The Northern Miner Sept 14 2020 Issue 19 by The Northern Miner Group

GLOBAL MINING SYMPOSIUM FULL COVERAGE / 6 Geotech_Earlug_2016_Alt2.pdf 1 2016-06-24 4:27:20 PM

The search for money / 12-15 SPECIAL FOCUS

GLOBAL GOLD

DELIVERING QUALITY EXPERTISE GLOBALLY ACROSS THE ENTIRE MINING LIFE CYCLE

VTEM™ | ZTEM™ | Gravity | Magnetics 905 841 5004 | geotech.ca

WWW.SGS.COM/MINING

MINERALS@SGS.COM

SEPTEMBER 14–SEPTEMBER 28, 2020 / VOL. 106 ISSUE 19 / GLOBAL MINING NEWS · SINCE 1915 / $5.25 / WWW.NORTHERNMINER.COM

‘GOLD IS BECOMING MAINSTREAM’:

Ronald-Peter Stoeferle on precious metals, mining stocks GMS 2020

| Author outlines bullish case for miners at Global Mining Symposium

BY CARL A. WILLIAMS

Barrick Gold’s 47.5%-owned Porgera gold mine in Papua New Guinea. BARRICK GOLD.

Barrick takes Porgera dispute to PNG Supreme Court GOLD

| Tensions escalate after 20-year mining license given to state-backed miner

BY CECILIA JAMASMIE

Mining.com

arrick Gold (TSX: ABX; NYSE: GOLD) will take a dispute over mining rights for the Porgera gold mine in Papua New Guinea (PNG) to the country’s Supreme Court after a minor court dismissed the Canadian company’s attempt to regain the licence. The world’s second-largest gold producer and its Chinese partner, Zijin Mining, became embroiled in a dispute with the PNG government in April, when Prime Minister James Marape rejected their application for a lease extension. The companies temporarily halted operations in response. They also served Marape with a dispute notice arguing the refusal of the Porgera license extension violated a bilateral investment treaty between PNG and Australia. The move, they said, also infringed international law governing foreign investment. Barrick said at the time that if the parties were unable to settle the row through negotiations, it would take PNG to international arbitration. This week, PNG’s National Court dismissed Barrick’s request for a review of Marape’s decision, which the miner now plans to take to the country’s top court. “The company disagrees with numerous grounds outlined in the ruling,” Barrick Niugini Ltd. (BNL), which operated Porgera, said in a statement.

It also said that the government’s recent move to grant a 20-year lease for the mine to state-backed ﬁrm Kumul Minerals Holdings (KML) was “unlawful” and “invalid”. BNL added that it was unaware of any consultation with local owners about the “non-transparent” and “rushed” decision to cut the company out. The Toronto-based gold giant said it would challenge that move, too, and it has launched a separate complaint with the World Bank’s International Centre for the Settlement of Investment Disputes. The ﬁght over Porgera’s lease keeps the mine, which last year produced almost 600,000 oz. gold, in a complete halt. It comes at a time when fears of a global economic collapse triggered by the Covid-19 pandemic have sent gold prices to record highs. In May, Barrick offered an extra 15% stake in the Porgera mine to local landowners, in a fresh attempt to break the impasse with the government over the mine’s future. PNG later threatened Barrick with criminal proceedings, claiming the company’s joint venture in the country was planning to illegally export US$13 million in gold and silver to Australia. BNL refuted the allegations. The ongoing dispute has done to Barrick what the pandemic did not — dent its expected output for the year. It now expects to produce between 4.6 million and 5 million oz. gold this year, which is 200,000

oz. lower than its previous estimate. Barrick revealed at the time that PNG was also asking the company and Zijin to pay US$191-million in See GOLD / 3

cwilliams@northernminer.com

he Global Mining Symposium (Sept. 1-3) attracted investors from around the world. One of the highlights of the virtual event was a discussion about gold between Alisha Hiyate, editor of The Canadian Mining Journal, and Ronald-Peter Stoeferle, managing partner and fund manager at Incrementum AG. Stoeferle has co-authored two books: Austrian School for Investors, published in 2016, and In Gold We Trust, an annual report he started in 2007 that has become one of the benchmark publications on gold, money and inflation. Hiyate kicked off the conversation by referring to this year’s In Gold We Trust report, which comes in at a massive 350 pages, asking Stoeferle to explain why he started the publication and how he first got interested in gold.

SASKATCHEWAN PLANS RARE EARTHS PLANT / 3

“SILVER AND GOLD MINERS ARE IN A STEALTH BULLMARKET AT THE MOMENT.” RONALD-PETER STOEFERLE MANAGING PARTNER AND FUND MANAGER AT INCREMENTUM AG

“It’s a long story,” he said. “First of all, in Austria, and I think it’s the same in Germany, we have gold in our monetary DNA — it was normal for me to get those little gold coins from my grandparents for every big occasion, like my birthday or Christmas.” His grandparents, he added, lived through hyperinflation and four currency reforms. So, for them, he continued, it was a form of monetary insurance. It felt natural for them to See GMS 2020 / 10 PM40069240

SEPTEMBER 14–SEPTEMBER 28, 2020 / THE NORTHERN MINER

WELCOME TO THE FUTURE OF UNDERGROUND MINING A WORLD FIRST. BEST IN CLASS. THE Z50. The Z50 fifty tonne battery electric haul truck provides a solution to modern mining challenges. Thanks to its ground-up battery design the Z50 produces 1/8 the heat of its diesel equivalent, immediately reducing demand on a mine’s ventilation and cooling systems. The power dense lithium battery will generate twice the peak horsepower and will power the truck up steep inclines faster allowing the Z50 to outperform its diesel rivals on tonnes hauled per day. A self loading battery swap system means the Z50 can safely refuel in less than 10 minutes without the use of dangerous heavy equipment. Welcome to a new era in underground mining.

ROCKTECHNOLOGY.SANDVIK

W . N OR TH ER N M I N ER . COM

G LOBAL M I N I N G

N EW S

THE NORTHERN MINER / SEPTEMBER 14–SEPTEMBER 28, 2020

Saskatchewan gov’t commits to rare earth processing plant by 2022 | Province says facility could be an industry model

INVESTMENT

Precautionary measures Agnico Eagle is using to prevent the spread of Covid-19. AGNICO EAGLE MINES.

Miners use on-site testing to keep operations coronavirus-free SAFETY

| Quick results seen as key to controlling virus

BY KELSEY ROLFE

Special to The Northern Miner

imothy Ray Sewell is no stranger to pandemics. In the early 2000s he developed emergency management plans in Indonesia and Borneo for BHP during the H1N1 influenza pandemic and the H5N1 avian influenza. Years later, Sewell was working for BHP in West Africa and Sundance Resources in central Africa as the first sporadic cases of Ebola emerged on the continent. Now the senior director of health, safety, environment, security and training at Baffinland Iron Ore’s Mary River mine, Sewell said those experiences informed his approach to emergency preparedness for the remote iron ore operation. “It was almost a matter of time. One of the things we do from a health perspective is to listen to the experts. Everything was there and telling us there could be the potential for a pandemic,” he says. “A direct responsibility under any crisis and emergency management planning is to prepare for things that may be of low probability but have high consequence. ... The fact that myself and another one of my [colleagues] worked globally for other mining companies, we didn’t hesitate to make sure we had in place at least the bare minimum identifying that this is a potential risk.” Mary River had established protocols for infectious disease outbreaks well before the coronavirus pandemic arrived in North America, though Sewell noted tuberculo-

GOLD From 1

back taxes, arising from tax audits conducted between 2006 and 2015. Marape, who claims the lease was not extended owing to environmental and community concerns, said last week he wanted to reopen the mine “at the earliest” opportunity. He also said that the country was not a “banana republic” and that it was up to Barrick to get on a plane and discuss how they could remain in PNG under KMHL’s lease. Barrick’s president and CEO Mark Bristow said in March that Porgera had “tier one potential” but faced many challenges in the form of “legacy issues and an unruly neighbourhood.”

“ONE OF THE THINGS WE DO FROM A HEALTH PERSPECTIVE IS TO LISTEN TO THE EXPERTS.” TIMOTHY RAY SEWELL SENIOR DIRECTOR, BAFFINLAND IRON ORE

sis, which is common in northern Canada, or a gastrointestinal infection, seemed more likely to occur at the site. “We were prepared [for an outbreak] but there’s no page out of a playbook we could have taken for Covid-19,” he said. “We immediately began to crystal ball what could happen, what if it did happen, and were our controls effective. One of the main things was, how are we going to control this if we can’t see it or manage it?” Baffinland was one of several mining companies that chose to implement on-site Covid-19 testing. Many such companies are operating remote operations in or near communities with little to no healthcare infrastructure, and introduced testing to reduce the risk to both their workforce and its broader ecosystem. “[The mine] is a prime environment that if we did not introduce detection or deterrence, we’d have little way of controlling [transmission],” Sewell said. “That was a critical motivator to say, we have to take the next step to find some

“THE COMPANY DISAGREES WITH NUMEROUS GROUNDS OUTLINED IN THE RULING.” STATEMENT BARRICK NIUGINI LTD

The gold mine, located in PNG’s northern highlands region, is a joint venture between Barrick and Zijin Mining. Each owns 47.5% of the mine, with the remaining 5% held by landowner group Mineral Resources Enga. Porgera contributes 10% of the

way to effectively test people, not only to protect our business but more importantly our Nunavummiut employees.” Baffinland sent its Nunavummiut employees home at the beginning of the pandemic with full pay, and has since put them on standby pay rates with full benefits due to cost constraints. For its fly-in/fly-out employees, the company has introduced pre-boarding medical checks at the airport, mandatory face masks and other hygiene measures. Once they arrive at the site, workers are immediately tested with a nasal swab and must keep their mask on at all times until the entire flight’s test results have come back, a process that takes between six to eight hours. Baffinland partnered with GuardRX, a developer of drugs and vaccines for infectious diseases, to bring its mobile testing lab to site. Once the test results come back employees can begin working, and five days later they’re tested again. “Working with Nunavut Public Health and the Canadian Public Health Agency, we know there’s asymptomatic cases that might test negative but could test positive down the road … so this allows us to catch cases that might have been incubating,” Sewell said. For extra safety, employees are currently working 28-day shift schedules. Agnico Eagle Mines (TSX: AEM; NYSE: AEM) is dealing with a similar reality. With regular chartered flights that take employees from Montreal’s Mirabel airport to ValSee SAFETY / 16

nation’s exports and employs over 3,300 Papua New Guinea nationals. The open pit and underground gold mine sits at an altitude of 2,2002,600 metres in Enga province, 600 km northwest of Port Moresby. Other mining companies operating in PNG, including Newcrest Mining (ASX: NCM), have not been impacted by the decision regarding Porgera. The Australian miner has “welcomed” the Prime Minister’s support for its Waﬁ Golpu gold and copper asset, adding that its special mining lease at the Lihir operations remains in good standing with a renewal not needed until 2035. TNM — This article ﬁrst appeared in MINING.com.

Rare earths experts will be part of the team running a new REE processing plant in Saskatoon, Saskatchewan. SASKATCHEWAN RESEARCH COUNCIL.

BY CECILIA JAMASMIE

Mining.com

anada will have its first rare earth processing plant in operation by the end of 2022, as the province of Saskatchewan has committed $31 million to build a new facility to provide a domestic supply of the key ingredients for military weapons, electric vehicles and smartphones. The process of turning rare earth elements (REE) ore into individual products is done in two main stages. The first is the concentration of ore to mixed REE carbonate. The second is the more complex separation stage that converts the mixed REE carbonate to commercial pure-grade REEs. The facility, owned and operated by the Saskatchewan Research Council (SRC), will address both stages of REE processing. The province said the facility would be an industry model for future commercial rare earth expansion. “Saskatchewan’s new Rare Earth Processing Facility will be a catalyst to stimulate the resource sector in the province and across Canada, providing the early-stage supply chain needed to generate cash-flow, investment and industrial growth of the sector,” Premier Scott Moe said in a statement. Setting up an independent, domestic rare earth and critical minerals

“SASKATCHEWAN’S NEW RARE EARTH PROCESSING FACILITY WILL BE A CATALYST TO STIMULATE THE RESOURCE SECTOR IN THE PROVINCE AND ACROSS CANADA…” SASKATCHEWAN PREMIER SCOTT MOE

supply chain has become a priority for Canada and the United States. Both countries rely on China, which accounts for 70% of global production. The Asian giant also controls more than 60% of a US$14 billion global market for materials used in magnets and motors that power phones, wind turbines, electric vehicles and military devices. The 69,000-square-foot plant will be located in the north of Saskatoon and will employ about two-dozen people. The facility is expected to be fully operational in late 2022, with construction beginning this fall. TNM — This article first appeared in our sister publication, MINING.com.

Clayton Valley Lithium Project The Future of Lithium

Cypress Lithium Nevada

Positive 2020 Prefeasibility Study advances Cypress’ goal of low-cost production of this vital commodity.

• Annual production rate 27,400 t LCE • Mine life more than 40 years • Cash cost $3,329/t LCE • 25.8% IRR at $9,500/t Li2CO3 (after-tax)

www.cypressdevelopmentcorp.com Don Myers | 604-639-3851 | TSXV: CYP | OTCQB: CYDVF

SEPTEMBER 14–SEPTEMBER 28, 2020 / THE NORTHERN MINER

GLOBAL MINING NEWS · SINCE 1915

www.northernminer.com

W . N OR TH ER N M I N ER . COM

Symposium underscores importance of ESG | Corporate governance takes centre stage at three-day conference

EDITORIAL

GROUP PUBLISHER/ PUBLISHER: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com EDITOR-IN-CHIEF: Trish Saywell, BA, MA, MSC (JOUR) tsaywell@northernminer.com SENIOR REPORTER: Carl A. Williams, BSC (HONOURS), MSC, PHD cwilliams@northernminer.com REPORTER: Magda Gardner, BASC (MINERAL ENG) mgardner@northernminer.com STAFF REPORTER AND PRODUCTION EDITOR: Daniel Sekulich dsekulich@northernminer.com ONLINE EDITOR AND PODCAST HOST: Adrian Pocobelli, MA (ENGL) apocobelli@northernminer.com EDITOR, DIAMONDS IN CANADA: Alisha Hiyate, BA (POLI SCI, HIST) ahiyate@northernminer.com ADVERTISING: Joe Crofts (416) 510-6816 jcrofts@northernminer.com Michael Winter (416) 510-6772 mwinter@northernminer.com SUBSCRIPTION SALES/ APPOINTMENT NOTICES/ CAREER ADS George Agelopoulos (416) 510-5104 (Toll free) 1-888-502-3456, ext. 43702 gagelopoulos@northernminer.com PRODUCTION MANAGER: Jessica Jubb (416) 510-5213 jjubb@glacierbizinfo.com CIRCULATION/CUSTOMER SERVICE: (403) 209-3505 1-800-387-2446 northernminer2@northernminer.com REPUBLISHING: (416) 510-6768 moliveira@northernminer.com ADDRESSES: Toronto Head Office: 225 Duncan Mill Road, Suite 320 Toronto, ON, M3B 3K9 (416) 510-6789 tnm@northernminer.com SUBSCRIPTION RATES: Canada: C$120.00 one year; 5% G.S.T. to CDN orders. 7% P.S.T. to BC orders 13% H.S.T. to ON, NL orders 14% H.S.T. to PEI orders 15% H.S.T. to NB, NS orders U.S.A.: US$120.00 one year Foreign: US$157.00 one year GST Registration # 809744071RT001 (ISSN 0029-3164) CANADA POST: Return undeliverable Canadian addresses to Circulation Dept. c/o The Northern Miner 225 Duncan Mill Road, Suite 320 Toronto, ON M3B 3K9 Publication Mail Agreement #40069240 Periodicals Postage Rates paid at Niagara Falls, NY, 14304. U.S. office of publication 2424 Niagara Falls Blvd, Niagara Falls, N.Y. 14304. U.S. POSTMASTER: send address corrections to: Northern Miner Box 1118 Niagara Falls, N.Y. 14304.-7118

THE NORTHERN MINER is published biweekly by Glacier Resource Innovation Group, a division of Glacier Media Inc., a leading Canadian media company with interests in business-to-business information services. From time to time we make our subscription list available to select companies and organizations whose products or services may interest you. If you do not wish your contact information to be made available, please contact us by one of the following methods: Phone: 1-888-502-3456; Fax: (416) 447-7658; Mail to: Privacy Officer, The Northern Miner, 225 Duncan Mill Road, Suite 320, Toronto, ON M3B 3K9.

ore than 1,800 people from over 80 countries tuned in to The Northern Miner’s first Global Mining Symposium last week. The three-day virtual event built on the success of our Canadian Mining Symposium conferences, now in their fourth year, and featured interviews and panel discusBY TRISH SAYWELL sions with mining executives, fund managers tsaywell@northernminer.com and technical experts from around the world. In the first panel discussion, on impact investment, moderator Andrew Cheatle noted that in less than a decade, funds directly attributable to impact investors had grown from US$46 billion in 2014 to an estimated US$715 billion, and if other funds with impact objectives and direct finance institutions are considered, the total market size could be valued at over US$2 trillion. The Global Impact Investing Network, he explained, “defines an impact investment as one made with the intention to generate positive, measurable social and environmental impact alongside a financial return,” and the panelists agreed that the trend towards impact investing will only continue to grow as wealth is transferred to a younger, more socially aware, gender diverse and activist generation. The second panel, moderated by Henry Stoch, Deloitte’s Canadian Sustainability and Climate Change Leader, discussed how sustainability is shaping the modern mining company, and the panellists noted that events like Vale’s Brumadinho tailings dam disaster last year had influenced the public’s perception of the industry, and that mining companies must demonstrate strong leadership on Environmental, Social and Corporate Governance (ESG). Ian Pearce of Hattrick Resources perhaps summed it up best: “You have to listen,” he said. John Hathaway, managing director at Sprott Asset Management noted during his interview that “having observed this industry now for almost 25 years, I still think it has a long way to go in terms of governance.” What came out loud and clear throughout the event is the importance of getting it right on governance. If a few companies continue to get it wrong – the industry will lose investors. But if they get it right, miners can tap into old and new sources of capital. That’s the message that resonates from the world’s outrage over Rio Tinto’s decision in May to blow up ancient caves in Western Australia’s Pilbara region that Indigenous landowners and archaeologists have argued for years must be preserved. “It’s a black eye,” one mining executive lamented after the conference. “We’ve got to stop shooting ourselves in the foot. We’re on the front page of the newspapers and in the global media spotlight, once again, for the wrong reasons.” While it was legal for Rio Tinto to blow up the caves under Australia’s antiquated laws (unbelievable but true), the company’s blatant disregard of the wishes of its stakeholders is incomprehensible. Rio Tinto considered four options to expand its Brockman 4 iron mine – three of which would have avoided destruction of sites with the highest archeological significance – and yet the company admitted that it did not tell that to the traditional landowners – the Puutu Kunti Kurrama and Pinikura people. “The difference between option four and the other three options was 8 million tonnes of high grade iron ore,” CEO Jean-Sebastien Jacques told a parliamentary inquiry. “The economic value was around $135 million of net value at the time of the decision.” UniSuper, one of Australia’s largest funds with more than 450,000 members and $80 billion under management, and which owns shares in Rio Tinto, said it had met with the company and “emphasized the importance of protecting culturally significant sites (and how this is assessed, controlled and monitored),” adding that “it’s our expectation that Rio Tinto have consent from the Traditional Owners prior to proceeding with mining.” Rio Tinto has wrung its hands and apologized and the board has made public its 28-page review of the company’s cultural heritage management in which it said “the destruction of the Juukan rockshelters should not have occurred.” In a statement to the media it concluded that “while Rio Tinto had obtained legal authority to impact the Juukan rockshelters, it fell short of the standards and internal guidance that Rio Tinto sets for itself, over and above its legal obligations.” Rio Tinto also imposed financial penalties on CEO Jacques, Chris Salisbury, its chief executive of iron ore, and corporate affairs boss Simone Niven. But many argue that the deductions to their bonuses were little more than a slap on the wrist. “The report from the Rio Tinto board review does not deliver any meaningful accountability for the destruction of some of the most significant cultural sites in Australia,” Louise Davidson, CEO of the Australian Council of Superannuation Investors, said in a statement on Aug. 24. The ACSI collectively manages more than $2.2 trillion in assets. “The company should explain why greater accountability was not applied in light of this disaster. Remuneration appears to be the only sanction applied to executives. This raises the question – does the company feel that £4 million (US$5 million) is the right price for the destruction of cultural heritage?” The destruction of the caves not only resulted in a “devastating cultural loss,” she continued, but “is of significant concern to investors because it puts at risk Rio Tinto’s relationship with key stakeholders and its social licence to operate.” TNM

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

Professional Directory . . . . . . . . . . . . 17 Stock Tables . . . . . . . . . . . . . . . . . . 18-23

Despite rising metals prices, Apple’s market cap overtakes entire mining sector | Selling in May has had mixed results for metals investors in recent years

COMMENTARY

BY DR. CHRIS HINDE

Special to The Northern Miner

he nights are drawing in, and the Autumn equinox is upon us in the Northern Hemisphere, with an equal duration of light and dark on Sept. 22. On the positive side, there is an R in the month, so we can eat oysters in the United Kingdom. This advice dates to at least 1599, when it appeared in Henry Buttes’s cookbook, Dyets Dry Dinner, although some historians trace it to an ancient Latin saying. This folklore is based on common sense, since the four months without an R — May through August — coincide with summer in the Northern Hemisphere. The warm months are bad, or even toxic, for oysters as shellfish were more likely to spoil in the heat. Oysters also spawn in the summer months so, with most of their energy spent on reproduction, oyster meat is liable to be thin and milky. Another popular mid-year adage in the U.K. is, “Sell in May and go away, and don’t come back till St. Leger’s Day.” This advice is intended for investors rather than gourmands, although it coincides with oysters being out of season. The St. Leger Stakes is a horse race run on the middle Saturday in September, which falls on the 12th this year, and is the culmination of a four-day festival in Doncaster. The race, established in 1776, is the oldest — and longest, at almost 3,000 metres — of Britain’s five classic races, and is the last one run each year. The advice to sell in May has had mixed results for metals investors in recent years — and was catastrophic for them this year. Staying away from commodity markets during the middle one-third of 2020 would have left investors missing out on price rises of 15% for gold, over 20% for aluminium, around 30% for nickel, copper and zinc, and a massive 48% for iron ore (62% Fe).

The advice (sometimes known as the Halloween indicator) was a generally profitable guideline for metals investors in 2019, 2018 and 2016, but was expensive advice to have followed in 2017. With two notable exceptions, selling metals at the start of May 2019 and buying them back four months later would have been beneficial. The exceptions in the middle third of last year were gold (up 20%) and nickel (up an impressive 47%). The central period was also weak for most metals in 2018 (especially zinc), although the price of aluminium and iron ore did improve in the middle four months after a weak first third of the year. Following the historic adage would not have been profitable investment advice in 2017, when the middle part of the year was the strongest four-month period for most major metals. In 2016, however, the middle third was the weakest period of the year for many metals, with copper and iron ore suffering particularly poor performances. Whether you follow the adage, or not, according to S&P Global Market Intelligence (based on an analysis of 2,311 listed companies) the strong metals-price recovery since the end of April had lifted the mining industry’s cumulative market capitalization to US$1.59 trillion by the end of July. This is the highest valuation since January 2018, and represents an improvement of 50% since the four-year low of US$1.06 trillion four months ago. The joy at improving mining-equity values was tempered somewhat by the news in August that the market capitalization of Apple Inc. had just hit US$2 trillion, or one-quarter more than the value of all listed mining companies. Still, us Europeans can at least now eat oysters. 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 Agnico Eagle Mines . . . . . . . . . . . . . . 3,9,15 AngloGold Ashanti . . . . . . . . . . . . . . . . . 12 Barrick Gold. . . . . . . . . . . . . . . . . . . . . . 1,12 Caldas Gold . . . . . . . . . . . . . . . . . . . . . . . 14 Cardinal Resources . . . . . . . . . . . . . . . . . 11 Chesapeake Gold . . . . . . . . . . . . . . . . . . . 14 Condor Gold . . . . . . . . . . . . . . . . . . . . . . . 8 Enduro Metals . . . . . . . . . . . . . . . . . . . . . 14 Franco-Nevada. . . . . . . . . . . . . . . . . . . . . . 6 Golden Arrow Resources . . . . . . . . . . . . 14 Granite Creek Copper . . . . . . . . . . . . . . . . 8 Gunpoint Exploration . . . . . . . . . . . . . . . 14 Integra Resources . . . . . . . . . . . . . . . . . . . 8 Lion One Metals . . . . . . . . . . . . . . . . . . . 15 Lundin Mining . . . . . . . . . . . . . . . . . . . . . . 6 Mali Lithium . . . . . . . . . . . . . . . . . . . . . . 12 Metallic Minerals . . . . . . . . . . . . . . . . . . . . 8

New Gold . . . . . . . . . . . . . . . . . . . . . . . . . 16 Newmont . . . . . . . . . . . . . . . . . . . . . . . . 6,12 Nordgold . . . . . . . . . . . . . . . . . . . . . . . . . 11 Plus Gold . . . . . . . . . . . . . . . . . . . . . . . . . 12 Rio Tinto . . . . . . . . . . . . . . . . . . . . . . . . . 16 Romios Gold Resources . . . . . . . . . . . . . 14 Rupert Resources . . . . . . . . . . . . . . . . . . . 15 Shandong Gold . . . . . . . . . . . . . . . . . . . . 11 SSR Mining. . . . . . . . . . . . . . . . . . . . . . . . 15 Stratabound Minerals . . . . . . . . . . . . . . . 15 Teck Resources . . . . . . . . . . . . . . . . . . . . . . 7 Troilus Gold . . . . . . . . . . . . . . . . . . . . . . 8,11 Vale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Victoria Gold . . . . . . . . . . . . . . . . . . . . . . 15 Wheaton Precious Metals . . . . . . . . . . . . 14 Yamana Gold . . . . . . . . . . . . . . . . . . . . . . . 9 Zijin Mining . . . . . . . . . . . . . . . . . . . . . . . . 1

G LOBAL M I N I N G

N EW S

TH E N OR TH ER N

M I N ER

/ SEP TEM BER 1 4 – SEP TEM BER 2 8 , 2 0 2 0

Roskill sees ‘structural shift’ in copper market SUPPLY BY FRIK ELS

Mining.com

o p p e r w a s o n c e a g a in a p p r o a c h in g th e p s y c h o lo g ic a lly i m p o r t a n t U S$ 3 p e r l b . l e v e l o n th e b a c k o f fa llin g in v e n to r ie s , b o o m i n g Ch i n e s e d e m a n d a n d t h e p a n d e m ic , w h ic h h it s u p p ly fr o m So u t h Am e r i c a , t h e U . S. a n d Af r i c a . On Au g . 2 6 , c o p p e r f o r d e l i v e r y in D e c e m b e r tr a d in g in N e w Y o r k j u m p e d 1 . 5 % t o U S$ 2 . 9 9 6 5 p e r l b . ( U S$ 6 , 6 0 5 a t o n n e ) i n a f t e r n o o n tr a d in g , b r in g in g g a in s in 2 0 2 0 to m o r e th a n 7 % , a n d 5 0 % s in c e th e Co v i d - 1 9 l o w s s t r u c k i n M a r c h . An e w r e p o r t fr o m R o s k ill s u g g e s ts th e r a lly in c o p p e r , w h ic h h a s s u r p r is e d m a n y w ith its s p e e d , h a s fu rth e r to g o . J o n a t h a n Ba r n e s , a s s o c i a t e c o n s u l t a n t f o r c o p p e r a t t h e Lo n d o n - b a s e d m e ta l a n d m in e r a ls r e s e a r c h fir m , s a y s w h i l e t h e e f f e c t s o f Co v i d - 1 9 c o u l d d e c r e a s e w o r ld c o n s u m p tio n o f th e m e ta l b y 3 % - 4 % th is y e a r , th e d r o p in m in e o u tp u t a n d s c r a p flo w s h a s b e e n g re a te r. Th i s i s m o s t v i s i b l e i n t h e f a l l i n in v e n to r ie s a r o u n d th e w o r ld . G lo b a lly , to ta l v is ib le s to c k s , w h ic h in c lu d e th o s e o n e x c h a n g e s a n d b o n d e d w a r e h o u s e s i n Ch i n a , f e l l b y 4 0 % fr o m M a r c h th r o u g h J u ly to b e lo w 6 0 0 , 0 0 0 t o n n e s . LM E w a r e h o u s e in v e n to r ie s a r e a t 1 3 - y e a r lo w s . Ch i n a i s r e s p o n s i b l e f o r m o r e t h a n

| Global copper supplies dwindle on intense buying from China

“CHINA IS IMPORTING MORE REFINED METAL FROM NEARLY EVERY COUNTRY SUGGESTING A STRUCTURAL SHIFT, NOT A TEMPORARY CHANGE.” JONATHAN BARNES ASSOCIATE CONSULTANT, ROSKILL

h a lf o f t h e w o r ld ’s c o p p e r c o n s u m p tio n , a n d th e c o u n tr y is b u y in g c o p p e r a t r e c o r d - s e ttin g r a te s . “ Ch i n a i s i m p o r t i n g m o r e r e f i n e d m e ta l fr o m n e a r ly e v e r y c o u n tr y s u g g e s tin g a s tr u c tu r a l s h ift, n o t a t e m p o r a r y c h a n g e , ” s a y s Ba r n e s . “ I f y o u a r e lo o k in g fo r s ig n s o f p a n ic b u y in g , y o u c a n fin d e v id e n c e o f t h a t i n Ch i n a – t o t a l Ch i n e s e s t o c k s r e p r e s e n t le s s th a n tw o w e e k s ’ c o n s u m p t io n a t c u r r e n t r a t e s o f u s e .” I n th e r e s t o f th e w o r ld , w h e r e d e m a n d h a s d ro p p e d b y m u c h m o re r e l a t i v e t o Ch i n a , s t o c k s r e p r e s e n t o n ly o n e w e e k o f c o n s u m p tio n . Th e l a c k o f a v a i l a b l e s c r a p – im p o r ts a r e d o w n 5 0 % in th e fir s t h a l f – a f t e r Be i j i n g d e l a y e d n e w im p o r tin g r u le s , h a s fo r c e d th e Ch i n e s e b u y e r s t o r e p l a c e s e c o n d a r y

An employee examines sheets of copper cathode at Glencore’s Lomas Bayas copper operation in Chile. GLENCORE

s o u r c e s w ith c a th o d e , fu r th e r d r iv in g d o w n v is ib le in v e n to r ie s . R o s k ill e s t im a t e s a 3 0 0 ,0 0 0 - t o n n e s h o r tfa ll in im p o r ts o f s e c o n d a r y m a te r ia ls — s c r a p , in g o ts a n d g r a n u l e s – i n t o Ch i n a f r o m J a n u a r y to Ju l y. Ba r n e s b e l i e v e s g l o b a l s c r a p f l o w s m a y n o t n o r m a liz e u n til th e fir s t q u a r te r o f n e x t y e a r , b u t w o u ld d e p e n d

o n n e w r u l e s i n Ch i n a . R o s k ill’s s o u r c e s h a v e n o t b e e n a b l e t o c o n f i r m t h a t Ch i n a ’ s St a t e R e s e r v e Bu r e a u h a s b e e n b u y i n g u p s tr a te g ic s to c k s o f c o p p e r , “ b u t if th e y w e r e , th e y p r o b a b ly w o u ld h a v e d o n e s o e ar l i e r , whe n p r i c e s we r e m u c h l o w e r , ” Ba r n e s s a y s . D is r u p tio n s to m in e s u p p ly c o u ld b e b e t w e e n 7 5 0 ,0 0 0 t o 1 m illio n

Big Structures. Big Gold.

to n n e s in 2 0 2 0 , w ith e ig h t o u t o f th e 1 0 la r g e s t m in e r s r e c o r d in g lo w e r o u tp u t d u r in g th e fir s t h a lf o f th e y e a r . Ch i n a ’ s c o n c e n t r a t e i m p o r t s a r e d o w n y e a r o n y e a r , w h ile s o u r c in g a n o d e s f r o m t h e c e n t r a l Af r i c a c o p p e r b e lt is a ls o h ittin g r o a d b lo c k s . Ba r n e s s a y s Ch i n a ’ s t w o - y e a r r e s to c k in g c y c le is r is in g in a m p litu d e a s t h e c o u n t r y ’s d o m in a n c e in t h e c o p p e r m a r k e t in c r e a s e s , a n d h e e x p e c t s a n 1 1 .5 % r is e f o r t h e f u ll y e a r in c o p p e r im p o r ts . Th e c o u n t r y h a s a s t r u c t u r a l c o p p e r m a r k e t d e fic it, a n d it r e s to c k s w h e n e v e r LM E p r i c e s a p p e a r a t t r a c t i v e . M o r e o v e r , s a y s Ba r n e s , Ch i n a c a n t a k e a lo n g te r m v ie w a n d u s e to m o r r o w w h a t it d o e s n o t n e e d to d a y . R o s k ill e x p e c ts tr a d e d a ta to s h o w a n o t h e r b u m p e r Au g u s t f o r i m p o r t s , d e s p ite b e in g a s e a s o n a lly m u te d m o n th fo r s h ip m e n ts . Th e c o p p e r p r i c e w i l l l i k e l y r i s e f u r t h e r t o w a r d s t h e e n d o f 2 0 2 0 , Ba r n e s s a y s , a n d th e c u r r e n t e n v ir o n m e n t h a s s tr o n g p a r a lle ls to th e r e b o u n d in th e c o p p e r p r ic e a fte r th e g lo b a l fin a n c ia l c r is is . Co p p e r h i t a l o w o f U S$ 1 . 3 2 p e r lb . in J a n u a r y 2 0 0 9 , th e n s u r g e d to U S$ 3 . 5 5 b y Ap r i l 2 0 1 0 , o n i t s w a y t o a n a l l - t i m e h i g h o f U S$ 4 . 5 8 ( m o r e t h a n U S$ 1 0 , 0 0 0 p e r t o n n e ) i n F e b r u a r y 2 0 1 1 . TNM — This article first appeared in our sister publication, MINING.com

Properties Available for

OPTION in

CENTRAL NEWFOUNDLAND Canada’s New Mining Hotspot

Moosehead Project

DDH 124.20 g/t Au over 5.10 m

Sokoman Minerals Au Projects Key Gold Prospects/Deposits

Available for Option/JV

Gold Occurrences

New Found Gold Corp.

DDH 285.20 g/t Au over 6.0 m

Crippleback Lake (SIC) Available for Option/JV

Till/soil/rock drilling targets.

East Alder (SIC)

Till/soil/rock drilling targets.

Valentine Lake (Marathon Gold) >4.2 Moz Au (M+I+I)

To learn more, please contact: Timothy Froude, P.Geo., President & CEO T: 709.765.1726 E: tim@sokomanmineralscorp.com

Located on the main structural corridor between Marathon’s Valentine Lake Project (4.2 M oz Au) and Sokoman Minerals Corp. Moosehead Project (DDH 5.10m @ 124.20 g/t Au).

www.facebook.com/SokomanMinerals www.twitter.com/SokomanMinerals

TSX.V: SIC | OTCQB: SICNF | www.sokomanmineralscorp.com

SEPTEMBER 14–SEPTEMBER 28, 2020 / THE NORTHERN MINER

W . N OR TH ER N M I N ER . COM

Global Franco-Nevada’s Paul Brink on building a multigenerational gold company GMS 2020

| New president and chief executive took helm in May

BY TRISH SAYWELL

tsaywell@northernminer.com

he Northern Miner’s three-day Global Mining Symposium kicked off on Sept. 1 with a one-on-one interview with Paul Brink, president and CEO of FrancoNevada (TSX: FNV; NYSE: FNV). The Northern Miner’s Group Publisher, Anthony Vaccaro, chatted with Brink for nearly an hour about his plans for the company, his view on the mining industry, the gold market, Franco-Nevada’s energy assets and the challenges of working during a global pandemic. Brink was appointed CEO in May, after serving as president and chief operating officer of the company from 2018 and as senior vice president from 2007. Prior to joining Franco-Nevada, he held roles in corporate development at Newmont (TSX: NGT; NYSE: NEM), investment banking at BMO Nesbitt Burns and project financing at UBS. “I think I have the best job in the gold industry,” Brink told Vaccaro, adding that his greatest aspiration is to make the company’s two founders, Seymour Schulich and Pierre Lassonde, and its CEO since Franco-Nevada’s IPO in 2007, David

Northern Miner Group Publisher Anthony Vaccaro (left) speaks with Franco-Nevada president and CEO Paul Brink at the Global Mining Symposium.

Harquail, “proud.” “I have the tremendous challenge and the tremendous responsibility of carrying the torch at FrancoNevada,” he added, noting that the gold-focused royalty and stream group “is truly a unique company and, at its heart, a generational company,” with a strong reputation, tradition and culture. “The strategy is not we’re trying to get the share price up this quarter or this year. We’re really looking for

assets to build this company so it is a strong cash flow generator,” and a good company “for our grandchildren,” he said. Vaccaro asked Brink whether Schulich, Lassonde or Harquail had imparted any good advice when he took the reins of the company, and he replied: “Surround yourself with good people because they make you look good.” That’s important in the midst of a pandemic, given Franco-Nevada has interests in 56 producing assets, 15 of which have experienced some form of curtailment, particularly in Latin America, the largest being the Cobre Panama project in Panama. While Franco-Nevada is a small company with less than forty employees, he said, and isn’t an operator and therefore doesn’t have any fixed costs at its assets, the pandemic’s impact is indirect through the deferral of revenue. Brink praised the efforts operators have made throughout the crisis, from extended shifts in difficult conditions to offering early retirement packages at Lundin Mining’s (TSX: LUN) 80%-owned Candelaria operation in Chile’s Atacama region. Turning to drivers behind the gold price in the last few cycles, Brink noted that “when you think about gold, it really is, by the scale of global asset classes, a tiny asset class.” “People hold a bit of gold in their portfolio for their concerns ... sometimes a concern over currencies, sometimes concerns about not getting a decent return because of low interest rates. There can be different concerns,” he explains. “In the last bull market, it started as a risk-reward driver ... seeds of that market were sewn in risk aversion. Then you had an inflationary period ... Then, in 2008, you had the crash, and then it was monetary stimulus, and it was monetary printing that drove that last cycle, and a weak U.S. dollar ...” In this bull market for gold, he notes, starting in 2015 and over the last four years, the U.S. dollar has been strong, so the driver has been negative rates, which drove the first part of the cycle. “But then two months ago the U.S. dollar turned

“SURROUND YOURSELF WITH GOOD PEOPLE BECAUSE THEY MAKE YOU LOOK GOOD.” PAUL BRINK PRESIDENT AND CEO, FRANCO-NEVADA

down ... and now you have last week’s announcement by the Fed that it will put less focus on inflation and more focus on employment, and that raises the spectre that they will have less of a steady hand when it comes to inflation concerns, so there are a number of tailwinds for the gold price .... You have to expect more monetary stimulus and that comes through low rates.” Vaccaro noted that the so-called ‘smart money’ has also come in this time, with investors like Warren Buffett and, before him, Mark Mobius and Ray Dalio moving into the sector. “I can’t remember a time when big hedge fund managers are this constructive on gold,” he said. “Have you ever seen something like this in the past?” “I think it is quite new. I don’t recall it in the last cycle,” Brink affirmed. “Gold didn’t have that same macro appeal.” “In a sense, 2008 was the death of austerity ... so for all those hedge fund managers having seen that play out, the playbook is fairly obvious for them,” he continued. “One of the interesting things [is] you have so many of those hedge fund managers who are principally equity players ... but, at the same time, you have folks like PIMCO, who look at gold through a debt lens, also championing gold, so it’s interesting that both sides have come to the same conclusion.” When asked whether there are any investors the mining executive particularly admires, Brink named John Paulson of Paulson & Co. and Warren Buffett of Berkshire Hathaway — Paulson for the way he figured out the subprime mortgage crisis and thought about A-symmetrical

investments, and Buffett for believing that the best investment is a royalty on a well-run business. As for some of the tenets of Franco-Nevada’s investment strategy, Brink said, one is to invest and spend most of its capital in market troughs, execute real value arbitrage across the streaming industry, increase its dividends each year making them “progressive and sustainable,” regardless of the gold price, and staying competitive when times are good. And while there may be more players emerging in the royalty and streaming space, he says, “the trick in the business is obviously knowing when to be aggressive and when not to be.” “When you get into a bull market, developers have capital to spend,” he says. “We’ve got 56 operating mines and another 35 in the development stage and 200 exploration interests ... In this market, they can all raise capital, get drills turning ... Already we’ve seen exciting discoveries ... so we have confidence that in a bull market the portfolio is growing organically.” When asked whether FrancoNevada intends to stay invested in energy assets when the metals space is so strong, Brink responded with a resounding yes. “We are committed to staying in,” he says, “we’ve never sold an asset ever.” “We’ve always said [to our shareholders] give us latitude, up to 20% of our portfolio, that we can invest and be opportunistic,” he explains. “Seymour, being an oil and gas guy, couldn’t resist oil and gas royalties, and it’s always been part of our business. It’s always been a good hunting ground for us, it’s such a big industry ... and there are a lot of players and lots of opportunities.” Brink noted that while 80% of Franco-Nevada’s assets are in precious metals, the company is also “completely open to the other commodities, as well,” and has a number of copper royalties on large assets. “The beauty of some of those other metals and minerals is there are often large deposits with enormous mine lives ... It never starts with the commodity for us. It starts with the assets.” TNM

G LOBAL M I N I N G

N EW S

THE NORTHERN MINER / SEPTEMBER 14–SEPTEMBER 28, 2020

John Hathaway says precious metals and mining stocks in ‘early days’ GOLD

BY DANIEL SEKULICH

dsekulich@northernminer.com

rominent gold commentator John Hathaway appeared on the second day of The Northern Miner’s Global Mining Symposium. In January, after 22 years at Tocqueville Asset Management, the veteran investment manager moved to Toronto-headquartered Sprott Asset Management (TSX: SII; NYSE: SII), where he is now senior portfolio manager and managing director. Hathaway spoke with Dean McPherson, head of business development for the TMX Group, who opened the discussion asking how long the current gold bull market would last. “The message I’d like to convey is that it’s still early days,” Hathaway answered. “I don’t see why gold couldn’t double in price.” Hathaway went on to outline his

| Investors still on the sidelines, portfolio manager says

“I DON’T SEE WHY GOLD COULDN’T DOUBLE IN PRICE.” JOHN HATHAWAY MANAGING DIRECTOR, SENIOR PORTFOLIO MANAGER SPROTT ASSET MANAGEMENT

perspective that it’s a brand new world for the precious metals mining sector, and while no one can say for sure how it will play out, he remains very bullish on gold. At Sprott Asset Management, which began trading on the New York Stock Exchange in June, there is roughly US$17 billion in assets under management (AUM), with stronger gold and silver prices helping to increase the value of those AUMs. When McPherson mentioned the news from August that Warren Buffett was buying up some

US$565 million worth of Barrick Gold (TSX: ABX; NYSE: GOLD) shares, Hathaway reminded him that the billionaire U.S. investor has long disliked gold – until now. “Buffett, we know, is on record about hating gold,” he said. “I think that’s quite a statement in terms of where gold stocks are [now].” Nevertheless, Hathaway told the audience that he finds it surprising that many are still hesitant to enter the market. “They’re doing great,” he said in reference to gold miners. “Their earnings are going up, and yet investors are still on the sidelines.” With the gold sector generating huge volumes of cash and many companies raising their dividends, Hathaway said he’s pounding the table and ready to “grab investors by the lapels” to get their attention on the issue. “What if we go to US$3,000 [by early

2022], which is what Merrill Lynch just said?” Hathaway pointed out. McPherson then shifted the discussion to the junior mining space. Though the explorers have been struggling for a while, he asked his guest how he looks at these smaller companies. “We do invest in small-cap companies, many on the verge of becoming producers. [But] we tend not to invest in the sub US$100 million, even sub $200 million cap companies,” Hathaway explained. “I’m a big fan of the junior mining space. When we start to see more capital returning to the mining side of the equation, because the performance has been very good, and because the upside is so great, I think the small caps will do good.” He went on to relate that Sprott has a tremendous outreach into the junior mining space, and remains very interested in that part of the

precious metal mining community because the potential performance within it is significant. McPherson then shifted to gold’s often overlooked sibling, silver. “Silver is gold on steroids,” Hathaway replied, who, again, wondered why some people have been put off by the commodity’s price run-up in the last few months. “If gold can go to US$3,000 [per oz.], silver could revisit its previous high.” While he described silver as having a more speculative flavour to it, Hathaway said Sprott owns “companies with silver exposure right across the board.” McPherson also asked Hathaway about his opinion of the mining industry’s governance issues, coming from decades of observing it. Hathaway’s reply was blunt: “Having observed this industry for 25 years, I still think it has a long way to go in terms of governance.” TNM

From talk to action: Deloitte panel focuses on ways to achieve sustainability goals ESG

| In a post-covid world, expectations of companies are higher than ever “YOU CAN’T SET A GOAL AND THEN DO NOTHING. YOU HAVE TO WORK AT IT. SET GOALS, TRY HARD TO ACHIEVE THEM, AND BE TRANSPARENT.”

