if the decision is to be made to go ahead with construction, we can jump on it right now,” McVey says.

A construction decision should be made early in the fourth quarter, with Begic noting that if the decision is positive, Three Hills could enter production 12 months from then.

Meanwhile, Kirkland is assessing equity markets to raise its 75% share of initial capital. (Waterton Precious Metals Fund II, the project’s 25% owner, is responsible for funding the rest.)

“There is an active lending market for gold development right now.

We’ve been out having discussions with a number of potential lenders, and there’s interest to fund this project,” Begic says.

He adds that the company’s topthree shareholders — U.S.-based fund Sun Valley Gold, Liberty Metals & Mining and U.K.-based fund Ruffer Gold — hold 60% of West Kirkland. “So between those large shareholders, the ability to fund the project is a manageable situation.”

West Kirkland plans to use the free cash flow generated from the Three Hills mine over the first two years to fund Hasbrouck ’s

US$83-million development. Permitting is underway at the deposit, and should be ready within 24 months after construction begins at Three Hills.

Combined, Three Hills and Hasbrouck shou ld chu rn out 594,000 equivalent oz. gold over nine years, at all-in sustaining costs of US$709 per oz. gold, net of silver credits.

Throughput and stripping ratio should average 16,000 tons (14,515 tonnes) per day and 1.1-to-1, with an estimated head grade of 0.58 gram gold per tonne and 8 grams silver. Gold and silver recoveries are 76% and 11%.

The project’s economics have also improved, in part due to the improved metal prices and lower diesel costs.

Applying a 5% discount rate and a US$50 higher gold price of US$1,275 per oz. and a US71¢ higher silver price of US$18.21 per oz., the Hasbrouck project has a US$120-million net present value (NPV) and a 43.1% IRR, after taxes.

This compares to 2015’s after-tax NPV and IRR of US$75 million and 25.6%. Payback has also fallen slightly to 3.1 years.

Both studies used reserves of 762,000 oz. gold and 10.6 million oz. silver, from 41 million tonnes grading 0.58 gram gold and 8 grams silver.

The Hasbrouck project is 2 km from the town of Tonopah in Nevada’s Esmeralda County, at the south end of the San Antonio Mountains.

West Kirkland bought 75% of the project from Allied Nevada Gold in a distressed sale for US$20 million in April 2014.

A year later, Allied Nevada filed for Chapter 11 bankruptcy protection, and Waterton acquired all except for one of the company’s assets, including a 25% interest in the Hasbrouck project.

At the end of June, West Kirkland had US$300,000 in cash. Its shares closed Sept. 1 flat at 12.5¢, within a 52-week trading range of 3.5¢ to 17¢. TNM

Agnico Eagle adds gold ounces at Amaruq AGNICO From 1

extension.

“We still have some room to grow Whale Tail towards the west, but in terms of potentially open-pit material, my interest is whether we can connect the two zones by filling in the gaps,” Gosselin said.

“There could be interesting news coming out of that area, and we want to continue to work our way into the eastern part of the V zone to see if we can develop another ore shoot. These systems also have no limitation vertically, so there is a lot of work ahead.”

The company has conducted magnetic and EM surveys across the greater 1,170 sq. km Amaruq land package, and assigned one drill to

test regional targets. Gosselin said there’s also work needed to better understand regional structural settings, but the exploration team has seen “good geology so far.”

Agnico should release a more detailed update on its regional program at year-end.

The company had suggested Amaruq could be permitted as an extension of the existing Meadowbank operation, since it would in all likelihood truck Amaruq ore to the Meadowbank mill, but in August the Nunavut Impact Review Board (NIRB) recommended the project undergo a full environmental assessment.

“We were anticipating this outcome, so we had already submitted the environmental impact study,”

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corporate director of communications and public affairs Dale Coffin said. “We’re moving forward with NIRB on the review process, and we continued to anticipate start-up at Amaruq in 2019. Meadowbank is scheduled to finish up earlier, so our challenge is to try to narrow that gap to keep momentum and minimize the impact on our employees.”

Drilling at Amaruq through June had totalled 77,500 metres, and Gosselin says another 30,000 metres will be complete through October.

In July the company reported that a $14-million budget had been approved for a second exploration phase at Amaruq this year, including 50,000 metres of drilling, as well as buying equipment and supplies for the 2017 exploration program.

Agnico is also working to permit an exploration ramp that would advance underground opportunities at both Whale Tail and IVR. The company expects to produce between 1.58 million and 1.6 million oz. this year at all-in sustaining costs of US$840 to US$880 per oz. gold. Agnico shares have traded in a 52-week range of $30.22 to $78.35 per share, and closed at $68.78 at press time.

The company has 225 million shares outstanding for a $15.5-billion market capitalization. TNM

The landscape of the V area, part of the IVR gold deposit at Agnico Eagle Mines’ Amaruq property in Nunavut. AGNICO EAGLE MINES

2016-09-27 7:54 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 3–9, 2016

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Endeavour Mining’s Agbaou gold mine, 80 km south of Yamoussoukro, Côte d’Ivoire. PHOTO BY LESLEY STOKES

Endeavour in a whirlwind of activity at its West African mines GOLD

BY LESLEY STOKES

I

lstokes@northernminer.com VANCOUVER

t’s been a transformational year for Endeavour Mining (TSX: EDV), ever since La Mancha Holding Sarl — a private investment firm co-controlled by Egyptian billionaire Naguib Sawiris — exchanged US$63 million for a 30% stake in the West Africa-focused gold producer.

The transaction, which closed in November last year, included La Mancha’s 55% interest in the Ity gold mine in Burkina Faso, along with 3,500 sq. km of West African exploration properties, and up to $75 million in-principal commitments.

One month after the investment, Endeavour paid off the rest of its shareholder loans totalling $181 million for developing its Agbaou gold mine in Côte d’Ivoire.

By February, the company sold its Youga gold mine in Burkina Faso, which had two years of mine life left, to privately held MNG Gold for US$25.3 million.

Then in April, Endeavour picked up the Karma gold project, also in Burkina Faso, through the $191-million acquisition of True Gold Mining, spurring another $82.6 million out of La Mancha to keep its 30% interest.

The same month, the company broke ground at its upcoming US$328-million Houndé gold mine in Burkina Faso, which could become its f lagship low-cost mine when it goes into production at the end of next year.

Martino de Ciccio, vice-president of strategy and business development, tells The Northern Miner from the company’s new headquarters in London, England, that following a $144-million bought-deal financing in July, the company is ready to make its next strategic investment.

“The cash that La Mancha brought enabled us to deleverage the balance sheet, which was a big problem for Endeavour in the past, but most importantly it allowed us to unlock the financing for Houndé,” he says.

“The next key focus for us, aside from being good operators, is to relaunch exploration. In the past, Endeavour wasn’t able to do much

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| After M&A flurry, exploration key to company’s longer-term growth

“WITH A STRENGTHENED BALANCE SHEET, WE’RE ABLE TO START EXPLORING AGAIN.” MARTINO DE CICCIO VP STRATEGY AND BUSINESS DEVELOPMENT, ENDEAVOUR MINING

exploration, just the bare minimum to replace reserves. Today, with a strengthened balance sheet, we’re able to start exploring again.”

Latest news from the company signalled a discovery called “Bakatouo” at its Ity gold mine in Côte d’Ivoire. The deposit is located along the northeastern extension of the open-pit mining complex, and extends over 800 metres along strike and 250 metres wide.

Results from a 165-hole drilling program, totalling 20,000 metres, include intercepts of 9.7 metres at 27.7 grams gold per tonne and 12.3 metres of 12.21 grams gold.

The drill campaign aimed to find more sources for the mine’s proposed carbon-in-leach (CIL) project, which could extend the mine life by at least another 10 years. Endeavour plans to release a feasibility study for the CIL project at the end of October.

Modelled on a pit shell that assumes US$1,500 per oz. gold, Ity contains 27.3 million measured tonnes of 1.36 grams gold for 1.2 million oz., 31.8 million indicated tonnes of 1.69 grams gold for 1.7 million oz. gold and 9.7 million tonnes of 1.47 grams gold for 458,300 oz. gold, assuming a 0.5 gram gold cut-off.

In 2015, the mine produced 80,807 oz. gold from 1.1 million tonnes at grades of 2.56 grams gold.

“For us, finding a discovery over an 800-metre strike length is significant when comparing it to the other deposits on-site,” de Ciccio says. “It has higher-grade material, so on one hand it could help prolong the heap-leach operation at Ity, and on the other hand, increase the economics of the CIL project.”

The company is planning to complete 8,000 metres of drilling at

Bakatouo in November, and deliver a maiden resource for the deposit by year-end.

Mineralization at Ity is somewhat unusual compared to the shear zonehosted deposits found elsewhere in the Proterozoic-aged Birimian greenstone belts of West Africa.

It’s the only recognized gold skarn in the region, where mineralization developed between highly reactive carbonate rocks and intrusives.

Over millions of years, rain and groundwater leached the sulphides and dissolved the underlying carbonate material, generating karsts.

The deposit’s geometry changed as the weathered rock collapsed into the open voids, concentrating initial gold mineralization into a much smaller rock volume.

Patrick Bouisset, newly appointed executive vice-president of exploration and growth for Endeavour, tells The Northern Miner that Bakatouo could be the first of many more discoveries to come.

The company recently secured an 80 km long corridor of prospective stratigraphy on trend with its Ity mine, increasing its land holdings from 178 to 664 square kilometres.

“We consider the new land package as a pure greenfield play that has a high potential to host additional orebodies,” Bouisset said.

“We know that it contains the same intrusions and favourable units that host mineralization at Ity, yet histori-

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cally, there’s been little exploration completed in the area.”

Endeavour plans to release a longterm exploration strategy at the end of November, with the aim to extend all mine lives under the company’s portfolio to at least 10 years.

Endeavour expects to produce between 575,000 and 610,000 oz. gold this year, at all-in-sustainingcosts (AISC) between US$870 and US$920 per oz. gold, from its five gold mines in West Africa: Agbaou and Ity in Côte d’Ivoire, Tabakoto in Mali, Nzema in Ghana and Karma

in Burkina Faso.

According to the company, the addition of Houndé could lift Endeavour’s production to beyond 900,000 oz. gold per year, and decrease its AISC to US$800 oz. gold by 2018.

The company has traded within a 52-week range of 60¢ to $26.38 per share, and closed at $25.18 per share at press time. The company has 92.7 million shares outstanding for a $2.4-billion market capitalization.

In November last year, the company consolidated its shares on the basis of 10 to 1. TNM

Eric Roy Craigie Craigie, died June 4, 2016 in North Vancouver, B.C. at 71 years of age after losing his battle with cancer.

Eric was born in Princeton, B.C. May 8, 1945.

His father was a steam engineer who worked at the Granby Consolidated Mining & Smelter Company’s Copper Mountain Mine in B.C. which resulted in Eric being raised at the Copper Mountain mine site town and subsequently in nearby Tulameen. His formative years were spent exploring the surrounding areas which led to his interest in geology.

Eric’s career spanned over 40 years as a mineral resource geologist with a broad background in the mining industry. He was a graduate of the University of British Columbia (B.Sc., 1969) and was active in the exploration, discovery and development of uranium, base and precious metal deposits. He had a proven track record of exploration management with extensive experience and specialized expertise in diamond exploration. Eric was based in Toronto for most of his career. From 1970-1976 he worked for Gulf Minerals Canada in Ontario and Saskatchewan and was a key participant of the exploration team that discovered the Collins Bay A uranium deposit. He discovered the Scadding Township gold deposit in Ontario and assisted in the drill delineation of the Rabbit Lake uranium deposit in northern Saskatchewan. From 1976 until 1984, he managed the eastern Canadian exploration office of BP Minerals responsible for gold, base metal and uranium exploration in eastern and northern Canada. From 1984 until 1992 he was in charge of diamond exploration for the Selection Trust Division of BP Resources and also managed BP’s new business opportunities. In 1992 he established Shadowood Exploration Services, a professional consulting service that provided expertise to the mineral exploration industry. Eric’s work included conceptual development of new mineral exploration projects and supervision, technical control, budgeting and field management of exploration programs. He consulted for diamond explorers in Canada, USA, Africa and Asia. His work resulted in the discovery of kimberlites in the Northwest Territories, Nunavut and Ontario. He had excellent technical skills that he exercised with sensible judgement before delivering his carefully thought-through advice.

Eric was a gentleman, dedicated and kind, with a good sense of humour.

He was a passionate downhill skier, hiker, mountain biker and tennis player and enjoyed exploring the mountains throughout the year.

Eric was predeceased by his mother Eva (nee Holmes) and father Gerald, and is survived by his wife Nancy Forrest and stepson Luke, twin brother Alan (Tulameen, BC), brother Don (Colleen) of Port Moody, B.C. and sister Lorraine (Richard Cullis) of Salt Spring Island and several nieces and nephews.

He will be missed both as a friend and as a colleague.

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Gold miners find room to breathe DENVER GOLD FORUM

GROUP PUBLISHER/ PUBLISHER: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com EDITOR-IN-CHIEF: John Cumming, MSC (GEOL) jcumming@northernminer.com EDITOR, SPECIAL PROJECTS: Alisha Hiyate, BA (POLI SCI, HIST) ahiyate@northernminer.com SENIOR STAFF WRITER: Trish Saywell, BA, MA, MSC (JOUR) tsaywell@northernminer.com WESTERN EDITOR: Matthew Keevil, BA (ECON AND POLI SCI) mkeevil@northernminer.com STAFF WRITERS: Lesley Stokes, BSC (GEOL) lstokes@northernminer.com Salma Tarikh, BSC (PSYCH), MA (JOUR) starikh@northernminer.com COPY EDITOR: Isa Cunanan, BSC (Health Sci. and Prof. Writing Comm.) icunanan@northernminer.com PRODUCTION EDITOR: David Perri, BA dperri@northernminer.com ONLINE EDITOR: Adrian Pocobelli, MA (ENGL) apocobelli@northernminer.com ADVERTISING: Joe Crofts (416) 510-6816 jcrofts@northernminer.com Michael Winter (416) 510-6772 mwinter@northernminer.com PRODUCTION MANAGER: Jessica Jubb (416) 510-5213 jjubb@glacierbizinfo.com CIRCULATION/CUSTOMER SERVICE: Laura Arnold (416) 510-6789, ext. 43564 (Toll free) 1-888-502-3456 northernminer2@northernminer.com SUBSCRIPTION SALES: Laura Arnold (416) 510-6789, ext. 43564 (Toll free) 1-888-502-3456, ext. 43715 dbond@northernminer.com REPUBLISHING: (416) 510-6768 moliveira@northernminer.com ADDRESSES: Toronto Head Office: 38 Lesmill Road, Unit 2 Toronto, ON, M3B 2T5 (416) 510-6789 tnm@northernminer.com Western Bureau: 303 West 5th Avenue Vancouver, BC, V5Y 1J6 (604) 688-9908 SUBSCRIPTION RATES: Canada: C$120.00 one year; 5% G.S.T. to CDN orders.

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| After some tough years, relief

W

ith gold prices holding steady for months above US$1,300 per oz., and years of painful cost-cutting and writedowns now firmly in the past, the mood of gold miners in attendance at this year’s Denver Gold Forum put on by the Denver Gold Group at the Broadmoor in Colorado Springs in late September was the

BY JOHN CUMMING best since September 2012, when gold prices jcumming@northernminer.com first marched south from their heady levels of US$1,800 per oz. to multi-year lows of US$1,050.60 per oz. in December 2015.

Despite the rosier outlook, gold miners still appear scarred from the last four years of weak gold prices and capital markets. Two recurring themes in the presentations of the world’s largest gold miners were the need for vigilance with respect to cost control and discipline in the arena of mergers and acquisitions, after the wild buying binge from 2006 to 2011, followed by the four-year purge from 2012 to 2015.

Kelvin Dushnisky, president of Barrick Gold, said that after years of divestments, his firm can focus on its five core mines (Goldstrike and Cortez in Nevada, Pueblo Viejo in the Dominican Republic, Lagunas Norte in Peru and Veladero in Argentina), which will produce 70% of its production in 2016, and work to keep its position as the lowest-cost producer amongst its major competitors, at an all-in sustaining cost (AISC) of US$750 to US$790 per oz. this year.

Despite the company’s shrinkage over the past two years, Barrick still has the largest gold reserve base of 91.9 million oz. gold in 2.2 billion tonnes at 1.32 grams gold per tonne. Moreover, he noted Barrick has kept a company-wide, 16-year mine life ahead of it for the past 20 years, and is using a long-term gold price of US$1,200 per oz. when it allocates capital.

Newmont Mining’s president and CEO Gary Goldberg similarly touted his firm’s three-and-a-half-year effort to improve its assets and business model, which has resulted in longer-life and lower-cost gold mines, with Newmont’s AISC dropping 28% from 2012 to a projected US$852 per oz., even with its dependence on U.S. mines that couldn’t benefit from currency devaluations seen in so many other gold-mining jurisdictions. Newmont’s high-profile divestments in recent years have included Batu Hijau in Indonesia, Midas in Nevada, Jundee in Australia, Penmont in Mexico and Waihi in New Zealand.

One of its biggest accomplishments this year is bringing into production its 75%-owned Merian gold mine in Suriname on schedule and US$100 million under budget at a capital cost of US$575 to US$625 million. Commercial production is set to start in the fourth quarter, ramping up to an annual rate of 300,000 to 375,000 oz. gold at AISC of US$650 to US$750 per oz. gold.

AngloGold Ashanti’s chief operating officer Ron Largent similarly talked about the firmer financial foundation of the company after three years of cuts and asset sales. But he also detailed AngloGold’s emphasis on “optionality” and free cash flow rather than growth, even as he argued that “we haven’t changed our strategy.”

With 19 operations in nine countries, AngloGold today derives 95% of its revenue from gold, and has what Largent calls a strong pipeline of brownfield and greenfield projects. AngloGold has cut its AISC by 40% over the past two years to US$910 per oz. this year, which puts it in a position to resume its dividend in 2017 after a three-year hiatus.

Russell Ball, Goldcorp’s executive vice-president, chief financial officer and corporate development, who replaced new president and CEO David Garofalo at the last minute as speaker due to a “family medical issue” and “very difficult situation,” said Goldcorp is focused on its “clear vision” of annual gold production of 3 to 4 million oz. gold from six to eight large-scale mining camps in Western Hemisphere jurisdictions with low political risk.

He hinted there may be some trimming of the company’s asset base “in the long-term” to meet the company’s criteria of each camp producing 400,000 to 500,000 oz. gold to Goldcorp’s account.

With respect to the recent acquisition of Kaminak Gold and its Coffee gold project in the Yukon, Ball said “we didn’t buy it for the 200,000 oz.” per year of production in Kaminak’s feasibility study, and that “we think we can grow Coffee into a camp for us.”

Kinross Gold CEO Paul Rollinson put focus on what he argued is his company’s “culture of technical excellence and fiscal conservatism.”

Over the last four years, he noted, Kinross has consistently met its annual and quarterly production guidance, which stands at 2.7 to 2.9 million equivalent oz. gold in 2016, up from 2.6 million equivalent oz. gold in 2015, with AISC at US$890 to US$990 per oz. from US$975 per oz. in 2015. Kinross is proceeding with a first phase of growth at its difficult Tasiast gold mine in Mauritania, and expects to reach full production there in the second quarter of 2018. TNM

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Editorial. . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Metal Prices. . . . . . . . . . . . . . . . . . . . . . . . 11

Professional Directory. . . . . . . . . . . . . . . 15 Stock Tables. . . . . . . . . . . . . . . . . . . 6,11-14

COMPANY INDEX Agnico Eagle Mines. . . 1,5,8 Aurvista Gold. . . . . . . . . . . 9 Bold Ventures. . . . . . . . . . . 9 BonTerra Resources. . . . . . 9 Detour Gold. . . . . . . . . . . 16 Eastmain Resources. . . . . . 9 Endeavour Mining. . . . . . . 3 Goldcorp. . . . . . . . . . . . . . . 8

Iamgold. . . . . . . . . . . . . . . . 9 Integra Gold. . . . . . . . . . . . 9 Jilin Jien Nickel. . . . . . . . . 10 Kerr Mines . . . . . . . . . . . . . 9 Kinross Gold. . . . . . . . . . . . 9 Nemaska Lithium . . . . . . . 9 Osisko Gold Royalties. . . . 8 Osisko Mining. . . . . . . . 7,9

RNC Minerals . . . . . . . . . . 7 Saint Jean Carbon . . . . . . . 9 Société d’Exploration Minière Vior. . . . . . . . . . . . 9 Vanstar Mining Resources.9 West Kirkland Mining . . . 1 Yamana Gold . . . . . . . . . 5,8 Yorbeau Resources. . . . . . . 9

O P- E D

Cobalt demand to surpass 100,000 tonnes in 2017: CRU METALS COMMENTARY

| Burgeoning lithium-battery market fuels growth in cobalt demand

BY EDWARD SPENCER Special to The Northern Miner

O

ur commodities research and consultancy firm CRU estimates that globa l consumption for refined cobalt is set to reach 100,000 tonnes in 2017. Whilst demand growth for most metals has stalled in recent years, coba lt demand continues to grow strongly, spurred on by the increasing popularit y of lithium-ion batteries. CRU estimates that demand for cobalt will grow at an average rate of 5% per annum for the next 10 years.

The cobalt market can be split into two segments: Cobalt for metallurgical uses — Key sectors include superalloys (aircraft rotating parts, thermal sprays, prosthetics, etc.), highspeed steel, carbide and diamond tools and magnets.

Cobalt for non-metallurgical uses — Key sectors include lithium-ion batteries for electric vehicles (EVs); Li-ion batteries for other applications such as laptops, PCs and smartphones; polyester; and tires.

Last year, 37% of cobalt was consumed in metallurgical applications, with the rest consumed in non-metallurgical uses. This is in stark contrast to 10 years ago, when the split was fifty-fifty.

Whilst CRU expects demand for cobalt metal to grow robustly, the increasing popularity of lithiumion batteries, particularly in the EV sector, will continue to shift global demand towards nonmetallurgical applications.

Cobalt-bearing nickel-manganese-cobalt (NMC) and nickelcobalt-aluminum (NCA) batteries are rapidly becoming the technology of choice for the EV sector. By 2025, we forecast that 80,000 tonnes of cobalt will be consumed in lithium-ion batteries alone, driving overall demand to over 150,000 tonnes. This figure includes 30,000 tonnes for EVs, based on the assumption that NMC and NCA batteries will remain the most suitable types.

As it typically takes seven to 10 years to adopt battery technologies, we do not anticipate a fundamental shift in battery technology in the forecast period.

Bottlenecks Cobalt is mostly mined and refined as a by-product of copper and nickel operations, meaning that future supply hinges on developments in these markets. With cobalt demand forecast to grow at a greater rate than copper and nickel demand, an excess amount of primary metals will need to be mined and refined to meet the world’s growing cobalt needs.

CRU assesses the asymmetrical demand for cobalt in the metallurgical and non-metallurgical sectors. Based on current reported capacities, we believe that both sectors could fall into a small deficit this year and will remain tight for the next five years. The increasing competition for raw materials from metal and chemical refineries will make

the complex market increasingly prone to supply bottlenecks.

Improving nickel and cobalt prices in the mid-term will help support increased production at major integrated metal refineries.

Meanwhile, falling copper prices could lower by-product cobalt supply from African copper operations.

CRU estimates that just over 60% of the world’s mined cobalt will come from the Democratic Republic of the Congo (DRC), and 80% of the world’s refined chemicals will be produced in China this year.

CRU estimates that Chinese refineries receive over 80% of their usable cobalt from copper operations in the DRC. If there are delays to the reopening of Katanga, the ramp-up of Sicomines and the commencement of ERG’s Roan Tailings Reclamation (RTR) project — all in the DRC — or if there are shortfalls in material induced by energy or political disruption, or falling copper investment, we could see a shortfall in the availability of concentrates and hydrometallurgical intermediates to Chinese refineries.

This could stunt the growth of refined chemical production capacity, which would open a theoretical deficit of up to 10,000 tonnes by 2020.

Price forecast The cobalt metal price fell to a monthly low of US$10 per lb. in December 2015, but has since gained ground. In August metal prices rallied well — with weekly average U.S. 99.8% minimum prices increasing from US$11.6 to US$12.7 per pound.

We expect prices will perform well in the second half of 2016 and onwards into 2017, as the market tightens and traders look to secure material ahead of expected price gains.

As demand increases beyond our capacity estimates, new capacity would be created in response to “demand pull” that should prevent prices from exceeding US$20 per lb. in the next five years.

Increasing prices should help keep growth in China’s chemical refining capacity, and could entice more cobalt-rich mines in Africa, North America and China to enter the market.

With the forecast tightness, there are numerous upside risks to our price forecast. As well as the potential supply bottlenecks, CRU has modelled EV sector growth conservatively: if production proceeds as leading manufacturers such as Tesla suggest, or if cobaltbearing batteries become the technology of choice in Chinese EVs and grid storage systems, we could see an even larger deficit opening in the mid-term.

— Edward Spencer, PhD, is a senior consultant for nickel, stainless steel and special alloys at CRU Group, a London-headquartered commodities research and consulting group with a 244-person staff in 11 offices worldwide. Please visit www.crugroup.com for more information.

2016-09-27 7:54 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 3–9, 2016

5

The geology behind Quebec’s world-class metal districts GEOLOGY

| Quebec’s diverse mineral wealth is testament to its 4-billion-year-old geological history

BY LESLEY STOKES

F

lstokes@northernminer.com VANCOUVER

or more than a few Quebecers, walking amongst some of the earth’s oldest rocks is an everyday occurrence. Almost 90% of the bedrock in the province belongs to the Canadian Shield, a jigsaw of ancient geological terranes with a history dating back 4 billion years.

Quebec’s portion of the Canadian Shield consists of the Superior, Nain, Churchill and Grenville terranes.

To the east, the landmass is sutured against the Appalachians — an ancient mountain chain that formed during the assembly of Pangaea 480 million years ago — whereas Paleozoic rocks belonging to the St. Lawrence and Hudson Bay platform blanket small parts of southern and western Quebec.

Superior Terrane The Superior terrane is largely an amalgamation of earth’s earliest volcanic chains dating 4.3 to 2.5 billion years ago, fused by plate tectonics to form what’s known as “greenstone belts.”

Greenstone belts are an ideal host for volcanogenic massive sulphide (VMS) deposits, which formed around underwater hydrothermal vents during early volcanism, and they contain a plethora of orogenic gold deposits.

As the volcanic terranes accreted during mountain building, or “orogeny,” the rocks beneath were baked during metamorphism and released fluids concentrated in gold, which redirected into the many cracks within the crust 2.9 and 2.7 billion years ago.

These orogenic deposits can occur in a number of ways, depending on geological setting: quartz-carbonate veins in structural zones, lenses bounded between different rock types, and/or disseminated to stockworks of mineralization within a sedimentary host.

Abitibi The most famous greenstone belt in the Superior terrane is known as the “Abitibi.” The belt, which spans the Quebec-Ontario border, has produced up to 170 million oz. gold from mining dating back to 1901.

In Quebec, the Abitibi hosts world-class orogenic and VMS camps, including Val-d’Or, RouynNoranda and Malartic — all of which fall along an east-trending deformation zone called the Larder Lake-Cadillac fault.

The most historic deposits in the Val-d’Or camp are the SigmaLamaque orogenic vein-hosted

Correction In the article, “The geology behind Ontario’s world-class metal deposits” (T.N.M., Sept. 19–25/16), we incorrectly stated Glencore’s Kidd copper-zinc mine in Timmins, Ont., was closed. In fact, only the large Kidd metallurgical plant was shuttered in 2010, and mining and concentrating activities continue, with concentrate sent by train to Rouyn-Noranda (copper) and Montreal (zinc). Mine life has recently been extended to 2022.

1 2 3 4 5 7 8 9 10 14 15 16_Oct3_Main.indd 5

Agnico Eagle Mines and Yamana Gold’s Canadian Malartic gold mine in Quebec’s Abitibi mining camp. AGNICO EAGLE MINES

gold deposits, both of which account for 15 million oz. gold of the district’s 20 million oz. historical production.

The Rouyn-Noranda camp got its start in 1920 and is home to over 30 current and former gold and base-metal mines that produced over 19 million oz. gold, 2.4 million tonnes copper and 1.9 million tonnes zinc.

Rouyn-Noranda is famous for its VMS deposits, most particularly Horne, which accounted for 11 million oz. gold and 2.5 billion lb. copper in past production. The deposit is unusual when compared to other VMS deposits in the Abitibi — including Quebec’s Noranda and Ontario’s Kidd Creek deposits — because of its high gold content.

Geologists believe that Horne may have been sweetened with gold by crustal-tapping structures during orogenic gold mineralization in the region.

Another unique occurrence is in the Malartic camp, which is more known for its large-tonnage, lowgrade, porphyry gold deposits — an uncommon mineralization style seen in 2.7-billion-year-old rocks.

The camp includes four pastproducing gold mines — Canadian Malartic, Barnat, Sladen Malartic and East Malartic — which produced 5.2 million oz. gold between 1935 and 1983. The camp is also home to Canada’s largest gold mine — Agnico Eagle Mines (TSX: AEM; NYSE: AEM) and Yamana Gold’s (TSX: YRI; NYSE: AUY) Canadian Malartic — which hosts 10.8 million oz. gold.

Other well-known base metal and gold camps in the Abitibi, such as Casa Berardi, Chibougamau and Matagami, occur along the Sunday Lake suture zone in the northern extent of the greenstone belt.

James Bay Just north of the Abitibi is a variety of greenstone belts within Quebec’s James Bay region. The camp emerged in 2004 after Virginia Gold Mines’ discovery of the 5.4 million oz. gold, sediment-hosted Éléonore deposit, later acquired by Goldcorp (TSX: G; NYSE: GG) .

Some of the rocks in Quebec’s greenstone belts were also subjected to swarms of pegmatite intrusive dikes, which formed above slowcooling, volatile-rich granitic plutons. Pegmatites are known for their unusually large crystal size, and potentially lithium-bearing spodumene crystals.

In the James Bay region, Nemaska

Lithium’s (TSXV: NMX; US-OTC: NMKEF) Whabouchi deposit, which hosts in-pit measured and indicated resources of 28 million tonnes of 1.6% lithium oxide, has become a hot spot for lithium explorers in the province.

Churchill Terrane The Churchill terrane is a geologically complex section of the Canadian Shield, punctuated by many tectonic and magmatic events that occurred between 2.9 and 1.1 billion years ago.

The region is divided into the Ungava Trough, Labrador Trough, Core zone and Torngat Orogen regions, which host a variety of commodities such as copper, nickel, cobalt, platinum group metals (PGM), iron and diamonds.

Ungava Located on Quebec’s northernmost tip, the Ungava Trough — formerly the Cape Smith Belt — is the epicentre for magmatic nickel-copper and PGM deposits, however similar styles of mineralization also occur in the Abitibi and the Labrador Trough.

These deposits form when mantle-derived magmas rise and saturate with sulphur while consuming overlying crust. The metal-rich sulphides pool in dormant magmatic chambers that act almost as an eddy for mineralization next to the less prospective and diluted, free-flowing dikes and sills.

