The Northern Miner September 16 2019 Issue 19 by The Northern Miner Group

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SEPTEMBER 16–29, 2019 / VOL. 105 ISSUE 19 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Economic uncertainty drives gold higher INVESTMENT

| Portfolio holdings ‘tilt aggressively’ into gold BY BRENDA BOUW

Special to The Northern Miner

he gold industry feels optimistic for the first time in years, as the price of the precious metal steadily rises amid fears of a global economic downturn. Gold miners, in the meantime, vow to stay disciplined to avoid becoming overleveraged, as some were during gold’s last run-up. At around US$1,525 per oz., gold is trading at its highest level since 2013, and is up about 20% so far this year. Gold hit a sixyear high of US$1,550 per oz. in late August, as investors sought a haven from the intensifying U.S.–China trade dispute. Recession fears, trade wars, political uncertainty around Brexit and easing monetary policy by various central banks around the world are also fuelling the price of gold and gold investments. Sprott Gold Miners ETF (SGDM) and VanEck Vectors Junior Gold Miners ETF (GDX) are each up by about 40% year-to-date. “People are responding to gold as a safe haven and portfolio diversifier,” Rohit Savant, vicepresident of research at CPM Group, said in an interview. He forecasts gold will average US$1,410 per oz. in 2019, up 11% from last year, and rise to an average US$1,600 per oz. in 2020. “We definitely see prices going up,” Savant says. “If you have a combination of longer-term investors and short-term investors, as well as central banks buying … that combination will propel prices higher. That’s what we expect will happen in 2020.” Bart Melek, head of commodity strategy at TD Securities, also forecasts gold will average US$1,600 per oz. next year, with some volatility along the way. “The bulls who want to know when and how far gold prices will rally need only be patient for a short while longer. But they also need to be ready to see a modest See GOLD / 6

Continental Gold CEO Ari Sussman (centre) at the Buritica gold project in Antioquia, Colombia. PHOTO BY DAVID PERRI

Continental stays on track SITE VISIT

| Optimized Buritica mine plan to come ahead of 2020 production

BY DAVID PERRI dperri@northernminer.com BURITICA, COLOMBIA

t has been one year since The Northern Miner last toured the Buritica gold project, and the interim has been a critical period for Continental Gold (TSX: CNL). “We’re fully permitted and on schedule for 2020 production,” says Donald Gray, Continental’s chief operating officer, on a spring site visit, 65 km northwest of Medellin in Colombia’s Antioquia department. Next to a gold-rich mountain in the Andes, surface infrastructure is taking shape in the Higabra valley, including the primary crusher, grinding building, leach circuit, CCD circuit and Merrill–Crowe plant. Buritica is scheduled to deliver 253,000 oz. gold per year on average over a 14-year mine life. The company estimates all-in sustaining costs of US$604 per oz. gold. Initial mining will focus on the proven and probable reserves in the Yaragua and Veta Sur vein systems, which total 13.7 million

tonnes grading 8.4 grams gold per tonne and 24.3 grams silver per tonne, for 3.7 million contained oz. gold and 10.7 million oz. silver. Continental plans to update its mine plan for the first three years of production before commercial production in 2020. Broader resources for Yaragua and Veta Sur hold more than 11 million oz. gold in 16 million measured and indicated tonnes of 10.3 grams gold and 40.8 grams silver. An estimated 5.2 million oz. gold reside in 20.3 million inferred tonnes of 8.6 grams gold and 37.3 grams silver. The US$512-million mine is 75% complete, according to an August update from the company, and construction has proceeded as planned, for the most part. Gray says underground conditions have been more difficult than expected. Workers learned to slow down, identify bad ground and provide support before moving forward. Nonetheless, underground crews have been advancing ahead of schedule, averaging more than 1,000 development metres per month. Drier-than-expected conditions

were a pleasant surprise for Continental, which could mean less water through the treatment plant. “We permitted for more than twice the water we’re seeing today,” CEO Ari Sussman says. In 2019, the company is completing 55,000 metres of definition drilling, focusing on stope preparation ahead of production. Another 18,500 metres of infill drilling will target recently identified broad mineralized zones (BMZs). Buritica’s mineralization occurs in narrow, porphyry-related veins. The BMZs formed where the brittle interference between structures has resulted in wider mineralization footprints around the veins. “The BMZs are simply the intersection of northwest structures with the main vein structures,” says special advisor David Reading. “They are the lower-grade halos — grading 3, or often 4 grams — surrounding high-grade veins.” As such, the BMZs could be mined more efficiently and deliver more gold. Continental has released a resource estimate for BMZ1 in the

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See CONTINENTAL / 16

LITHIUM: IS CHILE’S BRINE LOSING ITS SHINE? / 3

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2019-09-10 7:14 PM

SEPTEMBER 16–29, 2019 / THE NORTHERN MINER

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2019-09-10 7:14 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / SEPTEMBER 16–29, 2019

Is Chile losing ground in the lithium space? OUTLOOK

| Regulations threaten to throttle development of world-class deposits

BY TOM AZZOPARDI

Special to The Northern Miner SANTIAGO, CHILE

hile should lead the world in lithium production. The Salar de Atacama in northern Chile is the world’s largest and richest lithium resource, containing almost half the world’s known reserves, according to the United States Geological Survey. And the region’s geological and climatic conditions make it the most competitive place to produce the mineral. The country’s only two lithium producers, Albemarle (NYSE: ALB) and Sociedad Química y Minera de Chile (NYSE: SQM), enjoy production costs of less than US$3,000 a tonne, compared to almost US$4,000 a tonne in some Argentine salars. So when lithium demand and prices took off earlier this decade, Chile’s economic development agency, Corporacion de Fomento de la Produccion (CORFO), which owns mineral rights on the Salar, signed new lease contracts with Albemarle and SQM allowing them to increase production to around 2 million tonnes over the life of the leases. Last year, SQM expanded its capacity on the Salar de Atacama to produce lithium carbonate to 70,000 tonnes a year, and plans to complete a second expansion to 120,000 tonnes a year by late 2021. A third expansion to reach 160,000 tonnes is pencilled in for 2023. Albemarle plans to increase production from its own operations on the Salar to 85,000 tonnes from 2020, up from 40,000 to 45,000 tonnes this year. But how fast these proposed expansions can be converted into output is anyone’s guess. Speaking at ForoLitio, a lithium industry event held in Santiago in early August, Victor Rodriguez, a Chilebased principal consultant at CRU Research, estimated that Chilean lithium production could rise 55% from 85,000 tonnes in 2019, to 120,000 tonnes by 2024. Meanwhile, to meet global lithium consumption — which grows by about 19% annually, according to minerals consultancy Roskill — production has been moving much faster elsewhere. Like Chile, Argentina is also ramping up output. New operations on salares in its arid northwest, such as Lithium Americas’ (TSX: LAC) Cauchari–Olaroz project and Rincon Lithium’s Salar del Rincon, are set to expand the country’s annual production from 25,000 tonnes in 2015 to 180,000 tonnes by 2024, according to CRU Research. But the real winner, Rodriguez says, has been Australia, where lithium is extracted by crushing rocks rather than by evaporating brines. This year Australian production of lithium could reach 200,000 tonnes of lithium carbonate equivalent — a tenfold increase from a decade ago — while new projects could add 100,000 tonnes of capacity by 2024, according to CRU estimates. Even the Chileans are investing in Australia’s lithium boom: in 2017, SQM acquired a 50% stake in Kidman Resources’ (ASX: KDR) Mount Holland project in Western Australia. A feasibility study on the US$737-million project is scheduled for early next year. As a result, Chile’s share of the global lithium market is shrinking. According to CRU forecasts, Chile’s global production will fall to 18% in

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Lithium Chile’s Salar de Atacama lithium property in Chile’s Antofagasta region. LITHIUM CHILE

2024, which is down from its nearly 40% market share in 2015. Changing technology is one reason driving Chile’s declining market share, says Daniela Desormeaux, of consultancy signumBOX Inteligencia de Mercados. Chinese lithium processors transform spodumene, the lithium-bearing mineral extracted in Australia’s mines, directly into lithium hydroxide, a chemical that could soon overtake lithium carbonate as the preferred form of the mineral among producers of lithium-ion batteries. But some of Chile’s lost competitiveness is of its own making, critics charge. First, the industry is tightly regulated. Unlike other minerals such as copper, gold or iron ore, companies wishing to produce lithium need a contract with the state. Although an anachronism from the Cold War, when it was thought that the mineral could be used in nuclear weapons, successive administrations have maintained its reserved status. Second, CORFO’s new contracts, signed in 2017 and 2018, have placed onerous demands on the country’s lithium producers, critics say. In exchange for higher production quotas, Albemarle and SQM must pay a sliding royalty on production, which can reach 40% when lithium carbonate prices exceed US$10,000

a tonne. During the recent rally in prices last year to over US$20,000 a tonne, the royalty effectively eliminated Chilean producers’ 45% advantage in production costs over rivals in Argentina, Rodriguez said, although royalty levels have subsided somewhat, as prices have pulled back towards US$10,000 a tonne in recent months. In addition, the companies must spend tens of millions of dollars each year on lithium-related research and design in Chile, and on supporting local communities and regional development. They must also sell a quarter of their lithium output at market prices to local industries for processing into more advanced materials, such as battery cathodes, as part of an ambitious CORFO plan to push Chile up the lithium value chain. Whether Chile can compete in the production of advanced lithium materials is doubtful, some industry observers caution. All three consortia — Chile’s Molymet, Posco and Samsung of South Korea, and China’s Sichuan Fulin Transportation Group — that won rights to lithium produced by Albemarle in a tender held last year have since pulled out of the deal, for reasons which have not been made clear. As Chile loses ground in the global lithium boom, the government has

realized a rethink is needed, politicians say. President Sebastian Pinera will make a key announcement on the government lithium policy in the coming weeks, Mining Minister Baldo Prokurica has said. Some Chileans would like the state to play a bigger role in the industry through the creation of a national lithium company, just as neighbouring Bolivia has done. Yacimientos del Litio Bolivianos has signed deals this year with Chinese and German companies to produce a range of chemicals from salar brines. Chilean lawmakers have presented several bills in recent years to increase state control over the country’s lithium resources, but so far none has prospered. In early September, the Chamber of Deputies’ Constitution Committee rejected legislation to nationalize SQM for breaching constitutional strictures against the expropriation of natural resources. Speaking at ForoLitio, CORFO’s newly appointed executive director, Pablo Terrazas, said that the new policy would instead focus on pushing state mining companies Codelco and Empresa Nacional de Mineria (ENAMI) to explore and produce lithium in partnership with private investors. Private companies have staked claims on the dozens of salares in northern Chile, but the need for a

government contract has limited how far they can advance on their own. As one of the world’s largest mining companies, Codelco has the financial muscle and technical know-how to take on the challenge. Its claims, located on the Maricunga and Pedernales salt lakes, south of the Salar de Atacama, are the most promising for lithium production. Last year, the government granted the company a special contract to produce lithium covering the whole of the Salar de Maricunga, 170 km northeast of Copiapo. In August, Codelco inched closer to lithium production with the signing of a memorandum of understanding with privately owned Minera Salar Blanco (MSB). Under the memorandum of understanding, the two companies will assess whether it makes sense to fold their claims on the Salar into a joint venture. MSB (previously known as Li3 Energy) has been exploring the Maricunga for over a decade, and is owned by Australian junior Lithium Power International (ASX: LPI), Chilean businessman Martin Borda and Canada’s Bearing Lithium (TSXV: BRZ). Earlier this year, it published a bankable feasibility study for a US$1.3-billion project that would produce 20,000 tonnes per year of lithium from its 25 sq. km of claims. But without a government contract, it could not proceed. A deal with Codelco, which has also obtained permits from Chile’s nuclear energy authority Comision Chilena de Energia Nuclear to extract lithium from the same salar, represents a possible workaround. LPI jumped almost 30% on the Australian Stock Exchange to A44¢ a share after the potential joint venture was announced on Aug. 1. The government hopes more deals like this could help Chile remain one of the top players in the global lithium industry. “If we do things well, we will be able to maintain our market share in the face of a demand that is growing rapidly,” said CORFO’s Terrazas. TNM

2019-09-10 7:14 PM

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SEPTEMBER 16–29, 2019 / THE NORTHERN MINER

GLOBAL MINING NEWS · SINCE 1915

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E D I T O R IA L

O P- E D

Indonesia to ban nickel ore in 2020 PROTECTIONISM

| Market deficit on horizon?

GROUP PUBLISHER/ PUBLISHER: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com ACTING EDITOR-IN-CHIEF AND SENIOR REPORTER: Trish Saywell, BA, MA, MSC (JOUR) tsaywell@northernminer.com CONTENT SPECIALIST Jean Lian, BA (ENGL LIT) jlian@northernminer.com COPY EDITOR: Isa Cunanan, HBSC (PROFESSIONAL WRITING, HEALTH SCI COMM)

icunanan@northernminer.com CONTENT SUPERVISOR: David Perri, BA (POLI SCI) dperri@northernminer.com ONLINE EDITOR: Adrian Pocobelli, MA (ENGL) apocobelli@northernminer.com EDITOR, DIAMONDS IN CANADA: Alisha Hiyate, BA (POLI SCI, HIST) ahiyate@northernminer.com ADVERTISING: Joe Crofts (416) 510-6816 jcrofts@northernminer.com Michael Winter (416) 510-6772 mwinter@northernminer.com SUBSCRIPTION SALES/ APPOINTMENT NOTICES/ CAREER ADS George Agelopoulos (416) 510-5104 (Toll free) 1-888-502-3456, ext. 43702 gagelopoulos@northernminer.com PRODUCTION MANAGER: Jessica Jubb (416) 510-5213 jjubb@glacierbizinfo.com CIRCULATION/CUSTOMER SERVICE: Laura Arnold (416) 510-5135 (Toll free) 1-888-502-3456 northernminer2@northernminer.com REPUBLISHING: (416) 510-6768 moliveira@northernminer.com ADDRESSES: Toronto Head Office: 225 Duncan Mill Road, Suite 320 Toronto, ON, M3B 3K9 (416) 510-6789 tnm@northernminer.com Western Bureau: 303 West 5th Avenue Vancouver, BC, V5Y 1J6 (604) 688-9908 SUBSCRIPTION RATES: Canada: C$120.00 one year; 5% G.S.T. to CDN orders. 7% P.S.T. to BC orders 13% H.S.T. to ON, NL orders 14% H.S.T. to PEI orders 15% H.S.T. to NB, NS orders U.S.A.: US$120.00 one year Foreign: US$157.00 one year GST Registration # 809744071RT001 (ISSN 0029-3164) CANADA POST: Return undeliverable Canadian addresses to Circulation Dept. c/o The Northern Miner 225 Duncan Mill Road, Suite 320 Toronto, ON M3B 3K9 Publication Mail Agreement #40069240 Periodicals Postage Rates paid at Niagara Falls, NY, 14304. U.S. office of publication 2424 Niagara Falls Blvd, Niagara Falls, N.Y. 14304. U.S. POSTMASTER: send address corrections to: Northern Miner Box 1118 Niagara Falls, N.Y. 14304.-7118

ndonesia has confirmed it will ban exports of nickel ore from January 2020 — two years earlier than expected. The Southeast Asian nation is the world’s largest nickel ore producer, and the news unleashed a torrent of speculation about supply shortages. Three-month nickel contracts on the London Metal Exchange BY TRISH SAYWELL tsaywell@northernminer.com (LME) surged as high as US$18,850 per tonne — a five-year peak — on Sept. 2. While 70% of the world’s nickel goes into stainless steel production, the metal is becoming increasingly important as an ingredient in the cathode part of lithium-ion rechargeable batteries in the emerging electric-vehicle market, an industry Indonesia wants to develop. “The government decided — after weighing all the pros and cons — that we want to expedite smelter building,” Bambang Gatot Ariyono, Director General for minerals and coal at the Energy and Mineral Resources Ministry, told reporters in Jakarta. “So we took the initiative to stop exports of nickel ores of all quality. “If we continue free exports, [Indonesia’s] proven reserves will be enough only for seven to eight years,” Bloomberg quoted Ariyono as saying. “The technology is advancing, so smelters can process lowgrade nickel ores, and they can be used for batteries to help Indonesia meet its electric-vehicle goals.” The Indonesian government has issued export permits this year for as much as 38.6 million tonnes of wet nickel ore — or about 375,000 tonnes of refined nickel. Most of Indonesia’s nickel goes to China, where it’s turned into nickel pig iron (NPI). As a result, Chinese buyers “will be scouring the globe for suitable ore supply,” Colin Hamilton of BMO Capital Markets said in a note, pointing out that “deposits of nickel saprolite for NPI are relatively rare,” and are mostly found in Indonesia, the Philippines and New Caledonia, although China has started importing some from as far afield as Guatemala. The London-based analyst also forecasts an “accelerated ramp-up” of Indonesian NPI facilities, and domestic NPI production moving from 360,000 tonnes this year to 480,000 tonnes next year. Olivier Masson, a senior analyst at Roskill, agrees, explaining that Indonesia was successful in expanding NPI capacity after the country last imposed a ban on nickel exports in 2014. (It relaxed it in 2017, allowing miners to export ore grading less than 1.7% nickel content.) “Indonesia was very successful in attracting NPI capacity after the 2014 ban and nickel production in the country absolutely surged,” he says in an interview from London, “so they want to do the same thing, but for battery-grade material, which will require building hydrometallurgical plants.” Wood Mackenzie cautions that while the Philippines is seen as the main source of ore to offset Indonesian nickel, some mines in the island province of Tawi-Tawi “are apparently nearing exhaustion.” One of the country’s biggest nickel mines, SR Languyan, is expected to stop producing this year. The research and consulting firm forecasts the total loss in nickel production from the export ban will be 16,000 tonnes in 2020, 190,000 tonnes in 2021, 112,000 tonnes in 2022 and 85,000 tonnes from 2023 on. It warned that it doesn’t believe the loss in 2021 “can be offset by increases in output elsewhere,” although from 2022, “the bulk of the lost output could be offset by increased output from Indonesia, assuming funds can be secured for the planned expansions.” BMO is modelling a nickel market deficit of 51,000 tonnes in 2020 and 127,000 tonnes in 2021, compared to its previously modelled, 26,000-tonne deficit in 2020, and 13,000-tonne surplus in 2021. Nickel has already been one of the best performing commodities on the LME this year. At press time, nickel prices on the LME were US$17,540 per tonne, and Goldman Sachs forecasts nickel prices could spike to US$20,000 a tonne in three months, before falling back to US$16,000 a tonne within a year. Ironically, the nickel-export ban may have unintended consequences for Indonesia, because it could become a headwind to demand for battery cathode technology using nickel, analysts like Hamilton speculate. “Of course, the catalyst for bringing forward the ban was President Joko Widodo’s decree that lays out government support for Indonesia to become Asia’s hub for electric-vehicle production,” Hamilton noted. “However, this development — and the nickel price gains accompanying it — are likely to slow the transition to nickel-rich cathode, particularly given that cobalt constraints have eased. “Moreover, it may give Chinese battery producers such as BYD an opening to push nickel-free, lithium-ion phosphate batteries in China once more, particularly as reduced electric-vehicle subsidies for NMC [nickel, manganese, cobalt] technology has made them more competitive again, for low-range vehicles.” TNM

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First-half gold demand jumps on central bank, ETF buying FACTS ‘N’ FIGURES

| Miners push supply to highest level since 2016

The following is an edited summary from the World Gold Council, based on its “Gold Demand Trends Q2 2019” report. To access the report, visit www.gold.org.

lobal gold demand grew to 1,123 tonnes in this year’s second quarter — an 8% rise on the same period last year, according to the World Gold Council’s latest Gold Demand Trends report. Continued central bank buying and sustained growth in gold-backed, exchange-traded funds (ETFs) drove this increase. Taken together with the first quarter of the year, gold demand increased to 2,181.7 tonnes in the first six months of 2019, up 8%, compared with the first half of last year. Central banks bought 224.4 tonnes of gold in second-quarter 2019. This took first-half buying to 374.1 tonnes — the largest net first-half increase in global gold reserves in our data series. In a continuation of recent trends, buying was spread across a range of largely emerging-market countries. Holdings of gold-backed ETFs grew 67.2 tonnes in the second quarter to a six-year high of 2,548 tonnes. Continued geopolitical instability, dovish commentary on monetary policy from central banks, and the rallying gold price in June were the main factors driving inflows into the sector. A strong recovery in India’s

jewellery market pushed demand in the second quarter up 12% to 168.8 tonnes. A busy wedding season and healthy festival sales boosted demand, before the June price rise brought it to a virtual standstill. India’s growth drove modest improvement in the global jewellery total, up 2% year-overyear, to 531.7 tonnes. Bar and coin investment in the second quarter sank 12% to 218.6 tonnes. Combined with the soft first-quarter number, this took the first-half total to a six-year low of 476.9 tonnes. A 29% year-overyear drop in China accounted for much of the global second-quarter decline. Gold supply grew 6% in the second quarter to 1,186.7 tonnes. A record 882.6 tonnes for secondquarter gold mine production and a 9% jump in recycling to 314.6 tonnes — helped by the sharp June gold price rally — led the growth in supply. Over the first half, supply reached 2,323.9 tonnes — the highest level since 2016. Gold prices reached multi-year highs. The gold price rallied in June, breaking through US$1,400 per oz. for the first time since 2013. The price rise in other currencies was even more pronounced. Among the factors driving this rally were expectations of lower interest rates and political uncertainty, with further support coming from strong central bank buying.

Gold in the second quarter: key findings  O verall demand was 1,123 tonnes in the second quarter, an 8%

increase, compared with 1,038.8 tonnes in second-quarter 2018;  C onsumer demand was down at 750.3 tonnes, compared with

769 tonnes in the same period last year;  I nvestment demand was relatively flat, with 1% growth to 285.8

tonnes, compared with 282 tonnes in second-quarter 2018;  G lobal jewellery demand increased 2% to 531.7 tonnes in the

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Gold in a Bank of England vault in 2011. BANK OF ENGLAND

Agnico Eagle Mines. . . . . . 6 Albemarle. . . . . . . . . . . . . . 3 Argonaut Gold. . . . . . . . . 11 Bearing Lithium. . . . . . . . . 3 Canada Cobalt Works. . . 11 Continental Gold. . . . . . . . 1 First Mining Gold. . . . . . 11 First Quantum Minerals. . 5 Frontier Lithium . . . . . . . 14 Harte Gold . . . . . . . . . . . . 14 Kidman Resources. . . . . . . 3

Kinross Gold. . . . . . . . . . . . 7 Kirkland Lake Gold. . 10,14 KWG Resources. . . . . . . . 12 Laramide Resources . . . . 13 Liberty Gold. . . . . . . . . . . . 6 Lithium Americas. . . . . . . 3 Lithium Power International . . . . . . . . . . 3 McEwen Mining . . . . . . . 15 Newmont Goldcorp . . . . 16 Noront Resources . . . . . . . 9

Osisko Gold Royalties. . . . 8 Pure Gold Mining. . . . 6,14 Rambler Metals and Mining . . . . . . . . . . . . . . 10 Rubicon Minerals . . . . . . . 9 Sable Resources . . . . . . . . . 8 Sociedad Quimica y Minera de Chile . . . . . . . 3 Treasury Metals. . . . . . . . 13 Wesdome Gold Mines. . 14

second quarter, up from 520.8 tonnes in the same period in 2018;  C entral bank demand increased 47% to 224.4 tonnes, compared

with 152.8 tonnes in second-quarter 2018;  D emand in the technology sector decreased 3% to 81.1 tonnes,

compared with 83.3 tonnes in second-quarter 2018;  T otal supply was up at 1,186.7 tonnes, from 1,121.3 tonnes in the

same period last year; and  R ecycling was up 9% at 314.6 tonnes, compared with 289.8

tonnes in second-quarter 2018.

2019-09-10 7:14 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / SEPTEMBER 16–29, 2019

First Quantum Minerals’ suspended Ravensthorpe nickel-cobalt mine in Western Australia. FIRST QUANTUM MINERALS

Mystery nickel buyer could restart First Quantum’s Ravensthorpe AUSTRALIA

BY BRIAN SYLVESTER

Special to The Northern Miner

irst Quantum Minerals (TSX: FM; LSE: FQM) management says it could have a buyer for any nickel produced from a restart of the venerable Ravensthorpe nickel-cobalt mine at Bandalup Hill in Western Australia, but on a second-quarter earnings call, the company’s CEO, Philip Pascall, was vague about who that buyer might be. Pascall cited increasing interest from a “not Congo source” that wants a “strategic source” of nickel. “We need it to be in production to be able to take advantage of that, but it’s profitable [at current nickel prices]. The cost to bring it back into production is very modest because of the work we have done sustaining it,” Pascall said. After being peppered with questions regarding Ravensthorpe from seemingly surprised analysts, Pascall said: “[The proposed buyer] would want to see it operating. The production level is … something over 20,000 tonnes for next year. But the actual start date at the moment is going to move up or down a month or two.” He added that Ravensthorpe could provide the company with a “breakeven contribution” down to and even below $5 per lb. nickel. In October 2017, when Ravensthorpe was placed on care and maintenance, nickel was trading at US$5 per pound. By press time, nickel had climbed to US$7.94 per pound. A few months earlier, in the management discussion and analysis notes published with the company’s 2019 first-quarter results, First Quantum management had hinted at a Ravensthorpe restart: “Ravensthorpe remains on care and maintenance throughout the quarter … if market conditions continue, it is expected that operations could resume in the first quarter of 2020.” “It’s interesting because in the [first-quarter conference call] transcript they did talk about how Ravensthorpe was not economic at current prices. So that would have been April. And since then we haven’t seen a meaningful enough improvement in nickel or cobalt prices,” Jackie Przybylowski, a metals and mining analyst with BMO Capital Markets, said in an interview in mid-August. “It surprised me that the language had been strengthened on [restarting] Ravensthorpe.” In Przybylowski’s model, it would cost First Quantum $30 million to restart Ravensthorpe, and it wouldn’t happen until 2021. At that point, Przybylowski suggested the mine could produce 25,000 tonnes nickel

1-16_SEPT16_Main .indd 5

| Low prices put mine on care and maintenance in 2017

“THE COST TO BRING [RAVENSTHORPE] BACK INTO PRODUCTION IS VERY MODEST BECAUSE OF THE WORK WE’VE DONE SUSTAINING IT.” PHILIP PASCALL CEO, FIRST QUANTUM MINERALS

annually in its first year, and climb modestly from there to peak at 30,000 tonnes. Various attempts to ask First Quantum about time lines for a Ravensthorpe restart went unanswered. Care and maintenance costs at Ravensthorpe in the first quarter were US$4 million. The company reported that contractor and maintenance costs were higher than expected due to repairs in the processing plant. After the global economic downturn and ongoing ore processing problems, BHP Group (NYSE: BHP; LON: BLT) sold Ravensthorpe to First Quantum in December 2009. First Quantum rebuilt the processing circuit and recommissioned the plant 18 months later. Ravensthorpe consists of five deposits: Halley’s, Hale–Bopp, Shoemaker–Levy, Nindilbillup and Shoemaker–Levy North. The operation has proven and probable reserves of 197 million tonnes grading 0.6% nickel and 0.03% cobalt. Meanwhile, capital costs at First Quantum’s Cobre Panama copper-gold mine in Colon province, Panama, have soared to US$6.7 billion — up from an earlier estimate of US$6.3 billion — as production ramps up at the massive pit. The added capital will be spent on changes to the tailings management facility, measures to accelerate commissioning, and on more mining trucks. The company says there will be no further increases in capital costs. “Definitely a high level of confidence from my side. The risk level is dropping extremely quickly because we’re going down to a low level of construction and remaining commissioning,” said Zenon Wozniak, director of projects, during the conference call. Six of the eight ball mills at Cobre Panama were operating by the end of June. Another mill starts in the third quarter, while the final ball mill is scheduled to operate early in the fourth quarter.

Cobre Panama reached pre-commercial production of 30,896 tonnes copper in the second quarter, and the mine is on track to produce somewhere in its prescribed guidance of between 140,000 and 175,000 tonnes copper in 2019. The first copper concentrate was shipped in June. “[Cobre Panama] is going be a world-class mine. It’s going to be a major producer … it’s very difficult to ramp up a project of that scale,” Przybylowski said. Przybylowski’s model suggests Cobre Panama will reach its boilerplate capacity of 100 million tonnes annually by mid-2024. BMO expects the mine to reach 82 million tonnes throughput in 2020, and 85 million tonnes a year later. Once Cobre Panama is up and running, First Quantum says it will take three years to rebuild its balance sheet before taking on another major project. Many believe that the next mine could be the Taca Taca copper-goldmolybdenum porphyry deposit in Argentina’s Salta province. Przybylowski remains unconvinced, given the recent instability there. “Today [Argentina] looks like a much higher-risk place to do business,” Przybylowski said. First Quantum owns Taca Taca through its Argentine subsidiary CASA. The company acquired the project when it bought Lumina Copper in August 2014. The other development option for First Quantum is the Haquira copper project, situated between the provinces of Cotabambas and Grau Geologist/Prospector based in Sudbury Experience in field reconnaissance, ground truthing, trenching, channel sampling, mapping, core logging and more. Found 24 lamprophyre dikes in 1 season and located a gold showing for last 3 consecutive summers since 2016. Seeking to extend gold streak before field season ends. CONTACT: Frank Racicot P.Geol

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in southern Peru. Minera Antares Peru, a wholly owned subsidiary, will spend US$17.7 million this year to drill Haquira and move it closer to the feasibility stage. Haquira was acquired when First Quantum bought Antares Minerals in 2010. Elsewhere, First Quantum’s wholly owned subsidiary, Kalumbila Minerals, has settled a US$7-billion duties dispute with the Zambian Revenue Authority (ZRA). The company deemed the settlement as immaterial, but did not disclose the settlement amount. Przybylowski saidthe dispute is in the past, and does not expect that unpaid duties will escalate to this level going forward. “We have seen the Zambian Revenue Authority engaging with the company and working to resolve issues on both the duties dispute and on the VAT tax implementation, which is a positive signal,” she said.

APPOINTMENT NOTICE |

The Zambian government also plans to replace its VAT tax with a goods and services tax, beginning in September. First Quantum expects that the tax will impact cash costs at the Zambia mines to the tune of 7¢ per lb. in 2019, and 15¢ to 18¢ in 2020. The changes are under review by the ZRA. First Quantum generated net earnings of $78 million in the second quarter, or 11¢ per share, and ended the quarter with $802 million in cash and equivalents. The company also declared a dividend of 0.5¢ per share. BMO Capital Markets has an “outperform” rating on First Quantum with a 12-month target price of $15, down $2 since April. First Quantum has 689 million shares outstanding and trades in a 52-week range of $8.30 to $18.49. TNM —Brian Sylvester is a Toronto-based freelance writer.

GOLDEN SUN RESOURCES (AUGUST 2019)

The Board of Directors of Golden Sun Resources (GSR) is pleased to announce the appointment of Tom Ogryzlo as Chairman. GSR is a private company owned by a small group of seasoned executives with worldwide resource sector experience. GSR’s full scale pilot plant is now producing gold at its Bellavista Mine in Costa Rica where operations were suspended by Glencairn Resources (Wheaton River) following land slippage that affected the ADR plant. The mine was a 60,000 oz. gold producer with Ni 43-101 proven and probable reserves of 420,000 oz. Au at a cutoff grade of 0.5g/t plus an additional 420,000 oz. Au in resource categories at the time that operations were suspended. GSR acquired Bellavista from B2Gold, Glencairn’s successor. Tom has resided in Costa Rica for 16 years. During his long career he has held executive positions with numerous mining companies as well as in the engineering and construction and renewable energy sectors. During his long career, he has served as CEO of a number of operating base and precious metal mines in Canada, Central America and South America and on the boards of more than 20 TSX and NYSE listed companies. In June, Tom left the Board of Polaris Infrastructure, owner of a major geothermal project that he founded in Nicaragua. As well he recently retired from his management role with Franco Nevada Barbados Corporation but will continue on the Board. His relationship with Franco Nevada as a consultant, employee and Board Member dates from 1993. GSR expect that Tom will be able to greatly contribute to the company’s growth within Costa Rica as the country undergoes the revitalization of its mining sector. Tom is also expected to play a key role in guiding GSR towards its objectives of acquisition of mining and renewable energy projects in other Latin America countries.

2019-09-10 7:14 PM

WWW.NORTHERNMINER.COM

SEPTEMBER 16–29, 2019 / THE NORTHERN MINER

Economic uncertainty drives gold higher GOLD From 1

drift lower in the short-term, as even a bull run never follows a smooth path,” Melek and his colleagues state in a Sept. 5 note. In the meantime, Melek says portfolio weightings have already started to “tilt aggressively” into gold. “The good news is that public, private and corporate debt around the world has skyrocketed, the business cycle is growing very long in the tooth, equity market risks have grown, and volatility is trending higher,” Melek writes. “And since gold is very much a diversifier and a hedge for tail risks, money managers will continue to increase their allocation of capital into the metal.” Demand for gold and other haven assets should also increase, as the risk for a recession, or at least correction, increases. Melek says there is also growing market conviction that central banks around the world could turn to quantitative easing when their economies stall, or fall, which is “more fodder for the view that asset allocations will continue to tilt toward hedge assets … all this suggests that metal in vaults will likely stay there, which means that the extra demand should stress primary supply-demand fundamentals.” Sean Boyd, CEO of Agnico Eagle Mines (TSX: AEM; NYSE: AEM), says he saw a shift in sentiment

The first gold pour and doré from Agnico Eagle Mines’ Meliadine mine in Nunavut. AGNICO EAGLE MINES

towards gold a couple of years ago, when “big money” began doing more due diligence on the sector. However, it wasn’t until gold hit US$1,400 per ounce

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that the interest became more pronounced. “It’s another sign that people are starting to change their perception on gold to one that was

total disrespect and disdain to ‘hey, maybe this is something we should own,’ because the [economic] environment going forward is a lot more uncertain,” Boyd said in an interview. He forecasts the gold price could hit an all-time high above US$2,000 per oz. in the next couple of years. Gold’s record right now is just above US$1,900 per oz. in 2011. “This is a perfect environment for gold to do extremely well,” Boyd said, while crossing his fingers that the price increase will remain steady and sustainable. “What we don’t want is for gold to go up too quickly,” he said. “Any time you’re in the early stage of what should be a strong cycle and bull market — I would call this the start of a bull market in gold — you don’t want too much volatility. We want big money, we want smart money to be comfortable and work their way into positions. Volatility, or extreme volatility, is never good.” Investors are also wary about getting overexcited about gold, having suffered from the mistakes some miners made at the start of the decade by over-leveraging assets based on strong prices — only to see them fall, forcing massive project writedowns and cost cuts. “What the industry has to do is not get complacent ... to focus on costs and be laser-like in focusing on delivering margin expansion,” Boyd said. “It’s going to take some discipline from the industry, which I expect for the most part we are going to see.” Boyd vows Agnico will remain measured in its growth, even if gold prices continue to rise as forecast. “We aren’t going to start to take marginal projects off the shelf and start building them,” he said. “We have got enough in our pipeline to continue to steadily grow this business over the next five years from an annual production standpoint, just by working things that already exist in our current pipeline, which were analyzed at US$1,200, or US$1,250 gold.” Agnico could accelerate phase two of its Meliadine and Amaruq projects, if gold’s gains are sustained, he said.