BY DANIEL SEKULICH

dsekulich@northernminer.com

he first thought leadership panel of the Global Mining Symposium was focused on sustainability and the importance of the shift from commitments to action by the mining industry. Moderated by Henry Stoch, Deloitte’s Canadian sustainability and climate change leader, the panel featured Marcia Smith, senior vice president, sustainability and external affairs with Teck Resources (TSX: TECK.B; NYSE: TECK), and Ian Pearce, chair and independent director at Hattrick Resources. Stoch began by discussing how recent events such as the Paris Climate Agreement and Vale’s (NYSE: VALE) Brumadinho tailings disaster in Brazil have made some mining companies become more actively engaged in environmental, social and corporate governance (ESG) issues and whether this has changed the way people view the mining industry. Teck’s Marcia Smith said she felt that events such as Brumadinho did, in fact, have an impact on people’s views of the mining industry, yet she maintained that there had been a broader reassessment of business in general, especially when coupled with the influence of the Covid-19 pandemic and movements like Black Lives Matter. “I think our whole society has different expectations of how companies work,” she said. The moderator then asked how mining companies could deal with the “push and pull” factors that influence business plans, especially if management teams are reacting to things that cause them to stray from fundamental issues, like sustainability. Hattrick’s Ian Pearce had some simple advice to offer: “The long term is what’s important,” he said, adding that it was important to “look to the future rather than react to the present.” To maintain focus in the wake of these factors, Pearce said, requires the need for a leadership position, starting at the board level, as good governance will lead the way forward

MARCIA SMITH SENIOR VICE PRESIDENT, SUSTAINABILITY AND EXTERNAL AFFAIRS TECK RESOURCES

Deloitte thought leadership panelists at the Global Mining Symposium, from top: Marcia Smith, Senior Vice President, Sustainability and External Affairs with Teck Resources; moderator Henry Stoch, Deloitte’s Canadian Sustainability and Climate Change Leader; and Ian Pearce, Chair and Independent Director at Hattrick Resources

Pearce emphasized the importance of having wide stakeholder engagement. “You have to listen. The other thing that is very powerful is you co-create with those stakeholders.” The conversation then pivoted to how a company goes about setting goals. Smith noted that the way Teck did it was by listening, learning, and trying not to do everything, but instead, prioritize goals and be flexible on the way towards achieving them. “We set [initial] goals in 2010, reviewed [them] in 2015, and launched

for a company and its ESG goals. Smith agreed and pointed out that Teck began setting out goals a decade ago. “That wasn’t driven by ESG. It was driven by our view that we have an impact on the environment, on communities – both positive and negative,” she said. “It was driven by our employees. What kind of company do they want to work for? And a decade on that is what’s still driving us.” Smith also reminded the audience that mining brings great wealth, and mining companies want to be good

performers. As a result, Smith said that the mining industry has a lot to teach other industries. Nevertheless, moderator Stoch said he worried that the mining sector might struggle to maintain its commitments, or, worse, be in over its head. Smith disagreed, though she did admit that mining might be a little behind when it comes to ESG. She suggested that executives should take a step back and assess the issues that matter most to the company, such as the environment.

our updated goals in March of this year,” she said, adding that among the revised goals was Teck’s decision to be carbon neutral by 2050. This led Deloitte’s Stoch to wonder what happens when a company doesn’t achieve its goals? “Ultimately when you’re setting goals, they can be stretched,” Smith offered. “You can’t set a goal and then do nothing. You have to work at it. Set goals, try hard to achieve them, and be transparent.” Stoch then asked the audience if mining companies should spend time influencing players within the value chain to achieve sustainability commitments. The response to the online poll was that 75% of the audience felt results could only be achieved through partnering with value chain and ecosystem partners. Smith agreed, saying it should be embedded in a company’s business strategy. “Mining has to know where to build partnerships,” she said. “Sustainability belongs to all of us [at Teck]. It is fundamental to our success as a company.” Pearce picked up on this, stating that issues like sustainability should govern a company’s thinking and be part of its strategic plan, as the way the world conducts business is transforming, and that very much includes the mining sector. TNM

MINING SOLUTIONS utt.mapei.com

SEPTEMBER 14–SEPTEMBER 28, 2020 / THE NORTHERN MINER

W . N OR TH ER N M I N ER . COM

‘Conscious capitalism’: Impact investing panel debates social role of mining industry ESG

| Impact investment funds expected to reach to US$27 trillion over the next few years

BY CARL A. WILLIAMS

cwilliams@northernminer.com

he Northern Miner kicked off its inaugural Global Mining Symposium on Sept. 1, with mining leaders, influential investment professionals, and forward-thinking innovators from around the world. The three-day event included panel discussions, fireside chats, and company presentations and covered the financial, technological, and operational developments that guide the global mining and mineral exploration industry through these unprecedented times. Anthony Vaccaro, group publisher of The Northern Miner and head of global mining for Glacier Resource Innovation Group, noted that the Global Mining Symposium will build on the success of the Canadian Mining Symposium earlier this year. “We had a lot of fun at the Canadian Mining Symposium back in June,” Vaccaro said. “But the main thing was to bring to you some of the leading lights, best minds, and some great conversations that come from you, our audience.” Vaccaro then spoke about some of the developments in the industry since the symposium in June. He noted that copper prices had risen to a 26-month high to over US$3 per lb. on copper for delivery in December, while gold and silver are going strong. The stock prices of nine presenting companies at the June symposium are up an average of 54%, compared with the junior gold index, which is up 28% over the same period. Vaccaro then highlighted some of the top performers who participated in the June event. These included Condor Gold (TSX: COG; LSE: CNR), up 40% since June, Granite Creek Copper (TSXV: GCX) up 60%, and Metallic Minerals (TSX: MMG; US-OTC: MMNGF) up 166%. “Let’s hope that some of the companies presenting at this edition of the Global Mining Symposium can have similar market success over the coming months,” he said. Vaccaro also noted that Warren Buffett, the American investor and philanthropist, and chairman and CEO of Berkshire Hathaway, had “finally got on the gold train” this summer. The Global Mining Symposium then started in earnest with the first panel discussion on the rise of impact investing and what it means for mining companies. The session was moderated by Andrew Cheatle, the non-executive director of Condor Gold (TSX: COG; LSE: CNR) and a director of Troilus Gold (TSX: TLG). Cheatle began the discussion by clarifying the term impact investing. “It’s a subject that not many of us in the mining industry are familiar with,” he said. “We sometimes think of impact investors as NGOs or environmentalists, but nothing can be further from the truth.” He then quoted some numbers. In 2014, approximately US$46 billion was under management at impact investment funds, a figure that has risen to US$715 billion in 2020. If you include sovereign wealth funds, he said, the figure increases to over

Impact Investing panel at the 2020 Global Mining Symposium, from top: Moderator and mining executive Andrew Cheatle; Elizabeth Freele, Founder and Principal, 4P Solutions Inc.; Tom Butler, CEO, ICMM; Christelle Kupa, Founder and Chief Executive, Uhusiano Capital; and George Salamis, President and CEO, Integra Resources Corp.

US$2 trillion, and could rise to US$27 trillion over the next few years. “Today, we’ll discuss the generational shift from baby boomers to generation X to millennials and how people invest their money and what they’re looking for,” Cheatle said. He then introduced the panel members: Tom Butler, CEO of the International Council on Mining and Metals (ICMM); Elizabeth Freele, founder and principal at 4P Solutions; Christelle Kupa, founder and CEO of Uhusiano Capital; and George Sala-

mis, president and CEO of Integra Resources (TSXV: ITR). Cheatle started by asking Tom Butler, who is a former global head of mining at the International Finance Corporation (IFC), his view on impact investments in mining. “We used to count ourselves as impact investors at the IFC,” Butler said. “Whenever we had to invest, we looked at both the commercial viability and what the IFC used to call ‘development impact,’ which is pretty similar to the criteria used

today by impact investors.” Butler added that the sector needs to address how the industry persuades other impact investors to see things in the same way. Cheatle then introduced 4P Solutions’ Elizabeth Freele, who describes herself as a “conscious capitalist.” Freele’s work, Cheatle noted, includes supporting juniors and midtier producers to develop corporate responsibility and risk management approaches covering the Americas, Africa, Europe and the Middle East. She is also a senior associate with venture capital firm Active Impact Investments. Her work involves advancing seed-stage tech companies that demonstrate reductions in greenhouse gas emissions. Cheatle asked Freele to describe a ‘conscious capitalist.’ “A term that most people will be familiar with today is ‘stakeholder capitalism,’ which has become a popular phrase in recent years,” Freele explained. “‘Conscious capitalism’ emerged a little earlier and, I believe, was coined by the founder and CEO of Whole Foods.” The term refers to a socially responsible, economic, and political philosophy based on the belief that businesses should operate ethically and serve all stakeholders’ interests while making a profit. “This is bringing about a shift from stakeholder supremacy to thinking about all the stakeholders who are impacted by the businesses’ activities,” Freele said. “And how we can service those stakeholders in an ethically, socially, and environmentally conscious way.” Cheatle then asked Freele about the younger generation’s attitude to investing. “The next generation is more diverse, and they are a lot more dissatisfied than their predecessors,” she said. “They no longer buy into shareholder supremacy but are seeking authenticity and alignment of values, are more engaged with environmental and social justice, and want a happy, healthy planet in which to start families in.” However, she continued, they see a “world on fire” with growing social inequality and unrest and financial systems that reward infinite resource consumption on a finite planet. Freele noted that companies like Tesla and Apple are raising the bar for the mining industry in terms of managing their upstream supply chains. Putting more pressure on responsible sourcing, she added, directly results from changing customer and employee expectations around sustainability performance. “This is the same demographic that will be controlling the capital of the future,” Freele said. “This presents a huge opportunity for impact investors and may even be a call for traditional investors to make changes if they want to secure capital in the future.” Cheatle then turned to Integra Resources’ George Salamis and asked him to comment on the role ESG plays in mining companies. “ESG is a concept that when I started in the junior mining sector didn’t really exist,” Salamis said. “It’s come a long way, but there still aren’t that many guidelines that come down

to the level of juniors.” He noted that the juniors are taking guidelines that work for larger companies and making them fit their own needs in the absence of guidelines. “As the junior mining companies are the first boots on the ground, the execution of social benefit starts from the first days of exploration,” he explained. Cheatle then turned to Uhusiano Capital’s Christelle Kupa for her take on impact investing. “First, impacting investing is a forprofit business,” Kupa noted. “As a group, impacting investment attempts to make investments that make a positive social and environmental impact alongside a financial return.” After working in investment banking, Kupa founded Uhusiano Capital in 2016. The company acts as a catalyst for better businesses in Africa, focusing on women’s agriculture and economic empowerment. Cheatle asked Kupa about the absence of impact investors in the mining industry. Kupa said that it was difficult to see the positive impact from extracting material from the ground. As a junior company, Salamis noted that Integra would welcome investors asking them to show how they can positively impact the communities surrounding their projects. Returning the discussion to standards, Cheatle turned to ICMM’s Butler and asked how his work on performance standards for the IFC and the recently published Global Industry Standard on Tailings Management could work for juniors. “Before addressing that, it’s worth noting when impact investors are looking for positive impacts on the ground, they are looking for job creation — is the company thinking hard about procuring locally, or providing training for skills transfer to local people,” Butler said. The primary benefit that juniors can create, he added, is to make sure that they manage the ESG risks and to provide good project stewardship. Butler also mentioned several management standards that could be adapted for use by junior mining companies. These include the performance expectations around respecting human rights, including respecting Indigenous peoples’ rights, paying a living wage, and not using child labour. These are the criteria that anybody looking to acquire a junior mining company should be considering, he said. The conversation then shifted to transparency and the view held by many that the mining industry is opaque. “Mining has a legacy and is still associated today with many difficult social and environmental impacts,” Freele noted. “These include issues such as unethical practices, debtbonded labour, water usage, health and safety risk, and human rights especially.” Transparency, she added, is vital for the industry and its ability to attract impact investment and the demands for transparency will not go away. “When we avoid transparency, it sends the message that we have something to hide,” Freele said. TNM

G LOBAL M I N I N G

N EW S

THE NORTHERN MINER / SEPTEMBER 14–SEPTEMBER 28, 2020

Yamana’s Peter Marrone on how to build a gold mining company GOLD

| Founder built company on unrecognized value “DIVIDENDS CREATE A FINANCIAL DISCIPLINE FOR A COMPANY, AND THAT’S CRITICAL.”

BY CARL A. WILLIAMS

cwilliams@northernminer.com

xecutive chairman and founder of Yamana Gold (TSX: YRI; NYSE: AUY), Peter Marrone, spoke on the second day of the Global Mining Symposium about the company’s assets, its strategy, and his views on the price of gold. Marrone started his career practicing law in Toronto, focusing on corporate, security and international law and then became the head of investment banking at a major Canadian bank before founding Yamana in 2003. In a wide-ranging interview with Northern Miner editor-in-chief Trish Saywell, Marrone explained how he made the jump from investment banking to mining, noting that it involved the sale of a mining project that he had been asked to handle by the bank. “It was one of those rare cases where, either by luck or by circumstance, the bad news was that I couldn’t get the asset sold as an investment banker for a client, but the good news was that I saw potential in it, which has since materialized, and now happens to be one of our core assets.” The best offer for the asset, he noted, which at the time was an advancedstage exploration project and very close to a feasibility study, was $5 million. The asset was put into production by 2007 at a cost of $240 million and generated $200 million in cash flow per year from 2007 to 2019. It was sold in 2019 for a total cash consideration of $900 million, he added. “It was one of those cases where someone didn’t see the potential for it, but we did,” Marrone said. “So, I decided to give up my shingle as an investment banker, buy the asset, form a management team, and create this new company.” Saywell noted that she’d first interviewed him during The Northern Miner’s Canadian Mining Symposium at Canada House in London last year, where Marrone told her that he came to Canada from Italy as a young boy and didn’t speak a word of English. She then asked him how that experience shaped him and helped him prepare for later challenges in his life and career. “It’s so many decades ago for me to say here’s the exact pinpoint moment that has shaped this or that,” Marrone said. “Mathematics is always interesting, and for younger viewers who don’t know chalk on blackboards, I could always see the equations and understand them on the backboard, but it was the language that was more difficult.” “I do have one recollection where I was answering in Italian to a math question that was on the blackboard but could not get the teacher’s attention to what I was saying and so walked up to the board to write the answer. It made me recognize that I had a lot of up-hill to climb, but also there were some universalities. It also gives you a certain tolerance in some respects; my ear picks up on accents that perhaps others don’t and gives you a tolerance of other differences of cultures.” Saywell then steered the conversation to Yamana, noting that, since 2019, shares of the company had gone up by 171%. While many companies had reduced their dividends

PETER MARRONE EXECUTIVE CHAIRMAN AND FOUNDER, YAMANA GOLD

Peter Marrone (top), executive chairman of Yamana Gold, talking with Trish Saywell (bottom), editor-in-chief of The Northern Miner, at the 2020 Global Mining Symposium.

and others have cut their dividends to zero, she added, Yamana raised its dividends four times over the last twelve months for a cumulative increase of 250%. Not only that, but the company has set up a dividend fund backstopped with a cash reserve to sustain its dividends for the next three years, no matter what happens to the gold price, which, she noted, is a little unusual in the industry. “I mentioned the asset that was the starting point of this company,” Marrone said. “We started production there in late 2006 and declared commercial production in early 2007. Based on the conviction that the asset would generate the cash-flows that we had anticipated, we began to pay dividends.” The company has been paying dividends for over 13 years on the asset, and had paid over $900 million in dividends by last year, which, he believes, is much higher than Yamana’s peers and other companies in the industry over the same period. “Dividends create a financial discipline for a company, and that’s critical,” Marrone said. “We’re somewhat agnostic to the gold price, but we certainly care about our share price and the importance of improving our share price. However, we recognize that investors may want to invest in gold, as there is no operational risk. When one has operations, there will be a risk that something may happen to those operations.” “So, I look at the dividend as compensation for that risk,” he explained. “I also recognize that we are competing for investor dollars for those who invest in gold as a metal versus gold as equity or an equity class. As a consequence, we need to distinguish ourselves.” One way the company distinguishes itself, he said, is to say that they compensate for that risk and, he continued, there are many ways to look at the dividend. Still, he added, the most critical part is that it creates a financial discipline,

and it provides a return to investors. It also provides recompense to investors, which “makes it more exciting for investors to buy a gold stock rather than buying gold as a metal.” The conversation then turned to listings, with Saywell noting that Yamana was preparing to list on the London Stock Exchange, adding to its listings in Toronto and New York. “In conducting our due diligence, we saw large pools of capital available with a London listing,” Marrone said. “Many of these funds, either by choice, by desire, by circumstance, or even by mandate, require a local listing.” The cost of complying with an additional listing was comparatively modest, he explained, and investors in Europe were looking for companies that could demonstrate cash flows that are strong and growing, which Yamana can. He also noted that, for such a distinguished exchange, the LSE had a shortage of precious metal mining companies, particularly of Yamana’s size and scale, which has a million ounces of production on a goldequivalent basis, and also has an Americas-focus, which they were also looking for. “On balance, we saw that this was a good opportunity for us but does not denigrate at all what we do with Toronto and New York, which have been exceptional for us,” Marrone said. “We have excellent liquidity and appreciate being listed on those exchanges and having those investors in our shareholder profile.” He also said that he felt that every company has an obligation to go where the money is. Saywell then turned the conversation to Yamana’s five operating mines: El Penon and Minera Florida in northern Chile, Cerro Moro in Argentina, Jacobina in Brazil, and a 50% share with Agnico Eagle Mines (TSX: AEM; NYSE: AEM) in Canadian Malartic in Canada. She noted that the company’s El

Penon mine in Chile, in particular, was an example of how Yamana has been able to get the most out of its assets. When the mine went into production in 1999, it had an estimated mine life of about four and a half years, and now it’s in its 21st year of production, with a possible further ten years of production. She also noted that the mine has more known proven and probable reserves than it has ever had. “El Penon came into our portfolio due to a corporate transaction in 2007,” Marrone said. “One of the executive officers at the company we bought referred to El Penon as ‘the gift that keeps on giving.’ At the time, I didn’t understand what they meant by that, but now I better understand it.” “If you look at the profile of the mine, in any one of the years in its 21year history, we would never have had more than six to eight years of proven and probable reserves, and even at the best of years, it would never have had more than eight years, with the range between six to eight years, of mine life assuming only proven and probable reserves,” he said. The mine is “impressively endowed” and has already produced more than 5 million oz. gold and more than 120 million oz. silver, he said. It also “continues to give,” and has a further mine life of six years based on proven and probable reserves today. Moreover, Yamana continues to make new discoveries at El Penon, with extensions of historical vein systems and new vein structures that are being discovered, which may not necessarily increase proven and probable reserves, as in 2020, but demonstrate that it has more than in its mine life that it shows in its reserves. “For example, last year, we increased proven and probable reserves for gold, above what we depleted, by 15%, and we increased inferred resources by 60%,” Marrone said.” So, it bodes extremely well for the future of that asset.” The company estimates a 10 to 12year mine life for the mine, which, he believes, is a conservative estimate. Saywell then pointed out that one of Yamana’s key strategies is low-capex growth at the company’s existing mines, with Jacobina in Brazil, an excellent example of that. Production there nearly doubled between 2014 and 2018 from about 75,000 oz. to 145,000 ounces. This year, the company expects production will reach 168,000 oz. and that Yamana’s optimization and feasibility studies suggest production could increase to up to 230,000 oz., for just $57 million in capex. Saywell also pointed to the Canadian Malartic mine, which offers a sizeable underground opportunity that the company is currently evaluating, and other low-capex opportunities at the company’s existing mines.

“Our strategy is managed growth; we’re not looking for explosive growth,” Marrone said. “We’re looking for growth on the top line of anything from five to 15%, but which also contributes more meaningfully on the bottom line.” He added that Yamana wants to grow organically rather than using capital markets to raise money or increase debt, noting that the company is decreasing debt. The objective, he continued, is to have a strong balance sheet that will become stronger over the coming years. Marrone then addressed Jacobina, adding that the company is planning a second-phase expansion. “The $57 million capex you mentioned was calculated based on an exchange rate of four to one; the rate is now closer to five-point-five to one,” he said. “Much of the capex will be denominated in local currency and so is closer to around $50 million.” “For $50 million, we will increase the production platform to a full 230,000 ounces per year, and that’s over a mine life of at least a couple of decades based on what we currently have in mineable reserves and resources,” he said. He noted that the company intends to spend this money over the next 15 to 18 months, starting late next year. Canadian Malartic, he said, will cost more, with the company estimating that its 50% share of the cost could be in the range of $350 million to $450 million. “We’re at least three years away from when we start spending that money, and then it will take between four and five years before going into production,” Marrone said. “We’ll start to get some ores in advance of that, but that is a modest $90 million per year and a full three years out.” Given that Yamana had around $325 million in cash and $200 million in monetizable financial instruments and investments on its balance sheet at the end of the second quarter, he said, as well as generating very robust cashflows, “the company is fully-funded for these very impressive growth profiles.” Furthermore, he continued, Canadian Malartic has more than 10 million oz. in inventory contained in three underground deposits. It would not be unreasonable to expect it to be a multiple-hundred-thousand ounce production platform per year, he added. Saywell then noted that the company announced plans in February to spend about $53 million on generative exploration targets over the next three years, including $14 million this year, $18 million in 2021, and $21 million in 2022, and asked which were the most promising targets. “We have about seven identified opportunities, and although around 90% of our total exploration budget has been on increasing proven and probable reserves and resources at our existing mines, we have been drilling new targets as part of that generative program,” Marrone said. This year, Yamana has advanced these opportunities to the point that they now deserve a separate and distinct program. All seven opportunities, which are located in Brazil and Canada, he said, have been drilled and have returned mineralization, with some in Brazil showing significant copper expresSee GOLD / 16

SEPTEMBER 14–SEPTEMBER 28, 2020 / THE NORTHERN MINER

W . N OR TH ER N M I N ER . COM

B2Gold’s Clive Johnson on building a strong corporate culture GOLD

| Veteran CEO cautions gold companies to not overpay for assets

BY DANIEL SEKULICH

dsekulich@northernminer.com

he Global Mining Symposium wrapped up its final day with an interview with B2Gold (TSX: BTO; NYSE-AM: BTG) president and chief executive Clive Johnson, who sat down with MINING.com senior editor Cecilia Jamasmie. Johnson’s career includes leading B2Gold since its inception in late 2006 and, before that, Bema Gold, and has taken him from Russia to Africa and throughout the Americas. Drawing on his expertise, Jamasmie began by asking for his perspective on how gold miners and the investment community were reacting to the rise in the price of gold compared to the last time the commodity peaked. “I think there are some differences this time,” Johnson said. “You know, ten or fifteen years ago, we saw a lot of expensive deals done. We saw a lot of money lost in gold. And I hate to say it, but the truth of the matter is [it was] through a lot of bad management. Growth at any cost was sort of the buzzword. And people lost sight of the fact of what I believe: creative deals and profitability [are] the essence of our industry.” After investors saw their losses pile up and fled the gold sector, this led to a decrease in exploration and development in the gold sector over the last ten to 15 years, said Johnson. That lack of funding for exploration, and therefore development, he continued, means it’s going to be a while before miners can shift into production, owing to the lag between discovery and commercial extraction. “It’ll be interesting to see how the industry responds,” he said. “I’m really hoping the discipline we’ve seen over the last five years continues because I don’t think it’s good for anybody if we get back into that silly

GMS 2020 From 1

have part of their savings and investments in gold. “I started investing in the equity markets when I was 12 years old,” he noted. “I went through the dot.com boom and dot.com bust, and then tried to learn something about financial markets and investing in university but didn’t seem to learn too much.” He then joined a bank in Vienna and developed a passion for investing in companies with small market capitalizations and low market valuations. A friend then told him to look at mining stocks. The first mining company that he took an interest in was called Osisko Exploration, he said. “As you know, Osisko has been one of the biggest success stories in Canadian mining over the past couple of decades. It turned out as a forty-bagger, and I didn’t know if that was a blessing or a curse. So, I thought ‘investing in junior miners is pretty easy and pretty rewarding.’” “Because of that, I went to my boss in the research department and asked if I could write a special report about gold over the weekend, and he said ‘yes, go ahead.’ So, in 2007, I wrote my first In Gold We Trust report.” This first report, he said, was a fundamental supply and demand analysis, but his research allowed him to learn more about Austria’s monetary his-

As part of the Global Mining Symposium, Cecilia Jamasmie (left), senior editor at MINING.com, spoke with Clive Johnson, president and chief executive of B2Gold.

season where people are overpaying for opportunities.” Jamasmie asked whether mergers and acquisitions (M&A) would continue in the gold sector, to which Johnson replied that, yes, he did think we would see more. “But once again, I don’t think, or hope, that we see deals where those big premiums are paid. I think investors are very wary of that, because there was a lot of that done, and it was done poorly. Companies paying big premiums and overpaying for assets.” As for B2Gold’s position on M&A, Johnson said that it does not feel pressured to do it at all, owing to the health of the company’s finances and assets. However, should the right opportunity come along, his company would not say no to an M&A discussion, he added. Nevertheless, there were other companies that would feel the need to grow. “So that’s why I say there’s got to be a cautionary note here, hopefully, about responsible growth.” He was next asked whether he thought the gold supply, which Johnson says clearly peaked a couple of years ago, could be bolstered in the short term by higher prices. “I think it will in the short term, to an extent, because you will see some

tory, hyperinflation, stock-to-flow ratios, the importance of gold to the Austrian monetary system, and the Austrian School of Economics. From then on, the reports just got bigger and bigger, he said. In 2012, he founded Incrementum AG. The company, based in Switzerland, invests in mining companies, especially those operating in the gold and silver sectors. “It’s really my passion,” he said. “We continued to publish the In Gold We Trust reports and, as you said, it’s quite a brick at 350 pages, but there is just so much to analyze, and there are so many angles, including the whole macro-picture, inflation, essential bank standards, and the whole mining space is so interesting.” Stoeferle and his team are already working on the 2021 report. Hiyate then shifted the conversation to the Covid-19 pandemic, noting that, six months into the outbreak, there has been a lot of strength in the gold price due to its safe-haven status, recently setting a new nominal all-time high of US$2,089 per ounce. Hiyate noted, however, that the gold price had started to move up even before the pandemic, and asked Stoeferle to describe some of the most important drivers behind gold’s ascent. “In short, silver and gold miners are in a stealth bull-market at the moment,” he said. “Gold is rising

development projects that weren’t going to make it at $1500 gold, that will have a chance to be built and be profitable,” Johnson said. Still, Johnson sounded a note of caution. “Are people going to build a mine because gold is $1900? And are they going to assume gold is going to stay at $1900 to make it profitable? Or are they going to go back into some hedging to lock in some of that price?” MINING.com’s Jamasmie then shifted the discussion to corporate social responsibility (CSR) and the role of mining companies in society. “We’ve always been very keen on being responsible miners. We were doing CSR and ESG and these things far before they had fancy titles. It’s just what we did. Back in the days in Chile, back in the days in Russia.” As Johnson explained, for him and for B2Gold, these are core values that are deeply rooted in the culture of the company, and go back to its founding almost 14 years ago. And treating people with fairness, respect and transparency are vital components of this culture. “If you deliver on the promises you make to people, as I’ve done – if you do that, you tend to make more friends than enemies,” he said. Recently, the company began the

Rhino Gold Bar initiative, in which B2Gold raises money to help endangered black rhinos in Namibia. The company takes a thousand ounces of gold from its Otjikoto mine in the country and turns it into a thousand gold bars, which are then sold at the spot price plus 15%, with proceeds going to local communities to help save the animals. “One of the things I liked about it is the historical aspect,” Johnson explained. “You’re taking gold that was deposited in Namibia by an exploding star 6 billion years ago, and you’re using that gold to save an animal that’s been roaming the planet, and Namibia, for 50 million years.” Staying with Africa, Jamasmie asked for updates on the situation in Mali, where the government was recently toppled in a coup and where B2Gold operates the Fekola mine. “I would say we’re not very worried,” Johnson replied. “There are eight gold mines in our belt in western Mali, which is about 2,000 km away from Timbuktu,” where the government is based. “All the eight companies that are in the area all understand the nature of security. None of the mines have ever lost a day to any kind of violent activity or any kind of terrorist event. So, we’re in the good part of the country to be in.” He emphasized the importance of gold mining to Mali, which accounts for 10% of the nation’s GDP and 25% of the revenue that comes to the government through taxes and other revenue streams. But he also pointed out that the bloodless coup has the support of the majority of Malians, so the situation has been very calm and supplies are still getting through to mining projects. Jamasmie also asked about B2Gold’s Gramalote joint venture in Columbia. For the project, B2Gold partnered with AngloGold Ashanti (NYSE: AU) and

Ronald-Peter Stoeferle, Managing Partner and Fund Manager, Incrementum AG, in conversation with Alisha Hiyate, Editor of Canadian Mining Journal, at the Global Mining Symposium.

in every currency. It is rising relative to the bond market, shows relative strength to the stock market, and juniors are outperforming largecap mining companies, which are all confirmations, from my point of view, of a strong bull market.” He noted that, in 2019, there were already all-time high gold prices in nearly every currency, except the U.S. dollar. The public participation phase, as he referred to it, of the current bull market began with the breakout last

year and the consolidation phase. However, these failed to break the US$1,360 to US$1,380 per oz. price several times, but once they did, the “real momentum kicked-in.” “The second stage of this bull market started when the institutional investors, who had until then been on the sidelines, decided to get their allocation of gold,” Stoeferle said. He noted that it was not the price of gold rising but the purchasing power of fiat money that is falling, which is happening in nearly every currency.

became the operator in January. “It’s at a very important stage,” Johnson said, with a preliminary economic assessment (PEA) completed last year. “We liked the look of it economically at $1350, frankly. And we like it, obviously, more now.” After a delay caused by the pandemic, operations resumed at Gramalote in May and infill drilling has now been completed. Johnson said that although the feasibility study was originally scheduled to be prepared by year-end, they decided to extend the deadline to March 2021. “Yes, it’s a low-grade deposit, but it has the potential to produce starting up at over 400,000 oz. of gold a year. And based on the PEA we did, potentially very low cost, all-in sustaining costs were estimated at around $650 an ounce.” As Johnson reminded the audience, a lot of people get obsessed with low-grade deposits because there have been problems with those types of deposits. “But grade is only one factor,” he pointed out. “You’ve got, in this case, an extremely low strip ratio. So, off the bat there’s no waste to strip to get started mining at Gramalote. And the overall strip ratio is about 2:1, which is really low.” In addition to low power costs, clean metallurgy, and supportive governments at both the local and the federal levels in Colombia, Johnson says this is a project that’s in the right place at the right time. “We’re very comfortable there. That’s an earned relationship, over time. In all of the countries we’re in, it’s about earning the trust of governments and people by being transparent, and having fairness and respect,” he related. “The question we get asked most of the time down there is, ‘When are you going to start building this mine?’” TNM

The second driver, he said, is the prevalence of stressed global interest rate policies, noting that U.S. ten-year yields are at an all-time low, as well as the global push for liquidity. “So, the monetary and fiscal stimuli that we are seeing due to the Covid-19 crisis are a big additional catalyst for the price of gold,” Stoeferle said. Hiyate noted that one of the strong drivers for gold outlined in the In Gold We Trust report is inflation. “The discussions around inflation or even stagflation is a little like talking about dessert just as we are being served the appetizers,” Stoeferle said. “However, I think both inflation and stagflation must be taken into account in the future, and, in this environment, gold will benefit as a classic store of value.” He pointed out that debt, which is already extremely high, got even higher, with the International Monetary Fund forecasting debt in the U.S. will rise from 109% of GDP in 2019 to 141% this year. In the Eurozone, it will increase from 84% to 105%. He added the higher the debt, the bigger the desire for inflation, and the bigger the fear of deflation, which, he said, will benefit gold. “The triggers for inflation, according to the Austrian School of Economics, is monetary expansion, and rising prices are only a consequence of this See GMS 2020 / 16

SPECIAL FOCUS

GLOBAL GOLD Nordgold sweetens offer in battle with Shandong over Cardinal Resources M&A

The Morila mine in southern Mali, co-owned by Barrick Gold and AngloGold Ashanti. MALI LITHIUM.

| Namdini project in Ghana becomes battleground for Russian and Chinese gold companies

AngloGold, Barrick to sell 80% of Morila mine to Mali Lithium | Deal follows coup in West African country

MALI

“THIS IS TRULY A TRANSFORMATIVE TRANSACTION FOR THE COMPANY AS WE BECOME A GOLD PRODUCER.” ALISTAIR COWDEN EXECUTIVE CHAIRMAN, MALI LITHIUM

BY MINING.COM STAFF

ngloGold Ashanti (NYSE: AU) and partner Barrick Gold (TSX: ABX; NYSE: GOLD) are selling their 80% stake in Mali’s Morila gold mine amid political uncertainty in the country following a recent coup, the second in less than 10 years. Australian miner Mali Lithium (ASX: MLL) will pay between US$22 million and US$27 million for the joint company that holds the two miners’ stakes in the mine. The remaining 20% will stay in the government of Mali’s hands. AngloGold expects its share of the net consideration for the purchase to be roughly US$10 million or less, the company said. The Morila gold mine poured its first gold in October 2000 and became the foundation stone of African gold giant Randgold Resources, now part of Barrick. The mine halted operations last year, but ore stockpiles continue to be processed. Mali Lithium said it planned to reopen the mine as soon as possible. “Morila is one of West Africa’s great gold mines, and we are excited and privileged to acquire a mine of Morila’s calibre, with its past production plus mineral resources (gold endowment) of 8.7 million ounces of gold,” Executive Chairman Alistair Cowden said in a statement. “This is truly a transformative transaction for the company as we become a gold producer.” The acquisition of Morila, which lies adjacent to Mali Lithium’s Massigui gold project, is set to turn the Australian company into a cash-generating gold producer. Morila, known in its heyday as “Morila the Gorilla,” is expected to produce approximately 26,350 oz. gold from November this year to the second quarter of 2021. The parties expect to complete the transaction by October. Mali President Ibrahim Boubacar Keita resigned on Aug. 18 after seven years as head of state and dissolved parliament hours after soldiers detained him at gunpoint and seized power in a coup. The following day, Colonel Assimi Goita declared himself the leader of the military action behind the coup — a group that identifies itself as the National Committee for the Salvation of People (CNSP). The events have sparked international condemnation and are likely to further destabilize the West African nation, following months of mass anti-government protests and a rising insurgency from Islamist militants. Experts believe that miners operating in the country’s west and south are unlikely to face any significant threats to their assets. They will, however, have to deal with disruptions, including the imposition of a nightly curfew and the closure of all Malian borders, Alexandre Raymakers, senior Africa analyst at risk analysis company Verisk Maplecroft, said in a note. Mining companies should also expect substantial administrative delays when dealing with authorities as government structures will be paralyzed by the ongoing political crisis, Raymakers wrote. Jackie Przybylowski, a mining analyst who covers Barrick for BMO Capital Markets, described the sale of Morila as “a mild positive versus the nil value we attributed,” and said “it also removes an older asset from the company’s portfolio and allows Barrick to focus on Tier One assets.” She also pointed out that Barrick’s Loulo-Gounkoto mine “continues to operate in Mali despite political turmoil elsewhere in the country.” “The Morila mine was not material to our Barrick estimates and we carried no value for Morila,” Przybylowski wrote in a research note to clients. “Morila was transitioned to a stockpile and tailings treatment facility in 2015 and was forecasted to close in 2021.” TNM — This article first appeared in MINING.com

Cardinal Resources’ Namdini project in Ghana. CARDINAL RESOURCES.

BY MINING.COM STAFF

ordgold has sweetened its proposed takeover offer of Cardinal Resources (ASX, TSX: CDV) in order to beat out competition from China’s Shandong Gold. The latest offer would see the Russian gold miner acquire all of the Cardinal shares that it does not currently own for A90¢ (US66¢) per share in cash, up from its previous offer of A66¢ (US48¢) per share. Cardinal’s board of directors has advised shareholders not to take any action until a further update is provided. The company had previously

received an offer of A70¢ (US51¢) per share from Shandong, which received backing from the board. The Shandong offer is subject to a 50.1% minimum acceptance condition, with the Foreign Investment Review Board (FIRB) already granting approval. Cardinal also told shareholders that while Nordgold’s cash offer was higher than the offer made by Shandong, the company had certain obligations under the bid implementation agreement signed with Shandong, including matching rights in favour of the Chinese gold producer. Cardinal has interests in a number

of mining tenements in Ghana, but is focused on the development of its Namindi project, which has an estimated ore reserve of 5.1 million oz. gold. Shares of Cardinal Resources soared 29.2% on the TSX by midday on Sept. 2 on news of the increased offer, giving the company a market capitalization of $475 million. Cardinal Resources’ stock also closed 26.9% higher on the ASX, with a market value of approximately A$484 million (US$355 million). TNM — This article first appeared in MINING.com

FIT-FOR-PURPOSE GOLD SOLUTIONS Our fit-for-purpose gold solutions encompass the skills of qualified geologists, geostaticians, analytical chemists, mineralogists, metallurgists, process engineers and mining engineers brought together to provide accurate and timely mineral and process evaluation services across the entire mining life cycle. SGS IS THE WORLD’S LEADING INSPECTION, VERIFICATION, TESTING AND CERTIFICATION COMPANY

WWW.SGS.COM/MINING CA.MINERALS@SGS.COM

SEPTEMBER 14–SEPTEMBER 28, 2020 / THE NORTHERN MINER

GLOBAL GOLD W

W . N OR TH ER N M I N ER . COM

Troilus Gold study envisions open pit and underground mine QUEBEC

BY CANADIAN MINING JOURNAL STAFF

preliminary economic assessment (PEA) for Troilus Gold’s (TSX: TLG; US-OTC: CHXMF) namesake project in Quebec has outlined a 22-year, 35,000-tonneper-day open pit and underground mine, with the 9,000 tonne-per-day sub-surface portion starting up in the eighth year. The resulting operation would produce an average of 220,000 gold oz. per year over the first five years of operation, and 246,000 gold oz. in the first 14 years of mine life. On the fifteenth year, the mine would generate 98,000 gold oz. annually. With all-in sustaining costs (AISCs) estimated at US$1,051 per gold oz. and an initial capital outlay of US$333 million, the after-tax net present value estimate for the project comes in at US$576 million, at a 5% discount rate, with a 22.9% internal rate of return, based on US$1,475 per oz. gold. The underground development would require an additional US$240 million of capital to establish between years six and eight. Open-pit mining would be completed by year 14 — the

| Operation would produce 220,000 gold oz. per year over the first five years early-stage study scheduled pit feed from the 87, J and Southwest zones. The 87 zone is the sole area with an underground component. During mining, a stockpile would be maintained to provide supplemental mill feed in the later years. On the processing side, the plant design features crushing, milling with gravity gold concentration and copper flotation and concentrate filtration. The gold-enriched copper concentrate would be sent to a smelter for refining. Gold recoveries are estimated at 90%, with 30% of the gold produced onsite in the gravity concentrate. The development would churn out a payable total of 3.8 million oz. gold, 265 million lb. copper and 1.5 million oz. silver over its life. The past-producing site includes infrastructure, such as a power line, road access and an existing tailings facility and water treatment plant. In a news release, Justin Reid, the company’s CEO, noted that Troilus is now looking to start a prefeasibility study on the asset, with additional permitting and exploration also underway. “With a strong treasury to support

The past-producing Z87 open pit at the Troilus gold-copper project, 175 km north of Chibougamau, Quebec. TROILUS GOLD.

next steps, we will now be commencing prefeasibility work and working towards finalization of the environmental impact study for the project, while continuing to explore the geological potential of the (1,070-sq.-km) Troilus property.” Reid also highlighted the exploration upside of the project. “The Troilus geological team has demonstrated the ability to identify an abundance of untested targets and has a track record of adding significant

ounces over a very short period of time. We believe the Troilus property has the potential to extend mine life beyond the projected 22 years presented in the PEA and provides the opportunity to expand the scale in the future by continuing to seek increases to the mineral resource estimate with ongoing exploration and drilling.” At the end of July, the company published an updated resource estimate for the property, with 177.3

Gold production growth will average 2.5% annually from 2020-2029: Fitch SUPPLY

| Russia to overtake China as largest producer in the next decade

BY MINING.COM STAFF

new report by Fitch Solutions forecasts that global gold production will increase from 106 million oz. in 2020 to 133 million oz. by 2029, for an average annual growth rate of 2.5%. According to the report, this result would be an acceleration from the average growth of just 1.2% over 2016-2019. In the market analyst’s view, Russian gold production will lead the rise with gold output jumping from 11.3 million oz. in 2020 to 15.5 million oz. in 2029. This figure represents average annual growth of 3.7% during 20202029 and would see Russia overtake China as the largest gold miner, ac-

counting for 11.6% of global output by 2029, compared with 10.6% in 2020, Fitch noted. Russia’s production growth is being driven by the central bank’s desire to increase its gold holdings as a result of ongoing U.S. sanctions and the rising risk of Russian banks being frozen out of dealing in U.S. dollardenominated assets. However, Fitch says that in the longer-term Russian gold production will be underpinned by at least 21 new mining projects due to come online. At the forefront of this trend is Polyus Gold (LSE: PLZL; US-OTC: OPYGY), whose Natalka project achieved full production in 2019 and has a production capacity of 420,000-470,000 oz. per year.

At the same time, the company is developing Sukhoi Log, one of the country’s largest untapped goldfields with potential annual output of 1.7 million ounces. China’s gold production, on the other hand, is expected to remain steady in the next 10 years, with an average annual growth rate of 0.2%, a notable slowdown compared with its average annual growth of 3.1% in the previous decade. Fitch’s review states that these results are the product of stricter environmental regulations, particularly those around solid waste from gold prospecting, which led to a wave of gold mine closures and output declines in major producing provinces, including Shandong, Jiangxi

and Hunan. Years of intensive gold mining also plays a role in the deceleration, as the activity has resulted in falling reserves and production halts in several areas, including Qinghai and Gansu. At the same time, major Chinese firms are expected to ramp up investment in foreign gold mines, as the country’s gold demand growth outpaces production. As an example, Fitch highlights Shandong Gold’s purchase of a 50% stake in the Veladero mine in Argentina from Barrick Gold (TSX: ABX; NYSE: GOLD) for US$960 million. Australia is expected to see modest production growth over the coming years, supported by a strong project pipeline, rising gold prices and com-

million indicated tonnes grading 0.75 gram gold, 0.08% copper and 1.17 grams silver, as well as 116.7 million inferred tonnes at 0.73 gram gold, 0.07% copper and 1.04 grams silver. The Troilus property includes a past-producing gold and copper mine, which generated over 2 million oz. gold and 70,000 tonnes copper from open-pit operations between 1996 and 2010. The site lies within the Frotet-Evans greenstone belt and is 170 km by road northeast of Chibougamau. Following news of the PEA, Pierre Vaillancourt who covers the company for Haywood Securities, raised his target price on the stock from $2.25 per share to $4.00 per share. At press time, the company was trading at $1.54 per share. “The PEA is a good start to defining the economics of the Troilus project,” he commented in a research note. “We believe the focus will continue to be on expanding the open pittable resource. With more drilling, we believe there is an opportunity to extend the open pit mine life well beyond 12 years, as the Southwest zone and other near surface targets are more defined.” TNM

petitive operating costs. Production in Australia is set to increase from 11.7 million oz. this year to 14.2 million oz. by 2029 for average annual growth of 2.2%, Fitch forecast. Fitch’s report also states that the U.S. gold mining sector will continue to attract significant investment activity supported by the country’s history of exploration and known precious metal deposits. Nevada in particular will remain a key location for exploration and development, Fitch said, with both Barrick and Newmont Mining (TSX: NGT; NYSE: NEM) committed to several large-scale projects in the state. Among these projects is Barrick’s flagship Goldrush project near Cortez, which has estimated proven and probable reserves of 8.7 million ounces. As well, Barrick and Newmont are building a third shaft at the Turquoise Ridge mine near Winnemucca, which is forecast to increase annual production to more than 500,000 oz. per year by 2023. TNM — This article first appeared in MINING.com

G LOBAL M I N I N G

N EW S

GLOBAL GOLD

THE NORTHERN MINER / SEPTEMBER 14â&#x20AC;&#x201C;SEPTEMBER 28, 2020

info@troilusgold.com troilusgold.com

SEPTEMBER 14–SEPTEMBER 28, 2020 / THE NORTHERN MINER

GLOBAL GOLD W

W . N OR TH ER N M I N ER . COM

GLOBAL GOLD SNAPSHOT SNAPSHOT: EIGHT PLAYERS TO WATCH BY MAGDA GARDNER

mgardner@canadianminingjournal.com

Gold prices have surged in recent months amid the uncertainty surrounding the Covid-19 pandemic and enormous monetary stimulus measures, and precious metals companies have seen their valuations benefit. Below, we provide an overview of eight industry players with exposure to gold. n CALDAS GOLD Caldas Gold (TSXV: CGC) holds the producing Marmato gold-silver project in Colombia, as well as the Juby project in Ontario, 15 km from Gowganda. The Marmato mining assets include an underground mine, with additional Deep zone mineralization below existing mine workings, and a 1,200-tonne-per-day processing plant. In July, Caldas released the results of a prefeasibility study on an expansion of Marmato, which defined a 14-year operation, producing an average of 165,40 oz. gold between 2024 and 2033, at all-in sustaining costs (AISCs) of US$872 per oz. over the life of mine. With an initial capital cost estimate of US$269.4 million, the after-tax net present value estimate stands at US$263.9 million, at a 5% discount rate. Over the past year, Caldas has updated its mine plan for the Upper portion of Marmato, to incorporate an expansion to 1,500-tonnes-perday, from 1,200 tonnes per day, over the next two years at a capital cost of $10.7 million. This is expected to grow production from the Upper mine to approximately 50,000 oz. per year by 2021. In the first half of the year, Marmato generated 9,752 oz. gold at AISCs of US$1,571 per ounce. In June, Caldas signed a nonbinding term sheet with Wheaton Precious Metals (TSX: WPM; NYSE: WPM), for total consideration of US$110 million, based on a precious metals purchase agreement. Proceeds would be used to fund an expansion of Marmato. Wheaton would purchase 6.5% of the gold output and 100% of the silver, until it has received 190,000 oz. gold and 2.15 million oz. silver. The stream would then drop to 3.25% of gold production and 50% of silver output over the life of mine. In July, Caldas closed a $50-mil-

An employee walks through the processing facilities at Caldas Gold’s Marmato gold-silver project in Colombia. CALDAS GOLD.

lion bought deal private placement of warrants. Each warrant allows the holder to receive a Caldas unit, which consists of one share and one warrant. Caldas Gold has a $186-million market capitalization. n CHESAPEAKE GOLD Chesapeake Gold (TSXV: CKG) holds the Metates project in Mexico’s Durango state, which, according to Chesapeake, is one of the world’s largest undeveloped goldsilver-zinc deposits. The 147-sq.-km Metates property hosts two zones of mineralization: the Main and North zones, with total mineral reserves of 1.1 billion tonnes grading 0.52 gram gold per tonne, 14.2 grams silver per tonne and 0.16% zinc (0.76 gram goldequivalent), host to a total of 18.3 million oz. gold, 501.6 million oz. silver and 4 billion lb. zinc. In 2013, Chesapeake published the results of a prefeasibility study on Metates, which suggest a 120,000-tonne-per-day open pit operation, producing a bulk sulphide concentrate, which would then be transported downhill for processing through a pipeline. The sulphides would then be oxidized in an autoclave circuit with the gold and silver recovered through cyanidation. Zinc would be extracted

from the pressure oxidation solution to generate ingots. By 2016, the company tabled an updated prefeasibility, featuring an initial 30,000-tonne-per-day mine, and ramping up to 90,000 tonnes per day within four to five years. According to Chesapeake, the expansion would be largely funded by cash flow from operations. The updated study outlines a 37-year operation, producing an average of 519,000 oz. gold, 9 million oz. silver and 83 million lb. zinc per year, during 25 years of active mining. With an initial capital cost of US$1.9 billion, and based on US$1,350 per oz. gold, US$20 per oz. silver and US$1 per lb. zinc, and AISCs of US$662 per gold oz., the after-tax net present value estimate stands at US$1.9 billion, at a 5% discount rate. Chesapeake’s holdings in Mexico also include the Nicole, San Javier, Yarely and El Paso properties. In the U.S., Chesapeake holds a 75% interest in the Talapoosa project in Nevada, 45 km east of Reno, through a 75% stake in Gunpoint Exploration (TSXV: GUN), the property owner. In August, Chesapeake closed a US$20-million private placement to fund metallurgical test work on Metates, as well as for regional exploration.

