The Northern Miner April 18, 2016 Issue

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Trevali nears commercial production at Caribou

Warke discusses NewCastleCatalyst deal

zinc

| Glencore benefits with off-take agreements

merger

| Restarting gold mine 'achievable' SMSJ_Sept 2012_Pro_TH_PC Mobile Equipment for mkeevil@northernminer.com Safety and Productivity

By Matthew Keevil

Re-Located to a 50,000 sq.ft. PLant!

VANCOUVER

T

he proposed merger of juniors NewCastle Gold (TSXV: NCA; US-OTC: CTMQF) and Catalyst Copper (TSXV: CCY; US-OTC: CATXF) is small in terms of cash and asset valuation, but the dealmakers see NewCastle's pastproducing Castle Mountain gold property in SMSJ_Sept California as a potential SMSJ_Sept 2012_Pro_TH_PC 2012_Pro_TH_PC flagship project.

Mobile 22, Equipment for On March the companies Safety and Productivity agreed to a combination that would give Re-LocatedNewCastle to a 50,000 and sq.ftCatalyst . PLant! investors 60% and 40% equity stakes in the merged company. Catalyst is a copper vehicle spearheaded by mine financiers Richard Warke and Frank Giustra, who will join a new board of directors.

“A few years ago, Frank, Ian Telfer and I looked at copper assets. We wanted to build something up in that space along the same lines as the Wheaton River and Goldcorp story,” Warke said during a phone interview.

“QuiteAuthorized frankly, we didn’t come Landcruiser acrossToyota any assets we liked. Keep in

An underground development worker at Trevali Mining’s Caribou zinc mine in northern New Brunswick. Trevali Mining

By Trish Saywell tsaywell@northernminer.com

P

ure-play zinc producer Trevali Mining (TSX: TV; US-OTC: See NewCastle / 2 TREVF) expects to reach commercial production at its second zinc mine before July.

The company is commissioning Authorized Authorized its 3,000-tonne-per-day Caribou Toyota Toyota Landcruiser Landcruiser Dealer underground operation in northern Dealer New Brunswick, and will finish installing a copper circuit there next year.

Caribou has an estimated sixINTRODUCING THE NEWEST and-a-half-year mine life and will supplement zinc production from MID-RANGE UTILITY VEHICLE Trevali’s wholly owned underground Santander mine in Peru, INTRODUCING THE NEWEST which has a nine-year mine life MID-RANGE UTILITY VEHICLE and produces zinc and silver-lead concentrates.

Last year, Santander — 215 km northeast of Lima — produced 54.1 million lb. zinc, 30.2 million FIVE TON lb. lead and 1 million oz. silver.

FIVE TON FIVE YEAR WARRANTY Trevali acquired the past-proFIVE YEAR WARRANTY ducing Santander mine in 2007 Sales & Service Sales && Rental Rental && Service ServiceSales & Rental and returned it to production Phone: Phone: (705) (705) 476-4500 476-4500 Phone: (705) 476-4500 Email: Email: mtsales@millertechnology.com mtsales@millertechnology.com in January 2014. The company Email: mtsales@millertechnology.com Website: Website: www.millertechnology.com www.millertechnology.com Dealer

x 5 x 5 55

Website: www.millertechnology.com

Sales & Rental & Service Phone: (705) 476-4500 Email: mtsales@millertechnology.com Website: www.millertechnology.com

1 2 3 4 5 7 8 9 14_April18_Main .indd 1

bought Glencore’s (LSE: GLEN) 2,000-tonne-per-day mill on a lease-to-own basis and signed a life-of-mine concentrate off-take agreement. Glencore operates the mine and the plant.

Glencore also has zinc, lead and copper concentrate off-take agreements at Caribou, the pastproducing polymetallic deposit, 50 km west of Bathurst.

The diversified resource conglomerate and commodity trader owns 5.2% of Trevali’s share capital.

“We’ve got a strong working relationship with Glencore,” Mark Cruise, Trevali’s president and CEO, said in an interview. “They buy all of our concentrate from us and in Peru. Even though we own 100% of the mine, it’s a jointoperation team.

“Glencore is incredibly bullish on zinc — they want the concentrate for their marketing division, so the sooner we can get to commercial production at Caribou, the better it is for them,” Cruise said. “They’re on-site at Caribou and have given us access to their corporate technical services team, and are … giving advice.”

Cruise — who cofounded Trevali in 2007 to help the company take advantage of anticipated global zinc deficits — noted that Glencore’s involvement in both of its mines is not only a testament to their shared outlook on zinc’s fundamentals, but also the junior itself.

“What we’re getting as a small company is access to global mega mining services,” he said. “Probably no mid-tier companies would ever have that sort of access, never mind an emerging small-cap mining company. Glencore’s involvement is a vote of confidence in the metal and a vote of confidence in Trevali, and helps us derisk, as well.”

Pierre Vaillancourt, a mining analyst at LB Securities in Toronto, initiated coverage of Trevali with a “buy” rating and a one-year, 80¢-per-share target price, compared to its current 36¢ trading price. Over the last year Trevali has traded between 24.5¢ and $1.24 per share.

“With the impending commercial start-up of the Caribou mine and steady production at Santander,

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Trevali nears commercial production at Caribou TREVALI From 1

operational risk has been mostly eliminated and capital requirements will fall,” Vaillancourt wrote in an April 5 research note.

The mining analyst noted that Glencore’s off-take agreements “align its interests with Trevali to meet production targets,” and pointed out that Glencore gave Trevali a break recently on payments for its mill, which the junior bought from Glencore in 2010, “to enable the most effective use of limited cash flow from the mine in the current zinc market.”

Vaillancourt, who is bullish on zinc’s prospects, describes Trevali as “unique among base metal companies as a zinc-focused producer,” and says the company should do well in a higher zinc-price environment.

“Among base metals, we like the prospects for zinc in 2016 the most, as we believe the longest down cycle in the zinc price since the 1920s is ending,” the analyst noted. “We expect a modest increase in demand — combined with reduced production growth — to lead to a concentrate market deficit over the next few years.”

Weak zinc prices last year were a challenge, however. While Trevali exceeded its production guidance at Santander and posted cash costs that were also lower than expected (US$42.65 per tonne milled, compared to 2014’s US$47.33 per tonne milled), the company struggled, posting operational income of $6.7 million on concentrate sales revenue of $106.4 million, for a net loss of $14.3 million, or 5¢ per share.

“At zinc prices below US80¢ per lb., the company does not generate free cash flow,” Vaillancourt noted. But profitability “improves considerably at a zinc price above US85¢ per lb.

This year Vaillancourt forecasts 12¢ in earnings per share and 19¢ of cash flow per share.

“A US10¢ increase in the zinc price increases our net asset value 8%,” he said. “We estimate Trevali will generate 26¢ per share in cash flow in 2017, Caribou’s first full year of commercial production, when we expect the zinc price to average US85¢.”

In addition to Caribou and Santander, Trevali owns the pastproducing Halfmile mine and Stratmat deposit, both in northern New Brunswick’s Bathurst mining camp, 20 km from Caribou.

As far as exploration upside goes, all of Trevali’s deposits are open for expansion.

At Caribou, Vaillancourt believes there is “attractive exploration upside” that could take the mine life to 10 years. The company has identified zinc mineralization in seven zones, as well as copper feeder zones that were never previously targeted, he noted.

“Recent deep drilling has found massive sulphides 450 metres below the current defined resource,” he said. “Historic deep holes encountered significant mineralized intervals, including 76, with 5.8 metres of 8.4% zinc, 3.9% lead, 0.3% copper, 147 grams silver per tonne and 1.2 grams gold per tonne.”

Trevali’s Cruise noted that between the historic drilling on the

A mill in the processing plant at Trevali Mining’s Caribou zinc mine in New Brunswick. Trevali Mining

“Glencore is incredibly bullish on zinc — they want the concentrate for their marketing division, so the sooner we can get to commercial production at Caribou, the better it is for them.”

Mark Cruise President and CEO, Trevali Mining

property and the company’s own modest drilling, management says the mine is open at depth, and it plans to follow up this year.

“There are 6 million tonnes in the current mine plan, but SRK

identified 10 million tonnes that are mineable, so … we’re going to do a 10,000-metre underground drill program — which is about to kick off — and we’ll do more detailed and infill drilling to convert some

of those 10 million tonnes and get more information on them, and that will increase the mine life,” he said.

“A n eig ht-yea r mi ne l i fe is achievable, and we’ll get to 10 years because the current mine plan goes from surface down to 500 metres vertical depth, and one of the first things we did when we acquired it was drill the deepest hole at a 1 km depth from surface, and we hit the main lens within 40 metres of where we modelled it would be,” he said. “The mineralization continues, so finding more over the short- to medium-term isn’t going to be a technical challenge.

It’s relatively easy exploration.”

At Santander, the company will eventually double processing capacity to 4,000 tonnes per day, and finish a 3,000-metre underground drill program before July. Assay results should come over the next couple of weeks.

Cruise noted that Santander is in the third year of production, and the company has replaced what it has mined in each of those years, which was one of management’s goals.

Based on the latest drill program in 2015, the company says that two of three active mining zones at Magistral combine at depth, and the zinc grades increase as the drills go deeper. Last year the focus was on the two zones — Magristal South and Central — and this year the drill program will refocus on Magistral North.

The company has $20 million in cash. Its long-term debt and finance leases add up to nearly $112 million.

All of its production is unhedged. TNM

Warke discusses NewCastle-Catalyst deal “The moment you say ‘California,’ everyone tends to take a second look at the regulatory environment.”

NewCastle From 1

mind there has been little exploration in the copper business over the past 10 years, so a lot of these projects get recycled ... we’re still looking around, but when assets don’t stack up to conservative commodity pricing ... it’s just something we didn’t want to get involved in right now.”

Back in July 2014, Warke had just wrapped up a contentious sale of Augusta Resource and its Rosemont copper-molybdenum project in Arizona to Hudbay Minerals (TSX: HBM; NYSE: HBM) for $555 million. Over the intervening two years, however, the red metal has dropped nearly 40% and wavered near US$2 per lb.

With Catalyst and its La Verde copper-porphyry project in Mexico failing to gain traction, Giustra and Warke turned their attention to gold.

“Earlier this year Ian moved on to other things, and we looked at the gold space. Again, our criteria involved something with a promising resource, where we could add value with our skill sets and advance fairly quickly,” Warke said.

“We came across NewCastle and really liked the project, and we’re not scared of working in the U.S. It can take a little longer to permit, but there isn’t too much political risk in terms of mineral titles and … permitting is achievable, and there’s exciting exploration potential at the project.”

Castle Mountain occupies 30 sq. km of mineral claims in San Bernardino County, California.

The property is road accessible yearround and sits 90 km south of Las Vegas along highway US-95 South.

The site hosted a heap-leach operation between 1991 and 2001 that cranked out 1.24 million oz. gold at a head grade of 1.47 grams gold per tonne.

Since acquiring a 100% inter-

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Richard Warke President and CEO, Catalyst Copper

Drillers in 2013 at the historic Oro Belle-Hart Tunnel pit at NewCastle Gold’s Castle Mountain gold project in California. NewCastle Gold

est in Castle Mountain four years ago, NewCastle has drilled 21,500 metres, with much of the activity at the historic open pits. The company released an updated resource in late December that includes 220 million measured and indicated tonnes of 0.59 gram gold per tonne for 4.1 million contained oz.

In 2013, NewCastle secured an extension on its conditional-use permit and reclamation plan, which extend through 2025. The documents allow for open-pit mining up to 8 million tonnes of mineralized material per year, with no pit backfill requirements. The company also has the rights to 10 water wells, with two operating.

“The moment you say ‘California,’ everyone has tends to take a second look at the regulatory environment … But in this instance the mine is a historic producer, and the majority of the permits are in place,” Warke said. “The requirements to get back

into production are achievable under a comfortable time schedule.

Given the resource and exploration upside, we definitely see value here.”

According to technical documents NewCastle filed in January, most “operational” permits arrive three to six months after the application is submitted. Regulatory requirements at Castle Mountain include — but are not limited to — air emission and construction permits.

Warke is equally excited about the property's exploration upside.

Gold mineralization at Castle Mountain is related to rhyolite volcanism and the collapse of an evacuated magma chamber. Faults created during this collapse formed dense fault patterns and large cataclasite zones that accommodate displacement and created permeable conduits for gold-rich fluids to ascend and concentrate.

Geophysical surveys have hinted that these geological conditions

extend past the resource, while rock geochemistry to the north and northwest of the current open-pit areas has returned “highly anomalous” gold and “typical pathfinder elements.”

Warke said that some companies “rush to a production decision before they figure out the size and value of the asset. We’re going to take a bit of a step back to the exploration stage, and have a closer look at the resource … there are a couple areas on the structure that haven’t been tested … we can increase the ounces in the ground quite substantially, and we’ll have enough cash to run a pretty nice drill program after the deal closes in May. Our access to the markets should allow us to really test for upside.”

Catalyst would bring in $4 million in cash to get Castle Mountain moving. NewCastle had $800,000 in cash and equivalents at the end of September, and its share price

tumbled from just over $1 per share in March 2014 to 25¢ at the time of the deal. David Adamson will reportedly continue to serve as the post-merger CEO, while Ian Cunningham-Dunlop will remain vice-president of exploration.

BMO Capital Markets analyst Andrew Kaip has an “outperform” rating on NewCastle, along with a 60¢-per-share price target. BMO Research models Castle Mountain as a heap-leach operation with the “capacity to produce 165,000 oz. per year at cash costs of US$719 per oz.”

Kaip added that the deal “strengthens" the company by adding "seasoned mine-finance veterans.”

NewCastle shares have traded in a 52-week range of 18¢ to 47¢ per share, and rose 54% on the merger news to a 40¢-per-share close at press time. The company has 89 million shares outstanding for a $33-million market capitalization.

“I’m still not seeing money coming into the sector in a huge way,” Warke said. “There is a bit of generalist capital taking another look, but until the big financial markets sort out where they’re going and we get a better idea on China and Europe, it’ll remain pretty tough. To do deals in this environment, you need a track record, or loyal followers who have been involved in your previous success stories.” TNM

2016-04-12 7:47 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / APRIL 18–24

3

OceanaGold’s Haile gold project under construction in South Carolina is expected to start production in early 2017. OceanaGold

OceanaGold Macquarie’s top intermediate producer

Gold mining

| Haile to come online in NC, Didipio in Philippines gets five-year exploration extension

By Trish Saywell

I

tsaywell@northernminer.com

n the first week of March, Macquarie Securities analyst Michael Gray visited OceanaGold’s (TSX: OGC) Haile gold project in South Carolina, which the company added to its portfolio last year through the acquisition of Romarco Minerals.

The open-pit mine — 80 km southeast of Charlotte — is in construction, and the company expects to put the first ore through the mill by year-end, with commercial production targeted in early 2017.

But Gray envisions underground potential, and he is naming the company his top pick amongst intermediate producers, and raising the target price on the stock 5% to $5.50 per share.

“Haile underground is clearly going to happen … and this adds

a 15¢ net asset value per share and drives our target increase,” the mining analyst wrote in a March 31 research note.

“Management was cautious on details, as an underground PEA is pending in the second quarter of 2016,” he said. “However, it is clear that a 100,000 oz. gold per year contribution from underground is the goal.”

Gray has added an underground operation to his model for Haile, starting in 2018, with a mine capex of $70 million to 90 million and production of 100,000 oz. gold a year over four years from the Horseshoe and Palomino zones, at a 4.5-gram gold grade per tonne. (The Horseshoe zone was discovered in early 2010 and Palomino in 2010–11.)

The mining analyst notes that on the conference call last year announcing the agreement with

“Management was cautious on details, as an underground PEA is pending in the second quarter of 2016. However, it is clear that a 100,000 oz. gold per year contribution from underground is the goal.”

Michael Gray Analyst, Macquarie Securities

Romarco, OceanaGold’s CEO Mick Wilkes pointed to the potential of incorporating an underground mine at Haile “sooner than later.”

Gray writes that “this was a key theme for us, as it would have been a key component of OceanaGold's due diligence and likely a driver of the transaction,” adding that it is a

“similar dynamic” to what OceanaGold is doing at its open-pit Didipio mine in the Philippines, where it is developing an underground mine.

There was good news at Didipio as well, where the government’s Mines and Geosciences Bureau has granted the company a five-year extension to its exploration permit, which gives OceanaGold the right to explore the region surrounding the mine site. It is now reviewing and prioritizing targets.

The permit covers 158 sq. km in the provinces of Nueva Vizcaya and Quirino, where geochemical sampling has identified several gold and copper soil anomalies near Didipio.

“There has been virtually no movement on most of OceanaGold’s permit applications in the Philippines for several years, so we see this as a positive sign and could lead to organic growth in country,”

CIBC analyst Jeff Killeen said in a research note.

Brian Quast of BMO Capital Markets added that “the probability of discovery is high and could act as a catalyst for the stock.”

The company expects to spend $30 million on exploration in 2016, across its asset portfolio. Of that, $10 million will be spent on Waihi. (Recent intersections at Waihi include 3.5 metres of 9.83 grams gold per tonne and 7.8 metres of 6.25 grams gold per tonne.)

OceanaGold’s production guidance this year is 385,000 to 425,000 oz. gold from its operations at Didipio and in New Zealand, where it operates the country’s largest gold mine at the Macraes Goldfield, which holds open-pit mines and the Frasers underground mine.

Copper production this year at Didipio is expected to reach 19,000 to 21,000 tonnes.

All-in sustaining costs for 2016 are an anticipated US$700 per oz.

At 15% production growth, Macquarie’s Gray writes, OceanaGold “has one of the best three-year compound annual growth rates in our coverage universe.”

In other news, OceanaGold recently raised its stake in Gold Standard Ventures (NYSE-MKT: GSV) from 15.2% to 19.9%. Gold Standard is a junior exploration company exploring in Nevada’s Carlin trend. TNM

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Processing equipment at OceanaGold’s Didipio gold mine in the Philippines. OceanaGold

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E D I T O R IA L

What happened to the copper rally?

Cesco Week

| Reversal of fortunes as China demand wanes

W

ith Cesco Week ’s World Copper Summit — the world’s largest annual gathering of copper miners and traders — coming to a close on April 3 in Santiago, Chile, attendees have endured the opposite of the “PDAC effect” often seen in gold

By John Cumming prices. jcumming@northernminer.com Cesco attendees gritted their teeth as copper prices plummeted the largest single-day drop in a month in early April and emphatically reversed a three-month rally. At press time, spot copper prices are sinking below US$2.16 per lb., with US$2 beckoning and no bottom yet in sight.

By the end of Cesco Week, the four-year downturn in copper was starting to look a lot like at least a five-year slump, with more tough times and decisions ahead.

In another sign of the times, Cesco cancelled its copper exploration conference on the final Monday, leaving Robert Friedland’s Ivanhoe Mines to stand as one of the week ’s few compelling copper exploration stories.

The copper prices above US$4 per lb. enjoyed in 2011 are a fading memory, but the massive mine-production capacity built up in the intervening years is a price-killing nightmare miners live with daily, although for now they prefer to address it with top-to-bottom cost-cutting, rather than the outright production cuts that might better support copper prices.

After rallying in tight correlation with oil prices for the past two months, copper prices have also diverged sharply from oil prices since the end of March, sinking towards US$2 per lb., even as oil soars past the US$40-per-barrel mark — further bringing the pain to any copper miners with significant diesel costs.

While most copper-market watchers keep a close tab on Chinese warehouse levels — which have swelled to hold US$2billion worth of the red metal on rising imports — few have full explanations for the record-high build-up in a country that accounts for half of all copper consumption.

Some argue that weak industrial copper demand in China is causing an inventory build-up within the country’s borders, while others say Chinese smelters want to keep prices low for their short-term financial benefit.

A third argument by Barclays analyst Vivienne Lloyd, cited

by Financial Times, is that there has been a resurgence in China of loans using physical copper as collateral, except this time with smaller players than those involved in the copperbacked borrowing misadventures in 2014 that distorted the market, when much physical copper was being pledged as collateral multiple times over.

Pretty much all copper-market prognosticators see Chinese copper demand slowing in the coming year, and so the question becomes: “By how much?” According to FT, consultancy CRU was among the most bearish presenters at the summit — despite its host role — predicting Chinese copper demand growth of only 0.6% in 2016, compared to a 3.8% growth last year.

This grim outlook hits particularly hard in Santiago, the global centre of copper mining and corporate headquarters of state-owned Codelco, which is the world’s largest copper miner.

Chile lost 23,000 jobs in the copper sector last year alone, or 10% of the copper-mining workforce, with Codelco the largest job-shedder, despite its political sensitivity as Chile’s f lagship public corporation and number-one export earner.

Indeed, Codelco tabled a pre-tax loss of US$2.2 billion in 2015, compared to a US$3.1-billion profit the year before.

Ref lecting its deepening caution, Codelco has just abandoned an early-stage plan to build the US$3-billion Rajo Inco copper mine in its El Salvador division. Instead, it will likely expand the current Inco pit for a modest US$600 million.

Moody’s has downgraded its rating on Codelco, which may make it more expensive or politically difficult for the miner to advance its US$6 billion in capital investments planned over the next three years at Chuquicamata, El Teniente, Andina and Radomiro Tomic. TNM

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Copper market to flatline through 2017: ICSG Facts 'n' figures

| Mine supply expected to rise 1.5% to 19.4 million tonnes in 2016

The following is an edited summary released by the International Copper Study Group (ICSG), which met in Lisbon in March. The group includes delegates and advisors from the world’s major copper producing and consuming nations, who developed the ICSG copper forecast below. For more information visit www.icsg.com.

T

he copper market is expected to stay balanced in 2016 and 2017. This compares with a small 127,000-tonne deficit and a 175,000-tonne surplus for 2016 and 2017, forecast at ICSG’s October 2015 meeting. Downward revisions have been made for both production and usage in view of global weaker economic outlook, and project delays and price-related production cuts.

In developing its projections, ICSG recognizes that global market balances can vary from those projected owing to numerous factors that could alter projections for both production and usage. In this context it can be noted that actual market balance outcomes have recently deviated from ICSG market balance forecasts due to unforeseen developments. World mine production after adjusting for historical disruption factors is expected to increase 1.5% in 2016 (lower than the 3.5% growth in 2015) to reach 19.4 million tonnes. While concentrate production could grow 4%, growth will be partly offset by a decline in solvent extraction–electrowin-

ning (SX–EW) production due to price-related production cuts in the Democratic Republic of the Congo and closures in Chile. Higher 2.3% global mine production growth is expected in 2017, with more supply from operational expansions, ramped-up production from mines recently coming on-stream and output from a few new mine projects.

After increasing 1.6% in 2015, world refined copper production in 2016 could increase only 0.5% to 23 million tonnes. Although primary refined production (excluding SX–EW) is expected to grow 3%, growth will be partly offset by an anticipated 1% decline in secondary production (from scrap) and an 8% decline in SX–EW output. For 2017, world refined production is expected to grow 2%, benefitting from a 7% growth in SX–EW output.

China will be biggest contributor to world growth in both years.

ICSG expects that world apparent refined usage this year will stay flat. Apparent demand in China is likewise expected to remain essentially flat (+0.5%), although underlying “real” demand growth in China is an estimated 3–4%.

Usage in the rest of the world in 2016 could stay practically unchanged. For 2017, world apparent refined usage could grow 1.8%, with underlying Chinese industrial demand growth expected at 3%, while usage in the rest of the world is expected to increase 1%.

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Barrick Gold. . . . . . . . . . . .

Catalyst Copper. . . . . . . . .

Detour Gold. . . . . . . . . . . .

Freeport-McMoRan . . . . .

5 9 7 5 5 1 5 9

Glencore . . . . . . . . . . . . . . . 1 Gold Standard Ventures. . 3 Hecla Mining. . . . . . . . . . . 5 Hudbay Minerals. . . . . . . . 2 Lithium Americas. . . . . . 14 NewCastle Gold. . . . . . . . . 1 Newmont Mining . . . . . . . 9 OceanaGold. . . . . . . . . . . . 3

OZ Minerals. . . . . . . . . . . . 9 Probe Metals. . . . . . . . . . . . 5 RTG Mining. . . . . . . . . . . . 7 Sociedad Quimica y Minera de Chile. . . . . . . . 14 Tesla. . . . . . . . . . . . . . . . . . 14 Trevali Mining. . . . . . . . . . 1

Capstone Mining’s Pinto Valley copper mine in Arizona. Capstone Mining

2016-04-12 8:50 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / APRIL 18–24

5

Probe’s CEO David Palmer eyes a new adventure M&A

By Salma Tarikh

D

starikh@northernminer.com

avid Palmer and his team are embarking on an adventure. His company Probe Metals (TSXV: PRB) is proposing a $22.8-million, all-share combination with Adventure Gold (TSXV: AGE) to create a gold exploration and development firm with properties in Quebec and Ontario.

Palmer previously led Probe Mines and the advancement of the Borden Lake gold deposit near Chapleau, Ont. The project, one of the best recent gold discoveries in the province, spurred Goldcorp (TSX: G; NYSE: GG) to acquire Probe for $526 million last March, and The Northern Miner to name Palmer our Mining Person of the Year for 2014.

As part of the deal, Probe spun out its secondary exploration assets in northern Ontario into Probe Metals and kicked off an intensive project-generation program.

“What we wanted to do was use our strengths and the success we had with Probe Mines and apply that to Probe Metals, and hopefully give our shareholders … another ‘bite of the apple,’ in terms of adding more value,” Palmer says in an interview.

He and his team spent almost a year assessing more than 400 projects, with Palmer admitting that finding projects that fit Probe’s strategy was at first harder than he expected.

That was until they came across Adventure and its “exciting” portfolio in late 2015. The 20-project portfolio contains exploration prospects in some of Canada’s most prolific gold camps, including Val-d’Or, West Timmins, Casa Berardi and Detour Quebec.

Adventure’s flagship asset is the Val-d’Or East project, where a 2013 resource estimate pegged inferred resources at 770,000 oz. grading 2.6 grams gold per tonne.

Although Adventure was “a bit under the radar,” its portfolio met Probe’s requirements of containing an advanced exploration project that it could push ahead with its technical expertise and cash balance (sitting at $18.3 million at the end of 2015).

It also contained several early stage projects that Probe could concurrently work on.

Val-d’Or East is “interesting” because it has many targets on the 90 sq. km property that Probe could explore while delineating and expanding the existing resource, Palmer says. He estimates it would take two years to figure out the project’s development scenario.

Adventure’s other assets of note include the Detour Quebec project on the Detour Gold trend between Detour Gold’s (TSX: DGC) flagship mine and Balmoral Resources’ (TSX: BAR) Fenelon gold deposit, and the Casa Cameron gold project near Hecla Mining’s (NYSE: HL) Casa-Berardi gold mine. Each project contains nine properties.

Palmer, a veteran exploration geologist, says the Casa Cameron project has “a lot of potential.”

He adds that “I have something I really like when I plan the exploration program after just reading a property overview,” but cautions there is no guarantee his team will make a discovery on any of the early-stage projects.

Adventure’s CEO Marco Gagnon describes the proposed business combination as “logical” and a

1 2 3 4 5 7 8 9 14_April18_Main .indd 5

| Junior bids $22.8M for Adventure Gold, attracts $2.9M from Goldcorp

way for his company to drive its projects forward.

Under the transaction, Adventure shareholders will receive 0.39 of a Probe share for each share held. The deal values Adventure at $22.8 million, or 28.5¢ per share, reflecting a 23% premium to both companies’ 20-day, volume-weighted average price as at April 6.

“We believe the merger is a winwin for both shareholder groups and is set to create growth opportunities on several fronts,” writes PearTree Securities analyst Eric Lemieux, who covers Adventure.

Goldcorp, which owns 17.7% of Probe, announced a $2.9-million financing, where it would buy 4.4 million Probe shares for 66¢ apiece.

