The Northern Miner September 19 2016 Issue

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Phenomenal gold and growing facilities / 7–13

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OceanaGold completes PEA on Haile underground GOLD

| New mine in South Carolina to pour first gold in 2017

PotashCorp, Agrium propose US$36B merger FERTILIZER

| Largest merger in Canadian mining history

BY MATTHEW KEEVIL

P The processing plant under construction at OceanGold’s Haile gold mine in South Carolina, as seen on Aug. 11, 2016.

BY TRISH SAYWELL tsaywell@northernminer.com

O

ceanaGold (TSX: OGC) has been building and operating gold mines for the last 26 years and considers itself something of an expert on both open-pit and underground mining.

Its Didipio gold mine, which it built in 2013 on the island of Luzon in the Philippines — is one of the lowest-cost gold mines in the world, producing an ounce of gold at US$300 to US$350, including by-product credits.

The mine is transitioning to an underground operation — by the end of next year the open pit will be shut down and underground mining will begin.

“We had always known Didipio was an open pit that would transition to an underground operation, but what we did there was an optimization study to see how we could reduce costs and increase value,”

the company’s director of investor relations Sam Pazuki says.

The optimization study, completed in October 2014, recommended that the company shrink the size of the pit, which eliminated a lot of waste and saved US$150 million. It also prescribed expanding the underground component and starting development a year earlier than planned. The changes outlined in the optimization study will help OceanaGold mine underground two years ahead of schedule, Pazuki says, and access high grade from the deposit.

Now the company is undertaking a similar optimization study in South Carolina at its Haile gold project, which it added to its portfolio last year by acquiring Romarco Minerals.

The study will determine the best mine design for both open pit and underground operations, while using updated commodity assumptions for reserves. The study could be done by mid-2017.

“We’ll look at what is the right

OCEANAGOLD

size of the pit: where the open pit should end and where underground mining should start,” Pazuki says.

“The difference between Haile and Didipio is that we’d operate an open pit and underground concurrently at Haile, whereas at Didipio we’re operating an open pit and then that will stop, and we’ll start the underground.”

The open-pit operation at Haile is expected to start commercial production in early 2017 and run until 2030, while underground mining could begin in 2019 and run until 2025.

Average production from underground mining would be 80,000 to 100,000 oz. gold a year, which complements the 150,000 oz. gold that the open-pit operation would churn out annually.

The company has released results from a preliminary economic assessment (PEA) on the proposed underground operation at Haile.

The PEA is modelled on mineralization beneath the open-pit reserves.

The study is based on inferred re-

sources only and does not include results from the company’s 2016 drill program.

Preproduction capital for underground development and equipment is an expected US$53 million, according to the PEA, with life-of-mine sustaining capital cost requirements of US$45 million.

The study envisions the mill feed as a blend of open-pit and underground material, which would require the company to expand its processing plant from 6,350 to 8,274 tonnes per day. That extra 1,924 tonnes per day would be sourced mostly from underground ore.

The company would also need to modify its mining permit before underground operations start.

Other highlights of the PEA include a three-year payback and after-tax, undiscounted cash flow of US$861 million, based on an open pit with incremental cash flow from underground mining starting in 2019. The PEA estimates

mkeevil@northernminer.com VANCOUVER

otash Corp. of Saskatchewan (TSX: POT; NYSE: POT) and Agrium (TSX: AGU; NYSE: AGU) have unveiled a plan to merge and create the largest crop-nutrient company in the world, and the thirdlargest natural resource company in Canada. The deal would combine Potash-Corp’s nitrogen and phosphate production assets and Agrium’s agricultural retail network.

The two say the combination would create up to US$500 million in “annual operating synergies” through distribution and retail integration. The companies argue the synergies “imply value creation of up to US$5 billion.”

See POTASHCORP / 2

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See OCEANAGOLD / 2

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2016-09-13 10:45 PM

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SEPTEMBER 19–25, 2016 / THE NORTHERN MINER

Mining underway in August 2016 at OceanGold’s Haile gold mine in South Carolina.

OCEANAGOLD

OceanaGold completes PEA on Haile OCEANAGOLD From 1

that life-of-mine all-in sustaining costs (AISCs) would reach US$554 per ounce (both open pit and underground).

“It would be one of the lowest-cost gold mines in the world and complements the Didipio mine, which is arguably one of the lowest-cost gold mines in the world,” Pazuki says. “Haile could have an all-insustaining-cost next year of US$500 per oz., and based on the PEA study numbers, a combined open pit and underground would have an AISC that is anywhere from US$500 to US$600 per ounce.”

OceanaGold is making progress on building the open-pit mine and has spent US$134 million of the US$380 million capex. The mill could be operational by year-end.

The company is spending US$15 million on exploration at Haile in 2016. Much of the focus has been on the Horseshoe zone, which Romarco discovered in 2010. Recent hits include 58 metres grading 17.5 grams gold per tonne, 50 metres of 18.7 grams gold, 21.3 metres of 21.7 grams per tonne and 61 metres of 13 grams per tonne.

The US$15 million OceanaGold plans to spend this year at Haile is half of the company’s total US$30-million exploration budget for 2016. The US$30 million is

six times greater than the US$5 million budgeted for exploration company-wide at the beginning of 2015. Pazuki says the 2017 exploration budget will likely be the same as 2016.

“We will carry on exploration efforts at Haile looking for more ounces and increase confidence in some of these underground targets.”

Pazuki describes Haile as “one of the most sought-after projects in the gold sector.”

He says OceanaGold was in a position to acquire its previous owner Romarco Minerals “because before that we had built a business that was low cost and could withstand low commodity prices.

And then through strong cash flow generation, we strengthened our balance sheet.”

He says OceanaGold could “take advantage of a distressed market,” and in addition to acquiring Haile in 2015, the company could buy the Waihi gold mine on New Zealand’s North Island from Newmont Mining (NYSE: NEM) and buy shares of Gold Standard Ventures (TSXV: GSV; NYSE-MKT: GSV).

Pazuki adds that OceanaGold’s acquisition of Romarco came as a surprise to many, and the outcome may have been different in a better market, when it would have had to compete with cash-rich seniors.

“In a high gold price environment,

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“WHILE EVERYONE ELSE WAS HIDING UNDER THEIR DESKS AND ZIGGING, WE WERE ZAGGING, AND THAT CREATED AN OPPORTUNITY.” SAM PAZUKI DIRECTOR OF INVESTOR RELATIONS, OCEANAGOLD

it would have been unlikely that OceanaGold could have acquired it,” he says. “But that’s been part of our strategy — to build a low-cost business that can withstand low commodity prices, that operates efficiently and effectively, and spends capital judiciously to maximize returns … while everyone else was hiding under their desks and zigging, we were zagging, and that created an opportunity for us.”

In addition to Haile, Didipio and Waihi, Oceanagold controls and operates the Macraes openpit and underground mine gold in Otago on the South Island of New Zealand. Its Reefton open-pit mine, also on the South Island, has been on care and maintenance since the end of 2015.

After news of the Haile underground PEA, CIBC analyst Jeff Killeen raised his 12- to 18-month target price on the company to $5.50 per share from $5 per share. At press time OceanaGold traded at $4.89, within a 52-week range of $1.79 to $5.56. The company has a $2.9-billion market capitalization.

At the end of June, OceanaGold had a US$117-million undrawn revolving credit facility and US$104 million in cash.

Debt stands at US$228 million, with US$45 million in mining leases and a US$183-million drawn revolving credit facility. TNM

PotashCorp, Agrium propose US$36B merger POTASHCORP From 1

Under the agreement, PotashCorp shareholders will receive 0.4 share of the new company for each share held, while Agrium shareholders will get 2.230 shares.

PotashCorp investors would own 52% of the new company, which would employ close to 20,000 people and have a presence in 18 countries, as well as a pro forma enterprise value of US$36 billion.

“You have to look at timing, but you also have to look at opportunity. The question we’ve had to answer with this combination is whether we’re better together,” Agrium president and CEO Chuck Magro said during a conference call.

“Forget about market conditions, because everyone has a view of what that looks like over the longer term. Under any scenario, having a larger, diversified nutrient company would be the best solution. If you try to time the market perfectly, you’ll miss a great opportunity.”

The company’s head office would be in Saskatoon, with PotashCorp CEO Jochen Tilk becoming executive chairman and Magro the CEO. Representation on the board of directors would be split evenly.

“We think [the potash market] is going to be a terrific business over the long-term,” Magro continued.

“Of course, there’s new capacity coming online and the competition is pretty fierce. The beauty of the transaction is that the operating synergies are under our control, so we don’t need the market to improve to drive shareholder value.”

The proposed merger comes during a rough period for fertilizer producers. PotashCorp reported

second-quarter average realized potash price of US$154 per tonne, which is down from the US$273 per tonne it reported in 2015.

Scotiabank senior fertilizer analyst Ben Isaacson argues that PotashCorp shareholders “likely favour” the deal, which would bring ownership of the Vanscoy potash mine in Saskatchewan, and “provide stability” due to Agrium’s retail earnings. He points out that Agrium shareholders might be less supportive, however, because no premium was paid in the transaction, which would “dilute [the company’s] retail multiple.”

Magro and Tilk do not foresee any anti-trust or competition issues.

They both said the new company would stay committed to Canpotex, which is an offshore marketing and logistics venture jointly owned by Agrium, Mosaic (NYSE: MOS) and PotashCorp.

On a 2015 pro forma basis, inclusive of expected synergies, the new company would have had operating cash flow of over US$4 billion per year. A dividend would be maintained at Agrium’s level, which implies a 1.8% yield.

PotashCorp has traded in a 52week range of $19.93 to $33.70 per share, and at press time closed down 4% at $21.83 per share. The company has 839 million shares outstanding for an $18.1-billion market capitalization.

Agrium has a 52-week range of $104.70 to $121.04, and closed down 3.3% after the announcement at $121.04 per share. The company has 138.2 million shares outstanding for a $16.7-billion market capitalization. TNM

2016-09-13 10:45 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / SEPTEMBER 19–25, 2016

3

Orezone cuts Bomboré 29%

GOLD RESOURCES

BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

O

rezone Gold (TSXV: ORE; US-OTC: ORZCF) disclosed in August that more conservative engineering methods would likely drop global resources at its flagship Bomboré gold project in Burkina Faso.

On Sept. 7 the company reported that technical work had indeed lowered measured and indicated resources by 29%, while average gold grades decreased 4% to 0.97 gram gold per tonne. Oxidized and transitional resources dropped 31%, while fresh-rock — or sulphide — resources fell 28%.

Bomboré now hosts 102.9 million measured and indicated tonnes grading 0.97 gram gold for 3.22 million contained oz. gold. Oxide and transitional resources account for 47 million tonnes at 0.89 gram gold for 1.35 million contained oz. gold, while sulphide resources total 55.8 million tonnes at 1.04 grams gold for 1.87 million contained oz. gold.

“We had 50,000 metres of drilling in 2014 that we wanted to include to upgrade the inferred oxides into the indicated category, because we thought we’d add another year of mine life,” Orezone Gold president and CEO Ronald Little said during a conference call.

“Our intention was to update the reserves, and we went down this path thinking this would remain internal, because it would all come out after the feasibility study. We would have liked to avoid this situation, but we were given the news a couple weeks ago and had no choice but to disclose it, even though we didn’t have a clear background,” he added.

Resources were first calculated

by SRK Consulting in 2013, and the new calculations are the work of Roscoe Postle Associates (RPA),

| New estimate by Roscoe Postle Associates supplants SRK’s 2013 estimate

which became more involved in Bomboré last year.

Orezone says that the new resource methods include estimating the grade in two domains: a highergrade domain of material over 0.45 gram gold (the mineralization core); and a lower-grade domain of 0.2 to 0.45 gram gold. Grades are estimated using the composited assays within each envelope.

“We’ve gone to much more rigorous resource methods, which involves totally ‘hard boundaries’ on the envelopes,” Little said. “We’ve had comments from lenders in the past who said this was the method they favour. Both SRK and RPA said going this next step was a practical approach. We went into this process, perhaps naively, where none of us ever thought there would be a material change. We try to lean to the conservative and realistic side, and that’s what we were trying to do.”

During the call, management also discussed the smaller resource’s effect on a “hypothetical eight-year mine plan.” Little noted that assuming the strip ratio increases to 1.7, and benefits from “fuel price, foreign exchange and lower operating costs” are taken into account, Bomboré should still bear around US$135 million in project debt.

This would mean Orezone lost between US$10 million and US$15 million of debt capacity due to the resource downgrade.

“We’ve maybe lost [that amount] in potential debt, but otherwise it’s still a go. It makes much more sense to keep the capacity the same and have an eight-year mine life with a quicker payback, than to try to stretch it to 10 years,” Little added.

The company said that owing to the hard resource shell imposed by RPA calculations, it cut higher-grade “pods” of material outside the current envelope. Orezone might drill more metres so that it can recover

“WE’VE GONE TO MUCH MORE RIGOROUS [LENDER PREFERRED] RESOURCE METHODS.” RONALD LITTLE PRESIDENT AND CEO, OREZONE GOLD

some of those lost ounces.

Management said nothing has changed in terms of its “geological understanding” of the mineralization and lithologies.

The company will update its feasibility study in the first quarter of 2017. Bomboré’s capital expenses are pegged at US$250 million for an initial mining phase that would produce 135,000 oz. gold annually over an eight-year life, at all-in sustaining costs of US$678 per ounce.

Orezone shares have traded in a 52-week range of 22¢ to $1.28, and lost 62¢ — or 51% of its market value — over two weeks of trading after the resource news to close at 60¢ at press time. The company has 154 million shares outstanding for a $93-million market capitalization, and had US$25 million in cash in late August. TNM

Workers organizing samples at Orezone Gold’s Bomboré gold project in Burkina Faso in 2015. OREZONE GOLD

Workers at the entrance to Orezone Gold’s Bomboré gold project in Burkina Faso in 2015. OREZONE GOLD

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| Living the old frontier idea of every man on his present merits

BY HAROLD LINDER

W

hile so much attention this year has focused on gold, it’s metallurgical coal that has suddenly become the unlikely star performer of 2016.

Traders in metallurgical coal, also known as “coking coal,” saw the Steel Index price of premium hard coking coal

BY JOHN CUMMING jump another US$14.80 per tonne on Sept. jcumming@northernminer.com 13 to a record US$195.70 per tonne, or up 20% in a week.

Since July, metallurgical coal prices have risen an astonishing 111%, and are up almost 150% since the start of the year, making metallurgical coal the best performing commodity of 2016.

Some analysts have commented that they haven’t seen such levels of “panic buying” since 2011, when widespread floods in key coal export regions in Queensland sent the price soaring to US$335 a tonne.

The latest price driver is the Chinese government’s decision to restrict the number of operating days at Chinese metallurgical coal mines to 276 days from the traditional 330 (i.e., operating roughly five days a week instead of the previous six days a week).

The policy change is apparently an effort to improve miners’ profitability to ensure they can repay bank loans. The policy has also had some spillover effect on thermal coal markets.

Metallurgical coal buyers in China such as steel mills and trading houses have been scrambling to make up the lost supply and have turned to the seaborne market to make up the shortfall.

Exacerbating the situation were heavy rains in August across China’s northern coal fields, which further depressed domestic coal supply, as well as domestic steel production displaying new strength and surprising on the upside.

Yet another factor driving prices up is a reported uptick in metallurgical coal demand from rival North Asian, Indian and European steel mills.

Australian metallurgical coal mines built to service the seaborne trade could become the biggest beneficiaries of this price surge as long as it lasts, with familiar brand names such as BHP Billiton, Glencore, Rio Tinto, Peabody Energy and Anglo American standing to reap the windfall after many difficult years.

Russian miners and Canada’s Teck Resources are also well placed to ride the metallurgical coal waves, even as the U.S. sits on the sidelines, since its domestic market was hurt much more deeply during the commodities downturn due to the relatively strong U.S. dollar.

The turnaround in metallurgical coal prices has added a wrinkle to Anglo American’s ongoing auction of its Moranbah North and Grosvenor metallurgical coal mines in Queensland, Australia.

Anglo already took a US$1.2-billion writedown on the two mines in its financial results in July, and had been looking to sell them for around US$1 billion in cash. It may now push for a higher price or take the assets off the table entirely.

The leading bidder in the auction, which has been managed by Bank of America Merrill Lynch, has reportedly been the duo of BHP Billiton and Mitsubishi, though two other bids have emerged from U.S.-based Coronado Coal and a consortium led by Xcoal Energy & Resources and Apollo Global Management.

But Australian investment bank Macquarie cautions that the surge in metallurgical coal prices owes as much to speculation as it does to fundamental factors. It says even if “current physical market conditions are very tight and there is a sense of panic amongst buyers,” metallurgical coal prices may only “hold for a few more weeks,” and could slide in the fourth quarter.

It should all make for interesting discussions during the next round of quarterly seaborne metallurgical coal contract negotiations for the October to December period. TNM

DEPARTMENTS Editorial. . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Metal Prices. . . . . . . . . . . . . . . . . . . . . . . . 16

Professional Directory. . . . . . . . . . . . . . . 17 Stock Tables. . . . . . . . . . . . . . . . . . . . . 14-15

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An introduction to bush life

MARKET SHOCKER

EDITOR-IN-CHIEF: John Cumming, MSC (GEOL) jcumming@northernminer.com EDITOR, SPECIAL PROJECTS: Alisha Hiyate, BA (POLI SCI, HIST) ahiyate@northernminer.com

O P- E D

Barrick Gold. . . . . . . . . . . 10 Gold Standard Ventures. . 2 Gowest Gold. . . . . . . . . . . 11 Harte Gold . . . . . . . . . . . . 10 Iamgold. . . . . . . . . . . . . . . 18 KGHM International . . . 12 Kirkland Lake Gold. . . . . . 7 KWG Resources. . . . . . . . . 9 Lonmin. . . . . . . . . . . . . . . 12 New Gold . . . . . . . . . . . . . . 7

Newmont Mining . . . . . . . 2 Noront Resources . . . . . . . 9 Northern Graphite. . . . . . . 9 Northern Sun Mining. . . 11 OceanaGold. . . . . . . . . . . . 1 Orefinders Resources . . . 18 Orezone Gold. . . . . . . . . . . 3 Pacific North West Capital.9 Potash Corp. of Saskatchewan. . . . . . . . . . . . . . . . . . . 1

Probe Metals. . . . . . . . . . . . 9 Pure Gold Mining. . . . . . . 9 Rainy Mountain Royalty. . 9 Richmont Mines . . . . . . . 10 TomaGold. . . . . . . . . . . . . . 9 Wallbridge Mining . . . . . 12 Wesdome Gold Mines. . 10 Zenyatta Ventures. . . . . . . 9

I

Special to The Northern Miner

spent my first summer in the bush in 1958, soon after graduating from MIT with a bachelor’s degree in geology and geophysics.

McPhar Geophysics had hired me as chief of a three-man field party to locate and detail airborne electromagnetic anomalies on the ground.

The project was organized by a well-known Toronto consultant, Dr. A.W. “Dink” Derby, and our area was the Evans Lake greenstone belt in northwestern Quebec, 150 miles north of the Fecteau air base in Senneterre. Evans Lake was the next greenstone belt north of the Mattagami greenstone belt, where recent drill holes were reported to have discovered an orebody.

I spent one and a half years, summer and winter, in the Evans Lake area with different crews but often with an experienced bushman, Angus Wilbur, and a young helper, Vernon Smith. Angus was a quiet, competent and reliable tent mate who taught me much about bush craft.

I was green but I learned fast, of

or ignored the better.

Angus Wilbur sometimes talked about his time in a Japanese prison.

It was obviously a very grim experience, but his quiet sense of humour made light of the horror and he seemed to bear no grudges.

He and his brother grew up in Bathurst, N.B., joined the army as young men and were shipped out to Hong Kong, where they were soon captured by the Japanese in December 1941.

He spent most of WWII in a prison camp in Japan and his brother died there of starvation.

Angus said the big and healthy died first. He told of sleeping on the floor of a crowded room with other prisoners and speculating about which bed would next be empty and available when its sick occupant died. He was fortunate to have lost only a big toe, which barely hampered him in the bush.

After capture, the Japanese lined up the prisoners and made them count off in Japanese. After the first time, if a prisoner got the number wrong they were jabbed with a bayonet. Angus said it was amazing how fast you could learn a foreign language.

IN THE BUSH, ONE CAME TO KNOW A PERSON IN AN UNUSUAL WAY. necessity, and tried not to make the same mistake twice. The contrast with the student life I’d led for four years was total and I enjoyed it immensely. I liked the outdoor life, the strenuous physical efforts required, and the sense of adventure and discovery as I learned to live with the wilderness and relative solitude. I also enjoyed the break from homework and chance to get a full night’s sleep every night without a test somewhere in the future.

All of the old bushmen and prospectors were storytellers, although their talents varied. Mostly this came from practice born of necessity. On the many long, rainy tent days, on canoe trips and during smoke breaks on the trail, there were stories.

In the bush, one came to know a person in an unusual way. The past of another person was rarely mentioned as a personal history, but rather took the form of stories about past events, often humorous.

In the purely personal historical sense, you didn’t get to know a person as well in the bush as in civilization. But this was probably because such things were not as important in the bush.

We operated by the old frontier idea of every man on his present merits. The history of one’s jobs or family background was less important than the question of “Will he do his share?”

Bushmen tended to be agreeable under most circumstances and good-natured generally. If one spent any time in the bush this became a virtual necessity. In four months of 24-hour days, living in a tent under difficult and primitive conditions, you learned when to maintain silence or to inject humour during your partner’s bad moods.

When blowups occurred — and they did — the sooner forgotten

The prisoners were responsible for their camp discipline, and one night the Japanese caught Angus asleep on guard duty. The ranking prisoner, I think a Canadian major, insisted that he was responsible for discipline and held a court hearing while the Japanese guards watched, only partly comprehending. After hearing the evidence, the major sternly told a very scared Angus that what he had done was unforgivable and as punishment ordered that his candy bar ration be suspended for three months.

Angus said he hadn’t seen a candy bar in three years.

After the war was over but before the U.S. troops arrived, much food was dropped by air. There was still awe and amazement in Angus’s voice, 14 years later, as he described what happened when he saw a sack of flour dropped from a B-29 hit a Japanese woman on a bicycle.

He also had stories of people and events in his hometown of Bathurst. He regaled us with a story of his futile efforts to convince a game warden that the illegal moose hanging on his back porch was really a side of beef. And how he filled a piece of firewood with black powder to cure a neighbour of stealing his firewood. A few weeks later he heard a satisfying boom and saw a cloud of black smoke billowing from where his neighbour’s stovepipe had been.

Angus and I flew out of the bush to Amos in mid-September 1959, and I took the first overnight train to Toronto. Angus showed up at McPhar’s office a day later, about noon, with a serious hangover. It seemed that the stationmaster at Rouyn had noticed Angus’s Hong Kong pin, called some guys that had been with him and they had a very big party. It was a perfect See ODDS ‘N’ SODS / 5

2016-09-13 9:59 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / SEPTEMBER 19–25, 2016

5

The geology behind Ontario’s world-class metal districts MINERAL BOUNTY

BY LESLEY STOKES lstokes@northernminer.com VANCOUVER

O

ntario has a long and lively geological past dating back 3.3 billion years, when the Earth was covered by oceans. During that time, intense volcanism formed the Earth’s crust, giving way to a barren and lifeless landscape blasted by radiation from the sun.

Three billion years ago, plate tectonics moved thin rafts of rocks at a rate much faster than they do today. Over time, the volcanic islands butted together into one large block of land, with most of the action starting around the Red Lake area, a prolific gold-mining camp in northwest Ontario.

As the volcanic terranes collided, balls of magma were injected into the volcanic pile, which cooled into enormous granitic batholiths.

During the deformation and magmatism, the rocks were baked and transformed into what’s known as “greenstone belts,” which are excellent hosts for orogenic, highgrade gold deposits, along with volcanogenic massive sulphides (VMS), magmatic nickel-copper, platinum group metals (PGMs) and chromium deposits.

Today, greenstone belts such as the “Abitibi” which spans the Ontario-Quebec border, make up the southern part of a much larger craton in Canada called the “Superior.” The Abitibi is one of the largest greenstone belts in the world, with gold production exceeding both the Kalgoorlie camps in Western Australia, and the Homestake deposits in South Dakota.

Ontario’s portion of the Abitibi hosts world-class gold camps, including Timmins, Kirkland Lake, and Larder Lake. Quebec’s portion of the Abitibi includes the Vald’Or, Malartic and Rouyn-Noranda camps. Gold production from the Abitibi tops 150 million oz., with mining dating back to 1866.

Explorers look for gold within structural splays off regional, east-trending fault zones, such as Porcupine-Destor and Larder Lake-Cadillac. These fault zones represent deep crustal sutures be-

| A tale of magma, mountains and meteorites that stretches back 3.3B years

tween the ancient volcanic chains, and served as a pathway for several pulses of gold-rich fluids that occurred 2.9 and 2.7 billion years ago.

The hydrothermal f luids may have also interacted with a number of VMS deposits entrenched within the Abitibi’s volcanic rocks.

These deposits developed around submarine volcanic arcs, where metal-rich f luids were exhaled from hydrothermal vents, or “black smokers,” and formed blankets of sulphides on the ancient seafloor.

Ontario’s most famous example of a VMS includes the giant, 2.7-billion-year-old Kidd Creek deposit in the Timmins camp, which yielded 153 million tonnes of copper-zinc ore from 1966 until its recent closure.

Other VMS deposits, including chromite, magmatic nickel-copper and PGM deposits, are clustered within Ontario’s “Ring of Fire,” a 2.8-billion-year-old, intrusive suite in the James Bay lowlands of northern Ontario.

The second stage in Ontario’s geological story is captured in its Southern craton. The craton had its start 2.5 billion years ago during a “snowball” period that may have triggered the first appearance of oxygen in the atmosphere.

At the time, vast rains and sheets of ice scraped the tops off of Superior’s huge mountain chains — exposing the deep roots of the Abitibi — and deposited large packages of sedimentary rocks. Some of the rocks contained uranium, which was mined for over 35 years at Elliot Lake.

More mountain building and an attempted breakup of the continent between 2.2 billion and 570 million years ago formed the rest of the craton. During the first of these attempted breakups, the silver and cobalt deposits of the Cobalt camp were formed.

Around 1.9 billion years ago, a 10 km wide meteorite smashed into the margin of the Superior and Southern cratons, shattering and melting the rocks beneath.

The impact created the worldclass Sudbury nickel-copper-PGM camp, where magmatic-sulphide deposits cluster around an ovalshaped bowl measuring 27 by 60 km

at surface and 30 km at depth. The deposits are hosted within a unique igneous rock called the “Sudbury Igneous Complex” (SIC), and are also found in dike-like offsets that extend for several kilometres away from the SIC. Since 1883, the Sudbury district has produced more than 40 billion lb. copper, 44 billion lb. nickel and 62 million oz. gold, silver and PGMs, and remains the most active mining camp in the world today.

Pinned against the Southern craton is Ontario’s slice of the Grenville craton, composed mainly of gneiss (a metamorphosed granite) that formed between 1 billion and 570 million years ago during a series of mountain-building events, similar to the modern-day collision between the Indian and Asian continents.

This Himalayan-scale mountain range slowly eroded for 500 million years, before being covered by shallow seas that deposited a blanket of sandstone and limestones on the flank of North America during the Paleozoic Era. Iron ore, apatite, molybdenum, pyrite, magnesium and uranium have all been mined from the Grenville craton over the past 150 years, including the first significant gold found in Ontario in 1866. The region is currently being explored for graphite, rare earth metals and gold, whereas production includes nepheline-syenite and marble.

The younger Paleozoic rocks underlying the northern and southern ends of the province are known for their industrial minerals such as salt and gypsum, as well as oil and gas. In fact, the first oil extracted in North America was from Oil Springs in 1858, a year before oil was found in Pennsylvania.

A sudden pulse of intense magmatic activity between 155 and 180 million years also led to a number of diamond-bearing kimberlite pipes in the northern reaches of the province, such as those seen at De Beers’ Victor mine.

Ontario is a leading producer of metals, such as platinum, nickel, cobalt, gold, copper, silver and zinc, with 22 precious and base metal mines active in the province in 2015, and one diamond mine. TNM

An introduction to bush life

Drill Ready Canadian Gold Projects TSX Venture Exchange company is currently searching for drill ready gold projects in Canada.

Angus Wilbur (left) and Vernon Smith have lunch near Iroquois chute on the Nottaway River in the Evans Lake area of northwestern Quebec in the summer of 1959. PHOTO BY HAROLD LINDER ODDS ‘N’ SODS From 4

end to the field season for this quiet Canadian hero.

— Dr. Harold Linder is an exploration geologist who has worked on all seven continents and is now retired

1-5,7-13,18,20_SEPT19_Main .indd 5

in Anthem, Arizona. He discovered the giant, unmined Schaft Creek porphyry copper-molybdenum deposit in northern B.C. in 1968 for Hecla Mining. In 1986 he discovered the Castle Mountain gold deposit in the Mojave Desert of southern

California for Viceroy Resources, which produced over 1.25 million oz. gold between 1992 and 2001. This is an excerpt from his new memoir, Wild places: The adventures of an exploration geologist, available at www.amazon.com. TNM

The projects must be eligible for Canadian Flow Through Expenditures.

We require a one to two page summary of your project that should include: location, size, access, geology and exploration results justifying drilling If possible, please provide a link to your website or a government assessment report for review.

Email your details to: projectsgold@yahoo.com

2016-09-13 9:59 PM

6

WWW.NORTHERNMINER.COM

SEPTEMBER 19–25, 2016 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / SEPTEMBER 6–9 Stock and commodity markets came under pressure after comments by European Central Bank President Mario Draghi and Eric Rosengren, the president of the Boston Federal Reserve. Draghi disappointed markets by not declaring new stimulus measures to boost the economy, while Rosengren warned that it was risky to delay raising interest rates. Statistics Canada reported that the unemployment rate in August rose to 7%, up from July’s 6.9%. The S&P/TSX Composite Index fell 1.7% to 14,540, as The S&P/TSX Global Mining Index dropped 1.98% to 61.95, and the S&P/TSX Global Gold Index lost 3.2% to 235.81. The gold spot price in New York rose 0.2% to finish at US$1,327.80 per oz., while West Texas Intermediate crude finished at US$45.66 per barrel.

A progress report from Endeavour Mining on its Houndé gold project in Burkina Faso lifted the company’s shares 71¢ to $23.18. Construction is on time and budget, despite the wet season, and the first gold pour is expected during the fourth quarter of 2017. Procurement is 45% complete, the company reported, with total capital commitments amounting to $150 million.

All six carbon-in-leach ring beams are complete, land compensation is finalized and resettlement is underway, with all approvals in place. Detailed engineering of

the processing facility would be finished by mid-November, and procurement is done for a 38 km, 91 kv overhead power line, with construction in October.

