The Northern Miner September 18 2017 Issue by The Northern Miner Group

ELDORADO GOLD: DELIVERS ULTIMATUM TO GREEK AUTHORITIES / 5 Geotech_Earlug_2016_Alt2.pdf 1 2016-06-24 4:27:20 PM

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Province abuzz with exploration and development / 9–16

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SEPTEMBER 18-OCTOBER 1, 2017 / VOL. 103 ISSUE 19 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Silver Bear shares tumble RUSSIA

| Debt conversion by Russian investors hits minority shareholders

Alamos bids US$770M for Richmont Mines M&A | ‘Friendly takeover’ offer would hand shareholders a 22% premium BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

lamos Gold (TSX: AGI; NYSE: AGI) is set to expand its Canadian production footprint via a US$770-million, all-share deal for Richmont Mines (TSX: RIC; NYSE: RIC). On Sept. 11, the companies announced a “friendly takeover,” in which Alamos will pay $14.20 per share, which implies a 22% premium based on closing prices at the time of the announcement. Richmont shareholders will end up with a 23% equity interest in the pro-forma company after a 1.385 Alamos share exchange. Alamos will pick up the Island Gold See ALAMOS / 3 PM40069240

Graham Hill (centre), president and CEO of Silver Bear Resources, at the Mangazeisky silver property in Russia’s Far East. SILVER BEAR RESOURCES BY TRISH SAYWELL tsaywell@northernminer.com

hares of Silver Bear Resources (TSX: SBR) dropped after two major Russian shareholders announced that they are converting promissory notes at a sharp discount to the junior’s share price. Inflection Management Corp., an investment company owned by Russian businessman Sergey Kolesnikov, and A.B. Aterra Resources, owned by Russian billionaire Alexey Mordashov, informed the markets

in separate press releases on Aug. 30 that they were converting their 15% convertible promissory notes due Dec. 31 at 4.5¢ per share. Shares of Silver Bear, which is building a mine at its Mangazeisky silver project, 400 km north of Yakutsk in Russia’s Far East, fell 9.4% to 24¢ on Aug. 30. The junior’s shares dropped another 16.7% to 20¢ on Aug. 31 and a further 15% on Sept. 5 to 17¢. At press time, Silver Bear was trading at 17¢ per share within a 52-week range of 15¢ (Sept. 1) to 49¢ (Feb. 24). In its notice of conversion, Inflection said it was exercising its

right to convert its $13.5 million principal amount and all of the $3.5 million accrued and unpaid interest into ordinary shares of Silver Bear at the conversion price of 4.5¢ per share. A.B. Aterra, in another press release, said it was exercising its right to convert its entire $4.5-million principal amount and all of the $1.2 million accrued and unpaid interest into ordinary shares of Silver Bear at the same conversion price. After the conversion, Silver Bear will have 668.05 million ordinary shares outstanding. Of those, Inflection will own 419.8 million shares,

or 62.8%, while A.B. Aterra will own 166.6 million shares, or 24.9%. Before the conversion, and as of the first quarter of 2017, Silver Bear had 162.9 million issued and outstanding shares (171.90 million, fully diluted). Of those, Inflection held 41.2 million, and A.B. Aterra, 40.5 million. Silver Bear completed a restructuring of its outstanding debt with its two lenders in December 2015 and issued a consolidated $18-million convertible note. The junior’s share price at the time was 2.5¢ See SILVER BEAR / 2

NEVSUN: CHANGES GEARS AT BISHA, TIMOK / 6

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2017-09-12 7:40 PM

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SEPTEMBER 18–OCTOBER 1, 2017 / THE NORTHERN MINER

Workers trenching at the Vertikalny silver deposit on Silver Bear Resources’ Mangazeisky silver property, 400 km north of Yakutsk in Russia’s Far East. SILVER BEAR RESOURCES

Silver Bear shares tumble SILVER BEAR From 1

and the exercise price was fixed at 4.5¢, or a 150% premium. Since then, the company’s share price increased tenfold. In a research note in January, Andrei Kroupnik of Hannam & Partners in London pointed out that the possible conversion of the notes would mean “Aterra and Inflection’s combined ownership would consequently increase to 85.6% and reduce the free float of the stock, as well as dilute the minority shareholders.” But he also pointed out that Silver Bear announced in November 2016 that it had entered into negotiations with Aterra and Inflection to mitigate dilution by restructuring and refinancing the outstanding convertible note. “At the time of writing,” Kroupnik

continued, “the outcome of this refinancing is not known, however, we were assured in our conversations with the main shareholders that it would be significantly less dilutive, and both Aterra and Inflection have no interest in such a large stake in Silver Bear.” Graham Hill, Silver Bear’s president and CEO, defended the financing. “Aterra and Inflection provided financing at a time when no one else would, and has provided the company the opportunity to advance the project for all its shareholders,” he wrote in an emailed response to questions from The Northern Miner. “It is important to understand and put into context the environment and timing when the company entered into the convertible note financings with the major share-

Copper & Zinc Production, Disciplined Growth n n n

Low risk cash flow from zinc and copper High grade copper‑gold growth in Timok Strong balance sheet to fund growth ($171m in cash and no debt) One of the largest drilling programs in the sector (targeting 120km in 2017) US$0.04 annualized dividend paid quarterly.

TSX: NSU

quarter 2015 notes provided financing for the construction material and payment for long-lead items for the project’s construction and development in 2016. As a result of the financing, Silver Bear “was able to accomplish a great deal in 2016,” such as upgrading the quality of its indicated mineral resources, completing a feasibility study and a later updated study, and advancing construction at the site. (In June, the company said 72% was complete.) “We understand that the major shareholders’ decision to convert will cause a dilution to all shareholders, including Aterra and Inflection,” he said. “However, it should be considered that the transaction has dramatically reduced the company’s outstanding debt — resulting in a healthier balance sheet — as well as improved the company’s cash flows in preparation for production.” Hill says that Silver Bear management and its major shareholders “committed a great deal of time into the negotiations to undertake a restructuring of the convertible notes and accompanying financing, with the goal to bring in additional investors to the table,” and were successful in extending the convertible note maturity date “in anticipation of a potential restructuring.” How-

NYSE AMERICAN: NSU

1‑888‑600‑2200

www.nevsun.com

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holders, which was in October 2015, November 2015, and was restructured in December 2015,” he said. “During the fourth quarter of 2015, the company’s average share price was 2¢, with a resultant market capitalization of approximately $3 million.” Hill noted that due to its depressed market cap, Silver Bear was notified by the TSX on Dec. 17, 2015 that it was reviewing the company’s eligibility for continued listing on the stock exchange. “These factors — combined with the increased risk associated with operating in Russia due to the Western sanctions — caused a perfect storm for the company when seeking financing. “It was a period of very high risk for potential Silver Bear investors and the company is exceedingly grateful to both Aterra and Inflection for their support at that crucial time … both major shareholders provided the convertible note financing, with a conversion price that was at a premium to the company’s then current share price. As well, these financers were all subject to shareholder approval, and the company did obtain overwhelming approval from its minority and disinterested shareholders.” Hill also noted that the fourth

Integrating the Geosciences: “The Challenge of Discovery”

October 22-25, 2017 Toronto, Canada

“ATERRA AND INFLECTION PROVIDED FINANCING AT A TIME WHEN NO ONE ELSE WOULD.” GRAHAM HILL PRESIDENT AND CEO, SILVER BEAR RESOURCES

ever, it could not negotiate a better conversion price. “After extensive negotiations between Silver Bear, interested parties and major shareholders, it was decided that the options available did not fully satisfy the criteria of all parties,” Hill said in a second email when asked about the company’s efforts to strike a better deal. “It should be added that although the conversion has been completed by the major shareholders, it opens up exciting, new conventional opportunities for restructuring the company’s capital structure. This in turn should bring more benefits for all shareholders.” Aterra’s Mordashov, who Bloomberg calls Russia’s richest man, is the main shareholder of Russian steel giant Severstal. In January, Bloomberg reported that Mordashov’s fortune stood at US$17.4 billion. In 2012, Mordashov consolidated gold-mining assets owned by Severstal into Nord Gold. Nord Gold has a 55% stake in Columbus Gold’s (TSX: CGT; US-OTC: CBGDF) Montagne d’Or project in French Guiana. In May 2015, Nord Gold took a majority stake in Northquest, which owned the Pistol Bay gold project in the Arctic, and completed the acquisition of all of the junior’s shares in October 2016. In March 2013, Nordgold completed the acquisition of all of the shares it didn’t already own of High River Gold Mines, which held two underground mines — Zun-Holba and Irokinda — in Russia’s Lake Baikal region. High River also had three open-pit gold mines: Berezitovy in Russia, and Taparko-Bouroum and Bissa in Burkina Faso. TNM

2017-09-12 7:40 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / SEPTEMBER 18–OCTOBER 1, 2017

Alamos bids US$770M for Richmont Mines ALAMOS From 1

operation 83 km northeast of Wawa, Ont., which is expected to produce nearly 100,000 oz. gold this year at all-in sustaining costs (AISCs) from US$725 to US$765 per ounce. The property hosts proven and probable reserves of 2.6 million tonnes grading 9.17 grams gold per tonne for 752,000 contained oz., while inferred resources total 3.04 million tonnes of 10.18 grams gold for 996,000 contained oz. gold. “It represents a truly rare asset in terms of grade, mine life and jurisdiction. The team at Richmont should really be commended for what they’ve accomplished with the project,” said Alamos president and CEO, John McCluskey. “The operation has exceeded guidance for three years running, and costs have been decreasing. It’s one of the lowest-cost gold mines in Canada, and recent drill success indicates even more exploration upside. Given that we already have operations in relative proximity, we also expect synergies that could provide cost savings.” Richmont has committed to over 100,000 metres of drilling this year, from surface and underground, at the 80 sq. km Island Gold site. The company recently reported highgrade mineralization of 800 metres east of its main deposit, where it cut 20.6 grams gold over 11.3 metres of estimated true width. Richmont released a preliminary economic assessment (PEA) in May that set the stage for a base-case mill expansion to 1,100 tonnes per day, which is underpinned by mining extensions over four horizons to

1,000 metres deep. The $28-million expansion plan would include $16 million in mill upgrades, $7 million for new mobile equipment and $5 million for expanded underground ventilation. The company has also earmarked $40 million to accelerate ramp development and infrastructure. Assuming US$1,260 per oz. gold, the PEA includes an after-tax net present value of $335 million at a 5% discount rate. The operation would have all-in costs, which include project and sustaining capital, of US$675 per oz. gold. Island Gold’s annual production could jump to 125,000 oz. at AISCs of US$550 per oz. between 2019 and 2024. “Following the release of our PEA there was a series of factors that led to this deal, but there was no formal bid process, per se,” Richmont president and CEO Renaud Adams said. “In this business you talk to many people, and I knew the industry recognized the value and potential at Island Gold. I recently visited Alamos’ Young-Davidson operation and have always been impressed with their growth profile. You reach a point where a deal makes sense, so you execute.” R ichmont concurrently announced it was selling its Quebec portfolio — including the Beaufor mine and the Camf lo mill — to Monarques Gold (TSXV: MQR; US-OTC: MRQRF) for a 19.9% equity interest in the junior. The deal consideration also includes: a 1.5% net smelter return royalty (NSR) on the Wasamac property; a 1% NSR on claims at Camflo; and a 1% NSR on Beaufor, once Monarques has

Richmont Mines’ Island Gold mine, 83 km northeast of Wawa, Ontario. RICHMONT MINES

produced 100,000 oz. gold. Alamos will increase its gold production profile to 500,000 oz. in 2017 at AISCs of US$900 per ounce. The company also operates the Young-Davidson underground mine in Ontario, and the Mulatos and El Chanate mines in Mexico. Alamos has traded within a 52week range of $7.86 to $11.86, and dropped 16%, or $1.65, after the news, en route to a $8.60-per-share close at press time. The company has 301 million shares outstanding for a

$2.6-billion market capitalization. Richmont has moved within an annual range of $7.36 to $15.01, and gained 13¢ after the announcement before closing at $11.75 per share. The company has 64 million shares outstanding for a $749-million market capitalization. “We tend to look out across a large universe of opportunities that includes everything from early-stage projects through to development projects,” McCluskey said. “We have quite a bit of those types of

properties in the portfolio already, however, so adding a Canadian producer was really attractive for us. This made the most sense from a value-creation point of view, and it decreases any jurisdictional risk.” The transaction closed in November and includes a $35-million reciprocal break fee. The combined company will have 391 million shares outstanding, a debt-free balance sheet and nearly US$230 million in cash that will “support internal growth initiatives.” TNM

JOINT VENTURE ARTICLE

Pistol Bay Targets Zinc-Copper Discovery at Confederation Lake Pistol Bay Mining (TSXV: PST; USOTC: SLTFF) is well positioned for a zinc and copper rally thanks to a strategic land portfolio it has assembled along the Confederation Lake volcanogenic massive sulfide (VMS) greenstone belt around 50 km due southeast of Red Lake, Ontario. Confederation Lake effectively experienced two notable exploration cycles over the past 50 years. The first was dominated by Selco Mining — between the late 1960s and mid-1970s — and led to the discovery of the South Bay mine. The operation produced 1.3 million tonnes of ore grading 2.3% copper, 14.7% zinc and 120 grams silver per tonne from 1971 to 1981. Noranda Exploration was subsequently active in the region through the mid-1990s. Pistol Bay has acquired a pair of data sets from the historic work, namely: a “whole-rock” geochemical database with almost 7,000 analyses conducted by Noranda; and Selco drill results, many of which were never in the public domain, for the Joy North property. “It was just over two years ago when I started hearing we might be looking at a zinc market shock. It just kept coming up in my discussions despite the fact the spot price was really weak at that time,” commented Pistol Bay president and CEO Charles Desjardins during an interview. “I stepped into the Confederation Lake area with the Dixie project, but then we realized there was an opportunity to consolidate this land package and systematically explore.” The company now controls nearly 100 sq. km along 53 kilometres of “favourable volcanic geology.”

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Core racks at Pistol Bay Mining’s Confederation Lake copper-zinc property, 50 km southeast of Red Lake, Ontario. CREDIT: PISTOL BAY MINING The core Confederation Lake position includes 108 claims that are headlined by the Joy property, Garnet Lake/Arrow Zone, and Dixie blocks. The Arrow property hosts indicated resources of 2.1 million tonnes grading 5.92% zinc, 0.75% copper, 21 grams silver, and 0.58 gram gold. Meanwhile, Joy features historic intervals that include: 5.7 metres of 3.1% copper and 0.2% zinc; and 3.35 metres of 4% copper and 0.17% zinc. “I chased the owners of the claims around Garnet Lake for literally months,” Desjardins recalls. “It wasn’t until around one year ago I pinned it down. That brought in a lot of the land package, and we’ve completed four or five acquisitions on top of

that. Then we’ve done some staking and acquired some patented land. Everything we’re picking up right now is under the airborne survey we completed, which covers around two-thirds of the belt.” Pistol Bay kick-started its exploration efforts across the newly consolidated Confederation Lake package earlier this year. The company noted previous discovery success based on “deep-penetrating, time-domain ground surveys in areas of favourable geology,” and thus opted to contract a helicopter-borne versatile time domain electromagnetic (VTEM) survey. The 2,100 line km survey is designed to target a “depth slice” that has reportedly only been investigated by

large-loop ground electromagnetic (EM) systems over “very limited areas.” “The key thing about the VTEM is that it can essentially confirm all the conductive responses that identify the historic showings,” Desjardins explains. “It’s also showing potentially significant continuous conductive extensions, which is really key for us. There are also new clusters of conductive targets we’ve seen away from the known zones.” Pistol Bay received initial results from its VTEM work in late August. It noted “a number of anomalies where no mineralized zones were previously known,” and pointed out it now has “complete coverage of the land package.”

The company is hopeful of a cash infusion later this year via a joint venture agreement with major Rio Tinto (LON: RIO; NYSE: RIO) on the C-5 uranium property in the Athabasca Basin. Rio has earned a 75% interest and can cement a 100% stake by paying Pistol Bay under the following schedule: $1.5 million by year end; and $2 million by Dec. 2018. Pistol Bay will retain a 5% net profits interest. Desjardins says that he’s also exploring potential joint venture relationships across the Confederation Lake package. “We think building a central processing facility could emerge as a viable option, but we think there’s the exploration upside across the land package for a discovery with real size and grade,” Desjardins comments. “The great thing about the new zones, and all the new information we have, is that you can piece together a land package for a partner that has known drill intercepts, as well as the blue-sky upside from the VTEM. So there’s lots of ways we can package it,” he concludes. On Sept. 11, Pistol Bay revealed it has identified “numerous new conductors” after receiving the final VTEM survey results. Desjardins adds that the company has had “early-stage discussions” with potential partners, with all areas of Confederation Lake available for joint ventures. Pistol Bay has traded within a 52week window of 4¢ and 12¢, and closed at 5¢ per share at the time of writing. The company has 43 million shares outstanding for a $2 million press-time market capitalization.

2017-09-12 7:40 PM

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SEPTEMBER 18–OCTOBER 1, 2017 / THE NORTHERN MINER

GLOBAL MINING NEWS · SINCE 1915

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E D I T O R IA L

O P- E D

Gold, copper reach new highs EDITORIAL

| Yellow metal shines as safe haven amid global tensions

GROUP PUBLISHER/ PUBLISHER: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com EDITOR-IN-CHIEF: John Cumming, MSC (GEOL) jcumming@northernminer.com SENIOR STAFF WRITER: Trish Saywell, BA, MA, MSC (JOUR) tsaywell@northernminer.com WESTERN EDITOR: Matthew Keevil, BA (ECON AND POLI SCI) mkeevil@northernminer.com STAFF WRITER: Lesley Stokes, BSC (GEOL) lstokes@northernminer.com COPY EDITOR: Isa Cunanan, BSC (Health Sci. and Prof. Writing Comm.) icunanan@northernminer.com PRODUCTION EDITOR: David Perri, BA dperri@northernminer.com ONLINE EDITOR: Adrian Pocobelli, MA (ENGL) apocobelli@northernminer.com 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 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 SUBSCRIPTION SALES: George Agelopoulos (416) 510-5104 (Toll free) 1-888-502-3456, ext. 43702 gagelopoulos@northernminer.com REPUBLISHING: (416) 510-6768 moliveira@northernminer.com ADDRESSES: Toronto Head Office: 38 Lesmill Road, Unit 2 Toronto, ON, M3B 2T5 (416) 510-6789 tnm@northernminer.com Western Bureau: 303 West 5th Avenue Vancouver, BC, V5Y 1J6 (604) 688-9908 SUBSCRIPTION RATES: Canada: C$120.00 one year; 5% G.S.T. to CDN orders. 7% P.S.T. to BC orders 13% H.S.T. to ON, NF orders 14% H.S.T. to PEI orders 15% H.S.T. to NB, NS orders U.S.A.: US$120.00 one year Foreign: US$157.00 one year GST Registration # 809744071RT001 (ISSN 0029-3164) CANADA POST: Return undeliverable Canadian addresses to Circulation Dept. c/o The Northern Miner 38 Lesmill Road, Unit 2 Toronto, ON M3B 2T5 Publication Mail Agreement #40069240 Periodicals Postage Rates paid at Niagara Falls, NY, 14304. U.S. office of publication 2424 Niagara Falls Blvd, Niagara Falls, N.Y. 14304. U.S. POSTMASTER: send address corrections to: Northern Miner Box 1118 Niagara Falls, N.Y. 14304.-7118

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he sustained strength in most precious and base metals this year reached breakout levels in September, as a weakening U.S. dollar and renewed optimism over Chinese metal demand pushed metal and mineral prices to new highs. At press time, the spot gold price had surged to an 11-month high of US$1,336.60 BY JOHN CUMMING per oz., up US$47.90, or 3.7%, in the last 30 jcumming@northernminer.com days, up 9% in the last two months and up 17% this calendar year. Gold briefly touched US$1,356.60 per oz. on Sept. 8, before pulling back over the next two days, and seeming endling a two-month run-up from the US$1,211 per oz. level on July 10. While the U.S. has enjoyed soaring stock markets, a growing economy and falling unemployment levels since Donald Trump was sworn in as U.S. president, the U.S. dollar has steadily lost strength throughout 2017, and has seen an accelerated decline since July, which observers attribute to the U.S. Federal Reserve not raising interest rates and gridlock in Washington, D.C. — which derailed health care reform and threatens to scuttle planned tax cuts. The U.S. Dollar Index is down more than 10% this year to 91.861 at press time. Gold’s role as a safe-haven asset has once again come into play, as the standoff between North Korea and the U.S. and its allies over North Korea’s nuclear missile program reaches new levels of tension, and the prospects of military confrontation become less far-fetched. Gold prices gained US$5 to US$10 per oz. after major North Korean missile and nuclear tests. This September, gold analysts are arguing that the good news for gold has already been baked into the price, and point to US$1,360 per oz. as a new ceiling for the gold price for the rest of the year, even if U.S. Fed rate hikes are put off over and over again. An introduction of a goods and services tax in India is also seen as suppressing gold demand in the Indian jewellery sector for the rest of the year, in what is usually a period of strong gold demand. With many proposed and operating gold mines in recent years using a US$1,200 per oz. base case for economic decision-making, today’s gold price in the US$1,350 per oz. range is one a lot of miners would be happy to see sustained in the months ahead, particularly Canadian operators, who have benefitted from the weaker Canadian dollar since the oil price crash in the latter half of 2014. Silver prices have closely tracked gold prices during their recent runup, with the spot price at US$17.83 per oz. at press time, after peaking at US$18.21 per oz. on Sept. 8 — still below prices seen as recently as April, and well off from the 52-week high of US$19.84 in September 2016. This renewed strength is also seen in platinum and palladium, which have risen to US$1,002 per oz. and US$933 per oz. at press time. The weakening U.S. dollar and relatively strong imports into China of crude oil, iron ore, metallurgical coal, thermal coal and copper in August have helped support prices of all five commodities — especially iron ore and thermal coal, which have seen price increases exceeding 40% in recent months. Chinese demand for iron ore weighs particularly heavily on its price, as the country imports two-thirds of all seaborne iron ore. Spot copper prices have risen from US$2.50 per lb. in May to trade above US$3 per lb. since Aug. 29, peaking at a three-year high of US$3.12 per lb. on Sept. 4. Base metal analysts argue that metal prices have had a good run and the rally is due to taper off, as is the rally in major base metal miners, particularly in the copper market, where prices are driven increasingly by speculators, rather than market fundamentals. TNM

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

Professional Directory. . . . . . . . . . . . 17 Stock Tables. . . . . . . . . . . . . . . . . . . 18-22

COMPANY INDEX Company Index AngloGold Ashanti. . . . . . . . . . . . . . . 13 Barrick Gold . . . . . . . . . . . . . . . . . . . . 12 Cadillac Ventures . . . . . . . . . . . . . . . . 11 Centerra Gold. . . . . . . . . . . . . . . . . . . . 5 CleanTeq Holdings. . . . . . . . . . . . . . . . 7 Columbus Gold. . . . . . . . . . . . . . . . . . . 2 Eldorado Gold. . . . . . . . . . . . . . . . . . . . 5 First Quantum Minerals. . . . . . . . . . . 23 Freeport-McMoRan. . . . . . . . . . . . . . . 6 Goldcorp . . . . . . . . . . . . . . . . 5,8,9,12,13 GoWest Gold. . . . . . . . . . . . . . . . . . . . 11 Great Bear Resources. . . . . . . . . . . . . . 9 Harte Gold. . . . . . . . . . . . . . . . . . . . . . . 9 Impala Platinum Holdings. . . . . . . . . 14 Kirkland Lake Gold . . . . . . . . . . . . . . 16

Monarques Gold. . . . . . . . . . . . . . . . . . 3 Nevsun Resources. . . . . . . . . . . . . . . . . 6 New Gold. . . . . . . . . . . . . . . . . . . . . . . 15 North American Palladium. . . . . . . . 14 Orefinders Resources. . . . . . . . . . . . . 11 Probe Metals . . . . . . . . . . . . . . . . . . . . . 8 Prosper Gold. . . . . . . . . . . . . . . . . . . . 11 Pure Gold Mining. . . . . . . . . . . . . . . 9,13 Richmont Mines. . . . . . . . . . . . . . . . 1,12 Rock Tech Lithium. . . . . . . . . . . . . . . 15 Sage Gold. . . . . . . . . . . . . . . . . . . . . . . 15 Silver Bear Resources. . . . . . . . . . . . . . 1 TMAC Resources . . . . . . . . . . . . . . . . 23 Transition Metals . . . . . . . . . . . . . . . . 14 Wesdome Gold Mines . . . . . . . . . . . . 12

BHP Billiton’s Escondida copper mine in Chile. BHP BILLITON

ICSG says copper production declining FACTS ‘N’ FIGURES

| Slowdown in Chile takes a chunk out of global supply

The following is an edited summary by the International Copper Study Group (ICSG) of world copper supply and demand from its August 2017 Copper Bulletin. The full suite of data is available in the ICSG’s August 2017 Copper Bulletin, for sale at www.icsg.org.

orld mine production has declined 3% in the first five months of 2017, with concentrate production declining 2.5% and solvent extraction-electrowinning (SXEW) declining 4.5%. The decline in world mine production owed to: • A 10% (220,000 tonnes copper) decline in production in Chile, the world’s biggest copperproducing country, negatively affected by the strike at the Escondida mine and lower output from Codelco mines. • A decline in Canada and Mongolia concentrate production of 20% and 21%, due to lower grades in planned mining sequencing. • A 14% decline in Indonesian concentrate production, with output constrained by a temporary ban on concentrate exports that started in January and ended in April. • An 11% decline in U.S. production, due to lower ore grades, lower mining rates and unfavourable weather conditions at the beginning of the year. These reductions in output were partly offset by a 11% and 6% rise in Mexican (concentrate and SX-EW) and Peruvian (concentrate) output, with both countries benefitting from new and expanded capacity that was not yet fully available in the same period of last year. On a regional basis, production rose 1% in Asia, 4% in Europe (including Russia) and 5% in Oceania, while declining 6% in the Americas and 4% in Africa. World refined production stayed unchanged in the first five months of 2017, with primary production (electrolytic and electrowinning) declining 2% and secondary production (from scrap) increasing 12%: • Increased availability of scrap lifted world secondary refined production, notably in China. • The main contributor to growth in world-refined production was China (6.5% increase), followed by Mexico (11%), where expanded SX-EW capacity contributed to refined production growth. • However, overall growth was partly offset by a 13.5% decline in Chile, the second-largest refined copper producer, where both primary electrolytic refined production and electrowinning production declined. • Production also declined in the third and fourth world-lead-

ing refined copper producers, namely, Japan (in electrolytic production from concentrates) and in the United States (mainly in electrowinning output). • On a regional basis, refined output increased in Asia (4.5%) and in Europe, including Russia (2.5%), while declining in the Americas (10.5%) and in Oceania (8%), and remaining unchanged in Africa. World apparent refined usage declined 3% in the first five months of 2017: • Preliminary data indicates that although world ex-China usage might have grown slightly by 0.5%, this growth was more than offset by a 5.5% decline in Chinese apparent demand. • Chinese apparent demand (excluding changes in unreported stocks) declined 5.5%, because although refined copper production increased 6.5%, net imports of refined copper declined 30%. • Among other major copper using countries, usage increased in India and Japan, but declined in the U.S. and Germany. • On a regional basis, usage declined in all regions: in Africa by 3%, in Asia by 3% (when excluding China, Asia usage increased by 4.5%), in the Americas by 0.5% and in Europe by 5%. World refined copper balance for the first five months of 2017 indicates a surplus of 15,000 tonnes (including revisions to data previously presented): • This is mainly due to the decline in Chinese apparent demand (China represents 48% of the world copper-refined usage). Copper prices and stocks: • Based on the average of stock estimates provided by independent consultants, China’s bonded stocks increased 100,000 tonnes in the first five months of 2017 from the year-end 2016 level. Bonded stocks increased 140,000 tonnes in the same period of last year. • A s of the end of July, copper stocks held at the major metal exchanges (LME, COMEX, SHFE) totalled 630,262 tonnes, an increase of 91,189 tonnes (17%) from stocks held at the end of December 2016. Compared with December 2016 levels, stocks were down at the LME (-5%), and up at SHFE (22%) and COMEX (93%). • The average LME cash price for July 2017 was US$5,978.60 per tonne, up from the June average of US$5,699.48 per tonne. • The 2017 high and low copper prices through the end of July were US$6,347 (on July 31) and US$5,466 per tonne (on May 8), and the year average was US$5,781.72 per tonne (19% above 2016 annual average).

2017-09-12 7:40 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / SEPTEMBER 18–OCTOBER 1, 2017

Eldorado threatens to suspend investments in Greece

PERMITTING

| CEO says gov’t ‘neither engages constructively with us, or actively supports our investments’

BY TRISH SAYWELL

tsaywell@northernminer.com

ldorado Gold (TSX: ELD; NYSE: EGO) will suspend all investment at its operating mines, development projects and exploration assets in Greece due to chronic delays in permits and licences that have negatively impacted the company’s project schedules and costs. President and CEO George Burns said the delay in issuing routine permits and licences for the construction and development of its Skouries and Olympias development projects; the lack of approval for its Perama Hill environmental impact assessment, which has been outstanding for the last three years; and the government’s intention to launch arbitration proceedings against Eldorado’s Greek subsidiary, without giving any explanation why, has pushed it to the brink. The suspension will take effect on Sept. 22 and will include the company’s underground Stratoni silver-lead-zinc mine, which operates on the Halkidiki peninsula in northern Greece. The company anticipates it will have to spend $30 million initially to prepare for care and maintenance (C&M) activities across its Greek assets, after which sustaining C&M expenses should run at $25 million a year. “Please know that this decision is not one we have taken lightly and not one I imagined having to take in the first five months of my tenure as president and CEO of Eldorado Gold, but unfortunately, since we were last in this position back in January 2016, there has been little change to the Tsipras government’s attitude towards our significant investment,” Burns told analysts and investors on conference call from Athens. “I don’t think I need to remind any of you just how poorly our share price has performed as a result of the constant delays and public statements by certain members of the Greek government over the past two years,” he said. “It is extremely unfortunate, not to mention completely perplexing, to find ourselves at this impasse, particularly when Eldorado Gold has been busy creating jobs, paying taxes, generating export revenues and contributing to Greece’s long-term economic growth.” Burns, who joined Eldorado Gold on Feb. 1 and assumed the role of CEO at the end of April, after holding senior positions at both Goldcorp (TSX: G; NYSE: GG) and Centerra Gold (TSX: CG), didn’t mince words. “Prime Minister Tsipras repeatedly assures the capital markets that Greece is open for business … Tsipras was saying to potential French investors in Athens: ‘Invest in Greece, you won’t regret it.’ But how can I say this is the case, when the government neither engages constructively with us, or actively supports our investments.” Burns continued that investors like Eldorado Gold need clarity of regulation and a supportive government to build an industry. “The fact is, clear and sound regulation helps us do our jobs,” he explained. “Approvals must not be held hostage to political posturing or other agendas put forward by a vocal minority,” he said. “I urge the Greek government to rely on the policies, procedures and laws in place to expedite the approvals needed for investment projects.” The most immediate outstanding permits that are required and to which the company is “legally entitled and are overdue” include the paste plant and operating permit at Olympias, and an electromechanical installation permit for the mill at Skouries. “Should we not receive these permits, we will be suspending our investment and mov-

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Eldorado Gold’s Stratoni silver-lead-zinc mine on the Halkidiki peninsula in Northern Greece. ELDORADO GOLD

ing into full care and maintenance mode.” In a press conference in Athens, Burns noted that the international marketplace views Eldorado’s investment as a “litmus test for foreign investment in the country.” “In addition to the nearly US$2 billion we paid to acquire the assets in 2012, Eldorado has since invested over US$1 billion in developing the Skouries and Olympias assets,” he said. “This figure could be double if we have the support and cooperation of the Greek government.” Eldorado employs 2,400 employees, contractors and suppliers in Greece. Some analysts applauded the move. “This is a decision that Eldorado should have made a long time ago and we fully support it, as spending money on projects where you have no certainty of timing on permits or first production makes no economic sense,” Kerry Smith of Haywood Securities said in a client note. “While there is still time to remedy this situation, we doubt a government that has dragged its feet for this long will now approve pending permits, or be quick to remedy the situation. However, this decision stops the spending until clarity is given, and probably the only voice the Greek government might listen to would be the ‘pot-banging’ by the soon-to-be-unemployed workers should they get more vocal, or the Greek Supreme Court, which could force the government to actually file the arbitration.”