“ANY TIME YOU’RE IN THE EARLY STAGE OF WHAT SHOULD BE A STRONG CYCLE AND BULL MARKET — I WOULD CALL THIS THE START OF A BULL MARKET IN GOLD — YOU DON’T WANT TOO MUCH VOLATILITY.” SEAN BOYD CEO, AGNICO EAGLE MINES

“We have to continue to be measured and really stay focused on continuing to deliver a highquality business that’s focused on net-free cash flow generation,” Boyd said, adding that investors are looking for “net-free cash flow, increased dividends and steady, well-run businesses that do what they say they’re going to do.” Mark O’Dea, chairman and founder of Oxygen Capital, which has four exploration-stage companies, including Pure Gold Mining (TSXV: PGM; LON: PUR) and Liberty Gold (TSX: LGD), said higher gold prices will increase project valuations, which, in turn, should boost investment in companies and the industry overall. “The spotlight is on the sector again,” O’Dea said in an interview. “North American investors are going to wake up to the fact that there are some good opportunities here.” Well-known resource investor Eric Sprott has invested about $140-million in 18 exploration companies so far this year, according to the Globe and Mail, including $20-million in Oxygen’s Pure Gold Mining for a 10% stake. O’Dea hopes to see more venture capital come back to the mining space, having been focused on sectors such as marijuana for the past two to three years. “It’s a phenomenal time to get back into the resources sector, because prices haven’t taken off yet. They have bounced … but there’s still more room to go,” O’Dea said. TNM

2019-09-10 7:14 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / SEPTEMBER 16–29, 2019

The Chulbatkan gold project in Russia’s Far East, 15 km southwest of Udinsk. KINROSS GOLD

Kinross picks up Chulbatkan in US$283M deal RUSSIAN GOLD BY TRISH SAYWELL

tsaywell@northernminer.com

inross Gold (TSX: K; NYSE: KGC) is leveraging its expertise as a cold-climate, heapleach operator with a 24-year operating history in Russia by acquiring N-Mining’s Chulbatkan project in Russia’s Far East. The Toronto-headquartered gold producer is buying the heap-leach project for US$113 million in cash and US$170 million in Kinross shares. The open-pit project, 15 km southwest of Udinsk, a settlement on the Amgun River, has similar features to Kinross’ Fort Knox mine in Alaska, the company says, and complements the company’s two existing underground gold mines in Russia — Kupol and Dvoinoye. Chulbatkan is 2,000 km southeast of Kupol. Kinross evaluated the large, nearsurface project for 16 months before pulling the trigger, and estimates that Chulbatkan could be put into production for US$500 million, support a six-year mine life, and recover 1.8 million oz. gold at all-in sustaining costs (AISCs) of US$550 per ounce. Its calculations were based on an internal analysis using a preliminary block model and a constrained pit using a US$1,200 per oz. gold price. Kinross estimates the project has 3.9 million oz. gold in the indicated category (87 million tonnes grading 1.4 grams gold), and another 80,000 inferred oz. gold (3 million tonnes grading 1 gram gold). The company is planning an “extensive” drill program to increase the resource and hopes to complete a prefeasibility and feasibility study on the project within the next three years. It estimates a two-year construction period. Chulbatkan has exploration and mining licences valid until the end of 2037. On a conference call, CEO Paul Rollinson described the acquisition as “an excellent fit for Kinross,” and said he was “pleased to be adding a high-quality project to our develop-

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| Miner planning ‘extensive’ drill campaign in Russia’s Far East

ment pipeline. “The project already has the potential to be a substantial producer with an attractive cost structure,” Rollinson told analysts and investors on the call. “In addition, there is significant upside potential beyond the 4-million resource estimate, as the deposit is highly continuous, and is open along strike and depth. There are also multiple untested high-quality targets within the 120 sq. km exploration licence.” Kinross says Chulbatkan’s mineral resource estimate is limited by the extent of drilling, with most holes ending in mineralization. The mineralization extends from nearsurface to an average drilled depth of 300 metres, and the resource footprint represents less than 1% of the licence area. “One of the most exciting things about this project is that, on the one hand, the base case alone is a very attractive project — the heap-leach numbers we have put out there,” says Paul Tomory, the company’s chief technical officer. “But most of the holes terminate in grade, and it is truly an open deposit. And we are already building the exploration program for next year, and it will have a very significant component of drilling at Chulbatkan, so it is very prospective and very exciting.” The company notes in a press release that several structural environments analogous to the Chulbatkan deposit and multiple downstream placer gold occurrences indicate more hard-rock source mineralization in the licence area. In addition, surface rock samples have been collected outside of the resource area that have grades greater than 1 gram gold per tonne. Due diligence before the acquisition included several site visits, a confirmatory drill program consisting of eight holes, and met testing for characteristics and recoveries. Having owned and operated four mines in Russia over nearly a quarter of a century, Kinross brings a “wellestablished team in the region,” as well as a “robust network of suppliers in the country, and strong relationships with several Russian

stakeholders,” Rollinson said on the conference call. “Additionally, Khabarovsk, where the project is located, is a mining-friendly jurisdiction and the fourth-largest producing region in Russia.” The company’s business in the country is run out of its office in Magadan, between its operations at Kupol, Dvoinoye and Chulbatkan. Rollinson noted that the two closest cities to the project are the state capital of Khabarovsk and Komsomolsk-on-Amur, both of them “significant-sized, industrial bases. “The site is accessed with an allseason road that gets us most of the way there, and then, beyond that, there are seasonal and logging roads,” Rollinson noted on the question-and-answer portion of the conference call. “Part of the project will be upgrading that infrastructure. But very beneficially to a potential project there, the site is immediately adjacent to a significant river and is accessible by barge. So on a relative basis, this site is significantly more accessible than, say, Kupol is.” Last year, Kinross spent US$231 million on local goods and services providers in Russia, paid US$77 million in taxes and royalties to the government, and US$87 million in

wages and benefits to its employees in the country, 98.5% of whom are Russian. Mining analyst Farooq Hamed of Raymond James weighed in on Chulbatkan in an Aug. 1 research note. “Comparing the preliminary operating metrics to the initial investment and proposed capex, and factoring in a production time line of five years, we believe Kinross will have to show sizable exploration upside at the asset in the pre-construction period for it to be considered a value-accretive acquisition.” Last year, the company continued to have success with its drilling programs at Kupol and Dvoinoye, which helped extend the mill life of its Kupol operation by another year, to 2023. Indeed, 47% of the company’s 2018 exploration drill program was in Russia. “We have had a great success finding ounces through the course of the year, and that goes back several years,” Rollinson said. “It is an underground operation and there is a limit to how far we can get ahead of the curve. But I do like to remind people that when that asset came into our company, the mine life was 2017. And if you look in the rearview mirror each year, we have had very

good success in continuing to find ounces as we’re mining throughout the course of the year.” This year, exploration at Kupol — and at Dvoinoye, 100 km north — is a priority, with a budget of up to US$20 million to continue exploring and delineating high-potential targets, the company states. Part of that budget has also been allocated for exploration of brownfield targets around the mine sites. The company acquired a 75% interest in the Kupol project in Far Eastern Russia in February 2007, and picked up the other 25% interest from the State Unitary Enterprise of the Chukotka Autonomous Okrug in April 2011. Commercial production started at Dvoinoye in October 2013, and ore from the mine is sent to Kupol for processing. In 2018, the Kupol and Dvoinoye operations produced a total of 489,947 equivalent oz. gold at a cost of sales of US$582 per ounce. Kinross produced a total of 2.5 million equivalent oz. gold last year and expects to produce the same amount this year. Production costs of sales per gold-equivalent ounce in 2019 are also expected to be in line with 2018 at US$730, with AISCs of US$995 per oz. sold. TNM

2019-09-10 7:14 PM

WWW.NORTHERNMINER.COM

SEPTEMBER 16–29, 2019 / THE NORTHERN MINER

Osisko Gold Royalties bets on Sable Resources The Progressive INVESTMENT

| Takes 9.86% stake in junior explorer

MINE FORUM

long as the royalties company owns sit 150 to 200 metres apart. more than 5% of Sable’s outstanding Sable’s third Mexican project, common shares — and the right to El Escarpe, is 190 km northwest able ResourcesNew (TSXV: SAE) nominate someone to the junior’s of Mexico City and 90 km southIdeas > Next Generation says agreements potentially board of directors. east of Guanajuato, in Queretaro worth up to $12.6 million with Sable has precious metal proper- state. The mineralization style is a Osisko Gold Royalties (TSX: OR) ties in Argentina, Canada, Mexico volcanic-hosted, low to intermediate will finance exploration across its and Peru. sulphidation epithermal system. projects for the next four years. President and CEO Tom ObraOutside of Mexico, Sable is earnOsisko is taking a 9.86% stake for dovich said in a news release that ing a 100% stake in the Don Julio $2.08 million in the junior grassroots Osisko’s strategic investment “dem- project in Argentina, 165 km from explorer — acquiring 16 million onstrates the confidence they have the city of San Juan, in San Juan units at 13¢ per unit — a 12% pre- in our exploration team and quality province. The junior says Don Jumium to Sable’s 30-day, volume- of our projects,” and said the financ- lio “may represent the southern weighted average price per share. ing will allow it to drill test targets extension of the well-endowed El Each unit consists of one common “with relatively low dilution to our Indio–Pascua mineral belt.” share and one-half of a common existing shareholders.” In North America, Sable owns share purchase warrant, exercisOnce the deal closes, the mining the Tulox project in south-central able for three years at a price of 21¢ executive noted, drilling will start British Columbia. per share. at Sable’s permitted Vinata project, News of Osisko’s investment sent The two companies will also enter in Mexico’s Chihuahua state, 50 shares of Sable up 12.5%, or 1.5¢, to into a royalty-purchase agreement km south of the state capital. Sable 14¢ per share. At press time its shares that will help Osisko acquire a 1% has undertaken geological map- were trading at 12¢. The company net smelter return royalty (NSR) on ping and rock sampling at Vinata has traded in a 52-week range of 9¢ Sable’s properties in Mexico for $5 to define zones of anomalous gold to 37¢ per share. million. The royalty will encompass and trace element geochemistry, as In July, CEO Obradovich and any other properties Sable acquires well as areas showing textural and Sable’s vice-president of exploration, in Mexico over four years. vein characteristics of epithermal Ruben Padilla, signalled their confiOsisko will have the right to systems, the company states. dence in the company by acquiring acquire another 1% NSR for $5.5 The junior’s other projects in- more shares. million on minerals produced from clude Margarita, also in Chihuahua According to SEDI, Padilla acthe junior’s properties in Mexico, state, 120 km southwest of the state quired 42,500 shares at 10¢ a share or ones it may acquire over the capital and 110 km northwest of the on July 15, 52,500 shares at 10¢ on same period. country’s historic Parral mining July 16 and another 100,000 shares Under the deal announced on district. Two veins, Margarita–El at the same price on July 22. ObraAug. 29, Sable will also give Osisko Tren and El Caido, are the main dovich acquired 100,000 shares at the right of first refusal over any exploration targets at Margarita, 14¢ on July 4. royalties and streams on its proper- and can be traced along strike on Sable has 146 million common ties, equity participation rights to surface for at least 1.8 km and 500 shares outstanding for a $17.5-milkeep its ownership interest — as metres, respectively. The two veins lion market capitalization. TNM BY TRISH SAYWELL

tsaywell@northernminer.com

Sable Resources’ exploration properties in Mexico. SABLE RESOURCES

PRESENT

October 16, 2019 MaRS Discovery District, Toronto, ON

NEXT GENERATION SOLUTIONS FOR TODAY’S MINING CHALLENGES

Visit WWW.NORTHERNMINER.COM/PMF2019 to register your interest

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2019-09-10 7:14 PM

SPECIAL FOCUS

ONTARIO New Gold’s Rainy River gold mine in northwestern Ontario. NEW GOLD

Ontario to pursue bilateral deals with First Nations at Ring of Fire ABORIGINAL RELATIONS BY JEAN LIAN

The mill at Rubicon Minerals’ Phoenix gold project in Red Lake, Ontario. RUBICON MINERALS

Rubicon optimistic on Phoenix study GOLD

| Initial capex of $101.2M to put project into commercial production BY TRISH SAYWELL tsaywell@northernminer.com

positive preliminary economic assessment (PEA) suggests Rubicon Minerals’ (TSX: RMX; US-OTC: RBYCF) once-troubled Phoenix gold project in northwestern Ontario could rise again. Trial mining of Phoenix’s F2 gold deposit was called off in late 2015 after the first gold pour, when the company’s previous management team ran into problems reconciling grades, and realized the geology was more complex than they had anticipated. Rubicon’s current president and CEO, George Ogilvie, stepped into the breach in December 2016, restructured the company, and ran a test-trial mining and 35,000-tonne bulk-sample processing program last year. In March, Rubicon updated F2’s resource estimate to 2.93 million measured and indicated tonnes grading 6.26 grams gold per tonne for 589,000 contained oz. gold, and 2.57 million inferred tonnes averaging 6.53 grams gold per tonne for 540,000 oz. gold. A PEA in August outlined a mine life of just over six years, with total production of 493,583 oz. gold — or 79,610 oz. per year — using a base case gold price of US$1,325 per ounce. Initial capital to put the mine into commercial production is estimated at $101.2 million. That’s because the project benefits from more than $770 million in sunk capital and a mine that has been 95% built, including a fully operational mill, a 730-metredeep shaft and hoisting facility, more than 14,000 metres of developed mine workings, a permitted tailings pond, and a 200-man camp. Sustaining capital over the lifeof-mine is pegged at $154 million. The PEA forecasts a 40.2% aftertax internal rate of return and $191.5 million in after-tax, free cash flow — numbers that benefit not only from the sunk capital, but also access to $690 million of tax-deductable pools, tax losses and tax credits. The study estimates that applying $300 million in tax-loss pools improves the life-of-mine free cash flow by $95.5 million. What’s more, at the end of the current mine life, Rubicon would still have $521 million of unused federal tax-loss pools, which could generate more than

1-16_SEPT16_Main .indd 9

$100 million in future free cash flow for the company. “One of the big things that I don’t think people are picking up on, are these tax-loss pools,” Ogilvie says in an interview. “If $300 million of tax pools gives you $95 million in additional free cash flow, those tax pools will generate more than $200 million in free cash flow over a 10-year period, and here we are at a market cap of about $80 million. It’s amazing.” The PEA envisions 26,608 metres of underground development. About 6,000 metres of underground development, including a ramp to surface, is planned during the pre-commercial production period, See RUBICON / 10

jlian@northernminer.com

ntario is one step closer to making the Ring of Fire a reality. Rick Gregford, Minister of Energy, Northern Development and Mines, and Minister of Indigenous Affairs, announced in August that the province would work directly with First Nation communities to develop infrastructure that unlocks the mineral-rich region in northern Ontario. Establishing bilateral agreements with individual First Nation communities to replace the previous Liberal government’s collectivenegotiations approach under a 2014 framework agreement with nine Matawa First Nation communities will expedite the building of a north–south corridor to the Ring of Fire. Noront Resources (TSXV: NOT) — which says it holds 85% of all claims staked in the Ring of Fire — and Marten Falls First Nation released a statement in late August applauding the provincial government’s move. “We are encouraged by the Ontario government’s support and commitment to develop, on an expedited basis, the Ring of Fire mineral deposits and associated infrastructure, which will be shared

| Access remains key to development

between community and industry use,” the joint statement said. Marten Falls First Nation is leading an environmental assessment for an all-season access road along the north–south corridor that will connect the community to Ontario’s provincial highway network in the south. The all-season access road project consists of two phases. The first phase is an all-season community road between 140 and 250 km that will connect Marten Falls First Nation to forestry roads near Painter Lake, north of the small town of Nakina, Ontario. The second phase is an all-season supply road that will branch off the community access road north of the Albany River and connect to the Ring of Fire. “Ontario recognizes the importance of the connection to the Ring of Fire and will work with Noront and partner communities to pursue this work,” the Ministry of Energy, Northern Development and Mines said in an email. The provincial government’s announcement is big news for Noront. The Eagle’s Nest project, which hosts a high-grade, nickel-copperplatinum deposit, is Noront’s flagship project in the 5,120 sq. km Ring of Fire. The project calls for an all-season road to get the mineral concentrate to market. “We need to have certainty

around the road and the road construction going ahead,” Alan Coutts, Noront’s president and CEO, says in an interview. “Without the road, that project is not viable.” Marten Falls First Nation is located near the Ring of Fire, 170 km northeast of Nakina. There is only one airline connecting the First Nations community to Nakina, and winter roads are hazardous. Chief Bruce Achneepineskum of Marten Falls First Nation in Ogoki says the north–south corridor means remote First Nation communities in the region can benefit from the Ring of Fire’s development. Noront signed a project-advancement agreement with Marten Falls First Nation in April 2017. The agreement helps Noront consult and involve traditional landholders like Marten Falls First Nation on developing mining projects that fall on ancestral land in the region. Under the agreement, Noront issued 300,000 shares to Marten Falls First Nation in early September. Another affected community, Aroland First Nation, 20 km west of Nakina, also received 150,000 Noront shares as part of a memorandum of understanding it signed with the company in June 2019. The Ring of Fire is made up of a See RING OF FIRE / 12

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SEPTEMBER 16–29, 2019 / THE NORTHERN MINER

ONTARIO

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Rubicon Minerals’ Phoenix gold project in Red Lake, Ontario. RUBICON MINERALS

Rubicon optimistic on Phoenix study RUBICON From 9

which would give the company access to 40 to 50 working stopes. Ogilvie and his team say they can enhance the project’s economics through resource expansion at depth and along strike. The bottom of the mineralization included in the PEA sits at a 1,400-metre depth, Ogilvie notes, but the former Rubicon team found mineralization in sparsely spaced drilling as deep as 1,600 metres below surface. “That’s why we have a non-compliant category of ‘explored ounces’ that is anywhere between 5 and 7 grams, and approximately 1 million tonnes,” Ogilvie says. “If you work that out, it’s going to be anything around 150,000 ounces ... that need to be infill drilled to move it into a higher resource class, and that can add another one or two years

to the mine life. The deposit has never been cut off at depth, and next door at the [Campbell and Red Lake] producing mines of Newmont Goldcorp, the high-grade zones were all discovered below 2,000 metres underground.” Moreover, if the deeper material could be brought into inferred resources, he says, Rubicon wouldn’t need to lower the shaft — the material could be trucked up to surface or up to a loading pocket. “If trucks were trucking it up from the 1,600 level, they theoretically could go up to the 600-metre level — that’s where our main haulage level is — so there’s no requirement to extend the shaft down or sink any internal winze.” Rubicon also says it has targets within 2 km of the deposit that it plans to drill that could affect the project’s economics. The company

has a 285 sq. km land package — 40% of all claims in the province’s Red Lake district. In addition, management is looking at other ways to optimize the results, such as greater use of raise mining with mass blasts, which would trim stope cycle time and costs, ore-sorting technology that might improve mill head grade, and electric underground trucks to lower ventilation costs. The next step is to update the resource before year-end to convert more inferred ounces into the measured and indicated category so that work can begin in the new year on completing a feasibility study. “We just want mineable reserves in a feasibility study that show robust economic returns so project financing can be completed, and we can move this into commercial production over a 20-month

“ONE OF THE BIG THINGS THAT I DON’T THINK PEOPLE ARE PICKING UP ON ARE THESE TAXLOSS POOLS.” GEORGE OGILVIE PRESIDENT AND CEO, RUBICON MINERALS

period,” Ogilvie says. The mining executive says the company could finish a feasibility study in eight to nine months, taking into account existing infrastructure and development, and the fact that there aren’t many unknown costs outstanding.

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“The results of the PEA are extremely pleasing, given that we’ve used quite conservative assumptions in putting the business case together, and, even in the mine planning, the operating and capital costs are all real numbers that we’ve seen over the last five to six years,” he says. What’s more, productivity rates in the PEA are a little low, he adds, “meaning that there’s also an opportunity to speed things up and accelerate to commercial production, so at the end of the day we feel we can deliver on these results, and probably get superior ones when we come out with our feasibility study next year.” Before joining Rubicon, Ogilvie was CEO of Kirkland Lake Gold (TSX: KL; US-OTC: KLGDF) from 2013 to 2016, and before that, was CEO of Rambler Metals and Mining (TSXV: RAB; LON-RMM). When Rubicon restructured, the mining executive put $650,000 of his own money into the company at an average weighted price of $1.37 per share. “You’re starting to see how management is systematically de-risking this project, building back the confidence, being conservative and prudent in its assumptions and delivering on what it says it’s going to do, and over time people are going to realize you’ve got a commercially viable mine in one of the tier-one mining jurisdictions in the world, and a company that is significantly undervalued.” Rubicon shares sold for $1.10 at press time within a 52-week range of 61¢ to $1.52. The company has 77 million common shares outstanding for an $83-million market capitalization. TNM

2019-09-10 7:14 PM

ONTARIO

GLOBAL MINING NEWS

THE NORTHERN MINER / SEPTEMBER 16–29, 2019

ONTARIO SNAPSHOT

Eight companies with Ontario mines and exploration projects Ontario is the largest mineralproducing province by value in Canada. Last year the province produced $10.1 billion in minerals, or 21.4% of Canada’s $47-billion worth of mineral production. It also has an active exploration scene, with about 150 companies actively exploring more than 200 projects. Here is a look at eight companies with mines and exploration projects in the province. ARGONAUT GOLD Argonaut Gold (TSX: AR) wholly owns the advanced-stage Magino gold project, 40 km northeast of Wawa, Ontario. The company acquired the openpit project in December 2012 and completed a feasibility study in November 2017. The study outlines production of 116,000 oz. gold per year over a 17-year mine life (including three years of ore processed from a low-grade stockpile) for total production of nearly 2 million oz. gold at cash costs of US$669 per oz., and all-in sustaining costs (AISCs) of US$711 per ounce.

The camp and samples at First Mining Gold’s Springpole gold project, 110 km northeast of Red Lake, Ontario. FIRST MINING GOLD Nevada. The technology skips the normal smelting process and allows recoveries of cobalt, nickel, copper and manganese, while removing arsenic from the product.

FIRST MINING GOLD First Mining Gold (TSX: FF; US-OTC: FFMGF) has four projects in Ontario: Springpole, Goldlund, Cameron and Pickle Crow.

Springpole, 110 km northeast of the town of Red Lake, is one of Canada’s largest undeveloped gold projects, with 4.67 million contained oz. gold and 24.19 million oz. silver in the indicated

category (139.1 million tonnes grading 1.04 grams gold per tonne and 5.4 grams silver per tonne), and inferred resources of 230,000

See SNAPSHOT / 14

The study estimated initial capex of US$321 million and an aftertax payback period of just under four years at a gold price of US$1,250 per ounce. At a base case, 10,000-tonne-per-day processing rate, Magino’s after-tax net present value, at a 5% discount rate, was pegged at US$288 million, with a 19.5% post-tax internal rate of return. Magino’s measured and indicated resources stand at 144 million tonnes grading 0.91 gram gold per tonne for 4.20 million contained oz. gold, and another 33.2 million inferred tonnes averaging 0.83 gram gold for 886,000 contained oz. gold. Earlier this year, the federal government issued a positive decision on the project’s environmental assessment. Magino still requires provincial government approval and other key authorizations, such as a construction permit and mine closure plan. CANADA COBALT WORKS Canada Cobalt Works (TSXV: CCW) wholly owns the Castle mine project in northern Ontario’s historic cobalt camp. The project contains the past-producing Castle mine and its adjoining 78 sq. km land package, northeast of the town of Gowganda. The mine operated at various times between 1917 and 1989, producing a total of 9.41 million oz. silver and 376,053 lb. cobalt from the No. 3 shaft. The company has permitted access to underground workings and results from underground drilling, bulk and chip samples have run as high as 5.2% cobalt, 5.3% nickel, 13,208 grams silver per tonne and 10.1 grams gold. The junior is also drilling a discovery 1.5 km east of the mine, and plans to process historic tailings. In addition, Canada Cobalt Works says it has shown in lab tests that it can produce a battery-grade cobalt sulphate using its Re-20X metallurgical process, with feed from Castle, and recently signed a strategic technology initiative with Global Energy Metals that allows GEM to test Re-2OX on mineralized material from its Lovelock cobalt mine and Treasure Box projects in

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2019-09-10 7:14 PM

SEPTEMBER 16–29, 2019 / THE NORTHERN MINER

ONTARIO

WWW.NORTHERNMINER.COM

Ontario to pursue bilateral deals with First Nations at Ring of Fire RING OF FIRE From 9

belt of mafic and ultramafic rocks wrapped around a circular intrusion of granodiorite. Coutts describes the Ring of Fire as a 2.7-billionyear-old greenstone belt. According to the Ontario Chamber of Commerce’s 2014 report, “Beneath the surface: Uncovering the economic potential of Ontario’s Ring of Fire,” the emerging mining district will generate up to $9.4 billion in gross domestic product, up to $6.2 billion for Ontario’s mining industry and create up to 5,500 full-time jobs annually, including nearly $2 billion in government revenue within the first decade of development. “It will be a mining district where you will have multiple mines built and developed over the next 100 years. That why it is so important,” Coutts says. “There have already been over 20 mineral discoveries made in the region.” Chief Achneepineskum says Marten Falls First Nation has already felt the effects of interest in the Ring of Fire. “It already has [had] a lot of impact, with the exploration [and] choppers flying by,” he says. For Coutts, the Eagle’s Nest project comes at a time that global nickel demand is growing, due to its use in batteries for the electric vehicle industry. According to Natural Resources Canada, global mine production of nickel in 2017 was estimated at 2.1 million tonnes. Canada ranked fifth, accounting for 10% of all production. Stainless steel is the largest end use for nickel, accounting for two-thirds of total consumption. Nickel also serves as an alloying agent in making both ferrous and non-ferrous metal products, as well as batteries. The burgeoning need for electricvehicle batteries could raise nickel demand by as much as 500,000 tonnes per annum in the next 10 years, Coutts says. “So the demand is very, very high, and our project [has] perfect timing.” With an anticipated 11-year mine life, Eagle’s Nest could produce 3,000 tonnes of ore per day and deliver 150,000 to 250,000 tonnes of nickel-bearing concentrate each year. Noront has had discussions with nickel smelters in Sudbury that Coutts says are keen to get feed from the project. In addition to nickel, the project will also produce

A helicopter flies over a bog on Noront Resources’ property in Ontario’s Ring of Fire region. NORONT RESOURCES

copper, platinum and palladium byproducts. Says Coutts: “Palladium prices are very strong, and copper, of course, has a number of uses.” The nickel project has an inferred resource of 8.9 million tonnes grading 1.1% nickel, 1.14% copper, 1.14 grams platinum per tonne and 3.49 grams palladium for 34.2 million lb. nickel, 19.2 million lb. copper, 23,470 oz. platinum and 90,022 oz. palladium per year. Over the next 12 months, Noront will update a 2012 feasibility study on Eagle’s Nest. It also plans to do metallurgical work and conduct studies around a nickel and copper concentrate, instead of the bulk concentrate envisioned in the 2012 feasibility study. The company says that “we would also like to establish a cobalt resource for the deposit. We have cobalt, but we don’t currently have resources established.” Notwithstanding the Ring of Fire’s economic potential, the Ontario Chamber of Commerce said in a report that the lack of adequate transportation infrastructure, labour shortages in northern Ontario and the province’s energy costs — which deter some companies from processing minerals within the province — are barriers to the

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Ring of Fire’s development. Coutts says Noront envisions running the Eagle’s Nest project on diesel generators. “We prefer to have grid power, or some other sorts of power at the site that are more sustainable, and cheaper.” There are also concerns about environmental repercussions. Chief Achneepineskum says that any mine will affect the land. As a result, he stresses the importance of keeping nearby communities informed of how mining developments will affect them. According to Coutts, local First Nation communities have raised their concerns about water quality, the effect that open pits and waste-rock piles would have on the surrounding environment, and legacy issues, such as tailings dams and cleanup after the mine has been exhausted. As a result of concerns raised during discussions with local communities and stakeholders, Noront has designed the Eagle’s Nest project as an underground mine, and tailings will stay underground. “There will be no open pit, no associate waste-rock piles,” he says. Process-plant water will be recycled to minimize the discharge of ef-

fluents. “A lot of these minimize the footprint, and that means you don’t have as many legacy issues.” Coutts expects it will take two years to complete permitting activities and the public-review process, while mine construction could take three years. “So let’s say in five years’ time, you would have mineral concentrate from Eagle’s Nest going down an all-season road to market.” In addition to Eagle’s Nest, Noront has three advanced chrome projects in the Ring of Fire: Blackbird, Black Thor and Big Daddy. “We have got resources that are sufficient for over a hundred years of mineral production,” Coutts says. Noront’s wholly owned Blackbird deposit, discovered in 2008, and located less than 1 km from Eagle’s Nest, will be the company’s second project. A 2012 resource estimate outlined measured and indicated resources of 20.5 million tonnes grading 35.8% chromium oxide (Cr₂O₃), and inferred resources of 23.5 million tonnes grading 33.1% Cr₂O₃. The resource used a chrometo-iron ratio of 1 to 1.97, and a cut-off grade of 20% Cr₂O₃. The 100% owned Black Thor chromite deposit — Noront’s third project — is 8 km northeast

of Eagle’s Nest. Black Thor is the largest chromite discovery in the Ring of Fire. It has a measured and indicated resource of 137.7 million tonnes grading 31.5% Cr₂O₃, and an inferred resource of 26.8 million tonnes grading 29.3% Cr₂O₃. Black Label, a parallel chromite deposit that lies 150 metres northwest of Black Thor, has a measured and indicated resource of 5.4 million tonnes grading 25.3% Cr₂O₃. Inferred resources stand at 900,000 tonnes grading 22.8% Cr₂O₃, with a cut-off grade of 20% Cr₂O₃. The Big Daddy deposit, 5 km northeast of Eagle’s Nest, has a measured and indicated resource of 29.1 million tonnes grading 31.7% Cr₂O₃, and an inferred resource of 3.4 million tonnes grading 28.1% Cr₂O₃, based on a cut-off grade of 20% Cr₂O₃. Noront holds a 70% interest in Big Daddy, and Canada Chrome Mining Corp., owned by KWG Resources (CNSX: KWG), owns the other 30%. Coutts says Noront will need a ferrochrome production facility to process the chromite mined from its deposits. In May 2019, Noront chose Algoma Steel in Sault Ste. Marie as its ferrochrome production facility through a bidding process that saw submissions from four communities: Sudbury, Thunder Bay, Sault Ste. Marie and Timmins. Factors that were considered in the bidding process included environmental and site suitability, capital costs, operating costs and community acceptance for hosting the facility. Sault Ste. Marie was chosen for its lower operating costs per pound of chrome in ferrochrome, and its location near the Great Lakes, which offers a lower, long-term operating cost, according to the company. “We really like that location because it gives us great access to North American markets — but also international markets,” he explained. For now, all eyes rest on the development of a north–south road. “The north–south road will not only provide access to the Ring of Fire and those mineral deposits, but it will also provide access to the local community,” Coutts says. “There is an industrial need, and there is also a social need, that is addressed by this development.” Chief Achneepineskum says he is hopeful that the Ring of Fire will create investments in infrastructure, employment, training and social support. It will also inject revenue streams into First Nation communities. “I believe it can do that,” he says. TNM

2019-09-10 7:14 PM

ONTARIO

GLOBAL MINING NEWS

THE NORTHERN MINER / SEPTEMBER 16–29, 2019

A drill site on Treasury Metals’ Goliath gold project near Dryden, Ontario. TREASURY METALS

Treasury’s Goliath project gets environmental approval GOLD

BY JEAN LIAN

jlian@northernminer.com

he Canadian Environmental Assessment Agency has given Treasury Metals (TSX: TML; US-OTC: TSRMF) the green light to develop its wholly owned Goliath gold project, 20 km east of Dryden in northwestern Ontario. Greg Ferron, CEO of Treasury Metals, says the environmental assessment approval is a “milestone,” and comes after five years of working with the government, Indigenous groups and other stakeholders. Now the company will pursue final permits from the federal and provincial governments for fishhabitat compensation plans. It also expects to start a prefeasibility study over the next six months, while applying for construction permits and beginning project financing discussions. Ferron says the company will make a construction decision in 18 months. According to a March 2017 preliminary economic assessment (PEA), production from both open pit and underground will produce a total of 1.14 million oz. gold and 2.1 million oz. silver over a 13-year mine life. The project will see an average 87,850 oz. gold annually, with peak production exceeding 100,000 oz. gold per year from the third to the sixth year. Cash costs and an all-in sustaining costs are estimated at US$525 and US$611 per equivalent oz. gold. The Goliath project is forecast to yield an after-tax net present value of $306 million at a 5% discount rate, and a 25% internal rate of return at a US$1,225 per oz. gold price. The project could start production with $133 million in capital expenses, paid back in four years. The study estimated $132.5 million in sustaining capital over the mine life to fund the underground expansion. The PEA envisioned an open-pit mine, with underground production starting in the second year. According to the company, the open pit could run out of min-

1-16_SEPT16_Main .indd 13

| Company to start prefeasibility study in next six months

THE ‘MILESTONE’ ENVIRONMENTAL ASSESSMENT APPROVAL COMES AFTER FIVE YEARS OF WORKING WITH THE GOVERNMENT, INDIGENOUS GROUPS AND OTHER STAKEHOLDERS, THE COMPANY SAYS. eralized material in the seventh or eighth year. The underground mine, operating concurrently, will continue another three to four years, unless more ore is found at depth. The open pit will expand if more ounces are found along strike. The mine is expected to produce an average head grade of 3.81 grams gold per tonne and 10.55 grams silver. Open-pit and underground mining would produce gold at average grades of 1.58 grams and 4.87 grams. An updated 2018 resource estimate puts Goliath’s measured and indicated resources at 16.2 million tonnes grading 2.29 grams gold per tonne and 8.2 grams silver, for 1.2 million contained oz. gold and 4.27 million contained oz. silver. Inferred resources add 2 million tonnes grading 3.43 grams gold per tonne and 8.8 grams silver, for 221,600 contained oz. gold and 569,000 contained oz. silver. The 50 sq. km Goliath gold project is located between Thunder

Bay and Winnipeg, and 6 km west of the community of Wabigoon. The project comprises two consolidated historic properties: the Thunder Lake property, which was owned by Corona Gold (82%) and Teck Exploration (18%); and the Laramide property, which was owned by Laramide Resources (TSX: LAM). In 2007, Laramide Resources acquired the Thunder Lake property from Corona and Teck through its subsidiary Treasury Metals — then known as Divine Lake Exploration Corporation. Treasury Metals became a publicly listed company the next year. In 2009, the Goliath project was expanded by staking and acquiring 18 unpatented mining claims, and signing an option agreement that gave Treasury Metals the right to acquire full interest in the mining rights on the Brisson property, west and contiguous to the Goliath gold project. The property purchase was completed in March 2011.

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Since 2008, Treasury Metals has completed 433 diamond drill holes on the project for a total of 127,404 metres. With the environmental-assessment approval behind it, and improving gold prices, Ferron says Treasury is going to “dedicate some resources back to exploration.” It kicked off its second-half exploration program in August, along with an induced-polarization survey.

Ferron says the company will also follow up on its non-core projects, which include three gold projects in Ontario: Weebigee, Gold Rock and Shining Tree. In addition to its projects in Ontario, Treasury Metals holds full interest in the Lara project, which hosts a copper-lead-zinc-gold-silver deposit, 25 km west of the village of Chemainus on Vancouver Island, British Columbia. TNM

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2019-09-10 7:14 PM

ONTARIO

SEPTEMBER 16–29, 2019 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

Kirkland Lake Gold’s Holloway headframe in Matheson, Ontario. KIRKLAND LAKE GOLD

ONTARIO SNAPSHOT the project doesn’t need an environmental assessment, Pure Gold says, and the property already has several permits, although some will need amendments based on the company’s development plan.

SNAPSHOT From 11 oz. gold and 1.12 million oz. silver (11.4 million tonnes grading 0.63 gram gold and 3.1 grams silver). A preliminary economic assessment (PEA) completed in September 2017 outlined a mine life of 12 years. At full production, the open-pit operation would produce 296,500 oz. gold and 1.63 million oz. silver per year at cash costs of US$619 per equivalent oz. gold and AISCs of US$806 per equivalent oz. gold.

Madsen is on the Red Lake greenstone belt — a prolific host of orogenic gold deposits — and has a resource of 7.2 million indicated tonnes grading 8.9 grams gold per tonne, for 2.06 million contained oz. gold. There is another 467,000 oz. gold in 1.88 million inferred tonnes grading 7.7 grams gold.

Its advanced-stage Goldlund project, 60 km northeast of Dryden, contains 809,200 oz. gold (12.86 million tonnes grading 1.96 grams gold) in the indicated category, and another 876,954 oz. gold (18.36 million tonnes grading 1.49 grams gold) in the inferred. Cameron, 80 km southeast of Kenora, contains 5.53 million measured and indicated tonnes grading 2.61 grams gold for 464,000 contained oz. gold, and 6.54 million inferred tonnes averaging 2.54 grams gold for 533,000 oz. gold. Pickle Crow, formerly a high-grade mine operating until the 1960s, is near the township of Pickle Lake, and contains inferred resources of 9.5 million tonnes grading 4.1 grams gold for 1.23 million contained oz. gold. HARTE GOLD Harte Gold (TSX: HRT; US-OTC: HRTFF) is Ontario’s newest gold producer. It declared commercial production in January at its Sugar Zone mine, 80 km east of the Hemlo gold camp and 24 km north of White River. The underground operation is the province’s first mine built in over a decade. The mine has indicated resources of 4.24 million tonnes grading 8.12 grams gold per tonne for 1.11 million contained oz. gold and another 2.95 million inferred tonnes averaging 5.88 grams gold for 558,000 oz. gold. A feasibility study in April 2019 outlined annual production of 61,000 oz. gold over a 14-year mine life at 800 tonnes per day. In the second quarter, the mine produced 7,754 oz. gold, a 4% quarter-over-quarter increase, at an average head grade of 6.01 grams gold per tonne. Cash costs were US$1,070 per oz. and AISCs were US$1,734 per ounce.

The company recently reached a framework agreement with local First Nations in July, and raised $47.5 million in private placements. WESDOME GOLD MINES

Pit operations at Wesdome Gold Mines’ Mishi gold mine in northern Ontario. PHOTO BY ALISHA HIYATE Exploration on the 793 sq. km Sugar Zone property continues to make discoveries. The company closed a US$82.5million financing with BNP Paribas in June. Elsewhere in Ontario, Harte Gold owns the Stoughton–Abitibi property in the Timmins gold camp. FRONTIER LITHIUM Frontier Lithium (TSXV: FL) is advancing its PAK lithium deposit in northwestern Ontario’s emerging Electric Avenue lithium district, 175 km north of Red Lake. The Pak deposit contains 5.77 million proven and probable tonnes grading 2% lithium oxide across a potential open-pit and underground operation. The resource remains open at depth as well as along strike to the northwest and southeast. According to a 2018 prefeasibility study, the project would generate $700 million in after-tax cash flow across a 16-year mine life — 11.5 years of open-pit mining followed by 4.5 years of underground mining. It has a $301 million aftertax net present value at an 8% discount rate and a 38.3% after-tax internal rate of return. A mine at PAK would produce a total of 1.14 million tonnes of technical-grade concentrate at 7.2% lithium oxide and 115,500 tonnes of chemical-grade concentrate at 6.6% lithium oxide for $147 million in pre-production capital, and $37 million in sustaining capital. Late last year the company

1-16_SEPT16_Main .indd 14

discovered the Spark pegmatite, 2 km northwest of the PAK deposit. It cut eight channels ranging from 11 metres to 79 metres in length. In total, it sampled 236 metres at an average grade of 1.91% lithium oxide and kicked off a 1,340-metre drill campaign earlier this year to determine the orientation and thickness of the pegmatite. KIRKLAND LAKE GOLD Kirkland Lake Gold’s (TSX: KL; NYSE: KL) flagship asset in Ontario is the Macassa underground mine in the town of Kirkland Lake, 580 km north of Toronto. The mine remains one of the highest-grade gold mines in the world. Last year, it produced 240,126 oz. gold, in line with its guidance of 220,000 to 250,000 oz. gold. It processed a total of 354,469 tonnes at an average grade of 21.6 grams gold per tonne. The company also owns the Taylor, Holloway, Holt and Hislop mines, and a mill facility at Holt, in Matheson, Ontario. Last year the Holt mine produced 67,770 oz. gold, in line with the company’s full-year guidance of 65,000 to 75,000 oz. gold. (The Holt mine was originally built and operated by Barrick in the late 1980s.) Its newest mine, Taylor, which started commercial production in the fourth quarter of 2015, produced 58,633 oz. gold in 2018. Ore from Taylor is processed at the Holt mill. This year, production at Macassa, Holt and Taylor is expected to be similar to 2018 levels. The company’s Holloway mine, which resumed operations in February 2019, after being on care and

maintenance since December 2016, is expected to contribute 20,000 oz. gold. Over the next five to seven years, the company plans to boost production at Macassa to over 400,000 oz. gold a year. Underground drilling at Macassa continues to generate encouraging results in support of future growth in resources and reserves, the company says, while drilling at Taylor targets expansion of mineralization around the Shaft and West Porphyry deposits. PURE GOLD MINING Pure Gold Mining’s Madsen gold project is in Red Lake, Ontario. In August, the company secured a US$90-million project financing with Sprott Resources that will fully fund the initial capital costs (US$71 million) to develop the underground mine, and the company plans to pour first gold before the end of 2020. Based on a 2019 feasibility study, the underground operation will produce an average of 79,000 oz. gold annually over 12 years at a processing rate of 800 tonnes per day. The company expects life-ofmine capital costs of $327 million, including pre-production and closing costs. The study pegged cash costs at US$607 per oz. gold, with AISCs of US$787 per oz. gold. Assuming gold prices of US$1,275 or US$1,400 per oz., Madsen has an after-tax net present value of $247 million or $326 million, and a 36% or 45% internal rate of return. As a past production site,

Wesdome Gold Mines’ (TSX: WDO) Eagle River mine complex near Wawa in northern Ontario consists of the Eagle River underground mine and the Mishi open-pit mine, which feed a central mill. Last year, the complex produced 71,625 oz. gold, a 21% increase from 2017, and generated $2.8 million in free cash flow. This year the company forecasts production of 72,000 to 80,000 oz. gold, primarily from the Eagle River mine. Eagle River, 60 km southeast of Hemlo and 50 km west of Wawa, has operated for 25 years and produced over 1 million oz. gold. This year, the company has budgeted $6.9 million for exploration at Eagle River, where five drill rigs will undertake 51,000 metres of underground definition drilling and another 43,000 metres of underground exploration. The company also owns the Moss Lake property in the Shebandowan greenstone belt, 100 km west of Thunder Bay. The Moss Lake gold deposit is a large-tonnage, lowgrade deposit amenable to openpit mining. It contains indicated resources of 39.8 million tonnes grading 1.1 grams gold per tonne for 1.4 million oz. gold, and inferred resources of 50.4 million tonnes at the same grade for 1.75 million contained oz. gold. The company has no debt and $27.4 million in cash at the end of the second quarter. Revenue from its Eagle River operation this year funds $27-million worth of exploration and development work at its Kiena gold project in Val-d’Or, Que., which has been on care and maintenance since mid-2013, and is being explored for a restart. TNM

2019-09-10 7:14 PM

ONTARIO

GLOBAL MINING NEWS

THE NORTHERN MINER / SEPTEMBER 16–29, 2019

McEwen Mining bulks up Black Fox complex GOLD

| Exploration upside abounds along Destor–Porcupine fault

BY TRISH SAYWELL

tsaywell@northernminer.com

wo years ago, McEwen Mining (TSX: MUX; NYSE: MUX) purchased the Black Fox mine complex in northeastern Ontario for US$35 million. The complex — 70 km from Timmins and 9 km from Matheson — included the Black Fox underground gold mine, a 2,400-tonne-per-day mill, a tailings facility, the pastproducing Stock gold mine and two development projects — Grey Fox and Froome. The acquisition from Primero Mining also came with US$150 million in tax pools the company could use to shelter future income. (Those tax pools are now worth US$197 million.) The Toronto-based mining company thinks the deal was a steal. Primero had bought the property from Brigus Gold in 2014 for more than $300 million, and assumed liabilities of $140 million. It then spent another $120 million on capex and exploration, McEwen Mining says. Last year, the Black Fox mine contributed 48,848 equivalent oz. gold to the company’s coffers, and in the first half of 2019, churned out another 18,373 oz. gold. Black Fox has a remaining mine life of two years based on proven and probable reserves of 89,000 equivalent oz. gold. But it’s the exploration upside at the complex, which is situated along a 15 km section of the Destor– Porcupine fault, that most excites Sylvain Guerard, the company’s senior vice-president of exploration. “It’s a great geological setting,” he said in an interview. “The Destor– Porcupine fault has the right rocks ... the gold is present, and we have all the infrastructure. “I have been in the business for quite some time, and being along the break in the Abitibi is obviously a good place to be, but we believe Black Fox and Stock are located over special segments of the Destor–Porcupine break,” he said. “There are splay structures intersecting the break at both Stock and Black Fox. We are at the right place, and we have significant gold endowment at both properties.” In July, the company updated the resource estimate for Grey Fox, 5 km southeast of the Black Fox mine. Indicated resources for Grey Fox’s three zones expanded 22% to 2.49 million tonnes grading 7.10 grams gold per tonne for 567,000 oz. gold, while inferred resources increased 35% to 678,000 tonnes averaging 6.19 grams gold for 135,000 contained oz. gold. The resource estimate was based on 70 more drill holes completed since the previous estimate in October 2017, and included 147NE, a zone the company’s geologists discovered last year that extends from surface to 250 metres, and over a strike length of more than 250 metres. Exploration on the Stock property near the mill, where ore from Black Fox is processed, and in and around the Stock underground mine, which produced 137,000 oz. gold at a head grade of 5.4 grams gold per tonne between 1989 and 2005, has also been successful. The Stock assets are 30 km from the Black Fox mine. Less than a year after acquiring the complex, the company completed an initial resource estimate on the Stock East deposit (700 metres east of the Stock mine), where drilling

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The mill at McEwen Mining’s Black Fox gold mine near Timmins, Ontario. MCEWEN MINING

“WHEN WE ACQUIRED [STOCK] FROM PRIMERO IT HAD BEEN ESSENTIALLY DORMANT FOR OVER 20 YEARS. FOR US IT WAS LOW-HANGING FRUIT BECAUSE IT’S EXACTLY WHERE THE MINE AND MILL ARE.” CHRISTINA MCCARTHY INVESTOR RELATIONS, MCEWEN MINING

had outlined a thick sequence of gold-bearing, altered mafic volcanic rocks believed to represent the eastern strike extension of the Stock mine. The Stock East deposit has underground and open-pittable resources defined to 450 metres’ depth totalling 1.5 million indicated tonnes grading 1.25 grams gold per tonne for 60,000 contained oz. gold, and 2 million inferred tonnes grading 1.39 grams gold per tonne for 90,000 contained oz. gold. “What is interesting about the Stock area — particularly Stock East — is that when we acquired it from Primero, it had been essentially dormant for over 20 years,” says Christina McCarthy, a geologist in charge of corporate communications and investor relations for the company. “It was low-hanging fruit, because it’s exactly where the mine and mill are.”

