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Saudi Arabia hosts minerals forum as it aims to become a global mining hub FUTURE MINERALS FORUM

| Kingdom seeks to accelerate exploration

BHP takes minority stake in privately held Kabanga Nickel NICKEL

development of Tanzanian deposit

and mining of critical minerals

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BY NAIMUL KARIM

audi Arabia hosted its first ever Future Minerals Forum from 11 to 13 January in its capital Riyadh, to provide insight into the Kingdom’s mining potential and address concerns about the need to increase the supply of critical minerals required to help the world meet its decarbonization goals by 2050.

The world’s fourth largest importer of metals is looking to accelerate the exploration and mining of critical minerals in the country and become a new global mining hub.

The country passed a new minerals investment law last year, which officials say, will help create a stronger mining “ecosystem.” In the first ten months of 2021, the nation provided 13 reconnaissance licenses, 133 exploration licenses, and eight exploitation licenses, according to government data.

In addition, the government has designed 40 initiatives that are expected to unlock an estimated US$1.3 trillion worth of potential mineral value across the Arabian shield.

One of those includes providing online access to 80 years of geological, geophysical, and geochemical information with 10,000 detailed reports on mining targets and prospects, through the newly established National Geographic Database.

“This event will focus on a very major endowment of Saudi, which is minerals, and it could not have come on a better time than today when we are going through energy transition,” Prince Abdulaziz bin Salman, the Kingdom’s Energy Minister, said during a keynote fireside chat at the conference.

He further said that the world needed a well-planned transition to cleaner energy, instead of a leap into NorthernMiner_CMYK_Nov.pdf the unknown future, which could

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Prince Abdulaziz bin Salman (left), Saudi Arabia's Energy Minister, speaks at the 2022 Future Minerals Forum in Riyadh. FUTURE MINERALS FORUM

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create a new energy challenge.

An example of the challenge the energy minister was referring to are the rising prices of metals like copper, lithium and nickel that have seen a sudden hike in demand due to the increased usage of electric vehicles globally and shortage in supply.

Bin Salman said that the world shouldn’t transition away from oil just to move away from the “old classical concern” of being overly reliant on the Middle East for energy.

A sudden transition, he said, could lead to “energy security challenges” for countries dealing with the availability of minerals.

According to the minister, the energy transition should focus on three pillars. It shouldn’t impact energy security, it should focus on the “billions of people” who haven’t had their share of development, and tackle climate change.

“We have to be seriously attentive to climate change, without which we’re not going to create a sustainable economy, and it's the sustainable way of living,” Bin Salman said.

2021-11-24 10:46 AM He also said that the country

was keen on exploring its uranium resources. “We do have a huge amount of uranium resources ... we will be exploiting that resource and developing the yellow cake and we will be commercially monetizing that valuable resource.”

Echoing a similar sentiment, Kalid Al Mudaifer, Saudi Vice-Minister for Mining Affairs at the Ministry of Industry and Mineral Resources, said that the Kingdom is “forging a path to becoming not only a regional but a global hub for exploring and mining the critical minerals needed for this global transformation.”

The forum "will show how Saudi Arabia can provide a blueprint for building and financing a modern, responsible, and sustainable mineral exploration and mining industry for other countries in the Middle East, Central and West Asia, and Africa,” Al Mudaifer said.

“Our mining strategy could be replicated in other countries across the region to help them exploit their mineral wealth, transforming the region into the next major mining jurisdiction.” TNM

| Investment will be used to accelerate

BY TRISH SAYWELL

ess than a month after walking away from a bidding war with Wyloo Metals for Noront Resources (TSXV: NOT) and its Ring of Fire nickel assets in Canada, BHP (NYSE: BHP; LSE: BHP; ASX: BHP) is investing an initial US$40 million for a 8.9% equity stake in privately held Kabanga Nickel, which owns the Kabanga nickel sulphide deposit in western Tanzania, one of the largest development-ready nickel sulphide deposits in the world.

BHP then has the opportunity to invest another US$50 million in Kabanga Nickel that will boost its stake in the company to 17.8%. (It also has been granted the right to make further investments in the company in the future.)

In addition, BHP is investing US$10 million in a company called Lifezone Ltd., which owns the processing technology. Lifezone has patents in more than 150 countries on its hydrometallurgical technology, which according to Kabanga is more cost-efficient than smelting, uses less energy, has a smaller footprint, and ensures that finished Class 1 battery grade nickel, copper and cobalt will be produced in Tanzania.

The funds from BHP’s investment — its first investment on the continent in many years after selling its last asset in Africa (an iron ore deposit in Guinea) in 2019 — will be used to accelerate development of the Kabanga deposit.

The U.K.-based company expects first production in 2025 and will be targeting production of 40,000 tonnes of nickel, 6,000 tonnes of copper and 3,000 tonnes of cobalt a year. Kabanga Nickel says the deposit has a mine life of about 30 years and has additional exploration potential.

The investment from BHP,

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Kabanga Nickel says, “will support an acceleration in the mine’s development, including an enhanced metallurgical drilling programme to enable update of the definitive feasibility study and support the construction plans for the hydromet refinery.”

The studies, it continued, are expected to be completed by the end of 2022, and “site and infrastructure development is already underway.”

According to Kabanga Nickel, “previous resource estimates suggest the deposit contains about 58 million tonnes of ore containing about 1.52 million tonnes of nickel, alongside significant amounts of copper and cobalt.” It also stated that the deposit “has contained in-situ nickel equivalent resources estimated at 1.86 million tonnes and an in-situ nickel equivalent grade of 3.44%.”

Citing statistics from the World Economic Forum, Kabanga Nickel also noted that between 2018 and See BHP / 5 PM40069240

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79North hits high grade at Nassau project in Suriname GOLD

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BY TRISH SAYWELL

9North’s (CSE: JQ; US-OTC: SVNTF) first six diamond drill holes into the Witlage target at its Nassau gold project in Suriname hit high-grade mineralization in near-surface oxidized saprolite and in hydrothermally altered volcanic rock.

Drillhole NP-21-15 returned 383.20 grams gold per tonne over 1.5 metres from 33 metres downhole (saprolite with quartz veins), and drillhole NP-21-16 cut 99.58 grams gold per tonne over 1 metre from 83 metres downhole (fresh bedrock).

“We drilled holes in areas that we did our high-grade surface sampling and we got these really excellent results,” Jon North, the junior explorer’s founder and CEO, said in an interview.

North is convinced that the company has found the source for all the placer gold in the area that has been and continues to be mined by artisanal miners.

“People have been mining gold in alluvium there for over a hundred years according to local legend and there are still people mining there right now today near or where we’re drilling,” he says. “But this is the first time anyone has intersected highgrade source rocks in all that’s been going on there for a century, so all we can say is that we’ve proven that the source material is there and what we intersected is completely different than what they’re mining because we’re way below the alluvium. So we have to demonstrate that this is the bedrock gold deposit that is the source for all the gold in the placers, which it is, for sure it is.”

North estimates that placer mining in the Witlage area has taken place over a vast area running “probably several kilometres long and a couple of kilometres wide.”

The drill results exceeded even his expectations, however, and confirm his view that the company is dealing with a “potentially large gold-bearing system, potentially associated with a mineralized oxide blanket.”

The plan now is to source a drill rig and follow up on the results with a drill pattern near the collars and possibly with a reverse circulation drill rather than a diamond drill. “The

| Company plans to drill about 2000 metres this year

“THIS IS THE FIRST TIME ANYONE HAS INTERSECTED HIGH-GRADE SOURCE ROCKS IN ALL THAT’S BEEN GOING ON THERE FOR A CENTURY.” JON NORTH CEO, 79NORTH

oxide zone is basically from at surface, covered with some clay zones, and it’s within 25 metres of surface,” he says, “and high-grade intersections we hit — the 100 grammers — are about 70 metres vertical, so it’s all near-surface and there’s lots of other hits within 50 metres of surface.”

This year the company will do about 2,000 metres of drilling or a minimum of 20 RC drill holes.

But North is the first to admit that working in remote parts of Suriname isn’t always easy. “Drilling in 2021 went very, very, slowly because we were operating in difficult conditions,” he says. “We were operating on our own jungle roads to bring in drill rigs. These aren’t mountains, but when it’s raining hard these are hills covered in greasy clay. It’s tough moving around in there, it’s tough walking in there. But that’s just the nature of Suriname and the Guyana Shield, so we can’t cry about it, that’s the way it is.”

The 2021 drill program was also divided between two different targets, both of which are on northwest trending structures. The company drilled six holes (539.50 metres) at Witlage and 12 holes (1,472.73 metres) at Carbonara, about 5 km away. The drilling at Carbonara, however, did not produce the results North was hoping for and the company shifted its focus to Witlage.

“We got the results from Carbonara and we saw the alteration zone, the rocks were beautiful, we saw alteration we hadn’t seen at surface ... but the results just weren’t very good and we felt we tested it with enough drill holes and there was nothing else to do at Carbonara,” North says. “We

Founder and CEO Jon North and geologist Daood Husseinali sampling the highgrade Witlage gold occurrence in March 2021. 79NORTH

kissed that frog and it’s not a prince.”

The 20,000-hectare Nassau project is about 20 km south of Newmont’s (TSX: NGT; NYSE: NEM) Merian gold mine and 60 km east of Iam-

Talon Metals to supply nickel to Tesla from Tamarack project in Minnesota NICKEL

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| Conditional deal involves 75,000 tonnes of concentrate over six years

BY TRISH SAYWELL

alon Metals (TSX: TLO) has signed a deal with electric vehicle maker Tesla to provide 75,000 tonnes of nickel in concentrate over a six-year period from the Tamarack nickelcopper-cobalt project in which it owns 51% and Rio Tinto (NYSE: RIO; LSE: RIO; ASX: RIO) 49%.

79North: First Mover Advantage in Suriname Gold Exploration

79North.ca

CSE: JQ; OTCQB: SVNTF; FRA: 6120

gold’s (TSX: IMG) Rosebel gold mine.

North who has worked all over the world, says what he has seen so far at the Witlage target is comparable in some respects to the Yaramoko gold

deposit, which Roxgold developed before the company was acquired

by Fortuna Silver Mines (TSX: FVI; NYSE: FM) for $1.1 billion last year.

The gold deposit in Burkina Faso lies in Birimian rocks, North says, which are the same age as the rocks in Suriname. “Yaramoko isn’t a huge deposit, but it’s nice; it produces about 100,000 oz. a year at 10-12 grams gold per tonne.”

Another project he thinks is similar in terms of Witlage's saprolite component, is Cabral Gold’s (TSXV: CBR; US-OTC: CBGZF) MG and Central gold deposits in Brazil’s Cuiu Cuiu gold district. "They are oxide deposits and have underlying hypo-gene intersections as well,” North says. “They are very very interesting deposits because they’re oxide, and flat-lying and near surface. We’ve got the same thing: we’ve got mineralized material in oxidized saprolite and we also have good hits in the underlying rocks.”

79North’s shares rose 1.5¢ higher or 18.75% on news of the drill results.

Over the last year the junior has traded in a range of 8.5¢ and 16¢ per share.

The company has about 91.6 million common shares outstanding for a market cap of about $8.7 million. TNM

The agreement is conditional on Talon Metals earning a 60% stake in the project in central Minnesota, 1.6 km west of Duluth. To earn a 60% stake, Talon must complete a feasibility study on the project and pay Rio Tinto US$10 million.

The 12,545-hectare project consists of the Tamarack North and Tamarack South projects.

The company declined a request

for an interview about the agreement with Tesla and said via email that it is “letting the release speak for itself.”

The purchase price of the nickel will be linked to the LME nickel price and according to Talon, the parties “have also agreed to share in by-product revenues, including from iron and cobalt.” In addition, “Talon and Tesla will work together to optimize nickel concentrate grades and metal recoveries,” Talon states in a corporate presentation on its website, and “Tesla has a preferential right to negotiate the purchase of additional nickel concentrate.”

The Tamarack project contains 3.93 million indicated tonnes grading 1.91% nickel, 1.02% copper, 0.05% cobalt, 0.41 gram platinum per tonne, 0.26 gram palladium per tonne and 0.20 gram gold per tonne (2.62% nickel equivalent). Inferred resources add 7.16 million tonnes grading 1.11% nickel, 0.68% copper, 0.03% cobalt, and 0.26 gram platinum, 0.16 gram palladium and 0.14 gram gold (1.57% nickel equivalent).

The resource used a cut-off grade of 0.5% nickel.

According to an updated preliminary economic assessment released in February 2021, the company envisions a shallow underground mine accessed by ramp that is amenable to bulk mining methods. The earlystage study outlined a mine life of nine years with the first ore extracted within two years of construction. The study estimated 10.8 million tonnes would be mined at 1.34% nickel (or 1.85% nickel-equivalent) and at a rate of 3,600 tonnes per day.

The PEA noted that the company See TALON / 9

GLOBAL MINING NEWS

THE NORTHERN MINER / JANUARY 24–FEBRUARY 6, 2022

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Tembo Capital’s David Street talks about North American mining opportunities INTERVIEW

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| Private equity investment firm raises US$380 million for third mining fund mainly focused on emerging markets, particularly Africa and Latin America. The new fund, which is quite a bit bigger at US$380 million in total commitments, is the first global fund we’ve done and for that reason we’re more focused on North America than we have been in the past.

BY TRISH SAYWELL

n October of 2021, U.K.-based Tembo Capital, a leading investment advisor in the metals and mining sector, closed its third mining fund with commitments of US$380 million. The fund will focus on metals in tier one mining jurisdictions that are critical to decarbonisation and the green energy transition such as copper and nickel. Among its completed investments in the fund so far: Arizona Sonoran Copper Company (TSX: ASCU), which IPOed on November 16 and has a brownfields copper project 64 km south of Phoenix; Maritime Resources (TSXV: MAE), which owns the Hammerdown gold project in the Baie Verte mining district of Newfoundland and Labrador in Canada; and Cherish Metals, where Tembo and Black Mountain Metals created a strategic partnership in September 2021 to jointly advance the Lanfranchi mine in Western Australia. The nickel sulphide mine has been on care and maintenance since 2015, but previously produced 3.85 million tonnes of ore at an average grade of 2.45% nickel between 2005 and 2015.

The Northern Miner spoke with Tembo Capital’s CEO David Street late last year about the fund and what kinds of companies and projects it is looking for. Street was one of three partners that founded the firm in

TNM: How much money did you

have in the first two funds?

DS: It was around US$350 million

between them.

David Street, CEO of Tembo Capital.

TEMBO CAPITAL

2014. Tembo created its first mining investment fund in 2014 and its second one in 2016. Investments in those two funds included Ero Copper (TSX: ERO; NYSE: ERO), which is focused on copper production growth from its MCSA mining complex in Bahia State, Brazil, and Marimaca Copper (TSX: MARI), whose flagship asset is the Marimaca copper project in Chile’s Antofagasta region.

THE NORTHERN MINER: Before we

talk about the third mining fund, can you tell me about the two funds created in 2014 and 2016 and how they may differ from the third fund?

DAVID STREET: The earlier funds invested in a whole series of public and private mining companies but

TNM: What kinds of funds are they?

DS: These are private equity funds,

typically ten year closed-ended funds, and so we can afford to take a fairly patient, long-term strategic approach with the investments we make.

TNM: Why is the third fund focused on North America?

DS: We’ve always wanted to do more things in North America and in more developed countries. Some of our largest investors in the early funds were focused on Latin America and Africa, and that was the reason for the previous focus.

For example, Ero Copper in Brazil was in the earlier fund. We were one of the biggest private investors in Ero Copper and at the IPO we were the largest shareholder. Obviously, that’s been a fantastic company and it goes from strength to strength.

The team has done a fantastic job.

We first invested in it in 2017 and it did the IPO later that year.

TNM: What is your strategy?

DS: We’re not looking to acquire com-

panies or assets outright, we typically like to take a strategic shareholding — 10%, 20%, 30% or so — and then we like to try and help those companies to grow. We typically invest $20-30 million and it’s not necessarily all in one go, we can make investments in stages, which can be more helpful.

We help companies add value — it’s a long-term growth capital strategy.

TNM: Is it fair to say your investments

in a company are usually between US$20 million and US$50 million?

DS: Correct. We’ve got a number of good technical people within the group. I’m a mining finance person by background. I previously worked for Rothschild in London and in Denver for a while. I also worked for Endeavour Financial and Endeavour Mining in its early stages, so we do have a lot of good contacts to source investments.

TNM: You’re currently one of the early investors in Arizona Sonoran Copper. It has a really strong copper brownfields project on private land in Arizona. Their CEO George Ogilvie spoke about the project at The Northern Miner’s Global Mining Symposium on November 17.

They bought it out of a trust and at that time the project had already invested significant amounts in reclamation. And it’s on private land, which means permitting is going to be a lot simpler. Can you talk about what you liked about that investment?

DS: We invested in the company privately and we’ve been the biggest shareholder in it so far. It’s a great opportunity. They managed to piece together all those properties and negotiate with the trust, and we funded the acquisition of the properties out of the trust in July 2020 when we invested initially.

TNM: What do you like so much about

Arizona Sonoran Copper and what percentage of the company do you now own since their IPO? DS: There was a huge amount of technical data and work done historically by Asarco, which really gave the company a head start. It’s a great opportunity given the existing orebodies, location and low capital cost to restart production. After the IPO we will own 39% of the company.

TNM: Your third mining fund has

also invested in Cherish Metals, which has some interesting nickel assets in Australia. Can you tell me more about that company and why you selected it?

See DAVID STREET / 10

JOINT VENTURE ARTICLE View of the Ogoki River in the Ruby Creek area of Golden Share Resources’ Ogoki diamond project in Ontario. GOLDEN SHARE RESOURCES

Golden Share Resources bolsters team to advance properties in Ontario’s Ring of Fire

BY NORTHERN MINER STAFF

Golden Share Resources (TSXV: GSH) is exploring for diamonds and precious and base metals in Ontario.

The Canadian junior owns properties close to Ontario’s Ring of Fire, an emerging mining district in the James Bay Lowlands region in the north of the province, about 500 km northeast of Thunder Bay. The company’s portfolio comprises a diverse range of wholly-owned early exploration-stage projects, including Ogoki, a drill-ready diamond project; Kagiami, a drill-ready project that hosts targets for Volcanogenic Massive Sulphide mineralisation, orogenic gold, and intrusion-hosted base metals and platinum group elements; Petawanga, which shows potential for base metal sulphide occurrences; and Ratte Lake, a precious and base metals project.

Nick Zeng, Golden Share’s CEO, says that the properties "benefit from not only being located along the proposed infrastructure corridor for the Ring of Fire, but we have also assembled a very talented and experienced team to advance them.”

“For almost three decades, I have successfully founded and operated companies in China, Canada, and the U.S. As an entrepreneur mineral exploration is fascinating, and with Golden Share I saw an opportunity to become involved in the industry. I will use my experience to make Golden Share a successful company as I have done for other companies in the past.”

Initially, Zeng was an investor in Golden Share, holding 516,667 shares. In 2015, he became its CEO after increasing his stake to 4,740,878 shares “to become the largest shareholder of the company

and to align myself with the other shareholders.” He now holds an 11.65% interest in Golden Share.

After becoming CEO, his first action was to replace the existing team. “I believe the best asset any company has is its people. I am now confident we have the right management and exploration teams to progress our portfolio of projects.”

Golden Share’s executive team now includes Wes Roberts, a mining engineer with over 35 years of experience in the economic evaluation and development of mineral deposits, due diligence, and corporate mergers and acquisitions.

The team also includes David Graham, who has over 40 years in the mineral exploration industry. Between 2006 and 2010, he was vice president of Noront Resources (TSXV: NOT).

“During his time with Noront, the company made major discoveries in

the Ring of Fire,” Zeng said.

Zeng also brought in Zheng Huang as a board member. “With 40 years of experience in minerals exploration, Huang has expertise in construction, drilling, and investment as well as an extensive network in China,” he said, adding that “Huang provides Golden Share with great access in China.”

Zeng has also strengthened Golden Share’s exploration team, hiring Ian Johnson, a geophysicist with more than 40 years of experience in mineral exploration and “is a leading expert on airborne VTEM [versatile Time Domain Electromagnetic] surveying,” Zeng said. He also brought in Ian Trinder, whom Zeng said brings “30-plus years of experience in the compilation, integration, and interpretation of exploration datasets to the company.”

He also welcomed as strategic

advisors to the company Mac Watson, twice named Canada’s Prospector of Year, once for his contributions to discoveries in the Ring of Fire, and Sethu Raman, who played a role in developing several operating mines, including the Joe Mann gold and Gwillim mines operated by Dore Copper Mining (TSXV: DCMC; US-OTC: DRCMF).

The recent bidding war between Australian rivals BHP (NYSE: BHP; LSE: BHP; ASX: BHP) and Wyloo Metals for the acquisition of Noront and its Ring of Fire assets “also bodes well for the future of Golden Share,” notes Zeng.

The preceding Joint-Venture Article is PROMOTED CONTENT sponsored by GOLDEN SHARE RESOURCES and produced in cooperation with The Northern Miner. Visit www.goldenshare.ca for more information.

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n January 5, General Motors CEO Mary Barra unveiled the Chevrolet Silverado electric pick-up truck at CES 2022, one of the most influential technology conferences in the world. The full-size plug-in truck she said during her keynote presentation will have a range of 400 miles (640 kilometres) on a full charge and

BY TRISH SAYWELL will go on sale in the spring of 2023.

The truck was built on GM’s so-called “Ultium” EV platform—a unit of battery modules that can be configured to suit different models. The Silverado has fast-charging capabilities of up to 350kW, enabling about 160 km (100 miles) of range to be added in ten minutes. The pickup truck will be able to accelerate from zero to 60 in less than four and a half seconds and will be produced at GM’s Factory ZERO assembly center in Detroit, which the company says has been “repurposed and retooled with a US$2.2 billion investment devoted to EV production.”

During her 54-minute presentation, Barra, an engineer who became GM’s CEO in January 2014 and chairman of the board two years later, talked about the company’s pledge to become carbon neutral by 2040. “To help us meet that goal, we are on track to invest US$35 billion in electric and autonomous vehicles by 2025, powering our plans to launch more than 30 electric vehicles globally over that same time frame,” she declared.

The company intends to have all new light-duty and heavy-duty vehicles be electric by 2035.

“We plan to convert more than 50% of our manufacturing footprint in North America and China to EV production by 2030,” Barra continued.

“To meet the demands for batteries we believe that we have one of the most vertically integrated supply chains for battery production in the industry.”

GM already has two battery plants under construction today in Ohio and Tennessee, she said, and two more U.S.-based battery plants are being planned. In addition, GM is investing nearly three quarters of a billion dollars through 2025 to expand access to EV charging stations in the U.S. and Canada, she said. In addition to the Silverado, GM has also developed the GMC Hummer electric SUV and the Cadillac Lyriq.

But Barra and the folks at GM know all too well that the road to an allEV future is going to get very congested. While GM was one of the first to delve into the sector, it still faces considerable competition from both traditional rivals like Ford Motor Co., and from more recent EV entrants like Tesla and new start-ups like Rivian Automotive Inc. Ford Motor’s F-150 Lightning pickup truck is expected to debut in limited numbers this year, and there are already nearly 200,000 reservations for it.

On January 4, the company announced that it plans to double production of the F-150 in order to meet the demand. The F-150 will offer consumers two battery choices, a standard range of 230 miles and an extended battery range of 300 miles. In September it unveiled plans to build two new battery plants in Kentucky and another in Tennessee, along with an electric truck plant, with joint-venture partner and battery cell supplier SK Innovation of South Korea. The total investment of US$11.4 billion, Ford said, was the largest in the carmaker’s 118-year history. Ford is targeting to have 40% to 50% of its global vehicle volume fully electric by 2030.

Meanwhile, Rivian sold its first electric pickup truck — the R1T — with a range of about 314 miles— last year, and in December announced that it will spend US$5 billion on building a second plant in the state of Georgia, east of Atlanta. The facility will start production in 2024 and churn out about 400,000 vehicles a year. Rivian, in which Amazon owns about a 20% stake, is also scaling capacity (a 623,000 sq. ft. expansion) at its existing plant in Illinois.

Tesla plans to start initial production of its Cybertruck in 2023, and last year sold an estimated 936,000 electric cars. Other companies have big plans, too. Stellantis announced in July last year that it will invest over €30 billion (US$35 billion) in electrification and software through 2025, and is targeting more than 70% of its vehicle sales in Europe and more than 40-45% of vehicle sales in the U.S. to be “low-emission vehicles” (LEV) by 2030. “Each of the company’s 14 iconic brands is committed to offering best-in-class fully electrified solutions,” the company, which was formed last year through the merger of Fiat Chrysler and Peugeot of France, said in a press release.

For its part, Mercedes-Benz Ag says it plans to go all-electric by 2030, and in mid-December, Toyota said it plans to roll out 30 battery EV models by 2030. Startups like Lucid Motors (recently started customer deliveries of its Lucid Air EV); Fisker (taking pre-orders now for its Fisker Ocean SUV model arriving this year); and Canoo (taking pre-orders for launch in late 2022) are also charging ahead with EV plans, while Foxconn Technology Group outlined prototypes for three EVs in October last year.

The bottom line for our industry is that EV-makers big and small need to make deals with mining companies — and fast. Last week we saw junior Talon Metals announce a six-year offtake deal with Tesla to supply the carmaker with 75,000 tonnes of nickel in concentrate from its 51%-owned Tamarack project in central Minnesota (see story on page 2). The project isn’t even close to being in production and the agreement is also conditional on Talon Metals earning a 60% stake in the project.

Worries about adequate charging stations and range anxiety are being overtaken by concerns about where these EV manufacturers are going to source all the metals and minerals required to make the batteries that will drive their cars and pickups. And we’re going to see more deals and partnerships with mining companies big and small — underscoring the critical role the mining industry is playing in one of the biggest transformations in modern history. TNM

DEPARTMENTS Editorial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Professional Directory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Market News . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Metal, Mining and Money . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Stock Tables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16-19

COLUMN

| Arabian call to action

BY DR. CHRIS HINDE Special to The Northern Miner

A

mining conference without alcohol, and at which many delegates left when Mark Bristow and Robert Friedland took to the stage. You wouldn't think such an event was likely to succeed, but this one did, and is certain to thrive.

The event in question was the recent Future Minerals Forum (FMF) in the Kingdom of Saudi Arabia (KSA). The event was a bold (and financially extravagant) statement of intent with regard to mineral development across the whole Arabian-Nubian Shield.

The underlying initiative dates back to April 2016, when Crown Prince Mohammed bin Salman launched a series of goals and reforms (branded ‘Vision 2030’) to diversify the economy away from petroleum products. Although only the seventh son of King Salman bin Abdulaziz, Prince Mohammed is now heir apparent and the country’s de facto ruler.

Vision 2030 now encompasses plans not just for mining in the Kingdom but also for unlocking opportunities across all of the Middle East, plus North and East Africa, and Central Asia, with KSA acting as a hub for activities across the whole region. To that end, over 100 speakers and in excess of 2,000 delegates attended the inaugural FMF in Riyadh.

Held at the palatial King Abdul Aziz International Conference Center, the two-day FMF was the brainchild of His Excellency Khalid Al-Mudaifer, the Vice-Minister of Mining Affairs at KSA’s Ministry of Industry and Mineral Resources.

The conference had three main themes: ‘Mining's contribution to society’, ‘Reimagining mining’ (a spotlight on new technology) and ‘Lands of opportunity’ (an examination of plans to speed up development of the highly prospective Arabian-Nubian Shield). Al-Mudaifer told delegates that “by bringing together governments, the private sector, multilateral organisations and NGOs, we aim to create a mining sector that does things the right way, sustainably and equitably.”

It was instructive that, with delegates from Arab nations in the great majority, the auditorium emptied when Al-Mudaifer (the former CEO of state-controlled mining company Ma’aden) left the stage.

There seemed less appetite to hear from the following speakers, who included the leaders of Barrick Gold and Ivanhoe Group.

The Arabian-Nubian Shield, particularly to the west, is the cradle (‘Mahd’ in Arabic) of our industry, with mining being recorded in Egypt and Sudan over 3,000 years ago. Mining in the region has stagnated, however, and very little exploration has been conducted using modern techniques and equipment.

Mining executives queued up to applaud the Saudi initiative, and to concur that the Arabian-Nubian Shield was under-explored and

offered huge potential for mineral development. Most agreed that KSA is particularly well placed for an explosion of exploration and mining, given its impressive infrastructure and that the government has initiated a comprehensive airborne geological survey of the country.

Several speakers noted that, in addition to the mining potential, there was an exciting opportunity to establish KSA as a centre for the processing of raw materials from third-party nations. Indeed, with plentiful, and cheap, energy and access to important shipping lanes, the Kingdom could usurp China’s current dominant position in the processing and fabricating of metals that are actually mined elsewhere. From the perspective of Western nations, KSA could become a secure, and friendly, supplier of critical metals.

The conference was a great success in the conventional sense but, with so much political and financial firepower being brought to bear, it felt like a wasted opportunity to deliver something truly memorable.

FMF should aspire to be much more than a ‘normal’, commercial, conference, and copy instead the World Economic Forum — although the annual junket in Davos has rather lost its way.

Similarly, a lacklustre Ministerial Roundtable was held on the day before FMF. Some 25 ministers attended who are responsible for their individual nation’s mining sector. The discussion was disappointing (perhaps predictably), with far too many of these ministers regrettably staying quiet or reading from pre-prepared statements, rather than joining into a constructive debate.

It is not just in the ArabianNubian Shield that the mining industry needs to sit down with stakeholders to discuss mining's contribution to society and how we can extract metals sustainably and equitably. Nevertheless, this is an easily-defined region with modest levels of mining activity and clear political objectives, and seems a persuasive place to establish binding rules and firm guidelines that can be exported worldwide.

If FMF is to be an annual event, which seems highly likely, why not make it a proper forum? The issues we face are far too important for pandering to fee-paying delegates and exhibitors, and for indulging sponsors. Restrict invitations to those with a relevant place at the table, and lock out journalists and lobbyists to limit political posturing.

Proper, adult, debates are required, behind locked doors if necessary.

It is way past time for a high-level mining meeting between stakeholders and, bizarrely, KSA could be the unlikely catalyst that we need.

A mining Davos, perhaps, but in the desert rather than high mountains. TNM Dr. Chris Hinde is a mining engineer and the director of Pick and Pen Ltd., a U.K.-based consulting firm he set up in 2018 specializing in mining industry trends. He previously worked for S&P Global Market Intelligence’s Metals and Mining division.

COMPANY INDEX 79North . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2 Adventus Mining . . . . . . . . . . . . . . . . . . . . . . . . .12 Agnico Eagle Mines. . . . . . . . . . . . . . . . . . . . . . .12 Arizona Sonoran Copper Company. . . . . . . . . .3 Barrick Gold . . . . . . . . . . . . . . . . . . . . . . . . . . 5,6,7 BHP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,5 Cabral Gold. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2 Coeur Mining . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 Endeavour Silver . . . . . . . . . . . . . . . . . . . . . . . . . .8 Ero Copper . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 First Quantum Minerals . . . . . . . . . . . . . . . . . . .12 Fortuna Silver Mines . . . . . . . . . . . . . . . . . . . . . . .2 Iamgold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,7 Ivanhoe Mines . . . . . . . . . . . . . . . . . . . . . . . . . . .11 Kirkland Lake Gold . . . . . . . . . . . . . . . . . . . . . . .12

Lithium Americas . . . . . . . . . . . . . . . . . . . . . . . . .7 Lundin Mining . . . . . . . . . . . . . . . . . . . . . . . . . . . .7 Major Drilling Group International . . . . . . . . 5,9 Marimaca Copper . . . . . . . . . . . . . . . . . . . . . . . . .5 Maritime Resources. . . . . . . . . . . . . . . . . . . . . . . .5 Neo Lithium . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9 Newmont. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2 Noront Resources . . . . . . . . . . . . . . . . . . . . . . . . .1 Pan American Silver . . . . . . . . . . . . . . . . . . . . . 5,7 Rio Tinto . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,7 Salazar Resources . . . . . . . . . . . . . . . . . . . . . . . . .12 SSR Mining . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8 Talon Metals . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,9 Teck Resources . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 Wheaton Precious Metals. . . . . . . . . . . . . . . . . .12

GLOBAL MINING NEWS

THE NORTHERN MINER / JANUARY 24–FEBRUARY 6, 2022

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Labour shortage threatens to put mining industry on shaky ground OUTLOOK

| Talent demand has outstripped supply as companies struggle to fill vacancies

BY KELSEY ROLFE Special to The Northern Miner

M The Kabanga project site. KABANGA NICKEL. BHP From 1

2030, demand for high-purity Class 1 nickel is expected to increase by 24-fold.

“The quality of the ore body and its geology means the project will be a cradle-to-gate mining operation producing Class I nickel, copper and cobalt refined metals in Tanzania ready for use by OEMs [original equipment makers] and battery makers without any further processing.”

Kabanga Nickel was founded and is majority owned by Keith Liddell, Chris von Christierson and Peter Smedvig and their families. The founders along with management own more than 95% of the company.

The company was set up more than a decade ago to invest and secure deposits of metals and minerals needed in 'green' energy and to reduce greenhouse gas emissions, and fight global warming.

Kabanga Nickel is the founders' most recent venture into the battery metals space, where its nickel and cobalt end products will be supplied to the lithium-ion battery industry.

Lifezone Ltd. was set up by Liddell to exclusively own and develop the patented rights to the Kell process, which is a hydrometallurgical process he says can treat platinum group metal and refractory gold ore without smelting or using cyanide, respectively. Von Christierson and Smedvig invested in Lifezone in 2011.

The founders' other investments include Talga Group Ltd., in which they invested in 2016. The Talga Group owns a high-grade graphite deposit in Sweden. They also invested in Cornish Lithium, a company that has a lithium project in the U.K. In 2009, their first investment was in Sedibelo Platinum Ltd., which owns a platinum mine in South Africa. TNM

ajor Drilling Group International (TSX: MDI) had an early Christmas present for investors in December. The specialized drilling services company reported a 50% increase in revenue in the second quarter of the 2022 fiscal year ended Oct. 31, 2021, compared to the same period last year, and a doubling of its net earnings year-over-year.

But underneath the rosy performance, which the company attributed to increasing mining exploration activity, Major Drilling highlighted a potential headwind: a shortage of skilled drill teams.

“It’s certainly a challenge right now,” Ian Ross, chief financial officer of the Moncton-based company, told The Northern Miner in an interview. He said it hasn’t impacted the business yet, but “that would be, from our standpoint, one barrier to growth. Some people would think it’s machinery and equipment, but it’s a labour constraint.”

While the company has enough experienced drillers, it’s had the most trouble attracting assistant drillers.

He attributed the labour shortages to the cyclical nature of the industry, early retirements and the changing priorities of new drillers, who are more interested in job stability and going home at night, and less open to working at ultra-remote locations

in inclement weather.

The Canadian mining industry is experiencing a significant labour shortage. Job vacancy rates in the mining, quarrying and oil and gas sector in the third quarter of last year reached a record high of 4.3%, representing more than 8,600 open positions, according to Statistics Canada data from late December.

“Demand for talent has outpaced supply and we’re hearing it anecdotally from companies where they have hundreds of positions and just can’t fill them,” Ryan Montpellier, executive director of the Mining Industry Human Resources Council (MIHR), said in an interview. MIHR is a nonprofit that works with industry and other players to address labour market challenges in mining. “We fully expect we’re going to see that number continue to rise, just given what we’re seeing in the industry.”

“These shortages are not ideal and they’re going to impact the industry and its ability to remain competitive.”

Montpellier also noted labour constraints are being felt across numerous occupations, including skilled trades such as maintenance roles, heavy equipment mechanics, electricians, pipe fitters and welders — occupations the sector shares with other industries — as well as diamond drillers and professional occupations including engineers, geoscientists and metallurgists.

Workforce challenges are on the

minds of global mining executives, with consultants EY ranking them among the top ten mining industry risks for 2022. Multiple mining companies have noted increased labour costs in quarterly results, including Barrick Gold (TSX: ABX; NYSE: GOLD) and Teck Resources (TSX: TECK.A/B; NYSE: TECK). Coeur Mining (NYSE: CDE) reported in its third quarter earnings that the preliminary capital estimates for an accelerated expansion and restart of its Silvertip mine in British Columbia were higher than expected, reflecting inflationary pressures, supply disruptions and “labor market tightness.”

Pan American Silver (TSX: PAAS; NASDAQ: PAAS) cut its 2021 guidance in November to between 19 and 20 million ounces of silver, down from its earlier estimate of 20.5 to 22 million oz., with president and CEO Michael Steinmann saying in a press release that the company “continued to face challenges with availability of qualified labor and costs related to the Covid pandemic.”

Pan American declined an interview request, but Siren Fisekci, vicepresident of investor relations and corporate communications, wrote in an email that the company was still in the process of developing its guidance for 2022 and was “not prepared to discuss any assumptions potentially affecting our guidance See LABOUR SHORTAGE / 9

TSXV: EVER OTC: EVGUF

evergoldcorp.ca

HIGH GRADES FROM GOLDEN LION DRILLING ESTABLISH A BRIGHT OUTLOOK FOR 2022 After several seasons of searching, in our final 3 holes of the 2021 field season we discovered our first high-grade gold-silver domain within the large-scale footprint of the fault-bounded epithermal-style GL1 Main Zone, located on our Golden Lion property in the rich geology of northwestern B.C. The results included the highest grades of gold, silver, zinc and lead ever achieved in drilling on the property.

The initial high-grade domain is open for expansion in all directions, and the nature of these systems suggests a high likelihood of finding more as we explore the system below and along strike. Join us as we target high grades in our high-priority follow-up drilling in the approaching 2022 field season.

6

WWW.NORTHERNMINER.COM

JANUARY 24–FEBRUARY 6, 2022 / THE NORTHERN MINER

Key insights from the inaugural Future Minerals Forum in Riyadh FMF 2022

| Saudi Arabia seeks to embrace metals essential to global economies

Barrick Gold’s president and CEO Mark Bristow being interviewed at the 2022 Future Minerals Forum in Riyadh, Saudi Arabia. FMF

S

BY HENRY LAZENBY

audi Arabia is one of the world’s oil powerhouses, boasting the second-largest proven reserve of the slick stuff. Still, as the inaugural Future Minerals Forum (FMF) recently held in Riyadh heard, the kingdom is prepping for a pivot to embracing metals essential to developing the future global economy.

Saudi Arabia is looking to invest its massive capital potential to develop the mining industry from ex-

Mark Carney, Vice Chair and Head of Transition Investing for Brookfield Asset Management, speaking as part of FMF 2022. FMF

ploration to downstream battery metal processing. Perhaps more impactfully, the country has an opportunity to become the hub for mineral knowledge and finance for the Middle East, Africa and Central Asia region.

Attendees were inspired to ponder how the country could use its experience from OPEC to create something similar with mineral producers. Or, are we seeing the emergence of an energy metals OPEC? Saudi Arabia has committed to a

low carbon economy. To this end, it is collaborating to build the new city of NEOM, in the Tabuk province of northwestern Saudi Arabia. It is planned to incorporate innovative city technologies and function as a tourist destination.

The kingdom has set aside US$500 billion to build a city with no carbon footprint.

The FMF attracted industry Alisters, a sign of how serious the kingdom is about embracing the metals industry as a cornerstone for its fu-

Congratulations Ron Bernbaum for being honoured by The Association for Mineral Exploration (AME). Ron has been selected to receive the 2021 Special Tribute Award for service to the minerals industry. Ron’s significant contribution to the Canadian mineral exploration and development sector will be celebrated at the prestigious AME Awards Gala on February 2, 2022.

peartreecanada.com

Robert Friedland, Founder and Co-Chairman of Ivanhoe Mines, giving a Keynote Address at the forum. FMF

ture economic prosperity.

Barrick Gold’s (TSX: ABX; NYSE: GOLD) CEO, Mark Bristow, said the kingdom had the unique opportunity to reimagine how the mining industry functions. It was a first for him to see a country marketing itself to form meaningful partnerships with the mining industry.

“Reimagining mining is such an interesting topic because it means we need to start again,” he told the conference. “We need to, as miners, reach out and recognize we have stakeholders — not only shareholders who are important — but equally important, our host countries and communities around our mines, the population and the countries we work at.”

According to Bristow, the way forward is solidly anchored by environmental, social, and governance (ESG) based investment principles.

Previously, the industry was not collaborating on a global scale regarding ESG. There are significant economic groups globally who comprise the big polluters. While it’s essential for them to commit to lower carbon emissions, he cautioned the importance of these nations to make sure they bring the rest of humanity along for the ride. “No one’s thinking about the developing world, and that’s the part where poverty is a bigger threat to the future of this planet than anything else,” said Bristow.

Bristow has an established track record of advocating for the power mining as the primary sector has to uplift nations and create wealth per capita.

Mining also has a huge role in the burgeoning energy transition.

“There’s a massive responsibility to coordinate the transition across the world and not deny those developing economies continued development. To do that, you need metals, you need minerals, you need the hard rocks,” said Bristow.

“Right now, in a broad sense, there’s a lot of promises out there with very few plans, and we need that to change,” he said.

Part of the answer, according to Bristow, is to invest in young talent.

The other part is to invest in new technologies to advance energy storage efficiencies.

Bristow said mining offered countries the primary building blocks to advance their economies.

“If we are honourable and committed to real stakeholder involvement, it would drive a lot of economic change and upliftment across the globe when no other businesses are doing that,” said Bristow.

“If we are honourable and committed to real stakeholder involvement, the goal drives a lot of economic change and upliftment across

the globe.”

That change starts at home. Saudi Arabia has been implementing reforms from the top down.

Electrum Group chairman, Thomas Kaplan, said that Saudi Arabia’s ambition was well underway with great miners in attendance such as Bristow and Robert Friedland.

According to him, to have practitioners of best practices in the mining sector involved, one would encompass all aspects of ESG. “This is not your grandfather’s Saudi Arabia,” said Kaplan. “This is arguably the most critical reform centre in the world today, if not most of the world.”

The environment, the cultural heritage preservation, the opening up of new mining areas, and the creation of transparency in the hydrocarbon industry sets the scene for a new advanced metals technology centre of excellence to emerge.

“And I’m not only talking about the developing world but in the developed world as well including the West, including the United States.

In many respects it is going backwards. Saudi Arabia is one of the few countries globally, and it’s part of a regional trend socially — the religious police are gone, there have been changes in the guardianship rules,” he said.

“Prince Mohammed bin Salman is executing a revolution from above in being able to take Saudi Arabia forward, and it is resulting in the opening up of the mineral sector in Saudi Arabia. I’m confident that they are participating in an epic, transcendent revolution within this region,” said Kaplan.

Mining personality Robert Friedland added the big-thinking perspective. “Everything we touch is either mined or grown agriculturally,” he said.

According to the colourful mining entrepreneur, Saudi Arabia, as a major oil-producing country globally, is already entrenched in mining.

“When you drill a well looking for oil, well, it takes steel and takes metal,” he reminded the audience.

“It produces oil and creates energy that the world needs. We will see mining completely reinvent itself with the support of the Saudi government. With its forward looking-policy, enormous changes will accelerate,” said Friedland.

Segueing into Bristow’s passion for young talent acquisition and retention, Friedland said a younger generation of Saudis armed with the leading energy position in the world is in a place to truly take a new look at mining and develop it on truly sustainable principles.

See FMF 2022 / 11

GLOBAL MINING NEWS

THE NORTHERN MINER / JANUARY 24–FEBRUARY 6, 2022

7

Argentina seeks to increase income from mining exports to US$10 billion by 2030 INVESTMENT

| Government launching fresh incentives to attract foreign capital Brad Nichol, Alpha Lithium's president and CEO, onsite at the Tolillar salar in Argentina. ALPHA LITHIUM

BY CECILIA JAMASMIE

A

rgentina’s government is increasing efforts to attract foreign investors to its mining sector and boost the country’s metals and minerals output as a March deadline to restructure billions of dollars in debt with the International Monetary Fund (IMF) looms.

The South American nation, which is again at risk of being cut off by global financial institutions and retreating into isolation, is launching a set of fresh incentives to attract foreign capital to its mining industry.

Export taxes, reduced from 12% to 8% in October 2020, will be cut further, the left wing government said last week, without providing specifics.

“The tax burden [in Argentina] is still higher than in countries that it competes with in terms of mining production,” Luciano Berenstein, executive director of the Argentine Chamber of Mining Entrepreneurs (CAEM) said in an emailed statement.

The sector is calling on the government to further reduce withholding taxes taken from employees’ wages, speed up Value-Added Tax (VAT) refunds and increase access to the foreign exchange market.

The goal is to increase mining exports income to more than US$10 billion over the next decade, a figure that seems attainable given the US$25 billion in investments expected to come from the 34 projects currently at an advanced stage, according to

The Caucharí-Olaroz project, located in Argentina’s Jujuy province. LITHIUM AMERICAS

the government.

Mining investment announcements hit US$9.3 billion in 2020 and 2021 combined, with 94.5% of the projects focused on expansion and construction, official data shows.

Authorities says the country needs US$22.2 billion to develop identified copper assets and US$7.3 billion to tap into its lithium deposits.

Investments needed for gold are pegged at US$1.65 billion and those for silver at US$1.11 billion.

The government of Peronist Alberto Fernández welcomed last year some major announcements.

Canada’s Lundin Mining (TSX: LUN) committed US$4.2 billion to bring the recently acquired Josemaria copper, gold and silver project in San Juan province into production.

According to company estimates, it will generate 2,500 jobs and US$1.7 billion in annual exports. The mine, scheduled to begin operations in 2026, has a mine life of up to 19 years.

Gold giants Barrick (TSX: ABX; NYSE: GOLD) and venture partner Shandong Gold announced investments to extend the life of Veladero — Argentina’s largest gold mine — to 2030.

Pan American Silver (TSX: PAAS; NASDAQ: PAAS) also hit the headlines after receiving approval for its US$1 billion Navidad silver mine.

Most of the deals of 2021, which totalled US$5.3 billion, were in the lithium sector.

There were announcements to expand lithium extraction at existing projects run by Orocobre–Toyota, an Australian and Japanese partnership, and by U.S. company Livent. Lithium Americas (TSX: LAC; NYSE: LAC) and JV partner Ganfeng Lithium approved a second-stage expansion at the Caucharí-Olaroz lithium project in Jujuy province, which is expected to enter production in the third quarter of 2022.

By the end of 2021, Rio Tinto (NYSE: RIO; LSE: RIO; ASX: RIO) gave the sector yet another boost by buying the Rincon brine project for US$825 million.

In terms of most appealing provinces, the government said San Juan led the provinces by attracting US$5.1 billion in investments, or 55.6% of the country’s total, in the two years.

Salta followed with US$2.5 billion, Catamarca with US$1.2 billion and Jujuy with US$420 million.

Argentina’s current mining portfolio comprises 87 projects, with 30 in an advanced exploration stage, 14 with a preliminary economic assessment underway, five in the prefeasibility stage and 12 in feasibility.

The country has 17 in production and three in the construction phase, along with six in early exploration projects. TNM

Iamgold in search of new CEO as Stothart leaves C-SUITE NEWS

I

| CFO Daniella Dimitrov to helm company on an interim basis

BY CECILIA JAMASMIE

amgold (TSX: IMG; NYSE: IAG) is looking for a new chief executive officer as its current leader Gordon Stothart has stepped down and resigned from the board with immediate effect.

The Toronto-based gold miner, which gave no reason for Stothart’s departure, said chief financial officer Daniella Dimitrov would serve as chief executive on an interim basis.

Dimitrov, who joined Iamgold in March last year, was also appointed president.

Stothart joined the company in 2007 as chief operating officer and became president and CEO in March 2020.

Chairman Don Charter thanked Stothart for his time at the helm and credited him for “championing” the Côté gold project in Ontario.

In a separate release, Iamgold announced the Canadian project — a 70/30 joint venture with Sumitomo Metal Mining — is 43.4% complete and on track to begin production in the second half of 2023, with an expected average production of 316,000 ounces of gold a year.

Earlier this month, Nutrien (TSX: NTR; NYSE: NTR), the world’s largest potash producer, surprised the market by announcing its chief executive officer Mayo Schmidt had left the company and resigned from the board.

Frequent leadership changes in a company can sometimes be a sign of instability or poor management, analysts say. Unexplained C-suite

Iamgold’s former president and CEO, Gordon Stothart (centre left), with Prime Minister Justin Trudeau (centre right) and other officials at the September 2020 groundbreaking for the Côté gold project in northeastern Ontario. ADAM SCOTTI/PMO

departures are even more concerning to investors, because of potential liabilities or scandals that could affect the stock price and the direction of the company.

Iamgold also unveiled on January 12 that it had kicked off a strategic review of its Rosebel gold mine in Suriname, which will require an

investment in 2022 and 2023 to address certain challenges the operation has been experiencing over the last two years.

The company estimates Rosebel will require about US$1.24 billion for the remaining 12 years of mine life.

Additionally, it flagged a potential non-cash asset impairment charge

on the asset. Iamgold has run into delays in stripping, strategic pit pushbacks as well as issues with maintenance and the completion of required infrastructure at Saramacca, a satellite for Rosebel.

The gold producer also announced a new life-of-mine plan for Rosebel, based on revised geological models

and cost increases, saying it was conservatively constrained given the other capital requirements of the group at the present time.