Gold, Copper, Cobalt Exploration and Development in the Yukon and New Brunswick

Golden Culvert Project, Yukon Territory Discovery Outcrop: 22.8 g/t Au

• Leveraged across precious and battery metals projects in safe jurisdictions • Strong technical management team – successful track record of mine development and operations – more than just an exploration company • Fully funded – no debt • Currently drilling www.stratabound.com CONTACT:

info@stratabound.com

TSX-V: SB OTCPK-US: SBMIF

Chesapeake Gold has a $359-million market capitalization. n ENDURO METALS Enduro Metals (TSXV: ENDR) is focused on advancing the Newmont Lake project in the centre of British Columbia’s Golden Triangle. The wholly owned portion of Newmont Lake covers 182 square kilometres. Last year, Enduro finalized an option agreement with Romios Gold Resources (TSXV: RG) to acquire a 100% interest in a further 436 sq. km, for a total land package of 618 square kilometres. The option agreement includes $8 million in exploration spending (completed this spring), as well as $2 million in cash payments (of which $1 million is still payable by February 2022) and the issue of 12 million shares (8 million are still due by February 2022). Newmont Lake is made up of four areas, classified according to their geological potential. Ground around the 20-km long McLymont fault is prospective for gold, copper and silver, with several highgrade gold occurrences. The Cuba area hosts potential for silver, gold, zinc, lead and copper mineralization associated with the McGillivray Fault, which extends over 30 kilometres. The Chachi Corridor portion of Newmont Lake features a multi-element hydrothermal system associated with the McGillivray Fault, which is also over 30 km long. Lastly, the Burgundy trend area features an alkalic copper-gold porphyry system. Known gold zones at the 70-sq.km McLymont area include NW Extension, Goldfish and Apple. In September 2019, Enduro released assays of a discovery hole, which hit the interpreted extension of the historic NW zone, dubbed the NE Extension area. The hole returned 188 metres of 1.1 grams gold, 1.15 grams silver and 0.09% copper starting at 67 metres. The company identified three styles of gold mineralization in the drill hole: skarn, epithermal, and porphyry, which refined its geological interpretation of the area as a high-grade, nearsurface gold skarn deposit, with the gold transported in epithermal

feeder veins with a hypothetical porphyry source at depth. In July, Enduro also released assay results for a drill hole completed by Romios into the NW zone, which returned 144 metres of 3.18 grams gold and 3.66 grams silver starting at a depth of 10 metres. Ongoing modelling around the McLymont Fault has defined additional gold targets, with potential for a high-grade gold deposit along the 1,500-metre horizon extending from the NW Zone and NE Extension areas through to the Goldfish zone. In August, the company closed an $11.18-million private placement and started a 6,000-metre diamond drill program along the McLymont Fault. Enduro Metals has a $52.3-million market capitalization. n GOLDEN ARROW RESOURCES Golden Arrow Resources (TSXV: GRG) is focused on identifying and advancing mineral discoveries in South America. The company aims to sell these properties for cash, or cash and a production royalty. The explorer is part of the Grosso group of companies, whose management has been active in the Argentinean exploration space since 1993. Amongst its 1,800 sq. km of wholly owned ground in Argentina, Golden Arrow’s focus is on the road-accessible 140-sq.-km Flecha del Oro epithermal gold project in Rio Negro province, 22 km from the town of Los Menucos. The site includes 120 sq. km of mineral rights, and lies within the Somuncara Massif, an area with known epithermal gold mineralization. Golden Arrow’s due diligence chip sampling on the property returned 5 metres of 13.1 grams gold and 0.2 metre of 11.2 grams gold from two parallel veins within the Esperanza target. The veins are located 600 metres apart. In June, Golden Arrow announced mapping and sampling results from Flecha del Oro. A high-grade gold target from the Esperanza area returned up to 24.4 grams gold and 13.6 grams silver

G LOBAL M I N I N G

GLOBAL GOLD

N EW S

from a float boulder sample and 5.23 grams gold and 32.3 grams silver over 0.3 metre from a vein chip sample. In August, the company started a 500-metre diamond drill program at the Tierra Dorada project in Paraguay, which covers 640 square kilometres. The work will be focused on the Alvaro target, where prior surface and trench sampling returned high-grade gold. Results include up to 47.4 grams gold from boulder and vein samples and 89.5 grams gold and 61 grams silver over 0.9 metre from a trench. In July, Golden Arrow acquired, through staking, the Rosales copper project in Chile. The 14.5-sq.-km, road-accessible site includes a number of target areas with near-surface copper stockwork mineralization. Golden Arrow previously advanced the Chinchillas project in Argentina, and, by May 2017, formed the Puna operations joint venture (which combined Chinchillas with the Pirquitas operation) with SSR Mining (TSX: SSRM; NASDAQ: SSRM), in which Golden Arrow held a 25% stake. The junior ultimately sold its share in the joint venture to SSR Mining in September 2019 for $3 million in cash and 1.2 million shares of SSR. Golden Arrow Resources has a $23.2-million market capitalization. n LION ONE METALS Lion One Metals (TSXV: LIO) is working to develop a starter gold operation at the wholly owned Tuvatu project in Fiji, 24 km northeast of the town of Nadi. The Tuvatu project is on the Viti Levu island and hosts a 7-km diameter alkaline gold system. The existing Tuvatu deposit lies within a 3.9-sq.-km special mining lease, while the larger project area is covered by 136 sq. km of special prospecting licenses. In 2015, Lion One secured a 10-year renewable mining lease, which allows for development, mining and processing within the lease area. Lion One is evaluating potential pilot plant and starter gold mine configurations. Bulk earthworks are nearly complete. Mineral resources at Tuvatu consist of 1.1 million indicated tonnes, at 8.17 grams gold per tonne, containing 294,000 oz. gold, with an additional 1.3 million tonnes, at 10.6 grams gold per tonne, for a further 445,000 oz. gold. There are a total of 30 gold anomalies, returning over 5 grams gold, identified over 7 km of strike at the project. Lion One’s interpretation of the alkaline gold model suggests multimillion-ounce potential. Lion One acquired Tuvatu in 2011. Over 100,000 meters have been drilled at the site to date, which also features 1,600 metres of underground development. A preliminary economic assessment (PEA) completed in 2015 outlines a 7.4-year underground operation, producing an average of 57,320 oz. gold per year, at AISCs of US$779 per ounce. With an initial capital outlay of US$48.6 milion, and a 15-month preproduction period, the after-tax net present value estimate stands at US$86.5 million, at a 5% discount rate, and based on a US$1,200 per oz. gold price. In August, the company reported diamond drill results from Tuvatu. The mineralization, according to Lion One, “displays characteristics typical of feeder style mineralization in alkaline gold systems.” The drill hole returned 2 metres of 35.28 grams gold starting at 558 metres, as well as 13 metres of 46.14 grams gold from 571 metres. The hole was drilled down to a depth of 641 metres. Lion One also announced highgrade gold mineralization from a wedge hole, drilled to a depth of 709 metres, which returned 3 metres of 70 grams gold, and an additional wedge hole is now underway. These

THE NORTHERN MINER / SEPTEMBER 14–SEPTEMBER 28, 2020

Stratabound Minerals president and CEO R. Kim Tyler at the Golden Culvert project in the Yukon. STRATABOUND MINERALS

ment in Rupert, for a 9.9% initial stake. The gold producer may increase its share in Rupert to 15% by investing an additional $11.5 million in the explorer. Rupert also holds the Hirsikangas and Osikonmaki gold deposits in central Finland, as well as the Gold Centre property within Red Lake’s Cochenour-Dickenson deformation zone and the pastproducing Surf Inlet gold-silvercopper project in northern British Columbia. Rupert Resources has a $516.2million market capitalization.

Lion One Metals geological staff in front of the entrance to underground workings at the Tuvatu gold project in Fiji. LION ONE METALS.

intercepts are aimed at high-grade lode, as Lion One works to establish its orientation. In August, the company raised $39.8-million through a bought deal and concurrent private placement. Lion One Metals has a $267.2-million market capitalization. n RUPERT RESOURCES Rupert Resources (TSXV: RUP) is an exploration company targeting large, high-potential return deposits in Finland, Ontario’s Red Lake district and British Columbia. In Finland, Rupert’s flagship property is the 325-sq.-km Pahtavaara project, within the Central Lapland greenstone belt. The site was first discovered in 1986. Since then, over 300,000 metres of drilling has been completed on the 4-sq.-km mining license within Pahtavaara, and 450,000 oz. gold has been mined. Rupert acquired the project in 2016. The site features a 20-km-long prospective structural corridor, with a 2018 resource estimate of 4.6 million inferred tonnes at 3.2 grams gold per tonne, for a total of 474,000 oz. gold. The past-producing site hosts a 500,000-tonne-per-year permitted mill, in addition to 35 km of underground development with

ramp access and is permitted for a potential tailings facility. Additional exploration targets at the site include the Ikkari, Hirvi, Heina C and Saitta zones. Over the last year, Rupert has discovered six new areas of gold mineralization within the Area 1 licence package at Pahtavaara. These include the Heina zones, as well as Island, Saitta and Ikkari. In August, Rupert reported drill results from Ikkari, with highlight intercepts of 31 metres of 2.1 grams gold from 53 metres downhole, as well as 71 metres of 2 grams gold from surface and 131 metres of 1.2 grams gold from 166 metres downhole. Ikkari remains open. June’s drill highlights from the Heina South area include 10 metres of 5.2 grams gold starting at 39 metres and 12 metres of 2.2 grams gold from 83 metres downhole. Heina South mineralization has been defined over at least 400 metres of strike and widths of up to 20 metres. In July, Rupert raised $25.6-million through equity financings for ongoing exploration work in Finland. In February, Agnico Eagle Mines (TSX: AEM; NYSE: AEM) announced a $13.1-million invest-

n STRATABOUND MINERALS Stratabound Minerals (TSXV: SB) is focused on its 84 sq. km Golden Culvert project within the Hyland gold belt in the Yukon. Golden Culvert features a 24 km long mineralized trend. Soil sampling has identified a 3 km long, 250-metre-wide anomaly, with gold grades in excess of 30 parts per billion. Last year’s trenching at the site returned a 5-metre long interval of 24.41 grams gold per tonne and discovered four new gold-bearing veins, for a total of six to date, within a 130-metre wide corridor. Golden Culvert covers 24 km of strike, with 7.1 km of unexplored strike length between two of last year’s discoveries. Stratabound has the option to acquire a 100% interest in Golden Culvert by making $1.72 million in payments over five years and spending $700,000 on exploration. The latter requirement has been met. In New Brunswick, the company holds the McIntyre Brook gold project, 85 km west of Bathurst. Its exploration model for the property is based on an iron oxide-coppergold (IOCG) deposit. McIntyre Brook covers 12 km of strike, with four known gold occurrences. February’s drill results from the property include 16 metres of 0.84 gram gold from 65 metres, as well as 20 metres of 1.2 grams gold starting at a depth of 57 metres. Stratabound may earn a 100% interest in this property. Also in New Brunswick, Stratabound holds a 100% interest in the Captain copper-cobalt deposit, in the Bathurst mining camp. Measured and indicated resources total 1 million tonnes grading 1.03% copper, 0.2 gram gold and 0.051% cobalt, with additional inferred resources of 960,000 tonnes at 0.64% copper, 0.12 gram gold and 0.039% cobalt. In August, the company closed the first $1.19-million tranche of a

non-brokered private placement, raising up to $5 million. Following the first portion of the financing, Stratabound announced that it started diamond drilling at Golden Culvert. The work is intended to infill known mineralization ahead of an initial resource estimate and extend the zones on strike and at depth. Stratabound Minerals has a $9.3-million market capitalization. n VICTORIA GOLD Victoria Gold (TSX: VCGX; USOTC: VITFF) holds the Eagle gold mine, which achieved commercial production on July 1. Eagle lies within the 555-sq.-km Dublin Gulch property in central Yukon, 375 km north of Whitehorse, and is made up of the Eagle and Olive gold deposits. In the second half of the year, the open-pit, heap leach operation is expected to generate 85,000-100,000 oz. gold at AISCs of US$950-$1,100 per ounce. Upcoming quarterly results are expected to reflect the ramp-up, with costs gradually decreasing by the fourth quarter into 2021. In the first half of 2020, Eagle generated 38,896 oz. gold. Based on a technical report released last December, the Eagle mine is expected to produce an average of 210,000 oz. gold per year at AISCs of US$774 per oz. over a mine life in excess of 10 years. Reserves across Eagle and Olive total 155 million tonnes grading 0.65 gram gold per tonne for a total of 3.3 million ounces. Diamond drill results released in August doubled the strike length of the Raven target to over 450 metres. Raven lies within the Potato Hills trend, which cuts across the Dublin Gulch property. Drill highlights include 200 metres of 0.43 gram gold from 2 metres downhole; and 241 metres of 0.42 gram gold from a depth of 10 metres. This year’s $6-million exploration budget for Dublin Gulch is expected to cover 14,000 metres of diamond drilling, 10,000 soil samples, over 7,500 metres of trenching and over 8 km of access trails. This work is allocated towards the Raven, Nugget and Lynx targets. In May, Victoria closed a $23-million equity offering, which has enabled the company to establish a Covid-19 reserve fund. Orion Mine Finance holds approximately 42.2% of the company’s shares, followed by Sun Valley Gold with a 10% stake. Victoria Gold has a $1.2-billion market capitalization. TNM

SEPTEMBER 14–SEPTEMBER 28, 2020 / THE NORTHERN MINER

GOLD From 9

sions and grades of 5-7% copper. “Of the seven, two of those, one in Canada and one in Brazil, already have resources, with some in the indicated category,” he said. “Our long-term objective is to advance at least one of these seven, and it does look like Monument Bay in Canada and Lavra Velha in Brazil are the two top contenders, to a mineral inventory in the range of 1.5 million ounces, making it large enough to support a mine that can produce around 150,000 ounces of gold a year.” Saywell asked about a transaction the company executed earlier this year within its portfolio of royalties, noting that instead of selling them all off, Yamana formed a spin-off company called Nomad Royalty, and took a 13% stake in the company. “Selling royalties for cash means that you’re selling them at one times their net asset value,” Marrone said. “So, instead, we thought, why don’t we support the sponsorship of a new royalty company — we will then vendin these assets to the new company. We took $10 million in cash upfront, a deferred consideration for another $10 million in stock, and the balance,

W . N OR TH ER N M I N ER . COM

allowed just its hyper-local employees to drive into site, then expanded to include staff who worked in the wider region, and finally made the big step to bring back the roughly 30% of its workforce that flies in. Knowing that it was taking an increasing amount of risk to use the summer to work on its capital projects, New Gold was the first Ontario company to implement Precision Biomonitoring’s real-time PCR testing. The machine analyzes swabs in tubes with freeze-dried reagents that don’t require refrigeration and can be run by a smartphone app. Employees can get their results within two hours. “Before the introduction of rapid testing, Rainy River was a case-free mine. It’s not like the protocols in place are not working, in the sense that yes we have very strict screen-

ing … and you would try to catch any possibility of a person that has any signs or symptoms,” said CEO Renaud Adams. “But what about asymptomatic cases? The opportunity here is really to be able to catch those cases and isolate [them] before you have contamination.” Testing is voluntary, but Adams says many employees have chosen to do it. Employees wait for their results before returning to work, but aren’t fully isolated. The company hopes to eventually bring the PCR tests to its New Afton mine in British Columbia, which has a completely local workforce. Since introducing on-site testing on May 10, Rio Tinto (NYSE: RIO; LSE: RIO) has conducted more than 8,000 tests at its joint-venture Diavik mine, which includes processed swabs

from De Beers’ Gahcho Kue and Snap Lake mines. Diavik has a GuardRX mobile lab with three lab staff, one nurse who’s the mine’s Covid-19 medical lead and two physician assistants. When employees arrive on site they’re tested and wear face masks at all times — unless they’re in their rooms, eating, drinking or smoking — until the lab processes all samples. “The health and safety of our employees is our number one priority. The successful Covid-19 testing program is helping to protect our people and communities, and ensure we can continue operations at Diavik in a safe and responsible manner,” said Diavik president and chief operating officer Richard Storrie in an email to The Northern Miner. While Diavik moved its employees to four-week shifts during the

pandemic, it switched to three-week rotations in late August “in order to better support employee wellbeing and maintain a safe and productive workplace,” Winter Bailey, Diavik’s manager of communities and communications, said in an email. It’s one thing to test employees — but what happens if one tests positive? Diavik was faced with this reality in July, when it reported a presumptive positive case on site. Rio Tinto isolated the worker and his close on-site contacts, and informed Northwest Territories Public Health immediately. The mine’s medical staff worked with NTPH on contact tracing. In midAugust the territory’s Department of Health and Social Services completed its investigation, crediting the mine’s “rigorous controls, effective testing and cooperation” with its finding that there was no indication of heightened risk due to the case. While Rainy River hasn’t yet had a positive test, Adams said the company would treat it as presumptive rather than confirmed and forward the case to the Northwestern Health Unit for further analysis and potentially contact-tracing. To date, just two of Agnico’s roughly 6,000 tests have come back positive, but both were off-site, Plante said. If a Meliadine-bound employee were to test positive, the company would use the on-site lab to conduct another test while keeping them isolated in their accommodations. Nunavut Public Health would take over responsibility for contact tracing. To date, privately held Baffinland’s medical staff have tested 7,500 employees, and have had three presumptive positive cases that were later considered indeterminate and not contagious, but were all connected to the same social event in another province. If an employee were to test positive, the company has zones of its site that are set up for isolation and contamination-management. It also trained staff in contact tracing, following protocols established by Nunavut Public Health and the Public Health Agency of Canada. “It’s not just us [doing contact tracing] but it would pretty much have to be us at the very start because these people were on site. … We’re the best people to interview them and ask questions and run that to the ground as opposed to having another agency do it,” Sewell said. Adams says on-site testing has huge potential for the mining industry. “With introducing rapid testing as a screening tool for this business, I think there’s a great opportunity to make a significant difference in [the fight against the virus].” TNM

roughly $45 million in value, we took in stock.” “The idea was that we are better off seeing to the success of this company and have its stock traded at multiples of its net asset value rather than selling that portfolio of assets for cash at the net present value at the time,” he added. The strategy has proven to be a success with the $45 million in stock now trading at around $65 million. Saywell then concluded the conversation by asking Marrone about the gold price, noting that he had written in a blog earlier this year that gold has much runway left. “When I wrote that several months ago, gold was trading at US$1,650 per ounce and so the thesis has so far proved to be true, with gold trading today at over US$2,000 per ounce,” Marrone said. “While we’ve seen a US$300 per ounce movement in the gold price since that time, I still feel that the fundamentals that existed at the time that I wrote that blog continue to be true today.” Monetary and fiscal policies, he said, will continue to fuel the gold price, which he believes will go a lot higher. TNM

GMS 2020 From 10

“One of the biggest drivers in the large capitalized companies is the huge volumes that have been traded over the last couple of weeks,” Stoeferle said. “Most of the mining stocks look fantastic.” The market capitalization of all miners is US$550 billion, which is a little over one-quarter of Apple’s market capitalization, he noted. As generalists enter the market, they see that the mining space has a lot of momentum, with mining companies offering the best absolute and relative returns compared with other industries, he added. “For example, Newmont (TSX: NGT; NYSE: NEM) returned US$2 billion to shareholders through dividends and share buybacks since 2019,” he said. “Kirkland Lake Gold (TSX: KL; NYSE: KL) said they were returning US$600 per ounce of gold that they produce through share repurchases and dividends.” These companies, he added, have barely engaged in share-dilution over the past few months. In aggregate, he noted, the top 50 gold and silver miners by market capitalization only issued US$266 million in equity over the last 12 months, which is the second-lowest

amount of 12-month equity issuances in the previous three decades. He added that the companies have also paid down US$200 million in debt in the last quarter. “These are all very encouraging developments,” Stoeferle said. Returning to the subject of Warren Buffet, he felt that this should not be overemphasized as his investment in Barrick was less than 0.2% of Berkshire Hathaway’s equity capital. “It’s also important to note that Buffett didn’t buy gold, he bought a gold miner, and there’s a big difference,” he continued. “And last week, the Ohio Fire Pension Fund announced a 5% allocation in gold.” “These are all signs that gold is becoming mainstream and is being reconsidered as an important part of the institutional portfolios,” he said. Hiyate then concluded the conversation by asking Stoeferle to comment on silver’s potential in the future. “When we published the report at the end of May, we said silver ‘is unloved, is unwanted, and is mocked’, but for a prudent or contrarian investor, now has never been a better time to invest in silver,” he said. There has been a lot of momentum in silver and it is “basically gold on steroids.” TNM

SAFETY From 3

d’Or and then north to its Meliadine mine, the company had employees boarding from multiple locations, which could heighten the risk of viral transmission both in the Abitibi and Nunavut. After sending home its Nunavut workforce and temporarily shutting down its Nunavut and Quebec operations in March, the company ramped up operations with stringent screening processes, prevented any employees with underlying health conditions from coming to site and changed its Meliadine shift rotation to a 28-day schedule. In April, Agnico introduced a GuardRX mobile test lab at Meliadine, in collaboration with Laval University professor Gary Kobinger, the founder of GuardRX and a renowned infectious disease expert who was involved in the Ebola vaccine. “We knew testing would be a game-changer, with regards to safety,” said Martin Plante, vice-president for Nunavut at Agnico. The lab was a pilot to determine whether the logistics and testing reliability made sense for the company. In June, after gaining confidence in the process, Agnico implemented a second unit in Val-d’Or and returned to a 14-day shift schedule. Today, employees that board in Montreal are tested at Mirabel airport, and those boarding in Val-d’Or are tested there. All samples are sent to the Val-d’Or lab, which analyzes the samples while the flight is on its way to Nunavut. When staff arrive at Meliadine, they immediately go to their accommodations and stay isolated until the company has confirmation the entire flight tested negative, which is usually within a few hours. “Obviously people can refuse to be tested if they don’t want to do it,” said Plante. “But at the end of the day our main goal is to protect the safety of our people and the surrounding communities, so [anyone who refused] would not be allowed on the plane.” The Val-d’Or unit is now the company’s main lab, and also processes tests for staff at its Laronde and Goldex mines. “Having the lab in Vald’Or increased the potential for all our operations to do testing,” Plante said. “The context is quite different, because in Abitibi people are returning home every night, as opposed to Nunavut where everyone is in the same area and not in contact with [the broader community].” New Gold (TSX: NGD; NYSEAM: NGD) made a similar calculation when it began restarting its Rainy River mine in northern Ontario after a two-week shutdown. First, it

Rapid Covid-19 screening at Perth Airport in Australia. RIO TINTO.

expansion,” he explained. “We must not forget that we’ve already seen massive asset price inflation over the last couple of years, such as in the real estate, equity and bond markets.” Inflation will become a significant concern for financial markets over the next few years, he added. Hiyate noted that this year’s In Gold We Trust report predicts a price of US$4,800 per oz. by the end of the decade. “It sounds like a pretty high estimate,” Stoeferle said. “I’m not an economist, and so I don’t work with complex economic models. The problem with these models, however, is that they don’t work in stressed situations.” He added that by using a prediction model based on monetary growth and the backing of gold by the U.S. dollar, they came up with a gold price of US$4,800 per oz. by the end of this decade based on a compound annual growth rate of 10.1% until 2030. Hiyate said that one of the significant drivers of gold prices was institutional demand, noting that Warren Buffett, who has never been a fan of gold, made a recent investment in Barrick Gold (TSX: ABX; NYSE: GOLD).

G LOBAL M I N I N G

N EW S

THE NORTHERN MINER / SEPTEMBER 14–SEPTEMBER 28, 2020

PROFESSIONAL DIRECTORY ASSAYERS

C.F. Mineral Research Ltd. INDEPENDENT SPECIALISTS IN HEAVY MINERAL GEOCHEMISTRY

Diamond Indicator Heavy Minerals Extraction • Precious and Base Metals Extraction • Electron Microprobe Precision Analyses • Diamond Indicator and Mineral Classification • Microdiamond Recovery and Characterisation • High Quality / Low Cost / Quick Turnaround

1677 Powick Road Kelowna, B.C. Canada V1X 4L1

•

TEL: 250-860-8525 FAX: 250-862-9435

INSTRUMENTATION

GEOPHYSICS

— SERVING THE EXPLORATION SECTOR WORLDWIDE SINCE 1977 —

Crone Geophysics

Highest Precision Magnetometers in the World

Worldwide 3D Pulse-EM TDEM, 3D E-SCAN IP/Resistivity Surveys www.cronegeophysics.com

(905) 814-0100

3D Pulse-EM (Time-Domain EM) Borehole and Surface Surveys Coil, Fluxgate or SQUID Sensors High Power, Low noise Step Response

3D E-SCAN (IP/DC Res) Mapping Recon3D , Target3D , HiRes3D Any Topography, any Scale Immediate QC, daily Results Deep, Efficient, Safe

Offering the industry leading precision, absolute accuracy and sensitivity for Optically Pumped Potassium, Overhauser and Proton Precession Magnetometers/Gradiometers with new add-on or standalone VLF-EM systems for resistivity depth sections.

UAV - Airborne – Ground Solutions Visit the website or call for a QUOTE today

Leading the World of Magnetics since 1980

DRONEMag™

www.gemsystems.ca

CONSULTING

• info@gemsystems.ca • Tel: +1.905.752.2202 • +1.888.635.1829

Sales and Rentals:

1,800+ CLIENTS 8,000+ PROJECTS 30+ YEARS EXPERIENCE Evaluate

Develop

Improve

Transform

amcconsultants.com

GEOLOGY | MINING ENGINEERING | GEOTECHNICAL | CONSULTING SERVICES

TERRAPLUS INC. 120 W. Beaver Creek Rd., Unit 15 Richmond Hill, ON, Canada L4B 1L2

GEOLOGICAL & MINING CONSULTANTS

Tel: Fax: E-mail: Website:

• French • English • Spanish • Arabic

(905) 764-5505 (905) 764-8093 sales@terraplus.ca www.terraplus.ca

Magnetometers/VLF Magnetic Susceptibility Conductivity Full Wave 2D/3D IP Borehole Logging TDEM and HLEM Gamma-Ray Spectrometers Infrared Spectrometers Resistivity (ERT) GPR Seismic

418-653-9559

www.goldmindsgeoservices.com

905.477.2800 | info@terraquest.ca terraquest.ca

FIXED WING AND HELICOPTER

REMOTE SITE SERVICES

Gradient Magnetics | Matrix Digital VLF-EM | Radiometrics | GT2A Gravity

Integrity, Competence and Independence www.micon-international.com Toronto

Vancouver

Norwich

Premier Canadian remote site service provider since 1945

International Exploration & Mining Consultants Project generation, design, management Independent reporting|Geophysics|GIS

www.mphconsulting.com +1.416.365.0930

HEALTH & SAFETY

Same Team. Same Proven Advice. Expanded Rock Solid Services.

Mining Health, Safety, Security & Emergency Response Preparedness E Info@memhse.com W www.memsafetytraining.com

1 416 947 0907

HSE gap analysis, incident root cause support & emergency response readiness.

To reserve space contact: Joe Crofts: 416-510-6816 Toll free North America: 1-888-502-3456 (ext. 43729) jcrofts@northernminer.com

Since 1962

Call (416) 364-6244

wgm.ca

Geological and Mining Consultants

Geological and Mining Consultants I Since 1962

Published by:

Nobody knows Canada like Domco.. over 70 Years of Canadian experience

www.domcofoodservices.com Toronto: (416) 449-7333 Vancouver: 604-692-2870 Montreal: 450-813-9229 Yellowknife: 867-766-4222 Sept-Iles: 418-962-2327

Learn more at www.rpacan.com | www.slrconsulting.com

Trusted Advisors to the Global Mineral Resource Industry

• Canadian remote site service providers since 1945. • Camp management, on site catering, hotel style housekeeping, janitorial and groundskeeping. • Indigenous partnerships – Community Benefits • Excellent site safety record. • Skills Training Programs

Fax: 416-447-7658

SURVEYORS & CORE SYSTEMS JEAN-LUC CORRIVEAU, Q.L.S., CLS LAND & MINING SURVEYORS – 3D SCANNING

GYRO (Shaft plumbing), underground control, photogrammetric mapping (Airborne Lidar & photos by drone), borehole & bathymetric surveys Scanning of flooded cavities by sonar • Surface and underground inspections by drone

1085, 3rd Avenue West, Val-d’Or (Quebec) J9P 1T5 • Tel: (819) 825-3702 Fax: (819) 825-2863 • E-mail: bureau@corriveaujl.com • www.corriveaujl.com

MAKE SENSE OF THE MINING INDUSTRY Trusted Advisors to the Global Mineral Resource Industry

Mining Explained is a 164-page reference manual (written in layman’s language) that includes the following chapters: Basic Geology • Ore Deposits • High-Tech Prospecting Sampling & Drilling • Mining Methods • Processing Ore • Mining & the Environment • The Mining Team • The Business of Mining • Feasibility: Does it Pay? • Metal Markets • Making Sense of the Numbers • Investing in Mining • Glossary of Mining Terms

Now Available in Spanish

Order Your Copy Today!

Call 1-888-502-3456 or email info@northernminer.com

SEPTEMBER 14–SEPTEMBER 28, 2020 / THE NORTHERN MINER

W . N OR TH ER N M I N ER . COM

M A R K E T N EWS TORONTO STOCK EXCHANGE / AUGUST 31- SEPTEMBER 4 The S&P/TSX Composite Index fell 2.92% to 16,218.01 during the Aug. 31-Sept. 4 trading week. The S&P/TSX Global Base Metals index dropped 0.66% to 104.84, and the S&P/TSX Global Gold Index lost 2.44% to 373.07. Spot gold fell US$29.50 per oz., or 1.5%, to finish at US$1,934.80 per ounce. PolyMet Mining’s shares posted the largest gain after a district court in Minnesota found that the water permit for its NorthMet project was issued with proper procedures. PolyMet’s shares climbed US$1.32 to US$5.53. “We are pleased with the district court’s ruling and look forward to defending the challenge to the water permit currently pending in the court of appeals,” Jon Cherry, the company’s chairman, president and chief executive, said in a Sept. 3 press release. “We remain confident the water quality permit meets all applicable standards and will ultimately be upheld by the courts.” The NorthMet copper-nickel-palladium project also contains marketable reserves of cobalt, platinum and gold, and is located in northwestern Minnesota’s Mesabi iron range. Shares of Teck Resources rose 65¢ to $17.95. The company announced in August that it had signed a non-binding term sheet reflecting an agreement in principle with Westshore Terminals Ltd. Partnership on proposed terms

for the shipment of steelmaking coal after the current contract expires on March 31, 2021. The proposed agreement would provide for the shipment of between five and seven million tonnes annually at fixed loading charges. The five to seven million tonne range will apply for the nine months from April-December 2021 and for each 12-month period (January-December) in subsequent years. Under the agreement, Teck will ship a total of 32.25 million tonnes. Skeena Resources’ shares advanced 63¢ to $3.28. The company released drill results from its Eskay Creek project in British Columbia’s Golden Triangle and said the addition of two more rigs in September will bring its rig count up to eight. Highlights from the assays included 34 metres grading 5.93 grams gold per tonne and 40 grams silver per tonne (6.46 TSX MOST ACTIVE ISSUES VOLUME (000s) HIGH

Suncor Energy Barrick Gold Kinross Gold B2Gold Corp Nevada Copper First Quantum Yamana Gold Nthn Dynasty New Gold Teck Res

SU 70355 ABX 25936 K 24066 BTO 18448 NCU 15962 FM 14710 YRI 14579 NDM 12458 NGD 12270 TECK.B 11791

21.85 39.49 11.88 8.92 0.14 13.65 8.28 1.59 2.42 15.71

WEEK LOW CLOSE CHANGE

20.02 36.89 10.89 8.18 0.12 12.36 7.60 1.19 2.08 14.64

20.24 - 1.52 37.90 - 0.36 11.27 - 0.38 8.42 - 0.29 0.12 - 0.02 12.93 - 0.14 7.84 - 0.16 1.33 + 0.15 2.40 + 0.29 15.35 - 0.07

grams gold-equivalent per tonne); 35 metres of 21.90 grams gold and 235 grams silver (25.03 grams gold-equivalent); and 37 metres of 6.52 grams gold and 24 grams silver (6.84 grams gold-equivalent). SilverCrest Metals climbed 53¢ to $12.74 per share. The company announced the US$1.6 million acquisition of the El Picacho property, 40 km northeast of its Las Chispas project in Mexico’s Sonora state. SilverCrest plans to

start exploration on the 71-sq.-km property before year-end. According to the company, there are over 3 km of near-surface underground workings on the El Picacho vein that are mostly accessible by a 4-metre by 4-metre underground decline. Historic grades and recent sampling results from the vein have ranged from 350-1,000 grams per tonne silver-equivalent. Previous explorers over the last thirty years include Yamana Gold in 2012. TNM TSX GREATEST VALUE CHANGE

TSX GREATEST PERCENTAGE CHANGE VOLUME (000s) HIGH

Titan Mining Orosur Mng Xanadu Mines Cardinal Res PolyMet Mng Potash Ridge Condor Gold Skeena Res Sulliden Mng Anglo Pac Grp Silver Bear Rs Silver Bull Re Nickel Creek Century Global Tanzanian Gold General Moly UEX Corp OceanaGold Nevada Copper Troilus Gold

TI OMI XAM CDV POM SOP COG SKE SMC APY SBR SVB NCP CNT TNX GMO UEX OGC NCU TLG

2099 2323 663 4419 774 7711 13 2312 507 1 767 1327 2936 79 193 72 1855 8618 15962 2294

0.70 0.14 0.06 0.91 8.30 0.05 1.23 3.29 0.08 2.54 0.20 0.16 0.15 0.19 1.15 0.21 0.19 3.10 0.14 1.82

VOLUME (000s)

WEEK LOW CLOSE CHANGE

0.30 0.07 0.04 0.68 3.51 0.04 0.96 2.66 0.07 0.00 0.14 0.13 0.09 0.10 0.95 0.15 0.17 2.64 0.12 1.37

0.59 0.12 0.06 0.91 5.53 0.05 1.20 3.28 0.08 2.54 0.14 0.13 0.11 0.16 0.98 0.16 0.17 2.69 0.12 1.46

+ 100.0 + 64.3 + 37.5 + 32.8 + 31.4 + 28.6 + 25.0 + 23.8 + 23.1 + 19.8 - 26.3 - 18.8 - 18.5 - 16.2 - 15.5 - 13.5 - 13.2 - 11.8 - 11.5 - 11.5

PolyMet Mng NovaGold Res Aura Minerals Teck Res Skeena Res SilverCrest Nutrien Anglo Pac Grp Ivanhoe Mines Gran Colombia Franco-Nevada Agnico Eagle Kirkland Lake Wheaton Prec M Newmont Corp Pan Am Silver Suncor Energy Equinox Gold MAG Silver Nexa Resources

POM NG ORA TECK.A SKE SIL NTR APY IVN GCM FNV AEM KL WPM NGT PAAS SU EQX MAG NEXA

774 3565 100 5 2312 2771 7157 1 8286 2147 2000 3598 4949 4805 507 2596 70355 6752 907 6

WEEK CLOSE

5.53 13.94 16.28 17.95 3.28 12.74 49.21 2.54 5.51 6.05 190.11 102.87 67.45 67.40 85.21 45.01 20.24 15.65 20.58 9.55

CHANGE

+ + + + + + + + + + -

1.32 1.11 0.78 0.65 0.63 0.53 0.46 0.42 0.41 0.35 5.46 4.57 2.57 2.07 1.94 1.80 1.52 1.33 1.20 1.16

TSX VENTURE EXCHANGE / AUGUST 31- SEPTEMBER 4 The S&P/TSX Venture Exchange was down 1.56% to 733.69. Spot gold fell 1.5%, or US$29.50 per oz., finishing the week at US$1,934.80 per ounce. Shares of Cornerstone Capital jumped $1.24 to $5.35. The company reported that drilling at its Miocene project, which was scheduled to start in February and March but was suspended due to Covid-19, will restart between December 2020 and April 2021. The Miocene copper-gold project is under a farmin agreement with Newcrest International, a subsidiary of Newcrest Mining. Cornerstone and Newcrest are targeting epithermal goldsilver and porphyry deposits along an interpreted northern extension of the Maricunga magmatic belt. Cornerstone has a portfolio of projects in Chile and Ecuador, including the Cascabel joint-venture with SolGold in northwestern Ecuador. Integra Resources rose 34¢ to $4.97 per share. The company recently announced that it had signed a memorandum of understanding with the U.S. Bureau of Land Management to facilitate the hiring of a dedicated mineral specialist in the agency’s Marsing office in Idaho who will oversee future permitting work for the company’s DeLamar gold-silver project, 160

km from Boise. Permitting activities are well underway. In addition, the company has started an exploration program at the project, with two drill rigs testing the high-grade potential below the Florida Mountain deposit. A third rig has been added at the War Eagle Mountain deposit, 3 km southeast of Florida Mountain and 9 km east of DeLamar, to conduct followup drill testing on high-grade intercepts the company encountered last year. Essex Minerals advanced 32¢ to 68¢ per share. The company reported results from the first-ever drill program at its Cumberland gold-silver joint-venture project in Queensland, Australia, 70 km northwest of the former TSX-V MOST ACTIVE ISSUES VOLUME (000s) HIGH

Goldsource Min Nexus Gold Leeta Gold QMX Gold Silver Spruce BlueBird Batt Uragold Bay Rs TomaGold East Asia Mnls Altan Nevada

GXS NXS HIVE QMX SSE BATT HPQ LOT EAS ANE

25325 12676 12524 11007 9414 9115 8228 7575 7444 7300

0.16 0.12 0.51 0.26 0.12 0.18 0.57 0.09 0.21 0.03

WEEK LOW CLOSE CHANGE

0.14 0.08 0.39 0.21 0.07 0.13 0.39 0.06 0.12 0.02

0.15 0.09 0.43 0.23 0.08 0.15 0.45 0.07 0.18 0.02

+ + + + + +

0.04 0.03 0.01 0.02 0.01 0.03 0.04 0.02 0.05 0.01

Kidston gold mine. The highlight was a 6 metre intercept grading 18.8 grams gold per tonne and 160.6 grams silver per tonne starting from 140 metres downhole, including 2 metres of 63.6 grams gold and 462.7 grams silver. “To intersect high-grade gold and silver mineralization in the first drill hole on an early-stage project is a testimony to the quality of structural

interpretation and target generation exploration work undertaken over the past six years by our joint venture partner KNX Resources Ltd.,” Essex chief executive Paul Loudon said in a statement. KNX Resources is a private exploration company, and Essex has the option to earn and acquire up to 80% of the Cumberland property. TNM TSX-V GREATEST VALUE CHANGE

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

Goldcore Res Upper Canyon Archon Mineral Essex Minerals Intl Bethl Mng North Am Nickl Select Sands Lions Bay Cap Desert Mtn Egy Encanto Potash Crystal Peak Mega Copper Belmont Res Jade Leader Black Mammoth Vision Lithium Equitorial Ex Armor Min IEMR Res Rochester Res

GEM UCM.H ACS ESX IBC.H NAN SNS LBI DME EPO.H CPM MCU BEA JADE BMM VLI EXX A IRI RCT

332 8 9 1610 152 1797 1860 6140 2258 587 590 3 1503 207 37 250 780 11 57 119

0.13 0.50 0.27 0.68 0.04 0.20 0.03 0.05 1.87 0.09 0.04 0.14 0.08 0.12 0.10 0.05 0.02 0.74 0.02 0.08

VOLUME (000s)

WEEK LOW CLOSE CHANGE

0.03 0.00 0.11 0.35 0.02 0.12 0.02 0.03 1.17 0.00 0.02 0.14 0.05 0.08 0.08 0.00 0.01 0.00 0.01 0.05

0.12 0.50 0.27 0.68 0.04 0.20 0.03 0.05 1.58 0.06 0.02 0.14 0.05 0.08 0.10 0.04 0.01 0.60 0.01 0.05

+ 380.0 + 177.8 + 145.5 + 88.9 + 75.0 + 69.6 + 66.7 + 50.0 + 39.8 + 37.5 - 50.0 - 41.7 - 37.5 - 37.5 - 36.7 - 36.4 - 33.3 - 33.3 - 33.3 - 33.3

Cornerstone Ca Universal Vent Great Bear Res Chesapeake Gld HighGold Desert Mtn Egy Starr Peak Exp Integra Res Essex Minerals Upper Canyon Abitibi Royal Fosterville Confedertn Mls Teuton Res Armor Min Canada Nickel Sigma Lithium Blackrock Gold Aurania Res Till Capital

CGP MCLD GBR CKG HIGH DME STE ITR ESX UCM.H RZZ FSX TGM TUO A CNC SGMA BRC ARU TIL

WEEK CLOSE

212 5.35 290 3.22 502 17.00 385 6.74 2327 2.32 2258 1.58 1263 2.89 233 4.97 1610 0.68 8 0.50 14 21.00 1025 3.40 592 1.70 236 3.70 11 0.60 1351 1.80 40 2.22 2544 1.13 105 4.27 1 2.34

CHANGE

+ + + + + + + + + + -

1.24 0.72 0.60 0.49 0.49 0.45 0.36 0.34 0.32 0.32 0.75 0.50 0.41 0.34 0.30 0.28 0.27 0.26 0.22 0.21

U.S. MARKETS / AUGUST 31- SEPTEMBER 4 The Dow Jones Industrial Average fell 1.82% to 28,133.21 and the S&P 500 dropped 2.31% to 3,426.96 during the Aug. 31-Sept. 4 trading week. Spot gold lost 1.50%, or US$29.50 per oz., and finished the week at US$1,934.80 per ounce. Sibanye-Stillwater climbed US78¢ to US$13.19. The company reported that higher precious metal prices during the first half of 2020 underpinned its adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of US$990 million during the six months ended June 30, 718% higher than in the same period in 2019. The company reported normalized earnings of US$531 million and free cash flow of US$655 million. Freeport McMoRan’s shares rose US37¢ to US$16.02. The company announced that its president, chief executive and vice chairman of the board, Richard C. Adkerson, had been elected chair to the International Council on Mining and Metals. “This is an especially important time as the industry responds to the unprecedented Covid-19 health crisis and the growing focus on environmental, social and governance (ESG) performance by stakeholders in the global metals and mining industry,” Adkerson said. “I look forward to working collaboratively with ICMM members

to advance important initiatives reflective of our collective commitment to high-performance standards, stakeholder engagement and continuous improvement.” Turquoise Hill Resources rose US14¢ to US$1.14. The company increased its gold production outlook for 2021 to a range of 500,000-550,000 oz., up from its earlier forecast of 450,000-500,000 ounces. The improved outlook was the result of initiatives implemented at its Oyu Tolgoi mine in Mongolia, Turquoise Hill said, which have brought higher-grade gold-bearing ore from the South West pit forward into 2020 and 2021. Shares of Vale gained US8¢ to US$11.38 U.S. MOST ACTIVE ISSUES VOLUME (000s)

HIGH

Vale* VALE 110788 11.59 Freeport McMoR* FCX97935 0.37 Barrick Gold* GOLD 86492 30.33 Yamana Gold* AUY 79301 6.34 Kinross Gold* KGC 65501 9.10 Chevron Corp* CVX 55876 85.90 Cleveland-Clif* CLF 49107 6.87 Turquoise HIl* TRQ 48357 1.20 Hecla Mining* HL 47837 6.24 Harmony Gold* HMY 43554 6.71

WEEK LOW CLOSE CHANGE

10.98 11.38 + 0.08 16.34 15.1516.02+ 28.08 29.05 - 0.15 5.79 6.02 - 0.07 8.29 8.63 - 0.26 80.90 81.93 - 3.70 6.35 6.59 + 0.11 1.03 1.14 + 0.14 5.21 5.58 - 0.32 5.67 5.95 - 0.53

and were the most heavily traded of the week. The Brazilian miner reported that it had completed its first sale of iron ore (176,000 tons) using blockchain technology with Nanjing Iron & Steel. Wheaton Precious Metals announced that president and chief executive Randy Smallwood had been appointed as the new chair of the World Gold Council. In August, the

company reported record revenue and sales in the first half of the year, despite temporary shutdowns due to Covid-19. Sales volumes remained strong, with a record 322,000 oz. gold-equivalent sold in the first six months of the year. The company’s assets generated over US$500 million in revenue and nearly US$330 million in operating cash flow. Wheaton’s shares fell US$1.40 to US$51.64.