This year the company will continue to drill west and east of the Stock mine and in the down-plunge extension of the mine, because the base of the historic mine was shallow, at just 330 metres below surface. “We have a very good understanding of the geology, and our current focus is along 3 km of strike that hosts the old mine,” Guerard said. “We’re trying to extend and better define mineralization within the fault there, and so far we have been adding significant results all along the strike length, with some good intersections at depth. “Of course we need more work and more drilling, but it’s quite encouraging knowing that in the Abitibi, it’s not uncommon to see mineralization pinching and reopening at depth and forming a significant deposit deeper, and Archean deposits can extend to a depth of 1 km, and even more.” The company released more assay

results from Stock in the first week of September. Hole 19-95, which was drilled 650 metres below the deepest workings in the mine, returned a 9-metre intercept grading 18 grams gold per tonne, including 120 grams gold over 1 metre, starting from a downhole depth of 972 metres. The assay reinforced Guerard’s conviction that the gold system could extend mineralization below the old mine workings. East of the mine, drill hole 19-15 returned 5 metres of 10.94 grams gold starting from 169 metres downhole, while 19-14 cut 1 metres of 9.94 grams gold starting from 56 metres downhole. About 1.1 km along strike to the west of the Stock mine, drill hole 1990 returned 4 metres (core length) of 4.2 grams gold, including 5.7 grams gold over 2 metres, from 350 metres’ depth. Last year, drill hole 18-31 intersected multiple intervals of mineralization up to 750 metres’ depth below surface under the mine workings, including 1 metre of 14.8 grams

gold within a broader interval of 3 metres of 5.58 grams gold, starting from 720 metres downhole. Meanwhile, exploration at Grey Fox shows potential for more mineralization. Last year the company discovered a zone called Gibson, just west of Grey Fox. “It was near surface and mostly vein-type mineralization, but when we drilled deeper into it we entered into highly altered and brecciated mineralization, and we got intersections of tens of metres, with some high-grade portions of it, so we are also following up there,” Guerard said. Assays from drilling at Grey Fox’s 147 zone, released in May, included 48.80 grams gold over 1 metre starting from 146 metres in drill hole 191114; 8.24 grams gold over 2 metres starting 163 metres downhole in 19-1113; and 10.33 grams gold over 4 metres at 130 metres downhole in 19-1109. The company plans to spend US$15 million on exploration in 2019 — 70% of it at Black Fox, and the other 30% at Stock. Guerard notes that while Grey Fox has seen a lot of drilling in the past, most of it was in just one orientation. McEwen Mining developed its own geological model and came up with a different orientation, which targeted more specifically the crossstructures — an important part of the mineralized system. “That has proven to be quite successful,” he says. “We’re intersecting high grade and good widths, and defining the zone and extending the mineralization,” Guerard said, “so this is very encouraging to see that our existing resource — since the acquisition — has kept growing, and will likely keep growing with additional work.” TNM

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Processing facilities under construction in the Higabra valley at Continental Gold’s Buritica gold project, 65 km northwest of Medellin, Colombia. PHOTO BY DAVID PERRI

Continental stays on track CONTINENTAL From 1

Yaragua system totalling 828,870 measured and indicated tonnes grading 14.2 grams gold per tonne and 22.9 grams silver, for 400,000 contained oz. gold. BMZ1 runs 400 metres vertically and is open at depth. It ranges from 25 to 40 metres wide. “We found five BMZs so far, and we haven’t really done that much work. I think there are a lot more,” Reading says. “The deposits are very much open at depth and on strike. It just requires more drilling. It’s not less prospective [in the undrilled areas], we just haven’t got around to it, because … our focus has been [on] drilling everything above the Higabra tunnel,” he says, referring to the tunnel that ascends from the valley into the Yaragua deposit. On the financial front, Continental is on firm footing, after securing a US$175-million financing package in March 2019, which gives the company the funds to see Buritica through to production. The financing included US$100 million from Triple Flag Mining Finance for (2.1%) gold and (100%) silver streams. “We have the option to buy the gold stream back prior to Dec. 31, 2021 — and of course we’re going to do that,” CEO Sussman says. Colombia ranked as the 48th most attractive mining jurisdiction according to the Fraser Institute’s latest Annual Survey of Mining Companies. Respondents to the survey highlighted security as a

major concern. While the illicit drug trade fuels much of the organized crime in Colombia, illegal mining is also a major problem, and has funded civil conflict and criminal activity in the country for decades. After Continental’s 2008 discovery at Buritica, the population in the area nearly doubled to 13,000, as people came to the area to capitalize on the gold find. In 2016, Colombian authorities intervened to remove illegal miners from the property. The company has supported the government’s push to formalize artisanals and promote best practices, and ensure the money from gold production doesn’t flow to criminal organizations. Continental says Buritica hosts more formalized artisanals than any other Colombian project, with more than 300 individuals working on-site. “Some work in what will be the crown pillar of the mine, others work in small areas away from our main infrastructure,” Sussman says. The formalized miners have produced 2,700 oz. gold in the past three years, and will continue mining when Continental begins producing. “It’s our gold. We’re actually carving off a small portion of our existing title, and asking the government to register it to them,” he says. To qualify for formalization, miners must have roots in the area, and are subject to conditions set out by the company and government. The company provides training, technical assistance and even financing to

A security officer on duty at the Buritica gold property. PHOTO BY DAVID PERRI

1-16_SEPT16_Main .indd 16

“WE FOUND FIVE BMZs SO FAR, AND WE HAVEN’T REALLY DONE THAT MUCH WORK. I THINK THERE ARE A LOT MORE.” DAVID READING SPECIAL ADVISOR, CONTINENTAL GOLD

the miners, who must sell their ore to Continental. “Many of the local, small smelters are under serious investigation for processing ore belonging to illegal groups,” Sussman says. “So we make sure we process their ore, and then we sell it to a refinery located out of the country.” National, regional and private security personnel patrol Buritica, aided by surveillance drones buzzing overhead. A few analysts on the tour said it was the first time they saw armed guards escort visitors underground. “We’re not here to tell you that there is zero illegal mining,” Sussman says. The topography of Buritica makes it difficult to seal off to intruders. Plus, the punishment for illegal mining is not an effective deterrent, he says. “If you get caught, you get arrested, you go to jail — and the next day you’re free again.” The government is under pressure to punish illegal mining

Continental Gold special advisor David Reading and senior VP of external affairs and sustainability Ana Milena Vasquez prepare to go underground. PHOTO BY DAVID PERRI

as severely as drug trafficking. “It’s moving in the right direction, but it’s not perfect yet.” In 2016, the government reached a milestone peace agreement with FARC, formerly the biggest guerrilla group in the country, which agreed to put down its weapons. The deal marked the improving security situation in Colombia. However, as hostilities cooled, dissident FARC members and other groups moved in to control the drug trade, according to analysis by InSight Crime, an academic foundation that reports on Latin American organized crime. In 2018, Colombia’s homicide rate rose for the first time in a decade, by 4% to 24 per 100,000. The homicide rate jumped 30% in former FARC-controlled municipalities. Violence hit Continental in September 2018, when four employees were murdered in two separate incidents. First, in the nearby town of Buritica, engineers were targeted as they headed to the project site for work — one was shot and killed. The engineers had been working on closing illegal mines at Buritica as part of their duties. In June 2019, a member of the Gulf Clan was sentenced to 21 years in prison for the murder. The Gulf Clan is a significant criminal organization in Colombia, according to InSight

Crime. Three others are charged in relation to the incident. Later that month, a house where exploration geologists and contractors were living was attacked in the village of Ochali, within Continental’s Berlin gold property, an 8.5hour (205 km) drive from Buritica town. Three geologists were shot and killed. Authorities have identified seven suspects responsible for the killings: two have been sent to prison, three were killed in military operations and two have not been found. Local media reported the group included ex-FARC members and likely sought to discourage legal development, which would bring a larger state presence to the area. After the incidents, Continental halted all work outside of Buritica and upgraded its security division, hiring leaders with extensive security and intelligence experience, Sussman says. Thousands of Continental employees and contractors continue to live in Buritica town, and other communities in the area. At press time, Continental shares traded at $3.84 apiece, within a 52-week window between $1.76 and $4.66. The company has a $780-million market capitalization. Newmont Goldcorp (TSX: NGT; NYSE: GOLD) owns 19.9% of the company. TNM

2019-09-10 7:14 PM

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SEPTEMBER 16–29, 2019 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / SEPT 3–6 The S&P/TSX Composite Index advanced 0.84% to close the holiday-shortened trading week at 16,519.85. Spot gold finished at US$1506.50 per oz., down US$13.10 per oz., after hitting a mid-week high of US$1546.10. Silver rose to US$19.31 per oz. in the period, but closed the week down 20.5¢ at US$18.15 per ounce. The S&P/TSX Global Gold Index fell 7.03% to end at 248.08, while the S&P/ TSX Global Base Metals Index advanced 15.08% to 97.79, and the S&P/TSX Global Mining Index dropped 2.32% to 75.80. Leading the week in percent gain was Toronto-headquartered junior Nickel Creek Platinum, which saw its shares end up 35.3% at 12¢ apiece. The junior is developing its advanced nickel-copper-PGM-cobalt project in the southwest Yukon, 320 km northwest of Whitehorse. Nickel Creek is conducting geophysics on new targets, environmental baseline studies and community engagement at the project. The company did not release any news in the trading week, but the week earlier it held its annual general meeting, which saw its management-nominated directors elected. On Aug. 29, the company announced it closed the second tranche of a previously announced private placement, wherein it raised $351,000 by issuing 8.57 million shares at 4.1¢ each.

Embattled Quebecois diamond producer Stornoway Diamond took second place in percent gain for the week, rising 33.3%, with just a 0.5¢ price increase to 2¢ per share. The company’s shares were heavily traded, with more than 27 million units changing hands. Stornoway has been struggling to economically operate its Renard diamond mine in north-central Quebec amid depressed rough diamond prices. The company declared a net loss of $346.3 million for the quarter ended June 30. The loss’s large size is mostly owed to a non-cash impairment charge covering a write-down of mine-site property and equipment at Quebec's first and only diamond mine. Vancouver-headquartered junior FreeTSX MOST ACTIVE ISSUES

Suncor Energy SU Barrick Gold ABX Stornoway Diam SWY Kinross Gold K B2Gold Corp BTO Yamana Gold YRI First Quantum FM New Gold NGD Lundin Mng LUN Sherritt Intl S

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

32931 39.39 37.56 39.13 + 0.19 27849 26.32 23.52 23.55 - 2.26 27441 0.02 0.01 0.02 + 0.01 25129 7.10 6.52 6.54 - 0.08 20239 4.93 4.40 4.42 - 0.36 18946 5.02 4.53 4.53 - 0.28 16270 9.40 7.86 9.05 + 0.89 12175 1.68 1.49 1.63 + 0.14 11245 6.70 6.15 6.58 + 0.23 11075 0.37 0.28 0.32 + 0.01

gold Ventures shares jumped 18.8% in the period it announced raising $2 million in a non-brokered private placement. Freegold shares ended at 10¢ apiece. Financier Eric Sprott bought more than 31 million units at 6.25¢ each. Each unit includes a share and warrant to buy another share for 8.1¢, within 36 months of closing. Sprott now holds 14% of Freegold, which owns a pair of exploration projects in Alaska,

including the Shorty Creek copper-gold property, 125 km northwest of the city of Fairbanks. South32 optioned Shorty Creek in March 2019, and can acquire 70% of the project by spending at least US$10 million on exploration over four years. A US$2.3-million, 2,000-metre drilling program is underway, aimed at expanding mineralization at Hill 1835, and testing the Hill 1710 target. TNM

TSX GREATEST PERCENTAGE CHANGE

Nickel Creek Stornoway Diam INV Metals Lydian Intl EurOmax Res Freegold Vent UEX Corp Niocorp Dev Pine Cliff En Goldgroup Mng Forsys Metals Platinum Gp Mt New Milln Iron Josemaria Res Orosur Mng Nighthawk Gold Silver Bear Rs Orvana Mnrls Fortune Mnrls Midas Gold

NCP SWY INV LYD EOX FVL UEX NB PNE GGA FSY PTM NML JOSE OMI NHK SBR ORV FT MAX

5244 27441 391 10180 426 2139 3065 847 4399 108 269 408 560 183 213 1533 374 234 734 1210

0.15 0.02 0.48 0.13 0.05 0.12 0.17 0.59 0.14 0.05 0.23 2.71 0.07 0.78 0.08 0.71 0.21 0.33 0.09 0.80

0.07 0.01 0.30 0.09 0.04 0.08 0.14 0.52 0.11 0.04 0.17 2.08 0.06 0.00 0.06 0.58 0.17 0.29 0.08 0.67

0.12 0.02 0.42 0.13 0.05 0.10 0.17 0.59 0.13 0.05 0.18 2.09 0.06 0.65 0.06 0.59 0.17 0.29 0.08 0.68

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

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

ERO Ero Copper Nutrien NTR First Quantum FM Aura Minerals ORA Teck Res TECK.A Teck Res TECK.B Nexa Resources NEXA Energy Fuels EFR Cameco Corp CCO Lundin Mng LUN Agnico Eagle AEM Franco-Nevada FNV Torex Gold TXG Kirkland Lake KL Barrick Gold ABX Seabridge Gld SEA Newmont Gdcorp NGT Detour Gold DGC MAG Silver MAG First Majestic FR

35.3 33.3 33.3 31.6 28.6 18.8 13.8 13.5 13.0 12.5 20.5 19.6 15.4 14.5 14.3 13.2 12.8 12.1 11.8 11.7

VOLUME WEEK (000s) CLOSE CHANGE

913 21.60 4867 68.12 16270 9.05 5 18.67 5 23.11 6424 23.08 3 12.60 1086 2.67 4739 11.92 11245 6.58 5752 78.48 3567 127.23 2124 19.03 5097 62.47 27849 23.55 454 18.88 1086 50.95 4900 22.08 1681 15.50 5554 13.01

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

1.45 1.07 0.89 0.60 0.45 0.41 0.31 0.25 0.24 0.23 4.76 2.83 2.35 2.27 2.26 2.15 1.98 1.77 1.49 1.47

TSX VENTURE EXCHANGE / SEPT 3–6 The S&P/TSX Venture Composite Index fell 0.14% to 588.51 during the trading week. Probe Meta ls rose 9.8%, or 13¢, to $1.46 per share in the wake of an updated resource estimate for its Val-d’Or East project in Quebec. The project comprises three wholly owned properties — Pascalis, Courvan and Lapaska — along with two other properties, Monique and Cadillac Break East, where it is close to completing 60% earn-ins. Measured and indicated resources for Pascalis, Courvan and Lapaska total 14.57 million tonnes grading 1.85 grams gold per tonne for 866,300 contained oz. gold. Inferred resources add 28.74 million tonnes averaging 1.87 grams gold for 1.73 million contained oz. gold. The two properties under option — Monique and Cadillac Break East’s Sleepy deposit — have inferred resources on a 100% basis of 9.13 million tonnes grading 2.25 grams gold per tonne for 661,400 contained oz. gold, and 1.86 million tonnes grading 4.70 grams gold for 279,800 contained oz., respectively. Of the total measured and indicated resources contained in the latest resource estimate, 84.6% are pitconstrained. The company will continue drilling through 2019. Chesapeake Gold fell 5.5%, or 22¢, to

$3.78 per share. In late August, the company announced that it had raised $15 million through two private placements. In the first, Eric Sprott acquired 5.33 million common shares at $2.25 per share for gross proceeds of $12 million. Sprott now owns 10.9% of the company. In the second financing, Sun Valley Gold Master Fund acquired 1.33 million common shares at the same price for proceeds of $3 million. Net proceeds from both transactions will be used for working capital and general corporate purposes. Shares of GT Gold fell 16.8%, or 20¢, to close at 99¢. The company announced assay results for 11 drill holes of a 10,000-metre drill program at its Saddle North coppergold porphyry discovery on its wholly owned TSX-V MOST ACTIVE ISSUES

Sky Gold SKYG Hawkeye Gld&Di HAWK GrowMax Res GRO 92 Resources NTY Goliath Res GOT Golden Goliath GNG BTU Metals BTU K92 Mining KNT Compass Gold CVB Pacton Gold PAC

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

15529 9624 7900 7506 7383 6716 6350 5935 5394 5291

0.07 0.07 0.09 0.06 0.12 0.10 0.20 2.06 0.43 0.26

0.04 0.04 0.09 0.04 0.09 0.07 0.14 1.66 0.24 0.19

0.04 - 0.02 0.06 + 0.02 0.09 unch 0.00 0.05 + 0.01 0.09 unch 0.00 0.07 - 0.01 0.15 - 0.01 1.93 - 0.10 0.32 + 0.07 0.20 - 0.04

Tatogga project in northwestern Britsh Columbia. Highlights include 0.57 gram gold per tonne, 0.26% copper and 0.96 gram silver per tonne over 1,206 metres starting from 18 metres downhole in hole 126, and 0.43 gram gold, 0.22% copper and 0.73 gram silver over 964 metres starting from 34 metres downhole in drill hole 121. Drill hole 125 returned a 397-metre intercept from 8

metres downhole grading 0.37 gram gold, 0.31% copper and 1 gram silver. The company says the results could expand higher-grade mineralization by 100 metres along strike to the southeast at depth, and by 200 metres along strike to the northwest near-surface. The system remains open in most directions, with targets at depth, to the west and to the southeast. TNM

TSX-V GREATEST PERCENTAGE CHANGE

MBMI Res Nortec Mnls Eurotin Prime Meridian Omineca Mining Hawkeye Gld&Di Lateral Gold Gatling Explor Spruce Ridge R White Metal Rs Nickel North I-Minerals Wescan Gldflds GGL Res Stria Lithium Tearlach Res District Cop ExGen Res Inc Jaeger Res IEMR Res

MBR.H NVT TIN.H PMR OMM HAWK TRAK GTR SHL WHM NNX IMA WGF GGL SRA TEA.H DCOP EXG JAEG IRI

7 441 256 223 265 9624 41 2625 1357 1155 140 165 32 88 192 18 549 32 29 1412

0.15 0.05 0.01 0.16 0.08 0.07 0.10 0.68 0.08 0.07 0.02 0.07 0.06 0.17 0.02 0.15 0.02 0.02 0.03 0.02

0.00 0.03 0.01 0.08 0.05 0.04 0.07 0.40 0.04 0.04 0.01 0.04 0.00 0.11 0.01 0.10 0.01 0.01 0.00 0.01

0.14 0.05 0.01 0.15 0.08 0.06 0.10 0.63 0.06 0.06 0.01 0.04 0.04 0.11 0.01 0.10 0.01 0.01 0.02 0.01

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 833.3 + 100.0 + 100.0 + 87.5 + 66.7 + 57.1 + 53.8 + 53.7 + 50.0 + 50.0 - 66.7 - 42.9 - 36.4 - 34.4 - 33.3 - 33.3 - 33.3 - 33.3 - 33.3 - 33.3

VOLUME WEEK (000s) CLOSE CHANGE

Great Bear Res Abitibi Royal Gatling Explor Bear Creek Mng Till Capital Probe Metals MBMI Res Integra Res Canadian Prem Coral Gold Cantex Mn Dev Equinox Gold O3 Mining Chesapeake Gld GT Gold Metalore Res Cornerstone Ca Pac Booker Min Aurania Res Filo Mg Corp

GBR RZZ GTR BCM TIL PRB MBR.H ITR CPS CLH CD EQX OIII CKG GTT MET CGP BKM ARU FIL

2419 8.05 25 14.00 2625 0.63 694 2.45 1 2.12 459 1.46 7 0.14 782 1.30 68 1.10 844 0.49 714 4.92 1198 7.64 356 2.29 225 3.78 3151 0.99 2 1.00 39 3.02 10 1.51 64 2.65 368 2.60

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

1.27 0.25 0.22 0.15 0.14 0.13 0.13 0.12 0.10 0.10 1.82 0.38 0.34 0.22 0.20 0.20 0.18 0.17 0.15 0.15

U.S. MARKETS / SEPT 3–6 The Dow Jones Industrial Average rose 1.49% to 26,797.46, and the S&P 500 Index gained 1.79% to 2,978.71. Spot gold fell US$13.10 per oz. to finish at US$1,506.50 per oz. gold. Teck Resources announced that Dominic Barton is stepping down as chairman of the board to assume the role of Canada’s Ambassador to China. Barton joined Teck’s board in September 2018 and was appointed chairman the next month. Sheila Murray, chair of the company’s Corporate Governance and Nominating Committee, will become acting chair. The company’s shares ended at US$17.51 apiece, up US48¢. Seabridge Gold closed its all-share purchase of the Goldstorm gold project in Nevada from Mountain View Gold on Aug. 29. Goldstorm is 3 km east of Seabridge’s Snowstorm property in northern Nevada’s Getchell gold belt. Goldstorm has seen limited exploration. Previous operators found northwest-trending veins that showed pathfinder geochemistry and anomalous gold results, including a surface trench on one vein that yielded 3 metres of 9 grams gold per tonne, and 44 grams silver per tonne. Mountain View undertook limited drill testing on the vein, with results including an intercept of 2 metres assaying 5.50 grams

18_SEPT16_MarketNews.indd 18

gold, including 1 metre of 9.29 grams gold. Seabridge also started a $2.5-million drill campaign (4,000 metres in 16 holes) within the proposed pit of the Sulphurets deposit at its KSM project in B.C. The company’s shares were down US$1.46, or 9%, to US$14.32. Shares of Newmont Goldcorp fell US$1.23 to US$38.66 per share. The company reported that its Ahafo mill-expansion project in Ghana processed its first ore and is on track to reach commercial production in the fourth quarter of 2019. The mill expansion will boost average annual gold production at the Ahafo mine by between 75,000 and 100,000 oz. gold for the first five years, starting in 2020, with mill capacity U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Barrick Gold * GOLD 101132 19.89 17.86 17.87 - 1.51 Vale* VALE 96934 11.52 10.83 11.34 + 0.34 Freeport McMoR* FCX 85975 9.77 8.88 9.42 + 0.23 Cleveland-Clif* CLF 85278 8.15 6.64 7.26 - 0.68 Yamana Gold* AUY 84834 3.76 3.43 3.45 - 0.16 Kinross Gold* KGC 84787 5.32 4.91 4.95 - 0.02 Harmony Gold* HMY 64104 3.80 3.39 3.40 - 0.31 Hecla Mining* HL 57353 1.99 1.72 1.80 + 0.02 United States S* X 47400 11.93 10.48 11.39 + 0.32 Gold Fields* GFI 45819 6.11 5.20 5.21 - 0.73

expanding more than 50%, due to the addition of a crusher, grinding mill and leach tanks. The project could deliver a more than 20% internal rate of return, and along with other projects at Ahafo, will extend production at the mine through at least 2029, management says.

When combined with the company’s Subika underground operation, the mill expansion will raise Ahafo’s production to between 550,000 and 650,000 oz. gold a year through 2024. Last year the mine sold 436,000 oz. gold at all-in sustaining costs of US$864 per ounce. TNM

U.S. GREATEST PERCENTAGE CHANGE

Intrepid Pots* Alcoa* Mosaic* Southern Copp* Mechel* HudBay Min* Rio Tinto* Vale* Cameco Corp* United States S* Gold Fields* Sibanye-Stillw* Fortuna Silvr* Coeur Mng* McEwen Mng* First Majestic* Seabridge Gld* Cleveland-Clif* AngloGold Ash* Harmony Gold*

IPI AA MOS SCCO MTL HBM RIO VALE CCJ X GFI SBGL FSM CDE MUX AG SA CLF AU HMY

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

2165 3.22 2.94 3.19 + 7.4 15790 19.77 17.09 19.11 + 6.6 20151 19.64 17.72 19.54 + 6.3 4359 33.56 30.74 33.11 + 4.8 140 1.87 1.71 1.82 + 4.0 3044 3.50 3.23 3.49 + 3.9 11431 52.43 49.73 52.16 + 3.1 96934 11.52 10.83 11.34 + 3.1 9714 9.17 8.63 9.03 + 3.0 47400 11.93 10.48 11.39 + 2.9 45819 6.11 5.20 5.21 - 12.3 25739 5.74 4.97 4.99 - 11.5 15965 4.39 3.69 3.69 - 10.9 45188 5.77 4.88 4.91 - 10.2 19377 2.10 1.82 1.83 - 9.9 30352 11.62 9.85 9.87 - 9.3 2919 16.55 14.29 14.32 - 9.3 85278 8.15 6.64 7.26 - 8.6 17723 23.43 20.80 20.82 - 8.5 64104 3.80 3.39 3.40 - 8.4

U.S. GREATEST VALUE CHANGE

MartinMarietta* MLM Rio Tinto* RIO Southern Copp* SCCO Nutrien* NTR Alcoa* AA Mosaic* MOS Chevron Corp* CVX TECK Teck Res* Suncor Energy* SU Vale* VALE Agnico Eagle* AEM AngloGold Ash* AU Peabody Enrgy* BTU Barrick Gold * GOLD Seabridge Gld* SA Kirkland Lake* KL Newmont Gdcorp* NEM Franco-Nevada* FNV First Majestic* AG Gold Fields* GFI

VOLUME WEEK (000s) CLOSE CHANGE

2821 258.03 11431 52.16 4359 33.11 4844 51.66 15790 19.11 20151 19.54 24869 118.26 10873 17.51 16331 29.71 96934 11.34 8097 59.48 17723 20.82 6112 16.91 101132 17.87 2919 14.32 8559 47.34 36716 38.66 3481 96.53 30352 9.87 45819 5.21

+ 4.26 + 1.58 + 1.51 + 1.30 + 1.18 + 1.15 + 0.54 + 0.48 + 0.48 + 0.34 - 3.11 - 1.93 - 1.52 - 1.51 - 1.46 - 1.42 - 1.23 - 1.13 - 1.01 - 0.73

2019-09-10 6:29 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / SEPTEMBER 16–29, 2019

M E TA L S , M I N I N G A N D M O N EY M A R K E T S LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, September 6, 2019 (change from August 30, 2019 in brackets): Aluminium Alloy 7020 (-160) Aluminium 923225 (-3775) Copper 313275 (-24400) Lead 76575 (-1250) Nickel 154956 (+2472) Tin 6950 (-45) Zinc 65625 (-1725)

Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$62.15 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$12.25 Cobalt: US$15.99/lb. Copper: US$2.62/lb. Copper: CME Group Futures Oct. 2019: US$2.62/lb.; Nov. 2019: US$2.62/lb Iridium: NY Dealer Mid-mkt US$1,460.00/tr oz. Iron Ore 62% Fe CFR China-S: US$88.10/tonne Lead: US$0.92/lb. Phosphate Rock: US$86.00/tonne Potash: US$226.00/tonne Rhodium: Mid-mkt US$4,605.00 tr. oz. Ruthenium: Mid-mkt US$246.00/tr. oz. Silver: Handy & Harman Base: US$18.77 per oz.; Handy & Harman Fabricated: US$23.47 per oz. Tin: US$7.75/lb. Uranium: U3O8, Trade Tech spot price: US$25.30 per lb. U308 Zinc: US$1.05/lb. Prices current Sept. 9, 2019

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

Index Sep 6 Sep 5 Sep 4 Sep 3 Sep 2 High Low S&P/TSX Composite 16535.33 16574.81 16448.84 16399.23 16442.07 15527.30 12400.15 S&P/TSXV Composite 588.51 586.26 592.93 592.28 589.36 1050.26 883.52 S&P/TSX 60 987.99 990.35 981.23 979.11 982.45 896.74 709.99 S&P/TSX Global Gold 248.08 255.95 269.41 266.79 263.24 218.90 149.29 DJ Precious Metals 215.03 215.03 225.58 221.91 219.34 420.72 130.95

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Aug 15, 2019 (with changes from Jul 31, 2019) Largest short positions New Gold NGD 22038453 6351043 7/31/2019 Nemaska Lith NMX 20520223 566615 7/31/2019 Sandstorm Gold SSL 20378880 226757 7/31/2019 Ivanhoe Mines IVN 14387645 -374514 7/31/2019 Barrick Gold ABX 13506684 1549141 7/31/2019 Yamana Gold YRI 11404776 -425980 7/31/2019 Nexgen Energy NXE 11034942 862456 7/31/2019 Kinross Gold K 9737466 -2531278 7/31/2019 Royal Nickel RNX 9446685 536923 7/31/2019 First Mg Fin FF 9133017 242116 7/31/2019 Copper Mtn Mng CMMC 8873036 25279 7/31/2019 Sherritt Intl S 8051826 219154 7/31/2019 First Quantum FM 7825635 379659 7/31/2019 Suncor Energy SU 7359499 1245343 7/31/2019 Premier Gold M PG 7321588 251029 7/31/2019 Largest increase in short position New Gold NGD 22038453 6351043 7/31/2019 Excellon Res EXN 2493534 1972403 7/31/2019 Barrick Gold ABX 13506684 1549141 7/31/2019 Argonaut Gold AR 5030318 1249797 7/31/2019 Suncor Energy SU 7359499 1245343 7/31/2019 Largest decrease in short position Kinross Gold K 9737466 -2531278 7/31/2019 Turquoise HIl TRQ 4533765 -1557451 7/31/2019 Largo Res LGO 1321611 -781662 7/31/2019 Champion Iron CIA 478517 -665219 7/31/2019 Euro Sun Mg ESM 202800 -495310 7/31/2019

Short positions outstanding as of Aug 15, 2019 (with changes from Jul 31, 2019) Largest short positions NVO 1778028 150057 7/31/2019 Novo Res Pure Gold Mg PGM 1663209 1252314 7/31/2019 Brixton Metals BBB 1053397 728103 7/31/2019 Newport Expl NWX 1000000 955000 7/31/2019 GrowMax Res GRO 892000 862000 7/31/2019 SilverCrest SIL 874290 78303 7/31/2019 Cobalt 27 Cap KBLT 869377 -26130 7/31/2019 Western Mag WMG 848481 -20277 7/31/2019 K92 Mining KNT 763719 373531 7/31/2019 Pacton Gold PAC 671233 331959 7/31/2019 Goliath Res GOT 651327 418470 7/31/2019 Global Energy GEMC 594094 576356 7/31/2019 Kootenay Silvr KTN 581897 267176 7/31/2019 Klondike Gold KG 569914 367814 7/31/2019 IMPACT Silver IPT 549137 228433 7/31/2019 Largest increase in short position 1252314 7/31/2019 Pure Gold Mg PGM 1663209 Newport Expl NWX 1000000 955000 7/31/2019 GrowMax Res GRO 892000 862000 7/31/2019 Brixton Metals BBB 1053397 728103 7/31/2019 Global Energy GEMC 594094 576356 7/31/2019 Largest decrease in short position Victoria Gold VIT 268038 -70063042 7/31/2019 Equinox Gold EQX 451533 -1641905 7/31/2019 Gabriel Res GBU 79109 -1199986 7/31/2019 Garibaldi Res GGI 143907 -1075865 7/31/2019 Minera Alamos MAI 241131 -709616 7/31/2019

DAILY METAL PRICES Daily Metal Prices Date Sept 9 Sept 6 Sept 5 Sept 4 Sept 3 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1150/1140 1115/1135 1135/1140 1104/1125 1110/1135 Aluminum 1768.50/1796 1761/1787 1753.50/1777 1734/1764 1714/1743 Copper 5770/5793 5787/5812 5776.50/5801 5662/5689 5536/5560 Lead 2084/2075 2035/2032 2064/2065 2028/2028 1995/1997 17890/17810 17495/17425 17535/17500 17900/17875 17900/17925 Nickel Tin 17220/17165 17050/17050 17150/17100 16955/17000 16545/16570 Zinc 2311/2305 2311/2309 2350/2340 2267/2255 2210/2201.50 PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1509.95 1504.95 1542.60 1538.80 1532.45 Gold PM 1509.20 1523.70 1529.10 1546.10 1537.85 Silver 18.17 18.15 19.22 19.31 18.48 Platinum 959.00 947.00 976.00 977.00 941.00 Palladium 1562.00 1541.00 1567.00 1560.00 1525.00

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

Sep 6 Sep 5 Sep 4 Sep 3 Sep 2 1.3228 1.3228 1.3225 1.3340 1.3328 0.7560 0.7560 0.7561 0.7496 0.7503

Exchange rates (Quote Media, September 06, 2019) C$ to AUS C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand 1.1096 0.6850 80.9070 14.9062 11.2475 C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won C$ to UK Pound C$ to China Yuan 0.6132 5.4029 54.3700 0.7453 905.3521 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 0.9061 107.0225 19.7321 14.8746 1.4677 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.8112 7.1487 72.2500 0.9859 1197.0000

LEGEND A – Australian Securities Exchange C – Canadian Stock Exchange L – London 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 American * – Denotes price in U.S.$

TSX WARRANTS

PRODUCER AND DEALER PRICES

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

Alio Gold Inc. (ALO.WT) - 10 Warrants to purchase one common share of the Issuer at $7.00 until expiry Alio Gold Inc. J (ALO.WT.A) - One Warrant to purchase one common share of the Issuer at $8.00 until expiry Ascendant Resources (ASND.WT) - Wt buys sh @ $1.25 to Mar 7/22 eColbalt Solutions Inc. J (ECS.WT) - One Warrant to purchase one common share of the Issuer at US$1.95 per share until expiry Excellon Resources Inc (EXN.WT.A) - One warrant to purchase one common share of the Issuer at $2.80 until expiry Gran Colombia Gold (GCM.WT.B) - One warrant to purchase one common share of the Issuer at $2.21 until expiry.

Liberty Gold Corp. Wt (LGD.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry may 16, 2019 Lithium Americas Corp (LAC.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry Lydian International Limited (LYD.WT) One Warrant to purchase one additional ordinary share of the Issuer at $0.36 per share until expiry 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.B) - Wt buys sh @ $0.55 to Jun 10/21

Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.5 to Feb 18/22 Platinum Group Metals Ltd. (PTM.WT.U) - One Warrant to purchase one common share of the Issuer at US$0.17 until expiry Sandstorm Gold (SSL.WT.B) - One Warrant to purchase one common share of the Issuer at US $14.00 until expiry. Sherritt International Corporation (S.WT) - Each whole Warrant entitles the holder to acquire between 1.00 and 1.25 additional common shares (as bulletin 20180062 table ) determined based on the Applicable Reference Cobalt Price at an exercise price of $1.95 per Warrant at any time prior to the Expiry Date Sprott Resource Corp (SRHI.WT) - Wt buys sh @ $0.3333 to Feb 09/22

TSX VENTURE WARRANTS ABE Resources Inc. (ABE.WT) - One warrant to purchase one common share at $0.15 per share. American Cumo Mining Corp. (MLY.RT) 2 rights and $0.07 are required to purchase one share Antioquia Gold Inc. (AGD.RT) - One (1) Right and $0.042 are required to purchase one share. Aurania Resources Ltd. (ARU.RT) - Fourteen (14) Rights exercisable for one common share at $2.70 per common share. Avidian Gold Corp. (AVG.RT) - Three rights and $0.11 are required to purchase one Share. Avino Silver & Gold Mines Ltd. (ASM. WT) - Wt buys sh @ US$0.2 to Nov 28/19 Boreal Metals Corp. (BMX.WT) - One warrant to purchase one common share at $0.30 per share. Boreal Metals Corp. (BMX.WT) - One warrant to purchase one common share at $0.50 per share. Cordoba Minerals Corp (CDB.WT) - One warrant to purchase one common share at $1.08 per share.

Cordoba Minerals Corp (CDB.WT) - One warrant to purchase one common share at $1.08 per share. Equinoxgold Corp (EQX.WT) - One warrant to purchase one common share at $3.00 per share. Falco Resources Ltd. (FPC.WT) - One warrant to purchase one common share at $1.70 per share. Firefox Gold Corp. (FFOX.WT) - One warrant to purchase one common share at $3.00 per share. Goldstar Minerals (GDM.RT) - One Right to purchase one common share at $0.03 per share. Goldstar Minerals Inc. (GDM.RT) - One (1) Right and $0.05 are required to purchase one common share. JDL Gold Corp. (JDL.WT) - Wt buy sh @ $3.00 to Oct 06/21 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 LSC Lithium Corporation (LSC.RT) - One (1) right exercisable for One (1) Unit at $0.40 per Unit.