Examples are found within Ungava’s Raglan mining camp and the adjacent Nunavik deposit.

Labrador Trough The Labrador Trough is mostly recognized for its extensive iron formations, toting more than 80 billion tonnes of iron ore resources.

The deposits consist of altered and metamorphosed bands of iron and chert, which originally draped over a seaf loor some 2.3 billion years ago.

Torngat The Torngat Mountains are composed of 2.9- to 1.1-billion-year-old gneiss (or metamorphosed granites) and are a favourable environment for potentially diamond-bearing kimberlites. Kimberlitic magmas rapidly ascend through deep fractures in the earth’s crust, assimilating diamond-bearing fragments of rock before venting to surface in vertical, cylindrical pipes.

These pipes aren’t limited to the Torngat region. Over 80 kimberlites

in Quebec have been identified across the Superior craton, including at Stornoway Diamond’s (TSX: SWY) Renard mine in the James Bay region, which has measured and indicated resources of 42.6 million tonnes of 0.71 carat per tonne.

Grenville Terrane As described in the article, “The geology behind Ontario’s worldclass metal deposits,” (T.N.M., Sept.

19-25/16), the Grenville terrane is a combination of gneiss and sediments that formed between 2.7 billion and 600 million years ago.

In Quebec, the region hosts a variety of industrial minerals, along with iron, ilmenite and graphite mines. Imerys Graphite & Carbon’s Lac des Îles graphite mine, located in southern Que., is the only graphite producer in North America. The region hosts a number of promising graphite deposits, which occur within metamorphosed sedimentary rocks around the edges of intrusives.

Appalachians The Appalachians has a long and diverse geological history dating

between 600 and 300 million years ago, and better described in the article, “The geology underlying the quest for minerals on Canada’s East Coast,” (T.N.M., Aug. 15–19/16).

Near the New Brunswick border, the historical Gaspé copper mine in the Murdochville camp sheds new light on porphyry and skarn-style potential in a terrane more known for its world-class VMS deposits.

The mine, which was operated by Noranda from 1959 to 1999, produced 141 million tonnes of 0.9% copper, with some molybdenum credits.

St. Lawrence and Hudson Bay Platforms From 570 to 410 million years ago, erosion of the landmass f lushed sediments over the craton, forming what’s known as the St. Lawrence and Hudson Bay platforms.

The units are largely mined for limestone, but two carbonatiteintrusions — Saint-Honoré (in the Grenville terrane) and Oka (in St. Lawrence) — are exploited for its niobium occurrences. Quebec is the world’s second-largest niobium producer. TNM

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6

WWW.NORTHERNMINER.COM

OCTOBER 3–9, 2016 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / SEPTEMBER 19–23 The U.S. Federal Reserve’s decision to hold interest rates steady sent Canada’s benchmark index up 1.7% to 14,697.93 and the gold price up 2.1% to US$1,337.10 per ounce. The S&P/ TSX Global Gold Index rose 4.1% to 243.90, while the S&P/TSX Global Mining Index jumped 5.1% to 64.61. West Texas Intermediate crude finished at US$45 per barrel, for a 2.6% weekly gain.

A favourable decision by the Supreme Administrative Court of Finland sent Mawson Resources shares surging 46% to 43¢. The company reported that Finland’s Supreme Court rejected an appeal by the Finnish Nature Conservation Association, which allows Mawson the right to explore the Kairamaat 2 and 3 exploration permits, which cover the junior’s Rajapalot and Palokas prospects.

Mawson says the decision cannot be appealed.

This is the first time the company has gained full drill access to test the gold mineralized system across the Rajapalot area. Mawson is planning a winter deep diamond-drilling program of 10,000 metres, amongst other programs. The decision allows Mawson to “deep drill up to 123 diamond drill holes in Natura 2000 biodiversity areas amongst other work programs, and is the milestone we have been awaiting since the first permits were applied for in October 2009,” the company’s president and CEO Michael Hudson says.

Positive drill results at TMAC Resources’ Hope Bay gold property in Nunavut released the week before buoyed the company’s share price, which closed $2.01 per share higher at $18.11. The company reported more results from below the diabase dike at its Doris mine.

(The current high-grade mine reserves and resources at the Doris North Hinge zone are only defined above the diabase dike and only to a shallow depth of 160 metres.) Drilling since June has provided high-grade gold intercepts over minable widths downdip of the Doris mine reserves, and as a result, more underground development will provide deeper underground access for drilling at Doris North. Highlights from the most recent assays include 43.6 grams gold per tonne over 4.2 metres; 26.7 grams gold over TSX MOST ACTIVE ISSUES

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

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

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

30669 4.08 3.62 3.84 + 0.25 25750 24.80 22.23 23.95 - 0.16 23406 5.99 5.37 5.65 + 0.28 22944 6.43 5.76 5.91 + 0.14 19637 5.63 5.20 5.44 + 0.19 18118 6.04 5.37 5.45 + 0.12 16773 24.95 22.62 23.86 + 0.98 15982 11.24 10.21 10.90 + 0.33 12009 22.53 20.41 21.91 + 1.36 11508 35.16 34.04 34.85 + 0.60

13.2 metres; 50 grams gold over 5.1 metres and 68.9 grams gold over 4.3 metres.

Goldcorp’s shares jumped $1.36 to $21.91.

The company announced Charlie Sartain has joined its board of directors. Sartain, a mining engineer, was previously the CEO of Xstrata’s global copper business. During his nine years as CEO, the business grew to become one of the world’s leading copper producers, with mining operations and projects spanning

seven countries.

Shares of Prophecy Development fell 57¢ to $3.78. Prophecy announced a deal on Sept. 22, in which Lorraine Copper Corp. will acquire Prophecy’s 60% interest in the OK (Okeover) copper-molybdenum project near Powell River, British Columbia. Once the transaction closes, Lorraine Copper will own 100% of the asset. TNM

TSX GREATEST PERCENTAGE CHANGE

Mawson Res Potash Ridge Namibia Rare E Canarc Res Fortune Mnrls IC Potash Luna Gold Ivanhoe Mines Dominion Diam Columbus Gold Horizonte Mnls U3O8 Corp Eco Oro Mnls Prophecy Coal Wallbridge Mng Orsu Metals Alexco Res Eastern Platin Anaconda Mng Aureus Mng

MAW PRK NRE CCM FT ICP LGC IVN DDC CGT HZM UWE EOM PCY WM OSU AXR ELR ANX AUE

454 5798 65 4507 2119 4433 743 10389 1620 722 174 250 31 78 549 3123 1466 180 2257 920

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Agnico Eagle Agrium TMAC Resources Torex Gold Franco-Nevada Dominion Diam Richmont Mines Silver Wheaton Endeavour Mng Goldcorp Prophecy Coal Sandstorm Gold Kirkland Lk Gd Orocobre Alexco Res Imperial Metal Altius Mnrls First Majestic Dundee Prec Mt Teck Res

0.43 0.30 0.43 + 45.8 0.33 0.25 0.31 + 27.1 0.08 0.06 0.08 + 25.0 0.14 0.11 0.13 + 25.0 0.15 0.12 0.14 + 22.7 0.15 0.10 0.12 + 20.0 0.32 0.27 0.32 + 18.5 2.17 1.86 2.17 + 16.7 12.26 10.50 12.22 + 16.5 0.76 0.63 0.71 + 16.4 0.05 0.04 0.04 - 20.0 0.03 0.03 0.03 - 16.7 0.32 0.26 0.26 - 13.3 4.34 3.07 3.78 - 13.1 0.08 0.07 0.07 - 12.5 0.05 0.04 0.04 - 11.1 2.67 2.30 2.31 - 10.8 0.82 0.70 0.76 - 10.6 0.11 0.09 0.09 - 10.5 0.06 0.05 0.05 - 10.0

VOLUME WEEK (000s) CLOSE CHANGE

AEM AGU TMR TXG FNV DDC RIC SLW EDV G PCY SSL KLG ORL AXR III ALS FR DPM TCK.A

3195 71.54 1796 120.97 133 18.11 2446 30.38 2012 94.58 1620 12.22 2323 13.82 7257 36.62 1968 25.36 12009 21.91 78 3.78 3524 6.67 1995 11.50 469 3.67 1466 2.31 198 6.23 203 9.70 6124 14.82 824 3.25 32 23.96

+ 3.55 + 2.52 + 2.01 + 1.95 + 1.84 + 1.73 + 1.53 + 1.46 + 1.40 + 1.36 - 0.57 - 0.48 - 0.44 - 0.40 - 0.28 - 0.23 - 0.23 - 0.23 - 0.22 - 0.22

TSX VENTURE EXCHANGE / SEPTEMBER 19–23 The S&P/TSX Venture Composite Index gained 11.65 points to close at 810.89 over the trading week, boosted by a strengthening commodity prices. Spot gold prices gained US$27.21 before finishing at US$1,337.56 per oz., whereas Comex copper prices rose 4¢ to US$2.20 per lb.

Shares of G4G Capital gained 28¢ to 45¢ after the company signed an option agreement with prospector Shawn Ryan and private company Wildwood Exploration to buy up to 12,301 claims, covering 2,490 sq. km, in Yukon’s prospective White Gold district.

The properties represent all of Ryan’s precious metal interests in the district not under joint venture, and are subject to $25 million in exploration work. In exchange for the properties, G4G plans to issue the vendors 1 million shares upon closing the deal, another 6 million shares within 18 months and $3.5 million in cash in incremental installments.

The deal is contingent upon G4G completing a $3-million private placement at 20¢ per unit issued comprising a share and a warrant.

Each warrant would be exercisable within three years at 25¢ per share. Proceeds of the placement would finance the purchase, plus exploration and general corporate purposes.

Junior explorer Colorado Resources saw 11 million shares traded before falling 16¢ to

25¢ per share after the company tabled the results of a 9,000-metre drilling campaign at the company’s historic Inel gold mine, located in northwestern B.C.’s Golden Triangle district. One intercept, located 500 metres east of Inel’s discovery adit, returned 4 metres of 16.02 grams gold per tonne. The drill program targeted mineralization over a 500-by-600-metre area at 75- to 100-metre centres, and defined three stacked gold-zinc zones that extend for 350 metres downdip and 600 metres along strike. Geochemical surveying and geological mapping suggest the target spans at least 1 km in strike and 1.5 km wide. Drilling also retested a historical channel sample of 15 metres of 2.94 grams gold and 0.5% copper at the Tami showing, 5 km southeast of Inel, but failed to intercept TSX-V MOST ACTIVE ISSUES

Pershimco Res PRO True North Gem TGX Saint Jean SJL Am Manganese AMY Nrthn Superior SUP Colorado Res CXO Fieldex Expl FLX Westkam Gold WKG Serengeti Res SIR K92 Mng Inc KNT

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

22476 18454 16848 13846 12860 11134 9755 8836 7413 7159

0.32 0.01 0.04 0.21 0.05 0.42 0.07 0.05 0.33 1.57

0.25 0.01 0.03 0.16 0.03 0.23 0.03 0.04 0.17 1.18

0.29 + 0.03 0.01 unch 0.00 0.03 - 0.01 0.17 + 0.01 0.03 - 0.02 0.25 - 0.16 0.05 + 0.02 0.04 - 0.01 0.18 - 0.09 1.45 + 0.31

the target due to unforeseen geological complexity. Inel and Tami are part of Colorado’s 305 sq. km KSP property, which is under joint venture with partner Seabridge Gold.

Shares of K92 Mining gained 31¢ to $1.57.

The company reported on Sept. 12 that it has begun exploration drilling at its restarted Kainantu gold-silver-copper mine in Papua New Guinea’s eastern highlands. K92 plans

to target the Judd vein system, which was identified through drilling by former operator Barrick Gold, as having a strike length of at least 2.5 km parallel to Kainantu’s Irumafimpa and Kora gold deposits. The Irumafimpa and Kora deposits contain 1.84 million inferred oz. gold at 11.6 equivalent grams gold per tonne and 240,000 indicated oz. gold at 13.3 equivalent grams gold per tonne. TNM

TSX-V GREATEST PERCENTAGE CHANGE

IEMR Res G4G Res Barksdale Cap ExGen Res Inc Canada Coal Xiana Mng Aurgent Gold Getty Copper Gitennes Expl Tri-River Vent Atom Energy Cerro Mng Nrthn Lion Ross River IGC Res Randsburg Intl Micrex Dev Noble Metal Gr RosCan Mrnls Barker Mnrls

IRI GGC BRO.H EXG CCK XIA AUR GTC GIT TVR AGY.H CRX.H NL RRM.H IGC.H RGZ.H MIX NMG ROS.H BML

4458 678 36 145 1171 124 535 202 237 23 45 101 81 112 535 295 574 130 97 158

0.05 0.50 0.60 0.01 0.06 0.15 0.30 0.03 0.04 0.06 0.04 0.01 0.12 0.01 0.01 0.01 0.02 0.02 0.03 0.03

0.01 0.17 0.00 0.01 0.04 0.09 0.14 0.02 0.03 0.00 0.04 0.00 0.11 0.01 0.01 0.01 0.01 0.01 0.02 0.02

0.03 0.45 0.60 0.01 0.06 0.15 0.21 0.03 0.04 0.06 0.04 0.01 0.11 0.01 0.01 0.01 0.01 0.01 0.02 0.02

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 200.0 + 164.7 + 100.0 + 100.0 + 71.4 + 70.6 + 68.0 + 66.7 + 60.0 + 57.1 - 86.7 - 80.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 42.9 - 40.0

VOLUME WEEK (000s) CLOSE CHANGE

Brazil Res K92 Mng Inc Barksdale Cap G4G Res Redhill Res Comet Inds Orla Mng Ltd Pac Booker Min Stakeholdr Gld Barsele Min Till Capital Bear Creek Mng Atom Energy Probe Metals Colorado Res Tudor Gold Abitibi Royalt Cava Res Rock Tech Lith Nrthn Lion

BRI KNT BRO.H GGC ML CMU OLA BKM SRC BME TIL BCM AGY.H PRB CXO TUD RZZ CVA RCK NL

2769 7159 36 678 1346 182 189 7 374 659 3 1049 45 321 11134 97 58 44 731 81

3.14 1.45 0.60 0.45 2.00 2.95 1.52 1.19 0.64 1.36 5.30 2.90 0.04 1.76 0.25 1.00 7.62 0.54 1.21 0.11

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

0.32 0.31 0.30 0.28 0.22 0.20 0.20 0.19 0.19 0.16 0.25 0.23 0.23 0.21 0.16 0.15 0.15 0.13 0.12 0.11

U.S. MARKETS / SEPTEMBER 19–23 U.S. equities gained momentum as the U.S. Federal Reserve maintained interest rates, fuelling higher commodity prices. The Dow Jones Industrial Average moved up 0.8% to 18,262.45 and the S&P 500 Index rose 1.2% to 2,164.69. The Nasdaq Composite Index added 1.2% to close at 5,305.75. The spot gold price advanced 2%, or US$27.10, to US$1,337.10 per ounce. The November contract for crude oil rose 3.4% to US$44.48, while the November contract for Brent oil edged up 0.2% to US$45.89 per barrel.

Dominion Diamond shares surged 17% to US$9.29, after the company reported that the process plant at its Ekati mine restarted ahead of schedule, and that it sold the largest diamond ever recovered from that mine, in the Lac de Gras region of the Northwest Territories.

The Ekati plant resumed operations at full capacity on Sept. 21 — three months after the company suspended plant operations after a fire on June 23. The cost of repairs to the plant totalled US$15 million.

During this time, Dominion implemented a strategy to mitigate the impact of the fire on production and cash flow for the current

6_Oct3_MarketNews.indd 6

fiscal year. It lowered operating and capital costs by delaying mining activities at the Lynx and Pigeon pits, while mining and stockpiling higher-value ore from the Misery Main pit and Koala underground. The plant will process ore from the latter two areas for the rest of the year, with the company noting it has 750,000 tonnes of stockpiled ore from Misery Main and Koala.

Meanwhile, Dominion announced it sold a 186-carat gem quality diamond for US$2.8 million during its most recent sale in September. The company found the stone in early June while processing feed from the Pigeon U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Freeport McMo* FCX 140551 11.13 9.80 10.63 + 0.69 Vale* VALE 111323 5.63 5.04 5.42 + 0.39 Yamana Gold* AUY 103008 4.95 4.36 4.49 + 0.10 United States S* X 100738 19.31 16.41 18.95 + 3.04 Alcoa* AA 79427 9.96 9.30 9.76 + 0.32 Barrick Gold* ABX 74146 19.19 17.09 18.11 + 0.77 Kinross Gold* KGC 71666 4.61 4.08 4.30 + 0.21 Teck Res* TCK 61029 19.08 17.02 18.18 - 0.08 Hecla Mining* HL 51838 6.39 5.53 6.00 + 0.49 Vale* VALE.P 43670 4.85 4.29 4.71 + 0.45

kimberlite.

Primero Mining shares climbed nearly 9% to US$1.64 on the back of positive exploration results at its Black Fox gold mine near Timmins, Ont., and the San Dimas gold-silver mine in Durango, Mexico.

At Black Fox, the Deep Central zone is now delivering production ore and Primero has found more high-grade mineralization to the west, with results returning 28.1 grams gold per tonne over 2.7 metres and 4.6 gram gold over 5.4 metres. TNM

U.S. GREATEST PERCENTAGE CHANGE

Cloud Peak En* United States S* Dominion Diam* Vale* Hecla Mining* Primero Mng* Rio Tinto* Pretium Res* Vale* Stillwater Mg* Intrepid Pots* Mosaic* HudBay Mnls* First Majestic* Teck Res* Potash Corp SK* Cameco Corp* Natural Res Pt* Seabridge Gld* Coeur Mng*

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

CLD 10958 4.85 3.43 4.50 + 32.0 X 100738 19.31 16.41 18.95 + 19.1 DDC 2296 9.32 7.96 9.29 + 16.9 VALE.P 43670 4.85 4.29 4.71 + 10.6 HL 51838 6.39 5.53 6.00 + 8.9 PPP 6428 1.80 1.52 1.64 + 8.6 RIO 16601 33.15 30.69 32.41 + 8.4 PVG 8110 11.59 9.97 10.91 + 8.0 VALE 111323 5.63 5.04 5.42 + 7.8 SWC 7204 13.69 12.23 13.13 + 7.7 IPI 6794 1.26 1.05 1.06 - 14.5 MOS 22373 25.95 24.80 24.82 - 2.8 HBM 1277 3.94 3.63 3.71 - 1.6 AG 29890 13.11 11.15 11.25 - 0.7 TCK 61029 19.08 17.02 18.18 - 0.4 POT 43226 16.48 15.83 15.95 - 0.3 CCJ 8873 9.16 8.71 8.84 + 0.8 NRP 495 29.85 26.16 27.50 + 0.8 SA 4115 12.08 10.68 11.17 + 0.8 CDE 27943 13.65 12.32 12.56 + 1.0

U.S. GREATEST VALUE CHANGE

MartinMarietta* MLM Black Hills* BKH United States S* X Agnico Eagle* AEM Rio Tinto* RIO Agrium* AGU NACCO Ind* NC Franco-Nevada* FNV Chevron* CVX Dominion Diam* DDC Mosaic* MOS Intrepid Pots* IPI First Majestic* AG Teck Res* TCK HudBay Mnls* HBM Potash Corp SK* POT Cameco Corp* CCJ Turquoise HIl* TRQ Seabridge Gld* SA Yamana Gold* AUY

VOLUME WEEK (000s) CLOSE CHANGE

3581 181.29 1920 63.02 100738 18.95 10236 54.33 16601 32.41 4630 91.66 72 66.40 3023 71.87 31045 99.22 2296 9.29 22373 24.82 6794 1.06 29890 11.25 61029 18.18 1277 3.71 43226 15.95 8873 8.84 5933 3.05 4115 11.17 103008 4.49

+ 7.34 + 4.02 + 3.04 + 2.89 + 2.51 + 2.06 + 1.96 + 1.69 + 1.38 + 1.34 - 0.72 - 0.18 - 0.08 - 0.08 - 0.06 - 0.04 + 0.07 + 0.08 + 0.09 + 0.10

2016-09-27 7:25 PM

SPECIAL FOCUS

QUEBEC Osisko calls Windfall a ‘company maker’ GOLD

RNC focuses on free cash generation

| Drill program boosted to 150,000 metres with 10 rigs

NEAR-TERM GOAL |

BY TRISH SAYWELL

Miner aims to become profitable in 2017

tsaywell@northernminer.com BEAVER CREEK, COLORADO

O

sisko Mining (TSX: OSK) says it will hang “for sale” signs on most of its properties — except for its wholly owned Windfall project in Quebec, one of the highest-grade, resource-stage gold projects in Canada.

“We’ve had a pivot point over the last eight weeks, and our absolute focus is on Windfall,” John Burzynski, Osisko Mining’s president and CEO, announced during a presentation at the recent Precious Metals Summit in Beaver Creek, Colorado. “What Windfall represents is not a deposit or a camp. We actually think we have a district here.”

The company — which consists of the same management team, the same engineers and geologists, and a lot of the same directors that were key to the success of Osisko Mining’s first iteration, which put the Canadian Malartic mine into production in 2011 — says Windfall has all the makings of another success story.

When the company got its hands on the project last year, its previous owner Eagle Hill Exploration had defined a 1.5 million oz. gold resource in two main zones (Cariboo and 27), and completed a preliminary economic assessment.

“We liked it as a small, highgrade deposit in Quebec,” Burzynski said. “We were kind of hoping we could make it bigger and, being the Osisko guys we are, we like to drill. We drilled 2 million metres as Osisko One, and so we launched into our first 50,000-metre program at Windfall.”

“BEING THE OSISKO GUYS WE ARE, WE LIKE TO DRILL.” JOHN BURZYNSKI PRESIDENT AND CEO, OSISKO MINING

The program kicked off in October 2015. In June 2016 Osisko increased it to 100,000 metres, and is now bumping up to 150,000 metres.

“In Canada it’s the largest drill program of any project, and it’s probably one of the largest drill programs going on anywhere in the world,” Burzynski said of the project, which is 200 km northeast of Val-d’Or and 115 km east of the town of Lebel-sur-Quévillon.

“When we talk to investors about how it’s going, we don’t have an empirical number … but the deposit is starting to feel like a 3 million oz. deposit,” he said.

“We like to say the deposit is open in every direction except up, and we’re working on that. We started

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BY SALMA TARIKH starikh@northernminer.com

R

is now larger and more continuous than when it started. Osisko expects to release an updated resource in December or January. In the meantime, Windfall’s indicated resources stand at 2.76 million tonnes grading 8.42 grams gold per tonne for 748,000 contained oz. gold, and an inferred resource of 3.51 million tonnes averaging 7.62 grams gold for 860,000 oz. gold. The resource

NC Minerals (TSX: RNX; USOTC: RNKLF) — formerly Royal Nickel Corp. — has gone from a single-asset firm to a gold, nickel and copper producer, by taking advantage of the market downturn earlier this year to buy two producing assets.

RNC picked up a 100% interest in the Beta Hunt gold-nickel mine in Western Australia’s Kambalda district by acquiring private firm Salt Lake Mining in two transactions, completed in March and May. “It’s a 40-year-old nickel mine, but a brand-new gold mine. There are few opportunities that you’d come across, where the first public news release on an asset is that it’s in production,” Mark Selby, RNC’s president and CEO, said in a webcast from the Precious Metals Summit in Beaver Creek, Colorado.

RNC paid $17 million in cash and shares for Beta Hunt. It inherited a 5 km ramp system, 20 metres from the largely untouched gold resource, along with 675,000 metres of drilling.

While drilling targeted the nickel mineralization in the ultramafic rocks, it also intersected gold mineralization in basalts. “We literally

See OSISKO / 8

See RNC / 10

Workers examining core at Osisko Mining’s Windfall gold property, 200 km northeast of Val-d’Or, Quebec. OSISKO MINING

with four rigs and we increased it to six, and we’re going to 10 by the end of the month, and we’ll probably add rigs for the exploration ground.”

Burzynski noted that while the deposit had a reputation for being discontinuous, Osisko’s team has found the opposite.

“The companies who operated on the project before had limited access to capital. They did sporadic drill programs,” he said. “What’s changed in these last eight weeks is

that we’ve unravelled the geology of this deposit. It’s not like any other deposit in the Abitibi … it’s not a shear-hosted vein system, which is what people had classified it as. It’s an intrusivehosted pyrite system. Much like Malartic was a game-changing model when we rediscovered it in 2005, this is something that is a game-changer in the Abitibi. It’s the first of its type.”

Burzynski and his team have already grown Windfall and it

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2016-09-27 7:52 PM

8

OCTOBER 3–9, 2016 / THE NORTHERN MINER

QUEBEC

WWW.NORTHERNMINER.COM

Osisko calls Windfall a ‘company maker’ OSISKO From 7

uses a cut-off grade of 3 grams gold, assumes an underground extraction scenario with a gold price of US$1,200 per oz., and 96% metallurgical recoveries.

Most mineralization averages 10 grams over 5 metres, with highgrade pockets of up to 248 grams over 12.4 metres. Drill holes in the gold zones show grade distribution along the entire mineralized interval, the company states, and preliminary metallurgical tests indicate a 95.7% gold recovery using a standard gravity and flotation circuit, followed by cyanidation.

Most mineralization is in the Main zone, a southwest- to northeast-trending zone of stacked mineralized lenses, measuring 600 metres wide and at least 1,400 metres long. The deposit is well defined from surface to a 500-metre depth, and remains open along strike and at depth. Mineralization has been identified 30 metres from surface in some areas and 870 metres in others, with potential to extend mineralization up and down-plunge, and at depth.

In August, Osisko announced a discovery 3.7 km west of the main Windfall deposit that it is calling the Fox discovery. The discovery was made with a drill intercept that averaged 3.22 grams gold per tonne over 11.6 metres.

“As a hole and intercept, 3 grams over 11 metres is not all that exciting, but what it represents to us is very exciting,” Burzynski said.

“We don’t think it’s another zone, we think it’s a distil expression of another deposit. It’s the same geology, the same mineralization and the same alteration. And the way it lies in the geology, it matches up with the model that we’ve created for the main Windfall deposit.”

Burzynski likened exploration work at the Fox discovery with the game of Battleship, where each player searches for the enemy’s fleet of ships and destroys them.

“We have one hole in — we don’t know if it’s a PT boat or an aircraft carrier — but we’re going to march it back and see if we can’t find ourselves a coincident Windfall,” he says.

“When we started the drill campaign at Windfall last October we used André Gaumond’s teams [formerly of Virginia Mines] to repeat the exploration they used to find Éléonore … we came up with 130 different targets, and the way the work has gone, the geologists have run into a bit of a problem in that they’re not sure which discovery or which zone to drill first.”

Financing doesn’t appear to be a problem for the company, either.

In early September, Osisko announced a $27.5-million boughtdeal financing (10 million common

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“CERTAINLY IN CANADA IT’S THE LARGEST DRILL PROGRAM OF ANY PROJECT, AND IT’S PROBABLY ONE OF THE LARGEST DRILL PROGRAMS GOING ON ANYWHERE IN THE WORLD RIGHT NOW.”

Osisko Mining’s Windfall gold project in Quebec. OSISKO MINING

JOHN BURZYNSKI PRESIDENT AND CEO, OSISKO MINING

shares at $2.75 per share). Most of the proceeds will go to exploration. “Having access to capital right now hasn’t seemed to be our problem,” Burzynski said. “We’re well financed.”

“The [recent] financing wasn’t an intended thing,” he added. “We saw some of the investors we have — larger institutional investors — were having difficulty finding stock. At the same time, we were talking with our engineers and they came back with a $25-million number that would be necessary for the ramp — and it was coincidentally good timing.”

The ramp will cross all four zones and take a year and a half to build, and it will help the company sample the main zones and create drill stations to chase the deposit to depth.

Burzy nsk i added that more money could come to the treasury if the company sells other assets and exercises warrants.

He estimates that Osisko is looking at capex of half a billion dollars to build a mill of the 3,000- to 5,000-tonne-a-day scale at Windfall.

“We’d probably end up with half of that amount in the treasury — $250 million, assuming a sale of Marban, so we’re probably in the market for another $250 million,

Core samples from Osisko Mining’s Windfall gold property. OSISKO MINING

as we get to the mine build.”

The time line is fast-paced. The company had its first engineering meeting only three weeks ago, yet management says it could turn Windfall into a producing mine within three and a half years. The company expects to reach the feasibility study stage in mid-2017, with permitting in early 2018.

“It took us 11 months to permit Canadian Malartic from bumper

to bumper,” he said. “Because this isn’t near a town — it’s in the Plan Nord area — it’s an abbreviated permitting process. We don’t have to have what they call the BAP, the public meetings.”

Burzynski predicted a busy year ahead, with a growing drill program and a lot of news.

He added that management has no intention to sell Windfall, and it still has a bitter taste in its mouth from Goldcorp’s (TSX: G; NYSE: GG) hostile attempt to buy the first Osisko Mining and its Canadian Malartic mine in 2014.

Osisko eventually reached a deal for a joint takeover by Yamana Gold (TSX: YRI; NYSE: AUY) and Agnico Eagle Mines (TSX: AEM; NYSE: AEM).

“We weren’t willing sellers at the time and came out of that long, bitter battle with Goldcorp as a new royalty company,” he said, referring to Osisko Gold Royalties (TSX: OR; NYSE: OR). The royalty company’s cornerstone asset is a 5% net smelter return royalty on Canadian Malartic. In early 2015, Osisko Gold Royalties merged with André Gaumond’s Virginia Mines, which discovered the Éléonore gold deposit, and whose exploration team was recognized as one of the best in Canada.

“We’ve seen an increase in the value of Osisko Royalties from the $500-million market cap it had when we started post the takeover two years ago, where it trades at a $2-billion market cap,” Burzynski said. “We’re not about to sell the royalty company, because it turns out that it’s a pretty good business, but to keep the technical teams busy and active and not lose them, we decided to recreate Osisko Mining.” (Burzynski noted that most royalty companies have a staff of eight, while Osisko Royalties had 94.)

“We were intent on creating an intermediate mining company and this time, hopefully, we have protected ourselves a little better by having 19.9% held through Osisko Royalties and the group.”

Osisko Mining has a $460-million market cap, $141 million in cash and another $40 million in warrants.

“We’ve done it again,” Burzynski said at the end of his presentation.

“We were successful over the course of Osisko One. What we were hoping to do [here] has exceeded expectations. We thought [initially] we’d need a number of deposits to do this, but it looks like Windfall is turning out to be that same kind of deposit that’s going to be a company maker.” TNM

2016-09-27 7:52 PM

QUEBEC

GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 3–9, 2016

9

QUEBEC SNAPSHOT Eight juniors strut their stuff Boasting a large, prospective territory and a deep mining culture, Quebec arguably has the most vibrant junior mining scene in Canada, with activity across the province in a multitude of commodities, from traditional gold and copper to more modern graphite and rare earth elements. The following is a sampling of eight juniors with ongoing programs.