Smith estimates that Eldorado’s Greek assets account for about $2.9 billion of the company’s $5.1-billion valuation and calculates the book value for the Greek assets is US$2.3 billion, or 57%. In a question-and-answer discussion with analysts on the conference call, Burns confirmed that Eldorado still doesn’t know what the arbitration is about and says there has been no formal notification — just statements by the Ministry of Energy and Environment that they will start the process shortly. “We’re trying to open the door with the government to work through these issues,” Burns said. “We definitely need the permits in order to continue to invest — it’s a definite ‘have to have.’ Beyond that, this arbitration thing that has been hanging on since April is a huge overhang on our stock … once we know what the issue is, we’d welcome the opportunity to try to resolve it directly.” Eldorado has had a troubled history in Greece. In August 2015, the company suspended activities in the country when the government suspended technical studies on Skouries and Olympias. Eldorado later received injunctions from the Council of State in October 2015, allowing it to continue operations. In January 2016, Eldorado suspended development at Skouries due to difficulties with the government. It later received approval of a technical study allowing it to restart construction. Jamie Koutsoukis and Donald Carter of Moody’s Investors Service

called Eldorado’s plans to suspend investment “credit negative” because “the incremental production expected from the developments is necessary for the company to de-lever.” “Adjusted debt-to-EBITDA — at June 30, 2017 — was 4.3 times, which is high relative to its peers,” the analysts wrote. “Also, increased production from new development in Greece was expected to reduce Eldorado’s concentration risk, which will remain elevated for longer than expected with the suspension of investment.” Moody’s notes the company’s two mines in Turkey — Kisladag and Efemcukuru —account for more than 85% of production, and Kisladag makes up 65% of Eldorado’s cash gross profits. “Execution risks associated with Eldorado’s expansion plans in Greece are significant in our view,” Koutsoukis and Carter noted. “Completing two relatively sizeable, multi-year projects on time, within

budget and at planned production levels is challenging, compounded by the location of its key development projects in Greece, where it has struggled with an uncooperative government.” If Eldorado doesn’t get clarity from the government before the Sept. 22 deadline, Burns said, management has several options. “We have used the courts in Greece when necessary to help us with permitting. That option is still available to us and we will use it if necessary, and we have the right to trigger arbitration ourselves … so we have some mechanisms available to us,” he said during the question-and-answer session. “My preferred option is to sit across from government and work through the issues, but if that doesn’t work, we would resort to the courts. We have found the legal system in Greece to be fair and reliable. We’ve had 18 court decisions, and they’ve ruled in our favour, so if necessary we’ll resort to those to get the permits that are legally due.” Shares of Eldorado fell 6% to $2.34 on the news. Over the last year the company’s shares have ranged from a low of $2.24 (August 2017) and a high of $5.63 (September 2016). Several analysts trimmed their target prices on the stock after the announcement. Michael Siperco of Macquarie Research cut his target price to $3 per share from $5 and BMO’s Andrew Kaip lowered his target price from $4 per share to $2.50. CIBC’s Cosmos Chiu trimmed his target price to US$2.25 from US$2.50. TNM

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SEPTEMBER 18–OCTOBER 1, 2017 / THE NORTHERN MINER

Nevsun halves Bisha mine life, revises Timok study plans COPPER-GOLD

| New CEO’s priorities are to allocate capital efficiently

BY TRISH SAYWELL tsaywell@northernminer.com

ewly appointed CEO Peter Kukielski hasn’t wasted time putting his imprint on Nevsun Resources (TSX: NSU; NYSE-MKT: NSU). The Stanford University-educated civil engineer, who joined the company in May, is moving quickly to put his expertise to work in reassessing Nevsun’s strategic and capital allocation plans. On a September conference call, the mining executive told analysts and investors that his decision to join the company “was an easy one,” given its “talented people” and “two great assets” — the Bisha copperzinc mine in Eritrea and the Timok copper-gold project in Serbia. But the CEO, whose track record includes managing global mining assets in senior positions at larger companies — such as ArcelorMittal, Teck Resources and Falconbridge — is shifting gears at Bisha and Timok so that he can allocate capital efficiently, while expanding and diversifying the company’s asset base. After a strategic review that included several trips to Serbia and Eritrea, Kukielski has revised the company’s time line to complete a prefeasibility study (PFS) on Timok until the first quarter of 2018 — rather than September 2017, as previously scheduled — and is trimming

capital spending on Timok this year to US$54 million from US$62 million. Nevsun will provide the market with an interim update on Timok in an updated preliminary economic assessment before the end of October, he said. The PFS will cut the time needed for a feasibility study, he said. The company will build a decline at Timok in this year’s fourth quarter, and Nevsun targets production in 2021. At Bisha, the company has decided it will only fund the capital for a four-year open-pit, rather than the larger, eight-year operation envisioned initially. “The capital allocation decisions announced this quarter are evidence of our action plan being put to work,” Kukielski said on the conference call. “These include, first, the decision for the most prudent allocation of capital to proceed with a smaller open pit at Bisha, with a shorter mine life. Next, resetting the timetable to deliver a PFS for Timok in early 2018 to complete the appropriate level of front-end engineering. Each of these decisions support our most important strategic initiative, which is the development of Timok and the start of mining in 2021.” Changes to the company’s 2017 capital expenses include increasing sustaining capital at Bisha by US$24 million to US$41 million (funded from operating cash flow) to buy

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heavy mining equipment. On the exploration front, Kukielski confirmed that Nevsun “will continue prudently investing in exploration as a driver of growth across the company.” In Serbia, he said, management is excited about exploration opportunities in its portfolio. It has seen encouraging results in Timok’s Upper Zone and allocated more capital to an expanded exploration program targeting high-grade discoveries near surface. The Lower Zone also has potential, he noted, although the mineralization depth has challenges. Other earlier-stage and smallerscale projects in Serbia and further south in Macedonia will be evaluated, he said, and exploration dollars allocated “in a disciplined manner.” At Bisha, Nevsun will finish this year’s exploration program “by evaluating high-priority greenfield targets,” he said. “We have announced a large number of other targets in our large licenced area, and I expect we will fund regional exploration in 2018. Within 20 km of the mill, we have nearly 58 million tons of regional resources. Converting regional resources into reserves remains a long-term target, and with existing mill infrastructure to leverage, it makes sound business sense.” Kukielski says regional exploration spending at Bisha will stay the same at US$9 million for 2017. At Timok, the company has completed infill drilling (30,000 metres), but started a US$4-million, 10,000-metre drill program to look for nearby, high-grade Upper Zone-type deposits, with two rigs drilling since June 30. It has spent US$9 million this year drilling in the Lower Zone. It has drilled 29,000 metres to date and is targeting 16,000 metres of Lower Zone drilling this year, with 11 rigs drilling since June 30. The company owns 100% of Timok’s high-grade Upper Zone, a high-sulphidation, semi-massive sulphide zone containing epithermal pyrite and copper sulphide. The Upper Zone contains indicated resources of 1.7 million tonnes grading 12.5% copper and 10.4 grams gold per tonne, and inferred resources of 35 million tonnes grading 2.9% copper and 1.7 grams gold. The larger and lower-grade Lower Zone does not yet

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Nevsun Resources’ Bisha copper-zinc mine in Eritrea. NEVUN RESOUCES

have a resource. Nevsun will own 46% of the zone once Freeport-McMoRan (NYSE: FCX) finishes its earn-in. Nevsun’s strategic plans were unveiled in conjunction with its second-quarter results. The debt-free company ended the quarter with cash and equivalents of US$171 million after selling 34.3 million payable lb. zinc in zinc concentrate at C1 cash costs of US92¢ per payable lb. sold, and 7.7 million payable lb. copper in copper concentrate at C1 cash costs of US$1.59 per payable lb. sold. For zinc, the company expects to produce 190 million to 210 million lb. zinc (previously 200 million to 230 million lb.) at zinc cash costs of between US70¢ and US90¢ per payable lb. sold (no change). For copper, Nevsun says it will produce 20 million to 30 million lb. (previously 10 million to 20 million lb.) at copper cash costs of US$1.55 to US$1.75 per payable lb. sold (previously US90¢ to US$1.10). Nevsun recorded a US$70-million, non-cash, pre-tax writedown of Bisha in the second quarter. The impairment included long-term stockpiles of US$59 million and mobile equipment of US$11 million. Mining a smaller pit over four years means that proven and probable reserves at Bisha and a satellite pit called Harena have declined from 22.2 million tonnes to 9.6 million tonnes, grading 6.16% zinc, 1.05% copper, 0.69 gram gold and 44.9 grams silver. At a 2.4-million-tonne annual processing rate, the Bisha operation has a reserve mine life to mid-2021 (before the plan in 2025). In the new technical report, the company forecasts 70% copper recovery to copper concentrate and 77% zinc recovery to zinc concentrate, down from the previous reserve estimate of 85% and 80%. Bisha, 40% of which is owned by the State of Eritrea, has 28 million tonnes of measured and indicated resources and 31 million tonnes of inferred within 20 km of the existing mill, the company noted, adding that while results of both the Harena and Bisha underground scoping studies were marginal, “converting regional resources into reserves remains a long-term objective.” The large, high-grade volcanogenic massive sulphide (VMS) deposit at Bisha, 150 km west of Asmara, was built from 2008 to 2010 for US$250 million. Until mid-2013, the mine produced low-cost, gold-silver doré from processing oxide ore. Through a US$110-million copper expansion project, throughput expanded to 2.4 million tonnes per year of supergene ore and the product switched to copper concentrate. Nevsun started commissioning Bisha’s zinc expansion plant, built for US$77 million, in June 2016. In addition to the main deposit, a satellite deposit called Harena lies 6 km to Bisha’s south. Analyst reactions to the news was mixed. Matt Murphy of Macquarie said that “while the update negatively impacted our valuation, the new plan is more achievable and appears superior for near-term free cash flow, versus our previous model. “Timok remains financeable without raising new equity under our assumed [$550 million] capex and

[50% project] financing structure. Bisha needs to continue to improve to meet our expectations, however.” Murphy lowered his target price 16% to $3.60 per share, but kept his “neutral” rating. Alex Terentiew of BMO Capital Markets downgraded Nevsun to “market perform” and cut his target price from $4 per share to $3.25. “Management reduced Bisha’s mine life based on the decision to no longer consider mining the larger, phase-nine open pit, primarily due to increased operational risk associated with increased capital spending, reduced recoveries and the operational complexity of nearly doubling the ore and waste movement to meet feed and stripping requirements,” he says in a research note. “Management, it seems, may be taking a more conservative approach. Given the elevated risks and significant capex spending that would have been required for the previously considered open-pit expansion, it seems management is taking a more disciplined, riskfocused approach to ensure that the Timok project, its priority, is being executed appropriately.” Haywood Securities’ Pierre Vaillancourt kept his “hold” rating on the stock, and noted that Timok, one of the highest-grade, copper-gold development projects in the world, is a major part of the company’s future, and would “add 280 million lb. in annual copper production within five years and bring more of the company’s focus to Serbia.” He also pointed to political risk and human rights abuses in Eritrea. “We rate Eritrea as one of the most sociopolitically sensitive countries in the world for a mining company to operate in: the country is a oneparty state in which national legislative elections have been repeatedly postponed, according to Human Rights Watch, and the Eritrean government’s human rights record is considered among the worst in the world.” Vaillancourt pointed to a June 2016 report by the United Nations Human Rights Council that “accused Eritrea’s government of extrajudicial executions, torture, indefinitely prolonged national service and forced labour, and indicated that incidents of sexual harassment, rape and sexual servitude by state officials are also widespread.” The mining analyst noted that although Eritrea’s conf lict with neighbouring Ethiopia “appears to have subsided since the border war ended in 2011, tensions remain high, and the potential for renewed aggression remains.” Vaillancourt added that “many investors have avoided Nevsun and will not invest in the stock for ethical reasons.” After news on Aug. 9 of Nevsun’s quarterly results, the cut to Bisha’s mine life and the delay to the Timok PFS, the company’s shares slipped 3% to $3.29, followed by a 16.41% — or 54¢ drop — to $2.75 per share, after the conference call. At press time, Nevsun’s shares traded at $2.67, within a 52-week range that touched a $4.63 high on Jan. 13, 2017, and a 52-week low of $2.49 on Aug. 10, 2017. TNM

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2017-09-12 7:40 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / SEPTEMBER 18–OCTOBER 1, 2017

CleanTeq signs offtake agreement with Chinese company TECHNOLOGY METALS

| Beijing Easpring among world’s largest producers of cathode material

BY TRISH SAYWELL

tsaywell@northernminer.com

obert Friedland, co-chairman of CleanTeq Holdings (ASX: CLQ) and a major shareholder, with 16% of the company’s outstanding shares, has signed an offtake deal with a Chinese company to supply hydrated cobalt sulphate and nickel sulphate products from its Syerston cobalt-nickel-scandium project in Australia’s New South Wales. Beijing Easpring Material Technology is one of the world’s largest producers of cathode material for the lithium-ion battery industry, servicing both Chinese and international markets. Easpring produces nickelcobalt-manganese and lithium cobalt oxide cathode chemistries, and its clients include major lithium-ion battery makers Sony, Samsung SDI and LG Chemical. The binding five-year purchase agreement will represent 20% of Syerston’s annual cobalt and nickel sulphate tonnage, and kicks in from the start of commercial production. Under the agreement, pricing will link directly to London Metal Exchange and LMB quoted metal pricing for nickel and cobalt, with the “sulphate premia” agreed on quarterly based on the prevailing market price (the cost of converting metal units to sulphate form is often represented in the market price by a sulphate premia paid over and above the contained metal value). In addition, the agreement will convert to a life-of-mine offtake if Easpring acquires a minimum 25% interest in the project, on terms to be agreed. The two companies also plan to investigate a potential partnership on downstream products, including battery-cathode production. Syerston is one of the largest and highest-grade scandium deposits in the world, and one of the largest and highest-grade sources of cobalt outside Africa. Sixty-five percent of all global cobalt production comes from the Democratic Republic of the Congo, and, of that, 45% is produced by artisanal miners, some of them children. Ninety-five percent of the world’s cobalt is made as a byproduct from copper and nickel mining. Syerston, 350 km west of Sydney, will be the first mine ever developed that produces high-purity nickel and cobalt sulphate. Li Jianzhong, Easpring’s CEO, said that the demand for lithium-ion batteries is growing rapidly due to the global shift towards electric vehicles. “The partnership with CleanTeq for the supply of these critical raw materials is a part of Beijing Easpring’s strategy to ensure that we remain a leading cathode supplier to the global battery industry,” he said in an Aug. 31 news release. According to CleanTeq, the lithium-ion battery industry already consumes 50% of global cobalt supply and demand is expected to soar as the world switches from petrol and diesel cars to electric vehicles. In July, Britain followed several European nations in declaring a ban on the sale of vehicles containing internal combustion engines from 2040. Cobalt sulphate and nickel sulphate make up the lion’s share of the raw material by cost in lithium batteries. By some estimates, just 4% of the raw material by cost in a lithium battery is actually lithium, while 15%, plus or minus, is cobalt sulphate and 80% is nickel sulphate.

1-16, 23_SEP18_Main .indd 7

A drill rig at CleanTeq Holdings’ Syerston cobalt-nickel-scandium project in Australia’s New South Wales. CLEANTEQ HOLDINGS

“THE PARTNERSHIP WITH CLEANTEQ FOR THE SUPPLY OF THESE CRITICAL RAW MATERIALS IS PART OF BEIJING EASPRING’S STRATEGY TO ENSURE THAT WE REMAIN A LEADING SUPPLIER OF CATHODE TO THE GLOBAL BATTERY INDUSTRY.” LI JIANZHONG CEO, BEIJING EASPRING

According to figures from CleanTeq, the industry has seen a 20% annual cost reduction in electric vehicle battery pack systems over the last five years, and at the current rate of improvement, electric vehicle drivetrains are forecast to surpass the cost competitiveness of combustion engines within the next five to 10 years. “China is pushing for an aggressive, California-style, Zero Emission Vehicle program: 8% electric vehicles by 2018, and 12% by 2020,” the company outlined in a corporate presentation in July. “Given a 1% electric-vehicle adoption rate in China today, that target translates to a 12x increase in the number of electric vehicles to be sold in China.” A prefeasibility study in October 2016 estimated Syerston could produce 3,100 tonnes cobalt and 18,200 tonnes of nickel a year for at least two decades, with an initial capital expense of A$906 million (US$720 million). CleanTeq expects to complete a definitive feasibility study on Syerston before year-end, and has already secured long-lead items. In July, it bought two autoclaves from Vale International S.A. — a subsidiary

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of Brazilian multinational metals and mining group Vale S.A. — for US$6.5 million. Project financing shouldn’t be too difficult, given CleanTeq’s ties to China. Pengxin Mining owns

16% of the company, and is part of the Pengxin Group, a privately held, Chinese conglomerate based in Shanghai, with interests in mining, real estate, construction, water treatment and dairy farms.

CleanTeq also notes that cobalt has been one of the best performing metals, with prices increasing 160% since January 2016. The company will use proprietary, continuous resin-in-pulp technology to process the ore and produce nickel and cobalt sulphate for batterycathode production. (Scandium will be used in lightweight aluminum alloys for transportation markets.) The project has proven reserves of 55 million tonnes grading 0.71% nickel, 0.10% cobalt and 640 grams scandium per tonne. Probable reserves total 41 million tonnes grading 0.58% nickel, 0.10% cobalt and 557 grams scandium per tonne. The resource is shallow (5 metres to 40 metres) and extends over a 2 km horizon. Ore reserves should be sufficient for a 39-year mine life, CleanTeq says, and over 1,300 drill holes have helped the company understand the resource. The project’s environmental impact statement has been approved and the company has received consent for a 2.5-million-tonne-per-year mining and processing operation. Andrew Mikitchook, an analyst at BMO Capital Markets, said in a client note that the offtake agreement “represents an important catalyst in contributing to the development financing package, as well as a vote of confidence in the project by a key battery-cathode producer.” Mikitchook has a A$1.40-pershare target on the stock. At press time, CleanTeq was trading at A89¢ per share, and has a A$432-million market capitalization. As of March 31, the Melbournebased company had cash of A$92.7 million and A$3 million in liabilities. TNM

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2017-09-12 7:40 PM

WWW.NORTHERNMINER.COM

SEPTEMBER 18–OCTOBER 1, 2017 / THE NORTHERN MINER

Probe Metals president & CEO David Palmer (left) and Industrial Alliance Securities analyst George Topping at the Val-d’Or East gold property in northern Quebec. PROBE METALS

Probe Metals identifies shallow discoveries GOLD

BY TRISH SAYWELL

tsaywell@northernminer.com

robe Metals (TSXV: PRB; US-OTC: PROBF) has found shallow gold mineralization at its Val-d’Or East project in northern Quebec. The junior explorer reported to the market in August that expansion and exploration drilling had returned intercepts of 1.7 grams gold per tonne over 10.4 metres starting from 122 metres downhole and 4.1 grams gold over 3 metres starting from 219 metres downhole in hole PC-17-156, 200 metres south of the Main Zone at the New Beliveau deposit, and 700 metres south of the former New Beliveau mine. Probe says the mineralization may represent the lateral extension of the main dike zone mined at Beliveau. The mineralization in the discoveries is also similar to the Beliveau deposit, and is characterized by sulphide-bearing, quartztourmaline veins associated with mineralized diorite dikes. Probe’s wholly owned New Beliveau deposit — 25 km east of the city of Val-d’Or — sits beneath the past-producing Beliveau mine, which Cambior operated from 1989 to 1993. The mine produced 170,000 oz. gold at 3.15 grams gold per tonne. “Being only 20 minutes from one of Canada’s more prolific gold mining camps, Val-d’Or is remarkably under-explored,” David Palmer, Probe’s president and CEO, told

| Junior explorer adds fifth rig at New Beliveau in northern Quebec

The Northern Miner. “Most of the areas we are exploring have never had any form of ground geophysics until we showed up, and all of our discoveries come from these first geophysical surveys. Now it is just a question of expanding the surveys over the rest of the project to see what else we can find.” George Topping of Industrial Alliance Securities was impressed by the company’s latest news. “Probe continues its record of having discoveries in every release, this time with shallow discoveries 200 metres south of the main New Beliveau deposit,” the research analyst said in a client note. The drill hole, 200 metres south of the Main Zone, was one of 27 holes for which Probe released assay results on Aug. 16. Other highlights included the best drill intercept to date in the North Zone. That hole, 500 metres north of New Beliveau, returned an intersection of 2 grams gold over 59.9 metres at 100 metres deep, including an intercept of 8.2 grams gold over 7.2 metres. Another cut 2.3 grams gold over 7.6 metres from 81 metres downhole, underlain by 39 metres grading 2.5 grams gold starting at 217 metres downhole, prompting Topping to note that the “stacked nature” of the hole means the Lower Zone would have an economic, 3-to-1 strip ratio. Topping said the latest drill results average 1.9 grams gold over 9.5 metres at 144 metres deep for open-pittable ore.

“MOST OF THE AREAS WE ARE EXPLORING HAVE NEVER HAD ANY FORM OF GROUND GEOPHYSICS UNTIL WE SHOWED UP, AND ALL OF OUR DISCOVERIES ARE COMING FROM THESE FIRST GEOPHYSICAL SURVEYS.” DAVID PALMER PRESIDENT AND CEO, PROBE METALS

“An open-pit resource in the North Zone is possible, as illustrated by the intersection of 2 grams gold over 59.9 metres at 127 metres deep,” he wrote. “This is economic at the implied 2-to-1 strip ratio, and with thick width, would add ounces quickly.” Drill results from the latest press release, he added, “average 1.9 grams gold per tonne over 9.5 metres at a 144-metre depth for open-pittable ore [for the starter mine, <300 metres] and 1.6 grams gold per tonne over 11.3 metres at 560 metres deep for underground ore. The average grade for drilling to date is 2.9 grams gold per tonne over 11.6 metres at 153 metres deep for open-pittable ore and 4.9 grams gold per tonne over 5.4 metres at 468 metres deep for underground ore.” Probe has drilled more than 47,500 metres of its 75,000-metre drill program this year and identified the New Beliveau deposit mineralization over an expanded area of 650 metres by 450 metres, to

more than 900 metres deep. “The results have been exactly what we hoped for and show continuity within the mineralized system,” Palmer said. “Not only should we be able to expand the boundaries of the previous resource block model but we are now seeing this mineralized trend over kilometres of strike length, and this gives the potential for multiple zones, like the discoveries to the south.” Probe expects to finish an updated resource estimate before the end of the year. “In addition to pushing out the boundaries of the current 43-101 resource, I hope that some or all of these discoveries can be included in the updated resource estimate,” Palmer said. The deposit hosts an inferred resource of 9.1 million tonnes grading 2.63 grams gold for 770,000 contained oz. gold. The resource, completed in November 2012, was based on a cut-off grade of 1 gram

gold from surface to 350 metres deep, and a cut-off grade of 1.5 grams gold at 350 metres deep. The resource includes the New Beliveau, Highway and North Zones. Recently, Probe finished an induced-polarization geophysical program covering more than 500 line km on the Val-d’Or East property. The survey is the first large geophysics undertaken over the Pascalis gold trend and surrounding areas, Probe says. Processing is underway and the company plans to drill select targets. “Concurrent with the resource drilling, we are advancing the regional exploration on the rest of the project area with the goal of generating drill-ready targets through this fall, for fall and/or winter drill programs,” Palmer said. “In such an underexplored part of the Val-d’Or camp, this could turn out to be a really exciting part of our overall program.” At press time Probe’s shares were trading at $1.62 within a 52-week range of 99¢ to $2.18. Topping has a “speculative buy” rating on the stock and a $2.50-pershare target. “As seen in the acquisition of Integra Gold by Eldorado Gold, there is clear appetite for Vald’Or assets, should a viable resource be proven.” Tyron Breytenbach of Cormark Securities has a “buy” rating and a $2.15-per-share target. Goldcorp (TSX: G; NYSE: GG) owns a 13.8% stake in the junior. TNM

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2017-09-12 7:40 PM

SPECIAL FOCUS

ONTARIO An outcrop at Orefinders’ Mirado gold project, 35 km southeast of Kirkland Lake, Ontario. OREFINDERS

Harte Gold finds VMS targets at Sugar

Great Bear strikes gold at Dixie Lake RED LAKE

| Explorer hits high grade with ‘proofof-concept’ drill program

EXPLORATION

| Infill drilling does not disappoint ahead of Q1 2018 resource update

BY TRISH SAYWELL tsaywell@northernminer.com

BY LESLEY STOKES lstokes@northernminer.com VANCOUVER

reat Bear Resources (TSXV: GBR) is off to a strong start at its Dixie Lake gold project in western Ontario’s 28 million oz. gold Red Lake district. After revising the project’s geological model, the company completed a 1,000-metre drill program to test the continuity of a historically known, gold-bearing structure. With intercepts of 10.4 metres of 16.84 grams gold per tonne, including 1.1 metre of 130.1 gram gold, president and CEO Chris Taylor says the “proof-of-concept” drill program was the first step in determining whether Dixie Lake would become Great Bear’s flagship project.

“WE’RE NOT HOWE STREET PROMOTERS, THE COMPANY IS MORE DRIVEN BY TECHNICAL RESULTS … WE LIKE TO SEE THE PROOF IN THE PUDDING, AND THAT COMES OUT OF DRILLING.” CHRIS TAYLOR PRESIDENT AND CEO, GREAT BEAR RESOURCES

“We’re pleased with how the results are stacking up, and we’re happy to focus on the project going forward,” Taylor says. “We see a structurally controlled, mineralized zone that cuts across all the geology and is essentially continuous. We don’t see the gaps that were interpreted in previous geological models, which means that Dixie Lake has the capacity to host a much bigger system than previously thought.” Dixie Lake falls within the Red Lake greenstone belt — an easttrending package of volcanic, sedimentary and intrusive rocks that hosts Goldcorp’s (TSX: G; NYSE: GG) Red Lake gold mine and Pure Gold Mining’s (TSXV: PGM) Madsen gold project, 20 km and 10 km north, respectively, of Dixie Lake. Similar to Red Lake and Madsen, the mineralization at Dixie Lake is hosted along eastern structures that acted as conduits for gold-rich fluids 2.7 billion and 2.9 billion years ago. At Dixie Lake, previous explorers have traced mineralization for 1.4 km at surface and up to 500 metres deep. The zones remain open along strike and at depth.

arte Gold (TSX: HRT; USOTC: HRTFF) has identified five anomalies within 15 km east and west of its Sugar deposit in northern Ontario that could host both gold and volcanogenic massive sulphide deposits (VMS), the company says. “This property never ceases to uncover surprises,” says Stephen Roman, Harte’s president and CEO. Helicopter magnetometer and time domain electromagnetic surveys across the Sugar property — 80 km east of the Hemlo gold camp — pinpointed the targets, and the company is calling the strongest conductor to the west of the Sugar deposit the Eagle Zone. “It looks exciting,” Roman says. “It’s a big target, at least 650 metres long, and probably 20 or 30 metres wide. There is a lot of chalcopyrite and sphalerite on surface, so it’s obviously a good base metal, VMStype target. “Once we finished our airborne the area sort of lit up, so we went to check it out on foot, and luckily enough, it’s not too far off a road, so it should be fairly easy to bring in a rig and drill a few holes to test it,” Roman says. “We have found another bunch of them east of the Sugar Zone that are more fly-in targets, where there is no infrastructure at all, so we will probably go in and do surface sampling there as well to see if we can find outcrop, and ascertain

A crane on-site for mill construction at Harte Gold’s Sugar gold project in northern Ontario. HARTE GOLD

what it looks like on surface.” Meanwhile, Harte Gold is drilling the Sugar and Middle Zones with six drill rigs ahead of a resource update in the first quarter of 2018. “This will be the first real update since 2012, so we are drilling furiously on both of those targets to do infill and down-dip drilling,”

Roman says. (Based on a July 2012 PEA, the Sugar Zone contained 980,900 tonnes grading 10.13 grams gold for 319,280 contained oz. gold in the indicated category and 580,500 tonnes grading 8.36 grams gold for 155,960 contained oz. gold of inferred.) STEPHEN ROMAN

“THIS PROPERTY NEVER CEASES TO UNCOVER SURPRISES.”

See HARTE / 12

PRESIDENT AND CEO, HARTE GOLD

•

ConstruCtion AnD Mining serviCes

See GREAT BEAR / 10

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2017-09-12 7:40 PM

ONTARIO

SEPTEMBER 18–OCTOBER 1, 2017 / THE NORTHERN MINER

Field geologist Carly Smythe at work on Great Bear Resources’ Dixie Lake gold property in Red Lake, Ontario. GREAT BEAR RESOURCES

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89,000 Meters Drilling Completed, Eight Drill Rigs Active 70,000 Tonne Bulk Sample Completed Mill Construction Underway HTEM / MAG Survey Complete, Results Interpreted High Priority HTEM / MAG Targets Identified 80,000 Hectare District Scale Property Package

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Equipment at a drill site at Great Bear Resources’ Dixie Lake gold project. GREAT BEAR RESOURCES

Great Bear strikes gold at Dixie Lake GREAT BEAR From 9

In light of the recent drill results, Great Bear expanded its land holdings at Dixie Lake to 71.1 sq. km to cover the northwest and southeast extensions of the prospective structure. Taylor says that a historical drill hole, 2 km northwest of Dixie Lake’s Main Zone, speaks to the project’s “blue sky potential.” The hole returned 7 metres of 2 grams gold, including a 0.5-metre subinterval of 14.4 grams gold. “Mineralization at Dixie Lake has size and grade potential, but how big it will be is unknown,”

“MINERALIZATION AT DIXIE LAKE HAS SIZE AND GRADE POTENTIAL, BUT HOW BIG IT WILL BE IS UNKNOWN... AND THERE ARE SIX OTHER AREAS WHERE GOLD WAS HIT IN HISTORICAL DRILLING.” CHRIS TAYLOR PRESIDENT AND CEO, GREAT BEAR RESOURCES

Taylor says. “And there are six other areas where gold was hit in historical drilling. The gold was found in units and a context you wouldn’t expect, so it appears mineralization at Dixie Lake is related to a

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regional system. There are a number of ways the project can grow, it just requires more work to figure it out.” At Dixie Lake, our exploration thesis is to follow the gold structures — they’re the main targets and are widespread.” Taylor says the company is driven by technical results. “My background is in structural geology and ore controls, whereas Bob Singh — our vice-president of exploration — has over 20 years of experience working in the Red Lake area, so we bring a good skill set to the table,” he says. “We’re not Howe Street promoters, the company is more driven by technical results and a desire to succeed. We like to see the proof in the pudding, and that comes out of drilling.” Great Bear became interested in Dixie Lake in late 2016, not only for its overlooked geological potential, but also for its road accessibility and year-round drilling. The company is planning a follow-up drill program in the coming months to expand the mineralization footprint at Dixie Lake’s Main Zone and test other targets. The company will also use property geophysics and surface reconnaissance to find more targets for drilling. Taylor says the company is fully funded for the upcoming program, having raised $420,000 in a private placement in July. The company issued 1.68 million units at 25¢ per unit, with each unit consisting of one share and one half warrant. Each warrant is exercisable at 35¢ per share for two years. “Great Bear stands out amongst its peers. We have a tight share structure, with under 20 million shares outstanding and issued — and that’s a good position to be in during an advanced exploration program, where we generate these kinds of drill intercepts. We’re a good company to pay attention to.” Shares of Great Bear have traded within a 52-week range of 12¢ to 50¢, and closed at 41¢ at press time. The company has under 15 million shares outstanding for a $5.8-million market capitalization. TNM

2017-09-12 7:40 PM

ONTARIO

GLOBAL MINING NEWS

THE NORTHERN MINER / SEPTEMBER 18–OCTOBER 1, 2017

ONTARIO SNAPSHOT Juniors advance Ontario gold, copper, lithium projects Ontario’s long and prosperous mining history has allowed more than a few juniors to hit the filing cabinets to dust off old mining projects and try to revive them. Here’s a look at seven juniors advancing projects old and new across the province. CADILLAC VENTURES Copper isn’t the first metal to come to mind when most people think of Ontario, but that’s exactly what Cadillac Ventures’ (TSXV: CDC; USOTC: CADIF) target is at its wholly owned, advanced Thierry project, 15 km west of Pickle Lake, Ontario. Belgium’s Union Minière operated an open-pit and underground copper mine at Thierry from 1976 to 1982. The property later saw exploration programs by various owners — including Iberian Minerals, Richview Resources and Cadillac — which together spent more than $31 million between 2002 and 2015 on drilling, surface programs and metallurgical studies. (Cadillac’s president and CEO Norman Brewster was formerly an interim CEO of Iberian Minerals.)

the newly accessed ore zone; and a water-treatment plant and ponds are to be commissioned by the end of September. GoWest says it is working with Northern Sun Mining (acquired by privately held Regal Silver investments in April 2016) to close a transaction to operate and coown the Redstone mill in Timmins, where GoWest expects to send its first ore from Bradley in the fourth quarter, followed by commercial production starting in late 2018. In December 2016, GoWest entered into a gold-sales agreement with PGB Timmins Holdings LP — an investment vehicle controlled by Pandion Mine Finance LP — totalling up to US$17.6 million in four tranches over 12 months, as partial consideration for buying up to 65,805 oz. gold produced from Bradshaw and delivered to PGB. OREFINDERS RESOURCES Led by CEO Stephen Stewart —

who played a key role in launching Young Mining Professionals’ Toronto branch a few years ago — Orefinders Resources (TSXV: ORX; US-OTC: ORFDF) is focused on developing its Mirado gold property in Ontario’s Kirkland Lake gold camp. The Mirado property has three former producing mines, including the South Zone, where Orefinders is completing a preliminary economic assessment to put an open-pit mine back into production.

place in the 1980s; and gold-rich volcanogenic, massive sulphide mineralization in the North Zone, where underground mining took place in the 1930s. Orefinders says “all infrastructure is in place to resume a mining operation,” and that mining could begin in the near-term by excess milling capacity elsewhere in the Kirkland Lake region. In June, veteran geologist Charles Beaudry joined Orefinders as vicepresident of exploration.

By mid-year, Orefinders had already sold 1,414 oz. gold from a bulk sample taken from old stockpiles at the Mirado mine, with the bulk sample grading 2 grams gold per tonne.

Orefinders is completing an updated resource calculation at Mirado and preliminary economic assessment, with an eye towards restarting the open-pit mine using toll milling.

Orefinders describes the Mirado property as divided by the Mirado fault, with two mineralization styles on each side: high-grade pyritic, stringer-stockwork in the South Zone, where open-pit mining took

PROSPER GOLD Vancouver-based Prosper Gold (TSXV: PGX; US-OTC: PRGCF) is headed up by president and CEO Peter Bernier and vice-president

of exploration Dirk TempelmanKluit, who were behind Richfield Ventures and its large Blackwater gold deposit in British Columbia. Richfield was acquired by New Gold in 2011 for $500 million. Prosper’s primary asset is its high-grade Ashley gold project in Ontario’s Matachewan area, where the company has an option to acquire a 100% interest in the Ashley mine property and a 90% interest in the related Wydee and Matachewan claims. The Ashley mine was the site of a mining operation from 1932 to 1937 that produced 50,099 oz. gold from 143,000 tonnes ore (10.97 grams gold per tonne) from the main Ashley vein, which strikes north, dips west at 30 to 50 degrees, and has been followed underground for 600 metres. Prosper says historical surface exploration documents seven

See SNAPSHOT / 15

The property’s main deposits — the Thierry mine and K1-1 — remain open at depth, and Cadillac says the 3 km distance between them is “largely untested.” The last National Instrument 43-101 compliant resource estimate was calculated in 2012, and it tallied 8.8 million measured and indicated tonnes grading 1.66% copper for 322 million contained lb. copper, plus 14.9 million inferred tonnes at 1.64% copper for 538 million contained lb. copper. Also present are low-grade, by-product nickel, gold, palladium silver and platinum. The K1-1 deposit has an open-pittable, inferred resource of 53.6 million tonnes at 0.38% copper and 0.10% nickel for 449 million contained lb. copper, over a 1.2 km strike length. A preliminary economic assessment of a revived, 15,000-tonne-perday operation at Thierry foresees a $500-million capital cost, 19% pre-tax internal rate of return and $380-million net present value, using a 6% discount rate. In July 2016, Cadillac entered an option agreement with an arm’s length private Ontario company named Northern Fox Resources, whereby Northern Fox can earn a 70% interest in the Thierry property for $100,000 in cash, 6 million Northern Fox shares and $13.9 million in work on the project. In September, Cadillac raised $600,000 via a warrant exercise, resulting in 12 million shares issued at a nickel apiece. GOWEST GOLD Toronto-based GoWest Gold (TSXV: GWA) is focused on “building Timmins’ next gold mine” at its Bradshaw deposit north of Timmins, Ontario. Bradley has an indicated resource of 2.1 million tonnes grading 6.19 grams per tonne gold for 422,000 contained oz. gold, plus 3.6 million inferred tonnes grading 6.47 grams for another 755,000 contained oz. gold. The company reported in August that ramp development had exceeded 350 metres and was “closing in” on the first ore zone; two shifts were operating at the mine site around the clock, seven days a week; an ore sorter is expected to arrive at the site by the end of September; the company will soon take a 30,000-tonne bulk sample from JB 1860 BME Northern Miner (Phone) Re-Size_bbm.indd 1

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2017-09-01 3:43 PM

2017-09-12 7:40 PM

ONTARIO

SEPTEMBER 18–OCTOBER 1, 2017 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

Harte Gold finds VMS targets at Sugar project

Harte Gold president and CEO Stephen Roman addresses attendees in May 2017 at The Northern Miner’s Canadian Mining Symposium in London, United Kingdom. PHOTO BY MARTINA LANG

Steel for mill construction at Harte Gold’s Sugar gold project in Ontario. HARTE GOLD HARTE From 9

In the latest drill results released on Sept. 6, intercepts from the Sugar Zone included 48.30 grams gold per tonne over 2.1 metres from 53.2 metres deep, and 10.13 grams gold over 2.5 metres, starting from 496 metres. Down-dip drilling below 500 metres returned a 3.4-metre intercept of 14.35 grams gold from 980 metres deep and 15.71 grams over 2.3 metres from 918 metres. In the Middle Zone, just north of Sugar, infill drilling returned 13.02 grams gold over 4.5 metres from 725 metres downhole and 13.68 grams gold over 7 metres from 1056 metres downhole. Harte notes that the work has brought Sugar Zone mineralization to within 300 metres of the Middle Zone, and suggests the zones could converge. In addition to drill work in the main Sugar and Middle Zones, Harte has one rig active in the Wolf

Zone and another in the Fisher Zone. Preliminary results included 2.67 grams gold over 6.2 metres in the Wolf Zone. In the Lynx Zone, initial mineralization measured 3 grams over half a metre. Assays from the Fisher Zone are pending. In terms of construction and underground development, Roman says, the company is making progress and is on track to build in the second quarter of 2018. “We’ve got all the steel for the mill building and expect to complete this by the end of September, or early October,” he confirms. “Then we’ll populate the building with various pieces of equipment, including the ball mill and the gravity circuit, and the float cells ... the idea is to put initial material through the mill by the end of April 2018.” The company has committed over $10 million on long-lead items. Building the ball mill is underway, with delivery and installation tar-

“WE’VE GOT ALL THE STEEL ON SITE FOR THE MILL BUILDING AND EXPECT TO HAVE THAT COMPLETED BY THE END OF SEPTEMBER OR EARLY OCTOBER.” STEPHEN ROMAN PRESIDENT AND CEO, HARTE GOLD

geted for year-end. Meanwhile, underground mine development continues in the phase-one commercial production area. Three levels have been completed to the 155 level, and the remaining two are under development. About 30,000 tonnes of ore has been mined from the developed areas and is stockpiled on surface to be used as a source of feed during the plant start-up and commissioning, slated for the second quarter of next year. As for permitting, Roman says he expects to complete the impact benefit agreement (IBA) in a

month. “It would be big news to have all that done,” he says, adding that some of the other permitting would flow from this because “the government wants to make sure you’ve got your IBA. “Right now we have our construction permit, our phase-one commercial production permit — which will allow us to do underground mine development for production — and we will need the final permit to turn the mill on,” he says. “We’re still on target to get those things by year-end.” Mike Kozak of Cantor Fitzgerald says Harte “is in the “sweet spot,” with high-grade exploration results and a year-end resource increase

serving as near-term catalysts.” Over the medium-term, he says, and “upon transition to production mid-2018, we expect the stock to re-rate higher.” Kozak, who forecasts the company will deliver a resource for the Sugar and Middle Zones of 2 million oz. gold (at a grade of between 9 and 10 grams per tonne), has a “buy” rating on the stock and a $1.10-per-share target. “Given Harte’s enviable combination of top-tier grade and favourable location (northern Ontario, Canada), the company is a strong takeover candidate and [has] multiple suitors, all with nearby operating mines.” Barrick Gold ’s (TSX: ABX; NYSE: ABX) Hemlo mine is 60 km from Sugar; Richmont Mines’ (TSX: RIC; NYSE: RIC) Island Gold mine and Wesdome Gold Mines’ (TSX: WDO) Eagle River and Mishi mines are 80 km away; and Goldcorp’s (TSX: G; NYSE: GG) Borden project is within 100 km. TNM

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2017-09-12 7:40 PM

ONTARIO

GLOBAL MINING NEWS

THE NORTHERN MINER / SEPTEMBER 18–OCTOBER 1, 2017

Geologist Robert Scott maps geology underground at Pure Gold Mining’s Madsen gold project in Ontario’s Red Lake mining camp. PURE GOLD MINING

Pure Gold to update Madsen PEA in Q3 P

ure Gold Mining (TSXV: PGM) has reached several milestones this year at its Madsen project in northwestern Ontario’s Red Lake district, and is on track to reach several more before the year comes to an end. Madsen, which the firm says is one of the highest-grade, undeveloped gold deposits in the world, contains three historic mines, among them the Madsen mine, which produced 2.4 million oz. gold at an average grade of 9.9 grams gold per tonne. Infrastructure includes a permitted, 550-tonne-per-day mill and tailings facility. In August, the junior announced that it had expanded the project’s indicated resource 48% to 5.8 million tonnes grading 8.9 grams gold per tonne for 1.65 million contained oz. gold. (Inferred resources add 587,000 tonnes at an average grade of 9.4 grams gold for 178,000 oz. gold.) The resource estimate used a cut-off grade of 4 grams gold per tonne. The resource, which encompasses the Austin, South Austin, 8 Zone, McVeigh and A3 domains, will be updated in the fourth quarter, with mineralization from near-surface satellite targets, including Russet South (which it found in March, 1.5 km northeast of the old Madsen mine) and the Fork Zone. The resource will incorporate mineralization from the satellite targets for the first time. A revised preliminary economic assessment (PEA) is due out in the third quarter. The previous PEA dates to April 2016. The company has also reopened the Madsen portal and ramp. The portal, established in 1997, is 1 km from the mill and provides ramp access to the upper 150 vertical metres of mine workings. The ramp declines in the footwall of the Madsen resource — extending for 1,080 linear metres from surface to just above three level — and provides access to the McVeigh, South Austin, Austin and A3 deposits. Drilling from underground began in July and will confirm grade and continuity in the four deposits, as well as target resource growth potential. Underground access will also allow the company to undertake detailed underground geological mapping and sampling to refine the structural mineralization setting that has been defined by surface drilling. On Sept. 5, Pure Gold released more results from its 70,000-metre surface and underground drill program. The company reported that multiple drill holes collared underground from

1-16, 23_SEP18_Main .indd 13

the Madsen ramp intersected gold within the McVeigh deposit and outside the current resource. Drill hole 12 returned 48.4 grams gold over 6 metres and hole 4 cut 12.5 grams gold over 8.2 metres. Drill hole 5 returned 4.8 grams gold over 10.8 metres, extending known mineralization outside the current resource by more than 10 metres. Drilling south of the Fork Zone intersected 7.5 grams gold over 1.1 metres in a 260-metre step out from hole 17-359, which returned 13.9 grams gold over 1.5 metres. Other step-out drilling included hole 17-427, which cut 13.9 grams gold over 2 metres, and hole 17444, which intersected 5.4 grams gold over 7.3 metres, including 10.6 grams gold over 3.1 metres. The drilling expanded mineralization in the shallow-plunging Fork Zone to more than a 700-metre strike length. In the Austin zone, drill hole 17-454 targeted shallow gold mineralization outside the current resource. The hole intersected 32.5 grams gold over 2 metres at a vertical depth of 135 metres, about 180 metres up dip of the resource model. Drill hole 17-429, which

permitted site with a mill, having a resource of more than 1 million oz. gold and a strategic investment from Goldcorp (TSX: G; NYSE: GG). As of Aug. 2, strategic shareholders own 27.3% of Pure Gold’s basic shares outstanding. AngloGold Ashanti (NYSE: AU) owns 10.8%; Robert McEwen’s Evanachan Ltd. owns 9.4%; and Goldcorp, 7.2%.

also targeted up-dip extensions to the Austin resource, returned 8.5 grams gold over 1 metre. Tara Hassan of Haywood Securities said in a research note that the latest drill results “continue to support the potential for resource growth and a larger operation at Madsen. “With a recent resource update [issued on August 2017], Pure Gold has outlined a larger resource at Madsen, but the results highlight potential to expand [the McVeigh and Austin zones] that are included in the PEA, as well as show upside at satellite targets like Fork, which were not included in the resource update.” Michael Gray of Macquarie commented in a research note that underground ramp access is “paying off as a drill platform,” as “bonanza grades expand the McVeigh deposit resource margins.” He added that “there were six intersections with +8 grams gold at +1.5 metres that should lead to resource expansion.” Gray sees PGM as the next Integra Gold. Its similarities include having an asset in a producing Canadian gold district, owning a

Institutional shareholders hold another 14.4% and management and insiders, 4.9%. Over the last year Pure Gold’s shares have traded between 40¢ and 76¢. At press time they traded at 62¢ per share. Gray has an “outperform” recommendation and a $1.10-per-share target price. TNM

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BY TRISH SAYWELL tsaywell@northernminer.com

| Q4 resource update to include material from satellite deposits

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Symbol HBE Listed TSX.V Shares issued and outstanding 58,159,989

CLERGUE

The company will be initiating Mag, I.P and E.M. Surveys on this 2 km. untested Pipestone Fault gold bearing structure as soon as ground conditions allow. The geophysical program will be followed by 6 deep exploratory diamond drill holes.