The strategic review of Rosabel could mean either a sale of the asset or paring back capital and production, CIBC analysts wrote in a research note to investors. TNM

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JANUARY 24–FEBRUARY 6, 2022 / THE NORTHERN MINER

Endeavour Silver to buy SSR Mining's Pitarrilla project in Mexico for US$70M M&A

E

| Acquisition accelerates company’s vision to become a premier senior silver producer

BY NAIMUL KARIM

ndeavour Silver (TSX: EDR; NYSE: EXK) is acquiring SSR Mining’s (TSX: SSRM; NASDAQ: SSRM; ASX: SSR) Pitarrilla silver-lead-zinc project in northern Mexico in a cash and share deal valued at US$70 million.

The transaction is expected to include US$35 million in cash and the same amount worth of shares.

Once the deal closes, SSR will own about 5% of Endeavour.

SSR will also receive a 1.25% net smelter return royalty, which it says is currently worth US$57 million.

“The acquisition of Pitarrilla, one of the world’s largest undeveloped silver projects, accelerates our vision to become a premier senior silver producer,” Dan Dickson, Endeavour Silver’s CEO, said in an interview.

He expects Pitarrilla to take priority over the company’s other projects

“THERE’S JUST NOT MANY PRIMARY SILVER PRODUCERS OUT THERE AND OUR ABILITY TO PICK UP ONE OF THE CROWN JEWELS IN THE SPACE IS A BIG TESTAMENT.”

Drill rig at SSR’s Pitarrilla silver-lead-zinc project in Mexico. SSR MINING

DAN DICKSON CEO, ENDEAVOUR SILVER

once the company analyzes “the economics of various scales and options for production.”

The decision to buy the project came about in a relatively short time, Dickson said, noting that the two companies started talking about

OBITUARY

R

obert (Bob) Stuart Middleton, P.Eng., was born on July 7, 1944 in Hamilton, ON. He passed away from heart failure on November 19, 2021 in Thunder Bay, ON at 77 years of age.

Robert was a highly accomplished geologist, geophysicist, and P.Eng., registered in Ontario. He was a graduate of the Provincial Institute of Mining (Haileybury School of Mines) and a graduate of Michigan Technological University with a B.S. and M.S. in Applied Geophysics. He also attended the University of Toronto PhD program in Geology. Hired by the Ontario Department of Mines at the 1967 Centennial Conference, Robert started magnetic and geology surveys at Kamiskotia west of Timmins from 1968 to 1971. In the winter months, he reviewed all geophysical assessment filings and sat on a committee led by Larry Morley to launch the Earts Satellite and receive data via a dish at Prince Albert, Sask. (which became the Canada Centre for Remote Sensing in Ottawa, ON). In 1971, Robert joined Dr. Tony Barringer and was manager of airborne operations. He test flew e-phase and airtrace in North America, Europe, and South Africa. Robert’s airborne division was bought by HBMS-Anglo; therefore, he went to Rosario Resources to work summers in Timmins and winters in Central America. In 1977, he put the Steetley Penhorwood Talc Mine into production in Timmins. Robert found the Bell Creek Mine in 1979. With the AMAX take over, Bell Creek became CANAMAX and Robert joined Newmont at the end of 1980. He worked with Dr. Arthur Brant and is the only person to work with the inventors of Time Domain IP and Airborne Time Domain EM. Robert assisted Bruce Durham in August 1982 to drill the Goliath Discovery hole at Hemlo, which opened up all three deposits at Williams, Corona, and Goliath. From 1983 to 1990, Robert ran a contracting geophysical company. He has consulted and managed junior mining companies to present. In February 2003, Robert flew the first VTEM survey at Kashabowie west of Thunder Bay, which led to other discoveries in the area.

Robert has more than five decades of field work, mine discoveries, and company building experience. He has completed acquisition-focused economic reviews of most gold mines in North and Central America, and has undertaken more than 25 feasibility studies during his career. Robert encompassed the formation of seven junior mining companies and has reviewed or set-up projects in 40 countries with the most recent project located in Namibia.

A pioneer in geology-geophysics, petrochemistry, petrology, remote sensing, airborne resistivity, and gravity program sciences, Robert’s technical firsts included: The first geophysicist for the Ontario Department of Mines; introducing the gravity mapping program for Ontario; flying the first airborne resistivity survey in the world to map sand and gravel deposits in Uxbridge and Whitchurch Twp.; completing the first airborne geophysical and geochemistry surveys in the Sturgeon Lake area; and subsequently, becoming the first to complete such surveys around the globe.

Robert was the recipient of the 2008 Prospector of the Year Award, Ontario Prospectors Association (OPA), the 2001 and 2004 Discovery of the Year Award, the Northwestern Ontario Prospectors Association (NWOPA), and the 2014 Lifetime Achievement Award, NWOPA. He was a member of the Ontario Association of Professional Engineers and the Canadian Institute of Mining and Metallurgy.

Robert is predeceased by his parents, Florence and Mearle, as well as his grandson, Evan. He is survived by his loving wife, Betty, his four daughters, Heather (Morley), Catherine (Michael), Amber, and Allyn; two sons, Douglas (Younghee) and Alexander (Coral); grandchildren, Madeleine, Rowan, Nicholas, and Logan; sister, Carol (Al) Williams; niece, Melanie (Nick) and nephew, Christopher (Rhonda); as well as many extended family members.

The Middleton family would like to thank the following individuals for their excellent care: Dr. Leishman, Dr. Nigro, Dr. Acedillo, and Dr. Miller; the nurses in the ICU and on 1A, 2A, and 2C at the Thunder Bay Regional Health Sciences Centre; the community nurses, especially Donna; and nurse practitioner, Catherine Bill.

­

the acquisition in the fourth quarter of last year.

“For us sometimes deals take a long time, sometimes quickly,” he said. “At the end of the day, it is [one of] the largest undeveloped bodies in the world.”

“There’s just not many primary silver producers out there and our ability to pick up one of the crown jewels in the space is a big testament,” he said, adding that for SRR Mining, which was moving towards gold, “it didn’t make sense for them to develop this ore body.”

For SSR, the transaction is a part of the company’s goal of “realizing value” by monetizing non-core assets,” SRR said. “Together with the sale of our non-core royalty portfolio in the third quarter of 2021 and ongoing rationalization of non-core equity positions, SSR Mining has realized in excess of US$235 million ... over the past seven months,” the company stated in a press release.

Endeavour Silver has committed to spend a minimum of US$10 million on exploration at Pitarrilla over a five-year period after the transaction closes, SSR said.

The Pitarrilla project, 160 km north of the city of Durango, has measured and indicated resources of 164.7 million tonnes grading 99.1 grams silver per tonne, 0.36% lead and 0.91% zinc for contained metal of 525.7 million oz. of silver, 1.3 billion lb. of lead and 3.2 billion lb. of zinc.

Endeavour Silver is treating the resources, which SSR first outlined in a 2012 technical report, as “historic” and aims to build current resource data within the next six months, said Dickson.

The deposit remains open and according to Endeavour, the geology at Pitarrilla is “broadly similar” to its Guanacevi and Bolanitos underground mines, also in Mexico.

Located 260 km away from Durango city, in northern Mexico, the Guanacevi mine, which Endeavour acquired in 2004, is the company’s highest grade silver operation.

The mine produced 4.3 million oz. silver in 2021.

The Bolanitos mine, located 12 km northwest of Guanajuato city, was acquired in 2007. The mine produced 491,412 oz. of silver in 2021.

Ovais Habib, an analyst who covers SSR Mining at Scotiabank, described the transaction as neutral.

“We view the announcement neutrally as the sale monetizes a non-core asset while also allowing the company to maintain upside potential through the 1.25% NSR and ~5% equity stake in Endeavour Silver,” he wrote.

“We look forward to future updates from SSR and Endeavour Silver about Pittarilla’s exploration and development.”

Habib has an outperform rating on SRR and a one-year target price of $31 per share.

BMO analyst Ryan Thompson in a research note to clients stated that the cash and stock deal of US$70 million was higher than BMO’s “prior carrying value” of $47 million. “The company also retains a 1.25% NSR on Pitarrilla. We are pleased to see SSR monetize another non-core asset following the sale of its royalty portfolio, which closed in late October.”

At presstime, SSR Mining was trading at $21.20 per share within a 52-week trading range of $17.29 and $25.30, while Endeavour Silver was trading at $5.33 per share within a 52-week trading range of $4.77 and $9.32. TNM

GLOBAL MINING NEWS

THE NORTHERN MINER / JANUARY 24–FEBRUARY 6, 2022

9

Conservative party leader O’Toole calls for security review of Chinese takeover of Neo Lithium LITHIUM

| At issue is Canadian company’s brine project in Argentina

T Talon Metals team in front of the core shed at the Tamarack nickel-copper-cobalt project in Minnesota. TALON METALS

TALON From 2

has the option of producing nickel sulphates for the EV market; nickel concentrates to be used for refined nickel powders for EVs; and nickel concentrate for the stainless steel market.

Under a nickel powder scenario, where nickel concentrates would be produced at site and thereafter used to produce refined nickel powder by a third party for the EV market, initial capex and working capital were estimated to be US$316 million with an after-tax payback period of 1.5 years, a post-tax net present value (NPV) of US$567 million and after-tax internal

rate of return (IRR) of 48.3%.

Under a nickel sulphide scenario, where nickel sulphates would be produced at site for the EV market, initial capex and working capital would come to US$553 million with a payback after-tax of 2.1 years, an NPV of US$569 million and IRR of 31.9%.

Under a nickel concentrate scenario, where the nickel concentrates produced at site would be sold to a smelter, which produce LME grade nickel mainly for the stainless steel market, initial capex and working capital would be US$316 million with a post-tax payback period of 1.6 years, an NPV of US$520 million and an IRR of 45.6%.

The numbers in each scenario were based on a base case nickel price of US$8 per lb. and a copper price of US$3.00 per pound.

According to the company’s most recent corporate presentation, its major shareholders are Resource Capital Funds (19.0%), the Pallinghurst Group (19.0%), Rio Tinto (5.8%), and management and directors (3.7%).

Over the last year Talon has traded in a range of 44¢ and 90¢ and at presstime in Toronto was trading at 73¢. The junior has about 702.5 million common shares outstanding for a market cap of about $512.8 million. TNM

LABOUR SHORTAGE From 5

at this time.”

The industry is no stranger to labour shortages and experts say they’re unlikely to be a short-lived phenomenon due to a number of structural factors. According to theMining Industry Human Resources Council, roughly 60,000 mining workers will retire by 2030, forcing companies to deal with “replacement demand” even as they need to fill net new positions.

Some workers may also be leaving for entirely different industries.

Workers in the energy and mining industry have on average been applying for work in other industries more frequently than applicants in other sectors, LinkedIn said in its December Workforce Report. While crossindustry transitions were muted for most workers, they jumped 60% in early 2020 among energy and mining workers and continued through the pandemic.

The report said energy and mining workers who have transitioned have primarily moved into manufacturing, construction, software and IT services, corporate services and finance occupations since 2019.

At the same time, a December 2020 survey of 3,000 young Canadians aged 15 to 30 by MIHR and Abacus Data found 42% “definitely would not” consider working in the mining industry and a further 28% “probably would not.” A combined total of 11% of young Canadians definitely or probably would work in the sector.

“There has constantly been a challenge of downturns and upturns for talent, [but] I think it’s getting worse because students aren’t considering mining as an option for a career,” said Mary McKenzie, principal in the mining and metals practice at executive search firm Odgers Berndtson in Toronto, who said enrolment in Canadian mining engineering programs is declining.

“Mining, I think, needs to do a bit

BY NAIMUL KARIM

he leader of Canada’s opposition Conservative party, Erin O’Toole, has asked the federal government to conduct a national security review of the proposed takeover of Canadianbased Neo Lithium (TSXV: NLC; US-OTC: NTTHF) by China’s Zijin Mining.

O’Toole said that his party “will be calling an emergency meeting” of the industries committee to ensure that the ruling Liberal party explain why they didn’t do the review “in the first place.”

“Canada’s Conservatives are calling on the Liberal government to immediately conduct a national security review of the takeover of the mining company Neo Lithium by a Chinese state-owned and controlled company,” O’Toole said during a press conference on January 17.

Neo Lithium wasn’t immediately available for comment.

In response to O’Toole’s comments, Laurie B. Bouchard, a spokesperson for Industries Minister Francois-Philippe Champagne, told the Northern Miner that the government hasn’t hesitated to block transactions that are not in Canada’s interest and that every case is “reviewed on its merits.”

The company’s Tres Quebradas lithium brine project (known as the 3Q project) is located in the Argentine province of Catamarca — considered to be the largest lithium producing area in the country.

The 3Q project has measured and indicated resources of 5.3 million tonnes lithium carbonate equivalent at an average grade of 636 mg/l lithium.

China’s Zijin Mining announced its plans to acquire Neo Lithium for $6.50 per share in cash in October, and Neo Lithium’s shareholders approved the transaction in December.

On January 11, Neo Lithium said that it received clearance from Argentina’s environment and mining authority for the construction and operation of its 3Q project — one of the final conditions Zijin Mining needed to acquire the junior exploration company.

“Zijin is in the process of obtaining approval for the transaction from relevant authorities in the People’s Republic of China,” Neo Lithium stated in a press release on January 11.

Conservative leader O’Toole said that the review was critical for Canada to safeguard its supply and access to critical minerals like lithium “to protect our economy and our competitive advantage” and to ensure that Canadian mining companies stay ahead of competitors under “autocratic, nondemocratic rule like the Chinese Communist Party.”

“We are poised to play a key role in the growth of electric vehicles,” O’Toole said. “Combine this with Canada’s global leading natural resources economy...to our leading role as a global center of excellence of mining finance, Canada should become a leader in the value chain for battery production.”

“Companies like Neo lithium are Canadian because we are mining finance leaders,” he added. “As electric vehicles become more common Canada needs to make sure it has capital, market access and the capacity to stay ahead of competitors.”

A feasibility study of the 3Q project completed in October, forecast a mine life of 50 years with average annual production in the first 20 years of 20,000 tonnes of battery grade LCE. At an 8% discount rate, the 35,000-hectare project would generate a post-tax net present value (NPV) of US$1.13 billion and a post-tax internal rate of return (IRR) of 39.5%. TNM

Clear Creek Placer Gold Mine Employees at MMG's Las Bambas project in Peru. MMG

of marketing and branding of itself so those folks understand how the industry contributes to daily life,” McKenzie said in an interview.

For his part, Montpellier said the industry is also struggling to attract diverse talent and immigrants to its ranks.

According to EY’s September 2021 survey of more than 200 global mining executives, 64% said they were collaborating with industry associations and academia to attain the skills necessary for the mine of the future, 56% said they were re-skilling existing employees internally, and 52% said they’re attempting to recruit new skills from other industries.

Montpellier said the sector is trying to boost the talent pool by subsidizing co-op programs, creating more work-integrated learning opportunities and career ambassador programs, among other initiatives. At the company level, miners are trying to distinguish themselves to prospective hires by developing inclusive and

supportive workplace cultures and offering professional development opportunities, as well as competitive compensation and benefits.

Ross at Major Drilling said the company has ramped up its weeklong training programs that educate new employees on heavy machinery operation and safety standards, which he said helps with recruitment and retention: new drillers are more likely to stay if they feel safety is a priority.

The company also invested in its drill fleet and inventory, which beyond insulating the company from supply chain challenges also ensures drillers, whose compensation is partly based on productivity, can continue to drill meters and earn their bonuses.

The company also introduced retention bonuses in 2021, and evaluated its compensation package to ensure it is competitive in the market.

“From our standpoint it’s certainly a challenge,” Ross said. “But I think we feel with our approach we’re managing it.” TNM

Dawson Mining District, Yukon Terms: For Sale, Joint Venture

• historic placer producing stream • excellent access, located 112 km south of Dawson City, beside the Klondike Highway • large block of claims, 380 placer claims, 113 hard rock claims • fully operational, equipment, camp, water license, infrastructure in place • large volume of pay gravel, estimated at 10,000,000 LCY (Loose Cubic Yards) • grades are 0.003 to 0.016 oz per LCY • drilling has recently identified a white channel deposit, preliminary estimate of 6,800,000 LCY • assay results indicate hard rock potential for the property • gold is fine, assay is 83% to 84% • geology reports, maps, assay results and equipment list are available CONTACT: Dave Bednar, Chief Manager, Wolf Head Discovery and Mining, LLC

952-223-8011 (Office Direct) 651- 341-1850 (Mobile) dbednar@dhbholdings.com

10

JANUARY 10–23, 2022 / THE NORTHERN MINER

DAVID STREET From 3 DS: Yes, that’s a private nickel com-

pany and we’ve partnered with Black Mountain Metals, another investment company, which is based in the United States. Together we each own 50% of Cherish Metals, which owns the Lanfranchi mine in Western Australia. This is quite a prospective nickel sulphide asset, which was previously mined a number of years ago, so it’s an interesting investment. We think there could be some good upside with the application of more modern exploration techniques and it’s well located in a primary nickel producing region.

It’s tough to find nickel sulphide assets in the current market.

TNM: Many companies are still hav-

ing trouble raising money, which means it’s a great time for groups like Tembo to get in early.

DS: Yes I think it is really hard for many companies. There does seem to be a shortage of capital in North America for some of these assets and particularly in the Canadian market, so we’re seeing a number of good opportunities.

TNM: What are you looking for in terms of metals?

DS: We’re particularly focused on copper, we like nickel, we look at gold and other metals. We think the fundamentals are very strong, particularly for copper and nickel given decarbonisation and the rollout of electric vehicles. Obviously we’ll look at other metals as well. We quite like mineral sands as a commodity.

I think the fundamentals for the mining sector overall look pretty good here. And I think it’s a really good opportunity for us being able to raise this capital now — US$380

SPECIAL FOCUS EXPLORATION IN BC, YUKON AND NWT

million. Our investors are mostly from the United States; long-term endowment-type investors, including some quite big ones. And they’ve obviously seen the opportunity and are interested in the decarbonisation theme as well.

TNM: Can you talk about the invest-

ments in the third fund and how much money you have left in the fund now?

DS: Arizona Sonoran and the Cherish deal are the two main ones so far.

We’ll probably invest in ten to fifteen companies, in the fund. So relatively sizeable positions. And they’ll be long-term investments. We often make an initial investment, and then follow on in a number of additional tranches as the company grows and develops its assets. But it will be a relatively concentrated portfolio of probably ten to fifteen companies.

TNM: Beyond the first three com-

panies in the third mining fund — Arizona Sonoran, Cherish Metals and Maritime Resources — are you getting close to making any other investments?

DS: Well, we certainly hope so. We’re excited about the opportunities. There are a lot of companies out there with interesting assets both in the public and private markets. We typically invest mainly in equity; sometimes we also do convertible loan notes and potentially royalties as well.

TNM: Can you tell me more about

the first two mining funds?

DS: To give you an idea, we invested

in thirteen companies in total. One of the Canadian ones you might be familiar with was Marimaca Copper, which is in Chile, and was previously called Coro Mining. We invested in

that one back in 2018, and so we’ve been an investor in that for three years or so. Initially we bought about 15% of the company through a placement and we have followed on a number of times in that investment.

But that’s a really good example of the type of asset that we look for: a low cost asset, good location, great infrastructure, relatively low capital intensity, good grades. A copper asset that should grow bigger and develop into something that should be on the radar of some of the bigger copper producers, in time.

TNM: It’s getting harder and harder

to find good copper assets with good grades.

DS: It is but I still think there’s lots of opportunity. You have to be quite selective. We look at probably hundreds of assets a year, but we’ve got a good team of people here, with three geologists, a couple of mining engineers, a metallurgist. So we do screen a lot of things, and we’re very selective. We’re probably making, on average, two or three investments a year. We do a high level of due diligence on the companies we invest in.

TNM: Do you feel any pressure to

move quickly? Do you feel like it’s a race against rivals to find the best companies? Is the competition fierce?

DS: There is competition but not so much from other funds like ours.

Generally, the competition comes when the equity markets are running and are stronger. As you know, the broader equity markets tend to open and close and so typically there will be more opportunities for us to invest when the broader equity market perhaps isn’t quite so strong. And I think we can present a quite convincing case to management. For a company that’s

OBITUARY

M

r. David M. Jones, a well-known and respected geologist

died unexpectedly at his home in Tucson, Arizona on December 28, 2021.

Dave studied geology at Dartmouth College and the University of Arizona. During his 40-year career, he strived to push geological boundaries while exploring in frontier jurisdictions. He was known for his remarkable sense of humour, a well-informed and imaginative geological mind, and his exceptional work ethic with a ‘boots on the ground’ methodology leading to a number of major gold discoveries.

Dave’s exploration successes was driven by the principle that a project had to be ‘Big’, with multiple deposits or prospects over a broad area unified by common geological characteristics, and that ‘Systematic’ processes that formed the gold deposits have to be inherent to the project’s geological setting.

In 1994, Teck Corp. appointed Dave as a senior geologist and project manager for the company’s Nukay gold project in Guerrero, Mexico. Over five years and $15M, Dave discovered 4 million ounces of gold in what eventually became to be known as the Los Filos gold deposit (now owned by Equinox Gold Corp.).

A recognized skarn expert, he created the geological model responsible for multiple discoveries in what is now known as the 20 Moz ‘Guerrero Gold Belt’.

Post Teck, Dave became a ‘skarn expert’ to several companies within the Gold Belt. He worked for Peñoles at their El Bermejal gold deposit and Grupo Mexico at their Morelos Sur gold project. He served as Chief Technical Advisor for Torex Gold Resources Inc. at its inception and played a significant role in championing Torex’s ‘South of the River target’, which became the 3 Moz Media Luna gold deposit. He also served as a director of Cayden Resources through their acquisition by Agnico Eagle. More recently, David was responsible for identifying the exploration target that became Gold Resource Corp’s Switchback vein system at the El Aguila project.

With Minaurum, David finally had a vehicle to advance his personal projects. Dave co-founded Minaurum and served as a director and key member of its technical advisory committee. Dave was busy designing exploration programs and planning for the upcoming field season at the time of his death.

Besides his geological career, Dave was an accomplished climber and caver. Early in his climbing career he made several first ascents on big walls in Zion National Park in Utah. As a caver, he led several expeditions that discovered major sections of Lechuguilla Cave, in Carlsbad National Park in New Mexico, as well as several caves in Guerrero and Oaxaca, Mexico. He was out climbing near his home in Tucson, Arizona the day before his passing. Dave was preparing for a cave-exploration trip to Oaxaca this January.

We highly encourage the mining community and those interested in learning more about David’s significant exploration contributions in Mexico to view his video presentations on the Guerrero Gold Belt: https://youtu.be/ugBbAHZ2Ho0 (Click Here for Playlist) and at the Mexico Mining Discoveries Conference: https://youtu.be/RJrP9GWZhP4 Darrell Rader, President & CEO of Minaurum Gold Inc., commented, “We are deeply saddened by David’s passing and extend our condolences and prayers to his family. We were fortunate to have known and worked with him for so many years and we intend to pursue the programs he designed for us and continue to build on his legacy and passion for discoveries.”

David is survived by his wife Jackie and brother Peter Jones.

let’s say is doing a feasibility study, they’ll probably have two or three or four rounds of funding before they get into production. And the types of management teams we work with often view it as a big advantage to have a supportive shareholder like Tembo on the register with a relatively sizeable position — say a 10% to 20% shareholding.

TNM: Do these companies typically find you or do you find them, or is it a bit of both?

DS: We do proactively go out and speak to people we know or assets we’re aware of. When we were looking at the Marimaca asset a few years ago in Chile, we looked at a whole range of assets in Latin American copper. We wanted to do more copper at that time in our portfolio, so we went and looked at a whole range of companies through our contacts.

We also see a steady flow of companies who approach us either directly or through intermediaries.

TNM: What do you think ultimately

the breakdown of metals will be and are you considering investing in other commodities — things like cobalt, lithium, graphite?

DS: That’s a great question. We are focused more on mainstream metals.

We are very interested in the metals that are behind the electric vehicle, decarbonisation themes that we’re seeing at the moment. But that said, we are more focused on the bigger markets, the more liquid metals, and so obviously that draws you to copper and nickel and possibly some of the other base metals. We’ve spent a lot of time looking at lithium. We are interested in lithium but are being very selective. I think some of the other markets, like graphite, can be quite niche. And so I think those are probably of less interest to us.

We have done well in gold investments in the past. In our previous fund we were invested in a company called Toro Gold, which was a private gold company, which was bought a few years ago by Resolute Mining. So we’ve successfully invested in gold over many years. And I think with what’s happening with inflation at the moment, this could again be a good time to look at some gold assets within this fund. I would expect we’ll have copper, gold and nickel in this fund. And then a few others would be things like mineral sands, possibly some zinc, and other base metals, and possibly iron ore. But those would be the three primary metals that we’re looking for.

TNM: Which of those metals are the

hardest to find good prospects?

DS: It’s actually quite hard as you probably know to find high-quality nickel assets, particularly sulphide nickel assets.

TNM: Are there any jurisdictions

where you just won’t go?

DS: We have never traditionally

looked at Russia and the former Soviet Union, just because we’ve not really spent a lot of time there in our careers. It’s not an area of the world where we have a lot of expertise. We’re quite focused on North America, Canada the U.S. and Australia. We’ve previously made a lot of investments in Latin America and Africa. And with our head office in the U.K., we obviously look at things in Europe. We’re looking at a few things in Scandinavia currently and in the Balkan region, which I think is quite an interesting part of the world where a lot of good technical work has been done historically.

TNM: Any red flags?

DS: I think we’re quite selective across

the board. If we’re looking for a copper asset, for example, typically it’s got to have good grades, in a good jurisdiction, and in terms of permitting we need to get comfortable with the timetable around it. We’re looking for high-quality assets. We’re quite focused on assets with relatively low

WWW.NORTHERNMINER.COM

capital intensity — ideally US$300$400 million or lower. And mine lives of at least eight or ten years. We like assets that smaller companies can potentially build or start off at a smaller scale and then expand later.

It’s difficult for a small company or a junior to put a project into production that has a US$1 billion capex bill. How can they raise the money for that? So we’re quite focused on low-capital intensity, ideally highgrade, quicker payback projects but projects that can scale up to be relatively sizeable resources.

On the gold side, we like to target assets that we think can produce about 100,000 ounces of gold a year from a critical mass point of view.

And then we’re looking for the best management teams we can partner with, really, in terms of having the right skill sets, having a track record of having done things before. I think David Strang of Ero Copper is a good example of that.

TNM: All-in sustaining costs of below

US$1,000 per ounce gold?

DS: Yes. We’re looking for assets that are in the bottom half of the cost curve.

TNM: How long does Tembo stay

invested on average?

DS: Our average investment time frame is four to six years, which is probably quite lengthy compared to a lot of the other funds these days.

TNM: Have you ever been in a situation where you love the asset, but aren’t crazy about the management team? Would you still invest?

DS: That’s a good question. I think we probably would. If we really loved the assets we’d probably have some dialogue with the team about whether some other people could be introduced into the team. We’re not looking to run companies. We’re a financial investor, but we want to be backing, as a strategic investor, a team that has the same vision for the asset as we do; that shares the same vision about how it should be developed. Sometimes you’ll find some companies that are very keen to try and get into production with a very small scale asset, whereas we’re of the view that we’d rather do more development work on understanding the geology, trying to increase the resource base before doing that, for example. So we need to be aligned with management from the outset.

We usually will have someone on the board of these companies — not always, but usually.

TNM: There has been a lot of M&A recently. Do you expect to see more of it?

DS: Yes I do see more of it; I think some of the bigger players will struggle to fill their pipelines and find new assets over the next three to five years, particularly if the markets continue to strengthen. And I think they will be looking to add assets through M&A. And in lots of cases, it does make sense to buy assets rather than develop them from an early stage for some of the bigger companies.

The Newcrest deal with Pretium is a good example of that. So I think it’s something we’ll see more of because there is a scarcity of good assets in the industry. We’ve had such a long period, where capital was scarce; and there weren’t many good development projects advanced, especially in copper and nickel. So I definitely think we’re going to see more M&A over the next three to four years.

TNM:As a Canadian, I have to ask

you whether you’re close to investing in anything else here?

DS: In Canada we’ve invested more recently in Marimaca and in Arizona Sonoran Copper. They are really good examples of the types of things we like because they’re strong projects and you can put them into production without a lot of capital expenditure.

We’re looking at a few other gold assets in Canada now but I wouldn’t say we’re close just yet. TNM

GLOBAL MINING NEWS

THE NORTHERN MINER / JANUARY 24–FEBRUARY 6, 2022

11

The Mineral Café gave participants an opportunity to network at FMF 2022 in Riyadh, Saudi Arabia. FMF.

FMF 2022 From 6

“The central location of this kingdom, the enormous energy of its useful government, and vision for 2030 can make this the mining capital of the world,” Friedland proclaimed.

Friedland’s approach encompasses a big-picture view. “We need to look at the world from the cradle to the grave, from sperm to term, how the whole system has to be looked at and reinvented.”

Friedland said the energy transition depended entirely on metals, especially copper, nickel and other metals.

“If we are to make any progress on the reduction of hydrocarbon and make you a better world — hydrocarbon is not a bad thing, hydrocarbon has brought us to the current state of human civilization — but every global wind turbine fleet we’re building will entail demand of another 5 million tonnes of copper by 2028 to satiate the increasing pace of industrialization,” he said.

Friedland emphasized how copper is the metal that drives the future. “2028 is tomorrow morning, ‘Vision 2030’ is tomorrow morning in the history of our species. They’ll be none of these giant wind farms without copper metal.

Copper is the electric vehicle story.

It depends on copper completely.

“In 2030, we will have at least 20 million EV charging points globally. We’ll need a 250% increase in current copper consumption just to accomplish that. And by 2040, we’ll need 4 million tonnes of copper per year, just for passenger EVs, but of course, the story doesn’t stop at the electric car.

“The advent of hydrogen fuel celled vehicles will also depend heavily on an electrified chassis,

expanding demand for copper further,” he said.

The advent of electrified industrial vehicles scales up these demand curves exponentially.

“There’s seven, eight, nine million people scheduled to be on this planet. How much global warming do we create even to make those cars if everybody has a car? How is electric energy generated and transmitted?

“In six, short years, we’ll produce 22 million EVs a year,” he said.

“I believe that the young people of Saudi Arabia have a critical and bright future in the whole system of maintaining energy security for the world because energy security is number one.”

“It’s a fraud to say that we have enough nickel and copper to electrify all the world’s cars. We can electrify some cars for people who can afford that, but not all cars.

And so, I can assure you humanity will depend on the forms of energy security that comes to the kingdom of Saudi Arabia for a long, long time,” said Friedland.

Aside from the evident lowhanging fruit in the energy transition, Saudi Arabia also has significant additional opportunities, including the investments in hybrids of carbon capture, suggested Mark Carney, Vice Chair and Head of Transition Investing for Brookfield Asset Management, as well as the UN Special Envoy for Climate Action and Finance.

“Saudi Arabia also has a great logistical position that is investing heavily in logistics. So, from a commercial perspective, we have the world moving to that net-zero target and the huge demand that comes from that. It’s important.

The miners will benefit from this investment,” he said. TNM

2022 EDITION of the Mines Handbook is here Quickly find the mining company facts you need

Aerial shot of the Phase 2 plant concentrator under construction alongside the Phase 1 operation at Ivanhoe’s Kamoa-Kakula copper complex in the DRC. IVANHOE.

Ivanhoe Mines to produce 340,000 tonnes of copper at DRC mine in 2022 COPPER

I

| Output would triple production from last year

BY CECILIA JAMASMIE

vanhoe Mines (TSX: IVN; USOTC: IVPAF) said on January 10 that it expects to produce between 290,000 to 340,000 tonnes of copper in concentrate in 2022 at its Kamoa-Kakula copper complex in the Democratic Republic of Congo (DRC).

The Canadian miner, which began production at the asset last year, said output for the year ended December 31 yielded 105,884 tonnes of copper concentrate, which exceeded the upper end of the increased guidance range of 92,500 to 100,000 tonnes.

The year-end total was boosted by record monthly production of 18,853 tonnes achieved in December, Ivanhoe said.

Guidance range for cash costs per lb. of payable copper in 2022 has been set at between US$1.20 and US$1.40 per pound. The range sits below US$1.37 per lb. Ivanhoe achieved in the final quarter of 2021.

Ivanhoe said it is now focused on completing the mine’s Phase 2 con-

centrator plant expansion, which is expected to start production in the second quarter of 2022, at least three months ahead of schedule.

The company said the project will double the mine’s nameplate milling throughput to 7.6 million tonnes per annum (Mtpa). Phases 1 and 2 combined are forecast to produce approximately 400,000 tonnes of copper per year.

The Phase 3 expansion is also advancing, Ivanhoe said, with work ongoing on a new box cut to open up the Kamoa mine. An updated prefeasibility study, including the Phase 3 expansion, is expected in the third quarter of the year.

Ivanhoe inked a deal in June with Zijin Mining’s DRC subsidiary and trader Citic Metal to sell each 50% of the copper production from the copper mine.

Mining billionaire Robert Friedland, Ivanhoe's founder and coexecutive chairman, has said the project will become the world’s second-largest copper mine and the one with the highest grades among

major operations.

He also believes the DRC has the potential to become the world’s top copper producer, overtaking Chile.

The company has vowed to produce the industry’s “greenest” copper, as it works to become the first net-zero operational carbon emitter among the world’s top-tier copper producers. Friedland has not yet set a target date for achieving that goal.

In addition, Ivanhoe Mines is advancing development of the Platreef palladium-rhodium-platinumnickel-copper-gold discovery in South Africa, scheduled to begin production in 2024. A feasibility study for the project should be completed in early 2022, the miner said.

In the DRC, the company is upgrading the historic Kipushi zinccopper-lead-germanium mine for a resumption of production.

Ivanhoe shares have doubled in value over the past year and were trading almost 4% higher at presstime in Toronto, at $11.09 a piece.

The company has a market capitalization of $13.17 billion. TNM

Comprehensive profiles of over 1,600 mining companies and over 1,400 advanced projects and producing mines.

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First Quantum agrees to pay US$375M a year in royalties to Panama COPPER

F

BY CECILIA JAMASMIE

irst Quantum Minerals (TSX: FM) has reached a deal with Panama’s government to increase royalty payments at the giant Cobre Panama copper mine, the company’s flagship operation.

The Canadian miner’s subsidiary, Minera Panama, said it considered “reasonable” the US$375 million a year-figure the country has asked for. In return, the company asked authorities to guarantee the continuity of operations during the mine’s productive life.

The Vancouver-based miner had been in talks with Panama since September last year, a period during which copper prices have traded at record levels.

Sources close to the matter told MINING.COM that the Central American nation’s government had proposed a royalty of between 12% and 16% of the mine’s gross profits,

| Miner’s subsidiary describes figure as “reasonable”

compared to the previously agreed 2% of revenue. They also said the US$375 million figure was the minimum annual amount the company would have to pay.

The minister of commerce and industries, Ramón Martínez, said in a recent press conference that he also wanted to end a “tax holiday” that allowed First Quantum to put off taxes until the capital costs of building the mine were recouped.

The official stressed that the proposed agreement would place Panama in a similar position than other Latin American copper producers such as Chile and Peru, which charge royalties on gross profits on top of taxes.

Jefferies analyst Christopher LaFemina said the magnitude of the proposed royalty hike was a “shocker,” adding that the consultancy had estimated the miner would end up paying 5% of revenues in royalties.

Cobre Panama, which began operations in 2019, has generated some

US$6.7 billion in private investment, and includes two open pits, a processing facility, two power plants and a port.

The mine complex, located about 120 km west of Panama City and 20 km from the Atlantic coast, contributes 3.5% of the Central American country’s gross domestic product, according to government figures. It can produce more than 300,000 tonnes of copper per year at full capacity.

Minera Panama’s concession was approved in 1997 and initially granted to Canada’s Inmet Mining, which was acquired by First Quantum in 2013.

First Quantum announced in a separate statement that it produced 816,000 tonnes of copper last year, a 5% increase from 2020, mainly due to record production at Cobre Panama.

The mine churned out 331,000 tonnes in 2021, 125,000 tonnes more than in the previous year. Despite facing Covid-19 restrictions for over three quarters of the year, the com-

The mill at First Quantum’s Cobre Panama copper operation. FIRST QUANTUM MINERALS

pany noted that Cobre Panama’s performance exceeded initial 2021 guidance.

The company, which is the world’s sixth largest copper miner and Canada’s largest producer of the metal, said during its virtual Capital Markets Day on Jan. 18 that it plans to build a molybdenum plant on site next year,

which is expected to generate annual concentrate production of 3,000 to 4,000 tonnes per annum.

First Quantum said Cobre Panama will be mined in five phases, starting in the Botija pit and ending in the Balboa pit in 2054. The company is currently developing the Colina pit, with mining slated to begin in 2023. TNM

Kirkland Lake hits production record ahead of merger with Agnico Eagle GOLD

| Company produced 1.4 million ounces in 2021

Salazar Resources founder, president and CEO Fredy Salazar with a drill rig at the Curipamba VMS project in Ecuador. SALAZAR RESOURCES

Adventus, Salazar secure $235.5M to advance Curipamba copper project FINANCING

BY MARILYN SCALES

A

dventus Mining (TSXV: ADZN; US-OTC: ADVZF) and Salazar Resources (TSXV: SRL; US-OTC: SRLZF) have secured financing of US$235.5 million with which to advance their Curipamba copper project in central Ecuador. Wheaton Precious Metals (TSX: WPM; NYSE: WPM) will provide a total of US$180.5 million under terms of a metals streaming deal, and Trafigura will provide US$55 million under terms of an offtake financing agreement.

The Curipamba high-grade copper project may be the next modern base and precious metals producer in Ecuador. Adventus is funding exploration and development spending of US$25 million over four years.

It is also funding capital costs to production and will receive 95% of the free cash flow until all of its investments since 2017 are repaid.

After that, cash flows will be shared 75% to Adventus and 25% to Salazar.

The feasibility for Curipamba was completed in October last year. It outlined an open pit mine at the El Domo volcanic massive sulphide (VMS) deposit. The mineralization is largely flat-lying, occurring in one main massive sulphide lens.

The resource estimate completed

| Project has positive economics

at the time of the feasibility study contained 9 million measured and indicated tonnes grading 2.11% copper, 0.24% lead, 2.59% zinc, 2.36 grams gold per tonne, and 45 grams silver per tonne. In terms of contained metal, the deposit has 189,400 tonnes of copper, 21,600 tonnes of lead, 231,700 tonnes of zinc, 680,000 oz. of gold, and 13 million oz. of silver.

There are also 1.1 million tonnes at 1.72% copper, 0.41% lead, 2.59% zinc, 1.62 grams gold per tonne, and 32 grams silver per tonne in the inferred total.

The open pit resource includes 7.1 million measured and indicated tonnes at 1.92% copper, 0.3% lead, 2.64% zinc, 2.63 grams gold and 49 grams silver. The inferred portion of the pit resource is 300,000 tonnes at 0.34% copper, 0.2% lead, 1.01% zinc, 1.34 grams gold, and 39 grams silver.

Adventus also estimated about 1.9 million indicated and 800,000 inferred tonnes that may form the basis for underground mining.

The project economics for Curipamba are positive. The project has an after-tax net present value with an 8% discount of US$259 million and an after-tax internal rate of return of 32%. The mine would have a 14-year life, during which time it would produce a total of 100,274 tonnes

of copper, 17,344 tonnes of lead, 176,166 tonnes of zinc, 335,928 oz. of gold, and 8.6 million oz. of silver.

The total initial capital expenditures will be US$247.6 million, including US$51.8 for a conventional open pit mine, US$56 million for the processing plant, and US$29.2 million for tailings management, reclamation and water treatment. The all-in sustaining cost is estimated at US$1.26 per lb. copper-equivalent.

Wheaton will provide US$175.5 million to be paid upfront in four stages to be used for pre-construction activities at Curipamba. As part of the overall funding, US$500,000 will be earmarked for local community development initiatives prior to production. Wheaton has agreed to purchase 50% of the payable gold production until 150,000 oz. have been delivered and 33% of the gold for the remaining mine life. It will also purchase 75% of the payable silver until 4.6 million oz. have been delivered and 50% thereafter.

Trafigura is providing US$45 million as a senior debt facility, including US$5 million for pre-construction activities. The remainder will be paid in two instalments during construction. This facility includes an offtake agreement for certain concentrates over the life of the mine. TNM

K

BY ALISHA HIYATE

irkland Lake Gold (TSX: KL; NYSE: KL; ASX: KLA) ended its final quarter before its combination with Agnico Eagle Mines (TSX: AEM; NYSE: AEM) on a high note — with record production of 380,470 oz. gold achieved across its three operations.

The gold miner also posted record production for 2021, with a total of 1.4 million ounces. Updated guidance released in November called for between 1.35 million and 1.4 million oz. of gold 2021.

The positive results were driven by record production at Kirkland’s Lake’s Detour Lake gold mine in Ontario and strong performance at its Fosterville mine in Australia.

Detour Lake churned out nearly 211,000 oz. gold in the fourth quarter (up 38% from the last quarter of 2020) as mining hit some of the highest-grade areas in the mine plan and production benefited from mill enhancements completed during the year. Detour produced 712,824 oz. for the full year.

Fosterville contributed 108,160 oz. gold in the quarter; Although down from 2020 production, the operation outperformed against expectations. It delivered 509,600 oz. for the year on higher grades compared to guidance of 400,000 to 425,000 oz. gold.

The company’s Macassa mine in Ontario delivered 210,190 oz. gold for the year and 61,340 oz. for the quarter, up 17% from the same period of 2020. Production guidance for the mine was revised downward to 190,000 to 210,000 oz. in November, down from 220,000 to 255,000 ounces.

Kirkland Lake president and CEO Tony Makuch, who will also head the combined company postmerger, noted that Detour Lake and Fosterville are both positioned

to meet the three-year production guidance issued in December 2020.

However, Macassa production is expected to fall short.

“At Macassa, we are reviewing the operation to assess opportunities to incorporate Agnico Eagle’s Amalgamated Kirkland Zone into the mine plan, to address ongoing performance and supply chain issues related to batteries and our battery-powered haul fleet, and to evaluate future plans for the near-surface ramp and mineralized zones,” Makuch said in a release. “Based on work to date, we expect a reduction in production in 2022 from levels included in our previously-issued three-year guidance.”

Three-year guidance figures released at the end of 2020 projected total production of 1.3 to 1.45 million oz. across all three operations in 2022, increasing to 1.4 to 1.55 million oz. in 2023. Updated guidance numbers, along with consolidated budget, will be released in late February, after the merger with Agnico closes (expected in late January to mid-February).

Makuch also noted that the company is dealing with a reduced workforce at all its operations due to Covid-19 as the Omicron variant continues to spread quickly.

However, he said it is too soon to know if the disruption will have any effect on production.

The company completed sinking the #4 Shaft at Macassa this month to a depth of 6,400 ft. Additional work, including construction of the loading pocket and other infrastructure development, and connection of the shaft to current operations, is on track to be completed by the end of the year.

Kirkland Lake had success expanding resources at Detour Lake and with exploration at Fosterville last year. TNM

GLOBAL MINING NEWS

THE NORTHERN MINER / JANUARY 24–FEBRUARY 6, 2022

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M A R K E T N EWS TORONTO STOCK EXCHANGE / JANUARY 10-14, 2022 The S&P/TSX Composite Index rose 273.1 points or 1.30% to finish the Jan. 10-14 trading week at 21,357.60. The S&P/TSX Global Mining Index gained 3.12 points or 2.98% to 107.81 and the S&P/TSX Global Base Metals Index rose 8.21 points or 4.42% to 193.75. The S&P/ TSX Global Gold Index increased 5.98 points or 2.18% to 280.10 and spot gold advanced US$21.10 per oz. or 1.17% to US$1,818.10 per ounce.

Nutrien climbed $2.84 to $90.31 per share.

The company announced earlier this month that its president and CEO, Mayo Schmidt, has left his position, and that Ken Seitz has been named the company’s interim CEO. Seitz joined Nutrien in 2019 as executive vice president and CEO of Potash. He is also a former president and CEO of Canpotex, one of the world’s largest suppliers of potash. Seitz has a bachelor degree in agriculture, a bachelor of engineering, and an MBA. Nutrien is the world’s largest provider of crop nutrients and services.

Filo Mining’s shares jumped $2.06 to $15.06 per share. The company reported 64 metres grading 1,213.8 grams silver per tonne and 0.49 gram gold per tonne starting from a depth of 362 metre in drill hole FSDH055A at its Filo del Sol project in northern Chile. The drill

hole is the best intersection of the high-grade silver zone at the project drilled to date and is outside the current resource, the company said. Drilling will continue year-round and the company said it intends to add two drill rigs in early February, bringing its total rig count to seven. The copper-gold-silver deposit is 140 km southeast of the city of Copiapo on the border with Argentina.

Shares of Brazilian crop nutrient producer Verde AgriTech jumped 36.1% to $3.77 per share. The company announced 2022 production guidance of 700,000 tonnes and 2023 guidance of 1.4 million tonnes. The company makes multi-nutrient potassium fertilizer under a variety of brands including K Forte, BAKS and Super Greensand.

TSX MOST ACTIVE ISSUES VOLUME (000s) HIGH

Suncor Energy B2Gold Corp Talon Metals Kinross Gold Barrick Gold Denison Mines First Quantum Yamana Gold Lundin Mng Ivanhoe Mines

SU BTO TLO K ABX DML FM YRI LUN IVN

57719 21627 20946 17730 16635 16162 15293 14497 13919 12185

35.99 4.64 0.89 7.23 24.04 1.90 36.25 5.36 11.04 11.87

WEEK LOW CLOSE CHANGE

33.26 4.38 0.59 6.77 22.86 1.60 29.73 4.88 9.78 10.83

35.45 4.47 0.74 7.00 23.44 1.70 34.71 5.25 10.72 11.33

+ + + + + + + +

1.87 0.14 0.13 0.12 0.55 0.15 4.31 0.34 0.54 0.64

NextSource Materials’ shares rose 16.6% to $4.35. The company announced it has completed factory acceptance testing (FAT) and final verification of equipment design specifications and end-to-end functions of its processing plant for Phase 1 of the Molo graphite mine in Madagascar. With the FAT process and final verification process completed, the processing plant will be dismantled and shipped to the mine site for installation, the company said.

The processing plant was designed and built using an all-modular approach and is capable of processing 240,000 tonnes per year of ore and producing about 17,000 tonnes per year of SuperFlake® graphite concentrate. Phase 1 of the Molo mine is fully funded and when commissioned, will become one of the few operating graphite mines outside of China. Construction of Phase 1 of the project is underway, with commissioning expected in mid 2022. TNM TSX GREATEST VALUE CHANGE

TSX GREATEST PERCENTAGE CHANGE VOLUME (000s) HIGH

Verde Potash Sherritt Intl Avalon Advance Nickel Creek Talon Metals Ascendant Res NextSource Mat Calibre Mng Filo Mg Corp EurOmax Res Silver Eleph Sulliden Mng Excellon Res Energy Fuels Laramide Res Orea Mining Scandium Intl SolGold plc Forsys Metals Ur-Energy

NPK S AVL NCP TLO ASND NEXT CXB FIL EOX ELEF SMC EXN EFR LAM OREA SCY SOLG FSY URE

VOLUME (000s)

WEEK LOW CLOSE CHANGE

891 3.90 3.11 6336 0.56 0.41 3371 0.15 0.11 1207 0.09 0.07 20946 0.89 0.59 127 0.22 0.19 2761 4.68 3.59 6930 1.48 1.16 2132 15.20 12.30 38 0.12 0.00 5379 0.28 0.22 536 0.18 0.15 580 1.09 0.93 5156 10.85 8.64 1436 0.77 0.64 4850 0.17 0.12 463 0.17 0.13 68 0.45 0.00 1045 0.97 0.84 1560 1.80 1.55

3.77 0.53 0.14 0.09 0.74 0.22 4.35 1.41 15.06 0.08 0.28 0.15 0.95 8.95 0.67 0.14 0.14 0.43 0.86 1.63

+ + + + + + + + + + -

36.1 23.3 21.7 21.4 21.3 18.9 16.6 16.5 15.8 15.4 90.2 16.7 16.7 15.2 13.0 12.9 12.5 11.5 11.3 10.4

First Quantum Teck Res Teck Res Lithium Amer Nutrien Franco-Nevada Filo Mg Corp Suncor Energy Newmont Corp Skeena Res Silver Eleph Ero Copper Cameco Corp Energy Fuels Solaris Res Perpetua Res Newcrest Mg Global Atomic IAMGOLD PolyMet Mng

FM TECK.A TECK.B LAC NTR FNV FIL SU NGT SKE ELEF ERO CCO EFR SLS PPTA NCM GLO IMG POM

15293 28 9884 5763 6818 1522 2132 57719 581 504 5379 3465 7477 5156 1039 132 29 1215 6752 20

WEEK CLOSE

34.71 43.65 42.59 38.22 90.31 163.23 15.06 35.45 76.84 14.12 0.28 16.30 28.31 8.95 14.22 5.23 22.10 3.61 3.28 3.20

CHANGE

+ + + + + + + + + + -

4.31 4.15 4.15 3.01 2.84 2.34 2.06 1.87 1.73 1.29 2.53 1.87 1.62 1.61 0.54 0.50 0.40 0.37 0.26 0.21

TSX VENTURE EXCHANGE / JANUARY 10-14, 2022 The S&P/TSX Venture Exchange fell 8.47 points or 0.93% to 902.99. Spot gold rose US$21.10 per oz. or 1.17% to US$1,818.10 per ounce.

