The Northern Miner September 12 2016 Issue by The Northern Miner Group

BARRICK GOLD Rethinking Pascua-Lama1 /2016-06-24 3 Geotech_Earlug_2016_Alt2.pdf

WESDOME GOLD MINES

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Milestone in Mexico / 16

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Discovery at Kiena in Val-d’Or / 11

SEPTEMBER 12-18, 2016 / VOL. 102 ISSUE 31 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Timely acquisitions set B2Gold on growth path

Defiance to resume drilling at San Acacio

CEO INTERVIEW

| New West African mines to propel annual output to 900,000 oz.

YEAR-END GOAL |

Junior aims to kick off its largest drill program BY SALMA TARIKH starikh@northernminer.com

efiance Silver (TSXV: DEF) is determined to advance the past-producing San Acacio silver mine in Zacatecas’ historic silver district in central Mexico, as investor sentiment and precious metal prices pick up. “There are a lot more smiles on people’s faces these days,” the company’s president and CEO Bruce Winfield says. “It’s really nice to see the difference in people’s attitudes. That’s going to assist us all.” Winfield, a geologist who has worked for both major and junior mining firms, has been involved in the exploration and development of five mines in Latin America, including La Libertad in Nicaragua and La Colorada in Mexico. He looks to make San Acacio his sixth success story. Defiance, which became a public company in 2008, signed an option agreement to earn a 100% interest in San Acacio from a private Mexican firm in October 2011. Given the tough capital markets, Defiance revised the payment terms for San Acacio several times, for enough financial flexibility to keep working on the deposit. The historic mine contains 10 mining concessions, covering 7.5 sq. km. It controls 65% of the 8.6 km long Veta Grande vein system, one of the three main vein systems in the Zacatecas silver district, where silver production started in 1546. Defiance describes Veta Grande as a “classic epithermal, silver-rich vein system with accessory gold and base metal credits.” Historically, Veta Grande churned out more than 200 million oz. silver, with half coming from the San Acacio mine. Past mining at San Acacio occurred over a 1.2 km strike length at See DEFIANCE / 14

B2Gold’s Masbate gold mine in the Philippines, 360 km southeast of Manila. B2GOLD

“WE’RE THE FASTEST-GROWING GOLD PRODUCER IN THE WORLD, AND OUR COSTS ARE GOING TO DROP EVEN MORE WITH THESE NEW MINES.”

BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

2Gold (TSX: BTO; NYSEMKT: BTG) is a story of savvy gold acquisitions and operational reliability in challenging jurisdictions. The company avoided writedowns and executive turnover during the most recent downcycle in gold prices, and it now promises to grow production through a trio of West African gold assets. B2Gold has ramped up its gold production from 150,000 oz. in 2012 to between 510,000 and 550,000 oz. this year. During the second quarter, the company produced 135,240 oz. gold at all-in sustaining costs of US$731 per oz. gold. Improved gold has helped double quarterly operating cash flows to nearly US$68 million. The company expects to meet the upper end of its annual production guidance in 2016, and will likely hit the lower end of its all-in sustaining cost guidance of US$895 to US$925 per ounce. Much of B2Gold’s success comes from two acquisitions. In 2011, the

PM40069240

CLIVE JOHNSON PRESIDENT AND CEO, B2GOLD

company picked up Auryx Gold and built the Otjikoto gold mine in Namibia, which could produce between 160,000 and 170,000 oz. gold in 2016. In late 2012, B2Gold bought the Masbate gold mine in the Philippines via a US$1.1-billion deal for CGA Mining. The operation lies 360 km southeast of Manila, and could produce between 175,000 and 185,000 oz. this year. “We try to ignore the ups and downs of the market,” president and CEO Clive Johnson says during an interview in his Vancouver office.

“When gold falls like it has over the past few years, we see opportunity. In that sense we’re contrarian, because we take the long-term view. Just last year we’d hear about how we had a good growth story, but nobody was paying for growth. Masbate, he says, is “a prime example of one of our business strategies in action,” noting that at the time of the deal there was “sentiment that we overpaid, but we completed intense due diligence See B2GOLD / 2

FERTILIZER M&A: POTASHCORP, AGRIUM TO MERGE? / 13

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2016-09-06 7:57 PM

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SEPTEMBER 12-18, 2016 / THE NORTHERN MINER

Timely acquisitions set B2Gold on growth path

B2Gold’s La Libertad gold mine in Nicaragua, 110 km east of the capital Managua. B2GOLD B2GOLD From 1

and felt we could bring operating costs down.” To that end, B2Gold improved mining methods, optimized cut-off variables and materially boosted recoveries. Over the first half of 2016, Masbate produced 109,915 oz. gold — or 21% above budget and 26% higher than the same period last year. In October 2014, the company wrapped up its fifth major acquisition in six years via a US$570million, all-stock deal for Papillon Resources and its advanced-stage Fekola gold project in Mali. With Fekola production coming onstream, B2Gold’s near-term goal is a 70% company-wide production increase over the next two years to between 900,000 and 950,000 ounces. According to an optimized feasibility study filed in 2015, Fekola could produce an average 350,000 oz. gold in the first seven years of its mine life, at average cash operating costs of US$418 per ounce. Reserves total 49.2 million tonnes of 2.35 grams gold for 3.72 million contained oz. gold. The company says it is on budget and on schedule at the US$395million mine site, and expects to pour first gold at Fekola in late 2017. “There are so few good deposits out there that you can’t limit yourself geographically, but we were never worried about working in Africa,” Johnson says. “What was contrarian about it was the timing. A lot of companies were scared after doing questionable deals when gold prices were really high.” One of B2Gold’s principles, Johnson says, is the company will never buy something that requires higher gold prices or exploration success to justify the acquisition. “That is a key part of our strategy, and when we looked at Fekola we kept wondering where the competing bids were,” he says. “But there was no competition, and that astounds me to this day.” Recent exploration results at Fekola have been promising, and so in late June, B2Gold said it would scale up its mine design by 25%, which could increase initial throughput to 5 million tonnes per year. The decision was based on “positive drill results to date” at new near-surface targets, and below the main Fekola pit. The increase in mining scale

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would require US$18 million more capital expenses, but could boost early production 20% above initial projections of 350,000 oz. gold per year. The company is also delineating a “near-surface zone of saprolitehosted gold mineralization” at its

Anaconda target in Mali, which has been intersected within an area 1,300 metres long by 600 metres wide, across a 23-metre average drill length. “Anaconda is a zone of heavily weathered saprolite literally sticking out of the ground,” Johnson says.

A worker at B2Gold’s Otjikoto mine in Namibia. B2GOLD

“There’s probably no crushing or grinding, and you could have a small-scale, stand-alone producing mine, or ship it to Fekola … it could add serious ounces. There are over 5 km of saprolite, so the major question is: where is the source? That definitely has our team intrigued,

because we could have another major discovery.” B2Gold has raised its annual exploration budget in Mali from US$6.9 million to US$11.4 million. The final pillar in B2Gold’s West African expansion is the earlierstage Kiaka gold project, 140 km southeast of Ouagadougou, Burkina Faso. The company acquired the asset in a US$63-million, all-share deal for Volta Resources in late 2013, and could release an updated feasibility study later this year. “Kiaka was a bit unusual for us, since it needed help from the gold price or the discovery of higher grade,” Johnson says. “We liked the exploration upside and the key was the entry point, because the price was reasonable. Sure enough, we’ve identified the Toega zone, which could be double the grade, and looks to have size potential. We’re doing a lot of drilling there and working on the project economics.” Kiaka contains measured resources of 27.3 million tonnes at 1.09 grams gold for 953,000 oz., indicated resources of 96.8 million tonnes at 0.96 gram gold for 3 million oz. and inferred resources of 27.3 million tonnes at 0.93 gram gold for 815,000 ounces. B2Gold released results from Kiaka’s Toega zone earlier this year, which included 106 metres grading 2.21 grams gold from 75 metres deep in hole 47. Reconnaissance drilling east of known mineralization at the target also cut 6 metres of 9.9 grams gold, associated with quartz veining hosted in siltstone from hole 12. “Our ability to make acquisitions in the down-market and execute development with limited equity dilution has put us in a great place,” Johnson says. “We stuck to that strategy, and over [the past six months] people are looking around and asking: ‘Who is growing and who is going to be a low-cost producer?’ We’re the fastest-growing gold producer in the world, and our costs are going to drop even further with these new mines.” The company’s shares have traded in a 52-week range of 86¢ to $4.74 per share, and closed at $3.45 at press time. B2Gold has 934 million shares outstanding for a $3.4-billion market capitalization, and reported a US$99-million cash position at the end of the second quarter. On Aug. 12, the company announced an at-market equity distribution agreement that could see it raise another US$100 million. TNM

2016-09-06 7:57 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / SEPTEMBER 12-18, 2016

Barrick Gold’s Pascua-Lama gold property straddling the Chile-Argentina border, as seen in 2009. BARRICK GOLD

Barrick takes fresh look at Pascua-Lama

GOLD DEVELOPMENT BY TRISH SAYWELL

tsaywell@northernminer.com

arrick Gold (TSX: ABX: NYSE: ABX) has rehired one of its former executives and a seasoned mine builder to evaluate options for a more modest, scalable starter project that could be built underground on the Argentina side of the company’s failed PascuaLama gold project which straddles the Argentina-Chile border. George Bee spent 16 years of his career at Barrick, during which time he helped develop the company’s Goldstrike mine in the U.S. through its various phases, built the Pierina mine in north-central Peru and led the team that developed the Veladero mine in Argentina. “He has a lot of experience operating and building high-altitude projects,” Andy Lloyd, Barrick’s senior vice-president of communications, tells The Northern Miner. “He has the regional and technical expertise, and he was somebody who was part of Barrick at an earlier time, when the company was at the height of its success, and part of our strategy now is to bring back that culture and way of working, so he’s the perfect candidate for this position.” As Barrick’s new senior vicepresident for Lama, Bee’s focus will be to evaluate and possibly advance an underground starter project option at the mothballed project — a plan that has been evaluated for some time. “Since the project was suspended there have been a number of optimization studies and a lot of smart people at the project have looked

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| Former exec George Bee returns to look at smaller starter mine in Argentina

at how it could be optimized, and what alternatives we could look at,” Lloyd says. “As that work was going forward, it was becoming more and more clear that the starter option is one that would make a lot of sense. “We see a smaller, scalable project there that would likely … build over time,” he continues. “The idea is that we could develop it over the years. It hasn’t been defined, and that’s the work George will be driving forward … we haven’t made a decision one way or the other, but what he will do is take this concept and flesh it out, and see what it would look like and how it would integrate with a larger project. He’ll bring that back to the management team as a proposal.”

and regulatory issues that need to be resolved, before anything can happen on construction,” Lloyd says. “It makes a lot of sense to advance the starter option.” If a phased development plan for the project gets the go-ahead, Barrick says it could use cash flow from Pascua-Lama to fund development on both sides of the ChileanArgentina border. In his role, Bee is also in charge of developing the Frontera district — a 140 km stretch of prospective ground controlled by Barrick on the El Indio belt. Andrew Kaip of BMO Capital Markets said in a research note that Barrick “could provide initial details of a revised development scenario sometime in the first half of 2017.

“WE SEE A SMALLER, SCALABLE PROJECT THERE THAT WOULD LIKELY … BUILD OVER TIME.” ANDY LLOYD SENIOR VICE-PRESIDENT OF COMMUNICATIONS, BARRICK GOLD

Lloyd points out that before a Chilean court ordered the company to stop building due to environmental concerns three years ago — and after spending US$5.5 billion on the project — the company had already finished half of the processing plant on the Argentina side of the border. While Pascua-Lama straddles Chile and Argentina, 75% of the deposit sits in Chile and 25% in Argentina. “There are a number of issues in Chile that we’re continuing to work through with permitting, and legal

“In an underground scenario, the company will have to go back to work from the late 1990s on the Frontera-Brecha zone to assess the underground potential,” he noted. “A series of tunnels was completed during this time to delineate the deposit.” Kaip pointed out that results published by the company in the second quarter of 1999 showed that a surface drill hole 25 metres from the portal to the tunnel in Argentina returned nearly 300 metres grading 4.86 grams gold per tonne, 1% cop-

per and 25 grams silver per tonne. For its part, Argentina has always been a loyal supporter of the project, Lloyd notes. The provincial government of San Juan — where the Pascua-Lama project is located — has “always been a significant supporter of the mining industry, and it’s aware mining is a key part of the economy. “We’re not saying we’re going to invest in the project just yet, but we say there is potential, and we’ve hired one of the best people we know in the business to develop the plan and bring it forward,” Lloyd says. As for rumours that Barrick would eventually bring in a strategic partner to share the financial and political risk, Lloyd said he wouldn’t rule it out, but not before the company can come up with a sensible way forward. “From the big picture we’ve definitely said that Pascua-Lama is a project that probably by its nature could bring a partner on, and it could certainly be a project of interest to Chinese partners, or

others,” he says. “The issue [at this point] is what they’re investing in. A partner needs to know what they are buying into, so it’s not likely we would bring a partner in before we have a concerted plan that we can present and talk about.” In May, Barrick agreed to pay shareholders US$140 million to settle a lawsuit in the United States. The class-action suit alleged that Barrick had not appropriately disclosed the project’s risks about the project, especially around environmental compliance, but also from a financial perspective, Lloyd says. Barrick rejects the allegations. The funds were covered by Barrick’s insurance company. There is also a class-action lawsuit in the works in Canada, but Lloyd notes that there is a conflict between a number of law firms over who should have carriage of the case. “Obviously it’s a lucrative opportunity for someone, so they’re arguing who should have the right to bring it forward. It hasn’t gotten to the point where it’s before the courts.” TNM

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GROUP PUBLISHER/ PUBLISHER: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com EDITOR-IN-CHIEF: John Cumming, MSC (GEOL) jcumming@northernminer.com EDITOR, SPECIAL PROJECTS: Alisha Hiyate, BA (POLI SCI, HIST) ahiyate@northernminer.com SENIOR STAFF WRITER: Trish Saywell, BA, MA, MSC (JOUR) tsaywell@northernminer.com WESTERN EDITOR: Matthew Keevil, BA (ECON AND POLI SCI) mkeevil@northernminer.com STAFF WRITERS: Lesley Stokes, BSC (GEOL) lstokes@northernminer.com Salma Tarikh, BSC (PSYCH), MA (JOUR) starikh@northernminer.com COPY EDITOR: Isa Cunanan, BSC (Health Sci. and Prof. Writing Comm.) icunanan@northernminer.com PRODUCTION EDITOR: David Perri, BA dperri@northernminer.com WEB EDITOR: Adrian Pocobelli, MA (ENGL) apocobelli@northernminer.com ADVERTISING: Joe Crofts (416) 510-6816 jcrofts@northernminer.com Michael Winter (416) 510-6772 mwinter@northernminer.com PRODUCTION MANAGER: Jessica Jubb (416) 510-5213 jjubb@glacierbizinfo.com CIRCULATION/CUSTOMER SERVICE: Laura Arnold (416) 510-6789, ext. 43564 (Toll free) 1-888-502-3456 northernminer2@northernminer.com SUBSCRIPTION SALES: Dan Bond (416) 510-6741 (Toll free) 1-888-502-3456, ext. 43715 dbond@northernminer.com REPRINTS: (416) 510-6768 moliveira@northernminer.com ADDRESSES: Toronto Head Office: 38 Lesmill Road, Unit 2 Toronto, ON, M3B 2T5 (416) 510-6768 tnm@northernminer.com Western Bureau: 303 West 5th Avenue Vancouver, BC, V5Y 1J6 (604) 688-9908 SUBSCRIPTION RATES: Canada: C$120.00 one year; 5% G.S.T. to CDN orders. 7% P.S.T. to BC orders 13% H.S.T. to ON, NF orders 14% H.S.T. to PEI orders 15% H.S.T. to NB, NS orders U.S.A.: US$120.00 one year Foreign: US$157.00 one year GST Registration # 809744071RT001 (ISSN 0029-3164) CANADA POST: Return undeliverable Canadian addresses to Circulation Dept. c/o The Northern Miner 38 Lesmill Road, Unit 2 Toronto, ON M3B 2T5 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

E D I T O R IA L

Faulty design behind Samarco tailings disaster FUNDAO DAM INVESTIGATION

| Design change led to poor drainage of sandy tailings

review panel tasked with determining the cause of the Samarco tailings disaster in Minas Gerais, Brazil, 10 months ago has released its report on the immediate causes of the catastrophic failure of the Fundao dam at Samarco’s iron ore mining complex, which killed 19 people and devastated towns and river ecosystems BY JOHN CUMMING jcumming@northernminer.com downstream, ranking it as one of the world’s worst mining disasters in recent years. The fifty-fifty owners of Samarco — mining giants BHP Billiton and Vale — retained New York City-based law firm Cleary Gottlieb Steen & Hamilton LLP to lead the investigation, which was only technical in nature and did not assign blame or evaluate company documents to a legal standard. The law firm appointed four geotechnical experts to its Fundao Tailings Dam Review Panel: Norbert Morgenstern, the panel leader who has worked on more than 140 dam projects, has more than 330 academic papers published on the subject and acts on technical committees globally; Bryan Watts, Klohn Crippen Berger’s counsel chairman and former CEO, who has over 35 years of experience on dam projects; Steven Vick, an author and independent consultant in geotechnical engineering, with over 40 years of experience in technical and safety assessments for landfills and tailings dams; and Cassio Viotti, an independent consultant in dam engineering, with over 45 years of experience in all stages of dam and hydric structure conception and engineering. (Morgenstern also chaired the B.C. government-commissioned Mount Polley Independent Expert Engineering and Review Panel on the cause of the August 2014 tailings dam failure at Imperial Metals’ Mount Polley copper-gold mine in B.C., which delivered a scathing report in January 2015. Steven Vick was also a member of that panel.) The massive tailings storage facility of Fundao contained sand tailings and slime, both waste by-products of the iron ore mining process. Apart from two large dike structures, the facility used natural barriers or abutments on the sides of the river valley. The sands and slimes were supposed to be stored separately. Water could pass through the sands, which were stored behind dike 1. The slimes, which are comparable to impermeable clay, were stored directly upvalley in the same tailings facility in a reservoir behind dike 2, so that the sands and slimes were side by side, with a dike between them. Another key part of the dam structure was a setback in dike 1 that was designed to take weight off a major drain area, which is where the catastrophic failure began. As mine operators gradually stacked the sandy material behind dike 1 more than 100 metres high, compacted sand berms were raised higher and built on top of the sandy material. The sands themselves were originally designed to be a dry stack, whereby water could pass through freely and drain out at the bottom. But this dry-stack design was changed in 2011–2012, resulting in the sandy material being saturated with water halfway up. Because of this saturation, slime was able to migrate down the valley through dike 2 just under the risen water table into the upper layers of the sandy material. As more and more sandy tailings were placed behind dike 1 and the berms got taller with each raise, more and more pressure was exerted on the mid-level sands now contaminated with the slime. This extra weight squeezed the slime-sand mixture forward like toothpaste inside the tailings mound (technically called “lateral extrusion”). None of this movement was visible to the naked eye of operators at surface. Meanwhile the rest of the sand behind dike 1 was loose, uncompacted and saturated, creating a perfect condition to behave as a liquid. The report notes the sand had contractive qualities, as well, meaning that when they were saturated and placed under stress such as additional weight, and then had the stress removed, they could “abruptly collapse.” All of these factors combined so that when the slime-sand layer extruded forward, the sands above would collapse with no warning. In the case of the Fundao dam, the collapse on Nov. 5, 2015, probably triggered by a small earthquake, released 60 million cubic metres of iron ore waste, killing 19, injuring 16 and destroying 200 homes downstream, as 600 local people were evacuated. In March, the mine operators and government regulators agreed to a US$2.3-billion rehabilitation plan for the area. As of May 2016, impacted persons totalled 3,000 people close to the mine and 7,500 farther downstream in the Rio Doce. TNM

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Careers. . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Editorial. . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Metal Prices. . . . . . . . . . . . . . . . . . . . . . . . . 7

Mining Jobs. . . . . . . . . . . . . . . . . . . . . . . . 15 Professional Directory . . . . . . . . . . . . . . . 12 Stock Tables. . . . . . . . . . . . . . . . . . . . . . 6-10

COMPANY INDEX Agrium . . . . . . . . . . . . . . . 13 AngloGold Ashanti. . . . . . 5 Avino Silver & Gold Mines . . . . . . . . . . 16 B2Gold. . . . . . . . . . . . . . . . . 1 Barrick Gold. . . . . . . . . . 3,5

BHP Billiton. . . . . . . . . . . 13 Defiance Silver. . . . . . . . . . 1 Fertilizantes Heringer. . . 13 Gold Fields. . . . . . . . . . . . . 5 Impact Silver. . . . . . . . . . . 14 K+S. . . . . . . . . . . . . . . . . . . 13

Kirkland Lake Gold. . . . . 11 Potash Corp. of Saskatchewan. . . . . . . . . 13 Wesdome Gold Mines. . 11

At the funding announcement, from left: James Harquail, Sofia Harquail, David Harquail, Birgitta Sigfridsson and Peter Harquail. LAURENTIAN UNIVERSITY

Harquail foundation donates $10M to Laurentian University EDUCATION

| Funds will support Mineral Exploration Research Centre at Sudbury school

ranco-Nevada president and CEO David Harquail and his family foundation are investing $10 million to support Laurentian University’s Department of Earth Sciences and its Mineral Exploration Research Centre (MERC) in Sudbur y, Ontario.

The university will honour the Harquail family by renaming the Department of Earth Sciences as the Harquail School of Earth Sciences, and associate ongoing MERC efforts with the Harquail name. A celebration of the Harquail family’s generosity will be held in the coming weeks. TNM

O P- E D M&A is top reason for delisting in Canada: E&Y FACTS ‘N’ FIGURES

| Only 10% of delisting related to insolvency proceedings

The following is an edited excerpt of the executive summary from the report “What is driving delisting in the mining and metals sector in Canada?” by accounting firm Ernst & Young Canada. Please visit www. ey.com for the full 28-page version.

t’s not a secret that resource equities were the worst performing asset class from 2011 to 2014. In 2014, 149 mining and metal companies delisted from the TSX and TSX Venture Exchange, and in 2015 another 172 companies delisted. This represents in excess of 10% of the total population of mining- and metal-listed companies on these two exchanges.

delisting from M&A activity when comparing 2014 to 2015. Several of the deals involved multiple-listed companies joining together under one public vehicle, and most of the deals involved companies focused on gold. • W hen delisting on a voluntary basis, most companies determined that an alternative Canadian exchange was more appropriate for their needs (i.e., the Canadian Securities Exchange, or the TSXV-NEX). This suggests that Canadian stock exchanges are an important place for junior miners to raise capital, but the listing requirements under the TSX and TSXV may be too oner-

HEN DELISTING ON A VOLUNTARY W BASIS, MOST COMPANIES DETERMINED THAT AN ALTERNATIVE CANADIAN EXCHANGE WAS MORE APPROPRIATE FOR THEIR NEEDS. EY’s analysis reveals: • Most companies that delisted in 2015 were listed for five to 14 years. It would appear that there is a correlation between the commodities boom and the listing of these companies. • Companies cited their reasons for delisting as the following: 40% due to mergers and acquisitions (M&A), 37% on a voluntary basis, 14% for a failure to meet listing requirements and 9% due to formal insolvency proceedings. • In 2015, M&A activity was the most common reason for delisting. There was a 25% increase in

ous for these companies in the short-term. • In most circumstances, a failure to meet continuous listing requirements was a result of companies failing to file financial statement or management disclosure documents on time. • Formal insolvency proceedings doubled from 2014 to 2015, but this represented only 16 companies in total. This likely owes to the capital structure of most juniors (they are typically financed with equity), and dealing with fixed assets in various jurisdictions and remote locations. TNM

2016-09-06 8:38 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / SEPTEMBER 12-18, 2016

Major gold miners back off early-stage exploration FACTS ‘N’ FIGURES

| Barrick Gold, AngloGold Ashanti buck the trend, keep exploring

The following is an edited report from SNL Metals & Mining. For the full report and more information, please visit www.snl.com.

n analysis of the data compi led in SNL Meta ls & Mining’s recently released profiles of the world’s top-20 gold producers reveals that the major gold miners have shifted their exploration focus over the past decade. The profiles form part of the Strategies for Gold Reserves Replacement reports. The top gold producers have trended towards increased minesite exploration at the expense of grassroots exploration over the past 10 years. From 2006 to 2015, the group’s total gold exploration budgets devoted to near-mine work rose from 44% to 54%, while the share allocated to greenfields programs decreased from 40% to 22%. In dollar terms, mine-site exploration’s lead over grassroots exploration jumped from US$36 million in 2006 to US$470 million in 2015. Since the total gold exploration budget of top gold producers reached US$3 billion in 2012, both grassroots and late-stage budgets have fallen sharply, while the decline in mine-site allocations has been much less steep. The focus on mine-site work in recent years owes to the major producers spending more to replace or increase reserves depleted by mining, and develop reserves more quickly at lower costs by using existing infrastructure. Gold Fields is a vivid example of this trend, and has even admitted its lack of success in greenfields exploration and in taking projects from initial discovery through construction and into production. Despite having spent US$600 million on early-stage exploration since founding the modern Gold Fields in 1998, and despite discovering two multimillion-ounce deposits, Gold Fields has not taken a single project from discovery to production, demonstrating how elusive greenfields exploration success can be. As a result, the company has shifted from capital- and time-intensive, exploration-led growth to a program of brownfields exploration and opportunistic, value-accretive acquisitions. In late 2013, Gold Fields eliminated its Growth and International Projects division, and announced a drastic cutback of its greenfields exploration projects portfolio. Responsibility for exploration devolved to the group’s operating regions, with a focus on near-mine activities. The company’s grassroots exploration budgets went from more than US$92 million in 2012 to zero in 2015. By contrast, Gold Fields has found success with near-mine exploration, particularly at its orogenicstyle orebodies in Australia and at Damang in Ghana. Dwindling discoveries As the shrinking grassroots spending suggests, over the past six years, discoveries have fallen drastically compared with the first decade of the 2000s. While some of the decline owes to recent discoveries that are still too small to be considered “significant,” the two-thirds drop in exploration budgets since 2012’s peak makes it challenging for explorers to define resources at their targets. For example, Barrick Gold is credited with the only discovery identified for 2015 to date: the 5.5

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A team of Barrick geologists during the early stages of exploration at the Alturas gold property in Chile. BARRICK GOLD

million oz. Alturas deposit in Chile. Besides the discovery’s large size, a crucial factor in Alturas going

from discovery hole to a defined, significant resource within the same year was that Barrick has

an ample, early-stage exploration budget. While the company has cut back its overall exploration

spending as much as the rest of the industry, its grassroots budget has held steady, falling from US$73.5 million in 2012 to US$37 million in 2014, before rebounding slightly to US$41.5 million in 2015. Over the past decade, AngloGold Ashanti was the biggest spender on gold exploration among the companies in the study, with budgets totalling US$2.5 billion from 2006 to 2015. From 2001–2015, the company is credited with shares in eight gold discoveries hosting 73.3 million oz. attributable gold in reserves, resources and past production — the largest amount of gold discovered by any of the profiled producers, and more than twice the amount discovered by its nearest competitor, Barrick Gold. With gold prices rising, SNL anticipates that while companies will focus on existing operations, most will reactivate modest early-stage efforts as part of their strategy to address the lack of discoveries, and offset looming supply shortages.