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

Turquoise HIl* Arch Coal* Sibanye-Stillw* Peabody Enrgy* MartinMarietta* HudBay Min* Freeport McMoR* Cleveland-Clif* Nutrien* Vale* CONSOL Energy* CONSOL Coal Rs* Harmony Gold* DRDGOLD* Coeur Mng* Cameco Corp* CONSOL Energy* Nexa Resources* Suncor Energy* Mechel*

TRQ ARCH SBSW BTU MLM HBM FCX CLF NTR VALE CEIX CCR HMY DRD CDE CCJ CNX NEXA SU MTL

48357 1.20 1826 40.89 11595 13.38 8464 2.82 3396 216.98 4854 4.70 97935 16.34 49107 6.87 6184 38.55 110788 11.59 2128 5.43 245 3.81 43554 6.71 2225 15.50 25249 8.78 9338 11.77 18549 11.24 326 8.34 40720 16.75 515 1.77

U.S. GREATEST VALUE CHANGE VOLUME (000s)

WEEK LOW CLOSE CHANGE

1.03 1.14 36.43 40.62 12.07 13.19 2.48 2.70 201.29 215.11 4.22 4.51 15.15 16.02 6.35 6.59 36.56 37.68 10.98 11.38 4.45 4.66 3.27 3.45 5.67 5.95 13.30 13.98 7.23 7.70 10.72 10.87 10.00 10.53 6.82 7.49 15.25 15.52 1.59 1.60

+ 14.0 + 6.4 + 6.3 + 5.1 + 3.8 + 2.5 + 2.4 + 1.7 + 1.3 + 0.7 - 13.4 - 10.9 - 8.2 - 8.1 - 7.8 - 7.0 - 6.8 - 6.6 - 6.5 - 6.4

MartinMarietta* MLM Arch Coal* ARCH Sibanye-Stillw* SBSW Nutrien* NTR Freeport McMoR* FCX Turquoise HIl* TRQ Peabody Enrgy* BTU HudBay Min* HBM Cleveland-Clif* CLF Vale* VALE Chevron Corp* CVX Franco-Nevada* FNV Agnico Eagle* AEM Kirkland Lake* KL Wheaton Prec M* WPM Newmont Corp* NEM Southern Copp* SCCO DRDGOLD* DRD Suncor Energy* SU AngloGold Ash* AU

3396 1826 11595 6184 97935 48357 8464 4854 49107 110788 55876 3520 4810 6420 7745 33594 4321 2225 40720 14282

WEEK CLOSE

215.11 40.62 13.19 37.68 16.02 1.14 2.70 4.51 6.59 11.38 81.93 145.70 78.86 51.68 51.64 65.35 46.98 13.98 15.52 29.05

CHANGE

+ + + + + + + + + + -

7.79 2.45 0.78 0.49 0.37 0.14 0.13 0.11 0.11 0.08 3.70 3.48 3.17 1.77 1.40 1.36 1.23 1.23 1.08 0.96

G LOBAL M I N I N G

N EW S

THE NORTHERN MINER / SEPTEMBER 14–SEPTEMBER 28, 2020

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 LME WAREHOUSE LEVELS

PRODUCER AND DEALER PRICES

Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, Aug 20 2020 (change from Aug 17, 2020 in brackets): Aluminium Alloy 6120 (0) Aluminium 1578200 (-10125) Copper 104425 (-5575) Lead 125575 (+5707) Nickel 239304 (+666) Tin 4000 (-135) Zinc 225725 (+5600)

Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$55.50 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$11.60 Cobalt: US$14.97/lb. Copper: US$3.00/lb. Copper: CME Group Futures October 2020: US$3.06/lb.; November 2020: US$3.06/lb Iridium: NY Dealer Mid-mkt US$1,645.00/tr oz. Iron Ore 62% Fe CFR China-S: US$128.70 Lead: US$0.87/lb. Phosphate Rock: US$86.00/tonne Potash: US$226.00/tonne Rhodium: Mid-mkt US$13,300.00 tr. oz. Ruthenium: Mid-mkt US$270.00/tr. oz. Silver: Handy & Harman Base: US$26.43 per oz.; Handy & Harman Fabricated: US$33.04 per oz. Tin: US$8.36/lb. Uranium: U3O8, Trade Tech spot price: US$30.75 per lb. U308 Zinc: US$1.13/lb. Prices current Sept. 7, 2020

TSX SHORT POSITIONS

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 Ascendant Resources (ASND.WT) - Wt buys sh @ $1.25 to Mar 7/22 eColbalt 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 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

TSX VENTURE SHORT POSITIONS Short positions outstanding as of Aug 31, 2020 (with changes from Aug 15, 2020) Largest short positions Discovery Met DSV 5654333 415096 8/15/2020 Mako Mining MKO 5488737 -272786 8/15/2020 AbraPlata Res ABRA 4936035 1160731 8/15/2020 Novo Res NVO 4897798 106802 8/15/2020 Dolly Vard Sil DV 4693633 1367691 8/15/2020 Portofino Res POR 3850460 3336947 8/15/2020 Lion One Mtls LIO 3072599 842454 8/15/2020 Minaurum Gold MGG 2578164 670153 8/15/2020 IMPACT Silver IPT 2317565 -64947 8/15/2020 K92 Mining KNT 2278699 1365526 8/15/2020 East Asia Mnls EAS 2241473 1654211 8/15/2020 Ely Gold Royal ELY 2191359 101652 8/15/2020 Oceanus Res SLVR 2160981 1763125 8/15/2020 Arcturus Vent MILE 1628830 1170768 8/15/2020 Great Bear Res GBR 1450440 -58721 8/15/2020 Largest increase in short position Portofino Res POR 3850460 3336947 8/15/2020 Oceanus Res SLVR 2160981 1763125 8/15/2020 East Asia Mnls EAS 2241473 1654211 8/15/2020 Dolly Vard Sil DV 4693633 1367691 8/15/2020 K92 Mining KNT 2278699 1365526 8/15/2020 Largest decrease in short position Zinc One Res Z 348 -1384652 8/15/2020 Aurcana Silver AUN 1340692 -1051845 8/15/2020 Noram Vent NRM 108000 -1044298 8/15/2020 MacDonald Mns BMK 215174 -902526 8/15/2020 Nexus Gold NXS 103281 -900716 8/15/2020

Short positions outstanding as of Aug 31, 2020 (with changes from Aug 15, 2020) Largest short positions New Gold NGD 15829392 1044249 8/15/2020 Kinross Gold K 15163272 -790065 8/15/2020 Nexgen Energy NXE 13048694 -38018 8/15/2020 Suncor Energy SU 11772714 -14104053 8/15/2020 Yamana Gold YRI 11723899 -705246 8/15/2020 Premier Gold M PG 11359433 -703746 8/15/2020 Ivanhoe Mines IVN 11310105 -661874 8/15/2020 Fortuna Silvr FVI 10576651 501974 8/15/2020 Barrick Gold ABX 10154201 -4958177 8/15/2020 Teck Res TECK.B 9798734 -531029 8/15/2020 Lundin Mng LUN 9177276 521406 8/15/2020 Wheaton Prec M WPM 9053414 -1195362 8/15/2020 First Quantum FM 8179998 -521028 8/15/2020 Equinox Gold EQX 6795543 293764 8/15/2020 Sandstorm Gold SSL 6791729 63426 8/15/2020 Largest increase in short position Silver Eleph ELEF 6474649 4848571 8/15/2020 Wallbridge Mng WM 4996901 1519421 8/15/2020 B2Gold Corp BTO 5173903 1206336 8/15/2020 Americas Silvr USA 2674769 1144281 8/15/2020 New Gold NGD 15829392 1044249 8/15/2020 Largest decrease in short position Suncor Energy SU 11772714 -14104053 8/15/2020 Barrick Gold ABX 10154201 -4958177 8/15/2020 Josemaria Res JOSE 47332 -3132836 8/15/2020 Nevada Copper NCU 1309469 -1776638 8/15/2020 Jaguar Mng JAG 283385 -1522018 8/15/2020

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 Northern Dynasty Minerals Ltd. J (NDM. WT.B) - Wt buys sh @ $0.55 to Jun 10/21 Northern Dynasty Minerals Ltd. J (NDM. WT.B) - Wt buys sh @ $0.55 to Jun 10/21 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

TSX VENTURE WARRANTS ABE Resources Inc. (ABE.WT) - One warrant to purchase one common share at $0.15 per share. American Cumo Mining Corp. (MLY.RT) - 2 rights and $0.07 are required to purchase one 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. 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. 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. Equinox Gold (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 $3.00 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. JDL Gold Corp. (JDL.WT) - Wt buy sh @ $3.00 to Oct 06/21 Kootenay Silver Inc. (KTN.WT) - Wt buys sh @ $0.55 to Apr 21/21 LaSalle Exploration Corp. (LSX.WT) - One warrant to purchase one common share at $0.15 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. 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. Orezone Gold Corporation (ORE.WT) One warrant to purchase one common share at $0.80 per share. Sandfire Resources America Inc. (SFR.RT) Eight (8) Rights exercisable for One (1) share at $0.06 per unit. Tintina Resources Inc. (TAU.RT) - Nine(9) Rights exercisable for one share at $0.06 per share. Trek Mining (TREK.WT) - Wt buy sh @ $3.00 to Oct 06/21 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. Yellowhead Mining Inc. (YMI.RT) - One (1) Right and $0.12 are required to prchase one Share

DAILY METAL PRICES Date Aug 21 Aug 20 Aug 19 Aug 18 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1321.50/1340 1296.50/1320 1295.50/1320 1295/1320 Aluminum 1722.50/1761.50 1755.50/1791.50 1746.50/1783 1733/1770 Copper 6564.50/6542 6494.50/6584.50 6667/6648 6492.50/6486.50 Lead 1965/1985 1964/1985 1994/2014.50 1964/1981 Nickel 14562/14610 14666/14707 14705/14758 14602/14652 Tin 17660/17645 17580/17570 17560/17575 17480/17485 Zinc 2466.50/2488.50 2377.50/2390 2468.50/2486 2448.50/2469.50 PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1932.85 1928.05 1993.15 Gold PM 1924.35 1927.15 1981.00 Silver 26.85 26.92 27.44 Platinum 900.00 916.00 946.00 Palladium 2190.00 2163.00 2165.00

2005.15 2000.75 28.33 957.00 2195.00

1300/1320 1679.50/1718.50 6441/6435 1866.50/1885.50 13683/13734 17958/17922 2286/2297.50

1949.85 1972.85 26.92 950.00 2202.00

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

Sep 04 1.3064 0.7654

Sep 03 1.3140 0.7611

Sep 02 1.3047 0.7665

Sep 01 1.3055 0.7660

Exchange rates (Quote Media, September 04, 2020) C$ to AUS C$ to EURO C$ to YEN 1.0513 0.6467 81.3391 C$ to UK Pound C$ to China Yuan C$ to India Rupee 0.5765 5.2400 56.1257 US to AUS US to EURO US to YEN 1.3727 0.8447 106.2395 US to UK Pound US to China Yuan US to India Rupee 0.7531 6.8425 73.2462

Aug 31 1.3038 0.7670

C$ to Mex Peso 16.5069 C$ to Swiss Franc 0.6993 US to Mex Peso 21.5647 US to Swiss Franc 0.9134

C$ to SA Rand 12.7232 C$ to S. Korea Won 909.0653 US to SA Rand 16.5830 US to S. Korea Won 1187.4300

CANADIAN GOLD MUTUAL FUNDS FundName BMO Prec Mtls Fd A BMO ZGD BMO ZJG CIBC Prec Metal Fd A Dyn Prec Metls Fd A Harvest HGGG Horizons HEP IG MacGbPreMetCl A iShares XGD Mac Prec Met Cl A NBI PrecMetFd Invt NPT Go&PrMinFd A NPT SilverEquCl A RBC GblPreMetFd A Sentry Pre Met Fd A TD Prec Mtl Fd Inv

Sep 04 ($) 31.81 87.60 84.31 17.97 14.28 36.96 38.45 17.35 23.28 83.98 24.12 64.08 11.31 69.11 62.26 60.38

Aug 28 ($) 32.75 91.15 86.37 18.52 14.35 37.84 39.50 17.79 23.86 86.16 24.59 65.08 11.60 70.85 63.16 62.21

Change ($) -0.95 -3.55 -2.06 -0.55 -0.07 -0.88 -1.05 -0.44 -0.58 -2.18 -0.47 -1.00 -0.29 -1.74 -0.90 -1.83

Change (%) -2.89 -3.90 -2.39 -2.95 -0.47 -2.33 -2.65 -2.48 -2.45 -2.53 -1.91 -1.54 -2.53 -2.45 -1.42 -2.94

YTDChange (%) 49.91 50.55 44.69 54.53 66.94 59.35 39.83 59.01 52.47 60.19 52.62 69.03 75.46 60.19 60.74 51.88

MER (%) 2.41 0.61 0.60 2.43 2.73 0.94 0.83 2.68 0.61 2.52 2.46 3.19 2.98 2.13 2.32 2.26

NEW 52-WEEK HIGHS AND LOWS AUG. 31-SEPT. 4, 2020

Aug 17

TotalAssets (M$) 71.22 284.01 140.99 78.28 745.33 6.89 50.58 1704.31 96.13 46.03

251 New Highs

China Gold Int Cleghorn Mnls Colibri Res Colibri Res* Colorado Res Comstock Mtls Comstock Mtls * Copper Mtn Mng* Coral Gold Coral Gold * Cornerstone Ca Cornerstone Ca* Cross River Defiance Silvr Denison Mines Denison Mines* Desert Mtn Egy Eloro Res Eloro Res* Emgold Mining Emgold Mining* Entree Res Entree Res* Essex Minerals European Elect ExGen Res Inc* Fiore Gold Fiore Gold* First Point* Fission Uran Fission Uran* Fjordland Exp* Fokus Mining Fortuna Silvr* Four Nines FPX Nickel Freeport McMoR* Fresnillo plc* Getty Copper Giga Metals Giga Metals* Goldcore Res Golden Ridge Golden Secret Golden Share

Abcourt Mines* Aftermath Silv* Aguila Amer Gd Aguila Amer Gd* Alien Metals* Alphamin Res * AmericanSierra* Angus Ventures Angus Ventures* Appia Energy Appia Energy* Arbor Metals Ares Strategic Ares Strategic* Artemis Gold* Ascot Res Ascot Res * Austral Gold Austral Gold* AUX Resources* Avidian Gold* Bam Bam Res Bankers Cobalt* Batero Gold* Belo Sun Mng* Benz Mining Benz Mining* Bitterroot Res Bitterroot Res* BlueBird Batt* BMEX Gold Boreal Metals * Cabral Gold Canarc Res* CaNickel Mng* Canstar Res Canstar Res* Canterra Mnls* Canuc Res* Cardinal Res Cardinal Res* Cartier Res Cerro Grande Cerro Grande*

580.70 474.01 192.60

Golden Valley* GoldMining GoldMining* Gossan Res GR Silver GR Silver* Graycliff Exp Gunpoint Expl* Heatherdale Rs Hemlo Expl* HighGold HighGold* Highway 50 Gld HudBay Min HudBay Min* Hybrid Mineral iMetal Res Inca One Gold Ivanhoe Mines Ivanhoe Mines* Jaguar Mng* K92 Mining K92 Mining* Karora Res* Kilo Goldmines* Klondike Silv Klondike Silv* Kodiak Copper* Kutcho Copper * Laurion Mnl Ex Laurion Mnl Ex* Lomiko Mtls Lomiko Mtls* Lundin Mng* Macarthur Min Macarthur Min* Makara Mining Makara Mining* Manganese X* Manitou Gold Margaux Res Margaux Res* Mariner Res Mega Uranium* MetalCorp*

Metallica Min* Midnight Sun* Milner Con Slv Minfocus Expl Nevada Sunrise Nevada Sunrise* New Egy Min* New Found Gold New Gold New Gold* New World Res* Nexgen Energy Nexgen Energy* Nexus Gold* Nickel Creek* Nicola Mg Inc* Nrthn Lion Nrthn Superior Nrthn Superior* Nrthn Vertex Nrthn Vertex* NuLegacy Gold NuLegacy Gold* Optimum Vent Orex Mnrls Orex Mnrls* Orford Mining Oroco Res Oroco Res* Orosur Mng Osino Res OZ Minerals* Pelangio Expl* Peloton Mnrls* PepinNini Lith* Pistol Bay Mng PolyMet Mng PolyMet Mng* Prime Mining Prime Mining* Prophecy Pot Pure Gold Mg Pure Gold Mg* Q-Gold Res Quadro Res

Revelo Res Reyna Silver Reyna Silver* Ridgeline Min RT Minerals Sabina Gd&Slvr Sabina Gd&Slvr* Saint Jean* Salazar Res Salazar Res* Sassy Res Seahawk Gold Seahawk Gold* Sentinel Res Sentinel Res* Serabi Gold Sibanye-Stillw* Silver Bull Re* Silver Spruce Silver Spruce* Silver Viper Silvercorp Met Silvercorp Met* Skarb Explor Skeena Res Skeena Res* SKRR Explor Slam Explor* Sonoro Metals Sonoro Metals* Southern Copp* Southern Silvr Southern Silvr* Stakeholdr Gld Star Gold* Starr Peak Exp Starr Peak Exp* Stevens Gold Supernova Met Tartisan Nick Tartisan Nick* Taseko Mines Taseko Mines* Telson Res Telson Res *

Temas Res Temas Res* Teras Res Timberline Res Timberline Res* Titan Mining Titan Mining* Tocvan Venture Top Explor Treasury Metal* Troilus Gold Troilus Gold* Turquoise HIl Turquoise HIl* Universal Cop* Upper Canyon Venture Mnrls* Victoria Gold Victoria Gold* Victory Nickel* Victory Res* Walcott Res Walcott Res* Wescan Gldflds Xtierra Inc Xtra-Gold Res Zadar Ventures*

17 New Lows 79 Resources Amani Gold* Arizona Metals* Asante Gold* AUX Resources Bullion Gold* CONSOL Coal Rs* Core Assets Gold Plus* Lida Resources* Lido Minerals NACCO Ind* Nevada Copper Nexco Res Sentinel Res* Sibanye-Stillw* Summa Silver*

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

Sep 04 16218.01 733.69 972.50 372.51 329.00

Sep 03 16448.89 730.35 987.07 378.52 329.00

Sep 02 16697.97 749.64 1002.17 380.60 332.73

Sep 01 16644.99 754.69 998.29 379.29 331.38

Aug 31 16514.44 751.09 990.52 382.91 335.48

High 17970.51 761.84 1070.48 416.84 359.81

Low 11172.73 330.65 683.81 173.42 140.55

GLOBAL MINING NEWS · SINCE 1915

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

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

LEGEND A C L N O Q T V X *

– – – – – – – – – –

Australian Securities Exchange Canadian Stock Exchange London Stock Exchange New York Stock Exchange U.S. over-the-counter NASDAQ or U.S. OTC Toronto Stock Exchange TSX Venture Exchange NYSE American Denotes price in U.S.$

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

SEP TEM BER 1 4 â&#x20AC;&#x201C; SEP TEM BER 2 8 , 2 0 2 0

/ TH E N OR TH ER N

(100s) Exc Volume

Week High

Low

Last

12-month Change

High Low

A 1911 Gold* 1911 Gold 79 Resources 79North Abacus Mining* Abacus Mining Abcourt Mines Abcourt Mines* Aben Resources* Aben Resources Abitibi Royal* Abitibi Royal AbraPlata Res* AbraPlata Res Academy Metals* Academy Metals Adamera Min* Adamera Min Adex Mining Advance Gold Adventus Adventus* AEX Gold Affinity Metal* African Gold African Gold* African Min* African Rainb* Aftermath Silv* Agnico Eagle* Agnico Eagle Aguila Amer Gd Aguila Amer Gd* Aiml Res AJN Resources Alacer Gold Alamos Gold Alamos Gold* Alaska Pac Egy* Alcoa* Aldebaran Res Aldebaran Res* Alderon Iron* Aldever Res Aldever Res* Alexandra Cap* Alexco Res* Alexco Res Alianza Min* Alianza Min Alien Metals* Allegiant Gold Allegiant Gold* Alliance Mng Alliance Res* Almaden Min* Almaden Min Almadex Min* Almadex Min Almonty Ind * Almonty Ind Aloro Mining* Aloro Mining Alpha Lithium Alpha Lithium* Alphamin Res * Alphamin Res Altai Resource Altai Resource* Altair Res Inc Altamira Gold Altamira Gold* Altan Nevada Altan Rio Min Altiplano Met Altiplano Met* Altius Mnrls * Altius Mnrls Alto Ventures Alto Ventures* Altura Mining* 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 Lith American Lith* American Mang* American Mang American Pac American Uran AmericanSierra* Americas Silvr* Americas Silvr Amerigo Res Amerigo Res* Amex Expl* Amex Expl Amilot Capital Amseco Expl Anaconda Mng Anaconda Mng* Andes Gold* Andover Mng* Anfield Energy* Anfield Energy Angel Gold* Angel Gold Angkor Gold* Angkor Res Anglo American* Anglo American* Anglo Pac Grp AngloGold Ash* AngloGold Ash* Angus Ventures* Angus Ventures Antioquia Gold* Antioquia Gold Antler Gold * Antler Gold Antofagasta* Apex Res * Apex Res Apollo Gold Apollo Gold* Appia Energy* Appia Energy Applied Min* Aquila Res* Aquila Res Arbor Metals Arch Coal* Archon Mineral* Archon Mineral Arctic Star* Arctic Star Arcturus Vent Arcturus Vent* Arcus Dev Grp* Arcus Dev Grp Arcwest Explor Arcwest Explor* Arena Min* Arena Min Ares Strategic Ares Strategic* Argentina Lith* Argentina Lith Argentum Silvr* Argentum Silvr Argo Gold Argo Gold* Argonaut Gold* Argonaut Gold Arianne Phosph* Arianne Phosph Arizona Metals* Arizona Metals Arizona Silver

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

478 535 2795 312 569 429 4005 930 1377 2052 7 14 2068 4697 0 48 309 901 449 828 417 15 24 49 1212 290 85 3 2724 4810 3598 41 5 37 118 3250 4608 11370 1679 21654 333 210 124 35 0 1342 7589 2100 353 1252 514 645 281 10 2703 2079 277 230 88 80 379 78 59 1087 1905 1771 4255 1854 75 198 623 491 7300 625 139 2 118 276 159 1 120 63 2 31 66 421 89 1079 161 191 6498 560 230 713 1601 43 2231 3979 768 953 1315 3 77 4809 2698 1156 565 298 335 21 145 975 607 17 2 234 592 249 136 36 151 130 876 1 0 14282 90 205 245 192 9 47 1 4 203 42 5 2358 3678 842 209 218 251 1826 0 9 9 1871 799 372 2 325 1105 307 3 413 3528 2955 35 193 27 262 249 1 957 4850 55 164 13 515 487

0.63 0.46 0.52 0.81 0.64 0.66 0.15 0.10 0.13 0.16 0.14 0.15 unch 0.19 0.14 0.19 + 0.25 0.17 0.24 + 0.19 0.18 0.19 + 0.15 0.14 0.15 + 0.12 0.09 0.10 0.15 0.12 0.13 16.65 0.00 15.80 21.75 20.74 21.00 0.36 0.28 0.30 0.46 0.37 0.39 0.10 0.10 0.10 unch 0.16 0.00 0.16 + 0.09 0.07 0.07 0.11 0.10 0.10 0.01 0.01 0.01 unch 0.17 0.11 0.15 + 1.36 1.20 1.23 1.02 0.93 0.93 0.79 0.75 0.79 0.24 0.24 0.24 0.23 0.21 0.22 0.18 0.16 0.17 0.00 0.00 0.00 12.15 12.15 12.15 unch 0.83 0.64 0.66 + 83.91 77.08 78.86 109.51 101.25 102.87 0.50 0.39 0.43 + 0.31 0.31 0.31 unch 0.29 0.23 0.29 unch 0.34 0.25 0.31 9.20 8.37 8.62 14.03 12.58 13.10 10.79 9.58 10.05 0.00 0.00 0.00 unch 15.23 13.90 14.40 0.54 0.45 0.46 0.42 0.35 0.35 0.01 0.00 0.01 + 0.15 0.00 0.15 unch 0.00 0.00 0.09 unch 0.28 0.15 0.23 + 3.15 2.68 2.83 4.11 3.53 3.72 0.12 0.10 0.10 0.16 0.14 0.14 + 0.02 0.01 0.01 + 0.42 0.38 0.41 + 0.33 0.29 0.31 + 0.01 0.00 0.01 unch 3.43 3.06 3.10 0.74 0.64 0.68 0.96 0.83 0.88 0.23 0.19 0.21 0.30 0.25 0.27 0.55 0.49 0.53 + 0.73 0.62 0.70 + 0.11 0.05 0.09 + 0.08 0.00 0.08 unch 0.69 0.58 0.61 0.53 0.45 0.46 0.24 0.19 0.21 + 0.30 0.25 0.26 unch 0.13 0.11 0.11 0.10 0.08 0.08 0.04 0.03 0.03 unch 0.12 0.11 0.11 unch 0.09 0.08 0.08 0.03 0.02 0.02 + 0.10 0.08 0.08 0.19 0.16 0.18 0.14 0.14 0.14 + 8.55 7.85 8.05 11.28 10.31 10.46 0.18 0.15 0.15 0.00 0.00 0.12 unch 0.05 0.00 0.05 1.18 0.00 1.15 + 0.79 0.00 0.79 4.84 4.28 4.35 0.06 0.05 0.05 0.08 0.07 0.08 unch 0.04 0.04 0.04 unch 0.00 0.00 0.00 0.08 0.07 0.08 0.07 0.05 0.05 0.32 0.28 0.29 0.24 0.21 0.22 0.01 0.00 0.01 0.31 0.24 0.25 0.40 0.32 0.33 0.05 0.03 0.03 1.58 1.30 1.38 + 1.23 0.99 1.06 + 0.21 0.17 0.18 0.26 0.22 0.24 0.39 0.30 0.36 + 0.13 0.13 0.13 unch 0.05 0.00 0.05 + 3.07 2.71 2.91 4.01 3.56 3.76 0.53 0.59 + 0.64 0.48 0.41 0.45 + 2.65 2.47 2.48 3.48 3.22 3.30 unch 0.05 0.05 0.05 unch 0.06 0.06 0.06 0.67 0.59 0.64 unch 0.52 0.45 0.49 + 0.01 0.01 0.01 0.00 0.00 0.00 unch 0.05 0.05 0.05 + 0.07 0.06 0.07 + 0.04 0.03 0.03 0.04 0.00 0.04 0.08 0.07 0.07 + 0.10 0.09 0.10 + 24.85 0.00 24.00 + 12.62 11.68 12.36 2.54 0.00 2.54 + 0.00 0.00 28.70 unch 30.43 27.58 29.05 0.87 1.01 + 1.16 1.51 1.15 1.31 + 0.06 0.04 0.05 0.07 0.05 0.06 0.31 0.31 0.31 unch 0.39 0.00 0.35 + 14.78 0.00 14.78 + 0.11 0.00 0.11 0.14 0.13 0.14 + 0.97 0.00 0.90 0.73 0.00 0.73 + 0.38 0.18 0.37 + 0.49 0.26 0.49 + 0.01 0.01 0.01 + 0.13 0.11 0.12 + 0.17 0.15 0.16 1.90 1.60 1.88 + 40.89 36.43 40.62 + 0.15 0.15 0.15 unch 0.27 0.11 0.27 + 0.02 0.00 0.02 0.03 0.03 0.03 unch 0.12 0.10 0.12 unch 0.13 0.07 0.09 + 0.03 0.03 0.03 unch 0.03 0.03 0.03 unch 0.18 0.15 0.15 + 0.15 0.11 0.12 + 0.02 0.02 0.02 unch 0.03 0.00 0.03 0.22 0.15 0.16 unch 0.17 0.11 0.13 + 0.07 0.00 0.06 + 0.10 0.00 0.09 + 0.20 0.00 0.20 + 0.29 0.26 0.28 + 0.24 0.21 0.22 0.19 0.18 0.18 + 2.16 1.92 2.03 2.84 2.53 2.64 0.18 0.16 0.17 0.23 0.21 0.21 0.65 0.65 0.65 0.91 0.79 0.89 + 0.39 0.33 0.38 +

0.09 1.22 0.15 0.12 0.98 0.22 0.02 0.15 0.10 0.00 0.25 0.13 0.05 0.21 0.03 0.06 0.29 0.04 0.02 0.19 0.04 0.01 0.15 0.03 0.01 0.12 0.03 0.01 0.16 0.05 0.85 17.25 7.68 0.75 23.10 11.10 0.01 0.36 0.03 0.01 0.48 0.04 0.00 0.21 0.09 0.03 0.32 0.10 0.01 0.12 0.01 0.02 0.16 0.02 0.00 0.01 0.01 0.03 0.29 0.03 0.10 1.60 0.52 0.09 1.18 0.36 0.01 1.20 0.31 0.02 0.37 0.06 0.01 0.53 0.10 0.01 0.40 0.07 0.00 0.01 0.00 0.00 12.15 5.00 0.00 0.83 0.06 3.17 84.66 31.00 4.57 112.37 43.25 0.05 0.50 0.12 0.00 0.31 0.12 0.00 0.31 0.10 0.03 1.34 0.17 0.27 10.82 3.50 0.35 15.52 4.43 0.23 11.58 3.34 0.00 0.00 0.00 0.72 23.47 5.16 0.07 0.60 0.16 0.05 0.43 0.17 0.00 0.17 0.00 0.00 0.22 0.05 0.00 0.16 0.01 0.01 0.60 0.06 0.11 3.50 0.72 0.10 4.65 1.00 0.01 0.16 0.03 0.01 0.21 0.03 0.00 0.02 0.00 0.01 0.46 0.07 0.00 0.34 0.04 0.00 0.02 0.01 0.32 16.74 2.70 0.02 0.84 0.21 0.03 1.10 0.31 0.02 0.29 0.05 0.03 0.36 0.12 0.05 0.60 0.24 0.07 0.78 0.28 0.02 0.19 0.01 0.00 0.12 0.03 0.02 1.45 0.10 0.03 1.13 0.19 0.01 0.24 0.09 0.00 0.30 0.12 0.03 0.14 0.03 0.03 0.11 0.02 0.00 0.04 0.01 0.00 0.15 0.04 0.01 0.11 0.02 0.01 0.06 0.01 0.02 0.13 0.03 0.01 0.23 0.02 0.04 0.14 0.05 0.40 9.38 4.33 0.56 12.32 6.29 0.03 0.24 0.08 0.00 0.18 0.04 0.01 0.12 0.01 0.08 1.36 0.30 0.01 21.22 0.35 0.31 6.89 3.09 0.01 0.07 0.01 0.00 0.10 0.02 0.00 0.15 0.03 0.00 0.05 0.00 0.01 0.08 0.02 0.01 0.07 0.02 0.01 0.42 0.10 0.01 0.31 0.08 0.01 0.02 0.00 0.02 0.38 0.02 0.03 0.50 0.04 0.00 0.10 0.00 0.02 2.98 0.09 0.02 2.19 0.06 0.01 0.21 0.07 0.01 0.28 0.10 0.03 0.62 0.06 0.00 0.14 0.01 0.03 0.05 0.01 0.09 3.90 1.00 0.18 5.12 1.39 0.05 0.81 0.12 0.04 0.62 0.08 0.06 2.98 0.64 0.00 3.98 0.86 0.00 0.06 0.01 0.01 0.08 0.02 0.00 0.78 0.10 0.00 0.59 0.07 0.00 0.02 0.00 0.00 0.00 0.00 0.00 0.12 0.03 0.01 0.16 0.04 0.01 0.05 0.00 0.01 0.07 0.01 0.00 0.09 0.02 0.01 0.13 0.01 0.32 29.51 12.56 0.01 14.81 5.91 0.42 4.20 1.87 0.00 38.94 15.44 0.96 38.50 12.66 0.10 1.16 0.53 0.12 1.51 0.14 0.01 0.07 0.01 0.01 0.09 0.02 0.00 0.38 0.01 0.03 0.49 0.02 0.43 15.00 7.30 0.01 0.31 0.04 0.01 0.43 0.04 0.07 1.68 0.03 0.05 0.91 0.68 0.18 0.33 0.07 0.25 0.49 0.10 0.00 0.03 0.00 0.00 0.15 0.05 0.01 0.22 0.07 0.21 1.90 0.03 2.45 89.42 21.80 0.00 0.34 0.13 0.16 0.46 0.10 0.01 0.12 0.01 0.00 0.18 0.02 0.00 0.97 0.07 0.01 0.69 0.00 0.00 0.03 0.01 0.00 0.04 0.01 0.01 0.21 0.04 0.00 0.15 0.02 0.00 0.05 0.01 0.01 0.06 0.02 0.00 0.22 0.07 0.00 0.17 0.01 0.00 0.08 0.02 0.02 0.10 0.04 0.01 0.29 0.11 0.01 0.40 0.14 0.02 0.35 0.04 0.02 0.24 0.06 0.03 2.63 0.53 0.05 3.42 0.76 0.00 0.38 0.11 0.01 0.52 0.15 0.00 0.73 0.65 0.04 1.04 0.16 0.03 0.40 0.10

W . N OR TH ER N M I N ER . COM

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: AUGUST 31â&#x20AC;&#x201C;SEPTEMBER 4, 2020

Stock

M I N ER

(100s) Stock

Exc Volume

Week Low

0.25 0.29 + 0.00 0.60 4.40 4.65 + 5.60 6.06 + 0.00 0.08 0.10 0.10 0.09 0.09 + 0.11 0.12 + 1.19 1.30 + 0.91 1.00 + 0.04 0.04 unch 0.00 0.40 unch 0.02 0.02 unch 0.04 0.05 0.06 0.07 unch 0.33 0.34 0.25 0.25 0.01 0.01 0.00 3.06 + 0.10 0.10 + 0.11 0.12 0.05 0.06 + 0.40 0.44 0.52 0.58 0.01 0.01 + 0.02 0.02 unch 0.04 0.04 0.03 0.03 unch 10.66 11.74 14.68 16.28 + 3.19 3.33 4.20 4.27 0.75 0.82 + 0.57 0.62 + 0.05 0.05 0.06 0.07 0.08 0.08 1.45 1.50 1.10 1.16 0.05 0.06 + 0.00 0.07 + 0.21 0.29 + 2.50 2.80 + 1.91 2.16 + 0.00 0.01 0.00 0.08 0.29 0.36 + 0.00 0.49 + 0.32 0.38 + 0.10 0.12 + 0.04 0.05 0.06 0.07 0.00 0.05 unch 0.20 0.20 0.26 0.27 1.03 1.13 1.36 1.49 0.04 0.04 unch 0.03 0.03 0.12 0.16 + 0.13 0.13 unch 0.00 0.08 + 0.06 0.06 0.14 0.15 0.19 0.19 1.54 1.70 + 1.17 1.36 + 0.02 0.03 + 0.03 0.03 0.46 0.47 0.35 0.37 0.00 0.00 0.18 0.19 0.13 0.14 -

Arizona Silver* Armor Min Artemis Gold* Artemis Gold Asante Gold* Asante Gold Ascendant Res* Ascendant Res Ascot Res Ascot Res * Ashanti Sanko AsiaBaseMetals Asiamet Res* Aston Bay* Aston Bay ATAC Res ATAC Res* Atacama Res* Atalaya Mining Athabasca Min* Athabasca Min Athena Silver* Atico Mining* Atico Mining Atlanta Gold* Atlantic Indus Aton Resources Aton Resources* Aura Minerals* Aura Minerals Aurania Res* Aurania Res Aurcana Silver Aurcana Silver* AurCrest Gold Aurelius Min* Aurelius Min Aurion Res Aurion Res * Aurora Royal Aurwest Res AURYN Mining* Auryn Resource Auryn Resource* Aust Mines* Austral Gold* Austral Gold AUX Resources AUX Resources* Auxico Res Avalon Advance* Avalon Advance Avarone Metals* Avidian Gold* Avidian Gold Avino Silver* Avino Silver Avrupa Min Avrupa Min* Awale Res Axmin Inc Azarga Metals Azarga Metals* Azarga Uranium* Azarga Uranium Azimut Explor Azimut Explor* Azincourt Ener* Azincourt Ener Aztec Minerals Aztec Minerals* Azteca Gold* Azucar Min Azucar Min*

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

224 11 228 365 27 585 61 553 1637 572 183 1 457 932 1077 963 528 2972 3 5 304 91 262 759 11 128 287 14 42 100 129 105 3401 3215 208 571 2108 394 280 9 360 9 2248 3285 65 23 940 101 38 457 485 2130 0 35 611 7891 848 183 114 862 151 6 8 781 1878 657 141 342 412 1160 373 1028 132 198

0.30 0.74 4.99 6.09 0.09 0.12 0.09 0.12 1.40 1.06 0.04 0.40 0.02 0.05 0.07 0.36 0.27 0.01 3.41 0.10 0.14 0.07 0.49 0.63 0.01 0.02 0.04 0.04 12.10 16.28 3.44 4.50 0.84 0.64 0.06 0.08 0.10 1.59 1.22 0.06 0.07 0.30 2.89 2.21 0.02 0.25 0.38 0.50 0.39 0.12 0.06 0.07 0.00 0.35 0.35 1.23 1.61 0.04 0.03 0.17 0.15 0.08 0.06 0.18 0.23 1.90 1.48 0.03 0.04 0.60 0.46 0.00 0.21 0.17

B2Gold Corp B2Gold Corp* Balto Res Bam Bam Res Bam Bam Res* Bankers Cobalt Bankers Cobalt* Bannerman Res* Banyan Gold Banyan Gold* Bard Ventures* Bard Ventures Barker Min* Barksdale Res* Barksdale Res Barolo Venture Barolo Venture* Baroyeca Gold* Baroyeca Gold Barrick Gold* Barrick Gold Barsele Min* Barsele Min Baselode Egy Batero Gold* Batero Gold Battle North* Battle North Bayhorse Silvr Bayhorse Silvr* BC Moly * BC Moly BCM Res Bear Creek Mng Bear Creek Mng* Bearing Lith Bearing Lith* Beauce Gold Bell Copper Bell Copper* Belmont Res Belo Sun Mng Belo Sun Mng* BeMetals * BeMetals Benchmark Met* Benchmark Met 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 Mammoth Black Tusk Res* Black Tusk Res Blackheath Res Blackrock Gold Blackrock Gold* Blind Creek BLOX Inc* Blue Lagoon Blue Lagoon* Blue Moon Zinc* Blue Moon Zinc Blue River Res Blue River Res* Blue Sky Uran* Blue Sky Uran Blue Star Gold* Blue Star Gold Blue Thunder BlueBird Batt BlueBird Batt* Bluestone Res Bluestone Res* BMEX Gold Bold Ventures* Bold Ventures Bonanza Gold* Bond Resources BonTerra Res Boreal Metals Boreal Metals * Borneo Res Inv* Boundary Gold* Boundary Gold Bravada Gold* Bravada Gold

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

18448 32435 17 481 47 71 40 2213 1924 502 1 70 225 58 453 85 0 20 24 86492 25936 12 90 57 112 162 208 1343 1950 293 0 55 49 569 325 253 245 259 174 20 1503 1676 3454 11 293 689 2523 247 431 1104 172 19 0 677 414 1409 1336 477 2755 37 37 532 2886 1 2544 1081 67 16308 357 330 32 1382 665 307 187 652 150 301 539 9115 3062 938 165 69 2 349 5285 121 573 295 99 6549 5 123 384 640

8.92 6.84 0.11 0.44 0.03 0.40 0.34 0.03 0.39 0.30 0.14 0.16 0.00 0.35 0.46 0.30 0.00 0.12 0.19 30.33 39.49 0.48 0.63 0.38 0.10 0.12 1.45 1.92 0.18 0.14 0.00 0.05 0.06 3.50 2.68 0.11 0.09 0.21 0.22 0.15 0.08 1.04 0.82 0.38 0.51 1.20 1.52 0.20 0.16 0.71 0.53 0.07 0.00 0.02 0.07 0.09 57.33 0.11 0.14 0.08 0.10 0.07 0.09 0.00 1.40 1.09 0.14 0.01 0.73 0.55 0.02 0.03 0.02 0.01 0.11 0.14 0.08 0.11 0.13 0.18 0.13 2.24 1.70 0.62 0.05 0.06 0.00 0.27 1.31 0.11 0.09 0.00 0.04 0.05 0.18 0.24

Last

12-month

High

Change

Stock

0.01 0.30 0.06 0.02 0.01 0.01 0.00 0.02 0.14 0.11 0.00 0.00 0.00 0.00 0.00 0.02 0.02 0.00 0.03 0.00 0.02 0.01 0.04 0.04 0.00 0.00 0.01 0.00 0.24 0.78 0.09 0.22 0.07 0.04 0.01 0.00 0.01 0.06 0.03 0.01 0.01 0.01 0.04 0.08 0.00 0.14 0.04 0.05 0.02 0.01 0.00 0.01 0.00 0.01 0.05 0.07 0.07 0.00 0.00 0.04 0.00 0.01 0.01 0.02 0.02 0.11 0.16 0.00 0.01 0.13 0.08 0.00 0.02 0.00

0.31 0.97 4.99 6.22 0.09 0.12 0.30 0.41 1.40 1.06 0.10 0.64 0.05 0.09 0.13 0.40 0.30 0.03 3.85 0.60 0.79 0.15 0.50 0.67 0.04 0.03 0.07 0.04 18.11 18.30 3.46 4.54 0.96 0.72 0.06 0.10 0.14 2.14 1.72 0.08 0.10 0.60 3.55 2.66 0.02 0.25 0.38 0.56 0.39 0.15 0.08 0.10 0.08 0.35 0.48 1.49 2.04 0.05 0.04 0.26 0.50 0.20 0.10 0.20 0.25 3.27 2.35 0.05 0.06 0.70 0.53 0.00 0.35 0.26

0.08 0.31 0.60 0.95 0.02 0.02 0.07 0.09 0.37 0.26 0.01 0.22 0.02 0.03 0.04 0.11 0.08 0.00 1.79 0.06 0.08 0.01 0.11 0.16 0.00 0.01 0.02 0.01 0.86 1.11 1.03 1.51 0.15 0.11 0.02 0.04 0.02 0.42 0.29 0.02 0.01 0.03 1.00 0.71 0.00 0.02 0.06 0.00 0.25 0.02 0.02 0.03 0.02 0.20 0.05 0.26 0.27 0.01 0.01 0.04 0.10 0.05 0.03 0.05 0.07 0.31 0.23 0.01 0.02 0.04 0.03 0.00 0.08 0.05

Braveheart Res* Braveheart Res Bravo Multinat* Brazil Min* Brigadier Gold* Brigadier Gold BrightRock* Britannia Mng* Brixton Metals Brixton Metals* Bryn Res* BTU Metals* BTU Metals Buenaventura* Buffalo Coal Buffalo Coal * Bullfrog Gold Bullfrog Gold* Bullion Gold* Bunker Hill Bushveld Min* BWR Explor

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

0.29 0.20 0.01 0.08 0.21 0.06 0.06 0.00 0.07 0.05 0.01 0.06 0.00 0.01 0.00 0.03 0.00 0.00 0.02 0.15 0.36 0.12 0.10 0.03 0.00 0.00 0.06 0.10 0.01 0.00 0.00 0.00 0.00 0.16 0.15 0.01 0.01 0.02 0.01 0.01 0.03 0.09 0.07 0.02 0.00 0.08 0.09 0.03 0.03 0.02 0.07 0.01 0.00 0.00 0.01 0.01 0.61 0.00 0.01 0.00 0.06 0.00 0.01 0.00 0.26 0.20 0.03 0.00 0.11 0.08 0.01 0.00 0.00 0.00 0.00 0.01 0.00 0.01 0.00 0.03 0.03 0.11 0.12 0.07 0.00 0.01 0.00 0.01 0.02 0.00 0.01 0.00 0.01 0.01 0.02 0.03

9.99 7.55 0.19 1.60 1.03 0.42 0.34 0.04 0.39 0.35 0.15 0.27 0.00 0.55 0.66 0.33 0.18 0.12 0.20 31.22 41.09 0.55 0.73 0.50 0.10 0.13 1.69 2.25 0.24 0.17 0.03 0.06 0.08 4.17 3.04 0.29 0.21 0.22 0.25 0.18 0.10 1.05 0.82 0.42 0.57 1.22 1.64 0.30 0.22 0.71 0.53 0.10 0.03 0.02 0.07 0.09 87.12 0.15 0.20 0.10 0.17 0.09 0.13 0.22 1.61 1.22 0.27 0.30 2.11 1.45 0.03 0.04 0.02 0.01 0.17 0.23 0.12 0.16 0.20 0.19 0.13 2.43 1.84 0.62 0.06 0.08 0.01 0.43 2.89 0.14 0.09 0.00 0.08 0.10 0.19 0.25

3.12 2.16 0.03 0.25 0.19 0.05 0.02 0.01 0.03 0.02 0.05 0.05 0.00 0.14 0.21 0.18 0.01 0.03 0.03 12.65 17.52 0.07 0.11 0.07 0.03 0.05 0.37 0.54 0.05 0.03 0.03 0.03 0.02 0.75 0.50 0.06 0.06 0.06 0.01 0.02 0.02 0.21 0.18 0.09 0.12 0.12 0.17 0.04 0.03 0.05 0.05 0.03 0.00 0.01 0.01 0.02 48.07 0.03 0.05 0.02 0.04 0.02 0.03 0.05 0.07 0.05 0.02 0.00 0.43 0.27 0.00 0.01 0.01 0.00 0.03 0.05 0.04 0.04 0.06 0.04 0.03 0.99 0.75 0.08 0.00 0.03 0.00 0.15 0.63 0.03 0.03 0.00 0.00 0.01 0.03 0.05

C3 Metals* C3 Metals Cabral Gold* Cabral Gold Cache Explor Cache Explor* Cadence Min* Cadillac Vent* Cadillac Vent Caelan Capital* Caldas Gold* Caldas Gold Caledonia Mng* Calibre Mng* Calibre Mng California Gld* California Gld Callinex Mines* Callinex Mines Cameco Corp* Cameco Corp Cameo Cobalt* Camino Min Camino Min* Camrova Res* Canada Carbon Canada Carbon* Canada Coal Canada Nickel Canada One Canada One* Canada Rare Canada Rare* Canada Silver* Canada Silver Canadian Metal* Canadian Metal Canada Nickel* Canadian Prem Canadian Silv CanAlaska Uran* CanAlaska Uran Canamex Gold* Canarc Res Canarc Res* Canasil Res Candelaria Mg* Candelaria Mg Candente Coppr Candente Gold* Candente Gold CANEX Metals * CANEX Metals CaNickel Mng CaNickel Mng* Canoe Mng Vent Canstar Res* Canstar Res Canterra Mnls* Canterra Mnls Cantex Mn Dev* Cantex Mn Dev Canuc Res Canuc Res* Capstone Mng Cardero Res Cardero Res* Cardinal Res* Cardinal Res Cariboo Rose Carlin Gold Carlyle Comm* Carrara Explor Cartier Iron Cartier Res Cartier Res* Casa Minerals Casa Minerals * Cascadero Copp Castle Peak Mg CAT Strategic Cdn Goldcamps* Cdn Goldcamps Cdn Palladium* Cdn Palladium CellCube Enrgy* Centamin Centaurus Diam* Centerra Gold Central Iron Centurion Mnls* Century Cobalt* Century Global* Century Global Cerro de Pasc * Cerro de Pasc Cerro Grande* Cerro Grande Cerro Mng* Cerro Mng Ceylon Graph Chakana Copper Chakana Copper* Chalice Gold M* Champion Bear* Champion Bear Champion Iron* Champion Iron Chatham Rock Chatham Rock* Chesapeake Gld Chesapeake Gld* Chevron Corp* Chiboug Ind Mn Chiboug Ind Mn* Chilean Metals Chilean Metals* China Gold Int Clarity Gold Class 1 Nickel Clean Air Met Clean Comm* Cleghorn Mnls Cleveland-Clif* Clifton Mng* CMC Metals CMC Metals* CNRP Mng Cobalt Block* Cobalt Block Coeur Mng* Colibri Res* Colibri Res Colombia Crest Colombia Crest* Colonial Coal Colorado Res Colorado Res* Commander Res* Commander Res Commerce Res Commerce Res* Compass Gold* Compass Gold Comstock Mng* Comstock Mtls Comstock Mtls * Condor Gold*

