The Northern Miner September 30 2019 Issue 20

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Bell Copper chases payoff from Perseverance ARIZONA

| Friedland behind porphyry project passed over by Rio Tinto

BY TRISH SAYWELL

Field crew and a haul truck at Barkerville Gold Mines’ Cariboo gold project in British Columbia. BARKERVILLE GOLD MINES

tsaywell@northernminer.com

Osisko launches incubator, T bids for Barkerville M&A

| All-share offer undervalues Barkerville, analysts say

BY TRISH SAYWELL tsaywell@northernminer.com

O

sisko Gold Royalties (TSX: OR; NYSE: OR) has created a project development platform called North Spirit Discovery Group, and it hopes the resource development and finance company’s first asset will be Barkerville Gold Mines (TSXV: BGM) and its Cariboo gold project near Wells, British Columbia.

The gold-focused royalty company is offering Barkerville shareholders

0.0357 of a common share of Osisko for each share of Barkerville held.

The proposed all-share transaction has an implied equity value of $338 million, or 58¢ per share, representing a 44% premium based on both companies’ trailing 20-day, volumeweighted average price.

Osisko’s offer includes a $7-million unsecured loan to advance Cariboo, and Barkerville’s board of directors has unanimously accepted the deal — although it still needs approval from the company’s shareholders.

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Osisko Gold Royalties owns 32.6% of Barkerville’s outstanding shares.

On a conference call, Osisko’s chairman and CEO, Sean Roosen, said the North Spirit Discovery Group, under which Barkerville would operate if the acquisition is approved, is the next step in the evolution of the company’s accelerator business that Osisko pioneered over the last five years, “whereby we have been incubating projects and companies,” and said North Spirit signals “we are basically taking it to the next level.

“We see North Spirit taking on a significant role in the evolution of these assets while we separate the accelerator model from Osisko Gold Royalties, but maintain a direct drive from North Sprit into OR by holding equity within the North Spirit Group,” Roosen explained.

“Given the capital markets haven’t been very supportive of late-stage exploration and development projects — especially single-asset companies — lately, we see more access to capital at a lower cost for these projects through this model, and this is really the bridge to shareholders to access the capital at lower cost within the accelerator model.”

If everything goes according to plan, Osisko eventually will be somewhere between a 30% and 50% shareholder of North Spirit, Roosen said.

Roosen described Barkerville as a highly accretive transaction, and said Cariboo fits nicely into Osisko’s sweet spot — the “value gap” when companies are moving projects through permitting and construction.

Osisko allocates 25% of its See OSISKO / 7

im Marsh likes to say that it took 150 drill holes to hit the high-grade core of the massive Oyu Tolgoi copper-gold porphyry deposit that made the Mongolian discovery economic.

That’s one of the reasons why the junior exploration company he leads — Bell Copper (TSXV: BCU) — has named its copper-porphyry project Perseverance.

Since 2007, the mining executive, who has a PhD in geology from Stanford University, has been pursuing what he believes is the faulted-off top of a major porphyry copper system in northwestern Arizona’s Mohave County.

But his interest in the area — 31 km southeast of Kingman and 241 km northwest of Phoenix — originated more than 20 years ago, when he was working on AMT’s Copper Creek copper deposits in southern Arizona.

“I wanted to find the next big porphyry copper deposit in Arizona, so in the evenings I would comb the mineral occurrence data, and read old theses in the University of Arizona library,” he says. “There were a lot of good dissertations on copper projects, but I was looking very specifically for one situation — evidence of a decapitated porphyry.

“David Lowell found one of the good ones — the chopped-off portion of the Kalamazoo porphyry,” Marsh says of the world-renowned exploration geologist. Lowell found Kalamazoo in Arizona in 1965, and the orebody became a major mine for BHP. (Lowell is famous for discovering other huge copper porphyries, as well, including La Escondida in Chile.)

“I wanted to do the same thing,” Marsh says of Lowell’s success at Kalamazoo. “I wanted to find a compelling example, stake it myself, and make a mine out of it.”

His thinking was that Arizona — which has produced 10% of the world’s copper, and where faulting has taken big copper deposits and turned them into pieces — would be a good place to find one.

In the late 1990s, Marsh came across a 1974 master’s thesis by John Vuich in the University of Arizona’s library about the Wheeler

“ROBERT WOULD CALL ME IN THE MIDDLE OF THE NIGHT FROM SINGAPORE AND WANT TO KNOW HOW THE DRILL HOLE WAS GOING.” TIM MARSH PRESIDENT AND CEO, BELL COPPER

Wash porphyry exposure containing molybdenum in the mountains of Kingman, Arizona. “I saw it as the bottom of a copper porphyry deposit,” Marsh says.

Marsh’s theory was that the Wheeler Wash exposure had been connected millions of years ago to the Kabba deposit, a molybdenum and vanadium deposit, 8 km away, and that the two pieces of the deposit had been sliced into two by a fault.

“The Wheeler Wash porphyry exposure was the same as the Kabba See BELL COPPER / 6 PM40069240

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GLOBAL MINING NEWS

THE NORTHERN MINER / SEPTEMBER 30–OCTOBER 13, 2019

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Revving up Greenland’s mineral production will take time EXPLORATION

| Development hurdles keep most minerals in the ground

BY VIRGINIA HEFFERNAN

T

Special to The Northern Miner

he MV Happy Dragon had just sailed into safe harbour at Charleston, S.C., when Hurricane Dorian forced the vessel back out to sea to await better weather.

The cargo ship was carrying more than 14,000 tonnes of anorthosite from Vancouver-based Hudson Resources’ (TSXV: HUD; US-OTC: HUDRF) White Mountain mine in Greenland for customers in the paints, coatings and fibreglass markets. Hudson has an agreement with Terra Firma, a privately held chemical distributor, to market its anorthosite in the U.S., and a 10-year offtake agreement with an unnamed fiberglass producer.

Could White Mountain and other mineral deposits — especially those containing rare earth elements (REEs) used in most electronic devices, and in the aerospace and defence industries — be what U.S. President Donald Trump had in mind when he offered in August to buy Greenland, a proposal Denmark called “absurd”? That’s at least part of the story.

Earlier this year, the U.S. Department of State sent some its officials to mineral projects in the region, including White Mountain, and signed a memorandum of understanding with the Greenland Ministry of Mineral Resources and Labour to conduct an aerial hyperspectral survey to boost mineral exploration investment there.

In early September, national security advisor John Bolton followed up Trump’s purchase offer by tweeting a photo of himself and the U.S. ambassador to Denmark, Carla Sands, saying the two discussed “Arctic and energy security, trade and boosting U.S. economic ties with Greenland, including investments in mineral exploration projects, and airport upgrades.” Bolton has since left the White House, but presumably these intentions remain.

Greenland, an autonomous region under the Kingdom Of Denmark, is the world’s largest island. Americans have operated an air base on the northwest coast of the island since 1943.

Greenland makes its own decisions regarding investments in mineral resource activities, including the granting of licences. The region recently issued more exploration and mining licences in a bid to diversify its economy.

Though 80% of Greenland ’s landmass is covered by ice, mineral exploration has occurred systematically on the mostly Archean and Paleoproterozoic rocks exposed along the coast since the 1960s.

These efforts have resulted in several discoveries over the decades, including nickel, lead-zinc, gold, gemstones including diamonds, uranium and rare earth minerals.

But only a few mines have been developed, likely because of the tough operating conditions in Greenland, where temperatures are below freezing more often than not, and road infrastructure is virtually nonexistent.

“You have deepwater ports along the coastline to move bulk shipments in and out,” says Jim Cambon, Hudson Resources’ president, who has worked in Greenland for 14 years, first drawn there by the island’s diamond potential. “But there are lots of disadvantages. It’s remote, you have to produce your own power, and it’s challenging to

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Hudson Resources’ White Mountain anorthosite mine in Greenland. HUDSON RESOURCES

find good workers among a population of 55,000, with almost zero percent unemployment.”

Cambon says that unless you have a mineral deposit that is unique or in the top 10% of projects by value, it’s difficult to establish an economic mine in Greenland.

As a result, White Mountain and privately owned Greenland Ruby’s ruby and pink-sapphire operation are the only mines operating there.

White Mountain, which began production on the west side of the island in February, has a 30-year licence (extendable to 50 years), and is forecast to produce to 200,000 tonnes of anorthosite per annum.

Greenland Ruby, based in Nuuk, opened its mine on tidewater 250 km south of the capital in May 2017, and has a sales and marketing arm in New York.

Other companies are making slow progress towards development. London-based Bluejay Mining (LON: JAY) recently received an export permit to ship 40,000 tonnes of bulk sample material from the Dundas ilmenite project to the company’s pilot processing plant in Quebec.

Dundas has a Joint Ore Reserves Committee Code (JORC)-compliant reserve of 67.1 million tonnes, with a mean grade of 7.3% ilmenite, though its particularly remote location, on the northwest coast of Greenland near the U.S. Thule air base, presents unique challenges, such as a limited shipping window.

Ilmenite is used to make titanium dioxide for personal care products like toothpaste, and as a pigment in paint.

Down south, Perth-based Greenland Minerals and Energy (ASX: GGG) reckons it can put its massive Kvanefjeld rare earth deposit into production for US$505 million.

Kvanefjeld has a JORC-compliant resource of 1.01 billion tonnes grading 1.1% total rare earth oxides (TREO), as well as substantial uranium and zinc resources. Shenghe Resources, a major Chinese rare earths company, owns an 11% stake in the junior.

Assuming Greenland Minerals can secure both financing and a mining licence, Kvanefjeld could produce by 2022.

Rare earths are essential ingredients in several high-tech applications, including electric vehicles and wind turbines. China — where more than 70% of rare earths are mined — controls the market, and is fickle about supply.

The U.S. would benefit from having access to its own production, especially while a trade war with China drags on. The Pentagon has repeatedly voiced its concerns about American reliance on China for rare earth minerals, including in an October 2018 review of defence issues.

The Tanbreez rare earth project in southern Greenland, held privately by an Australian company of the same name, is a potential alternative to Kvanefjeld, where the Chinese hold sway. Another possibility is Hudson’s Sarfartoq REE project, which has an inferred resource of 14.1 million tonnes averaging 1.51% TREO, and occurs within 20 km of tidewater.

In the gold sector, AEX Gold (TSXV: AEX) is trying to revive the Nalunaq mine in southern Green-

land that produced 350,000 oz. gold between 2004 and 2009, and has a National Instrument 43-101 complaint resource of 446,900 inferred tonnes grading 18.7 grams per tonne (263,000 oz. gold). The Torontobased company recently completed a $5-million private placement. Vækstfonden, a Danish growth fund and Greenland Venture A/S, subscribed to $3 million of the offering.

Larger mining companies have been absent from the country for several years, although Greenland

recently granted London-based Anglo American (LON: AAL) two exploration licences for nickel, copper and platinum group metals in the west.

But the idea that large swaths of Greenland will open up for exploration — as a result of melting ice sheets, as the earth heats up — are overblown, Cambon said. “If you get an extra 5 or 10 metres of rock to look at, that doesn’t change your overall outlook on exploring in Greenland,” he said. TNM

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E D I T O R IA L O P- E D Young people unite China’s electric vehicle slowdown could against climate change PROTEST

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| World leaders aren’t doing enough

H

undreds of thousands of youth around the globe protested last week against government and corporate inaction on the climate crisis.

They congregated in cities on every continent — from Johannesburg to Nairobi, New York to San Francisco, Berlin to Warsaw,

BY TRISH SAYWELL Lahore to New Delhi, Melbourne to Brisbane tsaywell@northernminer.com — making their voices heard in a world run by adults they say aren’t doing nearly enough to curb greenhouse gas emissions and prevent the world from growing hotter.

The photographs were inspiring — teenage demonstrators marching in Stockholm, amassing on Capitol Hill, cramming the streets of Hamburg, Karachi, Rio de Janeiro and Manila, expressing their fear and rage.

The New York Times estimated some cities had turnouts in the range of 100,000 and others in the tens of thousands — making it “the first time that children and young people had demonstrated to demand climate action in so many places and in such numbers around the world.” And unlike mass protest movements in the past — whether against apartheid or the Vietnam war, or in favour of civil rights — the rallies on Sept. 20 were on an unprecedented geographical scale, spanned all income groups and were facilitated by the Internet.

“We demand a safe future. Is that too much to ask?” Sweden’s 16-year-old climate activist, Greta Thunberg, declared in Manhattan.

“Right now we are the ones who are making a difference. If no one else will take action, then we will.”

Thunberg, who travelled to the U.S. by a solar-powered yacht, said she hoped the day of protest would be a “social tipping point” (there are 1.8-billion youth in the world between the ages of 10 to 24 — the largest generation of young people in history), and earlier in the week, appeared before the U.S. Congress to submit a report published a year ago by the Intergovernmental Panel on Climate Change. “I don’t want you to listen to me,” she told the lawmakers in Washington on Sept. 18, “I want you to listen to the science.”

The landmark study on the climate crisis — with input from 91 scientists from 40 countries analyzing more than 6,000 scientific studies — found that if greenhouse gas emissions continue at their current pace, the atmosphere will warm up by as much as 1.5 C (2.7 F) above pre-industrial levels by 2040. The study warned that greenhouse gas emissions must be reduced by 45% by 2030 and cut to zero by 2050.

The student-led protests preceded the United Nations’ Climate Action Summit in New York on Sept. 23 — a meeting to discuss what actions need to be taken to slow global warming. UN SecretaryGeneral Antonio Guterres called on business and government leaders to come to the gathering with “concrete, realistic plans to enhance their nationally determined contributions by 2020.”

The urgency can no longer be debated, as polar ice melts, seas rise, droughts grow longer, and storms and floods become more vicious.

The latest evidence: Hurricane Dorian, which levelled parts of the Bahamas, leaving at least 53 people dead and 1,300 missing.

As world leaders assembled at the UN summit, a study released by the Organisation for Economic Co-operation and Development concluded that “taxes on polluting fuels are too low to encourage a shift to low-carbon alternatives,” and that “70% of energy-related CO2 emissions from advanced and emerging economies are entirely untaxed, offering little incentive to move to cleaner energy.” The study warns that just 18% of emissions outside the road sector are effectively taxed. “Taxes on coal —which is behind almost half of CO2 emissions from energy — are zero or close to zero in most countries.”

U.S. President Donald Trump dropped into the climate summit at the UN headquarters, but according to The New York Times, “made no address there, and didn’t stay long.”

The U.S. is the world’s second-largest emitter of greenhouse gases, yet Trump wants to revive the coal industry and has made a habit of rolling back environmental regulations ever since he came to office.

His most recent attack on efforts to fight climate change target California’s rules on tailpipe emissions. As students took to the streets, Trump said he would revoke the state’s authority under a federal waiver to set auto-emission rules that are stricter than federal standards. California’s legal waiver to implement its own standards on tailpipe emissions was granted under the 1970 Clean Air Act. The UN climate summit produced few concrete results, and in her speech, Sweden’s Thunberg chastised presidents, prime ministers and corporate executives worldwide.

“You are failing us. But the young people are starting to understand your betrayal. The eyes of all future generations are upon you. And if you choose to fail us, I say, we will never forgive you.

“People are suffering, people are dying. Entire ecosystems are collapsing. We are in the beginning of a mass extinction and all you can talk about is money and fairy tales of eternal economic growth.

How dare you!” TNM

COMPANY INDEX Abcourt Mines. . . . . . . . . . . . 16 AEX Gold. . . . . . . . . . . . . . . . . 3 Agnico Eagle Mines. . . . . . . 9,16 Alamos Gold. . . . . . . . . . . . . . 16 Antofagasta. . . . . . . . . . . . . . . . 5 Argonaut Gold. . . . . . . . . . . . . 8 Balmoral Resources. . . . . . . . 16 Barkerville Gold Mines. . . . . . 1 Bell Copper. . . . . . . . . . . . . . . . 1 Canaccord Genuity Group. . . 7 Cordoba Minerals. . . . . . . . . . 6 Detour Gold. . . . . . . . . . . . . . 16 Eastmain Resources. . . . . . . . 15 Eldorado Gold. . . . . . . . . . . . 15 Emgold Mining . . . . . . . . . . . 16

Excellon Resources. . . . . . . . 16 Falco Resources. . . . . . . . . . . 17 Freeport-McMoRan . . . . . . . . 6 Galway Metals . . . . . . . . . . . . 15 Glencore . . . . . . . . . . . . . . . . . 5,8 Hecla Mining. . . . . . . . . . . 14,16 Hudson Resources. . . . . . . . . . 3 Iamgold. . . . . . . . . . . . . . . . . . 16 Lithium Americas. . . . . . . . . . 5 Maple Gold Mines. . . . . . . . . 15 Midland Exploration. . . . . . . 16 Monarch Gold . . . . . . . . 9,14,16 Newmont Goldcorp . . . . . . 5,12 O3 Mining. . . . . . . . . . . . . . . . . 9 Orocobre. . . . . . . . . . . . . . . . . . 5

Osisko Gold Royalties. . 1,10,17 Osisko Mining. . . . . . . . . 7,9,16 Pan American Silver. . . . . . . . 5 Probe Metals. . . . . . . . . . . . . . . 9 QMX Gold . . . . . . . . . . . . . . . 16 Radisson Mining. . . . . . . . . . 16 Rio Tinto. . . . . . . . . . . . . . . . . . 6 Sandstorm Gold Royalties. . . 7 Stornoway Diamond. . . . . . . 10 Teranga Gold . . . . . . . . . . . . . . 7 Troilus Gold. . . . . . . . . . . . . . 16 Victoria Gold. . . . . . . . . . . . . . 7 Wallbridge Mining. . . . . . . . .16 Yamana Gold . . . . . . . . . . 5,9,16

dampen cobalt prices

METALS COMMENTARY

| Demand picture uncertain as key Chinese subsidy ends

BY DENISE HECKBERT Special to The Northern Miner

C

hina’s electric vehicle (EV) sales have declined yearover-year for the second straight month, on the heels of uncharacteristically slow growth this spring, indicating that contractions in cobalt supply may be partly offset by lower-than-anticipated battery demand.

China announced in March that it planned to end a key subsidy for smaller EVs with a driving range below 250 km, and to halve the subsidy for longer-range vehicles. The policy update sparked a burst in new energy vehicle (NEV) spending, as consumers rushed to take advantage of the subsidies before the June 26 deadline. Sales jumped 85% year-over-year in March, according to the China Automobile Association of Manufacturers.

However, the growth slowed in April, and again in May to just 1.8% growth year-over-year. Sales dipped below 2018 levels in July, after the subsidy cuts, and in late September, the Association reported a 15.8% decline year-overyear in August NEV sales.

This trend could impact cobalt demand and pricing. Batteries — particularly in EVs — account for more than half of global cobalt consumption, and China is the biggest player.

In 2018, the global EV f leet topped 5.1 million, according to the International Energy Agency (IEA)’s “Global EV Outlook 2019” report. China accounted for almost half of that number and dominated the light-commercial and mediumtruck EV markets. The country has more than doubled its annual NEV sales in each of the past three years, and was responsible for 80% of world electricity demands for EVs in 2018.

China seems here to stay as a power player in the EV global market, as the country is widely expected to provide the single biggest share of EV growth between now and 2025. The IEA’s conservative forecast of over 11 million in annual EV sales by 2025 anticipates that at least half of those sales will happen in China (compared to 1.1 million sold in China in 2018). Similarly, Bloomberg New Energy Finance expects China will account for 48% of the global passenger EV sales market in 2025, according to its “Electric Vehicle Outlook 2019.”

The country would need to increase annual sales to at least five times 2018 levels to meet 2025 expectations, but its recent yearover-year declines are moving the numbers in the wrong direction.

China’s subsidy changes were not entirely unexpected, and were not guaranteed to temper the rapid sales growth China has posted in recent years. Fitch Ratings said in an April 2019 note that it expected China’s NEV market demand would find support in 2019, after the subsidy changes, by “increasingly attractive product offerings, as well as wider commercial use of passenger EVs,” and a threemonth transition period in which local subsidies remained in place before being phased out. After all, China has other policies in place to encourage adoption of NEVs.

DESPITE BEING THE MOST EXPENSIVE INPUT FOR BATTERIES, COBALT IS PROVING FRUSTRATINGLY DIFFICULT FOR BATTERY MAKERS TO REPLACE, GIVEN ITS POWER

BY VOLUME, AND FIRE-PREVENTION CAPABILITIES. However, China’s NEV market has begun to look less like the limitless boom of recent years, and more like its internal combustion engine (ICE) sector, where sales have declined steadily since mid-2018. The slumping ICE market — which had not posted a decline in sales in decades before 2018 — has been suffering under incentives for NEVs, as well as the broader economic impacts of the tariff battle between China and the United States.

Ironically, the decline in ICE sales could indirectly lessen incentives for NEV adoption in China.

The slashed subsidies were just one mechanism of support for NEV growth in China. The most important NEV policy today, according to Bloomberg NEF, is China’s NEV credit policy.

This policy requires that each auto retailer have NEV credits worth 10% of its ICE sales (12% next year), which it earns by producing NEVs or by purchasing credits, largely from pure-play, EV makers. As ICE sales decline, the credit requirements also lessen, reducing the number of credits carmakers buy from domestic NEV firms.

All these factors could result in higher prices and lower NEV production. Already, the declines in NEV production have outpaced the decline in sales, according to the China Automobile Association of Manufacturers.

There are still incentive programs within China — and the NEV Credit Policy is stringent at any level — but if the decline in NEV sales year-over-year continues in the coming months, China will be left with a lot of ground to make up from its 1.1 million in 2018 NEV sales to the more than 5 million in annual sales anticipated in 2025 forecasts.

A slowdown in the biggest cobalt consumer’s EV market could mean that the sector’s anticipated cobalt demands of 170,000 tonnes in 2030 — or more than 250,000 tonnes, under ambitious forecasts from the IEA and World Economic Forum — might not materialize as quickly as predicted in the near-term.

Demand is further reduced by China’s preference for NCM811, and similar batteries. (NCM811 stands for nickel-cobalt-manganese at a ratio of 8:1:1, which includes more nickel and less cobalt See COBALT / 8

2019-09-24 7:57 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / SEPTEMBER 30–OCTOBER 13, 2019

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Argentine opposition presidential candidate Alberto Fernandez casts his ballot in the primary election in August. ALBERTO FERNANDEZ

Orocobre’s Olaroz lithium production facility in northern Argentina. OROCOBRE

Argentina’s future uncertain ahead of elections POLITICS

BY TOM AZZOPARDI

T

Special to The Northern Miner

hree years ago, foreign investors in Argentina could hardly believe their luck.

Within weeks of taking office in December 2015, President Mauricio Macri rapidly dismantled much of the interventionist policies that had made the country a pariah in global financial markets for the previous decade.

Gone were capital controls and tight restrictions on imports and access to foreign currency. The former businessman and mayor of Buenos Aires even reached an agreement with the holdouts from the country’s 2002 default on US$132 billion of public debt.

Argentina was open for business again, and multinationals flocked back, especially mining companies.

When Macri’s Mining Secretary Daniel Meilan spoke at the Prospectors & Developers Association of Canada convention in Toronto in March 2016, eager investors jostled to hear him.

It’s easy to understand why. The country’s mineral potential is immense, combining the copper-rich Andes, the northwest’s lithiumbearing salares, and the gold and silver beds of Patagonia.

A report published earlier this year by the Argentine Chamber of Mines detailed a pipeline of mine projects worth almost US$29 billion.

Some of them are huge. Glencore’s (LSE: GLEN) Pachon deposit, a giant porphyry located just a few kilometres from Antofagasta’s (LSE: ANTO) Los Pelambres mine in northern Chile, is estimated to contain at least 15 million tonnes of copper.

In March, Glencore and Goldcorp — now Newmont Goldcorp (NYSE: NEM) and Yamana Gold (TSX: YRI; NYSE: AUY) — announced a deal to develop the Agua Rica coppergold deposit in San Juan province, making use of infrastructure at the now-closed Alumbrera operation.

A prefeasibility study published

Correction In the story “Market news: U.S. markets” (T.N.M., Sept.

16–29/19), the terms of Freegold Ventures’ financing and joint venture were misstated. Financier Eric Sprott bought more than 31 million Freegold units at 6.25¢ each. Each unit includes a share and a half warrant to buy another share for 8.1¢, within 36 months of closing. South32 has an option to earn 70% of Freegold’s Shorty Creek project via a US$30-million spending commitment.

1-16_SEPT30_Main .indd 5

| Peronist party poised to return to power

in July proposes a US$2.4-billion investment to develop a mine that could produce 533 million equivalent lb. copper annually, including 107,000 oz. gold, during its first decade of production. A feasibility study is due next year.

Another bright spot is the lithium industry, which has pulled in investors from Australia, China and the United States. Projects under construction — such as Lithium Americas’ (TSX: LAC; NYSE: LAC) Cauchari–Olaroz facility, and an expansion of Orocobre’s (TSX: ORL) Olaroz operation — promise to turn the country into a leading producer of the mineral by the middle of the next decade.

But there are still barriers to realizing Argentina’s mineral potential.

While the government has removed federal-level restrictions, such as capital controls, the picture remains mixed at a provincial level, with each province presenting investors with their own combination of taxes, regulatory requirements, and, in some cases, demand for state participation in projects.

Pan American Silver’s (TSX: PAAS) Navidad project in Chubut, for example, one of the world’s largest undeveloped silver deposits, remains untouched, thanks to a province-wide ban on open-pit mining.

Other provinces ban mining in mountainous areas or chemical use, such as cyanide. Lithium-rich Jujuy province requires state-owned JEMSE to take a stake in most mining and energy projects.

To reassure foreign investors, in 2017, Macri unveiled a federal mining agreement, an initiative to standardize regulations and taxation of the mining industry across the country’s 23 provinces.

The deal looked promising, with governors agreeing to a 3% cap on royalties, 30-year mineral claims, and the creation of a national mining registrar. This was balanced with a rule requiring that mines beshut down after three serious environmental breaches.

But two provinces refused to sign on (Chubut and La Pampa), and it is now uncertain whether the proposed agreement will receive the necessary approval from all provincial legislatures to become legally binding.

Nor has the mining industry managed to overturn the country’s restrictive 2012 glacier law, which bans all activity on and around the thousands of glaciers and rock glaciers that dot the Andes.

But such concerns have been overtaken by the country’s worsening economic situation.

Last year, the Argentine peso fell 50% against the U.S. dollar, forcing Macri to take a record US$57-billion loan from the International Monetary Fund — an organization that most Argentines blame for their country’s previous troubles.

The fall in the exchange rate has triggered the return of high inflation, with consumer prices rising 54% in the 12 months to August.

As the economy fell into recession, unemployment hit double digits earlier this year.

Rather than the prosperity and stability Macri promised at the start of his four-year term, the number of Argentines living below the poverty line reached 32% last year — the highest level since the country’s economic meltdown at the start of the century.

The level of discontent became clear in August’s presidential primaries. Instead of the close-run contest predicted in the polls, opposition candidate Alberto Fernandez took almost 48% of the 26 million votes cast, compared to Macri’s 32%. A change of government in the general elections on Oct. 27 now looks almost certain.

The results sent tremors through global financial markets, as investors feared a return to the hostile economic conditions seen under Macri’s predecessor, Cristina Fernandez. Fernandez, who ruled Argentina between 2007 and 2015, is running to be Alberto Fernandez’s vice-president (the two are

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not related).

Within hours of the news, the S&P Merval, a weighted index of the largest companies listed on the Buenos Aires Stock Exchange, fell almost 40%, while the Argentine peso lost nearly a third of its value against the dollar.

As the economic situation worsens, Macri has adopted some of his predecessor’s measures to keep the country afloat. Last year, the government reintroduced export taxes on a series of products, including minerals.

Worried by the prospect of more capital flight as the elections approach, the government has intervened again to prop up the peso, preventing individuals from buying or transferring abroad more than US$10,000 each month.

A victory for Alberto Fernandez is not necessarily a return to Argentina’s recent past, however, some analysts say.

Although he is a Peronist, and worked as cabinet chief for both Cristina and her husband and predecessor Nestor Kirchner, that does not mean he will govern just as they did, says Thomaz Favaro of consulting firm Control Risks.

Fernandez only worked for the husband-and-wife team until 2008 — when the government was much more moderate — and before controversial moves, such as the nationalization of the private pension funds, and oil firm YPF. He left the administration during Cristina’s clash with the country’s farmers over export taxes, becoming a frequent critic of her interventionist and sometimes authoritarian policies.

Secondly, global economic conditions have changed radically. The Kirchners oversaw a rapid recovery in the economy thanks to a boom in commodity prices, as China imported minerals, metals and food from around the world.

Now, as the U.S.–China trade war rages, Argentina needs foreign investment to turn around its flailing economy.

Days after his overwhelming

victory in the primaries, Alberto Fernandez met with around 50 representatives of the mining industry, as well as governors from the promining provinces of Catamarca, San Juan and Santa Cruz.

According to witnesses, the politician highlighted the importance of the mining sector to Argentina as a potential source of foreign currency, jobs and revenue, and showed sensitivity to the industry’s need for stable rules in the long-term.

He promised to revisit the country’s controversial glacier protection law, and said that his technical team — led by economist Guillermo Nielsen — is working on a regime to guarantee clear rules for 10 years within the natural resources sector, especially the Vaca Muerta gas field and lithium projects, mining lawyer Florencia Heredia told The Northern Miner.

But the record of past Peronist administrations gives mining companies plenty to be worried about.

Puzzled by Cristina Fernandez’s surprise decision to run as vicepresident, many observers fear she will take control once back in government.

Regardless of who is in control, the economy’s dire straits could force any future government to take drastic steps, for example, increasing the tax on mineral exports to help close the deficit — a topic Alberto Fernandez did not address in the meeting.

Others hope that, once the economic crisis is resolved, the new government will revoke such temporary precautions to draw in foreign capital.

Committed to the long-term, mining companies have little choice other than to weather the storm.

“We have to be prepared to work with any administration,” Alberto Carlocchia, the newly elected president of the Argentine Chamber of Mines, told The Northern Miner.

“We have developed good relations with the current government, and worked with other Peronist governments in the past.” TNM

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2019-09-24 7:57 PM

6

WWW.NORTHERNMINER.COM

SEPTEMBER 30–OCTOBER 13, 2019 / THE NORTHERN MINER

Bell Copper chases payoff from Perseverance “THE CARTELS DEMANDED PAYMENTS. THEY MADE THE FORCE OF THEIR THREATS CLEAR WITH [DEAD] BODIES THEY DUMPED ON OUR PROPERTY.”

BELL COPPER From 1

deposit about 15 million years ago,” Marsh explains, “but then they were cut into two separate pieces by a fault and the upper piece, containing the Kabba deposit, shifted eastward by about 8 km. The beast that I started looking for was the piece that formerly rested above the Wheeler Wash porphyry exposure — that is the Kabba deposit, and its geological neighbourhood. I believe the Wheeler Wash porphyry exposure is the bottom, or the undesirable part of a copper porphyry deposit, and the Kabba deposit is close to the top, or the desirable part of the deposit, and the two used to be one.”

In the meantime, however, Marsh had a family to support, so he continued to work as chief geologist at Rio Tinto’s (LON: RIO) Resolution project, 320 km away. Resolution is a porphyry copper deposit buried 1.6 km beneath surface.

Marsh didn’t find Resolution — but drilling the deposit helped him get a better understanding of what to look for when hunting his own.

“Resolution was one of the things that helped me see what the underbelly of a big porphyry deposit looked like,” he says.

Between 2000 and 2005, Marsh helped drill 18 holes at Resolution.

Several of them went all the way through the orebody and down into the underside, he says.

“It became clear that the copper goes away once you get through that copper shell, but other features remain the same, sericite alteration remains there, it becomes very coarse-grained, moly stays, and there is a lot of quartz down there, and I just put that in the back of my brain.”

While intellectually compelling, he says, “I didn’t want to spend my career grid-drilling someone else’s discovery.”

So he returned to the area around the Kabba deposit written about in the dissertation by John Vuich, on the west side of the Big Sandy Valley, 170 km southeast of Las Vegas and 430 km northeast of Los Angeles, and staked claims 8 km away. Marsh’s Perseverance claims lay on a productive porphyry copper trend between Bagdad, FreeportMcMoRan’s (NYSE: FCX) open-pit copper and molybdenum mining complex, and Origin Mining’s Mineral Park mine.

“The basic concept that a porphyry deposit can be chopped off and there can be economically significant pieces of it is an old idea — I just wanted to repeat the exercise somewhere else, but be successful at it,” he says. “One of the things that this student at the University of Arizona did was to map the outer limits of pyrite mineralization in the exposed outcropping piece.”

It wasn’t until 2007 that Marsh found proof he was on the right track when he found features typical of porphyry copper deposits — such as quartz-molybdenite veinlets and pale green sericite alteration — in drill holes separated by 1.6 km in an east–west direction, and by at least 3 km in a north–south direction in the upper block of the fault.

Marsh drilled nine sites encompassing 24 sq. km, the last of which, drill hole K10, intersected more than 500 metres of variably sericitized, pyritic diatreme breccia and dacite porphyry dikes that he thought were Laramide age. The drilling beneath gravel cover revealed strongly altered and weakly copper mineralized diatreme breccia and dacite prophyry beginning at a base of cover from 394 metres to 540 metres below surface, and extending to at least 1,346 metres below surface. Propylitic alteration in the deeper sections of drill hole K10 suggested to Marsh that the

1-16_SEPT30_Main .indd 6

TIM MARSH PRESIDENT AND CEO, BELL COPPER

Tim Marsh, president and CEO of Bell Copper, at the Perseverance copper project in Arizona. BELL COPPER

hole lay on the western edge of the west-tilted porphyry system.

“I was looking for a fault that dipped at 60 degrees, but hole one didn’t even hit the hanging wall,” he recalls. “I realized I needed to move at least twice as far if I was going to find it. This thing had slipped much more horizontally than vertically. I moved another mile out and drilled a hole, and found the hanging wall block with that hole, but the rocks were unaltered. They had never seen hydrothermal fluid. And that told me it had moved beyond that location. I moved another mile east of there and found porphyry dikes, sericitic alteration — the kinds of things you find around copper porphyry deposits.”

Then the 2008–2009 financial crisis hit, and money dried up.

“It got harder and harder to get financing, because the banks knew they had some rotten loans in their portfolios — just at the time our fourth hole was starting to bear out the story that the porphyry had been cut into two pieces, and the top was at least 5 miles displaced from the roots.”

Marsh spent the next few years focused on Bell Copper’s La Balsa project in Michoacan, western Mexico, until drug cartel activity eventually forced the company to sell it. “There was no way we could comply with financial reporting and run an honest business,” he recalls. “The cartels demanded payments. They made the force of their threats clear with [dead] bodies they dumped on our property. It was a really scary business, and I was the guy on the ground most of the time.

I got to the point that I couldn’t do business down there — I couldn’t take people down there and put their lives at risk trying to finish a feasibility study and build a mine, knowing the cartel was our invisible partner, and there was no way we could file financial reports disclosing what the costs really were. We would be paying to stay alive, literally, and would have to be paying money to the cartel to do business.”

When Marsh took over as president and CEO of Bell Copper in 2013, he convinced the board to sell the project, and eventually offloaded it to a Chinese company. He then used the funds from the sale — and the disposal of a second property

in Arizona — to pay back bank debt and resume exploration at Perseverance.

Drill hole K11, completed in mid2015, about 800 metres east of his last drill hole, K10, cut nearly 900 metres of visible copper and molybdenum mineralization hosted entirely by strongly altered and veined Laramide porphyry, which Marsh interpreted as the pyritic shell surrounding a copper-rich central zone.

“It’s the most spectacularly veined and altered patch of ground I’ve ever been on,” Marsh says of Perseverance. “I know what these things look like — it’s the bottom of a giant copper porphyry deposit.”

Marsh showed the project to Kennecott Exploration — a subsidiary of Rio Tinto — which was interested enough to sign an option deal in March 2016 to acquire up to a 70% stake, and it invested $3 million over the next two years conducting surveys and drilling seven holes to a depth of 400 metres below surface.

The seven holes targeted multiple induced-polarization (IP) electrical geophysical anomalies distributed across a 3 by 4 km area that had been identified in their geophysics program. “The geophysics lit up like a light bulb, showing a lot of pyrite in the area we were looking at,” Marsh says. “They saw very clearly there was a very large area of chargeability out there, and the implications of that were that there was a lot of pyrite in the subsurface under the gravel … once they got into the pyrite and they didn’t see any copper, which was in most of those holes, they stopped. I struggled to get them to drill deeper.”

Many of the holes Kennecott drilled intercepted oxidized and leached capping in Laramide-age porphyritic intrusive rocks, with several showing low concentrations of the copper-bearing minerals chalcocite and chalcopyrite.

Their work demonstrated an open-ended, 1.5 km wide ovoid porphyry copper target extending more than 2 km long that displayed anomalous levels of arsenic, copper, gold, lead, molybdenum, rhenium, silver, sulphur, tellurium and zinc, consistent with their proximity to Marsh’s envisioned porphyry copper target. The IP anomalies appeared to form a thick halo surrounding

the ovoid target, Marsh says.

The extent of porphyry intrusions — breccias, alteration and mineralization that Kennecott intercepted — showed that Bell Copper was “chasing a large porphyry system, though we still seemed to be on the flank, rather than the middle, of a large upflow zone that we expect to find,” Marsh says.

“The very last hole Rio drilled we saw some copper silicate, but we saw a lot of zinc, and that says you’re not in the middle of it yet, you’ve got to keep going,” he says.

“Drill holes nearest the edge of the geophysical anomaly were showing elevated zinc — not what you’d find in the centre of a copper porphyry, but what you’d find on the fringe.”

Rio Tinto walked away.

Marsh likes to compare expansive copper porphyry systems to California’s giant Redwoods — which can soar over 100 metres tall, span 7 metres across, and reach thousands of years old.

“The drill results I was getting weren’t a Redwood — they might have been the leaves or twigs, maybe a little Redwood bark, but the heart of the tree wasn’t in any of those holes. When we looked at the metal ratios of lead, zinc and gold, the mineralization that happens on the outer areas of a porphyry, they were quite high — the indication being that we hadn’t arrived at the centre, we were still finding the margins.”

In June 2018, Marsh returned to drill the ovoid copper porphyry target to the north and east of Rio Tinto’s last hole. “I drained the treasury, my last attempt to make a discovery before I tried to find another partner, and found a little gold, and a lot of fluorite mineralization,” Marsh says.

He showed his results to Cordoba Minerals (TSXV: CDB; US-OTC: CDBMF) — a junior with ties to Robert Friedland. Cordoba Minerals is 67%-owned by High Power Exploration Inc. (HPX), Friedland’s privately owned company.

In August 2018, Cordoba signed an option agreement to earn an 80% stake in Perseverance by spending up to $17.3 million on the project over seven and a half years.

“They saw it and fell in love with it,” Marsh says.

“Robert bought into it very quickly,” Marsh continues. “He got in his jet one day and flew out to Kingman. I thought I wouldgive him the whole story, but he had a young lawyer with him, and I couldn’t get a word in edgewise. Robert began lecturing this young lawyer about copper porphyries and gave him real high-level geological explanations.

He deserves an honorary degree in economic geology — he knew exactly what he was talking about.”

Cordoba now owns 25% of the project, after spending $1 million on drill hole K20.

“I picked K20, and they paid for it,” Marsh says.

“Robert would call me in the middle of the night from Singapore and want to know how the drill hole was going,” Marsh says of K20. “He was an integral participant in the drilling of that hole.”

Results from K20 were released in May. The hole, drilled to a vertical depth of 1,319 metres, returned anomalous copper values averaging 415 parts per million (ppm) copper over 595 metres, using a 200 ppm cut-off grade, beginning at a depth of 683 metres. Marsh says the long intercept of anomalous copper indicates that the hole intersected the peripheral part of a porphyry copper system.

Bell Copper and Cordoba’s geologists now say that the centre of the system is northeast of drill hole K20, which is verified by downhole acoustic televiewer measurements of fractures and vein sets, Marsh says.

The next step is to do a magnetotelluric (MT) survey to close off the existing deep conductive anomaly before further drilling.

“It’s quite possible we’ll be doing geophysics to find the next holes,” Marsh says. “I’ll have a say where they go, but Charlie Forster, Robert’s geologist on the job, and one of the team that discovered Oyu Tolgoi, is vice-president of exploration at Cordoba, and he has the final say.”

Forster notes that Rio Tinto’s IP survey did not close off their large chargeability high, leaving it very much open to the northeast, and drill hole K20 was not within their survey, but about half a mile (0.8 km) northeast of it. He notes that Quantec did Rio’s IP survey, and also collected MT data using the IP system at night, and the MT data showed a large, deep, low-resistivity anomaly also trending and open to the northeast at a depth greater than a kilometre. But MT results from the IP system were depth limited, so it’s difficult to say how deep the source might be.

“Nothing we saw in K20 would explain the low-resistivity feature,” Forster writes in an email. “In my opinion, the MT feature could be caused by either intense advanced argillic alteration [clay], or strong stockwork sulphide veining. At Resolution, the high-grade deposit is capped by advanced argillic alteration and pyrite concentrations up to and greater than 10%. And Resolution has a low-resistivity, MT anomaly associated with it.”

The program at Perseverance, he says, will include bringing in Quantec’s dedicated Sparton MT system — which has depth capabilities down to 3 km — and extend the coverage to the northeast, and close it off. Depending on the MT results, HPX may employ its proprietary Typhoon IP system to map the depth and lateral extents of the porphyry system to target drilling on the project.

“I agree with Tim that we are more likely still off to the side of a porphyry centre than over the top of one,” Forster says. “Having walked over the root zone and observed the intense quartz stockwork, it is hard not to believe that the mineralization above it and now decapitated, and somewhere out under the cover fill, is going to be equally intense.”

The way Marsh sees it, it’s just a matter of time before the economic orebody is found, and Bell Copper has the best partner to do it.

“I don’t think anybody at Cordoba thinks we’re going to find Kamoa- or Kipushi-like grades,” Marsh says of the giant copper deposits Friedland’s team at Ivanhoe Mines have found in the Democratic Republic of the Congo. “But I think Charlie is very much excited by the scale of what we’re finding, and sees potential for finding a world-class porphyry copper deposit here.

“It’s big, intensely altered and veined, and the top of it must exist, and we’re getting close,” Marsh says. “We’re drilling Redwood bark and branches and leaves — it’s the big chunk of wood we’re still looking for.” TNM

2019-09-24 7:57 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / SEPTEMBER 30–OCTOBER 13, 2019

7

Teranga’s Wahgnion mine processes ore ahead of schedule BURKINA FASO

| Mine to average 132,000 oz. gold per year for first five years “IT IS WONDERFUL TO BRING A NEW MINE ON, IN THIS TYPE OF GOLD-PRICE ENVIRONMENT.”

BY JEAN LIAN

T

jlian@northernminer.com

eranga Gold’s (TSX: TGZ; US-OTC: TGCDF) Wahgnion open-pit gold mine in Burkina Faso started processing ore in August, two months ahead of schedule, and is expected to produce 30,000 to 40,000 oz. gold in 2019.

The company poured 1,700 oz. gold during commissioning in August.

Throughput and grade will ramp up during the commissioning process, the company says.

During the first five years (2020– 2024) of its 13-year mine life, Wahgnion is expected to produce 132,000 oz. a year at an average mill grade of 1.83 grams gold per tonne, at all-in sustaining costs of US$761 per oz. gold.

Wahgnion, 510 km southwest of Burkina Faso’s capital city of Ouagadougou, is Teranga’s second mine after its flagship Sabodala open-pit mine in Senegal.