Shares of Nouveau Monde Graphite rose 99¢ to $10.47. The company appointed Bernard Perron as its new chief operating officer. An executive with over 25 years of experience in the energy industry, Perron previously worked as senior vice president at Inter Pipeline, where he led the construction of a $4.1 billion industrial complex (where large-scale propane is converted to polypropylene). Perron has experience working in large facilities and infrastructure across Canada, Africa and South America. “As the world transitions from fossil fuels to cleantech, I am delighted to see talented minds and skilled project managers come back to Québec,” Nouveau Monde CEO Eric Desaulniers stated in a press release. “Bernard will contribute his immense construction and operational expertise in sophisticated energy industrial settings to execute our vision.” The company, which is working towards building a local supply of carbon-neutral anode material to meet growing demand from electric vehicles, produced 99.99%-pure battery-grade spherical graphite (SPG) in its phase-1 operations last year. On December 22, the company received

approval from the Quebec government to start building phase-2 of its Matawinie mine.

Shares of Oroco Resource rose 24¢ to $2.31.

The company announced drill results from its Santo Tomas project in north-western Mexico, including 328.3 metres grading 0.38% copper, 0.010% molybdenum, 2.60 grams silver per tonne and 0.038 gram gold per tonne (0.45% copper-equivalent) starting from 159.8 metres downhole in drill hole N008; and 280.1 metres grading 0.38% copper, 0.012% molybdenum, 2.85 grams silver per tonne and 0.025 gram gold per tonne (0.44% copper-equivalent) starting from 349.9 metres in drill hole N002. The 2021 drill program, which spanned 600 metres of strike length on the project’s North Zone, has confirmed the presence of “intensely fractured, TSX-V MOST ACTIVE ISSUES VOLUME (000s) HIGH

Arena Min Leeta Gold Alphamin Res Tower Res Andean Prec Stria Lithium Azincourt Ener Galleon Gold Universal Cop GoldQuest Mng

AN HIVE AFM TWR APM SRA AAZ GGO UNV GQC

12607 10179 8968 8728 8000 7910 7317 6395 5880 5705

0.54 3.28 1.05 0.18 1.89 0.05 0.09 0.09 0.12 0.31

WEEK LOW CLOSE CHANGE

0.45 2.72 0.95 0.09 1.64 0.03 0.07 0.07 0.09 0.16

0.49 3.04 + 0.98 + 0.16 + 1.80 + 0.03 0.07 0.07unch 0.12 + 0.28 +

0.02 0.14 0.03 0.07 0.07 0.01 0.01 0.00 0.03 0.13

potassic-and phyllic-altered andesite volcanics and Laramide-age porphyritic intrusive dikes,” the company said.

Tower Resources jumped 82.4% to 16¢. The company announced it found a new gold zone at its Rabbit North project in the Kamloops mining district of British Columbia. Highlights from its drill program from the new zone included 0.3 metres grading 14.9 grams gold per tonne starting from 131 metres downhole in

hole 556030 and 1.6 metres grading 14 grams gold per tonne starting from 113.2 metres in drill hole 556016. Joe Dhami, the company’s president, said that the width and grade of the golden zone “rival some of the best-known discoveries in central B.C. and marks a transformative change,” for the company. Tower plans to resume drilling on the zone after the lab results from its other December drill holes are obtained. TNM

TSX-V GREATEST PERCENTAGE CHANGE VOLUME (000s) HIGH

Goldflare Expl Aurora Royal GoldQuest Mng Genesis Mtls Tower Res Stroud Res Pangolin Dia Voyageur Min Visible Gold M Aurelius Min Stans Energy Balto Res Academy Metals Prism Res ProAm Expl Stria Lithium Hawkeye Gld&Di Nortec Mnls iMetal Res TomaGold

GOFL AUR.H GQC GIS TWR SDR PAN VM VGD AUL HRE.H BAL.H AM PRS PMX SRA HAWK NVT IMR LOT

3926 112 5705 2697 8728 305 204 3786 419 1284 1450 19 3 84 48 7910 250 73 1437 721

0.14 0.06 0.31 0.16 0.18 0.45 0.02 0.20 0.16 0.34 0.03 0.10 0.58 0.09 0.10 0.05 0.02 0.02 0.20 0.07

TSX-V GREATEST VALUE CHANGE

WEEK LOW CLOSE CHANGE

0.07 0.00 0.16 0.11 0.09 0.00 0.00 0.10 0.11 0.28 0.03 0.00 0.00 0.00 0.00 0.03 0.00 0.00 0.03 0.05

0.13 0.06 0.28 0.16 0.16 0.42 0.02 0.15 0.15 0.34 0.03 0.10 0.43 0.08 0.08 0.03 0.02 0.02 0.19 0.05

+ 100.0 + 100.0 + 89.7 + 88.2 + 82.4 + 66.0 + 50.0 + 50.0 + 50.0 + 39.6 - 28.6 - 28.6 - 28.3 - 25.0 - 25.0 - 25.0 - 25.0 - 25.0 - 24.0 - 23.1

VOLUME (000s)

Nouveau Monde Los Andes Frontier Lith Oroco Res Millennial Lit E3 Metals Thesis Gold Great Bear Res McChip Res Lithium Chile Sigma Lithium New Found Gold Rock Tech Lith Pac Booker Min Artemis Gold Uranium Roylty Universal Vent American Lith IsoEnergy Ltd Comet Inds

NOU LA FL OCO ML ETMC TAU GBR MCS LITH SGML NFG RCK BKM ARTG URC MCLD LI ISO CMU

320 42 3799 841 4725 864 1926 1137 2 3094 279 637 322 54 930 886 20 2813 509 2

WEEK CLOSE

10.47 12.00 2.64 2.31 4.67 2.91 2.05 28.45 0.86 0.98 13.30 7.77 5.73 4.25 6.30 4.68 5.80 3.73 3.71 3.20

CHANGE

+ + + + + + + + + + -

0.99 0.70 0.62 0.24 0.24 0.23 0.23 0.21 0.21 0.18 0.70 0.63 0.62 0.54 0.46 0.44 0.40 0.38 0.38 0.30

U.S. MARKETS / JANUARY 10-14, 2022 The Dow Jones Industrial Average fell 319.85 points or 0.88% to 35,911.81 and the S&P 500 dropped 14.18 points or 0.30% to 4,662.85. Spot gold climbed US$21.10 per oz. or 1.17% to finish the Jan. 10-14 trading week at US$1,818.10 per ounce.

Rio Tinto climbed US$3.16 to US$75.40 per share. The company said it is buying four battery-electric trains for use in the Pilbara region of Western Australia as part of its plan to cut carbon emissions by 50% by 2030. The 7MWh FLXdrive battery-electric trains from Wabtec Corp. will be used to transport ore from its mines to its ports and will be recharged at purpose-built charging at the port or mine. The trains will also be able to generate additional energy while in transit through a regenerative braking system, which takes energy from the train to recharge its onboard batteries. Initial trials in the Pilbara will take place in early 2024.

Shares of Yamana Gold climbed US28¢ to US$4.18. The company reported preliminary operating results for the fourth quarter and full year 2021. Production during the fourth quarter reached 281,388 gold-equivalent ounces (GEOs) (240,718 oz. gold and 3.14 million oz. silver), exceeding the company’s previous guidance of 270,000 GEOs. Full-year production hit 1.01

million GEOs (884,793 oz. gold and 9.17 million oz. silver), exceeding its earlier guidance of 1 million GEOs. Fourth-quarter all-in sustaining costs are expected to be about US$970 per GEO, about 8% below its AISCs reported for the three earlier quarters. Yamana forecasts full-year AISCs of about US$1,030 per GEO, including inflation impacts of about US$20 per GEO, which were not included it previous guidance. The company ended the year with a cash balance of $305 million.

Barrick Gold rose US58¢ to US$18.68 per share. Earlier this month the gold major announced that Christine Keener would be chief operating officer of its North American region starting in February. She was formerly vice president, Europe and North America, for Alcoa U.S. MOST ACTIVE ISSUES VOLUME (000s)

HIGH

WEEK LOW CLOSE CHANGE

Vale* VALE 148005 15.60 14.53 15.38 + 0.57 Freeport McMoR* FCX 97826 45.66 40.68 44.08 + 2.20 Yamana Gold* AUY 82273 4.29 3.84 4.18 + 0.28 Cleveland-Clif* CLF 79238 23.66 21.58 22.05 - 1.29 Barrick Gold* GOLD 77202 19.29 18.04 18.68 + 0.58 United States S* X 73055 26.17 23.47 25.39 - 0.01 Chevron Corp* CVX 60720 129.20 123.86128.96 + 3.93 Kinross Gold* KGC 59950 5.81 5.34 5.59 + 0.14 Suncor Energy* SU 45186 28.74 26.21 28.23 + 1.67 IAMGOLD* IAG 33680 2.97 2.55 2.62 - 0.17

and prior to that worked as a certified public accountant for PricewaterhouseCoopers. She has an MBA from Carnegie Mellon University.

Peabody Energy’s shares increased 18.2% to US$13.44. The coal producer announced an offer to purchase for cash up to US$38.61 million in aggregate accreted value of its 8.50% senior secured notes due 2024 at a purchase price equal to 94.94% of the accreted value of the 2024 notes to be repurchased, plus accrued

and unpaid interest. The offer expires on Feb. 14.

Shares of Sandstorm Gold rose 9% to US$6.15. The company reported that it sold about 67,500 attributable gold ounces and realized preliminary revenue of US$114.8 million for the full year of 2021, both representing a record for the company, it said. During the year, Sandstorm realized preliminary total sales, royalties, and income from other interests of US$120.7 million. TNM U.S. GREATEST VALUE CHANGE

U.S. GREATEST PERCENTAGE CHANGE VOLUME (000s) HIGH

Peabody Enrgy* Buenaventura* Teck Res* Sibanye-Stillw* Nouveau Monde* Natural Res Pt* Lithium Amer* Sandstorm Gold* CONSOL Energy* CONSOL Energy* Ero Copper* MartinMarietta* IAMGOLD* Cleveland-Clif* Cameco Corp* Mechel* Black Hills* Alcoa* United States S* McEwen Mng*

BTU BVN TECK SBSW NMG NRP LAC SAND CEIX CNX ERO MLM IAG CLF CCJ MTL BKH AA X MUX

28405 13.51 7808 8.53 30036 34.78 18822 15.03 439 8.49 284 39.48 22891 31.79 10092 6.27 1855 26.12 13966 16.00 324 14.37 2253428.04 33680 2.97 79238 23.66 27950 24.64 772 3.51 1225 71.07 27613 64.37 73055 26.17 6023 0.95

VOLUME (000s)

WEEK LOW CLOSE CHANGE

11.03 13.44 7.30 8.45 30.31 33.98 13.08 14.56 6.99 8.28 33.52 38.18 25.43 30.46 5.61 6.15 23.21 25.54 14.64 15.79 12.78 12.97 395.70 402.63 2.55 2.62 21.58 22.05 22.01 22.55 3.08 3.16 67.00 68.49 59.12 61.39 23.47 25.39 0.89 0.91

+ + + + + + + + + + +

18.2 12.8 11.7 11.2 10.5 9.8 9.4 9.0 8.6 7.8 10.0 6.2 6.1 5.5 4.7 3.7 2.7 1.6 0.0 0.5

Arch Resources* Chevron Corp* Teck Res* Southern Copp* Natural Res Pt* Rio Tinto* Mosaic* Nutrien* Franco-Nevada* Lithium Amer* MartinMarietta* Black Hills* Ero Copper* Cleveland-Clif* Cameco Corp* Alcoa* IAMGOLD* Mechel* United States S* McEwen Mng*

ARCH CVX TECK SCCO NRP RIO MOS NTR FNV LAC MLM BKH ERO CLF CCJ AA IAG MTL X MUX

2047 60720 30036 6602 284 26878 28318 14753 2211 22891 2253 1225 324 79238 27950 27613 33680 772 73055 6023

WEEK CLOSE

CHANGE

96.58 128.96 33.98 67.80 38.18 75.40 43.23 71.98 130.04 30.46 402.63 68.49 12.97 22.05 22.55 61.39 2.62 3.16 25.39 0.91

+ 4.98 + 3.93 + 3.57 + 3.45 + 3.40 + 3.16 + 3.05 + 2.85 + 2.73 + 2.62 - 26.57 - 1.90 - 1.44 - 1.29 - 1.12 - 0.98 - 0.17 - 0.12 - 0.01 + 0.00

GLOBAL MINING NEWS

THE NORTHERN MINER / JANUARY 24–FEBRUARY 6, 2022

15

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

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening on January 13, 2022 (change from January 6 2022 in brackets): Aluminium Alloy 2060 (0) Aluminium 895000 (-26400) Copper 83800 (-2150) Lead 54650 (+300) Nickel 98364 (-2130) Tin 2160 (+90) Zinc 184950 (-11200)

Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$86.55 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$28.05 Cobalt: US$31.71/lb.

Copper: US$4.49/lb.

Copper: CME Group Futures February 2022: US$4.43/lb.; March 2022: US$4.43/lb.

Iridium: NY Dealer Mid-mkt US$4,000/tr oz.

Iron Ore 62% Fe CFR China-S: US$126.80 Lead: US$1.08/lb.

Rhodium: Mid-mkt US$16,400.00 tr. oz.

Ruthenium: Mid-mkt US$550.00 per oz.

Silver: Handy & Harman Base: US$22.95 per oz.; Handy & Harman Fabricated: US$28.68 per oz.

Tin: US$18.53/lb.

Uranium: U3O8, Trade Tech spot price: US$45.85 per lb. U308 Zinc: US$1.61 per lb.

Prices current January 17, 2022

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of December 31, 2021 (with changes from December 15, 2021) Largest short positions Suncor Energy SU 31808028 13111528 12/15/2021 Argonaut Gold AR 16822954 -4592349 12/15/2021 Ivanhoe Mines IVN 14196739 -6428236 12/15/2021 Kinross Gold K 13246984 -2878683 12/15/2021 Calibre Mng CXB 12196840 -2698541 12/15/2021 New Gold NGD 11396341 680504 12/15/2021 Fortuna Silvr FVI 10692853 -3528787 12/15/2021 Barrick Gold ABX 10383534 -2044542 12/15/2021 First Quantum FM 8677032 76817 12/15/2021 Wheaton Prec WPM 8419705 -5285899 12/15/2021 Lundin Mng LUN 8393741 1521997 12/15/2021 IAMGOLD IMG 8193059 1090594 12/15/2021 B2Gold Corp BTO 7635025 610461 12/15/2021 Nthn Dynasty NDM 6140164 222207 12/15/2021 Equinox Gold EQX 5994351 -856342 12/15/2021 Largest increase in short position Suncor Energy SU 31808028 13111528 12/15/2021 Lundin Mng LUN 8393741 1521997 12/15/2021 IAMGOLD IMG 8193059 1090594 12/15/2021 Josemaria Res JOSE 989275 915728 12/15/2021 St Augustine SAU 830749 807450 12/15/2021 Largest decrease in short position Ivanhoe Mines IVN 14196739 -6428236 12/15/2021 Wheaton Prec WPM 8419705 -5285899 12/15/2021 Fission Uran FCU 5520683 -4830259 12/15/2021 Argonaut Gold AR 16822954 -4592349 12/15/2021 Fortuna Silvr FVI 10692853 -3528787 12/15/2021

Short positions outstanding as of December 31, 2021 (with changes from December 15, 2021) Largest short positions Leeta Gold HIVE 17398813 -12183106 12/15/2021 Baselode Egy FIND 13247949 12070577 12/15/2021 EnCore Energy EU 8022766 -1244736 12/15/2021 American Lith LI 4202884 -1394487 12/15/2021 NuLegacy Gold NUG 3443994 2977289 12/15/2021 Fission 3.0 FUU 2326945 -486558 12/15/2021 Three Valley TVC 2319465 1011969 12/15/2021 QC Copper QCCU 2270636 -798255 12/15/2021 Gold Line Res GLDL 2108024 2056514 12/15/2021 Noront Res NOT 1912231 611856 12/15/2021 GoviEx Uranium GXU 1841586 -136923 12/15/2021 Millennial Lit ML 1722453 1447163 12/15/2021 Uragold Bay Rs HPQ 1327403 -209591 12/15/2021 Neo Lithium NLC 1314868 1051727 12/15/2021 Azincourt Ener AAZ 1228172 1086230 12/15/2021 Largest increase in short position Baselode Egy FIND 13247949 12070577 12/15/2021 NuLegacy Gold NUG 3443994 2977289 12/15/2021 Gold Line Res GLDL 2108024 2056514 12/15/2021 Millennial Lit ML 1722453 1447163 12/15/2021 Azincourt Ener AAZ 1228172 1086230 12/15/2021 Largest decrease in short position Leeta Gold HIVE 17398813 -12183106 12/15/2021 TVI Pacific TVI 36647 -2107305 12/15/2021 Emerita Res EMO 1107610 -1715259 12/15/2021 Eskay Mng ESK 34279 -1635670 12/15/2021 Vulcan Mnrls VUL 436006 -1630037 12/15/2021

DAILY METAL PRICES Date Jan 14 Jan 13 Jan 12 Jan 11 BASE METALS (London Metal Exchange — Midday official cash/3-month prices, US$ per tonne) Al Alloy 2290/2290 2290/2290 2290/2290 2290/2290 Aluminum 2977/2978 2959.5/2968 3002/3012 2948/2960 Copper 9895/9880 9971/9960 9943/9930 9660/9631 Lead 2381/2369 2365/2348 2344/2326 2303/2289.5 Nickel 22840/22400 22125/21950 22175/21970 21670/21475 Tin 40800/40450 41840/41545 41700/41370 40650/40350 Zinc 3558/3545 3573/3557 3581.5/3566 3539/3515 PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.)

Gold AM 1822.25 1822.40 1816.40 Gold PM 1822.25 1820.35 1821.40 Silver 23.10 23.24 22.74 Platinum 979 976 982 Palladium 1870 1901 1927

Jan 10 2290/2290 2922/2934 9664.5/9640 2301/2287 21040/20850 40400/40050 3576/3576

1805.20 1806.80 22.59 947 1918

1800.55 1794.20 22.46 931 1897

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

Jan 14 1.2555 0.7970

Jan 13 1.2510 0.7994

Jan 12 1.2504 0.7997

Jan 11 1.2577 0.7951

Exchange rates (Quote Media, January 14, 2022) C$ to AUS C$ to EURO C$ to YEN 1.1046 0.6981 91.0305 C$ to UK Pound C$ to China Yuan C$ to India Rupee 0.5824 5.0627 59.0974 US to AUS US to EURO US to YEN 1.3882 0.8760 114.2350 US to UK Pound US to China Yuan US to India Rupee 0.7312 6.3526 74.3865

Jan 10 1.2667 0.7895

C$ to Mex Peso 16.1833 C$ to Swiss Franc 0.7282 US to Mex Peso 20.3050 US to Swiss Franc 0.9142

C$ to SA Rand 12.2599 C$ to S. Korea Won 948.8214 US to SA Rand 15.3744 US to S. Korea Won 1190.2600

TSX WARRANTS Alio Gold Inc. (ALO.WT) - 10 Warrants to purchase one common share of the Issuer at $7.00 until expiry Alio Gold Inc. J (ALO.WT.A) - One Warrant to purchase one common share of the Issuer at $8.00 until expiry Aris Gold Corporation (ARIS.WT) - One Warrant to purchase one Common Share of the Issuer at $2.75 until expiry.

Ascendant Resources (ASND.WT) - Wt buys sh @ $1.25 to Mar 7/22 eCobalt Solutions Inc. J (ECS.WT) - One Warrant to purchase one common share of the Issuer at US$1.95 per share until expiry Excellon Resources Inc (EXN.WT.A) - One warrant to purchase one common share of the Issuer at $2.80 until expiry Excellon Resources Inc. (EXN.WT) - One Warrant to purchase one common share of the issuer at $1.40 per share until expiry Excelsior Mining Corp. (MIN.WT) - One Warrant to purchase one Common Share of the Issuer at $1.25 until expiry.

Gran Colombia Gold (GCM.WT.B) - One warrant to purchase one common share of the Issuer at $2.21 until expiry.

Karora Resources Inc. (KRR.WT) - One

Warrant to purchase one common share of the Issuer at $0.50 until expiry.

Liberty Gold Corp. Wt (LGD.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry may 16, 2019 Lithium Americas Corp (LAC.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry Lydian International Limited (LYD.WT) One Warrant to purchase one additional ordinary share of the Issuer at $0.36 per share until expiry Nevada Copper Corp. (NCU.WT) - One Warrant to purchase one common share of the Issuer at $0.20 until expiry Nevada Copper Corp. (NCU.WT.A) - One Warrant to purchase one common share of the Issuer at $0.22 until expiry Nomad Royalty Company Ltd. (NSR.WT) One Warrant to purchase one common share of the Issuer at $1.71 until expiry.

Novo Resources Corp. (NOVO.WT.A) One Warrant to purchase one common share of the Issuer at $3.00 until expiry.

Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.5 to Feb 18/22

Platinum Group Metals Ltd. (PTM.WT.U) One Warrant to purchase one common share of the Issuer at US$0.17 until expiry Royal Nickel Corporation (RNX.WT) - One Warrant to purchase one common share of the Issuer at $0.50 until expiry.

Sandstorm Gold (SSL.WT.B) - One Warrant to purchase one common share of the Issuer at US $14.00 until expiry.

Sherritt International Corporation (S.WT) Each whole Warrant entitles the holder to acquire between 1.00 and 1.25 additional common shares (as bulletin 2018-0062 table ) determined based on the Applicable Reference Cobalt Price at an exercise price of $1.95 per Warrant at any time prior to the Expiry Date Sprott Resource Corp (SRHI.WT) - Wt buys sh @ $0.3333 to Feb 09/22 Treasury Metals Inc. Wt (TML.WT) - One Warrant to purchase one common share of the Issuer at $1.50 until expiry.

Trevali Mining Corporation (TV.WT) - One Warrant to purchase one common share of the Issuer at $0.23 until expiry.

TSX VENTURE WARRANTS ABE Resources Inc. (ABE.WT) - One warrant to purchase one common share at $0.15 per share.

Alpha Lithium Corporation (ALLI.WT) One warrant to purchase one common share at $1.10 per share.

American Cumo Mining Corp. (MLY.RT) 2 rights and $0.07 are required to purchase one share American Lithium Corp. (LI.WT) - One warrant to purchase one common share at $0.30 per share.

Antioquia Gold Inc. (AGD.RT) - One (1) Right and $0.042 are required to purchase one share.

Aurania Resources Ltd. (ARU.RT) - Fourteen (14) Rights exercisable for one common share at $2.70 per common share.

Aurania Resources Ltd. (ARU.WT) - One warrant to purchase one common share at $5.50 per share.

Aurania Resources Ltd. (ARU.WT.A) - One warrant to purchase one common share at $4.25 per share.

Aurania Resources Ltd. (ARU.WT.B) - One warrant to purchase one common share at $2.20 per share.

Avidian Gold Corp. (AVG.RT) - Three rights and $0.11 are required to purchase one Share.

Boreal Metals Corp. (BMX.WT) - One warrant to purchase one common share at $0.50 per share.

Boreal Metals Corp. (BMX.WT) - One warrant to purchase one common share at $0.30 per share.

Cabral Gold Inc. (CBR.WT) - One warrant to purchase one common share at $0.80 per share.

Caldas Gold Corp. (CGC.WT) - One warrant to purchase one common share at $2.75 per share.

Cordoba Minerals Corp (CDB.WT) - One warrant to purchase one common share at $1.08 per share.

Cordoba Minerals Corp (CDB.WT) - One warrant to purchase one common share at $1.08 per share.

Cordoba Minerals Corp. (CDB.RT) - One (1) Right exercisable for One (1) Rights Share at $0.05 per Share.

Cordoba Minerals Corp. (CDB.RT) - One right to purchase one common share at $0.54 per share.

Denarius Silver Corp. (DSLV.WT) - One warrant to purchase one common share at $0.80 per share.

Elevation Gold Mining Corporation (ELVT. WT) - One warrant to purchase one com-

mon share at $4.80 per share.

Empress Royalty Corp. (EMPR.WT) - One warrant to purchase one common share at $0.75 per share.

Equinox Gold Corp (EQX.WT) - One warrant to purchase one common share at $3.00 per share.

Eros Resources Corp. (ERC.WT) - One (1) Right exercisable for (1) Unit at $0.05 per Unit.

Falco Resources Ltd. (FPC.WT) - One warrant to purchase one common share at $1.70 per share.

Firefox Gold Corp. (FFOX.WT) - One warrant to purchase one common share at $0.60 per share.

Firefox Gold Corp. (FFOX.WT) - One warrant to purchase one common share at $3.00 per share.

Giga Metals Corporation (GIGA.WT) One warrant to purchase one common share at $0.60 per share.

Goldstar Minerals (GDM.RT) - One Right to purchase one common share at $0.03 per share.

Goldstar Minerals Inc. (GDM.RT) - One (1) Right and $0.05 are required to purchase one common share.

Kaizen Discovery Inc. (KZD.RT) - One warrant to purchase one common share at $0.51 per share.

LaSalle Exploration Corp. (LSX.WT) - One warrant to purchase one common share at $0.15 per share.

Lion One Metals Limited (LIO.WT) - One warrant to purchase one common share at $2.75 per share.

LSC Lithium Corporation (LSC.RT) - One (1) right exercisable for One (1) Unit at $0.40 per Unit.

Mako Mining Corp. (MKO.RT) - Rights exercisable for One (1) share at $0.10 per share.

Mako Mining Corp. (MKO.WT.A) - One warrant to purchase one common share at $0.60 per share.

Manganese X Energy Corp. (MN.WT) One warrant to purchase one common share at $0.15 per share.

Maple Gold Mines Ltd. (MGM.WT) - One warrant to purchase one common share at $0.40 per share Maple Gold Mines Ltd. (MGM.WT) - One warrant to purchase one common share at $0.40 per share Mexican Gold Corp. (MEX.WT) - One warrant to purchase one common share at $0.12 per share.

Millennial Lithium Corp. (ML.WT) - One

warrant to purchase one common share at $4.25 per share.

Millennial Lithium Corp. (ML.WT) - One right to purchase one common share at $4.80 per share.

Mineworx Technologies Ltd. (MWX.RT) One right to purchase one common share at $0.015 per share.

Northern Vertex Mining Corp. (NEE.WT) One warrant to purchase one common share at $0.80 per share.

Novo Resources Corp. (NVO.WT) - One warrant to purchase one common share at $4.40 per share.

Orezone Gold Corporation (ORE.WT) One warrant to purchase one common share at $0.80 per share.

Orezone Gold Corporation (ORE.WT) One warrant to purchase one common share at $0.80 per share.

Osisko Development Corp. (ODV.WT) One warrant to purchase one common share at $10.00 per share.

Sandfire Resources America Inc. (SFR.RT) Forty one (41) Rights exercisable for One (1) Share at $0.15 per Share.

Sandfire Resources America Inc. (SFR.RT) Eight (8) Rights exercisable for One (1) share at $0.06 per unit.

Star Royalties Ltd. (STRR.WT) - One warrant to purchase one common share at $1.00 per share.

Three Valley Copper Corp. (TVC.WT) - 20 warrants to purchase one Class A common share at $6.66 per share.

Tintina Resources Inc. (TAU.RT) - Nine(9) Rights exercisable for one share at $0.06 per share.

Ucore Rare Metals Inc. (UCU.RT) - One (1) right exercisable for one share at $4.00 per share.

Vision Lithium Inc. (VLI.WT) - One warrant to purchase one common share at $0.15 per share.

Vizsla Silver Corp. (VZLA.WT) - One warrant to purchase one common share at $3.25 per share.

Westhaven Gold Corp. (WHN.WT) - One warrant to purchase one common share at $1.00 per share.

Yellowhead Mining Inc. (YMI.RT) - One (1) Right and $0.12 are required to prchase one Share

NORTH AMERICAN STOCK EXCHANGE INDICES 52-week

IndexName S&P/TSX Composite S&P/TSXV Composite S&P/TSX 60 S&P/TSX Global Gold DJ Precious Metals

Jan 14 21357.56 902.99 1300.29 280.10 243.43

Jan 13 21292.96 907.04 1293.69 281.83 243.43

Jan 12 21395.00 923.52 1300.30 285.48 243.43

Jan 11 21274.81 910.67 1293.13 283.20 243.43

Jan 10 21072.32 898.45 1282.56 280.30 243.43

High 21796.16 1113.64 1312.65 341.30 324.94

Low 17297.75 847.92 1024.13 257.81 229.83

CANADIAN GOLD MUTUAL FUNDS FundName Jan 14 ($) BMO Prec Mtls Fd A 23.08 BMO ZGD 67.27 BMO ZJG 62.09 CI Pre Met Fd A 53.63 CIBC Prec Metal Fd A 13.58 Dyn Prec Metls Fd A 13.20 Harvest HGGG 25.46 Horizons HEP 26.69 IG MacGbPreMetCl A 15.01 iShares XGD 17.50 NBI PrecMetFd Invt 17.55 NP Silver Equ A 8.42 NPT Go&PrMinFd A 52.80 Prec Met Fd A 63.13 RBC GblPreMetFd A 53.09 RBC GblPreMetFd Adv 53.44 TD Prec Mtl Fd Inv 44.74

Jan 07 ($) 22.63 65.40 60.84 52.83 13.29 12.93 25.10 26.09 14.65 17.13 17.23 8.22 51.53 61.63 51.85 52.20 43.85

Change ($) 0.45 1.87 1.26 0.80 0.29 0.26 0.36 0.60 0.36 0.37 0.32 0.20 1.27 1.50 1.24 1.24 0.89

Change (%) 2.00 2.85 2.07 1.52 2.18 2.03 1.43 2.30 2.43 2.16 1.86 2.41 2.46 2.43 2.38 2.38 2.03

YTDChange (%) -11.50 -12.06 -16.57 -4.02 -8.95 -1.84 -10.11 -9.32 -5.35 -6.04 -12.91 -21.56 -10.54 -5.57 -13.76 -13.79 -8.62

MER (%) 2.40 0.55 0.55 2.31 2.29 2.67 0.68 0.81 2.64 0.61 2.46 3.24 3.19 2.52 2.09 2.12 2.26

TotalAssets (M$) 53.67 53.85 78.66 347.48 59.31 622.53 6.01 22.77 1211.63 27.17

64.07 411.20 1.98 127.41

NEW 52-WEEK HIGHS AND LOWS JANUARY 10-14, 2022 85 New Highs Alcoa* Aldebaran Res Aldebaran Res* Alliance Res* Alpha Copper American Pac Amerigo Res Andean Prec* Angkor Gold* Angkor Res Arizona Metals Atalaya Mining BC Moly Bessor Min* Brascan Gold Cardero Res Cardero Res* Chevron Corp* Cirrus Gold Core Assets

GLOBAL MINING NEWS · SINCE 1915

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

Josemaria Res Laurion Mnl Ex Laurion Mnl Ex* Leading Edge Leading Edge* Los Andes Los Andes* Lynas Corp* Margaret Lake Metals Creek Metals X* Mineral Res* Mosaic* Natural Res Pt* NextSource Mat Nickel 28 North Arrow Mn* Original Sixtn* Osisko Mng Inc OZ Minerals* Probe Metals

Probe Metals* Questex Gold* Radius Gold Reunion Gold RTG Mining* Sailfish Rylty Sigma Lithium Sigma Lithium* South32* Star Diamond Star Diamond* Suncor Energy Suncor Energy* Teck Res Teck Res* Thesis Gold Tower Res Tower Res* Traction Expl Triple Flag Verde Potash

White Energy* World Copper 39 New Lows Alexandra Cap* Anaconda Mng* Aura Minerals Avino Silver Black Iron Cdn Palladium* Chakana Copper* Cipher Mining* Clarity Gold Ero Copper Ero Copper* Excellon Res Excellon Res* Fiore Gold Fosterville Galiano Gold* Great Panther Interra Copper

Kore Mining Legion Metals Lithium Corp* Lumina Gold* Magna Gold Monarca Mnrls* North Valley NovaGold Res NovaGold Res* Novo Res Pantheon Vent Platinum Gp Mt Platinum Gp Mt* Rokmaster Res Seabridge Gld Seabridge Gld* Strikepoint Gd Tier One Silv U.S. Gold* Vanadiumcorp Winston Res

Financial information provided by Fundata Canada Inc. ©Fundata Canada Inc. All rights reserved

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Endurance Gold Endurance Gold* Filo Mg Corp Filo Mg Corp * First Quantum Foremost Lith Foremost Lith* Frontier Lith Glencore Plc * Glencore Plc* Goldflare Expl Goldstar Mnls* Highland Copp Highland Copp* iMetal Res Intl Battery Intl Battery* Ivanhoe Mines Ivanhoe Mines* Jervois Mining Jervois Mining*

LEGEND A C L N O Q T V X *

– – – – – – – – – –

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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

16

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: JANUARY 10–14, 2022 (100s) Stock

WWW.NORTHERNMINER.COM

JANUARY 24–FEBRUARY 6, 2022 / THE NORTHERN MINER

Exc Volume

Week High

Low

Last

12-month Change

High Low

A 1844 Resources 1911 Gold* 1911 Gold 55 North 79 Resources 79North A.I.S Res* A.I.S Res Abacus Mining* Abacus Mining Abcourt Mines Abcourt Mines* Aben Resources* Aben Resources AbraSilver Res AbraSilver Res* Academy Metals ACME Lithium Adamera Min Adamera Min* Adex Mining Advance Gold Advance United Adventus Adventus* Adyton Res Adyton Res* AEX Gold Affinity Metal* African Gold* African Gold African Metals African Rainbo* Aftermath Silv* Agnico Eagle Agnico Eagle* Aguila Amer Gd* Aguila Amer Gd Aiml Res* AJN Resources Alamos Gold Alamos Gold* Alcoa* Aldebaran Res* Aldebaran Res Alerio Gold Alexandra Cap* Alexco Res* Alexco Res Alianza Min Alianza Min* Alien Metals* All American* Allegiant Gold Allegiant Gold* Alliance Mng Alliance Res* Allied Copper* Allied Copper Alma Gold Almaden Min Almaden Min* Almadex Min* Almadex Min Almonty Ind * Almonty Ind Aloro Mining* Aloro Mining Alpha Copper Alpha Lithium Alpha Lithium* Alphamin Res * Alphamin Res Altai Resource Altai Resource* Altair Res Inc* Altair Res Inc Altaley Mining Altaley Mining* Altamira Gold* Altamira Gold Altan Nevada Altan Rio Min Altiplano Met* Altiplano Met Altius Mnrls * Altius Mnrls Alto Ventures* Alto Ventures Altura Mining* Alturas Min Altus Strat Altus Strat* Alumina Ltd* ALX Resources ALX Resources* AM Resources Amani Gold* Amarc Res Amarc Res* Amarillo Gold Amarillo Gold* Amer Intl Vent* American Creek* American Creek American CuMo American CuMo* American Eagle American Lith* American Lith American Mang American Mang* American Pac American Rare* AmericanSierra* Americas Silvr* Americas Silvr Amerigo Res Amerigo Res* Ameriwest Lith* Ameriwest Lith Amex Expl Amex Expl* AmmPower* AmmPower Amseco Expl AMV Capital Anaconda Mng* Anaconda Mng Anacortes Mg Andean Prec Andean Prec* Anfield Energy* Anfield Energy Angel Gold* Angel Gold Angkor Gold* Angkor Res Anglo American* Anglo American* Anglo Pac Grp AngloGold Ash* AngloGold Ash* Angold Res Angold Res* Angus Gold* Angus Gold Antioquia Gold* Antioquia Gold Antler Gold Antler Hill Antofagasta* Apex Res * Apex Res Apogee Min Apollo Silver Apollo Silver* Appia Rare* Appia Rare Applied Min* Arbor Metals Arch Resources* Archer Explor Archon Mineral Arcland Res ArcPacific Res* ArcPacific Res Arctic Star*

V 316 O 77 V 182 C 42 C 147 C 1910 O 79 V 1388 O 91 V 39 V 288 O 70 O 42 V 479 V 2329 O 2294 V 3 C 354 V 384 O 156 V 258 V 270 C 294 V 1227 O 55 V 421 O 10 V 270 O 3 O 48 V 2886 V 2 O 20 O 716 T 4395 N 9581 O 20 V 79 O 200 C 94 T 3515 N 17188 N 27613 O 46 V 146 C 357 O 678 X 2806 T 720 V 702 O 738 O 1 O 63302 V 814 O 209 V 0 D 2843 O 127 V 165 C 271 T 101 X 1949 O 291 V 292 O 45 T 193 O 245 V 30 C 1111 V 1854 O 175 O 1961 V 8968 V 94 O 5 O 19 V 220 V 1287 O 538 O 141 V 344 V 375 V 100 O 588 V 332 O 81 T 544 O 392 V 510 O 910 V 573 V 72 O 1 O 15 V 554 O 480 V 37 O 1077424 V 279 O 292 V 1300 O 171 O 197 O 45 V 629 V 424 O 240 V 23 O 2438 V 2813 V 1204 O 1336 C 995 O 29 O 13 X 1658 T 450 T 2917 O 1135 O 5142 C 2123 V 271 O 102 O 1609 C 800 V 1 V 0 O 54 T 342 V 372 V 8000 O 18 O 2189 V 1123 O 4 V 1345 O 167 V 689 O 32 O 1497 T 25 O 0 N 14535 V 638 O 22 O 81 V 167 O 2 V 223 V 10 V 0 O 0 O 1 V 373 V 98 V 594 O 47 O 456 C 464 O 1168 V 233 N 2047 C 15 V 0 V 0 O 21 V 434 O 61

0.08 0.30 0.38 0.05 0.11 0.13 0.05 0.06 0.06 0.08 0.10 0.08 0.05 0.06 0.39 0.31 0.58 0.97 0.06 0.04 0.02 0.06 1.22 1.05 0.82 0.06 0.05 0.65 0.07 0.12 0.15 0.07 16.17 0.29 65.84 52.65 0.18 0.26 0.20 0.25 9.39 7.51 64.37 0.88 1.08 0.27 0.23 1.76 2.20 0.09 0.07 0.01 0.00 0.37 0.29 0.00 14.79 0.20 0.25 0.07 0.38 0.30 0.25 0.32 0.75 0.94 0.06 0.07 0.66 1.22 0.44 0.84 1.05 0.14 0.10 0.06 0.09 0.38 0.32 0.18 0.23 0.02 0.13 0.30 0.38 14.11 17.67 0.29 0.36 0.02 0.02 1.15 0.79 5.98 0.09 0.08 0.07 0.00 0.13 0.10 0.42 0.33 0.02 0.15 0.20 0.06 0.04 0.14 3.43 4.18 0.79 0.65 1.40 0.16 0.07 0.84 1.04 1.66 1.32 1.23 1.54 3.18 2.46 0.55 0.66 0.07 0.00 0.49 0.61 1.50 1.89 1.50 0.09 0.12 0.02 0.02 0.10 0.12 46.52 23.43 2.43 21.95 20.87 0.17 0.14 0.82 1.01 0.03 0.04 0.18 0.00 19.75 0.02 0.06 0.11 0.67 0.53 0.47 0.59 0.01 2.78 102.09 0.60 0.00 0.00 0.05 0.06 0.06

0.00 0.00 0.35 0.04 0.09 0.09 0.03 0.05 0.05 0.07 0.00 0.07 0.00 0.00 0.32 0.25 0.00 0.85 0.00 0.04 0.00 0.05 1.07 0.97 0.76 0.00 0.05 0.55 0.07 0.10 0.14 0.00 16.17 0.26 63.08 49.74 0.00 0.22 0.00 0.25 8.78 6.91 59.12 0.75 0.94 0.23 0.15 1.61 2.04 0.00 0.05 0.01 0.00 0.33 0.26 0.00 13.52 0.18 0.00 0.05 0.35 0.28 0.23 0.30 0.72 0.91 0.04 0.00 0.56 1.07 0.37 0.72 0.95 0.13 0.10 0.06 0.08 0.35 0.26 0.16 0.21 0.00 0.00 0.24 0.29 13.07 16.52 0.25 0.33 0.01 0.00 0.00 0.00 5.34 0.08 0.06 0.00 0.00 0.00 0.09 0.00 0.32 0.01 0.14 0.18 0.00 0.04 0.00 2.88 3.62 0.65 0.51 1.19 0.13 0.00 0.77 0.98 1.46 1.17 0.98 1.26 2.94 2.35 0.37 0.49 0.00 0.00 0.00 0.58 1.35 1.64 1.35 0.08 0.10 0.00 0.00 0.06 0.09 43.35 21.73 2.30 0.00 18.69 0.15 0.00 0.71 0.88 0.00 0.00 0.00 0.00 0.00 0.02 0.05 0.00 0.60 0.47 0.42 0.53 0.01 2.65 90.66 0.34 0.00 0.00 0.04 0.00 0.06

0.08 unch 0.28 0.36 0.05 + 0.11 + 0.13 + 0.04 + 0.06 + 0.06 + 0.07 + 0.10 0.08 + 0.05 + 0.05 0.36 + 0.27 + 0.43 0.97 + 0.06 + 0.04 + 0.02 unch 0.06 + 1.10 0.99 + 0.80 + 0.06 + 0.05 unch 0.60 0.07 unch 0.12 + 0.15 + 0.07 16.17 unch 0.27 64.51 + 51.41 + 0.18 0.26 + 0.20 + 0.25 8.92 + 7.10 + 61.39 0.85 + 1.07 + 0.23 0.19 + 1.68 + 2.11 + 0.08 + 0.07 + 0.01 unch 0.00 0.36 + 0.28 + 0.26 unch 14.67 + 0.19 + 0.23 + 0.06 + 0.36 0.29 + 0.24 + 0.31 0.73 0.92 0.05 + 0.07 + 0.58 1.18 + 0.41 + 0.79 + 0.98 + 0.13 0.10 0.06 unch 0.08 0.36 0.28 0.17 + 0.22 + 0.02 unch 0.13 unch 0.24 0.32 + 13.62 + 17.13 + 0.27 + 0.34 + 0.02 + 0.02 unch 1.10 + 0.79 + 5.85 + 0.08 0.06 0.07 + 0.00 + 0.12 unch 0.09 + 0.42 + 0.33 + 0.01 0.15 0.19 unch 0.06 + 0.04 + 0.14 + 2.95 3.73 0.79 + 0.63 + 1.37 + 0.15 + 0.04 0.79 1.02 + 1.64 + 1.31 + 1.07 1.33 3.07 + 2.44 + 0.51 + 0.63 + 0.07 unch 0.12 unch 0.47 0.60 1.36 1.80 + 1.42 + 0.08 0.10 0.02 + 0.02 unch 0.08 + 0.11 + 45.92 + 22.91 + 2.43 + 21.95 + 20.04 + 0.16 + 0.14 + 0.74 0.90 0.03 0.04 unch 0.18 0.18 unch 19.68 + 0.02 0.06 + 0.11 unch 0.62 0.49 0.45 + 0.57 + 0.01 + 2.70 96.58 + 0.58 0.20 unch 0.20 unch 0.04 0.06 + 0.06 -

0.00 0.02 0.02 0.01 0.02 0.05 0.00 0.01 0.00 0.01 0.01 0.01 0.00 0.01 0.03 0.01 0.17 0.04 0.01 0.00 0.00 0.01 0.08 0.01 0.03 0.01 0.00 0.02 0.00 0.02 0.01 0.01 0.00 0.02 1.13 1.28 0.00 0.05 0.01 0.04 0.01 0.07 0.98 0.10 0.13 0.05 0.02 0.04 0.03 0.01 0.01 0.00 0.00 0.03 0.02 0.00 0.89 0.01 0.03 0.01 0.01 0.01 0.00 0.02 0.01 0.01 0.01 0.01 0.02 0.03 0.03 0.05 0.03 0.01 0.02 0.00 0.01 0.02 0.02 0.00 0.02 0.00 0.00 0.03 0.02 0.42 0.43 0.01 0.01 0.01 0.00 0.07 0.01 0.48 0.01 0.00 0.01 0.00 0.00 0.01 0.01 0.01 0.00 0.01 0.00 0.01 0.00 0.01 0.30 0.38 0.11 0.09 0.13 0.01 0.00 0.01 0.01 0.13 0.12 0.13 0.18 0.04 0.06 0.12 0.14 0.00 0.00 0.01 0.01 0.14 0.07 0.07 0.01 0.01 0.00 0.00 0.02 0.02 2.57 0.65 0.03 0.90 0.94 0.01 0.01 0.06 0.08 0.00 0.00 0.01 0.00 1.68 0.05 0.01 0.00 0.02 0.02 0.01 0.01 0.00 0.05 4.98 0.02 0.00 0.00 0.00 0.01 0.01

0.11 0.59 0.72 0.23 0.25 0.16 0.11 0.11 0.18 0.24 0.17 0.15 0.07 0.09 0.82 0.68 3.00 1.34 0.12 0.10 0.04 0.14 2.09 1.34 1.06 0.40 0.07 1.00 0.16 0.24 0.20 0.18 18.00 1.28 93.19 74.50 1.00 0.49 0.79 0.45 11.33 9.38 64.37 0.88 1.08 0.49 1.45 3.42 4.38 0.22 0.17 0.02 0.02 0.56 0.46 1.15 14.79 0.44 0.68 0.23 1.52 1.20 0.27 0.33 1.07 1.30 0.13 0.08 0.66 1.69 0.50 0.85 1.07 0.17 0.11 0.13 0.19 0.80 0.79 0.42 0.47 0.05 0.22 0.36 0.50 16.00 19.39 0.37 0.43 0.50 0.05 1.66 1.29 6.99 0.15 0.12 0.10 0.01 0.20 0.16 0.42 0.35 0.08 0.35 0.44 0.10 0.08 0.40 5.00 6.25 2.86 2.25 1.40 0.16 0.29 3.21 4.03 1.66 1.35 1.37 1.74 3.69 2.92 1.90 2.15 0.12 0.15 0.85 1.05 2.50 2.03 1.50 0.18 0.23 0.03 0.04 0.10 0.12 49.42 24.75 2.90 23.90 26.77 0.50 0.34 1.25 1.28 0.05 0.06 0.30 0.18 27.80 0.13 0.09 0.14 1.15 1.00 1.00 1.22 0.14 2.79 105.58 1.25 0.40 0.38 0.52 0.25 0.24

0.05 0.21 0.26 0.04 0.09 0.08 0.03 0.04 0.04 0.06 0.08 0.05 0.03 0.04 0.32 0.25 0.38 0.31 0.05 0.04 0.01 0.05 0.15 0.81 0.65 0.04 0.03 0.44 0.07 0.01 0.11 0.06 12.98 0.26 60.27 47.07 0.12 0.15 0.12 0.16 8.60 6.64 17.30 0.36 0.44 0.20 0.15 1.41 1.81 0.07 0.05 0.01 0.00 0.23 0.18 0.20 4.98 0.15 0.19 0.04 0.35 0.27 0.14 0.20 0.58 0.68 0.01 0.04 0.10 0.45 0.25 0.32 0.40 0.06 0.05 0.02 0.03 0.20 0.15 0.14 0.19 0.01 0.09 0.18 0.23 10.38 13.48 0.10 0.11 0.00 0.02 0.93 0.50 4.44 0.05 0.04 0.03 0.00 0.05 0.04 0.20 0.16 0.00 0.13 0.16 0.04 0.03 0.10 1.20 1.50 0.46 0.36 0.13 0.02 0.01 0.68 0.85 0.68 0.53 0.53 0.15 2.07 1.65 0.30 0.38 0.04 0.11 0.39 0.50 1.30 0.92 0.77 0.06 0.08 0.01 0.02 0.04 0.05 31.87 15.95 2.00 15.39 14.57 0.13 0.10 0.44 0.54 0.02 0.03 0.09 0.18 17.00 0.01 0.04 0.09 0.38 0.33 0.30 0.38 0.01 1.70 39.02 0.08 0.19 0.06 0.04 0.04 0.03