AURVISTA GOLD Jean Lafleur-led Aurvista Gold (TSXV: AVA; US-OTC: ARVSF) is on a bit of a roll these days, with its stock trading at 20¢ after changing hands for as little as 3¢ a few months ago, and peaking at 37¢ in August.

Aurvista’s focus is its Douay gold project, 80 km east of the Casa Berardi mine along the Casa Berardi fault in northern Quebec, where at last count in 2012, resources stood at 2.7 million indicated tonnes grading 2.76 grams gold per tonne, plus 115 million inferred tonnes at 0.75 gram gold for a combined 3 million contained oz. gold.

Aurvista is advancing one of the smaller, higher-grade deposits at Douay named Douay West towards feasibility, as it contemplates a super pit that would encompass the wider multimillion-ounce resource.

Veteran miner Keith Minty has just come on board as Aurvista’s chief operating officer, based in the company’s Toronto headquarters.

BOLD VENTURES Toronto-based Bold Ventures (TSXV: BOL) is headed up by president and CEO Richard Nemis, best known for his role in Noront Resources’ chromite discoveries in Ontario’s Ring of Fire camp.

In northern Quebec, Bold has two active projects: the Lac Grasset copper-gold-silver-zinc project, 40 km northwest of Mattagami and 2 km south of Balmoral Resources’ Grasset polymetallic property; and the Lac Surprise gold project, 70 km southwest of Chibougamau — a joint venture with Northern Superior Resources (TSXV: SUP).

Results from a recent 12-hole, 1,700-metre drilling program at the newly discovered Amber area of the Lac Surprise property has prompted planning for follow-up drilling. Meanwhile Vanstar Mining Resources (TSXV: VSR) reported an intersection of 10.3 metres of 4.43 grams gold at the adjacent Nelligan property joint ventured with Iamgold (TSX: IMG; NYSE: IAG).

BONTERRA RESOURCES Vancouver-based BonTerra Resources (TSXV: BTR) (not to be confused with oil and gas company BonTerra Energy) has its wholly owned Gladiator gold project in the Urban-Berry greenstone belt, 170 km northeast of Val-d’Or, which is comprised of two adjacent properties named Arena and Coliseum. The Gladiator gold deposit has an inferred resource of 905,000 tonnes grading 9.36 grams gold per tonne for 273,000 contained oz. gold, according to a 2012 study.

BonTerra’s drilling in 2015 and 2016 included 8,300 metres in 19 holes on a western extension of the Gladiator, with visible gold found in 16 of the holes, and results such as 5.7 metres of 24.3 grams gold in hole 16-9.

The company recently added to its till with a $310,000 financing, with funds directed to Gladiator and its Larder Lake gold project just across the border in Ontario.

BonTerra’s major shareholders include Osisko Mining (TSX: OSK); US Global Investors; CMP 2015 Resource Ltd. Partnership; Delbrook

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Eastmain Resources’ outcropping Eau Claire gold deposit in James Bay, Quebec. EASTMAIN RESOURCES Resource Opportunities Fund; and Kerr Mines (TSX: KER).

EASTMAIN RESOURCES Eastmain Resources (TSX: ER; US-OTC: EANRF) has been working away at its wholly owned Eau Claire or Clearwater gold project for many years, with little activity in 2014–2015. Since April 2016, the company has been led by president and CEO Claude Lemasson, as part of wider management turnover that included an investment and director additions from Quebec-focused Integra Gold (TSXV: ICG; US-OTC: ICGQF).

Measured and indicated resources at Eau Claire total 7.2 million tonnes at 4.09 grams gold for 951,000 contained oz. gold, plus there are 5.1 million inferred tonnes at 3.88 grams gold for 633,000 contained oz. gold.

But keep an eye on the next resource update planned for the first quarter of 2017, which will include 77% more drilling data than the previous resource estimate, including 13,000 metres drilled in late 2015 and 63,300 metres scheduled for 2016, as part of an $8.8-million exploration budget for this year.

Eastmain hopes to have a preliminary economic assessment in hand by the second half of 2017 for an open-pit gold mine.

NEMASKA LITHIUM Nemaska Lithium (TSXV: NMX; US-OTC: NMKEF) says it intends to become a lithium hydroxide supplier and lithium carbonate supplier to the emerging lithium battery market that is driven by electric vehicles, cell phones, tablets and other electric consumer products.

In recent months Nemaska has been prepping for a 60,000-tonne bulk sampling program and modular mill installation at its Whabouchi hard-rock lithium mine project in Quebec’s Eeyou Istchee-James Bay region. The bulk sample will be milled to obtain a 6% Li2O concentrate that will be processed into lithium hydroxide at Nemaska’s phase-one plant under construction in Shawinigan, Quebec.

More good news came in early September, with Nemaska reporting that its latest drill program has expanded to 50 holes over 17,000 metres from 44 drill holes over 13,700 metres after it found a lithium-bearing zone named Doris in the southwestern end of the planned pit area. Twelve drill holes have encountered Doris over substantial widths.

SAINT JEAN CARBON From its base in Oakville, Ont., Saint Jean Carbon (TSXV: SJL) is deep into Quebec’s graphite scene, with various projects in southwestern Quebec, where it is in the midst of a four-phase work program that includes digitizing old diamond drill records, electromagnetic aerial surveying, and follow-up groundwork that could give the company what it calls “a good idea of where 90 possible mini graphite pits” would be located, which would be mined in groups to create a blended graphite product.

Saint Jean’s graphite properties have expanded this year to a portfolio totalling 81.1 sq. km, plus 81 lithium claims.

In September, Saint Jean reported that its work with the University of Western Ontario in London has helped create the first graphene that has magnetic field referred to as magnetoresistance (MR). The company comments that “creating this effect at an atomic scale is a tremendous step forward in the research and development of the company’s future in graphene products.”

In May, Saint Jean started building “the first and only North American mill” to produce shaped and coated graphite for the lithium-ion battery market.

SOCIÉTÉ D’EXPLORATION MINIERE VIOR Société d’Exploration Minière

Vior (TSXV: VIO) has a connection to Aurvista Gold, as Vior sold it the Douay gold project in 2011 for $3 million in cash and 21.25 million Aurvista shares. This 2011 agreement gave Vior a right to participate in any Aurvista share issuances.

Its primary asset is its wholly controlled, 27 sq. km Rouyn gold property, which is located 4 km south of Rouyn-Noranda and covers a 27 sq. km, 12 km long stretch of the gold-rich CadillacLarder Lake break.

In July 2016, Vior noted that it had wanted in on Aurvista’s latest private placement, but “agreed not to participate at the request of Aurvista,” and that it would get $120,000 in return for waiving its right to participate.

The property is divided into seven major blocks: Augmitto, Cinderella, Durbar, Lake Gamble, Wright-Rouyn, Astoria and Lake Bouzan.

On July 25, Vior held 20.98 million Aurvista shares that were worth almost $4 million in late September.

In July, Vior closed a$740,000 private placement and started mid-year exploration at its wholly owned Foothills rutile project in the St-Urbain area, 100 km east of Quebec City.

YORBEAU RESOURCES Gérald Riverin-led Yorbeau Resources (TSX: YRB.A) has just raised a gross $1.2 million in a private placement, and will direct the funds towards exploration at its various projects in Canada.

Yorbeau describes Astoria and Augmitto, as having substantial underground infrastructure and modern technical reports that include resource estimates.

In June, Yorbeau and Kinross Gold (TSX: K; NYSE: K) signed a letter of intent to grant to Kinross an option to acquire a 100% interest of the Rouyn property. Kinross would have to spend $12 million on exploration over four years before it could buy the property outright for US$25 million in cash, plus additional funds based on the gold price, and a 2% net smelter return royalty on some resources.

Yorbeau is still trying to nail down the definitive option agreement with Kinross. TNM

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2016-09-27 7:52 PM

10

OCTOBER 3–9, 2016 / THE NORTHERN MINER

QUEBEC

WWW.NORTHERNMINER.COM

RNC focuses on free cash generation RNC From 7

have hundreds of gold intersections from nickel drilling that clearly outline where the gold structure sits,” the executive says.

Beta Hunt has a global gold resource of 400,000 oz., which RNC says it could increase to over 1 million oz. through infill drilling.

The gold resource sits at 250 to 500 metres below surface, Rob Buchanan, the company’s director of investor relations, said in an email. A resource update should be out in early 2017.

Beta Hunt resumed gold production in late 2015 and is ramping up to a run rate of 60,000 oz. gold annually by the end of 2016, at all-in sustaining costs of under US$1,000 per oz., Selby says. It will also produce nickel, depending on market conditions.

In late April, RNC bought private firm VMS Ventures for $5.5 million in cash and shares. Its main asset was a 30% interest in the Reed copper mine near Flin Flon, Manitoba. Hudbay Minerals (TSX: HBM; NYSE: HBM) holds the rest of the producing Reed mine.

“For that $5.5-million investment, we expect to realize at least seven quarters of $2 to $3 million of cash f low per quarter,” Selby says, adding that would start after RNC finishes repaying the contribution and bridge loans VMS owed Hudbay. At the end of July, the balance was $8.6 million. RNC aims to repay that by the third quarter of 2017.

While Reed is a small-scale, short-life mine, Selby points out it is one of the few copper mines generating free cash flow at today’s

Visible gold in a specimen sample from RNC Minerals’ Beta Hunt gold mine in Western Australia. RNC MINERALS

copper prices, with an estimated $4.4 million generated during the second quarter, and another $1.4 million in July, on a 30% basis.

For 2016, RNC anticipates Beta Hunt (on a 100% basis) and Reed (on a 30% basis) will deliver a total 3,500 to 4,500 tonnes nickel, 4,000

to 4,500 tonnes copper and 35,000 to 45,000 oz. gold.

Along with these two producing assets, RNC owns the Dumont nickel project in Quebec’s established Abitibi mining camp. Dumont has nickel reserves of 6.9 billion lb. (1.2 billion tonnes at 0.3% nickel) and

measured and indicated resources of 9.8 billion pounds (1.6 billion tonnes at 0.3% nickel).

Once online, Dumont should rank as the world’s fifth-largest nickel sulphide operation by annual production, behind Canada’s Sudbury and Voisey’s Bay operations, which are the third- and fourth-largest nickel operations.

The miner intends to finish an updated feasibility study for the project when market conditions improve, noting it is in no hurry to develop Dumont in the current nickel price environment. It points out that nickel prices hit a “16-year low” in the first half of 2016.

“We will bring it to market when the market is ready,” Selby says. “If we can’t do it in a way that makes sense for our shareholders, we will just sell it to someone else who has the balance sheet that does.”

On the exploration front, RNC holds a 68% interest in the private company True North Nickel (TNN), whose main assets are a 100% interest in the West Raglan nickel sulphide project and the Qiqavik gold project in the Cape Smith belt in northern Quebec.

The belt hosts several high-grade nickel sulphide deposits, including two producing mines: Glencore’s Raglan and Jilin Jien Nickel’s Nunavik.

On Sept. 19, RNC reported that TNN found two high-grade gold zones at Qiqavik, as part of its $3-million exploration program.

The discoveries have extended the mineralized trend at Qiqavik to over 40 km. This is more than double the trend’s known extension. Multiple surface-grab samples from the Aurora and Esperance

zones returned between 5 and 189 grams gold per tonne and up to 10% copper.

To help fund future exploration programs at Qiqavik, RNC plans to joint venture or spin out the asset by year-end.

As the firm focuses on generating free cash flow from its producing assets, it has attracted the interest of investor Eric Sprott.

Sprott participated in the previously announced bought-deal private placement, which RNC increased to $9.2 million, including the full exercise of the overallotment option. The proceeds will go largely towards funding ramp up and development at the Beta Hunt mine.

Under the upsized offering, a syndicate of underwriters led by Haywood Securities bought 27 million units of RNC at 34¢ each.

Each unit consisted of one share and a half warrant. Holders of a full warrant could buy one share at 50¢ for 24 months.

Sprott bought 18.5 million units of RNC in the placement through his holding company, and in another transaction acquired 9 million RNC shares. In total, his holding company has 27.5 million shares and 9.27 million warrants, or 10% of RNC and 13% on a partly diluted basis. Both transactions closed on Sept. 23.

Asked when RNC should produce a quarterly profit, Buchanan writes that the company should generate a profit after it reaches Beta Hunt’s targeted annualized production rate of 60,000 oz. gold, expected by year-end.

RNC shares closed Sept. 21 at 38.5¢, up 103% year-to-date. TNM

High Grade GOLD Huge Exploration Upside / Tight Share Structure / Liquid Investment / Safe Mining Jurisdiction Senior Executive Team and Board / Financed / Solid Shareholders

• Gladiator Project-25,000 Meter/ Min. 50-60 hole Drill Program / up to 3 rigscommenced Feb. 2nd, 2016 • Gladiator current 43-101 technical report-273,000 Oz inferred at 9.23 g/t Au at 4.0 g/t cut-off • Larder Lake 960,000 Oz.’s total (Aug.15th, 2011 – P&E Mining Consultants historical NI 43-101 technical report • $6MM spent by Goldfields 2012-13, fifty nine holes / 26,000 Meters at Larder Lake unaccounted for, being added to new compliant NI 43-101, expected end of 2016

www.bonterraresources.com (855) 678 5308 TSXV: BTR

1 2 3 4 5 7 8 9 10 14 15 16_Oct3_Main.indd 10

2016-09-27 7:52 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / OCTOBER 3–9, 2016

11

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 27, 2016 Precious Metals Price (US$/oz.)

Change 1335.85 +20.45 Gold Silver $19.42 +0.25 Platinum $1038.00 +11.00 Palladium $688.00 +10.00 Base Metals Nickel Copper Lead Zinc

Price (US$/tonne) Change $10625.00 +100.00 $4792.00 -48.00 $1971.50 +24.50 $2324.50 +35.50

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, September 26, 2016 (change from September 19, 2016 in brackets): Aluminium Alloy 13680 (+2000) 2136025 (-25450) Aluminium Copper 364125 (+16500) 191250 (+3100) Lead Nickel 362364 (-4494) 3715 (-110) Tin 442000 (-2400) Zinc

Thermal Coal CAPP: US$40.00 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$40.20 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$8.25 Coal: CME Group Central Appalachian Futures Oct. 2016: US$40.00 Nov. 2016: US$40.00 Cobalt: US$12.25/lb.

Copper: US$2.15/lb.

Copper: CME Group Futures Oct. 2016: US$2.166/lb.; Nov. 2016: US$2.154/lb Ferro-Chrome: US$1.94/kg Ferro Titanium: US$3.80/kg FerroTungsten: US$26.87/kg Ferrovanadium: US$19.33/kg Iridium: NY Dealer Mid-mkt US$650.00/tr oz.

Iron Ore 62% Fe CFR China-S: US$55.30/tonne Iron Ore Fines: US$54.72/tonne Iron Ore Pellets: US$78.52/tonne Lead: US$0.88/lb.

Magnesium: US$1.99/kg Manganese: US$1.65/kg Molybdenum Oxide: US$7.37/lb.

Phosphate Rock: US$115.00/tonne Potash: US$269.00/tonne Rhodium: Mid-mkt US$675.00/tr. oz.

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

Silver: Handy & Harman Base: US$19.27 per oz.; Handy & Harman Fabricated: US$24.08 per oz.

Tantalite Ore : US$132.01/kg Tin: US$8.80/lb.

Uranium: U3O8, Trade Tech spot price: US$25.25; The UX Consulting Company spot price: US$25.35/lb.

Zinc: US$1.00/lb.

Prices current Sept. 20, 2016

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

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

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

NORTH AMERICAN STOCK EXCHANGE INDICES TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

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

Short positions outstanding as of Sep 16, 2016 (with changes from Sep 01, 2016) Largest short positions FF 1947262 -101038 9/1/2016 First Mg Fin Integra Gold ICG 1678336 35236 9/1/2016 Brazil Res BRI 1280598 452998 9/1/2016 Rye Patch Gold RPM 1064284 462986 9/1/2016 FMS 972912 -914 8/16/2016 Focus Graphite Golden Arrow GRG 786110 606510 8/16/2016 RML 753500 547000 8/16/2016 Rusoro Mng Purepoint Uran PTU 701000 275500 8/16/2016 Castle Mtn Mng NCA 505500 154100 9/1/2016 Roxgold ROG 491221 439040 9/1/2016 GSV 483537 -38098 9/1/2016 Gold Std Vents Probe Metals PRB 442700 225700 8/16/2016 CKR Carbon CKR 300000 300000 8/16/2016 IMPACT Silver IPT 299100 72900 9/1/2016 American Lith LI 225800 114300 8/16/2016 Largest increase in short position Golden Arrow GRG 786110 606510 8/16/2016 Rusoro Mng RML 753500 547000 8/16/2016 Rye Patch Gold RPM 1064284 462986 9/1/2016 Brazil Res BRI 1280598 452998 9/1/2016 ROG 491221 439040 9/1/2016 Roxgold Largest decrease in short position Victoria Gold VIT 86299 -1835055 9/1/2016 Orefinders Res ORX 47000 -978900 8/16/2016 VLT 2500 -836312 9/1/2016 Voltaic Min Transatlan Mng TCO 400 -689600 9/1/2016 MXL 160531 -548637 8/16/2016 MX Gold

DAILY METAL PRICES Daily Metal Prices Date Sept 26 Sept 23 Sept 22 Sept 21 Sept 20 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1555/1575 1555/1575 1545/1565 1545/1565 1545/1565 Aluminum 1619.50/1630 1637/1642 1611/1620 1569/1577.50 1562/1575 Copper 4793.50/4817 4814/4838 4815/4832 4732.50/4758 4732/4758 Lead 1906.50/1916 1911/1923 1950.50/1959 1955.50/1966 1953/1959 Nickel 10440/10480 10620/10690 10540/10590 10310/10375 10190/10245 Tin 19795/19700 19700/19625 19575/19475 19465/19400 19495/19440 2248/2257 2271/2283 2293.50/2304 2278/2292 2273.50/2285 Zinc

PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.)

Gold AM 1336.30 1335.90 1332.45 1319.60 1315.40 Gold PM 1340.50 1338.65 1339.10 1326.10 1313.80 Silver 19.44 19.82 19.88 19.43 19.17 Platinum 1036.00 1055.00 1059.00 1043.00 1022.00 Palladium 691.00 690.00 697.00 688.00 682.00

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

Sep 23 Sep 22 Sep 21 Sep 20 Sep 19 1.3168 1.3042 1.3100 1.3190 1.3204 0.7594 0.7668 0.7633 0.7581 0.7579

Exchange rates (Quote Media, September 23, 2016) C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand C$ to AUS 0.6764 76.7570 15.0280 10.4130 0.9961 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 0.5857 5.0666 50.6540 0.7375 838.1898 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.3119 0.8908 100.9960 19.7881 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.7713 6.6724 66.7067 0.9703 1104.0200

52-week

Sep 23 Sep 22 Sep 21 Sep 20 Sep 19 High Low IndexName S&P/TSX Composite 14697.93 14797.18 14710.82 14521.98 14496.23 15527.30 12400.15 S&P/TSXV Composite 810.89 810.55 813.29 803.21 801.68 1050.26 883.52 856.02 860.96 856.01 845.81 844.78 896.74 709.99 S&P/TSX 60 S&P/TSX Global Gold 243.90 249.16 252.24 236.44 236.02 218.90 149.29

NEW 52-WEEK HIGHS AND LOWS SEPTEMBER 19–23, 2016 161 New Highs

Advantage Lith Advantage Lith* Alacer Gold Alchemist Mng Almo Capital Altan Rio Mnls Alternative ER Alternative ER* Amador Gold Anglo American* APAC Res Inc Apex Res * Arco Res* Asanko Gold Asanko Gold* Asante Gold* Astorius Res Aurania Res Aurgent Gold Azarga Mtls Barksdale Cap Bellhaven Cp&G Bellhaven Cp&G* Big North Grap Big North Grap* Brazil Res Bullfrog Gold* Bullion Gld Res Caledonia Mng Caledonia Mng* Canada Coal Canstar Res Cap-Ex Iron Centenera Mng China Gold Int Cloud Peak En*

Colombia Crest* Colonial Coal Comet Inds Cons Westview Contintl Gold Contintl Gold* Copper North M Copper North M* Corazon Gold* Cornerstone Ca Corsa Coal Cruz Cap Corp Del Toro Silvr* Diamond Fields Eastmain Res Edgewater Expl Ely Gold & Mnl Ely Gold & Mnl* Endeavour Mng Endeavour Mng* Eros Res Corp Fieldex Expl Filo Mg Corp Fiore Explor Fortescue Mtls* Fortune Bay Fortune Bay* G4G Res Gitennes Expl Glencore Plc* GobiMin Gold Resource* Goldcliff Res* Golden Eagle* Golden Peak Mn Golden Sh Mng Golden Valley

GoldTrain Res Grizzly Gold* Harvest Gold* Hunt Mng* IC Potash IC Potash* Inca One Gold Jayden Res* Jet Gold* Kairos Cap Kapuskasing Gd Kapuskasing Gd* Kitrinor Mtls Klondex Mns Laurion Mnl Ex Laurion Mnl Ex* Lexam VG Gold Lexam VG Gold* Lupaka Gold Marathon Gold Mawson Res Mawson Res* MDN Inc Mechel* Metalore Res Morumbi Res Mountain Prov Mountain Prov* Natural Res Pt* New World Res Newmarket Gold Newmarket Gold* Newstrike Res Novo Res Novo Res* Nrthn Iron NuLegacy Gold

NuLegacy Gold* NV Gold NV Gold* Orsu Metals* Osisko Mng Inc Pancontinental Pancontinental* Pasinex Res Pitchblack Res Prosper Gold Prospero Silvr Prospero Silvr* PUF Vent Inc PUF Vent Inc * Redhill Res Redhill Res* Regency Gold Renforth Res Reunion Gold Revolver Res Richmont Mines Richmont Mines* Rockcliff Cop Rodinia Lithm Serengeti Res Shoshoni Gold Silver Spruce* Sky Ridge Source Expl * Southern Arc Southern Arc* Stakeholdr Gld Stakeholdr Gld* Tajiri Res Teck Res Teck Res* Teranga Gold

Terrax Mnrls Terrax Mnrls* Toachi Mg Inc Tower Res Tower Res* Trevali Mng Trevali Mng* Trueclaim Expl* Uranium Hunter* Wealth Mnrls Wealth Mnrls* Whitehaven Coa* Winston Gld Mg Zincore Mtls*

19 New Lows

Beeston Ent* BlackEagle Dev Carpathian Gld Copper One * Energy Fuels Energy Fuels* Everton Res* Explorex Res* GoGold Res Noranda Alum* Noront Res Nortec Mnls* Oroplata Res* Parallel Mng Scientific Mts Spada Gold Teryl Res Corp* Tungsten Corp* West Red Lake*

CANADIAN GOLD MUTUAL FUNDS Fund Sep 23 ($) Sep 16 ($) Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) AGF Prec Mtls Fd MF 29.39 28.09 1.30 4.63 78.14 2.78 202.02 BMO Prec Mtls Fd A 23.18 22.45 0.72 3.23 78.54 2.40 78.82 12.62 12.18 0.43 3.55 79.25 0.63 43.65 BMO ZGD BMO ZJG 10.39 10.21 0.18 1.74 96.50 0.60 92.41 CIBC Prec Metal Fd A 13.45 12.97 0.48 3.68 53.11 2.62 61.86 Dyn Prec Metls Fd A 8.34 0.41 4.82 95.58 2.66 464.96 Horizons HEP 30.71 2.03 6.53 68.85 0.80 IGMacGloPrecMetCl A 10.92 10.45 0.47 4.48 95.76 2.76 103.04 iShares XGD 15.23 14.64 0.60 4.08 76.34 0.61 773.22 Mac Prec Met Cl A 61.92 59.21 2.72 4.59 99.27 2.51 146.14 NB Prec Met Fd Inv 15.81 15.19 0.62 4.08 81.93 2.46 43.25 RBC GblPreMetFd A 40.02 37.95 2.07 5.46 85.30 2.13 454.14 RedwUITGolDev&ProClA Sentry Pre Met Fd A 52.07 50.95 1.12 2.19 96.79 2.90 273.48 45.38 1.87 4.13 82.85 3.19 277.12 Sprott Gold&PrMinFdA 47.25 Sprott SilverEquCl A 8.55 8.43 0.12 1.42 142.09 3.23 102.89 TD PreciousMetalsInv 47.25 45.49 1.76 3.87 80.00 2.26 177.05

GLOBAL MINING NEWS · SINCE 1915 Financial information provided by Fundata Canada Inc. ©Fundata Canada Inc. All rights reserved