“It is wonderful to bring a new mine on, in this type of gold-price environment, where you have got gold prices at a six-year high, so we are thrilled,” says Richard Young, president and CEO of Teranga Gold.

He adds that Wahgnion could generate $60 million per year in free cash flow for the first five years, based on $1,250 per oz. gold. “It is a small, but a very profitable mine for us.”

Teranga acquired Wahgnion, of which the Burkina Faso government owns 10%, in October 2016, as part of the company’s all-share purchase of Gryphon Minerals.

Major plant construction started in 2018, after the company secured $165-million in debt financing. “We were able to complete the drill program, update the feasibility study that had been done on the project, finance, move into construction and [have] first pour in less than three years,” Young notes.

The company plans to produce doré on-site. The plant’s design is based on a conventional carbonin-leach gold process flow sheet.

Throughput would range between

RICHARD YOUNG PRESIDENT AND CEO, TERANGA GOLD

Ore processing facilities at Teranga Gold’s Wahgnion gold mine in Burkina Faso. TERANGA GOLD

2.2 million and 2.5 million tonnes per year, depending on the blend of soft and hard ore. The average predicted plant gold recovery is 92%, with soft (oxide) material recoveries from some zones reaching as high as 95%.

According to an updated technical report filed in October 2018, measured and indicated resources stand at 50.5 million tonnes grading 1.51 grams gold per tonne for 2.4 million contained oz. gold. Inferred resources add 5.25 million tonnes grading 1.41 grams gold for 240,000 contained oz. gold.

Wahgnion’s 13-year mine life is based on proven and probable reserves of 31.1 million tonnes grading 1.61 grams gold per tonne for 1.61 million contained oz. gold.

The reserves include only four initial deposits on the mine licence— Nogbele, Fourkoura, Stinger and Samavogo.

Next year, Teranga will embark on a multi-year exploration and drilling program that was put on hold

during Wahgnion’s construction.

The initial exploration program will focus on shallow drilling and more than a dozen open-pit targets, within 5 km of the mill.

“These targets have been previously identified by the previous owner,” Young says. “We have not focused on those targets during construction, but we will turn our attention to those targets, beginning next year.”

Exploration could extend Wahgnion’s mine life from its current 13 years to 15 or 20 years, he adds.

Now that Wahgnion is up and running, Teranga is turning its attention to other assets, such as its wholly owned Golden Hill project in the central part of the Houndé greenstone belt in southwest Burkina Faso. “Golden Hill is actually our most advanced exploration project, so we are just currently in the process of moving that into the feasibility stage of development,” Young says.

“That could be our third mine.”

In February of this year, Teranga

announced an initial resource estimate for the Golden Hill project, which has indicated resources of 6.4 million tonnes grading an average 2.02 grams gold per tonne for 415,000 contained oz. gold. Inferred resources host 11.95 million tonnes grading an average 1.68 grams gold per tonne for 644,000 oz. gold.

In July, the company started a 27,000-metre drilling and exploration program to support a preliminary economic assessment and convert Golden Hill from an exploration licence to a mine licence. Young says the company can make a development decision as early as 2021.

Young describes Burkina Faso as a mining-friendly jurisdiction with a trained workforce. “There have been over 10 mines built over the last 10 years,” he says.

Carey MacRury, director of metals and mining with Canaccord Genuity Group (TSX: CF), says Wahgnion appears to be a decent mine, as it is under budget and on

time. MacRury adds that “it looks like everything is going well at this point, but we still need to see a couple of quarters.”

Teranga has been a single-asset gold producer since acquiring the Sabodala mine in 2010, MacRury notes. With the expected ramp up of gold production in the fourth quarter of 2019, and the Golden Hill project’s potential to become the company’s third mine, “there is potential for Teranga’s valuation to rerate, as the company gains the benefits from operating, financial and geopolitical diversification, as it transitions into a multi-asset producer,” he said in a research note in July. “African single-asset producers are trading at a significant discount to multi-asset producers.”

Teranga has also entered into two joint ventures in Côte d’Ivoire, where it has six exploration licences and a mine licence. “We have used the opportunity over the last three or four years when the sector has been out of favour to acquire assets, entering joint ventures that we would not have been able to enter into or acquire in a different gold-price environment,” Young says. “So we have developed an organic growth pipeline — a pipeline that we can develop over the next 10 years.”

MacRury has a “buy” rating and $7 target price for the company’s shares.

Teranga’s shares traded at $5.40 apiece, within a trading range of $2.97 to $5.71 at press time. The company has 108 million common shares outstanding for a $580-million market capitalization. TNM

Osisko launches incubator, bids for Barkerville OSISKO From 1

capital to early-stage exploration stories and 75% to projects that are moving through permitting, construction and into production, much like what it did with Victoria Gold (TSXV: VIT) and its Eagle mine in the Yukon.

“Often there’s a value gap in that period, as it’s not always exciting for public markets to go through the permitting and construction process … we see that as a value gap, where North Spirit deploys capital into that area of permitting and evolution of the asset.”

Last month, Barkerville completed a preliminary economic assessment (PEA) of the Cariboo project, outlining an underground ramp-access mine with payable gold over an 11-year mine life of 1.97 million oz. gold.

The PEA, which is based on only half of Cariboo’s total mineral resources, put initial capex at US$235 million and forecast an after-tax payback period of three years. The project’s net present value after taxes and mining duties could total US$310 million, and its internal rate of return, 28%.

1-16_SEPT30_Main .indd 7

The early-stage study envisions trucking concentrated material from Cariboo to Barkerville’s wholly owned Quesnel River mill, 50 km away. The project’s four deposits (Cow, Valley, Shaft and Mosquito) cover a 3.7 km strike length and run from surface down to 640 metres’ depth. Each deposit has multiple vein corridors that trend east–northeast.

Cariboo is a brownfield camp where Barkerville’s president and CEO, Chris Lodder, and his team, “have led the charge to unlock the value in this camp through the remodelling of the geology, and have been extremely successful, with over a 90% hit rate of drill holes in the last 24 months that have been drilled using the new geological model,” Roosen told analysts and investors on the conference call, adding that the project benefits from significant infrastructure, as well as a smallscale mining permit.

“The existing infrastructure is quite important to the value driver in that we aren’t building a new mill, cyanide facility, tailings pond or waste dumps to execute a 4,000-tonneper-day underground mine, so it’s a pretty unique opportunity,” he said.

Roosen also described the Cariboo

mining district as an area “very used to mining and logging [that] is very friendly to the resource sector.” In addition, he said, “it’s a jurisdiction that has been issuing mine permits,” adding “Pretium was permitted in under 20 months.”

In a research note, Mick Carew of Haywood Securities calls Osisko’s play for Barkerville “opportunistic,” despite the “short-term return.”

He also pointed out that while Osisko Gold Royalties owns 32% of Barkerville plus a 4% net smelter return royalty, Osisko Mining (TSX: OSK) also owns 16% of Barkerville, for a collective 48% stake.

Carew says the offer undervalues the company.

“The implied valuation of $338 million is considerably lower than our corporate net asset value of $886 million, or $1.25 per share,” he stated in a note to clients. “We stand by our valuation and believe Cariboo to hold district-scale potential, well beyond the 4.4 million oz. already defined.

“Not only do we expect the mineable resource [2.13 million oz. in the PEA] to grow with further infill drilling and optimization studies, but the global 4.37 million oz. re-

source at Cariboo is also expected to expand. Gold mineralization is open both at depth, beyond the 35metre depth of the current resource estimate, and along strike.

“As the resource base expands, mining and cost assumptions are also expected to change, which could result in a larger mining operation than the 4,000-tonne-per-day operation outlined in the PEA,” Carew said.

Andrew Mikitchook of BMO Capital Markets said Osisko’s offer for Barkerville is “below the equivalent valuations of recent acquisitions such as Integra and Dalradian.” But the analyst, who covers the company, noted that while “there is likely some room for a competing bid … the probability is low with the imposing Osisko Royalties shareholding position.”

Andrew Kaip, an analyst who covers Osisko Gold Royalties for BMO Capital Markets, said the Barkerville acquisition adds an element of risk.

“Management is looking at this strategy as a way to jump-start development of investments and monetize these investments at a future date to benefit Osisko Gold Royalties shareholders, but there is

risk in this strategy,” he explains in a research note.

“As royalty/streaming companies trade at premium multiples to developers, investors will have to reevaluate their valuation perimeters in the context of the strategy shift going forward.

“Positively, management reiterated Osisko Gold Royalties will remain a royalty/streaming company, but, in our view, the move may not resonate with some investors, as it adds risk and uncertainty to what is supposed to be a safe business model.”

Kaip pointed out that the industry had “seen a similar story before,” when Sandstorm Gold Royalties (NYSE-AM: SAND) acquired 30% in the Hod Maden copper-gold project in northeastern Turkey.

“While the transaction was net asset value accretive, shares of Sandstorm underperformed as investors grappled with the change in operating model and the exposure to a development project, along with the associated risks,” Kaip noted.

If the transaction goes ahead, current Osisko and Barkerville shareholders will hold 91% and 9% of Osisko’s outstanding shares.

TNM

2019-09-24 7:57 PM

8

WWW.NORTHERNMINER.COM

SEPTEMBER 30–OCTOBER 13, 2019 / THE NORTHERN MINER

Argonaut Gold to hedge gold from El Castillo GOLD

in San Agustin’s cash costs, but an underperforming third well also contributed.

Altogether, the El Castillo mine complex (El Castillo and San Agustin) produced 28,017 equivalent oz. gold at cash costs of US$945 per oz. sold, compared with 26,518 equivalent oz. gold at cash costs of US$638 per oz. gold sold during the second quarter of 2018.

“There is no doubt it was a challenging quarter operationally, particularly at our San Agustin mine, where we experienced a shortage of water that impacted our ability to get ounces under lease, and, therefore, forced us to slow down our crushing and stacking rates to avoid short cycling of the leach pad,” Pete Dougherty, the company’s president and CEO, told analysts and investors on an Aug. 7 conference call.

During the quarter, Argonaut completed two heap-leach expansions at El Castillo and a leach-pad expansion at San Agustin. It also finished a $15-million crushing and stacking expansion at San Agustin that will help the mine move from 20,000 tonnes per day to 30,000 tonnes per day.

“Last year, we drilled a third well to meet our solution flow-rate requirements for the increased crushing throughput of 30,000 tonnes per day. Although this well tested positive, after sustained pumping, it did not meet our requirements,” Bill Zisch, the company’s chief operating officer, said on the call. “Therefore, we incurred cost to drill, blast, mine, crush and stack ore on the leach

BY TRISH SAYWELL

A

| Locks in bullion sales for at least US$1,450 per ounce

tsaywell@northernminer.com

fter a challenging second quarter at its El Castillo complex in Mexico, Argonaut Gold (TSX: AR) will hedge part of the operation’s remaining life-ofmine production.

The company told shareholders in late August that it had entered into a series of “zero-cost, collar option contracts” covering 145,500 oz. gold through mid-2022 from its El Castillo mine, which along with its San Agustin mine, makes up the El Castillo mining complex, 100 km north of Durango.

Argonaut has set the floor price of the monthly gold collars at US$1,450 per oz., and the ceiling price of the collars from US$1,630 per oz. in the fourth quarter of 2019 to US$1,760 per oz. for the first half of 2022. The company will realize the actual gold sales price if the gold price stays within the range of the collars.

Management said that the “priceprotection program” on part of El Castillo’s remaining life-of-mine production would “ensure profitability” and “extend the mine life at our highest-cost operation.”

During the second quarter, the El Castillo mine produced 14,758 equivalent oz. gold at cash costs of US$976 per ounce. Costs were elevated due to higher waste-to-ore ratios, the company said.

The San Agustin mine produced 14,800 equivalent oz. gold at cash costs of US$910 per ounce. Higher waste-to-ore ratios were also a factor

Argonaut Gold’s El Castillo gold mine in Mexico. ARGONAUT GOLD

pad, and have experienced a delay in recovering and selling the ounces.”

Zisch noted that the company was completing the drilling of a fourth water well (which was completed on Sept. 6), and that Argonaut should hit 30,000 tonnes per day at San Agustin before December — a three-month delay. With the additional water well, the company said it anticipates catching up on recovered ounces in the second half of the year.

Argonaut’s La Colorada mine in Mexico’s Sonora state produced 12,200 equivalent oz. gold at US$894 per oz., in a 7% increase from the year-earlier quarter, due to an increase in the waste-to-ore ratio. “At La Colorada during the first quarter of the year, we ran into a situation where we were struggling to strip waste fast enough to keep up with ore requirements to the crusher,” Zisch said. “To compensate for this, when we could, we supplemented with low-grade stockpile material — this led to less tonnes and a lower

grade going to the pad during the first quarter, which meant lighter second-quarter production. We are now operating on wider laybacks, and have better access to ore.”

For the year, Argonaut expects to produce between 200,000 and 215,000 equivalent oz. gold at cash costs of between US$800 and US$900 per oz. sold — up from its previous estimate of US$775 to US$875 per oz. sold. All-in sustaining costs are forecast to rise from US$975 to US$1,075 per oz. gold sold to between US$1,025 and US$1,125 per oz. gold sold.

Argonaut said costs will trend lower in the second half of the year, with enough water at San Agustin to meet planned solution flow rates of the expanded 30,000-tonne-perday crushing and stacking rate; lower crushing costs at El Castillo, due to run-of-mine ore available in phases nine and 10 of the pit; higher production from the lowercost San Agustin mine, and lower production from the higher-cost El

Castillo mine; and improved grades and a lower waste-to-ore ratio at La Colorada.

The company said it expects to report significant free cash flow next year. “With approximately 60% of our 2019 capital spent through the first six months of the year, and next year’s capital reduction by approximately US$25 million, we are poised to generate significant additional free cash flow during 2020,” Dougherty said. “So while the second quarter was challenging, on a go-forward basis we are in a great position.”

The company’s development assets include the Magino project in Ontario and the San Antonio project in Baja California Sur, Mexico.

At the end of June, Argonaut had US$24 million in cash, with US$14 million drawn on its revolver, and US$23 million in value-added tax receivables.

Net income in the second quarter reached US$5.4 million, or 3¢ per basic share, in an increase from $0.4 million, or nil per share, in the second quarter of 2018.

Argonaut acquired El Castillo in December 2009. The open-pit gold and silver mine started commercial production in 2008. The San Agustin gold and silver open-pit mine was acquired in December 2013. Commercial production at San Agustin began in October 2017.

At press time, Argonaut traded at $2.42 per share in a 52-week range of $1.18 to $2.87. The company has 180 million common shares outstanding for a $434-million market capitalization. TNM

China’s electric vehicle slowdown could dampen cobalt prices input for batteries for the future, companies and scientists are working feverishly to minimize their reliance on cobalt.

Cobalt pricing on the London Metal Exchange (LME) seems to reflect these dampening influences on demand.

C oba lt fel l f rom a h ig h of

COBALT From 4

than traditional batteries.) Despite being the most expensive input for batteries, cobalt is proving frustratingly difficult for battery makers to replace, given its power by volume and fire-prevention capabilities. So, while it continues as a necessary

US$95,000 per tonne in March 2018 to just US$25,000 per tonne at the end of July 2019, largely in anticipation of a 2019 cobalt surplus, due to new capacity coming online.

However, Glencore’s (LON: GLEN) suspension of its Mutanda mine and its ongoing issues at Katanga effectively eliminated the cobalt

surplus for the next couple of years, and the price has barely rebounded.

The Anglo-Swiss miner and commodities trader decided to mothball its Mutanda mine in August after the Democratic Republic of the Congo (DRC) government opted to uphold the previous government’s imposition of higher taxes and domestic

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ownership rules. The Mutanda mine produced 27,000 tonnes cobalt in 2018 (20% of the world’s supply of the metal).

Glencore said in its half-year 2019 earnings report that while subsidiary Katanga posted higher production in 2019 year-over-year, it continues to stockpile most of its production on-site. Katanga is working on technical fixes to lower the high levels of uranium in the cobalt. It was able to sell just 1,200 of 6,200 tonnes produced in the first half of 2019.

These developments at Glencore’s mines hold back the expected surplus for the next two years at least, some analysts say. The duration depends on DRC policies — as most of the world’s cobalt lies under DRC land — and Glencore’s ability to remove the uranium from its cobalt.

It is unclear when new cobalt supply will become available.

An absent cobalt surplus could understandably raise prices on the LME. Instead, the weeks since Glencore’s announcement have seen only a slight rebound in cobalt prices, climbing from US$25,000 per tonne in late July to US$36,000 per tonne by mid-September (slightly more on Fastmarkets).

It may be that market players expect DRC to back off its policies when faced with significant tax revenue losses due to Mutanda’s suspension, or that they believe cobalt pricing can reach a level that makes Mutanda economically feasible, in spite of DRC policies. Whatever the case, a prolonged slowdown in China’s NEV sales could dampen cobalt-price increases during the production stall.

And, whenever the supply-side issues are resolved, producers may find themselves without the cobalt-hungry EV market they were anticipating in China, which could keep cobalt prices well below 2018 — or even 2019 levels — for the next few years. TNM

2019-09-24 7:57 PM

SPECIAL FOCUS

QUEBEC A drill rig at Bonterra Resources’ Gladiator gold project, 170 km northeast of Val-d’Or, Quebec. BONTERRA RESOURCES

Probe Metals hikes resource estimate GOLD

| Ounces pile up at Val-d’Or East

BY JEAN LIAN

P Osisko Mining workers underground at the Windfall gold project in Quebec. OSISKO MINING

Osisko drills for Windfall’s ‘roots’ GOLD

| 1,000,000 metres on tap this year

BY TRISH SAYWELL tsaywell@northernminer.com

D

iscoveries earlier this year at the Windfall gold project in Quebec drove Osisko Mining (TSX: OSK) in July to boost its drill program by 200,000 metres, bringing the total for the year to 1 million metres — the largest drill program in Canada.

“When we started at Windfall back in 2015, it was a 50,000-metre program, which was large,” John Burzynski, the company’s president and CEO, tells The Northern Miner.

“We wanted to find out in a hurry if it was something we wanted to spend time on.”

Since then the company — which consists of essentially the same team that was responsible for putting the Canadian Malartic mine into production — has increased its drill program each year.

“Windfall is turning out to be that same kind of deposit as Malartic in that it’s always giving us a little bit more than we hoped for,” Burzynski says during a break between meetings at the Beaver Creek Precious Metals Summit. “It’s a very generous deposit.”

Whether Windfall — already one of the highest-grade, resource-stage gold projects in the country — will turn out to be as generous to its shareholders as Canadian Malartic, remains to be seen. Burzynski and his colleagues sold the Malartic mine for $4 billion to Agnico Eagle Mines (TSX: AEM; NYSE: AEM) and Yamana Gold (TSX: YRI; NYSE: AUY) in 2014.

Windfall is already one of the highest-grade gold projects in the country, and results released in June from a 5,500-tonne bulk sample mined from Zone 27 exceeded expectations, returning an average grade of 8.53 grams gold per tonne — 26% higher than predicted by infill drilling on the resource block

1-16_SEPT30_Main .indd 9

model. “It was a very good result, in our view, and we can now expect that we’ll probably see higher grades when we do get to mining.”

Results from a second bulk sample, which is being collected from the Lynx zone, should be released at the end of October or early November.

In the meantime, the company continues to release high-grade drill results at regular intervals from the 23 drill rigs on-site.

“One mistake people make is that they don’t put enough drilling into a See OSISKO / 12

jlian@northernminer.com

robe Metals (TSXV: PRB; USOTC: PROBF) has released an updated resource estimate for its Val-d’Or East project in Quebec, 25 km east of Val-d’Or and 1.5 km west of the company’s New Beliveau deposit.

Resources in all categories total 3.2 million oz., up from 1.4 million oz. in the 2018 estimate.

“It is a very pivotal resource,” says David Palmer, Probe Metals’ president and CEO. “This resource has crossed a threshold.”

With a critical mass of gold assets, Palmer says, the company can look at Val-d’Or East as a potential mining project.

The project consists of three wholly owned properties — Pascalis, Courvan and Lapaska — along with two option properties, Monique and Cadillac Break East’s Sleepy deposit, where Probe Metals is close to completing 60% earn-ins for each from Monarch Gold (TSX: MQR) and O3 Mining (TSXV: OIII).

Measured and indicated resources for the three wholly owned properties stand at 14.57 million tonnes grading 1.85 grams gold per tonne for 866,300 contained oz. gold. Inferred resources add 28.74 million tonnes averaging

1.87 grams gold for 1.73 million contained oz. gold.

Monique and Cadillac Break East’s Sleepy deposit have inferred resources on a 100% basis of 9.1 million tonnes grading 2.25 grams gold per tonne for 661,400 contained oz. gold, and 1.9 million tonnes grading 4.7 grams gold for 279,800 contained oz. gold.

Mineral resources showed improvement over the previous resource estimate, after the discovery of the Courvan trend, which includes the Bussiere, Creek, Senore, Southwest and Southeast deposits. Probe Metals’ acquisition of the Courvan property in 2017 unlocked exploration potential west of the New Beliveau deposit and led to the identification of a mineralized gold trend parallel to Pascalis.

“We have actually added new discoveries, new zones,” Palmer says.

The number of deposits in the updated resource estimate increased from four in the previous estimate to 10, including five within the Courvan trend, which hosts 773,400 contained oz. gold at 1.8 grams gold per tonne.

Most of the increase was in pitconstrained ounces, as the focus of the 2018–2019 program was on See PROBE / 12

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SEPTEMBER 30–OCTOBER 13, 2019 / THE NORTHERN MINER

QUEBEC

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Stornoway’s creditors keep Renard on life support DIAMONDS

| Quebec’s first diamond miner enters restructuring

BY DAVID PERRI

S

dperri@northernminer.com

tornoway Diamond (TSX: SWY) and its creditors reached a deal that will see the Renard diamond mine operate during corporate restructuring, after the company’s failure to generate positive free cash flow in 2019.

Stornoway entered into a letter of intent (LOI), which lays out how Osisko Gold Royalties (TSX: OR; NYSE: OR), Diaquem (a subsidiary of government-owned Investissement Québec) and other creditors will form an entity to acquire the company and its mine, 350 km north of Chibougamau.

The company announced the LOI on Sept. 9, the same day it filed for and received protection from the Superior Court of Quebec under the Companies’ Creditors Arrangement Act to pursue restructuring.

Osisko and its partners intend to acquire Stornoway via a credit bid, using debt owed as currency in the transaction.

1-16_SEPT30_Main .indd 10

Workers at Stornoway Diamond’s Renard diamond mine in Quebec. STORNOWAY DIAMOND

The deal shows the creditors are committed to the project, according to independent diamond analyst Paul Zimnisky. “It’s nice to see them taking a longer-term view as investors.”

Under the LOI’s terms, the acquirers would assume all debt and liabilities owing, and Renard’s ongoing obligations. The partners will also extend a $20-million working capital facility, so that the company can operate Renard and meet shortterm financial obligations while restructuring, Stornoway says.

Osisko is contributing $7 million,

or 35%, of the working capital fund.

It will keep its 9.6% diamond stream on the mine, but will reinvest proceeds from the stream for one year.

“The continued downward pressure on the market price for rough diamonds, as well as a variety of other factors and circumstances,” left the company unable to generate positive free cash flow in 2019, and maintain enough working capital, Stornoway said.

Stornoway reported a $346.3-million net loss for the quarter ending June 30. The loss came from an impairment charge “driven by de-

creasing prices of rough diamonds resulting in a write-down of property plant and equipment, right-of-use assets and deferred transaction costs.”

Stornoway generated adjusted earnings before interest, tax, depreciation and amortization (excluding the impairment charges) of $13.1 million, up from $1.6 million in the year-before quarter. The company reported it had $21.3 million in cash-on-hand.

Stornoway netted an average of US$76 per carat sold in the quarter, down 9% from first-quarter 2019. In 2018, Stornoway’s diamonds fetched

“THE INDUSTRY MIGHT BE THROUGH THE WORST OF THE CURRENT WOES, AND WITH A FAVOURABLE, INDUSTRY-WIDE SUPPLY PICTURE ... THERE APPEARS TO BE A LIGHT AT THE END OF THE TUNNEL — IF GLOBAL DEMAND HOLDS.” PAUL ZIMNISKY INDEPENDENT DIAMOND ANALYST

US$93 per carat. An independent prefinancing, bulk-sample evaluation in 2014 estimated Renard’s diamonds would fetch US$147 per carat.

In June, Stornoway’s creditors extended a bridge loan to keep Renard running. The company also formally solicited a restructuring transaction — a sale or investment.

No adequate offers materialized.

Pierre Fitzgibbon, Quebec’s Minister of Economic Development and Innovation, told La Presse that Investissement Québec (IQ) pushed creditors for the deal outlined in the LOI, which keeps the mine operating. IQ has lent Stornoway more than $122 million and IQ subsidiary Ressources Québec was Stornoway’s largest shareholder, with a 26% stake representing $180 million invested, La Presse reported. IQ will hold a 35% stake in the new entity in exchange for $120 million in debt.

Renard hit production in 2017 after raising almost $1 billion, and with support from the government, which spent $300 million on the mine’s 143 km access road.

In 2018, mining moved from open-pit to more costly underground extraction, while supply spiked for smaller diamonds (less than 1 carat), which make up twothirds of Renard’s production. The circumstances spelled ruin for the company.

“Now that mining has successfully transitioned underground, the project has been somewhat de-risked, in that respect,” Zimnisky says.

“Based on my analysis, I think the company needs a diamond price that exceeds US$100 per carat to be profitable, which will probably require a combination of improved market conditions, but also the recovery of more larger diamonds, which could be driven by the production ramp-up of Renard 3, and the second underground mining horizon of Renard 2.”

Zimnisky forecasts rough diamond prices will rise by a low, singledigit percent (net of inflation) in the next two years.

“In general the global supply picture looks pretty good. I am a little more concerned about demand,” he says. “China is key ... I would like to see a trade deal of some sort with the U.S. and a de-escalation in Hong Kong. Also, a weaker U.S. dollar would probably help demand.”

“The industry might be through the worst of the current woes, and with a favourable, industry-wide supply picture going forward, there appears to be a light at the end of the tunnel — if global demand holds.”

On Sept. 18, Stornoway announced that it has been delisted from the Toronto Stock Exchange, effective Oct. 18. TNM

2019-09-24 7:57 PM

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QUEBEC

SEPTEMBER 30–OCTOBER 13, 2019 / THE NORTHERN MINER

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Probe Metals PROBE From 9

Drill core at Osisko Mining’s Windfall gold project. OSISKO MINING

Osisko drills for Windfall’s ‘roots’ surface to 900 metres’ depth, and remains open along strike and at depth. Mineralization has been found 30 metres from surface in some areas, and as deep as 2,000 metres in others, with potential to extend mineralization down-plunge and at depth. Burzynski notes that what will be included in the upcoming resource estimate will be everything above a depth of 1,200 metres, and accessible by ramp.

But that isn’t stopping Osisko from drilling much deeper than that. In May, the company said it is going to drill the deepest hole in Canada — Deep Discovery 1 — which will be punched down to a depth of between 3,000 and 3,500 metres to test the company’s deep porphyry intrusion model that it believes is the driver of the Windfall system.

OSISKO From 9

deposit before they make a production decision,” Burzynski says. “We want to make certain about what we have. At Canadian Malartic we had 17 drill rigs at the peak and drilled about 1.1 million metres, and when you look at what we predicted, it was plus or minus 1%.”

Osisko plans to close off the database at Windfall in mid-December, and update the current resource estimate in late January or early February next year. Already, Windfall has 2.87 million indicated tonnes grading 8.17 grams gold per tonne for 754,000 contained oz. gold, and 10.35 million inferred tonnes averaging 7.11 grams gold for 2.36 million oz. gold.

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So far the hole has reached a depth of 2,300 metres.

“What we want to see are the roots of the system,” he says. “The geological model is that there’s a feeder system at depth that is pushing up the gold into our resource.”

Burzynski says that deep exploration will eventually drive Windfall into the ranks of the world-class, high-grade and longlife underground mines in the Canadian Archean.

“It’s a good deposit as it stands right now, but eventually, given enough time and drilling, it will become another Canadian worldclass Abitibi gold mine,” he predicts.

“Nobody ever drills out an entire underground mine before they start mining,” he adds. “Those world-class mines develop into world-class mines over 30 or 50 years of mining.

“As a comparison, they’re down about 3,500 metres at La Ronde and Macassa, and Red Lake went down below 3,000 metres. With this deep hole we’re drilling, we might get a good peek at the system, but our intention isn’t to drill out the resource at great depth. It’s to put some scale into the deposit.”

Mineralization at Windfall so far has been found in four main zones: Lynx, Zone 27, Caribou and Underdog.

Exploration drilling below the Lynx deposit — which occurs

alongside and northeast of the main Windfall gold deposit — shows four high-grade zones in a new mineralized corridor the company calls Triple Lynx. The corridor, reported in July, lies below the main mafic unit associated with the Lynx deposit between vertical depths of 650 and 980 metres in an area that is open in all directions, and has seen no previous drilling.

Sixteen of the 23 drill rigs at Osisko are active at Lynx and Triple Lynx, and the rest focus on infill and exploration drilling on other areas of the deposit.

The company reported bonanza grades from both Lynx and Triple Lynx on Sept. 9. Highlights included 72.3 grams gold over 13 metres from 762 metres downhole in hole 19-1272-W1, and 52 grams over 12 metres from 776 metres downhole in hole 19-1272-W2 at Triple Lynx, and 145 grams gold over 4 metres starting 1,313 metres downhole in hole 19-1857-W4 at the Lynx Extension.

Osisko has 273 million common shares outstanding for an $962-million market capitalization.

Over the last year, the company has traded in a range of $2.19 to $3.90 per share. At press time its shares changed hands at $3.52 apiece.

Mick Carew, a mining analyst at Haywood Securities, has a “buy” rating on the stock, and a target price of $4.50 per share. TNM

Discovering Opportunities in Canada CLARENCE STREAM - An Emerging Gold District in New Brunswick 3 Drilling to expand the 5 high-grade gold deposits and to make additional new discoveries on the 65km long, 60,000+ hectare land position.

3 Galway’s discovery hole at the Richard Zone returned 7.3 g/t Au over 36.65 metres, including 38.1 g/t Au over 6.5 metres.

3 All 5 zones remain open in all directions, and only 2 of them are in the existing 2017 resource, which will be updated in 2020.

Clarence Stream Resource Estimate Open Pit Class

Underground

Tonnes (000)

Au (g/t)

Au (000 oz)

Measured

236

1.81

13.7

Indicated

5,675

1.86

338.4

M&I

5,910

1.85

352.2

Inferred

2,723

1.87

153.1

Total Resource

Tonnes (000)

Au (g/t)

Au (000 oz)

Tonnes (000)

Au (g/t)

Au (000 oz)

236

1.82

14

267

4.39

37.8

5,941

1.97

376

6,178

1.96

390

862

4.48

124.1

3,409

2.53

277

shallow drilling.

Of the total measured and indicated resources contained in the latest estimate, 84.6% are pit constrained.

The deposits are all open below the conceptual pit shells and “still have potential for substantial growth at depth,” Palmer says.

The company will continue drilling through 2019.

“Within our resource areas, we have new targets that we think are related to the current mineralization, but could exist in new zones,” Palmer says.

Regional drilling on a district scale and “looking at targets outside the current resource areas that may be part of new systems, and, ultimately, new discoveries within the project,” is also part of the plan, he adds.

The company has drilled 200,000 metres since 2016. “We still have a lot of exploration upside, and that will always be a part of the project,” Palmer notes.

Probe Metals also plans to conduct metallurgical work, as well as engineering and environmental studies to de-risk the project. “There are a number of areas [where we] need to build information in order to continue advancing it as a mining project,” Palmer says.

Newmont Goldcorp (TSX: NGT; NYSE: NEM) owns 13.7% of Probe Metals.

At press time, Probe Metals’ shares were trading at $1.25 in a 52-week trading range of 91¢ to $1.53. The company has 111 million common shares outstanding for a $138-million market capitalization.

After the resource update, analyst Andrew Mikitchook of BMO Capital Markets increased his target price on the stock from $2 to $2.25. “We continue to see further resource upside at Probe,” he writes in a research note.

The resource update also marks the first contribution from the Courvan trend, located 1.5 km west of the Pascalis trend, which was first drilled

by Probe Metals in late 2018, he notes. “With the continuing exploration success across the property, the lightly explored ground between Pascalis and Courvan remains a key exploration target for new discoveries,” Mikitchook says.

IA Securities maintains its “buy” rating and $2.40 price target. “The company is on track to get serious attention from mid-tier or senior producers,” analyst George Topping says in a research note. “Management’s strategy of building economic resources in a camp domiciled by several senior producers will pay off within a couple of years.”

Since 2016, Probe Metals has pursued land consolidation in the Val-d’Or district. The total Val-d’Or East land position stands at 334 sq. km, and represents one of the largest landholdings in the Val-d’Or mining camp. TNM

ESTRADES - Former Producing High-Grade VMS Mine in Quebec 3 Drilling to expand resources; former producing mine; targeting other VMS and gold deposits; 3 trends on 30km long, 20,000+ hectare land position.

3 Drilling depth extensions to 28.5% Zn over 3.3 m plus 18.6% Zn over 2.7 m where TITAN conductors indicate potential for copper-rich source vents.

3 Reported 15% and 80% increases in respective high grade Indicated and Inferred Resources, and remains open to depth.

Estrades Resources Estimate Category

Tonnes

Au Eq

Zn Eq (%)

(g/t)

(g/t)

(%)

Zn

Cu

Pb

(%)

(000 oz)

(000 lb)

(000 oz)

(000 oz)

(000 lb)

(000 lb)

(000 lb)

Indicated Inferred

1,497 2,199

11.28 7.36

20.75 13.54

3.55 1.93

122.9 72.9

7.20 4.72

1.06 1.01

0.60 0.29

543 520

584,717 656,194

171 136

5,912 5,152

237,623 228,824

34,983 48,964

19,802 14,059

(000)

(g/t)

Au

Ag

(%)

AuEq

Zn Eq

Au

Ag

Zn

Cu

Pb

For Resource Notes please see Galway Metals Press Releases dated September 26, 2017 and September 20, 2018 at

WWW.GALWAYMETALSINC.COM – TSX-V:GWM

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An outcrop at Probe Metals’ Val-d’Or East gold project in Quebec. PROBE METALS

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Monarch issues new resource estimate for Fayolle GOLD

| Open-pittable resource remains open at depth and along strike, company says

BY JEAN LIAN

T

jlian@northernminer.com

he latest resource estimate for Monarch Gold’s (TSX: MQR; US-OTC: MRQRF) newly acquired Fayolle gold project in Quebec confirms the deposit’s high-grade, near-surface potential.

Fayolle’s indicated resource now stands at 706,400 tonnes grading 4.89 grams gold per tonne for 111,010 contained oz. gold.

“We are very happy with the way that Fayolle is turning out,” says Jean-Marc Lacoste, Monarch Gold’s president and CEO. “The resource estimate on the property confirms that there is a very big amount of ounces on an open-pit basis.”

The 14 sq. km Fayolle project is located 35 km northeast of RouynNoranda in the townships of Aiguebelle and Cléricy.

Monarch Gold acquired a 100% interest in Fayolle in September from Hecla Mining (NYSE: HL) and Typhoon Exploration (TSXV: TYP) by issuing 12 million of its common shares to Hecla, and 3.4 million shares to Typhoon. In addition, Monarch will also pay Typhoon $1.15 million in cash.

Lacoste notes that Fayolle’s gold resource could increase as the deposit remains open at depth and along strike, and says Monarch looks at Fayolle as an open-pittable resource that fits its strategy of developing near-surface gold deposits.

Lacoste says the mine would process 70,000 oz. gold in total and that “in today’s current market, this represents revenue in excess of a hundred million dollars.”

A 2013 preliminary economic assessment estimated that a 1,000-tonne-per-day, open-pit operation would have a 36-month mine life (including one year of preproduction), based on indicated resources of 568,941 tonnes grading 4.35 grams gold per tonne for a total of 79,588 contained oz. gold.

The study calculated that the total capital cost to build a mine at Fayolle — including preproduction costs and sustaining capital, but excluding $4.4 million in closure

An outcrop at Monarch Gold’s Fayolle gold property, 35 km northeast of Rouyn-Noranda, Quebec. MONARCH GOLD

costs — would be $5.8 million, with a two-year payback. The PEA forecast an after-tax, $17.9-million net present value at a 7% discount rate, and an after-tax, 110% internal rate of return (IRR).

In September, the company released assays from its 2019 diamond drilling program, which drilled 586 metres in 14 holes. Hole 19-107, which intersected the southern part of the deposit, returned 50.94 grams gold per tonne over 3 metres starting from 20 metres’ depth, including 124.08 grams gold over 1 metre.

Hole 19-103, drilled in the centre of the deposit, 25 metres northeast of hole 19-107, returned 40.5 grams gold over 5 metres from 3 metres downhole, including 132.01 grams

gold over 1 metre, with multiple grains of visible gold in the sample interval. The same hole returned an assay of 8.37 grams gold over 6 metres, including 30.72 grams gold over 1 metre.

Other highlights include an interval of 43.73 grams over 5 metres contained within a broader intercept of 37.97 grams gold over 3 metres in hole 19-108, and 15.79 grams gold over 4 metres, including 31.46 grams gold over 2 metres in hole 19-109.

Siddharth Rajeev, an analyst with Fundamental Research Corp., said in a Sept. 9 research note that the latest drill results indicate strong potential for high-grade, near-surface mineralization.

With Fayolle’s latest resource estimate and assay results, Lacoste says the company will decide whether to start a feasibility study. He expects the Fayolle project could pour gold 12 to 24 months after all permitting is completed.

“It will be a permit to do a small,

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1-16_SEPT30_Main .indd 14

open-pit mine that will last only a year, maybe a year and a half,” Lacoste says.

Fayolle is one of 10 projects in the company’s pipeline.

Wasamac, Monarch’s f lagship project, 15 km west of RouynNoranda in Beauchastel township, is projected to produce an average of 142,000 oz. gold a year at cash costs of US$550 per oz., and all-in sustaining costs of US$630 per oz. over an 11-year mine life. Average gold metallurgical recovery is 88.2%.

Wasamac’s 2018 feasibility study tabled a $311-million net present value at a 5% discount rate and an 18.5% after-tax IRR. Initial capex is pegged at $464 million, including $230 million for the mill and tailings facility, with a 3.6-year payback. The project has measured and indicated resources of 29.9 million tonnes grading 2.7 grams gold per tonne for 2.58 million contained oz. gold.

Other advanced gold projects owned by Monarch include Croinor,

Beaufor, McKenzie Break and Swanson.

The 151 sq. km, open-pit Croinor gold project, located 55 km east of Val-d’Or and 27 km east of the nearest town of Louvicourt, was the site of a past-producing mine.

A January 2018 feasibility study estimated a 2.6-year mine life and average annual production of 31,472 oz. gold.

Monarch’s 5.9 sq. km Beaufor underground mine is located 20 km northeast of Val-d’Or. It has been on care and maintenance since June 2019. The company says the project has high-grade resource potential.

Beaufor’s historical total production from 1939 to 1942 was 161,287 tonnes at an average grade of 7.01 grams gold per tonne for 36,342 contained oz. gold.

Monarch acquired both the McKenzie Break and Swanson properties from Agnico Eagle Mines (TSX: AEM; NYSE: AEM) in December 2017. The 3.3 sq. km McKenzie Break project hosts a high-grade gold deposit that lies 20 km north of the company’s Beacon mill and 35 km north of Val-d’Or. The 51 sq. km Swanson gold project is 65 km northeast of the city of Val-d’Or. The nearest town is Barraute, 13 km southwest.

Rajeev says Monarch Gold is following through with its plan to build a strong portfolio of early- to advanced-stage assets in the Abitibi region. He also points out that the company’s total measured and indicated resources of 3.16 million oz. and inferred resources of 1.1 million oz. imply an enterprise value of just $19 per ounce.

Lacoste says the interest for financing gold projects will rise as the gold price picks up, and breaks resistance levels.

A higher gold price is “something we were dreaming about for the last few years,” Lacoste says. “These are exciting times for companies like Monarch.”

At press time, Monarch Gold’s shares were trading at 26¢ in a 52-week trading range of 15.5¢ to 32.5¢. The company has 261 million common shares outstanding for a $68-million market capitalization.

Shareholders of the company include Hecla Mining (NYSE: HL), with 5%; Rob McEwen’s Evanachan, 4%; Oxbridge Group, 4%; and Agnico Eagle Mines, 1%. Management owns 3% of the company. TNM

Montréal

Well Funded with more than $ 15.0 M in the treasury Important op�ons agreements and JV’s with Agnico Eagle, Osisko, SOQUEM, Abcourt and NMEF Drill programs with more than 20,000 m.

2019-09-24 7:57 PM

QUEBEC

GLOBAL MINING NEWS

THE NORTHERN MINER / SEPTEMBER 30–OCTOBER 13, 2019

15

QUEBEC SNAPSHOT

Eight companies worth watching Mining companies spend an average of $8.5 billion a year in Quebec, and the industry generates $962 million annually for the provincial government, excluding corporate income taxes, according to the latest report from the Quebec Mining Association. The province has 25 producing mines and 24 exploration projects. Here’s a look at eight companies operating in the miningfriendly province.

Newiska and Casa Berardi — and features 31 km of strike length.

The company consolidated 100% of the Estrades mine and related properties for $1.35 million in August 2016.

This year the company plans to drill 6,000 metres at Estrades. It has completed two geophysical (Titan) surveys over parts of the Estrades and Newiska horizons, and found five major and two minor anomalies.

EASTMAIN RESOURCES Eastmain Resources (TSX: ER; US-OTC: EANRF) is focused on gold exploration in the James Bay region of northern Quebec. Its three main assets are the Eau Claire project, the Eastmain mine project and the Éléonore South joint-venture project, with Newmont Goldcorp and Azimut Exploration.

A preliminary economic assessment (PEA) of its Eau Claire deposit released last year outlined a 12year mine life producing a total of 950,000 oz. gold at average cash costs of US$486 per oz., and all-in sustaining costs of US$574 per oz. gold.

The mine plan envisioned production from two open pits in the first three years of the operation, with a transition to underground mining in the second year. Preproduction capex is an estimated $175 million, and could be repaid in just over three years.

At US$1,250 per oz. gold, the May 2018 PEA forecast an after-tax net present value at a 5% discount rate of $260 million, and a 27% after-tax internal rate of return.

The company is working on preliminary engineering and environmental baseline studies to support future permitting and feasibility study work, and in a recent corporate presentation, said it is targeting first production in 2023.

Eau Claire has measured and indicated resources of 4.29 million tonnes grading 6.18 grams gold per tonne for 853,000 contained oz. gold, and inferred resources of 2.38 million tonnes grading 6.53 grams gold for 500,000 contained oz. gold. Eau Claire is 350 km north of Chibougamau and 50 km from Newmont Goldcorp’s Éléonore gold mine.

The Eastmain mine project contains the past-producing Eastmain mine and has an indicated resource of 899,000 tonnes grading 8.19 grams gold per tonne for 236,500 contained oz. gold, and 579,000 inferred tonnes at 7.48 grams gold for 139,300 oz. gold. Route 167 Nord — built under Quebec’s Plan Nord — provides all-season access to the project.

Last year, it completed a gravity survey over its more than 200 sq. km land position. A preliminary economic assessment is scheduled this year.