523000

True North

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Montclergue Deposit Legend

Pipestone Fault Clavos Deposit

HBME

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Developed Gold Prospect with Reserves Gold Occurrences Pipestone_Fault

Text

Trails

SAGE GOLD

Natural Gas Line Power Line Township

STOCK

Active Claims Active Dispositions HBME - Mining Lease 107313 Sage Gold - Clavos Property Streams

There are 2 km of untested strike length along Pipestone Fault, as it crosses HBME's East Clavos Property (Mining Lease 107313)

Lakes 830

Corporate Address: 365 Bay Street, Suite 400, Toronto, Ontario, M5H 2V1 Tel: 416-361-2516 514500

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2017-09-12 7:40 PM

ONTARIO

SEPTEMBER 18–OCTOBER 1, 2017 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

North American Palladium posts $8M profit in turnaround quarter PGM s

| Operational improvements and rising palladium prices boost profitability of Lac des Îles mine

BY LESLEY STOKES lstokes@northernminer.com VANCOUVER

orth American Palladium (TSX: PDL; US-OTC: PALDF) has marked its first profitable quarter since mid-2015, thanks to surging palladium prices and increased production at its Lac des Îles underground palladium mine near Thunder Bay, Ontario. The company recorded net income of $7.9 million for the second quarter, compared to a $9.9-million loss in the comparable quarter last year. North American Palladium president and CEO Jim Gallagher said during a conference call that the results reflect the company’s turnaround efforts since its financial and operational restructuring began two years ago. “This is our first conference call in some time and the silence has been intentional, as we’ve focused on the turnaround of the company that is now largely complete,” Gallagher said. “We’ll continue to host calls, and will have a positive story to tell.” For the quarter, the company saw a 43% increase in palladium pricing and a 41% increase in the metal sold year-over-year, leading to revenues of $70.3 million, compared to $30.4 million in the second quarter last year. The company sold 53,982 oz. palladium at US$799 per oz. during the quarter. Palladium is trading at a spot price

A pit at North American Palladium’s Lac des Îles palladium mine, 106 km northwest of Thunder Bay, Ontario. NORTH AMERICAN PALLADIUM

of US$954.76 per oz. — its highest level since 2001 — and Gallagher says prices will keep rising. “Demand is expected to continue to exceed supply over the next few years, driven by continued global

growth of automotive sales, tightening emission standards and a recent move back to gas engines, versus diesel,” he said. “Add this to the potential supply risk due to many challenges facing the South African mining industry, and you have most analysts forecasting higher palladium prices over the next few years.” Production at Lac des Îles was up 66% to 5,002 tonnes per day during the quarter due to a switch in mining methods to sublevel shrinkage from longhole open stoping. The open-stoping method left ore in pillars and created groundcontrol issues, the company said. Gallagher said production at Lac des Îles should rise to 6,000 tonnes per day before year-end, with the addition of ore from low-grade stockpiles. The company plans to boost pro-

“THE COMPANY OFFERS STRONG POTENTIAL UPSIDE, WHICH COULD LEAD TO MINE-LIFE EXTENSIONS AND POSSIBLY ANOTHER LAC DES ÎLES-TYPE DEPOSIT.” JIM GALLAGHER PRESIDENT AND CEO, NORTH AMERICAN PALLADIUM

duction at Lac des Îles to 10,860 tonnes per day, as outlined in a revised feasibility study published in June. Surface-mining operations are also scheduled to resume in 2018, with ore production from the Sheriff pit for the first 16 months, followed by a pushback at the Roby pit for the rest of the 9.5-year mine life. “We’ve received permits for the centre-line raise on the tailings facility and we’re well advanced in construction. We’ve already

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started overburden removal from the small Sheriff open pit and are on track to produce by the start of the year,” Gallagher said. “These items will complete the operational turnaround and demonstrate the full value of the Lac des Îles mine.” The revised feasibility study foresees an after-tax, $678-million cash flow resulting in a $470-million, after-tax net present value, assuming an 8% discount rate. All-in sustaining costs are an estimated US$527 per oz. palladium sold, compared to US$644 per oz., as reported in the second quarter. North America Palladium has also broadened its exploration initiatives, with the acquisition of the Sunday Lake property from Impala Platinum Holdings (USOTC: IMPUY) and Transition Metals (TSXV: XTM; US-OTC: TNTMF) in June. Magmatic-style mineralization at Sunday Lake has been outlined over 800-by-400 metres, with combined platinum and palladium grades ranging from 2 to 5 grams per tonne over a true thickness from several metres to 40 metres. North American Palladium plans to spend $10 million annually for the next three years exploring Sunday Lake and its greenfield properties within 50 km of the Lac des Îles mill. “Sunday Lake adds an asset located within trucking distance of the mine,” Gallagher said. “With the addition of Sunday Lake, along with our exploration portfolio, the company offers strong potential upside, which could lead to minelife extensions and possibly other Lac des Îles-type deposits.” Shares of the company have traded in a 52-week range of $4.54 to $6.31, and closed at $6.17 at press time. The company has 58.1 million shares outstanding for a $342-million market capitalization. TNM

2017-09-12 7:40 PM

ONTARIO

GLOBAL MINING NEWS

THE NORTHERN MINER / SEPTEMBER 18–OCTOBER 1, 2017

New Gold’s Rainy River gold mine under construction in northwestern Ontario in May 2017. NEW GOLD

New Gold reports ‘significant progress’ at Rainy River CONSTRUCTION

BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

ew Gold (TSX: NGD; NYSEMKT: NGD) hopes developmental challenges are in the rearview mirror at its Rainy River gold project in northwestern Ontario. The company is advancing towards a production deadline this September. New Gold had been plagued by cost overruns and delays during pit development, which was largely attributed to unexpected layers of peat and basal till. It seems back on track, however, after what president and CEO Hannes Portmann called “significant progress” in August.

| Company overcomes cost overruns and delays

The company reported in September that Rainy River’s mining rate averaged more than 125,000 tonnes per day in July, and jumped to over 135,000 tonnes per day in August. Processing facilities reportedly passed a “closed loop test with low-grade ore,” while the ball mill and semi-autogenous grinding mill ramped up to nameplate capacity. New Gold estimates that the development capital cost from the beginning of this year to the targeted November commercial production date remains $515 million. The company spent $160 million during the second quarter, which means it has $230 million in outstanding capital expenses

for the project. The split on remaining capital includes 45% in mining and owner’s costs, and 45% in related earthworks, including completion of the starter tailings cell. The balance is reportedly related to the completion and commissioning of the process plant. The company closed a US$173million, bought-deal financing in March to bridge Rainy River’s funding gap. The deal consisted of 61.6 million shares at US$2.80 each. Rainy River is scheduled to produce 325,000 oz. per year over a 14-year life at all-in sustaining costs (AISCs) of US$670 per ounce. The operation is expected to generate between 50,000 and 60,000 oz. gold this year, at AISCs from US$1,200

ONTARIO SNAPSHOT SNAPSHOT From 11 gold-bearing veins on the property, including the Garvey vein, 1.3 km northwest of Ashley, which produced a 24-tonne bulk sample yielding 29.5 grams gold per tonne. Since April, Prosper has been carrying out a 10,000-metre drilling campaign at multiple targets across the property, with results expected soon. SAGE GOLD Toronto-based, Nigel Lees-led Sage Gold (TSXV: SGX; US-OTC: SGGDF) is another junior active in Ontario’s Timmins camp. It is advancing its Clavos gold project, where an initial mill run of stockpiled material should be completed in October. The project is permitted to run up to 700 tonnes per day, and Sage has negotiated a life-of-mine tollmilling contract with the Stock mill. Sage says dewatering and rehabilitation of the Clavos workings are near complete, which will allow for high-grade exploration drilling to start from underground, even with extensive definition drilling ongoing. Stopes are already being developed and mineralized material is getting stockpiled. Sage looks to increase resources and near-term production potential at Clavos, and consolidate other advanced gold deposits in the Timmins area.

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The firm could produce 100,000 oz. gold from all its assets within three years. A preliminary economic assessment carried out in 2013 foresaw Clavos costing only $8 million in initial capital expenses to build a mine that would produce 145,448 oz. gold over a seven-year mine life, generating a $13-million net present value at an 8% discount rate and a 47% internal rate of return, after taxes. ROCK TECH LITHIUM Vancouver-based junior Rock Tech Lithium (TSXV: RCK; US-OTC: RCKTF) is exploring spodumenebearing pegmatites of the Georgia Lake area, 145 km northeast of Thunder Bay, Ont., where lithium was first found in 1955. In October 2012, Rock Tech calculated a National Instrument 43-101 compliant reource estimate for the property of 3.19 million indicated tonnes grading 1.10% Li2O and 6.31 million inferred tonnes grading 1% Li2O. The company says metallurgical tests of the pegmatites show: concentration of high-grade spodumene from high and lowgrade mineralized material; a 76% recovery rate, using heavy liquid separation; and 81% using flotation. Its hydrometallurgical testing shows lithium carbonate produced with a 99.96% purity without any process

optimization, and 99.98% with bicarbonate scrubbing. Rock Tech has signed a memorandum of understanding with three First Nations near the project that the company says creates a foundation for benefits and impact agreements. The company spent mid-2017 on the ground at the property carrying out a sampling and exploration program to generate targets for follow-up trenching and drilling. The work found two pegmatites next to the property’s Nama Creek main resource zone. TNM

to US$1,240 per ounce. “The pit is opening up and we’re getting through some of the more challenging layers of overburden and basal till. I’m not suggesting we’re entirely through, but we’ve moved a lot of the material,” Portmann said during a second-quarter conference call. “We are in more competent rock and can move more, but ... as the pit opens up, it gives us more flexibility in terms of working phases ... our teams become more productive and layered ... [they] are getting better and better.” New Gold is also dealing with Rainy River’s tailings facility. The company reported it had completed a start-up tailings management cell in August, which provides six months of storage. It will need a Schedule 2 permit amendment to complete Rainy River’s broader tailings area. New Gold expects to receive the

permit amendment in the fourth quarter after meetings with the Ontario Ministry of Natural Resources and Forestry to review the design. New Gold’s cash and equivalents at the end of June totalled US$199 million. The company also had US$174 million undrawn in a revolving credit facility. The company expects to produce between 380,000 and 430,000 oz. gold this year at AISCs of US$760 to US$800 per ounce. BMO Capital Markets analyst Brian Quast has a “market perform” rating on New Gold, along with a $5 price target. He notes that the Schedule 2 permit should be a “positive catalyst” for the stock. The company has traded within a 52-week range of $3.11 to $6.68, and closed at $4.93 per share at press time. It has 576 million shares outstanding for a $2.8-billion market capitalization. TNM

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2017-09-12 7:40 PM

ONTARIO

SEPTEMBER 18–OCTOBER 1, 2017 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

Underground operations at Kirkland Lake Gold’s Macassa gold mine in Ontario. KIRKLAND LAKE GOLD

Kirkland Lake rides high grades towards banner year GOLD

BY MATTHEW KEEVIL

mkeevil@northernminer.com VANCOUVER

irkland Lake Gold (TSX: KLG) has been on a tear in 2017 thanks to high gold grades and strong operating performances at its two flagship assets: the Macassa operation in Ontario, and the Fosterville mine in Australia’s Victoria state. The company has gained in excess of 120% over the past seven months, en route to a 52-week high of $16.27 per share at press time. Kirkland produced nearly 291,000 oz. gold over the first half of 2017 at all-in sustaining costs (AISCs) of US$803 per ounce. The performance was largely underpinned by rising grades at Fosterville, which cranked out 77,000 oz. during the second quarter at AISCs of US$388 per oz. sold. The company generated US$45 million in free cash flow and net earnings of 17¢ per share during the three-month period. Kirkland boosted its annual guid-

| Junior miner produced almost 300,000 oz. gold in the first half of the year ance to between 570,000 and 590,000 oz., with Fosterville scheduled to produce 50,000 oz. more gold than expected. The company dropped its overall AISC estimates for the year by US$50 to between US$800 and US$850 per ounce. Kirkland also repurchased 1.3 million shares during the second quarter via a normal course-issuer bid launched in May. “The ability to generate substantial free cash flow is the key to achieving growth through exploration and project development. We’ve also reduced our debt, and reward our shareholders through the repurchase program,” president and CEO Anthony Makuch said during a conference call. “We are pleased with the performance in virtually every area. Fosterville had an outstanding quarter, with grades consistently outperforming our forecasts — in some cases by a large margin. In addition, the new underground mineral reserves estimate for the project more than doubles the number of ounces and comes very close

ible, gold-bearing Harrier zone.” Lower Phoenix’s crown jewel is the Swan zone, which boasts proven and probable reserves of 532,000 oz. gold at an average grade of 58.8 grams. In August, Kirkland released results from 2,600 metres of drilling at Swan, which were headlined by 33.6 metres grading 338 grams gold from 353 metres deep in hole 2081A. “We continue to see significant potential to add more reserves and resources through additional extensions down-plunge at the Lower ANTHONY MAKUCH Phoenix and Harrier South gold PRESIDENT AND CEO, systems,” Makuch said. “We also KIRKLAND LAKE GOLD have other promising targets in and around these deposits, and have a large number of district targets to doubling the average grade,” he within our 500 sq. km land position.” added. Kirkland has cut production costs Fosterville hosts 2.4 million at Macassa while expanding producproven and probable tonnes at 15.3 tion. The mine generated 45,700 oz. grams gold per tonne for 1.2 million during the second quarter, which contained ounces. The result marks marked a 17% increase over the a 110% increase in reserves and 83% same period in 2016. The company boost in average grade, with the dropped operating costs by 20% to growth attributed to “down-plunge US$512 per ounce. extensions of the high-grade, visible Kirkland has also reported explogold-bearing [Lower Phoenix gold ration success at its newest producer: zone], and the discovery of the vis- the Taylor1underground 01224CADILLACVENTURESadB+W.pdf 2017-09-12operation 11:41

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near Matheson, Ontario. It has drilled over 22,000 surface metres and 2,500 underground metres at the site so far this year. On Aug. 11, the company released assays from drill collars 1.8 km east of its Shaft deposit. The results were highlighted by 38 grams gold over 3 metres from 265 metres deep in hole 17-085. “The results continue to highlight the potential that exists to identify new deposits east of Taylor along the [Porcupine Destor Fault],” Makuch said. “As well, based on recent drilling, we are increasingly confident that we can add to our mineral resource and reserves in and around the Shaft deposit, as well as the East and West Porphyry deposits,” he continued, noting that all the areas are near existing infrastructure. Taylor is expected to yield between 50,000 and 55,000 oz. gold this year. Kirkland reported cash and equivalents of US$267 million at the end of the second quarter, and paid its first quarterly dividend of 1¢ per share. At press time the company had 209 shares outstanding for a $3.4-billion AMmarket capitalization. TNM

LITHIUM RESOURCES IN THE HEART OF THE THUNDER BAY MINING DISTRICT • NI 43-101 lithium resources • Recent exploration programs resulted in multiple new discoveries on the property, showing growth potential • High-grade drill assay results recently released, additional assays pending • Successful metallurgical tests produced high-grade spodumene concentrate and battery-grade lithium carbonate • Less than 28 million shares outstanding, 70% of shares held by directors, management and cornerstone shareholders

CMY

Toronto: TSX-V: RCK | Frankfurt: RJIB (ISIN: CA77273P2017) Ph: +1.778.358.5200 | E: info@rocktechlithium.com

www.rocktechlithium.com

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TSXV:CDC

Norman E. Brewster P.Geo President & CEO (416) 203-7722 | norman@cadillacventures.com cadillacventures.com

2017-09-12 7:40 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / SEPTEMBER 18–OCTOBER 1, 2017

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2017-09-12 4:34 PM

WWW.NORTHERNMINER.COM

SEPTEMBER 18–OCTOBER 1, 2017 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / SEPTEMBER 5–8 The S&P/TSX Composite Index fell 206.28 points to 14,985.32, as the Canadian dollar surged from US71¢ to US81.54¢ on news of an interest rate hike from the Bank of Canada. Ebbing concerns over North Korea’s nuclear ambitions drove spot gold prices down US$21.36 to US$1,345.59 per ounce. Comex copper prices lost US8¢ to US$3.04 per pound. Centerra Gold topped the value-added category, with shares rising $1.29 to $8.78 on news of a potential settlement with the Kyrgyz Republic government over an environmental dispute at the firm’s Kumtor gold mine in the Central Asian nation. The proposed settlement would call on Centerra to pay a one-time lump sum of US$50 million to a governmental Nature Development fund and make annual payments of US$2.7 million. Centerra would pay another US$7 million to a governmental Cancer Care Support Fund and make a $3-million, one-time payment to the fund within a year of closing. Under the proposed agreement, Centerra would also invest US$6 million annually in a Kumtor Reclamation Fund based inside the country to a minimum of US$69 million. The dispute arose in 2016 when the government alleged that certain company mangers engaged in commercial transactions that harmed the state. The allegations coincided with a legal case in which the state demanded US$220

million in pollution fees. Shares of New Gold rose 39¢ to $5 per share on a construction update of the company’s Rainy River gold project in northwestern Ontario. Both the project schedule and $515 million in capital costs remain in line with New Gold’s expectations. The company expects to process ore in September and ramp up to 60% of the 21,000-tonne-per-day capacity by November. Production guidance at Rainy River this year is between 50,000 and 60,000 oz. gold, including pre-commercial production of 15,000 oz. gold at all-in-sustaining-costs of US$1,200 to $1,240 per oz. gold. In the second quarter, New Gold produced 105,064 oz. gold across four of its operations — a 6% increase, compared to the same quarter last year. Adjusted net earnings for the quarter TSX MOST ACTIVE ISSUES

Trevali Mng Kinross Gold Teck Res Yamana Gold B2Gold HudBay Mnls Lundin Mng First Quantum IAMGOLD Barrick Gold

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

TV 22256 1.60 1.40 1.44 - 0.09 K 17842 5.96 5.53 5.85 + 0.30 TECK.B 16059 31.76 27.80 28.23 - 3.35 YRI 15637 3.92 3.62 3.73 + 0.08 BTO 15209 3.55 3.32 3.35 - 0.06 HBM 14650 11.42 9.40 9.65 - 1.50 LUN 14272 9.80 8.59 8.84 - 0.88 FM 14062 15.47 13.44 13.76 - 1.47 IMG 12826 8.87 8.14 8.52 + 0.23 ABX 10311 22.70 21.41 21.61 - 0.81

totalled $13 million, or 2¢ per share. Pretium Resources gained 41¢ to $10.74 per share. On Aug. 10, the company announced its second-quarter results and commissioning update for its high-grade Brucejack gold mine in northwestern B.C.’s Golden Triangle district. During commissioning in June and grade ramp-up in July, the company produced 25,392 oz. gold from low-grade stockpiles, development muck and stope ore. The mill

operated at near nameplate capacity, processing 83,667 tonnes of ore for an average 2,699 tonnes per day. During start-up, some of the gravity-recoverable gold was locked up within the semi-autogenous grinding and ball mills. A 4.7 kg grab sample from the trapped material graded 23,547 grams gold per tonne. The company plans to recover the gold after changing the mill liners, and will optimize recoveries in the gravity and flotation circuits. TNM

TSX GREATEST PERCENTAGE CHANGE

Wallbridge Mng Alderon Iron NGEx Res Meadow Bay Gd Freegold Vent Centerra Gold Serabi Gold Verde Potash Gabriel Res Atlatsa Res Platinum Gp Mt Banro Corp IC Potash St Augustine Wellgreen Plat Goldgroup Mng Century Global Redhawk Res Silver Bear Rs HudBay Mnls

WM IRON NGQ MAY FVL CG SBI NPK GBU ATL PTM BAA ICP SAU WG GGA CNT RDK SBR HBM

1546 411 62 539 434 4899 68 51 820 11 1145 233 442 827 1246 1438 70 395 2415 14650

0.11 0.35 1.24 0.03 0.14 8.79 0.08 0.85 0.40 0.05 0.89 0.65 0.02 0.04 0.40 0.11 0.23 0.03 0.20 11.42

0.08 0.27 0.95 0.03 0.11 7.45 0.00 0.75 0.31 0.04 0.56 0.43 0.00 0.03 0.30 0.07 0.16 0.02 0.15 9.40

0.10 0.34 1.14 0.03 0.14 8.78 0.08 0.85 0.36 0.05 0.61 0.44 0.02 0.03 0.30 0.08 0.19 0.03 0.17 9.65

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

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Centerra Gold Franco-Nevada Torex Gold Pretium Res New Gold Americas Silvr TMAC Resources North Am Pall Kinross Gold Prophecy Coal Teck Res Teck Res HudBay Mnls First Quantum Agnico Eagle Lundin Mng Barrick Gold Kirkland Lake Silver Wheaton Agrium

25.0 21.4 20.0 20.0 17.4 17.2 14.3 13.3 12.7 12.5 29.1 26.7 25.0 25.0 21.1 20.0 19.6 16.7 15.0 13.5

VOLUME WEEK (000s) CLOSE CHANGE

CG FNV TXG PVG NGD USA TMR PDL K PCY TECK.A TECK.B HBM FM AEM LUN ABX KL WPM AGU

4899 8.78 2152 102.68 1649 21.65 2718 10.74 8697 5.00 608 5.75 90 9.52 71 6.20 17842 5.85 35 3.89 27 28.33 16059 28.23 14650 9.65 14062 13.76 3097 62.12 14272 8.84 10311 21.61 5532 15.64 4153 25.20 1172 121.10

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

1.29 1.16 0.57 0.41 0.39 0.36 0.33 0.33 0.30 0.28 3.45 3.35 1.50 1.47 1.28 0.88 0.81 0.78 0.74 0.68

TSX VENTURE EXCHANGE / SEPTEMBER 5–8 The S&P/TSX Venture Composite Index shed 6.46 points to a 771.99-point close on declining commodity prices. Spot gold prices fell US$21.36 to US$1,345.59 per oz., and Comex copper prices lost US8¢ to US$3.04 per pound. Shares of Metallis Resources gained 32¢ to 74¢. On Sept. 1, the Vancouver-based explorer announced initial drill results at its 106 sq. km Kirkham copper-gold property in northwestern B.C.’s prolific Golden Triangle district. The first two drill holes intersected mineralized and altered monazite at the project’s gold-rich Cliff copper porphyry target, with assay results pending. One more hole will test Cliff, after which the company intends to drill the high-grade King gold target to the north. The company said that the prospective, ore-controlling structures on the property could extend 28 km from Kirkham northward to Garibaldi Resources’ E&L Nickel Mountain project. Kirkham is located 12 km from Barrick Gold’s Eskay Creek gold-silver mine, and 15 km from both Seabridge Gold’s KSM copper-gold project and Pretium Resources’ Brucejack gold mine. Shares of Garibaldi Resources gained 21¢ to $1.12, on 8.1 million shares. The company intercepted two long intervals of nickel-copper sulphide mineralization totalling 178 metres in the first drill hole at its E&L property in

B.C.’s Golden Triangle. Assay results for the drill hole are pending. The hole was drilled for a borehole electromagnetic survey to test the orientation of conductors underlying the property. The discovery expands the scale of the mineralizing system eastward from historically known nickel-copper mineralization. Garibaldi also announced intentions to raise $6 million in a non-brokered private placement. The placement would issue 2.3 million units at 65¢ per unit and 6 million flow-through units at 75¢. Each unit and flow-through unit comprises one share and one warrant, with each warrant exercisable at 90¢ for two years. Chesapeake Gold gained 21¢ to $3.78 per share after an exploration update for its regional Yarely precious and base metals project TSX-V MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Blue Moon Zinc MOON 13471 Golden Reign GRR 9173 Spearmint Res SRJ 8310 Garibaldi Res GGI 8117 Cache Expl CAY 8023 MX Gold MXL 7983 IDM Mining IDM 7912 Alexandria Min AZX 6885 Nrthn Shield NRN 6784 Durango Res DGO 6736

0.06 0.35 0.04 1.21 0.16 0.15 0.15 0.07 0.06 0.14

0.03 0.29 0.03 0.68 0.12 0.00 0.14 0.05 0.05 0.09

0.06 0.35 0.04 1.12 0.13 0.15 0.15 0.06 0.05 0.10

+ + + + - + + - - -

0.03 0.06 0.01 0.21 0.01 0.01 0.01 0.01 0.01 0.01

near its proposed El Paso plant site in Sinaloa State, Mexico. Over the past year, Chesapeake has assembled a 680 sq. km land package at Yarely that is prospective for skarns, breccias and epithermal vein-related mineralizing systems. Geological mapping, rock-chip sampling and trenching — supplemented by induced-polarization geophysics — has defined six prospects within a V-shaped

anomaly measuring 6 km long, up to 600 metres wide and more than 300 metres deep. The anomaly coincides with two mineralized structural corridors that follow the intersection of two regional faults. The company is awaiting results from 16 km of trenching and 2,500 rock samples assayed for multiple elements, and is preparing for a 5,000-metre drill program to test the anomaly at depth. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Emgold Mng Orestone Mng Pure Nickel Auramex Res Mezzotin Mnrls Indico Res Micrex Dev Metallis Res Blue Moon Zinc Altai Res Victory Res Plato Gold Bard Ventures IEMR Res Libero Mining Indigo Expl First Mexican Gentor Res Minfocus Expl Stratabd Mnr

EMR ORS NIC AUX MEZ IDI MIX MTS MOON ATI VR PGC CBS IRI LBC IXI FMG GNT MFX SB

153 40 1487 819 202 887 969 2666 13471 4704 207 1076 95 557 209 56 243 1102 549 740

0.22 0.10 0.03 0.08 0.02 0.02 0.02 0.83 0.06 0.20 0.02 0.03 0.03 0.02 0.12 0.06 0.02 0.02 0.02 0.02

0.00 0.00 0.01 0.03 0.01 0.01 0.01 0.35 0.03 0.10 0.00 0.02 0.02 0.01 0.08 0.05 0.02 0.01 0.02 0.02

0.22 0.10 0.03 0.08 0.01 0.02 0.02 0.74 0.06 0.19 0.01 0.02 0.02 0.01 0.09 0.05 0.02 0.02 0.02 0.02

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 780.0 + 533.3 + 150.0 + 150.0 + 100.0 + 100.0 + 100.0 + 74.1 + 71.4 + 68.2 - 50.0 - 40.0 - 33.3 - 33.3 - 26.1 - 25.0 - 25.0 - 25.0 - 25.0 - 25.0

VOLUME WEEK (000s) CLOSE CHANGE

Abitibi Royalt Metallis Res Cobalt 27 Cap Telson Res Chesapeake Gld Garibaldi Res Emgold Mng Rock Tech Lith Marlin Gold Neo Lithium Kitrinor Mtls Mason Graphite GT Gold Curlew Lke Res Aurania Res Meridian Mg Almadex Min SilverCrest Mt White Gold Wolfeye Res

RZZ MTS KBLT TSN CKG GGI EMR RCK MLN NLC SCYB LLG GTT CWQ.H ARU MNO AMZ SIL WGO LXG

30 2666 192 295 127 8117 153 43 286 855 56 704 2809 12 46 13 235 353 127 501

9.49 0.74 9.25 0.85 3.78 1.12 0.22 1.14 1.03 1.01 5.00 1.55 1.99 0.90 2.05 0.68 1.08 1.49 1.51 0.91

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

0.34 0.32 0.25 0.23 0.21 0.21 0.20 0.17 0.13 0.12 0.50 0.21 0.20 0.20 0.20 0.18 0.16 0.15 0.14 0.13

U.S. MARKETS / SEPTEMBER 5–8 The Dow Jones Industrial Average fell 0.9% to 21,797.8 points and the S&P 500 Index dropped 0.6% to 2,461.43 points, as investors braced for Hurricane Irma’s potential impact on U.S. markets. Franco-Nevada led the value-added category, with shares gaining US$2.45 to US$84.58, after the company announced it would pay First Quantum Minerals US$178 million for another metals stream at Cobre Panama, one of the world’s largest copper-gold-silvermolybdenum porphyry projects. The project is 60% complete and is scheduled to produce in late 2018. Under the agreement, FrancoNevada will pay 20% of the gold spot price and silver until 302,000 oz. gold and 4.8 million oz. silver have been delivered. The additional stream has higher margins than the existing stream for the current mine plan. First Quantum intends to use the proceeds of the transaction to partly fund its previously announced acquisition of a 10% interest in Cobre Panama from one of its joint-venture partners, LS-Nikko Copper. A revised preliminary economic assessment (PEA) for McEwen Mining’s Los Azules copper project in Argentina drove shares of the

18_SEP18_MarketNews.indd 18

company up 8%, or US21¢, to US$2.83. The study envisaged a 36-year, open-pit operation with an initial processing rate of 80,000 tonnes per day increasing to 120,000 tonnes per day by year five. The US$2.6-billion project has a US$2.2-billion, after-tax net present value, assuming an 8% discount rate, and a 20.1% internal rate of return, assuming US$3 per lb. copper, US$1,300 per oz. gold and US$17 per oz. silver. The company said in a press release that reforms introduced by the Argentine government to encourage mining investment by eliminating taxes on exported mineral concentrates prompted U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Vale* VALE 159190 11.72 11.08 11.11 - 0.19 Frprt McMoR* FCX 91799 15.38 14.13 14.24 - 0.83 Yamana Gold* AUY 66165 3.17 2.91 3.08 + 0.12 United States S* X 64153 28.35 26.51 26.96 - 0.03 Kinross Gold* KGC 62665 4.91 4.46 4.83 + 0.34 Barrick Gold* ABX 54367 18.35 17.63 17.81 - 0.30 Cleveland-Clif* CLF 46747 8.77 7.82 7.96 - 0.52 Teck Res* TECK 45532 25.67 22.91 23.24 - 2.22 Goldcorp* GG 39333 14.27 13.62 14.19 + 0.44 IAMGOLD* IAG 39313 7.25 6.56 7.03 + 0.32

the revision of the 2013 Los Azules PEA. The company intends to pursue economic studies and advance permitting to move the project towards development. Shares of Osisko Gold Royalties rose US44¢ to US$14.26. On Aug. 3, the company an-

nounced a 25% increase in its quarterly dividend to 5¢ per share, its second increase since the creation of the company three years ago. On Aug. 7, the company’s dividend reinvestment plan — available to investors registered in Canada — was extended to U.S residents. TNM

U.S. GREATEST PERCENTAGE CHANGE

DRDGOLD* DRD McEwen Mng* MUX Kinross Gold* KGC Pretium Res* PVG IAMGOLD* IAG AngloGold Ash* AU Coeur Mng* CDE Yamana Gold* AUY Endeavr Silver* EXK Fortuna Silvr* FSM HudBay Mnls* HBM Sibanye Gold* SBGL Teck Res* TECK Cloud Peak En* CLD Cleveland-Clif* CLF Freeport McMoR* FCX Alcoa* AA Arch Coal* ARCH Southern Copp* SCCO CONSOL Energy* CNX

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

1355 4.07 3.49 3.96 + 11.2 19365 2.86 2.53 2.83 + 8.0 62665 4.91 4.46 4.83 + 7.6 8465 8.99 8.18 8.86 + 6.2 39313 7.25 6.56 7.03 + 4.8 18267 10.86 10.03 10.61 + 4.6 12558 9.40 8.58 9.26 + 4.5 66165 3.17 2.91 3.08 + 4.1 10580 2.71 2.42 2.58 + 4.0 6436 5.27 4.77 5.07 + 3.7 4689 9.35 7.75 7.95 - 11.7 17619 6.50 5.78 5.84 - 9.6 45532 25.67 22.91 23.24 - 8.7 3414 3.41 3.01 3.10 - 6.9 46747 8.77 7.82 7.96 - 6.1 91799 15.38 14.13 14.24 - 5.5 22647 45.22 42.24 42.61 - 5.4 1972 81.09 75.84 76.50 - 4.5 4851 42.00 39.32 39.59 - 4.1 18225 15.12 14.07 14.21 - 3.9

U.S. GREATEST VALUE CHANGE

Franco-Nevada* FNV Chevron Corp* CVX Agrium* AGU Suncor Energy* SU Newmont Mng* NEM Pretium Res* PVG Buenaventura* BVN AngloGold Ash* AU Goldcorp* GG Osisko Gold* OR Arch Coal* ARCH Alcoa* AA Teck Res* TECK Southern Copp* SCCO Rio Tinto* RIO HudBay Mnls* HBM Freeport McMoR* FCX Peabody Enrgy* BTU Mosaic* MOS Sibanye Gold* SBGL

VOLUME WEEK (000s) CLOSE CHANGE

2717 84.58 27724 110.78 1342 99.76 17020 32.71 28257 39.31 8465 8.86 8354 13.93 18267 10.61 39333 14.19 3450 14.26 1972 76.50 22647 42.61 45532 23.24 4851 39.59 14769 48.27 4689 7.95 91799 14.24 4999 29.29 22553 19.39 17619 5.84

+ 2.45 + 2.02 + 1.41 + 0.80 + 0.65 + 0.52 + 0.47 + 0.47 + 0.44 + 0.44 - 3.61 - 2.43 - 2.22 - 1.71 - 1.26 - 1.05 - 0.83 - 0.81 - 0.72 - 0.62