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2016-09-06 8:38 PM

WWW.NORTHERNMINER.COM

SEPTEMBER 12–18, 2016 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / AUGUST 29–SEPTEMBER 2 The S&P/TSX Composite Index rose 1.1% to 14,795.70, despite mixed economic news. The S&P/TSX Global Mining Index edged up 0.4% to 63.20, and the S&P/TSX Global Gold Index added 1.5% to close at 243.59. Spot gold moved up 0.3% to US$1,324.80 per oz., while U.S. crude oil futures fell 5.4% to US$44.44 per barrel. Canada’s gross domestic product (GDP) shrank an annual 1.6% in the second quarter, largely due to Alberta’s wildfires, compared to 2.5% growth in the first quarter. June results, however, indicated the economy is recovering, with the GDP growing 0.6% over May. Fertilizer majors Agrium and Potash Corp. of Saskatchewan topped the value-added list, after PotashCorp confirmed on Aug. 30 that the two were in merger talks. BMO analyst Joel Jackson notes questions are emerging from the possible marriage, including “political rhetoric between Saskatchewan and Alberta on a POT-AGU head office in Calgary or Saskatoon, and how this could impact regulatory,” as well as what the deal would mean for Canpotex, the Canadian potash exporting and marketing firm. While synergies could have fuelled merger talks, Raymond James analyst Steve Hansen says Agrium’s motivations are unclear, as the deal does not fit its “retail-centric growth strategy.” Agrium shares jumped $11.85 to

$127.63, while PotashCorp shares added $2.50 to finish at $23.36. Dalradian Resources rose 13% to $1.50 per share on a positive internal grade reconciliation study at its Curraghinalt gold deposit in Northern Ireland. The study shows a 12% increase in grade to 21.42 grams gold per tonne, and a 16% increase in contained gold ounces within part of the V-75 vein, where Dalradian is test stoping. The company notes a feasibility study and submission of a mine-construction permit are on track for the second half of 2016. Review and approval of the permit application can take one to two years. Eastmain Resources climbed 12% to 83¢ per share, after encouraging results from prospecting on its jointly held Éléonore TSX MOST ACTIVE ISSUES

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

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

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

49692 5.95 5.25 5.94 + 0.18 37342 3.80 3.24 3.65 - 0.11 25819 4.67 4.12 4.41 - 0.22 25815 5.77 5.16 5.74 + 0.14 24397 10.86 9.63 10.16 - 0.60 21830 24.27 22.02 23.59 - 0.10 20135 22.65 20.66 22.09 + 1.34 19097 23.78 20.83 23.36 + 2.50 16557 21.46 19.76 20.83 + 0.08 16244 5.30 4.81 5.29 + 0.20

South property in Quebec’s James Bay gold region. The program has returned some of the best prospecting gold grades to date in the Éléonore mining camp, ranging up to 102.5 and 142 grams gold per tonne. From the 114 samples in the program, 30 samples reported grades above 1 gram gold. Eastmain notes a 5,000-metre drilling program will start in September to test targets on the property. Eastmain holds 36.7% of Éléonore

South; Les Mines Opinaca Ltée, a subsidiary of Goldcorp, owns 36.7%; and Azimut Exploration has 26.6%. Argex Titanium was the biggest percentage loser, dropping 21% to 6¢. The Toronto Stock Exchange gave it a 30-day extension to Sept. 26 to meet the TSX’s listing requirements. The junior is developing its titanium dioxide pigment technology and negotiating settlements with its creditors. TNM

TSX GREATEST PERCENTAGE CHANGE

Atlatsa Res Excellon Res Aquila Res Asanko Gold Yellowhead Mng First Point Dalradian Res Horizonte Mnls Eastmain Res Exeter Res Argex Titanium Largo Res Namibia Rare E Levon Res Ltd Orsu Metals U3O8 Corp Black Iron Meadow Bay Gd Silver Bear Rs Candente Coppr

ATL EXN AQA AKG YMI FPX DNA HZM ER XRC RGX LGO NRE LVN OSU UWE BKI MAY SBR DNT

51 1268 636 4813 145 214 3919 213 5160 392 2775 253 69 1269 4057 2757 292 1006 2213 886

0.10 2.15 0.31 5.90 0.09 0.11 1.56 0.05 0.84 1.68 0.07 0.56 0.09 0.62 0.04 0.04 0.04 0.08 0.42 0.13

0.00 1.62 0.22 4.79 0.08 0.09 1.31 0.04 0.73 1.45 0.05 0.46 0.07 0.46 0.03 0.03 0.00 0.07 0.32 0.10

0.10 2.12 0.31 5.88 0.09 0.09 1.50 0.05 0.83 1.68 0.06 0.46 0.07 0.53 0.03 0.03 0.04 0.07 0.36 0.11

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

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Agrium Potash Corp SK Franco-Nevada Endeavour Mng Torex Gold Agnico Eagle Teck Res MAG Silver Teck Res Richmont Mines First Majestic Suncor Energy First Quantum North Am Pall Lucara Diam Labrador Iron Dominion Diam Imperial Metal HudBay Mnls Platinum Gp Mt

17.6 17.1 15.1 14.2 13.3 13.3 12.8 12.5 12.2 12.0 21.4 17.9 17.6 15.9 14.3 14.3 12.5 12.5 12.2 12.0

VOLUME WEEK (000s) CLOSE CHANGE

AGU POT FNV EDV TXG AEM TCK.B MAG TCK.A RIC FR SU FM PDL LUC LIF DDC III HBM PTM

2624 127.63 19097 23.36 2895 96.27 2202 22.47 3391 33.42 3716 69.73 20135 22.09 1694 21.69 17 22.19 2884 12.77 6303 16.09 13171 35.63 24397 10.16 9 5.65 4550 3.89 568 13.06 1355 11.42 144 6.75 4891 5.39 477 3.81

+ 11.85 + 2.50 + 2.20 + 1.64 + 1.59 + 1.57 + 1.34 + 1.31 + 1.29 + 1.26 - 1.08 - 0.85 - 0.60 - 0.51 - 0.46 - 0.39 - 0.37 - 0.31 - 0.24 - 0.23

TSX VENTURE EXCHANGE / AUGUST 29–SEPTEMBER 2 The S&P/TSX Venture Composite Index closed up 5.39 points to 810.92 points. Markets rebounded alongside rising commodity prices, which were led by gold after a subpar U.S. jobs report. December contracts for gold bullion fell to an intra-week low of US$1,301.50 per oz. before closing f lat at US$1,322.10 per oz. gold. December contracts for copper finished unchanged at US$2.07 per lb., while October contracts for West Texas Intermediate crude oil bounced off a mid-week low of US$43, before closing down nearly 7% at US$44.44 per barrel. Lukas Lundin’s NGEx Resources closed the spin-off of its Filo del Sol project on the border of Chile’s Region III and adjacent San Juan province in Argentina. The new vehicle will be called Filo Mining, and began trading on Sept. 1. The new company has 51.3 million shares outstanding and closed up 84¢ at $1.11 per share on limited trading, for a $57-million market capitalization. Lundin holds 19.4% in Filo under a pair of Luxembourg-based holding companies, and will serve as chairman of the board. The Filo project hosts inferred resource of 381 million tonnes at 0.4% copper, 0.33 gram gold per tonne and 12 grams silver per tonne. The company will also be on the lookout for

“exploration opportunities” in the region. NGEx will focus on developing its nearby Constellation project, which consists of the Josemaria and Los Helados assets. African-focused Tango Mining saw heavy trading, after news of a non-convertible loan agreement to fund the acquisition of a processing facility and the Botswana diamond operations of Firestone Diamonds. Tango saw 12.4 million shares traded before ending down 2.5¢ at 6¢ per share. The proposed US$30-million loan commitment with Vanderbilt Commercial Lending will facilitate a deal for the BK11 Mine for an US$8-million consideration. Tango aims to restart open-pit mining at BK11, which would yield 570,000 carats over a seven-year mine life. TSX-V MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Nomad Ventures NMD 13108 Tango Mining TGV 12436 MX Gold MXL 10692 Makena Res MKN 9648 Golden Dwn Ml GOM 9510 IDM Mining IDM 8952 First Mg Fin FF 8147 Rusoro Mng RML 7948 92 Resources NTY 6659 Noram Vent NRM 6328

0.02 0.11 0.35 0.03 0.39 0.21 0.99 0.34 0.21 0.09

0.01 0.06 0.29 0.02 0.32 0.17 0.82 0.25 0.15 0.07

0.01 0.06 0.33 0.02 0.39 0.20 0.91 0.26 0.20 0.08

- - + - + + - - + +

0.01 0.03 0.03 0.01 0.08 0.02 0.06 0.06 0.04 0.01

Shares of explorer Probe Metals were on the rise after news of a discovery along the interpreted Lower Detour gold trend, 190 km north of Rouyn-Noranda, Quebec. The company is advancing the Detour Quebec project under a 50% joint venture with Soquem. Probe gained 57¢ per share on 1.4 million shares traded, before finishing at $1.81. On Aug. 24 the companies announced

a mineralized zone after hole 16-05 cut 3.4 metres grading 5.3 grams gold per tonne from 249 metres deep. Mineralization is reportedly “characterized by quartz veins within silicified and biotized mafic wall rocks with disseminated pyrite,” and noted that geophysical targets along strike from the discovery represent more “strong drill targets.” TNM

TSX-V GREATEST PERCENTAGE CHANGE

Regency Gold Swift Res Filo Mg Corp Randsburg Intl Alternative ER Arcturus Vents Argentum Silvr Benz Cap Kairos Cap Whitemud Res Prize Mng Voltaic Min Stans Energy Superior Mng Ross River Stratabd Mnr Nomad Ventures Zincore Mtls Chieftain Mtls Nickel North

RAU.H SWR.H FIL RGZ.H AER AZN.H ASL BZ KRS WMK.H PRZ.H VLT HRE SUI.H RRM.H SB NMD ZNC.H CFB NNX

94 51 26 43 719 270 468 231 63 5 11 1296 5730 114 132 286 13108 15 316 80

0.03 0.12 1.11 0.02 0.36 0.03 0.23 0.04 0.04 0.01 0.03 0.18 0.07 0.01 0.01 0.01 0.02 0.25 0.10 0.03

0.00 0.05 0.00 0.01 0.11 0.03 0.09 0.02 0.04 0.01 0.00 0.08 0.04 0.01 0.01 0.01 0.01 0.00 0.05 0.02

0.30 0.12 1.11 0.02 0.34 0.03 0.20 0.04 0.04 0.01 0.01 0.08 0.04 0.01 0.01 0.01 0.01 0.16 0.06 0.02

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 900.0 + 380.0 + 311.1 + 200.0 + 151.9 + 150.0 + 122.2 + 100.0 + 100.0 + 100.0 - 96.0 - 58.3 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 47.5 - 42.1 - 40.0

VOLUME WEEK (000s) CLOSE CHANGE

Filo Mg Corp Till Capital Probe Metals Brazil Res Regency Gold Pac Booker Min Wealth Mnrls Alternative ER Advantage Lith Ascot Res Gold Reserve Chesapeake Gld Mirasol Res Prize Mng Zincore Mtls K92 Mng Inc Fort St J Nick ScoZinc Mg Golden Arrow Gldn Predator

FIL TIL PRB BRI RAU.H BKM WML AER AAL AOT GRZ CKG MRZ PRZ.H ZNC.H KNT FTJ.H SZM GRG GPY

26 7 1378 3280 94 23 1073 719 335 626 136 138 477 11 15 2305 18 4 3967 470

1.11 5.87 1.81 2.67 0.30 1.45 1.00 0.34 0.75 2.47 6.10 5.69 2.66 0.01 0.16 1.52 0.22 0.92 1.02 0.88

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

0.84 0.57 0.44 0.36 0.27 0.25 0.21 0.21 0.20 0.18 0.38 0.31 0.24 0.24 0.14 0.14 0.14 0.13 0.11 0.11

U.S. MARKETS / AUGUST 29–SEPTEMBER 2 Anxiety over a potential rate hike by the U.S. Federal Reserve was alleviated somewhat by lower-than-expected job numbers. Total nonfarm payroll employment in the U.S. increased 151,000 in August, lower than an upwardly revised 275,000 in July, but below market expectations of 180,000. The Dow Jones Industrial Average rose 0.5% to 18,491.96 and the S&P 500 Index advanced 0.5% to 2,179.98. Spot gold climbed 0.3% to US$1,324.80 per oz., and the Philadelphia Gold & Silver Index rose 0.9% to 96.63. West Texas Intermediate Crude finished at US$44.20 per barrel. Iamgold advanced US17¢ to US$4.07 per share. The company signed an agreement with the Suriname government to acquire an interest in the Saramacca gold property. The property — also known as Anomaly M — is 30 km southwest of Iamgold’s Rosebel gold mill and southeast of the Sarafina property optioned to the company. Saramacca has been explored since the 1990s by Golden Star Resources, and later as a joint venture between Golden Star and Newmont Mining. Most work focused on discovering and delineating

6_SEPT12_MarketNews.indd 6

Anomaly M. Over 50 diamond drill holes and over 200 auger holes have been completed in the anomaly area, and evaluation of that work, Iamgold says, suggests an exploration target potential of between 8 and 40 million tonnes grading between 1 gram gold per tonne and 1.8 grams per tonne for 0.5 to 1.4 million contained oz. gold. But the property needs to reach a resource stage. Iamgold will make an initial payment of US$200,000, which will give the company access to the property and data. It would then pay US$10 million and provide 3.1 million shares to the Suriname U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Yamana Gold* AUY 126724 4.58 4.00 4.57 + 0.15 Freeport McMo* FCX 123224 11.12 10.18 10.48 - 0.41 Vale* VALE 120782 5.66 5.18 5.60 + 0.15 Barrick Gold* ABX 111012 18.66 16.75 18.16 - 0.06 Kinross Gold* KGC 100885 4.43 3.93 4.41 + 0.11 Potash Corp SK* POT 80825 18.42 15.96 17.99 + 1.95 IAMGOLD* IAG 77583 4.09 3.66 4.07 + 0.17 Alcoa* AA 71167 10.27 10.00 10.13 + 0.13 66245 20.45 18.66 18.90 - 0.89 United States S* X Goldcorp* GG 52371 16.49 15.04 16.02 + 0.07

government. The shares will be held in escrow and released to the government in three equal tranches every year. Preliminary merger talks between Potash Corp. of Saskatchewan and Agrium lifted the shares of other fertilizer producers.

Mosaic advanced 6.8% to US$29.49 per share and Intrepid Potash climbed 6.1% to US$1.40 per share. The U.S.-listed shares of PotashCorp jumped 12.2% to US$17.99, while Agrium rose 10.3% to US$98.18 per share. TNM

U.S. GREATEST PERCENTAGE CHANGE

Mechel* Potash Corp SK* Agrium* Yanzhou Coal* Mosaic* Teck Res* Pretium Res* Intrepid Pots* Seabridge Gld* Endeavr Silver* DRDGOLD* First Majestic* Gold Fields* United States S* Eldorado Gold* HudBay Mnls* AngloGold Ash* Freeport McMo* Sibanye Gold* Dominion Diam*

MTL POT AGU YZC MOS TCK PVG IPI SA EXK DRD AG GFI X EGO HBM AU FCX SBGL DDC

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

1735 2.17 80825 18.42 8619 100.24 62 5.93 43000 30.96 36328 17.43 8160 10.79 8333 1.68 4021 11.81 12059 4.96 3775 6.17 45241 13.50 37965 5.69 66245 20.45 40630 3.57 893 4.45 19229 17.71 123224 11.12 6325 16.95 1303 9.17

1.86 15.96 89.00 5.49 27.67 15.85 9.37 1.30 10.42 4.21 5.01 11.09 5.00 18.66 3.14 3.99 15.95 10.18 15.14 8.56

2.14 17.99 98.18 5.91 29.49 16.99 10.72 1.40 11.69 4.96 5.47 12.37 5.52 18.90 3.41 4.15 17.04 10.48 16.27 8.79

+ 18.9 + 12.2 + 10.3 + 8.4 + 6.8 + 6.3 + 6.2 + 6.1 + 5.6 + 5.3 - 13.0 - 6.2 - 4.8 - 4.5 - 4.2 - 4.2 - 3.9 - 3.8 - 3.3 - 3.0

U.S. GREATEST VALUE CHANGE

Agrium* AGU Potash Corp SK* POT Mosaic* MOS Franco-Nevada* FNV Agnico Eagle* AEM Teck Res* TCK Silver Wheaton* SLW Black Hills* BKH Pretium Res* PVG Seabridge Gld* SA MartinMarietta* MLM NACCO Ind* NC United States S* X First Majestic* AG DRDGOLD* DRD AngloGold Ash* AU Suncor Energy* SU Sibanye Gold* SBGL Rio Tinto* RIO Freeport McMo* FCX

VOLUME WEEK (000s) CLOSE CHANGE

8619 98.18 80825 17.99 43000 29.49 3775 74.11 10649 53.57 36328 16.99 33065 27.44 1199 59.35 8160 10.72 4021 11.69 3209 184.63 55 66.38 66245 18.90 45241 12.37 3775 5.47 19229 17.04 23306 27.43 6325 16.27 17559 31.13 123224 10.48

+ 9.14 + 1.95 + 1.89 + 1.76 + 1.15 + 1.01 + 0.88 + 0.81 + 0.63 + 0.62 - 3.65 - 1.33 - 0.89 - 0.82 - 0.82 - 0.69 - 0.65 - 0.55 - 0.41 - 0.41

2016-09-06 8:04 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / SEPTEMBER 12–18, 2016

M E TA L S , M I N I N G A N D M O N EY M A R K E T S PRODUCER AND DEALER PRICES

SPOT PRICES COURTESY OF SCOTIABANK Tuesday, September 6, 2016 Precious Metals Price (US$/oz.) Change 1330.05 +11.20 Gold Silver $19.60 +0.82 Platinum $1068.00 -14.00 Palladium $677.00 -16.00 Base Metals Nickel Copper Lead Zinc

Price (US$/tonne) Change $10170.00 +105.00 $4635.00 +9.50 $1945.00 -24.00 $2326.50 -34.50

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, September 5, 2016 (change from August 30, 2016 in brackets): Aluminium Alloy 11680 (-100) 2216175 (-23325) Aluminium Copper 326525 (+43300) 187225 (-500) Lead Nickel 367758 (-3102) 4460 (-25) Tin 450500 (-2800) Zinc

TSX WARRANTS

Thermal Coal CAPP: US$39.50 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$41.10 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$8.70 Coal: CME Group Central Appalachian Futures Oct. 2016: US$40.50 Nov. 2016: US$40.50 Cobalt: US$11.79/lb. Copper: US$2.09/lb. Copper: CME Group Futures Oct. 2016: US$2.079/lb.; Nov. 2016: US$2.082/lb Ferro-Chrome: US$1.94/kg Ferro Titanium: US$3.80/kg FerroTungsten: US$26.87/kg Ferrovanadium: US$19.33/kg Iridium: NY Dealer Mid-mkt US$650.00/tr oz. Iron Ore 62% Fe CFR China-S: US$58.80/tonne Iron Ore Fines: US$54.72/tonne Iron Ore Pellets: US$78.52/tonne Lead: US$0.89/lb. Magnesium: US$1.99/kg Manganese: US$1.65/kg Molybdenum Oxide: US$7.48/lb. Phosphate Rock: US$115.00/tonne Potash: US$269.00/tonne Rhodium: Mid-mkt US$665.00/tr. oz. Ruthenium: Mid-mkt US$42.00/tr. oz. Silver: Handy & Harman Base: US$19.25 per oz.; Handy & Harman Fabricated: US$24.06 per oz. Tantalite Ore : US$132.01/kg Tin: US$8.89/lb. Uranium: U3O8, Trade Tech spot price: US$25.75; The UX Consulting Company spot price: US$25.25/lb. Zinc: US$1.07/lb. Prices current Sept. 6, 2016

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

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

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

NORTH AMERICAN STOCK EXCHANGE INDICES TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Aug 16, 2016 (with changes from Aug 02, 2016) Largest short positions LUN 43469095 -586325 8/2/2016 Lundin Mng Potash Corp SK POT 33447824 91500 8/2/2016 Kinross Gold K 23364897 357509 8/2/2016 New Gold NGD 23336889 -83746 8/2/2016 BTO 19757821 101518 8/2/2016 B2Gold ELD 18348228 775455 8/2/2016 Eldorado Gold IAMGOLD IMG 13826255 5649394 8/2/2016 First Quantum FM 12524790 -6401082 8/2/2016 SU 12267292 1643006 8/2/2016 Suncor Energy Jaguar Mng JAG 11900373 11661665 8/2/2016 CG 11538860 111461 8/2/2016 Centerra Gold Teranga Gold TGZ 11046696 2205631 8/2/2016 Thompson Creek TCM 10538862 5500 8/2/2016 Teck Res TCK.B 10055228 2414047 8/2/2016 DGC 8757331 -14345 8/2/2016 Detour Gold Largest increase in short position Jaguar Mng JAG 11900373 11661665 8/2/2016 IAMGOLD IMG 13826255 5649394 8/2/2016 TCK.B 10055228 2414047 8/2/2016 Teck Res Teranga Gold TGZ 11046696 2205631 8/2/2016 AUE 2090600 2090600 8/2/2016 Aureus Mng Largest decrease in short position Gran Colombia GCM 4399100 -14745400 8/2/2016 First Quantum FM 12524790 -6401082 8/2/2016 FVI 757697 -3129393 8/2/2016 Fortuna Silvr Copper Mtn Mng CUM 4327192 -1284365 8/2/2016 Golden Star GSC 4212900 -1164800 8/2/2016

Short positions outstanding as of Aug 16, 2016 (with changes from Aug 02, 2016) Largest short positions VIT 2913599 2896835 8/2/2016 Victoria Gold First Mg Fin FF 2529550 -1061350 8/2/2016 Integra Gold ICG 1651562 -130903 8/2/2016 Pure Energy PE 1336126 -93946 8/2/2016 WKG 1252400 -1139200 8/2/2016 Westkam Gold Brazil Res BRI 1093965 228218 8/2/2016 FMS 973826 377326 8/2/2016 Focus Graphite Castle Mtn Mng NCA 701000 674711 8/2/2016 Rye Patch Gold RPM 539500 122000 8/2/2016 Purepoint Uran PTU 425500 420400 8/2/2016 GSV 396600 310440 8/2/2016 Gold Std Vents Goldstar Mnls GDM 392100 390100 8/2/2016 Pure Gold Mg PGM 251000 -194400 8/2/2016 ATAC Res ATC 250500 -47800 8/2/2016 Probe Metals PRB 217000 216800 8/2/2016 Largest increase in short position Victoria Gold VIT 2913599 2896835 8/2/2016 Castle Mtn Mng NCA 701000 674711 8/2/2016 Purepoint Uran PTU 425500 420400 8/2/2016 Goldstar Mnls GDM 392100 390100 8/2/2016 FMS 973826 377326 8/2/2016 Focus Graphite Largest decrease in short position Westkam Gold WKG 1252400 -1139200 8/2/2016 Golden Dawn Ml GOM 170900 -1115700 8/2/2016 FF 2529550 -1061350 8/2/2016 First Mg Fin Cascadero Copp CCD 42800 -902000 8/2/2016 GRZ 34000 -854900 8/2/2016 Gold Reserve

DAILY METAL PRICES Daily Metal Prices Date Sept 5 Sept 2 Sept 1 Aug 31 Aug 30 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1570/1590 1570/1590 1570/1590 1575/1590 1575/1590 Aluminum 1568/1586 1591/1609 1586.50/1607 1600.50/1622 1627/1641 Copper 4602.50/4614.50 4606.50/4615 4619/4632 4602/4617 4608/4625 Lead 1958/1966.00 1939.50/1945 1912/1924 1874.50/1878 1879.50/1887 Nickel 10045/10040 9875/9925 9745/9790 9720/9790 9715/9775 Tin 19575/19495 19295/19225 19140/19075 18870/18800 18820/18780 2363/2362 2348/2347 2329/2325 2327/2318 2317/2314 Zinc

PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1328.30 1311.50 1305.70 1314.45 1318.85 Gold PM 1326.35 1324.70 1309.50 1309.25 1318.15 Silver 19.49 18.75 18.65 18.74 18.78 Platinum 1065.00 1052.00 1043.00 1050.00 10673.00 Palladium 676.00 670.00 666.00 674.00 690.00

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

Sep 02 Sep 01 Aug 31 Aug 30 Aug 29 1.2988 1.3102 1.3105 1.3099 1.3009 0.7695 0.7632 0.7631 0.7639 0.7685

52-week

Index Sep 02 Sep 01 Aug 31 Aug 30 Aug 29 High Low S&P/TSX Composite 14795.70 14683.91 14597.95 14684.85 14681.97 15527.30 12400.15 S&P/TSXV Composite 810.92 794.00 785.75 790.35 805.93 1050.26 883.52 S&P/TSX 60 861.56 855.60 851.38 857.50 856.30 896.74 709.99 S&P/TSX Global Gold 243.49 236.71 228.48 231.53 243.27 218.90 149.29

NEW 52-WEEK HIGHS AND LOWS AUGUST 29–SEPTEMBER 2, 2016 85 New Highs Advantage Lith Alternative ER Alternative ER* Anaconda Mng* Aquila Res Aquila Res* Arco Res Arcturus Vents Argentum Silvr Argentum Silvr* AsiaBaseMetals Astorius Res Atico Mng Atico Mng* AZ Mining Banyan Gold Barksdale Cap Battle Mtn Gld Battle Mtn Gld* Bayhorse Silvr Bayhorse Silvr* Bearing Res Bravura Vent Canadian Zeol Canadian Zeol* Candelaria Mg

China Gold Int Comet Inds Cruz Cap Corp* Edgewater Expl Edgewater Expl* Eloro Mnrls Eloro Mnrls* Ensurge* Falcon Gold G4G Res G4G Res* Genesis Mtls Genesis Mtls* Geodex Mnrls* GNCC Capital* Goldrea Res Grande Portage* Hunt Mng* Irving Res Jet Gold Jet Gold* Kairos Cap La Imperial Laurion Mnl Ex Laurion Mnl Ex* Lund Enterpr Manado Gold

Marathon Gold Nicola Mg Inc Nicola Mg Inc* Novo Res Novo Res* Otis Gold Otis Gold* Pedro Res Portofino Res Probe Metals Probe Metals* Rainy Mtn Royl* Rapier Gold Redhill Res Redhill Res* RT Minerals* Silver Scott* Stelmine Can Stroud Res Sunvest Mnrls* Swift Res Tajiri Res Tantalex Res Teck Res Teck Res* Uracan Res* Valterra Res

Valterra Res* Volcanic Mtls Waseco Res Wesdome Gold Winston Gld Mg* 17 New Lows Anglo-Bomarc Avarone Metals Avnel Gold Cameco Corp Cameco Corp* Cardero Res Cassidy Vents* GGL Res* Joshua Gold* Lepanto Con Mg* Osisko Gold* Rare Element* Royal Gold* Sego Res Vena Res* Verde Res* Western Potash

CANADIAN GOLD MUTUAL FUNDS Fund Sep 02 ($) AGF Prec Mtls Fd MF 22.82 BMO Prec Mtls Fd A BMO ZGD 12.66 BMO ZJG 10.78 CIBC Prec Metal Fd A 13.38 Dyn Prec Metls Fd A 8.46 Horizons HEP IGMacGloPrecMetCl A 10.88 iShares XGD 15.20 Mac Prec Met Cl A 61.68 NB Prec Met Fd Inv 15.84 RBC GblPreMetFd A 38.85 Sentry Pre Met Fd A 52.59 Sprott Gold&PrMinFdA 46.73 Sprott SilverEquCl A 8.73 TD PreciousMetalsInv 47.68

Aug 26 ($) Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) 28.33 -0.32 -1.13 100.50 2.78 233.40 22.31 0.51 2.28 97.87 2.40 88.97 12.46 0.20 1.59 115.31 0.63 10.35 0.43 4.14 132.25 0.60 13.20 0.18 1.36 77.82 2.62 71.91 8.37 0.09 1.08 125.06 2.66 542.37 31.91 -0.37 -1.15 97.63 0.80 10.77 0.10 0.95 125.78 2.76 122.66 14.98 0.22 1.47 111.40 0.61 916.69 61.14 0.54 0.89 130.51 2.51 171.52 15.43 0.41 2.66 108.54 2.46 49.81 38.07 0.78 2.06 110.97 2.13 519.86 51.59 1.00 1.93 116.25 2.90 305.63 45.96 0.77 1.67 121.19 3.19 332.25 8.61 0.12 1.36 168.86 3.23 104.99 46.73 0.95 2.03 108.40 2.26 208.70