The best hole at Arizona Mining’s Taylor deposit on its wholly owned Hermosa project in southern Arizona lifted the junior’s shares up 42¢ to $2.38. Drill hole 361 intersected eight mineralized intervals, including 32 metres grading 13.7% zinc, 10.3% lead and 3.36 oz. silver per ton, and 22 metres grading 15.2% zinc, 11.2% lead and 3.89 oz. silver per ton, within an interval of 154 metres grading 6.5% zinc, 4.9% lead, 0.1% copper and 1.72 oz. silver per ton. “Hole 361 is one of those drill holes that comes around once or twice in a career,” chief operating officer Don Taylor said in a release. In February, TSX MOST ACTIVE ISSUES

Yamana Gold B2Gold Kinross Gold Teck Res Eldorado Gold First Quantum Barrick Gold IAMGOLD OceanaGold New Gold

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

YRI 31873 6.30 5.72 5.74 - 0.20 BTO 31703 3.82 3.50 3.51 - 0.14 K 27307 5.94 5.35 5.41 - 0.33 TCK.B 23506 23.00 20.90 21.11 - 0.98 ELD 22319 4.93 4.25 4.56 + 0.15 FM 21465 11.13 10.03 10.60 + 0.44 ABX 18644 24.57 22.59 22.88 - 0.71 IMG 17594 5.59 5.01 5.11 - 0.18 OGC 15594 4.92 4.36 4.65 + 0.18 NGD 14133 7.32 6.08 6.14 - 0.75

the company completed a maiden inferred resource for the deposit of 39.4 million tonnes grading 11% zinc equivalent, using a 6% zinc-equivalent cut-off grade.

A downward revision of its 2016 production guidance sent Detour Gold’s shares down $2.11 to finish at $29.24. The new guidance is 525,000 to 545,000 oz. gold, down from 540,000 to 570,000 ounces.

Production in the second half of the year

is being impacted by unusually heav y rainfalls in August, which f looded the bottom west end of the pit and saturated the surrounding watershed. The west end of the pit hosts the Calcite zone, which is the main source of the plant's high grade for the rest of 2016. All-in sustaining costs are an expected US$970 to $1,020 per oz., up from the previous guidance of US$920 to US$980 per ounce. TNM

TSX GREATEST PERCENTAGE CHANGE

Azarga Uranium Horizonte Mnls Osisko Mng Inc Mawson Res SouthGobi Res AZ Mining Wellgreen Plat Orsu Metals Royal Nickel Eastern Platin Yellowhead Mng Aquila Res Coro Mining Mega Uranium Silver Bear Rs Rio Novo Gold Intl Tower Hil New Gold Excellon Res Asanko Gold

AZZ HZM OSK MAW SGQ AZ WG OSU RNX ELR YMI AQA COP MGA SBR RN ITH NGD EXN AKG

163 40 5149 254 8 4380 2292 1298 5832 685 327 1538 1449 2530 2369 325 308 14133 1351 7829

0.31 0.06 3.09 0.40 0.27 2.47 0.55 0.04 0.40 0.84 0.09 0.32 0.17 0.17 0.38 0.24 1.37 7.32 2.25 5.98

0.23 0.05 2.25 0.25 0.22 1.92 0.41 0.03 0.33 0.68 0.06 0.26 0.14 0.14 0.32 0.19 1.14 6.08 1.91 5.26

0.31 0.06 2.96 0.32 0.27 2.38 0.52 0.04 0.38 0.77 0.06 0.27 0.14 0.14 0.32 0.20 1.14 6.14 1.91 5.32

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

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

34.8 33.3 23.3 23.1 22.7 21.4 18.2 16.7 13.4 13.2 35.3 13.1 12.5 12.5 12.5 11.4 10.9 10.9 9.9 9.5

VOLUME WEEK (000s) CLOSE CHANGE

Edvr Mng Osisko Mng First Quantum AZ Mining Mountain Prov Richmont Mines Silvercorp Met Orocobre Labrador Iron Wesdome Gold Agrium Agnico Eagle Franco-Nevada Detour Gold Torex Gold Teck Res Pan Am Silver Potash Corp SK Osisko Gold Teck Res

EDV OSK FM AZ MPV RIC SVM ORL LIF WDO AGU AEM FNV DGC TXG TCK.A PAA POT OR TCK.B

2441 23.18 5149 2.96 21465 10.60 4380 2.38 462 6.89 3286 13.13 5901 4.28 225 3.96 780 13.29 5388 2.81 1697 124.14 3446 66.48 2424 93.43 5388 29.24 3285 31.44 10 20.72 2616 23.24 10674 22.14 2947 14.93 23506 21.11

+0.71 +0.56 +0.44 +0.42 +0.37 +0.36 +0.28 +0.27 +0.23 +0.19 -3.49 -3.25 -2.84 -2.11 -1.98 -1.47 -1.25 -1.22 -1.09 -0.98

TSX VENTURE EXCHANGE / SEPTEMBER 6–9 The S&P/TSX Venture Composite Index gained 1.24 points to an 812.16-point close. Spot gold peaked at US$1,350 per oz. after a subpar U.S. jobs report, before falling to US$1,327.83 per oz., up slightly from the last trading period, whereas Comex copper closed relatively flat at US$2.09 per lb.

Shares of explorer Novo Resources rose 28¢ to $1.53, after preliminary results of a 1,500-metre, reverse-circulation drill program at its wholly owned Tuscarora gold project in Nevada’s Tuscarora epithermal gold-silver district, 81 km north of Elko. All eight drill holes reportedly encountered altered and mineralized volcanic rocks within the Navajo vein extension, a 1 km long vein southeast of the past-producing Navajo vein. Historical production within the district produced 204,000 oz. gold, 7.5 million oz. silver and 300,000 oz. placer gold. The company anticipates drilling at Blue Spec — a gold-antimony project in the Pilbara region of Western Australia — will begin soon and continue to year-end.

True North Gems fell 5¢ to 1¢ per share after announcing that its operating subsidiary, True North Gems Greenland A/S, has begun bankruptcy proceedings. The company could not secure enough funding to develop its 76%-owned Aappaluttoq ruby and pink sapphire project in southwest Greenland.

Open-pit mine construction began in 2014, with total capital costs at US$25.1 million.

In April, the company announced that it had made “steady” progress with development, having installed the shell of the processing plant and the camp infrastructure. The project was designed to ramp up to 20,000 tonnes per year in the fourth year of the nine-year operation. Total revenue for the project was estimated at US$573 million, with an after-tax net present value, at an 8% discount rate, of US$171 million and a 122% after-tax internal rate of return.

Nicola Mining saw 18.4 million shares traded before closing up 3¢ to 25¢ per share on news of drill results from its Thule copper property, 14 km northwest of Merritt, British Columbia. The company TSX-V MOST ACTIVE ISSUES

True North Gem TGX Nicola Mg Inc NIM Westkam Gold WKG Anthem United AFY CSO Corsa Coal MX Gold MXL Stroud Res SDR NuLegacy Gold NUG Tango Mining TGV Frontline Gold FGC

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

47052 18380 17737 14607 12036 10375 9620 9252 9067 8608

0.07 0.54 0.06 0.32 0.11 0.35 0.03 0.45 0.08 0.05

0.01 0.22 0.04 0.24 0.05 0.29 0.01 0.30 0.06 0.03

0.01 - 0.25 + 0.05 - 0.25 + 0.09 + 0.31 - 0.02 + 0.43 + 0.06 unch 0.03 +

0.05 0.03 0.01 0.01 0.04 0.02 0.01 0.11 0.00 0.01

reported a 1.11% copper intercept over 85.9 metres from the project’s Embayment zone, one of three targets tested during the 1,084-metre drill campaign.

The results suggest the Embayment zone continues westward from the skarn zone that hosts the past-producing Craigmont copper-magnetite mine, 1 km northwest. A follow-up drill program would determine

any continuity of mineralization further west along strike and depth of the intercept.

In June, the company restarted operations at Craigmont’s 200-tonne-per-day, goldsilver mill facility, with feed from the Dome Mountain gold-silver mine, 38 km east of Smithers, B.C., which is operated

by Gavin Mines, a subsidiary of Metal Mountain Resources. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Swift Res Ross River Bandera Gold African Metals Jayden Res Corsa Coal Firesteel Res Big North Grap Bison Gold Res Baroyeca Go&Si True North Gem Freeport Res Whitemud Res EastCoal Inc Royal Sapphire Alexander Nubi Getty Copper Anglo-Can Mng MacDonald Mns Delrand Res

SWR.H RRM.H BGL AFR JDN CSO FTR NRT BGE BGS TGX FRI WMK.H ECX.H RSL AAN GTC URA BMK DRN.H

386 529 5 314 2003 12036 408 4367 25 330 47052 423 30 451 257 1157 1193 261 205 1207

0.25 0.01 0.01 0.08 0.23 0.11 0.05 0.13 0.49 0.03 0.07 0.08 0.01 0.01 0.05 0.14 0.03 0.02 0.02 0.60

0.12 0.01 0.00 0.04 0.11 0.05 0.03 0.07 0.28 0.02 0.01 0.03 0.01 0.00 0.00 0.08 0.02 0.01 0.00 0.30

0.25 0.01 0.01 0.08 0.20 0.09 0.05 0.13 0.49 0.03 0.01 0.03 0.01 0.01 0.03 0.08 0.02 0.01 0.01 0.40

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Probe Metals Filo Mg Corp Ascot Res Novo Res Bison Gold Res Kennady Diam Falco Res Mirasol Res Bear Creek Mng Barsele Min Delrand Res Confedertn Mls Pac Booker Min Till Capital ATAC Res Atacama Pac Gd HTI Ventures Armor Mnrls Noront Res Telson Res

+ 108.3 + 100.0 + 100.0 + 100.0 + 81.8 + 80.0 + 80.0 + 78.6 + 75.0 + 66.7 - 90.9 - 68.8 - 50.0 - 50.0 - 50.0 - 40.7 - 40.0 - 33.3 - 33.3 - 33.3

VOLUME WEEK (000s) CLOSE CHANGE

PRB FIL AOT NVO BGE KDI FPC MRZ BCM BME DRN.H CFM BKM TIL ATC ATM LMC.H A NOT TSN

2582 629 577 529 25 78 1471 400 869 331 1207 96 21 5 3525 1133 195 40 7703 66

2.17 1.42 2.76 1.53 0.49 4.20 1.29 2.85 3.63 1.25 0.40 0.50 1.27 5.70 0.52 0.70 0.74 0.55 0.29 0.30

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

0.36 0.31 0.29 0.28 0.21 0.20 0.19 0.19 0.18 0.15 0.20 0.20 0.18 0.17 0.16 0.15 0.13 0.12 0.11 0.10

U.S. MARKETS / SEPTEMBER 6–9 U.S. equities slipped in September, as higher oil prices failed to offset investor concerns over the Federal Reserve’s next move. The Dow Jones Industrial Average lost 2.2% to finish at 18,085.45. The S&P 500 Index and the Nasdaq Composite Index both fell 2.4% to 2,127.81 and 5,125.91. Spot gold edged up 0.2% to US$1,327.80 per oz., while oil crude futures rose 2.3% to US$45.88 per barrel.

Alamos Gold shares added US10¢ to close at US$7.88, ahead of reporting an updated resource estimate on Sept. 12 for the La Yaqui project near its Mulatos gold mine in Mexico.

As of Sept. 1, combined gold resources grew 93% — or 215,000 oz. to 447,000 oz. — after eight months of drilling. The update includes 149,000 indicated oz. (4.1 million tonnes at 1.14 grams gold per tonne) and 298,000 inferred oz. (5.5 million tonnes at 1.68 grams gold).

Reserves remain at 89,000 oz. (1.9 million tonnes at 1.45 grams). Phase-one development is on track, with initial production expected in mid-2017. Given the exploration success, Alamos has deferred the submission of the project’s environmental impact assessment.

It has eight rigs turning on La Yaqui, with another 10,000 metres planned for 2016.

6_SEPT19_MarketNews.indd 6

Eldorado Gold shares ended at US$3.50, up US10¢. On Sept. 6, the company sold its 82% interest in the Jinfeng mine to a subsidiary of China National Gold Group for US$300 million in cash. Eldorado expects that the previously announced sale of its interest in the White Mountain and Tanjianshan mines and the Eastern Dragon development project will close in the fourth quarter. The company entered an agreement with an affiliate of Yintai Resources Co. in May to sell the interest in its three remaining Chinese assets for US$600 million in cash.

A day later, Eldorado released an update on its operations. In Turkey, it plans to go ahead U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Yamana Gold* AUY 135877 4.90 4.39 4.40 Freeport McMo* FCX 121559 10.83 10.17 10.27 Vale* VALE 117812 5.72 5.15 5.19 Kinross Gold* KGC 108001 4.62 4.10 4.15 Alcoa* AA 90655 10.33 9.49 9.60 Barrick Gold* ABX 82359 19.08 17.31 17.53 United States S* X 76254 19.93 16.80 17.03 IAMGOLD* IAG 57391 4.35 3.85 3.91 Hecla Mining* HL 57270 6.41 5.61 5.67 Goldcorp* GG 43325 16.87 15.86 15.92

- 0.17 - 0.21 - 0.41 - 0.26 - 0.53 - 0.63 - 1.87 - 0.16 - 0.24 - 0.10

with a two-year, US$63-million expansion at the Kisladag mine, where it intends to crush 20 million tonnes a year, up from the current 12.5 million tonnes a year.

In Greece, it is targeting production from phase two of the Olympias mine in early 2017, and plans to develop the Skouries

project in two phases.

Its Tocantinzinho project in Brazil could deliver 170,000 oz. gold a year, with first production in 2019. Conditional on the board’s approval, construction for the estimated $464-million project could start next year. TNM

U.S. GREATEST PERCENTAGE CHANGE

Natural Res Pt* Mechel* Yanzhou Coal* Buenaventura* Eldorado Gold* Alamos Gold* Chevron* Cloud Peak En* NACCO Ind* Pretium Res* Harmony Gold* United States S* Sibanye Gold* Mosaic* Gold Fields* Vale* Vale* Trecora Res* Osisko Gold* McEwen Mng*

NRP MTL YZC BVN EGO AGI CVX CLD NC PVG HMY X SBGL MOS GFI VALE VALE.P TREC OR MUX

U.S. GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

1551 26.90 17.06 25.83 + 41.5 2913 2.83 2.07 2.66 + 24.3 302 6.38 5.88 6.15 + 4.1 8472 15.60 13.48 14.30 + 2.9 42105 3.83 3.26 3.50 + 2.6 8666 8.37 7.w52 7.88 + 1.3 28862 104.35 100.26 101.27 + 0.3 7119 4.24 3.88 4.04 + 0.2 56 68.60 65.34 66.36 - 0.0 10488 12.09 10.29 10.68 - 0.4 29794 4.14 3.60 3.60 - 10.4 76254 19.93 16.80 17.03 - 9.9 7426 16.63 14.78 14.84 - 8.8 20959 29.85 26.97 27.01 - 8.4 32502 5.75 5.03 5.06 - 8.3 117812 5.72 5.15 5.19 - 7.3 30815 4.84 4.39 4.40 - 7.2 131 11.08 10.15 10.21 - 7.0 564 12.80 11.38 11.49 - 6.9 22892 4.16 3.51 3.62 - 6.7

Natural Res Pt* NRP Mechel* MTL Buenaventura* BVN Chevron* CVX Yanzhou Coal* YZC Alamos Gold* AGI Eldorado Gold* EGO Cloud Peak En* CLD NACCO Ind* NC Pretium Res* PVG MartinMarietta* MLM Agrium* AGU Agnico Eagle* AEM Mosaic* MOS Franco-Nevada* FNV United States S* X Black Hills* BKH Sibanye Gold* SBGL Newmont Mng* NEM Potash Corp SK* POT

VOLUME WEEK (000s) CLOSE CHANGE

1551 25.83 2913 2.66 8472 14.30 28862 101.27 302 6.15 8666 7.88 42105 3.50 7119 4.04 56 66.36 10488 10.68 3606 175.00 3244 95.21 11247 50.97 20959 27.01 3312 71.68 76254 17.03 1440 57.70 7426 14.84 33419 39.30 28941 16.97

+ 7.58 + 0.52 + 0.40 + 0.34 + 0.24 + 0.10 + 0.09 + 0.01 - 0.02 - 0.04 - 9.63 - 2.97 - 2.60 - 2.48 - 2.43 - 1.87 - 1.65 - 1.43 - 1.22 - 1.02

2016-09-13 10:31 PM

ONTARIO SPECIAL FOCUS

A historic headframe and Premier Gold Mines and Centerra Gold’s Trans-Canada gold property, 250 km northeast of Thunder Bay, Ontario. PREMIER GOLD MINES

Kirkland Lake Gold’s new CEO discusses vision for the company

New Gold redesigns tailings facility, raises capex GOLD

| Rainy River construction on target for completion in mid-2017

INTERVIEW

| Makuch to build reserves with exploration drilling

BY TRISH SAYWELL tsaywell@northernminer.com

A

nthony Makuch took the helm of Kirkland Lake Gold (TSX : KGI) on July 18, 2016. Before joining the Ontario-focused gold producer, Makuch was president and CEO of Lake Shore Gold, where he worked from 2008 until its acquisition by Tahoe Resources on April 1, 2016.

Previous posts include FNX Mining, Dynatec and Kinross Gold.

At Kinross, Makuch worked at the Macassa mine, which is now owned by Kirkland Lake Gold. In this interview, Makuch shares his outlook for the company: The Northern Miner: What were your greatest accomplishments at Lake Shore Gold?

Anthony Makuch: It was a junior exploration company in the Abitibi greenstone belt when I joined and we had a deposit — now known as the Bell Creek mine — in Timmins. We took it from a company with a $12-million budget and developed it into a mining company producing 180,000 oz. gold a year, with revenues of nearly $300 million. It grew from a small company with a few employees to one employing over 800 people, including contractors, and contributing to the economy of northeastern Ontario.

When Lake Shore asked me to join them in 2007, people were sceptical, and said most of the gold had already been found or mined out. We proved that not only was there a lot more gold to find, but that we could develop it and profitably mine it. And then the company merged with Tahoe Resources in April 2016, which helped Lake Shore shareholders become a part of a much larger company. We grew it from a small junior explorer to a producing company, and it is still a strong asset, with a lot of growth potential. That’s the achievement: being able to build something and create value for shareholders, communities and people.

TNM: What is your vision for Kirkland Lake Gold? It is already a producing company with four mines in Ontario — Macassa in the Kirkland Lake camp and the Holt, Holloway and Taylor mines along the Porcupine-Destor fault zone — as well as two mills.

What do you hope to accomplish in your new role?

See KIRKLAND LAKE / 13

1-5,7-13,18,20_SEPT19_Main .indd 7

Processing facilities under construction at New Gold’s Rainy River gold mine project in northwestern Ontario. NEW GOLD

BY TRISH SAYWELL tsaywell@northernminer.com

W

ith tailings dam disasters at Imperial Metals’ Mount Polley mine in B.C., and the Samarco mine jointly owned by BHP Billiton and Vale in Brazil, the integrity of tailings management facilities are top-of-mind among industry stakeholders.

New Gold (TSX: NGD) has announced that it will redesign 100% of the tailings structures at its Rainy River project in northwestern Ontario, instead of the 30% it had envisioned earlier this year, which

will bump up total capex by US$105 million.

The final redesign — which flattens slopes and adds rock-toe buttresses — is expected by the end of October, and should not delay first production, which is scheduled for mid-2017, the company says.

“At the beginning we thought the redesign would be for 30% of the structures, but that was before we completed our supplementary geotechnical field program, assessed the results and worked with our independent tailings review board (ITRB), and incorporated the input from our regulators and engineer of

record,” Rainy River general project manager Grant Goddard says in an interview. “If you can imagine a horseshoe-shaped tailings dam facility that spans a couple of kilometres long — rather than just redesign sections of the structure, New Gold chose to do the right thing and redesigned the whole thing.

That way we are assuring both a sound design and a plan that can be executed efficiently, and built with long-term reliability.”

Goddard says that the company had first built part of its water management facility and identified areas underlying the facility where

“THE PROGRESS WE’VE MADE SO FAR IS PRETTY PHENOMENAL.” GRANT GODDARD GENERAL PROJECT MANAGER, RAINY RIVER

the foundation wasn’t as strong as estimated.

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ONTARIO

SEPTEMBER 19–25, 2016 / THE NORTHERN MINER

Standing beside the pit at new Gold’s Rainy River gold mine in northwestern Ontario. NEW GOLD

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An overview of the plant under construction at New Gold’s Rainy River gold mine in northwestern Ontario. NEW GOLD

New Gold redesigns tailings facility, raises capex NEW GOLD From 7

as it was being built, we realized that the geology at depth was more complex in specific areas,” he says.

“It wasn’t across the whole zone that we were building. We had to do a lot more close-spaced testing to see what was there. It was an opportunity to observe how it performed.

“We were talking with our regulators, engineer of record and our ITRB, all at the same time, and we

were looking at what was happening in the industry and at some of the tailings issues other people were having, so putting it all together allowed us to do the redesign.”

New Gold estimates that it would need 8 million more tonnes of construction rock to build the water and tailings management facility, or twice the original estimate.

To move the additional material, the company will accelerate the purchase of equipment (eight haul trucks, one shovel and two dozers).

Under the previous design, most of

the equipment wouldn’t be bought until the first year of operations, with the balance a few years into the mine life.

The company will also need to buy equipment, specifically an excavator, a dozer and a small maintenance fleet. The new design incorporates a smaller starter dam within the broader facility, which would provide capacity for six months of mine waste, and doesn’t require any amendments to permitting.

The US$105 million redesign (which includes a US$20-million

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contingency) brings the project’s total development capital to US$1.1 billion. (At the end of August it had spent US$565 million.)

The Rainy River mine would be New Gold’s largest operation, producing an average 325,000 oz. gold per year over a 14-year mine life, at cash costs of US$570 per oz. and all-in sustaining costs (AISCs) of US$670 per ounce.

Production this year from New Gold’s other mines — New Afton in B.C., Mesquite in California, Peak in Australia and Cerro San Pedro in Mexico — could reach between 360,000 and 400,000 oz. gold at cash costs of US$360 to US$400 per oz., and AISCs of US$750 to US$790 per ounce.

“Rainy River’s production will be almost 80% of New Gold’s total production today, so doing the right thing in terms of design and execution just makes sense,” Goddard says.

The project’s proven and probable reserves for both the open pit and underground measure 103.3 million tonnes grading 1.15 grams gold per tonne and 2.8 grams silver per tonne for 3.81 million contained oz. gold and 9.43 contained oz. silver.

Rainy River is 65 km northwest of Fort Frances in northwestern Ontario. It has year-round road access and rail just 25 km south.

After the second year of open-pit mining, the company will start mining from underground, with both operations running concurrently for the rest of the mine life.

New Gold has finished 45% of Rainy River’s construction.

“The progress we’ve made so far is pretty phenomenal,” Goddard says.

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“As I’m looking out of my window I’m watching conveyor sections being put in place. As I see what’s happening, I’m confident we’ll be in production by mid-2017 and into commissioning as we head into the summer. We’re targeting mid-2017 start-up.”

Goddard adds that a lot of the major equipment is already in place, and the company has started reclamation work around the site, “so it’s looking great.”

He says that “we’ve got an awesome team — over 70% of which is local and 34% from indigenous groups. We’re not fly-in, fly-out.

We’re residential, so we all live here.

It’s neat that our neighbours are part of the team we’re building and part of our operation long-term.”

New Gold describes the project as representing “one of Canada’s newest emerging gold districts.”

The district was first explored for nickel sulphide mineralization in the mid-1960s. Recognition of the district’s gold potential in 1988 led to finding gold mineralization in what is now known as a large system of stratiform, gold-rich, volcanogenicstyle sulphide deposits.

Exploration at the Rainy River gold project started in 1967, with Noranda, International Nickel Corp. of Canada, Hudson Bay Exploration and Development, and Mingold Resources operating in the area until 1989. The Ontario Geological Survey conducted geological mapping and an overburden drilling program in 1971, and again from 1987 to 1988.

Nuinsco started exploring the area between 1990 and 2004. In 2013, New Gold acquired the project from Rainy River Resources.

At the end of August, New Gold had cash and equivalents of US$145 million. It also has a US$300-million revolving credit facility, of which US$125 million has been used to issue letters of credit, leaving a US$175-million undrawn balance.

New Gold could draw another US$50 million under the revolving credit facility and also expects the remaining US$75 million of a stream deposit from Royal Gold (TSX: RGL; NASDAQ: RGLD), once it spends 60% of Rainy River’s project development capital, which New Gold says should be in this quarter.

News of the additional capital expenditure sent New Gold’s shares down 7.2%, or 52¢ apiece, to $6.73 per share on Sept. 7.

At press time, New Gold was trading at $6.14 per share within a 52-week range of $2.56 to $7.87 per share.

GMP has a price target on New Gold of $7.75 per share, while BMO Capital Markets and Raymond James have price targets of $6.75 and $4.75 per share. TNM

2016-09-13 10:22 PM

ONTARIO

GLOBAL MINING NEWS

THE NORTHERN MINER / SEPTEMBER 19–25, 2016

9

ONTARIO SNAPSHOT A place to grow: Nine microcaps on the move In a world of turmoil, a safe, predictable, mineral-rich and miningfriendly jurisdiction like Ontario is appealing to miners large and small from around the world.

The following are nine examples of small-cap companies at various stages of activity in Ontario.

KWG RESOURCES Toronto-based KWG Resources (CSE: KWG; US-OTC: KWGBF) is working to develop chromite deposits in the Ring of Fire camp of northern Ontario, namely its stakes in the co-owned Black Horse deposit (part of its Koper Lake project) and its Big Daddy deposit.

With substantial resources already outlined in both deposits, much of KWG’s energy this year has been devoted to infrastructure issues in the remote camp, including tabling a study of a proposed east–west road and striking a deal with China Railway First Survey & Design Institute Group Co. for a feasibility study.

In the boardroom, Cynthia Thomas has left and Bruce Reid and Jennifer Boyle have joined, bringing the number of directors to six.

NORONT RESOURCES Noront Resources (TSXV: NOT: USOTC: NOSOF) is the other junior in the Ring of Fire camp, and its largest landholder.

Noront’s flagship project remains its wholly owned, high-grade nickelcopper-platinum group metal (PGM) Eagle’s Nest deposit, which it

describes as “the largest high-grade nickel discovery in Canada since Voisey’s Bay.”

RAINY MOUNTAIN ROYALTY While it sounds like the name of a Costa Rican coffee blend, Rainy Mountain Royalty (TSXV: RMO) is in fact an exploration company based in Thunder Bay, Ont., that is hunting for copper, zinc, nickel and precious metals in northwestern Ontario, with a focus on PGMs associated with copper and nickel.

The company just acquired the Butler and Sanderson properties in the Ring of Fire from Macdonald Mines, increasing Noront’s claim blocks in the Ring of Fire to 522 claim units from 375 units.

Noront is now drilling for nickelcopper-platinum-palladium along strike from Eagle’s Nest.

NORTHERN GRAPHITE Northern Graphite (TSXV: NGC) owns a 100% interest in the Bissett Creek graphite deposit in eastern Ontario, which it describes as an advanced-stage project, with a bankable final feasibility study and its major environmental permit.

The company says that among the new graphite projects, Bissett Creek has the highest percentage of largeflake material, the best infrastructure, the lowest capital costs and the lowest unit operating costs.

In March, Northern Graphite teamed with Elcora Advanced Materials, Nouveau Monde Mining Enterprise, Metals of Africa Ltd., Coulometrics LLC and a private partner to buy a micronizing and spheronizing mill to produce spherical graphite, which is a critical step in producing the anode material used in lithium ion batteries.

PACIFIC NORTH WEST CAPITAL From its base in Vancouver, Harry Barr’s Pacific North West Capital (TSX: PFN) has long been developing

The Douglas L. Mason-led company is raising $420,00 via a non-brokered private placement, and will direct funds to its Brunswick property.

Pure Gold Mining’s Madsen gold project in Ontario’s Red Lake camp. PURE GOLD MINING TOMAGOLD its large but low-grade River Valley PGM deposit outside Sudbury.

River Valley’s measured and indicated resources stand at 91 million tonnes at 0.58 gram palladium per tonne, 0.22 gram platinum per tonne and 0.04 gram gold per tonne for 2.46 milllion oz. PGMs, plus gold. Inferred resources tack on 36 million tonnes at lower grades, for 614,000 oz. PGMs plus gold.

This year the company has added a lithium division, and started exploring three lithium projects in southeast Manitoba near the old Tanco mine.

PROBE METALS Spun out from Probe Mines after its acquisition by Goldcorp in March 2015, gold junior Probe Metals (TSXV: PRB) has many of the same faces that guided Probe Mines to success in eastern Ontario, including president David Palmer and chairman Jamie Sokalsky.

Probe Metals has had a busy year already with a merger with Adventure Gold, major financings, property deals and grassroots exploration.

Its flagship project is Adventure’s Vald’Or East project in Quebec, with its 770,000 inferred oz. gold at a grade of 2.6 grams gold per tonne.

TomaGold (TSXV: LOT) is better known as an explorer in Quebec’s Chibougamau camp, but Ontario is growing in importance thanks to a recently acquired 39.5% stake in the Sidace Lake advanced gold project in Red Lake, which is a joint venture with 60.5%-owner Goldcorp.

Tomagold has arranged a $2-million convertible debenture financing.

PURE GOLD MINING Pure Gold Mining (TSXV: PGM) is a well-known player in northwestern Ontario’s famed Red Lake gold camp, where it is steadily advancing its wholly owned Madsen gold project.

Pure Gold has just raised $19 million from exercising warrants at a 50¢ strike price (The stock trades today at 75¢). That leaves Pure Gold with 172.5 million outstanding shares and $22 million in cash-on-hand. Meanwhile, work continues on a $9.1-million, four-rig exploration program at Madsen.

ZENYATTA VENTURES Based in Thunder Bay, Zenyatta Ventures (TSXV: ZEN; US-OTC: ZENYF) continues to develop its rare igneous-hosted Albany graphite deposit in northern Ontario, which it discovered in 2011 and describes as a “highly crystalline graphite deposit that is a fluid-derived (volcanic style), which differs from the relatively common flake (sedimentary style) of graphite deposits. Albany is the largest and only graphite project of its kind in the world.”

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2016-09-13 10:22 PM

10

SEPTEMBER 19–25, 2016 / THE NORTHERN MINER

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Harte Gold steps up work at Sugar near Hemlo GOLD

BY TRISH SAYWELL tsaywell@northernminer.com

H

arte Gold (TSX: HRT; US: OTC: HRTFF) says the 70,000-tonne bulk sample underway since April at its Sugar zone deposit in northern Ontario is going smoothly, and it has applied for permission from the Ministry of Northern Development and Mines to mine another 30,000 tonnes under the program.

The 70,000-tonne bulk sample should be done by February 2017, and if the company gets a permit to mine another 30,000 tonnes under the program, more tonnes could be mined by the third quarter of 2017.