2017-09-12 7:05 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / SEPTEMBER 18–OCTOBER 1, 2017

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

SPOT PRICES COURTESY OF SCOTIABANK Tuesday, September 12, 2017 Precious Metals Price (US$/oz.) Change 1326.25 -4.90 Gold Silver $17.75 -0.13 Platinum $1003.00 -8.00 Palladium $949.00 -39.00 Base Metals Nickel Copper Lead Zinc

Price (US$/tonne) Change $11910.00 +225.00 $6672.00 -80.00 $2310.00 +34.50 $3061.50 -22.00

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, September 11, 2017 (change from September 4, 2017 in brackets): Aluminium Alloy 11920 (0) Aluminium 1320050 (-4575) Copper 208425 (-12450) Lead 164025 (+15725) Nickel 382828 (-4418) Tin 1895 (-15) Zinc 240425 (-3300)

TSX SHORT POSITIONS

Thermal Coal CAPP: US$40.00 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$53.25 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$11.50 Cobalt: US$27.67/lb. Copper: US$3.06/lb. Copper: CME Group Futures Oct. 2017: US$3.01/lb.; Nov. 2017: US$3.02/lb Ferro-Chrome: US$2.48/kg Ferro Titanium: US$3.77/kg FerroTungsten: US$25.52/kg Ferrovanadium: US$22.60/kg Iridium: NY Dealer Mid-mkt US$970.00/tr oz. Iron Ore 62% Fe CFR China-S: US$73.60/tonne Iron Ore Fines: US$69.00/tonne Iron Ore Pellets: US$96.06/tonne Lead: US$1.03/lb. Magnesium: US$2.26/kg Manganese: US$2.06/kg Molybdenum Oxide: US$7.26/lb. Phosphate Rock: US$93.00/tonne Potash: US$218.00/tonne Rhodium: Mid-mkt US$1,160.00 tr. oz. Ruthenium: Mid-mkt US$65.00/tr. oz. Silver: Handy & Harman Base: US$17.89 per oz.; Handy & Harman Fabricated: US$22.36 per oz. Tantalite Ore : US$123.61/kg Tin: US$9.47/lb. Uranium: U3O8, Trade Tech spot price: US$20.25; The UX Consulting Company spot price: US$20.25/lb. Zinc: US$1.41/lb. Prices current Sept. 12, 2017

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Sep 01, 2017 (with changes from Aug 16, 2017) Largest short positions Kinross Gold K 53530824 1415892 8/16/2017 Trevali Mng TV 34765531 -16311107 8/16/2017 New Gold NGD 32803749 133037 8/16/2017 Eldorado Gold ELD 28269109 1280006 8/16/2017 B2Gold BTO 21756811 945376 8/16/2017 Suncor Energy SU 15020548 1166888 8/16/2017 Sandstorm Gold SSL 14651354 493337 8/16/2017 Asanko Gold AKG 11541446 1298109 8/16/2017 OceanaGold OGC 10457156 229558 8/16/2017 Potash Corp SK POT 10262189 704060 8/16/2017 IAMGOLD IMG 9927464 1046778 8/16/2017 Teck Res TECK.B 9760059 1422075 8/16/2017 Ivanhoe Mines IVN 9197213 -213875 8/16/2017 Detour Gold DGC 9192777 666566 8/16/2017 Goldcorp G 9009069 1614163 8/16/2017 Largest increase in short position ABX 8621347 1683646 8/16/2017 Barrick Gold Goldcorp G 9009069 1614163 8/16/2017 Teck Res TECK.B 9760059 1422075 8/16/2017 Kinross Gold K 53530824 1415892 8/16/2017 Semafo SMF 4861743 1387567 8/16/2017 Largest decrease in short position TV 34765531 -16311107 8/16/2017 Trevali Mng Peregrine Diam PGD 381000 -4695624 8/16/2017 Primero Mng P 388006 -1253676 8/16/2017 Lundin Mng LUN 4774438 -1067513 8/16/2017 Pine Cliff En PNE 4133331 -658596 8/16/2017

Short positions outstanding as of Aug 16, 2017 Largest short positions Rusoro Mng RML 2404000 Novo Res NVO 1598597 Skeena Res SKE 1563600 Liberty One Li LBY 1535529 Southern Lith SNL 1116074 Jaxon Mining JAX 976875 Mountain Boy MTB 658200 Decade Res DEC 615600 Barkerville Go BGM 582400 Namibia Rare E NRE 552000 Plata Latina PLA 512000 Savary Gold SCA 498000 Garibaldi Res GGI 478000 Cache Expl CAY 368700 Five Star Diam STAR 355232

DAILY METAL PRICES Daily Metal Prices Date Sept 11 Sept 8 Sept 7 Sept 6 Sept 5 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1745/1755 1725/1735 1470/1755 1780/1790 1780/1790 Aluminum 2100/218 2071/2095 2074/2095.50 2069/2091 2081/2106 Copper 6436.50/6757 6779/6800 6842/6867 6863/6890 6903/6936.50 Lead 2259/2289.50 2271/2299.50 2306.50/2334 2320/2347 2349.50/2374 Nickel 11525/11580 11840/11925 12030/12110 11915/11985 12140/12200 Tin 20825/20650 20750/20675 20840/20650 20845/20670 20925/20765 Zinc 3108.50/3102 3080/3080 3095/3096 3085/3087 3192/3193

PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1338.75 1350.90 1340.45 1340.15 1331.15 Gold PM 1334.20 1346.25 1343.50 1337.85 1335.55 Silver 17.85 18.21 17.79 17.77 17.88 Platinum 994.00 1014.00 1007.00 1011.00 1006.00 936.00 942.00 945.00 957.00 984.00 Palladium

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

Sep 08 Sep 07 Sep 06 Sep 05 Sep 04 1.2122 1.2122 1.2235 1.2368 1.2412 0.8250 0.8250 0.8174 0.8085 0.8057

Exchange rates (Quote Media, September 08, 2017) C$ to AUS C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand 1.0254 0.6863 89.4410 14.5781 10.5785 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 5.3546 52.8600 0.7840 930.0451 0.6299 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.2430 0.8320 108.4215 17.6732 12.8156 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.7635 6.4846 63.9601 0.9504 1128.0200

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

19_SEP18_MMMM.indd 19

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

TSX WARRANTS Alamos Gold (AGI.WT) - Wt buys sh @ $28.47 to Aug 30/18 Alamos Gold (AGI.WT.A) - Wt buys sh @ $10.00 to Jan 7/19 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 Continental Gold Inc. (CNL.WT.A) - Wt buys sh @ $4.75 to Nov 26/17 Excellon Resources Inc (EXN.WT) - Wt buys sh @ $1.75 to Jul 26/18 GoGold Resources Inc. (GGD.WT) - Wt buys sh @ $1.7 to Jun 7/18 Golden Queen Mining Co (GQM.WT) - Wt buys sh @ $2 to Jul 25/19 Gran Colombia Gold (GCM.WT.A) - Wt buys sh @ $3.25 to Mar 18/19 HudBay Minerals (HBM.WT) - Wt buys sh @ $15 to Jul 20/18 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 MBAC Fertilizer (MBC.WT) - Wt buys sh @ $1 to Apr 17/19 Nemaska Lithium Inc (NMX.WT) - Wt buys sh @ $1.5 to Jul 8/19 Northern Dynasty Minerals Ltd. J (NDM.WT.B) - Wt buys sh @ $0.55 to Jun 10/21 Northern Dynasty Minerals Ltd. J (NDM.WT.A) - Wt buys sh @ $0.55 to Jul 9/20 Northern Dynasty Minerals Ltd. J (NDM.WT) - Wt buys sh @ $3 to Sep 14/17 Oban Mining J (OBM.WT) - Wt buys 20 sh @ $3 to Aug 25/18 Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.5 to Feb 18/22 Osisko Gold Royalties (OR.WT.A) - Wt buys sh @ $19.08 to Feb 26/19 Osisko Mining Inc. J (OSK.WT) - 20 Wt buys sh @ $3 to Aug 25/18 Pilot Gold Inc. Wt (PLG.WT) - Wt buys sh @ $0.9 to May 16/19

Prairie Provident Resources Inc Wt (PPR.WT) - Wt buys sh @ $0.87 to Mar 16/19 Primero Mining Corp (P.WT.C) - Wt buys sh @ $3.35 to Jun 24/18 Sandstorm Gold (SSL.WT.B) - One Warrant to purchase one common share of the Issuer at US $14.00 until expiry. Sprott Resource Corp (SRHI.WT) - Wt buys sh @ $0.3333 to Feb 09/22 Timmins Gold Corp (TMM.WT) - Wt buy sh at $0.7 to May 30/18

TSX VENTURE WARRANTS Atlantic Gold (AGB.WT) - Wt buys sh @ $0.6 to Aug 20/18 Avino Silver & Gold Mines Ltd. (ASM.WT) - Wt buys sh @ US$0.2 to Nov 28/19 Brazil Resources (BRI.WT) - Wt buys sh @ $0.75 to Dec 31/18 Cornerstone Capital Resources (CGP.WT.S) - Wt buys sh @ $0.35 to Apr 07/19 Falco Resources Ltd. (FPC.WT) - One warrant to purchase one common share at $1.70 per share. Goldmining Inc. (GOLD.WT) - Wt buys sh @ $0.75 to Dec 31/18 Goldstar Minerals (GDM.RT) - One Right to purchase one common share at $0.03 per 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 Jet Metal (JET.WT.A) - Wt buys sh @ $0.5 to Feb 28/19 Kootenay Silver Inc. (KTN.WT) - Wt buys sh @ $0.55 to Apr 21/21 Mission Gold (MGL.WT) - Wt buys sh @ $0.17 to Sep 13/17 Monarques Gold (MQR.WT.A) - Wt buys sh @ $0.18 to Dec 15/17 Rainy Mountain Royalty Corp. (RMO.WT) - Wt buys sh @ $0.15 to Mar 1/18 and sh @ $0.25 from Mar 2/18 to Mar 1/19 Rainy Mountain Royalty Corp. (RMD.WT) - Wt buys sh @ $0.15 to Mar 1/18 and sh @ $0.25 from Mar 2/18 to Mar 1/19 Silvercrest Metals Inc. (SIL.WT) - Wt buys sh @ $3 to Dec 06/18 Sunridge Gold (SGC.WT) - Wt buys sh @ $0.35 to Oct 18/17 Trek Mining (TREK.WT) - Wt buy sh @ $3.00 to Oct 06/21 West Kirkland Mining (WKM.WT) - Wt buys sh @ $0.3 to Apr 17/19

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

Sep 08 Sep 07 Sep 06 Sep 05 Sep 04 High Low Index S&P/TSX Composite 14985.32 15024.53 15059.83 15090.15 15191.60 15527.30 12400.15 S&P/TSXV Composite 771.99 774.05 773.99 779.69 778.45 1050.26 883.52 S&P/TSX 60 879.31 880.15 882.71 884.07 891.24 896.74 709.99 207.40 212.73 208.79 218.90 149.29 S&P/TSX Global Gold 208.69 210.37 DJ Precious Metals 190.17 191.83 187.72 190.67 187.44 420.72 130.95

NEW 52-WEEK HIGHS AND LOWS SEPTEMBER 4–8, 2017 129 New Highs

Aben Res Aben Res* Alexandra Cap Almonty Ind Altai Res Alumina Inc* Americas Silvr Americas Silvr* Anglo American* Antofagasta* APAC Res Inc* Asian Minl Res ATAC Res Auramex Res AuRico Metals * Avnel Gold Avnel Gold * Bison Gold Res* Bitterroot Res* Cautivo Mining Centerra Gold CNRP Mng CNRP Mng* Cobalt Pwr Grp* Copper Fox Mtl* Copper Mtn Mng

Copper Mtn Mng* Cornerstone Mt* Currie Rose Rs Dalradian Res* Decade Res Decade Res* Deep-South Res* Discovery Met Dolly Vard Sil Dolly Vard Sil* Dominion Diam* Dynasty Gold Emgold Mng Excellon Res* Excelsior Mng Excelsior Mng* Far Res* First Point* Fjordland Exp Fjordland Exp* Franco-Nevada Franco-Nevada* Garibaldi Res Garibaldi Res * Giga Metals Glencore Plc* Gold Fields*

Gran Colombia Gran Colombia* Grande Portage Great Bear Res Great Bear Res* Gungnir Res Gungnir Res* HudBay Mnls* IAMGOLD IAMGOLD* Icon Explor iMetal Res Intl Samuel Ex Kerr Mines* Kinross Gold* Kirkland Lake Kirkland Lake* Largo Res* Leagold Mg* Lithium Amer Lithium Amer* Lithium Energi* Lynas Corp* Manson Creek* Maverix Mtls* Medallion Res* Metallis Res

Minsud Res* Montero Mg&Ex * Morien Res* Mountain Boy* New World Res* Noble Mnl Expl Noble Mnl Expl* North Am Pall* Northisle C&G Northn Empire* Oceanus Res Oceanus Res* Orestone Mng Oroco Res Osisko Gold* Panoro Mnrls PJSC Polyus Gd* PUF Vent Inc PUF Vent Inc * Randgold Res* Richmond Mnls* Rift Valley Rio Tinto* Robex Res Royal Gold* Rubicon Mnrls* Sabina Gd&Slvr

Sabina Gd&Slvr* Saturn Mnrls Senator Mnrls* Silverstar Res* Southern Copp* Spearmint Res* SSR Mining* Taseko Mines Taseko Mines* Telson Res Telson Res * Tiller Res Trevali Mng Trevali Mng* Triumph Gold Triumph Gold* URZ Energy* Vale* ValGold Res Vedanta* Wolfden Res

32 New Lows

Alix Res* Altair Res Inc* American Lith* Atacama Res* Aurum*

Enforcer Gold Five Star Diam* Giga Metals* Gold Torrent* Granada Gold K92 Mng Inc K92 Mng Inc* Kenadyr Mining* Libero Mining* Lucara Diam Macarthur Mnl* Mexus Gold* Mineworx Tech* Monitor Vent* Mosaic* MX Gold Neo Lithium Nevada Sunrise Olivut Res* Pac Bay Mnrls* Platinum Gp Mt Platinum Gp Mt* Primero Mng Primero Mng* Salazar Res* SilverCrest Mt Western Graphi*

CANADIAN GOLD MUTUAL FUNDS Fund Sep 08 ($) AGF Prec Mtls Fd MF 22.04 BMO Prec Mtls Fd A 18.96 BMO ZGD 10.30 BMO ZJG 9.78 CIBC Prec Metal Fd A 10.86 Dyn Prec Metls Fd A 6.96 Horizons HEP 26.23 IG MacGlPrMetCl A 9.11 iShares XGD 13.03 Mac Prec Met Cl A 48.68 NBI PrecMetFd AdvDSC 13.36 NBI PrecMetFd AdvISC 13.36 NBI PrecMetFd AdvLSC 13.36 NBI PrecMetFd Invt 13.36 RBC GblPreMetFd A 35.56 Redw UITGoDe&ProCl A 10.00 Sentry Pre Met Fd A 40.26 Sprott Gold&PrMinFdA 37.87 Sprott SilverEquCl A 6.03 TD PreciousMetalsInv 35.94

Sep 01 ($) Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) 22.19 -0.15 -0.68 -5.48 2.80 137.57 18.88 0.08 0.45 -2.85 2.40 62.99 10.24 0.06 0.56 -1.63 0.63 9.66 0.12 1.21 4.74 0.60 10.89 -0.03 -0.26 -4.28 2.58 49.94 7.03 -0.07 -1.00 6.12 2.75 346.05 26.21 0.02 0.08 5.12 0.81 9.24 -0.12 -1.34 -0.20 2.75 42.20 13.04 -0.01 -0.05 0.20 0.55 769.68 49.34 -0.66 -1.34 -0.12 2.51 89.18 13.41 -0.05 -0.37 1.62 2.47 31.39 13.41 -0.05 -0.37 1.62 2.47 31.39 13.41 -0.05 -0.37 1.62 2.47 31.39 13.41 -0.05 -0.37 1.62 2.46 31.39 35.91 -0.36 -0.99 7.22 2.12 384.66 10.00 0.00 40.85 -0.59 -1.45 -5.73 2.44 178.48 37.80 0.07 0.18 -2.43 3.12 207.20 6.07 -0.04 -0.67 -7.44 3.09 128.04 36.09 -0.15 -0.42 -2.21 2.26 127.63

GLOBAL MINING NEWS · SINCE 1915

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2017-09-12 4:32 PM

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: SEPTEMBER 5–8, 2017 (100s) Stock

WWW.NORTHERNMINER.COM

SEPTEMBER 18–OCTOBER 1, 2017 / THE NORTHERN MINER

Week

12-month

Exc Volume High Low Last Change High Low

A 92 Resources V 1726 0.12 0.09 0.10 + 0.02 0.22 0.07 Abacus Mng &Ex* O 46 0.38 0.34 0.36 + 0.02 2.88 0.06 Abacus Mng &Ex V 77 0.45 0.40 0.43 + 0.01 0.78 0.24 Abcourt Mines* O 367 0.07 0.06 0.06 - 0.00 0.10 0.05 Abcourt Mines V 263 0.09 0.09 0.09 + 0.01 0.13 0.07 ABE Resources V 88 0.40 0.30 0.30 - 0.10 0.57 0.04 Aben Res V 5961 0.29 0.24 0.27 + 0.02 0.29 0.07 Aben Res* O 802 0.23 0.20 0.23 + 0.03 0.23 0.05 Aberdeen Intl* O 10 0.11 0.10 0.10 - 0.01 0.14 0.09 Abitibi Royalt V 30 9.75 8.75 9.49 + 0.34 10.75 6.36 Abitibi Royalt* O 15 7.93 7.28 7.81 + 0.53 8.18 4.99 AbraPlata Res V 352 0.38 0.34 0.37 + 0.01 0.63 0.03 AbraPlata Res* O 232 0.31 0.27 0.30 + 0.01 0.48 0.25 Acacia Mining* O 1 2.44 2.40 2.40 - 0.04 6.62 2.01 Adamera Mnls V 3943 0.14 0.10 0.11 - 0.02 0.24 0.06 O 931 0.11 0.09 0.09 - 0.02 0.18 0.04 Adamera Mnls* 0.02 + 0.01 0.02 0.01 Adex Mining V 552 0.02 0.00 Advance Gold V 107 0.07 0.07 0.07 - 0.01 0.13 0.05 Advantage Lith V 402 0.43 0.40 0.42 - 0.01 1.34 0.36 O 156 0.35 0.33 0.34 + 0.00 1.01 0.28 Advantage Lith* African Queen V 1121 0.04 0.04 0.04 + 0.01 0.08 0.03 Agnico Eagle* N 5677 51.85 50.35 51.20 - 0.03 57.35 35.05 62.12 - 1.28 74.57 46.91 Agnico Eagle T 3097 64.18 61.47 T 1172 122.80 119.31 121.10 - 0.68 146.99 115.16 Agrium Agrium* N 1342 100.88 96.67 99.76 + 1.41 111.88 87.78 Aguia Resource V 64 0.47 0.43 0.47 + 0.01 0.49 0.35 0.00 - 0.00 0.04 0.00 Aim Explor* O 3160 0.00 0.00 Alabama Graph V 441 0.13 0.12 0.12 - 0.01 0.22 0.11 O 96 0.10 0.10 0.10 - 0.00 0.17 0.08 Alabama Graph* 2.25 + 0.04 3.79 1.75 Alacer Gold T 2394 2.28 2.17 Alamos Gold T 2734 10.50 10.13 10.25 - 0.02 11.86 7.86 8.45 + 0.16 9.00 5.95 Alamos Gold* N 6791 8.58 8.25 0.05 - 0.01 0.12 0.04 Alchemist Mng 788 0.06 0.05 Alcoa* N 22647 45.22 42.24 42.61 - 2.43 45.22 20.00 Alderon Iron* O 122 0.25 0.22 0.25 + 0.02 0.60 0.08 0.34 + 0.06 0.80 0.11 Alderon Iron T 411 0.35 0.27 Aldershot Res V 60 0.04 0.04 0.04 - 0.01 0.10 0.04 Aldridge Min V 48 0.22 0.21 0.21 - 0.01 0.31 0.17 0.12 + 0.03 0.12 0.02 Alexandra Cap 197 0.12 0.09 Alexandria Min V 6885 0.07 0.05 0.06 - 0.01 0.09 0.04 Alexandria Min* O 637 0.05 0.04 0.05 - 0.00 0.07 0.03 1.74 - 0.01 2.12 1.10 Alexco Res* X 1925 1.85 1.67 Alexco Res T 554 2.28 2.07 2.10 - 0.08 2.80 1.47 0.19 - 0.01 0.44 0.17 Algold Res V 362 0.20 0.19 Alianza Min* O 60 0.11 0.10 0.11 + 0.01 0.12 0.05 Alianza Min V 239 0.13 0.13 0.13 + 0.01 0.16 0.10 V 794 0.04 0.04 0.04 - 0.01 0.10 0.03 Alix Res Alliance Res* D 977 19.45 18.10 18.10 - 0.95 26.65 17.65 Almaden Mnls T 285 1.61 1.43 1.53 + 0.03 2.33 1.01 X 1358 1.32 1.15 1.25 + 0.04 1.75 0.75 Almaden Mnls* Almadex Min V 235 1.29 1.07 1.08 - 0.16 2.00 0.73 Almadex Min* O 354 1.05 0.87 0.89 - 0.11 1.51 0.55 0.55 + 0.09 0.56 0.20 Almonty Ind V 488 0.56 0.42 0.61 + 0.03 0.62 0.48 Alopex Gold V 12 0.61 0.58 Alset Minerals V 95 0.10 0.09 0.09 - 0.01 0.32 0.08 0.19 + 0.08 0.20 0.04 Altai Res V 4704 0.20 0.10 2 0.19 0.16 0.16 - 0.03 0.34 0.16 Altair Res Inc* O Altair Res Inc V 545 0.22 0.20 0.20 - 0.01 0.47 0.16 0.23 - 0.03 0.30 0.14 Altamira Gold V 977 0.27 0.23 0.19 - 0.02 0.31 0.11 Altamira Gold* O 452 0.22 0.19 Altiplano Mnls V 185 0.16 0.15 0.16 + 0.01 0.28 0.08 12.24 - 0.11 14.06 9.33 Altius Mnrls T 395 12.40 11.69 Alto Vent V 121 0.08 0.07 0.07 - 0.01 0.14 0.05 0.15 0.13 0.15 + 0.02 0.16 0.09 Altura Mng Ltd* O 2453 Alumina Inc* O 175 7.04 6.77 7.04 + 0.14 7.04 3.89 ALX Uranium V 268 0.09 0.07 0.08 - 0.01 0.16 0.06 0.06 0.06 0.06 + 0.01 0.11 0.04 Am Creek Res V 1037 Am CuMo Mng* O 91 0.16 0.13 0.14 - 0.02 0.35 0.05 Am CuMo Mng V 276 0.21 0.16 0.18 - 0.01 0.49 0.08 O 162 0.14 0.12 0.14 + 0.00 0.27 0.07 Am Manganese* Am Sierra Gold* O 21 0.04 0.00 0.04 + 0.03 0.05 0.01 Amador Gold V 30 0.25 0.00 0.25 + 0.04 0.39 0.11 0.19 + 0.02 0.21 0.04 Amarc Res* O 88 0.20 0.17 0.22 + 0.02 0.26 0.06 Amarc Res V 174 0.24 0.21 Amarillo Gold V 170 0.34 0.32 0.34 + 0.01 0.45 0.28 O 88 0.37 0.30 0.35 - 0.01 0.63 0.05 Amazing Energy* 84 0.05 0.03 0.04 - 0.01 0.11 0.01 Amer Intl Vent* O American Lith* O 2 0.37 0.36 0.36 - 0.01 0.37 0.36 0.40 - 0.05 5.80 0.33 American Lith V 84 0.46 0.35 0.11 + 0.01 0.19 0.04 American Pot* O 127 0.12 0.10 American Pot 1134 0.17 0.11 0.16 + 0.02 0.26 0.03 5.75 + 0.36 6.11 2.70 Americas Silvr T 608 6.11 5.30 X 515 5.04 4.28 4.74 + 0.39 5.04 2.39 Americas Silvr* Amerigo Res T 677 0.76 0.73 0.75 - 0.01 0.83 0.14 Amerigo Res* O 486 0.62 0.59 0.60 - 0.01 0.63 0.10 0.10 + 0.01 0.38 0.09 Amex Expl V 626 0.10 0.09 Anaconda Mng* O 265 0.07 0.06 0.06 - 0.00 0.08 0.04 Anconia Res V 547 0.03 0.02 0.02 - 0.01 0.06 0.02 0.01 - 0.00 0.03 0.00 Andes Gold* O 34 0.01 0.00 Anfield Res* O 102 0.05 0.04 0.04 - 0.00 0.19 0.04 Anglo American* O 11 18.76 0.00 18.56 + 0.26 18.76 10.94 O 495 9.34 9.03 9.05 - 0.15 9.34 5.09 Anglo American* Anglo-Bomarc V 46 0.10 0.08 0.10 + 0.01 0.15 0.05 10.61 + 0.47 17.23 8.89 AngloGold Ash* N 18267 10.86 10.03 Antioquia Gold V 678 0.10 0.09 0.09 - 0.01 0.20 0.08 Antioquia Gold* O 125 0.08 0.06 0.08 - 0.01 0.14 0.05 Antler Gold V 361 0.50 0.40 0.47 + 0.01 0.67 0.28 Antofagasta* O 49 13.79 13.14 13.14 - 0.51 13.79 6.29 Appia Energy 144 0.14 0.12 0.14 + 0.02 0.47 0.10 Applied Mrnls* O 36 0.04 0.04 0.04 - 0.00 0.17 0.02 Aquila Res* O 114 0.21 0.18 0.19 - 0.02 0.24 0.15 Aquila Res T 237 0.25 0.22 0.25 + 0.01 0.32 0.19 76.50 - 3.61 86.47 59.05 Arch Coal* N 1972 81.09 75.84 Arco Res V 36 0.08 0.07 0.07 - 0.01 0.12 0.01 Arctic Star V 676 0.15 0.13 0.13 - 0.02 0.38 0.06 Ardonblue Vent V 894 0.55 0.44 0.49 + 0.06 0.57 0.08 Arena Mnls* O 706 0.14 0.11 0.11 - 0.01 0.23 0.10 Arena Mnls V 2198 0.17 0.13 0.13 - 0.03 0.30 0.13 Argentina Lith V 702 0.14 0.08 0.12 + 0.01 0.83 0.08 Argentina Lith* O 95 0.11 0.08 0.08 - 0.01 0.63 0.07 Argentum Silvr V 188 0.28 0.22 0.25 - 0.03 0.59 0.17 Argex Titanium T 670 0.06 0.05 0.05 - 0.01 0.10 0.04 Argonaut Gold* O 222 2.40 2.25 2.32 + 0.05 3.06 1.12 Arian Silver* O 2133 0.01 0.01 0.01 + 0.00 0.02 0.00 V 139 0.82 0.76 0.78 + 0.01 0.97 0.70 Arianne Phosph Arianne Phosph* O 82 0.66 0.62 0.63 - 0.00 0.74 0.52 Arizona Mng T 4117 3.15 2.65 2.66 - 0.39 3.49 1.70 2.19 - 0.29 2.80 1.30 Arizona Mng* O 150 2.49 1.61 Arizona Silver V 1300 0.33 0.27 0.29 - 0.04 1.23 0.12 Arizona Silver* O 430 0.26 0.23 0.23 - 0.03 0.91 0.13 1.12 - 0.07 4.68 0.78 Asanko Gold* X 4863 1.28 1.11 Asanko Gold T 2905 1.57 1.35 1.37 - 0.16 6.09 0.99 Asante Gold 123 0.13 0.10 0.12 - 0.01 0.27 0.07 Ascot Res V 270 1.80 1.66 1.72 - 0.03 2.83 1.50 Ashanti Sanko V 492 0.03 0.03 0.03 - 0.01 0.10 0.03 Asian Minl Res V 3215 0.05 0.03 0.04 + 0.01 0.05 0.02 Aston Bay V 334 0.17 0.15 0.15 - 0.01 0.45 0.13 ATAC Res V 1922 0.89 0.73 0.77 - 0.02 0.89 0.32 Atacama Pacif V 59 0.79 0.00 0.79 + 0.06 0.83 0.26 Atacama Res* O 3011 0.01 0.01 0.01 - 0.00 0.52 0.01 Athabasca Mnls* O 85 0.12 0.11 0.11 - 0.01 0.24 0.09 Athabasca Mnls V 95 0.15 0.13 0.14 - 0.01 0.32 0.12 Athena Silver* O 84 0.09 0.02 0.07 - 0.02 0.14 0.02 Atico Mng* O 101 0.65 0.60 0.61 - 0.04 0.75 0.39 Atico Mng V 237 0.80 0.73 0.74 - 0.06 0.99 0.51 Atlanta Gold V 25 0.07 0.00 0.06 - 0.01 0.11 0.06 1.50 - 0.06 1.64 0.76 Atlantic Gold V 2010 1.62 1.46 Atlatsa Res* O 71 0.03 0.03 0.03 - 0.00 0.08 0.02 Atlatsa Res T 11 0.05 0.04 0.05 + 0.01 0.11 0.04 Aton Res Inc V 371 0.05 0.04 0.05 + 0.01 0.10 0.03 Aura Mnls* O 3 1.66 1.59 1.59 - 0.07 1.72 1.03 Aura Mnls T 64 2.15 1.95 2.00 - 0.05 2.15 1.30 Auramex Res V 819 0.08 0.03 0.08 + 0.05 0.08 0.02 Aurania Res* O 18 1.82 1.69 1.69 - 0.13 2.20 1.54 Aurania Res V 46 2.33 2.04 2.05 - 0.20 3.75 0.50 Aurcana Corp* O 111 0.25 0.22 0.24 + 0.02 0.47 0.18 0.30 + 0.03 0.62 0.23 Aurcana Corp V 424 0.30 0.27 AuRico Metals * O 201 1.19 1.08 1.13 + 0.05 1.19 0.62 AuRico Metals T 1678 1.43 1.33 1.40 + 0.03 1.43 0.82 Aurion Res * O 29 2.27 2.01 2.14 - 0.05 2.27 0.24 Aurion Res V 647 2.86 2.50 2.60 - 0.09 2.86 0.32 Aurvista Gold V 2276 0.32 0.28 0.32 + 0.04 0.46 0.15 Aurvista Gold* O 349 0.26 0.22 0.25 + 0.01 0.34 0.10 Auryn Res* X 408 2.55 2.40 2.50 + 0.02 3.00 1.58 Auryn Res T 473 3.13 2.95 3.00 - 0.05 3.85 2.14 Austral Gold* O 73 0.14 0.12 0.14 + 0.02 0.19 0.08 Austral Gold V 200 0.18 0.16 0.16 - 0.02 0.22 0.12 Avalon Adv Mat T 733 0.15 0.13 0.13 - 0.01 0.23 0.13 Avalon Adv Mat* O 390 0.12 0.10 0.12 + 0.00 0.17 0.00 Avarone Metals 505 0.03 0.03 0.03 + 0.01 0.06 0.02 Avino Silver V 166 2.24 2.03 2.05 - 0.10 3.45 1.52 Avino Silver* X 951 1.80 1.66 1.70 - 0.03 2.59 1.12 Avnel Gold * O 166 0.40 0.37 0.40 + 0.02 0.40 0.13 Avnel Gold T 688 0.48 0.46 0.46 - 0.01 0.48 0.18 Avrupa Mnls* O 73 0.09 0.07 0.08 - 0.01 0.16 0.06 Avrupa Mnls V 308 0.10 0.09 0.10 - 0.01 0.20 0.09

20-22_SEP18_StockTables.indd 20

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

AXE Expl V 126 Axmin Inc V 464 Azarga Mtls V 59 Azarga Mtls* O 0 T 21 Azarga Uranium Azimut Expl V 37 Azincourt Uran* O 28 V 116 Aztec Minerals Azteca Gold* O 253

0.03 0.02 0.03 + 0.01 0.05 0.02 0.04 0.04 0.04 - 0.01 0.09 0.03 0.18 0.17 0.17 - 0.01 0.60 0.14 0.14 0.00 0.12 - 0.00 1.21 0.11 0.26 0.23 0.25 - 0.01 0.57 0.18 0.34 0.30 0.33 + 0.01 0.62 0.24 0.06 0.05 0.05 - 0.01 0.22 0.03 0.30 0.27 0.27 - 0.03 0.65 0.26 0.00 0.00 0.00 - 0.00 0.00 0.00

B2Gold* X 17862 B2Gold T 15209 V 35 Bacanora Mnls Balmoral Res T 491 Balmoral Res* O 328 Banro Corp* X 1680 T 233 Banro Corp Banyan Gold* O 100 Bard Ventures V 95 Barkerville Go* O 345 V 8 Baroyeca Go&Si Barrick Gold T 10311 Barrick Gold* N 54367 Barsele Min V 203 Barsele Min* O 11 Batero Gold V 1564 Bayhorse Silvr* O 43 Bayhorse Silvr V 715 BCM Res V 162 Bear Creek Mng V 273 Bearing Lith* O 59 Beaufield Res V 911 Beaufield Res* O 170 Beeston Ent* O 58 Bell Copper V 164 Bell Copper* O 44 Belo Sun Mng T 764 Benz Mining V 612 Berkeley Egy* O 10 Berkwood Res V 384 Berkwood Res * O 119 Besra Gold* O 50 Big Wind Cap 126 Bison Gold Res* O 3 Bitterroot Res* O 313 Bitterroot Res V 986 Black Hills* N 1005 Black Iron T 730 Black Sea Cop* O 10 Black Sea Cop V 201 Blackheath Res V 172 V 309 Blackrock Gold Blind Crk Res V 242 BLOX Inc* O 239 Blue Moon Zinc V 13471 Blue Rvr Res V 997 Blue Sky Uran V 352 Bluestone Res V 130 Bold Vent V 159 Bonanza Gldfds* O 1925 BonTerra Res V 1147 BonTerra Res* O 123 BQ Metals V 634 Bravada Gold V 321 Bravada Gold* O 146 Bravo Multinat* O 12 24 Bravura Vent * O Bravura Vent 206 Brazil Mnrls* O 2352 BrightRock Gld* O 170 Brilliant Sand* O 0 Britannia Mng* O 152 Brixton Mtls* O 131 Brixton Mtls V 314 Broadway Gold* O 203 Broadway Gold V 428 Brookmount Exp* O 1704 Buenaventura* N 8354 Bullfrog Gold* O 283 Bullion Gld Res V 455 BWR Explor V 1090

2.88 2.70 2.76 - 0.01 3.55 2.02 3.55 3.32 3.35 - 0.06 4.64 2.69 1.37 1.23 1.26 - 0.05 1.75 1.01 0.68 0.64 0.66 + 0.01 1.22 0.55 0.55 0.50 0.55 + 0.03 0.92 0.44 0.51 0.35 0.36 - 0.12 3.60 0.25 0.65 0.43 0.44 - 0.16 47.00 0.31 0.10 0.00 0.10 + 0.00 0.11 0.06 0.03 0.02 0.02 - 0.01 0.05 0.02 0.74 0.70 0.73 + 0.01 1.03 0.29 0.02 0.01 0.02 + 0.01 0.02 0.01 22.70 21.41 21.61 - 0.81 27.19 18.52 18.35 17.63 17.81 - 0.30 20.78 13.81 0.71 0.59 0.71 + 0.10 1.62 0.55 0.58 0.47 0.58 + 0.06 1.25 0.44 0.12 0.08 0.08 - 0.01 0.16 0.08 0.20 0.18 0.20 + 0.02 0.22 0.09 0.26 0.22 0.24 + 0.01 0.29 0.13 0.14 0.09 0.14 + 0.05 0.22 0.07 2.74 2.49 2.55 - 0.09 3.69 1.72 0.64 0.58 0.64 + 0.02 1.41 0.30 0.21 0.19 0.19 - 0.01 0.34 0.06 0.17 0.15 0.16 + 0.01 0.25 0.04 0.00 0.00 0.00 - 0.00 0.00 0.00 0.09 0.07 0.08 - 0.01 0.15 0.03 0.08 0.06 0.06 - 0.02 0.12 0.02 0.67 0.63 0.63 - 0.01 1.14 0.50 0.35 0.27 0.31 + 0.05 0.40 0.15 0.66 0.65 0.66 + 0.01 0.92 0.50 0.52 0.45 0.45 - 0.03 1.03 0.27 0.43 0.39 0.42 + 0.03 0.44 0.25 0.01 0.00 0.00 - 0.00 0.01 0.00 0.40 0.30 0.36 - 0.04 0.60 0.05 0.47 0.47 0.47 - 0.01 0.47 0.23 0.22 0.16 0.21 + 0.04 0.22 0.02 0.27 0.00 0.25 + 0.05 0.29 0.04 70.94 68.93 70.22 - 0.20 72.02 54.76 0.09 0.09 0.09 + 0.01 0.17 0.03 0.14 0.13 0.14 - 0.00 0.46 0.13 0.18 0.17 0.18 + 0.01 0.54 0.17 0.06 0.05 0.06 + 0.02 0.11 0.05 0.06 0.06 0.06 + 0.01 0.18 0.05 0.24 0.19 0.21 - 0.01 0.38 0.07 0.23 0.19 0.23 + 0.03 0.35 0.01 0.06 0.03 0.06 + 0.03 0.10 0.02 0.04 0.03 0.03 - 0.01 0.08 0.03 0.15 0.13 0.13 - 0.01 0.63 0.10 1.19 1.10 1.10 - 0.08 1.90 0.40 0.04 0.04 0.04 + 0.01 0.06 0.03 0.00 0.00 0.00 + 0.00 0.01 0.00 0.47 0.42 0.46 + 0.02 0.55 0.21 0.38 0.33 0.38 + 0.03 0.41 0.15 0.32 0.23 0.27 + 0.01 0.49 0.01 0.21 0.15 0.18 + 0.02 0.34 0.14 0.17 0.13 0.17 + 0.03 0.26 0.11 1.81 1.10 1.10 - 0.71 9.75 0.32 0.45 0.40 0.44 + 0.04 4.85 0.18 0.53 0.49 0.49 - 0.04 5.90 0.20 0.01 0.00 0.01 + 0.00 0.50 0.00 0.00 0.00 0.00 + 0.00 0.00 0.00 0.02 0.02 0.02 + 0.00 0.10 0.02 0.00 0.00 0.00 - 0.00 0.02 0.00 0.35 0.30 0.30 - 0.04 0.60 0.15 0.42 0.37 0.37 - 0.05 0.79 0.18 0.48 0.37 0.46 + 0.08 1.29 0.22 0.58 0.45 0.54 + 0.07 1.70 0.24 0.05 0.02 0.02 - 0.00 0.13 0.01 14.14 13.40 13.93 + 0.47 15.10 9.87 0.10 0.09 0.09 - 0.01 0.19 0.05 0.26 0.21 0.26 + 0.02 0.30 0.08 0.07 0.06 0.07 - 0.01 0.09 0.04