While the financing is conditional on the Adventure deal closing, it would provide Goldcorp a 15% interest in the merged company and the right

to participate in any financings to acquire up to 19.9% of the new Probe.

Management of the combined firm will include Probe’s current team, with Palmer as the president and CEO, and Jamie Sokalsky, Barrick Gold’s (TSX: ABX; NYSE: ABX) former CEO, as chairperson.

Adventure’s Gagnon will become executive vice-president, and one Adventure director will join the combined board.

“It took a little bit longer than we thought, but it was worth the wait to get really good projects that we can add value to,” Palmer says. “At the end of the day, we are excited to be back to our real job.”

The merger transaction should close in June, after shareholder and regulatory approval.

The new Probe will have a $22-million treasury and 66.2 million shares outstanding. TNM

Probe Metals’ CEO David Palmer in the field in 2011. Photo by Trish Saywell

DELIVERING CLEAR VIEWS OF GLOBAL MINING PROJECTS SINCE 1915 Executive Edition Includes: • The Northern Miner weekly newspaper in print and digital edition for easy reading in any situation • Database with detailed profiles of over 2,000 mining companies and over 1,400 mines and advanced projects * • Searchable mining news archives dating back to 1986 • 22 bonus feature supplements • Mining Trends & Developments magazine • 2 issues of Diamonds in Canada magazine • Exploration Trends & Developments Report • Daily mining company stock tables, charts and metal prices

To subscribe call 1-888-502-3456 or visit www.northernminer.com

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2016-04-12 8:30 PM

6

WWW.NORTHERNMINER.COM

APRIL 18–24, 2016, 2016 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / April 4–8 The S&P/TSX Composite Index fell 0.3% to 13,396.73, despite a triple-digit gain on April 8, after a positive jobs report and a surge in oil prices. The S&P/TSX Capped Diversified Metals & Mining Index tumbled 6.2% to 410.39, while the S&P/TSX Global Mining Index added 1% to finish at 50.75. The S&P/ TSX Global Gold Index advanced 7.1% to 197.10. Spot gold increased 1.4%, or US$16.50 per oz., to US$1,238.40. The May contract for crude oil jumped 8% to US$39.72 per barrel.

The Canadian economy created nearly 41,000 jobs in March, the biggest one-month gain since last October. The unemployment rate fell from 7.3% to 7.1%.

Royal Nickel shares jumped 54% to 30¢ after the firm reported that mining has started at the Beta Hunt nickel-gold mine in Western Australia. The area, dubbed “Hand of Faith” due to its high gold content, returned a historical intersection grading 455.9 grams gold per tonne over 0.8 metre, including 1,000 grams gold over 0.3 metre. Face sampling in the drive verified this intersection at a mining scale returning 84 grams over 3.3 metres. The company notes the compilation of historical drilling shows the mine could have multiple Hand of Faith-style zones. Royal Nickel owns 66% of Salt Lake Mining, the owner of Beta Hunt. It is buying the remaining interest in the company.

Lithium Americas climbed 50% to 78¢ per share on no news. The week before, the junior secured a joint-venture partner to help build its Cauchari-Olaroz lithium brine mine in northwestern Argentina.

Mining and chemicals giant Sociedad Quimica y Minera de Chile has agreed to pay US$25 million in exchange for a 50% stake in the firm’s Argentine subsidiary, Minera Exar S.A., which controls Cauchari-Olaroz.

Shares in Excellon Resources rose after the miner closed a $3-million financing on April 5. Under the financing, investor Eric Sprott, currently the chair of Sprott Inc., bought 6.67 million units, consisting of one share and a half warrant, at 45¢ apiece. Most of the proceeds will go TSX most active issues

First Quantum Kinross Gold Yamana Gold Teck Res B2Gold Barrick Gold AuRico Metals Lithium Amer Claude Res Tahoe Res

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

FM K YRI TCK.B BTO ABX AMI LAC CRJ THO

34393 6.99 5.38 6.28 - 0.53 33043 5.14 4.33 5.09 + 0.56 25515 4.77 3.92 4.67 + 0.63 25433 10.29 9.05 9.53 - 0.57 25423 2.20 2.06 2.16 - 0.02 20854 19.92 17.48 19.75 + 1.97 20832 0.78 0.69 0.76 + 0.03 20090 0.79 0.53 0.78 + 0.26 18052 1.48 1.28 1.47 + 0.15 17239 14.83 12.80 14.75 + 1.74

towards optimizing the high-grade Platosa silver mine in Mexico.

On April 4, Sprott agreed to buy 10 million Newmarket Gold shares from Luxor Capital Partners and affiliates at $2.25 apiece for $22.5 million. Once the financing closes, Sprott will own 15 million Newmarket shares, or 8.7% of the company. The news pushed Newmarket shares up 34% to $2.92. The junior oper-

ates three gold mines in Australia.

On April 7, Goldcorp announced a $2.9 million financing in Probe Metals.

The f inancing is contingent on Probe closing its $22.8-million merger with Adventure Gold. Goldcorp holds 17.7% of Probe. The financing will give the major a 15% interest in the combined company.

Goldcorp shares advanced $1.31 to finish at $22.24. TNM

TSX greatest percentage change

Almaden Mnls Avalon Rare Mt Royal Nickel Lithium Amer Quest Rare Mnl Midas Gold Meadow Bay Gd Excellon Res Wallbridge Mng Newmarket Gold Rubicon Mnrls Horizonte Mnls New Milln Iron IC Potash Argex Titanium HudBay Mnls RTG Mining Alderon Iron Redhawk Res Globex Mng

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

AMM AVL RNX LAC QRM MAX MAY EXN WM NMI RMX HZM NML ICP RGX HBM RTG ADV RDK GMX

1489 13547 14429 20090 2064 4707 2695 1550 1397 7880 13493 31 689 844 1849 7539 3 459 85 81

1.61 0.29 0.35 0.79 0.17 0.61 0.10 0.94 0.06 2.93 0.06 0.03 0.11 0.06 0.04 4.75 0.52 0.15 0.04 0.28

0.88 0.16 0.20 0.53 0.10 0.39 0.07 0.56 0.05 2.21 0.04 0.03 0.08 0.05 0.03 3.77 0.00 0.13 0.04 0.26

1.45 0.25 0.30 0.78 0.17 0.58 0.10 0.85 0.06 2.92 0.05 0.03 0.08 0.05 0.03 4.01 0.52 0.13 0.04 0.26

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

TSX greatest value change

Franco-Nevada Seabridge Gld Agnico Eagle Detour Gold Barrick Gold Tahoe Res Royal Gold Endeavour Mng Pan Am Silver Goldcorp Potash Corp SK Agrium Cameco Corp HudBay Mnls Teck Res First Quantum Nevsun Res Platinum Gp Mt Karnalyte Res Suncor Energy

57.6 56.3 53.8 50.0 50.0 48.7 42.9 39.3 37.5 33.9 30.8 25.0 23.8 18.2 16.7 14.3 13.3 13.3 12.5 12.1

VOLUME WEEK (000s) CLOSE CHANGE

FNV SEA AEM DGC ABX THO RGL EDV PAA G POT AGU CCO HBM TCK.B FM NSU PTM KRN SU

3166 84.77 863 18.20 3260 50.07 4591 22.99 20854 19.75 17239 14.75 89 68.52 1347 12.80 2344 15.57 16645 22.24 11071 20.77 1500 113.97 4801 15.68 7539 4.01 25433 9.53 34393 6.28 1288 3.89 200 4.70 683 2.23 11424 35.82

+ 5.41 + 3.23 + 2.52 + 2.17 + 1.97 + 1.74 + 1.52 + 1.40 + 1.32 + 1.31 - 1.41 - 1.26 - 0.84 - 0.67 - 0.57 - 0.53 - 0.49 - 0.30 - 0.28 - 0.21

TSX VENTURE EXCHANGE / April 4–8 The S&P/TSX Venture Composite Index was on the rise, as it jumped nearly 4%, or 22.51 points, en route to a 603.92-point weekly close. The rally was driven by rising gold and oil prices, while the Canadian economy pitched in strong employment data.

June contracts for gold bullion finished up 1.7%, or US$20.30, at US$1,242.50 per oz.

Meanwhile, May contracts for West Texas Intermediate crude oil gained nearly 8%, or US$2.93, before closing at US$39.72 per barrel. Copper was a loser, however, as May contracts for the red metal dropped 3.4% before closing at US$2.09 per lb.

Nemaska Lithium updated a feasibility study at its Whabouchi project, 300 km northwest of Chibougamau, Que. The company gained 33¢ on nearly 14 million shares traded before closing at 99¢ per share.

The updated economics are headlined by a 30.3% after-tax internal rate of return and a $1.2-billion net present value at an 8% discount rate. The $549-million project would include an open-pit mine and a hydrometallurgical plant in Shawinigan, Que. The operation would crank out 714,000 tonnes of battery-grade lithium hydroxide over a 26-year mine life based on open-pit reserves of 20 million tonnes grading 1.5% Li 2O. The company has all the permits for

its operation and recently locked down a $13-million private placement with the Quebec government. Nemaska hopes to produce by late 2018.

Brazil Resources also had a strong trading period after releasing the results of a timedomain electromagnetic ground survey on its Rea uranium property, 185 km northeast of Fort McMurray, Alta. Shares gained 29¢ on 2.7 million traded before closing at $1.02 per share.

Brazil owns the project alongside France’s Areva, which holds a 25% stake and is exploring the nearby Maybelle River uranium discovery. The junior says the geophysical survey “suggests a graphite-related body, which could correspond to a wide zone of highly strained and mylonitized rocks — a potentially TSX-V most active issues

Ashburton Vent Nemaska Lith Visible Gold M Integra Gold Nexgen Energy Cdn Silvr Hunt Colt Res True Gold Mng Equitas Res Macarthur Mnl

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

ABR 18472 NMX 13681 VGD 11082 ICG 9959 NXE 9536 AGH 9469 GTP 9290 TGM 9105 EQT 9036 MMS 7659

0.03 1.00 0.06 0.56 2.10 0.03 0.10 0.56 0.07 0.05

0.02 0.67 0.04 0.50 1.81 0.01 0.09 0.48 0.06 0.03

0.02 + 0.99 + 0.05 + 0.54 + 2.05 + 0.02 + 0.10 0.55 + 0.06 0.05 +

0.01 0.33 0.01 0.03 0.12 0.02 0.00 0.06 0.00 0.02

favourable scenario for unconformity-hosted uranium deposits.”

Integra Gold ended a brewing proxy fight by making a $6-million strategic equity investment in Eastmain Resources. The company saw nearly 10 million shares change hands, as it gained 3¢ to close at 54¢. Columbus Gold tried to get five directors elected to the Eastmain board after it picked up 2.7 million

shares in the explorer, which controls the Eau Claire gold deposit at the Clearwater project in the James Bay Lowlands.

Integra can appoint two members to Eastmain’s new “technical committee,” and increase its ownership up to 15% in future equity offerings. Eastmain’s new board of directors will feature several members from Integra’s management and executive group. TNM

TSX-V greatest percentage change

Cdn Silvr Hunt Cerro Mng Hawkeye Gld&Di Firestone Vent Conquest Res Rhyolite Res Anglo-Can Mng Cornerstone Mt RT Minerals Stelmine Can Fort St J Nick Sultan Mnrls Discovery Harb Lovitt Res Xmet Inc Valterra Res ExGen Res Inc Adex Mining Brionor Res Trident Gold

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

AGH CRX HGO FV CQR RYE URA CCC RTM STH FTJ.H SUL DHR LRC.H XME VQA EXG ADE BNR TTG

9469 19 492 2614 2908 101 124 24 495 65 11 299 1192 41 803 432 588 29 31 29

0.03 0.02 0.08 0.03 0.03 0.18 0.02 0.02 0.01 0.01 0.01 0.02 0.01 0.03 0.01 0.01 0.01 0.01 0.02 0.01

0.01 0.00 0.03 0.01 0.01 0.09 0.01 0.00 0.01 0.01 0.01 0.01 0.01 0.00 0.01 0.01 0.01 0.01 0.01 0.01

0.02 0.02 0.08 0.02 0.03 0.18 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.03 0.01 0.01 0.01 0.01 0.01 0.01

TSX-V greatest value change

+ 300.0 + 200.0 + 200.0 + 200.0 + 150.0 + 111.8 + 100.0 + 100.0 + 100.0 + 100.0 - 80.0 - 66.7 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0

Till Capital Nemaska Lith Brazil Res Bear Creek Mng Kaminak Gold Abitibi Royalt Tsodilo Res Chesapeake Gld Lithium X Egy Gold Reserve Pac Booker Min Archon Mineral Zenyatta Vent ScoZinc Mg Rupert Res Niocan Inc Dios Expl North Arrow Mn CanAlaska Uran Marlin Gold

VOLUME WEEK (000s) CLOSE CHANGE

TIL NMX BRI BCM KAM RZZ TSD CKG LIX GRZ BKM ACS ZEN SZM RUP NIO DOS NAR CVV MLN

8 13681 2664 980 2097 49 10 187 3577 76 113 11 293 74 917 64 1281 503 434 99

5.18 0.99 1.02 1.57 1.65 3.90 0.79 2.45 1.52 5.85 0.85 1.71 0.87 0.41 0.30 0.08 0.13 0.27 0.42 0.39

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

1.23 0.33 0.29 0.27 0.25 0.25 0.25 0.23 0.22 0.20 0.35 0.29 0.08 0.08 0.07 0.07 0.07 0.06 0.06 0.06

U.S. MARKETS / April 4–8 The Dow Jones Industrial Average fell 1.2% to 17,576.96 and the S&P 500 Index dropped 1.2% to 2,047.60. Gold moved in the opposite direction. The New York spot price rose 1.4% to US$1,238.40 per oz., while the Philadelphia Gold & Silver Index advanced 6.2% to 74.02.

West Texas Intermediate crude finished at US$39.58 per barrel.

Shares of Tahoe Resources climbed US$1.32, or 13.2%, to US$11.35. The company completed its business combination with Lake Shore Gold on April 1, and reported 2016 guidance on April 4. The company expects to produce between 370,000 and 430,000 oz. gold this year at total cash costs of between US$675 and US$725 per oz., net of by-product credits, and all-in sustaining costs (AISCs) of US$950 to US$1,000 per oz., net of by-product credits.

It also targets growth of 2 to 4 million oz. in gold reserves and resources by 2020. As for silver, Tahoe expects to produce between 18 and 21 million oz. silver in 2016 at cash costs net of by-product credits of US$7.50 to US$8.50 per oz., and at AISCs of US$10 to US$11 per oz., net of by-product credits.

The company expects to grow gold production from 350,000 oz. in 2015 to more than

6_April18_MarketNews.indd 6

550,000 oz. by 2020.

Endeavour Silver’s shares advanced 12.9% to US$2.80 per share. The company released production results for the first quarter of 2016. Silver production from the company’s three underground silver-gold mines in Mexico (Guanacevi in Durango and Bolanitos and El Cubo in Guanajuato) produced 1.51 million oz. silver, down 17% from the first quarter of 2015. Gold production reached 15,960 oz. in the first quarter of 2016, up 1% from the first quarter of 2015. Endeavour CEO Bradford Cooke said management will focus on profit margins by minimizing U.S. most active issues

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Freeport McMo* FCX 206732 10.09 8.76 9.33 - 0.56 Alcoa* AA 117150 9.80 9.26 9.37 - 0.26 Vale* VALE 115481 4.50 3.96 4.48 + 0.16 Barrick Gold* ABX 86396 15.32 13.39 15.18 + 1.53 Kinross Gold* KGC 81972 3.96 3.31 3.91 + 0.43 United States S* X 74321 16.97 15.73 16.51 - 0.04 Yamana Gold* AUY 61050 3.67 2.98 3.59 + 0.49 Vale* VALE.P 55066 3.35 2.99 3.34 + 0.05 Goldcorp* GG 38813 17.18 15.70 17.11 + 1.03 Gold Fields* GFI 36270 4.17 3.62 4.16 + 0.18

AISCs and improving after-tax free cash flow at each mine.

Shares of Pretium Resources rose 10.2% to US$6.05 on results from its underground infill drill program at the Brucejack project’s Valley of the Kings. Reported assays included

six intersections grading greater than 1,000 grams gold per tonne. Intercepts were 428.43 grams gold per tonne (uncut) over 14 metres, including 11,650 grams gold over 0.5 metre and 37.87 grams gold (uncut) over 28 metres, including 1,760 grams gold over 0.5 metre. TNM

U.S. greatest percentage change

Seabridge Gld* McEwen Mng* Yamana Gold* Tahoe Res* Endeavr Silver* Kinross Gold* IAMGOLD* Barrick Gold* Pretium Res* Alamos Gold* Intrepid Pots* HudBay Mnls* Peabody Enrgy* Mosaic* Potash Corp SK* Southern Copp* Teck Res* Freeport McMo* Cameco Corp* Cloud Peak En*

SA MUX AUY TAHO EXK KGC IAG ABX PVG AGI IPI HBM BTU MOS POT SCCO TCK FCX CCJ CLD

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

6630 14.26 9747 2.35 61050 3.67 15185 11.41 5543 2.85 81972 3.96 22276 2.53 86396 15.32 7617 6.13 10084 6.18 6919 1.18 726 3.66 11090 2.40 21463 26.65 35104 16.97 7352 27.64 33771 7.87 206732 10.09 7804 12.68 6226 1.99

11.11 1.85 2.98 9.75 2.35 3.31 2.16 13.39 5.24 5.16 0.85 2.88 2.02 24.52 15.83 25.57 6.88 8.76 11.84 1.71

13.97 2.30 3.59 11.35 2.80 3.91 2.52 15.18 6.05 6.17 0.92 3.10 2.12 24.96 15.96 25.92 7.33 9.33 12.05 1.84

+ 20.5 + 18.6 + 15.8 + 13.2 + 12.9 + 12.4 + 11.5 + 11.2 + 10.2 + 10.0 - 19.9 - 14.4 - 12.0 - 7.0 - 6.3 - 6.0 - 5.8 - 5.7 - 5.0 - 3.7

U.S. greatest value change

MartinMarietta* MLM Franco-Nevada* FNV Newmont Mng* NEM Seabridge Gld* SA Chevron* CVX Agnico Eagle* AEM Barrick Gold* ABX TAHO Tahoe Res* CONSOL Energy* CNX Goldcorp* GG Black Hills* BKH Mosaic* MOS Southern Copp* SCCO Potash Corp SK* POT Agrium* AGU Cameco Corp* CCJ Freeport McMo* FCX HudBay Mnls* HBM Teck Res* TCK Peabody Enrgy* BTU

VOLUME WEEK (000s) CLOSE CHANGE

3597 166.18 3618 65.13 32343 29.10 6630 13.97 33933 96.33 9732 38.47 86396 15.18 15185 11.35 29798 11.86 38813 17.11 2454 58.75 21463 24.96 7352 25.92 35104 15.96 3584 87.61 7804 12.05 206732 9.33 726 3.10 33771 7.33 11090 2.12

+ 4.13 + 4.07 + 2.48 + 2.38 + 2.07 + 1.94 + 1.53 + 1.32 + 1.07 + 1.03 - 2.07 - 1.88 - 1.64 - 1.07 - 0.85 - 0.64 - 0.56 - 0.52 - 0.45 - 0.29

2016-04-12 8:29 PM

THE NORTHERN MINER / APRIL 18–24

7

Global Copper SPECIAL FOCUS

The Southern Oyu pit at Turquoise Hill Resources’ 66%-owned Oyu Tolgoi copper-gold mine in Mongolia. Turqoise Hill Resources

RTG completes feasibility on Mabilo in the Philippines Prices

AuRico CEO talks Kemess strategy, royalties

| One of few new development opportunities profitable at today’s prices

BC development

| Plans to go underground at Kemess

By Matthew Keevil mkeevil@northernminer.com VANCOUVER

W

ith this year's uptick in gold prices, AuRico Metals (TSX: AMI; US-OTC: ARCTF) is in a better position with its royalty portfolio, which includes five operating mines and redevelopment potential at the past-producing Kemess copper-gold complex, 250 km north of Smithers, B.C. The company expects between $8 million and $9 million in aftertax royalty income this year, and it has released a feasibility study on a proposed underground mine at Kemess.

“We’re still very much a hybrid company, and we feel that we have two valuable assets in the royalty portfolio and at Kemess. Right now we’re happy to participate in both sides of the business,” president and CEO Chris Richter said in an interview.

“But we’ve been clear since the beginning that at some point it may prove strategic to split the assets up” he added. “We’re advancing both strategies, so we’re looking at expanding the royalty business, even as we get ready to move through the See AuRico / 8

Drillers at RTG Mining’s Mabilo copper-gold-magnetite project in the Philippines. RTG Mining

By Trish Saywell tsaywell@northernminer.com

R

TG Mining (TSX: RTG; ASX: RTG) has a good track record in the Philippines.

The junior is led by the previous management team of CGA Mining, which developed the Masbate gold project in the Philippines — now the largest operating mine in the country — and then merged with B2Gold (TSX: BTO; NYSE-MKT: BTG) in a US$1.1-billion scheme of arrangement in January 2013.

In March, RTG completed a feasibility study on the near-surface, copper-gold-magnetite Mabilo project, just 15 months after its first resource estimate. An initial resource estimate had been updated with infill drilling in November 2015.

“When we first invested in Mabilo there were only 33 drill holes, and within 18 months we have prepared two 43-101 resource statements, and a definitive feasibility study showing a robust development opportunity, even at current commodity prices,” Justine Magee, RTG’s executive director and CEO, noted in an email to The Northern Miner.

1 2 3 4 5 7 8 9 14_April18_Main .indd 7

The feasibility study envisions a two-stage operation to defer the more capital intensive components of primary ore production through a direct-shipping ore (DSO) operation during the first stage. RTG says that early cash flow from stage one would minimize equity dilution when financing the primary production plant in stage two.

“In the coming year we hope to permit the planned [first-phase] direct-shipping operation, and within five months we could be up and running, and generate cash flow,” Magee notes of the project in southeastern Luzon.

“It is an exceptional project that delivers high grades near surface, and has an oxide layer that is perfect for an 18-month DSO. This requires limited capital to start up and will generate cash flow to help finance the construction of the planned 1.4-million-tonne-per-year plant.”

In stage one, the company will mine the oxide ore at Mabilo down to 95 metres deep. Oxide skarn and high-grade supergene chalcocite will be crushed at a nearby carbon-in-leach processing plant (upgraded to a 300,000-tonne-peryear throughput), and trucked 40 km to the port of Larup for a DSO. DSO production will be 25,000

2016 ad artwork 03_Layout 1 16-04-12 11:44 AM Page 1

tonnes copper and 39,000 oz. gold, or 34,700 equivalent tonnes copper.

In stage two, primary ore will be processed through a plant onsite. The process plant will be built alongside the oxide mining phase and stage-two permitting process.

RTG says the processing plant would take 15 months to build and be a simple crush, grind and float operation producing three concentrates: a 27% copper and 21-gram-gold-per-tonne concentrate, a 3-gram-gold-per-tonne pyrite concentrate and a 65% magnetite concentrate. The plant would produce 38,300 equivalent tonnes copper a year.

Both stages are robust, with DSO enabling start-up and early cash-flow generation within four to five months of getting the DSO operating permits. Capital expenses for the DSO are relatively nominal at US$18 million, and the project could generate net operating cash flow after tax of up to US$68 million.

“The project is one of a few development opportunities that are profitable even today, with the cost profile of US80¢ per equivalent lb. copper, or US$425 per equivalent

a British Columbia copper producer

discover develop operate imperialmetals.com

See RTG MINING / 8

2016-04-12 7:47 PM

8

APRIL 18–24, 2016 / THE NORTHERN MINER

Global Copper

WWW.NORTHERNMINER.COM

RTG completes feasibility on Mabilo

A sample from RTG Mining’s Mabilo copper-gold-magnetite project. RTG Mining RTG mining From 7

oz. gold, providing significant protection on the downside,” Magee writes.

Based on a 1.4-million-tonne-peryear treatment rate, the study projects a 33.4% after-tax internal rate of return at metal prices of US$5,000 per tonne copper, US$1,200 per oz. gold and US$50-per-tonne iron.

DSO capex and operating costs are an estimated US$17.4 million and US42¢ per equivalent lb. copper, while plant capex and opex costs run to US$161.4 million (plus US$24.4 million for plant pre-strip) and US80¢ per equivalent lb. copper.

Payback for the plant could take two and a half years.

“Given the high grade [north of 5 grams per tonne equivalent gold reserves] and lowest quartile cost profile, the project is highly leveraged to improvements in commodity prices,” Magee notes. “With just a 10% lift in the copper and gold price, the net present value of the project lifts by more than 30%.”

Mabilo has total indicated resources measuring 8.9 million tonnes grading 1.9% copper, 2 grams gold, 9.8 grams silver and 45.6% iron, while inferred resources stand at 3.9 million tonnes averaging 1.5% copper, 1.5 grams gold, 9.1 grams silver and 29% iron.

Magee points out that it is early days in terms of determining scale and tonnage. “There is exceptional near-term growth potential, with the conversion of 1.6 million tonnes of inferred resources already falling within the pit shells, and high confidence in extensions along strike and down-plunge.

“Given we are one of the few new development projects that are fi-

“It is an exceptional project that delivers high grades near surface and has an oxide layer that is perfect for an 18-month, direct-shipping operation.”

Justine Magee Executive director and CEO, RTG Mining

nanceable in this market, we have been pleased with the strong demand from both financiers and off-take parties keen to get involved,” she says.

Tara Hassan of Haywood Securities said in a research note that “with low [US$18-million] upfront capital costs for the first phase, RTG is well positioned to commence operations, with only minimal external funding required,” and added that “even after revising our estimates, we forecast that RTG can generate enough free cash flow in phase one to pay for 40% of the phase-two capital costs of US$186 million.”

But the analyst said that despite encouraging economics, “a number of technical areas returned negative surprises that resulted in weaker economics than we considered,” such as “higher capital costs for both phases, lower recoveries and payables, and a higher strip ratio.”

RTG last traded at 60¢ per share in a 52-week trading range of 33¢ to 75¢. TNM Workers carrying out a geotechnical survey at RTG Mining’s Mabilo copper-gold-magnetite project in the Philippines. RTG Mining

AuRico CEO talks strategy, royalties AURICO From 7

environmental review at Kemess.”

The new Kemess mine plan takes advantage of existing infrastructure that’s worth $1 billion on a replacement basis, and focuses on reserves at the Kemess underground (KUG) that total 107.4 million tonnes grading 0.3% copper and 0.54 gram gold per tonne for 630 million contained lb. copper and 1.9 million contained oz. gold.

The proposed development would require $450 million in preproduction capital expenses and produce 47 million lb. copper and 106,000 oz. gold annually at co-product cash costs of US$1.28 per lb. copper, or US$639 per oz. gold.

Assuming a base case of US$2.50 per lb. copper and US$1,250 per oz. gold, the study generates an after-tax net present value of $289 million at a 5% discount rate, along with a 12.6% internal rate of return.

AuRico is looking to permit a 25,000-tonne-per-day processing

1 2 3 4 5 7 8 9 14_April18_Main .indd 8

plant — around half the rate the mine operated at between 1998 and 2011, when it generated 750 million lb. copper and 3 million oz. gold from the Kemess South open pit.

“It’s the capital allocation that sets Kemess apart, and it’s an element that might get overlooked,” Richter said. “Our overall capital expenditure number compares well with other copper-gold opportunities out there, but, critically, our investment will not be on processing facilities or infrastructure, because we already have those in place. The lion’s share of what we’ll spend money on is underground development, and that’s simply lower-risk capital.”

The current mine plan doesn’t incorporate the more recently discovered Kemess East deposit, which lies 6.5 km north of the Kemess South facilities. AuRico drilled nearly 28,000 metres at the site last year.