Galway’s flagship project, Clarence Stream, is 70 km south–southwest of Fredericton in southwestern New Brunswick. It plans to drill 17,000 metres, or 100 holes, at Clarence Stream this year, and update the resource in 2020.

A drill rig underground at Eldorado Gold’s Lamaque gold mine near Val-d’Or, Quebec. ELDORADO GOLD production of 100,000 to 110,000 oz. gold (including pre-commercial production), at cash operating costs of US$550 to US$600 per oz. gold sold. The mine has an initial sevenyear mine life, with production averaging 117,000 oz. per year.

The company forecasts total capital expenses this year (excluding proceeds from pre-commercial gold sales) will be $80 million to $90 million, including $35 million to $45 million of sustaining capital.

This year the company plans to complete 37,000 metres of exploration drilling to expand resources in the lower part of the Triangle deposit. Triangle is 2.5 km south of the historic Lamaque and Sigma mines, which are also on the property, and produced over 10 million oz. gold.

Triangle, at the eastern end of the prolific Southern Abitibi greenstone belt, is an Archean greenstonehosted, orogenic lode gold deposit.

Numerous exploration targets occur within the Lamaque operations

area, both at depth at the Triangle deposit, and associated with other nearby occurrences. In early September, the company reported drill results from exploration activities over the last year that have expanded highgrade mineralization beyond the 2018 resource model in the lower portion of the deposit, as well as an expanded bulk stockwork zone below 1,250 metres. Intercepts include 19.33 grams gold over 4 metres, 10.72 grams gold over 9 metres, and 12.22 grams over 5 metres.

Lamaque was previously owned by Integra Gold. Eldorado acquired an initial 15% stake in Integra in 2015, and bought the remaining shares in the company in July 2017. Eldorado poured first gold at Lamaque in December 2018.

GALWAY METALS Toronto-based Galway Metals (TSXV: GWM; US-OTC: GAYMF) is advancing its Estrades project, a past-producing, high-grade polymetallic mine in the northern

Abitibi of western Quebec, 95 km north of the town of La Sarre.

Breakwater Resources spent $20 million in 1990 developing Estrades, including the installation of a 200-metre-deep by 150-metrelong strike decline, a ventilation raise and associated infrastructure.

Production from 1990 to 1991 totalled 174,946 tonnes grading 12.9% zinc, 6.4 grams gold per tonne, 1.1% copper and 172.3 grams silver per tonne. Breakwater closed the mine due to weak metal prices and high contract mining and processing costs.

Galway reported an updated resource estimate for Estrades in September 2018, outlining indicated resources of 1.5 million tonnes grading 3.5 grams gold per tonne, 122.9 grams silver per tonne, 7.2% zinc, 1.06% copper and 0.66% lead, and inferred resources of 2.20 million tonnes grading 1.03 grams gold, 72.9 grams silver, 4.72% zinc, 1.01% copper and 0.29% lead.

The Estrades project hosts three mineralized trends — Estrades,

Management, friends and family own 30% of the company’s shares, and institutions, another 40%. The junior is debt-free.

MAPLE GOLD MINES Vancouver-based Maple Gold Mines (TSXV: MGM; US-OTC: MGMLF) is advancing its 355 sq. km Douay gold project located along the Casa Berardi deformation zone in the Abitibi region of northern Quebec, about a two-and-a-halfhour drive north of Val-d’Or. Douay is open in multiple directions and has indicated resources of 9.4 million tonnes grading 1.59 grams gold per tonne for 479,000 contained oz. gold, and 84.2 million inferred tonnes averaging 1.02 grams gold per tonne for 2.8 million oz. gold.

The company completed its 6,045-metre winter drill program in April, and reported that 14 of the 15 holes drilled intersected gold mineralization. Highlights included 19 metres grading 2.46 grams gold per tonne in the Porphyry zone, 51 metres of 2.81 grams gold in the

See SNAPSHOT / 16

solutions minieres uniques

Eastmain also owns 36.7% of the Éléonore South joint venture, and is the operator. The project sits 5 km south of Newmont Goldcorp’s Éléonore mine, which poured first gold in 2014. Newmont Goldcorp owns 36.7% of the project, and Azimut Exploration, 26.6%.

ELDORADO GOLD Eldorado Gold’s (TSX: ELD; NYSE: EGO) Lamaque mine achieved commercial production in March.

The underground mine — near Val-d’Or, 550 km northwest of Montreal — is forecast to process over 500,000 tonnes of ore at an average grade of 7 grams gold per tonne this year, for total

1-16_SEPT30_Main .indd 15

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SEPTEMBER 30–OCTOBER 13, 2019 / THE NORTHERN MINER

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WWW.NORTHERNMINER.COM

QUEBEC SNAPSHOT SNAPSHOT From 15 531 Zone and 43 metres of 1.75 grams gold in the Nika zone.

Most of the gold at Douay is associated with a syenite gold system that forms part of a 7 km trend of mineralized zones. These zones are found within the central part of the project’s strike length, which stretches for 55 km along the Casa Berardi deformation zone.

The intrusive-related mineralization style is also present at several other gold deposits that have been found in recent years, such as Canadian Malartic, now owned by Agnico Eagle Mines (TSX: AEM; NYSE: AEM) and Yamana Gold (TSX: YURI; NYSE: AUY), 157 km south of Douay; Osisko Mining’s (TSX: OSK) Windfall project, between Val-d’Or and Chibougamau in the Abitibi region of Quebec; and Alamos Gold’s (TSX: AGI; NYSE: AGI) YoungDavidson mine, 60 km west of Kirkland Lake in northern Ontario.

Douay is 81 km east of Hecla Mining’s (NYSE: HL) Casa Berardi gold mine and 123 km southeast of Detour Gold’s (TSX: DGC) Detour Lake gold mine.

The gold project is also 50 km north of the past-producing Sleeping Giant mine, an orogenic gold deposit, and 66 km south of Selbaie, a volcanogenic massive sulphide (VMS) deposit.

MIDLAND EXPLORATION Prospect generator Midland Exploration (TSXV: MD) is focused on gold, platinum group elements, and base metals in Quebec, and has various partnerships and option agreements with industry players, including Agnico Eagle Mines, Osisko Mining, Soquem, Abcourt Mines (TSXV: ABI) and the Nunavik Mineral Exploration Fund.

In April, BHP Billiton invested in the junior to support its copper exploration program in northern Quebec, including its Mythril copper-gold-molybdenum silver project in James Bay Eeyou Istchee.

Midland kicked off the first drill campaign at its wholly owned Mythril discovery in February.

Drilling is targeting a series of inducedpolarization (IP) anomalies that coincide with showings of copper, gold, molybdenum and silver at surface, as well as float fields, discovered in 2018, and

strong copper-molybdenum soil anomalies. The target area of the anomalies is more than 2 km long and hundreds of metres wide, and the initial campaign will consist of nine holes for a 2,200-metre drill program. Mythril is hosted in Archean rocks of the Superior province, and there has been no historic drilling on the project.

The company reported in September that it has found drill targets at its Casault jointventure with Soquem, 40 km east of the Detour Lake mine, and has completed a 3-D model in Leapfrog to generate six new targets at its Maritime–Cadillac project, just east of the former Lapa mine. Maritime– Cadillac is a joint venture with Agnico Eagle Mines.

Midland has also identified drill targets at its Laflamme joint venture, after a gradient IP survey on the diorite that hosts the Longshot showing discovered earlier this year. Laflamme is a joint venture with Abcourt Mines, and is located in Quebec’s Lebel-surQuévillon area.

largely untested below, although two historic drill intercepts returned 17.46 grams gold over 1 metre and 13.68 grams gold over 0.3 metre below a depth of 1,000 metres.

Midland’s other properties include its wholly owned Heva gold project, 5 km northwest of Agnico Eagle Mines, and Yamana Gold’s Canadian Malartic open-pit mine.

In September, the company kicked off a 20,000-metre drill program with two drill rigs at O’Brien. The program should be completed before the end of January.

RADISSON MINING

There are five potential plants for custom milling within 75 km of the project: Agnico Eagle’s LaRonde; Iamgold’s (TSX: IMG; NYSE: IAG) Westwood; Monarch Gold’s (TSX: MOR) Camflo and Beacon; and QMX Gold’s (TSXV: QMX) Lac Herbin.

Radisson Mining’s (TSXV: RDS; US-OTC: RMRDF) flagship asset is its fully owned O’Brien project. The project is cut by the Larder-Lake– Cadillac Break and hosts the former O’Brien mine — one of the highestgrade gold producers in the Abitibi greenstone belt. It produced 1.19 million tonnes grading 15.25 grams gold per tonne for 587,121 oz. gold from 1926 to 1957. About 90% of historic production came from only three veins, and reached a vertical depth of 1,100 metres.

The project, located halfway between Rouyn-Noranda and Vald’Or, has indicated resources of 1.91 million tonnes grading 6.67 grams gold per tonne for 408,700 contained oz. gold, and 1.5 million inferred tonnes grading 5.29 grams gold for 255,000 contained oz. gold. The July 2019 estimate used a cut-off grade of 3 grams gold per tonne. The mineral resource area is next to the historic mine.

The deepest level of the resource area reaches 550 metres below surface, and the deposit remains

A drill rig at Wallbridge Mining’s Fenelon gold project in northwestern Quebec. VRIFY

In addition to O’Brien, Radisson owns 100% of the early-stage Douay property, 35 km southwest of the town of Matagami, and 6 km from Maple Gold’s Douay gold project.

In August, Rob McEwen, through Evanachan, took a 2% stake in the company via a bought-deal private placement.

TROILUS GOLD Toronto-headquartered Troilus Gold (TSX: TLG; US-OTC: CHXMF) is focused on the mineral expansion and potential restart of the former gold-copper Troilus mine. Inmet Mining operated the open-pit mine from 1996 to 2010, and produced more than 2 million oz. gold, and nearly 70,000 tonnes copper.

The 160 sq. km Troilus property is located northeast of the Vald’Or district, within Quebec’s Frotêt-Evans greenstone belt, near Chibougamau.

In November 2018, the company reported an indicated resource of 3.40 million oz. gold and 231 million lb. copper, held in 121.7 million tonnes grading 0.87 gram gold and 0.086% copper. The project also has inferred resources of 1.02 million oz. gold and 66.2 million lb. copper, in 36.1 million tonnes grading 0.88 gram gold and 0.083% copper.

The company says little exploration has ever been done outside of the main Troilus orebody or below the old resource shells, and kicked off a 40,000-metre drill program in February. Most of the drilling will concentrate around the mine, with the other 20% targeted on regional exploration.

In March, the company reported gold in the southwest footwall zone that ends in mineralization and remains open. The discovery hole (419-092) intersected goldrich mineralization at a 300-metre depth in the immediate structural footwall to the J zone. The hole returned an intercept of 3 equivalent grams gold over 8 metres and 2.09 equivalent grams gold over 9 metres below the J4 open pit. In early September, the company released more assays from the J zone, including 18.55 equivalent grams gold over 2 metres, within a broader intersection of 1.54 equivalent grams gold over 30 metres.

Troilus tripled its land position north of its property boundary late last year, with the acquisition of 120 sq. km of land owned by Emgold Mining (TSXV: EMR).

WALLBRIDGE MINING

Well-funded gold explorer unlocking value in Val-d’Or

TSX.V: PRB

1-16_SEPT30_Main .indd 16

www.probemetals.com

Wallbridge Mining (TSX: WM) is developing its wholly owned, highgrade Fenelon gold property in northwestern Quebec, proximal to the Sunday Lake deformation zone (SLDF), which hosts the Detour gold mine in Ontario and Balmoral Resources’ (TSX: BAR) gold deposits at Martiniere. The Fenelon property hosts the Discovery zone gold deposit and surrounding 4 km strike length of a gold-hosting secondary splay of the SLDF. After acquiring the project in 2016, the company completed a prefeasibility study in March 2017, which assessed Fenelon’s economics based on reserves of 28,922 oz. gold within only the top 100 metres of the deposit (6,770 proven tonnes grading 9.3

grams gold per tonne and 89,951 probable tonnes at the same grade). Initial construction capital was an estimated $5.24 million, and the study put total revenues at $47.7 million and total costs of $40.8 million, for pre-tax cash flow of $6.62 million.

The company started dewatering the open-pit and underground mine workings at Fenelon in preparation for a 35,000-tonne bulk sample and underground exploration program in February 2018. Results of the bulk sample were released in May. Stopes in the bulk sample produced 33,233 tonnes of ore with a reconciled average grade of 18.49 grams gold containing 19,755 oz. gold, which were processed at the Camflo mill.

Stope grades ranged from 10.94 grams gold to 38.33 grams gold.

So far this year, Wallbridge has completed 42,000 metres of drilling and is on track to complete 70,000 to 80,000 metres by year-end.

Recent assay results include 29.58 grams gold over 2 metres in the Cayenne zone, 8.55 grams gold over 2 metres in the Naga Viper zone, 16.33 grams gold over 1 metre in the Area 51 corridor and 5.50 grams gold over 11 metres in the Tabasco zone.

In September, the company said permitting was underway for next year’s second-half startup of a small-scale, 400- to 500-tonne-perday operation from the already developed areas of the Main Gabbro zones. It also announced that its exploration program would support a maiden resource estimate for the combined Fenelon gold system in early 2021.

In addition to Fenelon, Wallbridge is earning a 100% stake in the Beschefer project, 28 km from Fenelon. Historically, the area has been explored for VMS deposits similar to the Matagami camp and the Selbaie mine, which sits 14 km from Beschefer. Mineralization was discovered at Beschefer in 1995

by BHP Billiton Canada, but the project saw limited exploration, until Excellon Resources (TSX: EXN) got involved in 2011. Excellon drilled 17,000 metres between 2011 and 2013, with high-grade assay results including 55.63 grams gold per tonne over 6 metres, and 13.07 grams gold over 9 metres. The project has seen no exploration since 2013.

Outside Quebec, Wallbridge continues partner-funded exploration on its portfolio of nickel, copper and platinum group metal projects in Sudbury, Ont., with a focus on the high-grade Parkin project. TNM

2019-09-24 7:57 PM

QUEBEC

GLOBAL MINING NEWS

THE NORTHERN MINER / SEPTEMBER 30–OCTOBER 13, 2019

17

Falco deal with Glencore key to Horne 5 development GOLD

| Companies agree to second phase of geotechnical work

BY BRIAN SYLVESTER

F

Special to The Northern Miner

alco Resources’ (TSXV: FPC) Horne 5 project contains 7 million oz. gold. It might contain just as many questions.

Perhaps the biggest one is whether or not Falco will secure a fair operating agreement with Glencore (LON: GLEN), which operates the Horne smelter next-door, and essentially acts as a landlord on Falco’s land package through various property agreements.

Both parties met in July and agreed to continue to share information and start a second phase of geotechnical work that will be conducted by Falco, and include the past-producing Quemont mine workings.

The goal is to assess the risks inherent to the eventual dewatering phase of the Horne 5 project.

Falco plans to complete the second phase of geotechnical work before year-end, and in a recent press release said it is working with “specialized insurance providers” to provide Glencore with a “financial guarantee framework” that would give Glencore compensation if the Horne smelter is damaged during Horne 5 development.

So far no agreement has been reached, and Glencore seems to act like it holds all the cards. Perhaps it does.

“The feasibility calls for rather sizable tonnage to be moved below ground, so you have to blast the rocks. And you have infrastructure above, and what would be the impact on the smelter? That’s the main element putting the brakes on the project, because Glencore doesn’t want to lose its infrastructure investment,” said independent, Quebec-based analyst Eric Lemieux during a recent interview.

“As time goes by, Glencore is in the driver’s seat,” he adds. “The price tag is being negotiated, but it’s probably not going down.”

The absence of an agreement and the delay in construction that it is likely to cause prompted BMO Capital on Sept. 10 to lower its 12-month target price on Falco to 80¢ from $2.

It still has an “outperform” rating.

Meanwhile, Haywood Capital Markets has a 12-month target price of 40¢ on the junior, with its risk assessment set at “very high.”

On the bright side, Horne 5 boasts impressive reserve numbers: 80.9 million proven and probable tonnes averaging 1.44 grams gold per tonne, 14.14 grams silver, 0.17% copper and 0.77% zinc for 3.61 million oz. gold, 35.64 million oz. silver, 303.2 million lb. copper and 156 million lb. zinc.

The measured and indicated resource, at a $55-per-tonne net smelter return royalty (NSR) cut-off, totals 91.2 million tonnes averaging 1.55 grams gold, 14.89 grams silver, 0.18% copper and 0.88% zinc for 4.54 million oz. gold, 43.62 oz. silver, 363.4 million lb. copper and 1.76 billion lb. zinc.

All of it sits in a prime mining jurisdiction in the city of RouynNoranda, home to several mines and many experienced miners. In fact, Falco general manager Guy Belleau left Goldcorp’s Éléonore mine in the James Bay lowlands to live in Rouyn-Noranda full-time.

Falco expects to attract many more experienced mining personnel if for no other reason than the ability to return home after work.

The company released a feasibility study in 2017, and continues to

1-16_SEPT30_Main .indd 17

Drillers at Falco Resources’ Horne 5 gold project in Quebec. FALCO RESOURCES

“IF I GO TO ROUYN-NORANDA TOMORROW MORNING AND TALK TO EVERYBODY AT THE MCDONALD’S COFFEE SHOP, THEY WILL TELL ME ‘LUC, IT’S NO PROBLEM AT ALL. THIS PROJECT WILL GO AHEAD. IT’S JUST A MATTER OF WHEN.” LUC LESSARD PRESIDENT AND CEO, FALCO RESOURCES

tweak some numbers.

The low-grade orebody is vertical and open at depth, some 2,400 metres below surface. The plan is to mine using long-hole stoping due to the high integrity of the rocks, and employ as much automation as possible.

Falco says the mine will be the “most technologically advanced” underground hard rock mine in North America.

Once it reaches commercial production, Horne 5 should run for at least 15 years and produce 340,000 equivalent oz. gold annually at a rate of 16,000 tonnes of ore per day. Falco estimates the average life-of-mine cost per tonne at $41.

The post-tax net present value, using a 5% discount rate, is US$602 million. The internal rate of return is 15.3%, with a payback period of 5.6 years. The all-in sustaining cost

is US$517 per oz., which Falco says places Horne 5 in the top 25% of global gold projects.

Initial capital costs tally to just over US$802 million, most of which will need to be raised.

Falco got the ball rolling in February by forward-selling 90% of its silver for $180 million in installments from Osisko Gold Royalties (TSX: OR; NYSE: OR). The first $25 million covered two previous $10-million loans from Osisko (the interest on which was paid by granting Osisko more shares).

The next $20 million will come when Falco receives all the necessary third-party approvals and licences. Another $35 million will show up once Falco gets its mining and environmental permits, and raises $100 million. The final $60 million is slated to arrive once the project is fully financed.

Osisko has an option to kick in another $40 million to boost its silver-streaming percentage to 100%. The company also received $2 million from Falco in the form of a “capital commitment” fee. The junior has about $1.5 million in cash and is expected to complete a financing in the next few months.

Falco is finishing studies to deliver its final environmental impact assessment by year-end and secure admissibility from the Quebec government. As part of this effort, the company is providing baseline data and conducting more sampling.

Is all of this to bring Horne 5 to production, or simply to solicit takeover bids?

“It’s difficult to answer that question,” said Falco president and CEO Luc Lessard after a corporate presentation at the National Club in Toronto in September. “At the end of the day, it’s my job to put the project through the development phases and do the best for shareholders.”

The previous mine workings at Horne and Quemont are full of water that must be removed. This process could begin in mid-2020 and take about two years. Falco will build a water-treatment plant at surface to treat the excess water, which contains copper and zinc.

Lessard noted during his presentation there is also a small amount of arsenic in the water in the former mine workings, but not enough to

cause problems.

Falco is the largest landholder in the Rouyn-Noranda camp, with 670 sq. km around the historic Horne mine, which was discovered by E.H. Horne in 1923.

From 1926 through 1976, the Horne mine produced 54 million tonnes averaging 6.1 grams gold per tonne, 13 grams silver and 2.22% copper, for a total of 11.5 million oz. gold and 2.5 billion lb. copper.

The Quemont mine, 600 metres away, yielded another 2 million oz. gold and 400 million lb. copper between 1949 and 1971.

Glencore has a 1–2% NSR on all metals on claims and other interests that were transferred to QMX Gold, which sold the Horne 5 land package to Falco in 2012.

Where historical royalties exist, the combined royalty is capped at 3–4%. In areas where no legacy royalties apply, the royalty is capped at 2%, which would be paid to BaseCore Metals LP, a joint venture between Glencore and the Ontario Teachers’ Pension Plan.

Glencore also has the right of first refusal on any ore or concentrates from the Horne 5 concessions.

Osisko Gold Royalties owns 19.9% of Falco. Other major shareholders include Toqueville Asset Management with 7.8%; Investissement Québec with 4.8%; AgaNola with 1.9% and Caisse de dépôt et placement du Québec, with less than 1%.

Despite doubts about the viability of Horne 5, Lessard says he has the full support of Rouyn-Noranda citizens.

“If I go to Rouyn-Noranda tomorrow morning and talk to everybody at the McDonald’s coffee shop, they will tell me, ‘Luc, it’s no problem at all.

This project will go ahead. It’s just a matter of when,’” Lessard explained.

Lemieux agrees.

“There are a lot of ‘ifs,’ but [Falco management] believes it can do it,” Lemieux says.

Falco has 228.2 million common shares outstanding (fully diluted) and trades in a 52-week range of 25¢ to 20¢. The share price at press time was 24¢ for a $50-million market capitalization. TNM

Developing Mexico’s next modern Silver/Gold Mine 2019 Feasibility Study Results: • 7.1 million ozs silver per year AND 108,000 ozs gold per year over first 6 years • Life-of-mine (11 years) production of 63.4 million ozs silver AND 945,000 ozs gold • Initial capex of US$174 million • After-tax IRR of 42% at US$1275/oz Au and US$17/oz Ag • After-tax NPV (5%) of US$310 million at US$1275/oz Au and US$17/oz Ag • After-tax initial capital payback of 1.9 years

Environmental permit submitted and response due before year-end 2019 Rock Creek Mill dismantled and awaiting shipment from Nome, AK Construction and operating team being assembled Construction planned to commence in 2020 www.almadenminerals.com | NYSE AMERICAN: AAU • TSX: AMM

2019-09-24 7:57 PM

18

WWW.NORTHERNMINER.COM

SEPTEMBER 30–OCTOBER 13, 2019 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / SEPTEMBER 16–20 The S&P/TSX Composite Index advanced 1.3% to close at 16,899.69. Spot gold finished the trading week at US$1516.70 per oz., up US$28.80 per ounce. The S&P/TSX Global Gold Index rose 6.6% to end at 251.07, while the S&P/TSX Global Base Metals Index fell 1.9% to 102.79, and the S&P/TSX Global Mining Index advanced 1.2% to 78.07.

Leading the week in value gain was Kirkland Lake Gold, which saw shares lift $7.23, or 12.9%, to $63.52 apiece. The company reported underground drill results from its Macassa gold mine in Kirkland Lake, Ont., on Sept. 16. The four underground drill rigs focused on three target areas: the South Mine Complex (SMC) East, SMC West and the Amalgamated Break.

At SMC East, the company intersected highgrade mineralization 200 metres northeast of the current resource area, including 111.8 grams gold per tonne over 2 metres (true width) at 249 metres’ depth; 53 grams gold per tonne over 1 metre (true width) at 275 metres’ depth and 49.2 grams gold per tonne over 2 metres of core length at a 382-metre depth.

Franco-Nevada took second place in value gain, rising $6.45, or 5.4%, to $125.87 per share. The company did not put out any news in the period, but announced succession plans and added to its board on Sept. 9. Changes include the promotion of Paul Brink to the

role of president and chief operating officer and the addition of Jennifer Maki as a new director. Pierre Lassonde also announced his intention to step down from both his chair and director roles on the board in 2020.

Endeavour Mining gained 13% to end the period at $27.66 per share. Earlier in September the company increased its indicated resource for the Fetekro greenfield exploration property in Côte d’Ivoire by 141% to 1.2 million oz. gold in 14.6 million tonnes grading 2.54 grams gold per tonne. President and CEO Sébastien de Montessus said Fetekro’s resource is now similar in size and grade to that of its open-pit Agbaou mine, 200 km north of the port city of Abidjan, when the mine started production in 2014.

Endeavour began exploration on the Fetekro TSX MOST ACTIVE ISSUES

Stornoway Diam SWY Barrick Gold ABX Roxgold ROXG Kinross Gold K First Quantum FM Suncor Energy SU B2Gold Corp BTO Royal Nickel RNX Yamana Gold YRI Kirkland Lake KL

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

79739 35179 33987 31225 29534 24953 23453 17891 16953 14749

0.02 0.01 0.02 unch 0.00 24.53 22.54 24.47 + 1.62 1.31 1.18 1.21 - 0.06 6.96 6.31 6.88 + 0.61 12.72 9.96 12.21 + 1.21 43.34 41.55 42.11 + 1.76 4.57 4.11 4.56 + 0.40 0.38 0.33 0.33 - 0.05 4.64 4.30 4.64 + 0.33 63.52 56.88 63.52 + 7.23

property, 500 km from Abidjan, in March 2017. Since then, it has drilled 35,000 metres in and around the Lafigué deposit at Fetekro, which led to a 700,000 oz. increase in indicated resources while raising the average grade 13%.

At least 30,000 metres of additional drilling is scheduled to begin in the fourth quarter.

A resource update is expected in the second quarter of 2020.

Barrick Gold rose 7% to $24.47 per share.

On Sept. 17, the company announced a discovery hole 2 km from its Fourmile project in Nevada. Barrick president and CEO Mark Bristow said at the Denver Gold Forum that diligent exploration and detailed geological modelling led to effective targeting at Fourmile. The discovery hole increases the strike length of the mineralized Goldrush–Fourmile trend to more than 6 km. Mineralization is open in all directions. TNM

TSX GREATEST PERCENTAGE CHANGE

Orosur Mng Anglo Pac Grp Prophecy Coal Eastern Platin Silver Bear Rs Maya Gold &Sil Yorbeau Res Alderon Iron Karnalyte Res Amerigo Res Century Global Lithium Amer Entree Res Condor Gold Nemaska Lith Royal Nickel Imperial Metal Aberdeen Intl EurOmax Res Eastmain Res

OMI APY PCY ELR SBR MYA YRB IRON KRN ARG CNT LAC ETG COG NMX RNX III AAB EOX ER

2023 7 6478 41 234 147 338 334 36 686 34 2273 547 15 5251 17891 372 284 3 2129

0.11 3.81 0.50 0.35 0.21 2.08 0.03 0.29 0.23 0.77 0.15 4.72 0.30 0.48 0.33 0.38 2.50 0.05 0.05 0.15

0.06 3.01 0.36 0.30 0.00 1.72 0.03 0.20 0.21 0.64 0.10 3.89 0.26 0.00 0.28 0.33 1.87 0.00 0.00 0.12

0.08 3.81 0.48 0.35 0.21 2.08 0.03 0.26 0.23 0.74 0.10 3.97 0.26 0.45 0.28 0.33 1.99 0.04 0.04 0.13

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

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

KL Kirkland Lake Franco-Nevada FNV Agnico Eagle AEM Endeavour Mng EDV North Am Pall PDL Suncor Energy SU Barrick Gold ABX Newmont Gdcorp NGT Detour Gold DGC Seabridge Gld SEA Teck Res TECK.A Teck Res TECK.B Ero Copper ERO Lithium Amer LAC Aura Minerals ORA Cameco Corp CCO Maverix Metals MMX Ivanhoe Mines IVN Imperial Metal III Lundin Mng LUN

33.3 26.6 21.5 21.1 20.6 20.2 20.0 18.6 17.9 15.6 33.3 16.9 15.0 13.5 12.5 12.0 11.6 11.1 11.1 10.7

VOLUME WEEK (000s) CLOSE CHANGE

14749 63.52 3823 125.87 4165 77.29 3173 27.66 707 18.00 24953 42.11 35179 24.47 672 52.75 6722 21.13 2427 19.00 12 23.25 10097 23.04 693 20.01 2273 3.97 10 18.15 4635 12.42 102 5.63 2927 3.58 372 1.99 7475 6.66

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

7.23 6.45 3.97 3.22 1.84 1.76 1.62 1.58 1.33 1.28 2.40 2.33 1.90 0.81 0.45 0.43 0.36 0.30 0.26 0.21

TSX VENTURE EXCHANGE / SEPTEMBER 16–20 The S&P/TSX Venture Composite Index rose 0.2% to 590.45 during the trading week.

Shares of Great Bear Resources rose 4.7% to $8.99. On Sept. 3, the company reported multiple gold discoveries along a 3.2 km strike length of the 18 km LP Fault target at its wholly owned Dixie project in Red Lake, Ontario. High-grade gold intercepts include 101.7 grams gold per tonne over 2 metres within 10.65 grams gold per tonne over 17 metres from 91 metres downhole, and 27.77 grams gold per tonne over 2 metres within a 7-metre intercept of 11.08 grams gold from 288 metres downhole.The company says wide intervals of disseminated gold mineralization have been drilled near the high-grade intercepts, including 22 metres of 1.14 grams gold from 66 metres deep, and 41 metres of 1 gram gold at 165 metres underground.

Amex Exploration gained 22.78% to close at $1.24, after announcing drill results from the Gratien gold zone within its Perron property in Quebec on Sept. 19. Highlights include 16.48 grams gold per tonne over 15 metres, including 47.69 grams gold over 5 metres, with individual intercepts of 315.4 grams gold over 1 metre, and 102.96 grams gold over 1 metre at a vertical depth of 145 metres.

Other highlights include 29.21 grams

gold per tonne over 1 metre from 99 metres, including 75.56 grams gold over 1 metre at a depth of 85 metres, and 2.45 grams gold over 15 metres from 158 metres, including 46.68 grams gold over 1 metre at a depth of 125 metres.

Shares of Aurania Resources rose 5.1% to $2.66 each. The company announced on Sept. 20 that it closed an oversubscribed, non-brokered private placement for gross proceeds totalling $4.5 million.

The private placement had two tranches: the first saw the issuance of 1 million units at $2.70 per unit that raised $2.8 million, and the second issued 621,013 units for gross proceeds of $1.7 million.

Each unit consists of one Aurania share and one half-share purchase warrant that TSX-V MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Westkam Gold WKG 18837 Victoria Gold VIT 6769 Goliath Res GOT 6696 Melior Res MLR 6359 SKYG 6046 Sky Gold Leeta Gold HIVE 5669 Barkerville BGM 4862 Hawkeye Gld&Di HAWK 4314 PPX Mining PPX 4131 Golden Ridge GLDN 4127

0.01 0.64 0.14 0.20 0.04 0.35 0.47 0.07 0.06 0.07

0.01 0.50 0.10 0.01 0.02 0.26 0.39 0.05 0.05 0.03

0.01 unch 0.00 0.55 - 0.08 0.13 + 0.03 0.03 - 0.17 0.02 - 0.02 0.28 + 0.01 0.46 + 0.06 0.05 - 0.01 0.06 - 0.01 0.05 - 0.02

entitles the holder to buy an Aurania share at $4 within 1.5 years of closing the private placement. The money will be used to explore the Lost City gold project in Morona-Santiago, Ecuador, and for general working capital purposes.

Equinox Gold saw its shares fall 3.4% to $7.69 each. The company’s shares stopped trading on the OTC market as shares started

trading on the NYSE American Stock Exchange on Sept. 16, under the ticker symbol “EQX.” Equinox shares will continue trading on the TSX Venture Exchange under the ticker symbol “EQX.” Its warrants will continue trading on the TSX Venture Exchange and on OTC markets under the ticker symbol “EQXWF.” The company’s warrants will not be listed on the NYSE American. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Zena Mining Atlantic Indus Newmac Res HFX Holding Metalore Res Golden Dawn Ml Plate Res Revelo Res Pacific Empire Bold Ventures Melior Res Luckystrike Sky Gold Cerro Mng Canada Coal Volt Energy Tisdale Res Baroyeca Gold Strikepoint Gd North Am Nickl

ZCC.H ANL.H NER HXC MET GOM ACP RVL PEMC BOL MLR LUKY SKYG CRX.H CCK.H VOLT TRC BGS SKP NAN

636 50 27 46 5 368 52 40 116 107 6359 1082 6046 58 306 38 58 5 2373 1283

0.10 0.02 0.07 0.02 2.60 0.31 0.05 0.02 0.05 0.02 0.20 0.12 0.04 0.26 0.05 0.05 0.11 0.08 0.10 0.03

0.05 0.02 0.04 0.01 1.50 0.22 0.03 0.01 0.05 0.01 0.01 0.03 0.02 0.13 0.03 0.02 0.06 0.05 0.07 0.02

0.10 0.02 0.07 0.02 2.10 0.31 0.05 0.02 0.05 0.02 0.03 0.03 0.02 0.13 0.03 0.02 0.06 0.05 0.07 0.02

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 111.1 + 100.0 + 100.0 + 100.0 + 75.0 + 52.5 + 50.0 + 50.0 + 50.0 + 50.0 - 85.0 - 75.0 - 50.0 - 50.0 - 50.0 - 50.0 - 45.5 - 43.8 - 35.0 - 33.3

VOLUME WEEK (000s) CLOSE CHANGE

Metalore Res Great Bear Res Pac Booker Min Jubilee Gold Amex Expl Tudor Gold Golden Secret ScoZinc Mg Aurania Res New Pac Metals Cantex Mn Dev Equinox Gold Itafos Cobalt 27 Cap Melior Res Abitibi Royal Cerro Mng Probe Metals Luckystrike Hut 8 Mining

MET GBR BKM JUB AMX TUD TBRD SZM ARU NUAG CD EQX IFOS KBLT MLR RZZ CRX.H PRB LUKY HUT

5 2.10 1073 8.99 73 2.10 4 0.85 705 1.24 897 0.87 101 1.37 18 0.51 41 2.66 597 3.00 719 4.50 623 7.69 17 1.08 1347 3.96 6359 0.03 4 14.35 58 0.13 103 1.25 1082 0.03 276 2.10

+ 0.90 + 0.40 + 0.30 + 0.27 + 0.23 + 0.19 + 0.14 + 0.13 + 0.13 + 0.12 - 0.85 - 0.27 - 0.17 - 0.17 - 0.17 - 0.15 - 0.13 - 0.12 - 0.09 - 0.08

U.S. MARKETS / SEPTEMBER 16–20 The Dow Jones Industrial Average fell 1.05% to 26,935.07, and the S&P 500 Index fell 0.51% to 2992.07. Spot gold gained US$28.80 per oz. to finish the trading week at US$1,516.70 per oz. gold.

AngloGold Ashanti shares rose 6.8% to US$20.22. The company signed an agreement with B2Gold on Sept. 16 that will see B2Gold — AngloGold’s joint-venture partner — fund a US$13.9-million investment and exploration program at the Gramalote project in Colombia next year to earn a fifty-fifty partnership, and take over project management on Jan. 1, 2020. B2Gold owns a 48.3% stake in the Gramalote project, and AngloGold holds the other 51.7%.

Both companies have agreed to complete a feasibility study for the project by the end of next year.

Coa l producer Peabody Energ y fell 15% to US$15.50 per share. The company announced on Sept. 19 that it has terminated its previously announced cashtender offers to buy its $500 million in outstanding aggregate principal amount of 6% senior-secured notes due in 2022,

18_SEPT30_MarketNews.indd 18

and all of its $500 million in outstanding aggregate principal amount of 6.375% senior-secured notes due in 2025. The company says it will pursue another way to meet its longer-term refinancing goals, since current debt markets do not allow the company to complete the offers in an economic way.

Alcoa shares shed 5.2% during the week to close at US$21.70. On Sept. 20, the major aluminum producer announced that members of the United Steelworkers (USW) have ratified a new labour agreement covering U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Freeport McMoR* FCX 111480 10.73 10.09 10.47 - 0.29 Kinross Gold* KGC 98686 5.25 4.76 5.18 + 0.46 Barrick Gold * GOLD 97362 18.47 17.02 18.43 + 1.20 United States S* X 94471 13.43 10.63 10.81 - 2.29 VALE 75717 11.98 11.47 11.58 - 0.57 Vale* Yamana Gold* AUY 75064 3.50 3.24 3.47 + 0.23 Gold Fields* GFI 65871 5.21 4.50 5.17 + 0.64 Cleveland-Clif* CLF 49505 8.67 7.70 7.73 - 0.73 Harmony Gold* HMY 45846 3.23 2.92 3.22 + 0.23 Hecla Mining* HL 41081 2.00 1.82 1.98 + 0.17

1,700 employees in five locations across the United States. The company and the union agreed to a four-year contract on Aug. 30. The new agreement, which is in effect, covers employees represented by the

USW at Warrick Operations in Indiana, Massena Operations in New York, Gum Springs in Arkansas, Wenatchee Works in Washing ton and Point Comfort in Texas. TNM

U.S. GREATEST PERCENTAGE CHANGE

DRDGOLD* Coeur Mng* IAMGOLD* Sibanye-Stillw* Gold Fields* Kirkland Lake* Kinross Gold* Hecla Mining* McEwen Mng* First Majestic* United States S* Lithium Amer* Peabody Enrgy* Arch Coal* Teck Res* Mosaic* Cleveland-Clif* Intrepid Pots* CONSOL Energy* Alcoa*

DRD CDE IAG SBGL GFI KL KGC HL MUX AG X LAC BTU ARCH TECK MOS CLF IPI CNX AA

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

980 4.44 3.88 4.43 + 16.9 33870 5.28 4.54 5.27 + 16.6 31452 3.79 3.24 3.76 + 15.7 29013 5.23 4.51 5.19 + 14.3 65871 5.21 4.50 5.17 + 14.1 7636 47.59 42.88 47.22 + 11.4 98686 5.25 4.76 5.18 + 9.7 41081 2.00 1.82 1.98 + 9.4 23442 1.79 1.61 1.77 + 8.6 20276 10.14 9.30 10.09 + 8.4 94471 13.43 10.63 10.81 - 17.5 1482 3.60 2.93 3.03 - 16.1 6247 19.20 15.32 15.50 - 15.1 1572 82.79 70.93 71.94 - 10.7 15253 19.40 17.34 17.34 - 9.2 29960 23.18 20.61 20.69 - 8.7 49505 8.67 7.70 7.73 - 8.6 2595 3.78 3.36 3.43 - 7.5 33376 9.03 7.60 7.62 - 6.5 18632 22.87 21.30 21.70 - 5.2

U.S. GREATEST VALUE CHANGE

Franco-Nevada* FNV Kirkland Lake* KL NACCO Ind* NC Agnico Eagle* AEM Chevron Corp* CVX MartinMarietta* MLM AngloGold Ash* AU Suncor Energy* SU Newmont Gdcorp* NEM Barrick Gold * GOLD Arch Coal* ARCH Peabody Enrgy* BTU United States S* X Rio Tinto* RIO Mosaic* MOS Teck Res* TECK Southern Copp* SCCO Alcoa* AA CONSOL Energy* CEIX Cleveland-Clif* CLF

VOLUME WEEK (000s) CLOSE CHANGE

3286 94.83 7636 47.22 70 56.81 7626 58.20 36500 124.32 2617 266.41 20831 20.22 17246 31.74 39621 39.84 97362 18.43 1572 71.94 6247 15.50 94471 10.81 8850 52.82 29960 20.69 15253 17.34 3445 34.49 18632 21.70 1898 16.38 49505 7.73

+ 4.85 + 4.84 + 3.92 + 2.97 + 2.82 + 2.37 + 1.38 + 1.33 + 1.22 + 1.20 - 8.63 - 2.76 - 2.29 - 2.03 - 1.96 - 1.76 - 1.21 - 1.19 - 0.87 - 0.73

2019-09-24 7:15 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / SEPTEMBER 30–OCTOBER 13, 2019

19

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 Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, September 6, 2019 (change from August 30, 2019 in brackets): Aluminium Alloy 6680 (-180) 897900 (-13050) Aluminium Copper 287150 (-9475) Lead 73950 (-1700) Nickel 154566 (-12114) Tin 6565 (-195) Zinc 62925 (+375)

Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$62.80 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$12.20 Cobalt: US$16.78/lb.

Copper: US$2.59/lb.

Copper: CME Group Futures Oct. 2019: US$2.59/lb.; Nov. 2019: US$2.60/lb Iridium: NY Dealer Mid-mkt US$1,460.00/tr oz.

Iron Ore 62% Fe CFR China-S: US$91.60/tonne Lead: US$0.96/lb.

Phosphate Rock: US$86.00/tonne Potash: US$226.00/tonne Rhodium: Mid-mkt US$5,305.00 tr. oz.

Ruthenium: Mid-mkt US$246.00/tr. oz.

Silver: Handy & Harman Base: US$17.90 per oz.; Handy & Harman Fabricated: US$21.36 per oz.

Tin: US$7.45/lb.

Uranium: U3O8, Trade Tech spot price: US$25.25 per lb.

U308 Zinc: US$1.05/lb.

Prices current Sept. 23, 2019

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

Index Sep 20 Sep 19 Sep 18 Sep 17 Sep 16 High Low S&P/TSX Composite 16899.69 16858.35 16800.29 16834.75 16751.31 15527.30 12400.15 S&P/TSXV Composite 590.45 584.22 584.91 586.90 588.51 1050.26 883.52 S&P/TSX 60 1011.25 1009.36 1005.77 1006.85 1001.88 896.74 709.99 S&P/TSX Global Gold 251.07 246.48 241.64 245.64 237.30 218.90 149.29 DJ Precious Metals 206.02 206.02 202.04 205.54 199.02 420.72 130.95

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Sep 15, 2019 (with changes from Aug 31, 2019) Largest short positions 21098473 473256 8/31/2019 Sandstorm Gold SSL Nemaska Lith NMX 20728594 114240 8/31/2019 Royal Nickel RNX 17644973 2756421 8/31/2019 New Gold NGD 17196563 -1845421 8/31/2019 Ivanhoe Mines IVN 14398195 27937 8/31/2019 Nexgen Energy NXE 13108818 1149344 8/31/2019 Kinross Gold K 13037172 3381605 8/31/2019 Barrick Gold ABX 12068697 -1183277 8/31/2019 Yamana Gold YRI 9458335 941199 8/31/2019 First Mg Fin FF 8973973 -542733 8/31/2019 First Quantum FM 8727278 1187137 8/31/2019 Sherritt Intl S 8009046 -398799 8/31/2019 Suncor Energy SU 7927377 2218567 8/31/2019 Premier Gold M PG 7861358 183485 8/31/2019 Copper Mtn Mng CMMC 7569788 -1344290 8/31/2019 Largest increase in short position K 13037172 3381605 8/31/2019 Kinross Gold Royal Nickel RNX 17644973 2756421 8/31/2019 Suncor Energy SU 7927377 2218567 8/31/2019 First Quantum FM 8727278 1187137 8/31/2019 Nexgen Energy NXE 13108818 1149344 8/31/2019 Largest decrease in short position New Gold NGD 17196563 -1845421 8/31/2019 Copper Mtn Mng CMMC 7569788 -1344290 8/31/2019 Barrick Gold ABX 12068697 -1183277 8/31/2019 Alacer Gold ASR 4711764 -815767 8/31/2019 Osisko Gold OR 3690689 -671350 8/31/2019

Short positions outstanding as of Sep 15, 2019 (with changes from Aug 31, 2019) Largest short positions Pacton Gold PAC 2207019 2073445 8/31/2019 Sama Res SME 1993184 1907634 8/31/2019 Novo Res NVO 1862946 157468 8/31/2019 Western Mag WMG 921572 225289 8/31/2019 Cobalt 27 Cap KBLT 873862 -68258 8/31/2019 Benchmark Met BNCH 753039 185333 8/31/2019 K92 Mining KNT 728243 335914 8/31/2019 Secova Mtls SEK 723000 524000 8/31/2019 Fission 3.0 FUU 716611 -130762 8/31/2019 Macarthur Min MMS 710550 698622 8/31/2019 Sandspring Res SSP 684646 102700 8/31/2019 Leeta Gold HIVE 673772 529780 8/31/2019 First Cobalt FCC 596563 531117 8/31/2019 Equinox Gold EQX 489731 -79694 8/31/2019 Aben Resources ABN 476414 214995 8/31/2019 Largest increase in short position PAC 2207019 2073445 8/31/2019 Pacton Gold Sama Res SME 1993184 1907634 8/31/2019 Macarthur Min MMS 710550 698622 8/31/2019 First Cobalt FCC 596563 531117 8/31/2019 Leeta Gold HIVE 673772 529780 8/31/2019 Largest decrease in short position AAZ 268523 -2368813 8/31/2019 Azincourt Ener Newport Expl NWX 89 -999911 8/15/2019 GrowMax Res GRO 8000 -884000 8/15/2019 Kermode Res KLM 1524 -863100 8/31/2019 American Creek AMK 111221 -848220 8/31/2019

DAILY METAL PRICES Daily Metal Prices Date Sept 23 Sept 20 Sept 19 Sept 18 Sept 17 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1210/1210 1220/1220 1220/1220 1230/1240 1195/1195 Aluminum 1755/1777.50 1765.50/1790 1762/1790 17503.50/1781 1746/1778 Copper 5694/5725 5777/5804 5758/5785 5744/5777 5761/5796 Lead 2085/2099 2105/2114 2078/2091 2053/2065 2055/2068 Nickel 17750/17600 17955/17725 17250/17110 17225/17100 16975/16925 Tin 16550/16550 16400/16400 16500/16475 16830/16800 16705/16725 Zinc 2300/2390 2309/2308 2298/2297 2320/2319 2344/2343 PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.)