C Cache Expl V 8023 0.16 0.12 0.13 - 0.01 0.31 0.07 Cache Expl* O 112 0.12 0.10 0.11 + 0.01 0.21 0.10 0.05 + 0.02 0.06 0.03 Cadillac Vent V 506 0.05 0.04 Caledonia Mng* X 32 6.63 6.37 6.49 + 0.02 6.75 0.05 Caledonia Mng T 15 8.20 7.77 8.00 - 0.16 12.10 6.30 Calibre Mng V 630 0.17 0.16 0.16 - 0.01 0.30 0.10 California Gld V 248 0.35 0.30 0.35 + 0.01 0.76 0.23 California Go* O 15 0.29 0.27 0.29 + 0.00 0.50 0.21 O 2156 0.39 0.27 0.33 + 0.05 0.50 0.21 Callinex Mines* Callinex Mines V 4792 0.48 0.34 0.42 + 0.08 0.67 0.28 Cameco Corp* N 6414 10.22 9.86 9.95 - 0.06 13.36 7.41 Cameco Corp T 3596 12.59 12.00 12.07 - 0.32 17.65 9.88 Camino Mnls V 1599 0.59 0.44 0.55 + 0.07 2.23 0.15 Camino Mnls* O 36 0.49 0.35 0.44 + 0.09 1.62 0.00 Camrova Res V 47 0.09 0.00 0.07 - 0.02 0.33 0.06 Camrova Res* O 53 0.06 0.05 0.06 + 0.01 0.21 0.00 Canada One V 4 0.13 0.11 0.11 - 0.02 0.19 0.05 Canadian Mng V 224 0.74 0.63 0.65 - 0.04 0.79 0.10 Canadian Zeol V 544 0.54 0.45 0.45 - 0.05 1.95 0.32 Canadian Zeol* O 20 0.41 0.38 0.38 - 0.02 1.46 0.25 CanAlaska Uran* O 109 0.32 0.27 0.30 + 0.00 1.07 0.24 CanAlaska Uran V 124 0.39 0.34 0.37 + 0.02 1.31 0.33 CanAm Coal* O 5 0.00 0.00 0.00 - 0.00 0.01 0.00 Canamex Res* O 63 0.11 0.00 0.10 - 0.01 0.13 0.07 Canamex Res V 307 0.14 0.12 0.13 + 0.01 0.19 0.10 Canarc Res* O 417 0.07 0.07 0.07 - 0.00 0.11 0.05 Canasil Res V 474 0.15 0.14 0.14 - 0.01 0.68 0.13 Candente Coppr T 1170 0.11 0.10 0.11 + 0.01 0.14 0.06 CaNickel Mng V 10 0.13 0.12 0.12 - 0.01 0.33 0.05 Canoe Mng Vent V 713 0.14 0.10 0.13 + 0.02 0.15 0.04 0.45 + 0.09 0.60 0.25 Canuc Res V 169 0.47 0.36 Canyon Copper* O 18 0.13 0.10 0.11 + 0.00 0.15 0.10 Canyon Copper V 302 0.16 0.13 0.14 - 0.01 0.23 0.06 Canyon Gold* O 17324 0.00 0.00 0.00 + 0.00 0.19 0.00 Capstone Mng T 5564 1.56 1.36 1.38 - 0.15 1.81 0.65 Cardero Res V 23 0.12 0.00 0.12 - 0.01 0.24 0.07 Cardero Res* O 30 0.09 0.00 0.08 - 0.01 0.19 0.05 Cariboo Rose V 1086 0.13 0.10 0.11 - 0.02 0.26 0.07 Carlin Gold V 214 0.08 0.07 0.08 + 0.01 0.10 0.03 Carmax Mng V 122 0.06 0.05 0.05 - 0.01 0.06 0.03 Carrara Explor 695 0.90 0.74 0.80 - 0.08 1.00 0.35 Cartier Res V 389 0.30 0.27 0.30 + 0.01 0.38 0.12 Casablanca Mng* O 49 0.00 0.00 0.00 - 0.00 0.00 0.00 219 0.03 0.02 0.02 - 0.01 0.05 0.01 Castle Peak Mg V Castle Res 1 0.37 0.00 0.37 + 0.12 0.42 0.01 Castle Silver V 477 0.21 0.19 0.20 + 0.01 0.30 0.02 Castle Silver* O 77 0.18 0.15 0.17 + 0.02 0.22 0.03 Cautivo Mining 142 0.85 0.35 0.85 + 0.50 0.85 0.20 Caza Gold V 914 0.02 0.00 0.02 + 0.01 0.09 0.01 Cda Carbon V 444 0.18 0.15 0.16 - 0.01 0.32 0.11 418 0.04 0.04 0.04 + 0.01 0.06 0.03 Cda Rare Earth V Cda Strtgc Met V 678 0.11 0.11 0.11 - 0.01 0.18 0.10 Cda Zinc Mtls V 1277 0.35 0.28 0.32 + 0.04 0.48 0.22 Cdn Metals 244 0.08 0.06 0.06 - 0.02 0.25 0.05 Cdn Orebodies V 150 0.25 0.22 0.23 - 0.01 0.53 0.19 Cdn Silvr Hunt V 151 0.12 0.10 0.11 - 0.01 0.12 0.02 Cdn Zinc* O 728 0.19 0.14 0.16 + 0.01 0.27 0.11 0.21 + 0.01 0.35 0.15 Cdn Zinc T 3081 0.23 0.18 Centamin T 21 2.54 2.47 2.51 - 0.01 3.23 1.84 Centaurus Diam* O 42 0.05 0.00 0.05 + 0.01 0.13 0.01 Centenera Mng* O 94 0.16 0.13 0.15 + 0.03 0.37 0.10 Centenera Mng V 116 0.20 0.16 0.18 + 0.01 0.50 0.15 Centerra Gold T 4899 8.79 7.45 8.78 + 1.29 8.67 5.56 Centurion Mnls V 1035 0.05 0.04 0.04 - 0.01 0.09 0.04 Century Global* O 67 0.17 0.15 0.16 + 0.00 0.40 0.15 Century Global T 70 0.23 0.16 0.19 - 0.05 0.72 0.13 Ceylon Graph V 102 0.20 0.17 0.20 + 0.01 0.45 0.16 Chalice Gold M T 242 0.16 0.15 0.15 - 0.02 0.19 0.14 Champion Bear V 30 0.17 0.00 0.16 - 0.02 0.28 0.06 Champion Iron* O 107 0.84 0.81 0.82 - 0.02 1.12 0.17 Champion Iron T 778 1.03 0.98 1.00 - 0.01 1.47 0.23 0.08 - 0.01 0.11 0.05 Chantrell Vent V 33 0.08 0.00 Chesapeake Gld* O 35 3.18 2.85 3.16 + 0.31 4.57 2.28 Chesapeake Gld V 127 3.92 3.54 3.78 + 0.21 5.95 2.91 Chevron Corp* N 27724 112.87 107.51 110.78 + 2.02 119.00 97.53 Chiboug Ind Mn* O 49 0.06 0.05 0.05 - 0.01 0.11 0.04 Chilean Metals V 202 0.11 0.09 0.09 - 0.02 0.33 0.09 Chilean Metals* O 30 0.09 0.08 0.08 - 0.00 0.24 0.07 China Gold Int T 2738 2.57 2.27 2.45 + 0.15 3.67 1.82 China Mnls Mng* O 5 0.00 0.00 0.00 + 0.00 0.02 0.00 0.06 + 0.01 0.12 0.05 CKR Carbon* O 13 0.06 0.05 CKR Carbon V 820 0.08 0.07 0.08 + 0.01 0.19 0.06

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Clean Comm V 1084 Cleveland-Clif* N 46747 Clifton Mng* O 175 Cloud Peak En* N 3414 CMC Metals* O 7 CMC Metals V 215 CNRP Mng* O 181 147 CNRP Mng 192 Cobalt 27 Cap V Cobalt Pwr Grp* O 373 Cobalt Pwr Grp V 5118 CobalTech M’g* O 22 CobalTech M’g V 1388 N 12558 Coeur Mng* Colibri Res* O 1 Colombia Crest* O 43 Colonial Coal V 441 Colorado Res V 2376 Colorado Res* O 601 O 444 Columbus Gold* Columbus Gold T 250 Commander Res V 2377 Commerce Res V 502 Commerce Res* O 151 X 11529 Comstock Mng* Comstock Mtls V 253 Condor Res V 169 Confedertn Ml* O 35 Confedertn Mls V 70 Conquest Res V 259 CONSOL Energy* N 18225 V 575 Constantine Mt Contact Gold V 392 Contintl Gold T 1793 Contintl Gold* O 217 Contintl Prec V 42 Copper Ck Gold V 120 Copper Fox Mtl V 957 58 Copper Fox Mtl* O Copper Mtn Mng* O 1305 Copper Mtn Mng T 6314 947 Copper North M V Copper North M* O 40 Copperbank Res 1241 Copperbank Res* O 119 Coral Gold * O 114 Coral Gold V 258 Cordoba Mnls* O 344 Cordoba Mnls V 676 Corex Gold V 454 Cornerstone Ca V 1136 O 451 Cornerstone Ca* Cornerstone Mt* O 53 V 2134 Cornerstone Mt Coro Mining T 268 Coronet Mtls* O 42 Corsa Coal V 106 Corsa Coal * O 14 Corvus Gold* O 128 Corvus Gold T 433 Crazy Horse Res* O 1 Cresval Cap V 13 Critical Elem* O 247 Critical Elem V 3796 Cruz Cobalt* O 313 Cruz Cobalt V 1447 Crystal Explor* O 29 Crystal Explor V 374 Crystal Lake* O 49 Crystal Lake V 222 Crystal Peak V 81 Curlew Lke Res V 12 Currie Rose Rs V 224 Cyclone Uran* O 58 Cypress Dev* O 23 Cypress Dev V 174

0.08 0.07 0.08 + 0.01 0.15 0.05 8.77 7.82 7.96 - 0.52 12.37 4.91 0.11 0.08 0.10 + 0.02 0.16 0.07 3.41 3.01 3.10 - 0.23 8.04 2.78 0.07 0.00 0.07 + 0.01 0.10 0.06 0.10 0.09 0.09 - 0.01 0.16 0.08 1.00 0.58 0.68 + 0.10 0.70 0.07 0.83 0.71 0.76 + 0.03 12.50 0.18 9.30 8.90 9.25 + 0.25 13.20 7.42 0.14 0.11 0.12 - 0.02 0.14 0.06 0.17 0.14 0.15 - 0.02 0.18 0.05 0.13 0.00 0.11 - 0.01 0.32 0.08 0.15 0.14 0.14 - 0.01 0.45 0.09 9.40 8.58 9.26 + 0.40 14.47 7.30 0.11 0.10 0.11 + 0.01 0.17 0.09 0.01 0.00 0.01 + 0.00 0.02 0.00 0.15 0.13 0.13 - 0.02 0.24 0.09 0.43 0.38 0.41 + 0.02 0.50 0.18 0.36 0.30 0.33 + 0.01 0.39 0.13 0.58 0.52 0.54 - 0.02 0.83 0.31 0.71 0.63 0.63 - 0.06 1.09 0.42 0.06 0.04 0.06 + 0.01 0.07 0.03 0.09 0.08 0.09 + 0.01 0.11 0.05 0.08 0.07 0.07 - 0.00 0.09 0.04 0.20 0.18 0.18 - 0.00 0.40 0.13 0.15 0.11 0.13 + 0.01 0.30 0.11 0.13 0.11 0.12 - 0.01 0.19 0.06 0.52 0.47 0.52 + 0.05 0.80 0.37 0.67 0.00 0.65 - 0.01 1.06 0.46 0.04 0.02 0.03 + 0.01 0.05 0.02 15.12 14.07 14.21 - 0.57 22.34 13.55 0.28 0.24 0.26 - 0.01 0.30 0.08 0.78 0.71 0.78 + 0.07 1.10 0.68 3.60 3.26 3.38 - 0.21 5.75 2.62 2.92 2.70 2.78 - 0.11 4.39 1.90 0.30 0.28 0.30 + 0.01 0.44 0.25 0.04 0.03 0.04 + 0.01 0.11 0.03 0.18 0.15 0.16 + 0.01 0.19 0.11 0.15 0.11 0.14 + 0.03 0.15 0.08 1.15 1.01 1.05 - 0.02 1.15 0.32 1.42 1.24 1.28 - 0.04 1.42 0.42 0.09 0.08 0.08 - 0.01 0.23 0.07 0.07 0.00 0.07 + 0.01 0.16 0.00 0.15 0.12 0.14 + 0.01 0.18 0.05 0.11 0.09 0.10 - 0.01 0.14 0.04 0.30 0.28 0.28 + 0.00 0.30 0.20 0.37 0.34 0.34 - 0.01 0.40 0.27 0.58 0.52 0.56 + 0.01 1.21 0.45 0.72 0.64 0.66 - 0.02 1.59 0.62 0.13 0.11 0.12 + 0.01 0.17 0.10 0.46 0.35 0.40 - 0.04 0.55 0.09 0.36 0.30 0.32 - 0.04 0.44 0.07 0.07 0.06 0.06 - 0.01 0.07 0.02 0.09 0.07 0.07 - 0.01 0.13 0.02 0.14 0.12 0.13 - 0.01 0.20 0.10 0.11 0.10 0.10 - 0.00 0.56 0.09 1.58 1.46 1.48 - 0.10 3.82 1.45 1.25 1.17 1.21 - 0.02 2.93 1.12 0.70 0.62 0.66 - 0.04 0.75 0.37 0.88 0.77 0.80 - 0.07 0.97 0.50 0.17 0.16 0.16 - 0.01 0.17 0.12 0.06 0.05 0.05 - 0.01 0.06 0.04 1.30 1.15 1.18 - 0.07 1.44 0.31 1.64 1.35 1.47 - 0.06 1.79 0.39 0.19 0.17 0.18 + 0.02 0.23 0.09 0.23 0.20 0.22 + 0.01 0.31 0.11 0.08 0.07 0.08 + 0.01 0.12 0.07 0.10 0.09 0.10 - 0.01 0.16 0.09 0.17 0.14 0.17 + 0.04 0.30 0.13 0.24 0.16 0.23 + 0.06 0.40 0.16 0.42 0.37 0.37 - 0.05 0.56 0.18 1.10 0.90 0.90 - 0.20 1.49 0.10 0.05 0.02 0.04 + 0.00 0.08 0.04 0.00 0.00 0.00 - 0.00 0.02 0.00 0.10 0.08 0.08 - 0.02 0.11 0.06 0.12 0.00 0.11 - 0.01 0.15 0.08

Dajin Res V 1774 Dajin Res* O 778 Dakota Ter Res* O 19 O 163 Dalradian Res* Dalradian Res T 579 Damara Gold V 946 Danakali* O 266 Darnley Bay V 874 Darnley Bay* O 290 Decade Res* O 1407 Decade Res V 2276 Declan Res 28 Deep-South Res V 274 Defiance Silvr V 526 Defiance Silvr* O 268 X 1247 Denison Mines* Denison Mines T 1127 Desert Gold* O 50 Desert Gold V 29 Detour Gold T 3883 Diamante Min* O 564 Diamcor Mng* O 15 Diamcor Mng V 49 Diamond Fields V 105 Dios Expl V 248 Discovery Gold* O 16 Discovery Met V 17 Discovery Mnls* O 271417 Ditem Explor* O 373 DNI Metals 1417 DNI Metals* O 383 Dolat Ventures* O 30980 Dolly Vard Sil* O 160 Dolly Vard Sil V 522 Dominion Diam T 525 Dominion Diam* N 3503 Dorex Mnrls* O 14 Dorex Mnrls V 45 Doubleview Cap V 582 Doubleview Cap* O 85 DRDGOLD* N 1355 Duncan Park H V 2309 Dundee Prec Mt T 780 Durango Res* O 91 Durango Res V 6736 DuSolo Fertil V 25 Dynacor Gld Mn T 188 Dynacor Gld Mn* O 67 Dynamic Gold* O 1 Dynasty Gold V 174 Dynasty Met&Mn* O 123 E3 Metals V 238 Eagle Graphite V 444 Eagle Plains V 461 East Africa V 347 East Asia Mnls* O 78 East Asia Mnls V 4809 Eastern Platin* O 94 Eastern Platin T 40 Eastern Zinc V 2 Eastfield Res V 170 Eastmain Res* O 238 Eastmain Res T 1355 Eco Oro Mnls T 29 O 558 eCobalt Solns* eCobalt Solns T 933 Edgewater Expl* O 2 El Capitan Prc* O 3028 El Nino Vent V 206 Elcora Res V 80 Elcora Res* O 34 Eldorado Gold* N 21070 Eldorado Gold T 8937 Eloro Mnrls* O 135 Ely Gold & Mnl* O 194 Ely Gold & Mnl V 105 Elysee Dev V 12 Elysee Dev * O 55 Emerita Res V 3114 Emgold Mng V 153 Empire Rock V 17 EMX Royalty* X 453 EMX Royalty V 72 Endeavour Mng* O 59 Endeavour Mng T 1051 Endeavr Silver T 1708 Endeavr Silver* N 10580 Energy Fuels* X 792 Energy Fuels T 256

0.10 0.08 0.10 + 0.02 0.18 0.08 0.08 0.06 0.08 + 0.02 0.14 0.06 0.05 0.00 0.04 - 0.01 0.10 0.02 1.37 1.30 1.37 + 0.02 1.37 0.78 1.69 1.61 1.67 - 0.02 1.78 1.06 0.18 0.16 0.16 - 0.02 0.18 0.04 0.55 0.50 0.52 - 0.03 0.65 0.27 0.28 0.23 0.24 - 0.02 0.57 0.13 0.22 0.20 0.21 + 0.01 0.44 0.10 0.16 0.14 0.15 - 0.00 0.16 0.03 0.20 0.17 0.18 - 0.01 0.20 0.04 0.17 0.16 0.17 + 0.01 0.30 0.06 0.26 0.19 0.19 - 0.03 0.39 0.08 0.44 0.37 0.41 + 0.02 0.53 0.21 0.35 0.30 0.34 + 0.04 0.41 0.16 0.51 0.47 0.50 + 0.01 0.84 0.37 0.62 0.59 0.61 + 0.01 1.10 0.49 0.17 0.17 0.17 - 0.00 0.30 0.11 0.22 0.19 0.21 - 0.01 0.40 0.13 17.86 16.59 16.81 - 0.58 32.89 13.24 0.10 0.09 0.09 - 0.00 0.27 0.02 0.60 0.60 0.60 - 0.00 1.11 0.55 0.76 0.69 0.69 - 0.06 1.50 0.67 0.12 0.00 0.11 - 0.01 0.24 0.07 0.07 0.06 0.06 - 0.01 0.15 0.06 0.00 0.00 0.00 - 0.00 0.00 0.00 0.92 0.88 0.88 - 0.02 0.92 0.41 0.00 0.00 0.00 + 0.00 0.00 0.00 0.00 0.00 0.00 + 0.00 0.00 0.00 0.14 0.10 0.10 - 0.01 0.16 0.02 0.11 0.01 0.09 - 0.01 0.13 0.00 0.04 0.03 0.03 - 0.01 0.13 0.00 0.71 0.62 0.65 - 0.02 0.71 0.35 0.88 0.73 0.80 - 0.01 0.88 0.45 17.58 17.13 17.22 - 0.30 18.27 10.47 14.20 14.11 14.18 + 0.03 14.20 7.92 0.18 0.18 0.18 + 0.00 0.18 0.14 0.23 0.18 0.23 + 0.05 0.30 0.10 0.05 0.04 0.04 - 0.01 0.19 0.04 0.04 0.04 0.04 + 0.00 0.14 0.03 4.07 3.49 3.96 + 0.40 6.67 2.84 0.02 0.02 0.02 - 0.01 0.03 0.01 2.91 2.74 2.88 + 0.03 3.94 1.87 0.08 0.08 0.08 - 0.01 0.22 0.05 0.14 0.09 0.10 - 0.01 0.36 0.05 0.30 0.29 0.29 - 0.01 0.60 0.25 2.15 1.98 2.15 + 0.13 3.49 1.82 1.77 1.60 1.76 + 0.13 2.64 1.37 1.70 0.00 1.70 + 0.49 2.00 0.25 0.17 0.02 0.17 + 0.01 0.32 0.12 0.32 0.26 0.28 + 0.00 0.32 0.13 0.45 0.37 0.41 - 0.02 0.78 0.18 0.03 0.03 0.03 - 0.01 0.05 0.03 0.18 0.16 0.16 - 0.01 0.24 0.11 0.25 0.21 0.24 - 0.01 0.35 0.17 0.16 0.00 0.16 + 0.03 0.49 0.10 0.20 0.14 0.19 + 0.04 0.74 0.05 0.25 0.23 0.24 + 0.01 0.64 0.19 0.32 0.30 0.30 - 0.01 0.85 0.23 0.22 0.00 0.22 + 0.01 0.30 0.10 0.05 0.04 0.04 - 0.01 0.08 0.03 0.32 0.28 0.30 + 0.00 0.73 0.21 0.38 0.34 0.38 + 0.02 0.97 0.30 0.36 0.00 0.33 - 0.04 0.87 0.13 1.17 1.11 1.11 - 0.04 1.17 0.34 1.44 1.35 1.35 - 0.09 1.48 0.46 0.14 0.14 0.14 - 0.01 0.16 0.11 0.05 0.04 0.05 - 0.00 2.35 0.04 0.04 0.03 0.03 - 0.01 0.05 0.02 0.22 0.19 0.19 - 0.03 0.40 0.17 0.17 0.16 0.16 + 0.00 0.32 0.14 2.13 2.03 2.06 - 0.02 4.34 1.77 2.62 2.49 2.49 - 0.07 5.63 2.24 0.68 0.65 0.68 + 0.00 0.68 0.30 0.13 0.10 0.12 - 0.00 0.20 0.08 0.15 0.13 0.13 - 0.03 0.27 0.11 0.36 0.00 0.35 - 0.01 0.49 0.30 0.29 0.26 0.27 - 0.02 0.37 0.23 0.13 0.11 0.12 - 0.01 0.22 0.04 0.22 0.00 0.22 + 0.20 0.40 0.15 0.24 0.16 0.24 + 0.08 0.30 0.07 1.00 0.90 0.92 - 0.03 1.24 0.75 1.24 1.11 1.12 - 0.03 1.64 1.05 21.21 19.93 20.65 + 0.63 21.89 13.00 25.87 24.54 25.08 + 0.20 28.81 17.37 3.35 3.01 3.13 + 0.04 7.59 2.64 2.71 2.42 2.58 + 0.10 5.84 2.08 1.91 1.71 1.73 - 0.09 2.71 1.29 2.37 2.08 2.09 - 0.18 3.53 1.74

D-F

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

0.15 0.15 - 0.02 0.28 Enforcer Gold V 1055 0.17 0.15 0.03 0.24 - 0.02 0.50 Engold Mines* O 349 0.26 0.24 0.04 0.30 - 0.05 0.68 Engold Mines V 312 0.35 0.29 0.02 0.06 + 0.01 0.12 Ensurge* O 68 0.06 0.04 0.21 0.45 - 0.01 0.72 Entree Gold* X 1128 0.50 0.42 0.29 0.53 - 0.03 0.94 Entree Gold T 636 0.60 0.50 0.03 0.04 - 0.01 0.10 Equitorial Ex* O 193 0.06 0.04 0.03 0.06 - 0.01 0.14 Equitorial Ex V 1514 0.08 0.06 0.75 0.69 0.70 - 0.06 1.00 0.25 38 Erdene Res Dev* O 0.94 0.82 0.85 - 0.05 1.40 0.33 492 Erdene Res Dev T 0.14 0.15 + 0.02 0.42 Erin Ventures V 58 0.16 0.00 0.14 0.00 0.13 - 0.01 0.16 0.10 18 Eros Res Corp* O 0.18 0.17 0.18 + 0.01 0.23 0.15 64 Eros Res Corp V 0.18 0.17 0.18 + 0.01 0.23 0.15 64 Eros Res Corp V 0.15 0.32 - 0.04 0.45 Eskay Mng V 322 0.36 0.31 0.14 0.17 - 0.01 0.33 V 31 0.19 0.17 Essex Minerals 0.05 0.11 - 0.02 0.23 Ethos Gold* O 11 0.13 0.11 0.14 0.14 - 0.02 0.30 Ethos Gold V 237 0.16 0.14 0.04 0.05 - 0.01 0.15 Eureka Res V 170 0.06 0.05 1.49 1.40 1.47 + 0.07 1.55 0.47 16 Euro Sun Mg* O 1.83 1.72 1.76 + 0.04 2.02 0.62 199 T Euro Sun Mg 0.23 0.29 + 0.03 0.59 O 10 0.33 0.26 EurOmax Res* 0.30 0.35 + 0.02 0.81 EurOmax Res T 45 0.37 0.00 0.03 0.04 + 0.01 0.10 Everton Res* O 664 0.05 0.03 0.13 0.22 + 0.02 0.45 Evolving Gold 68 0.22 0.00 0.10 0.17 + 0.01 0.33 O 98 0.17 0.15 Evolving Gold* 0.92 1.75 + 0.01 1.87 Excellon Res* O 1111 1.87 1.64 1.22 2.12 - 0.04 2.30 Excellon Res T 1835 2.30 2.02 0.26 1.06 - 0.03 1.18 O 220 1.18 1.04 Excelsior Mng* 0.35 1.29 - 0.04 1.48 Excelsior Mng T 1269 1.48 1.27 0.03 0.02 0.02 - 0.01 0.03 0.00 65 ExGen Res Inc* O 0.04 0.07 - 0.00 0.09 Explor Res* O 110 0.07 0.05 0.06 0.08 + 0.01 0.11 Explor Res V 870 0.08 0.07 0.99 0.91 0.98 + 0.03 1.17 0.57 134 O Falco Res * 0.77 1.21 + 0.04 1.65 Falco Res V 1231 1.22 1.14 0.04 0.04 - 0.01 0.20 Falcon Gold V 306 0.04 0.04 0.03 0.06 - 0.01 0.08 Fancamp Expl V 584 0.06 0.06 0.05 0.29 + 0.03 0.30 Far Res* O 11 0.30 0.25 0.05 0.34 - 0.04 0.38 Far Res 18615 0.38 0.32 2.50 2.42 2.50 + 0.08 3.00 1.35 173 Filo Mg Corp V 0.22 0.28 + 0.01 0.54 Fiore Explor* O 55 0.30 0.28 0.03 0.08 + 0.01 0.12 Firesteel Res V 1332 0.09 0.05 0.77 0.83 - 0.02 1.00 Fireweed Zinc V 78 0.85 0.81 0.03 0.04 + 0.01 0.07 First Bauxite V 744 0.04 0.03 0.22 0.62 + 0.03 0.92 First Cobalt V 2950 0.68 0.58 0.55 0.46 0.50 + 0.03 0.67 0.31 211 First Cobalt * O 0.04 0.04 - 0.01 0.10 First Energy V 77 0.05 0.04 0.00 0.00 + 0.00 0.00 37428 0.00 0.00 First Liberty* O 7.64 6.88 7.19 + 0.08 13.12 5.92 First Majestic* N 18772 7.51 First Majestic T 3440 9.44 8.55 8.74 - 0.06 17.73 0.02 0.02 - 0.01 0.04 First Mexican V 243 0.02 0.02 0.72 0.66 0.68 - 0.02 1.10 0.57 T 2280 First Mg Fin 0.05 0.11 + 0.04 0.11 First Point* O 285 0.11 0.07 13.76 - 1.47 17.55 9.69 First Quantum T 14062 15.47 13.44 0.07 0.06 0.07 + 0.01 0.13 0.05 348 V Fission 3.0 0.49 0.66 - 0.03 0.92 Fission Uran T 833 0.70 0.66 0.17 0.14 0.14 - 0.03 0.22 0.16 77 Five Star Diam* O 0.21 0.17 0.19 - 0.03 0.55 0.17 437 Five Star Diam V 0.07 0.40 + 0.10 0.45 O 148 0.45 0.27 Fjordland Exp* 0.10 0.50 + 0.12 0.58 Fjordland Exp V 1957 0.56 0.35 0.04 0.06 + 0.01 0.11 O 647 0.06 0.05 Focus Graphite* 0.17 0.28 - 0.02 0.47 Foran Mng V 164 0.30 0.28 0.06 0.01 0.28 0.13 - Forsys Metals T 141 0.15 0.13 6.38 5.92 6.16 + 0.11 11.71 5.44 T 2167 Fortuna Silvr 4.11 5.07 + 0.18 8.80 Fortuna Silvr* N 6436 5.27 4.77 0.50 0.50 - 0.02 0.90 Fortune Bay V 13 0.51 0.00 0.30 0.41 + 0.00 0.64 Fortune Bay* O 6 0.42 0.41 0.07 0.16 - 0.00 0.26 O 527 0.17 0.15 Fortune Mnrls* 0.11 0.14 - 0.02 0.16 Four Nines 125 0.15 0.14 0.07 0.12 + 0.03 0.15 FPX Nickel V 610 0.14 0.09 53.31 84.58 + 2.45 85.03 N 2717 85.03 81.21 Franco-Nevada* 102.68 + 1.16 104.00 71.44 Franco-Nevada T 2152 104.00 100.77 0.08 0.14 + 0.02 0.22 Freegold Vent T 434 0.14 0.11 14.24 - 0.83 17.06 9.24 N 91799 15.38 14.13 Freeport McMoR* 0.03 0.01 0.09 + 0.05 0.05 0.04 46 Freeport Res V 0.07 0.13 - 0.01 0.20 Fremont Gold V 34 0.14 0.13 22.04 0.00 21.67 + 0.94 24.37 13.18 18 Fresnillo plc* O 0.24 0.36 + 0.02 0.46 Frontier Lith V 233 0.38 0.34 0.10 0.37 - 0.03 0.50 Fura Gems V 304 0.40 0.36

G-H Gabriel Res T 820 Gainey Capital V 208 Galane Gold V 321 Galantas Gold V 412 Galway Mtls* O 283 Galway Mtls V 255 Garibaldi Res V 8117 809 Garibaldi Res * O General Moly* X 320 Genesis Mtls* O 363 Genesis Mtls V 970 Genius Props 2718 V 3359 Gensource Pot Gentor Res V 1102 O 750 Geologix Expl* Geologix Expl V 2666 O 2304 Geomega Res* Getty Copper V 318 O 91 GFG Resources* GGX Gold* O 17 Giga Metals V 293 Gitennes Expl V 381 Giyani Gold* O 134 O 183 Gldn Predator* Gldn Predator V 1050 112 Glen Eagle Res V Glencore Plc* O 1014 Global Energy V 603 Global Gold* O 46 Global Li-Ion 144 Globex Mng* O 12 Globex Mng T 72 GMV Minerals V 165 O 101 GMV Minerals* V 13 GobiMin GoGold Res T 2508 O 54 Gold Dynamics* Gold Fields* O 14 25170 Gold Fields* N 424 Gold Mng USA* O 200 Gold Reach Res V Gold Reserve V 18 Gold Reserve* O 28 X 2977 Gold Resource* Gold Std Vents* X 1895 552 Gold Std Vents V Goldcliff Res* O 16 Goldcorp* N 39333 T 9895 Goldcorp Golden Arrow V 628 Golden Arrow* O 351 V 19 Golden Cariboo 792 Golden Dawn Ml V 151 Golden Dawn Ml* O Golden Eagle* O 101 O 156 Golden Global* V 258 Golden Goliath O 26 Golden Goliath* Golden Hope V 457 Golden Hope* O 39 Golden Mnls T 52 Golden Mnls* X 1203 42 Golden Peak Mn V O 881 Golden Queen* Golden Queen T 466 Golden Reign V 9173 Golden Secret V 183 Golden Share V 97 Golden Star T 459 Golden Star* X 8711 Golden Valley* O 106 Golden Valley V 732 Goldex Res V 13 T 1438 Goldgroup Mng O 1678 Goldgroup Mng* GoldMining V 773 GoldON Res V 154 V 2514 GoldQuest Mng Goldrea Res 114 Goldrich Mng* O 123 O 246 Goldsource Min* V 524 Goldsource Min V 401 Goldstrike Res O 245 GoviEx Uranium* V 1971 GoviEx Uranium Gowest Gold* O 140

0.26 0.36 + 0.04 0.67 0.40 0.31 0.09 0.13 - 0.03 0.37 0.16 0.13 0.06 0.07 - 0.01 0.14 0.08 0.07 0.08 0.09 + 0.01 0.18 0.09 0.08 0.18 0.32 + 0.02 0.40 0.32 0.30 0.23 0.37 + 0.01 0.54 0.39 0.36 0.07 1.12 + 0.21 1.21 1.21 0.68 0.98 0.57 0.94 + 0.22 0.98 0.05 0.21 0.46 + 0.01 0.72 0.46 0.44 0.01 0.16 + 0.02 0.18 0.18 0.14 0.09 0.20 + 0.02 0.25 0.22 0.17 0.11 0.17 + 0.02 0.38 0.17 0.15 0.06 0.11 - 0.03 0.25 0.15 0.10 0.01 0.02 - 0.01 0.03 0.02 0.01 0.03 0.06 + 0.02 0.10 0.07 0.04 0.05 0.08 + 0.01 0.13 0.09 0.06 0.04 0.05 + 0.01 0.12 0.05 0.04 0.01 0.02 - 0.01 0.04 0.03 0.02 0.39 0.58 - 0.01 1.00 0.63 0.57 0.11 0.15 + 0.01 0.25 0.16 0.13 0.04 0.18 + 0.04 0.24 0.23 0.13 0.02 0.05 - 0.02 0.08 0.07 0.05 0.13 0.40 + 0.00 0.50 0.41 0.39 0.38 0.80 - 0.05 1.59 0.92 0.77 0.50 0.97 - 0.11 2.05 1.14 0.93 0.25 0.22 0.25 - 0.01 0.31 0.09 4.60 9.52 + 0.01 9.67 9.67 9.31 0.10 0.13 - 0.01 0.67 0.15 0.13 0.01 0.01 - 0.01 0.06 0.02 0.01 0.30 0.40 + 0.02 0.45 0.42 0.38 0.21 0.46 + 0.02 0.48 0.46 0.44 0.28 0.56 + 0.02 0.63 0.58 0.54 0.28 0.48 + 0.01 0.64 0.49 0.43 0.22 0.42 + 0.03 0.51 0.42 0.33 0.45 0.55 + 0.10 0.58 0.55 0.46 0.41 0.58 + 0.06 1.09 0.63 0.52 0.00 0.00 - 0.00 0.01 0.00 0.00 3.04 4.70 + 0.30 4.80 4.80 4.40 2.60 4.52 + 0.07 5.39 4.70 4.38 0.00 0.00 0.00 - 0.00 0.01 0.00 0.15 0.12 0.14 + 0.02 0.20 0.09 2.61 4.70 + 0.06 6.75 4.72 4.50 1.94 3.90 + 0.15 5.16 3.90 3.63 3.08 3.82 - 0.17 8.22 4.08 3.76 1.93 1.78 1.93 + 0.11 2.95 1.49 2.33 2.20 2.33 + 0.09 3.85 2.03 0.09 0.11 - 0.00 0.36 0.11 0.11 11.91 14.19 + 0.44 17.87 14.27 13.62 15.76 17.23 + 0.21 23.35 17.46 16.71 0.53 0.62 + 0.02 1.12 0.64 0.60 0.40 0.52 + 0.04 0.95 0.52 0.48 0.05 0.16 + 0.01 0.19 0.17 0.00 0.31 0.29 0.31 + 0.01 0.42 0.19 0.24 0.22 0.24 + 0.02 0.32 0.14 0.02 0.06 + 0.00 0.11 0.09 0.06 0.00 0.00 - 0.00 0.36 0.01 0.00 0.04 0.05 - 0.01 0.09 0.05 0.05 0.02 0.05 + 0.01 0.07 0.05 0.03 0.11 0.11 - 0.01 0.35 0.13 0.11 0.08 0.01 0.25 0.09 - 0.10 0.09 0.61 0.70 + 0.01 1.13 0.74 0.69 0.45 0.58 + 0.02 0.87 0.64 0.55 0.27 0.25 0.27 + 0.02 0.74 0.22 0.42 0.48 - 0.03 0.97 0.53 0.45 0.54 0.58 - 0.05 1.28 0.68 0.56 0.20 0.35 + 0.06 0.36 0.35 0.29 0.19 0.26 + 0.06 0.50 0.26 0.20 0.10 0.11 - 0.01 0.36 0.12 0.11 0.76 0.97 - 0.02 1.33 1.02 0.95 0.59 0.80 + 0.01 1.01 0.82 0.78 0.20 0.24 - 0.01 0.38 0.25 0.23 0.24 0.02 0.50 0.29 - 0.31 0.28 0.46 0.68 - 0.01 1.04 0.73 0.68 0.07 0.08 - 0.02 0.33 0.11 0.07 0.06 0.06 - 0.02 0.26 0.08 0.06 1.47 1.70 + 0.01 3.35 1.77 1.64 0.10 0.18 + 0.03 0.23 0.18 0.15 0.20 0.35 - 0.02 0.59 0.38 0.33 0.03 0.05 + 0.02 0.14 0.05 0.00 0.02 0.05 - 0.01 0.06 0.06 0.03 0.06 0.11 + 0.00 0.35 0.11 0.09 0.10 0.13 - 0.01 0.44 0.13 0.12 0.12 0.37 + 0.01 0.43 0.38 0.35 0.04 0.15 - 0.01 0.34 0.17 0.14 0.09 0.19 - 0.01 0.44 0.20 0.17 0.08 0.18 + 0.01 0.18 0.18 0.17