(100s) Stock

Exc Volume

Week High

Arctic Star Arcus Dev Grp Arcwest Explor* Arcwest Explor Arena Min* Arena Min Argentina Lith Argentina Lith* Argentum Silvr* Argentum Silvr Argo Gold Argo Gold* Argonaut Gold* Argonaut Gold Arianne Phosph Arianne Phosph* Aris Gold Arizona Gold* Arizona Gold Arizona Metals Arizona Metals* Arizona Silver* Arizona Silver Armor Min Artemis Gold* Artemis Gold Asante Gold* Asante Gold Asbestos Corp Ascendant Res* Ascendant Res Ascot Res Ascot Res * AsiaBaseMetals Asiamet Res* Aston Bay Aston Bay* ATAC Res* ATAC Res Atacama Cop Atacama Res* Atalaya Mining Athabasca Min* Athabasca Min Athena Gold* Athena Gold Atico Mining* Atico Mining Atlas Salt Atlas Salt* Aton Resources* Aton Resources Augusta Gold* Augusta Gold AUQ Gold* Aura Minerals Aura Minerals* Aurania Res* Aurania Res Aurcana Silver Aurcana Silver* AurCrest Gold AurCrest Gold* Aurelius Min Aurelius Min* Aurion Res * Aurion Res Aurora Royal Aurwest Res* Aurwest Res AURYN Mining* Aust Goldfield* Aust Mines* Austin Res Austral Gold* Austral Gold Auxico Res* Auxico Res Avalon Advance* Avalon Advance Avarone Metals* Avidian Gold* Avidian Gold Avino Silver* Avino Silver Avrupa Min Avrupa Min* Awale Res Axmin Inc Aya Gold* Azarga Metals* Azarga Metals Azarga Uranium Azarga Uranium* Azimut Explor Azimut Explor* Azincourt Ener* Azincourt Ener Aztec Minerals Aztec Minerals* Azucar Min Azucar Min*

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

2900 1 65 137 1178 12607 786 564 0 0 458 13 533 3166 567 1089 87 277 1174 669 268 820 1257 16 35 930 4 844 0 3 127 1625 1176 0 63 262 30 324 289 86 3134 4 44 351 37 8 260 185 1285 58 0 4 26 62 15 130 3 54 124 993 1014 106 31 1284 96 61 289 112 60 346 5 6 200 0 34 63 206 745 1227 3371 21 52 449 2132 184 55 38 158 18 25 107 264 14108 1616 98 18 2872 7317 202 213 180 225

0.09 0.00 0.06 0.09 0.44 0.54 0.49 0.39 0.00 0.00 0.11 0.08 1.76 2.19 0.55 0.43 1.64 0.06 0.07 6.44 5.13 0.24 0.31 0.69 5.37 6.78 1.05 1.44 0.00 0.14 0.22 1.24 0.98 0.00 0.01 0.08 0.06 0.09 0.11 0.37 0.01 7.65 0.30 0.39 0.13 0.17 0.33 0.41 1.69 1.73 0.00 0.23 0.96 1.25 0.14 10.62 9.08 0.98 1.23 0.42 0.33 0.29 0.24 0.34 0.25 1.02 1.28 0.06 0.08 0.13 0.80 0.09 0.20 0.00 0.07 0.08 1.02 1.25 0.13 0.15 0.02 0.07 0.09 0.81 1.01 0.08 0.06 0.22 0.06 7.50 0.05 0.06 0.73 0.57 1.56 1.30 0.07 0.09 0.28 0.22 0.09 0.07

B2Gold Corp* B2Gold Corp Baden Res Bald Eagle Balto Res Bam Bam Res* Bam Bam Res Bannerman Egy* Banyan Gold Banyan Gold* Barksdale Res* Barksdale Res Baroyeca Gold Baroyeca Gold* Barrick Gold* Barrick Gold Barsele Min* Barsele Min Baru Gold Baru Gold* Baselode Egy* Baselode Egy Basin Uranium Batero Gold Batero Gold* Bathurst Met Battery Min Bayhorse Silvr* Bayhorse Silvr BC Moly BCM Res* BCM Res BE Res Bear Creek Mng* Bear Creek Mng Bearclaw Cap Bearing Lith Bearing Lith* Beauce Gold Bell Copper Bell Copper* Belmont Res Belo Sun Mng Belo Sun Mng* BeMetals * BeMetals Benchmark Met* Benchmark Met Benjamin Hill Benjamin Hill* Benton Res* Benton Res Benz Mining* Benz Mining Bessor Min* Bessor Min Bird River Res Bitterroot Res Bitterroot Res* Black Hills* Black Iron Black Iron* Black Mammoth Black Mountain Black Mountain* Black Tusk Res

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

60619 21627 86 650 19 1461 912 3435 566 187 27 138 191 46 77202 16635 35 118 365 736 557 1382 931 67 133 65 122 955 1816 353 232 802 0 140 350 0 1191 574 280 1433 1008 840 832 2395 50 29 31 511 163 9 149 283 4 53 13 13 265 592 184 1225 1363 475 8 90 16 533

3.76 4.64 0.15 0.10 0.10 0.09 0.11 0.23 0.36 0.29 0.26 0.33 0.33 0.30 19.29 24.04 0.42 0.53 0.12 0.09 0.74 0.92 1.03 0.08 0.06 0.11 0.45 0.11 0.14 0.40 0.22 0.21 0.00 1.06 1.25 0.00 0.38 0.30 0.12 0.24 0.19 0.08 0.66 0.53 0.19 0.24 0.90 1.10 0.44 0.30 0.15 0.18 0.50 0.63 0.15 0.07 0.15 0.12 0.09 71.07 0.22 0.17 0.10 0.35 0.27 0.03

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Black Tusk Res* Blackrock Silv Blackrock Silv* Blackwolf Cop Blackwolf Cop* Blind Creek Blue Lagoon* Blue Lagoon Blue Moon* Blue Moon Blue River Res Blue River Res* Blue Sky Uran* Blue Sky Uran Blue Star Gold Blue Thunder BlueBird Batt BlueBird Batt* Bluejay Mining* Bluestone Res Bluestone Res* BMEX Gold Bold Ventures Bolt Metals* Bolt Metals Bonanza Gold* Bond Resources BonTerra Res Boreal Metals Boreal Metals* Borneo Res Inv* Boundary Gold* Boundary Gold Brascan Gold Bravada Gold Bravada Gold* Braveheart Res Braveheart Res* Bravo Multinat* Brazil Min* Brigadier Gold* Brigadier Gold BrightRock* Brixton Metals* Brixton Metals Brookmount Exp* Brunswick Expl Bryn Res* BTU Metals* BTU Metals Buenaventura* Buffalo Coal * Buffalo Coal Bullet Explor Bullion Gold* Bunker Hill Bushveld Min* BWR Explor

O V O V O V O C O V V O O V V V V O O V O V V O C O C V V O O O V C V O V O O O O V O O V O V O O V N O V V O C O V

C2C Gold* C3 Metals Cabral Gold* Cabral Gold Caledonia Mng* Calibre Mng* Calibre Mng Califfi Cap Callinex Mines Callinex Mines* Cameco Corp Cameco Corp* Camino Min Camino Min* Camrova Res* Camrova Res Canada Carbon* Canada Carbon Canada Nickel Canada Nickel* Canada One Canada Rare Canada Rare* Canada Silver Canada Silver* Canadian Metal Canadian Prem Canadian Silv Canagold Res* Canagold Res CanAlaska Uran CanAlaska Uran* Canamera Energ Canasil Res Candelaria Mg* Candelaria Mg Candente Coppr Candente Gold* Candente Gold CANEX Metals * CANEX Metals CaNickel Mng* CaNickel Mng Canoe Mng Vent Canoe Mng Vent* Canstar Res* Canstar Res Canterra Min* Canterra Min Cantex Mn Dev* Cantex Mn Dev Canuc Res Canuc Res* Capella Min* Capella Min Capitan Mining Capitan Mining* Capstone Mng Cardero Res* Cardero Res Cariboo Rose Carlin Gold Carlyle Comm* Carrara Explor Cartier Iron Cartier Res* Cartier Res Casa Minerals Casa Minerals * Cascada Silver Cascadero Copp Cassiar Gold Cassius Vents Castle Peak Mg CAT Strategic* CAT Strategic CAVU Mining CAVU Mining* Cdn Goldcamps CDN Maverick* Cdn Palladium Cdn Palladium* Centamin Centerra Gold Central Afric Central Afric* Central Iron Centurion Mnls Century Cobalt* Century Global Cerrado Gold Cerro de Pasc * Cerro de Pasc Cerro Grande* Cerro Grande Cerro Mng Ceylon Graph* Ceylon Graph Chakana Copper* Chakana Copper Chalice Gold M* Champion Bear Champion Iron* Champion Iron Chatham Rock Chatham Rock* Chesapeake Gld* Chesapeake Gld Chevron Corp* Chiboug Ind Mn

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

0.00 0.08 0.00 0.03 unch 0.06 0.06 0.00 0.09 + 0.36 0.39 0.45 0.49 0.35 0.47 + 0.28 0.38 + 0.00 0.13 unch 0.00 0.17 unch 0.09 0.09 0.08 0.08 unch 1.55 1.66 + 1.98 2.08 + 0.43 0.53 + 0.34 0.42 + 1.44 1.59 + 0.05 0.06 + 0.06 0.07 + 5.97 6.11 + 4.74 4.89 + 0.18 0.23 + 0.23 0.29 + 0.00 0.57 5.00 5.00 6.24 6.30 1.02 1.02 + 1.27 1.40 + 0.00 0.62 unch 0.00 0.14 unch 0.19 0.22 + 1.11 1.13 unch 0.85 0.90 0.00 0.16 unch 0.01 0.01 unch 0.06 0.07 0.05 0.05 0.08 0.08 0.00 0.10 0.00 0.32 0.01 0.01 0.00 7.35 + 0.28 0.30 + 0.33 0.34 0.11 0.13 + 0.17 0.17 unch 0.30 0.32 + 0.39 0.40 unch 1.49 1.69 + 1.22 1.50 + 0.00 0.15 unch 0.00 0.23 + 0.84 0.88 1.06 1.09 0.14 0.14 unch 9.01 10.36 + 0.00 8.22 + 0.82 0.89 1.01 1.15 + 0.37 0.38 0.29 0.30 0.00 0.28 0.22 0.24 + 0.28 0.34 + 0.21 0.25 + 0.92 0.98 1.17 1.21 0.00 0.06 + 0.08 0.08 unch 0.12 0.13 unch 0.76 0.79 + 0.07 0.09 + 0.13 0.16 0.00 0.09 unch 0.06 0.06 0.00 0.08 0.71 0.95 1.05 1.14 0.09 0.12 + 0.11 0.14 + 0.02 0.02 unch 0.06 0.06 0.00 0.08 0.76 0.79 0.96 0.98 0.00 0.07 0.06 0.06 unch 0.18 0.21 + 0.00 0.06 unch 6.65 7.35 + 0.00 0.05 0.06 0.06 unch 0.67 0.71 unch 0.53 0.54 unch 1.44 1.51 1.18 1.23 0.05 0.06 0.07 0.07 0.23 0.26 + 0.18 0.20 + 0.00 0.09 + 0.06 0.07 +

0.01 0.00 0.00 0.01 0.00 0.02 0.07 0.07 0.00 0.00 0.01 0.00 0.08 0.09 0.10 0.08 0.08 0.00 0.01 0.06 0.10 0.06 0.05 0.06 0.42 0.46 0.02 0.12 0.00 0.00 0.04 0.00 0.00 0.00 0.00 0.01 0.01 0.01 0.01 0.06 0.00 0.30 0.02 0.02 0.01 0.00 0.00 0.00 0.06 0.20 0.00 0.03 0.09 0.01 0.00 1.11 0.99 0.00 0.05 0.02 0.00 0.01 0.01 0.10 0.06 0.04 0.07 0.03 0.00 0.00 0.02 0.03 0.11 0.00 0.00 0.01 0.03 0.04 0.03 0.03 0.00 0.00 0.01 0.00 0.04 0.01 0.00 0.01 0.00 0.48 0.00 0.00 0.00 0.00 0.08 0.07 0.01 0.01 0.04 0.03 0.01 0.01

0.29 0.04 0.11 0.13 0.52 0.66 0.96 0.77 0.27 0.35 0.26 0.19 3.23 4.09 0.66 0.53 3.29 0.12 0.15 6.44 5.22 0.28 0.35 0.76 6.21 7.88 1.20 1.50 0.80 0.55 0.34 1.41 1.33 0.25 0.09 0.09 0.06 0.16 0.20 0.65 0.05 7.65 0.32 0.40 0.23 0.30 0.65 0.78 1.87 1.87 0.24 0.30 2.52 3.48 0.44 17.50 14.31 2.95 3.71 1.15 0.91 0.39 0.28 0.80 0.51 1.07 1.36 0.10 0.14 0.22 1.05 0.48 0.27 0.12 0.30 0.23 1.68 1.85 0.25 0.36 0.05 0.40 0.23 2.82 3.60 0.15 0.16 0.88 0.08 9.44 0.12 0.17 0.80 0.63 2.49 1.98 0.14 0.18 0.44 0.34 0.17 0.14

0.03 0.03 0.05 0.06 0.03 0.04 0.09 0.07 0.13 0.16 0.08 0.07 1.50 1.90 0.21 0.17 1.25 0.05 0.06 0.85 0.68 0.13 0.17 0.55 3.40 4.86 0.06 0.09 0.50 0.12 0.14 0.84 0.67 0.13 0.00 0.04 0.03 0.07 0.09 0.32 0.01 4.50 0.12 0.15 0.06 0.10 0.27 0.37 0.12 0.48 0.01 0.16 0.81 1.05 0.13 9.01 7.13 0.76 0.99 0.32 0.24 0.08 0.08 0.21 0.17 0.43 0.65 0.03 0.08 0.07 0.23 0.01 0.13 0.06 0.05 0.07 0.00 0.35 0.07 0.09 0.02 0.06 0.08 0.76 0.96 0.06 0.05 0.18 0.05 2.95 0.04 0.04 0.19 0.14 0.83 0.65 0.03 0.04 0.22 0.17 0.07 0.06

3.48 3.57 4.38 4.47 0.13 0.15 + 0.08 0.09 unch 0.00 0.10 0.07 0.08 + 0.10 0.11 + 0.20 0.20 0.34 0.35 + 0.26 0.29 + 0.25 0.26 + 0.31 0.32 unch 0.30 0.31 unch 0.23 0.23 18.04 18.68 + 22.86 23.44 + 0.00 0.42 + 0.49 0.49 0.10 0.11 + 0.08 0.09 + 0.60 0.63 0.76 0.79 0.90 0.93 + 0.00 0.07 0.06 0.06 + 0.00 0.11 + 0.37 0.44 + 0.08 0.10 + 0.10 0.13 + 0.22 0.32 + 0.12 0.13 0.15 0.15 0.00 0.20 unch 0.91 0.98 + 1.15 1.20 0.00 0.22 unch 0.27 0.35 + 0.23 0.29 + 0.11 0.12 0.19 0.20 + 0.15 0.17 + 0.07 0.07 0.56 0.64 + 0.44 0.52 + 0.16 0.16 unch 0.00 0.24 unch 0.80 0.87 + 1.02 1.10 + 0.38 0.41 0.28 0.28 0.12 0.13 0.15 0.18 unch 0.50 0.50 0.61 0.63 + 0.00 0.06 + 0.00 0.07 0.13 0.15 + 0.10 0.11 + 0.08 0.09 + 67.00 68.49 0.18 0.20 0.14 0.15 0.00 0.10 unch 0.00 0.32 0.00 0.27 0.03 0.03 unch

0.07 0.14 0.02 0.00 0.04 0.01 0.01 0.02 0.02 0.02 0.01 0.00 0.00 0.02 0.58 0.55 0.02 0.01 0.01 0.01 0.08 0.12 0.05 0.01 0.00 0.01 0.02 0.02 0.03 0.05 0.02 0.04 0.00 0.01 0.03 0.00 0.05 0.04 0.02 0.02 0.02 0.01 0.06 0.05 0.00 0.00 0.03 0.04 0.03 0.02 0.00 0.00 0.01 0.01 0.01 0.01 0.01 0.02 0.01 1.90 0.02 0.02 0.00 0.03 0.01 0.00

5.37 6.63 0.20 0.16 0.44 1.12 0.71 0.33 0.38 0.35 0.57 0.70 0.45 0.49 25.37 30.65 0.66 0.82 0.22 0.17 1.23 1.54 1.08 0.16 0.13 0.26 0.90 0.25 0.26 0.40 0.25 0.30 0.20 2.49 3.20 0.37 0.44 0.35 0.44 0.30 0.24 0.11 1.20 0.94 0.39 0.50 1.36 1.64 0.50 0.50 0.37 0.25 0.97 1.28 0.15 0.09 0.26 0.25 0.19 72.78 0.76 0.62 0.26 0.75 0.51 0.09

3.30 4.21 0.13 0.04 0.09 0.06 0.09 0.08 0.17 0.10 0.22 0.29 0.16 0.12 17.27 22.30 0.28 0.35 0.06 0.05 0.32 0.40 0.56 0.06 0.04 0.09 0.33 0.06 0.08 0.06 0.04 0.07 0.20 0.74 0.92 0.22 0.14 0.11 0.10 0.11 0.09 0.05 0.39 0.32 0.16 0.20 0.74 0.93 0.31 0.24 0.07 0.14 0.45 0.57 0.01 0.05 0.09 0.06 0.04 58.22 0.18 0.14 0.09 0.28 0.20 0.02

B

Exc Volume

Week High

Low

Last

167 1249 1439 149 12 106 503 454 93 151 275 75 637 614 48 86 749 1828 362 449 57 293 29 3 8 26994 147 147 225 222 15037 0 173 39 463 58 1551 1025 4 35128 523 152 319 830 942 218 14 225 72 1221 7808 50 154 0 15 345 130 89

0.03 1.01 0.83 0.64 0.62 0.07 0.34 0.42 0.04 0.05 0.02 0.01 0.20 0.25 0.46 0.04 0.05 0.04 0.12 2.24 1.79 0.12 0.10 0.20 0.24 0.01 0.05 1.39 0.14 0.12 0.00 0.00 0.03 0.66 0.05 0.05 0.09 0.07 0.04 0.01 0.04 0.05 0.03 0.16 0.20 0.22 0.13 0.03 0.09 0.13 8.53 0.02 0.02 0.00 0.06 0.32 0.16 0.03

0.02 0.87 0.68 0.55 0.39 0.00 0.28 0.36 0.03 0.04 0.00 0.01 0.18 0.22 0.38 0.00 0.00 0.04 0.12 2.00 1.57 0.00 0.00 0.15 0.20 0.00 0.00 1.27 0.13 0.00 0.00 0.00 0.03 0.51 0.05 0.00 0.07 0.05 0.04 0.01 0.03 0.00 0.02 0.13 0.17 0.13 0.00 0.02 0.08 0.10 7.30 0.02 0.00 0.00 0.06 0.30 0.11 0.00

0.02 0.97 0.75 0.55 0.39 0.07 0.31 0.39 0.04 0.05 0.02 0.01 0.19 0.23 0.45 0.04 0.05 0.04 0.12 2.21 1.76 0.12 0.10 0.20 0.21 0.00 0.05 1.32 0.13 0.11 0.00 0.03 0.03 0.65 0.05 0.04 0.09 0.07 0.04 0.01 0.03 0.05 0.03 0.14 0.18 0.15 0.13 0.02 0.09 0.11 8.45 0.02 0.02 0.07 0.06 0.30 0.12 0.03

45 600 240 520 127 437 6930 109 78 30 7477 27950 245 21 3 0 178 1634 1433 494 0 589 667 2331 1007 51 22 14 165 146 681 329 105 128 5 12 715 106 883 40 520 1 31 20 3 156 164 72 32 85 3846 126 70 70 390 351 145 10973 31 734 840 114 342 1085 269 969 2324 189 58 221 917 1144 0 0 21 969 21 21 5 14 1120 563 212 2025 85 4 8 0 9 6 77 74 617 7 52 0 474 2393 720 803 8 55 110 2141 39 0 44 25 60720 74

0.22 0.16 0.40 0.42 12.34 1.30 1.48 0.13 2.89 2.33 30.84 24.64 0.09 0.07 0.01 0.00 0.12 0.10 3.73 2.98 0.00 0.08 0.06 0.21 0.17 0.18 0.39 0.06 0.33 0.40 0.57 0.44 0.37 0.12 0.22 0.37 0.24 0.12 0.15 0.12 0.17 0.10 0.14 0.11 0.08 0.21 0.26 0.24 0.29 0.27 0.37 0.20 0.17 0.08 0.10 0.29 0.23 6.63 0.12 0.16 0.05 0.04 0.03 0.03 0.11 0.14 0.19 0.16 0.12 0.04 0.03 1.16 0.00 0.00 0.04 0.05 0.48 0.39 0.73 0.15 0.05 0.04 1.58 10.71 0.12 0.09 0.08 0.00 0.03 0.18 1.67 0.20 0.26 0.02 0.01 0.00 0.20 0.25 0.22 0.28 6.43 0.14 4.69 5.85 0.17 0.00 2.35 2.93 129.20 0.22

12-month Change

High Low

unch + + + unch + + unch unch unch + + + + + + + + + + + + unch unch + + + + + unch + + + unch + + + + + + unch +

0.00 0.10 0.07 0.06 0.11 0.01 0.00 0.01 0.01 0.00 0.00 0.00 0.00 0.02 0.05 0.01 0.01 0.00 0.00 0.17 0.13 0.01 0.01 0.01 0.02 0.00 0.01 0.01 0.01 0.01 0.00 0.00 0.00 0.02 0.01 0.00 0.01 0.01 0.00 0.00 0.01 0.01 0.00 0.00 0.00 0.03 0.01 0.01 0.01 0.02 0.96 0.01 0.01 0.00 0.01 0.02 0.02 0.01

0.08 1.22 1.03 1.51 1.75 0.17 0.61 0.74 0.08 0.09 0.03 0.02 0.29 0.37 1.05 0.11 0.33 0.26 0.24 2.26 1.79 0.81 0.13 0.47 0.57 0.04 0.21 1.54 0.33 0.23 0.02 0.07 0.09 0.66 0.15 0.12 0.16 0.12 0.55 0.10 0.20 0.25 0.13 0.25 0.31 1.05 0.29 0.06 0.19 0.17 12.44 0.04 0.06 0.45 0.20 0.61 0.42 0.08

0.01 0.63 0.50 0.56 0.00 0.06 0.27 0.34 0.02 0.03 0.01 0.01 0.12 0.16 0.38 0.03 0.05 0.03 0.11 1.28 1.01 0.10 0.06 0.12 0.16 0.00 0.04 0.94 0.12 0.08 0.00 0.02 0.03 0.16 0.04 0.03 0.07 0.05 0.02 0.00 0.03 0.04 0.01 0.10 0.13 0.13 0.11 0.01 0.05 0.07 6.11 0.01 0.02 0.07 0.00 0.17 0.02 0.03

0.20 0.15 unch 0.31 0.39 11.73 + 1.10 + 1.41 + 0.13 + 2.83 + 2.24 + 28.31 22.55 0.09 0.06 0.01 + 0.07 unch 0.07 0.09 + 3.69 + 2.95 + 0.12 unch 0.07 + 0.06 + 0.20 + 0.16 + 0.17 0.38 + 0.05 0.32 + 0.40 + 0.50 0.40 0.37 unch 0.11 + 0.22 + 0.34 unch 0.23 + 0.08 0.10 0.11 + 0.13 + 0.10 unch 0.13 unch 0.11 0.08 unch 0.20 + 0.26 + 0.23 + 0.28 + 0.27 unch 0.27 0.20 + 0.15 + 0.07 0.09 unch 0.28 + 0.22 + 6.04 + 0.12 + 0.16 + 0.05 0.03 0.03 + 0.03 unch 0.10 + 0.14 0.17 0.15 0.12 unch 0.04 unch 0.02 + 1.04 unch 0.08 unch 0.01 unch 0.04 + 0.04 0.47 unch 0.37 + 0.73 0.15 unch 0.05 unch 0.04 1.55 10.28 + 0.11 0.09 unch 0.08 0.07 unch 0.02 0.18 + 1.54 + 0.19 + 0.26 + 0.02 unch 0.01 unch 0.60 unch 0.19 + 0.23 + 0.19 0.27 6.00 + 0.14 + 4.59 + 5.73 + 0.17 + 0.14 unch 2.21 2.77 128.96 + 0.22 -

0.01 0.00 0.01 0.02 0.42 0.17 0.20 0.02 0.04 0.04 1.62 1.12 0.01 0.01 0.00 0.00 0.00 0.01 0.13 0.18 0.00 0.01 0.01 0.03 0.02 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.00 0.01 0.01 0.00 0.02 0.03 0.03 0.02 0.01 0.00 0.00 0.02 0.00 0.01 0.02 0.02 0.04 0.00 0.05 0.03 0.03 0.00 0.00 0.01 0.01 0.35 0.03 0.04 0.01 0.01 0.01 0.00 0.01 0.01 0.01 0.01 0.00 0.00 0.01 0.00 0.00 0.00 0.01 0.01 0.00 0.01 0.07 0.00 0.00 0.00 0.01 0.02 0.01 0.00 0.01 0.00 0.00 0.02 0.14 0.00 0.01 0.00 0.00 0.00 0.03 0.03 0.03 0.02 0.00 0.02 0.30 0.35 0.01 0.00 0.04 0.06 3.93 0.02

0.48 0.25 0.68 0.86 16.95 2.02 2.36 0.21 6.50 5.26 35.47 28.49 0.30 0.22 0.12 0.07 0.22 0.28 4.54 3.68 0.12 0.22 0.18 0.77 0.60 0.45 0.60 0.13 0.61 0.76 0.84 0.68 0.50 0.18 0.52 0.68 0.25 0.12 0.20 0.13 0.17 0.22 0.31 0.21 0.17 0.51 0.61 0.37 0.50 0.81 1.04 0.40 0.32 0.10 0.12 0.42 0.35 6.64 0.12 0.16 0.09 0.07 0.18 0.04 0.19 0.31 0.37 0.35 0.27 0.20 0.05 1.38 0.17 0.04 0.15 0.10 0.63 1.18 2.80 0.29 0.19 0.15 2.14 14.73 0.28 0.21 0.10 0.07 0.15 0.40 1.89 0.34 0.43 0.04 0.04 0.60 0.49 0.62 0.52 0.63 7.69 0.15 5.82 7.24 0.20 0.14 4.20 5.39 128.43 0.46

0.10 0.13 0.27 0.34 10.51 0.79 1.15 0.11 2.32 1.78 15.45 12.16 0.08 0.06 0.01 0.07 0.00 0.07 2.18 1.70 0.04 0.05 0.04 0.16 0.11 0.09 0.21 0.04 0.28 0.35 0.37 0.29 0.27 0.09 0.21 0.29 0.11 0.04 0.05 0.07 0.09 0.09 0.11 0.10 0.00 0.15 0.19 0.17 0.21 0.25 0.30 0.12 0.08 0.01 0.07 0.18 0.11 2.37 0.03 0.04 0.04 0.03 0.02 0.02 0.07 0.01 0.13 0.11 0.07 0.03 0.02 0.35 0.07 0.01 0.00 0.03 0.10 0.17 0.38 0.15 0.05 0.04 1.38 8.21 0.10 0.01 0.04 0.07 0.01 0.14 0.93 0.18 0.22 0.01 0.01 0.60 0.09 0.12 0.18 0.23 2.84 0.08 2.94 3.71 0.09 0.05 2.05 2.68 84.57 0.14

C 0.18 0.14 0.30 0.38 11.33 0.92 1.16 0.00 0.00 2.10 27.65 22.01 0.00 0.06 0.01 0.00 0.06 0.08 3.34 2.65 0.00 0.06 0.04 0.17 0.13 0.17 0.36 0.00 0.30 0.38 0.49 0.39 0.37 0.11 0.00 0.00 0.20 0.08 0.09 0.09 0.12 0.10 0.00 0.00 0.08 0.18 0.23 0.20 0.24 0.27 0.27 0.00 0.12 0.00 0.09 0.26 0.19 5.55 0.09 0.00 0.04 0.00 0.02 0.03 0.10 0.01 0.16 0.00 0.12 0.04 0.00 0.96 0.00 0.00 0.03 0.04 0.00 0.00 0.00 0.15 0.05 0.04 1.51 10.01 0.00 0.09 0.00 0.00 0.02 0.00 1.40 0.18 0.22 0.02 0.01 0.00 0.15 0.20 0.18 0.23 0.00 0.00 4.24 5.37 0.00 0.00 2.12 2.68 123.86 0.00

(100s) Stock

Exc Volume

Week Low

0.00 0.10 0.12 0.13 unch + 3.23 3.32 0.19 0.19 3.25 3.37 + 0.00 0.30 0.16 0.16 0.20 0.22 0.27 0.30 0.19 0.22 unch + 0.16 0.19 0.00 0.16 unch 21.58 22.05 0.00 0.12 unch + 0.16 0.20 0.00 0.05 unch + 0.10 0.13 + 0.13 0.16 + 0.00 0.08 + 0.20 0.22 0.00 0.13 0.04 0.04 + 0.03 0.04 + 4.73 5.09 + 0.00 0.09 0.00 0.10 unch 2.41 2.41 unch + 0.29 0.32 + 0.37 0.42 2.64 2.68 0.00 3.20 0.00 0.12 unch + 0.00 0.16 0.22 0.22 + 0.17 0.19 0.00 0.18 unch + 1.35 1.53 + 0.00 0.10 0.00 0.06 unch 0.45 0.45 unch 0.00 0.54 0.10 0.10 0.12 0.12 0.00 0.06 0.07 0.07 + 2.16 2.47 + 2.73 3.07 + 0.00 0.10 + 23.21 25.54 + 14.64 15.79 0.42 0.42 0.52 0.52 0.03 0.03 0.05 0.05 unch + 0.00 0.04 + 1.01 1.18 + 0.81 0.90 + 0.20 0.23 + 0.25 0.31 0.14 0.16 + 2.52 3.04 + 3.28 3.85 + 0.05 0.06 + 0.56 0.60 + 0.70 0.76 0.39 0.39 0.00 0.50 + 0.33 0.55 3.96 3.96 + 3.00 3.18 0.46 0.48 0.59 0.60 + 0.10 0.11 4.08 4.08 3.20 3.21 0.00 0.64 unch 0.00 0.11 + 0.08 0.09 + 0.26 0.29 + 1.01 1.11 + 1.30 1.42 + 0.09 0.12 + 0.13 0.17 0.00 0.07 unch 0.05 0.06 0.18 0.19 0.23 0.24 0.06 0.07 0.00 0.08 unch 0.52 0.53 1.55 1.69 1.93 2.12

Chilean Metals* Chilean Metals China Gold Int Churchill Res Cipher Mining* Cirrus Gold Clarity Gold* Clarity Gold Class 1 Nickel Clean Air Met Clean Comm* Cleghorn Min Cleveland-Clif* Cliffmont Res Clifton Mng* Clydesdale Res CMC Metals* CMC Metals CMX Gold & Sil CNRP Mng Coast Copper Cobalt Block Cobalt Block* Coeur Mng* Colibri Res* Colibri Res Collective Mg* Colombia Crest* Colombia Crest Colonial Coal Comet Inds Commander Res* Commander Res Commerce Res Commerce Res* Compass Gold Comstock Mng* Comstock Mtls Comstock Mtls * Condor Gold* Condor Gold Condor Res* Condor Res Conquest Res * Conquest Res Cons Uranium* Cons Uranium Cons Woodjam CONSOL Energy* CONSOL Energy* Constantine Mt* Constantine Mt Contact Gold* Contact Gold Contact Mnrls* CopAur Min CopAur Min* Copper Fox Mtl* Copper Fox Mtl Copper Lake Rs Copper Mtn Mng* Copper Mtn Mng Copper One * Copperbank Res* Copperbank Res Cordoba Mnls* Cordoba Mnls Core Assets Cornerstone Ca Cornerstone Ca* Corsa Coal * Corsa Coal Cortus Metals Corvus Gold Corvus Gold* CoTec Holdings Crest Resource Crest Resource* Crestview Expl Critical Elem* Critical Elem Cross River* Cross River Crown Mining Crown Mining* Cruz Battery* Cruz Battery Currie Rose Rs CWN M’g Acq Cyntar Venture Cypress Dev* Cypress Dev

O V T V D C O C C V O V N V O V O V C C V V O N O V O O V V V O V V O V X V O O T O V O V O V V N N O V O V O V O O V V O T O O C O V C V O O V V T D V C O C O V O C V O O C V V C O V

91 211 39 219 3615 392 641 759 465 1255 24 0 79238 0 210 0 314 1034 357 457 555 47 144 18792 78 919 11 35 877 402 2 0 68 417 136 45 4239 22 51 5 98 110 621 151 1085 365 787 255 1855 13966 851 671 685 1719 48 150 56 170 1217 4873 1035 7333 763 152 644 14 89 3054 46 31 289 773 255 1524 930 0 63 34 116 262 975 84 1557 487 178 837 855 221 0 35 1127 2733

0.11 0.14 3.37 0.20 3.96 0.30 0.20 0.25 0.35 0.23 0.19 0.00 23.66 0.00 0.20 0.00 0.15 0.18 0.08 0.24 0.14 0.05 0.04 5.37 0.09 0.11 2.41 0.32 0.42 2.89 3.20 0.00 0.16 0.25 0.20 0.18 1.63 0.10 0.06 0.45 0.58 0.13 0.16 0.06 0.08 2.50 3.13 0.11 26.12 16.00 0.51 0.60 0.04 0.05 0.04 1.18 0.95 0.28 0.33 0.19 3.23 3.89 0.06 0.66 0.84 0.46 0.56 0.55 4.20 3.30 0.55 0.68 0.11 4.10 3.28 0.00 0.12 0.09 0.29 1.24 1.53 0.12 0.17 0.08 0.07 0.22 0.28 0.08 0.00 0.59 1.85 2.31

Dajin Lithium* Dajin Res Damara Gold* Damara Gold Danakali* Decade Res Decade Res* Deep-South Res* Deep-South Res DeepRock Min Defense Metals* Defense Metals Defiance Silvr Defiance Silvr* Delrand Res Denarius Silv Denison Mines Denison Mines* Desert Gold Desert Gold* Desert Mtn Egy Diamante Min* Diamcor Mng* Diamcor Mng Diamond Fields Dios Expl Discovery Harb* Discovery Harb Discovery Silv Discovery Silv* Discovery-Corp District Cop* District Cop District Metal* District Metal District Mines Dixie Gold DLP Resouces Dolly Vard Sil Dolly Vard Sil* Dore Copper Doubleview Gld Doubleview Gld* DRDGOLD* Dundee Prec Mt Durango Res* Durango Res DV Resources* DV Resources Dynacor Gld Mn Dynacor Gld Mn* DynaResource* Dynasty Gold Dynasty Gold* E2Gold Inc E2Gold Inc* E3 Metals* E3 Metals E79 Resources* E79 Resources Eagle Graphite* Eagle Graphite Eagle Plains Earl Res East Africa Eastern Platin* Eastern Platin Eastfield Res Eastfield Res* Eco Oro Min Eco Oro Min* Edgemont Gold Edgewater Expl Edison Battery* Edison Battery EEE Explor

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

72 39 82 524 156 771 635 1215 564 407 298 433 1605 1152 11 589 16162 40424 134 80 691 0 709 463 0 539 331 1037 1607 992 0 28 161 90 760 25 26 55 481 1042 127 324 195 643 1362 338 532 0 78 119 13 18 17 25 391 69 301 864 55 201 31 7 563 0 417 19 75 166 6 59 120 243 47 772 1764 120

0.69 0.87 0.07 0.10 0.30 0.04 0.04 0.06 0.07 0.05 0.19 0.24 0.47 0.37 0.03 0.73 1.90 1.51 0.15 0.11 2.92 0.00 0.26 0.34 0.00 0.07 0.02 0.04 2.04 1.63 0.00 0.13 0.19 0.25 0.25 0.13 0.24 0.21 0.75 0.60 0.81 0.27 0.21 8.57 7.86 0.05 0.05 0.00 0.10 3.11 2.48 1.50 0.18 0.14 0.17 0.13 2.33 2.94 0.82 1.03 0.13 0.16 0.19 0.00 0.30 0.23 0.29 0.09 0.07 0.12 0.09 0.24 0.17 0.14 0.17 0.22

Last

12-month

High

Change

High Low

0.00 0.00 0.04 0.03 0.61 0.13 0.02 0.03 0.04 0.00 0.03 0.00 1.29 0.00 0.02 0.00 0.02 0.03 0.04 0.01 0.01 0.01 0.00 0.24 0.01 0.00 0.00 0.03 0.02 0.17 0.30 0.00 0.01 0.01 0.01 0.00 0.11 0.02 0.00 0.00 0.06 0.02 0.03 0.00 0.02 0.13 0.16 0.01 2.02 1.14 0.03 0.04 0.00 0.00 0.01 0.16 0.10 0.03 0.05 0.02 0.35 0.47 0.00 0.01 0.01 0.04 0.02 0.17 0.02 0.04 0.07 0.10 0.01 0.01 0.01 0.00 0.01 0.00 0.01 0.02 0.04 0.03 0.04 0.00 0.00 0.02 0.03 0.01 0.00 0.02 0.05 0.09

0.40 0.55 4.47 0.44 15.39 0.30 1.48 1.82 1.11 0.46 0.39 0.17 26.51 0.23 0.32 0.08 0.21 0.27 0.10 0.82 0.20 0.17 0.14 12.60 0.16 0.17 3.50 0.42 0.53 3.73 4.00 0.21 0.32 0.50 0.39 0.25 9.85 0.14 0.10 0.79 1.20 0.26 0.33 0.17 0.21 2.67 3.29 0.25 36.23 16.08 0.60 0.77 0.12 0.16 0.25 1.57 1.24 0.53 0.66 0.21 4.20 5.07 0.60 0.70 0.84 1.24 1.54 0.49 5.30 4.20 0.87 1.10 0.20 4.15 3.30 0.68 0.29 0.25 2.53 1.65 1.98 1.22 0.30 0.36 0.29 0.27 0.34 0.15 0.09 0.99 2.13 2.61

0.09 0.12 1.72 0.17 3.25 0.12 0.15 0.20 0.10 0.17 0.00 0.08 12.77 0.09 0.14 0.05 0.03 0.08 0.05 0.18 0.09 0.03 0.02 4.56 0.01 0.07 1.89 0.08 0.10 0.50 2.00 0.08 0.11 0.19 0.16 0.11 1.05 0.08 0.03 0.35 0.48 0.01 0.11 0.05 0.07 0.85 1.07 0.08 7.99 10.41 0.13 0.17 0.03 0.04 0.01 0.12 0.11 0.15 0.20 0.03 1.55 1.98 0.03 0.23 0.29 0.01 0.45 0.07 3.40 2.25 0.21 0.27 0.09 2.17 1.71 0.10 0.09 0.07 0.26 0.78 0.83 0.01 0.11 0.07 0.05 0.05 0.06 0.03 0.05 0.50 0.68 0.83

0.03 0.07 0.00 0.01 0.02 0.00 0.00 0.01 0.01 0.01 0.01 0.02 0.04 0.03 0.01 0.09 0.15 0.10 0.01 0.00 0.04 0.00 0.03 0.04 0.00 0.00 0.00 0.01 0.06 0.04 0.00 0.01 0.01 0.01 0.01 0.01 0.01 0.00 0.09 0.07 0.00 0.01 0.01 0.12 0.28 0.00 0.01 0.00 0.00 0.02 0.05 0.00 0.01 0.00 0.02 0.01 0.22 0.23 0.04 0.13 0.01 0.01 0.01 0.00 0.03 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.00 0.00

2.45 2.00 0.16 0.20 0.47 0.11 0.09 0.23 0.30 0.11 0.59 0.75 1.07 0.91 0.18 0.73 2.64 2.14 0.23 0.17 4.95 0.06 0.43 0.52 1.25 0.13 0.10 0.11 2.74 2.23 0.12 0.20 0.50 0.55 0.59 0.40 0.35 0.35 0.97 0.75 1.28 1.18 1.22 13.18 9.72 0.11 0.14 0.11 0.16 3.29 2.58 2.45 0.35 0.20 0.30 0.24 4.22 5.37 1.34 1.65 0.28 0.38 0.19 0.55 0.58 0.38 0.47 0.10 0.09 0.20 0.16 0.31 0.27 1.00 0.25 0.25

0.43 0.50 0.00 0.05 0.24 0.04 0.01 0.03 0.04 0.04 0.16 0.21 0.37 0.28 0.03 0.38 0.79 0.62 0.11 0.09 1.31 0.02 0.08 0.09 0.13 0.06 0.02 0.03 1.19 0.90 0.07 0.09 0.11 0.14 0.19 0.11 0.17 0.18 0.42 0.33 0.61 0.20 0.06 7.88 6.99 0.03 0.04 0.06 0.07 1.77 1.36 0.52 0.08 0.09 0.10 0.08 1.00 1.20 0.07 0.24 0.00 0.07 0.14 0.34 0.14 0.19 0.27 0.06 0.04 0.05 0.04 0.13 0.15 0.01 0.05 0.15

D-F 0.61 0.77 0.07 0.08 0.27 0.00 0.03 0.05 0.06 0.05 0.17 0.22 0.37 0.29 0.00 0.57 1.60 1.27 0.13 0.00 2.41 0.00 0.22 0.28 0.00 0.00 0.02 0.00 1.77 1.42 0.00 0.13 0.00 0.16 0.21 0.00 0.00 0.00 0.62 0.48 0.68 0.24 0.19 7.91 7.23 0.04 0.00 0.00 0.00 2.98 2.36 1.37 0.00 0.14 0.15 0.12 1.98 2.61 0.59 0.90 0.10 0.00 0.18 0.00 0.00 0.22 0.28 0.00 0.05 0.11 0.08 0.21 0.00 0.11 0.14 0.20

0.64 0.80 + 0.07 0.08 0.27 0.04 unch + 0.04 + 0.06 + 0.07 0.05 0.18 0.22 + 0.43 + 0.34 0.03 + 0.68 1.70 1.36 + 0.15 0.11 2.45 0.04 unch 0.24 0.30 0.19 unch 0.06 unch 0.02 unch + 0.04 1.84 1.47 0.10 unch + 0.13 0.17 0.17 0.22 0.13 0.23 0.20 unch + 0.72 + 0.57 0.70 unch + 0.25 + 0.20 + 8.20 + 7.61 0.04 + 0.05 0.07 unch 0.09 unch 3.04 2.40 1.40 unch + 0.18 0.14 unch 0.16 0.12 + 2.33 + 2.91 0.74 0.90 + 0.13 + 0.16 + 0.18 0.45 unch + 0.29 0.22 + 0.28 + 0.08 + 0.06 0.11 + 0.09 + 0.23 0.17 0.11 0.14 unch 0.22 unch

GLOBAL MINING NEWS

(100s) Stock

Exc Volume

El Nino Vent* El Nino Vent Elcora Adv Mat Elcora Res* Eldorado Gold* Eldorado Gold Element 29* Element79 Elevation Gold* Elevation Gold Eloro Res Eloro Res* Elysee Dev Elysee Dev * Emerita Res Emerita Res* Emgold Mining Emgold Mining* Eminent Gold Eminent Gold* Emperor Metals EMX Royalty* EMX Royalty EnCore Energy Endeavour Mng Endeavr Silver Endeavr Silver* Endurance Gold* Endurance Gold Enduro Metals Enduro Metals* Energy Fuels Energy Fuels* Engineer Gold Engineer Gold* Engold Mines Engold Mines* Entree Res* Entree Res Equinox Gold Equinox Gold* Equity Metals* Equity Metals Erdene Res Dev Erdene Res Dev* Erin Ventures* Erin Ventures Ero Copper Ero Copper* Eros Res Corp* Eros Res Corp Eros Res Corp Eskay Mng* Eskay Mng Essex Minerals Essex Minerals* Ethos Gold* Ethos Gold Etruscus Res* Etruscus Res Euro Manganese Euro Manganese* Euro Sun Mg* Euro Sun Mg EurOmax Res EurOmax Res* European Elect European Elect* European Metal* Evergold Evergold* Everton Res* EVI Global Grp Evrim Res Excellon Res* Excellon Res Excelsior Mng* Excelsior Mng ExGen Res Inc ExGen Res Inc* Exploits Disc* Explorex Res* Explorex Res Fabled Silver Fabled Silver* Fairchild Gold Fairmile Gold* Fairmont Res* Falco Res Falco Res * Falcon Gold Falcon Gold* Fancamp Expl Fathom Nickel* Fathom Nickel FenixOro Gold* FenixOro Gold Fidelity Min* Fidelity Min Filo Mg Corp Filo Mg Corp * Finlay Minrls Fiore Gold* Fiore Gold* Fiore Gold FireFox Gold FireFox Gold* Firestone Vent Fireweed Zinc* Fireweed Zinc First Cobalt * First Cobalt First Energy First Energy* First Idaho First Majestic* First Majestic First Mg Fin * First Mg Fin First Point* First Quantum First Tellur First Tellur* Fission 3.0 Fission 3.0* Fission Uran* Fission Uran Five Star Diam Five Star Diam* Fjordland Exp* Fjordland Exp Flow Metals Focus Graphite* Focus Graphite Focus Minerals* Fokus Mining Foran Mining* Foran Mining Foremost Lith* Foremost Lith Forsys Metals Fort St James Fortescue Met* Fortuna Silvr Fortuna Silvr* Fortune Bay Fortune Bay* Fortune Min* Fortune Min Forty Pillars Forum Energy* Forum Energy Fosterville Founders Metal Four Nines Fox River Res FPX Nickel Franco-Nevada* Franco-Nevada Franklin Mng* Fredonia Mg Freegold Vent Freeman Gold Freeman Gold* Freeport McMoR* Freeport Res Fremont Gold Fresnillo plc* Frontier Lith Frontline Gold Full Metal Mnl Full Metal Mnl* Fury Gold Fury Gold* Fuse Cobalt* Fuse Cobalt

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

216 70 218 47 8293 1435 178 163 68 155 595 262 76 6 3261 717 164 76 3 6 42 923 110 2576 2110 1433 11467 796 2317 2656 371 5156 15300 384 80 73 146 116 405 3003 7078 397 338 437 193 1 283 3465 324 789 98 98 337 301 245 20 313 450 8 367 823 22 165 403 38 7 2 5 63 507 101 100 488 148 507 580 209 836 15 11 483 24 26 1689 402 0 3 212 728 59 791 472 153 398 946 281 131 15 508 2132 151 62 117 208 328 514 424 0 64 278 2544 3087 2931 95 0 15641 2029 1060 1764 1138 15293 546 821 1547 1729 1606 7096 35 5 3 132 112 1149 1268 0 596 38 1512 1908 11488 1045 76 38 2866 13659 63 19 335 725 513 1398 1158 335 40 79 118 3792 2211 1522 6833 94 1137 1217 104 97826 543 963 17 3799 334 140 54 572 1387 1135 1123

THE NORTHERN MINER / JANUARY 24–FEBRUARY 6, 2022

Week High

Low

0.02 0.04 0.09 0.08 9.73 12.11 0.50 1.12 0.67 0.83 3.61 2.89 0.79 0.61 3.84 3.08 0.04 0.03 0.70 0.56 0.10 2.30 2.90 1.78 28.09 5.49 4.41 0.37 0.45 0.27 0.21 10.85 8.67 0.04 0.03 0.26 0.20 0.64 0.80 8.84 7.10 0.12 0.15 0.47 0.38 0.07 0.09 18.12 14.37 0.07 0.10 0.10 2.20 2.72 0.09 0.07 0.26 0.33 0.12 0.19 0.52 0.42 0.20 0.27 0.12 0.06 0.08 0.06 0.07 0.14 0.11 0.06 0.08 0.46 0.99 1.09 0.39 0.48 0.14 0.09 0.39 2.89 3.00 0.09 0.08 0.00 0.00 0.13 0.29 0.24 0.08 0.06 0.11 0.16 0.21 0.22 0.27 0.08 0.09 15.20 12.09 0.10 0.06 1.10 1.40 0.36 0.29 0.00 0.51 0.63 0.27 0.32 0.37 0.30 0.00 11.27 14.03 0.25 0.31 0.51 36.25 0.29 0.60 0.27 0.22 0.78 0.94 0.04 0.03 0.07 0.10 0.04 0.08 0.10 0.00 0.10 2.20 2.76 0.34 0.43 0.97 0.15 15.69 4.83 3.89 0.82 0.65 0.12 0.15 0.17 0.20 0.25 0.92 0.35 0.65 0.51 0.63 134.33 167.98 0.03 0.30 0.55 0.54 0.42 45.66 0.11 0.03 11.88 2.68 0.03 0.15 0.12 0.90 0.72 0.06 0.07

0.02 0.00 0.00 0.06 8.95 11.36 0.46 0.98 0.58 0.73 3.37 2.64 0.75 0.00 3.37 2.66 0.00 0.00 0.00 0.54 0.10 2.00 2.54 1.48 26.29 4.80 3.78 0.27 0.34 0.24 0.20 8.64 6.88 0.00 0.03 0.25 0.18 0.57 0.71 8.11 6.40 0.09 0.11 0.43 0.35 0.07 0.08 16.00 12.78 0.07 0.00 0.00 1.96 2.47 0.08 0.07 0.22 0.28 0.12 0.12 0.46 0.36 0.17 0.23 0.00 0.05 0.00 0.00 0.06 0.12 0.09 0.06 0.07 0.45 0.73 0.93 0.33 0.41 0.00 0.09 0.33 2.08 2.85 0.07 0.05 0.00 0.00 0.08 0.26 0.00 0.07 0.05 0.00 0.14 0.18 0.16 0.22 0.08 0.00 12.30 9.75 0.00 0.05 1.00 0.00 0.30 0.24 0.00 0.48 0.59 0.24 0.30 0.33 0.27 0.00 10.09 12.82 0.23 0.29 0.38 29.73 0.25 0.20 0.23 0.17 0.66 0.83 0.00 0.03 0.07 0.00 0.03 0.06 0.08 0.00 0.00 1.94 2.43 0.25 0.32 0.84 0.00 14.72 4.46 3.51 0.76 0.60 0.11 0.14 0.14 0.17 0.22 0.83 0.00 0.60 0.40 0.48 126.42 160.47 0.02 0.00 0.46 0.49 0.39 40.68 0.10 0.00 10.85 1.90 0.02 0.00 0.10 0.81 0.60 0.05 0.07