Mako Mining Corp. (MKO.RT) - Rights exercisable for One (1) share at $0.10 per share. Maple Gold Mines Ltd. (MGM.WT) One warrant to purchase one common share at $0.40 per share Millennial Lithium Corp. (ML.WT) - One warrant to purchase one common share at $4.25 per share. Sandfire Resources America Inc. (SFR.RT) - Eight (8) Rights exercisable for One (1) share at $0.06 per unit. Tintina Resources Inc. (TAU.RT) - Nine(9) Rights exercisable for one share at $0.06 per share. Trek Mining (TREK.WT) - Wt buy sh @ $3.00 to Oct 06/21 Vision Lithium Inc. (VLI.WT) - One warrant to purchase one common share at $0.15 per share. Yellowhead Mining Inc. (YMI.RT) - One (1) Right and $0.12 are required to prchase one Share

NEW 52-WEEK HIGHS AND LOWS SEPTEMBER 3–6, 2019 138 New Highs Cerro de Pasc Abcourt Mines Abitibi Royal Abitibi Royal* Alexco Res* Alto Ventures American Creek American Creek* American CuMo* Apex Res Arizona Silver Arizona Silver* Bayhorse Silvr Bayhorse Silvr* Bear Creek Mng Bear Creek Mng* Benchmark Met Benchmark Met* Blackrock Gold Blackrock Gold* Bravada Gold Bravada Gold* Caledonia Mng Caledonia Mng* Canoe Mng Vent Cardinal Res Cardinal Res*

Cerro de Pasc * Chalice Gold M Commerce Res* Coral Gold Coral Gold * Discovery Met Discovery Met* Eastern Platin Eastern Platin* Eldorado Gold Eldorado Gold* Endeavr Silver Endeavr Silver* ePower Metals ePower Metals* European Metal* First Majestic First Majestic* First Point* Franco-Nevada Franco-Nevada* Gatling Explor Gatling Explor* Giga Metals Giga Metals* God’s Lake Res

GoGold Res Golden Goliath Golden Goliath* GoldMining GoldMining* Great Bear Res Great Bear Res* Grid Metals Grid Metals* Hawkeye Gld&Di* Hochschild Mg* Integra Res Integra Res* Jervois Mining Jervois Mining* Kinross Gold Kinross Gold* Kirkland Lake* Kootenay Silvr Kootenay Silvr* Kore Mining * Latin Metals* Laurion Mnl Ex Laurion Mnl Ex* Leagold Mg Libero Copper

Libero Copper* Mako Mining Mako Mining* MartinMarietta* MBMI Res Minco Silver Minco Silver* Minera Alamos Minera Alamos * Monarca Mnrls* Mountain Boy Mountain Boy* New Pac Metals* Nrthn Vertex Orezone Gold Orezone Gold* OrganiMax OrganiMax* Osisko Gold Pan Am Silver Pan Am Silver* Pangolin Dia Pivit Explor Pretium Res Pretium Res* Prime Meridian Probe Metals

Probe Metals* Prospero Silvr Prospero Silvr* Quest Rare Mnl* Royal Gold* Royal Rd Mnrls Seabridge Gld Seabridge Gld* Serabi Gold Silver Predatr Silver Predatr* Silver Viper Silver Viper* SilverCrest Sky Gold* Southern Silvr Southern Silvr* Spanish Mtn Gd* Strategic Metl Strategic Metl* Stroud Res Tamino Mnrls* Torex Gold Torex Gold* Victory Nickel Victory Nickel* Western Areas*

Westminster Rs Mason Graphite* Wheaton Prec M MGX Minerals Wheaton Prec M* MGX Minerals* Worldwide Res* Mirasol Res Xtra-Gold Res 45 New Lows Mountain Prov Advantage Lith* Mountain Prov* Altura Mining* Natural Res Pt* Arcus Dev Grp* Nevada Copper BeMetals * Noram Vent* BlueBird Batt Northway Res Canadian Metal* O3 Mining* China Gold Int Osisko Metals* Cleveland-Clif* Cloud Peak En* Peabody Enrgy* Rockcliff Met Critical Elem Sama Res Dajin Res* Sama Res* Delrey Metals Delrey Metals * Search Mnls* Eastern Zinc Stornoway Diam Golden Band* Terrax Mnrls Highland Copp* Turquoise HIl INV Metals* Turquoise HIl* Joshua Gold* Juggernaut Exp Vanadiumcorp* Western U&V Mascota Res* Mason Graphite Western U&V*

CANADIAN GOLD MUTUAL FUNDS Fund Sep 6 ($) BMO Prec Mtls Fd A BMO ZGD 60.01 BMO ZJG 60.43 CIBC Prec Metal Fd A 12.48 8.43 Dyn Prec Metls Fd A Galileo GOGO 14.44 Harvest HGGG Horizons HEP IG Mac GbPMetCl A 10.98 iShares XGD 57.62 Mac Prec Met Cl A NBI PrecMetFd Invt 15.62 39.38 NPT Go&PrMinFd A NPT SilverEquCl A 6.01 RBC GblPreMetFd A Sentry Pre Met Fd A 38.61 41.99 TD Prec Mtl Fd Inv

Aug 30 ($) Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) 24.19 -0.51 -2.12 20.80 2.40 62.64 63.63 -3.63 -5.70 31.01 0.61 63.97 -3.54 -5.53 32.36 0.60 13.14 -0.67 -5.08 23.78 2.44 47.15 8.76 -0.33 -3.77 23.02 2.71 403.30 14.46 -0.03 -0.18 29.76 0.60 26.10 -0.08 -0.32 0.93 5.93 30.96 -0.29 -0.93 22.52 0.83 11.61 -0.63 -5.39 27.56 2.75 33.69 16.40 -0.37 -2.29 21.50 0.61 763.50 60.93 -3.31 -5.43 27.75 2.53 63.02 16.58 -0.96 -5.79 27.43 2.46 29.54 40.98 -1.60 -3.89 14.40 3.19 6.26 -0.24 -3.90 16.96 2.98 43.92 -1.00 -2.29 24.24 2.13 338.97 40.17 -1.56 -3.89 15.00 2.43 188.54 44.17 -2.18 -4.94 24.15 2.27 118.38

GLOBAL MINING NEWS · SINCE 1915

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

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

19_SEPT16_MMMM.indd 19

2019-09-10 5:22 PM

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: SEPTEMBER 3–6, 2019 (100s) Stock

WWW.NORTHERNMINER.COM

SEPTEMBER 16–29, 2019 / THE NORTHERN MINER

Week

12-month

Exc Volume High Low Last Change High Low

A 12 Exploration C 0 1911 Gold* O 28 1911 Gold V 82 21C Metals* O 107 21C Metals C 195 66 Resources C 68 92 Resources V 7506 92 Resources* O 8 Abacus Mining* O 458 Abacus Mining V 528 Abcourt Mines* O 216 Abcourt Mines V 1406 Aben Resources* O 768 Aben Resources V 1316 Aberdeen Intl* O 2 Aberdeen Intl T 87 Abitibi Royal* O 13 Abitibi Royal V 25 O 153 AbraPlata Res* AbraPlata Res V 504 Academy Metals* O 16 Academy Metals V 48 O 6 Adamera Min* Adamera Min V 165 Adex Mining V 275 Advance Gold V 442 V 141 Advantage Lith Advantage Lith* O 228 Adventus V 33 Adventus* O 7 Aethon Mineral V 356 AEX Gold V 241 African Gold V 1865 African Gold* O 805 African Min* O 324 African Rainb* O 1 Aftermath Silv V 1503 Aftermath Silv* O 1159 Agnico Eagle* N 8097 Agnico Eagle T 5752 AgriMinco* O 1020 V 373 Aguia Resource Aguila Amer Gd V 0 C 17 AJN Resources Alacer Gold T 4066 Alamos Gold T 3385 Alamos Gold* N 11634 Alaska Pac Egy* O 250 Albert Mining V 709 O 7 Albert Mining* Alcoa* N 15790 O 21 Aldebaran Res* Aldebaran Res V 69 Alderon Iron* O 59 Alderon Iron T 296 Aldever Res* O 1 Aldever Res V 0 Alexco Res* X 12834 Algold Res V 35 Alianza Min V 1633 Alianza Min* O 150 Alien Metals* O 30 Alio Gold T 362 Alio Gold* X 1040 V 148 Allegiant Gold Allegiant Gold* O 191 Alliance Mng V 50 Alliance Res* D 2198 Almaden Min T 225 Almaden Min* X 1422 O 101 Almadex Min* Almadex Min V 154 Almonty Ind * O 18 Almonty Ind T 164 Aloro Mining* O 121 Aloro Mining V 411 Alpha Lithium V 728 Alphamin Res * O 60 Alphamin Res V 141 ALQ Gold C 457 Altai Resource V 1420 O 6 Altai Resource* Altair Res Inc V 636 O 87 Altamira Gold* Altamira Gold V 1057 Altan Nevada V 286 Altiplano Met V 384 Altiplano Met* O 90 Altius Mnrls * O 222 Altius Mnrls T 261 Alto Ventures V 509 O 1 Alto Ventures* Altura Mining* O 2392 Alturas Min V 3 Altus Strat V 196 Alumina Ltd* O 292 ALX Uranium V 762 ALX Uranium* O 16 AM Resources V 29 Amador Gold V 458 Amani Gold* O 250 Amarc Res V 129 Amarillo Gold V 999 Amarillo Gold* O 164 Amazing Energy* O 323 Amer Intl Vent* O 593 O 6 American Batt* American Creek V 3295 American Creek* O 894 American CuMo* O 491 American Lith V 90 O 89 American Lith* American Mang* O 986 American Mang V 524 American Pac C 1329 O 206 American Pac* O 3 AmericanSierra* Americas Silvr* X 2900 Americas Silvr T 2385 Amerigo Res T 339 Amerigo Res* O 174 Amex Expl* O 40 Amex Expl V 405 Amilot Capital V 180 Amseco Expl V 35 Anaconda Mng T 433 O 106 Anaconda Mng* Andes Gold* O 749 Anfield Energy* O 129 Anfield Energy V 311 Angel Gold* O 21 Angel Gold V 659 Angkor Gold* O 95 Angkor Res V 179 Anglo American* O 1 Anglo American* O 638 Anglo Pac Grp T 2 AngloGold Ash* O 1 AngloGold Ash* N 17723 Antioquia Gold V 416 Antioquia Gold* O 117 Antler Gold V 1 Antofagasta* O 1 Apex Res * O 1 Apex Res V 135 Appia Energy C 343 Appia Energy* O 247 Applied Min* O 297 Aquila Res* O 60 Aquila Res T 59 Arbor Metals V 1285 Arch Coal* N 1070 Archon Mineral V 5 Arctic Star* O 3 Arctic Star V 2028 Arcus Dev Grp V 204 Arcus Dev Grp* O 100 Arcwest Explor V 464 Arcwest Explor* O 60 Arena Min* O 38 Arena Min V 139 Argentina Lith V 15

20-23_SEPT16_StockTables.indd 20

0.00 0.00 0.25 unch 0.00 0.25 0.20 0.22 0.00 0.21 - 0.01 0.29 0.16 0.30 0.00 0.30 + 0.01 0.38 0.22 0.08 0.06 0.08 + 0.00 0.30 0.05 0.10 0.09 0.09 unch 0.00 0.42 0.09 0.35 0.29 0.33 unch 0.00 0.37 0.06 0.06 0.04 0.05 + 0.01 0.09 0.03 0.03 0.02 0.03 + 0.01 0.07 0.01 0.05 0.03 0.03 - 0.01 0.15 0.03 0.06 0.04 0.04 - 0.02 0.19 0.04 0.09 0.06 0.07 + 0.00 0.09 0.03 0.10 0.09 0.09 unch 0.00 0.10 0.04 0.11 0.09 0.10 - 0.01 0.29 0.08 0.15 0.13 0.14 - 0.01 0.37 0.11 0.04 0.04 0.04 unch 0.00 0.08 0.02 0.06 0.05 0.05 unch 0.00 0.10 0.04 11.02 10.16 10.50 + 0.29 11.02 5.89 14.90 13.55 14.00 + 0.25 14.90 7.98 0.06 0.05 0.06 + 0.00 0.08 0.03 0.08 0.07 0.07 unch 0.00 0.11 0.04 0.25 0.25 0.25 unch 0.00 0.96 0.25 0.22 0.20 0.22 + 0.03 1.40 0.11 0.02 0.02 0.02 - 0.00 0.08 0.01 0.03 0.03 0.03 unch 0.00 0.12 0.02 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.13 0.10 0.11 + 0.01 0.22 0.05 0.33 0.26 0.28 - 0.04 0.73 0.26 0.24 0.19 0.22 - 0.02 0.57 0.21 1.01 0.96 0.99 - 0.02 1.16 0.66 0.74 0.72 0.74 + 0.02 0.90 0.48 0.24 0.20 0.20 - 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(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Argentina Lith* O 2 O 163 Argentum Silvr* Argentum Silvr V 230 Argo Gold C 76 Argonaut Gold* O 297 Argonaut Gold T 3266 Arianne Phosph V 101 O 33 Arianne Phosph* Arizona Silver* O 187 Arizona Silver V 352 Armor Min V 2 Asanko Gold T 408 Asanko Gold* X 2647 Asante Gold C 234 Ascendant Res T 239 O 170 Ascendant Res* Ascot Res V 497 Ascot Res * O 164 Ashanti Gold V 1412 Ashanti Sanko V 15 O 1 Ashanti Sanko* AsiaBaseMetals V 10 Asian Mineral V 159 Aston Bay V 1506 Aston Bay* O 295 Astorius Res V 55 ATAC Res* O 241 ATAC Res V 1289 O 51125 Atacama Res* Atalaya Mining T 15 Athabasca Min* O 23 Athabasca Min V 308 O 27 Athena Silver* Atico Mining* O 68 Atico Mining V 141 Atlanta Gold* O 0 Atlas Cons Mng* O 10 Atlatsa Res T 361 Atlatsa Res* O 9 Atom Energy * O 18 Aton Resources* O 8 Aton Resources V 98 Aura Minerals* O 1 Aura Minerals T 5 V 127 Aura Resources Aura Resources* O 64 Auramex Res V 105 Aurania Res* O 23 Aurania Res V 64 Aurcana Corp V 978 O 153 Aurcana Corp* AurCrest Gold V 239 AurCrest Gold* O 120 Aurelius Min V 1264 Aurex Energy V 15 Aurion Res V 1694 Aurion Res * O 102 Aurora Royal V 112 Aurum Inc* O 38 AURYN Mining* O 8 X 706 Auryn Resource* Auryn Resource T 696 Aust Mines* O 150 Austin Res V 50 Austral Gold V 40 Auxico Res C 3 O 880 Avalon Advance* Avalon Advance T 3002 O 3 Avarone Metals* Avarone Metals C 681 Avesoro Res T 43 Avesoro Res* O 0 Avidian Gold V 418 Avino Silver* X 3081 Avino Silver T 538 Avrupa Min V 671 Avrupa Min* O 125 Awale Res V 226 Axmin Inc V 143 Axmin Inc* O 163 Azarga Metals V 25 Azarga Metals* O 2 O 288 Azarga Uranium* Azarga Uranium T 842 Azimut Explor V 159 Azimut Explor* O 33 Azincourt Ener* O 97 Azincourt Ener V 2978 V 20 Aztec Minerals Aztec Minerals* O 16 Azteca Gold* O 772 Azucar Min V 243 Azucar Min* O 272

0.04 0.00 0.04 unch 0.00 0.27 0.03 0.30 0.23 0.28 - 0.01 0.37 0.13 0.41 0.31 0.35 - 0.05 0.48 0.10 0.15 0.11 0.14 - 0.02 0.33 0.07 1.95 1.75 1.75 - 0.09 2.15 0.85 2.58 2.29 2.29 - 0.15 2.87 1.18 0.49 0.45 0.48 - 0.02 0.65 0.35 0.37 0.33 0.37 - 0.00 0.49 0.27 0.19 0.14 0.17 + 0.02 0.19 0.04 0.25 0.19 0.21 + 0.03 0.25 0.06 0.41 0.00 0.41 - 0.01 0.59 0.35 1.38 1.23 1.25 - 0.09 1.45 0.68 1.04 0.93 0.94 - 0.05 1.10 0.50 0.07 0.06 0.07 + 0.01 0.08 0.03 0.40 0.33 0.38 - 0.01 0.83 0.28 0.30 0.27 0.30 + 0.00 0.63 0.24 0.66 0.61 0.63 unch 0.00 1.44 0.61 0.49 0.46 0.48 + 0.01 1.03 0.45 0.05 0.05 0.05 unch 0.00 0.10 0.03 0.03 0.02 0.03 unch 0.00 0.05 0.02 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.50 0.44 0.44 - 0.06 0.64 0.12 0.27 0.00 0.25 + 0.08 1.35 0.10 0.07 0.05 0.07 + 0.01 0.13 0.05 0.05 0.04 0.04 + 0.01 0.11 0.03 0.15 0.14 0.14 - 0.01 0.50 0.13 0.19 0.16 0.17 - 0.01 0.40 0.14 0.26 0.21 0.22 - 0.02 0.53 0.18 0.02 0.01 0.01 + 0.00 0.02 0.00 3.25 3.24 3.25 unch 0.00 4.25 2.88 0.46 0.00 0.46 + 0.02 0.53 0.12 0.63 0.59 0.59 - 0.02 0.77 0.16 0.05 0.05 0.05 - 0.00 0.06 0.01 0.21 0.17 0.19 + 0.01 0.33 0.17 0.27 0.22 0.27 + 0.02 0.43 0.22 0.00 0.00 0.01 unch 0.00 0.04 0.01 0.04 0.04 0.04 unch 0.00 0.05 0.03 0.09 0.00 0.09 + 0.01 0.09 0.03 0.06 0.06 0.06 + 0.00 0.07 0.02 0.67 0.00 0.67 + 0.22 0.68 0.03 0.02 0.02 0.02 unch 0.00 0.08 0.02 0.03 0.02 0.03 unch 0.00 0.11 0.02 13.00 13.00 13.00 unch 0.00 16.50 1.00 18.73 17.94 18.67 + 0.60 21.63 14.60 0.07 0.06 0.06 - 0.01 0.13 0.03 0.04 0.03 0.04 + 0.00 0.06 0.01 0.06 0.06 0.06 + 0.01 0.08 0.03 2.11 2.02 2.02 - 0.07 3.05 1.53 2.84 2.64 2.65 - 0.15 4.10 2.02 0.39 0.31 0.33 - 0.02 0.80 0.21 0.29 0.24 0.25 - 0.03 1.25 0.00 0.05 0.04 0.04 - 0.01 0.05 0.01 0.03 0.03 0.03 unch 0.00 0.03 0.01 0.03 0.02 0.02 - 0.01 0.07 0.02 0.14 0.12 0.12 - 0.01 0.50 0.11 1.93 1.61 1.66 - 0.15 2.35 0.75 1.45 1.20 1.25 - 0.12 1.77 0.59 0.07 0.06 0.06 unch 0.00 0.11 0.06 0.05 0.05 0.05 unch 0.00 0.05 0.05 0.54 0.23 0.53 - 0.01 1.80 0.05 1.31 1.20 1.25 - 0.01 1.84 0.85 1.72 1.59 1.65 - 0.05 2.45 1.14 0.02 0.02 0.02 + 0.01 0.19 0.01 0.09 0.09 0.09 unch 0.00 0.13 0.05 0.09 0.08 0.08 - 0.01 0.10 0.05 0.00 0.00 0.09 unch 0.00 0.27 0.06 0.04 0.03 0.03 - 0.00 0.13 0.03 0.06 0.05 0.05 unch 0.00 0.17 0.05 0.08 0.08 0.08 unch 0.00 0.11 0.02 0.12 0.10 0.10 - 0.01 0.15 0.04 1.57 1.42 1.55 + 0.13 3.39 0.42 0.00 0.00 0.88 unch 0.00 2.57 0.65 0.21 0.18 0.21 + 0.03 0.68 0.09 0.70 0.61 0.62 - 0.04 0.94 0.39 0.93 0.80 0.81 - 0.07 1.23 0.53 0.03 0.03 0.03 + 0.01 0.07 0.02 0.02 0.00 0.02 - 0.00 0.06 0.01 0.09 0.08 0.09 + 0.01 0.13 0.06 0.45 0.42 0.43 - 0.03 0.66 0.15 0.33 0.31 0.33 + 0.02 0.50 0.14 0.11 0.00 0.11 + 0.02 0.15 0.06 0.08 0.00 0.07 - 0.00 0.10 0.04 0.16 0.14 0.14 - 0.02 0.24 0.08 0.22 0.18 0.19 - 0.03 0.30 0.11 0.42 0.38 0.39 + 0.01 0.52 0.22 0.31 0.29 0.31 + 0.02 0.38 0.17 0.03 0.02 0.02 - 0.01 0.07 0.01 0.03 0.02 0.03 - 0.01 0.09 0.02 0.09 0.09 0.09 unch 0.00 0.21 0.07 0.09 0.06 0.09 unch 0.00 0.17 0.04 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.35 0.29 0.33 + 0.01 0.70 0.26 0.26 0.21 0.26 + 0.01 0.53 0.19

B2Gold Corp T 20239 45514 B2Gold Corp* X Balmoral Res* O 230 Balmoral Res T 916 Balto Res V 3 Bankers Cobalt V 259 Bankers Cobalt* O 26 Bannerman Res* O 1200 Banyan Gold V 1688 Banyan Gold* O 400 Bard Ventures V 20 Barkerville V 2690 Barkerville* O 619 Barksdale Cap V 164 Barksdale Cap* O 300 Barolo Venture V 11 Baroyeca Gold V 4 Barrian Mining V 2840 Barrick Gold T 27849 Barrick Gold * N 101132 Barsele Min* O 7 Barsele Min V 96 Batero Gold V 158 Bayhorse Silvr* O 660 Bayhorse Silvr V 2233 BC Moly V 11 BCM Res V 55 V 28 BE Res Bear Creek Mng V 694 Bear Creek Mng* O 520 Bearclaw Cap V 250 Bearing Lith* O 10 Bearing Lith V 48 Beauce Gold V 17 Bell Copper V 122 Bell Copper* O 71 Belmont Res V 348 Belo Sun Mng T 8686 Belo Sun Mng* O 12755 BeMetals * O 12 BeMetals V 125 Benchmark Met V 2791 Benchmark Met* O 139 Benton Res V 803 Benton Res* O 358 Benz Mining V 309 Benz Mining* O 3 Berkwood Res V 612 Berkwood Res * O 162 Bessor Min V 6 Bessor Min* O 0 Bitterroot Res* O 20 Bitterroot Res V 132 Black Hills* N 2065 Black Iron* O 332 Black Iron T 1837 Black Isle Res* O 3 Black Mammoth V 5 Black Sea * O 2 Black Sea V 32 Black Tusk Res C 2744 Black Tusk Res* O 26 Blackheath Res V 170 Blackrock Gold V 1653 Blackrock Gold* O 351 Blind Creek V 244 Blue Lagoon C 66 Blue Moon Zinc V 403 Blue Moon Zinc* O 111

4.93 4.40 4.42 - 0.36 5.36 2.82 3.69 3.33 3.33 - 0.25 4.02 2.15 0.18 0.16 0.16 - 0.00 0.20 0.07 0.24 0.22 0.22 - 0.01 0.26 0.10 0.00 0.00 0.06 unch 0.00 0.15 0.06 0.03 0.02 0.03 - 0.01 0.08 0.02 0.02 0.01 0.01 - 0.01 0.06 0.01 0.03 0.03 0.03 unch 0.00 0.05 0.03 0.06 0.05 0.05 unch 0.00 0.07 0.04 0.04 0.03 0.04 + 0.01 0.06 0.02 0.15 0.14 0.15 + 0.01 1.63 0.14 0.43 0.40 0.40 - 0.02 0.48 0.30 0.32 0.30 0.30 - 0.01 0.37 0.23 0.66 0.48 0.54 + 0.03 0.75 0.35 0.55 0.34 0.43 + 0.06 0.57 0.27 0.25 0.25 0.25 unch 0.00 0.30 0.09 0.05 0.00 0.05 - 0.01 0.20 0.04 0.19 0.12 0.18 + 0.06 0.20 0.10 26.32 23.52 23.55 - 2.26 26.69 12.54 19.89 17.86 17.87 - 1.51 88.70 11.52 0.49 0.39 0.49 + 0.10 0.62 0.28 0.66 0.52 0.64 + 0.07 0.90 0.36 0.09 0.08 0.09 + 0.02 0.10 0.06 0.14 0.09 0.12 + 0.02 0.14 0.04 0.20 0.11 0.14 + 0.02 0.20 0.07 0.04 0.00 0.04 unch 0.00 0.07 0.03 0.08 0.06 0.07 - 0.01 0.19 0.06 0.03 0.03 0.03 unch 0.00 0.07 0.02 2.70 2.27 2.45 + 0.15 2.70 0.89 2.05 1.71 1.86 + 0.11 2.05 0.71 0.03 0.03 0.03 unch 0.00 0.04 0.03 0.21 0.00 0.20 - 0.01 0.29 0.12 0.28 0.23 0.27 + 0.01 0.38 0.17 0.13 0.12 0.13 + 0.01 0.29 0.07 0.06 0.03 0.05 unch 0.00 0.15 0.03 0.05 0.04 0.04 - 0.01 0.12 0.03 0.08 0.06 0.06 + 0.01 0.76 0.04 0.64 0.48 0.50 + 0.01 0.72 0.20 0.48 0.36 0.39 + 0.02 0.55 0.15 0.20 0.19 0.19 - 0.01 0.20 0.19 0.26 0.25 0.25 unch 0.00 0.30 0.20 0.44 0.37 0.44 + 0.06 0.44 0.16 0.32 0.29 0.32 + 0.03 0.32 0.11 0.07 0.06 0.06 - 0.01 0.11 0.04 0.04 0.03 0.03 - 0.00 0.07 0.02 0.13 0.11 0.11 - 0.01 0.14 0.05 0.10 0.10 0.10 unch 0.00 0.10 0.04 0.04 0.04 0.04 unch 0.00 0.13 0.03 0.03 0.02 0.03 + 0.00 0.10 0.02 0.05 0.00 0.05 unch 0.00 0.20 0.05 0.00 0.00 0.04 unch 0.00 0.04 0.00 0.03 0.02 0.03 + 0.00 0.09 0.01 0.04 0.04 0.04 unch 0.00 0.12 0.02 78.87 76.09 76.26 - 0.45 82.01 56.42 0.07 0.05 0.07 + 0.00 0.12 0.03 0.09 0.08 0.09 + 0.01 0.16 0.05 0.01 0.01 0.01 unch 0.00 0.03 0.00 0.04 0.04 0.04 unch 0.00 0.11 0.02 0.05 0.00 0.04 - 0.01 0.08 0.01 0.06 0.00 0.06 unch 0.00 0.23 0.06 0.15 0.11 0.12 - 0.02 0.29 0.11 0.11 0.10 0.10 - 0.00 1.06 0.08 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.36 0.24 0.33 + 0.07 0.36 0.03 0.27 0.19 0.24 + 0.05 0.27 0.02 0.06 0.04 0.05 + 0.01 0.07 0.03 0.69 0.46 0.69 + 0.17 1.65 0.26 0.03 0.03 0.03 unch 0.00 0.08 0.02 0.03 0.02 0.03 + 0.00 0.06 0.01

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Blue River Res V 979 Blue River Res* O 336 Blue Sky Uran* O 187 Blue Sky Uran V 692 Blue Star Gold V 903 BlueBird Batt V 498 BlueBird Batt* O 450 V 371 Bluenose Gold Bluestone Res* O 45 V 416 Bluestone Res Bold Ventures V 503 O 9380 Bonanza Gold* Bond Resources C 10 BonTerra Res V 581 Boreal Metals V 70 Borneo Res Inv* O 11220 Bravada Gold V 430 O 386 Bravada Gold* Braveheart Res V 70 Braveheart Res* O 2 O 17 Bravo Multinat* Brazil Min* O 33066 BrightRock* O 28 Britannia Mng* O 126 Brixton Metals V 949 Brixton Metals* O 437 O 3 Broadway Gold* Brookmount Exp* O 1039 Bryn Res* O 66 BTU Metals V 6350 Buenaventura* N 6701 Bullfrog Gold* O 413 Bullion Gold* O 30 Bunker Hill C 3 BWR Explor V 10

0.02 0.00 0.02 + 0.01 0.04 0.01 0.01 0.00 0.01 + 0.00 0.03 0.00 0.10 0.06 0.09 + 0.03 0.18 0.06 0.13 0.09 0.12 + 0.03 0.23 0.08 0.07 0.07 0.07 unch 0.00 0.07 0.02 0.17 0.13 0.17 + 0.03 0.35 0.13 0.13 0.10 0.13 + 0.02 0.25 0.10 0.15 0.13 0.13 - 0.01 0.33 0.09 1.08 0.96 0.97 - 0.06 1.15 0.65 1.45 1.26 1.26 - 0.10 1.60 0.85 0.02 0.02 0.02 unch 0.00 0.04 0.01 0.00 0.00 0.00 - 0.00 0.00 0.00 0.15 0.14 0.14 unch 0.00 0.20 0.11 3.02 2.63 2.76 + 0.08 4.90 1.46 0.06 0.00 0.06 + 0.01 0.14 0.04 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.20 0.16 0.17 - 0.02 0.20 0.05 0.15 0.13 0.13 - 0.00 0.15 0.04 0.18 0.15 0.16 + 0.02 0.21 0.06 0.12 0.12 0.12 unch 0.00 0.14 0.05 0.39 0.34 0.37 - 0.00 0.95 0.02 0.00 0.00 0.00 - 0.00 0.01 0.00 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.00 0.00 0.00 + 0.00 0.01 0.00 0.35 0.29 0.30 - 0.03 0.43 0.10 0.26 0.22 0.24 + 0.00 0.33 0.08 0.05 0.04 0.04 - 0.00 0.13 0.01 0.01 0.00 0.01 - 0.00 0.02 0.00 0.07 0.00 0.07 unch 0.00 0.10 0.01 0.20 0.14 0.15 - 0.01 0.24 0.04 15.62 14.54 14.55 - 0.69 17.85 12.07 0.10 0.07 0.09 - 0.01 0.24 0.04 0.09 0.09 0.09 unch 0.00 0.09 0.06 0.10 0.00 0.10 - 0.09 4.40 0.05 0.05 0.05 0.05 unch 0.00 0.06 0.03

Cabral Gold V 115 Cabral Gold* O 233 Cache Explor V 2841 O 80 Cadence Min* Cadillac Vent* O 1 Cadillac Vent V 184 Caledonia Mng* X 104 T 16 Caledonia Mng Calibre Mng* O 36 O 29 California Gld* California Gld C 218 O 38 Callinex Mines* Callinex Mines V 24 Cameco Corp* N 9714 Cameco Corp T 4739 Cameo Cobalt* O 72 Cameo Cobalt V 3750 Camino Min* O 88 Camino Min V 158 O 2 Camrova Res* Canada Carbon V 106 Canada Carbon* O 46 Canada Coal V 1507 V 1272 Canada Cobalt Canada Cobalt * O 207 Canada One* O 2 Canada One V 1 Canada Rare V 286 Canada Rare* O 35 V 74 Canadian Engy Canadian Metal C 342 O 90 Canadian Metal* Canadian Ore* O 70 Canadian Ore V 556 Canadian Prem V 68 O 128 CanAlaska Uran* CanAlaska Uran V 299 O 319 Canamex Gold* Canarc Res T 528 Canarc Res* O 569 Canasil Res V 301 T 413 Candente Coppr Candente Gold* O 10 V 780 Candente Gold CANEX Metals * O 2 CANEX Metals V 12 CaNickel Mng* O 375 V 137 CaNickel Mng Canoe Mng Vent V 1221 Canstar Res V 13 Canterra Mnls V 45 O 2 Canterra Mnls* Cantex Mn Dev* O 77 Cantex Mn Dev V 714 Canuc Res V 105 Canuc Res* O 6 Capstone Mng T 1346 Cardero Res V 93 Cardero Res* O 95 Cardinal Res* O 134 Cardinal Res T 409 Cariboo Rose V 2192 Carlin Gold V 4 Carrara Explor C 1042 Cartier Iron C 4 Cartier Res V 338 V 1064 Carube Copper Casa Minerals V 332 Casa Minerals * O 19 Cascadero Copp V 522 19 Castle Peak Mg V Cautivo Mining C 113 CellCube Enrgy* O 977 CellCube Enrgy C 653 Centamin T 64 Centaurus Diam* O 95 Centerra Gold T 4069 Central Tim Ex V 345 Centurion Mnls V 90 Century Cobalt* O 189 Century Global* O 2 Century Global T 34 V 173 Century Metals Cerro de Pasc C 1516 Cerro de Pasc * O 283 Cerro Grande C 59 Cerro Mng V 0 Ceylon Graph V 91 Chakana Copper V 1029 Chakana Copper* O 119 18 Chalice Gold M* O Chalice Gold M T 88 Champion Bear V 136 Champion Iron* O 93 Champion Iron T 2422 Chatham Rock V 78 Chatham Rock* O 0 Chesapeake Gld* O 64 Chesapeake Gld V 225 Chevron Corp* N 24869 Chiboug Ind Mn V 534 Chiboug Ind Mn* O 13 Chilean Metals V 22 Chilean Metals* O 5 China Gold Int T 584 Clean Comm* O 105 Clean Comm V 537 Cleghorn Mnls V 238 Cleveland-Clif* N 85278 Clifton Mng* O 35 Cloud Peak En* O 4086 CMC Metals V 275 CNRP Mng* O 224 CNRP Mng C 301 Cobalt 27 Cap V 1309 Cobalt Block V 235 Cobalt Block* O 103 Coeur Mng* N 45188 Colibri Res* O 93 Colibri Res V 392 Colombia Crest V 4 Colonial Coal V 379 Colorado Res V 714 Colorado Res* O 44 Columbus Gold T 733 Columbus Gold* O 516 Comet Inds V 18

0.17 0.15 0.16 + 0.01 0.33 0.10 0.12 0.10 0.11 + 0.01 0.25 0.10 0.05 0.03 0.03 unch 0.00 0.07 0.03 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.02 0.00 0.02 - 0.01 0.04 0.01 7.50 6.59 7.09 + 0.11 7.50 5.01 9.80 8.68 9.15 - 0.20 9.80 6.63 0.43 0.40 0.41 + 0.01 1.52 0.03 0.37 0.34 0.35 - 0.02 0.59 0.13 0.49 0.45 0.45 - 0.03 0.79 0.37 0.32 0.26 0.30 - 0.02 0.46 0.03 0.43 0.00 0.43 + 0.03 1.60 0.35 9.17 8.63 9.03 + 0.26 13.04 8.03 12.13 11.43 11.92 + 0.24 17.12 10.70 0.03 0.02 0.02 - 0.00 0.31 0.02 0.04 0.03 0.03 unch 0.00 0.32 0.03 0.10 0.09 0.10 unch 0.00 0.15 0.07 0.14 0.12 0.13 unch 0.00 0.20 0.09 0.01 0.00 0.01 - 0.01 0.07 0.00 0.07 0.06 0.06 unch 0.00 0.18 0.05 0.05 0.05 0.05 + 0.00 0.13 0.00 0.06 0.04 0.05 unch 0.00 0.08 0.02 0.34 0.29 0.34 + 0.03 0.70 0.25 0.26 0.22 0.25 + 0.03 0.53 0.18 0.02 0.00 0.02 + 0.00 0.08 0.01 0.00 0.00 0.03 unch 0.00 0.10 0.02 0.07 0.06 0.07 unch 0.00 0.11 0.04 0.05 0.04 0.05 + 0.00 0.08 0.02 0.06 0.06 0.06 + 0.01 0.18 0.06 0.04 0.03 0.04 unch 0.00 0.09 0.03 0.04 0.04 0.04 - 0.01 0.06 0.04 0.12 0.10 0.10 - 0.02 0.34 0.10 0.17 0.13 0.14 - 0.02 0.45 0.13 1.15 1.00 1.10 + 0.10 2.55 0.75 0.22 0.18 0.20 - 0.01 0.29 0.16 0.29 0.23 0.26 - 0.03 0.40 0.21 0.04 0.03 0.03 + 0.00 0.09 0.02 0.08 0.07 0.08 + 0.01 0.08 0.03 0.06 0.05 0.06 + 0.01 0.06 0.02 0.08 0.07 0.08 unch 0.00 0.11 0.05 0.05 0.05 0.05 unch 0.00 0.08 0.04 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.02 0.02 0.02 unch 0.00 0.04 0.02 0.04 0.04 0.04 unch 0.00 0.05 0.02 0.06 0.00 0.06 unch 0.00 0.10 0.03 0.04 0.04 0.04 unch 0.00 0.09 0.03 0.09 0.06 0.09 + 0.03 0.13 0.06 0.07 0.05 0.05 unch 0.00 0.07 0.02 0.04 0.00 0.04 unch 0.00 0.25 0.04 0.03 0.02 0.02 unch 0.00 0.04 0.01 0.02 0.01 0.01 + 0.00 0.03 0.01 5.14 3.65 3.74 - 1.13 5.23 0.13 6.88 4.75 4.92 - 1.82 6.99 0.18 0.04 0.04 0.04 unch 0.00 0.14 0.03 0.03 0.03 0.03 + 0.00 0.10 0.02 0.55 0.49 0.53 + 0.04 0.84 0.41 0.03 0.03 0.03 - 0.01 0.14 0.02 0.02 0.02 0.02 - 0.00 0.10 0.01 0.38 0.00 0.37 + 0.02 0.38 0.20 0.50 0.44 0.46 + 0.02 0.50 0.29 0.06 0.05 0.05 - 0.01 0.06 0.02 0.01 0.00 0.01 unch 0.00 0.03 0.01 0.04 0.03 0.03 - 0.01 0.17 0.03 0.09 0.00 0.07 - 0.02 0.13 0.05 0.20 0.18 0.18 - 0.02 0.22 0.11 0.05 0.04 0.04 - 0.01 0.07 0.03 0.16 0.12 0.13 - 0.02 0.24 0.07 0.12 0.09 0.09 - 0.03 0.12 0.07 0.02 0.02 0.02 unch 0.00 0.04 0.02 0.02 0.02 0.02 unch 0.00 0.02 0.01 0.18 0.00 0.18 unch 0.00 0.37 0.08 0.08 0.06 0.06 - 0.01 0.30 0.04 0.09 0.08 0.08 - 0.02 0.34 0.06 2.44 2.18 2.28 + 0.01 2.53 1.39 0.29 0.24 0.24 - 0.04 1.00 0.09 12.58 11.12 11.12 - 0.99 12.88 4.76 0.06 0.04 0.06 + 0.01 0.20 0.03 0.10 0.00 0.10 unch 0.00 0.27 0.05 0.08 0.01 0.03 - 0.01 0.20 0.00 0.12 0.12 0.12 unch 0.00 0.17 0.12 0.16 0.15 0.15 - 0.01 0.25 0.11 0.07 0.06 0.07 + 0.01 0.11 0.06 0.42 0.31 0.39 - 0.01 0.42 0.22 0.31 0.25 0.26 - 0.05 0.31 0.18 0.01 0.00 0.01 unch 0.00 0.01 0.01 0.00 0.00 0.26 unch 0.00 0.42 0.26 0.11 0.00 0.11 unch 0.00 0.20 0.08 0.25 0.20 0.23 + 0.03 0.54 0.18 0.19 0.14 0.17 + 0.02 0.41 0.14 0.14 0.14 0.14 unch 0.00 0.14 0.08 0.18 0.16 0.17 + 0.01 0.18 0.10 0.20 0.14 0.19 + 0.04 0.25 0.10 1.62 1.47 1.61 - 0.01 2.36 0.70 2.20 1.94 2.19 + 0.09 3.15 0.89 0.13 0.12 0.12 - 0.01 0.19 0.12 0.00 0.00 0.11 unch 0.00 0.14 0.10 3.02 2.82 2.87 - 0.02 3.50 1.03 4.05 3.75 3.78 - 0.22 4.65 1.41 119.07 114.55 118.26 + 0.54 127.60 100.22 0.11 0.10 0.10 - 0.01 0.27 0.04 0.08 0.08 0.08 unch 0.00 0.19 0.03 0.04 0.00 0.04 + 0.01 0.23 0.03 0.03 0.02 0.03 + 0.01 0.06 0.01 1.44 1.37 1.38 unch 0.00 2.15 1.37 0.03 0.02 0.02 unch 0.00 0.03 0.01 0.04 0.03 0.03 - 0.01 0.04 0.02 0.06 0.06 0.06 + 0.01 0.11 0.04 8.15 6.64 7.26 - 0.68 13.10 6.64 0.11 0.08 0.11 + 0.00 0.20 0.04 0.04 0.03 0.03 - 0.01 2.60 0.03 0.06 0.05 0.06 + 0.01 0.11 0.04 0.40 0.36 0.37 - 0.01 1.58 0.20 0.53 0.49 0.49 - 0.01 2.02 0.27 3.92 3.80 3.82 - 0.04 6.90 3.27 0.08 0.06 0.07 - 0.01 0.19 0.05 0.07 0.05 0.06 - 0.01 0.15 0.03 5.77 4.88 4.91 - 0.56 5.92 2.78 0.05 0.04 0.05 + 0.00 0.05 0.01 0.06 0.05 0.05 - 0.01 0.08 0.03 0.18 0.18 0.18 unch 0.00 0.30 0.11 0.33 0.25 0.33 + 0.02 0.65 0.25 0.10 0.09 0.09 unch 0.00 0.14 0.05 0.07 0.06 0.06 - 0.00 0.10 0.03 0.15 0.14 0.15 - 0.01 0.31 0.14 0.12 0.10 0.10 - 0.00 0.24 0.10 3.50 3.50 3.50 unch 0.00 3.55 2.60

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

O 50 Commander Res* V 211 Commander Res V 194 Commerce Res O 7 Commerce Res* O 207 Compass Gold* V 5394 Compass Gold O 1 Compliance Egy* 10023 X Comstock Mng* V 1673 Comstock Mtls 47 O Comstock Mtls * Condor Gold* O 10 Condor Gold T 5 Condor Res V 310 Condor Res* O 9 O 35 Confedertn Ml* V 53 Confedertn Mls V 132 Conquest Res V 180 Cons Woodjam CONSOL Coal Rs* N 181 N 1483 CONSOL Energy* CONSOL Energy* N 17182 O 60 Constantine Mt* V 64 Constantine Mt O 15 Contact Gold* Contact Gold V 245 O 2 Contact Mnrls* O 227 Contintl Gold* Contintl Gold T 1696 62 Copper Fox Mtl* O Copper Fox Mtl V 700 Copper Lake Rs V 3319 Copper Mtn Mng T 1161 98 Copper Mtn Mng* O Copper North M* O 116 Copper North M V 133 Copper Reef Mg C 565 C 1026 Copperbank Res O 263 Copperbank Res* Coral Gold * O 656 844 V Gold Coral V 271 Cordoba Mnls O 151 Cordoba Mnls* Core Gold V 151 Core Gold* O 87 V 39 Cornerstone Ca O 29 Cornerstone Ca* Coro Mining T 1646 Corsa Coal V 155 10 Corsa Coal * O Corvus Gold* O 476 Corvus Gold T 909 CR Capital V 74 5 Crazy Horse Res* O C 19 Crest Resource Cresval Cap V 511 Critical Elem* O 9 Critical Elem V 1220 V 75 CROPS O 151 Crown Mining* Crown Mining V 385 Cruz Cobalt C 309 Cruz Cobalt* O 218 Crystal Lake V 2096 Crystal Lake* O 274 Crystal Peak V 12 Crystal Peak* O 77 Currie Rose Rs V 124 20 CWN M’g Acq V Cypress Dev* O 87 Cypress Dev V 488

0.05 unch 0.00 0.12 0.07 0.06 0.06 0.07 unch 0.00 0.17 0.10 0.09 0.09 0.26 0.39 0.30 0.35 + 0.04 0.90 0.03 0.27 0.23 0.27 + 0.04 0.27 0.17 0.32 0.17 0.25 + 0.08 0.40 0.11 0.43 0.24 0.32 + 0.07 0.71 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.03 0.11 0.10 0.10 - 0.00 0.33 0.03 unch 0.00 0.06 0.03 0.03 0.03 0.02 0.01 0.02 - 0.00 0.04 0.01 0.23 unch 0.00 0.43 0.29 0.29 0.29 0.30 unch 0.00 0.80 0.52 0.00 0.52 0.04 0.07 0.00 0.07 + 0.01 0.09 0.03 unch 0.00 0.07 0.06 0.06 0.06 0.09 0.19 0.17 0.17 - 0.02 0.24 0.12 unch 0.00 0.40 0.24 0.00 0.22 0.01 unch 0.00 0.03 0.02 0.02 0.02 0.03 0.05 0.05 0.05 + 0.01 0.09 13.59 12.80 13.05 - 0.37 21.13 12.30 15.92 17.30 16.08 16.58 - 0.18 47.49 8.48 7.72 8.19 + 0.22 16.09 6.14 0.27 0.30 0.27 0.29 + 0.01 0.57 0.36 0.40 0.36 0.37 + 0.02 0.72 0.14 0.19 0.16 0.19 + 0.03 0.38 0.18 0.24 0.20 0.22 - 0.02 0.50 0.02 unch 0.00 0.40 0.17 0.17 0.17 1.33 3.60 2.90 2.91 - 0.19 3.90 1.76 4.40 3.83 3.85 - 0.31 4.66 0.07 0.06 0.06 - 0.00 0.10 0.06 0.09 0.08 0.08 - 0.01 0.13 0.08 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.70 0.66 0.68 + 0.01 1.23 0.65 0.53 0.49 0.53 + 0.02 0.95 0.48 0.03 0.00 0.03 + 0.01 0.05 0.02 0.04 0.00 0.04 + 0.01 0.07 0.03 0.03 0.02 0.02 unch 0.00 0.03 0.02 0.04 unch 0.00 0.08 0.05 0.04 0.05 0.02 0.04 0.00 0.04 + 0.00 0.06 0.37 0.29 0.37 + 0.08 0.37 0.24 0.32 0.49 0.39 0.49 + 0.10 0.49 0.06 unch 0.00 0.17 0.08 0.06 0.07 0.04 0.06 0.04 0.06 + 0.01 0.14 0.14 unch 0.00 0.33 0.19 0.17 0.17 0.10 0.14 0.12 0.13 + 0.01 0.25 3.02 3.26 3.02 3.02 - 0.18 7.90 0.03 2.48 2.33 2.35 - 0.13 3.61 0.05 0.10 0.09 0.09 - 0.01 0.12 0.50 0.54 0.50 0.50 - 0.04 1.45 0.41 0.36 0.40 - 0.01 1.10 0.36 1.13 2.04 1.76 1.87 + 0.01 2.72 1.55 2.69 2.33 2.51 + 0.05 3.39 0.02 0.06 0.05 0.06 + 0.02 0.08 0.33 0.33 0.33 unch 0.00 0.36 0.08 0.08 0.14 0.13 0.13 - 0.02 0.16 0.02 0.04 0.03 0.04 + 0.01 0.05 0.20 0.26 0.20 0.23 - 0.03 0.80 0.26 0.34 0.26 0.30 - 0.04 1.05 0.02 0.02 0.02 0.02 - 0.01 0.05 0.04 0.04 0.00 0.04 - 0.00 0.10 0.04 0.05 0.04 0.04 - 0.01 0.17 0.03 unch 0.00 0.05 0.05 0.04 0.05 0.01 0.04 0.02 0.03 - 0.01 0.08 0.24 0.31 0.26 0.27 - 0.02 0.65 0.18 0.23 0.20 0.20 - 0.03 0.46 0.10 0.15 0.14 0.15 + 0.01 0.44 0.08 0.12 0.11 0.11 + 0.00 0.34 0.07 0.06 0.07 - 0.01 0.12 0.05 0.07 0.07 0.07 unch 0.00 0.08 0.03 0.12 0.16 0.15 0.15 - 0.01 0.31 0.17 0.22 0.19 0.20 + 0.01 0.39