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

B 8.18 8.42 6.22 6.45 0.10 0.10 0.25 0.38 + 0.02 0.02 0.00 0.34 0.25 0.25 0.03 0.03 0.32 0.32 0.25 0.25 0.14 0.14 0.00 0.13 0.00 0.00 unch 0.32 0.33 + 0.42 0.43 unch 0.30 0.30 + 0.00 0.01 unch 0.12 0.12 unch 0.17 0.17 28.08 29.05 36.89 37.90 0.34 0.48 + 0.53 0.63 + 0.34 0.38 + 0.07 0.10 + 0.10 0.10 unch 1.33 1.36 1.71 1.77 0.15 0.16 + 0.11 0.13 + 0.00 0.03 unch 0.05 0.05 unch 0.00 0.06 unch 2.95 3.20 2.26 2.48 0.10 0.10 0.07 0.08 0.16 0.18 + 0.18 0.19 0.00 0.15 0.05 0.05 0.88 0.92 0.66 0.71 0.00 0.36 0.46 0.48 unch 0.96 1.06 1.24 1.39 0.16 0.16 0.12 0.13 0.59 0.60 + 0.47 0.51 + 0.00 0.07 0.00 0.03 unch 0.02 0.02 unch 0.06 0.06 + 0.07 0.08 + 54.98 55.98 0.09 0.10 + 0.12 0.12 0.08 0.08 + 0.08 0.10 0.06 0.06 0.08 0.08 0.00 0.17 unch 1.08 1.13 0.83 0.87 0.10 0.14 + 0.01 0.01 unch 0.61 0.72 + 0.46 0.55 + 0.02 0.02 + 0.03 0.03 unch 0.01 0.02 unch 0.01 0.01 + 0.09 0.10 0.13 0.13 0.08 0.08 0.10 0.10 0.11 0.12 unch 0.13 0.15 + 0.09 0.12 + 2.01 2.10 1.54 1.59 0.00 0.57 + 0.05 0.05 + 0.06 0.06 + 0.00 0.00 0.24 0.25 1.20 1.24 0.08 0.09 unch 0.06 0.07 + 0.00 0.00 0.03 0.03 0.00 0.04 0.14 0.15 0.20 0.20 -

(100s)

High Low

Exc Volume

Week Last

12-month

High

Low

Change

199 201 5 18936 170 1271 111 688 2633 1647 188 34 1959 7526 27 0 1317 809 0 377 73 993

0.11 0.14 0.08 0.00 0.26 0.33 0.04 0.01 0.47 0.36 0.03 0.17 0.22 14.32 0.01 0.00 0.20 0.16 0.00 0.55 0.21 0.06

0.09 0.09 0.12 0.12 0.07 0.08 + 0.00 0.00 + 0.22 0.23 0.28 0.29 0.02 0.02 0.00 0.01 0.34 0.38 0.25 0.28 0.00 0.03 0.14 0.14 + 0.19 0.20 unch 13.29 13.72 0.01 0.01 unch 0.00 0.00 unch 0.17 0.18 0.12 0.15 + 0.00 0.15 unch 0.47 0.48 0.00 0.21 unch 0.05 0.05 +

19 737 901 3612 94 5 0 40 425 8 7 17 539 219 1012 38 481 174 177 9338 4633 17 337 1 1 115 30 70 1351 59 42 112 66 815 1774 25 19 352 3 95 558 526 50 2301 1342 1117 15 33 381 0 9 61 306 62 2 302 39 684 6 41 2 196 356 273 1656 203 52 278 4419 74 149 49 5347 664 1549 508 105 5 473 84 515 3 103 991 1524 1416 31 89 3131 300 1 24 5 79 95 480 11 1420 0 23 149 622 1099 151 11 70 84 1229 168 10 385 165 55876 110 127 314 25 1255 37 113 896 10 464 49107 243 731 80 4156 167 146 25249 12 1216 163 163 561 322 444 1 139 250 28 411 723 3734 77 3 9

0.05 0.07 0.40 0.51 0.16 0.01 0.00 0.02 0.03 0.07 1.92 2.49 19.27 1.47 1.92 0.14 0.18 2.14 2.79 11.77 15.34 0.19 0.18 0.12 0.01 0.28 0.21 0.03 2.13 0.06 0.05 0.07 0.06 0.50 0.66 0.06 0.10 1.75 0.24 0.10 0.19 0.25 0.05 0.14 0.12 0.21 0.44 0.60 0.10 0.00 0.06 0.23 0.29 0.10 0.07 0.22 0.23 0.33 0.14 0.20 0.85 1.34 0.23 0.17 1.36 0.05 0.03 0.65 0.91 0.07 0.04 0.21 0.05 0.09 0.33 0.27 0.10 0.09 0.05 0.02 0.03 0.33 0.43 0.13 0.16 0.03 3.73 0.05 17.79 0.09 0.00 0.02 0.15 0.19 0.30 0.39 0.03 0.05 0.00 0.31 0.14 0.71 0.55 1.20 0.12 0.14 2.26 3.00 0.10 0.08 7.49 5.75 85.90 0.14 0.11 0.17 0.12 1.84 1.09 0.90 0.29 0.16 0.12 6.87 0.16 0.13 0.09 0.37 0.06 0.08 8.78 0.07 0.10 0.15 0.12 0.71 0.76 0.05 0.09 0.12 0.31 0.23 0.23 0.31 1.19 0.17 0.17 0.75

Stock

0.02 0.02 0.00 0.00 0.02 0.03 0.00 0.00 0.04 0.04 0.00 0.00 0.00 0.11 0.00 0.00 0.02 0.00 0.00 0.02 0.00 0.01

0.13 0.17 0.58 0.00 0.45 0.62 0.04 0.01 0.57 0.42 0.07 1.00 0.49 15.94 0.02 0.01 0.27 0.21 0.15 1.01 0.45 0.06

0.03 0.05 0.05 0.00 0.07 0.05 0.00 0.00 0.08 0.05 0.02 0.00 0.07 5.12 0.01 0.00 0.08 0.05 0.01 0.10 0.00 0.02

0.00 0.00 0.06 0.02 0.00 0.00 0.00 0.00 0.01 0.01 0.01 0.06 0.08 0.03 0.05 0.00 0.04 0.11 0.13 0.82 1.12 0.00 0.01 0.00 0.00 0.02 0.00 0.00 0.28 0.00 0.02 0.00 0.01 0.02 0.02 0.00 0.01 0.20 0.00 0.01 0.01 0.02 0.00 0.02 0.01 0.02 0.05 0.03 0.01 0.00 0.01 0.00 0.03 0.01 0.00 0.03 0.03 0.04 0.01 0.00 0.25 0.15 0.03 0.02 0.09 0.00 0.01 0.18 0.23 0.00 0.01 0.04 0.00 0.01 0.03 0.02 0.00 0.02 0.01 0.00 0.01 0.04 0.00 0.00 0.01 0.00 0.16 0.01 0.41 0.01 0.00 0.01 0.00 0.03 0.00 0.02 0.02 0.03 0.00 0.00 0.01 0.07 0.05 0.21 0.01 0.01 0.11 0.08 0.01 0.00 0.49 0.29 3.70 0.01 0.00 0.01 0.01 0.17 0.03 0.17 0.00 0.01 0.02 0.11 0.00 0.00 0.01 0.08 0.00 0.01 0.65 0.01 0.01 0.00 0.00 0.05 0.01 0.00 0.00 0.01 0.04 0.01 0.04 0.01 0.07 0.02 0.05 0.03

0.06 0.08 0.40 0.51 0.21 2.08 0.11 0.04 0.05 0.36 9.60 3.00 29.39 1.55 2.03 0.42 0.55 3.10 4.15 12.33 16.71 0.25 0.19 0.14 0.08 0.39 0.28 0.04 3.00 0.06 0.05 0.08 0.06 0.57 0.73 0.36 0.48 2.24 1.12 0.16 0.21 0.28 0.07 0.15 0.11 0.26 0.45 0.64 0.12 0.08 0.11 0.25 0.33 0.10 0.07 0.30 0.23 0.33 0.16 0.30 4.65 6.34 0.23 0.17 1.37 0.07 0.05 0.65 0.90 0.10 0.07 0.33 0.10 0.11 0.33 0.30 0.13 0.11 0.06 0.03 0.04 0.35 0.55 0.18 0.23 0.08 4.04 0.25 19.59 0.25 0.08 0.09 0.15 0.19 0.41 0.54 0.02 0.05 0.23 0.42 0.20 0.77 0.59 1.20 0.16 0.27 2.35 3.10 0.32 0.18 7.61 5.75 125.27 0.17 0.12 0.17 0.15 1.83 1.09 0.95 0.47 0.20 0.12 9.02 0.23 0.15 0.11 0.55 0.06 0.08 9.25 0.07 0.10 0.31 0.23 0.82 0.95 0.71 0.11 0.15 0.38 0.29 0.50 0.65 2.12 0.17 0.17 2.59

0.03 0.01 0.05 0.07 0.04 0.00 0.04 0.00 0.01 0.06 0.11 1.30 6.51 0.00 0.46 0.08 0.11 0.22 0.32 5.30 7.69 0.00 0.05 0.03 0.00 0.05 0.03 0.01 0.38 0.02 0.01 0.03 0.02 0.18 0.25 0.05 0.01 0.67 0.10 0.06 0.06 0.09 0.00 0.03 0.02 0.05 0.03 0.05 0.02 0.01 0.01 0.04 0.06 0.04 0.04 0.10 0.00 0.02 0.13 0.05 0.33 0.46 0.03 0.02 0.33 0.02 0.01 0.15 0.20 0.04 0.01 0.00 0.01 0.03 0.07 0.05 0.02 0.03 0.01 0.01 0.01 0.18 0.10 0.02 0.06 0.01 1.52 0.03 5.52 0.01 0.00 0.00 0.05 0.05 0.18 0.24 0.00 0.01 0.05 0.07 0.06 0.08 0.05 0.08 0.07 0.09 0.77 0.96 0.07 0.07 1.40 1.01 51.60 0.05 0.07 0.03 0.01 0.45 0.22 0.50 0.27 0.01 0.03 2.63 0.07 0.03 0.02 0.06 0.02 0.03 1.98 0.03 0.04 0.05 0.05 0.21 0.25 0.16 0.04 0.05 0.11 0.07 0.10 0.14 0.23 0.08 0.01 0.03

Condor Gold Condor Res Condor Res* Confedertn Ml* Confedertn Mls Conic Metals Conic Metals* Conquest Res Conquest Res * Cons Woodjam CONSOL Coal Rs* CONSOL Energy* CONSOL Energy* Constantine Mt* Constantine Mt Contact Gold* Contact Gold Contact Mnrls* Copper Fox Mtl Copper Fox Mtl* Copper Lake Rs Copper Mtn Mng Copper Mtn Mng* Copper North M* Copper North M Copper One * Copper One Copperbank Res* Copperbank Res Coral Gold * Coral Gold Cordoba Mnls Cordoba Mnls* Core Assets Core Lithium* Cornerstone Ca Cornerstone Ca* Corsa Coal * Corsa Coal Corsurex Res Corvus Gold Corvus Gold* CR Capital Crest Resource Crestview Expl Critical Elem* Critical Elem CROPS Cross River Crown Mining Crown Mining* Cruz Cobalt* Cruz Cobalt Crystal Peak Crystal Peak* CTGX Mining* Currie Rose Rs Currie Rose Rs* Cyntar Venture Cypress Dev* Cypress Dev

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

Dajin Lithium* Dajin Res Dakota Ter Res* Damara Gold Damara Gold* Danakali* Debut Dmds Decade Res Decade Res* Deep-South Res* Deep-South Res DeepRock Min Defense Metals* Defense Metals Defiance Silvr Defiance Silvr* Delrand Res Denison Mines Denison Mines* Desert Gold* Desert Gold Desert Mtn Egy Diamante Min* Diamcor Mng Diamcor Mng* Diamond Disc* Diamond Fields Diamond Fields* Dios Expl Discovery Harb* Discovery Harb Discovery Met* Discovery Met Discovery Min* Discovery-Corp District Cop District Cop* District Metal* District Metal Ditem Explor* Diversified Rs* Dixie Gold DNI Metals* Dolat Ventures* Dolly Vard Sil* Dolly Vard Sil Dore Copper Doubleview Gld Doubleview Gld* DRDGOLD* Dundee Prec Mt Durango Res* Durango Res Duro Metals DV Resources Dynacor Gld Mn Dynacor Gld Mn* DynaResource* Dynasty Gold Dynasty Gold* E3 Metals E3 Metals* Eagle Graphite Eagle Graphite* Eagle Plains East Africa East Africa * East Asia Mnls* East Asia Mnls Eastern Platin Eastern Platin* Eastfield Res Eastfield Res* Eastmain Res Eastmain Res* Eclipse Gold* Eclipse Gold Eco Oro Mnls Eco Oro Mnls* Edgemont Gold Edgewater Expl* Edgewater Expl Edison Cobalt* Edison Cobalt El Capitan Prc* El Nino Vent El Nino Vent* Elcora Adv Mat Elcora Res* Eldorado Gold* Eldorado Gold Eloro Res* Eloro Res Ely Gold Royal Ely Gold Royal* Elysee Dev Elysee Dev * Emerita Res Emgold Mining Emgold Mining* EMX Royalty* EMX Royalty Encanto Potash* Encanto Potash EnCore Energy Endeavour Mng Endeavour Mng* Endeavr Silver* Endeavr Silver

C 0.05 0.06 0.31 0.41 0.15 0.01 0.00 0.01 0.02 0.00 0.00 0.00 17.24 1.39 1.82 0.13 0.00 1.87 2.43 10.72 14.06 0.17 0.15 0.00 0.00 0.25 0.21 0.02 1.67 0.06 0.03 0.05 0.05 0.43 0.57 0.06 0.07 1.20 0.00 0.08 0.16 0.21 0.05 0.12 0.08 0.19 0.00 0.00 0.09 0.00 0.00 0.20 0.24 0.00 0.07 0.17 0.19 0.24 0.13 0.00 0.00 1.03 0.00 0.15 1.23 0.05 0.00 0.47 0.68 0.07 0.04 0.00 0.04 0.08 0.30 0.22 0.09 0.08 0.03 0.02 0.03 0.28 0.37 0.11 0.15 0.02 3.46 0.00 15.84 0.08 0.00 0.01 0.15 0.10 0.26 0.34 0.01 0.02 0.00 0.31 0.11 0.63 0.48 0.98 0.10 0.13 2.18 2.81 0.00 0.08 6.10 4.65 80.90 0.00 0.10 0.13 0.11 1.72 1.06 0.72 0.27 0.16 0.10 6.35 0.12 0.11 0.07 0.27 0.05 0.00 7.23 0.06 0.08 0.15 0.12 0.61 0.68 0.05 0.09 0.00 0.25 0.20 0.19 0.27 1.00 0.14 0.00 0.00

0.05 0.06 unch 0.40 + 0.44 + 0.16 unch 0.01 unch 0.11 unch 0.01 unch 0.02 0.07 1.86 + 2.41 + 18.22 1.45 + 1.89 + 0.14 0.18 2.00 2.62 10.87 14.18 0.18 0.15 0.12 0.01 0.25 0.21 + 0.03 unch 1.80 0.06 unch 0.05 + 0.06 unch 0.05 + 0.47 0.63 0.06 unch 0.08 1.38 0.24 unch 0.08 0.17 + 0.23 + 0.05 unch 0.14 + 0.10 + 0.20 + 0.44 + 0.57 0.09 0.05 unch 0.06 0.22 + 0.26 0.10 + 0.07 + 0.18 0.19 0.25 0.14 + 0.18 unch 0.85 1.12 0.22 + 0.17 + 1.35 + 0.05 unch 0.03 0.65 + 0.91 + 0.07 unch 0.04 0.15 0.04 unch 0.09 + 0.30 0.23 0.10 unch 0.08 0.04 + 0.02 unch 0.03 0.31 0.41 unch 0.12 0.15 0.02 3.46 0.04 16.59 0.08 + 0.00 unch 0.01 0.15 unch 0.16 0.28 0.35 0.03 + 0.05 + 0.23 unch 0.31 unch 0.11 0.68 + 0.52 + 0.98 0.11 + 0.14 2.19 2.85 0.10 + 0.08 unch 6.74 + 5.15 + 81.93 0.13 0.11 + 0.15 0.12 + 1.84 + 1.09 + 0.89 + 0.28 unch 0.16 0.10 + 6.59 + 0.16 0.11 unch 0.07 0.35 + 0.05 + 0.08 + 7.70 0.07 + 0.09 + 0.15 unch 0.12 unch 0.65 0.71 + 0.05 unch 0.09 unch 0.10 0.29 + 0.21 + 0.22 + 0.27 1.08 0.17 + 0.12 0.70 +

(100s)

High Low

Exc Volume

Week Last

12-month

High

Low

Change

13 730 351 7 592 762 166 684 16 359 245 2128 18549 40 27 326 1155 4 232 132 415 1537 310 27 627 914 4687 69 193 231 562 435 221 117 5 212 122 17 117 1754 338 360 103 529 183 60 39 623 234 126 2 232 431 590 600 1 430 100 100 612 429

1.23 0.34 0.30 1.58 2.22 0.28 0.23 0.08 0.05 0.12 3.81 5.43 11.24 0.18 0.24 0.15 0.20 0.04 0.12 0.10 0.03 0.87 0.70 0.05 0.07 0.24 0.28 0.14 0.18 0.89 1.17 0.10 0.08 0.17 0.21 5.55 4.24 0.13 0.23 0.13 4.05 3.15 0.20 0.15 0.41 0.25 0.32 0.02 0.33 0.08 0.06 0.05 0.07 0.04 0.03 0.00 0.04 0.03 0.19 0.37 0.49

+ 0.96 1.20 + 0.30 0.30 + 0.22 0.24 0.00 1.43 1.69 1.70 0.25 0.27 0.19 0.19 + 0.07 0.08 0.00 0.05 + 0.10 0.11 3.27 3.45 4.45 4.66 10.00 10.53 0.16 0.17 0.20 0.23 + 0.13 0.15 + 0.18 0.19 0.04 0.04 unch 0.11 0.12 + 0.09 0.09 0.02 0.03 unch 0.80 0.83 unch 0.61 0.63 + 0.04 0.04 + 0.05 0.06 0.16 0.18 0.21 0.23 + 0.12 0.14 0.17 0.18 + 0.83 0.87 + 1.06 1.14 0.08 0.09 0.06 0.07 0.12 0.15 unch + 0.07 0.20 + 4.19 5.35 + 0.00 4.07 0.13 0.13 + 0.16 0.22 + 0.09 0.11 3.57 3.77 2.69 2.88 + 0.16 0.19 0.12 0.14 0.37 0.38 0.24 0.24 0.00 0.30 0.02 0.02 unch 0.29 0.30 0.07 0.08 unch + 0.05 0.06 + 0.04 0.05 + 0.06 0.06 0.02 0.02 0.02 0.02 + 0.00 0.00 0.04 0.04 unch 0.03 0.03 unch 0.19 0.19 unch 0.34 0.36 0.44 0.46

572 O 461 V 96 O 141 V 0 O 220 O 19 C 3021 V 291 O 16 O 1193 V 739 C 283 O 614 V 2556 V 2365 O 2 V 3769 T 6502 X 100 O 782 V 2258 V 71 O 224 V 1 O 801 O 2 V 0 O 252 V 262 O 396 V 3999 O 4270 V O 303763 89 V 701 V 46 O 0 O 274 V 2107 O 5 O 33 V 516 O 27 O 1300 O 1612 V 69 V 831 V 343 O 2225 N 2430 T 198 O 377 V 50 V 345 V 235 T 76 O 4 O 40 V 10 O 149 V 44 O 222 V 3 O 330 V 207 V 8 O 1218 O 7444 V 91 T 43 O 555 V 74 O T 11262 1585 O 243 O 559 V 72 C 24 O 111 C 13 O 185 V 250 O 348 V 822 O 1476 V 5 O 572 V 276 O 8614 N 3410 T 131 O 302 V 1220 V 1600 O 60 V 11 O 1972 V 3633 V 2452 O 1598 X 78 V 14 O 587 V 1287 V 2244 T 249 O N 22354 4806 T

0.05 0.07 0.40 0.09 0.00 0.36 0.15 0.09 0.07 0.09 0.11 0.05 0.13 0.17 0.56 0.43 0.00 0.75 0.58 0.22 0.29 1.87 0.02 0.09 0.06 0.00 0.12 0.00 0.14 0.12 0.14 1.84 2.41 0.00 0.10 0.02 0.01 0.00 0.43 0.00 0.00 0.22 0.01 0.05 0.90 1.13 1.01 0.27 0.21 15.50 9.66 0.11 0.15 0.13 0.12 2.12 1.62 1.10 0.12 0.10 0.31 0.25 0.06 0.04 0.17 0.18 0.12 0.16 0.21 0.45 0.33 0.05 0.04 0.26 0.20 0.63 0.81 0.07 0.05 0.12 0.13 0.19 0.03 0.03 0.02 0.05 0.05 0.17 0.13 11.70 15.26 1.24 1.57 1.57 1.26 0.43 0.33 0.39 0.15 0.12 3.08 4.00 0.07 0.09 0.38 36.99 28.34 4.25 5.53

High Low

0.24 0.01 0.02 0.25 0.41 0.02 0.01 0.01 0.00 0.01 0.42 0.72 0.77 0.01 0.02 0.01 0.01 0.00 0.01 0.00 0.00 0.00 0.01 0.01 0.01 0.01 0.01 0.00 0.01 0.01 0.02 0.01 0.00 0.00 0.13 1.24 0.92 0.01 0.05 0.02 0.17 0.15 0.03 0.01 0.03 0.00 0.03 0.00 0.02 0.00 0.01 0.00 0.01 0.02 0.01 0.00 0.00 0.00 0.00 0.00 0.01

1.40 0.44 0.32 2.06 2.78 0.48 0.35 0.08 0.06 0.14 13.59 19.20 14.19 0.29 0.37 1.00 0.28 0.24 0.20 0.14 0.03 0.90 0.70 0.05 0.07 0.69 1.00 0.18 0.24 0.89 1.17 0.14 0.10 0.20 0.21 5.55 4.24 0.40 0.53 0.15 4.26 3.29 0.28 0.22 2.60 0.48 0.63 0.04 0.33 0.10 0.07 0.05 0.07 0.15 0.11 0.07 0.07 0.03 0.21 0.42 0.55

0.34 0.04 0.02 0.11 0.21 0.12 0.09 0.01 0.01 0.02 3.27 3.35 4.26 0.09 0.12 0.00 0.08 0.04 0.01 0.03 0.01 0.28 0.19 0.01 0.01 0.01 0.05 0.12 0.10 0.18 0.26 0.04 0.03 0.12 0.02 1.36 1.05 0.08 0.12 0.02 0.99 0.72 0.02 0.04 0.37 0.16 0.17 0.01 0.17 0.02 0.01 0.01 0.03 0.01 0.01 0.00 0.02 0.01 0.08 0.08 0.11

0.01 0.02 0.00 0.01 0.00 0.04 0.03 0.01 0.00 0.00 0.01 0.02 0.00 0.02 0.04 0.05 0.00 0.06 0.05 0.03 0.04 0.45 0.00 0.02 0.01 0.00 0.03 0.00 0.01 0.01 0.00 0.02 0.01 0.00 0.02 0.01 0.00 0.00 0.01 0.00 0.00 0.01 0.00 0.01 0.07 0.10 0.03 0.00 0.00 1.23 0.10 0.00 0.01 0.00 0.01 0.01 0.00 0.05 0.01 0.01 0.03 0.01 0.01 0.00 0.02 0.02 0.01 0.01 0.05 0.03 0.02 0.01 0.01 0.01 0.01 0.04 0.03 0.02 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.02 0.04 0.05 0.04 0.41 0.59 0.19 0.25 0.16 0.11 0.02 0.00 0.00 0.02 0.02 0.17 0.15 0.04 0.02 0.04 0.57 0.26 0.01 0.04

0.06 0.08 0.96 0.09 0.05 0.47 0.25 0.14 0.10 0.09 0.16 0.08 0.23 0.25 0.56 0.45 0.62 0.75 0.58 0.26 0.35 1.87 0.03 0.20 0.15 0.00 0.25 0.17 0.24 0.14 0.18 2.14 2.84 0.00 0.15 0.03 0.02 0.31 0.43 0.01 0.03 0.27 0.06 0.21 0.91 1.17 1.65 0.34 0.26 18.05 10.73 0.13 0.18 0.27 0.20 2.62 1.98 1.10 0.14 0.11 0.60 0.40 0.08 0.06 0.18 0.19 0.14 0.21 0.24 0.72 0.44 0.06 0.05 0.32 0.24 0.80 0.96 0.14 0.08 0.14 0.15 0.19 0.05 0.05 0.03 0.07 0.05 0.19 0.14 13.20 17.46 1.24 1.57 2.09 1.54 0.46 0.34 0.40 0.15 0.12 3.33 4.40 0.10 0.13 0.39 38.98 29.41 4.79 6.40

0.01 0.02 0.06 0.02 0.00 0.16 0.07 0.01 0.00 0.02 0.03 0.01 0.03 0.06 0.06 0.03 0.12 0.24 0.19 0.05 0.05 0.14 0.01 0.07 0.05 0.00 0.09 0.04 0.03 0.02 0.03 0.13 0.22 0.00 0.07 0.01 0.00 0.08 0.08 0.00 0.00 0.07 0.00 0.03 0.12 0.17 0.45 0.04 0.04 3.06 3.20 0.03 0.04 0.11 0.05 0.99 0.70 0.24 0.04 0.03 0.19 0.11 0.02 0.01 0.07 0.08 0.07 0.02 0.02 0.18 0.12 0.03 0.02 0.06 0.04 0.31 0.40 0.03 0.02 0.10 0.02 0.04 0.01 0.02 0.01 0.02 0.01 0.02 0.01 4.60 6.29 0.14 0.19 0.29 0.22 0.28 0.19 0.02 0.03 0.03 1.18 1.54 0.01 0.01 0.08 15.68 11.02 0.99 1.30

D-F 0.04 0.05 0.33 0.07 0.00 0.30 0.09 0.08 0.06 0.09 0.11 0.02 0.11 0.14 0.45 0.34 0.00 0.61 0.46 0.17 0.23 1.17 0.02 0.08 0.05 0.00 0.00 0.00 0.12 0.09 0.12 1.49 1.95 0.00 0.08 0.01 0.01 0.00 0.35 0.00 0.00 0.21 0.00 0.00 0.70 0.91 0.90 0.25 0.19 13.30 8.78 0.10 0.12 0.13 0.11 1.97 1.52 0.70 0.00 0.09 0.28 0.00 0.05 0.04 0.15 0.14 0.00 0.09 0.12 0.38 0.31 0.04 0.03 0.22 0.17 0.55 0.72 0.00 0.04 0.11 0.13 0.18 0.03 0.03 0.01 0.03 0.01 0.11 0.08 10.53 13.85 0.98 1.33 1.35 1.03 0.00 0.32 0.31 0.12 0.09 2.81 3.68 0.02 0.00 0.32 34.73 26.60 3.80 4.99

0.04 0.05 0.40 + 0.08 0.05 unch 0.32 + 0.14 + 0.09 + 0.07 0.09 unch 0.11 + 0.04 0.12 0.15 + 0.49 + 0.38 0.14 unch 0.62 0.48 0.17 0.23 + 1.58 + 0.02 + 0.09 0.05 + 0.00 0.12 0.12 unch 0.13 + 0.10 0.12 unch + 1.70 + 2.22 + 0.00 0.08 0.02 0.01 0.26 unch + 0.39 0.00 0.00 unch 0.21 0.01 0.03 0.74 0.96 0.98 0.26 unch + 0.20 13.98 9.25 0.10 unch 0.13 0.13 unch + 0.12 2.00 1.52 + 1.10 0.11 0.09 0.28 0.23 0.05 + 0.04 0.15 0.14 + 0.11 + 0.14 + 0.18 + 0.41 + 0.33 0.04 0.03 0.24 + 0.19 0.57 0.75 + 0.07 0.04 0.11 0.13 unch 0.18 unch 0.03 unch 0.03 unch + 0.02 0.04 0.01 0.13 0.09 10.94 14.29 + 1.20 + 1.55 1.42 1.09 0.41 + 0.33 0.35 unch + 0.13 + 0.10 + 2.96 + 3.86 + 0.07 + 0.06 + 0.36 35.82 27.41 4.09 5.32

G LOBAL M I N I N G

N EW S

(100s) Stock

Exc Volume

TH E N OR TH ER N

Week High

Low 0.08 0.09 0.24 0.19 2.25 1.70 0.15 0.05 0.00 0.00 0.33 0.43 11.47 15.02 0.01 0.10 0.13 0.35 0.47 0.03 0.04 19.11 14.51 0.00 0.09 0.09 0.51 0.67 0.35 0.18 0.23 0.00 0.00 0.06 0.44 0.34 0.03 0.00 0.00 0.00 0.20 0.45 0.00 0.01 0.00 0.00 0.36 0.91 0.70 0.58 0.75 0.01 0.01 4.01 5.02 0.00 0.43 0.31 0.14 0.11 0.07 0.08 0.06 0.53 0.41 0.09 0.00 1.40 1.80 0.06 1.21 1.57 0.40 0.00 0.17 0.10 0.12 0.70 0.54 0.00 0.10 0.14 0.14 0.19 14.34 10.91 0.34 0.45 0.48 12.36 0.36 0.27 0.09 0.06 0.31 0.42 0.04 0.03 0.07 0.10 0.11 0.36 0.02 0.03 0.32 0.18 0.15 0.00 0.00 0.00 8.51 6.48 1.25 0.00 0.05 0.07 0.14 0.11 3.18 0.20 0.00 0.06 0.63 142.22 186.71 0.01 1.34 0.52 15.15 0.00 0.11 16.65 0.20 0.02 0.00 0.15 0.05 0.07

Endurance Gold* Endurance Gold Enduro Metals Enduro Metals* Energy Fuels Energy Fuels* Engineer Gold Engold Mines Engold Mines* Ensurge* Entree Res* Entree Res Equinox Gold* Equinox Gold Equitorial Ex 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 Ethos Gold* Ethos Gold Etruscus Res* Etruscus Res Euro Manganese Euro Sun Mg Euro Sun Mg* EurOmax Res* EurOmax Res European Elect* European Elect European Metal* Evergold Evergold* Everton Res* Evolving Gold* Evolving Gold Evrim Res Excellon Res Excellon Res* Excelsior Mng* Excelsior Mng ExGen Res Inc ExGen Res Inc* Explorex Res* Explorex Res Fairmont Res* Falco Res Falco Res * Falcon Gold Falcon Gold* Fancamp Expl Far Res Far Res* FenixOro Gold FenixOro Gold* Fidelity Min Fidelity Min* Filo Mg Corp * Filo Mg Corp Finlay Minrls Fiore Gold* Fiore Gold Fiorentina Min Fire River Gol* FireFox Gold FireFox Gold* Firestone Vent Fireweed Zinc Fireweed Zinc* Firma Holdings* First Cobalt * First Cobalt First Energy* First Energy First Majestic First Majestic* First Mg Fin * First Mg Fin First Point* First Quantum First Vanadium First Vanadium* Fission 3.0 Fission 3.0* Fission Uran* Fission Uran Five Star Diam Five Star Diam* Fjordland Exp* Fjordland Exp Flow Metals Flowery Gold* Focus Graphite* Focus Graphite Fokus Mining Foran Mng Forsys Metals Fort St J Nick Fort St James* Fortescue Met* Fortuna Silvr Fortuna Silvr* Fortune Bay Fortune Bay* Fortune Mnrls* Fortune Mnrls Forum Energy Forum Energy* Fosterville Four Nines Fox River Res Fox River Res* FPX Nickel Franco-Nevada* Franco-Nevada Franklin Mng* Freegold Vent Freeman Gold Freeport McMoR* Freeport Res Fremont Gold Fresnillo plc* Frontier Lith Frontline Gold Fura Gems* Fura Gems Fuse Cobalt* Fuse Cobalt

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

62 452 2203 423 1836 8003 219 251 188 84 625 503 8198 6752 780 142 883 529 1354 16 812 737 43 20 993 993 417 1670 1610 737 643 2448 227 582 2807 614 13 26 715 161 201 324 10 60 2 12 1284 1162 711 164 259 2264 90 5 6 6 869 182 2288 496 1027 2136 136 1019 1291 370 1 3 226 305 1020 1547 107 0 182 1 128 325 43 405 1081 1738 462 1161 5575 33913 3610 3688 284 14710 267 272 762 215 1873 4508 453 4 33 157 478 0 650 609 1518 118 139 78 3 20 5750 24990 36 14 146 1555 813 502 1025 68 45 52 971 3520 2000 854 4167 1244 97935 69 655 57 428 165 3 221 840 284

0.09 0.11 0.29 0.22 2.55 1.95 0.17 0.06 0.05 0.04 0.40 0.53 13.39 17.47 0.02 0.12 0.16 0.42 0.53 0.04 0.05 20.10 15.37 0.08 0.10 0.10 0.63 0.82 0.68 0.22 0.29 0.00 0.36 0.07 0.53 0.44 0.03 0.04 0.05 0.49 0.23 0.50 0.37 0.01 0.06 0.08 0.49 1.01 0.77 0.62 0.82 0.02 0.01 4.01 5.25 0.00 0.47 0.37 0.19 0.15 0.07 0.09 0.07 0.60 0.47 0.10 0.08 1.45 1.96 0.07 1.33 1.70 0.45 0.14 0.18 0.10 0.14 0.76 0.57 0.01 0.11 0.15 0.18 0.22 16.69 12.80 0.38 0.49 0.58 13.65 0.40 0.31 0.10 0.08 0.38 0.49 0.05 0.04 0.08 0.12 0.13 0.36 0.03 0.03 0.43 0.20 0.17 0.16 0.12 13.10 9.71 7.45 1.43 1.08 0.07 0.08 0.16 0.14 4.18 0.39 0.09 0.06 0.75 153.27 199.48 0.01 1.62 0.59 16.34 0.64 0.12 18.11 0.23 0.03 0.11 0.15 0.06 0.07

G2 Goldfields* G2 Goldfields Gabriel Res* Gabriel Res Gaia Metals* Gaia Metals Gainey Capital 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* General Moly* General Moly Generation Min* Generation Min Generic Gold* Generic Gold Genesis Mtls* Genesis Mtls Genius Metals Gensource Pot Geomega Res Geomega Res* Gespeg Res

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

28 424 94 187 4 525 921 223 642 12 8 2186 8381 1271 428 67 51 133 406 693 12 213 130 423 891 212 19173 72 667 3095 135 200 650 1301 82 459 754 130 44

0.47 0.63 0.34 0.46 0.11 0.15 0.05 0.23 0.30 0.30 0.21 2.18 1.67 0.15 0.12 0.02 0.16 0.20 1.30 1.68 0.12 0.15 0.50 0.65 0.38 0.29 0.17 0.21 0.38 0.51 0.29 0.44 0.25 0.33 0.25 0.17 0.22 0.17 0.09

Last

Stock

0.08 0.11 + 0.28 unch 0.21 2.31 1.78 0.15 0.05 0.04 0.03 0.36 + 0.47 + 12.00 15.65 0.01 0.10 0.13 0.37 0.49 0.04 + 0.05 19.63 + 14.79 + 0.08 + 0.09 unch 0.09 unch 0.60 + 0.80 + 0.68 + 0.21 + 0.27 + 0.25 unch 0.35 + 0.07 + 0.47 0.36 0.03 unch 0.04 unch 0.03 0.48 0.20 0.46 0.36 0.01 unch 0.06 + 0.08 0.40 0.97 + 0.76 + 0.60 0.76 0.02 unch 0.01 + 4.01 + 5.05 0.37 unch 0.45 0.34 0.14 0.11 0.07 0.09 unch 0.06 0.58 + 0.45 0.09 0.08 1.40 + 1.83 0.06 unch 1.26 1.62 0.40 0.14 + 0.18 + 0.10 unch 0.13 unch 0.74 + 0.55 + 0.01 + 0.11 + 0.14 0.17 + 0.22 + 14.99 11.50 0.35 0.46 0.58 + 12.93 0.40 0.29 0.09 0.07 0.33 0.42 0.05 + 0.03 + 0.07 0.12 0.11 unch 0.36 unch 0.02 0.03 unch 0.37 + 0.18 + 0.15 0.16 + 0.09 12.51 9.05 6.93 1.25 0.95 0.06 0.08 unch 0.15 unch 0.12 + 3.40 0.22 + 0.09 + 0.06 + 0.75 + 145.70 190.11 0.01 1.45 0.52 16.02 + 0.60 0.11 unch 17.28 + 0.21 0.02 0.11 + 0.15 unch 0.05 0.07 unch

0.01 0.02 0.00 0.00 0.17 0.12 0.01 0.01 0.01 0.01 0.02 0.02 0.97 1.33 0.01 0.01 0.01 0.02 0.02 0.00 0.01 0.04 0.02 0.02 0.00 0.00 0.09 0.15 0.32 0.02 0.02 0.00 0.04 0.01 0.03 0.03 0.00 0.00 0.44 0.07 0.13 0.03 0.01 0.00 0.03 0.01 0.08 0.01 0.02 0.01 0.04 0.00 0.00 0.11 0.05 0.00 0.02 0.02 0.04 0.03 0.01 0.00 0.00 0.02 0.01 0.01 0.01 0.02 0.02 0.00 0.00 0.03 0.05 0.04 0.01 0.00 0.00 0.03 0.00 0.00 0.00 0.01 0.01 0.02 1.01 0.71 0.01 0.01 0.09 0.14 0.01 0.01 0.01 0.00 0.02 0.03 0.01 0.00 0.00 0.01 0.00 0.00 0.00 0.00 0.04 0.01 0.02 0.01 0.03 1.18 0.24 0.18 0.10 0.10 0.00 0.00 0.00 0.01 0.50 0.12 0.01 0.00 0.12 3.48 5.46 0.00 0.05 0.06 0.37 0.04 0.00 0.52 0.02 0.01 0.00 0.00 0.00 0.00

0.09 0.13 0.38 0.28 3.29 2.35 0.21 0.09 0.07 0.06 0.40 0.53 13.66 17.99 0.05 0.13 0.18 0.55 0.71 0.05 0.08 23.93 18.22 0.11 0.17 0.17 0.70 0.95 0.68 0.28 0.37 0.29 0.48 0.20 0.63 0.49 0.05 0.07 0.49 0.60 1.00 0.95 0.71 0.09 0.11 0.14 0.62 1.23 0.93 0.94 1.23 0.02 0.01 4.27 6.75 0.63 0.60 0.72 0.25 0.19 0.09 0.12 0.08 0.63 0.56 0.18 0.09 1.83 2.68 0.08 1.33 1.70 0.50 0.90 0.25 0.13 0.15 0.80 0.61 0.04 0.13 0.18 0.21 0.30 19.41 14.57 0.47 0.60 0.56 14.12 0.42 0.34 0.11 0.08 0.38 0.49 0.06 0.04 0.08 0.12 0.20 0.51 0.03 0.03 0.43 0.29 0.22 0.16 0.12 14.12 9.82 7.45 1.56 1.21 0.07 0.10 0.17 0.14 5.34 0.39 0.12 0.07 0.75 166.11 222.15 0.10 1.95 0.84 16.34 0.95 0.17 18.11 0.35 0.04 0.16 0.22 0.10 0.14

0.02 0.03 0.05 0.04 1.10 0.78 0.03 0.02 0.02 0.01 0.05 0.22 4.63 6.60 0.01 0.03 0.04 0.09 0.13 0.02 0.03 8.40 5.92 0.03 0.05 0.05 0.06 0.08 0.10 0.05 0.08 0.25 0.12 0.05 0.14 0.02 0.01 0.02 0.03 0.05 0.00 0.17 0.15 0.00 0.00 0.01 0.19 0.31 0.19 0.30 0.42 0.01 0.00 0.00 3.49 0.36 0.17 0.11 0.03 0.11 0.03 0.02 0.01 0.10 0.08 0.02 0.02 0.77 1.00 0.02 0.19 0.27 0.10 0.00 0.04 0.10 0.03 0.31 0.21 0.00 0.05 0.08 0.02 0.04 5.30 4.17 0.09 0.12 0.08 4.71 0.13 0.08 0.03 0.02 0.07 0.10 0.01 0.02 0.02 0.03 0.08 0.05 0.01 0.01 0.04 0.08 0.06 0.09 0.08 5.16 2.05 1.47 0.22 0.14 0.03 0.04 0.05 0.03 0.91 0.10 0.04 0.03 0.11 77.18 105.93 0.00 0.04 0.11 4.82 0.08 0.04 5.53 0.14 0.01 0.05 0.05 0.01 0.02

0.02 0.01 0.00 0.01 0.01 0.01 0.01 0.02 0.04 0.01 0.00 0.20 0.14 0.02 0.01 0.00 0.01 0.01 0.03 0.06 0.01 0.01 0.01 0.01 0.01 0.00 0.02 0.03 0.04 0.05 0.00 0.04 0.01 0.01 0.00 0.00 0.00 0.00 0.01

0.87 1.20 0.54 0.69 0.34 0.60 0.10 0.30 0.41 0.75 0.55 2.80 2.12 0.20 0.14 0.03 0.27 0.39 1.57 2.09 0.12 0.16 1.52 2.03 0.71 0.54 100.00 0.54 0.62 0.51 0.29 0.57 0.38 0.49 0.29 0.18 0.23 0.17 0.13

0.13 0.14 0.26 0.40 0.03 0.03 0.02 0.03 0.05 0.03 0.02 0.80 0.56 0.03 0.02 0.01 0.06 0.08 0.20 0.27 0.03 0.02 0.26 0.37 0.24 0.17 0.10 0.14 0.15 0.39 0.29 0.02 0.10 0.15 0.14 0.07 0.09 0.06 0.03

Getchell Gold * Getchell Gold Getty Copper GFG Resources* GFG Resources GGL Res GGX Gold GGX Gold* Giga Metals Giga Metals* Gitennes Expl Gitennes Expl * Giyani Gold* Giyani Gold Glacier Lake Glacier Lake* Gldn Predator Gldn Predator* Glen Eagle Res Glen Eagle Res* Glencore Plc * Glencore Plc* Global Atomic* Global Atomic Global Battery* Global Battery Global Energy* Global Energy Global Gold* Global Li-Ion* Global Li-Ion Global Vanad* GlobalMin Vent* Globex Mng* Globex Mng GMV Minerals GMV Minerals* GNCC Capital* Go Cobalt* Go Cobalt GobiMin GoGold Res Gold Bull Res* Gold Bull Res Gold Fields* Gold Fields* Gold Finder Ex Gold Finder Ex* Gold Lion Res Gold Lion Res* Gold Plus Gold Plus* Gold Reserve Gold Reserve* Gold Resource* Gold Rush Cari* Gold Rush Cari Gold Std Vents Gold Std Vents* Gold X Mining Goldâ&#x20AC;&#x2122;n Futures Gold79 Mines Gold79 Mines* Goldbank Mng Goldbank Mng* Goldcliff Res* Goldcliff Res Goldcore Res* Goldcore Res Golden Arrow Golden Arrow* Golden Band* Golden Birch Golden Cariboo Golden Dawn Ml Golden Dawn Ml* Golden Goliath* Golden Goliath Golden Harp Golden Hope Golden Hope* Golden Indepen Golden Lake Golden Mnls Golden Mnls* Golden Pursuit Golden Ridge Golden Secret Golden Share Golden Star Golden Star* Golden Sun* Golden Tag Golden Valley* Golden Valley Goldex Res* Goldex Res Goldgroup Mng Goldgroup Mng* GoldHaven Res* GoldMining GoldMining* GoldON Res* GoldON Res GoldQuest Mng Goldrea Res Goldrea Res* Goldrich Mng* Goldseek Res Goldseek Res* Goldsource Min Goldsource Min* Goldstar Mnls Goldstrike Res* Goldstrike Res Goliath Res* Goliath Res Gossan Res GoviEx Uranium* GoviEx Uranium Gowest Gold* Gowest Gold GPM Metals* GPM Metals GR Silver GR Silver* Gran Colombia* Gran Colombia Granada Gold Granada Gold* Grande Portage Grande Portage* Granite Creek Graphite Egy* Graphite One Graphite One* Gratomic Gratomic* Gray Rock Res* Gray Rock Res Graycliff Exp Great Atlantic Great Bear Res Great Bear Res* Great Lakes Gr* Great Panther* Great Panther Great Thunder* Greatbanks Re Green River Green River* Green Swan Cap Green Valley M Greencastle Rs Greenland M&En* Greenshield Ex Grenville Gold Grenville Gold* Grid Metals Grid Metals* Grizzly Discvr* Grizzly Discvr Grosvenor Res Group Eleven Group Ten Mtls* Group Ten Mtls GrowMax Res* GSP Resource GT Gold GT Gold * Gungnir Res* Gungnir Res Gunpoint Expl* Gunpoint Expl Guyana Gldflds Guyana Goldstr Guyana Goldstr* Handa Mining Handeni Gold* Hanna Capital

G-H 0.44 0.55 0.32 0.42 0.10 0.13 0.04 0.19 0.26 0.29 0.21 1.81 1.37 0.12 0.09 0.02 0.13 0.17 1.07 1.40 0.12 0.00 0.46 0.61 0.36 0.26 0.11 0.15 0.32 0.43 0.29 0.40 0.20 0.26 0.23 0.15 0.18 0.14 0.00

0.44 0.60 0.33 0.44 0.11 0.15 0.04 0.20 0.26 0.30 0.21 1.92 1.48 0.13 0.10 0.02 0.14 0.18 1.15 1.45 0.12 0.15 0.48 0.62 0.37 0.29 0.12 0.16 0.37 0.48 0.29 0.43 0.21 0.27 0.24 0.16 0.21 0.16 0.08

(100s)

12-month High Low

Change

+ + + + unch unch + + + unch + + + unch unch unch -

Exc Volume O C V O V V V O V O V O O V V O V O V O O O O T O V O V O O C O O O T V O O O C V T O V O N V O C O C O V O X O V T X V C V O V O O V O V V O O C V V O O V V V O C C T X V V V V T X O V O V O V T O O T O O V V C O O C O V O V O V O V V O V O V O V V O O T V O V O V O V O V O O V C V V O O X T O V C O V V V O V C O V O O V V V O V O V V O O V O V T V O V O V

494 527 730 524 425 159 40 4 3803 3204 42 23 15 774 28 30 1333 565 86 111 206 1820 977 1515 5 105 361 19 10 105 252 2 0 27 345 251 150 23162 13 830 4 2939 5 27 2 33055 2887 642 163 3 752 3 89 151 4882 108 979 512 19400 463 178 344 54 25 3 110 483 0 332 454 374 989 67 17 41 4 176 972 4 136 20 338 422 280 7825 105 276 580 123 283 2470 30 1910 27 9 17 145 593 353 133 4661 6507 20 165 925 230 0 238 3 3 25325 12112 515 2 5 10 674 3352 1077 1552 48 514 100 125 4285 1020 200 2147 696 203 528 181 1411 27 285 800 1215 26 0 37 1138 98 502 198 278 12385 1970 37 5 86 1 578 3 16 1800 30 5 2 349 132 208 217 5 465 578 1238 254 105 620 156 172 95 5 65 1034 844 94 1 1 371

