The Northern Miner November 9 2015 Issue by The Northern Miner Group

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GOLDCORP'S JEANNES

CEO sees bear market in gold ending / 3

Short Road to Silver Production/Earning TSX.V: GRG www.goldenarrowresources.com

ENERGY & MINES SUMMIT

FREEPORT-MCMORAN

Conference eyes renewable energy / 5

Endures rough Q3 / 14

NOVEMBER 9–15, 2015 / VOL. 101 ISSUE 39 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Wolfden hunts for nickel in Manitoba

Netolitzky's Skeena seeks high grade at GJ EXPLORATION

RESULTS

| Junior drilling where Vale left off at Rice Island

| Skeena acquires property in BC’s most prospective metals district

BY LESLEY STOKES lstokes@northernminer.com VANCOUVER

hen nickel giant Vale (NYSE: VALE) dropped its claims over the Rice Island nickel and copper project in the highly prolific Flin Flon–Snow Lake mining district of Manitoba in May, junior explorer Wolfden Resources (TSXV: WLF) was keen to step in and resuscitate some much-needed exploration on the dormant property. “It’s a property that we’ve had our eyes on for quite some time,” CEO George Topping tells The Northern Miner during a phone interview. “It’s an area we know has the potential to host high-grade nickel mineralization, and it hasn’t seen any exploration since the 1940s.” Within a month after announcing its acquisition, Wolfden mobilized a drill rig into the property, 10 km southeast of the town of Snow Lake, to confirm historical drilling on the magmatic nickel-copper target across 250 metres at surface to 500 metres deep. All seven drill holes hit the Main zone — a blanket of massive to semimassive sulphides at the base of a gabbroic intrusion — returning intercepts of 36.2 metres of 1.5% nickel and 0.6% copper, and 7.7 metres of 2.8% nickel and 1.1% copper. Topping says the company is pleased with the results, but also intrigued by a sediment-hosted massive sulphide hit 50 metres below the mineralization, which returned an intercept of 4.6 metres of 3.97% nickel and 0.95% copper. “We think there’s a good potential here for stacked zones of great, high-grade mineralization,” he says. “Inco [now Vale] never recognized that — most of their holes stopped just after the main zone, and never went deep enough to test those lower horizons.” He reckons that Vale has focused on building tonnes at its other properties in the nearby Thompson nickel belt — such as the T-1, T-3 and Birchtree mines See WOLFDEN / 13

Skeena Resources chairman Ron Netolitzky at the Spectrum gold project — next to the GJ gold property — in northwestern British Columbia. BY LESLEY STOKES

lstokes@northernminer.com VANCOUVER

t’s taken NGEx Resources (TSX: NGQ; US-OTC: NGQRF) over three decades to bid farewell to its GJ porphyry copper-gold property, 60 km south of Dease Lake, B.C., but now the Chilean-focused explorer, along with majority partner Teck Resources (TSX: TCK.B; NYSE: TCK), is selling it all to the high-grade gold hunter Skeena Resources (TSXV: SKE; US-OTC: SKREF). “The GJ property is something that I’ve been after for a lot of years and always said that one day I’ll get back up there,” famed explorer and Skeena chairman Ron Netolitzky tells The Northern Miner from his home in Victoria. “It’s something that’s worth chasing in the whole district.” The company picked up GJ from Teck and NGEx for $500,000 cash-inhand and $1-million worth of Skeena shares, with more share payments totalling $3 million on or before the second and fift h anniversary. For Netolitzky, the deal was a “bargain,” considering the property lies

“IF YOU HAVE A LARGE MINERALIZING SYSTEM LIKE THAT … MAKE SURE YOU UNDERSTAND THE OPPORTUNITY THAT YOU MAY FIND ON ITS PERIPHERY. IT WORKED FOR BRUCEJACK.”

SKEENA RESOURCES

PM40069240

RON NETOLITZKY CHAIRMAN, SKEENA RESOURCES

25 km northeast on trend of Imperial Metals’ (TSX: III; US-OTC: IPMLF) behemoth Red Chris copper-gold mine, and that Teck “spent a lot of money getting ready to do the job, but never actually did it.” “I think Teck started on GJ with a concept of looking for a deep Red Chris, but if you looked at the money they spent, they did a heck of a lot of geophysics, but not a whole lot of drilling,” he says. MINFILE data from B.C.’s Ministry of Energy and Mines indicate that Teck ran 50 line km of ground magnetic survey, 76.6 line km of induced polarization survey and only 4,300 metres of drilling during its joint venture with NGEx, which earned the major a 51% interest in the property in 2014.

Netolitzky says despite Teck’s $12-million investment, the GJ deposit remains “largely untested.” “It’s similar to Red Chris, and worthy of a follow-up,” he says. “It has a of the same signatures, and it remains open to depth.” Since 1964, Netolitzky and other explorers outlined a large porphyry system at GJ, highlighted by drill intercepts of 47 metres grading 0.8% copper and 1.3 grams gold per tonne, within a broader intercept of 131 metres that graded 0.4% copper and 0.65 gram gold. Over the years, the property exchanged hands until Curator Resources emerged as a sole owner in 1983, before changing names to See SKEENA / 2

BARRICK AND AGNICO: IMPRESSIVE QUARTERLY RESULTS / 11

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NOVEMBER 9–15, 2015 / THE NORTHERN MINER

Netolitzky's Skeena seeks high grade at GJ

Exploration camp facilities (left) and core racks at the Skeena Resources’ GJ gold project in northwestern British Columbia. SKEENA RESOURCES SKEENA From 1

Canadian Gold Hunter (CGH), now NGEx, in 2003. The following year, the rebranded CGH pulled up its bootstraps and hit the GJ ground hard, which led to the project’s maiden resource of 153.3 million tonnes grading 0.3% copper and 0.37 gram gold, using a 0.2% copper cut-off in 2008. Netolitzky says the company intends to update the resource to include Teck’s drilling by year-end, but he emphasizes that he’s not here to “promote porphyry coppers.” “The previous explorers didn’t focus on what I like to look at — which is around the edges of a porphyry system,” he says. “And that’s where I like to think there’s a great shot at finding a high-grade gold deposit.” Netolitzky says that when he was prospecting the region in the late 1980s, he was finding high-grade gold veins in the neighbouring hills, but everyone was too focused on porphyries to care. This sentiment changed, he adds, when a drill hole intersected 16,949 grams gold per tonne over 1.5 metres at the high-grade Brucejack gold deposit by Pretium Resources (TSX: PVG; NYSE: PVG) in 2009. Seabridge Gold’s (TSX: SEA; NYSE: SA) adjacent KSM mega-porphyry deposits are strong candidates for the engine behind Brucejack’s metal-rich epithermal veins, Netolitzky says — where gold may have leaked from the mineralized porphyry chambers through the crust. “If you have a large mineralizing system like that you better pay attention to it, and make sure you understand the opportunity that you may find on its periphery. It worked for Brucejack,” he says. Aside from diversifying Skeena’s project portfolio, acquiring GJ also de-risks the company’s adjacent Spectrum property by giving it some “room to breath.” “Spectrum has what I call ‘topographic challenges,’” he says. “But GJ allows us access all the way to highway 37 and to new 287 kV power lines in the region. It’s excellent country to put infrastructure in, so it gives us an area for growth.” The Vancouver-based explorer has high aspirations for its high-grade, mesothermal gold Spectrum deposit, located in the heart of B.C.’s most prospective metal district. Since July Skeena has smashed out an 18,000-metre drill program, with the ambition to add a high-grade gold resource to the books by early next year. Michael Cathro, vice-president of operations for Skeena, says the drill program is designed to step out along a non-compliant National Instrument 43-101 resource of 614,000 tonnes grading 12.3 grams gold at a 5 gram gold cut-off for 243,000 oz. gold, over a strike length of 600 metres and 150 metres. “We’re now down to 300 to 400 metres below surface, and it’s looking really good,” he says during a phone

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“THE PREVIOUS EXPLORERS DIDN’T FOCUS ON WHAT I LIKE TO LOOK AT — WHICH IS AROUND THE EDGES OF A PORPHYRY SYSTEM." RON NETOLITZKY CHAIRMAN, SKEENA RESOURCES

interview. “We’re getting lots of highgrade gold hits — many narrow — but to the south we’re also seeing quite broad, low-grade gold that suggests there’s a porphyry system forming.” Recent assays have returned 14 metres of 7.82 grams gold, including 2 metres of 35 grams gold and 11.4 metres grading 16.7 grams gold, and a 2-metre interval of 81.8 grams gold. Porphyry intercepts returned 224.5 metres of 0.6 gram gold, with 0.2% copper and 5.13 gram silver within 5.5 metres from surface. Although the broad and high-grade mineralization intervals at the southern end of the resource drilling are “wide open,” Cathro says they’re not seeing the same “spectacular grades” in the north. “The drilling we’ve done underneath the central zone to the north seems to suggest it pinches out a little, but we think it shifts over a couple hundred metres to the east in another parallel zone, which we call Boundary,” Cathro says. “I don’t think the north end is closed off, but we hopped over to Boundary because there are some really high gold numbers in outcrop and soil at surface.” Walt Coles Jr., president and CEO of Skeena, says that although only half of the assays for the program have been received, he’s pleased with the results so far, and looks forward to advancing the project. “We’ve added a lot of geotech holes to the program in anticipation of putting an adit in by the end of next year, so our workers have been up against the wall trying to get that done,” he says. “But the adit would allow us to drill year-round, which makes the extra effort worth it.” Both properties will lay dormant during the winter months while the team strategizes the plan of attack for next year’s drilling programs, and possibly even score new acquisitions. “The one certainty in the commodities market is that they’re cyclical, and while copper may come down, it’ll eventually go in the other direction,” Coles says. “So our intention is to buy property in B.C., and although we’re focused on high-grade gold deposits, we’re still opportunistic.” Skeena has traded within a 52-week range of 5¢ to 12¢, and closed at 7.5¢ at press time. It has 264.3 million shares outstanding, for a $19.8-million market capitalization. TNM

Skeena Resources’ Spectrum gold project in British Columbia. SKEENA RESOURCES

Skeena Resources’ neighbouring Spectrum and GJ gold projects in British Columbia.

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GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 9–15, 2015

Goldcorp’s Éléonore gold mine in Quebec’s James Bay region. The mine is expected to produce up to 270,000 oz. gold this year. GOLDCORP

Goldcorp’s Jeannes: ‘We’re close to the end of the gold bear market’ PRECIOUS METALS

BY MATTHEW KEEVIL

mkeevil@northernminer.com VANCOUVER

espite posting a US$192-million net loss during the third quarter, Goldcorp (TSX: G; NYSE: GG)’s management team is telling investors to focus on what it calls “strong fundamentals.” The company cranked out record quarterly gold production and made US$243 million in free cash flow over the past three months. President and CEO Chuck Jeannes pointed out that cost control and promising macroeconomic conditions should contribute to brighter days ahead. Goldcorp produced 922,200 oz. during the third quarter at all-in sustaining costs of US$848 per oz.

| Gold major touts strong financial position, produces almost 1M oz. in Q3

Assuming an average US$1,114 per realized oz. gold price, the company reported US$1.3 billion in adjusted revenues and US$374 million in adjusted operating cash f low for the quarter. Excluding unrealized losses from the foreign exchange translation on deferred income taxes, Goldcorp’s adjusted net loss totalled US$37 million — or 4¢ per share during the quarter — which compares to adjusted earnings of US$65 million, or 8¢ per share in the previous quarter. “We remain well-positioned for a strong finish to a great year. The market performance of the gold miners has outperformed the gold price over the last several months. Investors are absorbing the reality of improved operating and financial performance of the sector at a lower

price environment,” Jeannes said during a conference call. “We also believe we’re close to the end of the gold bear market. U.S. Fed actions and inactions, Asian economic data and the other factors have done little to dampen the world’s appetite for owning gold. The message here is simple: gold supply will tighten going forward, and those companies — like ours — with the best assets will be uniquely positioned to benefit from this trend,” he added. CFO Lindsay Hall said Goldcorp’s confidence in its portfolio helped it reconfirm its 2015 guidance estimates at between 3.3 million and 3.6 million oz. gold, at all-in sustaining costs ranging between US$850 and US$900 per oz. Goldcorp is going through some

growing pains at a trio of assets in the Americas. The most successful addition to date has been the Cerro Negro operation in Argentina, which cranked out 135,700 oz. in the third quarter, at all-in sustaining costs of US$731 per oz. The company is coping with some union-related issues at the mine, and work stopped for five days in October. Meanwhile, Goldcorp is having basic geological issues at its Éléonore mine in Quebec, and Cochenour development project in Red Lake, Ont. Folding and faulting at Éléonore, which hit commercial production in April, resulted in higher-than-anticipated dilution and lower planned grades and gold production. The mine produced 86,700 oz. during the third quarter at all-in sustaining costs of US$974 per oz. At Cochenour, the company is drilling to reassess the core area of the deposit, where there have been “changes in the orientation of the veins from prior interpretations.” Jeannes pointed out that “we saw strong production at Cerro Negro. At Éléonore, production doubled from the prior quarter, despite some teething ... it is a high-quality gold mine that is only going to get better, as our tea m work s t hrough the issues. Remember, this is a big underground mine with a two-year ramp-up to full production, and we’re on track.” In financial news, Hall was quick to tout what he calls “one of the best balance sheets in the business.” The company fully repaid its revolving

“WE ARE POSITIONED WITH ONE OF THE BEST BALANCE SHEETS IN THE BUSINESS.” LINDSAY HALL EXECUTIVE VICE-PRESIDENT & CEO, GOLDCORP

credit facility, and reported US$3.3 billion in liquidity at the end of September. With new project spending winding down, Goldcorp expects capital expenses will total between US$1.2 billion and US$1.4 billion this year. BMO Capital Markets analyst Andrew Kaip noted that Goldcorp’s “headline earnings miss obscured a strong quarter fundamentally,” and that “Cerro Negro continues to outperform, with processing rates above design.” BMO Research has an “outperform” rating on the company, along with an $18-per-share price target. “Furthermore, stronger production and lower capital expenditures translated to better-than-expected free cash f low,” Kaip wrote on Oct. 29. Goldcorp has traded within a 52week window of $15.99 and $30.95, and lost 13% — or $2.57 after its third quarter results — en route to a $16.71-per-share close at press time. The company has 830 million shares outstanding for a $13.9-billion market capitalization. TNM

Global Leader

Your Technical Services Partner in Geochemistry and Metallurgy For more information, scan this QR code or visit www.alsglobal.com Phone: +1 604-984-0221

A worker pours gold Goldcorp’s Cerro Negro gold mine in southern Argentina’s Santa Cruz province. GOLDCORP

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RIGHT SOLUTIONS RIGHT PARTNER

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NOVEMBER 9–15, 2015 / THE NORTHERN MINER

GLOBAL MINING NEWS · SINCE 1915

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GROUP PUBLISHER/ PUBLISHER: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com EDITOR-IN-CHIEF: John Cumming, MSC (GEOL) jcumming@northernminer.com EDITOR, SPECIAL PROJECTS: Alisha Hiyate, BA (POLI SCI, HIST) ahiyate@northernminer.com SENIOR STAFF WRITER: Trish Saywell, BA, MA, MSC (JOUR) tsaywell@northernminer.com STAFF WRITERS: Matthew Keevil, BA (ECON AND POLI SCI) mkeevil@northernminer.com Lesley Stokes, BSC (GEOL) lstokes@northernminer.com Salma Tarikh, BSC (PSYCH), MA (JOUR) starikh@northernminer.com COPY EDITOR: Isa Cunanan, BSC (Health Sci. and Prof. Writing Comm.) icunanan@northernminer.com PRODUCTION EDITOR: David Perri, BA dperri@northernminer.com WEB EDITOR: Adrian Pocobelli, MA (ENGL) apocobelli@northernminer.com ADVERTISING: Joe Crofts (416) 510-6816 jcrofts@northernminer.com Dave Chauvin (416) 510-6824 dchauvin@northernminer.com Michael Winter (416) 510-6772 mwinter@northernminer.com ART DIRECTOR: Sharon Malbon PRODUCTION MANAGER: Jessica Jubb (416) 510-5213 jjubb@glacierbizinfo.com CIRCULATION/CUSTOMER SERVICE: Laura Arnold (416) 510-6789, ext. 43564 (Toll free) 1-888-502-3456 northernminer2@northernminer.com SUBSCRIPTION SALES: Dan Bond (416) 510-6741 (Toll free) 1-888-502-3456, ext. 43715 dbond@northernminer.com REPRINTS: (416) 510-6768 moliveira@northernminer.com ADDRESSES: Toronto Head Office: 38 Lesmill Road, Unit 2 Toronto, ON, M3B 2T5 (416) 510-6768 tnm@northernminer.com Western Bureau: 580 Hornby Street Suite 900 Vancouver, BC, V6C 3B6 (604) 688-9908 SUBSCRIPTION RATES: Canada: C$120.00 one year; 5% G.S.T. to CDN orders. 7% P.S.T. to BC orders 13% H.S.T. to ON, NB, NF orders 15% H.S.T. to NS orders. 14% H.S.T. to PEI orders U.S.A.: US$120.00 one year Foreign: US$157.00 one year GST Registration # 809744071RT001 (ISSN 0029-3164) CANADA POST: Return undeliverable Canadian addresses to Circulation Dept. c/o The Northern Miner 38 Lesmill Road, Unit 2 Toronto, ON M3B 2T5 Publication Mail Agreement #40069240 Periodicals Postage Rates paid at Niagara Falls, NY, 14304. U.S. office of publication 2424 Niagara Falls Blvd, Niagara Falls, N.Y. 14304. U.S. POSTMASTER: send address corrections to: Northern Miner Box 1118 Niagara Falls, N.Y. 14304.-7118