Exchange rates (Quote Media, September 02, 2016) C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand C$ to AUS 0.6901 80.0100 14.3108 11.1476 1.0166 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 0.5791 5.1443 51.4335 0.7555 858.8170 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.3210 0.8964 103.9440 18.5942 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.7522 6.6822 66.5711 0.9804 1116.4600

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

7_SEPT12_MMMM.indd 7

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

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

2016-09-06 6:44 PM

WWW.NORTHERNMINER.COM

SEPTEMBER 12–18, 2016 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: AUGUST 29–SEPTEMBER 2, 2016 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A 92 Resources V 6659 0.21 0.15 0.20 + 0.04 0.28 0.03 0.10 - 0.01 0.13 0.03 Abcourt Mines V 740 0.11 0.10 Abcourt Mines* O 74 0.08 0.07 0.08 - 0.00 0.10 0.02 Aben Res* O 155 0.16 0.12 0.14 - 0.00 0.26 0.03 Aben Res V 522 0.20 0.15 0.19 + 0.01 0.34 0.06 Aberdeen Intl* O 110 0.14 0.12 0.12 - 0.00 0.16 0.07 0.17 + 0.01 0.24 0.10 Aberdeen Intl T 1473 0.18 0.16 Abitibi Royalt V 26 8.40 7.71 8.10 + 0.14 9.95 2.20 ABT Holdings* O 29 0.65 0.33 0.65 + 0.22 0.76 0.05 Acme Res Inc V 54 0.07 0.05 0.06 - 0.02 0.12 0.02 Adamera Mnls* O 205 0.08 0.07 0.08 - 0.01 0.12 0.01 Adex Mining V 88 0.02 0.01 0.01 - 0.01 0.02 0.01 Adriana Res V 234 0.12 0.12 0.12 + 0.01 0.15 0.08 Advantage Lith* O 40 0.69 0.49 0.57 + 0.04 0.69 0.49 Advantage Lith V 335 0.90 0.63 0.75 + 0.20 0.90 0.14 African Gold V 1110 0.09 0.08 0.09 - 0.01 0.12 0.03 African Metals* O 12 0.03 0.03 0.03 + 0.00 0.03 0.01 African Mnrls* O 704 0.00 0.00 0.00 + 0.00 0.01 0.00 African Queen V 1396 0.07 0.05 0.05 - 0.01 0.14 0.01 Agave Silver* O 10 0.09 0.07 0.07 - 0.01 0.12 0.01 0.11 + 0.01 0.15 0.02 Agave Silver V 155 0.13 0.11 Agnico Eagle* N 10649 53.99 50.00 53.57 + 1.15 60.10 21.22 Agnico Eagle T 3716 70.23 65.62 69.73 + 1.57 78.35 28.15 T 2624 128.55 116.00 127.63 + 11.85 139.10 104.70 Agrium N 8619 100.24 89.00 98.18 + 9.14 105.60 79.94 Agrium* 0.01 - 0.00 0.20 0.01 Aim Explor* O 1601 0.01 0.00 Alabama Graph* O 546 0.13 0.12 0.13 + 0.00 0.18 0.08 Alabama Graph V 2274 0.17 0.15 0.16 - 0.01 0.24 0.11 3.17 + 0.07 3.64 2.08 Alacer Gold T 4478 3.19 2.87 Alamos Gold T 4739 10.18 8.99 10.13 + 0.20 13.65 3.27 Alamos Gold* N 8186 7.83 6.84 7.78 + 0.13 10.41 2.27 Alberta Star* O 9 0.27 0.25 0.27 + 0.01 0.28 0.12 Alcoa* N 71167 10.27 10.00 10.13 + 0.13 11.50 6.14 Alderon Iron* O 24 0.10 0.08 0.10 + 0.01 0.17 0.05 Aldershot Res V 248 0.07 0.05 0.07 + 0.01 0.07 0.01 0.04 + 0.00 0.19 0.04 Aldever Res* O 21 0.04 0.04 Aldrin Res V 258 0.10 0.09 0.10 + 0.01 0.15 0.08 Alexander Nubi V 480 0.14 0.11 0.14 + 0.01 0.16 0.04 Alexander Nubi* O 40 0.11 0.09 0.09 - 0.02 0.12 0.03 Alexandria Min V 3294 0.10 0.08 0.08 - 0.01 0.12 0.02 Alexandria Min* O 697 0.08 0.06 0.07 - 0.01 0.10 0.01 Alexco Res* X 3507 2.05 1.62 1.96 + 0.09 2.54 0.22 Alexco Res T 821 2.65 2.15 2.55 + 0.12 3.31 0.35 Algold Res V 926 0.33 0.00 0.32 - 0.01 0.40 0.07 Alianza Min* O 42 0.10 0.10 0.10 - 0.00 0.17 0.07 0.13 - 0.01 0.21 0.10 Alianza Min V 77 0.13 0.12 Alix Res* O 13 0.06 0.06 0.06 - 0.00 0.12 0.03 Alliance Res* D 1350 20.97 19.82 20.83 + 0.61 25.50 9.95 1.87 + 0.09 2.44 0.65 Almaden Mnls T 155 1.95 1.70 Almaden Mnls* X 1938 1.47 1.30 1.47 + 0.11 1.88 0.48 Almadex Min* O 455 0.80 0.63 0.77 + 0.01 0.91 0.01 Almadex Min V 667 1.04 0.83 0.99 + 0.01 1.17 0.14 Almo Capital V 560 0.13 0.09 0.11 + 0.02 0.14 0.05 Almonty Ind V 99 0.35 0.32 0.34 + 0.01 0.78 0.21 ALQ Gold V 6 0.12 0.11 0.12 + 0.01 0.15 0.03 0.31 - 0.02 0.84 0.02 Alset Energy V 1139 0.35 0.26 Alta Vista Vnt 342 0.07 0.00 0.05 + 0.01 0.25 0.03 Altair Res Inc V 147 0.25 0.22 0.25 + 0.04 0.70 0.09 Altan Nev Mnls V 105 0.03 0.02 0.02 - 0.01 0.05 0.01 Alternative ER V 719 0.36 0.11 0.34 + 0.21 0.35 0.06 O 221 0.27 0.16 0.27 - 0.00 0.27 0.05 Alternative ER* Altiplano Mnls V 19 0.15 0.14 0.14 - 0.01 0.22 0.04 Altius Mnrls T 179 10.07 9.43 9.90 + 0.50 13.89 7.39 500 0.13 0.11 0.13 + 0.00 0.30 0.06 Altura Mng Ltd* O Alturas Mnrls V 135 0.06 0.05 0.05 - 0.01 0.08 0.01 Alumina Inc* O 41 4.33 3.86 4.13 - 0.01 4.73 2.70 ALX Uranium V 162 0.11 0.10 0.10 - 0.01 0.15 0.06 ALX Uranium* O 27 0.08 0.07 0.07 - 0.01 0.10 0.03 Am Creek Res V 482 0.10 0.08 0.10 + 0.01 0.12 0.03 Am CuMo Mng V 355 0.12 0.11 0.12 + 0.01 0.16 0.06 Am CuMo Mng* O 37 0.08 0.08 0.08 + 0.01 0.12 0.04 Am Manganese* O 346 0.15 0.11 0.15 + 0.02 0.20 0.01 Am Manganese V 3896 0.20 0.15 0.20 + 0.03 0.26 0.01 Amador Gold V 244 0.01 0.01 0.01 - 0.01 0.02 0.01 Amarc Res* O 40 0.09 0.07 0.07 - 0.01 0.10 0.02 0.11 - 0.01 0.13 0.04 Amarc Res V 517 0.11 0.09 Amarillo Gold V 458 0.49 0.43 0.45 - 0.04 0.68 0.04 Amazing OG* O 17 0.55 0.40 0.45 - 0.10 1.06 0.29 0.53 - 0.02 1.62 0.05 American Lith V 881 0.61 0.50 Americas Petro V 273 0.19 0.18 0.19 - 0.01 0.28 0.15 O 664 0.29 0.23 0.29 + 0.00 0.37 0.04 Americas Silvr* Amerigo Res T 167 0.16 0.15 0.16 - 0.01 0.34 0.10 Amerigo Res* O 40 0.13 0.11 0.13 + 0.01 0.26 0.07 AMI Res V 37 0.09 0.06 0.06 - 0.01 0.10 0.03 Anaconda Mng* O 52 0.09 0.08 0.08 - 0.01 0.09 0.02 Anaconda Mng T 914 0.11 0.09 0.09 - 0.01 0.11 0.04 Anconia Res V 144 0.07 0.00 0.07 + 0.01 0.09 0.01 Andes Gold* O 56 0.01 0.00 0.01 + 0.00 1.00 0.00 Anfield Nickel V 847 1.54 1.36 1.54 + 0.14 1.94 0.52 Anfield Res* O 18 0.20 0.19 0.20 + 0.00 0.22 0.06 Angel Gold* O 171 0.10 0.08 0.08 - 0.02 0.11 0.01 Angel Gold V 272 0.12 0.10 0.10 - 0.02 0.15 0.01 Angkor Gold V 88 0.48 0.44 0.47 + 0.03 0.50 0.38 Anglo American* O 343 5.50 5.03 5.33 - 0.16 5.81 1.57 Anglo American* O 11 11.22 10.17 10.82 - 0.40 11.75 3.13 Anglo-Bomarc V 119 0.09 0.08 0.08 - 0.02 0.30 0.08 AngloGold Ash* O 9 18.03 16.40 16.40 - 1.67 22.25 8.15 AngloGold Ash* N 19229 17.71 15.95 17.04 - 0.69 22.91 6.20 Anthem United V 165 0.25 0.20 0.24 + 0.04 0.39 0.14 Antioquia Gold* O 33 0.08 0.07 0.08 + 0.00 0.08 0.03 Antioquia Gold V 189 0.10 0.10 0.10 - 0.01 0.11 0.04 Antofagasta* O 3 7.20 7.20 7.20 + 0.40 8.94 5.24 APAC Res Inc 2216 0.09 0.07 0.07 + 0.01 0.11 0.03 Apogee Silver V 57 0.32 0.00 0.28 + 0.02 0.58 0.11 Apogee Silver* O 3 0.23 0.20 0.20 - 0.00 0.45 0.08 Appia Energy 93 0.18 0.18 0.18 - 0.07 0.30 0.01 Apple Cap Inc V 87 0.42 0.36 0.36 - 0.06 0.54 0.15 Applied Mrnls* O 89 0.18 0.16 0.17 - 0.00 0.43 0.11 AQM Copper V 188 0.17 0.14 0.16 - 0.01 0.17 0.03 Aquila Res* O 568 0.24 0.18 0.24 + 0.04 0.21 0.09 Aquila Res T 636 0.31 0.22 0.31 + 0.04 0.27 0.13 Arak Res V 393 0.04 0.04 0.04 + 0.01 0.07 0.02 Arch Coal* O 755 0.33 0.26 0.32 + 0.02 7.79 0.11 Arco Res V 39 0.09 0.07 0.07 - 0.01 0.08 0.03 Arcturus Vents V 270 0.03 0.03 0.03 + 0.02 0.03 0.01 Arcus Dev Grp V 391 0.10 0.09 0.10 - 0.01 0.20 0.01 Arena Mnls V 401 0.19 0.17 0.18 - 0.01 0.34 0.15 Arena Mnls* O 10 0.14 0.00 0.14 - 0.00 0.25 0.12 Argentum Silvr V 468 0.23 0.09 0.20 + 0.11 0.16 0.02 Argentum Silvr* O 30 0.08 0.06 0.08 + 0.01 0.08 0.04 Argex Titanium T 2775 0.07 0.05 0.06 - 0.02 0.13 0.02 Argex Titanium* O 118 0.05 0.04 0.05 - 0.00 0.09 0.01 Argonaut Gold T 7162 3.62 2.95 3.61 + 0.14 4.45 0.78 Argonaut Gold* O 132 2.76 2.24 2.76 + 0.11 3.38 0.53 Argus Metals* O 49 0.10 0.07 0.07 - 0.03 0.10 0.01 Argus Metals V 99 0.10 0.07 0.09 - 0.01 0.15 0.02 Arian Silver* O 55 0.02 0.01 0.01 + 0.00 0.21 0.00 Arianne Phosph V 276 0.93 0.87 0.90 - 0.03 1.25 0.68 Arianne Phosph* O 101 0.71 0.66 0.69 - 0.01 0.98 0.52 Armor Mnrls V 10 0.67 0.00 0.67 + 0.17 0.85 0.12 Asanko Gold* X 2718 4.55 3.64 4.54 + 0.57 4.65 1.27 Asanko Gold T 4813 5.90 4.79 5.88 + 0.73 6.00 1.77 Asante Gold 18 0.20 0.18 0.19 - 0.01 0.27 0.05 Ascot Res V 626 2.47 2.21 2.47 + 0.18 2.63 0.80 AsiaBaseMetals V 40 0.40 0.36 0.38 - 0.01 0.40 0.04 Asiamet Res V 173 0.04 0.04 0.04 + 0.01 0.08 0.02 Aston Bay V 294 0.47 0.41 0.45 + 0.04 0.49 0.12 Astorius Res V 605 0.27 0.19 0.27 + 0.08 0.24 0.01 Astur Gold V 77 0.07 0.06 0.06 - 0.01 0.10 0.01 ATAC Res V 1479 0.75 0.63 0.68 - 0.03 0.95 0.26 Atacama Pac Gd* O 8 0.62 0.54 0.54 - 0.07 0.79 0.09 Atacama Pac Gd V 672 0.85 0.65 0.85 + 0.05 1.02 0.14 Athabasca Mnls V 130 0.20 0.17 0.19 + 0.01 0.38 0.15 Athabasca Mnls* O 25 0.15 0.13 0.13 - 0.02 0.26 0.12 Athabasca Nclr V 423 0.13 0.10 0.11 - 0.01 0.17 0.02 Athena Silver* O 29 0.10 0.07 0.10 - 0.00 0.15 0.02 Atico Mng* O 138 0.48 0.38 0.48 + 0.02 0.48 0.12 Atico Mng V 335 0.65 0.49 0.58 - 0.01 0.62 0.16 Atlanta Gold V 132 0.09 0.00 0.09 - 0.01 0.11 0.05 Atlantic Gold V 951 0.91 0.86 0.88 - 0.03 0.99 0.23 Atlatsa Res T 51 0.10 0.00 0.10 + 0.02 0.13 0.03 Atlatsa Res* O 68 0.08 0.06 0.08 + 0.00 0.10 0.02 Augyva Mng V 442 0.11 0.10 0.10 + 0.01 0.13 0.08 Aura Silver Rs V 359 0.07 0.06 0.07 + 0.01 0.08 0.01

8-10_SEPT12_StockTables.indd 8

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Aurania Res V 112 Aurcana Corp V 675 Aurcana Corp* O 119 AurCrest Gold V 118 Aureus Mng* O 142 AuRico Metals * O 333 AuRico Metals T 1389 Aurvista Gold* O 304 Aurvista Gold V 1598 Auryn Res* O 476 Avalon Adv Mat* O 135 Avalon Adv Mat T 389 Avarone Metals 437 Avino Silver* X 2442 Avino Silver V 239 Avnel Gold * O 244 Avnel Gold T 1115 AXE Expl V 435 Axmin Inc V 151 Axmin Inc* O 157 AZ Mining T 3682 Azarga Mtls V 16 Azarga Mtls* O 3 Azarga Uranium* O 100 Azarga Uranium T 270 Azimut Expl V 596 Azincourt Uran V 5 Azteca Gold* O 328

0.62 0.00 0.62 - 0.03 0.65 0.30 0.61 0.52 0.59 + 0.01 0.80 0.09 0.47 0.40 0.46 + 0.00 0.63 0.07 0.03 0.03 0.03 - 0.01 0.05 0.01 0.05 0.03 0.03 - 0.01 0.31 0.03 0.76 0.70 0.76 + 0.00 0.91 0.37 1.00 0.91 0.98 + 0.01 1.22 0.55 0.19 0.14 0.19 + 0.01 0.29 0.02 0.25 0.18 0.25 + 0.01 0.39 0.03 2.62 2.21 2.40 - 0.12 3.18 0.70 0.16 0.15 0.16 + 0.01 0.26 0.07 0.22 0.19 0.21 + 0.01 0.33 0.10 0.05 0.00 0.05 + 0.01 0.14 0.02 2.28 1.91 2.28 + 0.03 3.14 0.71 2.98 2.53 2.95 + 0.09 4.05 1.03 0.23 0.20 0.21 - 0.03 0.30 0.13 0.30 0.27 0.29 - 0.03 0.39 0.18 0.03 0.03 0.03 - 0.01 0.04 0.01 0.07 0.00 0.06 - 0.01 0.10 0.01 0.06 0.04 0.04 - 0.02 0.06 0.00 2.23 1.85 1.96 - 0.06 2.23 0.22 0.30 0.00 0.25 + 0.02 0.32 0.05 0.20 0.00 0.18 + 0.01 1.00 0.03 0.20 0.18 0.18 - 0.02 0.29 0.18 0.27 0.23 0.23 - 0.03 0.40 0.24 0.60 0.49 0.57 + 0.13 0.68 0.10 0.07 0.00 0.07 - 0.01 0.08 0.04 0.00 0.00 0.00 - 0.00 0.01 0.00

B2Gold* X 31849 B2Gold T 37342 Bacanora Mnls V 118 Baja Mng* O 76 Balmoral Res* O 702 Balmoral Res T 1508 Bannerman Res* O 124 Banro T 923 Banro* X 6671 Banyan Gold V 290 Barisan Gold* O 166 Barkerville Go* O 342 Barkerville Go V 1111 Barksdale Cap V 11 Baroyeca Go&Si V 480 Barrick Gold T 21830 Barrick Gold* N 111012 Barsele Min* O 56 Barsele Min V 180 Batero Gold V 1272 Battle Mtn Gld* O 206 Battle Mtn Gld V 904 Bayhorse Silvr* O 155 Bayhorse Silvr V 964 Bayswater Uran* O 33 BCM Res V 14 Bear Creek Mng V 814 Bearing Res V 137 Beaufield Res V 984 O 24 Beaufield Res* Bell Copper V 92 Bell Copper* O 31 Bellhaven Cp&G V 66 Bellhaven Cp&G* O 38 Belo Sun Mng T 1359 Benz Cap V 231 Berkwood Res V 572 Bethpage Cap V 175 BHK Mining V 84 4 Big North Grap* O Big North Grap V 530 Big Wind Cap 82 Bison Gold Res V 8 Bitterroot Res* O 1 Black Hills* N 1199 Black Iron T 292 Black Isle Res V 74 Black Mam Mtls V 50 Black Widow Rs V 242 V 95 Blackheath Res Blind Crk Res V 189 Blue Rvr Res V 6233 Blue Sky Uran V 33 Bluenose Gold V 7 Bold Vent V 102 BonTerra Res V 808 BonTerra Res* O 31 Bowmore Expl V 292 Bravada Gold V 203 O 10 Braveheart Res* Braveheart Res V 37 Bravo Multinat* O 1339 Bravura Vent 276 Brazil Mnrls* O 273399 Brazil Res V 3280 Britannia Mng* O 208 Brixton Mtls* O 184 Brixton Mtls V 376 Brookmount Exp* O 495 Brunswick Res V 64 Buenaventura* N 9070 Buffalo Coal V 9 Bullfrog Gold* O 134 Burey Gold* O 134

2.92 2.47 2.81 - 0.09 3.65 0.60 3.80 3.24 3.65 - 0.11 4.74 0.86 1.68 1.50 1.52 - 0.08 2.04 1.17 0.01 0.00 0.00 - 0.00 0.03 0.00 0.88 0.73 0.88 + 0.06 0.99 0.23 1.16 0.96 1.16 + 0.09 1.28 0.33 0.03 0.02 0.03 - 0.00 0.04 0.01 0.49 0.40 0.47 + 0.05 0.62 0.21 0.37 0.30 0.36 + 0.03 0.48 0.15 0.13 0.08 0.08 - 0.01 0.13 0.02 0.03 0.02 0.03 - 0.00 0.04 0.01 0.56 0.48 0.55 + 0.03 0.60 0.15 0.72 0.63 0.72 + 0.05 0.76 0.20 0.24 0.00 0.20 - 0.01 0.24 0.01 0.02 0.01 0.02 + 0.01 0.02 0.01 24.27 22.02 23.59 - 0.10 30.45 7.89 18.66 16.75 18.16 - 0.06 23.47 5.91 0.86 0.79 0.85 + 0.05 1.04 0.05 1.14 1.01 1.10 + 0.05 1.38 0.08 0.17 0.14 0.15 - 0.02 0.23 0.05 0.68 0.60 0.66 + 0.06 0.68 0.06 0.88 0.77 0.85 + 0.08 0.88 0.09 0.18 0.13 0.14 + 0.02 0.18 0.03 0.24 0.17 0.20 + 0.04 0.24 0.05 0.03 0.03 0.03 - 0.00 0.05 0.00 0.17 0.16 0.17 + 0.01 0.32 0.04 3.50 3.01 3.45 + 0.05 3.77 0.50 0.24 0.00 0.23 + 0.05 0.26 0.13 0.13 0.11 0.13 + 0.02 0.16 0.03 0.09 0.08 0.09 - 0.01 0.12 0.03 0.05 0.00 0.05 - 0.01 0.07 0.01 0.05 0.03 0.03 - 0.01 0.06 0.00 0.57 0.46 0.57 + 0.10 0.60 0.03 0.44 0.36 0.44 + 0.11 0.46 0.02 0.96 0.87 0.92 - 0.02 1.10 0.16 0.04 0.02 0.04 + 0.02 0.08 0.01 0.22 0.18 0.20 + 0.02 0.25 0.01 0.10 0.10 0.10 + 0.02 0.10 0.03 0.05 0.04 0.04 - 0.01 0.10 0.03 0.05 0.05 0.05 - 0.00 0.06 0.01 0.08 0.07 0.07 + 0.01 0.08 0.02 0.10 0.07 0.10 - 0.05 0.19 0.01 0.28 0.23 0.28 - 0.08 0.38 0.10 0.05 0.04 0.04 - 0.02 0.06 0.02 59.35 57.81 59.35 + 0.81 64.58 36.81 0.04 0.00 0.04 - 0.01 0.06 0.03 0.04 0.04 0.04 - 0.01 0.05 0.03 0.08 0.08 0.08 - 0.01 0.13 0.04 0.09 0.00 0.07 + 0.01 0.09 0.01 0.10 0.09 0.09 - 0.01 0.18 0.08 0.13 0.11 0.13 + 0.01 0.16 0.03 0.08 0.06 0.08 + 0.02 0.08 0.03 0.60 0.58 0.59 - 0.01 0.74 0.04 0.02 0.00 0.02 - 0.01 0.03 0.01 0.05 0.04 0.04 - 0.01 0.06 0.02 0.41 0.36 0.40 - 0.01 0.51 0.17 0.31 0.28 0.31 - 0.01 0.37 0.12 0.14 0.12 0.14 - 0.01 0.16 0.03 0.30 0.21 0.27 + 0.06 0.40 0.03 0.05 0.05 0.05 - 0.01 0.06 0.01 0.06 0.00 0.06 - 0.01 0.08 0.02 0.03 0.02 0.02 - 0.00 0.10 0.02 0.42 0.36 0.40 + 0.05 0.41 0.02 0.00 0.00 0.00 + 0.00 0.00 0.00 2.67 2.00 2.67 + 0.36 3.16 0.38 0.01 0.00 0.00 - 0.00 0.01 0.00 0.54 0.50 0.53 - 0.00 0.92 0.03 0.71 0.65 0.68 - 0.01 1.20 0.05 0.01 0.01 0.01 + 0.01 0.02 0.00 0.03 0.03 0.03 - 0.01 0.04 0.01 14.00 12.16 13.90 + 0.46 16.45 3.30 0.01 0.00 0.01 - 0.01 0.05 0.01 0.09 0.07 0.09 + 0.01 0.12 0.01 0.04 0.03 0.04 + 0.01 0.07 0.03

Cache Expl V 194 Caledonia Mng T 188 Caledonia Mng* Q 83 Calibre Mng V 2259 California Gld V 32 Callinex Mines V 565 Callinex Mines* O 335 Cameco Corp* N 13564 Cameco Corp T 7613 Cameo Res V 1304 Camino Mnls V 32 Canadian Zeol* O 31 Canadian Zeol V 1264 CanAlaska Uran V 438 O 79 CanAlaska Uran* Canamex Res V 785 Canamex Res* O 642 Canarc Res* Q 1455 Canarc Res T 3419 Canasil Res V 844 Cancana Res V 65 Candelaria Mg V 193 Candente Coppr T 886 Candente Gold V 312 CaNickel Mng V 14 213 Canoe Mng Vent V Canstar Res V 156 Canterra Mnls V 248 Cantex Mn Dev V 60 Cap-Ex Iron V 843 Capstone Mng T 3764 Cardero Res V 43 Cardero Res* O 19 Cariboo Rose V 78 Carpathian Gld 1068 Cartier Iron 492 Cartier Res V 342 Carube Copper* O 27 Carube Copper V 87 Cascadero Copp V 923 Castle Peak Mg V 407 Cava Res V 34 Caza Gold V 260 CB Gold V 64 Cda Carbon* O 27 Cda Rare Earth V 244 Cda Strtgc Met * O 100 Cda Strtgc Met V 3201 Cda Zinc Mtls V 1307

0.15 0.11 0.11 + 0.01 0.15 0.03 1.90 1.71 1.90 + 0.16 2.00 0.66 1.47 1.31 1.39 + 0.05 1.50 0.48 0.16 0.13 0.14 - 0.01 0.27 0.06 0.63 0.55 0.55 - 0.10 1.80 0.25 0.48 0.40 0.46 - 0.01 0.69 0.23 0.37 0.30 0.34 - 0.02 0.54 0.17 9.49 9.05 9.30 + 0.01 14.59 9.05 12.41 11.85 12.09 + 0.02 19.32 11.85 0.06 0.05 0.05 - 0.01 0.10 0.04 0.23 0.00 0.20 - 0.03 0.28 0.07 0.36 0.28 0.35 + 0.07 0.33 0.06 0.47 0.37 0.45 + 0.06 0.47 0.08 1.37 1.25 1.30 - 0.03 1.55 0.09 1.06 0.95 0.99 - 0.03 1.20 0.06 0.05 0.04 0.04 - 0.01 0.08 0.03 0.04 0.03 0.04 + 0.00 0.06 0.02 0.09 0.07 0.08 - 0.01 0.12 0.03 0.12 0.10 0.10 - 0.01 0.15 0.04 0.70 0.62 0.67 + 0.03 0.73 0.03 0.47 0.41 0.45 - 0.04 0.52 0.13 0.40 0.32 0.32 - 0.04 0.40 0.06 0.13 0.10 0.11 - 0.02 0.18 0.03 0.07 0.06 0.06 - 0.01 0.09 0.01 0.08 0.00 0.08 - 0.01 0.14 0.03 0.08 0.05 0.06 - 0.01 0.09 0.02 0.16 0.12 0.16 + 0.04 0.16 0.04 0.10 0.08 0.09 - 0.01 0.10 0.03 0.11 0.09 0.11 + 0.02 0.15 0.03 0.11 0.08 0.10 + 0.02 0.11 0.01 0.73 0.65 0.69 - 0.05 0.97 0.27 0.21 0.00 0.21 + 0.03 0.26 0.08 0.16 0.12 0.16 + 0.02 0.18 0.05 0.11 0.09 0.09 - 0.02 0.12 0.03 0.07 0.06 0.06 - 0.01 0.07 0.00 0.05 0.04 0.05 + 0.01 0.11 0.01 0.17 0.15 0.15 - 0.03 0.19 0.04 0.10 0.10 0.10 + 0.00 0.14 0.07 0.13 0.00 0.13 - 0.01 0.20 0.05 0.15 0.14 0.14 - 0.02 0.17 0.02 0.05 0.04 0.04 - 0.01 0.08 0.01 0.75 0.68 0.71 + 0.02 0.78 0.04 0.06 0.05 0.05 - 0.01 0.07 0.02 0.17 0.00 0.15 - 0.02 0.18 0.04 0.23 0.21 0.23 + 0.01 0.28 0.18 0.04 0.04 0.04 - 0.01 0.05 0.02 0.18 0.14 0.18 - 0.01 0.19 0.01 0.23 0.17 0.22 - 0.02 0.26 0.03 0.42 0.32 0.40 + 0.07 0.44 0.10

