The Northern Miner September 4 2017 Issue

EXCLUSIVE: ASANKO CUTS GUIDANCE, CEO REBUTS MUDDY WATERS REPORT / 6 Geotech_Earlug_2016_Alt2.pdf 1 2016-06-24 4:27:20 PM

SPECIAL FOCUS

MEXICO

Almadex, Leagold, Minera Alamos, Primero, Southern Silver, Vangold and more / 9-16

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

SEPTEMBER 4-17, 2017 / VOL. 103 ISSUE 18 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Pala sets up new tech metals fund INTERVIEW

| Stephen Gill reveals investment strategies and key resources

Goldcorp to pay $7.3M for stake in Colorado Resources GOLD

| Junior explorer active in BC’s prolific Golden Triangle district

BY TRISH SAYWELL tsaywell@northernminer.com

Over the last decade, Pala Investments has invested across a range of metals, including cobalt, lithium, rare earths, tin, nickel and copper.

More recent investments include the $200-million public offering in June of Cobalt 27 Capital (TSXV: KBLT), a cobalt-streaming company Pala helped set up and in which Pala now owns a 19% stake; a US$110-million debt financing of Altura Mining (ASX: AJM), an Australian mining company developing the Pilangoora lithium mine in Western Australia; and a portfolio of equities and bonds related to new energy.

In August the investment firm set up a US$150-million fund — Pala New Energy Metals — dedicated to investing in projects and businesses that capitalize on the shift in the global energy mix, and advances in battery technologies and their industrial applications.

Stephen Gill, a managing partner at Pala in Zug, Switzerland, spoke to The Northern Miner about the new fund and Pala’s investment philosophy and enthusiasm for battery metals, and other minerals critical to renewable and energy-efficient technologies.

The Northern Miner: Since joining Pala in 2008, you have been involved in many of the firm’s investments across a range of commodities and See PALA / 8

Leave no

The project team at Colorado Resources’ KSP gold-copper property in British Columbia’s Golden Triangle. COLORADO RESOURCES

BY LESLEY STOKES lstokes@northernminer.com VANCOUVER

G

oldcorp (TSX: G; NYSE: GG) is finding a foothold in northwestern B.C.’s historic Golden Triangle region with a plan to inject $7.3 million into Colorado Resources (TSXV: CXO) for exposure to the junior’s 305 sq. km KSP gold-copper property in the region.

Colorado’s president and CEO Adam Travis tells The Northern Miner during a phone interview

“WHEN I FIRST HEARD THEY WERE LOOKING FOR PROPERTIES WITH DISTRICT-SCALE POTENTIAL, I THOUGHT WE WERE MADE FOR EACH OTHER.”

PM40069240

ADAM TRAVIS PRESIDENT AND CEO, COLORADO RESOURCES

the new money will help expand the company’s 7,500-metre drill program, which is targeting extensions of high-grade gold mineralization at KSP’s flagship Inel project.

Inel is 15 km southeast along

strike of Skeena Resources’ (TSXV: SKE; US-OTC: SKREF) past-producing Snip gold mine, where head grades averaged 25 grams gold per tonne.

See COLORADO / 2

unturned.

Reduce uncertainty. Contact us for expertise in all aspects of mining.

Contact our Mining Group at mining@weirfoulds.com Visit weirfoulds.com or follow us on:

WeirFoulds_NorthernMiner-1.indd 1

12/18/2015 2:58:15 PM

TREK MINING: REVIVING AURIZONA GOLD MINE IN BRAZIL / 23

1-16, 23_Sep 4_Main .indd 1

2017-08-29 9:31 PM

2

WWW.NORTHERNMINER.COM

SEPTEMBER 4–17, 2017 / THE NORTHERN MINER

Drillers on a platform at Colorado Resources’ KSP gold-copper project in northwestern British Columbia. COLORADO RESOURCES

Goldcorp to pay $7.3M for 14.3% of Colorado Resources “PEOPLE HAVE FINALLY WOKEN UP TO THE IDEA THAT THIS IS A GREAT PLACE TO MAKE A DISCOVERY. IT’S NICE TO SEE THE EYEBALLS AND INVESTORS COME BACK AGAIN.”

COLORADO From 1

“Goldcorp shares our enthusiasm for KSP, and for Inel in particular,” Travis says. “When I heard they were looking for properties with district-scale potential, I thought we were made for each other — we’re the largest landholder of any junior explorer in the district. It’s a big property with big potential.”

Over 100 sq. km of the KSP property is covered with clay-silica and iron alteration, after hydrothermal fluids escaped from an underlying porphyry system. The gossan carries over 0.1 gram gold in soil samples, making it one of the largest anomalies seen in the Golden Triangle.

The Golden Triangle is named after a cluster of gold-rich deposits found within a belt of deformed volcanic rocks, including Seabridge Gold’s (TSX: SEA; NYSE: SA) 10.2 billion lb. copper and 38.8 million oz. gold KSM porphyry camp, and Pretium Resources’ (TSX: PVG; NYSE: PVG) 9.1 million oz. Brucejack epithermal gold mine.

Travis says better markets have spurred exploration in the region, which has led to GT Gold’s (TSXV: GTT; US-OTC: GTGDF) high-grade gold discovery at its Tatogga property, 20 km northeast of Imperial

ADAM TRAVIS PRESIDENT AND CEO, COLORADO RESOURCES

Workers in the core shack at Colorado Resources’ KSP gold-copper property in northwest British Columbia. COLORADO RESOURCES

Metals’ (TSX: III; US-OTC: IPMLF) Red Chris copper-gold mine.

“People have finally woken up to the idea that this is a great place to make a discovery. It’s nice to see the eyeballs and investors come back again,” Travis says. “There are ten junior explorers with drilling projects in the Triangle ... Brucejack is in production, Seabridge is spending money next door at its Iskut project

and Skeena is looking at drilling underground at Snip. The more these companies drill, statistically speaking, the more discoveries will be made. It’s the right place to be.”

Before Goldcorp’s investment, Colorado’s $4-million exploration program at Inel was enough to raise its interest in KSP from 51% to 80%.

The property is under a joint venture with SnipGold, a wholly owned subsidiary of Seabridge.

Colorado has since amended its agreement to buy the other 49% interest in the property for $1 million in cash, 2 million Colorado shares and a 2% net smelter return royalty.

“If we stuck with the previous

agreement, by the time we agreed on a new joint venture we would’ve lost the exploration season,” he says.

“I knew I had a big fish on the hook and wanted to make sure there was nothing to stumble us to advance the project forward this year.”

Travis says that depending on weather and logistics, Colorado may double its current drill campaign at KSP. The drill campaign is targeting the down-dip extension of mineralization outlined in last year’s 8,900-metre drill campaign, which tested a 300- by 600-metre area within a 1 by 1.5 km soil geochemical anomaly averaging 1.27 grams

Global Leader

Your Technical Services Partner in Geochemistry and Metallurgy

Integrating the Geosciences: “The Challenge of Discovery”

October 22-25, 2017 Toronto, Canada

For more information, scan this QR code or visit www.alsglobal.com Phone: +1 604-984-0221 RIGHT SOLUTIONS RIGHT PARTNER

1-16, 23_Sep 4_Main .indd 2

gold. Results included 23.2 metres of 4.12 grams gold and 113.6 metres of 1.67 grams gold.

The Colorado Resources investment is Goldcorp’s latest addition to its growing portfolio of investments in junior explorers. Since early 2016, Goldcorp has driven $64.3 million into juniors to increase its exposure to greenfield discoveries.

The miner plans to invest up to $100 million in 15 to 20 juniors, as announced in January at the Association for Mineral Exploration Roundup convention in Vancouver.

Other juniors in Goldcorp’s portfolio include Triumph Gold (TSXV: TIG), Gold Standard Ventures (TSXV: GSV; NSYE-MKT: GSV), Sirios Resources (TSXV: SOI), Independence Gold (TSXV: IGO) and Auryn Resources (TSX: AUG; US-OTC: GGTCF).

Goldcorp’s investment in Colorado Resources, due by private placement, will consist of 10 million units at 26¢ per unit, and 12.7 million flow-through units at 36.5¢ each. Each unit includes one share and one half warrant, with each whole warrant exercisable within 30 months at 45¢ per warrant.

Once completed, Goldcorp would have a 14.25% stake in Colorado.

Shares of Colorado have traded within a 52-week range between 18¢ and 53¢ and closed at 35¢ at press time. The company has 96.3 million shares outstanding for a $34-million market capitalization. TNM

2017-08-29 9:31 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / SEPTEMBER 4–17, 2017

3

Osisko Metals explores Bathurst camp for base metals ZINC

BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

O

sisko Metals (TSXV: OM; US-OTC: BWMXF) has assembled a large land package in New Brunswick’s historic Bathurst mining camp, where it intends to apply modern analytics to historical data.

Osisko Metals has also staked 430 sq. km in Quebec that includes what it calls “the largest surficial zinc anomaly in Eastern Canada.”

The company emerged in May when junior Bowmore Exploration joined the Osisko Metals group after a 3-to-1 share consolidation. The newly branded, leaner vehicle is now helmed by veteran Bathurst-camp geologist Jeff Hussey, while former Bowmore president Paul Dumas has shifted into the chief financial officer role at Osisko Metals.

Osisko Mining (TSX: OSK) cofounders Robert Wares and John Burzynski have joined the board of directors.

“I’ve been working with [Paul Dumas] and Bob Wares for the past eight months. My family is from Bathurst and I was with Noranda for 19 years, which involved working at the Brunswick No. 12 mine,” Hussey, now Osisko Metals president and CEO, says during a phone interview.

“Bob and I took a hard look at a lot

| Bringing innovation to mature mining camp in New Brunswick

of available ground across the camp and staked this big land package, which is still growing. We’re sitting in the third-largest volcanogenic massive sulphide (VMS) camp globally, and it’s an opportune time for our story, given the emerging supplydemand fundamentals for zinc and lead,” he says.

The company targeted over 400 sq. km in the Bathurst region earlier this year after Glencore (LON: GLEN) abandoned key claims in the camp.

Osisko Metals is looking at historical resources across its land package to assess developing a centralized concentrator.

The company has divided the 50 km wide Bathurst region into eastern and western target areas. Hussey says that the conceptual multi-deposit model is more effective when deposits are located within 25 km of the processing facility.

Osisko Metals’ goal is to leverage modern software on historical geophysical data to establish and expand resources and move to economic studies.

“We’re going to take an innovative approach to exploration in the region.

It’s a mature mining camp, but there have been a lot of geophysical surveys by the provincial government and Glencore,” Hussey says.

He says his firm will take magnetic and gravity data from publicly available surveys to carry out 3-D

“THERE’S A PHENOMENAL DEPTH IN THE OSISKO METALS TECHNICAL TEAM THAT WE CAN BRING TO BEAR.” JEFF HUSSEY PRESIDENT AND CEO, OSISKO METALS

inversions. The team will reconcile this with its interpretation of the geology to improve drill targeting.

“Everyone has used the geophysical data in one way or another, but we want to push it to another level,” he says.

In July, Osisko Metals locked up the Mount Fronsac property, which had been owned by Glencore and hosts a historical resource of 1.26 million tonnes grading 7.7% zinc and 2.2% lead. Osisko Metals says the deposit occurs in a “similar stratigraphic location” to the Brunswick No. 12 Horizon.

Meanwhile, Osisko Metals staked 12 grassroots zinc properties in Quebec based on surface sediment geochemistry and mineral occurrences found in government databases.

Osisko Metals says the properties are all hosted in “classic geological

environments for zinc,” including: stratiform sediment and its metamorphic equivalents (SEDEX), VMS and Mississippi Valley Type.

The company calls the package its “Quebec Genex” projects, which are headlined by the Schefferville, Montauban and Normetal Sud properties.

“Bob was assembling the Quebec land package in tandem with the work we were doing together in Bathurst. He diligently went through the provincial database looking for zinc showings, which involved sorting through lake sediments, silts and related occurrences,” Hussey says.

“Schefferville is the largest surficial zinc anomaly in Eastern Canada, for example. So we’re up there sampling the Menihek Formation sediments around these anomalous lakes. There’s potential for a good SEDEX environment, and we want

to bring our innovative techniques to the table.”

Osisko Metals raised nearly $29 million in July via two financings.

The company closed a boughtdeal private placement wherein it issued 21.6 million units at 80¢ each for gross proceeds of $17.3 million.

The units include a half-purchase warrant exercisable for two years, with each full warrant carrying a $1 strike price.

The second financing included a non-brokered private placement of 3.9 million flow-through shares priced at 90¢.

Osisko Metals shares closed at $1.47 per share at press time. The company has 66.2 million shares outstanding for a $97-million market capitalization, with Osisko Gold Royalties (TSX: OR; NYSE: OR) and Osisko Mining (TSX: OSK) jointly holding a 20.5% equity stake.

“We went to the market looking for a lesser sum in that financing, but there was extreme interest in the story. We’ll be active on the Quebec projects, and we’re looking at starting up a drill campaign in Bathurst later this year,” Hussey says. “But this financing also helps us look around the base metal sector for stranded assets or other opportunities that could get us into a development scenario much sooner. There’s a phenomenal depth in the Osisko Metals technical team that we can bring to bear.” TNM

JOINT VENTURE ARTICLE

Silver Range on the Hunt for Gold and Silver in Canada’s Territories, Nevada

Vancouver-based Silver Range Resources Ltd. (TSX-V: SNG) has been taking advantage of the prolonged slump in mineral exploration to stake several properties in North America with high-grade gold and silver potential.

“We launched an extensive, wideranging research program to identify prospective targets that came open during the downturn, or properties that have unrecognized potential because of developing deposit models,” says Silver Range President and CEO Mike Power, a seasoned geoscientist with extensive experience working in Canada’s north and elsewhere.

As a result, the prospect generator currently holds 38 projects — of which 34 have been added since mid-2016 — in stable jurisdictions in Canada’s north and Nevada that will be optioned to partners or sold as they reach drill-ready status. The focus is on grade: only targets with the potential for average grades of at least five grams gold per tonne equivalent are eligible.

“It’s easier to focus on size in the exploration business because larger deposits have bigger footprints and alteration haloes,” says Power. “But high-grade deposits command a higher price per tonne, are easier to engineer, and are, on the whole, more likely to succeed. They’re tougher to find but that’s the kind of challenge we like.”

With more than $1 million in the treasury, Silver Range further sets itself apart from a crowded field of juniors by running a lean operation. The Strategic Exploration Group — a junior exploration collective in Vancouver — handles Silver Range’s routine administration and keeps its growing portfolio

1-16, 23_Sep 4_Main .indd 3

Silver Range’s mapping and prospecting crew working at the high grade Hard Cash property in southern Nunavut, summer 2017. CREDIT: SILVER RANGE RESOURCES of projects in good standing.

All-season exploration with activity in Canada’s northern territories during the warmer months and in Nevada in winter also builds in ef ficiencies. And harnessing the expertise of two of the most successful consulting firms in the nor th, Aurora Geosciences and Archer Cathro & Associates, keeps Silver Range’s costs to a minimum while ensuring the best exploration approach.

“Northern logistics are difficult if you don’t have the know-how,” says Power. “Having access to people with experience in the north is key to keeping costs manageable.”

As the industry returns to health, Silver Range is beginning to generate a revenue stream from option and joint venture agreements that the company can use to advance projects to the drill-ready stage without

having to rely too much on dilutive public financings.

Currently, resources are directed at four initiatives ranging from districtscale prospecting along belts with proven gold reserves in Canada’s north, to specific drill targets in Nevada. Favoured deposit models include Archean lode and iron formation-hosted gold in Canada and epithermal, mesothermal and carbonate-hosted gold in Nevada.

In Nunavut, Silver Range has assembled a portfolio of seven projects along the South Kitikmeot belt — an emerging gold district between the Lupin mine and the advanced Back River gold project, where mine construction could begin as early as 2018. Six of the seven targets have high-grade gold occurrences similar in style to the iron formation-hosted mineralization at Lupin and Back River, while the seventh is under-

going reconnaissance prospecting.

Geophysical surveys are identifying potential drill targets within the package.

In southern Nunavut, the company is exploring the Ennadai-Rankin greenstone belt where Agnico Eagle Mines is developing the Meliadine gold mine. Of Silver Range’s five projects there, two named Yandle and Hard Cash are close to drillready status. Results from Hard Cash, a high-grade Archean lode gold prospect, are particularly encouraging with the delineation of a 1,400-metre trend of bedrock and float samples grading up to 174 gpt gold and 1,192 gpt silver.

In the Northwest Territories, Silver Range is focusing on a large property along the Providence gold belt, 250 km northeast of Yellowknife. The PGB project — recently optioned from GGL Resources — covers 40% of

the belt and more than 90% of its known mineral occurrences. This prospective yet relatively unexplored property has several drill-ready gold targets that could kick-start a sustained exploration drive in the region.

And in Nevada, the company is investigating the potential for granite-hosted gold deposits along the Walker Lane belt near the border with California. Geophysical anomalies associated with surface gold mineralization at the Strongbox property are ready to drill, while sampling has identified a 1,500-metre-long corridor of quartz veins and breccia zones grading up to 73 gpt gold at the Enigma property.

As the industry emerges from a five-year downturn and turns its attention to higher-grade projects that stand a better chance of withstanding metal price fluctuations, Silver Range is well positioned to capitalize on the upswing without the risk of excessive share dilution.

The prospect generator also stands to benefit from new infrastructure being built in Canada’s north as mines such as Agnico’s Meliadine, Sabina Gold and Silver’s Back River and TMAC Resources’ Hope Bay are developed.

“Our exploration expenditures are directed at advancing our most favourable projects to option with little or no drilling,” Power says. “Our strategy is to minimize our requirements for additional capital and to finance selectively to preserve shareholder value.”

— The preceding Joint Venture Article is promoted content sponsored by Silver Range Resources Ltd. and written in conjunction with The Northern Miner. Visit silverrangeresources.com to learn more.

2017-08-29 9:31 PM

4

WWW.NORTHERNMINER.COM

SEPTEMBER 4–17, 2017 / THE NORTHERN MINER

GLOBAL MINING NEWS · SINCE 1915

www.northernminer.com

E D I T O R IA L

Ontario gov’t to fund road to Ring of Fire, nearby First Nations BASE METALS

GROUP PUBLISHER/ PUBLISHER: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com EDITOR-IN-CHIEF: John Cumming, MSC (GEOL) jcumming@northernminer.com SENIOR STAFF WRITER: Trish Saywell, BA, MA, MSC (JOUR) tsaywell@northernminer.com WESTERN EDITOR: Matthew Keevil, BA (ECON AND POLI SCI) mkeevil@northernminer.com STAFF WRITER: Lesley Stokes, BSC (GEOL) lstokes@northernminer.com COPY EDITOR: Isa Cunanan, BSC (Health Sci. and Prof. Writing Comm.) icunanan@northernminer.com PRODUCTION EDITOR: David Perri, BA dperri@northernminer.com ONLINE EDITOR: Adrian Pocobelli, MA (ENGL) apocobelli@northernminer.com EDITOR, DIAMONDS IN CANADA: Alisha Hiyate, BA (POLI SCI, HIST) ahiyate@northernminer.com ADVERTISING: Joe Crofts (416) 510-6816 jcrofts@northernminer.com Michael Winter (416) 510-6772 mwinter@northernminer.com PRODUCTION MANAGER: Jessica Jubb (416) 510-5213 jjubb@glacierbizinfo.com CIRCULATION/CUSTOMER SERVICE: Laura Arnold (416) 510-5135 (Toll free) 1-888-502-3456 northernminer2@northernminer.com SUBSCRIPTION SALES: George Agelopoulos (416) 510-5104 (Toll free) 1-888-502-3456, ext. 43702 gagelopoulos@northernminer.com REPUBLISHING: (416) 510-6768 moliveira@northernminer.com ADDRESSES: Toronto Head Office: 38 Lesmill Road, Unit 2 Toronto, ON, M3B 2T5 (416) 510-6789 tnm@northernminer.com Western Bureau: 303 West 5th Avenue Vancouver, BC, V5Y 1J6 (604) 688-9908 SUBSCRIPTION RATES: Canada: C$120.00 one year; 5% G.S.T. to CDN orders.

7% P.S.T. to BC orders 13% H.S.T. to ON, NF orders 14% H.S.T. to PEI orders 15% H.S.T. to NB, NS orders U.S.A.: US$120.00 one year Foreign: US$157.00 one year GST Registration # 809744071RT001 (ISSN 0029-3164) CANADA POST: Return undeliverable Canadian addresses to Circulation Dept. c/o The Northern Miner 38 Lesmill Road, Unit 2 Toronto, ON M3B 2T5

| Noront’s Eagle’s Nest first mining project to benefit

I

t’s the first bit of genuinely good news about Ontario’s Ring of Fire mineral district in five years: the Ontario government has pledged “support” and provincial funding to build two roads into the fledgling mining camp in the James Bay lowlands that would also link previously isolated First Nations communities in

BY JOHN CUMMING the area to the province’s all-season road jcumming@northernminer.com network.

Ontario Premier Kathleen Wynne made the statement on Aug. 21 in Thunder Bay, Ont., flanked by three of her ministers: Indigenous Relations Minister David Zimmer; Northern Development and Mines Minister Michael Gravelle; and Minister of Municipal Affairs Bill Mauro.

The announcement was made with the chiefs of the Marten Falls, Webequie and Nibinamik First Nations, which would be most affected by the roads.

Marten Falls Chief Bruce Achneepineskum and Webequie Chief Cornelius Wabasse attended the announcement, as did Noront Resources president and CEO Alan Coutts.

“What we set out to do was work in partnership with First Nations as we move forward to make this very, very important investment in infrastructure that will allow for the development of this resource,” Wynne said. “But it will mean much more to the communities than that.”

Wynne said “there has been criticism … that we weren’t moving quickly enough. And I want to be clear that our commitment to this project has never been in doubt. I’ve always maintained that we are going to make this investment. But because there was a careful process, a thoughtful process [and] many partners working together, we now have a plan and an ability to move forward in a partnership that would not have been possible if we had not taken that time. And that has been our objective all along.

“The truth is, there are not a lot of examples of resource development and benefit sharing with First Nations in Canada. We can’t point to dozens and dozens of success stories. There are some, but they are not necessarily the rule. So we’re finding our way together, we’re learning together and we’re reinventing what that kind of partnership can mean. That is why we’ve always put that partnership at the top of the list.”

A new east–west road will connect the Nibinamik and Webequie First Nations to the provincial highway network north of Pickle Lake, and continue from Webequie to the Ring of Fire towards Noront’s relatively modest but high-grade Eagle’s Nest nickel-copper-platinum group metals project.

The second road would be a north–south community access road planned for construction by the Marten Falls First Nation, which could expand northwards to the Ring of Fire to help develop any future larger-scale chromite mining.

“We know the Ring of Fire would be a game changer for communities in the region, and quite frankly, an opportunity for the whole province,” Wynne said. “It’s why we put a billion dollars on the table to support its development, but we knew that it was not enough to cut a cheque. We’re making this investment in a way that blends cultural and environmental considerations with regulatory requirements.”

An environmental assessment of both road projects will begin

by January 2018, with construction in 2019, pending all necessary approvals.

Noront says this time frame will help it advance predevelopment work and “ready itself” for the three-year construction of the Eagle’s Nest mine, with CEO Coutts describing the road announcement as a “major step forward that will re-energize development of the Ring of Fire region.”

There are other First Nations in the area that have not signed on to the road agreement, but Premier Wynne said communities are welcome to come aboard when ready, and that the provincial government would work with them at their own pace. TNM

Publication Mail Agreement #40069240 Periodicals Postage Rates paid at Niagara Falls, NY, 14304.

U.S. office of publication 2424 Niagara Falls Blvd, Niagara Falls, N.Y. 14304.

U.S. POSTMASTER: send address corrections to: Northern Miner Box 1118 Niagara Falls, N.Y. 14304.-7118

THE NORTHERN MINER is published biweekly by BIG Mining L.P., a division of Glacier Media Inc., a leading Canadian media company with interests in business-to-business information services. From time to time we make our subscription list available to select companies and organi­zations whose products or services may interest you. If you do not wish your contact information to be made available, please contact us by one of the following methods: Phone: 1-888-502-3456; Fax: (416) 447-7658; Mail to: Privacy Officer, The Northern Miner, 38 Lesmill Road, Unit 2, Toronto, ON M3B 2T5.

1-16, 23_Sep 4_Main .indd 4

The original team of Women In Mining Toronto walkers for cancer research in 2007. WOMEN IN MINING TORONTO

WIM Toronto walkers approach $1M in donations The Women in Mining Toronto walking team was first assembled in 2007 to raise money for the Princess Margaret Cancer Foundation by participating in the annual Rexall OneWalk to Conquer Cancer. Over the past decade they

have raised over $897,000 and are close to surpassing the $1 million mark as they prepare for this year’s walk on Sept. 9 in Toronto. For more information and to make a donation, visit www.onewalk.ca/ goto/womeninmining. TNM

O P- E D

Gold demand cools in Q2 FACTS ‘N’ FIGURES

| Slower ETF inflows offset strong physical demand

The following is an edited summary of the World Gold Council’s Gold Demand Trends report for this year’s second quarter. For the full report, please visit www.gold.org.

G

lobal gold demand in the second quarter of 2017 was 953 tonnes — a 10% fall compared with the same period in 2016. This was reflected in a 14% decline in demand for the first half of 2017, which slowed to 2,004 tonnes, according to the World Gold Council’s latest Gold Demand Trends report.

After record levels of inflows into exchange-traded funds (ETFs) in the first half of 2016, a slowdown in the sector was the main factor behind the fall in demand this year. Net central bank purchases of 177 tonnes in the first half of 2017 were also slightly lower compared to the same period in 2016, down 3%. By contrast, the first half of 2017 saw bar and coin investment grow, as did both jewellery and technology demand, each making modest gains compared to 2016.

in demand, due to the country’s economic recovery, double-digit inf lation and relative currency stability.

Jewellery demand also strengthened from a weak 2016 to 481 tonnes, but fell short of the longterm average. India was the main contributor to the 8% gain in the second quarter.

Central banks continue to buy gold, but at a more modest pace than in recent years, totalling 94 tonnes, for a 20% increase on the previous year. The most recent quarter saw Turkey’s central bank add to its gold reserves — its first significant purchase since the 1980s.

Technology demand registered its third quarter of growth, up 2% to 81 tonnes. Increasing adoption of wireless charging and the development of LED features has boosted demand. The busy release schedule of smartphone handsets in the second half also supported memory-chip production.

Supply fell 8% to 1,066 tonnes this quarter compared with the same period last year. This was

THE QUARTER SAW TURKEY’S CENTRAL BANK ADD TO ITS GOLD RESERVES — ITS FIRST SIGNIFICANT PURCHASE SINCE THE 1980s.

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

Professional Directory. . . . . . . . . . . . . . . 17 Stock Tables. . . . . . . . . . . . . . . . . . . . . 20-22

COMPANY INDEX Almaden Minerals. . . . . . . 10 Almadex Minerals . . . . . . . . . 9 Altura Mining. . . . . . . . . . . . . 1 Argonaut Gold. . . . . . . . . . . . . 9 Asanko Gold. . . . . . . . . . . . . . . 6 Auryn Resources. . . . . . . . . . . 2 Avino Silver and Gold Mines. . . . . . . . . . . . . 12 Cobalt 27 Capital. . . . . . . . . . . 1 Colorado Resources. . . . . . . . 1 First Quantum Minerals. . 16 Glencore. . . . . . . . . . . . . . . . . . . 3 Goldcorp. . . . . . . . . . . . . . . 1,13 Gold Standard Ventures. . . . 2

GT Gold. . . . . . . . . . . . . . . . . . . 2 Hecla Mining. . . . . . . . . . . . 12 Imperial Metals. . . . . . . . . . . . 2 Independence Gold. . . . . . . . 2 Kasbah Resources. . . . . . . . . . 8 Leagold Mining. . . . . . . . . . 13 McEwen Mining. . . . . . . . . 14 Minera Alamos. . . . . . . . . . . . 9 Nevada Copper. . . . . . . . . . . . 8 Osisko Gold Royalties. . . . 3,9 Osisko Metals. . . . . . . . . . . . . . 3 Osisko Mining. . . . . . . . . . . . . 3 Pala Investments. . . . . . . . . . . 1 Pretium Resources. . . . . . . . . 2

Primero Mining. . . . . . . . . . 14 Seabridge Gold. . . . . . . . . . . . . 2 Sirios Resources 2 Sierra Rutile. . . . . . . . . . . . . . . . 8 Southern Silver Exploration. . . . . . . . . . . . . 12 Skeena Resources . . . . . . . . . . 1 Tahoe Resources. . . . . . . . . . . 5 Torex Gold Resources. . . . 15 Trek Mining. . . . . . . . . . . . . 23 Triumph Gold. . . . . . . . . . . . . 2 Wheaton Precious Metals. . . . . . . . . . . . . . . . . . 14

ETF inflows slowed dramatically from last year’s record pace. Nevertheless, holdings in the sector grew, adding 56 tonnes in the second quarter, and bringing total inflows in the first half to 168 tonnes. European ETFs saw the strongest firsthalf inflows, with holdings in these funds reaching a record 978 tonnes.

Bar and coin investment rebounded from very low levels last year. Second-quarter demand gained 13% from second-quarter 2016 to 241 tonnes, while first-half demand rose 11% to 532 tonnes.

India contributed to the recovery, having been particularly weak last year. Turkey also saw a jump

largely led by a steep drop in recycling, down 18% to 280 tonnes, and a continuation of net de-hedging, albeit by a modest 5 tonnes, in the subdued second-quarter price environment. Mine production stayed flat, falling 3 tonnes to 791 tonnes.

The year-on-year comparison for recycling was also affected by the elevated levels seen in the first three quarters of 2016, when the rapidly increasing global gold price, along with a tax amnesty in Indonesia, enticed consumers to liquidate their assets. The first half of 2017 represents a continued “normalization” of recycling in most markets. TNM

2017-08-29 9:31 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / SEPTEMBER 4–17, 2017

5

Workers in the mill at Tahoe Resources’ flagship Escobal silver mine in Guatemala. TAHOE RESOURCES

Uncertainty at Escobal forces Tahoe to suspend dividend, guidance GUATEMALA

BY TRISH SAYWELL

T

tsaywell@northernminer.com

ahoe Resources (TSX: THO; NYSE: TAHO) is stopping dividend payments and company-wide guidance due to the suspension of its flagship Escobal silver mine in Guatemala.

Ending the monthly 2¢-per-share dividend could save the company $65 million in cash a year, the company’s president and CEO, Ron Clayton, told analysts and investors on a conference call.

“As most of you are aware, when we built Escobal, we intended to return part of our free cash flow from the mine to shareholders via a dividend program, while using the rest of the cash flow to fund our growth projects,” Clayton said.

“Without that cash flow, the dividend had to be re-evaluated.”

In July, the Supreme Court of Guatemala suspended Escobal’s mining licence until it could hear an action brought by non-governmental organization CALAS against the country’s Ministry of Energy and Mines (MEM) regarding the company’s mining licence.

CALAS filed a claim in the Supreme Court in May alleging that MEM violated the Xinca Indigenous People’s right of consultation before granting the Escobal mining licence to Tahoe’s Guatemala subsidiary, Minera San Rafael.

Tahoe says all consultation obligations relating to permitting Escobal were met, and that the company is taking “all legal steps” to have the ruling reversed and the licence reinstated.

The Supreme Court is the initial trial court in Guatemala for constitutional actions filed against MEM, and appeals from these decisions are heard by Guatemala’s Constitutional Court.

“Based on a previous ruling by the Constitutional Court involving consultation obligations with respect to a large natural resource project, the company says that its operating licence should remain in effect while any more consultation is completed,” Clayton said. “Accordingly, the company both appealed the decision to the constitutional court and asked the Supreme Court to reconsider its provisional ruling.”

But on July 28, Tahoe learned that the Supreme Court had denied the company’s motion for reconsideration. The Constitutional Court appeal is still pending and is expected within the next three months.

“The Supreme Court must still resolve CALAS’s definitive constitutional claim, which could take between 12 and 18 months, during which the company must suspend

| Constitutional Court appeal pending and expected in next three months

“WE INTENDED TO RETURN PART OF OUR FREE CASH FLOW FROM THE MINE TO SHAREHOLDERS VIA A DIVIDEND PROGRAM ... WITHOUT THAT CASH FLOW, THE DIVIDEND HAD TO BE REEVALUATED.” RON CLAYTON PRESIDENT AND CEO, TAHOE RESOURCES

operations absent a reversal of provisional decision,” Clayton said. “The company understands that to the extent there were any consultation obligations, MEM met those before issuing the exploitation licence to Minera San Rafael.”

Adding to Tahoe’s troubles is a group of protesters near the town of Casillas that have blocked the road connecting Guatemala City to the mine since June 7. The protests “have initially been related to a variety of issues, including unfound claims that mining at Escobar is causing seismic activity 20 km away,” Clayton says. “The company is working with the government, community leaders and others to resolve the situation peacefully and expeditiously.

However, the road blockage shows no sign of immediate resolution, and we cannot predict at this time when the road will be cleared.”

Operations were reduced between June 8 and June 19 — dropping lowest on the last day to conserve fuel.

The company has over 250,000 oz. silver and concentrate on-site that cannot be shipped until the licence is reinstated.

Care and maintenance costs for Escobal tallied US$5 million in July but could fall to between US$2 million and US$2.5 million per month.

Three class-action lawsuits pur-

“The situation in Guatemala is both fluid and complex. But we’ve been there for over seven years, and we have a dedicated management team both in Reno and Guatemala, who are working diligently to resolve the situation. We also have strong teams in Canada and Peru, where we are working to ensure our gold operations remain stable and continue to grow.”

At press time, Tahoe’s shares traded at $6.59 apiece, close to their 52-week low of $6.36 on July 11, 2017, and down 71% from their 52-week high of $22.13 on Aug. 10, 2016.

Andrew Kaip of BMO Capital Markets cut his target price on the stock from $11.50 per share to $7 per share, while CIBC’s Cosmos Chiu and Kevin Chiew trimmed their target on the company to $7.50 per share from $8.50 per share. TNM

NOTICE TO THE CREDITORS OF: WALTER ENERGY CANADA HOLDINGS, INC.

NEW WALTER ENERGY CANADA HOLDINGS, INC.

WALTER CANADIAN COAL PARTNERSHIP

NEW WALTER CANADIAN COAL CORP.

WOLVERINE COAL PARTNERSHIP

NEW WOLVERINE COAL CORP.

BRULE COAL PARTNERSHIP

NEW BRULE COAL CORP.

WILLOW CREEK COAL PARTNERSHIP

NEW WILLOW CREEK COAL CORP.

PINE VALLEY COAL LTD.

and those other entities listed as Petitioners on Schedule “A” to the Initial Order (collectively, the “Walter Canada Group”) RE:

NOTICE OF THE UNRESOLVED RESTRUCTURING CLAIMS PROCESS FOR THE WALTER CANADA GROUP PURSUANT TO THE COMPANIES’ CREDITORS ARRANGEMENT ACT (“CCAA”)

This notice is being published pursuant to an order of the Supreme Court of British Columbia dated August 15, 2017 which approved a claims process (the “Unresolved Restructuring Claims Process”) for the determination of certain remaining restructuring claims against the Walter Canada Group or their respective past or present directors or officers (the “Claims Process Amendment Order”).

Any capitalized terms used but not defined herein have the meanings ascribed to them in the Claims Process Amendment Order.

A copy of the Claims Process Amendment Order and other public information concerning the CCAA proceedings can be obtained on the website of KPMG Inc., the Court-appointed Monitor of the Walter Canada Group (the “Monitor”) at http://www.kpmg.com/ca/walterenergycanada. Any person who may have an Unresolved Restructuring Claim against any member of the Walter Canada Group or any of their respective past or present directors or officers should carefully review and comply with the Claims Process Amendment Order.

The Unresolved Restructuring Claims Process only applies to Unresolved Restructuring Claims.

Unresolved Restructuring Claims are claims arising as a result of a restructuring, disclaimer, resiliation, termination or breach by any member of the Walter Canada Group on or after the Commencement Date of any contract, employment agreement, lease or other agreement or arrangement of any nature whatsoever, whether written or oral, and includes any cooperation agreement with any member of or predecessor of any member of the Walter Canada Group and includes any asset purchase agreement or similar transaction agreement entered into by any member of the Walter Canada Group or any Petitioner and approved by the Court in these CCAA Proceedings, and any claim against respective past or present director or officer of a member of the Walter Canada Group that has not become an Allowed Claim, has not been barred pursuant to the terms of the Claims Process Order or is not the subject of an unresolved Notice of Dispute.

Any person having an Unresolved Restructuring Claim against any member of the Walter Canada Group or any of their respective past or present directors or officers must send a Proof of Claim to the Monitor such that the Proof of Claim is received by the Monitor by no later than 5:00 p.m.

(Vancouver Time) on October 6, 2017 (the “Unresolved Restructuring Claims Bar Date”).

BANKABLE EXPERTISE For over 75 years in Canada, our bankable expertise has been providing mining companies with a comprehensive understanding of their deposit and ore variability while optimizing flowsheet design for processing.

SGS IS THE WORLD’S LEADING INSPECTION, VERIFICATION, TESTING AND CERTIFICATION COMPANY

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

SGS Canada Inc - Bankable Expertise.indd 1

1-16, 23_Sep 4_Main .indd 5

portedly have been filed against the company since the Supreme Court issued its provisional decision on July 5. The lawsuits allege that Tahoe made untrue statements of material facts, omitted to state material facts and engaged in acts that operated as a fraud upon the purchases of the company’s stock.

The company disputes the allegations and says it will “vigorously defend the lawsuits.”

When asked on the conference call whether the company can take the dispute to arbitration if the courts rule against Tahoe’s mining contract, Clayton said the company is looking into it, along with “what the options are in international law.”

The company has also stopped work on a preliminary economic assessment for phase two at its La Arena gold mine in northern Peru, 480 km north–northwest of Lima.

It is, however, continuing with its two capital projects: expanding its Shahuindo gold mine — 30 km north of the La Arena mine — to 36,000 tonnes per day, and doubled production at its Bell Creek gold mine complex, 20 km northeast of the centre of Timmins, to 80,000 oz. per year.

Tahoe ended the second quarter with a US$190-million cash balance.

Adjusted earnings for the quar-

ter came in at US$33.8 million, or US11¢ per share. Despite curtailed production in June at Escobal due to the Casillas road blockage, Tahoe still produced 4.1 million oz. silver in the second quarter — almost all of it from Escobal — at total cash costs and all-in sustaining costs of US$6.73 and US$10.01 per oz. silver produced, net of by-product credits.

The company’s Timmins mines produced 41,000 oz. gold; Shahuindo, 21,000 oz. gold; and La Arena, 48,000 oz. gold.

While the company can’t reconfirm company-wide, multi-year guidance, it still expects its gold operations will meet this year’s targets of 375,000 to 425,000 oz., and at the lower end of the total cash cost range of US$700 to US$750 per ounce.

Clayton ended the call on an upbeat note.

For the avoidance of doubt, any claim a Claimant may have against any of the Walter Canada Group entities or their respective past or present directors or officers must be filed in accordance with the procedures set forth in the Claims Process Amendment Order.

Claimants requiring more information or who have not received a Proof of Claim form or Claims Package should contact the Monitor by phone at 604-691-3468 or email at maclark@kpmg.ca or visit the Monitor’s website at http://www.kpmg.com/ca/walterenergycanada.

UNLESS EXPRESSLY PROVIDED IN THE CLAIMS PROCESS AMENDMENT ORDER, HOLDERS OF CLAIMS THAT DO NOT FILE PROOFS OF CLAIM WITH THE MONITOR BY OCTOBER 6, 2017 SHALL NOT BE ENTITLED TO ANY FURTHER NOTICE OR DISTRIBUTION UNDER A PLAN, IF ANY, OR OF ANY PROCEEDS OF SALE OF ANY OF THE WALTER CANADA GROUP’S ASSETS, OR TO PARTICIPATE AS A CLAIMANT IN THE CCAA PROCEEDINGS OF THE WALTER CANADA GROUP, AND SHALL BE PROHIBITED FROM MAKING OR ENFORCING ANY CLAIM AGAINST ANY MEMBER OF THE WALTER CANADA GROUP AND/OR ANY OF THEIR DIRECTORS AND/ OR OFFICERS. ADDITIONALLY, ANY CLAIMS SUCH CLAIMANT MAY HAVE AGAINST ANY MEMBER OF THE WALTER CANADA GROUP AND/OR ANY OF THEIR DIRECTORS AND/OR OFFICERS SHALL BE FOREVER BARRED AND EXTINGUISHED.