Gold AM 1519.50 1504.10 1498.40 1502.20 1499.30 Gold PM 1522.10 1501.90 1500.70 1503.50 1502.10 Silver 18.38 17.88 17.76 17.85 17.84 Platinum 956.00 940.00 935.00 939.00 938.00 Palladium N/A 1646.00 1608.00 1594.00 1595.00

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

Sep 20 Sep 19 Sep 18 Sep 17 Sep 16 1.3257 1.3257 1.3293 1.3246 1.3238 0.7543 0.7543 0.7523 0.7550 0.7554

Exchange rates (Quote Media, September 20, 2019) C$ to AUS C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand 1.11 0.6830 81.4860 14.6658 11.1761 C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won C$ to UK Pound C$ to China Yuan 0.6023 5.3528 53.8344 0.7489 901.2031 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 0.9054 108.0215 19.4448 14.8089 1.4716 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 7.0966 71.7275 0.9928 1194.2700 0.7985

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

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

TSX WARRANTS

PRODUCER AND DEALER PRICES

LME WAREHOUSE LEVELS

STAFF INVESTMENT POLICY The Northern Miner does not permit any editorial employee to file stories about companies in which the writer owns shares. Editorial employees are also not permitted to take part in initial public offerings or to engage in short selling.

CONVERSIONS OF WEIGHTS & MEASURES 1 troy ounce = 31.1 grams 1 kilogram = 32.15 troy ounces 1 kilogram = 2.2046 pounds 1 (metric) tonne = 1,000 kilograms 1 (metric) tonne = 2,204.6 pounds 1 (short) ton = 2,000 pounds 1 (metric) tonne = 1.1023 (short) tons

1 gram per (metric) tonne = 0.02917 troy ounces per (short) ton

= 0.03215 troy ounces per (metric) tonne 1 kilometre = 0.6214 miles 1 hectare = 2.47 acres

Alio Gold Inc. (ALO.WT) - 10 Warrants to purchase one common share of the Issuer at $7.00 until expiry Alio Gold Inc. J (ALO.WT.A) - One Warrant to purchase one common share of the Issuer at $8.00 until expiry Ascendant Resources (ASND.WT) - Wt buys sh @ $1.25 to Mar 7/22 eColbalt Solutions Inc. J (ECS.WT) - One Warrant to purchase one common share of the Issuer at US$1.95 per share until expiry Excellon Resources Inc (EXN.WT.A) - One warrant to purchase one common share of the Issuer at $2.80 until expiry Excellon Resources Inc. (EXN.WT) - One Warrant to purchase one common share of the issuer at $1.40 per share until expiry

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

Liberty Gold Corp. Wt (LGD.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry may 16, 2019 Lithium Americas Corp (LAC.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry Lydian International Limited (LYD.WT) One Warrant to purchase one additional ordinary share of the Issuer at $0.36 per share until expiry Northern Dynasty Minerals Ltd. J (NDM. WT.A) - Wt buys sh @ $0.55 to Jul 9/20 Northern Dynasty Minerals Ltd. J (NDM. WT.B) - Wt buys sh @ $0.55 to Jun 10/21

Northern Dynasty Minerals Ltd. J (NDM. WT.B) - Wt buys sh @ $0.55 to Jun 10/21 Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.5 to Feb 18/22 Platinum Group Metals Ltd. (PTM.WT.U) - One Warrant to purchase one common share of the Issuer at US$0.17 until expiry Sandstorm Gold (SSL.WT.B) - One Warrant to purchase one common share of the Issuer at US $14.00 until expiry.

Sherritt International Corporation (S.WT) - Each whole Warrant entitles the holder to acquire between 1.00 and 1.25 additional common shares (as bulletin 20180062 table ) determined based on the Applicable Reference Cobalt Price at an exercise price of $1.95 per Warrant at any time prior to the Expiry Date Sprott Resource Corp (SRHI.WT) - Wt buys sh @ $0.3333 to Feb 09/22

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

American Cumo Mining Corp. (MLY.RT) 2 rights and $0.07 are required to purchase one share Antioquia Gold Inc. (AGD.RT) - One (1) Right and $0.042 are required to purchase one share.

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

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

Avino Silver & Gold Mines Ltd. (ASM. WT) - Wt buys sh @ US$0.2 to Nov 28/19 Boreal Metals Corp. (BMX.WT) - One warrant to purchase one common share at $0.30 per share.

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

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

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

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

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

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

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

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

JDL Gold Corp. (JDL.WT) - Wt buy sh @ $3.00 to Oct 06/21 Kootenay Silver Inc. (KTN.WT) - Wt buys sh @ $0.55 to Apr 21/21

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

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

Maple Gold Mines Ltd. (MGM.WT) One warrant to purchase one common share at $0.40 per share Millennial Lithium Corp. (ML.WT) - One warrant to purchase one common share at $4.25 per share.

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

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

Trek Mining (TREK.WT) - Wt buy sh @ $3.00 to Oct 06/21 Vision Lithium Inc. (VLI.WT) - One warrant to purchase one common share at $0.15 per share.

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

NEW 52-WEEK HIGHS AND LOWS SEPTEMBER 16–20, 2019 65 New Highs Baroyeca Gold* BeMetals * Canadian Metal Canadian Metal* Canoe Mng Vent Centurion Mnls Chalice Gold M Chilean Metals* Colt Res* Copper One Copper Reef Mg Diamond Fields Diamond Fields* E3 Metals Enforcer Gold* European Metal* G2 Goldfields* Galane Gold Galane Gold * Giga Metals

Giga Metals* Gold Fields* Golden Tag GPM Metals* Great Bear Res Great Bear Res* Greenshield Ex Impala Platnm* Integra Res Integra Res* Jubilee Gold Kombat Copper Liberty Gold* Loncor Res MacDonald Mns MacDonald Mns* Magna Gold Magna Gold* MartinMarietta* Metalex Vent Minera Alamos

Minera Alamos * Minera IRL NACCO Ind* Newport Expl Nubian Res OrganiMax OrganiMax* PJSC Polyus Gd* Precipitate Gl Precipitate Gl* Royal Gold* Sitka Gold Strategic Metl Strategic Metl* Talisker Res* Tamino Mnrls* Tombstone Expl* TriStar Gold* Vanstar Mng Rs* White Mtn Engy* Xtra-Gold Res

Xtra-Gold Res* Yanzhou Coal* Zena Mining

59 New Lows Abacus Mining* Aben Resources Aben Resources* Allegiant Gold* Anfield Energy* Arbor Metals Arch Coal* Arian Res* Atico Mining* Avarone Metals* Azarga Uranium* Barker Min* BeMetals * Bold Ventures* Cache Explor Cameo Cobalt* Carrara Explor

Cerro Grande* Chakana Copper* China Gold Int Cruz Cobalt Crystal Lake* Currie Rose Rs* Diversified Rs* DV Resources East Africa * Entree Res* First Vanadium* Fission 3.0 Focus Graphite* Go Cobalt* Golden Ridge Joshua Gold* Juggernaut Exp Laurion Mnl Ex* Liberty One Li* Mawson Res MAX Res

Metallica Min* Millrock Res Nevada Copper Peabody Enrgy* PolyMet Mng Rhyolite Res RJK Explor* Rugby Mng Skeena Res* Skyharbour Res Skyharbour Res* St-Georges Eco Standard Graph* Terrax Mnrls Thunderstruck Thunderstruck* Victory Metals* Wealth Mnrls* Western U&V Western U&V* ZincX Res*

CANADIAN GOLD MUTUAL FUNDS FundName Sep 20 ($) Sep 13 ($) 21.40 BMO Prec Mtls Fd A BMO ZGD 56.01 BMO ZJG 56.13 CIBC Prec Metal Fd A 12.55 11.78 8.40 8.19 Dyn Prec Metls Fd A Galileo GOGO Harvest HGGG 23.73 Horizons HEP 28.16 IG Mac GbPMetCl A 10.97 10.42 iShares XGD 14.69 57.54 54.59 Mac Prec Met Cl A NBI PrecMetFd Invt 14.79 39.24 37.65 NPT Go&PrMinFd A NPT SilverEquCl A 5.89 5.67 RBC GblPreMetFd A 41.97 39.64 Sentry Pre Met Fd A 38.11 36.73 42.16 39.72 TD Prec Mtl Fd Inv

Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) 0.60 2.77 36.46 2.40 69.95 1.29 2.26 50.01 0.61 0.94 1.64 44.58 0.60 0.77 6.55 41.08 2.44 53.87 0.21 2.56 33.54 2.71 442.61 -0.03 -0.18 46.53 0.60 0.43 1.79 0.01 5.87 0.67 2.34 38.70 0.83 0.56 5.34 44.57 2.75 37.42 0.52 3.48 41.23 0.61 879.25 2.95 5.40 44.79 2.53 70.35 0.39 2.60 43.92 2.46 32.23 1.59 4.23 27.16 3.19 0.21 3.76 36.10 2.98 2.33 5.87 40.69 2.13 379.34 1.38 3.76 21.45 2.43 193.90 2.44 6.14 43.55 2.26 138.97

GLOBAL MINING NEWS · SINCE 1915

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

19_SEPT30_MMMM.indd 19

2019-09-24 11:14 AM

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S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: SEPTEMBER 16–20, 2019 (100s) Stock

WWW.NORTHERNMINER.COM

SEPTEMBER 30–OCTOBER 13, 2019 / THE NORTHERN MINER

Week

12-month

Exc Volume High Low Last Change High Low

A 12 Exploration C 50 1911 Gold* O 9 1911 Gold V 69 21C Metals* O 225 21C Metals C 1260 66 Resources C 219 92 Resources V 2625 O 41 92 Resources* Abacus Mining* O 230 V 118 Abacus Mining Abcourt Mines V 777 Abcourt Mines* O 487 O 679 Aben Resources* Aben Resources V 1960 Aberdeen Intl* O 16 Aberdeen Intl T 284 3 Abitibi Royal* O Abitibi Royal V 4 AbraPlata Res* O 164 AbraPlata Res V 904 Academy Metals* O 8 Academy Metals V 2 Adamera Min* O 245 Adamera Min V 599 Adex Mining V 56 Advance Gold V 81 Advantage Lith* O 126 V 194 Advantage Lith Adventus V 39 Adventus* O 2 Aethon Mineral V 468 AEX Gold V 166 African Gold* O 527 African Gold V 713 African Rainb* O 1 Aftermath Silv* O 304 Aftermath Silv V 850 Agnico Eagle* N 7626 Agnico Eagle T 4165 AgriMinco* O 180 Aguia Resource V 1809 Aguila Amer Gd V 9 0 Aguila Amer Gd* O Alacer Gold T 8386 Alamos Gold T 4076 Alamos Gold* N 14283 Alaska Pac Egy* O 0 Albert Mining V 291 Albert Mining* O 22 Alcoa* N 18632 Aldebaran Res* O 21 Aldebaran Res V 172 Alderon Iron* O 96 Alderon Iron T 334 Aldever Res* O 3 Aldever Res V 0 Alexandra Cap* O 5 Alexco Res T 1833 Alexco Res* X 6350 Algold Res V 171 Alianza Min V 354 Alianza Min* O 4 Alien Metals* O 61 Alio Gold* X 364 Alio Gold T 180 Allegiant Gold V 1754 Allegiant Gold* O 498 Alliance Mng V 84 Alliance Res* D 1450 Almaden Min T 210 Almaden Min* X 697 Almadex Min* O 37 Almadex Min V 54 9 Almonty Ind * O Almonty Ind T 101 Aloro Mining* O 2 Aloro Mining V 260 Alpha Lithium V 344 Alphamin Res * O 45 Alphamin Res V 111 ALQ Gold C 491 Altai Resource* O 12 Altai Resource V 631 Altair Res Inc* O 0 Altair Res Inc V 932 Altamira Gold V 1310 Altamira Gold* O 97 Altan Nevada V 45 100 Altan Rio Min V Altiplano Met V 16 Altiplano Met* O 23 Altius Mnrls * O 110 Altius Mnrls T 275 Alto Ventures V 206 Alto Ventures* O 1 Altura Mining* O 1111 Alturas Min V 600 Altus Strat V 132 Alumina Ltd* O 73 ALX Uranium V 213 ALX Uranium* O 69 AM Resources V 410 Amador Gold V 219 Amarc Res V 249 Amarc Res* O 92 Amarillo Gold V 199 Amarillo Gold* O 123 Amazing Energy* O 120 Amer Intl Vent* O 220 American Batt* O 6 O 410 American Creek* American Creek V 1325 O 30 American CuMo* American Lith V 103 American Lith* O 130 American Mang* O 268 American Mang V 604 American Pac C 1304 American Pac* O 166 AmericanSierra* O 13 Americas Silvr* X 1811 Americas Silvr T 1717 Amerigo Res T 686 Amerigo Res* O 356 Amex Expl* O 67 Amex Expl V 705 Amilot Capital* O 0 Amilot Capital V 37 Amseco Expl V 13 Anaconda Mng T 649 Anaconda Mng* O 192 Andes Gold* O 2 Andover Mng* O 25 Anfield Energy* O 593 V 1262 Anfield Energy Angel Gold* O 32 Angel Gold V 38 Angkor Gold* O 8 Angkor Res V 54 Anglo American* O 512 Anglo American* O 1 Anglo Pac Grp T 7 AngloGold Ash* O 2 AngloGold Ash* N 20831 Antioquia Gold V 25 Antioquia Gold* O 117 Antler Gold V 51 Antofagasta* O 5 Apex Res * O 1 Apex Res V 40 Appia Energy* O 152 Appia Energy C 126 Applied Min* O 237 Aquila Res* O 906 Aquila Res T 605 Arbor Metals V 1498 Arch Coal* N 1572 V 23 Archon Mineral Arctic Star* O 62 Arctic Star V 2262 Arcus Dev Grp* O 50 Arcus Dev Grp V 240 Arcwest Explor V 157 Arcwest Explor* O 120 Arena Min* O 36 Arena Min V 20 Argentina Lith V 52 Argentina Lith* O 30 Argentum Silvr* O 4 Argentum Silvr V 45 Argo Gold C 54

20-23_SEPT30_StockTables.indd 20

0.22 0.22 0.22 unch 0.00 0.25 0.20 0.23 0.00 0.22 - 0.01 0.29 0.16 0.31 0.00 0.30 - 0.01 0.38 0.22 0.07 0.06 0.06 - 0.01 0.30 0.05 0.10 0.07 0.08 - 0.02 0.42 0.07 0.30 0.19 0.19 - 0.09 0.37 0.06 0.04 0.03 0.03 - 0.01 0.09 0.03 0.03 0.02 0.02 - 0.01 0.07 0.01 0.03 0.03 0.03 + 0.01 0.15 0.03 0.04 0.04 0.04 - 0.02 0.19 0.04 0.10 0.09 0.10 unch 0.00 0.10 0.04 0.08 0.06 0.07 - 0.00 0.09 0.03 0.10 0.08 0.08 - 0.02 0.24 0.08 0.13 0.10 0.11 - 0.02 0.31 0.10 0.03 0.03 0.03 + 0.00 0.07 0.02 0.05 0.00 0.04 - 0.01 0.09 0.04 11.01 0.00 10.92 - 0.07 11.25 5.89 14.84 14.05 14.35 - 0.15 15.35 7.98 0.04 0.04 0.04 - 0.01 0.08 0.03 0.07 0.05 0.06 unch 0.00 0.11 0.04 0.25 0.25 0.25 unch 0.00 0.96 0.25 0.15 0.00 0.15 unch 0.00 1.40 0.15 0.02 0.01 0.02 + 0.01 0.08 0.01 0.03 0.02 0.03 unch 0.00 0.12 0.02 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.12 0.11 0.11 unch 0.00 0.19 0.05 0.23 0.21 0.22 + 0.00 0.56 0.19 0.31 0.28 0.28 - 0.01 0.72 0.26 1.02 1.00 1.02 + 0.01 1.16 0.66 0.77 0.77 0.77 - 0.02 0.90 0.48 0.20 0.17 0.18 - 0.03 0.45 0.11 0.35 0.33 0.33 - 0.02 0.53 0.24 0.38 0.31 0.32 - 0.05 0.44 0.12 0.49 0.42 0.42 - 0.06 0.59 0.08 10.20 0.00 10.20 - 0.70 13.60 10.20 0.24 0.19 0.20 - 0.01 0.25 0.05 0.30 0.24 0.28 - 0.01 0.33 0.05 58.31 55.24 58.20 + 2.97 64.88 33.10 77.42 73.25 77.29 + 3.97 86.39 42.91 0.00 0.00 0.00 + 0.00 0.00 0.00 0.14 0.13 0.13 unch 0.00 0.18 0.08 0.16 0.00 0.16 + 0.01 0.28 0.15 0.00 0.00 0.11 unch 0.00 0.13 0.11 5.29 4.93 5.24 + 0.22 6.25 1.97 8.69 8.12 8.65 + 0.48 10.12 3.88 6.55 6.10 6.52 + 0.38 7.78 2.90 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.10 0.08 0.09 + 0.01 0.25 0.02 0.06 0.06 0.06 - 0.00 0.19 0.01 22.87 21.30 21.70 - 1.19 45.45 16.46 0.33 0.33 0.33 unch 0.00 0.33 0.33 0.41 0.00 0.40 unch 0.00 0.90 0.38 0.17 0.17 0.17 unch 0.00 0.35 0.15 0.29 0.20 0.26 + 0.04 0.50 0.20 0.00 0.00 0.06 unch 0.00 0.10 0.02 0.00 0.00 0.07 unch 0.00 0.20 0.04 0.30 0.30 0.30 unch 0.00 0.48 0.30 2.85 2.60 2.78 + 0.06 3.73 0.92 2.16 1.96 2.11 + 0.03 2.81 0.68 0.29 0.17 0.19 + 0.01 1.00 0.11 0.08 0.07 0.07 unch 0.00 0.10 0.04 0.06 0.00 0.05 unch 0.00 0.07 0.03 0.00 0.00 0.00 - 0.00 0.01 0.00 0.70 0.65 0.67 - 0.01 1.07 0.51 0.93 0.87 0.88 - 0.04 1.40 0.69 0.10 0.07 0.09 + 0.02 0.48 0.07 0.07 0.04 0.07 + 0.01 0.35 0.04 0.01 0.01 0.01 unch 0.00 0.04 0.01 16.16 15.60 15.98 + 0.06 20.99 14.41 1.03 0.94 0.96 + 0.01 1.19 0.57 0.78 0.71 0.71 + 0.00 0.90 0.43 0.24 0.20 0.22 + 0.00 0.45 0.14 0.31 0.30 0.31 + 0.01 0.49 0.25 0.55 0.53 0.54 - 0.03 0.81 0.37 0.72 0.69 0.72 - 0.01 1.10 0.51 0.02 0.02 0.02 unch 0.00 0.16 0.02 0.05 0.04 0.04 - 0.01 0.23 0.03 0.19 0.16 0.17 - 0.06 0.28 0.06 0.18 0.16 0.16 - 0.01 0.22 0.13 0.21 0.21 0.21 unch 0.00 0.29 0.18 1.67 1.22 1.42 + 0.18 4.04 0.65 0.05 0.05 0.05 unch 0.00 0.13 0.05 0.07 0.06 0.06 - 0.01 0.18 0.06 0.00 0.00 0.03 unch 0.00 0.03 0.02 0.04 0.00 0.03 - 0.01 0.10 0.03 0.10 0.07 0.09 + 0.02 0.12 0.05 0.06 0.06 0.06 - 0.00 0.09 0.04 0.06 0.06 0.06 unch 0.00 0.07 0.02 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.13 0.13 0.13 + 0.01 0.25 0.06 0.09 0.09 0.09 - 0.00 0.17 0.05 8.71 8.29 8.49 + 0.01 10.63 7.31 11.56 11.11 11.25 - 0.05 13.93 10.04 0.03 0.03 0.03 unch 0.00 0.04 0.02 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.06 0.05 0.05 - 0.01 0.21 0.04 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.08 0.07 0.07 - 0.01 0.10 0.04 6.81 6.45 6.60 - 0.17 8.70 5.69 0.05 0.04 0.05 + 0.01 0.09 0.04 0.04 0.03 0.04 + 0.01 0.07 0.03 0.09 0.09 0.09 - 0.01 0.21 0.07 0.54 0.49 0.52 unch 0.00 1.10 0.46 0.06 0.05 0.05 - 0.01 0.10 0.04 0.04 0.04 0.04 - 0.01 0.07 0.03 0.25 0.24 0.24 - 0.01 0.32 0.18 0.19 0.17 0.19 - 0.00 0.25 0.13 0.14 0.09 0.11 unch 0.00 0.40 0.00 0.00 0.00 0.00 + 0.00 0.03 0.00 0.12 0.12 0.12 unch 0.00 0.35 0.12 0.08 0.07 0.07 - 0.00 0.09 0.02 0.10 0.09 0.10 + 0.01 0.11 0.03 0.09 0.05 0.09 + 0.04 0.10 0.00 0.19 0.17 0.19 + 0.01 0.74 0.13 0.15 0.12 0.14 + 0.00 0.57 0.09 0.17 0.14 0.16 + 0.01 0.24 0.10 0.23 0.19 0.22 + 0.03 0.31 0.13 0.12 0.10 0.10 - 0.01 0.31 0.04 0.09 0.07 0.07 - 0.01 0.24 0.03 0.01 0.00 0.01 unch 0.00 0.03 0.01 3.09 2.76 3.03 + 0.20 3.92 1.24 4.01 3.68 4.00 + 0.18 5.19 1.66 0.77 0.64 0.74 + 0.10 1.21 0.51 0.57 0.48 0.57 + 0.08 0.92 0.39 0.94 0.78 0.93 + 0.15 1.12 0.04 1.24 1.00 1.24 + 0.23 1.52 0.06 0.00 0.00 0.05 unch 0.00 0.06 0.00 0.05 0.00 0.04 - 0.02 0.15 0.03 0.05 0.00 0.05 unch 0.00 0.19 0.04 0.24 0.23 0.23 - 0.01 0.36 0.18 0.18 0.17 0.18 + 0.00 0.27 0.14 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.09 0.08 0.08 - 0.01 0.34 0.08 0.12 0.10 0.10 - 0.02 0.44 0.10 0.02 0.02 0.02 - 0.00 0.05 0.01 0.03 0.03 0.03 unch 0.00 0.07 0.02 0.09 0.09 0.09 unch 0.00 0.14 0.07 0.13 0.12 0.12 - 0.01 0.20 0.10 12.09 11.68 11.74 - 0.59 14.74 9.72 23.47 0.00 23.47 - 1.30 29.00 19.61 3.81 3.01 3.81 + 0.80 4.75 2.12 19.20 19.20 19.20 unch 0.00 22.57 8.08 20.29 18.55 20.22 + 1.38 23.85 8.19 0.03 0.03 0.03 unch 0.00 0.04 0.02 0.02 0.02 0.02 + 0.01 0.03 0.01 0.12 0.09 0.09 - 0.03 0.18 0.05 11.36 0.00 11.36 + 0.13 13.24 9.27 0.05 0.04 0.05 + 0.00 0.15 0.03 0.08 0.07 0.08 + 0.01 0.14 0.04 0.19 0.16 0.16 - 0.02 0.31 0.14 0.23 0.21 0.22 unch 0.00 0.41 0.16 0.03 0.03 0.03 - 0.00 0.12 0.01 0.15 0.12 0.12 - 0.01 0.19 0.10 0.18 0.16 0.16 - 0.02 0.25 0.13 0.17 0.10 0.13 - 0.02 0.27 0.10 82.79 70.93 71.94 - 8.63 101.92 70.93 0.46 0.46 0.46 unch 0.00 0.68 0.46 0.02 0.02 0.02 - 0.00 0.08 0.02 0.03 0.02 0.02 unch 0.00 0.11 0.02 0.02 0.02 0.02 unch 0.00 0.03 0.02 0.03 0.03 0.03 unch 0.00 0.05 0.03 0.05 0.05 0.05 - 0.01 0.20 0.05 0.04 0.03 0.04 + 0.00 0.11 0.03 0.04 0.03 0.03 - 0.00 0.08 0.03 0.06 0.06 0.06 unch 0.00 0.11 0.05 0.07 0.06 0.07 unch 0.00 0.32 0.05 0.06 0.05 0.06 - 0.00 0.27 0.03 0.29 0.29 0.29 unch 0.00 0.37 0.13 0.34 0.33 0.33 - 0.01 0.48 0.10 0.13 0.12 0.12 - 0.01 0.33 0.07

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Argo Gold* O 75 Argonaut Gold* O 59 Argonaut Gold T 2763 Arian Res* O 8 Arianne Phosph V 103 O 121 Arianne Phosph* Arizona Silver* O 107 Arizona Silver V 236 Armor Min V 4 Asanko Gold T 663 Asanko Gold* X 1663 Asante Gold C 135 18 Asbestos Corp V Ascendant Res* O 75 T 154 Ascendant Res Ascot Res * O 92 Ascot Res V 1181 Ashanti Sanko V 85 AsiaBaseMetals V 7 Asian Mineral V 85 Aston Bay* O 106 Aston Bay V 958 Astorius Res V 40 ATAC Res V 215 ATAC Res* O 115 Atacama Res* O 12512 T 7 Atalaya Mining Athabasca Min* O 10 Athabasca Min V 277 Athena Silver* O 13 Atico Mining* O 98 Atico Mining V 451 Atlanta Gold* O 0 Atlantic Indus V 50 Atlas Cons Mng* O 13 Atlatsa Res T 253 Atom Energy * O 15 Aton Resources* O 271 Aton Resources V 285 Aura Minerals* O 0 Aura Minerals T 10 Aura Resources V 58 Aura Resources* O 41 Auramex Res V 223 Aurania Res* O 31 Aurania Res V 41 Aurcana Corp V 437 Aurcana Corp* O 74 AurCrest Gold V 1067 Aurelius Min V 396 Aurex Energy V 6 Aurion Res V 339 Aurion Res * O 128 Aurora Royal V 628 AURYN Mining* O 15 Auryn Resource* X 515 Auryn Resource T 721 Aust Mines* O 167 Austral Gold* O 9 Austral Gold V 208 Auxico Res C 39 Avalon Advance T 1803 Avalon Advance* O 392 Avarone Metals* O 0 Avarone Metals C 1727 Avesoro Res T 9 Avidian Gold V 26 Avino Silver* X 1512 Avino Silver T 105 Avrupa Min* O 94 Avrupa Min V 49 Awale Res V 130 Axmin Inc* O 63 Axmin Inc V 55 Azarga Metals V 37 Azarga Metals* O 9 Azarga Uranium* O 61 Azarga Uranium T 252 Azimut Explor V 79 Azimut Explor* O 9 Azincourt Ener* O 23 Azincourt Ener V 439 Aztec Minerals V 21 Azteca Gold* O 258 Azucar Min V 101 Azucar Min* O 84

0.10 0.08 0.10 + 0.00 0.24 0.06 1.79 1.70 1.75 - 0.01 2.15 0.85 2.41 2.24 2.30 - 0.05 2.87 1.18 0.00 0.00 0.00 - 0.00 0.00 0.00 0.47 0.41 0.43 - 0.02 0.65 0.35 0.34 0.31 0.32 - 0.01 0.49 0.27 0.16 0.00 0.15 - 0.03 0.19 0.04 0.22 0.18 0.19 - 0.03 0.25 0.06 0.41 0.40 0.40 - 0.01 0.59 0.35 1.34 1.24 1.32 + 0.06 1.45 0.68 1.01 0.92 1.01 + 0.07 1.10 0.50 0.07 0.06 0.07 unch 0.00 0.08 0.03 0.50 0.40 0.46 + 0.06 0.55 0.33 0.30 0.25 0.27 - 0.03 0.63 0.24 0.39 0.34 0.37 + 0.02 0.83 0.28 0.48 0.42 0.48 + 0.08 1.03 0.39 0.66 0.55 0.65 + 0.10 1.44 0.52 0.02 0.02 0.02 - 0.01 0.05 0.02 0.43 0.35 0.40 - 0.04 0.64 0.12 0.37 0.27 0.37 + 0.08 1.35 0.10 0.05 0.04 0.04 - 0.00 0.11 0.03 0.07 0.06 0.06 - 0.01 0.13 0.05 0.15 0.14 0.14 - 0.01 0.50 0.13 0.24 0.22 0.23 - 0.02 0.49 0.18 0.18 0.17 0.18 - 0.00 0.38 0.14 0.01 0.01 0.01 - 0.00 0.02 0.00 3.25 3.24 3.25 unch 0.00 4.25 2.88 0.52 0.48 0.50 + 0.01 0.53 0.12 0.70 0.64 0.65 unch 0.00 0.77 0.16 0.05 0.05 0.05 unch 0.00 0.06 0.01 0.25 0.00 0.25 + 0.02 0.32 0.17 0.34 0.29 0.33 + 0.02 0.42 0.22 0.00 0.00 0.01 unch 0.00 0.04 0.01 0.02 0.02 0.02 + 0.01 0.02 0.01 0.05 0.04 0.04 unch 0.00 0.05 0.03 0.09 0.09 0.09 unch 0.00 0.09 0.03 0.40 0.35 0.40 - 0.05 0.68 0.03 0.02 0.01 0.01 - 0.01 0.08 0.01 0.03 0.00 0.03 + 0.01 0.11 0.02 0.00 0.00 13.00 unch 0.00 16.50 1.00 18.57 18.15 18.15 - 0.45 21.63 14.60 0.06 0.05 0.06 unch 0.00 0.13 0.03 0.04 0.04 0.04 - 0.00 0.06 0.01 0.06 0.05 0.05 unch 0.00 0.08 0.04 2.04 1.87 2.00 + 0.08 3.05 1.53 2.66 2.50 2.66 + 0.13 4.10 2.02 0.34 0.29 0.34 + 0.05 0.80 0.21 0.26 0.22 0.26 + 0.04 1.25 0.00 0.05 0.04 0.04 + 0.01 0.05 0.01 0.03 0.03 0.03 unch 0.00 0.07 0.02 0.11 0.11 0.11 - 0.01 0.50 0.10 1.72 1.52 1.66 + 0.01 2.35 0.75 1.28 1.14 1.25 - 0.00 1.77 0.59 0.07 0.05 0.05 - 0.01 0.11 0.05 0.51 0.21 0.40 - 0.11 1.40 0.05 1.39 1.26 1.36 + 0.04 1.84 0.85 1.84 1.66 1.80 + 0.07 2.45 1.14 0.02 0.02 0.02 + 0.00 0.19 0.01 0.05 0.00 0.05 - 0.01 0.40 0.00 0.08 0.08 0.08 - 0.01 0.10 0.05 0.15 0.12 0.12 - 0.03 0.27 0.06 0.06 0.05 0.05 unch 0.00 0.17 0.05 0.04 0.04 0.04 - 0.00 0.13 0.03 0.00 0.00 0.08 unch 0.00 0.11 0.02 0.10 0.07 0.10 unch 0.00 0.15 0.04 1.65 1.55 1.65 + 0.10 3.22 0.42 0.18 0.15 0.15 - 0.03 0.68 0.09 0.63 0.59 0.61 + 0.01 0.81 0.39 0.83 0.79 0.81 unch 0.00 1.13 0.53 0.02 0.01 0.02 - 0.00 0.05 0.01 0.03 0.03 0.03 - 0.01 0.07 0.02 0.10 0.09 0.10 + 0.01 0.13 0.06 0.33 0.28 0.28 - 0.04 0.50 0.14 0.41 0.40 0.41 + 0.01 0.66 0.15 0.10 0.10 0.10 - 0.01 0.15 0.06 0.08 0.00 0.07 + 0.00 0.10 0.04 0.15 0.00 0.15 - 0.00 0.24 0.08 0.20 0.18 0.20 - 0.01 0.30 0.11 0.38 0.34 0.36 - 0.01 0.52 0.22 0.28 0.28 0.28 + 0.00 0.38 0.17 0.02 0.02 0.02 - 0.00 0.07 0.01 0.03 0.03 0.03 unch 0.00 0.09 0.02 0.09 0.08 0.09 + 0.01 0.20 0.07 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.29 0.28 0.29 + 0.01 0.68 0.26 0.22 0.21 0.21 - 0.00 0.53 0.19

B2Gold Corp T 23453 B2Gold Corp* X 58782 Balmoral Res* O 575 Balmoral Res T 898 Balto Res V 32 Bankers Cobalt V 111 O 45 Bankers Cobalt* Bannerman Res* O 948 Banyan Gold V 1538 Banyan Gold* O 392 Bard Ventures V 64 Barker Min* O 1209 Barkerville V 4862 Barkerville* O 1502 Barksdale Cap V 186 Barksdale Cap* O 53 Barolo Venture* O 1 Barolo Venture V 1 Baroyeca Gold V 5 Baroyeca Gold* O 3 Barrian Mining V 906 Barrick Gold T 35179 Barrick Gold * N 97362 Barsele Min* O 115 Barsele Min V 201 Batero Gold* O 16 Batero Gold V 102 Bayhorse Silvr* O 102 Bayhorse Silvr V 917 BC Moly V 10 BCM Res V 58 V 5 BE Res BE Res* O 1 Bear Creek Mng V 259 Bear Creek Mng* O 176 Bearclaw Cap V 45 Bearing Lith V 242 Bearing Lith* O 18 Beauce Gold V 128 Bell Copper V 17 Bell Copper* O 10 Belmont Res V 235 Belo Sun Mng T 2398 Belo Sun Mng* O 3355 BeMetals * O 15 BeMetals V 150 Benchmark Met* O 23 V 1216 Benchmark Met Benton Res V 352 Benton Res* O 182 Benz Mining V 1045 Berkwood Res * O 38 Berkwood Res V 487 Bessor Min V 618 Bessor Min* O 0 Bird River Res C 1478 Bitterroot Res* O 67 Bitterroot Res V 302 Black Hills* N 2884 Black Iron T 4892 Black Iron* O 43 Black Mammoth* O 0 Black Mammoth V 19 Black Sea * O 1 Black Sea V 8 Black Tusk Res* O 4 Black Tusk Res C 1124 Blackheath Res V 17 Blackrock Gold V 550 Blackrock Gold* O 82 Blind Creek V 221 BLOX Inc* O 4 Blue Lagoon C 83 Blue Moon Zinc* O 206 Blue Moon Zinc V 222 241 Blue River Res V Blue River Res* O 549 Blue Sky Uran* O 48 Blue Sky Uran V 228 Blue Star Gold V 269 BlueBird Batt* O 7 BlueBird Batt V 283 Bluenose Gold V 125 Bluestone Res* O 545

4.57 4.11 4.56 + 0.40 5.36 2.82 3.44 3.10 3.44 + 0.32 4.02 2.15 0.18 0.15 0.16 - 0.01 0.20 0.07 0.24 0.21 0.21 - 0.02 0.26 0.10 0.08 0.07 0.07 unch 0.00 0.15 0.06 0.03 0.02 0.02 - 0.01 0.08 0.02 0.02 0.02 0.02 - 0.00 0.06 0.01 0.03 0.03 0.03 unch 0.00 0.05 0.03 0.06 0.06 0.06 unch 0.00 0.07 0.04 0.05 0.04 0.04 unch 0.00 0.05 0.02 0.13 0.11 0.11 - 0.01 1.63 0.11 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.47 0.39 0.46 + 0.06 0.48 0.30 0.35 0.30 0.35 + 0.05 0.37 0.23 0.58 0.50 0.51 - 0.06 0.75 0.35 0.43 0.38 0.40 + 0.01 0.57 0.27 0.05 0.05 0.05 unch 0.00 0.19 0.05 0.25 0.25 0.25 unch 0.00 0.30 0.09 0.08 0.05 0.05 - 0.04 0.20 0.04 0.03 0.03 0.03 unch 0.00 0.03 0.00 0.20 0.17 0.18 - 0.01 0.21 0.10 24.53 22.54 24.47 + 1.62 26.69 13.20 18.47 17.02 18.43 + 1.20 88.70 11.52 0.52 0.00 0.52 + 0.06 0.62 0.28 0.72 0.64 0.71 + 0.04 0.90 0.36 0.06 0.06 0.06 unch 0.00 0.07 0.03 0.09 0.07 0.09 + 0.01 0.10 0.06 0.11 0.09 0.10 + 0.01 0.14 0.04 0.14 0.12 0.13 + 0.01 0.20 0.07 0.04 0.04 0.04 unch 0.00 0.07 0.03 0.07 0.07 0.07 - 0.01 0.19 0.06 0.00 0.00 0.04 unch 0.00 0.07 0.02 0.03 0.03 0.03 unch 0.00 0.04 0.01 2.40 2.12 2.37 + 0.04 2.70 0.89 1.81 1.62 1.77 + 0.02 2.05 0.71 0.03 0.02 0.02 unch 0.00 0.04 0.02 0.28 0.00 0.26 - 0.02 0.38 0.17 0.21 0.19 0.19 - 0.01 0.29 0.12 0.12 0.12 0.12 unch 0.00 0.29 0.07 0.07 0.00 0.06 - 0.01 0.15 0.03 0.05 0.04 0.05 + 0.01 0.12 0.03 0.09 0.08 0.09 + 0.01 0.76 0.04 0.54 0.48 0.52 + 0.02 0.72 0.20 0.42 0.36 0.39 + 0.01 0.55 0.15 0.25 0.19 0.25 + 0.06 0.25 0.19 0.25 0.23 0.24 - 0.02 0.30 0.21 0.31 0.29 0.30 + 0.01 0.34 0.11 0.42 0.38 0.40 + 0.01 0.46 0.16 0.05 0.05 0.05 - 0.01 0.11 0.04 0.03 0.03 0.03 - 0.00 0.07 0.02 0.11 0.10 0.11 + 0.01 0.14 0.05 0.03 0.03 0.03 unch 0.00 0.10 0.02 0.05 0.04 0.05 + 0.01 0.13 0.03 0.05 0.03 0.05 unch 0.00 0.20 0.03 0.00 0.00 0.04 unch 0.00 0.04 0.00 0.01 0.00 0.01 unch 0.00 0.10 0.01 0.03 0.02 0.03 + 0.00 0.07 0.01 0.05 0.04 0.04 - 0.01 0.07 0.02 77.51 75.65 76.85 + 0.98 82.01 56.42 0.09 0.07 0.09 + 0.01 0.16 0.05 0.06 0.05 0.06 - 0.00 0.12 0.03 0.00 0.00 0.04 unch 0.00 0.08 0.03 0.04 0.04 0.04 unch 0.00 0.09 0.02 0.04 0.00 0.04 - 0.01 0.08 0.01 0.06 0.00 0.06 unch 0.00 0.23 0.06 0.09 0.07 0.07 - 0.01 1.06 0.07 0.12 0.10 0.10 - 0.01 0.29 0.10 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.30 0.26 0.28 + 0.01 0.36 0.03 0.23 0.20 0.21 + 0.01 0.27 0.02 0.05 0.04 0.04 unch 0.00 0.07 0.03 0.20 0.12 0.20 + 0.08 0.25 0.03 1.05 0.85 0.98 + 0.04 1.65 0.26 0.02 0.01 0.01 - 0.00 0.06 0.01 0.03 0.02 0.02 - 0.01 0.08 0.02 0.02 0.01 0.01 unch 0.00 0.04 0.01 0.01 0.01 0.01 - 0.00 0.03 0.00 0.09 0.08 0.08 + 0.01 0.18 0.06 0.12 0.11 0.11 unch 0.00 0.23 0.08 0.06 0.06 0.06 unch 0.00 0.07 0.02 0.13 0.12 0.12 + 0.00 0.25 0.10 0.18 0.16 0.16 - 0.01 0.35 0.13 0.14 0.13 0.13 - 0.01 0.33 0.09 1.07 0.95 0.99 - 0.03 1.15 0.65

B

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Bluestone Res V 649 Bold Ventures* O 125 Bold Ventures V 107 Bonanza Gold* O 1064 Bond Resources C 13 BonTerra Res V 298 Boreal Metals V 42 150 Boreal Metals * O Borneo Res Inv* O 487 Bravada Gold V 856 Bravada Gold* O 531 Braveheart Res V 92 O 4 Braveheart Res* Bravo Multinat* O 15 11661 Brazil Min* O BrightRock* O 352 O 56 Britannia Mng* Brixton Metals V 776 Brixton Metals* O 561 Broadway Gold* O 5 Brookmount Exp* O 336 Bryn Res* O 21 BTU Metals V 1575 Buenaventura* N 7293 Bullfrog Gold* O 99 Bunker Hill C 1 BWR Explor V 66

1.40 1.27 1.31 - 0.04 1.60 0.85 0.01 0.01 0.01 unch 0.00 0.01 0.01 0.02 0.01 0.02 + 0.01 0.04 0.01 0.00 0.00 0.00 - 0.00 0.00 0.00 0.15 0.15 0.15 unch 0.00 0.20 0.11 2.62 2.36 2.54 + 0.12 4.65 1.46 0.06 0.00 0.06 + 0.01 0.14 0.04 0.04 0.04 0.04 unch 0.00 0.05 0.03 0.00 0.00 0.00 - 0.00 0.00 0.00 0.14 0.11 0.12 - 0.01 0.20 0.05 0.10 0.08 0.09 - 0.00 0.15 0.04 0.15 0.14 0.14 - 0.01 0.21 0.06 0.12 0.11 0.11 - 0.01 0.14 0.05 0.37 0.33 0.33 - 0.03 0.95 0.05 0.00 0.00 0.00 + 0.00 0.01 0.00 0.00 0.00 0.00 - 0.00 0.01 0.00 0.00 0.00 0.00 - 0.00 0.01 0.00 0.30 0.25 0.27 - 0.02 0.43 0.10 0.23 0.19 0.20 - 0.03 0.33 0.08 0.06 0.00 0.06 + 0.02 0.13 0.01 0.01 0.01 0.01 - 0.00 0.02 0.00 0.07 0.00 0.05 - 0.02 0.10 0.01 0.19 0.17 0.17 - 0.01 0.24 0.04 14.95 14.24 14.83 + 0.72 17.85 12.44 0.09 0.08 0.09 + 0.00 0.24 0.04 0.00 0.00 0.10 unch 0.00 4.05 0.05 0.05 0.05 0.05 unch 0.00 0.06 0.03