The company has updated the resource for the Kemess East deposit, which hosts 39.2 million indicated tonnes grading 0.4% copper and 0.5

“The lion’s share of what we’ll spend money on is underground development.”

Chris Richter President and CEO, AuRico Metals

gram gold. Inferred resources total 109.6 million tonnes of 0.4% copper and 0.38 gram gold. AuRico sees a “high-grade core” at Kemess East of 31.7 million inferred tonnes of 0.5% copper and 0.63 gram gold, and 19.2 million indicated tonnes grading 0.5% copper and 0.72 gram gold.

“Kemess East is completely separate for the time being. We’re excited about the potential, and there’s a lot of material with promising copper and gold grades. We could definitely look at mining down the road,” Richter said.

KUG hosts measured and indi-

cated resources of 246 million tonnes of 0.2% copper and 0.42 gram gold for 1.2 million contained lb. copper and 3.3 million contained oz. gold.

“Our measured and indicated resources at KUG again speak to upside. We’ve limited the quantity of reserves in our underground mine plan because the tailings storage solution involves the historic Kemess South open pit. We view that as the path of least resistance in terms of permitting, and the government and First Nation are supportive of that scenario,” he added.

AuRico submitted its environmental assessment application for the KUG project to B.C. regulators a month ago, and Richter hopes the government will reach a decision by the fourth quarter. Meanwhile the company has $2 million in preexisting flow-through dollars for more drilling at the site this year.

“There’s definitely target generation work going on for us, because the Kemess region remains an exciting area for discoveries. The

infrastructure gives us a big head start, and other companies are conducting quite a bit of exploration in our neighbourhood,” Richter said.

AuRico has traded within a 52week range of 47¢ to 90¢ per share, and shares have risen 19% to start the year en route to a 75¢-per-share close on March 29. The company has 131 million shares outstanding and finished 2015 with almost $7 million in working capital.

AuRico has negotiated a credit facility with Macquarie Group for up to $15 million to support potential royalty acquisitions, and expects to be free cash flow positive by 2017.

“The view on copper in the shortterm is fairly negative. We certainly hear that message, but we’re also fortunate at spot prices that Kemess is more of a gold play,” Richter said.

“And every single one of our underlying royalty assets has gained in value year-on-year. The various updates on the reserve and resources are heading in the right direction, so we’ve been fortunate.” TNM

2016-04-12 7:47 PM

Global Copper

GLOBAL MINING NEWS

THE NORTHERN MINER / APRIL 18–24

9

Asiamet Resources’ vice-president of exploration Stephen Hughes (centre, sunglasses) with the BKM copper project team in Indonesia. Asiamet Resources

Asiamet defines BKM in Indonesia PEA

By Lesley Stokes

A

lstokes@northernminer.com

siamet Resources (TSXV: ARS) hasn’t let changes to Indonesia’s mining law in 2014 impact its vision for an open-pit, heap-leachable copper mine at its Beruang Kanan Main (BKM) deposit, 180 km north of Palangkaraya, the capital city of Kalimantan, Indonesia.

With a new preliminary economic assessment (PEA) in hand, the Vancouver-based copper junior says the project could deliver 25,000 tonnes copper cathode per year over an initial eight-year mine life at a low cash cost of US$1.28 per lb. copper.

Assuming a US$3.25 per lb. copper price, the mine would have an after-tax net present value (NPV) and internal rate of return (IRR) of US$204.3 million and 38.7%, at a 10% discount rate. At US$2.75 per lb. copper, the NPV drops to US$75 million and the IRR to 21.6%. Copper last traded at US$2.16 per lb.

Tony Manini, CEO and deputy chairman, tells The Northern Miner during a phone interview that the PEA has been a milestone for

| Former Kalimantan Gold envisages open-pit mine, despite political turmoil the company, and he’s “extremely pleased” with the results.

“When your share price is around two or three cents, it’s hard to have a meaningful discussion with potential partners or investors,” he says. “We now have a negotiation point, not around our share price, but around the project … and we’ll progress with those discussions vigorously over the next few months.”

Manini is no stranger to striking deals. He was instrumental in taking junior Oxiana Resources from a company worth A$3 million to A$5.6 billion culminating in a merger with zinc miner Zinifex to form OZ Minerals in 2008.

Since joining Asiamet — formerly Kalimantan Gold — 16 months ago, Manini says that the company has advanced BKM “up the curve.”

He explains that the open-ended, intrusive-related resource at BKM is at the base of a low-angle thrust that follows the dip-slope of a hill.

Over time, rain and oxygen reacted with copper sulphide minerals and converted them into a black and blue crust of chalcocite and covellite — called a “supergene” blanket — which extends for at least 2 sq. km at surface, and up to

450 metres deep.

Assuming a 0.2% copper cut-off, resources are 15 million indicated tonnes of 0.7% copper for 231 million lb. copper, plus 49.7 million inferred tonnes of 0.6% copper for 657 million lb. copper.

And Manini says the resource could grow.

“We proved up enough resource to do the PEA, and the upside we see in and around the deposit is still significant,” he says, noting that copper-in-soil anomalies at the adjacent BKS and BKW targets are similar in scale to BKM. Drilling at BKS last year returned 10 metres of 2.5% copper, whereas BKW has never been drill-tested, though grades have ranged from 0.1% to 0.2% copper, Manini says.

The study estimates it would cost US$163.8 million to build the mine, which would include a solvent extraction–electrowinning facility to produce London Metal Exchange grade, 99.999% copper on-site.

This purity is important, considering that the Indonesian government could ban raw concentrate exports by 2017, forcing miners to build smelters and refineries in the country.

Although the mining law was introduced in 2009, Manini says the government took a “hard-line” approach in 2014 when it slapped hefty export taxes on all raw ore shipments, and required that foreign-owned companies hand over a stake in their businesses.

The ban became a bone of contention between the government and companies operating in the country, such as Freeport-McMoRan (NYSE: FCX) at its Grasberg copper-gold mine in West Papua, and Newmont Mining (TSX: NMC; NYSE: NEM) at its Batu Hijau mine in western Sumbawa.

The two firms account for 97% of Indonesia’s copper exports.

“From a copper producer’s view, they’ve already spent a lot of money upgrading their facilities to produce a higher-grade copper concentrate,” he says. “And while they’re happy to supply smelters with material, it’s an entirely different business to run one, and it doesn’t make any sense for them to get involved.”

As the deadline for the ban looms, negotiations between the companies and the government are ongoing.

“Indonesia recognizes that there needs to be a discussion about the

Looking southwest at Asiamet Resources’ BKM copper project in Indonesia, with the project's camp in the foreground and the deposit in the background. Asiamet Resources

1 2 3 4 5 7 8 9 14_April18_Main .indd 9

“We now have a negotiation point, not around our share price, but around the project.”

Tony Manini CEO and deputy chairman, Asiamet Resources

level of processing for different metals. And while no changes have been made yet, everyone is still searching for the middle ground,” he says.

Freeport is seeking to delay a $530-million bond on a $2.3-billion expansion to Indonesia’s only copper smelter, Gresik in eastern Java, that would bump up capacity to 1.8 million copper concentrate per year.

Negotiations also continue over the 10.6% divestment price in the company’s Indonesian subsidiary.

Meanwhile, Newmont intends to leave the country and sell its stake of Batu Hijau, with one Indonesianconsortium bidder valuing the business at US$2.2 billion.

The political uncertainly also sparked an exodus of junior explorers.

“From a Western junior’s perspective, there are very few operating in the country — there are more leaving than coming — but at the same time, there’s a much bigger homegrown industry, and there’s a lot of Asian investment coming into the sector,” Manini says. “Indonesia is next to China, the world’s main driver — your product is at the doorstep of the people who are going to consume it.”

But for Asiamet, Manini doesn’t foresee any issues, noting that the company has “strong relationships at all levels” of government in the country.

“We’re not viewed as a company that is out to make a quick dollar while the market is in an upcycle.

We have 25 years of experience working in the country, and that demonstrates our commitment and backs our credibility,” Manini says.

Asiamet Resources has traded within a 52-week range of 1¢ to 8¢ per share, and closed at 5¢ at press time. The company as 394.7 million shares outstanding for a $28.6-million market capitalization. TNM

2016-04-12 7:47 PM

10

WWW.NORTHERNMINER.COM

APRIL 18–24, 2016 / THE NORTHERN MINER

stoc k ta b le s

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES Trading: April 4–8, 2016 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A 92 Resources V 2420 0.07 0.05 0.06 + 0.01 0.07 0.03 Abacus Mng &Ex V 416 0.05 0.05 0.05 + 0.01 0.09 0.04 0.10 + 0.01 0.10 0.03 Abcourt Mines V 654 0.10 0.09 Abcourt Mines* O 106 0.08 0.06 0.08 + 0.01 0.07 0.02 ABE Res V 73 0.04 0.03 0.03 - 0.01 0.08 0.02 0.10 - 0.00 0.12 0.07 Aberdeen Intl* O 572 0.10 0.09 Abitibi Royalt V 49 3.99 3.45 3.90 + 0.25 4.20 1.53 0.01 - 0.01 0.02 0.01 Adex Mining V 29 0.01 0.01 Adriana Res V 141 0.12 0.00 0.12 + 0.01 0.19 0.08 Adventure Gold V 2600 0.28 0.19 0.28 + 0.09 0.26 0.06 O 7 0.03 0.03 0.03 + 0.00 0.08 0.01 African Metals* African Metals V 3 0.05 0.00 0.05 - 0.01 0.11 0.02 0.02 - 0.01 0.03 0.01 African Queen V 40 0.02 0.02 Africo Res T 62 0.49 0.00 0.49 + 0.02 0.55 0.30 Agave Silver V 35 0.03 0.03 0.03 + 0.01 0.04 0.01 38.47 + 1.94 39.49 21.00 Agnico Eagle* N 9732 38.91 35.60 Agnico Eagle T 3260 50.61 46.52 50.07 + 2.52 51.49 27.63 Agrium T 1500 115.53 111.39 113.97 - 1.26 139.99 110.89 Agrium* N 3584 88.47 84.56 87.61 - 0.85 110.21 79.94 Aguila Amer Gd V 454 0.05 0.04 0.05 - 0.01 0.11 0.03 Aim Explor* O 7155 0.00 0.00 0.00 - 0.00 1.19 0.00 Alabama Graph* O 297 0.12 0.09 0.12 + 0.02 0.25 0.08 Alabama Graph V 2334 0.16 0.12 0.16 + 0.04 0.31 0.11 Alacer Gold T 4653 2.70 2.36 2.68 + 0.20 3.23 2.08 Alamos Gold T 4079 8.03 6.75 8.03 + 0.78 9.00 3.27 Alamos Gold* N 10084 6.18 5.16 6.17 + 0.56 7.54 2.27 Alaska Pac Egy* O 4 0.12 0.00 0.04 - 0.04 0.20 0.00 Alba Minerals V 21 0.05 0.04 0.04 - 0.01 0.11 0.01 Alberta Star* O 14 0.18 0.16 0.16 - 0.02 0.19 0.12 Alcoa* N 117150 9.80 9.26 9.37 - 0.26 14.29 6.14 Alderon Iron T 459 0.15 0.13 0.13 - 0.02 0.34 0.07 Aldever Res V 1120 0.15 0.10 0.14 + 0.03 0.34 0.09 Aldridge Mnrls V 59 0.15 0.15 0.15 + 0.01 0.21 0.12 Aldrin Res* O 20 0.08 0.08 0.08 - 0.00 0.15 0.06 Aldrin Res V 78 0.11 0.10 0.11 + 0.01 0.21 0.08 Alexander Nubi V 151 0.07 0.05 0.07 - 0.02 0.20 0.04 Alexandria Min* O 103 0.04 0.03 0.03 - 0.00 0.05 0.01 Alexandria Min V 2091 0.05 0.04 0.05 + 0.01 0.06 0.02 Alexco Res* X 2150 1.09 0.87 1.08 + 0.12 1.17 0.22 Alexco Res T 739 1.40 1.14 1.39 + 0.13 1.52 0.35 Algold Res V 412 0.17 0.11 0.16 + 0.04 0.35 0.07 Alianza Min* O 86 0.12 0.12 0.12 + 0.01 0.24 0.07 Alianza Min V 128 0.17 0.13 0.17 + 0.04 0.35 0.10 Alliance Res* D 943 12.12 11.00 11.89 + 0.70 34.70 9.95 Almaden Mnls T 1489 1.61 0.88 1.45 + 0.53 1.25 0.65 Almaden Mnls* X 6192 1.24 0.66 1.12 + 0.41 0.95 0.48 Almadex Min V 367 0.32 0.21 0.31 + 0.09 0.28 0.13 Alpha Nat Res* O 1298 0.02 0.02 0.02 - 0.00 1.08 0.01 Alta Vista Vnt 203 0.07 0.05 0.05 - 0.01 0.25 0.01 Altai Res V 130 0.06 0.05 0.05 - 0.01 0.08 0.05 Altair Gold V 6 0.28 0.00 0.28 - 0.01 0.60 0.06 Alternative ER V 5 0.05 0.00 0.05 - 0.01 0.08 0.03 Alternative ER* O 70 0.03 0.03 0.03 - 0.00 0.06 0.02 Altius Mnrls T 208 12.20 11.41 11.81 - 0.13 15.47 7.39 Alto Vent V 111 0.07 0.05 0.07 - 0.01 0.08 0.02 Alumina Inc* O 35 3.93 3.83 3.83 - 0.13 5.61 2.70 ALX Uranium V 1850 0.13 0.10 0.12 + 0.01 0.17 0.06 Am Creek Res V 456 0.07 0.06 0.07 + 0.01 0.08 0.03 Am CuMo Mng* O 30 0.08 0.08 0.08 + 0.00 0.12 0.03 AM Gold V 110 0.11 0.10 0.11 + 0.01 0.30 0.07 AM Gold* O 7 0.07 0.00 0.07 - 0.03 0.16 0.10 Amara Mng* O 3708 0.22 0.21 0.22 + 0.01 0.24 0.10 Amarc Res* O 127 0.06 0.05 0.05 - 0.01 0.14 0.02 Amarc Res V 96 0.08 0.06 0.08 + 0.01 0.17 0.04 Amarillo Gold V 43 0.17 0.14 0.14 - 0.02 0.20 0.04 Amato Expl V 500 0.01 0.01 0.01 + 0.01 0.02 0.01 American Pot 44 0.07 0.05 0.06 + 0.01 0.70 0.03 American Pot* O 14 0.05 0.04 0.05 + 0.01 0.47 0.03 Americas Petro V 573 0.21 0.19 0.21 + 0.02 0.33 0.15 Americas Silvr T 3589 0.25 0.22 0.25 + 0.03 0.25 0.09 Americas Silvr* O 630 0.19 0.17 0.19 + 0.02 0.23 0.04 Amerigo Res T 1769 0.13 0.10 0.11 - 0.02 0.45 0.10 Amerigo Res* O 67 0.09 0.00 0.08 - 0.01 0.37 0.07 Amex Expl V 127 0.04 0.00 0.04 + 0.01 0.06 0.02 Anaconda Mng T 1141 0.07 0.06 0.07 + 0.01 0.07 0.04 Anconia Res V 792 0.07 0.05 0.06 + 0.01 0.05 0.01 Andes Gold* O 358 0.01 0.00 0.01 - 0.00 1.00 0.00 Anfield Nickel V 100 0.75 0.71 0.75 + 0.04 0.88 0.52 Anfield Res V 46 0.09 0.07 0.09 + 0.01 0.21 0.05 Angel Gold V 77 0.08 0.07 0.07 - 0.01 0.10 0.01 Angel Gold* O 34 0.06 0.00 0.06 - 0.01 0.09 0.01 Angkor Gold V 90 0.47 0.45 0.47 - 0.01 0.64 0.38 Anglo American* O 412 3.93 3.50 3.82 + 0.02 4.45 1.57 Anglo American* O 7 7.66 7.34 7.66 + 0.06 18.00 3.13 Anglo-Can Mng V 124 0.02 0.01 0.01 + 0.01 0.02 0.01 AngloGold Ash* N 22210 14.68 13.21 14.56 + 0.82 14.56 5.64 Antioquia Gold V 120 0.10 0.08 0.10 + 0.01 0.11 0.02 Antioquia Gold* O 19 0.07 0.06 0.06 + 0.00 0.08 0.01 Antipodes Gold V 772 0.02 0.02 0.02 + 0.01 0.03 0.01 Antofagasta* O 14 6.47 6.21 6.25 - 0.22 12.30 5.24 Apogee Silver* O 1 0.15 0.15 0.15 - 0.04 0.45 0.08 Apogee Silver V 14 0.21 0.00 0.20 - 0.01 0.65 0.11 Applied Mrnls* O 627 0.25 0.13 0.24 + 0.07 0.75 0.11 Aquila Res* O 67 0.12 0.11 0.12 + 0.01 0.19 0.09 Aquila Res T 40 0.16 0.00 0.15 + 0.01 0.24 0.12 Arch Coal* O 577 0.33 0.28 0.31 + 0.01 11.20 0.11 Archon Mineral V 11 2.05 1.71 1.71 - 0.29 2.10 1.25 Arctic Star V 7370 0.09 0.07 0.07 - 0.02 0.10 0.01 Arcus Dev Grp V 106 0.04 0.03 0.04 + 0.01 0.04 0.01 Arena Mnls V 897 0.30 0.26 0.27 + 0.02 0.30 0.15 Argentex Mng* O 113 0.05 0.04 0.05 + 0.00 0.06 0.01 Argentum Silvr V 21 0.03 0.03 0.03 + 0.01 0.06 0.02 Argex Titanium T 1849 0.04 0.03 0.03 - 0.01 0.52 0.02 Argonaut Gold T 3552 2.24 1.86 2.22 + 0.28 2.14 0.78 Argonaut Gold* O 185 1.73 1.43 1.70 + 0.20 1.77 0.53 Arian Silver* O 137 0.05 0.02 0.05 + 0.01 0.51 0.00 Arianne Phosph* O 30 0.68 0.63 0.68 + 0.04 0.80 0.52 Arianne Phosph V 122 0.88 0.83 0.88 + 0.02 1.00 0.68 Asanko Gold* X 1330 2.53 2.17 2.49 + 0.22 2.52 1.27 Asanko Gold T 4879 3.28 2.83 3.18 + 0.23 3.26 1.67 Ascot Res V 41 1.08 0.99 1.08 + 0.08 2.00 0.80 Ashburton Vent V 18472 0.03 0.02 0.02 + 0.01 0.03 0.01 Ashburton Vent* O 115 0.02 0.02 0.02 + 0.00 0.02 0.00 Asiamet Res V 112 0.08 0.06 0.06 - 0.02 0.08 0.01 Aston Bay V 60 0.26 0.23 0.26 + 0.02 0.32 0.08 Astur Gold V 75 0.03 0.02 0.02 - 0.01 0.04 0.01 ATAC Res V 527 0.57 0.52 0.57 + 0.02 0.60 0.26 Atalaya Mg plc T 24 2.09 1.70 2.00 + 0.15 3.45 1.20 Athabasca Mnls V 198 0.26 0.21 0.26 + 0.04 0.86 0.15 Athabasca Nclr V 1149 0.07 0.05 0.06 - 0.01 0.07 0.02 Atico Mng* O 40 0.25 0.22 0.23 - 0.00 0.51 0.12 Atlanta Gold V 53 0.08 0.07 0.08 - 0.01 0.11 0.05 Atlantic Gold V 830 0.59 0.56 0.59 + 0.02 0.64 0.17 Atlatsa Res T 106 0.05 0.04 0.04 - 0.01 0.22 0.03 Atlatsa Res* O 42 0.03 0.03 0.03 + 0.00 0.16 0.02 Atom Energy V 23 0.07 0.00 0.07 + 0.02 0.15 0.03 Aura Mnls T 808 0.27 0.23 0.27 + 0.03 0.25 0.06 Auramex Res V 179 0.02 0.01 0.01 + 0.01 0.02 0.01 Aurcana Corp* O 76 0.14 0.12 0.14 + 0.01 0.24 0.07 Aurcana Corp V 479 0.20 0.17 0.18 + 0.02 0.29 0.09 AurCrest Gold V 1419 0.04 0.03 0.03 - 0.01 0.05 0.01 Aureus Mng* O 285 0.10 0.09 0.10 - 0.00 0.68 0.05 Aureus Mng T 1659 0.13 0.11 0.13 - 0.01 0.83 0.05 AuRico Metals T 20832 0.78 0.69 0.76 + 0.03 0.90 0.47 Aurion Res V 47 0.13 0.12 0.12 - 0.02 0.19 0.03 Auryn Res V 130 1.58 1.49 1.55 + 0.01 1.68 0.94 Auryn Res* O 37 1.20 1.14 1.20 + 0.00 1.29 0.70 Avala Res V 1137 0.10 0.08 0.09 + 0.02 0.15 0.03 Avalon Rare Mt T 13547 0.29 0.16 0.25 + 0.09 0.48 0.10 Avarone Metals* O 30 0.07 0.07 0.07 - 0.00 0.08 0.07 Avarone Metals 892 0.09 0.08 0.08 - 0.01 0.14 0.02 Avino Silver* X 897 1.08 0.99 1.08 + 0.07 1.45 0.71 Avino Silver V 91 1.39 1.30 1.39 + 0.08 1.82 1.03 Avnel Gold T 2131 0.30 0.28 0.29 + 0.01 0.34 0.18 AXE Expl V 167 0.02 0.02 0.02 - 0.01 0.03 0.01 AZ Mining T 1166 1.03 0.76 1.02 + 0.21 1.00 0.22 Azimut Expl V 64 0.36 0.31 0.34 + 0.01 0.37 0.10 Azincourt Uran* O 14 0.06 0.03 0.06 + 0.03 0.05 0.02 Azincourt Uran V 323 0.07 0.05 0.06 + 0.02 0.14 0.04 Azteca Gold* O 9 0.00 0.00 0.00 + 0.00 0.00 0.00

B B2Gold* X 11772 B2Gold T 25423 Bacanora Mnls V 166 Baja Mng* O 15 Balmoral Res* O 458 Balmoral Res T 1719 Bannerman Res T 389 Banro T 728 Banro* X 3739 Banyan Gold V 61 Barker Mnrls V 239 Barkerville Go* O 656 Barkerville Go V 1901 Barrick Gold T 20854 Barrick Gold* N 86396 Batero Gold V 303 Battle Mtn Gld V 481 Battle Mtn Gld* O 18 Bayhorse Silvr* O 32 Bayhorse Silvr V 206 Bayswater Uran V 88 Bayswater Uran* O 2 BCGold V 32

10-11_April18_StockTables.indd 10

1.68 1.57 1.66 - 0.04 1.79 0.60 2.20 2.06 2.16 - 0.02 2.28 0.86 1.35 1.22 1.26 + 0.09 2.05 1.16 0.01 0.01 0.01 - 0.00 0.03 0.00 0.40 0.36 0.37 - 0.02 0.86 0.23 0.51 0.48 0.50 - 0.03 1.08 0.33 0.04 0.03 0.04 + 0.01 0.06 0.03 0.35 0.30 0.35 + 0.02 0.47 0.21 0.27 0.23 0.27 + 0.01 0.40 0.15 0.09 0.08 0.09 + 0.01 0.09 0.02 0.01 0.01 0.01 + 0.01 0.01 0.01 0.44 0.38 0.44 + 0.04 0.46 0.15 0.57 0.50 0.56 + 0.02 0.63 0.20 19.92 17.48 19.75 + 1.97 20.17 7.89 15.32 13.39 15.18 + 1.53 15.52 5.91 0.11 0.09 0.11 + 0.02 0.12 0.05 0.28 0.00 0.25 - 0.02 0.30 0.09 0.26 0.17 0.20 - 0.05 0.26 0.06 0.08 0.06 0.08 + 0.01 0.08 0.03 0.10 0.09 0.10 + 0.01 0.11 0.05 0.03 0.03 0.03 - 0.01 0.05 0.01 0.02 0.00 0.02 - 0.01 0.03 0.00 0.06 0.05 0.06 + 0.01 0.13 0.03

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

BCM Res V 165 Bear Creek Mng V 980 Beaufield Res* O 79 Beeston Ent* O 74 Bell Copper V 30 V 35 Bellhaven Cp&G Belmont Res V 1384 Belo Sun Mng T 7822 Belvedere Res V 274 Benton Cap V 12 BHK Mining V 43 Big North Grap* O 4 18 Big North Grap V Bison Gold Res* O 6 Bitterroot Res* O 51 Bitterroot Res V 25 Black Hills* N 2454 275 Black Isle Res V Blackheath Res V 131 Blind Crk Res V 650 BLOX Inc* O 750 Blue Rvr Res V 2699 Blue Sky Uran V 92 BonTerra Res V 1211 BonTerra Res* O 112 Borneo Res Inv* O 58843 Bowmore Expl V 36 Bravada Gold* O 22 Braveheart Res V 42 Brazil Res V 2664 BrightRock Gld* O 31 Brionor Res V 31 Britannia Mng* O 161 Brixton Mtls* O 10 Brixton Mtls V 128 Bryn Res* O 6 Buenaventura* N 15349 Bullfrog Gold* O 105

0.25 0.23 0.25 + 0.02 0.25 0.02 1.59 1.30 1.57 + 0.27 1.48 0.50 0.06 0.05 0.06 - 0.00 0.07 0.02 0.00 0.00 0.00 + 0.00 0.03 0.00 0.03 0.01 0.01 - 0.01 0.05 0.01 0.15 0.12 0.15 + 0.01 0.45 0.03 0.07 0.03 0.05 - 0.02 0.08 0.02 0.75 0.55 0.68 + 0.09 0.68 0.15 0.03 0.02 0.02 + 0.01 0.06 0.01 0.03 0.00 0.02 - 0.01 0.03 0.02 0.05 0.04 0.04 - 0.01 0.10 0.03 0.02 0.01 0.02 + 0.00 0.08 0.01 0.03 0.00 0.03 - 0.01 0.20 0.02 0.18 0.09 0.09 + 0.01 0.18 0.09 0.03 0.03 0.03 + 0.00 0.05 0.02 0.04 0.04 0.04 + 0.01 0.10 0.03 60.80 57.51 58.75 - 2.07 61.13 36.81 0.05 0.04 0.05 + 0.01 0.06 0.03 0.12 0.00 0.12 - 0.04 0.30 0.08 0.04 0.04 0.04 - 0.01 0.06 0.03 0.02 0.01 0.01 - 0.01 0.25 0.01 0.04 0.03 0.04 + 0.01 0.05 0.03 0.06 0.06 0.06 + 0.01 0.26 0.04 0.46 0.42 0.44 - 0.02 0.51 0.09 0.35 0.33 0.34 - 0.02 0.37 0.08 0.00 0.00 0.00 + 0.00 0.10 0.00 0.10 0.06 0.06 - 0.04 0.10 0.03 0.08 0.06 0.06 - 0.00 0.08 0.01 0.05 0.04 0.05 + 0.01 0.07 0.02 1.09 0.74 1.02 + 0.29 0.98 0.38 0.00 0.00 0.00 - 0.00 0.00 0.00 0.02 0.01 0.01 - 0.01 0.03 0.01 0.01 0.00 0.01 + 0.00 0.01 0.00 0.11 0.11 0.11 + 0.03 0.14 0.03 0.14 0.11 0.11 - 0.03 0.18 0.05 0.00 0.00 0.00 - 0.00 0.01 0.00 8.10 7.16 7.86 + 0.28 12.51 3.30 0.02 0.02 0.02 + 0.00 0.03 0.01