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E D I T O R IA L

Oil crash hits Ecuador’s public finances DIVERSIFICATION

| Government looks to mining to help balance the books

cuador’s Minister of Strategic Sectors, Rafael Poveda, seemed tired when he sat down with The Northern Miner in Quito last week. The minister, who has a degree in law and an MBA, had returned the night before from China, where, off and on since 2011, he has led a team negotiating financing for Ecuador’s largest oil refinery BY TRISH SAYWELL project — President Rafael Correa’s most ambitsaywell@northernminer.com tious enterprise since he took oﬃce in 2007. Oil is Ecuador’s main export, and it makes up 50% to 60% of its revenues. But the collapse in crude prices has hit the small Andean nation hard. Javier Cordova, the country’s mining minister, noted in a separate interview that Ecuador has lost US$7 billion in oil revenues so far this year, and that the government is fully cognizant (and has been for quite some time) of the need to diversify the economy. Reggie Thompson, Latin America analyst for Stratfor, a geopolitical intelligence and advisory firm, notes that under Correa, Ecuador has relied on oil revenues for a lot of social programs, “but as revenues keep eroding, some programs like social security have been slashed, which has led to resistance within some constituencies.” He adds that “Ecuador has one of the highest rates of public spending per capita in all of Latin America, and so this situation really is unsustainable for the Correa administration. There are definitely going to be salary freezes and firings that have to occur at some level.” (Correa is also trying to pass changes in the Constitution that will allow him to run for a fourth term in 2017.) For his part, Minister Poveda hopes that by 2025, mining will make up 5% of gross domestic product, up from less than 1% today. “We have many advantages that make Ecuador attractive,” he says. “The mineral reserves we have are very big and are of very good quality, operating costs are among the lowest in the region and the infrastructure we have helps the development of mines, plus we are offering tax incentives.” Ecuador has come a long way since Correa imposed a moratorium on exploration and mining in 2008. Consultants Wood Mackenzie started working with the government in 2013 and intensified its efforts in 2014, when it helped create a strategic plan for developing the mining sector. In May 2014, Wood Mackenzie and the Ministry of Strategic Sectors and the Ministry of Non-Renewable Natural Resources presented recommendations to Correa, most of which were approved and implemented over the rest of the year. Then, in February 2015, Correa carved out the mining sector from the other non-renewable resources and promoted Cordova to head the new Ministry of Mining to elevate the sector’s status, and dedicate administrative resources to its development. Patrick Barnes, principal of metals and mining in Wood Mackenzie’s Houston oﬃce, says Ecuador has taken steps to reduce the tax burden and provide tax stability, with five key changes, now enshrined in law: • The introduction of fiscal stability contracts for 15 years, renewable once, that protect companies against changes in income tax, value-added tax (VAT) and currency exportation tax. • Accelerated depreciation, which helps mining companies increase their tax shield in the early years for certain mining-related equipment. • The use of net present value to calculate the “sovereign adjustment” owed to the government. Under the Constitution, the state must receive at least 50% of the benefits from a mining project. The previous formula used to calculate this balance of financial benefits was based on a company’s undiscounted net income. The new formula ensures that the sovereign adjustment can’t kick in until well after full recovery of a company’s investment in present value terms, to appropriately value investors’ cost of capital. • A change to exempt the purchase of mining equipment overseas from a 5% currency exportation tax — a tax on U.S. dollars that flow out of the country. • The way the government calculates the tax on extraordinary gains. The government now uses a fi xed base price (the average metal price of the last 10 years, plus one standard deviation), rather than negotiating a base price at the time a contract is signed to guarantee predictability. Barnes estimates that under the new rules, the tax won’t be applied unless prices are truly extraordinary. He also emphasizes that the tax can’t kick in unless the project investment is recovered from a financial perspective. The effect of these reforms will vary on the cost structure of each project, but Wood Mackenzie estimates that, as an example, they reduce the tax burden of the Mirador copper project in the country from 35% of revenue to closer to 27% — the regional average for this project. Comparing as a percent of revenue facilitates comparison of the overall impact of multiple taxes that apply to different lines of the income statement. Barnes notes that a few other pro-mining reforms have been sent to the National Assembly for approval regarding VAT reimbursement for mineral exports, which lifts restrictions on foreign investment in “small mining,” and places limits on capital gain taxes to facilitate project financing. TNM

DEPARTMENTS Careers . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Editorial . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Events . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Meetings . . . . . . . . . . . . . . . . . . . . . . . . . . 13

Metal Prices . . . . . . . . . . . . . . . . . . . . . . . . 7 Mining Jobs . . . . . . . . . . . . . . . . . . . . . . . 15 Professional Directory . . . . . . . . . . . 12-13 Stock Tables . . . . . . . . . . . . . . . . . . . . . 6-10

COMPANY INDEX Acacia Mining . . . . . . . 11 Agnico Eagle Mines . . 11 AngloGold Ashanti . . . . 5 Antofagasta . . . . . . . . . 11 Barrick Gold . . . . . . . . 11 Centerra Gold . . . . . . . 16 Freeport-McMoRan . . 14

Goldcorp . . . . . . . . . . . . 3 Hudbay Minerals . . . 5,13 Iamgold . . . . . . . . . . . . . 5 Imperial Metals . . . . . . . 1 Kinross Gold . . . . . . . . . 5 Lundin Mining . . . . . . 13 NGEx Resources . . . . . . 1

Pretium Resources . . . . 2 Royal Gold . . . . . . . . . . 11 Seabridge Gold . . . . . . . 2 Skeena Resources . . . . . 1 Teck Resources . . . . . . . 1 Vale . . . . . . . . . . . . . . . . . 1 Wolfden Resources . . . . 1

Finland imports Canadian CSR expertise COMMENTARY

| Canada’s leadership in the industry extends to responsible mining practices

FinnMin’s adoption little over a deof TSM is not just a cade ago, the milestone for the proMining Associagram — it is another tion of Canada launched example of Canadian with little fanfare a m i ni ng leadersh ip. unique stewardship Canada has long been program called the “Towards Sustainable Min- BY PIERRE GRATTON recognized for its mining Initiative (TSM).” It Special to The Northern Miner ing expertise in the areas of fi nance, equipwas the only program that measured and reported on social ment and technical services, but and environmental performance at the milestones like this show a growing mine site, where performance matters recognition of Canada’s leadership in most. And it introduced independent responsible mining practices. Exporting Canada’s expertise in verification of performance, so that communities could believe what the environmental and social stewardship is one way that Canada can mines were reporting. And now, the Finnish Mining As- contribute to responsible mining sociation (FinnMin) has announced it practices around the world. In fact, is adopting TSM, taking the made-in- FinnMin’s adoption of TSM is part of Canada program to a second country. a larger commitment by the MAC to So how does TSM work in Canada? freely share TSM with other countries The program is mandatory for all seeking tools to improve the enviMAC members’ Canadian opera- ronmental and social performance tions, and many voluntarily apply of their mining industry, includit to their international sites. TSM ing engagement with civil society, requires that mining companies and enhanced transparency and annually assess their facilities’ per- accountability. FinnMin and MAC will work formance across six areas: tailings management; aboriginal and com- together to spread TSM even further. munity outreach; safety and health; — Pierre Gratton is president and biodiversity conservation; crisis man- CEO of the Mining Association of agement; and energy use and green- Canada. See www.mining.ca for more information. house gas emissions management. The results are available to the public, and externally verified every three years. While FinnMin will tailor its performance areas so they reflect its domestic mining sector, they will still closely resemble those of Canada’s. To ensure TSM reflects the expectations of civil society and industry stakeholders, it was designed and continues to be shaped in Canada by an independent, multi-stakeholder advisory panel. FinnMin has also set up a similar advisory body to provide this valuable oversight.

FINNMIN’S ADOPTION OF TSM IS NOT JUST A MILESTONE FOR THE PROGRAM — IT’S ANOTHER EXAMPLE OF CANADIAN MINING LEADERSHIP.

LET TER TO THE EDITOR

Morocco, phosphate and ‘illegal occupation’ Matthew Keevil’s report from Marrakesh entitled “Morocco’s OCP aims to dominate phosphate industry” (T.N.M., Oct. 12–18/15) is a fine, incisive article, and one deserving of wide reading. Canada enjoys an interesting connection to Western Sahara through the purchase of high-quality phosphate mineral rock from that territory by Agrium and Potash Corp. of Saskatchewan. In recent years, the two companies have accounted for most of the 2.2 million tonnes annually exported from Western Sahara, with Agrium transporting it to Vancouver through the Panama Canal, and PotashCorp to Geismar on the Mississippi River. Most of Western Sahara, known as Spanish Sahara until 1975, remains illegally occupied by Morocco. Much has gone into the manufacturing of a claim to the territory and so it must be recalled that the International Court of Justice concluded in its October 1975 advisory opinion that Morocco had no basis for a territorial claim. (See paragraph 162 of the decision, online at: www.icj-cij.org.) Moreover, many resolutions of the UN General Assembly have declared Western Sahara to be occupied (a term with particular import in international law), Spanish criminal

magistrates are presently investigating war crime and genocide allegations under the occupation and the African Union has recently (March 27, 2015 and Oct. 14, 2015) demanded the Saharawi people be permitted to exercise their right of self-determination, as Africa’s last colony. That right, well-settled in international law and practice (for which see the recent cases of Namibia and East Timor), includes the option of independence, something not on offer in a so-called autonomy proposal advanced by Morocco in 2007. It is said that “on the Internet, no one knows you’re a dog.” So responsive posts are usefully treated with a degree of incredulity. Readers wanting useful, independent information about the problem of phosphate exports from occupied Western Sahara will find the October issue of the academic, peer-reviewed journal Global Change, Peace & Security useful, as well as reports of the Robert F. Kennedy Center for Justice and Human Rights in Washington. Jeﬀrey J. Smith Professor, Norman Paterson School of International Affairs Carleton University Ottawa

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GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 9–15, 2015

A panel discussion during the Energy and Mines conference in Toronto in late October, from left: Stephen Letwin, Iamgold’s president and CEO; Paul West-Sells, Western Copper and Gold's president and COO; and Valerie Helbronner, partner with Torys LLP. ENERGY AND MINES

Miners weigh in on green energy CONFERENCE BY SALMA TARIKH

starikh@northernminer.com

echnologies in renewable energy sources such as wind, solar, hydroelectricity and bioenergy are improving, making them cheaper and attractive. However, lower commodity prices and tighter margins are among the barriers miners face when adopting these alternatives, panelists said at the recent Energy and Mines summit in Toronto. Stephen Letwin, Iamgold’s (TSX: IMG; NYSE: IAG) president and CEO, noted the company’s operations in West Africa and South America depend largely on expensive hydrocarbons, but with the recent drop in oil prices, those costs have also fallen. He explained the upfront costs for renewables are high, especially for solar and wind projects, and at times may not be justified if a mine has an eight- to 10-year life. Letwin added that the improvement in technology provides an incentive for

| Renewables are more affordable, but hurdles remain to widespead adoption

Iamgold to continue its research and drive towards renewables. Iamgold’s 5-megawatt solar facility in Suriname — where it operates its Rosebel gold mine — has been a “tremendous success,” he said. Even with the low hydrocarbon fuel generated prices, Iamgold aims to build a solar facility in Burkina Faso for its Essakane gold mine. Sunil Kumar, Kinross Gold’s (TSX: K; NYSE: KGC) director of energy strategy, revealed Kinross spends $400 million a year on fuel and electricity, and added his team has looked at several renewable technologies to reduce operating costs. However, like other components of a project, renewables need to compete for capital, Kumar says. With the gold price coming down, there is a “smaller pool of funds” available. Bill Allemon, global vice-president of energy management and electrical asset integrity for AngloGold Ashanti (NYSE: AU), has focused on the company’s operations in Africa’s

Exhibitors and attendees at the Energy and Mines conference. ENERGY AND MINES

TNM_pg 1 2 3 4 5 6 11 13 14 16.indd 5

tropical belt, where a decade-long drought and higher power demand have affected hydropower generation, leaving the field open for hybrid energy solutions. However, he said, in some cases renewable energy projects and storage sites may not fit on project sites. Elaborating on these space constraints, David Clarry, Hudbay Minerals’ (TSX: HBM; NYSE: HBM) vice-president of corporate social responsibility, explains that all of Hudbay’s Canadian operations are connected to the grid, except for its shortest life asset, the Reed copper mine in northern Manitoba, which runs on diesel due to its location. Reed is within the boundary of a provincial park, where Hudbay minimized the mine’s physical footprint to lower its impact on the local caribou habitat. This shows how “competing interests and competing objectives can sometimes work against renewables,” Clarry said. Given renewable projects would

“IN ANY MINE DEVELOPMENT, WE ARE CONSCIOUS OF TIMELINES. WE ARE CONSCIOUS OF PERMITTING COMPLEXITY, AND ADDING RENEWABLES INCREASES THE COMPLEXITY.” DAVID CLARRY VICE-PRESIDENT OF CORPORATE SOCIAL RESPONSIBILITY, HUDBAY MINERALS

require environmental studies before being permitted, they would complicate the permitting process of a mining operation, Clarry added. “In any mine development, we are conscious of timelines. We are conscious of permitting complexity, and adding renewables increases the complexity.” He suggests jurisdictions should develop models of how integrating renewables in mining projects can simplify or expedite permitting timelines. Another hurdle to adopting renewables include the sensitivity to risk,

said Allemon, who will assess how other industries have implemented renewable projects to create low-cost energy strategies. However, given the improvement in technologies for renewables, Kumar stressed if commodity and oil prices were at the highs seen two to three years ago, Kinross would have approved more renewable projects. “Unfortunately, with capital being constraint and oil prices where they are ... the commercial issue and the payback are not good enough today. Will it change in the future? Probably.” TNM

Delegates take in a panel discussion at the Energy and Mines conference in Toronto. ENERGY AND MINES

15-11-03 6:45 PM

WWW.NORTHERNMINER.COM

NOVEMBER 9–15, 2015 / THE NORTHERN MINER

MA R K E T N EWS TORONTO STOCK EXCHANGE / OCTOBER 23–29 The S&P/TSX Composite Index f inished in negative territor y, losing 0.6% to end at 13,791.88 points. The S&P/TSX Capped Diversified Metals & Mining Index dropped 10.6% to 411.68. The S&P/TSX Global Gold Index retreated 1.8% to 142.91, as the spot gold price gave back US$20 per oz. to close at US$1,146.80. Barrick Gold shares added 34¢ to close at $10.31 on 22.9 million shares traded, after reporting strong third-quarter results. Adjusted earnings were US$131 million, or US11¢ per share, beating analysts’ expectations of US7¢ per share. Quarterly production came in at 1.66 million oz. gold — relatively f lat from the same period last year — while all-in sustaining costs dropped nearly 8% to US$771 per oz. The miner generated US$256 million in free cash f low, excluding US$610 million on a streaming deal. It is on track to meet its annual US$3-billion debt reduction target. Goldcorp was the period’s second valueloser, retreating $2.59 per share to $17.32, on the back of disappointing third-quarter financials. Adjusted loss came in at US$37 million, or US4¢ per share, which included US$40 million of reduced carrying values of inventory stockpiles and US$14 million of non-cash, stock-based compensation costs. Analysts had expected US4¢ in adjusted earnings per share, with some noting Goldcorp

hasn’t adapted to lower commodity prices. Quarterly production came in at 922,200 oz. gold at all-in sustaining costs of US$848 per oz. “Stronger performances from Penasquito, Eleonore and Cerro Negro helped offset a shortfall at Red Lake that was disappointing on lower ore grades,” CIBC analyst David Haughton writes. He has a US$19 target price and an “outperform” rating on the stock. Yamana Gold was one of the heaviest traded stocks, slipping 19¢ per share to $3.01, on 24.7 million shares traded. The gold miner reported a third-quarter adjusted loss of US$20.2 million, or US2¢ per share, down from a loss of US$1.3 million, or nil per share, in the same period last year. Revenues fell 9% to US$448.9 million, as higher gold and copper sales were more than offset by lower TSX MOST ACTIVE ISSUES VOLUME

WEEK (000s)

B2Gold First Quantum Yamana Gold Barrick Gold Teck Res B Goldcorp Kinross Gold Lake Shore Gld Eldorado Gold Lundin Mng

BTO FM YRI ABX TCKB G K LSG ELD LUN

HIGH

31676 1.59 26117 8.22 24653 3.55 22894 10.97 20486 9.22 18019 20.62 15917 3.16 15593 1.27 14324 5.50 14172 4.80

LOW

CLOSE CHANGE

1.39 1.39 - 0.18 6.63 6.66 - 0.82 3.00 3.01 - 0.19 9.75 10.31 + 0.34 7.36 7.38 - 1.41 17.04 17.32 - 2.59 2.67 2.75 - 0.21 1.15 1.20 + 0.03 4.79 4.85 - 0.30 4.20 4.22 - 0.45

metal prices. The average realized price for gold slid 12% to US$1,122 per oz., while the average realized price for silver dropped 23%, and decreased 9% for copper. Yamana sold 317,859 oz. gold, 2.25 million oz. silver and 29.1 million lb. copper, excluding sales from its equity interest in its Alumbrera copper-gold mine in Argentina. Raymond James analyst Phil Russo says the quarterly results were in-line with his expectations,

pointing out the nine-month delay during the quarter on expected production from the Cerro Moro gold-silver project in Argentina. The analyst says that the recent streaming deal with Sandstorm Gold and an expected monetization of the Brio Gold subsidiary by year-end should ma ke t he company’s balance sheet more f lexible. Russo has a US$4.50 target and an “outperform rating” on the stock.