Week High

Low

0.37 0.49 0.06 0.23 0.29 0.19 0.23 0.17 0.81 0.63 0.16 0.11 0.11 0.15 0.15 0.10 0.39 0.30 0.11 0.08 2.45 4.77 0.59 0.78 0.11 0.14 0.02 0.17 1.50 0.12 0.15 0.61 0.31 0.56 0.75 0.32 0.24 0.00 0.10 0.13 0.30 1.75 0.33 0.50 13.00 13.42 0.10 0.08 0.58 0.46 0.22 0.18 2.47 1.90 4.09 0.02 0.03 1.20 0.92 4.04 0.29 0.10 0.07 0.12 0.11 0.07 0.10 0.00 0.13 0.21 0.16 0.00 0.20 0.11 0.15 0.12 0.18 0.23 0.32 0.37 0.29 0.40 0.25 0.63 0.48 0.20 0.31 2.09 0.20 6.23 4.78 0.00 0.37 5.55 7.25 0.08 0.09 0.07 0.06 0.30 3.85 3.00 0.42 0.56 0.47 0.06 0.04 0.05 0.54 0.39 0.16 0.12 0.02 0.25 0.37 0.22 0.24 0.16 0.11 0.15 0.28 0.38 0.06 0.08 0.95 0.72 4.74 6.22 0.26 0.20 0.65 0.50 0.18 1.00 0.52 0.43 0.20 0.15 0.00 0.20 0.64 0.69 17.23 13.25 0.00 1.02 1.34 0.59 0.15 0.08 0.06 0.06 0.25 0.10 0.18 0.19 0.14 0.10 0.15 0.11 0.05 0.07 0.16 0.10 0.29 0.39 0.04 0.38 1.73 1.54 0.07 0.08 0.67 0.90 1.85 0.06 0.05 0.03 0.05 0.08

0.33 0.44 0.04 0.19 0.25 0.17 0.00 0.17 0.53 0.39 0.00 0.10 0.11 0.12 0.15 0.10 0.33 0.24 0.10 0.07 2.19 4.33 0.49 0.65 0.11 0.11 0.01 0.00 1.50 0.09 0.13 0.00 0.00 0.52 0.67 0.27 0.21 0.00 0.09 0.10 0.29 1.50 0.27 0.00 11.55 11.79 0.08 0.06 0.53 0.00 0.19 0.00 2.35 1.71 3.77 0.02 0.02 1.05 0.80 3.73 0.21 0.09 0.06 0.12 0.00 0.07 0.00 0.00 0.03 0.19 0.14 0.00 0.00 0.00 0.14 0.00 0.13 0.20 0.00 0.34 0.26 0.35 0.22 0.55 0.42 0.16 0.29 1.90 0.17 5.55 4.22 0.00 0.33 5.39 7.09 0.07 0.00 0.06 0.04 0.25 3.35 2.55 0.39 0.51 0.38 0.05 0.04 0.03 0.00 0.39 0.14 0.10 0.02 0.24 0.00 0.16 0.18 0.08 0.10 0.13 0.21 0.28 0.05 0.00 0.77 0.59 4.35 5.72 0.23 0.17 0.55 0.41 0.14 0.00 0.39 0.28 0.16 0.14 0.00 0.18 0.51 0.56 16.29 12.45 0.00 0.91 1.18 0.52 0.15 0.07 0.06 0.04 0.00 0.00 0.15 0.16 0.14 0.10 0.14 0.11 0.04 0.06 0.00 0.09 0.26 0.33 0.02 0.32 1.59 1.22 0.06 0.08 0.67 0.85 1.84 0.05 0.03 0.03 0.00 0.07

Last

12-month Change

0.35 + 0.46 + 0.05 unch 0.20 + 0.26 + 0.19 + 0.22 0.17 0.67 + 0.52 + 0.13 0.11 + 0.11 0.13 0.15 unch 0.10 unch 0.34 0.26 0.10 unch 0.07 2.32 + 4.56 + 0.52 0.67 0.11 unch 0.13 0.02 unch 0.15 1.50 unch 0.10 + 0.14 + 0.61 0.11 + 0.52 0.67 0.27 0.21 0.00 unch 0.09 0.10 0.30 1.57 0.27 0.39 11.55 12.57 0.09 0.07 0.53 0.46 + 0.20 0.16 2.42 + 1.87 + 4.01 0.02 unch 0.02 1.09 0.83 3.75 + 0.21 0.09 + 0.06 + 0.12 unch 0.11 unch 0.07 0.09 0.02 unch 0.12 + 0.20 + 0.15 + 0.00 0.19 0.10 0.14 0.10 0.18 + 0.22 0.32 0.35 0.26 + 0.38 + 0.24 0.59 + 0.45 0.20 + 0.30 + 2.00 + 0.19 5.72 4.35 0.00 unch 0.34 + 5.48 + 7.10 unch 0.07 0.09 0.07 unch 0.05 0.25 3.55 + 2.72 + 0.42 + 0.52 0.40 0.05 0.04 unch 0.03 0.54 + 0.39 unch 0.15 + 0.12 + 0.02 unch 0.25 + 0.33 0.16 0.18 0.10 + 0.10 0.13 0.26 + 0.36 + 0.05 unch 0.07 + 0.80 + 0.63 + 4.67 + 6.05 + 0.23 unch 0.17 0.60 + 0.44 0.17 + 0.65 + 0.40 0.32 0.17 0.14 0.07 unch 0.18 0.62 + 0.62 17.00 + 13.00 + 0.00 unch 0.95 1.24 0.52 0.15 unch 0.08 unch 0.06 unch 0.05 + 0.25 0.09 0.17 0.16 unch 0.14 unch 0.10 unch 0.14 unch 0.11 + 0.05 + 0.07 unch 0.16 unch 0.09 0.26 0.34 0.04 unch 0.35 1.69 1.30 0.06 0.08 0.67 unch 0.87 1.84 unch 0.05 0.04 0.03 unch 0.05 unch 0.07 unch

0.00 0.01 0.00 0.01 0.01 0.03 0.01 0.01 0.14 0.09 0.04 0.00 0.00 0.02 0.00 0.00 0.02 0.01 0.00 0.02 0.07 0.10 0.04 0.06 0.00 0.01 0.00 0.05 0.00 0.00 0.01 0.04 0.05 0.01 0.02 0.02 0.00 0.00 0.01 0.04 0.05 0.03 0.03 0.13 1.36 0.82 0.02 0.01 0.02 0.01 0.04 0.01 0.02 0.06 0.01 0.00 0.01 0.10 0.07 0.02 0.04 0.01 0.00 0.00 0.00 0.00 0.01 0.00 0.10 0.01 0.00 0.00 0.01 0.03 0.02 0.00 0.01 0.01 0.12 0.01 0.00 0.02 0.01 0.01 0.01 0.02 0.01 0.02 0.01 0.49 0.40 0.00 0.02 0.03 0.00 0.01 0.01 0.00 0.01 0.05 0.17 0.15 0.01 0.01 0.02 0.01 0.00 0.01 0.02 0.00 0.04 0.02 0.00 0.01 0.04 0.03 0.06 0.02 0.01 0.01 0.03 0.08 0.00 0.01 0.02 0.03 0.30 0.35 0.00 0.00 0.04 0.01 0.02 0.18 0.10 0.06 0.03 0.01 0.00 0.01 0.11 0.07 0.60 0.64 0.00 0.06 0.07 0.05 0.00 0.00 0.00 0.01 0.03 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.00 0.01 0.01 0.01 0.00 0.02 0.01 0.02 0.00 0.01 0.00 0.03 0.00 0.01 0.01 0.00 0.00 0.00

(100s)

High Low

Stock

0.37 0.50 0.06 0.32 0.44 0.19 0.30 0.22 0.81 0.63 0.55 0.14 0.24 0.31 0.25 0.13 0.48 0.37 0.14 0.10 3.39 6.66 0.65 0.90 0.11 0.16 0.29 0.45 2.35 0.13 0.19 0.65 0.58 0.57 0.77 0.34 0.27 0.00 0.14 0.16 0.35 1.84 0.34 0.52 15.00 14.40 0.17 0.13 0.75 0.51 0.26 0.18 2.70 2.02 6.24 0.03 0.04 1.50 1.14 4.62 0.30 0.12 0.09 0.19 0.14 0.14 0.18 0.15 0.18 0.22 0.16 0.01 0.28 0.15 0.38 0.28 0.20 0.26 0.44 0.50 0.36 0.40 0.30 0.80 0.58 0.38 0.43 2.09 0.20 6.89 5.20 0.00 0.40 6.08 8.06 0.09 0.12 0.10 0.07 0.45 3.85 3.00 0.82 1.15 0.50 0.08 0.05 0.05 0.59 0.43 0.19 0.14 0.05 0.28 0.50 0.25 2.03 0.16 0.14 0.19 0.31 0.46 0.07 0.09 0.95 0.72 6.19 8.10 0.34 0.26 0.68 0.52 0.20 1.01 0.75 0.54 0.25 0.19 0.07 0.23 0.64 0.80 19.83 14.54 0.02 1.07 1.42 0.71 0.18 0.10 0.06 0.06 0.40 0.10 0.23 0.22 0.18 0.13 0.27 0.20 0.07 0.10 0.20 0.14 0.30 0.39 0.15 0.44 2.25 1.63 0.08 0.11 0.55 0.93 1.86 0.13 0.10 0.05 0.14 0.08

Hannan Metals Hannan Metals* Hanstone Gold Happy Ck Mnrls Harfang Explor Harfang Explor* Harmony Gold* Harte Gold Harte Gold* Harvest Gold* Harvest Gold Hawkeye Gld&Di Hawkeye Gld&Di* Heatherdale Rs Hecla Mining* Hemcare Health* Hemlo Expl Hemlo Expl* Highbank Res Highbury Proj HighGold HighGold* Highland Copp Highland Copp* Highway 50 Gld HiHo Silver* Hochschild Mg* Honey Badger E* Honey Badger E Horizonte Mnls HudBay Min HudBay Min* Hudson Res Hudson Res* Hunt Mng* Hunt Mng Hybrid Mineral Hylands Intl

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

I-Minerals I-Minerals* IAMGOLD IAMGOLD* Icon Explor* Iconic Mnls * Iconic Mnls Idaho Champion Idaho Champion* IEMR Res IM Exploration IMC Intl Mng IMC Intl Mng* iMetal Res iMetal Res* IMPACT Silver Impala Platnm* Imperial Metal Imperial Metal* Imperial Mg Gr Inca One Gold* Inca One Gold Inception Mng * Independence G Independence G* Indiana Res* Indigo Expl Infinite Ore* Infinite Ore Inflection Res Inomin Mines Intact Gold Integra Res* Integra Res Inter-Rock Mnl Intercontinent Intercontinent* Intl Battery* Intl Battery Intl Bethl Mng Intl Bethl Mng* Intl Cobalt* Intl Cobalt Intl Lithium* Intl Lithium Intl Millm Mng Intl Montoro* Intl Montoro Intl Prospect * Intl Prospect Intl Samuel Ex Intl Star* Intl Tower Hil* Intl Tower Hil Intl Zeolite Intl Zeolite* Intrepid Pots* INV Metals* INV Metals Inventus Mg * Inventus Mg InZinc Mining InZinc Mining* Ion Energy Irving Res* Irving Res IsoEnergy Ltd Itafos* Itafos Itoco Inc* Ivanhoe Mines* Ivanhoe Mines Ivor Explor Jade Leader* Jade Leader Jaeger Res * Jaeger Res Jaguar Mng Jaguar Mng* Japan Gold Japan Gold* Jaxon Mining* Jaxon Mining Jayden Res Jazz Res JDF Explor Inc Jervois Mining Jervois Mining* JNC Resources* JNC Resources Josemaria Res* Josemaria Res Joshua Gold* Jourdan Res Jubilee Metals* Juggernaut Exp* Juggernaut Exp Jupiter Gold* K2 Gold K92 Mining* K92 Mining Kaizen Discov Kaizen Discvry* Kanadario Gold Karam Min Karnalyte Res Karoo Expl Karora Res* KAT Expl* Kenadyr Mining* Kenadyr Mining Kerr Mines* Kerr Mines Kesselrun Res* Kesselrun Res Kestrel Gold Kilo Goldmines Kilo Goldmines* Kincora Copper* Kincora Copper King Global* King Global Kingman Min Kings Bay Res Kingsmen Res Kingsmen Res* Kinross Gold Kinross Gold* Kintavar Exp Kirkland Lake* Kirkland Lake Klondike Gold* Klondike Gold Klondike Silv* Klondike Silv Kodiak Copper* Kombat Copper* Kombat Copper Komet Resource

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

0.05 0.06 0.02 0.05 0.07 0.03 0.05 0.05 0.13 0.09 0.05 0.01 0.04 0.04 0.05 0.09 0.15 0.11 0.07 0.05 1.29 2.51 0.18 0.23 0.03 0.02 0.05 0.05 0.55 0.03 0.03 0.07 0.10 0.19 0.26 0.08 0.05 0.00 0.01 0.02 0.20 0.37 0.01 0.02 4.09 3.79 0.02 0.02 0.17 0.34 0.05 0.16 1.82 1.05 2.02 0.00 0.01 0.46 0.27 0.75 0.14 0.02 0.02 0.09 0.06 0.05 0.07 0.04 0.04 0.09 0.06 0.00 0.03 0.02 0.04 0.02 0.02 0.04 0.04 0.06 0.05 0.05 0.07 0.20 0.13 0.04 0.08 0.66 0.03 2.56 1.85 0.00 0.03 5.15 3.10 0.04 0.06 0.02 0.01 0.11 0.85 0.61 0.14 0.20 0.09 0.02 0.01 0.01 0.07 0.38 0.06 0.03 0.01 0.00 0.12 0.00 0.12 0.02 0.05 0.08 0.08 0.10 0.02 0.03 0.10 0.07 2.10 2.88 0.09 0.06 0.10 0.07 0.03 0.00 0.14 0.10 0.03 0.00 0.07 0.04 0.30 0.30 3.68 7.46 0.00 0.23 0.32 0.10 0.06 0.04 0.06 0.01 0.05 0.03 0.04 0.00 0.06 0.05 0.08 0.05 0.01 0.02 0.09 0.02 0.09 0.12 0.00 0.08 0.66 0.50 0.02 0.03 0.29 0.43 0.25 0.02 0.01 0.02 0.02 0.02

Exc Volume

Week

M I N ER

12-month

High

Low

Last

761 332 91 265 154 11 43554 2321 218 11 140 203 160 34 47837 30 48 54 855 6 2327 373 786 475 96 2 65 55 590 1184 5166 4854 106 79 53 269 209 18

0.51 0.39 0.57 0.11 0.37 0.25 6.71 0.19 0.14 0.14 0.18 0.03 0.03 1.20 6.24 1.35 1.10 0.81 0.03 0.23 2.50 1.92 0.06 0.04 0.20 0.01 3.42 0.05 0.07 0.16 6.14 4.70 0.13 0.11 0.13 0.16 0.15 0.04

0.44 0.34 0.50 0.10 0.32 0.24 5.67 0.17 0.12 0.12 0.16 0.03 0.02 0.00 5.21 1.03 0.92 0.69 0.02 0.23 2.13 1.63 0.04 0.03 0.18 0.01 2.97 0.04 0.06 0.12 5.55 4.22 0.11 0.09 0.10 0.13 0.13 0.04

0.46 0.35 0.57 0.10 0.33 0.25 5.95 0.17 0.13 0.12 0.17 0.03 0.03 1.02 5.58 1.22 0.93 0.70 0.02 0.23 2.32 1.79 0.05 0.04 0.18 0.01 3.15 0.05 0.06 0.12 5.89 4.51 0.11 0.09 0.11 0.14 0.13 0.04

356 12 7809 22195 1 101 435 1842 117 57 814 2014 2547 1119 1 2382 1 154 32 479 227 338 714 177 7 0 134 2 1225 746 112 895 511 233 54 172 0 365 263 152 60 717 1084 96 883 1888 4 864 67 151 1231 1045 8105 153 496 11 589 44 1350 117 603 501 143 399 209 342 602 10 52 68 801 8286 11 420 207 1 6 960 353 642 258 66 265 80 16 335 1733 1742 13 45 29 337 49 129 141 381 54 6 1064 2278 6647 346 3 558 25 32 2 825 21260 6 429 512 1727 324 728 1259 1245 264 11 692 8 60 749 550 18 1 24066 65501 113 6420 4949 177 397 1905 6982 588 8 870 988

0.03 0.03 5.75 4.41 0.02 0.08 0.11 0.30 0.23 0.02 0.16 0.24 0.20 0.15 0.02 1.11 9.43 3.44 2.62 0.09 0.66 0.86 0.03 0.11 0.10 0.03 0.13 0.05 0.07 0.61 0.19 0.07 3.99 5.19 0.37 0.12 0.00 0.07 0.10 0.04 0.03 0.01 0.01 0.04 0.05 0.03 0.06 0.09 0.12 0.13 0.25 0.00 1.53 1.99 0.06 0.03 9.99 0.49 0.62 0.13 0.17 0.04 0.03 0.50 3.00 3.90 1.32 0.34 0.44 0.11 4.39 5.57 0.28 0.06 0.12 0.03 0.05 8.85 7.05 0.35 0.28 0.06 0.09 0.04 0.26 0.15 0.30 0.24 0.38 0.42 0.52 0.69 0.10 0.03 0.09 0.12 0.15 1.05 0.65 6.50 8.50 0.04 0.03 0.16 0.21 0.26 0.54 2.89 0.00 0.05 0.05 0.12 0.14 0.31 0.40 0.06 0.03 0.04 0.08 0.14 0.02 0.03 0.12 0.01 0.18 0.12 11.88 9.10 0.12 54.32 70.84 0.22 0.28 0.07 0.09 1.46 0.32 0.42 0.16

Change

High Low

+ unch + + unch + + unch + + + + + unch + + + -

0.04 0.03 0.06 0.00 0.02 0.01 0.53 0.02 0.01 0.01 0.01 0.00 0.00 0.11 0.32 0.11 0.11 0.10 0.01 0.00 0.49 0.39 0.01 0.01 0.01 0.12 0.13 0.00 0.00 0.01 0.12 0.11 0.02 0.02 0.01 0.01 0.02 0.01

0.54 0.41 2.94 0.13 0.37 0.25 7.61 0.32 0.24 0.19 0.21 0.07 0.05 1.35 6.79 1.92 1.11 0.81 0.03 0.30 2.50 1.92 0.06 0.04 0.20 0.21 4.35 0.08 0.10 0.20 6.14 4.70 0.39 0.30 0.14 0.18 0.15 0.06

0.06 0.04 0.50 0.06 0.15 0.17 1.76 0.08 0.05 0.04 0.06 0.01 0.00 0.28 1.40 0.52 0.17 0.04 0.01 0.22 0.57 0.42 0.02 0.01 0.06 0.01 0.99 0.01 0.01 0.03 1.66 1.23 0.07 0.04 0.02 0.04 0.01 0.03

0.03 0.03 unch 0.02 0.02 5.19 5.39 3.94 4.12 0.02 0.02 unch 0.08 0.08 + 0.10 0.10 0.24 0.25 0.18 0.20 0.01 0.01 0.12 0.16 + 0.18 0.24 unch 0.13 0.17 0.03 0.15 unch 0.00 0.02 0.91 0.98 9.43 9.43 3.14 3.26 0.00 2.48 0.07 0.08 0.55 0.60 0.74 0.75 0.00 0.03 0.10 0.11 0.07 0.09 + 0.03 0.03 unch 0.11 0.11 0.05 0.05 unch 0.06 0.06 0.49 0.52 0.13 0.13 0.06 0.06 unch 3.60 3.82 + 4.69 4.97 + 0.37 0.37 unch 0.00 0.11 0.00 0.11 unch 0.05 0.07 0.08 0.09 unch 0.02 0.04 + 0.03 0.03 unch 0.01 0.01 + 0.01 0.01 unch 0.00 0.04 + 0.05 0.05 + 0.02 0.02 unch 0.05 0.05 0.08 0.09 0.09 0.10 + 0.11 0.12 unch 0.22 0.22 unch 0.00 0.00 unch 1.33 1.38 1.75 1.86 0.00 0.05 unch 0.03 0.03 unch 8.88 9.69 0.43 0.43 + 0.53 0.53 + 0.00 0.12 0.15 0.16 + 0.00 0.04 + 0.02 0.02 0.30 0.33 2.56 2.66 3.34 3.55 1.12 1.17 0.00 0.34 + 0.35 0.38 + 0.09 0.09 3.72 4.23 + 5.11 5.51 + 0.26 0.26 0.05 0.06 + 0.08 0.08 0.03 0.03 unch 0.00 0.04 7.72 8.01 5.89 6.14 0.33 0.34 0.25 0.26 0.06 0.06 0.08 0.08 0.00 0.03 0.26 0.26 unch 0.12 0.15 + 0.27 0.29 0.20 0.22 0.38 0.38 unch 0.00 0.42 unch 0.48 0.48 0.62 0.63 unch 0.06 0.10 unch 0.02 0.03 0.08 0.09 unch 0.06 0.12 + 0.00 0.14 + 0.60 1.05 unch 0.52 0.58 5.72 6.11 + 7.55 8.00 + 0.04 0.04 unch 0.02 0.02 0.13 0.13 unch 0.21 0.21 unch 0.24 0.26 + 0.00 0.54 unch 2.45 2.63 0.00 0.00 + 0.00 0.04 0.00 0.05 0.10 0.10 0.13 0.13 0.25 0.28 0.32 0.36 0.05 0.05 0.02 0.02 unch 0.01 0.01 0.07 0.08 + 0.11 0.13 + 0.02 0.02 0.03 0.03 unch 0.10 0.10 0.01 0.01 unch 0.00 0.18 + 0.00 0.12 + 10.89 11.27 8.29 8.63 0.11 0.11 49.44 51.68 65.00 67.45 0.18 0.20 0.25 0.26 0.05 0.06 + 0.07 0.08 + 0.37 1.31 + 0.23 0.29 + 0.36 0.36 0.13 0.13 unch

0.00 0.01 0.22 0.16 0.00 0.00 0.01 0.02 0.01 0.01 0.02 0.00 0.02 0.00 0.09 0.01 0.72 0.13 0.07 0.01 0.04 0.07 0.00 0.01 0.00 0.00 0.02 0.00 0.01 0.10 0.05 0.00 0.25 0.34 0.00 0.03 0.00 0.00 0.00 0.02 0.00 0.00 0.00 0.01 0.01 0.00 0.01 0.01 0.01 0.00 0.00 0.00 0.07 0.02 0.00 0.00 0.11 0.03 0.02 0.00 0.01 0.01 0.01 0.03 0.21 0.26 0.06 0.06 0.01 0.02 0.33 0.41 0.02 0.01 0.05 0.00 0.01 0.15 0.16 0.02 0.01 0.00 0.01 0.01 0.00 0.04 0.01 0.00 0.00 0.00 0.01 0.00 0.00 0.01 0.00 0.02 0.01 0.00 0.01 0.24 0.28 0.00 0.00 0.00 0.00 0.02 0.00 0.09 0.00 0.01 0.01 0.01 0.01 0.03 0.04 0.01 0.00 0.01 0.01 0.03 0.00 0.00 0.01 0.00 0.03 0.01 0.38 0.26 0.01 1.77 2.57 0.02 0.02 0.00 0.01 0.94 0.06 0.01 0.00

0.06 0.05 7.07 5.35 0.14 0.11 0.15 0.44 0.47 0.04 0.17 1.00 0.73 0.60 0.47 1.25 10.60 3.56 2.70 0.11 0.67 0.86 0.08 0.15 0.11 0.05 0.15 0.10 0.14 0.63 0.25 0.09 5.50 5.90 0.38 0.33 0.25 0.13 0.18 0.05 0.04 0.02 0.02 0.05 0.07 0.03 0.08 0.11 0.15 0.23 0.27 0.00 2.27 3.07 0.12 0.06 37.80 0.78 1.11 0.15 0.21 0.04 0.03 0.50 3.48 4.60 1.44 1.17 1.56 0.90 4.39 5.57 0.30 0.27 0.35 0.03 0.08 9.20 7.05 0.45 0.34 0.09 0.14 0.06 0.44 0.71 0.35 0.26 5.24 0.54 0.70 0.85 0.40 0.03 0.09 0.49 0.60 1.50 0.71 6.50 8.50 0.08 0.06 0.32 0.21 0.33 1.28 3.57 0.00 0.07 0.10 0.17 0.23 0.35 0.46 0.06 0.03 0.04 0.14 0.19 0.04 0.10 0.23 0.03 0.20 0.15 13.50 10.21 0.18 57.69 76.43 0.29 0.39 0.07 0.09 1.28 0.34 0.54 0.17

0.02 0.01 2.00 1.44 0.01 0.02 0.04 0.04 0.04 0.01 0.04 0.15 0.13 0.08 0.06 0.22 4.60 0.99 0.70 0.03 0.01 0.16 0.02 0.03 0.01 0.02 0.06 0.01 0.03 0.45 0.03 0.03 3.30 1.53 0.16 0.11 0.08 0.05 0.07 0.01 0.01 0.00 0.01 0.02 0.03 0.01 0.01 0.01 0.05 0.07 0.05 0.00 0.33 0.43 0.02 0.02 6.00 0.13 0.17 0.05 0.07 0.01 0.01 0.30 1.02 1.45 0.23 0.14 0.21 0.03 1.35 1.80 0.20 0.02 0.04 0.00 0.01 1.05 0.50 0.19 0.12 0.02 0.03 0.01 0.14 0.06 0.11 0.05 0.24 0.18 0.21 0.31 0.04 0.01 0.03 0.06 0.10 0.20 0.11 1.12 1.55 0.03 0.02 0.13 0.03 0.09 0.04 2.45 0.00 0.02 0.02 0.06 0.10 0.02 0.03 0.01 0.01 0.00 0.02 0.01 0.00 0.01 0.06 0.01 0.07 0.01 4.00 2.72 0.05 18.03 25.67 0.10 0.14 0.01 0.02 0.12 0.05 0.05 0.05

I-J-K

/ SEP TEM BER 1 4 â&#x20AC;&#x201C; SEP TEM BER 2 8 , 2 0 2 0

(100s) Stock

Exc Volume

Week High

Low 0.33 0.44 1.43 1.09 0.14 0.00 0.01

Kootenay Silvr* Kootenay Silvr Kore Mining Kore Mining * Kutcho Copper * KWG Res* KWG Res

O V V O O O C

1612 3000 486 244 2064 19 1514

0.42 0.49 1.75 1.33 0.27 0.00 0.01

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 American Latin American* Latin Metals* Latin Metals Laurion Mnl Ex* Laurion Mnl Ex Leading Edge* Leading Edge Leeta Gold Legion Metals Leo Res* Lepanto Con Mg* Libero Copper* Libero Copper Liberty Gold* Lida Resources* Lido Minerals Lightspeed Dis Lincoln Mng Lion One Mtls Lion One Mtls* Lions Bay Cap Lithium Amer Lithium Amer* Lithium Chile Lithium Chile* Lithium Corp* Lithium Energi* Lithium Energi Lithoquest Dia Lithoquest Dia* LKA Gold* Lode-Star Mg* Logan Res* Logan Res Lomiko Mtls Lomiko Mtls* Loncor Res* Loncor Res Lone Star Gold* Los Andes* Los Andes Lovitt Res 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 Lydian Intl* Lynas Corp* Lynas Corp*

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

93 649 75 7 626 1195 69 1613 1134 1397 793 321 1885 247 3 319 103 1036 655 372 12524 1162 0 1250 205 679 1204 241 374 1 116 1049 851 6140 1645 7117 212 59 308 4 151 69 15 31 2 0 97 4353 657 22 438 26 0 30 75 0 1354 39 127 125 59 652 860 126 1660 332 9060 1 166 132 557 289

0.38 0.50 0.01 21.19 28.34 0.03 0.77 0.32 0.00 1.12 0.85 0.13 0.04 0.03 0.10 0.14 0.17 0.22 0.20 0.25 0.51 0.28 0.00 0.00 0.13 0.16 1.70 0.14 0.29 0.00 0.25 2.16 1.65 0.05 10.73 8.24 0.38 0.30 0.17 0.06 0.08 0.08 0.05 0.18 0.12 0.00 0.11 0.07 0.05 0.46 0.61 1.77 0.00 3.70 0.16 0.00 0.57 0.14 0.18 0.44 0.34 0.84 1.10 1.01 11.28 6.55 8.45 0.04 0.04 0.07 1.83 1.84

Macarthur Min Macarthur Min* MacDonald Mns* MacDonald Mns MAG Silver Magellan Gold* Magna Gold Magna Gold* Magna Terra Magnum Goldco Majestic Gold* Majestic Gold Major Precious Makara Mining* Makara Mining Makena Res* Mako Mining* Mako Mining Mammoth Res Mandalay Res Mandalay Res* Manganese X* Manganese X Mangazeya Mng Mangazeya Mng* Manitou Gold * Manitou Gold Maple Gold Maple Gold* Marathon Gold* Marathon Gold Margaret Lake Margaux Res Margaux Res* Marifil Mines* Marifil Mines Marimaca Cop Marimaca Cop* Mariner Res Maritime Res Martina Mnls MartinMarietta* Mas Gold Mascota Res* Mason Graphite* Mason Graphite Matachewan Con Matica Ent Maverix Metals Maverix Metals* Mawson Res* Mawson Res MAX Res MaxTech Vent MaxTech Vent* Maxwell Res* Maya Gold &Sil* Mazarin McChip Res McEwen Mng McEwen Mng* McLaren Res MDN Inc* Mechel* Medallion Res Medallion Res* Medgold Res* Medgold Res Medinah Mnrls* Mega Copper Mega Uranium Mega Uranium* Megastar Dev Megastar Dev* MegumaGold MegumaGold* Melior Res Melior Res* Melkior Res Melkior Res* Meridian Mg Meridian Mg * Meryllion Res Meryllion Res* MetalCorp* MetalCorp Metalex Vent Metalla Rylty Metallic Mnrls Metallic Mnrls* Metallica Min* Metallis Res Metalo Manuf Metalore Res Metalore Res*

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

1207 339 5393 5153 907 55 263 244 94 13 148 480 230 934 2932 124 1793 2058 32 192 53 17 1534 210 17 585 3322 2892 1051 305 1308 147 2391 736 102 80 68 5 191 2615 2 3396 119 0 303 238 61 887 440 1059 383 913 2322 545 424 0 47 13 49 1741 15379 368 8 515 634 684 4 114 4469 3 2269 2157 48 61 418 30 43 0 173 42 52 0 3165 3 10 444 73 501 1035 871 79 127 45 1 0

0.67 0.50 0.10 0.12 22.53 1.58 1.59 1.25 0.33 0.05 0.06 0.08 0.49 1.27 1.65 0.62 0.38 0.49 0.05 1.85 1.42 0.18 0.25 0.10 0.06 0.06 0.08 0.17 0.13 1.82 2.36 0.04 0.16 0.14 0.05 0.07 3.09 2.37 0.62 0.19 0.00 216.98 0.08 0.00 0.17 0.21 0.14 0.03 6.04 4.64 0.39 0.50 0.25 0.10 0.06 0.07 1.92 0.12 0.45 1.71 1.31 0.11 0.47 1.77 0.28 0.22 0.04 0.07 0.00 0.14 0.15 0.12 0.17 0.13 0.20 0.15 0.08 0.00 0.88 0.65 0.36 0.22 0.02 0.00 0.03 0.05 0.05 12.71 1.12 0.89 0.02 0.47 0.15 3.00 1.79

Last

12-month Change

High Low

0.36 0.46 1.50 1.16 0.24 + 0.00 unch 0.01 +

0.01 0.02 0.07 0.04 0.09 0.00 0.01

0.46 0.54 1.96 1.48 0.27 0.01 0.01

0.08 0.12 0.15 0.09 0.03 0.00 0.01

0.34 0.36 + 0.44 0.48 + 0.01 0.01 + 20.65 20.75 26.75 27.19 0.02 0.03 0.73 0.73 0.28 0.29 + 0.00 0.00 + 1.01 1.03 0.77 0.78 0.13 0.13 0.03 0.04 unch 0.03 0.03 0.09 0.09 0.13 0.13 0.15 0.17 + 0.20 0.22 + 0.16 0.18 + 0.22 0.24 + 0.39 0.43 0.25 0.25 unch 0.00 0.09 unch 0.00 0.00 unch 0.11 0.11 0.14 0.14 1.48 1.61 0.09 0.10 0.00 0.24 0.00 0.19 unch 0.23 0.23 1.88 2.02 + 1.40 1.55 + 0.03 0.05 + 8.80 9.56 6.69 7.28 0.29 0.29 0.22 0.22 0.15 0.15 0.06 0.06 + 0.06 0.08 + 0.07 0.07 unch 0.05 0.05 unch 0.09 0.10 0.10 0.12 + 0.00 0.07 unch 0.00 0.10 0.04 0.05 0.03 0.04 0.00 0.44 0.53 0.54 0.92 1.29 + 0.00 0.27 unch 0.00 3.50 0.16 0.16 unch 0.00 0.12 unch 0.51 0.57 + 0.00 0.13 0.16 0.16 0.37 0.37 + 0.28 0.33 + 0.75 0.81 + 0.98 1.05 + 0.95 0.96 unch 10.53 10.72 6.03 6.34 + 7.90 8.23 + 0.00 0.04 0.04 0.04 0.03 0.03 1.70 1.72 1.61 1.65 -

0.01 0.05 0.00 0.33 0.54 0.01 0.01 0.01 0.00 0.08 0.07 0.01 0.00 0.00 0.00 0.01 0.01 0.02 0.01 0.02 0.01 0.00 0.00 0.00 0.01 0.02 0.01 0.02 0.01 0.00 0.01 0.20 0.13 0.02 0.10 0.11 0.09 0.06 0.01 0.00 0.01 0.00 0.00 0.08 0.01 0.00 0.03 0.01 0.00 0.02 0.06 0.11 0.00 0.20 0.00 0.00 0.01 0.01 0.02 0.01 0.06 0.01 0.01 0.00 0.43 0.16 0.11 0.00 0.01 0.00 0.04 0.03

0.50 0.63 0.20 21.78 28.95 0.32 1.02 0.37 0.01 1.75 1.33 0.22 0.06 0.04 0.11 0.15 0.17 0.22 0.25 0.34 0.58 0.70 0.15 0.00 0.18 0.22 1.82 0.20 0.30 0.20 0.28 2.66 2.00 0.06 12.00 9.15 0.43 0.33 0.27 0.14 0.24 0.10 0.08 0.18 0.28 18.09 1.15 0.07 0.05 0.64 0.88 2.33 3.19 4.50 0.27 0.20 1.20 0.30 0.38 1.30 0.95 0.91 1.19 1.08 13.49 6.55 8.59 0.04 0.05 0.12 1.87 1.94

0.09 0.10 0.00 9.71 13.25 0.02 0.44 0.10 0.00 0.56 0.40 0.08 0.01 0.00 0.04 0.05 0.09 0.09 0.03 0.01 0.08 0.14 0.01 0.00 0.02 0.03 0.38 0.09 0.19 0.08 0.05 0.62 0.48 0.01 2.90 1.92 0.10 0.07 0.05 0.01 0.03 0.03 0.03 0.04 0.03 0.00 0.06 0.02 0.01 0.22 0.30 0.15 1.39 1.95 0.12 0.09 0.40 0.05 0.08 0.13 0.10 0.29 0.46 0.41 5.82 2.82 4.08 0.00 0.01 0.00 0.58 0.55

0.12 0.07 0.00 0.01 1.20 0.15 0.00 0.01 0.03 0.00 0.00 0.01 0.05 0.02 0.02 0.10 0.02 0.03 0.00 0.14 0.11 0.03 0.03 0.01 0.00 0.01 0.01 0.03 0.02 0.04 0.05 0.00 0.02 0.01 0.01 0.00 0.16 0.06 0.13 0.02 0.00 7.79 0.01 0.00 0.00 0.00 0.01 0.00 0.26 0.22 0.02 0.01 0.04 0.01 0.01 0.00 0.13 0.00 0.00 0.02 0.01 0.01 0.00 0.11 0.02 0.00 0.00 0.01 0.00 0.10 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.00 0.04 0.04 0.03 0.00 0.01 0.00 0.01 0.01 0.01 0.16 0.02 0.00 0.00 0.02 0.00 0.00 0.09

0.67 0.50 0.16 0.21 24.21 2.30 1.89 1.46 0.48 0.10 0.06 0.08 0.82 1.27 1.65 0.74 0.50 0.54 0.06 2.12 1.65 0.18 0.30 0.13 0.09 0.07 0.08 0.22 0.17 2.00 2.62 0.09 0.16 0.14 0.10 0.13 3.70 2.60 0.62 0.23 0.06 281.82 0.14 44.00 0.28 0.36 0.18 0.06 7.33 5.72 0.44 0.57 0.48 0.13 0.09 0.51 2.13 0.18 0.65 2.70 1.94 0.18 0.50 3.43 0.29 0.23 0.08 0.12 0.00 0.29 0.15 0.12 0.20 0.14 0.21 0.16 0.14 0.03 1.25 0.89 0.39 0.26 0.02 0.01 0.03 0.05 0.08 13.47 1.30 0.94 0.02 0.84 0.35 3.65 1.88

0.07 0.04 0.04 0.05 5.33 0.20 0.24 0.02 0.04 0.03 0.02 0.04 0.35 0.63 0.50 0.22 0.13 0.17 0.02 0.46 0.38 0.04 0.06 0.04 0.02 0.02 0.02 0.04 0.03 0.52 0.71 0.02 0.05 0.03 0.02 0.03 1.00 0.03 0.13 0.05 0.05 135.08 0.03 0.51 0.08 0.12 0.10 0.02 3.10 2.51 0.09 0.13 0.06 0.03 0.02 0.05 0.65 0.04 0.39 0.76 0.53 0.01 0.14 1.28 0.05 0.03 0.02 0.03 0.00 0.02 0.05 0.03 0.05 0.05 0.06 0.03 0.01 0.01 0.06 0.01 0.04 0.03 0.01 0.00 0.00 0.01 0.02 4.06 0.10 0.07 0.01 0.11 0.07 1.00 0.81

M 0.48 0.61 + 0.38 0.45 + 0.08 0.08 + 0.11 0.12 + 19.83 20.58 1.30 1.40 1.32 1.36 unch 0.99 1.05 0.28 0.28 0.00 0.05 unch 0.05 0.05 + 0.07 0.07 + 0.40 0.44 1.06 1.16 1.40 1.52 0.52 0.52 0.32 0.34 0.42 0.44 0.04 0.05 unch 1.65 1.84 + 1.27 1.42 + 0.16 0.18 + 0.20 0.24 + 0.08 0.08 0.06 0.06 + 0.05 0.05 0.06 0.07 0.14 0.15 0.11 0.12 1.70 1.75 2.24 2.28 0.00 0.04 unch 0.14 0.15 + 0.11 0.12 + 0.00 0.05 0.07 0.07 unch 2.85 3.08 + 2.19 2.37 + 0.42 0.55 + 0.15 0.16 0.00 0.05 unch 201.29 215.11 + 0.07 0.08 0.00 1.75 unch 0.14 0.15 + 0.19 0.19 unch 0.14 0.14 0.03 0.03 unch 5.47 5.89 + 4.19 4.52 + 0.35 0.36 0.46 0.47 0.20 0.22 + 0.08 0.09 + 0.05 0.06 + 0.00 0.07 + 1.61 1.70 0.12 0.12 unch 0.45 0.45 unch 1.55 1.65 1.18 1.25 0.00 0.09 0.00 0.45 unch 1.59 1.60 0.25 0.27 + 0.19 0.20 0.04 0.04 unch 0.06 0.06 0.00 0.00 + 0.14 0.14 0.13 0.13 0.09 0.10 0.16 0.17 + 0.13 0.13 0.16 0.19 + 0.12 0.15 + 0.05 0.07 + 0.00 0.03 unch 0.76 0.82 0.60 0.60 0.25 0.28 0.00 0.22 unch 0.00 0.01 + 0.00 0.00 + 0.02 0.03 + 0.03 0.04 0.04 0.05 10.70 11.21 0.82 0.95 0.63 0.73 + 0.00 0.02 + 0.42 0.45 + 0.15 0.15 unch 2.97 2.97 unch 0.00 1.79 -

SEP TEM BER 1 4 – SEP TEM BER 2 8 , 2 0 2 0

/ TH E N OR TH ER N

M I N ER

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

Exc Volume

Week Last

12-month

High

Low

Metals Creek* Metals Creek Metals X* Metron Capital Mexican Gold* Mexus Gold* MGX Minerals* MGX Minerals Mich Resources Midas Gold Midas Gold* Midland Expl Midnight Star Midnight Sun* Midnight Sun Millennial Lit* Millennial Lit Millrock Res* Millrock Res Milner Con Slv Minaurum Gold Minaurum Gold* Minco Silver* Minco Silver Minera Alamos * Minera Alamos Minera IRL* Minera IRL Mineral Mtn* Mineral Mtn MineralRite* Mineworx Tech Mineworx Tech* Minfocus Expl Mining Global* Minnova Corp Mirasol Res Mistango River Mkango Res ML Gold* ML Gold Corp Monarca Mnrls* Monarca Mnrls Monarch Gold Monarch Gold* Moneta Porcpn* Moneta Porcpn Mongoose Mg Monitor Vent* Monitor Vent Montego Res Monterey Min Montero Mg&Ex * Montero Mg&Ex Monument Mng Monument Mng* Morien Res* Morien Res Mosaic* Mountain Boy Mountain Boy* Mountain Prov* Mountain Prov Mundoro Cap* Mundoro Cap Murchison Min Musgrave Min*

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

261 632 219 322 1364 10391 418 264 142 4477 6153 193 437 26 64 61 54 946 642 92 509 438 104 412 2091 2122 45 114 134 679 18761 1244 434 202 4756 301 465 1419 235 50 55 628 1240 1499 587 3868 3388 20 13 10 374 683 20 748 337 53 146 145 18301 208 134 45 99 60 136 250 39

0.07 0.09 0.07 0.21 0.12 0.00 0.09 0.11 0.35 1.83 1.45 1.10 0.17 0.21 0.25 1.12 1.45 0.19 0.25 0.13 0.79 0.60 0.42 0.55 0.58 0.76 0.16 0.20 0.24 0.30 0.00 0.07 0.06 0.07 0.00 0.50 0.43 0.26 0.10 0.10 0.12 0.13 0.18 0.54 0.41 0.13 0.16 0.05 0.17 0.18 0.02 0.08 0.08 0.17 0.10 0.08 0.11 0.15 19.03 0.57 0.44 0.31 0.41 0.13 0.17 0.10 0.43

0.05 0.07 unch 0.08 0.08 0.06 0.06 0.00 0.21 0.10 0.11 0.00 0.00 0.07 0.07 0.00 0.09 0.30 0.30 unch 1.43 1.70 1.09 1.29 1.00 1.05 unch 0.15 0.15 0.17 0.19 0.22 0.22 0.97 1.03 1.30 1.32 0.15 0.16 0.21 0.21 0.07 0.13 + 0.69 0.72 + 0.52 0.55 + 0.37 0.38 0.48 0.49 0.51 0.54 0.66 0.70 0.16 0.16 0.18 0.20 + 0.21 0.21 0.27 0.28 0.00 0.00 unch 0.06 0.07 unch 0.05 0.05 + 0.06 0.06 unch 0.00 0.00 + 0.44 0.47 + 0.40 0.40 0.22 0.23 0.09 0.09 unch 0.00 0.09 + 0.11 0.12 + 0.10 0.12 0.13 0.15 0.47 0.50 0.36 0.39 0.11 0.12 0.14 0.15 0.05 0.05 unch 0.00 0.13 + 0.00 0.17 0.01 0.01 0.07 0.07 0.08 0.08 unch 0.14 0.17 + 0.09 0.09 0.07 0.07 0.10 0.10 0.14 0.14 17.94 18.53 0.49 0.53 0.38 0.42 0.28 0.29 0.37 0.38 0.12 0.12 0.15 0.15 0.10 0.10 unch 0.42 0.42 +

Change

NA Frac Sand* NACCO Ind* Namibia Crit Namibia Crit* Napier Vent Napier Vent* Natural Res Pt* Nautilus Mnrls* Navis Res Corp* Navy Res Neo Lithium Neometals* Network Expl* Network Expl Nevada Canyon* Nevada Copper Nevada Energy* Nevada Energy Nevada Expl * Nevada Expl Nevada Sunrise* Nevada Sunrise Nevada Zinc Nevado Res New Age Metals New Age Metals* New Carolin Gd* New Carolin Gd New Destiny Mg New Dimen Res New Dimen Res* New Egy Min* New Energy Met* New Energy Met New Found Gold New Gold New Gold* New Guinea Gld* New Jersey Mng* New Milln Iron* New Milln Iron New Oroperu New Pac Metals* New Pac Metals New Placer* New Placer New Stratus New Tech Min New World Res* Newcore Gold Newcore Gold* Newlox Gold Newmac Res Newmont Corp Newmont Corp* Newport Expl Newport Gold* NewRange Gold* NewRange Gold Nexa Resources Nexa Resources* Nexco Res Nexgen Energy Nexgen Energy* NextSource Mat Nexus Gold* Nexus Gold NGEx Minerals NGEx Minerals* Nickel Creek Nickel Creek* Nickel North Nicola Mg Inc Nicola Mg Inc* Nighthawk Gold* Nighthawk Gold Niobay Metals Niocan Inc Niocorp Dev Niocorp Dev* Nippon Dragon Nippon Dragon* Noble Metal Noble Mineral Noble Mineral* Noram Vent* Noram Vent Noranda Alum* Norilsk Nickel* Noront Res* Noront Res Norra Metals Norse Gold Norseman Cap Norsemont Cap* Norsemont Cap Nortec Mnls North Am Nickl North Am Nickl* North Arrow Mn* North Arrow Mn North Bay Res * North Peak Res*

O 145777 N 73 V 347 O 306 V 5 O 5 N 68 O 126 O 35 V 25 V 633 O 45 O 44 V 165 O 178 T 15962 O 31 V 205 O 228 V 328 O 2079 V 1575 V 11 V 2 V 1652 O 574 O 115 V 1309 V 142 V 1041 O 19 O 8 O 180 V 331 V 3231 T 12270 X 43610 O 100 O 736 O 58 T 1247 V 98 O 676 T 763 O 72 V 361 V 1033 C 660 O 18 V 638 O 4 C 1551 V 49 T 507 N 33594 V 102 O 98 O 316 V 739 T 6 N 326 C 5 T 4702 X 3811 T 559 O 1955 V 12676 V 76 O 50 T 2936 O 2394 V 700 V 492 O 9 O 110 T 407 V 365 V 15 T 389 O 600 V 697 O 68 V 288 V 165 O 53 O 9 V 540 O 95 O 380 O 42 V 407 V 2599 V 37 V 415 O 52 C 418 V 511 V 1797 O 899 O 152 V 511 O 6937 O 9

0.03 21.47 0.24 0.20 0.08 0.12 11.61 0.00 2.96 0.30 0.69 0.37 0.21 0.28 0.12 0.14 0.07 0.09 0.17 0.22 0.25 0.31 0.07 0.00 0.09 0.08 0.07 0.09 0.05 0.08 0.06 0.10 0.03 0.06 2.20 2.42 1.85 0.00 0.37 0.06 0.08 2.70 5.02 6.57 0.54 0.70 0.25 0.12 1.90 0.89 0.67 0.17 0.07 89.18 68.55 0.42 0.01 0.15 0.20 10.67 8.34 0.15 2.64 2.04 0.04 0.12 0.12 0.47 0.29 0.15 0.11 0.04 0.18 0.14 1.22 1.60 0.62 0.16 0.90 0.69 0.07 0.05 0.01 0.10 0.08 0.15 0.20 0.05 27.21 0.14 0.18 0.15 0.09 0.28 1.92 2.48 0.03 0.20 0.15 0.05 0.07 0.00 0.55