Cache Expl V 141 Cadan Res V 203 Cadillac Vent V 191 Caledonia Mng* Q 69 Caledonia Mng T 193 Calibre Mng V 958 Calico Res* O 180 Calico Res V 539 California Gld V 372 Callinex Mines* O 180 Callinex Mines V 365 Cameco Corp* N 7804 Cameco Corp T 4801 Cameo Res* O 211 Cameo Res V 572 Camino Mnls V 28 Can-Cal Res* O 53 CanAlaska Uran V 434 CanAlaska Uran* O 79 Canamex Res V 173 Canamex Res* O 94 Canarc Res* Q 788 Canarc Res T 758 Canasil Res V 423 Cancana Res V 21 Candente Coppr T 432 Candente Gold* O 56 Candente Gold V 52 Canex Energy V 479 Canex Energy* O 70 CaNickel Mng V 13 Canstar Res V 174 Canterra Mnls V 168 Cantex Mn Dev V 51 Canuc Res V 180 Canyon Copper V 123 Canyon Gold* O 241 Capstone Mng T 5325 Cardero Res* O 58 Cardero Res T 100 Cariboo Rose V 97 Caribou King V 207 Carmax Mng V 649 Carpathian Gld* O 298 Carube Copper V 15 Cassius Vents V 280 Castle Mtn Mng V 324 Castle Res 118 Catalyst Coppr V 213 Cda Carbon* O 29 Cda Carbon V 1109 Cda Rare Earth V 1715 Cda Rare Earth* O 21 Cda Strtgc Met V 726 Cda Strtgc Met * O 9 Cdn Intl Mnrls V 894 Cdn Silvr Hunt V 9469 Cdn Zinc T 590 Cdn Zinc* Q 200 Centamin T 152 Centaurus Diam* O 161 Centerra Gold T 2116 Centurion Mnls V 66 Cerro Mng V 19 Champion Bear V 42 Champion Iron T 440 Chesapeake Gld* O 131 Chesapeake Gld V 187 Chevron* N 33933 Chiboug Ind Mn V 203 Chieftain Mtls V 228 Chilean Metals* O 12 Chilean Metals V 9 Chimata Gold V 186 China Gold Int T 1763 China Mnls Mng V 392 Claude Res T 18052 Claude Res* O 1112 Clifton Mng* O 173 Clifton Star* O 252 Clifton Star V 1007 Cloud Peak En* N 6226 CMC Metals V 45 Coeur Mng* N 13512 Colibri Res* O 10 Colonial Coal V 307 Colorado Res* O 49 Colorado Res V 4107 Colt Res* O 56 Columbus Gold* O 195 Columbus Gold T 202 Comet Inds V 33 Commerce Res* O 247 Commerce Res V 4003 Comstock Mng* X 1934 Comstock Mtls V 958 Condor Res V 849 Confedertn Mls V 1612 Confedertn Mls* O 79 Conquest Res V 2908 Cons Woodjam V 135 CONSOL Energy* N 29798 Constant Mtl V 638 Contintl Gold T 1978 Contintl Gold* O 127 Contintl Prec T 10 Copper Ck Gold V 59 Copper Ck Gold* O 1 Copper Fox Mtl* O 257 Copper Mtn Mng* O 37 Copper Mtn Mng T 1872 Copper North M V 59 Copper One V 89 Copperbank Res* O 1 Copperbank Res 1274 Corazon Gold V 25 Cordoba Mnls V 838 Cornerstone Ca* O 205 Cornerstone Ca V 456 Cornerstone Mt V 24 Coronet Mtls V 180 Corvus Gold T 245 Corvus Gold* O 24 Critical Elem V 1545 Critical Elem* O 38 Crown Mining V 23 Crystal Explor V 13 Crystal Pk Min V 135 Crystal Pk Min* O 165 Cyclone Uran* O 1140 Cypress Dev* O 102 Cypress Dev V 843 Cyprium Mng V 1359

0.09 0.07 0.07 - 0.01 0.16 0.05 0.05 0.04 0.04 - 0.01 0.09 0.03 0.02 0.01 0.01 - 0.01 0.06 0.01 0.88 0.79 0.88 + 0.02 0.90 0.48 1.15 1.05 1.11 + 0.01 1.28 0.66 0.14 0.12 0.14 + 0.01 0.17 0.06 0.12 0.07 0.10 + 0.01 0.12 0.05 0.16 0.10 0.11 + 0.01 0.16 0.06 0.06 0.05 0.06 + 0.01 0.18 0.02 0.26 0.22 0.23 - 0.03 0.31 0.17 0.35 0.29 0.29 - 0.06 0.39 0.23 12.68 11.84 12.05 - 0.64 17.77 10.31 16.51 15.60 15.68 - 0.84 21.44 14.56 0.05 0.04 0.05 + 0.01 0.08 0.02 0.06 0.05 0.05 - 0.01 0.10 0.02 0.15 0.00 0.15 + 0.03 0.25 0.07 0.05 0.04 0.05 + 0.01 0.07 0.03 0.47 0.37 0.42 - 0.06 0.52 0.09 0.36 0.28 0.32 - 0.03 0.40 0.06 0.05 0.04 0.05 - 0.01 0.11 0.03 0.04 0.03 0.04 - 0.00 0.09 0.02 0.09 0.08 0.09 - 0.00 0.10 0.02 0.12 0.11 0.12 + 0.01 0.15 0.03 0.25 0.23 0.23 + 0.01 0.28 0.03 0.18 0.17 0.18 - 0.01 0.32 0.13 0.09 0.07 0.08 - 0.01 0.13 0.03 0.02 0.02 0.02 - 0.00 0.03 0.00 0.03 0.03 0.03 - 0.01 0.05 0.01 0.05 0.03 0.04 + 0.01 0.16 0.02 0.02 0.02 0.02 + 0.00 0.12 0.02 0.05 0.00 0.05 + 0.01 0.16 0.03 0.10 0.06 0.07 + 0.01 0.10 0.03 0.04 0.04 0.04 + 0.01 0.09 0.03 0.04 0.00 0.04 - 0.01 0.06 0.03 0.09 0.00 0.09 + 0.01 0.30 0.05 0.02 0.02 0.02 + 0.01 0.12 0.01 0.35 0.20 0.21 - 0.07 0.54 0.02 0.51 0.44 0.48 - 0.03 1.71 0.27 0.10 0.06 0.07 + 0.02 0.15 0.05 0.14 0.00 0.10 + 0.01 0.30 0.08 0.05 0.04 0.05 + 0.01 0.06 0.03 0.09 0.08 0.08 - 0.01 0.22 0.06 0.04 0.02 0.04 + 0.01 0.06 0.02 0.02 0.01 0.02 + 0.01 0.03 0.00 0.09 0.00 0.09 - 0.01 0.21 0.05 0.02 0.00 0.01 - 0.01 0.02 0.01 0.43 0.39 0.43 + 0.03 0.53 0.18 0.01 0.00 0.01 - 0.02 0.15 0.01 0.40 0.36 0.36 - 0.04 0.41 0.10 0.24 0.21 0.22 - 0.01 0.28 0.17 0.31 0.27 0.30 - 0.01 0.42 0.20 0.03 0.02 0.03 + 0.01 0.04 0.02 0.02 0.02 0.02 + 0.00 0.03 0.01 0.05 0.04 0.04 + 0.01 0.10 0.03 0.04 0.03 0.04 + 0.01 0.07 0.01 0.04 0.03 0.04 - 0.01 0.06 0.01 0.03 0.01 0.02 + 0.02 0.06 0.01 0.17 0.14 0.17 + 0.02 0.21 0.06 0.18 0.11 0.13 + 0.01 0.18 0.04 1.85 1.65 1.84 + 0.18 1.85 1.07 0.30 0.24 0.29 + 0.01 0.34 0.01 6.31 5.95 6.31 + 0.15 8.67 5.51 0.14 0.13 0.14 + 0.04 0.28 0.04 0.02 0.00 0.02 + 0.01 0.03 0.01 0.06 0.05 0.06 + 0.02 0.15 0.05 0.21 0.20 0.21 + 0.01 0.23 0.07 1.89 1.70 1.89 + 0.19 2.17 1.05 2.50 2.22 2.45 + 0.23 2.90 1.39 96.87 92.43 96.33 + 2.07 112.20 69.58 0.03 0.03 0.03 - 0.01 0.05 0.02 0.07 0.04 0.04 - 0.03 0.15 0.03 0.05 0.05 0.05 - 0.01 0.09 0.00 0.09 0.00 0.09 + 0.01 0.11 0.02 0.03 0.02 0.02 - 0.01 0.19 0.01 2.33 2.11 2.22 + 0.04 2.58 1.52 0.01 0.01 0.01 + 0.01 0.01 0.01 1.48 1.28 1.47 + 0.15 1.57 0.51 1.14 0.98 1.12 + 0.12 1.17 0.39 0.14 0.08 0.09 - 0.02 0.22 0.05 0.31 0.29 0.30 + 0.01 0.31 0.09 0.41 0.38 0.41 + 0.02 0.41 0.11 1.99 1.71 1.84 - 0.07 7.39 1.08 0.11 0.00 0.09 - 0.01 0.53 0.05 6.11 5.43 6.01 + 0.37 6.35 1.62 0.06 0.06 0.06 + 0.02 0.06 0.02 0.08 0.07 0.07 - 0.01 0.15 0.02 0.14 0.07 0.13 + 0.07 0.12 0.02 0.19 0.10 0.17 + 0.08 0.18 0.05 0.07 0.06 0.07 - 0.01 0.25 0.05 0.34 0.31 0.33 + 0.03 0.38 0.23 0.44 0.40 0.43 + 0.03 0.48 0.31 1.31 1.30 1.30 + 0.05 1.75 1.03 0.06 0.05 0.05 - 0.01 0.12 0.04 0.08 0.06 0.08 + 0.01 0.15 0.06 0.40 0.36 0.36 - 0.02 0.83 0.35 0.03 0.03 0.03 + 0.01 0.04 0.01 0.07 0.05 0.06 - 0.01 0.07 0.02 0.05 0.05 0.05 - 0.01 0.09 0.02 0.04 0.03 0.04 + 0.00 0.06 0.01 0.03 0.01 0.03 + 0.02 0.03 0.01 0.04 0.04 0.04 + 0.01 0.09 0.02 12.11 10.53 11.86 + 1.07 34.14 4.54 0.07 0.06 0.06 - 0.01 0.17 0.05 2.10 1.77 2.07 + 0.28 3.28 1.28 1.59 1.35 1.59 + 0.27 2.65 0.88 0.31 0.30 0.30 - 0.01 0.50 0.25 0.09 0.07 0.07 - 0.03 0.10 0.05 0.07 0.07 0.07 + 0.01 0.07 0.04 0.10 0.09 0.10 + 0.00 0.19 0.08 0.40 0.35 0.37 - 0.03 1.42 0.23 0.53 0.46 0.48 - 0.05 1.73 0.33 0.03 0.00 0.03 + 0.01 0.09 0.02 0.04 0.03 0.04 + 0.01 0.15 0.03 0.02 0.02 0.02 - 0.00 0.06 0.02 0.05 0.03 0.05 + 0.02 0.06 0.03 0.22 0.20 0.20 - 0.02 0.33 0.18 0.66 0.47 0.64 + 0.15 0.63 0.10 0.04 0.03 0.04 + 0.01 0.06 0.01 0.05 0.04 0.05 - 0.01 0.08 0.02 0.02 0.00 0.02 + 0.01 0.04 0.01 0.06 0.00 0.05 - 0.02 0.12 0.04 0.84 0.65 0.67 - 0.04 0.84 0.33 0.63 0.51 0.51 - 0.04 0.67 0.25 0.33 0.29 0.31 + 0.01 0.33 0.14 0.23 0.22 0.23 + 0.00 0.23 0.10 0.07 0.00 0.07 + 0.02 0.08 0.03 0.10 0.09 0.10 + 0.01 0.14 0.06 0.31 0.26 0.30 + 0.03 0.37 0.13 0.25 0.20 0.25 + 0.07 0.33 0.11 0.00 0.00 0.00 - 0.00 0.01 0.00 0.09 0.06 0.08 + 0.02 0.08 0.01 0.11 0.08 0.10 + 0.02 0.14 0.02 0.07 0.06 0.06 - 0.01 0.20 0.06

Dajin Res V 2511 Dajin Res* O 2638 Dakota Ter Res* O 26

0.16 0.14 0.16 + 0.02 0.19 0.06 0.12 0.10 0.12 + 0.01 0.14 0.04 0.07 0.00 0.07 + 0.01 0.17 0.05

C

D-F

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Daleco Res* O 13 Dalradian Res* O 278 Dalradian Res T 1373 Damara Gold V 148 Danakali* O 351 Decade Res V 1673 Defiance Silvr V 2439 Defiance Silvr* O 846 Delrand Res V 15 Denison Mines* X 1848 Desert Star V 408 Detour Gold T 4591 Diamante Min* O 88 Diamcor Mng V 17 Diamcor Mng* O 8 O 4416 Diamond Disc* Dios Expl V 1281 O 31 Discovery Gold* Discovery Harb V 1192 Discovery Mnls* O 2600 DNI Metals* O 2 Dolly Vard Sil* O 48 Dolly Vard Sil V 86 Dominion Diam* N 2472 Dominion Diam T 1036 Dorex Mnrls V 40 Double Crn Res* O 606 Doubleview Cap V 223 DRDGOLD* N 1609 Duncan Park H V 1401 Dundee Prec Mt T 1854 Dunnedin Vent V 1725 Durango Res V 4421 Dynacor Gld Mn T 193 Dynasty Met&Mn* O 404 Dynasty Met&Mn T 3899 Eagle Graphite V 1973 Eagle Plains V 623 East Africa V 841 Eastern Platin* O 22 Eastern Platin T 125 Eastern Res* O 28 Eastfield Res V 35 Eastmain Res T 3256 Eco Oro Mnls T 91 El Capitan Prc* O 2428 Elcora Res V 236 Eldorado Gold* N 28875 Eldorado Gold T 12086 Electra Stone V 436 Eloro Mnrls V 25 Ely Gold & Mnl V 108 Ely Gold & Mnl* O 293 Elysee Dev V 18 Emerita Res V 42 Encanto Potash* O 156 Encanto Potash V 579 Endeavour Mng T 1347 Endeavour Mng* O 75 Endeavr Silver* N 5543 Endeavr Silver T 822 Endurance Gold V 110 Energizer Res* O 245 Energy Fuels* X 1692 Energy Fuels T 472 Ensurge* O 235 Entree Gold T 418 Entree Gold* X 479 Equitas Res* O 220 Equitorial Ex V 5184 Era Res Inc T 10 Erdene Res Dev T 541 Erdene Res Dev* O 21 Eros Res Corp V 17 Eros Res Corp V 17 Eskay Mng V 286 Ethos Gold* O 106 Ethos Gold V 378 Eurasian Mnls V 39 Eurasian Mnls* X 99 Eureka Res V 278 EurOmax Res V 24 Europn Uran Rs V 26 Europn Uran Rs* O 1 Everton Res* O 5 Everton Res V 3279 Evolving Gold* O 3 Evrim Res V 48 Excellon Res T 1550 Excellon Res* O 302 Excelsior Mng* O 37 Excelsior Mng V 133 Exeter Res* X 571 Exeter Res T 131 ExGen Res Inc V 588 Explor Res* O 92 Explor Res V 1094 Fairmont Res V 669 Falco Res V 943 Fancamp Expl V 133 Fieldex Expl V 2306 Finore Mng 244 Firesteel Res V 403 Firestone Vent V 2614 Firma Holdings* O 33 First Bauxite V 149 First Majestic T 3800 First Majestic* N 11404 First Mg Fin V 4430 First Point T 75 First Quantum T 34393 Fission Uran T 1892 Fission Uran* O 1048 Flinders Res* O 141 Flinders Res V 307 Focus Graphite V 1987 Focus Graphite* O 652 Focus Vent V 2864 Foran Mng V 585 Forsys Metals T 355 Fort St J Nick V 11 Fortescue Mtls* O 25 Fortuna Silvr T 1302 Fortuna Silvr* N 2194 Fortune Bay T 19 Fortune Mnrls* O 246 Fortune Mnrls T 1658 Forum Uranium V 921 Forum Uranium* O 1169 Fox River Res 402 Franco-Nevada* N 3618 Franco-Nevada T 3166 Freegold Vent T 296 Freeport McMo* N 206732 Freeport Res V 281 Fresnillo plc* O 4 Fura Emeralds V 89

0.02 0.02 0.02 - 0.01 0.10 0.01 0.73 0.69 0.73 + 0.03 0.85 0.45 0.95 0.90 0.95 + 0.06 1.16 0.62 0.06 0.05 0.06 + 0.01 0.13 0.04 0.19 0.18 0.18 - 0.02 0.40 0.17 0.03 0.02 0.03 + 0.01 0.06 0.01 0.18 0.10 0.18 + 0.08 0.16 0.06 0.14 0.08 0.14 + 0.05 0.13 0.04 0.60 0.50 0.55 + 0.05 0.60 0.10 0.58 0.52 0.56 + 0.00 0.99 0.35 0.03 0.03 0.03 + 0.01 0.21 0.03 23.26 20.33 22.99 + 2.17 22.82 10.62 0.40 0.25 0.40 + 0.12 2.29 0.20 0.92 0.89 0.92 + 0.02 1.45 0.65 0.69 0.66 0.69 + 0.03 1.15 0.46 0.00 0.00 0.00 + 0.00 0.00 0.00 0.17 0.11 0.13 - 0.07 0.19 0.04 0.00 0.00 0.00 + 0.00 0.00 0.00 0.01 0.01 0.01 - 0.01 0.09 0.01 0.00 0.00 0.00 - 0.00 0.00 0.00 0.03 0.03 0.03 + 0.00 0.18 0.03 0.14 0.12 0.14 + 0.02 0.25 0.08 0.18 0.00 0.18 + 0.03 0.45 0.11 11.95 10.84 11.80 + 0.63 20.30 7.27 15.52 14.30 15.33 + 0.77 24.60 9.96 0.02 0.00 0.02 + 0.01 0.04 0.01 0.01 0.01 0.01 + 0.00 0.02 0.01 0.08 0.07 0.08 + 0.01 0.19 0.06 4.29 3.88 4.24 + 0.25 4.15 1.10 0.02 0.01 0.01 + 0.01 0.03 0.01 2.32 2.05 2.21 + 0.06 3.19 0.84 0.08 0.05 0.06 - 0.02 0.13 0.04 0.09 0.04 0.07 + 0.03 0.08 0.03 2.21 2.08 2.17 - 0.01 2.32 1.30 0.10 0.08 0.08 - 0.02 0.60 0.08 0.14 0.10 0.11 - 0.02 0.78 0.10 0.03 0.02 0.02 - 0.01 0.08 0.02 0.08 0.07 0.07 - 0.02 0.09 0.05 0.12 0.08 0.12 + 0.02 0.12 0.03 0.60 0.00 0.58 - 0.03 1.84 0.47 0.79 0.77 0.77 + 0.03 2.26 0.61 0.10 0.05 0.05 - 0.05 0.10 0.01 0.03 0.02 0.03 + 0.01 0.05 0.02 0.50 0.40 0.48 + 0.07 0.51 0.28 0.40 0.33 0.34 - 0.03 0.90 0.25 0.05 0.04 0.04 - 0.00 0.16 0.03 0.54 0.48 0.51 - 0.05 0.75 0.08 3.51 3.00 3.40 + 0.27 5.36 1.87 4.56 3.93 4.41 + 0.33 6.40 2.67 0.07 0.06 0.06 - 0.01 0.14 0.04 0.20 0.20 0.20 - 0.01 0.24 0.09 0.09 0.08 0.09 + 0.01 0.12 0.03 0.07 0.06 0.07 + 0.01 0.10 0.02 0.23 0.00 0.21 - 0.02 0.23 0.17 0.03 0.03 0.03 - 0.01 0.07 0.02 0.05 0.05 0.05 - 0.01 0.13 0.03 0.08 0.07 0.07 - 0.01 0.16 0.05 12.95 11.15 12.80 + 1.40 13.02 4.35 9.92 8.56 9.83 + 1.11 9.61 4.40 2.85 2.35 2.80 + 0.32 2.91 1.00 3.69 3.07 3.63 + 0.42 3.78 1.46 0.05 0.03 0.05 + 0.02 0.08 0.02 0.07 0.06 0.07 + 0.00 0.10 0.03 2.26 2.00 2.19 - 0.10 5.60 1.81 2.93 2.64 2.83 - 0.10 6.73 2.47 0.02 0.01 0.02 + 0.01 0.09 0.01 0.42 0.38 0.39 + 0.01 0.66 0.25 0.31 0.29 0.30 + 0.01 0.51 0.17 0.06 0.05 0.05 - 0.01 0.17 0.02 0.07 0.05 0.06 + 0.01 0.19 0.02 0.20 0.11 0.14 + 0.02 1.00 0.09 0.22 0.19 0.22 + 0.02 0.24 0.11 0.17 0.16 0.17 + 0.01 0.18 0.08 0.14 0.00 0.13 + 0.01 0.17 0.09 0.14 0.00 0.13 + 0.01 0.17 0.09 0.15 0.10 0.11 - 0.02 0.17 0.01 0.14 0.13 0.13 - 0.01 0.15 0.09 0.20 0.17 0.20 + 0.02 0.23 0.11 0.84 0.77 0.77 - 0.03 0.91 0.48 0.63 0.57 0.57 - 0.05 0.74 0.35 0.07 0.05 0.06 - 0.01 0.13 0.03 0.49 0.40 0.49 + 0.02 0.58 0.21 0.01 0.00 0.01 - 0.01 0.02 0.01 0.01 0.00 0.01 - 0.00 0.02 0.00 0.03 0.03 0.03 + 0.00 0.04 0.00 0.04 0.02 0.04 + 0.01 0.05 0.01 0.04 0.04 0.04 - 0.00 0.08 0.02 0.25 0.19 0.24 + 0.06 0.26 0.10 0.94 0.56 0.85 + 0.24 0.92 0.20 0.72 0.43 0.67 + 0.20 0.74 0.14 0.20 0.19 0.20 - 0.01 0.31 0.12 0.28 0.26 0.26 - 0.02 0.39 0.19 0.64 0.54 0.64 + 0.08 0.67 0.29 0.82 0.70 0.82 + 0.10 0.87 0.39 0.01 0.01 0.01 - 0.01 0.03 0.01 0.12 0.10 0.10 - 0.01 0.18 0.03 0.16 0.14 0.14 - 0.02 0.24 0.04 0.08 0.06 0.06 + 0.01 0.19 0.02 0.53 0.43 0.52 + 0.09 0.50 0.21 0.03 0.02 0.02 - 0.01 0.04 0.02 0.05 0.03 0.05 + 0.01 0.05 0.01 0.02 0.01 0.02 + 0.02 0.04 0.01 0.02 0.01 0.02 + 0.01 0.08 0.01 0.03 0.01 0.02 + 0.01 0.03 0.01 0.05 0.04 0.05 - 0.00 0.25 0.02 0.05 0.04 0.05 + 0.01 0.09 0.03 8.99 8.08 8.92 + 0.47 9.22 3.50 6.92 6.19 6.87 + 0.36 7.05 2.40 0.42 0.39 0.41 + 0.02 0.60 0.25 0.06 0.05 0.05 - 0.01 0.10 0.04 6.99 5.38 6.28 - 0.53 19.83 2.15 0.67 0.64 0.66 - 0.01 1.23 0.53 0.52 0.49 0.51 - 0.00 1.03 0.39 0.26 0.19 0.25 + 0.05 0.50 0.09 0.34 0.25 0.33 + 0.07 0.39 0.12 0.24 0.18 0.22 + 0.02 0.37 0.07 0.18 0.14 0.16 + 0.02 0.30 0.04 0.07 0.06 0.06 - 0.01 0.25 0.05 0.10 0.08 0.10 - 0.01 0.48 0.05 0.09 0.08 0.08 - 0.01 0.29 0.08 0.01 0.01 0.01 - 0.02 0.03 0.01 2.10 1.88 2.06 + 0.08 2.40 1.00 5.61 4.96 5.56 + 0.49 5.69 2.65 4.32 3.80 4.27 + 0.34 4.30 2.00 0.33 0.00 0.33 + 0.03 0.43 0.25 0.05 0.04 0.05 + 0.01 0.09 0.01 0.06 0.06 0.06 + 0.01 0.11 0.02 0.19 0.11 0.18 + 0.05 0.19 0.04 0.14 0.09 0.11 - 0.00 0.12 0.03 0.04 0.00 0.04 - 0.01 0.05 0.03 65.56 59.72 65.13 + 4.07 68.40 38.20 85.20 77.83 84.77 + 5.41 88.89 49.96 0.14 0.11 0.14 + 0.02 0.24 0.05 10.09 8.76 9.33 - 0.56 23.97 3.52 0.02 0.01 0.01 - 0.01 0.02 0.01 13.41 13.13 13.40 - 0.01 14.60 8.70 0.24 0.20 0.20 - 0.04 0.25 0.08

G4G Res V 220 Gabriel Res T 814 Gainey Capital V 174 Galane Gold V 1127 Galantas Gold V 74 Galway Gold V 893 Galway Mtls* O 133 Galway Mtls V 2150 Garibaldi Res V 455 GB Minerals V 71 Gear Intl* O 19410 General Moly* X 257 Genius Props 7578 Gensource Pot V 699 Gentor Res V 80 Geodex Mnrls V 17 Geologix Expl* O 62 Geologix Expl V 559 Gespeg Cop Res V 2100 Getty Copper V 40 GFK Res V 213 GGL Res V 67 Gldn Predator* O 353 Glen Eagle Res V 864 Glencore Plc* O 1526 Global Cobalt* O 33 Global Cop Grp V 247 Global Hunter V 158 Global Hunter* O 6 Global Mnrls V 25 Globex Mng* O 20 Globex Mng T 81 GMCI Corp* O 1 GMV Minerals V 175 GoGold Res T 643 Gold & Silver* O 2480 Gold Bulln Dev* O 76 Gold Dynamics* O 254 Gold Fields* N 36270 Gold Jub Cap V 1540

0.05 0.00 0.04 - 0.01 0.10 0.03 0.20 0.18 0.19 - 0.01 0.52 0.12 0.14 0.12 0.14 - 0.01 0.30 0.10 0.10 0.06 0.08 - 0.01 0.14 0.03 0.09 0.08 0.09 + 0.01 0.18 0.07 0.06 0.00 0.06 + 0.01 0.12 0.04 0.10 0.08 0.10 + 0.03 0.13 0.06 0.14 0.12 0.14 + 0.01 0.16 0.09 0.10 0.08 0.10 + 0.02 0.18 0.05 0.09 0.06 0.09 + 0.03 0.12 0.02 0.00 0.00 0.00 + 0.00 0.00 0.00 0.35 0.30 0.31 - 0.01 1.00 0.15 0.05 0.02 0.03 - 0.01 0.12 0.02 0.06 0.05 0.06 + 0.01 0.07 0.04 0.02 0.01 0.02 + 0.01 0.07 0.01 0.08 0.00 0.06 - 0.02 0.35 0.05 0.04 0.02 0.04 + 0.00 0.04 0.01 0.05 0.03 0.04 + 0.01 0.06 0.02 0.03 0.02 0.03 + 0.01 0.05 0.02 0.03 0.02 0.02 - 0.01 0.05 0.02 0.09 0.06 0.08 + 0.01 0.12 0.03 0.02 0.02 0.02 + 0.01 0.05 0.01 0.18 0.14 0.16 + 0.02 0.18 0.06 0.12 0.08 0.12 + 0.04 0.12 0.03 4.31 3.67 3.85 - 0.40 9.68 1.95 0.02 0.02 0.02 + 0.00 0.05 0.01 0.05 0.04 0.04 - 0.01 0.08 0.04 0.03 0.02 0.03 + 0.01 0.04 0.01 0.01 0.01 0.01 + 0.00 0.02 0.01 0.08 0.00 0.08 + 0.03 0.53 0.02 0.24 0.19 0.19 - 0.05 0.25 0.13 0.28 0.26 0.26 - 0.04 0.37 0.17 1.65 0.00 1.65 - 0.05 1.80 0.05 0.10 0.00 0.10 + 0.01 0.26 0.05 1.40 1.06 1.37 + 0.30 1.67 0.94 0.03 0.01 0.01 - 0.02 7540.00 0.01 0.08 0.07 0.08 + 0.00 0.09 0.01 0.00 0.00 0.00 - 0.00 0.00 0.00 4.17 3.62 4.16 + 0.18 4.68 2.04 0.24 0.18 0.23 + 0.05 0.25 0.07