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

11_OCT3_MMMM.indd 11

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

2016-09-27 7:58 PM

12

WWW.NORTHERNMINER.COM

OCTOBER 3–9, 2016 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: SEPTEMBER 19–23, 2016 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A 92 Resources V 1273 0.21 0.19 0.19 - 0.02 0.28 0.03 Abcourt Mines* O 44 0.07 0.07 0.07 + 0.00 0.10 0.02 Aben Res* O 7 0.14 0.00 0.14 + 0.01 0.26 0.03 0.16 - 0.01 0.34 0.06 Aben Res V 275 0.18 0.15 Aberdeen Intl* O 51 0.14 0.12 0.12 - 0.00 0.16 0.07 Aberdeen Intl T 306 0.17 0.16 0.17 + 0.01 0.24 0.10 Abitibi Royalt V 58 8.23 7.31 7.62 - 0.15 9.95 2.30 ABT Holdings* O 35 0.61 0.25 0.33 + 0.06 0.76 0.05 18 0.05 0.04 0.04 - 0.01 0.12 0.02 Acme Res Inc V Adamera Mnls V 2848 0.10 0.08 0.09 - 0.01 0.15 0.01 Adamera Mnls* O 163 0.08 0.06 0.07 - 0.01 0.12 0.01 Advantage Lith V 2827 1.21 0.97 0.97 + 0.08 1.21 0.14 Advantage Lith* O 1658 0.92 0.74 0.74 + 0.11 0.92 0.49 0.10 + 0.02 0.12 0.03 African Gold V 1542 0.10 0.08 African Metals* O 24 0.06 0.04 0.04 - 0.02 0.06 0.01 African Metals V 274 0.08 0.00 0.06 - 0.03 0.11 0.02 Agave Silver* O 100 0.06 0.06 0.06 - 0.01 0.12 0.01 0.09 + 0.01 0.15 0.02 Agave Silver V 170 0.10 0.00 Agnico Eagle* N 10236 57.35 51.75 54.33 + 2.89 60.10 23.82 71.54 + 3.55 78.35 31.89 Agnico Eagle T 3195 74.57 68.15 Agrium T 1796 121.66 117.66 120.97 + 2.52 133.25 104.70 Agrium* N 4630 92.90 89.35 91.66 + 2.06 100.24 79.94 Aguila Amer Gd V 151 0.09 0.08 0.08 - 0.01 0.14 0.03 Aim Explor* O 7670 0.00 0.00 0.00 + 0.00 0.20 0.00 V 2804 0.16 0.14 0.15 - 0.02 0.23 0.11 Alabama Graph Alabama Graph* O 251 0.13 0.11 0.11 - 0.01 0.17 0.08 Alacer Gold T 5083 3.79 3.44 3.68 + 0.31 3.79 2.08 10.84 + 0.44 13.65 3.27 Alamos Gold T 3393 11.62 10.22 8.94 7.71 8.25 + 0.34 10.41 2.27 Alamos Gold* N 9845 Alaska Pac Egy* O 1 0.01 0.00 0.01 + 0.01 0.20 0.00 Alba Minerals V 7 0.07 0.00 0.07 + 0.01 0.11 0.01 Alberta Star* O 42 0.26 0.23 0.26 + 0.01 0.28 0.12 0.11 + 0.04 0.10 0.02 Alchemist Mng 2456 0.12 0.06 Alcoa* N 79427 9.96 9.30 9.76 + 0.32 11.50 6.14 0.10 - 0.01 0.15 0.05 Alderon Iron* O 1 0.10 0.00 Aldever Res* O 680 0.04 0.00 0.03 + 0.00 0.19 0.03 Aldridge Mnrls V 96 0.30 0.27 0.29 + 0.02 0.34 0.12 0.11 + 0.03 0.15 0.08 Aldrin Res V 291 0.11 0.09 Alexandria Min* O 479 0.07 0.05 0.06 + 0.01 0.10 0.01 V 1774 0.08 0.07 0.08 + 0.01 0.12 0.02 Alexandria Min Alexco Res* X 3623 2.06 1.75 1.77 - 0.17 2.54 0.22 Alexco Res T 1466 2.67 2.30 2.31 - 0.28 3.31 0.35 0.39 + 0.05 0.40 0.07 Algold Res V 3512 0.39 0.34 Alianza Min* O 14 0.11 0.11 0.11 + 0.01 0.17 0.07 0.13 - 0.01 0.21 0.10 Alianza Min V 93 0.14 0.12 Alix Res V 1546 0.07 0.06 0.06 - 0.01 0.18 0.04 0.02 - 0.01 0.04 0.01 Alliance Mng V 2835 0.02 0.02 Alliance Res* D 1381 22.32 20.93 21.21 + 0.30 24.43 9.95 Almaden Mnls T 147 2.04 1.76 1.88 + 0.09 2.44 0.67 X 1257 1.58 1.34 1.43 + 0.08 1.88 0.50 Almaden Mnls* Almadex Min* O 194 0.76 0.65 0.72 + 0.03 0.91 0.01 Almo Capital V 557 0.15 0.12 0.15 + 0.03 0.15 0.05 0.32 - 0.02 0.65 0.21 Almonty Ind V 44 0.33 0.32 Alphamin Res V 92 0.33 0.26 0.30 - 0.03 0.33 0.15 Alset Energy V 388 0.28 0.24 0.25 - 0.03 0.84 0.02 Alta Vista Vnt 87 0.06 0.06 0.06 - 0.01 0.25 0.03 Altair Res Inc V 100 0.22 0.19 0.19 - 0.04 0.70 0.09 579 0.04 0.02 0.03 + 0.01 0.04 0.01 Altan Rio Mnls V Alternative ER V 138 0.37 0.29 0.37 + 0.06 0.36 0.06 O 121 0.27 0.00 0.27 + 0.04 0.27 0.05 Alternative ER* Altiplano Mnls V 22 0.10 0.09 0.10 - 0.02 0.22 0.04 Altitude Res V 115 0.14 0.10 0.12 - 0.01 0.21 0.02 T 203 10.20 9.41 9.70 - 0.23 13.89 7.39 Altius Mnrls Alto Vent V 166 0.07 0.06 0.06 + 0.01 0.09 0.02 96 0.14 0.11 0.12 - 0.01 0.30 0.06 Altura Mng Ltd* O Alumina Inc* O 96 4.29 3.95 4.26 + 0.36 4.73 2.70 ALX Uranium V 150 0.11 0.10 0.10 - 0.01 0.15 0.06 0.08 + 0.01 0.10 0.03 ALX Uranium* O 108 0.09 0.07 Am Creek Res V 855 0.10 0.08 0.09 - 0.02 0.12 0.03 66 0.08 0.07 0.08 + 0.01 0.12 0.04 Am CuMo Mng* O Am Manganese* O 316 0.15 0.12 0.12 - 0.00 0.20 0.01 Am Manganese V 13846 0.21 0.16 0.17 + 0.01 0.26 0.01 Amador Gold* O 30 0.00 0.00 0.00 - 0.04 0.13 0.00 Amador Gold V 528 0.16 0.00 0.16 - 0.05 0.40 0.10 0.10 + 0.01 0.13 0.04 Amarc Res V 279 0.11 0.09 Amarc Res* O 95 0.08 0.07 0.08 - 0.01 0.10 0.02 Amato Expl V 335 0.06 0.05 0.06 + 0.01 0.10 0.01 0.45 - 0.06 1.06 0.29 Amazing OG* O 11 0.51 0.00 Amer Vanadium* O 342 0.02 0.01 0.02 + 0.00 0.07 0.00 Amer Vanadium V 573 0.02 0.02 0.02 - 0.01 0.09 0.02 American Lith V 991 0.43 0.40 0.43 + 0.02 1.62 0.05 Americas Silvr T 2655 0.40 0.35 0.37 + 0.03 0.48 0.09 O 900 0.31 0.26 0.28 + 0.02 0.37 0.04 Americas Silvr* Amerigo Res T 428 0.15 0.14 0.15 - 0.01 0.34 0.10 0.11 + 0.00 0.26 0.07 Amerigo Res* O 62 0.11 0.10 Amex Expl V 447 0.06 0.05 0.06 + 0.01 0.08 0.02 AMI Res V 7 0.08 0.07 0.07 - 0.03 0.10 0.03 T 2257 0.11 0.09 0.09 - 0.01 0.11 0.04 Anaconda Mng Anaconda Mng* O 41 0.08 0.06 0.06 - 0.01 0.09 0.02 0.01 + 0.00 1.00 0.00 Andes Gold* O 167 0.01 0.00 Andover Mng* O 48 0.00 0.00 0.00 - 0.00 0.00 0.00 Anfield Nickel V 1621 1.45 1.34 1.43 + 0.06 1.94 0.52 Anfield Res* O 97 0.19 0.15 0.16 - 0.01 0.22 0.06 Anfield Res V 1043 0.24 0.20 0.21 - 0.03 0.31 0.05 Angel Gold* O 45 0.08 0.07 0.08 + 0.00 0.11 0.01 Angkor Gold V 25 0.47 0.45 0.46 + 0.01 0.50 0.39 O 239 6.14 5.49 6.08 + 0.78 6.00 1.57 Anglo American* 11 12.52 0.00 12.32 + 1.38 11.51 3.13 Anglo American* O Anglo-Bomarc V 1 0.10 0.00 0.10 - 0.01 0.30 0.07 AngloGold Ash* N 19409 17.23 15.00 16.20 + 0.95 22.91 6.20 V 1827 0.25 0.24 0.25 + 0.01 0.36 0.14 Anthem United Anthem United* O 122 0.19 0.19 0.19 + 0.00 0.25 0.15 Antofagasta* O 32 6.85 6.50 6.85 + 0.35 8.94 5.24 APAC Res Inc 514 0.12 0.07 0.12 + 0.02 0.12 0.03 Apex Res * O 1 0.09 0.09 0.09 + 0.02 0.10 0.08 Applied Mrnls* O 225 0.16 0.11 0.14 - 0.00 0.43 0.11 0.14 + 0.02 0.17 0.03 AQM Copper V 176 0.14 0.13 Aquila Res* O 274 0.24 0.22 0.23 + 0.02 0.25 0.09 Aquila Res T 302 0.30 0.28 0.29 + 0.01 0.32 0.13 Arak Res V 10 0.03 0.03 0.03 - 0.01 0.07 0.02 Arbitrage Expl 69 0.08 0.00 0.08 + 0.03 0.12 0.01 0.41 + 0.15 4.80 0.11 Arch Coal* O 4472 0.71 0.26 Archon Mineral V 3 1.50 1.50 1.50 + 0.09 2.10 1.30 Arco Res V 33 0.07 0.07 0.07 - 0.01 0.09 0.03 Arena Mnls V 860 0.19 0.00 0.19 + 0.01 0.34 0.17 Argentum Silvr V 352 0.32 0.27 0.31 + 0.06 0.35 0.02 Argex Titanium T 1257 0.06 0.05 0.06 + 0.01 0.11 0.02 Argonaut Gold T 4260 4.00 3.58 3.77 + 0.11 4.45 0.78 Argonaut Gold* O 61 3.06 2.73 2.86 + 0.10 3.38 0.53 Argus Metals V 186 0.11 0.08 0.11 + 0.03 0.15 0.02 0.01 - 0.01 0.03 0.01 Arian Res V 1690 0.02 0.00 0.02 + 0.00 0.21 0.00 Arian Silver* O 163 0.02 0.01 Arianne Phosph V 318 0.93 0.82 0.93 + 0.01 1.25 0.68 Arianne Phosph* O 151 0.71 0.63 0.70 + 0.01 0.98 0.52 Armor Mnrls V 50 0.55 0.50 0.50 - 0.05 0.85 0.12 Arrowstar Res V 82 0.17 0.10 0.10 - 0.07 0.17 0.04 Asanko Gold T 6591 6.09 5.40 5.61 + 0.27 6.09 1.77 Asanko Gold* X 2548 4.68 4.06 4.25 + 0.30 4.68 1.27 Asante Gold 10 0.27 0.20 0.24 - 0.03 0.27 0.05 Asante Gold* O 3 0.19 0.17 0.19 + 0.04 0.17 0.05 Ascot Res V 269 2.62 2.45 2.53 - 0.02 2.83 0.80 O 153 0.04 0.03 0.04 + 0.01 0.06 0.01 Ashburton Vent* Aston Bay V 559 0.41 0.36 0.41 - 0.02 0.49 0.12 Astorius Res V 868 0.41 0.32 0.41 + 0.07 0.39 0.01 Astur Gold V 70 0.07 0.06 0.06 - 0.01 0.10 0.01 ATAC Res V 772 0.66 0.54 0.64 + 0.12 0.95 0.26 Atacama Pac Gd* O 8 0.55 0.51 0.55 + 0.02 0.79 0.09 Atacama Pac Gd V 59 0.80 0.65 0.72 - 0.05 1.02 0.14 Athabasca Mnls V 90 0.19 0.17 0.17 - 0.01 0.35 0.15 Athabasca Mnls* O 28 0.14 0.14 0.14 + 0.02 0.25 0.12 Athabasca Nclr V 197 0.11 0.08 0.09 - 0.01 0.17 0.02 Athena Silver* O 78 0.10 0.07 0.10 + 0.01 0.15 0.02 Atico Mng* O 43 0.42 0.39 0.41 + 0.01 0.48 0.12 Atico Mng V 110 0.57 0.53 0.56 + 0.03 0.65 0.16 Atlanta Gold V 361 0.11 0.09 0.10 + 0.01 0.11 0.05 Atlanta Gold* O 2 0.07 0.06 0.06 - 0.00 0.09 0.03 Atlantic Gold V 740 1.05 0.93 1.00 + 0.05 1.05 0.23 Atlatsa Res T 18 0.11 0.10 0.10 + 0.01 0.13 0.03 Atlatsa Res* O 299 0.08 0.08 0.08 + 0.00 0.10 0.02 Atom Energy V 45 0.04 0.04 0.04 - 0.23 0.86 0.19 Aton Res Inc V 514 0.10 0.07 0.09 + 0.01 0.16 0.04 Augustine Vent 218 0.14 0.13 0.14 + 0.01 0.17 0.03 Augyva Mng V 1772 0.13 0.12 0.13 + 0.01 0.13 0.08 Aura Mnls T 204 0.19 0.16 0.18 - 0.01 0.31 0.07 Aura Silver Rs V 260 0.07 0.06 0.07 + 0.01 0.08 0.01 Aurania Res V 196 0.70 0.65 0.70 + 0.05 0.70 0.30 Aurcana Corp* O 269 0.46 0.43 0.44 + 0.02 0.63 0.07 Aureus Mng* O 563 0.04 0.03 0.03 - 0.01 0.31 0.03 Aureus Mng T 920 0.06 0.05 0.05 - 0.01 0.44 0.05 Aurgent Gold V 535 0.30 0.14 0.21 + 0.09 0.30 0.02 AuRico Metals * O 406 0.81 0.73 0.81 + 0.06 0.91 0.37

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AuRico Metals T 2565 Aurion Res V 421 Aurvista Gold V 761 Aurvista Gold* O 121 Auryn Res* O 345 122 Avalon Adv Mat* O Avalon Adv Mat T 578 Avino Silver* X 1562 Avino Silver V 180 Avnel Gold * O 505 Avnel Gold T 1305 Avrupa Mnls V 995 Axiom Mng* O 3 Axmin Inc V 213 Axmin Inc* O 7 AZ Mining T 2702 Azarga Mtls V 152 Azarga Mtls* O 24 O 42 Azarga Uranium* Azarga Uranium T 79 Azimut Expl V 199 Azincourt Uran* O 23 V 11 Azincourt Uran Azteca Gold* O 46

1.06 0.99 1.06 + 0.07 1.22 0.55 0.43 0.38 0.41 + 0.02 0.49 0.04 0.24 0.20 0.23 + 0.01 0.39 0.03 0.18 0.15 0.18 + 0.01 0.29 0.02 2.48 2.27 2.39 + 0.11 3.18 0.70 0.17 0.15 0.16 + 0.01 0.26 0.07 0.22 0.21 0.22 + 0.02 0.33 0.10 2.42 2.12 2.19 + 0.04 3.14 0.71 3.13 2.79 2.90 + 0.11 4.05 1.03 0.22 0.21 0.22 + 0.02 0.30 0.13 0.29 0.27 0.29 + 0.02 0.39 0.18 0.19 0.16 0.18 - 0.01 0.25 0.08 0.18 0.18 0.18 + 0.00 0.23 0.01 0.07 0.06 0.07 + 0.01 0.10 0.01 0.04 0.04 0.04 + 0.01 0.06 0.00 2.60 2.36 2.59 + 0.16 2.60 0.22 0.45 0.33 0.40 + 0.10 0.45 0.05 0.27 0.00 0.27 + 0.07 1.00 0.03 0.22 0.18 0.22 + 0.03 0.29 0.16 0.29 0.23 0.29 + 0.04 0.40 0.22 0.60 0.51 0.60 + 0.07 0.68 0.10 0.06 0.05 0.05 - 0.01 0.07 0.02 0.07 0.00 0.07 - 0.01 0.08 0.04 0.00 0.00 0.00 + 0.00 0.01 0.00

B2Gold* X 25231 B2Gold T 30669 V 94 Bacanora Mnls Baja Mng* O 98 Balmoral Res T 724 Balmoral Res* O 336 Bama Gold* O 1 O 17 Bannerman Res* Banro T 475 X 3406 Banro* Banyan Gold V 449 Bard Vent V 255 Barisan Gold V 96 Barisan Gold* O 95 Barker Mnrls V 158 O 120 Barkerville Go* Barkerville Go V 957 Barksdale Cap V 36 Barrick Gold T 16773 Barrick Gold* N 74146 Barsele Min* O 73 Barsele Min V 659 Batero Gold V 175 Battle Mtn Gld* O 87 205 Battle Mtn Gld V Bayhorse Silvr* O 47 Bayhorse Silvr V 760 Bayswater Uran V 453 Bayswater Uran* O 128 V 290 BCGold BCM Res V 52 Bear Creek Mng V 1049 Beaufield Res* O 70 Beeston Ent* O 108 Bell Copper V 101 Bell Copper* O 3 Bellhaven Cp&G V 76 O 46 Bellhaven Cp&G* Belmont Res V 315 Belo Sun Mng T 1144 Benton Res V 537 Berkwood Res V 343 Besra Gold* O 118 Big North Grap* O 28 Big North Grap V 2136 Big Wind Cap 21 Bitterroot Res V 43 Black Hills* N 1920 Black Widow Rs V 480 Blackheath Res V 92 55 Blind Crk Res V BLOX Inc* O 83 Blue Rvr Res V 2171 Blue Sky Uran* O 1 Bluenose Gold V 6 BonTerra Res V 2108 BonTerra Res* O 39 Bowmore Expl V 399 Bravada Gold* O 123 Bravada Gold V 196 Braveheart Res V 175 O 1830 Bravo Multinat* Bravura Vent 225 Brazil Mnrls* O 276244 Brazil Res V 2769 O 167 BrightRock Gld* O 111 Britannia Mng* Brixton Mtls* O 126 Brixton Mtls V 199 Buenaventura* N 8420 Buffalo Coal V 90 Bullfrog Gold* O 2096 Burey Gold* O 644

3.14 2.75 2.90 + 0.16 3.65 0.60 4.08 3.62 3.84 + 0.25 4.74 0.86 1.60 1.48 1.59 + 0.04 1.95 1.17 0.01 0.00 0.01 + 0.00 0.03 0.00 1.17 1.07 1.12 + 0.01 1.28 0.33 0.91 0.81 0.86 + 0.01 0.99 0.23 0.04 0.04 0.04 - 0.00 0.07 0.04 0.03 0.02 0.03 - 0.00 0.04 0.01 0.46 0.41 0.42 + 0.01 0.62 0.21 0.36 0.31 0.32 + 0.01 0.48 0.15 0.08 0.06 0.08 + 0.01 0.13 0.02 0.04 0.04 0.04 + 0.01 0.04 0.01 0.03 0.00 0.03 + 0.01 0.05 0.02 0.03 0.02 0.02 + 0.00 0.04 0.01 0.03 0.02 0.02 - 0.01 0.03 0.01 0.56 0.54 0.54 + 0.01 0.60 0.15 0.74 0.70 0.73 + 0.03 0.76 0.21 0.60 0.00 0.60 + 0.30 0.44 0.01 24.95 22.62 23.86 + 0.98 30.45 8.05 19.19 17.09 18.11 + 0.77 23.47 6.02 1.03 0.90 1.03 + 0.05 1.04 0.05 1.36 1.20 1.36 + 0.16 1.38 0.08 0.16 0.14 0.15 - 0.01 0.23 0.05 0.65 0.61 0.61 - 0.03 0.73 0.06 0.85 0.78 0.84 - 0.06 0.95 0.09 0.18 0.16 0.17 + 0.00 0.22 0.03 0.25 0.21 0.22 - 0.02 0.29 0.05 0.04 0.03 0.03 - 0.01 0.07 0.01 0.02 0.02 0.02 - 0.00 0.05 0.00 0.08 0.07 0.08 + 0.01 0.13 0.03 0.16 0.14 0.15 - 0.01 0.32 0.04 3.33 2.83 2.90 - 0.23 3.77 0.50 0.09 0.08 0.08 - 0.00 0.12 0.03 0.00 0.00 0.00 - 0.00 0.01 0.00 0.06 0.04 0.06 + 0.01 0.07 0.01 0.03 0.03 0.03 + 0.01 0.06 0.00 0.78 0.00 0.78 + 0.07 0.78 0.03 0.61 0.52 0.53 + 0.01 0.61 0.02 0.08 0.07 0.08 + 0.01 0.12 0.02 1.03 0.93 0.99 + 0.05 1.10 0.17 0.09 0.08 0.08 + 0.01 0.10 0.03 0.21 0.00 0.16 - 0.04 0.25 0.01 0.00 0.00 0.00 + 0.00 0.02 0.00 0.14 0.00 0.12 + 0.02 0.14 0.01 0.19 0.15 0.17 + 0.02 0.19 0.02 0.09 0.00 0.09 + 0.02 0.19 0.01 0.07 0.06 0.06 - 0.01 0.08 0.03 63.21 59.14 63.02 + 4.02 64.58 37.81 0.06 0.05 0.05 - 0.01 0.09 0.01 0.09 0.07 0.07 - 0.02 0.18 0.08 0.16 0.00 0.16 + 0.02 0.16 0.03 0.02 0.01 0.02 + 0.00 0.05 0.01 0.07 0.06 0.07 + 0.01 0.08 0.03 0.44 0.40 0.40 - 0.04 0.47 0.02 0.03 0.00 0.03 + 0.01 0.03 0.01 0.40 0.36 0.38 - 0.02 0.51 0.17 0.30 0.27 0.28 - 0.02 0.37 0.12 0.11 0.10 0.10 - 0.01 0.16 0.03 0.20 0.15 0.18 + 0.00 0.31 0.02 0.26 0.21 0.26 - 0.01 0.40 0.03 0.05 0.04 0.05 - 0.01 0.08 0.02 0.02 0.01 0.02 - 0.00 0.10 0.01 0.59 0.54 0.56 - 0.03 0.59 0.02 0.00 0.00 0.00 + 0.00 0.00 0.00 3.35 2.85 3.14 + 0.32 3.35 0.38 0.00 0.00 0.00 + 0.00 0.01 0.00 0.00 0.00 0.00 - 0.00 0.01 0.00 0.60 0.48 0.60 + 0.11 0.92 0.03 0.79 0.62 0.79 + 0.12 1.20 0.05 15.10 13.91 14.17 + 0.19 16.45 3.30 0.03 0.02 0.02 - 0.01 0.05 0.01 0.19 0.12 0.18 + 0.07 0.19 0.01 0.10 0.05 0.06 - 0.00 0.10 0.03

Cache Expl V 105 Cadan Res V 85 Cadillac Vent V 77 Caledonia Mng* Q 231 Caledonia Mng T 169 Calibre Mng V 1273 California Gl* O 37 California Gld V 59 Callinex Mines V 798 Callinex Mines* O 526 Cameco Corp* N 8873 Cameco Corp T 4745 Cameo Res* O 262 Cameo Res V 1797 Canada Coal V 1171 Canadian Zeol* O 3 Canadian Zeol V 702 CanAlaska Uran V 743 CanAlaska Uran* O 269 Canamex Res* O 28 Canamex Res V 340 Canarc Res T 4507 Canarc Res* Q 3182 Canasil Res V 523 Cancana Res V 134 Candelaria Mg V 231 Candente Coppr T 67 Candente Gold V 151 Canex Energy V 380 CaNickel Mng V 13 Canoe Mng Vent V 212 Canterra Mnls V 329 Cantex Mn Dev V 69 Canyon Gold* O 123 Cap-Ex Iron V 4765 Capstone Mng T 2221 Caracara Silvr V 4015 Cardero Res V 201 Cardero Res* O 16 Carpathian Gld* O 15 Carpathian Gld T 581 Cartier Res V 66 Carube Copper V 180 Casablanca Mng* O 6 Cascadero Copp V 978 Castle Mtn Mng V 2695 Castle Peak Mg V 614 Cataca Res* O 4433 Cava Res V 44 Caza Gold* O 48 Caza Gold V 98 CB Gold V 320 Cda Carbon* O 62 Cda Rare Earth V 261 Cda Strtgc Met * O 40 Cda Strtgc Met V 666 Cda Zinc Mtls V 608 Cdn Metals 465 Cdn Platinum V 827 Cdn Zinc T 1428

0.12 0.10 0.10 - 0.02 0.15 0.03 0.04 0.04 0.04 - 0.01 0.09 0.03 0.04 0.00 0.04 - 0.01 0.05 0.01 1.69 1.50 1.67 + 0.17 1.69 0.48 2.24 1.98 2.21 + 0.21 2.21 0.66 0.17 0.14 0.16 + 0.02 0.27 0.06 0.50 0.46 0.50 + 0.03 0.56 0.40 0.68 0.00 0.60 - 0.05 1.80 0.30 0.40 0.36 0.39 + 0.03 0.69 0.23 0.31 0.27 0.29 + 0.00 0.54 0.17 9.16 8.71 8.84 + 0.07 14.52 8.57 11.90 11.50 11.63 + 0.04 19.11 11.30 0.05 0.04 0.05 + 0.00 0.08 0.02 0.06 0.00 0.05 + 0.01 0.10 0.04 0.06 0.04 0.06 + 0.03 0.06 0.01 0.31 0.31 0.31 + 0.06 0.36 0.06 0.44 0.40 0.43 + 0.02 0.47 0.08 0.88 0.74 0.87 + 0.02 1.55 0.09 0.67 0.55 0.67 + 0.02 1.20 0.06 0.03 0.03 0.03 + 0.00 0.06 0.02 0.04 0.00 0.03 - 0.01 0.08 0.03 0.14 0.11 0.13 + 0.03 0.15 0.04 0.11 0.08 0.10 + 0.02 0.12 0.03 0.68 0.62 0.62 - 0.02 0.73 0.04 0.48 0.41 0.41 - 0.09 0.52 0.13 0.34 0.28 0.28 - 0.05 0.40 0.06 0.13 0.00 0.12 + 0.01 0.18 0.03 0.05 0.05 0.05 - 0.01 0.09 0.01 0.15 0.12 0.13 + 0.01 0.15 0.03 0.07 0.00 0.07 - 0.01 0.11 0.03 0.06 0.05 0.06 + 0.01 0.09 0.02 0.07 0.06 0.06 - 0.01 0.10 0.03 0.12 0.00 0.09 - 0.04 0.15 0.03 0.15 0.00 0.15 - 0.04 0.54 0.03 0.14 0.11 0.14 + 0.04 0.14 0.01 0.81 0.75 0.78 + 0.03 0.97 0.27 0.02 0.02 0.02 - 0.01 0.03 0.01 0.20 0.16 0.17 + 0.01 0.26 0.08 0.15 0.00 0.13 - 0.01 0.18 0.05 0.90 0.00 0.88 - 0.02 1.06 0.81 1.21 1.00 1.15 - 0.04 1.45 1.00 0.18 0.16 0.18 + 0.03 0.19 0.04 0.13 0.00 0.10 - 0.02 0.20 0.05 0.00 0.00 0.00 - 0.00 0.00 0.00 0.14 0.13 0.13 + 0.01 0.17 0.02 1.27 1.10 1.18 - 0.04 1.30 0.18 0.05 0.04 0.05 + 0.01 0.08 0.01 1.15 0.55 0.82 - 0.26 1.21 0.20 0.64 0.00 0.54 - 0.13 0.78 0.04 0.04 0.02 0.03 - 0.01 0.06 0.01 0.05 0.04 0.05 + 0.01 0.07 0.02 0.14 0.08 0.13 - 0.02 0.18 0.04 0.22 0.21 0.22 - 0.01 0.28 0.18 0.04 0.04 0.04 + 0.01 0.05 0.02 0.14 0.14 0.14 - 0.00 0.19 0.01 0.18 0.15 0.15 - 0.01 0.26 0.03 0.40 0.39 0.40 + 0.02 0.44 0.10 0.25 0.12 0.14 - 0.01 0.44 0.06 0.02 0.02 0.02 - 0.01 0.03 0.01 0.32 0.28 0.29 - 0.01 0.41 0.06

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12-month

Exc Volume High Low Last Change High Low

Cdn Zinc* Q 419 0.23 0.22 0.22 - 0.00 0.32 0.04 Centamin T 139 2.56 2.42 2.52 + 0.19 3.05 1.19 Centaurus Diam* O 41 0.13 0.11 0.11 - 0.02 0.34 0.03 Centenera Mng V 156 0.45 0.28 0.40 + 0.12 0.45 0.02 Centenera Mng* O 12 0.25 0.20 0.25 + 0.06 Centerra Gold T 3285 7.69 7.15 7.44 + 0.05 8.67 5.64 Cerro Grande 68 0.05 0.03 0.03 - 0.02 0.06 0.01 Cerro Mng V 101 0.01 0.00 0.01 - 0.02 0.03 0.01 Chalice Gold M* O 25 0.12 0.12 0.12 - 0.03 0.18 0.08 Chalice Gold M T 96 0.16 0.16 0.16 + 0.01 0.21 0.10 Champion Bear V 236 0.10 0.09 0.09 - 0.02 0.11 0.03 Champion Iron* O 45 0.19 0.17 0.17 - 0.02 0.23 0.10 Champion Iron T 341 0.24 0.23 0.23 - 0.01 0.30 0.13 Chantrell Vent V 75 0.11 0.11 0.11 + 0.01 0.19 0.06 Chesapeake Gld V 67 5.75 5.50 5.50 - 0.03 6.50 1.39 Chesapeake Gld* O 42 4.37 4.17 4.17 - 0.01 5.03 1.05 Chevron* N 31045 100.75 97.68 99.22 + 1.38 107.58 75.10 Chiboug Ind Mn V 231 0.13 0.00 0.13 - 0.01 0.26 0.03 Chiboug Ind Mn* O 32 0.09 0.08 0.09 - 0.01 0.17 0.07 Chilean Metals* O 145 0.14 0.12 0.12 - 0.02 0.22 0.02 Chilean Metals V 117 0.19 0.15 0.15 - 0.03 0.30 0.02 Chimata Gold V 50 0.02 0.02 0.02 - 0.01 0.05 0.01 China Gold Int T 1550 3.37 3.01 3.21 + 0.18 3.37 1.72 82 0.01 0.01 0.01 + 0.00 0.02 0.00 China Mnls Mng* O China Mnls Mng V 595 0.02 0.02 0.02 - 0.01 0.03 0.01 Cibolan Gold* O 21 0.07 0.05 0.07 + 0.01 0.15 0.03 CKR Carbon V 1186 0.08 0.07 0.08 + 0.01 0.12 0.06 Clifton Mng* O 17 0.16 0.15 0.16 + 0.01 0.16 0.05 Cloud Peak En* N 10958 4.85 3.43 4.50 + 1.09 4.85 1.08 CMC Metals V 743 0.13 0.12 0.13 + 0.01 0.32 0.05 Coeur Mng* N 27943 13.65 12.32 12.56 + 0.13 16.41 1.62 Colibri Res V 48 0.19 0.16 0.17 - 0.02 0.22 0.02 Colombia Crest* O 3 0.02 0.01 0.02 + 0.01 0.01 0.00 Colombian Mins V 61 0.19 0.16 0.18 + 0.01 0.23 0.02 Colonial Coal V 831 0.24 0.14 0.22 + 0.08 0.24 0.02 Colorado Res V 11134 0.42 0.23 0.25 - 0.16 0.71 0.05 0.18 - 0.14 0.54 0.04 Colorado Res* O 2383 0.33 0.18 Colt Res V 1403 0.10 0.08 0.09 + 0.01 0.17 0.06 Columbus Gold* O 459 0.59 0.47 0.52 + 0.04 0.72 0.23 Columbus Gold T 722 0.76 0.63 0.71 + 0.10 0.93 0.32 Comet Inds V 182 3.00 2.75 2.95 + 0.20 3.00 1.22 Commerce Res V 2387 0.07 0.07 0.07 - 0.01 0.11 0.06 Commerce Res* O 114 0.06 0.05 0.05 - 0.00 0.08 0.04 Comstock Mng* X 1311 0.39 0.35 0.36 + 0.01 0.70 0.33 Comstock Mtls V 127 0.29 0.26 0.27 + 0.01 0.43 0.05 Comstock Mtls * O 44 0.22 0.20 0.22 + 0.00 0.33 0.10 Condor Res V 495 0.07 0.06 0.07 + 0.01 0.12 0.02 Confedertn Ml* O 2 0.37 0.37 0.37 - 0.18 0.63 0.31 V 102 0.55 0.46 0.48 - 0.02 9.00 0.46 Confedertn Mls Cons Westview V 1206 0.56 0.36 0.47 - 0.04 0.56 0.22 Cons Woodjam V 34 0.08 0.06 0.06 - 0.02 0.08 0.02 CONSOL Energy* N 22463 18.34 16.54 17.40 + 0.96 19.76 4.54 Constant Mtl V 332 0.11 0.09 0.11 + 0.02 0.15 0.05 Contintl Gold T 2599 4.69 4.10 4.36 + 0.10 4.69 1.28 Contintl Gold* O 75 3.60 3.13 3.29 + 0.17 3.60 0.88 Copper Ck Gold V 64 0.07 0.06 0.07 - 0.01 0.10 0.05 Copper Fox Mtl V 1247 0.13 0.12 0.12 - 0.01 0.24 0.11 Copper Fox Mtl* O 44 0.09 0.00 0.09 + 0.00 0.17 0.08 Copper Mtn Mng* O 224 0.37 0.34 0.37 + 0.03 0.52 0.23 Copper Mtn Mng T 610 0.49 0.45 0.47 + 0.02 0.70 0.33 Copper North M V 164 0.23 0.16 0.17 - 0.01 0.45 0.13 133 0.16 0.14 0.14 + 0.02 0.16 0.10 Copper North M* O Copper One V 295 0.21 0.19 0.21 + 0.02 0.30 0.03 Coral Gold V 354 0.33 0.31 0.32 - 0.02 0.39 0.05 Corazon Gold* O 0 0.28 0.00 0.28 + 0.04 0.28 0.12 Corazon Gold V 103 0.33 0.00 0.33 + 0.03 0.45 0.18 Cordoba Mnls* O 106 0.66 0.62 0.62 - 0.01 0.79 0.08 Cordoba Mnls V 500 0.86 0.81 0.82 - 0.03 1.08 0.10 Corex Gold V 319 0.12 0.11 0.12 + 0.01 0.21 0.03 Cornerstone Ca V 1588 0.13 0.10 0.13 + 0.02 0.12 0.02 Cornerstone Ca* O 201 0.09 0.07 0.09 + 0.02 0.09 0.01 Coro Mining T 967 0.15 0.13 0.14 + 0.01 0.21 0.02 Coronet Mtls V 1550 0.57 0.36 0.55 + 0.14 0.60 0.03 0.42 + 0.07 0.47 0.02 Coronet Mtls* O 150 0.42 0.30 Corsa Coal V 3408 0.14 0.09 0.13 + 0.04 0.14 0.02 Corvus Gold T 49 0.97 0.90 0.97 + 0.06 1.38 0.33 Corvus Gold* O 41 0.75 0.68 0.72 - 0.01 1.05 0.25 Cougar Mnls V 1297 0.47 0.35 0.46 + 0.05 0.82 0.09 Crazy Horse Res V 619 0.04 0.03 0.04 + 0.01 0.07 0.01 Critical Elem V 974 0.54 0.47 0.50 - 0.02 0.75 0.14 Critical Elem* O 166 0.40 0.36 0.37 - 0.03 0.58 0.10 Crown Mining V 124 0.13 0.11 0.12 - 0.01 0.20 0.04 Cruz Cap Corp* O 31 0.48 0.43 0.47 + 0.04 0.48 0.20 Cruz Cap Corp V 429 0.63 0.60 0.63 + 0.04 0.63 0.07 Crystal Pk Min V 86 0.25 0.22 0.25 - 0.02 0.42 0.13 Crystal Pk Min* O 82 0.18 0.17 0.18 + 0.00 0.32 0.12 0.11 + 0.00 0.16 0.01 Cypress Dev* O 67 0.11 0.09 Cypress Dev V 523 0.14 0.11 0.13 - 0.01 0.20 0.02 Cyprium Mng V 1829 0.07 0.06 0.07 + 0.01 0.13 0.06