“It’s going well,” Stephen Roman, the company’s chairman, president and CEO, says in an interview.

“We’ve completed the ramp to the bottom of the 70,000-tonne bulk sample area and opened up five levels … we started production ore-blasting on the 375 level using long-hole mining methods and the next level will be 360, and we’ll work our way down.”

Roman notes that the ramp is in the footwall, below the lower zone, and the company is crosscutting into the orebody. “We open up development drifts on 15-metre levels, so most of all the development work has been completed now, and we’re starting to drill our long-hole stopes,” he says.

The 70,000-tonne bulk sample should cost $20 million and mine only the Sugar zone — one of four zones the company has identified at the project, 60 km east of the Hemlo area gold mines and 25 km northeast of White River. The deposit is within 80 to 100 km of three operating mines — Barrick Gold’s (TSX: ABX; NYSE: ABX) Hemlo,

www.knightpiesold.com

1-5,7-13,18,20_SEPT19_Main .indd 10

| Bulk sampling program could yield 24,000 oz. gold this year, Roman says “THE ORE BREAKS CLEANLY ... SO THERE’S LITTLE IF ANY DILUTION.” STEPHEN ROMAN CHAIRMAN, PRESIDENT AND CEO, HARTE GOLD

Richmont Mines’ (TSX: RIC; NYSEMKT: RIC) Island Gold mine and Wesdome Gold Mines’ (TSX: WDO) Eagle River mine.

The Sugar zone is a high-grade, 500,000 oz. gold deposit that is open at depth and on strike, where mineralization extends to 1,000 metres A 20-tonne truck exits a portal at Harte Gold’s Sugar gold project in Northern Ontario. HARTE GOLD deep.

The ore from the bulk sample is and it’s extremely positive about the being sent 80 km to Barrick’s Hemlo mineability of the orebody.” mill on the north shore of Lake The purpose of doing another Superior. Under the contract with 30,000-tonne bulk sample would Barrick, Harte’s ore must average be to access the south side of the 5 grams gold per tonne or higher, Sugar zone orebody so the company and so far Harte Gold has fulfilled will be testing two areas (north and that requirement. south) to better evaluate the deposit’s In May, the first full month of ore mineability by looking at widths, shipments, the company sent 1,640 grades and the overall economics, tonnes of development ore to the Roman says. mill at an average grade of 11.54 Assuming Harte Gold gets the grams gold per tonne. Shipments approval, it will then have to nein June exceeded expectations. The gotiate a deal with Barrick’s Hemlo company delivered 2,528 tonnes of mill. If Barrick isn’t willing to take development ore to Hemlo, which on more tonnes, Roman says, there is far above its original forecast of are other options, such as milling 298 tonnes. in Timmins, 400 km away.

Tonnages and grade have held up, Harte Gold has also completed and the orebody looks continuous, a geophysical survey that found a Roman says. dozen targets between the Sugar George Flach, Harte Gold’s vice-president of exploration, examines ore face at the “Our long-hole blasting to date has zone and the Wolf zone, 2 km away. Sugar gold deposit. HARTE GOLD shown that the ore breaks cleanly “The Wolf zone was discovered from the hanging wall and the foot- using geophysics,” Roman says. “The on-site mill design. cesses with other business ventures, wall, so there’s little, if any, dilution,” current 5,000-metre drill program Roman says the company is well and decided they wanted to get into he says. “Our mining engineers will test these targets and others financed with $5 million in its trea- the mining space,” Roman says. are just ecstatic about the way it’s identified around the Sugar zone sury, and has cash flow from the “They liked the Harte Gold story breaking off both the footwall and deposit, with the intention of ex- bulk-sampling program, which he and the undervalued nature of our hanging wall — it’s a clean break, panding the current gold resources says could produce 24,000 oz. gold shares, so they bought stock in the on the property.” this year. market, and approached us to do a Roman hopes for a larger resource In July, the company raised $4.1 private placement. for the project by year-end. million in a private placement of “We’re in Ontario, we’re right In addition to the bulk-sample 13.5 units (one share and one share beside three operating mines, we’re work and the 5,000-metre drill pro- purchase warrant) at 30¢ a unit. milling at Barrick — which is the gram, the company is proceeding Most of the funds — $3 million of biggest gold company in the world with commercial production permit- the $4.1 million — came from a — our shares are undervalued, and ting initiatives and finishing baseline strategic investor at Toronto-based we have huge exploration potential studies, test pitting for the tailings merchant bank JJR Private Capital. on the property. So they said: ‘Hey, impoundment area and working on “They’ve had a number of suc- this is a good opportunity.’”

The Sugar zone contains an indicated resource of 980,900 tonnes grading 10.13 grams gold per tonne (uncapped) — or 8.72 grams gold (capped) — for 319,300 oz. gold (uncapped), or 275,000 oz. gold From geotechnical engineering (capped). to environmental assessments, Inferred resources add 580,500 ashley mine: high grade gold vein with historic tonnes averaging 8.36 grams gold water management, and renewable production 50,099 oz au from 157,636 tons of (uncapped) — or 7.03 grams gold energy integration, our international ore (0.32 oz/t) (1932-1937) (capped) — for 156,000 oz. gold team of consulting engineers and (uncapped), or a capped 131,300 scientists has the expertise to • No systematic exploration since the 1980’s oz. gold.

The company says there is much help you in advancing your project • Assembled large land package for first time in decades more exploration beyond the Sugar through all stages of • 9,813 hectares (24,248 acres) with numerous other zone. Harte discovered its Wolf zone mine development. untested high grade vein gold targets & syenite bodies in 2010 with a 7.5-metre intercept providing bulk tonnage gold opportunities grading 9.5 grams gold, including a higher-grade core of 3 metres • Historic property bulk samples: 26 tons @ 0.86 oz/t, averaging 22.9 grams gold. Drill10.93 tons @ 1.405 oz/t, and 3.3 tons @ 2.87 oz/t ing in 2015 extended the Wolf zone • Highway access (hwy 566), logging roads, & atv trails down-plunge and on strike.

In 2014, an induced-polariza• Aggressive exploration program currently underway tion magnetic sur vey found a (7,500m DDH in up to 30 holes) mafic volcanic and sedimentary • Formerly Richfield Ventures Corp. management team contact. Drilling the next year (~$500M sale to New Gold) confirmed a Hemlo setting, with pathf inder elements and gold www.prospergoldcorp.com tsXv:pgX values that the company named the Contact zone.

In 2015 the company found the fourth zone at Sugar — called the Footwall zone.

Over the last year, Harte Gold’s shares have traded between 4.5¢ and 34.5¢. At press time the junior’s shares traded at 29¢ apiece. TNM

2016-09-13 10:22 PM

ONTARIO

GLOBAL MINING NEWS

THE NORTHERN MINER / SEPTEMBER 19–25, 2016

11

Gowest Gold advances Bradshaw deposit in Timmins GOLD DEVELOPMENT

| Detailed engineering underway ahead of 30,000-tonne bulk sample

BY SALMA TARIKH

G

starikh@northernminer.com

owest Gold (TSXV: GWA) is stepping closer to developing the next gold mine in Ontario’s Timmins gold camp, within the Abitibi greenstone belt.

The belt has produced more than 172 million oz. gold, or half of the country’s total gold production.

Gowest aims to add to that by bringing the Bradshaw gold deposit on its North Timmins Gold project into production in 2018.

In early August, the firm entered a non-binding letter of intent with investment firm Pandion Mine Finance for US$17.6 million to fund advanced exploration work at Bradshaw. As part of the deal, the companies will negotiate a prepaid forward gold-purchase agreement.

“They are going to loan us the money in advance. And they are going to give us grace until we get into production, before we have to pay back,” the company’s president and CEO Greg Romain says in an interview. Gowest would repay the loan over four years using a percentage of the gold generated from the Bradshaw mine.

As part of the advanced exploration, Gowest is completing detailed engineering work ahead of its 30,000-tonne bulk sample program.

The Pandion financing should close at the end of October. Once it does, Gowest will build the mine to start bulk-sampling, with Romain noting that the company has all the permits to do so.

“The really critical part for us is trying to get the portal built before winter sets in. In Timmins, you never know when that’s going to happen,” Romain jokes.

Gowest’s North Timmins Gold project sits 32 km north of the city of Timmins, the regional service and distribution centre for northeastern Ontario.

The executive anticipates the bulk sample would produce 10,000 oz. and take 12 to 15 months to finish, adding that the initial gold production should offset some of the development costs.

A June 2015 prefeasibility study prepared by Mississauga, Ont.based Stantec Mining, estimates an underground mine at Bradshaw could produce an average 40,500 oz. gold a year, over an 8.5-year mine life, which includes 1.5 years of preproduction.

Capital costs are broken down into two parts, including US$21.5 million of initial capital and US$21.4 million of sustaining capital to develop the main ramp deeper into the mine over the life-of-mine, and access reserves.

Initial costs are low, as Gowest expects to use third-party mining, milling and refining. Despite the deposit being a greenfield project, it needs relatively little infrastructure to initiate production.

“What I have been told by the oldtimers is that it’s the newest mine not to be built next to an existing shaft in the last 25 to 30 years,” Romain says.

In June, Gowest entered a negotiation with privately held Northern Sun Mining to use the Redstone mill, some 60 km from Bradshaw.

The companies are working out the terms to help Gowest process up to 500 tonnes per day as part of its bulk sample and preproduction program. The final agreement, expected to close on Oct. 31, could also include a longer-term arrange-

1-5,7-13,18,20_SEPT19_Main .indd 11

Kevin Montgomery, Gowest Gold’s exploration manager, plans a drilling campaign. GOWEST GOLD

ment.

“It’s an opportunity for them, just as it’s an opportunity for us,” Romain says, adding that it’s too early to comment further on the arrangement.

To lower mining dilution as well as transportation costs, the prefeasibility study includes the use of an X-ray sorter that would improve Bradshaw’s gold grade,

and help the firm recover gold from development rock that is not classified as ore.

“When you look at our prefeasibility study the reser ves are 277,000 oz., but we’re going to mine somet hing like 305,000 ounces. We couldn’t call it ore, because it is not ore, it’s rock.

But that’s why there’s a higher number,” Romain says.

Over the mine life, Gowest would process 1.78 million tonnes of reserves grading 4.82 grams gold and 666,253 tonnes of development rock at 1.31 grams gold to produce 305,058 oz. gold, using a 93% total gold recovery. Estimated all-in sustaining costs are US$891 per ounce.

The deposit remains open for exploration. The current reserves cover a 900-metre strike length and

extend to 500 metres deep. However, the company has extended the deposit’s strike length to 1.3 km and has hit mineralization at 1 km deep.

The 190 sq. km North Timmins Gold project, where the Bradshaw deposit represents 0.5 sq. km, also contains several other promising exploration targets.

“There’s a lot of upside,” Romain says. TNM

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12

ONTARIO

SEPTEMBER 19–25, 2016 / THE NORTHERN MINER

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Wallbridge, Lonmin mark progress at Parkin in Sudbury NI-CU-PGM

BY TRISH SAYWELL tsaywell@northernminer.com

W

allbridge Mining (TSX: WM) and its largest shareholder, Lonmin (LSE: LMI), have approved a $3.95-million drill program starting Oct. 1 for their Parkin nickel-copper-platinum group metal (PGM) project near Sudbury, Ontario.

The 18,000- to 20,000-metre drill program will build on earlier exploration programs that have expanded near-surface mineralization at the property. The funds will also be used for ground and borehole geophysics, in addition to studies and permitting to evaluate and prepare for a potential bulk sample.

Lonmin, one of South Africa’s largest primary PGM producers, owns 14% of Wallbridge’s common shares, and signed an option agreement a year ago to earn 50% of the Parkin project in exchange for committing US$11 million to exploration over four years. It can earn another 15% by funding all or part of the project to feasibility.

Exploration at Parkin has focused on high-grade polymetallic nickel, copper and PGMs over a 9.5 km strike length within the Parkin offset dike. The property includes the past-producing Milnet mine, the high-grade Milnet 1500 zone and a historic resource at surface undercut by high-grade drill intersections associated with off-hole borehole geophysical anomalies.

The 22.8 km property, 40 km northeast of Sudbury, is within 5 km of the past-producing, KGHM International Podolsky mine and Vale’s (NYSE: VALE) Whistle mine.

The company says the resource outcrops and extends to 100 metres deep, but adds that with more drilling, it can put together an initial National Instrument 43-101-compliant resource estimate of between 1.5 and 5 million tonnes from surface down to 600 metres deep.

Joshua Bailey, Wallbridge’s vicepresident of exploration, notes that the deposits in Sudbury tend to start from surface and can extend to several kilometres’ depth. He says that the nickel-copper-PGM

| South African major spending $11M on exploration to earn 50% interest

“IN SUDBURY, 30% OF THE CURRENT RESERVES AND MINEABLE PRODUCTS COME FROM OFFSET DIKES, AND ON PARKIN WE HAVE A 9 KM EXTENSION OF AN OFFSET DIKE — SO WE’RE OF INTEREST TO A FEW MAJOR COMPANIES.” MARZ KORD PRESIDENT AND CEO, WALLBRIDGE MINING

mineralization at Parkin is similar to that hosted by the quartz diorite offset dikes in the Sudbury mining camp, such as Vale’s Totten deposit and KGHM’s Victoria project, both located in the Worthington offset dike.

“Lonmin is the third-largest primary platinum producer in the world and Sudbury has great platinum deposits, as well as nickel, and that’s obviously attractive,” Bailey says in an interview. “There have been almost a million new ounces of PGMs discovered in Sudbury every year since 1990, based on public records.”

The offset dikes found in Sudbury are key structures and control a lot of the region’s mineralization. “These offset dikes are the host rock for one-third of the ore that has ever been found in Sudbury, so they’re prospective,” he says. “There are still significant discoveries being made in Sudbury.”

Bailey notes that while the deposits in Sudbury tend to start from surface and can reach depths of several kilometres, Parkin is probably one of the better targets in the area because it’s so shallow. Most of the other work in Sudbury explores for similar targets, but at depths of more than 1 or 2 kilometres.

Lonmin is entering its second year of an option at Parkin — it funded drilling in October 2015 that continued until March 2016 — and the program hit near-surface intersections with good grades and widths, Bailey says.

In April, the results of shallow drilling in and around the historic resource to evaluate the potential for a near-term bulk sample starter pit returned thicker mineraliza-

•

ConstruCtion AnD Mining serviCes

1-5,7-13,18,20_SEPT19_Main .indd 12

tion than the company had previously modelled. One hole returned a 24.3-metre intercept grading 1.2% nickel, 1.5% copper, 0.81 gram platinum per tonne, 0.96 gram palladium per tonne and 0.38 gram gold per tonne at 36 metres depth.

Other highlights include a shallow zone found outside the historic resource that returned a 7.5-metre intercept of 1.4% nickel, 1% copper and 1.59 grams TPM (0.67 gram platinum, 0.74 gram palladium and 0.18 gram gold) from 59 metres down hole.

At the end of May, Wallbridge released more drill results, such as 10.3 metres of 0.9% nickel, 1.6% copper and 1.40 grams TPM (0.61 gram platinum, 0.64 gram palladium and 0.15 gram gold) from 77 metres down hole.

Bailey says the approach is to extend the known mineralization zones and explore the rest of the dike to identify other deposits, as well.

“We probably won’t put out a formal resource estimate until we reach a couple million tonnes of resource,” he says. In the meantime, Wallbridge has initiated an environmental baseline study and permitting for a bulk sample.

“We are excited about the Parkin project and think there is a great story there right now,” he says. “We expect to drill for 10 to 11 months starting in October, and we are excited to get back to coring.”

In addition to the Parkin project, Lonmin is funding exploration on Wallbridge’s other properties in Ontario, including the North Range joint venture and the Sudbury Camp joint venture.

“We continue to derisk our exploration projects by having joint

Wallbridge Mining geologist David Smith stands with drill core from a massive sulphide nickel-copper-PGM intersection at the Parkin project, 40 km northeast of Sudbury. WALLBRIDGE MINING

ventures fund them, and Parkin is one of our most recent joint ventures with Lonmin,” Marz Kord, Wallbridge’s president and CEO, tells The Northern Miner.

“In Sudbury, 30% of the current reserves and mineable products come from these offset dikes, and on Parkin we have a 9 km extension of an offset dike. So we’re of interest to a few of the major companies.”

Initially it was Impala, Kord says, but that company, which is the second-largest platinum producer in the world, “was no longer in a position to fund the project, and we were able to negotiate a buyback of their interest.”

The company is discussing seven other projects in northeastern Ontario, including ones with gold,

copper, nickel and PGMs. As for Parkin, Wallbridge is looking at the top 500 metres for an initial resource estimate in the 1.5- to 5-million-tonne range.

“That’s fairly shallow and easily accessible, and there are no requirements for large initial capital, but we also understand that these offset dikes go to depths as far as 1,500 to 2,000 metres,” Kord says.

The testament to that is the Milnet 1500 zone, says Kord, who spent the early part of his career with Falconbridge involved in mining operations in Sudbury and Timmins. The Milnet 1500 zone has intersected mineralization at 1,500 metres, including 8 metres of 4% nickel and 4 grams per tonne PGMs. Kord says that “we do know that the Parkin offset dike extends at depth, but it’s a matter of starting with the low-hanging fruit, then following the exploration down to targets at depth.”

According to government records, the Milnet mine produced 157,130 tons of mineralization grading 1.5% nickel, 1.5% copper, 2.26 grams platinum per tonne and 2.98 grams palladium per tonne from 1952 to 1954.

The historic, near-surface Parkin resource — 2 km south of the Milnet mine — was published in 2002 and encompassed five mineralized zones along a 750-metre strike length of the Parkin offset dike.

The historic indicated resource tallied 264,000 tonnes grading 0.7% copper, 0.7% nickel, 0.62 gram platinum, 0.80 gram palladium and 0.23 gram gold, and the inferred resource measured 87,000 tonnes grading 0.7% copper, 0.4% nickel, 1.2 grams platinum, 1.1 grams palladium and 0.6 gram gold. The historic resource occurs between surface to over 200 metres deep. The grade of the resource is low compared to other Sudbury operations, with economics impacted by favourable milling and smelter charges. TNM

2016-09-13 10:23 PM

ONTARIO

GLOBAL MINING NEWS

THE NORTHERN MINER / SEPTEMBER 19–25, 2016

13

Kirkland Lake Gold’s new CEO discusses vision for the company KIRKLAND LAKE From 7

AM: A lot of the hard work in the past has been done by previous management groups. Imagine that you have to run a marathon and someone has already run the first 20 miles.

You just have to continue on the path. When the Kirkland Lake team restarted mining in the mid-2000s, they bought the Macassa mine and the other four historical assets for $5 million. Today the company is worth $1.4 billion. These are the kinds of things we can achieve in the industry. The company acquired St Andrew Goldfields at the end of January 2016, and now has four operating mines and two centrally located milling facilities. What we want to do now is show long-term sustainable and profitable production, that’s the number-one goal, to keep costs down and get them even lower, and also invest in exploration and infrastructure.

TNM: How much mine life do you have remaining at your assets?

AM: Right now, the Holt mine has a five-year mine life and Holloway has maybe a year-and-a-half of mine life remaining. Taylor is a new mine, with a mine life of three to five years based on current reserves.

The goal is to demonstrate longterm, sustainable, responsible and profitable production. We have to invest in exploration and development at these assets, as there is a lot of gold to find.

At Macassa, the current reserves support a mine life of over five years.

We’ve got to continue to convert resources into reserves and grow the resources to show a longer mine life at Macassa, and ideally we’d like to see between five to 10 years of mine life at all of our operations.

We also need good processes and to build mines that operate as low-cost as possible. We may be in a good gold-price environment today, but I’ve seen cycles, and we should never be complacent when we have high gold prices, because prices can go down. If we can keep cash costs below US$650 per oz., we have an opportunity to be here for a long time.

TNM: Can you talk a little about your exploration plans in Ontario?

AM: We recently raised $15 million as part of a flow-through financing and our goal is to beef up our exploration spending, as we have a lot of ground to explore.

We have prospective targets within the Kirkland Lake Camp, and this area is the priority for exploration. At Macassa, the South Mine Complex (SMC) was discovered in 2003, so it is fairly new. We’re going to test the easterly extension of the SMC and look for similar mineralization across a 3 km strike length, as well as test the older parts of the camp at depth. The possibilities of revitalizing the Kirkland Lake Camp are tremendous.

Similarly, around Holt and Holloway, which sit 80 km north of Kirkland Lake along the PorcupineDestor fault zone (PDFZ), there is exploration upside there, and it’s been under-explored.

If you don’t spend the money to drill the holes, you’re not going to find anything. You can spend money just sitting in an office, but you have to spend money doing physical work, and we have a lot of exploration to do.

If we get a sense of the geology and mineralization there are many discoveries to come out of that region — the area that we have both in Kirkland Lake as well as along the PDFZ at Holt, Holloway and Taylor.

All of our assets are pretty close — about within an 80 km radius.

We boosted our exploration up to $24 million for 2016, and added $6 million in flow-through funds.

1-5,7-13,18,20_SEPT19_Main .indd 13

Kirkland Lake Gold’s Holt gold mine in northeastern Ontario.

Some of the $15 million from the financing is going to carry over into exploration next year. Starting in 2017 and 2018, we expect to spend no less than $25 million each year on exploration.

TNM: How will the exploration funds be spent for the rest of this year?

AM: Most of it will be used on surface drilling and looking for deposits — not necessarily looking at extensions of old deposits, but extensions of previous discoveries that hadn’t been mined.

At Kirkland Lake, the Macassa mine is on the far west part of the property, including discoveries like the SMC. Historically, most of the ounces in Kirkland Lake came from the central part of our property along the Main Break system, namely at the Wright-Hargreaves, Lake Shore and Teck Hughes mines — well over 50% of the ounces mined in Kirkland Lake came from these three deposits.

We want to start near the SMC — the far western portion of the camp — and we want to move eastward to explore along the same horizon.

Nobody has explored for SMC-style mineralization along these three deposits, and that’s where most of the ounces were in the camp, so we want to explore back to the east.

We’re also going to explore the Main Break mineralization at depth.

These historical mines have been shut down, but there’s no reason to say the mineralization stopped at depth. There’s a lot of exciting exploration to be done within the Kirkland Lake Camp.

TNM: Can you elaborate on the SMC? AM: It’s a fairly new discovery, the grades are very good, with an average reserve grade of just over 19 grams.

You are in a camp that has had well over 75 years of mining, and we’ve found new mineralization, so it’s exciting. The grades are exceptional, and we are averaging over 15 grams per tonne, and the grade gets better at depth. So we can chase it to depth and to the southeast.

TNM: In May you released nicelooking intercepts from underground exploration drilling on the SMC. AM: At the SMC, underground drilling focused on the south claims, 800 metres south of the No. 2 shaft at the Macassa mine complex. Some

KIRKLAND LAKE GOLD

of the intercepts were 76.5 grams gold over 3.1 metres and 174.2 grams gold over 6 metres.

The potential to find more of that mineralization as we step out to the east beyond the border of the Macassa mine itself is exciting ... there is a lot of potential to find mineralization near some of the highest-grade underground deposits in the world.

TNM: What about the exploration potential at the Holt-Holloway and Taylor mines?

AM: Holt-Holloway has exploration upside. There are many discoveries from this area. We’re exploring along the PDFZ in areas that haven’t seen the exploration that Timmins or Kirkland Lake has had over the last 20 to 30 years, so that’s an exciting prospective area, as well.

The Porcupine camp has seen over 5 million metres of drilling. I doubt the property we have along the PDFZ has had more than half a million metres of drilling. The thing about this trend — the PDFZ — is that we’re in some of the oldest rocks in the world. These rocks could host mineralization very deep.

If you look at Agnico Eagle’s LaRonde mine in Quebec, it’s down well below 3,000 metres, and at Macassa, we’re down to 5,400 feet at the SMC, and we have found mineralization down to below 6,000 feet. We’re sitting at 1,300 metres below surface, and we intend to get down to 2,000 metres at Macassa.

TNM: Kirkland Lake Gold recently delivered another quarter of positive earnings, free cash flow and a strengthened balance sheet. At the end of the first half the company had cash and equivalents of $170 million. In terms of free cash flow you generated $57.3 million in the first half of the year, while corporate debt at the end of June stood at $119 million. As for production, the company produced 130,613 oz. gold at operating costs of US$641 per oz. gold sold and at AISCs of US$925 per oz. gold sold. Are you happy with these numbers?

AM: The company is generating free cash and we are well funded to continue our work. Our convertible debentures total $119 million. One is due in June 2017 and a second at the end of December 2017. We are putting ourselves in a strong position to pay both of them back.

High Grade Gold Deposit moving to Production in White River, Ontario — Currently Mining 70,000 tonne Bulk Sample Geophysics Survey completed 5,000m Drill Program Underway

TSX - HRT

We also have an opportunity to buy back 1% of our royalty with Franco-Nevada on our Kirkland Lake properties for US$30 million — before the end of October. We’re looking seriously at doing this, as well as buy back our other debt when it comes due.

TNM: What about production?

AM: We produced over 130,000 oz. in the first half and we have full-year guidance of 270,000 to 290,000 oz., so we think the second half of the year is going to be better than the first half.

We’re looking to do 10,000 more oz. gold in the second half than in the first half of the year. We expect to have a solid second half of the year and we could beat our cash cost guidance.

TNM: Are AISCs a little high? Your guidance for this year is US$1,000US$1,050 per oz. gold produced.

AM: It’s not high if you look at the industry as a whole. Our AISCs are lower than the industry’s average, and it is a fairly fully loaded cost, with all capital included. We’re competitive in cost structure. We’d like to get it down more.

At US$1,050 per oz. it shows that in this gold market environment we still need to maintain prudency.

Our goal is to create sustainable, long-term profitability.

TNM: Are you contemplating any acquisitions, or do you have enough ground to keep you busy for a while?

AM: We are fairly well set up in terms of our land position. We’re well situated along the ’04/Main Break in the Kirkland Lake Camp and similarly well situated along the PDFZ, so we have fairly good land. Definitely there are pieces in between that we don’t own, and we’re always interested in growing our land position.

We have two mills in the area, and if we can keep the mills full feeding from a number of sources, it’s going to be beneficial. We’re happy with our land position, but we’re always open to looking for other pieces of ground around us. There’s opportunity for growth at Macassa, and Taylor is really coming on. There is potential to grow production from organic internal growth.

And on exploration, we have the opportunity to look at other deposits and look at ways to bring in discoveries and development.

TNM: Perhaps we should close with Macassa, where you started working in 1992 as head of technical services when the mine was owned

by Kinross Gold. What are your goals for Macassa?

AM: Production there is close to 160,000 oz. a year. We have a good, experienced and well-motivated workforce. My goal is to demonstrate long-term sustainable production at these levels. That’s pretty exciting and ties in with the exploration.

Macassa will be our launching point for the rest of the camp as well.

I can see Machos over the next five years re-establishing some of the old shafts for more ventilation, and maybe a new shaft into the heart of the mineralization to support the SMC to the east and along the east end of the property. This would be important for the company.

We have a lot of growth and value to provide as we continue our work ... and a lot of good people on the ground to get this done. TNM

This is what $16 million looks like

Our 2007 geotechnical study recommended a 5° increase to the pit slopes of Capstone’s Minto copper-gold mine in the Yukon. Estimates suggested this would reduce waste stripping by ~4.5 million tonnes.

As our rock engineering predicted, the steeper, stable pit slopes saved ~$16 million in stripping costs.