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Cdn Intl Mnrls V 820 0.04 0.04 0.04 - 0.01 0.13 0.01 Cdn Metals 225 0.20 0.15 0.20 + 0.05 0.44 0.06 Cdn Platinum V 1360 0.02 0.02 0.02 + 0.01 0.03 0.01 Cdn Silvr Hunt V 335 0.03 0.02 0.03 - 0.01 0.05 0.01 Cdn Zinc T 953 0.34 0.30 0.33 + 0.01 0.41 0.06 0.26 - 0.00 0.32 0.04 Cdn Zinc* Q 307 0.26 0.22 Centamin T 365 2.91 2.50 2.69 - 0.15 3.05 1.15 Centaurus Diam* O 87 0.15 0.11 0.13 + 0.01 0.34 0.02 Centenera Mng V 156 0.28 0.24 0.25 - 0.01 0.40 0.02 Centenera Mng* O 18 0.18 0.18 0.18 - 0.01 0.26 0.02 7.13 + 0.49 8.67 5.64 Centerra Gold T 5242 7.13 6.48 Centurion Mnls V 1014 0.07 0.07 0.07 - 0.01 0.18 0.04 Cerro Grande 296 0.03 0.00 0.03 + 0.01 0.06 0.01 Champion Bear V 149 0.11 0.11 0.11 - 0.01 0.11 0.03 Champion Iron T 280 0.24 0.23 0.24 - 0.01 0.30 0.13 O 55 4.69 4.24 4.38 - 0.23 5.03 1.05 Chesapeake Gld* Chesapeake Gld V 138 6.10 5.56 5.69 - 0.31 6.50 1.39 Chevron* N 24687 102.63 99.47 100.93 - 0.39 107.58 74.31 Chiboug Ind Mn V 92 0.17 0.12 0.17 + 0.03 0.26 0.03 0.06 - 0.04 0.23 0.03 Chieftain Mtls V 316 0.10 0.05 Chilean Metals* O 25 0.16 0.14 0.16 + 0.01 0.22 0.00 Chilean Metals V 150 0.22 0.17 0.17 - 0.04 0.30 0.02 Chimata Gold V 115 0.03 0.02 0.02 + 0.01 0.06 0.01 China Gold Int T 2113 2.88 2.42 2.83 + 0.21 2.81 1.67 35 0.01 0.01 0.01 - 0.00 0.02 0.00 China Mnls Mng* O Cibolan Gold* O 33 0.07 0.05 0.06 - 0.00 0.15 0.03 Cicada Vents V 39 0.01 0.01 0.01 + 0.01 0.02 0.01 0.07 - 0.01 0.13 0.06 CKR Carbon V 778 0.08 0.07 Clifton Mng* O 33 0.15 0.14 0.14 - 0.02 0.16 0.05 4.28 3.75 4.03 + 0.20 4.28 1.08 Cloud Peak En* N 8029 CMC Metals* O 7 0.13 0.09 0.09 - 0.02 0.13 0.07 CMC Metals V 421 0.14 0.12 0.13 - 0.01 0.32 0.05 Coeur Mng* N 36738 14.18 12.30 13.49 - 0.19 16.41 1.62 Colibri Res V 23 0.20 0.00 0.19 + 0.02 0.22 0.02 V 272 0.03 0.02 0.02 - 0.01 0.04 0.01 Colombia Crest Colombian Mins V 114 0.19 0.13 0.15 - 0.04 0.23 0.02 Colorado Res V 1500 0.48 0.41 0.47 + 0.01 0.71 0.05 Colt Res V 618 0.10 0.08 0.09 - 0.01 0.18 0.06 Columbus Gold* O 266 0.62 0.56 0.58 - 0.01 0.72 0.23 T 484 0.81 0.74 0.75 - 0.02 0.93 0.32 Columbus Gold Comet Inds V 8 2.65 2.50 2.65 + 0.15 2.50 1.22 Commander Res V 201 0.07 0.05 0.06 - 0.01 0.08 0.01 Commerce Res* O 137 0.06 0.05 0.05 - 0.01 0.08 0.04 Comstock Mng* X 2157 0.40 0.35 0.38 + 0.02 0.70 0.33 V 97 0.34 0.28 0.31 - 0.03 0.43 0.05 Comstock Mtls Confedertn Ml* O 21 0.53 0.53 0.53 + 0.01 0.63 0.31 V 31 0.75 0.68 0.70 - 0.05 9.00 0.60 Confedertn Mls Conquest Res V 144 0.04 0.03 0.03 - 0.01 0.07 0.01 Cons Woodjam V 99 0.08 0.06 0.07 + 0.01 0.08 0.02 N 13271 19.08 17.96 18.37 + 0.24 19.62 4.54 CONSOL Energy* Contintl Gold* O 377 2.91 2.52 2.87 - 0.04 3.31 0.88 22 0.10 0.08 0.08 - 0.02 0.17 0.08 Copper Fox Mtl* O Copper Fox Mtl V 347 0.13 0.12 0.12 - 0.01 0.24 0.11 Copper Lake Rs V 85 0.06 0.05 0.05 - 0.01 0.08 0.03 121 0.37 0.32 0.33 - 0.03 0.52 0.23 Copper Mtn Mng* O Copper Mtn Mng T 1360 0.48 0.40 0.46 - 0.02 0.70 0.33 16 0.11 0.00 0.11 + 0.00 0.15 0.10 Copper North M* O Copper North M V 58 0.15 0.00 0.15 + 0.01 0.45 0.13 Copper One V 128 0.16 0.14 0.14 - 0.02 0.30 0.03 O 1 0.06 0.06 0.06 + 0.00 0.08 0.01 Copperbank Res* Coral Gold V 467 0.33 0.30 0.33 + 0.01 0.39 0.05 0.80 + 0.01 1.08 0.10 Cordoba Mnls V 395 0.85 0.74 Cordoba Mnls* O 301 0.66 0.57 0.60 - 0.02 0.79 0.08 Cornerstone Ca* O 93 0.08 0.06 0.07 - 0.01 0.09 0.01 0.16 + 0.01 0.21 0.02 Coro Mining T 1471 0.17 0.13 Coronet Mtls V 60 0.52 0.43 0.47 + 0.04 0.60 0.03 0.35 + 0.02 0.47 0.02 Coronet Mtls* O 35 0.41 0.33 Corsa Coal V 1615 0.05 0.04 0.05 - 0.01 0.09 0.02 Corvus Gold T 183 1.04 0.88 0.94 - 0.11 1.38 0.33 0.73 - 0.08 1.05 0.25 Corvus Gold* O 136 0.82 0.67 Critical Elem V 580 0.59 0.55 0.57 + 0.03 0.75 0.14 0.45 + 0.04 0.58 0.10 Critical Elem* O 24 0.45 0.42 Crown Mining V 131 0.15 0.09 0.15 + 0.03 0.20 0.04 Cruz Cap Corp* O 1 0.45 0.35 0.45 + 0.07 0.44 0.20 86 0.24 0.00 0.22 - 0.01 0.42 0.13 Crystal Pk Min V Crystal Pk Min* O 304 0.19 0.17 0.18 + 0.00 0.32 0.11 0.11 - 0.00 0.16 0.01 Cypress Dev* O 115 0.12 0.08 0.14 - 0.02 0.20 0.02 Cypress Dev V 659 0.15 0.11 Cyprium Mng V 2224 0.08 0.06 0.07 - 0.01 0.13 0.06

D-F Dajin Res V 489 Dajin Res* O 404 Dakota Ter Res* O 193 Dalradian Res* O 568 Dalradian Res T 3919 Damara Gold V 40 Danakali* O 343 Debut Dmds 274 Declan Res 1633 Defiance Silvr V 898 Defiance Silvr* O 336 Del Toro Silvr* O 940 Denison Mines* X 1019 Denison Mines T 1766 Desert Gold V 415 Desert Star* O 100 Detour Gold T 3979 Diamante Min* O 65 Diamcor Mng V 85 Diamcor Mng* O 3 Diamond Fields V 180 Dios Expl V 102 Discovery Harb V 654 Ditem Explor* O 14 DNI Metals* O 25 Dolly Vard Sil* O 53 Dolly Vard Sil V 110 Dominion Diam* N 1303 Dominion Diam T 1355 Dorex Mnrls V 178 Double Crn Res* O 2857 DRDGOLD* N 3775 Dundee Prec Mt T 1828 Duran Vent V 126 Dynacor Gld Mn T 844 DynaResource* O 1 Dynasty Met&Mn* O 98 East Africa * O 39 East Africa V 732 Eastern Platin* O 11 Eastern Platin T 1178 Eastmain Res T 5160 Eco Oro Mnls T 15 eCobalt Solns* O 102 Edgewater Expl* O 36 El Capitan Prc* O 3601 El Nino Vent* O 23 Elcora Res V 202 Eldorado Gold* N 40630 Eldorado Gold T 25819 Electra Stone V 1258 Eloro Mnrls* O 5 Eloro Mnrls V 74 Ely Gold & Mnl V 267 Ely Gold & Mnl* O 122 Emerita Res V 394 Emgold Mng V 144 Encanto Potash* O 42 Endeavour Mng* O 51 Endeavour Mng T 2202 Endeavr Silver* N 12059 Endeavr Silver T 1819 V 219 Endurance Gold Energizer Res* O 648 Energy Fuels T 215 Energy Fuels* X 491 Engold Mines V 204 Ensurge* O 595 Entree Gold T 80 Entree Gold* X 270 Equitas Res* O 609 Equitas Res V 3831 Equitorial Ex V 1844 Era Res Inc V 3 Erdene Res Dev T 529

0.19 0.17 0.18 + 0.01 0.30 0.08 0.14 0.12 0.13 + 0.00 0.24 0.06 0.06 0.05 0.05 - 0.05 0.20 0.05 1.20 1.00 1.16 + 0.13 1.22 0.45 1.56 1.31 1.50 + 0.17 1.59 0.62 0.09 0.08 0.08 + 0.02 0.10 0.04 0.31 0.30 0.30 - 0.03 0.37 0.17 0.03 0.02 0.02 - 0.01 0.03 0.01 0.01 0.01 0.01 + 0.01 0.02 0.01 0.50 0.38 0.50 + 0.05 0.63 0.06 0.40 0.28 0.40 + 0.06 0.49 0.04 0.02 0.01 0.01 + 0.00 0.03 0.00 0.52 0.49 0.52 + 0.01 0.67 0.35 0.68 0.65 0.68 + 0.01 0.85 0.48 0.18 0.00 0.18 + 0.09 0.18 0.09 0.05 0.04 0.04 - 0.04 0.11 0.08 31.75 28.56 31.35 + 0.32 35.93 12.14 0.38 0.23 0.25 - 0.03 0.85 0.17 1.11 1.07 1.09 + 0.02 1.25 0.65 0.82 0.82 0.82 - 0.01 0.96 0.46 0.03 0.02 0.02 - 0.01 0.04 0.01 0.16 0.14 0.15 + 0.02 0.19 0.05 0.02 0.00 0.02 - 0.01 0.04 0.01 0.00 0.00 0.00 + 0.00 0.00 0.00 0.03 0.00 0.03 - 0.01 0.10 0.03 0.64 0.58 0.64 + 0.03 0.81 0.08 0.87 0.76 0.86 + 0.04 1.11 0.12 9.17 8.56 8.79 - 0.27 12.65 7.27 11.90 11.21 11.42 - 0.37 16.82 9.96 0.03 0.00 0.03 - 0.01 0.03 0.01 0.01 0.01 0.01 + 0.00 0.02 0.01 6.17 5.01 5.47 - 0.82 9.10 1.21 3.65 3.04 3.63 + 0.19 4.14 0.84 0.11 0.10 0.10 - 0.02 0.20 0.07 3.57 3.14 3.52 + 0.36 3.64 1.38 1.60 0.00 1.60 - 0.15 2.00 0.80 0.21 0.19 0.20 - 0.01 0.36 0.08 0.24 0.19 0.21 - 0.03 0.28 0.02 0.30 0.24 0.29 - 0.03 0.36 0.03 0.58 0.47 0.56 + 0.06 1.00 0.47 0.80 0.58 0.68 + 0.05 1.40 0.58 0.84 0.73 0.83 + 0.09 0.88 0.29 0.30 0.00 0.28 - 0.02 0.70 0.25 0.49 0.40 0.49 + 0.03 0.53 0.39 0.05 0.02 0.05 + 0.03 0.03 0.01 0.14 0.12 0.13 - 0.01 0.28 0.03 0.03 0.02 0.02 - 0.01 0.04 0.00 0.38 0.30 0.38 + 0.05 0.75 0.17 3.57 3.14 3.41 - 0.15 5.16 1.87 4.67 4.12 4.41 - 0.22 6.71 2.67 0.05 0.04 0.05 + 0.01 0.12 0.04 0.44 0.40 0.44 + 0.03 0.41 0.07 0.58 0.40 0.50 + 0.10 0.55 0.09 0.18 0.14 0.15 - 0.02 0.19 0.04 0.14 0.11 0.12 - 0.00 0.14 0.03 0.09 0.08 0.09 + 0.01 0.17 0.02 0.04 0.03 0.03 - 0.01 0.05 0.01 0.08 0.06 0.07 + 0.01 0.14 0.03 17.46 14.70 17.33 + 1.29 20.22 4.40 22.75 19.20 22.47 + 1.64 26.38 5.30 4.96 4.21 4.96 + 0.25 5.95 1.00 6.45 5.55 6.44 + 0.30 7.75 1.46 0.07 0.06 0.06 - 0.01 0.08 0.02 0.06 0.05 0.06 + 0.01 0.10 0.03 3.17 2.96 3.04 + 0.09 4.58 2.47 2.43 2.27 2.34 + 0.07 3.50 1.81 0.05 0.04 0.04 - 0.01 0.08 0.02 0.05 0.03 0.05 + 0.02 0.05 0.01 0.40 0.38 0.38 - 0.01 0.53 0.25 0.30 0.29 0.29 + 0.00 0.40 0.17 0.07 0.05 0.06 + 0.00 0.17 0.02 0.09 0.07 0.08 - 0.01 0.22 0.05 0.10 0.07 0.10 + 0.03 0.13 0.02 0.35 0.00 0.35 + 0.07 0.50 0.09 0.34 0.29 0.32 + 0.01 0.55 0.11

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Erin Ventures V 817 49 Eros Res Corp V 49 Eros Res Corp V Eskay Mng V 231 Ethos Gold* O 18 Ethos Gold V 159 Eurasian Mnls V 65 X 470 Eurasian Mnls* Eureka Res V 200 EurOmax Res T 305 Everest Vent V 80 Everton Res* O 103 Everton Res V 1783 Evolving Gold 62 O 29 Evolving Gold* Evrim Res V 267 O 36 Excalibur Res* Excalibur Res 153 Excellon Res T 1268 Excellon Res* O 623 O 35 Excelsior Mng* Excelsior Mng V 281 Exeter Res* X 963 Exeter Res T 392 O 10 Expedition Mng* Explor Res* O 150 Explor Res V 2169 Explorex Res 36 Fairmont Res V 352 Falco Res V 662 26 Filo Mg Corp V Finlay Minrls V 348 Fiore Explor V 906 Fiore Explor* O 31 Firesteel Res V 212 Firestone Vent V 196 First Bauxite V 471 First Majestic T 6303 First Majestic* N 45241 First Mexican V 778 First Mg Fin * O 7724 V 8147 First Mg Fin First Point T 214 First Quantum T 24397 336 V Fission 3.0 Fission Uran* O 972 Fjordland Exp V 700 Flinders Res V 352 Flinders Res* O 251 1 Flowery Gold* O V 1774 Focus Graphite O 363 Focus Graphite* Focus Vent V 465 Foran Mng V 760 1 Fort St J Nick* O 18 Fort St J Nick V O 47 Fortescue Mtls* T 4005 Fortuna Silvr Fortuna Silvr* N 8288 Fortune Bay* O 3 O 64 Fortune Mnrls* O 11 Forum Uranium* V 154 Forum Uranium 103 Fox River Res N 3775 Franco-Nevada* Franco-Nevada T 2895 Franklin Mng* O 17 Freegold Vent T 229 123224 N Freeport McMo* Fresnillo plc* O 13 52 Full Metal Mnl V

0.04 0.05 - 0.01 0.11 0.06 0.05 0.19 0.00 0.19 - 0.01 0.22 0.09 0.19 0.00 0.19 - 0.01 0.22 0.09 0.06 0.28 - 0.03 0.42 0.31 0.28 0.09 0.22 - 0.04 0.32 0.25 0.22 0.14 0.29 - 0.03 0.41 0.32 0.28 0.48 1.40 - 0.05 1.84 1.52 1.37 0.35 1.06 - 0.03 1.40 1.18 1.02 0.04 0.13 - 0.04 0.17 0.15 0.12 0.21 0.48 + 0.05 0.62 0.50 0.00 0.09 0.41 - 0.05 0.95 0.46 0.00 0.00 0.08 + 0.01 0.14 0.10 0.07 0.01 0.11 + 0.02 0.20 0.14 0.10 0.04 0.32 + 0.02 0.50 0.40 0.27 0.02 0.24 - 0.02 0.38 0.31 0.20 0.10 0.33 + 0.02 0.43 0.36 0.29 0.00 0.07 + 0.01 0.09 0.08 0.05 0.01 0.10 + 0.01 0.11 0.10 0.08 0.20 2.12 + 0.31 2.40 2.15 1.62 0.14 1.64 + 0.24 1.85 1.66 1.24 0.12 0.28 + 0.01 0.31 0.29 0.27 0.19 0.36 + 0.01 0.40 0.38 0.35 0.29 1.29 + 0.13 1.48 1.29 1.10 0.39 1.68 + 0.18 1.94 1.68 1.45 0.06 0.06 - 0.00 0.22 0.06 0.06 0.03 0.07 - 0.01 0.18 0.09 0.07 0.05 0.09 - 0.03 0.24 0.11 0.09 0.05 0.13 - 0.03 0.15 0.15 0.13 0.02 0.11 - 0.02 0.23 0.13 0.10 0.21 1.10 - 0.09 1.25 1.20 1.04 1.11 0.00 1.11 + 0.84 0.76 0.64 0.02 0.07 + 0.01 0.09 0.07 0.00 0.03 0.64 + 0.03 0.73 0.70 0.59 0.02 0.51 + 0.00 0.55 0.51 0.45 0.01 0.03 - 0.01 0.06 0.04 0.03 0.01 0.06 - 0.01 0.08 0.07 0.05 0.03 0.04 - 0.01 0.08 0.05 0.04 16.09 - 1.08 24.96 3.50 17.56 14.58 12.37 - 0.82 19.15 2.40 13.50 11.09 0.03 0.05 + 0.01 0.08 0.05 0.04 0.76 0.63 0.71 - 0.05 1.02 0.22 0.99 0.82 0.91 - 0.06 1.31 0.30 0.04 0.09 + 0.01 0.14 0.11 0.09 10.86 9.63 10.16 - 0.60 12.34 2.15 0.09 0.08 0.08 - 0.01 0.12 0.06 0.39 0.53 + 0.00 0.63 0.54 0.51 0.01 0.13 - 0.01 0.17 0.15 0.12 0.13 0.37 - 0.08 0.77 0.52 0.30 0.09 0.28 - 0.07 0.61 0.41 0.23 0.10 0.10 0.10 - 0.02 0.12 0.06 0.07 0.13 - 0.01 0.30 0.15 0.12 0.04 0.10 - 0.01 0.23 0.11 0.09 0.05 0.08 - 0.01 0.20 0.10 0.08 0.05 0.25 - 0.02 0.31 0.27 0.24 0.18 0.18 0.18 - 0.01 0.18 0.07 0.24 0.00 0.22 - 0.14 0.35 0.05 1.00 3.68 + 0.01 3.90 3.82 3.65 10.90 9.55 10.83 + 0.41 12.73 2.65 2.00 8.35 + 0.32 9.75 8.40 7.27 0.36 0.48 + 0.01 0.56 0.52 0.00 0.01 0.10 + 0.00 0.13 0.10 0.09 0.03 0.01 0.14 0.07 + 0.07 0.07 0.04 0.09 - 0.00 0.20 0.09 0.00 0.05 0.04 0.04 - 0.01 0.06 0.03 39.05 74.11 + 1.76 81.16 74.17 68.68 96.35 90.25 96.27 + 2.20 105.69 51.92 0.00 0.00 + 0.00 0.01 0.01 0.00 0.05 0.21 - 0.01 0.28 0.22 0.21 10.48 - 0.41 14.20 3.52 11.12 10.18 21.30 - 1.73 26.65 8.70 23.25 20.93 0.09 0.09 0.09 - 0.01 0.12 0.02

G4G Res V 30 Gabriel Res T 299 Gainey Capital V 198 O 18 Galantas Gold* 500 Galena Intl Rs V Galway Mtls* O 404 281 Garibaldi Res * O Gear Intl* O 668 382 V Gem Intl Res General Moly* X 343 Genesis Mtls V 1203 Genesis Mtls* O 6 O 2 Geodex Mnrls* Geodex Mnrls V 6 O 754 Geologix Expl* Geomega Res V 181 O 35 Geomega Res* Getty Copper V 47 GFK Res V 241 Giyani Gold V 140 Giyani Gold* O 27 O 28 Gldn Predator* Gldn Predator V 470 Glencore Plc* O 673 705 Global Cop Grp V O 1 Global Hunter* Global Mnrls V 5 Globex Mng* O 29 GMCI Corp* O 1 O 34 GMV Minerals* V 9 GobiMin GoGold Res T 857 Gold & Silver* O 5165 740 Gold Bulln Dev* O Gold Bulln Dev V 2149 O 485 Gold Dynamics* 37965 Gold Fields* N Gold Jub Cap V 1165 Gold Lakes* O 5261 613 Gold Mng USA* O Gold Mtn Mng V 1052 235 Gold Mtn Mng * O 37 Gold Reach Res V Gold Reserve* O 207 Gold Reserve V 136 X 4642 Gold Resource* Gold Std Vents V 1606 Gold Std Vents* X 3954 V 412 Goldbank Mng Goldbelt Emp V 65 Goldcliff Res V 64 T 16557 Goldcorp Goldcorp* N 52371 Golden Arrow V 3967 Golden Arrow* O 2454 V 33 Golden Cariboo Golden Dawn Ml V 9510 135 Golden Dawn Ml* O Golden Eagle* O 71 O 541 Golden Goliath* Golden Hope V 537 Golden Matrix* O 29607 Golden Mnls* X 2620 Golden Mnls T 147 86 Golden Peak Mn V O 877 Golden Queen* Golden Queen T 512 Golden Secret V 545 86 Golden Sh Mng V 10643 Golden Star* X Golden Tag V 287 Goldex Res V 12 Goldeye Expl V 392 T 1602 Goldgroup Mng O 2032 Goldgroup Mng* GoldON Res* O 98 GoldON Res V 63 V 2836 GoldQuest Mng Goldrea Res 73 O 877 Goldsource Min* V 1159 Goldsource Min Goldstar Mnls V 1084

0.04 0.15 + 0.05 0.16 0.16 0.12 0.12 0.63 - 0.02 0.74 0.66 0.60 0.10 0.15 - 0.03 0.30 0.20 0.15 0.06 0.12 + 0.01 0.13 0.12 0.11 0.14 0.13 0.14 + 0.02 0.15 0.02 0.06 0.38 - 0.03 0.51 0.42 0.37 0.07 0.06 0.07 + 0.00 0.13 0.05 0.00 0.00 + 0.00 0.00 0.00 0.00 0.13 0.10 0.10 - 0.03 0.15 0.04 0.15 0.30 - 0.01 0.50 0.32 0.30 0.06 0.27 + 0.04 0.28 0.28 0.23 0.10 0.20 + 0.04 0.22 0.22 0.16 0.05 0.07 + 0.00 0.07 0.07 0.00 0.05 0.09 - 0.01 0.15 0.10 0.00 0.01 0.10 + 0.00 0.11 0.10 0.10 0.06 0.10 - 0.01 0.23 0.11 0.09 0.03 0.07 - 0.01 0.16 0.07 0.07 0.02 0.03 - 0.01 0.04 0.03 0.02 0.03 0.14 - 0.05 0.18 0.17 0.14 0.06 0.30 + 0.05 0.36 0.30 0.26 0.02 0.00 0.27 0.22 - 0.22 0.19 0.06 0.70 - 0.06 0.89 0.75 0.66 0.07 0.88 - 0.11 1.17 1.00 0.86 1.95 4.81 + 0.09 5.15 4.81 4.46 0.05 0.04 0.05 + 0.01 0.06 0.04 0.01 0.01 - 0.03 0.04 0.01 0.00 0.03 0.22 - 0.08 0.30 0.22 0.00 0.15 0.28 + 0.01 0.38 0.28 0.26 0.20 2.20 + 0.10 2.51 2.50 0.00 0.06 0.48 - 0.00 0.55 0.50 0.45 0.27 0.45 - 0.05 0.50 0.45 0.00 0.94 1.02 - 0.08 1.65 1.13 0.97 0.01 0.00 0.00 - 0.00 17.80 0.00 0.08 0.07 0.07 - 0.01 0.11 0.01 0.11 0.09 0.10 - 0.01 0.16 0.02 0.00 0.00 - 0.00 0.01 0.00 0.00 2.04 5.52 - 0.28 6.60 5.69 5.00 0.16 0.14 0.15 - 0.01 0.28 0.07 0.01 0.06 + 0.02 1.02 0.08 0.03 0.01 0.01 0.01 - 0.00 0.17 0.00 0.32 0.26 0.32 + 0.04 0.49 0.02 0.25 0.21 0.25 + 0.02 0.26 0.21 0.22 0.00 0.22 + 0.02 0.25 0.08 0.00 4.64 - 0.29 5.90 5.25 4.55 3.06 6.10 - 0.38 8.00 6.78 6.06 1.14 5.94 + 0.50 6.88 5.94 4.96 3.40 2.93 3.25 + 0.10 4.10 0.44 2.62 2.24 2.52 + 0.06 3.20 0.33 0.03 0.10 - 0.01 0.16 0.15 0.10 0.02 0.05 - 0.02 0.10 0.06 0.05 0.05 0.19 - 0.01 0.35 0.20 0.00 13.55 20.83 + 0.08 26.56 21.46 19.76 16.02 + 0.07 20.38 9.46 16.49 15.04 0.17 1.02 - 0.11 1.48 1.21 0.99 0.13 0.80 - 0.07 1.30 0.96 0.75 0.03 0.11 - 0.02 0.15 0.13 0.00 0.39 0.32 0.39 + 0.08 0.44 0.07 0.29 0.26 0.29 + 0.10 0.32 0.06 0.00 0.02 + 0.01 0.03 0.02 0.02 0.00 0.05 - 0.01 0.10 0.06 0.05 0.16 0.34 + 0.05 0.47 0.35 0.28 0.00 0.00 0.00 - 0.00 3000.00 0.00 0.13 0.84 - 0.01 1.16 0.88 0.71 0.19 1.10 + 0.01 1.51 1.14 0.94 0.25 0.14 0.16 - 0.05 0.90 0.12 0.48 0.99 - 0.02 1.56 1.02 0.89 0.67 1.27 - 0.01 2.00 1.31 1.17 0.02 0.48 + 0.03 0.69 0.49 0.41 0.27 0.24 0.26 + 0.01 0.27 0.04 0.14 0.75 + 0.01 1.13 0.76 0.67 0.02 0.10 - 0.01 0.18 0.11 0.09 0.10 0.53 + 0.01 0.90 0.63 0.52 0.02 0.07 - 0.01 0.08 0.07 0.07 0.05 0.30 + 0.02 0.39 0.33 0.27 0.03 0.23 + 0.02 0.30 0.26 0.20 0.03 0.13 - 0.05 0.17 0.17 0.13 0.03 0.23 + 0.05 0.36 0.23 0.17 0.09 0.50 - 0.02 0.68 0.55 0.41 0.03 0.02 0.14 0.11 - 0.14 0.00 0.12 0.32 + 0.03 0.45 0.33 0.27 0.15 0.41 + 0.04 0.57 0.43 0.36 0.01 0.04 - 0.01 0.08 0.04 0.03