Dajin Res V 306 Dajin Res* O 165 Dakota Ter Res* O 246 Damara Gold V 3 O 0 Damara Gold* Danakali* O 57 Debut Dmds C 316 Decade Res V 432 Decade Res* O 300 V 180 Deep-South Res C 306 DeepRock Min V 504 Defense Metals O 43 Defense Metals* O 803 Defiance Silvr* Defiance Silvr V 757 Delrand Res V 196 Delrey Metals * O 197 Delrey Metals C 530 T 1230 Denison Mines X 2720 Denison Mines* Desert Gold* O 143 Desert Gold V 297 Desert Mtn Egy V 180 Detour Gold T 4900 O 850 Diamante Min* Diamcor Mng V 198 O 65 Diamcor Mng* O 1359 Diamond Disc* V 36 Diamond Fields O 1 Diamond Fields* Dios Expl V 1144 V 222 Discovery Harb O 1669 Discovery Met* V 4984 Discovery Met 123830 O Discovery Min* V 65 Discovery-Corp District Cop* O 6 District Cop V 549 District Metal V 1 Ditem Explor* O 673 O 10 Diversified Rs* DNI Metals* O 202 O 167 Dolat Ventures* Dolly Vard Sil* O 280 Dolly Vard Sil V 342 V 89 Doubleview Cap DRDGOLD* N 950 Dundee Prec Mt T 2320 O 227 Dunnedin Vent* Durango Res V 210 O 36 Durango Res* V 2120 DV Resources Dynacor Gld Mn T 162 36 Dynacor Gld Mn* O O 0 Dynamic Gold* O 97 DynaResource* Dynasty Gold V 214 O 87 Dynasty Gold* E3 Metals V 351 E3 Metals* O 1 V 111 Eagle Graphite O 0 Eagle Graphite* Eagle Plains V 265 V 180 East Africa East Asia Mnls V 1014 19 East Asia Mnls* O EastCoal Inc V 0 O 49 Eastern Platin* Eastern Platin T 226 Eastern Zinc C 667 Eastfield Res V 144 O 115 Eastmain Res* Eastmain Res T 1426 Eco Oro Mnls C 186 47 Eco Oro Mnls* O V 152 Edgewater Expl O 12 Edison Cobalt* V 539 Edison Cobalt El Capitan Prc* O 353 25 El Nino Vent* O 4 El Nino Vent V 95 Elcora Adv Mat V Elcora Res* O 56 Eldorado Gold* N 21866 Eldorado Gold T 8648 0 Electra Stone* O Eloro Res* O 13 Eloro Res V 11 Ely Gold Royal V 224 Ely Gold Royal* O 544 6 Elysee Dev * O Elysee Dev V 29

0.04 unch 0.00 0.11 0.04 0.04 0.04 0.02 0.03 0.02 0.03 - 0.00 0.08 0.11 0.08 0.09 - 0.01 0.19 0.02 0.03 0.04 0.00 0.04 - 0.01 0.05 0.02 unch 0.00 0.03 0.00 0.00 0.02 0.42 0.47 0.43 0.45 - 0.01 0.63 0.01 unch 0.00 0.02 0.02 0.00 0.01 0.02 unch 0.00 0.07 0.04 0.03 0.03 0.02 unch 0.00 0.05 0.02 0.02 0.02 0.06 0.15 0.11 0.11 - 0.05 0.16 0.02 0.05 0.02 0.05 + 0.02 0.10 0.12 unch 0.00 0.25 0.15 0.13 0.14 0.09 0.12 0.10 0.11 - 0.01 0.25 0.12 0.27 0.20 0.23 - 0.01 0.28 0.16 0.36 0.28 0.30 + 0.01 0.37 0.25 unch 0.00 0.71 0.50 0.46 0.50 0.05 0.02 0.04 unch 0.00 0.30 0.02 0.05 0.06 0.05 0.05 - 0.01 0.50 0.52 0.61 0.54 0.60 - 0.01 0.89 0.38 0.46 0.41 0.44 - 0.01 0.69 0.12 0.14 0.13 0.13 - 0.01 0.31 0.14 0.20 0.18 0.18 - 0.02 0.26 0.29 0.26 0.28 - 0.01 0.29 0.13 24.84 22.01 22.08 - 1.77 25.45 9.38 0.01 unch 0.00 0.20 0.03 0.03 0.03 0.08 0.10 0.08 0.09 - 0.01 0.50 0.06 unch 0.00 0.28 0.09 0.06 0.09 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.07 0.17 0.16 0.17 + 0.01 0.20 0.00 0.12 0.00 0.12 + 0.01 0.13 0.04 unch 0.00 0.08 0.07 0.04 0.05 0.01 unch 0.00 0.07 0.04 0.04 0.04 0.14 0.54 0.38 0.47 + 0.06 0.54 0.17 0.74 0.50 0.61 + 0.04 0.74 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.01 unch 0.00 0.02 0.01 0.01 0.01 0.01 unch 0.00 0.05 0.01 0.01 0.01 0.01 0.02 0.01 0.01 - 0.01 0.07 0.15 unch 0.00 0.39 0.00 0.00 0.15 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.01 unch 0.00 0.05 0.01 0.01 0.01 0.02 0.05 0.00 0.04 - 0.02 0.09 0.10 0.18 0.00 0.13 - 0.07 1.80 0.34 0.29 0.30 - 0.02 0.40 0.14 0.46 0.38 0.38 - 0.04 0.55 0.19 0.08 unch 0.00 0.18 0.09 0.09 0.09 1.64 4.71 4.07 4.07 - 0.25 4.85 5.60 5.21 5.32 + 0.07 5.75 2.56 0.05 0.07 0.06 0.07 + 0.01 0.13 0.04 0.08 0.07 0.07 - 0.01 0.10 0.04 0.06 0.06 0.06 - 0.00 0.07 0.04 0.08 0.06 0.07 - 0.01 0.15 1.99 1.87 1.89 - 0.07 2.00 1.41 1.49 1.30 1.43 - 0.02 1.60 1.02 1.00 unch 0.00 5.00 0.00 0.00 3.50 0.25 0.85 0.25 0.45 - 0.40 1.25 0.06 0.09 0.07 0.09 + 0.01 0.16 0.05 0.08 0.07 0.07 - 0.01 0.12 0.23 unch 0.00 0.58 0.58 0.43 0.45 0.22 unch 0.00 0.41 0.32 0.32 0.32 0.03 0.06 0.05 0.06 + 0.01 0.17 0.04 unch 0.00 0.12 0.05 0.05 0.05 0.08 unch 0.00 0.12 0.11 0.10 0.11 0.20 0.00 0.19 - 0.01 0.26 0.15 0.11 0.09 0.09 - 0.01 0.13 0.04 0.08 0.00 0.07 - 0.01 0.09 0.03 0.05 unch 0.00 0.12 0.00 0.00 0.07 0.12 0.26 0.22 0.23 - 0.01 0.26 0.17 0.35 0.30 0.33 + 0.03 0.35 0.07 unch 0.00 0.56 0.09 0.00 0.08 0.03 unch 0.00 0.07 0.05 0.05 0.05 0.07 0.13 0.12 0.12 - 0.01 0.20 0.10 0.18 0.16 0.16 - 0.02 0.27 0.15 0.10 0.10 - 0.05 0.27 0.06 0.10 0.10 0.10 unch 0.00 0.77 0.00 0.06 unch 0.00 0.16 0.14 0.14 0.14 0.03 unch 0.00 0.11 0.03 0.03 0.03 0.04 unch 0.00 0.16 0.06 0.05 0.06 0.02 0.02 0.02 - 0.00 0.04 0.00 0.02 0.02 0.02 unch 0.00 0.04 0.02 0.02 0.00 0.02 unch 0.00 0.05 0.02 0.07 0.07 0.07 unch 0.00 0.21 0.06 0.04 0.06 0.05 0.05 - 0.01 0.16 10.09 9.09 9.20 + 0.01 10.09 2.52 13.34 12.04 12.14 - 0.10 13.34 3.36 0.00 0.00 0.01 unch 0.00 0.13 unch 0.00 0.35 0.20 0.20 0.20 0.15 0.28 0.25 0.25 - 0.03 0.51 0.34 0.30 0.31 unch 0.00 0.47 0.09 0.26 0.23 0.23 - 0.01 0.35 0.07 0.28 0.26 0.28 + 0.00 0.33 0.23 0.31 0.37 0.36 0.37 + 0.01 0.42

D-F

2019-09-10 11:40 AM

GLOBAL MINING NEWS

(100s) Stock

THE NORTHERN MINER / SEPTEMBER 16â&#x20AC;&#x201C;29, 2019

Week

12-month

Exc Volume High Low Last Change High Low

Emerita Res V 79 0.07 0.07 0.07 unch 0.00 0.25 0.07 Emgold Mining* O 1 0.06 0.06 0.06 unch 0.00 0.14 0.03 V 104 0.09 0.08 0.08 - 0.01 0.20 0.05 Emgold Mining Empire Metals V 8 0.13 0.00 0.13 unch 0.00 0.23 0.12 unch 0.00 0.13 0.03 Empress Res V 1060 0.03 0.03 0.03 EMX Royalty V 107 1.98 1.75 1.89 + 0.03 2.00 1.39 EMX Royalty* X 487 1.49 1.38 1.40 - 0.02 1.54 1.04 Encanto Potash* O 39 0.10 0.09 0.09 - 0.01 0.18 0.07 V 54 0.14 0.13 0.13 - 0.01 0.26 0.09 Encanto Potash EnCore Energy V 1865 0.16 0.12 0.15 unch 0.00 0.21 0.09 T 1151 27.37 24.95 24.98 - 0.97 28.27 16.34 Endeavour Mng Endeavour Mng* O 111 20.36 19.00 19.00 - 0.49 21.25 12.38 N 31742 3.20 2.53 2.68 + 0.04 3.20 1.68 Endeavr Silver* Endeavr Silver T 6276 4.26 3.36 3.54 + 0.03 4.26 2.21 Endurance Gold V 58 0.04 0.03 0.04 + 0.01 0.07 0.03 Energy Fuels* X 5269 2.06 1.73 2.01 + 0.18 4.09 1.50 2.00 Energy Fuels T 1086 2.71 2.31 2.67 + 0.25 5.38 Enforcer Gold V 93 0.16 0.13 0.14 + 0.01 0.50 0.09 V 356 0.13 0.11 0.12 - 0.01 0.13 0.05 Engineer Gold Engold Mines V 145 0.09 0.08 0.09 unch 0.00 0.20 0.07 O 51 0.07 0.06 0.07 - 0.00 0.11 0.05 Engold Mines* Ensurge* O 88 0.04 0.04 0.04 unch 0.00 0.07 0.02 0.22 Entree Res* X 314 0.25 0.23 0.23 - 0.00 0.46 Entree Res T 60 0.32 0.31 0.31 - 0.01 0.61 0.29 V 266 0.55 0.40 0.50 + 0.05 0.62 0.29 ePower Metals ePower Metals* O 10 0.37 0.00 0.37 + 0.23 0.23 0.04 Equinox Gold V 1198 8.17 7.45 7.64 - 0.38 8.90 4.25 unch 0.00 0.06 0.02 Equitorial Ex V 828 0.05 0.04 0.04 Erdene Res Dev T 619 0.25 0.23 0.23 - 0.01 0.40 0.16 0.18 0.17 0.17 unch 0.00 0.31 0.12 Erdene Res Dev* O 276 Erin Ventures* O 188 0.03 0.03 0.03 unch 0.00 0.11 0.03 0.04 Erin Ventures V 226 0.05 0.04 0.05 + 0.01 0.20 Ero Copper T 913 21.66 19.41 21.60 + 1.45 25.69 8.55 Ero Copper* O 9 16.26 14.73 16.26 + 1.53 19.20 6.49 Eros Res Corp* O 2 0.04 0.00 0.04 - 0.01 0.09 0.04 0.07 0.05 0.05 - 0.02 0.11 0.05 Eros Res Corp V 633 Eros Res Corp V 633 0.07 0.05 0.05 - 0.02 0.11 0.05 Eskay Mng* O 11 0.08 0.06 0.08 + 0.00 0.27 0.04 unch 0.00 0.34 0.07 Eskay Mng V 384 0.10 0.09 0.10 Essex Minerals V 188 0.05 0.04 0.05 + 0.01 0.11 0.03 Ethos Gold* O 882 0.21 0.14 0.20 + 0.03 0.25 0.09 0.12 Ethos Gold V 1313 0.27 0.13 0.27 + 0.04 0.34 Etruscus Res C 72 0.35 0.27 0.35 + 0.02 0.50 0.24 Euro Manganese V 250 0.17 0.17 0.17 unch 0.00 0.44 0.15 0.44 0.36 0.37 - 0.03 1.25 0.23 Euro Sun Mg T 1821 Euro Sun Mg* O 238 0.35 0.27 0.27 - 0.04 1.00 0.17 0.02 EurOmax Res T 426 0.05 0.04 0.05 + 0.01 0.21 O 83 0.02 0.02 0.02 - 0.00 0.27 0.02 European Elect* European Elect V 21 0.03 0.03 0.03 unch 0.00 0.35 0.03 O 1010 0.01 0.00 0.01 + 0.01 0.01 0.00 European Metal* Eurotin V 256 0.01 0.01 0.01 + 0.01 0.10 0.01 Everton Res* O 2 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.61 0.46 0.49 - 0.06 1.64 0.33 EVI Global Grp C 1077 Evolving Gold* O 16 0.00 0.00 0.00 unch 0.00 0.06 0.00 unch 0.00 1.63 0.27 Evrim Res V 168 0.40 0.37 0.37 0.44 Excellon Res* O 719 0.93 0.81 0.81 - 0.04 1.15 Excellon Res T 1829 1.24 1.07 1.07 - 0.05 1.51 0.59 Excelsior Mng* O 76 0.71 0.68 0.69 - 0.01 0.90 0.53 T 170 0.95 0.91 0.91 - 0.03 1.15 0.71 Excelsior Mng ExGen Res Inc V 32 0.02 0.01 0.01 - 0.01 0.03 0.01 Explor Res* O 51 0.03 0.02 0.03 + 0.00 0.03 0.01 0.02 Explor Res V 749 0.04 0.03 0.04 + 0.01 0.04 Explorex Res C 170 0.22 0.19 0.20 unch 0.00 0.45 0.15 Falco Res * O 236 0.18 0.13 0.17 - 0.00 0.40 0.10 0.20 Falco Res V 616 0.24 0.21 0.21 - 0.02 0.54 Falcon Gold V 2744 0.05 0.03 0.05 + 0.01 0.06 0.02 Fancamp Expl V 119 0.07 0.06 0.07 + 0.01 0.11 0.04 0.03 Far Res* O 87 0.04 0.03 0.03 - 0.00 0.88 Far Res C 722 0.05 0.04 0.05 unch 0.00 0.18 0.04 unch 0.00 0.10 0.03 Fidelity Min V 366 0.04 0.03 0.03 Filo Mg Corp V 368 2.75 2.28 2.60 - 0.15 3.25 2.00 Filo Mg Corp * O 3 2.04 2.04 2.04 unch 0.00 2.31 1.55 0.21 Fiore Gold V 3544 0.55 0.43 0.46 - 0.07 0.63 Fiore Gold* O 1626 0.44 0.32 0.34 - 0.06 0.50 0.16 Fire River Gol* O 5 0.21 0.20 0.21 + 0.01 0.51 0.00 unch 0.00 0.04 0.02 Firebird Res V 22 0.02 0.02 0.02 FireFox Gold V 432 0.21 0.15 0.16 - 0.05 0.39 0.09 V 599 0.05 0.04 0.04 - 0.01 0.10 0.04 Firestone Vent V 332 0.54 0.50 0.54 + 0.02 1.22 0.50 Fireweed Zinc Fireweed Zinc* O 74 0.40 0.37 0.38 - 0.01 0.94 0.37 Firma Holdings* O 113 0.01 0.01 0.01 + 0.00 0.05 0.01 0.11 0.10 0.11 + 0.01 0.33 0.09 First Cobalt * O 439 First Cobalt V 1599 0.15 0.14 0.15 unch 0.00 0.42 0.12 First Colombia* O 1560 0.00 0.00 0.00 unch 0.00 0.00 0.00 unch 0.00 0.20 0.06 First Energy C 1 0.06 0.00 0.06 First Energy* O 0 0.00 0.00 0.06 unch 0.00 0.18 0.06 First Idaho* O 4 0.06 0.06 0.06 unch 0.00 0.06 0.06 11.62 9.85 9.87 - 1.01 11.62 4.59 First Majestic* N 30352 First Majestic T 5554 15.50 12.98 13.01 - 1.47 15.50 6.12 0.22 0.20 0.20 - 0.01 0.31 0.16 First Mg Fin * O 3137 First Mg Fin T 4309 0.30 0.27 0.27 - 0.01 0.41 0.21 First Point* O 41 0.14 0.12 0.13 + 0.01 0.14 0.06 9.40 7.86 9.05 + 0.89 17.76 7.84 First Quantum T 16270 First Vanadium V 119 0.34 0.31 0.33 unch 0.00 1.96 0.29 First Vanadium* O 180 0.26 0.23 0.25 - 0.00 1.60 0.21 V 2144 0.08 0.07 0.07 - 0.01 0.30 0.07 Fission 3.0 Fission 3.0* O 257 0.06 0.05 0.05 + 0.00 0.22 0.05 Fission Uran* O 1088 0.31 0.25 0.28 + 0.02 0.58 0.24 0.32 Fission Uran T 3288 0.40 0.33 0.38 + 0.03 0.75 Fjordland Exp* O 30 0.04 0.00 0.04 unch 0.00 0.15 0.03 0.04 Fjordland Exp V 100 0.06 0.05 0.06 + 0.01 0.20 O 437 0.02 0.02 0.02 - 0.00 0.04 0.01 Focus Graphite* Focus Graphite V 1574 0.03 0.02 0.03 unch 0.00 0.06 0.02 Foran Mng V 836 0.29 0.22 0.23 - 0.03 0.43 0.22 Forsys Metals T 269 0.23 0.17 0.18 - 0.05 0.32 0.13 Fort St J Nick V 32 0.16 0.00 0.16 unch 0.00 0.42 0.08 O 18 5.71 0.00 5.71 + 0.65 6.63 2.53 Fortescue Met* Fortuna Silvr T 5117 5.85 4.86 4.87 - 0.63 6.12 3.22 Fortuna Silvr* N 15965 4.39 3.69 3.69 - 0.45 4.59 2.39 Fortune Bay* O 16 0.30 0.00 0.26 + 0.00 0.31 0.10 Fortune Bay V 17 0.39 0.00 0.39 + 0.04 0.41 0.19 Fortune Mnrls* O 481 0.07 0.05 0.06 - 0.00 0.11 0.05 Fortune Mnrls T 734 0.09 0.08 0.08 - 0.01 0.16 0.07 Forum Energy V 1170 0.07 0.06 0.07 + 0.01 0.08 0.03 O 213 0.06 0.04 0.06 + 0.01 0.06 0.02 Forum Energy* Four Nines C 2 0.15 0.15 0.15 unch 0.00 0.31 0.10 Fox River Res C 70 0.07 0.00 0.07 unch 0.00 0.10 0.06 Fox River Res* O 1 0.04 0.04 0.04 unch 0.00 0.06 0.04 FPX Nickel V 545 0.18 0.16 0.17 unch 0.00 0.18 0.08 Franco-Nevada* N 3481 101.19 95.75 96.53 - 1.13 101.19 58.26 Franco-Nevada T 3567 133.92 126.07 127.23 - 2.83 133.92 76.53 Franklin Mng* O 40 0.00 0.00 0.00 + 0.00 0.00 0.00 Freegold Vent T 2139 0.12 0.08 0.10 + 0.02 0.13 0.05 Freeport McMoR* N 85975 9.77 8.88 9.42 + 0.23 14.90 8.58 Freeport Res V 149 0.09 0.07 0.07 - 0.02 0.11 0.06 Fremont Gold V 161 0.07 0.00 0.07 + 0.01 0.19 0.06 Fremont Gold* O 16 0.04 0.04 0.04 + 0.01 0.18 0.04 Fresnillo plc* O 152 9.50 8.75 8.75 - 0.30 13.76 7.01 Frontier Lith V 1242 0.29 0.26 0.27 - 0.02 0.47 0.26 Frontline Gold V 250 0.01 0.01 0.01 unch 0.00 0.02 0.01 Full Metal Mnl* O 1 0.01 0.00 0.01 unch 0.00 0.01 0.00 Fura Gems V 251 0.20 0.19 0.20 + 0.02 0.46 0.14 Fura Gems* O 9 0.16 0.16 0.16 unch 0.00 0.34 0.11

G-H G2 Goldfields V 1088 Gabriel Res* O 13 Gabriel Res V 30 Gainey Capital V 621 Galane Gold V 2600 Galane Gold * O 909 Galantas Gold V 62 Galore Res V 336 Galway Gold V 27 Galway Mtls* O 234 Galway Mtls V 316 GAR Limited C 2513 Garibaldi Res V 1010 Garibaldi Res * O 168 Gatling Explor V 2625 Gatling Explor* O 205 General Moly T 3 General Moly* X 1565 Generation Min* O 40 Generation Min C 70 Genesis Mtls* O 150 Genesis Mtls V 718 Genius Metals C 64 Gensource Pot V 844 Gentor Res V 16 Gentor Res* O 6 Geomega Res* O 18 Geomega Res V 255 Gespeg Res V 181 Getchell Gold * O 114 Getchell Gold C 200 Getty Copper V 111 GFG Resources V 388 GFG Resources* O 185 GGL Res V 88

0.37 0.28 0.31 - 0.04 0.43 0.13 0.42 0.37 0.42 + 0.04 0.52 0.20 0.56 0.49 0.52 + 0.03 0.71 0.29 0.11 0.10 0.10 unch 0.00 0.16 0.04 0.08 0.07 0.07 + 0.01 0.10 0.04 0.06 0.05 0.06 + 0.01 0.07 0.03 0.07 0.06 0.07 + 0.01 0.15 0.06 0.03 0.03 0.03 unch 0.00 0.05 0.01 0.11 0.10 0.10 - 0.01 0.17 0.07 0.29 0.26 0.26 - 0.02 0.30 0.10 0.39 0.34 0.34 - 0.04 0.44 0.13 0.04 0.02 0.04 + 0.01 0.22 0.02 1.88 1.63 1.76 - 0.06 2.99 0.69 1.42 1.24 1.32 - 0.05 2.30 0.51 0.68 0.40 0.63 + 0.22 0.68 0.13 0.52 0.30 0.49 + 0.19 0.52 0.21 0.25 0.23 0.23 - 0.03 0.59 0.22 0.19 0.16 0.17 - 0.02 0.45 0.16 0.23 0.23 0.23 unch 0.00 0.28 0.03 0.30 0.00 0.28 - 0.02 0.36 0.10 0.06 0.05 0.06 - 0.00 0.08 0.04 0.07 0.06 0.07 - 0.01 0.12 0.06 0.20 0.18 0.18 - 0.02 0.25 0.12 0.14 0.10 0.12 + 0.01 0.15 0.08 0.06 0.06 0.06 unch 0.00 0.10 0.05 0.04 0.04 0.04 unch 0.00 0.05 0.04 0.11 0.11 0.11 - 0.00 0.17 0.05 0.16 0.14 0.16 + 0.01 0.23 0.07 0.02 0.02 0.02 + 0.01 0.05 0.01 0.06 0.05 0.06 + 0.01 0.19 0.05 0.08 0.08 0.08 unch 0.00 3.60 0.08 0.04 0.03 0.03 unch 0.00 0.07 0.02 0.21 0.19 0.19 - 0.02 0.35 0.17 0.16 0.14 0.15 - 0.00 0.25 0.13 0.17 0.11 0.11 - 0.06 0.17 0.07

20-23_SEPT16_StockTables.indd 21

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

GGX Gold V 62 GGX Gold* O 16 Giga Metals V 1729 Giga Metals* O 871 Gitennes Expl V 431 Giyani Gold V 310 Giyani Gold* O 87 GK Resources V 30 Glacier Lake V 20 Gldn Predator* O 587 V 1158 Gldn Predator Glen Eagle Res V 252 18 Glen Eagle Res* O Glencore Plc * O 123 Glencore Plc* O 1090 Global Atomic T 1474 O 220 Global Atomic* Global Battery V 52 O 15 Global Battery* Global Energy* O 132 V 907 Global Energy Global Li-Ion C 100 Global Li-Ion* O 78 Globex Mng T 90 Globex Mng* O 53 GMV Minerals V 215 O 106 GMV Minerals* GNCC Capital* O 1343095 Go Cobalt* O 13 Go Cobalt C 27 GobiMin V 3 Godâ&#x20AC;&#x2122;s Lake Res C 2 GoGold Res T 2092 Gold Fields* O 0 45819 Gold Fields* N Gold Finder Ex* O 5 Gold Finder Ex V 1682 Gold Reserve V 14 Gold Reserve* O 91 Gold Resource* X 4162 Gold Rush Cari V 466 Gold Rush Cari* O 3 Gold Std Vents T 1201 Gold Std Vents* X 2088 V 78 Goldbank Mng Goldcliff Res* O 15 Goldcliff Res V 87 Golden Arrow V 1613 Golden Arrow* O 1001 Golden Band* O 98 V 31 Golden Cariboo Golden Dawn Ml V 461 Golden Dawn Ml* O 10 Golden Goliath V 6716 O 213 Golden Goliath* Golden Harp V 25 Golden Hope V 56 Golden Hope* O 160 Golden Lake C 25 Golden Mnls T 149 Golden Mnls* X 2042 Golden Pursuit* O 20 Golden Pursuit V 56 Golden Queen* O 37 Golden Queen V 184 Golden Ridge V 940 V 56 Golden Secret Golden Share V 65 Golden Star T 347 Golden Star* X 3025 Golden Sun* O 171 Golden Tag V 469 Golden Valley* O 224 Golden Valley V 460 Goldex Res* O 76 Goldex Res V 63 T 108 Goldgroup Mng Goldgroup Mng* O 48 GoldMining* O 1393 GoldMining T 1674 GoldON Res V 31 GoldON Res* O 1 O 304 Goldplay Expl* Goldplay Expl V 2020 V 130 GoldQuest Mng Goldrea Res C 322 Goldrea Res* O 260 Goldrich Mng* O 205 Goldsource Min* O 1471 Goldsource Min V 2231 V 5 Goldstar Mnls Goldstrike Res V 218 Goliath Res V 7383 Goliath Res* O 146 Gossan Res V 256 GoviEx Uranium* O 568 V 1466 GoviEx Uranium Gowest Gold* O 9 Gowest Gold V 263 GPM Metals V 78 Gran Colombia* O 254 Gran Colombia T 1415 V 534 Granada Gold O 17 Granada Gold* Grande Portage V 254 Grande Portage* O 223 Granite Creek V 813 Graphite One* O 115 Graphite One V 107 Gratomic V 900 Gray Rock Res V 75 Great Atlantic V 45 Great Bear Res V 2419 Great Bear Res* O 476 Great Lakes Gr* O 110 Great Panther* X 6068 Great Panther T 2171 Great Thunder V 512 Greatbanks Re V 121 Greatbanks Res* O 0 Green River C 42 Green Swan Cap V 464 Greencastle Rs V 217 Greenland M&En* O 692 Greenshield Ex V 10 Grid Metals V 446 Grid Metals* O 356 Grizzly Discvr* O 218 Grizzly Discvr V 226 Grosvenor Res V 25 Group Eleven V 280 Group Ten Mtls* O 803 Group Ten Mtls V 1932 GrowMax Res* O 139 GrowMax Res V 7900 GSP Resource V 67 GT Gold V 3151 O 492 GT Gold * Guerrero Vents V 62 Gungnir Res V 218 Gungnir Res* O 268 Gunpoint Expl V 6 Guyana Gldflds T 1961 Guyana Goldstr V 487 Guyana Goldstr* O 66 Handa Mining V 20 Handeni Gold* O 2 Hannan Metals V 469 Hannan Metals* O 173 Happy Ck Mnrls V 43 Harfang Explor V 43 Harmony Gold* N 64104 Harte Gold* O 735 Harte Gold T 1612 Harvest Gold* O 591 Harvest Gold V 510 Hawkeye Gld&Di* O 7 Hawkeye Gld&Di V 9624 Heatherdale Rs V 231 57353 Hecla Mining* N Hemcare Health* O 14 Highbank Res V 305 Highland Copp V 109 Highland Copp* O 23 Highway 50 Gld V 6 Highway 50 Gld* O 100 HiHo Silver C 22 Hinterland Mtl* O 1 Hochschild Mg* O 24 Homeland Egy* O 540 Honey Badger E V 299

0.24 0.21 0.23 + 0.01 0.41 0.15 0.18 0.17 0.17 - 0.01 0.29 0.04 0.40 0.25 0.37 + 0.05 0.40 0.15 0.31 0.20 0.27 + 0.03 0.31 0.11 0.04 0.03 0.04 unch 0.00 0.08 0.02 0.25 0.21 0.23 + 0.01 0.35 0.07 0.19 0.16 0.19 + 0.01 0.26 0.06 0.26 0.26 0.26 unch 0.00 0.30 0.15 0.07 0.07 0.07 unch 0.00 0.35 0.07 0.33 0.27 0.29 - 0.03 0.38 0.13 0.44 0.37 0.38 - 0.03 0.50 0.18 0.12 0.10 0.10 - 0.01 0.17 0.08 0.08 0.08 0.08 + 0.00 0.13 0.06 3.00 2.81 2.96 + 0.06 4.51 2.66 5.94 5.56 5.90 + 0.21 8.97 5.29 0.51 0.45 0.46 - 0.03 0.56 0.28 0.38 0.35 0.35 - 0.03 0.42 0.21 0.08 0.07 0.08 + 0.01 0.23 0.06 0.05 0.05 0.05 unch 0.00 0.16 0.05 0.02 0.02 0.02 - 0.00 0.08 0.02 0.03 0.03 0.03 unch 0.00 0.10 0.03 0.15 0.00 0.14 unch 0.00 0.28 0.06 0.11 0.09 0.09 - 0.01 0.21 0.04 0.40 0.37 0.38 - 0.01 0.41 0.25 0.29 0.28 0.28 - 0.01 0.31 0.19 0.22 0.18 0.18 - 0.04 0.25 0.07 0.17 0.13 0.13 - 0.03 0.19 0.07 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.09 0.04 0.04 - 0.04 0.26 0.02 0.10 0.00 0.10 unch 0.00 0.38 0.06 0.34 0.34 0.34 unch 0.00 0.45 0.20 5.95 5.50 5.95 + 0.45 5.95 1.51 0.80 0.66 0.73 - 0.01 0.80 0.19 0.00 0.00 3.83 unch 0.00 4.10 2.40 6.11 5.20 5.21 - 0.73 6.29 2.20 0.04 0.00 0.04 unch 0.00 0.16 0.03 0.05 0.04 0.05 - 0.01 0.23 0.04 2.46 2.26 2.44 + 0.09 3.67 2.26 1.90 1.77 1.88 + 0.08 2.80 1.40 3.83 3.38 3.60 + 0.19 6.42 2.73 0.02 0.00 0.02 unch 0.00 0.16 0.01 0.02 0.02 0.02 unch 0.00 0.11 0.02 1.40 1.31 1.34 - 0.01 2.40 1.08 1.05 0.98 1.00 - 0.01 1.86 0.81 0.15 0.15 0.15 unch 0.00 0.17 0.07 0.11 0.09 0.09 - 0.01 0.11 0.03 0.14 0.12 0.13 + 0.02 0.15 0.05 0.17 0.14 0.16 + 0.02 0.45 0.14 0.13 0.10 0.12 + 0.01 0.35 0.10 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.05 0.00 0.05 unch 0.00 0.07 0.03 0.30 0.23 0.23 - 0.02 0.58 0.10 0.19 0.19 0.19 unch 0.00 0.20 0.02 0.10 0.07 0.07 - 0.01 0.10 0.02 0.08 0.05 0.06 - 0.00 0.08 0.00 0.11 0.10 0.10 unch 0.00 0.17 0.07 0.19 0.16 0.18 + 0.01 0.23 0.05 0.13 0.12 0.12 unch 0.00 0.16 0.03 0.12 0.12 0.12 unch 0.00 0.14 0.12 0.43 0.34 0.34 - 0.02 0.49 0.26 0.31 0.25 0.26 - 0.02 0.38 0.19 0.06 0.06 0.06 unch 0.00 0.06 0.05 0.11 0.08 0.11 + 0.03 0.13 0.02 0.25 0.20 0.20 - 0.03 0.29 0.01 0.34 0.27 0.29 - 0.02 1.85 0.20 0.09 0.08 0.09 + 0.01 0.50 0.08 1.18 1.10 1.18 + 0.03 3.10 1.10 0.16 0.12 0.15 - 0.01 0.18 0.07 4.29 3.98 4.07 unch 0.00 6.48 3.24 3.25 2.99 3.09 + 0.01 4.97 2.43 0.00 0.00 0.00 + 0.00 0.01 0.00 0.04 0.03 0.04 + 0.01 0.07 0.03 0.29 0.27 0.28 + 0.01 0.30 0.17 0.39 0.35 0.37 + 0.01 0.39 0.23 0.09 0.07 0.07 unch 0.00 0.25 0.06 0.11 0.00 0.10 - 0.01 0.39 0.08 0.05 0.04 0.05 + 0.01 0.08 0.04 0.04 0.03 0.03 + 0.00 0.06 0.02 1.08 0.92 0.95 - 0.03 1.08 0.52 1.44 1.22 1.24 - 0.04 1.44 0.71 0.72 0.00 0.63 - 0.05 0.91 0.12 0.53 0.53 0.53 unch 0.00 0.69 0.09 0.21 0.15 0.19 + 0.04 0.22 0.09 0.27 0.20 0.26 + 0.04 0.30 0.11 0.17 0.15 0.16 - 0.01 0.23 0.08 0.07 0.05 0.06 + 0.01 0.11 0.04 0.05 0.04 0.05 + 0.01 0.07 0.03 0.02 0.02 0.02 - 0.00 0.03 0.01 0.07 0.05 0.05 - 0.01 0.16 0.02 0.09 0.07 0.08 + 0.01 0.23 0.04 0.05 0.05 0.05 unch 0.00 0.08 0.03 0.03 0.03 0.03 - 0.01 0.20 0.03 0.12 0.09 0.09 unch 0.00 0.22 0.06 0.09 0.07 0.08 unch 0.00 0.16 0.04 0.08 0.06 0.08 + 0.02 0.10 0.05 0.13 0.10 0.12 + 0.01 0.20 0.09 0.17 0.14 0.15 - 0.02 0.25 0.12 0.22 0.00 0.22 unch 0.00 0.31 0.01 0.32 0.26 0.31 + 0.01 0.60 0.08 0.08 0.08 0.08 unch 0.00 0.10 0.06 4.26 3.84 3.84 - 0.29 4.44 1.60 5.72 5.04 5.05 - 0.49 5.91 2.10 0.12 0.11 0.11 unch 0.00 0.23 0.09 0.09 0.08 0.09 + 0.00 0.17 0.07 0.18 0.16 0.17 + 0.02 0.34 0.08 0.14 0.12 0.14 + 0.01 0.25 0.06 0.08 0.05 0.07 + 0.01 0.23 0.05 0.13 0.10 0.13 + 0.03 1.00 0.00 0.17 0.13 0.17 + 0.04 0.60 0.12 0.03 0.03 0.03 unch 0.00 0.17 0.02 0.07 0.07 0.07 unch 0.00 0.15 0.05 0.41 0.40 0.41 unch 0.00 1.50 0.30 9.45 6.20 8.05 + 1.27 9.45 1.62 7.09 4.70 6.01 + 0.92 7.09 1.26 0.00 0.00 0.00 - 0.00 0.10 0.00 0.86 0.77 0.78 - 0.04 1.19 0.54 1.15 1.02 1.04 - 0.06 1.58 0.70 0.03 0.03 0.03 unch 0.00 0.03 0.01 0.08 0.00 0.07 + 0.01 0.15 0.04 0.00 0.00 0.01 unch 0.00 0.01 0.01 0.07 0.06 0.07 + 0.01 0.08 0.04 0.02 0.02 0.02 unch 0.00 0.07 0.02 0.06 0.06 0.06 - 0.01 0.09 0.02 0.10 0.10 0.10 - 0.00 0.12 0.04 0.15 0.15 0.15 unch 0.00 0.15 0.05 0.16 0.12 0.16 + 0.03 0.16 0.05 0.12 0.09 0.12 + 0.02 0.12 0.04 0.04 0.03 0.04 + 0.00 0.11 0.03 0.05 0.04 0.04 - 0.01 0.15 0.04 0.11 0.11 0.11 unch 0.00 0.14 0.08 0.07 0.04 0.07 + 0.02 0.20 0.04 0.16 0.12 0.14 + 0.00 0.17 0.01 0.22 0.16 0.19 + 0.01 0.23 0.12 0.07 0.06 0.06 - 0.01 0.11 0.05 0.09 0.09 0.09 unch 0.00 0.13 0.07 0.19 0.14 0.16 + 0.03 0.26 0.13 1.27 0.93 0.99 - 0.20 2.15 0.52 0.95 0.70 0.73 - 0.17 1.62 0.37 0.14 0.10 0.14 + 0.03 0.17 0.06 0.12 0.10 0.10 - 0.01 0.39 0.06 0.09 0.07 0.07 - 0.01 0.29 0.04 0.55 0.00 0.55 unch 0.00 0.68 0.38 1.22 1.09 1.10 - 0.01 3.49 0.80 0.13 0.11 0.12 unch 0.00 0.31 0.11 0.10 0.08 0.09 + 0.00 0.23 0.08 0.04 0.03 0.04 + 0.01 0.08 0.03 0.02 0.02 0.02 unch 0.00 0.05 0.02 0.08 0.06 0.07 + 0.02 0.20 0.05 0.06 0.04 0.06 + 0.02 0.16 0.04 0.11 0.11 0.11 unch 0.00 0.20 0.10 0.26 0.24 0.26 + 0.03 0.32 0.18 3.80 3.39 3.40 - 0.31 3.86 1.47 0.24 0.21 0.23 + 0.01 0.38 0.15 0.33 0.29 0.31 + 0.03 0.55 0.21 0.02 0.01 0.02 unch 0.00 0.08 0.00 0.03 0.02 0.02 unch 0.00 0.10 0.01 0.05 0.04 0.05 unch 0.00 0.05 0.00 0.07 0.04 0.06 + 0.02 0.09 0.03 0.04 0.03 0.04 unch 0.00 0.04 0.02 1.99 1.72 1.80 + 0.02 3.12 1.21 1.00 0.55 0.78 - 0.02 1.54 0.40 0.02 0.02 0.02 unch 0.00 0.04 0.01 0.04 0.00 0.04 unch 0.00 0.14 0.03 0.04 0.00 0.04 + 0.01 0.12 0.02 0.14 0.14 0.14 unch 0.00 0.48 0.13 0.10 0.10 0.10 unch 0.00 0.37 0.09 0.04 0.04 0.04 unch 0.00 0.08 0.02 0.00 0.00 0.00 unch 0.00 0.14 0.00 2.79 2.56 2.56 - 0.07 2.79 1.90 0.96 0.62 0.88 + 0.25 3.21 0.62 0.03 0.02 0.02 - 0.01 0.07 0.02