2017-09-12 4:30 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / SEPTEMBER 18â&#x20AC;&#x201C;OCTOBER 1, 2017

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

Week

12-month

Exc Volume High Low Last Change High Low

Gowest Gold V 486 GPM Metals V 338 Gran Colombia T 350 Gran Colombia* O 27 Granada Gold* O 1946 Grande Portage V 232 Granite Ck Gld V 191 Graphite Corp* O 33 Graphite One* O 807 Gray Rock Res V 163 Great Atlantic V 665 Great Bear Res* O 98 Great Bear Res V 850 Great Lakes Gr* O 88 Great Panther T 693 Great Panther* X 4570 Great Quest Fe V 12 Great Rock Dev* O 11 Great Thunder V 940 O 85 Great Western* 123 Green Swan Cap V Greencastle Rs V 290 O 287 Greenland M&En* Grizzly Discvr* O 131 Grizzly Discvr V 92 14 Group Ten Mtls* O GrowMax Res V 1365 GrowMax Res* O 173 V 2809 GT Gold GT Gold * O 76 720 GTA Res & Mng V Guerrero Vents V 13 Gungnir Res V 2126 Gungnir Res* O 700 Guyana Gldflds T 2401 Guyana Goldstr V 44 Halio Energy V 112 Hannan Metals* O 166 Hannan Metals V 374 165 Happy Ck Mnrls V V 153 Harfang Explor Harmony Gold* N 18379 Harte Gold T 2838 Harte Gold* O 507 Hawkeye Gld&Di V 247 V 253 Heatherdale Rs 21682 Hecla Mining* N Hellix Vent* O 43 O 133 Hemcare Health* Heron Res T 1126 Highland Copp* O 750 Highland Copp V 1777 34 Highway 50 Gld V Hochschild Mg* O 30 Homeland Egy V 7 46 Honey Badger E V Hornby Bay Mnl V 169 HudBay Mnls* N 4689 HudBay Mnls T 14650 Hudson Res V 60 Hunt Mng* O 19 Hunt Mng V 65

0.22 0.21 0.21 - 0.01 0.25 0.10 0.15 0.13 0.13 - 0.02 0.37 0.08 1.63 1.47 1.62 + 0.12 1.95 1.20 1.34 0.00 1.33 + 0.17 1.34 1.02 0.05 0.04 0.04 + 0.01 0.08 0.04 0.30 0.18 0.30 + 0.12 0.30 0.13 0.04 0.04 0.04 - 0.01 0.08 0.01 0.01 0.01 0.01 + 0.00 0.01 0.00 0.05 0.04 0.05 - 0.00 0.09 0.04 0.47 0.40 0.45 + 0.01 0.55 0.07 0.23 0.17 0.19 - 0.03 0.24 0.07 0.38 0.26 0.37 + 0.11 0.38 0.14 0.50 0.34 0.45 + 0.11 0.50 0.13 0.04 0.04 0.04 + 0.00 0.08 0.04 1.80 1.66 1.67 - 0.05 2.95 1.48 1.46 1.36 1.37 - 0.03 2.28 1.11 0.16 0.15 0.16 + 0.01 0.35 0.14 0.00 0.00 0.00 + 0.00 0.01 0.00 0.06 0.00 0.05 + 0.01 0.10 0.04 0.00 0.00 0.00 - 0.00 0.00 0.00 0.09 0.08 0.09 - 0.01 0.13 0.05 0.10 0.09 0.10 + 0.01 0.14 0.08 0.09 0.08 0.08 - 0.00 0.16 0.02 0.03 0.03 0.03 - 0.01 0.05 0.02 0.04 0.00 0.04 - 0.01 0.06 0.03 0.10 0.09 0.10 + 0.00 0.17 0.06 0.11 0.09 0.10 - 0.01 0.21 0.09 0.08 0.08 0.08 - 0.01 0.15 0.07 2.25 1.93 1.99 - 0.20 2.41 0.10 1.81 1.58 1.62 - 0.19 1.94 0.25 0.05 0.04 0.05 + 0.01 0.13 0.04 0.03 0.02 0.02 - 0.01 0.04 0.01 0.18 0.14 0.14 - 0.02 0.18 0.03 0.14 0.11 0.13 - 0.00 0.14 0.02 5.22 4.76 4.82 - 0.13 9.40 4.10 0.20 0.18 0.19 - 0.01 0.35 0.14 0.26 0.23 0.23 - 0.03 1.52 0.19 0.34 0.29 0.29 - 0.03 0.39 0.21 0.43 0.34 0.34 - 0.06 0.51 0.08 0.23 0.19 0.19 - 0.03 0.29 0.13 0.30 0.27 0.30 + 0.01 0.33 0.02 2.19 2.01 2.07 + 0.04 3.90 1.56 0.66 0.61 0.64 + 0.03 0.87 0.20 0.53 0.50 0.53 + 0.03 0.66 0.17 0.10 0.08 0.09 + 0.01 0.33 0.06 0.08 0.00 0.08 + 0.02 0.12 0.03 5.54 5.15 5.23 - 0.10 7.64 4.61 0.06 0.00 0.05 - 0.01 0.23 0.00 0.18 0.13 0.13 - 0.05 0.19 0.01 0.09 0.07 0.08 - 0.01 0.17 0.07 0.13 0.10 0.13 + 0.02 0.14 0.06 0.16 0.13 0.13 + 0.01 0.18 0.08 0.32 0.28 0.30 - 0.01 0.66 0.08 3.79 3.65 3.77 + 0.08 4.37 2.25 0.10 0.00 0.10 + 0.01 1.13 0.09 0.08 0.07 0.07 - 0.02 0.20 0.05 0.07 0.05 0.06 - 0.02 0.09 0.03 9.35 7.75 7.95 - 1.05 9.35 3.57 11.42 9.40 9.65 - 1.50 11.95 4.74 0.50 0.47 0.50 + 0.01 0.80 0.29 0.22 0.11 0.22 + 0.06 0.31 0.11 0.28 0.14 0.21 + 0.01 0.40 0.14

I-J-K I-Minerals V 121 I-Minerals* O 18 IAMGOLD* N 39313 IAMGOLD T 12826 IC Potash* O 592 IC Potash T 442 Icon Explor V 315 IDM Mining V 7912 IDM Mining* O 1160 IEMR Res V 557 iMetal Res* O 398 iMetal Res V 2377 IMPACT Silver V 1637 Imperial Metal T 250 O 4 Imperial Metal* Inca One Gold* O 352 V 247 Independence G O 41 Independence G* Indico Res V 887 Indigo Expl V 56 Infrastructure* O 31 Inomin Mines V 169 Inspiration Mg* O 71 Inspiration Mg 190 Integra Res 122 Intl Cobalt 64 Intl Corona V 957 Intl Lithium* O 253 Intl Lithium V 2170 Intl Samuel Ex V 1271 Intl Tower Hil T 123 849 Intl Tower Hil* X Intrepid Pots* N 6616 INV Metals T 143 Inventus Mg * O 141 Inventus Mg V 890 InZinc Mining V 720 O 511 Ireland* Irving Res 163 Irving Res* O 101 IsoEnergy Ltd V 52 Itafos V 14 Ivanhoe Mines T 5950 Ivanhoe Mines* O 559 Jaguar Mng* O 240 Jaguar Mng T 3691 Japan Gold V 96 Japan Gold* O 36 Jaxon Mining V 864 Jayden Res V 118 Jourdan Res V 1370 K2 Gold V 180 K92 Mng Inc* O 1287 K92 Mng Inc V 3791 Kairos Cap V 35 Kaizen Discov V 329 Kaizen Discvry* O 103 Kapuskasing Gd V 563 Karnalyte Res T 68 Katanga Mng T 2200 Kenadyr Mining V 993 Kenadyr Mining* O 45 Kennady Diam V 28 Kermode Res V 71 Kerr Mines* O 700 Kerr Mines T 2255 Kesselrun Res* O 33 Kesselrun Res V 171 Kestrel Gold V 859 Khalkos Expl V 326 Kilo Goldmines* O 44 Kincora Copper V 182 Kingsmen Res* O 71 Kingsmen Res V 56 Kinross Gold T 17842 Kinross Gold* N 62665 Kintavar Exp V 118 Kirkland Lake* N 2954 Kirkland Lake T 5532 Kitrinor Mtls V 56 Kivalliq Enrgy V 2344 Klondex Mines T 2374 Klondike Gold V 2226 Klondike Gold* O 391 Klondike Silv V 295 Klondike Silv* O 65 V 295 Kombat Copper Komet Resource V 142 Kootenay Silvr V 1017 Kootenay Silvr* O 43 Kootenay Zinc 678 Kootenay Zinc* O 204

0.41 0.37 0.38 - 0.02 0.60 0.27 0.32 0.00 0.32 - 0.01 0.44 0.20 7.25 6.56 7.03 + 0.32 7.25 3.14 8.87 8.14 8.52 + 0.23 8.87 4.18 0.02 0.01 0.02 - 0.00 0.11 0.01 0.02 0.00 0.02 - 0.01 0.15 0.02 0.09 0.08 0.09 + 0.01 0.09 0.01 0.15 0.14 0.15 + 0.01 0.22 0.12 0.12 0.11 0.12 - 0.00 0.17 0.08 0.02 0.01 0.01 - 0.01 0.05 0.01 0.07 0.06 0.06 - 0.01 0.07 0.03 0.09 0.06 0.07 - 0.01 0.09 0.04 0.42 0.35 0.38 + 0.02 0.94 0.29 4.12 3.63 3.75 - 0.30 7.89 2.94 3.37 3.13 3.28 + 0.15 5.86 2.16 0.09 0.08 0.09 + 0.01 0.35 0.06 0.21 0.18 0.21 + 0.03 0.35 0.13 0.17 0.15 0.17 + 0.02 0.26 0.10 0.02 0.01 0.02 + 0.01 0.04 0.01 0.06 0.05 0.05 - 0.02 0.06 0.02 0.01 0.00 0.00 - 0.00 0.01 0.00 0.04 0.03 0.03 - 0.01 0.10 0.03 0.03 0.02 0.02 - 0.01 0.06 0.01 0.09 0.02 0.02 - 0.07 0.10 0.01 0.93 0.89 0.90 - 0.02 0.95 0.06 0.10 0.00 0.10 - 0.01 0.30 0.00 0.05 0.04 0.05 + 0.01 0.17 0.03 0.10 0.07 0.08 + 0.00 0.16 0.06 0.12 0.09 0.10 + 0.01 0.21 0.07 0.12 0.10 0.11 + 0.01 0.12 0.05 0.82 0.75 0.76 - 0.01 1.28 0.57 0.67 0.58 0.62 + 0.01 0.99 0.43 3.74 3.44 3.66 - 0.06 3.93 0.93 0.97 0.90 0.93 - 0.02 1.13 0.62 0.19 0.17 0.19 + 0.02 0.20 0.11 0.25 0.20 0.24 + 0.01 0.27 0.13 0.16 0.13 0.15 + 0.01 0.36 0.10 0.20 0.15 0.17 - 0.03 0.32 0.04 1.02 0.89 0.95 - 0.06 1.54 0.29 0.82 0.73 0.78 - 0.01 1.24 0.09 0.70 0.68 0.68 - 0.02 1.70 0.63 1.70 1.60 1.70 + 0.10 3.45 0.90 4.72 4.49 4.61 - 0.03 5.47 1.83 3.89 3.65 3.78 + 0.03 4.10 0.00 0.24 0.21 0.24 + 0.02 0.58 0.18 0.30 0.26 0.28 + 0.02 0.78 0.22 0.35 0.00 0.33 + 0.01 0.88 0.24 0.28 0.27 0.27 - 0.00 0.67 0.17 0.40 0.30 0.31 - 0.05 0.41 0.04 0.13 0.00 0.12 + 0.01 0.22 0.06 0.11 0.10 0.10 - 0.01 0.20 0.06 0.41 0.35 0.41 + 0.02 0.58 0.25 0.45 0.35 0.38 - 0.07 1.22 0.35 0.56 0.44 0.46 - 0.09 1.57 0.44 0.65 0.55 0.63 + 0.08 0.95 0.03 0.16 0.14 0.15 - 0.01 0.30 0.11 0.13 0.12 0.13 + 0.00 0.21 0.08 0.04 0.04 0.04 - 0.01 0.10 0.02 0.75 0.68 0.70 + 0.01 1.28 0.53 0.80 0.74 0.78 + 0.02 0.89 0.12 0.35 0.30 0.32 - 0.02 1.00 0.20 0.28 0.00 0.25 - 0.02 1.45 0.21 3.22 2.99 3.11 - 0.09 4.40 2.99 0.02 0.02 0.02 + 0.01 0.02 0.01 0.24 0.20 0.23 + 0.01 0.24 0.07 0.29 0.26 0.29 + 0.02 0.30 0.09 0.09 0.07 0.09 + 0.02 0.17 0.06 0.10 0.09 0.09 - 0.01 0.24 0.08 0.10 0.07 0.08 - 0.02 0.17 0.02 0.11 0.09 0.10 - 0.01 0.20 0.08 0.03 0.03 0.03 + 0.01 0.13 0.03 0.40 0.34 0.34 - 0.03 0.65 0.23 0.10 0.09 0.09 - 0.01 0.13 0.06 0.13 0.11 0.11 - 0.02 0.20 0.09 5.96 5.53 5.85 + 0.30 6.29 3.87 4.91 4.46 4.83 + 0.34 4.91 2.88 0.17 0.13 0.15 - 0.02 0.35 0.13 13.73 12.50 12.89 - 0.40 13.73 4.84 16.96 15.56 15.64 - 0.78 16.96 6.33 5.90 4.75 5.00 - 0.50 7.98 1.00 0.11 0.09 0.09 - 0.02 0.19 0.07 4.49 4.08 4.12 - 0.10 7.95 3.57 0.57 0.50 0.51 - 0.02 0.60 0.14 0.46 0.40 0.43 + 0.01 0.49 0.10 0.05 0.04 0.05 + 0.01 0.12 0.04 0.04 0.03 0.04 + 0.01 0.10 0.03 0.38 0.30 0.30 - 0.05 0.70 0.21 0.40 0.35 0.36 - 0.05 0.58 0.31 0.29 0.27 0.27 - 0.01 0.51 0.22 0.23 0.00 0.23 + 0.02 0.41 0.16 0.10 0.06 0.07 - 0.01 0.70 0.06 0.07 0.04 0.07 + 0.01 0.59 0.03

Labdr Iron Mns* O 26 Labrador Iron T 1784 Lara Expl V 115 Laramide Res T 184 Largo Res* O 100 Largo Res T 1831 Lateral Gold V 160 Latin Am Mnls* O 5

0.01 0.01 0.01 - 0.00 0.07 0.00 20.66 19.32 20.15 + 0.15 20.67 12.79 0.62 0.56 0.58 + 0.02 1.45 0.54 0.32 0.30 0.30 - 0.00 0.74 0.18 0.83 0.70 0.83 + 0.03 0.82 0.26 1.01 0.85 0.99 - 0.01 1.04 0.34 1.05 0.89 0.95 + 0.05 1.27 0.57 0.12 0.11 0.12 - 0.00 0.27 0.07

20-22_SEP18_StockTables.indd 21

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Laurion Mnl Ex* O 37 Laurion Mnl Ex V 145 Leading Edge* O 311 Leading Edge V 516 Leagold Mg T 1044 Leagold Mg* O 154 Legend Gold V 8 Levon Res Ltd * O 334 Levon Res Ltd T 463 Li3 Energy* O 281 Libero Mining V 209 Liberty Gold* O 739 Liberty One Li V 2242 Liberty One Li* O 1307 Liberty Silver 24 LiCo Energy* O 670 LiCo Energy V 1329 Lincoln Mng V 54 Lion One Mtls V 57 Lion One Mtls* O 89 Lithium Amer T 7846 Lithium Amer* O 5333 Lithium Corp* O 420 Lithium Energi* O 232 Lithium Energi V 507 505 Lithium X Egy V Lithium X Egy* O 1002 LKA Gold* O 38 Lode-Star Mg* O 106 Lomiko Mtls* O 13 Lomiko Mtls V 50 Lone Star Gold* O 135 Lonmin plc* O 9 V 326 Lorraine Coppr Los Andes Copp V 205 Lucara Diam T 923 Lucky Mnls V 42 Lumina Gold* O 40 Lumina Gold V 346 Lundin Gold T 265 Lundin Mng T 14272 Lupaka Gold V 451 Lydian Intl* O 43 Lydian Intl T 1211 Lynas Corp* O 6463

0.01 0.01 0.01 - 0.00 0.05 0.01 0.02 0.02 0.02 - 0.01 0.08 0.02 0.55 0.51 0.52 - 0.01 0.71 0.22 0.67 0.62 0.62 - 0.03 0.93 0.25 3.48 3.01 3.14 - 0.26 3.90 2.27 2.80 2.48 2.63 - 0.10 2.80 1.76 0.20 0.00 0.19 - 0.01 0.50 0.10 0.34 0.28 0.32 + 0.02 0.46 0.18 0.41 0.36 0.38 + 0.02 0.60 0.25 0.02 0.02 0.02 - 0.00 0.06 0.01 0.12 0.08 0.09 - 0.03 0.22 0.08 0.44 0.38 0.41 + 0.01 0.61 0.27 0.62 0.57 0.61 + 0.01 0.83 0.07 0.51 0.47 0.50 + 0.02 0.66 0.37 1.85 1.45 1.70 - 0.15 3.00 0.90 0.08 0.07 0.08 + 0.00 0.20 0.06 0.10 0.09 0.10 - 0.01 0.24 0.08 0.05 0.04 0.05 + 0.01 0.11 0.04 0.72 0.66 0.69 - 0.01 1.09 0.55 0.60 0.53 0.57 - 0.02 0.83 0.42 1.42 1.22 1.40 + 0.11 1.41 0.52 1.17 0.96 1.14 + 0.09 1.17 0.38 0.09 0.07 0.08 - 0.00 0.11 0.05 0.16 0.14 0.14 - 0.02 0.16 0.07 0.20 0.16 0.18 - 0.01 0.55 0.07 2.09 2.00 2.02 - 0.02 2.40 1.40 1.72 1.60 1.68 + 0.02 1.83 1.03 0.50 0.40 0.40 - 0.10 0.68 0.25 0.05 0.04 0.05 + 0.00 0.10 0.02 0.16 0.00 0.16 + 0.02 0.32 0.08 0.18 0.17 0.18 - 0.01 0.35 0.16 0.00 0.00 0.00 + 0.00 0.01 0.00 1.22 1.07 1.18 + 0.03 2.85 0.81 0.09 0.07 0.09 + 0.01 0.10 0.06 0.46 0.42 0.42 - 0.04 0.47 0.15 2.76 2.45 2.48 - 0.23 4.21 2.51 0.17 0.15 0.16 - 0.01 0.20 0.05 0.57 0.52 0.56 + 0.04 0.89 0.49 0.71 0.65 0.69 + 0.02 1.20 0.60 5.36 5.06 5.18 - 0.06 6.50 4.59 9.80 8.59 8.84 - 0.88 9.90 4.91 0.16 0.13 0.16 + 0.02 0.29 0.13 0.31 0.29 0.31 + 0.01 0.40 0.22 0.39 0.37 0.39 + 0.02 0.51 0.28 0.18 0.13 0.17 + 0.04 0.18 0.04

M Macarthur Mnl V 897 0.06 0.05 0.05 - 0.01 0.16 0.05 Macarthur Mnl* O 64 0.05 0.00 0.05 + 0.00 0.12 0.03 O 8 0.11 0.00 0.11 + 0.03 0.20 0.04 MacDonald Mns* MacDonald Mns V 521 0.14 0.12 0.12 - 0.01 0.28 0.05 MacMillan Mnls V 44 1.75 1.63 1.73 + 0.09 1.84 0.90 15.39 - 0.33 23.32 12.75 MAG Silver T 880 16.13 15.12 Magellan Gold* O 1638 0.10 0.07 0.08 - 0.00 0.28 0.07 Magna Terra V 112 0.06 0.05 0.06 + 0.01 0.09 0.03 0.08 + 0.01 0.12 0.05 Majestic Gold V 829 0.08 0.06 Makena Res V 152 0.16 0.13 0.14 - 0.01 0.21 0.11 Malbex Res V 70 0.34 0.32 0.34 - 0.01 0.43 0.29 Mammoth Res V 71 0.06 0.05 0.06 + 0.01 0.14 0.05 Manado Gold V 55 0.10 0.09 0.10 + 0.01 0.15 0.06 Mandalay Res T 1567 0.38 0.34 0.34 - 0.03 1.14 0.33 Mandalay Res* O 519 0.30 0.00 0.28 + 0.00 0.84 0.24 0.10 + 0.01 0.26 0.08 Manganese X V 871 0.10 0.08 Manganese X* O 25 0.08 0.08 0.08 - 0.00 0.19 0.07 Mangazeya Mng V 379 0.03 0.03 0.03 - 0.01 0.06 0.02 O 46 0.08 0.06 0.08 + 0.02 0.08 0.01 Manson Creek* 0.10 + 0.01 0.10 0.02 Manson Creek V 167 0.10 0.08 Marathon Gold* O 351 0.94 0.79 0.83 - 0.01 1.14 0.33 Marathon Gold T 2688 1.05 0.98 1.02 - 0.01 1.36 0.43 0.22 - 0.02 0.50 0.18 Margaux Res V 192 0.24 0.18 Marifil Mines* O 3 0.04 0.02 0.02 - 0.02 0.04 0.02 1.03 + 0.13 1.15 0.44 Marlin Gold V 286 1.03 0.86 0.85 + 0.12 0.87 0.33 Marlin Gold* O 283 0.85 0.69 MartinMarietta* N 3096 212.86 206.27 212.00 + 0.44 244.32 167.06 O 108 1.42 1.24 1.30 - 0.12 1.53 0.83 Mason Graphite* Mason Graphite V 704 1.76 1.52 1.55 - 0.21 1.91 1.09 Mason Res* O 159 0.25 0.22 0.23 - 0.02 0.29 0.10 0.28 - 0.03 0.40 0.13 Mason Res T 1084 0.32 0.26 Matachewan Con V 41 0.31 0.26 0.26 - 0.05 0.35 0.24 Matica Ent* O 20 0.08 0.07 0.08 + 0.01 0.14 0.01 0.02 + 0.01 0.04 0.01 Matmown* O 34 0.02 0.01 Maudore Mnrls* O 2 0.00 0.00 0.00 - 0.00 0.01 0.00 Maverix Mtls* O 11 1.45 1.33 1.45 + 0.11 1.45 0.66 Mawson Res T 66 0.33 0.32 0.32 - 0.01 0.57 0.28 Maya Gold &Sil V 4192 0.40 0.35 0.37 - 0.02 0.40 0.10 Mazarin V 70 0.07 0.05 0.05 - 0.02 0.08 0.02 McEwen Mng T 2592 3.46 3.16 3.46 + 0.22 5.83 2.73 19365 2.86 2.53 2.83 + 0.21 4.43 2.15 McEwen Mng* N McLaren Res 232 0.12 0.08 0.09 - 0.01 0.14 0.01 Meadow Bay Gd T 539 0.03 0.03 0.03 + 0.01 0.08 0.03 49 0.03 0.02 0.02 + 0.01 0.06 0.02 Meadow Bay Gd* O Mechel* N 661 5.80 5.52 5.59 - 0.17 6.83 2.33 Medallion Res V 215 0.16 0.13 0.16 + 0.02 0.28 0.08 Medallion Res* O 48 0.12 0.11 0.11 + 0.00 0.14 0.08 Medgold Res V 484 0.20 0.00 0.16 - 0.02 0.25 0.13 Mega Uranium* O 273 0.16 0.14 0.15 - 0.00 0.25 0.08 0.18 - 0.02 0.32 0.11 Mega Uranium T 286 0.20 0.18 Megastar Dev V 50 0.06 0.00 0.05 - 0.01 0.07 0.03 Meridian Mg V 13 0.74 0.00 0.68 - 0.18 1.54 0.33 Meryllion Res 87 0.03 0.03 0.03 + 0.01 0.05 0.02 0.05 + 0.01 0.12 0.04 Mesa Expl V 71 0.05 0.05 Mesa Expl* O 25 0.04 0.03 0.04 + 0.00 0.08 0.03 Metalex Vent V 1226 0.08 0.06 0.06 + 0.01 0.09 0.04 0.53 + 0.06 0.68 0.18 Metalla Rylty* O 214 0.53 0.42 Metalla Rylty 565 0.64 0.53 0.64 + 0.06 0.88 0.23 0.30 - 0.01 0.59 0.22 Metallic Mnrls V 121 0.32 0.28 Metallic Mnrls* O 26 0.27 0.25 0.27 + 0.02 0.44 0.19 Metallis Res V 2666 0.83 0.35 0.74 + 0.32 0.83 0.09 Metals X* O 47 0.69 0.65 0.65 - 0.03 1.23 0.41 Metanor Res V 208 0.81 0.75 0.76 - 0.01 1.29 0.45 Metanor Res* O 76 0.66 0.62 0.64 + 0.00 0.94 0.54 Mezzotin Mnrls V 202 0.02 0.01 0.01 + 0.01 0.05 0.01 MGX Minerals* O 402 0.82 0.73 0.76 - 0.03 2.12 0.11 MGX Minerals 1235 1.02 0.88 0.92 - 0.09 2.75 0.14 Micrex Dev V 969 0.02 0.01 0.02 + 0.01 0.03 0.01 Midas Gold T 453 0.79 0.72 0.75 - 0.01 1.07 0.62 Midas Gold* O 843 0.63 0.59 0.62 + 0.01 0.80 0.02 0.97 - 0.11 1.25 0.89 Midland Expl V 116 1.10 0.94 Midnight Star 434 0.13 0.08 0.09 - 0.03 0.19 0.08 Midnight Sun V 111 0.35 0.30 0.30 - 0.05 0.54 0.08 1.08 + 0.06 1.43 0.88 Millennial Lit* O 124 1.10 1.00 Millennial Lit V 851 1.34 1.23 1.32 + 0.05 2.45 1.20 Millrock Res* O 183 0.35 0.29 0.33 + 0.02 0.50 0.23 0.40 + 0.01 0.64 0.32 Millrock Res V 209 0.43 0.37 Minaurum Gold V 733 0.36 0.33 0.36 + 0.02 0.38 0.07 Minco Silver T 143 1.19 1.07 1.10 + 0.02 1.74 0.86 Minco Silver* O 98 0.96 0.84 0.94 + 0.06 1.28 0.64 Minera Alamos * O 276 0.18 0.16 0.16 + 0.00 0.18 0.10 Minera Alamos V 938 0.22 0.19 0.20 - 0.01 0.24 0.12 Minera IRL 152 0.15 0.10 0.11 - 0.01 0.22 0.06 Mineral Mtn* O 84 0.21 0.17 0.19 - 0.01 0.37 0.13 Mineral Mtn V 292 0.26 0.23 0.24 - 0.01 0.49 0.15 Mineworx Tech* O 804 0.07 0.05 0.05 - 0.02 0.08 0.05 Mineworx Tech V 1122 0.08 0.07 0.07 - 0.02 0.10 0.05 Minfocus Expl V 549 0.02 0.02 0.02 - 0.01 0.04 0.01 0.70 - 0.04 0.90 0.55 Minnova Corp V 413 0.78 0.70 Minsud Res V 136 0.13 0.10 0.10 - 0.03 0.13 0.03 Minsud Res* O 104 0.11 0.11 0.11 + 0.00 0.11 0.10 1.78 - 0.05 3.05 1.18 Mirasol Res V 343 1.90 1.75 Mistango River 369 0.02 0.02 0.02 - 0.01 0.05 0.01 ML Gold* O 12 0.12 0.09 0.12 + 0.02 0.21 0.09 Monarca Mnrls V 188 0.15 0.12 0.14 + 0.02 0.28 0.08 Monarca Mnrls* O 6 0.10 0.09 0.09 - 0.01 0.14 0.09 Monarques Res* O 63 0.33 0.30 0.33 + 0.04 0.39 0.18 Monarques Res V 346 0.43 0.37 0.40 + 0.02 0.52 0.26 Moneta Porcpn* O 361 0.15 0.13 0.14 + 0.01 0.23 0.10 Moneta Porcpn T 779 0.18 0.16 0.17 - 0.01 0.32 0.13 Monitor Vent* O 15 0.37 0.00 0.35 + 0.03 0.81 0.00 Monitor Vent V 22 0.46 0.00 0.43 + 0.01 1.13 0.13 Montan Mg V 290 0.02 0.02 0.02 - 0.01 0.08 0.02 Montego Res 996 0.20 0.18 0.18 - 0.02 1.60 0.10 Montero Mg&Ex V 60 0.23 0.18 0.18 - 0.05 0.40 0.12 Morien Res* O 400 0.56 0.49 0.55 + 0.06 0.56 0.26 Morien Res V 422 0.67 0.61 0.66 + 0.03 0.74 0.29 Morumbi Res* O 35 0.63 0.57 0.63 + 0.06 1.26 0.45 0.74 + 0.03 1.70 0.30 Morumbi Res T 685 0.77 0.68 Mosaic* N 22553 20.26 19.23 19.39 - 0.72 34.36 19.23 Mountain Boy V 2147 0.10 0.09 0.09 - 0.02 0.11 0.05 Mountain Boy* O 1124 0.09 0.07 0.07 - 0.01 0.09 0.03 Mountain Lake 265 0.05 0.03 0.04 + 0.01 0.05 0.02 Mountain Prov T 183 4.27 4.10 4.22 + 0.08 7.18 3.56 Mountain Prov* D 61 3.50 3.30 3.45 + 0.10 5.52 2.55 Mundoro Cap* O 149 0.16 0.15 0.15 - 0.02 0.22 0.10 Mundoro Cap V 436 0.20 0.18 0.18 - 0.01 0.30 0.13 Murchison Min 49 0.17 0.16 0.16 - 0.01 0.30 0.13 MX Gold V 7983 0.15 0.00 0.15 + 0.01 0.33 0.10 MX Gold* O 745 0.13 0.10 0.13 + 0.01 0.26 0.07

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

N-O NA Frac Sand* O 793 NACCO Ind* N 90 Namibia Rare E V 177 Napier Vent V 82 Napier Vent* O 31 Natural Res Pt* N 73 Nautilus Mnrls T 193 Nautilus Mnrls* O 214 Nemaska Lith T 4433 Nemaska Lith* O 519 Neo Lithium V 855 Nevada Canyon* O 83 Nevada Clean M* O 202 Nevada Copper T 241 Nevada Egy Mtl* O 883 55 Nevada Expl * O Nevada Expl V 158 Nevada Sunrise* O 289 V 290 Nevada Sunrise Nevada Zinc V 1727 Nevsun Res* X 5422 Nevsun Res T 2607 New Carolin Gd V 677 New Colombia* O 9459 New Gold* X 37648 New Gold T 8697 New Jersey Mng* O 316 New Milln Iron* O 39 382 New Milln Iron T New Pac Metals V 145 New Stratus V 55 New World Res V 12 NewCastle Gold T 3167 O 56 NewCastle Gold* Newmont Mng* N 28257 O 141 Newport Gold* NewRange Gold* O 255 Nexgen Energy* X 352 T 708 NextSource Mat Nexus Gold* O 2888 Nexus Gold V 5753 NGEx Res T 62 NGEx Res* O 13 672 Nickel One Res V Nicola Mg Inc V 1200 T 1051 Nighthawk Gold Nighthawk Gold* O 119 Nikos Expl V 414 Niobay Metals V 590 Niocan Inc V 93 Niocorp Dev T 516 Niocorp Dev* O 565 Nippon Dragon* O 124 Noble Mnl Expl V 4498 Noble Mnl Expl* O 103 Noranda Alum* O 81 Noront Res V 1615 Norsemont Cap 5 Nortec Mnls V 2 North Am Nickl* O 9 71 North Am Pall T North Am Pall* O 48 North Arrow Mn V 49 Northcliff Res T 852 Northisle C&G V 227 Northn Empire V 337 Northn Empire* O 44 Northn Empire* O 88 Norvista Cap V 110 Nouveau Monde V 626 NovaGold Res T 1223 NovaGold Res* X 9940 Novo Res* O 1252 Novo Res V 6154 NRG Metals* O 19 NRG Metals V 962 Nrthn Graphite* O 238 Nrthn Mnrls &E* O 363 Nrthn Shield V 6784 Nrthn Superior* O 204 Nrthn Vertex V 339 Nrthn Vertex* O 53 Nthn Dynasty* X 14578 Nthn Dynasty T 3288 Nthrn Sphere 109 Nubian Res V 63 NuLegacy Gold* O 905 NuLegacy Gold V 747 V 40 NV Gold NV Gold* O 15 NxGold Ltd V 139 OceanaGold* O 29 OceanaGold T 6196 66 Oceanic Iron O V Oceanus Res V 331 Oceanus Res* O 65 Odyssey Res V 33 OK2 Minerals V 1025 Olivut Res V 104 Olivut Res* O 33 20 Omineca Mg &Ml V One World Min 63 Opawica Expl V 247 Orbite Tech* O 63 Orca Gold V 1969 Orca Gold* O 397 Orefinders Res V 1392 Orestone Mng V 40 Orex Mnrls* O 41 Orezone Gold* O 97 Organic Potash 709 Oriental Non F 6 Original Sixtn* O 17 Orla Mng Ltd V 546 17 Orla Mng Ltd* O Oro East Mg* O 59 Oroco Res* O 1254 Oroco Res V 663 Orocobre T 520 Orofino Mnrls V 8 Oroplata Res* O 124 Orosur Mng T 1215 Orsu Metals V 308 Orsu Metals* O 480 Orvana Mnrls T 651 Orvana Mnrls* O 85 Osisko Gold T 1897 Osisko Gold* N 3450 Osisko Metals V 173 Osisko Metals* O 45 Osisko Mng Inc T 3395 Osprey Gold V 1161 Otis Gold V 288 Otis Gold* O 223