TSX GREATEST PERCENTAGE CHANGE VOLUME

Cardero Res Bannerman Res Orosur Mng Western Lithiu Belo Sun Mng Northern Dyn M Aberdeen Intl Forsys Metals Black Iron Harte Gold TVI Pacific CaNickel Mng Freegold Vent Eastern Platin Vena Res MDN Inc Orbit Garant D Corvus Gold New Milln Iron Teck Res B

CDU BAN OMI WLC BSX NDM AAB FSY BKI HRT TVI CML FVL ELR VEM MDN OGD KOR NML TCKB

WEEK (000s)

HIGH

LOW

34 171 310 3041 7408 225 226 21 78 1651 125 16 253 805 42 386 144 138 739 20486

0.26 0.04 0.16 0.36 0.28 0.58 0.15 0.15 0.04 0.08 0.02 0.09 0.10 1.03 0.03 0.03 1.00 0.84 0.08 9.22

0.11 0.03 0.11 0.26 0.21 0.47 0.12 0.14 0.03 0.07 0.01 0.07 0.09 0.75 0.02 0.02 0.85 0.60 0.07 7.36

TSX GREATEST VALUE CHANGE

CLOSE CHANGE

0.25 0.04 0.15 0.35 0.28 0.55 0.14 0.15 0.04 0.08 0.01 0.07 0.09 0.78 0.02 0.02 0.85 0.60 0.07 7.38

+1150.0 + 40.0 + 36.3 + 34.6 + 22.2 + 18.2 + 16.6 + 16.0 + 14.2 + 14.2 - 33.3 - 30.0 - 29.1 - 22.0 - 20.0 - 20.0 - 19.0 - 18.9 - 18.7 - 16.0

Horizns G Bear Seabridge Gold Agrium Barrick Gold Cardero Res Cameco Corp OceanaGold Dynacor Gold M Western Lithiu Northern Dyn M Royal Gold Goldcorp Detour Gold Teck Res B Dominion Diam Franco-Nevada Agnico-Eagle Labdr I-Ore Ro Potash Cp Sask First Quantum

HGD SEA AGU ABX CDU CCO OGC DNG WLC NDM RGL G DGC TCKB DDC FNV AEM LIF POT FM

WEEK VOLUME

6568193 693800 1666321 22894052 34272 4929326 12722012 47758 3040809 225355 21250 18018732 8869379 20486075 1614132 2946697 5503367 1456800 13164479 26116945

11.69 11.11 124.75 10.31 0.25 18.72 2.52 1.86 0.35 0.55 63.75 17.32 14.23 7.38 13.39 67.72 37.00 15.27 27.32 6.66

CHANGE

+ + + + + + + + + + -

0.84 0.69 0.36 0.34 0.23 0.11 0.11 0.10 0.09 0.09 3.44 2.59 2.27 1.41 1.29 1.26 1.15 0.97 0.86 0.82

TSX VENTURE EXCHANGE / OCTOBER 23–29 The S&P/TSX Venture Composite Index fell 1.5%, or 8.1 points, to close at 539.65 points, amid a continuing decline in gold prices by 1.7%, or US$20.08, before closing at US$1,146 per oz. gold. The gold price stayed near three-week lows, held down by a U.S. Federal Reserve policy statement that suggests it might still raise short-term interest rates in December. Meanwhile, the loonie lost ground after a monetary policy report by the Bank of Canada, which predicts 2% economic growth in 2016 and 2.5% in 2017, which is lower than previous forecasts of 2.3% and 2.6%, due to weakening oil prices. US/CAD exchange rates gained 0.64% to C$1.32. Copper touched three-week lows before closing down 2.14% to US$5,160 per tonne, amid eroding demand and worries about slower economic growth in China, which grew 6.9% in the third quarter, down from 7% in the previous three months. Brent crude oil gained slightly by 1.5% to US$48.8 per barrel — the first positive in three weeks — as U.S. oil producers cut back on operations, which could address oversupply concerns. Nevada Exploration topped the value-added and percentage gain this week, rocketing up 38¢, or 182.9%, to close at 58¢. The trading was fuelled on drill data that suggests a Carlin-style gold system at the company’s Grass Valley project, 16 km south of Barrick

Gold’s Cortez Hills mine in Nevada — one of the largest primary gold-producing mines in the world. The company sampled 2,400 metres of drill cuttings, or chips, from seven historic geothermal exploration holes along the southern end of the project area. Assays revealed anomalous geochemistry from surface to 297 metres deep, with gold averaging 0.012 gram gold per tonne, or 12 ppb. CEO Wade Hodges explained that “the data increases our confidence that we are looking at a system of the size to support a large deposit,” and has “all the correct” signatures of a carlinstyle deposit. Aston Bay Holdings climbed 6% to 20¢, after announcing it has issued 612,321 shares at 14¢ per share to settle $85,725 of consulting fees owTSX-V MOST ACTIVE ISSUES VOLUME

Minaurum Gold Metanor Res American Mn Integra Gold Peruvian Prc M Equitas Res Sultan Mnrls PC Gold Equitorial Exp Wolfden Res

WEEK (000s)

HIGH

LOW

CLOSE CHANGE

MGG 13207 MTO 10987 AMY 8747 ICG 7106 PPX 7010 EQT 6900 SUL 6278 PKL 6022 EXX 5764 WLF 5626

0.06 0.06 0.05 0.36 0.09 0.15 0.02 0.10 0.12 0.10

0.04 0.05 0.03 0.33 0.06 0.10 0.01 0.09 0.09 0.07

0.05 - 0.01 0.05 - 0.01 0.04 + 0.02 0.34 - 0.02 0.08 + 0.01 0.11 - 0.03 0.01 0.00 0.09 - 0.01 0.10 + 0.01 0.07 - 0.01

ing to an arm’s length advisor and its company director/oﬃcer, with the intent of preserving its cash for exploration activities. The Vancouver-based explorer holds the sediment-hosted copper and zinc prospects Storm Copper and Seal Zinc, located on northwest Somerset Island, Nunavut. Gravity geophysical surveys conducted during the 2015 field season highlighted two anomalous

zones, which the company says are priorities for drill testing. Shares of Viscount Mining climbed steadily before closing up 6% to 43¢, with the company reporting new geological mapping and sampling from its Flint Canyon, Carlin-style property in Nevada by joint-venture partner Summit Mining Exploration — a wholly owned subsidiary of Tokyo-based Sumitomo Corp.

TSX-V GREATEST PERCENTAGE CHANGE VOLUME

Pac Bay Mnrls Emgold Mng Themac Res Nevada Expl Wescan Goldfie Actus Mnls Alliance Mng Orex Expl Anglo-Can Mng Phoenix Gold Sonora Gld & S Bard Vent Palmer Res Savant Expl Grande Portage Diamond Fields MacDonald Mns Stakeholdr Gld Minfocus Expl Valterra Res

PBM EMR MAC NGE WGF AAC ALM OX URA PXA SOC CBS PMD SVT GPG DFI BMK SRC MFX VQA

WEEK (000s)

HIGH

LOW

95 162 35 1365 17 33 150 267 780 31 28 12 137 23 166 13 756 797 14 11

0.10 0.02 0.02 0.94 0.06 0.04 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.01 0.03 0.01 0.01

0.03 0.01 0.01 0.21 0.03 0.03 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.01 0.01

TSX-V GREATEST VALUE CHANGE WEEK VOLUME

CLOSE CHANGE

0.10 0.02 0.02 0.58 0.06 0.04 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.01 0.01

+ 216.6 + 200.0 + 200.0 + 182.9 + 120.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 - 66.6 - 60.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0

Nevada Expl Gold Reserve Pac Bay Mnrls Highway 50 Gld Goldrock Mines Dolly Vard Sil Aston Bay Viscount Mng Gresham Res Menika Mining Kennady Diam Reservoir Mnls Bacanora Mnls Coronado Res Abitibi Royalt Jaguar Mng Bear Creek Mng Arian Silver Almonty Ind Marlin Gold

NGE GRZ PBM HWY GRM DV BAY VML GRC MML KDI RMC BCN CRD RZZ JAG BCM AGQ AII MLN

1365486 16603 94711 663000 63100 83680 128567 728350 1022453 1733350 212086 128589 16197 74587 23075 88123 191807 56900 50814 77350

0.58 4.01 0.10 0.16 0.31 0.26 0.20 0.43 0.63 0.15 2.90 4.35 1.70 0.16 2.60 0.21 0.72 0.14 0.45 0.27

CHANGE

+ + + + + + + + + + -

0.38 0.11 0.07 0.07 0.06 0.06 0.06 0.06 0.05 0.05 0.22 0.11 0.10 0.10 0.08 0.08 0.07 0.07 0.07 0.07

U.S. MARKETS / OCTOBER 23–29 The Dow Jones Industrial Average rose 1.5%, or 266.64 points, to close at 17,755.80, and the S&P 500 Index advanced 1.8%, or 36.90 points, to fi nish at 2,089.41. The Philadelphia Gold & Silver Index dropped 4.8% to 52.25. Newmont Mining rose 4.5%, or US86¢, to US$19.89 per share. The company unveiled plans to expand its Tanami operations in Australia by building a second decline and more plant capacity. The expansion is expected to add incremental production of 80,000 oz. gold a year; cut all-in sustaining costs by 5–10% in the first five years of production; open access to 2 million oz. profitable production; extend the mine life by three years; and create a platform for exploration drilling. After the expansion, Tanami will produce between 425,000 and 475,000 oz. gold a year during the first five years at AISCs of between US$700 and US$750 per oz. Newmont also sold Newmont Waihi Gold in New Zealand to OceanaGold, receiving US$101 million in cash. In the third quarter, Newmont posted US$813 million in operating cash flow, up from US$328 million in the previous year’s quarter, as higher production, sale volume and cost improvements offset lower metal prices. Adjusted net income was

TNM_pg 1 2 3 4 5 6 11 13 14 16.indd 6

US$126 million, or US23¢ per share, compared to US$249 million, or US50¢ per share in the same quarter a year ago. AISCs for gold and copper were US$835 per oz. and US$1.54 per lb., down from US$995 per oz. and US$6.61 per lb. in the third quarter of 2014. Freeport-McMoRan’s shares fell US39¢ to US$11.63. The company reported a thirdquarter net loss attributable to common stock of US$3.8 billion, or US$3.58 per share. After adjusting for net charges of US$3.7 billion, or US$3.43 per share, its adjusted net loss was US$156 million, or US15¢ per share. The US$3.7 billion in net charges related to lower U.S. MOST ACTIVE ISSUES VOLUME

WEEK (000s)

HIGH

Alcoa* AA 135741 9.28 Freeport McMo* FCX 113847 12.36 Barrick Gold* ABX 112663 8.33 Consol Energy* CNX 70885 10.13 Kinross Gold* KGC 57507 2.40 Goldcorp* GG 55488 15.64 Newmont Mng* NEM 43545 20.57 Teck Res B* TCK 39526 7.01 Vale* VALE 36772 4.93 Potash C Sask* POT 36457 22.28

LOW

8.62 11.32 7.37 6.75 2.03 12.94 18.52 5.59 4.11 20.40

CLOSE CHANGE

8.95 - 0.14 11.63 - 0.39 7.82 + 0.23 6.77 - 3.16 2.10 - 0.15 13.14 - 2.04 19.89 + 0.86 5.63 - 1.10 4.19 - 0.54 20.72 - 0.79

carrying value of oil and gas properties, and other items. Among the company’s goals is a 29% reduction in estimated capital expenses for 2016. In October, the company initiated a plan to reduce operating rates at its Sierrita mine in Arizona. Initially the plan involves operating

the mine at half of its current operating rate, but Freeport is also evaluating the economics of a full shutdown. Freeport is also strategically reviewing its oil and gas business. Alternatives include an initial public offering of a minority interest in the business, and a spinoff of assets.

U.S. GREATEST PERCENTAGE CHANGE VOLUME

Northern Dyn* Eurasian Mnls* Banro* US Silica Hld* Seabridge Gld* Rubicon Mnls* Soc Quim&M Ch* Mechel* Newmont Mng* Gold Std Vnt* Arch Coal* Peabody Enrgy* Consol Energy* Intrepid Pots* Hi-Crush Part* Natural Rs Pt* Teck Res B* Vista Gold* Rare Elemt Re* Intl Tower Hi*

NAK EMXX BAA SLCA SA RBY SQM MTL NEM GSV ACI BTU CNX IPI HCLP NRP TCK VGZ REE THM

WEEK (000s)

558 190 5209 4089 3016 8429 3576 223 43545 396 13218 8615 70885 3520 1043 343 39526 408 869 158

HIGH

0.44 0.50 0.22 18.91 9.58 0.50 20.06 0.93 20.57 0.42 2.91 24.86 10.13 5.97 6.78 2.02 7.01 0.34 0.29 0.35

LOW

0.34 0.41 0.20 14.54 7.93 0.45 17.97 0.86 18.52 0.38 1.40 13.18 6.75 3.95 5.09 1.64 5.59 0.29 0.20 0.27

U.S. GREATEST VALUE CHANGE WEEK VOLUME

CLOSE CHANGE

0.43 0.50 0.21 17.79 8.43 0.50 19.00 0.93 19.89 0.41 1.48 13.19 6.77 4.08 5.45 1.68 5.63 0.29 0.22 0.28

+ + + + + + + + + + -

25.3 9.1 6.7 6.7 6.3 5.9 5.9 5.9 4.5 3.5 46.1 44.0 31.8 30.1 22.9 16.8 16.3 15.0 14.6 14.2

US Silica Hld* SLCA Soc Quim&M Ch* SQM Newmont Mng* NEM OM Group* OMG Seabridge Gld* SA Barrick Gold* ABX Cloud Peak En* CLD Northern Dyn* NAK Mechel* MTL Goldfield* GV Peabody Enrgy* BTU Consol Energy* CNX Royal Gold* RGLD BHP Billi-BHP* BHP Compass Mnls* CMP BHP Billi-BBL* BBL Randgold Res* GOLD Rio Tinto* RIO Goldcorp* GG Intrepid Pots* IPI

4089017 3575658 43544874 7614898 3015693 112662776 3459450 557895 222859 182184 8615118 70885086 3440815 12551274 269302 6390368 4378830 3733673 55488354 3520413

CHANGE

17.79 19.00 19.89 33.94 8.43 7.82 3.16 0.43 0.93 1.73 13.19 6.77 48.24 32.72 81.08 31.96 67.00 35.86 13.14 4.08

+ 1.13 + 1.07 + 0.86 + 0.74 + 0.50 + 0.23 + 0.09 + 0.09 + 0.05 + 0.05 - 10.40 - 3.16 - 2.95 - 2.66 - 2.49 - 2.46 - 2.23 - 2.10 - 2.04 - 1.76

15-11-03 6:45 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 9–15, 2015

M E TAL S, MI N I N G A N D MONEY MA RK ETS SPOT PRICES COURTESY OF SCOTIABANK

PRODUCER AND DEALER PRICES

Tuesday, November 3, 2015 Precious Metals Price (US$/oz.) Gold $1130.90 Silver $15.38 Platinum $974.00 Palladium $659.00

Change -34.85 -0.42 -12.00 -22.00

Base Metals Nickel Copper Lead Zinc

Change -185.00 +2.50 -8.50 +8.50

Price (US$/tonne) $9930.00 $5127.00 $1689.00 $1692.50

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, Novemberr 2, 2015 (change from October 26, 2015 in brackets): Aluminium Alloy 12280 (0) Aluminium 3039575 (-34275) Copper 267850 (-10100) Lead 147225 (-1000) Nickel 423876 (-4494) Tin 5015 (+475) Zinc 569950 (-8175)

Thermal Coal CAPP: US$42.10 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$49.00 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$10.90 Coal: CME Group Futures Dec. 2015: US$41.88; Jan. 2016: US$42.93 Cobalt: US$11.86/lb. Copper: US$2.33/lb. Copper: CME Group Futures Dec. 2015: US$2.34/lb.; Jan. 2016: US$2.33/lb Ferro-Chrome: US$2.12/kg Ferro Titanium: US$4.93/kg FerroTungsten: US$26.69/kg Ferrovanadium: US$18.18/kg Iridium: NY Dealer Mid-mkt US$520/tr oz. Iron Ore 62% Fe CFR China-S: US$49.10/tonne Iron Ore Fines: US$55.73/tonne Iron Ore Pellets: US$61.26/tonne Lead: US$0.76/lb. Magnesium: US$2.07/kg Manganese: US$1.75/kg Molybdenum Oxide: US$4.99/lb. Phosphate Rock: US$115.00/tonne Potash: US$303.00/tonne Rhodium: Mid-mkt US$755.00/tr. oz. Ruthenium: Mid-mkt US$42.00/tr. oz. Silver: Handy & Harman Base: US$15.39 per oz.; Handy & Harman Fabricated: US$19.24 per oz. Tantalite Ore: : US$170.28/kg Tin: US$6.77/lb. Uranium: U3O8, Trade Tech spot price: US$35.75/lb.; The UX Consulting Company spot price: US$36.50/lb. Zinc: US$0.76/lb. Prices current Nov. 3, 2015

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding at Oct. 15/15 (with changes from Sept. 30/15).

Largest short positions Lundin Mining LUN 39326604 First Quantum Minerals FM 1755746 New Gold NGD 30377553 Kinross Gold K 28689566 B2Gold BTO 24952172 Teck Resources TCK.B 19067767 Yamana Gold YRI 18540438 Canadian Natural Res. CNQ 17163027 PotashCorp POT 15103106 Barrick Gold ABX 13454685 Eldorado Gold ELD 13400693 Paramount Res. POU 12574716 Thompson Crk Mtls TCM 12516437 Detour Gold DGC 10654063 Copper Mountain Mng CUM 8712194 Largest increase in short position First Quantum Minrls FM 33355826 Rubicon Minerals RMX 6113772 Eldorado Gold ELD 13400693 Semafo SMF 1554828 Goldcorp G 7683328 Largest decrease in short position Oceanagold OGC 4563617 PotashCorp POT 15103106 Denison Mines DML 6759231 Capstone Mining CS 2660400 Torex Gold Resources TXG 3874735

Largest short positions 314046 33355826

First Mining Finance FF 1916700 Equitas Resources EQT 899400 Indico Resources IDI 584300 Gold Reserve GRZ 473900 Majestic Gold MJS 370000 Nexgen Energy NXE 313718 Impact Silver IPT 307500 Zenyatta Ventures ZEN 296800 Nemaska Lithium NMX 291500 Savary Gold SCA 248300 Golden Dawn Min. GOM 240700 GGL Resources GGL 222700 Roxgold ROG 215181 Pure Energy Min. PE 210456 Gold Standard Ven. GSV 160900 Largest increase in short position Indico Resources IDI 584300 First Mining Finance FF 1916700 Majestic Gold MJS 370000 Impact Silver IPT 307500 Savary Gold SCA 248300 Largest decrease in short position Equitas Resources EQT 899400 Nevada Sunrise Gold NEV 26200 Minaurum Gold MGG 20200 Largo Resources LGO 4100 Maya Gold & Silver MYA 0

-1107584 -1889954 10495 -774758 -788166 220482 -8390464 1056131 1193891 -1032628 63381 262024 -1485094 1755746 1229474 1193891 1153494 1103431 -15967837 -8390464 -2462498 -2117700 -2103303

481200 -3290700 584300 800 370000 240822 307500 -11500 -140913 247300 240700 222700 22000 -40544 96000 584300 481200 370000 307500 247300 -3290700 -374400 -316800 -286900 -270500

NORTH AMERICAN STOCK EXCHANGE INDICES 52-week

Date TSX Composite S&P/TSX-Ven Comp S&P TSX 60 Global Gold TSX Metals & Mining Gold & Silver XAU Arca Gold Bugs

Nov 2 13623.01 539.59 800.44 134.90 432.82 51.92 123.97

Oct 30 13529.17 542.03 794.49 133.99 425.99 51.45 122.70

Oct 29 13791.88 539.65 814.10 136.87 411.68 52.25 125.50

Oct 28 13863.16 546.15 818.46 141.63 445.09 54.09 130.31

Oct 27 13699.60 542.48 808.20 143.80 447.47 54.57 131.98

High 15524.75 792.70 905.09 195.63 832.42 82.19 211.23

Low 12705.17 509.03 750.26 114.48 339.80 42.72 101.28

DAILY METAL PRICES Date Nov 2 Oct 30 Oct 29 Oct 28 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1605/1610 1605/1610 1635/1640 1630/1630 Aluminum 1451.50/1483 1447/1478.50 1439.50/1471 1433.50/1466 Copper 5137/5113 5135/5115 5160/5154.50 5177/5166 Lead 1673.50/1690 1680/1698.50 1711.50/1725 1718.50/1733 Nickel 10045/10070 10130/10140 10470/10490 10375/10410 Tin 14900/14825 15020/15000 15000/15055 15275/15300 Zinc 1672/1695 1672.50/1690 1695.50/1708.50 1708/1727

1655/1660 1453.50/1490 5219/5215 1736.50/1753 10480/10510 15540/15400 1724.50/1744

PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1135.80 1147.75 1159.00 Gold PM 1134.00 1142.35 1148.60 Silver 15.40 15.63 15.82 Platinum 973.00 988.00 993.00 Palladium 655.00 677.00 673.00

1165.75 1165.70 15.80 989.00 682.00

1171.50 1179.60 16.03 1005.00 691.00

Oct 27

EXCHANGE RATES CANADIAN/U.S. EXCHANGE (Bank of Canada noon rate) Date Nov 2 Oct 30 US$ in C$ 1.3095 1.3083 C$ in US$ 0.7637 0.7644

Oct 29 1.3170 0.7593

Oct 28 1.3148 0.7606

Oct 27 1.3241 0.7552

EXCHANGE RATES (Bank of Canada, November 2, 2015) Currency Aus $ Euro In C$ 0.9349 1.4436 In US$ 0.7139 1.1024

Japan 0.01085 0.00829

Mex P 0.07949 0.06070

SA Rand 0.09496 0.07252

TSX WARRANTS Alamos Gold (AGI.WT) - Wt buys sh @ US$29.48 to Aug 30/18. Coeur Mining (CDM.WT) - Exercisable on a cashless basis. See TSX Bulletin 2013-0377 for calculation. To Apr 16/17. Crocodile Gold (CRK.WT) - Wt buys sh @ $2.25 to Mar 24/16. Dalradian Resources (DNA.WT) - Wt buys sh @ $1.50 to Jul 31/17. Dundee Precious Metals (DPM.WT.A) - Wt buys sh @ $3.25 to Nov. 20/15. Franco-Nevada (FNV.WT.A) - Wt buys sh @ $75 to Jun 16/17. Gran Colombia Gold (GCM.WT) - Wt buys sh @ $65.00 to Aug 24/15. (GCM.WT.A) - Wt buys sh @ $3.25 to Mar 18/19. Hudbay Minerals (HBM.WT) - Wt buys sh @ $15.00 to Jul 20/18. IMX Resources (IXR.WT) - Wt buys sh @ C$0.62 or A$0.60 to Sep 14/15. Ivanhoe Mines (IVN.WT) - Wt buys sh @ $1.80 to Dec 10/15. MBAC Fertilizer (MBC.WT) - Wt buys sh @$1.00 to Apr 17/19. New Gold A (NGD.WT.A) - Wt buys sh @ $15 to June 28/17. Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.50 to Feb 18/22 Primero Mining (P.WT) - Wt buys sh @ $8 to July 20/15 Quest Rare Minerals (QRM.WT) - Wt buys sh @ $.40 to Jul 17/17. Royal Nickel (RNX.WT) - Wt buys sh @ $.80 to Jul 11/16. RTG Mining (RTG.WT) - Wt buys sh @ $1.50 to Jun 4/17. Rubicon Minerals (RMX.WT) – Wt buys sh @$2 to Mar 12/15. Sandstorm Gold (SSI.WT.A) Wt buys 1/5 sh @ US$5 to Oct 19/15. (SSI.WT.B) Wt buys sh @ US$14 to Sep 7/17. (SSI.WT.C) Wt entitles holder to receive 0.145 of a sh to Oct 7/14. Stonegate Agricom (ST.WT.A) - Wt buys sh @ $0.40 to Jul 24/15.