Cabral Gold V 92 Cabral Gold* O 5 Cache Explor* O 1 Cache Explor V 571 Cadence Min* O 40 Cadillac Vent* O 155 Cadillac Vent V 151 Caledonia Mng* X 24 T 4 Caledonia Mng Calibre Mng* O 87 O 148 California Gld* California Gld C 245 Callinex Mines* O 47 Callinex Mines V 51 Cameco Corp* N 10207 Cameco Corp T 4635 Cameo Cobalt* O 30 Cameo Cobalt V 3126 Camino Min* O 0 Camino Min V 174 Camrova Res* O 8 Canada Carbon V 106 Canada Carbon* O 40 Canada Coal V 306 Canada Cobalt V 231 76 Canada Cobalt * O Canada One* O 6 Canada One V 8 Canada Rare V 238 Canada Rare* O 93 V 99 Canadian Engy Canadian Metal C 13 Canadian Metal* O 20 Canadian Ore V 135 Canadian Ore* O 30 Canadian Prem V 36 Canadian Prem* O 2 CanAlaska Uran V 275 CanAlaska Uran* O 74 Canamex Gold* O 37 Canarc Res T 207 Canarc Res* O 166 Canasil Res V 121 Candente Coppr T 1443 Candente Gold* O 0 Candente Gold V 519 CANEX Metals * O 1 CANEX Metals V 145 CaNickel Mng V 2 CaNickel Mng* O 12 498 Canoe Mng Vent V Canoe Mng Vent* O 0 Canstar Res* O 4 Canstar Res V 1023 Canterra Mnls V 17 Canterra Mnls* O 43 Cantex Mn Dev* O 157 Cantex Mn Dev V 719 Canuc Res V 237 Canuc Res* O 1 Capstone Mng T 771 Cardero Res V 252 Cardero Res* O 2 Cardinal Res* O 26 Cardinal Res T 254 Cariboo Rose V 231 Carlin Gold V 180 Carrara Explor C 1351 Cartier Iron C 10 Cartier Res V 545 Carube Copper V 1500 Carube Copper* O 16 Casa Minerals V 223 5 Casa Minerals * O Cascadero Copp V 238 Castle Peak Mg V 1269 Cautivo Mining C 6 C 1506 CellCube Enrgy CellCube Enrgy* O 1710 Centamin T 60 Centaurus Diam* O 13 Centerra Gold T 5952 Central Tim Ex V 125 V 133 Centurion Mnls Centurion Mnls* O 1 Century Cobalt* O 98 Century Global* O 4 Century Global T 34 Century Metals V 20 Cerro de Pasc * O 124 Cerro de Pasc C 1086 Cerro Grande* O 8 Cerro Grande C 45 Cerro Mng* O 0 Cerro Mng V 58 Ceylon Graph V 25 Chakana Copper V 655 Chakana Copper* O 82 Chalice Gold M* O 33 Chalice Gold M T 504 Champion Bear V 160 Champion Bear* O 296 Champion Iron T 2423 Champion Iron* O 12 Chatham Rock* O 3 Chatham Rock V 37 Chesapeake Gld* O 56 Chesapeake Gld V 49 Chevron Corp* N 36500 Chiboug Ind Mn V 236 Chilean Metals* O 1 Chilean Metals V 253 China Gold Int T 8516 Clarmin Explor V 25 Clean Comm V 55 Cleghorn Mnls V 522 Cleveland-Clif* N 49505 Cliffmont Res V 1 Clifton Mng* O 43 Cloud Peak En* O 1815 CMC Metals* O 5 CMC Metals V 97 CNRP Mng* O 519 CNRP Mng C 1328 Cobalt 27 Cap V 1347 Cobalt Block V 302 Cobalt Block* O 272 Coeur Mng* N 33870 Colibri Res* O 9 Colibri Res V 334 Colonial Coal V 130 Colorado Res V 3974 Colorado Res* O 78 Colt Res* O 0 T 268 Columbus Gold Columbus Gold* O 149 Comet Inds V 20 Commander Res V 182 Commander Res* O 115 Commerce Res V 57 Commerce Res* O 9 Compass Gold* O 5 Compass Gold V 517

0.14 0.14 0.14 - 0.01 0.33 0.10 0.12 0.12 0.12 unch 0.00 0.25 0.10 0.02 0.02 0.02 unch 0.00 0.05 0.01 0.03 0.00 0.03 unch 0.00 0.07 0.03 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.02 0.02 0.02 unch 0.00 0.04 0.01 7.29 7.05 7.14 - 0.03 7.50 5.01 9.50 9.30 9.40 - 0.08 9.80 6.63 0.85 0.46 0.85 + 0.40 1.52 0.03 0.37 0.29 0.31 - 0.00 0.59 0.13 0.49 0.39 0.40 - 0.04 0.79 0.37 0.45 0.00 0.42 - 0.01 0.46 0.03 0.61 0.54 0.57 - 0.01 1.60 0.35 9.81 9.21 9.35 - 0.34 13.04 8.03 13.01 12.22 12.42 - 0.43 17.12 10.70 0.02 0.01 0.02 + 0.00 0.23 0.01 0.03 0.03 0.03 - 0.00 0.29 0.03 0.00 0.00 0.10 unch 0.00 0.15 0.07 0.13 0.11 0.13 unch 0.00 0.20 0.09 0.02 0.02 0.02 + 0.01 0.06 0.00 0.06 0.05 0.05 - 0.01 0.18 0.05 0.04 0.04 0.04 - 0.00 0.13 0.00 0.05 0.03 0.03 - 0.03 0.08 0.02 0.31 0.28 0.30 + 0.02 0.70 0.25 0.24 0.20 0.23 + 0.02 0.53 0.18 0.02 0.02 0.02 unch 0.00 0.07 0.01 0.03 0.03 0.03 unch 0.00 0.09 0.02 0.07 0.06 0.06 unch 0.00 0.11 0.04 0.05 0.04 0.04 - 0.00 0.08 0.02 0.06 0.00 0.06 - 0.01 0.18 0.06 0.48 0.16 0.16 - 0.14 0.85 0.16 0.28 0.24 0.24 - 0.12 0.63 0.24 0.13 0.12 0.13 + 0.01 0.45 0.11 0.10 0.10 0.10 unch 0.00 0.34 0.10 1.08 0.87 1.00 unch 0.00 2.40 0.75 0.83 0.83 0.83 unch 0.00 1.15 0.08 0.23 0.21 0.22 - 0.02 0.40 0.21 0.17 0.15 0.16 - 0.02 0.29 0.15 0.03 0.03 0.03 unch 0.00 0.09 0.02 0.08 0.07 0.07 unch 0.00 0.08 0.04 0.06 0.05 0.05 + 0.00 0.06 0.03 0.07 0.07 0.07 unch 0.00 0.10 0.05 0.05 0.04 0.05 unch 0.00 0.08 0.04 0.00 0.00 0.01 unch 0.00 0.03 0.01 0.02 0.02 0.02 unch 0.00 0.04 0.02 0.04 0.04 0.04 unch 0.00 0.05 0.02 0.06 0.06 0.06 + 0.01 0.10 0.03 0.00 0.00 0.09 unch 0.00 0.12 0.06 0.04 0.04 0.04 unch 0.00 0.09 0.03 0.16 0.00 0.16 - 0.02 0.26 0.08 0.00 0.00 0.01 unch 0.00 0.02 0.01 0.02 0.02 0.02 unch 0.00 0.14 0.02 0.05 0.04 0.05 unch 0.00 0.20 0.04 0.02 0.00 0.02 - 0.01 0.04 0.01 0.01 0.01 0.01 - 0.00 0.03 0.01 4.24 2.89 3.39 - 0.69 5.23 0.36 5.60 3.75 4.50 - 0.85 6.99 0.18 0.04 0.04 0.04 unch 0.00 0.14 0.03 0.02 0.02 0.02 unch 0.00 0.10 0.02 0.58 0.55 0.56 - 0.01 0.84 0.41 0.03 0.03 0.03 unch 0.00 0.13 0.02 0.02 0.00 0.02 + 0.00 0.09 0.01 0.33 0.30 0.30 - 0.07 0.38 0.20 0.46 0.42 0.45 + 0.03 0.50 0.29 0.05 0.05 0.05 - 0.01 0.06 0.02 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.04 0.03 0.03 unch 0.00 0.17 0.03 0.08 0.08 0.08 unch 0.00 0.13 0.05 0.20 0.18 0.19 + 0.01 0.22 0.11 0.05 0.04 0.04 unch 0.00 0.07 0.03 0.03 0.03 0.03 unch 0.00 0.05 0.03 0.12 0.11 0.12 - 0.01 0.24 0.07 0.11 0.11 0.11 unch 0.00 0.12 0.07 0.02 0.02 0.02 unch 0.00 0.04 0.02 0.02 0.02 0.02 unch 0.00 0.02 0.01 0.16 0.00 0.16 unch 0.00 0.37 0.08 0.07 0.06 0.07 + 0.01 0.34 0.06 0.06 0.04 0.05 + 0.01 0.30 0.04 2.32 1.97 2.09 + 0.12 2.53 1.39 0.19 0.18 0.18 unch 0.00 1.00 0.09 11.20 10.09 11.05 + 0.83 12.88 4.76 0.06 0.05 0.06 + 0.01 0.20 0.03 0.14 0.00 0.13 + 0.02 0.27 0.05 0.08 0.08 0.08 unch 0.00 0.08 0.08 0.07 0.01 0.07 + 0.03 0.19 0.00 0.12 0.12 0.12 unch 0.00 0.17 0.12 0.15 0.10 0.10 - 0.05 0.25 0.10 0.07 0.07 0.07 unch 0.00 0.11 0.06 0.26 0.23 0.23 - 0.03 0.31 0.18 0.35 0.29 0.32 - 0.04 0.42 0.22 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.01 0.01 0.01 unch 0.00 0.01 0.01 0.00 0.00 0.09 unch 0.00 0.12 0.09 0.26 0.13 0.13 - 0.13 0.42 0.13 0.11 0.10 0.11 + 0.01 0.20 0.08 0.20 0.18 0.19 unch 0.00 0.54 0.18 0.15 0.13 0.14 - 0.01 0.41 0.14 0.14 0.13 0.14 - 0.00 0.14 0.08 0.19 0.17 0.18 + 0.02 0.18 0.10 0.16 0.16 0.16 unch 0.00 0.25 0.10 0.12 0.11 0.12 unch 0.00 0.17 0.11 2.40 2.19 2.38 + 0.04 3.15 0.89 1.78 1.70 1.78 + 0.01 2.36 0.70 0.07 0.07 0.07 - 0.03 0.14 0.07 0.12 0.11 0.12 + 0.01 0.19 0.11 2.75 2.56 2.69 + 0.03 3.50 1.03 3.70 3.40 3.50 unch 0.00 4.65 1.41 125.27 122.56 124.32 + 2.82 127.60 100.22 0.11 0.10 0.11 + 0.01 0.27 0.04 0.06 0.00 0.06 + 0.04 0.06 0.01 0.05 0.00 0.05 + 0.01 0.23 0.03 1.36 1.18 1.21 - 0.14 2.15 1.26 0.11 0.11 0.11 unch 0.00 0.20 0.10 0.03 0.03 0.03 unch 0.00 0.04 0.02 0.07 0.05 0.05 - 0.01 0.11 0.04 8.67 7.70 7.73 - 0.73 13.10 6.64 0.11 0.00 0.11 unch 0.00 0.23 0.05 0.10 0.09 0.10 + 0.01 0.20 0.04 0.03 0.03 0.03 - 0.00 2.60 0.03 0.03 0.03 0.03 unch 0.00 0.06 0.01 0.06 0.05 0.05 unch 0.00 0.11 0.04 0.41 0.35 0.39 + 0.03 1.58 0.20 0.55 0.47 0.52 + 0.06 2.02 0.27 4.24 3.82 3.96 - 0.17 6.90 3.27 0.07 0.05 0.06 - 0.01 0.19 0.05 0.06 0.04 0.05 - 0.01 0.15 0.03 5.28 4.54 5.27 + 0.75 5.92 2.78 0.05 0.00 0.05 unch 0.00 0.05 0.01 0.06 0.05 0.06 unch 0.00 0.08 0.03 0.36 0.32 0.35 + 0.03 0.65 0.25 0.07 0.06 0.06 - 0.01 0.13 0.05 0.06 0.05 0.05 - 0.00 0.10 0.03 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.15 0.13 0.14 + 0.01 0.29 0.13 0.11 0.09 0.11 + 0.02 0.22 0.09 3.60 3.55 3.60 + 0.05 3.60 2.60 0.09 0.08 0.09 + 0.02 0.14 0.07 0.07 0.06 0.07 + 0.01 0.10 0.05 0.35 0.00 0.34 - 0.01 0.90 0.26 0.26 0.00 0.26 - 0.01 0.29 0.03 0.22 0.22 0.22 unch 0.00 0.40 0.17 0.29 0.26 0.27 - 0.02 0.71 0.11

C

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

X 9759 Comstock Mng* V 2099 Comstock Mtls 30 Comstock Mtls * O Condor Gold* O 41 Condor Gold T 15 Condor Res V 84 Condor Res* O 47 O 1 Confedertn Ml* V 3 Confedertn Mls Conquest Res V 103 V 494 Cons Woodjam 124 CONSOL Coal Rs* N CONSOL Energy* N 33376 CONSOL Energy* N 1898 O 85 Constantine Mt* V 112 Constantine Mt Contact Gold* O 80 Contact Gold V 179 O 5 Contact Mnrls* Contintl Gold T 2311 Contintl Gold* O 492 16 Copper Fox Mtl* O 413 Copper Fox Mtl V 307 Copper Lake Rs V 549 Copper Mtn Mng T 44 Copper Mtn Mng* O 3 Copper North M* O 134 Copper North M V Copper One C 245 Copper Reef Mg C 13972 O 166 Copperbank Res* C 1171 Copperbank Res Coral Gold V 103 87 O Coral Gold * Cordoba Mnls V 220 O 276 Cordoba Mnls* Core Gold V 2997 Core Gold* O 649 V 93 Cornerstone Ca O 21 Cornerstone Ca* Coro Mining T 714 Corsa Coal V 69 45 Corsa Coal * O Corvus Gold* O 187 Corvus Gold T 389 CR Capital V 32 C 131 Crest Resource C 3 Crestview Expl Cresval Cap V 962 Critical Elem* O 131 Critical Elem V 486 V 308 CROPS O 5 Crown Mining* Crown Mining V 208 Cruz Cobalt C 102 Cruz Cobalt* O 98 Crystal Lake V 2932 Crystal Lake* O 384 Crystal Peak V 40 Crystal Peak* O 73 CTGX Mining* O 0 45 Currie Rose Rs V 0 Currie Rose Rs* O Cypress Dev* O 136 Cypress Dev V 250

0.03 0.11 0.09 0.11 + 0.01 0.33 0.02 0.03 0.02 0.02 - 0.01 0.06 0.02 0.02 0.02 - 0.01 0.04 0.01 0.23 0.36 0.29 0.36 + 0.07 0.43 0.30 0.48 0.00 0.45 - 0.07 0.80 0.04 0.06 0.00 0.06 - 0.01 0.09 0.03 unch 0.00 0.07 0.06 0.06 0.06 0.09 unch 0.00 0.24 0.17 0.17 0.17 0.12 unch 0.00 0.40 0.18 0.18 0.18 0.01 0.02 0.02 0.02 - 0.01 0.03 0.03 0.04 0.04 0.04 - 0.01 0.09 13.50 12.90 13.13 - 0.13 21.13 12.30 7.60 7.62 - 0.53 16.09 6.14 9.03 17.79 16.05 16.38 - 0.87 42.74 15.92 0.25 0.28 0.25 0.25 - 0.03 0.57 0.36 0.37 0.36 0.36 - 0.01 0.72 0.13 0.15 0.13 0.15 + 0.01 0.38 0.18 0.20 0.18 0.19 + 0.01 0.49 0.02 unch 0.00 0.40 0.17 0.17 0.17 1.76 4.07 3.80 4.00 + 0.18 4.66 1.33 3.05 2.87 3.00 + 0.12 3.90 0.06 0.00 0.06 + 0.00 0.10 0.06 0.09 0.08 0.09 unch 0.00 0.13 0.08 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.75 0.70 0.72 - 0.04 1.23 0.65 0.56 0.52 0.52 - 0.04 0.95 0.48 0.02 0.00 0.02 - 0.01 0.05 0.02 0.03 0.00 0.03 unch 0.00 0.07 0.03 0.08 0.09 0.08 0.09 + 0.01 0.09 0.04 0.02 0.04 + 0.02 0.04 0.02 0.02 0.03 0.03 0.03 + 0.00 0.06 0.04 0.04 0.04 0.04 - 0.01 0.08 0.33 0.51 0.00 0.50 - 0.02 0.51 0.38 0.34 0.37 - 0.01 0.39 0.26 0.06 unch 0.00 0.17 0.07 0.06 0.06 0.04 0.05 0.05 0.05 - 0.01 0.14 0.14 0.27 0.19 0.24 + 0.08 0.33 0.10 0.20 0.14 0.17 + 0.04 0.25 2.64 unch 0.00 7.90 2.81 2.64 2.80 0.03 2.11 2.02 2.10 - 0.03 3.61 0.05 0.10 0.09 0.09 - 0.01 0.12 0.45 0.50 0.45 0.45 - 0.07 1.45 0.40 0.34 0.37 - 0.02 1.10 0.34 1.13 1.82 1.68 1.79 + 0.04 2.72 1.55 2.40 2.25 2.37 + 0.06 3.39 0.03 unch 0.00 0.08 0.05 0.05 0.05 0.08 0.11 0.10 0.11 + 0.01 0.16 0.60 unch 0.00 0.60 0.60 0.00 0.60 0.02 unch 0.00 0.05 0.04 0.03 0.04 0.20 0.30 0.30 0.30 - 0.00 0.80 0.26 0.42 0.38 0.39 - 0.01 1.05 0.02 0.02 0.02 0.02 + 0.01 0.05 0.04 unch 0.00 0.10 0.04 0.04 0.04 0.04 0.06 0.05 0.05 - 0.01 0.17 0.03 unch 0.00 0.05 0.04 0.00 0.04 0.01 0.04 0.02 0.03 + 0.00 0.08 0.22 0.30 0.23 0.24 - 0.04 0.65 0.17 0.23 0.17 0.18 - 0.03 0.46 0.10 unch 0.00 0.36 0.14 0.14 0.14 0.08 0.11 0.11 0.11 + 0.01 0.34 0.10 unch 0.00 0.12 0.00 0.00 0.11 0.06 0.00 0.06 unch 0.00 0.12 0.05 0.00 0.00 0.03 unch 0.00 0.07 0.03 0.12 0.17 0.16 0.16 + 0.00 0.26 0.17 unch 0.00 0.33 0.23 0.21 0.22

Dajin Res V 166 Dajin Res* O 25 93 Dakota Ter Res* O Damara Gold V 4 Damara Gold* O 0 Danakali* O 82 Debut Dmds C 151 Decade Res V 1245 Decade Res* O 550 O 0 Deep-South Res* V 55 Deep-South Res C 333 DeepRock Min O 165 Defense Metals* V 303 Defense Metals Defiance Silvr V 352 O 382 Defiance Silvr* Delrand Res V 277 145 Delrey Metals * O Delrey Metals C 70 T 1990 Denison Mines X 2112 Denison Mines* Desert Gold* O 14 Desert Gold V 361 84 Desert Mtn Egy V Detour Gold T 6722 O 30 Diamante Min* Diamcor Mng V 601 O 92 Diamcor Mng* O 2126 Diamond Disc* V 773 Diamond Fields O 743 Diamond Fields* Dios Expl V 25 V 26 Discovery Harb O 637 Discovery Met* Discovery Met V 1386 73094 O Discovery Min* V 509 Discovery-Corp District Cop* O 8 District Cop V 435 District Metal* O 0 District Metal V 0 Ditem Explor* O 14 O 1238 Diversified Rs* DNI Metals* O 115 O 153 Dolat Ventures* 311 Dolly Vard Sil* O 180 Dolly Vard Sil V O 150 Doubleview Cap* V 297 Doubleview Cap DRDGOLD* N 980 Dundee Prec Mt T 3055 O 36 Dunnedin Vent* Durango Res V 233 Durango Res* O 28 DV Resources V 50 92 Dynacor Gld Mn T 10 Dynacor Gld Mn* O O 46 DynaResource* Dynasty Gold V 177 O 6 Dynasty Gold* E3 Metals V 532 E3 Metals* O 17 V 140 Eagle Graphite O 1 Eagle Graphite* Eagle Plains V 134 86 V East Africa 3 East Africa * O 283 East Asia Mnls V 53 East Asia Mnls* O EastCoal Inc V 240 O 10 Eastern Platin* Eastern Platin T 41 Eastern Zinc C 1579 Eastfield Res V 4 O 312 Eastmain Res* Eastmain Res T 2129 90 Eco Oro Mnls C 16 Eco Oro Mnls* O O 10 Edgewater Expl* V 10 Edgewater Expl Edison Cobalt V 153 El Capitan Prc* O 1541 319 V El Nino Vent 139 Elcora Adv Mat V Elcora Res* O 162 Eldorado Gold* N 15992 Eldorado Gold T 7940 Eloro Res* O 16 Eloro Res V 102 186 Ely Gold Royal V 383 Ely Gold Royal* O 9 Elysee Dev * O Elysee Dev V 30 Emerita Res V 96 O 16 Emgold Mining* V 751 Emgold Mining Empire Metals V 0 Empress Res V 775 EMX Royalty V 22 EMX Royalty* X 180 O 5 Encanto Potash* V 151 Encanto Potash V 443 EnCore Energy Endeavour Mng T 3173 O 118 Endeavour Mng*

0.04 unch 0.00 0.11 0.04 0.04 0.04 0.02 0.03 0.03 0.03 - 0.00 0.08 0.10 0.08 0.10 - 0.00 0.19 0.02 0.03 unch 0.00 0.05 0.03 0.00 0.03 0.02 unch 0.00 0.03 0.00 0.00 0.02 0.42 0.47 0.43 0.44 - 0.02 0.63 0.01 0.02 0.01 0.01 - 0.01 0.02 0.02 unch 0.00 0.07 0.04 0.03 0.04 0.02 unch 0.00 0.03 0.03 0.03 0.03 0.06 unch 0.00 0.09 0.07 0.07 0.07 0.06 0.11 0.00 0.11 + 0.01 0.16 0.02 0.04 0.00 0.04 - 0.02 0.10 0.08 0.10 0.08 0.10 + 0.01 0.25 0.13 unch 0.00 0.25 0.15 0.13 0.13 0.16 0.29 0.26 0.29 + 0.02 0.37 0.12 0.22 0.20 0.21 - 0.03 0.32 0.25 0.50 0.45 0.45 - 0.05 0.71 0.04 0.03 0.04 + 0.01 0.30 0.02 0.04 0.06 0.05 0.06 + 0.02 0.50 0.52 0.68 0.60 0.68 + 0.05 0.89 0.38 0.51 0.45 0.51 + 0.04 0.69 0.11 0.13 0.11 0.11 - 0.02 0.31 0.14 0.17 0.15 0.16 - 0.01 0.26 0.27 0.26 0.27 + 0.02 0.29 0.13 21.51 19.31 21.13 + 1.33 25.45 9.38 0.01 0.03 0.03 0.03 - 0.00 0.20 0.08 0.14 0.09 0.13 + 0.03 0.50 0.06 0.10 0.07 0.10 + 0.03 0.28 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.07 0.21 0.18 0.21 + 0.04 0.21 0.00 0.16 0.16 0.16 + 0.04 0.16 0.04 0.05 0.05 0.05 - 0.01 0.08 0.01 unch 0.00 0.07 0.05 0.05 0.05 0.14 0.41 0.37 0.40 - 0.00 0.54 0.17 0.55 0.50 0.55 + 0.02 0.74 0.00 0.00 0.00 0.00 - 0.00 0.00 0.01 unch 0.00 0.02 0.02 0.02 0.02 0.01 unch 0.00 0.05 0.01 0.01 0.01 0.01 0.02 0.01 0.01 - 0.01 0.07 0.13 unch 0.00 0.16 0.00 0.00 0.16 0.15 unch 0.00 0.39 0.00 0.00 0.15 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.01 - 0.00 0.05 0.02 0.05 0.00 0.03 - 0.01 0.09 0.06 0.21 0.07 0.21 + 0.14 1.80 0.34 0.27 0.32 + 0.04 0.40 0.14 0.42 0.37 0.42 + 0.04 0.55 0.19 0.07 unch 0.00 0.13 0.07 0.07 0.07 0.08 0.10 0.09 0.09 - 0.02 0.18 1.64 4.44 3.88 4.43 + 0.64 4.85 4.91 4.52 4.60 - 0.18 5.75 2.79 0.05 0.07 0.06 0.06 - 0.00 0.13 0.05 unch 0.00 0.10 0.08 0.07 0.08 0.04 0.05 0.05 0.05 + 0.00 0.07 0.04 0.07 0.00 0.07 - 0.01 0.15 1.89 1.82 1.89 + 0.01 2.00 1.41 1.42 1.38 1.42 + 0.01 1.60 1.02 0.25 unch 0.00 1.25 0.51 0.44 0.48 0.06 0.09 0.08 0.08 - 0.01 0.16 0.05 0.06 0.05 0.05 - 0.02 0.12 0.23 0.60 0.48 0.49 - 0.02 0.60 0.22 0.40 0.37 0.37 + 0.05 0.41 0.03 0.07 0.00 0.05 - 0.02 0.16 0.04 0.05 0.05 0.05 + 0.01 0.12 0.08 0.10 0.09 0.10 + 0.01 0.12 0.19 0.17 0.19 + 0.02 0.26 0.15 0.14 0.00 0.14 - 0.03 0.19 0.11 0.09 0.08 0.08 + 0.01 0.13 0.04 0.07 0.00 0.07 - 0.00 0.09 0.03 0.05 unch 0.00 0.12 0.07 0.00 0.07 0.12 unch 0.00 0.26 0.23 0.23 0.23 0.35 0.30 0.35 + 0.06 0.35 0.17 0.03 0.08 0.03 0.03 - 0.02 0.56 0.03 unch 0.00 0.07 0.00 0.00 0.05 0.07 0.10 0.09 0.10 - 0.00 0.20 0.10 0.15 0.12 0.13 - 0.02 0.27 0.14 0.08 0.10 + 0.02 0.27 0.06 0.00 0.77 0.03 - 0.07 0.00 0.07 0.06 unch 0.00 0.09 0.08 0.08 0.08 0.06 0.11 0.00 0.11 - 0.03 0.15 0.04 unch 0.00 0.13 0.06 0.06 0.06 0.02 0.02 0.02 - 0.00 0.04 0.00 0.03 0.00 0.02 - 0.01 0.05 0.02 0.07 0.07 0.07 unch 0.00 0.21 0.06 0.04 0.06 0.04 0.04 - 0.01 0.16 8.60 7.91 8.40 + 0.11 10.09 2.52 3.36 13.34 0.14 + 11.15 11.40 10.53 0.13 0.21 0.00 0.19 - 0.02 0.35 0.15 0.27 0.25 0.25 - 0.02 0.51 0.37 0.32 0.35 + 0.02 0.47 0.09 0.28 0.24 0.26 + 0.00 0.35 0.07 0.28 0.26 0.28 + 0.01 0.33 0.23 0.31 0.38 0.36 0.36 - 0.01 0.42 0.07 0.07 0.07 0.07 - 0.01 0.20 0.03 0.05 0.00 0.05 - 0.01 0.14 0.05 0.01 0.20 0.08 0.07 0.08 + 0.13 unch 0.00 0.23 0.00 0.00 0.13 0.03 0.06 0.04 0.04 - 0.01 0.10 1.40 1.87 1.74 1.74 - 0.08 2.00 1.04 1.42 1.34 1.36 - 0.05 1.54 0.07 0.09 0.09 0.09 + 0.01 0.18 0.09 0.11 0.10 0.10 - 0.01 0.26 0.09 0.14 0.12 0.12 - 0.02 0.21 27.82 24.78 27.66 + 3.22 28.27 16.34 12.38 20.94 18.80 20.92 + 2.49 21.25

D-F

2019-09-24 4:49 PM

GLOBAL MINING NEWS

(100s) Stock

THE NORTHERN MINER / SEPTEMBER 30–OCTOBER 13, 2019

Week

12-month

Exc Volume High Low Last Change High Low

Endeavr Silver* N 13556 2.51 2.33 2.49 + 0.13 3.20 1.68 Endeavr Silver T 2445 3.33 3.09 3.32 + 0.17 4.26 2.21 Endurance Gold V 116 0.05 0.05 0.05 unch 0.00 0.07 0.03 Energy Fuels* X 3247 2.10 1.96 1.98 - 0.08 4.09 1.50 Energy Fuels T 555 2.78 2.61 2.63 - 0.11 5.38 2.00 Enforcer Gold* O 19 0.11 0.11 0.11 unch 0.00 0.11 0.02 Enforcer Gold V 25 0.14 0.14 0.14 + 0.01 0.50 0.09 Engineer Gold V 162 0.13 0.13 0.13 - 0.01 0.14 0.05 Engold Mines V 354 0.08 0.07 0.07 - 0.01 0.20 0.07 Engold Mines* O 9 0.07 0.05 0.06 - 0.00 0.11 0.05 Ensurge* O 46 0.05 0.02 0.05 + 0.00 0.07 0.02 0.20 Entree Res* X 1745 0.23 0.20 0.20 - 0.03 0.46 Entree Res T 547 0.30 0.26 0.26 - 0.05 0.61 0.26 ePower Metals* O 29 0.32 0.28 0.28 - 0.03 0.37 0.04 ePower Metals V 320 0.41 0.38 0.39 + 0.01 0.62 0.29 Equinox Gold V 623 8.16 7.32 7.69 - 0.27 8.90 4.25 Equinox Gold* X 517 6.25 5.52 5.80 - 0.15 6.25 5.52 Equitorial Ex V 209 0.04 0.03 0.04 - 0.01 0.06 0.02 Equity Metals* O 4 0.07 0.06 0.07 + 0.01 0.10 0.03 Equity Metals V 353 0.09 0.00 0.09 + 0.01 0.14 0.05 Erdene Res Dev* O 309 0.17 0.14 0.15 - 0.02 0.25 0.12 Erdene Res Dev T 1495 0.22 0.19 0.20 - 0.02 0.33 0.16 Erin Ventures* O 94 0.03 0.03 0.03 unch 0.00 0.11 0.03 Erin Ventures V 407 0.05 0.05 0.05 unch 0.00 0.20 0.04 Ero Copper T 693 22.05 19.89 20.01 - 1.90 25.69 8.55 Ero Copper* O 7 16.68 16.47 16.47 unch 0.00 19.20 6.49 Eros Res Corp* O 25 0.04 0.03 0.04 + 0.00 0.08 0.03 57 0.05 0.00 0.05 - 0.01 0.11 0.05 Eros Res Corp V Eros Res Corp V 57 0.05 0.00 0.05 - 0.01 0.11 0.05 0.04 Eskay Mng* O 13 0.10 0.08 0.09 - 0.01 0.27 Eskay Mng V 230 0.15 0.10 0.10 - 0.03 0.34 0.07 Essex Minerals V 113 0.04 0.03 0.03 - 0.01 0.11 0.03 0.09 Ethos Gold* O 312 0.20 0.16 0.19 - 0.01 0.25 Ethos Gold V 441 0.26 0.22 0.25 - 0.02 0.34 0.12 0.24 Etruscus Res C 35 0.38 0.00 0.32 - 0.02 0.50 Euro Manganese V 275 0.17 0.17 0.17 + 0.01 0.44 0.15 Euro Sun Mg* O 139 0.30 0.25 0.27 - 0.03 1.00 0.17 Euro Sun Mg T 908 0.39 0.34 0.35 - 0.04 1.25 0.23 O 7 0.03 0.02 0.02 unch 0.00 0.14 0.01 EurOmax Res* EurOmax Res T 3 0.05 0.00 0.04 - 0.01 0.21 0.02 O 136 0.02 0.02 0.02 - 0.00 0.27 0.02 European Elect* European Elect V 196 0.03 0.03 0.03 + 0.01 0.35 0.03 O 120 0.26 0.01 0.26 + 0.25 0.26 0.00 European Metal* Eurotin V 1075 0.01 0.00 0.01 unch 0.00 0.10 0.01 EVI Global Grp C 573 0.57 0.46 0.46 - 0.10 1.64 0.40 O 6 0.00 0.00 0.00 unch 0.00 0.06 0.00 Evolving Gold* Evrim Res V 139 0.39 0.35 0.35 unch 0.00 1.63 0.27 0.59 Excellon Res T 976 1.10 0.93 1.07 + 0.09 1.51 Excellon Res* O 313 0.82 0.71 0.82 + 0.08 1.15 0.44 Excelsior Mng* O 177 0.79 0.73 0.79 + 0.04 0.90 0.53 Excelsior Mng T 211 1.05 0.95 1.04 + 0.06 1.15 0.71 ExGen Res Inc V 312 0.02 0.01 0.01 unch 0.00 0.03 0.01 Explor Res* O 39 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.02 Explor Res V 170 0.04 0.00 0.03 - 0.01 0.04 Explorex Res C 84 0.20 0.00 0.20 unch 0.00 0.45 0.15 Fairmile Gold* O 0 0.00 0.00 0.00 unch 0.00 0.00 0.00 Falco Res V 695 0.23 0.21 0.23 + 0.01 0.54 0.20 Falco Res * O 2000 0.16 0.15 0.15 - 0.00 0.34 0.10 0.02 Falcon Gold V 1846 0.06 0.04 0.05 + 0.01 0.06 Fancamp Expl V 239 0.07 0.07 0.07 - 0.01 0.11 0.04 0.03 Far Res* O 278 0.04 0.03 0.04 + 0.00 0.88 Far Res C 497 0.05 0.04 0.05 unch 0.00 0.18 0.04 Fidelity Min V 245 0.03 0.03 0.03 unch 0.00 0.10 0.02 Filo Mg Corp V 95 2.60 2.59 2.60 unch 0.00 3.25 2.00 0 0.00 0.00 2.04 unch 0.00 2.31 1.55 Filo Mg Corp * O Finlay Minrls V 24 0.04 0.04 0.04 unch 0.00 0.06 0.02 Fiore Gold* O 249 0.34 0.32 0.32 + 0.00 0.50 0.16 Fiore Gold V 202 0.45 0.43 0.43 + 0.01 0.63 0.21 Fire River Gol* O 3 0.21 0.01 0.12 - 0.09 0.51 0.00 Firebird Res V 40 0.02 0.02 0.02 unch 0.00 0.04 0.02 FireFox Gold V 200 0.17 0.14 0.16 unch 0.00 0.39 0.09 Firestone Vent V 82 0.05 0.05 0.05 unch 0.00 0.10 0.04 Fireweed Zinc V 143 0.47 0.46 0.46 - 0.01 1.22 0.46 O 16 0.36 0.34 0.34 + 0.00 0.94 0.34 Fireweed Zinc* Firma Holdings* O 169 0.02 0.01 0.02 - 0.00 0.05 0.01 First Cobalt * O 698 0.13 0.12 0.13 - 0.00 0.30 0.09 First Cobalt V 3667 0.17 0.16 0.17 - 0.01 0.38 0.12 O 2993 0.00 0.00 0.00 - 0.00 0.00 0.00 First Colombia* First Energy C 4 0.00 0.00 0.09 unch 0.00 0.20 0.06 unch 0.00 0.18 0.05 First Energy* O 4 0.06 0.05 0.06 First Majestic* N 20276 10.14 9.30 10.09 + 0.78 11.62 4.59 First Majestic T 4396 13.46 12.35 13.42 + 1.04 15.50 6.12 First Mg Fin T 1345 0.28 0.26 0.26 unch 0.00 0.41 0.21 First Mg Fin * O 1028 0.21 0.19 0.20 - 0.00 0.31 0.16 First Point* O 56 0.13 0.10 0.13 + 0.02 0.14 0.06 First Quantum T 29534 12.72 9.96 12.21 + 1.21 17.76 7.84 First Vanadium V 169 0.29 0.25 0.25 - 0.04 1.96 0.25 First Vanadium* O 168 0.23 0.19 0.19 - 0.02 1.60 0.19 Fission 3.0 V 1257 0.07 0.06 0.07 - 0.01 0.30 0.06 Fission 3.0* O 276 0.06 0.05 0.05 - 0.00 0.22 0.05 0.24 Fission Uran* O 679 0.30 0.27 0.29 - 0.01 0.58 Fission Uran T 1140 0.40 0.37 0.38 - 0.02 0.75 0.32 O 0 0.00 0.00 0.04 unch 0.00 0.15 0.03 Fjordland Exp* Fjordland Exp V 250 0.06 0.06 0.06 unch 0.00 0.20 0.04 Focus Graphite* O 801 0.02 0.01 0.02 - 0.00 0.04 0.01 Focus Graphite V 1793 0.03 0.02 0.03 unch 0.00 0.06 0.02 Focus Minerals* O 0 0.00 0.00 0.15 unch 0.00 0.15 0.15 Foran Mng V 38 0.23 0.23 0.23 unch 0.00 0.43 0.22 Forsys Metals T 18 0.19 0.00 0.16 - 0.02 0.32 0.13 25 0.12 0.12 0.12 unch 0.00 0.42 0.08 Fort St J Nick V Fortescue Met* O 96 6.23 0.00 6.14 - 0.10 6.63 2.58 Fortuna Silvr T 2930 4.75 4.42 4.63 + 0.11 6.12 3.22 Fortuna Silvr* N 11124 3.59 3.32 3.49 + 0.09 4.59 2.39 unch 0.00 0.41 0.19 Fortune Bay V 3 0.39 0.00 0.39 Fortune Bay* O 3 0.30 0.00 0.25 - 0.02 0.31 0.10 unch 0.00 0.16 0.07 Fortune Mnrls T 604 0.09 0.08 0.08 Fortune Mnrls* O 336 0.07 0.06 0.06 + 0.01 0.11 0.05 Forum Energy* O 179 0.07 0.05 0.07 + 0.00 0.07 0.02 Forum Energy V 516 0.09 0.07 0.09 + 0.01 0.09 0.03 Four Nines C 2 0.15 0.15 0.15 unch 0.00 0.31 0.10 Fox River Res C 86 0.07 0.07 0.07 unch 0.00 0.10 0.06 FPX Nickel V 50 0.17 0.14 0.16 + 0.01 0.18 0.08 Franco-Nevada* N 3286 95.02 90.41 94.83 + 4.85 101.19 60.47 Franco-Nevada T 3823 126.15 119.74 125.87 + 6.45 133.92 78.50 Franklin Mng* O 25 0.00 0.00 0.00 unch 0.00 0.00 0.00 Freegold Vent T 238 0.10 0.08 0.09 - 0.01 0.13 0.05 N 111480 10.73 10.09 10.47 - 0.29 14.90 8.58 Freeport McMoR* Freeport Res V 211 0.13 0.09 0.09 - 0.01 0.15 0.04 Fremont Gold V 119 0.06 0.06 0.06 unch 0.00 0.19 0.06 Fremont Gold* O 48 0.04 0.04 0.04 unch 0.00 0.18 0.04 Fresnillo plc* O 10 9.23 0.00 9.18 + 0.05 13.76 7.01 Frontier Lith V 372 0.27 0.24 0.25 - 0.02 0.47 0.24 Frontline Gold V 6 0.01 0.01 0.01 unch 0.00 0.02 0.01 Full Metal Mnl* O 0 0.01 0.00 0.01 unch 0.00 0.01 0.00 Fura Gems V 378 0.22 0.00 0.20 + 0.01 0.46 0.14 Fura Gems* O 51 0.16 0.16 0.16 unch 0.00 0.34 0.11

G-H G2 Goldfields* O 5 G2 Goldfields V 487 Gabriel Res* O 30 Gabriel Res V 198 Gainey Capital V 511 Galane Gold V 3379 Galane Gold * O 1618 Galantas Gold V 44 Galantas Gold* O 4 Galore Res V 112 Galway Gold * O 40 Galway Gold V 117 Galway Mtls* O 179 Galway Mtls V 496 GAR Limited C 4209 Garibaldi Res V 1600 Garibaldi Res * O 180 Gatling Explor V 520 Gatling Explor* O 61 General Moly T 11 General Moly* X 888 Generation Min* O 150 Generation Min C 145 Genesis Mtls* O 207 Genesis Mtls V 587 Genius Metals C 60 Gensource Pot V 538 Geomega Res V 252 Geomega Res* O 0 Gespeg Res V 717 Getchell Gold * O 40 Getchell Gold C 1210 Getty Copper V 13 GFG Resources V 243 GFG Resources* O 206 GGL Res* O 0 GGL Res V 9 GGX Gold V 21 GGX Gold* O 66 Giga Metals* O 597 Giga Metals V 1424 Gitennes Expl V 590 Giyani Gold V 494 Giyani Gold* O 115 GK Resources V 100 Glacier Lake V 36 Gldn Predator* O 481 Gldn Predator V 356 Glen Eagle Res* O 65 Glen Eagle Res V 13 Glencore Plc * O 43

0.26 0.00 0.26 unch 0.00 0.26 0.05 0.38 0.31 0.31 - 0.03 0.43 0.13 0.49 0.00 0.49 + 0.08 0.52 0.20 0.67 0.52 0.65 + 0.09 0.71 0.29 0.10 0.09 0.10 unch 0.00 0.16 0.04 0.12 0.07 0.11 + 0.03 0.12 0.04 0.08 0.06 0.08 + 0.02 0.07 0.03 0.07 0.07 0.07 - 0.01 0.15 0.06 0.05 0.05 0.05 unch 0.00 0.10 0.04 0.03 0.03 0.03 unch 0.00 0.05 0.01 0.08 0.07 0.08 + 0.01 0.11 0.00 0.11 0.10 0.10 + 0.01 0.15 0.07 0.24 0.23 0.24 unch 0.00 0.30 0.10 0.32 0.30 0.30 - 0.01 0.44 0.13 0.02 0.01 0.01 - 0.02 0.22 0.01 2.03 1.75 1.82 - 0.02 2.99 0.69 1.52 1.33 1.38 - 0.03 2.30 0.51 0.67 0.59 0.63 + 0.05 0.71 0.13 0.50 0.46 0.46 + 0.01 0.54 0.21 0.28 0.27 0.27 - 0.02 0.59 0.22 0.22 0.19 0.20 - 0.02 0.45 0.16 0.20 0.19 0.19 + 0.00 0.28 0.03 0.26 0.24 0.24 - 0.01 0.36 0.10 0.05 0.04 0.05 - 0.00 0.08 0.04 0.07 0.06 0.07 unch 0.00 0.12 0.06 0.21 0.00 0.19 - 0.03 0.25 0.12 0.12 0.11 0.12 unch 0.00 0.14 0.08 0.15 0.14 0.15 unch 0.00 0.23 0.07 0.00 0.00 0.12 unch 0.00 0.17 0.05 0.03 0.01 0.02 - 0.01 0.05 0.01 0.06 0.06 0.06 unch 0.00 0.19 0.05 0.08 0.08 0.08 unch 0.00 3.60 0.08 0.03 0.03 0.03 unch 0.00 0.07 0.02 0.21 0.18 0.20 + 0.02 0.35 0.17 0.16 0.14 0.15 + 0.01 0.25 0.13 0.00 0.00 0.05 unch 0.00 0.08 0.05 0.10 0.00 0.10 unch 0.00 0.17 0.07 0.21 0.00 0.20 - 0.01 0.41 0.15 0.16 0.15 0.16 unch 0.00 0.29 0.04 0.31 0.26 0.30 + 0.02 0.31 0.11 0.42 0.35 0.40 + 0.02 0.42 0.15 0.04 0.03 0.04 + 0.01 0.05 0.02 0.31 0.23 0.29 + 0.04 0.35 0.07 0.24 0.00 0.24 + 0.04 0.26 0.06 0.27 0.26 0.26 unch 0.00 0.30 0.15 0.07 0.00 0.07 unch 0.00 0.35 0.06 0.28 0.23 0.26 + 0.00 0.38 0.13 0.37 0.32 0.34 + 0.01 0.50 0.18 0.08 0.08 0.08 unch 0.00 0.13 0.06 0.10 0.10 0.10 - 0.01 0.17 0.08 3.25 3.12 3.22 - 0.03 4.51 2.66