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Horizonte Mnls T 668 Hornby Bay Mnl* O 67 67 Hornby Bay Mnl V HudBay Min* N 3044 HudBay Min T 6275 Hudson Res* O 240 Hudson Res V 250 Hunt Mng V 567 Hut 8 Mining* O 87 Hut 8 Mining V 264 Hybrid Mineral V 35

0.09 0.08 0.08 unch 0.00 0.09 0.03 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.02 0.02 0.02 unch 0.00 0.04 0.02 3.50 3.23 3.49 + 0.13 7.83 2.99 4.63 4.30 4.59 + 0.12 10.42 3.98 0.31 0.25 0.25 - 0.05 0.39 0.25 0.40 0.33 0.39 unch 0.00 0.53 0.32 0.06 0.05 0.05 unch 0.00 0.32 0.05 1.82 1.68 1.78 + 0.06 2.69 0.60 2.45 2.20 2.36 + 0.07 3.58 0.76 0.03 0.03 0.03 unch 0.00 0.15 0.03

I-Minerals* O 128 I-Minerals V 165 IAMGOLD T 9225 IAMGOLD* N 23519 Icon Explor* O 5 Iconic Mnls V 156 Iconic Mnls * O 56 C 12 Idaho Champion IEMR Res V 1412 C 13 IM Exploration iMetal Res* O 1 iMetal Res V 753 IMPACT Silver V 1018 Impala Platnm* O 0 Imperial Metal T 95 Imperial Metal* O 2 Imperial Mg Gr V 312 Inca One Gold V 42 Inca One Gold* O 25 Inception Mng * O 94 Independence G* O 27 Independence G V 96 Indico Res V 1128 Indigo Expl V 85 Infinite Lith* O 4 Infinite Lith V 254 Inform Res V 60 Infrastructure* O 50 Integra Res* O 236 Integra Res V 782 Inter-Rock Mnl V 15 Interconnect V 30 Intercontinent V 6 Intl Battery C 234 Intl Battery* O 290 Intl Bethl Mng V 245 Intl Bethl Mng* O 10 Intl Cobalt* O 264 Intl Cobalt C 1691 Intl Lithium* O 179 Intl Lithium V 248 Intl Montoro* O 13 Intl Montoro V 496 Intl Prospect * O 50 Intl Prospect V 805 Intl Samuel Ex V 1125 Intl Star* O 50048 Intl Tower Hil* X 1089 Intl Tower Hil T 70 Intl Zeolite V 247 Intl Zeolite* O 141 Intrepid Pots* N 2165 INV Metals* O 54 INV Metals T 391 Inventus Mg * O 84 Inventus Mg V 156 InZinc Mining V 337 InZinc Mining* O 60 Ireland* O 30 Irving Res* O 129 Irving Res C 174 IsoEnergy Ltd V 185 Itafos* O 2 Itafos V 57 Itoco Inc* O 653 Ivanhoe Mines* O 433 Ivanhoe Mines T 3442 Jade Leader* O 208 Jade Leader V 253 Jaeger Res * O 11 Jaeger Res V 29 Jaguar Mng T 1235 Jaguar Mng* O 958 Japan Gold V 768 Japan Gold* O 103 Jaxon Mining* O 125 Jaxon Mining V 45 Jayden Res V 76 Jayden Res* O 0 JDF Explor Inc C 18 Jervois Mining* O 572 Jervois Mining V 4507 Jiulian Res V 1577 Josemaria Res* O 9 T 183 Josemaria Res Joshua Gold* O 18 Jourdan Res V 903 Jubilee Gold V 5 Jubilee Metals* O 38 Juggernaut Exp V 436 Juggernaut Exp* O 123 Jupiter Gold* O 0 K2 Gold V 411 K92 Mining* O 2303 K92 Mining V 5935 Kaizen Discov V 42 Kaizen Discvry* O 72 Kal Minerals C 15 V 169 Kapuskasing Gd Karmin Expl V 443 Karnalyte Res T 65 KAT Expl* O 3967 Katanga Mng T 330 Kenadyr Mining V 18 Kenadyr Mining* O 3 Kermode Res V 501 Kerr Mines* O 553 Kerr Mines T 1121 Kesselrun Res V 255 Kesselrun Res* O 16 Kestrel Gold V 331 Kilo Goldmines V 693 Kincora Copper* O 17 Kincora Copper V 133 Kingsmen Res V 23 O 0 Kingsmen Res* Kinross Gold T 25129 Kinross Gold* N 84787 Kintavar Exp V 128 Kirkland Lake* N 8559 Kirkland Lake T 5097 Klondike Gold* O 189 Klondike Gold V 818 Klondike Silv* O 154 Klondike Silv V 917 V 638 Kombat Copper Komet Resource V 260 Kootenay Silvr* O 1097 Kootenay Silvr V 3164 Kootenay Zinc C 81 Kootenay Zinc* O 35 KOPR Point C 155 Kore Mining * O 74 Kore Mining V 178 Kutcho Copper * O 36 KWG Res* O 250 KWG Res C 470

0.05 0.04 0.04 + 0.00 0.17 0.03 0.07 0.04 0.04 - 0.03 0.20 0.04 5.29 4.66 4.67 - 0.30 5.55 3.08 3.96 3.53 3.53 - 0.19 4.17 2.28 0.09 0.09 0.09 unch 0.00 0.21 0.07 0.08 0.07 0.08 + 0.01 0.19 0.07 0.06 0.05 0.06 + 0.00 0.14 0.05 0.08 0.00 0.07 - 0.01 0.40 0.07 0.02 0.01 0.01 - 0.01 0.02 0.01 0.10 0.09 0.09 unch 0.00 0.15 0.09 0.03 0.03 0.03 unch 0.00 0.14 0.03 0.07 0.05 0.07 + 0.01 0.19 0.04 0.49 0.41 0.41 - 0.04 0.51 0.20 0.00 0.00 4.85 unch 0.00 5.12 1.15 2.65 2.38 2.59 + 0.05 3.50 0.99 1.99 0.00 1.98 + 0.15 2.60 0.76 0.07 0.06 0.07 + 0.01 0.11 0.05 0.04 0.04 0.04 unch 0.00 0.05 0.03 0.02 0.02 0.02 unch 0.00 0.05 0.02 0.09 0.00 0.08 unch 0.00 0.55 0.00 0.05 0.05 0.05 + 0.00 0.08 0.00 0.08 0.07 0.07 - 0.01 0.10 0.04 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.02 0.01 0.02 + 0.01 0.02 0.01 0.04 0.04 0.04 unch 0.00 0.14 0.04 0.07 0.06 0.07 + 0.01 0.18 0.05 0.04 0.04 0.04 unch 0.00 0.10 0.03 0.00 0.00 0.00 - 0.00 0.00 0.00 1.00 0.86 1.00 + 0.12 0.98 0.44 1.30 1.12 1.30 + 0.12 1.30 0.61 0.29 0.29 0.29 unch 0.00 0.35 0.19 0.06 0.06 0.06 unch 0.00 0.08 0.04 0.26 0.00 0.26 + 0.03 0.44 0.09 0.17 0.12 0.15 + 0.03 0.24 0.05 0.13 0.09 0.12 + 0.02 0.19 0.03 0.05 0.04 0.04 - 0.01 0.10 0.02 0.04 0.04 0.04 unch 0.00 0.04 0.01 0.02 0.01 0.02 + 0.01 0.07 0.00 0.02 0.02 0.02 unch 0.00 0.09 0.01 0.02 0.02 0.02 + 0.00 0.08 0.02 0.03 0.03 0.03 unch 0.00 0.10 0.03 0.03 0.03 0.03 - 0.00 0.06 0.02 0.05 0.04 0.05 + 0.01 0.09 0.04 0.09 0.09 0.09 unch 0.00 0.16 0.08 0.11 0.09 0.09 - 0.02 0.21 0.09 0.02 0.02 0.02 unch 0.00 0.11 0.02 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.61 0.53 0.54 - 0.03 0.72 0.35 0.80 0.71 0.71 - 0.05 0.94 0.48 0.08 0.07 0.08 - 0.01 0.18 0.05 0.06 0.04 0.06 + 0.01 0.12 0.01 3.22 2.94 3.19 + 0.22 4.41 2.51 0.36 0.22 0.32 + 0.09 0.59 0.22 0.48 0.30 0.42 + 0.11 0.83 0.30 0.11 0.08 0.11 + 0.03 0.13 0.07 0.14 0.13 0.14 + 0.01 0.17 0.10 0.03 0.03 0.03 unch 0.00 0.08 0.03 0.03 0.03 0.03 unch 0.00 0.06 0.02 0.13 0.11 0.13 unch 0.00 0.20 0.03 2.20 1.94 2.05 + 0.03 2.50 0.70 2.89 2.56 2.70 + 0.02 3.25 0.91 0.55 0.47 0.51 + 0.04 0.79 0.29 1.18 0.00 1.18 + 0.03 1.48 0.39 1.60 1.55 1.55 - 0.03 1.94 0.53 0.30 0.20 0.26 + 0.03 0.53 0.02 2.85 2.65 2.69 - 0.10 3.46 1.50 3.75 3.51 3.52 - 0.20 4.54 2.04 0.25 0.23 0.23 - 0.02 0.26 0.13 0.32 0.26 0.27 - 0.05 0.33 0.13 0.01 0.01 0.01 + 0.00 0.02 0.01 0.03 0.00 0.02 - 0.01 0.04 0.02 0.27 0.22 0.24 - 0.03 0.30 0.07 0.21 0.17 0.17 - 0.02 0.22 0.05 0.41 0.34 0.34 - 0.05 0.43 0.07 0.30 0.27 0.27 - 0.01 0.32 0.06 0.04 0.04 0.04 unch 0.00 0.10 0.03 0.05 0.00 0.05 unch 0.00 0.14 0.04 0.02 0.00 0.02 + 0.01 0.20 0.01 0.00 0.00 0.01 unch 0.00 0.12 0.00 0.40 0.40 0.40 unch 0.00 0.40 0.01 0.20 0.15 0.17 + 0.02 0.20 0.12 0.24 0.19 0.22 + 0.02 0.24 0.13 0.03 0.02 0.02 unch 0.00 0.18 0.01 0.60 0.56 0.56 - 0.04 0.91 0.56 0.78 0.00 0.65 - 0.11 1.22 0.65 0.20 0.18 0.18 - 0.02 0.26 0.18 0.03 0.02 0.02 - 0.01 0.07 0.02 0.58 0.58 0.58 unch 0.00 0.64 0.54 0.04 0.03 0.04 + 0.01 0.04 0.03 0.07 0.06 0.06 - 0.01 0.43 0.06 0.06 0.04 0.05 + 0.00 0.30 0.04 0.00 0.00 1.75 unch 0.00 2.25 0.90 0.36 0.31 0.32 unch 0.00 0.37 0.16 1.56 1.25 1.48 - 0.05 2.08 0.51 2.06 1.66 1.93 - 0.10 2.67 0.67 0.06 0.05 0.05 - 0.01 0.09 0.04 0.04 0.03 0.03 - 0.01 0.07 0.03 0.15 0.12 0.12 - 0.03 0.25 0.12 0.06 0.00 0.05 unch 0.00 0.12 0.03 1.01 0.99 1.00 + 0.01 1.02 0.60 0.22 0.16 0.19 - 0.01 0.37 0.15 0.00 0.00 0.00 - 0.00 0.00 0.00 0.44 0.38 0.40 + 0.02 0.83 0.30 0.08 0.08 0.08 - 0.01 0.11 0.05 0.06 0.06 0.06 unch 0.00 0.09 0.04 0.01 0.00 0.01 unch 0.00 0.02 0.01 0.17 0.16 0.16 - 0.00 0.21 0.07 0.22 0.20 0.22 - 0.01 0.27 0.11 0.05 0.04 0.05 unch 0.00 0.07 0.03 0.03 0.02 0.02 unch 0.00 0.05 0.02 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.11 0.09 0.10 - 0.01 0.13 0.07 0.14 0.13 0.14 + 0.01 0.18 0.08 0.09 0.09 0.09 unch 0.00 0.70 0.08 0.06 0.06 0.06 unch 0.00 0.52 0.06 7.10 6.52 6.54 - 0.08 7.10 3.15 5.32 4.91 4.95 - 0.02 5.32 2.38 0.18 0.14 0.16 - 0.02 0.44 0.11 51.08 47.05 47.34 - 1.42 51.08 17.26 67.57 62.31 62.47 - 2.27 67.87 22.42 0.30 0.27 0.28 - 0.01 0.35 0.10 0.39 0.36 0.36 - 0.02 0.45 0.17 0.04 0.03 0.04 - 0.00 0.05 0.02 0.05 0.04 0.04 - 0.01 0.07 0.03 0.15 0.13 0.15 + 0.02 0.17 0.05 0.11 0.10 0.11 unch 0.00 0.28 0.10 0.23 0.18 0.21 - 0.00 0.23 0.08 0.32 0.24 0.27 - 0.01 0.32 0.11 0.18 0.00 0.09 - 0.04 0.29 0.05 0.12 0.05 0.10 + 0.01 0.17 0.02 0.05 0.04 0.05 + 0.02 0.35 0.01 0.31 0.27 0.28 + 0.01 0.31 0.09 0.40 0.37 0.40 - 0.01 0.40 0.08 0.13 0.10 0.13 + 0.03 0.35 0.10 0.01 0.01 0.01 unch 0.00 0.02 0.00 0.01 0.01 0.01 unch 0.00 0.02 0.01

Labrador Gold* O 35 Labrador Gold V 247 Labrador IMH* O 45 Labrador IOR* O 16 Labrador IOR T 1854 Lake Forest Mi* O 0 Lara Expl V 80 Laramide Res T 609 Laredo Res* O 417 Largo Res T 1222 Largo Res* O 989 Lateral Gold V 41 Latin American V 623 Latin Metals* O 1 Latin Metals V 194 Laurion Mnl Ex V 847 Laurion Mnl Ex* O 7 Le Mare Gold* O 4

0.16 0.10 0.10 - 0.06 0.21 0.10 0.22 0.15 0.19 - 0.04 0.29 0.14 0.00 0.00 0.00 unch 0.00 0.03 0.00 19.68 0.00 19.30 - 0.38 27.20 17.28 26.37 24.94 25.42 - 0.62 36.01 22.25 0.00 0.00 5.00 unch 0.00 5.00 0.50 0.58 0.51 0.51 - 0.04 0.62 0.41 0.27 0.25 0.27 + 0.01 0.52 0.21 0.00 0.00 0.00 - 0.00 0.02 0.00 1.44 1.33 1.44 + 0.07 4.65 1.33 1.09 0.99 1.09 + 0.07 3.56 0.99 0.10 0.07 0.10 + 0.04 0.71 0.04 0.02 0.01 0.01 - 0.01 0.03 0.01 0.11 0.11 0.11 unch 0.00 0.11 0.02 0.14 0.13 0.13 - 0.02 0.36 0.08 0.20 0.16 0.20 + 0.02 0.20 0.07 0.14 0.13 0.14 + 0.01 0.14 0.05 0.03 0.03 0.03 + 0.00 0.14 0.00

I-J-K

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Le Mare Gold V 6 Leading Edge* O 601 Leading Edge V 545 Leagold Mg* O 2910 Leagold Mg T 4028 Leeta Gold V 2325 Legion Metals C 1827 Leo Res* O 3 O 180 Lepanto Con Mg* Libero Copper* O 413 V 2538 Libero Copper Liberty Gold* O 559 Liberty One Li V 315 Liberty One Li* O 282 LiCo Energy* O 75 LiCo Energy V 233 Lincoln Mng V 76 Lion One Mtls V 123 Lion One Mtls* O 180 Lions Bay Cap V 11 17 Lions Bay Mg * O Lions Bay Mg C 83 O 8 Lithion Energy* Lithium Amer* N 621 Lithium Amer T 406 Lithium Chile V 96 Lithium Chile* O 10 Lithium Corp* O 162 Lithium Energi* O 10 V 42 Lithium Energi Lithium Expl* O 1821 V 320 Lithoquest Dia LKA Gold* O 16 Lode-Star Mg* O 5 Logan Res V 677 Lomiko Mtls V 1038 Lomiko Mtls* O 1086 Loncor Res* O 107 Loncor Res T 122 Lone Star Gold* O 1 Los Andes* O 35 Los Andes V 122 Lucara Diam T 575 Lucky Min V 1556 Lucky Min* O 274 Luckystrike * O 8 Luckystrike V 25 Lumina Gold V 503 Lumina Gold* O 79 Luminex Res V 527 Lundin Gold T 948 Lundin Mng* O 177 11245 Lundin Mng T Lupaka Gold * O 32 Lupaka Gold V 240 10180 Lydian Intl T Lydian Intl* O 429 Lynas Corp* O 390 Lynas Corp* O 149

0.05 0.00 0.04 - 0.01 0.18 0.03 0.15 0.12 0.12 - 0.01 0.35 0.07 0.19 0.16 0.16 - 0.02 0.45 0.10 2.31 2.07 2.11 - 0.12 2.33 0.95 3.07 2.73 2.76 - 0.21 3.07 1.28 0.28 0.24 0.25 - 0.01 0.82 0.24 0.64 0.52 0.64 + 0.06 0.83 0.30 0.03 0.01 0.03 + 0.01 0.60 0.01 0.00 0.00 0.00 + 0.00 0.00 0.00 0.18 0.10 0.13 + 0.02 0.18 0.04 0.23 0.14 0.17 - 0.01 0.23 0.07 0.52 0.45 0.47 + 0.01 0.57 0.21 0.08 0.07 0.07 - 0.01 0.18 0.06 0.06 0.05 0.05 - 0.00 0.18 0.04 0.03 0.02 0.03 - 0.00 0.18 0.01 0.04 0.00 0.04 - 0.01 0.40 0.03 0.02 0.00 0.02 - 0.01 0.03 0.01 0.69 0.64 0.65 - 0.01 0.79 0.35 0.53 0.49 0.49 - 0.01 0.60 0.24 0.05 0.04 0.05 unch 0.00 0.12 0.04 0.11 0.00 0.08 - 0.03 0.14 0.00 0.13 0.00 0.10 - 0.02 0.20 0.03 0.33 0.33 0.33 - 0.00 0.35 0.02 3.31 3.07 3.18 - 0.02 5.12 2.75 4.39 4.10 4.20 - 0.06 6.62 3.74 0.38 0.36 0.38 + 0.02 1.00 0.35 0.29 0.26 0.28 - 0.00 0.78 0.26 0.09 0.06 0.07 - 0.01 0.24 0.05 0.09 0.09 0.09 unch 0.00 0.30 0.08 0.13 0.12 0.12 - 0.01 0.36 0.11 0.01 0.01 0.01 + 0.00 0.02 0.00 0.08 0.07 0.07 unch 0.00 0.43 0.07 0.14 0.00 0.07 - 0.05 0.43 0.07 0.04 0.04 0.04 unch 0.00 0.15 0.02 0.10 0.08 0.09 unch 0.00 0.24 0.08 0.04 0.03 0.03 - 0.01 0.09 0.03 0.02 0.02 0.02 - 0.00 0.07 0.02 0.13 0.11 0.11 - 0.01 0.20 0.04 0.17 0.15 0.15 - 0.01 0.20 0.06 0.18 0.00 0.18 + 0.07 2.12 0.05 0.28 0.26 0.26 unch 0.00 0.40 0.14 0.42 0.37 0.42 unch 0.00 0.52 0.15 1.10 1.04 1.05 + 0.01 2.39 1.04 0.05 0.04 0.04 - 0.01 0.20 0.04 0.04 0.03 0.03 - 0.00 0.14 0.03 0.13 0.13 0.13 + 0.00 0.35 0.08 0.19 0.00 0.17 + 0.01 0.55 0.11 0.67 0.64 0.64 - 0.02 0.78 0.46 0.51 0.48 0.48 - 0.02 1.03 0.35 0.90 0.80 0.82 - 0.01 1.05 0.51 8.58 7.90 7.91 - 0.42 9.04 4.42 5.07 4.55 4.95 + 0.19 5.94 3.60 6.70 6.15 6.58 + 0.23 7.96 4.70 0.01 0.00 0.01 - 0.00 0.13 0.01 0.02 0.02 0.02 unch 0.00 0.21 0.02 0.13 0.09 0.13 + 0.03 0.28 0.07 0.10 0.07 0.10 + 0.01 0.21 0.05 1.70 1.57 1.70 + 0.04 2.29 1.05 1.72 1.53 1.66 + 0.01 2.33 1.05

M M.P.V. Explor C 90 0.11 0.11 0.11 - 0.01 0.18 0.06 V 4229 0.07 0.06 0.06 unch 0.00 0.17 0.02 Macarthur Min Macarthur Min* O 17 0.05 0.04 0.05 + 0.00 0.31 0.01 MacDonald Mns* O 36 0.06 0.05 0.05 - 0.00 0.06 0.02 V 826 0.08 0.07 0.08 unch 0.00 0.08 0.03 MacDonald Mns MAG Silver T 1681 18.14 15.46 15.50 - 1.49 18.60 8.10 Magellan Gold* O 2 2.30 2.03 2.29 - 0.01 3.80 0.80 0.19 Magna Gold V 400 0.39 0.34 0.34 - 0.01 0.45 Magna Terra V 2 0.00 0.00 0.02 unch 0.00 0.06 0.02 Magna Terra* O 2 0.01 0.01 0.01 unch 0.00 0.04 0.01 unch 0.00 0.11 0.04 Majestic Gold V 260 0.06 0.05 0.05 Majestic Gold* O 36 0.04 0.04 0.04 + 0.00 0.08 0.03 0.42 Makena Res* O 93 0.53 0.48 0.50 + 0.01 2.18 0.01 Mako Mining* O 1700 0.18 0.12 0.17 + 0.03 0.18 Mako Mining V 3551 0.23 0.16 0.22 + 0.04 0.23 0.09 Mammoth Res V 65 0.03 0.03 0.03 - 0.01 0.09 0.03 T 614 1.25 1.12 1.22 - 0.01 1.65 0.45 Mandalay Res Mandalay Res* O 116 0.93 0.86 0.91 + 0.01 1.12 0.03 Manganese X* O 20 0.07 0.07 0.07 + 0.00 0.16 0.07 0.08 Manganese X V 93 0.11 0.00 0.10 + 0.02 0.20 V 254 0.04 0.00 0.04 + 0.01 0.05 0.02 Mangazeya Mng O 2016 0.02 0.02 0.02 - 0.00 0.04 0.01 Mangazeya Mng* Manitou Gold * O 20 0.04 0.04 0.04 unch 0.00 0.05 0.03 Manitou Gold V 212 0.06 0.05 0.05 - 0.01 0.11 0.03 unch 0.00 0.14 0.08 Maple Gold V 727 0.09 0.09 0.09 Maple Gold* O 302 0.08 0.06 0.06 - 0.01 0.11 0.05 Marathon Gold* O 564 1.09 0.96 1.03 - 0.02 1.14 0.49 T 1789 1.44 1.27 1.35 - 0.03 1.50 0.65 Marathon Gold Margaret Lake V 457 0.04 0.00 0.04 + 0.01 0.11 0.02 Margaux Res V 220 0.09 0.08 0.08 unch 0.00 0.15 0.03 O 50 0.07 0.07 0.07 unch 0.00 0.08 0.02 Margaux Res* Marifil Mines* O 412 0.10 0.08 0.09 - 0.01 0.14 0.04 Marifil Mines V 224 0.13 0.11 0.12 - 0.02 0.18 0.05 unch 0.00 0.12 0.08 Maritime Res V 216 0.09 0.09 0.09 MartinMarietta* N 2821 264.39 249.79 258.03 + 4.26 264.39 150.75 unch 0.00 0.16 0.04 Mas Gold V 0 0.00 0.00 0.08 O 2 2.30 2.00 2.00 - 0.30 2.50 2.00 Mascota Res* Mason Graphite* O 123 0.20 0.17 0.19 - 0.01 0.92 0.18 Mason Graphite V 360 0.27 0.22 0.24 - 0.02 1.21 0.22 V 23 0.12 0.12 0.12 unch 0.00 0.25 0.11 Matachewan Con Matica Ent C 6059 0.06 0.05 0.06 unch 0.00 0.32 0.05 0.00 Matmown* O 108 0.01 0.01 0.01 + 0.00 0.08 Maverix Metals T 202 6.89 6.40 6.49 - 0.20 6.96 3.64 Maverix Metals* X 114 5.42 4.83 4.88 - 0.05 5.50 1.25 Mawson Res* O 64 0.15 0.13 0.14 unch 0.00 0.27 0.11 Mawson Res T 43 0.20 0.17 0.18 unch 0.00 0.39 0.15 MAX Res V 988 0.10 0.07 0.08 + 0.01 0.50 0.07 MaxTech Vent C 609 0.06 0.03 0.06 + 0.03 0.31 0.03 MaxTech Vent* O 96 0.04 0.02 0.03 + 0.01 0.25 0.02 unch 0.00 4.54 0.20 Maxwell Res* O 0 0.00 0.00 1.20 Maya Gold &Sil* O 2 1.59 1.47 1.48 + 0.01 2.16 1.20 Maya Gold &Sil T 159 2.19 1.88 1.90 - 0.08 2.85 1.58 0.05 Mazarin V 85 0.06 0.06 0.06 - 0.01 0.18 MBMI Res* O 0 0.01 0.01 0.01 unch 0.00 1.00 0.01 MBMI Res V 7 0.15 0.00 0.14 + 0.13 0.56 0.04 McChip Res V 4 0.65 0.00 0.59 - 0.01 0.93 0.59 McEwen Mng T 1823 2.79 2.40 2.42 - 0.30 3.20 1.67 McEwen Mng* N 19377 2.10 1.82 1.83 - 0.20 2.44 1.23 McLaren Res C 112 0.03 0.03 0.03 unch 0.00 0.05 0.01 MDN Inc* O 3 0.18 0.18 0.18 unch 0.00 0.26 0.11 Mechel* N 140 1.87 1.71 1.82 + 0.07 3.42 1.53 Medallion Res V 338 0.12 0.11 0.11 - 0.01 0.28 0.09 Medallion Res* O 101 0.09 0.08 0.08 + 0.00 0.21 0.06 Medgold Res V 68 0.11 0.11 0.11 unch 0.00 0.38 0.09 Medinah Mnrls* O 1356 0.00 0.00 0.00 - 0.00 0.00 0.00 Mega Uranium T 775 0.10 0.09 0.10 unch 0.00 0.15 0.08 Mega Uranium* O 94 0.08 0.06 0.07 - 0.00 0.12 0.05 Megastar Dev V 467 0.15 0.00 0.13 - 0.02 0.19 0.04 MegumaGold C 176 0.09 0.07 0.07 - 0.01 0.26 0.06 MegumaGold* O 75 0.06 0.06 0.06 unch 0.00 0.16 0.05 Melior Res V 22 0.22 0.19 0.20 + 0.01 0.84 0.16 Melkior Res V 337 0.03 0.03 0.03 + 0.01 0.13 0.03 Merger Mines* O 0 0.00 0.00 25.00 unch 0.00 Meridian Mg * O 0 0.09 0.09 0.09 unch 0.00 0.13 0.05 Meridian Mg V 4 0.12 0.00 0.12 unch 0.00 0.22 0.06 Meridius Res V 10 0.17 0.17 0.17 unch 0.00 0.22 0.09 Meryllion Res* O 60 0.01 0.01 0.01 unch 0.00 0.02 0.00 Meryllion Res C 19 0.01 0.00 0.01 unch 0.00 0.04 0.01 MetalCorp V 38 0.02 0.01 0.01 - 0.01 0.02 0.01 Metalex Vent V 126 0.05 0.04 0.04 unch 0.00 0.06 0.02 Metalla Rylty* O 843 1.02 0.88 0.93 + 0.02 1.08 0.52 Metalla Rylty V 952 1.33 1.18 1.23 + 0.03 1.43 0.69 Metallic Mnrls V 2534 0.25 0.17 0.22 + 0.03 0.28 0.11 Metallic Mnrls* O 713 0.19 0.13 0.16 + 0.01 0.21 0.08 Metallis Res V 103 0.84 0.70 0.84 unch 0.00 1.40 0.39 Metalo Manuf C 5 0.20 0.20 0.20 unch 0.00 0.45 0.10 Metalore Res V 2 1.20 1.00 1.00 - 0.20 2.85 0.89 Metals Creek* O 69 0.04 0.03 0.04 + 0.00 0.05 0.02 Metals Creek V 201 0.05 0.04 0.05 unch 0.00 0.06 0.03 Metals X* O 221 0.11 0.11 0.11 unch 0.00 0.42 0.11 Metron Capital V 12 0.05 0.05 0.05 unch 0.00 0.07 0.04 Mexican Gold* O 29 0.11 0.09 0.10 + 0.01 0.19 0.06 Mexus Gold* O 4127 0.02 0.01 0.01 - 0.00 0.03 0.00 MGX Minerals* O 281 0.14 0.11 0.12 - 0.01 0.64 0.11 MGX Minerals C 531 0.17 0.15 0.16 - 0.01 0.84 0.15 Michelin C 3 0.30 0.18 0.30 unch 0.00 0.50 0.18 Midas Gold T 1210 0.80 0.67 0.68 - 0.09 1.10 0.56 Midas Gold* O 1439 0.60 0.50 0.51 - 0.07 0.85 0.41 Midasco Cap V 500 0.10 0.10 0.10 unch 0.00 0.11 0.09 Midland Expl V 89 0.90 0.85 0.87 unch 0.00 1.46 0.66 Midnight Star C 303 0.17 0.13 0.14 - 0.03 0.40 0.11 Midnight Sun* O 300 0.09 0.09 0.09 unch 0.00 0.15 0.08 Midnight Sun V 398 0.12 0.11 0.12 + 0.01 0.21 0.10 Millennial Lit* O 18 1.14 1.02 1.11 - 0.02 1.59 0.67 Millennial Lit V 10 1.54 1.45 1.46 - 0.05 2.12 1.04 Millrock Res* O 655 0.08 0.06 0.07 - 0.01 0.15 0.05 Millrock Res V 673 0.11 0.09 0.09 - 0.02 0.20 0.07 Minaurum Gold V 439 0.47 0.42 0.43 - 0.03 0.58 0.32 Minaurum Gold* O 477 0.36 0.31 0.33 - 0.02 0.45 0.23

2019-09-10 11:40 AM

WWW.NORTHERNMINER.COM

SEPTEMBER 16–29, 2019 / 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

Minco Silver* O 300 Minco Silver T 658 Minera Alamos * O 1017 Minera Alamos V 3809 Minera IRL C 351 Mineral Mtn V 359 Mineral Mtn* O 307 39002 MineralRite* O Mineworx Tech V 362 O 146 Mineworx Tech* Minfocus Expl V 22 Mining Global* O 2530 V 12 Minnova Corp Miramont Res* O 255 C 606 Miramont Res Mirasol Res V 143 Mistango River C 514 Mkango Res V 290 ML Gold* O 8 ML Gold Corp V 1072 Monarca Mnrls* O 263 V 232 Monarca Mnrls Monarch Gold T 348 Monarch Gold* O 195 Moneta Porcpn* O 13 Moneta Porcpn T 291 Monitor Vent* O 18 Monitor Vent V 17 Monster Uran V 0 Montego Res* O 25 Monterey Min C 306 Montero Mg&Ex V 29 Monument Mng V 376 Morien Res* O 64 Morien Res V 103 Mosaic* N 20151 Mount Gibson * O 1 Mountain Boy* O 24 Mountain Boy V 141 Mountain Prov T 493 D 408 Mountain Prov* Mundoro Cap* O 59 Mundoro Cap V 322 Murchison Min V 633 MX Gold* O 288

0.73 0.61 0.61 - 0.03 0.73 0.24 0.99 0.81 0.83 - 0.02 0.99 0.35 0.15 0.13 0.14 + 0.00 0.15 0.06 0.20 0.17 0.18 - 0.01 0.20 0.09 0.12 0.09 0.11 - 0.01 0.12 0.05 0.19 0.16 0.17 - 0.01 0.22 0.07 0.15 0.12 0.13 - 0.01 0.17 0.05 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.11 0.09 0.09 - 0.01 0.20 0.07 0.09 0.07 0.07 - 0.00 0.15 0.06 0.04 0.04 0.04 unch 0.00 0.09 0.03 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.11 0.11 0.11 - 0.01 0.79 0.09 0.12 0.08 0.10 + 0.02 0.48 0.07 0.17 0.11 0.14 + 0.02 0.63 0.10 0.59 0.51 0.54 - 0.02 1.61 0.51 0.04 0.03 0.04 + 0.01 0.05 0.01 0.11 0.10 0.10 unch 0.00 0.19 0.10 0.12 0.12 0.12 unch 0.00 0.54 0.01 0.19 0.13 0.14 - 0.05 0.77 0.12 0.06 0.05 0.05 - 0.00 0.06 0.01 0.08 0.07 0.07 + 0.01 0.08 0.02 0.27 0.24 0.25 unch 0.00 0.33 0.15 0.21 0.18 0.20 + 0.00 0.24 0.11 0.09 0.08 0.09 + 0.00 0.12 0.06 0.12 0.11 0.11 - 0.01 0.16 0.07 0.15 0.10 0.15 + 0.06 0.80 0.10 0.20 0.14 0.15 - 0.01 0.98 0.14 0.00 0.00 0.08 unch 0.00 0.32 0.08 0.00 0.00 0.00 unch 0.00 0.05 0.00 0.12 0.09 0.11 + 0.02 0.16 0.04 0.15 0.12 0.12 unch 0.00 0.20 0.05 0.06 0.06 0.06 - 0.01 0.08 0.04 0.29 0.27 0.29 + 0.02 0.44 0.27 0.41 0.37 0.40 + 0.03 0.60 0.37 19.64 17.72 19.54 + 1.15 37.37 17.36 0.52 0.52 0.52 unch 0.00 0.65 0.28 0.21 0.18 0.18 - 0.01 0.21 0.04 0.27 0.23 0.23 unch 0.00 0.33 0.15 1.08 0.97 1.00 - 0.04 2.77 1.00 0.84 0.73 0.77 - 0.03 2.25 0.73 0.10 0.09 0.10 + 0.01 0.19 0.00 0.13 0.11 0.13 + 0.01 0.25 0.11 0.06 0.04 0.06 + 0.02 0.18 0.04 0.00 0.00 0.00 - 0.00 0.02 0.00

N-O NA Frac Sand* O 89 NACCO Ind* N 30 Namibia Crit V 63 Namibia Crit* O 40 Napier Vent V 18 Napier Vent* O 2 Natural Res Pt* N 108 Nautilus Mnrls* O 1410 Navy Res V 18 Nemaska Lith T 3481 Nemaska Lith* O 230 Neo Lithium V 233 Network Expl* O 104 Network Expl V 76 Nevada Canyon* O 18 Nevada Copper T 2520 O 2 Nevada Energy* Nevada Energy V 1 Nevada Expl * O 136 Nevada Expl V 188 Nevada Sunrise* O 312 Nevada Sunrise V 361 Nevada Zinc V 218 Nevado Res V 3 New Age Metals* O 281 New Age Metals V 1266 New Carolin Gd* O 246 New Carolin Gd V 940 New Destiny Mg V 23 New Dimen Res V 276 New Dimen Res* O 42 New Egy Min* O 0 New Energy Met V 53 New Energy Met* O 25 New Gold T 12175 New Gold* X 26870 55 New Guinea Gld* O New Jersey Mng* O 71 New Milln Iron* O 2858 New Milln Iron T 560 New Nadina V 256 New Nadina* O 1 New Oroperu V 90 New Pac Metals V 258 New Pac Metals* O 229 New Tech Min* O 1 New Tech Min C 36 Newlox Gold C 82 Newmac Res V 23 T 1086 Newmont Gdcorp Newmont Gdcorp* N 36716 Newport Expl V 168 O 400 Newport Gold* NewRange Gold* O 223 NewRange Gold V 380 Nexa Resources T 3 Nexa Resources* N 866 Nexco Res C 303 Nexgen Energy* X 2681 T 2592 Nexgen Energy NextSource Mat T 882 Nexus Gold V 1956 Nexus Gold* O 144 NGEx Minerals V 621 Nickel Creek T 5244 Nickel Creek* O 2371 Nickel North V 140 Nicola Mg Inc V 561 Nicola Mg Inc* O 347 Nighthawk Gold* O 472 Nighthawk Gold T 1533 Niobay Metals V 55 Niocan Inc V 16 Niocorp Dev T 847 Niocorp Dev* O 373 V 44 Nippon Dragon Nippon Dragon* O 90 Nitinat Mnls V 139 Noble Metal V 14 O 18 Noble Mineral* Noble Mineral V 765 Noka Res* O 1140 Noram Vent* O 1 Noram Vent V 103 Noranda Alum* O 1 Nordic Gold* O 175 Nordic Gold V 103 Noront Res V 896 Norra Metals V 731 Norsemont Cap C 116 Nortec Mnls* O 3 Nortec Mnls V 441 North Am Nickl V 2106 North Am Nickl* O 35 North Am Pall* O 130 North Am Pall T 701 North Arrow Mn* O 139 North Arrow Mn V 275 North Bay Res * O 21820 Northcliff Res T 45 Northern Light C 458 Northisle C&G * O 12 Northisle C&G V 57 Northway Res V 261 Norvista Cap V 32 NorZinc T 380 NorZinc* O 365 Nouveau Monde V 187 Nouveau Monde* O 6 NovaGold Res T 1803 NovaGold Res* X 14809 Novo Res* O 555 Novo Res V 906 NRG Metals V 147 Nrthn Graphite V 225 Nrthn Graphite* O 133 Nrthn Lion V 92

20-23_SEPT16_StockTables.indd 22

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(100s) Stock

Week

(100s) Stock

12-month

Exc Volume High Low Last Change High Low

Nrthn Mnrls &E* O 47 Nrthn Shield V 4780 Nrthn Superior* O 30 V 233 Nrthn Superior Nrthn Vertex* O 412 Nrthn Vertex V 590 NSGold V 7 NSS Res Inc C 184 Nthn Dynasty* X 11545 Nthn Dynasty T 1052 Nthrn Sphere* O 125 Nubian Res V 950 Nuinsco Res C 35 Nuinsco Res* O 20 NuLegacy Gold V 693 O 488 NuLegacy Gold* Nutrien* N 4844 T 4867 Nutrien NV Gold V 439 NV Gold* O 443 NX Uranium* O 6 NxGold Ltd* O 20 NxGold Ltd V 2321 O.T. Mining* O 34 O3 Mining* O 4 O3 Mining V 356 OceanaGold* O 16 OceanaGold T 9574 4 Oceanic Iron O V Oceanus Res V 148 Odyssey Res V 12 Olivut Res V 328 Olivut Res* O 24 Omineca Mining V 265 O 1 Omineca Mining* One World Lith* O 102 One World Lith C 297 Opawica Expl V 372 Opus One Res V 158 Orbite Tech* O 103 Orca Gold* O 317 Orca Gold V 336 V 631 Orefinders Res Orestone Mng V 1371 Orex Mnrls* O 73 Orex Mnrls V 482 Orezone Gold V 250 Orezone Gold* O 91 Orford Mining V 232 OrganiMax* O 19 OrganiMax V 23 Origin Gold V 126 Original Sixtn* O 1 Orla Mng Ltd T 119 30 Orla Mng Ltd* O Oroco Res V 216 Oroco Res* O 162 Orocobre T 56 Oronova Energy V 25 Orosur Mng T 213 Orsu Metals V 40 Orsu Metals* O 34 Orvana Mnrls T 234 O 8 Orvana Mnrls* Osino Res V 2070 Osisko Gold* N 5125 Osisko Gold T 2188 Osisko Metals* O 101 V 376 Osisko Metals Osisko Mng Inc T 2151 Osprey Gold V 592 Otis Gold V 165 Otis Gold* O 46 Outcrop Gold V 198 O 137 Outcrop Gold* OZ Minerals* O 4