0.01 + 21.05 0.19 0.15 0.08 unch 0.12 unch 10.70 0.00 + 2.21 + 0.30 + 0.60 0.15 + 0.18 0.28 0.12 + 0.12 0.06 0.07 0.15 0.20 unch 0.22 + 0.29 + 0.07 unch 0.10 unch 0.08 0.06 0.06 0.07 0.05 0.07 unch 0.06 0.02 + 0.02 0.05 2.04 + 2.40 + 1.82 + 0.00 unch 0.33 0.06 unch 0.07 2.50 + 4.85 + 6.34 + 0.53 + 0.67 unch 0.23 + 0.11 + 1.49 0.70 + 0.51 0.15 + 0.07 85.21 65.35 0.41 + 0.00 0.13 0.19 + 9.55 7.49 0.14 2.32 1.76 0.04 unch 0.07 0.09 0.46 + 0.29 unch 0.11 0.08 0.03 + 0.17 0.13 1.20 1.58 0.57 0.16 + 0.81 0.63 0.06 0.05 0.01 unch 0.09 0.07 + 0.14 0.18 0.03 + 26.43 + 0.14 0.17 + 0.11 0.06 0.23 1.43 1.85 0.02 unch 0.20 + 0.15 + 0.05 + 0.07 + 0.00 unch 0.44 +

Week

High Low

Stock

Exc Volume

High

Low

0.00 0.01 0.01 0.02 0.01 0.00 0.01 0.01 0.00 0.10 0.08 0.00 0.01 0.01 0.01 0.05 0.07 0.02 0.03 0.03 0.01 0.01 0.02 0.05 0.01 0.02 0.00 0.01 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.03 0.02 0.02 0.00 0.00 0.01 0.01 0.02 0.01 0.01 0.01 0.01 0.00 0.00 0.01 0.01 0.01 0.00 0.02 0.02 0.01 0.03 0.02 0.38 0.02 0.00 0.00 0.01 0.00 0.02 0.00 0.02

0.08 0.10 0.15 0.42 0.15 0.03 0.19 0.25 0.50 2.04 1.55 1.13 0.35 0.21 0.28 1.24 1.66 0.23 0.32 0.13 0.85 0.67 0.73 0.94 0.60 0.78 0.18 0.24 0.43 0.53 0.00 0.24 0.18 0.07 0.00 0.60 0.62 0.35 0.16 0.16 0.18 0.14 0.19 0.59 0.45 0.16 0.22 0.15 0.33 0.45 0.06 0.12 0.17 0.20 0.12 0.09 0.50 0.65 23.18 0.69 0.52 0.86 1.44 0.14 0.21 0.18 0.60

0.02 0.03 0.03 0.15 0.01 0.00 0.02 0.04 0.08 0.24 0.16 0.46 0.10 0.04 0.03 0.38 0.61 0.06 0.08 0.02 0.22 0.16 0.14 0.20 0.11 0.16 0.07 0.05 0.12 0.16 0.00 0.06 0.05 0.02 0.00 0.05 0.29 0.02 0.05 0.06 0.08 0.01 0.02 0.11 0.07 0.04 0.06 0.05 0.08 0.12 0.01 0.02 0.02 0.01 0.04 0.02 0.06 0.08 6.50 0.14 0.09 0.17 0.25 0.06 0.09 0.04 0.32

0.00 0.27 0.03 0.02 0.00 0.00 0.18 0.00 0.43 0.03 0.05 0.03 0.01 0.01 0.02 0.02 0.01 0.01 0.00 0.00 0.01 0.03 0.00 0.00 0.01 0.00 0.00 0.02 0.01 0.00 0.01 0.01 0.02 0.01 0.20 0.29 0.21 0.00 0.03 0.00 0.01 0.02 0.05 0.04 0.03 0.00 0.01 0.01 0.36 0.03 0.16 0.01 0.02 1.94 1.36 0.01 0.00 0.00 0.01 1.16 0.53 0.02 0.28 0.23 0.00 0.02 0.03 0.01 0.00 0.03 0.01 0.01 0.01 0.01 0.03 0.02 0.03 0.02 0.03 0.02 0.02 0.00 0.00 0.01 0.00 0.01 0.02 0.01 0.28 0.00 0.01 0.02 0.03 0.05 0.40 0.55 0.00 0.08 0.06 0.02 0.01 0.00 0.05

0.03 66.40 0.37 0.29 0.26 0.15 27.86 0.03 3.44 0.38 0.92 0.40 0.37 0.48 0.40 0.38 0.11 0.16 0.30 0.39 0.25 0.31 0.08 0.15 0.15 0.11 0.11 0.15 0.13 0.10 0.07 0.10 0.20 0.17 2.20 2.36 1.85 0.13 0.39 0.06 0.09 2.95 5.60 7.17 0.80 0.95 0.25 0.14 1.90 0.92 0.67 0.19 0.09 96.45 72.22 0.45 0.01 0.31 0.43 14.33 10.98 0.16 2.64 2.04 0.07 0.12 0.14 0.51 0.38 0.15 0.11 0.04 0.21 0.14 2.20 3.30 0.72 0.28 1.02 0.78 0.09 0.06 0.03 0.14 0.10 0.17 0.27 0.05 35.52 0.20 0.26 0.15 0.09 0.30 2.21 2.79 0.05 0.30 0.29 0.06 0.08 0.00 3.00

0.00 20.50 0.08 0.06 0.04 0.04 8.50 0.00 0.92 0.12 0.38 0.08 0.06 0.08 0.03 0.12 0.02 0.04 0.08 0.12 0.01 0.01 0.03 0.07 0.03 0.02 0.02 0.03 0.02 0.02 0.02 0.01 0.00 0.02 1.24 0.55 0.39 0.00 0.12 0.03 0.04 0.45 1.68 2.34 0.05 0.25 0.03 0.02 0.22 0.14 0.09 0.03 0.03 44.00 33.00 0.25 0.00 0.05 0.07 3.94 2.57 0.06 0.76 0.50 0.02 0.01 0.03 0.24 0.16 0.02 0.02 0.01 0.04 0.04 0.26 0.97 0.20 0.10 0.53 0.38 0.01 0.01 0.01 0.03 0.02 0.04 0.05 0.00 18.62 0.08 0.12 0.02 0.02 0.04 0.20 0.25 0.01 0.06 0.02 0.02 0.03 0.00 0.16

North Peak Res Northcliff Res Northern Light Northern Uran Northisle C&G * Northisle C&G Northstar Gold Northstar Gold* Norvista Cap NorZinc* NorZinc Nouveau Monde* Nouveau Monde NovaGold Res NovaGold Res* Novo Res* Novo Res NQ Minerals Pl* NRG Metals* NRG Metals Nrthn Graphite Nrthn Graphite* Nrthn Lion Nrthn Mnrls &E* Nrthn Shield Nrthn Superior Nrthn Superior* Nrthn Vertex* Nrthn Vertex NSGold NSS Res Inc Nthn Dynasty Nthn Dynasty* Nthrn Sphere* Nubian Res Nuinsco Res Nuinsco Res* NuLegacy Gold NuLegacy Gold* Nutrien* Nutrien NV Gold* NV Gold NxGold Ltd* NxGold Ltd O.T. Mining* O3 Mining* O3 Mining Oakley Vent OceanaGold OceanaGold* Oceanic Iron O Oceanus Res* Oceanus Res Odyssey Res Olivut Res Olivut Res* Omineca Mining Omineca Mining* One World Lith One World Lith* Opawica Expl Opawica Expl* Optimum Vent Opus One Res Orbite Tech* Orca Gold Orca Gold* Orea Mining Orea Mining* Orefinders Res Orestone Mng Orex Mnrls* Orex Mnrls Orezone Gold Orezone Gold* Orford Mining OrganiMax* OrganiMax Origen Res Origin Gold Original Sixtn* Orla Mng Ltd* Orla Mng Ltd Oroco Res Oroco Res* Orocobre Orosur Mng Orsu Metals Orsu Metals* Orvana Mnrls Orvana Mnrls* Osino Res Osisko Gold Osisko Gold* Osisko Metals Osisko Metals* Osisko Mng Inc Osprey Gold Otso Gold Otso Gold* Outcrop Gold Outcrop Gold* OZ Minerals*

V 35 T 203 C 1592 V 453 O 3 V 773 C 1220 O 113 V 105 O 208 T 1136 O 110 V 865 T 3565 X 12956 O 929 V 1206 O 62 O 7 V 8 V 290 O 368 V 13 O 38 V 1962 V 1371 O 1648 O 1512 V 2751 V 32 C 280 T 12458 X 105458 O 0 V 234 C 1020 O 665 V 5043 O 3266 N 6184 T 7157 O 409 V 258 O 124 V 207 O 26 O 92 V 339 C 105 T 8618 O 11 V 142 O 354 V 1172 V 1446 V 56 O 23 V 993 O 879 C 330 O 251 V 135 O 1 V 20 V 256 O 70 V 1428 O 225 T 537 O 355 V 783 V 973 O 1528 V 3551 V 709 O 170 V 519 O 5 V 17 C 174 V 317 O 30 O 215 T 2351 V 1800 O 1289 T 253 T 2323 V 36 O 27 T 112 O 43 V 670 T 2908 N 3311 V 192 O 3 T 6206 V 492 V 1710 O 81 V 934 O 462 O 10

0.60 0.04 0.11 0.01 0.10 0.14 0.43 0.32 0.17 0.08 0.11 0.17 0.21 14.09 10.80 2.68 3.40 0.10 0.30 0.38 0.26 0.20 0.45 0.06 0.16 0.89 0.69 0.54 0.65 0.25 0.05 1.59 1.22 0.00 0.62 0.01 0.01 0.24 0.18 38.55 50.33 0.30 0.40 0.49 0.67 0.06 1.91 2.55 0.25 3.10 2.34 0.18 0.48 0.63 0.05 0.06 0.05 0.48 0.43 0.11 0.08 0.22 0.00 0.35 0.12 0.00 0.60 0.46 0.18 0.14 0.13 0.08 0.24 0.31 1.09 0.85 0.24 0.06 0.07 0.23 0.33 0.19 4.55 6.01 0.87 0.69 2.69 0.14 0.38 0.29 0.28 0.21 1.65 16.31 12.51 0.43 0.32 4.22 0.09 0.05 0.05 0.65 0.53 10.79

0.53 0.00 0.08 0.01 0.08 0.10 0.34 0.00 0.16 0.07 0.09 0.15 0.19 12.87 9.86 2.43 3.19 0.10 0.00 0.00 0.20 0.15 0.42 0.05 0.13 0.69 0.52 0.39 0.52 0.19 0.04 1.19 0.90 0.00 0.52 0.01 0.01 0.19 0.15 36.56 47.72 0.24 0.33 0.42 0.56 0.04 1.80 2.36 0.20 2.64 2.25 0.17 0.38 0.49 0.04 0.05 0.03 0.41 0.30 0.07 0.06 0.22 0.00 0.35 0.10 0.00 0.51 0.39 0.16 0.11 0.12 0.07 0.16 0.21 0.99 0.75 0.19 0.05 0.07 0.20 0.27 0.06 3.95 5.12 0.72 0.56 2.46 0.07 0.32 0.28 0.25 0.19 1.46 15.12 11.50 0.41 0.32 3.84 0.08 0.05 0.04 0.58 0.44 0.00

P2 Gold* P2 Gold Pac Bay Mnrls Pac Booker Min Pac Booker Min* Pac Cascade Pac Imperial Pac Ridge Expl Pac Ridge Expl* Pac Wildcat* Pacific Empire Pacific Rim Pacific Rim* Pacific Silk* Pacific Silk Pacton Gold Paladin Energy* Palamina Corp Palamina Corp* Palayan Res* Paleo Resource Paleo Resource* Palladium One Palladium One* Pan Am Silver* Pan Am Silver Pan Global Res* Pan Global Res Pancontinental* Pancontinental Panex Res* Pangolin Dia Panoro Mnrls Panoro Mnrls* Pantheon Vent Para Resources Parallel Mng Parallel Mng * Paramount Gold* Paringa Res* Parlane Res Pasinex Res Pasofino Gold* Pasofino Gold Patriot Gold Patriot Gold* Peabody Enrgy* Pedro Res Pelangio Expl* Pelangio Expl Peloton Mnrls Peloton Mnrls* PepinNini Lith* Perseus Mng Pershimex Res Pershing Res* Peruvian Metal* Peruvian Metal Petra Diamonds* Philex Mng* Phoenix Global* Phoenix Gold Pine Cliff En* Pine Cliff En Pistol Bay Mng Pistol Bay Mng*

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

0.46 0.74 0.16 1.95 1.37 0.15 0.05 0.08 0.06 0.01 0.17 0.14 0.12 0.03 0.03 1.40 0.14 0.32 0.24 1.56 0.02 0.02 0.11 0.11 37.00 48.25 0.30 0.39 0.09 0.13 0.00 0.04 0.15 0.12 0.09 0.65 0.15 0.11 1.24 0.01 0.09 0.03 0.25 0.33 0.11 0.09 2.82 0.15 0.20 0.27 0.10 0.08 0.09 1.44 0.07 0.01 0.05 0.05 0.00 0.05 0.55 0.14 0.18 0.23 0.06 0.04

N-O 0.01 20.50 0.18 0.14 0.08 0.12 10.66 0.00 0.00 0.30 0.56 0.12 0.16 0.22 0.09 0.12 0.05 0.07 0.14 0.19 0.20 0.26 0.00 0.00 0.08 0.06 0.06 0.07 0.05 0.00 0.05 0.01 0.01 0.04 1.86 2.08 1.58 0.00 0.31 0.06 0.07 2.28 4.44 6.03 0.49 0.64 0.18 0.10 1.49 0.66 0.51 0.14 0.00 83.30 63.35 0.00 0.00 0.13 0.18 8.95 6.82 0.00 2.24 1.71 0.04 0.06 0.08 0.43 0.29 0.09 0.06 0.03 0.17 0.00 1.18 1.53 0.57 0.00 0.80 0.59 0.05 0.05 0.01 0.09 0.06 0.00 0.18 0.02 25.81 0.12 0.16 0.11 0.06 0.22 1.12 1.70 0.02 0.12 0.08 0.05 0.06 0.00 0.40

(100s)

(100s) Stock

Last

12-month Change

High Low

0.54 + 0.04 unch 0.09 0.01 unch 0.10 + 0.13 + 0.40 + 0.27 0.16 unch 0.07 0.10 unch 0.16 + 0.20 unch 13.94 + 10.68 + 2.52 + 3.33 0.10 + 0.28 0.38 0.21 0.17 0.43 + 0.05 + 0.14 0.89 + 0.69 + 0.49 + 0.64 + 0.25 + 0.05 + 1.33 + 1.03 + 0.02 unch 0.53 0.01 unch 0.01 0.22 + 0.18 + 37.68 + 49.21 + 0.26 0.34 0.43 0.56 0.06 1.82 2.37 0.22 2.69 2.25 0.18 unch 0.42 + 0.53 0.05 + 0.05 0.04 + 0.44 0.35 0.09 + 0.07 + 0.22 unch 0.11 unch 0.35 unch 0.12 + 0.00 unch 0.54 0.40 0.16 unch 0.13 + 0.12 0.08 + 0.19 + 0.27 + 1.00 0.77 0.19 unch 0.06 0.07 unch 0.20 unch 0.31 + 0.16 unch 4.20 5.45 0.73 0.56 2.52 0.12 + 0.32 0.29 0.25 0.20 1.53 + 15.43 11.80 0.41 unch 0.32 + 4.01 + 0.08 unch 0.05 unch 0.05 + 0.60 0.46 10.40 +

0.02 0.00 0.02 0.00 0.02 0.03 0.03 0.02 0.00 0.00 0.00 0.00 0.00 1.11 0.90 0.00 0.01 0.01 0.01 0.04 0.05 0.03 0.03 0.01 0.02 0.19 0.16 0.08 0.11 0.06 0.01 0.15 0.12 0.00 0.09 0.00 0.00 0.01 0.02 0.49 0.46 0.02 0.02 0.05 0.06 0.00 0.03 0.07 0.03 0.36 0.09 0.00 0.01 0.02 0.01 0.01 0.00 0.02 0.00 0.02 0.02 0.00 0.00 0.00 0.02 0.00 0.03 0.04 0.00 0.01 0.01 0.01 0.03 0.05 0.06 0.05 0.00 0.03 0.00 0.00 0.03 0.00 0.31 0.46 0.08 0.07 0.17 0.05 0.05 0.01 0.02 0.01 0.03 0.40 0.29 0.00 0.00 0.03 0.00 0.00 0.01 0.04 0.02 0.05

1.38 0.08 0.11 0.01 0.11 0.15 0.55 0.38 0.19 0.09 0.12 0.21 0.27 18.00 12.85 3.30 4.16 0.13 0.37 0.87 0.35 0.28 0.45 0.25 0.18 0.89 0.63 0.54 0.65 0.25 0.18 3.28 2.49 0.11 0.69 0.02 0.03 0.24 0.18 52.41 69.52 0.38 0.48 0.53 0.74 0.10 2.29 2.98 0.25 4.01 2.86 0.20 0.52 0.70 0.05 0.09 0.09 0.75 0.55 0.15 0.12 0.24 0.11 0.35 0.12 0.16 0.70 0.54 0.25 0.18 0.18 0.28 0.24 0.31 1.27 1.01 0.24 0.14 0.21 0.27 0.37 0.25 5.36 7.51 0.87 0.69 3.52 0.14 0.45 0.33 0.32 0.26 1.65 17.14 12.99 0.60 0.44 4.85 0.12 0.11 0.08 0.88 0.66 10.79

0.30 0.02 0.02 0.01 0.01 0.01 0.19 0.22 0.04 0.01 0.02 0.09 0.13 6.40 4.65 1.00 1.41 0.05 0.04 0.24 0.06 0.04 0.10 0.02 0.05 0.07 0.05 0.11 0.15 0.06 0.03 0.50 0.35 0.00 0.07 0.01 0.00 0.03 0.02 23.85 34.80 0.05 0.07 0.02 0.10 0.02 0.64 1.06 0.12 1.16 0.81 0.04 0.03 0.04 0.02 0.03 0.02 0.05 0.03 0.03 0.02 0.05 0.03 0.15 0.02 0.00 0.20 0.15 0.09 0.06 0.04 0.03 0.03 0.04 0.22 0.14 0.02 0.03 0.04 0.13 0.05 0.02 1.10 1.42 0.20 0.05 1.60 0.03 0.10 0.09 0.11 0.09 0.43 6.35 4.65 0.24 0.17 1.67 0.02 0.02 0.02 0.08 0.06 3.48

0.42 0.43 0.54 0.55 0.13 0.13 1.59 1.59 1.15 1.21 + 0.12 0.15 + 0.04 0.05 unch 0.00 0.07 unch 0.05 0.05 0.00 0.00 + 0.15 0.16 0.00 0.12 + 0.09 0.09 0.03 0.03 unch 0.00 0.03 + 1.19 1.30 + 0.12 0.12 0.26 0.26 0.20 0.22 1.25 1.32 0.02 0.02 0.01 0.01 0.09 0.10 0.07 0.08 32.79 34.47 43.07 45.01 0.28 0.28 0.29 0.38 unch 0.00 0.09 0.08 0.11 unch 0.00 0.00 + 0.03 0.04 unch 0.14 0.15 + 0.08 0.12 + 0.08 0.09 unch 0.00 0.55 0.14 0.15 0.10 0.10 1.05 1.08 0.01 0.01 unch 0.00 0.08 + 0.02 0.02 unch 0.20 0.21 0.25 0.28 0.11 0.11 unch 0.07 0.09 + 2.48 2.70 + 0.10 0.10 0.18 0.19 + 0.00 0.25 0.09 0.10 0.07 0.07 0.00 0.09 + 1.25 1.29 0.07 0.07 unch 0.01 0.01 + 0.03 0.04 0.05 0.05 0.00 0.01 unch 0.05 0.05 0.54 0.54 0.13 0.14 + 0.17 0.18 0.19 0.22 0.04 0.06 + 0.00 0.04 +

0.03 0.03 0.04 0.05 0.06 0.01 0.00 0.00 0.01 0.00 0.01 0.01 0.00 0.00 0.01 0.11 0.00 0.04 0.03 0.21 0.01 0.00 0.02 0.01 1.25 1.80 0.02 0.00 0.00 0.00 0.00 0.00 0.02 0.02 0.00 0.08 0.01 0.01 0.11 0.00 0.02 0.00 0.04 0.04 0.00 0.01 0.13 0.05 0.01 0.01 0.01 0.01 0.08 0.07 0.00 0.00 0.00 0.01 0.00 0.00 0.00 0.03 0.00 0.01 0.02 0.00

0.59 0.90 0.16 3.33 2.40 0.16 0.08 0.09 0.07 0.01 0.21 0.33 0.36 0.03 0.03 2.20 0.14 0.34 0.26 1.82 0.05 0.04 0.24 0.20 40.11 53.30 0.31 0.45 0.10 0.13 0.00 0.10 0.17 0.13 0.09 1.90 0.30 0.13 1.48 0.19 0.10 0.05 0.31 0.42 0.11 0.10 19.29 0.19 0.20 0.27 0.12 0.08 0.09 1.52 0.10 0.06 0.06 0.08 0.14 0.10 0.67 0.25 0.18 0.24 0.06 0.04

0.03 0.05 0.05 1.12 0.84 0.03 0.01 0.03 0.02 0.00 0.02 0.11 0.08 0.00 0.01 0.35 0.03 0.09 0.06 0.25 0.01 0.00 0.05 0.03 10.61 14.22 0.05 0.06 0.01 0.02 0.00 0.02 0.07 0.04 0.01 0.10 0.10 0.09 0.47 0.00 0.02 0.01 0.03 0.04 0.05 0.02 2.27 0.09 0.08 0.11 0.04 0.03 0.00 0.45 0.02 0.00 0.01 0.03 0.01 0.00 0.06 0.01 0.04 0.05 0.01 0.00

P-Q 141 428 32 28 14 44 155 264 2 139 381 317 130 1 121 841 2447 316 255 137 50 34 1914 367 11179 2596 1 1309 102 925 1 36 1023 485 405 29 178 100 1380 50 194 678 175 778 10 194 8464 1703 10 139 74 25 360 163 150 1072 98 281 0 34 31 143 553 758 5455 67

Exc Volume

Week Last

12-month

High

Low

Change

Pivit Explor C 64 PJSC Polyus Gd* O 2 PJX Res V 133 Plata Latina V 66 Plate Res V 145 Plateau Energy V 513 Plateau Energy* O 303 Platinex Inc* O 406 Platinex Inc C 3711 Platinum Gp Mt T 156 Platinum Gp Mt* X 1402 Plato Gold V 574 Playfair Mng V 309 Playfair Mng* O 53 PolyMet Mng* X 104374 PolyMet Mng T 774 Portage Res* O 1110 Portofino Res V 4464 Portofino Res* O 1824 Potash Ridge* O 236 Potash Ridge T 7711 Power Group V 105 Power Group* O 3 Power Metals* O 2478 Power Metals V 2894 PowerOre V 1247 PPX Mining* O 440 PPX Mining V 504 Precipitate Gl* O 579 Precipitate Gl V 408 Premier Gold M T 2145 Premium Expl* O 5 Pretium Res* N 6533 Pretium Res T 2477 Prime Mining* O 52 Prime Mining V 2390 ProAm Expl V 375 Probe Metals* O 281 Probe Metals V 531 Prog Planet V 51 Prog Planet* O 1 Project One C 223 Promithian Gl * O 7 Prophecy Pot C 4 Prosper Gold V 1692 Prospero Silvr V 71 Prospero Silvr* O 8 Provenance Gld C 91 Providence V 757 Providence Gld* O 35 PUF Vent Inc * O 11047 Puma Expl* O 101 Puma Expl V 1179 Pure Alumina* O 21 Pure Energy* O 650 Pure Energy V 375 Pure Gold Mg* O 2220 Pure Gold Mg V 5754 Purepoint Uran V 641 Q-Gold Res* O 24 Q-Gold Res V 305 QC Precious V 1007 QC Precious * O 585 QcX Gold* O 21 QcX Gold V 76 QMC Quantum Ml* O 499 QMC Quantum Ml V 490 QMX Gold* O 1864 QMX Gold V 11007 Quadro Res* O 2 Quadro Res V 4704 Quantum Cobalt C 24 Quartz Mtn Res V 19 Quartz Mtn Res* O 0 Quaterra Res V 141 Quaterra Res* O 858 Quest Rare Mnl* O 216

0.33 120.00 0.14 0.05 0.07 0.33 0.26 0.06 0.08 3.39 2.60 0.04 0.13 0.10 6.38 8.30 0.00 0.22 0.17 0.04 0.05 0.05 0.03 0.36 0.47 0.09 0.04 0.07 0.26 0.34 2.80 0.00 13.02 16.96 1.67 2.17 0.11 1.28 1.67 0.07 0.04 0.54 8.25 0.20 0.08 0.28 0.23 0.14 0.15 0.11 0.04 0.13 0.20 0.02 0.08 0.12 1.81 2.33 0.06 0.38 0.62 0.29 0.22 0.30 0.40 0.12 0.16 0.20 0.26 0.20 0.33 0.04 0.18 0.00 0.09 0.07 0.03

0.31 0.32 + 0.00 115.01 0.13 0.13 0.00 0.04 0.07 0.07 0.30 0.32 + 0.23 0.25 + 0.05 0.05 0.06 0.06 2.83 2.87 2.15 2.23 0.03 0.03 unch 0.12 0.12 0.09 0.10 + 2.65 4.40 + 3.51 5.53 + 0.00 0.00 + 0.16 0.17 + 0.12 0.13 + 0.03 0.03 + 0.04 0.05 + 0.00 0.05 unch 0.00 0.03 0.29 0.34 + 0.39 0.45 + 0.07 0.07 0.03 0.03 0.05 0.05 0.23 0.24 + 0.30 0.31 unch 2.50 2.62 0.00 0.00 + 11.98 12.44 15.71 16.21 1.40 1.45 1.81 1.90 0.10 0.11 unch 1.08 1.17 1.39 1.50 0.07 0.07 0.04 0.04 0.46 0.50 unch 5.00 7.00 + 0.00 0.20 + 0.07 0.07 0.00 0.28 + 0.23 0.23 + 0.14 0.14 unch 0.11 0.11 0.09 0.09 0.02 0.03 0.11 0.13 + 0.16 0.17 0.02 0.02 + 0.07 0.07 0.09 0.10 1.54 1.77 + 2.00 2.31 + 0.05 0.05 0.38 0.38 unch 0.48 0.57 + 0.25 0.26 0.20 0.20 0.28 0.28 unch 0.38 0.38 + 0.09 0.11 0.13 0.14 0.16 0.17 0.21 0.23 0.20 0.20 unch 0.23 0.31 + 0.03 0.03 0.00 0.17 0.00 0.12 unch 0.08 0.09 0.06 0.07 0.02 0.02 -

Rackla Metals Rackla Metals* Radisson Mng Radius Gold Rae-Wallace Mg* Rain City Raindrop Vent Rainforest Res* Rainy Mtn Royl Rainy Mtn Royl* Rambler Metals* Rare Element* Rathdowney Res Red Eagle Mng* Red Moon Res Red Pine Expl Redstar Gold Redstar Gold* Regis Res NL* Regulus Res Remington Res Renaissance Gd* Renaissance Gd Renforth Res Renforth Res* Resolve Vent Reunion Gold Reunion Gold* Revelo Res Revival Gold * Revival Gold Reyna Silver Reyna Silver* Richmond Mnls* Richmond Mnls Ridgeline Min Ridgestone M’g* Ridgestone M’g Rimrock 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 Rockridge Res Rockshield Cap* Rockwealth Res Rockwealth Res* Rodinia Lithm Rogue Res* Rogue Res Rojo Res* Rokmaster Res* Rokmaster Res Romios Gold Rs Romios Gold Rs* RosCan Gold RosCan Gold* Roughrider Exp Rover Metals* Rover Metals Roxgold Roxgold* Royal Gold Royal Gold* Royal Gold* Royal Mines &M* Royal Rd Mnrls Royal Std Mnrl* RT Minerals RT Minerals* RTG Mining * RTG Mining* RTG Mining Rugby Mng Running Fox Rs* Running Fox Rs Rupert Res Rupert Res* Rusoro Mng Rusoro Mng*

0.20 0.15 0.35 0.36 0.04 0.09 0.27 1.14 0.00 0.00 0.02 0.85 0.09 0.00 0.09 0.05 0.14 0.10 3.78 1.54 0.18 0.47 0.62 0.07 0.05 0.08 0.11 0.09 0.29 0.90 1.16 1.74 1.35 0.04 0.07 0.74 0.13 0.18 0.00 0.07 0.06 62.00 62.78 72.00 0.78 0.99 0.86 0.68 0.38 0.30 0.18 0.23 0.38 0.06 0.08 0.53 0.69 0.09 0.11 0.03 0.14 0.19 0.21 0.04 0.19 0.10 0.07 0.07 0.09 0.22 0.30 0.40 0.07 0.05 0.42 0.35 0.33 0.07 0.08 1.65 1.27 0.40 0.32 138.23 0.00 0.38 0.57 0.09 0.06 0.04 0.00 0.22 0.15 0.01 0.02 3.10 2.26 0.04 0.03

High Low

0.01 6.49 0.01 0.01 0.01 0.02 0.01 0.01 0.01 0.10 0.03 0.00 0.01 0.00 1.19 1.32 0.00 0.02 0.02 0.01 0.01 0.00 0.00 0.03 0.05 0.01 0.03 0.02 0.00 0.00 0.07 0.00 0.29 0.48 0.08 0.15 0.00 0.04 0.06 0.01 0.01 0.00 1.84 0.05 0.02 0.01 0.00 0.00 0.02 0.01 0.01 0.03 0.01 0.00 0.01 0.01 0.19 0.24 0.01 0.00 0.12 0.01 0.01 0.00 0.01 0.01 0.02 0.01 0.02 0.00 0.03 0.01 0.02 0.00 0.01 0.00 0.00

0.43 128.00 0.19 0.06 0.16 0.40 0.28 0.08 0.13 3.86 2.98 0.05 0.18 0.13 9.70 13.00 0.00 0.26 0.25 0.05 0.07 0.12 0.09 0.40 0.54 0.11 0.06 0.10 0.30 0.41 3.04 0.00 13.75 18.10 1.67 2.17 0.15 1.31 1.72 0.11 0.08 0.60 9.78 0.20 0.12 1.00 0.32 0.20 0.17 0.17 0.23 0.18 0.20 0.30 0.17 0.24 1.81 2.33 0.08 0.38 0.62 0.39 0.29 0.34 0.50 0.13 0.18 0.27 0.38 0.22 0.33 0.06 0.24 0.18 0.15 0.11 0.06

0.12 43.41 0.01 0.01 0.02 0.16 0.08 0.01 0.01 1.25 0.86 0.02 0.02 0.01 1.50 2.45 0.00 0.02 0.02 0.01 0.02 0.03 0.02 0.03 0.04 0.03 0.02 0.04 0.04 0.05 0.85 0.00 4.05 6.25 0.14 0.25 0.05 0.37 0.54 0.02 0.01 0.12 0.02 0.01 0.03 0.10 0.23 0.08 0.06 0.02 0.02 0.03 0.04 0.01 0.02 0.03 0.27 0.38 0.03 0.09 0.14 0.14 0.10 0.03 0.04 0.03 0.06 0.03 0.04 0.20 0.02 0.01 0.05 0.04 0.02 0.02 0.00

0.01 0.02 0.03 0.00 0.00 0.00 0.00 0.31 0.00 0.00 0.00 0.01 0.01 0.00 0.03 0.00 0.01 0.01 0.20 0.09 0.00 0.00 0.00 0.01 0.01 0.00 0.02 0.01 0.04 0.03 0.03 0.03 0.06 0.00 0.01 0.06 0.00 0.01 0.00 0.01 0.00 0.10 0.48 4.37 0.00 0.01 0.06 0.05 0.06 0.03 0.01 0.01 0.02 0.02 0.03 0.09 0.03 0.00 0.01 0.00 0.01 0.00 0.01 0.01 0.03 0.19 0.00 0.00 0.01 0.03 0.04 0.04 0.01 0.00 0.03 0.03 0.04 0.00 0.01 0.02 0.01 0.05 0.00 4.88 0.00 0.00 0.10 0.01 0.00 0.00 0.00 0.01 0.04 0.00 0.00 0.06 0.01 0.01 0.00

0.28 0.20 0.40 0.38 0.90 0.15 0.35 7.60 0.20 0.10 0.03 1.25 0.11 0.03 0.24 0.07 0.15 0.11 4.38 1.68 0.35 0.53 0.69 0.09 1.00 0.16 0.31 0.23 0.29 1.13 1.45 1.74 1.35 0.06 0.08 0.74 0.27 0.30 0.00 0.10 0.08 64.61 65.20 72.33 0.78 1.03 1.10 0.83 0.54 0.40 0.24 0.32 0.41 0.06 0.08 0.64 0.85 0.10 0.14 0.05 0.19 0.25 0.23 0.05 0.19 1.00 0.08 0.09 0.12 1.00 0.50 0.60 0.08 0.06 0.55 0.50 0.36 0.17 0.10 1.78 1.34 0.60 0.43 147.64 0.00 0.48 1.24 0.09 0.06 0.11 0.08 0.22 0.19 0.02 0.03 3.77 8.70 0.08 0.06

0.08 0.00 0.09 0.11 0.00 0.04 0.07 0.22 0.04 0.04 0.00 0.22 0.05 0.00 0.03 0.02 0.02 0.01 1.80 0.47 0.07 0.10 0.14 0.03 0.02 0.05 0.05 0.04 0.05 0.24 0.33 0.50 0.44 0.02 0.03 0.53 0.11 0.15 0.00 0.01 0.02 34.85 35.35 41.50 0.11 0.14 0.30 0.31 0.10 0.06 0.06 0.08 0.09 0.02 0.03 0.35 0.37 0.03 0.04 0.02 0.04 0.06 0.07 0.01 0.02 0.00 0.02 0.03 0.02 0.11 0.03 0.04 0.02 0.01 0.10 0.05 0.06 0.00 0.03 0.56 0.05 0.16 0.11 59.78 0.00 0.13 0.02 0.02 0.01 0.01 0.07 0.04 0.05 0.01 0.01 0.53 0.43 0.03 0.02

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

11 1 604 213 50 80 123 68 1 0 12 1111 270 80 46 223 2025 498 6 1234 5 93 70 1772 5 237 678 142 1423 721 816 683 313 60 314 265 120 618 95166 428 26 7 9754 1 1591 1866 44 48 490 568 340 883 376 15 119 0 31 26 981 35 207 624 413 1 256 15 89 36 19 177 222 717 580 64 1532 332 565 145 495 2595 193 89 2 2210 100 490 1 236 20 2 33304 59 249 46 4 153 9 3915 35382

0.00 0.00 0.29 0.32 0.04 0.09 0.25 0.00 0.00 0.00 0.02 0.66 0.08 0.00 0.06 0.04 0.11 0.08 0.00 1.32 0.18 0.44 0.58 0.06 0.05 0.08 0.10 0.07 0.18 0.81 1.07 1.35 1.04 0.04 0.06 0.62 0.11 0.15 0.00 0.06 0.00 0.00 59.48 0.00 0.66 0.87 0.80 0.59 0.31 0.25 0.12 0.16 0.36 0.04 0.05 0.00 0.00 0.09 0.10 0.03 0.13 0.00 0.19 0.03 0.12 0.04 0.00 0.00 0.00 0.15 0.27 0.34 0.06 0.04 0.36 0.28 0.25 0.06 0.08 1.55 1.18 0.00 0.00 128.29 0.00 0.35 0.15 0.00 0.06 0.04 0.00 0.17 0.11 0.01 0.00 2.75 2.12 0.04 0.02

0.19 0.14 0.33 0.33 0.04 0.09 0.27 0.75 0.12 0.08 0.02 0.76 0.09 0.00 0.07 0.05 0.12 0.08 3.74 1.40 0.18 0.44 0.61 0.07 0.05 0.08 0.10 0.08 0.22 0.83 1.08 1.48 1.13 0.04 0.07 0.67 0.12 0.17 0.00 0.06 0.05 60.90 61.50 67.63 0.70 0.91 0.80 0.62 0.33 0.25 0.13 0.18 0.38 0.04 0.05 0.53 0.69 0.09 0.10 0.03 0.13 0.18 0.19 0.04 0.15 0.10 0.06 0.07 0.08 0.18 0.27 0.35 0.06 0.04 0.39 0.29 0.25 0.06 0.08 1.60 1.23 0.35 0.30 130.56 0.00 0.36 0.15 0.08 0.06 0.04 0.08 0.19 0.12 0.01 0.02 2.84 2.19 0.04 0.03

+ unch unch unch unch unch unch unch + + unch unch + unch unch unch + + unch + unch + + + + + + + + + unch unch + unch unch + + unch + + + unch unch + unch unch unch + unch -

W . N OR TH ER N M I N ER . COM

(100s) Stock

Exc Volume

Week High

Low

Last

12-month Change

High Low

S Sabina Gd&Slvr* Sabina Gd&Slvr Sable Res* Sable Res Sage Gold* Sailfish Rylty Saint Jean* Saint Jean Salazar Res* Salazar Res Salt Lake Pot* Sama Res Sama Res* San Gold Corp* San Marco Res* San Marco Res Sanatana Res Sanatana Res* Sandfire Res Sandfire Res* Sandspring Res* Sandstorm Gold Sandstorm Gold* Santacruz Silv Sarama Res Sarissa Res* Sassy Res Satori Res Satori Res* Saturn Mnrls Saville Res Scandium Intl* Scandium Intl Scorpio Gold Scorpio Gold * Scotch Creek Scottie Res* Scottie Res ScoZinc Mg* ScoZinc Mg Seabridge Gld Seabridge Gld* Seahawk Gold* Seahawk Gold Search Mnls Search Mnls* Searchlight* SearchlightMin* SearchlightRes Secova Mtls* Sego Res Select Sands Sentinel Res* Sentinel Res Serabi Gold Serabi Gold* Serengeti Res Sherritt Intl Shine Minerals Shine Minerals* Sibanye-Stillw* Sibanye-Stillw* Sidney Resrces* Sienna Res Sienna Res* Sierra Madre Sierra Metals Sierra Metals* 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 Mtn Mns Silver Mtn Mns* Silver One Silver One* Silver Phoenix Silver Predatr* Silver Predatr Silver Range* Silver Range Silver Sands* Silver Sands Silver Scott* Silver Spruce* Silver Spruce Silver Viper Silver Viper* Silvercorp Met Silvercorp Met* SilverCrest* SilverCrest Silverore Mns* Silverstar Res* Sirios Res* Sirios Res Sitka Gold Sitka Gold* Sixty North Sixty North* Skarb Explor Skeena Res* Skeena Res SKRR Explor Sky Gold* Sky Gold Skyharbour Res* Skyharbour Res Slam Explor* Slam Explor Slave Lake Zn Sokoman Min* Sokoman Min Solaris Res Solaris Res* SolGold plc* SolGold plc Solitario Ex&R Solitario Ex&R* Solstice Gold Sonora Gld & S Sonoro Metals* Sonoro Metals South32* Southern Arc* Southern Arc Southern Copp* Southern Emp Southern Silvr Southern Silvr* Southstone Min* Southstone Min Spanish Mtn Gd Spanish Mtn Gd* Sparton Res Sparton Res* Spearmint Res* Spearmint Res Spey Resources Sphinx Res Spruce Ridge R SRG Mining SRHI Inc SRHI Inc* SSR Mining SSR Mining* St Augustine St-Georges Eco St-Georges Eco* Stakeholdr Gld Stakeholdr Gld* Standard Graph* Standard Lith Standard Metal* Standard Uran Stans Energy* Star Diamond Star Diamond* Star Gold* Starcore Intl* Starcore Intl Starr Peak Exp* Starr Peak Exp Steele Oceanic* Stellar Africa* Stellar Africa Stelmine Can Steppe Gold Steppe Gold* Stevens Gold

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

2249 5277 242 1258 5 959 67 238 77 333 30 739 423 315 73 461 209 23 110 370 190 2319 7170 1030 904 3052 2205 1353 813 214 240 77 193 1903 393 179 284 1633 0 3 501 1556 38 116 213 4 412 103 230 1 796 1860 9 350 47 1 2402 4897 92 47 2 11595 1047 1568 39 13 181 633 40 28 125 112 767 4518 1327 1332 158 3605 2989 301 15 16 1273 1695 1410 21 29 409 489 168 1335 63 222 9414 594 318 4092 8826 4806 2771 9 23 148 773 327 72 900 284 32 962 2312 810 420 2751 1370 2389 119 871 400 195 1153 917 50 84 196 158 1130 240 152 167 625 0 84 83 4321 269 1686 753 60 475 2762 1533 724 24 707 5306 555 2377 605 115 164 522 2249 6993 563 297 150 578 29 871 547 21 728 103 1422 89 8 27 132 907 1263 0 4 42 132 400 72 17

2.39 3.05 0.13 0.16 0.00 1.45 0.04 0.03 0.25 0.35 0.39 0.16 0.12 0.01 0.25 0.32 0.25 0.19 0.26 0.23 3.10 12.16 9.33 0.31 0.13 0.00 0.72 0.17 0.11 0.11 0.04 0.11 0.14 0.21 0.15 0.11 0.32 0.43 0.00 0.42 25.27 19.42 0.50 0.68 0.04 0.03 0.10 0.02 0.10 0.00 0.04 0.03 0.34 0.50 1.80 1.36 0.30 0.23 0.15 0.11 3.09 13.38 0.05 0.09 0.07 0.20 2.25 1.73 2.55 0.06 0.08 0.14 0.20 0.13 0.16 1.93 1.48 0.50 0.41 0.32 0.33 0.40 0.85 0.65 0.12 0.31 0.36 0.15 0.20 0.34 0.44 0.14 0.09 0.12 0.85 0.77 11.62 8.91 10.28 13.42 0.05 0.01 0.16 0.21 0.26 0.20 0.07 0.05 1.00 2.51 3.29 0.42 0.15 0.20 0.18 0.22 0.11 0.14 0.09 0.10 0.14 2.89 2.20 0.35 0.58 0.52 0.40 0.08 0.09 0.26 0.34 0.00 0.54 0.69 49.19 0.67 0.63 0.48 0.06 0.06 0.63 0.48 0.06 0.05 0.06 0.07 0.12 0.03 0.10 0.55 0.31 0.27 28.54 21.86 0.08 0.08 0.06 0.32 0.04 0.08 1.34 0.05 0.30 0.01 0.24 0.18 0.19 0.16 0.20 2.24 2.94 0.15 0.05 0.06 0.12 2.65 2.03 0.31

1.98 2.58 0.10 0.14 0.00 1.27 0.02 0.02 0.23 0.31 0.38 0.14 0.11 0.00 0.20 0.27 0.18 0.18 0.23 0.17 2.85 11.24 8.55 0.27 0.12 0.00 0.53 0.14 0.10 0.00 0.04 0.09 0.12 0.12 0.09 0.10 0.26 0.35 0.00 0.00 23.47 17.90 0.49 0.65 0.04 0.03 0.07 0.01 0.08 0.00 0.03 0.02 0.26 0.33 1.63 0.00 0.26 0.17 0.13 0.11 0.00 12.07 0.04 0.07 0.05 0.20 1.89 1.45 2.15 0.05 0.07 0.10 0.14 0.09 0.13 1.70 1.33 0.41 0.31 0.26 0.00 0.31 0.72 0.55 0.00 0.24 0.30 0.13 0.00 0.26 0.34 0.10 0.05 0.07 0.66 0.51 10.11 7.69 9.12 12.00 0.04 0.01 0.13 0.18 0.24 0.13 0.05 0.04 0.00 2.04 2.66 0.36 0.12 0.16 0.14 0.18 0.08 0.12 0.08 0.09 0.12 2.66 2.05 0.32 0.42 0.43 0.32 0.08 0.08 0.20 0.28 0.00 0.52 0.00 45.47 0.55 0.54 0.40 0.06 0.06 0.48 0.37 0.06 0.04 0.04 0.06 0.11 0.02 0.08 0.48 0.22 0.06 25.82 19.68 0.07 0.07 0.06 0.05 0.03 0.07 1.02 0.03 0.24 0.01 0.19 0.15 0.08 0.14 0.18 1.77 2.32 0.00 0.05 0.00 0.10 2.42 1.86 0.25

+ 2.18 + 2.85 0.11 0.14 0.00 unch + 1.39 + 0.02 0.03 unch + 0.25 + 0.34 0.38 unch 0.14 0.11 0.00 + 0.22 0.28 unch + 0.22 + 0.19 + 0.25 0.18 2.87 unch 11.60 8.91 0.29 0.13 unch + 0.00 + 0.72 + 0.16 + 0.10 0.10 + 0.04 0.10 0.13 0.17 0.12 0.10 unch + 0.31 0.39 0.29 unch 0.38 24.42 18.67 + 0.50 + 0.66 0.04 unch 0.03 unch 0.07 + 0.02 0.10 unch 0.00 unch 0.03 unch + 0.03 + 0.34 + 0.44 1.65 1.36 unch + 0.30 + 0.21 0.13 0.11 unch + 3.09 + 13.19 0.04 0.07 0.05 0.20 unch 2.00 1.54 2.22 0.06 0.07 0.12 0.14 0.10 0.13 + 1.87 + 1.43 0.44 0.34 + 0.31 0.33 unch 0.31 0.75 0.56 0.11 + 0.27 + 0.33 + 0.14 + 0.17 0.28 0.36 + 0.11 0.05 + 0.08 + 0.75 + 0.57 10.61 8.13 + 9.78 + 12.74 0.04 + 0.01 0.14 0.18 0.26 0.18 0.05 0.04 + 1.00 + 2.48 + 3.28 0.36 unch 0.12 0.17 0.14 0.19 0.08 0.12 + 0.09 0.09 0.13 2.75 2.15 unch + 0.35 + 0.48 + 0.50 + 0.40 0.08 unch 0.08 + 0.23 + 0.29 1.56 unch + 0.52 0.66 46.98 + 0.65 + 0.59 0.43 0.06 unch + 0.06 0.50 0.39 0.06 0.04 0.05 0.06 0.11 unch 0.03 unch 0.08 0.50 unch 0.30 unch + 0.22 26.61 20.39 0.07 unch + 0.08 0.06 unch 0.29 0.04 0.08 1.16 + 0.05 0.25 + 0.01 + 0.21 0.16 + 0.09 + 0.16 0.19 + 2.20 + 2.89 0.15 0.05 0.06 unch 0.10 + 2.64 + 2.03 + 0.31