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2016-09-13 10:23 PM

14

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: SEPTEMBER 6–9, 2016 (100s) Stock

WWW.NORTHERNMINER.COM

SEPTEMBER 19–25, 2016 / THE NORTHERN MINER

Week

12-month

Exc Volume High Low Last Change High Low

A 37 Capital One 3 92 Resources V 3805 Abcourt Mines* O 47 Aben Res* O 110 Aben Res V 287 Aberdeen Intl* O 52 Aberdeen Intl T 303 Abitibi Royalt V 36 ABT Holdings* O 53 Acacia Mining* O 10 291 Acme Res Inc V Adamera Mnls V 1506 Adamera Mnls* O 332 Adex Mining V 62 Adriana Res V 116 Advance Gold V 34 O 59 Advantage Lith* Advantage Lith V 725 African Gold V 1940 O 31 African Metals* African Metals V 314 African Queen V 1527 Agave Silver* O 21 Agave Silver V 379 Agnico Eagle T 3446 Agnico Eagle* N 11247 Agrium T 1697 Agrium* N 3244 Aguila Amer Gd V 229 Aim Explor* O 5760 Alabama Graph* O 352 Alabama Graph V 1818 Alacer Gold T 5013 Alamos Gold T 4476 Alamos Gold* N 8666 Alaska Pac Egy* O 2 Alba Minerals V 50 Alberta Star* O 27 Alchemist Mng 740 Alcoa* N 90655 Alderon Iron* O 14 Alderon Iron T 204 Aldershot Res V 41 Aldever Res* O 29 Aldever Res V 1254 Aldrin Res V 234 Alexander Nubi V 1157 Alexander Nubi* O 219 Alexandria Min V 3464 O 768 Alexandria Min* Alexco Res T 714 Algold Res V 2799 Alianza Min* O 35 Alianza Min V 99 Alix Res* O 13 Alliance Res* D 1618 Almaden Mnls T 277 Almaden Mnls* X 2454 Almadex Min V 322 Almadex Min* O 324 Almo Capital V 1517 Almonty Ind V 90 ALQ Gold V 5 Alset Energy V 644 Alta Vista Vnt 245 Altan Nev Mnls V 222 Alternative ER V 591 Alternative ER* O 273 Altiplano Mnls V 17 Altitude Res V 1480 Altius Mnrls T 146 Alto Vent V 310 Altura Mng Ltd* O 113 Alumina Inc* O 28 ALX Uranium V 465 Am Creek Res V 846 Am CuMo Mng* O 59 Am CuMo Mng V 451 Am Manganese* O 196 V 6921 Am Manganese Amador Gold* O 1 Amarc Res V 174 Amarc Res* O 35 Amarillo Gold V 850 Amato Expl V 513 Amazing OG* O 26 O 214 Amer Vanadium* American Lith V 679 Americas Petro V 3518 Americas Silvr T 3688 Americas Silvr* O 1026 Amerigo Res* O 79 Amex Expl V 596 AMI Res V 60 T 1210 Anaconda Mng Anaconda Mng* O 60 Anconia Res V 81 Andes Gold* O 63 Anfield Nickel V 876 Anfield Res V 565 Angel Gold* O 138 Angkor Gold V 74 Anglo American* O 287 Anglo American* O 1 V 261 Anglo-Can Mng AngloGold Ash* N 21420 Anthem United* O 1991 Anthem United V 14607 Antioquia Gold V 108 Antipodes Gold V 34 Apogee Silver V 63 Apogee Silver* O 3 Applied Mrnls* O 195 AQM Copper V 287 Aquila Res* O 987 Aquila Res T 1538 Arch Coal* O 1383 Archon Mineral V 4 Arco Res V 68 Arctic Star V 743 Arcus Dev Grp V 301 Arena Mnls V 584 Argentum Silvr V 418 T 811 Argex Titanium Argex Titanium* O 41 Argonaut Gold T 5262 Argonaut Gold* O 126 Argus Metals V 112 Arian Silver* O 81 Arianne Phosph V 262 Arianne Phosph* O 94 Armor Mnrls V 40 Arrowstar Res V 61 Asanko Gold T 7829 Asanko Gold* X 3290 Ascot Res V 577 Ashburton Vent V 1552 Asian Minl Res V 42 Aston Bay V 301 Astorius Res V 525 ATAC Res V 3525 Atacama Pac Gd* O 5 Atacama Pac Gd V 1133 Athabasca Mnls V 153 Athabasca Nclr V 276 Athena Silver* O 65 Atico Mng V 316 Atico Mng* O 148 Atlanta Gold* O 41 Atlantic Gold V 896 Atlatsa Res T 135 Atlatsa Res* O 326 Augustine Vent 196 Augyva Mng V 821 Aura Mnls T 340 Auramex Res V 93 Aurania Res V 52 Aurcana Corp* O 139 Aurcana Corp V 677 AurCrest Gold V 572 Aureus Mng* O 19 AuRico Metals * O 599 AuRico Metals T 2099 Aurion Res V 618 Aurvista Gold V 1033 Aurvista Gold* O 102 Auryn Res* O 478 Austin Res V 3003 Avalon Adv Mat T 1143 Avalon Adv Mat* O 349 Avarone Metals 163 Avino Silver* X 2470 Avino Silver V 232 Avnel Gold T 1553 Avnel Gold * O 205 Avrupa Mnls V 771 AXE Expl V 2724 Axiom Mng* O 2 AZ Mining T 4380 Azarga Mtls V 19 Azarga Mtls* O 1 Azarga Uranium* O 101 Azarga Uranium T 163 Azimut Expl V 186 Azincourt Uran V 240 Azincourt Uran* O 43 Azteca Gold* O 380

0.25 0.25 0.25 + 0.15 0.25 0.05 0.22 0.18 0.19 - 0.01 0.28 0.03 0.08 0.07 0.08 + 0.00 0.10 0.02 0.16 0.14 0.15 + 0.01 0.26 0.03 0.20 0.17 0.20 + 0.01 0.34 0.06 0.13 0.12 0.12 + 0.00 0.16 0.07 0.18 0.16 0.16 - 0.01 0.24 0.10 8.63 7.70 8.00 - 0.10 9.95 2.20 0.65 0.32 0.34 - 0.31 0.76 0.05 6.80 0.00 6.80 - 0.67 7.47 2.40 0.06 0.04 0.04 - 0.02 0.12 0.02 0.11 0.09 0.10 - 0.01 0.15 0.01 0.09 0.07 0.09 + 0.01 0.12 0.01 0.02 0.00 0.02 + 0.01 0.02 0.01 0.12 0.12 0.12 - 0.01 0.15 0.08 0.06 0.00 0.06 - 0.01 0.10 0.01 0.65 0.57 0.62 + 0.04 0.69 0.49 0.90 0.70 0.82 + 0.07 0.90 0.14 0.10 0.08 0.10 + 0.01 0.12 0.03 0.06 0.03 0.06 + 0.03 0.06 0.01 0.08 0.04 0.08 + 0.04 0.11 0.02 0.07 0.05 0.06 + 0.01 0.14 0.01 0.09 0.07 0.08 + 0.01 0.12 0.01 0.13 0.10 0.10 - 0.01 0.15 0.02 72.54 66.28 66.48 - 3.25 78.35 28.15 56.25 50.80 50.97 - 2.60 60.10 21.22 128.55 122.70 124.14 - 3.49 139.10 104.70 98.95 94.19 95.21 - 2.97 105.60 79.94 0.10 0.09 0.09 + 0.01 0.14 0.03 0.01 0.00 0.00 - 0.00 0.20 0.00 0.14 0.13 0.13 + 0.01 0.18 0.08 0.18 0.16 0.17 + 0.01 0.24 0.11 3.41 3.05 3.09 - 0.08 3.64 2.08 10.74 9.79 10.25 + 0.12 13.65 3.27 8.37 7.52 7.88 + 0.10 10.41 2.27 0.06 0.00 0.00 - 0.02 0.20 0.00 0.07 0.06 0.06 - 0.01 0.11 0.01 0.28 0.00 0.25 - 0.02 0.28 0.12 0.05 0.04 0.05 + 0.01 0.10 0.02 10.33 9.49 9.60 - 0.53 11.50 6.14 0.10 0.00 0.08 - 0.02 0.17 0.05 0.13 0.12 0.12 - 0.01 0.22 0.07 0.07 0.06 0.06 - 0.01 0.07 0.01 0.04 0.00 0.04 - 0.01 0.19 0.04 0.07 0.06 0.06 - 0.01 0.26 0.06 0.10 0.09 0.09 - 0.01 0.15 0.08 0.14 0.08 0.08 - 0.06 0.16 0.04 0.09 0.07 0.07 - 0.03 0.12 0.03 0.09 0.08 0.08 - 0.01 0.12 0.02 0.08 0.06 0.06 - 0.00 0.10 0.01 2.80 2.40 2.54 - 0.01 3.31 0.35 0.38 0.30 0.35 + 0.03 0.40 0.07 0.10 0.10 0.10 + 0.01 0.17 0.07 0.14 0.13 0.13 + 0.01 0.21 0.10 0.06 0.06 0.06 + 0.00 0.12 0.03 22.08 20.27 21.30 + 0.47 25.36 9.95 2.22 1.80 1.80 - 0.07 2.44 0.65 1.75 1.37 1.39 - 0.08 1.88 0.48 1.05 0.90 0.90 - 0.09 1.17 0.14 0.82 0.70 0.70 - 0.07 0.91 0.01 0.13 0.10 0.11 + 0.01 0.14 0.05 0.35 0.33 0.33 - 0.01 0.78 0.21 0.12 0.11 0.11 - 0.02 0.15 0.03 0.35 0.28 0.30 - 0.01 0.84 0.02 0.07 0.00 0.06 + 0.01 0.25 0.03 0.03 0.02 0.03 + 0.01 0.05 0.01 0.36 0.28 0.28 - 0.06 0.36 0.06 0.27 0.21 0.22 - 0.05 0.27 0.05 0.14 0.10 0.10 - 0.04 0.22 0.04 0.09 0.05 0.08 + 0.03 0.15 0.02 10.28 9.90 10.01 + 0.11 13.89 7.39 0.07 0.06 0.06 - 0.01 0.09 0.02 0.14 0.12 0.14 + 0.01 0.30 0.06 4.37 4.10 4.10 - 0.03 4.73 2.70 0.11 0.10 0.10 + 0.01 0.15 0.06 0.11 0.09 0.11 + 0.01 0.12 0.03 0.09 0.08 0.08 - 0.01 0.12 0.04 0.12 0.09 0.10 - 0.02 0.16 0.06 0.16 0.12 0.14 - 0.01 0.20 0.01 0.21 0.15 0.19 - 0.01 0.26 0.01 0.01 0.00 0.00 - 0.00 0.01 0.00 0.12 0.10 0.11 + 0.01 0.13 0.04 0.10 0.07 0.08 + 0.01 0.10 0.02 0.46 0.39 0.39 - 0.06 0.68 0.04 0.06 0.05 0.05 - 0.01 0.10 0.01 0.51 0.40 0.47 + 0.02 1.06 0.29 0.03 0.01 0.02 - 0.01 0.07 0.00 0.59 0.51 0.51 - 0.02 1.62 0.05 0.21 0.17 0.19 + 0.01 0.28 0.15 0.41 0.36 0.36 - 0.01 0.48 0.09 0.32 0.27 0.28 - 0.01 0.37 0.04 0.13 0.11 0.11 - 0.01 0.26 0.07 0.05 0.04 0.05 + 0.01 0.08 0.02 0.09 0.06 0.09 + 0.03 0.10 0.03 0.10 0.09 0.10 + 0.01 0.11 0.04 0.08 0.06 0.07 - 0.01 0.09 0.02 0.07 0.05 0.05 - 0.02 0.09 0.01 0.01 0.00 0.00 - 0.00 1.00 0.00 1.60 1.42 1.53 - 0.01 1.94 0.52 0.27 0.23 0.24 - 0.01 0.31 0.05 0.09 0.08 0.08 + 0.01 0.11 0.01 0.48 0.45 0.45 - 0.02 0.50 0.38 5.67 5.25 5.53 + 0.21 5.81 1.57 11.20 0.00 11.20 + 0.38 11.75 3.13 0.02 0.01 0.01 - 0.01 0.03 0.01 17.86 16.12 16.16 - 0.88 22.91 6.20 0.25 0.18 0.19 - 0.01 0.25 0.15 0.32 0.24 0.25 + 0.01 0.39 0.14 0.10 0.08 0.08 - 0.02 0.11 0.04 0.03 0.03 0.03 - 0.01 0.04 0.01 0.34 0.28 0.29 + 0.01 0.58 0.11 0.25 0.20 0.25 + 0.05 0.45 0.08 0.17 0.11 0.15 - 0.02 0.43 0.11 0.16 0.12 0.14 - 0.03 0.17 0.03 0.25 0.20 0.21 - 0.03 0.25 0.09 0.32 0.26 0.27 - 0.04 0.32 0.13 0.36 0.28 0.29 - 0.03 5.22 0.11 1.75 1.40 1.50 + 0.10 2.10 1.30 0.09 0.07 0.08 + 0.02 0.09 0.03 0.04 0.03 0.03 - 0.01 0.10 0.01 0.10 0.09 0.09 - 0.01 0.20 0.01 0.19 0.17 0.19 + 0.02 0.34 0.17 0.35 0.12 0.27 + 0.07 0.35 0.02 0.07 0.06 0.06 + 0.01 0.13 0.02 0.05 0.05 0.05 + 0.00 0.09 0.01 3.90 3.35 3.53 - 0.08 4.45 0.78 3.01 2.60 2.72 - 0.04 3.38 0.53 0.09 0.07 0.09 + 0.01 0.15 0.02 0.02 0.01 0.01 - 0.00 0.21 0.00 0.94 0.80 0.80 - 0.10 1.25 0.68 0.74 0.61 0.63 - 0.06 0.98 0.52 0.55 0.00 0.55 - 0.12 0.85 0.12 0.14 0.12 0.14 + 0.02 0.15 0.04 5.98 5.26 5.32 - 0.56 6.00 1.77 4.65 4.04 4.10 - 0.44 4.65 1.27 2.83 2.30 2.76 + 0.29 2.76 0.80 0.04 0.04 0.04 - 0.01 0.07 0.01 0.04 0.03 0.03 - 0.01 0.05 0.02 0.47 0.40 0.40 - 0.05 0.49 0.12 0.29 0.22 0.29 + 0.02 0.27 0.01 0.70 0.51 0.52 - 0.16 0.95 0.26 0.61 0.53 0.53 - 0.02 0.79 0.09 0.85 0.65 0.70 - 0.15 1.02 0.14 0.19 0.17 0.17 - 0.02 0.35 0.15 0.12 0.10 0.10 - 0.01 0.17 0.02 0.10 0.07 0.10 - 0.00 0.15 0.02 0.65 0.51 0.52 - 0.06 0.65 0.16 0.48 0.40 0.40 - 0.08 0.48 0.12 0.06 0.06 0.06 - 0.00 0.09 0.03 1.05 0.88 1.00 + 0.12 1.00 0.23 0.11 0.10 0.10 - 0.01 0.13 0.03 0.08 0.08 0.08 + 0.00 0.10 0.02 0.14 0.11 0.12 - 0.02 0.17 0.03 0.12 0.10 0.12 + 0.02 0.13 0.08 0.21 0.17 0.20 + 0.02 0.31 0.06 0.03 0.02 0.02 - 0.01 0.03 0.01 0.62 0.60 0.60 - 0.02 0.65 0.30 0.50 0.43 0.47 + 0.01 0.63 0.07 0.64 0.55 0.60 + 0.01 0.80 0.09 0.04 0.00 0.03 + 0.01 0.05 0.01 0.04 0.03 0.04 + 0.01 0.31 0.03 0.80 0.75 0.76 + 0.01 0.91 0.37 1.04 0.96 0.99 + 0.01 1.22 0.55 0.48 0.38 0.39 - 0.05 0.49 0.04 0.27 0.22 0.22 - 0.03 0.39 0.03 0.20 0.16 0.16 - 0.03 0.29 0.02 2.72 2.37 2.61 + 0.21 3.18 0.70 0.03 0.01 0.02 + 0.01 0.04 0.01 0.22 0.20 0.21 + 0.01 0.33 0.10 0.17 0.15 0.17 + 0.01 0.26 0.07 0.05 0.00 0.05 + 0.01 0.14 0.02 2.50 2.15 2.21 - 0.07 3.14 0.71 3.21 2.82 2.86 - 0.09 4.05 1.03 0.30 0.28 0.28 - 0.01 0.39 0.18 0.24 0.21 0.22 + 0.01 0.30 0.13 0.17 0.15 0.15 - 0.02 0.25 0.08 0.04 0.03 0.03 + 0.01 0.04 0.01 0.19 0.18 0.18 - 0.01 0.23 0.01 2.47 1.92 2.38 + 0.42 2.45 0.22 0.27 0.00 0.27 + 0.02 0.32 0.05 0.24 0.00 0.24 + 0.06 1.00 0.03 0.22 0.18 0.22 + 0.04 0.29 0.18 0.31 0.23 0.31 + 0.08 0.40 0.23 0.60 0.52 0.53 - 0.04 0.68 0.10 0.07 0.07 0.07 + 0.01 0.08 0.04 0.05 0.05 0.05 - 0.00 0.07 0.02 0.00 0.00 0.00 - 0.00 0.01 0.00

B

14-15_SEPT19_StockTables.indd 14

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

B2Gold* X 26505 B2Gold T 31703 Bacanora Mnls V 58 Baja Mng* O 126 Balmoral Res* O 694 Bama Gold 300 Bandera Gold V 5 Bannerman Res* O 79 Banro* X 5218 Banro T 681 Bard Vent V 91 Barisan Gold* O 162 Barker Mnrls V 1797 Barkerville Go* O 131 Barkerville Go V 1274 Barksdale Cap V 47 Baroyeca Go&Si V 330 Barrick Gold T 18644 Barrick Gold* N 82359 Barsele Min V 331 Barsele Min* O 71 Batero Gold V 382 Battle Mtn Gld V 155 Battle Mtn Gld* O 135 Bayhorse Silvr* O 243 Bayhorse Silvr V 2105 Bayswater Uran* O 37 Bayswater Uran V 179 BC Moly V 158 BCGold V 627 Bear Creek Mng V 869 Bearing Res V 88 Beaufield Res V 499 Beaufield Res* O 172 Beeston Ent* O 23 Bell Copper* O 14 Bell Copper V 442 Bellhaven Cp&G V 99 Bellhaven Cp&G* O 84 Belmont Res V 451 Belo Sun Mng T 2235 Belvedere Res V 67 Benton Res V 693 Berkeley Egy* O 7 Berkwood Res V 241 Besra Gold* O 610 BHK Mining V 106 Big North Grap* O 41 Big North Grap V 4367 Big Wind Cap 28 Bison Gold Res V 25 Bitterroot Res* O 50 Bitterroot Res V 51 Black Hills* N 1440 Black Isle Res V 325 Black Mam Mtls V 62 Black Widow Rs V 393 Blind Crk Res V 20 Blue Rvr Res V 2585 Blue Sky Uran* O 5 Blue Sky Uran V 91 Bold Vent V 287 BonTerra Res* O 9 BonTerra Res V 1268 Bowmore Expl V 174 Bravada Gold* O 78 Bravada Gold V 192 Bravo Multinat* O 2151 Bravura Vent 391 Brazil Mnrls* O 2808885 Brazil Res V 4476 Brionor Res V 7 Britannia Mng* O 47 Brixton Mtls* O 117 Brookmount Exp* O 90 Buenaventura* N 8472 Buffalo Coal V 337 Bullfrog Gold* O 178

2.99 2.68 2.70 - 0.11 3.65 0.60 3.82 3.50 3.51 - 0.14 4.74 0.86 1.64 1.50 1.54 + 0.02 2.04 1.17 0.00 0.00 0.00 + 0.00 0.03 0.00 0.96 0.81 0.90 + 0.02 0.99 0.23 0.11 0.00 0.11 - 0.01 0.20 0.05 0.01 0.00 0.01 + 0.01 0.02 0.01 0.03 0.02 0.02 - 0.00 0.04 0.01 0.38 0.33 0.34 - 0.02 0.48 0.15 0.49 0.44 0.44 - 0.04 0.62 0.21 0.04 0.03 0.03 - 0.01 0.04 0.01 0.03 0.02 0.03 + 0.00 0.04 0.01 0.03 0.01 0.02 + 0.01 0.03 0.01 0.58 0.53 0.57 + 0.02 0.60 0.15 0.74 0.70 0.73 + 0.01 0.76 0.20 0.24 0.00 0.20 + 0.01 0.24 0.01 0.03 0.02 0.03 + 0.01 0.03 0.01 24.57 22.59 22.88 - 0.71 30.45 7.89 19.08 17.31 17.53 - 0.63 23.47 5.91 1.25 1.09 1.25 + 0.15 1.38 0.08 0.98 0.84 0.96 + 0.11 1.04 0.05 0.16 0.14 0.15 + 0.01 0.23 0.05 0.95 0.85 0.87 + 0.02 0.95 0.09 0.73 0.63 0.70 + 0.04 0.72 0.06 0.22 0.13 0.22 + 0.08 0.19 0.03 0.29 0.19 0.28 + 0.08 0.25 0.05 0.03 0.03 0.03 + 0.00 0.05 0.00 0.05 0.04 0.04 - 0.01 0.07 0.01 0.09 0.07 0.07 - 0.02 0.23 0.03 0.07 0.06 0.07 + 0.01 0.13 0.03 3.74 3.35 3.63 + 0.18 3.77 0.50 0.23 0.20 0.20 - 0.03 0.26 0.13 0.13 0.11 0.11 - 0.02 0.16 0.03 0.09 0.08 0.08 - 0.01 0.12 0.03 0.00 0.00 0.00 - 0.00 0.01 0.00 0.03 0.02 0.02 - 0.01 0.06 0.00 0.05 0.00 0.04 - 0.02 0.07 0.01 0.68 0.55 0.68 + 0.11 0.67 0.03 0.52 0.44 0.52 + 0.08 0.52 0.02 0.08 0.07 0.08 - 0.01 0.12 0.02 0.97 0.91 0.91 - 0.01 1.10 0.16 0.06 0.04 0.04 - 0.02 0.09 0.01 0.09 0.00 0.08 - 0.01 0.10 0.03 0.62 0.57 0.57 - 0.04 0.67 0.31 0.22 0.16 0.19 - 0.02 0.25 0.01 0.00 0.00 0.00 - 0.00 0.02 0.00 0.05 0.04 0.05 + 0.01 0.10 0.03 0.09 0.05 0.09 + 0.04 0.06 0.01 0.13 0.07 0.13 + 0.06 0.10 0.02 0.10 0.07 0.07 - 0.03 0.19 0.01 0.49 0.28 0.49 + 0.21 0.49 0.10 0.06 0.04 0.05 + 0.01 0.06 0.02 0.07 0.06 0.07 + 0.01 0.10 0.03 61.34 57.69 57.70 - 1.65 64.58 36.81 0.04 0.03 0.03 - 0.01 0.05 0.03 0.08 0.06 0.06 - 0.02 0.13 0.04 0.07 0.05 0.06 - 0.02 0.09 0.01 0.14 0.12 0.14 + 0.01 0.16 0.03 0.08 0.07 0.07 - 0.01 0.08 0.03 0.47 0.00 0.47 + 0.02 0.47 0.02 0.64 0.00 0.61 + 0.02 0.74 0.04 0.04 0.04 0.04 + 0.01 0.06 0.02 0.31 0.30 0.31 + 0.00 0.37 0.12 0.42 0.38 0.39 - 0.01 0.51 0.17 0.15 0.11 0.11 - 0.03 0.16 0.03 0.23 0.17 0.22 + 0.04 0.31 0.01 0.29 0.26 0.27 - 0.01 0.40 0.03 0.03 0.02 0.02 + 0.00 0.10 0.02 0.56 0.40 0.56 + 0.16 0.55 0.02 0.00 0.00 0.00 - 0.00 0.00 0.00 2.95 2.42 2.58 - 0.09 3.16 0.38 0.05 0.04 0.04 - 0.01 0.05 0.01 0.00 0.00 0.00 + 0.00 0.01 0.00 0.60 0.52 0.53 - 0.00 0.92 0.03 0.01 0.01 0.01 + 0.00 0.02 0.00 15.60 13.48 14.30 + 0.40 16.45 3.30 0.02 0.01 0.02 + 0.01 0.05 0.01 0.09 0.08 0.09 - 0.00 0.12 0.01

C Cache Expl V 273 0.12 0.11 0.12 + 0.01 0.15 0.03 Cadillac Vent V 448 0.04 0.03 0.04 + 0.01 0.05 0.01 Caledonia Mng* Q 137 1.49 1.34 1.47 + 0.08 1.50 0.48 Caledonia Mng T 315 1.93 1.72 1.91 + 0.01 2.00 0.66 Calibre Mng V 1831 0.17 0.14 0.15 + 0.02 0.27 0.06 California Gl* O 113 0.51 0.40 0.40 - 0.07 0.56 0.43 Callinex Mines* O 248 0.36 0.30 0.31 - 0.03 0.54 0.17 Callinex Mines V 708 0.47 0.39 0.39 - 0.07 0.69 0.23 Cameco Corp* N 11184 9.59 9.01 9.04 - 0.26 14.52 9.05 Cameco Corp T 5623 12.30 11.76 11.79 - 0.30 19.11 11.85 Cameo Res V 1953 0.06 0.05 0.06 + 0.01 0.10 0.04 Camino Mnls V 88 0.28 0.20 0.28 + 0.08 0.28 0.07 Canadian Zeol V 747 0.47 0.38 0.42 - 0.03 0.47 0.08 CanAlaska Uran V 708 1.43 1.15 1.20 - 0.10 1.55 0.09 CanAlaska Uran* O 185 1.10 0.88 0.89 - 0.11 1.20 0.06 Canamex Res* O 1687 0.04 0.02 0.03 - 0.01 0.06 0.02 Canamex Res V 4097 0.05 0.03 0.04 - 0.01 0.08 0.03 Canarc Res* Q 620 0.09 0.07 0.08 + 0.01 0.12 0.03 Canasil Res V 1185 0.72 0.64 0.65 - 0.02 0.73 0.03 Cancana Res V 65 0.52 0.41 0.50 + 0.05 0.52 0.13 Candelaria Mg V 10 0.35 0.32 0.35 + 0.03 0.40 0.06 Candente Coppr T 386 0.12 0.11 0.12 + 0.01 0.18 0.03 Candente Gold* O 6 0.05 0.04 0.04 - 0.00 0.06 0.00 Canex Energy V 821 0.05 0.00 0.04 + 0.02 0.05 0.01 Canoe Mng Vent V 94 0.06 0.05 0.05 - 0.01 0.09 0.02 Canstar Res V 462 0.16 0.12 0.14 - 0.02 0.16 0.04 Canterra Mnls V 345 0.09 0.06 0.08 - 0.01 0.10 0.03 Cantex Mn Dev V 83 0.12 0.09 0.12 + 0.01 0.15 0.03 Cap-Ex Iron V 698 0.11 0.10 0.11 + 0.01 0.11 0.01 Capstone Mng T 4445 0.72 0.66 0.68 - 0.01 0.97 0.27 Cardero Res V 36 0.21 0.19 0.19 - 0.02 0.26 0.08 Cardero Res* O 33 0.16 0.00 0.14 - 0.02 0.18 0.05 Cariboo Rose V 84 0.11 0.09 0.10 + 0.01 0.12 0.03 Carpathian Gld 7458 0.07 0.06 0.06 + 0.01 0.07 0.00 Carpathian Gld* O 369 0.06 0.05 0.06 + 0.01 0.06 0.06 Cartier Iron 122 0.06 0.05 0.06 + 0.01 0.11 0.01 Cartier Res V 195 0.16 0.15 0.16 + 0.01 0.19 0.04 Carube Copper* O 25 0.10 0.10 0.10 + 0.00 0.14 0.07 Carube Copper V 51 0.14 0.13 0.13 - 0.01 0.20 0.05 Cassidy Vents* O 1503 0.01 0.00 0.00 - 0.01 0.21 0.00 Castle Mtn Mng V 3683 1.15 0.96 1.14 + 0.14 1.16 0.18 Castle Peak Mg V 519 0.05 0.04 0.05 + 0.01 0.08 0.01 Castle Res 1 0.25 0.00 0.25 + 0.05 1.50 0.05 Cataca Res* O 5994 0.78 0.51 0.78 + 0.25 1.21 0.20 Caza Gold V 154 0.05 0.05 0.05 - 0.01 0.07 0.02 CB Gold V 72 0.17 0.15 0.17 + 0.02 0.18 0.04 Cda Carbon* O 122 0.24 0.23 0.23 - 0.00 0.28 0.18 Cda Carbon V 792 0.31 0.28 0.30 + 0.01 0.42 0.23 Cda Rare Earth V 394 0.04 0.03 0.04 + 0.01 0.05 0.02 Cda Strtgc Met * O 111 0.18 0.16 0.16 - 0.01 0.19 0.01 Cda Strtgc Met V 3036 0.24 0.15 0.16 - 0.06 0.26 0.03 Cda Zinc Mtls V 882 0.42 0.35 0.38 - 0.03 0.44 0.10 Cdn Arrow V 1917 0.02 0.01 0.02 + 0.01 0.02 0.01 Cdn Intl Mnrls V 259 0.04 0.00 0.04 + 0.01 0.13 0.01 Cdn Zinc T 1115 0.34 0.32 0.33 - 0.01 0.41 0.06 Cdn Zinc* Q 197 0.27 0.24 0.25 - 0.01 0.32 0.04 Centamin T 258 2.76 2.57 2.57 - 0.12 3.05 1.15 Centaurus Diam* O 79 0.14 0.00 0.12 - 0.01 0.34 0.02 Centenera Mng V 195 0.28 0.24 0.26 + 0.01 0.40 0.02 Centenera Mng* O 8 0.22 0.18 0.22 + 0.04 0.26 0.02 Centerra Gold T 5603 7.41 6.78 6.87 - 0.26 8.67 5.64 Chalice Gold M* O 17 0.15 0.12 0.15 + 0.03 0.18 0.08 Chalice Gold M T 258 0.17 0.16 0.16 - 0.01 0.21 0.10 Champion Bear* O 11 0.07 0.07 0.07 + 0.01 0.08 0.02 Champion Iron T 207 0.25 0.23 0.24 + 0.01 0.30 0.13 Chantrell Vent V 500 0.11 0.10 0.11 + 0.01 0.19 0.06 Chesapeake Gld V 153 5.95 5.65 5.70 + 0.01 6.50 1.39 Chesapeake Gld* O 81 4.62 4.38 4.50 + 0.12 5.03 1.05 Chevron* N 28862 104.35 100.26 101.27 + 0.34 107.58 74.31 Chiboug Ind Mn V 66 0.18 0.13 0.13 - 0.04 0.26 0.03 Chieftain Mtls V 210 0.06 0.05 0.05 - 0.01 0.23 0.03 Chilean Metals* O 29 0.16 0.13 0.14 - 0.02 0.22 0.02 Chilean Metals V 167 0.20 0.17 0.19 + 0.02 0.30 0.02 China Gold Int T 3164 3.06 2.60 2.98 + 0.15 3.06 1.70 China Mnls Mng V 444 0.02 0.02 0.02 - 0.01 0.03 0.01 CKR Carbon V 1238 0.08 0.07 0.07 - 0.01 0.13 0.06 Clifton Mng* O 10 0.15 0.14 0.15 + 0.01 0.16 0.05 Cloud Peak En* N 7119 4.24 3.88 4.04 + 0.01 4.28 1.08 CMC Metals V 518 0.13 0.11 0.11 - 0.02 0.32 0.05 Coeur Mng* N 33710 15.35 13.16 13.29 - 0.20 16.41 1.62 Colibri Res V 23 0.19 0.16 0.18 - 0.01 0.22 0.02 O 7 0.01 0.01 0.01 - 0.00 0.01 0.00 Colombia Crest* Colombia Crest V 447 0.03 0.02 0.02 - 0.01 0.04 0.01 Colombian Mins V 58 0.18 0.15 0.18 + 0.03 0.23 0.02 Colonial Coal V 1687 0.15 0.09 0.14 + 0.04 0.18 0.02 Colorado Res V 1144 0.53 0.44 0.45 - 0.02 0.71 0.05 Colorado Res* O 329 0.42 0.34 0.35 - 0.01 0.54 0.04 Columbus Gold* O 235 0.61 0.57 0.58 - 0.00 0.72 0.23 Commander Res V 392 0.07 0.06 0.07 + 0.01 0.08 0.01 Commerce Res* O 181 0.06 0.05 0.06 + 0.01 0.08 0.04 Comstock Mng* X 2061 0.41 0.37 0.38 + 0.00 0.70 0.33 Comstock Mtls V 205 0.34 0.29 0.29 - 0.02 0.43 0.05 Comstock Mtls * O 16 0.27 0.00 0.22 - 0.01 0.33 0.10 Confedertn Ml* O 17 0.56 0.53 0.56 + 0.03 0.63 0.31 Confedertn Mls V 96 0.72 0.48 0.50 - 0.20 9.00 0.60 Conquest Res V 170 0.04 0.03 0.04 + 0.01 0.07 0.01 Cons Woodjam V 72 0.08 0.07 0.07 - 0.01 0.08 0.02 CONSOL Energy* N 20070 19.76 17.62 17.80 - 0.57 19.76 4.54 Constant Mtl V 445 0.11 0.09 0.09 - 0.02 0.15 0.05 Contintl Gold* O 174 3.21 2.74 3.00 + 0.13 3.31 0.88 Contintl Gold T 2622 4.26 3.56 3.90 + 0.14 4.32 1.28 Contintl Prec* O 1 0.25 0.00 0.25 - 0.00 0.27 0.18 Copper Ck Gold V 12 0.10 0.08 0.10 + 0.02 0.10 0.05 Copper Fox Mtl* O 37 0.10 0.08 0.08 + 0.00 0.17 0.08 Copper Mtn Mng* O 70 0.38 0.33 0.36 + 0.03 0.52 0.23 Copper Mtn Mng T 832 0.51 0.45 0.47 + 0.01 0.70 0.33 Copper North M V 79 0.18 0.00 0.18 + 0.03 0.45 0.13 Copper North M* O 6 0.10 0.00 0.10 - 0.00 0.15 0.10 Copper One V 114 0.19 0.14 0.18 + 0.04 0.30 0.03 Copperbank Res* O 4 0.06 0.05 0.05 - 0.01 0.08 0.01 Copperbank Res 445 0.08 0.00 0.07 - 0.01 0.10 0.03 Coral Gold V 312 0.34 0.31 0.32 - 0.01 0.39 0.05