D-F Dajin Res V 601 Dajin Res* O 356 Dakota Ter Res* O 283 Dalradian Res* O 395 Danakali* O 266 Darnley Bay V 630 Debut Dmds 30 Decade Res V 428 Defiance Silvr V 591 Defiance Silvr* O 149 Del Toro Silvr* O 2570 Delrand Res V 49 Denison Mines* X 790 Denison Mines T 2561 Detour Gold T 3337 O 228 Diamante Min* Diamcor Mng* O 6 Diamcor Mng V 161 Diamond Fields V 725 Dios Expl V 160 V 45 Discovery-Corp Ditem Explor* O 12 DNI Metals 89 DNI Metals* O 19 Dolly Vard Sil* O 13 Dolly Vard Sil V 116 Dominion Diam* N 2296 Dominion Diam T 1620 DRDGOLD* N 1622 Duncan Park H V 423 Dundee Prec Mt T 824 Duran Vent V 145 O 160 Duran Vent * Durango Res V 3043 Durango Res* O 40 Dynacor Gld Mn T 294 DynaResource* O 6 Dynasty Gold V 339 Dynasty Met&Mn* O 27 Dynasty Met&Mn T 362 V 1915 Eagle Graphite Eagle Plains V 486 East Africa V 449 East Africa * O 18 East Asia Mnls V 1464 Eastern Platin* O 2 Eastern Platin T 180 Eastfield Res V 123 Eastmain Res T 3173 Eco Oro Mnls T 31 eCobalt Solns* O 75 Edgewater Expl V 211 El Capitan Prc* O 3537 El Nino Vent V 85 Elcora Res V 246 Elcora Res* O 9 Eldorado Gold* N 34996 Eldorado Gold T 19637 Eloro Mnrls V 26 Ely Gold & Mnl* O 917 Elysee Dev V 47 Emgold Mng V 474 Empire Rock V 50 Encanto Potash* O 50 Encanto Potash V 1492 Endeavour Mng T 1968 Endeavour Mng* O 65 Endeavr Silver* N 14308 Endeavr Silver T 2895 Endurance Gold V 116 Energizer Res* O 162

0.18 0.16 0.17 - 0.01 0.30 0.10 0.13 0.13 0.13 + 0.00 0.24 0.08 0.04 0.03 0.03 - 0.01 0.20 0.03 1.18 1.06 1.12 - 0.01 1.27 0.45 0.31 0.29 0.29 - 0.01 0.37 0.17 0.17 0.14 0.14 - 0.03 0.24 0.01 0.02 0.00 0.02 - 0.01 0.03 0.01 0.08 0.07 0.07 - 0.01 0.13 0.01 0.53 0.45 0.45 - 0.09 0.63 0.06 0.41 0.35 0.35 - 0.06 0.49 0.04 0.04 0.02 0.04 + 0.02 0.03 0.00 0.40 0.38 0.38 - 0.02 0.65 0.13 0.49 0.46 0.48 + 0.01 0.67 0.35 0.65 0.61 0.63 + 0.01 0.85 0.48 30.09 27.40 28.35 + 0.51 35.93 12.45 0.20 0.17 0.19 - 0.01 0.85 0.17 0.86 0.81 0.86 + 0.03 0.96 0.46 1.13 1.06 1.13 + 0.03 1.25 0.65 0.11 0.02 0.09 - 0.01 0.20 0.05 0.13 0.11 0.11 - 0.02 0.19 0.05 0.03 0.03 0.03 + 0.01 0.08 0.02 0.00 0.00 0.00 + 0.00 0.00 0.00 0.05 0.04 0.04 - 0.01 0.10 0.04 0.03 0.03 0.03 - 0.00 0.10 0.03 0.60 0.56 0.60 + 0.02 0.81 0.08 0.85 0.74 0.78 + 0.02 1.11 0.12 9.32 7.96 9.29 + 1.34 12.65 7.27 12.26 10.50 12.22 + 1.73 16.82 9.96 5.73 5.00 5.11 + 0.13 9.10 1.22 0.02 0.02 0.02 + 0.01 0.03 0.01 3.67 3.18 3.25 - 0.22 4.14 0.84 0.11 0.10 0.10 + 0.01 0.20 0.07 0.08 0.00 0.08 + 0.01 0.09 0.07 0.10 0.07 0.07 - 0.03 0.21 0.03 0.07 0.06 0.06 - 0.00 0.15 0.02 3.25 3.04 3.05 - 0.20 3.71 1.46 1.65 1.30 1.64 - 0.01 2.00 0.80 0.02 0.00 0.02 - 0.01 0.03 0.01 0.19 0.18 0.19 + 0.01 0.34 0.08 0.28 0.21 0.25 + 0.02 0.45 0.10 0.05 0.03 0.05 + 0.01 0.06 0.02 0.14 0.13 0.13 - 0.01 0.17 0.05 0.32 0.26 0.27 - 0.02 0.36 0.03 0.22 0.21 0.21 - 0.01 0.28 0.02 0.01 0.00 0.01 - 0.01 0.03 0.01 0.61 0.59 0.59 - 0.03 0.89 0.47 0.82 0.70 0.76 - 0.09 1.19 0.58 0.04 0.04 0.04 - 0.02 0.06 0.02 0.97 0.82 0.93 + 0.09 0.97 0.29 0.32 0.26 0.26 - 0.04 0.70 0.25 0.47 0.43 0.44 - 0.01 0.53 0.39 0.07 0.05 0.06 + 0.02 0.07 0.01 0.11 0.08 0.09 - 0.01 0.28 0.03 0.04 0.04 0.04 - 0.01 0.05 0.01 0.34 0.29 0.33 + 0.03 0.75 0.17 0.26 0.25 0.25 - 0.01 0.55 0.20 4.34 3.93 4.13 + 0.14 5.16 1.87 5.63 5.20 5.44 + 0.19 6.71 2.67 0.51 0.49 0.51 + 0.03 0.58 0.09 0.20 0.17 0.18 + 0.00 0.20 0.03 0.34 0.00 0.31 - 0.02 0.36 0.17 0.03 0.03 0.03 - 0.02 0.05 0.01 0.20 0.18 0.19 - 0.01 0.27 0.04 0.07 0.07 0.07 + 0.00 0.14 0.03 0.09 0.08 0.09 + 0.01 0.18 0.05 27.17 23.88 25.36 + 1.40 27.17 5.40 20.85 18.17 19.22 + 1.02 20.85 4.40 5.84 4.92 5.23 + 0.35 5.95 1.00 7.59 6.51 6.91 + 0.48 7.75 1.46 0.06 0.05 0.05 - 0.01 0.08 0.02 0.06 0.05 0.06 + 0.00 0.10 0.03

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Energizer Res T 1202 Energy Fuels T 718 Energy Fuels* X 1607 Engold Mines V 240 Ensurge* O 341 Entree Gold* X 281 Entree Gold T 446 Equitas Res* O 270 Equitorial Ex V 968 4 V Era Res Inc 49 Erdene Res Dev* O 323 Erdene Res Dev T 65 Eros Res Corp V 65 Eros Res Corp V Eskay Mng V 124 Ethos Gold* O 25 Ethos Gold V 156 X 402 Eurasian Mnls* Eureka Res V 283 EurOmax Res T 136 O 23 EurOmax Res* Everest Vent V 52 Everton Res* O 142 Everton Res V 1834 Evolving Gold 166 O 7 Evolving Gold* Evrim Res V 162 O 39 Excalibur Res* Excalibur Res 477 Excellon Res T 822 Excellon Res* O 349 O 159 Excelsior Mng* Exeter Res* X 1086 Exeter Res T 323 145 ExGen Res Inc V O 595 Expedition Mng* Explor Res* O 32 Explor Res V 1499 Explorex Res 87 Explorex Res* O 27 Fairmont Res V 511 Falco Res V 1110 Far Res 1583 Fieldex Expl V 9755 195 Filo Mg Corp V Finlay Minrls V 22 Finore Mng 155 Fiore Explor* O 7 Fiore Explor V 3531 Firebird Res V 180 Firestone Vent V 259 O 138 Firma Holdings* First Liberty* O 340 First Majestic T 6124 First Majestic* N 29890 V 4535 First Mg Fin First Mg Fin * O 3650 First Point T 321 First Quantum T 15982 219 V Fission 3.0 Fission Uran T 1181 Fission Uran* O 727 Fjordland Exp V 1007 Flinders Res V 225 Flinders Res* O 185 V 2145 Focus Graphite O 510 Focus Graphite* Focus Vent V 845 Foran Mng V 176 O 97 Fortescue Mtls* T 3070 Fortuna Silvr Fortuna Silvr* N 6827 Fortune Bay V 274 Fortune Bay* O 20 Fortune Mnrls T 2119 O 1003 Fortune Mnrls* V 56 Forum Uranium 25 Fox River Res* O 53 Fox River Res N 3023 Franco-Nevada* Franco-Nevada T 2012 Franklin Mng* O 402 Freegold Vent T 539 Freeport McMo* N 140551 Freeport Res V 10 Fresnillo plc* O 33 134 Frontier Rr Er* O Frontline Gold V 2335 3 Full Metal Mnl V Fura Emeralds V 145

0.03 0.08 + 0.01 0.13 0.08 0.07 2.12 2.13 - 0.05 4.50 2.26 2.12 1.62 1.61 - 0.04 3.48 1.71 1.61 0.03 0.04 + 0.01 0.08 0.04 0.04 0.01 0.07 - 0.02 0.09 0.08 0.07 0.17 0.28 - 0.00 0.38 0.29 0.26 0.25 0.39 + 0.02 0.47 0.39 0.35 0.02 0.05 + 0.01 0.17 0.05 0.04 0.02 0.05 - 0.01 0.12 0.07 0.05 0.27 0.00 0.25 - 0.02 0.50 0.09 0.29 0.25 0.28 + 0.03 0.42 0.09 0.38 0.33 0.38 + 0.05 0.55 0.11 0.23 0.18 0.22 + 0.03 0.23 0.09 0.23 0.18 0.22 + 0.03 0.23 0.09 0.06 0.28 - 0.03 0.42 0.30 0.25 0.05 0.20 + 0.01 0.32 0.21 0.19 0.14 0.26 + 0.01 0.41 0.28 0.25 0.35 1.06 + 0.02 1.40 1.15 1.00 0.04 0.11 - 0.01 0.17 0.12 0.11 0.21 0.52 - 0.03 0.62 0.55 0.50 0.15 0.40 + 0.01 0.46 0.40 0.38 0.09 0.53 + 0.10 0.95 0.53 0.42 0.00 0.08 - 0.02 0.14 0.09 0.00 0.01 0.10 - 0.03 0.20 0.12 0.10 0.04 0.36 - 0.05 0.50 0.41 0.00 0.02 0.29 - 0.02 0.38 0.32 0.26 0.10 0.30 + 0.02 0.43 0.31 0.28 0.00 0.08 - 0.00 0.09 0.08 0.00 0.01 0.10 + 0.01 0.11 0.10 0.09 0.20 2.04 + 0.23 2.40 2.19 1.83 0.14 1.55 + 0.15 1.85 1.65 1.39 0.12 0.26 - 0.02 0.31 0.29 0.26 0.29 1.29 + 0.10 1.48 1.35 1.20 0.39 1.70 + 0.11 1.94 1.75 1.60 0.01 0.01 0.01 + 0.01 0.02 0.01 0.06 0.01 0.22 + 0.08 0.09 0.07 0.03 0.07 + 0.00 0.18 0.07 0.06 0.05 0.10 + 0.01 0.24 0.11 0.09 0.05 0.18 - 0.01 0.19 0.19 0.15 0.15 0.14 - 0.01 0.15 0.15 0.14 0.02 0.10 - 0.01 0.23 0.11 0.08 0.21 1.30 + 0.02 1.39 1.36 1.25 0.02 0.06 + 0.01 0.15 0.06 0.05 0.01 0.05 + 0.02 0.07 0.07 0.03 1.60 1.39 1.55 + 0.15 1.60 0.64 0.03 0.04 - 0.01 0.09 0.05 0.04 0.01 0.05 - 0.03 0.08 0.05 0.00 0.02 0.54 + 0.03 0.55 0.54 0.50 0.03 0.71 + 0.10 0.76 0.76 0.61 0.01 0.03 - 0.01 0.05 0.03 0.03 0.01 0.05 - 0.01 0.08 0.06 0.05 0.02 0.06 - 0.02 0.15 0.08 0.06 0.00 0.00 + 0.00 0.00 0.00 0.00 14.82 - 0.23 24.96 3.50 17.05 14.69 11.25 - 0.08 19.15 2.40 13.11 11.15 0.98 0.90 0.90 - 0.01 1.31 0.31 0.75 0.68 0.69 - 0.01 1.02 0.22 0.04 0.09 - 0.01 0.14 0.10 0.09 10.90 + 0.33 12.34 2.15 11.24 10.21 0.08 0.07 0.07 - 0.01 0.12 0.06 0.53 0.65 + 0.01 0.82 0.66 0.63 0.39 0.50 + 0.01 0.63 0.50 0.48 0.01 0.09 - 0.02 0.17 0.11 0.08 0.13 0.37 - 0.06 0.77 0.43 0.35 0.09 0.31 - 0.01 0.61 0.32 0.26 0.07 0.10 - 0.02 0.30 0.12 0.10 0.04 0.08 - 0.01 0.23 0.10 0.07 0.05 0.08 - 0.01 0.19 0.08 0.07 0.05 0.25 + 0.03 0.31 0.25 0.23 1.00 3.79 + 0.23 3.95 3.95 3.67 10.67 9.61 9.79 + 0.05 12.73 2.83 2.00 7.41 + 0.16 9.75 8.21 7.27 0.25 0.80 + 0.15 0.77 0.84 0.00 0.36 0.61 + 0.11 0.57 0.61 0.45 0.02 0.14 + 0.03 0.17 0.15 0.12 0.01 0.10 + 0.02 0.13 0.11 0.08 0.04 0.08 + 0.01 0.20 0.09 0.08 0.04 0.03 0.03 - 0.00 0.04 0.02 0.06 0.04 0.04 - 0.01 0.06 0.03 41.47 71.87 + 1.69 81.16 76.53 70.42 99.53 92.72 94.58 + 1.84 105.69 56.04 0.00 0.00 - 0.00 0.01 0.00 0.00 0.05 0.21 + 0.01 0.28 0.22 0.19 11.13 9.80 10.63 + 0.69 14.20 3.52 0.01 0.07 + 0.01 0.09 0.07 0.06 23.38 + 2.25 26.65 8.70 23.50 21.57 0.02 0.00 0.01 - 0.00 0.06 0.00 0.01 0.03 + 0.01 0.05 0.03 0.03 0.08 0.00 0.08 - 0.01 0.12 0.02 0.10 0.13 - 0.02 0.25 0.15 0.10

G4G Res V 678 Gabriel Res T 110 Gainey Capital V 470 Galane Gold V 903 Galantas Gold V 737 300 Galena Intl Rs V Galway Mtls* O 87 Galway Mtls V 538 GAR Limited 27 78 Garibaldi Res * O Garibaldi Res V 377 GB Minerals V 46 V 1557 Gem Intl Res General Moly T 18 General Moly* X 264 Genesis Mtls* O 50 Genius Props 999 V 975 Gensource Pot O 66 Geologix Expl* Geologix Expl V 479 Geomega Res V 415 Gespeg Cop Res V 1372 Getty Copper V 202 GFK Res V 278 GGL Res V 100 Gitennes Expl V 237 Giyani Gold V 326 Giyani Gold* O 3 Gldn Predator V 1781 O 321 Gldn Predator* 382 Glen Eagle Res V Glencore Plc* O 838 Globex Mng T 163 Globex Mng* O 64 O 142 GMV Minerals* V 84 GobiMin GoGold Res T 1537 Gold & Silver* O 3042 966 Gold Bulln Dev* O Gold Bulln Dev V 3063 O 117 Gold Dynamics* 25642 Gold Fields* N Gold Lakes* O 2907 Gold Mng USA* O 3437 723 Gold Mtn Mng V 192 Gold Mtn Mng * O 396 Gold Reach Res V Gold Reserve* O 307 Gold Reserve V 224 X 5651 Gold Resource* 117 Gold Ridge Exp V Gold Std Vents V 1121 Gold Std Vents* X 2223 Goldcliff Res V 190 T 12009 Goldcorp Goldcorp* N 40228 Golden Arrow V 2630 Golden Arrow* O 1378 41 Golden Dawn Ml* O Golden Dawn Ml V 3748 Golden Eagle* O 41 O 827 Golden Goliath* Golden Hope V 9 Golden Hope* O 7 Golden Mnls* X 2417 Golden Mnls T 139 146 Golden Peak Mn V O 759 Golden Queen* Golden Reign V 722 Golden Secret V 229

0.04 0.45 + 0.28 0.50 0.50 0.17 0.12 0.62 - 0.01 0.74 0.63 0.61 0.10 0.20 + 0.01 0.30 0.20 0.18 0.03 0.13 + 0.01 0.19 0.14 0.12 0.07 0.15 + 0.01 0.17 0.16 0.14 0.13 0.13 0.13 + 0.02 0.15 0.02 0.06 0.37 - 0.01 0.51 0.39 0.37 0.09 0.50 + 0.01 0.65 0.53 0.45 0.01 0.04 + 0.03 0.05 0.04 0.01 0.06 0.05 0.06 + 0.01 0.13 0.05 0.07 0.08 + 0.01 0.18 0.08 0.07 0.02 0.06 - 0.01 0.12 0.07 0.06 0.14 0.10 0.11 - 0.01 0.15 0.04 0.22 0.40 + 0.02 0.59 0.40 0.00 0.15 0.31 + 0.03 0.47 0.31 0.27 0.01 0.16 0.22 + 0.17 0.17 0.17 0.02 0.04 + 0.01 0.06 0.04 0.03 0.04 0.08 - 0.01 0.12 0.08 0.08 0.01 0.08 + 0.00 0.11 0.08 0.07 0.02 0.12 + 0.01 0.15 0.12 0.10 0.06 0.09 - 0.01 0.23 0.10 0.08 0.03 0.03 0.03 - 0.01 0.06 0.02 0.02 0.03 + 0.01 0.03 0.03 0.02 0.03 0.15 + 0.02 0.18 0.15 0.13 0.01 0.02 - 0.01 0.05 0.03 0.00 0.01 0.04 + 0.02 0.04 0.04 0.03 0.06 0.24 + 0.02 0.36 0.26 0.21 0.02 0.17 + 0.00 0.27 0.17 0.17 0.09 0.86 - 0.01 1.17 0.97 0.81 0.06 0.66 - 0.02 0.89 0.75 0.61 0.13 0.11 0.12 - 0.01 0.16 0.03 1.95 5.40 + 0.63 5.47 5.47 4.97 0.19 0.31 + 0.01 0.51 0.34 0.31 0.15 0.24 + 0.00 0.38 0.26 0.24 0.06 0.44 - 0.02 0.55 0.47 0.43 0.27 0.54 + 0.04 0.50 0.54 0.50 0.90 0.95 - 0.04 1.65 1.00 0.90 0.00 0.00 0.00 + 0.00 3.00 0.00 0.08 0.07 0.08 + 0.01 0.11 0.01 0.11 0.08 0.10 + 0.01 0.16 0.02 0.00 0.00 - 0.00 0.01 0.00 0.00 2.04 4.94 + 0.15 6.60 5.33 4.70 0.01 0.03 - 0.01 1.02 0.05 0.03 0.01 0.00 0.01 - 0.00 0.17 0.00 0.34 0.33 0.33 + 0.01 0.49 0.02 0.26 0.25 0.26 + 0.01 0.31 0.21 0.17 0.15 0.16 - 0.03 0.25 0.08 0.00 4.25 + 0.07 5.90 4.35 3.85 3.06 5.40 - 0.10 8.00 5.67 5.02 1.14 7.00 + 0.64 7.49 7.49 6.25 0.45 0.36 0.36 - 0.09 0.70 0.05 3.27 2.96 3.11 + 0.15 4.10 0.46 2.52 2.25 2.37 + 0.15 3.20 0.35 0.05 0.20 + 0.01 0.35 0.21 0.19 13.55 21.91 + 1.36 26.56 22.53 20.41 16.66 + 1.09 20.38 9.46 17.31 15.50 0.17 1.00 + 0.09 1.48 1.07 0.83 0.13 0.75 + 0.07 1.30 0.83 0.63 0.24 0.22 0.24 - 0.03 0.32 0.06 0.33 0.28 0.29 - 0.01 0.44 0.07 0.00 0.03 - 0.00 0.03 0.03 0.00 0.00 0.06 + 0.01 0.10 0.06 0.05 0.16 0.29 - 0.02 0.44 0.31 0.29 0.12 0.22 - 0.01 0.26 0.25 0.22 0.13 0.77 - 0.03 1.16 0.87 0.75 0.19 1.01 - 0.02 1.51 1.13 1.00 0.36 0.25 0.25 - 0.05 0.90 0.12 0.48 0.91 - 0.01 1.56 0.96 0.89 0.07 0.34 + 0.02 0.36 0.34 0.30 0.02 0.50 + 0.06 0.69 0.50 0.46

G-H

2016-09-27 6:04 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 3–9, 2016

13

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

Week

12-month

Exc Volume High Low Last Change High Low

Golden Sh Mng V 59 Golden Star T 1807 Golden Star* X 8005 Golden Tag V 187 Golden Valley V 504 Goldex Res* O 1 Goldeye Expl V 542 Goldgroup Mng T 643 Goldgroup Mng* O 826 GoldON Res* O 46 GoldON Res V 326 GoldQuest Mng V 2933 Goldrea Res* O 31 Goldrea Res 43 Goldsource Min* O 508 V 1240 Goldsource Min Goldstar Mnls V 1469 Goldstream Mnl V 80 Goldstrike Res V 1452 GoldTrain Res 14 GoviEx Uranium* O 179 V 872 GoviEx Uranium Gowest Gold* O 101 Gowest Gold V 1192 GPM Metals V 347 Gran Colombia* O 3260 Gran Colombia T 7364 Grande Portage V 120 Graphite Corp* O 1001 Graphite One* O 352 Gray Rock Res V 110 Great Atlantic V 196 Great Bear Res V 15 Great Lakes Gr* O 338 X 5446 Great Panther* Great Panther T 1304 Great Quest Fe V 29 Great Rock Dev* O 283 Great Thunder V 261 O 325 Great Western* Greatbanks Res V 35 369 Green Swan Cap V Green Valley M V 128 Grizzly Discvr* O 15 Grizzly Discvr V 121 Grizzly Gold* O 53 Group Ten Mtls V 1297 GTA Res & Mng V 3041 Gungnir Res* O 1096 Gungnir Res V 1404 Guyana Gldflds T 4471 Handa Copper V 12 Happy Ck Mnrls V 74 Hard Creek Ni V 281 Harmony Gold* N 18923 Harte Gold T 1703 Harvest Gold V 311 V 352 Hawkeye Gld&Di Heatherdale Rs V 67 51838 Hecla Mining* N Hellix Vent* O 57 Heron Res* O 157 Heron Res T 220 Highland Copp V 205 5 Highway 50 Gld* O Highway 50 Gld V 5 HiHo Silver 85 Hochschild Mg* O 49 Horizonte Mnls T 174 Houston Lake V 124 HTI Ventures V 89 HudBay Mnls* N 1277 HudBay Mnls T 7156 Hudson Res V 86 Hudson Res* O 42 Hunt Mng* O 194 Hunt Mng V 206

0.32 0.00 0.30 + 0.02 0.32 0.05 1.03 0.94 1.03 + 0.06 1.46 0.21 0.79 0.71 0.78 + 0.04 1.13 0.14 0.10 0.07 0.09 + 0.01 0.18 0.02 0.36 0.33 0.35 + 0.01 0.36 0.07 0.49 0.46 0.46 - 0.03 0.62 0.08 0.07 0.06 0.06 - 0.01 0.08 0.02 0.32 0.28 0.30 + 0.01 0.39 0.05 0.25 0.21 0.24 + 0.02 0.30 0.03 0.18 0.13 0.13 - 0.00 0.18 0.03 0.19 0.17 0.18 - 0.02 0.36 0.03 0.47 0.43 0.44 - 0.01 0.68 0.09 0.10 0.08 0.08 - 0.03 0.10 0.02 0.13 0.10 0.10 - 0.03 0.14 0.03 0.34 0.29 0.32 + 0.02 0.45 0.12 0.44 0.39 0.42 + 0.04 0.57 0.15 0.05 0.04 0.05 + 0.01 0.08 0.01 0.11 0.10 0.11 + 0.01 0.40 0.09 0.28 0.25 0.27 + 0.01 0.41 0.07 0.20 0.00 0.20 + 0.07 0.20 0.05 0.12 0.09 0.10 - 0.01 0.16 0.08 0.15 0.13 0.14 - 0.01 0.19 0.12 0.16 0.14 0.15 - 0.01 0.22 0.04 0.21 0.19 0.19 - 0.01 0.28 0.06 0.27 0.25 0.26 - 0.03 0.57 0.11 0.10 0.08 0.09 - 0.01 0.18 0.04 0.13 0.11 0.11 - 0.01 0.23 0.06 0.16 0.00 0.16 + 0.02 0.22 0.04 0.00 0.00 0.00 - 0.00 0.02 0.00 0.07 0.06 0.07 + 0.01 0.14 0.05 0.09 0.07 0.08 - 0.02 0.11 0.02 0.14 0.12 0.14 + 0.02 0.14 0.03 0.29 0.00 0.29 + 0.03 0.36 0.05 0.08 0.07 0.07 + 0.00 0.09 0.04 1.45 1.30 1.33 + 0.02 2.25 0.38 1.90 1.72 1.77 + 0.02 2.82 0.52 0.15 0.00 0.14 - 0.01 0.38 0.11 0.01 0.00 0.00 - 0.00 0.02 0.00 0.09 0.07 0.08 + 0.01 0.24 0.01 0.00 0.00 0.00 - 0.00 0.00 0.00 0.03 0.03 0.03 - 0.01 0.06 0.01 0.08 0.06 0.07 + 0.01 0.14 0.01 0.03 0.02 0.03 + 0.01 0.05 0.01 0.03 0.03 0.03 - 0.00 0.05 0.02 0.04 0.04 0.04 - 0.01 0.10 0.01 0.22 0.10 0.12 + 0.01 0.22 0.01 0.03 0.03 0.03 - 0.01 0.07 0.01 0.10 0.08 0.09 - 0.01 0.24 0.02 0.04 0.02 0.04 + 0.01 0.04 0.00 0.05 0.03 0.05 + 0.01 0.05 0.01 9.37 8.38 8.69 - 0.05 10.35 2.48 0.06 0.00 0.05 - 0.01 0.07 0.03 0.16 0.15 0.16 + 0.01 0.19 0.09 0.03 0.03 0.03 - 0.01 0.05 0.01 3.82 3.30 3.50 + 0.15 4.87 0.53 0.29 0.27 0.27 - 0.01 0.35 0.05 0.08 0.07 0.07 - 0.02 0.10 0.01 0.14 0.12 0.12 - 0.04 0.15 0.03 0.05 0.00 0.05 - 0.01 0.07 0.01 6.39 5.53 6.00 + 0.49 7.26 1.45 0.03 0.02 0.03 - 0.01 0.06 0.00 0.11 0.09 0.11 - 0.00 0.13 0.05 0.14 0.13 0.14 + 0.01 0.17 0.07 0.10 0.10 0.10 - 0.01 0.17 0.07 0.17 0.17 0.17 + 0.00 0.19 0.05 0.23 0.23 0.23 + 0.01 0.25 0.05 0.09 0.00 0.07 - 0.01 0.25 0.07 3.88 3.37 3.74 + 0.49 4.16 0.59 0.05 0.04 0.04 - 0.01 0.06 0.02 0.29 0.28 0.28 - 0.01 0.40 0.13 0.73 0.00 0.67 - 0.04 0.98 0.01 3.94 3.63 3.71 - 0.06 6.02 1.56 5.12 4.79 4.89 - 0.06 7.85 2.26 0.38 0.29 0.38 + 0.03 0.50 0.29 0.26 0.24 0.24 - 0.02 0.39 0.24 0.30 0.28 0.28 - 0.02 0.30 0.01 0.40 0.36 0.37 - 0.03 0.40 0.02

I-Minerals V 63 I-Minerals* O 24 IAMGOLD* N 40602 IAMGOLD T 18118 Iberian Mnrls V 611 IC Potash* O 80 IC Potash T 4433 Icon Explor V 50 Iconic Mnls V 859 Iconic Mnls * O 79 IDM Mining* O 812 IDM Mining V 3608 IEMR Res V 4458 IGC Res V 535 iMetal Res V 61 IMPACT Silver V 905 Impala Platnm* O 78 Imperial Metal T 198 Imperial Metal* O 3 313 Inca One Gold V Inca One Gold* O 2 O 38 Independence G* V 927 Independence G Indico Res V 1770 Inspiration Mg 2 Inspiration Mg* O 2 Intact Gold V 3107 Integra Gold* O 1331 Integra Gold V 5342 Intigold Mines V 36 Intl Bethl Mng V 143 Intl Lithium* O 450 Intl Lithium V 540 Intl Tower Hil T 491 Intl Tower Hil* X 1195 Intrepid Pots* N 6794 INV Metals T 114 Inventus Mg * O 44 Inventus Mg V 252 InZinc Mining V 294 InZinc Mining* O 76 O 148 Ireland* Ironside Res V 23 Irving Res 42 Irving Res* O 17 Itoco Mg Corp* O 52 O 1105 Ivanhoe Mines* Ivanhoe Mines T 10389 Jaguar Mng* O 247 Jaguar Mng T 605 Jaxon Mnls V 238 Jayden Res V 338 Jayden Res* O 201 Jazz Res V 5 Jet Gold V 197 Jet Gold* O 25 Jet Metal* O 2 K92 Mng Inc V 7159 K92 Mng Inc* O 745 Kaizen Discvry* O 21 Kaizen Discvry V 1093 Kapuskasing Gd* O 337 Kapuskasing Gd V 285 Karnalyte Res T 128 KAT Expl* O 956 Katanga Mng T 535 Kennady Diam V 242 Kermode Res V 70 Kerr Mines* O 26 Kerr Mines T 718 Kesselrun Res V 210 Kilo Goldmines V 794 Kilo Goldmines* O 29 Kincora Copper V 58 Kings Bay Gold V 220 Kingsmen Res* O 10 Kingsrose Mng* O 4 Kinross Gold* N 71666 Kinross Gold T 23406 Kirkland Lk Gd* O 120 Kirkland Lk Gd T 1995 Kiska Metals* O 127 Kiska Metals V 923