0.04 0.04 0.04 - 0.01 0.12 0.02 0.07 0.06 0.06 unch 0.00 0.12 0.02 0.10 0.09 0.09 - 0.01 0.22 0.02 0.13 0.12 0.13 unch 0.00 0.40 0.11 0.26 0.22 0.26 + 0.03 0.27 0.12 0.35 0.30 0.34 + 0.04 0.35 0.16 0.14 0.14 0.14 unch 0.00 0.15 0.07 0.10 0.09 0.09 - 0.01 0.45 0.03 0.72 0.62 0.65 - 0.01 1.12 0.41 0.95 0.83 0.85 - 0.01 1.47 0.56 0.01 0.00 0.01 + 0.00 0.20 0.00 0.13 0.10 0.13 + 0.02 0.15 0.07 0.01 0.01 0.01 unch 0.00 0.08 0.01 0.01 0.01 0.01 unch 0.00 0.04 0.00 0.09 0.07 0.07 - 0.01 0.20 0.03 0.07 0.04 0.05 - 0.00 0.15 0.02 51.75 49.14 51.66 + 1.30 58.99 43.96 68.23 65.50 68.12 + 1.07 76.17 59.97 0.23 0.17 0.19 - 0.03 0.29 0.07 0.17 0.13 0.14 - 0.02 0.22 0.05 0.13 0.06 0.06 - 0.08 1.00 0.01 0.04 0.04 0.04 unch 0.00 0.12 0.04 0.06 0.04 0.05 - 0.01 0.17 0.04 0.07 0.04 0.07 - 0.00 0.24 0.04 1.97 0.00 1.84 - 0.13 1.97 1.83 2.64 2.19 2.29 - 0.34 4.00 1.60 2.42 0.00 2.37 - 0.02 3.74 2.20 3.32 3.11 3.15 - 0.04 5.01 2.85 0.08 0.08 0.08 unch 0.00 0.15 0.04 0.08 0.07 0.08 unch 0.00 0.18 0.05 0.03 0.03 0.03 unch 0.00 0.05 0.02 0.10 0.08 0.09 unch 0.00 0.16 0.07 0.08 0.07 0.07 + 0.01 0.12 0.04 0.08 0.05 0.08 + 0.03 0.09 0.02 0.04 0.04 0.04 unch 0.00 0.07 0.01 0.12 0.10 0.12 + 0.00 0.22 0.07 0.16 0.13 0.15 - 0.01 0.28 0.09 0.08 0.00 0.08 unch 0.00 0.13 0.05 0.05 0.04 0.04 + 0.01 0.08 0.01 0.01 0.00 0.01 + 0.01 0.17 0.00 0.29 0.26 0.26 - 0.03 0.42 0.23 0.37 0.35 0.35 - 0.03 0.55 0.30 0.08 0.07 0.07 unch 0.00 0.08 0.03 0.15 0.12 0.14 + 0.02 0.25 0.07 0.09 0.07 0.07 - 0.02 0.13 0.03 0.12 0.09 0.10 unch 0.00 0.17 0.05 0.88 0.77 0.80 - 0.03 0.88 0.39 0.67 0.59 0.61 + 0.00 0.67 0.30 0.13 0.09 0.11 + 0.02 0.33 0.07 0.10 0.08 0.10 + 0.03 0.10 0.02 0.15 0.12 0.15 + 0.02 0.33 0.05 0.10 0.08 0.09 unch 0.00 0.14 0.07 0.10 0.10 0.10 unch 0.00 0.17 0.00 1.65 1.56 1.57 - 0.03 1.80 0.85 1.27 1.17 1.18 - 0.09 1.31 0.00 0.48 0.00 0.44 unch 0.00 0.74 0.17 0.37 0.31 0.36 + 0.05 0.56 0.13 2.30 2.15 2.29 + 0.01 4.77 2.05 0.06 0.06 0.06 + 0.01 0.16 0.05 0.08 0.06 0.06 - 0.01 0.20 0.03 0.33 0.30 0.30 - 0.03 0.40 0.17 0.28 0.21 0.23 - 0.05 0.30 0.13 0.33 0.29 0.29 - 0.04 0.41 0.12 0.25 0.23 0.23 - 0.02 0.30 0.09 0.89 0.76 0.80 - 0.03 0.89 0.20 13.17 12.49 12.56 - 0.17 13.43 7.00 17.47 16.53 16.58 - 0.38 17.47 9.27 0.42 0.38 0.41 + 0.01 0.54 0.36 0.55 0.50 0.55 + 0.04 0.72 0.46 3.73 3.35 3.40 - 0.10 3.90 2.06 0.07 0.06 0.06 - 0.01 0.07 0.04 0.10 0.09 0.10 unch 0.00 0.19 0.07 0.08 0.07 0.08 + 0.01 0.15 0.05 0.32 0.29 0.32 + 0.03 0.43 0.10 0.27 0.21 0.23 + 0.01 0.33 0.01 6.52 6.12 6.52 + 0.40 7.89 5.90

Pac Bay Mnrls* O 0 Pac Bay Mnrls V 0 8 Pac Booker Min* O Pac Booker Min V 10 Pac Imperial V 1 Pac Iron Ore V 140 83 Pac Ridge Expl V Pac Ridge Expl* O 95 Pac Wildcat* O 8 Pacific Empire V 108 Pacific Rim C 1193 Pacific Rim* O 410 Pacific Silk V 57 Pacton Gold V 5291 O 295 Paladin Energy* Palamina Corp V 132 Palamina Corp* O 19 V 600 Paleo Resource Paleo Resource* O 19 Palladium One V 2161 Palladium One* O 89 Pan Am Silver* D 20216 Pan Am Silver T 2883 6 Pan Andean Min V Pan Global Res V 90 Pancontinental* O 10 Pancontinental V 744 Panex Res* O 5 Pangolin Dia V 1445 Panoro Mnrls V 24 Pantheon Vent V 1625 Para Resources V 381 Parallel Mng V 875 Paramount Gold* X 167 Paringa Res* O 19 Paringa Res* D 17 Parlane Res V 787 Pasinex Res C 224 Patriot Gold* O 205 Peabody Enrgy* N 6112 Pedro Res V 221 Pelangio Expl* O 24 Pelangio Expl V 27 Peloton Mnrls C 61 Peloton Mnrls* O 20 PepinNini Lith* O 278 Perseus Mng T 227 Pershimex Res V 2 Pershing Res* O 32 V 188 Peruvian Metal Peruvian Metal* O 211 Philex Mng* O 3 Pine Cliff En T 4399 Pine Cliff En* O 44 Pinecrest Res V 105 Pistol Bay Mng* O 2 Pistol Bay Mng V 4441 Pivit Explor C 1124 PJSC Polyus Gd* O 0 PJX Res V 123 Plata Latina V 36 Plate Res V 5 Plateau Energy V 490 Plateau Energy* O 49 Platinex Inc C 195 Platinum Gp Mt* X 3416 Platinum Gp Mt T 408 Plato Gold V 86 Playfair Mng V 1264 Playfair Mng* O 4 PolyMet Mng* X 1080 PolyMet Mng T 21 Portage Res* O 1592 Portofino Res V 832 Portofino Res* O 13 Potash Ridge* O 108 Potash Ridge T 373 Power Group V 327 Power Group* O 0 Power Metals* O 33 Power Metals V 140 PowerOre V 312 PPX Mining* O 276 PPX Mining V 3330 Precipitate Gl* O 110 Precipitate Gl V 504

0.00 0.00 0.04 unch 0.00 0.05 0.04 0.00 0.00 0.07 unch 0.00 0.20 0.06 1.30 1.15 1.15 - 0.15 3.10 0.50 1.73 1.50 1.51 - 0.17 4.10 0.65 0.00 0.00 0.03 unch 0.00 0.04 0.01 0.07 0.07 0.07 unch 0.00 0.10 0.06 0.05 0.04 0.04 unch 0.00 0.07 0.04 0.03 0.03 0.03 - 0.00 0.05 0.02 0.00 0.00 0.00 - 0.00 0.15 0.00 0.05 0.05 0.05 - 0.01 0.11 0.05 0.16 0.12 0.14 + 0.02 0.34 0.10 0.12 0.09 0.10 + 0.01 0.26 0.07 0.03 0.03 0.03 unch 0.00 0.04 0.02 0.26 0.19 0.20 - 0.04 0.50 0.11 0.11 0.09 0.10 - 0.01 0.19 0.08 0.29 0.23 0.24 unch 0.00 0.41 0.20 0.22 0.17 0.18 - 0.00 0.31 0.16 0.03 0.02 0.03 + 0.01 0.10 0.01 0.02 0.02 0.02 + 0.00 0.07 0.00 0.09 0.07 0.07 - 0.02 0.15 0.03 0.07 0.05 0.06 + 0.01 0.07 0.02 19.48 17.73 17.75 - 0.70 19.48 10.26 25.99 23.35 23.41 - 1.13 25.99 13.83 0.04 0.00 0.04 - 0.01 0.09 0.03 0.09 0.08 0.09 unch 0.00 0.25 0.07 0.03 0.03 0.03 unch 0.00 0.05 0.01 0.04 0.03 0.04 unch 0.00 0.08 0.02 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.07 0.05 0.07 + 0.02 0.07 0.03 0.13 0.12 0.12 - 0.01 0.31 0.12 0.06 0.04 0.04 - 0.01 0.12 0.04 0.15 0.12 0.15 + 0.03 0.22 0.11 0.03 0.03 0.03 unch 0.00 0.08 0.02 0.91 0.81 0.84 - 0.02 1.24 0.70 0.07 0.06 0.07 + 0.01 0.35 0.02 3.72 2.26 2.40 + 0.14 10.38 1.65 0.09 0.06 0.07 - 0.02 0.20 0.03 0.04 0.04 0.04 unch 0.00 0.14 0.03 0.06 0.05 0.05 - 0.01 0.15 0.04 18.86 16.41 16.91 - 1.52 44.71 16.41 0.13 0.11 0.11 - 0.01 0.29 0.11 0.14 0.13 0.13 - 0.01 0.29 0.09 0.18 0.00 0.18 + 0.01 0.38 0.12 0.10 0.09 0.10 unch 0.00 0.13 0.03 0.08 0.07 0.07 - 0.01 0.11 0.05 0.00 0.00 0.00 - 0.00 0.01 0.00 0.70 0.65 0.66 - 0.01 0.78 0.25 0.03 0.03 0.03 unch 0.00 0.06 0.03 0.01 0.01 0.01 - 0.00 0.05 0.00 0.04 0.00 0.04 unch 0.00 0.10 0.03 0.03 0.03 0.03 + 0.01 0.07 0.02 0.04 0.04 0.04 unch 0.00 0.10 0.00 0.14 0.11 0.13 + 0.02 0.38 0.10 0.09 0.07 0.09 + 0.01 0.28 0.07 0.18 0.17 0.18 + 0.01 0.28 0.16 0.00 0.00 0.02 unch 0.00 0.05 0.02 0.05 0.03 0.04 unch 0.00 0.07 0.03 0.64 0.37 0.39 - 0.06 0.64 0.06 0.00 0.00 54.98 unch 0.00 57.00 31.05 0.18 0.16 0.17 + 0.01 0.36 0.11 0.04 0.00 0.04 unch 0.00 0.04 0.02 0.05 0.05 0.05 unch 0.00 0.08 0.03 0.28 0.25 0.27 + 0.02 1.20 0.24 0.21 0.18 0.20 + 0.02 0.92 0.18 0.03 0.02 0.03 + 0.01 0.10 0.02 2.02 1.57 1.57 - 0.42 2.17 1.04 2.71 2.08 2.09 - 0.51 2.91 1.36 0.03 0.03 0.03 - 0.01 0.04 0.01 0.04 0.03 0.03 - 0.01 0.07 0.02 0.04 0.04 0.04 unch 0.00 0.04 0.01 0.39 0.33 0.37 + 0.03 1.25 0.32 0.49 0.45 0.49 + 0.04 1.60 0.44 0.00 0.00 0.00 - 0.00 0.02 0.00 0.04 0.03 0.04 + 0.01 0.22 0.03 0.03 0.03 0.03 unch 0.00 0.03 0.03 0.03 0.02 0.03 - 0.00 0.08 0.02 0.04 0.04 0.04 unch 0.00 0.11 0.03 0.12 0.00 0.12 + 0.01 0.80 0.07 0.07 0.07 0.07 unch 0.00 0.18 0.01 0.07 0.05 0.06 - 0.01 0.24 0.05 0.09 0.08 0.08 unch 0.00 0.31 0.07 0.09 0.07 0.08 - 0.01 0.15 0.05 0.04 0.04 0.04 unch 0.00 0.08 0.03 0.06 0.06 0.06 unch 0.00 0.10 0.05 0.10 0.08 0.10 + 0.01 0.12 0.03 0.12 0.10 0.11 unch 0.00 0.15 0.04

P-Q

Week

12-month

Exc Volume High Low Last Change High Low

Premier Gold M T 3096 Premium Expl* O 31 Pretium Res* N 9749 Pretium Res T 2860 V 223 Prime Meridian Prism Res V 48 Prize Mng* O 103 Prize Mng V 3973 ProAm Expl V 459 O 152 Probe Metals* Probe Metals V 459 Prog Planet V 227 Prog Planet* O 3 Project One C 50 Promithian Gl * O 0 Prophecy Coal* O 1848 Prophecy Coal T 2134 Prophecy Pot C 91 Prosper Gold V 386 V 864 Prospero Silvr Prospero Silvr* O 215 Provenance Gld C 184 Providence V 754 Providence Gld* O 32 PUF Vent Inc * O 1999 Puma Expl V 2441 Puma Expl* O 10 Pure Alumina* O 2 Pure Energy* O 377 Pure Energy V 629 Pure Gold Mg* O 1896 Pure Gold Mg V 3654 Pure Nickel* O 178 Pure Nickel V 459 Purepoint Uran V 2924 Q-Gold Res* O 0 Q-Gold Res V 0 QC Precious V 262 QC Precious * O 25 QMC Quantum Ml V 275 QMC Quantum Ml* O 221 QMX Gold V 825 QMX Gold* O 161 Quadro Res V 84 Quantum Cobalt C 48 Quartz Mtn Res V 61 Quartz Mtn Res* O 0 Quaterra Res V 315 Quaterra Res* O 249 Quest Rare Mnl* O 7113 Quinto Res V 329

2.46 2.13 2.14 - 0.14 2.55 1.39 0.00 0.00 0.00 unch 0.00 0.01 0.00 13.83 12.90 13.03 - 0.09 13.83 6.53 18.30 17.04 17.18 - 0.29 18.30 8.59 0.16 0.08 0.15 + 0.07 0.16 0.07 0.05 0.04 0.05 unch 0.00 0.05 0.03 0.02 0.01 0.01 - 0.01 0.14 0.01 0.03 0.02 0.02 unch 0.00 0.18 0.02 0.02 0.02 0.02 unch 0.00 0.04 0.02 1.16 0.98 1.11 + 0.09 1.16 0.68 1.53 1.28 1.46 + 0.13 1.53 0.91 0.04 0.03 0.04 + 0.01 0.10 0.03 0.03 0.03 0.03 unch 0.00 0.04 0.02 0.19 0.19 0.19 unch 0.00 0.30 0.19 0.00 0.00 0.05 unch 0.00 0.10 0.01 0.23 0.16 0.20 + 0.02 0.56 0.09 0.29 0.22 0.26 + 0.01 0.74 0.11 0.13 0.10 0.11 - 0.02 0.13 0.10 0.08 0.07 0.08 + 0.01 0.18 0.06 0.11 0.09 0.09 unch 0.00 0.11 0.04 0.08 0.06 0.07 + 0.01 0.08 0.04 0.16 0.13 0.15 + 0.00 0.39 0.10 0.18 0.11 0.11 - 0.05 0.20 0.08 0.12 0.06 0.12 + 0.06 0.16 0.06 0.22 0.18 0.21 + 0.01 0.64 0.09 0.02 0.02 0.02 unch 0.00 0.06 0.01 0.02 0.01 0.01 - 0.01 0.04 0.01 0.02 0.02 0.02 unch 0.00 0.06 0.02 0.06 0.04 0.05 + 0.00 0.16 0.03 0.07 0.06 0.07 - 0.01 0.20 0.05 0.48 0.42 0.44 - 0.03 0.62 0.36 0.64 0.56 0.58 - 0.04 0.81 0.49 0.06 0.05 0.05 + 0.00 0.06 0.00 0.08 0.06 0.07 unch 0.00 0.09 0.01 0.07 0.06 0.07 unch 0.00 0.11 0.05 0.00 0.00 0.21 unch 0.00 0.21 0.14 0.00 0.00 0.26 unch 0.00 0.30 0.12 0.36 0.33 0.36 + 0.03 0.40 0.22 0.27 0.25 0.27 + 0.02 0.31 0.16 0.16 0.14 0.14 - 0.02 0.39 0.14 0.12 0.10 0.11 - 0.00 0.30 0.10 0.08 0.07 0.08 - 0.01 0.11 0.04 0.06 0.05 0.05 - 0.01 0.07 0.03 0.03 0.03 0.03 + 0.01 0.07 0.02 0.05 0.04 0.05 + 0.01 0.18 0.04 0.23 0.00 0.20 - 0.03 0.78 0.20 0.16 0.00 0.16 unch 0.00 0.69 0.16 0.09 0.07 0.09 + 0.01 0.13 0.05 0.07 0.05 0.06 - 0.00 0.10 0.04 0.04 0.00 0.02 + 0.01 0.04 0.00 0.07 0.06 0.06 - 0.01 0.09 0.02

R Rackla Metals V 1 0.00 0.00 0.13 unch 0.00 0.20 0.06 Rackla Metals* O 1 0.09 0.00 0.09 - 0.01 0.12 0.05 Radisson Mng V 1054 0.20 0.18 0.19 - 0.01 0.21 0.09 Radius Gold V 442 0.28 0.25 0.27 + 0.02 0.47 0.09 unch 0.00 0.14 0.05 Rain City C 13 0.06 0.06 0.06 Rainforest Res* O 8 6.23 0.00 6.20 unch 0.00 9.20 4.00 Rainy Mtn Royl V 251 0.02 0.02 0.02 - 0.01 0.04 0.02 Rambler Metals* O 0 0.00 0.00 0.01 unch 0.00 0.04 0.00 Rare Element* O 742 0.48 0.36 0.38 - 0.03 0.60 0.03 Rathdowney Res V 113 0.11 0.09 0.09 - 0.02 0.14 0.03 Ravencrest Res C 293 0.45 0.39 0.42 + 0.03 1.09 0.35 Red Eagle Mng* O 6 0.00 0.00 0.00 unch 0.00 0.08 0.00 Red Moon Res V 41 0.05 0.04 0.04 - 0.01 0.12 0.01 Red Oak Mining V 165 0.03 0.03 0.03 unch 0.00 0.08 0.03 Red Pine Expl V 558 0.04 0.04 0.04 unch 0.00 0.08 0.03 Redstar Gold V 440 0.04 0.04 0.04 unch 0.00 0.04 0.02 Redstar Gold* O 871 0.03 0.02 0.03 - 0.00 0.04 0.01 Regulus Res V 212 1.78 1.60 1.64 - 0.11 2.00 1.25 Renaissance Gd* O 382 0.30 0.24 0.26 - 0.00 0.33 0.11 Renaissance Gd V 135 0.39 0.32 0.38 + 0.04 0.43 0.15 Renforth Res C 578 0.06 0.05 0.06 + 0.01 0.06 0.02 Resolve Vent V 397 0.10 0.00 0.09 + 0.03 0.13 0.06 Reunion Gold V 341 0.32 0.28 0.28 - 0.01 0.34 0.14 O 72 0.24 0.21 0.21 - 0.01 0.25 0.10 Reunion Gold* Revelo Res V 189 0.02 0.01 0.01 - 0.01 0.03 0.01 Revival Gold * O 162 0.55 0.48 0.53 + 0.03 0.67 0.32 Revival Gold V 414 0.73 0.64 0.69 + 0.04 0.87 0.44 Rhyolite Res V 325 0.21 0.19 0.20 unch 0.00 0.26 0.14 Richmond Mnls V 376 0.04 0.04 0.04 + 0.01 0.06 0.02 Ridgestone M’g V 39 0.23 0.21 0.23 + 0.02 0.30 0.15 Ridgestone M’g* O 9 0.19 0.17 0.19 + 0.02 0.21 0.14 Rimrock Gold* O 242707 0.00 0.00 0.00 unch 0.00 0.00 0.00 Rio Silver V 750 0.04 0.04 0.04 unch 0.00 0.05 0.03 Rio Silver* O 20 0.04 0.03 0.04 unch 0.00 0.04 0.02 Rio Tinto* O 2 52.07 0.00 52.07 + 3.92 62.00 43.47 Rio Tinto* N 11431 52.43 49.73 52.16 + 1.58 64.02 44.62 Rio Tinto* O 5 60.00 0.00 60.00 + 6.08 74.50 50.48 Rio2 Limited* O 1508 0.51 0.33 0.40 - 0.09 0.60 0.24 Rio2 Limited V 3243 0.68 0.43 0.52 - 0.13 0.79 0.31 Rise Gold Corp C 563 0.08 0.07 0.07 unch 0.00 0.12 0.05 Rise Gold Corp* O 475 0.06 0.05 0.06 + 0.01 0.10 0.04 Riverside Res V 340 0.20 0.17 0.18 unch 0.00 0.22 0.13 Riverside Res* O 287 0.15 0.12 0.12 - 0.02 0.17 0.10 RJK Explor* O 292 0.08 0.06 0.08 + 0.02 0.10 0.00 RJK Explor V 362 0.10 0.09 0.09 unch 0.00 0.17 0.04 Robex Res V 196 0.10 0.09 0.10 + 0.01 0.12 0.06 Rochester Res V 154 0.04 0.03 0.03 unch 0.00 0.06 0.03 Rock Tech Lith V 6 0.56 0.00 0.56 + 0.01 1.35 0.50 0 0.00 0.00 0.41 unch 0.00 0.83 0.40 Rock Tech Lith* O Rockcliff Met* O 10 0.08 0.08 0.08 unch 0.00 0.14 0.02 Rockcliff Met C 598 0.09 0.08 0.09 unch 0.00 0.19 0.08 Rockex Mng C 36 0.04 0.03 0.04 + 0.02 0.10 0.01 Rockhaven Res V 358 0.18 0.16 0.16 - 0.01 0.19 0.09 Rockridge Res V 224 0.17 0.16 0.17 unch 0.00 0.39 0.16 Rockshield Cap* O 19 0.05 0.05 0.05 + 0.00 0.16 0.04 V 124 0.47 0.44 0.46 unch 0.00 0.50 0.11 Rockwealth Res Rodinia Lithm V 78 0.06 0.05 0.05 + 0.01 0.09 0.04 Rogue Res* O 125 0.07 0.07 0.07 unch 0.00 0.13 0.04 Rogue Res V 196 0.13 0.09 0.09 - 0.01 0.21 0.06 Rokmaster Res V 60 0.04 0.04 0.04 unch 0.00 0.13 0.03 Romios Gold Rs* O 162 0.04 0.04 0.04 + 0.00 0.07 0.02 Romios Gold Rs V 702 0.07 0.06 0.06 + 0.01 0.09 0.04 O 108 0.13 0.10 0.10 - 0.02 0.23 0.09 RosCan Gold* RosCan Gold V 1552 0.16 0.13 0.14 - 0.02 0.33 0.05 Rosita Mg Corp* O 10 0.02 0.02 0.02 unch 0.00 0.05 0.00 0.03 0.03 0.03 - 0.01 0.06 0.03 Rosita Mg Corp V 345 Rotation Mnls V 559 0.17 0.15 0.15 - 0.02 0.25 0.07 Roughrider Exp V 84 0.08 0.07 0.07 - 0.01 0.12 0.06 Rover Metals* O 1 0.20 0.20 0.20 unch 0.00 2.01 0.02 Roxgold T 9320 1.42 1.25 1.27 - 0.06 1.42 0.72 Roxgold* O 170 1.07 0.96 0.99 - 0.01 1.07 0.55 Royal Gold V 22 0.28 0.20 0.26 - 0.02 0.33 0.10 Royal Gold* D 3217 138.78 129.88 129.98 - 3.40 138.78 70.16 Royal Nickel* O 1428 0.31 0.28 0.28 - 0.02 0.90 0.07 Royal Nickel T 7418 0.42 0.37 0.37 - 0.05 1.18 0.09 Royal Rd Mnrls V 864 0.23 0.19 0.21 + 0.02 0.23 0.06 Royal Std Mnrl* O 0 0.00 0.00 0.01 unch 0.00 3.14 0.01 RT Minerals V 130 0.05 0.04 0.05 unch 0.00 0.10 0.04 RT Minerals* O 1 0.03 0.03 0.03 unch 0.00 0.07 0.03 RTG Mining * O 1 0.06 0.06 0.06 unch 0.00 0.11 0.05 RTG Mining T 32 0.08 0.00 0.08 unch 0.00 0.16 0.07 Rubicon Mnrls* O 273 0.96 0.74 0.85 - 0.02 1.14 0.46 T 327 1.27 1.00 1.10 - 0.07 1.52 0.61 Rubicon Mnrls Rugby Mng V 281 0.21 0.17 0.17 - 0.04 0.26 0.13 Running Fox Rs* O 385 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.02 0.02 0.02 unch 0.00 0.03 0.01 Running Fox Rs V 481 Rupert Res V 565 0.85 0.72 0.75 - 0.10 1.12 0.72 Rusoro Mng* O 56 0.06 0.04 0.05 + 0.00 0.32 0.04 Rusoro Mng V 421 0.07 0.07 0.07 unch 0.00 0.42 0.06

S Sabina Gd&Slvr T 3106 O 2575 Sabina Gd&Slvr* Sable Res* O 18 Sable Res V 1311 Sage Gold* O 64 Sailfish Rylty V 297 Salazar Res* O 9 Salazar Res V 131 Salt Lake Pot* O 1 Sama Res V 422 Sama Res* O 36 Samex Mng* O 60 San Gold Corp* O 31 San Marco Res* O 703 San Marco Res V 446 Sanatana Res V 829 Sanatana Res* O 25 Sandfire Res* O 180 Sandfire Res V 76 Sandspring Res V 4453 Sandspring Res* O 4403 Sandstorm Gold T 2468 Sandstorm Gold* X 9801 Santa Fe Gold* O 473 Santacruz Silv V 975 Sarama Res V 2723

2.24 1.88 1.96 - 0.17 2.28 0.99 1.69 1.41 1.49 - 0.11 1.72 0.73 0.10 0.08 0.10 + 0.02 0.28 0.07 0.14 0.11 0.12 - 0.01 0.37 0.09 0.00 0.00 0.00 unch 0.00 0.02 0.00 1.22 1.15 1.22 + 0.04 1.81 0.70 0.13 0.13 0.13 unch 0.00 0.15 0.07 0.19 0.18 0.18 - 0.01 0.20 0.10 0.55 0.55 0.55 + 0.04 0.58 0.31 0.23 0.19 0.20 - 0.02 0.44 0.19 0.17 0.15 0.16 - 0.01 0.33 0.15 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 0.05 0.03 0.05 unch 0.00 0.16 0.02 0.07 0.00 0.06 unch 0.00 0.23 0.04 0.04 0.04 0.04 unch 0.00 0.06 0.02 0.03 0.03 0.03 unch 0.00 0.05 0.01 0.24 0.17 0.20 + 0.01 0.31 0.05 0.28 0.00 0.26 - 0.03 0.40 0.06 0.42 0.36 0.40 - 0.01 0.45 0.15 0.32 0.27 0.30 - 0.00 0.34 0.11 8.59 7.60 7.64 - 0.63 9.21 4.60 6.44 5.76 5.79 - 0.44 7.02 3.48 0.08 0.07 0.08 - 0.00 0.14 0.04 0.19 0.16 0.16 - 0.01 0.20 0.05 0.10 0.08 0.09 + 0.01 0.12 0.05

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Sarissa Res* O 2244 Satori Res V 74 Saturn Mnrls V 1932 Saville Res V 87 Scandium Intl T 247 O 64 Scandium Intl* Scorpio Gold V 221 63 Scorpio Gold * O Scotch Creek C 22 ScoZinc Mg* O 0 ScoZinc Mg V 7 Seabridge Gld T 454 N 2919 Seabridge Gld* Search Mnls V 70 Search Mnls* O 3 Searchlight* O 0 O 172 SearchlightMin* V 202 SearchlightRes Secova Mtls V 3467 Secova Mtls* O 60 Sego Res V 178 Select Sands V 1488 T 4252 Semafo Serabi Gold T 71 Serengeti Res V 258 C 466 Shamrock Ent 11075 Sherritt Intl T 25739 N Sibanye-Stillw* O 13 Sibanye-Stillw* O 6345 Sidney Resrces* Sienna Res V 1664 Sienna Res* O 116 Sierra Madre V 10 Sierra Metals T 43 X 25 Sierra Metals* V 60 Sigma Lithium O 26 Signature Res* V 37 Signature Res 29 Silver Bear Rs* O Silver Bear Rs T 374 Silver Bull Re* O 614 Silver Bull Re T 1018 Silver Grail V 146 C 1 Silver Phoenix O 5 Silver Predatr* Silver Predatr V 60 Silver Range* O 100 Silver Range V 197 Silver Scott* O 61 Silver Spruce V 537 O 261 Silver Spruce* Silver Viper* O 18 Silver Viper V 530 T 4230 Silvercorp Met 10016 X Silvercorp Met* SilverCrest* X 2281 SilverCrest T 1264 O 49 Silverstar Res* Sirios Res V 872 Sirios Res* O 25 Sitka Gold C 118 Sixty North* O 10 Sixty North C 128 Skeena Res* O 100 Skeena Res V 702 15529 Sky Gold V Sky Gold* O 416 O 219 Skyharbour Res* V 721 Skyharbour Res Slam Explor* O 15 Slam Explor V 71 Slave Lake Zn C 250 O 53 Sokoman Min* Sokoman Min V 686 SolGold plc* O 40 SolGold plc T 9 T 12 Solitario Ex&R X 142 Solitario Ex&R* Solstice Gold V 150 V 354 Sonoro Metals O 81 Sonoro Metals* South32* O 1 O 5 Southern Arc* Southern Arc V 18 N 4359 Southern Copp* O 268 Southern Silvr* V 388 Southern Silvr T 4 SouthGobi Res Spanish Mtn Gd V 913 Spanish Mtn Gd* O 894 Sparton Res* O 13 Sparton Res V 346 O 150 Spearmint Res* C 724 Spearmint Res C 190 Spey Resources Sphinx Res V 354 Sprott Res Hld T 100 Spruce Ridge R V 1357 SRG Mining V 211 SSR Mining* D 6194 SSR Mining T 1687 St Augustine T 346 C 994 St-Georges Eco O 119 St-Georges Eco* V 72 Stakeholdr Gld O 66 Stakeholdr Gld* O 466 Standard Graph* Standard Lith V 122 O 39 Standard Metal* Stans Energy V 1408 O 628 Stans Energy* Star Diamond T 851 O 3 Star Diamond* Star Gold* O 50 Starcore Intl T 132 97 Starr Peak Exp V O 4 Steele Oceanic* Stellar Africa* O 9 Stellar Africa V 180 Stelmine Can V 169 Steppe Gold T 54 27441 T Stornoway Diam O 397 Stornoway Diam* Stratabd Mnr V 66 Strateco Res* O 55 O 322 Strategic Metl* V 409 Strategic Metl Strategic Res V 11 Stria Lithium V 192 V 2296 Strikepoint Gd O 731 Strikepoint Gd* V 38 Strongbow Expl O 10 Strongbow Expl* Stroud Res V 3174 Stuhini Explor V 45 Sulliden Mng T 862 Sun Metals V 1311 Suncor Energy T 32931 N 16331 Suncor Energy* Superior Gold V 481 O 48 Superior Gold* Superior Mng V 10 O 50 Supreme Metal* C 77 Supreme Metals V 210 Surge Copper Surge Explor* O 821 Surge Explor V 1207 Sutter Gold* O 1136 Syrah Res* O 265

0.00 unch 0.00 0.00 0.00 0.00 0.00 0.04 unch 0.00 0.10 0.06 0.06 0.06 0.09 unch 0.00 0.30 0.15 0.12 0.14 0.03 0.05 0.05 0.05 - 0.01 0.07 0.14 0.11 0.12 - 0.02 0.32 0.10 0.08 0.11 0.09 0.10 - 0.01 0.24 0.01 0.12 0.10 0.11 - 0.01 0.16 0.09 0.08 0.08 + 0.00 0.11 0.01 0.07 unch 0.00 0.13 0.07 0.07 0.07 0.26 unch 0.00 0.62 0.26 0.26 0.26 0.34 unch 0.00 0.85 0.37 0.00 0.37 13.79 21.98 18.86 18.88 - 2.15 21.98 10.45 16.55 14.29 14.32 - 1.46 16.55 0.03 unch 0.00 0.06 0.04 0.04 0.04 0.03 unch 0.00 0.04 0.02 0.02 0.02 0.00 unch 0.00 0.10 0.00 0.00 0.00 0.01 0.05 0.03 0.05 + 0.02 0.07 0.02 0.05 0.04 0.04 - 0.01 0.06 0.02 0.05 0.03 0.05 + 0.01 0.08 0.01 0.04 0.03 0.03 - 0.00 0.06 0.03 unch 0.00 0.05 0.03 0.03 0.03 0.02 0.02 0.02 0.02 + 0.01 0.26 2.24 5.09 4.70 4.72 - 0.23 5.75 0.45 1.44 1.15 1.30 + 0.03 1.38 0.14 0.31 0.28 0.30 - 0.01 0.60 0.02 0.02 0.02 0.02 - 0.01 0.06 0.17 0.37 0.28 0.32 + 0.01 0.89 2.25 5.74 4.97 4.99 - 0.65 5.74 0.53 unch 0.00 1.40 1.35 0.00 1.35 0.00 0.02 0.01 0.02 + 0.00 0.02 0.04 unch 0.00 0.07 0.05 0.05 0.05 0.03 0.03 0.03 0.03 - 0.00 0.06 0.04 unch 0.00 0.15 0.05 0.05 0.05 1.54 unch 0.00 3.48 1.70 1.59 1.65 1.15 1.30 1.20 1.24 - 0.01 2.71 1.59 1.95 1.72 1.90 + 0.01 2.40 0.03 0.04 0.03 0.04 + 0.00 0.10 0.04 0.05 0.04 0.04 - 0.01 0.12 0.16 0.14 0.14 - 0.01 0.18 0.07 0.21 0.17 0.17 - 0.03 0.25 0.10 0.11 0.09 0.10 + 0.00 0.14 0.07 0.14 0.13 0.13 unch 0.00 0.19 0.09 0.02 0.10 0.07 0.08 - 0.02 0.12 0.03 unch 0.00 0.22 0.00 0.00 0.19 0.04 0.12 0.10 0.12 + 0.02 0.12 0.06 0.17 0.00 0.17 + 0.01 0.17 0.05 0.10 0.08 0.08 - 0.02 0.11 0.07 0.13 0.11 0.11 - 0.02 0.18 0.01 0.03 0.03 0.03 - 0.00 0.06 0.02 unch 0.00 0.06 0.05 0.05 0.05 0.01 0.04 0.03 0.04 + 0.00 0.05 0.07 0.25 0.21 0.25 + 0.05 0.25 0.07 0.38 0.24 0.33 + 0.06 0.38 2.43 6.07 5.49 5.54 - 0.15 6.15 1.83 4.60 4.13 4.20 - 0.09 4.66 2.20 6.55 5.55 5.55 - 0.60 6.69 2.85 8.73 7.30 7.32 - 0.87 8.73 0.01 0.08 0.05 0.08 + 0.02 0.14 0.12 0.25 0.20 0.22 + 0.01 0.28 0.09 unch 0.00 0.20 0.15 0.15 0.15 0.04 unch 0.00 0.18 0.12 0.11 0.12 0.03 unch 0.00 0.09 0.05 0.05 0.05 0.03 unch 0.00 0.11 0.08 0.00 0.06 0.19 0.32 0.30 0.30 - 0.01 0.52 0.27 0.43 0.40 0.40 - 0.01 0.70 0.03 0.07 0.04 0.04 - 0.02 0.07 0.02 0.07 0.03 0.04 - 0.01 0.07 0.17 0.21 0.18 0.18 - 0.01 0.44 0.22 0.28 0.24 0.24 - 0.03 0.57 0.01 unch 0.00 0.03 0.02 0.02 0.02 0.02 unch 0.00 0.04 0.02 0.02 0.02 0.06 0.05 0.05 unch 0.00 0.13 0.05 0.00 0.08 0.07 0.08 + 0.00 0.22 0.07 0.11 0.10 0.11 + 0.01 0.32 0.28 0.34 0.29 0.31 + 0.00 0.58 0.39 unch 0.00 0.76 0.44 0.43 0.43 0.26 0.39 0.38 0.39 + 0.01 0.59 0.19 0.31 0.28 0.30 + 0.01 0.54 0.11 0.19 0.19 0.19 - 0.01 0.27 0.07 0.19 0.15 0.19 + 0.03 0.20 0.07 0.12 0.12 0.12 - 0.00 0.16 1.59 1.85 0.00 1.82 - 0.03 2.98 0.20 0.00 0.47 unch 0.32 0.32 0.32 0.27 0.45 0.38 0.38 - 0.08 0.62 29.01 33.56 30.74 33.11 + 1.51 44.59 0.08 0.22 0.17 0.19 - 0.00 0.22 0.11 0.29 0.23 0.24 - 0.04 0.29 0.10 0.11 0.00 0.11 - 0.01 0.18 0.13 0.11 0.12 unch 0.00 0.14 0.05 0.11 0.08 0.09 - 0.01 0.11 0.03 0.01 0.02 0.02 0.02 - 0.00 0.09 0.02 unch 0.00 0.12 0.03 0.02 0.02 0.00 0.02 0.01 0.01 - 0.01 0.08 0.02 0.03 0.02 0.02 - 0.01 0.05 0.04 0.05 0.04 0.04 - 0.01 0.13 0.02 0.04 0.03 0.03 - 0.01 0.07 1.05 0.98 1.02 - 0.01 1.77 0.97 0.08 0.04 0.06 + 0.02 0.13 0.03 0.64 0.85 0.75 0.80 - 0.04 1.43 17.32 15.55 15.57 - 0.85 17.56 8.13 10.72 23.09 20.48 20.54 - 1.33 23.42 0.02 unch 0.00 0.03 0.03 0.02 0.03 0.04 0.10 0.07 0.09 + 0.02 0.25 0.03 unch 0.00 0.17 0.07 0.06 0.07 0.03 unch 0.00 0.20 0.05 0.05 0.05 0.02 0.03 0.03 0.03 + 0.00 0.11 0.27 0.30 0.27 0.29 - 0.01 1.01 0.67 0.00 1.77 nch u 0.86 0.90 0.84 0.02 0.06 0.05 0.06 + 0.01 0.20 0.02 0.03 0.02 0.02 - 0.01 0.11 0.01 0.02 0.01 0.02 - 0.01 0.08 0.18 0.23 0.20 0.23 + 0.03 0.38 0.14 unch 0.00 0.29 0.15 0.00 0.15 0.02 0.09 0.03 0.03 - 0.01 0.30 0.07 unch 0.00 0.16 0.10 0.09 0.09 0.29 0.27 0.27 - 0.01 0.40 0.09 0.55 unch 0.00 1.00 1.00 1.00 1.00 0.01 unch 0.00 0.03 0.02 0.02 0.02 0.01 unch 0.00 0.04 0.03 0.00 0.03 0.09 0.15 0.13 0.14 - 0.02 0.17 0.59 0.94 0.90 0.90 - 0.04 1.40 0.01 0.02 0.01 0.02 + 0.01 0.41 0.01 0.02 0.01 0.02 + 0.00 0.30 0.06 0.06 0.06 0.06 - 0.01 0.39 0.00 unch 0.00 0.01 0.00 0.00 0.00 0.21 0.40 0.35 0.38 + 0.01 0.40 0.28 0.53 0.47 0.50 + 0.01 0.53 0.16 0.55 0.00 0.52 - 0.03 0.70 0.01 0.02 0.01 0.01 - 0.01 0.04 0.11 0.14 0.12 0.12 - 0.01 0.24 0.08 0.10 0.09 0.09 - 0.01 0.18 0.04 0.07 0.00 0.06 - 0.02 0.22 0.04 unch 0.00 0.17 0.05 0.05 0.05 0.05 0.37 0.10 0.18 - 0.07 0.37 0.19 0.27 0.26 0.26 - 0.01 0.35 0.07 0.07 0.07 0.07 - 0.01 0.22 0.13 0.41 0.34 0.35 - 0.06 0.65 35.53 39.39 37.56 39.13 + 0.19 52.83 25.81 29.80 28.14 29.71 + 0.48 40.08 0.44 0.88 0.76 0.80 - 0.02 1.14 0.33 0.66 0.57 0.66 + 0.03 0.84 0.06 unch 0.00 0.10 0.06 0.06 0.06 0.01 unch 0.00 0.03 0.01 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.01 0.01 0.04 0.06 0.04 0.05 - 0.01 0.12 0.02 0.07 0.05 0.07 + 0.01 0.12 0.03 0.09 0.07 0.09 + 0.02 0.16 0.00 unch 0.00 0.02 0.00 0.00 0.00 0.43 0.50 0.44 0.48 - 0.00 1.80

Taiga Gold* O 332 Taiga Gold C 117 Tajiri Res V 260 Taku Gold* O 856 Taku Gold C 262 Talisker Res* O 10 Talisker Res C 725 C 40 Talmora Diamd Talon Metals T 1166 95446 O Tamino Mnrls* Tango Mining V 242 V 624 Tanqueray Expl Tantalex Res C 300 T 148 Tanzanian Gold X 981 Tanzanian Gold* Taranis Res* O 178 Taranis Res V 304 Tarku Res V 130 Tartisan Nick* O 70

0.04 0.06 0.05 0.06 + 0.01 0.10 0.06 unch 0.00 0.14 0.08 0.07 0.08 0.03 unch 0.00 0.12 0.05 0.05 0.05 0.02 0.08 0.06 0.08 + 0.02 0.12 0.03 0.10 0.08 0.10 + 0.03 0.15 0.00 0.13 0.12 0.12 - 0.01 0.15 0.08 0.18 0.15 0.17 - 0.01 0.22 0.01 unch 0.00 0.06 0.03 0.03 0.03 0.07 0.20 0.18 0.18 - 0.02 0.25 0.00 0.01 0.00 0.00 + 0.00 0.01 0.01 0.02 0.01 0.02 - 0.01 0.04 0.50 0.59 0.50 0.53 - 0.04 1.00 0.01 unch 0.00 0.09 0.02 0.02 0.02 0.34 1.19 1.03 1.08 + 0.02 1.56 0.25 0.90 0.76 0.82 + 0.02 1.20 0.03 unch 0.00 0.09 0.06 0.05 0.06 0.05 0.08 0.06 0.08 + 0.01 0.12 0.02 unch 0.00 0.05 0.02 0.02 0.02 0.02 0.03 0.02 0.03 + 0.00 0.06