G-H

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Gold Lakes* O 10 Gold Mng USA* O 3875 54 Gold Reach Res V Gold Reserve* O 202 Gold Reserve V 76 X 1727 Gold Resource* Gold Std Vents* X 1321 Gold Std Vents V 1125 Goldbelt Emp V 40 T 16645 Goldcorp Goldcorp* N 38813 Golden Arrow V 190 Golden Band* O 251 V 159 Golden Cariboo Golden Dawn Ml V 2576 O 58 Golden Goliath* V 211 Golden Goliath Golden Hope* O 5 Golden Hope V 55 Golden Mnls* X 1030 Golden Mnls T 137 Golden Queen T 254 O 961 Golden Queen* Golden Reign V 908 64 Golden Sh Mng V Golden Star T 339 Golden Star* X 6701 Golden Tag V 498 Golden Valley V 360 Goldex Res V 28 Goldeye Expl V 749 T 453 Goldgroup Mng O 207 Goldgroup Mng* GoldON Res V 44 V 4324 GoldQuest Mng Goldrea Res 2 Goldrea Res* O 1 V 271 Goldrock Mines O 55 Goldsource Min* V 475 Goldsource Min Goldstrike Res V 206 Gossan Res V 171 GoviEx Uranium 186 Gowest Gold V 1495 Gowest Gold* O 32 GPM Metals* O 523 GPM Metals V 439 O 386 Gran Colombia* O 4631 Graphite Corp* Graphite One* O 325 Graphite One V 5593 245 Great Lakes Gr* O Great Panther T 1157 Great Panther* X 3409 77 Great Quest Fe V 12 Great Rock Dev* O 60 Green Swan Cap V V 107 Greencastle Rs O 33 Greenland M&En* Grenville Gold V 25 Grizzly Gold* O 169 204 Group Ten Mtls V 9 GTA Res & Mng V V 173 Guerrero Vents Gungnir Res V 3047 Gungnir Res* O 469 Gunpoint Expl V 23 T 2525 Guyana Gldflds GWR Res V 309 Handa Copper V 26 117 Happy Ck Mnrls V 609 Hard Creek Ni V 18859 N Harmony Gold* Harte Gold T 4430 V 492 Hawkeye Gld&Di 27258 Hecla Mining* N O 3 Hemcare Health* Heron Res T 18 3 Highway 50 Gld V O 71 Hochschild Mg* O 106 Homestake Res* 752 Honey Badger E V T 31 Horizonte Mnls Houston Lake V 703 HudBay Mnls T 7539 726 HudBay Mnls* N Hudson Res V 193 Hudson Res* O 27

0.03 0.90 + 0.10 1.25 0.90 0.00 0.07 0.03 0.06 + 0.03 0.44 0.03 0.17 0.15 0.16 + 0.02 0.30 0.08 2.19 4.50 + 0.17 5.90 4.60 4.25 3.06 5.85 + 0.20 8.00 5.94 5.52 1.14 2.50 + 0.10 3.62 2.50 2.24 1.22 1.05 1.17 + 0.07 1.17 0.26 1.58 1.38 1.51 + 0.08 1.55 0.40 0.02 0.03 - 0.02 0.10 0.05 0.03 13.55 22.24 + 1.31 24.87 22.33 20.48 17.11 + 1.03 20.30 9.46 17.18 15.70 0.17 0.29 + 0.03 0.50 0.29 0.25 0.00 0.00 + 0.00 0.01 0.00 0.00 0.03 0.08 + 0.04 0.07 0.08 0.05 0.13 0.10 0.12 + 0.01 0.25 0.07 0.00 0.01 - 0.00 0.02 0.01 0.00 0.01 0.03 + 0.01 0.03 0.03 0.02 0.10 0.15 + 0.01 0.50 0.15 0.00 0.11 0.19 + 0.01 0.64 0.19 0.19 0.13 0.53 + 0.09 0.68 0.55 0.43 0.19 0.70 + 0.13 0.93 0.72 0.56 0.65 1.93 + 0.14 2.00 1.98 1.76 0.48 1.48 + 0.14 1.56 1.54 1.34 0.07 0.14 - 0.02 0.20 0.15 0.13 0.11 0.09 0.10 + 0.01 0.11 0.03 0.21 0.64 + 0.06 0.78 0.64 0.57 0.14 0.49 + 0.03 0.56 0.50 0.44 0.02 0.04 - 0.01 0.05 0.04 0.03 0.07 0.13 - 0.01 0.19 0.14 0.13 0.10 0.25 + 0.06 0.60 0.25 0.00 0.02 0.04 + 0.01 0.06 0.04 0.03 0.05 0.09 + 0.01 0.12 0.09 0.08 0.03 0.06 - 0.01 0.10 0.07 0.06 0.03 0.13 + 0.04 0.15 0.14 0.00 0.07 0.28 + 0.08 0.30 0.30 0.21 0.02 0.06 - 0.06 0.11 0.10 0.00 0.02 0.04 + 0.02 0.04 0.04 0.00 0.15 0.40 + 0.01 0.41 0.41 0.36 0.11 0.23 - 0.00 0.28 0.23 0.20 0.13 0.30 + 0.01 0.40 0.30 0.27 0.07 0.16 + 0.01 0.21 0.17 0.15 0.02 0.04 + 0.02 0.05 0.04 0.03 0.04 0.09 + 0.02 0.19 0.09 0.07 0.05 0.07 - 0.01 0.10 0.08 0.07 0.04 0.06 - 0.00 0.07 0.06 0.06 0.07 0.12 - 0.03 0.15 0.15 0.12 0.08 0.16 - 0.02 0.33 0.19 0.16 0.04 0.08 + 0.00 0.39 0.08 0.07 0.00 0.00 - 0.00 0.02 0.01 0.00 0.05 0.08 + 0.00 0.11 0.09 0.08 0.07 0.11 - 0.01 0.15 0.12 0.11 0.06 0.05 0.06 - 0.01 0.12 0.04 0.40 1.31 + 0.08 1.40 1.33 1.17 0.30 1.02 + 0.04 1.08 1.02 0.90 0.26 0.19 0.25 + 0.07 0.63 0.11 0.00 0.00 0.00 - 0.00 0.02 0.00 0.02 0.02 0.02 - 0.01 0.05 0.01 0.05 0.09 + 0.01 0.10 0.09 0.08 0.01 0.03 + 0.02 0.17 0.03 0.01 0.04 0.08 - 0.04 0.15 0.12 0.07 0.01 0.02 + 0.01 0.04 0.02 0.01 0.04 0.03 0.04 + 0.01 0.06 0.01 0.05 0.04 0.05 - 0.01 0.08 0.02 0.01 0.03 + 0.01 0.05 0.03 0.00 0.01 0.03 + 0.01 0.04 0.04 0.02 0.00 0.02 + 0.01 0.03 0.03 0.01 0.13 0.24 + 0.06 0.22 0.24 0.00 2.48 5.41 + 0.66 5.34 5.50 4.61 0.02 0.03 - 0.01 0.08 0.03 0.03 0.03 0.05 + 0.01 0.12 0.05 0.05 0.11 0.10 0.10 - 0.01 0.17 0.08 0.03 0.02 0.03 + 0.01 0.08 0.01 0.53 3.93 + 0.21 4.19 3.93 3.58 0.05 0.19 + 0.01 0.35 0.21 0.19 0.03 0.08 + 0.05 0.08 0.08 0.03 1.45 2.96 + 0.12 3.37 2.97 2.71 0.01 0.05 - 0.12 0.80 0.14 0.05 0.07 0.09 + 0.01 0.14 0.09 0.00 0.23 0.00 0.23 - 0.02 0.24 0.05 0.59 1.58 + 0.29 1.70 1.62 1.29 0.01 0.03 + 0.01 0.03 0.03 0.00 0.03 0.03 0.03 - 0.01 0.04 0.01 0.02 0.03 - 0.01 0.06 0.03 0.03 0.12 0.32 + 0.04 0.40 0.40 0.28 4.75 3.77 4.01 - 0.67 12.61 2.26 3.66 2.88 3.10 - 0.52 10.37 1.56 0.34 0.46 + 0.06 0.55 0.50 0.38 0.26 0.36 + 0.04 0.43 0.37 0.29

I-Minerals V 45 IAMGOLD T 10927 22276 IAMGOLD* N Iberian Mnrls V 373 IC Potash T 844 IC Potash* O 138 Iconic Mnls V 630 Idaho North* O 8 IDM Mining V 817 IDM Mining* O 143 IEMR Res V 731 iMetal Res V 455 IMPACT Silver V 863 O 419 Impala Platnm* 220 Imperial Metal T 10 Imperial Metal* O 111 Inca One Gold V Q 16 Inception Mng* V 259 Independence G Indico Res V 92 Infrastructure* O 209 O 52 Inspiration Mg* Inspiration Mg 301 Intact Gold V 206 Integra Gold* O 1862 Integra Gold V 9959 Intgr Egy Sol* O 22680 Intigold Mines V 278 Intl Lithium V 1102 Intl Montoro V 374 424 Intl Tower Hil* X 139 T Intl Tower Hil Intrepid Pots* N 6919 INV Metals T 464 Inventus Mg V 1553 InZinc Mining V 304 O 97 Ireland* 20 Iron South Mng V 1 Itoco Mg Corp* O O 236 Ivanhoe Mines* Ivanhoe Mines T 2851 J.A.G. Mines V 49 Jaguar Mng* O 175 Jaguar Mng V 934 Jasper Mng V 28 Jaxon Mnls V 57 Joshua Gold* O 213 Kairos Cap V 15 O 75 Kaizen Discvry* Kaizen Discvry V 921 O 669 Kaminak Gold* Kaminak Gold V 2097 V 609 Kapuskasing Gd Karnalyte Res T 683 18475 KAT Expl* O Katanga Mng T 657 Kennady Diam V 222 Kerr Mines* O 36 Kerr Mines T 345 Kesselrun Res V 1855 Khalkos Expl V 328 Khan Res 1975 V 197 Kilo Goldmines Kingsmen Res V 38 Kinross Gold T 33043 81972 Kinross Gold* N 104 Kirkland Lk Gd* O Kirkland Lk Gd T 3206 Kiska Metals* O 305 Kiska Metals V 2174 Klondex Mns T 2427 O 18 Klondike Gold* Klondike Gold V 502 V 1129 Kombat Copper V 150 Komet Resource Kootenay Silvr V 622 KWG Res* O 45

0.14 0.23 - 0.01 0.37 0.24 0.23 1.50 3.28 + 0.34 3.70 3.28 2.82 1.15 2.52 + 0.26 2.77 2.53 2.16 0.05 0.06 + 0.01 0.11 0.06 0.05 0.04 0.05 - 0.01 0.31 0.06 0.05 0.03 0.03 - 0.01 0.25 0.05 0.03 0.03 0.20 + 0.04 0.20 0.20 0.13 0.05 0.07 - 0.01 0.10 0.07 0.07 0.07 0.11 + 0.01 0.14 0.12 0.10 0.04 0.08 - 0.00 0.11 0.09 0.08 0.01 0.01 - 0.01 0.01 0.01 0.01 0.03 0.06 + 0.01 0.10 0.07 0.05 0.11 0.42 + 0.08 0.45 0.48 0.36 1.45 2.88 - 0.25 5.96 3.02 2.75 4.25 3.93 3.99 - 0.20 13.33 3.92 3.19 3.02 3.19 - 0.02 10.96 2.81 0.08 0.07 0.07 - 0.01 0.27 0.07 0.05 0.10 - 0.03 0.35 0.13 0.00 0.06 0.10 + 0.02 0.13 0.11 0.09 0.02 0.06 - 0.01 0.16 0.07 0.06 0.01 0.01 + 0.00 0.02 0.01 0.01 0.01 0.02 + 0.02 0.10 0.03 0.01 0.02 0.04 + 0.02 0.05 0.04 0.00 0.03 0.25 - 0.02 0.35 0.27 0.24 0.18 0.42 + 0.02 0.43 0.43 0.38 0.23 0.54 + 0.03 0.55 0.56 0.50 0.00 0.00 0.00 - 0.00 0.00 0.00 0.07 0.12 - 0.03 0.32 0.15 0.09 0.02 0.15 + 0.05 0.13 0.15 0.09 0.03 0.04 - 0.01 0.10 0.04 0.04 0.37 0.30 0.36 + 0.03 0.42 0.18 0.48 0.39 0.47 + 0.05 0.57 0.26 1.18 0.85 0.92 - 0.23 13.24 0.65 0.08 0.29 + 0.06 0.27 0.31 0.23 0.01 0.07 + 0.02 0.10 0.08 0.05 0.04 0.06 - 0.01 0.14 0.07 0.05 0.15 0.30 - 0.04 0.51 0.32 0.27 0.05 0.05 0.05 + 0.01 0.08 0.04 0.16 0.00 0.16 - 0.14 1.10 0.13 0.36 0.67 + 0.04 1.08 0.67 0.62 0.53 0.88 + 0.04 1.36 0.90 0.82 0.01 0.02 - 0.01 0.04 0.02 0.00 0.07 0.27 + 0.03 0.26 0.27 0.23 0.12 0.35 + 0.02 0.34 0.36 0.31 0.02 0.03 - 0.01 0.07 0.04 0.03 0.01 0.05 + 0.02 0.06 0.05 0.03 0.04 0.10 + 0.05 0.30 0.10 0.07 0.01 0.02 - 0.01 0.03 0.02 0.02 0.06 0.08 + 0.00 0.21 0.08 0.07 0.08 0.12 + 0.03 0.30 0.12 0.09 0.47 1.27 + 0.20 1.25 1.27 1.02 0.61 1.65 + 0.25 1.63 1.65 1.32 0.02 0.03 - 0.01 0.09 0.04 0.03 0.52 2.23 - 0.28 4.15 2.60 1.95 0.00 0.00 - 0.00 0.01 0.00 0.00 0.13 0.15 - 0.02 0.30 0.16 0.15 2.35 3.40 + 0.10 5.95 3.60 3.20 0.01 0.06 + 0.00 0.13 0.06 0.04 0.02 0.07 + 0.01 0.16 0.07 0.06 0.02 0.08 + 0.02 0.09 0.09 0.06 0.05 0.11 + 0.01 0.12 0.12 0.10 0.34 0.79 - 0.01 0.85 0.81 0.79 0.04 0.14 - 0.01 0.15 0.14 0.11 0.03 0.08 + 0.02 0.18 0.08 0.08 1.79 5.09 + 0.56 5.06 5.14 4.33 1.31 3.91 + 0.43 3.85 3.96 3.31 6.71 6.30 6.59 + 0.12 7.33 3.12 8.79 8.15 8.57 + 0.16 9.53 4.49 0.01 0.03 + 0.01 0.04 0.03 0.02 0.01 0.04 + 0.01 0.05 0.04 0.03 2.56 3.92 + 0.45 4.04 3.99 3.44 0.06 0.12 + 0.01 0.14 0.12 0.11 0.08 0.16 + 0.01 0.21 0.17 0.14 0.02 0.08 + 0.01 0.11 0.09 0.07 0.26 0.35 + 0.04 0.49 0.36 0.29 0.17 0.34 + 0.04 0.56 0.34 0.28 0.00 0.01 - 0.00 0.02 0.01 0.01

I-J-K

L 0.01 0.00 0.00 - 0.00 0.02 0.00 21 Labdr Iron Mns* O 11.94 - 0.16 17.45 6.85 Labrador Iron T 1356 12.38 11.75 0.01 0.02 - 0.00 0.07 Lake Victoria* O 94 0.02 0.01 0.01 0.02 + 0.01 0.05 Lamelee Iron V 243 0.02 0.01 0.04 0.20 - 0.04 0.25 Lancaster Cap V 45 0.25 0.17 0.20 0.40 + 0.04 0.42 Lara Expl V 20 0.40 0.35 0.15 0.25 + 0.01 0.35 Laramide Res T 256 0.25 0.23 0.00 0.00 + 0.00 0.01 Laredo Res* O 6983 0.00 0.00

2016-04-12 7:45 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / APRIL 18–24, 2016

11

s toc k ta b le s (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Largo Res* O 40 Largo Res V 46 Latin Am Mnls* O 202 143 Laurion Mnl Ex V Legend Gold* O 48 Legend Gold V 128 Lepanto Con Mg* O 400 Levon Res Ltd T 417 122 Levon Res Ltd * O Lexam VG Gold* O 456 665 Lexam VG Gold T Li3 Energy* O 374 Liberty Star* Q 16026 Lincoln Mng V 73 Lion One Mtls V 163 76 Lion One Mtls* O Lithium Amer T 20090 Lithium Corp* O 1252 Lithium Expl* O 5088 Lithium X Egy V 3577 LKA Gold* O 27 Lode-Star Mg* O 137 Logan Res V 230 Lomiko Mtls V 1958 Lomiko Mtls* O 75 Loncor Res* O 109 Loncor Res T 92 Lone Star Gold* O 96 Lonmin plc* O 10 Lorraine Coppr* O 30 Lorraine Coppr V 934 Los Andes Copp V 411 Lovitt Res V 41 Lucara Diam T 1454 Luna Gold T 255 Luna Gold* O 137 Lund Enterpr V 71 Lundin Gold T 326 Lundin Mng T 8152 Lupaka Gold V 198 Lydian Intl* O 131 Lydian Intl T 1327 Lynas Corp* O 97

0.25 0.23 0.24 + 0.00 0.75 0.08 0.32 0.29 0.32 + 0.02 0.95 0.11 0.10 0.09 0.09 - 0.01 0.11 0.06 0.02 0.01 0.01 - 0.01 0.03 0.01 0.03 0.02 0.02 - 0.00 0.07 0.01 0.04 0.03 0.03 - 0.01 0.09 0.02 0.01 0.01 0.01 - 0.00 0.02 0.00 0.16 0.14 0.15 - 0.01 0.32 0.09 0.12 0.00 0.11 - 0.00 0.15 0.07 0.15 0.12 0.15 + 0.02 0.17 0.04 0.20 0.16 0.19 + 0.02 0.23 0.05 0.02 0.02 0.02 - 0.01 0.04 0.01 0.00 0.00 0.00 - 0.00 0.01 0.00 0.09 0.05 0.09 + 0.04 0.08 0.02 0.48 0.39 0.46 + 0.07 0.60 0.24 0.36 0.30 0.35 + 0.06 0.45 0.18 0.79 0.53 0.78 + 0.26 0.96 0.26 0.07 0.03 0.05 + 0.02 0.06 0.02 0.04 0.02 0.02 - 0.02 2.00 0.02 1.66 1.32 1.52 + 0.22 1.66 0.05 0.38 0.26 0.38 + 0.05 0.51 0.10 0.04 0.03 0.03 - 0.02 0.05 0.01 0.10 0.07 0.10 + 0.03 0.10 0.04 0.04 0.04 0.04 - 0.01 0.07 0.03 0.03 0.03 0.03 - 0.00 0.05 0.02 0.05 0.04 0.05 + 0.00 0.13 0.01 0.07 0.00 0.07 + 0.01 0.13 0.02 0.00 0.00 0.00 + 0.00 0.01 0.00 1.95 1.67 1.85 - 0.20 233.10 0.55 0.04 0.04 0.04 + 0.01 0.04 0.03 0.05 0.04 0.05 - 0.02 0.13 0.04 0.16 0.15 0.16 + 0.01 0.23 0.05 0.03 0.00 0.03 - 0.03 0.05 0.02 2.82 2.70 2.81 + 0.01 2.85 1.42 0.14 0.12 0.13 + 0.01 0.20 0.03 0.10 0.09 0.10 + 0.01 0.16 0.02 0.05 0.04 0.05 + 0.01 0.07 0.02 6.51 4.40 5.83 + 1.08 5.17 3.46 4.11 3.70 3.99 - 0.10 6.46 2.98 0.14 0.00 0.13 - 0.02 0.19 0.04 0.20 0.17 0.20 + 0.01 0.48 0.13 0.25 0.23 0.25 + 0.01 0.58 0.19 0.06 0.05 0.06 + 0.01 0.10 0.02

M Macarthur Mnl V 7659 0.05 0.03 0.05 + 0.02 0.08 0.02 Macarthur Mnl* O 367 0.04 0.02 0.04 + 0.01 0.04 0.02 MacMillan Mnls V 15 0.21 0.20 0.20 + 0.02 0.30 0.05 MAG Silver* X 405 9.89 9.23 9.62 + 0.11 9.95 5.57 MAG Silver T 933 13.01 12.04 12.54 + 0.21 13.01 6.90 Magellan Mnrls* O 284 0.06 0.04 0.06 + 0.01 0.06 0.02 MagIndustries* O 30 0.03 0.01 0.01 - 0.01 0.20 0.01 Magnum Goldco V 224 0.05 0.03 0.03 - 0.02 0.13 0.02 Magnus Intl* O 8 0.00 0.00 0.00 + 0.00 0.00 0.00 Majescor Res* O 21 0.03 0.03 0.03 + 0.00 0.04 0.01 Majescor Res V 187 0.06 0.04 0.06 + 0.02 0.06 0.02 Majestic Gold* O 7 0.07 0.05 0.07 + 0.02 0.08 0.02 Majestic Gold V 166 0.09 0.08 0.09 + 0.01 0.12 0.04 Makena Res* O 460 0.02 0.02 0.02 - 0.00 0.03 0.01 Makena Res V 1090 0.02 0.02 0.02 - 0.01 0.05 0.01 Mandalay Res T 2061 0.89 0.86 0.87 - 0.02 0.99 0.59 Mangazeya Mng V 342 0.05 0.04 0.04 - 0.01 0.06 0.01 Manson Creek V 34 0.02 0.00 0.02 - 0.01 0.03 0.01 Marathon Gold T 2665 0.23 0.19 0.23 + 0.03 0.35 0.11 Marifil Mines V 921 0.02 0.01 0.01 - 0.01 0.02 0.01 Maritime Res V 3050 0.15 0.13 0.13 - 0.01 0.20 0.08 Marlin Gold* O 59 0.42 0.29 0.31 - 0.11 0.62 0.10 Marlin Gold V 99 0.54 0.37 0.39 - 0.06 0.75 0.15 MartinMarietta* N 3597 168.15 157.83 166.18 + 4.13 178.67 108.31 Mason Graphite V 605 0.59 0.52 0.56 + 0.04 0.61 0.30 Mason Graphite* O 103 0.45 0.42 0.43 + 0.04 0.48 0.21 Matachewan Con V 72 0.35 0.25 0.35 + 0.02 0.49 0.17 Matamec Expl V 454 0.04 0.03 0.04 + 0.01 0.05 0.02 Matamec Expl* O 15 0.02 0.02 0.02 + 0.00 0.04 0.01 Matica Ent* O 1653 0.02 0.01 0.02 + 0.00 0.07 0.01 Maudore Mnrls* O 31 0.01 0.01 0.01 - 0.00 0.01 0.00 Maudore Mnrls V 225 0.01 0.01 0.01 + 0.01 0.01 0.01 Mawson Res* O 17 0.19 0.17 0.18 + 0.01 0.27 0.12 Mawson Res T 38 0.25 0.22 0.25 + 0.02 0.30 0.16 MAX Res V 84 0.07 0.00 0.07 + 0.01 0.11 0.04 Maya Gold &Sil V 592 0.16 0.14 0.15 + 0.01 0.30 0.10 MBAC Fertilizr* O 308 0.03 0.02 0.02 - 0.01 0.13 0.01 McEwen Mng T 1303 3.05 2.42 3.00 + 0.50 2.84 0.84 McEwen Mng* N 9747 2.35 1.85 2.30 + 0.36 2.13 0.65 Meadow Bay Gd T 2695 0.10 0.07 0.10 + 0.03 0.29 0.06 Meadow Bay Gd* O 591 0.08 0.05 0.08 + 0.03 0.22 0.04 Mechel* N 370 1.91 1.79 1.83 + 0.02 2.96 1.23 Medallion Res* O 75 0.03 0.02 0.03 + 0.00 0.04 0.01 Medallion Res V 397 0.04 0.03 0.04 + 0.01 0.06 0.01 Medgold Res V 74 0.09 0.00 0.09 + 0.01 0.15 0.05 Medinah Mnrls* O 8536 0.02 0.01 0.01 + 0.00 0.04 0.01 Mega Uranium T 4443 0.16 0.13 0.14 - 0.01 0.16 0.05 Mega Uranium* O 523 0.13 0.10 0.11 + 0.01 0.13 0.04 Megastar Dev V 150 0.04 0.04 0.04 + 0.01 0.05 0.02 Melior Res V 14 0.03 0.02 0.03 + 0.01 0.10 0.01 Menika Mining* O 7 0.47 0.39 0.47 + 0.08 0.39 0.19 Menika Mining V 4705 0.65 0.42 0.64 + 0.17 0.63 0.05 Merrex Gold* O 12 0.16 0.14 0.16 - 0.00 0.20 0.10 Merrex Gold V 203 0.22 0.19 0.21 + 0.01 0.24 0.10 Meryllion Res 265 0.02 0.01 0.02 + 0.01 0.03 0.01 Mesa Expl V 85 0.03 0.02 0.03 + 0.01 0.03 0.01 Metalex Vent V 337 0.08 0.06 0.08 + 0.01 0.12 0.04 Metallis Res V 160 0.08 0.06 0.07 + 0.01 0.10 0.01 Metalore Res T 4 1.70 1.50 1.55 - 0.20 3.72 1.26 0.10 - 0.00 0.14 0.05 Metals Creek* O 40 0.10 0.10 Metals Creek V 72 0.13 0.12 0.12 - 0.01 0.19 0.05 Metals X* O 2 0.69 0.68 0.68 - 0.04 1.21 0.68 Metanor Res V 7182 0.11 0.09 0.11 + 0.01 0.13 0.03 Mexus Gold* O 4324 0.03 0.03 0.03 + 0.00 0.03 0.00 MGX Minerals 121 0.11 0.10 0.10 - 0.01 0.70 0.10 Micrex Dev V 366 0.02 0.02 0.02 + 0.01 0.04 0.01 Midas Gold* O 3043 0.47 0.29 0.46 + 0.16 0.41 0.16 Midas Gold T 4707 0.61 0.39 0.58 + 0.19 0.54 0.25 Midasco Cap V 30 0.08 0.00 0.07 - 0.01 0.13 0.05 Midland Expl V 97 0.77 0.71 0.75 - 0.01 0.80 0.45 Midnight Sun V 74 0.13 0.12 0.12 - 0.01 0.24 0.08 Midway Gold* O 327 0.00 0.00 0.00 + 0.00 0.44 0.00 Millrock Res* O 184 0.28 0.17 0.23 + 0.06 0.24 0.11 Millrock Res V 523 0.34 0.22 0.34 + 0.11 0.32 0.15 Minaurum Gold V 214 0.13 0.10 0.12 + 0.02 0.12 0.04 Minco Gold* X 231 0.29 0.25 0.28 - 0.00 0.40 0.10 Minco Gold T 163 0.37 0.00 0.36 - 0.01 0.49 0.12 Minco Silver T 880 0.91 0.74 0.75 - 0.05 0.91 0.32 Minco Silver* O 167 0.68 0.58 0.58 - 0.04 0.68 0.26 Minera Alamos V 483 0.13 0.00 0.11 - 0.01 0.14 0.07 Mineral Mtn V 152 0.18 0.03 0.18 + 0.01 0.30 0.08 Mineral Mtn* O 45 0.03 0.03 0.03 - 0.11 0.23 0.03 Mines Manage* X 347 0.56 0.48 0.53 + 0.02 0.74 0.11 Mines Manage T 8 0.74 0.67 0.74 + 0.09 0.94 0.17 Minfocus Expl V 120 0.01 0.01 0.01 + 0.01 0.04 0.01 Mirasol Res V 244 1.25 1.15 1.20 + 0.01 1.33 0.72 Mitsui M’g* O 3 8.57 7.62 7.90 - 0.67 14.63 6.85 Molycorp* O 13432 0.10 0.03 0.09 + 0.05 1.15 0.02 Moneta Porcpn* O 477 0.12 0.11 0.11 - 0.01 0.15 0.04 Moneta Porcpn T 532 0.16 0.15 0.16 + 0.01 0.20 0.05 Monster Mng V 8 0.02 0.01 0.02 + 0.01 0.02 0.01 Montan Mg V 54 0.03 0.03 0.03 + 0.01 0.26 0.02 Montero Mg&Ex V 179 0.02 0.02 0.02 - 0.01 0.06 0.01 Monument Mng V 1547 0.14 0.10 0.13 + 0.03 0.16 0.08 Morien Res* O 55 0.24 0.20 0.22 + 0.02 0.24 0.13 Morumbi Res* O 3 0.02 0.02 0.02 + 0.00 0.05 0.01 Mosaic* N 21463 26.65 24.52 24.96 - 1.88 47.68 22.02 Mountain Boy V 355 0.02 0.01 0.02 + 0.01 0.02 0.01 Mountain Prov T 422 5.49 4.85 5.38 + 0.48 5.46 3.38 Mountain Prov* D 141 4.22 3.71 4.13 + 0.37 4.40 2.47 Mundoro Cap V 266 0.12 0.08 0.08 - 0.01 0.12 0.04 Murchison Min 1467 0.02 0.01 0.02 + 0.01 0.04 0.01 Musgrove Mnls V 30 0.12 0.12 0.12 + 0.01 0.33 0.04 Myson Group* O 765 0.02 0.00 0.01 - 0.01 0.18 0.00