0.19 0.26 0.01 0.02 0.00 0.06 0.00 0.00 0.03 0.03 0.00 0.02 0.01 0.00 0.00 0.00 0.04 0.00 0.02 0.01 0.00 0.32 0.21 0.01 0.00 0.00 0.12 0.01 0.00 0.02 0.01 0.00 0.01 0.03 0.02 0.00 0.01 0.01 0.00 0.02 0.39 0.23 0.08 0.04 0.00 0.00 0.01 0.00 0.00 0.00 0.00 0.01 0.05 0.06 0.03 0.00 0.02 0.03 0.01 0.00 0.09 0.78 0.00 0.02 0.02 0.00 0.06 0.01 0.27 0.01 0.01 0.02 0.05 0.02 0.03 0.12 0.09 0.03 0.03 0.03 0.00 0.07 0.05 0.06 0.09 0.01 0.03 0.02 0.01 0.03 0.04 0.00 0.00 0.01 0.10 0.06 0.25 0.17 0.45 0.53 0.01 0.00 0.02 0.02 0.01 0.02 0.02 0.02 0.25 0.44 0.63 0.00 0.01 0.01 0.02 0.02 0.02 0.01 0.01 0.01 0.01 0.08 0.00 0.02 0.05 0.06 0.06 0.00 0.01 0.03 0.02 0.00 0.01 0.05 1.23 0.02 0.01 0.01 0.00 0.01 0.09 0.07 0.01 0.01 0.00 0.01 0.00 0.00 0.01 0.00 0.00 0.02 0.98 0.68 0.00 0.01 0.00 0.03 0.27 0.00 0.14 0.01 0.01 0.00 0.01 0.00 0.01 0.01 0.02 0.29 0.36 0.36 0.00 0.00 0.02 0.11 0.08 0.06

2.33 3.05 0.14 0.19 0.00 1.57 0.03 0.03 0.25 0.35 0.59 0.29 0.22 0.02 0.26 0.38 0.45 0.32 0.40 0.31 3.51 14.22 10.63 0.39 0.17 0.00 0.72 0.20 0.12 0.17 0.06 0.11 0.15 0.22 0.17 0.25 0.46 0.53 0.59 0.90 27.50 20.73 0.50 0.68 0.06 0.04 0.10 0.07 0.14 0.04 0.07 0.05 0.34 0.50 1.80 1.36 0.32 0.33 0.25 0.19 5.00 13.38 0.08 0.11 0.09 0.20 3.67 2.75 3.00 0.08 0.10 0.18 0.24 0.13 0.18 2.00 1.50 0.59 0.45 0.35 0.53 0.40 0.87 0.67 0.25 0.34 0.40 0.17 0.22 0.37 0.49 0.30 0.09 0.12 0.85 2.21 11.62 8.91 11.12 14.88 0.16 0.09 0.20 0.26 0.27 0.21 0.11 0.08 1.00 2.35 3.12 0.42 0.35 0.45 0.19 0.25 0.11 0.16 0.09 0.14 0.19 3.24 2.35 0.39 0.59 0.65 0.49 0.19 0.10 0.26 0.34 2.00 0.64 0.80 49.19 1.45 0.63 0.48 0.10 0.20 0.77 0.59 0.07 0.05 0.07 0.10 0.12 0.04 0.15 1.00 1.06 0.82 33.69 25.32 0.15 0.14 0.08 0.60 0.52 0.33 1.54 0.08 0.38 0.02 0.53 0.41 0.19 0.25 0.30 2.24 2.94 0.65 0.05 0.07 0.15 3.14 2.33 0.31

0.51 0.71 0.03 0.04 0.00 0.45 0.00 0.02 0.08 0.12 0.18 0.12 0.08 0.00 0.06 0.09 0.08 0.00 0.14 0.11 0.58 4.64 3.32 0.07 0.03 0.00 0.43 0.01 0.02 0.07 0.02 0.03 0.06 0.05 0.03 0.06 0.07 0.11 0.19 0.28 7.37 5.25 0.09 0.15 0.03 0.02 0.01 0.01 0.02 0.00 0.03 0.01 0.26 0.10 0.75 0.70 0.15 0.07 0.02 0.03 2.80 3.50 0.01 0.03 0.02 0.04 0.89 0.45 1.30 0.02 0.02 0.05 0.05 0.02 0.03 0.22 1.20 0.10 0.06 0.03 0.08 0.00 0.15 0.11 0.10 0.05 0.04 0.05 0.07 0.21 0.10 0.01 0.01 0.02 0.18 0.00 2.12 1.50 3.28 4.50 0.00 0.00 0.07 0.08 0.05 0.03 0.03 0.02 0.08 0.29 0.39 0.16 0.04 0.05 0.06 0.08 0.00 0.01 0.04 0.04 0.04 1.38 1.97 0.13 0.19 0.22 0.13 0.02 0.02 0.06 0.07 0.89 0.17 0.24 23.43 0.40 0.06 0.05 0.03 0.04 0.05 0.03 0.02 0.01 0.01 0.01 0.02 0.01 0.03 0.22 0.19 0.02 12.12 9.00 0.01 0.03 0.02 0.16 0.07 0.05 0.39 0.02 0.15 0.00 0.19 0.14 0.02 0.00 0.05 0.25 0.25 0.15 0.01 0.02 0.04 0.63 1.84 0.25

G LOBAL M I N I N G

N EW S

(100s) Stock

TH E N OR TH ER N

Week

Exc Volume

Low

0.00 0.00 0.19 0.25 + 0.15 0.15 0.18 0.20 unch 0.00 0.00 unch 0.63 0.64 0.48 0.49 0.00 0.37 + 0.00 0.14 unch 0.02 0.02 0.14 0.16 + 0.11 0.13 + 0.09 0.09 0.07 0.07 unch 0.66 0.67 unch 0.47 0.47 0.54 0.63 0.05 0.05 unch 0.07 0.08 + 0.00 1.67 1.78 1.87 0.19 0.20 + 0.85 0.95 + 15.25 15.52 20.02 20.24 0.65 0.66 + 0.84 0.85 + 0.58 0.58 unch 0.19 0.25 + 0.13 0.13 0.08 0.08 unch 0.01 0.01 0.26 0.26 +

Stornoway Diam* Straightup Res Stratabd Mnr* Stratabd Mnr Strateco Res* Strategic Metl Strategic Metl* Strategic Res Strategic Res* Stria Lithium Strikepoint Gd Strikepoint Gd* Strongbow Expl Strongbow Expl* Stroud Res Stuhini Explor* Stuhini Explor Sulliden Mng* Sulliden Mng Summa Silver* Summa Silver Sun Metals Sun Peak Metal Suncor Energy* Suncor Energy Superior Gold* Superior Gold Superior Mng* Supernova Met Surge Copper Surge Explor Sutter Gold* Syrah Res*

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

2733 175 96 241 147 168 141 50 0 451 3442 2054 142 250 150 4 124 28 507 14 112 954 754 40720 70355 96 413 1 215 161 48 31 214

0.00 0.25 0.18 0.23 0.00 0.68 0.53 0.37 0.00 0.03 0.19 0.15 0.11 0.07 0.77 0.55 0.70 0.05 0.08 1.70 2.20 0.22 0.95 16.75 21.85 0.66 0.88 0.58 0.30 0.15 0.09 0.01 0.33

Taiga Gold Taiga Gold* Tajiri Res Taku Gold* Taku Gold Talisker Res Talisker Res* Talmora Diamd Talon Metals Tamino Mnrls* Tanqueray Expl Tantalex Res Tanzanian Gold Tanzanian Gold* Tarachi Gold Taranis Res Taranis Res* Tarku Res Tartisan Nick* Tartisan Nick Taseko Mines* Taseko Mines Tearlach Res Teck Res Teck Res* Teck Res Tectonic Metal Tectonic Metal* Telson Res Telson Res * Temas Res* Temas Res Tembo Gold Tembo Gold* Teranga Gold Teranga Gold* Teras Res Teras Res* Terrax Mnrls Terrax Mnrls* Terreno Res Teslin Rvr Res Tesoro Mnrls Tesoro Mnrls* Tethyan Res* Tethyan Res Teuton Res Teuton Res* Texas Mineral* Themac Res Themac Res* Theta Gold*

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

358 120 584 8 170 987 80 215 1478 34433 1188 300 193 2407 197 109 1 105 40 449 9696 4661 80 11791 14121 5 190 36 646 294 9 15 205 11 1857 121 2354 346 951 634 1897 1019 77 44 42 148 236 127 1434 5 3 137

0.21 0.16 0.19 0.07 0.09 0.41 0.31 0.03 0.25 0.00 1.83 0.01 1.15 0.91 0.71 0.11 0.08 0.14 0.14 0.18 1.05 1.36 0.12 15.71 12.03 18.20 0.23 0.19 0.28 0.21 0.38 0.51 0.20 0.15 15.61 11.95 0.14 0.07 0.43 0.33 0.06 0.12 0.07 0.05 0.31 0.40 4.35 3.36 1.66 0.07 0.05 0.30

Last

High Low

Stock

0.00 0.05 0.01 0.00 0.00 0.02 0.01 0.05 0.00 0.01 0.01 0.01 0.01 0.00 0.00 0.08 0.02 0.00 0.02 0.23 0.23 0.01 0.03 1.08 1.52 0.03 0.02 0.00 0.07 0.01 0.00 0.00 0.00

0.02 0.30 0.18 0.28 0.01 0.80 0.60 0.55 0.39 0.03 0.21 0.17 0.15 0.10 0.83 0.72 0.94 0.05 0.10 2.20 3.50 0.38 1.34 34.56 45.12 1.15 1.53 0.58 0.30 0.21 0.95 0.01 0.53

0.00 0.10 0.12 0.02 0.00 0.25 0.18 0.18 0.14 0.01 0.02 0.01 0.03 0.01 0.15 0.29 0.12 0.04 0.03 1.66 0.09 0.06 0.80 9.61 14.02 0.26 0.33 0.08 0.02 0.02 0.05 0.00 0.09

0.02 0.02 0.02 0.00 0.00 0.00 0.00 0.01 0.02 0.00 0.01 0.00 0.18 0.09 0.02 0.00 0.00 0.00 0.02 0.03 0.14 0.20 0.00 0.07 0.01 0.65 0.03 0.03 0.05 0.01 0.01 0.04 0.04 0.02 0.19 0.16 0.01 0.00 0.01 0.00 0.01 0.01 0.01 0.00 0.02 0.05 0.34 0.24 0.02 0.00 0.00 0.03

0.31 0.22 0.20 0.11 0.15 0.65 0.47 0.05 0.36 0.01 2.06 0.03 1.49 1.09 1.00 0.12 0.09 0.23 0.14 0.18 1.05 1.30 0.20 25.74 19.44 25.65 0.34 0.25 0.28 0.21 0.38 0.51 0.30 0.18 16.80 12.82 0.14 0.07 0.55 0.41 0.06 0.47 0.08 0.06 0.32 0.48 4.85 3.80 2.65 0.08 0.07 0.70

0.07 0.05 0.03 0.01 0.03 0.14 0.10 0.01 0.08 0.00 0.45 0.01 0.55 0.36 0.04 0.04 0.03 0.04 0.02 0.03 0.20 0.28 0.07 8.15 5.60 9.00 0.10 0.10 0.04 0.04 0.37 0.10 0.03 0.02 3.86 2.84 0.02 0.02 0.16 0.11 0.01 0.09 0.03 0.03 0.18 0.06 0.27 0.20 0.22 0.03 0.02 0.10

Thor Expl Thunder Mtn Gd* Thunderstruck Thunderstruck* Tiger Intl Till Capital Timberline Res Timberline Res* Tinka Res* Tinka Res Tintina Mines Tisdale Res Titan Mining Titan Mining* Titanium Corp TMAC Resource* TMAC Resources TNR Gold Tocvan Venture TomaGold Tombstone Expl* Tonogold Res* Tonopah Div Mg* Top Explor Torex Gold* Torex Gold Torq Resources* Torq Resources Tower Res* Tower Res Transatlantic Transition Met Transition Met* Treasury Metal Treasury Metal* Trecora Res* Tres-Or Res* Tres-Or Res Trevali Mng* Trevali Mng Tri Origin Exp* Tri Origin Exp Trifecta Gold Trifecta Gold* Trilogy Mtls Trilogy Mtls* TriMetals Mng* Trinity Res* Trinity Valley Trinity Valley* Trio Resources* TriStar Gold TriStar Gold* Triumph Gold Triumph Gold* Troilus Gold* Troilus Gold Troubadour Res Troy Res* True North Gem* True North Gem Tsodilo Res Tudor Gold * Tudor Gold Turmalina Met* Turmalina Met Turquoise HIl* Turquoise HIl TVI Pacific TVI Pacific* Tymbal Res Typhoon Expl

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

U.S. Gold* U3O8 Corp U3O8 Corp* Ubique Mineral UC Res* Ucore Rare Mtl* Ucore Rare Mtl UEX Corp Ultra Resource* Ultra Resource Umbral Enrgy* Unigold* Unigold

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

Change

T 0.19 0.14 0.17 0.06 0.00 0.36 0.27 0.03 0.22 0.00 1.55 0.01 0.95 0.72 0.58 0.09 0.08 0.11 0.09 0.15 0.89 1.17 0.12 14.64 11.14 17.03 0.20 0.10 0.19 0.14 0.37 0.50 0.00 0.13 14.06 10.64 0.07 0.06 0.39 0.30 0.05 0.10 0.00 0.00 0.26 0.33 3.48 2.51 1.25 0.07 0.00 0.15

0.19 0.14 0.17 0.07 0.09 0.39 0.29 0.03 0.24 0.00 1.74 0.01 0.98 0.78 0.65 0.11 0.08 0.12 0.14 0.18 1.03 1.36 0.12 15.35 11.77 17.95 0.21 0.16 0.25 0.17 0.38 0.51 0.17 0.13 14.71 11.19 0.09 0.06 0.41 0.31 0.05 0.11 0.07 0.05 0.26 0.34 3.70 2.84 1.48 0.07 0.05 0.25

(100s)

12-month

High

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

Week

Exc Volume

Last

12-month

High

Low

Change

994 89 273 35 7 1 465 1269 1718 1090 158 9 2099 53 7 36 433 802 2226 7575 8 675 6 5 182 2582 3 153 1 398 366 217 32 611 13 147 37 125 455 6986 9 44 277 3 154 1084 50 10 421 0 287 512 235 778 292 584 2294 128 29 0 41 7 619 1032 1140 3720 48357 6443 598 62 18 118

0.24 0.19 0.18 0.14 0.11 2.34 0.34 0.27 0.18 0.24 0.05 0.09 0.70 0.48 0.30 1.04 1.36 0.05 0.47 0.09 2.69 0.35 0.44 0.05 15.78 20.61 0.56 0.70 0.08 0.11 0.06 0.19 0.14 1.57 1.13 6.26 0.08 0.10 0.13 0.17 0.06 0.36 0.09 0.08 2.91 2.24 0.12 0.03 0.13 0.00 0.00 0.39 0.30 0.33 0.26 1.33 1.82 0.05 0.09 0.00 0.09 0.10 3.25 4.00 1.14 1.48 1.20 1.56 0.03 0.02 0.04 0.09

0.21 0.22 0.17 0.18 0.15 0.16 0.11 0.11 0.11 0.11 unch 0.00 2.34 0.27 0.31 + 0.19 0.25 + 0.15 0.16 0.20 0.21 0.04 0.05 + 0.00 0.09 0.30 0.59 + 0.22 0.41 + 0.00 0.28 0.99 0.99 1.28 1.30 0.00 0.05 unch 0.27 0.33 + 0.06 0.07 2.25 2.30 0.28 0.35 unch 0.00 0.44 unch 0.05 0.05 unch 14.04 14.65 18.39 19.08 0.53 0.54 + 0.66 0.68 + 0.08 0.08 0.10 0.10 0.05 0.05 0.16 0.17 0.14 0.14 1.43 1.47 1.09 1.13 unch 5.84 5.97 0.08 0.08 0.00 0.10 + 0.11 0.12 + 0.15 0.16 unch 0.06 0.06 unch 0.36 0.36 + 0.07 0.08 + 0.00 0.05 2.55 2.58 1.95 1.98 0.00 0.11 0.00 0.03 unch 0.00 0.12 unch 0.00 0.11 unch 0.00 0.00 0.35 0.37 0.27 0.28 0.29 0.30 0.22 0.23 1.04 1.10 1.37 1.46 0.04 0.05 + 0.08 0.08 unch 0.00 0.07 unch 0.00 0.08 0.00 0.10 unch 2.41 2.80 + 3.20 3.61 0.87 0.97 1.15 1.26 1.03 1.14 + 1.36 1.49 + 0.02 0.03 + 0.01 0.01 0.04 0.04 0.08 0.08 -

320 73 35 44 365 2955 1328 1855 9 52 132 202 1889

10.91 0.17 0.13 0.06 0.91 0.09 0.12 0.19 0.06 0.08 0.09 0.37 0.49

Stock

0.02 0.01 0.01 0.03 0.00 0.21 0.06 0.04 0.02 0.03 0.01 0.04 0.30 0.18 0.01 0.01 0.02 0.00 0.07 0.02 0.01 0.00 0.00 0.00 0.68 1.02 0.02 0.01 0.01 0.01 0.02 0.01 0.01 0.08 0.00 0.15 0.00 0.01 0.00 0.00 0.00 0.01 0.01 0.00 0.25 0.19 0.00 0.00 0.00 0.00 0.00 0.02 0.01 0.04 0.02 0.20 0.19 0.01 0.00 0.00 0.01 0.00 0.00 0.04 0.09 0.12 0.14 0.18 0.01 0.01 0.01 0.01

0.28 0.34 0.20 0.16 0.20 2.60 0.34 0.27 0.19 0.25 0.07 0.15 0.70 0.48 0.80 4.11 5.60 0.07 0.47 0.09 3.09 0.55 0.50 0.05 19.45 25.52 0.59 0.79 0.10 0.14 0.07 0.24 0.18 1.98 1.40 9.32 0.11 0.15 0.20 0.26 0.06 0.40 0.12 0.08 3.61 2.74 0.13 0.50 0.15 0.11 0.00 0.47 0.35 0.51 0.38 1.33 1.82 0.08 0.13 0.10 0.13 0.14 3.40 4.51 1.33 1.80 1.20 1.56 0.03 0.02 0.06 0.11

0.12 0.06 0.03 0.02 0.04 1.00 0.06 0.02 0.05 0.07 0.02 0.04 0.14 0.11 0.24 0.31 0.44 0.02 0.10 0.06 0.50 0.15 0.00 0.02 6.19 8.79 0.21 0.27 0.01 0.02 0.02 0.11 0.08 0.45 0.91 4.23 0.05 0.06 0.04 0.06 0.01 0.03 0.02 0.01 1.50 1.03 0.05 0.01 0.04 0.07 0.00 0.19 0.13 0.07 0.06 0.30 0.42 0.02 0.03 0.02 0.04 0.05 0.27 0.38 0.20 0.27 0.30 0.43 0.01 0.00 0.02 0.02

0.07 0.06 0.04 0.03 0.03 0.01 0.01 0.03 0.01 0.02 0.02 0.01 0.04

14.44 0.19 0.90 0.10 1.03 0.19 0.25 0.19 0.08 0.10 0.34 0.50 0.67

2.61 0.04 0.01 0.03 0.09 0.06 0.09 0.07 0.01 0.02 0.06 0.07 0.10

U-V 10.01 10.73 0.12 0.12 0.10 0.10 0.00 0.06 0.65 0.75 0.08 0.08 0.11 0.11 0.17 0.17 0.06 0.06 0.07 0.08 0.07 0.07 0.31 0.36 0.40 0.45

+ + -

(100s)

High Low

Week Last

M I N ER

12-month

Exc Volume

High

Low

Change

United Battery* United Battery United Res Hdg* United States A* United States S* Universal Cop* Universal Cop Universal Vent Upper Canyon Ur-Energy* Ur-Energy Uragold Bay Rs Uranium Energy* Uranium Hunter* Uranium Res* Uranium Roylty Uranium Roylty* Uravan Mnrls* Uravan Mnrls UrbanGold Min USCorp* Usha Res Val-d’Or Mg Val-d’Or Mg* Vale* Valley High Mg* ValOre Metals* ValOre Metals Valterra Res* Valterra Res Vanadian Enrgy Vanadian Enrgy* Vanadium One* Vanadium One Vanadiumcorp* Vanadiumcorp Vangold Res* Vangold Res Vanstar Mng Rs* Vanstar Mng Rs Vantex Res * Vantex Res Velocity Mnrls Velocity Mnrls* Vendetta Mng Vendetta Mng* Venture Mnrls* Verde Potash Verde Res* Veris Gold* Vertical Expl Victoria Gold* Victoria Gold Victory Metals* Victory Metals Victory Nickel* Victory Nickel Victory Res Victory Res* Virginia Enrgy Virginia Enrgy* Viscount Mng Visible Gold M Vision Lithium* Vision Lithium Vista Gold Vista Gold* Viva Gold* Viva Gold Vizsla Res Vizsla Res * Volcanic Gold Volcanic Gold* Voyageur Min* Voyageur Min Voyageur Min* Voyageur Min VR Resources* VR Resources Vulcan Mnrls* Vulcan Mnrls VVC Expl VVC Expl*

O 81 C 123 O 62 X 389 N 37642 O 0 V 71 V 290 V 8 X 3630 T 384 V 8228 X 5905 O 1772 D 2331 V 197 O 120 O 31 V 207 V 948 O 50 V 45 V 78 O 45 N 110788 O 243 O 396 V 911 O 380 V 388 V 355 O 68 O 46 V 382 O 424 V 971 O 219 V 886 O 323 V 618 O 1 V 97 V 1073 O 126 V 1215 O 339 O 85 T 88 O 20 O 97 V 1646 O 338 T 1261 O 167 V 190 O 80 C 731 C 374 O 128 V 198 O 13 V 838 V 156 O 130 V 250 T 105 X 1639 O 313 V 238 V 3860 O 1489 V 71 O 5 O 3 C 68 O 106 V 500 O 154 V 198 O 200 V 502 V 199 O 60

0.66 0.90 0.04 0.55 8.10 0.07 0.09 3.22 0.50 0.62 0.80 0.57 1.17 0.09 2.12 1.26 0.97 0.02 0.03 0.34 0.00 0.22 0.16 0.11 11.59 0.00 0.26 0.35 0.09 0.11 0.08 0.05 0.00 0.10 0.05 0.06 0.19 0.18 1.21 1.57 0.19 0.29 0.50 0.37 0.09 0.07 0.02 0.70 0.01 0.00 0.06 16.09 21.04 0.28 0.40 0.04 0.05 0.17 0.09 0.12 0.09 0.48 0.23 0.04 0.05 1.66 1.27 0.33 0.43 1.91 1.47 0.74 0.58 0.35 0.47 0.05 0.07 0.25 0.35 0.07 0.10 0.04 0.03

0.56 0.59 0.75 0.75 0.04 0.04 0.45 0.49 unch 7.53 7.88 0.07 0.07 unch 0.07 0.07 2.45 3.22 + 0.00 0.50 + 0.54 0.56 0.70 0.73 0.39 0.45 + 1.00 1.07 0.05 0.05 1.70 1.82 1.18 1.23 0.90 0.95 unch 0.01 0.01 0.02 0.02 0.29 0.29 + 0.00 0.00 unch 0.18 0.22 + 0.00 0.14 0.00 0.11 10.98 11.38 + 0.00 0.00 0.23 0.23 + 0.30 0.30 + 0.07 0.09 + 0.09 0.11 + 0.00 0.06 unch 0.04 0.04 + 0.00 0.06 unch 0.09 0.09 + 0.04 0.04 0.05 0.05 0.12 0.13 + 0.16 0.17 + 1.11 1.18 + 1.42 1.54 + 0.19 0.19 unch 0.24 0.25 + 0.00 0.43 0.33 0.34 0.08 0.08 0.06 0.06 + 0.02 0.02 unch 0.65 0.67 + 0.01 0.01 unch 0.00 0.00 0.04 0.04 14.43 14.84 18.91 19.40 0.25 0.27 + 0.34 0.38 + 0.02 0.03 + 0.03 0.04 + 0.12 0.14 + 0.09 0.09 unch 0.00 0.08 0.07 0.07 0.44 0.45 0.22 0.22 0.03 0.03 0.00 0.04 1.49 1.55 1.13 1.21 0.26 0.28 0.35 0.38 1.47 1.84 unch 1.14 1.40 + 0.67 0.67 unch 0.58 0.58 unch 0.35 0.35 + 0.39 0.40 unch 0.04 0.04 0.06 0.06 0.21 0.22 0.27 0.29 0.07 0.07 unch 0.09 0.09 0.04 0.04 0.03 0.03 +

Walcott Res* Walcott Res

O C

0.10 0.15 0.00 0.00 0.08 0.00 0.02 0.72 0.32 0.03 0.03 0.04 0.08 0.03 0.03 0.02 0.00 0.01 0.01 0.01 0.00 0.02 0.03 0.02 0.08 0.00 0.02 0.02 0.02 0.02 0.00 0.00 0.00 0.01 0.01 0.01 0.00 0.01 0.00 0.02 0.00 0.01 0.05 0.02 0.01 0.00 0.00 0.01 0.00 0.00 0.01 0.57 0.84 0.03 0.05 0.01 0.01 0.01 0.00 0.03 0.03 0.01 0.01 0.01 0.02 0.04 0.03 0.07 0.08 0.00 0.00 0.00 0.00 0.01 0.00 0.01 0.01 0.06 0.02 0.00 0.01 0.01 0.00

Stock

0.76 0.99 0.09 0.69 14.52 0.07 0.23 6.50 0.50 0.72 1.00 0.72 1.26 3.00 9.25 1.32 0.99 0.03 0.03 0.45 0.00 0.22 0.20 0.15 13.67 0.01 0.31 0.41 0.22 0.25 0.08 0.06 0.08 0.10 0.06 0.08 0.28 0.21 1.39 1.75 0.22 0.31 0.54 0.41 0.11 0.09 0.02 0.82 0.02 0.10 0.08 16.09 21.04 0.48 0.54 0.04 0.05 0.35 0.09 0.15 0.11 0.48 0.31 0.08 0.10 1.90 1.45 0.36 0.48 2.93 2.14 0.93 0.68 0.38 0.52 0.10 0.12 0.35 0.50 0.07 0.21 0.06 0.05

Walker Lane* Walker River* Walker River Wallbridge Mng* Wallbridge Mng Warrior Gold* Warrior Gold Waseco Res Wealth Mnrls* Wealth Mnrls Wescan Gldflds Wescan Gldflds* Wesdome Gold Wesdome Gold* West High Yld West Red Lake West Red Lake* West Vault Western Areas* Western Atlas Western Atlas* Western Copper Western Copper* Western Mag Western Mag* Western Potash Western Res* Western Troy C* Western Troy C Western U&V Western U&V* Westgold Res* Westhaven Gold Westhaven Vent* Westkam Gold* Westkam Gold Westminster Rs WestMountain* Wheaton Prec M Wheaton Prec M* White Gold* White Gold White Metal R* White Metal Rs White Mtn Engy* Whitehaven Coa* Wildsky Res* Wildsky Res Winshear Gold Winshear Gold* Winston Gold Winston Gold* Winston Res Wolfden Res* Wolfden Res Wolfeye Res Worldwide Res* Worldwide Res X-Terra Res* X-Terra Res Xanadu Mines Xander Res Xiana Mng Xiana Mng* Ximen Mining* Ximen Mining Xtierra Inc Xtra-Gold Res Xtra-Gold Res* Yamana Gold Yamana Gold* Yorbeau Res Yorbeau Res* Zadar Ventures* Zanzibar Gold ZEN Graphene ZEN Graphene* Zena Mining Zephyr Mnls Zephyr Mnls* Zimtu Capital Zinc One Res Zinc One Res * ZincX Res ZincX Res* Zonte Metals Zonte Metals*

W-Z 5 121

0.72 0.95

0.50 0.85

0.72 0.94

+ +

0.22 0.05

(100s)

High Low 0.03 0.01 0.02 0.25 4.54 0.01 0.03 2.07 0.05 0.27 0.39 0.05 0.35 0.01 0.25 0.80 0.56 0.00 0.01 0.05 0.00 0.10 0.03 0.04 6.49 0.00 0.09 0.14 0.03 0.03 0.01 0.00 0.03 0.04 0.02 0.03 0.03 0.03 0.16 0.22 0.08 0.10 0.20 0.15 0.03 0.01 0.00 0.21 0.00 0.00 0.02 2.88 4.02 0.11 0.17 0.01 0.01 0.10 0.02 0.04 0.03 0.19 0.04 0.01 0.01 0.51 0.36 0.09 0.14 0.24 0.16 0.05 0.03 0.09 0.13 0.04 0.05 0.10 0.16 0.03 0.02 0.02 0.01

0.72 0.17 0.95 0.09

/ SEP TEM BER 1 4 – SEP TEM BER 2 8 , 2 0 2 0

Exc Volume O O V O T O V V O V V O T O V C O V O V O T X V O T O O V C O O V O O V V O T N O V O V O O O V V O C O C O V V O V O V T V V O O V V T O T N T O O C V O V V O V V O V O V O

78 75 2094 1530 7018 6 489 16 475 330 38 5 1715 227 54 1889 412 212 592 340 6 937 2259 261 247 106 0 0 2 135 171 1 542 295 5 109 0 0 4805 7745 519 745 150 798 68 12 101 34 5 5 925 1188 332 166 610 963 0 132 37 724 663 313 9 10 38 391 474 98 37 14579 79301 3117 6 11 1198 361 118 35 4271 971 76 4946 259 272 11 311 19

Week

12-month

High

Low

Last

0.06 0.11 0.15 0.83 1.08 0.09 0.11 0.04 0.10 0.13 0.12 0.04 14.74 11.37 0.12 0.17 0.13 1.63 1.79 0.14 0.00 1.72 1.35 0.14 0.11 0.19 0.00 0.00 0.20 0.86 0.65 1.70 0.84 0.64 0.17 0.24 0.00 5.00 71.04 54.60 0.96 1.23 0.00 0.07 0.03 0.70 0.18 0.24 0.12 0.10 0.13 0.10 1.29 0.22 0.30 0.88 0.00 0.05 0.14 0.18 0.06 0.32 0.07 0.05 0.46 0.59 0.23 1.23 0.91 8.28 6.34 0.06 0.05 0.45 0.41 0.48 0.37 0.08 0.28 0.22 0.14 0.02 0.02 0.13 0.10 0.23 0.17

0.06 0.10 0.13 0.74 0.97 0.08 0.10 0.00 0.08 0.11 0.07 0.04 13.32 10.20 0.11 0.15 0.11 1.39 1.61 0.12 0.00 1.59 1.21 0.13 0.10 0.00 0.00 0.00 0.00 0.74 0.55 1.52 0.69 0.54 0.14 0.18 0.00 0.00 66.15 50.38 0.82 1.08 0.00 0.00 0.01 0.63 0.00 0.00 0.12 0.10 0.11 0.09 0.92 0.20 0.27 0.82 0.00 0.03 0.14 0.16 0.04 0.25 0.00 0.05 0.38 0.50 0.19 1.10 0.00 7.60 5.79 0.05 0.05 0.25 0.35 0.39 0.30 0.08 0.19 0.14 0.00 0.01 0.01 0.11 0.00 0.17 0.13

0.06 0.10 0.13 0.82 1.07 0.09 0.10 0.04 0.09 0.12 0.08 0.04 13.83 10.69 0.12 0.16 0.12 1.40 1.66 0.12 0.09 1.63 1.26 0.13 0.10 0.18 0.13 0.06 0.20 0.75 0.56 1.52 0.75 0.58 0.14 0.18 0.13 5.00 67.40 51.64 0.89 1.13 0.04 0.06 0.01 0.67 0.18 0.19 0.12 0.10 0.12 0.09 1.00 0.22 0.28 0.83 0.02 0.05 0.14 0.17 0.06 0.28 0.06 0.05 0.42 0.54 0.22 1.14 0.88 7.84 6.02 0.06 0.05 0.45 0.39 0.42 0.32 0.08 0.19 0.15 0.14 0.02 0.01 0.12 0.10 0.18 0.15

Change + + + + unch + + + unch unch + + unch unch unch unch + unch unch unch unch + + unch unch + unch + unch + + + + unch + + unch + unch + -

0.01 0.01 0.02 0.03 0.05 0.00 0.00 0.01 0.01 0.03 0.02 0.03 0.73 0.43 0.01 0.00 0.00 0.17 0.02 0.02 0.00 0.05 0.03 0.00 0.01 0.02 0.00 0.00 0.01 0.11 0.10 0.18 0.07 0.04 0.05 0.05 0.00 2.10 2.07 1.40 0.00 0.04 0.00 0.02 0.00 0.02 0.00 0.05 0.00 0.00 0.01 0.01 0.18 0.01 0.02 0.05 0.00 0.00 0.00 0.00 0.02 0.02 0.01 0.00 0.01 0.01 0.04 0.03 0.05 0.16 0.07 0.01 0.00 0.20 0.02 0.06 0.04 0.00 0.08 0.06 0.02 0.00 0.01 0.02 0.01 0.04 0.03

High Low 0.22 0.14 0.19 0.97 1.35 0.10 0.15 0.07 0.29 0.38 0.12 0.09 15.00 11.37 0.24 0.21 0.17 1.70 2.32 0.19 0.14 1.90 1.53 0.25 0.20 0.39 0.24 0.17 0.33 1.10 0.84 1.70 1.25 0.93 0.19 0.35 0.17 5.00 76.69 57.89 2.00 1.34 0.05 0.07 0.07 2.32 0.20 0.26 0.20 0.11 0.16 0.12 2.25 0.25 0.32 1.28 0.05 0.07 0.18 0.25 0.10 0.45 0.48 0.29 0.60 0.80 0.23 1.23 0.92 9.29 7.02 0.08 0.06 0.45 0.44 0.85 0.62 0.15 1.15 0.88 0.18 0.03 0.10 0.16 0.11 0.37 0.28

0.02 0.05 0.06 0.23 0.31 0.03 0.03 0.02 0.05 0.07 0.03 0.02 5.74 4.10 0.07 0.04 0.02 0.45 1.15 0.04 0.04 0.44 0.31 0.09 0.07 0.13 0.11 0.04 0.05 0.25 0.15 1.00 0.35 0.25 0.13 0.08 0.04 1.00 26.99 18.66 0.29 0.41 0.00 0.02 0.01 0.63 0.04 0.01 0.05 0.03 0.01 0.00 0.05 0.05 0.07 0.43 0.02 0.02 0.03 0.03 0.01 0.04 0.04 0.02 0.20 0.26 0.03 0.40 0.20 3.11 2.23 0.02 0.02 0.07 0.03 0.26 0.17 0.04 0.15 0.12 0.08 0.01 0.00 0.06 0.04 0.17 0.12

BID-ASK — AUGUST 31–SEPTEMBER 04, 2020 12-MONTH STOCK

African Metals Aftermath Silv Aiml Res Allante Res Alturas Min American CuMo American Uran AMV Capital Anconia Res Anglo-Bomarc Antler Hill Asbestos Corp Atlanta Gold Atlantic Indus Aurelius Min Aurex Energy Austin Res Avarone Metals Banro Corp* Barker Min BC Moly BE Res Bearclaw Cap BHK Mining Blackheath Res Boss Power Brunswick Res Bullion Gold Cairo Res Camrova Res Cassius Vents Cassowary Cap Castle Peak Mg Centurion Mnls Cerro de Pasc Cerro Mng Chinapintza Mg Clarmin Explor Cliffmont Res Cliffs Nat Res* Clydesdale Res Comet Inds Cresval Cap CWN M’g Acq Cyntar Venture Cyprium Mng District Mines Duro Metals EastCoal Inc Electra Stone Eurotin Everton Res EVI Global Grp Excalibur Res Fabled Copper Finore Mng Fire River Gol First Idaho Freedom Egy Full Metal Mnl Fusion Gold GAR Limited Gentor Res GFM Res GK Resources Glacier Lake

EXC

BID

ASK

LAST

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

0.06 0.24 0.18 0.01 0.01 0.06 0.11 0.12 0.02 0.08 0.05 0.40 0.03 0.02 0.13 0.04 0.09 ... 0.11 0.01 0.04 0.20 0.01 0.02 0.19 0.17 0.01 0.06 0.34 ... 0.08 0.01 0.02 ... ... 0.27 0.01 0.14 0.07 1.45 0.04 3.10 0.02 0.05 0.17 0.03 0.03 0.18 0.07 0.01 0.02 0.10 0.03 0.09 0.19 0.12 0.03 0.21 0.02 0.01 0.01 ... 0.05 0.10 0.11 0.13

0.09 0.25 0.29 0.20 0.01 0.07 0.15 ... 0.02 0.08 1.00 0.85 0.04 0.03 0.14 0.06 0.13 ... 0.11 0.01 0.09 0.32 0.03 0.02 0.21 0.20 0.09 0.15 0.88 0.07 0.14 ... 0.02 0.08 ... 0.42 1.00 0.14 0.10 3.20 0.07 3.65 0.02 0.07 0.28 0.03 ... 0.40 0.19 0.02 0.03 0.10 0.03 0.10 0.19 0.12 0.07 0.33 0.02 0.01 ... ... 0.07 0.14 0.13 0.15

0.06 0.25 0.29 0.16 0.01 0.06 0.13 0.07 0.01 0.15 0.06 0.80 0.03 0.02 0.14 0.05 0.13 0.04 0.11 0.01 0.05 0.20 0.01 0.02 0.17 0.17 0.03 0.10 0.21 0.07 0.10 0.05 0.02 0.07 0.29 0.31 0.02 0.14 0.06 1.43 0.03 3.10 0.03 0.05 0.19 0.03 0.12 0.13 0.09 0.01 0.02 0.03 0.10 0.10 0.07 0.11 0.09 0.12 0.01 0.10 0.17 0.15 0.03 0.15 0.12 0.15

HIGH

LOW

0.33 0.31

0.05 0.10

0.01

0.14 0.08

0.01 0.07

0.09 0.99 0.04 0.03 0.15 0.16 0.13 0.15 2.10

0.04 0.30 0.03 0.01 0.03 0.03 0.04 0.03 0.10

0.06 0.25 0.03

0.03 0.09 0.01

0.22

0.05

0.47 0.35

0.09 0.20

0.10 0.05 0.03 0.14 0.34 0.42 0.02 0.18 0.12 7.17 0.05 3.60 0.08 0.21 0.21

0.04 0.01 0.01 0.04 0.12 0.07 0.01 0.05 0.05 0.98 0.01 3.00 0.02 0.03 0.08

0.24 0.27 0.09

0.05 0.11 0.06

0.04

0.01

0.63 0.11 0.16

0.05 0.01 0.02

0.12

4.13 0.06 0.15 0.27 0.25

0.13 0.03 0.05 0.11 0.05

12-MONTH STOCK

Global Cop Grp Global Vanad Goldbelt Emp Goldblock Cap GoldHaven Res Graphite Egy Great Lakes Gr Great Quest Fe Greatbanks Re Green Arrow Greenshield Ex Grenville Gold GrowMax Res Handa Mining HFX Holding High Point Exp Highbury Proj Highvista Gold Hornby Bay Mnl I-Minerals Indico Res Inspiration Mg Intact Gold Interconnect Intl Battery Iron South Mng Jasper Mining Jazz Res Jiulian Res Jubilee Gold Kapuskasing Gd Karam Min Karora Res Kermode Res Knick Expl Kodiak Copper Kootenay Zinc La Imperial Latin Metals Le Mare Gold Leo Res Liberty One Li Lida Resources Lightspeed Dis Lions Bay Mg Lovitt Res Madeira Mrnls MAG Silver* Major Precious Martina Mnls Maya Gold &Sil McChip Res Metalo Manuf Metalore Res Micrex Dev Midasco Cap MillenMin Vent Minecorp Egy Mineral Hill Minsud Res Miramont Res Mongoose Mg Montana Gold MPV Explor Napier Vent Navis Res Corp

EXC

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

BID

0.07 0.17 0.01 0.17 ... ... 0.05 ... 0.14 0.02 0.16 0.12 0.02 0.03 0.01 0.13 0.23 ... 0.10 0.03 ... ... 0.05 0.04 ... 0.24 0.06 0.26 0.09 0.53 0.01 0.16 0.47 0.02 0.01 0.05 0.04 0.05 0.03 0.01 ... 0.06 ... 0.11 ... 0.12 ... 12.52 ... 0.05 1.94 0.45 0.13 2.35 0.02 0.07 ... ... 0.05 0.06 0.15 0.05 0.09 0.07 0.07 ...

12-MONTH

ASK

LAST

HIGH

LOW

STOCK

0.08 0.24 0.02 0.40 ... ... 0.05 0.01 0.15 0.03 0.19 0.15 0.02 0.04 ... ... 0.50 ... 0.10 0.04 0.01 ... 0.06 0.07 ... 0.27 0.10 0.26 0.09 0.70 0.10 0.25 0.48 0.02 0.01 0.06 0.04 0.09 0.04 0.01 ... 0.06 ... 0.33 0.28 0.18 ... 13.30 ... 0.14 2.19 0.50 0.25 3.44 0.02 0.08 0.49 ... 0.05 0.10 0.15 0.20 0.10 0.15 0.08 ...

0.08 0.24 0.02 0.16 0.42 0.47 0.04 0.10 0.15 0.02 0.16 0.14 0.09 0.03 0.01 0.08 0.23 0.17 0.11 0.03 0.01 0.03 0.06 0.06 0.31 0.24 0.06 0.26 0.09 0.70 0.10 0.21 0.48 0.01 0.01 0.05 0.04 0.06 0.03 0.09 1.09 0.07 0.24 0.19 0.28 0.16 0.03 12.52 0.42 0.05 2.01 0.45 0.15 2.97 0.01 0.07 0.05 0.12 0.15 0.10 0.14 0.05 0.10 0.16 0.08 0.30

0.11 0.28

0.04 0.16

0.16 0.45 0.47

0.12 0.06 0.42

0.18 0.04 0.22 0.18

0.06 0.02 0.00 0.06

0.05 0.05 0.08 0.30

0.02 0.01 0.02 0.22

0.11 0.06 0.01

0.02 0.02 0.01

0.09 0.06

0.03 0.06

0.28 0.25 0.44 0.09 0.95 0.14 0.21 0.73 0.02

0.04 0.01 0.14 0.01 0.38 0.05 0.03 0.20 0.01

0.13 0.10 0.12 0.16 0.09

0.04 0.02 0.01 0.02 0.04

0.08 0.27 0.20 0.39 0.27

0.04 0.13 0.08 0.04 0.12

14.40 0.42 0.06 2.50 0.65 0.35 3.65

6.12 0.02 0.05 0.82 0.39 0.07 1.00

0.15

0.07

0.20

0.07

0.15 0.16 0.15 0.10 0.16 0.26

0.01 0.05 0.05 0.02 0.06 0.04

Nebu Res New Klondike Northway Res Ord Mountain Otso Gold Pac Arc Res Pan Andean Min Patriot Gold Philippine Mtl Primary Energy Prime Meridian Prism Res ProAm Expl Quantum Cobalt Quinto Res Rainy Mtn Royl Rare Element* Razore Rock Res Red Oak Mining Reliant Gold Remington Res Rhyolite Res Riley Resource Rizal Res Rockex Mng Rockland Mnls Ross River Sage Gold Samco Gold Secova Mtls Sennen Potash Sierra Madre SouthGobi Res Southstone Min Stans Energy Superior Mng Surge Explor Tearlach Res Thunder Mtn Gd Tiger Intl Tri-River Vent Trident Gold TriMetals Mng True Grit Res Vale* ValOre Metals Vatic Vent Venerable Vent Viking Gold Western Pac Rs Westminster Rs Whitemud Res Winshear Gold Winshear Gold Worldwide Res Yukoterre Res Zadar Ventures Zara Res Zenith Explor Zinco Mng Zincore Mtls

EXC

BID

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

0.04 0.01 0.25 0.20 0.05 0.01 ... 0.08 0.01 ... 0.07 0.03 0.11 ... 0.07 0.10 0.11 0.05 0.10 ... 0.22 0.17 0.16 0.01 0.03 0.07 0.01 0.01 0.01 0.05 ... 0.14 0.01 0.01 0.01 0.55 0.39 0.12 0.11 0.11 ... 0.12 0.11 ... ... 0.06 0.05 0.12 0.31 0.68 0.13 0.01 0.11 0.12 0.04 ... 0.32 ... 0.04 0.05 0.05

ASK

0.04 0.01 0.25 0.20 0.05 0.25 0.09 ... 0.08 ... 0.07 0.04 0.15 ... 0.07 0.14 0.16 0.10 0.10 ... 0.30 0.19 0.45 0.02 0.04 0.08 0.14 0.01 0.05 0.06 1.10 0.20 0.12 0.01 0.01 0.60 0.44 0.17 ... 0.39 ... 0.17 0.12 ... ... 0.07 ... 0.17 0.45 0.68 0.17 0.02 0.12 0.14 0.06 ... 0.32 ... 0.13 0.07 0.40

LAST

0.04 0.01 0.14 0.20 0.05 0.16 0.09 0.11 0.06 0.17 0.07 0.03 0.11 1.10 0.08 0.12 0.15 0.07 0.10 0.02 0.18 0.20 0.24 0.02 0.03 0.08 0.26 0.02 0.05 0.05 0.45 0.20 0.09 0.01 0.01 0.57 0.39 0.12 0.09 0.11 0.04 0.12 0.12 0.02 10.24 0.07 0.10 0.12 0.31 0.51 0.13 0.02 0.12 0.14 0.05 0.10 0.30 0.07 0.02 0.05 0.05

HIGH

LOW

0.17 0.25 0.11 0.27 0.10 0.11 0.09 0.82 0.16 0.04 0.15 3.15 0.08 0.20 0.89 0.10 0.23

0.05 0.06 0.02 0.16 0.03 0.05 0.02 0.16 0.04 0.01 0.05 0.20 0.02 0.04 0.06 0.04 0.04

0.35 0.26 0.24

0.07 0.04 0.11

0.05 0.11

0.02 0.01

0.06

0.03

0.20 0.20 0.04 0.03 0.64 0.23 0.20 0.29 0.20

0.04 0.06 0.01 0.01 0.05 0.03 0.07 0.07 0.04

0.20 0.12 0.02 11.10 0.13

0.12 0.03 0.01 6.57 0.07

0.12 0.59 0.62 0.17 0.03 0.20 0.15 0.07 0.16 0.35 0.22 0.11

0.03 0.28 0.20 0.04 0.01 0.05 0.05 0.02 0.08 0.08 0.07 0.02

SEP TEM BER 1 4 â&#x20AC;&#x201C; SEP TEM BER 2 8 , 2 0 2 0

/ TH E N OR TH ER N

M I N ER

W . N OR TH ER N M I N ER . COM