20-23_SEPT30_StockTables.indd 21

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Glencore Plc* O 567 Global Atomic* O 104 Global Atomic T 1204 Global Battery V 132 Global Battery* O 144 Global Energy* O 2 Global Energy V 442 Global Gold* O 4 Global Li-Ion C 312 Global Li-Ion* O 8 GlobalMin Vent* O 5 Globex Mng* O 51 Globex Mng T 43 GMV Minerals* O 168 GMV Minerals V 70 GNCC Capital* O 34498 Go Cobalt* O 4 Go Cobalt C 36 GobiMin V 9 God’s Lake Res C 5 GoGold Res T 697 Gold Fields* O 1 Gold Fields* N 65871 Gold Finder Ex V 715 96 Gold Finder Ex* O Gold Reserve V 23 Gold Reserve* O 15 X 3900 Gold Resource* Gold Rush Cari V 596 Gold Std Vents T 1196 Gold Std Vents* X 3255 Goldbank Mng V 0 O 0 Goldbank Mng* Goldcliff Res* O 119 Goldcliff Res V 327 Golden Arrow V 1031 Golden Arrow* O 307 Golden Band* O 750 V 20 Golden Cariboo Golden Dawn Ml V 368 25 Golden Dawn Ml* O Golden Goliath V 347 O 27 Golden Goliath* Golden Harp V 88 Golden Hope V 166 Golden Hope* O 83 Golden Lake C 41 Golden Mnls* X 797 Golden Mnls T 50 Golden Pursuit V 210 Golden Pursuit* O 15 Golden Queen* O 33 Golden Queen V 83 Golden Ridge V 4127 Golden Secret V 101 Golden Share V 28 Golden Star* X 5429 Golden Star T 572 Golden Sun* O 4 Golden Tag V 1436 O 33 Golden Valley* Golden Valley V 68 Goldex Res* O 0 Goldex Res V 32 O 136 Goldgroup Mng* Goldgroup Mng T 84 GoldMining* O 675 GoldMining T 701 GoldON Res V 66 GoldON Res* O 7 Goldplay Expl* O 441 Goldplay Expl V 418 GoldQuest Mng V 149 Goldrea Res C 37 Goldrea Res* O 26 Goldrich Mng* O 42 Goldsource Min* O 570 V 1898 Goldsource Min Goldstar Mnls V 262 V 2025 Goldstrike Res Goliath Res V 6696 Goliath Res* O 480 Gossan Res V 54 GoviEx Uranium* O 494 GoviEx Uranium V 493 Gowest Gold* O 10 Gowest Gold V 18 GPM Metals* O 8 GPM Metals V 5 Gran Colombia* O 280 T 1459 Gran Colombia Granada Gold V 219 O 14 Granada Gold* Grande Portage V 106 Grande Portage* O 125 Granite Creek V 264 Graphite One* O 117 Graphite One V 182 Gratomic V 743 75 Gray Rock Res V Great Atlantic V 23 Great Bear Res V 1073 Great Bear Res* O 237 124 Great Lakes Gr* O Great Panther T 1343 X 7793 Great Panther* Great Thunder V 250 Greatbanks Re V 85 Greatbanks Res* O 0 Green River C 45 Green Swan Cap V 106 Green Valley M V 33 Greencastle Rs V 61 Greenland M&En* O 651 Greenshield Ex V 42 Grid Metals V 32 Grid Metals* O 149 Grizzly Discvr* O 10 Grizzly Discvr V 10 Group Eleven V 100 Group Ten Mtls* O 319 Group Ten Mtls V 430 GrowMax Res* O 211 GSP Resource V 44 GT Gold V 697 GT Gold * O 37 GTA Resources* O 2 Guerrero Vents V 36 Gungnir Res V 84 Gungnir Res* O 73 Gunpoint Expl V 3 Guyana Gldflds T 2765 Guyana Goldstr V 376 Guyana Goldstr* O 109 Handa Mining V 21 Handa Mining* O 25 Handeni Gold* O 161 Hannan Metals V 131 Hannan Metals* O 91 Happy Ck Mnrls V 468 Harfang Explor V 667 Harmony Gold* N 45846 Harte Gold* O 703 Harte Gold T 1535 Harvest Gold* O 315 Harvest Gold V 244 O 50 Hawkeye Gld&Di* Hawkeye Gld&Di V 4314 Heatherdale Rs V 100 Hecla Mining* N 41081 Hemcare Health* O 60 HFX Holding V 46 Highbank Res V 64 Highland Copp V 416 Highland Copp* O 22 Highway 50 Gld V 50 HiHo Silver C 94 Hinterland Mtl* O 0 Hochschild Mg* O 31 Homeland Egy* O 3165 Honey Badger E V 1113 Horizonte Mnls T 19 Hornby Bay Mnl V 21 HudBay Min* N 3392 HudBay Min T 7512 Hudson Res V 104 Hudson Res* O 53 Hunt Mng* O 82 Hunt Mng V 1658 Hut 8 Mining* O 120 Hut 8 Mining V 276 Hybrid Mineral V 130 Hycroft Mining* O 0

6.37 6.19 6.31 - 0.11 8.97 5.29 0.38 0.37 0.38 + 0.02 0.42 0.21 0.50 0.49 0.50 unch 0.00 0.56 0.28 0.10 0.08 0.08 - 0.02 0.23 0.06 0.06 0.06 0.06 unch 0.00 0.16 0.05 0.03 0.03 0.03 unch 0.00 0.08 0.02 0.04 0.03 0.04 + 0.01 0.10 0.03 1.50 1.16 1.50 unch 0.00 2.00 1.16 0.14 0.11 0.11 - 0.03 0.28 0.06 0.09 0.09 0.09 - 0.02 0.21 0.04 0.35 0.30 0.30 unch 0.00 1.89 0.30 0.30 0.00 0.30 unch 0.00 0.31 0.19 0.40 0.39 0.40 + 0.01 0.41 0.25 0.15 0.15 0.15 unch 0.00 0.19 0.07 0.21 0.18 0.18 - 0.01 0.25 0.07 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.04 0.02 0.02 - 0.02 0.26 0.02 0.08 0.08 0.08 unch 0.00 0.38 0.06 0.27 0.27 0.27 unch 0.00 0.45 0.20 6.25 6.25 6.25 unch 0.00 6.25 1.51 0.69 0.60 0.64 - 0.04 0.80 0.19 4.65 4.55 4.65 + 0.10 4.65 2.40 5.21 4.50 5.17 + 0.64 6.29 2.39 0.05 0.04 0.05 + 0.01 0.20 0.04 0.03 0.00 0.03 - 0.01 0.12 0.03 2.41 2.27 2.27 - 0.06 3.67 2.26 1.85 0.00 1.80 - 0.04 2.75 1.40 3.89 3.53 3.72 + 0.16 6.42 2.73 0.02 0.00 0.02 - 0.01 0.15 0.01 1.35 1.17 1.32 + 0.15 2.40 1.08 1.02 0.88 1.00 + 0.12 1.86 0.81 0.00 0.00 0.15 unch 0.00 0.17 0.07 0.00 0.00 0.11 unch 0.00 0.11 0.11 0.10 0.08 0.08 - 0.01 0.11 0.03 0.13 0.12 0.13 + 0.01 0.15 0.05 0.17 0.15 0.16 + 0.01 0.39 0.14 0.12 0.11 0.12 + 0.01 0.30 0.10 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.06 0.00 0.06 unch 0.00 0.07 0.03 0.31 0.22 0.31 + 0.11 0.55 0.10 0.18 0.18 0.18 + 0.03 0.20 0.02 0.08 0.07 0.07 unch 0.00 0.10 0.02 0.06 0.05 0.05 - 0.01 0.08 0.00 0.10 0.00 0.10 unch 0.00 0.17 0.07 0.22 0.15 0.17 - 0.04 0.23 0.05 0.15 0.12 0.12 - 0.03 0.16 0.03 0.12 0.12 0.12 + 0.01 0.14 0.10 0.28 0.24 0.28 + 0.03 0.38 0.19 0.38 0.33 0.38 + 0.05 0.49 0.26 0.09 0.07 0.09 unch 0.00 0.13 0.02 0.05 0.05 0.05 unch 0.00 0.06 0.05 0.22 0.19 0.20 + 0.00 0.29 0.01 0.30 0.26 0.30 + 0.03 1.85 0.20 0.07 0.03 0.05 - 0.02 0.30 0.03 1.40 1.23 1.37 + 0.14 3.10 1.10 0.14 0.12 0.14 - 0.01 0.18 0.07 3.48 3.03 3.44 + 0.35 4.97 2.43 4.62 4.01 4.58 + 0.49 6.48 3.24 0.00 0.00 0.00 + 0.00 0.01 0.00 0.10 0.07 0.09 + 0.01 0.10 0.03 0.30 0.29 0.29 - 0.00 0.34 0.17 0.40 0.37 0.38 unch 0.00 0.44 0.23 0.00 0.00 0.07 unch 0.00 0.25 0.06 0.12 0.10 0.10 - 0.01 0.39 0.08 0.03 0.03 0.03 + 0.00 0.06 0.02 0.05 0.04 0.04 unch 0.00 0.08 0.04 0.94 0.86 0.91 + 0.01 1.08 0.52 1.24 1.15 1.22 + 0.03 1.44 0.71 0.61 0.57 0.58 - 0.02 0.91 0.12 0.46 0.45 0.46 unch 0.00 0.69 0.09 0.18 0.15 0.16 - 0.02 0.22 0.09 0.24 0.21 0.21 - 0.02 0.30 0.11 0.16 0.15 0.16 + 0.01 0.23 0.08 0.06 0.00 0.06 + 0.01 0.11 0.04 0.05 0.04 0.05 + 0.01 0.07 0.03 0.02 0.00 0.02 - 0.00 0.03 0.01 0.09 0.03 0.08 + 0.00 0.16 0.02 0.11 0.10 0.11 + 0.01 0.23 0.04 0.05 0.00 0.05 unch 0.00 0.06 0.03 0.02 0.00 0.02 - 0.01 0.20 0.02 0.14 0.10 0.13 + 0.03 0.17 0.06 0.10 0.08 0.10 + 0.02 0.13 0.04 0.06 0.00 0.06 - 0.01 0.10 0.05 0.12 0.10 0.11 - 0.01 0.20 0.09 0.16 0.14 0.15 - 0.02 0.25 0.12 0.21 0.20 0.21 + 0.00 0.31 0.01 0.27 0.26 0.26 - 0.04 0.60 0.08 0.05 0.04 0.04 - 0.01 0.05 0.02 0.07 0.00 0.07 unch 0.00 0.10 0.06 3.82 3.33 3.78 + 0.25 4.44 1.70 5.10 4.44 5.07 + 0.42 5.91 2.15 0.11 0.10 0.11 + 0.01 0.23 0.09 0.08 0.07 0.08 + 0.01 0.17 0.07 0.20 0.18 0.18 - 0.02 0.34 0.08 0.15 0.14 0.14 - 0.01 0.25 0.06 0.08 0.07 0.07 - 0.01 0.23 0.05 0.14 0.12 0.13 - 0.01 1.00 0.00 0.19 0.15 0.17 - 0.01 0.60 0.12 0.03 0.03 0.03 unch 0.00 0.17 0.02 0.07 0.07 0.07 unch 0.00 0.15 0.05 0.41 0.00 0.41 unch 0.00 1.50 0.30 9.57 8.57 8.99 + 0.40 9.57 1.70 7.23 6.47 6.81 + 0.34 7.23 1.33 0.00 0.00 0.00 - 0.00 0.10 0.00 0.99 0.92 0.99 + 0.01 1.58 0.70 0.75 0.68 0.74 + 0.01 1.19 0.54 0.03 0.03 0.03 unch 0.00 0.03 0.01 0.08 0.07 0.08 unch 0.00 0.15 0.04 0.00 0.00 0.01 unch 0.00 0.01 0.01 0.07 0.05 0.06 - 0.01 0.08 0.04 0.02 0.02 0.02 unch 0.00 0.07 0.02 0.09 0.09 0.09 unch 0.00 1.75 0.06 0.06 0.05 0.05 - 0.01 0.09 0.02 0.10 0.09 0.10 + 0.00 0.12 0.04 0.20 0.11 0.20 + 0.05 0.20 0.05 0.15 0.12 0.12 - 0.03 0.16 0.05 0.10 0.09 0.09 - 0.01 0.12 0.04 0.04 0.04 0.04 unch 0.00 0.11 0.03 0.05 0.05 0.05 unch 0.00 0.14 0.04 0.05 0.05 0.05 - 0.01 0.18 0.04 0.13 0.11 0.12 - 0.00 0.17 0.01 0.17 0.15 0.15 - 0.02 0.23 0.12 0.08 0.00 0.06 + 0.01 0.12 0.00 0.20 0.16 0.17 + 0.02 0.26 0.13 1.05 0.98 1.05 + 0.04 2.15 0.55 0.78 0.75 0.76 + 0.00 1.62 0.42 0.00 0.00 0.00 unch 0.00 0.02 0.00 0.14 0.14 0.14 unch 0.00 0.17 0.06 0.10 0.09 0.09 - 0.01 0.39 0.06 0.08 0.06 0.08 + 0.01 0.29 0.04 0.55 0.00 0.55 unch 0.00 0.68 0.38 1.08 0.98 1.03 + 0.03 3.40 0.80 0.12 0.10 0.11 - 0.02 0.29 0.10 0.09 0.07 0.08 - 0.02 0.23 0.07 0.03 0.03 0.03 - 0.01 0.08 0.03 0.02 0.02 0.02 unch 0.00 0.05 0.01 0.04 0.00 0.04 + 0.01 0.05 0.02 0.09 0.06 0.06 - 0.02 0.19 0.05 0.06 0.04 0.04 - 0.02 0.15 0.04 0.12 0.09 0.11 - 0.01 0.20 0.09 0.28 0.26 0.26 unch 0.00 0.32 0.18 3.23 2.92 3.22 + 0.23 3.86 1.47 0.21 0.20 0.20 - 0.01 0.38 0.15 0.28 0.27 0.27 - 0.01 0.55 0.21 0.02 0.01 0.01 + 0.00 0.08 0.00 0.02 0.02 0.02 unch 0.00 0.10 0.01 0.04 0.04 0.04 unch 0.00 0.05 0.00 0.07 0.05 0.05 - 0.01 0.07 0.03 0.03 0.03 0.03 unch 0.00 0.04 0.02 2.00 1.82 1.98 + 0.17 3.09 1.21 1.05 0.52 0.95 + 0.40 1.54 0.41 0.02 0.01 0.02 + 0.01 0.06 0.01 0.02 0.02 0.02 unch 0.00 0.04 0.01 0.04 0.04 0.04 - 0.01 0.14 0.03 0.03 0.02 0.03 + 0.00 0.12 0.02 0.18 0.18 0.18 + 0.01 0.46 0.13 0.06 0.03 0.04 - 0.01 0.08 0.02 0.00 0.00 0.00 unch 0.00 0.14 0.00 2.62 2.54 2.62 + 0.10 2.79 1.90 0.55 0.13 0.13 - 0.38 3.21 0.18 0.02 0.02 0.02 unch 0.00 0.06 0.02 0.08 0.07 0.07 - 0.01 0.09 0.03 0.02 0.00 0.02 unch 0.00 0.04 0.02 4.08 3.63 3.92 - 0.04 7.83 2.99 5.41 4.83 5.22 - 0.05 10.42 3.98 0.37 0.35 0.36 unch 0.00 0.53 0.32 0.28 0.26 0.27 + 0.00 0.39 0.25 0.05 0.03 0.05 + 0.02 0.20 0.00 0.06 0.04 0.05 + 0.01 0.32 0.04 1.66 1.53 1.58 - 0.02 2.56 0.60 2.21 2.01 2.10 - 0.08 3.41 0.76 0.05 0.04 0.04 - 0.01 0.15 0.03 0.00 0.00 0.00 unch 0.00 0.13 0.00

I-Minerals I-Minerals* IAMGOLD* IAMGOLD

0.05 0.05 0.05 unch 0.00 0.19 0.04 0.03 0.03 0.03 - 0.01 0.14 0.03 3.79 3.24 3.76 + 0.51 4.17 2.28 5.03 4.30 4.99 + 0.66 5.55 3.08

I-J-K V 82 O 6 N 31452 T 10043

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Icon Explor* O 0 Iconic Mnls V 213 Iconic Mnls * O 29 Idaho Champion C 105 IEMR Res V 250 iMetal Res V 2363 iMetal Res* O 100 IMPACT Silver V 361 Impala Platnm* O 2 Imperial Metal* O 230 Imperial Metal T 372 52 Imperial Mg Gr V Inca One Gold* O 31 Inca One Gold V 725 Inception Mng * O 10 Independence G* O 109 Independence G V 121 Indico Res V 435 Indigo Expl V 125 Infinite Lith V 66 Inform Res V 780 Infrastructure* O 44 Inomin Mines V 16 Inspiration Mg* O 1 Integra Res* O 552 Integra Res V 1404 Inter-Rock Mnl V 244 Intercontinent V 3 Intercontinent* O 0 Intl Battery* O 147 Intl Battery C 265 Intl Bethl Mng V 380 Intl Cobalt C 1034 Intl Cobalt* O 91 Intl Lithium* O 29 Intl Lithium V 165 Intl Montoro* O 40 Intl Montoro V 209 1 Intl Prospect * O Intl Prospect V 1 305 Intl Samuel Ex V Intl Star* O 18960 712 Intl Tower Hil* X Intl Tower Hil T 34 Intl Zeolite V 145 Intl Zeolite* O 29 Intrepid Pots* N 2595 INV Metals* O 12 INV Metals T 245 Inventus Mg * O 222 Inventus Mg V 96 InZinc Mining V 53 InZinc Mining* O 50 Irving Res* O 78 Irving Res C 116 IsoEnergy Ltd V 162 Itafos* O 15 Itafos V 17 Itoco Inc* O 1972 Ivanhoe Mines* O 419 T 2927 Ivanhoe Mines Jade Leader* O 255 Jade Leader V 30 Jaeger Res * O 3 Jaeger Res V 1 Jaguar Mng* O 978 Jaguar Mng T 748 Japan Gold V 943 Japan Gold* O 241 Jaxon Mining V 265 Jayden Res V 404 JDF Explor Inc C 478 Jervois Mining* O 657 V 1791 Jervois Mining Jiulian Res V 277 Josemaria Res* O 15 Josemaria Res T 183 Joshua Gold* O 12 Jourdan Res V 100 Jubilee Gold V 4 Jubilee Metals* O 31 Juggernaut Exp V 629 Juggernaut Exp* O 214 Jupiter Gold* O 0 K2 Gold V 201 K92 Mining* O 580 K92 Mining V 1234 Kaizen Discov V 240 Kaizen Discvry* O 697 Kal Minerals C 3 V 22 Kapuskasing Gd Karmin Expl V 58 Karnalyte Res T 36 KAT Expl* O 8173 Katanga Mng T 1019 Kenadyr Mining V 39 Kenadyr Mining* O 22 Kermode Res V 2 Kerr Mines* O 416 Kerr Mines T 524 Kesselrun Res* O 5 Kesselrun Res V 43 Kestrel Gold V 32 V 2267 Kilo Goldmines Kilo Goldmines* O 24 V 89 Kincora Copper Kincora Copper* O 37 Kings Bay Res* O 2 Kingsmen Res V 33 Kingsmen Res* O 60 Kinross Gold T 31225 Kinross Gold* N 98686 Kintavar Exp V 195 Kirkland Lake* N 7636 Kirkland Lake T 14749 Klondike Gold* O 195 Klondike Gold V 240 Klondike Silv* O 61 Klondike Silv V 424 Kombat Copper V 81 Komet Resource V 20 Kootenay Silvr* O 848 Kootenay Silvr V 2289 O 14 Kootenay Zinc* Kootenay Zinc C 20 KOPR Point C 154 Kore Mining V 389 Kore Mining * O 151 Kutcho Copper * O 71 KWG Res* O 11 KWG Res C 1122

0.00 0.00 0.09 unch 0.00 0.21 0.07 0.07 0.06 0.06 unch 0.00 0.19 0.06 0.05 0.05 0.05 - 0.00 0.14 0.05 0.07 0.07 0.07 unch 0.00 0.40 0.07 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.09 0.07 0.08 + 0.01 0.19 0.04 0.06 0.06 0.06 + 0.02 0.14 0.03 0.44 0.39 0.41 + 0.01 0.51 0.20 6.25 6.25 6.25 unch 0.00 6.25 1.82 1.74 1.40 1.51 - 0.17 2.60 0.76 2.50 1.87 1.99 - 0.26 3.50 0.99 0.08 0.08 0.08 unch 0.00 0.11 0.05 0.03 0.02 0.02 - 0.00 0.05 0.02 0.04 0.03 0.03 - 0.01 0.05 0.03 0.08 0.00 0.08 unch 0.00 0.55 0.00 0.06 0.05 0.06 + 0.01 0.08 0.00 0.08 0.07 0.08 + 0.01 0.10 0.04 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.02 0.02 0.02 unch 0.00 0.02 0.01 0.07 0.06 0.06 - 0.01 0.17 0.05 0.04 0.04 0.04 unch 0.00 0.10 0.03 0.00 0.00 0.00 - 0.00 0.00 0.00 0.03 0.00 0.03 unch 0.00 0.05 0.02 0.00 0.00 0.00 unch 0.00 0.03 0.00 1.07 0.98 1.04 + 0.05 1.07 0.44 1.41 1.32 1.37 + 0.06 1.41 0.61 0.30 0.26 0.26 - 0.01 0.35 0.19 0.24 0.00 0.24 - 0.02 0.41 0.09 0.00 0.00 0.20 unch 0.00 0.30 0.07 0.13 0.10 0.11 + 0.01 0.19 0.03 0.16 0.13 0.16 + 0.02 0.24 0.05 0.04 0.04 0.04 unch 0.00 0.10 0.02 0.02 0.02 0.02 + 0.01 0.09 0.01 0.02 0.01 0.02 + 0.00 0.07 0.00 0.03 0.02 0.02 + 0.00 0.08 0.02 0.04 0.03 0.03 unch 0.00 0.10 0.03 0.03 0.03 0.03 unch 0.00 0.06 0.02 0.05 0.04 0.04 - 0.01 0.09 0.04 0.06 0.06 0.06 unch 0.00 0.16 0.06 0.00 0.00 0.09 unch 0.00 0.21 0.09 0.02 0.02 0.02 unch 0.00 0.09 0.02 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.57 0.51 0.51 - 0.02 0.72 0.35 0.75 0.68 0.68 - 0.02 0.94 0.48 0.07 0.00 0.06 - 0.02 0.16 0.05 0.05 0.00 0.05 - 0.01 0.12 0.01 3.78 3.36 3.43 - 0.28 4.41 2.51 0.34 0.31 0.34 + 0.03 0.59 0.22 0.47 0.00 0.45 + 0.05 0.83 0.30 0.08 0.07 0.07 - 0.00 0.12 0.07 0.11 0.10 0.11 + 0.01 0.16 0.10 0.03 0.00 0.03 unch 0.00 0.07 0.03 0.03 0.03 0.03 unch 0.00 0.06 0.02 2.04 1.89 2.00 + 0.10 2.50 0.70 2.70 2.50 2.64 + 0.13 3.25 0.91 0.56 0.46 0.50 + 0.03 0.79 0.29 0.81 0.00 0.76 - 0.42 1.25 0.39 1.11 0.95 1.08 - 0.17 1.65 0.53 0.35 0.23 0.34 + 0.05 0.53 0.02 2.92 2.65 2.70 - 0.24 3.46 1.50 3.86 3.51 3.58 - 0.30 4.54 2.04 0.27 0.25 0.27 unch 0.00 0.27 0.13 0.31 0.28 0.28 - 0.07 0.35 0.13 0.01 0.00 0.01 unch 0.00 0.02 0.01 0.02 0.00 0.02 unch 0.00 0.04 0.02 0.17 0.13 0.14 - 0.02 0.22 0.05 0.22 0.18 0.19 - 0.02 0.30 0.07 0.39 0.35 0.35 unch 0.00 0.43 0.07 0.30 0.26 0.26 - 0.00 0.32 0.06 0.05 0.00 0.05 + 0.01 0.14 0.04 0.02 0.00 0.02 unch 0.00 0.20 0.01 0.53 0.50 0.53 unch 0.00 0.71 0.01 0.17 0.16 0.16 + 0.00 0.20 0.12 0.24 0.20 0.20 - 0.02 0.24 0.13 0.03 0.02 0.02 - 0.01 0.14 0.01 0.55 0.00 0.54 unch 0.00 0.91 0.51 0.74 0.68 0.68 - 0.01 1.22 0.63 0.14 0.10 0.14 unch 0.00 0.26 0.10 0.02 0.00 0.02 unch 0.00 0.06 0.02 0.85 0.58 0.85 + 0.27 0.85 0.54 0.04 0.04 0.04 unch 0.00 0.04 0.03 0.06 0.04 0.05 - 0.01 0.33 0.04 0.05 0.04 0.04 - 0.01 0.27 0.04 0.00 0.00 1.75 unch 0.00 2.25 0.90 0.31 0.30 0.30 + 0.03 0.37 0.16 1.53 1.39 1.49 + 0.03 2.08 0.51 2.02 1.90 1.98 + 0.02 2.67 0.67 0.05 0.04 0.05 unch 0.00 0.09 0.04 0.04 0.03 0.04 + 0.01 0.07 0.03 0.13 0.00 0.13 + 0.01 0.25 0.12 0.08 0.05 0.05 - 0.03 0.12 0.03 1.01 1.01 1.01 unch 0.00 1.02 0.60 0.23 0.21 0.23 + 0.04 0.36 0.15 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.55 0.48 0.50 - 0.05 0.83 0.30 0.09 0.08 0.09 + 0.01 0.11 0.05 0.06 0.06 0.06 + 0.00 0.09 0.04 0.00 0.00 0.01 unch 0.00 0.02 0.01 0.17 0.15 0.17 + 0.00 0.21 0.07 0.23 0.21 0.22 + 0.01 0.27 0.11 0.03 0.03 0.03 unch 0.00 0.05 0.02 0.05 0.05 0.05 unch 0.00 0.07 0.03 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.01 0.00 0.01 + 0.01 0.02 0.01 0.08 0.07 0.08 + 0.01 0.17 0.07 0.07 0.05 0.05 - 0.01 0.13 0.05 0.00 0.00 0.00 unch 0.00 0.04 0.00 0.08 0.08 0.08 unch 0.00 0.70 0.07 0.06 0.01 0.06 - 0.00 0.52 0.01 6.96 6.31 6.88 + 0.61 7.10 3.15 5.25 4.76 5.18 + 0.46 5.32 2.38 0.18 0.16 0.17 - 0.01 0.30 0.11 47.59 42.88 47.22 + 4.84 51.08 17.65 63.52 56.88 63.52 + 7.23 67.87 22.64 0.27 0.24 0.25 - 0.00 0.35 0.10 0.35 0.33 0.33 - 0.01 0.45 0.17 0.03 0.00 0.03 - 0.00 0.05 0.02 0.04 0.04 0.04 - 0.01 0.07 0.03 0.18 0.16 0.16 + 0.01 0.18 0.05 0.12 0.12 0.12 unch 0.00 0.28 0.10 0.20 0.15 0.19 + 0.02 0.23 0.08 0.26 0.20 0.25 + 0.02 0.32 0.11 0.11 0.04 0.08 - 0.02 0.17 0.02 0.09 0.00 0.08 - 0.01 0.29 0.05 0.04 0.03 0.03 - 0.01 0.35 0.01 0.39 0.37 0.38 + 0.01 0.41 0.08 0.29 0.28 0.28 + 0.00 0.31 0.09 0.19 0.15 0.18 + 0.02 0.35 0.10 0.00 0.00 0.00 - 0.01 0.02 0.00 0.01 0.01 0.01 unch 0.00 0.02 0.01

La Imperial C 75 Labrador Gold* O 23 Labrador Gold V 18 Labrador IMH* O 138 Labrador IOR* O 4 Labrador IOR T 1657 Lara Expl V 159 Laramide Res T 277 Laredo Res* O 664 Largo Res T 2251 Largo Res* O 669 Lateral Gold V 17 Latin American V 40 Latin American* O 17 Latin Metals* O 15 Latin Metals V 77 Laurion Mnl Ex* O 71 Laurion Mnl Ex V 793 Le Mare Gold* O 2 Le Mare Gold V 11 Leading Edge* O 219 Leading Edge V 208 Leagold Mg T 2058 Leagold Mg* O 817 Leeta Gold V 5669 Legion Metals C 4416 Leo Res* O 5 Lepanto Con Mg* O 100 Libero Copper* O 123 Libero Copper V 1262 Liberty Gold* O 1843 Liberty One Li V 310 Liberty One Li* O 176 LiCo Energy* O 32 LiCo Energy V 630 Lincoln Mng V 73 Lion One Mtls V 474 Lion One Mtls* O 339 Lions Bay Cap V 5 Lions Bay Mg C 76 Lions Bay Mg * O 7 Lithion Energy* O 5 Lithium Amer* N 1482 Lithium Amer T 2273 Lithium Chile V 47 Lithium Chile* O 48

0.02 0.02 0.02 unch 0.00 0.07 0.02 0.14 0.00 0.09 - 0.01 0.21 0.09 0.19 0.13 0.13 - 0.06 0.27 0.13 0.00 0.00 0.00 - 0.00 0.03 0.00 20.91 20.03 20.47 + 0.35 27.20 17.28 27.83 26.46 27.11 + 0.03 36.01 22.25 0.58 0.53 0.53 - 0.02 0.62 0.41 0.26 0.25 0.26 + 0.01 0.52 0.21 0.01 0.00 0.01 unch 0.00 0.02 0.00 1.75 1.55 1.65 - 0.04 4.65 1.33 1.33 1.16 1.23 - 0.06 3.56 0.99 0.09 0.07 0.09 + 0.03 0.68 0.04 0.02 0.00 0.01 - 0.01 0.03 0.01 0.00 0.00 0.00 unch 0.00 0.02 0.00 0.09 0.09 0.09 unch 0.00 0.11 0.02 0.14 0.14 0.14 unch 0.00 0.34 0.08 0.15 0.00 0.15 + 0.00 0.16 0.05 0.21 0.20 0.20 - 0.01 0.22 0.07 0.03 0.03 0.03 - 0.00 0.14 0.00 0.05 0.00 0.05 unch 0.00 0.18 0.03 0.13 0.10 0.11 - 0.02 0.35 0.07 0.16 0.14 0.14 - 0.03 0.45 0.10 2.91 2.65 2.91 + 0.25 3.07 1.28 2.20 1.99 2.16 + 0.18 2.33 0.95 0.35 0.26 0.28 + 0.01 0.82 0.24 0.56 0.46 0.51 - 0.01 0.83 0.30 0.03 0.00 0.03 + 0.01 0.60 0.01 0.00 0.00 0.00 - 0.00 0.00 0.00 0.14 0.13 0.13 + 0.01 0.18 0.04 0.19 0.16 0.17 + 0.02 0.23 0.07 0.60 0.48 0.59 + 0.10 0.60 0.21 0.07 0.06 0.06 - 0.01 0.18 0.06 0.05 0.04 0.05 - 0.00 0.18 0.04 0.03 0.02 0.03 - 0.01 0.18 0.02 0.04 0.03 0.04 + 0.01 0.23 0.03 0.02 0.00 0.02 unch 0.00 0.03 0.01 0.79 0.69 0.79 + 0.11 0.79 0.35 0.60 0.52 0.60 + 0.10 0.60 0.24 0.05 0.05 0.05 unch 0.00 0.10 0.04 0.18 0.00 0.18 + 0.11 0.20 0.03 0.13 0.00 0.13 + 0.08 0.14 0.00 0.33 0.33 0.33 unch 0.00 0.35 0.02 3.60 2.93 3.03 - 0.58 5.12 2.75 4.72 3.89 3.97 - 0.81 6.62 3.74 0.38 0.36 0.37 + 0.01 0.79 0.35 0.29 0.27 0.28 + 0.01 0.62 0.26

L

(100s) Stock

Week

21

12-month

Exc Volume High Low Last Change High Low

Lithium Corp* O 394 Lithium Energi V 22 Lithium Expl* O 4609 Lithoquest Dia V 63 LKA Gold* O 18 Lode-Star Mg* O 3 Logan Res* O 1 Logan Res V 368 Lomiko Mtls V 776 Lomiko Mtls* O 168 Loncor Res* O 50 Loncor Res T 343 Lone Star Gold* O 35 Los Andes* O 0 Los Andes V 2230 Lucara Diam T 506 Lucky Min V 3435 Lucky Min* O 61 Luckystrike * O 46 Luckystrike V 1082 Lumina Gold* O 49 Lumina Gold V 481 Luminex Res V 145 Lundin Gold T 1483 Lundin Mng* O 309 Lundin Mng T 7475 Lupaka Gold * O 0 Lupaka Gold V 58 Lydian Intl* O 164 Lydian Intl T 9003 Lynas Corp* O 393 Lynas Corp* O 67

0.08 0.06 0.07 + 0.00 0.22 0.05 0.11 0.10 0.10 - 0.02 0.36 0.10 0.02 0.01 0.01 - 0.00 0.02 0.00 0.09 0.07 0.08 unch 0.00 0.30 0.07 0.14 0.00 0.11 + 0.04 0.43 0.07 0.05 0.05 0.05 unch 0.00 0.15 0.02 0.07 0.00 0.07 - 0.02 0.12 0.00 0.12 0.09 0.10 unch 0.00 0.24 0.08 0.05 0.03 0.05 + 0.01 0.09 0.03 0.04 0.03 0.04 + 0.01 0.07 0.02 0.13 0.13 0.13 unch 0.00 0.20 0.04 0.21 0.19 0.20 + 0.01 0.21 0.06 1.00 0.00 0.74 + 0.14 2.12 0.05 0.00 0.00 0.26 unch 0.00 0.40 0.14 0.45 0.34 0.34 - 0.08 0.52 0.15 1.20 1.11 1.13 - 0.02 2.28 1.04 0.05 0.04 0.05 + 0.01 0.20 0.03 0.04 0.03 0.04 + 0.01 0.14 0.03 0.10 0.00 0.06 - 0.03 0.35 0.06 0.12 0.03 0.03 - 0.09 0.48 0.03 0.47 0.43 0.46 - 0.01 1.03 0.35 0.63 0.57 0.61 + 0.01 0.78 0.46 0.81 0.74 0.80 + 0.01 1.05 0.51 9.02 8.16 8.84 + 0.71 9.04 4.42 5.26 4.85 5.00 - 0.18 5.94 3.60 6.83 6.53 6.66 - 0.21 7.96 4.70 0.00 0.00 0.01 unch 0.00 0.13 0.01 0.02 0.02 0.02 unch 0.00 0.21 0.02 0.09 0.07 0.07 - 0.01 0.21 0.05 0.11 0.10 0.10 unch 0.00 0.28 0.07 1.84 1.71 1.80 + 0.05 2.29 1.05 1.80 1.70 1.77 + 0.05 2.33 1.05

M M.P.V. Explor C 923 0.15 0.14 0.15 unch 0.00 0.18 0.06 Macarthur Min* O 42 0.06 0.05 0.05 + 0.00 0.31 0.01 V 1235 0.07 0.06 0.06 - 0.01 0.17 0.02 Macarthur Min MacDonald Mns* O 65 0.09 0.07 0.08 - 0.00 0.09 0.02 V 1765 0.13 0.10 0.11 - 0.01 0.13 0.03 MacDonald Mns MAG Silver T 1412 15.57 14.52 14.93 + 0.21 18.60 8.10 Magellan Gold* O 2 2.30 0.00 2.30 unch 0.00 3.80 0.80 Magna Gold V 416 0.55 0.35 0.40 + 0.05 0.55 0.19 Magna Gold* O 92 0.36 0.29 0.33 + 0.06 0.36 0.27 Magna Terra* O 4 0.01 0.01 0.01 unch 0.00 0.04 0.01 Magna Terra V 2472 0.02 0.01 0.01 - 0.01 0.05 0.01 unch 0.00 0.10 0.04 Majestic Gold V 569 0.05 0.05 0.05 Majestic Gold* O 0 0.04 0.00 0.04 + 0.00 0.08 0.03 Makena Res* O 514 0.73 0.47 0.71 + 0.25 2.18 0.42 Mako Mining V 647 0.22 0.20 0.22 - 0.01 0.24 0.09 0.01 Mako Mining* O 303 0.17 0.15 0.16 - 0.01 0.18 Mammoth Res V 40 0.03 0.03 0.03 unch 0.00 0.09 0.02 0.45 Mandalay Res T 542 1.30 1.16 1.29 + 0.06 1.65 Mandalay Res* O 59 0.95 0.00 0.95 + 0.01 1.12 0.03 Manganese X* O 34 0.07 0.06 0.07 - 0.00 0.16 0.06 Manganese X V 86 0.12 0.10 0.10 unch 0.00 0.20 0.08 V 327 0.05 0.04 0.04 unch 0.00 0.05 0.02 Mangazeya Mng Mangazeya Mng* O 90 0.03 0.02 0.03 + 0.01 0.04 0.01 Manitou Gold V 907 0.05 0.05 0.05 unch 0.00 0.11 0.03 unch 0.00 0.14 0.08 Maple Gold V 1300 0.09 0.08 0.09 Maple Gold* O 138 0.07 0.06 0.07 + 0.00 0.11 0.05 Marathon Gold* O 522 1.05 0.97 1.04 + 0.09 1.14 0.49 Marathon Gold T 961 1.39 1.29 1.39 + 0.12 1.50 0.65 Margaret Lake V 692 0.04 0.00 0.04 - 0.01 0.11 0.02 Margaux Res V 48 0.11 0.08 0.11 + 0.02 0.15 0.03 0.05 Marifil Mines V 140 0.13 0.10 0.11 - 0.01 0.18 Marifil Mines* O 122 0.10 0.08 0.10 + 0.01 0.14 0.04 Mariner Res C 50 0.16 0.16 0.16 unch 0.00 0.20 0.15 Maritime Res V 193 0.10 0.09 0.09 - 0.01 0.12 0.08 MartinMarietta* N 2617 271.50 260.23 266.41 + 2.37 271.50 150.75 Mas Gold V 390 0.07 0.07 0.07 unch 0.00 0.16 0.04 Mascota Res* O 3 1.50 1.50 1.50 unch 0.00 2.50 1.50 O 195 0.26 0.19 0.19 - 0.05 0.86 0.17 Mason Graphite* Mason Graphite V 487 0.34 0.25 0.26 - 0.07 1.12 0.22 V 25 0.12 0.11 0.11 - 0.01 0.25 0.11 Matachewan Con Matica Ent C 2179 0.06 0.05 0.05 unch 0.00 0.32 0.05 unch 0.00 0.03 0.00 Matmown* O 125 0.01 0.01 0.01 Maverix Metals T 102 6.03 5.63 5.63 - 0.36 6.96 3.92 Maverix Metals* X 76 5.00 4.25 4.25 - 0.27 5.50 1.51 Mawson Res* O 41 0.14 0.12 0.13 - 0.01 0.27 0.11 Mawson Res T 331 0.19 0.00 0.18 - 0.01 0.39 0.15 MAX Res V 891 0.08 0.06 0.08 unch 0.00 0.50 0.06 0.03 MaxTech Vent C 537 0.13 0.07 0.07 - 0.03 0.31 MaxTech Vent* O 53 0.07 0.04 0.05 - 0.01 0.25 0.02 Maxwell Res* O 0 0.00 0.00 1.20 unch 0.00 4.54 0.20 29 1.44 1.35 1.44 + 0.09 2.16 1.20 Maya Gold &Sil* O Maya Gold &Sil T 147 2.08 1.72 2.08 + 0.35 2.85 1.58 V 47 0.07 0.05 0.06 + 0.02 0.18 0.05 Mazarin MBMI Res V 3 0.23 0.00 0.23 unch 0.00 0.56 0.04 0.59 McChip Res V 15 0.60 0.59 0.60 + 0.01 0.93 McEwen Mng T 1947 2.37 2.16 2.36 + 0.20 3.20 1.67 N 23442 1.79 1.61 1.77 + 0.14 2.44 1.23 McEwen Mng* McLaren Res C 152 0.04 0.03 0.04 + 0.01 0.05 0.01 MDN Inc* O 1 0.16 0.16 0.16 unch 0.00 0.26 0.11 Mechel* N 406 2.07 1.94 2.05 + 0.10 3.29 1.53 0.09 Medallion Res V 199 0.12 0.11 0.11 - 0.01 0.28 Medallion Res* O 93 0.09 0.00 0.08 - 0.01 0.21 0.06 Medgold Res* O 10 0.08 0.08 0.08 unch 0.00 0.30 0.07 Medgold Res V 286 0.11 0.09 0.09 - 0.02 0.32 0.09 Medinah Mnrls* O 1707 0.00 0.00 0.00 + 0.00 0.00 0.00 T 669 0.10 0.09 0.09 - 0.01 0.15 0.08 Mega Uranium Mega Uranium* O 156 0.08 0.06 0.07 - 0.00 0.12 0.05 Megastar Dev V 225 0.10 0.09 0.09 - 0.01 0.19 0.04 Megastar Dev* O 1 0.07 0.07 0.07 unch 0.00 0.07 0.07 0.06 MegumaGold C 347 0.08 0.00 0.08 + 0.01 0.26 Melior Res V 6359 0.20 0.01 0.03 - 0.17 0.80 0.01 Melkior Res V 936 0.03 0.02 0.03 - 0.01 0.13 0.02 Mensa Mng Corp* O 0 0.00 0.00 0.00 unch 0.00 Merger Mines* O 0 0.00 0.00 25.00 unch 0.00 Meridian Mg * O 23 0.08 0.08 0.08 unch 0.00 0.13 0.05 Meridian Mg V 9 0.12 0.11 0.11 + 0.01 0.22 0.06 Meridius Res V 410 0.16 0.16 0.16 unch 0.00 0.22 0.09 Meryllion Res* O 2 0.01 0.00 0.00 - 0.01 0.02 0.00 Meryllion Res C 346 0.01 0.00 0.01 - 0.01 0.04 0.01 Mesa Expl* O 95 0.00 0.00 0.00 unch 0.00 0.04 0.00 MetalCorp V 50 0.01 0.01 0.01 unch 0.00 0.02 0.01 Metalex Vent V 461 0.08 0.04 0.06 + 0.02 0.08 0.02 Metalla Rylty* O 435 0.95 0.88 0.93 + 0.02 1.08 0.52 Metalla Rylty V 425 1.24 1.18 1.23 + 0.02 1.43 0.69 Metallic Mnrls* O 318 0.15 0.13 0.14 - 0.00 0.19 0.08 Metallic Mnrls V 652 0.20 0.18 0.19 - 0.01 0.25 0.11 Metallica Min* O 30 0.01 0.01 0.01 + 0.00 0.03 0.01 Metallis Res V 79 0.80 0.72 0.77 + 0.02 1.36 0.39 Metalo Manuf C 3 0.13 0.00 0.13 unch 0.00 0.45 0.10 Metalore Res V 5 2.60 1.50 2.10 + 0.90 2.85 0.89 Metals Creek V 90 0.05 0.04 0.05 unch 0.00 0.06 0.03 Metals Creek* O 21 0.04 0.03 0.04 - 0.01 0.05 0.02 Metals X* O 219 0.15 0.14 0.15 unch 0.00 0.42 0.11 Mexican Gold* O 22 0.09 0.09 0.09 - 0.00 0.17 0.06 Mexus Gold* O 6503 0.02 0.01 0.02 + 0.00 0.03 0.00 O 281 0.16 0.13 0.14 - 0.02 0.58 0.11 MGX Minerals* MGX Minerals C 606 0.21 0.18 0.18 - 0.04 0.74 0.15 Michelin C 2 0.20 0.00 0.18 - 0.12 0.50 0.18 0.56 Midas Gold T 319 0.70 0.66 0.68 + 0.02 1.10 Midas Gold* O 647 0.52 0.48 0.50 - 0.00 0.85 0.41 0.08 Midasco Cap V 3 0.10 0.08 0.08 - 0.02 0.11 Midland Expl V 45 0.89 0.82 0.83 - 0.05 1.46 0.66 Midnight Star C 41 0.17 0.00 0.17 + 0.03 0.40 0.11 0.10 Midnight Sun V 584 0.12 0.12 0.12 + 0.01 0.19 Millennial Lit* O 307 1.18 1.00 1.13 + 0.00 1.59 0.67 Millennial Lit V 241 1.56 1.42 1.50 unch 0.00 2.12 1.04 0.05 Millrock Res* O 101 0.07 0.06 0.07 + 0.01 0.14 Millrock Res V 147 0.09 0.00 0.09 + 0.01 0.17 0.07 V 550 0.46 0.38 0.45 + 0.05 0.58 0.32 Minaurum Gold Minaurum Gold* O 355 0.35 0.28 0.35 + 0.04 0.45 0.23 Minco Silver* O 165 0.65 0.57 0.65 + 0.05 0.73 0.24 0.35 Minco Silver T 319 0.87 0.74 0.87 + 0.09 0.99 Minera Alamos * O 1354 0.15 0.13 0.15 + 0.01 0.15 0.06 Minera Alamos V 3413 0.20 0.18 0.19 + 0.02 0.20 0.09 Minera IRL C 2389 0.19 0.13 0.16 + 0.07 0.19 0.05 Minera IRL* O 60 0.00 0.00 0.13 unch 0.00 0.13 0.13 Mineral Mtn V 230 0.18 0.17 0.18 + 0.01 0.22 0.07 Mineral Mtn* O 118 0.14 0.13 0.14 + 0.01 0.17 0.05 MineralRite* O 9961 0.00 0.00 0.00 - 0.00 0.00 0.00 Mineworx Tech V 1006 0.11 0.09 0.10 - 0.01 0.19 0.07 Mineworx Tech* O 213 0.08 0.07 0.07 - 0.01 0.15 0.06 Minfocus Expl V 318 0.05 0.04 0.04 unch 0.00 0.09 0.03 Minfocus Expl* O 0 0.00 0.00 0.04 unch 0.00 0.07 0.02 Mining Global* O 2602 0.00 0.00 0.00 unch 0.00 0.00 0.00 Minnova Corp V 169 0.12 0.11 0.12 + 0.01 0.79 0.09 Miramont Res* O 296 0.11 0.09 0.11 + 0.03 0.48 0.07 Miramont Res C 413 0.15 0.12 0.14 + 0.02 0.63 0.10 Mirasol Res V 308 0.58 0.50 0.57 + 0.03 1.55 0.49 Mistango River C 62 0.04 0.00 0.02 - 0.01 0.05 0.01 Mkango Res V 433 0.10 0.09 0.10 + 0.01 0.19 0.09 ML Gold* O 164 0.11 0.10 0.10 - 0.02 0.54 0.01 ML Gold Corp V 356 0.14 0.11 0.12 - 0.02 0.77 0.11 Monarca Mnrls* O 10 0.05 0.05 0.05 - 0.01 0.06 0.01 Monarca Mnrls V 181 0.07 0.06 0.06 unch 0.00 0.08 0.02 Monarch Gold T 208 0.26 0.26 0.26 unch 0.00 0.33 0.16 Monarch Gold* O 221 0.20 0.18 0.20 - 0.00 0.24 0.11 Moneta Porcpn* O 155 0.10 0.08 0.08 - 0.01 0.12 0.06 Moneta Porcpn T 740 0.12 0.10 0.11 - 0.01 0.16 0.07 Monitor Vent V 10 0.15 0.00 0.15 unch 0.00 0.98 0.14 Monitor Vent* O 50 0.16 0.10 0.16 + 0.05 0.80 0.10 Monster Uran V 6 0.09 0.00 0.09 + 0.01 0.32 0.08 Monterey Min C 181 0.10 0.08 0.08 - 0.01 0.16 0.04 Montero Mg&Ex V 63 0.09 0.09 0.09 - 0.03 0.20 0.05 Monument Mng V 1220 0.07 0.06 0.06 unch 0.00 0.08 0.04 Morien Res* O 19 0.28 0.28 0.28 - 0.01 0.43 0.27