0.32 0.30 0.30 - 0.02 0.37 0.16 0.24 0.23 0.23 - 0.01 0.28 0.14 4.65 4.05 4.12 + 0.13 5.87 1.15 6.04 5.37 5.45 + 0.12 7.65 1.66 0.08 0.07 0.08 - 0.01 0.11 0.04 0.11 0.09 0.09 + 0.03 0.11 0.03 0.15 0.10 0.12 + 0.02 0.15 0.04 0.02 0.02 0.02 - 0.01 0.03 0.01 0.32 0.28 0.30 - 0.03 0.45 0.03 0.24 0.21 0.22 - 0.03 0.33 0.02 0.16 0.14 0.15 - 0.00 0.21 0.04 0.21 0.19 0.21 + 0.01 0.26 0.07 0.05 0.01 0.03 + 0.02 0.06 0.01 0.01 0.01 0.01 - 0.01 0.02 0.01 0.06 0.05 0.05 - 0.01 0.10 0.03 0.86 0.78 0.82 + 0.04 1.28 0.11 5.07 4.48 4.86 + 0.50 5.23 1.45 6.69 6.00 6.23 - 0.23 8.50 3.92 4.95 4.62 4.62 - 0.29 6.45 2.81 0.28 0.25 0.27 + 0.03 1.05 0.21 0.20 0.00 0.20 + 0.01 0.21 0.18 0.24 0.19 0.19 - 0.04 0.37 0.04 0.33 0.26 0.26 - 0.04 0.50 0.06 0.04 0.03 0.03 - 0.01 0.10 0.03 0.08 0.00 0.08 + 0.01 0.10 0.02 0.03 0.03 0.03 + 0.01 0.10 0.01 0.12 0.08 0.10 + 0.01 0.18 0.02 0.63 0.58 0.60 + 0.02 0.76 0.20 0.82 0.76 0.79 + 0.03 0.96 0.27 0.06 0.00 0.06 - 0.01 0.19 0.05 0.05 0.04 0.04 + 0.01 0.08 0.02 0.16 0.14 0.14 - 0.02 0.55 0.02 0.21 0.18 0.18 - 0.02 0.38 0.05 1.25 1.00 1.05 - 0.07 1.82 0.26 0.96 0.75 0.80 - 0.04 1.40 0.18 1.26 1.05 1.06 - 0.18 7.14 0.65 0.81 0.00 0.72 - 0.03 1.10 0.09 0.17 0.15 0.17 - 0.01 0.28 0.17 0.24 0.19 0.22 - 0.03 0.35 0.02 0.21 0.18 0.21 + 0.01 0.25 0.04 0.17 0.15 0.15 - 0.02 0.17 0.03 0.19 0.15 0.18 - 0.01 0.38 0.13 0.08 0.00 0.08 - 0.01 0.24 0.05 0.38 0.29 0.33 + 0.05 0.39 0.11 0.26 0.00 0.26 + 0.05 0.28 0.09 0.10 0.00 0.10 + 0.09 1.10 0.00 1.64 1.41 1.64 + 0.22 1.69 0.36 2.17 1.86 2.17 + 0.31 2.17 0.53 0.57 0.51 0.52 + 0.02 0.65 0.09 0.75 0.66 0.68 - 0.01 0.85 0.14 0.09 0.07 0.09 + 0.01 0.09 0.03 0.22 0.18 0.20 - 0.01 0.23 0.03 0.17 0.00 0.17 + 0.05 0.17 0.01 0.12 0.12 0.12 + 0.02 0.19 0.08 0.09 0.08 0.09 + 0.01 0.11 0.04 0.07 0.00 0.07 + 0.00 0.07 0.02 0.02 0.00 0.02 - 0.04 0.12 0.00 1.57 1.18 1.45 + 0.31 2.24 0.87 1.22 0.90 1.11 + 0.25 1.72 0.75 0.17 0.16 0.16 - 0.00 0.19 0.06 0.22 0.18 0.20 - 0.05 0.31 0.08 0.08 0.00 0.08 + 0.02 0.08 0.02 0.10 0.08 0.09 + 0.01 0.10 0.02 1.15 1.01 1.05 - 0.05 4.15 0.52 0.00 0.00 0.00 + 0.00 0.00 0.00 0.15 0.13 0.15 - 0.01 0.23 0.13 4.30 3.99 4.11 + 0.11 5.00 2.35 0.02 0.02 0.02 + 0.01 0.04 0.01 0.09 0.07 0.07 - 0.01 0.12 0.01 0.11 0.10 0.10 - 0.01 0.16 0.02 0.22 0.18 0.19 - 0.01 0.43 0.02 0.16 0.13 0.14 - 0.01 0.25 0.04 0.11 0.10 0.11 - 0.02 0.19 0.05 0.34 0.28 0.28 - 0.05 0.55 0.15 0.10 0.00 0.09 + 0.01 0.15 0.05 0.10 0.10 0.10 - 0.02 0.12 0.02 0.46 0.44 0.44 - 0.02 1.09 0.39 4.61 4.08 4.30 + 0.21 5.82 1.31 5.99 5.37 5.65 + 0.28 7.56 1.91 9.38 8.54 8.76 - 0.11 9.70 3.12 12.20 11.25 11.50 - 0.44 12.39 4.51 0.08 0.07 0.07 + 0.01 0.09 0.01 0.10 0.08 0.09 + 0.01 0.12 0.01

I-J-K

12-14_OCT3_StockTables.indd 13

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Kitrinor Mtls V 375 Kivalliq Enrgy V 261 Klondex Mns T 3039 O 41 Klondike Gold* Klondike Silv* O 94 Klondike Silv V 608 Knick Expl V 380 Kombat Copper V 1867 V 128 Komet Resource Kootenay Silvr V 559 KWG Res 2274

0.03 0.01 0.02 - 0.01 0.03 0.01 0.09 0.08 0.09 - 0.01 0.10 0.06 7.84 7.02 7.30 + 0.04 7.84 2.56 0.20 0.18 0.18 - 0.01 0.32 0.07 0.07 0.06 0.06 - 0.00 0.12 0.01 0.09 0.07 0.09 + 0.02 0.15 0.01 0.09 0.08 0.08 + 0.01 0.11 0.01 0.07 0.05 0.05 - 0.02 0.10 0.02 0.47 0.45 0.45 - 0.02 0.50 0.29 0.50 0.45 0.49 + 0.03 0.60 0.17 0.03 0.02 0.03 + 0.01 0.04 0.01

Labdr Iron Mns* O 106 Labrador Iron T 666 Lago Dourado V 135 Lake Victoria* O 145 Lamelee Iron V 2 Lara Expl V 200 Largo Res T 214 Largo Res* O 390 Latin Am Mnls V 471 Latin Am Mnls* O 58 807 Laurion Mnl Ex V Laurion Mnl Ex* O 458 Legend Gold V 48 Levon Res Ltd * O 281 797 Levon Res Ltd T Lexam VG Gold* O 245 570 Lexam VG Gold T Li3 Energy* O 135 Liberty Star* O 22663 95 Lion One Mtls* O Lion One Mtls V 185 Lithium Amer T 2142 Lithium Amer* O 802 Lithium Corp* O 449 Lithium Expl* O 21065 LKA Gold* O 69 Logan Res V 232 Lomiko Mtls* O 477 Lone Star Gold* O 368 O 9 Lonmin plc* V 71 Lorraine Coppr Los Andes Copp V 354 Lowell Copper V 172 Lucara Diam T 2605 Luna Gold* O 148 Luna Gold T 743 Lundin Gold T 427 Lundin Mng T 8649 Lupaka Gold V 973 Lydian Intl T 6289 Lydian Intl* O 1270 Lynas Corp* O 243

0.01 0.00 0.00 - 0.00 0.02 0.00 14.11 12.89 13.60 + 0.46 17.00 6.85 0.19 0.13 0.16 - 0.03 0.59 0.05 0.01 0.01 0.01 + 0.00 0.03 0.01 0.20 0.00 0.20 - 0.06 0.50 0.10 1.45 1.30 1.31 - 0.01 1.58 0.21 0.53 0.38 0.47 + 0.02 0.72 0.11 0.39 0.29 0.36 + 0.02 0.56 0.08 0.35 0.32 0.35 - 0.01 0.48 0.05 0.26 0.22 0.25 + 0.01 0.36 0.06 0.04 0.03 0.04 + 0.01 0.04 0.01 0.04 0.02 0.02 + 0.00 0.04 0.00 0.05 0.00 0.05 + 0.01 0.07 0.02 0.41 0.37 0.39 + 0.02 0.54 0.07 0.53 0.49 0.50 + 0.01 0.71 0.09 0.29 0.25 0.28 + 0.00 0.29 0.04 0.37 0.33 0.37 + 0.04 0.37 0.05 0.02 0.02 0.02 - 0.00 0.04 0.01 0.00 0.00 0.00 - 0.00 0.01 0.00 0.82 0.69 0.82 + 0.13 0.91 0.20 1.08 0.90 1.04 + 0.12 1.17 0.28 0.96 0.90 0.90 - 0.01 1.15 0.26 0.73 0.68 0.68 - 0.09 0.87 0.34 0.11 0.09 0.09 + 0.00 0.13 0.02 0.01 0.00 0.01 - 0.00 0.45 0.00 0.41 0.25 0.41 + 0.02 0.53 0.10 0.19 0.18 0.19 - 0.01 0.26 0.04 0.03 0.02 0.03 + 0.00 0.04 0.02 0.01 0.00 0.00 + 0.00 0.01 0.00 2.76 2.45 2.72 + 0.22 90.00 0.55 0.09 0.08 0.08 - 0.01 0.12 0.04 0.22 0.17 0.22 + 0.02 0.25 0.05 0.35 0.33 0.35 + 0.02 0.40 0.12 4.03 3.92 3.98 + 0.01 4.39 1.43 0.24 0.20 0.24 + 0.03 0.26 0.02 0.32 0.27 0.32 + 0.05 0.33 0.03 5.95 5.48 5.75 + 0.16 6.62 3.75 5.47 5.00 5.28 + 0.33 5.79 2.98 0.25 0.18 0.25 + 0.08 0.25 0.04 0.50 0.47 0.47 - 0.02 0.52 0.19 0.39 0.36 0.36 - 0.03 0.41 0.13 0.05 0.04 0.05 + 0.00 0.10 0.03

L

M Macarthur Mnl V 1165 0.07 0.06 0.06 - 0.01 0.18 0.02 O 148 0.05 0.04 0.04 - 0.00 0.14 0.02 Macarthur Mnl* V 58 1.20 0.00 1.10 - 0.01 1.44 0.30 MacMillan Mnls Mag Copper 1136 0.01 0.00 0.01 + 0.01 0.03 0.01 21.04 + 0.64 23.32 8.67 MAG Silver T 1247 22.53 20.08 Magellan Gold* O 68 0.15 0.12 0.14 + 0.01 0.35 0.04 0.07 + 0.01 0.12 0.04 Majestic Gold V 218 0.07 0.06 Malbex Res V 193 0.33 0.30 0.32 + 0.01 0.46 0.20 0.07 + 0.01 0.12 0.02 Manitou Gold V 157 0.09 0.06 Marathon Gold T 2062 0.83 0.76 0.78 - 0.01 0.83 0.11 Margaux Res V 153 0.28 0.24 0.28 + 0.01 0.28 0.11 Mariana Res V 1203 1.00 0.93 1.00 + 0.05 1.20 0.85 0.76 + 0.05 0.89 0.02 Mariana Res* O 294 0.77 0.71 Maritime Res V 108 0.28 0.23 0.28 + 0.03 0.31 0.08 0.51 + 0.09 0.54 0.10 Marlin Gold* O 116 0.52 0.40 0.68 + 0.14 0.68 0.15 Marlin Gold V 193 0.68 0.53 MartinMarietta* N 3581 182.83 172.49 181.29 + 7.34 206.36 108.31 O 88 0.98 0.91 0.94 + 0.01 0.99 0.21 Mason Graphite* Mason Graphite V 943 1.28 1.18 1.26 + 0.03 1.28 0.30 V 3 0.30 0.30 0.30 - 0.01 0.49 0.20 Matachewan Con Matamec Expl V 441 0.07 0.06 0.06 - 0.01 0.11 0.02 O 87 0.06 0.05 0.06 - 0.00 0.07 0.01 Matamec Expl* Maudore Mnrls* O 8 0.00 0.00 0.00 - 0.00 0.01 0.00 0.31 + 0.09 0.29 0.12 Mawson Res* O 161 0.31 0.23 Mawson Res T 454 0.43 0.30 0.43 + 0.14 0.40 0.17 Maxwell Res* O 141 0.01 0.01 0.01 + 0.01 0.05 0.00 505 0.18 0.16 0.17 + 0.01 0.27 0.10 Maya Gold &Sil V 24464 4.25 3.53 3.77 + 0.12 4.92 0.79 McEwen Mng* N 4.96 + 0.17 6.44 1.05 McEwen Mng T 3002 5.53 4.67 MDN Inc* O 40 0.18 0.17 0.17 - 0.75 0.92 0.03 MDN Inc V 670 1.25 0.21 1.15 + 0.03 1.25 0.05 Meadow Bay Gd T 269 0.08 0.07 0.08 + 0.01 0.18 0.06 194 0.06 0.06 0.06 - 0.00 0.12 0.04 Meadow Bay Gd* O Mechel* N 2833 2.90 2.56 2.86 + 0.17 2.88 1.23 O 490 0.02 0.02 0.02 - 0.00 0.04 0.01 Medallion Res* Medgold Res V 312 0.21 0.19 0.19 - 0.01 0.25 0.05 O 4795 0.01 0.01 0.01 + 0.00 0.03 0.01 Medinah Mnrls* Mega Uranium T 1575 0.15 0.13 0.14 + 0.01 0.20 0.05 Mega Uranium* O 148 0.12 0.09 0.10 - 0.00 0.15 0.04 Merrex Gold* O 13 0.16 0.14 0.16 - 0.01 0.24 0.10 Meryllion Res 30 0.03 0.02 0.02 - 0.01 0.03 0.01 Meryllion Res* O 30 0.01 0.01 0.01 - 0.00 0.01 0.01 Mesa Expl* O 11 0.05 0.00 0.05 + 0.01 0.14 0.01 Metallic Mnrls* O 68 0.37 0.31 0.36 - 0.01 0.42 0.04 Metallic Mnrls V 149 0.49 0.39 0.47 + 0.03 0.54 0.05 0.70 - 0.10 1.50 0.30 Metalo Manuf 34 0.80 0.70 Metalore Res T 2 2.40 2.11 2.40 + 0.29 3.59 1.26 Metals Creek* O 41 0.07 0.06 0.06 - 0.00 0.14 0.06 Metals Creek V 4721 0.09 0.07 0.08 - 0.01 0.20 0.05 Metals X* O 16 1.14 0.00 1.11 + 0.10 1.43 0.68 0.08 - 0.00 0.09 0.00 Mexus Gold* O 3153 0.08 0.07 Mezzotin Mnrls V 354 0.04 0.02 0.03 + 0.01 0.04 0.01 MGX Minerals 1266 0.19 0.17 0.17 - 0.02 0.65 0.08 MGX Minerals* O 17 0.15 0.14 0.14 - 0.01 0.19 0.14 Micrex Dev V 574 0.02 0.01 0.01 - 0.01 0.03 0.01 Midas Gold T 2046 1.02 0.85 0.95 + 0.13 1.22 0.25 Midas Gold* O 1658 0.79 0.63 0.73 + 0.11 0.95 0.16 Midland Expl V 70 1.20 1.10 1.18 - 0.01 1.24 0.45 MillenMin Vent V 90 0.07 0.07 0.07 - 0.01 0.14 0.01 Millrock Res* O 157 0.40 0.36 0.36 - 0.01 0.54 0.11 Millrock Res V 469 0.52 0.48 0.48 - 0.03 0.70 0.15 Millstream Min V 438 0.06 0.04 0.04 - 0.01 0.16 0.02 Minaurum Gold V 334 0.12 0.10 0.10 - 0.02 0.14 0.04 Minco Gold* X 544 0.29 0.25 0.28 + 0.02 0.42 0.10 Minco Gold T 114 0.38 0.33 0.38 + 0.04 0.55 0.12 Minco Silver T 236 1.67 1.42 1.56 + 0.08 2.05 0.34 Minco Silver* O 63 1.28 1.07 1.16 + 0.04 1.54 0.26 Minera Alamos V 277 0.17 0.15 0.16 + 0.01 0.29 0.07 Mineral Hill V 22 0.35 0.23 0.23 - 0.08 0.40 0.11 Mineral Mtn V 251 0.48 0.42 0.45 - 0.01 0.49 0.08 Mineral Mtn* O 130 0.37 0.31 0.36 + 0.05 0.38 0.04 Minfocus Expl V 821 0.02 0.02 0.02 - 0.01 0.07 0.01 0.85 + 0.05 0.90 0.30 Minnova Corp V 12 0.85 0.72 Minsud Res V 230 0.10 0.07 0.08 + 0.01 0.10 0.06 Miranda Gold V 403 0.15 0.14 0.14 - 0.01 0.18 0.06 Mirasol Res V 218 3.00 2.56 2.57 + 0.04 3.50 0.72 Mkango Res V 47 0.09 0.09 0.09 - 0.02 0.11 0.03 Monarques Res* O 54 0.38 0.35 0.37 + 0.01 0.48 0.04 Monarques Res V 421 0.50 0.46 0.47 - 0.01 0.66 0.06 Moneta Porcpn T 3375 0.28 0.24 0.27 - 0.01 0.36 0.08 Moneta Porcpn* O 291 0.21 0.19 0.20 - 0.01 0.28 0.06 Montan Mg V 446 0.07 0.06 0.06 - 0.01 0.10 0.02 Montego Res 90 0.14 0.11 0.12 - 0.02 0.16 0.08 Morumbi Res V 549 0.12 0.06 0.09 + 0.02 0.07 0.02 Mosaic* N 22373 25.95 24.80 24.82 - 0.72 36.95 22.02 Mountain Boy* O 114 0.05 0.04 0.05 - 0.00 0.06 0.00 Mountain Prov T 331 7.18 6.65 7.15 + 0.45 7.18 3.38 Mountain Prov* D 275 5.52 5.06 5.41 + 0.30 5.52 2.47 Mukuba Res V 4 0.12 0.00 0.10 - 0.02 0.45 0.10 Mundoro Cap V 567 0.18 0.16 0.17 - 0.01 0.23 0.04 MX Gold* O 405 0.22 0.19 0.21 + 0.01 0.31 0.09 MX Gold V 3581 0.28 0.25 0.27 - 0.01 0.39 0.12

N-O NACCO Ind* N 72 Namibia Rare E T 65 Namibia Rare E* O 8 Napier Vent V 38 Natural Res Pt* N 495 Nautilus Mnrls* O 226 Nemaska Lith* O 199 Nevada Canyon* O 412 Nevada Clean M V 253

68.95 63.69 66.40 + 1.96 70.11 40.04 0.08 0.06 0.08 + 0.02 0.14 0.04 0.05 0.04 0.04 - 0.00 0.09 0.03 0.27 0.24 0.24 - 0.02 0.34 0.15 29.85 26.16 27.50 + 0.22 29.90 5.00 0.12 0.10 0.11 + 0.01 0.27 0.08 1.12 1.01 1.09 - 0.01 1.50 0.20 0.14 0.11 0.11 - 0.01 0.25 0.01 0.04 0.03 0.03 - 0.01 0.04 0.02

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Nevada Egy Mtl* O 816 Nevada Expl * O 298 Nevada Expl V 280 Nevada Sunrise* O 955 V 1988 Nevada Sunrise Nevada Zinc V 102 Nevado Res V 300 Nevsun Res* X 2256 Nevsun Res T 1988 New Carolin Gd V 755 New Gold T 10154 New Gold* X 21432 New Gold* O 53 New Guinea Gld* O 116 190 New Jersey Mng* O New Milln Iron T 362 New Nadina V 4 New Oroperu V 21 New World Res V 11 NewCastle Gold* O 39 T 7234 Newmarket Gold Newmarket Gold* O 584 Newmont Mng* N 35988 Newport Expl V 226 Newport Gold* O 6 Newstrike Res V 460 Nexgen Energy T 2381 Nexgen Energy* O 227 Next Gen Mtls 587 Nexus Gold* O 710 Nexus Gold V 2215 NGEx Res T 700 NGEx Res* O 5 220 Nickel One Res V Nicola Mg Inc* O 54 Nicola Mg Inc V 5273 Nighthawk Gold V 786 Nikos Expl V 117 Niocorp Dev* O 211 Niocorp Dev T 406 130 Noble Metal Gr V Noka Res V 309 Noranda Alum* O 131 Noront Res V 3822 Norsemont Cap 21 20 North Am Pall T North Am Pall* O 9 North Arrow Mn V 145 Northisle C&G V 617 Northn Empire V 170 Norvista Cap V 117 NovaCopper T 127 NovaCopper* X 228 NovaGold Res T 1779 NovaGold Res* X 7564 Novo Res* O 201 Novo Res V 197 NRG Metals V 1153 V 219 Nrthn Freegold Nrthn Freegold* O 32 Nrthn Graphite* O 91 Nrthn Graphite V 114 Nrthn Lion V 81 Nrthn Shield V 1356 Nrthn Superior V 12860 Nrthn Vertex V 163 Nthn Dynasty T 2253 Nthn Dynasty* X 3726 Nthrn Sphere 18 NuLegacy Gold V 3333 O 2309 NuLegacy Gold* Nunavik Nickel V 15 NV Gold V 53 NV Gold* O 41 O.T. Mining* O 30 OceanaGold* O 42 OceanaGold T 9980 Oceanus Res* O 22 Oceanus Res V 221 Odin Mng & Exp V 160 8 Odin Mng & Exp* O Olivut Res* O 5 Olivut Res V 14 Orbite Tech T 3954 Orbite Tech* O 232 Orca Gold V 247 Orca Gold* O 107 Orefinders Res V 1913 Oremex Silver V 277 Oremex Silver* O 88 Orex Expl V 2066 Orex Mnrls* O 142 Orex Mnrls V 547 Orezone Gold* O 557 Orezone Gold V 4832 Organic Potash 50 6 Oriental Non F Orla Mng Ltd V 189 Oro East Mg* O 158 Oroco Res V 682 Orocobre T 469 Oroplata Res* O 7057 Orosur Mng T 114 Orsu Metals T 3123 Orsu Metals* O 880 Orvana Mnrls T 237 Orvana Mnrls* O 27 Osisko Gold T 1845 Osisko Gold* N 365 Osisko Mng Inc T 4160 Otis Gold* O 281 Otis Gold V 896 OZ Minerals* O 3

0.11 0.09 0.10 + 0.00 0.20 0.06 0.47 0.40 0.40 - 0.02 0.61 0.12 0.61 0.53 0.53 - 0.02 0.94 0.17 0.34 0.24 0.29 + 0.06 0.37 0.11 0.45 0.31 0.39 + 0.09 0.47 0.15 0.55 0.49 0.52 + 0.01 0.80 0.19 0.09 0.08 0.08 - 0.01 0.11 0.01 3.29 3.12 3.19 + 0.06 3.80 2.27 4.27 4.14 4.20 + 0.06 4.81 3.27 0.08 0.07 0.08 + 0.01 0.15 0.04 6.47 5.91 6.03 + 0.19 7.87 2.56 4.99 4.47 4.57 + 0.13 6.04 1.76 0.13 0.10 0.11 - 0.01 0.23 0.03 0.00 0.00 0.00 - 0.00 0.00 0.00 0.14 0.11 0.13 - 0.01 0.15 0.02 0.10 0.08 0.09 + 0.01 0.18 0.05 0.13 0.00 0.13 - 0.01 0.18 0.05 0.65 0.00 0.65 + 0.01 0.72 0.09 0.16 0.00 0.16 + 0.02 0.16 0.01 0.95 0.87 0.90 - 0.04 0.96 0.16 5.07 4.05 4.83 + 0.58 5.07 1.27 3.91 3.11 3.67 + 0.45 3.91 0.91 41.97 37.78 39.56 + 1.30 46.07 15.56 0.26 0.22 0.26 + 0.02 0.38 0.19 0.02 0.02 0.02 + 0.01 0.03 0.00 0.19 0.12 0.16 + 0.04 0.15 0.02 2.10 1.91 2.00 + 0.09 2.86 0.56 1.60 1.47 1.52 + 0.06 2.25 0.41 0.13 0.11 0.12 + 0.01 0.18 0.09 0.08 0.07 0.07 - 0.00 0.08 0.06 0.12 0.08 0.11 + 0.03 0.14 0.04 1.29 1.19 1.26 + 0.12 1.50 0.44 0.95 0.00 0.94 + 0.09 1.14 0.37 0.09 0.08 0.09 + 0.01 0.18 0.07 0.20 0.17 0.17 - 0.02 0.39 0.03 0.26 0.20 0.22 - 0.04 0.54 0.05 0.59 0.53 0.57 + 0.03 0.61 0.04 0.09 0.07 0.09 + 0.02 0.19 0.02 0.69 0.62 0.64 - 0.02 0.87 0.37 0.90 0.81 0.83 - 0.04 1.14 0.51 0.02 0.01 0.01 - 0.01 0.02 0.01 0.12 0.09 0.10 - 0.02 0.21 0.04 0.03 0.03 0.03 - 0.01 2.67 0.02 0.30 0.27 0.28 - 0.02 0.51 0.27 0.26 0.25 0.25 - 0.01 0.31 0.13 5.46 5.15 5.30 - 0.17 6.49 3.85 4.25 3.90 4.02 - 0.14 5.06 2.71 0.18 0.15 0.18 + 0.01 0.34 0.12 0.09 0.07 0.07 - 0.02 0.14 0.02 0.17 0.15 0.17 - 0.02 0.27 0.06 0.22 0.20 0.21 - 0.02 0.30 0.08 0.76 0.73 0.76 + 0.03 1.08 0.20 0.60 0.52 0.57 + 0.03 0.86 0.15 7.68 6.92 7.26 + 0.33 9.56 4.05 5.90 5.24 5.51 + 0.20 7.29 3.05 1.41 1.17 1.41 + 0.09 1.41 0.35 1.95 1.54 1.76 - 0.03 1.95 0.48 0.11 0.10 0.11 + 0.01 0.18 0.02 0.23 0.20 0.22 + 0.01 0.29 0.04 0.17 0.16 0.17 - 0.01 0.23 0.02 0.23 0.20 0.21 + 0.01 0.47 0.12 0.31 0.27 0.28 + 0.01 0.63 0.16 0.12 0.11 0.11 - 0.11 0.32 0.07 0.22 0.19 0.20 - 0.02 0.30 0.01 0.05 0.03 0.03 - 0.02 0.06 0.01 0.43 0.35 0.42 + 0.04 0.52 0.13 1.17 0.94 1.05 + 0.06 1.48 0.28 0.90 0.73 0.79 + 0.05 1.16 0.20 0.35 0.27 0.35 + 0.02 0.63 0.10 0.54 0.44 0.50 + 0.07 0.54 0.08 0.41 0.33 0.38 + 0.04 0.41 0.06 0.15 0.00 0.12 - 0.02 0.27 0.03 0.48 0.37 0.37 - 0.02 0.48 0.03 0.37 0.27 0.27 - 0.01 0.37 0.08 0.04 0.03 0.04 + 0.01 0.09 0.02 3.62 3.22 3.58 + 0.35 4.26 1.43 4.84 4.28 4.67 + 0.42 5.56 1.79 0.21 0.00 0.21 + 0.01 0.26 0.16 0.28 0.25 0.28 - 0.01 0.35 0.15 0.92 0.85 0.90 + 0.01 0.97 0.25 0.68 0.00 0.68 - 0.02 0.76 0.21 0.20 0.16 0.19 - 0.01 0.30 0.06 0.26 0.22 0.25 - 0.02 0.42 0.08 0.49 0.45 0.49 + 0.04 0.53 0.20 0.37 0.35 0.37 + 0.02 0.40 0.15 0.38 0.35 0.36 + 0.03 0.45 0.12 0.31 0.26 0.31 + 0.04 0.36 0.08 0.09 0.08 0.08 - 0.01 0.12 0.01 0.04 0.03 0.03 - 0.01 0.10 0.01 0.04 0.02 0.02 - 0.01 0.10 0.00 0.05 0.04 0.04 - 0.01 0.05 0.01 0.83 0.77 0.78 - 0.03 1.02 0.05 1.10 1.02 1.03 - 0.02 1.38 0.11 0.59 0.47 0.58 + 0.10 0.99 0.16 0.77 0.62 0.76 + 0.13 1.28 0.22 0.02 0.02 0.02 + 0.01 0.09 0.01 0.86 0.83 0.83 - 0.02 0.86 0.27 1.58 1.32 1.52 + 0.20 1.67 0.08 0.02 0.01 0.01 + 0.00 0.06 0.00 0.06 0.05 0.06 + 0.01 0.06 0.01 4.08 3.62 3.67 - 0.40 4.92 1.33 0.35 0.16 0.29 - 0.05 2.04 0.16 0.31 0.27 0.30 + 0.04 0.38 0.10 0.05 0.04 0.04 - 0.01 0.05 0.01 0.04 0.03 0.04 + 0.00 0.04 0.01 0.32 0.29 0.30 + 0.02 0.39 0.11 0.23 0.22 0.22 - 0.00 0.29 0.07 15.65 14.59 14.97 + 0.37 18.64 12.58 12.01 11.09 11.33 + 0.37 14.74 8.88 3.42 2.87 3.17 + 0.27 3.42 0.96 0.31 0.21 0.27 + 0.06 0.32 0.05 0.40 0.27 0.36 + 0.08 0.42 0.07 4.80 4.42 4.72 + 0.26 5.33 2.29

Pac Bay Mnrls* O 5 Pac Bay Mnrls V 45 Pac Booker Min* O 25 Pac Booker Min V 7 Pac North West* O 212 218 Pac Ridge Expl V O 89 Palamina Corp* Pan Am Silver* D 12799 Pan Am Silver T 2345 Pancontinental* O 484 Pancontinental V 908 Pangolin Dia V 1941 Panoro Mnrls V 227 Pantheon Vent V 1050 Para Resources V 446 Parallel Mng V 10 Paramount Gold* X 448 Pasinex Res 250 Passprt Potash* O 1014 Patriot Gold* O 91 Peabody Enrgy* O 766 Pedro Res V 74 Pelangio Expl* O 36 Pele Mtn Res V 1339 Peregrine Diam T 1334 Perseus Mng T 856 Pershimco Res V 22476 Pershing Gold* D 715 Pershing Res* O 11 Peruvian Prc M* O 199 Philex Mng* O 13 Philippine Mtl V 48 Pilot Gold* O 278 Pilot Gold T 974 Pine Cliff En* O 22 Pinecrest Res V 221 Pistol Bay Mng V 224 Pitchblack Res V 328 PJSC Polyus Gd* O 11 PJX Res V 255 Planet Mng V 116 Plata Latina V 106 Plateau Uran* O 135 Plateau Uran V 161 Platinum Gp Mt T 173 Platinum Gp Mt* X 1031 Playfair Mng V 104