Stornoway Diamond (SWY.WT.A) - Wt buys sh @ $0.90 to Jul 3/16. Vista Gold (VGZ.WT.U) - Wt buys sh @ US$5 to Oct 22/15. Supplied by TMX Group.

TSX VENTURE EXCHANGE WARRANTS Atlantic Gold (AGB.WT) - Wt buys sh @ $0.60 to Aug 20/18. Avala Resources (AVZ.WT) - Wt buys sh @ $4.80 to Mar 6/16. Brazil Resources (BRI.WT) - Wt buys sh @ $0.75 to Dec 31/18. Cornerstone Capital Resources (CGP.WT) - Wt buys sh @ $0.35 to Apr 7/19. Delta Gold (DLT.WT) - Wt buys sh @ $0.17 to Sep 14/17. Jet Metal (JET.WT) - Wt buys sh @ $0.25 to Sep 16/19. Kilo Goldmines (KGL.WT) - Wt buys sh @ $0.15 to Mar 30/16. Monarques Resources (MQR.WT) - Wt buys sh @ $0.20 to Dec 14/15. (MQR.WT.A) - Wt buys sh @ $0.18 to Dec 15/17. NexGen Energy (NXE.WT) – Wt buys sh @ $o.65 to Mar 26/16 Oceanic Iron Ore (FEO.WT.A) - Wt buys sh @ $0.65 to Nov 30/15. (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 @ $0.40 to Jan 17/17. West Kirkland Mining (WKM.WT) - Wt buys sh @ $0.30 to Apr 17/19. Supplied by TMX Group Inc.

NEW 52-WEEK HIGHS AND LOWS — OCTOBER 23–29, 2015 40 New Highs ABE Res African Queen Africo Res Alturas Minls American Manga Antioquia Gold Antofagasta Gd Aston Bay Carlisle Goldf Centamin Centerra Gold Challenger Dee Chesapeake Gld Claude Res Detour Gold Endeavour Mng Erin Ventures Gensource Pot Gold Canyon Golden Share M GoldQuest Mng GWR Res Integra Gold Knick Expl Menika Mining Nevada Expl Nippon Dragon Orex Expl Pac Bay Mnrls PC Gold Sabina Gd&Slvr Saint Jean Car Seabridge Gold Silver Std Res Silver Std Re* Sparton Res Sultan Mnrls TAD Mnl Expl Victory Vent Wescan Goldfie

228 New Lows Adamera Mnls Adroit Res African Gold G Aguila Am Res Alexandria Mnl Alliance Mng Alloycorp Almonty Ind Altan Nev Mnls Altima Res Altitude Res Alto Vent Alturas Minls Amex Expl Anconia Res Anglo-Can Mng Arctic Star Rs Argentum Silvr Arian Silver Asher Res Astorius Res Augen Gold Azincourt Res Bandera Gold

Banyan Gold Bard Vent Barisan Gold Barker Mnrls BCGold Belmont Res Belvedere Res Benton Cap Berkwood Res Bitterroot Res Blue Sky Uran Bold Vent Brionor Res Bullman Mnls Calibre Mng Canada Zinc Mt Canadn Orebods Canadn Plat CaNickel Mng Canterra Mnls Canyon Copper Caracara Silvr Carmax Mng Cassidy Gold Castle Peak Mg Caza Gold Centurion Mnls China Mnls Mng Commander Res Confedertn Mls Conquest Res Consol Energy* Copper North M Coro Mining Coronado Res Corsa Coal Crazy Horse Rs Desert Star Discovery Harb Dundee Prec Mt Dynasty Met&Mn El Nino Vent Emerick Res Energy Fuels Eurotin Excellon Res Fairmont Res Fancamp Expl Fieldex Expl Firestone Vent Fission 3.0 Fjordland Exp Focus Graphite Focus Vnt Forum Uranium Frontline Gold Full Metal Mnl Gabriel Res Geodex Mnrls Georox Res Getty Copper Gold Finder Ex Goldcliff Res Golden Band Golden Tag Goldstar Mnls Gran Colombia Grande Portage

Granite Ck Gld Great Quest Me Green Valley M Hi-Crush Part* Highway 50 Gld HiHo Silver Hinterland Mtl Honey Badger E Hunt Mng IC Potash Iconic Mnls Intl Montoro R Intl Vestr Res Intrepid Pots* Iron South Mng J.A.G. Mines Kermode Res Kincora Copper Kings Bay Gold Laramide Res Largo Res Latin Am Mnls Laurion Mnl Ex Legend Gold Lincoln Mng Lomiko Mtls MacDonald Mns Maracote Intl Marengo Mng Mason Graphite Masuparia Gold Maudore Minls MDN Inc Melior Res Mesabi Trust* Micrex Devel Midas Gold Minaurum Gold Mindoro Res Minfocus Expl Mountain Boy M Mustang Minls Namibia Rare E Natural Rs Pt* Nebu Res Network Expl New Destiny Mg New Millennium New Milln Iron Nikos Expl Noble Metal Gr Nomad Ventures Nortec Mnls North Arrow Mn Northern Gld M Northern Shiel NQ Expl NSGold Oban Mng Oracle Mng Orex Minls Pac Coal Res Pac Imp Mines Palmer Res Pancontl Uran Peabody Enrgy* Pele Mtn Res Platinex

Proam Expl Puma Expl Purepoint U QMC Quantum Ml Rambler Mg&Mtl Rare Elemnt Rs Rare Elemt Re* Rathdowney Res Redstar Res Reliance Res Riverside Res RJK Explor Rochester Res Romios Gold Rs Romulus Res Royal Nickel RT Minerals Salazar Res Savant Expl Saville Res Scorpio Gold SGX Res Silver Range R Skyharbour Res Sonora Gld & S Source Expl Sprott Res St-Georges Plt Stakeholdr Gld Standard Graph Stockport Expl Strata Mnls Strike Graph Stroud Res SunCoke Engy* Suparna Gold Superior Coppr TAD Mnl Expl Taipan Res Tanzania Mnls Tasca Res Tembo Gold Teuton Res Tirex Res Tolima Gold Trueclaim Expl TVI Pacific Unigold ValGold Res Valterra Res Vangold Res Vena Res Verde Potash Victory Nickel Vior Mining VMS Vent Vulcan Mnrls WCB Res West Af Iron O Western Pac Rs Westkam Gold Williams Creek Xmet Xtierra Zadar Vent Zazu Metals Zimtu Capital Zinco Mng

For daily mining news, visit www.northernminer.com UK £ 2.0201 1.5426 GLOBAL MINING NEWS · SINCE 1915

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.$

TNM_pg 7 8 9 10.indd 7

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

Reprints Reprints of any article published in The Northern Miner or on our website are available. We will provide them in a PDF format for $350.

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

15-11-03 6:20 PM

WWW.NORTHERNMINER.COM

NOVEMBER 9–15, 2015 / THE NORTHERN MINER

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: OCTOBER 23–29, 2015 (100s) Stock

Week

S TO C K TA BLES 12-month

Exc Volume High Low Last Change High Low

A Abacus Mng&Ex V 4748 0.07 0.06 0.07 0.00 0.09 0.03 Abcourt Mines V 3860 0.04 0.04 0.04 0.00 0.07 0.03 ABE Res V 280 0.08 0.04 0.04 - 0.01 0.08 0.03 Aben Res V 112 0.09 0.07 0.09 + 0.02 0.30 0.06 Aberdeen Intl T 2255 0.15 0.12 0.14 + 0.02 0.20 0.11 Abitibi Royalt V 230 3.50 2.60 2.60 - 0.08 5.10 1.53 Actus Mnls V 330 0.04 0.03 0.04 + 0.02 0.12 0.01 Adamera Mnls V 2154 0.03 0.02 0.02 - 0.01 0.05 0.02 Adanac Moly V 488 0.19 0.17 0.18 - 0.02 0.20 0.15 Adex Mining V 242 0.01 0.01 0.01 0.00 0.02 0.01 Adriana Res V 949 0.11 0.10 0.10 - 0.01 0.19 0.08 Adroit Res V 22065 0.01 0.01 0.01 0.00 0.01 0.01 Adventure Gold V 415 0.16 0.16 0.16 0.00 0.20 0.06 African Gold G V 9340 0.04 0.04 0.04 - 0.01 0.07 0.04 African Queen V 560 0.03 0.03 0.03 + 0.01 0.03 0.01 Africo Res T 477 0.44 0.39 0.44 + 0.04 0.44 0.30 Agnico-Eagle* N 159620 29.38 27.43 28.10 - 0.99 34.89 21.00 Agnico-Eagle T 55033 38.77 36.26 37.00 - 1.15 43.70 25.05 Agrium* N 5719 97.18 92.83 94.75 - 0.12 116.77 85.50 Agrium T 16663 127.89 122.96 124.75 + 0.36 146.51 95.43 Aguila Am Res V 64 0.04 0.04 0.04 0.00 0.11 0.04 Alabama Graph V 11489 0.19 0.17 0.17 - 0.01 0.35 0.14 Alacer Gold T 41573 3.20 2.62 2.65 - 0.30 3.23 1.77 Alamos Gold* N 49480 4.58 3.98 3.98 - 0.26 8.77 2.98 Alamos Gold T 28509 6.05 5.24 5.26 - 0.34 10.31 3.90 Alberta Star V 11836 0.03 0.03 0.03 - 0.01 0.05 0.02 Alcoa* N 1357405 9.28 8.62 8.95 - 0.14 17.75 7.97 Alderon Irn O* X 25 0.14 0.14 0.14 - 0.00 0.55 0.00 Alderon Iron O T 1516 0.19 0.18 0.18 0.00 0.63 0.17 Aldershot Res V 30 0.02 0.02 0.02 0.00 0.05 0.01 Aldridge Minls V 362 0.18 0.16 0.17 + 0.01 0.26 0.16 Aldrin Res V 2163 0.15 0.13 0.14 - 0.02 0.26 0.11 Alexander Nubi V 1126 0.10 0.07 0.08 - 0.01 0.28 0.06 Alexandria Mnl V 4744 0.03 0.03 0.03 0.00 0.06 0.03 Alexco Res T 1271 0.68 0.62 0.64 - 0.01 0.81 0.34 Alexco Res* X 4959 0.51 0.48 0.49 + 0.01 0.68 0.26 Alita Res V 2332 0.10 0.08 0.09 - 0.01 0.47 0.08 Alix Res V 32908 0.06 0.05 0.05 - 0.02 0.10 0.03 Alliance Mng V 1500 0.01 0.01 0.01 + 0.01 0.06 0.01 Alliance Rs P* Q 17018 22.48 20.51 21.27 - 0.58 50.02 19.95 Alloycorp V 23599 0.02 0.02 0.02 - 0.01 0.07 0.02 Almaden Mnls* X 9917 0.62 0.56 0.58 - 0.01 1.13 0.48 Almaden Mnls T 2418 0.80 0.74 0.76 + 0.01 1.57 0.65 Almonty Ind V 508 0.53 0.45 0.45 - 0.07 0.86 0.45 Alpha Gold V 170 0.06 0.05 0.06 0.00 0.06 0.03 Alphamin Res V 6051 0.20 0.17 0.19 + 0.00 0.32 0.11 Altair Vent V 20 0.11 0.11 0.11 - 0.01 0.60 0.06 Altan Nev Mnls V 100 0.01 0.01 0.01 0.00 0.04 0.01 Altima Res V 329 0.02 0.01 0.02 + 0.01 0.06 0.01 Altiplano Mnls V 270 0.04 0.03 0.04 - 0.01 0.06 0.02 Altitude Res V 345 0.08 0.07 0.07 - 0.04 0.30 0.07 Altius Mnrls T 2999 13.21 12.54 12.71 - 0.25 15.47 9.86 Alto Vent V 507 0.04 0.03 0.03 0.00 0.10 0.03 Alturas Minls V 600 0.01 0.01 0.01 0.00 0.01 0.01 Alum Cp China* N 1015 8.67 8.12 8.13 - 0.60 17.44 7.20 Am Creek Res V 5164 0.04 0.04 0.04 0.00 0.10 0.03 AM Gold V 150 0.06 0.04 0.06 - 0.01 0.07 0.02 Amarc Res V 760 0.10 0.09 0.10 + 0.01 0.18 0.07 Amarillo Gold V 3800 0.11 0.08 0.08 - 0.01 0.15 0.04 Amato Expl V 110 0.02 0.02 0.02 0.00 0.03 0.01 American Manga V 87470 0.05 0.03 0.04 + 0.02 0.05 0.01 American Vanad V 1751 0.09 0.08 0.08 0.00 0.40 0.05 Amerigo Res T 2239 0.33 0.27 0.31 - 0.02 0.45 0.22 Amex Expl V 4688 0.04 0.03 0.04 + 0.01 0.09 0.03 Anaconda Mng T 2757 0.05 0.05 0.05 0.00 0.07 0.04 Anconia Res V 4730 0.02 0.01 0.01 0.00 0.04 0.01 Anfield Nickel V 19 0.68 0.68 0.68 0.00 0.96 0.65 Anfield Res V 120 0.10 0.10 0.10 0.00 0.52 0.07 Angel Gold V 590 0.07 0.05 0.05 - 0.01 0.10 0.02 Angkor Gold V 1605 0.43 0.40 0.43 0.00 0.64 0.34 Anglo Pac Grp T 4 1.40 1.40 1.40 - 0.10 2.05 1.00 Anglo-Can Mng V 7802 0.01 0.01 0.01 + 0.01 0.02 0.01 AngloGold Ash* N 247758 9.27 8.27 8.28 - 0.59 13.12 5.64 Antioquia Gold V 530 0.10 0.07 0.10 + 0.01 0.10 0.01 Antofagasta Gd V 16051 0.28 0.22 0.26 + 0.03 0.28 0.09 Apogee Silver V 185 0.29 0.29 0.29 0.00 0.65 0.18 AQM Copper V 20 0.04 0.04 0.04 0.00 0.08 0.04 Aquila Res T 2616 0.15 0.13 0.15 + 0.01 0.19 0.09 Arch Coal* N 132184 2.91 1.40 1.48 - 1.27 29.30 1.00 Archon Mineral V 35 1.92 1.60 1.60 - 0.05 2.09 0.77 Arctic Hntr Ur V 1290 0.05 0.05 0.05 0.00 0.06 0.02 Arctic Star Rs V 2090 0.02 0.02 0.02 - 0.01 0.07 0.02 Arcus Dev Grp V 225 0.02 0.02 0.02 0.00 0.04 0.01 Argentex Mng V 2095 0.04 0.03 0.04 0.00 0.08 0.02 Argentum Silvr V 3420 0.02 0.02 0.02 + 0.01 0.07 0.02 Argex Titanium T 15329 0.08 0.06 0.07 - 0.01 0.67 0.06 Argonaut Gold T 28608 1.58 1.33 1.36 - 0.14 3.54 1.14 Argus Metals V 15 0.03 0.03 0.03 + 0.01 0.11 0.02 Arian Silver V 569 0.21 0.14 0.14 - 0.07 0.75 0.14 Arianne Phosph V 4664 0.92 0.81 0.82 - 0.01 0.98 0.51 Armistice Res T 1691 0.31 0.26 0.29 + 0.01 0.52 0.22 Aroway Mnls V 6970 0.04 0.02 0.02 - 0.01 0.18 0.01 ASA (Bermuda)* N 6785 9.33 7.93 7.99 - 0.66 12.31 7.00 Asanko Gold T 27338 2.54 2.25 2.31 - 0.02 2.55 1.50 Asanko Gold* X 546 1.92 1.71 1.75 0.00 2.06 1.26 Ascot Res V 2505 1.49 1.25 1.26 - 0.01 2.05 1.01 Ashburton Vent V 5033 0.01 0.01 0.01 0.00 0.03 0.01 Asher Res V 15 0.02 0.02 0.02 - 0.01 0.08 0.02 Asian Minl Res V 4780 0.04 0.04 0.04 0.00 0.08 0.03 Aston Bay V 1285 0.20 0.17 0.20 + 0.06 0.20 0.08 Astorius Res V 60 0.01 0.01 0.01 - 0.01 0.05 0.01 Astur Gold V 5230 0.02 0.02 0.02 0.00 0.15 0.01 Atac Res V 2768 0.47 0.40 0.40 - 0.03 0.78 0.31 Athabasca Mnls V 787 0.31 0.26 0.28 - 0.02 1.80 0.20 Atico Mng V 3072 0.42 0.39 0.42 + 0.04 0.70 0.33 Atlanta Gold V 622 0.06 0.06 0.06 0.00 0.25 0.05 Atna Res Ltd T 2161 0.07 0.06 0.06 - 0.01 0.12 0.06 Augen Gold V 648 0.02 0.01 0.01 0.00 0.06 0.01 Augyva Mng V 290 0.10 0.09 0.10 0.00 0.15 0.07 Aura Mnls T 2459 0.09 0.08 0.08 0.00 0.12 0.06 Aura Silver Rs V 301 0.02 0.02 0.02 0.00 0.03 0.01 Aurcana Corp V 8129 0.16 0.11 0.14 + 0.03 0.44 0.09 AurCrest Gold V 3010 0.02 0.02 0.02 0.00 0.06 0.01 Aureus Mng T 660 0.40 0.35 0.35 - 0.01 0.83 0.27 Aurion Res V 480 0.05 0.05 0.05 0.00 0.08 0.03 Aurvista Gold V 6042 0.04 0.04 0.04 - 0.01 0.11 0.03 Avala Res V 1300 0.03 0.03 0.03 0.00 0.11 0.03 Avalon Rare M* X 9941 0.10 0.09 0.09 + 0.00 0.40 0.08 Avalon Rare Mt T 11457 0.13 0.12 0.13 + 0.01 0.48 0.11 Avino Silver V 214 1.45 1.33 1.35 0.00 2.40 1.15 Avino Silver* X 2391 1.10 1.00 1.03 0.00 1.97 0.89 Avnel Gold T 508 0.26 0.23 0.25 - 0.01 0.31 0.15 Avrupa Mnls V 819 0.17 0.14 0.16 + 0.02 0.40 0.07 Axmin Inc V 357 0.01 0.01 0.01 0.00 0.03 0.01 Azimut Expl V 435 0.15 0.12 0.14 + 0.03 0.25 0.10 Azincourt Res V 377 0.06 0.05 0.05 0.00 0.48 0.05