G-H

2016-09-06 4:41 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / SEPTEMBER 12â&#x20AC;&#x201C;18, 2016

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

Week

12-month

Exc Volume High Low Last Change High Low

Goldstream Mnl V 54 Goldstrike Res V 4144 Gossan Res V 351 GoviEx Uranium* O 18 GoviEx Uranium V 105 Gowest Gold* O 438 Gowest Gold V 1625 GPM Metals V 285 Gran Colombia T 7527 Gran Colombia* O 971 Grande Portage V 41 Granite Ck Gld V 51 Graniz Mondal V 38 Graphite Corp* O 4890 Graphite One* O 304 Graphite One V 1384 Gray Rock Res V 201 Great Bear Res V 19 Great Lakes Gr V 1756 Great Lakes Gr* O 273 Great Panther* X 6805 Great Panther T 1531 Great Quest Fe V 83 Great Rock Dev* O 92 Great Western* O 313 Greatbanks Res V 30 Green Arrow V 168 Green Swan Cap V 206 Greencastle Rs V 215 O 195 Greenland M&En* Grizzly Discvr V 68 Grizzly Gold* O 20 GTA Res & Mng V 5293 Guerrero Vents V 1969 Gungnir Res V 1546 Gungnir Res* O 1385 Guyana Gldflds T 4203 Handa Copper V 16 N 29234 Harmony Gold* Harte Gold T 3602 Hawkeye Gld&Di V 109 V 125 Heatherdale Rs Hecla Mining* N 50095 Hellix Vent* O 15 O 362 Hemcare Health* Heron Res* O 50 Heron Res T 173 Highbank Res V 405 Highland Copp V 251 HiHo Silver 88 Hinterland Mtl V 90 Hochschild Mg* O 60 Homestake Res V 374 Homestake Res* O 26 188 Honey Badger E V Horizon Mnls* O 48 Horizonte Mnls T 213 Hornby Bay Mnl V 65 Houston Lake V 87 HTI Ventures V 201 HudBay Mnls T 4891 HudBay Mnls* N 893 Hudson Res* O 49 Hudson Res V 89 Hunt Mng* O 111 Hunt Mng V 97

0.12 0.00 0.11 + 0.02 0.40 0.09 0.31 0.25 0.29 - 0.02 0.41 0.07 0.09 0.07 0.09 + 0.01 0.09 0.02 0.12 0.12 0.12 + 0.00 0.16 0.08 0.16 0.14 0.16 + 0.01 0.19 0.13 0.17 0.12 0.16 - 0.01 0.22 0.04 0.23 0.17 0.21 - 0.02 0.28 0.06 0.37 0.33 0.35 - 0.03 0.57 0.08 0.13 0.11 0.13 + 0.01 0.24 0.06 0.10 0.08 0.10 + 0.01 0.18 0.04 0.22 0.00 0.19 - 0.03 0.22 0.04 0.04 0.04 0.04 - 0.01 0.06 0.01 0.05 0.04 0.04 - 0.02 0.05 0.01 0.01 0.00 0.01 - 0.00 0.02 0.00 0.08 0.06 0.07 + 0.01 0.14 0.05 0.10 0.09 0.10 + 0.01 0.18 0.07 0.11 0.08 0.11 + 0.02 0.11 0.02 0.28 0.22 0.28 + 0.01 0.36 0.05 0.08 0.07 0.08 + 0.01 0.13 0.06 0.07 0.05 0.06 + 0.00 0.09 0.04 1.35 1.18 1.34 + 0.05 2.25 0.37 1.75 1.56 1.75 + 0.07 2.82 0.49 0.18 0.14 0.14 - 0.02 0.38 0.11 0.01 0.00 0.00 - 0.00 0.02 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 0.04 0.03 0.04 + 0.01 0.06 0.01 0.03 0.03 0.03 - 0.01 0.10 0.03 0.10 0.09 0.09 + 0.01 0.14 0.01 0.11 0.10 0.11 + 0.01 0.18 0.05 0.04 0.03 0.04 - 0.00 0.17 0.00 0.05 0.04 0.04 - 0.01 0.10 0.01 0.13 0.11 0.11 - 0.00 0.21 0.01 0.18 0.12 0.13 - 0.02 0.24 0.02 0.03 0.02 0.02 - 0.01 0.04 0.01 0.04 0.03 0.03 - 0.01 0.05 0.01 0.03 0.02 0.03 + 0.00 0.04 0.00 9.04 8.04 8.96 + 0.21 10.35 2.48 0.07 0.06 0.06 - 0.01 0.07 0.03 4.02 3.52 4.02 + 0.15 4.87 0.53 0.31 0.29 0.30 + 0.01 0.35 0.05 0.12 0.11 0.12 + 0.01 0.15 0.03 0.05 0.05 0.05 - 0.01 0.07 0.01 6.03 5.44 5.91 + 0.17 7.26 1.45 0.04 0.02 0.04 + 0.01 0.06 0.00 0.07 0.04 0.04 - 0.02 0.25 0.04 0.13 0.00 0.13 + 0.00 0.13 0.05 0.17 0.00 0.15 + 0.01 0.17 0.07 0.07 0.06 0.06 - 0.01 0.12 0.04 0.12 0.12 0.12 + 0.01 0.18 0.07 0.10 0.08 0.08 - 0.01 0.25 0.08 0.05 0.05 0.05 + 0.01 0.12 0.01 3.71 3.15 3.47 - 0.08 4.16 0.59 0.19 0.17 0.18 - 0.01 0.24 0.02 0.14 0.13 0.14 + 0.00 0.18 0.01 0.04 0.00 0.04 + 0.01 0.05 0.01 0.20 0.18 0.20 + 0.02 0.55 0.05 0.05 0.04 0.05 + 0.01 0.05 0.02 0.06 0.05 0.05 - 0.01 0.08 0.03 0.29 0.29 0.29 - 0.01 0.40 0.13 0.91 0.83 0.87 - 0.01 0.98 0.01 5.78 5.26 5.39 - 0.24 7.85 2.26 4.45 3.99 4.15 - 0.18 6.02 1.56 0.30 0.27 0.30 + 0.01 0.41 0.26 0.40 0.36 0.40 + 0.03 0.54 0.34 0.29 0.24 0.25 - 0.03 0.29 0.01 0.37 0.33 0.37 - 0.01 0.38 0.02

I-Minerals* O 30 IAMGOLD* N 77583 IAMGOLD T 16244 IC Potash* O 103 IC Potash T 796 Iconic Mnls V 521 Iconic Mnls * O 20 Idaho North* O 52 IDM Mining* O 2237 IDM Mining V 8952 IGC Res V 1438 iMetal Res V 241 IMPACT Silver V 2169 Impala Platnm* O 375 Imperial Metal* O 5 Imperial Metal T 144 Inca One Gold V 579 50 Inca One Gold* O 9 Inception Mng * O Independence G* O 41 V 795 Independence G Inspiration Mg 107 Inspiration Mg* O 71 Integra Gold V 5021 Integra Gold* O 1770 Inter-Rock Mnl V 254 Intgr Egy Sol* O 46989 Intigold Mines V 207 Intl Lithium* O 85 Intl Lithium V 704 Intl Samuel Ex V 63 Intl Tower Hil* X 1578 Intl Tower Hil T 267 Intrepid Pots* N 8333 INV Metals* O 35 INV Metals T 223 Inventus Mg * O 155 Inventus Mg V 395 InZinc Mining V 463 InZinc Mining* O 372 O 80 Ireland* Ironside Res V 145 Irving Res 36 Irving Res* O 8 Ivanhoe Mines T 11944 Ivanhoe Mines* O 1422 Jaguar Mng* O 226 Jasper Mng V 113 Jaxon Mnls V 309 Jayden Res V 66 Jazz Res V 35 Jet Gold* O 20 Joshua Gold* O 10 K92 Mng Inc V 2305 K92 Mng Inc* O 1061 Kairos Cap V 63 Kaizen Discvry V 258 Kapuskasing Gd V 229 Karnalyte Res T 256 Katanga Mng T 197 Kenna Res V 707 Kennady Diam V 30 Kerr Mines* O 31 Kerr Mines T 717 Kesselrun Res V 175 Khalkos Expl V 106 Khan Res 1462 Kilo Goldmines V 444 Kincora Copper V 110 Kinross Gold* N 100885 Kinross Gold T 25815 Kirkland Lk Gd* O 102 Kirkland Lk Gd T 3098 Kiska Metals* O 148 Kiska Metals V 905 Kivalliq Enrgy V 753 Klondex Mns T 4490 Klondike Gold* O 162 Klondike Silv* O 57 Klondike Silv V 205 Knick Expl V 2855 Kombat Copper V 1183 Komet Resource V 64 Kootenay Silvr V 1138 KWG Res* O 164

0.22 0.21 0.21 - 0.00 0.28 0.14 4.09 3.66 4.07 + 0.17 5.87 1.15 5.30 4.81 5.29 + 0.20 7.65 1.66 0.07 0.07 0.07 + 0.01 0.11 0.03 0.10 0.09 0.09 - 0.01 0.14 0.04 0.35 0.30 0.35 + 0.02 0.45 0.03 0.26 0.22 0.26 + 0.01 0.33 0.01 0.09 0.06 0.09 + 0.03 0.10 0.06 0.16 0.13 0.15 + 0.01 0.21 0.04 0.21 0.17 0.20 + 0.02 0.26 0.07 0.02 0.00 0.02 + 0.01 0.02 0.01 0.08 0.05 0.08 + 0.02 0.10 0.03 0.85 0.68 0.79 - 0.07 1.28 0.11 4.58 3.80 4.51 + 0.39 5.23 1.45 5.27 4.93 5.08 - 0.19 6.45 2.81 7.10 6.38 6.75 - 0.31 8.50 3.92 0.27 0.22 0.27 + 0.04 1.05 0.21 0.21 0.18 0.21 + 0.02 0.21 0.18 0.65 0.00 0.65 + 0.10 1.00 0.20 0.29 0.22 0.23 - 0.06 0.37 0.04 0.37 0.28 0.34 - 0.03 0.50 0.06 0.10 0.08 0.08 - 0.02 0.10 0.02 0.06 0.00 0.03 + 0.00 0.10 0.01 0.82 0.69 0.75 - 0.04 0.96 0.26 0.63 0.52 0.58 - 0.03 0.76 0.19 0.08 0.06 0.07 + 0.01 0.14 0.02 0.00 0.00 0.00 - 0.00 0.00 0.00 0.08 0.07 0.08 + 0.01 0.19 0.06 0.18 0.14 0.15 - 0.01 0.55 0.02 0.23 0.20 0.20 - 0.01 0.38 0.04 0.10 0.08 0.09 - 0.01 0.15 0.05 1.00 0.78 0.96 - 0.04 1.40 0.18 1.30 1.03 1.28 - 0.03 1.82 0.26 1.68 1.30 1.40 + 0.08 7.68 0.65 0.63 0.60 0.63 + 0.03 0.77 0.08 0.85 0.78 0.85 + 0.02 1.10 0.08 0.22 0.19 0.19 - 0.03 0.28 0.19 0.28 0.23 0.24 - 0.04 0.35 0.02 0.20 0.16 0.18 + 0.01 0.25 0.04 0.14 0.13 0.13 - 0.02 0.17 0.03 0.25 0.21 0.25 + 0.01 0.38 0.13 0.09 0.00 0.08 - 0.01 0.24 0.05 0.36 0.28 0.36 + 0.09 0.35 0.11 0.26 0.00 0.26 + 0.02 0.28 0.09 1.97 1.72 1.83 + 0.16 1.97 0.53 1.51 1.33 1.41 + 0.13 1.52 0.36 0.58 0.50 0.54 - 0.01 0.65 0.09 0.05 0.04 0.05 + 0.02 0.08 0.02 0.08 0.06 0.08 + 0.02 0.09 0.03 0.15 0.11 0.11 + 0.01 0.23 0.03 0.15 0.09 0.13 + 0.04 0.19 0.08 0.06 0.00 0.06 + 0.04 0.06 0.02 0.05 0.00 0.05 - 0.01 0.15 0.04 1.69 1.35 1.52 - 0.14 2.24 0.87 1.30 1.02 1.17 - 0.10 1.72 0.75 0.04 0.04 0.04 + 0.02 0.04 0.01 0.27 0.25 0.25 + 0.01 0.31 0.08 0.06 0.00 0.05 - 0.01 0.07 0.02 1.24 1.03 1.20 + 0.07 4.15 0.52 0.16 0.00 0.15 + 0.01 0.23 0.13 0.24 0.20 0.23 + 0.03 0.27 0.12 4.10 3.97 4.00 - 0.01 5.00 2.35 0.09 0.08 0.08 - 0.02 0.12 0.01 0.12 0.10 0.11 - 0.01 0.16 0.02 0.30 0.22 0.30 + 0.08 0.43 0.02 0.20 0.16 0.18 + 0.02 0.26 0.05 0.88 0.83 0.87 + 0.03 0.88 0.34 0.19 0.17 0.18 - 0.02 0.25 0.04 0.34 0.28 0.33 + 0.01 0.55 0.15 4.43 3.93 4.41 + 0.11 5.82 1.31 5.77 5.16 5.74 + 0.14 7.56 1.79 8.96 7.93 8.75 - 0.12 9.70 3.12 11.68 10.41 11.50 - 0.02 12.39 4.51 0.08 0.07 0.07 - 0.00 0.09 0.01 0.10 0.08 0.09 - 0.01 0.12 0.01 0.09 0.08 0.08 - 0.01 0.10 0.06 7.35 6.53 7.14 + 0.03 7.41 2.56 0.21 0.18 0.19 - 0.02 0.32 0.07 0.10 0.09 0.09 + 0.00 0.12 0.01 0.13 0.00 0.12 - 0.01 0.15 0.01 0.10 0.08 0.08 - 0.02 0.11 0.01 0.07 0.05 0.07 + 0.02 0.10 0.02 0.45 0.39 0.41 - 0.03 0.50 0.29 0.49 0.42 0.47 - 0.02 0.60 0.17 0.03 0.01 0.03 + 0.01 0.03 0.00

I-J-K

8-10_SEPT12_StockTables.indd 9

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Labdr Iron Mns* O 33 Labrador Iron T 568 Lago Dourado V 19 Lake Victoria* O 272 Lamelee Iron V 5 Lancaster Cap V 22 Lara Expl V 230 Laramide Res T 81 Largo Res* O 44 Largo Res T 253 13 Latin Am Mnls* O Latin Am Mnls V 226 Laurion Mnl Ex V 5076 Laurion Mnl Ex* O 459 Legend Gold V 147 238 Levon Res Ltd * O Levon Res Ltd T 1269 278 Lexam VG Gold* O Lexam VG Gold T 608 Li3 Energy* O 1082 Libero Mg Corp V 75 Lincoln Mng V 398 210 Lion One Mtls* O Lithium Amer T 1634 Lithium Amer* O 903 Lithium Corp* O 438 Lithium Expl* O 2946 LKA Gold* O 16 Logan Res V 290 Lomiko Mtls V 204 Lomiko Mtls* O 1666 Loncor Res* O 11 Loncor Res T 57 Lone Star Gold* O 205 Lonmin plc* O 17 Lorraine Coppr V 100 Lowell Copper V 232 Lucara Diam T 4550 Luna Gold T 828 Luna Gold* O 553 Lund Enterpr V 119 Lundin Gold T 448 Lundin Mng T 13873 Lupaka Gold V 139 Lydian Intl T 1312 Lydian Intl* O 372 Lynas Corp* O 145

0.00 0.00 0.00 + 0.00 0.02 0.00 13.53 12.77 13.06 - 0.39 17.44 6.85 0.25 0.13 0.25 + 0.12 0.59 0.05 0.01 0.01 0.01 - 0.00 0.04 0.01 0.27 0.27 0.27 + 0.02 0.50 0.10 0.18 0.14 0.18 + 0.04 0.32 0.06 1.40 1.29 1.40 + 0.10 1.58 0.21 0.26 0.25 0.25 - 0.01 0.38 0.15 0.42 0.36 0.37 - 0.06 0.56 0.08 0.56 0.46 0.46 - 0.10 0.72 0.11 0.30 0.26 0.26 - 0.05 0.36 0.06 0.39 0.35 0.36 - 0.01 0.48 0.05 0.04 0.02 0.03 + 0.02 0.03 0.01 0.03 0.01 0.03 + 0.02 0.03 0.00 0.05 0.04 0.04 - 0.01 0.07 0.02 0.48 0.36 0.40 - 0.09 0.54 0.07 0.62 0.46 0.53 - 0.10 0.71 0.09 0.26 0.21 0.26 + 0.02 0.28 0.04 0.35 0.28 0.32 - 0.01 0.35 0.05 0.03 0.02 0.02 + 0.00 0.04 0.01 0.19 0.17 0.17 - 0.03 0.21 0.02 0.11 0.07 0.08 - 0.03 0.17 0.02 0.85 0.70 0.82 - 0.01 0.91 0.18 0.92 0.85 0.89 - 0.04 1.15 0.26 0.71 0.66 0.68 - 0.03 0.87 0.34 0.11 0.09 0.11 - 0.00 0.13 0.02 0.01 0.01 0.01 - 0.00 0.45 0.00 0.38 0.24 0.24 - 0.15 0.53 0.10 0.24 0.20 0.20 + 0.01 0.26 0.04 0.04 0.03 0.03 - 0.01 0.05 0.03 0.03 0.02 0.03 + 0.00 0.04 0.02 0.16 0.13 0.15 - 0.01 0.20 0.01 0.22 0.18 0.22 + 0.01 0.25 0.02 0.01 0.00 0.01 - 0.00 0.01 0.00 3.10 2.66 2.96 + 0.03 90.00 0.55 0.09 0.09 0.09 + 0.01 0.12 0.04 0.37 0.29 0.31 + 0.02 0.39 0.12 4.34 3.55 3.89 - 0.46 4.39 1.42 0.32 0.28 0.28 - 0.03 0.33 0.03 0.24 0.21 0.23 - 0.02 0.26 0.02 0.19 0.09 0.18 + 0.03 0.19 0.02 6.18 5.86 6.10 + 0.35 6.62 3.75 5.25 4.91 5.20 + 0.16 5.79 2.98 0.22 0.19 0.19 - 0.02 0.24 0.04 0.49 0.43 0.49 + 0.05 0.50 0.19 0.38 0.33 0.38 + 0.04 0.39 0.13 0.05 0.05 0.05 - 0.00 0.10 0.03

M Macarthur Mnl V 1174 0.07 0.07 0.07 + 0.01 0.18 0.02 Macarthur Mnl* O 171 0.06 0.05 0.06 + 0.00 0.14 0.02 Maccabi Vent 170 0.08 0.07 0.08 + 0.01 0.14 0.07 MAG Silver T 1694 21.72 18.88 21.69 + 1.31 22.59 8.60 Magellan Gold* O 47 0.15 0.10 0.13 + 0.04 0.35 0.04 0.00 + 0.00 0.00 0.00 Magnus Intl* O 2 0.00 0.00 Majescor Res* O 90 0.07 0.06 0.06 - 0.01 0.09 0.01 Majescor Res V 126 0.10 0.08 0.08 - 0.01 0.15 0.02 Majestic Gold V 179 0.07 0.06 0.07 - 0.01 0.12 0.04 Makena Res* O 90 0.02 0.02 0.02 - 0.00 0.04 0.01 0.02 - 0.01 0.05 0.01 Makena Res V 9648 0.03 0.02 Malbex Res V 157 0.39 0.34 0.38 + 0.02 0.46 0.20 Mandalay Res T 1434 1.13 1.07 1.12 + 0.02 1.35 0.59 Mangazeya Mng V 197 0.05 0.04 0.05 + 0.02 0.06 0.01 Manitou Gold V 184 0.08 0.07 0.08 - 0.01 0.12 0.02 0.04 + 0.01 0.06 0.01 Manson Creek V 270 0.04 0.04 Marathon Gold T 5415 0.80 0.67 0.75 - 0.02 0.79 0.11 Mariana Res V 172 0.97 0.90 0.95 + 0.02 1.20 0.85 Mariana Res* O 59 0.73 0.70 0.71 + 0.01 0.89 0.02 Marifil Mines V 66 0.03 0.02 0.02 - 0.01 0.04 0.01 0.49 + 0.03 0.54 0.10 Marlin Gold* O 115 0.49 0.40 Marlin Gold V 112 0.63 0.51 0.60 + 0.01 0.68 0.15 MartinMarietta* N 3209 191.16 180.63 184.63 - 3.65 206.36 108.31 Mason Graphite V 825 1.26 1.00 1.18 + 0.08 1.28 0.30 Mason Graphite* O 353 0.97 0.82 0.90 + 0.04 0.99 0.21 V 29 0.37 0.32 0.37 + 0.05 0.49 0.20 Matachewan Con Matica Ent* O 170 0.00 0.00 0.00 - 0.00 0.04 0.00 Maverix Mtls* O 37 0.86 0.84 0.85 - 0.01 16.33 0.80 Mawson Res T 234 0.26 0.25 0.26 + 0.02 0.30 0.17 Mawson Res* O 92 0.20 0.18 0.19 - 0.01 0.24 0.12 0.01 - 0.00 0.05 0.00 Maxwell Res* O 10 0.01 0.01 Maya Gold &Sil V 794 0.20 0.16 0.19 - 0.01 0.27 0.10 MBMI Res* O 1 0.00 0.00 0.00 + 0.00 0.00 0.00 McEwen Mng T 3495 5.17 4.38 5.05 + 0.07 6.44 1.03 McEwen Mng* N 23298 3.97 3.33 3.88 + 0.04 4.92 0.77 0.13 - 0.02 0.19 0.01 MDN Inc V 1577 0.16 0.12 MDN Inc* O 232 0.11 0.09 0.09 - 0.03 0.14 0.01 Meadow Bay Gd T 1006 0.08 0.07 0.07 - 0.01 0.20 0.06 Meadow Bay Gd* O 128 0.06 0.06 0.06 - 0.00 0.14 0.04 Mechel* N 1735 2.17 1.86 2.14 + 0.34 2.48 1.23 Medallion Res* O 182 0.02 0.02 0.02 + 0.00 0.04 0.01 Medinah Mnrls* O 7869 0.01 0.01 0.01 + 0.00 0.03 0.01 Mega Uranium T 2230 0.16 0.14 0.16 + 0.01 0.20 0.05 Mega Uranium* O 185 0.12 0.11 0.12 - 0.00 0.15 0.04 Megastar Dev V 583 0.06 0.05 0.05 - 0.01 0.08 0.02 Melkior Res V 2251 0.04 0.03 0.04 + 0.01 0.06 0.01 O 14 0.00 0.00 0.00 + 0.00 0.03 0.00 Mercator Mnls* Merrex Gold* O 24 0.17 0.15 0.15 - 0.02 0.24 0.10 Mesa Expl* O 2 0.07 0.05 0.05 - 0.01 0.14 0.01 Metalex Vent V 93 0.08 0.07 0.07 - 0.01 0.11 0.05 Metallis Res V 150 0.20 0.19 0.20 + 0.04 0.28 0.02 0.70 - 0.15 1.50 0.30 Metalo Manuf 22 0.85 0.00 Metalore Res T 6 2.10 2.00 2.09 - 0.01 3.59 1.26 Metals Creek V 449 0.11 0.09 0.10 - 0.02 0.20 0.05 Metals X* O 10 1.22 1.19 1.22 - 0.08 1.43 0.68 Metanor Res V 4567 0.10 0.09 0.10 + 0.01 0.13 0.03 0.07 - 0.00 0.09 0.00 Mexus Gold* O 2454 0.07 0.07 MGX Minerals 830 0.19 0.18 0.19 - 0.01 0.70 0.08 Midas Gold* O 2528 0.74 0.54 0.72 + 0.01 0.95 0.16 Midas Gold T 2364 0.96 0.71 0.94 + 0.03 1.22 0.25 Midland Expl V 136 1.11 1.01 1.11 + 0.10 1.20 0.45 0.11 - 0.01 0.24 0.08 Midnight Sun V 157 0.12 0.11 Midway Gold* O 526 0.00 0.00 0.00 + 0.00 0.01 0.00 Millrock Res* O 202 0.43 0.38 0.41 - 0.01 0.54 0.11 Millrock Res V 339 0.56 0.50 0.52 - 0.04 0.70 0.15 Millstream Min V 125 0.06 0.05 0.05 - 0.01 0.16 0.02 Minco Gold* X 575 0.29 0.26 0.28 + 0.01 0.42 0.10 Minco Gold T 57 0.36 0.34 0.36 - 0.01 0.55 0.12 Minco Silver T 348 1.60 1.25 1.57 + 0.02 2.05 0.34 1.18 + 0.01 1.54 0.26 Minco Silver* O 103 1.22 0.96 Mineral Hill V 62 0.24 0.19 0.24 + 0.05 0.40 0.11 Mineral Mtn V 187 0.47 0.40 0.44 + 0.04 0.49 0.08 Mineral Mtn* O 33 0.36 0.33 0.34 + 0.00 0.38 0.04 Mines Manage* X 653 1.36 1.17 1.28 - 0.01 1.62 0.11 1.70 + 0.01 2.14 0.17 Mines Manage T 44 1.87 1.57 Minfocus Expl V 1693 0.05 0.03 0.04 - 0.01 0.07 0.01 Miranda Gold V 1584 0.15 0.11 0.15 + 0.01 0.18 0.06 Mirasol Res V 477 2.93 2.33 2.66 - 0.24 3.50 0.72 Mistango River 16 0.03 0.00 0.02 - 0.03 0.05 0.01 Mkango Res V 81 0.07 0.07 0.07 - 0.01 0.11 0.03 Molycorp* O 1215 0.04 0.03 0.03 + 0.00 0.12 0.02 Monarques Res* O 82 0.38 0.31 0.38 + 0.01 0.48 0.04 Monarques Res V 646 0.51 0.40 0.49 + 0.04 0.66 0.06 Moneta Porcpn* O 330 0.22 0.20 0.22 - 0.00 0.28 0.06 Moneta Porcpn T 2048 0.29 0.26 0.29 + 0.01 0.36 0.07 Monster Mng* O 3 0.38 0.24 0.38 + 0.03 0.42 0.04 Monster Mng V 93 0.50 0.30 0.48 + 0.04 0.54 0.05 Montan Mg V 1109 0.07 0.07 0.07 - 0.01 0.13 0.02 Montego Res 739 0.11 0.08 0.11 + 0.03 0.15 0.08 Monument Mng V 377 0.14 0.13 0.13 - 0.01 0.19 0.08 Morien Res* O 1650 0.22 0.21 0.21 - 0.01 0.24 0.13 Morumbi Res V 132 0.06 0.05 0.06 + 0.01 0.07 0.02 Mosaic* N 43000 30.96 27.67 29.49 + 1.89 41.35 22.02 Mountain Boy* O 260 0.04 0.04 0.04 + 0.00 0.05 0.00 Mountain Prov T 135 6.53 6.28 6.52 + 0.11 6.70 3.38 Mountain Prov* D 156 5.02 4.81 5.02 + 0.11 5.13 2.47 Mundoro Cap* O 24 0.15 0.13 0.13 - 0.02 0.20 0.03 Mundoro Cap V 351 0.20 0.17 0.17 - 0.03 0.23 0.04 MX Gold* O 743 0.27 0.22 0.26 + 0.02 0.31 0.08 MX Gold V 10692 0.35 0.29 0.33 + 0.03 0.39 0.10 Myson Group* O 9 0.02 0.00 0.02 - 0.03 0.06 0.00

N-O NACCO Ind* N Namibia Rare E T Namibia Rare E* O

55 68.28 64.83 66.38 - 1.33 70.11 40.04 69 0.09 0.07 0.07 - 0.02 0.14 0.04 8 0.09 0.05 0.05 - 0.04 0.09 0.03