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Corazon Gold V 49 Cordoba Mnls* O 272 Corex Gold V 1347 Cornerstone Ca V 2320 Cornerstone Ca* O 86 Coro Mining T 1449 Coronet Mtls V 90 Coronet Mtls* O 15 Corsa Coal V 12036 Corvus Gold T 138 Corvus Gold* O 85 Cougar Mnls V 184 Crazy Horse Res V 164 Critical Elem V 458 Critical Elem* O 35 Crown Mining V 83 Cruz Cap Corp* O 19 Crystal Pk Min* O 204 Crystal Pk Min V 205 10 CWN M’g Acq V Cyclone Uran* O 55 Cypress Dev* O 165 Cypress Dev V 474 Cyprium Mng V 4054

0.35 0.00 0.32 + 0.02 0.45 0.18 0.67 0.59 0.62 + 0.02 0.79 0.08 0.13 0.11 0.13 - 0.01 0.21 0.03 0.11 0.09 0.10 + 0.01 0.12 0.02 0.09 0.07 0.08 + 0.01 0.09 0.01 0.17 0.14 0.14 - 0.02 0.21 0.02 0.50 0.43 0.47 - 0.01 0.60 0.03 0.36 0.33 0.33 - 0.02 0.47 0.02 0.11 0.05 0.09 + 0.04 0.10 0.02 1.00 0.88 0.88 - 0.06 1.38 0.33 0.80 0.68 0.70 - 0.03 1.05 0.25 0.49 0.38 0.45 + 0.03 0.82 0.08 0.04 0.00 0.04 + 0.01 0.07 0.01 0.58 0.54 0.56 - 0.01 0.75 0.14 0.45 0.42 0.43 - 0.02 0.58 0.10 0.15 0.09 0.10 - 0.05 0.20 0.04 0.48 0.45 0.48 + 0.03 0.48 0.20 0.18 0.14 0.16 - 0.02 0.32 0.11 0.22 0.00 0.21 - 0.01 0.42 0.13 0.16 0.16 0.16 + 0.03 0.25 0.11 0.00 0.00 0.00 - 0.00 0.00 0.00 0.11 0.08 0.10 - 0.01 0.16 0.01 0.14 0.11 0.13 - 0.01 0.20 0.02 0.07 0.06 0.06 - 0.01 0.13 0.06

Dajin Res V 748 Dajin Res* O 459 Dakota Ter Res* O 221 Dalradian Res* O 1237 Dalradian Res T 3225 Damara Gold V 31 Danakali* O 139 Darnley Bay V 109 Debut Dmds 441 Decade Res V 518 Decade Res* O 250 Declan Res 741 Defiance Silvr* O 239 Defiance Silvr V 639 Del Toro Silvr* O 1361 Delrand Res V 1207 X 898 Denison Mines* Desert Gold V 1003 Desert Star V 93 Detour Gold T 5388 Diamante Min* O 155 Diamcor Mng V 34 Diamcor Mng* O 16 Diamond Fields V 55 Dios Expl V 80 Discovery Gold* O 319 Ditem Explor* O 33 DNI Metals* O 32 Dolly Vard Sil* O 27 97 Dolly Vard Sil V Dominion Diam T 1690 Dominion Diam* N 3212 Double Crn Res* O 717 Doubleview Cap V 1211 DRDGOLD* N 2996 Duncan Park H V 926 Dundee Prec Mt T 2082 Dunnedin Vent* O 15 Duran Vent * O 1 Duran Vent V 310 Durango Res* O 24 DuSolo Fertil V 299 Dynacor Gld Mn T 480 DynaResource* O 4 O 37 Dynasty Met&Mn* Eagle Graphite* O 113 Eagle Plains V 302 East Africa V 1718 East Africa * O 58 EastCoal Inc V 451 Eastern Platin* O 5 Eastern Platin T 685 Eastern Res* O 62 Eastfield Res V 38 Eastmain Res T 4129 Eco Oro Mnls T 87 O 72 eCobalt Solns* Ecuador Gold V 106 Edgewater Expl* O 84 El Capitan Prc* O 3342 El Nino Vent V 444 Elcora Res V 303 Eldorado Gold* N 42105 Eldorado Gold T 22319 Electra Stone V 707 Eloro Mnrls V 75 Eloro Mnrls* O 116 Ely Gold & Mnl* O 265 Ely Gold & Mnl V 347 Elysee Dev V 45 Emerita Res V 340 Emgold Mng V 222 Emgold Mng* O 3 Encanto Potash V 730 Endeavour Mng T 2441 Endeavour Mng* O 47 Endeavr Silver T 3101 Energizer Res T 1060 Energizer Res* O 402 Energy Fuels T 139 Energy Fuels* X 427 Engold Mines V 549 Ensurge* O 151 Entree Gold* X 1129 Entree Gold T 206 Equitas Res* O 802 Equitas Res V 4796 Equitorial Ex V 4837 Era Res Inc V 6 Erdene Res Dev T 485 Erdene Res Dev* O 56 Erin Ventures V 653 Eros Res Corp V 241 Eros Res Corp V 241 Eskay Mng V 130 Ethos Gold* O 10 Eurasian Mnls V 99 Eurasian Mnls* X 473 EurOmax Res* O 12 EurOmax Res T 393 Everest Vent V 143 Everton Res V 1422 Everton Res* O 78 Evolving Gold 89 Evolving Gold* O 32 Evrim Res V 118 Excalibur Res* O 25 Excellon Res* O 554 Excellon Res T 1351 Excelsior Mng* O 59 Exeter Res* X 918 Exeter Res T 399 Explor Res* O 110 Explor Res V 1091 Fairmont Res V 627 Falco Res V 1471 Falcon Gold V 55 Far Res 723 Fieldex Expl V 771 Filo Mg Corp V 629 Finlay Minrls V 193 Fiore Explor V 839 Fiore Explor* O 27 Firebird Res V 472 Firesteel Res V 408 Firestone Vent V 802 Firma Holdings* O 48 First Bauxite V 248 First Majestic T 6909 First Majestic* N 40090 First Mexican V 304 First Mg Fin V 7495 First Mg Fin * O 6307 First Point T 298 First Quantum T 21465 Fission 3.0 V 228 Fission Uran T 1603 Fission Uran* O 775 Fjordland Exp V 2161 Flinders Res V 430 Flinders Res* O 428 Focus Graphite V 1696 Focus Graphite* O 271 Focus Vent V 442 Foran Mng V 304 Formation Mtls T 264 Fortescue Mtls* O 33 Fortuna Silvr T 3801 Fortuna Silvr* N 8432 Fortune Bay V 77 Fortune Bay* O 45 Fortune Mnrls T 597 O 297 Fortune Mnrls* Forum Uranium V 255 Forum Uranium* O 10 Fox River Res 140 Franco-Nevada* N 3312 Franco-Nevada T 2424 N 121559 Freeport McMo* Freeport Res V 423 Fresnillo plc* O 12 Frontier Rr Er* O 41 Frontline Gold V 8608 25 Full Metal Mnl V

0.18 0.17 0.18 + 0.01 0.30 0.10 0.14 0.12 0.13 - 0.00 0.24 0.07 0.06 0.05 0.06 + 0.00 0.20 0.05 1.22 1.09 1.12 - 0.04 1.22 0.45 1.56 1.41 1.47 - 0.03 1.59 0.62 0.09 0.08 0.08 - 0.01 0.10 0.04 0.31 0.30 0.30 - 0.01 0.37 0.17 0.19 0.00 0.17 - 0.01 0.24 0.01 0.03 0.02 0.02 - 0.01 0.03 0.01 0.11 0.08 0.08 - 0.02 0.13 0.01 0.08 0.08 0.08 - 0.00 0.10 0.00 0.01 0.01 0.01 - 0.01 0.02 0.01 0.41 0.34 0.35 - 0.05 0.49 0.04 0.53 0.42 0.42 - 0.08 0.63 0.06 0.02 0.01 0.02 + 0.00 0.03 0.00 0.60 0.30 0.40 - 0.20 0.65 0.13 0.54 0.50 0.51 - 0.00 0.67 0.35 0.18 0.10 0.13 - 0.05 0.18 0.09 0.22 0.00 0.17 + 0.02 0.32 0.05 33.04 28.90 29.24 - 2.11 35.93 12.14 0.37 0.20 0.22 - 0.03 0.85 0.17 1.11 1.09 1.10 + 0.01 1.25 0.65 0.86 0.82 0.84 + 0.03 0.96 0.46 0.03 0.02 0.03 + 0.01 0.04 0.01 0.15 0.14 0.14 - 0.02 0.19 0.05 0.00 0.00 0.00 + 0.00 0.00 0.00 0.00 0.00 0.00 + 0.00 0.00 0.00 0.04 0.03 0.03 + 0.00 0.10 0.03 0.66 0.58 0.65 + 0.01 0.81 0.08 0.86 0.79 0.82 - 0.04 1.11 0.12 11.52 11.22 11.28 - 0.14 16.82 9.96 8.90 8.62 8.64 - 0.15 12.65 7.27 0.01 0.01 0.01 - 0.00 0.02 0.01 0.12 0.09 0.09 - 0.01 0.16 0.06 5.89 5.19 5.20 - 0.27 9.10 1.21 0.02 0.00 0.01 - 0.01 0.02 0.01 3.93 3.34 3.81 + 0.18 4.14 0.84 0.17 0.00 0.17 - 0.03 0.20 0.04 0.07 0.07 0.07 - 0.01 0.09 0.07 0.11 0.09 0.11 + 0.02 0.20 0.07 0.08 0.07 0.08 + 0.01 0.15 0.02 0.05 0.04 0.04 - 0.01 0.13 0.03 3.71 3.27 3.27 - 0.25 3.71 1.45 1.70 1.45 1.70 + 0.10 2.00 0.80 0.21 0.19 0.20 + 0.00 0.36 0.08 0.03 0.03 0.03 + 0.00 0.05 0.01 0.16 0.14 0.15 - 0.01 0.17 0.05 0.36 0.27 0.32 + 0.04 0.36 0.03 0.26 0.21 0.24 + 0.04 0.28 0.02 0.01 0.00 0.01 - 0.01 0.01 0.01 0.62 0.56 0.59 + 0.03 1.00 0.47 0.84 0.68 0.77 + 0.09 1.40 0.58 0.06 0.05 0.05 - 0.01 0.10 0.01 0.05 0.00 0.05 + 0.01 0.05 0.02 0.92 0.80 0.86 + 0.03 0.92 0.29 0.32 0.28 0.30 + 0.02 0.70 0.25 0.49 0.43 0.43 - 0.06 0.53 0.39 0.78 0.70 0.71 - 0.01 0.78 0.10 0.05 0.04 0.04 - 0.01 0.05 0.01 0.14 0.12 0.13 + 0.01 0.28 0.03 0.04 0.03 0.04 + 0.01 0.05 0.01 0.38 0.30 0.31 - 0.07 0.75 0.17 3.83 3.26 3.50 + 0.09 5.16 1.87 4.93 4.25 4.56 + 0.15 6.71 2.67 0.05 0.04 0.04 - 0.01 0.12 0.04 0.58 0.50 0.55 + 0.05 0.58 0.09 0.45 0.44 0.45 + 0.01 0.45 0.07 0.14 0.11 0.14 + 0.01 0.14 0.03 0.18 0.14 0.17 + 0.03 0.19 0.05 0.36 0.33 0.36 + 0.01 0.36 0.17 0.09 0.08 0.08 - 0.01 0.17 0.02 0.04 0.03 0.04 + 0.01 0.05 0.01 0.02 0.02 0.02 - 0.00 0.03 0.00 0.09 0.08 0.08 - 0.01 0.18 0.05 24.04 21.84 23.18 + 0.71 26.38 5.30 18.68 17.01 17.85 + 0.52 20.22 4.40 7.36 6.12 6.46 + 0.02 7.75 1.46 0.08 0.07 0.08 + 0.01 0.13 0.03 0.06 0.05 0.06 - 0.00 0.10 0.03 3.12 2.97 3.00 - 0.04 4.58 2.47 2.41 2.28 2.30 - 0.04 3.50 1.81 0.04 0.03 0.04 + 0.01 0.08 0.03 0.05 0.05 0.05 + 0.00 0.05 0.01 0.32 0.29 0.30 + 0.00 0.40 0.17 0.40 0.38 0.39 + 0.01 0.53 0.25 0.07 0.05 0.06 - 0.01 0.17 0.02 0.09 0.06 0.07 - 0.01 0.22 0.05 0.10 0.07 0.07 - 0.03 0.12 0.02 0.35 0.27 0.34 - 0.02 0.50 0.09 0.36 0.30 0.35 + 0.03 0.55 0.11 0.26 0.25 0.26 + 0.01 0.42 0.08 0.06 0.05 0.06 + 0.01 0.11 0.04 0.19 0.18 0.18 - 0.01 0.22 0.09 0.19 0.18 0.18 - 0.01 0.22 0.09 0.30 0.27 0.28 + 0.01 0.42 0.06 0.27 0.05 0.23 + 0.01 0.32 0.05 1.64 1.30 1.35 - 0.05 1.84 0.48 1.25 1.04 1.06 + 0.00 1.40 0.35 0.39 0.34 0.39 + 0.05 0.46 0.15 0.50 0.45 0.49 + 0.01 0.62 0.21 0.45 0.40 0.40 - 0.01 0.95 0.09 0.13 0.11 0.12 + 0.01 0.20 0.01 0.10 0.08 0.08 - 0.00 0.14 0.00 0.40 0.29 0.31 - 0.01 0.50 0.04 0.31 0.24 0.24 - 0.00 0.38 0.02 0.37 0.30 0.36 + 0.03 0.43 0.10 0.08 0.07 0.08 + 0.01 0.09 0.00 1.76 1.54 1.54 - 0.10 1.85 0.14 2.25 1.91 1.91 - 0.21 2.40 0.20 0.30 0.28 0.28 - 0.00 0.31 0.12 1.38 1.18 1.20 - 0.09 1.48 0.29 1.76 1.53 1.59 - 0.09 1.94 0.39 0.08 0.07 0.07 + 0.00 0.18 0.03 0.10 0.08 0.08 - 0.01 0.24 0.05 0.12 0.10 0.12 + 0.02 0.23 0.02 1.39 1.10 1.29 + 0.19 1.37 0.21 0.10 0.08 0.10 + 0.01 0.20 0.03 0.08 0.07 0.07 - 0.01 0.15 0.02 0.04 0.03 0.04 + 0.01 0.05 0.01 1.53 0.86 1.42 + 0.31 1.53 0.64 0.07 0.05 0.05 - 0.02 0.09 0.02 0.70 0.63 0.63 - 0.01 0.73 0.03 0.51 0.50 0.50 - 0.00 0.55 0.02 0.03 0.03 0.03 - 0.01 0.05 0.01 0.05 0.03 0.05 + 0.02 0.06 0.01 0.06 0.05 0.05 - 0.01 0.08 0.01 0.10 0.06 0.08 - 0.01 0.16 0.02 0.06 0.04 0.05 + 0.01 0.08 0.03 17.73 15.59 16.04 - 0.05 24.96 3.50 13.76 11.98 12.31 - 0.06 19.15 2.40 0.05 0.04 0.04 - 0.01 0.08 0.03 1.01 0.88 0.90 - 0.01 1.31 0.31 0.80 0.67 0.70 - 0.01 1.02 0.22 0.12 0.09 0.10 + 0.01 0.14 0.04 11.13 10.03 10.60 + 0.44 12.34 2.15 0.08 0.08 0.08 + 0.01 0.12 0.06 0.70 0.66 0.67 - 0.02 0.82 0.53 0.55 0.50 0.50 - 0.03 0.63 0.39 0.15 0.09 0.10 - 0.03 0.17 0.01 0.44 0.34 0.40 + 0.03 0.77 0.13 0.34 0.26 0.30 + 0.03 0.61 0.09 0.14 0.11 0.11 - 0.02 0.30 0.07 0.11 0.09 0.09 - 0.01 0.23 0.04 0.09 0.08 0.09 + 0.01 0.20 0.05 0.27 0.23 0.23 - 0.02 0.31 0.05 0.63 0.56 0.56 - 0.04 0.72 0.09 3.92 3.68 3.71 + 0.03 3.92 1.00 11.71 10.26 10.48 - 0.35 12.73 2.65 9.09 7.87 8.04 - 0.31 9.75 2.00 0.74 0.62 0.66 + 0.04 0.75 0.25 0.53 0.00 0.50 + 0.02 0.56 0.36 0.12 0.11 0.12 + 0.01 0.17 0.02 0.10 0.08 0.09 - 0.01 0.13 0.01 0.09 0.08 0.09 + 0.01 0.20 0.04 0.07 0.06 0.07 + 0.00 0.14 0.03 0.05 0.00 0.05 + 0.01 0.06 0.03 76.79 71.52 71.68 - 2.43 81.16 39.05 98.51 93.29 93.43 - 2.84 105.69 51.92 10.83 10.17 10.27 - 0.21 14.20 3.52 0.08 0.03 0.03 - 0.06 0.09 0.01 23.19 20.93 21.67 + 0.37 26.65 8.70 0.05 0.00 0.00 - 0.01 0.08 0.00 0.05 0.03 0.03 + 0.01 0.05 0.01 0.09 0.08 0.08 - 0.01 0.12 0.02

D-F

G-H

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

G&S Minerals* O 250 G4G Res V 89 Gabriel Res T 379 Gainey Capital V 119 Galane Gold V 1182 Galantas Gold V 232 Galore Res V 185 Galway Gold V 842 Galway Mtls* O 70 Galway Mtls V 162 Garibaldi Res V 1001 41 Garibaldi Res * O GB Minerals V 151 965 V Gem Intl Res General Moly* X 368 Genesis Mtls* O 6 Genesis Mtls V 732 Genius Props 568 V 2816 Gensource Pot Geologix Expl V 918 O 835 Geologix Expl* Geomega Res V 55 552 Gespeg Cop Res V Getty Copper V 1193 GFK Res V 277 GGL Res* O 7 GGL Res V 39 Giyani Gold* O 27 Giyani Gold V 245 Gldn Predator V 891 O 139 Gldn Predator* 138 Glen Eagle Res V Global Cop Grp V 1886 Globex Mng T 304 Globex Mng* O 26 GMCI Corp* O 2 O 158 GMV Minerals* GMV Minerals V 1147 V 249 GobiMin GoGold Res T 779 Gold & Silver* O 4015 310 Gold Bulln Dev* O Gold Bulln Dev V 3765 O 165 Gold Dynamics* 32502 Gold Fields* N 556 Gold Jub Cap V Gold Lakes* O 2194 565 Gold Mng USA* O Gold Mtn Mng V 4586 Gold Mtn Mng * O 1138 29 Gold Reach Res V Gold Reserve* O 69 Gold Reserve V 73 X 5697 Gold Resource* Gold Std Vents V 1528 Goldbelt Emp V 126 Goldcliff Res V 78 T 13624 Goldcorp Goldcorp* N 43325 Golden Arrow* O 2099 V 33 Golden Cariboo Golden Dawn Ml V 5274 109 Golden Dawn Ml* O Golden Eagle* O 200 V 1230 Golden Goliath O 862 Golden Goliath* Golden Hope V 389 Golden Matrix* O 232503 Golden Mnls T 121 Golden Mnls* X 2883 77 Golden Peak Mn V O 603 Golden Queen* Golden Queen T 370 Golden Reign V 2071 42 Golden Sh Mng V Golden Star T 2220 Golden Star* X 8982 Golden Tag V 450 Golden Valley V 2374 T 1658 Goldgroup Mng O 1336 Goldgroup Mng* GoldON Res* O 66 GoldON Res V 192 V 1314 GoldQuest Mng Goldrea Res* O 44 O 857 Goldsource Min* V 1074 Goldsource Min V 73 Goldstream Mnl V 3354 Goldstrike Res GoldTrain Res 2 Gossan Res V 260 O 28 GoviEx Uranium* V 739 GoviEx Uranium Gowest Gold* O 215 Gowest Gold V 1128 GPM Metals* O 20 GPM Metals V 415 O 1152 Gran Colombia* T 8274 Gran Colombia O 3 Grande Portage* 38 Granite Ck Gld V O 3926 Graphite Corp* Graphite One V 1474 Graphite One* O 718 446 Gray Rock Res V Great Atlantic V 712 328 Great Lakes Gr* O Great Panther T 1802 X 6291 Great Panther* 44 Great Quest Fe V 437 Great Rock Dev* O Great Thunder V 251 O 96 Great Western* 404 Green Swan Cap V V 150 Greencastle Rs O 199 Greenland M&En* Grizzly Discvr* O 75 Grizzly Discvr V 263 Grizzly Gold* O 26 890 Group Ten Mtls V GTA Res & Mng V 1968 V 1287 Guerrero Vents Gungnir Res V 332 Gungnir Res* O 545 Guyana Gldflds T 4513 Handeni Gold* O 11 103 Happy Ck Mnrls V 143 Hard Creek Ni V 29794 N Harmony Gold* 57270 Hecla Mining* N Helio Res V 325 O 228 Hemcare Health* Heron Res T 127 V 83 Highland Copp Hinterland Mtl V 382 O 76 Hochschild Mg* V 450 Homestake Res 384 Honey Badger E V T 40 Horizonte Mnls Houston Lake V 213 HTI Ventures V 195 HudBay Mnls* N 837 HudBay Mnls T 5853 Hudson Res V 117 Hudson Res* O 30 Hunt Mng* O 97

0.00 0.00 - 0.00 0.00 0.00 0.00 0.04 0.14 - 0.01 0.16 0.15 0.13 0.12 0.65 + 0.02 0.74 0.67 0.62 0.10 0.19 + 0.04 0.30 0.20 0.15 0.03 0.11 - 0.01 0.19 0.13 0.10 0.07 0.15 + 0.01 0.17 0.15 0.15 0.01 0.02 - 0.01 0.04 0.03 0.02 0.04 0.11 + 0.02 0.13 0.12 0.09 0.06 0.38 - 0.00 0.51 0.41 0.38 0.09 0.52 + 0.01 0.65 0.54 0.49 0.07 0.08 - 0.01 0.18 0.09 0.07 0.07 0.06 0.06 - 0.01 0.13 0.05 0.02 0.07 - 0.02 0.12 0.08 0.00 0.14 0.09 0.14 + 0.04 0.15 0.04 0.15 0.29 - 0.01 0.50 0.32 0.29 0.10 0.22 + 0.02 0.22 0.22 0.20 0.06 0.25 - 0.02 0.28 0.28 0.24 0.02 0.03 - 0.01 0.06 0.03 0.03 0.04 0.09 - 0.01 0.12 0.09 0.08 0.02 0.12 - 0.01 0.15 0.14 0.12 0.01 0.10 - 0.00 0.11 0.10 0.10 0.06 0.09 - 0.01 0.23 0.10 0.00 0.04 0.03 0.04 - 0.01 0.06 0.02 0.02 0.02 - 0.01 0.04 0.03 0.02 0.03 0.13 - 0.01 0.18 0.15 0.13 0.01 0.02 - 0.00 0.03 0.02 0.00 0.01 0.03 + 0.01 0.05 0.03 0.03 0.02 0.19 - 0.03 0.27 0.22 0.19 0.06 0.25 - 0.05 0.36 0.30 0.24 0.09 0.99 + 0.11 1.17 1.01 0.88 0.06 0.75 + 0.05 0.89 0.86 0.70 0.13 0.12 0.12 - 0.01 0.16 0.03 0.07 0.05 0.07 + 0.02 0.07 0.04 0.19 0.34 - 0.01 0.51 0.37 0.34 0.15 0.28 - 0.00 0.38 0.28 0.28 0.20 2.30 + 0.10 2.51 2.40 0.00 0.06 0.49 + 0.00 0.55 0.52 0.47 0.07 0.63 + 0.03 0.70 0.67 0.58 0.27 0.50 + 0.05 0.50 0.50 0.00 0.94 1.05 + 0.03 1.65 1.10 1.01 0.01 0.00 0.00 + 0.00 17.80 0.00 0.08 0.06 0.06 - 0.01 0.11 0.01 0.11 0.09 0.09 - 0.01 0.16 0.02 0.00 0.00 + 0.00 0.01 0.00 0.00 2.04 5.06 - 0.46 6.60 5.75 5.03 0.15 0.14 0.15 + 0.01 0.28 0.07 0.01 0.06 - 0.01 1.02 0.07 0.05 0.01 0.01 0.01 + 0.00 0.17 0.00 0.40 0.28 0.35 + 0.03 0.49 0.02 0.31 0.24 0.25 + 0.01 0.31 0.21 0.20 0.00 0.19 - 0.03 0.25 0.08 0.00 4.63 - 0.01 5.90 4.93 4.41 3.06 6.00 - 0.10 8.00 6.34 5.75 1.14 5.80 - 0.14 6.88 6.60 5.51 3.59 3.14 3.26 + 0.01 4.10 0.46 0.02 0.04 - 0.01 0.10 0.05 0.04 0.05 0.20 + 0.01 0.35 0.21 0.19 13.55 20.76 - 0.07 26.56 21.74 20.65 15.92 - 0.10 20.38 9.46 16.87 15.86 0.13 0.80 - 0.00 1.30 1.00 0.76 0.03 0.13 + 0.02 0.15 0.13 0.00 0.41 0.33 0.35 - 0.04 0.44 0.07 0.30 0.27 0.27 - 0.03 0.32 0.06 0.00 0.03 + 0.00 0.03 0.03 0.02 0.01 0.08 + 0.01 0.14 0.08 0.07 0.00 0.06 + 0.01 0.10 0.07 0.05 0.16 0.31 - 0.03 0.45 0.39 0.30 0.00 0.00 0.00 - 0.00 3000.00 0.00 0.19 1.04 - 0.06 1.51 1.16 1.03 0.13 0.81 - 0.03 1.16 0.90 0.79 0.24 0.15 0.23 + 0.07 0.90 0.12 0.48 0.93 - 0.06 1.56 1.02 0.92 0.67 1.21 - 0.06 2.00 1.30 1.20 0.07 0.33 + 0.03 0.35 0.36 0.29 0.27 0.26 0.26 + 0.01 0.27 0.04 0.21 0.94 - 0.02 1.46 1.00 0.93 0.14 0.74 - 0.01 1.13 0.77 0.72 0.02 0.08 - 0.02 0.18 0.11 0.08 0.07 0.34 + 0.02 0.35 0.35 0.32 0.05 0.29 - 0.02 0.39 0.33 0.28 0.03 0.23 - 0.01 0.30 0.26 0.21 0.03 0.14 + 0.01 0.18 0.18 0.13 0.03 0.21 - 0.02 0.36 0.25 0.17 0.09 0.46 - 0.04 0.68 0.55 0.45 0.02 0.08 - 0.01 0.09 0.09 0.08 0.12 0.31 - 0.01 0.45 0.35 0.30 0.15 0.42 + 0.02 0.57 0.45 0.39 0.09 0.11 - 0.01 0.40 0.12 0.11 0.07 0.27 - 0.03 0.41 0.34 0.27 0.08 0.10 - 0.03 0.20 0.13 0.00 0.02 0.10 + 0.02 0.10 0.11 0.08 0.08 0.10 - 0.02 0.16 0.12 0.10 0.13 0.12 - 0.04 0.19 0.16 0.12 0.04 0.17 + 0.01 0.22 0.18 0.15 0.06 0.20 - 0.01 0.28 0.24 0.19 0.12 0.25 - 0.01 0.43 0.29 0.00 0.10 0.34 - 0.01 0.57 0.40 0.32 0.04 0.10 - 0.01 0.18 0.11 0.09 0.06 0.12 - 0.01 0.23 0.13 0.12 0.02 0.14 + 0.00 0.14 0.14 0.14 0.05 0.04 0.04 + 0.01 0.06 0.01 0.00 0.00 - 0.00 0.02 0.01 0.00 0.07 0.09 - 0.01 0.18 0.10 0.09 0.05 0.07 - 0.00 0.14 0.08 0.06 0.11 0.07 0.10 - 0.01 0.11 0.02 0.03 0.13 + 0.03 0.11 0.13 0.09 0.07 0.06 0.07 + 0.01 0.09 0.04 0.49 1.72 - 0.03 2.82 1.86 1.70 0.37 1.32 - 0.02 2.25 1.45 1.30 0.18 0.14 0.18 + 0.04 0.38 0.11 0.01 0.00 0.00 - 0.00 0.02 0.00 0.01 0.08 - 0.01 0.24 0.09 0.08 0.00 0.00 + 0.00 0.00 0.00 0.00 0.10 0.08 0.08 - 0.02 0.14 0.01 0.05 0.12 + 0.01 0.18 0.12 0.11 0.00 0.04 + 0.00 0.17 0.05 0.03 0.02 0.03 - 0.00 0.05 0.04 0.03 0.01 0.05 + 0.01 0.10 0.06 0.04 0.01 0.14 + 0.03 0.21 0.16 0.11 0.04 0.04 0.04 + 0.01 0.07 0.01 0.14 0.11 0.12 - 0.02 0.24 0.02 0.01 0.02 - 0.01 0.04 0.02 0.02 0.01 0.04 + 0.01 0.05 0.04 0.03 0.00 0.03 + 0.00 0.04 0.03 0.00 9.38 8.51 8.88 - 0.08 10.35 2.48 0.10 0.10 - 0.01 0.53 0.10 0.00 0.17 0.16 0.16 - 0.01 0.19 0.08 0.04 0.00 0.04 + 0.01 0.05 0.01 0.53 3.60 - 0.42 4.87 4.14 3.60 1.45 5.67 - 0.24 7.26 6.41 5.61 0.02 0.04 + 0.01 0.08 0.04 0.04 0.03 0.03 - 0.01 0.25 0.07 0.03 0.07 0.15 - 0.01 0.17 0.16 0.15 0.07 0.11 - 0.01 0.17 0.12 0.11 0.01 0.04 - 0.01 0.12 0.05 0.04 0.59 3.52 + 0.05 4.16 3.76 3.47 0.02 0.20 + 0.02 0.24 0.20 0.18 0.03 0.00 0.03 - 0.01 0.05 0.01 0.02 0.06 + 0.02 0.06 0.06 0.05 0.13 0.29 - 0.01 0.40 0.30 0.29 0.01 0.74 - 0.13 0.98 0.87 0.72 1.56 3.95 - 0.20 6.02 4.35 3.89 2.26 5.16 - 0.23 7.85 5.59 5.08 0.34 0.37 - 0.04 0.54 0.40 0.37 0.26 0.29 - 0.02 0.41 0.30 0.28 0.01 0.27 + 0.02 0.29 0.27 0.24