2017-08-21 4:05:49 PM

2017-08-29 9:31 PM

6

WWW.NORTHERNMINER.COM

SEPTEMBER 4–17, 2017 / THE NORTHERN MINER

Asanko Gold revises guidance, shares tumble GHANA

BY TRISH SAYWELL

T

tsaywell@northernminer.com

en days after Asanko Gold (TSX: AKG; NYSE-MKT: AKG) said it was keeping its 2017 production guidance for its gold mine in Ghana at 230,000 to 240,000 oz. gold, the company said it couldn’t meet that target after all, and would produce between 205,000 and 225,000 oz. gold instead.

The downward guidance revision, announced on Aug. 3, sent the West Africa-focused gold producer’s stock down 20% that day to finish at $1.11 per share, or 82% below the 52-week high of $6.09 per share the stock reached in September 2016.

Asanko touched a 52-week low of 99¢ per share on Aug. 4.

Analysts covering the company scrambled to lower their target prices — some as much as $3 per share.

Others revised their sector ratings.

“The unexpected guidance review clearly is a confidence shaker and has put the story in the penalty box, and management needs to deliver according to plan over the next three quarters to restore that confidence with no further revisions,” said Nana Sangmuah, an analyst at Clarus Securities in Toronto, during an interview with The Northern Miner.

“There is still a lot of value in the assets not reflected in the current market cap of the company and management is technically competent to unlock that value,” he said.

For now, however, the analyst cut his price target on Asanko to $3.25 per share from $6.25, and downgraded his rating on the company from “buy” to “hold.”

Management attributed the lower production guidance at the company’s Asanko gold mine in Ghana to two things. First, historic artisanal workings at its Akwasiso pit were deeper than previously thought, which meant less oxide and more mineable ore tonnes than expected.

| CEO refutes allegations in short-seller Muddy Waters’ report

Second, recent results from the ore reconciliation process had identified blast movements as a source of ore losses and dilution in the Nkran pit.

The 9% change in production guidance also brought a 5% change in the forecast of all-in sustaining costs (AISCs). Under its July 19 production guidance, AISCs ranged between US$880 and US$920 per oz. this year. Now the company says AISCs will come closer to between US$920 and US$960 per ounce.

The company’s CEO, Peter Breese, noted in a press release on Aug. 3 that the second quarter “has had positive wins,” including: trimming AISCs to US$930 per oz. quarter-onquarter; grade-control drilling in the Nkran pit that compared favourably to within 2% of the pit’s resource estimate; and volumetric upgrades to increase plant throughput to 5 million tonnes per year, finished ahead of schedule and within budget.

“The recent revision of our annual guidance was a prudent response to two new pieces of information that we received subsequent to the publication of our second-quarter production release,” Breese wrote in an email responding to questions from The Northern Miner.

“As you know, in line with meeting our corporate governance obligations of timely disclosure, we are required to update the market in a timely and continuous manner.

That’s what we did.”

Asanko’s flagship mine produced 46,017 oz. gold in the second quarter, and the company posted US$60 million in second-quarter revenues; earnings before interest, tax, depreciation and amortization of US$25 million; and operating cash flow before changes in working capital of US$13 million.

The mine consists of two large deposits: Nkran, which is in production, and Esasse. There are also a number of satellite deposits on the concession (Abore, Asuadai,

Mining operations at Asanko Gold’s Nkran open-pit gold mine in Ghana. ASANKO GOLD

1-16, 23_Sep 4_Main .indd 6

Akwasiso, Dynamite Hill, the Nkran Extension, Adubiaso and the Adubiaso Extension), in addition to a 3-million-tonne-per-year, carbonin-leach (CIL) processing plant.

CIBC analysts Jeff Killeen and Daniel Gavin were unimpressed with Asanko’s downward guidance revision.

“Askanko declared commercial production on April 1, 2016, with the first full quarter of steady operations noted by management in third-quarter 2016,” the analysts said in an Aug. 3 research note. “After one year of mining the Nkran pit … the cash balance has decreased despite producing less than 260,000 oz. and making no principal debt repayments.”

The analysts also said they were “concerned” about the company’s “ability to repay a debt load that has been deferred once already.”

“Asanko has a $150-million debt facility with Red Kite that was due to begin repayments in July 2016,” they noted. “Principal repayments have been deferred once to July 2018 and management noted that it has until March 2018 to elect to defer for a further year.”

Killeen and Gavin said they expect the company will defer developing its large-scale Esasse deposit “due to liquidity constraints” and cut their price target to $1 per share from $2.85 per share. They also lowered their rating on the company to “under-performer” from “neutral.”

Breese noted in his email that CIBC “is one of nine investment dea lers whose ana lysts cover Asanko,” and that it “wasn’t appropriate for Asanko to comment specifically on individual research reports.”

In terms of the company’s liquidity position, Breese repeated points that management had made during its second-quarter conference call in July.

“The mine generates free cash flow

at a time of growth, is operating well and looking to improve upon that past performance through various operational interventions that already give us clear indications that we can improve our gold extraction efficiencies.

“The mine is generating significant operating cash flow and for the past four quarters has averaged US$28 million per quarter. We expect to continue to generate strong operating cash flow for the balance of 2017 … based on our revised 2017 annual cost guidance, we still have an AISC margin of US$300 per ounces. We have US$60 million in cash and immediately convertible working capital on the balance sheet, as we reported in our second-quarter financial results. After spending the other growth capital (the majority is on plant upgrades) in the second half of 2017, we expect to have between US$57 and US$62 million in cash, and immediately convertible working capital.”

As for Asanko’s near-term growth and debt deferral, Breese pointed out that Asanko is in a growth phase and expanding production at the mine by increasing the plant’s processing capacity to 5 million tonnes per year from the original design of 3 million tonnes per annum. (Asanko calls the expansion, combined with bringing the large-scale Esasse deposit into production, as Project 5 million [P5M].)

“In our circumstance, repaying debt while spending capital to grow the mine was not optimal,” Breese said in his email. “The deferral of the debt, announced on May 19, 2016, was done to strengthen the balance sheet ahead of the P5M investment decision. We had full support from our debt-financing partner, Red Kite, who recognize that P5M offers value-accretive growth. The optics are reasonable and appropriate.”

Breese said the company intends to fund the expansion projects from

“THE RECENT REVISION OF OUR ANNUAL GUIDANCE WAS A PRUDENT RESPONSE TO TWO PIECES OF INFORMATION THAT WE RECEIVED SUBSEQUENT TO THE PUBLICATION OF OUR SECONDQUARTER PRODUCTION RELEASE.” PETER BREESE PRESIDENT AND CEO, ASANKO GOLD

internal cash flow while keeping a cash buffer of $30 million throughout construction, supported by debt financing and favourable market conditions.

The CEO also said that the first stage of P5M — the brownfield modifications to upgrade the CIL processing plant to 5 million tonnes per year — is well underway, at a total capital cost of US$22 million, which is being funded by cash-onhand. Volumetric upgrades to 5 million tonnes a year have been installed a month ahead of schedule and within budget, and are being commissioned, and Asanko has run the plant on a campaign basis at the 5-million-tonne-per-year rate. Breese forecast that recovery upgrades would be installed and commissioned in the fourth quarter.

Outstanding capital in the second half of 2017 is US$15 million.

“As we announced on June 5, 2017, the decision to proceed with the second stage of P5M, the construction of the overland conveyor and development of the Esasse deposit has been deferred until 2018 (the capital cost is estimated at US$150 million). This will help the company build cash resources of US$100 million on the balance sheet in fiscal 2018 before Esasse development,” he wrote in the email. “The deferral ensures the capital expenses on the project are funded predominantly from cash-on-hand.”

Asanko has had its share of troubles this year.

Several class-action lawsuits against the company apparently have been launched after short-seller Muddy Waters published a report in May alleging that the company “is highly likely to end up a zero.”

Muddy Waters, which is known for helping take down Sino-Forest, a company that had timber concessions in China, claims that “on the back of f lawed geology” Asanko “made investments in Nkran, its satellite pits and Esasse that we believe will never be recovered.”

The short seller also described a partial collapse of the Nkran pit’s west wall as “serious” and estimated that the company would need to spend between US$75 million and US$115 million to keep mining the Nkran pit, or it would “pinch out,” and the cost of more mining would exceed its expected revenue. Spending this money, the short seller said, “likely means Asanko will run out of liquidity in 2018. Not spending the money leaves the company without the cash flow to develop its largest deposit, Esasse.”

Other criticisms outlined in the

2017-08-29 9:31 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / SEPTEMBER 4–17, 2017

7

The processing plant at Asanko Gold’s namesake gold mine in Ghana, which handles ore from the nearby Nkran pit. ASANKO GOLD

report included using a US$2,000 per oz. gold price in a December 2016 resource update, something it called a “serious” flaw.

Asanko vigorously refuted the allegations after the May 31 report, and continue to do so. Several analysts also rushed to the company’s defence. “The chances of AKG ‘ending up a zero’ are outlandish, based on our [12- to 18-month] near-term operating assumptions, which we see as realistic,” Raymond James’ Chis Thompson said in a research note.

When asked by The Northern Miner in June about the allegations in the Muddy Waters’ report, Dino Ghoussias of Red Kite Mine Finance declined to comment.

Before responding to the specific allegations in the report, Breese started his email to The Northern Miner by saying that Asanko’s executive management team and board “have solid reputations in mining and many decades of experience.

“These senior executives and directors, along with myself, have invested $850,000 of their own money to acquire nearly 500,000 Asanko shares in the open market over the past two months,” he wrote. “That is an expression of their confidence in our company.”

Asanko, he added, employs independent and objective Tier 1 industry service providers and qualified persons, who are “among the best available in the mining industry.”

He added that “as emphasized in our news release on June 5, 2017, the Asanko gold mine is a quality, long-life, gold-producing asset in a stable African jurisdiction. We are profitable — with a sustainable margin of US$300 per oz. at current gold prices — and have significant cash reserves of US$60 million, with a supportive debt-financing partner.”

On the allegations, Breese said: “The main thesis of the Muddy Waters short report is a false claim that Asanko will need between US$75 and $115 million to rectify a partial collapse in the Nkran pit.

In fact, we have largely rectified the collapse at a cost of US$3 million to $4 million.

1-16, 23_Sep 4_Main .indd 7

“Muddy Waters falsely claimed that the fix would require us to remove 37 million tonnes of waste rock and that this would take a year,” he said. “In fact, we removed 1.1 million tonnes in the slump area and it took only a few weeks.”

The short seller “brazenly attempted to impugn our credibility by claiming that the partial wall collapse was ‘serious’ and implying that our disclosure was faulty,” Breese added. “We disclosed the partial wall collapse on May 4, 2017, or 27 days before the Muddy Waters report.

Our on-site monitoring systems predicted this wall slippage well in advance, and there was no impact on either production or safety.”

Breese confirmed that contrary to Muddy Waters’ “false” claims, the company is proceeding with its pushback plans at the Nkran pit.

Repeating comments the company made during its second-quarter conference call, Breese noted that Nkran’s cut 2 pushback continued during the quarter with the western wall sequence, which is located in mainly oxide and transition waste material with no drill and blast operations, making it cheaper to mine.

This pushback sequence included changes recommended by mining consultants SRK to align the sidewall designs to the SRK geotechnical recommendations in the slump area. That called for modifying the surface oxide slope angles from 28 degrees to 22 degrees, and another 1.1 million tonnes of waste material moved in the slump area.

“In the context of moving 26 million tonnes this year, these design changes have had an insignificant impact on our mine plans,” he wrote, quoting his remarks from the conference call. “This exercise was nowhere near the misguided estimates, as recently published by a short-selling report that estimated this work would amount to 37 million tonnes, or 33 times the amount of waste needing to be removed at costs of between US$75 and US$155 million. Once we reached the required design elevation on the western wall, the cutback operations moved onto the next sequence for the pit

“THE MAIN THESIS OF THE MUDDY WATERS SHORT REPORT IS A FALSE CLAIM THAT ASANKO WILL NEED BETWEEN US$75 MILLION AND $115 MILLION TO RECTIFY A PARTIAL COLLAPSE IN THE NKRAN PIT. IN FACT, WE HAVE LARGELY RECTIFIED THE COLLAPSE AT A COST OF US$3 MILLION TO $4 MILLION.” PETER BREESE PRESIDENT AND CEO, ASANKO GOLD

in the southeast section to develop ore blocks in line with our cut 2 designs. We will continue mining to this section of cut 2 for the rest of 2017.’”

As for Muddy Waters’ claim that the company has found less gold in Nkran than it had expected, and has responded by mining the “guts” out of the orebody into a steep V-shape, Breese disagreed.

“The pit is not materially deeper than the original feasibility study anticipated,” he said. “The pit is not narrower and is being mined according to independent geotechnical and life-of-mine criteria. We have planned appropriately for long-term mining, based on the expertise of our team, including our independent consultants and identified qualified persons.”

Breese said that Nkran’s mineral resource reconciliation is within 2%, and that “the gold is in the ground.”

As the company disclosed in February 2017, Breese said, the resource and subsequent reserve model “have been updated and include a resource model developed by CSA Global for Nkran that “is more conservative than the prior model that was developed by another independent consultant.” The CSA Global model does show lower grade, he conceded, in part from the knowledge gained from actual mining, which has been communicated to the market.

“While the grade and contained ounces within the Nkran pit have been reduced, the expansion definitive feasibility study and mine plans are based on this new conservative

model and fully reflect all the implications of both the grade and ounce reduction estimates.

“Our understanding of the complex Nkran mineralization continues to evolve as we mine deeper into the main ore zones,” he said.

“Although two respected independent experts have reached different conclusions regarding grades and tonnes of this complex orebody, the contained ounce profile remains similar at a cut-off of 0.5 gram gold per tonne. However, to be prudent, we have elected to use the more conservative CSA resource model for our corporate reporting, life-ofmine planning and future capitalexpenditure projects.”

He noted that reconciliation has confirmed that the grade control model is within 2% of the mineral resource estimate (MRE) for the volume of material used for the reconciliation. This is a step forward, he said, “as it clearly validates the recently updated MRE that forms the basis of life-of-mine plans for the Nkran pit, which is the major value driver for the coming years.”

In response to Muddy Waters’ criticism that the company used a US$2,000 per oz. gold price for its MRE, Breese pointed out that the company disclosed in a news release on July 18 that the constraining gold price for its MRE aligns with peers at US$1,500 per oz. gold.

“Since the [February 2017] release of our updated MRE [used in the June definitive feasibility study announcement], we have received feedback that the gold price was

inconsistent,” he said. “After conducting a further peer review, we decided to align our MRE with others in the gold sector and therefore adjusted the gold price constraining parameter for our MRE to US$1,500 per ounce.”

“The use of US$2,000 per oz. had been deemed appropriate — a view shared by our technical advisors — as a reasonable constraint based on potential mine life of up to 21 years and a long-term belief in future higher gold prices. For Asanko, it is the mine’s reserves that drive value, as they form the basis of the business and the company’s valuation. It is the ability to exploit these reserves and to meet the planned production targets as per the company’s guidance that impacts a company’s valuation.”

Breese emphasized that the reduction from US$2,000 per oz. “had no impact” on the measured resource, and “only a small impact” on the combined measured and indicated resource.

More importantly, he said, the change did not impact the mine’s mineral reserve estimate, which stayed the same at 101 million tonnes at 1.57 grams gold for 5.1 million contained oz. gold, based on a US$1,300 per oz. gold price, which is within industry norms.

Based on our reserves, he added, Asanko has a long-life asset with a mine life of between 12 and 20 years, depending on the mining rate.

In terms of the mill, Breese said it has consistently operated above the design rate of 3 million tonnes since the second quarter of 2016, initially at 10% above design, and then 20% above design (3.6 million tonnes).

“We have been building up a strategic stockpile of ore as part of our single pit, risk-mitigation strategy,” he said. “In our first-quarter results, we reported this has been achieved and mining rates had returned to more optimal levels. These two factors necessitated mining more than the feasibility study originally intended, however as stated earlier, this has not resulted in the pit being materially deeper than the original feasibility study.” TNM

2017-08-29 9:31 PM

8

WWW.NORTHERNMINER.COM

SEPTEMBER 4–17, 2017 / THE NORTHERN MINER

Pala sets up new tech metals fund PALA From 1

mining services. Transactions include: investments in mineral sands company Sierra Rutile (LON: SRX); Kasbah Resources (ASX: KAS), which owns the Achmmach tin mine in Morocco; and Nevada Copper (TSX: NCU), which owns the Pumpkin Hollow copper project in the United States. How would you characterize Pala’s investment philosophy, and the metals it is drawn to?

Stephen Gill: We focus on finding the right type of exposure. Ideally, you need a long-term focus, evergreen structure and should be a bit nimble. In a cyclical industry, it is a major benefit to invest across debt, equity, passive equities or physical commodities, so we keep those skills in-house.

TNM: What are your thoughts on Pala’s newest fund and its focus on energy metals?

SG: We’ve been focused on that space for a number of years. Over the last 10 years there was always a hockey stick-shaped chart of electric vehicle penetration, and the inflection point would move out every year. Two years ago, it stopped slipping and you could look out of your window and see a Tesla parked down the street. The team really started to focus on the space a couple of years ago, building our network and trying to understand renewables, battery chemistry and so on. We have made decent-sized investments in this space over the last 18 months. The dedicated fund helps us communicate to corporates and the market our focus on the space, and develop a capital pool with other like-minded investors with the potential to grow.

It is worth clarifying what we define as ‘new energy metals.’ You have a realization of climate change and air-quality impacts in a broader sense, which have triggered significant policy shifts. You also have a number of technological advances

First Cobalt’s Frontier cobalt property in northern Ontario’s Cobalt mining camp. FIRST COBALT

in the battery space, renewables and automation on an industrial scale.

Recently, the underlying technologies have reached the point where they can facilitate a pick-up in these industries. The tipping point of mass adoption and the economies of scale that come with it are driving the surge in battery demand growth, and it’s spilling over into three industrial themes that we believe will see a period of change.

TNM: What are the industrial themes you see impacted by this?

SG: The first is the electrification of global transportation, and the related shift to automation and build-out of infrastructure. There are major implications for lithium-ion batteries, you’ve heard statistics regarding the kilograms of lithium or how many kilograms of cobalt are required in

Edmonton screenings co-presented by:

W I N N ER

BEST CANADIAN FEATURE 2016

WINNER

BEST CANADIAN DOCUMENTARY AVAILABLE LIGHT FILM FEST

A FILM BY NETTIE WILD PRODUCER BETSY CARSON EDITOR MICHAEL BROCKINGTON DIRECTOR OF PHOTOGRAPHY VAN ROYKO SOUNDSCAPE AND MUSIC MARK LAZESKI, JESSE ZUBOT, HILDEGARD WESTERKAMP, DANIEL PELLERIN DIRECTOR NETTIE WILD A CANADA WILD PRODUCTION PRODUCED IN ASSOCIATION WITH TELEFILM CANADA AND THE ROGERS GROUP OF FUNDS THROUGH THE THEATRICAL DOCUMENTARY PROGRAM; SUPER CHANNEL; CANAL D, A DIVISION OF BELL MEDIA INC; KNOWLEDGE NETWORK; THE CANADA MEDIA FUND; DEVELOPED IN ASSOCIATION WITH THE NATIONAL FILM BOARD AND CREATIVE BC; PRODUCED WITH THE PARTICIPATION OF ROGERS DOCUMENTARY FUND; THE SHAW MEDIA/HOT DOCS COMPLETION FUND; THE CANADIAN FILM OR VIDEO TAX CREDIT; THE PROVINCE OF BRITISH COLUMBIA FILM INCENTIVE BC.

EDMONTON: SEPT 9th &10th

Garneau Theatre (Metro Cinema Society)

1-16, 23_Sep 4_Main .indd 8

electric vehicles, and subsequently ratios, such as four times the copper intensity in an electric vehicle versus a combustion engine. However, there are many other implications — look at the dramatic pick-up in the intensity of semiconductor use in electric vehicles, and what sits behind that.

The second is electricity generation itself, which has changed significantly could continue to change dramatically going forward. It is already cheaper to build new renewables capacity than coal. We see more electricity generation coming from renewables than from fossil fuels in the future, and there is a web of implications from that.

Third is energy efficiency in manufacturing, including smart and additive manufacturing and automation.

One example is China. For China to meet its carbon emission targets, one of the biggest levers available is the cleanup of its steel industry.

There are also broader economic drivers for transitioning to higher quality steel. As a result, we already see a widening discount between high-grade and low-grade iron ore, and you’ve seen vanadium move dramatically, accelerated by the type of clean-up of domestic supply.

This new energy metals theme is decades in the making, and, in our minds, as pervasive as the 2003– 2013 supercycle that was driven by a billion people in China moving from rural areas into cities. This cycle was bulks and commoditydriven, and quite simplistic. The nature of this next cycle is not as obvious for commodities, but we think it’s as pervasive. The opportunity should evolve over time as technologies and commodities change, and become less related to bulks and more to minor metals and non-exchange-traded minerals that are less understood, or considered less investible.

What we’re trying to do with this new fund is use the same multistrategy investment approach that we’ve used more at Pala, which has been successful, so that we will look for the right exposures at the right point of time.

TNM: Pala’s latest investments have been in cobalt and lithium.

SG: Yes. Cobalt screams of an attractive supply-demand case. Whilst the investment case was obvious, there were no equities and no credit, so we thought: ‘Well, let’s invest directly in the metal.’ That was the genesis, and then we became involved in a cobalt streaming company.

TNM: And your investment a couple of weeks ago in lithium via Altura Mining?

SG: There were a lot of equity vehicles and the big ones have done well, and some of the smaller ones, less so. The industry is growing, but traditional bank debt was closed to lithium developers, as most banks are not willing to manage the marketing aspect of a non-exchange-traded commodity with Chinese offtake.

The Altura opportunity offered the opportunity to work with a great management team, a well-advanced project and a strong consortium of financiers to provide a solution that fulfills its purpose of providing Altura with the best financing outcome for the company on a weighted average cost of capital basis. The only alternative is all equity financing, which is horribly dilutive for shareholders.

TNM: How did Pala narrow it down to Cobalt 27 and Altura?

SG: There are tons of things that come through in a month. However, the key is leveraging our network and our own research to find really good management teams or opportunities.

Our internal technical team also adds depth, in terms of identifying less obvious opportunities and understanding technical risk.

For something like Altura, it’s not that we went looking for an investment in a lithium company specifically. We are active in the sector and working to support companies in advancing projects, and we were fortunate to work with that team as a result of our network.

TNM: Pala was one of the founding shareholders of Cobalt 27, before which there were no cobalt companies of any scale.

SG: We were an early investor in the space. The feedback came from a number of funds: ‘We see the same compelling fundamentals and the cobalt story makes complete sense, but we can’t invest, as there are no equity vehicles of sufficient size.’

The Cobalt 27 management did a great job to bring together investors in the metal and blue-chip investment funds to create an equity platform from which to pursue the pipeline of streams they have been focused on. We are glad to be a part of that platform alongside a strong shareholder base.

For Altura, there are a number of listed lithium companies, but we found the right counterparty

where the opportunities were differentiated.

Across other commodities like vanadium, we spent a lot of time on research. The vanadium universe is small and in many ways not investible for most funds. We’ve had to create our own investment opportunities, in many ways, for some of these less understood or non-exchange-traded metals. It’s a slightly convoluted answer.

A large part of what’s interesting about this cycle, or thematic, is the less obvious commodities, and they require a slightly different approach than you would use to invest in bulk or base metals.

TNM: Pala launched the new fund with initial capital of US$150 million. Why now?

SG: We like to take a patient and staged approach to everything we do. It’s a good starting point for a dedicated platform to invest in a sector that, as you say, we see has a lot for us to do. It’s a great starting point. We also believe this is the start of a prolonged mega-trend that will present a number of opportunities, as thematics and related industries develop over time.

TNM: Has the new fund invested in anything? If not, when do you think you will make the first investment?

SG: We have more holdings now, and an interesting pipeline of opportunities across a range of commodities and the value chain.

TNM: What is your view of mining and metals today, and the appetite for mining investments?

SG: Pala is active across the mining space with our other investment strategies — not just new energy metals. We are in an interesting period to invest, but it is important to be flexible and invest in different ways, which reflects in our team structure.

At some points in the cycle there are fantastic private equity opportunities, but there are long periods where asset valuations don’t lend themselves to private equity. It is a dangerous game to feel rushed to deploy capital into PE-like structures at those times, and it is a major benefit to generate a return in other ways during those periods.

If you look at statistics on fund returns — being purely focused on short-term — highly liquid investment styles have not performed so well over the last couple of years. TNM

2017-08-29 9:31 PM

MEXICO

SPECIAL FOCUS

Azure Minerals’ Mesa de Plata silver project in northern Mexico. AZURE MINERALS

Minera Alamos reels in Osisko Gold Royalties GOLD

| La Fortuna’s main zone open at depth and along strike

Almadex taps into Mexico’s overlooked porphyry potential GOLD-COPPER

| Drill results from El Cobre

BY LESLEY STOKES lstokes@northernminer.com VANCOUVER

P

A drill site Minera Alamos’ Los Verdes copper-molybdenum project in 2015, 200 km southeast of Hermosillo in Sonora state, Mexico. MINERA ALAMOS

rospect generator Almadex Minerals (TSXV: AMZ; USOTC: AXDDF) has pulled the best drill hole to date at its El Cobre gold-copper property, 75 km south of the port city of Veracruz in eastern Mexico.

The company intercepted 535 metres of 0.9 gram gold per tonne and 0.3% copper from 119 metres deep during infill and step-out drilling at the property’s Norte porphyry gold-copper target. The interval includes 145 metres of 1.77 grams gold and 0.45% copper.

Shares of Almadex gained 22¢ to $1.28 after the news, and have since settled at $1.18 at press time.

“We are moving towards a resource, but it’s still too early to say how large the deposit will be,” Almadex president and CEO Morgan Poliquin tells The Northern Miner during a phone interview.

“We haven’t defined the extent of these high-grade intercepts as much as we’d like, and the zone itself is still open.”

Norte is one of four porphyry targets that make up a 4 km long cluster at the 75 sq. km property. Norte, along with Encinal, El Porvenir and Villa Rica, are defined by copper- and gold-in-

Previous drilling at the La For- exploration has ever been com- package to 62 square kilometres. tuna main zone in the mid-1990s pleted elsewhere on the property.

It has also brought in Osisko occurred on only one of at least After securing the project last Gold Royalties (TSX: OR) as a tsaywell@northernminer.com four known gold mineralization year, Minera Alamos has added strategic partner. systems, Koningen says, and while to the company’s footprint in In May, Osisko bought just hroughout his career, and as a there are remnants of historic the area, acquiring more land over 22 million shares at 15¢ for founder of Castle Gold, Darren mining across the project area, south of the main resource and See ALMADEX / 10 See MINERA ALAMOS / 15 Koningen brought two profitable no modern drilling or systematic bringing the project’s total land heap-leach gold mines into production on time and under budget: El Sastre in Guatemala and El Castillo in Mexico.

Today, the metallurgical engineer heads Minera Alamos (TSXV: MAI), a Mexico-focused junior that is advancing the La Fortuna project in Sinaloa.

La Fortuna was one of several assets in Mexico — including the El Castillo mine — that Koningen had worked on at Castle Gold, before Argonaut Gold (TSX: AR) snapped up the company for $130 million in 2009.

Last year Koningen and his team at Minera Alamos bought La Fortuna from Argonaut for $2 million in cash and a 2.5% royalty capped at $4.5 million.

“We had been looking for years to try to get La Fortuna back,” Koningen says in an interview. “The timing was good for us — we were coming out of the end of 2015, when the markets Teléfono +52 662 251 0265 | mexico@majordrilling.com were pretty awful.”

La Fortuna is situated in Durango in the prolific Sierra Madre Occidental Range. It can be accessed by a 100 64 Rigs in Mexico Including: km road from Culiacan, the capital of Sinaloa.

• Surface, Undergroud Core and RC • Geotechnical The main zone of the deposit — • Deep hole with Rod Handling • Sonic which is located within a limited, 300-metre strike length that was • Truck and Track mounted rigs • Auger drilled in the mid-1990s — has a • Manportable • Percussive measured and indicated resource of QUALITY•SAFETY•RESULTS 4.8 million tonnes grading 1.99 grams gold per tonne. The main zone is open to depth and along strike.

BY TRISH SAYWELL

T

Helping companies safely explore Mexico since 1993

Headquartered in Hermosillo, Mexico

majordrilling.com

1-16, 23_Sep 4_Main .indd 9

2017-08-29 9:31 PM

10

MEXICO

SEPTEMBER 4–17, 2017 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

Drilling at Almadex Minerals’ El Cobre copper-gold project in Veracruz, Mexico. ALMADEX MINERALS

Almadex taps into Mexico’s porphyry potential ALMADEX From 9

soil anomalies that coincide with positive features in magnetic and induced polarization geophysical surveys.

Only Norte has seen any appreciable drilling, Poliquin points out.

The company found Norte’s highgrade zone in drilling last year, and have since drilled 15 definition holes for 10,500 metres.

At Encinal, first-pass drilling this year revealed 35 metres of 0.73 gram gold and 0.20% copper, with more results pending.

The last drill program at El Porvenir was in 2013. Results included 18 metres of 1.42 grams gold, and geophysical anomalies noted at depth remain to be tested.

But the most “exciting” target on the property, Poliquin says, is Villa Rica.

“When you put the whole dataset together and look at the property ... Villa Rica is the main target,” he says. “It has the largest geophysical

Core from the El Cobre discovery hole. ALMADEX MINERALS

anomaly and the best soils, yet it has never been drilled before. We sent a team out to prospect it, and they found large areas of outcropping porphyry mineralization, which is extremely rare to find ... especially in areas with excellent infrastructure such as at El Cobre.”

Rock and chip samples taken this year from Villa Rica’s Raya Tembrillo target average 1.5 grams gold. Both the soil and geophysical anomaly measures 2.5 km by 1 km at surface.

Almadex intends to continue drilling at Norte and Encinal, and

is mobilizing a rig to drill the first hole at Villa Rica.

Poliquin says that gold-rich porphyries — such as those found at El Cobre — are “found in clusters, and you don’t know if they’ll join up at depth. At Newcrest’s Cadia Valley gold mine in Australia, the deposit started 30 years ago with a smaller, lower-grade porphyry and evolved into the high-grade Ridgeway deposit. Now they’ve found the eastern zone that connects it at depth.”

Almadex first entered eastern Mexico in 1992 as Almaden Min-

Almadex Minerals president and CEO Morgan Poliquin (left) and director Larry Segerstrom at El Cobre in Veracruz, Mexico. ALMADEX MINERALS

erals (TSX: AMM; NYSE-MKT: AAU), a prospect generator active since 1986.

Poliquin, who completed a PhD thesis on the geology and deposits

2010 Discovery of Brand New Precious Metals District in Puebla State, Mexico April 2017 Pre-Feasibility Study Results: • Reserves of 1.29 MM ozs Gold AND 78.8 MM ozs Silver • Life of Mine Production forecast of 1.04 MM ozs Au AND 70.9 MM ozs Ag • Low Upfront Capex of US$117 MM • 41% After-Tax IRR at US$1250 Au and US$18 Ag • Pure Precious Metals Deposit to produce Au/Ag Doré on site • Ongoing exploration in this brand new district > Preparing Rock Creek Mill for Move from Nome, Alaska to Mexico > Permits to be submitted shortly > Production target of 2019

More info: www.almadenminerals.com or info@almadenminerals.com

1-16, 23_Sep 4_Main .indd 10

of eastern Mexico, was drawn to the region for its untapped mineral potential.

Almaden went on to discover the 1 million oz. Caballo Blanco gold deposit, and the 4 million equivalent oz. gold Ixtaca deposit.

Ixtaca, which Almadan is advancing towards a production decision, led to the spin-out of Almadex in 2015.

“We were the pioneer and first mover in terms of junior exploration companies in that part of the world,” Poliquin says. “We found a terrane that was never recognized before. Everything we found, including El Cobre, is brand-new.”

He reckons that eastern Mexico’s mineral occurrences may have been overlooked because most explorers in the country stick to the historical mining camps.

“There’s a general assumption that the Spanish [colonial] prospectors already found everything,” he says.

“Mexico is an excellent geological terrane, and you can still find big deposits next to historical mining camps — take Mag Silver’s Juanicipio silver discovery next to Fresnillo, for example. Mexico is a great jurisdiction, and there’s an opportunity here to do exploration.

“We’ve found three deposits in eastern Mexico and there could be many more.”

Almadex is fully funded to meet its exploration goals, with $3.6 million in its treasury as of June.

Shares of the company have traded within a 52-week range of 73¢ to $2, and closed at $1.18 at press time. The company has 48 million shares outstanding for a $59-million market capitalization. TNM

2017-08-29 9:31 PM

MEXICO

GLOBAL MINING NEWS

THE NORTHERN MINER / SEPTEMBER 4–17, 2017

11

MEXICO SNAPSHOT: SIX ACTIVE JUNIORS Diverse precious and base metal projects throughout Mexico Mexico is a home away from home for Canadian mineral explorers and junior mine developers, with its highly prospective geology, low operating costs and pro-mining culture. Here are six Canadian juniors with active programs in Mexico.

ounce.

In Mexico’s Sonora state, Americas Silver has its San Felipe silver-leadzinc development project — a high-grade past producer acquired

by Hochschild in 2006, which spent US$45 million on the asset.

Americas Silver acquired an option on the property for US$7 million and has a second payment due in December.

ALAMOS GOLD Alamos Gold (TSX: AGI) is a Toronto-based, intermediate gold producer with three operating mines: Mulatos and El Chanate in Mexico’s Sonora state, and the Young-Davidson gold mine in northern Ontario. Together, they are slated to produce 400,000 to 430,000 oz. gold this year at all-in sustaining costs (AISCs) of US$940 per oz. gold.

The Mulatos mine started production in 2005 as Alamos’ founding operation, and has produced 1.7 million oz. gold to date from an open pit with a combination heap-leach and high-grade mill. Based on reserves at the end of 2016, Mulatos has at least another five years of mine life, and is on track to produce 150,000 to 160,000 oz. gold this year.

Alamos still considers the large land package around the mine as prospective for gold, and has budgeted $17 million for exploration there this year.

El Chanate is an open-pit, heapleach mine that is at the end of its life and is only producing gold though residual leaching. During the second quarter, production was 17,600 oz. gold at an AISC of US$1,208 per ounce.

Much of Alamos’ mid-term gold production growth could come from its three development projects in Turkey, but it is also developing the Lynn Lake project in Manitoba, the Esperanza project in Mexico’s Morelos state and the Quartz Mountain project in Oregon.

Alamos has no debt, $150 million in cash and equivalents, and $150 million in undrawn credit.

ALMADEN MINERALS Vancouver-based Almaden Minerals (TSX: AMM; NYSE-MKT: AAU) is developing its wholly

ARGONAUT GOLD

A drill crew at Almaden Minerals’ Ixtaca gold-silver deposit in Mexico. ALMADEN MINERALS owned Tuligtic property in Mexico, which includes the Ixtaca goldsilver deposit. Led by Duane and Morgan Poliquin, Almaden staked and discovered Ixtaca in 2010 and describes it as “one of Mexico’s premier precious metal deposits.”

Almaden’s subsequent drilling at Ixtaca has outlined a reserve that stands at 65.1 million tonnes grading 0.62 gram gold per tonne and 37.7 grams silver per tonne, for 1.3 million contained oz. gold and 79 million contained oz. silver (or 2.4 million equivalent oz. gold).

Measured and indicated resources add 126 million tonnes at 0.49 gram gold and 26.99 grams silver for another contained 2 million oz. gold and 109 million oz. silver.

Forty-seven million tonnes at lower grades lie in the inferred category.

Almaden describes the mineralization as occurring as cohesive, high-grade vein swarms hosted by barren limestone, and says conventional gravity and flotation would “readily separate barren limestone” from veins to create a high-grade concentrate, which leaches well to a doré bar.

The company says preproduction engineering studies are underway, which should provide the necessary data for a production permit application.

According to a prefeasibility study, a mine at Ixtaca with a 14-year life producing 147,900 equivalent oz. gold per year at an US$862 per oz.

AISC would cost US$117 million in initial capital expenses and have a 41% internal rate of return, plus a 2.2-year payback period. The net present value is US$310 million at a 5% discount rate.

At last count, Almaden had $20 million in cash and no debt.

AMERICAS SILVER Americas Silver (TSX: USA; NYSE-MKT: USAS) expects its Cosala district operations in Mexico’s Sinaloa state and its Galena complex in northern Idaho will deliver sustainable annual production of 5 million to 5.6 million equivalent oz. silver. It has a goal to be a “first quartile cost silver producer” by 2018.

The Toronto-based junior says Cosala offers “significant cash flow and exploration upside,” and notes that AISCs at Cosala have fallen 103% since 2014.

Cosala includes the fully funded, US$18-million San Rafael development project that is now under construction and should come on-stream by the end of September, providing what the company describes as “significant cash flow and reduction in cash costs.”

For all of 2017, Americas Silver is forecasting total production of 2 to 2.5 million oz. silver, or 5 to 5.5 million equivalent oz. silver at cash costs of US$4 to US$5 per oz. silver and AISCs of US$9 to US$10 per

Argonaut Gold’s (TSX: AR; US-OTC: ARNGF) primary assets are the production-stage El Castillo gold mine and construction-stage San Agustin gold project in Durango, Mexico, and the production-stage La Colorada gold mine in Sonora, Mexico. It also has the advancedstaged San Antonio gold project in Baja California Sur, Mexico, and Magino gold project in Ontario, as well as more exploration projects in North America.

For the second quarter, Argonaut produced 29,730 equivalent oz. gold at a cash cost of US$785 and AISCs of US906 per ounce. This resulted in adjusted net income of $4.1 million for the quarter.

Argonaut reported in August that mine construction at its San Agustin project is 75% complete and tracking 10–15% under budget. The ore should be loaded on the leach pads in September.

GEOLOGIX EXPLORATIONS Vancouver-based Geologix Explorations (TSX: GIX; USOTC: GIXEF) is focused on its wholly owned Tepal copper-gold porphyry project in Mexico’s Michoacan state, where the company has completed a preliminary economic assessment and is working towards a feasibility study.

In June Geologix raised $1.2 million in a private placement, and will use the funds to advance Tepal and for general corporate purposes.

In March, Geologix added veteran exploration geologist Gillian

Kearvell as the company’s vicepresident of exploration. She is described as having worked in Mexico since 1994, during which time she codiscovered Teck Resources’ San Nicolas volcanogenic massive sulphide deposit in Zacatecas state, managed the prefeasibility field program at Goldcorp’s Los Filos mine, and led the Teck exploration team that developed the Guerrero Gold Belt exploration model resulting in the El Limon-Guajes and Cerro Media Luna discoveries, currently operated by Torex Gold.

SIERRA METALS Toronto-based polymetallic producer Sierra Metals (TSX: SMT; NYSE-MKT: SMTS) has its 82% owned Yauricocha underground mine in Peru and two underground mines — Bolivar and Cusi — in Mexico’s Chihuahua state Yauricocha operates at 2,800 tonnes per day and produces silver, copper, zinc, lead and gold.

Bolivar operates at 3,000 tonnes per day and produces copper, silver and gold. Cusi runs at just 600 tonnes per day and produces silver, lead, gold and zinc.

For the first half of 2017, Sierra posted revenue of US$103 million and adjusted earnings before interest, taxes, depreciation and amortization of US$43 million. At mid-year, Sierra had US$31 million in cash and equivalents and US$67.8 million in outstanding debt.

This year Sierra forecasts producing 98.6 to 115.1 million equivalent lb. copper, or 11.5 to 13.5 million equivalent oz. silver.

Sierra sees brownfield and greenfield exploration potential at Bolivar and Cusi. In August it said a second-phase drill program at Cusi totalling 14,000 metres in 22 holes provides “confirmation of a new potential future silver resource” at the Santa Rosa de Lima zone.