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Napier Vent V 37 Natan Res V 85 272 Natural Res Pt* N Nautilus Mnrls* O 330 Navis Res Corp 463 Navy Res V 34 Nemaska Lith* O 260 Nemaska Lith T 3033 Nevada Canyon* O 111 Nevada Clean M* O 126 705 Nevada Clean M V Nevada Copper T 41 Nevada Egy Mtl* O 2099 Nevada Egy Mtl V 1895 Nevada Expl * O 868 Nevada Expl V 1133 Nevada Sunrise* O 436 Nevada Sunrise V 760 Nevsun Res* X 3308 Nevsun Res T 2696 New Carolin Gd V 448 New Carolin Gd* O 52 New Colombia* O 12240 99 New Destiny Mg V New Dimen Res V 76 New Dimen Res* O 40 New Gold T 8833 New Gold* X 27199 New Gold* O 213 New Jersey Mng* O 338 New Milln Iron* O 3 New Nadina V 24 NewCastle Gold* O 88 Newmarket Gold T 4540 Newmarket Gold* O 493 Newmont Mng* N 39018 Newport Expl V 36 Newstrike Res V 100 T 1949 Nexgen Energy Nexgen Energy* O 223 Next Gen Mtls 446 Next Gen Mtls* O 130 Nexus Gold V 869 NGEx Res T 56 NGEx Res* O 10 V 80 Nickel North Nickel One Res V 262 Nicola Mg Inc V 3743 Nicola Mg Inc* O 147 Nighthawk Gold V 593 Nikos Expl V 61 Niocorp Dev* O 140 Niocorp Dev T 261 Nippon Dragon V 380 Noka Res V 410 Nomad Ventures V 13108 Noram Vent V 6328 Noranda Alum* O 31 Noront Res V 1407 9 North Am Pall T North Am Pall* O 7 North Arrow Mn V 113 Northisle C&G V 1182 Northn Empire V 398 Norvista Cap V 141 NovaCopper T 12 NovaCopper* X 277 NovaGold Res T 2054 NovaGold Res* X 10422 Novo Res* O 309 Novo Res V 390 NRG Metals V 44 NRG Metals* O 198 Nrthn Abitibi V 451 Nrthn Freegold* O 43 Nrthn Freegold V 204 Nrthn Graphite* O 196 Nrthn Lion V 16 Nrthn Shield V 2986 Nrthn Vertex* O 6 Nrthn Vertex V 317 Nthn Dynasty* X 7638 Nthrn Sphere 39 NuLegacy Gold* O 671 NuLegacy Gold V 1162 NV Gold V 53 Nyrstar NV* O 1 O.T. Mining* O 70 OceanaGold* O 269 OceanaGold T 10542 Oceanus Res* O 77 Oceanus Res V 389 Odin Mng & Exp V 186 Odin Mng & Exp* O 64 Olivut Res* O 13 Olivut Res V 66 Orbite Tech T 1869 Orbite Tech* O 31 Orca Gold V 780 Orca Gold* O 219 Orefinders Res V 1498 Oremex Silver V 429 Oremex Silver* O 294 Orestone Mng V 1163 Orex Expl V 2618 Orex Mnrls* O 215 Orex Mnrls V 842 Orezone Gold* O 510 Orla Mng Ltd V 105 Oroco Res V 157 Orocobre T 312 Oroplata Res* O 6223 Orsu Metals T 4057 Orvana Mnrls T 643 Orvana Mnrls* O 106 Osisko Gold T 2426 Osisko Gold* N 697 Osisko Mng Inc T 1993 Otis Gold* O 728 Otis Gold V 2642

0.27 0.26 0.26 - 0.01 0.34 0.15 0.32 0.26 0.29 - 0.02 0.40 0.05 19.07 16.60 18.25 - 0.20 33.90 5.00 0.12 0.11 0.12 + 0.00 0.30 0.08 0.01 0.01 0.01 + 0.01 0.02 0.00 0.24 0.23 0.23 - 0.01 0.30 0.06 0.90 0.80 0.90 + 0.06 1.50 0.20 1.17 1.04 1.16 + 0.06 1.97 0.26 0.17 0.11 0.11 - 0.02 0.25 0.01 0.03 0.02 0.02 - 0.01 0.04 0.00 0.03 0.03 0.03 - 0.01 0.04 0.02 0.61 0.57 0.60 + 0.03 1.20 0.45 0.11 0.09 0.10 + 0.01 0.20 0.06 0.14 0.13 0.14 + 0.01 0.26 0.01 0.56 0.43 0.51 + 0.03 0.61 0.12 0.72 0.54 0.66 + 0.04 0.94 0.12 0.34 0.24 0.28 + 0.00 0.37 0.11 0.44 0.32 0.36 - 0.03 0.47 0.15 3.27 3.08 3.25 + 0.12 3.80 2.27 4.24 4.04 4.23 + 0.16 4.81 3.27 0.09 0.09 0.09 - 0.01 0.15 0.04 0.07 0.07 0.07 + 0.00 0.12 0.03 0.01 0.00 0.01 - 0.00 0.05 0.00 0.18 0.16 0.18 - 0.01 0.32 0.08 0.15 0.00 0.15 + 0.02 0.19 0.04 0.11 0.00 0.11 + 0.01 0.14 0.03 6.96 6.20 6.89 + 0.37 7.87 2.56 5.35 4.71 5.29 + 0.29 6.04 1.76 0.12 0.10 0.12 + 0.02 0.27 0.03 0.14 0.13 0.14 - 0.00 0.15 0.02 0.07 0.06 0.06 - 0.01 0.11 0.03 0.15 0.11 0.12 + 0.01 0.18 0.05 0.79 0.71 0.76 - 0.01 0.88 0.14 4.38 3.79 4.37 + 0.35 4.71 1.17 3.38 2.88 3.38 + 0.27 3.64 0.89 41.14 37.62 40.52 + 0.59 46.07 15.40 0.24 0.24 0.24 - 0.01 0.38 0.19 0.08 0.06 0.08 + 0.02 0.08 0.02 2.36 2.24 2.31 - 0.01 2.86 0.56 1.82 1.71 1.77 + 0.01 2.25 0.41 0.12 0.10 0.11 + 0.01 0.18 0.01 0.09 0.09 0.09 - 0.00 0.14 0.07 0.09 0.07 0.08 + 0.01 0.14 0.04 1.17 1.04 1.17 + 0.06 1.50 0.44 0.93 0.84 0.84 - 0.05 1.14 0.37 0.03 0.02 0.02 - 0.01 0.03 0.01 0.09 0.08 0.09 + 0.01 0.18 0.07 0.23 0.18 0.22 + 0.05 0.23 0.05 0.17 0.14 0.17 + 0.03 0.17 0.03 0.45 0.40 0.44 + 0.02 0.54 0.04 0.09 0.07 0.09 + 0.02 0.19 0.02 0.70 0.63 0.66 - 0.03 0.87 0.37 0.90 0.83 0.86 - 0.01 1.14 0.51 0.10 0.08 0.09 - 0.01 0.15 0.03 0.10 0.09 0.10 + 0.01 0.21 0.03 0.02 0.01 0.01 - 0.01 0.03 0.01 0.09 0.07 0.08 + 0.01 0.13 0.01 0.04 0.04 0.04 + 0.00 3.85 0.02 0.42 0.37 0.40 + 0.01 0.51 0.28 6.13 5.60 5.65 - 0.51 6.49 3.85 4.70 4.26 4.34 - 0.36 5.06 2.71 0.19 0.16 0.19 + 0.01 0.45 0.12 0.10 0.08 0.09 + 0.01 0.14 0.02 0.17 0.14 0.15 - 0.01 0.27 0.06 0.24 0.20 0.22 - 0.03 0.30 0.08 0.75 0.00 0.75 + 0.03 1.08 0.20 0.60 0.54 0.56 + 0.01 0.86 0.15 7.45 6.64 7.30 + 0.23 9.56 4.05 5.73 5.05 5.62 + 0.20 7.29 3.05 1.01 0.92 0.96 + 0.02 1.00 0.35 1.35 1.20 1.25 + 0.03 1.30 0.48 0.10 0.07 0.10 + 0.02 0.18 0.02 0.06 0.06 0.06 - 0.01 0.11 0.01 0.02 0.02 0.02 - 0.01 0.03 0.01 0.17 0.15 0.17 + 0.00 0.23 0.02 0.26 0.19 0.26 + 0.03 0.29 0.04 0.26 0.22 0.25 - 0.01 0.47 0.12 0.14 0.10 0.10 - 0.03 0.16 0.03 0.25 0.20 0.23 - 0.01 0.30 0.01 0.33 0.33 0.33 + 0.00 0.42 0.17 0.47 0.39 0.42 - 0.03 0.52 0.13 0.79 0.67 0.79 + 0.01 1.16 0.20 0.44 0.30 0.40 - 0.04 0.63 0.10 0.25 0.20 0.24 + 0.02 0.32 0.06 0.32 0.26 0.32 + 0.05 0.39 0.08 0.32 0.24 0.30 + 0.06 0.40 0.03 7.45 0.00 7.45 - 0.70 8.16 0.79 0.04 0.04 0.04 + 0.00 0.09 0.02 3.45 3.13 3.42 - 0.06 4.26 1.43 4.50 4.07 4.47 + 0.03 5.56 1.79 0.22 0.00 0.21 + 0.01 0.26 0.16 0.28 0.25 0.27 + 0.01 0.35 0.15 0.91 0.85 0.91 - 0.01 0.97 0.24 0.70 0.65 0.65 - 0.03 0.76 0.20 0.20 0.16 0.19 - 0.01 0.30 0.06 0.25 0.22 0.25 + 0.01 0.42 0.08 0.42 0.40 0.41 + 0.01 0.53 0.20 0.32 0.32 0.32 + 0.00 0.40 0.15 0.40 0.33 0.38 + 0.06 0.45 0.12 0.30 0.28 0.30 + 0.04 0.36 0.08 0.07 0.06 0.07 + 0.01 0.08 0.01 0.05 0.04 0.04 - 0.01 0.10 0.01 0.04 0.03 0.03 - 0.05 0.10 0.00 0.02 0.02 0.02 - 0.01 0.04 0.01 0.04 0.03 0.04 + 0.01 0.05 0.01 0.92 0.79 0.83 - 0.02 1.02 0.05 1.19 1.02 1.13 + 0.07 1.38 0.11 0.50 0.43 0.46 - 0.01 0.99 0.16 1.00 0.90 1.00 + 0.01 1.05 0.08 0.06 0.05 0.06 + 0.01 0.06 0.01 3.85 3.63 3.69 - 0.20 4.92 1.33 0.76 0.36 0.60 - 0.12 2.04 0.25 0.04 0.03 0.03 - 0.01 0.06 0.01 0.33 0.26 0.32 + 0.01 0.39 0.11 0.24 0.20 0.21 - 0.03 0.29 0.07 16.29 14.51 16.02 + 0.45 18.64 12.58 12.53 11.05 12.34 + 0.34 14.74 8.88 2.44 2.09 2.40 + 0.18 2.72 0.96 0.32 0.21 0.27 + 0.06 0.32 0.05 0.42 0.28 0.35 + 0.07 0.42 0.07

Pac Arc Res V 45 Pac Bay Mnrls V 220 Pac Booker Min* O 22 Pac Booker Min V 23 Pac Gold* O 2560 Pac Imperial V 205 Pac Iron Ore V 12 Pac Potash V 285 Pac Topaz V 454 Paget Mrnls V 19 Paladin Energy T 1120 Palamina Corp V 15 Pan Am Silver* D 15020 Pan Am Silver T 2354 Pan Global Res V 72 Pancontinental* O 19 Pancontinental V 385 Pangolin Dia V 795 Pantheon Vent V 132 Parallel Mng V 107 Paramount Gold* X 512 Parlane Res V 7 Pasinex Res 59 O 45 Passprt Potash* Patriot Gold* O 216 Peabody Enrgy* O 528 Peat Res V 105 Pedro Res V 139 Pelangio Expl* O 34 Pele Mtn Res* O 20 Peloton Mnrls 41 Peregrine Diam T 1120 Perseus Mng T 999 Pershing Gold* D 695

0.12 0.09 0.09 - 0.01 0.50 0.05 0.07 0.05 0.06 - 0.01 0.10 0.03 1.16 0.00 1.12 + 0.31 1.93 0.45 1.50 0.00 1.45 + 0.25 2.50 0.63 0.00 0.00 0.00 - 0.00 0.00 0.00 0.04 0.03 0.03 - 0.01 0.05 0.01 0.18 0.17 0.18 + 0.02 0.39 0.15 0.06 0.04 0.04 - 0.01 0.07 0.03 0.20 0.16 0.20 + 0.01 0.29 0.07 0.08 0.06 0.06 - 0.02 0.09 0.01 0.17 0.16 0.16 - 0.01 0.27 0.15 0.21 0.00 0.21 - 0.03 0.25 0.06 18.98 17.17 18.85 + 0.88 21.59 5.38 24.68 22.57 24.49 + 1.12 27.56 7.85 0.06 0.05 0.05 - 0.01 0.08 0.01 0.08 0.07 0.07 + 0.00 0.09 0.00 0.10 0.08 0.09 - 0.01 0.12 0.01 0.14 0.11 0.12 - 0.02 0.22 0.03 0.19 0.17 0.18 + 0.01 0.27 0.10 0.18 0.15 0.15 - 0.03 0.18 0.05 1.90 1.58 1.90 + 0.20 2.93 0.93 0.15 0.13 0.15 + 0.02 0.21 0.01 0.13 0.12 0.12 - 0.01 0.14 0.03 0.00 0.00 0.00 + 0.00 0.03 0.00 0.15 0.10 0.13 + 0.00 0.23 0.03 1.35 1.25 1.27 - 0.06 36.00 0.55 0.04 0.03 0.03 - 0.01 0.07 0.01 0.27 0.21 0.27 + 0.06 0.25 0.01 0.04 0.03 0.03 - 0.01 0.06 0.01 0.03 0.02 0.03 - 0.00 0.04 0.02 0.12 0.09 0.12 + 0.01 0.12 0.09 0.23 0.21 0.22 - 0.01 0.32 0.09 0.52 0.46 0.51 + 0.03 0.67 0.27 4.34 4.10 4.34 + 0.19 5.04 3.04

P-Q

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Pershing Res* O 24 Peruvian Prc M* O 63 Petra Diamonds* O 7 Philex Mng* O 23 Pilot Gold T 1293 Pilot Gold* O 709 Pine Cliff En* O 38 Pine Cliff En T 1820 Pinecrest Res V 52 Pistol Bay Mng V 603 V 8 Pitchblack Res PJX Res V 111 Planet Mng V 1706 Plata Latina V 226 Plate Res V 148 Plateau Uran V 153 Plateau Uran* O 92 Platinex V 890 Platinum Gp Mt* X 2179 477 Platinum Gp Mt T Playfair Mng V 176 PNG Gold V 30 Polaris Mater T 39 PolyMet Mng T 71 PolyMet Mng* X 414 Portage Res* O 4938 Portofino Res V 438 Potash Corp SK* N 80825 Potash Corp SK T 19097 Potash Ridge T 1778 Potash Ridge* O 62 PPX Mining V 691 Precipitate Gl V 386 Premier Gold M T 3385 Pretium Res* N 8160 Pretium Res T 3546 Primero Mng T 4089 Primero Mng* N 6971 Prize Mng V 11 Probe Metals V 1378 Probe Metals* O 727 T 14 Prophecy Coal Prophecy Coal* O 2 Prosper Gold V 170 Prospero Silvr V 112 PUF Vent Inc 397 Pure Energy* O 507 Pure Energy V 838 Pure Gold Mg* O 101 Pure Gold Mg V 1230 Pure Nickel V 160 Q-Gold Res V 218 Quaterra Res* O 190 Quaterra Res V 206 11 Quest Rare Mnl* O Quest Rare Mnl T 180 V 39 Quinto Real

0.05 0.04 0.04 + 0.01 0.06 0.02 0.10 0.08 0.09 - 0.00 0.13 0.02 1.54 1.45 1.54 + 0.09 1.82 0.86 0.17 0.15 0.15 - 0.02 0.21 0.05 0.81 0.71 0.74 - 0.05 0.95 0.22 0.62 0.54 0.58 - 0.02 0.72 0.06 0.77 0.75 0.75 - 0.00 0.95 0.51 1.04 0.97 1.02 + 0.03 1.36 0.61 0.22 0.20 0.20 - 0.01 0.30 0.03 0.11 0.08 0.09 + 0.01 0.14 0.01 0.14 0.00 0.14 - 0.02 0.20 0.05 0.17 0.14 0.14 - 0.03 0.23 0.13 0.05 0.04 0.05 + 0.01 0.08 0.02 0.07 0.05 0.06 - 0.02 0.12 0.02 0.04 0.03 0.04 + 0.01 0.09 0.03 0.32 0.27 0.28 - 0.05 0.45 0.24 0.25 0.20 0.21 - 0.01 0.35 0.18 0.04 0.04 0.04 - 0.01 0.05 0.01 3.13 2.75 2.94 - 0.17 4.04 0.96 4.08 3.59 3.81 - 0.23 5.25 1.35 0.10 0.09 0.09 - 0.01 0.13 0.02 0.02 0.02 0.02 + 0.01 0.02 0.01 1.33 1.25 1.33 - 0.01 2.25 1.00 1.18 1.10 1.12 - 0.06 1.71 0.76 0.91 0.83 0.87 - 0.01 1.28 0.55 0.00 0.00 0.00 + 0.00 0.01 0.00 0.12 0.00 0.09 - 0.02 0.12 0.06 18.42 15.96 17.99 + 1.95 26.06 14.64 23.78 20.83 23.36 + 2.50 34.28 19.93 0.24 0.22 0.23 + 0.01 0.50 0.03 0.18 0.17 0.18 + 0.01 0.38 0.02 0.13 0.11 0.13 + 0.01 0.16 0.03 0.29 0.23 0.26 - 0.03 0.37 0.06 4.51 4.02 4.43 + 0.02 5.05 2.12 10.79 9.37 10.72 + 0.63 12.41 4.00 14.04 12.32 13.92 + 0.79 16.17 5.74 2.24 1.96 2.10 + 0.02 3.94 1.94 1.73 1.49 1.62 + 0.02 3.16 1.41 0.03 0.00 0.01 - 0.24 0.35 0.01 1.84 1.33 1.81 + 0.44 1.54 0.34 1.49 1.01 1.37 + 0.31 1.18 0.24 4.41 4.02 4.25 + 0.10 5.48 1.00 3.39 3.09 3.39 + 0.19 4.05 1.25 0.35 0.28 0.35 + 0.03 0.39 0.06 0.26 0.24 0.25 - 0.02 0.28 0.05 0.10 0.08 0.10 + 0.01 0.20 0.04 0.68 0.63 0.64 - 0.03 0.91 0.29 0.88 0.83 0.83 - 0.02 1.15 0.41 0.53 0.47 0.51 - 0.01 0.60 0.05 0.69 0.62 0.66 - 0.02 0.77 0.07 0.02 0.02 0.02 - 0.01 0.04 0.01 0.06 0.05 0.06 + 0.01 0.14 0.01 0.06 0.05 0.06 + 0.00 0.08 0.04 0.08 0.07 0.07 - 0.01 0.10 0.05 0.11 0.10 0.11 - 0.00 0.20 0.03 0.17 0.15 0.16 + 0.01 0.25 0.06 0.14 0.11 0.11 - 0.05 0.20 0.01

R Radius Gold V 295 0.14 0.12 0.13 + 0.01 0.17 0.05 Rae-Wallace Mg* O 200 0.01 0.00 0.00 - 0.00 0.01 0.00 Rainforest Res* O 4 6.98 5.00 6.95 + 0.55 7.00 0.30 Rainmaker Res V 132 0.14 0.11 0.11 - 0.02 0.25 0.07 Rainy Mtn Royl V 583 0.07 0.05 0.06 + 0.01 0.08 0.03 Randgold Res* D 6018 100.70 93.03 99.82 + 0.73 126.55 54.88 Randgold Res* O 6 95.15 0.00 95.15 - 20.27 120.75 57.00 Randsburg Intl V 43 0.02 0.01 0.02 + 0.01 0.02 0.01 Rapier Gold V 5022 0.17 0.11 0.17 + 0.06 0.17 0.03 RB Energy* O 697 0.01 0.00 0.01 + 0.00 0.01 0.00 Red Eagle Mng* O 742 0.65 0.58 0.58 - 0.05 0.91 0.18 Red Eagle Mng V 2262 0.85 0.74 0.76 - 0.06 0.90 0.25 Red Hut V 72 0.12 0.09 0.12 + 0.02 0.29 0.01 Red Tiger Mng V 49 0.07 0.05 0.05 - 0.02 0.10 0.02 Redhawk Res T 282 0.08 0.07 0.07 - 0.01 0.10 0.04 Redhill Res* O 3 1.21 0.00 1.21 + 0.11 1.18 0.51 Redhill Res V 1108 1.66 1.48 1.55 + 0.10 1.66 0.06 Redstar Gold V 4386 0.16 0.13 0.15 + 0.02 0.17 0.03 Redzone Res V 41 0.21 0.20 0.20 - 0.01 0.32 0.06 Regency Gold V 94 0.03 0.00 0.30 + 0.27 0.60 0.05 Regulus Res V 56 1.58 1.45 1.57 + 0.06 1.87 0.19 Reliant Gold V 92 0.03 0.03 0.03 - 0.01 0.04 0.01 Renaissance Gd* O 201 0.44 0.37 0.43 + 0.02 0.52 0.08 Renaissance Gd V 202 0.56 0.49 0.55 + 0.01 0.66 0.11 Resource Cap* O 5 0.17 0.16 0.16 - 0.01 0.21 0.02 Resource Cap V 39 0.23 0.19 0.22 + 0.04 0.35 0.02 Reunion Gold V 418 0.04 0.03 0.03 - 0.01 0.05 0.01 Revolver Res* O 4 0.17 0.10 0.10 - 0.07 0.17 0.05 Revolver Res V 23 0.18 0.11 0.14 - 0.04 0.27 0.07 Rheingold Expl 114 0.04 0.02 0.04 + 0.02 0.05 0.01 V 114 0.07 0.06 0.07 + 0.01 0.14 0.03 Richmond Mnls Richmont Mines* X 2712 9.85 8.11 9.79 + 0.94 11.48 2.41 Richmont Mines T 2884 12.80 10.66 12.77 + 1.26 14.99 3.19 Rio Novo Gold T 254 0.25 0.21 0.22 - 0.02 0.30 0.07 Rio Novo Gold* O 36 0.19 0.00 0.17 - 0.04 0.23 0.06 Rio Silver V 249 0.14 0.10 0.13 - 0.03 0.17 0.02 Rio Tinto* N 17559 31.77 30.04 31.13 - 0.41 40.05 21.89 Rio Tinto* O 1 31.90 0.00 31.90 + 0.55 38.70 21.90 Rio Tinto* O 9 36.70 35.38 35.38 - 1.72 39.53 25.47 Rise Res Inc* O 30 0.12 0.12 0.12 - 0.03 0.25 0.08 Rise Res Inc 8 0.17 0.17 0.17 - 0.02 0.25 0.11 Riverside Res V 945 0.37 0.31 0.35 - 0.04 0.49 0.12 Riverside Res* O 191 0.29 0.25 0.27 - 0.04 0.38 0.08 RJK Explor V 78 0.18 0.16 0.17 + 0.01 0.25 0.05 Rock Tech Lith V 30 0.63 0.00 0.61 - 0.04 0.70 0.03 Rockhaven Res V 367 0.25 0.22 0.23 - 0.04 0.29 0.10 Rockland Mnls V 204 0.07 0.06 0.06 - 0.01 0.11 0.01 Rockridge Cap V 70 0.40 0.00 0.38 + 0.07 0.57 0.05 Rockshield Cap 122 0.07 0.06 0.07 + 0.02 0.11 0.05 Rockwell Diam* O 15 0.09 0.09 0.09 - 0.00 0.16 0.05 Rockwell Diam T 142 0.12 0.11 0.11 - 0.01 0.22 0.07 Romios Gold Rs V 640 0.09 0.07 0.07 - 0.01 0.10 0.02 Romios Gold Rs* O 834 0.07 0.04 0.06 - 0.00 0.08 0.01 Rosita Mg Corp V 402 0.10 0.09 0.10 + 0.02 0.14 0.01 Ross River V 132 0.01 0.01 0.01 - 0.01 0.03 0.01 Roxgold* O 212 1.19 0.99 1.18 + 0.08 1.35 0.42 Roxgold V 3630 1.55 1.25 1.52 + 0.07 1.76 0.55 Royal Gold* D 4086 78.16 71.67 77.94 + 2.04 87.74 24.68 Royal Nickel* O 100 0.29 0.23 0.25 - 0.04 0.50 0.10 Royal Nickel T 2918 0.37 0.30 0.34 - 0.04 0.63 0.12 Royal Rd Mnrls V 303 0.13 0.11 0.12 - 0.01 0.18 0.04 Royal Sapphire V 136 0.05 0.04 0.05 + 0.02 0.07 0.03 Royal Std Mnrl* O 76 0.00 0.00 0.00 + 0.00 0.00 0.00 RT Minerals V 361 0.10 0.08 0.08 - 0.02 0.30 0.05 Rubicon Mnrls* O 456 0.05 0.04 0.04 - 0.00 0.87 0.01 Rugby Mng V 59 0.41 0.37 0.37 - 0.04 0.58 0.03 Running Fox Rs V 28 0.03 0.00 0.03 - 0.01 0.04 0.01 Rupert Res V 159 0.85 0.82 0.82 - 0.03 0.99 0.02 Rusoro Mng* O 721 0.26 0.19 0.20 - 0.05 0.31 0.02 Rusoro Mng V 7948 0.34 0.25 0.26 - 0.06 0.41 0.03 Rye Patch Gold* O 1757 0.31 0.23 0.29 + 0.04 0.37 0.08 Rye Patch Gold V 3762 0.40 0.30 0.37 + 0.05 0.47 0.11

S Sabina Gd&Slvr T 1962 Sabina Gd&Slvr* O 1035 Sage Gold V 203 Sage Gold* O 13 Saint Jean V 1012 Saint Jean* O 55 Salazar Res* O 20 Salazar Res V 4384 Sama Res V 338 Samco Gold V 24 San Marco Res V 2 San Marco Res* O 22 Sandspring Res* O 439 Sandspring Res V 893 Sandstorm Gold T 3472 Sandstorm Gold* X 10355 Santa Fe Gold* O 1144 Santacruz Silv V 1155 Sarama Res V 519 Sarissa Res* O 4135 Saturn Mnrls V 187 Savary Gold V 512

1.25 1.14 1.24 + 0.01 1.87 0.33 0.97 0.87 0.95 - 0.01 1.55 0.25 0.13 0.10 0.12 - 0.01 0.16 0.03 0.09 0.09 0.09 - 0.01 0.12 0.03 0.04 0.04 0.04 - 0.01 0.07 0.02 0.03 0.03 0.03 + 0.01 0.05 0.02 0.08 0.08 0.08 - 0.04 0.12 0.03 0.14 0.08 0.10 - 0.01 0.16 0.03 0.15 0.09 0.15 + 0.06 0.20 0.07 0.05 0.04 0.04 + 0.01 0.18 0.02 0.23 0.00 0.23 - 0.01 0.30 0.02 0.18 0.18 0.18 - 0.00 0.22 0.01 0.61 0.50 0.59 + 0.02 0.72 0.08 0.78 0.65 0.74 - 0.01 0.94 0.11 7.88 6.82 7.81 + 0.54 8.73 2.82 6.07 5.18 6.01 + 0.40 6.75 1.94 0.07 0.06 0.06 + 0.00 0.07 0.00 0.50 0.44 0.50 + 0.01 0.63 0.09 0.34 0.25 0.31 - 0.01 0.55 0.05 0.01 0.01 0.01 + 0.00 0.02 0.00 0.11 0.10 0.11 + 0.01 0.22 0.08 0.13 0.11 0.12 - 0.01 0.15 0.02