N-O NACCO Ind* N 119 Namibia Rare E T 6 Napier Vent V 66 Natural Res Pt* N 256 Nautilus Mnrls T 2669 Nautilus Mnrls* O 1926 Nemaska Lith* O 569 Nemaska Lith V 13681 Network Expl V 51 Nevada Copper T 34 Nevada Egy Mtl V 553 Nevada Expl * O 56 Nevada Sunrise V 833 Nevada Sunrise* O 92 Nevada Zinc V 701 Nevsun Res* X 1268 Nevsun Res T 1288 New Carolin Gd* O 140 New Colombia* O 657 New Dimen Res V 236 New Gold* O 71 New Gold T 6816 New Gold* X 18446 New Guinea Gld* O 1470 New Jersey Mng* O 219 New Milln Iron T 689

58.72 56.98 57.90 + 0.35 62.96 40.04 0.06 0.06 0.06 + 0.01 0.20 0.04 0.27 0.22 0.27 + 0.01 0.35 0.15 8.46 7.64 8.41 + 0.61 74.50 5.00 0.19 0.15 0.17 + 0.02 0.51 0.15 0.14 0.11 0.13 + 0.01 0.41 0.11 0.79 0.51 0.79 + 0.28 0.73 0.13 1.00 0.67 0.99 + 0.33 0.95 0.15 0.21 0.15 0.18 + 0.04 0.21 0.02 1.00 0.93 0.93 - 0.03 2.03 0.45 0.17 0.14 0.16 - 0.01 0.21 0.01 0.27 0.23 0.25 + 0.01 0.61 0.08 0.20 0.17 0.19 + 0.01 0.38 0.13 0.15 0.13 0.15 + 0.01 0.31 0.09 0.43 0.38 0.40 + 0.01 0.43 0.19 3.35 2.96 3.02 - 0.33 4.36 2.27 4.40 3.85 3.89 - 0.49 5.35 3.27 0.07 0.06 0.07 + 0.00 0.08 0.03 0.01 0.01 0.01 - 0.00 0.02 0.00 0.12 0.09 0.12 + 0.04 0.12 0.04 0.06 0.04 0.06 - 0.00 0.41 0.03 5.45 4.76 5.38 + 0.46 5.38 2.52 4.19 3.64 4.15 + 0.38 4.08 1.76 0.00 0.00 0.00 + 0.00 0.01 0.00 0.10 0.08 0.09 - 0.01 0.12 0.02 0.11 0.08 0.08 - 0.03 0.20 0.05

10-11_April18_StockTables.indd 11

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

New Nadina V 4 Newmarket Gold* O 479 Newmarket Gold T 7880 Newmont Mng* N 32343 Nexgen Energy V 9536 O 939 Nexgen Energy* Next Gen Mtls 131 NGEx Res T 88 182 Nickel One Res V Nicola Mg Inc* O 132 Nicola Mg Inc V 1487 Nighthawk Gold V 204 Nikos Expl* O 93 Nikos Expl V 729 Niocan Inc V 64 Niocorp Dev T 502 Niocorp Dev* O 404 Nippon Dragon V 210 316 Noranda Alum* O Nord Res* O 1 North Am Nickl V 61 North Am Pall* O 8 North Am Pall T 23 North Am Ptash V 1582 North Arrow Mn* O 62 North Arrow Mn V 503 North Springs* O 3 Northair Silvr V 1657 Northern Uran V 678 Northn Empire V 151 Norvista Cap V 358 Nouveau Monde V 755 NovaCopper* X 611 NovaCopper T 69 NovaGold Res T 2470 NovaGold Res* X 15820 Novo Res* O 96 Novo Res V 198 NQ Expl V 9 NRG Metals V 2430 Nrthn Freegold* O 18 Nrthn Freegold V 265 Nrthn Graphite* O 536 Nrthn Graphite V 539 Nrthn Mnrls &E* O 33 Nrthn Superior V 186 Nrthn Vertex V 258 Nthn Dynasty T 830 Nthn Dynasty* X 586 Nthrn Sphere 2001 NuLegacy Gold* O 1013 NuLegacy Gold V 3618 Nunavik Nickel V 26 O.T. Mining* O 19 OceanaGold T 12999 OceanaGold* O 50 Oceanic Iron O V 19 Oceanus Res V 49 Olivut Res* O 19 Olivut Res V 54 Omineca Mg &Ml V 55 Orbite Tech T 1810 Orbite Tech* O 56 Orefinders Res V 1832 Oremex Silver* O 89 Orestone Mng V 303 Orex Expl V 744 Orezone Gold V 620 Orezone Gold* O 183 Original Sixtn* O 16 Oro East Mg* Q 95 Oroco Res V 950 Oroco Res* O 28 Orocobre T 365 Orosur Mng T 147 Orsu Metals* O 7 Orsu Metals T 438 Orvana Mnrls T 553 Orvana Mnrls* O 172 Osisko Gold * O 106 Osisko Gold T 2228 Otis Gold* O 174 Otis Gold V 407

0.11 0.00 0.09 - 0.03 0.30 0.05 2.26 1.70 2.24 + 0.57 2.45 0.61 2.93 2.21 2.92 + 0.74 2.69 0.80 29.36 26.12 29.10 + 2.48 28.55 15.39 2.10 1.81 2.05 + 0.12 2.10 0.48 1.62 1.37 1.56 + 0.11 1.62 0.40 0.15 0.13 0.14 - 0.02 0.18 0.01 0.70 0.67 0.67 - 0.02 1.05 0.44 0.11 0.09 0.10 - 0.01 0.18 0.09 0.07 0.06 0.06 - 0.00 0.08 0.03 0.08 0.07 0.08 - 0.01 0.15 0.04 0.12 0.10 0.11 + 0.02 0.25 0.04 0.13 0.09 0.09 - 0.01 0.13 0.01 0.12 0.10 0.11 - 0.01 0.19 0.02 0.10 0.00 0.08 - 0.07 0.18 0.04 1.02 0.92 1.01 + 0.05 1.55 0.51 0.79 0.70 0.77 + 0.05 1.23 0.37 0.09 0.08 0.09 - 0.01 0.15 0.03 0.08 0.05 0.08 + 0.02 24.71 0.02 0.00 0.00 0.00 - 0.00 0.01 0.00 0.09 0.08 0.09 - 0.01 0.25 0.07 4.25 0.00 4.07 - 0.12 86.52 2.71 5.46 0.00 5.28 - 0.17 108.00 3.85 0.02 0.01 0.01 + 0.01 0.02 0.01 0.24 0.16 0.22 - 0.01 1.08 0.12 0.32 0.22 0.27 - 0.06 1.34 0.15 1.75 0.00 1.75 + 0.55 40.00 0.15 0.21 0.11 0.15 + 0.03 0.12 0.04 0.02 0.02 0.02 - 0.01 0.08 0.01 0.12 0.10 0.12 + 0.01 0.15 0.06 0.23 0.18 0.19 + 0.02 0.24 0.08 0.24 0.18 0.24 + 0.06 0.24 0.11 0.40 0.33 0.36 - 0.01 0.66 0.15 0.53 0.44 0.45 - 0.04 0.81 0.20 7.61 6.55 7.51 + 0.79 7.36 3.42 5.85 5.02 5.76 + 0.60 5.57 2.65 0.61 0.54 0.60 + 0.02 0.75 0.29 0.79 0.72 0.79 + 0.05 0.99 0.40 0.01 0.01 0.01 + 0.01 0.02 0.01 0.09 0.05 0.08 + 0.03 0.12 0.02 0.09 0.05 0.09 + 0.03 0.08 0.02 0.12 0.08 0.10 + 0.01 0.12 0.04 0.47 0.38 0.40 - 0.02 0.68 0.12 0.63 0.50 0.52 - 0.01 0.81 0.16 0.03 0.00 0.03 + 0.01 0.14 0.02 0.04 0.03 0.04 + 0.01 0.04 0.01 0.30 0.26 0.26 - 0.05 0.40 0.11 0.43 0.38 0.42 - 0.03 0.67 0.28 0.34 0.29 0.34 - 0.00 0.53 0.20 0.29 0.22 0.25 + 0.03 0.60 0.10 0.20 0.10 0.19 + 0.09 0.16 0.06 0.25 0.13 0.25 + 0.12 0.22 0.08 0.09 0.06 0.09 + 0.02 0.10 0.03 0.04 0.00 0.04 + 0.01 0.14 0.03 4.03 3.52 3.98 + 0.44 4.18 1.79 3.02 2.77 3.02 + 0.24 3.00 1.43 0.10 0.00 0.10 + 0.01 0.22 0.08 0.28 0.26 0.26 + 0.01 0.35 0.14 0.15 0.10 0.15 + 0.03 0.15 0.05 0.21 0.15 0.18 - 0.02 0.21 0.08 0.08 0.00 0.08 + 0.01 0.11 0.01 0.25 0.24 0.24 - 0.01 0.53 0.20 0.20 0.18 0.18 - 0.02 0.40 0.15 0.05 0.04 0.05 - 0.01 0.08 0.01 0.00 0.00 0.00 - 0.00 0.01 0.00 0.02 0.01 0.02 + 0.01 0.02 0.01 0.03 0.02 0.03 + 0.01 0.03 0.01 0.60 0.48 0.60 + 0.12 0.57 0.22 0.47 0.38 0.47 + 0.10 0.44 0.16 0.09 0.03 0.03 - 0.06 0.29 0.00 0.02 0.02 0.02 - 0.00 0.06 0.01 0.04 0.02 0.03 - 0.02 0.05 0.01 0.03 0.02 0.02 - 0.01 0.03 0.01 3.34 2.93 3.33 + 0.31 3.22 1.33 0.16 0.13 0.16 + 0.01 0.19 0.10 0.01 0.01 0.01 - 0.00 0.03 0.01 0.03 0.00 0.02 + 0.01 0.06 0.01 0.21 0.19 0.20 - 0.01 0.40 0.11 0.17 0.15 0.16 + 0.02 0.31 0.07 10.97 10.35 10.92 + 0.34 15.13 8.88 14.26 13.42 14.26 + 0.46 18.64 12.39 0.14 0.13 0.14 + 0.01 0.15 0.01 0.19 0.16 0.18 + 0.02 0.19 0.02

Pac Booker Min* X 156 Pac Booker Min V 113 Pac Iron Ore V 30 Pac North West* O 5 Pac Ridge Expl V 207 Paget Mrnls V 57 Paladin Energy T 826 Palamina Corp V 111 Palisades Vent V 393 Pan Am Silver* D 11516 Pan Am Silver T 2344 Pancontinental V 725 Pangolin Dia V 881 Panoro Mnrls V 623 Para Resources V 383 Paramount Gold* X 174 Passprt Potash* O 40 Patriot Gold* O 264 Peabody Enrgy* N 11090 Peat Res V 338 Pelangio Expl* O 267 Pele Mtn Res V 1197 Pele Mtn Res* O 23 Peregrine Diam T 4227 Perseus Mng T 2202 Pershimco Res V 1225 Pershing Gold* D 720 Pershing Res* O 131 Peruvian Prc M V 74 Peruvian Prc M* O 32 Petaquilla Mnl* O 402 Philex Mng* O 18 Philippine Mtl V 67 Phoenix Metals V 117 Pilot Gold T 1376 Pilot Gold* O 778 Pine Cliff En T 6385 Pinecrest Res V 353 Pistol Bay Mng V 292 PJX Res V 64 Plata Latina V 73 Plateau Uran* O 33 Plateau Uran V 430 Platinum Gp Mt* X 1014 Platinum Gp Mt T 200 Playfair Mng V 210 Polaris Mater T 259 PolyMet Mng T 47 PolyMet Mng* X 543 Portage Res* O 3301 Potash Corp SK* N 35104 Potash Corp SK T 11071 Potash Ridge T 7979 Potash Ridge* O 120 Precipitate Gl V 921 Premier Gold M T 1875 Pretium Res* N 7617 Pretium Res T 2758 Primero Mng* N 3559 Probe Metals V 622 Probe Metals* O 120 Prophecy Coal* O 56 Prosper Gold V 426 Prospero Silvr V 60 Puma Expl V 213 Pure Energy* O 1840 Pure Energy V 3259 Pure Gold Mg* O 282 Pure Gold Mg V 5080 Purepoint Uran V 1268 QMX Gold* O 225 QMX Gold V 294 Quartz Mtn Res* O 0 Quartz Mtn Res V 124 Quaterra Res* O 502 Quest Rare Mnl* O 110 Quest Rare Mnl T 2064

0.89 0.45 0.68 - 0.15 4.56 0.78 1.21 0.70 0.85 - 0.35 5.67 0.90 0.18 0.17 0.17 - 0.01 0.39 0.10 0.04 0.03 0.04 + 0.01 0.04 0.00 0.06 0.04 0.06 + 0.02 0.07 0.02 0.05 0.05 0.05 + 0.01 0.15 0.01 0.24 0.22 0.24 + 0.01 0.37 0.15 0.10 0.10 0.10 + 0.01 0.12 0.06 0.07 0.05 0.05 - 0.02 0.09 0.03 12.13 10.49 11.98 + 1.03 11.57 5.38 15.78 13.71 15.57 + 1.32 15.21 7.77 0.01 0.01 0.01 + 0.01 0.03 0.01 0.05 0.04 0.05 + 0.01 0.06 0.03 0.13 0.12 0.12 - 0.01 0.24 0.09 0.26 0.24 0.25 - 0.01 0.27 0.06 1.50 1.40 1.50 + 0.10 1.85 0.93 0.00 0.00 0.00 - 0.00 0.27 0.00 0.10 0.08 0.10 + 0.01 0.15 0.02 2.40 2.02 2.12 - 0.29 84.00 2.00 0.06 0.04 0.06 + 0.01 0.06 0.01 0.03 0.02 0.02 - 0.00 0.04 0.01 0.06 0.04 0.05 - 0.01 0.07 0.03 0.04 0.03 0.04 - 0.00 0.06 0.02 0.20 0.16 0.17 - 0.02 0.39 0.09 0.43 0.40 0.42 + 0.02 0.48 0.26 0.18 0.16 0.16 - 0.01 0.26 0.09 4.06 3.75 3.97 + 0.07 7.02 3.04 0.03 0.02 0.02 - 0.00 0.15 0.02 0.05 0.05 0.05 + 0.01 0.14 0.03 0.05 0.04 0.04 - 0.00 0.10 0.02 0.01 0.00 0.01 + 0.01 0.03 0.00 0.10 0.08 0.10 - 0.01 0.18 0.05 0.04 0.03 0.04 + 0.01 0.06 0.01 0.05 0.02 0.05 + 0.01 0.08 0.02 0.59 0.49 0.56 + 0.02 0.82 0.22 0.46 0.37 0.43 + 0.03 0.68 0.16 0.70 0.62 0.64 - 0.04 1.65 0.63 0.11 0.10 0.11 + 0.01 0.26 0.03 0.04 0.03 0.03 - 0.02 0.07 0.01 0.15 0.14 0.15 + 0.01 0.29 0.13 0.03 0.00 0.03 + 0.01 0.05 0.01 0.25 0.00 0.25 - 0.03 0.57 0.18 0.33 0.29 0.33 + 0.03 0.69 0.24 3.90 3.39 3.62 - 0.25 5.76 0.96 5.07 4.48 4.70 - 0.30 7.20 1.35 0.06 0.06 0.06 - 0.01 0.08 0.01 1.60 1.44 1.44 - 0.06 2.83 1.12 1.15 1.07 1.10 - 0.03 1.71 0.76 0.89 0.81 0.86 - 0.04 1.33 0.55 0.01 0.01 0.01 + 0.00 0.01 0.00 16.97 15.83 15.96 - 1.07 33.80 14.64 22.15 20.63 20.77 - 1.41 41.75 20.65 0.21 0.14 0.18 + 0.01 0.23 0.03 0.16 0.12 0.14 - 0.01 0.18 0.02 0.13 0.10 0.13 + 0.02 0.16 0.06 3.36 3.00 3.28 + 0.17 3.52 1.65 6.13 5.24 6.05 + 0.56 6.95 4.00 7.95 6.84 7.84 + 0.71 9.00 5.57 1.91 1.72 1.84 - 0.02 4.49 1.41 0.74 0.66 0.70 - 0.01 0.77 0.33 0.56 0.52 0.53 - 0.01 0.60 0.24 0.01 0.01 0.01 - 0.00 0.06 0.01 0.20 0.17 0.20 - 0.02 0.25 0.06 0.11 0.09 0.09 - 0.03 0.15 0.05 0.08 0.07 0.07 - 0.01 0.14 0.03 0.60 0.51 0.59 + 0.06 0.77 0.17 0.78 0.67 0.75 + 0.05 1.03 0.18 0.33 0.19 0.31 + 0.12 0.33 0.01 0.43 0.25 0.40 + 0.16 0.43 0.07 0.09 0.07 0.08 + 0.01 0.11 0.02 0.04 0.03 0.04 - 0.00 0.04 0.01 0.05 0.04 0.05 + 0.01 0.05 0.01 0.01 0.00 0.01 + 0.01 0.02 0.00 0.03 0.02 0.03 + 0.01 0.03 0.01 0.05 0.04 0.04 + 0.00 0.11 0.03 0.13 0.07 0.13 + 0.04 0.18 0.03 0.17 0.10 0.17 + 0.06 0.23 0.06

P-Q

R Rackla Mtls V 11 0.07 0.00 0.07 + 0.02 0.13 0.05 Rackla Mtls* O 13 0.05 0.05 0.05 + 0.00 0.07 0.03 Radisson Mng V 96 0.15 0.13 0.15 + 0.01 0.16 0.09 Rainy Mtn Royl V 59 0.05 0.00 0.05 - 0.03 0.09 0.03 Rambler Ml &Mg V 15 0.08 0.00 0.07 - 0.01 0.25 0.05 Randgold Res* O 0 91.80 0.00 91.80 + 0.90 95.43 57.00 Randgold Res* D 3855 94.83 87.95 94.07 + 3.53 96.50 54.88 Randsburg Intl V 220 0.01 0.01 0.01 - 0.01 0.02 0.01 Rapier Gold V 109 0.07 0.06 0.06 - 0.01 0.08 0.02 Raptor Res* O 14 0.00 0.00 0.00 - 0.00 0.01 0.00 Rare Element* O 670 0.14 0.09 0.13 + 0.04 0.89 0.06 RB Energy* O 3 0.00 0.00 0.00 + 0.00 0.03 0.00 Red Eagle Mng V 611 0.45 0.41 0.45 + 0.05 0.45 0.25

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Red Eagle Mng* O 74 Red Moon Potsh V 82 Red Pine Expl V 1843 Redhawk Res T 85 Redstar Gold V 54 Regulus Res V 299 Reliant Gold V 128 O 97 Renaissance Gd* Renaissance Gd V 100 Renforth Res 206 O 70 Reservoir Mnls* Reservoir Mnls V 162 Resource Cap V 178 Resource Cap* O 42 Revolver Res V 68 Rhyolite Res V 101 Richmond Mnls* O 115 V 115 Richmond Mnls Richmont Mines* X 1684 Richmont Mines T 1365 Rio Novo Gold T 305 Rio Novo Gold* O 55 Rio Silver V 120 Rio Tinto* N 18496 Rio Tinto* O 1 Rise Res Inc* O 175 Rise Res Inc 175 Riverside Res V 103 Riverside Res* O 42 Robex Res V 211 Rochester Res V 273 Rock Tech Lith* O 18 Rock Tech Lith V 916 Rockcliff Cop V 438 Rockex Mng 86 Rockhaven Res V 25 Rockwell Diam* O 440 Rockwell Diam T 59 Rogue Res V 1198 Rojo Res V 75 Romios Gold Rs* O 344 Rosita Mg Corp* O 110 Roughrider Exp V 519 Roxgold* O 100 Roxgold V 938 Royal Gold T 89 Royal Gold* D 4086 Royal Nickel* O 88 Royal Nickel T 14429 Royal Std Mnrl* O 120 RT Minerals V 495 RTG Mining T 3 Rubicon Mnrls* O 10019 Rubicon Mnrls T 13493 Running Fox Rs* O 73 Rupert Res V 917 Rusoro Mng* O 58 Rusoro Mng V 499 Rye Patch Gold* O 460 Rye Patch Gold V 743

0.35 0.32 0.35 + 0.04 0.35 0.18 0.04 0.03 0.04 + 0.01 0.06 0.02 0.10 0.07 0.10 + 0.02 0.13 0.03 0.04 0.04 0.04 - 0.01 0.10 0.04 0.05 0.05 0.05 - 0.01 0.07 0.03 0.40 0.32 0.40 + 0.08 0.54 0.19 0.04 0.03 0.03 - 0.01 0.04 0.01 0.18 0.14 0.18 + 0.03 0.21 0.08 0.24 0.19 0.21 + 0.02 0.26 0.11 0.04 0.03 0.04 + 0.01 0.05 0.01 5.56 5.33 5.45 + 0.08 5.56 2.25 7.25 7.00 7.12 + 0.07 7.25 3.26 0.05 0.00 0.05 + 0.02 0.08 0.02 0.02 0.00 0.02 + 0.00 0.05 0.02 0.17 0.14 0.17 + 0.03 0.23 0.06 0.18 0.09 0.18 + 0.10 0.18 0.09 0.06 0.05 0.06 + 0.01 0.11 0.03 0.07 0.06 0.07 + 0.02 0.14 0.03 6.43 5.52 6.31 + 0.53 6.10 2.27 8.37 7.28 8.25 + 0.75 8.00 3.14 0.14 0.12 0.13 + 0.01 0.16 0.07 0.11 0.09 0.11 + 0.02 0.12 0.06 0.04 0.02 0.03 - 0.01 0.04 0.01 28.73 26.71 27.99 - 0.18 47.37 21.89 32.29 0.00 30.88 - 2.28 47.28 25.47 0.13 0.13 0.13 - 0.02 0.56 0.08 0.18 0.18 0.18 - 0.02 0.20 0.11 0.26 0.20 0.24 + 0.01 0.28 0.12 0.18 0.17 0.17 - 0.01 0.21 0.08 0.12 0.11 0.11 - 0.01 0.12 0.05 0.04 0.00 0.04 - 0.01 0.08 0.03 0.25 0.08 0.22 + 0.14 0.25 0.02 0.34 0.19 0.32 + 0.13 0.34 0.03 0.05 0.04 0.05 + 0.01 0.06 0.02 0.13 0.11 0.11 - 0.02 0.18 0.01 0.18 0.15 0.17 + 0.01 0.24 0.10 0.07 0.05 0.06 + 0.01 0.20 0.05 0.10 0.08 0.10 + 0.02 0.25 0.07 0.10 0.08 0.09 + 0.01 0.16 0.03 0.06 0.05 0.06 + 0.01 0.13 0.04 0.06 0.04 0.06 + 0.01 0.06 0.01 0.04 0.03 0.03 - 0.00 0.06 0.01 0.11 0.05 0.09 + 0.04 0.17 0.05 0.71 0.66 0.70 + 0.03 0.72 0.42 0.92 0.87 0.91 + 0.05 0.96 0.54 68.86 65.01 68.52 + 1.52 82.49 35.46 52.97 49.57 52.75 + 1.18 67.99 24.68 0.25 0.19 0.19 + 0.04 0.39 0.10 0.35 0.20 0.30 + 0.11 0.59 0.12 0.00 0.00 0.00 - 0.00 0.00 0.00 0.01 0.01 0.01 + 0.01 0.03 0.01 0.52 0.00 0.52 - 0.08 0.75 0.33 0.05 0.03 0.04 - 0.01 1.23 0.01 0.06 0.04 0.05 - 0.02 1.49 0.02 0.02 0.01 0.01 - 0.01 0.02 0.00 0.36 0.24 0.30 - 0.07 0.37 0.02 0.08 0.07 0.07 - 0.01 0.10 0.02 0.12 0.10 0.11 + 0.01 0.15 0.03 0.14 0.12 0.14 + 0.01 0.16 0.08 0.18 0.15 0.18 + 0.02 0.20 0.11

Sabina Gd&Slvr* O 258 Sabina Gd&Slvr T 2806 Sable Res V 171 Sage Gold V 46 Saint Jean V 406 Saint Jean* O 4 Salazar Res V 134 San Gold Corp* O 199 Sandspring Res* O 61 Sandspring Res V 750 Sandstorm Gold T 1941 Sandstorm Gold* X 5047 Santa Fe Mtls V 2608 Santacruz Silv V 1293 Sarama Res V 582 Sarissa Res* O 1439 Satori Res V 39 Saturn Mnrls V 732 Savant Expl V 142 Savary Gold V 3034 Scandium Int M* O 192 Scorpio Gold V 642 ScoZinc Mg V 74 Seabridge Gld T 863 Seabridge Gld* N 6630 Search Mnls V 90 Searchlight* O 78 Secova Mtls V 1368 Sego Res V 370 Select Sands V 331 Semafo T 11832 Senator Mnrls V 47 Sennen Potash V 117 Serabi Gold T 49 Serengeti Res V 735 Shamrock Ent 2261 Sherritt Intl T 2393 Shore Gold T 935 Sibanye Gold* N 6582 Sibanye Gold* O 1 Sidney Resrces* O 256 Sienna Res* O 4 Sienna Res V 2357 Sierra Iron Or V 42 Sierra Iron Or* O 10 Sierra Metals* O 11 Sierra Metals T 33 Sierra Res* O 7066 Silver Bear Rs T 286 Silver Bull Re T 329 Silver Bull Re* O 1240 Silver Dragon* O 942 Silver Falcon* O 9999 Silver Grail V 71 Silver Mtn Mns V 77 Silver Predatr V 145 Silver Pursuit V 70 Silver Range V 388 Silver Shield 346 Silver Spruce V 192 Silver Std Res* D 9272 Silver Std Res T 4416 Silver Stream* O 161 Silver Wheaton T 8841 Silver Wheaton* N 31163 Silvercorp Met T 2835 Silvercorp Met* O 1846 SinoCoking Cl* D 125 Sirios Res V 4147 Sirios Res* O 493 Skeena Res* O 20 Skeena Res V 1682 Sky Ridge V 189 Skyharbour Res V 2911 Slam Explor V 600 SnipGold V 898 SolidusGold V 71 Solitario Ex&R T 72 Solitario Ex&R* X 273 Sona Res V 46 Sonoro Mtls* O 10 Source Expl V 679 Southern Arc V 6 Southern Copp* N 7352 Southern Silvr* O 77 Spanish Mtn Gd* O 130 Spanish Mtn Gd V 648 Sphinx Res V 26 St Augustine T 96 Stakeholdr Gld* O 7 Stakeholdr Gld V 17 Standard Graph V 378 Standard Metal* O 238 Stans Energy V 842 Stans Energy* O 32 Star Gold* O 4 Star Minerals 17 Star Minerals* O 1 Starcore Intl T 280 Stelmine Can V 65 Sterling Grp* O 332 Stillwater Mg* N 6853 Stina Res* O 50 Stina Res 254 Stonegate Agri* O 17 Stornoway Diam T 2143 Strategic Metl V 171 Stratton Res V 267 Stria Lithium V 933 Strikepoint Gd V 414 Strikepoint Gd* O 3 Strongbow Expl V 65 Sultan Mnrls V 299 Suncor Energy T 11424 Suncor Energy* N 16783 Sunridge Gold* O 345