The latest drilling will be incorporated into a resource estimate for Cusi due by yearend. TNM

VANGOLD VANGOLD BringsBrings Historic Historic El Pinguico El Pinguico Mine Mine Back Back toHistoric Life to Life VANGOLD Brings VANGOLD VANGOLD VANGOLD Historic Brings Brings Brings Historic Historic El Pinguico ElMine ElPinguico ElPinguico Pinguico Back Mine toMine Mine LifeBack Back Back totoLife toLife Life

• Located in•world Located class in Ag world & Au class Ag & Au mining district mining of Guanajuato, district of Guanajuato, Mx Mx • Located in world Ag • high Located Located •grade Located in ore world in world ingrade world class class Ag class & Ag Au Ag & Au & Au • A class legacy •&•AAu legacy high deposit ore deposit mining district ofoffers Guanajuato, mining mining Mx mining district district district of Guanajuato, of Guanajuato, of Guanajuato, Mx Mx exceptional offers exceptional potential for potential new for Mx new discovery discovery • A legacy high grade ore•deposit A•legacy A• legacy A legacy highhigh grade high grade grade ore ore deposit ore deposit deposit offers exceptional potential offers offers new offers exceptional exceptional potential potential for new forfor new • Historical production • for Historical >exceptional production 250,000t of >potential 250,000t ofnew discovery discovery discovery discovery >15g AuEq/t >15g AuEq/t • Historical production > •250,000t Historical •De-risked Historical •program Historical of production production production > 250,000t >targeting 250,000t > 250,000t of of of • De-risked •drill drill targeting program >15g AuEq/t lower extension >15g >15g AuEq/t >15g AuEq/t lower ofextension El AuEq/t Pinguico of vein El Pinguico & vein & Veta Madre intersection Veta Madre intersection • De-risked drill program •targeting De-risked • De-risked • De-risked drilldrill program drill program program targeting targeting targeting lower extension of El term Pinguico lower lower vein lower extension extension & extension ofstanding ElofPinguico El of from Pinguico El Pinguico veinvein &vein & & • Near •production Near term from production standing Veta Madre intersection Veta Veta Madre Veta Madre Madre intersection intersection intersection surface and surface underground and underground stockpiles stockpiles • Near term production from • Near Near •diversified term Near term production term production from standing from standing standing • A diversified ••standing Aportfolio ofproduction assets portfolio offrom assets surface and underground stockpiles surface surface and underground and underground underground stockpiles stockpiles stockpiles located insurface the located Mexican inand the Silver Mexican Belt Silver Belt • A diversified portfolio of•assets A•diversified A• diversified A diversified portfolio portfolio portfolio of assets of assets of assets E: info@vangoldmining.com E: info@vangoldmining.com located in the Mexican Silver located located Belt located in the in the in Mexican the Mexican Mexican Silver Silver Silver BeltBelt Belt P: 778.945.2940 P: 778.945.2940 E: info@vangoldmining.com E: www.vangoldmining.com info@vangoldmining.com E: E: info@vangoldmining.com info@vangoldmining.com www.vangoldmining.com P: 778.945.2940 P: 778.945.2940 P: P: 778.945.2940 778.945.2940

www.vangoldmining.com www.vangoldmining.com www.vangoldmining.com www.vangoldmining.com

1-16, 23_Sep 4_Main .indd 11

2017-08-29 9:31 PM

12

MEXICO

SEPTEMBER 4–17, 2017 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

Looking northeast at Cerro las Minitas, 70 km northeast of the city of Durango, Mexico, where Southern Silver Exploration is looking for silver, lead and zinc. PHOTO BY LESLEY STOKES

Southern Silver expands new zone at Cerro las Minitas SILVER-LEAD-ZINC

BY LESLEY STOKES

T

lstokes@northernminer.com VANCOUVER

he last six months of drilling have been a game changer for Southern Silver Exploration (TSXV: SSV; US-OTC: SSVFF) at its Cerro las Minitas silver-leadzinc project, 70 km northeast of the city of Durango, Mexico, with the discovery of an open-ended, 600- by 800-metre skarn mineralization zone.

Drill intercepts from the zone, called the Skarn Front, returned 9.2 metres of 220 grams silver per tonne, 0.3% copper, 3.6% lead and 5.4% zinc; and 8.7 metres of 288

| Skarn Front zone adds resource potential

grams silver, 2% copper, 0.8% lead and 1.2% zinc.

“The zone is well mineralized, and it looks like it will ... add to the project’s metal endowment,” Robert Macdonald, Southern Silver’s vice-president of exploration, tells The Northern Miner during a phone interview.

Southern Silver recently drilled 13,000 metres at Cerro las Minitas and expects to provide a resource update early next year that would include the Skarn Front.

Mineralization at the Skarn Front is similar to the project’s two main deposits, Blind and El Sol, except it has different a geometry.

Blind and El Sol occur along

steeply dipping dikes that spring off the project’s central intrusion at depth, whereas the Skarn Front is more shallow dipping and occurs along the edges of the central intrusion.

The company found Blind and El Sol in 2011 during a drill campaign that targeted induced-polarization geophysical anomalies beyond the central intrusion.

In March 2016, the company reported that Blind and El Sol contain 3.7 million indicated tonnes of 305 equivalent grams silver (90 grams silver, 0.05 gram gold per tonne, 2.3% lead, 2.5% zinc and 0.1% copper), while inferred resources add 6.6 million tonnes of 363 equivalent

grams silver (82 gram silver, 0.17 gram gold, 1.6% lead, 4.3% zinc and 0.2% copper). Inferred resources include the Santo Nino mineralized zone along the central intrusion’s western margin.

Southern Silver found the Skarn Front while drilling the project’s Blind Shoulder target, a zinc-rich blanket of skarn mineralization found along the edges of a flat-lying intrusion at depth.

“The Blind Shoulder zone ended up being a ledge we traced for several hundred metres, but it steepened up and wrapped around the northern edge of the intrusion. It didn’t go where we speculated it might, but we followed the mineralization

NYSE “MKT”: USAS TSX: USA

Cradle to cradle

First Quartile Cost Silver Producer by 2018 Americas Silver Corporation MKT:–USAS) a leading NOW LISTED ON THE(TSX: ONUSA) THE(NYSE NYSE MKTisLISTING Canadian-based junior silver producer with assets in the Americas and

a strong operating platform. Annual production for 2017 Canadianis expected to Americas Silver Corporation (TSX:USA) is a leading be 5.0-5.5 equivalent based juniormillion silversilver producer withounces. assets in the Americas and a strong operating platform. Annual production for 2017 is expected Two primary operating assets, and one Americas Silver Today Guidance 2017 to be 5.5-6.0 million silver equivalent ounces. development project in the Americas:

Two Established Producing mines GalenaComplex, Complex, Idaho, • •Galena Idaho USA USA • •Cosalá Operations, Sinaloa,Mexico Mexico Cosalá Operations, Sinaloa, • New mine production starting Q4, Third Mine ininconstruction 2017Rafael – San Project, Rafael Project, Sinaloa • San Sinaloa, Mexico Mexico

Exploration, feasibility, due diligence, engineering and operations through to mine closure.

Our global experience gives you expert, integrated solutions on every phase of your mining project.

Same team — start to finish. na.srk.com

SILVER PRODUCTION America’s Silver Today SILVER EQUIVALENT PRODUCTION SILVER PRODUCTION

SILVER EQUIVALENT SILVER ALL-IN SUSTAINING COSTS PRODUCTION SILVER ALL-IN SUSTAINING COSTS

2.0-2.5M oz 2017 GUIDANCE 5.0-5.5M oz

2.0-2.5M oz

$9.00-$10.00/oz

5.5-6.0M oz

$9.00-10.00/oz

• San Felipe development San Rafael Project: project in

Sonora, Mexico Construction has commenced on the San Rafael project located San Rafael Project: in Mexico that will increase the Construction is at the final stage of the Company’s silver equivalent fully-funded San Rafael Project that is production to 7.0-7.5 million expected to increase the Company’s ounces at $2-3 silver all-in silver equivalent production to 7.0-7.5 sustaining costs in 2018. million ounces at approximately $3.00/

Proven management team oz silver all-in sustaining costs in 2018 has executed on a four-year at current prices. turnaround of its two operations Strong balance sheet and NYSE since acquisition.

“MKT” listing for increased valuation

Development of fully funded and liquidity.

San Rafael Project on time and onProven budget for Q3, 2017. management team has executed on a four-year turnaround of its two operations Strong balance sheet and since“MKT” acquisition.

Increased reserves by 40% NYSE listing for increased with 10-year plans at both operations. valuation andmine liquidity

>1,400 professionals • > 45 offices • 20 countries • 6 continents

1-16, 23_Sep 4_Main .indd 12

Americas Silver Corporation Suite 2870, 145 King Street West, Toronto, ON M5H 1J8 Tel: 416-848-9503 Email: info@americassilvercorp.com

to the Skarn Front,” Macdonald says. “The edges of these intrusions have irregular surfaces. When you go down the edge it’s almost like little knuckles forming.”

The recent drilling also hit an extension of the Blind deposit, with a 12.5-metre intercept of 154 grams silver, 2 grams gold, 3.2% lead and 3.9% zinc.

He says the company will sit down with private company and 60% partner, Electrum Global Holdings, to discuss whether to advance the project towards a preliminary economic assessment or continue with resource expansion.

The company is also advancing its newly acquired Biznagas and Los Lencho properties, contiguous to Cerro las Minitas, which were staked in May. The claims are being explored for epithermal systems, similar to the productive veins at Avino Silver and Gold Mines’ (TSXV: ASM; NYSE-MKT: ASM) Avino silver-gold-copper mine, 14 km west, and Hecla Mining’s (NYSE: HL) gold-silver San Sebastian mine, 10 km east.

“We’re finding quartz and rhyolite float across the property, and identified several mineralized trends throughout the boulder train with good elevated gold, silver and pathfinders that could indicate an underlying epithermal system,” Macdonald says.

Float samples collected from Biznagas and Los Lencho have returned anomalous gold and silver in three clusters along a 7 km transect, as well as other smaller target areas. Macdonald says a drill campaign would begin within the next few months.

“There have been a lot of great things in this recent drill program,” Macdonald says. “Everything looks encouraging, and we expect to have a busy fall.”

Southern Silver closed the first tranche of a $5-million financing on June 13. The brokered private placement consists of 12.5 million units at 40¢ per unit. Each unit contains one warrant, with each warrant exercisable within three years at 55¢ per share.

Shares of the company have traded within a 52-week range of 26¢ to 60¢, and closed at 38¢ at press time.

The company has 93.6 million shares outstanding for a $36-million market capitalization. TNM

2017-08-29 9:31 PM

MEXICO

GLOBAL MINING NEWS

THE NORTHERN MINER / SEPTEMBER 4–17, 2017

13

Leagold off to strong start at Los Filos mine GOLD

| Junior miner transforming asset bought from Goldcorp for $350M

BY MATTHEW KEEVIL

L

mkeevil@northernminer.com VANCOUVER

eagold Mining (TSXV: LMC) is navigating a six-month transition period at the Los Filos heap-leach gold mine in Mexico.

The company acquired the asset from Goldcorp (TSX: G; NYSE: GG) in April for US$350 million in cash and shares.

On Aug. 10, Leagold reported its inaugural quarterly results, which are headlined by adjusted net earnings of US$6.4 million, or US6¢ per share, and all-in sustaining costs (AISCs) of US$989 per ounce. Los Filos produced nearly 44,000 oz. gold between April 8 and June 30, while gold sales are pegged at 54,000 ounces.

The company is working to transition the mine into a stand-alone asset, while introducing what it describes as substantially new management, and numerous operational improvements and capital programs.

Leagold said it would take through the fourth quarter to implement administrative changes and operational upgrades.

The company reports a number of improvements so far, including renegotiating its mining f leet maintenance contract to improve equipment availability; boosting underground production by 25% to 1,100 tonnes per day; and reoptimizing its reagent levels at the Los Filos heap-leach pads.

Leagold has committed US$6.3 million to two projects that it hopes w ill improve mine performance heading into 2018: US$1.3 million to refurbish and install an agglomeration drum; and US$5 million to extend the conveyors to deliver crushed ore.

“Our transition plan at the site is going very well. We are creating a stand-alone business and profit centre. We expect this transition phase to be complete by the end of September,” Leagold CEO Neil Woodyer said during a conference call.

“We have made progress during the quarter under our new on-site management. We’ve decreased operating costs, improved accountability and generated cash f low. We anticipate continued cost and production improvements in the fourth quarter, and moving forward,” he added.

Leagold anticipates Los Filos will produce between 95,000 and 110,000 oz. gold over the rest of the year at AISCs ranging from US$875 to US$925 per oz. gold.

Meanwhile, the company is moving towards a US$47-million expansion at its Bermejal Underground zone that could boost annual production towards 350,000 oz. gold.

Leagold received its environmental permit for mine portal and ramp development in July.

The company completed nearly 13,000 metres of drilling at Bermejal

by June, which is part of a 56,000-metre annual program.

Recent highlights from the Bermejal infill and step-out drilling include 18.8 metres of 7.2 grams gold per tonne from 117 metres deep in hole 16-17; 19 metres of 3.8 grams gold from 125 metres deep in hole 6-17; and 16.3 metres of 5 grams gold from 191 metres deep in hole 13-17.

“The Bermejal expansion remains an upside driver for us, and exploration results have truly exceeded expectations,” Woodyer said. He noted the portal and ramp design have been completed and permitted,

1-16, 23_Sep 4_Main .indd 13

Leagold’s Los Filos gold mine in Guerrero state, 230 km south of Mexico City. LEAGOLD MINING

“OUR TRANSITION PLAN AT THE SITE IS GOING VERY WELL. WE’RE CREATING A STAND-ALONE BUSINESS AND PROFIT CENTRE.” NEIL WOODYER CEO, LEAGOLD MINING

and Leagold expects to finalize the selection of its underground contractor.

Bermejal Underground mineralization extends 1,600 metres along strike of the intrusive contact and has a vertical extent of over 600 metres.

Leagold says the iron-oxide gold skarn minera lization is “similar to [underground ore]

being mined at Los Filos.”

The deposit hosts measured and indicated resources of 4.7 million tonnes at 6.65 grams gold and 22.37 grams silver for 1.01 million contained oz. gold and 3.4 million contained oz. silver.

BMO Capital Markets analyst Andrew Breichmanas initiated coverage on Leagold in August a f ter t he compa ny ’s ma iden

qua r terly resu lts. He has a n “outperform” rating alongside a $5.45-per-share price target.

BMO Research notes that Los Filos provides a “solid foundation” for management to create a multi-mine, intermediate gold producer in Latin America.

“While open-pit and underground mining activities have shown improvements, gold production has been affected by mine planning and heap-leach management issues,” Breichmanas wrote on Aug. 14. “The [delivery on] operational improvements through the rest of the year, especially injectionleaching performance, underground initiatives and heapleach optimization, accounts for

nearly half of our target price.”

Leagold shares have traded within a 52-week range of $2.27 to $4.55 per share, and closed at $2.94 at press time. The company has 151 million shares outstanding for a $445-million market capitalization.

It reported a US$65-million cash balance at the end of June.

Los Filos has proven and probable reserves of 40.7 million tonnes grading 1.3 grams gold per tonne for 1.71 million contained ounces.

Only counting current reserves, Leagold foresees an eight-year life for Los Filos.

Leagold expects the operation to produce 157,000 oz. gold per year at AISCs of US$803 per oz. over the mine life. TNM

El Cobre: A new Au/Cu Porphyry Discovery in Mexico • Sea level near ports, highways, rail and power • Multiple Outcropping Porphyries with limited or no drilling pre-2016 • High grades over significant widths at Norte target including: • 534.90m grading 0.90 g/t Au and 0.30% Cu (EC 17-029) • 103.85m grading 1.33 g/t Au and 0.41% Cu (EC 17-027) • 70.45m grading 2.32 g/t Au and 0.59% Cu (EC 17-026) • About to commence drilling untested Raya Tembrillo target • 2km south of Norte target • Outcropping porphyry averaging 1.51 g/t Au in 18 surface samples

Plus large portfolio of royalties and properties and 6 company-owned drills

More Info: www.almadexminerals.com or info@almadexminerals.com

2017-08-29 9:31 PM

14

SEPTEMBER 4–17, 2017 / THE NORTHERN MINER

MEXICO

WWW.NORTHERNMINER.COM

Primero’s future uncertain after strike at San Dimas GOLD-SILVER

| Work stoppage only one of several problems plaguing fading producer

BY MATTHEW KEEVIL

P

mkeevil@northernminer.com VANCOUVER

rimero Mining’s (TSX: P) future hangs in the balance after 18 months of operational inefficiencies and labour-related work stoppages at its flagship San Dimas gold-silver operation, 125 km northeast of Mazatlan, Mexico.

The company was recently forced to sell its Black Fox gold complex in Ontario to McEwen Mining (TSX: MUX; NYSE: MUX) for US$35 million in cash, and it continues to pursue “all alternatives” to repay a fully drawn, US$75-million revolving credit line due in the fourth quarter.

It acquired Black Fox via the US$220-million acquisition of Brigus Gold in late 2013.

Primero has had sociopolitical problems in Mexico since it was hit with a legal claim from the Mexican tax authorities in early 2016.

The company then tangled with San Dimas’ local union in February when employees went on strike, leading to a complete stoppage of mining and milling activities.

San Dimas was offline for two months during negotiations and only resumed production in April.

Primero had hoped for a smooth restart, but union relations soured again in July when labour disruptions reignited over proposed bonus payments under a new collective bargaining agreement.

“The annual bonus process and the related negotiations were quite extended and quite difficult. We saw a number of actions that the union took in July to put pressure on us in terms of slowing the operation down,” said Primero chief operating officer Damien Marantelli. “We

Workers in 2016 at Primero Mining’s San Dimas gold-silver mine, 125 km northeast of Mazatlan, Mexico. PRIMERO MINING

need to move forward. So that’s what our team is focused on … but the union is a tough union, and we need to be mindful of that. We need to deal with it, and we’ve done so thus far this year.”

The work stoppages have resulted in San Dimas production dropping 55% year-on-year in quarterly gold equivalent output to 15,000 ounces.

Meanwhile, Primero’s ability to generate cash flow is hampered by a silver stream negotiated with Whea-

www.knightpiesold.com

ton Precious Metals (TSX: WPM; NYSE: WPM) during the San Dimas acquisition in 2010.

The company has been obligated since August 2014 to sell Wheaton 6 million payable silver oz. produced per year, plus 50% of any excess, at US$4.20 (plus 1% inflation) per ounce. The rest of San Dimas’ silver production will be sold at spot market prices.

Primero chief financial officer Kevin Jennings said the Wheaton agreement is equivalent to a 39% net smelter return royalty on the project, which he noted was “probably one of the largest streams in the industry.”

“Our strategic review has been a prolonged process influenced by a number of factors, including the two-month strike at San Dimas,” added Primero interim president and CEO Joseph Conway. “Many of

the proposals we’ve seen have been based on a reduced silver streaming arrangement on the asset, and [Wheaton Precious Metals] has noted publicly they’d be interested in lowering the stream in return for appropriate compensation.”

Primero said its exploration efforts have come up empty across the San Dimas property package.

The company indicated in its second-quarter results that it has “not identified large replacement veins for the depleting Roberta and Robertita veins … despite exploration investment,” which could impact its ability to keep its 1,800-tonne-per-day processing rate.

Primero slashed its annual capital investment at San Dimas by US$17.7 million to US$33.4 million, with the reductions attributed to “exploration planned for 2017.”

TSX: TSX: SMT SMTNYSE MKT: SMTSBVL: BVL: BVL: SMT SMT TSX: TSX: SMT SMT BVL: SMT SMT TSX: SMT BVL: SMT

Adding Value.

Delivering Results.

Engineering and Environmental Specialists From geotechnical engineering, hydrogeology, and water management to environmental assessments and renewable energy integration, our global team of engineers and scientists has extensive expertise to help you in advancing your project through all stages of mine development.

AAPOLYMETALLIC POLYMETALLIC A POLYMETALLIC PRODUCER PRODUCER A PRODUCER A POLYMETALLIC POLYMETALLICPRODUCER PRODUCER with with exciting exciting with with exciting withexciting exciting RESOURCE RESOURCE GROWTH GROWTH POTENTIAL POTENTIAL RESOURCE RESOURCE GROWTH POTENTIAL RESOURCEGROWTH GROWTHPOTENTIAL POTENTIAL

11 11

33 33

MINES MINES MINES MINES MINES

22 22

SOLID SOLID SOLID SOLID INVESTMENT INVESTMENT SOLID INVESTMENT INVESTMENT OPPORTUNITY OPPORTUNITY INVESTMENT OPPORTUNITY OPPORTUNITY OPPORTUNITY

COUNTRIES COUNTRIES COUNTRIES COUNTRIES COUNTRIES

sierrametals.com sierrametals.com sierrametals.com sierrametals.com sierrametals.com

1-16, 23_Sep 4_Main .indd 14

San Dimas hosts 4 million proven and probable tonnes grading 4 grams gold per tonne and 322 grams silver per tonne for 517,000 oz. gold and 41.2 million oz. silver. The operation has a five-year mine life based on the reserve figures.

“We’d like to continue to invest, but we just don’t have the capacity,” Marantelli said. “Absent the stream, the operation can make money and is robust. The problem is that we don’t see it with the stream. The other leg is really the union and the culture.”

Primero reported a net loss of US$300 million during the second quarter, which includes US$285 million in asset impairments. Conway attributed the writedown to a “higher-risk profile associated with the productivity issues,” lack of exploration success at San Dimas and renegotiations over Wheaton’s silver stream.

Primero produced nearly 36,000 equivalent oz. gold during the second quarter, though the recently divested Black Fox accounted for TSX: TSX: SMT SMT BVL: BVL: SM 21,000 oz. gold. The company reported consolidated all-in sustaining costs of US$1,262 per ounce.

“We’ll reduce our total outstanding debt with the sale of [Black Fox]; however, we still have outstanding debt that matures in [November 2017] that will require additional funding or refinancing to repay in full,” Conway said. “We’ve made progress the Mexican tax auA POLYMETALLIC A with POLYMETALLIC PRODUCER PRODUC thority and have started receiving with with excitin exci refund installments, which have helped improve our financial poRESOURCE RESOURCE GROWTH GROWTH POTENTIA POTENT sition.”

Shares of Primero have plummeted over 94% year-on-year en route to a 12¢ close at press time.

The company finished the second quarter with US$12 million in cash SOLIDSOLID and has 192 shares outstanding for INVESTMENT INVESTMEN MINESMINES market capitalization. a $23-million OPPORTUNITY OPPORTUNI BMO Capital Markets analyst Brian Quast removed his price target on PrimeroCOUNTRIES and COUNTRIES applied a “speculative market perform” rating to the stock. He noted that “absent a sale of San Dimas … it seems nearly impossible that the company will besierrametals.com able to repay the sierrametals.com revolver when it comes due [in the fourth quarter].” TNM

11

33

22

2017-08-29 9:32 PM

MEXICO

GLOBAL MINING NEWS

Minera Alamos president and CEO Darren Koningen (left) and vice-president Miguel Cardona in the field in Mexico. MINERA ALAMOS

THE NORTHERN MINER / SEPTEMBER 4–17, 2017

15

Personnel near historic mill foundations in the main zone at Minera Alamos’ La Fortuna gold project in Sinaloa, Mexico. MINERA ALAMOS

Minera Alamos reels in Osisko Gold Royalties MINERA ALAMOS From 9

a 19.9% stake in the company.

Osisko has the right to participate in future equity financings up to its pro rata ownership, pre-financing, and can nominate up to two members to the board.

Osisko also has the option to buy up to a 4% net smelter return royalty on La Fortuna for $9 million in cash upon a construction decision, and will have the right to participate in half of any buybacks of existing royalties.

Koningen says the partnership will help Minera Alamos fast track La Fortuna toward production and expand its presence in Mexico organically, and through more acquisitions.

In a May 30 press release announcing the agreement, Sean Roosen, Osisko’s chairman and CEO, said he looked forward to working with Koningen and his team to “advance La Fortuna, as well as other opportunities in Mexico and elsewhere in Central and South America, as they become available.

“The La Fortuna main zone is a great starter project, with lots of exploration potential. But Osisko did not get involved just for helping us with La Fortuna,” Koningen says.

“They have bigger intentions and lots of capital to deploy, so it’s the start of a working relationship, as we do more transactions in Latin America.”

For now, however, the company is Mexico-focused and Koningen hopes to complete a preliminary economic assessment, secure surface rights and submit permit applications before the end of September. If all goes according to plan, management expects to complete a detailed construction plan in the fourth quarter, and receive permits and make a construction decision in the first quarter of 2018.

In August, the company hired Robelsis Altamirano to manage advanced exploration aimed at expanding the resource base at La Fortuna. Altamirano worked previously with the company’s Mexican technical team and was exploration manager for Argonaut Gold’s south extension of the El Castillo mine. He was also involved in the discovery and delineation of Torex Gold Resources’ (TSX: TXG) Media Luna gold project in Mexico’s Guerrero gold belt, when he was part of the Teck-Cominco group in Mexico.

“He helped us at Castle Gold when we were developing the El Castillo project,” Koningen says.

“He’s a seasoned, capable exploration manager. He’s good in the camp, he’s good with structural

1-16, 23_Sep 4_Main .indd 15

“THE LA FORTUNA MAIN ZONE IS A GREAT STARTER PROJECT, WITH LOTS OF EXPLORATION POTENTIAL. BUT OSISKO DID NOT GET INVOLVED JUST FOR HELPING US WITH LA FORTUNA.” DARREN KONINGEN PRESIDENT AND CEO, MINERA ALAMOS

geology and has a track record of putting together big gold resources, so he’s a perfect fit ... he’ll be stationed at the La Fortuna mine site, and he’s been going through all the old historic data and trying to pull structures together, and get a better understanding of the whole system.

“We’ve been talking about three or four systems here, and we need someone to put them together and do the geophysical work,” Koningen adds. “He put together Media Luna and expanded known systems there, and that’s what we’re doing here.”

Koningen says that over the last few months the company has learned more about mineralizing events in the La Fortuna area.

Target areas for resource expansion include surface mineralization north of the main zone and 400 to 500 metres south along strike. These areas were targeted by previous owners for a second-phase drill program in the late 1990s, but was

cancelled due to the depressed gold price at the time.

Another prospective area occurs at the northern end of the land package dubbed PN. PN presents the potential for a large, bulk-tonnage gold-silver system contained within a shear zone at the intersection of two major fault systems. The system can be followed at surface for 1.5 km and has numerous old mine workings. Sampling has returned gold grades ranging from 1 gram gold per tonne to 10 grams gold per tonne, and between 50 grams silver per tonne and 400 grams silver per tonne.

In the Ramada zone, between the Fortuna main and PN zones on a parallel fault structure, mineralization has been traced at surface for 600 metres and has grades of up to 40 grams gold per tonne from sampling at surface and inside historic mine workings.

In the recently acquired Cerro

Pelon zone, south of the major east–west fault system that passes through the project area, it appears erosion has exposed deeper porphyritic rocks. Minera Alamos says the Cerro Pelon area, 4 to 5 km southwest of the main zone, also has historic workings, and was delineated by the Mexican Geological Service to contain a 3 to 5 km area of anomalous and disseminated gold showings.

Minera Alamos is reviewing historic data and drill information, as well as surface mapping and drill targeting to evaluate extensions north and south of the previously drilled resource in the main zone.

The company intends to finish a geophysical survey over the entire area, map the PN zone to find drill targets, and map the porphyritic gold anomaly that SGM found in the project’s southern boundaries.

The exploration work, including a 3,000-metre drill program, will be funded with some of the $5.4 million the company raised in a June private placement.

While Minera Alamos looks for assets in the Caribbean, the northern part of South America, Chile and Peru, Koningen says the company’s focus remains on Mexico.

“We think there are still good opportunities,” he says. “Our strengths are operationally put-

ting things into production. We’re pretty creative and capable of getting things up and running, so we have that expertise.”

In addition to La Fortuna, Minera Alamos owns the Los Verdes copper-moly project, 200 km southeast of Hermosillo in Sonora state. But this project is on the back burner for now.

“Copper prices seem to have stabilized so we’ve had some interest again, but we haven’t made a decision on what to do,” he says. “We’ve started having conversations with the possibility of joint-venturing, spinning out into a copper group with other assets or potentially leaving it in the stable and developing it later.”

As for the risks of operating in Mexico, Koningen says it boils down to being in the right area.

“You have to be selective in Mexico,” he says. “The company has always been Mexican-driven.

At Castle Gold, there were very few people from Canada. All of the primary management team was Mexico-based, and we operate in that manner. We are careful where we go. There are parts of the country where we are not comfortable with, but there are large sections of the country where we’re more than comfortable working in, and have been working in for more than a decade.” TNM

Experienced Minefinders Developing Great Shareholder Value in North America Southern Silver Exploration is a precious/base metal exploration company focused on responsible mining development in Durango, Mexico and New Mexico, USA. With a current mineral resource at a 150 g/t AgEq cutoff; Indicated -36.5Mozs AgEq and Inferred 77.3Mozs AgEq. • Flagship Cerro Las Minitas silver-lead-zinc property located in the prolific Faja de Plata (Belt of Silver) of Northern Mexico • 10.8Mozs Ag, 189Mlbs Pb and 207Mlbs Zn (36.5Mozs AgEq) Indicated and 17.5Mozs Ag, 237Mlbs Pb and 626Mlbs Zn (77.3Mozs AgEq) Inferred • Continuous advancement of Oro property, New Mexico, USA. This 100% owned 1,150 hectare, gold, silver, copper, lead and zinc property features a classic porphyry zonation over 6 square kilometers

Tel: +1 (604) 684-9384 Email: info@mnxltd.com www.southernsilverexploration.com TSX.V: SSV

2017-08-29 9:32 PM

16

MEXICO

SEPTEMBER 4–17, 2017 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

Vangold to mine historic stockpiles at El Pinguico GOLD-SILVER

| Cash flow to fund deeper drilling in Guanajuato area

BY TRISH SAYWELL tsaywell@northernminer.com

V

angold Mining (TSXV: VAN; US-OTC: VGLDF) hopes to reactivate production at the historic El Pinguico gold mine, which operated more than a hundred years ago outside Guanajuato City, Mexico.

The mine — 2.5 km from Fresnillo’s (LON: FRES) Las Torres mine and 4.5 km from Endeavour Silver’s (TSX: EDR) El Cubo mine — produced gold and silver between 1906 and 1913, before it was shut down due to local and regional unrest during the Mexican Revolution (1910–1920).

Cameron King, a chemical engineer and former investment banker, and now president and CEO, plans to generate cash flow by processing metal from two leftover stockpiles — one at surface and the other underground — before kicking off a drill program that will look for mineralization that he says sits below the mine’s old workings and across the broader land package.

Vangold plans to produce ore from the surface stockpile from May 2018 until April 2019, and from the underground stockpile (which sits at 145 metres below surface) from February 2019 until March 2021.

King says the company will start mining the surface stockpile, while driving a decline down to access the underground stockpile.

“There is a lot of cash in these rocks,” King says. “The miners were only mining ore that was 15 equivalent grams gold per tonne. The cutoff grade was 15 grams because gold at the time was US$20 per oz., and so anything below that grade was uneconomic.”

King says the underground stockpile contains 500,000 tonnes of high-grade ore that was never mucked out and still sits at the bottom of the stopes, while the surface stockpile contains 200,000 tonnes of lower-grade ore anywhere from 2 equivalent grams gold per tonne to 4 grams gold equivalent per tonne.

Back-of-the-envelope calculations at the current gold price puts the value of the underground stockpile,

Vangold Mining president and CEO Cameron King (far left) with colleagues at the historic El Pinguico gold mine in Mexico. VANGOLD MINING

he says, at US$160 million, and the surface stockpile at US$8 million to $10 million.

“Shrinkage mining techniques were used in mining the veins, leaving large, open stopes,” King says.

“This mining method allows for a quicker pace than mucking and milling — hence the large deposit of ore still in the mine.”

Mining companies active in the area could help Vangold on the processing side, King notes, until it builds a mill of its own. “We have full infrastructure, water, power and milling capacity all around us.”

King hopes Vangold can produce as early as March 2021 from the 8 level — or the bottom of the underground stockpile. The company

“THERE IS A LOT OF CASH IN THESE ROCKS — THE MINERS WERE ONLY MINING ORE THAT WAS 15 EQUIVALENT GRAMS GOLD PER TONNE.” CAMERON KING PRESIDENT AND CEO, VANGOLD MINING

could spend up to $2.5 million on a drill program in the first quarter of next year. Vangold attracted $1.5 million in an equity raise earlier this year and expects another financing this year. It will also look for $7 million to $10 million via offtake or streaming deals, he adds.

“We want to get an inferred resource targeting the lower Pinguico

AVINO SILVER & GOLD MINES LTD TSX.V, NYSE American – Symbol ASM

Resilience. Innovation. Enterprise.

A Proven Model for Growth

One of Mexico’s lowest-cost silver producers with a diversified pipeline of silver and base metals properties in Mexico and Canada.

1-16, 23_Sep 4_Main .indd 16

Five decades of operating history and experience.

Major expansion of Mexico operations in 2017/2018

avino.com

extension,” he says. “We will drill underneath the underground stockpile, which we call ‘de-risked’ because we know the vein dip and width.

What we don’t know is how far it continues. Our estimation is that it could extend 600 to 800 metres.”

Vangold has completed a surface land agreement that helps permitting. A preliminary economic assessment will follow the drill program.

King says he stumbled upon Pinguico from September to October last year while doing due diligence on other properties in the area, including Patito, which Vangold now owns.

“I was on Patito and saw a bunch of oxide ore sitting on surface that covered 1 sq. km of mountainside, so I went over and took some samples,” he recalls. “I ran into the night guard who was protecting the old mine, and arranged to meet the owner, Mr. Ramirez, the next morning. We walked 500 metres into the mine and came across the underground ore stockpile, which continued another 500 metres.”

King says it took him two and a half months to negotiate a deal with the Ramirez family, which has owned the land for more than a century. Under the agreement, Vangold will pay Ramirez a 4% net smelter return royalty, plus 15% of the revenue generated from the stockpiles. All new production comes at a 3% royalty.

“The family had been approached over the years by Canadian companies and U.S. companies, but they never got the right deal,” King says.

“They have had situations where they were lied to and nothing happened.

They wanted a group to come in and

do something — put some money into it. We’ve put more work and money into it than anyone else has in the last 100 years, and we are on the fast track to production.”

King targeted Mexico and the area around Guanajuato because of its rich mining history.

“I had a short checklist — I wanted to go to an area with a highly skilled labour force, where I can access engineers and infrastructure, and everything else I need to put a mine into operation, and Mexico was at the top of the list,” he says, adding that the Guanajuato area “was the birthplace” of mining in Mexico.

“The Spaniards found outcropping silver veins in the 1550s, including the Veta Madre — or the ‘mother vein’ — that supported Valenciana, the largest silver-producing mine in Mexico,” he says. “Valenciana operated for 350 years and at the time provided 25% of the world’s silver. The Valenciana mine and El Pinguico are on the same epithermal vein system. The Veda Madre is the main structure throughout the area and El Pinguico is 11 km from Valenciana through the city of Guanajuato, and up the mountain road to the town of Calderones.”

King notes that not only is the mineralization in this part of Mexico “incredible,” but it is also a low-risk area, and the project is a 20-minute drive from the company’s office in Guanajuato city.

“We’re close to universities and government offices. It’s very, very safe. Guanajuato is a UNESCO heritage city. It’s beautiful. It’s where Mexicans go to holiday. It’s a religious area, and the culture is pro-mining.”

King points out that he has been travelling to Guanajuato for the last year and feels comfortable there.

“The people are friendly. It’s a tourist town. It’s a manufacturing area and the centre of all the automobile plants, so it has a nice, developing middle class. People tend to be wealthier than in some of the other regions of the country.” TNM

2017-08-29 9:32 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / SEPTEMBER 4–17, 2017

17

PROFESSIONAL DIRECTORY Toronto Denver London Vancouver Quebec City

ASSAYERS

Geological and Mining Consultants www.rpacan.com +1 (416) 947-0907

GENETIC MODELLING

srk consulting Consulting services from exploration through to mine closure

www.srk.com

INSTRUMENTATION Rent / Purchase 3D IP & EM Gear Canadian Manufacturer of Geophysical Instruments since 1976

Tel.: +1 418-877-4249

www.gdd.ca

Highest Precision Magnetometers in the World

GEOPHYSICS CONSTRUCTION MANAGEMENT

Crone Geophysics

Worldwide 3D Pulse-EM TDEM, 3D E-SCAN IP/Resistivity Surveys Project and Construction Management

New, Rebuilds Fast Track Greenfield

LNA provides construction management services to assure industrial facility owners realize cost efficiency and quality of their projects within the project schedule, budgets and safety objectives.

www.cronegeophysics.com

(905) 814-0100

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

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

www.nardellagroup.com

Providing Robust Providing RobustHigh HighPrecision PrecisionPotassium, Potassium,Overhauser Overhauser and andProton ProtonMagnetometers Magnetometers with with New add-on oror stand New add-on standalone aloneVLF VLFfor forresistivity resistivitydepth depthsections sections

Leading the World of Magnetics

UAV - Airborne - Ground Solutions

Call for a Quote today since 1980 www.gemsystems.ca • info@gemsystems.ca • Tel: +1.905.752.2202 • +1.888.635.1829

R

R

R

R

Rentals and Sales Sales and Rentals: of instruments for:

Your Exploration Advantage.

TERRAPLUS INC. 52 W. Beaver Creek Rd., Unit 12 Richmond Hill, Ontario L4B 1L9 (Canada)

L. NARDELLA ASSOCIATES LTD.

2292 blvd. Industriel, Suite 207, Laval (Quebec) H7 S 1P9 Telephone: (450) 967-1000 Fax: (450) 967-4445 Tel. CALGARY: (403) 254-4851 Tel MISSISSAUGA: (905) 381-0415

VTEM™ | ZTEM™ | Gravity | Magnetics | Radiometrics | Data Processing | Interpretation

905 841 5004 | geotech.ca

TDEM New ! GPRTEM System Magnetics Gradiometer HELIMAGER Heliborne & Fixed-wing Magnetics, Radiometrics and Gravity 450-679-2400 info@gprmtl.com www.geophysicsgpr.com

GOLDAK AIRBORNE SURVEYS TRI-MAXIAL MAGNETIC GRADIOMETER

CONSULTING

1024 channel radiometrics Full 4 sensor - 3 axis gradiometry 3D attitude correction system True gradient guided gridding process

A.C.A. HOWE INTERNATIONAL LIMITED

2 Hangar Road Saskatoon, SK S7L 5X4

MINING & GEOLOGICAL CONSULTANTS Toronto, Canada Tel: 1-416-368-7041 London, UK Tel: 011-44-1442-873398 Email: howe@acahowe.ca www.acahowe.ca

- 3D / 32 channels IP Receivers - 4800V / 10,000W IP Transmitters - MPP - SCIP - Chain+Level - Beep Mat

tel 306 249 4474 - www.goldak.ca

Tel: Fax: e-mail: Website:

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

Magnetometers/VLF Magnetics/VLF Gamma-Ray Spectrometers IP, Radiation Infrared Spectrometers Resistivity TDEM and HLEM (Multi-electrodes) Resistivity (ERT) Susceptibility Full Wave Form IP Conductivity Borehole Gyro GPR/ GPS Borehole Logging Gravity Magnetic Susceptibility Seismics Conductivity Borehole Logging GPR Seismic

LEGAL

We

litigate

CONTRACTUAL & MINING DISPUTES CONSTRUCTION DISPUTES PRODUCT LIABILITY DISPUTES INQUESTS: OCCUPATIONAL/SAFETY DEFENCE

Excellence in Commercial Litigation and Competition Law agmlawyers.com • thelitigator.ca

Affleck Greene McMurtry LLP 365 Bay Street, Suite 200, Toronto Canada M5H 2V1 T 416.360.2800

SURVEYORS & CORE SYSTEMS JEAN-LUC CORRIVEAU, Q.L.S., CLS

Land & Mining Surveyors – 3D Scanning GYRO-THEODOLITE, UNDERGROUND CONTROL PHOTOGRAMMETRIC MAPPING (AIRBORNE LIDAR AND DRONE), CAVITY SCANNING, BOREHOLE AND BATHYMETRIC SURVEYS 1085, 3rd Avenue West, Val-d’Or (Quebec) J9P 1T5 Tel: (819) 825-3702 Fax: (819) 825-2863 E-mail: bureau@corriveaujl.com www.corriveaujl.com

GYRO BOREHOLE SURVEYING CORRIVEAU J.L. & ASS. INC.