2016-09-06 4:41 PM

WWW.NORTHERNMINER.COM

SEPTEMBER 12–18, 2016 / THE NORTHERN MINER

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

Week

12-month

Exc Volume High Low Last Change High Low

Savary Gold* O 31 Scandium Int M* O 119 Scientific Mts V 1082 ScoZinc Mg V 4 Seabridge Gld* N 4021 Seabridge Gld T 543 Search Mnls V 203 Searchlight* O 69 Select Sands V 650 Semafo T 12676 Senator Mnrls V 85 Serabi Gold T 262 Serengeti Res V 1298 Shore Gold T 1732 Shoshoni Gold V 36 Sibanye Gold* N 6325 Sibanye Gold* O 6 Sidney Resrces* O 107 Sienna Res* O 75 Sienna Res V 1165 Sierra Iron Or V 128 62 Sierra Iron Or* O Sierra Metals* O 2 Sierra Metals T 125 Signature Res V 182 Silver Bear Rs T 2213 Silver Bull Re* O 1078 Silver Bull Re T 1060 Silver Dragon* O 326 Silver Grail V 83 142 Silver Mtn Mns V Silver Pursuit V 126 Silver Range V 272 Silver Scott* O 117 Silver Spruce V 155 Silver Spruce* O 18 Silver Std Res T 3108 Silver Std Res* D 14126 Silver Wheaton T 8889 Silver Wheaton* N 33065 Silvercorp Met T 3660 Silvercorp Met* O 1694 Silvermet V 994 D 66 SinoCoking Cl* Sirios Res* O 130 Skeena Res* O 117 Skeena Res V 1479 Skyharbour Res* O 54 V 292 Skyharbour Res Slam Explor V 142 Solitario Ex&R T 50 X 291 Solitario Ex&R* Sonora Gld & S V 3690 Sonoro Mtls V 478 Southern Arc V 75 Southern Arc* O 10 N 3915 Southern Copp* O 588 Southern Silvr* Southern Silvr V 1136 SouthGobi Res T 7 Spanish Mtn Gd V 3139 Spanish Mtn Gd* O 462 Sphinx Res V 1048 Spruce Ridge R V 256 St Augustine T 360 O 51 St-Georges Plt* Stakeholdr Gld V 188 O 43 Stakeholdr Gld* O 100 Standard Graph* Standard Graph V 1437

0.10 0.08 0.09 - 0.00 0.12 0.06 0.12 0.10 0.12 + 0.02 0.17 0.08 0.08 0.07 0.08 + 0.01 0.10 0.07 0.93 0.92 0.92 - 0.13 1.25 0.40 11.81 10.42 11.69 + 0.62 15.88 5.31 15.31 13.70 15.22 + 0.82 20.71 7.13 0.07 0.07 0.07 - 0.01 0.11 0.04 0.08 0.06 0.08 + 0.01 0.34 0.01 0.46 0.40 0.46 + 0.01 0.51 0.20 6.27 5.49 6.19 + 0.17 7.46 2.51 0.56 0.48 0.56 - 0.04 0.66 0.05 0.11 0.09 0.09 - 0.01 0.12 0.04 0.21 0.16 0.21 + 0.05 0.22 0.02 0.21 0.19 0.21 + 0.02 0.25 0.13 0.10 0.09 0.09 - 0.01 0.25 0.05 16.95 15.14 16.27 - 0.55 20.97 4.45 4.30 3.92 3.92 - 0.48 5.12 1.50 0.01 0.01 0.01 - 0.00 0.02 0.00 0.16 0.15 0.16 + 0.00 0.20 0.01 0.23 0.21 0.22 + 0.01 0.27 0.01 0.43 0.29 0.39 + 0.05 0.45 0.22 0.29 0.26 0.29 + 0.03 0.32 0.15 1.66 1.52 1.57 + 0.05 1.69 0.69 2.14 1.82 2.02 + 0.02 2.19 0.95 0.12 0.09 0.10 + 0.01 0.12 0.01 0.42 0.32 0.36 - 0.05 0.53 0.02 0.17 0.14 0.15 - 0.01 0.21 0.02 0.21 0.19 0.20 - 0.02 0.28 0.04 0.03 0.02 0.02 - 0.01 0.05 0.00 0.10 0.08 0.09 + 0.01 0.16 0.02 0.03 0.03 0.03 + 0.01 0.05 0.01 0.12 0.11 0.11 - 0.01 0.13 0.02 0.18 0.15 0.16 - 0.01 0.24 0.02 0.04 0.01 0.04 + 0.02 0.02 0.00 0.12 0.11 0.11 - 0.03 0.14 0.05 0.10 0.08 0.08 - 0.02 0.10 0.03 17.10 15.16 16.57 - 0.18 20.48 5.28 13.14 11.54 12.75 - 0.12 15.84 3.66 35.77 32.50 35.67 + 1.13 40.80 14.51 27.49 24.75 27.44 + 0.88 31.35 10.04 4.04 3.33 4.00 + 0.05 4.45 0.60 3.09 2.54 3.09 + 0.05 3.41 0.41 0.04 0.03 0.04 + 0.01 0.06 0.02 0.36 0.32 0.33 - 0.03 0.84 0.26 0.79 0.70 0.77 + 0.03 1.13 0.07 0.10 0.09 0.09 - 0.02 0.15 0.04 0.14 0.11 0.14 + 0.01 0.20 0.06 0.26 0.22 0.23 - 0.03 0.32 0.22 0.33 0.28 0.32 - 0.01 0.42 0.08 0.08 0.00 0.08 - 0.01 0.14 0.01 1.08 0.97 1.00 - 0.03 1.29 0.57 0.83 0.74 0.77 - 0.02 0.95 0.40 0.06 0.05 0.05 - 0.01 0.08 0.01 0.14 0.12 0.12 - 0.02 0.15 0.04 0.73 0.70 0.70 - 0.04 1.00 0.24 0.58 0.53 0.53 - 0.02 0.66 0.17 26.49 25.64 26.10 - 0.03 31.31 21.55 0.42 0.33 0.40 - 0.01 0.52 0.02 0.54 0.43 0.50 - 0.03 0.66 0.03 0.23 0.00 0.22 - 0.01 0.55 0.21 0.16 0.11 0.15 - 0.01 0.22 0.02 0.12 0.09 0.11 - 0.01 0.17 0.01 0.09 0.08 0.08 - 0.01 0.14 0.01 0.04 0.03 0.04 + 0.01 0.06 0.01 0.11 0.09 0.10 - 0.01 0.14 0.07 0.03 0.03 0.03 - 0.01 0.04 0.01 0.53 0.43 0.50 + 0.05 0.70 0.04 0.41 0.34 0.41 + 0.04 0.54 0.05 0.05 0.04 0.04 - 0.01 0.09 0.00 0.07 0.06 0.06 + 0.01 0.13 0.01

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Standard Metal* O 65 Stans Energy V 5730 Stans Energy* O 475 Starcore Intl T 183 Starr Peak Exp V 110 Stelmine Can V 76 Sterling Grp* O 223 Stillwater Mg* N 10364 Stina Res* O 54 Stina Res 356 Stonegate Agri* O 26 Stornoway Diam T 3281 Stratabd Mnr V 286 Stria Lithium V 1140 Strikepoint Gd V 261 O 186 Strikepoint Gd* Sulliden Mng T 41 Sultan Mnrls V 292 Suncor Energy T 13171 Suncor Energy* N 23306 Sunridge Gold* O 63 Sunset Cove Mg V 857 Sunvest Mnrls V 104 Sunvest Mnrls* O 1 Superior Mng V 114 Sutter Gold V 53 Swift Res V 51 Syrah Res* O 5

0.15 0.12 0.15 + 0.01 0.70 0.01 0.07 0.04 0.04 - 0.04 0.09 0.01 0.06 0.03 0.04 - 0.02 0.06 0.01 0.79 0.66 0.75 + 0.05 0.91 0.25 0.12 0.09 0.12 + 0.01 0.19 0.05 0.37 0.27 0.37 + 0.11 0.33 0.05 0.03 0.02 0.02 - 0.01 0.04 0.01 13.54 12.15 13.04 + 0.16 15.91 4.99 0.10 0.08 0.09 - 0.01 0.16 0.06 0.12 0.10 0.11 - 0.01 0.19 0.10 0.01 0.01 0.01 - 0.01 0.03 0.00 1.15 1.10 1.11 + 0.01 1.20 0.65 0.01 0.01 0.01 - 0.01 0.02 0.01 0.11 0.09 0.10 - 0.01 0.18 0.02 0.21 0.18 0.20 + 0.02 0.55 0.05 0.16 0.14 0.16 + 0.01 0.21 0.08 0.40 0.37 0.38 - 0.01 0.47 0.19 0.12 0.08 0.10 - 0.01 0.20 0.05 36.53 35.11 35.63 - 0.85 40.35 27.32 28.18 26.76 27.43 - 0.65 30.70 18.71 0.03 0.02 0.03 + 0.00 0.29 0.01 0.15 0.09 0.11 + 0.01 0.15 0.07 0.20 0.16 0.17 - 0.03 0.50 0.01 0.15 0.13 0.15 + 0.02 0.15 0.02 0.01 0.01 0.01 - 0.01 0.01 0.01 0.06 0.06 0.06 + 0.01 0.16 0.04 0.12 0.05 0.12 + 0.10 0.08 0.01 3.35 3.28 3.35 + 0.10 4.90 1.81

Tahoe Res* N 12582 Tahoe Res T 6436 Tajiri Res V 686 Takara Res V 19 Talon Metals T 483 Tango Mining V 12436 Tantalex Res 623 Tanzania Mnls V 1991 Tanzania Rlty T 315 Tanzania Rlty* X 1780 Taranis Res V 157 Tarku Res V 211 Tasca Res V 183 Taseko Mines T 511 Taseko Mines* X 899 Teck Res T 20135 Teck Res* N 36328 Teck Res T 17 Telson Res V 112 Telson Res * O 54 Tembo Gold* O 306 Tembo Gold V 520 Teranga Gold T 6269 Teras Res V 131 Terraco Gold V 286 Terrax Mnrls* O 40 Terrax Mnrls V 1314 Terreno Res V 5 Teslin Rvr Res V 766 Teuton Res V 98 Teuton Res* O 20 Thompson Creek T 731 Thompson Creek* O 811 Thor Expl V 143 Thunder Mtn Gd* O 103 Thunderstruck V 537 Thunderstruck* O 290 Till Capital* D 31 Till Capital V 7

14.09 12.80 14.00 + 0.33 17.01 6.48 18.35 16.85 18.20 + 0.43 22.13 9.45 0.09 0.07 0.08 + 0.02 0.09 0.01 0.08 0.00 0.07 - 0.01 0.10 0.02 0.09 0.08 0.09 + 0.01 0.15 0.07 0.11 0.06 0.06 - 0.03 0.14 0.01 0.17 0.10 0.12 + 0.01 0.17 0.01 0.02 0.01 0.01 - 0.01 0.02 0.01 1.29 0.97 1.21 + 0.01 1.95 0.24 1.00 0.74 0.92 + 0.03 1.49 0.17 0.12 0.10 0.12 + 0.01 0.15 0.04 0.09 0.07 0.08 - 0.02 0.10 0.02 0.13 0.11 0.11 + 0.01 0.15 0.00 0.62 0.55 0.59 - 0.03 0.88 0.35 0.48 0.42 0.45 - 0.03 0.70 0.23 22.65 20.66 22.09 + 1.34 22.50 3.65 17.43 15.85 16.99 + 1.01 17.29 2.56 22.76 20.50 22.19 + 1.29 22.76 5.69 0.40 0.00 0.40 + 0.04 0.55 0.04 0.31 0.23 0.31 + 0.03 0.43 0.07 0.05 0.04 0.05 - 0.00 0.06 0.01 0.06 0.00 0.05 - 0.01 0.07 0.01 1.28 1.11 1.22 + 0.04 1.39 0.38 0.15 0.12 0.13 + 0.01 0.18 0.03 0.18 0.17 0.17 - 0.01 0.19 0.07 0.64 0.56 0.63 + 0.00 0.76 0.17 0.84 0.72 0.80 - 0.03 0.96 0.24 0.05 0.04 0.04 - 0.01 0.08 0.02 0.27 0.23 0.27 + 0.02 0.43 0.20 0.35 0.33 0.34 - 0.01 0.46 0.04 0.27 0.24 0.26 - 0.02 0.34 0.03 0.70 0.63 0.70 + 0.05 0.95 0.16 0.53 0.48 0.53 + 0.03 0.73 0.07 0.16 0.13 0.15 - 0.01 0.16 0.02 0.12 0.10 0.11 + 0.01 0.15 0.02 0.11 0.08 0.10 + 0.02 0.20 0.01 0.08 0.00 0.08 - 0.02 0.09 0.04 4.51 4.05 4.41 + 0.10 4.77 2.76 5.87 0.00 5.87 + 0.57 5.90 3.28

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Timberline Res V 118 Timberline Res* O 347 Timmins Gold* X 7661 Timmins Gold T 5226 Tinka Res* O 302 Tinka Res V 891 Tintina Res* O 343 Tintina Res V 292 Tirex Res* O 284 Titanium Corp V 50 TMAC Resource* O 29 TMAC Resources T 227 51 Toachi Mg Inc V TomaGold V 749 O 198 Tombstone Expl* Tonogold Res* O 6 Torex Gold* O 110 Torex Gold T 3391 Tower Res V 516 Transatlan Mng V 2016 Transition Mtl V 146 Trecora Res* N 87 Tres-Or Res V 141 Trevali Mng* O 846 Tri Origin Exp V 272 TriMetals Mng* O 86 TriMetals Mng* O 237 Trinity Res* O 14 Trinity Valley V 927 TriStar Gold* O 91 TriStar Gold V 191 Troy Res* O 7 True North Gem V 6083 Trueclaim Expl V 22 Tsodilo Res V 29 Tudor Gold V 66 Tudor Gold * O 28 Turquoise HIl T 4399 Turquoise HIl* N 12010 Typhoon Expl V 217

0.42 0.35 0.37 - 0.05 0.72 0.16 0.33 0.26 0.31 - 0.02 0.55 0.08 0.51 0.41 0.51 + 0.03 0.63 0.07 0.65 0.55 0.65 + 0.02 0.80 0.11 0.18 0.15 0.17 + 0.01 0.22 0.07 0.23 0.20 0.23 + 0.02 0.27 0.09 0.08 0.07 0.08 - 0.00 0.12 0.03 0.11 0.09 0.09 - 0.02 0.15 0.04 0.09 0.08 0.09 + 0.00 0.16 0.05 0.68 0.62 0.62 - 0.03 1.54 0.31 13.69 12.32 13.33 - 0.21 15.16 9.26 17.88 16.12 17.25 - 0.23 19.97 5.30 0.40 0.38 0.39 + 0.01 0.43 0.03 0.15 0.13 0.15 + 0.01 0.17 0.04 0.02 0.01 0.01 + 0.00 0.02 0.01 0.03 0.00 0.03 + 0.00 0.07 0.01 25.84 22.15 25.78 + 1.29 26.13 7.97 33.63 29.06 33.42 + 1.59 33.71 10.70 0.09 0.08 0.09 - 0.01 0.11 0.01 0.09 0.06 0.08 + 0.02 0.15 0.03 0.19 0.16 0.17 - 0.02 0.25 0.06 11.11 10.70 10.98 + 0.01 14.96 8.17 0.04 0.00 0.04 - 0.01 0.06 0.01 0.72 0.67 0.67 - 0.03 0.75 0.18 0.06 0.06 0.06 - 0.01 0.08 0.02 0.24 0.20 0.24 + 0.03 0.32 0.06 0.23 0.19 0.23 + 0.00 0.28 0.04 0.10 0.03 0.03 - 0.07 0.60 0.03 0.02 0.02 0.02 - 0.01 0.04 0.01 0.37 0.33 0.34 - 0.01 0.41 0.10 0.47 0.40 0.45 - 0.01 0.53 0.14 0.31 0.29 0.29 - 0.05 0.56 0.13 0.09 0.06 0.06 - 0.03 0.20 0.06 0.04 0.04 0.04 - 0.01 0.05 0.01 0.90 0.68 0.90 + 0.12 1.03 0.50 1.15 1.03 1.15 - 0.02 2.50 0.03 0.91 0.82 0.88 - 0.02 1.26 0.78 4.13 3.97 4.09 + 0.11 4.72 2.30 3.18 3.03 3.16 + 0.09 3.67 1.55 0.14 0.10 0.10 - 0.03 0.15 0.03

U3O8 Corp T 2757 U3O8 Corp* O 494 Ucore Rare Mtl* O 132 Ucore Rare Mtl V 273 UEX Corp T 819 Ultra Lithium* O 9 Ultra Lithium V 147 Unigold V 396 Unigold* O 18 United Res Hdg* O 144 United States A* X 250 United States S* N 66245 Unity Energy V 112 Ur-Energy* X 2036 Ur-Energy T 396 Uracan Res* O 140 Uranium Energy* X 1683 Uranium Res* D 4888 Uranium Valley V 60 Uravan Mnrls V 147 US Energy* D 85 US Precious M* O 757 US Rare Earths* O 9 USCorp* O 966 N 120782 Vale* Vale* N 30491 Valterra Res* O 917

0.04 0.03 0.03 - 0.01 0.04 0.02 0.03 0.00 0.03 - 0.00 0.03 0.01 0.30 0.28 0.29 - 0.01 0.35 0.15 0.39 0.37 0.37 - 0.01 0.45 0.20 0.23 0.21 0.23 + 0.02 0.29 0.11 0.13 0.13 0.13 - 0.00 0.27 0.06 0.18 0.15 0.16 - 0.01 0.35 0.05 0.52 0.49 0.50 + 0.01 0.69 0.08 0.41 0.38 0.41 + 0.03 0.51 0.06 0.01 0.01 0.01 + 0.00 0.07 0.01 0.41 0.28 0.38 - 0.03 0.57 0.16 20.45 18.66 18.90 - 0.89 27.64 6.15 0.13 0.11 0.11 - 0.02 0.48 0.11 0.58 0.51 0.52 - 0.02 0.73 0.44 0.73 0.67 0.68 - 0.04 0.98 0.60 0.06 0.04 0.06 + 0.01 0.06 0.00 1.07 1.00 1.04 + 0.03 1.47 0.65 1.68 1.42 1.63 + 0.17 16.08 1.26 0.14 0.10 0.12 - 0.02 0.35 0.04 0.38 0.31 0.35 + 0.05 0.42 0.05 2.02 1.83 1.89 - 0.10 3.84 0.67 0.01 0.01 0.01 + 0.00 0.08 0.00 0.10 0.00 0.10 + 0.06 0.90 0.01 0.01 0.00 0.01 + 0.00 0.03 0.00 5.66 5.18 5.60 + 0.15 6.26 2.13 4.77 4.44 4.74 + 0.16 5.12 1.55 0.05 0.03 0.05 + 0.01 0.05 0.00

U-V

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Valterra Res V 1652 O 153 Vanadiumcorp* Vanadiumcorp V 213 Vantex Res V 800 Vatic Vent V 452 N 903 Vedanta* Velocity Mnrls V 8 Vendetta Mng V 1837 Venture Mnrls* O 29 Verde Res* O 84 Victoria Gold V 5231 Victory Vent V 471 O 17 Virginia Enrgy* Virginia Enrgy V 33 Viscount Mng V 221 Vista Gold* X 5713 Vista Gold T 583 Volcanic Mtls V 162 Voltaic Min V 1296 VVC Expl V 150

0.01 0.07 + 0.02 0.07 0.07 0.04 0.01 0.03 - 0.01 0.05 0.05 0.03 0.02 0.05 - 0.01 0.06 0.05 0.04 0.01 0.03 - 0.01 0.04 0.03 0.03 0.04 0.10 - 0.02 0.24 0.12 0.09 10.47 9.92 10.43 + 0.43 10.57 3.52 0.05 0.16 + 0.07 0.20 0.16 0.00 0.05 0.08 - 0.01 0.13 0.10 0.08 0.01 0.02 - 0.00 0.04 0.03 0.02 0.04 0.04 - 0.01 0.08 0.05 0.04 0.12 0.63 + 0.03 0.80 0.63 0.55 0.01 0.03 - 0.01 0.06 0.04 0.03 0.02 0.03 + 0.00 0.08 0.03 0.00 0.04 0.04 + 0.01 0.10 0.04 0.00 0.32 0.57 - 0.07 0.91 0.64 0.52 0.25 1.08 + 0.07 2.09 1.08 0.87 0.34 1.39 + 0.09 2.73 1.39 1.15 0.04 0.17 + 0.03 0.20 0.20 0.16 0.03 0.08 - 0.11 0.52 0.18 0.08 0.01 0.03 - 0.01 0.05 0.04 0.00

Walker River V 1677 O 317 Walter Energy* Waseco Res V 261 Wealth Mnrls* O 228 Wealth Mnrls V 1073 Wellgreen Plat T 642 O 251 Wellgreen Plat* T 10086 Wesdome Gold West Kirkland V 1149 613 West Red Lake 112 West Red Lake* O X 530 Western Copper* T 418 Western Copper 35 Western Pac Rs* O Western Uran 12 Western Uran* O 24 O 2 Westhaven Vent* V 474 Westhaven Vent O 348 Westkam Gold* V 2252 Westkam Gold Westmoreland* D 975 36 White Mtn Engy* O Whitemud Res V 5 Wildcat Expl* O 197 O 2 Wincash Apolo* 158 Winston Gld Mg Wolfden Res V 148 X-Terra Res V 197 Ximen Mng V 76 XLI Tech Inc* O 5370 V 264 Xtierra Xtra-Gold Res T 83 O 11 Xtra-Gold Res* Yamana Gold T 49692 126724 Yamana Gold* N Yanzhou Coal* N 62 T 145 Yellowhead Mng Yorbeau Res T 1088 31 O Zadar Vent * Zadar Vent V 1360 Zazu Metals* O 28 Zenyatta Vent V 216 O 6 Zenyatta Vent* Zephyr Mnls V 185 Zimtu Capital V 84 Zincore Mtls V 15 Zonte Mtls V 77

0.02 0.08 + 0.01 0.10 0.08 0.07 0.01 0.04 + 0.01 0.11 0.05 0.03 0.02 0.08 + 0.01 0.08 0.08 0.06 0.10 0.78 + 0.18 0.83 0.78 0.62 0.14 1.00 + 0.21 1.06 1.00 0.80 0.16 0.44 - 0.02 0.62 0.46 0.38 0.12 0.35 - 0.03 0.46 0.35 0.29 0.89 2.62 + 0.24 2.76 2.76 2.28 0.04 0.13 - 0.02 0.17 0.13 0.11 0.40 0.32 0.34 - 0.04 0.40 0.01 0.30 0.24 0.26 - 0.02 0.31 0.02 0.20 0.71 - 0.09 1.04 0.80 0.65 0.29 0.92 - 0.12 1.35 1.05 0.85 0.03 0.02 0.03 + 0.01 0.04 0.00 1.20 2.15 + 0.25 5.00 2.20 1.75 1.19 1.56 + 0.01 2.67 1.69 1.52 0.08 0.11 + 0.00 0.12 0.11 0.11 0.04 0.14 + 0.01 0.16 0.14 0.12 0.01 0.04 + 0.01 0.07 0.04 0.03 0.02 0.06 + 0.01 0.09 0.06 0.05 8.66 7.49 8.31 + 0.35 16.54 3.44 0.09 0.07 0.09 - 0.00 0.35 0.07 0.01 0.01 + 0.01 0.03 0.01 0.01 0.02 0.06 - 0.00 0.11 0.06 0.06 0.06 0.10 + 0.04 0.25 0.10 0.00 0.25 0.20 0.25 + 0.05 0.40 0.10 0.05 0.12 + 0.01 0.19 0.12 0.11 0.06 0.21 + 0.01 0.31 0.23 0.20 0.03 0.13 - 0.01 0.18 0.13 0.12 0.01 0.00 0.00 - 0.00 1.50 0.00 0.01 0.06 - 0.01 0.08 0.07 0.05 0.18 0.39 - 0.04 0.56 0.44 0.34 0.12 0.28 - 0.08 0.43 0.36 0.28 1.89 5.94 + 0.18 7.87 5.95 5.25 1.38 4.57 + 0.15 5.99 4.58 4.00 3.66 5.91 + 0.46 7.02 5.93 5.49 0.03 0.09 + 0.01 0.10 0.09 0.08 0.06 0.11 - 0.01 0.13 0.12 0.11 0.11 0.10 0.11 + 0.02 0.20 0.06 0.01 0.15 + 0.02 0.26 0.16 0.13 0.08 0.19 - 0.01 0.24 0.20 0.18 0.63 0.82 + 0.05 1.46 0.86 0.77 0.47 0.63 + 0.03 1.11 0.63 0.63 0.08 0.35 + 0.05 0.42 0.40 0.32 0.12 0.22 + 0.01 0.38 0.22 0.00 0.03 0.16 - 0.14 0.30 0.25 0.00 0.02 0.08 + 0.01 0.15 0.08 0.07

W-Z

BID-ASK — AUGUST 29–SEPTEMBER 2, 2016 STOCK

12-MONTH

EXC BID ASK LAST HIGH

37 Capital One Acme Res Corp Active Growth Advance Gold Afrasia Mnls Aftermath Slvr Aida Minerals Alba Minerals Alberta Star Alderon Iron* Alexandra Cap Allante Potash Altan Rio Mnls Altitude Res Amanta Res Amato Expl Anglo Pac Grp Antipodes Gold Arbitrage Expl Arch Coal* Archon Mineral Ardonblue Vent Arrowstar Res Artha Res Asian Minl Res Astar Mnls Ateba Res Atlantic Ind Atlatsa Res* Auramex Res Aurgent Gold Balto Res BC Moly BE Res Big Bar Res Bird River Res Black Bull Res BlackEagle Dev Boss Power Brionor Res Buccaneer Gold Bullion Gld Res Bullman Mnls Cairo Res Canuc Res Carrie Arran Cascade Res Cassidy Gold Celtic Minrls Central Iron Century Global Chalice Gold M Chinapintza Mg CIM Intl Grp Clear Mtn Res Cliffs Nat Res* CNRP Mng Compliance Egy Cons Westview Copper Reef Mg Crestwell Res Cresval Cap Cricket Res CWN M’g Acq Delrand Res DGS Mnls Discovery-Corp DV Resources Eastfield Res Enfield Expl European Metal Eurotin Finore Mng Fire River Gol First Idaho

8-10_SEPT12_StockTables.indd 10

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

0.10 0.25 0.10 0.20 0.01 0.03 0.02 0.03 0.05 0.06 0.05 0.10 0.06 0.08 0.06 0.10 0.04 0.08 0.04 0.05 ... 0.01 0.01 0.03 0.11 0.15 0.14 0.23 0.07 0.10 0.07 0.11 0.20 0.22 0.20 0.23 ... 0.40 0.14 0.52 0.03 ... 0.03 0.03 0.03 0.10 0.03 0.06 0.01 0.02 0.01 0.03 0.05 0.06 0.05 0.15 0.01 0.02 0.01 0.04 0.06 0.06 0.10 0.82 ... 0.80 1.50 0.03 0.04 0.03 0.04 0.06 0.08 0.06 0.12 ... ... 0.58 15.00 1.75 1.80 1.75 2.10 0.06 0.11 0.09 0.09 0.13 0.18 0.12 0.15 0.13 0.15 0.12 0.20 0.03 0.04 0.04 0.05 0.09 ... 0.10 0.10 ... 0.01 0.01 0.01 0.01 0.03 0.01 0.01 ... ... 0.06 0.45 0.02 0.03 0.03 0.03 0.07 0.09 0.07 0.11 0.01 0.03 0.01 0.03 0.06 0.09 0.09 0.23 ... 0.34 0.35 0.08 0.50 0.10 0.06 0.09 0.06 0.07 ... 0.01 0.01 ... 0.12 0.05 0.12 0.17 0.20 0.17 0.05 0.05 0.05 0.05 0.02 0.03 0.02 0.04 0.09 0.11 0.09 0.15 0.05 0.09 0.04 0.09 0.04 ... 0.26 0.30 0.23 0.29 0.25 0.27 0.05 ... 0.05 0.07 0.02 0.04 0.02 0.05 0.01 0.02 0.02 0.04 ... ... 0.01 0.01 0.02 0.02 0.02 0.19 0.24 0.19 0.35 0.16 0.18 0.16 0.21 0.01 0.02 0.01 0.01 1.00 1.02 1.00 1.50 0.20 0.27 0.19 0.40 1.45 3.20 1.43 7.17 0.01 0.04 0.01 0.01 0.03 0.03 0.03 0.25 0.35 0.50 0.35 0.45 0.02 0.03 0.03 0.03 0.04 0.10 0.13 0.04 0.05 0.04 0.06 0.01 0.10 0.01 0.02 0.13 0.20 0.13 0.25 0.60 0.75 0.55 0.65 0.04 0.09 0.04 0.06 0.03 0.04 0.03 0.08 0.03 0.04 0.04 0.06 0.04 0.04 0.04 0.05 ... ... 0.01 0.01 ... 0.01 0.01 0.01 0.06 0.12 0.07 1.00 0.07 0.10 0.08 0.08 0.03 0.07 0.09 0.75 0.08 0.14 0.12 0.12