Last

12-month Change

0.02 unch 0.03 unch 0.09 + 0.07 9.54 + 11.97 + 0.48 + 1.00 0.64 + 0.82 + 3.41 2.70 0.76 unch 0.60 3.48 + 2.76 + 0.04 unch 0.03 unch 0.70 + 0.56 + 0.10 unch 2.21 + 2.77 + 1.56 27.59 + 5.22 + 4.16 + 0.36 + 0.45 + 0.24 + 0.20 + 8.95 7.15 0.04 + 0.03 unch 0.25 unch 0.20 + 0.61 0.76 8.61 + 6.86 + 0.10 + 0.13 + 0.43 0.35 0.07 unch 0.08 16.30 12.97 0.07 0.09 0.09 2.10 + 2.64 + 0.08 0.07 unch 0.22 0.28 0.12 unch 0.19 + 0.49 + 0.41 + 0.19 + 0.26 + 0.08 + 0.06 + 0.08 0.06 0.07 + 0.14 + 0.10 + 0.06 unch 0.08 + 0.45 + 0.75 0.95 0.34 + 0.44 + 0.13 + 0.09 unch 0.38 2.89 + 2.85 unch 0.09 + 0.07 + 0.15 unch 0.00 unch 0.09 0.28 0.22 0.08 + 0.06 + 0.10 unch 0.14 0.18 0.20 + 0.25 + 0.08 unch 0.09 15.06 + 12.05 + 0.09 0.05 1.10 + 1.40 + 0.32 0.25 0.12 unch 0.51 + 0.61 unch 0.25 0.31 0.37 + 0.28 + 0.09 unch 10.70 + 13.43 + 0.23 0.29 0.48 + 34.71 + 0.29 + 0.23 + 0.24 0.18 0.70 0.89 0.04 unch 0.03 unch 0.07 + 0.10 unch 0.03 0.07 + 0.09 + 0.16 unch 0.10 + 2.08 + 2.64 + 0.32 + 0.41 + 0.86 0.15 + 15.33 + 4.61 + 3.66 + 0.77 0.61 0.12 0.14 0.17 + 0.17 0.22 0.87 0.35 + 0.65 + 0.45 0.59 + 130.04 + 163.23 + 0.03 + 0.30 + 0.52 + 0.50 0.40 44.08 + 0.11 + 0.03 unch 11.21 2.64 + 0.02 unch 0.13 0.10 0.87 + 0.70 + 0.05 + 0.07 unch

0.00 0.00 0.01 0.01 0.47 0.53 0.02 0.06 0.01 0.03 0.23 0.16 0.00 0.01 0.08 0.08 0.00 0.00 0.06 0.02 0.00 0.17 0.17 0.15 0.98 0.32 0.30 0.07 0.10 0.02 0.02 1.61 1.20 0.01 0.00 0.00 0.01 0.02 0.03 0.47 0.42 0.01 0.01 0.03 0.01 0.00 0.01 1.87 1.44 0.01 0.01 0.01 0.11 0.11 0.01 0.00 0.02 0.03 0.00 0.05 0.01 0.03 0.01 0.02 0.01 0.02 0.01 0.00 0.01 0.02 0.01 0.00 0.01 0.01 0.19 0.19 0.01 0.02 0.01 0.00 0.00 0.63 0.00 0.01 0.02 0.00 0.00 0.04 0.01 0.01 0.01 0.00 0.00 0.03 0.03 0.02 0.02 0.00 0.01 2.06 1.78 0.01 0.00 0.10 0.14 0.02 0.02 0.00 0.03 0.00 0.00 0.01 0.02 0.01 0.00 0.38 0.37 0.01 0.01 0.08 4.31 0.03 0.03 0.02 0.02 0.04 0.04 0.00 0.00 0.00 0.00 0.01 0.00 0.01 0.00 0.01 0.12 0.11 0.04 0.06 0.11 0.02 0.50 0.05 0.06 0.02 0.01 0.00 0.01 0.03 0.02 0.03 0.02 0.07 0.01 0.06 0.09 2.73 2.34 0.01 0.08 0.06 0.03 0.01 2.20 0.01 0.00 0.09 0.62 0.00 0.02 0.01 0.04 0.05 0.00 0.00

(100s)

High Low

Stock

0.05 0.06 0.19 0.16 13.58 17.28 0.59 1.65 2.58 3.24 5.88 4.65 0.88 0.74 4.14 3.35 0.09 0.07 1.05 1.00 0.29 3.72 4.70 2.27 35.94 9.32 7.76 0.37 0.45 0.29 0.24 14.33 11.39 0.08 0.06 0.55 0.30 0.90 1.12 13.38 10.59 0.24 0.30 0.50 0.41 0.19 0.25 29.76 22.30 0.10 0.12 0.12 2.93 3.55 0.30 0.14 0.50 0.60 0.30 0.38 0.85 0.68 0.39 0.47 0.15 0.11 0.40 0.39 0.20 0.43 0.44 0.42 0.14 0.58 3.90 4.76 0.89 1.13 0.14 0.11 1.35 8.34 10.50 0.40 0.60 0.20 0.00 0.76 0.48 0.40 0.13 0.15 0.17 0.44 0.88 0.39 0.49 0.11 0.15 15.20 12.09 0.20 0.26 1.36 1.70 0.40 0.34 0.30 0.84 1.12 0.37 0.46 0.62 0.31 0.10 24.01 30.75 0.42 0.50 0.76 36.25 0.30 1.00 0.30 0.24 1.00 1.25 0.07 0.05 0.21 0.27 0.09 0.22 0.28 0.24 0.38 2.42 3.09 0.34 0.39 1.30 0.50 20.12 12.61 9.85 1.25 0.98 0.22 0.27 0.38 0.47 0.56 2.30 0.60 0.70 0.73 0.94 163.79 205.25 0.15 0.37 0.89 0.61 0.47 46.10 0.25 0.10 16.14 2.49 0.04 0.65 0.57 2.37 1.85 0.26 0.33

G2 Goldfields* G2 Goldfields Gabriel Res Gabriel Res* Galane Gold Galane Gold * Galantas Gold Galantas Gold* Galiano Gold Galiano Gold* Galleon Gold* Galleon Gold Galore Res Galway Gold * Galway Gold Galway Mtls* Galway Mtls Gambier Gold* Gambier Gold Garibaldi Res * Garibaldi Res Gatling Explor* Gatling Explor Gatos Silver Gatos Silver* GCM Mining* GCM Mining General Gold Generation Min Generation Min* Generic Gold Genesis Mtls Genesis Mtls* Gensource Pot Gentor Res Geomega Res Geomega Res* Getchell Gold Getchell Gold * Getty Copper GFG Resources GFG Resources* GFM Res GGL Res GGL Res* GGX Gold* GGX Gold Giga Metals Giga Metals* Gitennes Expl Gitennes Expl * Giyani Gold* Giyani Gold GK Resources Glacier Lake Gladiator Met Glen Eagle Res* Glen Eagle Res Glencore Plc * Glencore Plc* Global Atomic* Global Atomic Global Battery* Global Battery Global Energy* Global Energy Global Li-Ion Global Li-Ion* GlobalMin Vent* Globex Mng* Globex Mng GMV Minerals* GMV Minerals GNCC Capital* Go Cobalt* Go Cobalt GobiMin GoGold Res Golcap Res Gold Basin Res* Gold Bull Res Gold Bull Res* Gold Fields* Gold Fields* Gold Finder Ex Gold Finder Ex* Gold Hunter Rs Gold Line Res Gold Lion Res* Gold Lion Res Gold Mountain* Gold Mountain Gold Port Gold Reserve* Gold Reserve Gold Resource* Gold Royalty* Gold State Res Gold State Res* Gold Std Vents Gold Std Vents* Gold’n Futures Gold79 Mines Gold79 Mines* Goldbank Mng Goldcliff Res* Goldcliff Res Golden Arrow* Golden Arrow Golden Dawn Ml* Golden Dawn Ml Golden Goliath* Golden Goliath Golden Harp* Golden Harp Golden Hope Golden Hope* Golden Indepen Golden Indepe* Golden Lake Golden Mnls* Golden Mnls Golden Pursuit* Golden Pursuit Golden Ridge Golden Secret Golden Share Golden Spike Golden Star* Golden Star Golden Star* Golden Tag Golden Tag* Goldex Res* Goldex Res Goldflare Expl Goldgroup Mng Goldgroup Mng* GoldHaven Res* Goldhills Hldg GoldMining GoldON Res GoldON Res* Goldoz* Goldplay Min GoldQuest Mng Goldrea Res Goldrea Res* Goldrich Mng* Goldseek Res Goldshore Res* Goldshore Res Goldsource Min* Goldsource Min Goldstar Mnls Goldstar Mnls* Goliath Res* Goliath Res Gossan Res GoviEx Uranium* GoviEx Uranium Gowest Gold* Gowest Gold GPM Metals* GPM Metals GR Silver* GR Silver Granada Gold* Granada Gold Grande Portage* Grande Portage Granite Creek Granite Creek* Graphano Egy Graphite One*

0.02 0.03 0.06 0.04 7.46 9.52 0.28 0.67 0.58 0.73 1.88 1.44 0.53 0.40 0.16 0.12 0.03 0.02 0.42 0.45 0.10 1.87 2.45 0.83 23.12 4.77 3.69 0.10 0.14 0.17 0.12 4.66 3.53 0.03 0.02 0.21 0.15 0.36 0.46 7.53 5.90 0.07 0.09 0.33 0.26 0.06 0.06 16.00 12.86 0.05 0.08 0.08 1.43 1.81 0.07 0.05 0.12 0.16 0.07 0.11 0.39 0.31 0.17 0.22 0.05 0.04 0.06 0.05 0.04 0.11 0.02 0.00 0.05 0.28 0.76 0.93 0.29 0.36 0.08 0.07 0.19 2.08 2.85 0.07 0.05 0.14 0.00 0.00 0.22 0.15 0.06 0.04 0.09 0.14 0.18 0.15 0.15 0.06 0.05 1.75 1.38 0.07 0.04 0.74 0.95 0.13 0.11 0.11 0.46 0.59 0.19 0.26 0.14 0.12 0.07 9.86 12.74 0.21 0.27 0.05 19.21 0.05 0.03 0.08 0.06 0.26 0.34 0.03 0.02 0.05 0.07 0.03 0.04 0.06 0.16 0.08 0.54 0.66 0.07 0.10 0.28 0.13 10.25 3.77 2.91 0.57 0.00 0.06 0.08 0.11 0.11 0.15 0.83 0.26 0.40 0.14 0.42 105.62 133.63 0.01 0.13 0.32 0.28 0.23 24.71 0.10 0.02 10.20 0.49 0.02 0.11 0.00 0.75 0.57 0.05 0.06

Exc Volume

Week High

Low

Last

12-month Change

High Low

G-H O 36 V 529 V 487 O 44 V 459 O 367 V 96 O 116 T 118 X 2110 O 655 V 6395 V 20 O 75 V 0 O 66 V 566 O 280 V 145 O 98 V 621 O 38 V 375 T 148 N 2643 O 283 T 772 C 3 T 1205 O 399 C 48 V 2697 O 113 V 978 V 0 V 368 O 166 C 364 O 346 V 124 V 314 O 105 V 0 V 273 O 3 O 7 V 9 V 1415 O 1537 V 80 O 106 O 279 V 993 V 10 V 1 V 1 O 27 V 637 O 511 O 1523 O 459 T 1215 O 246 V 250 O 110 V 125 C 448 O 51 O 0 O 59 T 157 O 44 V 299 O 1111417 O 20 C 130 V 0 T 2572 C 118 O 36 V 322 O 175 O 0 N 20969 V 593 O 491 C 81 V 2068 O 157 C 217 O 182 T 650 C 84 O 160 V 84 X 5803 X 1816 V 604 O 2039 T 344 X 2201 C 406 V 480 O 24 V 0 O 73 V 122 O 104 V 350 O 1 V 509 O 127 V 130 O 0 V 1 V 141 O 2 C 414 O 27 C 416 X 2456 T 70 O 1 V 33 V 385 V 233 V 122 C 44 O 0 T 156 X 2848 V 714 O 202 O 29 V 215 V 3926 T 91 O 184 O 235 V 0 T 2736 V 116 O 24 O 0 V 212 V 5705 C 139 O 100 O 559 C 34 O 283 V 292 O 15 V 181 V 20 O 1 O 622 V 1066 V 114 O 900 V 3955 O 5 V 194 O 4 V 99 O 299 V 358 O 373 V 439 O 241 V 239 V 359 O 296 V 56 O 124

0.38 0.47 0.25 0.19 0.13 0.11 0.61 0.50 0.89 0.71 0.07 0.09 0.02 0.09 0.00 0.54 0.68 0.08 0.08 0.28 0.34 0.18 0.23 13.26 10.60 4.20 5.25 0.20 0.97 0.77 0.30 0.16 0.11 0.34 0.00 0.30 0.24 0.63 0.51 0.06 0.15 0.12 0.00 0.17 0.10 0.10 0.13 0.53 0.42 0.05 0.03 0.33 0.41 0.20 0.25 0.37 0.06 0.07 5.62 11.18 3.27 4.12 0.19 0.22 0.23 0.28 0.08 0.07 0.00 0.95 1.19 0.19 0.25 0.00 0.15 0.19 0.00 2.78 0.10 0.20 0.31 0.24 0.00 10.95 0.14 0.12 0.34 0.19 0.11 0.12 1.01 1.28 0.12 1.20 1.50 1.70 4.78 0.05 0.04 0.55 0.44 0.09 0.06 0.05 0.00 0.09 0.12 0.14 0.18 0.18 0.20 0.05 0.06 0.00 0.15 0.32 0.21 0.12 0.09 0.14 0.40 0.52 0.09 0.14 0.21 4.35 0.17 0.30 0.00 4.89 3.88 0.25 0.20 0.06 0.08 0.14 0.04 0.03 0.32 0.00 2.22 0.21 0.15 0.00 0.14 0.31 0.04 0.03 0.08 0.13 0.52 0.65 0.70 0.90 0.09 0.19 0.77 0.92 0.20 0.33 0.39 0.10 0.13 0.09 0.12 0.23 0.27 0.07 0.08 0.47 0.58 0.17 0.17 0.59 1.54

0.32 0.40 0.23 0.18 0.12 0.10 0.55 0.44 0.83 0.60 0.05 0.07 0.00 0.09 0.00 0.47 0.60 0.06 0.00 0.20 0.26 0.16 0.20 12.19 9.53 3.84 4.86 0.00 0.87 0.70 0.00 0.11 0.09 0.29 0.00 0.29 0.22 0.54 0.43 0.00 0.15 0.11 0.00 0.00 0.10 0.10 0.00 0.39 0.30 0.00 0.02 0.27 0.33 0.00 0.00 0.00 0.06 0.00 5.21 10.35 2.75 3.46 0.15 0.20 0.19 0.24 0.07 0.05 0.00 0.86 1.10 0.14 0.18 0.00 0.14 0.17 0.00 2.55 0.10 0.19 0.25 0.21 0.00 10.01 0.12 0.09 0.00 0.15 0.07 0.09 0.86 1.11 0.11 1.11 1.37 1.50 4.45 0.00 0.03 0.51 0.41 0.07 0.00 0.04 0.00 0.08 0.10 0.13 0.17 0.18 0.15 0.03 0.00 0.00 0.00 0.00 0.17 0.10 0.08 0.12 0.34 0.42 0.09 0.00 0.18 4.17 0.16 0.26 0.00 4.80 3.83 0.21 0.16 0.00 0.00 0.07 0.00 0.03 0.29 0.00 1.80 0.19 0.15 0.00 0.12 0.16 0.03 0.03 0.07 0.11 0.47 0.60 0.65 0.82 0.00 0.19 0.64 0.80 0.17 0.28 0.35 0.10 0.12 0.09 0.00 0.20 0.25 0.06 0.07 0.41 0.52 0.15 0.11 0.48 1.34

0.36 + 0.44 + 0.23 0.18 0.13 + 0.10 + 0.57 0.45 0.83 0.66 0.06 + 0.07 unch 0.02 + 0.09 unch 0.13 unch 0.52 + 0.64 + 0.08 + 0.07 0.28 + 0.34 + 0.16 0.22 12.58 + 10.05 + 4.03 + 5.08 + 0.20 unch 0.90 0.71 0.30 unch 0.16 + 0.11 + 0.33 + 0.09 unch 0.29 unch 0.23 + 0.60 + 0.47 + 0.06 unch 0.15 + 0.12 + 0.15 unch 0.16 + 0.10 unch 0.10 0.13 0.47 + 0.40 + 0.05 + 0.03 unch 0.33 + 0.40 + 0.20 + 0.25 + 0.37 + 0.06 unch 0.06 5.56 + 11.06 + 2.88 3.61 0.17 + 0.22 + 0.21 + 0.27 + 0.07 0.06 + 0.14 unch 0.91 1.14 unch 0.17 + 0.21 + 0.00 + 0.15 + 0.17 + 0.20 unch 2.74 + 0.10 unch 0.19 0.28 + 0.22 10.56 unch 10.51 + 0.12 0.10 0.34 + 0.16 0.09 + 0.10 unch 0.98 + 1.22 + 0.12 1.13 1.45 1.61 + 4.53 0.05 unch 0.04 unch 0.53 unch 0.42 + 0.08 + 0.06 0.05 0.13 unch 0.09 + 0.12 + 0.14 + 0.18 unch 0.18 unch 0.15 0.04 0.05 0.40 unch 0.15 + 0.29 + 0.18 0.11 0.09 + 0.14 + 0.38 + 0.48 + 0.09 unch 0.14 + 0.20 + 4.30 0.17 + 0.30 unch 1.75 unch 4.84 3.85 unch 0.22 unch 0.18 + 0.04 0.08 + 0.13 + 0.04 unch 0.03 0.32 + 0.25 unch 1.98 + 0.19 + 0.15 0.01 unch 0.14 + 0.28 + 0.04 unch 0.03 unch 0.07 0.12 0.48 0.60 0.68 + 0.85 0.09 + 0.19 unch 0.66 + 0.83 + 0.17 0.29 0.36 0.10 0.12 unch 0.09 unch 0.12 + 0.20 0.27 0.06 + 0.08 unch 0.42 0.53 0.16 unch 0.13 0.54 1.50 +

0.01 0.01 0.01 0.00 0.01 0.01 0.03 0.02 0.02 0.01 0.01 0.00 0.01 0.00 0.00 0.05 0.04 0.02 0.01 0.06 0.07 0.01 0.02 0.50 0.48 0.13 0.16 0.00 0.03 0.03 0.00 0.08 0.03 0.01 0.00 0.00 0.00 0.01 0.00 0.00 0.01 0.01 0.00 0.03 0.00 0.03 0.01 0.04 0.06 0.01 0.00 0.06 0.06 0.04 0.05 0.01 0.00 0.01 0.16 0.31 0.27 0.37 0.00 0.01 0.01 0.01 0.01 0.00 0.00 0.03 0.00 0.00 0.03 0.00 0.01 0.04 0.00 0.14 0.00 0.02 0.01 0.01 0.00 0.33 0.02 0.01 0.01 0.03 0.02 0.00 0.06 0.05 0.01 0.07 0.05 0.09 0.18 0.00 0.00 0.00 0.00 0.01 0.01 0.00 0.00 0.00 0.02 0.01 0.00 0.00 0.04 0.01 0.01 0.00 0.01 0.04 0.03 0.01 0.01 0.01 0.04 0.05 0.00 0.01 0.01 0.09 0.02 0.00 0.00 0.02 0.00 0.00 0.00 0.00 0.01 0.07 0.00 0.01 0.02 0.00 0.13 0.01 0.00 0.00 0.01 0.13 0.00 0.00 0.01 0.01 0.03 0.03 0.00 0.01 0.02 0.00 0.01 0.01 0.03 0.02 0.04 0.05 0.00 0.00 0.01 0.00 0.01 0.00 0.00 0.00 0.02 0.00 0.00 0.06 0.10

0.50 0.63 0.34 0.29 0.35 0.28 0.94 0.78 1.84 1.44 0.12 0.14 0.03 0.23 0.29 1.00 1.27 0.29 0.36 0.49 0.60 0.42 0.52 31.08 24.00 6.27 7.99 0.63 1.23 1.02 0.80 0.28 0.22 0.48 0.11 0.60 0.47 0.81 0.63 0.11 0.20 0.15 0.15 0.33 0.26 0.17 0.21 0.86 0.70 0.14 0.10 0.70 0.87 0.30 0.40 0.44 0.13 0.18 5.62 11.18 3.99 4.84 1.52 1.93 0.28 0.35 0.27 0.21 0.70 1.24 1.49 0.36 0.45 0.00 1.33 1.20 0.37 3.79 0.60 0.39 0.61 0.53 12.05 12.53 0.23 0.23 0.95 0.76 0.23 0.31 2.65 3.12 0.26 1.79 2.22 3.20 7.08 0.29 0.17 1.23 0.97 0.21 0.12 0.10 0.19 0.11 0.14 0.20 0.21 0.24 0.31 0.30 0.14 0.40 0.23 0.44 0.35 0.57 0.52 0.70 1.30 1.65 0.19 0.24 0.41 5.44 0.17 0.49 3.49 5.12 4.04 0.58 0.46 1.10 0.09 0.10 0.08 0.06 0.87 0.33 2.59 0.97 0.70 0.02 0.20 0.40 0.06 0.05 0.10 0.31 1.75 0.98 1.12 1.41 0.21 0.19 1.31 1.62 0.35 0.47 0.59 0.30 0.44 0.13 0.15 0.68 0.86 0.19 0.25 0.65 0.78 0.29 0.24 1.20 2.00

0.26 0.35 0.17 0.12 0.10 0.08 0.25 0.22 0.83 0.60 0.03 0.05 0.02 0.08 0.12 0.39 0.52 0.01 0.06 0.05 0.21 0.15 0.21 11.61 9.17 3.37 4.50 0.16 0.57 0.45 0.21 0.08 0.06 0.19 0.07 0.23 0.18 0.31 0.24 0.04 0.12 0.10 0.07 0.10 0.08 0.08 0.10 0.33 0.27 0.04 0.02 0.18 0.28 0.14 0.15 0.28 0.04 0.05 3.20 6.38 1.09 1.39 0.09 0.12 0.12 0.16 0.07 0.01 0.01 0.53 0.67 0.10 0.13 0.00 0.09 0.14 0.19 2.02 0.08 0.02 0.18 0.14 7.88 7.75 0.06 0.04 0.28 0.11 0.06 0.08 0.86 0.85 0.10 0.91 1.30 1.50 3.39 0.04 0.03 0.49 0.38 0.05 0.05 0.04 0.10 0.05 0.07 0.12 0.15 0.08 0.11 0.00 0.04 0.17 0.14 0.23 0.17 0.09 0.07 0.12 0.31 0.41 0.09 0.10 0.12 2.84 0.08 0.25 0.38 2.58 2.04 0.20 0.16 0.00 0.06 0.04 0.04 0.02 0.24 0.13 1.27 0.15 0.00 0.00 0.12 0.11 0.03 0.02 0.02 0.10 0.26 0.53 0.55 0.74 0.07 0.05 0.28 0.35 0.08 0.15 0.19 0.01 0.11 0.05 0.06 0.19 0.24 0.05 0.07 0.18 0.24 0.14 0.10 0.27 0.43

(100s) Stock

Exc Volume

Graphite One Gratomic* Gratomic Graycliff Exp Great Atlantic Great Bear Res* Great Bear Res Great Panther Great Panther* Great Quest Fe Green Battery Green River* Green River Green Swan Cap Green Valley M Greencastle Rs Greenhawk Res Greenland M&En* Greenland Res Greenshield Ex Grid Metals* Grid Metals Grizzly Discvr* Grizzly Discvr Grosvenor Res Group Eleven Group Ten Mtls* Group Ten Mtls GSP Resource Guanajuato Sil* Guanajuato Sil Guardian Exp Gungnir Res* Gungnir Res Gunpoint Expl* Gunpoint Expl Guyana Goldstr Hanna Capital* Hanna Capital Hannan Metals Hannan Metals* Hanstone Gold Happy Ck Mnrls Harfang Explor* Harfang Explor Harmony Gold* Harte Gold Harvest Gold* Harvest Gold Hawkeye Gld&Di* Hawkeye Gld&Di Hawkmoon Res Headwater Gold Headwater Gold* Hecla Mining* Heliostar Met* Heliostar Met Hemcare Health* Hemlo Expl* Hemlo Expl HFX Holding Highbank Res Highbury Proj HighGold HighGold* Highland Copp Highland Copp* Highway 50 Gld* Highway 50 Gld Highwood Asset Hochschild Mg* Homerun Res Honey Badger* Honey Badger Horizonte Mnls Horizonte Mnls* HudBay Min* HudBay Min Hudson Res Hudson Res* Hunt Mng* Hunt Mng Hylands Intl i-80 Gold i-80 Gold*

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

I-Minerals* I-Minerals IAMGOLD IAMGOLD* Iconic Mnls * Iconic Mnls Idaho Champion* Idaho Champion IEMR Res iMetal Res* iMetal Res IMPACT Silver Impala Platnm* Imperial Metal* Imperial Metal Imperial Mg Gr* Imperial Mg Gr Inca One Gold* Inca One Gold Inception Mng * Independence G Independence G* Indigo Expl Infield Min Infinite Ore Infinite Ore* Inflection Res Inomin Mines Intact Gold* Intact Gold Integra Res* Integra Res Inter-Rock Mnl Interconnect Intercontinent Interra Copper Interra Copper* Intl Battery* Intl Battery Intl Bethl Mng Intl Iconic* Intl Iconic Intl Lithium Intl Lithium* Intl Prospect Intl Prospect * Intl Star* Intl Tower Hil* Intl Tower Hil Intl Zeolite* Intl Zeolite Intrepid Pots* Inventus Mg * Inventus Mg InZinc Mining InZinc Mining* Ion Energy* Ion Energy Irving Res Irving Res* IsoEnergy Ltd Itafos* Itafos Itoco Inc* Ivanhoe Mines* Ivanhoe Mines Ivor Explor Jade Leader* Jade Leader Jaeger Res Jaguar Mng* Jaguar Mng Japan Gold Japan Gold* Jasper Mining Jaxon Mining* Jaxon Mining Jayden Res* Jayden Res Jazz Res Jervois Mining Jervois Mining* Josemaria Res Joshua Gold* Jourdan Res Jubilee Gold Jubilee Metals* Juggernaut Exp* Juggernaut Exp Jupiter Gold*

Week High

V O V O V V V O V V O V V O V O V V O V V O V V O V N T O V O V C C O N O V O O V V V V V O V O O V V O V O V T O N T V O O V V T O

174 100 1490 207 85 348 1137 549 11066 347 459 41 715 679 82 80 248 747 703 0 117 1307 282 407 0 648 586 330 88 501 741 51 179 373 0 1 0 0 0 209 218 86 336 3 74 19026 0 111 666 23 250 348 521 70 28923 264 173 39 1 8 13 0 0 300 86 580 701 75 0 0 317 36 671 706 4403 84 7343 5776 533 161 25 370 0 1015 215

1.92 1.15 1.38 0.34 0.26 22.98 28.65 0.30 0.24 0.05 0.16 0.05 0.07 0.06 0.35 0.14 0.09 0.07 0.53 0.00 0.09 0.12 0.05 0.05 0.00 0.13 0.32 0.39 0.19 0.41 0.51 0.06 0.09 0.11 0.44 0.57 0.00 0.00 0.00 0.34 0.27 0.19 0.04 0.23 0.29 3.89 0.00 0.16 0.22 0.02 0.02 0.08 0.22 0.17 5.37 0.69 0.85 1.12 0.16 0.19 0.04 0.00 0.00 1.39 1.11 0.17 0.13 0.18 0.00 12.50 1.74 0.13 0.07 0.08 0.12 0.09 8.31 10.40 0.09 0.07 0.04 0.05 0.00 2.98 2.39

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

16 31 6752 33680 835 737 114 44 0 51 1437 399 5 50 120 108 742 137 152 4159 97 127 8 68 685 264 72 124 26 0 351 231 0 0 0 1557 153 1689 1306 540 59 24 675 639 17 147 48530 713 49 47 304 334 20 275 116 9 77 98 25 63 509 32 55 95 2204 12185 3 94 8 14 143 253 116 152 0 163 210 0 77 52 3917 4362 11014 76 1556 1 22 232 281 3

0.02 0.03 3.73 2.97 0.16 0.20 0.04 0.05 0.00 0.04 0.20 0.48 15.50 3.10 3.89 0.11 0.15 0.33 0.41 0.01 0.13 0.10 0.08 0.06 0.14 0.11 0.15 0.14 0.05 0.00 2.19 2.70 0.00 0.00 0.00 0.06 0.06 4.05 5.13 0.04 0.05 0.06 0.12 0.10 0.16 0.13 0.01 0.91 1.15 0.16 0.22 44.98 0.12 0.19 0.06 0.05 0.40 0.50 1.22 1.01 4.11 1.20 1.53 0.17 9.95 11.87 0.38 0.06 0.11 0.04 3.58 4.51 0.31 0.24 0.00 0.03 0.05 0.00 0.50 0.75 0.66 0.53 1.62 0.03 0.07 0.87 0.24 0.13 0.17 1.01

Low

Last

12-month Change

1.70 1.92 + 1.04 1.05 1.30 1.34 0.31 0.34 + 0.00 0.25 22.23 22.63 + 28.02 28.45 + 0.27 0.30 + 0.21 0.23 + 0.00 0.05 0.13 0.13 0.05 0.05 unch 0.06 0.07 unch 0.00 0.05 unch 0.27 0.35 + 0.00 0.13 0.08 0.09 + 0.06 0.06 + 0.49 0.49 0.00 1.95 unch 0.08 0.09 + 0.10 0.10 unch 0.03 0.04 + 0.00 0.05 unch 0.00 0.14 unch 0.10 0.12 0.26 0.30 + 0.33 0.38 + 0.17 0.18 + 0.36 0.37 + 0.46 0.47 unch 0.00 0.05 + 0.07 0.08 0.09 0.10 0.44 0.44 unch 0.00 0.57 unch 0.00 0.13 unch 0.00 0.03 unch 0.00 0.04 unch 0.30 0.30 0.24 0.24 0.00 0.19 unch 0.00 0.04 unch 0.22 0.22 + 0.25 0.25 3.42 3.72 + 0.00 0.01 unch 0.15 0.16 + 0.00 0.22 + 0.02 0.02 0.00 0.02 0.08 0.08 unch 0.19 0.20 0.15 0.16 4.74 5.08 + 0.61 0.63 + 0.78 0.78 + 1.01 1.10 + 0.14 0.14 unch 0.00 0.18 + 0.00 0.04 + 0.00 0.02 unch 0.00 0.30 unch 1.25 1.36 + 0.99 1.09 + 0.15 0.16 + 0.11 0.12 + 0.18 0.18 unch 0.00 0.19 unch 0.00 12.50 unch 1.59 1.61 0.00 0.13 + 0.00 0.06 0.07 0.07 0.11 0.12 + 0.07 0.09 + 7.11 7.88 + 9.02 9.88 + 0.08 0.08 unch 0.06 0.07 + 0.02 0.02 0.00 0.05 unch 0.00 0.03 unch 2.70 2.80 + 2.13 2.23 +

High Low

0.10 0.04 0.05 0.04 0.02 0.24 0.21 0.02 0.01 0.01 0.02 0.00 0.00 0.00 0.10 0.01 0.01 0.00 0.02 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.01 0.01 0.01 0.00 0.00 0.01 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.03 0.03 0.00 0.00 0.02 0.03 0.21 0.00 0.02 0.04 0.00 0.01 0.00 0.02 0.01 0.21 0.02 0.01 0.01 0.00 0.01 0.01 0.00 0.00 0.10 0.09 0.01 0.00 0.00 0.00 0.00 0.02 0.04 0.00 0.01 0.01 0.02 0.54 0.61 0.00 0.00 0.03 0.00 0.00 0.09 0.10

2.54 1.51 1.84 2.86 0.84 23.00 29.26 1.47 1.16 0.17 0.72 0.07 0.08 0.12 1.81 0.26 0.53 0.30 0.77 1.98 0.27 0.34 0.07 0.08 0.17 0.18 0.42 0.51 0.50 0.70 0.74 0.20 0.25 0.32 0.56 0.75 0.20 0.10 0.16 0.62 0.49 0.54 0.14 0.39 0.62 5.76 0.18 0.19 0.24 0.04 0.05 0.20 0.65 0.27 9.44 1.47 1.81 2.32 0.64 0.80 0.11 0.03 0.30 2.08 1.65 0.17 0.13 0.37 0.47 19.00 3.77 0.13 0.20 0.18 0.18 0.15 9.60 11.62 0.30 0.24 0.23 0.14 0.04 3.54 2.86

0.52 0.27 0.34 0.20 0.24 10.08 12.80 0.27 0.21 0.03 0.09 0.04 0.05 0.05 0.26 0.10 0.06 0.04 0.30 0.14 0.07 0.09 0.02 0.03 0.14 0.09 0.22 0.27 0.17 0.24 0.32 0.05 0.03 0.04 0.44 0.55 0.10 0.02 0.03 0.22 0.16 0.15 0.04 0.18 0.22 3.00 0.01 0.00 0.10 0.01 0.02 0.06 0.19 0.14 4.50 0.50 0.65 0.75 0.14 0.16 0.03 0.01 0.20 0.98 0.79 0.06 0.05 0.18 0.18 4.72 1.41 0.04 0.00 0.06 0.10 0.05 5.22 6.70 0.06 0.04 0.02 0.04 0.03 2.26 1.88

0.00 0.00 0.26 0.17 0.00 0.00 0.00 0.01 0.00 0.15 0.06 0.01 1.08 0.37 0.42 0.01 0.03 0.02 0.03 0.00 0.01 0.01 0.01 0.00 0.02 0.00 0.02 0.02 0.01 0.00 0.07 0.11 0.00 0.00 0.00 0.01 0.00 0.19 0.25 0.01 0.00 0.01 0.01 0.01 0.02 0.00 0.00 0.07 0.12 0.00 0.02 0.32 0.00 0.01 0.01 0.00 0.00 0.00 0.03 0.05 0.38 0.09 0.03 0.02 0.59 0.64 0.03 0.00 0.01 0.00 0.07 0.09 0.02 0.01 0.00 0.00 0.01 0.00 0.00 0.05 0.09 0.07 0.03 0.01 0.01 0.04 0.01 0.01 0.01 0.00

0.05 0.06 4.62 3.85 0.30 0.37 0.20 0.23 0.05 0.77 0.98 1.22 21.00 4.92 5.95 0.20 0.24 0.46 0.55 0.05 0.19 0.15 0.11 0.42 0.28 0.21 0.45 0.23 0.06 0.12 3.76 4.76 0.51 0.10 0.24 0.34 0.27 4.05 5.13 0.12 0.13 0.16 0.16 0.13 0.25 0.40 0.02 1.47 1.87 0.24 0.33 52.91 0.25 0.31 0.09 0.05 1.40 0.67 2.59 2.06 6.61 1.55 1.90 0.35 9.95 11.87 0.40 0.07 0.11 0.06 9.30 11.30 0.47 0.38 0.21 0.08 0.10 0.83 1.05 0.99 0.66 0.53 1.62 0.20 0.18 0.87 0.32 0.41 0.52 2.25

0.02 0.03 2.75 2.16 0.10 0.12 0.04 0.04 0.02 0.15 0.15 0.42 10.38 2.27 2.95 0.09 0.11 0.16 0.29 0.00 0.05 0.04 0.06 0.04 0.06 0.04 0.12 0.08 0.04 0.05 1.95 2.53 0.37 0.08 0.10 0.05 0.04 0.26 0.33 0.03 0.03 0.04 0.05 0.03 0.10 0.07 0.00 0.62 0.79 0.08 0.09 21.92 0.11 0.13 0.03 0.01 0.13 0.32 0.92 0.72 1.87 0.88 0.37 0.02 4.64 6.06 0.30 0.03 0.05 0.02 2.79 3.70 0.25 0.19 0.07 0.03 0.04 0.20 0.33 0.24 0.36 0.25 0.65 0.02 0.03 0.59 0.15 0.12 0.15 0.31

I-J-K 0.02 0.02 0.00 0.03 unch 3.21 3.28 2.55 2.62 0.13 0.14 0.00 0.19 unch 0.04 0.04 0.00 0.05 0.00 0.03 unch 0.04 0.04 0.03 0.19 0.43 0.45 + 0.00 15.40 + 2.53 2.93 + 3.18 3.66 + 0.09 0.11 + 0.12 0.15 + 0.29 0.30 + 0.37 0.40 + 0.01 0.01 0.10 0.10 0.00 0.09 0.00 0.08 0.00 0.06 unch 0.13 0.13 0.10 0.10 0.00 0.13 0.00 0.14 + 0.04 0.04 0.00 0.05 unch 2.04 2.05 2.54 2.55 0.00 0.49 unch 0.00 0.08 unch 0.00 0.10 unch 0.05 0.05 0.04 0.04 2.01 2.19 2.52 2.75 0.00 0.04 0.04 0.04 0.00 0.06 + 0.11 0.11 0.08 0.09 + 0.00 0.14 0.11 0.13 0.01 0.01 + 0.71 0.81 + 0.91 1.05 + 0.16 0.16 unch 0.18 0.18 39.80 42.57 + 0.12 0.12 unch 0.00 0.19 0.06 0.06 0.04 0.05 + 0.39 0.39 + 0.48 0.49 unch 1.10 1.20 + 0.88 0.98 + 3.65 3.71 1.11 1.11 1.36 1.45 0.14 0.15 8.42 9.03 + 10.83 11.33 + 0.36 0.36 0.06 0.06 unch 0.00 0.08 + 0.00 0.04 unch 3.14 3.28 4.08 4.11 0.00 0.30 + 0.21 0.24 + 0.00 0.08 unch 0.03 0.03 + 0.05 0.05 + 0.00 0.46 unch 0.00 0.50 unch 0.00 0.70 0.54 0.63 + 0.42 0.50 + 1.51 1.57 + 0.02 0.03 0.00 0.06 0.00 0.87 + 0.20 0.22 0.13 0.13 0.15 0.16 0.00 1.01 unch

(100s) Stock

Exc Volume

Week High

K2 Gold K9 Gold* K92 Mining K92 Mining* Kainantu Res Kaizen Discov Kalo Gold Kanadario Gold Karam Min Karnalyte Res Karoo Expl Karora Res* KAT Expl* Kenadyr Metals* Kenadyr Metals Kenorland Min Kermode Res Kesselrun Res Kesselrun Res* Kestrel Gold KGL Resources KGL Resources* Kincora Copper* Kincora Copper King Global* King Global Kingfisher Met* Kingfisher Met Kingman Min Kingman Min* Kings Bay Res Kings Bay Res* Kingsmen Res Kingsmen Res* Kinross Gold Kinross Gold* Kintavar Exp Kiplin Metals Kiplin Metals* Kirkland Lake Kirkland Lake* Klondike Gold Klondike Gold* Klondike Silv* Klondike Silv Kodiak Copper* Kombat Copper* Kombat Copper Kootenay Silvr* Kootenay Silvr Kootenay Zinc Kore Mining Kore Mining * Kutcho Copper * Kuya Silver Kuya Silver* KWG Res KWG Res*

V O T O V V V V C T V O O O V V V V O V V O O V O V O V V O V O V O T N V V O T N V O O V O O V O V C V O O C O C O

81 189 2768 309 770 5 15 123 627 151 6 277 65220 37 15 54 146 356 4 845 13 3 10 80 78 45 263 1066 429 0 0 0 2 8 17730 59950 611 851 9 3778 8065 543 63 107 523 135 20 2634 242 181 63 371 428 144 223 149 1283 270

0.25 0.16 7.52 6.03 0.22 0.46 0.21 0.81 0.51 0.36 0.50 3.35 0.01 0.10 0.13 0.82 0.03 0.12 0.10 0.10 0.14 0.11 0.11 0.13 0.04 0.05 0.26 0.29 0.05 0.00 0.00 0.08 0.12 0.08 7.23 5.81 0.20 0.85 0.64 51.88 41.50 0.17 0.14 0.05 0.06 1.12 0.35 0.45 0.20 0.22 0.02 0.38 0.30 0.70 0.96 0.77 0.05 0.04

Labrador Gold* Labrador Gold Labrador IMH* Labrador IOR* Labrador IOR Lake Resources* Lara Expl Laramide Res Laredo Res* Largo Res* Largo Res Lasalle Explor Latin Metals Laurion Mnl Ex Laurion Mnl Ex* Leading Edge Leading Edge* Leeta Gold Legion Metals Leo Res* Leocor Gold Leocor Gold* Leopard Lake Leviathan Gold Leviathan Gold* Li-Metal Libero Copper* Libero Copper Liberty Gold* Liberty One Li Lida Resources* Lido Minerals Lightspeed Dis Lincoln Mng Lion One Mtls Lion One Mtls* Lithium Amer Lithium Amer* Lithium Chile Lithium Chile* Lithium Corp* Lithium Energi Lithium Energi* Lithium South* Lithoquest Res Lode-Star Mg* Logan Res Lomiko Mtls Lomiko Mtls* Loncor Res* Loncor Res Lone Star Gold* Los Andes* Los Andes Lovitt Res Lucara Diam Lucky Min* Lucky Min Luckystrike * Luckystrike Lumina Gold* Lumina Gold Luminex Res Lundin Gold Lundin Mng* Lundin Mng Lupaka Gold * Lupaka Gold Lynas Corp* Lynas Corp*

O V O O T O V T O D T V V V O V O V C O C O C V O C O V O V O C V V V O T N V O O V O O V O V V O O T O O V V T O V O V O V V T O T O V O O

338 631 510 38 1978 4090 35 1436 873 473 294 676 52 878 22 1071 723 10179 570 0 223 280 61 237 14 68 309 609 490 0 9 320 64 45 148 218 5763 22891 3094 1203 1346 309 233 395 50 100 0 2156 603 105 93 60 15 42 0 726 52 2240 21 102 49 410 71 578 527 13919 61 115 626 793

0.75 0.92 0.11 31.59 39.53 0.75 0.56 0.77 0.01 11.07 13.88 0.11 0.12 0.91 0.73 0.71 0.57 3.28 0.18 0.03 0.41 0.35 0.15 0.14 0.11 10.00 0.45 0.55 0.77 0.00 0.32 0.28 0.06 0.14 1.07 0.88 39.79 31.79 0.99 0.79 0.28 0.23 0.25 0.76 0.11 0.06 0.00 0.10 0.08 0.52 0.65 0.14 9.59 12.02 0.00 0.63 0.08 0.08 0.30 0.39 0.48 0.60 0.43 10.17 9.00 11.04 0.04 0.05 8.35 8.43

Macarthur Min Macarthur Min* MacDonald Mns* MacDonald Mns Madeira Mrnls Madoro Metals* Madoro Metals MAG Silver Magellan Gold* Magna Gold Magna Gold* Magna Mining Magna Terra Magna Terra* Magnum Goldco Majestic Gold* Majestic Gold Major Precious* Makara Mining Makara Mining* Makena Res* Mako Mining Mako Mining* Mammoth Res Mammoth Res * Mandalay Res* Mandalay Res Manganese X Manganese X* Mangazeya Mng Manitou Gold * Manitou Gold Manning Vent Mantaro Prec Mantaro Prec* Maple Gold* Maple Gold Marathon Gold* Marathon Gold Margaret Lake Marimaca Cop* Marimaca Cop Maritime Res Martina Mnls

V O O V V O V T O V O V V O V O V O C O O V O V O O T V O V O V C V O O V O T V O T V V

282 229 119 106 0 15 204 738 21 154 77 296 25 5 49 33 1861 117 62 149 113 382 491 471 241 58 65 757 270 0 46 230 65 242 80 625 407 203 965 23 4 133 694 0

0.36 0.29 0.03 0.04 0.00 0.05 0.07 19.65 0.50 0.77 0.64 0.50 0.14 0.12 0.07 0.06 0.07 0.20 0.11 0.08 0.40 0.36 0.29 0.11 0.10 1.86 2.40 0.30 0.24 0.00 0.06 0.07 0.13 0.21 0.16 0.28 0.36 2.51 3.13 0.35 3.00 3.77 0.15 0.00

Low

Last

17

12-month Change

0.23 0.24 + 0.14 0.15 6.50 7.00 + 5.14 5.58 + 0.19 0.21 + 0.00 0.46 0.19 0.19 0.79 0.80 0.00 0.51 + 0.29 0.35 + 0.00 0.45 3.02 3.21 + 0.00 0.01 + 0.09 0.09 0.00 0.12 + 0.75 0.77 + 0.00 0.03 0.10 0.10 0.08 0.10 unch 0.08 0.09 + 0.00 0.13 0.11 0.11 unch 0.10 0.11 + 0.00 0.13 + 0.04 0.04 + 0.00 0.05 unch 0.19 0.22 + 0.24 0.26 unch 0.00 0.05 0.00 0.03 unch 0.00 0.10 unch 0.08 0.08 unch 0.00 0.11 0.00 0.08 6.77 7.00 + 5.34 5.59 + 0.19 0.20 0.72 0.79 + 0.00 0.63 + 49.05 50.72 + 39.09 40.41 + 0.00 0.16 unch 0.00 0.14 + 0.03 0.05 + 0.05 0.05 unch 0.93 1.08 + 0.32 0.35 0.39 0.42 0.13 0.17 0.20 0.22 + 0.00 0.02 + 0.33 0.36 0.26 0.28 0.62 0.65 0.87 0.90 0.67 0.71 0.04 0.05 unch 0.03 0.04 +

High Low

0.01 0.00 0.35 0.31 0.03 0.03 0.02 0.01 0.11 0.01 0.01 0.10 0.00 0.01 0.01 0.02 0.01 0.02 0.00 0.01 0.01 0.00 0.01 0.01 0.00 0.00 0.01 0.00 0.01 0.00 0.00 0.00 0.02 0.01 0.12 0.14 0.01 0.05 0.03 0.80 0.92 0.00 0.01 0.00 0.00 0.11 0.01 0.02 0.03 0.01 0.01 0.03 0.02 0.02 0.01 0.00 0.00 0.00

0.65 0.66 9.36 7.60 0.40 0.85 0.59 1.95 0.65 0.45 0.94 4.09 0.02 0.32 0.50 1.75 0.06 0.26 0.21 0.24 0.60 0.44 0.56 0.35 0.09 0.12 2.38 0.80 0.24 0.18 0.28 0.14 0.24 0.16 10.06 8.34 0.24 0.81 2.40 58.43 46.98 0.27 0.22 0.18 0.25 1.94 0.48 0.61 0.40 0.45 0.15 1.65 1.32 4.09 2.95 2.31 0.05 0.04

0.16 0.12 5.75 4.42 0.15 0.30 0.18 0.70 0.10 0.12 0.33 2.25 0.00 0.06 0.11 0.65 0.02 0.10 0.08 0.06 0.10 0.01 0.08 0.11 0.03 0.04 0.19 0.24 0.05 0.03 0.06 0.05 0.11 0.08 6.35 4.90 0.09 0.07 0.08 40.07 31.72 0.15 0.11 0.00 0.05 0.80 0.10 0.23 0.10 0.17 0.02 0.33 0.26 0.24 0.76 0.60 0.01 0.00

+ unch + + + + + unch + + + + + unch unch + unch + + + unch + + + + + + + + + + + unch unch + + + + unch + + + unch + +

0.01 0.01 0.00 0.85 0.85 0.01 0.03 0.10 0.00 0.11 0.19 0.01 0.00 0.06 0.05 0.10 0.08 0.14 0.01 0.00 0.00 0.02 0.00 0.02 0.02 2.45 0.02 0.02 0.05 0.00 0.04 0.03 0.01 0.03 0.03 0.03 3.01 2.62 0.18 0.15 0.05 0.05 0.02 0.02 0.01 0.00 0.00 0.01 0.01 0.03 0.01 0.03 0.61 0.70 0.00 0.01 0.01 0.01 0.00 0.02 0.00 0.02 0.01 0.12 0.50 0.54 0.00 0.00 0.22 0.18

1.50 1.85 0.53 42.40 50.45 0.86 0.85 1.12 0.09 18.71 22.96 0.23 0.24 0.91 0.73 0.71 0.57 7.25 0.42 0.36 1.00 1.47 0.16 0.99 0.65 15.01 0.73 0.89 1.50 0.90 1.02 0.41 0.35 0.25 1.67 1.35 53.09 41.56 1.15 0.89 1.22 0.33 0.41 0.92 0.15 0.28 0.37 0.28 0.22 0.97 1.16 4.20 9.59 12.02 0.60 1.00 0.54 0.15 0.80 0.80 0.74 0.92 0.94 12.93 13.11 16.07 0.07 0.08 8.35 8.43