Also, Magnetic probe surveys

Se

rvi

ce

s

Val-d’Or (Quebec) Tel: (819)825-3702 www.corriveaujl.com E-mail: bureau@corriveaujl.com

Providing geophysical services for over 20 years

PETROS EIKON

evaluation of mineral properties; mineral resource and reserve estimates; independent engineer services; mining project and feasibility studies; expert witness and litigation support

www.micon-international.com Toronto

Vancouver

Norwich

Cornwall

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

17_SEP4_ProDirectory .indd 17

www.mphconsulting.com +1.416.365.0930

Worldwide experience in sedimentary and hardrock

Processing through final Interpretation PETROSEIKON.COM

services@petroseikon.com

1.519.943.0001

To reserve space for your advertisement in the Professional Directory please contact: Joe Crofts: 416-510-6816 Toll free North America: 1-888-502-3456 (ext. 43729) jcrofts@northernminer.com Fax: 416-447-7658

2017-08-28 11:44 AM

18

WWW.NORTHERNMINER.COM

SEPTEMBER 4–17, 2017 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / AUGUST 21–25 The S&P/TSX Composite Index broke the 15,000 level, finishing 0.69% higher at 15,055.99. Base metal prices — copper climbed above US$3 per lb. for the first time since 2011, while nickel rose to US$5.18 per lb. — lifted the S&P/TSX Global Mining Index 3.52% to 67.91. Gold rose US$6.60 per oz., or 0.51%, to end at US$1,290.80 per oz., which drove up the S&P/TSX Global Gold Index 1% to 198.82.

Altius Minerals rose 93¢ to $12.25 per share. The company expects royalty revenues of $14.8 million for the three months ended July 31 — a quarterly record that is 10.4% higher than the previous fiscal quarter, and 78% higher than the same fiscal quarter a year ago. Altius said the increase is owed to improving base metal, metallurgical coal and iron ore prices, and slightly higher potash production volumes and prices. The company holds diversified royalties and streams from 15 operating mines in Canada and Brazil.

Shares of Hudbay Minerals rose 92¢ to $10.88. The company has taken a 13.9% stake in junior Mason Resources. Hudbay invested $2.79 million for 10.75 million shares in the company at 26¢ apiece. Mason is focused on copper development in the United States, and owns 100% of the Ann Mason project, its flagship asset in Nevada. Ann Mason is at a preliminary economic assessment level and the company says it is the fourth-largest

undeveloped copper porphyry resource in North America. Ann Mason hosts two coppermolybdenum deposits — Ann Mason and Blue Hill — as well as numerous targets. The junior owns 100% of the Lordsburg property, an early-stage, copper-gold porphyry project in New Mexico.

Shares of Tahoe Resources dropped 19%, or $1.38, to $5.58 apiece. The company learned “through unconfirmed sources” that the Guatemalan Constitutional Court would uphold the lower court’s decision to suspend the mining licence of its Escobal mine.

Protestors are also blocking the municipal road to the mine site. Tahoe said in a press release that the “financial impacts to the company are under review to assess effects of the suspended operations to longer-term TSX MOST ACTIVE ISSUES

First Quantum HudBay Mnls Teck Res Lundin Mng Turquoise HIl Suncor Energy Trevali Mng Yamana Gold IC Potash IAMGOLD

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

FM 14548 14.76 13.12 14.42 + 1.53 HBM 13044 11.41 10.12 10.88 + 0.92 TECK.B 11639 31.05 29.59 30.77 + 1.43 LUN 11326 9.59 9.12 9.29 + 0.26 TRQ 11248 3.97 3.79 3.87 - 0.02 SU 9528 39.52 38.76 39.18 - 0.35 TV 9274 1.47 1.39 1.42 + 0.02 YRI 9153 3.47 3.36 3.43 + 0.06 ICP 8106 0.03 0.02 0.02 - 0.01 IMG 8072 7.87 7.20 7.64 + 0.48

capital and exploration programs,” adding that until operations resume, the company “will not be able to access the full capacity of the revolving-credit facility entered on July 18, 2017, and may continue to be subject to events of default.” It noted, however, that it had ended the second quarter with over $190 million in cash on its balance sheet. In an email to The Northern Miner, president and CEO Ron Clayton confirmed that its La

Arena open-pit mine, 480 km northwest of Lima, Peru, “continues to operate with some inconvenience” due to a blockade by locals.

“The blockage is in regard to an individual personnel issue, which we don’t normally discuss externally, although I will say there are serious improprieties involved,” he wrote.

“We won’t [distribute a] press release unless it becomes financially or otherwise material.

I don’t expect that to happen.” TNM

TSX GREATEST PERCENTAGE CHANGE

Largo Res St Augustine Wellgreen Plat Mason Res Talon Metals Scandium Intl Kerr Mines Sherritt Intl Eco Oro Mnls SolGold plc IC Potash Redhawk Res Atlatsa Res U3O8 Corp Tahoe Res Meadow Bay Gd Azarga Uranium Verde Potash Cardinal Res Auryn Res

LGO SAU WG MNR TLO SCY KER S EOM SOLG ICP RDK ATL UWE THO MAY AZZ NPK CDV AUG

1690 1738 3461 1481 222 1793 1800 5988 43 66 8106 67 272 575 7931 792 79 77 309 593

0.94 0.04 0.41 0.35 0.14 0.42 0.30 1.02 0.46 0.84 0.03 0.03 0.05 0.03 7.04 0.03 0.26 0.85 0.68 3.36

0.52 0.03 0.28 0.20 0.11 0.33 0.19 0.82 0.00 0.65 0.02 0.02 0.04 0.02 5.35 0.03 0.22 0.75 0.60 2.94

0.92 0.04 0.38 0.30 0.14 0.42 0.27 0.99 0.45 0.80 0.02 0.02 0.04 0.02 5.58 0.03 0.22 0.75 0.60 2.99

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

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Teck Res First Quantum Teck Res Franco-Nevada Altius Mnrls HudBay Mnls Osisko Gold Silver Wheaton Kirkland Lake IAMGOLD Tahoe Res Agrium MAG Silver Pretium Res Auryn Res Suncor Energy Prophecy Coal Caledonia Mng Detour Gold TMAC Resources

64.3 40.0 33.9 33.3 27.3 25.8 25.6 23.8 23.3 21.2 25.0 20.0 20.0 20.0 19.8 16.7 12.0 11.8 11.8 11.5

VOLUME WEEK (000s) CLOSE CHANGE

TECK.A FM TECK.B FNV ALS HBM OR WPM KL IMG THO AGU MAG PVG AUG SU PCY CAL DGC TMR

17 31.37 14548 14.42 11639 30.77 1289 99.20 416 12.25 13044 10.88 1927 16.90 2633 24.41 3733 15.17 8072 7.64 7931 5.58 836 121.04 993 15.21 3476 10.00 593 2.99 9528 39.18 16 3.32 20 8.10 2215 16.26 372 8.65

+ 1.79 + 1.53 + 1.43 + 1.06 + 0.93 + 0.92 + 0.90 + 0.63 + 0.53 + 0.48 - 1.38 - 1.18 - 0.85 - 0.77 - 0.39 - 0.35 - 0.32 - 0.20 - 0.19 - 0.19

TSX VENTURE EXCHANGE / AUGUST 21–25 The S&P/TSX Venture Composite Index dipped 29 points to a 769.47-point close, as spot gold prices rose US$7.5 to US$1,291.35 per oz., and Comex copper prices gained US10¢ to US$3.06 per pound.

Shares of Regulus Resources gained 48¢ to $2.68 over the trading period. On Aug. 18, the junior explorer began a 3,000-metre drill program at its Golden Brew gold property, 32 km south of Austin, Nevada. Mineralization at Golden Brew occurs in a zone of gold-bearing jasperoid measuring 760 metres long and up to 60 metres wide. Samples from the zone are anomalous in pathfinder elements typical of Carlin-type gold deposits, with gold grades ranging from anomalous to 4 grams gold per tonne. The target was drilled by former operators in 1988 and 2010, with best results of 18.3 metres of 0.55 gram gold and 9.1 metres of 0.72 gram gold. Regulus has an option to earn 50% in the property from Highway 50 Gold by spending US$5 million in exploration over five years. On Aug. 15, Regulus announced drill results from its AntaKori copper-goldsilver project in northern Peru. The company intercepted epithermal mineralization in the first drill hole of the 18,000-metre drill program, which returned 184 metres of 1.54% copper, 1.05 grams gold and 11.9 grams silver per tonne. The program is in partnership with

Compania Minera Coimolache, the operator of the Tantahuatay gold mine, south of the AntaKori project.

Noront Resources, a junior explorer with the largest land position in northern Ontario’s Ring of Fire chromite-nickel-copper district, saw 14.5 million shares traded before closing up 3¢ to 36¢ per share after Ontario’s provincial government announced building a road that would connect the Ring of Fire with First Nation communities. An environmental assessment of the project is scheduled for early next year, with construction in 2019 pending approvals. The time frame would help Noront advance predevelopment work at its Eagle’s Nest nickel-copper-platinum group metal project. Noront’s second project in its development pipeline is the Blackbird chromite TSX-V MOST ACTIVE ISSUES

Noront Res Klondike Gold Cdn Platinum Southern Lith Redstar Gold Novo Res Panoro Mnrls Cache Expl RT Minerals Cobalt Pwr Grp

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

NOT 14500 KG 14410 CPC 8533 SNL 8429 RGC 5913 NVO 5675 PML 5379 CAY 5163 RTM 4964 CPO 4489

0.52 0.58 0.03 0.20 0.12 5.91 0.29 0.17 0.11 0.16

0.35 0.00 0.02 0.15 0.07 3.79 0.20 0.12 0.07 0.12

0.36 + 0.03 0.52 + 0.17 0.02 unch 0.00 0.15 - 0.05 0.08 - 0.04 4.49 - 0.95 0.26 + 0.06 0.14 - 0.02 0.07 - 0.04 0.13 unch 0.00

deposit, 1 km from Eagle’s nest. The deposit contains measured and indicated resources of 20.5 million tonnes of 36% chromite.

Shares of Filo Mining, a spinout of Lukas Lundin’s NGEx Resources, rose 30¢ to $2.40 after announcing a 61% resource increase at the company’s Filo del Sol copper-goldsilver deposit along the Chile-Argentina border. The resource update incorporated

9,000 metres of drilling, and defined gold and gold-copper oxide zones amenable to heap-leach processing. Filo del Sol’s resource stands at 372.9 million indicated tonnes of 0.34% copper, 0.33 gram gold and 9.2 grams silver, and 238.9 million inferred tonnes of 0.27% copper, 0.33 gram gold and 7.8 grams silver. Most of the resource increase comes from the new Filo South zone. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Kermode Res TVI Pacific Upper Canyon Zincore Mtls Damara Gold Tri Origin Exp Canoe Mng Vent Goldbank Mng Firestone Vent PPX Mining Peat Res Electra Stone IGC Res Mezzotin Mnrls Indico Res Troy Enrgy Reliant Gold Red Oak Mg Mustang Mnrls RT Minerals

KLM TVI UCM.H ZNC.H DMR TOE CLV GLB FV PPX PET ELT IGC.H MEZ IDI TEG.H RNG ROC.H MUM RTM

94 1113 518 8 1519 314 1400 85 1120 808 5 500 68 58 176 130 471 45 619 4964

0.02 0.02 0.35 0.11 0.17 0.06 0.15 0.18 0.15 0.08 0.01 0.01 0.01 0.01 0.02 0.10 0.02 0.09 0.02 0.11

0.02 0.01 0.20 0.00 0.10 0.04 0.07 0.15 0.07 0.05 0.01 0.01 0.01 0.00 0.01 0.08 0.02 0.00 0.01 0.07

0.02 0.01 0.28 0.11 0.17 0.06 0.12 0.18 0.11 0.08 0.01 0.01 0.01 0.01 0.01 0.08 0.02 0.06 0.01 0.07

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 100.0 + 100.0 + 86.7 + 83.3 + 83.3 + 71.4 + 64.3 + 63.6 + 61.5 + 60.0 - 66.7 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 40.0 - 35.3 - 33.3 - 33.3

VOLUME WEEK (000s) CLOSE CHANGE

Cobalt 27 Cap Metalore Res Regulus Res Itafos Critical Elem Osisko Metals Filo Mg Corp Chesapeake Gld Klondike Gold Senator Mnrls Kitrinor Mtls Novo Res Aurania Res Pac Booker Min Liberty One Li Abitibi Royalt URZ Energy Gold Reserve Leading Edge Bluestone Res

KBLT MET REG IFOS CRE OM FIL CKG KG SNR SCYB NVO ARU BKM LBY RZZ URZ GRZ LEM BSR

213 1 310 54 2250 322 434 67 14410 1558 125 5675 95 23 3787 6 149 27 284 288

8.63 3.53 2.68 1.74 1.69 1.47 2.40 3.75 0.52 1.46 5.65 4.49 2.48 1.04 0.58 9.20 0.50 4.65 0.71 1.27

+ 0.73 + 0.62 + 0.48 + 0.34 + 0.30 + 0.30 + 0.30 + 0.23 + 0.17 + 0.16 - 1.35 - 0.95 - 0.27 - 0.26 - 0.20 - 0.16 - 0.16 - 0.15 - 0.13 - 0.12

U.S. MARKETS / AUGUST 21–25 The Dow Jones Industrial Average advanced 0.64% to 21,813.67 and the S&P 500 Index rose 0.72% to 2,443.05. The Philadelphia Gold & Silver Index increased 2.29% to 85.82.

Freeport-McMoRan was the second most traded stock and closed at US$15.29 per share, up US$1.14, or 8.1%, on no news. The Arizona-based mining company announced that it had reached a framework agreement with the Indonesian government concerning its long-term operating rights in the country.

The government is letting Freeport operate its Grasberg mine in Papua in exchange for relinquishing its majority ownership in the asset. Freeport has also agreed to boost its investment in smelting in Indonesia. The agreement, which requires approval from Freeport’s board and partners, includes converting Freeport’s contract of work to a special licence that will give the company long-term operating rights through 2041.

In return, Freeport agrees to divest its ownership in PT Freeport Indonesia (PTFI) at fair market value so that Indonesia interests own 51% of PT-FI’s shares, and commits to build a smelter in Indonesia within five years. Freeport is the world’s

18_SEP4_MarketNews.indd 18

largest publicly traded copper producer.

Shares of AngloGold Ashanti were off 9% — down US88¢ to US$8.94. The company reported that group production in the first half of the year was slightly higher than in the first six months of last year (1.748 million oz. versus 1.745 million oz.), but all-in-sustaining costs rose to US$1,071 per oz., up from US$911 per oz. in mid-2016. The higher costs reflected stronger operating currencies, lower grades, cost inflation and planned increases in sustaining capital expenditure. Capital expenditure (including equity-accounted investments) rose 43% to US$454 million in the first half, U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Vale* VALE 151732 10.80 9.96 10.68 + 0.65 Frprt McMoR* FCX 116036 15.75 14.48 15.29 + 1.14 United States S* X 49807 25.34 23.22 24.94 + 1.24 Yamana Gold* AUY 36552 2.78 2.67 2.75 + 0.06 Kinross Gold* KGC 35816 4.33 4.16 4.25 unch 0.00 Barrick Gold* ABX 33517 17.23 16.71 17.14 + 0.50 IAMGOLD* IAG 31309 6.29 5.73 6.12 + 0.42 Turquoise HIl* TRQ 26359 3.18 3.01 3.10 unch 0.00 CONSOL Enrgy* CNX 26113 14.81 14.12 14.64 + 0.39 Gold Fields* GFI 23938 4.50 4.10 4.15 - 0.17

up from US$318 million in the same period last year. The increase owed to more spending on assets aimed at improving mine lives and cost profiles across the company’s portfolio.

Adjusted earnings before interest, tax, depreciation and amortization was US$610 million

in the first six months of 2017, down 22% from US$781 million reported in the first half of last year. AngloGold kept its guidance for the year of between 3.6 million and 3.75 million oz. gold at AISCs of between US$1,050 and US$1,100 per ounce. TNM

U.S. GREATEST PERCENTAGE CHANGE

HudBay Mnls* HBM NACCO Ind* NC Mechel* MTL Alcoa* AA Freeport McMoR* FCX Intrepid Pots* IPI IAMGOLD* IAG Cloud Peak En* CLD Sibanye Gold* SBGL Rio Tinto* RIO Tahoe Res* TAHO AngloGold Ash* AU Pretium Res* PVG Natural Res Pt* NRP Gold Fields* GFI Harmony Gold* HMY MartinMarietta* MLM Agrium* AGU Suncor Energy* SU Dominion Diam* DDC

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

3653 9.15 8.00 8.75 + 10.8 159 75.90 66.70 73.10 + 10.3 1584 5.75 5.06 5.46 + 9.2 16969 41.80 38.05 41.21 + 9.1 116036 15.75 14.48 15.29 + 8.1 5256 3.66 3.13 3.54 + 7.6 31309 6.29 5.73 6.12 + 7.4 4442 3.24 2.78 3.21 + 7.0 10040 6.22 5.85 6.17 + 6.9 21449 48.24 44.96 47.69 + 6.8 16574 5.61 4.27 4.47 - 19.2 21180 9.94 8.89 8.94 - 9.0 7428 8.69 7.75 8.03 - 6.3 174 24.70 23.20 23.55 - 5.6 23938 4.50 4.10 4.15 - 3.9 13393 1.93 1.79 1.80 - 3.7 3337 203.98 194.00 195.54 - 2.5 1181 98.67 95.94 96.94 - 0.3 10953 31.57 30.81 31.39 - 0.1 1686 14.12 14.07 14.11 + 0.2

U.S. GREATEST VALUE CHANGE

NACCO Ind* NC Alcoa* AA Rio Tinto* RIO Arch Coal* ARCH Chevron Corp* CVX Southern Copp* SCCO Franco-Nevada* FNV BKH Black Hills* Teck Res* TECK United States S* X MartinMarietta* MLM Natural Res Pt* NRP Tahoe Res* TAHO AngloGold Ash* AU Pretium Res* PVG Agrium* AGU Gold Fields* GFI Harmony Gold* HMY Suncor Energy* SU DRDGOLD* DRD

VOLUME WEEK (000s) CLOSE CHANGE

159 73.10 16969 41.21 21449 47.69 1493 76.57 22820 108.23 3503 40.72 1892 79.58 819 70.22 15198 24.66 49807 24.94 3337 195.54 174 23.55 16574 4.47 21180 8.94 7428 8.03 1181 96.94 23938 4.15 13393 1.80 10953 31.39 421 3.25

+ 6.80 + 3.45 + 3.05 + 1.88 + 1.75 + 1.60 + 1.55 + 1.49 + 1.36 + 1.24 - 5.00 - 1.40 - 1.06 - 0.88 - 0.54 - 0.25 - 0.17 - 0.07 - 0.03 + 0.02

2017-08-29 9:25 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / SEPTEMBER 4–17, 2017

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 PRODUCER AND DEALER PRICES

SPOT PRICES COURTESY OF SCOTIABANK Tuesday, August 29, 2017 Precious Metals Price (US$/oz.)

Change 1323.40 +38.30 Gold Silver $17.60 +0.58 Platinum $979.00 -4.00 Palladium $939.00 +11.00 Base Metals Nickel Copper Lead Zinc

Price (US$/tonne) Change $11815.00 +335.00 $6809.50 +144.00 $2395.00 +70.00 $3122.00 +59.00

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, August 25, 2017 (change from August 18, 2017 in brackets): Aluminium Alloy 11920 (+11920) 1321600 (+34525) Aluminium Copper 240825 (-30525) 148200 (+150) Lead Nickel 387450 (+2586) 1875 (-70) Tin 246325 (-1700) Zinc

Thermal Coal CAPP: US$40.00 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$52.60 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$11.55 Cobalt: US$27.67/lb.

Copper: US$3.05/lb.

Copper: CME Group Futures Sept. 2017: US$3.08/lb.; Oct. 2017: US$3.09/lb Ferro-Chrome: US$2.48/kg Ferro Titanium: US$3.77/kg FerroTungsten: US$25.52/kg Ferrovanadium: US$22.60/kg Iridium: NY Dealer Mid-mkt US$970.00/tr oz.

Iron Ore 62% Fe CFR China-S: US$76.30/tonne Iron Ore Fines: US$69.00/tonne Iron Ore Pellets: US$96.06/tonne Lead: US$1.06/lb.

Magnesium: US$2.26/kg Manganese: US$2.06/kg Molybdenum Oxide: US$7.26/lb.

Phosphate Rock: US$93.00/tonne Potash: US$218.00/tonne Rhodium: Mid-mkt US$1,110.00 tr. oz.

Ruthenium: Mid-mkt US$65.00/tr. oz.

Silver: Handy & Harman Base: US$17.38 per oz.; Handy & Harman Fabricated: US$21.73 per oz.

Tantalite Ore : US$123.61/kg Tin: US$9.38/lb.

Uranium: U3O8, Trade Tech spot price: US$19.90; The UX Consulting Company spot price: US$20.50/lb.

Zinc: US$1.41/lb.

Prices current Aug. 29, 2017

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Aug 01, 2017 (with changes from Jul 17, 2017) Largest short positions K 54689544 -168307 7/17/2017 Kinross Gold Trevali Mng TV 38812155 4478894 7/17/2017 New Gold NGD 32997706 60090 7/17/2017 Eldorado Gold ELD 28719449 -528582 7/17/2017 BTO 20135043 -1338184 7/17/2017 B2Gold Suncor Energy SU 13861125 1880011 7/17/2017 Sandstorm Gold SSL 13321103 -3486178 7/17/2017 Asanko Gold AKG 11698591 -621741 7/17/2017 OGC 11661592 119235 7/17/2017 OceanaGold Potash Corp SK POT 10173004 -41612 7/17/2017 7/17/2017 First Quantum FM 9611534 -810748 IAMGOLD IMG 9420373 98087 7/17/2017 Ivanhoe Mines IVN 9081404 -211805 7/17/2017 Detour Gold DGC 8771015 -6979 7/17/2017 ABX 8471913 54150 7/17/2017 Barrick Gold Largest increase in short position Trevali Mng TV 38812155 4478894 7/17/2017 Suncor Energy SU 13861125 1880011 7/17/2017 7/17/2017 Peregrine Diam PGD 1744114 1685114 Dalradian Res DNA 3825826 1511431 7/17/2017 7/17/2017 NextSource Mat NEXT 930800 929100 Largest decrease in short position Argonaut Gold AR 403276 -6199802 7/17/2017 Sandstorm Gold SSL 13321103 -3486178 7/17/2017 TRQ 5891092 -1558835 7/17/2017 Turquoise HIl B2Gold BTO 20135043 -1338184 7/17/2017 Denison Mines DML 2089189 -1051811 7/17/2017

Short positions outstanding as of Jun 16, 2017 (with changes from Jun 01, 2017) Largest short positions Gold Std Vents GSV 1500200 544400 6/1/2017 PLA 772000 200000 6/1/2017 Plata Latina Scorpio Gold SGN 746200 745400 6/1/2017 Barkerville Go BGM 684565 -14735 6/1/2017 Probe Metals PRB 630800 -200 6/1/2017 ORG 488000 487500 6/1/2017 Orca Gold Rye Patch Gold RPM 310198 296998 6/1/2017 Kivalliq Enrgy KIV 244000 230700 6/1/2017 Neo Lithium NLC 237600 -155600 6/1/2017 AIX 150000 149800 6/1/2017 Alix Res Falco Res FPC 137606 -591894 6/1/2017 WGO 122600 -38200 6/1/2017 White Gold Avino Silver ASM 117200 27100 6/1/2017 Maya Gold &Sil MYA 114900 71400 6/1/2017 Five Star Diam STAR 102650 16800 6/1/2017 Largest increase in short position SGN 746200 745400 6/1/2017 Scorpio Gold Gold Std Vents GSV 1500200 544400 6/1/2017 Orca Gold ORG 488000 487500 6/1/2017 RPM 310198 296998 6/1/2017 Rye Patch Gold Kivalliq Enrgy KIV 244000 230700 6/1/2017 Largest decrease in short position CAD 200 -666300 6/1/2017 Colonial Coal Falco Res FPC 137606 -591894 6/1/2017 Integra Gold ICG 9900 -199000 6/1/2017 AVA 6000 -190200 6/1/2017 Aurvista Gold Gldn Predator GPY 44000 -174500 6/1/2017

DAILY METAL PRICES Daily Metal Prices Date Aug 28 Aug 25 Aug 24 Aug 23 Aug 22 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy N/A 1790/1800 1775/1785 1775/1785 1775/1785 Aluminum N/A 2095.50/2097 2104/2101 2082/2075.50 2104/2084 Copper N/A 6713.50/6725 6576/6600 6554/6585 6583/6620 Lead N/A 2340/2364 2329.50/2356 2392/2413 2345/2368 Nickel N/A 11600/11670 11630/11680 11430/11495 11425/11475 Tin N/A 20650/20475 20640/20475 20550/20380 20650/20480 N/A 3116.50/3122 3096/3102 3113.50/3122 3139.50/3413 Zinc

PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.)

Gold AM N/A 1287.05 1285.90 1286.45 1285.10 Gold PM N/A 1285.30 1289.00 1286.65 1284.20 Silver N/A 17.02 16.93 17.06 17.02 Platinum N/A 975.00 977.00 979.00 974.00 Palladium N/A 930.00 940.00 935.00 934.00

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

Aug 25 Aug 24 Aug 23 Aug 22 Aug 21 1.2515 1.2515 1.2549 1.2567 1.2562 0.7991 0.7991 0.7969 0.7957 0.7960

Exchange rates (Quote Media, August 25, 2017) C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand C$ to AUS 1.011 0.6770 87.5535 14.1552 10.5535 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 5.3244 51.1850 0.7713 901.8634 0.6241 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.2652 0.8473 109.5700 17.7068 13.2030 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.7811 6.6619 64.0450 0.9651 1128.2600

TSX WARRANTS Alamos Gold (AGI.WT) - Wt buys sh @ $28.47 to Aug 30/18 Alamos Gold (AGI.WT.A) - Wt buys sh @ $10.00 to Jan 7/19 Alio Gold Inc. (ALO.WT) - 10 Warrants to purchase one common share of the Issuer at $7.00 until expiry Alio Gold Inc. J (ALO.WT.A) - One Warrant to purchase one common share of the Issuer at $8.00 until expiry Ascendant Resources (ASND.WT) - Wt buys sh @ $1.25 to Mar 7/22 Continental Gold Inc. (CNL.WT.A) - Wt buys sh @ $4.75 to Nov 26/17 Excellon Resources Inc (EXN.WT) - Wt buys sh @ $1.75 to Jul 26/18 GoGold Resources Inc. (GGD.WT) - Wt buys sh @ $1.7 to Jun 7/18 Golden Queen Mining Co (GQM.WT) - Wt buys sh @ $2 to Jul 25/19 Gran Colombia Gold (GCM.WT.A) - Wt buys sh @ $3.25 to Mar 18/19 HudBay Minerals (HBM.WT) - Wt buys sh @ $15 to Jul 20/18 Liberty Gold Corp. Wt (LGD.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry may 16, 2019 Lithium Americas Corp (LAC.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry Lydian International Limited (LYD.WT) - One Warrant to purchase one additional ordinary share of the Issuer at $0.36 per share until expiry MBAC Fertilizer (MBC.WT) - Wt buys sh @ $1 to Apr 17/19 Nemaska Lithium Inc (NMX.WT) - Wt buys sh @ $1.5 to Jul 8/19 Northern Dynasty Minerals Ltd. J (NDM.WT.B) - Wt buys sh @ $0.55 to Jun 10/21 Northern Dynasty Minerals Ltd. J (NDM.WT.A) - Wt buys sh @ $0.55 to Jul 9/20 Northern Dynasty Minerals Ltd. J (NDM.WT) - Wt buys sh @ $3 to Sep 14/17 Oban Mining J (OBM.WT) - Wt buys 20 sh @ $3 to Aug 25/18 Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.5 to Feb 18/22 Osisko Gold Royalties (OR.WT.A) - Wt buys sh @ $19.08 to Feb 26/19 Osisko Mining Inc. J (OSK.WT) - 20 Wt buys sh @ $3 to Aug 25/18 Pilot Gold Inc. Wt (PLG.WT) - Wt buys sh @ $0.9 to May 16/19 Prairie Provident Resources Inc Wt (PPR.WT) - Wt buys sh @ $0.87 to Mar 16/19 Primero Mining Corp (P.WT.C) - Wt buys sh @ $3.35 to Jun 24/18

Sandstorm Gold (SSL.WT) - Wt buys sh @ US$4 to Nov 3/20 (SSL.WT.B) - Wt buys sh @ US$14 to Sep 07/17 Sandstorm Gold (SSL.WT.A) - Wt buys sh @ US$5 to Oct 19/15 (SSL.WT.B) - Wt buys sh @ US$14 to Sep 07/17 Sandstorm Gold (SSL.WT.A) - Wt buys sh @ US$4 to Oct 19/15 (SSL.WT.B) - Wt buys sh @ US$14 to Sep 07/17 Sandstorm Gold (SSL.WT.B) - One Warrant to purchase one common share of the Issuer at US $14.00 until expiry.

Sprott Resource Corp (SRHI.WT) - Wt buys sh @ $0.3333 to Feb 09/22 Timmins Gold Corp (TMM.WT) - Wt buy sh at $0.7 to May 30/18

TSX VENTURE WARRANTS Atlantic Gold (AGB.WT) - Wt buys sh @ $0.6 to Aug 20/18 Avino Silver & Gold Mines Ltd. (ASM.WT) - Wt buys sh @ US$0.2 to Nov 28/19 Brazil Resources (BRI.WT) - Wt buys sh @ $0.75 to Dec 31/18 Cornerstone Capital Resources (CGP.WT.S) - Wt buys sh @ $0.35 to Apr 07/19 Falco Resources Ltd. (FPC.WT) - One warrant to purchase one common share at $1.70 per share.

Goldmining Inc. (GOLD.WT) - Wt buys sh @ $0.75 to Dec 31/18 Goldstar Minerals (GDM.RT) - One Right to purchase one common share at $0.03 per share.

JDL Gold Corp. (JDL.WT) - Wt buy sh @ $3.00 to Oct 06/21 Jet Metal (JET.WT) - Wt buys sh @ $0.25 to Sep 16/19 Jet Metal (JET.WT.A) - Wt buys sh @ $0.5 to Feb 28/19 Kootenay Silver Inc. (KTN.WT) - Wt buys sh @ $0.55 to Apr 21/21 Mission Gold (MGL.WT) - Wt buys sh @ $0.17 to Sep 13/17 Monarques Gold (MQR.WT.A) - Wt buys sh @ $0.18 to Dec 15/17 Rainy Mountain Royalty Corp. (RMO.WT) - Wt buys sh @ $0.15 to Mar 1/18 and sh @ $0.25 from Mar 2/18 to Mar 1/19 Rainy Mountain Royalty Corp. (RMD.WT) - Wt buys sh @ $0.15 to Mar 1/18 and sh @ $0.25 from Mar 2/18 to Mar 1/19 Silvercrest Metals Inc. (SIL.WT) - Wt buys sh @ $3 to Dec 06/18 Sunridge Gold (SGC.WT) - Wt buys sh @ $0.35 to Oct 18/17 Trek Mining (TREK.WT) - Wt buy sh @ $3.00 to Oct 06/21 West Kirkland Mining (WKM.WT) - Wt buys sh @ $0.3 to Apr 17/19

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

Index Aug 25 Aug 24 Aug 23 Aug 22 Aug 21 High Low S&P/TSX Composite 15055.99 15076.16 15063.16 14984.96 14951.88 15527.30 12400.15 S&P/TSXV Composite 769.47 765.96 765.35 764.28 768.30 1050.26 883.52 S&P/TSX 60 886.34 887.75 887.38 882.74 881.02 896.74 709.99 S&P/TSX Global Gold 198.82 198.79 198.67 197.40 199.06 218.90 149.29 DJ Precious Metals 177.21 176.81 176.52 175.34 176.83 420.72 130.95

NEW 52-WEEK HIGHS AND LOWS AUGUST 21–25, 2017 97 New Highs

Aben Res Aben Res* Advanced Expl* Alcoa* Alexandra Cap ALQ Gold Alumina Inc* Amarc Res Amarc Res* Americas Silvr* Antofagasta* Aura Mnls* AuRico Metals * Berkwood Res * Big Wind Cap Canadian Mng Canoe Mng Vent Cautivo Mining CNRP Mng CNRP Mng* Cobalt Pwr Grp* Crazy Horse Res* Critical Elem

Critical Elem* Damara Gold Damara Gold* Decade Res* Delrand Res Discovery Met DNI Metals Euro Sun Mg Euro Sun Mg* Excelsior Mng Excelsior Mng* Firestone Vent Franco-Nevada* Garibaldi Res Garibaldi Res * Geodex Mnrls Geodex Mnrls* Glencore Plc* Global Li-Ion Goldbank Mng Hornby Bay Mnl IAMGOLD IAMGOLD* Icon Explor Integra Res

Inter-Rock Mnl Intl Samuel Ex Kerr Mines Kerr Mines* Kirkland Lake Kirkland Lake* Klondike Gold Klondike Gold* Largo Res Largo Res* Leagold Mg* Los Andes Copp Lundin Mng Lynas Corp* Magnus Intl* Mason Res* Medallion Res* Monitor Vent* Noront Res Novo Res Novo Res* Osisko Gold* Osisko Metals Osisko Metals* Panoro Mnrls

Regulus Res Richmond Mnls Richmond Mnls* Rimrock Gold* Rio Tinto* Robex Res Royal Gold* Savoy Vent Shoshoni Gold* Sidney Resrces* Silvermet Silverstar Res* Southern Copp* SRG Graphite Taseko Mines Taseko Mines* Thunder Mtn Gd* Unity Energy* Upper Canyon Velocity Mnrls Velocity Mnrls* Westminster Rs Wolfden Res* Wolfeye Res

46 New Lows

Alliance Res* Anfield Res AngloGold Ash* Atacama Res* Avalon Adv Mat Balmoral Res Balmoral Res* Baroyeca Go&Si Cache Expl* Canasil Res Cautivo Mining CKR Carbon* Cloud Peak En* Diamond Disc* Eastern Zinc Enforcer Gold Erin Ventures* Falco Res * Five Star Diam* Granada Gold GrowMax Res IMPACT Silver K92 Mng Inc K92 Mng Inc* Klondike Gold

MDN Inc* Mountain Lake Niocorp Dev Nrthn Lion* NxGold Ltd* Orca Gold* Pantheon Vent Redstar Gold Redstar Gold* RosCan Mrnls Rugby Mng Rye Patch Gold Scorpio Gold Silver Bear Rs* Sprott Res Hld Tahoe Res Tahoe Res* Ucore Rare Mtl Ucore Rare Mtl* US Cobalt Westmoreland*

CANADIAN GOLD MUTUAL FUNDS Fund Aug 25 ($) Aug 18 ($) Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) AGF Prec Mtls Fd MF 21.16 21.02 0.14 0.67 -5.48 2.80 137.57 BMO Prec Mtls Fd A 17.93 17.66 0.27 1.54 -2.85 2.40 62.99 BMO ZGD 9.69 9.55 0.14 1.45 -1.63 0.63 BMO ZJG 9.10 8.76 0.34 3.89 4.74 0.60 CIBC Prec Metal Fd A 10.39 10.27 0.12 1.17 -4.28 2.58 49.94 Dyn Prec Metls Fd A 6.59 6.62 -0.03 -0.45 6.12 2.75 346.05 Horizons HEP 25.07 24.88 0.19 0.78 5.12 0.81 IG MacGlPrMetCl A 8.72 8.70 0.02 0.25 -0.20 2.75 42.20 iShares XGD 12.41 12.29 0.12 0.99 0.20 0.55 769.68 Mac Prec Met Cl A 46.54 46.43 0.12 0.25 -0.12 2.51 89.18 NBI PrecMetFd AdvDSC 12.68 12.46 0.22 1.77 1.62 2.47 31.39 NBI PrecMetFd AdvISC 12.68 12.46 0.22 1.77 1.62 2.47 31.39 NBI PrecMetFd AdvLSC 12.68 12.46 0.22 1.77 1.62 2.47 31.39 NBI PrecMetFd Invt 12.68 12.46 0.22 1.77 1.62 2.46 31.39 RBC GblPreMetFd A 33.81 33.35 0.47 1.40 7.22 2.12 384.66 Redw UITGoDe&ProCl A 10.00 10.00 0.00 Sentry Pre Met Fd A 38.87 38.62 0.25 0.64 -5.73 2.44 178.48 Sprott Gold&PrMinFdA 35.27 34.93 0.34 0.98 -2.43 3.12 207.20 Sprott SilverEquCl A 5.70 5.63 0.07 1.32 -7.44 3.09 128.04 TD PreciousMetalsInv 34.39 34.13 0.26 0.76 -2.21 2.26 127.63

GLOBAL MINING NEWS · SINCE 1915 Financial information provided by Fundata Canada Inc. ©Fundata Canada Inc. All rights reserved

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

19_SEP4_MMMM.indd 19

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

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

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

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

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

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

2017-08-29 7:23 PM

20

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: AUGUST 21–25, 2017 (100s) Stock