LOW

STOCK

0.05 0.02 0.02 0.01 0.01 0.01 0.08 0.01 0.16 0.12 0.03 0.01 0.01 0.02

Four River V Freeport Res V Fura Emeralds V GAR Limited C General Moly T Gentor Res V Gespeg Cop Res V V GFM Res Global Cobalt V Gold Ridge Exp V Golden Harp V GoldTrain Res C Gonzaga Res V Gravis Energy C Green Valley M V Greenshield Ex V Greywacke Expl C Hadley Mng C V Harvest Gold HFX Holding V Highbury Proj V Highvista Gold V Highway 50 Gld V IEMR Res V V Inform Res Interconnect V Intl Montoro V JDF Explor Inc C Jet Metal V Jiulian Res V Jubilee Gold V Karmin Expl V Karoo Expl V Kestrel Gold V Kitrinor Mtls V Lakeside Mnrls V Lateral Gold V Leeta Gold V Leo Res C Lions Bay Cap V Lions Gate Mtl C Lovitt Res V MAG Silver* X Mainstream Mnl V Martina Mnls V Match Capital V Matica Ent C McChip Res V McLaren Res C Mega Copper V Metallum Res V Midasco Cap V MillenMin Vent V Milner Con Slv V Minecorp Egy V Minsud Res V Moag Copper C Montana Gold C Morgan Res V Morro Bay V Mountain Lake C Murchison Min C Nebu Res V Network Expl V New Klondike V New World Res V Newmac Res V Niocan Inc V Nitinat Mnls V Norsemont Cap C North Am Tung V NQ Explor V NSS Res Inc C Nunavik Nickel V Open Gold V

0.01 0.75 0.01 0.01 0.58 1.30 0.05 0.04 0.01 0.02 0.09 0.01 0.01 0.06 0.01 0.02 0.01 0.03 0.03 0.03 0.01 0.02 0.05 0.03 0.09 0.05 0.05 0.02 0.01 0.01 0.15 0.10 0.01 0.90 0.10 0.98 0.01 0.03 0.22 0.01 0.03 0.01 0.11 0.13 0.04 0.02 0.03 0.02 0.01 0.01 0.03 0.01 0.03 0.05

12-MONTH

EXC BID ASK LAST HIGH LOW

0.27 0.35 0.30 0.39 0.04 0.05 0.05 0.09 0.18 0.18 0.18 0.25 0.02 0.05 0.03 0.05 0.38 0.45 0.39 0.59 0.02 0.02 0.02 0.04 0.04 0.04 0.04 0.06 0.02 0.10 0.02 0.03 0.02 0.02 0.02 0.08 0.35 0.50 0.40 0.70 0.19 0.22 0.19 0.28 0.03 0.13 0.13 0.20 0.04 0.08 0.05 0.06 ... 0.02 0.01 0.01 0.02 0.02 0.05 0.03 0.18 0.03 0.05 0.06 ... 0.06 0.06 ... 0.01 0.01 0.03 0.04 0.12 0.04 0.05 0.04 0.05 0.04 0.15 0.26 0.36 0.26 0.26 ... 0.16 0.17 0.19 0.24 0.24 0.25 0.02 0.02 0.02 0.06 0.21 0.34 0.34 0.40 0.06 0.13 0.06 0.14 0.02 0.03 0.02 0.05 0.01 0.05 0.01 0.01 0.10 0.10 0.09 0.15 0.02 0.04 0.02 0.05 0.61 0.86 0.61 0.75 0.25 0.32 0.32 0.34 0.01 0.02 0.01 0.02 0.02 0.02 0.02 0.07 0.01 0.02 0.01 0.02 0.01 0.02 0.02 0.04 0.11 0.16 0.14 0.18 0.04 0.10 0.04 0.05 0.01 0.03 0.01 0.01 0.04 0.06 0.04 0.04 0.03 0.06 0.06 0.09 0.05 0.09 0.05 0.05 12.52 13.30 12.52 14.40 ... 0.01 0.01 0.06 0.10 0.06 0.06 0.01 0.04 0.04 0.04 0.01 0.01 0.01 0.06 0.53 0.73 0.53 0.85 ... 0.01 0.01 0.01 0.05 0.11 0.05 0.05 0.03 0.06 0.12 0.07 0.08 0.07 0.13 0.05 0.06 0.06 0.14 0.05 0.06 0.05 0.07 0.06 0.08 0.07 0.18 0.07 ... 0.07 0.09 ... ... 0.08 0.12 0.09 0.10 0.10 0.10 0.01 0.02 0.01 0.02 0.01 0.02 0.01 0.03 ... 0.01 0.01 0.01 0.25 0.30 0.31 0.35 0.01 0.02 0.01 0.03 0.17 0.23 0.17 0.22 0.01 0.01 0.01 0.12 0.15 0.13 0.13 0.08 0.12 0.10 0.12 0.08 0.09 0.09 0.18 0.07 0.09 0.07 0.08 0.26 0.32 0.26 0.31 ... 0.01 0.01 0.02 0.02 0.02 0.02 0.02 ... ... 0.20 0.20 0.12 0.15 0.12 0.27 0.01 0.01 0.01

0.05 0.01 0.10 0.01 0.22 0.01 0.02 0.02 0.01 0.05 0.03 0.08 0.01 0.01 0.01 0.04 0.01 0.01 0.01 0.10 0.05 0.01 0.05 0.05 0.02 0.01 0.07 0.01 0.30 0.15 0.01 0.01 0.01 0.01 0.07 0.03 0.01 0.01 0.01 0.02 6.12 0.02 0.01 0.01 0.40 0.01 0.02 0.07 0.01 0.02 0.01 0.06 0.08 0.02 0.01 0.01 0.01 0.05 0.01 0.02 0.01 0.05 0.04 0.04 0.12 0.01 0.01 0.20 0.03

STOCK

12-MONTH

EXC BID ASK LAST HIGH LOW

Oracle Mng V Organic Potash C Oriental Non F C V Oxford Res Pac Cascade V V Pac Ridge Expl Palisades Vent V Phoenix Gold V Phoenix Metals V Prime Meridian V V Rackla Mtls Rare Element* X Rathdowney Res V Ravencrest Res C Razore Rock Res C Red Oak Mg V Red Rock Enrgy V Remington Res V Remo Res V Reva Res V Rhyolite Res V Rift Valley C River Wild Exp C Rochester Res V Rockex Mng C Rodinia Lithm V Rojo Res V Romulus Res V RTG Mining T Rubicon Mnrls* X V Savant Expl Saville Res V Savoy Vent V Scavo Res C SG Spirit Gold V SGX Res V Signal Expl V Silver Phoenix C Sky Ridge V Sniper Res V Sona Res V Spada Gold V Squire Mg Ltd C Stone Ridge Ex C Strata Mnls V V Strategic Res Sunrise Res V Tearlach Res V Teryl Res Corp V Theia Res V Themac Res V Thunder Mtn Gd V Tiger Intl V Tiller Res V Trigen Res V True Grit Res V UC Res V United Coal C Universal Vent V Vangold Res V Vela Minerals V Venerable Vent V Wabi Expl C WCB Res V West Melville V Westridge Res V Weststar Res C Whistler Gold V V Wolfeye Res Wolverine Mnls V Worldwide Res V Xiana Mng V Zara Res C Zena Mng V Zinco Mng V

0.01 0.01 0.01 0.07 0.02 0.04 0.02 0.09 0.80 0.82 0.82 0.82 0.02 0.03 0.03 0.01 0.02 0.01 0.02 0.09 0.09 0.09 0.11 0.06 0.07 0.07 0.08 ... 0.01 0.01 0.01 0.19 0.20 0.21 0.21 0.12 0.15 0.14 0.18 0.14 0.18 0.14 0.16 0.11 0.16 0.15 0.89 0.18 0.20 0.19 0.26 0.02 ... 0.02 0.02 ... 0.05 0.05 0.08 0.01 0.03 0.01 0.03 0.01 0.02 0.01 0.03 0.06 0.08 0.06 0.07 0.09 0.15 0.09 0.10 0.27 0.40 0.32 0.40 0.25 0.35 0.24 0.27 0.01 0.04 0.01 0.02 0.01 ... 0.01 0.01 0.08 0.11 0.08 0.11 0.04 0.10 0.10 0.75 0.02 0.02 0.01 0.05 0.12 0.13 0.13 0.15 0.12 0.20 0.12 0.17 0.65 0.70 0.65 0.70 ... ... 0.03 1.35 0.01 0.02 0.02 0.03 0.03 0.04 0.02 0.05 ... ... 0.16 0.36 0.57 0.36 0.54 0.11 ... 0.09 0.20 0.02 0.02 0.02 0.05 0.14 0.20 0.16 0.30 0.01 0.24 0.10 0.10 0.27 0.39 0.27 0.30 0.01 0.01 0.01 0.07 0.06 0.08 0.06 0.10 0.20 0.45 0.20 0.60 0.10 0.15 0.15 0.19 0.08 0.19 0.10 0.17 0.01 0.02 0.01 0.05 0.27 0.30 0.27 0.34 0.01 0.02 0.01 0.05 0.08 0.15 0.08 0.16 0.01 0.02 0.02 0.02 0.13 0.19 0.13 0.17 0.05 0.05 0.05 0.10 0.13 0.16 0.14 0.23 0.09 0.24 0.10 0.25 0.01 0.07 0.03 0.05 0.08 0.15 0.11 0.11 0.01 0.05 0.05 0.05 0.01 0.02 0.02 0.03 ... 0.01 0.01 0.40 ... 0.45 0.01 0.02 0.02 0.02 0.04 0.09 0.04 0.08 0.01 0.04 0.02 0.02 0.07 0.12 0.07 0.10 0.05 0.07 0.07 0.10 0.28 0.37 0.30 0.45 0.01 0.03 0.01 0.02 0.04 0.06 0.06 0.06 0.02 0.09 0.02 0.02 0.25 ... 0.25 0.11 0.12 0.12 0.20 0.02 0.04 0.01 0.06 0.11 0.21 0.12 0.21 0.01 0.02 0.01 0.10 0.06 0.10 0.06 0.10 0.05 0.07 0.05 0.08

0.01 0.01 0.27 0.01 0.02 0.05 0.01 0.02 0.05 0.05 0.06 0.11 0.01 0.01 0.01 0.01 0.01 0.05 0.08 0.09 0.01 0.01 0.03 0.02 0.01 0.04 0.07 0.33 0.03 0.01 0.01 0.26 0.05 0.01 0.01 0.01 0.09 0.01 0.01 0.20 0.10 0.08 0.01 0.08 0.01 0.02 0.01 0.05 0.01 0.08 0.08 0.02 0.03 0.01 0.01 0.01 0.02 0.01 0.03 0.02 0.08 0.01 0.02 0.01 0.07 0.01 0.03 0.01 0.05 0.01

2016-09-06 4:41 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / SEPTEMBER 12-18, 2016

Wesdome makes high-grade discovery at Kiena QUEBEC GOLD BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

esdome Gold Mines (TSX: WDO; US-OTC: W DOFF) ha s tabled high-grade gold assays from an underground discovery at the mothballed Kiena gold mine complex in Val-d’Or, Quebec. The results are especially welcome to Wesdome, as the company was forced to shutter the mine in 2013 due to falling gold prices, lower grades and high mining costs. Kiena’s measured and indicated resources total 2.5 million tonnes grading 5.59 grams gold per tonne for 449,000 contained oz. gold, while inferred resources include 1.6 million tonnes at 7.97 grams gold for 400,000 contained oz. gold. Wesdome made the discovery when two drills tested for a repetition of the gold-rich S-50 zone along a Z-fold interpretation 200 metres to 300 metres below existing mine infrastructure, at 1.2 km depth. Wesdome has identified “at least” two quartz veins and quartz vein breccia systems near altered and deformed komatiite-tholeiitic basalt contacts. The highlights include: 17.4 metres of 94.35 grams gold from 492 metres deep in hole 6124; 14.3 metres of 223.12 grams gold from 695 metres deep in hole 6125; and 8.2 metres of 8.43 grams gold from 469 metres deep in hole 6130A. “The property is one of the best brownfield gold exploration assets on the planet,” vice-president of exploration George Mannard said during an interview. “We’re drilling a structural style that has been demonstrated by the historic mine, which was a large Z-fold with a big, fat north–south arm ... we’ve done drilling in the past to examine the southeast corner to depth, and we turned the drills around. “The S-50 zone at Kiena was really interesting due to the size and uniform grades. So it was a nice bulk-mining operation. The results show similar lithological controls, and assuming the structural style holds, we’re looking at something really exciting here,” he added. The Kiena complex is fully permitted and includes a 900-metre production shaft and 2,000-tonne-

| Kiena has a 900-metre production shaft and 2,000-tonne daily mill

per-day capacity mill. From 1981 through 2013, the mine produced 1.75 million oz. gold from 12.5 million tonnes at 4.5 grams gold. Most of the production came from the S-50 zone between 100 metres and 1,000 metres deep. Wesdome has budgeted $3 million in exploration at Kiena this year for a two-phase, eight-hole drill program. “Kiena has definitely moved up in terms of priority. It’s something that may have been slightly discounted, or forgotten about, in terms of our story,” president and CEO Duncan Middlemiss said. (Middlemiss joined Wesdome in late July after helming St Andrew Goldfields until its acquisition by Kirkland Lake Gold (TSX: KGI; US-OTC: KGILF) in early 2016.) “In terms of exploration success, I don’t think you can beat what we’re looking at here. It’s a great advantage to make a discovery at a fully permitted site with a shaft and ramp. The infrastructure is all there, and the only thing lacking is a solid core of resources.” Wesdome shares surged 72%, or $1.08, after the news, en route to a $2.58-per-share close at press time. The company reported $26.8 million in cash and equivalents at the end of the second quarter, and has 130 million shares outstanding for a $356-million market capitalization. Wesdome operates the Eagle River and Mishi mines in the Wawa gold complex in nothern Ontario, and produced 12,147 oz. gold during the second quarter at all-in sustaining costs on US$1,309 per oz. gold. The company reported net quarterly income of $1.8 million, or 1¢ per share. The discovery is a bit of good news for management, after weathering a proxy challenge from Resolute Funds and various takeover rumours over the past few months. “Our strategy is driven by the fact that we believe, first and foremost, that the company has a lot of potential. We feel we’re undervalued in terms of our peers, and we want to focus on unlocking that value,” Middlemiss said. “We’ve heard all the mergers and acquisitions talk, and that’s fine, but it isn’t our focus. We’re fully funded, but things could change quickly at Kiena. This year Wesdome has the highest exploration budget in its history, and we see our potential.” TNM

Surface facilities at Wesdome Gold Mines’ past-producing Kiena gold mine in Val-d’Or, Quebec. WESDOME GOLD MINES

A worker in the assay lab at Wesdome Gold Mines’ Kiena project. WESDOME GOLD MINES

A longhole driller in Westdome’s past-producing Kiena gold mine (left) and a longhole blaster in the Eagle River gold mine in central Ontario. WESDOME GOLD MINES

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2016-09-06 7:44 PM

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GLOBAL MINING NEWS

THE NORTHERN MINER / SEPTEMBER 12-18, 2016

Underground workers at Potash Corp. of Saskatchewan’s Rocanville potash mine. POTASH CORP. OF SASKATCHEWAN

PotashCorp, Agrium in merger talks amid weak fertilizer markets POTASH BY MATTHEW KEEVIL

mkeevil@northernminer.com VANCOUVER

anadian fertilizer giants Potash Corp. of Saskatchewan (TSX: POT; NYSE: POT) and Agrium (TSX: AGU; NYSE: AGU) are reportedly contemplating what could become a game-changing merger. On Aug. 30, the companies confirmed “preliminary discussions” in a move that surprised analysts and prompted a response from Saskatchewan Premier Brad Wall. The news comes during a tough time in the fertilizer business. Nitrogen contracts have been delayed in China and India, while strong offshore imports and increased domestic supply in the U.S. have put pressure on prices. Global phosphate markets have also struggled due to declining input costs, increased competitive supply and weaker Indian demand. PotashCorp is the world’s largest fertilizer company, and expects to sell between 8.3 million and 8.8 million tonnes of potash this year. During the second quarter the company reported an average realized potash price of $154 per tonne, which marks a 77% drop from the US$273-per-tonne level it reported during the same period in 2015. “We do see a more constructive environment moving forward. In recent weeks, we have seen new potash contract settlements in India and China providing a reminder of the importance of our products, and the reality that purchases will inevitably resume,” PotashCorp president and CEO Jochen Tilk said during the quarterly conference call on July 28. “When we look at the supply side, we see only modestly higher global operation capability next

1 2 3 4 5 11 13 14 16_SEPT12_Main .indd 13

| All-Canadian aspect of deal less likely to prompt interference from regulators “POTASHCORP’S DESIRE TO PURSUE LARGE-SCALE MERGERS AND ACQUISITIONS AND SEEK OUT DOWNSTREAM RETAIL AND DISTRIBUTION ASSETS HAS BEEN WELL KNOWN FOR SOME TIME.” STEVEN HANSEN ANALYST, RAYMOND JAMES

year, which comes primarily from other existing producers in North America,” he added. Meanwhile, Agrium has moved towards the retail side of the business. The company acquired 33 retail locations, with expected annual sales in excess of $230 million on a year-to-date basis. Agrium is also working on more retail acquisitions — including a deal with Minnesotabased Cargill — that could add over 30 locations and represent over $300-million in expected annual sales. Raymond James analyst Steven Hansen said that “at first blush” he was “a little perplexed by the proposed marriage.” He did cite potential “ripe synergies,” however, that could offer the companies as much as $500 million in cost savings. “PotashCorp’s desire to pursue large-scale mergers and acquisitions and seek out downstream retail and distribution assets has been well known for some time. In this context, the aforementioned

marriage could be construed as logical,” Hansen added, noting the company’s attempt to take out Germany’s K+S, and its acquisition of a 9.5% stake in Brazil’s Fertilizantes Heringer last year. “Less clear, however, are Agrium’s motivations, given that the deal seems largely incongruent with its retail-centric growth strategy, and without clarity on Canpotex’s future, it seemingly saddles the company, with the acute long-term challenges still facing global potash markets,” he said. Scotiabank senior fertilizers analyst Ben Isaacson says the deal was “leaked to gauge market opinion,” and said that based on his sources, it’s possible that Agrium initiated the negotiations. He noted it could eventually be viewed as a “brilliant, bottom-of-the-cycle move by Agrium to secure out-of-favour assets trading at [30%] of replacement cost.” The other major question raised relates to potential competition or regulatory hurdles for the deal. In late 2010, Tony Clement — then serving as the Canadian Minister of Industry — rejected BHP Billiton’s (NYSE: BHP) attempted takeover of Saskatoon-headquartered PotashCorp under the Investment Canada Act, after deciding it was likely not in the “net benefit of Canada.” Given that both PotashCorp and Agrium are Canadian companies, however, it seems less likely that investment regulations could come into play. During a media session after the news, Premier Wall said that both companies indicated the “interests of Saskatchewan are at the forefront during the preliminary discussions.” He added that the provincial government would “monitor the situation” in terms of impact on “jobs, the taxes paid and the economic

impact of these companies.” PotashCorp has traded within a 52-week window of $19.93 to $34.28, and gained over 11% on the news, en route to a $23.31 close at press time. The company has 839 million shares outstanding for a $19.9-billion market market capitalization.

Shares of Agrium have traded in a 12-month range of $104.70 to $139.10 per share, and gained 8.4% on the news to closeat $126.24 at press time. The Calgary-based company has 138.2 million shares outstanding for a $17.6-billion market capitalization. TNM

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SEPTEMBER 12-18, 2016 / THE NORTHERN MINER

Defiance to resume drilling at San Acacio DEFIANCE From 1

210 metres deep, meaning much of the property has yet to see modern exploration. “We can drill underneath and along strike, and increase the resource,” Winfield says, adding that the company is planning its largest drill program ever this year. But the ride to this point has been rather slow, given the junior’s limited cash. Defiance had split its focus on validating San Acacio’s historic resource and earning into the nearby Santa Gabriela mill from Impact Silver (TSXV: IPT). In late 2012, it updated San Acacio’s historic open-pit resource to National Instrument 43-101 standards, using a silver-equivalent cut-off grade of 65 grams per tonne. At the end of 2013, Defiance dropped its option on the mill to concentrate on San Acacio, citing “difficult market conditions.” It wasn’t until December 2014 that the junior initiated the first phase of its 5,000-metre drill program, designed to test the San Acacio deposit at depth.

An outcropping portion of the Veta Grande vein at Defiance Silver’s San Acacio silver project in central Mexico. DEFIANCE SILVER

A month later, it replaced the previous resource estimate, using a higher silver-equivalent cut-off grade of 100 grams to mine the deposit from underground, instead

of from surface. It also eliminated some of the lower-grade stockwork mineralization to increase the resource grade. As of January 2015, San Acacio

contained an inferred resource of 17.9 million equivalent oz. silver (2.9 million tonnes at 192.5 equivalent grams silver), with results from the first drilling phase showing expan-

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sion potential. Between 2014 and 2015, Defiance completed 11 holes totalling 3,000 metres on the deposit. The first eight holes extended mineralization by 140 metres below the current resource, bringing the mineralization to 300 metres deep, Winfield says, adding that the silver-equivalent grades were higher than the current resource. For instance, hole No. 2 intersected 16.7 metres of 235.5 equivalent grams silver, including a 3.2-metre intercept grading 499.4 equivalent grams silver. The other three holes, released this March, extended mineralization 550 metres southeast of the eight holes, as well as 140 metres below the current resource. “We had a series of impressive intersections, wide widths and high grades of silver equivalent,” Winfield recalls. The mineralized intersections averaged 5 to 12 metres wide — or the size of a large school bus. Defiance says San Acacio is at an early development phase similar to Capstone Mining’s (TSX: CS; US-OTC: CSFFF) nearby Cozamin copper-silver underground mine, before it started producing. The company expects to receive its drill permit for its new program shortly. The program will focus on finishing the first phase of drilling, or testing the 1.2 km vein under the San Acacio mine to grow the resource, as well as start the second phase of exploration to test the 900-metre extension to the southeast, “where there are some intermittent old workings, but no past production,” Winfield says. The program would include between 5,000 and 10,000 metres and start at year-end, depending on permitting and financing. Meanwhile, Defiance has signed another surface rights agreement, which helps it explore the 5.6 km strike length on the Acacio property. It has also renegotiated its US$5.95 million San Acacio purchase agreement to defer US$300,000 in payments due this year to September 2018. Under the revised terms, the junior will pay four quarterly payments of US$37,500, totalling US$150,000 by year-end. It has two quarterly payments left for 2016, and enough funds to meet its commitments for the next 12 months, Winfield says. He adds that the firm will look to raise more funds for its renewed drill efforts. Defiance last replenished its treasury in April, after receiving $1.2 million in proceeds from the exercise of warrants. On Aug. 26, Defiance shares gained nearly 10% to close at 45¢, within a 52-week trading range of 5.5¢ to 63¢. TNM

2016-09-06 7:39 PM

SEPTEMBER 12–18, 2016 / THE NORTHERN MINER

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2016-09-06 7:05 PM

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SEPTEMBER 12-18, 2016 / THE NORTHERN MINER

Avino Silver & Gold hits milestones in Durango MEXICAN SILVER

| Avino ET mine began commercial production April 1

BY TRISH SAYWELL

tsaywell@northernminer.com

he start of commercial production at Avino Silver & Gold Mines’ (TSXV: ASM; NYSEMKT: ASM) Avino ET mine — the second and largest mine on the company’s Avino property in Mexico — signals better times ahead for the junior precious metals producer. The Avino ET mine, 82 k m northeast of Durango, moved into commercial production on April 1 after a 19-month advancement and test period, and produced 341,521 equivalent oz. silver in the second quarter of this year. Folding in production of another 288,259 equivalent oz. silver from the company’s high-grade San Gonzalo mine — which started commercial production in 2012, about 2 km northeast of the Avino ET mine — brings the company’s total production in the three months ended June 30 to 629,780 equivalent oz. silver. The company forecasts it will produce between 2.8 million and 3 million equivalent oz. silver at its operations in Mexico this year, and is confident it will hit other milestones soon. “Stay tuned. We’ve got a lot of good news coming up, so keep an eye on us,” president and CEO David Wolfin said during the Q&A portion of a conference call in August, adding that he does not see silver demand “slowing down any time,” and that “people are concerned about what’s happening in the world, and are loading up.” Wolfin was travelling and unavailable for an interview with The Northern Miner before press time. Rob Chang of Cantor Fitzgerald raised his target price on Avino by 13% from $3.85 per share to $4.35 per share, after the company reported its financial results on Aug. 15. Results for the quarter were mixed. While revenues from sale concentrates rose 102% year-on-year to $11.9 million, the company posted an after-tax loss of $450,000, compared with net income of $361,000 in the second quarter of 2015. Consolidated all-in sustaining costs came in at US$11.27 per payable equivalent oz. silver, in a 23.8% increase from US$9.53 per oz. in the second quarter of 2015. Lower revenue and production (629,780 equivalent oz. silver, compared with the year-earlier quarter’s 819,300 equivalent oz. silver)

Workers approach the portal at Avino Silver & Gold Mines’ San Gonzalo silver-gold mine in Durango, Mexico. AVINO SILVER & GOLD MINES

were attributed to maintenance time on a ball mill in circuit 3 (the bearings had to be replaced), and lower-grade material from the stockpile at the San Gonzalo operation, which Chang notes “are not expected to occur” in the third quarter of the year. The company ended the quarter with cash and equivalents of $10.7 million. In August, Avino started building a tailings storage facility that will cover 21 hectares and store 7.5 million tons of wet tailings. It will be built in four stages. The first two stages, which could take six months to finish at an estimated US$2.2 million, would provide enough storage capacity for six years. Stages three and four, which could be built at any time and cost a further US$624,000, would provide enough storage for another eight years of operations. The company has environmental permits for 14 years of operations and another 11 years post-production. Once the tailings storage facility is ready, Avino will decommission the existing facility, which would help management assess the upper sulphide bench and the lower oxide bench in areas that are being used to store tailings. Open-pit and underground mining at the Avino vein between 1968 and 2001 left behind a large tailings resource that Avino is analyzing for reprocessing. The resource includes

“STAY TUNED. WE’VE GOT A LOT OF GOOD NEWS COMING UP, SO KEEP AN EYE ON US.” DAVID WOLFIN PRESIDENT AND CEO, AVINO SILVER & GOLD

oxide and sulphide tailings, each requiring separate treatments. The company says that with advanced heap-leach technology and improving metal markets, Avino could process the gold and silver in the tailings. The company — set up in 1968 — was one of the first foreign-owned junior mining companies to enter Mexico, and previously operated the Avino mine under partnership for 27 years. It acquired full control of the mine in 2006, after Mexico changed its laws to allow 100% foreign ownership of mines. Under an agreement with Samsung, Avino will sell silver concentrates on an exclusive basis until July 2018. Over the last year the junior’s shares have traded in a range of $1.03 to $3.09, and at press time changed hands for $2.84 apiece. The company has a $126.4-million market capitalization. TNM

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