B B2Gold* X 102740 B2Gold T 316760 Bacanora Mnls V 161 Baja Mng V 20817 Balmoral Res T 4396 Bandera Gold V 57 Banks Island G V 13363 Bannerman Res T 1713 Banro T 7636 Banro* X 52086 Banyan Gold V 761 Bard Vent V 120 Barisan Gold V 21188 Barker Mnrls V 300 Barkerville Go V 5499 Barrick Gold* N 1126627 Barrick Gold T 228940 Batero Gold V 522 Bayswater Uran V 95 BCGold V 28 Bear Creek Mng V 1918 Beaufield Res V 2270 Bell Copper V 290

TNM_pg 7 8 9 10.indd 8

1.21 1.05 1.06 - 0.13 2.38 0.98 1.59 1.39 1.39 - 0.18 2.88 1.30 1.80 1.70 1.70 - 0.10 2.05 0.56 0.03 0.02 0.03 + 0.01 0.06 0.02 0.52 0.49 0.50 - 0.01 1.37 0.48 0.01 0.01 0.01 0.00 0.05 0.01 0.03 0.02 0.03 + 0.01 0.30 0.02 0.04 0.03 0.04 + 0.01 0.09 0.03 0.29 0.26 0.27 + 0.01 0.47 0.14 0.22 0.20 0.21 + 0.01 0.40 0.12 0.03 0.03 0.03 + 0.01 0.10 0.03 0.01 0.01 0.01 - 0.02 0.05 0.01 0.03 0.02 0.03 0.00 0.15 0.02 0.01 0.01 0.01 0.00 0.02 0.01 0.27 0.24 0.24 - 0.02 0.40 0.11 8.33 7.37 7.82 + 0.23 13.70 5.91 10.97 9.75 10.31 + 0.34 16.54 7.89 0.08 0.07 0.07 - 0.01 0.11 0.06 0.02 0.02 0.02 0.00 0.08 0.02 0.01 0.01 0.01 - 0.01 0.03 0.01 0.85 0.72 0.72 - 0.07 1.94 0.58 0.05 0.04 0.05 + 0.01 0.06 0.03 0.04 0.03 0.03 0.00 0.05 0.01

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Bellhaven Cp&G V 412 Belmont Res V 1630 Belo Sun Mng T 74080 Belvedere Res V 4920 Benton Cap V 258 Benton Res V 123 Berkwood Res V 383 BHP Billi-BBL* N 63903 BHP Billi-BHP* N 125512 Big North Grap V 305 BioteQ Env T 590 Bison Gold Res V 2955 Bitterroot Res V 36 Black Iron T 780 Black Isle Res V 380 Black Widow Rs V 950 Blue Rvr Res V 1750 Blue Sky Uran V 132 BMO Jr Gld ETF T 963 Bold Vent V 4890 Bonterra Res V 12893 Bowmore Expl V 455 Bravada Gold V 768 Brazil Res V 4433 Brionor Res V 20 Brixton Mtls V 423 Buccaneer Gold V 100 Bullman Mnls V 330

0.08 0.07 0.08 + 0.01 0.45 0.03 0.03 0.03 0.03 - 0.01 0.09 0.03 0.28 0.21 0.28 + 0.05 0.30 0.11 0.03 0.02 0.03 0.00 0.17 0.02 0.02 0.02 0.02 0.00 0.04 0.02 0.04 0.04 0.04 0.00 0.06 0.03 0.01 0.01 0.01 + 0.01 0.06 0.01 35.36 31.90 31.96 - 2.46 51.20 29.19 36.16 32.68 32.72 - 2.66 57.18 30.15 0.03 0.03 0.03 0.00 0.60 0.03 0.03 0.03 0.03 0.00 0.06 0.02 0.02 0.01 0.01 0.00 0.04 0.01 0.04 0.04 0.04 0.00 0.15 0.04 0.04 0.03 0.04 + 0.01 0.09 0.02 0.04 0.04 0.04 - 0.01 0.09 0.02 0.03 0.02 0.02 - 0.01 0.08 0.01 0.04 0.03 0.04 + 0.01 0.05 0.03 0.06 0.05 0.06 + 0.01 0.26 0.05 5.92 5.24 5.27 - 0.38 7.65 4.45 0.03 0.02 0.03 + 0.01 0.06 0.02 0.27 0.23 0.24 - 0.02 0.43 0.09 0.06 0.05 0.06 + 0.01 0.11 0.03 0.05 0.04 0.04 - 0.01 0.07 0.02 0.57 0.49 0.57 + 0.01 0.85 0.43 0.01 0.01 0.01 - 0.01 0.03 0.01 0.08 0.07 0.08 + 0.01 0.22 0.06 0.03 0.03 0.03 + 0.02 0.04 0.02 0.04 0.04 0.04 0.00 0.23 0.04

Cabot Corp* N 13197 Cache Expl V 50 Cadillac Vent V 47 Caledonia Mng T 1692 Calibre Mng V 5299 Calico Res V 140 Callinex Mines V 1372 Cameco Corp* N 69009 Cameco Corp T 49293 Camino Mnls V 15 Canada Carbon V 13343 Canada Rare Ea V 2466 Canada Zinc Mt V 1790 Canadn Int Mnl V 1626 Canadn Mining V 486 Canadn Orebods V 29280 Canadn Plat V 100 Canadn Zinc T 3856 Canaf Group V 770 Canamex Res V 4191 Canarc Res T 3570 Canasil Res V 410 Cancana Res V 170 Candente Coppr T 6667 CaNickel Mng T 161 Cannon Pnt Res V 580 Canoe Mng Vnt V 1258 Canstar Res V 2220 Canterra Mnls V 2151 Cantex Mn Dev V 1447 Canuc Res V 10 Canyon Copper V 14 Cap-Ex Vent V 72 Capstone Mng T 25134 Caracara Silvr V 5997 Cardero Res T 342 Caribou King R V 401 Carlin Gold V 1691 Carlisle Goldf T 11472 Carmax Mng V 129 Cassidy Gold V 1183 Castillian Res V 32 Castle Peak Mg V 1030 Catalyst Coppr V 40 Caza Gold V 1944 CB Gold V 200 Centamin T 3032 Centerra Gold T 30147 Central Fund* X 49844 Central Fund T 1642 Central Gold-T T 20 Central GoldT* X 2051 Centurion Mnls V 1195 Chalice Gold M T 535 Challenger Dee V 6495 Champion Bear V 180 Champion Iron T 4498 Chesapeake Gld V 754 Chiboug Ind Mn V 130 China Gold Int T 10609 China Mnls Mng V 1120 Claude Res T 31900 Cliffs Nat Rs* N 294687 Clifton Star V 982 Cloud Peak En* N 34594 CMC Metals V 5756 Codrington Res V 9391 Coeur Mng* N 127603 Colibri Res V 46 Colombian Mins V 737 Colonial Coal V 700 Colorado Res V 1100 Colt Res V 2116 Columbus Gold V 3037 Commander Res V 110 Commerce Res V 4344 Compass Mnls* N 2693 Compliance Eny V 40 Comstock Mng* X 5630 Comstock Mtls V 100 Condor Res V 5452 Confedertn Mls V 990 Conquest Res V 220 Cons Richland V 57 Cons Woodjam C V 5589 Consol Energy* N 708850 Constant Mtl R V 8706 Contintl Gold T 13163 Contl Precious T 32 Copper Ck Gold V 204 Copper Fox Mtl V 2668 Copper Mtn Mng T 17182 Copper North M V 11014 Copper One V 417 Coral Gold V 151 Cordoba Mnls V 22002 Corex Gold V 2910 Cornerstone Ca V 2935 Coro Mining T 50 Coronado Res V 745 Coronet Mtls V 389 Corsa Coal V 337 Corvus Gold T 1376 Cougar Mnls V 11 Crazy Horse Rs V 439 Critical Elem V 6066 Crown Gold V 84 Currie Rose Rs V 245 CVR Partners* N 3696 Cypress Dev V 600

37.75 35.64 36.31 - 0.79 49.38 30.70 0.11 0.11 0.11 - 0.03 0.26 0.05 0.02 0.02 0.02 0.00 0.15 0.01 0.85 0.80 0.83 - 0.01 1.06 0.59 0.10 0.08 0.08 - 0.02 0.19 0.08 0.12 0.11 0.11 - 0.02 0.19 0.06 0.34 0.29 0.30 - 0.04 0.40 0.16 14.52 13.77 14.21 + 0.02 19.97 11.60 19.11 18.22 18.72 + 0.11 22.46 15.50 0.09 0.09 0.09 + 0.01 0.26 0.05 0.26 0.23 0.25 - 0.01 0.32 0.18 0.04 0.03 0.03 + 0.01 0.11 0.03 0.17 0.16 0.16 - 0.01 0.42 0.16 0.02 0.02 0.02 + 0.01 0.05 0.01 0.09 0.08 0.09 + 0.01 0.18 0.05 0.02 0.02 0.02 + 0.01 0.06 0.02 0.01 0.01 0.01 0.00 0.01 0.01 0.09 0.08 0.08 0.00 0.25 0.06 0.05 0.05 0.05 - 0.01 0.09 0.04 0.05 0.05 0.05 + 0.01 0.18 0.04 0.08 0.06 0.07 - 0.01 0.10 0.03 0.05 0.04 0.04 - 0.01 0.07 0.03 0.22 0.21 0.22 - 0.01 0.32 0.16 0.06 0.05 0.05 0.00 0.14 0.04 0.09 0.07 0.07 - 0.03 0.34 0.07 0.20 0.16 0.19 + 0.03 0.25 0.10 0.03 0.03 0.03 - 0.01 0.24 0.02 0.08 0.06 0.06 0.00 0.10 0.03 0.05 0.04 0.04 - 0.01 0.10 0.04 0.05 0.04 0.04 - 0.01 0.08 0.03 0.10 0.10 0.10 0.00 0.35 0.06 0.03 0.03 0.03 0.00 0.12 0.03 0.02 0.02 0.02 0.00 0.04 0.01 0.67 0.56 0.60 - 0.01 2.20 0.43 0.01 0.01 0.01 0.00 0.01 0.01 0.26 0.11 0.25 + 0.23 0.60 0.10 0.10 0.10 0.10 - 0.01 0.22 0.04 0.01 0.01 0.01 + 0.01 0.02 0.01 0.64 0.58 0.58 - 0.02 0.64 0.16 0.03 0.03 0.03 0.00 0.08 0.03 0.02 0.01 0.02 0.00 0.05 0.01 0.04 0.04 0.04 + 0.01 0.14 0.01 0.01 0.01 0.01 + 0.01 0.05 0.01 0.16 0.16 0.16 + 0.01 0.48 0.11 0.05 0.03 0.05 + 0.02 0.09 0.03 0.07 0.07 0.07 + 0.01 0.14 0.03 1.40 1.29 1.29 - 0.09 1.40 0.80 8.67 7.41 7.55 - 0.29 8.67 3.96 11.55 11.04 11.14 - 0.16 13.73 10.15 15.17 14.56 14.66 - 0.14 16.89 12.52 54.89 53.74 53.74 - 0.26 57.25 42.50 42.10 40.28 40.97 - 0.09 46.73 37.22 0.01 0.01 0.01 0.00 0.08 0.01 0.11 0.11 0.11 0.00 0.15 0.08 0.27 0.16 0.25 + 0.05 0.27 0.05 0.08 0.07 0.08 + 0.01 0.19 0.05 0.22 0.19 0.19 - 0.01 0.23 0.07 2.59 2.15 2.25 + 0.05 2.59 1.39 0.03 0.03 0.03 - 0.01 0.05 0.02 1.92 1.76 1.76 - 0.07 2.95 1.30 0.01 0.01 0.01 0.00 0.01 0.01 0.82 0.71 0.72 - 0.06 0.82 0.22 3.00 2.52 2.67 + 0.05 11.70 2.28 0.17 0.14 0.15 - 0.01 0.25 0.06 3.28 2.57 3.16 + 0.09 13.95 2.42 0.04 0.04 0.04 0.00 0.08 0.03 0.06 0.05 0.06 + 0.01 0.14 0.03 3.13 2.75 2.76 - 0.24 7.45 2.52 0.03 0.03 0.03 - 0.01 0.23 0.02 0.04 0.03 0.03 + 0.01 0.13 0.03 0.07 0.06 0.06 - 0.01 0.15 0.04 0.08 0.07 0.08 + 0.01 0.16 0.06 0.16 0.14 0.15 + 0.01 0.30 0.05 0.48 0.44 0.47 0.00 0.55 0.31 0.02 0.02 0.02 0.00 0.04 0.02 0.11 0.09 0.10 - 0.02 0.25 0.07 85.37 80.17 81.08 - 2.49 95.68 77.13 0.05 0.05 0.05 0.00 0.40 0.04 0.63 0.55 0.61 0.00 1.36 0.35 0.02 0.02 0.02 0.00 0.04 0.01 0.03 0.02 0.03 - 0.01 0.07 0.02 0.03 0.03 0.03 - 0.01 0.09 0.03 0.01 0.01 0.01 0.00 0.02 0.01 0.02 0.01 0.02 0.00 0.05 0.01 0.03 0.03 0.03 0.00 0.09 0.02 10.13 6.75 6.77 - 3.16 42.26 6.75 0.11 0.09 0.10 0.00 0.18 0.07 1.76 1.60 1.65 - 0.07 3.28 1.57 0.30 0.28 0.30 0.00 0.71 0.25 0.06 0.06 0.06 0.00 0.07 0.03 0.19 0.16 0.17 - 0.01 0.37 0.10 0.51 0.47 0.48 + 0.01 2.34 0.38 0.04 0.04 0.04 0.00 0.09 0.04 0.06 0.06 0.06 + 0.01 0.50 0.05 0.10 0.09 0.10 + 0.01 0.20 0.06 0.20 0.11 0.15 + 0.05 0.25 0.08 0.05 0.04 0.05 - 0.01 0.09 0.03 0.04 0.03 0.03 - 0.01 0.11 0.02 0.02 0.02 0.02 0.00 0.08 0.02 0.18 0.16 0.16 - 0.10 0.98 0.16 0.03 0.03 0.03 - 0.01 0.18 0.02 0.05 0.04 0.05 0.00 0.25 0.04 0.84 0.60 0.60 - 0.14 1.23 0.37 0.05 0.05 0.05 0.00 0.30 0.03 0.02 0.01 0.02 - 0.01 0.03 0.01 0.23 0.21 0.22 0.00 0.30 0.16 0.05 0.04 0.04 + 0.01 0.08 0.03 0.01 0.01 0.01 0.00 0.02 0.01 10.24 8.84 9.44 - 0.60 16.12 8.52 0.04 0.03 0.04 + 0.01 0.35 0.02

Dajin Res V 26943 Dalradian Res T 6550 Darnley Bay V 3611 Decade Res V 15995 Defiance Silvr V 5021 Dejour Enterp T 220 Dejour Enterp* X 1947 Denison Mines T 11250 Denison Mines* X 1233 Desert Star V 6390

0.13 0.12 0.13 0.00 0.16 0.04 0.79 0.73 0.76 + 0.01 1.16 0.46 0.02 0.02 0.02 0.00 0.10 0.01 0.02 0.02 0.02 - 0.01 0.14 0.01 0.10 0.08 0.09 - 0.01 0.19 0.07 0.15 0.14 0.14 - 0.01 0.31 0.11 0.12 0.10 0.10 - 0.01 0.28 0.08 0.62 0.56 0.56 0.00 1.39 0.48 0.47 0.42 0.43 - 0.01 1.22 0.36 0.13 0.12 0.13 0.00 0.22 0.12

D-F

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Detour Gold T 88693 Diagnos V 1059 Diamcor Mng V 414 Diamond Fields V 129 Discovery Harb V 120 Discovery Vent V 40740 Discovery-Corp V 52 DNI Metals V 5156 Dolly Vard Sil V 836 Dominion Diam* N 11405 Dominion Diam T 16141 Doubleview Cap V 4551 Dundee Prec Mt T 22335 Duran Vent V 760 Durango Res V 8140 Dynacor Gold M T 477 Dynasty Gold V 7430 Dynasty Met&Mn T 4218 Eagle Plains V 1296 East Asia Mnls V 629 Eastern Platin T 8047 Eastfield Res V 30 Eastmain Res T 8281 Eco Oro Mnls T 669 Ecuador G & C V 6410 Edgewater Expl V 30 El Nino Vent V 446 El Tigre Silvr V 930 Eldorado Gold* N 53491 Eldorado Gold T 143238 Electra Gold V 2570 Eloro Minls V 599 Ely Gold & Mnl V 55 Emerick Res V 502 Emgold Mng V 1615 Encanto Potash V 11970 Endeavour Mng T 59930 Endeavr Silver T 4023 Endeavr Silve* N 4262 Endurance Gold V 1432 Energizer Res T 18916 Energold Drill V 210 Energy Fuels T 1581 Entourage Mtls V 7129 Entree Gold* X 3702 Entree Gold T 553 Equitas Res V 68998 Equitorial Exp V 57640 Erdene Res Dev T 242 Erin Ventures V 9569 Eskay Mng V 1515 Ethos Gold V 1330 Eurasian Minls V 270 Eurasian Mnls* X 1902 EurOmax Res V 25 Eurotin V 2520 Everton Res V 1510 Evrim Res V 255 Excellon Res T 4618 Excelsior Mng V 2045 Exeter Res* X 2474 Exeter Res T 2472 Explor Res V 21679 Faircourt Gold T 442 Fairmont Res V 470 Falco Res V 8345 Falcon Gold V 1100 Fancamp Expl V 6925 Fieldex Expl V 773 Firebird Res V 1200 Firestone Vent V 30 First Bauxite V 1305 First Lithium V 1295 First Majesti* N 60533 First Majestic T 53537 First Mexican V 713 First Point T 1120 First Quantum T 261169 Fission 3.0 V 4045 Fjordland Exp V 50 Flinders Res V 587 Focus Graphite V 12445 Focus Vnt V 3187 Foraco Intl T 91 Foran Mng V 16 Formation Mtls T 2039 Forsys Metals T 213 Fortuna Silver T 25059 Fortuna Silvr* N 11779 Fortune Bay T 99 Fortune Mnrls T 1019 Forum Uranium V 434 Franco-Nevada* N 58057 Franco-Nevada T 29466 Freegold Vent T 2528 Freeport McMo* N 1138469 Frontline Gold V 230 Full Metal Mnl V 40