WWW.NORTHERNMINER.COM

SEPTEMBER 4–17, 2017 / THE NORTHERN MINER

Week

12-month

Exc Volume High Low Last Change High Low

A 92 Resources V 223 0.09 0.08 0.09 + 0.01 0.22 0.07 163 0.38 0.32 0.34 - 0.03 2.88 0.06 Abacus Mng &Ex* O Abacus Mng &Ex V 143 0.46 0.40 0.42 - 0.04 0.78 0.24 Abcourt Mines V 782 0.09 0.08 0.08 + 0.01 0.13 0.07 Abcourt Mines* O 103 0.08 0.06 0.07 + 0.02 0.10 0.05 V 99 0.40 0.28 0.40 + 0.13 0.57 0.04 ABE Resources Aben Res* O 222 0.21 0.17 0.19 + 0.01 0.21 0.05 Aben Res V 3037 0.27 0.22 0.23 + 0.01 0.27 0.07 Aberdeen Intl* O 51 0.10 0.09 0.10 - 0.01 0.14 0.09 Aberdeen Intl T 126 0.13 0.12 0.13 - 0.01 0.18 0.11 Abitibi Royalt V 6 9.50 9.20 9.20 - 0.16 10.75 6.36 O 62 0.30 0.25 0.29 - 0.01 0.48 0.25 AbraPlata Res* AbraPlata Res V 95 0.40 0.32 0.40 + 0.06 0.63 0.03 Acacia Mining* O 3 2.44 2.37 2.44 + 0.07 6.80 2.01 Adamera Mnls V 1159 0.14 0.12 0.13 - 0.03 0.24 0.06 O 389 0.12 0.10 0.11 - 0.01 0.18 0.04 Adamera Mnls* Adex Mining V 785 0.02 0.01 0.02 + 0.01 0.02 0.01 0.07 - 0.01 0.13 0.05 Advance Gold V 52 0.07 0.07 Advanced Expl* O 69 0.00 0.00 0.00 + 0.00 0.00 0.00 V 370 0.42 0.39 0.40 - 0.01 1.34 0.36 Advantage Lith Advantage Lith* O 67 0.34 0.31 0.32 + 0.00 1.01 0.28 0.70 + 0.01 0.99 0.57 Adventus Zinc V 14 0.70 0.00 Affinity Gold* O 33 0.03 0.02 0.03 + 0.00 0.05 0.00 African Gold V 853 0.05 0.05 0.05 - 0.01 0.10 0.04 African Mnrls* O 3 0.00 0.00 0.00 + 0.00 0.01 0.00 59.24 + 0.32 74.57 46.91 Agnico Eagle T 1605 60.07 58.40 Agnico Eagle* N 4363 48.06 46.52 47.47 + 0.65 57.35 35.05 T 836 123.50 120.44 121.04 - 1.18 146.99 115.16 Agrium N 1181 98.67 95.94 96.94 - 0.25 111.88 87.78 Agrium* 0.06 - 0.03 0.16 0.01 Aida Minerals 39 0.08 0.05 Aim Explor* O 604 0.01 0.00 0.00 + 0.00 0.04 0.00 V 857 0.14 0.12 0.13 - 0.01 0.22 0.11 Alabama Graph Alabama Graph* O 63 0.11 0.09 0.10 + 0.00 0.17 0.08 Alacer Gold T 1492 2.16 2.06 2.06 - 0.08 3.79 1.75 Alamos Gold T 1062 9.85 9.61 9.73 + 0.07 11.86 7.86 7.82 + 0.15 9.00 5.95 Alamos Gold* N 3813 7.87 7.66 Alba Minerals* O 9 0.07 0.05 0.05 - 0.02 0.17 0.03 N 16969 41.80 38.05 41.21 + 3.45 41.80 20.00 Alcoa* Alderon Iron* O 18 0.22 0.21 0.22 + 0.01 0.60 0.08 0.04 + 0.01 0.10 0.04 Aldershot Res V 209 0.04 0.04 Aldridge Min V 253 0.20 0.20 0.20 - 0.01 0.32 0.17 V 3624 0.07 0.06 0.07 + 0.01 0.10 0.04 Alexandria Min Alexandria Min* O 376 0.06 0.05 0.06 + 0.00 0.08 0.03 Alexco Res* X 647 1.49 1.38 1.41 - 0.02 2.19 1.10 Alexco Res T 185 1.87 1.74 1.78 - 0.04 2.80 1.47 0.15 - 0.01 0.33 0.14 Algold Res* O 20 0.16 0.15 Algold Res V 338 0.20 0.19 0.20 + 0.01 0.44 0.17 0.11 + 0.01 0.12 0.05 Alianza Min* O 6 0.11 0.10 Alianza Min V 106 0.14 0.12 0.12 - 0.01 0.16 0.10 V 715 0.04 0.04 0.04 + 0.01 0.10 0.03 Alix Res Allante Potash V 73 0.05 0.00 0.05 - 0.01 0.07 0.04 18.40 - 0.15 26.65 17.65 Alliance Res* D 1198 18.60 17.65 Almaden Mnls T 252 1.43 1.37 1.38 - 0.04 2.33 1.01 Almaden Mnls* X 736 1.14 1.08 1.10 - 0.02 1.75 0.75 Almadex Min V 182 1.33 1.17 1.18 - 0.10 2.00 0.73 0.96 - 0.05 1.51 0.55 Almadex Min* O 268 1.06 0.94 Almonty Ind V 73 0.34 0.31 0.34 + 0.01 0.35 0.20 0.57 - 0.03 0.62 0.48 Alopex Gold V 25 0.60 0.56 Alphamin Res V 109 0.38 0.32 0.36 + 0.01 0.40 0.23 0.22 - 0.04 0.45 0.03 ALQ Gold 116 0.45 0.21 Alset Minerals V 422 0.09 0.08 0.09 - 0.01 0.35 0.08 0.09 + 0.01 0.16 0.04 Altai Res V 285 0.09 0.08 Altair Res Inc V 57 0.24 0.22 0.22 - 0.02 0.47 0.16 Altamira Gold V 338 0.18 0.15 0.18 + 0.02 0.30 0.14 Altamira Gold* O 65 0.14 0.12 0.13 - 0.00 0.31 0.11 0.15 - 0.02 0.28 0.08 Altiplano Mnls V 600 0.16 0.14 Altitude Res V 45 0.05 0.05 0.05 - 0.01 0.21 0.04 12.25 + 0.93 14.06 9.29 Altius Mnrls T 416 12.42 11.11 Alto Vent V 171 0.07 0.00 0.06 - 0.01 0.14 0.05 0.03 + 0.01 0.06 0.02 Alturas Mnrls V 115 0.03 0.02 Alumina Inc* O 57 6.90 6.29 6.79 + 0.32 6.90 3.86 0.06 - 0.01 0.12 0.05 ALX Uranium* O 134 0.07 0.06 ALX Uranium V 433 0.09 0.09 0.09 + 0.01 0.16 0.06 Am CuMo Mng V 533 0.26 0.20 0.20 - 0.07 0.49 0.08 Am CuMo Mng* O 168 0.20 0.16 0.16 - 0.04 0.35 0.05 O 165 0.13 0.11 0.12 - 0.01 0.27 0.07 Am Manganese* Am Manganese V 561 0.16 0.15 0.15 - 0.01 0.38 0.09 0 0.01 0.00 0.01 + 0.00 0.05 0.01 Am Sierra Gold* O Amador Gold V 18 0.20 0.15 0.19 + 0.02 0.39 0.11 0.19 + 0.02 0.21 0.04 Amarc Res* O 179 0.21 0.16 Amarc Res V 492 0.26 0.22 0.23 + 0.02 0.26 0.06 0.35 + 0.02 0.52 0.28 Amarillo Gold V 200 0.36 0.30 Amato Expl V 1505 0.05 0.03 0.03 - 0.01 0.07 0.03 Amazing Energy* O 71 0.46 0.26 0.45 + 0.12 0.63 0.05 Amer Intl Vent* O 113 0.05 0.04 0.04 - 0.01 0.11 0.01 O 58 0.04 0.03 0.03 - 0.01 0.60 0.03 American Lith* American Pot 2469 0.19 0.13 0.15 - 0.03 0.26 0.03 0.10 - 0.03 0.19 0.04 American Pot* O 26 0.13 0.10 Americas Silvr T 301 4.58 4.09 4.48 + 0.34 4.86 2.70 X 277 3.68 3.22 3.61 + 0.39 3.68 2.39 Americas Silvr* Amerigo Res T 489 0.74 0.70 0.73 + 0.01 0.83 0.14 0.58 + 0.01 0.63 0.10 Amerigo Res* O 110 0.60 0.56 Amex Expl V 328 0.10 0.09 0.09 - 0.01 0.38 0.09 Anconia Res V 77 0.03 0.03 0.03 + 0.01 0.07 0.02 0.01 - 0.00 0.03 0.00 Andes Gold* O 1 0.01 0.01 Anfield Res* O 156 0.05 0.04 0.05 + 0.00 0.20 0.04 Angel Gold* O 245 0.06 0.04 0.06 + 0.00 0.10 0.04 Angel Gold V 153 0.07 0.06 0.07 + 0.01 0.14 0.06 Angkor Gold V 26 0.32 0.28 0.31 + 0.01 0.48 0.25 Anglo American* O 243 8.63 8.27 8.59 + 0.37 8.87 5.03 Anglo American* O 24 17.47 0.00 17.27 + 0.94 17.61 10.17 Anglo-Bomarc V 244 0.12 0.10 0.12 + 0.01 0.15 0.05 Anglo-Can Mng V 20 0.13 0.12 0.12 - 0.01 0.19 0.05 AngloGold Ash* N 21180 9.94 8.89 8.94 - 0.88 18.62 8.89 Antler Gold V 51 0.40 0.31 0.32 - 0.08 0.67 0.28 Antofagasta* O 16 13.52 12.21 13.08 + 1.03 13.52 6.29 Apogee Opport V 51 0.16 0.00 0.15 - 0.03 0.34 0.14 Appia Energy 137 0.14 0.13 0.13 - 0.01 0.47 0.10 Applied Mrnls* O 140 0.03 0.03 0.03 - 0.01 0.18 0.02 Aquila Res* O 322 0.20 0.18 0.20 + 0.00 0.25 0.15 Aquila Res T 447 0.26 0.22 0.26 + 0.02 0.32 0.19 Arch Coal* N 1493 77.98 74.78 76.57 + 1.88 86.47 59.05 Arctic Star* O 1 0.14 0.13 0.13 - 0.01 0.24 0.04 Arctic Star V 1440 0.19 0.15 0.16 - 0.03 0.38 0.06 Arcus Dev Grp V 298 0.15 0.13 0.13 - 0.01 0.18 0.06 Ardonblue Vent V 527 0.40 0.32 0.36 - 0.04 0.57 0.08 Arena Mnls* O 190 0.14 0.00 0.13 + 0.01 0.23 0.10 Argentina Lith* O 75 0.08 0.08 0.08 + 0.00 0.63 0.07 Argentina Lith V 159 0.13 0.11 0.11 - 0.01 0.83 0.10 Argentum Silvr V 132 0.25 0.21 0.21 - 0.05 0.59 0.09 Argex Titanium T 2060 0.06 0.05 0.05 - 0.01 0.10 0.04 Argex Titanium* O 16 0.05 0.04 0.05 + 0.01 0.08 0.03 Argo Gold* O 404 0.16 0.15 0.15 - 0.01 0.18 0.05 Argonaut Gold T 2168 2.74 2.51 2.71 + 0.16 4.00 1.48 Argonaut Gold* O 97 2.20 1.98 2.20 + 0.17 3.06 1.12 Arian Silver* O 30 0.01 0.01 0.01 + 0.00 0.02 0.00 Arianne Phosph* O 20 0.63 0.60 0.62 + 0.01 0.74 0.52 Arizona Mng T 5371 3.24 3.03 3.10 + 0.05 3.49 1.70 Arizona Mng* O 70 2.59 2.41 2.50 + 0.08 2.80 1.30 Arizona Silver V 387 0.23 0.17 0.23 + 0.05 1.23 0.12 Arizona Silver* O 389 0.18 0.13 0.18 + 0.04 0.91 0.13 Asanko Gold* X 5019 1.15 0.95 1.05 + 0.10 4.68 0.78 Asanko Gold T 2572 1.44 1.21 1.35 + 0.16 6.09 0.99 Asante Gold 6 0.14 0.12 0.14 + 0.01 0.27 0.07 Ascot Res V 286 1.80 1.67 1.73 - 0.04 2.83 1.50 Ashburton Vent V 550 0.12 0.10 0.10 - 0.02 0.40 0.09 Ashburton Vent* O 8 0.08 0.08 0.08 + 0.00 0.24 0.06 Asian Minl Res V 702 0.03 0.02 0.03 + 0.01 0.04 0.02 Aston Bay V 229 0.17 0.15 0.17 + 0.02 0.47 0.13 Astorius Res V 299 0.11 0.10 0.11 + 0.01 0.41 0.06 ATAC Res V 452 0.62 0.57 0.61 + 0.02 0.75 0.32 Atacama Pacif* O 9 0.66 0.59 0.59 - 0.04 0.66 0.22 Atacama Pacif V 90 0.83 0.68 0.73 - 0.07 0.85 0.26 Atacama Res* O 5311 0.02 0.01 0.01 - 0.00 0.52 0.01 Athabasca Mnls V 90 0.15 0.12 0.15 + 0.02 0.32 0.12 Atico Mng* O 66 0.66 0.61 0.63 + 0.04 0.75 0.38 Atico Mng V 314 0.84 0.78 0.80 + 0.04 0.99 0.49 Atlanta Gold V 49 0.08 0.07 0.07 - 0.01 0.11 0.06 Atlantic Gold V 766 1.51 1.45 1.51 + 0.02 1.64 0.76 Atlatsa Res T 272 0.05 0.04 0.04 - 0.01 0.11 0.04 Atlatsa Res* O 207 0.04 0.03 0.03 - 0.00 0.08 0.02 Atom Energy * O 1 0.07 0.00 0.07 - 0.01 0.34 0.07 Aton Res Inc V 652 0.04 0.03 0.04 + 0.01 0.14 0.03 Aura Mnls T 25 1.90 1.63 1.85 + 0.32 2.10 1.30 Aura Mnls* O 2 1.44 1.17 1.44 + 0.27 1.44 1.03 Aurania Res* O 6 2.12 1.99 2.00 - 0.20 2.20 1.54 Aurania Res V 95 2.65 2.40 2.48 - 0.27 3.75 0.50 Aurcana Corp V 456 0.26 0.23 0.25 - 0.01 0.65 0.23 AuRico Metals * O 100 1.03 0.96 1.02 + 0.06 1.03 0.62 AuRico Metals T 340 1.29 1.20 1.28 + 0.07 1.32 0.82 Aurion Res * O 22 1.61 1.52 1.52 - 0.07 1.64 0.24 Aurion Res V 155 2.07 1.90 1.91 - 0.09 2.29 0.32 Aurvista Gold V 676 0.31 0.29 0.29 - 0.01 0.46 0.15

20-22_SEP4_StockTables.indd 20

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Aurvista Gold* O 301 Auryn Res T 593 Auryn Res* X 508 Austral Gold V 191 Avalon Adv Mat T 712 Avalon Adv Mat* O 457 Avarone Metals 276 Avino Silver* X 492 Avnel Gold * O 17 Avnel Gold T 744 Avrupa Mnls* O 38 AXE Expl V 351 Axmin Inc* O 5 Axmin Inc V 5 Azarga Uranium T 79 O 12 Azarga Uranium* Azimut Expl V 98 Azincourt Uran* O 15 Azincourt Uran V 615 Aztec Minerals V 79 Azteca Gold* O 311

0.25 0.23 0.23 - 0.01 0.34 0.10 3.36 2.94 2.99 - 0.39 3.85 2.14 2.69 2.35 2.40 - 0.28 3.00 1.58 0.17 0.00 0.17 - 0.01 0.22 0.12 0.15 0.13 0.13 - 0.01 0.23 0.13 0.12 0.10 0.11 - 0.01 0.17 0.00 0.04 0.03 0.03 - 0.01 0.06 0.02 1.75 1.66 1.67 - 0.03 2.59 1.12 0.33 0.32 0.33 - 0.00 0.35 0.13 0.43 0.40 0.43 + 0.02 0.45 0.18 0.09 0.07 0.09 + 0.01 0.16 0.06 0.03 0.02 0.02 - 0.01 0.05 0.02 0.03 0.02 0.03 + 0.00 0.05 0.02 0.05 0.04 0.05 + 0.01 0.09 0.03 0.26 0.22 0.22 - 0.03 0.57 0.18 0.19 0.19 0.19 - 0.00 0.44 0.14 0.34 0.32 0.33 + 0.02 0.62 0.24 0.05 0.05 0.05 + 0.00 0.22 0.03 0.07 0.06 0.07 + 0.01 0.28 0.04 0.30 0.28 0.29 - 0.01 0.65 0.26 0.00 0.00 0.00 - 0.00 0.00 0.00

B2Gold* X 7064 B2Gold T 5723 B4MC Gold* O 1 Bacanora Mnls V 88 Balmoral Res* O 272 Bandera Gold V 16 Bannerman Res* O 134 Banro Corp* X 713 Banro Corp T 144 Barkerville Go* O 259 Barkerville Go V 1170 Barrick Gold* N 33517 Barrick Gold T 6280 Barsele Min* O 15 Barsele Min V 209 Bayhorse Silvr* O 39 Bayhorse Silvr V 558 Bayswater Uran V 70 BC Moly V 52 BCM Res V 113 Bear Creek Mng V 256 Bearing Lith* O 103 Bearing Lith V 296 Beaufield Res V 1278 Beaufield Res* O 724 Bell Copper V 182 Bell Copper* O 82 Belmont Res V 737 Benz Mining V 315 Berkwood Res V 673 Berkwood Res * O 209 Besra Gold* O 373 Big Wind Cap 83 Bison Gold Res V 237 Bitterroot Res* O 76 Bitterroot Res V 932 Black Dragon V 497 Black Hills* N 819 Black Mam Mtls* O 7 Black Mam Mtls V 69 Black Sea Cop* O 36 Blackrock Gold V 15 BLOX Inc* O 56 Blue Moon Zinc V 230 Blue Rvr Res V 727 Bluestone Res V 288 Bold Vent V 3647 Bonanza Gldfds* O 1207 BonTerra Res V 585 BonTerra Res* O 112 Borneo Res Inv* O 2580 Bravada Gold V 91 Bravada Gold* O 143 Braveheart Res V 207 Bravo Multinat* O 11 Bravura Vent * O 20 Bravura Vent 318 Brazil Mnrls* O 1188 BrightRock Gld* O 12 Brio Gold T 43 Britannia Mng* O 70 Brixton Mtls* O 34 Brixton Mtls V 154 Broadway Gold* O 256 Broadway Gold V 245 Brookmount Exp* O 1718 Bryn Res* O 302 Buenaventura* N 6222 Bullfrog Gold* O 223 Bullion Gld Res V 122 BWR Explor V 913

2.58 2.47 2.56 + 0.08 3.55 2.02 3.22 3.11 3.19 + 0.06 4.64 2.69 8.10 8.10 8.10 - 0.75 8.85 5.00 1.43 1.33 1.33 - 0.09 1.75 1.01 0.49 0.44 0.47 - 0.02 0.96 0.44 0.04 0.03 0.04 + 0.01 0.11 0.02 0.03 0.02 0.03 - 0.00 0.08 0.01 0.28 0.25 0.26 - 0.01 3.75 0.25 0.36 0.31 0.34 - 0.01 48.50 0.31 0.74 0.65 0.69 - 0.03 1.03 0.29 0.93 0.83 0.86 - 0.04 1.39 0.41 17.23 16.71 17.14 + 0.50 20.78 13.81 21.52 21.01 21.40 + 0.45 27.19 18.52 0.53 0.00 0.53 + 0.07 1.25 0.44 0.67 0.55 0.66 + 0.09 1.62 0.55 0.17 0.16 0.17 + 0.03 0.22 0.09 0.22 0.19 0.20 + 0.02 0.29 0.13 0.05 0.00 0.04 - 0.01 0.09 0.02 0.06 0.00 0.06 + 0.01 0.08 0.05 0.10 0.08 0.09 - 0.02 0.22 0.07 2.40 2.09 2.40 + 0.11 3.74 1.72 0.65 0.55 0.64 + 0.04 1.41 0.30 0.81 0.70 0.78 + 0.01 1.83 0.17 0.23 0.18 0.19 - 0.02 0.34 0.06 0.18 0.15 0.15 - 0.03 0.25 0.04 0.13 0.10 0.10 - 0.01 0.15 0.03 0.12 0.09 0.09 - 0.04 0.12 0.02 0.05 0.03 0.04 - 0.02 0.09 0.03 0.32 0.26 0.32 + 0.08 0.40 0.15 0.55 0.45 0.47 + 0.01 1.23 0.27 0.44 0.38 0.40 + 0.01 0.44 0.25 0.00 0.00 0.00 - 0.00 0.01 0.00 0.60 0.50 0.50 - 0.06 0.60 0.05 0.57 0.56 0.56 - 0.01 0.60 0.20 0.17 0.11 0.17 + 0.06 0.22 0.02 0.21 0.13 0.20 + 0.06 0.29 0.04 0.06 0.00 0.05 + 0.01 0.08 0.03 70.49 68.62 70.22 + 1.49 72.02 54.76 0.16 0.15 0.15 - 0.00 0.18 0.04 0.22 0.20 0.20 + 0.01 0.25 0.06 0.16 0.00 0.14 - 0.00 0.46 0.13 0.06 0.06 0.06 - 0.01 0.18 0.05 0.15 0.12 0.14 + 0.02 0.35 0.01 0.04 0.04 0.04 - 0.01 0.10 0.02 0.04 0.04 0.04 + 0.01 0.08 0.03 1.36 1.27 1.27 - 0.12 1.90 0.40 0.06 0.04 0.04 + 0.01 0.06 0.03 0.00 0.00 0.00 - 0.00 0.01 0.00 0.47 0.41 0.42 - 0.03 0.55 0.21 0.35 0.33 0.34 - 0.02 0.41 0.15 0.00 0.00 0.00 - 0.00 0.00 0.00 0.17 0.14 0.15 - 0.02 0.34 0.14 0.13 0.11 0.13 + 0.00 0.26 0.11 0.05 0.00 0.05 - 0.02 0.08 0.03 1.50 1.05 1.40 - 0.20 9.75 0.32 0.40 0.40 0.40 - 0.02 4.85 0.18 0.55 0.50 0.54 + 0.04 5.90 0.20 0.01 0.00 0.01 - 0.00 0.50 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 1.80 1.66 1.70 - 0.10 3.59 1.66 0.00 0.00 0.00 - 0.00 0.02 0.00 0.32 0.29 0.31 - 0.01 0.60 0.15 0.40 0.36 0.36 - 0.04 0.79 0.18 0.43 0.36 0.38 - 0.03 1.29 0.22 0.50 0.44 0.50 - 0.01 1.70 0.24 0.04 0.02 0.02 - 0.02 0.13 0.01 0.00 0.00 0.00 + 0.00 0.01 0.00 13.24 12.53 13.11 + 0.62 15.60 9.87 0.09 0.08 0.09 + 0.00 0.19 0.05 0.27 0.21 0.21 - 0.03 0.30 0.08 0.08 0.07 0.08 + 0.01 0.09 0.04

Cache Expl V 5163 Cache Expl* O 102 Cadillac Vent V 40 Caledonia Mng* X 10 Caledonia Mng T 20 Calibre Mng V 896 California Gld V 50 California Go* O 11 O 300 Callinex Mines* Callinex Mines V 570 Cameco Corp* N 6728 Cameco Corp T 2758 Camino Mnls V 2120 Camino Mnls* O 33 Camrova Res V 95 Camrova Res* O 61 Canadian Mng V 884 Canadian Zeol V 1226 Canadian Zeol* O 14 CanAlaska Uran* O 29 CanAlaska Uran V 69 Canamex Res* O 267 Canamex Res V 420 Canarc Res T 113 Canarc Res* O 85 Canasil Res V 480 132 CANEX Metals * O CANEX Metals V 227 Canoe Mng Vent V 1400 Canstar Res* O 52 Canstar Res V 516 Canterra Mnls V 58 Cantex Mn Dev V 220 Canuc Res V 187 Canyon Gold* O 11637 Capstone Mng T 7178 Caracara Silvr V 755 Caracara Silvr* O 3 Cardero Res* O 6 Cardero Res V 46 Cardinal Res T 309 Carlin Gold V 246 Carmax Mng V 411 Carrara Explor 381 Cartier Res V 461 Carube Copper* O 7 Carube Copper V 359 Cascadero Copp V 270 Castle Silver V 866 Castle Silver* O 157 Cautivo Mining 376 Cava Res V 998 Cavan Vent V 364 Caza Gold V 13 Cda Carbon V 377 Cda Rare Earth V 188 Cda Rare Earth* O 5 Cda Strtgc Met V 671 Cda Zinc Mtls V 226 Cdn Metals 486 Cdn Orebodies V 322 Cdn Silvr Hunt V 380 Cdn Zinc* O 221 Cdn Zinc T 1842 Centamin T 25 Centaurus Diam* O 59 Centenera Mng V 377 Centenera Mng* O 237

0.17 0.12 0.14 - 0.02 0.31 0.07 0.13 0.11 0.11 - 0.01 0.21 0.11 0.04 0.00 0.04 - 0.01 0.06 0.03 6.60 6.46 6.52 - 0.03 6.75 0.05 8.30 8.08 8.10 - 0.20 12.10 6.30 0.17 0.15 0.16 + 0.01 0.30 0.10 0.37 0.33 0.33 + 0.01 0.76 0.23 0.30 0.26 0.28 + 0.03 0.51 0.21 0.28 0.25 0.28 + 0.03 0.50 0.21 0.36 0.32 0.34 + 0.01 0.67 0.28 10.03 9.69 9.99 + 0.31 13.36 7.41 12.52 12.18 12.47 + 0.28 17.65 9.88 0.57 0.43 0.49 + 0.01 2.23 0.15 0.37 0.35 0.35 - 0.03 1.62 0.00 0.09 0.00 0.07 - 0.01 0.33 0.07 0.05 0.01 0.05 + 0.05 0.21 0.00 0.79 0.60 0.76 + 0.08 0.79 0.10 0.65 0.47 0.52 + 0.02 1.95 0.32 0.51 0.39 0.43 + 0.03 1.46 0.25 0.31 0.27 0.30 + 0.01 1.10 0.24 0.38 0.34 0.37 + 0.02 1.43 0.33 0.13 0.11 0.12 - 0.01 0.13 0.07 0.16 0.14 0.15 - 0.02 0.19 0.10 0.09 0.00 0.09 + 0.01 0.14 0.07 0.07 0.06 0.06 + 0.00 0.11 0.05 0.15 0.13 0.14 - 0.02 0.72 0.13 0.04 0.04 0.04 - 0.00 0.10 0.03 0.07 0.05 0.05 - 0.01 0.14 0.05 0.15 0.07 0.12 + 0.05 0.15 0.04 0.06 0.06 0.06 + 0.02 0.17 0.04 0.10 0.07 0.09 + 0.03 0.23 0.00 0.04 0.03 0.04 + 0.01 0.10 0.03 0.03 0.03 0.03 + 0.01 0.14 0.03 0.47 0.41 0.41 - 0.03 0.60 0.25 0.00 0.00 0.00 - 0.00 0.21 0.00 1.38 1.14 1.33 + 0.20 1.81 0.65 0.02 0.01 0.02 + 0.01 0.03 0.01 0.01 0.01 0.01 - 0.00 0.02 0.00 0.10 0.06 0.10 + 0.04 0.19 0.05 0.11 0.09 0.11 + 0.01 0.24 0.07 0.68 0.60 0.60 - 0.08 0.80 0.54 0.08 0.06 0.07 - 0.01 0.10 0.03 0.05 0.04 0.05 + 0.01 0.05 0.03 0.74 0.62 0.70 - 0.05 1.00 0.35 0.29 0.26 0.26 - 0.01 0.38 0.12 0.07 0.06 0.07 + 0.01 0.11 0.05 0.08 0.00 0.07 + 0.01 0.14 0.06 0.10 0.09 0.10 - 0.01 0.16 0.08 0.21 0.18 0.19 - 0.02 0.30 0.02 0.17 0.15 0.15 - 0.01 0.22 0.03 0.61 0.00 0.61 + 0.41 0.61 0.20 0.26 0.23 0.25 + 0.01 0.75 0.15 0.09 0.07 0.07 + 0.01 0.09 0.02 0.02 0.01 0.02 + 0.01 0.09 0.01 0.20 0.18 0.19 - 0.01 0.32 0.11 0.04 0.04 0.04 + 0.01 0.06 0.03 0.04 0.02 0.02 - 0.01 0.05 0.02 0.12 0.11 0.12 - 0.01 0.25 0.10 0.26 0.25 0.25 - 0.01 0.48 0.22 0.07 0.06 0.07 + 0.01 0.25 0.05 0.27 0.24 0.24 - 0.04 0.53 0.19 0.12 0.08 0.12 + 0.01 0.12 0.02 0.15 0.14 0.14 + 0.00 0.27 0.11 0.19 0.17 0.18 + 0.01 0.35 0.15 2.50 2.45 2.46 + 0.01 3.23 1.84 0.04 0.04 0.04 - 0.01 0.15 0.01 0.22 0.16 0.20 + 0.03 0.50 0.15 0.17 0.12 0.17 + 0.04 0.37 0.10

B

C

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Centerra Gold T 2366 7.03 6.73 6.99 + 0.19 8.32 5.56 Ceylon Graph V 82 0.21 0.17 0.20 - 0.02 0.45 0.17 Champion Iron T 452 1.00 0.95 0.97 - 0.03 1.47 0.23 O 52 0.80 0.76 0.76 - 0.03 1.12 0.17 Champion Iron* Chantrell Vent V 150 0.09 0.07 0.09 + 0.02 0.11 0.05 Chatham Rock V 12 0.50 0.45 0.45 - 0.05 0.90 0.15 Chesapeake Gld* O 64 3.01 2.76 3.00 + 0.25 4.85 2.28 V 67 3.77 3.45 3.75 + 0.23 6.27 2.91 Chesapeake Gld Chevron Corp* N 22820 108.71 105.30 108.23 + 1.75 119.00 97.53 152 0.08 0.07 0.08 + 0.01 0.18 0.06 Chiboug Ind Mn V Chilean Metals V 352 0.11 0.10 0.10 - 0.01 0.33 0.10 Chilean Metals* O 30 0.08 0.08 0.08 - 0.00 0.24 0.07 China Gold Int T 1194 2.20 1.99 2.16 + 0.14 3.67 1.82 120 0.01 0.00 0.00 - 0.00 0.02 0.00 China Mnls Mng* O CKR Carbon V 983 0.08 0.07 0.08 + 0.01 0.19 0.06 3.24 2.78 3.21 + 0.21 8.04 2.78 Cloud Peak En* N 4442 CMC Metals V 328 0.09 0.08 0.09 + 0.02 0.16 0.08 CMX Gold & Sil 13 0.10 0.08 0.10 + 0.01 0.10 0.06 CNRP Mng 211 0.77 0.68 0.76 + 0.06 12.50 0.18 CNRP Mng* O 163 0.62 0.54 0.61 + 0.06 0.62 0.07 Cobalt 27 Cap V 213 8.80 8.00 8.63 + 0.73 13.20 7.42 Cobalt Pwr Grp* O 421 0.12 0.10 0.11 + 0.00 0.12 0.06 CobalTech M’g* O 207 0.15 0.13 0.15 + 0.01 0.32 0.05 CobalTech M’g V 996 0.19 0.17 0.18 + 0.02 0.45 0.07 Coeur Mng* N 8356 8.31 7.73 8.17 + 0.45 15.35 7.30 Colibri Res V 51 0.15 0.13 0.15 + 0.01 0.28 0.11 Colombia Crest* O 3 0.02 0.00 0.01 + 0.01 0.02 0.00 Colonial Coal V 556 0.15 0.11 0.15 + 0.04 0.24 0.09 Colorado Res V 1431 0.39 0.33 0.36 - 0.03 0.53 0.18 Colorado Res* O 321 0.31 0.27 0.28 - 0.02 0.42 0.13 Columbus Gold* O 358 0.56 0.49 0.53 - 0.01 0.83 0.31 Columbus Gold T 342 0.69 0.62 0.66 - 0.02 1.09 0.42 Commander Res V 914 0.04 0.03 0.04 - 0.01 0.07 0.03 Commerce Res* O 78 0.07 0.06 0.06 + 0.00 0.09 0.04 Commerce Res V 908 0.09 0.08 0.08 - 0.01 0.11 0.05 Comstock Mng* X 7575 0.19 0.17 0.18 + 0.01 0.41 0.13 Comstock Mtls V 92 0.13 0.12 0.13 + 0.01 0.34 0.12 Comstock Mtls * O 26 0.10 0.09 0.09 - 0.01 0.27 0.09 Condor Res V 476 0.14 0.11 0.12 - 0.02 0.19 0.06 Confedertn Ml* O 49 0.48 0.44 0.48 + 0.03 0.80 0.37 Conquest Res V 208 0.03 0.02 0.02 - 0.01 0.05 0.02 CONSOL Energy* N 26113 14.81 14.12 14.64 + 0.39 22.34 13.55 Constantine Mt V 2440 0.29 0.22 0.24 - 0.05 0.30 0.08 Contact Gold V 30 0.79 0.75 0.75 - 0.03 1.10 0.68 Contintl Gold* O 77 2.47 2.29 2.44 + 0.17 4.39 1.90 Contintl Gold T 1689 3.09 2.87 3.02 + 0.18 5.75 2.62 Copper Ck Gold V 52 0.04 0.03 0.03 - 0.01 0.11 0.03 Copper Fox Mtl V 654 0.15 0.13 0.14 + 0.01 0.19 0.11 Copper Fox Mtl* O 13 0.12 0.10 0.10 - 0.01 0.14 0.08 Copper Mtn Mng* O 68 0.95 0.85 0.94 + 0.11 1.02 0.32 Copper Mtn Mng T 5713 1.19 1.08 1.17 + 0.12 1.32 0.40 Copper North M V 39 0.09 0.08 0.08 - 0.01 0.23 0.07 Copperbank Res 665 0.14 0.12 0.13 - 0.02 0.18 0.05 Copperbank Res* O 270 0.12 0.09 0.10 - 0.01 0.14 0.04 Coral Gold * O 48 0.27 0.00 0.27 + 0.00 0.30 0.20 Coral Gold V 475 0.37 0.33 0.37 + 0.01 0.40 0.27 Cordoba Mnls* O 248 0.58 0.50 0.58 + 0.07 1.21 0.45 Cordoba Mnls V 483 0.73 0.62 0.73 + 0.07 1.59 0.62 Corex Gold V 314 0.13 0.11 0.13 + 0.01 0.17 0.10 Corex Gold* O 164 0.10 0.09 0.09 - 0.01 0.13 0.07 Cornerstone Ca V 833 0.47 0.44 0.47 + 0.04 0.55 0.09 Cornerstone Ca* O 180 0.37 0.35 0.37 + 0.02 0.44 0.06 Cornerstone Mt V 1816 0.08 0.07 0.08 + 0.02 0.13 0.02 Coro Mining T 298 0.14 0.12 0.13 - 0.02 0.20 0.10 Coronet Mtls* O 6 0.11 0.10 0.11 + 0.01 0.56 0.09 Coronet Mtls V 41 0.15 0.13 0.15 + 0.02 0.71 0.11 Corsa Coal V 71 1.69 1.55 1.59 + 0.04 3.82 0.80 Corsa Coal * O 26 1.34 1.24 1.29 + 0.06 2.93 1.12 Corvus Gold T 254 0.80 0.74 0.74 - 0.05 1.10 0.50 Corvus Gold* O 98 0.64 0.58 0.60 + 0.01 0.86 0.37 Crazy Horse Res* O 1 0.17 0.17 0.17 + 0.02 0.17 0.12 Cresval Cap V 175 0.06 0.05 0.05 - 0.01 0.06 0.04 Critical Elem V 2250 1.79 1.37 1.69 + 0.30 1.79 0.39 Critical Elem* O 342 1.44 1.09 1.34 + 0.23 1.44 0.31 Crown Mining V 152 0.10 0.09 0.10 + 0.02 0.18 0.07 Cruz Cobalt* O 67 0.18 0.17 0.17 + 0.01 0.23 0.09 Cruz Cobalt V 1785 0.22 0.20 0.21 + 0.01 0.31 0.11 Crystal Lake V 132 0.21 0.17 0.17 - 0.03 0.43 0.16 Crystal Lake* O 20 0.20 0.13 0.14 - 0.06 0.30 0.13 Crystal Peak V 269 0.42 0.34 0.42 + 0.08 0.56 0.18 Curlew Lke Res V 55 1.10 1.07 1.10 - 0.05 1.49 0.05 Cypress Dev V 354 0.12 0.10 0.11 - 0.01 0.15 0.08

Energy Fuels* X 583 Energy Fuels T 276 Enforcer Gold V 633 Engold Mines* O 25 Engold Mines V 147 Ensurge* O 101 Entree Gold* X 599 Entree Gold T 333 Equitorial Ex* O 87 Equitorial Ex V 890 554 Erdene Res Dev T 29 Erdene Res Dev* O Erin Ventures V 302 74 Eros Res Corp* O 182 Eros Res Corp V 182 Eros Res Corp V Eskay Mng V 113 V 63 Essex Minerals Ethos Gold* O 9 Ethos Gold V 38 49 Euro Sun Mg* O T 1441 Euro Sun Mg O 9 EurOmax Res* EurOmax Res T 57 Everton Res V 3340 Everton Res* O 3092 Evolving Gold 41 O 7 Evolving Gold* Excellon Res T 513 Excellon Res* O 388 O 157 Excelsior Mng* Excelsior Mng T 1113 ExGen Res Inc V 1324 15 ExGen Res Inc* O Explor Res V 787 58 O Falco Res * Fancamp Expl V 582 434 Filo Mg Corp V Fiore Explor* O 102 0 Fire River Gol* O Firestone Vent V 1120 Fireweed Zinc V 71 O 108 Firma Holdings* First Energy V 25 First Energy* O 2 40166 First Liberty* O First Majestic* N 11465 First Majestic T 1876 First Mexican V 199 T 1286 First Mg Fin First Mg Fin * O 1373 First Point* O 350 First Quantum T 14548 774 V Fission 3.0 Fission Uran T 932 Fission Uran* O 486 878 Five Star Diam V 184 Five Star Diam* O Fjordland Exp V 297 O 130 Fjordland Exp* O 290 Focus Graphite* Focus Vent V 735 Foran Mng V 29 Forsys Metals T 28 O 22 Fortescue Mtls* 805 T Fortuna Silvr Fortuna Silvr* N 2744 Fortune Bay* O 1 Fortune Mnrls T 2463 O 1026 Fortune Mnrls* V 232 Forum Uranium 25 Fox River Res V 133 Nickel FPX N 1892 Franco-Nevada* Franco-Nevada T 1289 116036 N Freeport McMoR* Fremont Gold V 102 Fresnillo plc* O 16 Frontier Lith V 282 Fura Gems V 86

1.29 1.67 - 0.09 2.71 1.75 1.63 1.74 2.09 - 0.12 3.53 2.17 2.06 0.17 0.17 - 0.02 0.28 0.19 0.17 0.03 0.24 - 0.01 0.50 0.25 0.24 0.03 0.32 + 0.02 0.68 0.32 0.28 0.02 0.04 + 0.01 0.12 0.04 0.04 0.21 0.45 - 0.00 0.72 0.49 0.41 0.29 0.57 - 0.01 0.94 0.60 0.56 0.03 0.04 - 0.01 0.10 0.06 0.04 0.03 0.06 - 0.01 0.14 0.07 0.06 0.29 1.40 0.01 0.84 0.76 0.83 + 0.67 0.62 0.65 - 0.01 1.00 0.25 0.02 0.03 + 0.01 0.06 0.03 0.02 0.12 0.12 0.12 - 0.00 0.16 0.10 0.16 0.15 0.15 - 0.01 0.23 0.15 0.16 0.15 0.15 - 0.01 0.23 0.15 0.15 0.33 + 0.01 0.45 0.33 0.31 0.14 0.19 + 0.03 0.33 0.19 0.16 0.05 0.12 - 0.01 0.27 0.14 0.12 0.14 0.15 - 0.01 0.34 0.17 0.14 1.55 1.32 1.39 + 0.08 1.55 0.47 2.02 1.63 1.75 + 0.10 2.02 0.62 0.23 0.26 - 0.02 0.59 0.28 0.26 0.30 0.35 + 0.02 0.81 0.35 0.00 0.04 0.05 + 0.01 0.14 0.06 0.04 0.03 0.03 - 0.00 0.10 0.04 0.03 0.13 0.20 + 0.02 0.45 0.20 0.18 0.10 0.15 + 0.01 0.33 0.15 0.14 1.22 1.57 + 0.10 2.25 1.59 1.43 0.92 1.25 + 0.08 1.76 1.27 1.13 0.26 1.06 + 0.04 1.11 1.11 1.01 0.35 1.30 + 0.01 1.41 1.41 1.27 0.04 0.03 0.03 + 0.01 0.04 0.01 0.03 0.03 0.03 + 0.01 0.03 0.00 0.06 0.09 + 0.01 0.11 0.09 0.08 0.86 0.00 0.86 + 0.01 1.17 0.57 0.03 0.06 + 0.01 0.08 0.06 0.06 2.50 2.10 2.40 + 0.30 3.00 0.64 0.22 0.28 - 0.02 0.54 0.31 0.24 0.04 0.00 0.00 - 0.47 0.47 0.00 0.03 0.11 + 0.04 0.15 0.15 0.07 0.77 0.81 - 0.02 1.00 0.85 0.81 0.03 0.05 - 0.01 0.12 0.06 0.05 0.04 0.05 + 0.01 0.13 0.05 0.00 0.03 0.04 + 0.01 0.09 0.04 0.04 0.00 0.00 + 0.00 0.00 0.00 0.00 6.59 6.21 6.48 + 0.05 14.18 5.92 7.51 8.22 7.80 8.08 - 0.02 18.21 0.02 0.02 - 0.01 0.05 0.02 0.02 0.71 0.65 0.66 - 0.03 1.10 0.57 0.57 0.52 0.53 - 0.02 0.84 0.42 0.05 0.08 + 0.00 0.09 0.08 0.08 14.42 + 1.53 17.55 9.63 14.76 13.12 0.07 0.06 0.06 - 0.01 0.13 0.05 0.49 0.64 - 0.01 0.92 0.68 0.63 0.36 0.51 - 0.02 0.70 0.54 0.50 0.22 0.18 0.20 - 0.03 0.55 0.18 0.18 0.16 0.16 - 0.02 0.22 0.17 0.10 0.14 + 0.01 0.75 0.14 0.14 0.07 0.10 + 0.01 0.11 0.10 0.09 0.04 0.06 + 0.01 0.12 0.06 0.04 0.03 0.03 - 0.01 0.10 0.03 0.03 0.17 0.28 + 0.02 0.47 0.30 0.26 0.06 0.14 - 0.01 0.28 0.15 0.13 3.35 4.76 + 0.58 5.50 4.77 4.53 5.70 5.51 5.68 + 0.12 11.71 5.44 4.11 4.55 + 0.13 9.09 4.56 4.38 0.30 0.44 + 0.00 0.64 0.44 0.00 0.10 0.22 - 0.01 0.34 0.24 0.22 0.07 0.18 - 0.00 0.26 0.19 0.17 0.05 0.06 + 0.01 0.17 0.06 0.00 0.08 0.00 0.08 + 0.01 0.15 0.04 0.07 0.10 + 0.02 0.15 0.11 0.09 53.31 79.58 + 1.55 79.92 79.92 77.87 99.94 97.87 99.20 + 1.06 102.59 71.44 15.29 + 1.14 17.06 9.24 15.75 14.48 0.07 0.14 - 0.01 0.20 0.15 0.13 13.18 20.35 + 0.25 24.37 20.35 19.80 0.24 0.35 + 0.03 0.46 0.35 0.32 0.10 0.38 - 0.03 0.50 0.41 0.38