2019-09-24 4:49 PM

22

WWW.NORTHERNMINER.COM

SEPTEMBER 30–OCTOBER 13, 2019 / THE NORTHERN MINER

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

Week

12-month

Exc Volume High Low Last Change High Low

Morien Res V 316 Mosaic* N 29960 Mountain Boy V 10 O 18 Mountain Boy* Mountain Prov* D 231 Mountain Prov T 624 Mundoro Cap* O 14 Mundoro Cap V 190 V 355 Murchison Min MX Gold* O 79

0.38 0.35 0.36 - 0.02 0.57 0.35 23.18 20.61 20.69 - 1.96 37.37 17.36 0.24 0.00 0.20 - 0.04 0.33 0.15 0.19 0.15 0.15 - 0.04 0.21 0.04 0.87 0.75 0.87 + 0.02 2.25 0.65 1.17 1.00 1.16 + 0.04 2.76 0.91 0.09 0.00 0.09 - 0.01 0.19 0.00 0.12 0.12 0.12 unch 0.00 0.25 0.11 0.07 0.06 0.07 + 0.01 0.18 0.04 0.00 0.00 0.00 + 0.00 0.02 0.00

NA Frac Sand* O 202 NACCO Ind* N 70 Namibia Crit V 10 Namibia Crit* O 9 Napier Vent V 25 Napier Vent* O 1 Natural Res Pt* N 47 O 480 Nautilus Mnrls* Nemaska Lith T 5251 O 268 Nemaska Lith* Neo Lithium V 151 Neometals* O 5 Network Expl* O 75 Network Expl V 71 O 13 Nevada Canyon* Nevada Copper T 1180 Nevada Energy* O 251 V 13 Nevada Energy Nevada Expl * O 206 Nevada Expl V 343 Nevada Sunrise* O 79 Nevada Sunrise V 391 Nevada Zinc V 340 Nevado Res V 36 1 New Age Metals* O New Age Metals V 472 New Carolin Gd* O 131 451 New Carolin Gd V New Destiny Mg V 81 369 New Dimen Res V New Dimen Res* O 21 New Egy Min* O 0 99 New Energy Met* O New Energy Met V 6 122858 New Gold* X New Gold T 13932 New Guinea Gld* O 101 748 New Jersey Mng* O New Klondike* O 6 750 New Milln Iron* O New Milln Iron T 616 New Oroperu V 121 67 New Pac Metals* O New Pac Metals V 597 1 New Tech Min* O New Tech Min C 44 New World Res* O 0 Newlox Gold C 241 Newmac Res V 27 T 672 Newmont Gdcorp Newmont Gdcorp* N 39621 Newport Expl V 334 O 308 Newport Gold* NewRange Gold* O 141 V 330 NewRange Gold Nexa Resources T 3 Nexa Resources* N 683 Nexco Res C 773 Nexgen Energy* X 2041 T 10934 Nexgen Energy NextSource Mat T 2346 Nexus Gold V 2169 Nexus Gold* O 84 NGEx Minerals V 358 Nickel Creek T 839 Nickel Creek* O 272 Nickel North V 38 456 Nicola Mg Inc V Nicola Mg Inc* O 46 O 189 Nighthawk Gold* Nighthawk Gold T 819 Niobay Metals V 428 Niocan Inc V 51 Niocorp Dev T 203 Niocorp Dev* O 200 Nippon Dragon V 695 Nippon Dragon* O 28 Nitinat Mnls V 100 Noble Metal V 190 O 4 Noble Mineral* Noble Mineral V 1849 Noka Res* O 672 Noram Vent* O 4 Noram Vent V 23 O 1 Noranda Alum* Nordic Gold* O 14 Nordic Gold V 258 Noront Res V 682 Norra Metals V 339 Norsemont Cap C 200 Nortec Mnls* O 7 Nortec Mnls V 151 North Am Nickl V 1283 North Am Nickl* O 35 North Am Pall T 707 North Am Pall* O 77 North Arrow Mn V 159 North Arrow Mn* O 20 North Bay Res * O 31225 Northcliff Res T 70 Northern Light C 919 Northisle C&G * O 4 Northisle C&G V 100 Northway Res V 105 Norvista Cap V 65 NorZinc T 221 NorZinc* O 103 Nouveau Monde V 411 Nouveau Monde* O 14 NovaGold Res T 2375 NovaGold Res* X 16224 Novo Res* O 643 Novo Res V 1527 NovX21* O 100 NRG Metals V 29 Nrthn Graphite V 177 Nrthn Graphite* O 57 Nrthn Lion V 23 Nrthn Mnrls &E* O 110 Nrthn Shield V 1124 Nrthn Superior* O 6 Nrthn Superior V 132 Nrthn Vertex* O 616 Nrthn Vertex V 739 NSGold V 2 NSS Res Inc C 255 Nthn Dynasty* X 4743 Nthn Dynasty T 775 Nthrn Sphere* O 40 Nubian Res V 111 Nuinsco Res C 435 Nuinsco Res* O 358 NuLegacy Gold V 779 NuLegacy Gold* O 274 Nutrien* N 4275 Nutrien T 7315 NV Gold V 104 NV Gold* O 123 NX Uranium* O 40 NxGold Ltd V 426 O.T. Mining* O 26 O3 Mining* O 23 O3 Mining V 51 OceanaGold* O 6 OceanaGold T 14598 Oceanic Iron O V 55 Oceanus Res* O 0 Oceanus Res V 381 Odyssey Res V 23 Olivut Res V 308 Olivut Res* O 67 Omineca Mining V 15 One World Lith* O 14 One World Lith C 139 Opawica Expl V 402 Opawica Expl* O 0 Opus One Res V 2338 Orbite Tech* O 26 Orca Gold V 317 Orca Gold* O 95

0.03 0.02 0.02 - 0.00 0.03 0.00 57.14 52.89 56.81 + 3.92 57.14 28.77 0.10 0.00 0.10 unch 0.00 0.26 0.08 0.07 0.07 0.07 - 0.00 0.23 0.06 0.24 0.21 0.21 - 0.03 0.35 0.17 0.20 0.20 0.20 unch 0.00 0.34 0.13 27.86 25.65 27.48 + 0.35 44.71 25.45 0.00 0.00 0.00 - 0.00 0.08 0.00 0.33 0.28 0.28 - 0.04 0.94 0.22 0.25 0.21 0.22 - 0.03 0.72 0.16 0.59 0.55 0.57 + 0.01 1.20 0.49 0.10 0.10 0.10 unch 0.00 0.39 0.10 0.31 0.27 0.27 - 0.02 0.45 0.19 0.41 0.36 0.36 - 0.05 0.54 0.23 0.09 0.09 0.09 unch 0.00 0.25 0.04 0.30 0.27 0.28 - 0.02 0.55 0.27 0.10 0.08 0.08 unch 0.00 0.13 0.07 0.11 0.00 0.10 unch 0.00 0.20 0.10 0.20 0.17 0.19 - 0.03 0.39 0.16 0.30 0.22 0.25 - 0.04 0.50 0.21 0.05 0.04 0.04 - 0.02 0.11 0.03 0.06 0.06 0.06 - 0.01 0.15 0.05 0.05 0.04 0.05 + 0.01 0.15 0.04 0.11 0.11 0.11 unch 0.00 0.40 0.09 0.03 0.00 0.03 - 0.01 0.08 0.03 0.05 0.00 0.05 + 0.01 0.10 0.04 0.11 0.09 0.11 + 0.01 0.23 0.05 0.15 0.13 0.14 + 0.02 0.30 0.08 0.13 0.10 0.10 - 0.03 0.25 0.10 0.06 0.05 0.06 + 0.01 0.10 0.04 0.03 0.00 0.03 unch 0.00 0.07 0.02 0.00 0.00 0.02 unch 0.00 0.05 0.00 0.13 0.13 0.13 unch 0.00 0.26 0.11 0.16 0.16 0.16 - 0.01 0.84 0.14 1.33 1.16 1.17 - 0.03 1.56 0.61 1.75 1.54 1.75 + 0.15 2.03 0.82 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.16 0.14 0.15 + 0.01 0.20 0.11 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.06 0.05 0.05 - 0.01 0.08 0.03 0.07 0.06 0.06 - 0.01 0.11 0.04 0.64 0.52 0.55 - 0.05 0.64 0.22 2.31 2.22 2.27 + 0.08 2.34 0.86 3.05 2.95 3.00 + 0.12 3.07 1.18 0.01 0.01 0.01 unch 0.00 0.04 0.01 0.02 0.02 0.02 unch 0.00 0.05 0.02 0.00 0.00 0.22 unch 0.00 0.22 0.18 0.06 0.04 0.05 - 0.01 0.10 0.03 0.07 0.04 0.07 + 0.04 0.10 0.04 53.24 50.52 52.75 + 1.58 54.87 40.01 40.17 38.08 39.84 + 1.22 41.23 29.06 0.38 0.35 0.38 + 0.03 0.38 0.22 0.01 0.00 0.01 unch 0.00 0.04 0.00 0.13 0.11 0.12 + 0.00 0.21 0.04 0.17 0.15 0.15 - 0.01 0.24 0.07 12.85 12.52 12.59 - 0.13 17.81 9.40 9.82 9.34 9.78 + 0.18 13.69 7.00 0.06 0.04 0.04 - 0.03 0.15 0.03 1.39 1.21 1.36 + 0.04 2.53 1.10 1.84 1.60 1.77 + 0.03 3.31 1.46 0.07 0.06 0.06 unch 0.00 0.16 0.06 0.10 0.09 0.09 - 0.01 0.18 0.07 0.07 0.07 0.07 + 0.00 0.18 0.04 0.48 0.43 0.47 - 0.02 0.66 0.30 0.12 0.10 0.11 - 0.01 0.18 0.03 0.09 0.07 0.08 - 0.01 0.13 0.02 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.10 0.10 0.10 unch 0.00 0.16 0.08 0.08 0.07 0.07 - 0.01 0.11 0.06 0.43 0.39 0.43 + 0.05 0.54 0.23 0.57 0.51 0.56 + 0.05 0.73 0.31 0.32 0.27 0.30 unch 0.00 0.37 0.15 0.17 0.15 0.16 + 0.01 0.36 0.11 0.60 0.58 0.58 - 0.01 0.69 0.50 0.46 0.42 0.43 - 0.01 0.52 0.36 0.03 0.03 0.03 - 0.01 0.03 0.01 0.02 0.02 0.02 - 0.01 0.02 0.00 0.05 0.04 0.04 - 0.01 0.11 0.03 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.06 0.00 0.06 unch 0.00 0.13 0.04 0.11 0.08 0.10 + 0.02 0.18 0.06 0.16 0.14 0.15 - 0.01 0.40 0.08 0.05 0.05 0.05 + 0.00 0.22 0.05 0.08 0.00 0.07 - 0.02 0.32 0.07 0.01 0.01 0.01 - 0.00 0.04 0.01 0.04 0.04 0.04 unch 0.00 0.11 0.02 0.05 0.04 0.05 unch 0.00 0.14 0.03 0.26 0.23 0.24 - 0.02 0.35 0.19 0.04 0.04 0.04 unch 0.00 0.09 0.04 0.29 0.29 0.29 unch 0.00 0.43 0.25 0.02 0.02 0.02 unch 0.00 0.05 0.00 0.04 0.03 0.04 unch 0.00 0.06 0.02 0.03 0.02 0.02 - 0.01 0.06 0.02 0.02 0.02 0.02 unch 0.00 0.05 0.01 18.25 15.75 18.00 + 1.84 26.30 9.05 13.71 11.84 13.53 + 1.33 19.91 6.69 0.07 0.06 0.06 - 0.01 0.18 0.05 0.05 0.05 0.05 - 0.00 0.14 0.04 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.07 0.00 0.06 - 0.01 0.11 0.05 0.03 0.03 0.03 - 0.01 0.15 0.02 0.04 0.04 0.04 - 0.00 0.09 0.03 0.06 0.00 0.06 unch 0.00 0.13 0.05 0.12 0.11 0.11 unch 0.00 0.13 0.10 0.10 0.09 0.10 - 0.01 0.13 0.06 0.11 0.10 0.11 unch 0.00 0.13 0.08 0.09 0.00 0.07 - 0.01 0.10 0.05 0.25 0.24 0.24 unch 0.00 0.33 0.20 0.19 0.17 0.19 + 0.01 0.26 0.16 8.56 7.99 8.47 unch 0.00 10.55 4.57 6.45 6.02 6.38 - 0.01 7.95 3.42 1.87 1.61 1.78 + 0.07 3.19 1.38 2.47 2.12 2.39 + 0.11 4.11 1.87 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.13 0.00 0.12 unch 0.00 0.92 0.11 0.10 0.08 0.09 - 0.01 0.30 0.07 0.07 0.06 0.07 + 0.00 0.24 0.05 0.25 0.25 0.25 unch 0.00 0.46 0.15 0.04 0.00 0.04 - 0.00 0.12 0.02 0.08 0.07 0.07 - 0.01 0.12 0.02 0.10 0.00 0.10 - 0.00 0.22 0.02 0.13 0.11 0.11 - 0.02 0.40 0.11 0.27 0.22 0.26 + 0.00 0.27 0.12 0.35 0.29 0.33 - 0.02 0.35 0.16 0.14 0.14 0.14 unch 0.00 0.15 0.07 0.17 0.11 0.13 - 0.01 0.45 0.03 0.66 0.62 0.65 + 0.03 1.12 0.41 0.87 0.81 0.86 + 0.04 1.47 0.56 0.11 0.01 0.11 + 0.10 0.20 0.00 0.17 0.14 0.17 + 0.06 0.17 0.07 0.01 0.01 0.01 - 0.01 0.08 0.01 0.01 0.00 0.00 - 0.01 0.04 0.00 0.08 0.06 0.08 + 0.01 0.20 0.03 0.06 0.04 0.06 + 0.00 0.15 0.02 52.41 51.00 51.57 - 0.15 58.99 43.96 69.52 67.65 68.47 - 0.19 76.00 59.97 0.19 0.18 0.18 - 0.01 0.29 0.07 0.14 0.13 0.13 - 0.01 0.22 0.05 0.09 0.04 0.09 + 0.01 1.00 0.01 0.04 0.04 0.04 unch 0.00 0.16 0.04 0.06 0.06 0.06 unch 0.00 0.24 0.04 1.80 1.72 1.74 - 0.02 1.97 1.71 2.41 2.25 2.30 + 0.02 4.00 1.60 2.55 2.44 2.55 + 0.04 3.74 2.20 3.60 3.16 3.60 + 0.41 5.01 2.85 0.09 0.08 0.09 + 0.01 0.15 0.04 0.00 0.00 0.05 unch 0.00 0.10 0.04 0.07 0.07 0.07 - 0.02 0.18 0.05 0.03 0.03 0.03 unch 0.00 0.05 0.02 0.07 0.06 0.06 - 0.01 0.16 0.06 0.09 0.05 0.05 - 0.01 0.12 0.04 0.07 0.00 0.06 - 0.02 0.09 0.02 0.12 0.00 0.11 - 0.01 0.22 0.07 0.15 0.13 0.15 - 0.01 0.28 0.09 0.07 0.06 0.07 - 0.01 0.13 0.05 0.00 0.00 0.05 unch 0.00 0.05 0.02 0.04 0.03 0.04 + 0.01 0.08 0.01 0.00 0.00 0.00 + 0.00 0.17 0.00 0.40 0.38 0.39 + 0.01 0.55 0.30 0.30 0.28 0.29 + 0.00 0.40 0.23

N-O

20-23_SEPT30_StockTables.indd 22

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Quinto Res V 312 0.07 0.06 0.07 + 0.01 0.09 0.02

R (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Orefinders Res V 100 Orestone Mng V 807 Orex Mnrls* O 48 Orex Mnrls V 223 Orezone Gold* O 86 Orezone Gold V 404 Orford Mining V 126 OrganiMax* O 11 OrganiMax V 301 Origin Gold V 26 Orla Mng Ltd* O 5 Orla Mng Ltd T 1849 Oroco Res* O 99 Oroco Res V 519 Orocobre T 19 Oronova Energy V 107 Orosur Mng T 2023 Orsu Metals V 32 Orsu Metals* O 52 Orvana Mnrls T 667 Orvana Mnrls* O 165 Osino Res V 957 Osisko Gold* N 5280 Osisko Gold T 2410 Osisko Metals* O 68 Osisko Metals V 239 Osisko Mng Inc T 3613 Osprey Gold V 329 Otis Gold V 128 Otis Gold* O 154 Outcrop Gold V 377 O 83 Outcrop Gold* OZ Minerals* O 0

0.06 0.06 0.06 - 0.01 0.08 0.03 0.15 0.13 0.14 + 0.01 0.25 0.07 0.07 0.07 0.07 + 0.01 0.13 0.03 0.10 0.09 0.10 + 0.01 0.17 0.05 0.58 0.53 0.55 + 0.00 0.67 0.30 0.79 0.70 0.77 + 0.06 0.88 0.39 0.09 0.07 0.07 - 0.01 0.33 0.07 0.14 0.10 0.14 + 0.04 0.14 0.02 0.20 0.00 0.19 + 0.02 0.33 0.05 0.10 0.00 0.08 - 0.01 0.14 0.07 1.26 1.15 1.26 + 0.11 1.31 0.00 1.76 1.55 1.76 + 0.19 1.80 0.85 0.36 0.30 0.31 - 0.04 0.56 0.13 0.47 0.41 0.42 - 0.03 0.74 0.18 2.41 2.33 2.34 - 0.05 4.77 2.05 0.07 0.05 0.05 - 0.02 0.16 0.04 0.11 0.06 0.08 + 0.02 0.18 0.04 0.28 0.00 0.26 - 0.03 0.40 0.17 0.23 0.21 0.23 unch 0.00 0.30 0.13 0.26 0.22 0.26 - 0.01 0.41 0.12 0.20 0.16 0.20 - 0.01 0.30 0.09 0.90 0.78 0.84 - 0.06 0.92 0.20 12.26 11.56 12.25 + 0.74 13.43 7.00 16.27 15.33 16.26 + 0.95 17.47 9.27 0.43 0.41 0.43 + 0.02 0.54 0.36 0.60 0.52 0.55 + 0.01 0.72 0.46 3.48 3.18 3.45 + 0.20 3.90 2.19 0.07 0.05 0.05 - 0.02 0.07 0.04 0.10 0.09 0.10 unch 0.00 0.19 0.07 0.08 0.07 0.08 + 0.00 0.15 0.05 0.27 0.22 0.24 - 0.04 0.43 0.10 0.20 0.15 0.19 - 0.01 0.33 0.01 6.62 0.00 6.62 unch 0.00 7.89 5.90

Pac Bay Mnrls V 12 Pac Booker Min* O 4 73 Pac Booker Min V Pac Imperial V 1204 1 Pac Iron Ore V Pac Ridge Expl V 11 Pac Ridge Expl* O 2 Pac Wildcat* O 8 Pacific Empire V 116 Pacific Rim C 1789 Pacific Rim* O 99 Pacific Silk V 58 Pacton Gold V 3791 Paladin Energy* O 309 Palamina Corp V 131 Palamina Corp* O 30 Paleo Resource V 488 Paleo Resource* O 542 Palladium One V 1273 Palladium One* O 30 Pan Am Silver* D 17641 Pan Am Silver T 2539 112 Pan Andean Min V Pan Global Res V 441 V 432 Pancontinental Pancontinental* O 15 Panex Res* O 296 Pangolin Dia V 4038 Panoro Mnrls V 96 Pantheon Vent V 1004 Para Resources V 1234 Parallel Mng V 500 Paramount Gold* X 215 Paringa Res* O 72 Paringa Res* D 7 Parlane Res V 768 Pasinex Res C 5 Patriot Gold C 80 Patriot Gold* O 21 Peabody Enrgy* N 6247 Pedro Res V 354 Pelangio Expl* O 0 Pelangio Expl V 112 Peloton Mnrls C 294 O 154 Peloton Mnrls* PepinNini Lith* O 100 Perseus Mng T 157 V 131 Pershimex Res Pershing Res* O 11 Peruvian Metal* O 53 Peruvian Metal V 797 Philex Mng* O 25 Philippine Mtl* O 0 Pike Mountain C 106 Pine Cliff En T 5584 Pine Cliff En* O 1 Pinecrest Res * O 8 Pinecrest Res V 10 Pistol Bay Mng* O 18 Pistol Bay Mng V 3533 Pivit Explor C 278 PJSC Polyus Gd* O 8 PJX Res V 176 Plata Latina V 170 Plate Res V 52 V 248 Plateau Energy Plateau Energy* O 88 Platinex Inc C 65 Platinum Gp Mt* X 591 Platinum Gp Mt T 118 Plato Gold V 53 Playfair Mng V 153 Playfair Mng* O 38 PolyMet Mng* X 847 PolyMet Mng T 39 Portage Res* O 1032 Portex Mnrls* O 0 Portofino Res V 10 O 128 Potash Ridge* Potash Ridge T 1672 Power Group* O 0 Power Group V 71 O 121 Power Metals* Power Metals V 157 PowerOre V 384 PPX Mining* O 116 PPX Mining V 4131 Precipitate Gl* O 347 Precipitate Gl V 842 Premier Gold M T 3591 Premium Expl* O 16 Pretium Res* N 11806 Pretium Res T 3014 V 76 Prime Meridian Prize Mng V 72 Prize Mng* O 145 ProAm Expl V 34 Probe Metals* O 147 Probe Metals V 103 Prog Planet V 379 Prog Planet* O 5 Promithian Gl * O 0 Prophecy Coal* O 1991 Prophecy Coal T 6478 Prophecy Pot C 59 Prosper Gold V 207 Prospero Silvr V 73 Prospero Silvr* O 30 Provenance Gld C 219 Providence V 110 Providence Gld* O 3 PUF Vent Inc * O 3912 Puma Expl V 679 Puma Expl* O 19 Pure Alumina* O 2 Pure Energy* O 285 Pure Energy V 497 Pure Gold Mg* O 819 Pure Gold Mg V 1338 Pure Nickel* O 223 Pure Nickel V 349 Purepoint Uran V 330 Q-Gold Res* O 23 Q-Gold Res V 88 QC Precious V 77 QC Precious * O 7 QMC Quantum Ml V 176 QMC Quantum Ml* O 101 QMX Gold* O 2 QMX Gold V 905 Quadro Res V 1698 Quantum Cobalt C 15 Quartz Mtn Res V 156 Quartz Mtn Res* O 0 Quaterra Res V 74 Quaterra Res* O 59 Quest Rare Mnl* O 1535

0.06 0.00 0.06 unch 0.00 0.20 0.06 1.87 0.00 1.87 + 0.72 3.10 0.50 2.50 1.71 2.10 + 0.30 4.10 0.65 0.02 0.02 0.02 unch 0.00 0.04 0.01 0.00 0.00 0.07 unch 0.00 0.10 0.06 0.05 0.00 0.05 - 0.01 0.07 0.04 0.03 0.03 0.03 - 0.00 0.05 0.02 0.00 0.00 0.00 unch 0.00 0.15 0.00 0.05 0.05 0.05 + 0.02 0.11 0.03 0.19 0.17 0.17 - 0.01 0.34 0.10 0.14 0.13 0.13 - 0.01 0.26 0.07 0.03 0.03 0.03 + 0.01 0.04 0.02 0.22 0.19 0.20 - 0.01 0.50 0.11 0.10 0.00 0.09 - 0.01 0.19 0.08 0.25 0.22 0.22 - 0.02 0.41 0.20 0.18 0.18 0.18 unch 0.00 0.31 0.16 0.03 0.02 0.03 + 0.01 0.10 0.01 0.02 0.02 0.02 unch 0.00 0.07 0.00 0.08 0.07 0.07 unch 0.00 0.15 0.03 0.06 0.06 0.06 - 0.00 0.07 0.02 17.11 16.16 16.80 + 0.57 19.48 10.26 22.66 21.46 22.38 + 0.83 25.99 13.83 0.04 0.00 0.04 unch 0.00 0.09 0.03 0.10 0.06 0.10 + 0.03 0.25 0.06 0.04 0.03 0.03 - 0.01 0.08 0.02 0.03 0.02 0.03 + 0.01 0.05 0.01 0.00 0.00 0.00 - 0.00 0.01 0.00 0.07 0.06 0.07 + 0.01 0.07 0.03 0.12 0.00 0.11 + 0.01 0.31 0.10 0.05 0.04 0.04 - 0.01 0.12 0.04 0.12 0.11 0.12 - 0.01 0.22 0.11 0.02 0.02 0.02 unch 0.00 0.08 0.02 0.83 0.78 0.81 + 0.03 1.24 0.70 0.07 0.04 0.06 - 0.01 0.35 0.02 2.55 2.08 2.21 - 0.23 10.38 1.65 0.06 0.05 0.06 unch 0.00 0.20 0.03 0.03 0.03 0.03 unch 0.00 0.14 0.03 0.06 0.06 0.06 unch 0.00 0.10 0.04 0.06 0.05 0.05 + 0.00 0.15 0.04 19.20 15.32 15.50 - 2.76 42.79 15.32 0.13 0.09 0.10 + 0.01 0.29 0.09 0.15 0.00 0.15 unch 0.00 0.29 0.09 0.18 0.16 0.17 - 0.02 0.38 0.12 0.10 0.09 0.10 unch 0.00 0.13 0.07 0.08 0.06 0.07 + 0.00 0.11 0.05 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.71 0.00 0.71 + 0.08 0.78 0.31 0.03 0.03 0.03 unch 0.00 0.06 0.03 0.01 0.01 0.01 unch 0.00 0.05 0.00 0.04 0.02 0.02 - 0.01 0.05 0.02 0.04 0.04 0.04 + 0.01 0.06 0.03 0.07 0.00 0.00 unch 0.00 0.10 0.00 0.00 0.00 0.04 unch 0.00 0.07 0.03 0.14 0.10 0.10 - 0.03 0.14 0.11 0.15 0.13 0.14 + 0.01 0.37 0.10 0.11 0.11 0.11 + 0.00 0.28 0.07 0.12 0.12 0.12 unch 0.00 0.17 0.12 0.18 0.17 0.18 + 0.01 0.28 0.16 0.03 0.03 0.03 + 0.01 0.05 0.02 0.04 0.03 0.03 - 0.01 0.07 0.03 0.42 0.37 0.37 - 0.04 0.64 0.06 58.20 0.00 58.00 + 0.50 58.20 31.05 0.16 0.15 0.16 - 0.03 0.36 0.11 0.03 0.03 0.03 - 0.01 0.04 0.02 0.05 0.03 0.05 + 0.02 0.08 0.03 0.27 0.25 0.26 - 0.01 1.18 0.24 0.20 0.13 0.20 + 0.01 0.91 0.18 0.02 0.02 0.02 unch 0.00 0.10 0.02 1.90 1.60 1.83 + 0.21 2.17 1.04 2.53 2.11 2.41 + 0.28 2.91 1.36 0.03 0.02 0.02 - 0.01 0.04 0.01 0.03 0.03 0.03 - 0.01 0.07 0.02 0.00 0.00 0.04 unch 0.00 0.04 0.01 0.37 0.33 0.34 - 0.01 1.25 0.32 0.47 0.00 0.45 unch 0.00 1.60 0.44 0.00 0.00 0.00 unch 0.00 0.02 0.00 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.04 0.00 0.04 unch 0.00 0.20 0.03 0.03 0.02 0.03 - 0.00 0.08 0.02 0.04 0.03 0.04 unch 0.00 0.11 0.03 0.00 0.00 0.07 unch 0.00 0.18 0.01 0.11 0.00 0.11 + 0.01 0.80 0.07 0.07 0.05 0.06 - 0.00 0.22 0.05 0.08 0.08 0.08 - 0.01 0.29 0.07 0.07 0.07 0.07 unch 0.00 0.15 0.05 0.05 0.04 0.04 - 0.01 0.08 0.03 0.06 0.05 0.06 - 0.01 0.10 0.05 0.13 0.07 0.12 + 0.04 0.13 0.03 0.17 0.11 0.15 + 0.04 0.17 0.04 2.10 1.93 2.02 + 0.09 2.55 1.39 0.00 0.00 0.00 unch 0.00 0.01 0.00 12.01 11.04 11.95 + 0.78 13.83 6.65 15.95 14.65 15.90 + 1.10 18.30 8.85 0.13 0.08 0.13 + 0.03 0.16 0.07 0.02 0.02 0.02 + 0.01 0.18 0.02 0.02 0.01 0.02 - 0.00 0.14 0.01 0.02 0.02 0.02 unch 0.00 0.04 0.02 1.05 0.94 0.97 - 0.07 1.16 0.68 1.39 1.24 1.25 - 0.12 1.53 0.91 0.04 0.03 0.04 + 0.01 0.10 0.03 0.02 0.02 0.02 unch 0.00 0.04 0.02 0.00 0.00 0.05 unch 0.00 0.10 0.01 0.39 0.27 0.36 + 0.07 0.56 0.09 0.50 0.36 0.48 + 0.09 0.74 0.11 0.12 0.08 0.12 + 0.01 0.13 0.01 0.09 0.08 0.08 - 0.01 0.18 0.06 0.09 0.00 0.09 unch 0.00 0.11 0.04 0.06 0.06 0.06 unch 0.00 0.08 0.04 0.20 0.15 0.18 + 0.02 0.39 0.10 0.13 0.11 0.12 + 0.01 0.20 0.08 0.08 0.08 0.08 unch 0.00 0.16 0.06 0.21 0.18 0.20 - 0.01 0.64 0.09 0.02 0.00 0.02 unch 0.00 0.06 0.01 0.02 0.01 0.02 + 0.01 0.04 0.01 0.02 0.02 0.02 - 0.00 0.06 0.02 0.06 0.04 0.05 - 0.01 0.16 0.03 0.07 0.05 0.06 - 0.01 0.20 0.05 0.47 0.43 0.47 + 0.02 0.62 0.36 0.62 0.58 0.62 + 0.01 0.81 0.49 0.05 0.04 0.04 - 0.01 0.06 0.00 0.07 0.05 0.06 unch 0.00 0.09 0.01 0.06 0.06 0.06 unch 0.00 0.11 0.05 0.20 0.20 0.20 - 0.01 0.21 0.14 0.26 0.25 0.26 + 0.02 0.30 0.12 0.35 0.33 0.33 - 0.03 0.40 0.22 0.26 0.00 0.25 - 0.01 0.31 0.16 0.15 0.14 0.14 unch 0.00 0.37 0.14 0.11 0.10 0.11 + 0.00 0.29 0.10 0.05 0.05 0.05 unch 0.00 0.07 0.03 0.07 0.06 0.07 unch 0.00 0.11 0.04 0.03 0.02 0.02 unch 0.00 0.07 0.02 0.05 0.00 0.05 unch 0.00 0.16 0.04 0.20 0.00 0.20 unch 0.00 0.66 0.20 0.00 0.00 0.16 unch 0.00 0.31 0.16 0.08 0.08 0.08 + 0.01 0.13 0.05 0.06 0.00 0.06 + 0.01 0.10 0.04 0.02 0.01 0.01 - 0.01 0.06 0.00

P-Q

Rackla Metals* O 0 0.00 0.00 0.09 unch 0.00 0.12 0.05 Rackla Metals V 180 0.13 0.00 0.13 + 0.01 0.20 0.06 Radisson Mng V 1325 0.21 0.18 0.20 + 0.03 0.21 0.09 0.09 Radius Gold V 212 0.30 0.28 0.29 + 0.01 0.47 Rain City C 242 0.06 0.06 0.06 + 0.01 0.14 0.05 Rainforest Res* O 9 6.40 0.00 5.10 - 0.85 9.20 4.00 Rainy Mtn Royl* O 0 0.00 0.00 0.01 unch 0.00 0.03 0.01 Rainy Mtn Royl V 31 0.02 0.00 0.02 unch 0.00 0.04 0.02 Rare Element* O 377 0.42 0.34 0.39 - 0.01 0.60 0.03 Rathdowney Res V 30 0.10 0.10 0.10 unch 0.00 0.13 0.03 Ravencrest Res C 603 0.40 0.37 0.37 - 0.03 1.09 0.35 Red Eagle Mng* O 204 0.00 0.00 0.00 - 0.00 0.08 0.00 Red Moon Res V 8 0.04 0.04 0.04 unch 0.00 0.11 0.01 345 0.03 0.03 0.03 unch 0.00 0.08 0.03 Red Oak Mining V Red Pine Expl V 341 0.04 0.04 0.04 unch 0.00 0.08 0.03 Redstar Gold V 876 0.03 0.00 0.03 + 0.01 0.04 0.02 Redstar Gold* O 159 0.03 0.02 0.02 - 0.00 0.04 0.01 Regency Gold V 215 0.14 0.00 0.10 unch 0.00 0.23 0.10 Regulus Res V 110 1.55 1.40 1.52 - 0.02 2.00 1.25 O 120 0.25 0.22 0.25 + 0.01 0.33 0.11 Renaissance Gd* Renaissance Gd V 84 0.34 0.29 0.31 - 0.02 0.43 0.15 Renforth Res* O 750 0.03 0.03 0.03 unch 0.00 0.04 0.03 0.02 Renforth Res C 771 0.05 0.05 0.05 + 0.01 0.06 Resolve Vent V 308 0.10 0.09 0.09 unch 0.00 0.13 0.06 Resource Cap* O 74 0.00 0.00 0.00 unch 0.00 0.03 0.00 Reunion Gold* O 114 0.22 0.21 0.21 + 0.00 0.25 0.12 Reunion Gold V 333 0.31 0.27 0.28 + 0.01 0.34 0.15 Revelo Res V 40 0.02 0.01 0.02 + 0.01 0.03 0.01 Revival Gold * O 96 0.52 0.46 0.47 - 0.05 0.67 0.32 0.44 Revival Gold V 115 0.68 0.62 0.63 - 0.03 0.87 Rhyolite Res V 776 0.18 0.00 0.17 unch 0.00 0.26 0.14 Richmond Mnls V 677 0.05 0.03 0.05 + 0.01 0.06 0.02 Richmond Mnls* O 4 0.02 0.02 0.02 unch 0.00 0.03 0.01 Ridgestone M’g V 15 0.22 0.22 0.22 - 0.01 0.30 0.15 O 0 0.19 0.19 0.19 unch 0.00 0.21 0.14 Ridgestone M’g* Riley Resource V 150 0.17 0.17 0.17 unch 0.00 0.41 0.15 O 241708 0.00 0.00 0.00 + 0.00 0.00 0.00 Rimrock Gold* Rio Tinto* O 0 64.93 0.00 64.93 + 4.93 74.50 51.74 Rio Tinto* O 2 53.30 51.89 52.20 + 0.13 62.00 43.47 Rio Tinto* N 8850 54.46 52.70 52.82 - 2.03 64.02 44.62 Rio2 Limited V 1093 0.55 0.50 0.50 unch 0.00 0.79 0.31 Rio2 Limited* O 173 0.41 0.37 0.39 - 0.01 0.60 0.24 753 0.07 0.05 0.06 - 0.01 0.10 0.04 Rise Gold Corp* O Rise Gold Corp C 598 0.09 0.08 0.08 - 0.01 0.12 0.05 Riverside Res V 235 0.18 0.16 0.16 - 0.02 0.22 0.13 Riverside Res* O 42 0.13 0.12 0.12 + 0.01 0.17 0.10 RJK Explor* O 56 0.07 0.00 0.07 + 0.01 0.10 0.00 RJK Explor V 694 0.09 0.08 0.09 unch 0.00 0.16 0.04 Robex Res V 138 0.10 0.09 0.09 unch 0.00 0.12 0.06 V 42 0.04 0.03 0.03 unch 0.00 0.06 0.03 Rochester Res Rock Tech Lith V 50 0.59 0.54 0.59 unch 0.00 1.35 0.50 Rock Tech Lith* O 1 0.42 0.42 0.42 unch 0.00 0.79 0.40 Rockcliff Met C 378 0.10 0.08 0.08 unch 0.00 0.19 0.07 Rockex Mng C 54 0.03 0.03 0.03 unch 0.00 0.10 0.01 V 299 0.16 0.14 0.16 - 0.01 0.19 0.09 Rockhaven Res Rockridge Res V 148 0.17 0.16 0.16 + 0.01 0.39 0.16 Rockshield Cap* O 13 0.05 0.05 0.05 - 0.00 0.13 0.04 Rodinia Lithm V 4107 0.05 0.05 0.05 unch 0.00 0.09 0.04 Rogue Res* O 26 0.08 0.08 0.08 + 0.01 0.13 0.04 Rogue Res V 64 0.10 0.09 0.10 + 0.01 0.21 0.06 Rojo Res* O 0 0.00 0.00 0.17 unch 0.00 0.17 0.00 Rokmaster Res* O 3 0.04 0.04 0.04 unch 0.00 0.06 0.03 V 15 0.07 0.06 0.06 unch 0.00 0.13 0.03 Rokmaster Res Romios Gold Rs V 267 0.06 0.05 0.06 - 0.01 0.09 0.04 Romios Gold Rs* O 80 0.05 0.04 0.04 - 0.00 0.07 0.02 RosCan Gold* O 5 0.11 0.11 0.11 unch 0.00 0.23 0.09 RosCan Gold V 208 0.14 0.14 0.14 - 0.01 0.33 0.05 Rosita Mg Corp V 195 0.03 0.03 0.03 unch 0.00 0.06 0.03 Rotation Mnls V 2030 0.23 0.19 0.23 + 0.02 0.25 0.07 V 49 0.07 0.00 0.07 unch 0.00 0.12 0.06 Roughrider Exp Roxgold T 33987 1.31 1.18 1.21 - 0.06 1.42 0.72 Roxgold* O 103 0.96 0.89 0.91 - 0.06 1.07 0.55 Royal Gold V 37 0.28 0.22 0.24 - 0.05 0.33 0.10 Royal Gold* O 0 0.22 0.00 0.22 + 0.20 0.22 0.02 Royal Gold* D 3454 127.60 121.29 127.47 + 6.35 138.78 70.16 Royal Mines &M* O 50 0.00 0.00 0.00 - 0.00 0.01 0.00 Royal Nickel* O 1123 0.29 0.25 0.26 - 0.02 0.90 0.26 Royal Nickel T 17891 0.38 0.33 0.33 - 0.05 1.18 0.36 Royal Rd Mnrls V 169 0.21 0.20 0.21 + 0.01 0.23 0.06 Royal Std Mnrl* O 0 0.02 0.00 0.02 + 0.01 3.14 0.01 RT Minerals V 216 0.05 0.04 0.04 - 0.01 0.10 0.04 RT Minerals* O 2 0.03 0.03 0.03 unch 0.00 0.07 0.03 unch 0.00 0.16 0.07 RTG Mining T 16 0.08 0.07 0.08 Rubicon Mnrls* O 65 0.81 0.75 0.79 - 0.00 1.14 0.46 Rubicon Mnrls T 208 1.08 1.01 1.02 - 0.05 1.52 0.61 Rugby Mng V 491 0.16 0.11 0.12 - 0.05 0.26 0.11 Running Fox Rs* O 203 0.01 0.01 0.01 + 0.00 0.02 0.01 Running Fox Rs V 94 0.02 0.02 0.02 unch 0.00 0.03 0.01 Rupert Res V 156 0.75 0.68 0.68 - 0.07 1.12 0.68 0.04 Rusoro Mng* O 17 0.05 0.04 0.05 - 0.01 0.32 Rusoro Mng V 373 0.06 0.06 0.06 - 0.01 0.42 0.06