0.75 0.69 0.74 + 0.03 0.80 0.24 0.97 0.90 0.95 + 0.03 1.06 0.30 0.01 0.00 0.01 + 0.01 0.03 0.01 0.07 0.00 0.06 - 0.01 0.11 0.03 0.06 0.04 0.05 + 0.01 0.06 0.01 0.04 0.04 0.04 - 0.00 0.04 0.01 0.14 0.07 0.10 + 0.03 0.14 0.03 0.00 0.00 0.00 + 0.00 0.02 0.00 0.25 0.21 0.25 + 0.01 0.27 0.08 0.33 0.28 0.33 + 0.02 0.44 0.11 4.68 4.14 4.63 + 0.30 4.69 2.82 3.61 3.17 3.54 + 0.20 3.78 1.94 0.02 0.01 0.02 + 0.01 0.03 0.01 0.29 0.22 0.28 + 0.07 0.28 0.09 0.11 0.00 0.11 + 0.04 0.11 0.05 0.00 0.00 0.00 + 0.00 0.02 0.00 0.09 0.07 0.07 - 0.01 0.15 0.02 0.15 0.14 0.14 - 0.01 0.24 0.09 0.01 0.01 0.01 - 0.01 0.03 0.01 0.08 0.06 0.08 + 0.03 0.11 0.02 0.15 0.14 0.15 + 0.01 0.17 0.06 0.09 0.08 0.08 - 0.01 0.14 0.05 0.49 0.41 0.41 - 0.08 1.25 0.40 18.46 14.51 18.20 + 3.23 17.36 4.34 14.26 11.11 13.97 + 2.38 13.19 3.31 0.09 0.08 0.09 + 0.01 0.13 0.03 0.11 0.07 0.09 + 0.01 0.42 0.06 0.07 0.06 0.06 + 0.01 0.09 0.03 0.04 0.04 0.04 + 0.01 0.04 0.01 0.27 0.21 0.23 + 0.01 0.50 0.21 4.78 4.30 4.70 - 0.10 5.20 2.46 0.15 0.12 0.12 - 0.03 0.17 0.03 0.16 0.12 0.12 - 0.04 0.50 0.10 0.08 0.07 0.07 - 0.01 0.10 0.04 0.07 0.00 0.06 + 0.01 0.08 0.02 0.02 0.01 0.01 - 0.01 0.04 0.01 0.81 0.73 0.75 - 0.06 3.24 0.53 0.22 0.20 0.21 + 0.01 0.30 0.13 15.11 14.19 14.93 - 0.23 16.00 4.07 3.67 0.00 3.67 + 0.19 3.67 1.28 0.01 0.01 0.01 - 0.00 0.02 0.00 0.07 0.04 0.07 + 0.03 0.05 0.01 0.10 0.07 0.10 + 0.03 0.10 0.01 0.33 0.30 0.33 - 0.01 0.62 0.22 0.26 0.24 0.24 - 0.03 0.42 0.15 1.13 1.09 1.13 + 0.04 1.29 0.69 1.50 1.42 1.46 + 0.04 1.60 0.84 0.00 0.00 0.00 - 0.00 0.01 0.00 0.09 0.07 0.09 + 0.01 0.10 0.02 0.09 0.07 0.09 + 0.02 0.17 0.04 0.07 0.05 0.07 + 0.02 0.14 0.02 0.02 0.02 0.02 + 0.00 0.05 0.01 0.00 0.00 0.00 + 0.00 0.00 0.00 0.03 0.03 0.03 - 0.01 0.06 0.02 0.02 0.01 0.02 + 0.01 0.03 0.01 0.03 0.02 0.02 + 0.01 0.03 0.01 0.04 0.00 0.04 - 0.01 0.05 0.02 0.11 0.08 0.11 + 0.01 0.10 0.02 0.09 0.03 0.09 + 0.06 0.08 0.01 0.07 0.06 0.06 - 0.01 0.10 0.02 6.30 5.50 6.28 + 0.64 8.02 3.66 8.17 7.17 8.15 + 0.84 10.56 5.28 0.02 0.01 0.01 + 0.00 0.04 0.00 21.83 20.51 21.49 + 0.09 25.20 14.51 16.70 15.70 16.50 + 0.09 21.12 10.04 2.25 1.86 2.20 + 0.34 2.15 0.60 1.72 1.42 1.69 + 0.27 1.65 0.41 0.40 0.34 0.40 + 0.03 2.76 0.26 0.28 0.21 0.27 + 0.03 0.29 0.07 0.20 0.17 0.19 - 0.01 0.20 0.07 0.08 0.08 0.08 + 0.02 0.09 0.04 0.10 0.09 0.09 + 0.01 0.13 0.06 0.25 0.20 0.24 + 0.04 0.25 0.03 0.06 0.05 0.05 + 0.01 0.07 0.02 0.08 0.05 0.07 + 0.02 0.12 0.01 0.17 0.08 0.11 + 0.03 0.17 0.04 0.10 0.09 0.09 - 0.01 0.17 0.04 0.63 0.60 0.63 - 0.01 0.96 0.57 0.50 0.46 0.48 + 0.00 0.85 0.40 0.02 0.01 0.01 - 0.01 0.05 0.01 0.08 0.08 0.08 - 0.00 0.12 0.03 0.03 0.02 0.03 + 0.01 0.09 0.01 0.30 0.27 0.28 + 0.01 1.00 0.24 27.64 25.57 25.92 - 1.64 33.31 21.55 0.07 0.05 0.07 - 0.01 0.10 0.02 0.05 0.04 0.05 + 0.00 0.05 0.01 0.06 0.05 0.06 + 0.01 0.08 0.02 0.03 0.00 0.03 + 0.01 0.05 0.01 0.10 0.10 0.10 + 0.01 0.14 0.07 0.26 0.24 0.26 - 0.04 0.36 0.05 0.35 0.00 0.35 - 0.05 1.85 0.04 0.05 0.03 0.04 + 0.01 0.05 0.01 0.13 0.09 0.09 - 0.02 1.15 0.01 0.03 0.02 0.02 - 0.01 0.10 0.01 0.02 0.00 0.02 - 0.01 0.08 0.01 0.06 0.06 0.06 - 0.00 0.15 0.01 0.03 0.00 0.01 - 0.02 0.03 0.01 0.01 0.00 0.01 - 0.00 0.03 0.00 0.47 0.39 0.47 + 0.07 0.62 0.25 0.01 0.01 0.01 + 0.01 0.04 0.01 0.02 0.02 0.02 + 0.01 0.03 0.01 10.99 10.00 10.58 - 0.28 15.07 4.99 0.12 0.10 0.12 + 0.00 0.20 0.06 0.17 0.13 0.13 - 0.02 0.19 0.11 0.02 0.01 0.01 - 0.02 0.03 0.00 1.06 1.01 1.04 - 0.01 1.08 0.63 0.40 0.36 0.37 - 0.01 0.43 0.24 0.19 0.15 0.19 + 0.01 0.19 0.07 0.13 0.07 0.12 + 0.06 0.13 0.02 0.13 0.00 0.12 + 0.01 0.75 0.05 0.10 0.00 0.10 + 0.02 0.10 0.08 0.16 0.11 0.16 + 0.02 0.23 0.05 0.02 0.01 0.01 - 0.01 0.02 0.01 36.13 34.97 35.82 - 0.21 40.93 27.32 27.71 26.48 27.52 - 0.16 33.49 18.71 0.25 0.23 0.25 + 0.01 0.25 0.11

S

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Sunridge Gold V 2084 Sunvest Mnrls V 76 Suparna Gold V 1008 Superior Coppr V 526 Syrah Res* O 11

0.33 0.31 0.33 + 0.02 0.33 0.13 0.07 0.06 0.06 - 0.01 0.80 0.01 0.02 0.01 0.02 + 0.01 0.04 0.01 0.04 0.03 0.04 + 0.01 0.05 0.01 3.23 2.82 2.89 - 0.34 3.45 1.81

Tahoe Res* N 15185 Tahoe Res T 17239 Tajiri Res V 341 Takara Res V 44 Taku Gold 37 Tanager Energy V 626 Tango Mining V 2998 Tanzania Rlty T 119 Tanzania Rlty* X 599 Tartisan Res 452 Taseko Mines T 413 Taseko Mines* X 795 O 100 Tasman Metals* Tasman Metals V 150 T 7 Teck Res Teck Res T 25433 Teck Res* N 33771 TECO Enrgy* N 9557 Teranga Gold T 9032 Teras Res V 246 Terraco Gold V 680 Terrax Mnrls V 226 Terrax Mnrls* O 20 Teslin Rvr Res V 1247 Teuton Res* O 40 Theia Res V 466 Thompson Creek* O 763 Thompson Creek T 975 38 Thunder Mtn Gd* O Till Capital V 8 Till Capital* D 40 Timberline Res* O 287 Timberline Res V 44 Timmins Gold T 2524 Timmins Gold* X 1474 Tinka Res* O 57 Tinka Res V 155 Tintina Mines V 36 Tintina Res V 121 Tintina Res* O 75 Titanium Corp V 400 TMAC Resources T 144 TNR Gold V 716 Toachi Mg Inc V 176 TomaGold V 1543 Tonogold Res* O 18 Torex Gold* O 905 Torex Gold T 14179 Transition Mtl V 41 N 347 Trecora Res* Trevali Mng* O 184 Trevali Mng T 6295 Tri Origin Exp V 260 Trident Gold V 29 O 102 TriMetals Mng* TriMetals Mng* O 49 Trio Resources* O 189 TriStar Gold* O 183 TriStar Gold V 178 True Gold Mng V 9105 True Gold Mng* O 2599 True North Gem V 358 Trueclaim Expl V 139 Tsodilo Res V 10 O 1738 Tungsten Corp* Turquoise HIl* N 7608 Turquoise HIl T 2600 TVI Pacific* O 19

11.41 9.75 11.35 + 1.32 15.14 6.48 14.83 12.80 14.75 + 1.74 18.65 9.45 0.02 0.02 0.02 + 0.01 0.02 0.01 0.05 0.00 0.05 + 0.01 0.06 0.02 0.09 0.00 0.06 + 0.03 0.10 0.02 0.05 0.03 0.04 + 0.01 0.06 0.01 0.03 0.02 0.02 - 0.01 0.05 0.01 0.39 0.29 0.36 + 0.04 0.61 0.24 0.30 0.24 0.29 + 0.04 0.47 0.17 0.03 0.03 0.03 + 0.01 0.06 0.01 0.69 0.61 0.64 - 0.05 1.13 0.35 0.53 0.47 0.48 - 0.06 0.93 0.23 0.13 0.08 0.13 + 0.04 0.73 0.06 0.18 0.11 0.18 + 0.06 0.86 0.09 13.40 11.90 12.80 - 0.04 20.50 5.69 10.29 9.05 9.53 - 0.57 19.47 3.65 7.87 6.88 7.33 - 0.45 16.20 2.56 27.54 27.27 27.45 - 0.11 27.57 17.60 0.81 0.71 0.79 + 0.05 0.82 0.38 0.09 0.00 0.07 - 0.02 0.12 0.03 0.11 0.10 0.10 - 0.01 0.16 0.07 0.35 0.31 0.33 + 0.03 0.43 0.23 0.25 0.25 0.25 - 0.01 0.34 0.17 0.32 0.29 0.30 + 0.01 0.34 0.20 0.05 0.04 0.05 + 0.01 0.09 0.03 0.10 0.06 0.10 + 0.04 0.20 0.05 0.26 0.22 0.26 + 0.02 1.46 0.07 0.33 0.29 0.33 + 0.03 1.84 0.16 0.07 0.05 0.05 - 0.01 0.15 0.02 5.18 4.00 5.18 + 1.23 7.75 3.28 4.44 3.10 3.98 + 0.76 6.23 2.76 0.15 0.14 0.14 - 0.00 0.78 0.08 0.19 0.18 0.18 - 0.01 0.90 0.16 0.33 0.29 0.33 + 0.03 0.85 0.11 0.25 0.22 0.25 + 0.02 0.68 0.07 0.13 0.10 0.12 + 0.00 0.24 0.07 0.16 0.14 0.16 + 0.01 0.29 0.09 0.10 0.07 0.10 + 0.02 0.12 0.02 0.10 0.08 0.08 - 0.02 0.11 0.04 0.08 0.06 0.07 - 0.02 0.09 0.03 0.42 0.39 0.41 + 0.01 1.55 0.38 9.10 8.81 9.00 + 0.10 9.05 4.85 0.04 0.02 0.04 + 0.02 0.04 0.01 0.26 0.24 0.24 - 0.01 0.26 0.03 0.07 0.05 0.06 + 0.01 0.09 0.04 0.02 0.02 0.02 - 0.00 0.08 0.01 1.40 1.28 1.38 + 0.03 1.44 0.67 1.83 1.65 1.79 + 0.05 1.85 0.85 0.14 0.13 0.14 + 0.01 0.18 0.06 9.66 8.17 9.22 - 0.23 16.50 8.17 0.28 0.00 0.27 - 0.01 1.03 0.18 0.38 0.35 0.35 - 0.02 1.24 0.25 0.04 0.04 0.04 - 0.01 0.04 0.01 0.01 0.01 0.01 - 0.01 0.02 0.01 0.10 0.09 0.10 + 0.01 0.11 0.03 0.10 0.08 0.10 + 0.02 0.15 0.06 0.00 0.00 0.00 - 0.00 0.01 0.00 0.27 0.23 0.23 - 0.04 0.28 0.09 0.37 0.30 0.33 - 0.03 0.38 0.10 0.56 0.48 0.55 + 0.06 0.55 0.15 0.43 0.37 0.42 + 0.05 0.42 0.11 0.15 0.14 0.14 - 0.01 0.20 0.07 0.02 0.01 0.01 - 0.01 0.05 0.01 0.88 0.00 0.79 + 0.25 1.15 0.54 0.00 0.00 0.00 + 0.00 0.00 0.00 2.65 2.44 2.54 - 0.08 4.74 1.55 3.44 3.22 3.30 - 0.13 5.80 2.30 0.01 0.01 0.01 + 0.00 0.02 0.00

U3O8 Corp* O 330 Ucore Rare Mtl* O 327 UEX Corp T 3441 Ultra Lithium V 196 Umbral Enrgy 2514 V 50 Unigold Unigold* O 11 United Res Hdg* O 135 420 United States A* X United States S* N 74321 Unity Energy V 1397 Ur-Energy* X 1054 Ur-Energy T 77 Uracan Res* O 200 Uranium Energy* X 2868 Uranium Hunter* O 15994 Uranium Res* D 603 Uranium Valley V 22 Uravan Mnrls V 21 US Energy* D 122 US Precious M* O 3900 US Tungsten* O 382 Vale* N 55066 N 115481 Vale* Valencia Vent V 678 Valterra Res V 432 Vanadiumcorp* O 2000 Vanadiumcorp V 920 Vantex Res V 169 Vatic Vent V 170 Vedanta* N 629 Vendetta Mng V 52 Verde Potash T 200 Victoria Gold V 5992 Victory Vent V 242 Virginia Enrgy* O 91 Virginia Enrgy V 9 Viscount Mng V 293 Visible Gold M V 11082 Vista Gold* X 1176 Vista Gold T 42 VMS Vent V 6190 Vulcan Mnrls V 307

0.03 0.02 0.03 + 0.01 0.06 0.01 0.28 0.25 0.26 + 0.00 0.35 0.15 0.22 0.18 0.20 - 0.02 0.32 0.11 0.17 0.13 0.17 + 0.04 0.30 0.05 0.03 0.02 0.03 + 0.01 0.07 0.02 0.24 0.23 0.24 - 0.01 0.30 0.08 0.19 0.17 0.19 + 0.00 0.22 0.06 0.02 0.01 0.02 + 0.00 0.11 0.01 0.27 0.20 0.25 + 0.01 1.65 0.16 16.97 15.73 16.51 - 0.04 27.68 6.15 0.47 0.25 0.40 + 0.15 0.47 0.05 0.51 0.48 0.50 - 0.01 1.07 0.44 0.66 0.64 0.64 - 0.02 1.31 0.60 0.03 0.02 0.03 + 0.01 0.03 0.00 0.78 0.70 0.72 - 0.06 3.00 0.65 0.00 0.00 0.00 - 0.00 0.00 0.00 2.78 2.21 2.24 - 0.22 19.20 2.10 0.07 0.05 0.07 + 0.02 0.10 0.04 0.11 0.09 0.11 + 0.01 0.17 0.05 0.38 0.33 0.36 - 0.00 1.40 0.11 0.02 0.01 0.01 - 0.00 0.20 0.00 0.00 0.00 0.00 - 0.00 0.02 0.00 3.35 2.99 3.34 + 0.05 6.82 1.55 4.50 3.96 4.48 + 0.16 9.14 2.13 0.22 0.00 0.21 + 0.06 0.40 0.13 0.01 0.01 0.01 - 0.01 0.02 0.01 0.03 0.03 0.03 + 0.01 0.04 0.01 0.04 0.03 0.04 + 0.01 0.05 0.02 0.02 0.02 0.02 - 0.01 0.02 0.01 0.08 0.05 0.07 - 0.02 0.24 0.04 5.48 5.00 5.34 - 0.09 14.43 3.52 0.09 0.08 0.08 - 0.01 0.17 0.05 0.27 0.21 0.25 + 0.04 0.46 0.13 0.30 0.23 0.29 + 0.06 0.30 0.11 0.03 0.03 0.03 + 0.01 0.04 0.01 0.05 0.03 0.04 - 0.00 0.08 0.02 0.05 0.00 0.05 - 0.01 0.10 0.03 0.57 0.48 0.54 - 0.01 0.63 0.16 0.06 0.04 0.05 + 0.01 0.13 0.02 0.55 0.44 0.51 + 0.05 0.60 0.24 0.71 0.57 0.67 + 0.10 0.80 0.31 0.10 0.07 0.10 + 0.03 0.25 0.05 0.03 0.02 0.03 + 0.01 0.04 0.02

Walker River V 962 Wallbridge Mng T 1397 Walter Energy* O 468 Waseco Res V 130 Wealth Mnrls* O 847 Wealth Mnrls V 1846 Wellgreen Plat* O 149 Wellgreen Plat T 259 Wesdome Gold T 1921 West High Yld V 73 West Red Lake 349 West Red Lake* O 55 Western Copper* X 127 Western Copper T 126 Western Graphi* O 41503 Western Pac Rs* O 245 Western Pac Rs V 326 Western Potash T 565 Western Troy C V 1134 Western Uran 2 Westkam Gold V 2166 Westmoreland* D 1322 Weststar Res 425 White Metal Rs V 74 White Mtn Engy* O 51 Wildcat Expl V 147 Williams Creek V 1737 Wincash Apolo* O 14 Wolfden Res V 410 WPC Res V 1456 X-Terra Res V 118 Xander Res V 54 Ximen Mng V 378 XLI Tech Inc* O 9301 Xmet Inc V 803 Xtierra V 1030 Xtra-Gold Res T 63 Xtra-Gold Res* O 43 Yamana Gold T 25515 Yamana Gold* N 61050 Yanzhou Coal* N 95 Yellowhead Mng T 46 Yorbeau Res T 348 Zadar Vent V 348 Zazu Metals T 44 Zazu Metals* O 21 Zenyatta Vent* O 4 Zenyatta Vent V 293 Zephyr Mnls V 66 Zimtu Capital V 89 Zonte Mtls V 35

0.06 0.05 0.05 - 0.01 0.08 0.02 0.06 0.05 0.06 + 0.02 0.06 0.02 0.03 0.02 0.03 - 0.00 0.71 0.01 0.03 0.03 0.03 - 0.01 0.06 0.02 0.37 0.21 0.35 + 0.13 0.34 0.10 0.46 0.28 0.45 + 0.17 0.44 0.14 0.20 0.18 0.20 + 0.00 0.39 0.12 0.26 0.23 0.25 + 0.01 0.50 0.16 1.76 1.59 1.71 + 0.06 1.82 0.89 0.28 0.00 0.25 + 0.03 0.43 0.17 0.14 0.11 0.13 - 0.02 0.21 0.01 0.11 0.09 0.09 - 0.02 0.13 0.02 0.54 0.50 0.54 + 0.03 0.66 0.20 0.71 0.65 0.71 + 0.06 0.87 0.29 0.00 0.00 0.00 - 0.00 0.01 0.00 0.01 0.00 0.01 + 0.01 0.04 0.00 0.01 0.01 0.01 + 0.01 0.05 0.01 0.21 0.19 0.20 + 0.01 0.34 0.17 0.03 0.02 0.02 - 0.01 0.03 0.01 1.99 1.75 1.75 - 0.25 5.00 1.20 0.04 0.04 0.04 - 0.01 0.05 0.02 7.50 6.76 7.30 + 0.20 30.92 3.44 0.03 0.02 0.03 + 0.01 0.06 0.01 0.05 0.00 0.05 + 0.03 0.04 0.02 0.13 0.11 0.12 + 0.01 0.46 0.07 0.08 0.07 0.08 + 0.01 0.09 0.02 0.03 0.02 0.03 + 0.01 0.04 0.01 0.10 0.00 0.10 + 0.03 0.35 0.07 0.12 0.10 0.11 - 0.01 0.18 0.05 0.06 0.05 0.06 + 0.01 0.08 0.03 0.16 0.11 0.16 + 0.05 0.30 0.06 0.41 0.39 0.40 - 0.01 0.41 0.18 0.05 0.05 0.05 + 0.01 0.15 0.02 0.14 0.09 0.13 + 0.01 1.50 0.08 0.01 0.01 0.01 - 0.01 0.06 0.01 0.02 0.01 0.01 + 0.01 0.02 0.01 0.42 0.39 0.42 + 0.01 0.46 0.18 0.33 0.30 0.33 + 0.03 0.35 0.12 4.77 3.92 4.67 + 0.63 5.05 1.89 3.67 2.98 3.59 + 0.49 4.12 1.38 5.31 5.07 5.15 - 0.18 12.24 3.66 0.05 0.04 0.04 - 0.01 0.18 0.03 0.09 0.08 0.08 - 0.01 0.17 0.04 0.10 0.08 0.10 + 0.03 0.13 0.01 0.24 0.19 0.20 - 0.02 0.28 0.09 0.18 0.17 0.18 + 0.01 0.21 0.08 0.69 0.00 0.66 - 0.04 2.20 0.47 0.94 0.83 0.87 - 0.08 2.61 0.63 0.20 0.17 0.20 + 0.03 0.20 0.08 0.16 0.14 0.14 - 0.03 0.34 0.12 0.07 0.00 0.07 - 0.01 0.15 0.02

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APRIL 18–24, 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 spot prices prices Courtesy Courtesy of of scotiabank scotiabank Tuesday, April 12, 2016 Precious Metals Gold Silver Platinum Palladium Base Metals Nickel Copper Lead Zinc

producer producer and and dealer dealer prices prices

Price (US$/oz.)

Change $1259.20 +27.70 $15.96 +0.77 $972.00 +23.00 $544.00 -15.00

Price (US$/tonne) Change $8775.00 -215.00 $4742.50 +79.00 $1713.50 +17.50 $1821.00 +61.00

lme lme warehouse warehouse levels levels Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, April 11, 2016 (change from April 4, 2016 in brackets): Aluminium Alloy 16880 (0) Aluminium 2742650 (-33625) Copper 147350 (+3825) Lead 155750 (-175) Nickel 428424 (-3414) Tin 4855 (+25) Zinc 429750 (-4325)

Thermal Coal CAPP: US$43.55 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$42.30 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$9.35 Coal: CME Group Futures May 2016: US$43.63; June 2016: US$43.63 Cobalt: US$10.43/lb.

Copper: US$2.11/lb.

Copper: CME Group Futures May. 2016: US$2.124/lb.; Jun. 2016: US$2.126/lb Ferro-Chrome: US$1.79/kg Ferro Titanium: US$3.75/kg FerroTungsten: US$23.42/kg Ferrovanadium: US$14.41/kg Iridium: NY Dealer Mid-mkt US$520/tr oz.

Iron Ore 62% Fe CFR China-S: US$55.90/tonne Iron Ore Fines: US$41.89/tonne Iron Ore Pellets: US$57.69/tonne Lead: US$0.76/lb.

Magnesium: US$1.91/kg Manganese: US$1.63/kg Molybdenum Oxide: US$5.58/lb.

Phosphate Rock: US$118.00/tonne Potash: US$290.00/tonne Rhodium: Mid-mkt US$740.00/tr. oz.

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

Silver: Handy & Harman Base: US$15.96 per oz.; Handy & Harman Fabricated: US$19.94 per oz.

Tantalite Ore: : US$123.61/kg Tin: US$7.72/lb.

Uranium: U3O8, Trade Tech spot price: US$29.40; The UX Consulting Company spot price: US$29.00/lb.

Zinc: US$0.79/lb.

Prices current Apr. 12, 2016

tsx tsx short short positions positions

tsx tsx venture venture short short positions positions

Short positions outstanding as of Apr 08, 2016 (with changes from Mar 01, 2016) Largest short positions Lundin Mng LUN 43832301 12996679 Kinross Gold K 40924673 18758493 First Quantum FM 38626708 1612703 Potash Corp SK POT 35855388 1683341 New Gold NGD 27215364 1630616 B2Gold BTO 23175103 -1551563 Eldorado Gold ELD 21611211 12832571 Barrick Gold ABX 20123832 -415667 Teck Res TCK.B 16699453 1565666 Suncor Energy SU 14760775 -156550 IAMGOLD IMG 11111961 372903 OceanaGold OGC 10768327 3923354 Yamana Gold YRI 10415303 -1791563 Goldcorp G 10274606 599329 Trevali Mng TV 10224538 9998808 Largest increase in short position Kinross Gold K 40924673 18758493 Lundin Mng LUN 43832301 12996679 Eldorado Gold ELD 21611211 12832571 Trevali Mng TV 10224538 9998808 OceanaGold OGC 10768327 3923354 Largest decrease in short position AUE 25100 -2219900 Aureus Mng Pretium Res PVG 898716 -1965638 Yamana Gold YRI 10415303 -1791563 B2Gold BTO 23175103 -1551563 Osisko Gold OR 1417750 -1459701

Short positions outstanding as of Apr 08, 2016 (with changes from Mar 01, 2016) Largest short positions First Mg Fin FF 1893213 498635 Nexgen Energy NXE 1660200 360278 Integra Gold ICG 708619 424942 Metanor Res MTO 450300 450300 True Gold Mng TGM 362839 34339 Ucore Rare Mtl UCU 240800 61400 Pure Gold Mg PGM 108200 108200 Brazil Res BRI 81927 17427 ALX Uranium AL 80000 0 Reservoir Mnls RMC 77200 39500 ATAC Res ATC 61600 58900 Commerce Res CCE 51000 51000 Falco Res FPC 40740 5240 Aurcana Corp AUN 35700 35700 IMPACT Silver IPT 23000 -18300 Largest increase in short position FF 1893213 498635 First Mg Fin Metanor Res MTO 450300 450300 Integra Gold ICG 708619 424942 Nexgen Energy NXE 1660200 360278 Pure Gold Mg PGM 108200 108200 Largest decrease in short position ROG 18874 -1817907 Roxgold SGN 7000 -498000 Scorpio Gold TriStar Gold TSG 7400 -41700 Highland Copp HI 100 -39400 Kaminak Gold KAM 2500 -27300

DAILY DAILY METAL METAL PRICES PRICES Daily Metal Prices Date Apr 11 Apr 8 Apr 7 Apr 6 Apr 5 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1545/1570 1545/1570 1545/1570 1545/1570 1560/1585 Aluminum 1493/1506 1491/1508 1484.50/1505 1480.50/1504 1497.50/1517 Copper 4642/4640 4653/4635 4710/4699.50 4774.50/4755 4775.50/4760 1685.50/1695 1682.50/1697 1687.50/1705 1682/1694 1697.50/1710 Lead Nickel 8550/8600 8400/8440 8455/8490 8465/8500 8270/8320 Tin 17000/16925 16800/16700 16545/16500 16380/16350 16620/16500 Zinc 1742/1757 1743/1756 1755/1768 1786/1796 1801/1812 PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.)