D-F

Gabriel Res T 325 Galane Gold V 391 O 50 Galantas Gold* Galantas Gold V 65 Galore Res V 56 Galway Mtls* O 12 Galway Mtls V 159 GAR Limited 41 259 Garibaldi Res * O Garibaldi Res V 3119 General Moly* X 765 General Moly T 18 Genesis Mtls V 700 Genesis Mtls* O 61 Genius Props 692 V 236 Gensource Pot O 2 Geodex Mnrls* Geodex Mnrls V 17 Geologix Expl V 392 226 Gespeg Cop Res V Getty Copper V 183 O 131 GFG Resources* GGX Gold* O 65 GGX Gold V 1027 Giyani Gold V 316 Giyani Gold* O 147 Glacier Lake V 288 O 151 Gldn Predator* Gldn Predator V 418 Glencore Plc* O 993 Global Energy V 297 Global Gold* O 17 Global Li-Ion 155 Globex Mng* O 46 Globex Mng T 176 O 130 GMV Minerals* GMV Minerals V 115 GoGold Res T 1556 O 339 Gold Dynamics* 23938 Gold Fields* N 716 Gold Mng USA* O 110 Gold Reach Res V Gold Reserve* O 20 Gold Reserve V 27 X 1996 Gold Resource* 400 Gold Std Vents V Gold Std Vents* X 1694 V 85 Goldbank Mng Goldbelt Emp V 279 Goldcliff Res V 31 Goldcliff Res* O 18 Goldcorp* N 23468 T 5913 Goldcorp Golden Arrow V 402 Golden Arrow* O 236 V 21 Golden Cariboo 816 Golden Dawn Ml V 303 Golden Dawn Ml* O Golden Eagle* O 30 O 288 Golden Global* Golden Hope V 455 Golden Hope* O 116 Golden Mnls T 31 Golden Mnls* X 412 24 Golden Peak Mn V O 325 Golden Queen* Golden Reign V 482 Golden Secret V 103 Golden Share V 74 Golden Star T 789 Golden Star* X 3934 Golden Tag V 80 Golden Valley* O 43 Golden Valley V 115 Goldex Res V 10 T 536 Goldgroup Mng O 179 Goldgroup Mng* GoldMining V 432 V 2581 GoldQuest Mng Goldrea Res 172 Goldrich Mng* O 51 O 220 Goldsource Min*

0.26 0.29 + 0.01 0.67 0.30 0.28 0.06 0.08 + 0.01 0.14 0.08 0.07 0.05 0.06 - 0.02 0.14 0.08 0.06 0.08 0.09 - 0.01 0.18 0.09 0.08 0.01 0.02 - 0.01 0.07 0.02 0.02 0.18 0.28 - 0.01 0.42 0.28 0.00 0.23 0.35 - 0.01 0.56 0.37 0.32 0.01 0.07 + 0.01 0.13 0.07 0.06 0.62 0.51 0.61 + 0.07 0.60 0.05 0.07 0.78 + 0.09 0.80 0.80 0.65 0.21 0.46 + 0.07 0.72 0.48 0.40 0.30 0.56 + 0.06 0.95 0.56 0.50 0.09 0.15 - 0.02 0.28 0.17 0.15 0.01 0.13 - 0.01 0.22 0.14 0.13 0.11 0.17 + 0.01 0.38 0.17 0.14 0.06 0.16 + 0.01 0.25 0.16 0.14 0.04 0.16 + 0.03 0.16 0.16 0.13 0.05 0.05 0.19 0.12 - 0.19 0.12 0.05 0.05 + 0.01 0.14 0.05 0.05 0.07 0.06 0.07 + 0.01 0.08 0.02 0.01 0.02 - 0.01 0.04 0.03 0.02 0.39 0.60 + 0.13 1.00 0.62 0.50 0.10 0.14 - 0.01 0.25 0.15 0.14 0.07 0.17 - 0.02 0.39 0.19 0.16 0.15 0.46 - 0.01 0.70 0.49 0.44 0.13 0.39 + 0.00 0.50 0.40 0.35 0.05 0.08 - 0.03 0.19 0.09 0.07 0.38 0.82 - 0.08 1.59 0.93 0.82 0.50 1.05 - 0.11 2.05 1.17 1.02 4.46 9.07 + 0.26 9.10 9.10 8.76 0.10 0.16 + 0.01 0.67 0.16 0.14 0.01 0.02 - 0.00 0.06 0.02 0.02 0.30 0.40 - 0.05 0.45 0.45 0.39 0.21 0.45 + 0.05 0.48 0.46 0.40 0.28 0.54 + 0.03 0.63 0.58 0.52 0.22 0.35 + 0.06 0.52 0.35 0.31 0.28 0.44 + 0.07 0.67 0.44 0.37 0.41 0.55 + 0.08 1.18 0.55 0.48 0.00 0.00 + 0.00 0.01 0.00 0.00 2.60 4.15 - 0.17 6.08 4.50 4.10 0.01 0.00 0.01 + 0.00 0.01 0.00 0.15 0.12 0.15 + 0.03 0.22 0.09 1.94 3.71 - 0.09 5.25 4.07 3.70 2.61 4.65 - 0.15 6.78 4.80 4.64 3.08 3.85 + 0.23 8.22 3.95 3.56 2.30 2.06 2.18 + 0.07 3.85 2.03 1.81 1.63 1.73 + 0.08 2.95 1.49 0.06 0.18 + 0.07 0.18 0.18 0.15 0.02 0.02 + 0.01 0.06 0.02 0.00 0.12 0.14 + 0.01 0.47 0.14 0.14 0.09 0.12 + 0.01 0.36 0.12 0.11 11.91 13.07 + 0.20 17.87 13.21 12.87 15.76 16.30 + 0.10 23.35 16.50 16.18 0.53 0.60 + 0.03 1.29 0.62 0.56 0.40 0.46 - 0.01 1.01 0.49 0.44 0.05 0.18 - 0.01 0.19 0.19 0.15 0.29 0.26 0.28 + 0.01 0.42 0.19 0.22 0.18 0.22 + 0.02 0.32 0.14 0.02 0.06 + 0.00 0.11 0.08 0.00 0.00 0.01 - 0.02 0.36 0.01 0.00 0.11 0.12 + 0.01 0.39 0.14 0.11 0.08 0.09 + 0.01 0.25 0.11 0.08 0.61 0.63 - 0.07 1.16 0.67 0.63 0.45 0.51 - 0.02 0.90 0.53 0.49 0.23 0.22 0.22 - 0.01 0.74 0.14 0.42 0.46 + 0.00 1.02 0.51 0.44 0.20 0.26 + 0.01 0.36 0.27 0.23 0.19 0.21 - 0.02 0.52 0.22 0.20 0.10 0.11 + 0.01 0.36 0.12 0.10 0.76 0.84 - 0.06 1.33 0.91 0.83 0.59 0.67 - 0.04 1.01 0.72 0.67 0.04 0.04 - 0.01 0.11 0.04 0.00 0.20 0.23 - 0.00 0.38 0.24 0.23 0.24 0.31 + 0.01 0.50 0.31 0.29 0.46 0.70 - 0.02 1.04 0.72 0.00 0.07 0.09 + 0.01 0.33 0.10 0.08 0.06 0.07 + 0.01 0.26 0.08 0.06 1.47 1.64 - 0.03 3.35 1.69 1.60 0.20 0.40 - 0.01 0.59 0.43 0.38 0.03 0.05 - 0.01 0.14 0.05 0.00 0.02 0.03 - 0.00 0.04 0.04 0.03 0.06 0.08 + 0.01 0.35 0.09 0.07

Dajin Res* O 1013 Dajin Res V 266 Dakota Ter Res* O 42 Daleco Res* O 43 Dalradian Res* O 229 Dalradian Res T 485 Damara Gold V 1519 Damara Gold* O 43 Danakali* O 63 Darnley Bay V 780 Darnley Bay* O 58 Debut Dmds 147 Decade Res V 2362 Decade Res* O 1572 Declan Res 3 V 405 Deep-South Res Defiance Silvr V 150 Defiance Silvr* O 51 T 673 Denison Mines Denison Mines* X 910 Detour Gold T 2215 O 43 Diamante Min* Diamcor Mng V 128 Diamcor Mng* O 36 Diamond Fields V 46 Discovery Harb V 29 Discovery Met* O 13 Discovery Met V 35 DNI Metals 1039 DNI Metals* O 326 Dolat Ventures* O 19688 Dolly Vard Sil* O 77 Dolly Vard Sil V 372 Dominion Diam T 930 Dominion Diam* N 1686 Dorex Mnrls V 24 Doubleview Cap V 630 DRDGOLD* N 421 Dundee Prec Mt T 333 Duran Vent V 84 134 Dynacor Gld Mn T Dynamic Gold* O 4 DynaResource* O 55 O 15 Dynasty Met&Mn* Dynasty Met&Mn V 132 E3 Metals V 168 Eagle Plains V 349 East Africa V 190 East Africa * O 50 East Asia Mnls V 863 East Asia Mnls* O 193 Eastern Platin* O 4 Eastern Platin T 37 Eastfield Res V 25 Eastmain Res* O 182 Eco Oro Mnls T 43 eCobalt Solns T 850 eCobalt Solns* O 934 Edgewater Expl V 144 El Capitan Prc* O 3998 El Nino Vent V 186 Elcora Res* O 77 Eldorado Gold* N 15761 Eldorado Gold T 4439 Electra Stone V 500 Eloro Mnrls V 57 Eloro Mnrls* O 50 Ely Gold & Mnl* O 125 Ely Gold & Mnl V 361 Elysee Dev V 29 Elysee Dev * O 1 Emerita Res V 706 EMX Royalty* X 179 EMX Royalty V 68 Encanto Potash* O 13 Encanto Potash V 1145 Endeavour Mng T 510 Endeavour Mng* O 7 Endeavr Silver* N 5969 Endeavr Silver T 1073 Endurance Gold V 84

0.07 0.06 0.07 - 0.00 0.14 0.06 0.09 0.08 0.08 - 0.01 0.19 0.08 0.07 0.00 0.05 - 0.00 0.10 0.02 0.01 0.00 0.01 + 0.00 0.03 0.00 1.31 1.23 1.30 + 0.06 1.35 0.78 1.65 1.55 1.62 + 0.05 1.78 1.06 0.17 0.10 0.17 + 0.08 0.17 0.04 0.14 0.12 0.14 + 0.02 0.12 0.02 0.61 0.53 0.61 + 0.08 0.65 0.27 0.28 0.25 0.28 + 0.02 0.57 0.13 0.21 0.20 0.21 - 0.00 0.44 0.10 0.02 0.00 0.01 - 0.01 0.03 0.01 0.18 0.14 0.16 - 0.01 0.18 0.04 0.15 0.11 0.13 - 0.01 0.15 0.03 0.15 0.00 0.15 + 0.01 0.30 0.06 0.19 0.16 0.19 + 0.01 0.39 0.08 0.33 0.31 0.32 - 0.02 0.53 0.21 0.25 0.24 0.25 - 0.00 0.41 0.16 0.58 0.56 0.58 + 0.01 1.10 0.49 0.47 0.44 0.46 + 0.01 0.84 0.37 16.59 15.98 16.26 - 0.19 33.04 13.24 0.13 0.10 0.10 - 0.03 0.38 0.02 0.79 0.71 0.76 + 0.02 1.50 0.67 0.62 0.56 0.62 + 0.05 1.11 0.55 0.14 0.12 0.13 - 0.01 0.24 0.07 0.07 0.06 0.06 - 0.01 0.12 0.05 0.67 0.60 0.67 + 0.02 0.66 0.60 0.85 0.75 0.85 + 0.10 0.85 0.40 0.16 0.13 0.13 - 0.03 0.16 0.02 0.13 0.04 0.11 - 0.01 0.13 0.00 0.05 0.04 0.04 - 0.01 0.13 0.00 0.57 0.53 0.54 + 0.04 0.66 0.35 0.71 0.66 0.67 + 0.06 0.87 0.45 17.74 17.59 17.61 - 0.09 18.27 10.47 14.12 14.07 14.11 + 0.03 14.16 7.92 0.23 0.18 0.18 - 0.02 0.30 0.10 0.05 0.04 0.04 - 0.01 0.19 0.04 3.31 3.17 3.25 + 0.02 6.67 2.84 2.69 2.50 2.64 + 0.14 3.94 1.87 0.06 0.00 0.05 + 0.01 0.14 0.05 2.03 1.92 1.94 - 0.07 3.71 1.82 1.90 1.21 1.21 - 0.09 2.00 0.25 1.50 1.05 1.50 + 0.15 1.99 0.00 0.23 0.19 0.23 + 0.03 0.31 0.13 0.30 0.26 0.29 - 0.02 0.45 0.17 0.47 0.00 0.42 - 0.03 0.78 0.18 0.17 0.15 0.16 - 0.01 0.24 0.11 0.27 0.24 0.24 - 0.04 0.36 0.17 0.20 0.20 0.20 - 0.02 0.26 0.13 0.14 0.11 0.14 + 0.01 0.74 0.05 0.12 0.10 0.10 - 0.01 0.49 0.10 0.25 0.23 0.25 + 0.01 0.64 0.19 0.31 0.00 0.31 + 0.01 0.85 0.23 0.05 0.04 0.04 - 0.01 0.08 0.03 0.25 0.24 0.25 - 0.01 0.73 0.21 0.46 0.00 0.45 + 0.09 0.87 0.13 1.37 1.30 1.35 + 0.08 1.48 0.46 1.10 1.04 1.09 + 0.07 1.14 0.34 0.20 0.19 0.19 - 0.01 0.28 0.13 0.06 0.05 0.05 - 0.00 2.35 0.04 0.03 0.02 0.02 - 0.01 0.05 0.02 0.18 0.17 0.17 - 0.00 0.32 0.14 1.96 1.88 1.96 + 0.06 4.34 1.77 2.44 2.36 2.44 + 0.05 5.63 2.24 0.01 0.01 0.01 - 0.01 0.05 0.01 0.85 0.79 0.84 - 0.01 0.86 0.36 0.68 0.60 0.68 - 0.00 0.68 0.30 0.11 0.08 0.10 + 0.01 0.20 0.08 0.13 0.12 0.12 + 0.01 0.27 0.11 0.34 0.00 0.34 - 0.01 0.49 0.30 0.28 0.26 0.26 - 0.02 0.37 0.23 0.13 0.11 0.13 + 0.03 0.22 0.04 1.02 0.95 1.02 + 0.02 1.25 0.75 1.32 1.17 1.19 - 0.06 1.64 1.05 0.04 0.04 0.04 - 0.00 0.13 0.03 0.06 0.05 0.05 - 0.01 0.17 0.05 22.83 21.65 22.64 + 0.26 28.81 17.37 18.22 17.42 18.22 + 0.35 21.89 13.00 2.30 2.12 2.29 + 0.07 5.84 2.08 2.87 2.65 2.86 + 0.07 7.59 2.64 0.07 0.06 0.06 + 0.01 0.10 0.04

G-H

2017-08-29 6:07 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / SEPTEMBER 4–17, 2017

21

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

Week

12-month

Exc Volume High Low Last Change High Low

Goldsource Min V 576 Goldstrike Res V 1076 Gossan Res V 324 GoviEx Uranium* O 148 Gowest Gold V 1426 Gowest Gold* O 74 GPM Metals* O 66 O 13 Gran Colombia* Granada Gold V 1818 Granite Ck Gld V 3 O 274 Graphite Corp* Graphite One* O 155 17 Gray Rock Res V Great Atlantic V 68 Great Bear Res* O 130 Great Bear Res V 140 Great Lakes Gr V 529 Great Lakes Gr* O 72 Great Panther T 255 Great Panther* X 1482 Great Thunder V 663 Green Swan Cap V 77 Greenland M&En* O 218 Grizzly Discvr V 330 Group Ten Mtls V 41 GrowMax Res* O 624 GrowMax Res V 2172 O 95 GT Gold * GT Gold V 2053 GTA Res & Mng V 2494 Guerrero Vents V 125 Gungnir Res* O 508 Gunpoint Expl V 48 Guyana Gldflds T 916 Guyana Goldstr V 873 Handa Copper V 20 Hannan Metals V 87 Hannan Metals* O 121 Happy Ck Mnrls V 129 Hard Creek Ni V 936 Hard Creek Ni* O 14 Harfang Explor V 125 N 13393 Harmony Gold* Harte Gold* O 159 Harte Gold T 1477 Harvest Gold V 145 Hecla Mining* N 15115 Hellix Vent* O 89 Hemcare Health* O 63 Heron Res* O 250 Highway 50 Gld V 28 Hinterland Mtl V 98 Hochschild Mg* O 19 Homeland Egy V 46 Honey Badger E V 151 Hornby Bay Mnl V 126 HudBay Mnls* N 3653 HudBay Mnls T 13044 Hudson Res V 53 Hudson Res* O 12 Hunt Mng* O 5 Hunt Mng V 187

0.12 0.10 0.12 + 0.02 0.45 0.10 0.35 0.29 0.35 + 0.07 0.43 0.12 0.06 0.05 0.06 + 0.01 0.11 0.05 0.17 0.15 0.16 - 0.01 0.34 0.04 0.23 0.19 0.19 - 0.02 0.25 0.10 0.18 0.14 0.16 - 0.02 0.18 0.08 0.11 0.09 0.09 - 0.02 0.29 0.06 1.12 1.08 1.12 + 0.00 1.25 1.02 0.06 0.05 0.06 - 0.01 0.11 0.05 0.04 0.04 0.04 + 0.01 0.08 0.01 0.01 0.00 0.01 + 0.00 0.01 0.00 0.05 0.04 0.04 + 0.00 0.09 0.04 0.45 0.41 0.43 - 0.03 0.55 0.07 0.18 0.16 0.16 - 0.02 0.19 0.07 0.27 0.26 0.26 - 0.02 0.36 0.14 0.39 0.31 0.33 - 0.02 0.45 0.13 0.06 0.05 0.05 - 0.01 0.11 0.05 0.05 0.04 0.04 - 0.00 0.08 0.04 1.68 1.60 1.66 - 0.01 2.95 1.48 1.34 1.28 1.31 - 0.01 2.28 1.11 0.06 0.05 0.05 - 0.01 0.10 0.04 0.09 0.00 0.09 + 0.01 0.13 0.05 0.10 0.08 0.09 - 0.00 0.16 0.02 0.04 0.04 0.04 + 0.01 0.06 0.03 0.11 0.10 0.11 - 0.01 0.28 0.08 0.08 0.07 0.08 + 0.01 0.15 0.07 0.11 0.09 0.11 + 0.02 0.21 0.09 1.37 1.05 1.13 - 0.25 1.41 0.25 1.76 1.29 1.56 - 0.10 1.85 0.10 0.05 0.04 0.04 - 0.01 0.18 0.04 0.02 0.02 0.02 + 0.01 0.04 0.01 0.08 0.06 0.06 + 0.00 0.08 0.02 0.21 0.20 0.20 - 0.01 0.31 0.20 4.45 4.26 4.33 + 0.06 9.40 4.10 0.19 0.15 0.19 + 0.03 0.35 0.05 0.08 0.00 0.08 + 0.01 0.18 0.05 0.35 0.32 0.35 + 0.03 0.51 0.08 0.29 0.25 0.28 - 0.00 0.39 0.21 0.22 0.18 0.22 + 0.02 0.29 0.13 0.10 0.07 0.09 + 0.03 0.12 0.02 0.08 0.03 0.08 + 0.05 0.09 0.02 0.31 0.28 0.29 - 0.02 0.33 0.02 1.93 1.79 1.80 - 0.07 4.14 1.56 0.51 0.00 0.48 - 0.02 0.66 0.17 0.62 0.58 0.59 - 0.04 0.87 0.20 0.05 0.04 0.05 + 0.01 0.10 0.03 5.11 4.84 5.01 + 0.14 7.64 4.61 0.06 0.02 0.05 - 0.01 0.23 0.00 0.16 0.13 0.16 + 0.01 0.19 0.01 0.08 0.07 0.08 + 0.01 0.13 0.05 0.38 0.33 0.33 - 0.06 0.66 0.08 0.04 0.04 0.04 - 0.01 0.06 0.02 3.52 3.37 3.52 + 0.12 4.37 2.25 0.10 0.10 0.10 - 0.01 1.13 0.09 0.06 0.00 0.06 - 0.01 0.20 0.05 0.09 0.00 0.09 + 0.02 0.09 0.03 9.15 8.00 8.75 + 0.85 9.15 3.57 11.41 10.12 10.88 + 0.92 11.95 4.74 0.51 0.48 0.50 - 0.05 0.80 0.29 0.40 0.38 0.38 - 0.02 0.60 0.24 0.13 0.11 0.11 - 0.02 0.31 0.11 0.15 0.14 0.14 - 0.01 0.40 0.14

I-J-K I-Minerals V 27 I-Minerals* O 3 IAMGOLD* N 31309 IAMGOLD T 8072 IC Potash* O 328 IC Potash T 8106 Icon Explor V 615 Iconic Mnls V 467 Idaho North* O 153 IDM Mining* O 501 IDM Mining V 1206 IGC Res V 68 IMPACT Silver V 1230 Impala Platnm* O 332 Imperial Metal* O 35 Imperial Metal T 557 Inca One Gold V 1373 Inca One Gold* O 143 Inception Mng * O 22 Independence G V 83 Indiana Res* O 37 Indico Res V 176 Inomin Mines V 90 Inspiration Mg* O 10 Inspiration Mg 69 Integra Res 126 V 759 Inter-Rock Mnl Intl Cobalt 69 Intl Corona V 270 Intl Lithium* O 81 Intl Lithium V 462 245 Intl Millm Mng V Intl Montoro V 47 Intl Samuel Ex V 2243 Intl Star* O 117865 Intl Tower Hil* X 601 Intl Tower Hil T 85 Intrepid Pots* N 5256 INV Metals T 21 Inventus Mg * O 96 Inventus Mg V 265 InZinc Mining* O 167 Ireland* O 92 Ironside Res V 38 Irving Res 79 Irving Res* O 28 Itafos* O 6 Itafos V 54 Ivanhoe Mines* O 429 Ivanhoe Mines T 5978 Jaguar Mng* O 149 Japan Gold V 452 Japan Gold* O 2 Jasper Mng V 45 Jaxon Mnls V 878 Jourdan Res V 249 K2 Gold V 320 K92 Mng Inc* O 724 K92 Mng Inc V 3052 Kairos Cap V 118 Kaizen Discvry* O 28 Karmin Expl V 97 Karnalyte Res T 47 Katanga Mng T 2261 Kenadyr Mining V 1307 Kenadyr Mining* O 169 Kennady Diam V 605 Kermode Res V 94 Kerr Mines* O 1027 Kerr Mines T 1800 Kesselrun Res V 313 Kesselrun Res* O 5 Kestrel Gold V 709 Khalkos Expl V 133 Khan Res 53 Kilo Goldmines* O 41 Kincora Copper V 210 Kings Bay Res V 2469 Kingsmen Res* O 4 Kinross Gold T 7888 Kintavar Exp V 17 Kirkland Lake* N 1059 Kirkland Lake T 3733 Kitrinor Mtls V 125 Kivalliq Enrgy V 686 Klondex Mines T 1990 Klondike Gold V 14410 Klondike Gold* O 2650 Klondike Silv V 327 Kombat Copper V 302 Komet Resource V 127 Kootenay Silvr V 529 Kootenay Silvr* O 25 Kootenay Zinc 316 Kootenay Zinc* O 99

0.43 0.00 0.43 + 0.01 0.60 0.27 0.35 0.00 0.32 - 0.02 0.44 0.20 6.29 5.73 6.12 + 0.42 6.29 3.14 7.87 7.20 7.64 + 0.48 7.75 4.18 0.02 0.01 0.01 - 0.00 0.11 0.01 0.03 0.02 0.02 - 0.01 0.15 0.02 0.08 0.05 0.08 + 0.01 0.08 0.01 0.05 0.00 0.05 - 0.01 0.37 0.05 0.02 0.02 0.02 - 0.00 0.12 0.01 0.12 0.10 0.11 + 0.01 0.17 0.08 0.14 0.13 0.14 + 0.01 0.22 0.12 0.01 0.01 0.01 - 0.01 0.02 0.01 0.35 0.29 0.31 - 0.02 1.06 0.29 3.07 2.87 3.04 + 0.13 5.15 2.53 2.85 2.41 2.80 + 0.30 5.86 2.16 3.67 3.10 3.63 + 0.33 7.89 2.94 0.13 0.10 0.11 + 0.01 0.50 0.08 0.10 0.08 0.09 + 0.02 0.35 0.06 0.38 0.00 0.37 + 0.01 0.80 0.25 0.19 0.17 0.18 + 0.01 0.38 0.13 0.07 0.05 0.05 - 0.00 0.08 0.04 0.02 0.01 0.01 - 0.01 0.04 0.01 0.05 0.04 0.04 - 0.01 0.10 0.04 0.02 0.01 0.01 - 0.00 0.06 0.01 0.04 0.00 0.04 + 0.01 0.10 0.01 0.90 0.00 0.90 + 0.03 0.90 0.06 0.40 0.24 0.33 + 0.10 0.40 0.03 0.11 0.00 0.08 - 0.02 0.30 0.00 0.04 0.03 0.04 + 0.01 0.17 0.03 0.07 0.06 0.07 + 0.00 0.18 0.06 0.09 0.08 0.09 + 0.01 0.23 0.07 0.03 0.03 0.03 - 0.01 0.08 0.03 0.07 0.06 0.06 - 0.01 0.15 0.05 0.11 0.06 0.10 + 0.04 0.11 0.05 0.00 0.00 0.00 + 0.00 0.00 0.00 0.57 0.51 0.54 - 0.00 1.11 0.43 0.71 0.65 0.67 - 0.04 1.40 0.57 3.66 3.13 3.54 + 0.25 3.93 0.93 0.97 0.93 0.94 - 0.01 1.13 0.62 0.16 0.12 0.13 + 0.01 0.22 0.11 0.21 0.16 0.17 + 0.01 0.30 0.13 0.11 0.10 0.11 + 0.01 0.27 0.07 0.16 0.13 0.15 - 0.01 0.32 0.04 0.10 0.00 0.10 + 0.01 0.14 0.06 1.24 0.94 1.04 - 0.15 1.54 0.28 0.96 0.75 0.83 - 0.11 1.24 0.09 1.35 0.99 1.35 + 0.12 2.23 0.68 1.79 1.25 1.74 + 0.34 3.45 0.90 3.66 3.38 3.55 + 0.18 4.10 0.00 4.58 4.26 4.44 + 0.17 5.47 1.58 0.20 0.19 0.20 + 0.00 0.63 0.18 0.35 0.31 0.32 - 0.02 0.88 0.24 0.28 0.27 0.27 + 0.03 0.67 0.17 0.07 0.07 0.07 + 0.01 0.10 0.03 0.42 0.38 0.39 - 0.02 0.51 0.05 0.12 0.10 0.12 + 0.01 0.20 0.06 0.42 0.39 0.39 + 0.01 0.58 0.25 0.49 0.39 0.43 - 0.05 1.30 0.40 0.62 0.49 0.54 - 0.08 1.69 0.49 0.50 0.45 0.49 - 0.02 0.95 0.03 0.12 0.12 0.12 - 0.00 0.21 0.08 0.86 0.65 0.86 + 0.13 0.86 0.21 0.63 0.56 0.63 + 0.09 1.28 0.53 0.76 0.68 0.76 + 0.10 0.89 0.12 0.34 0.28 0.33 + 0.05 1.00 0.20 0.27 0.21 0.27 + 0.05 1.45 0.21 3.30 3.20 3.27 - 0.03 4.45 3.01 0.02 0.02 0.02 + 0.01 0.03 0.01 0.24 0.15 0.22 + 0.04 0.23 0.07 0.30 0.19 0.27 + 0.06 0.30 0.09 0.10 0.08 0.09 + 0.01 0.30 0.08 0.07 0.07 0.07 + 0.00 0.17 0.06 0.10 0.07 0.08 - 0.02 0.17 0.02 0.10 0.09 0.09 + 0.01 0.20 0.08 0.06 0.06 0.06 - 0.01 0.88 0.02 0.04 0.03 0.03 - 0.00 0.15 0.03 0.35 0.31 0.32 + 0.01 0.65 0.23 0.13 0.10 0.10 - 0.01 0.21 0.08 0.09 0.09 0.09 - 0.00 0.13 0.06 5.44 5.24 5.29 - 0.05 6.29 3.87 0.17 0.16 0.17 - 0.01 0.35 0.13 12.22 11.60 12.20 + 0.50 12.22 4.84 15.22 14.57 15.17 + 0.53 15.00 6.33 7.00 5.20 5.65 - 1.35 7.98 1.00 0.11 0.10 0.11 - 0.01 0.19 0.07 4.12 3.95 4.00 - 0.04 7.95 3.57 0.58 0.00 0.52 + 0.17 0.58 0.14 0.47 0.30 0.43 + 0.15 0.41 0.10 0.05 0.04 0.05 + 0.01 0.13 0.04 0.31 0.28 0.30 + 0.02 0.75 0.21 0.36 0.32 0.35 + 0.03 0.58 0.31 0.28 0.26 0.26 - 0.01 0.54 0.22 0.22 0.20 0.20 - 0.04 0.42 0.16 0.08 0.06 0.06 - 0.01 0.70 0.06 0.07 0.03 0.07 + 0.01 0.59 0.03

L Labdr Iron Mns* O 6 0.01 0.01 0.01 + 0.01 0.07 0.00 Labrador Iron T 870 19.29 18.37 18.92 + 0.36 20.67 12.63 Lara Expl V 137 0.65 0.58 0.58 - 0.04 1.46 0.54

20-22_SEP4_StockTables.indd 21

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Laramide Res T 971 Largo Res* O 375 Largo Res T 1690 Latin Am Mnls* O 6 Latin Am Mnls V 305 O 354 Leading Edge* Leading Edge V 284 Leagold Mg* O 97 Legend Gold V 6 Levon Res Ltd * O 219 Levon Res Ltd T 380 Li3 Energy* O 546 Liberty Gold* O 181 Liberty One Li V 3787 Liberty One Li* O 3568 Liberty Silver 43 LiCo Energy* O 315 Lincoln Mng V 299 Lion One Mtls V 153 Lion One Mtls* O 324 Lions Gate Mtl 39 Lithium Amer* O 1154 Lithium Corp* O 409 Lithium Energi V 343 Lithium Energy V 1640 Lithium Expl* O 279586 Lithium X Egy* O 660 Lithium X Egy V 490 LKA Gold* O 5 Lode-Star Mg* O 23 Logan Res* O 6 Logan Res V 190 Lomiko Mtls V 26 Lomiko Mtls* O 11 Lone Star Gold* O 309 Los Andes Copp V 316 Lucara Diam T 1454 Lucky Mnls * O 390 Lucky Mnls V 839 Lumina Gold* O 20 Lumina Gold V 166 Lund Enterpr V 260 Lundin Gold T 104 Lundin Mng T 11326 Lupaka Gold V 225 Lydian Intl* O 164 Lydian Intl T 1707 Lynas Corp* O 248

0.33 0.28 0.29 - 0.03 0.74 0.18 0.70 0.44 0.68 + 0.26 0.70 0.26 0.94 0.52 0.92 + 0.36 0.87 0.34 0.10 0.09 0.10 + 0.01 0.29 0.07 0.14 0.11 0.13 - 0.01 0.40 0.10 0.68 0.57 0.58 - 0.09 0.71 0.22 0.84 0.71 0.71 - 0.13 0.93 0.25 2.44 2.30 2.41 + 0.06 2.43 1.76 0.20 0.00 0.19 - 0.02 0.55 0.10 0.31 0.29 0.31 - 0.00 0.50 0.18 0.39 0.35 0.38 + 0.01 0.65 0.25 0.02 0.02 0.02 - 0.00 0.06 0.01 0.36 0.34 0.34 - 0.01 0.63 0.27 0.80 0.55 0.58 - 0.20 0.83 0.07 0.65 0.44 0.47 - 0.16 0.66 0.37 1.80 1.25 1.65 - 0.10 3.00 0.90 0.09 0.07 0.09 + 0.01 0.20 0.06 0.05 0.04 0.04 - 0.01 0.11 0.04 0.79 0.61 0.65 + 0.01 1.17 0.55 0.63 0.50 0.54 + 0.03 0.91 0.42 0.10 0.00 0.10 - 0.01 0.35 0.10 0.90 0.81 0.88 + 0.03 0.96 0.38 0.09 0.07 0.08 + 0.01 0.11 0.05 0.19 0.16 0.18 + 0.02 0.55 0.07 0.05 0.04 0.04 - 0.01 0.11 0.03 0.00 0.00 0.00 - 0.00 0.01 0.00 1.70 1.57 1.70 + 0.11 1.92 1.03 2.12 1.97 2.10 + 0.13 2.50 1.40 0.57 0.40 0.55 + 0.14 0.68 0.24 0.04 0.03 0.04 + 0.01 0.10 0.02 0.03 0.03 0.03 - 0.00 0.13 0.03 0.05 0.05 0.05 - 0.01 0.24 0.04 0.20 0.19 0.20 + 0.01 0.35 0.18 0.16 0.14 0.15 - 0.01 0.32 0.11 0.00 0.00 0.00 + 0.00 0.01 0.00 0.47 0.40 0.46 + 0.07 0.47 0.15 2.75 2.58 2.70 + 0.15 4.35 2.54 0.15 0.11 0.13 - 0.02 0.16 0.03 0.18 0.15 0.17 - 0.01 0.20 0.05 0.52 0.50 0.52 - 0.01 0.89 0.49 0.68 0.60 0.65 - 0.01 1.20 0.60 0.10 0.10 0.10 - 0.02 0.19 0.09 5.35 5.11 5.15 - 0.13 6.50 4.59 9.59 9.12 9.29 + 0.26 9.58 4.91 0.17 0.16 0.16 + 0.02 0.29 0.13 0.30 0.29 0.30 - 0.00 0.41 0.22 0.38 0.36 0.38 + 0.01 0.52 0.28 0.14 0.12 0.12 + 0.00 0.14 0.04

M Macarthur Mnl V 378 0.06 0.06 0.06 - 0.01 0.16 0.05 Maccabi Vent 40 0.06 0.04 0.04 - 0.02 0.10 0.03 MacDonald Mns V 801 0.16 0.12 0.15 + 0.03 0.28 0.05 MacMillan Mnls V 71 1.60 1.45 1.58 + 0.08 1.84 0.90 MAG Silver T 993 16.32 15.06 15.21 - 0.85 23.32 12.75 Magna Terra V 5 0.06 0.06 0.06 + 0.01 0.09 0.03 Magnus Intl* O 782 0.01 0.00 0.01 + 0.00 0.01 0.00 Majestic Gold V 166 0.07 0.07 0.07 + 0.01 0.12 0.05 Makena Res V 59 0.14 0.14 0.14 - 0.02 0.21 0.11 Malbex Res V 137 0.35 0.31 0.31 - 0.04 0.43 0.29 Mammoth Res V 169 0.06 0.05 0.06 + 0.01 0.14 0.05 Mandalay Res T 1102 0.37 0.34 0.35 - 0.01 1.14 0.33 Mandalay Res* O 156 0.29 0.26 0.29 + 0.01 0.89 0.24 Manganese X* O 75 0.08 0.08 0.08 + 0.00 0.19 0.07 Mangazeya Mng V 62 0.03 0.00 0.03 - 0.01 0.06 0.02 Manitou Gold V 149 0.09 0.08 0.09 + 0.01 0.20 0.04 Marathon Gold* O 288 0.85 0.78 0.85 + 0.04 1.14 0.33 Marathon Gold T 1816 1.07 0.97 1.07 + 0.04 1.36 0.43 Margaux Res V 287 0.25 0.21 0.21 - 0.05 0.50 0.20 Maritime Res V 76 0.12 0.11 0.12 + 0.01 0.28 0.10 Marlin Gold* O 122 0.72 0.63 0.69 - 0.00 0.87 0.33 Marlin Gold V 219 0.90 0.78 0.84 - 0.04 1.15 0.44 MartinMarietta* N 3337 203.98 194.00 195.54 - 5.00 244.32 167.06 Mason Graphite* O 57 1.47 1.41 1.45 + 0.01 1.53 0.72 Mason Graphite V 222 1.85 1.78 1.82 + 0.02 1.91 1.00 Mason Res T 1481 0.35 0.20 0.30 + 0.08 0.40 0.13 Mason Res* O 361 0.29 0.16 0.25 + 0.07 0.28 0.10 Matachewan Con V 17 0.29 0.26 0.28 - 0.01 0.38 0.24 Matamec Expl* O 56 0.04 0.03 0.03 - 0.01 0.06 0.03 Matica Ent* O 46 0.08 0.07 0.07 - 0.01 0.14 0.00 Maverix Mtls* O 7 1.28 1.15 1.26 + 0.10 1.32 0.66 Mawson Res* O 84 0.25 0.24 0.25 + 0.00 0.44 0.18 Mawson Res T 80 0.34 0.31 0.33 + 0.02 0.57 0.22 Maya Gold &Sil V 2553 0.31 0.27 0.31 + 0.03 0.35 0.10 McEwen Mng T 875 3.00 2.84 2.91 - 0.04 5.83 2.73 MDN Inc* O 6 0.12 0.09 0.09 - 0.03 0.92 0.09 Meadow Bay Gd T 792 0.03 0.03 0.03 - 0.01 0.08 0.03 Meadow Bay Gd* O 47 0.03 0.02 0.03 + 0.00 0.06 0.02 Mechel* N 1584 5.75 5.06 5.46 + 0.46 6.83 1.80 Medallion Res * O 98 0.13 0.11 0.12 - 0.01 Medallion Res V 98 0.15 0.14 0.14 - 0.01 0.28 0.08 Medinah Mnrls* O 3372 0.01 0.00 0.01 - 0.00 0.01 0.00 Mega Uranium T 575 0.19 0.18 0.19 + 0.01 0.32 0.11 Mega Uranium* O 76 0.15 0.14 0.15 + 0.01 0.25 0.08 Melior Res V 630 0.04 0.04 0.04 - 0.01 0.09 0.02 0.71 + 0.13 1.54 0.33 Meridian Mg V 26 0.75 0.64 Metalex Vent V 26 0.07 0.06 0.07 + 0.01 0.09 0.04 Metalla Rylty* O 218 0.43 0.42 0.42 + 0.00 0.68 0.16 0.52 - 0.01 0.88 0.23 Metalla Rylty 518 0.55 0.51 Metallic Mnrls* O 171 0.25 0.22 0.25 + 0.01 0.44 0.19 Metallic Mnrls V 203 0.30 0.28 0.30 + 0.01 0.59 0.22 Metallis Res V 958 0.44 0.36 0.42 - 0.01 0.48 0.09 Metalo Manuf 17 0.32 0.00 0.32 + 0.04 1.00 0.26 Metalore Res V 1 3.53 2.65 3.53 + 0.62 5.16 1.50 2.81 + 0.00 3.96 1.20 Metalore Res* O 1 2.81 2.81 Metals Creek* O 30 0.06 0.05 0.06 + 0.00 0.09 0.04 Metals X* O 21 0.65 0.00 0.65 - 0.03 1.23 0.41 Metanor Res* O 13 0.62 0.56 0.60 - 0.01 0.94 0.54 Metanor Res V 334 0.79 0.70 0.73 - 0.04 1.29 0.45 Mexican Gold* O 13 0.24 0.22 0.24 + 0.01 0.29 0.11 Mexus Gold* O 2919 0.05 0.05 0.05 - 0.00 0.24 0.05 Mezzotin Mnrls V 58 0.01 0.00 0.01 - 0.01 0.05 0.01 MGX Minerals* O 215 0.88 0.76 0.79 - 0.07 2.12 0.11 0.97 - 0.12 2.75 0.14 MGX Minerals 832 1.10 0.96 Midas Gold* O 327 0.59 0.56 0.58 + 0.00 0.80 0.02 Midland Expl V 39 1.10 1.04 1.09 + 0.07 1.25 0.89 0.35 + 0.02 0.54 0.08 Midnight Sun V 57 0.39 0.35 Midway Gold* O 254 0.00 0.00 0.00 + 0.00 0.01 0.00 Millennial Lit* O 38 1.12 1.03 1.09 + 0.03 1.43 0.88 1.35 + 0.02 2.45 1.20 Millennial Lit V 199 1.40 1.29 Millrock Res* O 58 0.31 0.29 0.30 + 0.00 0.50 0.23 Millrock Res V 112 0.38 0.37 0.37 - 0.01 0.64 0.32 Minaurum Gold V 291 0.35 0.31 0.32 - 0.04 0.38 0.07 0.97 - 0.05 1.75 0.86 Minco Silver T 55 1.03 0.95 Minco Silver* O 81 0.82 0.75 0.79 - 0.01 1.36 0.64 Minera Alamos * O 102 0.18 0.16 0.18 + 0.04 0.18 0.10 Minera Alamos V 617 0.24 0.21 0.22 + 0.02 0.24 0.12 Minera IRL 41 0.10 0.08 0.10 + 0.02 0.22 0.06 Mineral Mtn V 339 0.26 0.18 0.24 + 0.05 0.49 0.15 0.19 + 0.05 0.37 0.13 Mineral Mtn* O 223 0.19 0.15 Mineworx Tech* O 242 0.07 0.06 0.06 - 0.00 0.08 0.05 Minfocus Expl V 515 0.03 0.02 0.03 - 0.01 0.05 0.01 Miranda Gold V 224 0.08 0.07 0.07 - 0.01 0.17 0.07 Mirasol Res V 100 1.79 1.67 1.70 - 0.04 3.22 1.18 Mkango Res V 154 0.06 0.05 0.05 - 0.01 0.11 0.04 ML Gold Corp V 153 0.13 0.11 0.11 - 0.01 0.29 0.08 Monarca Mnrls* O 152 0.10 0.09 0.09 + 0.00 0.14 0.09 Monarques Res* O 117 0.30 0.27 0.29 + 0.01 0.42 0.18 Moneta Porcpn* O 160 0.13 0.11 0.12 - 0.00 0.25 0.10 Moneta Porcpn T 394 0.16 0.15 0.16 + 0.01 0.32 0.13 Monitor Vent* O 32 0.40 0.33 0.38 - 0.02 0.81 0.00 Monitor Vent V 28 0.49 0.00 0.46 - 0.02 1.13 0.13 Montan Mg V 354 0.02 0.00 0.02 - 0.01 0.08 0.02 Montego Res 1163 0.19 0.18 0.18 - 0.01 1.60 0.10 Montero Mg&Ex V 17 0.20 0.16 0.17 - 0.04 0.40 0.12 Morien Res* O 30 0.55 0.48 0.55 + 0.06 0.55 0.21 Morien Res V 119 0.65 0.60 0.65 + 0.04 0.74 0.28 Morumbi Res* O 10 0.57 0.52 0.57 + 0.05 1.26 0.45 Morumbi Res T 412 0.69 0.63 0.68 + 0.03 1.70 0.25 Mosaic* N 13977 20.54 19.68 20.37 + 0.51 34.36 19.59 Mountain Boy V 1724 0.09 0.08 0.08 - 0.02 0.11 0.05 Mountain Boy* O 928 0.08 0.06 0.06 - 0.02 0.08 0.03 Mountain Lake 60 0.04 0.00 0.04 + 0.01 0.05 0.02 Mountain Prov* D 95 3.60 3.25 3.55 + 0.15 5.52 2.55 Mountain Prov T 334 4.50 4.07 4.46 + 0.08 7.18 3.56 Mundoro Cap V 73 0.19 0.19 0.19 + 0.02 0.30 0.13 Murchison Min 108 0.14 0.00 0.14 - 0.01 0.30 0.13 Mustang Mnrls V 619 0.02 0.01 0.01 - 0.01 0.03 0.01 MX Gold* O 196 0.09 0.08 0.09 + 0.00 0.27 0.07 MX Gold V 1196 0.11 0.10 0.11 + 0.01 0.35 0.10