0.24 0.30 0.02 24.38 31.10 0.08 0.49 0.25 0.00 7.86 10.18 0.09 0.10 0.18 0.14 0.19 0.15 2.22 0.17 0.00 0.33 0.25 0.12 0.12 0.09 3.05 0.27 0.34 0.66 0.33 0.22 0.17 0.06 0.10 0.97 0.77 14.46 11.84 0.26 0.21 0.21 0.08 0.01 0.29 0.06 0.04 0.19 0.08 0.06 0.40 0.50 0.08 4.39 5.50 0.15 0.50 0.05 0.06 0.26 0.30 0.42 0.54 0.40 8.90 6.66 8.56 0.00 0.04 3.31 3.28

0.31 0.35 + 0.25 0.28 + 0.03 0.03 + 0.00 0.04 unch 0.00 0.03 unch 0.00 0.05 unch 0.00 0.07 + 18.19 18.82 + 0.37 0.37 0.71 0.77 + 0.57 0.62 + 0.43 0.50 + 0.00 0.14 unch 0.11 0.12 + 0.00 0.07 + 0.05 0.06 + 0.00 0.07 + 0.14 0.20 + 0.00 0.10 + 0.07 0.08 0.35 0.35 0.34 0.34 0.27 0.27 0.09 0.10 0.07 0.08 0.00 1.84 + 2.21 2.30 + 0.27 0.29 unch 0.22 0.23 0.00 0.06 unch 0.04 0.06 + 0.00 0.07 + 0.11 0.12 unch 0.19 0.20 + 0.15 0.16 + 0.25 0.26 0.31 0.33 2.33 2.37 2.93 2.98 unch 0.00 0.33 + 2.79 3.00 + 3.55 3.74 + 0.13 0.14 unch 0.00 0.07 unch

0.04 0.03 0.00 0.00 0.00 0.00 0.01 0.30 0.11 0.02 0.02 0.07 0.00 0.00 0.01 0.01 0.01 0.06 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.07 0.03 0.00 0.00 0.00 0.02 0.01 0.00 0.02 0.01 0.01 0.01 0.01 0.00 0.03 0.21 0.14 0.00 0.00

0.70 0.54 0.06 0.08 0.03 0.14 0.17 31.21 1.40 1.15 1.12 0.65 0.20 0.16 0.18 0.07 0.07 2.00 0.63 0.55 1.75 0.44 0.39 0.21 0.39 3.00 3.68 1.04 0.82 0.10 0.10 0.13 0.72 0.57 0.50 0.42 0.49 3.00 3.73 1.30 4.55 5.85 0.24 0.18

0.28 0.22 0.02 0.03 0.03 0.05 0.06 17.88 0.37 0.71 0.55 0.30 0.10 0.09 0.05 0.03 0.05 0.11 0.09 0.06 0.30 0.29 0.23 0.08 0.00 1.43 1.82 0.22 0.18 0.06 0.03 0.05 0.07 0.13 0.09 0.18 0.24 1.68 2.13 0.18 2.36 2.75 0.12 0.06

L 0.62 0.79 0.08 29.68 37.65 0.70 0.50 0.64 0.00 10.00 12.57 0.00 0.00 0.83 0.67 0.58 0.45 2.72 0.17 0.03 0.36 0.28 0.14 0.13 0.10 7.00 0.38 0.49 0.69 0.00 0.22 0.25 0.00 0.00 1.00 0.79 32.27 25.43 0.76 0.60 0.21 0.17 0.13 0.70 0.00 0.06 0.00 0.08 0.07 0.50 0.60 0.08 8.91 11.20 0.00 0.57 0.06 0.07 0.28 0.36 0.00 0.56 0.41 9.20 7.75 9.78 0.03 0.00 7.81 7.63

0.64 0.82 0.11 31.08 39.00 0.73 0.56 0.67 0.01 10.32 13.00 0.10 0.12 0.91 0.72 0.66 0.52 3.04 0.17 0.03 0.36 0.30 0.15 0.13 0.10 7.30 0.40 0.50 0.76 0.40 0.32 0.27 0.06 0.11 1.05 0.83 38.22 30.46 0.98 0.79 0.27 0.22 0.16 0.71 0.11 0.06 0.30 0.09 0.07 0.51 0.65 0.10 9.52 12.00 0.18 0.59 0.06 0.07 0.30 0.37 0.46 0.56 0.41 9.64 8.54 10.72 0.04 0.05 8.09 8.08

M

18

WWW.NORTHERNMINER.COM

JANUARY 24–FEBRUARY 6, 2022 / THE NORTHERN MINER

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

Exc Volume

MartinMarietta* Marvel Discov* Marvel Discov Mas Gold Mascota Res* Masivo Silver* Masivo Silver Mason Graphite* Mason Graphite Matachewan Con Matica Ent Maverix Metals Maverix Metals* Mawson Res* Mawson Res MAX Res MaxTech Vent MaxTech Vent* Maxwell Res* Mayfair Gold* Mayfair Gold Mazarin McChip Res McEwen Mng McEwen Mng* McLaren Res MDN Inc* Mechel* Medallion Res Medallion Res* Medaro Mining Medaro Mining* Medgold Res* Medgold Res Medinah Mnrls* Mega Copper Mega Uranium* Mega Uranium MegaWatt Lith MegaWatt Lith* MegumaGold* MegumaGold Melkior Res* Melkior Res Meridian Mg Meridian Mg * Meryllion Res* Metal Energy MetalCorp* MetalCorp Metalex Vent Metalex Vent * Metallic Mnrls* Metallic Mnrls Metallica Met* Metallica Met Metallis Res Metallum Res Metalo Manuf Metalore Res Metalore Res* Metals Creek* Metals Creek Metals X* Metron Capital Mexican Gold* MGX Minerals Midasco Cap Midland Expl Midnight Star Midnight Sun* Midnight Sun Millbank Mg MillenMin Vent Millennial Lit Millennial Lit* Millennial Pr Millennial Pr* Millennium Sil Millrock Res* Millrock Res Milner Con Slv Minaurum Gold Minaurum Gold* Minco Silver* Minco Silver Minera Alamos * Minera Alamos Minera IRL* Minera IRL Mineral Hill Mineral Mtn* Mineral Mtn Mineral Res* Mineworx Tech* Mineworx Tech Minfocus Expl Minnova Corp Minsud Res Mirasol Res Mistango River Mkango Res ML Gold Corp Monarca Mnrls* Monarca Mnrls Monarch Min* Monarch Mining Moneta Porcpn Moneta Porcpn* Mongoose Mg Monitor Vent* Monitor Vent Montage Gold Montage Gold* Montego Res Monterey Min Montero Mg&Ex * Montero Mg&Ex Monument Mng Monument Mng* Monumental Min Morien Res* Morien Res Mosaic* Mosaic Min Mount Gibson * Mountain Boy* Mountain Boy Mountain Prov Mountain Prov* MPV Explor Mundoro Cap* Mundoro Cap Murchison Min* Murchison Min Musk Metals Musk Metals*

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

2253 315 468 192 1 120 378 589 376 5 27 190 1330 90 741 1311 38 61 0 38 351 3 2 522 6023 11 19 772 195 543 788 1562 15 222 4657 0 975 3293 954 304 729 511 9 94 1252 74 0 701 200 123 395 31 221 385 11 1356 167 296 27 0 1 113 516 388 229 57 2166 2 58 903 114 207 0 0 4725 168 3614 392 0 203 358 50 636 335 18 142 2737 2360 61 505 0 12 340 1 165 611 63 113 0 646 371 104 75 253 1467 58 165 109 24 115 0 1 352 387 484 61 275 298 358 428 44 35 37 28318 281 0 49 316 854 136 935 3 15 440 1910 372 65

NACCO Ind* Namibia Crit Namibia Crit* Natural Res Pt* Navis Res Corp* NEO Battery NEO Battery* Neo Lithium Neometals* Network Expl* Network Expl Nevada Canyon* Nevada Copper* Nevada Copper Nevada Expl * Nevada Expl Nevada King* Nevada King Nevada Lithium Nevada Silver Nevada Sunrise Nevada Sunrise* Nevada Zinc Nevado Res NevGold NevGold* New Age Metals New Age Metals* New Destiny Mg New Destiny Mg* New Energy Met*

N V O N O V O V O O V O O T O V O V C V V O V V V O V O V O O

22 149 394 284 7 2147 471 2680 71 15 203 2 622 2530 526 87 1750 3326 425 625 237 281 401 0 233 1 962 724 0 4 1

Week High

Low

Last

12-month Change

428.04 395.70 402.63 0.08 0.07 0.07 0.10 0.08 0.08 0.12 0.00 0.10 unch 2.60 0.00 2.60 + 0.05 0.00 0.05 0.06 0.00 0.06 0.57 0.50 0.54 0.71 0.64 0.68 + 0.19 0.00 0.18 0.39 0.33 0.39 5.98 5.10 5.78 + 4.78 4.00 4.63 + 0.13 0.00 0.13 0.17 0.16 0.16 0.27 0.22 0.24 0.09 0.07 0.08 0.07 0.04 0.06 + 0.00 0.00 0.07 unch 0.68 0.68 0.68 0.91 0.82 0.87 0.13 0.00 0.13 + 0.86 0.00 0.86 + 1.18 1.12 1.15 + 0.95 0.89 0.91 + 0.07 0.06 0.07 + 0.30 0.25 0.26 + 3.51 3.08 3.16 0.15 0.13 0.13 0.12 0.09 0.09 0.97 0.90 0.95 unch 0.80 0.71 0.76 + 0.02 0.02 0.02 + 0.03 0.00 0.03 + 0.00 0.00 0.00 + 0.00 0.00 0.16 unch 0.27 0.22 0.25 + 0.34 0.28 0.32 + 0.23 0.15 0.22 + 0.19 0.12 0.16 + 0.04 0.04 0.04 + 0.05 0.00 0.05 + 0.26 0.25 0.26 + 0.34 0.31 0.32 + 1.31 1.04 1.19 + 1.07 0.84 0.97 + 0.00 0.00 0.07 unch 0.20 0.16 0.18 + 0.03 0.03 0.03 unch 0.04 0.00 0.04 unch 0.04 0.04 0.04 unch 0.04 0.02 0.04 + 0.38 0.33 0.34 0.47 0.43 0.44 0.13 0.11 0.11 0.15 0.14 0.15 unch 0.30 0.27 0.28 0.08 0.00 0.08 + 0.31 0.24 0.24 2.25 0.00 2.25 + 1.77 1.77 1.77 unch 0.15 0.14 0.15 + 0.22 0.18 0.22 + 0.44 0.37 0.41 + 0.30 0.27 0.28 0.04 0.03 0.04 + 0.07 0.05 0.06 unch 0.10 0.00 0.10 0.52 0.49 0.50 unch 0.49 0.43 0.43 0.25 0.23 0.23 + 0.32 0.00 0.32 + 0.00 0.00 0.60 unch 0.00 0.00 0.05 unch 4.72 4.28 4.67 + 3.83 3.33 3.70 + 0.69 0.57 0.60 0.56 0.46 0.46 0.00 0.00 0.02 unch 0.05 0.04 0.05 + 0.06 0.00 0.06 unch 0.09 0.00 0.09 + 0.33 0.28 0.30 + 0.26 0.21 0.22 + 0.27 0.00 0.27 + 0.35 0.32 0.32 0.46 0.41 0.44 + 0.57 0.52 0.55 unch 0.08 0.01 0.01 unch 0.09 0.08 0.08 0.00 0.00 0.26 unch 0.11 0.09 0.10 0.13 0.00 0.11 45.52 0.00 45.52 + 0.07 0.06 0.07 + 0.10 0.08 0.09 + 0.31 0.00 0.30 + 0.16 0.00 0.15 + 0.00 0.00 0.23 unch 0.59 0.00 0.58 + 0.08 0.07 0.08 + 0.58 0.00 0.51 0.11 0.00 0.09 0.04 0.03 0.03 0.05 0.04 0.04 0.56 0.00 0.55 0.71 0.66 0.69 2.00 1.84 1.96 + 1.57 1.44 1.54 + 0.21 0.20 0.20 0.00 0.00 0.09 unch 0.13 0.00 0.13 0.73 0.62 0.69 + 0.61 0.50 0.55 + 0.04 0.04 0.04 unch 0.82 0.70 0.82 + 0.08 0.03 0.08 + 0.14 0.08 0.09 + 0.12 0.11 0.11 0.09 0.09 0.09 + 0.40 0.37 0.37 0.18 0.15 0.15 0.22 0.20 0.20 43.84 39.17 43.23 + 0.11 0.09 0.10 0.00 0.00 0.34 unch 0.15 0.13 0.15 + 0.20 0.17 0.17 unch 0.76 0.68 0.75 + 0.61 0.55 0.60 + 0.31 0.25 0.27 0.15 0.14 0.15 unch 0.19 0.00 0.19 + 0.12 0.10 0.11 + 0.14 0.12 0.14 + 0.07 0.07 0.07 unch 0.09 0.05 0.05 -

High Low

26.57 446.46 280.38 0.00 0.20 0.04 0.01 0.22 0.06 0.00 0.25 0.09 0.01 3.45 1.10 0.01 0.12 0.02 0.01 0.25 0.05 0.00 0.94 0.32 0.01 1.19 0.40 0.01 0.27 0.16 0.02 2.55 0.31 0.60 7.70 5.06 0.54 6.40 3.91 0.00 0.30 0.11 0.01 0.40 0.14 0.01 0.40 0.14 0.01 0.40 0.07 0.00 0.30 0.04 0.00 1.26 0.01 0.01 1.63 0.40 0.01 2.15 0.49 0.01 0.20 0.08 0.21 1.45 0.56 0.02 2.07 1.03 0.00 1.71 0.80 0.01 0.10 0.04 0.01 2.00 0.23 0.12 5.19 1.58 0.02 0.75 0.08 0.02 0.59 0.06 0.00 1.43 0.45 0.00 1.81 0.32 0.00 0.08 0.01 0.01 0.11 0.02 0.00 0.01 0.00 0.00 0.28 0.12 0.02 0.34 0.12 0.03 0.42 0.15 0.07 0.55 0.08 0.05 0.48 0.07 0.00 0.09 0.02 0.01 0.11 0.03 0.02 0.70 0.20 0.01 0.89 0.24 0.07 1.34 0.18 0.08 1.08 0.14 0.00 0.12 0.00 0.01 0.25 0.10 0.00 0.05 0.03 0.00 0.07 0.03 0.00 0.13 0.02 0.02 0.09 0.02 0.01 0.71 0.25 0.03 0.88 0.32 0.01 0.45 0.09 0.00 0.57 0.11 0.02 0.57 0.23 0.01 0.20 0.07 0.07 0.69 0.12 0.01 3.50 2.15 0.00 2.62 1.73 0.01 0.20 0.05 0.03 0.21 0.07 0.05 0.44 0.10 0.03 0.59 0.19 0.01 0.13 0.02 0.00 0.16 0.04 0.03 0.15 0.08 0.00 0.99 0.46 0.07 0.71 0.25 0.00 0.40 0.00 0.03 0.42 0.23 0.00 0.60 0.40 0.00 0.05 0.05 0.24 5.25 2.45 0.21 4.16 1.93 0.01 0.74 0.30 0.01 0.94 0.27 0.00 0.04 0.01 0.00 0.11 0.04 0.00 0.14 0.05 0.01 0.20 0.07 0.04 0.66 0.23 0.02 0.51 0.17 0.00 0.52 0.24 0.02 0.65 0.30 0.01 0.63 0.38 0.00 0.73 0.48 0.00 0.14 0.01 0.02 0.17 0.07 0.00 0.30 0.13 0.00 0.22 0.09 0.01 0.28 0.11 3.65 45.52 22.79 0.00 0.08 0.04 0.01 0.18 0.05 0.04 0.48 0.16 0.02 0.49 0.11 0.00 0.37 0.04 0.06 0.69 0.31 0.01 0.29 0.06 0.09 0.70 0.26 0.01 0.15 0.09 0.00 0.15 0.03 0.01 0.19 0.04 0.00 0.90 0.50 0.02 1.31 0.59 0.10 2.85 1.55 0.10 1.85 1.25 0.01 0.63 0.14 0.00 0.29 0.07 0.02 0.36 0.10 0.06 1.06 0.58 0.05 0.85 0.45 0.00 0.05 0.01 0.02 4.00 0.21 0.01 0.86 0.01 0.02 0.94 0.07 0.01 0.21 0.11 0.00 0.16 0.01 0.03 0.79 0.28 0.02 0.51 0.12 0.01 0.64 0.16 3.05 43.24 25.63 0.02 0.19 0.08 0.00 0.65 0.34 0.02 0.40 0.11 0.00 0.51 0.15 0.05 0.88 0.40 0.04 0.69 0.32 0.03 1.35 0.25 0.00 0.27 0.12 0.01 0.35 0.16 0.01 0.15 0.03 0.01 0.17 0.06 0.00 0.17 0.06 0.01 0.12 0.00

N-O 35.89 0.24 0.30 39.48 0.60 0.38 0.32 6.43 1.23 0.26 0.34 1.07 0.62 0.76 0.09 0.11 0.37 0.41 0.42 0.37 0.07 0.06 0.08 0.00 0.44 0.36 0.13 0.10 0.00 0.03 0.06

34.25 35.08 + 0.22 0.23 0.17 0.19 + 33.52 38.18 + 0.55 0.60 0.31 0.33 0.24 0.26 6.31 6.43 + 1.05 1.22 + 0.00 0.25 + 0.24 0.30 + 0.99 1.00 0.50 0.58 + 0.66 0.73 + 0.07 0.08 + 0.00 0.11 + 0.24 0.28 + 0.30 0.36 + 0.38 0.41 + 0.29 0.31 unch 0.06 0.07 0.05 0.05 + 0.07 0.07 0.00 0.11 unch 0.40 0.41 + 0.36 0.36 + 0.11 0.11 unch 0.08 0.10 + 0.00 0.05 unch 0.03 0.03 unch 0.00 0.06 unch

0.92 0.01 0.01 3.40 0.02 0.06 0.04 0.10 0.15 0.02 0.03 0.07 0.05 0.05 0.01 0.01 0.00 0.02 0.02 0.00 0.01 0.00 0.01 0.00 0.01 0.03 0.00 0.01 0.00 0.00 0.00

44.00 0.43 0.40 39.48 3.70 1.31 1.21 6.45 1.25 1.62 2.05 1.07 0.99 3.15 0.17 0.22 1.50 0.84 0.78 0.60 0.18 0.15 0.18 0.19 0.65 0.58 0.24 0.19 0.10 0.08 0.17

20.05 0.21 0.15 14.22 0.38 0.08 0.08 1.92 0.22 0.19 0.23 0.23 0.39 0.49 0.06 0.08 0.23 0.27 0.30 0.22 0.05 0.04 0.06 0.10 0.31 0.27 0.09 0.06 0.04 0.03 0.04

(100s) Stock

Exc Volume

New Energy Met New Found Gold New Gold New Gold* New Jersey Mng* New Pac Metals New Pac Metals* New Placer New Placer* New Stratus New Target Mng New Tech Min* New Tech Min New World Res* Newcore Gold Newcore Gold* Newcrest Mg Newcrest Mg* Newlox Gold Newmac Res Newmont Corp* Newmont Corp Neworigin Gold* Neworigin Gold Newport Expl NewRange Gold NewRange Gold* Nexa Resources* Nexgen Energy Nexgen Energy* NextSource Mat Nexus Gold* Nexus Gold Nfld Discovery Nfld Discovery* NGEx Minerals NGEx Minerals* Nickel 28 Nickel 28* Nickel Creek* Nickel Creek Nickel North Nickel Rock Nickel Rock* Nicola Mg Inc Nicola Mg Inc* Nighthawk Gold* Nighthawk Gold Niobay Metals Niocan Inc Niocorp Dev Niocorp Dev* Nippon Dragon Nippon Dragon* Nobel Res Nobel Res* Noble Metal Noble Mineral Noble Mineral* Noka Res* Noram Vent Noram Vent* Norilsk Nickel* Noront Res Noront Res* Norra Metals Norrland Gold Norse Gold Norseman Silv Norsemont Cap Norsemont Cap* Nortec Mnls Nortec Mnls* North Am Nickl* North Am Nickl North Arrow Mn* North Arrow Mn North Bay Res * North Peak Res* North Peak Res North Valley Northcliff Res Northern Light Northern Light* Northern Uran Northisle C&G * Northisle C&G Northstar Gold Northstar Gold* Northwest Cop* Northwest Cop Norvista Cap NorZinc NorZinc* Nouveau Monde Nouveau Monde* NovaGold Res NovaGold Res* Novo Res Nrthn Graphite Nrthn Lion Nrthn Mnrls &E* Nrthn Shield Nrthn Superior Nrthn Superior* NSGold NSJ Gold NSS Res Inc Nthn Dynasty* Nthn Dynasty Nubian Res Nubian Res* Nuinsco Res* Nuinsco Res NuLegacy Gold* NuLegacy Gold Nutrien* Nutrien NV Gold NV Gold* O2Gold O3 Mining OceanaGold OceanaGold* Oceanic Iron O Oceanic Iron O* Oceanus Res Oceanus Res* Odyssey Res Olivut Res* Olivut Res Omai Gold* Omai Gold Omineca Mining Omineca Mining* One World Lith One World Lith* Opawica Expl Opawica Expl* Ophir Gold Ophir Gold* Optimum Vent* Optimum Vent Optimus Gold Opus One Gold Opus One Gold* Orca Gold* Orca Gold Ord Mountain Orea Mining* Orea Mining Orefinders Res Orestone Mng Orex Mnrls* Orex Mnrls Orezone Gold* Orezone Gold Orford Mining Origen Res* Origen Res Original Sixtn* Orla Mining Oroco Res* Oroco Res Orsu Metals Orsu Metals* Orvana Mnrls Orvana Mnrls* Osino Res* Osino Res Osisko Dev*

V 11 V 637 T 10362 X 50693 O 38 T 254 X 843 V 286 O 233 V 1653 V 84 O 3 C 205 O 60 V 317 O 110 T 29 O 40 C 1725 V 0 N 24097 T 581 O 6 V 445 V 412 V 1070 O 173 N 373 T 10310 X 9681 T 2761 O 2732 V 1641 C 186 O 48 V 340 O 57 V 1380 O 96 O 722 T 1207 V 12 V 703 O 368 V 730 O 161 O 54 T 199 V 232 V 75 T 668 O 685 V 580 O 25 V 2281 O 409 V 420 V 612 O 111 O 1 V 333 O 445 O 716 V 2456 O 137 V 543 V 138 V 63 V 194 C 91 O 13 V 73 O 35 O 682 V 2091 O 189 V 246 O 262480 O 296 V 404 C 65 T 58 C 430 O 245 V 553 O 399 V 878 C 353 O 436 O 64 V 526 V 356 T 991 O 314 V 320 N 439 T 473 X 4999 T 1003 V 0 V 0 O 5 V 468 V 321 O 98 V 1 C 46 C 129 X 9272 T 460 V 88 O 10 O 1277 C 1340 O 2006 V 2614 N 14753 T 6818 V 119 O 19 V 317 V 205 T 4317 O 5 V 127 O 5 V 513 O 318 V 0 O 35 V 0 O 65 V 358 V 460 O 391 C 1502 O 536 V 377 O 29 V 522 O 53 O 42 V 320 V 0 V 59 O 0 O 362 V 1008 V 0 O 8619 T 4850 V 228 V 94 O 9 V 183 O 187 T 606 V 675 O 6 C 148 O 86 T 935 O 594 V 841 V 17 O 0 T 114 O 18 O 110 V 396 O 24

(100s) Stock

Week

12-month

High

Low

Last

Change

0.09 8.67 2.18 1.75 7.90 3.65 2.94 0.10 0.08 0.54 0.18 0.05 0.08 3.21 0.54 0.42 22.75 18.35 0.27 0.00 61.87 77.09 0.09 0.12 0.48 0.08 0.07 9.30 6.37 5.09 4.68 0.03 0.04 0.39 0.32 1.86 1.47 1.25 1.00 0.07 0.09 0.04 0.14 0.10 0.09 0.07 0.64 0.80 0.36 0.11 1.30 1.07 0.03 0.02 0.75 0.60 0.02 0.13 0.10 0.38 0.92 0.74 32.95 1.08 0.87 0.07 0.15 0.06 0.24 0.84 0.69 0.02 0.02 0.46 0.57 0.11 0.12 0.00 2.10 2.51 0.06 0.05 0.04 0.03 0.04 0.39 0.47 0.22 0.20 0.63 0.74 0.10 0.04 0.04 10.60 8.49 8.37 6.71 1.36 0.00 0.00 0.13 0.06 0.96 0.76 0.40 0.08 0.07 0.35 0.44 0.20 0.16 0.01 0.02 0.03 0.04 73.00 90.97 0.14 0.12 0.07 2.08 2.08 1.67 0.11 0.09 0.71 0.57 0.00 0.06 0.00 0.25 0.13 0.21 0.17 0.05 0.04 0.28 0.22 0.16 0.12 0.40 0.51 0.00 0.06 0.00 0.39 0.48 0.00 0.14 0.17 0.06 0.06 0.07 0.09 1.04 1.25 0.21 0.20 0.26 1.50 4.70 2.02 2.57 0.22 0.00 0.35 0.28 0.92 1.15 3.65

0.00 7.71 1.84 1.45 7.35 3.09 2.43 0.00 0.07 0.46 0.00 0.05 0.06 2.91 0.48 0.39 0.00 17.17 0.23 0.00 58.93 74.78 0.09 0.00 0.46 0.07 0.05 8.17 5.53 4.40 3.59 0.02 0.03 0.36 0.28 1.65 1.22 1.10 0.76 0.05 0.07 0.00 0.10 0.08 0.08 0.06 0.59 0.77 0.31 0.00 1.18 0.94 0.00 0.02 0.65 0.51 0.00 0.12 0.09 0.00 0.84 0.66 29.25 1.06 0.80 0.05 0.00 0.00 0.00 0.76 0.60 0.00 0.02 0.34 0.44 0.07 0.00 0.00 1.60 2.00 0.06 0.00 0.03 0.02 0.04 0.30 0.38 0.18 0.14 0.55 0.67 0.00 0.04 0.03 8.93 6.99 7.86 6.19 1.18 0.00 0.00 0.11 0.00 0.77 0.64 0.00 0.06 0.00 0.33 0.41 0.20 0.16 0.01 0.02 0.02 0.03 67.23 85.28 0.00 0.10 0.05 1.93 1.93 0.00 0.00 0.09 0.63 0.50 0.00 0.06 0.00 0.08 0.11 0.17 0.14 0.04 0.03 0.26 0.20 0.13 0.11 0.34 0.40 0.00 0.00 0.00 0.35 0.44 0.00 0.09 0.12 0.00 0.00 0.00 0.00 0.88 1.12 0.00 0.20 0.24 1.00 4.27 1.57 1.98 0.00 0.00 0.30 0.25 0.84 1.05 3.25

0.09 unch 7.77 2.04 + 1.64 + 7.44 unch 3.46 + 2.73 + 0.10 + 0.08 + 0.50 + 0.16 0.05 unch 0.07 3.10 0.50 + 0.40 + 22.10 17.71 + 0.24 0.29 unch 61.22 + 76.84 + 0.09 unch 0.11 0.48 + 0.08 unch 0.06 + 8.86 + 5.79 4.61 4.35 + 0.03 + 0.04 + 0.36 unch 0.29 + 1.80 + 1.47 + 1.23 + 0.92 + 0.06 + 0.09 + 0.04 unch 0.13 + 0.10 + 0.08 0.07 0.62 0.78 0.33 + 0.11 + 1.24 0.97 0.03 unch 0.02 + 0.70 + 0.56 + 0.01 unch 0.12 unch 0.10 + 0.38 0.89 0.71 29.60 1.07 0.85 + 0.06 + 0.14 unch 0.06 0.19 0.78 0.62 0.02 0.02 + 0.45 + 0.57 + 0.09 + 0.11 + 0.00 unch 1.83 2.28 0.06 0.05 unch 0.04 + 0.03 + 0.04 unch 0.35 + 0.45 + 0.20 0.15 0.56 0.69 0.08 unch 0.04 unch 0.03 10.47 + 8.28 + 8.22 + 6.57 + 1.19 0.83 unch 0.36 unch 0.13 0.06 unch 0.87 + 0.71 + 0.40 + 0.07 0.05 0.33 0.42 0.20 0.16 0.01 0.02 + 0.02 0.03 71.98 + 90.31 + 0.14 + 0.11 + 0.06 + 1.96 1.99 + 1.60 0.11 unch 0.09 unch 0.64 0.51 0.04 unch 0.06 unch 0.07 unch 0.08 0.11 0.19 0.15 0.05 + 0.04 + 0.26 0.21 0.15 unch 0.12 + 0.34 0.45 0.16 unch 0.06 + 0.03 unch 0.37 + 0.46 + 0.20 unch 0.10 0.14 0.06 + 0.06 unch 0.07 0.09 0.94 + 1.18 + 0.20 + 0.20 + 0.25 1.46 + 4.45 + 1.85 + 2.31 + 0.21 0.16 unch 0.32 + 0.26 + 0.85 1.06 3.60 +

0.00 0.63 0.15 0.14 0.00 0.23 0.16 0.01 0.01 0.01 0.03 0.00 0.01 0.09 0.02 0.02 0.40 0.21 0.01 0.00 1.79 1.73 0.00 0.01 0.01 0.00 0.00 0.32 0.09 0.03 0.62 0.00 0.01 0.00 0.01 0.03 0.10 0.09 0.05 0.00 0.02 0.00 0.02 0.02 0.01 0.00 0.00 0.02 0.01 0.01 0.03 0.05 0.00 0.01 0.04 0.03 0.00 0.00 0.00 0.00 0.03 0.02 1.65 0.01 0.01 0.02 0.00 0.01 0.04 0.03 0.00 0.01 0.00 0.05 0.07 0.02 0.01 0.00 0.12 0.22 0.01 0.00 0.01 0.01 0.00 0.01 0.03 0.03 0.03 0.02 0.05 0.00 0.00 0.00 0.99 0.79 0.16 0.20 0.12 0.00 0.00 0.00 0.00 0.04 0.07 0.01 0.02 0.01 0.02 0.01 0.01 0.01 0.00 0.01 0.00 0.01 2.85 2.84 0.01 0.01 0.01 0.06 0.03 0.13 0.00 0.00 0.05 0.03 0.00 0.00 0.00 0.02 0.01 0.01 0.01 0.01 0.00 0.02 0.01 0.00 0.00 0.20 0.11 0.00 0.01 0.00 0.01 0.01 0.00 0.02 0.02 0.01 0.00 0.00 0.01 0.02 0.01 0.02 0.00 0.01 0.46 0.10 0.21 0.24 0.04 0.00 0.01 0.00 0.04 0.04 0.29

High Low 0.12 13.50 2.72 2.23 8.40 9.02 5.84 0.26 0.21 0.79 0.28 0.10 0.15 4.10 0.74 0.61 27.61 22.70 0.61 0.31 75.31 90.94 0.23 0.30 0.60 0.22 0.17 12.86 8.09 6.50 5.30 0.07 0.09 0.67 0.53 2.18 5.00 1.25 2.00 0.15 0.19 0.07 1.18 0.92 0.25 0.20 1.12 1.35 1.19 0.19 2.08 1.65 0.08 0.05 1.03 0.87 0.03 0.21 0.17 0.75 1.25 0.99 38.21 1.11 0.94 0.13 0.39 0.14 0.76 1.18 0.86 0.06 0.06 0.52 0.65 0.11 0.15 0.00 2.66 3.28 0.10 0.10 0.09 0.07 0.09 0.42 0.53 0.45 0.36 0.91 1.10 0.23 0.10 0.08 27.40 17.24 12.58 10.45 3.70 0.92 0.69 0.35 0.10 1.53 1.26 0.43 0.37 0.46 1.15 1.45 0.56 0.43 0.05 0.05 0.16 0.20 77.35 99.10 0.40 0.34 0.38 3.14 2.85 2.21 0.32 0.25 0.79 0.67 0.07 0.11 0.10 0.27 0.25 0.39 0.38 0.16 0.13 0.65 0.54 0.29 0.22 0.54 0.65 0.35 0.09 0.07 0.63 0.77 0.20 0.26 0.31 0.18 0.16 0.17 0.22 1.39 1.70 0.27 0.33 0.55 1.50 6.42 3.02 3.66 0.34 0.27 0.54 0.39 1.40 1.61 8.00

0.07 3.15 1.29 1.01 3.15 3.08 2.38 0.08 0.05 0.19 0.13 0.04 0.05 1.59 0.45 0.35 20.16 15.85 0.19 0.07 52.60 66.25 0.01 0.10 0.34 0.06 0.04 6.50 3.25 2.55 0.85 0.02 0.03 0.30 0.24 0.52 0.42 0.46 0.38 0.05 0.07 0.03 0.07 0.06 0.08 0.06 0.57 0.73 0.30 0.09 0.69 0.53 0.02 0.00 0.31 0.35 0.01 0.10 0.07 0.32 0.44 0.34 27.38 0.22 0.18 0.04 0.12 0.05 0.18 0.45 0.36 0.02 0.01 0.14 0.18 0.05 0.06 0.00 0.25 0.36 0.06 0.04 0.03 0.02 0.01 0.00 0.16 0.17 0.12 0.40 0.50 0.07 0.04 0.03 6.36 5.07 7.86 6.19 1.18 0.27 0.30 0.03 0.03 0.54 0.43 0.21 0.06 0.05 0.32 0.41 0.18 0.14 0.01 0.01 0.02 0.03 49.10 62.80 0.12 0.09 0.05 1.90 1.75 1.38 0.11 0.09 0.43 0.33 0.03 0.03 0.04 0.00 0.09 0.12 0.09 0.03 0.03 0.18 0.11 0.11 0.09 0.28 0.35 0.12 0.03 0.02 0.32 0.41 0.20 0.06 0.08 0.05 0.05 0.06 0.08 0.69 0.87 0.13 0.20 0.17 0.06 3.71 1.32 1.68 0.20 0.02 0.23 0.18 0.77 1.01 3.06

Exc Volume

Osisko Gold* Osisko Gold Osisko Metals* Osisko Metals Osisko Mng Inc Outback Gold Outback Gold* Outcrop S&G Outcrop S&G* OZ Minerals*

Week Low

11.10 11.66 + 14.09 14.67 + 0.29 0.29 0.37 0.38 + 3.48 3.98 + 0.26 0.27 unch 0.17 0.17 0.15 0.17 + 0.11 0.13 + 0.00 21.04 +

N T O V T C O V O O

2676 2496 147 552 4162 2954 99 738 371 6

12.18 15.23 0.30 0.38 4.08 0.30 0.20 0.18 0.14 21.04

P2 Gold* O P2 Gold V Pac Arc Res V Pac Bay Mnrls V Pac Booker Min V Pac Booker Min* O Pac Imperial V Pac Ridge Expl V Pac Ridge Expl* O Pacific Empire* O Pacific Empire V Pacific Silk V Pacific Silk* O Pacton Gold V Paladin Energy* O Palamina Corp V Palamina Corp* O Palayan Res* O Paleo Resource V Paleo Resource* O Palladium One V Palladium One* O Pampa Metals* O Pampa Metals C Pan Am Silver T Pan Am Silver* D Pan Global Res* O Pan Global Res V Pancontinental* O Pancontinental V Pangolin Dia V V Panoro Mnrls Panoro Mnrls* O Pantera Silver V PanTerra Gold* O Pantheon Vent V Para Resources V Parallel Mng V Paramount Gold* X Parlane Res V Pasinex Res C Pasofino Gold* O Pasofino Gold V Patriot Gold* O Peabody Enrgy* N Pegasus Res V Pegasus Res* O Pelangio Expl* O Pelangio Expl V Peloton Mnrls C Peloton Mnrls* O PepinNini Lith* O Perpetua Res T Perpetua Res* D Perseus Mng T Pershimex Res V Pershing Res* O Peruvian Metal* O Peruvian Metal V Petra Diamonds* O Petrolympic* O Petrolympic V Phenom Res V Phenom Res* O Philippine Mtl V Phoenix Global* O Phoenix Gold V Phoenix Metals V Pine Cliff En* O Pine Cliff En T Pivit Explor C PJSC Polyus Gd* O PJX Res V Plata Latina V Platinex Inc C Platinum Gp Mt T Platinum Gp Mt* X Plato Gold V Playfair Mng V Playfair Mng* O PNG Copper C PolyMet Mng* X PolyMet Mng T Portofino Res V Portofino Res* O V Power Group Power Group* O Power Metals* O Power Metals V PPX Mining* O Precipitate Gl V Precipitate Gl* O Pretium Res T Pretium Res* N Prime Meridian V Prime Mining* O Prime Mining V Prism Res V Prismo Metals C ProAm Expl V Probe Metals* O Probe Metals V Prog Planet V Prog Planet* O Prospect Ridge C Prosper Gold V Prospero Silvr* O Provenance Gld C Providence V Providence Gld* O Pucara Gold V Pucara Gold* O O PUF Vent Inc * Puma Expl* O Puma Expl V Pure Alumina* O Pure Energy* O Pure Energy V Pure Gold Mg* O Pure Gold Mg V Purepoint Uran V Q-Gold Res* O Q-Gold Res V QC Copper V QC Copper* O QC Precious * O QC Precious V QcX Gold V QcX Gold* O QMC Quantum Ml V QMC Quantum Ml* O QNB Metals C Quadro Res* O Quadro Res V Quantum Batt* O Quantum Batt C Quartz Mtn Res* O Quartz Mtn Res V Quebec Nickel C Quebec Silica C Questex Gold* O Questex Gold V

40 184 1 0 54 11 0 334 27 0 162 35 3 81 3476 167 89 11267 174 564 1214 311 24 623 1960 9382 81 179 12 453 204 459 387 153 65 256 82 0 329 1921 520 6 24 41 28405 980 0 0 19 50 3 0 132 412 31 674 1377 2 112 1 108 16 982 894 0 7 457 236 136 1016 75 15 52 58 1769 431 2979 293 285 39 25 792 20 835 684 42 241 347 1176 18 696 553 5593 10037 0 63 711 84 22 48 169 218 979 17 256 202 0 1158 66 50 44 100 10 61 326 19 230 115 450 916 4142 1 0 650 444 31 574 187 1 634 379 32 372 13 1 351 5 0 925 288 40 203

0.53 0.66 0.20 0.00 4.89 3.84 0.00 0.42 0.32 0.00 0.04 0.03 0.02 0.50 0.71 0.29 0.22 0.32 0.02 0.02 0.24 0.19 0.25 0.31 29.97 24.07 0.63 0.79 0.09 0.12 0.02 0.19 0.14 0.25 0.06 0.12 0.40 0.00 0.73 0.16 0.05 0.60 0.64 0.07 13.51 0.06 0.00 0.07 0.11 0.08 0.06 0.00 5.65 4.48 1.45 0.05 0.03 0.15 0.20 0.95 0.07 0.08 0.64 0.52 0.00 0.75 0.67 0.20 0.59 0.74 0.30 90.65 0.18 0.03 0.06 2.21 1.77 0.03 0.15 0.11 0.09 2.81 3.53 0.14 0.11 0.04 0.03 0.19 0.24 0.00 0.15 0.11 18.15 14.52 0.00 3.30 4.18 0.09 0.36 0.10 1.76 2.20 0.45 0.32 0.70 0.56 0.00 0.17 0.06 0.05 0.11 0.08 0.45 0.31 0.40 0.01 1.32 1.64 0.59 0.74 0.11 0.07 0.00 0.34 0.27 0.18 0.24 0.07 0.06 0.33 0.27 0.10 0.04 0.05 0.69 1.08 0.16 0.00 0.28 0.12 0.67 0.86

0 640 225 146 80 0 45 29 1023 2 1 68 146 2506 77 411 496 0 195 1081

0.00 0.28 0.38 0.33 3.60 0.00 0.26 0.45 1.96 0.04 0.11 0.08 0.11 0.04 0.04 0.60 1.11 0.00 0.06 0.08

Last

12-month

High

Change

Stock

0.40 0.46 0.01 0.01 0.43 0.00 0.02 0.01 0.00 0.29

15.12 18.40 0.42 0.52 4.08 1.27 1.22 0.58 0.40 21.04

9.77 12.39 0.27 0.35 2.33 0.19 0.15 0.14 0.11 14.31

0.01 0.02 0.00 0.00 0.54 0.07 0.00 0.06 0.00 0.00 0.01 0.00 0.00 0.01 0.05 0.04 0.04 0.06 0.00 0.01 0.01 0.00 0.00 0.01 0.41 0.51 0.02 0.01 0.00 0.01 0.01 0.03 0.00 0.00 0.00 0.00 0.01 0.00 0.03 0.03 0.00 0.06 0.04 0.02 2.07 0.01 0.00 0.01 0.01 0.01 0.01 0.00 0.50 0.37 0.07 0.01 0.00 0.00 0.02 0.00 0.01 0.01 0.02 0.05 0.00 0.02 0.07 0.01 0.02 0.00 0.00 4.45 0.01 0.00 0.01 0.03 0.03 0.01 0.03 0.03 0.01 0.07 0.21 0.02 0.00 0.00 0.00 0.01 0.01 0.00 0.00 0.00 0.25 0.29 0.00 0.01 0.09 0.03 0.03 0.03 0.08 0.09 0.03 0.02 0.02 0.02 0.00 0.01 0.00 0.00 0.01 0.00 0.01 0.01 0.01 0.00 0.04 0.05 0.01 0.01 0.01 0.00 0.00 0.00 0.01 0.02 0.01 0.01 0.00 0.01 0.00 0.00 0.00 0.01 0.08 0.09 0.00 0.00 0.02 0.02 0.07 0.08

1.00 0.83 0.26 0.18 4.99 3.90 0.08 0.42 0.38 0.06 0.08 0.06 0.04 0.96 0.80 0.37 0.36 0.98 0.04 0.10 0.40 0.32 1.07 0.72 50.70 39.62 0.68 0.84 0.16 0.20 0.05 0.23 0.18 0.34 0.07 1.02 0.65 0.15 1.59 0.84 0.09 2.09 2.66 0.23 19.83 0.10 0.10 0.17 0.23 0.12 0.09 0.53 12.20 9.45 1.69 0.07 0.10 0.18 0.22 1.09 0.12 0.15 0.85 1.10 0.10 1.29 0.74 0.55 0.72 0.90 0.38 123.00 0.25 0.06 0.08 6.96 5.49 0.05 0.30 0.29 0.26 5.41 6.71 0.23 0.20 0.16 0.10 0.35 0.43 0.50 0.26 0.21 18.57 14.79 0.17 4.15 5.24 0.14 0.61 0.11 1.76 2.19 0.60 0.48 2.75 2.28 0.54 0.18 0.20 0.16 0.72 0.85 11.40 0.50 0.64 0.03 2.11 2.63 1.99 2.35 0.20 0.34 0.43 0.47 0.37 0.27 0.33 0.26 0.21 0.60 0.47 0.25 0.13 0.16 5.85 5.85 0.29 0.36 0.41 0.27 1.07 1.37

0.28 0.34 0.14 0.08 1.73 1.37 0.02 0.07 0.07 0.02 0.03 0.02 0.02 0.38 0.20 0.16 0.13 0.03 0.01 0.01 0.17 0.13 0.19 0.26 27.65 21.39 0.00 0.43 0.06 0.08 0.01 0.11 0.08 0.12 0.05 0.11 0.27 0.15 0.65 0.11 0.02 0.46 0.61 0.03 2.61 0.04 0.02 0.07 0.09 0.07 0.04 0.19 5.03 3.96 0.99 0.04 0.00 0.02 0.08 0.01 0.04 0.04 0.35 0.25 0.05 0.40 0.25 0.18 0.20 0.24 0.13 78.50 0.15 0.02 0.04 1.90 1.49 0.03 0.09 0.00 0.05 2.48 3.14 0.08 0.06 0.03 0.02 0.13 0.17 0.00 0.07 0.06 10.40 8.29 0.06 1.47 1.80 0.04 0.19 0.06 0.99 1.26 0.13 0.06 0.20 0.48 0.28 0.08 0.06 0.00 0.11 0.00 0.35 0.12 0.15 0.01 0.68 0.90 0.49 0.65 0.06 0.07 0.09 0.15 0.11 0.15 0.20 0.06 0.04 0.18 0.14 0.05 0.03 0.05 0.20 0.55 0.00 0.12 0.10 0.05 0.43 0.50

Resolve Vent Reunion Gold Reunion Gold* Revival Gold Revival Gold * Rex Res Reyna Silver* Reyna Silver Rhyolite Res Richmond Mnls Ridgeline Min Ridgestone M’g* Ridgestone M’g Riley Gold* Riley Gold Rio Silver Rio Silver* Rio Tinto* Rio Tinto* Rio Tinto* Rio2 Limited* Rio2 Limited Rise Gold Corp Rise Gold Corp* Riverside Res* Riverside Res RJK Explor* RJK Explor Robex Res Rochester Res* Rochester Res Rock Tech Lith* Rock Tech Lith Rockcliff Met* Rockcliff Met Rockex Mng Rockhaven Re* Rockhaven Res Rockland Res Rockridge Res Rockwealth Res Rogue Res* Rogue Res Rojo Res* Rokmaster Res* Rokmaster Res Romios Gold Rs Romios Gold Rs* RooGold* RooGold RosCan Gold* RosCan Gold Ross River Rover Metals Rover Metals* Royal Fox Gold Royal Fox Gold* Royal Gold* Royal Rd Mnrls RT Minerals* RT Minerals RTG Mining RTG Mining * RTG Mining* Rugby Mng Running Fox Rs Rupert Res Rupert Res* Rusoro Mng Rusoro Mng*

V V O V O V O V V V V O V O V V O N O O O V C O O V O V V O V O V O C C O V C V V O V O O V V O O C O V V V O V O D V O V T O O V V V O V O

0.00 0.01 0.07 0.03 0.19 0.00 0.01 0.05 0.19 0.00 0.00 0.01 0.01 0.01 0.01 0.02 0.08 0.00 0.00 0.00

0.50 0.35 0.38 0.50 3.80 0.15 0.26 2.00 4.13 0.06 0.25 0.15 0.48 0.19 0.53 0.95 1.40 0.37 0.11 0.12

0.15 0.19 0.20 0.18 1.69 0.08 0.10 0.00 0.73 0.02 0.08 0.04 0.08 0.04 0.00 0.35 0.70 0.21 0.03 0.05

S2 Minerals Sabina Gd&Slvr* Sabina Gd&Slvr Sable Res* Sable Res Sailfish Rylty Saint Jean* Saint Jean Salazar Res* Salazar Res Sama Res Sama Res* Samco Gold San Lorenzo Sanatana Res* Sanatana Res Sandfire Res Sandfire Res* Sandstorm Gold Sandstorm Gold* Santacruz Silv Sarama Res Sassy Res* Sassy Res Satori Res Satori Res* Saturn Mnrls Savannah Min Saville Res Scandium Intl* Scandium Intl Scorpio Gold Scorpio Gold * Scotch Creek Scotch Creek* Scottie Res* Scottie Res ScoZinc Mg* ScoZinc Mg Seabridge Gld Seabridge Gld* Seahawk Gold* Seahawk Gold Search Mnls Search Mnls* Searchlight* SearchlightRes Secova Metals* Secova Metals Sego Res Select Sands Sennen Potash Sentinel Res* Sentinel Res Serabi Gold Serabi Gold* Sherritt Intl Shine Minerals Sibanye-Stillw* Sibanye-Stillw* Sidney Resrces* Sienna Res* Sienna Res Sierra Grande Sierra Grande* Sierra Madre G* Sierra Madre G Sierra Metals Sierra Metals* Sigma Lithium* Sigma Lithium Signature Res* Signature Res Silver Bear Rs* Silver Bear Rs Silver Bull Re Silver Bull Re* Silver Dollar* Silver Dollar Silver Eleph Silver Eleph* Silver Grail Silver Hammer* Silver Hammer Silver One* Silver One Silver Phoenix Silver Predatr* Silver Predatr Silver Range* Silver Range Silver Sands* Silver Sands Silver Spruce Silver Spruce* Silver Valley Silver Valley* Silver Viper Silver Viper* Silver Wolf Silver Wolf* Silver X Silver X* Silvercorp Met

C O T O V V O V O V V O V V O V V O T N V V O C V O V V V O T V O C O O V O V T N O C V O O V O C V V V O C T O T V O N O O V C O O V T X D V O V O T T O O C T O V O C O V C O V O V O C V O V O V O V O V O T

P-Q 0.48 0.61 0.00 0.00 3.90 0.00 0.00 0.00 0.25 0.00 0.00 0.00 0.02 0.00 0.60 0.22 0.18 0.19 0.00 0.01 0.22 0.18 0.23 0.26 28.10 22.14 0.60 0.77 0.08 0.10 0.00 0.00 0.12 0.00 0.05 0.00 0.00 0.00 0.67 0.12 0.04 0.54 0.00 0.04 11.03 0.05 0.00 0.00 0.10 0.07 0.05 0.00 5.03 4.00 1.34 0.00 0.01 0.15 0.18 0.00 0.07 0.00 0.48 0.39 0.00 0.63 0.57 0.18 0.54 0.67 0.26 0.00 0.00 0.00 0.04 1.90 1.49 0.00 0.11 0.09 0.08 2.49 3.14 0.12 0.09 0.00 0.02 0.16 0.21 0.00 0.12 0.10 17.49 13.78 0.00 2.97 3.52 0.00 0.00 0.00 1.56 1.98 0.00 0.30 0.53 0.49 0.00 0.15 0.00 0.05 0.00 0.08 0.40 0.29 0.37 0.01 1.20 1.51 0.52 0.66 0.10 0.07 0.00 0.29 0.23 0.17 0.22 0.00 0.06 0.28 0.21 0.10 0.03 0.00 0.00 0.85 0.00 0.00 0.21 0.00 0.60 0.77