0.03 0.03 0.03 - 0.01 0.07 0.03 0.05 0.04 0.05 + 0.01 0.10 0.03 0.95 0.85 0.90 - 0.13 1.93 0.45 1.26 1.15 1.19 + 0.19 2.50 0.63 0.04 0.03 0.03 + 0.01 0.06 0.00 0.10 0.09 0.10 + 0.01 0.11 0.02 0.16 0.15 0.16 - 0.00 0.19 0.08 18.89 16.91 17.79 + 0.87 21.59 5.38 24.57 22.36 23.42 + 1.13 27.56 7.85 0.10 0.08 0.10 + 0.01 0.09 0.00 0.13 0.10 0.10 - 0.01 0.13 0.01 0.06 0.05 0.05 - 0.01 0.22 0.03 0.18 0.16 0.18 + 0.01 0.21 0.09 0.23 0.18 0.22 + 0.04 0.27 0.10 0.25 0.22 0.24 - 0.01 0.36 0.08 0.17 0.00 0.17 + 0.02 0.18 0.05 2.30 1.99 2.12 + 0.17 2.93 0.93 0.17 0.14 0.16 + 0.02 0.17 0.03 0.00 0.00 0.00 - 0.00 0.02 0.00 0.13 0.12 0.12 - 0.00 0.23 0.03 1.70 1.43 1.58 - 0.02 28.00 0.55 0.22 0.18 0.18 - 0.04 0.27 0.01 0.04 0.03 0.04 + 0.01 0.06 0.01 0.04 0.03 0.03 + 0.01 0.06 0.03 0.24 0.22 0.23 - 0.02 0.32 0.09 0.56 0.49 0.52 + 0.02 0.67 0.27 0.32 0.25 0.29 + 0.03 0.36 0.09 4.80 4.39 4.42 - 0.07 5.02 3.04 0.04 0.04 0.04 + 0.00 0.06 0.02 0.10 0.09 0.10 - 0.00 0.13 0.02 0.17 0.00 0.17 + 0.01 0.21 0.05 0.06 0.06 0.06 + 0.01 0.18 0.01 0.61 0.54 0.57 + 0.03 0.72 0.06 0.79 0.72 0.77 + 0.07 0.95 0.22 0.83 0.79 0.79 - 0.03 0.95 0.51 0.21 0.19 0.21 + 0.02 0.30 0.03 0.09 0.08 0.09 + 0.01 0.14 0.01 0.16 0.00 0.15 + 0.04 0.16 0.05 35.35 0.00 35.27 + 0.22 37.59 18.35 0.15 0.14 0.15 + 0.01 0.21 0.13 0.06 0.05 0.06 + 0.01 0.08 0.02 0.06 0.05 0.05 - 0.01 0.12 0.02 0.22 0.21 0.22 + 0.03 0.35 0.18 0.31 0.26 0.27 - 0.01 0.45 0.24 3.86 3.67 3.78 + 0.09 5.25 1.35 2.97 2.77 2.88 + 0.14 4.04 0.96 0.10 0.09 0.09 - 0.01 0.13 0.02

P-Q

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Playfair Mng* O 2 Polaris Mater T 95 PolyMet Mng T 147 PolyMet Mng* X 708 Portage Res* O 1433 Portofino Res V 85 Potash Corp SK* N 43226 Potash Corp SK T 9881 Potash Ridge T 5798 Potash Ridge* O 519 Precipitate Gl V 564 Premier Gold M T 2806 Premium Expl* O 33 Pretium Res* N 8110 Pretium Res T 2103 Primero Mng T 5245 Primero Mng* N 6428 Prism Res V 87 Prize Mng V 12 Probe Metals* O 61 Probe Metals V 321 Prophecy Coal T 78 Prophecy Coal* O 8 Prosper Gold V 534 Prospero Silvr V 825 PUF Vent Inc * O 30 PUF Vent Inc 9184 Pure Energy* O 544 Pure Energy V 938 Pure Gold Mg* O 230 Pure Gold Mg V 1631 Pure Nickel* O 10 Purepoint Uran V 1161 Q-Gold Res V 45 QMC Quantum Ml V 110 QMX Gold V 259 Quartz Mtn Res* O 0 Quaterra Res V 588 Quaterra Res* O 1394 Quest Rare Mnl* O 40 359 Quest Rare Mnl T Quinto Real V 25

0.08 0.07 0.07 - 0.00 0.08 0.01 1.25 1.18 1.21 + 0.01 2.00 1.00 1.16 1.03 1.08 - 0.07 1.71 0.76 0.89 0.81 0.82 - 0.06 1.28 0.55 0.00 0.00 0.00 + 0.00 0.01 0.00 0.12 0.10 0.12 + 0.02 0.12 0.06 16.48 15.83 15.95 - 0.04 22.37 14.64 21.44 20.89 21.00 - 0.11 29.29 19.93 0.33 0.25 0.31 + 0.07 0.50 0.03 0.26 0.20 0.23 + 0.05 0.38 0.03 0.28 0.23 0.24 - 0.03 0.37 0.06 4.55 4.11 4.28 - 0.07 5.05 2.12 0.02 0.01 0.01 - 0.01 0.04 0.00 11.59 9.97 10.91 + 0.81 12.41 4.00 15.06 13.20 14.37 + 0.97 16.17 5.74 2.33 2.02 2.16 + 0.16 3.94 1.94 1.80 1.52 1.64 + 0.13 3.16 1.41 0.20 0.18 0.19 - 0.02 0.23 0.06 0.22 0.00 0.22 + 0.01 0.35 0.01 1.52 1.32 1.35 - 0.16 1.66 0.24 1.98 1.74 1.76 - 0.21 2.18 0.34 4.34 3.07 3.78 - 0.57 5.48 1.00 2.95 2.69 2.69 - 0.11 4.05 1.25 0.44 0.38 0.44 + 0.09 0.44 0.06 0.31 0.29 0.30 + 0.01 0.31 0.05 0.19 0.11 0.19 + 0.09 0.19 0.03 0.30 0.15 0.23 + 0.07 0.30 0.04 0.62 0.58 0.59 + 0.00 0.91 0.29 0.81 0.76 0.78 - 0.02 1.15 0.41 0.57 0.51 0.56 + 0.04 0.60 0.05 0.75 0.67 0.74 + 0.04 0.77 0.07 0.01 0.01 0.01 + 0.00 0.03 0.00 0.11 0.11 0.11 - 0.01 0.15 0.02 0.06 0.05 0.06 + 0.01 0.14 0.01 0.06 0.05 0.06 + 0.01 0.08 0.01 0.06 0.05 0.06 + 0.01 0.11 0.01 0.04 0.00 0.04 + 0.00 0.04 0.00 0.09 0.07 0.08 + 0.02 0.10 0.05 0.07 0.05 0.06 + 0.01 0.08 0.04 0.13 0.11 0.11 - 0.00 0.20 0.03 0.17 0.14 0.14 - 0.01 0.25 0.06 0.09 0.09 0.09 - 0.01 0.20 0.02

R Rackla Mtls* O 4 0.10 0.10 0.10 + 0.00 0.12 0.03 Radisson Mng V 167 0.17 0.15 0.16 + 0.01 0.18 0.09 Rainforest Res* O 2 5.25 0.00 5.25 - 0.05 7.00 0.30 Rainmaker Res V 132 0.14 0.11 0.11 - 0.01 0.25 0.07 Rainy Mtn Royl V 224 0.08 0.06 0.08 + 0.02 0.08 0.03 Rambler Ml &Mg V 65 0.11 0.09 0.10 + 0.01 0.15 0.05 Randgold Res* O 1 104.10 95.15 104.10 + 8.95 120.75 59.09 Randgold Res* D 3804 106.01 97.23 101.09 + 4.61 126.55 57.37 V 295 0.01 0.01 0.01 - 0.01 0.02 0.01 Randsburg Intl Rapier Gold V 266 0.15 0.14 0.15 + 0.01 0.17 0.03 Rare Element* O 236 0.08 0.07 0.07 - 0.00 0.35 0.06 Rathdowney Res V 292 0.19 0.16 0.16 - 0.03 0.26 0.11 RB Energy* O 26 0.00 0.00 0.00 + 0.00 0.01 0.00 Red Eagle Mng V 2458 0.90 0.79 0.87 + 0.08 0.90 0.25 Red Eagle Mng* O 161 0.68 0.61 0.67 + 0.08 0.91 0.18 Red Hut V 63 0.10 0.09 0.09 - 0.01 0.29 0.01 Redhawk Res T 297 0.07 0.06 0.06 - 0.01 0.10 0.04 Redhill Res* O 18 1.53 1.37 1.53 + 0.23 1.45 0.51 Redhill Res V 1346 2.02 1.79 2.00 + 0.22 1.96 0.06 Redstar Gold V 1753 0.16 0.15 0.15 + 0.01 0.17 0.03 0.20 - 0.05 0.32 0.06 Redzone Res V 60 0.25 0.20 Regency Gold V 5 0.25 0.00 0.25 + 0.01 0.60 0.05 Regulus Res V 85 1.50 1.40 1.46 + 0.10 1.87 0.19 Reliant Gold V 223 0.03 0.02 0.03 + 0.01 0.04 0.01 Renaissance Gd* O 104 0.46 0.40 0.43 - 0.00 0.52 0.08 Renaissance Gd V 101 0.60 0.55 0.60 + 0.03 0.66 0.11 Renforth Res 638 0.05 0.04 0.04 + 0.01 0.05 0.01 Resource Cap V 94 0.23 0.18 0.20 - 0.01 0.35 0.02 Reunion Gold V 1445 0.06 0.04 0.04 + 0.01 0.06 0.01 Revolver Res V 716 0.31 0.20 0.29 + 0.09 0.27 0.07 Richmond Mnls V 97 0.07 0.06 0.07 + 0.01 0.14 0.03 Richmont Mines* X 4437 11.66 9.53 10.47 + 0.38 11.66 2.62 Richmont Mines T 2323 15.01 12.57 13.82 + 1.53 15.01 3.50 43 0.14 0.13 0.13 - 0.03 0.23 0.06 Rio Novo Gold* O Rio Novo Gold T 90 0.20 0.17 0.19 + 0.01 0.30 0.07 Rio Tinto* N 16601 33.15 30.69 32.41 + 2.51 40.05 21.89 Rio Tinto* O 5 32.60 29.75 32.25 + 2.50 38.70 21.90 Rise Res Inc 68 0.18 0.15 0.18 + 0.02 0.25 0.11 Riverside Res V 433 0.43 0.36 0.43 + 0.06 0.49 0.12 Riverside Res* O 125 0.33 0.27 0.33 + 0.05 0.38 0.08 Robex Res V 598 0.11 0.10 0.11 + 0.01 0.17 0.05 Rock Tech Lith V 731 1.45 1.05 1.21 - 0.12 1.45 0.03 Rockcliff Cop V 696 0.13 0.11 0.12 + 0.01 0.13 0.02 Rockhaven Res V 354 0.27 0.22 0.23 - 0.01 0.29 0.10 Rockland Mnls V 298 0.06 0.05 0.05 - 0.01 0.11 0.01 V 5 0.40 0.33 0.40 + 0.05 0.57 0.05 Rockridge Cap Rockshield Cap 75 0.06 0.05 0.06 + 0.01 0.11 0.04 Rockwell Diam* O 64 0.07 0.06 0.07 - 0.00 0.16 0.05 Rockwell Diam T 187 0.09 0.08 0.09 - 0.01 0.20 0.07 Rodinia Lithm V 1058 0.16 0.10 0.11 - 0.03 0.35 0.10 O 80 0.00 0.00 0.00 - 0.01 0.30 0.00 Rodinia Lithm* 0.44 - 0.09 1.50 0.40 Rogue Res V 140 0.50 0.40 Rogue Res* O 5 0.43 0.00 0.35 - 0.09 0.43 0.35 Rojo Res V 26 0.12 0.11 0.11 - 0.01 0.15 0.04 Rokmaster Res V 100 0.03 0.02 0.02 - 0.01 0.05 0.01 691 0.08 0.05 0.07 + 0.01 0.10 0.02 Romios Gold Rs V 72 0.06 0.03 0.06 + 0.02 0.08 0.01 Romios Gold Rs* O RosCan Mrnls V 97 0.03 0.02 0.02 - 0.02 0.04 0.01 Rosita Mg Corp* O 60 0.07 0.06 0.06 - 0.01 0.10 0.01 Ross River V 112 0.01 0.01 0.01 - 0.01 0.03 0.01 Roughrider Exp V 55 0.09 0.08 0.08 - 0.01 0.15 0.05 Roxgold* O 113 1.33 1.19 1.26 + 0.07 1.35 0.42 Roxgold V 4143 1.75 1.56 1.68 + 0.10 1.76 0.56 Royal Gold* D 3903 86.93 76.26 81.42 + 5.86 87.74 24.68 Royal Nickel* O 23 0.31 0.28 0.30 - 0.00 0.50 0.10 Royal Nickel T 3598 0.42 0.38 0.40 + 0.01 0.63 0.12 Royal Rd Mnrls V 192 0.14 0.12 0.13 + 0.02 0.18 0.04 RT Minerals V 1624 0.07 0.06 0.06 - 0.02 0.30 0.05 O 1637 0.04 0.03 0.04 - 0.00 0.81 0.01 Rubicon Mnrls* Rugby Mng V 97 0.40 0.33 0.40 + 0.04 0.58 0.03 Running Fox Rs* O 75 0.02 0.01 0.01 - 0.00 0.03 0.00 Rusoro Mng* O 204 0.18 0.17 0.18 - 0.01 0.31 0.02 Rusoro Mng V 1298 0.25 0.23 0.24 + 0.01 0.41 0.03 Rye Patch Gold* O 1033 0.25 0.22 0.24 + 0.00 0.37 0.08

S Sabina Gd&Slvr* O 655 T 2129 Sabina Gd&Slvr Sage Gold* O 114 Saint Jean V 16848 Saint Jean* O 609 Salazar Res V 233 Sama Res V 230 Samco Gold V 120 723 San Marco Res V San Marco Res* O 90 Sanatana Diam V 1592 Sandspring Res* O 479 Sandspring Res V 790 Sandstorm Gold T 3524 Sandstorm Gold* X 15267 Santa Fe Gold* O 1042 Santacruz Silv V 1119 Sarama Res V 618 Sarissa Res* O 1494 Satori Res V 127 Satori Res* O 47 Saturn Mnrls V 2180 Savant Expl V 2659 Savary Gold* O 110 Savary Gold V 945 Scandium Int M* O 85 Scientific Mts V 994 Scorpio Gold V 379 ScoZinc Mg V 5 Seabridge Gld* N 4115 Seabridge Gld T 378 Searchlight* O 199 Secova Mtls V 890 Sego Res V 274 Select Sands V 615 Semafo T 7873 Senator Mnrls V 86 Sennen Potash V 47 Serengeti Res V 7413 Sherritt Intl T 1314 Shore Gold T 3039

1.08 0.96 1.03 + 0.06 1.55 0.27 1.40 1.27 1.34 + 0.03 1.87 0.37 0.08 0.08 0.08 + 0.01 0.12 0.03 0.04 0.03 0.03 - 0.01 0.07 0.03 0.03 0.03 0.03 + 0.00 0.05 0.02 0.11 0.10 0.10 - 0.01 0.16 0.03 0.13 0.09 0.11 - 0.02 0.20 0.07 0.04 0.00 0.04 - 0.01 0.13 0.02 0.22 0.17 0.20 + 0.03 0.30 0.02 0.16 0.15 0.15 + 0.00 0.22 0.01 0.03 0.02 0.03 + 0.01 0.04 0.01 0.54 0.46 0.51 + 0.03 0.72 0.08 0.71 0.61 0.68 + 0.05 0.94 0.11 7.46 6.62 6.67 - 0.48 8.73 2.82 5.74 5.02 5.06 - 0.32 6.75 1.94 0.07 0.05 0.06 - 0.00 0.07 0.00 0.53 0.46 0.50 + 0.04 0.63 0.09 0.39 0.31 0.31 - 0.03 0.55 0.05 0.01 0.01 0.01 + 0.00 0.02 0.00 0.13 0.07 0.11 - 0.03 0.18 0.03 0.12 0.07 0.07 - 0.05 0.13 0.02 0.11 0.09 0.10 - 0.01 0.22 0.08 0.03 0.00 0.02 + 0.01 0.03 0.01 0.09 0.07 0.09 + 0.00 0.12 0.06 0.13 0.10 0.12 + 0.01 0.15 0.02 0.12 0.11 0.12 - 0.00 0.17 0.08 0.08 0.07 0.07 - 0.01 0.10 0.07 0.09 0.08 0.08 - 0.01 0.11 0.05 0.90 0.00 0.90 - 0.01 1.25 0.40 12.08 10.68 11.17 + 0.09 15.88 5.31 15.72 14.15 14.75 + 0.18 20.71 7.13 0.08 0.05 0.07 + 0.01 0.29 0.01 0.06 0.05 0.05 + 0.01 0.10 0.03 0.04 0.03 0.03 - 0.01 0.05 0.01 0.50 0.44 0.49 + 0.05 0.52 0.20 6.06 5.41 5.70 + 0.23 7.46 2.69 0.60 0.45 0.57 + 0.12 0.66 0.05 0.14 0.11 0.14 + 0.03 0.18 0.09 0.33 0.17 0.18 - 0.09 0.33 0.02 0.86 0.81 0.85 + 0.03 1.15 0.53 0.21 0.19 0.20 + 0.01 0.25 0.13

2016-09-27 6:04 PM

14

WWW.NORTHERNMINER.COM

OCTOBER 3–9, 2016 / THE NORTHERN MINER

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

Week

12-month

Exc Volume High Low Last Change High Low

Shoshoni Gold V 37 Sibanye Gold* N 4774 Sienna Res* O 52 Sienna Res V 1611 Sierra Iron Or V 77 50 Sierra Iron Or* O Sierra Metals* O 6 Signal Expl V 170 Signature Res V 185 Silver Bear Rs T 2969 Silver Bull Re* O 1612 Silver Bull Re T 965 Silver Dragon* O 1086 Silver Grail V 311 Silver Range V 98 Silver Scott* O 89 Silver Shield 99 Silver Spruce V 422 Silver Spruce* O 121 Silver Std Res* D 9759 Silver Std Res T 2497 Silver Wheaton T 7257 Silver Wheaton* N 25320 Silvercorp Met T 3452 Silvercorp Met* O 804 SinoCoking Cl* D 179 Sirios Res V 1178 Sirios Res* O 54 Skeena Res* O 213 Skeena Res V 6280 Sky Ridge V 4967 Skyharbour Res* O 32 Skyharbour Res V 100 Slam Explor V 475 Solitario Ex&R T 91 Solitario Ex&R* X 239 709 Sonora Gld & S V Source Expl V 135 Source Expl * O 60 Southern Arc V 251 Southern Arc* O 20 Southern Copp* N 3976 Southern Silvr* O 836 Southern Silvr V 1748 T 2 SouthGobi Res Spanish Mtn Gd V 971 190 Spanish Mtn Gd* O Sparton Res* O 22 Sphinx Res V 1001 St Augustine T 967 Stakeholdr Gld* O 153 V 374 Stakeholdr Gld Standard Graph V 756 Standard Metal* O 59 Stans Energy V 780 Stans Energy* O 70 Starcore Intl T 105 Stellar Africa V 285 Stelmine Can V 22 Sterling Grp* O 278 Stillwater Mg* N 7204 Stina Res* O 430 Stonegate Agri* O 140 Stornoway Diam T 3098 Strategic Metl V 303 Strategic Res V 7 Stratton Res V 108 Stria Lithium V 396 Strikepoint Gd V 308 O 20 Strikepoint Gd* Strongbow Expl V 108 Sultan Mnrls V 125 Suncor Energy T 11508

0.12 0.09 0.12 + 0.04 0.25 0.05 14.98 13.45 14.19 + 0.45 20.97 4.45 0.16 0.14 0.14 - 0.02 0.20 0.01 0.22 0.18 0.19 - 0.02 0.27 0.01 0.40 0.33 0.34 - 0.01 0.45 0.22 0.30 0.30 0.30 + 0.04 0.32 0.15 1.60 0.00 1.53 - 0.08 1.69 0.69 0.30 0.22 0.30 + 0.10 0.30 0.01 0.09 0.08 0.08 - 0.01 0.12 0.01 0.36 0.25 0.29 + 0.04 0.53 0.02 0.16 0.13 0.15 + 0.01 0.21 0.02 0.20 0.18 0.20 + 0.01 0.28 0.04 0.03 0.03 0.03 + 0.01 0.05 0.00 0.10 0.07 0.08 - 0.02 0.16 0.02 0.18 0.00 0.15 + 0.01 0.24 0.02 0.03 0.02 0.02 - 0.01 0.04 0.00 0.10 0.07 0.07 - 0.03 0.17 0.02 0.14 0.11 0.13 + 0.02 0.14 0.05 0.10 0.09 0.10 + 0.01 0.10 0.03 13.73 12.17 12.69 + 0.72 15.84 3.66 17.86 16.05 16.71 + 0.76 20.48 5.28 38.40 35.09 36.62 + 1.46 40.80 14.51 29.53 26.51 27.82 + 1.22 31.35 10.04 4.73 4.27 4.49 + 0.23 4.73 0.60 3.63 3.22 3.40 + 0.07 3.67 0.41 0.34 0.29 0.31 - 0.03 0.76 0.26 1.02 0.90 0.93 + 0.02 1.42 0.07 0.76 0.00 0.71 + 0.09 1.13 0.07 0.13 0.11 0.11 - 0.01 0.15 0.04 0.18 0.14 0.16 - 0.01 0.20 0.06 0.88 0.60 0.76 - 0.09 0.88 0.17 0.24 0.21 0.24 + 0.01 0.32 0.21 0.32 0.27 0.32 + 0.05 0.42 0.08 0.09 0.07 0.07 - 0.01 0.15 0.01 0.95 0.90 0.90 - 0.05 1.29 0.57 0.75 0.68 0.72 - 0.03 0.95 0.40 0.06 0.05 0.05 - 0.01 0.08 0.01 0.25 0.00 0.25 + 0.05 0.50 0.10 0.21 0.17 0.21 + 0.04 0.21 0.17 1.09 0.86 0.92 + 0.10 1.09 0.24 0.75 0.68 0.71 + 0.09 0.75 0.17 26.80 25.34 25.96 + 0.63 31.31 21.55 0.33 0.29 0.31 - 0.01 0.52 0.02 0.44 0.38 0.39 - 0.02 0.66 0.03 0.25 0.00 0.25 + 0.02 0.47 0.21 0.17 0.14 0.16 + 0.02 0.22 0.02 0.13 0.10 0.13 + 0.03 0.17 0.01 0.05 0.04 0.04 - 0.01 0.07 0.01 0.08 0.06 0.07 + 0.01 0.14 0.01 0.10 0.09 0.09 + 0.01 0.14 0.07 0.58 0.35 0.45 + 0.10 0.58 0.05 0.75 0.45 0.64 + 0.19 0.75 0.04 0.07 0.06 0.07 + 0.01 0.13 0.01 0.12 0.11 0.12 + 0.01 0.53 0.01 0.05 0.04 0.05 + 0.01 0.09 0.01 0.04 0.03 0.03 + 0.01 0.06 0.01 0.77 0.72 0.72 - 0.04 0.91 0.25 0.04 0.04 0.04 - 0.01 0.08 0.01 0.36 0.00 0.34 - 0.03 0.38 0.05 0.04 0.02 0.04 + 0.02 0.04 0.01 13.69 12.23 13.13 + 0.94 15.91 4.99 0.09 0.08 0.08 + 0.00 0.16 0.06 0.02 0.02 0.02 - 0.00 0.03 0.00 1.15 1.05 1.15 + 0.06 1.20 0.65 0.75 0.66 0.72 + 0.02 0.86 0.24 0.20 0.00 0.20 + 0.05 0.34 0.08 0.69 0.65 0.65 - 0.01 0.85 0.07 0.09 0.08 0.08 - 0.01 0.18 0.02 0.27 0.20 0.27 + 0.07 0.55 0.05 0.19 0.15 0.19 + 0.03 0.21 0.08 0.20 0.16 0.17 + 0.02 0.25 0.05 0.13 0.10 0.10 - 0.02 0.20 0.05 35.16 34.04 34.85 + 0.60 40.35 27.32

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Suncor Energy* N 26122 Sunset Cove Mg V 795 Sunvest Mnrls* O 4 Sunvest Mnrls V 252 Sutter Gold V 109 Sutter Gold* O 614 Syrah Res* O 15

26.89 25.77 26.48 + 0.58 30.70 18.71 0.11 0.09 0.10 + 0.01 0.15 0.07 0.17 0.00 0.17 - 0.00 0.18 0.02 0.28 0.22 0.27 + 0.06 0.50 0.01 0.06 0.00 0.06 + 0.01 0.16 0.04 0.04 0.03 0.04 + 0.00 0.13 0.02 3.32 3.30 3.31 + 0.16 4.90 1.81

T Tahoe Res* N 8975 Tahoe Res T 4425 Tajiri Res V 327 Takara Res V 178 Taku Gold 27 Talon Metals T 512 Tamino Mnrls* O 350 Tango Mining V 1748 Tantalex Res 458 Tanzania Rlty T 232 Tanzania Rlty* X 1070 Taranis Res V 373 Tarku Res V 536 Tartisan Res 441 Tasca Res V 164 Taseko Mines T 364 Taseko Mines* X 1177 Teck Res T 25750 Teck Res* N 61029 Teck Res T 32 Telson Res * O 77 Telson Res V 38 Tembo Gold* O 83 Tembo Gold V 233 Teranga Gold T 4374 Teras Res V 169 Terraco Gold V 810 Terrax Mnrls* O 229 Terrax Mnrls V 1961 Teryl Res Corp* O 140 Teslin Rvr Res V 153 Teuton Res V 368 Teuton Res* O 34 Themac Res V 58 Thompson Creek T 799 Thompson Creek* O 806 Thunder Mtn Gd* O 14 Thunderstruck V 122 Thunderstruck* O 8 Till Capital* D 12 Till Capital V 3 V 219 Timberline Res Timberline Res* O 651 Timmins Gold* X 4170 Timmins Gold T 5341 Tinka Res* O 489 Tinka Res V 1439 Tintina Res* O 497 Tintina Res V 477 Tirex Res V 309 Tirex Res* O 156 Titanium Corp V 347 TMAC Resource* O 17 T 133 TMAC Resources TNR Gold V 1832 Toachi Mg Inc V 554 TomaGold V 2110 Tombstone Expl* O 1261 Tonogold Res* O 171 Torex Gold* O 53 Torex Gold T 2446 Tower Res V 3176 Transatlan Mng V 528

14.60 13.13 14.00 + 0.64 17.01 6.48 18.99 17.39 18.42 + 0.76 22.13 9.45 0.12 0.10 0.11 + 0.01 0.12 0.01 0.08 0.07 0.07 + 0.01 0.10 0.02 0.15 0.13 0.13 - 0.01 0.22 0.02 0.09 0.00 0.08 - 0.01 0.15 0.07 0.00 0.00 0.00 + 0.00 0.00 0.00 0.03 0.02 0.03 + 0.01 0.14 0.01 0.17 0.14 0.15 - 0.02 0.18 0.01 1.35 1.11 1.17 - 0.07 1.95 0.24 1.03 0.83 0.88 - 0.07 1.49 0.17 0.13 0.09 0.10 - 0.04 0.15 0.04 0.08 0.07 0.08 + 0.01 0.10 0.02 0.04 0.03 0.03 - 0.01 0.10 0.01 0.13 0.12 0.13 + 0.03 0.15 0.00 0.68 0.58 0.63 + 0.03 0.88 0.35 0.51 0.44 0.47 + 0.04 0.70 0.23 24.80 22.23 23.95 - 0.16 24.80 3.65 19.08 17.02 18.18 - 0.08 19.08 2.56 24.55 22.80 23.96 - 0.22 24.55 5.69 0.26 0.24 0.26 + 0.02 0.43 0.07 0.32 0.28 0.31 - 0.08 0.55 0.04 0.05 0.04 0.05 + 0.01 0.06 0.01 0.06 0.05 0.06 + 0.01 0.07 0.01 1.40 1.31 1.37 + 0.05 1.40 0.38 0.18 0.14 0.16 - 0.02 0.21 0.03 0.18 0.16 0.17 - 0.01 0.19 0.07 0.80 0.63 0.74 + 0.09 0.80 0.17 1.05 0.85 0.97 + 0.14 1.05 0.24 0.01 0.00 0.01 - 0.00 0.01 0.00 0.26 0.24 0.25 - 0.01 0.43 0.20 0.43 0.34 0.37 - 0.02 0.46 0.04 0.33 0.27 0.27 - 0.05 0.34 0.03 0.06 0.04 0.05 + 0.01 0.10 0.01 0.75 0.69 0.71 - 0.02 0.77 0.16 0.57 0.52 0.54 + 0.00 0.60 0.07 0.13 0.10 0.12 + 0.02 0.15 0.02 0.11 0.08 0.10 + 0.01 0.20 0.01 0.08 0.07 0.07 - 0.00 0.09 0.04 4.35 0.00 4.02 - 0.30 5.00 2.76 5.40 5.20 5.30 - 0.25 6.00 3.28 0.55 0.41 0.53 + 0.13 0.72 0.16 0.44 0.30 0.40 + 0.15 0.55 0.08 0.54 0.47 0.49 - 0.00 0.63 0.07 0.71 0.62 0.63 - 0.01 0.80 0.11 0.15 0.14 0.15 - 0.01 0.22 0.07 0.20 0.19 0.20 - 0.01 0.27 0.09 0.06 0.05 0.06 - 0.01 0.12 0.03 0.08 0.00 0.08 - 0.02 0.15 0.04 0.10 0.09 0.10 - 0.01 0.22 0.05 0.08 0.07 0.08 + 0.00 0.16 0.05 0.76 0.67 0.70 - 0.04 1.54 0.31 13.76 12.25 13.76 + 1.49 15.16 9.26 18.14 16.05 18.11 + 2.01 19.97 5.43 0.05 0.04 0.04 - 0.01 0.09 0.01 0.59 0.42 0.55 + 0.12 0.59 0.03 0.15 0.11 0.11 - 0.03 0.17 0.04 0.01 0.01 0.01 - 0.00 0.02 0.01 0.03 0.03 0.03 - 0.00 0.07 0.01 25.19 22.06 23.09 + 2.00 27.34 7.97 32.75 28.91 30.38 + 1.95 35.17 10.90 0.19 0.14 0.18 + 0.05 0.19 0.01 0.08 0.07 0.07 - 0.01 0.15 0.03

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Transition Mtl V 113 Treasury Metal T 335 Trecora Res* N 134 Tres-Or Res V 112 Trevali Mng* O 389 Trevali Mng T 9521 Tri Origin Exp V 1076 Tri-River Vent V 23 TriMetals Mng* O 103 TriMetals Mng* O 148 TriMetals Mng T 311 Trinity Res* O 13 TriStar Gold* O 101 TriStar Gold V 168 Troy Res* O 217 Troymet Expl V 588 Trueclaim Expl V 40 Tsodilo Res V 11 Tudor Gold V 97 Tudor Gold * O 3 Tungsten Corp* O 128 Turquoise HIl* N 5933 Turquoise HIl T 4055 TVI Pacific* O 67 Tyhee Gold* O 315 Typhoon Expl V 49