2019-09-10 11:40 AM

GLOBAL MINING NEWS

(100s) Stock

THE NORTHERN MINER / SEPTEMBER 16–29, 2019

Week

12-month

Exc Volume High Low Last Change High Low

Tartisan Nick C 1147 Taseko Mines* X 1394 Taseko Mines T 306 Tearlach Res V 18 T 6424 Teck Res Teck Res* N 10873 Teck Res T 5 52 Telson Res * O Telson Res V 62 Tembo Gold V 48 Tembo Gold* O 39 Teranga Gold T 1438 O 111 Teranga Gold* Teras Res V 85 Terrax Mnrls V 3065 Terrax Mnrls* O 125 Terreno Res V 555 Teslin Rvr Res V 631 Tesoro Mnrls V 169 Tethyan Res V 208 Teuton Res V 376 Teuton Res* O 171 Texas Mineral* O 274 Themac Res V 101 Thor Expl V 29 Thunder Mtn Gd* O 75 Thunderstruck V 418 Thunderstruck* O 242 Till Capital V 1 Timberline Res V 130 Timberline Res* O 202 Tinka Res* O 279 Tinka Res V 613 Tintina Mines V 10 Tisdale Res* O 0 Tisdale Res V 0 Titan Mining T 257 Titan Mining* O 10 Titanium Corp V 190 TMAC Resource* O 29 TMAC Resources T 635 TNR Gold V 169 Toachi Mg Inc* O 8 Toachi Mg Inc V 240 Tocvan Venture C 25 Tombstone Expl* O 18 Tonogold Res* O 87 Torex Gold* O 290 Torex Gold T 2124 Torq Resources V 92 Torq Resources* O 52 Tower Res* O 5 Tower Res V 918 Transatlantic V 32 Transition Met V 79 Transition Met* O 75 Treasury Metal T 674 Treasury Metal* O 60 Trecora Res* N 193 Tres-Or Res* O 45 Tres-Or Res V 77 Trevali Mng* O 130 Trevali Mng T 2773 Tri Origin Exp V 93 Trident Gold V 1 Trifecta Gold V 135 Trifecta Gold* O 4

0.04 0.03 0.03 - 0.01 0.08 0.02 0.45 0.40 0.42 - 0.01 0.85 0.38 0.59 0.54 0.56 - 0.01 1.09 0.50 0.15 0.10 0.10 - 0.05 0.28 0.03 23.68 22.24 23.08 + 0.41 34.31 21.50 17.90 16.66 17.51 + 0.48 25.82 16.18 23.80 0.00 23.11 + 0.45 34.00 21.80 0.17 0.16 0.16 - 0.01 0.46 0.14 0.23 0.21 0.21 - 0.01 0.63 0.17 0.03 0.03 0.03 - 0.01 0.04 0.01 0.02 0.02 0.02 - 0.00 0.03 0.01 5.67 5.26 5.29 - 0.12 5.71 2.97 4.25 3.98 4.02 - 0.03 4.28 2.23 0.06 0.05 0.06 unch 0.00 0.12 0.04 0.39 0.32 0.33 - 0.02 0.50 0.32 0.27 0.24 0.25 - 0.00 0.36 0.24 0.02 0.02 0.02 unch 0.00 0.05 0.02 0.46 0.42 0.42 - 0.04 0.60 0.37 0.05 0.05 0.05 unch 0.00 0.07 0.05 0.37 0.29 0.30 - 0.05 0.85 0.14 0.56 0.51 0.51 - 0.01 0.65 0.10 0.42 0.38 0.41 + 0.03 0.49 0.07 0.43 0.36 0.37 - 0.01 0.57 0.12 0.08 0.05 0.05 - 0.01 0.09 0.03 0.15 0.14 0.14 - 0.01 0.19 0.13 0.10 0.08 0.10 unch 0.00 0.12 0.03 0.05 0.05 0.05 + 0.01 0.11 0.04 0.03 0.03 0.03 + 0.00 0.08 0.03 2.12 0.00 2.12 + 0.14 2.56 1.45 0.12 0.10 0.12 + 0.02 0.15 0.07 0.10 0.08 0.08 + 0.00 0.13 0.00 0.16 0.13 0.14 - 0.01 0.32 0.11 0.20 0.18 0.18 - 0.01 0.42 0.15 0.04 0.04 0.04 unch 0.00 0.08 0.02 0.00 0.00 0.11 unch 0.00 0.11 0.11 0.00 0.00 0.12 unch 0.00 0.36 0.10 0.38 0.00 0.33 - 0.04 1.40 0.31 0.30 0.25 0.25 - 0.05 1.05 0.25 0.80 0.64 0.71 - 0.04 1.20 0.47 4.38 3.88 3.90 - 0.10 5.29 2.71 5.87 5.07 5.07 - 0.39 7.06 3.57 0.03 0.03 0.03 - 0.01 0.05 0.02 0.06 0.05 0.05 + 0.00 0.08 0.02 0.07 0.06 0.07 unch 0.00 0.12 0.04 0.08 0.08 0.08 unch 0.00 0.12 0.07 1.69 0.00 1.59 - 0.01 3.80 0.12 0.24 0.00 0.21 unch 0.00 0.25 0.00 16.54 14.40 14.41 - 1.65 16.54 6.92 21.91 18.91 19.03 - 2.35 21.91 8.63 0.41 0.39 0.40 unch 0.00 0.54 0.32 0.31 0.29 0.29 - 0.02 0.41 0.25 0.04 0.04 0.04 unch 0.00 0.05 0.01 0.05 0.04 0.04 - 0.01 0.07 0.02 0.04 0.03 0.03 - 0.01 0.16 0.02 0.19 0.17 0.18 - 0.01 0.23 0.06 0.15 0.15 0.15 unch 0.00 0.17 0.07 0.40 0.35 0.37 - 0.03 0.42 0.21 0.30 0.26 0.26 - 0.03 0.32 0.15 9.23 8.76 9.09 + 0.04 14.45 6.69 0.10 0.10 0.10 unch 0.00 0.15 0.01 0.14 0.14 0.14 - 0.01 0.35 0.13 0.15 0.13 0.15 + 0.02 0.61 0.13 0.20 0.18 0.20 + 0.02 0.80 0.17 0.02 0.02 0.02 + 0.01 0.04 0.01 0.16 0.16 0.16 unch 0.00 0.18 0.14 0.04 0.04 0.04 + 0.01 0.08 0.03 0.03 0.02 0.02 - 0.01 0.06 0.02

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Trilogy Mtls* X 776 Trilogy Mtls T 95 O 465 TriMetals Mng* TriMetals Mng T 2376 Trinity Res* O 1 Trinity Valley V 65 Trio Resources* O 1602 TriStar Gold* O 88 TriStar Gold V 270 Triumph Gold V 355 Triumph Gold* O 168 Troilus Gold T 170 Troilus Gold* O 50 Troubadour Res V 228 Troy Enrgy V 80 Troy Res* O 11 True Grit Res V 50 3 True North Gem* O True North Gem V 6 Tsodilo Res V 25 Tudor Gold V 829 Tudor Gold * O 259 Turquoise HIl T 6823 Turquoise HIl* N 21872 TVI Pacific* O 65 TVI Pacific V 1050 Tyhee Gold* O 1069 Typhoon Expl V 375

1.87 1.68 1.68 - 0.09 3.13 1.48 2.55 2.21 2.24 - 0.15 4.10 2.00 0.07 0.05 0.07 - 0.00 0.08 0.02 0.10 0.07 0.08 - 0.01 0.10 0.03 0.01 0.00 0.01 + 0.00 0.20 0.01 0.13 0.00 0.11 - 0.02 0.15 0.04 0.00 0.00 0.00 + 0.00 0.01 0.00 0.16 0.15 0.16 - 0.00 0.17 0.07 0.23 0.20 0.22 unch 0.00 0.25 0.09 0.49 0.41 0.45 - 0.01 0.77 0.31 0.37 0.31 0.34 - 0.00 0.60 0.23 0.73 0.61 0.65 - 0.07 1.20 0.40 0.53 0.50 0.50 - 0.04 0.84 0.40 0.06 0.05 0.06 + 0.01 0.25 0.05 0.03 0.03 0.03 unch 0.00 0.04 0.01 0.08 0.08 0.08 unch 0.00 0.10 0.06 0.02 0.02 0.02 unch 0.00 0.04 0.01 0.09 0.09 0.09 unch 0.00 0.14 0.00 0.09 0.00 0.09 unch 0.00 1.00 0.05 0.14 0.14 0.14 unch 0.00 0.42 0.11 0.77 0.60 0.66 - 0.05 1.07 0.20 0.58 0.45 0.50 - 0.06 0.81 0.15 0.61 0.53 0.58 unch 0.00 3.06 0.53 0.46 0.40 0.44 + 0.00 2.25 0.40 0.01 0.01 0.01 - 0.00 0.01 0.00 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.03 0.03 0.03 unch 0.00 0.05 0.02

U.S. Gold* D 793 U.S. Lithium* O 14 U3O8 Corp* O 22 U3O8 Corp T 36 Ubique Mineral C 20 UC Res* O 64 Ucore Rare Mtl V 307 Ucore Rare Mtl* O 498 UEX Corp T 3065 Ultra Lithium V 24 O 121 Umbral Enrgy* Unigold* O 0 Unigold V 10 United Battery* O 389 United Battery C 119 United Res Hdg* O 215 United States A* X 194 United States S* N 47400 Universal Cop V 1171 Universal Vent V 1121 Ur-Energy* X 3080 Ur-Energy T 506 Uragold Bay Rs V 727 Uranium Energy* X 5559 Uranium Hunter* O 1 Uranium Res* D 261 Uravan Mnrls* O 145 UrbanGold Min V 202 USCorp* O 387 Val-d’Or Mg V 10 N 96934 Vale* Valley High Mg* O 2875 ValOre Metals* O 170 ValOre Metals V 314 Valterra Res* O 75 Valterra Res V 161

1.02 0.89 1.02 + 0.11 1.53 0.74 0.34 0.23 0.23 - 0.03 0.96 0.09 0.10 0.08 0.08 - 0.01 0.26 0.07 0.13 0.11 0.12 - 0.01 0.34 0.10 0.08 0.00 0.08 + 0.01 0.25 0.05 0.45 0.37 0.45 + 0.08 1.27 0.00 0.25 0.20 0.23 + 0.02 0.34 0.09 0.19 0.15 0.18 + 0.03 0.25 0.07 0.17 0.14 0.17 + 0.02 0.23 0.13 0.09 0.08 0.08 - 0.02 0.22 0.08 0.34 0.30 0.31 - 0.01 0.54 0.11 0.00 0.00 0.10 unch 0.00 0.14 0.07 0.15 0.00 0.15 unch 0.00 0.20 0.09 0.03 0.02 0.02 - 0.01 1.58 0.01 0.04 0.03 0.03 - 0.01 1.68 0.02 0.09 0.06 0.08 - 0.01 0.09 0.01 0.69 0.63 0.64 - 0.03 1.05 0.42 11.93 10.48 11.39 + 0.32 30.91 10.16 0.07 0.05 0.06 - 0.01 0.17 0.05 0.43 0.39 0.43 + 0.03 0.55 0.28 0.65 0.55 0.63 + 0.04 0.99 0.50 0.85 0.74 0.83 + 0.04 1.30 0.70 0.10 0.09 0.09 unch 0.00 0.12 0.06 1.04 0.91 1.00 + 0.06 1.80 0.83 1.45 0.00 1.45 unch 0.00 3.50 0.51 3.18 2.68 3.01 + 0.11 16.00 2.48 0.02 0.02 0.02 - 0.01 0.04 0.01 0.15 0.13 0.13 - 0.01 0.17 0.10 0.00 0.00 0.00 - 0.00 0.01 0.00 0.10 0.00 0.10 unch 0.00 0.14 0.05 11.52 10.83 11.34 + 0.34 16.13 10.20 0.00 0.00 0.00 + 0.00 0.01 0.00 0.19 0.18 0.19 unch 0.00 0.42 0.00 0.27 0.25 0.26 unch 0.00 0.57 0.11 0.02 0.02 0.02 - 0.00 0.03 0.01 0.03 0.03 0.03 - 0.01 0.04 0.02

U-V

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Vanadian Enrgy V 26 Vanadian Enrgy* O 8 Vanadium One* O 10 V 42 Vanadium One Vanadiumcorp* O 56 V 408 Vanadiumcorp Vangold Res* O 1 Vanstar Mng Rs V 455 Vanstar Mng Rs* O 247 Vantex Res V 0 Velocity Mnrls V 384 Velocity Mnrls* O 22 Vendetta Mng* O 24 Vendetta Mng V 562 Venerable Vent V 32 O 40 Venture Mnrls* Verde Potash T 160 Verde Res* O 75 Veris Gold* O 22 Vertical Expl V 375 Victoria Gold V 4896 Victory Metals* O 110 Victory Metals V 63 O 75 Victory Nickel* Victory Nickel C 598 Victory Res C 519 Virginia Enrgy* O 68 Virginia Enrgy V 438 Viscount Mng V 95 Visible Gold M V 41 Visible Gold M* O 8 Vision Lithium V 89 Vista Gold* X 1790 Vista Gold T 99 Viva Gold* O 153 Viva Gold V 289 Vizsla Res V 160 Volcanic Gold V 29 Voyageur Min* O 32 Voyageur Min V 224 VR Resources* O 60 VR Resources V 180 Vulcan Mnrls V 54 VVC Expl V 1675

0.04 0.00 0.04 + 0.01 0.18 0.03 0.02 0.00 0.02 unch 0.00 0.13 0.01 0.05 0.05 0.05 unch 0.00 0.21 0.05 0.08 0.00 0.08 + 0.01 0.29 0.06 0.04 0.03 0.04 + 0.00 0.12 0.03 0.06 0.05 0.05 unch 0.00 0.14 0.05 0.03 0.03 0.03 unch 0.00 0.04 0.01 0.23 0.22 0.23 + 0.01 0.36 0.08 0.17 0.17 0.17 + 0.00 0.19 0.07 0.00 0.00 0.22 unch 0.00 0.40 0.14 0.50 0.45 0.47 - 0.03 0.58 0.14 0.37 0.33 0.35 + 0.02 0.44 0.11 0.05 0.05 0.05 unch 0.00 0.15 0.04 0.07 0.06 0.07 + 0.01 0.20 0.06 0.07 0.07 0.07 unch 0.00 0.13 0.06 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.75 0.69 0.74 + 0.02 0.92 0.50 0.01 0.00 0.01 unch 0.00 0.10 0.00 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.05 0.03 0.04 + 0.01 0.11 0.03 0.66 0.59 0.60 - 0.05 0.66 0.31 0.48 0.39 0.39 - 0.01 0.57 0.37 0.56 0.53 0.53 - 0.03 0.77 0.38 0.04 0.01 0.04 + 0.02 0.04 0.01 0.05 0.02 0.04 + 0.02 0.05 0.01 0.02 0.01 0.01 - 0.01 0.12 0.01 0.06 0.04 0.04 - 0.02 0.28 0.04 0.07 0.05 0.05 - 0.02 0.37 0.05 0.25 0.20 0.21 - 0.03 0.31 0.15 0.09 0.00 0.09 + 0.02 0.11 0.04 0.05 0.05 0.05 unch 0.00 0.06 0.03 0.04 0.04 0.04 + 0.01 0.30 0.04 1.01 0.88 0.89 - 0.07 1.05 0.37 1.33 1.18 1.18 - 0.11 1.39 0.56 0.20 0.16 0.18 - 0.01 0.32 0.16 0.27 0.22 0.23 - 0.02 0.45 0.22 0.33 0.27 0.27 - 0.06 0.33 0.13 0.27 0.00 0.27 - 0.02 0.81 0.14 0.04 0.04 0.04 unch 0.00 0.10 0.04 0.08 0.07 0.07 - 0.01 0.12 0.05 0.26 0.22 0.24 - 0.01 0.26 0.09 0.33 0.30 0.33 unch 0.00 0.33 0.12 0.03 0.03 0.03 unch 0.00 0.06 0.03 0.03 0.03 0.03 unch 0.00 0.05 0.02

Walker Lane* O 70 Walker River* O 792 Walker River V 4695 Wallbridge Mng T 2845 Warrior Gold V 725 Warrior Gold* O 91 Waseco Res V 110 Wealth Mnrls V 240 Wealth Mnrls* O 364 Wescan Gldflds V 32 Wesdome Gold* O 784 Wesdome Gold T 3496 West High Yld V 203 West Kirkland V 427 West Kirkland * O 174 West Red Lake C 510 West Red Lake* O 380 Western Areas* O 6 Western Atlas V 327 Western Atlas* O 15

0.25 0.03 0.25 + 0.10 0.40 0.03 0.11 0.06 0.07 - 0.04 0.19 0.06 0.15 0.08 0.10 - 0.05 0.27 0.05 0.41 0.36 0.37 - 0.04 0.49 0.12 0.10 0.08 0.09 unch 0.00 0.12 0.04 0.07 0.06 0.07 + 0.01 0.09 0.03 0.04 0.04 0.04 unch 0.00 0.05 0.02 0.34 0.31 0.32 - 0.01 0.85 0.31 0.26 0.23 0.25 - 0.00 0.64 0.22 0.06 0.00 0.04 - 0.02 0.11 0.03 5.70 5.00 5.03 - 0.42 5.89 2.34 7.56 6.57 6.64 - 0.63 7.81 3.26 0.23 0.18 0.21 + 0.04 0.60 0.16 0.08 0.07 0.08 + 0.01 0.09 0.03 0.06 0.06 0.06 + 0.00 0.07 0.02 0.09 0.07 0.08 + 0.01 0.12 0.05 0.07 0.04 0.07 + 0.02 0.09 0.03 2.19 1.74 2.16 + 0.42 2.19 1.27 0.10 0.07 0.10 + 0.03 0.12 0.05 0.04 0.04 0.04 unch 0.00 0.07 0.04

W-Z

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

T 177 Western Copper Western Copper* X 575 Western Mag V 1086 Western Mag* O 538 Western Pac Rs* O 3 3 Western Pac Rs V Western Potash T 5309 Western Res* O 4 Western U&V* O 291 Western U&V C 100 O 293 Westhaven Vent* Westhaven Vent V 1104 O 94 Westkam Gold* Westkam Gold V 1339 Westminster Rs V 56 O 0 Westminster Rs* Westmoreland* O 6 O 2 WestMountain* Wheaton Prec M* N 16379 Wheaton Prec M T 6464 White Gold* O 65 White Gold V 641 White Metal R* O 130 White Metal Rs V 1155 White Mtn Engy* O 465 Whitehaven Coa* O 1 Whitemud Res V 281 Wildsky Res* O 1 Wildsky Res V 45 Winston Gold* O 8262 Winston Gold C 9700 Winston Res C 25 Wolfden Res* O 10 Wolfden Res V 326 Wolfeye Res V 141 Worldwide Res* O 35 Worldwide Res V 35 X-Terra Res V 321 X-Terra Res* O 0 Xanadu Mines T 80 Xiana Mng V 158 Xiana Mng* O 0 Ximen Mining* O 30 Ximen Mining V 613 Xtierra Inc V 348 Xtra-Gold Res T 124 Xtra-Gold Res* O 37 Yamana Gold T 18946 Yamana Gold* N 84834 Yanzhou Coal* O 31 Yorbeau Res T 2080 Zadar Ventures* O 0 Zadar Ventures V 87 Zanzibar Gold C 134 Zara Res* O 1391 ZEN Graphene V 564 O 26 ZEN Graphene* Zena Mining V 61 Zenith Explor C 1 Zephyr Mnls* O 111 Zephyr Mnls V 73 Zimtu Capital V 163 Zinc One Res V 2960 Zinc One Res * O 685 ZincX Res V 198 ZincX Res* O 285 Zonte Metals V 238 Zonte Metals* O 39

1.00 0.93 0.94 - 0.01 1.08 0.52 0.74 0.69 0.70 - 0.01 0.83 0.35 0.20 0.18 0.18 + 0.01 0.35 0.04 0.15 0.12 0.15 + 0.02 0.43 0.03 0.23 0.21 0.21 - 0.02 0.62 0.01 0.28 0.28 0.28 unch 0.00 1.08 0.27 0.28 0.23 0.28 + 0.01 0.55 0.11 0.17 0.17 0.17 unch 0.00 0.41 0.08 0.69 0.57 0.65 + 0.01 2.70 0.58 0.89 0.77 0.86 - 0.03 3.32 0.77 0.90 0.71 0.89 + 0.03 1.03 0.12 1.18 0.92 1.17 + 0.03 1.43 0.16 0.01 0.00 0.01 + 0.00 0.01 0.00 0.01 0.00 0.01 unch 0.00 0.02 0.01 0.15 0.00 0.13 + 0.04 0.45 0.09 0.00 0.00 0.01 unch 0.00 0.07 0.01 0.01 0.01 0.01 - 0.00 0.15 0.01 3.00 0.00 2.90 unch 0.00 3.00 2.90 30.90 28.79 28.80 - 0.61 30.90 15.08 40.95 37.96 38.00 - 1.16 40.95 19.87 0.84 0.78 0.80 - 0.01 1.44 0.46 1.11 1.03 1.05 - 0.05 2.00 0.54 0.04 0.03 0.04 + 0.01 0.11 0.02 0.07 0.04 0.06 + 0.02 0.15 0.04 0.03 0.02 0.02 + 0.00 0.05 0.00 2.20 2.20 2.20 unch 0.00 3.98 2.20 0.02 0.01 0.02 + 0.01 0.03 0.01 0.06 0.06 0.06 - 0.00 0.11 0.05 0.08 0.00 0.08 - 0.01 0.16 0.06 0.11 0.08 0.10 - 0.01 0.13 0.02 0.14 0.11 0.13 - 0.01 0.17 0.03 0.03 0.02 0.02 - 0.01 0.08 0.02 0.10 0.10 0.10 unch 0.00 0.24 0.07 0.13 0.12 0.13 unch 0.00 0.33 0.11 0.64 0.60 0.62 - 0.02 0.93 0.50 0.05 0.04 0.05 + 0.01 0.05 0.03 0.06 0.04 0.06 + 0.02 0.07 0.02 0.10 0.00 0.09 + 0.01 0.17 0.07 0.00 0.00 0.07 unch 0.00 0.10 0.07 0.05 0.05 0.05 unch 0.00 0.17 0.04 0.45 0.44 0.45 + 0.01 0.61 0.31 0.00 0.00 0.36 unch 0.00 0.45 0.23 0.33 0.31 0.31 unch 0.00 10.27 0.11 0.45 0.42 0.44 unch 0.00 0.86 0.14 0.07 0.00 0.06 - 0.01 0.08 0.03 0.48 0.44 0.47 - 0.01 0.48 0.24 0.36 0.00 0.35 + 0.00 0.45 0.17 5.02 4.53 4.53 - 0.28 5.04 2.41 3.76 3.43 3.45 - 0.16 3.78 1.78 1.02 0.88 1.02 + 0.14 1.08 0.81 0.04 0.03 0.03 unch 0.00 0.05 0.02 0.00 0.00 0.08 unch 0.00 0.10 0.02 0.13 0.11 0.13 + 0.02 0.65 0.08 0.15 0.13 0.13 - 0.02 0.32 0.10 0.15 0.09 0.10 unch 0.00 0.63 0.04 0.40 0.33 0.39 + 0.05 0.63 0.28 0.31 0.24 0.28 + 0.03 0.47 0.21 0.05 0.05 0.05 unch 0.00 0.09 0.04 0.14 0.14 0.14 unch 0.00 0.20 0.04 0.25 0.24 0.25 + 0.00 0.54 0.11 0.34 0.00 0.34 + 0.01 0.34 0.15 0.15 0.13 0.15 + 0.01 0.35 0.13 0.03 0.02 0.03 + 0.01 0.16 0.02 0.02 0.01 0.01 - 0.01 0.12 0.00 0.14 0.13 0.13 unch 0.00 0.48 0.11 0.11 0.10 0.10 unch 0.00 0.33 0.09 0.27 0.22 0.22 - 0.05 0.41 0.20 0.18 0.17 0.18 - 0.00 0.30 0.16

BID-ASK — SEPTEMBER 3–6, 2019 STOCK

12-MONTH

EXC BID ASK LAST HIGH

African Metals V AJN Resources C Alba Minerals V Alchemist Mng C Alexandra Cap C Alexco Res T Allante Res V Alliance Mng V Altan Rio Min V Alturas Min V American CuMo V American Uran V Amseco Expl V Anconia Res V Anglo Pac Grp T Anglo-Bomarc V Angus Ventures V Antler Hill V Arcturus Vent V Arrowstar Res V Asbestos Corp V Ashanti Gold V Ashanti Sanko V Atlanta Gold V Atlantic Indus V Aurelius Min V Austin Res V Auxico Res C Aztec Minerals V Banro Corp* X Barker Min V Barolo Venture V V BE Res Bearclaw Cap V BHK Mining V Bird River Res C Black Bull Res V Black Mammoth V Blackheath Res V Bond Resources C Boss Power V Brigadier Gold V Broadway Gold V Brunswick Res V Buffalo Coal V Bullion Gold V Cairo Res V Calibre Mng V Camrova Res V Canadian Silv V Candelaria Mg V Canex Energy V Cassius Vents V CAT Strategic C Central Iron V Cerro de Pasc C Chinapintza Mg V V Cicada Vents CIM Intl Grp C Clarmin Explor V Cliffmont Res V Cliffs Nat Res* N Clydesdale Res V CMX Gold & Sil C Colombia Crest V Contintl Prec V CWN M’g Acq V Cyntar Venture C Cyprium Mng V Discovery Harb V Discovery-Corp V Electra Stone V Euro Manganese V Everton Res V Evolving Gold C Excalibur Res C Fabled Copper V Fengro Industr V Fieldex Expl V Finlay Minrls V Finore Mng C Fire River Gol V First Mexican V Five Star Diam V Four Nines C Freedom Egy V Frontline Gold V

20-23_SEPT16_StockTables.indd 23

0.06 0.09 0.06 0.16 0.50 0.15 0.22 0.15 0.16 0.16 0.28 ... 0.06 0.06 0.08 ... ... 0.50 0.93 2.33 2.40 2.33 2.55 0.01 0.35 0.16 0.20 0.01 0.02 0.01 0.04 0.01 0.02 0.01 0.02 0.01 0.01 0.01 0.02 0.06 0.07 0.06 0.09 0.06 0.25 0.06 0.07 0.05 0.08 0.05 0.22 0.01 0.01 0.01 0.02 3.15 3.50 3.10 4.75 0.08 0.08 0.15 ... ... 0.29 0.30 0.10 0.10 0.10 0.01 1.00 0.08 0.15 0.10 0.12 0.12 0.40 0.90 0.45 0.55 0.04 0.06 0.05 0.10 0.02 0.03 0.03 0.05 0.03 0.04 0.03 0.05 0.01 0.02 0.02 0.02 0.13 0.14 0.14 0.15 0.09 0.12 0.09 0.13 0.09 0.12 0.09 0.27 0.09 0.10 0.09 0.21 0.11 0.11 0.11 2.10 0.01 0.01 0.01 0.02 0.25 0.33 0.25 0.30 0.04 0.05 0.03 0.07 0.02 0.03 0.03 0.04 0.02 0.02 0.02 0.01 0.02 0.02 0.10 0.10 0.18 0.10 0.04 0.06 0.04 0.11 0.01 0.02 0.02 0.03 0.15 ... 0.14 0.20 0.17 0.20 0.17 0.14 0.14 0.15 0.25 0.07 0.07 0.08 0.14 ... 0.03 0.03 0.04 0.01 0.02 0.01 0.02 0.06 0.15 0.10 0.47 0.27 0.35 0.30 0.39 0.50 0.50 0.58 0.74 0.02 0.02 0.07 0.09 0.01 0.06 0.06 0.19 0.25 0.25 0.69 ... ... 0.17 0.17 0.06 0.09 0.06 0.08 0.04 ... 0.04 0.15 0.02 0.02 0.02 0.05 ... ... 0.29 0.34 0.02 0.10 0.02 0.03 0.01 0.01 0.01 0.02 0.19 0.50 0.19 0.63 0.10 0.15 0.10 0.20 0.11 0.15 0.11 0.23 1.45 3.20 1.43 7.17 0.03 0.04 0.04 0.08 0.03 0.05 0.05 0.08 0.16 0.29 0.18 0.30 0.35 0.35 0.30 0.39 0.04 0.07 0.07 0.08 0.10 ... 0.11 0.15 0.03 0.03 0.03 0.05 0.06 0.04 0.07 0.01 0.02 0.01 0.02 0.01 0.02 0.01 0.16 0.19 0.17 0.44 0.03 0.03 0.03 0.04 0.08 0.08 0.08 0.09 0.10 0.10 0.11 0.05 0.08 0.08 0.09 0.02 0.04 0.02 0.12 ... 0.10 0.19 0.04 0.05 0.04 0.06 0.12 0.12 0.11 0.03 0.07 0.09 0.01 0.01 0.01 0.03 0.05 0.05 0.07 0.10 0.15 0.31 0.15 0.31 0.02 0.02 0.01 0.05 0.01 0.01 0.01 0.02

LOW

0.05 0.04 0.05 0.25 0.92 0.10 0.01 0.01 0.01 0.05 0.06 0.04 0.01 2.12 0.15 0.05 0.33 0.03 0.02 0.03 0.01 0.03 0.05 0.06 0.07 0.10 0.01 0.09 0.02 0.03 0.01 0.02 0.01 0.11 0.05 0.06 0.02 0.01 0.09 0.24 0.30 0.06 0.15 0.11 0.05 0.04 0.02 0.12 0.01 0.01 0.19 0.10 0.05 0.98 0.02 0.03 0.11 0.30 0.03 0.07 0.01 0.01 0.15 0.02 0.01 0.04 0.02 0.02 0.01 0.05 0.10 0.01 0.01

STOCK

12-MONTH

EXC BID ASK LAST HIGH LOW

Full Metal Mnl V Fusion Gold V Gem Intl Res V Generic Gold C Gentor Res V GFM Res V Glacier Lake V Global Cop Grp V Global Vanad V GobiMin V Goldbank Mng V Goldbelt Emp V Golden Harp V Golden Lake C Goldstar Mnls V Goldstream Mnl V Graphite Egy C Great Lakes Gr V Great Quest Fe V Green Arrow V Green Valley M V Greenshield Ex V Grenville Gold C Grosvenor Res V V GrowMax Res Happy Ck Mnrls V Helio Res V HFX Holding V Highbank Res V Highbury Proj V Highvista Gold V Highway 50 Gld V Hornby Bay Mnl V Hybrid Mineral V IM Exploration C Indico Res V Infinite Lith V Inform Res V Inomin Mines V Inspiration Mg C Intact Gold V Inter-Rock Mnl V Interconnect V Intl Battery C Intl Corona V Intl Millm Mng V Iron South Mng V Jasper Mining V Jazz Res V C JDF Explor Inc Karam Min C Karoo Expl V Kings Bay Res V Knick Expl V C La Imperial Latin Metals V Leo Res C Lithion Energy V Lithium Energy V Lovitt Res V Madeira Mrnls V MAG Silver* X Magna Terra V Magnitude Mng V Manado Gold V Mariner Res C Martina Mnls V Mas Gold V McLaren Res C Meadow Bay Gd C Mega Copper V Meridius Res V Mesa Expl V Metalo Manuf C Metron Capital V Michelin C Micrex Dev V Midasco Cap V MillenMin Vent V Millstream Min V Milner Con Slv V Minecorp Egy V Mineral Hill V Minsud Res V Montana Gold C Montego Res C Montero Mg&Ex V

0.01 0.01 0.10 0.10 0.24 0.17 0.30 0.01 0.02 0.02 ... 3.00 0.06 0.30 0.05 0.07 0.06 0.10 0.05 0.10 0.05 0.05 0.07 0.08 0.07 0.35 0.07 0.08 0.08 0.11 0.17 0.24 0.24 0.28 0.26 0.34 0.34 0.45 0.10 0.25 0.15 0.17 0.01 0.03 0.02 0.10 0.15 0.10 0.17 0.12 0.18 0.12 0.14 0.04 0.05 0.05 0.08 0.05 0.07 0.05 0.09 ... 0.44 0.47 1.35 0.05 0.05 0.04 0.06 0.10 0.10 0.10 0.14 0.02 0.03 0.02 0.04 0.10 0.20 0.11 2.00 0.12 0.20 0.15 0.15 0.15 0.25 0.17 0.70 0.11 0.16 0.11 0.14 0.07 0.07 0.09 0.13 0.10 0.12 0.11 0.20 0.03 0.07 0.06 0.10 0.05 ... 0.05 0.06 0.02 0.02 0.02 0.04 0.25 0.45 0.24 0.25 ... ... 0.17 0.14 0.18 0.14 0.48 0.02 0.03 0.02 0.04 0.03 0.05 0.03 0.15 0.09 0.15 0.09 0.15 0.01 0.01 0.01 0.02 0.26 0.29 0.28 0.32 0.04 0.07 0.04 0.10 0.03 0.04 0.03 0.05 0.04 0.04 0.03 0.03 0.04 0.06 0.05 0.15 0.26 0.29 0.29 0.35 0.06 0.15 0.06 0.08 ... ... 0.31 ... 0.04 0.04 0.05 0.01 0.01 0.03 0.24 0.27 0.24 0.28 ... 0.10 0.09 0.29 0.05 0.06 0.06 0.06 0.40 ... 0.40 0.40 0.05 0.13 0.12 0.15 0.01 0.01 0.35 1.70 0.04 0.05 0.04 0.06 0.01 0.01 0.01 0.02 0.02 0.26 0.04 0.07 0.03 0.04 0.03 0.16 ... ... 1.09 ... ... 0.10 0.01 0.13 0.10 0.25 0.08 0.13 0.10 ... ... 0.03 0.04 12.52 13.30 12.52 14.40 0.02 0.03 0.02 0.06 0.16 0.20 0.15 0.20 0.01 0.01 0.05 0.05 0.16 ... 0.18 0.20 0.06 0.15 0.12 0.12 0.07 0.09 0.08 0.16 0.03 0.03 0.03 0.05 0.05 0.05 0.04 0.06 0.12 0.20 0.16 0.18 0.16 ... 0.17 0.22 0.02 0.06 0.06 0.20 0.27 0.20 0.45 0.04 0.07 0.05 0.07 0.20 0.32 0.30 0.50 0.02 0.02 0.01 0.10 0.15 0.10 0.11 0.01 0.50 0.05 0.04 0.06 0.04 0.05 0.07 0.05 0.11 ... ... 0.12 0.20 0.02 0.15 0.15 0.20 0.06 0.09 0.06 0.09 0.09 0.10 0.10 0.10 0.01 0.01 0.05 0.29 0.07 0.12 0.12 0.20

0.11 0.03 0.05 0.04 0.07 0.04 0.16 0.20 0.07 0.07 0.12 0.03 0.04 0.02 0.02 0.09 0.02 0.06 0.05 0.12 0.08 0.07 0.10 0.05 0.05 0.01 0.17 0.13 0.02 0.03 0.09 0.01 0.12 0.03 0.02 0.02 0.05 0.19 0.04 0.03 0.04 0.08 0.03 0.01 0.05 0.35 0.03 0.01 0.04 0.02 0.09 0.02 6.12 0.02 0.14 0.04 0.15 0.04 0.04 0.01 0.03 0.16 0.09 0.10 0.04 0.18 0.09 0.02 0.07 0.09 0.01 0.02 0.03 0.05

STOCK

Mountain Lake MX Gold Navy Res Nebu Res Nevado Res New Jersey Mng New Klondike New Stratus New World Res Newmac Res Northern Uran Origin Gold Pac Arc Res Pac Cascade Pac Imperial Parallel Mng Patriot Gold Philippine Mtl Phoenix Gold Plate Res Primary Energy Prism Res Project One Q-Gold Res Quantum Cobalt Rare Element* Razore Rock Res Regency Gold Reliant Gold Remington Res Rhyolite Res Riley Resource Rio Silver Rizal Res Rockland Mnls Rockwealth Res Rojo Res Rokmaster Res Ross River Rover Metals RT Minerals Rubicon Mnrls* Sage Gold Saint Jean Samco Gold Scotch Creek Search Mnls Sennen Potash Shine Minerals Sierra Madre Silver Mtn Mns Skarb Explor Slave Lake Zn Sonora Gld & S Surge Explor Tajiri Res Talmora Diamd Tantalex Res Terreno Res Tesoro Mnrls Thunder Mtn Gd Tiger Intl Tintina Mines Tisdale Res Tocvan Venture TomaGold Tri-River Vent True Grit Res Trueclaim Expl Typhoon Expl Upper Canyon Uravan Mnrls Vale* ValOre Metals Vangold Res Vatic Vent Venerable Vent Volt Energy Westcot Vent Western Troy C Xanadu Mines Xander Res Zara Res Zenith Explor Zinco Mng Zincore Mtls

12-MONTH

EXC BID ASK LAST HIGH LOW

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

... ... 0.05 0.11 0.11 0.11 0.10 0.19 0.12 0.22 0.04 0.04 0.04 0.11 0.17 0.11 0.40 ... 0.25 0.17 0.20 0.01 0.01 0.01 ... 0.40 0.40 0.25 0.35 0.21 0.30 0.04 0.08 0.06 0.10 0.01 0.01 0.01 0.02 0.10 0.11 0.09 0.14 0.26 0.38 0.30 0.45 0.01 0.02 0.01 0.02 0.03 0.03 0.04 0.02 0.03 0.03 0.08 0.06 0.09 0.04 0.10 0.06 0.14 0.08 0.14 ... 0.05 0.05 0.07 0.03 0.05 0.05 0.08 0.42 0.42 0.40 1.10 0.04 0.05 0.05 0.05 0.17 0.25 0.19 0.30 0.24 0.26 0.26 0.30 ... ... 1.10 3.15 0.11 0.16 0.15 0.89 0.05 0.10 0.09 0.09 0.13 0.19 0.20 0.23 ... 0.02 0.02 0.13 0.24 0.17 0.23 0.18 0.22 0.20 0.26 0.16 0.28 0.18 0.41 0.04 0.05 0.04 0.05 0.01 0.02 0.02 0.03 0.07 0.08 0.08 0.11 0.41 0.50 0.46 0.50 ... 1.28 0.19 0.30 0.05 0.05 0.04 0.13 ... 0.26 0.26 0.06 0.06 0.07 0.08 0.04 0.06 0.05 0.10 ... ... 0.03 1.35 0.01 0.01 0.02 0.03 0.03 0.04 0.06 0.04 0.06 0.05 0.08 0.07 0.20 0.07 0.13 0.04 0.04 0.04 0.06 0.22 1.00 0.45 0.45 0.09 ... 0.14 0.16 0.05 0.07 0.05 0.15 0.01 0.02 0.02 0.02 0.04 0.10 0.10 0.10 0.04 0.07 0.05 0.13 0.04 0.05 0.05 0.08 0.39 0.44 0.39 0.23 0.05 0.06 0.05 0.12 0.02 0.03 0.03 0.06 0.02 0.02 0.02 0.09 0.02 0.03 0.02 0.05 0.04 0.06 0.05 0.07 ... 0.16 0.17 0.17 0.07 0.28 0.06 0.15 0.04 0.08 0.04 0.08 0.11 0.17 0.12 0.36 0.06 ... 0.08 0.12 0.03 0.03 0.05 0.06 ... ... 0.04 0.02 0.02 0.02 0.04 0.06 0.06 0.10 0.13 0.02 0.03 0.03 0.05 0.75 0.75 0.25 0.37 0.03 0.03 0.04 0.05 ... ... 10.24 11.10 0.06 0.07 0.07 0.13 0.05 0.05 0.04 0.11 0.06 0.19 0.10 0.11 0.07 0.17 0.07 0.13 0.04 0.06 0.06 0.13 ... ... 0.35 0.06 0.10 0.10 0.10 0.05 0.06 0.05 0.17 0.10 ... 0.09 0.12 ... ... 0.07 0.22 0.10 0.14 0.14 0.20 0.05 0.07 0.05 0.03 0.07 0.05 0.07

0.10 0.09 0.15 0.13 0.05 0.01 0.07 0.20 0.01 0.02 0.04 0.04 0.04 0.03 0.08 0.03 0.19 0.12 0.20 0.06 0.06 0.14 0.16 0.14 0.15 0.03 0.01 0.01 0.11 0.10 0.03 0.03 0.04 0.03 0.02 0.02 0.07 0.03 0.45 0.08 0.04 0.01 0.10 0.05 0.04 0.03 0.03 0.01 0.01 0.02 0.05 0.15 0.05 0.02 0.10 0.07 0.04 0.01 0.07 0.02 0.17 0.02 6.57 0.07 0.03 0.06 0.06 0.03 0.03 0.04 0.03 0.07 0.04 0.03

2019-09-10 11:40 AM

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2019-09-05 11:36 AM