16.86 14.09 14.23 - 2.27 16.86 6.02 0.05 0.04 0.05 0.00 0.11 0.04 1.02 0.91 0.99 + 0.02 1.45 0.80 0.02 0.01 0.01 - 0.01 0.05 0.01 0.02 0.02 0.02 0.00 0.11 0.02 0.18 0.17 0.17 - 0.01 0.26 0.09 0.04 0.04 0.04 - 0.01 0.14 0.03 0.11 0.08 0.09 + 0.01 0.30 0.06 0.26 0.21 0.26 + 0.06 1.05 0.11 11.34 10.05 10.19 - 1.01 20.30 9.62 14.90 13.24 13.39 - 1.29 24.60 12.81 0.13 0.10 0.13 + 0.01 0.20 0.07 2.08 1.77 1.80 - 0.20 4.72 1.77 0.02 0.02 0.02 + 0.01 0.04 0.01 0.05 0.03 0.04 - 0.01 0.07 0.03 1.90 1.71 1.86 + 0.10 2.59 1.30 0.02 0.01 0.02 0.00 0.03 0.01 0.33 0.29 0.30 - 0.04 1.22 0.29 0.06 0.05 0.05 0.00 0.08 0.05 0.01 0.01 0.01 0.00 0.03 0.01 1.03 0.75 0.78 - 0.22 2.26 0.70 0.03 0.03 0.03 0.00 0.05 0.02 0.42 0.33 0.35 + 0.01 0.62 0.17 0.70 0.68 0.68 - 0.02 0.95 0.14 0.02 0.02 0.02 0.00 0.08 0.01 0.02 0.02 0.02 - 0.01 0.06 0.01 0.02 0.02 0.02 0.00 0.05 0.02 0.08 0.06 0.06 - 0.02 0.30 0.06 4.17 3.64 3.70 - 0.22 7.99 2.45 5.50 4.79 4.85 - 0.30 9.68 3.26 0.07 0.05 0.06 - 0.01 0.14 0.05 0.12 0.11 0.12 + 0.02 0.20 0.04 0.06 0.06 0.06 0.00 0.09 0.03 0.13 0.13 0.13 0.00 0.30 0.13 0.02 0.01 0.02 + 0.01 0.03 0.01 0.08 0.07 0.07 - 0.01 0.16 0.04 0.76 0.66 0.66 - 0.02 0.76 0.38 2.48 2.18 2.20 - 0.11 4.56 1.64 1.88 1.66 1.66 - 0.10 3.86 1.25 0.03 0.03 0.03 - 0.01 0.08 0.02 0.06 0.05 0.06 0.00 0.20 0.03 0.65 0.58 0.58 - 0.03 1.32 0.51 3.97 3.65 3.72 - 0.07 9.00 3.65 0.07 0.05 0.06 + 0.02 0.22 0.03 0.29 0.24 0.26 - 0.02 0.51 0.08 0.40 0.32 0.33 - 0.01 0.66 0.18 0.15 0.10 0.11 - 0.03 0.22 0.03 0.12 0.09 0.10 + 0.01 0.25 0.07 0.14 0.13 0.13 - 0.01 0.17 0.09 0.08 0.06 0.07 + 0.01 0.08 0.04 0.15 0.13 0.13 0.00 0.20 0.01 0.19 0.16 0.17 + 0.02 0.23 0.11 0.66 0.55 0.65 + 0.04 0.97 0.53 0.50 0.41 0.50 + 0.04 0.89 0.40 0.40 0.40 0.40 0.00 0.57 0.17 0.03 0.01 0.03 + 0.01 0.10 0.01 0.03 0.02 0.03 + 0.01 0.06 0.02 0.15 0.15 0.15 + 0.04 0.27 0.10 0.37 0.33 0.35 - 0.04 1.15 0.33 0.26 0.23 0.24 - 0.01 0.39 0.19 0.39 0.34 0.37 + 0.00 0.79 0.30 0.51 0.44 0.48 - 0.01 0.90 0.41 0.09 0.07 0.09 + 0.02 0.09 0.04 2.95 2.72 2.72 - 0.11 4.38 2.42 0.05 0.04 0.04 - 0.01 0.24 0.04 0.29 0.26 0.27 0.00 0.69 0.23 0.02 0.02 0.02 + 0.01 0.17 0.01 0.03 0.02 0.03 0.00 0.06 0.02 0.01 0.01 0.01 0.00 0.04 0.01 0.02 0.02 0.02 0.00 0.05 0.01 0.01 0.01 0.01 0.00 0.02 0.01 0.05 0.05 0.05 - 0.01 0.09 0.04 0.37 0.35 0.35 - 0.01 0.42 0.18 3.89 3.35 3.39 - 0.30 7.15 2.66 5.12 4.41 4.47 - 0.35 8.55 3.54 0.05 0.04 0.04 - 0.01 0.06 0.02 0.08 0.07 0.07 - 0.01 0.09 0.04 8.22 6.63 6.66 - 0.82 20.05 4.52 0.07 0.07 0.07 - 0.00 0.14 0.07 0.01 0.01 0.01 0.00 0.04 0.01 0.25 0.22 0.25 + 0.02 0.67 0.12 0.12 0.10 0.10 - 0.01 0.53 0.10 0.13 0.12 0.13 - 0.01 0.27 0.12 0.27 0.24 0.25 - 0.03 0.77 0.15 0.11 0.11 0.11 - 0.01 0.48 0.10 0.12 0.11 0.12 0.00 0.22 0.09 0.15 0.14 0.15 + 0.02 0.36 0.12 3.89 3.29 3.31 - 0.24 6.30 2.65 2.96 2.50 2.53 - 0.18 5.25 2.00 0.29 0.28 0.28 - 0.01 0.43 0.24 0.04 0.03 0.04 0.00 0.21 0.02 0.06 0.05 0.06 0.00 0.14 0.05 55.47 50.87 51.40 - 1.18 58.84 38.20 72.90 66.96 67.72 - 1.26 74.10 49.96 0.10 0.09 0.09 - 0.04 0.24 0.07 12.36 11.32 11.63 - 0.39 30.97 7.76 0.01 0.01 0.01 0.00 0.01 0.01 0.03 0.03 0.03 0.00 0.30 0.03

Gabriel Res T 7724 Galane Gold V 415 Galantas Gold V 180 Galore Res V 4120 Galway Gold V 1444 Galway Mtls V 6300 GAMCO Glb Gld* X 28269 Garibaldi Res V 8562 Gem Intl Res V 30 General Moly* X 6132 Gensource Pot V 670 Geodex Mnrls V 25 Geodrill T 43 Geologix Ex T 5069 Geomega Res V 7498 Georox Res V 7155 Getty Copper V 860 GFK Res V 110 GGL Res V 55 Glen Eagle Res V 401 Global Hunter V 100 Globex Mng T 1051 GMV Minerals V 250 Gobimin V 200 GoGold Res T 887 Gold Bulln Dev V 19705 Gold Canyon V 32111 Gold Fields* N 210863 Gold Finder Ex V 10 Gold Mtn Mng V 110 Gold Reach Res V 534 Gold Reserve V 166 Gold Resource* X 16200 Gold Std Vnt V 2484 Gold Std Vnt* X 3963 Goldcliff Res V 150 Goldcorp T 180187 Goldcorp* N 554883 Golden Arrow R V 380 Golden Band V 11790 Golden Dawn Ml V 10964 Golden Goliath V 2780 Golden Hope V 2055 Golden Mnls T 396 Golden Mnls* X 3269 Golden Peak Mn V 2500 Golden Predatr V 237 Golden Queen T 435 Golden Reign R V 1580 Golden Share M V 486 Golden Star T 1468 Golden Star* X 25629 Golden Tag V 24950

0.22 0.19 0.20 - 0.02 0.90 0.19 0.10 0.09 0.10 + 0.01 0.22 0.08 0.10 0.09 0.09 0.00 0.18 0.05 0.02 0.01 0.01 - 0.01 0.04 0.01 0.10 0.08 0.09 + 0.02 0.12 0.05 0.12 0.10 0.12 + 0.03 0.16 0.09 5.87 5.45 5.47 - 0.24 9.00 4.90 0.14 0.12 0.12 - 0.02 0.23 0.05 0.06 0.06 0.06 + 0.01 0.26 0.05 0.30 0.26 0.28 - 0.02 1.00 0.25 0.07 0.06 0.07 + 0.01 0.07 0.04 0.01 0.01 0.01 0.00 0.06 0.01 0.59 0.56 0.59 - 0.03 0.99 0.46 0.04 0.03 0.03 0.00 0.06 0.03 0.09 0.07 0.08 + 0.02 0.29 0.07 0.07 0.04 0.04 - 0.03 0.14 0.04 0.03 0.02 0.02 - 0.01 0.07 0.02 0.11 0.07 0.11 - 0.01 0.18 0.03 0.03 0.02 0.03 + 0.01 0.06 0.02 0.04 0.04 0.04 + 0.01 0.20 0.03 0.03 0.03 0.03 + 0.01 0.07 0.02 0.30 0.27 0.30 + 0.01 0.35 0.14 0.10 0.09 0.09 - 0.03 0.26 0.05 0.44 0.44 0.44 0.00 0.51 0.35 1.25 1.22 1.25 + 0.01 1.70 1.18 0.04 0.03 0.04 + 0.01 0.06 0.02 0.42 0.36 0.36 - 0.02 0.42 0.09 2.94 2.52 2.53 - 0.26 6.01 2.35 0.02 0.02 0.02 0.00 0.07 0.02 0.05 0.05 0.05 0.00 0.14 0.03 0.15 0.13 0.13 - 0.01 0.50 0.13 4.18 3.67 4.01 + 0.11 5.39 2.48 3.18 2.51 2.56 - 0.25 4.99 1.99 0.56 0.50 0.54 + 0.02 0.70 0.40 0.42 0.38 0.41 + 0.01 0.62 0.26 0.01 0.01 0.01 0.00 0.02 0.01 20.62 17.04 17.32 - 2.59 30.95 15.99 15.64 12.94 13.14 - 2.04 25.00 11.95 0.26 0.25 0.26 + 0.01 0.50 0.17 0.01 0.01 0.01 0.00 0.01 0.01 0.14 0.13 0.13 - 0.02 0.30 0.02 0.02 0.01 0.01 0.00 0.02 0.01 0.31 0.29 0.30 - 0.01 0.64 0.08 0.47 0.41 0.45 0.00 0.91 0.31 0.36 0.30 0.31 - 0.03 0.70 0.23 0.08 0.07 0.07 - 0.01 0.14 0.04 0.13 0.12 0.12 - 0.01 0.15 0.07 1.01 0.89 0.90 - 0.12 1.68 0.65 0.09 0.08 0.08 0.00 0.19 0.05 0.08 0.06 0.08 + 0.02 0.08 0.03 0.32 0.28 0.28 - 0.03 0.51 0.20 0.24 0.22 0.22 - 0.03 0.42 0.16 0.02 0.02 0.02 - 0.01 0.08 0.02

G-H

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Golden Val Min V 1357 Goldex Res V 260 Goldeye Expl V 84 Goldfield* X 1821 T 2786 Goldgroup Mng V 34346 GoldQuest Mng Goldrea Res C 60 V 631 Goldrock Mines Goldrush Res V 1610 V 796 Goldsource Min Goldstar Mnls V 2552 V 4980 Goldstrike Res Gonzaga Res V 90 Gossan Res V 200 Gowest Gold V 1435 T 641 Gran Colombia V 1660 Grande Portage 997 Granite Ck Gld V Graphite One R V 49029 140 Gray Rock Res V Great Atlantic V 70 10641 X Great Panther* Great Panther T 4662 Great Quest Me V 1835 960 Green Swan Cap V 120 Green Valley M V Gresham Res V 10224 Grizzly Discvr V 1885 Gunpoint Expl V 68 T 22896 Guyana Gldflds Guyana Prec Mt V 4357 GWR Res V 7676 Handa Copper V 1155 Hansa Res V 310 290 Happy Ck Minls V 90452 N Harmony Gold* Harte Gold T 16506 Harvest Gold V 310 V 95 Hawkeye Gld&Di V 7724 Heatherdale Rs 352956 Hecla Mining* N Helio Res V 685 Hi-Crush Part* N 10425 Highbank Res V 6850 Highland Res V 211 Highway 50 Gld V 6630 HiHo Silver C 4600 Hinterland Mtl V 75 V 1767 Homestake Res Honey Badger E V 18600 Horizns G Bear T 65681 Horizns G Bull T 83273 118 Hornby Bay Mnl V Houston Lake V 3057 HudBay Minls T 64225 HudBay Mnls* N 1400 Hudson Res V 1055 Hunt Mng V 30

0.15 0.11 0.12 + 0.02 0.21 0.08 0.02 0.03 0.00 0.08 0.03 0.03 0.03 0.04 0.00 0.06 0.04 0.04 1.20 1.73 + 0.05 2.85 1.80 1.68 0.05 0.06 0.00 0.24 0.07 0.06 0.07 0.15 + 0.02 0.20 0.20 0.13 0.02 0.06 + 0.02 0.10 0.06 0.06 0.15 0.31 + 0.06 0.40 0.34 0.27 0.01 0.02 0.00 0.03 0.02 0.02 0.13 0.01 0.26 + 0.19 0.19 0.18 0.01 0.01 0.00 0.04 0.02 0.01 0.05 0.08 - 0.02 0.21 0.11 0.08 0.02 0.03 - 0.01 0.15 0.03 0.03 0.01 0.03 0.00 0.05 0.03 0.02 0.05 0.08 0.00 0.10 0.08 0.08 0.18 0.20 + 0.01 0.81 0.20 0.18 0.01 0.01 - 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.00 0.06 0.01 0.10 0.09 0.09 0.00 0.14 0.07 0.03 0.03 0.03 - 0.01 0.04 0.02 0.04 0.06 + 0.01 0.30 0.06 0.06 0.30 0.54 + 0.01 0.91 0.58 0.53 0.40 0.70 0.00 1.05 0.76 0.70 0.22 0.19 0.19 - 0.03 1.15 0.19 0.02 0.02 0.02 0.00 0.06 0.01 0.01 0.01 0.01 0.00 0.01 0.01 0.46 0.63 + 0.05 0.95 0.65 0.60 0.02 0.09 + 0.03 0.10 0.09 0.07 0.14 0.17 + 0.01 0.20 0.17 0.17 2.15 3.37 - 0.04 4.48 3.62 3.11 0.20 0.17 0.17 - 0.01 0.33 0.08 0.01 0.05 + 0.01 0.05 0.05 0.04 0.05 0.07 + 0.02 0.12 0.07 0.05 0.01 0.02 + 0.01 0.03 0.02 0.02 0.11 0.11 0.11 0.00 0.17 0.08 0.57 0.68 - 0.09 3.18 0.81 0.68 0.04 0.08 + 0.01 0.10 0.08 0.07 0.01 0.03 + 0.01 0.06 0.03 0.03 0.02 0.05 0.00 0.08 0.05 0.05 0.01 0.02 0.00 0.06 0.02 0.02 1.77 2.11 - 0.21 3.54 2.46 2.09 0.02 0.03 + 0.01 0.07 0.03 0.02 6.78 5.09 5.45 - 1.62 53.25 5.09 0.07 0.08 0.00 0.29 0.08 0.07 0.10 0.15 + 0.04 0.45 0.17 0.13 0.16 0.09 0.16 + 0.07 0.42 0.09 0.01 0.01 0.00 0.02 0.01 0.01 0.01 0.02 0.00 0.03 0.02 0.01 0.01 0.02 0.00 0.06 0.02 0.02 0.01 0.01 0.01 0.00 0.05 0.01 11.82 9.73 11.69 + 0.84 24.65 8.50 4.54 3.74 3.79 - 0.35 8.86 2.75 0.03 0.03 0.03 0.00 0.10 0.03 0.09 0.15 - 0.01 0.20 0.16 0.13 7.07 6.48 6.60 - 0.08 12.61 4.82 5.37 4.91 5.02 - 0.05 10.37 3.62 0.22 0.40 - 0.04 0.55 0.44 0.35 0.02 0.02 0.00 0.40 0.02 0.02

I-Minerals V 645 62898 Iamgold* N T 59182 Iamgold IBC Adv Alloys V 14520 IC Potash T 3267 Iconic Mnls V 1210 IMPACT Silver V 4163 959 Imperial Metal T Inca One Res V 4193 V 283 Independence G Indico Res V 1230 Indigo Expl V 5850 Inspiration Mg T 860 Integra Gold V 71058 V 100 Inter-Rock Mnl Intigold Mines V 350 Intl Bethl Mng V 1348 Intl Lithium V 691 Intl Montoro R V 3820 Intl Northair V 1442 Intl Tower Hi* X 1576 713 T Intl Tower Hil Intl Vestr Res V 10825 Intrepid Pots* N 35204 INV Metals T 1016 16 Iron South Mng V 115 ISh COMEX G Tr T Ivanhoe Mines T 12725 T 2436 Ivernia J.A.G. Mines V 160 Jaguar Mng V 881 Jasper Mng V 27 Jaxon Mnls V 220 Kaminak Gold V 7851 Karmin Expl V 1667 Karnalyte Res T 1408 Katanga Mng T 3589 Kazax Mnls V 50 Kennady Diam V 2120 Kermode Res V 300 Khalkos Expl V 1200 Khan Res C 1375 V 6386 Kilo Goldmines V 110 Kincora Copper 630 Kings Bay Gold V 159166 Kinross Gold T 575073 Kinross Gold* N Kirkland Lk Gd T 19613 Kiska Metals V 5484 Kivalliq Enrgy V 3277 Klondex Mns T 13766 Klondike Gold V 7159 Klondike Silv V 2750 Knick Expl V 1240 Kobex Mnls V 14034 V 2854 Kombat Copper V 1095 Kootenay Gold