I-Minerals V 87 IAMGOLD T 17594 57391 IAMGOLD* N Iberian Mnrls V 1319 IC Potash* O 569 IC Potash T 663 22 Iconic Mnls * O Iconic Mnls V 687 Idaho North* O 41 IDM Mining* O 1123 IDM Mining V 5868 iMetal Res V 206 IMPACT Silver V 2963 O 242 Impala Platnm* O 2 Imperial Metal* Imperial Metal T 116 211 Inca One Gold V 14 Inca One Gold* O 17 Inception Mng * O V 754 Independence G O 51 Independence G* Indico Res V 730 Inspiration Mg 129 O 88 Inspiration Mg* Intact Gold V 320 Integra Gold V 2533 Integra Gold* O 1543 Intgr Egy Sol* O 45064 Intigold Mines V 310 Intl Lithium* O 204 Intl Lithium V 446 Intl Montoro V 109 100 Intl Samuel Ex V 12924 Intl Star* O Intl Tower Hil* X 1740 308 T Intl Tower Hil Intrepid Pots* N 3259 INV Metals T 229 INV Metals* O 11 71 Inventus Mg * O Inventus Mg V 304 InZinc Mining V 643 InZinc Mining* O 519

0.16 0.31 + 0.02 0.37 0.31 0.27 1.66 5.11 - 0.18 7.65 5.59 5.01 1.15 3.91 - 0.16 5.87 4.35 3.85 0.04 0.09 - 0.01 0.11 0.10 0.08 0.03 0.07 + 0.00 0.11 0.07 0.07 0.04 0.10 + 0.01 0.14 0.10 0.09 0.26 0.23 0.23 - 0.03 0.33 0.01 0.03 0.30 - 0.06 0.45 0.35 0.29 0.06 0.09 - 0.00 0.10 0.09 0.09 0.04 0.14 - 0.01 0.21 0.17 0.13 0.07 0.19 - 0.01 0.26 0.22 0.18 0.03 0.06 - 0.02 0.10 0.08 0.00 0.11 0.81 + 0.02 1.28 1.06 0.79 1.45 4.66 + 0.15 5.23 5.01 4.47 2.81 5.19 + 0.11 6.45 5.24 5.08 3.92 6.64 - 0.11 8.50 6.96 6.50 0.27 0.24 0.24 - 0.03 1.05 0.21 0.21 0.19 0.19 - 0.02 0.21 0.18 0.70 0.55 0.70 + 0.05 1.00 0.20 0.06 0.33 - 0.01 0.50 0.36 0.30 0.04 0.25 + 0.01 0.37 0.26 0.22 0.03 0.03 - 0.01 0.10 0.04 0.00 0.02 0.10 + 0.02 0.10 0.10 0.05 0.01 0.06 + 0.04 0.10 0.06 0.03 0.02 0.09 + 0.01 0.18 0.10 0.09 0.27 0.77 + 0.02 0.96 0.82 0.74 0.19 0.60 + 0.02 0.76 0.65 0.57 0.00 0.00 0.00 + 0.00 0.00 0.00 0.06 0.07 - 0.01 0.19 0.08 0.07 0.02 0.15 - 0.00 0.55 0.17 0.14 0.05 0.20 - 0.01 0.38 0.21 0.19 0.02 0.03 + 0.01 0.05 0.03 0.02 0.09 0.08 0.08 - 0.01 0.15 0.05 0.00 0.00 - 0.00 0.00 0.00 0.00 1.07 0.86 0.86 - 0.10 1.40 0.18 1.37 1.14 1.14 - 0.14 1.82 0.26 0.65 1.33 - 0.07 7.49 1.49 1.33 0.08 0.78 - 0.07 1.10 0.91 0.78 0.08 0.63 + 0.00 0.77 0.65 0.62 0.20 0.17 0.18 - 0.01 0.28 0.19 0.02 0.24 - 0.01 0.35 0.25 0.23 0.04 0.22 + 0.04 0.25 0.22 0.18 0.03 0.17 + 0.04 0.17 0.17 0.13

I-J-K

2016-09-13 10:28 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / SEPTEMBER 19â&#x20AC;&#x201C;25, 2016

15

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

Week

12-month

Exc Volume High Low Last Change High Low

Ireland* O 44 Irving Res* O 9 Irving Res 22 Ivanhoe Mines* O 859 Ivanhoe Mines T 9777 Jaguar Mng* O 400 Jaguar Mng T 2436 Jasper Mng V 206 Jayden Res V 2003 Jet Gold* O 26 Jet Metal* O 4 K92 Mng Inc* O 647 K92 Mng Inc V 2000 Kaizen Discvry* O 16 Kapuskasing Gd V 1099 Kapuskasing Gd* O 190 Karnalyte Res T 70 KAT Expl* O 11386 Kenna Res V 666 Kennady Diam V 78 Kerr Mines* O 9 Kerr Mines T 398 Kesselrun Res V 326 Khalkos Expl V 181 Khan Res 349 Kilo Goldmines* O 44 Kilo Goldmines V 1289 Kings Bay Gold V 5 Kingsmen Res* O 28 Kingsrose Mng* O 6 Kinross Gold* N 108001 Kinross Gold T 27307 Kirkland Lk Gd* O 77 Kirkland Lk Gd T 3851 Kiska Metals* O 76 Kiska Metals V 963 Klondex Mns T 5706 Klondike Gold V 673 Klondike Gold* O 58 Klondike Silv* O 86 Knick Expl V 1232 Kombat Copper V 1323 Komet Resource V 78 KWG Res* O 147 KWG Res 1559

0.25 0.19 0.19 - 0.06 0.38 0.13 0.26 0.23 0.24 - 0.02 0.28 0.09 0.36 0.00 0.32 - 0.05 0.36 0.11 1.69 1.39 1.47 + 0.06 1.69 0.36 2.12 1.81 1.91 + 0.08 2.12 0.53 0.63 0.54 0.55 + 0.01 0.65 0.09 0.80 0.69 0.70 - 0.04 0.85 0.13 0.06 0.05 0.06 + 0.01 0.08 0.02 0.23 0.11 0.20 + 0.09 0.23 0.03 0.07 0.06 0.07 + 0.01 0.07 0.02 0.06 0.04 0.04 - 0.01 0.12 0.00 1.26 1.12 1.15 - 0.02 1.72 0.75 1.65 1.45 1.47 - 0.05 2.24 0.87 0.19 0.00 0.19 + 0.00 0.19 0.06 0.08 0.05 0.08 + 0.03 0.07 0.02 0.06 0.05 0.05 - 0.00 0.06 0.02 1.20 1.03 1.15 - 0.05 4.15 0.52 0.00 0.00 0.00 + 0.00 0.00 0.00 0.24 0.21 0.22 - 0.01 0.27 0.12 4.45 3.97 4.20 + 0.20 5.00 2.35 0.09 0.08 0.08 - 0.00 0.12 0.01 0.11 0.10 0.11 + 0.01 0.16 0.02 0.30 0.22 0.22 - 0.08 0.43 0.02 0.18 0.16 0.16 - 0.02 0.26 0.05 0.87 0.86 0.86 - 0.01 0.88 0.34 0.15 0.13 0.13 - 0.01 0.19 0.03 0.20 0.15 0.16 - 0.02 0.25 0.04 0.08 0.00 0.08 - 0.01 0.15 0.05 0.12 0.12 0.12 + 0.00 0.12 0.02 0.46 0.45 0.46 + 0.01 1.09 0.39 4.62 4.10 4.15 - 0.26 5.82 1.31 5.94 5.35 5.41 - 0.33 7.56 1.79 9.45 8.57 8.81 + 0.06 9.70 3.12 12.14 11.10 11.45 - 0.05 12.39 4.51 0.08 0.06 0.06 - 0.01 0.09 0.01 0.10 0.08 0.08 - 0.01 0.12 0.01 7.63 6.97 6.97 - 0.17 7.63 2.56 0.27 0.24 0.25 - 0.02 0.45 0.08 0.20 0.19 0.19 - 0.00 0.32 0.07 0.10 0.09 0.10 + 0.00 0.12 0.01 0.09 0.08 0.08 + 0.01 0.11 0.01 0.08 0.05 0.06 - 0.01 0.10 0.02 0.44 0.41 0.43 + 0.02 0.50 0.29 0.03 0.02 0.02 - 0.00 0.03 0.00 0.03 0.02 0.02 - 0.01 0.04 0.01

Labdr Iron Mns* O 13 Labrador Iron T 780 Lake Victoria* O 102 Lamelee Iron V 8 Lancaster Cap V 41 Lara Expl V 268 Laramide Res T 311 Largo Res* O 160 Largo Res T 359 319 Latin Am Mnls V Latin Am Mnls* O 23 Laurion Mnl Ex V 3970 Laurion Mnl Ex* O 644 Legend Gold V 275 Levon Res Ltd * O 310 714 Levon Res Ltd T Lexam VG Gold* O 483 639 Lexam VG Gold T Li3 Energy* O 1875 116 Libero Mg Corp V Liberty Star* O 3582 116 Lion One Mtls V Lion One Mtls* O 111 Lithium Amer* O 1008 Lithium Amer T 1739 Lithium Corp* O 379 Lithium Expl* O 10532 LKA Gold* O 34 Logan Res V 181 Lomiko Mtls* O 125 Loncor Res* O 26 33 Lone Star Gold* O Lonmin plc* O 10 V 176 Lorraine Coppr Los Andes Copp V 457 Lowell Copper V 6023 Lucara Diam T 2749 Lucky Mnls V 1 Luna Gold* O 460 Luna Gold T 700 Lund Enterpr V 77 Lundin Gold T 227 Lundin Mng T 9635 Lupaka Gold V 360 Lydian Intl T 2180 Lydian Intl* O 130 Lynas Corp* O 123

0.00 0.00 0.00 - 0.00 0.02 0.00 13.57 12.63 13.29 + 0.23 17.17 6.85 0.01 0.01 0.01 + 0.00 0.04 0.01 0.27 0.25 0.26 - 0.01 0.50 0.10 0.19 0.18 0.19 + 0.01 0.32 0.06 1.46 1.31 1.43 + 0.03 1.58 0.21 0.28 0.24 0.26 + 0.01 0.38 0.15 0.49 0.36 0.38 + 0.00 0.56 0.08 0.62 0.46 0.48 + 0.02 0.72 0.11 0.40 0.35 0.37 + 0.01 0.48 0.05 0.29 0.26 0.29 + 0.03 0.36 0.06 0.04 0.03 0.04 + 0.01 0.04 0.01 0.03 0.03 0.03 + 0.00 0.03 0.00 0.06 0.04 0.05 + 0.01 0.07 0.02 0.49 0.37 0.41 + 0.01 0.54 0.07 0.62 0.51 0.54 + 0.01 0.71 0.09 0.27 0.23 0.24 - 0.02 0.28 0.04 0.35 0.31 0.31 - 0.01 0.35 0.05 0.03 0.02 0.02 - 0.00 0.04 0.01 0.17 0.15 0.15 - 0.03 0.21 0.02 0.00 0.00 0.00 + 0.00 0.01 0.00 1.12 0.99 1.09 + 0.01 1.17 0.24 0.88 0.76 0.77 - 0.05 0.91 0.18 0.72 0.67 0.70 + 0.01 0.87 0.34 0.93 0.87 0.92 + 0.03 1.15 0.26 0.11 0.09 0.10 - 0.01 0.13 0.02 0.01 0.01 0.01 - 0.00 0.45 0.00 0.38 0.24 0.38 + 0.14 0.53 0.10 0.20 0.18 0.19 - 0.02 0.26 0.04 0.03 0.00 0.03 + 0.00 0.04 0.02 0.18 0.15 0.18 + 0.03 0.20 0.01 0.01 0.00 0.00 - 0.00 0.01 0.00 2.96 2.70 2.78 - 0.18 90.00 0.55 0.10 0.09 0.10 + 0.01 0.12 0.04 0.25 0.17 0.25 + 0.08 0.25 0.05 0.40 0.31 0.35 + 0.04 0.39 0.12 4.14 3.84 4.02 + 0.13 4.39 1.42 0.05 0.00 0.05 - 0.02 0.11 0.05 0.23 0.21 0.22 - 0.00 0.26 0.02 0.31 0.27 0.30 + 0.02 0.33 0.03 0.18 0.16 0.17 - 0.01 0.19 0.02 6.10 5.70 5.75 - 0.35 6.62 3.75 5.36 5.04 5.07 - 0.13 5.79 2.98 0.21 0.17 0.18 - 0.01 0.24 0.04 0.52 0.46 0.51 + 0.02 0.52 0.19 0.41 0.38 0.40 + 0.02 0.41 0.13 0.05 0.04 0.05 - 0.01 0.10 0.03

L

M Macarthur Mnl* O 228 0.06 0.04 0.04 - 0.01 0.14 0.02 Macarthur Mnl V 876 0.07 0.06 0.06 - 0.01 0.18 0.02 0.07 - 0.01 0.14 0.07 Maccabi Vent 115 0.08 0.07 MacDonald Mns V 205 0.02 0.00 0.01 - 0.01 0.02 0.01 V 155 1.30 1.15 1.23 + 0.03 1.44 0.28 MacMillan Mnls MAG Silver T 1542 23.32 20.11 21.43 - 0.26 23.32 8.60 O 41 0.14 0.12 0.12 - 0.01 0.35 0.04 Magellan Gold* Majescor Res V 169 0.09 0.07 0.07 - 0.01 0.15 0.02 0.06 - 0.00 0.09 0.01 Majescor Res* O 44 0.06 0.06 Majestic Gold V 884 0.08 0.06 0.07 + 0.01 0.12 0.04 0.34 - 0.04 0.46 0.20 Malbex Res V 286 0.38 0.33 Mandalay Res T 1635 1.14 1.07 1.08 - 0.04 1.35 0.59 0.07 - 0.01 0.12 0.02 Manitou Gold V 131 0.08 0.07 Manson Creek V 132 0.04 0.03 0.04 - 0.01 0.06 0.01 0.27 - 0.01 0.28 0.11 Margaux Res V 36 0.28 0.22 Mariana Res V 390 1.05 0.93 0.99 + 0.04 1.20 0.85 Mariana Res* O 166 0.85 0.71 0.79 + 0.08 0.89 0.02 Maritime Res V 235 0.27 0.24 0.27 + 0.03 0.31 0.08 Marlin Gold* O 103 0.49 0.41 0.44 - 0.05 0.54 0.10 Marlin Gold V 109 0.63 0.54 0.58 - 0.02 0.68 0.15 MartinMarietta* N 3606 185.29 173.51 175.00 - 9.63 206.36 108.31 Mason Graphite* O 184 0.97 0.72 0.89 - 0.01 0.99 0.21 Mason Graphite V 865 1.23 1.14 1.17 - 0.01 1.28 0.30 Masuparia Gold V 24 0.05 0.00 0.05 + 0.01 0.06 0.03 Matachewan Con V 95 0.38 0.33 0.33 - 0.04 0.49 0.20 Matamec Expl V 691 0.08 0.07 0.07 - 0.01 0.11 0.02 Matamec Expl* O 100 0.06 0.06 0.06 + 0.00 0.07 0.01 Maverix Mtls* O 12 1.00 0.85 1.00 + 0.15 16.33 0.80 Mawson Res T 254 0.40 0.25 0.32 + 0.06 0.30 0.17 Mawson Res* O 108 0.28 0.18 0.26 + 0.07 0.24 0.12 Maxwell Res* O 34 0.01 0.01 0.01 - 0.00 0.05 0.00 Maya Gold &Sil V 881 0.20 0.18 0.18 - 0.02 0.27 0.10 McChip Res V 7 0.60 0.53 0.60 + 0.07 0.85 0.40 McEwen Mng* N 22892 4.16 3.51 3.62 - 0.26 4.92 0.77 McEwen Mng T 3689 5.32 4.58 4.72 - 0.33 6.44 1.03 MDN Inc V 3001 0.18 0.12 0.17 + 0.04 0.19 0.01 MDN Inc* O 330 0.13 0.09 0.13 + 0.04 0.14 0.01 Meadow Bay Gd T 649 0.08 0.07 0.08 + 0.01 0.20 0.06 Meadow Bay Gd* O 86 0.06 0.05 0.06 + 0.00 0.14 0.04 Mechel* N 2913 2.83 2.07 2.66 + 0.52 2.83 1.23 Medallion Res* O 308 0.03 0.02 0.02 - 0.00 0.04 0.01 Medallion Res V 321 0.03 0.03 0.03 + 0.01 0.06 0.02 Medinah Mnrls* O 4215 0.01 0.01 0.01 - 0.00 0.03 0.01 Mega Uranium T 2530 0.17 0.14 0.14 - 0.02 0.20 0.05 Mega Uranium* O 717 0.13 0.11 0.11 - 0.00 0.15 0.04 Melior Res V 909 0.03 0.02 0.03 + 0.01 0.06 0.01 Melkior Res V 1472 0.04 0.03 0.03 - 0.01 0.06 0.01 Merrex Gold V 202 0.23 0.20 0.21 + 0.01 0.31 0.10 Merrex Gold* O 16 0.18 0.15 0.17 + 0.02 0.24 0.10 Mesa Expl* O 31 0.06 0.05 0.05 - 0.01 0.14 0.01 Mesa Expl V 38 0.08 0.07 0.07 - 0.01 0.17 0.01 Metalex Vent V 53 0.08 0.07 0.08 + 0.01 0.11 0.05 Metals Creek V 432 0.10 0.09 0.09 - 0.01 0.20 0.05 Metals Creek* O 61 0.09 0.06 0.07 - 0.02 0.14 0.06 Metals X* O 10 1.22 1.17 1.18 - 0.04 1.43 0.68 Metanor Res V 3925 0.10 0.09 0.09 - 0.01 0.13 0.03 Mexus Gold* O 2518 0.07 0.07 0.07 + 0.00 0.09 0.00 MGX Minerals 3604 0.27 0.18 0.21 + 0.03 0.67 0.08 MGX Minerals* O 95 0.19 0.16 0.16 - 0.00 0.19 0.14 Midas Gold T 1521 1.02 0.90 0.92 - 0.02 1.22 0.25 Midas Gold* O 1745 0.80 0.69 0.71 - 0.01 0.95 0.16 Midland Expl V 122 1.20 1.06 1.17 + 0.06 1.20 0.45 Midnight Sun V 193 0.12 0.08 0.11 - 0.01 0.24 0.08 Midway Gold* O 556 0.00 0.00 0.00 + 0.00 0.01 0.00 Millrock Res* O 262 0.44 0.40 0.41 - 0.00 0.54 0.11 Millstream Min V 82 0.05 0.04 0.04 - 0.01 0.16 0.02 Milner Con Slv V 227 0.05 0.04 0.04 - 0.01 0.07 0.02 Minaurum Gold V 298 0.12 0.10 0.11 + 0.01 0.14 0.04 Minco Gold* X 782 0.30 0.26 0.27 - 0.01 0.42 0.10 Minco Gold T 97 0.38 0.34 0.35 - 0.01 0.55 0.12 Minco Silver T 324 1.75 1.42 1.59 + 0.02 2.05 0.34 Minecorp Egy V 365 0.08 0.07 0.08 + 0.02 0.18 0.01 Minera Alamos V 256 0.21 0.18 0.18 - 0.03 0.29 0.07 Mineral Hill V 37 0.28 0.23 0.28 + 0.05 0.40 0.11 Mineral Mtn V 96 0.45 0.43 0.44 + 0.01 0.49 0.08 Mineral Mtn* O 56 0.35 0.33 0.35 + 0.01 0.38 0.04 Mines Manage* X 616 1.41 1.24 1.24 - 0.04 1.62 0.11 Mines Manage T 7 1.87 1.68 1.72 + 0.03 2.14 0.17 Minnova Corp V 233 0.80 0.75 0.80 + 0.05 0.90 0.28 Mirasol Res V 400 3.22 2.51 2.85 + 0.19 3.50 0.72 Mitchell Res V 36 0.13 0.00 0.12 - 0.01 0.14 0.02 Mkango Res V 113 0.09 0.07 0.08 + 0.01 0.11 0.03 Monarques Res* O 101 0.42 0.38 0.40 + 0.02 0.48 0.04 Moneta Porcpn* O 555 0.25 0.21 0.21 - 0.01 0.28 0.06 Moneta Porcpn T 4327 0.32 0.26 0.27 - 0.03 0.36 0.07 Monster Mng V 81 0.50 0.32 0.42 - 0.06 0.54 0.05 Monster Mng* O 5 0.38 0.30 0.34 - 0.04 0.42 0.04 Montan Mg V 920 0.07 0.07 0.07 - 0.01 0.13 0.02 Montego Res 1067 0.16 0.10 0.16 + 0.06 0.15 0.08 Monument Mng V 812 0.14 0.12 0.13 - 0.01 0.19 0.08 Morumbi Res V 940 0.07 0.06 0.07 + 0.01 0.07 0.02 Mosaic* N 20959 29.85 26.97 27.01 - 2.48 39.87 22.02 Mountain Boy V 2903 0.08 0.05 0.06 + 0.01 0.08 0.01 Mountain Boy* O 1127 0.06 0.04 0.06 + 0.02 0.06 0.00 Mountain Prov T 462 7.11 6.35 6.89 + 0.37 7.00 3.38 Mountain Prov* D 313 5.50 4.88 5.30 + 0.28 5.43 2.47 Mundoro Cap* O 51 0.15 0.13 0.13 + 0.00 0.20 0.03 Mundoro Cap V 297 0.20 0.17 0.18 + 0.02 0.23 0.04 Murchison Min 6 0.30 0.00 0.30 - 0.01 0.35 0.05 MX Gold V 10375 0.35 0.29 0.31 - 0.02 0.39 0.11 MX Gold* O 1202 0.27 0.22 0.24 - 0.02 0.31 0.09

14-15_SEPT19_StockTables.indd 15

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Myson Group* O

5 0.03 0.02 0.03 + 0.01 0.06 0.00

N-O NACCO Ind* N 56 Namibia Rare E* O 28 Namibia Rare E T 91 Natan Res V 182 Natural Res Pt* N 1551 Nautilus Mnrls* O 160 Nautilus Mnrls T 602 Nemaska Lith T 5964 Nemaska Lith* O 226 Nevada Canyon* O 59 Nevada Clean M V 453 Nevada Copper T 364 Nevada Egy Mtl* O 1252 Nevada Expl * O 720 Nevada Expl V 578 Nevada Sunrise* O 165 Nevada Sunrise V 772 Nevada Zinc V 511 Nevado Res V 430 Nevsun Res* X 3682 Nevsun Res T 2511 New Carolin Gd V 1364 New Carolin Gd* O 143 O 21279 New Colombia* New Dimen Res V 133 New Gold* X 39910 New Gold T 14133 New Gold* O 154 260 New Jersey Mng* O New Milln Iron T 109 New Nadina V 62 New Oroperu V 4 37 New World Res V NewCastle Gold* O 127 Newlox Gold 94 Newmarket Gold T 4037 O 596 Newmarket Gold* Newmont Mng* N 33419 Newport Expl V 41 Newport Gold* O 25 Newstrike Res V 244 Nexgen Energy T 2976 O 155 Nexgen Energy* Next Gen Mtls 272 Nexus Gold* O 1257 Nexus Gold V 2756 NGEx Res T 185 NGEx Res* O 11 Nickel One Res V 223 Nicola Mg Inc V 18380 Nicola Mg Inc* O 199 Nighthawk Gold V 1572 Nikos Expl V 65 Niocorp Dev* O 321 Niocorp Dev T 429 118 Noble Mnl Expl V Noka Res V 739 Noram Vent V 7511 Noram Vent* O 580 Noranda Alum* O 34 Noront Res V 7703 Nortec Mnls V 332 North Am Pall T 13 5 North Am Pall* O North Arrow Mn V 106 21 North Arrow Mn* O North Springs* O 447 Northcliff Res T 117 Northern Uran V 1098 Northn Empire V 427 Norvista Cap V 266 Nouveau Monde V 272 NovaCopper* X 238 NovaCopper T 106 NovaGold Res* X 11002 NovaGold Res T 2155 Novo Res V 529 Novo Res* O 389 NQ Explor V 587 NRG Metals V 375 O 32 Nrthn Freegold* Nrthn Freegold V 116 Nrthn Graphite* O 150 Nrthn Graphite V 107 Nrthn Iron V 44 Nrthn Lion V 123 Nrthn Mnrls &E* O 157 Nrthn Shield V 2129 Nrthn Vertex V 181 V 3 NSGold Nthn Dynasty T 3702 Nthn Dynasty* X 7035 Nthrn Sphere 146 Nubian Res V 90 NuLegacy Gold* O 8443 NuLegacy Gold V 9252 NV Gold V 69 OceanaGold T 15594 OceanaGold* O 109 Oceanic Iron O V 28 Oceanus Res V 481 Odin Mng & Exp* O 32 Odin Mng & Exp V 216 Olivut Res* O 28 Olivut Res V 197 Opawica Expl V 85 Orbite Tech T 3468 Orbite Tech* O 40 Orca Gold V 1040 Orca Gold* O 835 V 1957 Orefinders Res Oremex Silver* O 84 Orex Expl V 2720 Orex Mnrls V 1384 Orex Mnrls* O 347 O 395 Orezone Gold* Organic Potash 54 Orla Mng Ltd V 226 Oro East Mg* O 264 Oroco Res* O 114 Orocobre T 225 Orofino Mnrls V 224 Oroplata Res* O 5345 Orsu Metals T 1298 Orsu Metals* O 1 Orvana Mnrls T 482 Orvana Mnrls* O 36 Osisko Gold* N 564 Osisko Gold T 2947 Osisko Mng Inc T 5149 Otis Gold* O 435 Otis Gold V 1808

68.60 65.34 66.36 - 0.02 70.11 40.04 0.05 0.05 0.05 + 0.00 0.09 0.03 0.08 0.07 0.07 - 0.01 0.14 0.04 0.32 0.27 0.27 - 0.02 0.40 0.05 26.90 17.06 25.83 + 7.58 32.50 5.00 0.12 0.11 0.12 - 0.00 0.30 0.08 0.15 0.14 0.15 - 0.01 0.40 0.10 1.23 1.10 1.18 + 0.02 1.97 0.26 0.95 0.85 0.91 + 0.01 1.50 0.20 0.14 0.11 0.14 + 0.03 0.25 0.01 0.04 0.03 0.03 + 0.01 0.04 0.02 0.61 0.55 0.59 - 0.01 1.20 0.45 0.11 0.09 0.11 + 0.00 0.20 0.06 0.55 0.47 0.47 - 0.04 0.61 0.12 0.70 0.60 0.60 - 0.06 0.94 0.16 0.31 0.25 0.26 - 0.02 0.37 0.11 0.39 0.33 0.33 - 0.03 0.47 0.15 0.62 0.54 0.55 - 0.03 0.80 0.19 0.11 0.09 0.09 - 0.02 0.11 0.01 3.32 3.15 3.19 - 0.06 3.80 2.27 4.26 4.11 4.16 - 0.07 4.81 3.27 0.09 0.08 0.09 - 0.01 0.15 0.04 0.07 0.07 0.07 - 0.00 0.12 0.03 0.01 0.00 0.00 - 0.00 0.05 0.00 0.15 0.00 0.13 - 0.02 0.19 0.04 5.70 4.66 4.70 - 0.59 6.04 1.76 7.32 6.08 6.14 - 0.75 7.87 2.56 0.13 0.11 0.13 + 0.01 0.27 0.03 0.15 0.12 0.14 - 0.00 0.15 0.02 0.09 0.08 0.08 - 0.01 0.18 0.05 0.14 0.00 0.13 + 0.02 0.18 0.05 0.64 0.00 0.64 + 0.01 0.72 0.09 0.14 0.00 0.14 + 0.01 0.14 0.01 0.89 0.76 0.85 + 0.09 0.89 0.14 0.04 0.00 0.03 - 0.02 0.06 0.02 4.43 3.92 4.00 - 0.37 4.71 1.17 3.44 3.01 3.06 - 0.32 3.64 0.90 42.69 39.14 39.30 - 1.22 46.07 15.40 0.24 0.22 0.22 - 0.02 0.38 0.19 0.02 0.01 0.01 - 0.01 0.03 0.00 0.11 0.06 0.11 + 0.04 0.10 0.02 2.34 2.15 2.18 - 0.13 2.86 0.56 1.83 1.65 1.67 - 0.10 2.25 0.41 0.12 0.10 0.11 - 0.01 0.18 0.01 0.08 0.00 0.07 + 0.01 0.08 0.06 0.10 0.08 0.09 + 0.01 0.14 0.04 1.25 1.10 1.13 - 0.04 1.50 0.44 0.94 0.84 0.88 + 0.04 1.14 0.37 0.09 0.08 0.09 - 0.01 0.18 0.07 0.54 0.22 0.25 + 0.03 0.54 0.05 0.39 0.16 0.19 + 0.02 0.39 0.03 0.55 0.42 0.55 + 0.12 0.55 0.04 0.09 0.08 0.08 - 0.01 0.19 0.02 0.71 0.63 0.68 + 0.02 0.87 0.37 0.91 0.83 0.88 + 0.02 1.14 0.51 0.02 0.02 0.02 - 0.01 0.03 0.01 0.11 0.10 0.11 + 0.01 0.21 0.04 0.08 0.07 0.07 - 0.01 0.13 0.01 0.06 0.06 0.06 + 0.00 0.06 0.06 0.04 0.03 0.04 + 0.00 3.05 0.02 0.40 0.29 0.29 - 0.11 0.51 0.28 0.08 0.07 0.07 - 0.01 0.09 0.02 5.89 5.50 5.60 - 0.05 6.49 3.85 4.59 4.15 4.25 - 0.09 5.06 2.71 0.19 0.15 0.17 - 0.02 0.40 0.12 0.12 0.11 0.12 + 0.01 0.28 0.11 0.02 0.01 0.02 - 0.00 40.00 0.01 0.13 0.12 0.12 - 0.01 0.15 0.06 0.02 0.01 0.01 - 0.01 0.03 0.01 0.18 0.15 0.18 + 0.03 0.27 0.06 0.23 0.22 0.22 + 0.01 0.30 0.08 0.30 0.27 0.27 - 0.03 0.38 0.13 0.60 0.53 0.58 + 0.02 0.86 0.15 0.79 0.71 0.77 + 0.02 1.08 0.20 6.05 5.45 5.55 - 0.07 7.29 3.05 7.75 7.10 7.24 - 0.06 9.56 4.05 1.61 1.24 1.53 + 0.28 1.46 0.48 1.21 0.96 1.17 + 0.21 1.15 0.35 0.02 0.01 0.01 - 0.01 0.02 0.01 0.10 0.08 0.08 - 0.02 0.18 0.02 0.20 0.15 0.20 + 0.03 0.23 0.02 0.28 0.21 0.28 + 0.03 0.29 0.04 0.25 0.22 0.25 + 0.00 0.47 0.12 0.37 0.30 0.30 - 0.04 0.63 0.16 0.03 0.03 0.03 - 0.01 0.06 0.01 0.14 0.10 0.13 + 0.03 0.16 0.03 0.05 0.03 0.03 + 0.00 0.08 0.02 0.23 0.20 0.20 - 0.03 0.30 0.01 0.46 0.40 0.40 - 0.02 0.52 0.13 0.12 0.00 0.12 + 0.02 0.12 0.03 1.12 0.94 1.03 + 0.02 1.48 0.28 0.88 0.72 0.79 + 0.01 1.16 0.20 0.40 0.30 0.39 - 0.01 0.63 0.10 0.09 0.08 0.08 - 0.01 0.11 0.01 0.35 0.23 0.33 + 0.09 0.34 0.06 0.45 0.30 0.43 + 0.11 0.43 0.08 0.35 0.26 0.32 + 0.02 0.40 0.03 4.92 4.36 4.65 + 0.18 5.56 1.79 3.80 3.34 3.64 + 0.22 4.26 1.43 0.25 0.22 0.24 - 0.01 0.25 0.08 0.31 0.26 0.31 + 0.04 0.35 0.15 0.69 0.00 0.69 + 0.04 0.76 0.20 0.92 0.87 0.88 - 0.03 0.97 0.24 0.22 0.19 0.20 + 0.00 0.30 0.06 0.28 0.24 0.27 + 0.02 0.42 0.08 0.13 0.13 0.13 + 0.01 0.16 0.02 0.45 0.40 0.44 + 0.03 0.53 0.20 0.34 0.32 0.34 + 0.02 0.40 0.15 0.40 0.36 0.38 - 0.01 0.45 0.12 0.30 0.27 0.27 - 0.02 0.36 0.08 0.08 0.06 0.08 + 0.01 0.08 0.01 0.03 0.03 0.03 - 0.01 0.10 0.00 0.05 0.04 0.04 + 0.01 0.05 0.01 1.24 1.08 1.12 - 0.01 1.38 0.11 0.96 0.83 0.86 + 0.03 1.02 0.05 0.50 0.44 0.45 - 0.02 0.99 0.16 0.02 0.02 0.02 - 0.01 0.09 0.01 1.03 0.90 0.90 - 0.10 1.05 0.08 0.02 0.01 0.01 - 0.01 0.06 0.00 0.04 0.04 0.04 - 0.00 0.05 0.01 4.13 3.63 3.96 + 0.27 4.92 1.33 0.13 0.10 0.13 + 0.02 0.25 0.06 0.61 0.36 0.41 - 0.20 2.04 0.25 0.04 0.03 0.04 + 0.01 0.06 0.01 0.01 0.00 0.01 - 0.00 0.03 0.01 0.33 0.29 0.32 - 0.01 0.39 0.11 0.26 0.21 0.26 + 0.04 0.29 0.07 12.80 11.38 11.49 - 0.85 14.74 8.88 16.43 14.82 14.93 - 1.09 18.64 12.58 3.09 2.25 2.96 + 0.56 3.07 0.96 0.29 0.25 0.25 - 0.02 0.32 0.05 0.37 0.31 0.33 - 0.02 0.42 0.07