0.52 + 0.66 + 0.20 unch 0.09 unch 4.25 3.71 0.02 unch 0.41 + 0.28 + 0.03 unch 0.03 0.03 unch 0.02 unch 0.48 0.61 0.24 0.18 0.27 + 0.02 unch 0.01 + 0.24 + 0.19 + 0.23 + 0.27 28.84 + 22.99 + 0.61 + 0.77 + 0.09 0.12 + 0.02 + 0.19 + 0.14 + 0.24 unch 0.06 0.12 unch 0.34 0.15 unch 0.70 + 0.15 + 0.04 unch 0.60 + 0.64 0.07 + 13.44 + 0.06 0.04 unch 0.07 0.11 0.08 0.05 0.28 unch 5.23 4.17 1.41 + 0.05 + 0.03 + 0.15 0.18 0.95 unch 0.07 0.08 0.55 + 0.46 + 0.10 unch 0.63 0.67 + 0.18 0.57 + 0.71 unch 0.29 unch 81.15 0.17 0.03 unch 0.05 + 2.10 + 1.67 + 0.03 + 0.12 0.09 0.09 + 2.59 3.20 0.14 + 0.10 + 0.04 unch 0.03 + 0.19 + 0.23 + 0.00 unch 0.13 unch 0.11 + 18.07 + 14.39 + 0.12 unch 2.99 + 3.89 + 0.08 0.36 + 0.08 1.72 + 2.19 + 0.37 0.30 0.54 0.53 0.29 unch 0.16 + 0.06 unch 0.05 0.11 + 0.08 unch 0.43 0.31 + 0.38 + 0.01 unch 1.20 1.51 0.55 + 0.69 + 0.10 0.07 unch 0.11 unch 0.31 unch 0.25 + 0.17 0.23 0.06 0.06 unch 0.28 0.22 0.10 unch 0.04 + 0.05 + 0.69 + 0.96 + 0.16 unch 0.20 unch 0.25 0.12 + 0.67 + 0.86 +

R Rackla Metals Radisson Mng Radius Gold Raindrop Vent Rainforest Res* Rainy Mtn Royl* Rainy Mtn Royl Rambler Metals* Rare Element* Rathdowney Res Razore Rock Res Ready Set Gold* Ready Set Gold Recharge Res Recharge Res* Red Pine Expl Regulus Res Remington Res Renforth Res* Renforth Res

V V V C O O V O O V C O C V O V V V O C

0.00 0.25 0.33 0.28 2.43 0.00 0.00 0.00 1.58 0.00 0.11 0.08 0.00 0.04 0.03 0.50 0.97 0.00 0.06 0.07

0.41 0.27 0.38 0.33 3.15 0.10 0.25 0.40 1.67 0.04 0.11 0.08 0.11 0.04 0.03 0.50 1.03 0.21 0.06 0.08

unch + + + + unch unch unch + + unch unch

(100s)

High Low

Exc Volume

Week

12-month

High

Low

Last

Change

High Low

377 2792 459 216 183 15 355 187 58 0 134 361 524 39 44 147 122 26878 7 12 1134 655 76 56 520 695 24 166 451 5 0 49 322 52 272 30 735 150 471 190 120 50 19 795 60 836 1543 210 45 233 1263 5127 0 1925 390 1894 50 2307 148 10 162 9 25 40 13 0 68 20 232 1089

0.13 0.17 0.12 0.67 0.56 0.16 0.64 0.80 0.92 0.00 0.39 0.04 0.05 0.32 0.40 0.07 0.06 76.69 84.07 77.26 0.50 0.61 0.55 0.44 0.14 0.18 0.10 0.12 0.39 0.04 0.00 5.07 6.47 0.05 0.07 0.04 0.07 0.10 0.22 0.10 0.31 0.09 0.11 0.75 0.28 0.34 0.05 0.04 0.22 0.27 0.28 0.35 0.00 0.06 0.05 0.05 0.03 103.07 0.34 0.04 0.05 0.13 0.08 0.12 0.14 0.00 5.60 4.42 0.05 0.04

0.12 0.14 0.11 0.62 0.49 0.00 0.56 0.71 0.00 0.00 0.36 0.03 0.00 0.28 0.00 0.00 0.04 71.50 76.65 71.00 0.43 0.53 0.50 0.40 0.13 0.16 0.10 0.00 0.36 0.00 0.00 4.52 5.60 0.05 0.06 0.04 0.07 0.00 0.18 0.10 0.27 0.09 0.00 0.42 0.24 0.30 0.04 0.03 0.19 0.23 0.24 0.30 0.00 0.05 0.04 0.00 0.03 98.71 0.31 0.04 0.00 0.00 0.08 0.12 0.00 0.00 5.21 4.10 0.00 0.04

0.13 0.15 + 0.12 0.64 unch + 0.51 0.16 + 0.62 0.76 + 0.88 0.04 unch 0.38 0.03 0.05 unch 0.30 0.35 0.06 + 0.06 + 75.40 + 82.35 + 75.14 0.44 0.53 0.51 0.43 + 0.13 0.17 unch 0.10 0.12 0.36 0.04 0.04 unch 4.52 5.73 + 0.05 0.07 0.04 unch 0.07 unch 0.10 unch + 0.22 0.10 unch 0.29 0.09 unch 0.11 unch + 0.56 0.25 0.31 0.04 unch + 0.03 0.19 0.25 + 0.27 + 0.34 0.26 unch 0.05 0.04 0.05 unch 0.03 unch + 99.53 + 0.34 0.04 unch 0.05 unch 0.13 unch 0.08 unch 0.12 unch + 0.14 0.02 unch 5.35 4.26 0.05 unch + 0.04

0.01 0.01 0.00 0.00 0.01 0.01 0.02 0.01 0.01 0.00 0.01 0.00 0.00 0.03 0.05 0.01 0.05 3.16 7.94 3.23 0.02 0.07 0.04 0.01 0.00 0.00 0.01 0.02 0.02 0.00 0.00 0.59 0.62 0.00 0.01 0.00 0.00 0.00 0.01 0.00 0.03 0.00 0.00 0.11 0.01 0.03 0.00 0.00 0.01 0.01 0.02 0.04 0.00 0.01 0.00 0.00 0.00 0.24 0.01 0.00 0.00 0.00 0.00 0.00 0.02 0.00 0.15 0.02 0.00 0.00

0.13 0.15 0.12 0.87 0.67 0.39 1.06 1.35 1.70 0.07 0.77 0.18 0.23 0.61 0.74 0.11 0.11 95.97 108.00 94.42 0.75 0.90 0.85 0.66 0.21 0.28 0.23 0.28 0.54 0.13 0.15 7.53 9.38 0.07 0.10 0.09 0.15 0.19 0.29 0.19 0.35 0.10 0.16 1.53 0.49 0.62 0.06 0.05 0.60 0.60 0.80 0.64 0.26 0.12 0.12 0.12 0.07 129.69 0.40 0.14 0.18 0.23 0.15 0.12 0.16 0.06 6.08 5.10 0.14 0.09

0.04 0.06 0.04 0.50 0.40 0.13 0.44 0.55 0.60 0.04 0.30 0.03 0.04 0.20 0.23 0.04 0.01 59.58 63.01 58.62 0.40 0.53 0.36 0.28 0.10 0.13 0.01 0.11 0.31 0.04 0.04 2.65 3.00 0.04 0.05 0.03 0.00 0.10 0.11 0.09 0.10 0.06 0.07 0.32 0.24 0.31 0.04 0.02 0.14 0.21 0.11 0.23 0.26 0.05 0.04 0.04 0.03 92.01 0.24 0.04 0.05 0.09 0.07 0.08 0.07 0.02 3.44 2.00 0.04 0.03

92 963 1287 463 1767 162 134 572 33 169 147 46 0 641 5 365 142 221 1358 10092 1664 216 127 466 1149 327 354 0 162 24 463 492 69 621 425 78 410 0 9 235 1244 2 9 736 250 40 145 302 2131 233 88 0 100 304 1 500 6336 1 5 18822 483 96 571 42 37 84 120 340 1970 2094 279 175 981 262 229 90 170 106 160 5379 1414 50 603 662 527 304 0 40 26 28 52 239 184 2170 319 167 2 94 111 50 41 737 140 1283

0.16 1.12 1.41 0.17 0.23 1.60 0.13 0.17 0.25 0.32 0.16 0.11 0.00 0.15 0.11 0.15 0.22 0.18 7.82 6.27 0.31 0.18 0.48 0.61 0.16 0.13 3.80 0.00 0.05 0.13 0.17 0.09 0.07 0.85 0.75 0.15 0.20 0.00 0.70 20.38 16.37 0.29 0.45 0.21 0.17 0.08 0.10 0.10 0.13 0.11 0.06 0.00 0.35 0.45 1.07 0.00 0.56 0.13 3.76 15.03 0.22 0.09 0.12 0.08 0.06 0.44 0.48 1.69 1.34 12.30 15.25 0.06 0.07 0.10 0.10 0.38 0.30 0.57 0.72 0.28 0.24 0.15 0.56 0.70 0.35 0.43 0.00 0.07 0.10 0.11 0.14 0.12 0.16 0.05 0.04 0.12 0.09 0.43 0.35 0.19 0.15 0.34 0.27 4.64

0.15 + 1.05 + 1.31 + 0.16 + 0.20 + 1.57 0.11 0.15 + 0.23 0.28 unch 0.14 + 0.11 0.05 unch + 0.13 0.11 unch 0.15 unch + 0.22 0.17 + 7.73 + 6.15 + 0.31 + 0.18 0.44 0.52 + 0.15 0.13 + 3.68 0.25 unch 0.04 unch 0.10 0.14 0.09 unch + 0.07 0.80 + 0.66 + 0.15 0.18 unch 0.47 unch + 0.70 + 19.81 + 15.77 0.29 unch 0.45 unch 0.21 0.16 + 0.07 0.09 unch + 0.10 0.12 + 0.11 0.05 0.45 unch + 0.35 + 0.45 + 1.07 0.85 unch + 0.53 + 0.13 + 3.74 + 14.56 + 0.21 0.09 0.11 unch 0.05 0.06 unch 0.37 0.46 1.62 1.28 10.68 13.30 0.06 0.07 unch + 0.08 + 0.10 0.34 0.27 0.52 0.66 0.28 0.22 0.14 0.51 0.64 0.32 0.40 unch 0.28 unch 0.07 unch + 0.10 0.11 0.13 + 0.11 0.14 unch 0.04 0.03 0.12 unch 0.09 + 0.41 + 0.32 0.19 unch + 0.15 0.31 0.25 + 4.42

0.01 0.03 0.02 0.00 0.01 0.04 0.01 0.01 0.00 0.00 0.02 0.01 0.00 0.02 0.00 0.00 0.03 0.01 0.60 0.51 0.04 0.02 0.03 0.07 0.01 0.01 0.07 0.00 0.00 0.02 0.02 0.00 0.00 0.02 0.01 0.00 0.00 0.00 0.06 0.57 0.56 0.00 0.00 0.01 0.01 0.00 0.00 0.01 0.02 0.01 0.01 0.00 0.04 0.06 0.07 0.00 0.10 0.01 0.63 1.47 0.01 0.00 0.00 0.01 0.00 0.04 0.01 0.01 0.02 0.45 0.70 0.00 0.00 0.00 0.01 0.02 0.02 0.05 0.05 2.53 1.98 0.03 0.01 0.01 0.00 0.00 0.00 0.00 0.01 0.01 0.01 0.00 0.00 0.01 0.01 0.00 0.01 0.01 0.02 0.00 0.01 0.02 0.01 0.08

0.30 2.38 2.99 0.35 0.40 1.60 0.19 0.24 0.32 0.42 0.20 0.16 0.05 0.30 0.19 0.25 0.27 0.22 11.34 9.31 0.58 0.33 0.82 0.92 0.18 0.14 4.49 0.35 0.09 0.28 0.33 0.17 0.14 0.98 2.88 0.25 0.32 0.55 0.80 26.31 21.00 1.24 1.05 0.37 0.40 0.09 0.11 0.25 0.22 0.16 0.10 0.45 0.42 1.31 1.64 1.56 0.70 0.17 7.72 20.68 0.28 0.14 0.17 0.35 0.28 0.79 1.07 4.83 3.92 12.30 15.25 0.20 0.22 0.16 0.20 1.55 1.25 1.77 2.27 5.90 4.60 0.25 0.86 1.08 0.75 0.94 0.90 0.23 0.29 0.29 0.30 0.27 0.31 0.11 0.47 0.35 0.28 0.80 0.70 0.60 0.51 0.85 0.68 10.93

0.13 0.95 1.23 0.12 0.16 1.00 0.04 0.06 0.21 0.21 0.12 0.09 0.05 0.08 0.06 0.07 0.17 0.13 6.86 5.31 0.22 0.15 0.28 0.35 0.10 0.08 2.10 0.20 0.04 0.04 0.12 0.09 0.06 0.17 0.18 0.12 0.16 0.44 0.45 18.85 14.85 0.16 0.20 0.07 0.01 0.03 0.06 0.00 0.09 0.03 0.03 0.45 0.09 0.22 0.89 0.00 0.36 0.09 2.75 11.15 0.03 0.06 0.08 0.05 0.06 0.35 0.41 1.56 1.20 2.81 3.60 0.05 0.07 0.00 0.08 0.33 0.26 0.38 0.56 0.22 0.17 0.11 0.26 0.25 0.28 0.36 0.23 0.07 0.07 0.02 0.09 0.09 0.13 0.04 0.03 0.11 0.05 0.33 0.26 0.17 0.10 0.27 0.00 4.25

S 0.14 0.99 1.26 0.15 0.19 1.50 0.11 0.14 0.23 0.28 0.00 0.10 0.00 0.09 0.11 0.12 0.00 0.16 7.15 5.61 0.27 0.00 0.41 0.52 0.13 0.11 3.49 0.00 0.00 0.10 0.13 0.09 0.00 0.75 0.59 0.13 0.18 0.00 0.00 18.85 14.85 0.29 0.37 0.19 0.15 0.07 0.09 0.09 0.11 0.09 0.00 0.00 0.28 0.40 0.00 0.00 0.41 0.00 3.10 13.08 0.18 0.08 0.10 0.05 0.06 0.37 0.46 1.58 1.25 10.33 13.00 0.06 0.07 0.06 0.00 0.00 0.27 0.52 0.65 0.22 0.17 0.00 0.48 0.62 0.30 0.39 0.00 0.07 0.00 0.11 0.00 0.11 0.14 0.04 0.03 0.00 0.09 0.38 0.30 0.00 0.13 0.31 0.23 4.26

GLOBAL MINING NEWS

(100s) Stock Silvercorp Met* SilverCrest* SilverCrest Silverstock Silverton Met* Silverton Met Sirios Res* Sirios Res Sitka Gold Sitka Gold* Sixty North Sixty North* Skeena Res SKRR Explor Sky Gold Sky Gold* Skyharbour Res Skyharbour Res* Slam Explor* Slam Explor Slave Lake Zn Slave Lake Zn* Snowline Gold Snowy Owl Sokoman Min Sokoman Min* Solaris Res SolGold plc* SolGold plc SolidusGold Solitario Ex&R Solitario Ex&R* Solstice Gold Sonora Gld & S Sonoro Gold* Sonoro Gold SOPerior Fert South Atlantic* South Atlantic South Star Bat South Star Bat* South32* Southern Copp* Southern Emp* Southern Emp Southern Silvr Southern Silvr* SouthGobi Res Southstone Min Spanish Mtn Gd Spanish Mtn Gd* Sparton Res* Sparton Res SPC Nickel Spearmint Res* Spearmint Res Sphinx Res Spruce Ridge R SRG Mining SSR Mining* SSR Mining St Augustine St-Georges Eco St-Georges Eco* St. James Gold St. James Gold* Stakeholdr Gld Stallion Gold Standard Graph* Standard Metal* Standard Uran* Standard Uran Stans Energy Star Diamond* Star Diamond Star Gold* Starcore Intl* Starcore Intl Starr Peak* Starr Peak Stellar Africa* Stellar Africa Stelmine Can* Stelmine Can Steppe Gold Steppe Gold* Sterling Metal Sterling Metal* Stevens Gold* Stevens Gold Stinger Res Stinger Res* Stone Gold Straightup Res Straightup Re* Stratabd Mnr* Stratabd Mnr Strategic Metl Strategic Metl* Strategic Res Stria Lithium Strikepoint Gd Strikepoint Gd* Strongbow Expl Strongbow Expl* Stroud Res Stuhini Explor* Stuhini Explor Stuve Gold Sulliden Mng* Sulliden Mng Summa Silver* Summa Silver Sun Peak Metal Sun Summit Sun Summit*

Week

Exc Volume X X T C O V O V C O C O T V V O V O O V C O C C V O T O T V T X V V O V V O V V O O N O V V O T V V O O V V O C V V V D T T C O V O V V O O O V V O T O O T O V O V O V T O V O O C V O V C O O V V O V V V O V O V O V V O T O V V V O

THE NORTHERN MINER / JANUARY 24–FEBRUARY 6, 2022

Low

Last

3.75 7.98 9.96 0.25 0.23 0.28 0.05 0.09 0.16 0.12 0.05 0.04 14.28 0.09 0.08 0.07 0.65 0.52 0.05 0.06 0.15 0.10 0.65 0.07 0.36 0.30 15.74 0.37 0.45 0.00 0.62 0.51 0.22 0.00 0.14 0.18 0.05 0.04 0.06 0.30 0.25 3.02 69.85 0.10 0.12 0.30 0.24 0.23 0.04 0.20 0.16 0.08 0.09 0.22 0.13 0.16 0.00 0.13 0.74 17.28 21.62 0.12 0.48 0.39 1.45 1.15 0.79 0.50 0.03 7.75 0.20 0.26 0.03 0.37 0.49 0.04 0.20 0.28 1.42 1.79 0.04 0.05 0.22 0.26 1.28 1.02 0.27 0.22 0.16 0.20 0.14 0.10 0.12 0.17 0.13 0.10 0.10 0.39 0.31 0.34 0.05 0.13 0.11 0.46 0.36 0.45 0.48 0.64 0.25 0.12 0.18 0.84 1.06 0.24 0.57 0.43

3.35 6.91 8.78 0.00 0.00 0.00 0.05 0.08 0.14 0.11 0.04 0.03 12.67 0.00 0.00 0.06 0.53 0.43 0.04 0.05 0.13 0.05 0.56 0.00 0.30 0.25 13.82 0.34 0.00 0.00 0.00 0.45 0.20 0.00 0.13 0.00 0.04 0.04 0.00 0.24 0.20 0.00 62.83 0.09 0.11 0.28 0.21 0.00 0.00 0.19 0.15 0.06 0.08 0.15 0.10 0.13 0.00 0.11 0.63 15.98 20.27 0.11 0.36 0.28 1.20 0.95 0.00 0.00 0.03 6.00 0.17 0.21 0.03 0.31 0.37 0.00 0.18 0.22 1.30 1.64 0.03 0.00 0.20 0.23 1.16 0.92 0.23 0.19 0.15 0.00 0.13 0.10 0.10 0.15 0.11 0.07 0.10 0.32 0.26 0.00 0.03 0.12 0.09 0.40 0.33 0.00 0.48 0.62 0.00 0.12 0.15 0.73 0.91 0.00 0.50 0.40

3.53 + 7.73 + 9.68 + 0.25 unch 0.23 0.27 0.05 unch 0.08 unch 0.15 unch 0.12 + 0.05 + 0.03 14.12 + 0.08 unch 0.08 + 0.07 + 0.61 + 0.48 + 0.04 0.05 0.13 0.10 + 0.57 0.07 + 0.33 0.26 14.22 0.34 0.43 0.11 unch 0.60 0.49 unch 0.20 + 0.09 unch 0.14 + 0.17 0.05 + 0.04 unch 0.06 0.28 + 0.22 + 3.02 + 67.80 + 0.09 0.11 0.28 0.22 0.21 + 0.04 unch 0.20 unch 0.16 + 0.07 + 0.09 + 0.16 0.12 + 0.16 + 0.01 unch 0.12 0.73 + 16.44 + 20.63 0.11 0.45 + 0.36 + 1.20 0.95 0.74 0.50 + 0.03 + 7.50 + 0.17 0.22 0.03 0.32 + 0.41 + 0.02 unch 0.20 + 0.26 + 1.40 + 1.74 + 0.04 + 0.05 unch 0.20 0.25 1.28 + 1.00 + 0.24 0.20 0.15 + 0.19 unch 0.14 unch 0.10 0.10 + 0.15 0.13 + 0.07 0.10 0.38 + 0.30 + 0.33 unch 0.03 0.13 unch 0.10 + 0.41 0.35 0.42 + 0.48 unch 0.64 unch 0.25 + 0.12 unch 0.15 0.78 + 0.98 + 0.23 0.51 0.41 +

4700 2762 970 1 23 34 0 566 842 58 226 252 504 640 114 108 1801 676 128 924 49 8 414 124 470 319 1039 239 68 0 14 405 412 0 115 165 1729 50 12 686 282 1 6602 55 124 1368 1042 202 10 352 426 46 1296 2641 593 3145 0 97 222 5613 2007 624 2980 2251 45 8 6 22 349 12 249 1034 1450 123 6292 56 36 102 131 217 23 64 214 752 184 75 208 78 81 17 164 25 365 58 5 3 415 305 160 206 7910 664 526 968 103 305 8 48 6 10 536 242 504 144 297 61

(100s)

12-month

High

Change 0.11 0.69 0.80 0.00 0.01 0.03 0.00 0.00 0.00 0.00 0.01 0.00 1.29 0.00 0.01 0.00 0.06 0.03 0.01 0.01 0.01 0.05 0.05 0.01 0.03 0.02 0.54 0.02 0.06 0.00 0.02 0.00 0.01 0.00 0.01 0.01 0.01 0.00 0.01 0.01 0.01 0.19 3.45 0.01 0.01 0.02 0.01 0.01 0.00 0.00 0.00 0.01 0.02 0.03 0.02 0.02 0.00 0.01 0.03 0.09 0.02 0.01 0.07 0.05 0.25 0.30 0.06 0.10 0.00 0.50 0.03 0.04 0.01 0.03 0.04 0.00 0.01 0.03 0.04 0.01 0.00 0.00 0.02 0.02 0.10 0.05 0.03 0.02 0.00 0.00 0.00 0.00 0.01 0.02 0.01 0.03 0.01 0.02 0.04 0.00 0.01 0.00 0.01 0.04 0.02 0.17 0.00 0.00 0.04 0.00 0.03 0.06 0.04 0.02 0.07 0.00

High Low

Stock

8.55 12.75 16.25 0.29 0.64 1.00 0.12 0.17 0.34 0.27 0.09 0.07 16.49 0.35 0.25 0.21 0.87 0.70 0.12 0.16 0.43 0.38 0.75 0.25 0.78 0.64 17.17 0.51 0.64 0.20 1.56 1.25 0.23 0.10 0.32 0.39 0.07 0.11 0.11 0.38 0.30 3.02 83.29 0.49 0.31 0.63 0.53 1.39 0.10 0.43 0.31 0.16 0.21 0.80 0.36 0.27 0.03 0.17 1.05 20.06 25.30 0.19 1.19 0.99 6.50 5.16 1.12 0.60 0.50 18.00 0.39 0.51 0.06 0.37 0.49 0.08 0.27 0.33 3.56 4.05 1.00 0.14 0.28 0.32 2.67 2.11 0.83 1.00 0.59 0.75 0.35 0.29 0.19 0.32 0.26 0.25 0.32 0.50 0.41 0.45 0.09 0.28 0.23 0.58 0.44 0.90 0.60 0.72 0.41 0.21 0.28 1.41 1.71 0.61 1.35 1.09

Suncor Energy Suncor Energy* Superior Gold* Superior Gold Superior Mng Surge Battery* Surge Battery Surge Copper Surge Copper* Sylla Gold Syrah Res*

T N O V V O V V O V O

Taiga Gold Taiga Gold* Tajiri Res Talisker Res Talisker Res* Talmora Diamd Talon Metals Tanqueray Expl Tantalex Res Tanzanian Gold Tanzanian Gold* Tarachi Gold* Tarachi Gold Taranis Res* Taranis Res Tarku Res Tartisan Nick* Tartisan Nick Taseko Mines Taseko Mines* TDG Gold Teck Res* Teck Res Teck Res Tectonic Metal* Tectonic Metal Temas Res* Temas Res Tembo Gold Tembo Gold* Tempus Res* Tempus Res Teras Res Teras Res* Terrax Mnrls Terrax Mnrls* Terreno Res Tesoro Mnrls* Tesoro Mnrls Teuton Res* Teuton Res Texas Mineral* Themac Res* Themac Res Thesis Gold Theta Gold* Thor Explor Thor Explor* Three Valley* Three Valley Thunder Mtn Gd* Thunder Mtn Gd Thunderstruck Thunderstruck* Tier One Silv Timberline Res Timberline Res* Tinka Res* Tinka Res Tintina Mines Tisdale Res* Tisdale Res Titan Mining Titan Mining* Titanium Corp TNR Gold Tocvan Venture Tocvan Venture* TomaGold Tombill Mines Tombill Mines* Tombstone Expl* Tonogold Res* Torex Gold* Torex Gold Torq Resources Torq Resources* Tower Res* Tower Res Traction Expl Trailbreaker* Trailbreaker Trans Canada* Trans Canada Transatlantic Transforma Res Transition Met Transition Met* Treasury Metal* Treasury Metal Trecora Res* Tres-Or Res* Tres-Or Res Trevali Mining Tri-River Vent Trident Gold Trifecta Gold* Trifecta Gold Trillium Gold* Trillium Gold Trilogy Mtls Trilogy Mtls*

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

3.33 6.60 8.30 0.18 0.21 0.26 0.04 0.06 0.09 0.06 0.04 0.03 10.40 0.08 0.07 0.05 0.23 0.18 0.00 0.05 0.06 0.05 0.24 0.05 0.19 0.14 5.73 0.28 0.35 0.07 0.56 0.41 0.08 0.04 0.12 0.16 0.02 0.04 0.04 0.09 0.02 1.85 54.92 0.09 0.11 0.25 0.19 0.01 0.04 0.17 0.13 0.01 0.04 0.07 0.06 0.08 0.01 0.08 0.37 13.68 17.29 0.06 0.10 0.09 0.70 0.55 0.39 0.29 0.02 0.08 0.12 0.15 0.01 0.13 0.17 0.02 0.16 0.20 1.23 1.64 0.01 0.04 0.12 0.07 1.14 0.83 0.23 0.18 0.08 0.11 0.10 0.01 0.06 0.13 0.11 0.02 0.08 0.28 0.21 0.22 0.02 0.12 0.08 0.10 0.08 0.24 0.34 0.42 0.19 0.00 0.08 0.62 0.80 0.20 0.37 0.29

Week

Exc Volume

Last

12-month

High

Low

Change

57719 45186 118 211 25 436 234 793 127 224 498

35.99 28.74 0.62 0.77 0.29 0.19 0.20 0.36 0.29 0.23 1.55

33.26 35.45 + 26.21 28.23 + 0.00 0.61 + 0.72 0.76 + 0.00 0.28 0.10 0.13 0.16 0.18 0.32 0.35 unch 0.25 0.28 + 0.00 0.22 unch 1.30 1.52 +

6770 101 38 863 328 300 20946 133 2010 109 2076 94 289 127 18 151 43 263 2390 11829 44 30036 9884 28 73 968 606 4195 106 10 160 193 598 285 729 238 50 1 0 26 54 1735 0 0 1926 4 2169 60 246 3516 173 0 415 67 543 129 134 48 228 10 0 1 302 0 157 410 248 1 721 1756 510 11 340 155 1346 67 82 697 8728 320 5 23 40 20 96 25 140 114 61 506 84 0 36 622 0 0 74 292 26 176 151 833

0.26 0.21 0.08 0.31 0.25 0.02 0.89 8.41 0.14 0.55 0.44 0.15 0.18 0.09 0.11 0.08 0.30 0.37 2.75 2.20 0.54 34.78 43.34 44.00 0.08 0.10 0.14 0.17 0.27 0.20 0.09 0.11 0.03 0.02 0.28 0.23 0.04 0.02 0.00 1.65 2.05 2.49 0.00 0.00 2.12 0.12 0.30 0.19 0.19 0.24 0.14 0.00 0.08 0.06 0.85 0.24 0.20 0.14 0.18 0.03 0.00 0.78 0.60 0.00 0.44 0.05 1.10 0.88 0.07 0.10 0.09 1.60 0.12 10.32 12.84 0.85 0.70 0.15 0.18 1.08 0.18 0.25 0.09 0.11 0.04 0.12 0.17 0.17 0.57 0.73 8.43 0.00 0.11 1.92 0.00 0.00 0.08 0.10 0.55 0.71 2.12 1.70

Stock

1.87 1.67 0.05 0.03 0.02 0.01 0.02 0.00 0.01 0.00 0.20

35.99 28.74 0.69 0.84 0.80 0.35 0.38 0.68 0.46 0.30 2.48

21.07 16.40 0.35 0.45 0.29 0.05 0.09 0.27 0.21 0.10 0.71

0.01 0.00 0.01 0.03 0.02 0.00 0.13 0.06 0.01 0.02 0.00 0.01 0.02 0.01 0.00 0.02 0.00 0.01 0.07 0.05 0.01 3.57 4.15 4.15 0.00 0.00 0.00 0.01 0.01 0.01 0.00 0.01 0.00 0.00 0.03 0.03 0.01 0.00 0.00 0.15 0.07 0.18 0.00 0.00 0.23 0.00 0.03 0.01 0.01 0.01 0.01 0.00 0.01 0.00 0.04 0.01 0.01 0.00 0.01 0.00 0.00 0.07 0.02 0.00 0.01 0.01 0.08 0.00 0.02 0.01 0.01 0.04 0.02 0.40 0.47 0.00 0.02 0.06 0.07 0.02 0.04 0.02 0.01 0.00 0.01 0.02 0.02 0.01 0.00 0.02 0.06 0.00 0.02 0.07 0.00 0.00 0.00 0.01 0.04 0.06 0.04 0.00

0.26 0.24 0.13 0.38 0.31 0.15 0.90 23.89 0.19 2.12 1.91 0.43 0.46 0.12 0.14 0.25 0.55 0.56 3.22 2.67 0.75 34.78 43.34 44.00 0.25 0.18 1.78 2.27 0.36 0.24 0.21 0.33 0.10 0.07 0.31 0.25 0.07 0.09 0.16 2.75 3.17 4.70 0.11 0.12 2.12 0.48 0.45 1.00 0.82 1.02 0.20 0.19 0.14 0.11 1.90 0.49 0.38 0.24 0.30 0.08 1.65 2.10 0.85 0.99 0.65 0.09 1.67 1.18 0.11 0.33 0.35 2.80 0.40 15.52 19.08 1.08 0.86 0.15 0.18 1.08 0.38 0.49 0.24 0.30 0.06 0.78 0.26 0.20 1.03 1.32 9.38 0.14 0.18 2.75 0.04 0.12 0.24 0.13 1.55 1.96 3.70 3.06

0.14 0.00 0.06 0.24 0.19 0.02 0.44 6.39 0.03 0.43 0.34 0.11 0.14 0.07 0.08 0.05 0.00 0.30 1.38 1.07 0.24 17.31 21.86 25.25 0.05 0.07 0.09 0.12 0.10 0.09 0.08 0.10 0.03 0.02 0.16 0.13 0.03 0.02 0.04 1.36 1.74 1.30 0.04 0.06 0.88 0.00 0.19 0.16 0.13 0.17 0.10 0.11 0.06 0.04 0.72 0.15 0.11 0.11 0.16 0.03 0.50 0.55 0.28 0.00 0.20 0.04 0.33 0.75 0.05 0.08 0.06 0.51 0.09 8.99 11.79 0.55 0.43 0.03 0.04 0.20 0.14 0.17 0.08 0.09 0.03 0.10 0.13 0.07 0.47 0.65 6.26 0.05 0.08 1.32 0.04 0.09 0.00 0.07 0.45 0.59 1.82 1.41

TriMetals Mng* Trinity Res* Triple Flag TriStar Gold TriStar Gold* Triumph Gold Triumph Gold* Troilus Gold* Troilus Gold Troubadour Res TRU Precious* TRU Precious True North Gem Tsodilo Res Tudor Gold * Tudor Gold Turmalina Met* Turmalina Met Turquoise HIl* Turquoise HIl TVI Pacific TVI Pacific* Tymbal Res

O O T V O V O O T V O V V V O V O V N T V O V

U.S. Gold* U3O8 Corp Ubique Mineral UC Res* Ucore Rare Mtl* Ucore Rare Mtl UEX Corp Ultra Resource* Ultra Resource Umbral Enrgy* Unigold* Unigold United Battery* United Battery United Res Hdg* United States A* United States S* Universal Cop* Universal Cop Universal Vent Ur-Energy* Ur-Energy Uragold Bay Rs Uranium Energy* Uranium Hunter* Uranium Res* Uranium Roylty Uranium Roylty* Uravan Mnrls USCorp* Usha Res* Usha Res Val-d’Or Mg Vale* Valley High Mg* ValOre Metals* ValOre Metals Valorem Res Valterra Res* Valterra Res Vanadian Enrgy* Vanadian Enrgy Vanadiumcorp Vanstar Mng Rs* Vanstar Mng Rs Vantex Res * Vantex Res Velocity Mnrls Velocity Mnrls* Vendetta Mng Vendetta Mng* Venerable Vent Venture Mnrls* Verde Potash Verde Res* Vertical Expl Victoria Gold* Victoria Gold Victory Nickel Victory Nickel* Victory Res Victory Res* Virginia Enrgy Virginia Enrgy* Viscount Mng Visible Gold M* Visible Gold M Vision Lithium Vision Lithium* Visionary Gold Vista Gold Vista Gold* Viva Gold* Viva Gold Vizsla Copper Vizsla Silver* Vizsla Silver Volatus Cap Volcanic Gold* Volcanic Gold Voyager Metals Voyager Metals* Voyageur Min Voyageur Min* Voyageur Min* Voyageur Min VR Resources* VR Resources Vulcan Mnrls Vulcan Mnrls*

T 0.26 0.20 0.00 0.28 0.22 0.02 0.59 7.33 0.11 0.49 0.38 0.12 0.15 0.08 0.00 0.00 0.27 0.34 2.46 1.96 0.52 30.31 38.50 39.41 0.00 0.00 0.10 0.13 0.00 0.19 0.08 0.11 0.00 0.02 0.24 0.19 0.00 0.02 0.00 1.50 1.90 1.92 0.00 0.00 1.83 0.00 0.22 0.17 0.16 0.21 0.10 0.00 0.06 0.06 0.72 0.21 0.17 0.13 0.16 0.00 0.00 0.00 0.00 0.00 0.41 0.00 1.00 0.88 0.05 0.08 0.06 1.03 0.11 9.03 11.92 0.80 0.61 0.07 0.09 0.90 0.15 0.00 0.08 0.00 0.00 0.00 0.00 0.12 0.51 0.66 8.02 0.00 0.00 1.65 0.00 0.00 0.06 0.00 0.52 0.00 1.90 1.50

0.26 0.20 0.07 0.28 0.23 0.02 0.74 8.00 0.13 0.52 0.40 0.14 0.18 0.09 0.11 0.08 0.30 0.37 2.53 2.01 0.54 33.98 42.59 43.65 0.07 0.09 0.12 0.16 0.24 0.19 0.09 0.11 0.03 0.02 0.27 0.21 0.04 0.02 0.04 1.65 2.00 2.36 0.08 0.07 2.05 0.12 0.25 0.19 0.18 0.23 0.13 0.15 0.06 0.06 0.85 0.21 0.18 0.14 0.17 0.03 0.65 0.78 0.58 0.51 0.42 0.05 1.08 0.88 0.05 0.08 0.06 1.46 0.11 9.87 12.42 0.80 0.65 0.13 0.16 0.98 0.18 0.23 0.09 0.10 0.03 0.12 0.16 0.14 0.56 0.71 8.30 0.06 0.10 1.79 0.04 0.10 0.07 0.09 0.52 0.66 1.99 1.59

+ + + unch + + + + + + unch + + + + + unch + unch unch + + + unch unch + + + unch unch + + + + + + unch + + + + unch unch + unch + unch + + unch + + + + + unch + + + unch + unch unch + unch

(100s)

High Low

Week

Exc Volume

Last

12-month

High

Low

Change

31 28 61 428 162 241 150 120 2386 121 147 280 14 37 170 149 207 122 4456 794 361 251 81

0.19 0.47 16.90 0.19 0.16 0.14 0.10 0.60 0.75 0.20 0.15 0.20 0.11 0.80 1.92 2.20 0.41 0.50 17.04 21.27 0.04 0.03 0.01

0.16 0.16 0.43 0.47 + 15.61 16.15 + 0.17 0.18 0.14 0.14 0.11 0.13 + 0.09 0.10 + 0.00 0.55 0.68 0.69 0.00 0.20 unch 0.13 0.14 0.16 0.16 0.00 0.11 + 0.00 0.72 1.59 1.62 + 2.00 2.05 + 0.35 0.37 0.45 0.46 15.42 16.25 + 19.51 20.42 + 0.00 0.03 0.03 0.03 + 0.00 0.01 unch

D 336 V 22 C 183 O 2325 O 671 V 712 T 6191 O 8 V 24 O 700 O 405 V 1959 O 762 C 465 O 441 X 3688 N 73055 O 418 V 5880 V 20 X 9545 T 1560 V 923 X 42111 O 5008 X 2684 V 886 D 2621 V 0 O 2807 O 69 V 25 V 34 N 148005 O 4530 O 178 V 269 C 1355 O 153 V 19 O 12 V 8 V 2327 O 66 V 314 O 2 V 15 V 161 O 23 V 1206 O 389 V 0 O 70 T 891 O 392 V 468 O 217 T 1374 C 1524 O 125 C 228 O 154 V 100 O 110 V 1013 O 14 V 419 V 2183 O 581 V 67 T 32 X 952 O 134 V 307 V 357 O 167 V 451 C 698 O 150 V 264 V 159 O 48 V 3786 O 1 O 97 C 95 O 70 V 1155 V 424 O 138

8.87 0.36 0.08 11.57 0.89 1.08 0.39 0.19 0.24 0.06 0.09 0.11 0.55 0.65 0.20 0.55 26.17 0.15 0.12 6.24 1.46 1.80 0.52 3.95 0.03 2.42 5.18 4.08 0.00 0.03 0.25 0.30 0.16 15.60 0.01 0.43 0.55 0.05 0.03 0.03 0.05 0.06 0.05 0.33 0.43 0.13 0.18 0.34 0.26 0.06 0.04 0.00 0.04 3.90 0.20 0.13 12.00 15.03 0.01 0.01 0.10 0.08 0.71 0.56 0.46 0.12 0.16 0.22 0.18 0.17 0.95 0.77 0.11 0.14 0.24 2.23 2.80 0.08 0.44 0.52 0.20 0.14 0.20 0.33 0.15 0.45 0.37 0.46 0.32 0.26

Stock

0.01 0.04 0.38 0.01 0.01 0.01 0.01 0.04 0.04 0.00 0.01 0.03 0.01 0.05 0.05 0.01 0.00 0.02 0.85 0.94 0.01 0.00 0.00

0.21 0.75 16.90 0.31 0.25 0.23 0.19 1.22 1.31 0.74 0.41 0.52 0.25 1.46 3.00 3.65 0.98 1.13 21.89 26.45 0.06 0.06 0.05

0.06 0.00 10.50 0.17 0.14 0.10 0.07 0.53 0.68 0.15 0.02 0.12 0.08 0.49 1.31 1.94 0.35 0.45 9.75 12.15 0.03 0.02 0.01

VVC Expl VVC Expl*

V O

0.66 0.07 0.02 0.43 0.11 0.15 0.02 0.02 0.01 0.00 0.01 0.01 0.05 0.05 0.01 0.01 0.01 0.00 0.03 0.40 0.15 0.19 0.01 0.56 0.00 0.05 0.44 0.32 0.00 0.01 0.01 0.01 0.01 0.57 0.00 0.01 0.01 0.01 0.00 0.00 0.01 0.01 0.00 0.02 0.03 0.00 0.00 0.01 0.00 0.01 0.00 0.00 0.01 1.00 0.06 0.00 0.40 0.43 0.00 0.00 0.01 0.00 0.02 0.00 0.04 0.04 0.05 0.01 0.01 0.02 0.04 0.06 0.00 0.00 0.04 0.02 0.03 0.00 0.02 0.06 0.00 0.10 0.05 0.00 0.00 0.03 0.06 0.06 0.02 0.00

14.45 0.70 0.10 30.20 2.36 2.97 0.60 0.23 0.28 0.19 0.31 0.40 1.46 1.80 0.25 2.56 30.57 0.15 0.21 9.75 2.15 2.72 1.68 5.79 0.27 11.45 7.31 5.95 0.70 0.07 0.34 0.40 0.18 23.18 0.17 0.50 0.61 0.44 0.09 0.11 0.10 0.13 0.11 1.04 1.30 0.27 0.38 0.61 0.47 0.08 0.07 0.13 0.12 3.90 0.20 0.30 18.50 22.54 0.10 0.08 0.60 0.49 0.98 0.79 0.55 0.25 0.33 0.95 0.74 0.24 1.72 1.40 0.31 0.39 0.70 2.87 3.45 0.20 0.55 0.69 0.36 0.32 0.35 0.36 0.25 0.50 0.55 0.68 0.37 0.80

7.70 0.11 0.03 4.01 0.55 0.71 0.24 0.09 0.10 0.00 0.07 0.09 0.06 0.40 0.01 0.46 16.13 0.06 0.06 3.15 0.80 1.03 0.42 1.51 0.01 2.11 1.35 1.09 0.22 0.00 0.15 0.18 0.11 11.16 0.00 0.16 0.22 0.04 0.02 0.03 0.03 0.05 0.04 0.29 0.38 0.00 0.16 0.31 0.25 0.04 0.01 0.10 0.03 0.88 0.02 0.03 8.60 10.90 0.01 0.00 0.05 0.04 0.10 0.07 0.32 0.00 0.07 0.06 0.04 0.09 0.77 0.59 0.06 0.08 0.15 0.99 1.26 0.01 0.26 0.30 0.11 0.00 0.07 0.24 0.03 0.30 0.20 0.25 0.05 0.04

Walker River Walker River* Wallbridge Mng* Wallbridge Mng Waraba Gold Warrior Gold* Warrior Gold Waseco Res Wealth Mnrls* Wealth Mnrls Wedgemount Res Wescan Gldflds Wesdome Gold Wesdome Gold* West High Yld West Mining* West Mining West Oak Gold West Red Lake* West Red Lake West Vault Western Alaska Western Areas* Western Atlas Western Copper Western Copper* Western Gold Western Mag* Western Mag Western Potash Western Res* Western Troy C Western U&V Western U&V* Westgold Res* Westhaven Gold* Westhaven Gold Westkam Gold* Westkam Gold Westminster Rs* Westminster Rs Westward Gold Wheaton Prec Wheaton Prec* White Energy* White Gold* White Gold White Metal Rs Whitehaven Coa* Whitehorse GC Wildsky Res* Wildsky Res Winshear Gold Winshear Gold* Winston Gold Winston Gold* Winston Res Wolfden Res* Wolfden Res Wolfeye Res World Copper Worldwide Res X-Terra Res X-Terra Res* Xanadu Mines Xander Res Xander Res* Ximen Mining* Ximen Mining Xplore Res Xtierra Inc Xtra-Gold Res* Xtra-Gold Res Yamana Gold Yamana Gold* Yanzhou Coal* Yorbeau Res* Yorbeau Res Zacatecas Silv Zacatecas Silv* ZEB Nickel Zena Mining Zephyr Mnls Zephyr Mnls* Zimtu Capital Zinc One Res Zinc One Res * Zincore Mtls ZincX Res ZincX Res* Zonte Metals Zonte Metals*

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

U-V 7.70 0.00 0.06 9.54 0.71 0.90 0.34 0.19 0.23 0.05 0.07 0.09 0.41 0.56 0.15 0.46 23.47 0.09 0.09 5.78 1.23 1.55 0.47 3.17 0.02 2.16 4.45 3.55 0.00 0.01 0.24 0.00 0.00 14.53 0.01 0.37 0.47 0.04 0.03 0.00 0.05 0.00 0.04 0.31 0.40 0.13 0.00 0.31 0.25 0.05 0.03 0.00 0.03 3.11 0.11 0.12 10.75 13.60 0.01 0.01 0.09 0.06 0.62 0.48 0.41 0.07 0.11 0.19 0.15 0.00 0.88 0.68 0.10 0.00 0.20 2.06 2.58 0.07 0.37 0.46 0.15 0.00 0.10 0.33 0.12 0.00 0.33 0.42 0.29 0.23

7.94 0.30 0.08 10.21 0.82 1.05 0.36 0.19 0.23 0.05 0.08 0.10 0.51 0.65 0.17 0.49 25.39 0.09 0.12 5.80 1.30 1.63 0.50 3.32 0.02 2.34 4.68 3.73 0.26 0.02 0.25 0.29 0.16 15.38 0.01 0.41 0.51 0.05 0.03 0.03 0.05 0.06 0.05 0.31 0.40 0.13 0.18 0.31 0.25 0.05 0.04 0.12 0.04 3.77 0.16 0.13 11.31 14.19 0.01 0.01 0.10 0.07 0.68 0.54 0.46 0.12 0.15 0.21 0.16 0.15 0.90 0.74 0.11 0.13 0.21 2.14 2.75 0.08 0.40 0.52 0.18 0.10 0.15 0.33 0.12 0.45 0.36 0.45 0.30 0.25

+ + + + + + + + + + + + unch + + + + + unch + unch unch unch + + unch + + + unch + + unch unch + + + + + + + unch + + unch + + unch + unch + + + + -

(100s)

High Low

Exc Volume

Week High

Low

396 562

0.15 0.12

0.00 0.11

1149 55 963 2158 0 40 227 5 1322 1026 91 409 1997 521 322 128 2623 150 162 467 36 42 29 161 976 1229 43 428 374 106 31 0 252 301 5 217 224 0 2 0 5 245 5305 9718 17 269 242 485 106 139 8 85 53 2 204 998 650 46 198 205 537 15 646 53 379 573 231 5 69 140 255 12 21 14497 82273 48 467 911 329 63 128 0 74 5 13 11 0 0 582 8 103 1

0.05 0.04 0.31 0.39 0.00 0.06 0.06 0.03 0.30 0.38 0.33 0.12 11.72 9.39 0.68 0.10 0.14 0.12 0.05 0.07 1.12 1.15 2.48 0.08 2.09 1.68 0.19 0.44 0.52 0.18 0.14 0.00 2.07 1.69 1.45 0.40 0.50 0.00 0.13 0.00 0.21 0.16 50.85 40.73 0.12 0.56 0.70 0.10 2.19 0.54 0.12 0.18 0.08 0.06 0.05 0.04 0.19 0.20 0.25 0.34 0.93 0.05 0.04 0.03 0.03 0.09 0.06 0.17 0.21 0.07 0.04 0.76 0.93 5.36 4.29 2.10 0.04 0.05 1.08 0.89 0.26 0.00 0.17 0.14 0.23 0.55 0.00 0.00 0.12 0.10 0.20 0.15

19

12-month

Last

Change

0.15 unch 0.12 unch

0.00 0.00

0.00 0.05 unch 0.04 0.04 + 0.28 0.29 0.36 0.36 0.00 0.19 unch 0.06 0.06 unch 0.00 0.06 0.00 0.03 unch 0.23 0.30 + 0.29 0.36 + 0.30 0.30 0.00 0.12 + 10.63 10.97 + 8.37 8.73 + 0.63 0.67 0.07 0.09 + 0.09 0.11 + 0.11 0.11 unch 0.04 0.04 + 0.06 0.06 0.00 1.00 1.05 1.10 2.38 2.42 + 0.00 0.08 unch 1.85 1.93 1.45 1.54 unch 0.00 0.18 0.38 0.39 0.46 0.48 0.17 0.18 0.14 0.14 0.00 0.13 unch 1.58 1.60 1.27 1.29 1.45 1.45 unch 0.35 0.37 + 0.42 0.45 + 0.00 0.09 unch 0.00 0.13 0.00 0.15 unch 0.00 0.21 0.12 0.15 + 48.22 49.76 + 38.01 39.66 + 0.00 0.12 + 0.53 0.55 unch 0.67 0.70 unch 0.00 0.09 + 2.01 2.04 + 0.50 0.51 unch 0.00 0.12 0.00 0.15 0.00 0.08 0.05 0.06 unch 0.04 0.04 0.03 0.03 0.17 0.18 0.17 0.20 + 0.00 0.24 + 0.27 0.34 + 0.74 0.90 + 0.00 0.05 + 0.00 0.04 + 0.01 0.01 unch 0.03 0.03 unch 0.00 0.08 unch 0.05 0.06 0.16 0.16 0.19 0.19 0.00 0.06 0.00 0.04 + 0.73 0.73 0.00 0.90 4.88 5.25 + 3.84 4.18 + 2.10 2.10 unch 0.04 0.04 unch 0.05 0.05 1.01 1.04 + 0.82 0.83 0.00 0.26 + 0.00 0.14 unch 0.14 0.14 0.14 0.14 + 0.00 0.23 + 0.00 0.54 + 0.00 0.13 unch 0.00 0.05 unch 0.00 0.12 unch 0.10 0.10 unch 0.00 0.20 + 0.15 0.15 unch

0.00 0.00 0.01 0.02 0.00 0.00 0.01 0.00 0.05 0.06 0.03 0.01 0.16 0.16 0.01 0.02 0.02 0.00 0.00 0.01 0.08 0.05 0.00 0.00 0.01 0.00 0.01 0.02 0.02 0.01 0.00 0.00 0.40 0.27 0.00 0.05 0.03 0.00 0.01 0.00 0.01 0.03 1.05 1.10 0.01 0.00 0.00 0.01 0.08 0.00 0.01 0.01 0.02 0.00 0.01 0.00 0.01 0.02 0.01 0.05 0.16 0.01 0.01 0.00 0.00 0.00 0.00 0.01 0.02 0.01 0.01 0.03 0.02 0.34 0.28 0.00 0.00 0.01 0.01 0.03 0.03 0.00 0.01 0.02 0.01 0.02 0.00 0.00 0.00 0.00 0.02 0.00

High Low 0.30 0.09 0.50 0.07

W-Z 0.14 0.11 0.64 0.81 0.33 0.10 0.12 0.07 0.56 0.70 0.79 0.15 13.52 11.00 1.22 1.16 1.70 0.19 0.11 0.15 1.48 1.46 2.50 0.13 3.35 2.83 0.49 0.76 0.96 0.37 0.19 0.17 4.18 3.28 1.85 0.66 0.81 0.18 0.25 0.32 0.39 0.33 59.65 49.10 0.12 0.68 0.85 0.17 2.64 4.06 0.29 0.36 0.13 0.10 0.18 0.15 2.34 0.40 0.36 1.54 0.93 0.09 0.15 0.11 0.11 0.25 0.19 0.35 0.43 0.14 0.21 1.22 1.53 6.80 5.44 2.18 0.06 0.07 1.89 1.05 0.75 0.25 0.24 0.19 0.30 5.00 1.27 0.05 0.23 0.19 0.27 0.21

0.04 0.01 0.27 0.35 0.19 0.01 0.06 0.03 0.10 0.12 0.16 0.06 7.78 6.05 0.13 0.05 0.08 0.11 0.04 0.05 0.90 0.70 1.51 0.05 1.45 1.12 0.14 0.08 0.11 0.15 0.07 0.13 0.77 0.60 1.15 0.27 0.33 0.09 0.11 0.14 0.16 0.10 44.09 34.85 0.08 0.37 0.45 0.06 0.90 0.43 0.08 0.11 0.05 0.05 0.04 0.03 0.17 0.04 0.15 0.26 0.29 0.04 0.03 0.01 0.03 0.06 0.05 0.12 0.16 0.05 0.03 0.65 0.84 4.78 3.70 0.83 0.01 0.04 0.52 0.45 0.16 0.10 0.12 0.10 0.15 0.45 0.01 0.05 0.10 0.08 0.17 0.03

BID-ASK — JANUARY 10–14, 2022 12-MONTH STOCK

Athena Gold 1111 Explor Aftermath Silv Alacer Gold Amilot Capital Aquila Res Arctic Fox Ven Arcturus Vent Ashanti Sanko Atlanta Gold AUQ Gold Aurelius Min Aurex Energy Aust Goldfield Avarone Metals Aya Gold Banro Corp* Boss Power Brunswick Res Bullion Gold Burrell Res C2C Gold Cache Explor Cadillac Vent Canamera Energ Cerro de Pasc Cliffs Nat Res* Crystal Peak Electra Stone Encanto Potash Equitorial Ex Everton Res Evolution Glob Evolving Gold Excalibur Res Exploits Disc Explorex Res Finore Mng

EXC

BID

ASK

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

0.11 0.06 0.24 9.41 ... ...