S Sabina Gd&Slvr T 1181 Sabina Gd&Slvr* O 794 Sable Res* O 10 Sable Res V 1414 Sage Gold* O 21 Sailfish Rylty V 80 Salazar Res* O 64 Salazar Res V 148 Salt Lake Pot* O 20 Sama Res V 177 Sama Res* O 245 Samex Mng* O 131 San Gold Corp* O 51 664 San Marco Res* O San Marco Res V 322 Sanatana Res V 1438 Sanatana Res* O 185 Sandfire Res V 152 Sandfire Res* O 311 O 1284 Sandspring Res* Sandspring Res V 1770 Sandstorm Gold T 3002 Sandstorm Gold* X 10196 Santa Fe Gold* O 654 Santacruz Silv V 852 Sarama Res V 618 Sarissa Res* O 1832 Satori Res V 80 Satori Res* O 80 Saturn Mnrls V 1972 Saville Res V 125 143 Scandium Intl T Scandium Intl* O 19 Scorpio Gold V 125 Scorpio Gold * O 49 Scotch Creek C 80 ScoZinc Mg V 18 ScoZinc Mg* O 44 Seabridge Gld T 2427 Seabridge Gld* N 2818 Seafield Res* O 700 Search Mnls* O 15 Search Mnls V 326 Searchlight* O 10 SearchlightMin* O 208 V 182 SearchlightRes Secova Mtls V 3493 Secova Mtls* O 238 Sego Res V 275 Select Sands V 463 Semafo T 7778 Serabi Gold T 14 Serabi Gold* O 1 Serengeti Res V 357 Shamrock Ent C 182 Sherritt Intl T 3345 Shine Minerals V 25 Sibanye-Stillw* N 29013 Sibanye-Stillw* O 0 Sidney Resrces* O 1597 Sienna Res* O 121 Sienna Res V 780 Sierra Madre V 96 Sierra Metals T 162 Sierra Metals* X 133 Sigma Lithium V 12 Signature Res* O 395 Signature Res V 553 Silver Bear Rs* O 41 Silver Bear Rs T 234 Silver Bull Re* O 512 Silver Bull Re T 484 Silver Fields* O 0 Silver Grail V 23 Silver Mtn Mns V 257 Silver Mtn Mns* O 13 Silver Phoenix C 0 Silver Predatr* O 5 Silver Predatr V 32 Silver Range* O 405 Silver Range V 202 Silver Scott* O 13

2.01 1.85 1.95 - 0.02 2.28 0.99 1.56 1.38 1.48 + 0.01 1.72 0.73 0.10 0.10 0.10 unch 0.00 0.28 0.07 0.14 0.10 0.12 - 0.02 0.37 0.09 0.00 0.00 0.00 unch 0.00 0.02 0.00 1.20 1.10 1.15 + 0.05 1.81 0.70 0.14 0.14 0.14 - 0.00 0.15 0.07 0.19 0.17 0.18 - 0.01 0.20 0.10 0.58 0.55 0.58 + 0.03 0.58 0.31 0.20 0.18 0.20 + 0.02 0.44 0.17 0.15 0.15 0.15 + 0.02 0.33 0.13 0.00 0.00 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00 + 0.00 0.00 0.00 0.05 0.04 0.04 - 0.00 0.16 0.02 0.06 0.05 0.06 + 0.01 0.23 0.04 0.04 0.03 0.03 - 0.01 0.06 0.02 0.03 0.03 0.03 unch 0.00 0.05 0.01 0.28 0.25 0.27 + 0.01 0.40 0.06 0.22 0.18 0.20 - 0.01 0.31 0.05 0.30 0.27 0.30 + 0.02 0.34 0.11 0.40 0.35 0.40 + 0.03 0.45 0.15 7.89 7.23 7.86 + 0.47 9.21 4.60 5.95 5.45 5.91 + 0.33 7.02 3.48 0.09 0.07 0.08 - 0.01 0.14 0.04 0.16 0.13 0.14 unch 0.00 0.20 0.05 0.10 0.09 0.10 + 0.01 0.12 0.05 0.00 0.00 0.00 + 0.00 0.00 0.00 0.06 0.06 0.06 - 0.01 0.10 0.04 0.04 0.04 0.04 unch 0.00 0.07 0.03 0.17 0.14 0.16 + 0.03 0.30 0.09 0.05 0.00 0.05 unch 0.00 0.06 0.03 0.13 0.11 0.12 + 0.01 0.32 0.10 0.10 0.09 0.09 + 0.01 0.24 0.07 0.11 0.10 0.11 + 0.01 0.16 0.01 0.09 0.07 0.09 + 0.00 0.11 0.01 0.07 0.07 0.07 unch 0.00 0.13 0.07 0.51 0.00 0.51 + 0.13 0.85 0.34 0.39 0.39 0.39 + 0.12 0.62 0.26 19.19 17.65 19.00 + 1.28 21.98 14.40 14.45 13.31 14.45 + 1.10 16.55 10.95 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.02 0.02 0.02 unch 0.00 0.04 0.02 0.04 0.04 0.04 + 0.01 0.06 0.03 0.03 0.00 0.03 + 0.03 0.10 0.00 0.06 0.04 0.04 - 0.01 0.07 0.01 0.05 0.04 0.05 - 0.01 0.06 0.02 0.06 0.05 0.05 unch 0.00 0.08 0.02 0.04 0.03 0.04 + 0.00 0.06 0.01 0.04 0.03 0.04 unch 0.00 0.05 0.03 0.03 0.02 0.03 + 0.01 0.23 0.02 4.67 4.11 4.64 + 0.36 5.75 2.24 1.36 1.25 1.36 + 0.07 1.44 0.45 0.70 0.70 0.70 unch 0.00 0.70 0.62 0.32 0.29 0.30 + 0.02 0.60 0.14 0.02 0.02 0.02 - 0.01 0.05 0.02 0.32 0.29 0.30 - 0.03 0.86 0.17 0.04 0.04 0.04 unch 0.00 0.15 0.04 5.23 4.51 5.19 + 0.65 5.74 2.25 1.10 0.00 1.10 - 0.18 1.40 0.53 0.02 0.01 0.02 + 0.00 0.02 0.00 0.04 0.03 0.03 - 0.00 0.06 0.03 0.06 0.05 0.05 unch 0.00 0.07 0.04 0.05 0.04 0.04 unch 0.00 0.15 0.04 1.80 1.51 1.80 + 0.23 3.48 1.51 1.37 1.15 1.36 + 0.15 2.71 1.15 1.90 1.88 1.90 unch 0.00 2.29 1.59 0.06 0.04 0.05 - 0.02 0.10 0.03 0.08 0.06 0.06 - 0.03 0.12 0.04 0.15 0.14 0.15 + 0.01 0.18 0.07 0.21 0.00 0.21 + 0.04 0.25 0.10 0.08 0.08 0.08 + 0.01 0.14 0.07 0.11 0.11 0.11 + 0.01 0.19 0.09 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.08 0.00 0.08 unch 0.00 0.12 0.02 0.02 0.01 0.01 - 0.01 0.02 0.01 0.02 0.02 0.02 unch 0.00 0.02 0.01 0.00 0.00 0.19 unch 0.00 0.22 0.03 0.12 0.09 0.12 + 0.02 0.12 0.04 0.17 0.13 0.15 + 0.02 0.17 0.06 0.08 0.08 0.08 + 0.00 0.11 0.05 0.12 0.11 0.11 - 0.01 0.18 0.07 0.03 0.03 0.03 - 0.00 0.06 0.01

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Silver Spruce* O 3 Silver Spruce V 365 Silver Viper V 37 Silver Viper* O 125 T 9356 Silvercorp Met X 7582 Silvercorp Met* SilverCrest* X 1166 SilverCrest T 1164 O 1 Silverstar Res* Sirios Res V 356 Sitka Gold C 139 Sixty North C 38 Skeena Res* O 130 Skeena Res V 342 Sky Gold V 6046 Sky Gold* O 64 O 312 Skyharbour Res* V 351 Skyharbour Res Slam Explor* O 15 Slam Explor V 30 445 Slave Lake Zn C O 129 Sokoman Min* Sokoman Min V 491 SolGold plc T 68 SolGold plc* O 115 Solitario Ex&R T 32 X 418 Solitario Ex&R* Solstice Gold V 154 37 Sonora Gld & S V O 275 Sonoro Metals* V 523 Sonoro Metals South32* O 132 Southern Arc* O 4 Southern Arc V 6 N 3445 Southern Copp* O 199 Southern Silvr* Southern Silvr V 141 T 47 SouthGobi Res Spanish Mtn Gd V 1292 Spanish Mtn Gd* O 1760 Sparton Res V 241 Sparton Res* O 5 O 226 Spearmint Res* C 1448 Spearmint Res C 175 Spey Resources Sphinx Res V 168 51 Sprott Res Hld T 790 Spruce Ridge R V SRG Mining V 116 SSR Mining* D 6127 SSR Mining T 1875 St Augustine T 450 C 457 St-Georges Eco O 119 St-Georges Eco* V 15 Stakeholdr Gld O 15 Stakeholdr Gld* O 774 Standard Graph* Standard Lith V 114 O 6 Standard Metal* Stans Energy V 608 Stans Energy* O 283 Star Diamond T 426 O 28 Star Diamond* Star Gold* O 44 Starcore Intl T 78 772 Starr Peak Exp V O 0 Steele Oceanic* Stellar Africa* O 5 Stellar Africa V 1528 Stelmine Can V 73 Steppe Gold T 83 O 631 Stornoway Diam* T 79739 Stornoway Diam Stratabd Mnr V 592 Strateco Res* O 14 O 209 Strategic Metl* Strategic Metl V 380 Strategic Min* O 103 Strategic Res V 50 O 0 Strategic Res* Stria Lithium V 612 V 2373 Strikepoint Gd O 656 Strikepoint Gd* V 103 Strongbow Expl O 10 Strongbow Expl* Stroud Res V 85 Stuhini Explor V 80 Sulliden Mng T 132 Sun Metals V 1153 N 17246 Suncor Energy* Suncor Energy T 24953 O 25 Superior Gold* Superior Gold V 166 Superior Mng V 10 C 265 Supreme Metals Surge Copper V 992 Surge Explor* O 1533 Surge Explor V 933 Sutter Gold* O 24 Syrah Res* O 363

0.01 0.03 0.01 0.03 - 0.00 0.05 0.02 0.04 0.03 0.04 - 0.01 0.06 0.07 0.33 0.28 0.28 - 0.02 0.38 0.07 unch 0.00 0.25 0.00 0.00 0.25 2.43 5.90 5.32 5.78 + 0.42 6.15 1.83 4.44 4.01 4.36 + 0.33 4.66 2.21 5.70 5.30 5.51 + 0.10 6.69 2.93 7.57 7.04 7.30 + 0.13 8.73 0.01 0.05 0.00 0.05 - 0.02 0.14 0.12 0.22 0.20 0.20 - 0.01 0.28 0.04 0.18 0.11 0.16 + 0.05 0.18 0.03 0.08 0.07 0.08 - 0.01 0.11 0.19 0.35 0.00 0.33 - 0.01 0.46 0.27 0.46 0.43 0.43 - 0.01 0.54 0.02 0.04 0.02 0.02 - 0.02 0.07 0.02 0.03 0.02 0.03 - 0.01 0.07 0.14 0.17 0.14 0.16 - 0.00 0.44 0.18 unch 0.00 0.57 0.24 0.18 0.21 0.01 unch 0.00 0.02 0.02 0.02 0.02 0.02 unch 0.00 0.04 0.02 0.02 0.02 0.06 0.06 0.06 unch 0.00 0.13 0.04 0.00 0.08 0.06 0.06 - 0.01 0.22 0.07 0.10 0.08 0.08 - 0.01 0.32 0.39 0.43 0.39 0.40 - 0.03 0.76 0.27 0.31 0.28 0.28 - 0.01 0.58 0.26 0.43 0.37 0.40 + 0.03 0.59 0.19 0.33 0.28 0.31 + 0.03 0.54 0.11 0.17 0.15 0.16 - 0.01 0.27 0.05 0.04 0.04 - 0.01 0.08 0.04 0.07 unch 0.00 0.16 0.11 0.10 0.10 0.07 0.18 0.15 0.18 + 0.03 0.20 1.59 1.96 1.92 1.92 - 0.04 2.98 0.20 0.30 0.28 0.29 - 0.01 0.47 0.27 0.45 0.00 0.45 + 0.01 0.62 29.01 35.65 34.35 34.49 - 1.21 44.59 0.08 0.20 0.16 0.18 + 0.03 0.22 0.11 0.27 0.23 0.25 + 0.03 0.29 0.10 0.13 0.12 0.12 + 0.01 0.18 0.11 0.09 0.10 - 0.01 0.14 0.05 0.08 0.06 0.07 - 0.01 0.11 0.03 0.02 0.03 0.03 0.03 - 0.01 0.12 0.01 unch 0.00 0.09 0.02 0.02 0.02 0.00 unch 0.00 0.08 0.02 0.02 0.02 0.02 unch 0.00 0.05 0.03 0.02 0.02 0.04 unch 0.00 0.11 0.05 0.05 0.05 0.02 0.04 0.03 0.04 + 0.01 0.07 1.04 0.98 1.00 - 0.04 1.77 0.97 0.07 0.06 0.06 + 0.02 0.13 0.03 0.64 0.86 0.75 0.75 - 0.08 1.43 14.95 13.81 14.92 + 0.71 17.56 8.43 11.02 19.86 18.38 19.81 + 0.96 23.42 0.02 unch 0.00 0.03 0.03 0.02 0.03 0.04 0.09 0.00 0.08 - 0.01 0.25 0.03 unch 0.00 0.17 0.07 0.06 0.07 0.03 unch 0.00 0.14 0.05 0.00 0.05 0.02 0.03 0.03 0.03 - 0.00 0.11 0.26 0.30 0.26 0.28 - 0.01 1.01 0.67 0.86 0.80 0.80 - 0.05 1.77 0.02 unch 0.00 0.13 0.04 0.04 0.04 0.02 unch 0.00 0.11 0.03 0.02 0.02 0.01 0.02 0.01 0.01 + 0.00 0.08 0.18 0.23 0.21 0.21 - 0.01 0.38 0.14 0.18 0.15 0.15 - 0.03 0.29 0.02 0.06 0.04 0.04 + 0.01 0.30 0.07 unch 0.00 0.16 0.09 0.09 0.09 0.29 0.27 0.27 - 0.03 0.40 0.09 0.55 0.65 0.00 0.65 - 0.35 1.00 0.01 unch 0.00 0.03 0.02 0.02 0.02 0.01 0.03 0.02 0.02 - 0.01 0.04 0.09 0.15 0.12 0.12 - 0.03 0.17 0.59 0.90 0.68 0.87 - 0.03 1.35 0.01 0.00 0.30 unch 0.02 0.02 0.01 0.01 unch 0.00 0.41 0.02 0.01 0.02 0.05 0.05 0.05 0.05 - 0.01 0.36 0.00 unch 0.00 0.01 0.00 0.00 0.00 0.21 0.42 0.35 0.39 + 0.02 0.42 0.28 0.55 0.47 0.52 + 0.02 0.55 0.01 unch 0.00 0.03 0.01 0.01 0.01 0.16 unch 0.00 0.70 0.52 0.00 0.52 0.12 unch 0.00 0.46 0.00 0.00 0.39 0.01 0.02 0.02 0.02 + 0.01 0.04 0.07 0.10 0.07 0.07 - 0.04 0.20 0.05 0.07 0.05 0.05 - 0.02 0.16 0.04 0.06 0.05 0.06 + 0.01 0.22 0.04 unch 0.00 0.17 0.05 0.05 0.05 0.05 0.17 0.16 0.17 + 0.01 0.37 0.19 0.26 0.25 0.25 - 0.01 0.35 0.07 0.07 0.07 0.07 + 0.01 0.20 0.13 0.36 0.31 0.32 - 0.03 0.65 25.81 32.74 31.36 31.74 + 1.33 40.08 43.34 41.55 42.11 + 1.76 52.06 35.53 0.33 0.61 0.00 0.60 - 0.04 0.84 0.80 0.77 0.79 + 0.03 1.14 0.44 0.06 unch 0.00 0.10 0.06 0.06 0.06 0.01 0.01 0.01 0.01 - 0.01 0.03 0.03 0.04 0.03 0.04 - 0.01 0.10 0.06 0.04 0.04 - 0.01 0.12 0.02 0.03 0.08 0.06 0.06 - 0.01 0.16 0.00 unch 0.00 0.02 0.00 0.00 0.00 0.32 0.38 0.34 0.35 - 0.01 1.80

Taiga Gold C 149 Taiga Gold* O 23 Tajiri Res V 333 Taku Gold* O 12 Taku Gold C 62 Talisker Res C 470 Talisker Res* O 22 Talon Metals T 656 144750 Tamino Mnrls* O Tango Mining V 288 V 338 Tanqueray Expl Tantalex Res C 175 T 89 Tanzanian Gold X 462 Tanzanian Gold* Taranis Res V 56 Taranis Res* O 71 Tarku Res V 60 Tartisan Nick* O 9 Tartisan Nick C 1076 Taseko Mines T 1157 X 1420 Taseko Mines* Tearlach Res V 8 T 10097 Teck Res T 12 Teck Res Teck Res* N 15253 2 Telson Res * O Telson Res V 300 Tembo Gold V 71 Tembo Gold* O 27 Teranga Gold T 2643 Teranga Gold* O 235 Teras Res V 271 Terrax Mnrls V 524 Terrax Mnrls* O 24 Terreno Res V 10 869 Teslin Rvr Res V Tesoro Mnrls V 50 Tethyan Res V 69 Teuton Res V 353 Teuton Res* O 239 O 327 Texas Mineral* Themac Res V 3 Thor Expl V 35 88 Thunder Mtn Gd* O V 391 Thunderstruck O 406 Thunderstruck* Till Capital V 5 V 4 Timberline Res O 18 Timberline Res* Tinka Res V 376 Tinka Res* O 149 Tisdale Res V 58 Titan Mining T 2015 Titan Mining* O 25 Titanium Corp V 72 O 94 TMAC Resource* T 358 TMAC Resources TNR Gold V 51 C 76 Tocvan Venture O 12 Tombstone Expl* O 93 Tonogold Res* Torex Gold* O 113 T 3816 Torex Gold O 145 Torq Resources* V 82 Torq Resources Tower Res V 885 Transatlantic* O 1 Transatlantic V 749 Transition Met V 206 O 15 Transition Met* T 397 Treasury Metal O 82 Treasury Metal* 257 Trecora Res* N Tres-Or Res* O 2 27 V Res Tres-Or Trevali Mng* O 84 Trevali Mng T 5428

0.06 0.08 0.07 0.08 - 0.01 0.14 0.04 0.06 0.00 0.05 - 0.01 0.10 0.03 unch 0.00 0.12 0.06 0.05 0.05 0.02 0.07 0.00 0.05 + 0.01 0.12 0.03 0.08 0.00 0.07 - 0.02 0.15 0.08 0.19 0.17 0.17 - 0.01 0.22 0.00 0.15 0.12 0.12 - 0.02 0.15 0.07 0.19 0.17 0.19 + 0.02 0.25 0.00 0.01 0.00 0.01 + 0.00 0.01 0.01 unch 0.00 0.04 0.02 0.02 0.02 0.50 0.63 0.53 0.59 + 0.04 0.98 0.01 unch 0.00 0.09 0.03 0.02 0.03 0.34 1.11 1.03 1.06 + 0.05 1.56 0.25 0.85 0.77 0.80 + 0.04 1.20 0.05 0.08 0.07 0.07 - 0.01 0.12 0.03 unch 0.00 0.09 0.06 0.05 0.06 0.02 unch 0.00 0.05 0.02 0.02 0.02 0.02 0.03 0.02 0.03 + 0.01 0.06 0.02 0.04 0.03 0.04 + 0.01 0.08 0.50 0.73 0.56 0.57 - 0.05 1.09 0.38 0.51 0.43 0.44 - 0.03 0.85 0.03 0.15 0.00 0.12 + 0.02 0.28 25.73 23.02 23.04 - 2.33 34.31 21.50 21.80 25.60 23.25 23.25 - 2.40 34.00 16.18 19.40 17.34 17.34 - 1.76 25.82 0.18 0.00 0.18 + 0.03 0.46 0.14 0.17 0.22 0.00 0.22 - 0.01 0.63 0.01 unch 0.00 0.04 0.03 0.03 0.03 0.01 0.02 0.02 0.02 + 0.00 0.03 2.97 5.52 5.14 5.32 - 0.06 5.71 2.23 4.12 3.91 4.03 - 0.02 4.28 0.04 0.05 0.04 0.04 - 0.01 0.12 0.29 0.34 0.29 0.31 - 0.03 0.50 0.22 0.25 0.22 0.23 - 0.01 0.36 0.02 unch 0.00 0.05 0.03 0.03 0.03 0.45 0.41 0.42 - 0.03 0.60 0.37 0.05 unch 0.00 0.07 0.05 0.00 0.05 0.14 0.32 0.29 0.30 + 0.02 0.85 0.10 0.50 0.33 0.50 + 0.07 0.65 0.07 0.38 0.25 0.38 + 0.05 0.49 0.12 0.40 0.37 0.38 - 0.02 0.57 0.03 unch 0.00 0.09 0.08 0.00 0.08 0.13 0.15 0.14 0.15 + 0.01 0.19 0.09 0.09 0.09 unch 0.00 0.12 0.03 0.04 0.04 0.04 0.04 - 0.01 0.11 0.03 0.03 0.03 0.03 - 0.00 0.08 1.45 unch 0.00 2.56 2.10 0.00 2.08 0.07 unch 0.00 0.13 0.11 0.00 0.11 0.00 0.09 0.08 0.09 - 0.00 0.13 0.15 0.18 0.17 0.18 + 0.01 0.40 0.11 0.13 0.12 0.13 + 0.01 0.30 0.06 0.11 0.06 0.06 - 0.05 0.36 0.29 0.36 0.29 0.32 + 0.04 1.39 0.25 0.25 0.25 0.25 + 0.00 1.05 0.47 0.80 0.00 0.76 - 0.03 1.20 2.71 4.00 3.68 3.71 - 0.12 5.29 3.57 5.41 4.68 4.90 - 0.11 7.06 0.02 unch 0.00 0.05 0.03 0.03 0.03 0.07 0.12 0.10 0.11 + 0.04 0.12 0.12 3.04 2.00 2.84 + 0.74 3.80 0.04 0.20 0.16 0.20 + 0.00 0.25 13.47 12.55 13.35 + 0.45 16.54 7.46 17.79 16.62 17.63 + 0.53 21.91 9.83 0.25 unch 0.00 0.41 0.30 0.30 0.30 0.32 unch 0.00 0.54 0.42 0.38 0.40 0.02 0.03 0.03 0.03 - 0.01 0.07 0.01 0.03 0.02 0.03 + 0.01 0.10 0.02 unch 0.00 0.16 0.03 0.03 0.03 0.06 unch 0.00 0.23 0.19 0.16 0.17 0.07 unch 0.00 0.17 0.14 0.14 0.14 0.21 0.36 0.31 0.32 - 0.03 0.42 0.15 0.26 0.24 0.24 - 0.01 0.32 9.27 8.82 9.05 - 0.21 14.40 6.69 0.01 unch 0.00 0.15 0.11 0.11 0.11 0.13 0.15 0.14 0.14 - 0.01 0.35 0.13 0.18 0.15 0.18 + 0.01 0.61 0.17 unch 0.00 0.80 0.24 0.21 0.24

T

2019-09-24 4:49 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / SEPTEMBER 30–OCTOBER 13, 2019

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Week

12-month

Exc Volume High Low Last Change High Low

Tri Origin Exp V 113 Trident Gold V 5 Trifecta Gold* O 62 Trifecta Gold V 188 Trilogy Mtls T 102 Trilogy Mtls* X 986 TriMetals Mng* O 142 TriMetals Mng T 440 Trinity Res* O 2 Trinity Valley V 696 Trio Resources* O 766 TriStar Gold* O 96 TriStar Gold V 229 Triumph Gold V 315 Triumph Gold* O 154 Troilus Gold T 2135 Troilus Gold* O 48 Troubadour Res V 29 Troy Enrgy V 5 Troy Res* O 162 0 True North Gem* O True North Gem V 0 Tsodilo Res V 254 Tudor Gold * O 112 Tudor Gold V 897 Turquoise HIl T 5553 Turquoise HIl* N 20279 TVI Pacific* O 162 TVI Pacific V 270 Tyhee Gold* O 166 Typhoon Expl V 1019

0.02 0.02 0.02 + 0.01 0.04 0.01 0.15 0.15 0.15 unch 0.00 0.18 0.14 0.02 0.02 0.02 unch 0.00 0.06 0.02 0.04 0.03 0.03 unch 0.00 0.08 0.03 2.30 2.07 2.21 + 0.08 4.10 2.00 1.74 1.55 1.68 + 0.07 3.13 1.48 0.07 0.06 0.07 + 0.00 0.08 0.02 0.09 0.08 0.09 unch 0.00 0.10 0.03 0.01 0.00 0.01 unch 0.00 0.20 0.01 0.10 0.08 0.09 - 0.01 0.15 0.04 0.00 0.00 0.00 + 0.00 0.01 0.00 0.19 0.16 0.18 + 0.02 0.19 0.07 0.24 0.22 0.24 + 0.03 0.25 0.09 0.47 0.41 0.42 - 0.06 0.63 0.31 0.37 0.31 0.31 - 0.04 0.49 0.23 0.76 0.69 0.75 + 0.05 1.16 0.40 0.57 0.52 0.54 + 0.04 0.84 0.40 0.07 0.06 0.06 unch 0.00 0.25 0.05 0.03 0.03 0.03 unch 0.00 0.04 0.01 0.07 0.00 0.07 unch 0.00 0.10 0.06 0.00 0.00 0.09 unch 0.00 0.14 0.00 0.00 0.00 0.09 unch 0.00 1.00 0.05 0.11 0.10 0.10 - 0.01 0.39 0.10 0.66 0.54 0.64 + 0.14 0.81 0.15 0.87 0.69 0.87 + 0.19 1.07 0.20 0.64 0.59 0.59 - 0.05 2.90 0.53 0.48 0.44 0.46 - 0.01 2.24 0.40 0.01 0.01 0.01 - 0.00 0.01 0.00 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.04 0.02 0.04 + 0.01 0.05 0.02

U.S. Gold* D 574 U.S. Lithium* O 22 U3O8 Corp* O 53 U3O8 Corp T 70 Ubique Mineral C 50 UC Res* O 28 Ucore Rare Mtl V 1432 Ucore Rare Mtl* O 1346 UEX Corp T 2335 Ultra Lithium* O 8 Ultra Lithium V 67 Umbral Enrgy* O 280 Unigold* O 128 V 147 Unigold United Battery C 54 United Battery* O 47 United Res Hdg* O 116

1.07 1.01 1.07 + 0.05 1.53 0.74 0.30 0.22 0.22 - 0.00 0.96 0.09 0.08 0.07 0.07 - 0.01 0.26 0.07 0.11 0.10 0.10 - 0.01 0.34 0.10 0.10 0.07 0.07 unch 0.00 0.25 0.05 0.46 0.41 0.45 + 0.00 1.27 0.00 0.19 0.15 0.16 - 0.05 0.34 0.09 0.14 0.11 0.12 - 0.04 0.25 0.07 0.16 0.14 0.15 - 0.01 0.23 0.13 0.05 0.05 0.05 unch 0.00 0.14 0.05 0.10 0.00 0.10 unch 0.00 0.22 0.08 0.33 0.25 0.27 - 0.05 0.54 0.11 0.13 0.10 0.13 + 0.03 0.14 0.07 0.20 0.13 0.18 + 0.06 0.20 0.09 0.04 0.00 0.04 + 0.01 1.68 0.02 0.03 0.02 0.03 + 0.00 1.58 0.01 0.08 0.06 0.08 + 0.02 0.09 0.01

U-V

20-23_SEPT30_StockTables.indd 23

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

United States A* X 390 United States S* N 94471 Universal Cop V 321 Universal Vent V 1333 Ur-Energy* X 1790 Ur-Energy T 194 Uragold Bay Rs V 3792 Uranium Energy* X 2929 Uranium Hunter* O 0 Uranium Res* D 1445 Uravan Mnrls* O 325 UrbanGold Min V 357 USCorp* O 68 Val-d’Or Mg V 1 Vale* N 75717 Valley High Mg* O 9110 ValOre Metals* O 259 ValOre Metals V 441 Valterra Res* O 80 Valterra Res V 820 Vanadian Enrgy V 41 Vanadian Enrgy* O 5 Vanadium One* O 22 Vanadium One V 429 Vanadiumcorp* O 91 Vanadiumcorp V 559 Vangold Res* O 0 Vanstar Mng Rs* O 81 Vanstar Mng Rs V 613 Vantex Res V 8 Velocity Mnrls V 753 Velocity Mnrls* O 111 Vendetta Mng V 639 Vendetta Mng* O 962 Venerable Vent V 35 Verde Potash T 53 Verde Res* O 50 Veris Gold* O 17 Vertical Expl* O 2 Vertical Expl V 540 Victoria Gold V 6769 Victory Metals* O 46 Victory Metals V 68 Victory Nickel* O 0 Victory Nickel C 63 Victory Res C 414 Virginia Enrgy* O 40 Virginia Enrgy V 493 Viscount Mng V 34 Visible Gold M V 1 Visible Gold M* O 1 Vision Lithium V 24

0.69 0.55 0.59 - 0.02 1.05 0.42 13.43 10.63 10.81 - 2.29 30.91 10.16 0.06 0.06 0.06 + 0.01 0.17 0.05 0.47 0.44 0.45 - 0.03 0.47 0.28 0.63 0.57 0.60 - 0.01 0.99 0.50 0.83 0.76 0.79 - 0.01 1.30 0.70 0.10 0.09 0.09 - 0.01 0.12 0.06 1.04 0.96 0.98 - 0.04 1.78 0.83 1.45 0.00 1.25 - 0.25 3.50 0.51 4.28 3.00 3.37 + 0.19 16.00 2.48 0.02 0.02 0.02 unch 0.00 0.04 0.01 0.16 0.13 0.14 - 0.02 0.18 0.10 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.00 0.00 0.10 unch 0.00 0.14 0.05 11.98 11.47 11.58 - 0.57 16.13 10.20 0.00 0.00 0.00 + 0.00 0.01 0.00 0.27 0.23 0.24 + 0.02 0.35 0.00 0.35 0.31 0.33 + 0.01 0.48 0.11 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.02 0.02 0.02 unch 0.00 0.04 0.02 0.05 0.00 0.04 - 0.01 0.18 0.03 0.04 0.00 0.02 - 0.01 0.13 0.01 0.07 0.04 0.07 + 0.02 0.21 0.04 0.09 0.06 0.07 unch 0.00 0.29 0.06 0.05 0.03 0.04 + 0.01 0.11 0.03 0.06 0.05 0.06 + 0.01 0.14 0.05 0.00 0.00 0.03 unch 0.00 0.04 0.01 0.20 0.17 0.20 + 0.03 0.20 0.07 0.26 0.23 0.25 + 0.02 0.36 0.08 0.20 0.20 0.20 unch 0.00 0.40 0.14 0.49 0.44 0.48 + 0.01 0.58 0.14 0.37 0.35 0.37 + 0.02 0.44 0.11 0.07 0.07 0.07 - 0.01 0.20 0.06 0.05 0.05 0.05 + 0.00 0.15 0.04 0.08 0.08 0.08 unch 0.00 0.11 0.06 0.80 0.73 0.75 - 0.04 0.92 0.50 0.01 0.01 0.01 unch 0.00 0.10 0.00 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.02 0.02 0.02 unch 0.00 0.09 0.02 0.05 0.04 0.05 + 0.01 0.11 0.03 0.64 0.50 0.55 - 0.08 0.66 0.33 0.44 0.37 0.37 - 0.02 0.57 0.37 0.54 0.49 0.50 - 0.01 0.77 0.38 0.00 0.00 0.02 unch 0.00 0.04 0.01 0.03 0.00 0.03 - 0.01 0.05 0.01 0.02 0.02 0.02 unch 0.00 0.12 0.01 0.04 0.03 0.03 - 0.01 0.28 0.03 0.05 0.04 0.04 - 0.01 0.37 0.04 0.20 0.19 0.20 - 0.01 0.31 0.15 0.00 0.00 0.09 unch 0.00 0.11 0.04 0.05 0.05 0.05 unch 0.00 0.06 0.03 0.05 0.05 0.05 - 0.02 0.30 0.04

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Vision Lithium* O 3 Vista Gold* X 695 Vista Gold T 14 Viva Gold* O 28 Viva Gold V 72 Vizsla Res V 148 Volcanic Gold V 33 Volcanic Gold* O 13 Volt Energy V 38 Volt Energy* O 1 Voyageur Min V 164 VR Resources* O 65 VR Resources V 392 Vulcan Mnrls V 105 VVC Expl V 1852

0.03 0.03 0.03 unch 0.00 0.21 0.03 0.89 0.81 0.85 + 0.01 1.05 0.37 1.15 1.09 1.10 - 0.01 1.39 0.56 0.19 0.18 0.18 - 0.01 0.32 0.16 0.25 0.24 0.25 + 0.01 0.45 0.22 0.27 0.26 0.27 unch 0.00 0.33 0.13 0.24 0.00 0.24 + 0.01 0.81 0.14 0.17 0.17 0.17 unch 0.00 0.48 0.14 0.05 0.02 0.02 - 0.02 0.11 0.02 0.05 0.05 0.05 unch 0.00 0.05 0.04 0.08 0.07 0.07 unch 0.00 0.12 0.05 0.30 0.28 0.30 + 0.04 0.35 0.09 0.40 0.35 0.35 - 0.04 0.40 0.12 0.03 0.03 0.03 unch 0.00 0.06 0.03 0.04 0.03 0.04 + 0.01 0.05 0.02

Walker Lane* O 5 Walker River* O 500 Walker River V 625 Wallbridge Mng T 2433 Warrior Gold* O 53 Warrior Gold V 318 Waseco Res V 50 Wealth Mnrls V 369 Wealth Mnrls* O 390 Wescan Gldflds V 6 Wesdome Gold* O 758 Wesdome Gold T 8676 West High Yld V 53 West Kirkland V 79 West Kirkland * O 88 West Red Lake* O 55 West Red Lake C 246 Western Areas* O 48 Western Atlas V 169 Western Copper T 421 Western Copper* X 587 Western Mag V 2379 Western Mag* O 1251 Western Pac Rs* O 1 Western Pac Rs V 23 Western Potash T 253 Western U&V* O 110 Western U&V C 48 Westgold Res* O 20 Westhaven Vent* O 168 Westhaven Vent V 1333 Westkam Gold* O 196 Westkam Gold V 18837 Westminster Rs V 101

0.22 0.22 0.22 unch 0.00 0.40 0.03 0.08 0.08 0.08 unch 0.00 0.19 0.06 0.12 0.10 0.10 - 0.01 0.27 0.05 0.38 0.33 0.35 - 0.01 0.49 0.15 0.07 0.06 0.07 + 0.01 0.09 0.03 0.10 0.00 0.10 + 0.02 0.12 0.04 0.04 0.04 0.04 unch 0.00 0.05 0.02 0.32 0.27 0.32 + 0.03 0.69 0.27 0.24 0.20 0.24 + 0.02 0.56 0.20 0.04 0.00 0.04 unch 0.00 0.11 0.03 4.71 4.35 4.63 + 0.12 5.90 2.34 6.28 5.77 6.01 + 0.04 7.81 3.30 0.23 0.18 0.23 + 0.02 0.60 0.16 0.07 0.07 0.07 unch 0.00 0.09 0.03 0.06 0.06 0.06 unch 0.00 0.07 0.02 0.07 0.05 0.07 + 0.01 0.09 0.03 0.09 0.08 0.08 - 0.01 0.12 0.05 2.29 2.20 2.22 - 0.05 2.32 1.27 0.10 0.09 0.10 + 0.01 0.12 0.05 0.90 0.79 0.79 - 0.07 1.08 0.52 0.66 0.60 0.61 - 0.03 0.83 0.35 0.25 0.19 0.22 + 0.02 0.35 0.04 0.18 0.14 0.17 + 0.02 0.43 0.03 0.17 0.00 0.17 - 0.04 0.62 0.01 0.31 0.00 0.20 - 0.08 1.08 0.20 0.27 0.24 0.26 + 0.02 0.55 0.11 0.66 0.54 0.60 - 0.07 2.70 0.54 0.89 0.72 0.80 - 0.06 3.32 0.72 1.67 1.67 1.67 unch 0.00 1.67 0.60 0.93 0.77 0.82 - 0.02 1.03 0.16 1.24 1.01 1.10 - 0.01 1.43 0.17 0.01 0.01 0.01 - 0.00 0.01 0.00 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.09 0.00 0.09 + 0.01 0.45 0.08

W-Z

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Westminster Rs* O 0 Westmoreland* O 126 WestMountain* O 0 Wheaton Prec M* N 11006 Wheaton Prec M T 6532 White Gold* O 80 White Gold V 227 White Metal R* O 81 White Metal Rs V 258 White Mtn Engy* O 4581 Whitehaven Coa* O 3 Whitemud Res V 140 Wildsky Res* O 0 Wildsky Res V 5 Winston Gold* O 1737 Winston Gold C 1051 Winston Res C 474 Wolfden Res* O 110 Wolfden Res V 183 Wolfeye Res V 710 Worldwide Res* O 52 Worldwide Res V 26 X-Terra Res V 1305 X-Terra Res* O 1 Xanadu Mines T 25 Xemplar Egy* O 4 Xiana Mng V 33 Xiana Mng* O 0 Ximen Mining* O 6 Ximen Mining V 327 Xtierra Inc V 139 Xtra-Gold Res T 96 Xtra-Gold Res* O 75 Yamana Gold T 16953 Yamana Gold* N 75064 Yanzhou Coal* O 8 Yorbeau Res T 338 Zadar Ventures V 5 Zanzibar Gold C 2048 Zara Res* O 1943 ZEN Graphene V 650 ZEN Graphene* O 69 Zena Mining V 636 Zephyr Mnls V 27 Zephyr Mnls* O 11 Zimtu Capital V 128 Zinc One Res V 1299 Zinc One Res * O 169 ZincX Res V 269 ZincX Res* O 38 Zonte Metals V 126 Zonte Metals* O 28

0.00 0.00 0.05 unch 0.00 0.05 0.01 0.01 0.01 0.01 unch 0.00 0.15 0.01 0.00 0.00 2.90 unch 0.00 3.00 2.90 27.56 26.43 27.40 + 0.69 30.90 15.08 36.59 35.18 36.39 + 0.93 40.95 19.90 0.87 0.82 0.83 - 0.03 1.44 0.69 1.16 1.09 1.13 - 0.01 2.00 0.85 0.05 0.03 0.04 - 0.00 0.11 0.02 0.06 0.05 0.05 - 0.01 0.15 0.04 0.07 0.02 0.06 + 0.03 0.07 0.00 2.31 2.31 2.31 unch 0.00 3.98 2.20 0.01 0.00 0.01 unch 0.00 0.03 0.01 0.06 0.00 0.06 - 0.00 0.11 0.05 0.08 0.00 0.08 - 0.01 0.14 0.06 0.10 0.07 0.07 - 0.01 0.13 0.02 0.13 0.09 0.11 - 0.01 0.17 0.03 0.03 0.02 0.02 - 0.01 0.08 0.02 0.10 0.09 0.10 + 0.01 0.24 0.07 0.13 0.12 0.12 - 0.01 0.33 0.11 0.70 0.59 0.63 + 0.03 0.93 0.50 0.05 0.05 0.05 unch 0.00 0.05 0.03 0.06 0.00 0.06 unch 0.00 0.07 0.02 0.10 0.08 0.10 - 0.01 0.17 0.07 0.07 0.07 0.07 unch 0.00 0.10 0.07 0.05 0.05 0.05 unch 0.00 0.17 0.04 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.44 0.40 0.40 unch 0.00 0.61 0.31 0.00 0.00 0.36 unch 0.00 0.45 0.23 0.31 0.26 0.26 - 0.05 10.27 0.15 0.42 0.36 0.37 - 0.04 0.86 0.14 0.06 0.06 0.06 unch 0.00 0.08 0.03 0.61 0.58 0.60 + 0.03 0.61 0.24 0.46 0.45 0.46 + 0.02 0.45 0.18 4.64 4.30 4.64 + 0.33 5.04 2.41 3.50 3.24 3.47 + 0.23 3.78 1.78 1.08 1.07 1.07 + 0.05 1.08 0.81 0.03 0.03 0.03 + 0.01 0.05 0.02 0.10 0.10 0.10 unch 0.00 0.55 0.08 0.20 0.15 0.18 + 0.05 0.32 0.10 0.10 0.04 0.05 - 0.03 0.63 0.04 0.47 0.42 0.42 - 0.02 0.63 0.28 0.34 0.32 0.33 + 0.01 0.47 0.21 0.10 0.05 0.10 + 0.05 0.10 0.04 0.29 0.28 0.28 - 0.01 0.34 0.15 0.22 0.21 0.21 + 0.00 0.54 0.11 0.14 0.00 0.14 + 0.01 0.35 0.13 0.03 0.03 0.03 unch 0.00 0.13 0.02 0.02 0.01 0.02 - 0.00 0.10 0.00 0.13 0.12 0.12 - 0.01 0.48 0.11 0.10 0.00 0.09 - 0.01 0.33 0.09 0.32 0.23 0.32 + 0.09 0.41 0.20 0.24 0.18 0.23 + 0.05 0.30 0.16

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2019-09-23 2:45 PM