Pac Bay Mnrls V 26 Pac Booker Min* O 29 21 Pac Booker Min V Pac North West* O 168 Pac North West V 474 Pac Ridge Expl V 256 Pac Ridge Expl* O 10 Paget Mrnls V 19 Paladin Energy T 821 V 84 Palamina Corp Palamina Corp* O 22 Pan Am Silver* D 15758 Pan Am Silver T 2616 Pan Global Res V 41 O 2 Pancontinental* Pancontinental V 477 Para Resources V 309 Parallel Mng V 185 Paramount Gold* X 915 Pasinex Res 1768 Passprt Potash* O 40 Patriot Gold* O 264 Peabody Enrgy* O 510 Pedro Res V 426 Pele Mtn Res* O 923 Peloton Mnrls* O 308 Peloton Mnrls 159 Perseus Mng T 1242 Pershimco Res V 1156 Pershing Gold* D 1015 Pershing Res* O 41 Peruvian Prc M* O 303 Petra Diamonds* O 12 Philex Mng* O 6 Philippine Mtl V 46 Pilot Gold T 830 Pilot Gold* O 522 Pine Cliff En* O 29 Pine Cliff En T 1166 Pistol Bay Mng V 457 Pitchblack Res V 540 Pitchblack Res* O 1 PJSC Polyus Gd* O 37 Planet Mng V 194 Plate Res V 312 Plateau Uran* O 35 Platinum Gp Mt* X 1282 Platinum Gp Mt T 262 Playfair Mng* O 52 Polaris Mater T 25 PolyMet Mng* X 584 PolyMet Mng T 102 Portage Res* O 7646 Portofino Res V 938 Potash Corp SK* N 28941 Potash Corp SK T 10674 Potash Ridge T 2246 Potash Ridge* O 233 PPX Mining V 1148 Precipitate Gl V 374 Premier Gold M T 3262 Premium Expl* O 11 Pretium Res* N 10488

0.06 0.00 0.04 - 0.02 0.10 0.03 1.16 0.95 1.03 - 0.09 1.93 0.45 1.50 1.16 1.27 - 0.18 2.50 0.63 0.04 0.03 0.03 - 0.00 0.06 0.00 0.05 0.04 0.04 - 0.01 0.08 0.01 0.11 0.08 0.10 + 0.01 0.11 0.02 0.08 0.07 0.07 - 0.01 0.08 0.01 0.07 0.00 0.07 + 0.01 0.09 0.01 0.17 0.16 0.17 + 0.01 0.27 0.15 0.23 0.21 0.21 + 0.01 0.25 0.06 0.18 0.16 0.17 - 0.01 0.19 0.08 19.85 17.62 17.82 - 1.03 21.59 5.38 25.57 22.99 23.24 - 1.25 27.56 7.85 0.05 0.04 0.04 - 0.01 0.08 0.01 0.07 0.06 0.06 - 0.01 0.09 0.00 0.11 0.08 0.10 + 0.01 0.12 0.01 0.29 0.25 0.25 + 0.01 0.36 0.08 0.16 0.14 0.16 + 0.01 0.18 0.05 2.23 1.72 2.09 + 0.19 2.93 0.93 0.16 0.10 0.16 + 0.04 0.16 0.03 0.00 0.00 0.00 - 0.00 0.03 0.00 0.15 0.12 0.13 - 0.01 0.23 0.03 1.35 1.25 1.28 + 0.01 30.30 0.55 0.27 0.20 0.21 - 0.06 0.27 0.01 0.03 0.02 0.03 - 0.00 0.04 0.02 0.08 0.06 0.06 - 0.02 0.09 0.03 0.12 0.08 0.11 - 0.01 0.12 0.09 0.55 0.48 0.50 - 0.02 0.67 0.27 0.30 0.27 0.29 - 0.01 0.36 0.09 4.90 4.27 4.57 + 0.23 5.04 3.04 0.05 0.04 0.04 - 0.00 0.06 0.02 0.11 0.09 0.11 + 0.02 0.13 0.02 1.54 1.53 1.53 - 0.01 1.82 0.86 0.20 0.15 0.20 + 0.05 0.21 0.05 0.06 0.04 0.06 + 0.02 0.18 0.01 0.80 0.71 0.71 - 0.03 0.95 0.22 0.63 0.55 0.55 - 0.03 0.72 0.06 0.85 0.75 0.85 + 0.10 0.95 0.51 1.13 1.01 1.12 + 0.10 1.36 0.61 0.11 0.09 0.10 + 0.02 0.14 0.01 0.14 0.00 0.10 - 0.04 0.20 0.05 0.10 0.00 0.10 - 0.03 0.12 0.03 35.45 35.20 35.20 - 0.05 37.59 18.35 0.05 0.04 0.04 - 0.01 0.08 0.02 0.04 0.03 0.04 + 0.01 0.09 0.03 0.22 0.20 0.21 - 0.00 0.35 0.18 3.08 2.75 2.79 - 0.15 4.04 0.96 3.97 3.58 3.65 - 0.16 5.25 1.35 0.08 0.07 0.07 - 0.01 0.08 0.01 1.33 1.25 1.26 - 0.07 2.25 1.00 0.92 0.85 0.89 + 0.02 1.28 0.55 1.17 1.10 1.14 + 0.02 1.71 0.76 0.00 0.00 0.00 - 0.00 0.01 0.00 0.10 0.09 0.10 + 0.02 0.12 0.06 18.14 16.84 16.97 - 1.02 25.62 14.64 23.53 21.98 22.14 - 1.22 33.93 19.93 0.27 0.23 0.26 + 0.03 0.50 0.03 0.19 0.18 0.18 + 0.00 0.38 0.02 0.14 0.12 0.14 + 0.02 0.16 0.03 0.29 0.24 0.26 - 0.01 0.37 0.06 4.69 4.26 4.29 - 0.14 5.05 2.12 0.02 0.00 0.00 - 0.02 0.04 0.00 12.09 10.29 10.68 - 0.04 12.41 4.00

P-Q

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Probe Metals* O 735 Probe Metals V 2582 T 9 Prophecy Coal Prophecy Coal* O 3 Prospect Glob* O 11 Prosper Gold V 237 PUF Vent Inc * O 3 3235 PUF Vent Inc Puma Expl V 271 Pure Energy* O 557 V 1003 Pure Energy Pure Gold Mg* O 265 Pure Gold Mg V 2831 Pure Nickel V 172 Q-Gold Res V 49 Q-Gold Res* O 23 QMC Quantum Ml V 62 QMX Gold* O 103 Quaterra Res* O 199 Quaterra Res V 152 56 Quest Rare Mnl* O Quest Rare Mnl T 355

1.66 1.16 1.66 + 0.29 1.50 0.24 2.18 1.50 2.17 + 0.36 1.94 0.34 4.41 4.10 4.20 - 0.05 5.48 1.00 3.39 0.00 3.21 - 0.18 4.05 1.25 0.08 0.00 0.05 + 0.00 0.20 0.02 0.35 0.31 0.31 - 0.04 0.39 0.06 0.12 0.00 0.12 + 0.06 0.16 0.03 0.17 0.08 0.14 + 0.05 0.20 0.04 0.07 0.06 0.07 - 0.01 0.10 0.03 0.68 0.63 0.63 - 0.01 0.91 0.29 0.87 0.82 0.82 - 0.01 1.15 0.41 0.58 0.51 0.54 + 0.03 0.60 0.05 0.74 0.65 0.70 + 0.04 0.77 0.07 0.03 0.02 0.03 + 0.01 0.04 0.01 0.06 0.05 0.05 - 0.01 0.14 0.01 0.05 0.00 0.05 + 0.01 0.05 0.01 0.06 0.05 0.05 - 0.01 0.08 0.01 0.05 0.03 0.03 - 0.01 0.08 0.01 0.06 0.05 0.05 - 0.01 0.08 0.04 0.07 0.07 0.07 - 0.01 0.10 0.05 0.13 0.10 0.11 - 0.00 0.20 0.03 0.16 0.15 0.15 - 0.01 0.25 0.06

R Radisson Mng V 284 0.17 0.15 0.16 - 0.02 0.18 0.09 0.15 + 0.02 0.17 0.05 Radius Gold V 471 0.17 0.13 Rainforest Res* O 3 6.95 5.00 5.00 - 1.95 7.00 0.30 V 173 0.13 0.11 0.11 - 0.01 0.25 0.07 Rainmaker Res Rainy Mtn Royl V 302 0.08 0.06 0.06 - 0.01 0.08 0.03 Rambler Ml &Mg V 359 0.10 0.09 0.10 + 0.01 0.17 0.05 Randgold Res* O 3 105.00 94.96 105.00 + 9.85 120.75 57.00 Randgold Res* D 5117 104.27 97.08 97.74 - 2.08 126.55 54.88 Rapier Gold V 248 0.17 0.15 0.15 - 0.02 0.17 0.03 Rare Earth Mnl* O 3 5.50 4.74 4.74 - 0.76 7.63 2.75 Rare Element* O 189 0.10 0.06 0.09 - 0.00 0.40 0.06 Rathdowney Res V 371 0.20 0.18 0.20 + 0.01 0.26 0.11 RB Energy* O 232 0.01 0.00 0.00 - 0.00 0.01 0.00 0.81 0.74 0.78 + 0.02 0.90 0.25 Red Eagle Mng V 1891 Red Eagle Mng* O 186 0.63 0.58 0.61 + 0.03 0.91 0.18 87 0.04 0.03 0.03 - 0.01 0.09 0.02 Red Moon Potsh V Red Pine Expl V 677 0.19 0.16 0.17 - 0.01 0.24 0.03 0.07 - 0.01 0.10 0.04 Redhawk Res T 107 0.07 0.06 Redhill Res* O 10 1.27 1.21 1.22 + 0.02 1.27 0.51 Redhill Res V 211 1.65 1.55 1.60 + 0.05 1.66 0.06 Redstar Gold V 4929 0.16 0.14 0.15 + 0.01 0.17 0.03 Regulus Res V 175 1.65 1.50 1.50 - 0.07 1.87 0.19 Reliant Gold V 241 0.03 0.02 0.02 - 0.01 0.04 0.01 Renaissance Gd V 163 0.60 0.53 0.58 + 0.03 0.66 0.11 Renaissance Gd* O 95 0.47 0.41 0.44 + 0.01 0.52 0.08 Renforth Res 2531 0.03 0.03 0.03 + 0.01 0.05 0.01 Resolve Vent V 1258 0.10 0.06 0.06 - 0.03 0.30 0.04 Resource Cap* O 77 0.18 0.15 0.18 + 0.03 0.21 0.02 Reunion Gold V 325 0.03 0.03 0.03 - 0.01 0.05 0.01 Revelo Res V 148 0.09 0.08 0.08 - 0.01 0.11 0.04 Revolver Res V 100 0.20 0.14 0.20 + 0.06 0.27 0.07 0.05 + 0.01 0.05 0.01 Rheingold Expl 208 0.05 0.04 Richmont Mines* X 2565 10.95 9.23 10.06 + 0.27 11.48 2.49 T 3286 14.11 12.03 13.13 + 0.36 14.99 3.30 Richmont Mines Rio Novo Gold* O 114 0.19 0.16 0.16 - 0.02 0.23 0.06 325 0.24 0.19 0.20 - 0.03 0.30 0.07 Rio Novo Gold T Rio Silver V 1158 0.16 0.12 0.14 + 0.01 0.17 0.02 Rio Tinto* N 16386 31.83 30.70 30.74 - 0.39 40.05 21.89 Rio Tinto* O 113 31.13 0.00 30.79 - 1.11 38.70 21.90 Rio Tinto* O 1 36.63 35.38 36.06 + 0.68 39.53 25.47 Rise Res Inc 32 0.20 0.17 0.20 + 0.03 0.25 0.11 Riverside Res* O 90 0.31 0.27 0.28 + 0.02 0.38 0.08 0.39 + 0.04 0.49 0.12 Riverside Res V 227 0.40 0.35 RJK Explor V 94 0.17 0.16 0.16 - 0.01 0.25 0.05 Robex Res V 656 0.11 0.00 0.11 + 0.01 0.17 0.05 Rock Tech Lith V 197 0.75 0.00 0.70 + 0.09 0.75 0.03 Rock Tech Lith* O 6 0.50 0.48 0.50 + 0.02 0.53 0.02 Rockcliff Cop V 297 0.11 0.08 0.10 + 0.02 0.11 0.02 Rockhaven Res V 537 0.26 0.22 0.24 + 0.01 0.29 0.10 Rockshield Cap 4030 0.07 0.04 0.05 - 0.02 0.11 0.04 Rockwell Diam* O 18 0.09 0.08 0.08 - 0.01 0.16 0.05 Rodinia Lithm* O 166 0.01 0.00 0.00 - 0.01 0.03 0.00 Rogue Res V 70 0.56 0.50 0.56 + 0.06 1.50 0.49 Rogue Res* O 7 0.41 0.00 0.41 + 0.01 0.41 0.39 Rojo Res V 28 0.13 0.00 0.13 - 0.01 0.15 0.04 Rokmaster Res V 202 0.03 0.03 0.03 - 0.01 0.05 0.01 302 0.08 0.06 0.06 - 0.01 0.10 0.02 Romios Gold Rs V Romios Gold Rs* O 18 0.06 0.05 0.06 - 0.00 0.08 0.01 V 529 0.01 0.01 0.01 + 0.01 0.03 0.01 Ross River Roxgold* O 441 1.24 1.12 1.12 - 0.06 1.35 0.42 V 1544 1.60 1.46 1.47 - 0.05 1.76 0.55 Roxgold Royal Gold* D 3238 82.66 75.75 76.06 - 1.88 87.74 24.68 Royal Nickel T 5832 0.40 0.33 0.38 + 0.05 0.63 0.12 Royal Nickel* O 247 0.31 0.25 0.31 + 0.06 0.50 0.10 Royal Sapphire V 257 0.05 0.00 0.03 - 0.03 0.07 0.03 RT Minerals V 228 0.09 0.08 0.09 + 0.01 0.30 0.05 Rubicon Mnrls* O 979 0.05 0.04 0.04 + 0.00 0.87 0.01 Rubicon Mnrls T 1090 0.06 0.06 0.06 - 0.01 1.13 0.02 Rugby Mng V 56 0.38 0.36 0.38 + 0.02 0.58 0.03 Rupert Res V 353 0.92 0.81 0.83 + 0.01 0.99 0.02 Rusoro Mng* O 662 0.20 0.18 0.20 - 0.01 0.31 0.02 Rusoro Mng V 4126 0.28 0.23 0.25 - 0.01 0.41 0.03 0.31 0.26 0.26 - 0.02 0.37 0.08 Rye Patch Gold* O 1444 Rye Patch Gold V 3850 0.40 0.34 0.34 - 0.03 0.47 0.11

S Sabina Gd&Slvr T 1773 Sabina Gd&Slvr* O 845 Sage Gold V 439 Sage Gold* O 105 Saint Jean V 2913 Salazar Res* O 44 San Marco Res V 32 San Marco Res* O 3 Sanatana Diam V 1314 Sandspring Res V 1453 Sandspring Res* O 305 Sandstorm Gold* X 13497 Sandstorm Gold T 4647 Santa Fe Gold* O 1506 Santacruz Silv V 1803 Sarama Res V 402 Satori Res V 14 Satori Res* O 14 Saturn Mnrls V 683 Savary Gold* O 50 Scandium Int M* O 500 Scientific Mts V 2272 Seabridge Gld* N 3684 Seabridge Gld T 469 Search Mnls V 98 Searchlight* O 57 Sego Res V 329 Select Sands V 1178 Semafo T 9832 Senator Mnrls V 53 Serengeti Res V 1772 Shamrock Ent 44 Sherritt Intl T 1489 Shore Gold T 1496 Sibanye Gold* N 7426 Sienna Res V 1945 Sienna Res* O 79 Sierra Iron Or* O 26 Sierra Metals* O 4 Sierra Metals T 82 Sierra Res* O 2983 Silver Bear Rs T 2369 Silver Bull Re* O 1042 Silver Bull Re T 1267 Silver Dragon* O 448 Silver Grail V 135 Silver Mtn Mns V 178 Silver Predatr V 84 Silver Pursuit V 48 Silver Range V 465 Silver Scott* O 290 Silver Shield 412 Silver Spruce V 64 Silver Std Res T 3119 Silver Std Res* D 12405 Silver Wheaton T 9458 N 31648 Silver Wheaton* Silvercorp Met T 5901 Silvercorp Met* O 2263 Silvermet V 641 SinoCoking Cl* D 275 Sirios Res V 1317 Sirios Res* O 74 Skeena Res* O 170 Skeena Res V 1645 Skyharbour Res* O 51 Slam Explor V 1041 Solitario Ex&R T 95 Solitario Ex&R* X 340 Sona Res V 32 Source Expl V 5565 Southern Arc V 236 Southern Arc* O 85 Southern Copp* N 4179 Southern Silvr V 1154 Southern Silvr* O 362 SouthGobi Res T 8 Spanish Mtn Gd* O 333 Sparton Res* O 32 Spearmint Res V 1099 Sphinx Res V 1009 Squire Mg Ltd 66 St Augustine T 405 Stakeholdr Gld* O 28 Stakeholdr Gld V 361 Standard Metal* O 423 Stans Energy V 969 Stans Energy* O 332 Starcore Intl T 189 Stellar Africa V 213 Stelmine Can V 157 Sterling Grp* O 348 Stillwater Mg* N 7223 Stina Res 497 Stockport Expl V 309 Stonegate Agri* O 264 Stornoway Diam T 3431 Strategic Metl V 617 Stratton Res V 194 Stria Lithium V 1496

1.33 1.22 1.26 + 0.02 1.87 0.33 1.05 0.93 0.97 + 0.02 1.55 0.25 0.12 0.09 0.11 - 0.01 0.16 0.03 0.09 0.08 0.09 - 0.00 0.12 0.03 0.04 0.03 0.03 - 0.01 0.07 0.02 0.08 0.07 0.07 - 0.01 0.12 0.03 0.23 0.22 0.22 - 0.01 0.30 0.02 0.18 0.18 0.18 - 0.00 0.22 0.01 0.03 0.02 0.02 - 0.01 0.04 0.01 0.78 0.68 0.69 - 0.05 0.94 0.11 0.61 0.52 0.53 - 0.06 0.72 0.08 6.64 5.80 6.09 + 0.08 6.75 1.94 8.53 7.57 7.97 + 0.16 8.73 2.82 0.07 0.06 0.07 + 0.00 0.07 0.00 0.55 0.47 0.49 - 0.01 0.63 0.09 0.34 0.28 0.30 - 0.01 0.55 0.05 0.17 0.15 0.16 + 0.01 0.18 0.02 0.13 0.12 0.12 - 0.00 0.13 0.02 0.12 0.10 0.10 - 0.01 0.22 0.08 0.10 0.09 0.09 - 0.01 0.12 0.06 0.13 0.12 0.13 + 0.01 0.17 0.08 0.09 0.07 0.09 + 0.01 0.10 0.07 12.59 11.14 11.19 - 0.50 15.88 5.31 16.22 14.52 14.57 - 0.65 20.71 7.13 0.08 0.06 0.08 + 0.01 0.11 0.04 0.08 0.06 0.07 - 0.01 0.30 0.01 0.04 0.03 0.03 - 0.01 0.05 0.01 0.52 0.41 0.47 + 0.02 0.52 0.20 6.54 5.59 5.63 - 0.56 7.46 2.51 0.57 0.46 0.46 - 0.10 0.66 0.05 0.25 0.19 0.22 + 0.01 0.25 0.02 0.05 0.05 0.05 - 0.01 0.06 0.01 0.86 0.81 0.86 + 0.05 1.15 0.53 0.22 0.19 0.22 + 0.01 0.25 0.13 16.63 14.78 14.84 - 1.43 20.97 4.45 0.24 0.22 0.22 + 0.01 0.27 0.01 0.17 0.16 0.17 + 0.00 0.20 0.01 0.30 0.29 0.30 + 0.01 0.32 0.15 1.66 1.43 1.62 + 0.05 1.69 0.69 2.14 1.95 2.05 + 0.03 2.19 0.95 0.00 0.00 0.00 + 0.00 0.00 0.00 0.38 0.32 0.32 - 0.05 0.53 0.02 0.18 0.14 0.15 + 0.00 0.21 0.02 0.22 0.19 0.20 + 0.01 0.28 0.04 0.03 0.02 0.02 + 0.00 0.05 0.00 0.10 0.07 0.09 - 0.01 0.16 0.02 0.04 0.03 0.04 + 0.01 0.05 0.01 0.10 0.00 0.09 - 0.01 0.12 0.01 0.11 0.00 0.11 + 0.01 0.13 0.02 0.19 0.14 0.16 - 0.01 0.24 0.02 0.04 0.02 0.02 - 0.02 0.04 0.00 0.11 0.09 0.11 + 0.01 0.17 0.02 0.14 0.11 0.14 + 0.03 0.14 0.05 17.75 15.53 15.76 - 0.81 20.48 5.28 13.77 11.90 12.10 - 0.65 15.84 3.66 37.99 34.77 35.64 - 0.03 40.80 14.51 29.46 26.68 27.31 - 0.13 31.35 10.04 4.73 3.73 4.28 + 0.28 4.73 0.60 3.67 2.74 3.29 + 0.20 3.67 0.41 0.04 0.03 0.03 - 0.01 0.06 0.02 0.36 0.29 0.32 - 0.01 0.80 0.26 1.05 0.92 0.96 - 0.04 1.42 0.07 0.82 0.70 0.72 - 0.05 1.13 0.07 0.12 0.09 0.10 + 0.00 0.15 0.04 0.15 0.13 0.13 - 0.01 0.20 0.06 0.26 0.23 0.25 + 0.02 0.32 0.22 0.15 0.07 0.08 + 0.01 0.15 0.01 1.03 0.95 0.95 - 0.05 1.29 0.57 0.81 0.73 0.73 - 0.04 0.95 0.40 0.10 0.06 0.10 + 0.04 0.10 0.01 0.29 0.02 0.29 - 0.02 0.50 0.10 0.84 0.70 0.77 + 0.07 1.00 0.24 0.65 0.53 0.58 + 0.05 0.66 0.17 26.49 25.22 25.26 - 0.84 31.31 21.55 0.54 0.49 0.50 - 0.01 0.66 0.03 0.43 0.36 0.38 - 0.02 0.52 0.02 0.27 0.22 0.27 + 0.05 0.47 0.21 0.13 0.11 0.12 + 0.01 0.17 0.01 0.06 0.00 0.04 - 0.01 0.07 0.01 0.03 0.02 0.03 + 0.01 0.06 0.01 0.08 0.07 0.07 - 0.01 0.14 0.01 0.15 0.11 0.15 + 0.01 0.19 0.10 0.10 0.09 0.09 - 0.01 0.14 0.07 0.45 0.38 0.42 + 0.00 0.54 0.05 0.57 0.48 0.54 + 0.04 0.70 0.04 0.15 0.08 0.10 - 0.05 0.63 0.01 0.04 0.03 0.04 + 0.01 0.09 0.01 0.04 0.02 0.02 - 0.01 0.06 0.01 0.76 0.70 0.71 - 0.04 0.91 0.25 0.05 0.04 0.05 + 0.01 0.08 0.01 0.37 0.30 0.34 - 0.03 0.37 0.05 0.03 0.02 0.02 - 0.00 0.04 0.01 13.57 12.29 12.39 - 0.65 15.91 4.99 0.11 0.09 0.10 - 0.01 0.19 0.10 0.04 0.02 0.03 + 0.01 0.06 0.01 0.02 0.01 0.02 + 0.01 0.03 0.00 1.15 1.10 1.12 + 0.01 1.20 0.65 0.81 0.65 0.71 + 0.03 0.86 0.24 0.80 0.68 0.77 + 0.07 0.85 0.07 0.11 0.09 0.09 - 0.01 0.18 0.02

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Strikepoint Gd V 86 Strikepoint Gd* O 59 Stroud Res V 9620 Sulliden Mng T 82 Suncor Energy T 12021 Suncor Energy* N 23029 Sunridge Gold* O 66 904 Sunset Cove Mg V Sunvest Mnrls V 268 O 2 Sunvest Mnrls* Sutter Gold V 83 Sutter Gold* O 66 Swift Res V 386 Syrah Res* O 3

0.21 0.19 0.21 + 0.01 0.55 0.05 0.16 0.14 0.16 - 0.00 0.21 0.08 0.03 0.01 0.02 + 0.01 0.03 0.01 0.38 0.00 0.36 - 0.03 0.47 0.19 35.93 34.91 35.05 - 0.58 40.35 27.32 27.81 26.75 26.89 - 0.54 30.70 18.71 0.03 0.02 0.03 + 0.00 0.29 0.01 0.11 0.09 0.09 - 0.02 0.15 0.07 0.25 0.17 0.21 + 0.04 0.50 0.01 0.18 0.15 0.17 + 0.02 0.18 0.02 0.06 0.06 0.06 - 0.01 0.16 0.04 0.05 0.04 0.04 - 0.00 0.13 0.02 0.25 0.12 0.25 + 0.13 0.25 0.01 3.35 0.00 3.10 - 0.25 4.90 1.81

Tahoe Res* N 10154 Tahoe Res T 4818 Takara Res V 205 Taku Gold 26 Talmora Diamd 25 Talon Metals T 431 Tamino Mnrls* O 305 Tantalex Res 393 Tanzania Rlty T 316 Tanzania Rlty* X 2318 Taranis Res V 231 Taseko Mines* X 633 Taseko Mines T 146 Teck Res T 23506 Teck Res* N 42992 Teck Res T 10 Telson Res * O 44 Telson Res V 66 Tembo Gold V 236 Tembo Gold* O 239 Teranga Gold T 9205 Teras Res* O 16 Teras Res V 393 Terraco Gold V 436 Terrax Mnrls* O 85 Terrax Mnrls V 1245 Teslin Rvr Res V 473 Teuton Res V 554 Teuton Res* O 22 Theia Res V 177 Themac Res V 22 Thompson Creek* O 2229 Thompson Creek T 3005 Thunder Mtn Gd* O 176 2 Thunder Mtn Gd V Thunderstruck V 452 Till Capital V 5 Timberline Res V 46 Timberline Res* O 110 Timmins Gold T 7162 Timmins Gold* X 7617 Tinka Res* O 326 Tinka Res V 1804 Tintina Mines V 7 Tintina Res V 134 Tintina Res* O 211 Tirex Res* O 41 Tirex Res V 66 Titanium Corp V 90 O 25 TMAC Resource* TMAC Resources T 190 Toachi Mg Inc V 73 TomaGold V 712 Tombstone Expl* O 179 Torex Gold T 3285 Torex Gold* O 77 Tower Res V 928 Transatlan Mng V 1174 Transition Mtl V 96 Treasury Metal T 476 Trecora Res* N 131 Tres-Or Res V 313 Trevali Mng* O 204 Trevali Mng T 8854 O 163 TriMetals Mng* TriMetals Mng* O 62 TriMetals Mng T 243 Trio Resources* O 108 TriStar Gold* O 153 TriStar Gold V 262 Troy Res* O 18 True North Gem V 47052 Tsodilo Res V 25 Tudor Gold V 146 Turquoise HIl T 4645 Turquoise HIl* N 11702 Tyhee Gold* O 157 Typhoon Expl V 124