0.14 0.24 + 0.02 0.31 0.25 0.23 1.16 1.77 - 0.25 3.39 2.16 1.72 1.50 2.32 - 0.31 4.09 2.85 2.26 0.11 0.10 0.10 - 0.01 0.16 0.09 0.10 0.11 - 0.01 0.31 0.12 0.10 0.03 0.04 + 0.01 0.10 0.04 0.03 0.14 0.16 - 0.01 0.35 0.18 0.16 8.10 7.50 7.56 - 0.50 13.69 6.01 0.13 0.12 0.12 - 0.01 0.29 0.09 0.07 0.08 - 0.01 0.11 0.08 0.08 0.02 0.08 + 0.04 0.16 0.08 0.05 0.01 0.01 + 0.01 0.02 0.01 0.01 0.04 0.05 - 0.01 0.43 0.05 0.05 0.14 0.34 - 0.02 0.36 0.36 0.33 0.01 0.03 - 0.01 0.03 0.03 0.03 0.03 0.09 - 0.01 0.32 0.11 0.09 0.02 0.01 0.01 - 0.01 0.03 0.01 0.02 0.06 0.00 0.09 0.07 0.06 0.04 0.04 0.04 0.00 0.10 0.04 0.04 0.05 0.00 0.10 0.05 0.04 0.35 0.27 0.28 - 0.05 0.62 0.20 0.45 0.35 0.38 - 0.06 0.75 0.26 0.02 0.02 0.02 - 0.01 0.15 0.02 5.97 3.95 4.08 - 1.76 15.56 3.95 0.08 0.13 + 0.01 0.29 0.13 0.12 0.05 0.05 0.05 0.00 0.14 0.05 15.02 14.63 14.67 - 0.08 15.78 12.61 0.62 0.69 - 0.03 1.36 0.75 0.69 0.01 0.01 0.00 0.11 0.01 0.01 0.02 0.02 - 0.01 0.06 0.02 0.02 0.12 0.21 - 0.08 0.77 0.29 0.21 0.02 0.03 0.00 0.08 0.03 0.03 0.01 0.05 - 0.01 0.06 0.06 0.05 0.53 0.82 + 0.01 1.15 0.87 0.80 0.21 0.23 - 0.05 0.50 0.28 0.22 0.52 0.80 + 0.08 1.33 0.95 0.75 0.14 0.17 + 0.01 0.43 0.17 0.15 0.02 0.03 0.00 0.06 0.03 0.03 2.80 2.90 - 0.22 6.50 3.25 2.81 0.01 0.01 0.00 0.02 0.01 0.01 0.05 0.08 0.00 0.12 0.09 0.08 0.33 0.02 0.80 0.48 - 0.48 0.46 0.04 0.05 - 0.01 0.14 0.06 0.05 0.02 0.02 0.00 0.04 0.02 0.02 0.01 0.01 0.01 0.00 0.01 0.01 1.79 2.75 - 0.21 4.48 3.16 2.67 1.35 2.10 - 0.15 3.71 2.40 2.03 6.15 5.53 5.60 - 0.18 6.88 2.79 0.02 0.02 0.00 0.07 0.03 0.02 0.06 0.09 + 0.01 0.22 0.09 0.08 1.68 3.21 - 0.13 3.87 3.53 3.20 0.08 0.13 + 0.03 0.28 0.13 0.09 0.02 0.02 - 0.01 0.05 0.03 0.02 0.01 0.02 0.00 0.02 0.02 0.01 0.46 0.50 - 0.02 0.65 0.55 0.50 0.03 0.04 - 0.01 0.11 0.05 0.04 0.20 0.29 - 0.02 0.56 0.30 0.27

La Quinta Res V 2997 Labdr I-Ore Ro T 14568 668 Lago Dourado M V Lake Shore Gd* X 11764 Lake Shore Gld T 155928 Lara Expl V 665 Laramide Res T 5236 Largo Res V 3458 Latin Am Mnls V 17015 844 Laurion Mnl Ex V Legend Gold V 2570 Lexam VG Gold T 1611 Lincoln Mng V 2418 408 Lion One Mtls V Lomiko Mtls V 2127 Loncor Res T 3230 V 2190 Lorraine Coppr 245 Los Andes Copp V Lucara Diam T 7899 Lucky Mnls V 880 Luna Gold T 3796 141722 Lundin Mng T Lydian Intl T 2057

0.01 0.01 0.01 0.00 0.02 0.01 16.91 15.23 15.27 - 0.97 20.95 10.81 0.07 0.07 0.07 + 0.01 0.15 0.05 0.97 0.87 0.90 + 0.01 1.14 0.60 1.27 1.15 1.20 + 0.03 1.38 0.70 0.20 0.23 - 0.03 0.55 0.25 0.23 0.15 0.15 0.00 0.51 0.17 0.15 0.25 0.25 - 0.06 2.40 0.35 0.25 0.01 0.01 0.01 0.00 0.14 0.01 0.01 0.01 0.01 0.00 0.03 0.01 0.03 0.03 - 0.01 0.14 0.04 0.03 0.09 0.08 0.08 0.00 0.11 0.06 0.03 0.03 - 0.01 0.13 0.03 0.03 0.45 0.37 0.39 - 0.06 0.60 0.17 0.03 0.03 0.00 0.09 0.03 0.03 0.03 0.04 0.00 0.13 0.04 0.04 0.03 0.05 - 0.01 0.08 0.05 0.04 0.14 0.10 0.14 + 0.01 0.23 0.05 1.42 1.68 - 0.02 2.41 1.70 1.62 0.08 0.11 + 0.01 0.16 0.11 0.11 0.05 0.06 0.00 0.45 0.06 0.05 3.68 4.22 - 0.45 6.46 4.80 4.20 0.26 0.29 - 0.01 0.75 0.32 0.29

V 7558 MacDonald Mns V 250 MacMillan Mnls T 7858 Mag Silver Mag Silver* X 533 V 12606 Magellan Minls Majescor Res V 840 Majestic Gold V 261

0.01 0.01 - 0.01 0.02 0.01 0.01 0.05 0.21 + 0.02 0.24 0.21 0.18 10.33 9.53 9.62 - 0.43 11.00 6.56 5.60 7.30 - 0.38 9.17 7.82 7.24 0.04 0.08 + 0.02 0.12 0.08 0.06 0.03 0.05 - 0.01 0.06 0.06 0.04 0.03 0.06 + 0.01 0.08 0.06 0.06

I-J-K

15-11-03 6:20 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 9–15, 2015

S TO C K TA BL ES (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Major Drilling T 4171 Makena Res V 8200 Malbex Res V 15524 Mandalay Res T 4838 Manitou Gold V 970 Manson Creek V 550 Maracote Intl V 1144 Marathon Gold T 3029 Marengo Mng T 210 Maritime Res V 130 Marlin Gold V 773 Mason Graphite V 13674 Masuparia Gold V 12 Matamec Expl V 2210 Maudore Minls V 240 Mawson Res T 333 Mawson West T 180 Max Res V 140 Maya Gold & Si V 3562 MBAC Fertilizr T 37637 McEwen Mng* N 11555 McEwen Mng T 5253 MDN Inc T 3860 MDU Res* N 37866 Meadow Bay Gd T 5482 Mechel* N 2228 Medallion Res V 4927 Mega Copper V 10 Mega Uranium T 8384 Megastar Dev V 170 Melior Res V 4161 Melkior Res V 150 Menika Mining V 17333 Merrex Gold V 1861 Mesa Expl V 14 Mesabi Trust* N 3280 Metalex Vent V 1140 Metalore Res T 14 Metals Ck Res V 80 Metanor Res V 109874 Micrex Devel V 541 Midas Gold T 4255 Midland Expl V 1160 Migao T 241 Millrock Res V 308 Minas Buenavn* N 77086 Minaurum Gold V 132071 Minco Gold* X 1213 Minco Gold T 60 Minco Silver T 1296 Mindoro Res V 4440 Mineral Mtn Rs V 2291 Mines Managem* X 1358 Mines Managmnt T 164 Minfocus Expl V 140 Miranda Gold V 1566 Mirasol Res V 603 Mkango Res V 14390 Monarques Res V 4472 Moneta Porcpn T 11281 Monster Uran V 190 Montero Mg&Ex V 20326 Monument Mng V 1910 Mosaic* N 204969 Mountain Boy M V 4745 Mountain Prov T 3962 MPH Vent V 610 MPVC V 2040 Mundoro Cap V 10 Mustang Minls V 1990

4.90 4.15 4.21 - 0.40 7.49 3.75 0.04 0.03 0.03 - 0.01 0.06 0.02 0.03 0.03 0.03 0.00 0.06 0.01 0.84 0.79 0.80 0.00 1.05 0.69 0.03 0.02 0.02 0.00 0.04 0.01 0.03 0.01 0.01 0.00 0.03 0.01 0.05 0.04 0.04 + 0.01 0.25 0.04 0.22 0.19 0.21 - 0.02 0.39 0.18 0.01 0.01 0.01 0.00 0.02 0.01 0.14 0.12 0.12 - 0.01 0.24 0.08 0.33 0.27 0.27 - 0.07 1.09 0.25 0.47 0.36 0.40 - 0.05 0.73 0.36 0.04 0.04 0.04 - 0.01 0.10 0.04 0.04 0.03 0.04 0.00 0.07 0.02 0.01 0.01 0.01 0.00 0.01 0.01 0.21 0.19 0.19 - 0.02 0.30 0.15 0.02 0.02 0.02 0.00 0.19 0.01 0.11 0.11 0.11 + 0.03 0.20 0.04 0.19 0.16 0.17 0.00 0.31 0.11 0.05 0.03 0.04 0.00 0.18 0.01 1.00 0.90 0.92 - 0.04 1.69 0.65 1.30 1.18 1.18 - 0.08 1.96 0.84 0.03 0.02 0.02 - 0.01 0.08 0.02 19.24 18.37 18.73 - 0.50 28.51 16.15 0.16 0.12 0.13 - 0.02 0.31 0.10 0.93 0.86 0.93 + 0.05 1.88 0.42 0.03 0.02 0.03 0.00 0.10 0.01 0.05 0.05 0.05 + 0.01 0.05 0.02 0.08 0.07 0.07 - 0.01 0.25 0.07 0.03 0.03 0.03 0.00 0.06 0.02 0.03 0.02 0.02 0.00 0.12 0.02 0.02 0.02 0.02 0.00 0.06 0.02 0.15 0.10 0.15 + 0.05 0.15 0.05 0.17 0.14 0.15 - 0.01 0.23 0.05 0.02 0.02 0.02 0.00 0.04 0.02 10.15 8.87 9.00 - 0.97 20.79 8.87 0.06 0.06 0.06 0.00 0.12 0.03 2.90 2.60 2.60 - 0.30 3.72 2.41 0.08 0.07 0.07 - 0.02 0.28 0.05 0.06 0.05 0.05 - 0.01 0.10 0.04 0.02 0.01 0.01 - 0.01 0.05 0.01 0.30 0.27 0.29 + 0.02 0.60 0.27 0.70 0.59 0.64 + 0.04 0.80 0.47 0.56 0.55 0.55 0.00 1.53 0.50 0.26 0.21 0.24 + 0.04 0.55 0.19 8.05 6.97 7.01 - 0.75 12.51 5.73 0.06 0.04 0.05 - 0.01 0.10 0.04 0.19 0.17 0.17 - 0.00 0.38 0.15 0.25 0.24 0.25 + 0.01 0.43 0.20 0.47 0.43 0.43 - 0.04 0.87 0.32 0.01 0.01 0.01 0.00 0.05 0.01 0.03 0.02 0.02 - 0.01 0.06 0.02 0.32 0.28 0.30 - 0.01 0.74 0.26 0.39 0.36 0.36 - 0.06 0.85 0.34 0.01 0.01 0.01 - 0.01 0.04 0.01 0.08 0.08 0.08 0.00 0.14 0.07 0.81 0.75 0.76 + 0.01 1.16 0.74 0.03 0.03 0.03 + 0.01 0.19 0.01 0.09 0.07 0.07 0.00 0.14 0.07 0.12 0.11 0.12 - 0.01 0.15 0.04 0.04 0.04 0.04 0.00 0.12 0.02 0.04 0.02 0.03 - 0.02 0.06 0.01 0.13 0.11 0.11 - 0.01 0.18 0.08 36.05 33.75 34.66 - 0.50 53.83 29.61 0.01 0.01 0.01 0.00 0.02 0.01 4.23 3.65 3.68 - 0.55 5.50 3.38 0.09 0.09 0.09 + 0.01 0.10 0.04 0.02 0.02 0.02 0.00 0.10 0.02 0.07 0.07 0.07 - 0.01 0.20 0.06 0.01 0.01 0.01 0.00 0.02 0.01

N-O Namibia Rare E T 820 Natural Rs Pt* N 3428 Nautilus Minls T 3377 Nebu Res V 202 Nemaska Lith V 13358 Network Expl V 60 Nevada Clean M V 1010 Nevada Copper T 677 Nevada Expl V 13654 Nevada Sunrise V 2452 Nevado Res V 2930 Nevsun Res T 9927 Nevsun Res* X 7141 New Carolin Gd V 991 New Destiny Mg V 100 New Dimen Res V 42 New Gold T 71444 New Gold* X 178770 New Millennium V 8912 New Milln Iron T 7393 New Nadina V 1070 New Oroperu Rs V 450 New Pac Metals T 1342 Newmac Res V 25 Newmont Mng* N 435448 Newport Expl V 4509 NGEx Res T 1460 Nighthawk Gold V 9170 Nikos Expl V 85 Niogold Mng V 7998 Nippon Dragon V 22916 Nitinat Mnls V 215 Noble Metal Gr V 530 Noka Res V 15720 Nomad Ventures V 7490 Noram Vent V 1000 Noront Res V 5812 Nortec Mnls V 33 North Am En P* N 265 North Am En Pa T 785 North Am Nickl V 928 North Am Pall T 153 North Am Tung V 5266 North Arrow Mn V 2029 Northcliff Res T 260 Northern Dyn* X 5578 Northern Dyn M T 2253 Northern Freeg V 103 Northern Gld M V 2629 Northern Graph V 3481 Northern Iron V 3280 Northern Lion V 56 Northern Shiel V 33300 Northern Sun M V 40 Northern Sup R V 10 Northern Vertx V 348 Northisle C&G V 5905 Northquest V 11959 NovaCopper T 722 NovaCopper* X 2657 NovaGold Res T 11137 NovaGold Res* X 68902 NQ Expl V 12012 NSGold V 2690 NSX Silver V 220 NuLegacy Gold V 1503 NV Gold V 160 Oban Mng T 4766 OceanaGold T 127220 Oceanus Res V 315 Odin Mng & Exp V 3440 Olivut Res V 132 Olympic Res V 980 OM Group* N 76148 Omineca Mg&Mtl V 110 Oracle Mng V 1310 Orbit Garant D T 1444 Orbite Alumnae T 44556 Orca Gold V 2697 Orefinders Res V 2350 Orex Expl V 2670

TNM_pg 7 8 9 10.indd 9

0.05 0.04 0.05 0.00 0.22 0.04 2.02 1.64 1.68 - 0.34 13.79 1.64 0.34 0.29 0.29 - 0.05 0.56 0.24 0.01 0.01 0.01 - 0.01 0.05 0.01 0.30 0.28 0.29 0.00 0.35 0.12 0.02 0.02 0.02 0.00 0.05 0.02 0.04 0.03 0.04 0.00 0.06 0.03 1.02 0.96 1.00 - 0.03 2.03 0.75 0.94 0.21 0.58 + 0.38 0.94 0.05 0.27 0.23 0.23 - 0.01 0.53 0.13 0.02 0.02 0.02 - 0.01 0.06 0.01 4.23 3.86 3.92 - 0.20 5.35 3.41 3.22 2.93 2.96 - 0.19 4.51 2.57 0.06 0.05 0.05 0.00 0.08 0.02 0.01 0.01 0.01 0.00 0.05 0.01 0.06 0.05 0.06 + 0.01 0.11 0.04 3.98 3.16 3.20 - 0.47 6.04 2.52 3.02 2.40 2.44 - 0.35 5.12 1.90 0.11 0.10 0.10 - 0.01 0.36 0.10 0.08 0.07 0.07 - 0.02 0.30 0.07 0.01 0.01 0.01 - 0.01 0.03 0.01 0.17 0.13 0.17 + 0.03 0.20 0.07 0.18 0.18 0.18 + 0.02 0.24 0.14 0.12 0.11 0.11 + 0.01 0.29 0.10 20.57 18.52 19.89 + 0.86 27.90 15.39 0.24 0.23 0.23 - 0.01 0.49 0.20 0.54 0.50 0.50 - 0.01 1.58 0.44 0.12 0.07 0.08 + 0.01 0.41 0.05 0.03 0.03 0.03 0.00 0.15 0.03 0.32 0.28 0.31 + 0.01 0.43 0.22 0.15 0.09 0.12 + 0.02 0.15 0.03 0.07 0.05 0.07 + 0.01 0.09 0.03 0.01 0.01 0.01 0.00 0.01 0.01 0.06 0.05 0.06 + 0.02 0.35 0.03 0.02 0.01 0.02 + 0.01 0.07 0.01 0.01 0.01 0.01 - 0.01 0.03 0.01 0.43 0.35 0.40 + 0.04 0.67 0.25 0.02 0.02 0.02 0.00 0.08 0.02 2.38 2.17 2.26 + 0.03 5.69 1.60 3.15 2.86 3.00 + 0.05 6.60 2.10 0.18 0.14 0.15 - 0.04 0.28 0.12 4.09 3.90 3.90 - 0.06 188.00 3.87 0.02 0.01 0.01 - 0.01 0.07 0.01 0.27 0.22 0.27 - 0.01 1.34 0.22 0.08 0.08 0.08 0.00 0.27 0.06 0.44 0.34 0.43 + 0.09 0.72 0.28 0.58 0.47 0.55 + 0.09 0.83 0.37 0.05 0.05 0.05 + 0.01 0.18 0.04 0.02 0.01 0.02 0.00 0.03 0.01 0.32 0.27 0.30 0.00 0.89 0.26 0.01 0.01 0.01 0.00 0.05 0.01 0.06 0.06 0.06 + 0.01 0.16 0.03 0.02 0.01 0.02 - 0.01 0.04 0.01 0.13 0.13 0.13 - 0.03 0.30 0.03 0.03 0.03 0.03 - 0.01 0.04 0.02 0.26 0.23 0.24 - 0.01 0.26 0.09 0.03 0.02 0.02 - 0.01 0.07 0.02 0.31 0.19 0.21 + 0.02 0.32 0.07 0.55 0.47 0.50 + 0.02 0.93 0.41 0.42 0.36 0.38 + 0.01 0.79 0.35 5.22 4.74 4.82 - 0.09 5.23 2.65 3.97 3.60 3.66 - 0.10 4.25 2.33 0.01 0.01 0.01 - 0.01 0.02 0.01 0.04 0.03 0.04 0.00 0.65 0.03 0.03 0.03 0.03 0.00 0.07 0.03 0.13 0.11 0.11 - 0.02 0.17 0.06 0.02 0.02 0.02 + 0.01 0.17 0.01 1.23 1.15 1.15 - 0.07 3.40 1.15 2.69 2.42 2.52 + 0.11 3.15 1.70 0.23 0.23 0.23 0.00 0.47 0.14 0.30 0.30 0.30 0.00 0.58 0.21 0.14 0.11 0.14 + 0.03 0.19 0.08 0.13 0.11 0.12 + 0.02 0.32 0.03 33.97 31.71 33.94 + 0.74 35.00 0.00 0.06 0.04 0.06 0.00 0.11 0.01 0.01 0.01 0.01 0.00 0.09 0.01 1.00 0.85 0.85 - 0.20 1.50 0.79 0.38 0.34 0.35 - 0.01 0.45 0.20 0.21 0.17 0.18 - 0.02 0.47 0.16 0.01 0.01 0.01 0.00 0.10 0.01 0.02 0.01 0.02 + 0.01 0.02 0.01