N-O NA Frac Sand* O 554 0.02 0.01 0.02 - 0.00 0.09 0.01 NACCO Ind* N 159 75.90 66.70 73.10 + 6.80 99.55 62.15

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Napier Vent* O 12 Natural Res Pt* N 174 Nautilus Mnrls T 456 Nautilus Mnrls* O 516 Navis Res Corp 67 Nemaska Lith T 1196 Nemaska Lith* O 215 Neo Lithium V 312 Nevada Clean M V 456 Nevada Copper T 1074 Nevada Egy Mtl* O 44 Nevada Egy Mtl V 719 13 Nevada Expl * O Nevada Expl V 65 Nevada Sunrise* O 64 Nevada Sunrise V 151 Nevada Zinc V 420 Nevado Res V 129 Nevsun Res* X 6083 Nevsun Res T 2762 New Carolin Gd* O 86 O 31983 New Colombia* New Dimen Res* O 40 197 New Dimen Res V New Gold* X 12476 New Gold T 2792 New Guinea Gld* O 11 183 New Jersey Mng* O New Milln Iron T 104 New Nadina V 68 New Pac Metals V 47 T 1785 NewCastle Gold NewCastle Gold* O 104 Newlox Gold 331 Newmont Mng* N 20320 Newport Expl V 47 Newport Gold* O 101 O 206 NewRange Gold* NewRange Gold V 504 X 617 Nexgen Energy* Nexgen Energy T 1347 T 355 NextSource Mat Nexus Gold V 1371 Nexus Gold* O 446 NGEx Res T 310 NGEx Res* O 16 Nickel North V 535 753 Nickel One Res V Nicola Mg Inc V 351 T 630 Nighthawk Gold Nikos Expl V 900 Niobay Metals V 538 Niocorp Dev* O 336 V 708 Nippon Dragon Nippon Dragon* O 317 985 Noble Mnl Expl V Noble Mnl Expl* O 100 O 22 Noranda Alum* Noront Res V 14500 Norsemont Cap 18 North Am Nickl V 209 6 North Am Pall T North Am Pall* O 5 51 North Arrow Mn V Northcliff Res T 94 Northisle C&G V 367 Northn Empire V 488 O 14 Northn Empire* Nouveau Monde V 495 NovaGold Res T 780 NovaGold Res* X 5882 Novo Res* O 2347 Novo Res V 5675 NRG Metals* O 50 Nrthn Graphite V 54 O 49 Nrthn Graphite* Nrthn Mnrls &E* O 144 Nrthn Shield V 366 Nrthn Superior V 435 O 21 Nrthn Superior* Nrthn Vertex* O 49 Nthn Dynasty T 4820 Nthn Dynasty* X 20919 Nthrn Sphere 10 Nubian Res V 75 O 194 NuLegacy Gold* NuLegacy Gold V 215 V 20 NV Gold NV Gold* O 17 NxGold Ltd* O 412 NxGold Ltd V 24 O.T. Mining* O 25 OceanaGold T 3720 OceanaGold* O 12 Oceanic Iron O V 24 Oceanus Res V 491 OK2 Minerals V 245 Olivut Res V 128 Olivut Res* O 31 Opawica Expl V 409 162 Opus One Res V Orca Gold V 702 Orca Gold* O 93 Orex Mnrls* O 5 Orezone Gold* O 119 Orezone Gold V 348 Organic Potash 31 Oriental Non F 3 Orla Mng Ltd* O 20 Orla Mng Ltd V 336 Oroco Res* O 150 Oroco Res V 726 Orocobre T 227 Oroplata Res* O 94 Orosur Mng T 69 Orsu Metals V 1281 Orvana Mnrls T 150 Orvana Mnrls* O 7 Osisko Gold T 1927 Osisko Gold* N 2642 Osisko Metals V 322 Osisko Metals* O 25 Osisko Mng Inc T 1071 Osprey Gold V 389 Otis Gold V 126 Otis Gold* O 13 OZ Minerals* O 2

0.35 0.33 0.35 + 0.03 0.38 0.18 24.70 23.20 23.55 - 1.40 45.60 16.60 0.25 0.21 0.22 - 0.03 0.28 0.14 0.20 0.17 0.18 - 0.02 0.21 0.10 0.12 0.11 0.11 - 0.02 0.25 0.05 1.21 1.15 1.17 - 0.04 1.60 0.95 0.97 0.92 0.95 - 0.01 1.25 0.70 1.01 0.95 0.95 - 0.01 1.63 0.91 0.06 0.05 0.06 + 0.01 0.08 0.03 0.73 0.56 0.70 + 0.12 0.86 0.41 0.02 0.01 0.02 + 0.00 0.11 0.01 0.03 0.00 0.03 + 0.01 0.15 0.02 0.27 0.00 0.25 + 0.03 0.56 0.21 0.35 0.30 0.33 + 0.05 0.72 0.27 0.22 0.20 0.22 + 0.01 0.34 0.15 0.28 0.26 0.27 + 0.01 0.45 0.22 0.26 0.23 0.25 - 0.01 0.62 0.21 0.03 0.03 0.03 + 0.01 0.11 0.02 2.36 2.03 2.26 + 0.17 3.52 1.96 2.94 2.56 2.81 + 0.18 4.63 2.49 0.03 0.03 0.03 + 0.00 0.07 0.02 0.00 0.00 0.00 + 0.00 0.05 0.00 0.06 0.00 0.06 + 0.02 0.13 0.04 0.07 0.00 0.06 - 0.01 0.17 0.05 3.53 3.38 3.49 + 0.10 5.70 2.39 4.40 4.26 4.35 + 0.07 7.32 3.11 0.00 0.00 0.00 - 0.00 0.00 0.00 0.13 0.11 0.13 + 0.01 0.15 0.09 0.14 0.13 0.14 - 0.01 0.36 0.08 0.14 0.12 0.12 - 0.02 0.18 0.08 1.40 1.20 1.30 - 0.05 1.59 0.48 0.96 0.90 0.93 + 0.03 1.30 0.52 0.77 0.71 0.75 + 0.04 0.96 0.39 0.05 0.04 0.05 - 0.01 0.06 0.02 37.34 35.92 36.99 + 1.16 42.69 30.19 0.24 0.22 0.22 - 0.02 0.32 0.19 0.04 0.03 0.04 - 0.01 0.06 0.00 0.43 0.39 0.41 + 0.00 0.59 0.07 0.54 0.49 0.51 + 0.01 0.75 0.08 2.31 2.12 2.28 + 0.10 3.40 1.05 2.88 2.67 2.85 + 0.12 4.45 1.42 0.07 0.07 0.07 + 0.01 0.11 0.06 0.17 0.15 0.15 + 0.01 0.37 0.07 0.13 0.11 0.12 + 0.01 0.27 0.05 0.96 0.90 0.96 + 0.08 1.45 0.75 0.79 0.71 0.77 + 0.06 1.05 0.58 0.03 0.02 0.02 - 0.01 0.06 0.01 0.04 0.03 0.04 + 0.01 0.12 0.03 0.19 0.18 0.19 + 0.01 0.54 0.14 0.91 0.86 0.91 + 0.01 1.15 0.36 0.10 0.00 0.07 + 0.02 0.21 0.04 0.15 0.11 0.12 - 0.02 1.25 0.11 0.49 0.45 0.47 - 0.01 0.81 0.45 0.07 0.06 0.06 - 0.01 0.11 0.05 0.06 0.04 0.04 - 0.01 0.09 0.03 0.08 0.06 0.07 + 0.01 0.10 0.03 0.05 0.04 0.05 + 0.01 0.07 0.03 0.03 0.00 0.02 + 0.00 0.10 0.01 0.52 0.35 0.36 + 0.03 0.52 0.22 0.33 0.32 0.32 - 0.01 0.45 0.25 0.08 0.00 0.08 + 0.01 0.15 0.06 5.40 5.28 5.30 + 0.01 6.31 4.54 4.35 0.00 4.32 + 0.12 4.77 3.33 0.25 0.22 0.25 - 0.02 0.40 0.15 0.18 0.15 0.16 - 0.01 0.23 0.09 0.17 0.16 0.16 - 0.01 0.20 0.07 0.68 0.61 0.66 + 0.01 0.95 0.33 0.53 0.00 0.53 + 0.06 0.60 0.47 0.31 0.30 0.30 - 0.01 0.36 0.20 5.47 5.14 5.36 + 0.21 8.15 4.97 4.39 4.08 4.30 + 0.22 6.21 3.78 4.71 3.05 3.62 - 0.71 4.71 0.49 5.91 3.79 4.49 - 0.95 5.91 0.66 0.09 0.08 0.08 + 0.00 0.15 0.06 0.29 0.27 0.28 - 0.01 0.40 0.18 0.23 0.21 0.23 + 0.01 0.30 0.14 0.02 0.02 0.02 - 0.00 0.05 0.01 0.06 0.06 0.06 - 0.01 0.25 0.04 0.04 0.04 0.04 + 0.01 0.08 0.03 0.04 0.03 0.03 + 0.01 4.63 0.02 0.42 0.38 0.39 + 0.01 0.50 0.27 2.30 1.83 2.21 + 0.37 4.54 0.71 1.85 1.45 1.78 + 0.32 3.45 0.54 0.21 0.21 0.21 + 0.01 0.85 0.17 0.33 0.22 0.22 - 0.04 0.38 0.08 0.20 0.18 0.18 - 0.01 0.41 0.00 0.26 0.23 0.23 - 0.02 0.54 0.16 0.45 0.43 0.43 - 0.01 0.48 0.17 0.36 0.31 0.34 - 0.01 0.38 0.13 0.26 0.21 0.21 - 0.03 0.26 0.24 0.26 0.00 0.25 - 0.03 0.72 0.13 0.20 0.03 0.20 - 0.00 0.29 0.03 3.89 3.59 3.88 + 0.30 5.00 3.24 3.00 2.72 2.98 + 0.22 3.80 2.36 0.09 0.08 0.08 - 0.01 0.35 0.06 0.34 0.32 0.33 + 0.02 0.35 0.14 0.08 0.07 0.08 + 0.01 0.18 0.07 0.12 0.10 0.12 - 0.01 0.28 0.10 0.09 0.09 0.09 + 0.00 0.22 0.08 0.07 0.06 0.07 + 0.01 0.15 0.04 0.12 0.11 0.11 - 0.01 0.18 0.08 0.43 0.41 0.41 - 0.02 0.55 0.30 0.35 0.00 0.33 - 0.00 0.44 0.20 0.12 0.00 0.12 + 0.01 0.96 0.08 0.52 0.49 0.50 - 0.02 0.63 0.31 0.65 0.62 0.63 - 0.02 0.85 0.42 0.02 0.00 0.02 + 0.01 0.05 0.01 0.90 0.00 0.90 - 0.06 1.20 0.70 1.01 0.89 0.89 - 0.12 1.07 0.88 1.25 1.12 1.13 - 0.12 1.75 0.81 0.05 0.03 0.05 + 0.02 0.05 0.01 0.06 0.05 0.05 + 0.01 0.06 0.02 3.32 3.13 3.20 - 0.15 5.04 2.73 0.12 0.11 0.11 - 0.01 0.76 0.10 0.25 0.24 0.24 - 0.01 0.35 0.19 0.02 0.02 0.02 - 0.01 0.05 0.02 0.29 0.27 0.27 - 0.01 0.33 0.18 0.24 0.22 0.23 + 0.01 0.26 0.14 16.96 15.80 16.90 + 0.90 17.38 11.90 13.60 12.60 13.58 + 0.84 13.60 8.88 1.54 1.12 1.47 + 0.30 1.54 0.21 0.96 0.88 0.96 + 0.10 0.96 0.74 4.73 4.51 4.54 - 0.09 5.65 2.08 0.23 0.19 0.22 - 0.01 0.44 0.05 0.34 0.33 0.33 - 0.03 0.42 0.21 0.28 0.26 0.28 + 0.01 0.32 0.15 6.98 0.00 6.65 - 0.07 7.39 4.22

Pac Bay Mnrls V 76 Pac Booker Min* O 16 Pac Booker Min V 23 Pac North West V 1293 Pac North West* O 12 Pac Ridge Expl V 100 Pac Ridge Expl* O 41 Pac Topaz V 544 Pacton Gold V 1828 Paladin Energy* O 2024 Palamina Corp* O 14 Palamina Corp V 34 Pan Am Silver* D 4805 Pan Am Silver T 670 Pan Andean Min* O 21 Pan Global Res V 100 Pancontinental V 502 Pancontinental* O 66 Pangolin Dia V 519 Panoro Mnrls V 5379 Pantheon Vent V 1379 Para Resources V 228 Parallel Mng V 344 Paramount Gold* X 88 Parlane Res V 111 Pasinex Res 419 Patriot Gold* O 14 Peabody Enrgy* N 6442 Peat Res V 5 Pelangio Expl V 330 Pelangio Expl* O 100 Pele Mtn Res* O 31 Peloton Mnrls 193 Peregrine Diam T 3536 Perseus Mng T 303

0.04 0.03 0.04 + 0.01 0.07 0.03 0.96 0.00 0.88 + 0.37 1.16 0.35 1.28 1.04 1.04 - 0.26 1.50 0.42 0.08 0.07 0.08 - 0.01 0.15 0.06 0.06 0.06 0.06 - 0.00 0.10 0.06 0.07 0.06 0.07 + 0.01 0.12 0.05 0.06 0.04 0.06 + 0.02 0.09 0.03 0.15 0.13 0.13 - 0.02 0.23 0.13 0.08 0.07 0.07 - 0.01 0.16 0.04 0.04 0.02 0.03 - 0.00 0.13 0.00 0.16 0.12 0.16 + 0.02 0.19 0.10 0.19 0.00 0.19 + 0.02 0.26 0.14 18.20 17.58 17.93 + 0.41 21.29 13.80 22.75 22.07 22.37 + 0.34 27.99 18.70 0.01 0.01 0.01 + 0.00 0.06 0.01 0.15 0.12 0.12 - 0.01 0.17 0.04 0.07 0.04 0.06 + 0.02 0.16 0.03 0.04 0.04 0.04 - 0.00 0.10 0.02 0.06 0.05 0.06 + 0.01 0.14 0.04 0.29 0.20 0.26 + 0.06 0.29 0.13 0.10 0.09 0.09 - 0.01 0.38 0.09 0.23 0.20 0.22 + 0.01 0.29 0.17 0.07 0.06 0.06 - 0.01 0.18 0.06 1.56 1.49 1.56 + 0.01 2.30 1.36 0.15 0.14 0.15 + 0.01 0.33 0.10 0.29 0.27 0.29 + 0.01 0.34 0.10 0.11 0.09 0.09 + 0.01 0.15 0.07 28.16 27.00 27.88 + 0.67 32.50 22.58 0.01 0.01 0.01 - 0.01 0.04 0.01 0.05 0.04 0.05 + 0.01 0.06 0.04 0.04 0.04 0.04 + 0.01 0.05 0.02 0.04 0.03 0.04 + 0.01 0.40 0.01 0.10 0.08 0.10 + 0.01 0.15 0.05 0.13 0.12 0.13 + 0.01 0.26 0.11 0.31 0.29 0.29 - 0.02 0.66 0.27

P-Q

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Pershing Gold* D 216 6 Pershing Gold T Pershing Res* O 30 Philippine Mtl V 25 Pine Cliff En T 673 Pinecrest Res V 78 Pistol Bay Mng* O 5 1 PJSC Polyus Gd* O PJX Res V 167 Plate Res V 38 Plateau Uran* O 21 Plateau Uran V 93 Platinex Inc 75 174 Platinum Gp Mt T Platinum Gp Mt* X 1505 Playfair Mng V 196 Polaris Mater T 55 PolyMet Mng T 75 PolyMet Mng* X 676 Portage Res* O 156 Portofino Res V 1090 Potash Corp SK* N 14263 Potash Corp SK T 4800 Potash Ridge T 2001 Potash Ridge* O 61 Power Metals V 907 PPX Mining* O 460 PPX Mining V 808 Precipitate Gl V 2104 Premier Gold M T 3809 Premium Expl* O 61 Pretium Res* N 7428 Pretium Res T 3476 Primero Mng* O 1443 Prize Mng V 1557 Prize Mng* O 285 Probe Metals* O 369 Probe Metals V 376 Prophecy Coal T 16 Prophecy Coal* O 14 Prospect Glob* O 1 Prospector Res V 32 Prospero Silvr V 85 Prospero Silvr* O 3 Providence V 117 PUF Vent Inc 984 PUF Vent Inc * O 19 Puma Expl V 1146 Pure Energy V 376 Pure Energy* O 425 Pure Gold Mg V 1035 Pure Gold Mg* O 168 Pure Nickel V 190 Purepoint Uran V 989 QMC Quantum Ml V 794 QMX Gold V 833 QMX Gold* O 62 Quartz Mtn Res* O 2 Quaterra Res* O 449 Quaterra Res V 142 Quest Rare Mnl* O 25

3.08 2.97 3.06 + 0.04 4.90 2.60 3.88 3.75 3.79 - 0.01 5.52 3.45 0.05 0.04 0.04 - 0.01 0.10 0.02 0.16 0.16 0.16 + 0.02 0.16 0.03 0.70 0.66 0.69 + 0.01 1.22 0.65 0.34 0.33 0.33 - 0.01 0.56 0.16 0.04 0.04 0.04 + 0.00 0.08 0.04 36.65 36.15 36.65 + 0.50 40.00 31.83 0.14 0.12 0.13 + 0.01 0.27 0.12 0.05 0.05 0.05 + 0.01 0.09 0.04 0.28 0.25 0.26 + 0.02 0.54 0.12 0.35 0.32 0.33 + 0.02 0.71 0.17 0.09 0.06 0.08 - 0.01 0.23 0.05 0.70 0.65 0.69 + 0.04 4.33 0.64 0.56 0.52 0.55 + 0.04 3.38 0.51 0.06 0.00 0.05 - 0.01 0.18 0.05 0.99 0.92 0.96 - 0.03 1.48 0.90 0.80 0.74 0.78 - 0.02 1.27 0.71 0.65 0.58 0.61 - 0.02 0.97 0.57 0.00 0.00 0.00 - 0.00 0.00 0.00 0.06 0.05 0.05 - 0.01 0.12 0.04 17.57 17.07 17.28 + 0.05 20.27 15.72 22.00 21.44 21.56 - 0.12 26.62 20.67 0.16 0.14 0.15 - 0.01 0.38 0.13 0.12 0.11 0.11 - 0.00 0.28 0.11 0.30 0.25 0.30 - 0.01 0.55 0.07 0.06 0.04 0.06 + 0.02 0.11 0.04 0.08 0.05 0.08 + 0.03 0.14 0.05 0.19 0.16 0.16 - 0.01 0.29 0.11 3.84 3.55 3.84 + 0.20 4.69 1.87 0.01 0.00 0.00 + 0.00 0.03 0.00 8.69 7.75 8.03 - 0.54 12.53 6.82 10.92 9.73 10.00 - 0.77 16.48 9.17 0.11 0.09 0.10 - 0.01 1.80 0.08 0.37 0.29 0.34 + 0.04 0.72 0.01 0.30 0.24 0.27 + 0.05 0.52 0.21 1.20 1.10 1.17 + 0.07 1.66 0.75 1.49 1.37 1.46 + 0.02 2.18 0.99 3.53 0.00 3.32 - 0.32 7.19 2.75 2.91 0.00 2.61 - 0.30 5.17 2.21 0.04 0.00 0.04 + 0.00 0.19 0.02 1.14 1.00 1.11 - 0.01 1.90 0.04 0.27 0.24 0.24 - 0.03 0.38 0.23 0.20 0.20 0.20 + 0.00 0.26 0.19 0.23 0.16 0.20 - 0.01 0.26 0.07 0.40 0.35 0.37 + 0.02 0.47 0.08 0.30 0.27 0.29 + 0.01 0.35 0.10 0.08 0.07 0.08 + 0.01 0.11 0.05 0.57 0.52 0.52 - 0.02 0.88 0.49 0.46 0.42 0.43 - 0.01 0.68 0.36 0.60 0.52 0.60 + 0.06 0.76 0.40 0.48 0.42 0.48 + 0.06 0.58 0.29 0.02 0.01 0.02 + 0.01 0.03 0.01 0.07 0.06 0.07 - 0.01 0.19 0.06 0.13 0.10 0.10 - 0.01 0.19 0.04 0.33 0.29 0.30 - 0.01 0.40 0.04 0.27 0.23 0.23 - 0.01 0.28 0.03 0.06 0.04 0.06 + 0.02 0.07 0.03 0.10 0.07 0.09 + 0.02 0.13 0.03 0.12 0.10 0.12 + 0.03 0.15 0.06 0.00 0.00 0.00 + 0.00 0.23 0.00

Rackla Mtls* O 1 Rackla Mtls V 42 Radisson Mng V 324 Rae-Wallace Mg* O 160 Rainy Mtn Royl V 207 Rambler Ml &Mg V 58 Randgold Res* D 2150 Raptor Res* O 1019 Rare Element* O 2066 Rathdowney Res V 41 Razore Rock Res 20 Red Eagle Expl V 183 Red Eagle Mng* O 202 Red Eagle Mng T 1116 Red Moon Res V 21 Red Oak Mg V 45 Redhawk Res T 67 Redstar Gold V 5913 Redstar Gold* O 2137 Redzone Res V 183 Regulus Res V 310 Reliant Gold V 471 Renaissance Gd V 421 Renaissance Gd* O 175 Renforth Res 190 Resource Cap V 547 Reunion Gold V 566 Revival Gold V 59 Rheingold Expl 201 Richmond Mnls V 1515 Richmont Mines* N 1034 Richmont Mines T 846 Rift Valley 78 Rimrock Gold* O 4947295 Rio Novo Gold* O 104 45 Rio Novo Gold T Rio Silver V 863 Rio Tinto* N 21449 Rio Tinto* O 1 Rio Tinto* O 2 Rise Gold Corp 637 Riverside Res* O 59 Riverside Res V 195 RJK Explor V 162 Robex Res V 570 Rock Tech Lith V 75 Rockcliff Cop V 918 Rockex Mng 172 Rockhaven Res V 103 Rockshield Cap* O 30 Rodinia Lithm V 48 Rogue Res V 195 34 Romios Gold Rs* O Romios Gold Rs V 101 283 Rosita Mg Corp V Roxgold* O 6 Roxgold T 1389 Royal Gold* D 2184 Royal Nickel T 1214 Royal Nickel* O 35 196 Royal Std Mnrl* O RT Minerals V 4964 RT Minerals* O 495 Rubicon Mnrls* O 11 Rubicon Mnrls T 299 Rugby Mng V 82 Rupert Res V 369 Rusoro Mng V 2749 Rye Patch Gold* O 403 Rye Patch Gold V 2127

0.09 0.09 0.09 + 0.01 0.17 0.05 0.13 0.00 0.13 - 0.01 0.22 0.08 0.15 0.14 0.14 - 0.01 0.20 0.12 0.02 0.01 0.01 - 0.00 0.03 0.00 0.08 0.07 0.08 + 0.01 0.18 0.05 0.16 0.00 0.16 - 0.02 0.22 0.08 97.90 95.90 97.31 + 1.51 106.01 67.54 0.00 0.00 0.00 - 0.00 0.00 0.00 0.23 0.09 0.20 + 0.11 0.53 0.00 0.16 0.15 0.16 + 0.01 0.33 0.13 0.10 0.03 0.10 + 0.08 0.18 0.01 0.11 0.10 0.11 + 0.02 0.30 0.08 0.26 0.23 0.23 - 0.01 0.79 0.17 0.32 0.29 0.30 - 0.01 1.05 0.23 0.04 0.04 0.04 + 0.01 0.07 0.03 0.09 0.00 0.06 - 0.03 0.25 0.05 0.03 0.02 0.02 - 0.01 0.08 0.02 0.12 0.07 0.08 - 0.04 0.16 0.07 0.10 0.05 0.06 - 0.03 0.15 0.07 0.17 0.14 0.17 + 0.03 0.27 0.10 2.68 2.21 2.68 + 0.48 2.68 1.05 0.02 0.02 0.02 - 0.01 0.05 0.02 0.36 0.30 0.36 + 0.03 0.64 0.25 0.29 0.23 0.29 + 0.05 0.49 0.20 0.06 0.05 0.05 - 0.01 0.09 0.02 0.16 0.15 0.15 - 0.01 0.35 0.14 0.16 0.13 0.13 - 0.02 0.17 0.03 0.80 0.63 0.75 - 0.05 0.80 0.08 0.33 0.31 0.31 - 0.02 0.40 0.03 0.09 0.05 0.09 + 0.03 0.09 0.03 8.20 7.60 8.15 + 0.40 11.66 5.45 10.19 9.50 10.13 + 0.44 15.01 7.36 0.10 0.00 0.10 + 0.02 0.13 0.03 0.00 0.00 0.00 + 0.00 0.00 0.00 0.09 0.08 0.08 - 0.01 0.19 0.07 0.12 0.00 0.12 + 0.01 0.28 0.09 0.06 0.05 0.05 - 0.01 0.18 0.05 48.24 44.96 47.69 + 3.05 48.24 29.62 46.25 0.00 46.25 + 1.30 47.25 29.75 52.85 51.05 52.85 + 3.46 53.23 35.38 0.17 0.14 0.16 + 0.02 0.40 0.09 0.31 0.28 0.30 + 0.00 0.46 0.24 0.40 0.35 0.36 - 0.05 0.60 0.31 0.12 0.09 0.12 + 0.01 0.25 0.08 0.13 0.12 0.12 + 0.01 0.13 0.06 1.11 1.03 1.05 - 0.03 1.45 0.56 0.10 0.08 0.10 + 0.01 0.16 0.06 0.03 0.00 0.01 - 0.02 0.07 0.01 0.15 0.14 0.14 + 0.01 0.27 0.14 0.08 0.00 0.08 + 0.02 0.12 0.04 0.12 0.00 0.12 + 0.03 0.16 0.08 0.32 0.22 0.23 - 0.10 0.74 0.22 0.06 0.05 0.05 - 0.01 0.08 0.03 0.08 0.07 0.07 - 0.01 0.10 0.04 0.04 0.03 0.04 + 0.01 0.10 0.03 0.97 0.90 0.97 + 0.06 1.33 0.78 1.20 1.12 1.19 + 0.05 1.75 1.04 89.29 86.31 88.74 + 2.49 89.29 60.21 0.20 0.18 0.20 + 0.01 0.45 0.17 0.14 0.14 0.14 - 0.01 0.34 0.12 0.00 0.00 0.00 + 0.00 0.01 0.00 0.11 0.07 0.07 - 0.04 0.22 0.06 0.09 0.05 0.06 - 0.01 0.14 0.04 1.29 1.19 1.23 + 0.01 8.04 1.00 1.65 1.49 1.64 + 0.11 2.39 1.30 0.30 0.00 0.30 + 0.04 0.45 0.23 1.00 0.94 0.97 - 0.03 1.47 0.60 0.14 0.12 0.13 - 0.03 0.34 0.09 0.17 0.16 0.17 + 0.01 0.31 0.15 0.22 0.19 0.21 - 0.01 0.40 0.19

Sabina Gd&Slvr T 2208 Sabina Gd&Slvr* O 1444 Sage Gold* O 66 Saint Jean* O 162 Salazar Res V 242 Salt Lake Pot* O 10 Sama Res V 1022 San Gold Corp* O 71 San Marco Res V 200 San Marco Res* O 247 Sanatana Diam V 184 Sandspring Res V 399 Sandspring Res* O 56 Sandstorm Gold* X 6005 Sandstorm Gold T 1248 Sandy Lake Gld V 161 Santa Fe Gold* O 477 Santacruz Silv V 291 Sarama Res V 275 Sarissa Res* O 2221 Satori Res V 21 Saturn Mnrls V 852 Savary Gold V 345 Savary Gold* O 180 Saville Res V 169 Scandium Intl* O 276 Scandium Intl T 1793 ScoZinc Mg V 53 ScoZinc Mg* O 27

2.29 1.99 2.28 + 0.24 2.42 0.84 1.83 1.59 1.83 + 0.20 1.94 0.61 0.16 0.15 0.16 + 0.01 0.19 0.07 0.05 0.03 0.05 + 0.01 0.26 0.02 0.10 0.09 0.10 + 0.01 0.18 0.08 0.31 0.28 0.30 + 0.02 0.50 0.27 0.17 0.13 0.16 + 0.02 0.25 0.07 0.00 0.00 0.00 + 0.00 0.00 0.00 0.25 0.21 0.22 - 0.01 0.27 0.13 0.20 0.17 0.17 - 0.03 0.20 0.10 0.04 0.04 0.04 - 0.01 0.07 0.01 0.41 0.37 0.39 + 0.01 0.79 0.31 0.33 0.30 0.31 + 0.01 0.61 0.23 4.62 4.33 4.62 + 0.20 6.64 3.18 5.76 5.45 5.74 + 0.19 8.55 4.29 0.06 0.06 0.06 - 0.02 0.25 0.04 0.11 0.09 0.11 + 0.01 0.23 0.03 0.22 0.19 0.22 + 0.01 0.55 0.16 0.17 0.16 0.17 + 0.01 0.39 0.13 0.01 0.01 0.01 + 0.00 0.01 0.00 0.18 0.15 0.17 + 0.02 0.30 0.07 0.10 0.08 0.10 + 0.01 0.12 0.07 0.06 0.06 0.06 + 0.01 0.13 0.06 0.05 0.04 0.05 + 0.01 0.10 0.04 0.12 0.09 0.09 - 0.03 0.40 0.08 0.32 0.27 0.32 + 0.07 0.35 0.10 0.42 0.33 0.42 + 0.09 0.48 0.14 1.53 1.42 1.48 - 0.05 1.60 0.76 1.22 1.21 1.21 - 0.00 1.29 0.62

R

S

2017-08-29 6:07 PM

22

WWW.NORTHERNMINER.COM

SEPTEMBER 4–17, 2017 / THE NORTHERN MINER

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

Week

12-month

Exc Volume High Low Last Change High Low

Seabridge Gld T 221 Seabridge Gld* N 1766 Search Mnls V 100 Searchlight* O 173 Secova Mtls V 1839 Secova Mtls* O 154 Select Sands V 757 Semafo T 5130 Senator Mnrls V 1558 Sennen Potash V 131 Serengeti Res V 770 Sherritt Intl T 5988 Shore Gold T 838 Sibanye Gold* N 10040 Sidney Resrces* O 887 Sienna Res V 54 Sienna Res* O 10 Sierra Metals* X 45 Signature Res V 162 Silver Bear Rs T 480 Silver Bear Rs* O 75 Silver Bull Re* O 1735 Silver Bull Re T 2971 Silver Dragon* O 327 Silver Grail V 504 Silver Predatr V 46 Silver Range V 1144 Silver Scott* O 246 Silver Spruce V 600 573 Silver Std Res T Silver Std Res* D 3426 Silver Wheaton T 2633 Silver Wheaton* N 8841 Silvercorp Met T 1283 X 665 Silvercorp Met* SilverCrest Mt* O 52 SilverCrest Mt V 104 Silvermet V 572 Silverstar Res* O 15 Sirios Res* O 20 Skeena Res* O 166 Skeena Res V 3196 Skyharbour Res V 140 Skyharbour Res* O 18 Slam Explor* O 4 Slam Explor V 1137 Sokoman Iron V 2174 Sokoman Iron* O 72 SolGold plc T 66 SolGold plc* O 738 Solitario Ex&R T 348 X 905 Solitario Ex&R* Sonora Gld & S V 735 Sonoro Mtls V 175 Southern Arc V 132 Southern Arc* O 28 Southern Copp* N 3503 Southern Lith V 8429 Southern Silvr* O 68 Southern Silvr V 196 Spanish Mtn Gd* O 100 Sparton Res V 852 Spearmint Res V 565 Sphinx Res V 334 SRG Graphite V 462 St Augustine T 1738 St-Georges Plt* O 91 Standard Lith V 269 Standard Metal* O 122 Stans Energy V 338 Stans Energy* O 385 Star Gold* O 12 Starcore Intl T 64 Stellar Africa V 465 Stelmine Can V 15 Stina Res* O 74

15.00 14.16 14.73 + 0.26 17.11 9.99 12.05 11.28 11.75 + 0.25 12.85 7.35 0.06 0.06 0.06 - 0.01 0.10 0.06 0.03 0.02 0.03 + 0.00 0.13 0.01 0.06 0.05 0.05 - 0.01 0.11 0.04 0.05 0.03 0.04 - 0.01 0.09 0.03 0.54 0.48 0.52 + 0.01 2.04 0.40 3.52 3.17 3.43 + 0.25 6.54 2.68 1.49 1.30 1.46 + 0.16 1.59 0.45 0.10 0.08 0.10 + 0.02 0.14 0.08 0.25 0.18 0.24 + 0.05 0.33 0.11 1.02 0.82 0.99 + 0.19 1.67 0.74 0.22 0.21 0.22 + 0.02 0.44 0.17 6.22 5.85 6.17 + 0.40 17.92 4.43 0.02 0.01 0.01 - 0.00 0.02 0.00 0.09 0.09 0.09 - 0.01 0.24 0.09 0.07 0.07 0.07 - 0.00 0.17 0.07 2.69 2.43 2.59 + 0.06 3.10 1.29 0.10 0.08 0.10 + 0.01 0.19 0.07 0.26 0.22 0.23 - 0.03 0.49 0.21 0.18 0.08 0.18 - 0.03 0.38 0.08 0.11 0.07 0.10 + 0.02 0.18 0.06 0.14 0.10 0.12 + 0.01 0.22 0.08 0.02 0.01 0.01 + 0.00 0.03 0.01 0.09 0.07 0.07 - 0.02 0.14 0.05 0.05 0.00 0.05 - 0.01 0.10 0.03 0.20 0.19 0.19 - 0.01 0.29 0.08 0.02 0.01 0.02 + 0.00 0.04 0.01 0.06 0.05 0.06 - 0.01 0.14 0.05 12.70 12.41 12.54 + 0.10 17.86 10.32 10.15 9.83 10.04 + 0.15 10.36 8.89 24.62 23.65 24.41 + 0.63 38.40 22.63 19.70 18.84 19.57 + 0.67 29.53 16.94 3.54 3.34 3.51 + 0.09 5.90 2.82 2.84 2.66 2.80 + 0.08 4.50 2.07 1.40 1.23 1.34 - 0.02 3.13 1.08 1.74 1.56 1.69 - 0.07 4.09 1.45 0.18 0.10 0.14 + 0.04 0.18 0.03 3.30 3.19 3.30 + 0.08 3.30 1.51 0.30 0.30 0.30 + 0.00 0.82 0.21 0.05 0.00 0.05 + 0.00 0.13 0.03 0.05 0.05 0.05 - 0.01 0.18 0.04 0.42 0.40 0.42 + 0.01 0.70 0.24 0.33 0.32 0.33 + 0.01 0.54 0.18 0.04 0.00 0.04 + 0.01 0.04 0.02 0.05 0.03 0.04 + 0.01 0.15 0.03 0.06 0.04 0.05 + 0.01 0.13 0.02 0.05 0.03 0.03 - 0.02 0.08 0.03 0.84 0.65 0.80 + 0.14 0.95 0.56 0.46 0.00 0.46 - 0.03 0.63 0.25 1.04 0.94 0.97 + 0.05 1.21 0.76 0.83 0.75 0.79 + 0.04 0.91 0.58 0.06 0.05 0.06 + 0.01 0.15 0.05 0.15 0.13 0.14 - 0.02 0.16 0.08 0.75 0.72 0.73 + 0.03 1.09 0.38 0.60 0.55 0.60 + 0.05 0.75 0.30 41.52 39.43 40.72 + 1.60 41.52 24.90 0.20 0.15 0.15 - 0.05 0.49 0.10 0.31 0.28 0.30 - 0.01 0.46 0.19 0.39 0.36 0.38 + 0.01 0.60 0.27 0.11 0.09 0.10 - 0.01 0.17 0.06 0.05 0.04 0.05 + 0.01 0.09 0.04 0.04 0.03 0.03 - 0.01 0.04 0.02 0.05 0.05 0.05 - 0.01 0.10 0.04 0.74 0.60 0.73 + 0.08 0.74 0.15 0.04 0.03 0.04 + 0.01 0.11 0.02 0.04 0.03 0.04 + 0.01 0.05 0.01 1.07 0.98 1.02 - 0.03 1.25 0.30 0.11 0.08 0.11 - 0.01 0.22 0.04 0.04 0.04 0.04 - 0.01 0.09 0.03 0.03 0.03 0.03 + 0.00 0.06 0.02 0.08 0.06 0.06 - 0.03 0.20 0.04 0.40 0.00 0.40 + 0.02 0.79 0.36 0.06 0.05 0.05 + 0.01 0.07 0.02 0.25 0.23 0.25 + 0.02 0.38 0.17 0.19 0.18 0.18 + 0.00 0.26 0.05