14.95 13.53 13.80 - 0.20 17.01 6.48 19.28 17.66 17.98 - 0.22 22.13 9.45 0.07 0.00 0.05 - 0.02 0.10 0.02 0.17 0.14 0.16 - 0.01 0.22 0.02 0.05 0.04 0.04 - 0.01 0.05 0.01 0.09 0.08 0.09 - 0.01 0.15 0.07 0.00 0.00 0.00 + 0.00 0.00 0.00 0.17 0.12 0.15 + 0.03 0.17 0.01 1.44 1.09 1.24 + 0.03 1.95 0.24 1.13 0.83 0.95 + 0.03 1.49 0.17 0.15 0.10 0.15 + 0.03 0.15 0.04 0.47 0.43 0.45 + 0.00 0.70 0.23 0.60 0.56 0.58 - 0.01 0.88 0.35 23.00 20.90 21.11 - 0.98 23.00 3.65 17.90 16.03 16.19 - 0.80 17.90 2.56 23.22 0.00 20.72 - 1.47 23.22 5.69 0.31 0.22 0.23 - 0.07 0.43 0.07 0.40 0.00 0.30 - 0.10 0.55 0.04 0.06 0.05 0.06 + 0.01 0.07 0.01 0.05 0.04 0.04 - 0.00 0.06 0.01 1.30 1.20 1.21 - 0.01 1.39 0.38 0.14 0.09 0.14 + 0.04 0.14 0.02 0.21 0.13 0.17 + 0.04 0.18 0.03 0.18 0.16 0.17 + 0.01 0.19 0.07 0.67 0.62 0.62 - 0.01 0.76 0.17 0.85 0.78 0.79 - 0.01 0.96 0.24 0.28 0.25 0.26 - 0.01 0.43 0.20 0.40 0.32 0.39 + 0.05 0.46 0.04 0.27 0.24 0.27 + 0.01 0.34 0.03 0.17 0.12 0.12 - 0.02 0.17 0.05 0.06 0.05 0.06 + 0.01 0.10 0.01 0.55 0.48 0.50 - 0.02 0.65 0.07 0.72 0.65 0.67 - 0.03 0.87 0.16 0.12 0.10 0.12 + 0.01 0.15 0.02 0.16 0.00 0.16 + 0.02 0.23 0.08 0.12 0.08 0.10 - 0.01 0.20 0.01 6.00 5.65 5.70 - 0.17 6.00 3.28 0.44 0.37 0.43 + 0.06 0.72 0.16 0.36 0.28 0.33 + 0.01 0.55 0.08 0.69 0.61 0.62 - 0.03 0.80 0.11 0.54 0.46 0.48 - 0.03 0.63 0.07 0.18 0.16 0.16 - 0.01 0.22 0.07 0.23 0.20 0.20 - 0.03 0.27 0.09 0.08 0.00 0.08 + 0.02 0.12 0.04 0.10 0.09 0.10 + 0.02 0.15 0.04 0.08 0.07 0.08 + 0.00 0.12 0.03 0.09 0.09 0.09 + 0.00 0.16 0.05 0.12 0.10 0.11 - 0.01 0.22 0.05 0.72 0.61 0.71 + 0.09 1.54 0.31 13.83 12.69 12.99 - 0.35 15.16 9.26 17.88 16.30 16.90 - 0.35 19.97 5.30 0.40 0.39 0.40 + 0.01 0.43 0.03 0.15 0.13 0.15 - 0.01 0.17 0.04 0.01 0.01 0.01 + 0.00 0.02 0.01 35.17 31.03 31.44 - 1.98 35.17 10.80 27.34 23.83 24.09 - 1.69 27.34 7.97 0.12 0.09 0.11 + 0.02 0.11 0.01 0.09 0.07 0.09 + 0.01 0.15 0.03 0.20 0.17 0.19 + 0.02 0.25 0.07 0.78 0.70 0.71 - 0.04 0.85 0.32 11.08 10.15 10.21 - 0.77 14.96 8.17 0.05 0.04 0.05 + 0.01 0.06 0.01 0.71 0.67 0.70 + 0.03 0.75 0.18 0.92 0.86 0.91 + 0.02 0.98 0.25 0.24 0.22 0.23 + 0.01 0.28 0.04 0.24 0.21 0.21 - 0.02 0.32 0.06 0.30 0.29 0.29 - 0.01 0.36 0.06 0.00 0.00 0.00 + 0.00 0.00 0.00 0.35 0.27 0.30 - 0.04 0.41 0.10 0.45 0.36 0.39 - 0.06 0.53 0.14 0.36 0.29 0.36 + 0.07 0.56 0.13 0.07 0.01 0.01 - 0.05 0.20 0.01 0.90 0.69 0.86 - 0.04 1.03 0.50 1.20 1.07 1.20 + 0.05 2.50 0.03 4.13 3.88 3.96 - 0.13 4.72 2.30 3.20 2.98 3.03 - 0.13 3.67 1.55 0.02 0.00 0.01 + 0.01 0.01 0.00 0.12 0.10 0.11 + 0.01 0.15 0.03

U.S. Lithium* O 33 U3O8 Corp* O 748 Ucore Rare Mtl* O 164 Ucore Rare Mtl V 425 UEX Corp T 653 Ultra Lithium* O 27 Umbral Enrgy 471 Unigold V 116 Unigold* O 17 United Res Hdg* O 128 United Silver* O 1341 United States A* X 1247 United States S* N 76254 Unity Energy V 133 Ur-Energy* X 1074 Uracan Res V 415 Uracan Res* O 117 Uragold Bay Rs V 1216 Uranium Energy* X 4796 Uranium Hunter* O 10716 Uranium Res* D 5476 Uravan Mnrls V 489 US Energy* D 42 US Precious M* O 906 USCorp* O 259 Vale* N 117812 Vale* N 30815 ValGold Res V 282 Valley High Mg* O 2613 Valterra Res* O 560 Valterra Res V 1354 Vanadiumcorp V 140 Vedanta* N 598 Velocity Mnrls V 14 Vena Res V 954 Vendetta Mng V 2183 Vendome Res V 456 Venture Mnrls* O 23 Verde Potash T 34 Victoria Gold V 4831 Victory Res V 466 Victory Vent V 1017 Virginia Enrgy V 3 Visible Gold M V 693 Vista Gold* X 6308 Vista Gold T 479 Volcanic Mtls V 203 Voltaic Min V 1620 Vulcan Mnrls V 486

0.04 0.04 0.04 - 0.00 0.15 0.01 0.03 0.02 0.02 - 0.00 0.03 0.01 0.30 0.27 0.27 - 0.01 0.35 0.15 0.38 0.35 0.35 - 0.02 0.45 0.20 0.23 0.22 0.22 - 0.01 0.29 0.11 0.13 0.12 0.12 - 0.00 0.27 0.06 0.04 0.03 0.04 + 0.01 0.10 0.02 0.62 0.50 0.58 + 0.08 0.69 0.08 0.46 0.41 0.42 + 0.01 0.51 0.06 0.02 0.01 0.02 + 0.01 0.06 0.01 0.00 0.00 0.00 + 0.00 0.01 0.00 0.57 0.38 0.56 + 0.19 0.57 0.16 19.93 16.80 17.03 - 1.87 27.64 6.15 0.11 0.10 0.11 + 0.01 0.48 0.10 0.56 0.51 0.52 - 0.00 0.73 0.44 0.08 0.06 0.08 + 0.02 0.08 0.01 0.07 0.05 0.07 + 0.01 0.07 0.00 0.22 0.17 0.20 - 0.02 0.31 0.02 1.17 1.00 1.06 + 0.02 1.47 0.65 0.00 0.00 0.00 + 0.00 0.00 0.00 1.87 1.53 1.53 - 0.10 16.08 1.26 0.40 0.32 0.35 - 0.01 0.42 0.05 1.98 1.85 1.94 + 0.05 3.47 0.67 0.01 0.01 0.01 - 0.00 0.08 0.00 0.01 0.00 0.01 + 0.00 0.03 0.00 5.72 5.15 5.19 - 0.41 6.26 2.13 4.84 4.39 4.40 - 0.34 5.12 1.55 0.04 0.04 0.04 + 0.01 0.08 0.01 0.00 0.00 0.00 - 0.00 0.02 0.00 0.07 0.05 0.06 + 0.01 0.07 0.00 0.09 0.06 0.08 + 0.01 0.09 0.01 0.05 0.00 0.05 + 0.01 0.06 0.02 10.55 9.95 9.99 - 0.44 10.57 3.52 0.18 0.16 0.18 + 0.03 0.20 0.05 0.12 0.10 0.10 - 0.02 0.14 0.04 0.09 0.07 0.07 - 0.01 0.13 0.05 0.02 0.02 0.02 - 0.01 0.03 0.01 0.03 0.02 0.03 + 0.00 0.04 0.01 0.36 0.35 0.36 + 0.01 0.48 0.13 0.65 0.59 0.64 + 0.01 0.80 0.12 0.05 0.04 0.04 - 0.01 0.09 0.02 0.03 0.03 0.03 - 0.01 0.06 0.01 0.04 0.00 0.04 - 0.01 0.10 0.04 0.04 0.04 0.04 + 0.01 0.07 0.02 1.13 0.99 1.01 - 0.07 2.09 0.25 1.46 1.29 1.31 - 0.08 2.73 0.34 0.19 0.17 0.19 + 0.02 0.20 0.04 0.08 0.06 0.07 - 0.01 0.52 0.03 0.04 0.03 0.04 - 0.01 0.08 0.02

Walter Energy* O 339 Waseco Res V 274 Wealth Mnrls* O 445 Wealth Mnrls V 1878 Wellgreen Plat* O 1225 Wellgreen Plat T 2292 Wesdome Gold T 5388 West Af Res V 768 West High Yld V 91 West Kirkland V 573 West Red Lake 2481 West Red Lake* O 213 Western Copper* X 175 Western Copper T 179 Western Pac Rs V 35 Western Uran* O 18 Western Uran 10 Westhaven Vent* O 40 Westhaven Vent V 602 Westkam Gold V 17737 Westkam Gold* O 137 Westminster Rs V 7547 Westmoreland* D 1069 WestMountain* O 7 White Mtn Engy* O 74 Whitemud Res V 30 Wildcat Expl* O 249 Wincash Apolo* O 4 Winston Gld Mg 1805 Winston Gld Mg* O 33 Wolfden Res V 283 WPC Res V 4393 X-Terra Res V 171 Ximen Mng V 588 Ximen Mng* O 158 XLI Tech Inc* O 1188 Xtra-Gold Res* O 36 Xtra-Gold Res T 72 Yamana Gold T 31873 Yamana Gold* N 135877 Yanzhou Coal* N 302 Yellowhead Mng T 327 Yorbeau Res* O 14 Zadar Vent * O 353 Zadar Vent V 3694 Zazu Metals T 33 Zenyatta Vent V 379 Zenyatta Vent* O 48 Zimtu Capital V 175 Zincore Mtls V 17

0.05 0.03 0.04 - 0.01 0.10 0.01 0.09 0.08 0.09 + 0.01 0.09 0.02 0.96 0.70 0.82 + 0.05 0.90 0.10 1.22 0.92 1.07 + 0.07 1.16 0.14 0.43 0.32 0.40 + 0.06 0.46 0.12 0.55 0.41 0.52 + 0.08 0.62 0.16 2.90 2.57 2.81 + 0.19 2.90 0.89 0.32 0.30 0.31 + 0.01 0.40 0.05 0.20 0.16 0.20 + 0.04 0.39 0.15 0.14 0.12 0.14 + 0.01 0.17 0.04 0.35 0.26 0.28 - 0.06 0.40 0.01 0.27 0.21 0.22 - 0.03 0.31 0.02 0.79 0.68 0.73 + 0.02 1.04 0.20 1.00 0.85 0.97 + 0.05 1.35 0.29 0.04 0.03 0.04 + 0.01 0.05 0.01 1.71 1.49 1.49 - 0.07 2.67 1.19 2.20 1.92 1.92 - 0.23 5.00 1.20 0.11 0.10 0.10 - 0.01 0.12 0.08 0.15 0.12 0.13 - 0.01 0.16 0.04 0.06 0.04 0.05 - 0.01 0.09 0.02 0.04 0.03 0.04 - 0.01 0.07 0.01 0.07 0.05 0.06 + 0.01 0.18 0.02 9.75 8.26 9.00 + 0.69 16.14 3.44 0.10 0.07 0.07 - 0.04 0.20 0.04 0.09 0.07 0.08 - 0.01 0.35 0.07 0.01 0.01 0.01 - 0.01 0.03 0.01 0.08 0.06 0.07 + 0.01 0.11 0.02 0.10 0.06 0.06 - 0.04 0.25 0.06 0.55 0.22 0.53 + 0.28 0.54 0.10 0.40 0.20 0.40 + 0.19 0.40 0.10 0.13 0.11 0.13 + 0.01 0.19 0.05 0.11 0.07 0.09 + 0.02 0.12 0.03 0.22 0.00 0.20 - 0.01 0.31 0.06 0.17 0.12 0.15 + 0.03 0.18 0.03 0.13 0.11 0.13 + 0.03 0.13 0.01 0.01 0.00 0.01 + 0.00 1.50 0.00 0.31 0.28 0.28 - 0.01 0.43 0.12 0.40 0.35 0.40 + 0.02 0.56 0.18 6.30 5.72 5.74 - 0.20 7.87 1.89 4.90 4.39 4.40 - 0.17 5.99 1.38 6.38 5.88 6.15 + 0.24 7.02 3.66 0.09 0.06 0.06 - 0.03 0.10 0.03 0.08 0.08 0.08 - 0.02 0.09 0.04 0.12 0.11 0.12 + 0.01 0.20 0.06 0.17 0.14 0.17 + 0.02 0.26 0.01 0.25 0.22 0.25 + 0.01 0.33 0.09 0.97 0.82 0.89 + 0.07 1.41 0.63 0.75 0.00 0.68 + 0.05 1.05 0.47 0.22 0.21 0.22 - 0.01 0.38 0.12 0.19 0.16 0.17 + 0.02 0.30 0.03

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2016-09-13 10:28 PM

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WWW.NORTHERNMINER.COM

SEPTEMBER 19–25, 2016 / THE NORTHERN MINER

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 SPOT PRICES COURTESY OF SCOTIABANK

PRODUCER AND DEALER PRICES

TSX WARRANTS

TSX VENTURE WARRANTS

Tuesday, September 6, 2016 Precious Metals Price (US$/oz.)

Change Gold 1330.05 +11.20 Silver $19.60 +0.82 Platinum $1068.00 -14.00 Palladium $677.00 -16.00

Thermal Coal CAPP: US$40.50 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$41.10 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$8.70 Coal: CME Group Central Appalachian Futures Oct. 2016: US$40.00 Nov. 2016: US$40.00 Cobalt: US$11.79/lb.

Copper: US$2.10/lb.

Copper: CME Group Futures Oct. 2016: US$2.105/lb.; Nov. 2016: US$2.105/lb Ferro-Chrome: US$1.94/kg Ferro Titanium: US$3.80/kg FerroTungsten: US$26.87/kg Ferrovanadium: US$19.33/kg Iridium: NY Dealer Mid-mkt US$650.00/tr oz.

Iron Ore 62% Fe CFR China-S: US$57.50/tonne Iron Ore Fines: US$54.72/tonne Iron Ore Pellets: US$78.52/tonne Lead: US$0.86/lb.

Magnesium: US$1.99/kg Manganese: US$1.65/kg Molybdenum Oxide: US$7.37/lb.

Phosphate Rock: US$115.00/tonne Potash: US$269.00/tonne Rhodium: Mid-mkt US$675.00/tr. oz.

Ruthenium: Mid-mkt US$42.00/tr. oz.

Silver: Handy & Harman Base: US$19.41 per oz.; Handy & Harman Fabricated: US$24.226 per oz.

Tantalite Ore : US$132.01/kg Tin: US$8.89/lb.

Uranium: U3O8, Trade Tech spot price: US$25.50; The UX Consulting Company spot price: US$25.50/lb.

Zinc: US$1.04/lb.

Prices current Sept. 12, 2016

Alamos Gold (AGI.WT) - Wt buys sh @ $28.47 to Aug 30/18 Alamos Gold (AGI.WT.A) - Wt buys sh @ $10.00 to Jan 7/19 Coeur Mining (CDM.WT) - Exercisable on a cashless basis. See TSX Bulletin 2013-0377 for calculation. To Apr 16/17 Cntl Gold Inc. (CNL.WT.A) - Wt buys sh @ $4.75 to Nov 26/17 Dlrdn Resources (DNA.WT.A) - Wt buys sh @ $1.5 to Jul 31/17 Excellon Resources (EXN.WT) - Wt buys sh @ $1.75 to Jul 26/18 Franco Nevada (FNW.WT.A) - Wt buys sh @ $75 to Jun 16/17 GoGold Resources (GGD.WT) - Wt buys sh @ $1.7 to Jun 7/18 Golden Queen Mng (GQM.WT) - Wt buys sh @ $2 to Jul 25/19 Gran Colomb (GCM.WT.A) - Wt buys sh @ $3.25 to Mar 18/19 HudBay Minerals (HBM.WT) - Wt buys sh @ $15 to Jul 20/18 Lithium Americas Corp (LAC.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry Lydian Intl (LYD.WT) - One Warrant to purchase one additional ordinary share of the Issuer at $0.36 per share until expiry MBAC Fertilizer (MBC.WT) - Wt buys sh @ $1 to Apr 17/19 Nemaska Lithium Inc (NMX.WT) - Wt buys sh @ $1.5 to Jul 8/19 New Gold A J (NGD.WT.A) - Wt buys sh @ $15 to Jun 28/17 Northern Dyn (NDM.WT.A) - Wt buys sh @ $0.55 to Jul 9/20 Northern Dyn (NDM.WT.B) - Wt buys sh @ $0.55 to Jun 10/21 Northern Dyn (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 (OR.WT) - Wt buys sh @ $36.5 to Feb 18/22 Osisko Gold (OR.WT.A) - Wt buys sh @ $19.08 to Feb 26/19 Osisko Mining (OSK.WT) - 20 Wt buys sh @ $3 to Aug 25/18

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

Base Metals Nickel Copper Lead Zinc

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

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

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

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

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

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

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

Gold AM 1328.30 1311.50 1305.70 1314.45 1318.85 Gold PM 1326.35 1324.70 1309.50 1309.25 1318.15 Silver 19.49 18.75 18.65 18.74 18.78 Platinum 1065.00 1052.00 1043.00 1050.00 10673.00 Palladium 676.00 670.00 666.00 674.00 690.00

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

Sep 09 Sep 08 Sep 07 Sep 06 Sep 05 1.3051 1.2938 1.2884 1.2843 1.2928 0.7669 0.7730 0.7761 0.7786 0.7735

Exchange rates (Quote Media, September 09, 2016) C$ to AUS C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand 1.0164 0.6822 78.6860 14.4829 11.0398 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 0.5775 5.1235 51.0986 0.7469 847.4033 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.3264 0.8902 102.7030 18.9093 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.7537 6.6852 66.9188 0.9756 1105.4600

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.$

16_SEPT19_MMMM.indd 16

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

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

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

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

TSX WARRANTS CONT'D Primero Mining (P.WT.C) - Wt buys sh @ $3.35 to Jun 24/18 Quest Rare Mls (QRM.WT) - Wt buys sh @ $0.4 to Jul 17/17 RTG Mining (RTG.WT) - Wt buys sh @ $1.5 to Jun 04/17 Sandstorm Gold (SSL.WT.A) - Wt buys sh @ US$4 to Oct 19/15 (SSL.WT.B) - Wt buys sh @ US$14 to Sep 07/17 Sandstorm Gold (SSL.WT.A) - Wt buys sh @ US$5 to Oct 19/15 (SSL.WT.B) - Wt buys sh @ US$14 to Sep 07/17

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

Sep 09 Sep 08 Sep 07 Sep 06 Sep 05 High Low IndexName S&P/TSX Composite 14540.00 14803.26 14796.75 14813.02 14795.70 15527.30 12400.15 S&P/TSXV Composite 812.16 825.60 821.89 825.38 810.92 1050.26 883.52 S&P/TSX 60 846.51 860.30 860.57 861.12 861.56 896.74 709.99 S&P/TSX Global Gold 235.81 246.88 251.67 251.89 243.49 218.90 149.29 S&P/TSX Metals & Mining 954.68 691.69

NEW 52-WEEK HIGHS AND LOWS 135 New Highs Gold Mtn Mng * Kings Bay Gol* 37 Capital One African Metals* Aldershot Res* Alphamin Res Anthem United* Aquila Res Aquila Res* Arcturus Vents Argentum Silvr Ascot Res Astorius Res Atlantic Gold AZ Mining Barker Mnrls Baroyeca Go&Si Battle Mtn Gld Battle Mtn Gld* Bayhorse Silvr Bayhorse Silvr* Bellhaven Cp&G Bellhaven Cp&G* Big North Grap Big North Grap* Bison Gold Res Blue Sky Uran* Bravura Vent China Gold Int CONSOL Energy* Corazon Gold* Corsa Coal Cruz Cap Corp Cruz Cap Corp* Desert Star Dynacor Gld Mn E-Energy Vent Eastmain Res Ecuador Gold

Eloro Mnrls* Ensurge* Falco Res Filo Mg Corp Fortescue Mtls* Frontline Gold Genesis Mtls* Global Cop Grp Golden Eagle* Golden Reign GoldON Res* Gossan Res Grande Portage* Great Atlantic Horizonte Mnls Ivanhoe Mines Ivanhoe Mines* Jet Gold* Kaizen Discvry* Kapuskasing Gd Kapuskasing Gd* Klondex Mns Laurion Mnl Ex* Los Andes Copp Lowell Copper Lydian Intl Lydian Intl* MAG Silver Manson Creek* Marathon Gold Maverix Mtls* Mawson Res Mawson Res* Mechel* Montego Res Mountain Boy Mountain Boy* Mountain Prov Mountain Prov* New World Res

NewCastle Gold* Newstrike Res Nexus Gold* Nicola Mg Inc Nicola Mg Inc* Nighthawk Gold Noram Vent* Novo Res Novo Res* NuLegacy Gold NuLegacy Gold* NV Gold* Osisko Mng Inc Pac Ridge Expl Pasinex Res Probe Metals Probe Metals* PUF Vent Inc PUF Vent Inc * Q-Gold Res* Redhill Res* Rock Tech Lith Rogue Res Rogue Res* Satori Res* Select Sands Serengeti Res Silvercorp Met Silvercorp Met* Slam Explor Sona Res* Source Expl Stroud Res Sunvest Mnrls Sunvest Mnrls* Swift Res Teck Res Teck Res* Teras Res Teras Res*

Till Capital Till Capital* Torex Gold Torex Gold* Tower Res Tyhee Gold* Uracan Res* Valterra Res Valterra Res* Waseco Res Wealth Mnrls Wealth Mnrls* Wesdome Gold Winston Gld Mg Winston Gld Mg* Ximen Mng* 12 New Lows ALX Uranium* Besra Gold* BlackEagle Dev Cameco Corp Cameco Corp* Cassidy Vents* E-Energy Vent GoviEx Uranium Nexus Gold* Oceanic Iron O* Rare Element* Rockshield Cap*

CANADIAN GOLD MUTUAL FUNDS FundName Sep 09 ($) AGF Prec Mtls Fd MF 28.51 BMO Prec Mtls Fd A 22.43 BMO ZGD 12.26 BMO ZJG 10.36 CIBC Prec Metal Fd A 13.03 Dyn Prec Metls Fd A Horizons HEP IGMacGloPrecMetCl A 10.67 14.72 iShares XGD Mac Prec Met Cl A 60.52 NB Prec Met Fd Inv 15.34 38.54 RBC GblPreMetFd A Sentry Pre Met Fd A 51.23 Sprott Gold&PrMinFdA 45.76 Sprott SilverEquCl A 8.59 TD PreciousMetalsInv 46.24

Sep 02 ($) 28.93 22.82 12.66 10.78 13.38 8.46 32.17 10.88 15.20 61.68 15.84 38.85 52.59 46.73 8.73 47.68

Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) -0.42 -1.45 100.50 2.78 233.40 -0.39 -1.71 97.87 2.40 88.97 -0.40 -3.14 115.31 0.63 -0.42 -3.86 132.25 0.60 -0.35 -2.64 77.82 2.62 71.91 0.59 7.21 125.06 2.66 542.37 1.52 4.88 97.63 0.80 -0.20 -1.86 125.78 2.76 122.66 -0.48 -3.15 111.40 0.61 916.69 -1.17 -1.89 130.51 2.51 171.52 -0.50 -3.16 108.54 2.46 49.81 -0.31 -0.80 110.97 2.13 519.86 -1.36 -2.58 116.25 2.90 305.63 -0.97 -2.07 121.19 3.19 332.25 -0.14 -1.64 168.86 3.23 104.99 -1.44 -3.02 108.40 2.26 208.70

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2016-09-13 10:38 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / SEPTEMBER 19–25, 2016

17

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2016-09-13 10:40 PM

18

WWW.NORTHERNMINER.COM

SEPTEMBER 19–25, 2016 / THE NORTHERN MINER

A gold sample from Orefinders Resources’ Mirado property near Kirkland Lake, Ontario. OREFINDERS RESOURCES

Orefinders plans to cash in on historic Mirado stockpiles ONTARIO GOLD

BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

O

refinders Resources (TSXV: ORX; US-OTC: ORFDF) has found a way to finance potential development and exploration at its past-producing Mirado gold project, 35 km southeast of Kirkland Lake in northeastern Ontario. In July the company closed a deal with gold miner Iamgold (TSX: IMG) to process Mirado’s historic stockpiles at Iamgold’s Westwood mill, 40 km east of Rouyn-Noranda, Quebec.

The historic stockpiles are material that was blasted and mined from the Mirado open pit in the 1980s.

Orefinders has defined stockpile material totalling 20,742 tonnes grading 4.41 grams gold per tonne for nearly 3,000 contained ounces.

| Cash-flow kickstart to help fund exploration, evaluation of in-pit resources

The company will deliver at least 25,000 tonnes to Westwood, and is upgrading roads at Mirado to allow 40-tonne truck access. Iamgold has agreed to mill the shipment in a non-blended, continuous batch and pour a doré bar to sell to its contracted refinery. Metallurgical testing indicates 92.3% gold recoveries for the stockpiled material.

“The past six months we’ve focused on the stockpiles, and our ability to generate cash flow. That’s an important part of our strategy, but we’re also thinking about the big picture,” president and CEO Stephen Stewart said during an interview.

“This is a means to an end, because it allows us to bring some non-dilutive cash into the company, which in turn could put the open pit back into production. The big picture, however, is the exploration

upside. There are no shortages of opportunities in terms of possible targets on the property.”

The toll-milling plan would also help Orefinders clean up the historic mine site, and on Aug. 30, Ontario’s Ministry of Northern Development and Mines approved a closure plan that would mobilize equipment to the site in early September. The company expects it will take four weeks to truck the stockpile material to Westwood, while milling would require another two weeks.

Orefinders intends to reinvest the proceeds from its initial toll-milling deal to evaluate the restart of operations and Mirado’s open pit, and start exploration on the property. In 2013 the company released a global resource on the project that includes the stockpiled material, which totals 10.6 million tonnes of 1.29 grams

gold for 442,000 contained ounces.

The resource combines 12,000 metres of diamond drilling from 2013, and 19,600 metres of historic data from the 1980s.

“There are four or five mills in the area, and given the grades, we could ship it economically. The stockpile is a good proxy for the economic viability of this plan,” Stewart said.

“You have to like a short-term scenario that involves regional toll milling, but Mirado has potential beyond that of a small-scale operation. There’s a lot of smoke from historic work, and the property has been starving for investment over the past few years, due to market conditions,” he added.

Mirado’s gold mineralization mostly occurs in two zones: the Main zone, which has highly silicified fragmental rock, with pyrite

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1-5,7-13,18,20_SEPT19_Main .indd 18

and subordinate chalcopyrite and sphalerite; and the North zone, which is associated with sulphide, quartz and quartz carbonate veinlets parallel to the shear zone foliation.

Orefinders intends to focus its exploration on the MZ zone, which is located within a few metres of Mirado’s conceptual open pit. Trenching at the target returned 4.8 metres of true width grading 21.8 grams gold. Mapping around trench 13-02 indicates “similar flat-lying stratigraphy, with alteration characteristics associated with high-grade gold mineralization.”

Stewart said that “the story has a couple of different aspects. It’s a question of priority, and in this market, the cost of capital remains expensive — so we have to be careful where we spend money.

“We’ll likely focus on the development angle in terms of a preliminary economic assessment on the tollmilling angle. The stockpile program will allow us to finish the economic study over the short-term, and move ahead with a drill program on the MZ zone to expand the open pit.”

Orefinders opted to finance its stockpile project via debt to limit equity dilution. On Aug. 29, the company announced loan and royalty agreements totalling $500,000. The royalty arrangement with Excalibur Resources is capped at $105,000, payable out of Orefinders’ profits from processing the stockpiles. The arrangement also gives Excalibur the right to buy a 1% net smelter return royalty on Mirado for $2 million, within 90 days of commercial production.

Meanwhile, the $450,000 loan from Inflection Capital is due one year after closing and carries a $180,000 financing cost.

“I could raise equity for the project under current conditions, but the cost of capital is a bit high,” Stewart said. “If you’re an established name you can probably get something done, but most of us face difficulties. We chose to recently go with a debt deal because I hate to dilute at these prices, and we feel stories like ours are still overlooked.”

Orefinder shares have a 52-week trading range of 1¢ to 8¢ per share, and closed at 6¢ at press time. The Toronto-based firm has 54 million shares outstanding for a $3.3-million market capitalization. TNM

2016-09-13 10:49 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / SEPTEMBER 19–25, 2016

19

www.northernminerjobs.com

Regional Resident Geologist Thunder Bay, ON. Canada

HR Coordinator Dubreuilville, ON. Canada

Maintenance Planner Dubreuilville, ON. Canada

Bring your geoscience, analytical and customer service/communication expertise to the Ontario Geological Survey’s Resident Geologist Program and play a key role with the Ministry of Northern Development and Mines’ geoscience team operating out of Thunder Bay, Ontario.

Reporting to the Mechanical Superintendent the Maintenance Planner provides leadership and is responsible to develop, implement and maintain reliability based maintenance strategies based on preventive and predictive maintenance to ensure maximum availability and production.

·Administer and lead the internal and external recruitment process for full-time, student and contract workers, including posting, conducting interviews, reference checks, and orientation. ·Manage employees on Short Term Disability, Long Term Disability and WSIB in consultation with the Occupational Health Nurse. ·Coordinates scheduling of HR activities and programs for employees as required.

Assay Laboratory Manager Calgary, Canada

Assistant or Associate Professor (Economic Geology) Ottawa, ON. Canada

District Geologist Thunder Bay, ON. Canada Bring your geoscience, analytical and customer services expertise to the Ontario Geological Survey’s Resident Geologist Program and join the Ministry of Northern Development and Mines’ exciting team in Red Lake’s mining district.

The Department of Earth Sciences at Carleton University invites applications from qualified candidates for a preliminary (tenure-track) appointment in economic geology at the rank of Assistant or Associate Professor beginning in 2017. Applicants must have a Ph.D. in Earth Sciences, have demonstrated excellence in teaching, possess a strong commitment to research and scholarship, as reflected in peer-reviewed publications, have strong connections with industry, and be engaged in a research area that has a strong field component.

The successful candidate will have a firm grasp of the managerial skills required to run an assay laboratory. This includes wet chemistry, fire assay, ICP and AA spectrometry, and an all-round knowledge of lab operations.

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2016-09-13 11:08 PM

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2016-09-13 10:54 PM