0.02 0.01 0.01 - 0.00 0.09 0.01 73.64 68.40 71.50 - 0.05 99.55 62.15 0.05 0.05 0.05 - 0.01 0.10 0.04 0.47 0.40 0.43 - 0.04 0.50 0.24 0.35 0.34 0.34 - 0.01 0.38 0.18 25.65 23.85 24.80 - 0.20 45.60 22.81 0.24 0.22 0.23 - 0.01 0.28 0.14 0.19 0.18 0.19 + 0.00 0.21 0.10 1.30 1.24 1.30 + 0.02 1.60 0.95 1.07 1.01 1.07 + 0.04 1.25 0.70 1.07 0.85 1.01 + 0.12 1.63 0.85 0.17 0.14 0.14 - 0.03 0.17 0.11 0.06 0.05 0.05 - 0.01 0.08 0.02 0.72 0.67 0.69 - 0.01 0.86 0.41 0.02 0.02 0.02 + 0.00 0.11 0.01 0.30 0.00 0.27 + 0.00 0.51 0.21 0.36 0.33 0.35 + 0.02 0.65 0.27 0.22 0.17 0.18 - 0.03 0.34 0.15 0.26 0.22 0.23 - 0.04 0.45 0.22 0.26 0.20 0.23 - 0.01 0.60 0.20 2.32 2.13 2.23 - 0.01 3.52 1.96 2.84 2.66 2.72 - 0.06 4.63 2.49 0.04 0.04 0.04 - 0.01 0.09 0.03 0.00 0.00 0.00 - 0.00 0.05 0.00 4.25 3.67 4.10 + 0.35 4.99 2.39 5.16 4.56 5.00 + 0.39 6.68 3.11 0.13 0.12 0.13 + 0.01 0.15 0.09 0.12 0.11 0.11 - 0.00 0.27 0.06 0.14 0.12 0.12 - 0.01 0.36 0.08 1.39 1.31 1.39 + 0.02 1.59 0.48 0.46 0.00 0.46 - 0.02 0.48 0.07 0.12 0.00 0.12 - 0.02 0.16 0.08 0.96 0.85 0.87 - 0.09 1.30 0.52 0.78 0.70 0.72 - 0.05 0.96 0.39 39.63 37.99 39.31 + 0.65 41.97 30.19 0.07 0.00 0.05 - 0.02 0.07 0.00 0.44 0.38 0.40 + 0.00 0.59 0.07 2.46 2.30 2.39 - 0.01 3.40 1.05 0.07 0.06 0.07 + 0.01 0.11 0.06 0.19 0.14 0.15 - 0.01 0.27 0.05 0.22 0.17 0.18 - 0.02 0.37 0.07 1.24 0.95 1.14 + 0.19 1.45 0.75 0.92 0.00 0.91 + 0.14 1.05 0.58 0.04 0.04 0.04 - 0.01 0.12 0.03 0.20 0.19 0.20 + 0.01 0.30 0.14 1.06 0.96 0.98 - 0.02 1.15 0.36 0.86 0.78 0.81 + 0.02 0.97 0.26 0.09 0.00 0.09 + 0.02 0.21 0.04 0.25 0.14 0.21 + 0.08 1.25 0.11 0.08 0.00 0.07 - 0.01 0.15 0.05 0.62 0.54 0.56 + 0.01 0.91 0.53 0.50 0.43 0.47 + 0.03 0.81 0.43 0.05 0.04 0.05 + 0.00 0.09 0.03 0.18 0.11 0.17 + 0.06 0.18 0.03 0.14 0.09 0.13 + 0.03 0.14 0.03 0.02 0.01 0.02 + 0.01 0.10 0.01 0.34 0.31 0.33 - 0.01 0.52 0.22 0.38 0.35 0.38 + 0.03 0.45 0.25 0.08 0.08 0.08 - 0.01 0.18 0.05 0.07 0.06 0.06 + 0.00 0.11 0.04 6.25 5.60 6.20 + 0.33 6.31 4.54 5.23 4.51 5.09 + 0.35 5.23 3.33 0.25 0.23 0.23 - 0.03 0.40 0.15 0.17 0.15 0.17 - 0.01 0.23 0.09 0.20 0.16 0.17 + 0.01 0.20 0.07 0.83 0.71 0.82 + 0.09 0.95 0.33 0.66 0.59 0.66 + 0.02 0.66 0.47 0.61 0.56 0.60 + 0.02 0.61 0.47 0.14 0.14 0.14 + 0.01 0.23 0.11 0.30 0.30 0.30 + 0.01 0.36 0.20 5.67 5.35 5.51 + 0.11 8.15 4.97 4.64 4.31 4.54 + 0.16 6.21 3.78 3.81 3.15 3.21 + 0.05 4.71 0.49 4.72 3.83 3.88 - 0.03 5.91 0.66 0.10 0.07 0.10 + 0.03 0.15 0.07 0.13 0.10 0.12 + 0.02 0.22 0.08 0.24 0.21 0.23 + 0.01 0.30 0.14 0.03 0.02 0.03 + 0.01 0.04 0.01 0.06 0.05 0.05 - 0.01 0.23 0.04 0.03 0.03 0.03 - 0.00 4.63 0.02 0.59 0.52 0.53 - 0.04 0.70 0.35 0.46 0.43 0.43 - 0.00 0.50 0.27 1.90 1.72 1.82 + 0.01 3.45 0.54 2.35 2.10 2.20 - 0.06 4.54 0.71 0.26 0.22 0.25 + 0.03 0.85 0.17 0.23 0.20 0.23 + 0.03 0.38 0.08 0.21 0.18 0.19 + 0.01 0.41 0.00 0.25 0.22 0.24 + 0.01 0.54 0.16 0.45 0.43 0.43 + 0.01 0.48 0.17 0.37 0.32 0.37 + 0.03 0.38 0.13 0.31 0.00 0.30 + 0.05 0.72 0.13 3.30 2.99 3.25 + 0.23 3.64 2.36 4.12 3.85 4.01 + 0.12 5.00 3.24 0.10 0.08 0.09 + 0.01 0.35 0.06 0.35 0.33 0.35 + 0.02 0.35 0.14 0.29 0.27 0.29 + 0.03 0.27 0.11 0.06 0.00 0.06 + 0.01 0.08 0.02 0.10 0.07 0.10 + 0.03 0.18 0.07 0.12 0.10 0.11 - 0.01 0.27 0.10 0.10 0.08 0.09 - 0.00 0.21 0.08 0.05 0.00 0.05 + 0.01 0.07 0.04 0.25 0.20 0.24 - 0.01 0.75 0.16 0.07 0.06 0.07 - 0.01 0.15 0.04 0.15 0.00 0.15 + 0.12 0.37 0.00 0.53 0.43 0.50 - 0.02 0.55 0.31 0.43 0.35 0.43 + 0.02 0.44 0.20 0.11 0.08 0.09 + 0.01 0.12 0.04 0.10 0.00 0.10 + 0.08 0.13 0.05 0.11 0.10 0.11 + 0.01 0.95 0.08 0.56 0.52 0.56 + 0.03 0.63 0.31 0.02 0.01 0.01 - 0.01 0.05 0.01 0.95 0.90 0.95 + 0.05 1.20 0.70 0.11 0.10 0.11 + 0.01 0.12 0.00 1.33 1.12 1.30 + 0.11 1.75 0.81 1.04 0.00 1.04 + 0.10 1.07 0.88 0.01 0.01 0.01 + 0.00 0.02 0.01 0.05 0.04 0.05 + 0.01 0.05 0.01 0.06 0.05 0.05 - 0.01 0.06 0.02 4.01 3.61 3.93 + 0.13 5.04 2.73 0.07 0.07 0.07 + 0.01 0.15 0.06 0.11 0.10 0.10 - 0.00 0.70 0.10 0.29 0.27 0.29 + 0.02 0.35 0.19 0.02 0.02 0.02 + 0.01 0.05 0.02 0.01 0.00 0.01 + 0.00 0.04 0.01 0.29 0.24 0.25 - 0.03 0.33 0.18 0.24 0.20 0.20 - 0.02 0.25 0.14 17.55 17.02 17.30 + 0.21 17.58 11.90 14.39 13.74 14.26 + 0.44 14.39 8.88 1.59 1.32 1.50 - 0.03 1.74 0.21 1.22 1.19 1.22 + 0.02 1.33 0.74 5.07 4.66 4.68 - 0.12 5.65 2.08 0.23 0.20 0.22 + 0.02 0.44 0.05 0.36 0.33 0.35 + 0.01 0.40 0.21 0.29 0.27 0.28 + 0.00 0.31 0.15

P-Q Pac Arc Res V 49 Pac Booker Min* O 4 Pac Booker Min V 25 Pac Iron Ore V 17 Pac North West V 1717 Pac North West* O 117 Pac Topaz V 1445 Paladin Energy* O 1969 Palamina Corp V 26 Pan Am Silver T 1189 Pan Am Silver* D 6212 Pan Global Res V 78 Pancontinental* O 19 Pancontinental V 102 Pangolin Dia V 412 Panoro Mnrls V 2715 Pantheon Vent V 2707 Para Resources V 134 Parallel Mng V 951 Paramount Gold* X 550 Pasinex Res 957 Patriot Gold* O 102 Peabody Enrgy* N 4999 Pedro Res V 206 Pelangio Expl* O 72 Pelangio Expl V 350 Pele Mtn Res* O 25 Peloton Mnrls* O 242

0.12 0.09 0.11 + 0.02 0.16 0.09 0.91 0.00 0.84 - 0.07 1.03 0.35 1.11 1.00 1.07 + 0.04 1.44 0.42 0.16 0.14 0.15 - 0.01 0.25 0.13 0.08 0.07 0.07 - 0.01 0.15 0.06 0.07 0.05 0.05 - 0.01 0.10 0.05 0.13 0.10 0.11 - 0.02 0.23 0.10 0.03 0.02 0.02 - 0.00 0.13 0.00 0.21 0.17 0.18 - 0.03 0.26 0.14 24.27 22.62 22.76 - 0.37 27.99 18.70 19.56 18.43 18.75 + 0.07 21.29 13.80 0.14 0.12 0.14 + 0.01 0.17 0.04 0.04 0.04 0.04 - 0.00 0.10 0.02 0.05 0.04 0.05 + 0.01 0.16 0.03 0.07 0.00 0.06 + 0.01 0.12 0.04 0.36 0.27 0.34 + 0.06 0.36 0.13 0.15 0.11 0.14 + 0.03 0.38 0.08 0.21 0.19 0.19 - 0.02 0.27 0.17 0.08 0.07 0.08 + 0.01 0.17 0.06 1.79 1.51 1.74 + 0.16 2.30 1.36 0.33 0.28 0.29 - 0.03 0.34 0.10 0.09 0.08 0.09 + 0.00 0.14 0.07 30.56 29.03 29.29 - 0.81 32.50 22.58 0.18 0.17 0.18 + 0.05 1.10 0.13 0.04 0.04 0.04 - 0.00 0.05 0.02 0.05 0.04 0.05 - 0.01 0.06 0.04 0.20 0.00 0.20 + 0.09 0.40 0.01 0.08 0.07 0.08 + 0.01 0.12 0.04

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Peloton Mnrls 116 Peregrine Diam T 1680 Perseus Mng T 1205 Pershing Gold* D 282 Pershing Gold T 1 Pershing Res* O 27 Philippine Mtl V 38 Pine Cliff En* O 25 Pinecrest Res V 119 PJSC Polyus Gd* O 32 Plate Res V 24 Plateau Uran* O 71 Plateau Uran V 152 Platinex Inc 370 Platinum Gp Mt* X 6322 Platinum Gp Mt T 1145 Plato Gold V 1076 Playfair Mng V 203 Playfair Mng* O 16 PolyMet Mng T 126 Portage Res* O 25 Potash Corp SK T 4809 Potash Corp SK* N 19430 Potash Ridge T 1208 Potash Ridge* O 66 Power Metals V 1105 PPX Mining V 334 PPX Mining* O 285 Precipitate Gl V 324 Premier Gold M T 4297 O 50 Premium Expl* Pretium Res T 2718 Pretium Res* N 8465 Primero Mng T 5272 Primero Mng* O 2853 Prize Mng* O 96 Prize Mng V 755 Probe Metals V 441 Probe Metals* O 351 Prophecy Coal T 35 Prophecy Coal* O 12 O 6 Prospect Glob* Prospector Res V 14 Prosper Gold V 369 Prospero Silvr V 93 Providence V 159 PUF Vent Inc 6485 102 PUF Vent Inc * O Puma Expl V 2731 Pure Energy* O 744 V 512 Pure Energy Pure Gold Mg V 2313 Pure Gold Mg* O 433 Pure Nickel V 1487 Q-Gold Res V 245 QMC Quntm Ml* O 5 QMX Gold* O 60 Quaterra Res V 417 Quaterra Res* O 422 Quest Rare Mnl* O 136 Quinto Res V 167

0.10 0.09 0.10 + 0.01 0.15 0.05 0.13 0.12 0.12 - 0.01 0.26 0.11 0.36 0.32 0.35 + 0.03 0.66 0.27 3.10 2.94 3.00 - 0.05 4.85 2.60 3.76 3.67 3.67 - 0.09 5.52 3.45 0.06 0.05 0.05 - 0.01 0.10 0.02 0.12 0.11 0.11 - 0.01 0.16 0.03 0.56 0.53 0.54 - 0.02 0.89 0.51 0.38 0.35 0.36 - 0.02 0.56 0.16 42.66 39.00 40.50 + 1.00 42.66 31.83 0.05 0.04 0.04 - 0.01 0.09 0.04 0.26 0.00 0.25 - 0.01 0.54 0.12 0.33 0.31 0.31 - 0.02 0.71 0.17 0.11 0.08 0.11 + 0.02 0.23 0.05 0.72 0.46 0.50 - 0.19 3.00 0.46 0.89 0.56 0.61 - 0.25 3.97 0.63 0.03 0.02 0.02 - 0.01 0.04 0.01 0.07 0.06 0.06 - 0.01 0.18 0.05 0.06 0.04 0.05 - 0.01 0.12 0.03 0.80 0.74 0.74 - 0.04 1.27 0.71 0.00 0.00 0.00 + 0.00 0.00 0.00 21.88 21.20 21.57 - 0.08 26.62 20.67 17.99 17.17 17.75 + 0.28 20.27 15.72 0.16 0.14 0.14 - 0.01 0.38 0.13 0.12 0.11 0.11 - 0.00 0.28 0.11 0.30 0.27 0.28 - 0.02 0.55 0.07 0.09 0.07 0.09 + 0.02 0.14 0.05 0.07 0.05 0.06 - 0.00 0.10 0.04 0.18 0.16 0.16 + 0.01 0.28 0.11 4.13 3.86 4.04 + 0.15 4.66 1.87 0.01 0.00 0.01 + 0.00 0.03 0.00 10.91 10.15 10.74 + 0.41 16.48 9.17 8.99 8.18 8.86 + 0.52 12.53 6.82 0.12 0.10 0.11 - 0.02 2.33 0.10 0.10 0.08 0.09 - 0.01 1.80 0.08 0.30 0.26 0.30 + 0.02 0.52 0.21 0.36 0.33 0.36 + 0.01 0.72 0.11 1.73 1.51 1.66 + 0.06 2.18 0.99 1.42 1.25 1.38 + 0.11 1.66 0.75 3.99 3.50 3.89 + 0.28 7.19 2.75 3.26 2.86 3.13 + 0.25 5.17 2.21 0.05 0.04 0.04 - 0.01 0.19 0.02 1.35 1.01 1.10 - 0.01 1.90 0.04 0.19 0.14 0.15 - 0.04 0.44 0.13 0.26 0.24 0.25 - 0.01 0.38 0.23 0.27 0.20 0.22 - 0.04 0.27 0.07 0.50 0.40 0.48 + 0.04 0.50 0.13 0.40 0.00 0.38 + 0.07 0.40 0.10 0.09 0.08 0.08 - 0.01 0.11 0.05 0.45 0.42 0.43 - 0.01 0.67 0.36 0.54 0.51 0.51 - 0.03 0.86 0.49 0.68 0.58 0.59 - 0.01 0.76 0.40 0.55 0.45 0.49 + 0.00 0.58 0.29 0.03 0.01 0.03 + 0.02 0.03 0.01 0.04 0.03 0.03 - 0.01 0.06 0.03 0.09 0.08 0.08 - 0.00 0.14 0.02 0.28 0.24 0.28 + 0.03 0.28 0.04 0.12 0.11 0.11 - 0.01 0.15 0.06 0.10 0.09 0.09 - 0.01 0.13 0.03 0.02 0.00 0.00 - 0.00 0.23 0.00 0.09 0.06 0.06 - 0.01 0.18 0.05

R Rackla Mtls V 33 0.13 0.00 0.12 - 0.01 0.22 0.08 Rackla Mtls* O 8 0.10 0.00 0.10 + 0.02 0.17 0.05 Radisson Mng V 449 0.15 0.14 0.15 + 0.01 0.20 0.12 0.11 - 0.01 0.17 0.09 Radius Gold V 1724 0.12 0.10 Rainy Mtn Royl* O 22 0.06 0.06 0.06 + 0.00 0.14 0.04 104 0.20 0.00 0.16 - 0.02 0.22 0.08 Rambler Ml &Mg V 41 103.90 0.00 103.90 + 2.85 104.10 70.61 Randgold Res* O Randgold Res* D 2857 108.29 101.88 107.32 + 4.45 108.29 67.54 0.19 - 0.02 0.53 0.00 Rare Element* O 394 0.21 0.18 V 129 0.17 0.14 0.16 - 0.01 0.33 0.13 Rathdowney Res Razore Rock Res 107 0.09 0.04 0.05 + 0.01 0.18 0.01 0.00 - 0.00 0.00 0.00 RB Energy* O 151 0.00 0.00 Red Eagle Expl V 40 0.11 0.10 0.10 - 0.01 0.30 0.08 Red Eagle Mng* O 114 0.26 0.23 0.25 + 0.02 0.79 0.17 0.31 0.29 0.31 + 0.01 1.05 0.23 Red Eagle Mng T 2345 Red Oak Mg V 34 0.12 0.09 0.12 + 0.03 0.25 0.05 Red Pine Expl V 503 0.11 0.10 0.10 - 0.01 0.22 0.08 Redhawk Res T 395 0.03 0.02 0.03 - 0.01 0.08 0.02 Redstar Gold* O 817 0.08 0.06 0.07 + 0.01 0.15 0.05 Redstar Gold V 1910 0.09 0.08 0.09 + 0.01 0.16 0.07 0.10 - 0.01 0.38 0.10 Regency Gold V 225 0.18 0.00 Regulus Res V 272 2.38 2.15 2.27 + 0.05 2.68 1.05 Renaissance Gd* O 270 0.38 0.28 0.36 + 0.06 0.49 0.20 V 588 0.48 0.34 0.43 + 0.08 0.64 0.25 Renaissance Gd Renforth Res 370 0.07 0.05 0.05 + 0.01 0.09 0.03 Resource Cap V 170 0.17 0.15 0.17 + 0.02 0.35 0.14 Resource Cap* O 4 0.13 0.11 0.13 + 0.02 0.26 0.11 Reunion Gold V 4735 0.15 0.12 0.12 - 0.02 0.17 0.03 0.71 + 0.05 0.80 0.08 Revival Gold V 235 0.80 0.50 Richmond Mnls* O 163 0.09 0.08 0.09 + 0.02 0.09 0.03 9.75 9.15 9.55 + 0.20 11.66 5.45 Richmont Mines* N 1659 T 846 11.93 11.30 11.62 + 0.12 15.01 7.36 Richmont Mines Rimrock Gold* O 1012969 0.00 0.00 0.00 - 0.00 0.00 0.00 56 0.12 0.11 0.11 - 0.01 0.24 0.09 Rio Novo Gold T Rio Silver V 545 0.05 0.00 0.05 + 0.01 0.18 0.04 48.27 - 1.26 49.79 29.62 Rio Tinto* N 14769 49.79 48.01 Rio Tinto* O 2 49.05 0.00 48.60 + 0.10 49.05 29.75 Rise Gold Corp 1546 0.20 0.16 0.17 - 0.02 0.40 0.09 Riverside Res* O 146 0.29 0.27 0.28 + 0.00 0.46 0.24 0.34 - 0.01 0.60 0.32 Riverside Res V 249 0.36 0.34 Rizal Res V 288 0.05 0.04 0.05 + 0.01 0.06 0.02 RJK Explor V 64 0.12 0.10 0.11 + 0.01 0.25 0.08 O 14 0.04 0.00 0.04 - 0.01 0.06 0.02 Rochester Res* Rock Tech Lith V 43 1.14 0.97 1.14 + 0.17 1.45 0.69 Rockcliff Cop V 1014 0.11 0.09 0.10 + 0.01 0.16 0.06 Rockex Mng 70 0.04 0.02 0.02 - 0.03 0.07 0.01 Rockhaven Res V 421 0.19 0.14 0.16 - 0.02 0.27 0.14 Rockshield Cap 125 0.13 0.10 0.13 + 0.02 0.16 0.05 Rockshield Cap* O 125 0.11 0.08 0.11 + 0.03 0.12 0.05 Rodinia Lithm V 47 0.13 0.00 0.10 - 0.01 0.16 0.08 Rogue Res* O 18 0.22 0.19 0.19 - 0.03 0.56 0.19 Rogue Res V 71 0.28 0.24 0.26 + 0.01 0.74 0.22 Rokmaster Res V 233 0.05 0.04 0.05 + 0.01 0.08 0.02 Romios Gold Rs* O 151 0.06 0.05 0.06 + 0.00 0.08 0.03 0.08 + 0.02 0.12 0.02 RosCan Mrnls V 1106 0.08 0.06 Rotation Mnls V 145 0.20 0.19 0.20 + 0.01 0.45 0.12 Roughrider Exp V 279 0.06 0.06 0.06 + 0.01 0.12 0.05 T 1678 1.29 1.20 1.29 + 0.01 1.75 1.04 Roxgold Roxgold* O 31 1.04 1.00 1.04 + 0.02 1.33 0.78 92.85 - 0.01 94.39 60.21 Royal Gold* D 2199 94.39 91.78 Royal Nickel T 3486 0.23 0.20 0.21 + 0.01 0.45 0.17 Royal Nickel* O 50 0.18 0.16 0.18 + 0.02 0.34 0.12 RT Minerals* O 7 0.05 0.05 0.05 - 0.00 0.14 0.04 Rubicon Mnrls* O 21 1.48 1.20 1.33 + 0.05 7.33 1.00 Rubicon Mnrls T 68 1.79 1.55 1.65 + 0.05 2.39 1.30 Rugby Mng V 36 0.35 0.30 0.35 + 0.05 0.45 0.23 Rupert Res V 141 1.21 1.08 1.16 + 0.04 1.47 0.60 Rusoro Mng* O 61 0.10 0.10 0.10 + 0.00 0.21 0.06 Rye Patch Gold V 3985 0.26 0.23 0.24 + 0.01 0.37 0.19 Rye Patch Gold* O 819 0.21 0.18 0.20 + 0.01 0.28 0.15

S Sabina Gd&Slvr* O 717 Sabina Gd&Slvr T 3196 Sable Res V 1050 Sage Gold* O 244 Saint Jean* O 44 Salazar Res V 57 Sama Res V 423 San Marco Res V 411 San Marco Res* O 162 Sanatana Diam V 827 Sandspring Res V 1324 Sandspring Res* O 707 Sandstorm Gold T 2293 Sandstorm Gold* X 8726 Sandy Lake Gld V 101 Santa Fe Gold* O 510 Santacruz Silv V 698 Sarama Res V 1009 Sarissa Res* O 1397 Satori Res V 137 Satori Res* O 22 Saturn Mnrls V 1015 Savary Gold V 675 Scandium Intl* O 182 Scandium Intl T 681 Scorpio Gold V 308 ScoZinc Mg V 48 Seabridge Gld T 359 Seabridge Gld* N 1955 Search Mnls V 37 Searchlight* O 486

2.17 1.92 2.11 + 0.14 2.17 0.61 2.70 2.39 2.54 + 0.09 2.70 0.84 0.18 0.15 0.16 - 0.01 0.20 0.07 0.17 0.15 0.17 + 0.03 0.19 0.07 0.04 0.03 0.04 + 0.00 0.26 0.02 0.13 0.11 0.12 + 0.02 0.18 0.08 0.17 0.14 0.14 - 0.02 0.25 0.07 0.23 0.19 0.21 - 0.01 0.27 0.13 0.19 0.18 0.19 + 0.01 0.20 0.10 0.05 0.04 0.05 + 0.01 0.07 0.01 0.46 0.41 0.43 - 0.01 0.74 0.31 0.39 0.33 0.34 - 0.02 0.56 0.23 6.05 5.82 5.88 + 0.03 8.55 4.29 4.96 4.69 4.85 + 0.10 6.49 3.18 0.08 0.00 0.08 + 0.02 0.19 0.04 0.10 0.09 0.09 - 0.01 0.23 0.03 0.26 0.21 0.24 + 0.03 0.53 0.16 0.18 0.14 0.15 - 0.03 0.39 0.13 0.01 0.01 0.01 + 0.00 0.01 0.00 0.18 0.14 0.15 - 0.02 0.30 0.07 0.13 0.13 0.13 - 0.00 0.18 0.07 0.13 0.09 0.10 + 0.01 0.13 0.07 0.07 0.06 0.07 + 0.01 0.13 0.06 0.33 0.29 0.31 - 0.01 0.35 0.10 0.40 0.37 0.37 - 0.04 0.48 0.14 0.06 0.06 0.06 - 0.01 0.15 0.05 1.60 1.49 1.55 + 0.05 1.60 0.76 15.67 14.73 15.18 + 0.01 17.11 9.99 12.70 12.00 12.45 + 0.20 12.85 7.35 0.07 0.06 0.06 - 0.01 0.10 0.06 0.05 0.03 0.04 + 0.01 0.13 0.01

2017-09-12 4:30 PM

WWW.NORTHERNMINER.COM

SEPTEMBER 18–OCTOBER 1, 2017 / 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

Secova Mtls* O 216 Select Sands V 441 Semafo T 5532 O 2 Senator Mnrls* Senator Mnrls V 1522 Sennen Potash V 376 Serabi Gold T 68 Serengeti Res V 649 Sherritt Intl T 7706 Shore Gold T 1974 Shoshoni Gold V 16 Sibanye Gold* N 17619 Sienna Res V 233 Sienna Res* O 29 Sierra Metals* X 82 Sierra Metals T 47 Signature Res V 144 Silver Bear Rs* O 568 Silver Bear Rs T 2415 Silver Bull Re* O 2314 Silver Bull Re T 2877 Silver Dragon* O 264 Silver Grail V 558 Silver Predatr V 210 Silver Range V 173 Silver Scott* O 88 Silver Spruce V 1049 Silver Spruce* O 2 Silver Wheaton T 4153 Silver Wheaton* N 12401 Silvercorp Met T 2469 Silvercorp Met* X 1947 SilverCrest Mt* O 203 SilverCrest Mt V 353 Silvermet V 867 Silverstar Res* O 23 Sirios Res* O 207 Sirios Res V 1368 Skeena Res* O 292 Skyharbour Res* O 37 Skyharbour Res V 94 Sojourn Explor V 145 Sokoman Iron V 576 SolGold plc* O 158 SolGold plc T 163 Solitario Ex&R T 287 Solitario Ex&R* X 765 462 Sonora Gld & S V Sonoro Mtls V 29 Southern Arc V 135 Southern Arc* O 16 Southern Copp* N 4851 Southern Silvr* O 476 Southern Silvr V 1158 Spanish Mtn Gd V 946 Spanish Mtn Gd* O 233 Spearmint Res V 8310 Spearmint Res* O 497 Sphinx Res V 600 Sprott Res Hld T 2328 Squire Mg Ltd 298 SRG Graphite V 326 SSR Mining* D 4586 SSR Mining T 999 St Augustine T 827 St Elias Mns* O 369 Stakeholdr Gld V 346 O 56 Stakeholdr Gld* Standard Lith V 165 Stans Energy* O 65 Stans Energy V 252 Star Gold* O 123 Starcore Intl T 187 Starr Peak Exp V 28 Stellar Africa V 504 Sterling Grp* O 3

0.05 0.03 0.04 - 0.00 0.09 0.03 0.53 0.46 0.47 - 0.03 2.04 0.40 3.59 3.32 3.38 - 0.15 6.45 2.68 1.24 0.00 1.24 + 0.03 1.24 0.43 1.59 1.45 1.55 + 0.07 1.59 0.45 0.09 0.08 0.09 + 0.01 0.14 0.08 0.08 0.00 0.08 + 0.01 0.10 0.07 0.26 0.23 0.24 + 0.01 0.33 0.11 1.19 1.02 1.13 - 0.01 1.67 0.74 0.25 0.21 0.21 - 0.03 0.44 0.17 0.05 0.00 0.05 - 0.01 0.12 0.04 6.50 5.78 5.84 - 0.62 15.47 4.43 0.11 0.09 0.11 + 0.02 0.23 0.09 0.07 0.07 0.07 + 0.01 0.17 0.07 2.95 2.51 2.91 + 0.06 3.10 1.29 3.65 3.27 3.53 - 0.02 3.75 1.70 0.10 0.09 0.09 - 0.01 0.19 0.07 0.16 0.12 0.15 + 0.02 0.38 0.08 0.20 0.15 0.17 - 0.03 0.49 0.15 0.13 0.10 0.11 + 0.00 0.17 0.06 0.15 0.13 0.14 + 0.01 0.22 0.08 0.02 0.01 0.01 - 0.00 0.03 0.01 0.10 0.08 0.10 + 0.02 0.14 0.05 0.04 0.03 0.04 + 0.01 0.09 0.03 0.21 0.19 0.20 + 0.02 0.29 0.08 0.02 0.02 0.02 + 0.00 0.04 0.01 0.06 0.05 0.05 - 0.01 0.14 0.05 0.04 0.04 0.04 - 0.02 0.10 0.04 26.18 24.86 25.20 - 0.74 38.40 22.63 21.20 20.50 20.76 - 0.20 29.53 16.94 4.24 3.82 3.97 + 0.11 5.90 2.82 3.43 3.08 3.27 + 0.13 4.50 2.07 1.35 1.16 1.20 - 0.12 2.84 1.08 1.66 1.43 1.49 - 0.15 3.68 1.43 0.22 0.18 0.19 - 0.03 0.22 0.03 3.36 2.25 3.34 + 0.08 3.36 1.51 0.31 0.23 0.23 - 0.08 0.76 0.21 0.38 0.27 0.29 - 0.08 1.02 0.25 0.06 0.04 0.05 - 0.00 0.13 0.03 0.35 0.32 0.34 + 0.01 0.54 0.18 0.42 0.40 0.42 + 0.01 0.70 0.24 0.30 0.20 0.30 + 0.02 0.30 0.09 0.05 0.04 0.05 + 0.01 0.13 0.02 0.47 0.44 0.44 - 0.03 0.63 0.25 0.71 0.63 0.69 - 0.01 0.95 0.56 0.96 0.89 0.94 + 0.03 1.21 0.76 0.80 0.71 0.77 + 0.00 0.91 0.58 0.09 0.06 0.09 + 0.03 0.15 0.05 0.15 0.15 0.15 + 0.01 0.16 0.08 0.75 0.73 0.75 + 0.02 1.09 0.38 0.61 0.58 0.60 + 0.02 0.75 0.30 42.00 39.32 39.59 - 1.71 42.00 24.90 0.35 0.31 0.32 - 0.01 0.46 0.19 0.42 0.38 0.39 - 0.03 0.60 0.27 0.16 0.13 0.15 - 0.01 0.23 0.09 0.13 0.11 0.11 - 0.01 0.17 0.06 0.04 0.03 0.04 + 0.01 0.04 0.02 0.04 0.02 0.03 + 0.01 0.04 0.02 0.07 0.00 0.07 + 0.01 0.10 0.04 0.17 0.16 0.17 + 0.01 0.23 0.13 0.10 0.10 0.10 - 0.01 0.16 0.05 0.74 0.68 0.68 - 0.06 0.74 0.15 10.89 10.32 10.77 + 0.25 10.89 8.89 13.30 12.82 13.07 + 0.07 17.86 10.32 0.04 0.03 0.03 - 0.01 0.10 0.02 0.00 0.00 0.00 - 0.00 0.00 0.00 0.35 0.28 0.31 + 0.01 0.89 0.19 0.26 0.00 0.26 + 0.01 0.67 0.17 1.10 1.01 1.10 + 0.01 1.25 0.30 0.04 0.02 0.04 + 0.01 0.06 0.02 0.04 0.03 0.04 + 0.01 0.08 0.03 0.06 0.05 0.05 - 0.01 0.20 0.04 0.41 0.37 0.37 - 0.04 0.78 0.36 0.13 0.12 0.13 + 0.01 0.17 0.08 0.06 0.04 0.05 - 0.01 0.07 0.02 0.07 0.06 0.06 + 0.00 0.18 0.02

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Stina Res 265 Stina Res* O 73 Stornoway Diam* O 16 Stratabd Mnr V 740 O 143 Strategic Metl* Strategic Metl V 220 Strikepoint Gd* O 42 Strikepoint Gd V 251 V 813 Strongbow Expl Stroud Res V 84 Sulliden Mng T 355 Suncor Energy T 9782 Suncor Energy* N 17020 Superior Gold V 1444 Sutter Gold* O 71 Syrah Res* O 56

0.24 0.21 0.22 - 0.01 0.35 0.07 0.20 0.18 0.19 + 0.00 0.26 0.05 0.61 0.60 0.61 + 0.01 0.96 0.54 0.02 0.02 0.02 - 0.01 0.08 0.02 0.45 0.39 0.39 - 0.04 0.59 0.28 0.54 0.47 0.48 - 0.03 0.77 0.37 0.30 0.27 0.28 - 0.02 0.47 0.15 0.38 0.33 0.34 - 0.04 0.67 0.19 0.21 0.15 0.21 + 0.04 0.27 0.12 0.02 0.01 0.02 + 0.01 0.02 0.01 0.34 0.00 0.30 - 0.04 0.43 0.18 39.92 38.88 39.72 + 0.21 44.90 34.01 32.92 31.34 32.71 + 0.80 33.79 25.70 0.97 0.87 0.91 + 0.01 1.25 0.85 0.03 0.02 0.03 + 0.00 0.06 0.02 2.84 2.36 2.84 + 0.48 3.32 1.68

Tahoe Res* N 11246 Tahoe Res T 5391 Taku Gold 190 Talon Metals T 346 Tamino Mnrls* O 141 Tanager Energy V 167 Tanqueray Expl V 551 Tanzania Rlty T 115 Tanzania Rlty* X 782 Taranis Res* O 39 Tarku Res V 112 Tasca Res V 334 Taseko Mines* X 9719 Taseko Mines T 2874 Teck Res T 16059 Teck Res* N 45532 Teck Res T 27 Telson Res * O 80 Telson Res V 295 Tembo Gold* O 67 Teranga Gold T 1597 Teranga Gold* O 181 Terraco Gold V 409 Terrax Mnrls* O 45 Terrax Mnrls V 544 Terreno Res V 108 Teslin Rvr Res V 1107 Teuton Res V 318 Teuton Res* O 141 Texas Mineral* O 328 Themac Res V 180 Thor Expl V 91 Thunder Mtn Gd* O 45 Thunderstruck V 422 Thunderstruck* O 42 Till Capital* D 2 Timberline Res V 114 Timberline Res* O 358 Timmins Gold T 358 Timmins Gold* X 476 Tinka Res* O 284 Tinka Res V 855 Tintina Mines V 62 Tintina Res V 126 Tintina Res* O 66 Tirex Res* O 227 Titanium Corp V 115 TMAC Resource* O 7 TMAC Resources T 90 Toachi Mg Inc V 123 TomaGold V 948 Tombstone Expl* O 7296 Tonogold Res* O 198 Torex Gold* O 52 Torex Gold T 1649 Toron, Inc* O 2457 Torq Resources V 179

4.94 4.59 4.70 - 0.11 14.60 4.24 6.08 5.57 5.69 - 0.25 19.28 5.31 0.24 0.20 0.20 - 0.03 0.25 0.06 0.15 0.12 0.12 - 0.01 0.15 0.06 0.00 0.00 0.00 + 0.00 0.00 0.00 0.15 0.13 0.14 + 0.01 0.20 0.05 1.18 1.04 1.07 - 0.08 1.56 0.09 0.56 0.49 0.49 - 0.07 1.40 0.47 0.45 0.39 0.40 - 0.04 1.04 0.38 0.08 0.07 0.07 - 0.01 0.12 0.06 0.05 0.04 0.05 + 0.02 0.08 0.03 0.11 0.07 0.08 - 0.01 0.21 0.05 2.04 1.72 1.92 - 0.10 2.04 0.42 2.50 2.11 2.35 - 0.12 2.50 0.55 31.76 27.80 28.23 - 3.35 35.67 19.27 25.67 22.91 23.24 - 2.22 26.60 14.56 32.00 27.85 28.33 - 3.45 36.49 20.00 0.72 0.50 0.70 + 0.20 0.72 0.11 0.89 0.56 0.85 + 0.23 0.89 0.16 0.02 0.01 0.02 + 0.01 0.05 0.01 3.60 3.12 3.21 - 0.30 7.00 2.78 2.89 2.57 2.67 - 0.15 6.40 2.02 0.11 0.10 0.11 - 0.01 0.18 0.09 0.47 0.43 0.44 - 0.02 0.80 0.30 0.61 0.51 0.51 - 0.08 1.05 0.40 0.04 0.03 0.04 + 0.01 0.08 0.03 0.68 0.59 0.65 + 0.05 0.76 0.21 0.29 0.26 0.28 + 0.02 0.44 0.15 0.24 0.21 0.23 + 0.02 0.33 0.11 0.22 0.20 0.22 + 0.01 0.39 0.09 0.04 0.04 0.04 + 0.01 0.10 0.03 0.22 0.18 0.20 - 0.02 0.25 0.08 0.24 0.20 0.20 - 0.04 0.30 0.02 0.11 0.08 0.11 + 0.02 0.14 0.05 0.09 0.07 0.09 + 0.00 0.11 0.06 3.99 0.00 3.99 + 0.04 4.46 3.87 0.50 0.43 0.50 + 0.04 0.73 0.32 0.43 0.36 0.42 + 0.03 0.53 0.02 5.55 5.26 5.33 - 0.11 7.99 3.70 4.56 4.24 4.37 - 0.05 6.06 2.70 0.49 0.45 0.46 - 0.02 0.59 0.13 0.62 0.53 0.57 - 0.02 0.78 0.17 0.05 0.04 0.05 + 0.01 0.09 0.03 0.11 0.10 0.11 + 0.01 0.14 0.06 0.09 0.08 0.09 + 0.00 0.10 0.04 0.04 0.02 0.04 + 0.01 0.09 0.02 1.30 1.22 1.29 - 0.01 1.46 0.41 7.96 7.17 7.84 + 0.67 14.76 6.64 9.70 8.90 9.52 + 0.33 20.18 8.12 0.41 0.37 0.41 + 0.01 0.62 0.31 0.10 0.08 0.09 - 0.01 0.15 0.06 0.01 0.00 0.01 - 0.00 0.01 0.00 0.07 0.05 0.07 + 0.02 0.13 0.02 18.11 16.96 17.83 + 0.82 25.74 12.73 22.01 20.88 21.65 + 0.57 34.88 17.05 0.01 0.00 0.00 - 0.00 0.01 0.00 0.77 0.72 0.72 - 0.01 1.00 0.53