0.19 0.17 0.17 - 0.02 0.25 0.07 0.75 0.66 0.69 - 0.01 0.85 0.32 11.61 10.63 11.53 + 0.71 14.96 8.17 0.05 0.04 0.05 + 0.01 0.06 0.02 0.80 0.70 0.78 + 0.09 0.80 0.18 1.04 0.92 1.02 + 0.10 1.04 0.25 0.08 0.07 0.08 + 0.01 0.08 0.02 0.06 0.00 0.06 + 0.02 0.17 0.03 0.23 0.20 0.20 - 0.02 0.32 0.06 0.24 0.21 0.24 + 0.01 0.28 0.04 0.31 0.28 0.31 + 0.01 0.36 0.06 0.03 0.00 0.03 - 0.00 0.20 0.03 0.30 0.26 0.27 - 0.01 0.41 0.10 0.39 0.35 0.39 + 0.02 0.53 0.14 0.32 0.27 0.27 - 0.05 0.56 0.13 0.03 0.03 0.03 + 0.01 0.05 0.01 0.05 0.04 0.05 + 0.02 0.05 0.01 0.84 0.79 0.83 - 0.01 1.03 0.50 1.18 0.97 1.00 - 0.15 2.50 0.03 0.93 0.79 0.79 - 0.14 1.26 0.78 0.00 0.00 0.00 - 0.00 0.00 0.00 3.13 2.93 3.05 + 0.08 3.67 1.55 4.10 3.87 4.02 + 0.10 4.72 2.30 0.02 0.01 0.02 - 0.00 0.03 0.00 0.01 0.00 0.01 + 0.01 0.02 0.00 0.10 0.09 0.09 - 0.01 0.15 0.03

U.S. Lithium* O 112 U3O8 Corp* O 199 U3O8 Corp T 250 Ucore Rare Mtl V 1419 Ucore Rare Mtl* O 550 UEX Corp T 1120 Ultra Lithium* O 22 Ultra Lithium V 289 Umbral Enrgy 1847 Unigold V 181 Unigold* O 10 United Res Hdg* O 98 United Silver* O 2349 United States A* X 487 United States S* N 100738 Unity Energy V 28 Ur-Energy* X 1221 Uracan Res V 924 Uracan Res* O 25 Uragold Bay Rs V 511 Uranium Energy* X 2476 Uranium Res* D 1437 Uranium Valley V 30 Uravan Mnrls V 245 US Energy* D 65 US Rare Earths* O 43 USCorp* O 104 Vale* N 111323 Vale* N 43670 ValGold Res V 1724 Valley High Mg* O 966 Valterra Res* O 149 Vanadiumcorp* O 30 Vanstar Mng Rs V 121 Vantex Res V 608 Vatic Vent V 53 Vedanta* N 510 Vena Res* O 56 Vena Res V 712 Vendetta Mng V 4772 Venture Mnrls* O 13 Verde Potash T 44 Victoria Gold V 4303 Victory Nickel 214

0.04 0.03 0.03 - 0.01 0.15 0.01 0.03 0.02 0.02 - 0.00 0.03 0.01 0.03 0.03 0.03 - 0.01 0.04 0.02 0.36 0.31 0.33 - 0.02 0.45 0.20 0.27 0.23 0.25 - 0.01 0.35 0.15 0.21 0.20 0.20 - 0.01 0.29 0.11 0.14 0.13 0.13 + 0.00 0.27 0.06 0.22 0.17 0.21 + 0.03 0.35 0.05 0.04 0.03 0.04 + 0.01 0.10 0.02 0.49 0.47 0.48 - 0.01 0.69 0.08 0.36 0.35 0.35 - 0.02 0.51 0.06 0.02 0.00 0.02 + 0.01 0.06 0.01 0.00 0.00 0.00 + 0.00 0.01 0.00 0.52 0.41 0.49 + 0.02 0.60 0.16 19.31 16.41 18.95 + 3.04 27.64 6.15 0.14 0.11 0.13 - 0.02 0.48 0.10 0.54 0.50 0.50 - 0.03 0.73 0.44 0.08 0.06 0.08 + 0.01 0.08 0.01 0.06 0.06 0.06 + 0.00 0.07 0.00 0.20 0.18 0.19 - 0.01 0.31 0.02 1.09 1.03 1.04 + 0.01 1.47 0.65 1.57 1.39 1.43 - 0.02 10.21 1.26 0.15 0.00 0.15 + 0.01 0.35 0.04 0.33 0.31 0.31 - 0.01 0.42 0.05 1.84 1.68 1.74 - 0.01 3.47 0.67 0.19 0.02 0.02 - 0.13 0.72 0.01 0.00 0.00 0.00 + 0.00 0.03 0.00 5.63 5.04 5.42 + 0.39 6.26 2.13 4.85 4.29 4.71 + 0.45 5.12 1.55 0.04 0.03 0.03 - 0.01 0.08 0.01 0.00 0.00 0.00 - 0.00 0.02 0.00 0.06 0.05 0.05 + 0.00 0.07 0.00 0.04 0.04 0.04 + 0.00 0.05 0.01 0.07 0.06 0.06 - 0.01 0.10 0.03 0.03 0.02 0.03 + 0.01 0.04 0.01 0.09 0.08 0.08 - 0.01 0.24 0.04 10.18 9.64 10.06 + 0.61 10.57 3.52 0.08 0.06 0.06 - 0.02 0.09 0.00 0.10 0.08 0.08 - 0.01 0.14 0.04 0.10 0.07 0.10 + 0.03 0.13 0.05 0.03 0.02 0.02 - 0.01 0.04 0.01 0.37 0.00 0.34 + 0.02 0.48 0.13 0.67 0.64 0.67 + 0.02 0.80 0.12 0.03 0.03 0.03 - 0.01 0.05 0.02

U-V

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Viscount Mng V 224 Vista Gold* X 3915 Vista Gold T 313 Voltaic Min V 1552 Vulcan Mnrls V 56 VVC Expl V 150

0.32 0.53 - 0.07 0.91 0.59 0.51 0.26 1.04 + 0.04 2.09 1.12 0.98 0.35 1.35 + 0.02 2.73 1.48 1.31 0.03 0.07 - 0.01 0.52 0.08 0.06 0.02 0.03 - 0.01 0.08 0.04 0.03 0.01 0.02 - 0.01 0.05 0.03 0.00

Wabi Expl 20 T 549 Wallbridge Mng O 535 Walter Energy* Waseco Res V 630 WCB Res V 116 Wealth Mnrls* O 413 Wealth Mnrls V 1942 Wellgreen Plat T 342 O 304 Wellgreen Plat* V 35 Wescan Gldflds T 2549 Wesdome Gold V 2373 West Af Res 119 West High Yld V West Kirkland V 494 635 West Red Lake 66 West Red Lake* O X 136 Western Copper* T 343 Western Copper O 42 Western Graphi* 45 Western Pac Rs* O 72 Western Pac Rs V Western Uran* O 34 Western Uran 18 O 27 Westhaven Vent* V 740 Westhaven Vent O 306 Westkam Gold* V 8836 Westkam Gold V 2013 Westminster Rs Westmoreland* D 595 O 56 WestMountain* 155 White Mtn Engy* O O 7 Whitehaven Coa* Wildcat Expl V 610 541 Winston Gld Mg Winston Res 74 Wolfden Res V 402 X-Terra Res V 109 Xander Res V 121 Xiana Mng V 124 Ximen Mng V 509 Ximen Mng* O 108 XLI Tech Inc* O 4204 Xmet Inc* O 254 V 285 Xtierra Xtra-Gold Res T 103 O 46 Xtra-Gold Res* Yamana Gold T 22944 103008 Yamana Gold* N Yanzhou Coal* N 205 T 619 Yellowhead Mng 32 O Zadar Vent * Zadar Vent V 1876 Zazu Metals* O 16 Zazu Metals T 156 Zenyatta Vent V 517 O 47 Zenyatta Vent* Zephyr Mnls V 52 Zimtu Capital V 63 Zincore Mtls V 17

0.03 0.08 + 0.01 0.10 0.08 0.08 0.02 0.07 - 0.01 0.10 0.08 0.07 0.01 0.04 + 0.00 0.10 0.04 0.03 0.02 0.07 - 0.01 0.09 0.08 0.07 0.02 0.04 - 0.01 0.09 0.04 0.04 0.10 0.97 + 0.02 1.16 1.16 0.93 0.14 1.27 + 0.06 1.50 1.50 1.20 0.16 0.50 + 0.04 0.62 0.51 0.47 0.12 0.37 + 0.01 0.46 0.39 0.35 0.02 0.06 - 0.01 0.10 0.07 0.06 0.95 2.73 + 0.18 2.90 2.89 2.42 0.34 0.28 0.32 + 0.03 0.40 0.05 0.20 0.16 0.17 - 0.01 0.35 0.15 0.04 0.12 + 0.01 0.17 0.14 0.11 0.31 0.24 0.28 - 0.03 0.40 0.01 0.22 0.18 0.21 - 0.01 0.31 0.02 0.20 0.81 + 0.10 1.04 0.83 0.73 0.29 1.07 + 0.10 1.35 1.10 0.97 0.00 0.00 + 0.00 0.00 0.00 0.00 0.03 0.02 0.02 - 0.01 0.04 0.00 0.04 0.03 0.03 - 0.01 0.05 0.01 1.19 1.35 - 0.15 2.67 1.59 1.35 1.20 1.76 - 0.34 5.00 1.95 1.76 0.08 0.09 + 0.00 0.12 0.09 0.09 0.04 0.14 + 0.02 0.16 0.15 0.12 0.01 0.03 - 0.01 0.07 0.04 0.03 0.02 0.04 - 0.01 0.09 0.05 0.04 0.02 0.05 - 0.01 0.18 0.06 0.05 9.05 8.29 8.97 + 0.29 16.14 3.44 0.04 0.07 - 0.03 0.20 0.10 0.07 0.09 0.07 0.07 - 0.02 0.35 0.07 0.25 1.97 + 0.05 1.97 1.97 1.79 0.03 0.08 - 0.01 0.16 0.09 0.08 0.57 0.51 0.54 + 0.06 0.57 0.10 0.01 0.02 + 0.02 0.05 0.02 0.01 0.05 0.13 - 0.03 0.19 0.15 0.13 0.06 0.21 - 0.01 0.31 0.22 0.20 0.32 0.43 + 0.04 0.48 0.45 0.40 0.03 0.15 + 0.06 0.21 0.15 0.09 0.03 0.13 - 0.03 0.18 0.15 0.12 0.02 0.10 - 0.03 0.13 0.11 0.10 0.02 0.01 0.01 - 0.00 1.50 0.00 0.00 0.01 + 0.01 0.01 0.01 0.00 0.01 0.06 - 0.01 0.08 0.07 0.05 0.19 0.43 - 0.01 0.56 0.45 0.39 0.14 0.33 + 0.00 0.43 0.34 0.31 2.00 5.91 + 0.14 7.87 6.43 5.76 1.38 4.49 + 0.10 5.99 4.95 4.36 3.66 6.55 + 0.37 7.02 6.55 6.09 0.03 0.05 - 0.01 0.10 0.06 0.05 0.12 0.10 0.11 - 0.00 0.20 0.06 0.01 0.14 - 0.02 0.26 0.16 0.14 0.08 0.18 - 0.01 0.24 0.20 0.18 0.09 0.23 - 0.02 0.33 0.25 0.22 0.63 1.09 + 0.14 1.40 1.10 0.95 0.47 0.84 + 0.12 1.04 0.84 0.73 0.08 0.34 + 0.01 0.42 0.37 0.33 0.12 0.23 + 0.04 0.38 0.25 0.18 0.03 0.20 + 0.02 0.30 0.24 0.18

W-Z

BID-ASK — SEPTEMBER 19–23, 2016

STOCK

12-MONTH

EXC BID ASK LAST HIGH

37 Capital One Acme Res Corp Active Growth Afrasia Mnls Aftermath Slvr Aida Minerals Alberta Star Alderon Iron* Alexandra Cap Allante Potash Alturas Mnrls Amanta Res Appia Energy Arch Coal* Artha Res Asiamet Res Astar Mnls Ateba Res Atlantic Ind Atlatsa Res* Atom Energy AurCrest Gold Balto Res Baroyeca Go&Si BC Moly BE Res Bethpage Cap BHK Mining Big Bar Res Bird River Res Bison Gold Res Black Bull Res Black Isle Res Black Mam Mtls Bluestone Res Boss Power Brakpan Vents Brionor Res Brunswick Res Buccaneer Gold Bullman Mnls Cairo Res Canuc Res Cariboo Rose Carrie Arran Cascade Res Cassidy Gold Cassius Vents Cdn Silvr Hunt Celtic Minrls Century Global Chieftain Mtls Chinapintza Mg CIM Intl Grp Clear Mtn Res Cleghorn Mnls Cliffs Nat Res* CNRP Mng Compliance Egy Cornerstone Mt Crestwell Res Cricket Res Currie Rose Rs CWN M’g Acq Damara Gold Desert Gold DGS Mnls Dorex Mnrls DV Resources Enfield Expl European Metal Eurotin Falcon Gold Fire River Gol First Bauxite First Idaho Four River Gentor Res Geodex Mnrls GFM Res Global Cobalt

12-14_OCT3_StockTables.indd 14

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

0.10 1.63 0.25 0.25 0.01 0.03 0.02 0.03 0.05 0.06 0.05 0.10 0.04 0.08 0.04 0.05 ... 0.01 0.01 0.03 0.11 0.15 0.14 0.23 0.20 0.22 0.20 0.23 ... 0.40 0.14 0.52 0.03 ...

0.03 0.03 0.03 0.10 0.03 0.04 0.05 0.06 0.05 0.08 0.01 0.02 0.01 0.18 0.25 0.18 0.30 ... ...

0.58 15.00 0.13 0.15 0.12 0.20 0.04 0.05 0.04 0.08 0.09 ...

0.10 0.10 ... 0.01 0.01 0.01 0.01 0.03 0.01 0.01 ... ...

0.06 0.45 0.04 0.05 0.04 0.86 0.03 0.03 0.03 0.05 0.01 0.03 0.01 0.03 0.02 0.03 0.03 0.03 0.06 0.07 0.06 0.23 ... 0.34 0.35 0.10 0.13 0.10 0.10 0.04 0.05 0.05 0.10 0.08 0.50 0.10 0.06 0.09 0.06 0.07 0.50 0.59 0.50 0.50 ...

0.01 0.01 0.03 0.04 0.03 0.05 0.07 0.08 0.06 0.13 0.13 0.19 0.14 0.23 0.17 0.20 0.17 0.02 0.04 0.02 0.06 0.04 0.05 0.04 0.05 0.03 0.04 0.03 0.04 0.03 0.04 0.04 0.04 0.06 0.09 0.06 0.09 0.04 ...

0.26 0.30 0.23 0.29 0.25 0.27 0.10 0.11 0.11 0.12 0.05 ...

0.05 0.07 0.02 0.04 0.02 0.05 0.01 0.02 0.02 0.04 0.02 0.05 0.04 0.04 0.03 0.04 0.04 0.05 ... ...

0.01 0.17 0.21 0.19 0.35 ... ...

0.05 0.23 0.01 0.02 0.01 0.01 1.00 1.02 1.00 1.50 0.20 0.27 0.19 0.40 0.11 0.15 0.11 0.13 1.45 3.20 1.43 7.17 0.01 0.04 0.01 0.01 0.03 0.03 0.03 0.25 0.03 0.04 0.04 0.04 0.04 0.10 0.13 0.01 0.10 0.01 0.02 0.03 0.04 0.03 0.05 0.16 0.20 0.16 0.25 0.05 0.07 0.07 0.10 0.13 0.25 0.13 0.18 0.04 0.09 0.04 0.06 0.03 0.03 0.03 0.03 0.03 0.04 0.04 0.06 ... ...

0.01 0.01 ... 0.01 0.01 0.01 0.06 0.12 0.06 1.00 0.09 0.12 0.10 0.20 0.03 0.07 0.09 0.75 0.05 0.05 0.05 0.08 0.07 0.14 0.09 0.12 0.27 0.35 0.30 0.39 0.02 0.02 0.02 0.04 0.09 0.10 0.10 0.11 0.02 0.10 0.02 0.03 0.02 0.02 0.02 0.08

LOW

STOCK

0.05 0.02 0.02 0.01 0.01 0.08 0.16 0.12 0.03 0.01 0.01

God’s Lake Res C Gold Jub Cap V Goldbank Mng V Goldbelt Emp V Golden Harp V Gonzaga Res V Granite Ck Gld V Gravis Energy C Green Arrow V Greenshield Ex V Grenville Gold V Greywacke Expl C Hadley Mng C HFX Holding V Highbury Proj V Highvista Gold V Indigo Expl V Interconnect V V Iron South Mng Jasper Mng V JDF Explor Inc C Jet Metal V Jiulian Res V Jubilee Gold V Karoo Expl V Kazax Mnls V Kestrel Gold V La Imperial C Lakeside Mnrls V Lancaster Cap V V Lateral Gold Leo Res C Libero Mg Corp V Lions Bay Cap V Lions Gate Mtl C Loncor Res T Lovitt Res V Lucky Mnls V Lund Enterpr V Maccabi Vent C Madeira Mrnls V MAG Silver* X Mainstream Mnl V Manado Gold V Martina Mnls V Match Capital V Matica Ent C Mawson West T V MAX Res MaxTech Vent C McChip Res V McLaren Res C Mega Copper V Megastar Dev V MetalCorp V Metallum Res V Midasco Cap V Midnight Star C Milner Con Slv V Minecorp Egy V Mitchell Res V Moag Copper C Montana Gold C Mountain Lake C Navy Res V Nebu Res V Network Expl V New Klondike V Newlox Gold C Newmac Res V Nickel North V Nomad Ventures V Nortec Mnls V North Am Ptash V North Am Tung V NQ Explor V Nrthn Lion V NSGold V NSS Res Inc C Open Gold V Oracle Mng V

0.01 0.58 0.01 0.02 0.09 0.01 0.01 0.06 0.19 0.01 0.01 0.01 0.03 0.03 0.03 0.03 0.10 0.02 0.04 0.05 0.02 0.01 0.01 0.02 0.03 0.09 0.05 0.03 0.05 0.02 0.01 0.01 0.01 0.15 0.03 0.01 0.90 0.10 0.11 0.98 0.01 0.03 0.01 0.01 0.01 0.11 0.04 0.09 0.04 0.01 0.03 0.01 0.01 0.03 0.03 0.03 0.03 0.05 0.06 0.01 0.05 0.02 0.01

12-MONTH

EXC BID ASK LAST HIGH LOW

0.02 ...

0.08 0.08 0.15 0.17 0.15 0.28 0.09 0.14 0.10 0.16 0.04 0.06 0.06 0.10 0.17 0.23 0.19 0.28 0.04 0.08 0.05 0.06 0.05 0.10 0.05 0.06 ... 0.02 0.01 0.03 0.04 0.03 0.10 0.06 0.18 0.03 0.05 0.10 0.16 0.11 0.18 0.06 ...

0.06 0.06 ... 0.01 0.01 0.03 0.04 0.05 0.04 0.15 0.26 0.36 0.26 0.26 ... 0.16 0.17 0.03 0.04 0.03 0.04 0.06 0.13 0.06 0.14 0.24 0.27 0.24 0.28 0.05 0.08 0.06 0.08 0.01 0.05 0.01 0.01 0.10 0.10 0.09 0.15 0.02 0.04 0.02 0.05 0.61 0.86 0.61 0.75 0.01 0.02 0.01 0.02 0.01 0.01 0.01 0.04 0.02 0.02 0.02 0.07 0.05 0.14 0.05 0.05 0.01 0.02 0.02 0.04 0.18 0.25 0.19 0.32 0.11 0.16 0.14 0.15 0.01 0.03 0.01 0.01 0.14 0.16 0.15 0.21 0.04 0.06 0.04 0.04 0.06 0.14 0.06 0.09 0.20 0.22 0.21 0.25 0.05 0.09 0.05 0.05 0.05 0.08 0.05 0.11 0.15 0.18 0.17 0.19 0.07 0.10 0.07 0.14 0.03 0.05 0.03 0.03 12.52 13.30 12.52 14.40 ... 0.01 0.01 0.11 0.17 0.11 0.15 0.06 0.10 0.06 0.06 0.01 0.04 0.04 0.04 0.01 0.01 0.01 0.06 ... 0.01 0.01 0.03 0.08 0.09 0.08 0.11 0.24 ...

0.24 0.26 0.48 0.68 0.60 0.85 ... 0.01 0.01 0.01 0.05 0.11 0.05 0.05 0.05 0.06 0.05 0.08 0.02 0.03 0.03 0.04 0.03 0.06 0.12 0.07 0.08 0.07 0.13 0.06 0.15 0.06 0.10 0.04 0.05 0.04 0.07 0.08 0.09 0.10 0.18 0.12 0.19 0.12 0.14 ... ...

0.08 0.09 0.09 0.10 0.10 0.10 ... 0.01 0.01 0.01 0.23 ...

0.23 0.30 0.01 0.02 0.01 0.03 0.17 0.23 0.17 0.22 0.01 0.01 0.01 0.03 0.05 0.03 0.06 0.08 0.12 0.10 0.12 0.02 0.02 0.02 0.03 0.01 0.02 0.01 0.03 0.07 0.07 0.07 0.09 0.05 0.08 0.04 0.15 ...

0.01 0.01 0.02 0.01 0.02 0.01 0.02 0.12 0.15 0.11 0.32 0.09 0.12 0.12 0.12 ... ...

0.20 0.20 0.01 0.01 0.01 0.01 0.01 0.01 0.07

0.01 0.07 0.03 0.02 0.03 0.01 0.01 0.03 0.01 0.06 0.04 0.01 0.01 0.10 0.01 0.05 0.04 0.02 0.01 0.07 0.01 0.30 0.01 0.01 0.01 0.01 0.01 0.06 0.07 0.01 0.02 0.01 0.01 0.02 0.02 0.05 0.02 0.07 0.02 6.12 0.10 0.02 0.01 0.01 0.01 0.05 0.05 0.40 0.01 0.02 0.02 0.01 0.07 0.06 0.02 0.01 0.02 0.08 0.02 0.01 0.06 0.01 0.02 0.02 0.05 0.01 0.01 0.02 0.03 0.01 0.01 0.07 0.03 0.20 0.01

STOCK

Orestone Mng Orofino Mnrls Oronova Res Oxford Res Pac Arc Res Pac Cascade Pac Imperial Pac Iron Ore Pac Link Mng Pan Global Res Parlane Res Peat Res Phoenix Gold Phoenix Metals Prime Meridian ProAm Expl Rare Element* Ravencrest Res Razore Rock Res Red Oak Mg Remington Res Remo Res Reva Res Rheingold Expl Rhyolite Res Rift Valley River Wild Exp Rockex Mng Romulus Res RTG Mining Rubicon Mnrls* Saville Res Savoy Vent Scavo Res SG Spirit Gold SGX Res Silver Phoenix Sniper Res Spruce Ridge R Squire Mg Ltd Starr Peak Exp Stockport Expl Stone Ridge Ex Strata Mnls Sunrise Res Swift Res Talmora Diamd Tearlach Res Telferscot Res Terreno Res Teryl Res Corp Tesoro Mnrls Theia Res Thor Expl Thunder Mtn Gd Tiger Intl Tiller Res Tintina Mines Trigen Res Troy Enrgy True Grit Res UC Res United Coal Universal Vent Valencia Vent Vela Minerals Venerable Vent West Melville Westridge Res Weststar Res Whistler Gold White Metal Rs Wolfeye Res Zara Res Zena Mng Zinco Mng

12-MONTH

EXC BID ASK LAST HIGH LOW

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

0.02 0.03 0.02 0.04 0.10 0.12 0.12 0.25 0.05 0.11 0.04 0.08 0.02 0.03 0.03 0.09 0.25 0.09 0.50 0.01 0.02 0.01 0.02 0.03 0.03 0.03 0.05 0.18 0.25 0.18 0.39 0.01 0.07 0.01 0.03 0.04 0.05 0.04 0.08 0.15 0.19 0.15 0.21 0.03 0.04 0.03 0.07 ... 0.01 0.01 0.01 0.19 0.20 0.21 0.21 0.12 0.15 0.14 0.18 0.02 0.03 0.02 0.02 0.11 0.16 0.15 0.89 0.02 ...

0.02 0.02 ...

0.05 0.05 0.08 0.01 0.03 0.01 0.03 0.06 0.08 0.06 0.07 0.09 0.15 0.09 0.10 0.24 0.40 0.32 0.40 0.05 0.08 0.05 0.05 0.23 0.35 0.23 0.27 0.01 0.04 0.01 0.02 0.01 ...

0.01 0.01 0.04 0.10 0.10 0.75 0.12 0.20 0.12 0.17 0.46 0.56 0.50 0.70 ... ...

0.03 1.35 0.03 0.04 0.02 0.05 ... ...

0.16 0.36 0.57 0.36 0.54 0.11 ...

0.09 0.20 0.02 0.02 0.02 0.05 0.03 0.10 0.03 0.10 0.01 0.01 0.01 0.07 0.03 0.04 0.04 0.06 0.10 0.15 0.15 0.19 0.10 0.12 0.12 0.19 0.03 0.03 0.03 0.06 0.08 0.19 0.10 0.17 0.01 0.02 0.01 0.05 0.01 0.02 0.01 0.05 0.20 0.24 0.25 0.25 0.01 0.04 0.04 0.05 0.08 0.15 0.08 0.16 0.01 0.01 0.01 0.05 0.04 0.04 0.04 0.08 0.01 0.02 0.02 0.02 0.05 0.08 0.08 0.08 0.12 0.17 0.12 0.17 0.13 0.15 0.15 0.16 0.10 0.16 0.16 0.23 0.09 0.24 0.10 0.20 0.04 0.05 0.04 0.07 0.06 0.17 0.08 0.12 0.08 0.15 0.11 0.11 0.03 0.07 0.03 0.05 0.02 0.04 0.02 0.05 0.01 0.02 0.02 0.03 ... 0.01 0.01 0.40 ...

0.45 0.10 0.15 0.09 0.40 0.04 0.07 0.04 0.08 0.01 0.04 0.02 0.02 0.28 0.37 0.30 0.45 0.01 0.03 0.01 0.02 0.04 0.06 0.06 0.06 0.02 0.09 0.02 0.02 0.10 0.12 0.10 0.13 0.25 ...

0.25 0.01 0.02 0.01 0.10 0.08 0.12 0.08 0.10 0.05 0.07 0.05 0.08

0.01 0.06 0.03 0.05 0.01 0.01 0.15 0.01 0.01 0.01 0.01 0.01 0.02 0.05 0.01 0.06 0.01 0.01 0.01 0.01 0.05 0.08 0.01 0.09 0.01 0.01 0.02 0.07 0.33 0.03 0.01 0.26 0.05 0.01 0.01 0.01 0.01 0.10 0.05 0.01 0.08 0.01 0.01 0.01 0.01 0.02 0.01 0.02 0.01 0.01 0.05 0.02 0.08 0.08 0.01 0.04 0.03 0.01 0.01 0.01 0.07 0.02 0.01 0.08 0.01 0.02 0.01 0.02 0.01 0.05 0.01

2016-09-27 6:04 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 3–9, 2016

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2016-09-27 6:03 PM

16

WWW.NORTHERNMINER.COM

OCTOBER 3–9, 2016 / THE NORTHERN MINER

Heavy rains dampen Detour’s 2016 production guidance FLOODED PIT |

Rains defer access to high-grade Calcite zone

BY SALMA TARIKH

D

starikh@northernminer.com

etour Gold (TSX: DGC) has run into a minor setback at its Detour Lake mine near Cochrane, Ont., and in less than two months, the miner has again revised its 2016 production and cost guidance.

On Sept. 6, Detour trimmed its production target for 2016 to between 525,000 and 545,000 oz. from 540,000 to 570,000 oz., after heavier-than-usual rainfalls in August, which f looded the bottom west end of the pit, delaying access to the high-grade Calcite zone.

On a conference call the next morning, Detour’s management said it received more than four inches of rain in two days, which would have been manageable, if it didn’t receive another two inches of rain the next week, creating the “biggest rain event or runoff event” in Detour’s history.

“Over the last seven years, we have seen nothing like this. Even the spring runoff was not like this,” the company’s chief operating officer Pierre Beaudoin says.

Detour initially produced from the large-scale, open-pit operation — sitting 300 km northeast of Timmins — in February 2013, after 27 months of construction.

It estimates gold production in the third quarter of 120,000 oz. versus initial quarterly guidance of 125,000 to 150,000 ounces. This is below the second and first quarters’ 139,359 and 127,136 ounces.

Output, however, should jump in the fourth quarter to between 138,000 and 158,000 oz., depending on “timely access” to the Calcite zone and on positive results from the larger-scale test of processing medium-grade fines, set to start in late September, Detour says.

Detour obtains medium-grade fines by screening the run-of-mine

Haul trucks drive through the mud at Detour Gold’s Detour Lake gold mine near Cochrane, Ont., in June 2016. PHOTO BY SALMA TARIKH

stockpile at minus two inches, with preliminary tests showing grades improving from 0.65 to 1.1 grams gold.

The company had expected that the Calcite zone — grading 1.1 to 1.3 grams gold — would be the main source of higher-grade ore in the second half. However, mining from this zone may now begin in the fourth quarter, with production likely delayed to 2017.

“Part of our assumption is that

we’re able to mine it, but not necessarily process it before year-end, which is causing this issue with the gold grade over the third quarter and fourth quarter,” Beaudoin says.

Grade should average 0.8 gram gold per tonne in the third quarter, down from the second quarter’s 0.92 gram gold, before recovering to 0.9 gram gold in the fourth quarter. Gold recovery in the third quarter should be slightly below the previous quarter’s 89%, before

averaging 90% in the last three months of 2016, the company’s CEO Paul Martin says.

Throughput should remain relatively unchanged at 60,000 tonnes per day during the last two quarters of 2016.

To accelerate the dewatering process, Detour has already increased its pumping capacity by half, and is on track to boost it again by late September.

Detour is wrapping up dewatering

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and reviewing its water management plan, noting that given the rarity of the event, it might not justify the required capital to keep the large pumping capacity.

The latest production revision follows the July downgrade from 540,000 to 590,000 ounces. This comes from slower mining in some areas of the Campbell pit during the first half of 2016, removing a potential 15,000 to 20,000 oz. of output in the second half of the year.

Raymond James analyst Phil Russo anticipates Detour’s fullyear production at 528,000 ounces.

“We expect the resulting decline in corporate free cash flow for the year at $24 million at spot prices,” he notes, adding Detour still has a “solid” balance sheet.

Russo has an “outperform 2” rating on the stock and a $38.50-pershare target.

Desjardins analyst Michael Parkin says that “Future plans will not prevent this [water inflow] from happening again, but overall we remain positive on the outlook.”

He has cut his price target by 50¢ to $36 per share, while reiterating a “buy” on the stock.

Detour has also increased its allin sustaining costs per ounce range to US$970 to US$1,020, up from July’s US$920 to US$980, largely due to lower production. Its initial 2016 target was US$840 to US$940 per ounce.

Using the new guidance, Detour projects it will generate $50 million of cash flow before interest, at a US$1,300 per oz. gold price.

“We’re seeing that we will have more than adequate cash flow to allow us to continue our debt reduction program,” Martin says.

The company plans to lower its debt US$300 million by year-end.

After reporting the revised guidance, Detour shares fell nearly 5% over two trading days to close at $30.90 at press time. TNM

2016-09-27 7:43 PM