0.16 0.02 0.03 0.03 0.33 0.13 0.04 ... ...

1.94 0.11 0.17 ...

0.06 0.21 ...

0.16 0.05 0.36 ...

1.45 0.01 0.01 0.06 0.08 0.10 0.50 0.30 0.09 ... ...

0.12

0.19 0.08 0.25 9.52 ... ...

0.28 0.03 0.03 0.04 0.40 0.14 0.06 ... ...

2.19 0.11 0.20 0.05 0.15 0.49 ...

0.17 0.06 1.25 ...

3.20 0.02 0.02 0.07 0.08 0.10 4.00 0.59 0.10 ...

6.50 0.12

12-MONTH

LAST

HIGH

LOW

STOCK

0.17 0.06 0.25 9.47 0.04 0.09 0.14 0.03 0.03 0.03 0.40 0.14 0.05 0.47 0.04 2.01 0.11 0.17 0.03 0.10 0.21 0.11 0.16 0.05 0.37 0.29 1.43 0.01 0.01 0.06 0.08 0.03 2.00 0.35 0.10 0.59 2.85 0.11

0.30 0.15 0.33 10.82 0.08 0.14 0.16 0.13 0.06 0.04

0.10 0.06 0.05 3.50 0.04 0.06 0.14 0.01 0.02 0.03

0.15

0.03

0.47 0.15 2.50 2.10

0.42 0.03 0.82 0.10

GAR Limited General Moly* Genius Metals Gespeg Res Gldn Predator Global Cop Grp Goldbelt Emp Goldblock Cap Golden Cariboo GoldHaven Res Goldshore Res Green Arrow Handa Mining Highvista Gold Indico Res Inspiration Mg Intl Battery Intl Cobalt Iron South Mng K9 Gold Karora Res Kodiak Copper La Imperial Latin Metals Leo Res Lida Resources Lithium South MAG Silver* Mansa Explor Meryllion Res Mich Resources Minecorp Egy Montana Gold Montego Res Napier Vent Navis Res Corp New Klondike Nexco Res

0.28 0.53 0.15 0.33 0.17 0.50 0.34 7.17 0.10

0.01 0.20 0.03 0.12 0.05 0.27 0.12 0.98 0.01

0.12 0.25

0.05 0.07

2.00 1.45 0.11 0.62 10.50

2.00 0.28 0.01 0.13 2.85

EXC

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

BID

... ... ...

0.06 0.15 0.07 0.02 ...

0.10 ... ...

0.02 0.04 ... ... ... ...

0.20 0.24 0.17 0.47 0.05 0.05 0.03 ... ...

0.31 12.52 0.25 ...

0.37 ...

0.09 0.02 0.06 ...

0.01 ...

12-MONTH

ASK

LAST

HIGH

LOW

STOCK

... ... ...

0.06 0.17 0.08 0.02 ...

0.12 ...

375.00 0.03 0.05 ...

0.01 ... ...

0.25 0.27 0.24 0.48 0.06 0.20 0.04 ... ...

0.34 13.30 0.25 ...

0.50 ...

0.10 0.05 ... ...

0.01 ...

0.15 0.11 0.22 0.06 0.16 0.08 0.02 0.32 0.10 0.42 0.11 0.02 0.04 0.17 0.01 0.03 0.31 0.26 0.24 0.24 0.48 0.05 0.10 0.03 1.09 0.24 0.31 12.52 0.19 0.08 0.37 0.12 0.10 0.04 0.07 0.30 0.01 0.30

4.13 100.00 0.28

0.13 0.10 0.16

0.36 0.11 0.05 0.32 0.15 0.45 1.20 0.04 0.06

0.12 0.04 0.02 0.24 0.02 0.06 0.48 0.02 0.03

O2Gold Orocobre Otso Gold Patriot Batt Patriot Gold Phenom Res PPX Mining Primary Energy Prospero Silvr Quaterra Res Quinto Res Rain City Rare Element* Reliant Gold Rockex Mng Rockland Mnls Silver Phoenix Southern Arc Southstone Min Standard Lith Supernova Met Talmora Diamd Tiger Intl Trench Metals TriMetals Mng Trinity Valley Vale* ValOre Metals Vatic Vent Waraba Gold West Oak Gold Whitemud Res Winshear Gold Xiana Mng Zara Res Zinco Mng

1.08 0.28 0.28 0.73 0.13 0.10 0.16

0.20 0.04 0.16 0.20 0.04 0.05 0.02

0.27 0.66 14.40 0.22 0.17 0.48 0.20 0.10 0.05

0.13 0.24 6.12 0.08 0.05 0.24 0.07 0.02 0.01

0.37

0.20

EXC

BID

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

0.23 ...

0.04 0.09 0.05 0.68 0.04 ...

0.55 0.15 0.05 0.06 0.11 ...

0.04 0.07 0.26 0.32 0.01 6.65 0.05 0.02 ...

0.55 0.11 ... ...

0.06 0.05 0.19 0.11 0.01 0.12 0.07 ...

0.05

ASK

0.27 ...

0.04 0.10 0.09 0.71 0.05 ...

1.18 0.17 0.07 0.07 0.16 0.10 0.04 0.08 0.33 0.90 0.01 6.95 0.06 0.03 0.17 0.55 0.12 ... ...

0.07 ...

0.25 0.15 0.02 0.14 0.08 ...

0.07

LAST

0.23 8.28 0.04 0.10 0.07 0.69 0.04 0.17 0.56 0.16 0.08 0.06 0.15 0.02 0.04 0.08 0.28 0.89 0.01 6.95 0.06 0.02 0.15 0.55 0.12 0.04 10.24 0.07 0.10 0.19 0.11 0.02 0.14 0.08 0.07 0.05

HIGH

LOW

0.37 9.30 0.10 0.18 0.29 0.76 0.05 0.82 1.35 0.30

0.06 3.89 0.03 0.08 0.07 0.24 0.04 0.16 0.51 0.06

0.12 0.89

0.04 0.06

0.09 0.11 0.90 0.93 0.04 6.95 0.12 0.15 0.30 0.22 0.12 0.14 11.10 0.13

0.03 0.01 0.23 0.24 0.01 1.02 0.05 0.02 0.07 0.04 0.03 0.04 6.57 0.07

0.33 0.19 0.03 0.15 0.12 0.22

0.19 0.11 0.01 0.05 0.06 0.07

20

WWW.NORTHERNMINER.COM

JANUARY 24–FEBRUARY 6, 2022 / THE NORTHERN MINER

The Essential Mining and Investment Virtual Event

Q1 EDITION February 23-24, 2022

KEYNOTE SPEAKER

MARK CUTIFANI

CHIEF EXECUTIVE OFFICER ANGLO AMERICAN PLC

REGISTER TODAY events.northernminer.com/q1-gms-2022/

Join the conversation

#GMS2022

1

SPECIAL SUPPLEMENT TO THE NORTHERN MINER/JANUARY 24—FEBRUARY 6, 2022

JUNE 13 -15 IN PERSON • TORONTO, CANADA

JUNE 28 -29 ONLINE • ANYWHERE

PDAC 2022 NORTHERN MINER SUPPLEMENT IMPORTANT UPDATE: As PDAC 2022 was rescheduled from March to June, details may be subject to change. Visit pdac.ca/convention for updates.

DISCOVERING THE 21ST CENTURY Message from the Co-Chairs of the 2022 Convention Planning Committee of the Prospectors & Developers Association of Canada (PDAC): Patrick Chance, President, Patrick Chance & Associates and Robert Boyd, President, CEO and Director of Endurance Gold Corporation The world’s mineral exploration and mining industry will meet at the annual Prospectors & Developers Association of Canada’s (PDAC) Convention in person in Toronto, Canada June 13-15, 2022. This will be followed by an online event on June 28-29. In 2022, PDAC marks its 90th anniversary.

PDAC 2022 will again bring another unparalleled lineup of programs, speakers, investment and networking opportunities to delegates at the Metro Toronto Convention Centre and to Toronto, the world mining investment capital.

Our 2022 in person event will feature over 800 exhibitors in the Core Shack, Investors Exchange, Prospectors Tent and Trade Show. The online event will also feature a virtual Trade Show and Investors Exchange exhibitors.

PDAC 2022 will offer various engaging sessions through its highly acclaimed programs — such as the Capital Markets Program, Corporate Presentation Forum for Investors, Exploration Insights, Executive Spotlight, Industry Showcase, Indigenous Program, International Stage, Letter Writer Presentations for Investors, Master Class Series, Mining for Diversity, PDAC One on One Meeting Program, Short Courses, Student & Early Career Program, Sustainability Program and Technical Program. Please visit the Convention website for detailed programming information and what program offerings will be available in person and online.

In person Keynote presentations offer forwardlooking reviews of issues critical to the global minerals exploration and development industry from industry leaders. Tom Palmer, CEO of Newmont —

the world’s leading gold producer, will outline how his company is adapting to change across all facets of our industry. Vanessa Davidson of CRU, London, will provide the long view of copper entitled “Outlook: World needs vs industry means.” Jeff Hanman, Teck Resources, Vancouver, will speak of his company’s approach to “Innovation and the future of mining”.

Finally, John Kilroe will recount Rio Tinto’s Winu copper-gold discovery, this year’s Thayer Lindsely Award winner. Recording of these four keynote presentations will be available to online

attendees at a later date.

The Short Course program provides an opportunity to update skills and gain new insight into the rapidly evolving minerals exploration and development sector. Courses are led by industry experts.

In person we will host courses on mineral resource estimation, digital exploration tools, geochemical modelling, and geophysics for geologists. Online we will offer courses on creating value and managing risks, QA/QC methods in mineral exploration, successful community engagement, and understanding public reports.

The PDAC Convention is a unique platform that provides exceptional learning and networking opportunities. We invite you to attend networking events both in person and online including the Opening Ceremonies, Awards Celebration, Happy Hour with Duelling Pianos, Online Coffee Chats and Program breaks.

We take pride in partnering with our many sponsors, most of whom are long-term supporters of our convention. We would especially like to thank our Diamond sponsor Teck Resources Limited; our Platinum sponsors BHP, Rio Tinto and Vale Canada Limited, and our Patron sponsors Anglo American, BMO Capital Markets, Caterpillar, Nexa Resources S.A., The Lind Partners, TMX Group, and Wheaton Precious Metals. We would also like to welcome and thank our three returning Mining Country Sponsors — Peru, Invest in Canada and Brasil.

Visit our website at www.pdac.ca/convention for the latest news and information. We look forward to seeing you all at the PDAC 2022 Convention.

PDAC 2022:

THE WORLD’S PREMIER MINERAL EXPLORATION & MINING CONVENTION JUNE 13-15 • IN PERSON JUNE 28-29 • ONLINE Register by May 27, 2022 to qualify for early registration rates.

Review the full program and registration details at www.pdac.ca/convention.

Registration Sponsored by B2Gold Corp.

For more information on registration, contact: PDAC Registration Department at pdac@pdacevents.ca or 1 866 939 6468 | 647 362 8442 For more information about the convention, contact: Prospectors & Developers Association of Canada E convention@pdac.ca | T 416 362 1969

Diamond Sponsor

As one of Canada’s leading mining companies, Teck is committed to responsible mining and mineral development with major business units focused on copper, zinc and steelmaking coal, as well as investments in energy assets. Teck owns or has interest in 10 operating mines in Canada, the USA, Chile and Peru, as well as one large metallurgical complex and several major development projects in the Americas.

Teck possesses expertise across a wide range of activities including exploration (primarily focused on three commodities: copper, zinc and gold), development, mining and minerals processing, smelting and refining, health and safety, environmental protection, materials stewardship, recycling and research.

Teck’s approximately 10,000 employees work each day to provide essential resources the world is counting on to make life better.

Teck is proud to be the Diamond Sponsor for the PDAC 2022 Convention.

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CONVENTION SPONSORS

DIAMOND SPONSOR

PLATINUM SPONSORS

MINING COUNTRY SPONSORS

PATRON SPONSORS

PREMIER SPONSORS

GOLD PLUS SPONSORS

®

pdac.ca/convention

#PDAC2022

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JOIN THE PDAC COMMUNITY TODAY BECOME A MEMBER OF THE LEADING MINERAL INDUSTRY ASSOCIATION

www.pdac.ca/members info@pdac.ca

PDAC has remained the leading voice of Canada’s mineral exploration and development community since 1932.

Our work focuses on strengthening a globally competitive and responsible industry by supporting more than 4,500 individual and corporate members around the world. We undertake advocacy on behalf of Canada’s mineral sector, so that our members can focus on achieving their own success.

BENEFITS OF BEING A PDAC MEMBER •

Specially designed insurance programs

•

Substantial discounts on PDAC Convention registration and Short Courses

Voting rights in Board of Director elections and Annual General Meeting

•

Access to timely research, reports and toolkits

•

Free member-only webinars

•

•

Member-only networking events

Be part of a global community of industry professionals and companies

•

•

Government advocacy and stakeholder engagement on behalf of the industry

OUR PRIORITIES FOR CANADA’S MINERAL INDUSTRY

ACCESS TO CAPITAL

GOVERNMENT RELATIONS

ACCESS TO LAND

ACCESS TO SKILLS

INDIGENOUS AFFAIRS

CANADIAN INDUSTRY ABROAD

RESPONSIBLE EXPLORATION

Visit pdac.ca/members or email info@pdac.ca to become a PDAC member today.

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J O IN U S IN CEL EB R AT IN G P DAC’S 9 0 t h A N N I V ERS A RY !

IN PERSON & ONLINE Visit www.pdac.ca/convention to review which of our outstanding exhibits, programs, events & networking opportunities will be offered in person, online or both!

VISIT 800+ EXHIBITORS Promoting leading products, services, mining jurisdictions, investment and development opportunities • Core Shack

• Prospectors Tent

• Investors Exchange

• Trade Show

• PDAC-SEG Student Minerals Colloquium

200 HOURS OF CONTENT Across a diverse spectrum of industry topics • Capital Markets Program • Corporate Presentation Forum for Investors

• Letter Writer Presentations for Investors • Master Class Series

• Executive Spotlight

• Mining for Diversity

• Exploration Insights • Indigenous Program

• PDAC One On One Meeting Program

• Industry Showcase

• Short Courses

• International Stage

• Student & Early Career Program

• Keynote Program

• Sustainability Program • Technical Program 1

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PDAC 2022 | www.pdac.ca/convention

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HIGHLIGHTS

JUNE 13 -15 IN PERSON • TORONTO, CANADA

JUNE 28 -29 ONLINE • ANYWHERE

KEYNOTE PROGRAM Keynote sessions will be recorded and available online at a later date.

COMMODITIES Sponsored by

MINERAL OUTLOOK Sponsored by

EVENTS & NETWORKING AWARDS CELEBRATION The PDAC Awards celebrates excellence in the global mineral exploration and mining industry.

Join us as we acknowledge the extraordinary accomplishments of this year’s Awards Recipients.

A must-see event!

IN PERSON EVENTS • Awards Celebration • Opening Ceremonies Vanessa Davidson CRU Group

Tom Palmer Newmont Corporation

• PDAC New Members Networking Event

Copper outlook: World needs vs. industry means

Driving change for the next 100 years: Industry insights to the future of mining

• Student-Industry Mixer

ONLINE EVENTS TECHNOLOGY

NEW DISCOVERIES

• Awards Celebration • Coffee Chats • Happy Hour with Duelling Pianos • Life Member Event • Program Breaks

Jeff Hanman Teck Resources Limited

John Kilroe & Jennifer Maguire Rio Tinto Exploration

Innovation and the future of mining

Winu copper-gold deposit, Western Australia

Sponsored by

SHORT COURSES Register for in-depth, educational courses led by industry experts.

PDAC is offering four in person and four online courses this year.

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REGISTER AT pdac.ca/convention

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#PDAC2022

2022-01-17 4:49 PM

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PROGRAMMING REGISTER AT pdac.ca/convention CAPITAL MARKETS PROGRAM Sponsored by PearTree Securities Access to capital is the lifeblood of the mineral exploration industry. The Capital Markets Program is intended to create a forum for a dialogue on a range of topics related to the financing of mineral exploration.

IN PERSON: • A battery file push to net-zero industry: Call to action!

• Addressing the capital allocation question: How should miners balance growth and capital return?

• Capital markets and the mineral sector: Investment banker perspectives (session will be recorded and available online at a later date) • Financing for mineral exploration ONLINE: • Capital markets and the mineral sector: Investment banker perspectives • Investor analytics: Below the surface of company reporting www.pdac.ca/convention/programming/ capital-markets-program

EXECUTIVE SPOTLIGHT

NEW

ONLINE: Listen to C-suite executives from the world’s leading mineral sector companies discuss groundbreaking concepts. Join us for this unique thought leadership offering. Don’t miss out on this opportunity! www.pdac.ca/convention/programming/ executive-spotlight

EXPLORATION INSIGHTS

IN PERSON: Sponsored by The Lind Partners The Corporate Presentation Forum for Investors (CPFI) is a popular series that features up-tothe-minute information on select exploration and development companies’ current activities and investment potential. PDAC’s primary objective is to create sessions of interest to investors, highlighting the scope of commodities and stage of development represented at the convention. www.pdac.ca/convention/cpfi

• FPIC vs. collaborative consent: Navigating UNDRIP the right way • Indigenous cultural awareness ONLINE: • Claiming your seat: Reflections on accelerating Indigenous representation on corporate boards • Economic reconciliation pathways: Reimagining equity participation • Exploring practical strategies to manage the social impact of mineral development projects in Indigenous communities www.pdac.ca/convention/programming/ Indigenous-Program

IN PERSON & ONLINE: Sponsored by Vale Canada Limited A series of technical, policy and academic presentations offering insights into current and topical subjects. www.pdac.ca/convention/programming/ exploration-insights

INDIGENOUS PROGRAM CORPORATE PRESENTATION FORUM FOR INVESTORS

#PDAC2022

Uncover the fundamentals of building cooperative, respectful and mutually-beneficial partnerships between Indigenous communities and the minerals industry. Indigenous leaders, industry experts and legal professionals exchange their vision of prosperity and reconciliation with PDAC’s global network.

IN PERSON: • Climate change, ESG and inclusion of Indigenous Rights • Economic reconciliation pathways: Reimagining equity participation models (session will be recorded and available online at a later date) • Empowering Indigenous entrepreneurs: Increasing industry participation through procurement, employee training and retention

INDUSTRY SHOWCASE

NEW

ONLINE: This new and exciting online program will host five-minute presentations on the latest trends, technologies, investment opportunities and tools in the exploration and mining industry. www.pdac.ca/convention/programming/ industry-showcase

INTERNATIONAL STAGE ONLINE: The 2022 program will feature presentations from various mining jurisdictions, including Australia, Québec, South Africa, Geological Survey of Canada, Kazakhstan, Argentina, and many others. Applications are currently available. Take advantage of this opportunity to enhance your jurisdiction’s visibility, make a presentation and connect with prospects.

Apply online using the link below. www.pdac.ca/convention/programming/ International-Stage

7 KEYNOTE PROGRAM IN PERSON & ONLINE: Sessions will be recorded and available online at a later date.

COMMODITIES Sponsored by Teck Resources Limited

LETTER WRITER PRESENTATIONS MINING FOR DIVERSITY FOR INVESTORS IN PERSON: IN PERSON: PDAC’s Pieces of Eight A free-flowing roundtable discussion with eight swashbuckling newsletter writers/commentators who have all sailed the seven seas in search of mining investment gems and treasures.

Hosted by Peter Bojtos and moderated by Kai Hoffman, speakers include Brent Cook, Lobo Tiggre, John Kaiser, Gwen Preston, Joe Mazumdar and others. https://www.pdac.ca/convention/ programming/letter-writer-presentationsfor-investors

MASTER CLASS SERIES Vanessa Davidson CRU Group Copper outlook: World needs vs. industry means MINERAL OUTLOOK Sponsored by The Lind Partners

ONLINE: Learn from industry leaders as they share key insights and case studies throughout this exclusive series of presentations.

Presentations by Teck Resources Limited, BHP, Rio Tinto, Vale Canada Limited and others. www.pdac.ca/convention/master-classseries

Women in Mining Canada (WIMC) is pleased to host the Mining for Diversity event. Please join Trailblazer Award Winners and subject matter experts as they discuss key issues affecting the mining industry.

Subjects will be based on the focus areas of award winners and will be announced prior to the event. www.pdac.ca/convention/programming/ mining-for-diversity

PDAC ONE ON ONE MEETING PROGRAM IN PERSON: Sponsored by Nexa Resources S.A. PDAC, in partnership with Precious Metals Summit Conferences, LLC offers professionally organized one-on-one meetings, which bring qualified investors together with companies’ senior management. This exclusive program is offered in person only to a select group of confirmed Investors Exchange exhibitors, and carefully screened, qualified investors and portfolio managers from around the world.

Advance registration is required. www.pdac.ca/convention/programming/ pdac-one-on-one-meeting-program

Tom Palmer Newmont Corporation Driving change for the next 100 years: Industry insights to the future of mining TECHNOLOGY Sponsored by SNC-Lavalin

LEADING YUKON’S NEXT GOLD RUSH

EAGLE GOLD MINE Jeff Hanman Teck Resources Limited Innovation and the future of mining NEW DISCOVERIES

John Kilroe & Jennifer Maguire Rio Tinto Exploration Winu copper-gold deposit, Western Australia www.pdac.ca/convention/programming/ keynote-program

TSX VGCX | OTC: VITFF | VGCX.COM

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PROGRAMMING SHORT COURSES* Short Courses are in-depth educational sessions led by presenters with expertise in a variety of different subject matter.

IN PERSON • The art and science of successful community engagement • Digital exploration tools • A practical guide to the fundamentals of mineral resource estimation • Geophysics for geologists: A geologist’s perspective ONLINE • How to create value and manage risks in exploration • Understanding public reports: Do they say what they mean and mean what they say – a technical perspective • Geochemical modeling for ore body knowledge and exploration targeting • QAQC methods in mineral exploration and mining with a focus on precious and critical metal data quality assessment www.pdac.ca/convention/programming/ short-courses

STUDENT & EARLY CAREER PROGRAM

SUSTAINABILITY PROGRAM

Select Events Sponsored by The Lundin Group

Join a facilitated multi-stakeholder dialogue and peer learning on key issues related to responsible exploration and mining.

Students will have a unique opportunity to network with industry professionals at various events both i n person and online.

IN PERSON: • Flash Mentoring • Forward looking: Preparing for a career in Geoscience (session will be recorded and available online at a later date) • Guided tours of the exhibits • PDAC-SEG Student Minerals Colloquium (see Page 10 for more information) • PDAC-SEG Student Minerals Colloquium Awards • Student-Industry Mixer ONLINE: • Forward looking: Preparing for a career in Geoscience • Next Generation Explorers Award (NGEA©) Challenge • Resume review www.pdac.ca/convention/programming/ Student-Early-Career-Program

Sponsored by SLR Consulting

IN PERSON: • An intimate conversation with Alan Coutts, President and CEO of Noront Resources • Going virtual: Hanging on to the learnings of digital community engagement and social media post pandemic • Minerals are cool & sustainable … so is mining!

• Supply chains: Strategic local pawn on a global chessboard • What does decarbonization mean for the junior mining sector: Why evolving investor expectations for producers may impact exploration sooner rather than later (session will be recorded and available online at a later date) ONLINE: • Constructing sustainable relationships with artisanal miners • Mining Association of Canada: Towards Sustainable Mining • What does decarbonization mean for the junior mining sector: Why evolving investor expectations for producers may impact exploration sooner rather than later www.pdac.ca/convention/programming/ sustainability-program

CLEAN ENERGY INITIATIVE Sponsored by Rio Tinto As part of a new initiative to move towards a more sustainable convention, PDAC in partnership with Rio Tinto will use Bullfrog Power — a clean energy solution. Bullfrog Power provides the ability to offset all greenhouse gas emissions created by our convention by purchasing renewable energy. Bullfrog ensures that for every kWh of electricity used, a kWh of pollution-free, natural, renewable source is put back into the grid on our behalf. Bullfrog Power will inject renewable electricity onto the regional grid to match the amount our event uses.

This new initiative to choose green electricity, will: • Reduce the PDAC 2022 Convention’s environmental impact • Create a healthier environment for families, communities and future generations • Raise awareness of the choice that individuals and businesses have to support renewable electricity

TECHNICAL PROGRAM* Learn next and best practices while industry experts share timely insights during these dynamic series of presentations.

IN PERSON: Daily Sessions Sponsored by: Teck Resources Limited RioTinto Agnico Eagle Mines Ltd. • Archean gold deposits in Canada • Commodities: Outlook for key materials (session will be recorded and available online at a later date) • Commodities: The big picture (session will be recorded and available online at a later date) • Copper: The big green metal • Exciting new developments in North America’s midcontinent rift: Ni, Cu, Co, PGEs and other critical metals • Exploration Challenges: Moon, Mars and Asteroids • Geology & mineralogy of critical metals facilitating a low-carbon future • Gold mineralization in Newfoundland • Insights for the next generation geos • New discoveries and developments • New exploration developments and techniques • Rock physical properties: Why bother?

ONLINE: Daily Sessions Sponsored by: Teck Resources Limited RioTinto • A big challenge in diamond mine development: Diamond price estimation • Accelerating to NetZero • Commodities: Outlook for key materials • Commodities: The big picture • Geophysics • Integrating artificial intelligence in exploration geology • Managing tailings risk for a safer and more profitable future • New discoveries and developments • The future of the exploration business

* Need professional development hours to maintain your professional designation?

Upon request, PDAC will provide a certificate of attendance for the Technical Program and Short Courses to help you meet your CPD hour requirements.

www.pdac.ca/convention/programming/ technical-program

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EVENTS & NETWORKING Open to all pass types unless otherwise noted

JUNE 28-29 ONLINE • ANYWHERE OPENING CEREMONIES Available for on-demand viewing. See details under the in person description. www.pdac.ca/convention/opening-ceremonies LIFE MEMBER EVENT

JUNE 13-15 IN PERSON • METRO TORONTO CONVENTION CENTRE

PDAC Life Members will enjoy an afternoon of comradery with guest speaker Tara Christie, who will share her career journey, beginning with her early days operating one of the largest placer mining operations in the Yukon, to her work as an executive running successful public companies, and her passion for giving back through supporting community initiatives and charitable organizations. The event will close with a music recital and an opportunity to reconnect with friends and colleagues. By invitation only.

OPENING CEREMONIES

www.pdac.ca/convention/events-networking/ life-member-event

Join Alex Christopher, PDAC President, and other special guests as we mark the official opening of the 2022 Convention.

AWARDS CELEBRATION

www.pdac.ca/convention/opening-ceremonies

See details under the in person description.

PDAC NEW MEMBERS NETWORKING EVENT

https://www.pdac.ca/convention/eventsnetworking/awards-celebration

PDAC is delighted to host an event exclusively for new members to network with PDAC Directors and fellow colleagues. This is an opportunity to meet with your peers, make connections, and discuss issues central to the mineral industry. Have fun with icebreaker activities for a chance to win prizes!

Not a PDAC member? Join now at www.pdac.ca/members/membership By invitation only. www.pdac.ca/events-networking/pdac-new-members-networking-event AWARDS CELEBRATION Sponsored by

HAPPY HOUR WITH DUELLING PIANOS Sponsored by Nexa Resources S.A. Back by popular demand! Join us as our favourite duelling pianists celebrate PDAC’s 90th anniversary.

Pour a drink, enter your song requests into the platform and watch your favourite tunes transform into a musical battle, all while chatting with fellow attendees online. Online Pass or All Access Pass required.

Duelling Pianos provided by A.B. Live Custom Entertainment. www.pdac.ca/convention/events-networking/ happy-hour-with-duelling-pianos

The PDAC Awards celebrates excellence in the global mineral exploration and mining industry.

Join us as we acknowledge the extraordinary accomplishments of this year’s Awards Recipients.

A must-see event!

Session will be recorded and available online at a later date.

All Access Pass or Exhibitor Staff Pass required.

Meet our 2022 Award recipients: Bill Dennis Award Charlie Grieg Distinguished Service Award Keith N. Spence Skookum Jim Award Colin Webster Sustainability Award Sabina Gold & Silver Corp.

Thayer Lindsley Award Rio Tinto Exploration Viola R. MacMillan Award Lundin Gold Inc. www.pdac.ca/convention/events-networking/awards-celebration STUDENT-INDUSTRY MIXER Sponsored by The Lundin Group

ONLINE COFFEE CHATS Sponsored by Nexa Resources S.A Grab a coffee and join us for Online Coffee Chats.

Using networking software, attendees will be able to hop into discussion groups to chat with other attendees.

Coffee Chats will be offered twice daily. Select the time that works for you and add the date and time to your personal agenda in the platform.At the time of your preferred Coffee Chat, click on the link within the online agenda. Visit the website for discussion themes. Online Pass or All Access Pass required. www.pdac.ca/convention/events-networking/ online-coffee-chats ONLINE PROGRAM BREAKS Need a break? Join an online program break including tours from the Royal Ontario Museum, CN Tower, Ripley’s Aquarium of Canada, the Toronto Distillery Historic District and the Toronto Zoo. Online Pass or All Access Pass required.

This event provides an opportunity for students, early career and industry professionals to network in a relaxed environment. The winner of the Mary-Claire Ward Geoscience Award and the ERM Bursary winners will be announced.

www.pdac.ca/convention/events-networking/ online-entertainment-breaks

Student attendees will be entered in a draw for tuition top-awards.

All Access Pass required.

FOR MORE INFORMATION ON ALL OF THE EVENTS AND NETWORKING

www.pdac.ca/convention/events-networking/student-industry-mixer

www.pdac.ca/convention/events-networking

REGISTER AT pdac.ca/convention

#PDAC2022

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EXHIBIT HOURS

EXHIBITS IN PERSON: ONLINE:

MONDAY, JUNE 13 — WEDNESDAY, JUNE 15

10:00 am – 5:00 pm

TUESDAY, JUNE 28 — WEDNESDAY, JUNE 29

Available anytime

CORE SHACK

INVESTORS EXCHANGE

IN PERSON:

IN PERSON & ONLINE: Sponsored by

Sponsored by

Core Shack offers a venue for companies to display their core samples. Attendees have a unique chance to get a close look at projects that are generating exciting new drilling results. In addition to core samples, exhibitors will be displaying maps, charts and technical information on their drilling projects. www.pdac.ca/convention/exhibits/core-shack

EXECUTIVE SPOTLIGHT

NEW

ONLINE: See Page 6 for the full program description. www.pdac.ca/convention/programming/executive-spotlight

INDUSTRY SHOWCASE

NEW

ONLINE: See Page 6 for the full program description. www.pdac.ca/convention/programming/industry-showcase

Interested in investing in the exploration industry? Discuss investment potential with junior mining companies, mid-sized producers, major mining companies, financial institutions and prospectors to discover new business opportunities.

Exhibitors Include: Appia Rare Earths & Uranium Corp.

B2Gold Corp.

BHP Callinex Mines Inc. Canada Silver Cobalt Works Centerra Gold Inc. Hecla Mining Company K92 Mining Inc. Northisle Copper and Gold Inc. Quebec Precious Metals Corporation Rio Tinto SolGold South32 Limited Teck Resources Limited Trilogy Metals Inc. Wheaton Precious Metals Corp.

White Metal Resources www.pdac.ca/convention/exhibits/investors-exchange

PDAC-SEG STUDENT MINERALS COLLOQUIUM IN PERSON & ONLINE: The Student Minerals Colloquium is a poster session that brings together geoscience students and industry professionals to highlight innovative student research on mineral deposit projects essential for the successful evolution of the modern mining industry. www.pdac.ca/convention/programming/Student-Early-CareerProgram/sessions/student-program/pdac-seg-student-mineralscolloquium-1-(in-person)

PROSPECTORS TENT IN PERSON: Get back to the heart of the industry with a visit to the Prospectors Tent.

Self-employed and independent prospectors will be there to discuss their maps, samples and claim results. www.pdac.ca/convention/exhibits/prospectors-tent

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TRADE SHOW IN PERSON & ONLINE: Sponsored by

Visit the Trade Show to explore organizations and governments showcasing the world’s leading technologies, products and services, and meet government representatives from all around the world in one place.

Exhibitors Include: Boart Longyear Energold Drilling (Canada) Inc. Expert Geophysics Limited Foth Infrastructure & Environment, LLC German Pavilion – Federal Ministry for Economic Affairs and Energy (BMWi) Government of Canada Imdex Limited Major Drilling MMD Mineral Sizing Canada Inc. Northern Ontario Mining Showcase Ontario Ministry of Energy, Northern Development and Mines Peru Saskatchewan Ministry of Energy and Resources Scott Hogg & Associates Ltd. University of Toronto Walden Group, The Xcalibur www.pdac.ca/convention/exhibits/trade-show

MINING COUNTRY SPONSORS

PDAC IS PROUD TO WELCOME BACK OUR OFFICIAL MINING COUNTRY SPONSORS

www.canadaperu.org

www.investcanada.ca

www.adimb.org.br

FOR DETAILED PROGRAM INFORMATION, VISIT WWW.PDAC.CA/CONVENTION/MININGCOUNTRYSPONSORS

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IN PERSON & ONLINE

PDAC 2022 AWARDS CELEBRATION Sponsored by

The PDAC Awards celebrates excellence in the global mineral exploration and mining industry.

Join us in person as we acknowledge the extraordinary accomplishments of this year’s Awards recipients. A must see event!

Session will be recorded and available online on Tuesday, June 28 until the end of our on demand viewing date.

Meet our 2022 Award recipients: • Charlie Greig (Bill Dennis Award) • Keith N. Spence (Distinguished Service Award) • Colin Webster (Skookum Jim Award) • Sabina Gold & Silver Corp. (Sustainability Award) • Rio Tinto Exploration (Thayer Lindsley Award) • Lundin Gold Inc. (Viola R. MacMillan Award)

2022 BILL DENNIS AWARD This award, named for a former president of the association, honours individuals who have accomplished one or both of the following: made a significant mineral discovery; made an important contribution to the prospecting and/or exploration industry.

CHARLIE GREIG For the discovery of the Saddle North gold-rich copper porphyry deposit and the Saddle South vein gold-silver zone in the Golden Triangle region of British Columbia.

Vice-President of Exploration Charlie Greig and his fellow explorers were ecstatic when they drilled soil anomalies at the Tatogga project in 2017 and intersected high grade gold. The GT Gold team had uncovered a brand new epithermal gold-silver vein system they called Saddle South in the prolific Golden Triangle camp of northwestern BC. But the best was yet to come. The team launched a separate drill program about 1.5 kilometres northeast of the precious metals discovery to test a coincident soil geochemical and geophysical partially underlain by strong alteration visible in subcrop. In September 2018 they intersected 430 metres of 0.7 grams per tonne (gpt) gold and 0.4% copper. More impressive intercepts followed. Newmont invested in GT Gold and subsequently raised its stake from 10% to 15% via an $8.3 million private placement, a sure sign the world’s largest gold producer had faith in GT Gold’s new finds.

A maiden resource estimate for Saddle North completed in 2020 calculated a combined resource adding up to almost five billion pounds of copper, nine million ounces of gold, and 19 million ounces of silver, with indicated resources of 298 million tonnes grading 0.28% copper, 0.36 gpt gold and 0.8 gpt silver, and inferred resources of 543 million tonnes at 0.25% copper, 0.31 gpt gold and 0.7 gpt silver.

In mid-2021 Newmont paid $393 million to acquire full ownership of GT Gold, stating that the “Tatogga project, including the primary Saddle North deposit, has the potential to contribute significant gold and copper annual production at attractive all-in sustaining costs over a long mine life. In addition to the known deposits at Saddle North, there are further exploration opportunities throughout the land package.”

2022 DISTINGUISHED SERVICE AWARD This award recognizes an individual who has achieved one or more of the following: made a substantial contribution to mineral exploration and mining development over a number of years; given considerable time and effort to the PDAC; made outstanding contributions to the mineral industry in the field of finance, geology, geophysics, geochemistry research, or a related activity.

KEITH N. SPENCE For more than two decades of dedication to PDAC, ongoing leadership in Canada’s mineral exploration and mining industry, and his contribution to developing CIMVAL, a globally recognized code for mining valuation.

Keith Spence combined his geology and finance expertise to develop new guidelines for determining the value of mineral projects after the Bre-X scandal rattled investor confidence in the sector. In 1999 he co-chaired the CIM committee that established the Canadian Mining Valuation Standards and Guidelines.

CIMVAL became a globally recognized code to ensure a qualified person conducts valuations while disclosing all relevant information.

Keith is a well-known leader in the industry and beyond. He has helped shape important policy and programming directions at PDAC by serving on its board of directors and committees for more than two decades, including the convention planning and securities committees, as well as chairing the international affairs committee. He is often called upon to speak at international mining conferences and has represented PDAC at events in China, where he is renowned for introducing leading business practices in mining.

He was chair of the Mineral Economics Society and a board and committee member for CIM. He also served on the board of the Royal Ontario Museum and Ontario Place. He received the Queen Elizabeth II Diamond Jubilee Medal in 2012 and the Harry Jerome Award for Professional Excellence from the Black Business and Professional Association in 2017.

Keith earned his BSc Geology (Honours) from the University of Western Ontario where he was recognized as a Commonwealth Scholar. He went on to complete his MBA at Western’s Ivey School of Business and later graduated from Harvard University’s Global Management program. He started his career as a field geologist before turning his attention to capital markets and corporate finance and then to mineral economics and project valuation. He is CEO of Global Mining Capital, a firm that specializes in private equity and industry mergers and acquisitions.

For his dedication to establishing globally respected standards for mineral valuation and furthering PDAC’s international reputation for excellence, Keith is richly deserving of this prestigious service award.

PDAC 2022 AWARDS CELEBRATION 2022 SKOOKUM JIM AWARD

2022 SUSTAINABILITY AWARD

Recipients of this award must be from a recognized Indigenous group in Canada (Metis, Inuit, First Nation) and have demonstrated exceptional achievement and/or service in an Indigenous business organization operating in the Canadian mining industry and/or a Canadian Indigenous exploration or mining company or have made a significant individual contribution to the mining industry.

This award honours an individual or organization demonstrating outstanding initiative, leadership and accomplishment in protecting and preserving the natural environment and/or in establishing good community relations during an exploration program or operation of a mine.

SABINA GOLD & SILVER CORP. For state-of-the-art caribou protection and social initiatives at the Back River gold project in the Kitikmeot region of southwest Nunavut.

COLIN WEBSTER For his ability to engage and establish trust with Indigenous communities on mineral projects.

Colin Webster is known for his dedication to meaningful engagement and consultation between industry and Indigenous communities on exploration and mine development projects.

A proud Algonquin member of Kitigan Zibi Anishinabeg in Quebec, Colin was raised in the small mining community of Kirkland Lake in Northern Ontario. He combines 25+ years of engineering qualifications and environmental management skills with an Indigenous perspective, empowering industry and Indigenous communities to have honest and respectful dialogue founded on transparency and trust. In the Lynn Lake mining camp in Manitoba, for example, Colin built trust with the Marcel Colomb First Nation where there was none. Sensitive to historic mining-industry challenges the community had faced previously, the vice-president of sustainability and external affairs for Alamos Gold succeeded in communicating the merits of sustainable mining to community members.

Colin graduated from Queen’s University with a BSc in mining engineering in 1990. He went on to receive a diploma in environmental technology from Fanshawe College. After working in the mining sector for a decade, he cofounded Blue Heron Solutions for Environmental Management to provide environmental expertise to both industry and First Nations in their dealings with each other. In 2009 he joined Goldcorp (now Newmont Mining) to lead the company’s Indigenous engagement strategy across Canada and the US. One of Colin’s most rewarding and also challenging roles was vice-president of sustainability for Noront Resources as the junior mining company attempted to negotiate the parameters of mine development in the James Bay Lowlands with surrounding First Nations communities. Colin helped community members better understand the mining cycle and the business opportunities available to them while ensuring their concerns about ongoing exploration and potential development were addressed. To this day the development continues to focus on community empowerment and working together in a meaningful way.

Over the span of his career, Colin has won the respect and appreciation of industry and Indigenous leaders alike with his ability to combine technical knowledge with Indigenous perspective.

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In 2015 Sabina presented a case for the development of the Back River Project to the Nunavut Impact Review Board. Following a lengthy process, Sabina had met most of the requirements for permitting the project, but the board had concerns over how the company would protect caribou herds in the region.

They rejected the initial application. Sabina asked the government, community and other stakeholders for help to devise a better plan.

The collaborative process enabled Sabina to create one of the most stringent caribou protection plans in the North. The initiative starts with Inuit monitors who continuously scout the region for caribou. At the first sign of activity, and depending on how vulnerable the herd is, the operation slows down or comes to a standstill. Blasting stops. If activity is detected along the 170-kilometre winter road leading from the mine to the port facility at Bathurst Inlet, trucks halt until caribou have cleared the area. The winter road is constructed with flattened banks and vehicle speeds are limited to ease migration should caribou pass through the area.

The caribou protection plan is just one of several initiatives designed to support sustainability in the region, including: investigating a hybrid energy system to offset diesel power generation with wind energy; funding the restoration of the creek leading into Bernard Harbour to create an unobstructed path for char to travel to spawning grounds and back out to the ocean; establishing a wealth creation fund with a $4 million initial investment to create long-term employment opportunities outside of the mining industry in Kitikmeot communities; donating 80 Leitz microscopes to regional schools to promote STEM learning; and a food security program that was created when the Covid-19 pandemic limited personnel from working on site.

As a result of these and other efforts, Sabina received its social license including a Nunvut Impact Review Board Project Certificate in 2017 and a Nunavut Water Board License in 2018. The company has also entered into a renewable 20-year benefit and land tenure agreement with the Kitikmeot Inuit Association (KIA) representing more than 6000 Inuit. “In Sabina, we have found a partner that shares our vision of sustainability,” according to KIA President Stanley Anablak.

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PDAC 2022 AWARDS CELEBRATION 2022 THAYER LINDSLEY AWARD

2022 VIOLA R. MACMILLAN AWARD

This award recognizes an individual or a team of explorationists credited with a recent significant mineral discovery anywhere in the world.

This award, which is named in honour of PDAC’s longest serving president, is given to an individual or organization demonstrating leadership in management and financing for the exploration and development of mineral resources.

RIO TINTO EXPLORATION For the 2017 discovery of the Winu copper-gold deposit in the Paterson Province of Western Australia.

LUNDIN GOLD INC.

A modern theme of mineral exploration is that the next generation of mines will be found by geoscientists who can effectively explore for mineralization under a cover of rocks or sediments. In late 2017, the Rio Tinto exploration team did just that, intersecting significant copper-gold mineralization on the first pass of the Winu property. By mid-2020, Rio Tinto had established an inferred resource of 503 million tonnes grading 0.45% copper equivalent for Winu. First production is scheduled for 2024 subject to regulatory approvals and traditional owner consent.

The Paterson Province of Western Australia is gold country, but geologists Helke Dalstra and Jennifer Maguire and exploration manager Mawson Croaker estimated deep-seated porphyry deposits could be associated with the area’s buried granites. On the basis of structural and stratigraphic setting, proximity to a granitoid and the aeromagnetic character of the district, they identified several targets. When they followed up with airborne geophysical surveys, they found a shallow EM conductor coincident with one of their targets.

Then came the hard part: accessing the region for drilling. Battling lengthy travel times to the remote area and temperatures exceeding 45°C, the team set up a reverse circulation drill to test the target under a cover of younger sediments. Rio Tinto discovered near-surface copper-gold mineralization in the first hole.

Subsequent drilling under inhospitable conditions including wildfires and cyclones expanded the mineralization, enough to support the development of an open pit mine. The Winu deposit remains open at depth and along strike and Rio Tinto continues to find new zones of mineralization on the large land package, suggesting there may be more to come.

For financing and developing Fruta del Norte, one of the first large scale mining projects in Ecuador.

In 2013 Ecuador was in the midst of drafting a new mining code to encourage investment in the sector. But it was too late for Kinross Gold, which had spent $1.2 billion in 2008 to acquire the Fruta del Norte deposit and five years trying to develop it. The company walked away from the 10-million ounce gold-silver resource when negotiations with the Ecuadorian government failed.

The Lundin family saw an opportunity. In late 2014 a Lundin company took Fruta del Norte off Kinross’s hands in a cash-and-share deal worth US$240 million. After detailed talks with the Ecuadorian government, Lundin Gold reached an agreement to enshrine legal and tax assurances for the mine and pave the way for project financing. The negotiations helped shape Ecuador’s new mining law.

The next challenge was to raise the $1 billion required to construct an underground mine in a jurisdiction that had little experience with largescale mine projects. Lundin used a creative combination of debt, streaming and equity financing to achieve this goal, including a $250 million equity investment by Australia’s Newcrest Mining. The company was successful in fundraising partly because of an ability to mitigate environmental and social impacts and win community support for the project in an impoverished region of southeast Ecuador.

Fruta del Note reached commercial production in February 2020 and is expected to produce at least 4.7 million ounces of gold over a 14 year mine life.

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