(100s) Stock

Week

12-month

(100s)

Exc Volume High Low Last Change High Low

Tower Res V 154 Tower Res* O 32 Transatlan Mng V 121 O 44 Treasury Metal* Treasury Metal T 1010 Trecora Res* N 363 Trek Mining V 1302 Trek Mining* O 138 Trevali Mng T 22256 Trevali Mng* O 882 Tri Origin Exp V 1429 Trident Gold V 210 Trifecta Gold* O 32 Trifecta Gold V 185 Trilogy Mtls T 126 Trilogy Mtls* X 877 TriMetals Mng T 89 TriMetals Mng* O 116 TriMetals Mng* O 137 Trinity Valley V 1205 TriStar Gold* O 55 TriStar Gold V 166 Triumph Gold V 677 Triumph Gold* O 314 Troy Enrgy V 162 Troy Res* O 76 Troymet Expl V 828 Trueclaim Expl V 569 Tsodilo Res V 25 Tudor Gold * O 6 Tudor Gold V 152 Tungsten Corp* O 1080 Turquoise HIl* N 25119 Turquoise HIl T 4319 TVI Pacific* O 484

0.20 0.16 0.16 - 0.03 0.34 0.11 0.16 0.13 0.13 - 0.03 0.24 0.11 0.09 0.07 0.07 - 0.02 0.85 0.07 0.62 0.53 0.62 + 0.07 0.67 0.30 0.77 0.67 0.76 + 0.06 0.90 0.48 12.75 11.95 12.50 + 0.35 14.80 9.75 1.16 1.07 1.11 + 0.04 2.55 0.96 0.96 0.85 0.94 + 0.07 1.64 0.75 1.60 1.40 1.44 - 0.09 1.60 0.87 1.29 1.16 1.17 - 0.07 1.29 0.66 0.05 0.04 0.05 + 0.01 0.08 0.03 0.19 0.00 0.18 - 0.01 0.22 0.05 0.18 0.16 0.16 - 0.02 0.20 0.14 0.22 0.19 0.20 - 0.03 0.40 0.18 1.31 1.16 1.20 - 0.09 1.60 0.58 1.07 0.96 0.98 - 0.04 1.35 0.41 0.21 0.18 0.20 - 0.01 0.31 0.18 0.18 0.16 0.17 - 0.00 0.24 0.13 0.20 0.18 0.19 - 0.01 0.23 0.11 0.03 0.03 0.03 - 0.01 0.05 0.01 0.29 0.26 0.26 - 0.03 0.34 0.15 0.35 0.32 0.32 - 0.03 0.44 0.22 0.57 0.49 0.49 - 0.04 0.57 0.16 0.46 0.37 0.41 - 0.00 0.46 0.12 0.10 0.09 0.09 + 0.01 0.15 0.01 0.13 0.10 0.10 - 0.03 0.32 0.05 0.02 0.02 0.02 - 0.01 0.04 0.01 0.03 0.02 0.02 - 0.01 0.05 0.02 0.81 0.67 0.72 - 0.09 1.05 0.59 0.71 0.00 0.71 + 0.05 0.93 0.33 0.94 0.81 0.81 - 0.05 1.25 0.37 0.00 0.00 0.00 + 0.00 0.00 0.00 3.45 3.18 3.30 - 0.06 3.80 2.44 4.27 3.86 3.99 - 0.17 5.03 3.25 0.01 0.00 0.01 + 0.00 0.06 0.00

U.S. Lithium* O 1405 U3O8 Corp* O 274 207 Ucore Rare Mtl* O Ucore Rare Mtl V 271 Ultra Lithium V 55 Umbral Enrgy 8563 Unigold V 118 510 United States A* X United States S* N 64153 Unity Energy V 16 Upper Canyon V 18 Ur-Energy* X 685 Ur-Energy T 149 Uracan Res V 312 Uracan Res* O 33 Uragold Bay Rs V 576 Uranium Energy* X 3181 Uranium Res* D 860 Uravan Mnrls V 512 URZ Energy V 356 URZ Energy* O 169 US Cobalt V 566 US Cobalt * O 268 US Energy* D 87 US Precious M* O 404 USCorp* O 991 Vale* N 159190 N 26048 Vale* ValGold Res V 676 Valley High Mg* O 784 Valterra Res V 328 Valterra Res* O 84 Vanadium One V 399 Vanadiumcorp* O 168 Vangold Res V 985 Vatic Vent V 1318 Vedanta* N 2702 Velocity Mnrls* O 75

0.05 0.04 0.04 + 0.00 0.08 0.01 0.02 0.02 0.02 + 0.01 0.04 0.01 0.22 0.20 0.22 + 0.01 0.29 0.18 0.27 0.25 0.26 + 0.01 0.39 0.22 0.19 0.16 0.19 + 0.01 0.26 0.14 0.14 0.12 0.12 - 0.01 0.16 0.02 0.27 0.24 0.27 + 0.01 0.53 0.15 0.34 0.29 0.29 - 0.03 0.60 0.22 28.35 26.51 26.96 - 0.03 41.83 15.72 0.14 0.14 0.14 + 0.01 0.45 0.11 0.25 0.24 0.24 + 0.01 0.60 0.05 0.63 0.57 0.60 - 0.00 0.91 0.41 0.75 0.70 0.70 - 0.05 1.19 0.55 0.04 0.03 0.04 + 0.01 0.10 0.02 0.03 0.02 0.02 - 0.01 0.08 0.01 0.13 0.11 0.12 - 0.01 0.26 0.11 1.35 1.29 1.30 - 0.04 1.92 0.81 1.50 1.34 1.43 + 0.01 4.00 0.97 0.06 0.05 0.05 - 0.01 0.38 0.05 0.62 0.42 0.53 + 0.11 0.79 0.20 0.51 0.34 0.46 + 0.06 0.51 0.33 0.56 0.51 0.52 - 0.03 0.99 0.45 0.46 0.41 0.43 - 0.01 0.88 0.27 0.83 0.73 0.76 - 0.01 2.74 0.60 0.00 0.00 0.00 + 0.00 0.02 0.00 0.00 0.00 0.00 - 0.00 0.01 0.00 11.72 11.08 11.11 - 0.19 11.72 4.86 10.89 10.28 10.33 - 0.16 11.10 4.13 0.07 0.05 0.06 - 0.01 0.07 0.02 0.00 0.00 0.00 + 0.00 0.02 0.00 0.04 0.03 0.04 + 0.01 0.09 0.03 0.03 0.01 0.03 + 0.01 0.07 0.01 0.11 0.10 0.10 - 0.01 0.19 0.08 0.11 0.10 0.11 - 0.00 0.13 0.02 0.09 0.08 0.09 - 0.01 0.22 0.03 0.06 0.05 0.06 + 0.01 0.12 0.04 20.75 19.71 20.33 + 0.26 20.75 9.42 0.30 0.26 0.29 + 0.03 0.35 0.17

Stock

Week

12-month

Exc Volume High Low Last Change High Low

Velocity Mnrls V 804 O 221 Vendetta Mng* Vendetta Mng V 1516 Verde Potash T 51 Verde Res* O 249 Veris Gold* O 72 Victoria Gold V 1848 Victory Nickel 242 Victory Nickel* O 20 Victory Res V 207 Victory Vent V 1557 Viscount Mng V 218 69 Visible Gold M V Vista Gold* X 1027 Vista Gold T 36 Volcanic Gold V 757 Voltaic Min V 536 Voyageur Min V 503 VR Resources V 125 Vulcan Mnrls V 70 VVC Expl V 769

0.18 0.37 + 0.03 0.47 0.38 0.32 0.08 0.23 + 0.01 0.27 0.23 0.21 0.06 0.27 - 0.01 0.35 0.29 0.26 0.20 0.85 + 0.10 1.77 0.85 0.75 0.02 0.10 - 0.01 0.20 0.13 0.07 0.00 0.01 + 0.01 0.02 0.01 0.00 0.42 0.50 - 0.06 0.74 0.57 0.50 0.02 0.05 + 0.01 0.09 0.05 0.04 0.00 0.03 + 0.01 0.14 0.03 0.03 0.01 0.01 - 0.01 0.05 0.02 0.00 0.02 0.03 + 0.01 0.19 0.03 0.03 0.22 0.28 - 0.02 0.81 0.34 0.28 0.14 0.13 0.13 - 0.01 0.40 0.13 0.63 0.82 - 0.01 1.24 0.88 0.80 0.89 1.00 - 0.03 1.61 1.07 0.99 0.14 0.45 - 0.01 0.65 0.46 0.43 0.05 0.07 + 0.01 0.24 0.07 0.07 0.06 0.06 + 0.01 0.13 0.06 0.06 0.14 0.25 - 0.02 0.51 0.27 0.25 0.03 0.06 + 0.01 0.08 0.06 0.04 0.02 0.04 - 0.01 0.05 0.04 0.04

Walker River V 495 T 1546 Wallbridge Mng WCB Res V 623 Wealth Mnrls* O 477 Wealth Mnrls V 588 O 778 Wellgreen Plat* Wellgreen Plat T 1246 T 2003 Wesdome Gold O 100 Wesdome Gold* West Kirkland V 439 314 West Kirkland * O 893 West Red Lake 328 West Red Lake* O O 0 Western Areas* T 1551 Western Copper X 1729 Western Copper* 206 Western Pac Rs V Western Res* O 13 Western Uran 85 Western Uran* O 54 V 232 Westhaven Vent O 90 Westkam Gold* Westmoreland* D 1232 Westridge Res V 1013 White Gold V 127 White Gold* O 36 O 20 Wincash Apolo* Winston Gold 166 Winston Gold* O 100 Wolfden Res V 768 Wolfeye Res V 501 V 355 Wolverine Mnls WPC Res V 1327 X-Terra Res V 225 Xander Res V 370 611 XLI Tech Inc* O V 57 Xtierra 66165 Yamana Gold* N Yamana Gold T 15637 Yanzhou Coal* O 7 Yorbeau Res T 1059 9 O Zadar Vent * Zadar Vent V 595 Zenyatta Vent V 186 O 28 Zenyatta Vent* Zephyr Mnls* O 5 Zephyr Mnls V 141 Zimtu Capital V 73 412 Zinc One Res * O Zinc One Res V 2639 Zonte Mtls V 439

0.07 0.14 + 0.03 0.18 0.15 0.11 0.04 0.10 + 0.02 0.14 0.11 0.08 0.03 0.06 + 0.01 0.09 0.07 0.05 0.71 1.39 - 0.03 1.69 1.48 1.34 0.95 1.68 - 0.07 2.10 1.82 1.62 0.16 0.26 - 0.05 0.43 0.32 0.25 0.22 0.30 - 0.08 0.55 0.40 0.30 1.93 2.24 - 0.16 4.40 2.44 2.21 0.00 1.86 - 0.06 3.22 1.95 1.85 0.06 0.08 - 0.01 0.14 0.09 0.08 0.07 0.06 0.06 - 0.01 0.11 0.04 0.18 0.13 0.16 - 0.02 0.32 0.13 0.20 0.11 0.13 - 0.01 0.26 0.10 1.57 2.32 + 0.11 2.35 2.32 2.21 0.92 1.60 - 0.04 2.24 1.76 1.48 0.69 1.32 - 0.01 1.80 1.44 1.18 0.02 0.01 0.02 + 0.01 0.05 0.01 0.30 0.33 + 0.02 0.47 0.33 0.00 0.88 1.12 + 0.03 2.80 1.15 1.06 0.70 0.94 + 0.09 2.17 0.97 0.85 0.07 0.09 - 0.01 0.16 0.10 0.09 0.01 0.02 - 0.00 0.04 0.02 0.02 2.35 2.07 2.11 - 0.11 19.92 1.88 0.01 0.17 - 0.04 0.39 0.24 0.16 0.11 1.51 - 0.14 2.34 1.65 1.50 0.43 1.32 - 0.02 1.73 1.35 0.00 0.03 0.09 + 0.03 0.22 0.09 0.06 0.03 0.04 - 0.01 0.49 0.05 0.04 0.03 0.03 - 0.00 0.04 0.04 0.03 0.08 0.19 + 0.02 0.19 0.19 0.17 0.23 0.91 - 0.13 1.31 1.06 0.91 0.05 0.08 + 0.01 0.13 0.08 0.08 0.04 0.06 + 0.01 0.13 0.07 0.05 0.13 0.32 - 0.01 0.40 0.35 0.31 0.26 0.30 + 0.01 0.49 0.30 0.29 0.01 0.01 0.01 - 0.00 0.05 0.00 0.02 0.03 - 0.01 0.07 0.03 0.03 2.21 3.08 + 0.12 4.95 3.17 2.91 2.84 3.73 + 0.08 6.43 3.92 3.62 0.68 1.04 - 0.01 1.05 1.05 1.03 0.08 0.08 - 0.01 0.14 0.09 0.08 0.06 0.05 0.05 - 0.01 0.12 0.05 0.07 0.07 - 0.01 0.17 0.08 0.07 0.83 0.94 - 0.06 1.55 1.00 0.86 0.61 0.76 - 0.04 1.17 0.80 0.75 0.15 0.18 + 0.02 0.30 0.18 0.18 0.18 0.24 - 0.02 0.42 0.27 0.23 0.15 0.22 - 0.01 0.40 0.23 0.22 0.46 0.37 0.42 + 0.02 0.81 0.01 0.58 0.47 0.53 + 0.02 0.90 0.10 0.05 0.35 - 0.01 0.49 0.37 0.34

W-Z

U-V

BID-ASK — SEPTEMBER 4–8, 2017 STOCK

12-MONTH

EXC BID ASK LAST HIGH

Acme Res Corp African Metals Aftermath Slvr Aida Minerals Alba Minerals Alderon Iron* Allante Potash Alliance Mng ALQ Gold Altan Nev Mnls Altan Rio Mnls Amanta Res Amato Expl Anglo Pac Grp APAC Res Inc Arch Coal* Archon Mineral Arcturus Vent Argus Metals Arian Res Armor Mnrls Arrowstar Res Asbestos Corp Astar Mnls Astur Gold Atlantic Ind Atlatsa Res* Atom Energy AurCrest Gold Aurelius Min Balto Res BC Moly BE Res Bearclaw Cap Bethpage Cap BHK Mining Bird River Res Black Bull Res Black Isle Res Bluenose Gold Boss Power Brigadier Gold Brunswick Res Buccaneer Gold Bullman Mnls Cairo Res Cameo Res Canada Coal Candelaria Mg Canex Energy Caracara Silvr Cascade Res Cassius Vents Catalina Gold Central Iron Cerro Mng Chieftain Mtls China Mnls Mng Chinapintza Mg Cicada Vents Cleghorn Mnls Cliffs Nat Res* Clydesdale Res Compass Gold Cons Westview Copper One Corazon Gold CWN M’g Acq Cyprium Mng Dawson Gold Desert Star Discovery-Corp DV Resources EastCoal Inc European Metal Excalibur Res Fieldex Expl Finlay Minrls Finore Mng Fiore Explor Fire River Gol Firebird Res First Idaho Fort St James Freedom Egy Fremont Gold*

20-22_SEP18_StockTables.indd 22

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

0.01 0.03 0.02 0.06 0.09 0.06 0.11 ... 0.01 0.01 0.03 0.05 0.07 0.07 0.16 0.15 0.16 0.16 0.28 ... 0.40 0.14 0.52 0.06 0.11 0.05 0.07 0.06 0.06 0.04 0.05 0.25 0.29 0.22 0.45 0.02 0.02 0.02 0.03 0.02 0.03 0.02 0.04 0.01 0.02 0.01 0.03 0.06 0.03 0.07 2.00 2.40 2.00 2.02 0.04 0.06 0.06 0.14 ... ... 0.58 1.20 1.30 1.20 1.70 0.11 0.18 0.11 0.25 0.08 0.11 0.08 0.15 0.01 0.02 0.01 0.02 0.36 0.44 0.38 0.59 0.04 0.05 0.04 0.17 0.22 0.40 0.30 0.30 0.31 1.00 0.35 0.40 0.06 0.08 0.08 0.10 0.01 0.05 0.01 0.05 ... ... 0.06 0.45 0.08 0.14 0.07 0.65 0.02 0.02 0.02 0.04 0.13 0.14 0.14 0.15 0.04 0.05 0.04 0.04 0.05 0.08 0.06 0.07 0.04 0.04 0.04 0.50 0.02 0.05 0.04 0.06 0.07 0.15 0.07 0.16 0.02 0.02 0.02 0.05 0.05 0.08 0.07 0.09 0.10 0.18 0.10 0.15 0.04 0.05 0.04 0.06 0.03 0.07 0.06 0.06 0.17 0.20 0.17 0.17 0.25 0.17 0.30 0.02 0.03 0.02 0.05 0.04 0.05 0.05 0.08 0.07 0.10 0.10 0.12 0.35 1.00 0.35 0.60 1.40 1.40 1.34 1.75 0.03 0.03 0.03 0.10 0.73 0.94 0.94 1.08 0.33 0.40 0.32 0.75 0.01 0.02 0.01 0.03 0.02 0.04 0.02 0.05 0.03 0.05 0.03 0.06 0.05 0.07 0.08 0.08 0.01 0.02 0.02 0.04 0.05 0.15 0.05 0.18 ... ... 0.05 0.23 0.01 0.02 0.01 0.03 0.01 0.10 0.02 0.02 0.01 0.01 0.01 0.01 0.07 0.08 0.07 0.16 1.45 3.20 1.43 7.17 0.05 ... 0.06 0.06 0.06 0.08 0.07 0.12 0.40 0.70 0.40 0.56 0.04 0.05 0.04 0.30 0.52 0.55 0.55 0.55 0.15 0.26 0.16 0.27 0.03 0.03 0.03 0.12 0.15 0.34 0.30 0.30 0.39 0.50 0.45 0.47 0.02 0.03 0.03 0.07 0.51 0.59 0.55 0.63 0.11 0.30 0.10 0.30 ... 0.01 0.01 0.09 0.10 0.10 0.11 0.18 0.19 0.19 0.65 0.05 0.06 0.06 0.08 0.12 0.12 0.11 0.50 0.39 0.41 0.40 0.76 0.03 0.07 0.09 0.75 0.02 0.03 0.02 0.04 0.05 0.25 0.05 0.14 0.20 0.29 0.22 0.30 0.09 0.10 0.10 0.14 ... ... 0.11 0.11

LOW

0.03 0.01 0.01 0.04 0.12 0.04 0.01 0.03 0.01 0.01 0.03 1.01 0.03 1.02 0.08 0.05 0.01 0.35 0.04 0.14 0.15 0.01 0.01 0.06 0.07 0.02 0.03 0.01 0.05 0.04 0.03 0.04 0.02 0.01 0.06 0.02 0.01 0.13 0.02 0.02 0.05 0.21 0.31 0.02 0.52 0.30 0.01 0.02 0.02 0.08 0.01 0.03 0.03 0.01 0.01 0.01 0.07 0.98 0.05 0.05 0.35 0.03 0.25 0.15 0.03 0.09 0.18 0.02 0.02 0.10 0.01 0.10 0.04 0.01 0.32 0.03 0.02 0.05 0.08 0.09 0.11

STOCK

12-MONTH

EXC BID ASK LAST HIGH LOW

GAR Limited General Moly Geodex Mnrls GFM Res Global Cobalt Global Cop Grp God’s Lake Res Gold Ridge Exp Goldbelt Emp Golden Harp Goldstream Mnl GoldTrain Res Gossan Res Gravis Energy Greatbanks Res Green Arrow Green Valley M Greenshield Ex Grenville Gold Greywacke Expl Grosvenor Res Gunpoint Expl Hadley Mng HFX Holding Highbury Proj Highvista Gold IGC Res Inform Res Interconnect Intl Battery Intl Bethl Mng Intl Millm Mng Iron South Mng Jasper Mng JDF Explor Inc Jiulian Res Jourdan Res Jubilee Gold Karoo Expl Kenna Res La Imperial Lamelee Iron Leeta Gold Leo Res Lions Bay Cap Lions Gate Mtl Lithion Energy Loncor Res Lovitt Res Lund Enterpr Madeira Mrnls MAG Silver* Mainstream Mnl Marifil Mines Match Capital MAX Res McChip Res Mega Copper Metalo Manuf Metalore Res Midasco Cap MillenMin Vent Millstream Min Milner Con Slv Minecorp Egy Mineral Hill Miramont Res MK2 Ventures Moag Copper Montana Gold Morgan Res Morro Bay Mukuba Res Mustang Mnrls Navy Res Nebu Res Network Expl New Destiny Mg New Dimen Res New Klondike New Oroperu Nexco Res Nickel North Noble Metal Gr Nomad Ventures North Am Ptash

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

0.07 0.22 0.07 0.13 0.51 0.61 0.56 0.95 0.13 0.19 0.19 0.19 0.02 0.10 0.02 0.02 0.02 0.02 0.02 0.08 0.07 0.08 0.08 0.11 0.04 ... 0.04 0.04 0.03 0.07 0.04 0.47 0.02 0.02 0.02 0.06 0.08 0.14 0.08 0.24 0.07 0.09 0.07 0.14 0.06 0.50 0.06 0.25 0.06 0.07 0.06 0.11 ... 0.03 0.01 0.01 0.03 0.05 0.03 0.04 0.05 0.04 0.05 0.17 0.20 0.17 0.27 0.06 0.15 0.05 0.08 0.09 0.18 0.09 0.17 0.05 0.16 0.05 0.06 0.17 0.32 0.17 0.35 0.19 0.26 0.20 0.31 0.95 0.98 0.95 1.08 0.04 0.05 0.05 0.12 0.25 ... 0.25 0.30 ... 0.16 0.17 0.01 0.01 0.01 0.02 0.12 0.19 0.14 0.17 0.05 0.06 0.05 0.07 ... ... 0.31 0.40 0.03 0.04 0.03 0.06 0.03 0.03 0.03 0.07 0.24 0.27 0.24 0.28 0.06 0.08 0.07 0.10 0.01 ... 0.01 0.04 0.06 0.04 0.04 0.14 0.15 0.12 0.20 0.44 0.72 0.72 0.73 0.02 0.02 0.02 0.03 0.13 0.16 0.15 0.22 0.05 0.10 0.05 0.11 0.16 0.20 0.20 0.34 0.29 0.33 0.29 0.30 1.06 1.09 1.09 2.50 0.04 0.10 0.04 0.04 0.10 0.19 0.10 0.35 ... ... 0.10 0.18 0.10 0.12 0.10 0.22 0.03 0.09 0.10 0.17 0.10 0.14 0.10 0.18 0.03 0.20 0.02 0.05 12.52 13.30 12.52 14.40 ... 0.01 0.01 0.04 0.05 0.05 0.15 0.01 0.04 0.04 0.08 0.09 0.08 0.14 0.40 0.60 0.50 0.60 0.16 0.25 0.16 0.30 0.37 0.60 0.37 1.00 2.00 4.19 3.53 5.16 0.07 0.10 0.08 0.15 0.05 0.07 0.05 0.07 0.04 0.06 0.04 0.13 0.04 0.09 0.04 0.04 ... ... 0.12 0.20 0.27 0.32 0.32 0.35 0.25 0.35 0.30 0.30 0.07 0.14 0.14 0.27 ... ... 0.08 0.09 0.10 0.10 0.10 0.01 0.02 0.01 0.07 0.11 0.15 0.15 0.25 0.06 0.15 0.06 0.16 0.01 0.02 0.01 0.03 0.17 ... 0.16 0.25 0.04 0.04 0.04 0.05 0.17 0.23 0.17 0.20 0.22 0.22 0.22 0.06 0.07 0.06 0.17 0.01 0.01 0.01 0.45 0.56 0.49 0.70 0.15 0.20 0.15 0.15 0.02 0.03 0.02 0.06 0.01 0.02 0.01 0.02 0.11 0.15 0.12 0.30 0.05 0.08 0.04 0.15

0.01 0.30 0.05 0.01 0.01 0.04 0.02 0.04 0.02 0.08 0.05 0.05 0.05 0.01 0.03 0.07 0.04 0.09 0.01 0.16 0.20 0.06 0.05 0.25 0.01 0.06 0.05 0.04 0.03 0.03 0.04 0.03 0.02 0.06 0.33 0.01 0.14 0.04 0.14 0.09 0.05 0.01 0.10 0.03 0.09 0.02 0.09 0.01 6.12 0.03 0.07 0.37 0.05 0.26 1.50 0.05 0.05 0.04 0.03 0.07 0.17 0.20 0.14 0.02 0.01 0.05 0.06 0.01 0.09 0.01 0.16 0.05 0.37 0.15 0.01 0.01 0.10 0.03

STOCK

12-MONTH

EXC BID ASK LAST HIGH LOW

Northern Uran NQ Explor Nrthn Lion NSGold NSS Res Inc Opus One Res Oronova Energy Pac Cascade Pac Imperial Pac Link Mng Parana Copper Parlane Res Peat Res Pele Mtn Res Phoenix Gold Phoenix Metals Pitchblack Res Prime Meridian Prism Res Quartz Mtn Res Rainmaker Res Randsburg Intl Rare Element* Ravencrest Res Red Tiger Mng Redzone Res Remington Res Remo Res Rhyolite Res Riley Resource Rockland Mnls Rojo Res Romulus Res Ross River Royal Sapphire Rubicon Mnrls* Samco Gold Savoy Vent Scavo Res SGX Res Shamrock Ent Silver Phoenix SinoCoking Cl* Sniper Res Spada Gold Spruce Ridge R Standard Graph Stockport Expl Stone Ridge Ex Strategic Res Superior Mng Tajiri Res Talmora Diamd Taranis Res Tearlach Res Telferscot Res Teryl Res Corp Tesoro Mnrls Thunder Mtn Gd Tiger Intl Tolima Gold Tri-River Vent Trigen Res True Grit Res UC Res United Coal Universal Vent Vanadium One Vantex Res Vela Minerals Venerable Vent Virginia Enrgy Wabi Explor Waseco Res Westbay Vent Western Troy C Whistler Gold White Metal Rs Whitemud Res Winston Res Yellowhead Mng Zara Res Zena Mng Zinco Mng Zincore Mtls

V V V V C V V V V V C V V V V V V V V V V V X C V V V V V V V V V V V X V V C V C C D V V V V V C V V V C V V C V V V V V V V V V C V V V V V V C V V V V V V C V C V V V

0.01 0.02 0.01 0.03 0.01 0.01 0.01 0.04 0.45 0.59 0.45 0.74 0.10 0.15 0.10 0.20 0.06 0.19 0.06 0.21 0.09 0.11 0.11 0.18 0.36 0.40 0.40 0.46 0.01 0.02 0.01 0.02 0.01 0.02 0.01 0.04 0.02 0.07 0.04 0.07 0.06 ... 0.05 0.15 0.13 0.15 0.15 0.33 0.01 0.02 0.01 0.03 0.02 0.02 0.02 0.40 ... 0.01 0.01 0.19 0.20 0.21 0.41 0.45 0.41 0.46 0.12 0.15 0.14 0.16 0.18 0.16 0.25 0.09 0.11 0.10 0.12 0.05 0.06 0.05 0.17 0.01 0.02 0.01 0.03 0.11 0.16 0.15 0.89 0.05 0.10 0.05 0.09 0.02 0.03 0.03 0.10 0.14 0.17 0.17 0.27 0.11 0.13 0.11 0.18 0.10 0.12 0.10 0.30 0.18 0.47 0.21 0.30 0.11 0.14 0.11 0.20 0.07 0.08 0.08 0.11 0.39 0.45 0.45 0.65 0.15 0.23 0.19 0.20 0.01 0.01 0.01 0.01 0.13 0.23 0.13 1.40 ... ... 0.03 1.35 0.02 0.03 0.02 0.05 0.20 0.30 0.21 0.21 0.36 0.57 0.36 0.54 0.02 0.02 0.02 0.05 0.02 0.04 0.04 0.05 0.05 0.15 0.15 0.25 ... ... 4.64 7.69 0.01 0.01 0.01 0.07 0.18 0.38 0.14 0.38 0.01 0.02 0.02 0.05 0.18 0.18 0.17 0.20 0.02 0.03 0.02 0.06 0.07 ... 0.06 0.07 0.15 0.24 0.15 0.22 0.07 0.14 0.07 0.40 0.10 0.15 0.12 0.21 0.01 0.02 0.01 0.05 0.09 0.10 0.09 0.15 0.08 0.15 0.08 0.16 0.01 0.02 0.02 0.03 0.01 0.02 0.02 0.02 0.07 0.08 0.07 0.12 0.14 ... 0.24 0.32 0.10 0.18 0.08 0.08 0.02 0.02 0.02 0.03 0.04 0.12 0.04 0.07 0.08 0.12 0.08 0.10 0.03 0.04 0.04 0.08 0.01 0.02 0.02 0.03 ... 0.01 0.01 0.40 ... 0.45 0.13 0.15 0.13 0.35 0.08 0.09 0.09 0.30 0.05 0.06 0.05 0.09 0.10 0.13 0.10 0.18 0.14 0.18 0.14 0.38 0.07 0.09 0.07 0.09 0.06 0.07 0.06 0.12 0.23 0.30 0.23 0.36 0.03 0.03 0.03 0.04 0.03 0.10 0.03 0.06 0.04 0.04 0.04 0.10 0.01 0.02 0.01 0.02 0.56 0.58 0.56 0.82 0.47 0.69 0.46 1.20 0.07 0.15 0.15 0.43 0.08 0.12 0.09 0.14 0.05 0.07 0.05 0.08 0.13 0.17 0.15 0.29

0.01 0.01 0.11 0.06 0.05 0.08 0.30 0.01 0.01 0.01 0.03 0.10 0.01 0.15 0.07 0.16 0.04 0.05 0.01 0.06 0.01 0.02 0.10 0.07 0.09 0.11 0.10 0.01 0.30 0.09 0.01 0.10 0.03 0.02 0.05 0.26 0.01 0.02 0.03 1.66 0.01 0.13 0.01 0.05 0.02 0.04 0.13 0.05 0.07 0.01 0.08 0.02 0.01 0.01 0.05 0.11 0.08 0.01 0.03 0.07 0.01 0.01 0.09 0.07 0.03 0.10 0.04 0.05 0.04 0.16 0.01 0.03 0.04 0.01 0.02 0.44 0.01 0.06 0.01 0.06

2017-09-12 4:30 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / SEPTEMBER 18–OCTOBER 1, 2017

First Quantum defends copper hedging amid rising prices COPPER | BY MATTHEW KEEVIL

mkeevil@northernminer.com VANCOUVER

irst Quantum Minerals (TSX: FM; LON: FQM) met expectations during the second quarter by most production metrics, but a copper-hedging program from two years ago has held back its progress. The company reported a US$97million net loss on its hedge book during the quarter, which contributed to a US$35-million — or US5¢-per-share — net loss for shareholders. The scenario is underpinned by an improved metal environment that has seen spot copper prices jump this year by 15%, or US47¢, to US$2.89 per lb. at press time. Fi rst Q u a nt u m repor ted a US$2.24 per lb. average realized copper price over the second quarter, which was US$33¢ per lb. below the average London Metals Exchange price over the same period. In July the company had 359,000 tonnes copper in outstanding hedges at US$2.43 per pound.

Cobre Panama mine in Panama 58% complete in June

“The healthy copper price increase that started [last year] and the losses incurred under our [hedge program] can obviously be distracting,” First Quantum president Clive Newall said during a July conference call. “But we manage this company for the long term, and the program was put in place for a reason: to protect cash flows in a low metal-price environment ahead of the completion of Cobre Panama. To that end, it has been effective.” First Quantum confirmed that its large Cobre Panama copper mine project is on track for commissioning in 2018. The US$1.1-billion development lies 120 km west of Panama City, and was reportedly 58% complete in June. The company ended July with US$450 million in cash and US$838 million in undrawn credit. It reported US$4.8 billion in net debt and needs US$745 million to finish Cobre Panama. Newall added that hedging “is still a prudent strategy, especially given the copper price volatility. Even so, a sustained higher cop-

Milling facilities under construction at First Quantum Minerals’ Cobre Panama copper project in Panama. FIRST QUANTUM MINERALS

per price bodes well for the entire industry. “We are taking action to manage operational and price risk, and strengthen the balance sheet. We are refinancing the facilities with the aim to extend tenure and maintain liquidity.”

First Quantum registered a 7% year-on-year jump in quarterly copper production to 142,000 tonnes. The company attributed the growth to its Sentinel mine ramp-up and a strong performance at its Kansanshi operation, which are both in Zambia. It reported quarterly

all-in sustaining costs of US$1.50 per lb. copper. First Quantum expects to produce between 570,000 and 605,000 tonnes copper annually over the next three years. Cobre Panama could add 320,000 tonnes to the production portfolio. The company is suspending operations at its Ravensthorpe nickel mine in Western Australia in September. It said the mine would otherwise “operate at a loss for the next several years at current nickel prices.” BMO Capital Markets analyst Alex Terentiew has an “outperform” rating on First Quantum and an $18-per-share target. He said the company’s second quarter was “largely in line” with expectations, but noted its 3¢ earnings-per-share loss came below analyst consensus. First Quantum shares have traded within a 52-week range of $9.63 to $17.55 per share, and closed at $12.23 at press time. The company has 689 million shares outstanding for an $8.4-billion market capitalization. TNM

TMAC tackles gold recovery issues at Hope Bay PRODUCTION BY MATTHEW KEEVIL

mkeevil@northernminer.com VANCOUVER

M AC Re s ou rc e s ( T S X : TMR; US-OTC: TMMFF) has slashed annual production estimates and suspended cost guidance at its wholly owned Hope Bay gold project in Nunavut due to “processing issues” during ramp up. The company is struggling with its daily throughput rates after “frequent stoppages” to optimize mill recoveries, which have also resulted in lower average head grades. TMAC cut Hope Bay’s annual production guidance to between 50,000 and 60,000 oz. gold. The operation was scheduled to generate between 100,000 and 120,000 oz. gold this year. “We were feeding low-grade material through for quite a bit of the second quarter. Now we’re feeding closer-to-normal, mine-grade stockpile material. I don’t think we’ll achieve nameplate on recoveries by year-end, but I expect improve-

| Year-end ounces cut in half, but daily rates back to normal

ments,” TMAC chief executive officer Catharine Farrow said during a conference call. “We are sending both a gravity concentrate and flotation concentrate over to a treatment plant. So they both have to work efficiently. Water balance is something we have to work on to optimize our leaching, and the columns, as well,” Farrow said. Gold recoveries at Hope Bay averaged 62% in the second quarter, and 67% in June. TMAC produced 12,300 oz. gold at an average grade of 10 grams gold per tonne. The company reported all-in sustaining costs (AISCs) of US$1,801 per ounce. TMAC released a prefeasibility study in mid-2015 that envisioned sequential development and underground mining of the Doris, Madrid and Boston deposits to produce 160,000 oz. gold annually for 20 years, at AISCs of US$785 per ounce. The study also assumes 92% average gold recoveries. TMAC has set aside 104,700 tonnes from the Doris deposit grad-

ing 15.2 grams gold. The stockpiles were intended to drive mill rampup to 1,000 tonnes per day in 2017, before increasing to 2,000 tonnes per day in early 2018. The high-grade material would also help generate cash to pay back debt commitments until 2018. The company reported its mill was running at 666 tonnes per day during the second quarter. “The Doris orebody has been in line with geometallurgical expectations and test work, and that’s not the cause of any of the complications we’ve experienced with plant recoveries,” Farrow added. “We’ve had several groups come in to confirm the work we’re doing on the plant. There haven’t really been any changes to the plan. We have to improve mechanical stability and recoveries. There haven’t been any surprises, and we’re tweaking around the gravity cyclones and flotation. The comminution side is actually going quite well.” The company is fine-tuning two elements of the processing plant: the

front end, which includes crushing, flotation and concentrate creation; and the concentrate-treatment plant at the back end. Scotia Capital analyst Trevor Turnbull noted that the “front end is still only delivering about 80% of the contained gold to the concentrate at the end of June. For the Doris ore, this figure needs to be in the mid-90% range.” Meanwhile, the major issues in the back end involve water balance and its impact on leach kinetics and resin performance. TMAC reported it had $6.9 million

in unrestricted cash — plus $52 million in restricted cash — at the end of June. It expects to spend around $30 million in additional capital expenses at Hope Bay this year. Scotia Capital cut the company’s one-year price target by $3 to $13 per share. TMAC has dropped over 20%, or $2.38, since Aug. 15, en route to a 52-week low of $8.18 per share at press time. It has 84 million shares outstanding for a $687-million market capitalization. Turnbull says the company has a “tight cash position” and “no room for error.” TNM

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Resumes Wanted Looking for a career in the mining and exploration industries? Post your resume for FREE on the website that specializes in recruitment for mining companies and suppliers... you’ll be glad you did. The Doris camp at TMAC Resources’ Hope Bay gold project in Nunavut. TMAC RESOURCES

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