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Stornoway Diam* O 15 Stornoway Diam T 862 O 228 Strategic Metl* Strategic Metl V 223 Strategic Res* O 1 Stria Lithium V 240 Strikepoint Gd V 1050 Strikepoint Gd* O 686 Sulliden Mng T 1756 Suncor Energy T 9528 Suncor Energy* N 10953 Superior Gold V 452 Sutter Gold V 437 Sutter Gold* O 441 Syrah Res* O 7

0.60 0.60 0.60 + 0.00 0.96 0.54 0.76 0.74 0.75 + 0.01 1.33 0.69 0.43 0.38 0.39 - 0.01 0.63 0.28 0.54 0.46 0.48 - 0.04 0.81 0.37 0.12 0.11 0.12 + 0.00 0.14 0.09 0.04 0.03 0.04 + 0.01 0.11 0.03 0.50 0.34 0.37 - 0.05 0.67 0.18 0.40 0.27 0.29 - 0.04 0.47 0.14 0.34 0.25 0.27 + 0.03 0.43 0.18 39.52 38.76 39.18 - 0.35 44.90 34.01 31.57 30.81 31.39 - 0.03 33.79 25.70 0.95 0.88 0.89 - 0.03 1.25 0.85 0.04 0.03 0.03 - 0.01 0.08 0.03 0.03 0.02 0.02 - 0.00 0.06 0.02 2.11 0.00 1.99 - 0.14 3.35 1.68

Tahoe Res* N 16574 Tahoe Res T 7931 Taku Gold 50 Talon Metals T 222 Tamino Mnrls* O 146 Tango Mining V 985 Tanqueray Expl V 374 Tanzania Rlty T 120 Tanzania Rlty* X 674 Tartisan Res 204 Tasca Res V 122 Taseko Mines T 2340 Taseko Mines* X 6368 Teck Res T 11639 Teck Res* N 15198 Teck Res T 17 Telferscot Res 81 Telson Res * O 38 Telson Res V 253 Teranga Gold* O 83 Teranga Gold T 1308 Teras Res V 408 Teras Res* O 22 Terraco Gold V 119 Terrax Mnrls* O 68 Terrax Mnrls V 745 Terreno Res V 1120 Teslin Rvr Res V 1087 Tesoro Mnrls V 94 Teuton Res* O 42 Teuton Res V 855 Texas Mineral* O 25 Themac Res V 466 Thor Expl V 268 Thunder Mtn Gd* O 208 Thunderstruck V 332 Thunderstruck* O 30 Timberline Res V 55 Timberline Res* O 138 Timmins Gold* X 557 Timmins Gold T 374 Tinka Res V 1291 Tinka Res* O 433 Tintina Res V 310 Tintina Res* O 332 Titanium Corp V 134 TMAC Resource* O 15 TMAC Resources T 372 TNR Gold V 357 Toachi Mg Inc V 46 TomaGold V 470 Tombstone Expl* O 6423 Tonogold Res* O 66 Torex Gold* O 22 Torex Gold T 1124 Toron, Inc* O 2135 Torq Resources* O 17

5.61 4.27 4.47 - 1.06 14.95 4.27 7.04 5.35 5.58 - 1.38 19.28 6.32 0.22 0.19 0.22 + 0.04 0.25 0.06 0.14 0.11 0.14 + 0.03 0.15 0.06 0.00 0.00 0.00 - 0.00 0.00 0.00 0.04 0.04 0.04 + 0.01 0.11 0.02 1.17 1.04 1.04 - 0.11 1.56 0.03 0.53 0.49 0.52 - 0.03 1.44 0.47 0.43 0.38 0.41 - 0.03 1.13 0.38 0.11 0.07 0.10 + 0.02 0.18 0.03 0.08 0.06 0.07 + 0.01 0.21 0.05 2.37 2.01 2.25 + 0.23 2.37 0.55 1.90 1.59 1.81 + 0.21 1.90 0.42 31.05 29.59 30.77 + 1.43 35.67 19.27 24.80 23.51 24.66 + 1.36 26.60 14.56 31.37 29.72 31.37 + 1.79 36.49 20.00 0.02 0.01 0.01 - 0.01 0.03 0.01 0.46 0.39 0.46 + 0.05 0.48 0.11 0.57 0.50 0.56 + 0.02 0.60 0.16 2.50 2.27 2.45 + 0.07 3.40 2.19 3.10 2.91 3.05 + 0.07 7.00 2.78 0.13 0.11 0.13 + 0.02 0.21 0.08 0.11 0.10 0.11 + 0.03 0.14 0.07 0.11 0.09 0.11 + 0.01 0.18 0.09 0.46 0.40 0.42 + 0.02 0.80 0.30 0.58 0.51 0.55 + 0.05 1.05 0.40 0.04 0.03 0.03 - 0.01 0.08 0.03 0.62 0.57 0.58 - 0.03 0.76 0.21 0.07 0.00 0.06 - 0.01 0.12 0.05 0.24 0.22 0.22 - 0.02 0.33 0.11 0.32 0.28 0.29 - 0.01 0.44 0.15 0.22 0.21 0.21 - 0.01 0.39 0.09 0.10 0.04 0.04 - 0.02 0.10 0.03 0.22 0.18 0.22 + 0.01 0.25 0.08 0.30 0.18 0.27 + 0.09 0.30 0.02 0.11 0.09 0.10 - 0.01 0.14 0.05 0.09 0.09 0.09 + 0.01 0.11 0.06 0.47 0.00 0.40 - 0.07 0.73 0.32 0.40 0.32 0.35 - 0.05 0.53 0.02 4.09 3.83 4.04 + 0.12 6.06 2.70 5.13 4.83 5.03 + 0.14 7.99 3.70 0.65 0.58 0.60 + 0.03 0.78 0.17 0.52 0.46 0.48 + 0.03 0.59 0.13 0.12 0.00 0.11 - 0.01 0.14 0.06 0.10 0.08 0.09 - 0.00 0.10 0.04 1.43 1.30 1.35 - 0.05 1.46 0.41 7.23 6.64 7.03 - 0.08 14.76 6.64 8.88 8.27 8.65 - 0.19 20.18 8.12 0.05 0.04 0.04 - 0.01 0.05 0.02 0.47 0.00 0.47 + 0.03 0.62 0.31 0.09 0.08 0.08 - 0.01 0.15 0.06 0.01 0.01 0.01 - 0.00 0.02 0.00 0.05 0.04 0.04 - 0.01 0.13 0.02 15.70 15.15 15.68 + 0.20 27.34 12.73 19.69 19.00 19.50 + 0.15 35.17 17.05 0.01 0.00 0.00 - 0.00 0.01 0.00 0.59 0.58 0.59 - 0.00 0.73 0.50

T

(100s) Stock

Week

12-month

(100s)

Exc Volume High Low Last Change High Low

Torq Resources V 178 Tower Res* O 12 Transition Mtl V 69 Treasury Metal* O 7 Trecora Res* N 113 Trek Mining V 401 Trek Mining* O 78 Tres-Or Res V 579 Trevali Mng* O 2094 Trevali Mng T 9274 Tri Origin Exp V 314 Trifecta Gold* O 34 Trigen Res V 40 Trilogy Mtls* X 498 Trilogy Mtls T 91 TriMetals Mng* O 14 TriMetals Mng* O 26 TriMetals Mng T 65 Trinity Res* O 1 Trinity Valley V 1256 TriStar Gold* O 36 TriStar Gold V 678 Triumph Gold* O 121 Triumph Gold V 217 Troy Enrgy V 130 Troy Res* O 342 Tudor Gold * O 21 Tudor Gold V 111 Tungsten Corp* O 1312 Turquoise HIl T 11248 TVI Pacific V 1113 Typhoon Expl V 50

0.78 0.72 0.72 - 0.05 1.00 0.53 0.14 0.13 0.13 + 0.01 0.24 0.11 0.14 0.13 0.13 - 0.01 0.24 0.12 0.51 0.00 0.51 + 0.01 0.67 0.30 12.85 12.05 12.85 + 0.55 14.80 9.75 1.07 0.98 1.04 + 0.03 2.55 0.96 0.86 0.79 0.83 + 0.02 1.64 0.75 0.05 0.04 0.05 + 0.01 0.06 0.03 1.17 1.10 1.14 + 0.03 1.18 0.66 1.47 1.39 1.42 + 0.02 1.57 0.86 0.06 0.04 0.06 + 0.03 0.08 0.03 0.18 0.15 0.15 + 0.00 0.20 0.14 0.09 0.00 0.09 + 0.02 0.10 0.07 1.13 1.03 1.09 + 0.03 1.35 0.41 1.39 1.30 1.38 + 0.05 1.60 0.58 0.18 0.16 0.17 + 0.00 0.24 0.13 0.18 0.16 0.18 + 0.00 0.24 0.11 0.22 0.21 0.22 + 0.01 0.31 0.18 0.02 0.00 0.02 + 0.00 0.33 0.02 0.04 0.03 0.03 - 0.01 0.05 0.01 0.30 0.28 0.30 + 0.00 0.37 0.15 0.38 0.33 0.38 + 0.01 0.47 0.22 0.36 0.32 0.34 + 0.01 0.38 0.12 0.45 0.40 0.43 + 0.02 0.50 0.16 0.10 0.08 0.08 - 0.08 0.15 0.01 0.11 0.08 0.10 + 0.02 0.36 0.05 0.65 0.63 0.65 + 0.02 0.93 0.33 0.84 0.75 0.84 + 0.05 1.25 0.37 0.00 0.00 0.00 - 0.00 0.00 0.00 3.97 3.79 3.87 - 0.02 5.03 3.25 0.02 0.01 0.01 + 0.01 0.03 0.01 0.09 0.08 0.08 - 0.01 0.15 0.06

U.S. Lithium* O 2913 U3O8 Corp* O 95 U3O8 Corp T 575 Ucore Rare Mtl V 883 Ucore Rare Mtl* O 305 Ultra Lithium* O 42 Umbral Enrgy 8133 Unigold* O 24 United Res Hdg* O 32 United States A* X 544 United States S* N 49807 Unity Energy V 22 Upper Canyon V 518 Ur-Energy* X 553 Uracan Res* O 35 Uragold Bay Rs V 1005 Uranium Energy* X 4391 Uranium Hunter* O 0 Uranium Res* D 970 Uranium Valley V 2811 URZ Energy V 149 URZ Energy* O 28 US Cobalt * O 270 US Cobalt V 502 US Energy* D 123 US Precious M* O 567 US Rare Earths* O 1 USCorp* O 1030 Vale* N 151732 Vale* N 21579 ValGold Res V 165 Valley High Mg* O 15 Vanadium One V 451 Vanadiumcorp* O 196 Vanadiumcorp V 750 Vangold Res V 102 Vanstar Mng Rs V 44 Vantex Res * O 5 Vedanta* N 2784 Velocity Mnrls* O 114

0.06 0.04 0.04 - 0.01 0.08 0.01 0.02 0.02 0.02 - 0.00 0.04 0.01 0.03 0.02 0.02 - 0.01 0.05 0.02 0.27 0.22 0.24 - 0.03 0.39 0.22 0.23 0.18 0.19 - 0.02 0.30 0.18 0.13 0.12 0.13 - 0.00 0.18 0.11 0.13 0.10 0.13 + 0.03 0.13 0.02 0.21 0.19 0.20 - 0.01 0.46 0.12 0.01 0.01 0.01 - 0.00 0.04 0.01 0.38 0.29 0.33 - 0.02 0.60 0.22 25.34 23.22 24.94 + 1.24 41.83 15.72 0.14 0.11 0.14 + 0.03 0.45 0.11 0.35 0.20 0.28 + 0.13 0.60 0.05 0.57 0.55 0.56 - 0.01 0.91 0.41 0.03 0.02 0.02 - 0.01 0.08 0.01 0.13 0.12 0.12 + 0.01 0.26 0.11 1.38 1.26 1.31 - 0.02 1.92 0.81 1.80 0.00 1.50 - 0.10 3.00 0.85 1.70 1.25 1.36 + 0.03 4.00 0.97 0.13 0.09 0.09 - 0.04 0.33 0.04 0.66 0.50 0.50 - 0.16 0.79 0.20 0.50 0.42 0.42 - 0.06 0.50 0.48 0.42 0.38 0.39 - 0.01 0.88 0.27 0.53 0.48 0.48 - 0.02 0.99 0.48 0.84 0.71 0.76 + 0.03 2.74 0.60 0.01 0.00 0.00 + 0.00 0.02 0.00 0.20 0.13 0.20 + 0.07 0.80 0.02 0.01 0.00 0.00 - 0.00 0.01 0.00 10.80 9.96 10.68 + 0.65 11.70 4.86 10.03 9.26 9.87 + 0.55 11.10 4.13 0.07 0.05 0.06 - 0.01 0.07 0.02 0.00 0.00 0.00 - 0.00 0.02 0.00 0.11 0.10 0.10 - 0.01 0.19 0.08 0.10 0.08 0.09 - 0.01 0.13 0.02 0.12 0.11 0.11 - 0.01 0.18 0.04 0.10 0.00 0.10 + 0.01 0.22 0.03 0.09 0.07 0.09 + 0.02 0.15 0.05 0.07 0.07 0.07 + 0.00 0.16 0.07 19.20 18.57 19.05 + 0.29 19.20 9.42 0.35 0.23 0.23 + 0.00 0.35 0.17

Stock

Week

12-month

Exc Volume High Low Last Change High Low

Velocity Mnrls V 1921 Vendetta Mng V 970 O 365 Vendetta Mng* V 15 Venerable Vent Verde Potash T 77 Verde Res* O 53 Victoria Gold V 1174 Victory Vent V 484 Virginia Enrgy V 39 O 10 Virginia Enrgy* Viscount Mng V 321 16 O M* Gold Visible Vista Gold* X 644 Vista Gold T 22 Volcanic Gold V 237 Voltaic Min V 156 Voyageur Min V 87 VR Resources V 135

0.16 0.28 + 0.01 0.47 0.47 0.28 0.06 0.28 - 0.04 0.35 0.32 0.28 0.08 0.23 - 0.02 0.27 0.26 0.22 0.10 0.10 - 0.01 0.18 0.11 0.10 0.20 0.75 - 0.10 1.77 0.85 0.75 0.02 0.08 + 0.01 0.20 0.09 0.05 0.42 0.51 - 0.02 0.74 0.53 0.49 0.02 0.03 - 0.01 0.19 0.03 0.03 0.04 0.13 - 0.02 0.38 0.15 0.13 0.02 0.12 + 0.02 0.54 0.12 0.11 0.22 0.28 + 0.01 0.81 0.31 0.27 0.11 0.11 0.11 + 0.00 0.15 0.11 0.63 0.80 + 0.03 1.24 0.81 0.75 0.89 0.99 + 0.03 1.61 1.01 0.94 0.14 0.41 - 0.05 0.65 0.46 0.40 0.05 0.06 - 0.01 0.24 0.07 0.06 0.06 0.06 + 0.01 0.13 0.06 0.06 0.14 0.27 + 0.03 0.51 0.29 0.25

Wabi Explor 13 T 190 Wallbridge Mng 96 War Eagle Mg V Waseco Res V 139 WCB Res V 230 Wealth Mnrls* O 409 Wealth Mnrls V 666 O 2929 Wellgreen Plat* Wellgreen Plat T 3461 T 2245 Wesdome Gold 299 V West Af Res 83 West High Yld V 15 West Kirkland * O 289 West Red Lake* O 577 West Red Lake X 319 Western Copper* T 431 Western Copper 126 Western Pac Rs V 111 Western Pac Rs* O T 24 Western Potash Western Res* O 3 Western Uran 37 Western Uran* O 29 V 145 Westhaven Vent O 117 Westkam Gold* V 134 Westminster Rs Westmoreland* D 1913 White Gold* O 24 White Gold V 83 34 White Metal Rs V 4 White Mtn Engy* O 278 Winston Gld Mg 111 Winston Gld Mg* O Wolfden Res* O 23 Wolfden Res V 604 Wolfeye Res V 1732 WPC Res V 1018 X-Terra Res V 201 264 XLI Tech Inc* O Xtra-Gold Res T 14 O 13 Xtra-Gold Res* Yamana Gold T 9153 36552 Yamana Gold* N 35 O Zadar Vent * Zadar Vent V 631 Zenyatta Vent V 179 O 94 Zenyatta Vent* Zephyr Mnls V 265 Zimtu Capital V 66 647 Zinc One Res V 205 Zinc One Res * O Zincore Mtls V 8 Zonte Mtls V 758

0.05 0.07 - 0.02 0.09 0.09 0.07 0.04 0.09 - 0.01 0.14 0.09 0.08 0.05 0.04 0.05 + 0.01 0.07 0.02 0.04 0.02 0.12 + 0.07 0.07 0.05 0.03 0.05 + 0.01 0.09 0.05 0.05 0.59 1.46 + 0.01 1.69 1.51 1.40 0.78 1.84 + 0.02 2.10 1.87 1.75 0.16 0.31 + 0.09 0.43 0.33 0.22 0.22 0.38 + 0.10 0.55 0.41 0.28 1.71 2.22 + 0.09 4.40 2.29 2.05 0.37 0.34 0.36 + 0.02 0.38 0.19 0.09 0.43 0.07 - 0.33 0.33 0.39 0.07 0.05 0.07 + 0.01 0.11 0.04 0.15 0.13 0.13 + 0.00 0.31 0.10 0.19 0.16 0.18 + 0.01 0.40 0.16 0.65 1.10 - 0.02 1.80 1.17 1.08 0.85 1.41 - 0.02 2.24 1.47 1.35 0.02 0.01 0.01 - 0.01 0.05 0.01 0.01 0.01 0.01 - 0.00 0.03 0.01 0.37 0.42 + 0.01 1.80 0.43 0.40 0.31 0.31 - 0.01 0.47 0.32 0.31 0.99 1.10 + 0.03 2.80 1.17 1.10 0.80 0.88 + 0.02 2.17 0.92 0.87 0.07 0.09 - 0.02 0.16 0.11 0.09 0.01 0.02 + 0.00 0.04 0.02 0.02 0.15 0.35 + 0.03 0.80 0.38 0.33 2.26 1.88 2.24 + 0.19 19.92 1.88 0.09 1.18 - 0.02 1.73 1.24 1.15 0.11 1.55 + 0.05 2.34 1.55 1.40 0.05 0.00 0.04 - 0.01 0.10 0.04 0.00 0.00 0.00 - 0.00 0.09 0.00 0.05 0.04 0.05 + 0.01 0.64 0.03 0.04 0.03 0.04 - 0.00 0.49 0.03 0.10 0.13 + 0.02 0.13 0.13 0.00 0.08 0.17 + 0.02 0.19 0.17 0.15 0.23 1.27 + 0.05 1.31 1.31 1.15 0.04 0.06 + 0.01 0.13 0.06 0.05 0.13 0.30 - 0.05 0.40 0.33 0.30 0.02 0.01 0.01 - 0.00 0.05 0.00 0.17 0.28 - 0.01 0.45 0.30 0.28 0.12 0.24 + 0.02 0.36 0.24 0.22 2.84 3.43 + 0.06 6.43 3.47 3.36 2.21 2.75 + 0.06 4.95 2.78 2.67 0.06 0.06 0.06 - 0.00 0.12 0.05 0.07 0.07 - 0.01 0.17 0.08 0.07 0.75 1.00 - 0.01 1.55 1.04 0.97 0.58 0.81 + 0.01 1.17 0.82 0.79 0.18 0.23 + 0.01 0.42 0.24 0.21 0.15 0.23 - 0.01 0.40 0.25 0.23 0.48 0.44 0.44 - 0.01 0.90 0.10 0.39 0.34 0.36 - 0.00 0.81 0.01 0.06 0.11 + 0.05 0.29 0.11 0.00 0.05 0.35 + 0.01 0.49 0.39 0.32

W-Z

U-V

BID-ASK — AUGUST 21–25, 2017

STOCK

EXC BID ASK LAST HIGH

37 Capital Acme Res Corp African Metals Aftermath Slvr Aguila Amer Gd Alba Minerals Alderon Iron* Alliance Mng Altan Rio Mnls Amanta Res Anglo Pac Grp APAC Res Inc Arch Coal* Archon Mineral Arian Res AsiaBaseMetals Astar Mnls Astur Gold Atlantic Ind Atlatsa Res* Atom Energy Aurelius Min Austin Res Balto Res Bearclaw Cap Bethpage Cap BHK Mining Bird River Res Boss Power Brigadier Gold Buccaneer Gold Buffalo Coal Bullman Mnls Cairo Res Cameo Res Candelaria Mg Canex Energy Cascade Res Catalina Gold Century Global Chieftain Mtls Chinapintza Mg CIM Intl Grp Cliffs Nat Res* Compass Gold Cons Woodjam Contintl Prec Copper Reef Mg Corazon Gold CWN M’g Acq Cyprium Mng Dawson Gold Desert Star Discovery-Corp Duncan Park H DuSolo Fertil* DuSolo Fertil DV Resources European Metal Eurotin EVI Global Grp Excalibur Res Explorex Res Fieldex Expl Finlay Minrls Finore Mng Fiore Explor Fire River Gol Firesteel Res First Cobalt First Idaho Fort St James Freeport Res

20-22_SEP4_StockTables.indd 22

12-MONTH

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

0.13 0.30 0.20 0.25 0.01 0.03 0.02 0.06 0.09 0.06 0.11 ... 0.01 0.01 0.03 0.21 0.27 0.27 1.00 0.15 0.16 0.16 0.28 ... 0.40 0.14 0.52 0.06 0.06 0.04 0.05 0.02 0.03 0.02 0.04 0.01 0.02 0.01 2.00 2.40 2.00 2.02 0.04 0.06 0.06 0.14 ... ...

0.58 1.06 1.21 1.07 1.75 0.01 0.02 0.01 0.02 0.32 0.40 0.32 0.45 0.31 1.00 0.35 0.40 0.06 0.08 0.08 0.10 0.04 0.05 0.04 0.05 ... ...

0.06 0.45 0.08 0.14 0.08 0.65 0.13 0.14 0.14 0.15 0.02 0.02 0.02 0.05 0.04 0.05 0.04 0.04 0.02 0.05 0.04 0.06 0.07 0.15 0.07 0.16 0.02 0.02 0.02 0.05 0.05 0.08 0.07 0.09 0.17 0.20 0.17 0.17 0.25 0.17 0.30 0.04 0.05 0.04 0.08 0.01 0.02 0.01 0.03 0.07 0.10 0.10 0.12 0.35 1.00 0.35 0.60 1.40 1.40 1.34 1.75 0.72 0.96 0.94 1.19 0.33 0.40 0.32 0.75 0.02 0.04 0.02 0.05 0.05 0.07 0.08 0.08 0.18 0.20 0.19 0.72 ... ...

0.05 0.23 0.01 0.10 0.02 0.02 0.30 0.80 0.30 0.98 1.45 3.20 1.43 7.17 0.06 0.08 0.07 0.12 0.06 0.07 0.06 0.09 0.30 0.39 0.38 0.44 0.02 0.02 0.02 0.05 0.52 0.55 0.55 0.55 0.15 0.26 0.16 0.27 0.03 0.03 0.03 0.12 0.15 0.34 0.30 0.30 0.39 0.50 0.45 0.47 0.02 0.03 0.02 0.07 0.01 0.02 0.01 0.03 ... ...

0.23 0.23 0.27 0.32 0.27 0.60 0.51 0.59 0.55 0.63 ... 0.01 0.01 0.05 0.06 0.05 0.12 0.04 0.06 0.06 0.12 0.09 0.10 0.10 0.11 0.19 0.20 0.20 0.29 0.18 0.19 0.19 0.65 0.05 0.06 0.06 0.08 0.12 0.12 0.11 0.50 0.39 0.41 0.40 0.76 0.03 0.07 0.09 0.75 0.05 0.05 0.05 0.12 0.75 0.76 0.76 0.92 0.05 0.25 0.05 0.14 0.20 0.29 0.22 0.30 0.04 0.05 0.05 0.09

LOW

STOCK

0.10

Fremont Gold* O Gentor Res V V GFM Res Gitennes Expl V Global Cobalt V Global Cop Grp V God’s Lake Res C Gold Ridge Exp V Grande Portage V Gravis Energy C Greatbanks Res V Green Arrow V Green Valley M V Greywacke Expl C Grosvenor Res V Hadley Mng C V Halio Energy HFX Holding V Highbank Res V V Highbury Proj Highvista Gold V Interconnect V Iron South Mng V JDF Explor Inc C Jiulian Res V Jourdan Res V V Jubilee Gold Karoo Expl V V Kenna Res La Imperial C Lamelee Iron V Leeta Gold V Leo Res C Lions Bay Cap V V Lithion Energy Lovitt Res V Madeira Mrnls V MAG Silver* X Mainstream Mnl V Martina Mnls V Masuparia Gold V Match Capital V MAX Res V McChip Res V Mega Copper V Megastar Dev V Midnight Star C MillenMin Vent V Millstream Min V Milner Con Slv V Minecorp Egy V Mineral Hill V Miramont Res C Moag Copper C Montana Gold C Morgan Res V Morro Bay V Mukuba Res V Nebu Res V Network Expl V New Destiny Mg V New Klondike V New Oroperu V New Stratus V Newmac Res V Noble Metal Gr V Nomad Ventures V Nortec Mnls V North Am Ptash V Norvista Cap V NQ Explor V NSGold V NSS Res Inc C

0.03 0.01 0.18 0.04 0.12 0.01 0.01 1.01 0.03 1.02 0.01 0.12 0.10 0.01 0.01 0.06 0.08 0.03 0.01 0.01 0.03 0.04 0.02 0.01 0.13 0.02 0.01 0.04 0.21 0.31 0.52 0.30 0.02 0.08 0.13 0.03 0.01 0.25 0.98 0.05 0.04 0.25 0.02 0.25 0.15 0.03 0.09 0.18 0.02 0.01 0.20 0.25 0.02 0.04 0.01 0.01 0.10 0.10 0.04 0.01 0.32 0.03 0.03 0.22 0.05 0.08 0.03

12-MONTH

EXC BID ASK LAST HIGH LOW

... ...

0.11 0.11 0.02 0.03 0.02 0.03 0.02 0.10 0.02 0.02 0.04 0.05 0.04 0.08 0.02 0.02 0.02 0.08 0.07 0.08 0.08 0.11 0.04 ...

0.04 0.04 0.03 0.07 0.04 0.48 0.17 0.21 0.18 0.22 ... 0.03 0.01 0.01 0.03 0.05 0.03 0.04 0.05 0.04 0.05 0.17 0.20 0.17 0.27 0.05 0.16 0.05 0.06 0.17 0.32 0.17 0.35 0.95 0.98 0.95 1.08 0.23 0.50 0.23 1.52 0.05 0.06 0.05 0.12 0.02 0.03 0.03 0.08 0.25 ...

0.25 0.30 ... 0.16 0.17 0.06 0.07 0.06 0.07 0.24 0.27 0.24 0.28 0.01 ...

0.01 0.04 0.06 0.04 0.04 0.14 0.15 0.12 0.20 0.44 0.72 0.72 0.73 0.02 0.02 0.02 0.03 0.13 0.16 0.15 0.24 0.05 0.10 0.05 0.11 0.16 0.20 0.16 0.34 0.29 0.33 0.29 0.30 1.06 1.09 1.09 2.50 0.04 0.10 0.04 0.04 ... ...

0.10 0.18 0.04 0.08 0.04 0.17 0.03 0.20 0.02 0.05 12.52 13.30 12.52 14.40 ... 0.01 0.01 0.04 0.06 0.03 0.06 0.07 0.08 0.07 0.09 0.01 0.04 0.04 0.08 0.10 0.09 0.14 0.40 0.60 0.50 0.60 0.16 0.25 0.16 0.30 0.04 0.05 0.04 0.07 0.16 0.22 0.16 0.19 0.05 0.07 0.05 0.07 0.04 0.06 0.04 0.13 0.04 0.09 0.04 0.05 ... ...

0.12 0.20 0.25 0.34 0.26 0.35 0.25 0.35 0.30 0.30 ... ...

0.08 0.09 0.10 0.10 0.10 0.01 0.02 0.01 0.07 0.11 0.15 0.15 0.25 0.06 0.15 0.06 0.16 0.04 0.04 0.04 0.05 0.17 0.23 0.17 0.20 0.22 0.22 0.22 0.01 0.01 0.01 0.40 0.55 0.40 0.70 0.27 0.40 0.28 0.38 0.06 0.08 0.07 0.08 0.01 0.02 0.01 0.02 0.11 0.15 0.12 0.40 0.09 0.09 0.09 0.18 0.05 0.08 0.04 0.15 0.14 0.15 0.14 0.25 0.01 0.01 0.01 0.04 0.10 0.10 0.10 0.20 0.06 0.19 0.06 0.21

0.11 0.01 0.01 0.02 0.01 0.04 0.02 0.04 0.13 0.01 0.03 0.07 0.01 0.16 0.06 0.19 0.04 0.02 0.25 0.06 0.04 0.02 0.06 0.33 0.01 0.14 0.04 0.14 0.09 0.05 0.01 0.03 0.02 0.01 6.12 0.02 0.03 0.07 0.37 0.05 0.03 0.06 0.05 0.04 0.03 0.07 0.17 0.20 0.02 0.01 0.05 0.06 0.01 0.16 0.37 0.07 0.04 0.01 0.10 0.05 0.03 0.11 0.01 0.06 0.05

STOCK

12-MONTH

EXC BID ASK LAST HIGH LOW

Odyssey Res Orofino Mnrls Oronova Energy Pac Cascade Pac Imperial Pac Iron Ore Pac Link Mng Paget Mrnls Patriot Gold Pedro Res Pele Mtn Res Phoenix Gold Phoenix Metals Pitchblack Res Prime Meridian ProAm Expl Quartz Mtn Res Quinto Res Rainmaker Res Rare Element* Ravencrest Res Red Tiger Mng Remington Res Resolve Vent Rhyolite Res River Wild Exp Rizal Res Rockland Mnls Rockwell Diam Rojo Res Romulus Res Rotation Mnls Royal Sapphire RTG Mining Rubicon Mnrls* Scavo Res Serabi Gold SGX Res Silver Phoenix Silver Std Res* SinoCoking Cl* Sniper Res Squire Mg Ltd Standard Graph Starr Peak Exp Stockport Expl Stone Ridge Ex Tajiri Res Talmora Diamd Tearlach Res Teryl Res Corp Theia Res Till Capital Tiller Res Tolima Gold Tri-River Vent True Grit Res Tsodilo Res UC Res United Coal Universal Vent Vanadium One Vela Minerals Whistler Gold Whitemud Res Winston Res Worldwide Res Xiana Mng Zara Res Zena Mng Zinco Mng

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

0.05 0.08 0.05 0.08 0.06 0.07 0.06 0.15 0.36 0.40 0.40 0.46 0.01 0.02 0.01 0.02 0.01 0.02 0.01 0.04 0.13 0.16 0.13 0.25 0.02 0.07 0.04 0.07 0.06 0.07 0.06 0.08 0.10 0.13 0.10 0.15 0.14 0.30 0.13 1.35 0.02 0.02 0.02 0.40 ... 0.01 0.01 0.19 0.20 0.21 0.41 0.45 0.41 0.46 0.12 0.15 0.14 0.03 0.03 0.03 0.06 0.09 0.11 0.10 0.12 0.05 0.07 0.07 0.18 0.05 0.06 0.05 0.17 0.11 0.16 0.15 0.89 0.05 0.10 0.05 0.09 0.02 0.03 0.03 0.10 0.11 0.13 0.11 0.18 0.04 0.04 0.04 0.10 0.18 0.47 0.21 0.30 0.02 0.25 0.02 0.03 0.03 0.04 0.04 0.06 0.07 0.08 0.08 0.11 0.06 0.07 0.06 0.12 0.39 0.45 0.45 0.65 0.15 0.23 0.19 0.20 0.16 0.20 0.16 0.40 0.13 0.23 0.13 1.40 0.12 0.16 0.14 0.56 ... ...

0.03 1.35 0.36 0.57 0.36 0.54 0.07 0.08 0.07 0.11 0.02 0.02 0.02 0.05 0.05 0.15 0.15 0.25 ... ...

9.56 15.84 ... ...

4.64 7.69 0.01 0.01 0.01 0.07 0.12 0.15 0.14 0.16 0.18 0.18 0.17 0.20 0.11 0.18 0.11 0.17 0.02 0.03 0.02 0.06 0.07 ...

0.06 0.07 0.11 0.13 0.13 0.21 0.01 0.02 0.01 0.05 0.08 0.15 0.08 0.16 0.01 0.02 0.02 0.02 0.08 0.15 0.12 0.20 4.10 4.98 5.00 6.00 0.45 0.63 0.35 0.85 0.02 0.02 0.02 0.03 0.04 0.12 0.04 0.07 0.03 0.06 0.04 0.08 0.70 0.81 0.83 1.05 0.01 0.02 0.02 0.03 ... 0.01 0.01 0.40 ...

0.45 0.13 0.15 0.13 0.35 0.05 0.06 0.05 0.09 0.03 0.10 0.03 0.06 0.01 0.02 0.01 0.02 0.56 0.58 0.56 0.82 0.01 0.03 0.01 0.05 0.08 0.09 0.08 0.21 0.07 0.15 0.15 0.43 0.08 0.12 0.09 0.14 0.05 0.07 0.05 0.08

0.02 0.06 0.04 0.01 0.01 0.13 0.01 0.01 0.10 0.13 0.15 0.07 0.02 0.04 0.05 0.05 0.06 0.01 0.02 0.07 0.02 0.11 0.01 0.02 0.01 0.04 0.30 0.09 0.12 0.10 0.13 0.03 0.26 0.07 0.01 0.03 7.70 1.66 0.01 0.05 0.05 0.08 0.02 0.04 0.07 0.01 0.02 0.01 0.07 4.10 0.05 0.01 0.03 0.01 0.59 0.01 0.09 0.03 0.03 0.01 0.02 0.01 0.08 0.01 0.06 0.01

2017-08-29 6:07 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / SEPTEMBER 4–17, 2017

23

Trek sets stage for Aurizona restart in Brazil GOLD

| Improved mine plan may help sustain revived operations

BY MATTHEW KEEVIL

T

mkeevil@northernminer.com VANCOUVER

rek Mining (TSXV: TREK) is on track to revive its flagship Aurizona gold mine in northwestern Brazil.

On July 31, the company unveiled a revised feasibility study of a $131-million redevelopment that would result in gold being poured again within 18 months.

Trek was formed earlier this year when debt-heavy, former Aurizona operator Luna Gold merged with JDL Mining.

The Aurizona project was shuttered in the third quarter of 2015 amidst falling gold prices and operational problems principally related to material crushing and processing.

Trek hopes its new mine plan, which includes increasing throughput from 5,500 tonnes per day to 8,000 tonnes per day, will result in sustainable operations.

The new feasibility study foresees an open-pit gold mine producing 136,000 oz. gold annually, with an initial 6.5-year mine life, at allin sustaining costs of US$754 per ounce.

Aurizona’s proven and probable reserves now total 19.8 million tonnes at 1.52 grams gold per tonne for 971,000 contained ounces.

The US$49-million, re-engineered plant includes an expanded crushing and grinding circuit that Trek says will allow “all known types of mineral-bearing rock at Aurizona

Drillers at Trek Mining’s Aurizona gold project in Brazil in April 2017. TREK MINING

to be processed through the gold recovery plant.”

The plan requires a new jaw crusher, semi-autogenous grinding mill, ball mill and pebble crusher. Trek would also invest in new hydrocyclones, an intensive leach reactor, three leach tanks, a refurbished carbon-in-pulp circuit, a pressurized elution circuit, a carbon regeneration kiln and a high-rate thickener.

“One year ago we identified this study as a milestone in pouring gold again at Aurizona by the end of 2018. It’s a simple open-pit mine with a compact footprint,” Christian Milau, Trek’s CEO, said during a conference call.

“The thesis here is really the nearterm development of a good-sized gold mine, which are becoming especially scarce in the current market. There aren’t many single-asset developers coming into production over the next few years, and we’ve seen many takeovers by majors recently,” he added.

Trek’s operating assumptions include US$2.44 per tonne mined (excluding taxes), a 91% gold recovery rate and a 5.7 strip ratio.

The company will also transition to contract mining.

At a US$1,250 per oz. gold price, Aurizona has a US$197-million, after-tax net present value at a 5%

“IT’S A SIMPLE OPEN-PIT MINE WITH A COMPACT FOOTPRINT.” CHRISTIAN MILAU CEO, TREK MINING

discount rate, along with a projected 33.8% internal rate of return.

“It’s still not a great financing market, but we’ve pulled together equity and we’re working on the next steps,” Milau said. “We’d prefer to address the balance with debt. The sweet spot is low capital intensity and high returns, but the real kicker is that the valuation at Aurizona doesn’t include the exploration upside yet.”

In March, Trek closed a $83.4-million, non-brokered private placement wherein it issued 41.7 million subscription receipts, each entitling the holder to one share and a $3 purchase warrant exercisable through October 2021.

The company said its most sig-

nificant opportunity to add value is exploration across its expansive land package, which covers 2,250 sq. km in Maranhao state in northeastern Brazil.

Trek inherits a regional joint venture with AngloGold Ashanti (NYSE: AU; LON: AGD) that encompasses 2,000 sq. km of greenfield property across what Trek calls “underexplored greenstone belts hosting orogenic gold systems.”

AngloGold can earn a 70% interest in JV by spending $14 million over four years.

In May, Trek reported initial results from a 30,000-metre drill program that indicated the central Piaba gold deposit continues at depth and along strike west of the pit.

The project’s pit-constrained, measured and indicated resource stands at nearly 30 million tonnes grading 1.67 grams gold for 1.6 million contained oz., and inferred of 2.7 million tonnes at 0.72 gram gold for 61,600 contained ounces.

Trek’s first 18 drill holes were headlined by 3.9 grams gold over 11 metres in drill hole 575, which was 300 metres beyond the westernmost edge of the Piaba open pit, and starting from 49 metres deep.

Trek’s vice-president of exploration Scott Heffernan told The Northern Miner the results signalled a “fantastic start,” and the company would follow Piaba mineralization along strike and down-plunge.

Trek shares have traded within a 52-week range of 96¢ to $2.55 per share, and closed at 99¢ at press time. The company has 176 million net shares outstanding for a $176-million market capitalization.

Trek has requested an amended operational licence after changes to Aurizona’s operating parameters, including the 8,000-tonne-per-day increased plant throughput and raises to the Vene tailing facility.

The company expects its installation licence by the third quarter. TNM

CAREER OPPORTUNITIES

CAREERS ADVERTISING RATES $12.65 per agate line.

Minimum size 2 columns x 1” $354.20.

Closing date is 10 days prior to publication date.

All Canadian orders subject to applicable taxes.

For further Careers advertising information contact: Joe Crofts 416-510-6816, jcrofts@northernminer.com, Toll free North America: 1-888-502-3456, (ext. 43729) Fax: 416-447-7658

Resumes Wanted Looking for a career in the mining and exploration industries?

Post your resume for FREE on the website that specializes in recruitment for mining companies and suppliers... you’ll be glad you did.

The Piaba pit at Trek Mining’s Aurizona gold project in northwestern Brazil. TREK MINING

1-16, 23_Sep 4_Main .indd 23

Visit www.northernminerjobs.com today

2017-08-29 9:26 PM

24_SEP4_BackCover.indd 24

2017-08-28 4:20 PM