Gold AM 1247.25 1235.00 1237.50 1225.75 1231.50 1239.50 1242.10 1221.40 1231.25 Gold PM 1254.75 Silver 15.56 15.16 15.22 15.07 15.19 Platinum 981.00 957.00 955.00 942.00 961.00 537.00 536.00 542.00 553.00 Palladium 547.00

EXCHANGE EXCHANGE RATES RATES Date Apr 8 Apr 7 Apr 6 Apr 5 Apr 4 1.2991 1.3146 1.3091 1.3138 1.3087 US$ in C$ 0.7698 0.7606 0.7640 0.7612 0.7641 C$ in S$ Exchange rates (Quote Media, April 8, 2016)

C$ to AUS C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand

1.1.0193 0.6757 83.2015 13.6854 11.5365

C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won

0.5450 4.9786 51.2180 0.7340 886.8952

US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.3242 0.8774 108.0715 17.7793

US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won

0.7080 6.4658 66.5515 0.9536 1151.5000

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.$

12_April18_MMMM.indd 12

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 tsx warrants warrants

tsx tsx venture venture warrants warrants

Alamos Gold (AGI.WT) - Wt buys sh @ $28.47 to Aug 30/18 Coeur Mining (CDM.WT) - Exercisable on a cashless basis. See TSX Bulletin 2013-0377 for calculation. To Apr 16/17 Dalradian Resources (DNA.WT.A) - Wt buys sh @ $1.5 to Jul 31/17 Dundee Precious Metals (DPM.WT.A) - Wt buys sh @ $3.25 to Nov 20/15 Franco Nevada (FNW.WT.A) - Wt buys sh @ $75 to Jun 16/17 Gran Colombia Gold (GCM.WT.A) - Wt buys sh @ $3.25 to Mar 18/19 HudBay Minerals (HBM.WT) - Wt buys sh @ $15 to Jul 20/18 Ivanhoe Mines (IVN.WT) - Wt buys sh @ $1.8 to Dec 10/15 MBAC Fertilizer (MBC.WT) - Wt buys sh @ $1 to Apr 17/19 New Gold A J (NGD.WT.A) - Wt buys sh @ $15 to Jun 28/17 Newmarket Gold (NMI.WT) - Wt buys 4.07 sh @ $9.17 to Mar 24/16 Oban Mining J (OBM.WT) - Wt buys 20 sh @ $3 to Aug 25/18 Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.5 to Feb 18/22 Quest Rare Minerals (QRM.WT) - Wt buys sh @ $0.4 to Jul 17/17 Royal Nickel (RNX.WT) - Wt buys sh @ $0.8 to Jul 11/16 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 Vista Gold (VGZ.WT.U) - Wt buys sh @ $5 to Oct 22/15

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 Jet Metal (JET.WT) - Wt buys sh @ $0.25 to Sep 16/19 Kilo Goldmines (KGL.WT) - Wt buys sh @ $0.15 to Mar 20/16 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 Monarques Gold (MQR.WT) - Wt buys sh @ $0.2 to Dec 14/15 NexGen Energy (NXE.WT) - Wt buys sh @ $0.65 to Mar 26/16 Oceanic Iron Ore (FEO.WT.A) - Wt buys sh @ $0.65 to Nov 30/15 Oceanic Iron Ore (FEO.WT.B) - Wt buys sh @ $1 to Nov 30/15 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

NORTH NORTH AMERICAN AMERICAN STOCK STOCK EXCHANGE EXCHANGE INDICES INDICES

52-week 52-week

IndexName Apr 8 Apr 7 Apr 6 Apr 5 Apr 4 High Low S&P/TSX Composite 13396.73 13266.44 13347.46 13304.66 13336.15 15527.30 12400.15 S&P/TSXV Composite 603.92 597.44 587.38 583.42 582.75 1050.26 883.52 S&P/TSX 60 784.58 776.51 781.45 779.10 781.39 896.74 709.99 S&P/TSX Global Gold 197.10 192.68 186.88 187.33 180.23 218.90 149.29 S&P/TSX Metals & Mining 410.39 387.10 423.43 420.66 417.44 954.68 691.69

NEW NEW 52-WEEK 52-WEEK HIGHS HIGHS AND AND LOWS LOWS MONTH April 4–8, ?–?,2016 20??

190 New Highs 92 Resources Abcourt Mines Abcourt Mines* Adventure Gold Almaden Mnls Almaden Mnls* Almadex Min ALX Uranium Amato Expl American Pot* Americas Silvr Americas Silvr* Anconia Res AngloGold Ash* Argonaut Gold Argus Metals Asanko Gold Asanko Gold* Ashburton Vent* Athabasca Nclr Atlantic Ind Aura Mnls Auramex Res AZ Mining Bayhorse Silvr* BCM Res Bear Creek Mng Bell Copper Belo Sun Mng Bison Gold Res* Brazil Res Calico Res Calico Res* Cdn Platinum Cdn Zinc* Clifton Star Clifton Star* Colibri Res* Colorado Res

Colorado Res* Conquest Res Copper Ck Gold* Cordoba Mnls Critical Elem Cypress Dev* Defiance Silvr Defiance Silvr* Delrand Res Detour Gold DRDGOLD* Durango Res Endeavour Mng* EurOmax Res* Excellon Res Falco Res Firestone Vent Fortuna Silvr* Forum Uranium Forum Uranium* Frontline Gold Genesis Mtls Geologix Expl Gldn Predator Gldn Predator* Glen Eagle Res Gold Std Vents Gold Std Vents* Golden Cariboo GoldON Res* GoldQuest Mng Goldrea Res* GPM Metals* Gungnir Res Gungnir Res* Gunpoint Expl Guyana Gldflds Houston Lake Iconic Mnls IMPACT Silver

Seabridge Gld Seabridge Gld* Sego Res Sibanye Gold* Sienna Res Sienna Res* Silver Range Silver Shield Silvercorp Met Silvercorp Met* Sky Ridge SnipGold Stratton Res Stria Lithium Strikepoint Gd Strikepoint Gd* Sunridge Gold Sunridge Gold* Taku Gold TMAC Resources True Gold Mng True Gold Mng* Ultra Lithium Unity Energy Unity Energy* Unity Mng* Victoria Gold Wealth Mnrls Wealth Mnrls* White Metal R* White Metal Rs

Nemaska Lith* Network Expl Nevada Zinc New Dimen Res New Gold New Gold* Newmarket Gold Newmarket Gold* Newmont Mng* Nexgen Energy Nexgen Energy* North Am Ptash North Am Ptash* Northair Silvr NovaGold Res NovaGold Res* Nrthn Freegold Nrthn Freegold* NuLegacy Gold NuLegacy Gold* OceanaGold* Olivut Res Olivut Res* Orezone Gold Orezone Gold* Orocobre Pac North West* Pan Am Silver Pan Am Silver* Phoenix Metals Prospect Glob* Pure Gold Mg Pure Gold Mg* Reservoir Mnls Reservoir Mnls* Richmont Mines Richmont Mines* Rock Tech Lith Rock Tech Lith* Santacruz Silv

Integra Gold Integra Gold* Inter-Rock Mnl Intl Lithium INV Metals Jaguar Mng Jaguar Mng* Kaminak Gold Kaminak Gold* Kinross Gold Kinross Gold* Lancaster Cap Lincoln Mng Lithium Corp* Lithium X Egy Logan Res Logan Res* Lundin Gold Macarthur Mnl MAG Silver Magellan Mnrls* McEwen Mng McEwen Mng* MDN Inc Mega Uranium Mega Uranium* Menika Mining Menika Mining* Midas Gold Midas Gold* Millrock Res Millrock Res* Minaurum Gold Minco Silver Minco Silver* Mineral Mtn Morien Res* Mountain Boy* Mountain Prov Nemaska Lith

8 New Lows Avarone Metals* Cyclone Uran* Nautilus Mnrls* Nevada Egy Mtl Nickel One Res Pine Cliff En Potash Corp SK Trecora Res*

canadian canadian gold gold mutual mutual funds funds Fund Name Apr 08 ($) Apr 01 ($) Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) AGF Prec Mtls Fd MF 19.49 0.88 4.55 22.42 2.80 148.40 BMO Prec Mtls Fd A 16.71 15.80 0.92 5.81 24.41 2.40 55.57 9.69 9.10 0.59 6.49 36.15 0.63 BMO ZGD BMO ZJG 7.41 6.83 0.58 8.44 33.63 0.60 CIBC Prec Metal Fd A 11.17 10.49 0.68 6.44 26.58 2.62 52.62 Dyn Prec Metls Fd A 5.91 5.63 0.28 4.97 32.92 2.66 298.84 Horizons HEP 25.08 1.10 4.40 32.82 0.80 IGMacGloPrecMetCl A 7.96 7.46 0.50 6.69 37.35 2.75 69.63 iShares XGD 12.33 11.51 0.82 7.08 40.67 0.61 576.34 Mac Prec Met Cl A 44.31 41.49 2.81 6.78 37.95 2.51 105.43 11.76 10.99 0.77 7.01 33.79 2.46 33.64 NB Prec Met Fd Inv RBC GblPreMetFd A 28.24 26.21 2.03 7.75 29.11 2.13 326.63 Sentry Pre Met Fd A 35.98 33.55 2.44 7.26 31.97 2.92 215.59 Sprott Gold&PrMinFdA 30.68 1.79 5.88 28.43 3.15 187.81 4.50 0.22 4.91 19.70 3.21 32.88 Sprott SilverEquCl A TD PreciousMetals-I 35.53 33.20 2.33 7.02 32.37 2.26 129.74

GLOBAL MINING NEWS · SINCE 1915

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GOLD GOLDRUSH RUSHCHALLENGE CHALLENGE

ZONTE ZONTEMETALS METALS

SGS SGSGeostat Geostatteam teamtakes takesthe thetop topprize prize/ /55

Bogged Boggeddown downininColombia Colombiadispute dispute/ /1111

BRENT BRENTCOOK COOK

Problems Problemsfacing facingretail retailinvestors investors/ /16 16

MARCH MARCH28-APRil 28-APRil33, ,2016 2016 / / VOl. VOl.102 102iSSUE iSSUE77 / / GLOBAL GLOBALMINING MININGNEWS NEWS· ·SINCE SINCE1915 1915 / / $3.99 $3.99 / / WWW.NORTHERNMiNER.COM WWW.NORTHERNMiNER.COM

Barrick Barrick fined fined for for Veladero Veladero cyanide cyanide spill spill

Building Building confidence confidence in inArgentina Argentina will willtake taketime time

ArgentinA ArgentinA

policy policy

| | Key Keyplayers players gather gathertotonegotiate negotiate

| | Court Courtmoves movesforward forwardwith withcriminal criminalcharges charges

By ByTRiSH TRiSHSAywELL SAywELL&& ELENA ELENAMAyER MAyER

FF

ororthe thelast last2525years, years,Charles Charles Koppel, Koppel,aalaw lawstudent-turnedstudent-turnedbusinessman businessmanborn bornininSouth South Africa Africaand andbased basedininLondon, London,has has evaluated evaluatedand andinvested investedininbusiness business opportunities opportunitiesaround aroundthe theworld. world.He He set setup uphis hisfirst firstcompany company——aamedia media concern concern——ininChina Chinainin1992.

1992.His His other otherinterests interestshave havespanned spannedtelecoms, telecoms, sports sports(he (heco-owned co-ownedthe theWimbledon Wimbledon Football FootballClub Clubuntil until2004), 2004),enterentertainment, tainment,gaming, gaming,oiloiland andgas, gas,and and mining mining(his (hisfamily familyhas hasbeen beeninvolved involved ininSouth SouthAfrica’s Africa’smining miningindustry industry since sincethe the1970s).

1970s).

Ten Tenyears yearsago, ago,an anacquaintance acquaintance invited invitedKoppel KoppeltotoArgentina Argentinatotolook look atatan anoiloilproject. project.ItItwas wasKoppel’s Koppel’sfirst first trip triptotothe theSouth SouthAmerican Americancountry. country.

He Hedidn’t didn’tthink thinkthe theoiloilproject projectwas wasaa good goodfitfitand andsettled settledononfinding findingmineral mineral projects projectsinstead. instead.He Hebrought broughtover overaa South SouthAfrican Africanteam teamthat thatheheknew knewand and trusted trustedtotoevaluate evaluateopportunities opportunitiesand and set setup upSamco SamcoResources Resourcesinin2006.

2006.AA year yearlater, later,hehecrossed crossedinto intonorthern northern Chile, Chile,acquiring acquiringproperties propertiesininthe the Antofagasta Antofagastaregion regionand andnear nearCopiapo Copiapo ininpartnership partnershipwith withManuel ManuelFeliu Feliu——aa successful successfulChilean Chileanbusinessman businessmanand and aaformer formerminister ministerofofmines minesininthat that country. country.ItItwas wasaagood goodpartnership. partnership.

Feliu Feliuintroduced introducedopportunities opportunitiesand and Koppel Koppelarranged arrangedfinancing. financing.InIn2008, 2008, Koppel Koppellooked lookedatatmining miningopportuniopportunities tiesininPeru.

Peru.Assets Assetsfrom fromall allthree three countries countrieswere werecombined combinedinto intothe the privately privatelyheld heldSamco SamcoResources ResourcesLtd. Ltd. Koppel Koppelwas wasabout abouttototake takeSamco Samco Resources Resourcesand anditsitsChilean Chileanproperties properties public publicononthe theLondon LondonStock StockExchange Exchange ininmid-2008, mid-2008,but butthe thefinancial financialcricrisissisgot gotininthe theway. way.InIn2009, 2009,Samco Samco Resources Resourcessold solditsitsChilean Chileanassets assetstoto aawealthy wealthyChilean Chileanfamily familylooking looking totodiversify diversifytheir theirassets assetsand andSamco Samco Resources Resourcesofficially officiallyexited exitedChile.

Chile.KopKoppel pelretained retainedSamco SamcoResources’ Resources’assets assets ininPeru Peruand andspun spunoffoffthe theArgentine Argentine assets assetsinto intoSamco SamcoGold GoldLtd. Ltd.

Contact: moliveira@northernminer.com or 416-510-6768 Drilling Drillingatatthe theVeladero Veladerogold goldproject projectininArgentina Argentinainin2008.

2008.Barrick Barrick Gold Gold

B B

By ByTRiSH TRiSHSAywELL SAywELL&&ELENA ELENAMAyER MAyER BUENOS BUENOSAIRES, AIRES,ARGENTINA ARGENTINA

arrick arrickGold Gold(TSX: (TSX:ABX; ABX; NYSE: NYSE:ABX) ABX)has hasbeen beenfined fined $9.8 $9.8million millionfor fora acyanide cyanide spill spillthat thattook tookplace placeatatitsitsVeladero Veladero gold goldmine mineininArgentina’s Argentina’sSan SanJuan Juan province provinceininSeptember September2015.

2015.

AAprovincial provincialcourt courtisisalso alsomovmoving ingforward forwardwith withcriminal criminalcharges charges against againstnine ninecurrent currentand andformer former Barrick Barrickemployees employeesininconnection connection with withthe thespill. spill.

The Theaccident accidentoccurred occurredwhen whena a valve valvefailure failurereleased releasedsolution solutioninto into the thePotrerillos PotrerillosRiver, River,a asmall smallwaterwaterway waynext nexttotothe themine’s mine’sleach leachpad. pad.

Barrick Barricksays saysthe thesolution solutionheld held freshwater freshwaterand anddiluted dilutedcyanide. cyanide.

The ThePotrerillos PotrerillosRiver Riverruns runs alongside alongsidethe themine mineand andinto intothe the las lasTaguas TaguasRiver, River,which whichf lows f lows into intothe theRio RioBlanco BlancoRiver.

River.The The

“At “Atno notime timedid didcyanide cyanidelevels levels ininthe thedownstream downstreamriver riversystem, system, near nearcommunities, communities,exceed exceed0.1 0.1 part partper permillion milliontotal totalcyanide cyanide—— the thelegal legallimit limitfor forsafe safedrinking drinking water waterininArgentina, Argentina,and andininline line with withinternational internationalstandards,” standards,” the thecompany companystated. stated. ininthe thedays daysafter afterthe theSept.

Sept.1313 spill, spill,Barrick Barrickreported reportedthat thatno no cyanide cyanidehad hadbeen beendetected detectedininthe the river riversystem systemdownstream downstreamfrom from the themine minesince sinceSept.

Sept.15, 15,and andthat that even eventhough thoughno norisks riskstotohuman human health healthwere wereidentified, identified,ititprovided provided drinking drinkingwater watertotothree threesmall small communities communitiesdownstream downstreamon onthe the Blanco BlancoRiver.

River.

Barrick Barrickran rana awater-monitoring water-monitoring program programand anddispatched dispatcheda ateam team ofofleading leadingtechnical technicaland andenvironenviron-

these theseactions actionsare areintensified intensifiedwater water monitoring, monitoring,adding addingheat heatcontrols controls and andpressure-sensing pressure-sensingequipment equipment totomanage managefreezing freezingrisks, risks,new new procedures proceduresrelated relatedtotoleach-pad leach-pad operations operationsand andmore morewater watermanmanagement agementcontrols. controls.

The Thecompany companysaid saidininitsitsnews news release releaseon onSept.

Sept.3030that thatwhile whilethe the investigation investigationwas wasongoing, ongoing,prepreliminary liminaryresults resultsdetermined determinedthat that solution solutionfrom fromthe thefailed failedvalve valve entered enteredthe themine’s mine’sNorthern Northern Diversion DiversionChannel, Channel,next nexttotothe the heap-leach heap-leachpad padarea, area,and andthat thata a gate gateon onthe thechannel channelwas wasopen openatat the thetime timeofofthe theleak leak“for “forreasons reasons that thatare arestill stillbeing beinginvestigated.” investigated.”

The Theopen opengate gatehelped helpedthe thesolution solution bypass bypassa acontainment containmentpond pondand and enter enterthe thePotrerillos PotrerillosRiver.

River.

“We “Werecognize recognizethat thatwe wehave have disappointed disappointedmany manyofofour ourpartpartners nersininSan SanJuan Juanprovince provinceand andwe we

PM40069240 PM40069240

2016-04-12 7:44 PM

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THE NORTHERN MINER / APRIL 18–24, 2016

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Lithium Americas finds a partner in Chilean giant SQM argentina lithium

L

ithium Americas (TSX: LAC) has taken a big stride in securing the technical backing to advance its Cauchari-Olaroz lithium brine deposit in northwestern Argentina, as lithium fundamentals improve.

The Vancouver-based junior — previously known as Western Lithium USA — nailed down a fifty-fifty joint-venture agreement with Chilean mining and chemicals giant Sociedad Quimica y Minera de Chile (NYSE: SQM) to develop its lithium project in Argentina’s Jujuy province. The fully permitted project sits in the “lithium triangle”

| Project could produce 40,000 tonnes equivalent lithium carbonate annually

that straddles Argentina, Chile and Bolivia.

The company picked up the shovel-ready project — comprising part of two nearby salt lake “salars” — in its $80-million merger with Lithium Americas last September.

Under the joint-venture agreement, SQM would pay US$25 million in exchange for a 50% stake in Lithium Americas’ Argentine subsidiary, Minera Exar S.A., which controls the Cauchari-Olaroz project. Roughly US$15 million of this capital contribution would help repay intercompany loans between Minera Exar and Lithium Ameri-

cas, with the remaining US$10 million earmarked for project development.

“SQM is the world leader in lithium production, with decades of development and operating experience,” Thomas Hodgson, Lithium Americas’ CEO, said in a statement.

The junior intends to use SQM’s technical experience to de-risk the project and deliver new lithium supply to the growing market.

The partners intend to implement a work and engineering plan, as well as update the 2012 definitive feasibility study completed by Minera Exar.

The study envisions building

Cauchari-Olaroz in two stages, with each consisting of a 20,000-tonneper-year lithium carbonate facility and a 40,000-tonne-per-year potash facility. Estimated start-up costs for the 40-year project were US$314 million, with operating costs of US$1,332 per tonne, net of potash credits.

The updated study will assess the viability of a project producing 40,000 tonnes per year of equivalent lithium carbonate. Depending on the results, the partners may phase development.

Patricio de Solminihac, SQM’s CEO, said the Cauchari-Olaroz

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The new partners intend to update the 2012 feasibility study for CauchariOlaroz project would complement the company’s lithium operations in Chile, located a few hundred kilometres away in the Salar de Atacama. He says the companies would have similar production processes, resulting in operating synergies.

The joint venture marks SQM’s first foray into Argentina and demonstrates the policies of the pro-business administration of Argentina’s new president, Mauricio Macri, particularly in attracting foreign investments.

Along with the positive shift in politics, Lithium Americas expects to benefit from the rising lithium demand and prices, spurred by new lithium-ion battery mega-factories that companies such as Tesla Motors are building.

In its latest corporate presentation, SQM notes global lithium demand grew 5% between 2014 and 2015, and should grow 10% in 2016.

Lithium Americas says the Cauchari-Olaroz project is the world’s third-largest lithium brine deposit, behind Uyuni in Bolivia and Atacama in Chile. It hosts reserves of 2.7 million tonnes of equivalent lithium carbonate at a lithium cut-off grade of 354 milligrams per litre.

Since 2009, the Cauchari-Olaroz project has seen $80 million of investments in a resource exploration and project development program.

It benefits from good infrastructure, including a nearby natural gas pipeline, a paved international highway, access to a deep-sea port and fresh water on-site, and strong community and government support.

On March 30, the company’s vice-chairman John Kanellitsas became president, replacing Jay Chmelauskas. TNM

2016-04-12 8:28 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / APRIL 18–24, 2016

Mineral Deposit Compilation Geoscientist Thunder Bay

Powerhouse Operator Key Lake Operation

15

Mineral Deposit Compilation Geoscientist Thunder Bay

Are you a professional geologist looking to join a dynamic team where you

You will be responsible for the safe and efficient steam production on site.

Primary responsibility is to assist the Treasurer with global cash manage-

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You will ensure appropriate distribution of steam to meet process and

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heating demands as well as performing checks and required maintenance

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on steam production equipment as necessary.

Senior Policy Advisor Ontario Ministry of Northern Development and Mines Ontario, Canada

Chief Engineer, Maintenance Cigar Lake Operation

Geotechnical Engineer Rainy River, Ontario,

Do you want to be part of the development and start-up of one of Canada’s

As a chief engineer, maintenance, you will provide oversight to the main-

Are you up for a challenge? If so, consider this opportunity with the Minis-

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try of Northern Development and Mines to showcase your expert knowledge

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technologists. Your knowledge of equipment and mechanical design will

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be relied upon to support the mining operations.

Advisor where you will manage contentious issues and lead the development of policy and procedural frameworks and provide strategic policy analysis and advice.

Sr. Engineer, Mine McArthur River Operations, SK

Regional Sales Representative – Canadian Mining Saskatoon, Saskatchewan, Canada

Senior Project Controller MN, Ömnögovi, MN

The Senior Project Controller is responsible for the planning and perfor-

ABC Canada Technology Group requires a dynamic, organized and highly

Working with the McArthur River team, you will be responsible for providing

mance monitoring of a group of assigned projects, including providing

motivated team oriented regional account sales representative for our Ca-

mine engineering expertise and leadership to an underground uranium mine

guidance to operational managers through the implementation of project

nadian mining division. The successful candidate will: Establish and main-

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controls processes and procedures.

tain contact with clients in the Canadian mining market to ensure a high

freezing, ground control, surveying and other activities to support under-

level of customer satisfaction and product support * Work together with

ground development, production and construction in a geo-technically

the sales team to develop annual sales plan and selling strategies for mar-

challenging environment.

ket, aligning with company sales goals and profitability.

Engineer, Reliability Key Lake Operations, SK

Associate Director, Global Mining Management York University, Toronto, ON Working with the maintenance engineering department, you will be

Working with the maintenance engineering department, you will be respon-

responsible for providing greater technical focus on asset life cycle man-

sible for providing greater technical focus on asset life cycle management.

agement. You will work with the team to create and implement broader,

You will work with the team to create and implement broader, more effec-

more effective maintenance techniques and identify equipment critical to

tive maintenance techniques and identify equipment critical to operation

operation and equipment with significant failure effects.

and equipment with significant failure effects.

VP Business Development Langley, British Columbia

Reporting to the President, The VP, Business Development, is responsible for proactively identifying new business opportunities while managing relationships with current accounts.

Consultation Support Officer Ontario, Canada Are you interested in engaging and building relationships with Aboriginal communities? If so, consider joining the Mineral Exploration and Development Branch of the Ministry of Northern Development and Mines, where you will provide consultation expertise and advice through the implementation and administration of the Mining Act, regulations and policies.

Occupational Health & Safety Inspector – Surface & Underground Mining Ontario, Canada

Occupational Health & Safety Inspector – Electrical/ Mechanical Ontario, Canada Do you have electrical/mechanical mining experience and are you looking for a new challenge? Does health and safety matter to you? If so, then this is a great opportunity for you. Bring your experience and your enthusiasm for workplace health and safety to the position of Occupational Health and Safety Inspector for Electrical/Mechanical mining with the Ministry of Labour.

Financial Accountant Ontario, Canada

Procurement Specialist Saskatoon, SK

The Financial Accountant is a key member of the Finance group.

In this role you will source a range of materials, equipment and services,

This position will be responsible for cash management as well as playing

conduct RFQ’s/RFP’s and interact closely with internal and external stake-

an important role in the monthly reporting requirements of J.S. Redpath

holders. In your work, you will be contributing to value creation from pro-

Limited and its affiliates. The Financial Accountant analyzes key account

curement activities, acting as a service provider to our partners in Saskatch-

balances, cost allocations and ensures timely submission of monthly tax

ewan operations, as well as participating in continuous improvement of

remittances.

processes and procedures.

Do you have surface and underground mining experience and are you looking for a new challenge? Does health and safety matter to you? If so, then this is a great opportunity for you. Bring your underground experience and your enthusiasm for workplace health and safety to the position of Occupational Health and Safety Inspector for Mining with the Ministry of Labour.

Recruit smarter with mining jobs The Northern Miner’s new section dedicated to recruiting in mining

Email sales@mining-jobs.net or call 416-510-6772 and start recruiting smarter today.

For full job details visit MINING-JOBS.NET and enter the For Online full jobReference details visit No.MINING-JOBS.NET in the search fieldand enter the Job Name in the search field

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