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Orex Minls V 994 Orezone Gold T 1458 Oroco Res V 600 Orocobre T 924 Orosur Mng T 3095 Orvana Mnrls T 4707 Otis Gold V 1080

0.13 0.11 0.13 + 0.01 0.34 0.11 0.31 0.28 0.29 - 0.01 0.74 0.22 0.03 0.03 0.03 - 0.01 0.06 0.02 1.90 1.71 1.71 - 0.15 2.88 1.38 0.16 0.11 0.15 + 0.04 0.24 0.10 0.20 0.17 0.18 - 0.01 0.49 0.15 0.10 0.09 0.09 0.00 0.14 0.02

Pac Bay Mnrls V 947 Pac Booker Min V 47 Pac Booker Mn* X 28 Pac Casc Minls V 40 Pac Coal Res V 15 Pac Imp Mines V 300 Pac Iron Ore V 24 Pac North West V 4200 Pac Potash V 100 Pac Ridge Expl V 1010 Paladin Energy T 11157 Palmer Res V 1370 Pan Am Silver T 32775 Pan Am Silver* Q 116728 Pancontl Uran V 80 Panoro Minls V 1230 Parlane Res V 569 PC Gold V 60221

0.10 0.03 0.10 + 0.07 0.10 0.02 2.26 1.95 1.95 - 0.47 6.90 1.02 1.72 1.50 1.50 - 0.34 5.75 1.04 0.01 0.01 0.01 0.00 0.04 0.01 0.01 0.01 0.01 - 0.01 0.38 0.01 0.01 0.01 0.01 0.00 0.01 0.01 0.34 0.34 0.34 - 0.05 0.39 0.10 0.02 0.02 0.02 - 0.01 0.05 0.01 0.04 0.04 0.04 + 0.01 0.45 0.03 0.03 0.02 0.02 - 0.01 0.04 0.02 0.24 0.21 0.22 + 0.01 0.43 0.15 0.01 0.01 0.01 - 0.01 0.07 0.01 11.55 10.00 10.16 - 0.45 15.06 7.77 8.80 7.59 7.72 - 0.38 12.05 5.85 0.01 0.01 0.01 - 0.01 0.03 0.01 0.12 0.11 0.11 - 0.01 0.30 0.10 0.13 0.06 0.09 + 0.03 0.23 0.03 0.10 0.09 0.09 - 0.01 0.10 0.02

P-Q

ADVANTAGE

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Rodinia Lithm V 4127 Rogue Iron Ore V 5412 Rokmaster Res V 1020 Rome Res V 147 Romios Gold Rs V 2810 Romulus Res V 1650 Roxgold V 4993 Royal Cdn Mint T 1543 Royal Gold T 212 Royal Gold* Q 34408 Royal Nickel T 5340 RPT Uranium V 37 RT Minerals V 50 Rubicon Mnls* X 84294 Rubicon Mnrls T 32608 Rugby Mng V 110 Rupert Res V 610 Rusoro Mng V 560 Russell Metals T 8875 Rye Patch Gold V 4395

0.02 0.02 0.02 0.00 0.05 0.01 0.11 0.10 0.10 - 0.01 0.16 0.02 0.02 0.02 0.02 0.00 0.05 0.01 0.02 0.02 0.02 0.00 0.15 0.02 0.03 0.02 0.03 + 0.01 0.07 0.02 0.10 0.07 0.09 - 0.04 0.24 0.07 0.71 0.66 0.68 - 0.03 0.77 0.39 16.68 16.07 16.08 - 0.28 17.41 13.87 69.51 62.90 63.75 - 3.44 95.64 57.21 52.70 47.76 48.24 - 2.95 77.20 42.21 0.23 0.22 0.22 - 0.01 0.59 0.22 0.27 0.27 0.27 - 0.05 0.43 0.22 0.01 0.01 0.01 0.00 0.03 0.01 0.50 0.45 0.50 + 0.03 1.35 0.43 0.65 0.59 0.59 - 0.03 1.63 0.57 0.08 0.06 0.06 - 0.02 0.27 0.06 0.05 0.04 0.04 - 0.01 0.11 0.03 0.05 0.05 0.05 + 0.01 0.07 0.01 21.69 20.13 20.40 - 0.79 34.14 18.23 0.14 0.12 0.14 + 0.01 0.20 0.11

Sabina Gd&Slvr T 38443 Sage Gold V 206 Saint Jean Car V 10347 Salazar Res V 270 Sama Res V 1240

0.64 0.50 0.58 + 0.05 0.64 0.28 0.05 0.05 0.05 + 0.01 0.20 0.04 0.05 0.04 0.05 + 0.01 0.05 0.01 0.05 0.04 0.04 - 0.01 0.18 0.04 0.17 0.14 0.14 - 0.03 0.30 0.10

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www.northernminer.com

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Strongbow Expl V 425 Stroud Res V 400 Sulliden Mng C T 1385 Sultan Mnrls V 62782 SunCoke Engy* N 13670 Sunridge Gold V 3702 Suparna Gold V 2800 Superior Coppr V 10580 Sutter Gold V 6387

0.11 0.10 0.10 - 0.01 0.18 0.06 0.01 0.01 0.01 0.00 0.01 0.01 0.25 0.23 0.24 - 0.01 0.49 0.19 0.02 0.01 0.01 0.00 0.02 0.01 5.56 4.62 4.91 - 0.55 24.09 4.62 0.19 0.17 0.18 - 0.01 0.24 0.12 0.02 0.02 0.02 0.00 0.16 0.02 0.02 0.01 0.02 0.00 0.08 0.01 0.10 0.05 0.09 + 0.04 0.15 0.04

TAD Mnl Expl V 450 Tahoe Res* N 23201 Tahoe Res T 36918 Taipan Res V 1398 Tajiri Res V 5190 Takara Res V 79 Talon Metals T 1148 Tanz Roy Exp T 1143 Tanz Roy Exp* X 6127 Tanzania Mnls V 1800 Taranis Res V 20 Tasca Res V 58 Taseko Mines* X 3946 Taseko Mines T 1626 Tasman Metals V 1217 Tasman Mtls* X 1505 Teck Res A T 87 Teck Res B* N 395259 Teck Res B T 204860 Tembo Gold V 210 Teranga Gold T 40029 Teras Res V 5230 Terraco Gold V 4406 Terrax Minls V 2642 Teuton Res V 1768 Themac Res V 350 Thompson Creek T 2686 Thompson Crk* N 3575 Timberline Res V 131 Timberline Rs* X 870 Timmins Gold* X 14611 Timmins Gold T 73637 Tinka Res V 3342 Tintina Mines V 85 Tintina Res V 3090 Tirex Res V 1245 Titanium Corp V 4203 Tolima Gold V 400 TomaGold V 2450 Torex Gold T 90922 Transition Mtl V 1370 Treasury Metal T 3715 Tres-Or Res V 900 Trevali Mng T 12133 Tri Origin Exp V 1400 Tribute Res V 4007 TriMetals Mng T 3556 Trio Gold Corp V 500 Troymet Expl V 6136 True Gold Mng V 19421 True North Gem V 2621 Trueclaim Expl V 150 Tsodilo Res V 308 Turquoise HIl* N 28077 Turquoise Hill T 57406 TVI Pacific T 1252 Typhoon Expl V 48

0.01 0.01 0.01 0.00 0.01 0.01 9.61 8.33 8.42 - 0.43 21.70 7.33 12.66 10.96 11.10 - 0.51 24.25 9.66 0.20 0.17 0.19 + 0.03 3.05 0.17 0.01 0.01 0.01 0.00 0.04 0.01 0.04 0.03 0.03 0.00 0.06 0.01 0.15 0.14 0.14 - 0.01 0.39 0.08 0.50 0.44 0.46 + 0.02 1.95 0.32 0.38 0.33 0.35 + 0.01 1.76 0.25 0.01 0.01 0.01 0.00 0.07 0.01 0.05 0.05 0.05 0.00 0.15 0.03 0.01 0.01 0.01 0.00 0.08 0.01 0.51 0.48 0.49 - 0.01 1.48 0.32 0.68 0.64 0.64 - 0.03 1.68 0.51 0.40 0.35 0.35 - 0.01 0.99 0.33 0.30 0.26 0.27 - 0.00 0.79 0.25 11.24 9.85 9.85 - 1.40 22.64 7.74 7.01 5.59 5.63 - 1.10 17.88 4.39 9.22 7.36 7.38 - 1.41 20.58 5.87 0.02 0.02 0.02 0.00 0.06 0.02 0.59 0.53 0.53 - 0.04 0.82 0.38 0.08 0.06 0.07 - 0.01 0.15 0.05 0.09 0.08 0.09 + 0.01 0.19 0.07 0.36 0.32 0.32 - 0.04 0.44 0.23 0.06 0.04 0.05 - 0.01 0.48 0.04 0.02 0.01 0.02 + 0.01 0.03 0.01 0.69 0.63 0.64 - 0.03 2.57 0.53 0.53 0.47 0.47 - 0.03 2.26 0.40 0.72 0.62 0.65 - 0.05 0.96 0.35 0.55 0.49 0.50 - 0.04 0.96 0.26 0.24 0.20 0.21 - 0.02 1.30 0.20 0.31 0.27 0.27 - 0.03 1.53 0.26 0.19 0.16 0.17 0.00 0.43 0.15 0.05 0.05 0.05 + 0.01 0.06 0.02 0.08 0.06 0.07 + 0.01 0.15 0.04 0.15 0.12 0.15 + 0.03 0.35 0.12 1.19 1.07 1.07 - 0.03 1.55 0.60 0.01 0.01 0.01 0.00 0.03 0.01 0.06 0.05 0.06 + 0.01 0.13 0.04 1.32 1.19 1.25 - 0.03 1.65 0.85 0.10 0.08 0.08 - 0.02 0.27 0.06 0.54 0.49 0.50 0.00 0.62 0.25 0.03 0.02 0.03 0.00 0.03 0.01 0.61 0.51 0.52 - 0.07 1.24 0.31 0.03 0.02 0.02 0.00 0.04 0.01 0.05 0.05 0.05 - 0.01 0.12 0.04 0.11 0.09 0.09 - 0.02 0.15 0.04 0.01 0.01 0.01 + 0.01 0.02 0.01 0.02 0.02 0.02 0.00 0.03 0.01 0.26 0.23 0.24 + 0.02 0.34 0.15 0.16 0.14 0.15 + 0.01 0.19 0.07 0.02 0.02 0.02 0.00 0.07 0.02 0.73 0.70 0.70 0.00 1.19 0.68 3.06 2.62 2.66 - 0.29 4.73 2.41 4.02 3.44 3.47 - 0.40 5.80 3.17 0.02 0.01 0.01 - 0.01 0.03 0.01 0.05 0.04 0.05 0.00 0.08 0.03

U3O8 Corp T 3723 UC Res V 440 Ucore Rare Mtl V 5517 UEX Corp T 11222 Ultra Lithium V 570 Unigold V 803 Unity Energy V 213 Ur-Energy T 751 Ur-Energy* X 1765 Uracan Res V 2410 Uragold Bay Rs V 6832 Uranium Ener* X 8126 Uranium Partic T 3938 Uranium Res* Q 1965 Uravan Minls V 1250 US Energy* Q 4141 US Silica Hld* N 40890 Vale* N 367719 ValGold Res V 65 Valterra Res V 110 Vangold Res V 2429 Vanstar Mng Rs V 180 Vantex Res V 2590 Vena Res T 418 Vendetta Mng V 55 Verde Potash T 2560 Victoria Gold V 6915 Victory Nickel T 4583 Victory Res V 1600 Victory Vent V 2220 Vior Mining V 1002 Virginia Engy V 15 Viscount Mng V 7283 Visible Gold M V 4251 Vista Gold T 269 Vista Gold* X 4081 VMS Vent V 13319 Volcanic Mtls V 203 Vulcan Mnrls V 8311 VVC Expl V 1020

0.03 0.03 0.03 0.00 0.07 0.02 0.02 0.02 0.02 0.00 0.03 0.01 0.23 0.20 0.23 + 0.03 0.44 0.20 0.13 0.12 0.12 - 0.01 0.37 0.11 0.09 0.07 0.08 - 0.01 0.35 0.05 0.09 0.08 0.09 + 0.01 0.35 0.08 0.08 0.07 0.07 - 0.01 0.10 0.03 0.76 0.73 0.75 0.00 1.35 0.72 0.60 0.55 0.57 + 0.01 1.07 0.53 0.02 0.01 0.01 0.00 0.08 0.01 0.04 0.04 0.04 + 0.01 0.07 0.03 1.17 1.07 1.10 + 0.01 3.00 0.90 5.31 5.10 5.17 - 0.10 5.76 4.82 0.84 0.76 0.79 - 0.01 2.67 0.60 0.14 0.12 0.13 0.00 0.17 0.03 0.47 0.37 0.39 - 0.06 2.82 0.36 18.91 14.54 17.79 + 1.13 51.20 13.50 4.93 4.11 4.19 - 0.54 11.45 4.03 0.01 0.01 0.01 0.00 0.03 0.01 0.01 0.01 0.01 - 0.01 0.03 0.01 0.01 0.01 0.01 0.00 0.02 0.01 0.05 0.05 0.05 - 0.01 0.09 0.03 0.02 0.02 0.02 0.00 0.04 0.01 0.03 0.02 0.02 - 0.01 0.17 0.02 0.09 0.09 0.09 0.00 0.22 0.08 0.27 0.23 0.25 + 0.01 0.70 0.23 0.15 0.14 0.14 0.00 0.24 0.09 0.03 0.02 0.03 0.00 0.51 0.02 0.05 0.05 0.05 0.00 0.09 0.03 0.03 0.03 0.03 0.00 0.03 0.01 0.06 0.04 0.05 - 0.01 0.13 0.04 0.06 0.06 0.06 + 0.01 0.10 0.03 0.43 0.38 0.43 + 0.06 0.47 0.15 0.05 0.05 0.05 + 0.01 0.27 0.04 0.44 0.39 0.39 - 0.07 0.56 0.29 0.34 0.29 0.29 - 0.05 0.45 0.24 0.12 0.09 0.10 - 0.01 0.32 0.09 0.05 0.05 0.05 + 0.01 0.16 0.04 0.03 0.02 0.03 + 0.01 0.04 0.02 0.03 0.03 0.03 - 0.01 0.04 0.02

Wallbridge Mng T 300 War Eagle Mg V 58 Waseco Res V 290 WCB Res V 100 Wealth Minls V 1040 Wescan Goldfie V 170 Wesdome Gold T 841 West Af Iron O V 680 West High Yld V 410 West Kirkland V 4930 Westcore Energ V 500 Western Copper T 443 Western Coppr* X 238 Western Lithiu T 30408 Western Melv M V 110 Western Pac Rs V 1015 Western Potash T 4123 Westhaven Vent V 290 Westkam Gold V 3290 Westminster Rs V 650 WGI Heavy Mnl T 3229 White Pine Res V 30 Wildcat Expl V 40 Williams Creek V 8659 Wolfden Res V 56264 Wolverine Mnls V 85 WPC Res V 880 Xmet V 2400 Xtierra V 2480 Xtra-Gold Res T 30 Yamana Gold* N 103567 Yamana Gold T 246527 Yanzhou Coal* N 2798 Yellowhead Mng T 523 Zadar Vent V 30 Zazu Metals T 1195 Zenyatta Vent V 3055 Zephyr Mnls V 20 Zimtu Capital V 2624 Zinco Mng V 127 Zonte Mtls V 100

0.03 0.03 0.03 - 0.01 0.08 0.03 0.02 0.02 0.02 - 0.01 0.04 0.01 0.04 0.03 0.03 0.00 0.06 0.02 0.08 0.08 0.08 - 0.02 0.30 0.08 0.22 0.18 0.22 + 0.03 0.42 0.03 0.06 0.03 0.06 + 0.03 0.06 0.01 1.06 0.98 1.02 + 0.02 1.40 0.68 0.02 0.02 0.02 0.00 0.10 0.02 0.25 0.23 0.25 0.00 0.43 0.11 0.05 0.05 0.05 - 0.01 0.10 0.05 0.03 0.02 0.03 0.00 0.04 0.01 0.42 0.39 0.40 - 0.03 0.78 0.34 0.32 0.30 0.30 + 0.00 0.68 0.27 0.36 0.26 0.35 + 0.09 0.96 0.26 0.04 0.04 0.04 + 0.01 0.15 0.03 0.01 0.01 0.01 - 0.01 0.15 0.01 0.24 0.21 0.21 - 0.02 0.37 0.20 0.08 0.06 0.08 + 0.02 0.12 0.05 0.04 0.03 0.03 0.00 0.05 0.03 0.03 0.02 0.03 + 0.01 0.15 0.01 0.23 0.22 0.23 + 0.01 0.78 0.00 0.01 0.01 0.01 + 0.01 0.09 0.01 0.04 0.04 0.04 0.00 0.08 0.02 0.02 0.01 0.01 - 0.01 0.11 0.01 0.10 0.07 0.07 - 0.01 0.32 0.05 0.04 0.04 0.04 + 0.01 0.10 0.03 0.05 0.05 0.05 0.00 0.08 0.03 0.01 0.01 0.01 0.00 0.07 0.01 0.01 0.01 0.01 0.00 0.09 0.01 0.22 0.22 0.22 0.00 0.30 0.10 2.70 2.28 2.30 - 0.14 5.66 1.43 3.55 3.00 3.01 - 0.19 6.44 1.89 5.27 4.88 4.95 - 0.25 12.24 4.28 0.05 0.05 0.05 0.00 0.18 0.03 0.01 0.01 0.01 + 0.01 0.08 0.01 0.14 0.11 0.14 + 0.01 0.46 0.11 1.09 0.96 1.00 - 0.04 2.61 0.93 0.15 0.15 0.15 - 0.01 0.20 0.09 0.17 0.14 0.15 - 0.03 0.45 0.14 0.02 0.02 0.02 0.00 0.09 0.02 0.03 0.03 0.03 - 0.02 0.08 0.02

U-V Peabody Enrgy* N 86151 Peat Res V 145 Pelangio Expl V 3496 Pele Mtn Res V 3040 Peregrine Diam T 19677 Perseus Mng T 11010 Pershimco Res V 1466 Peruvian Prc M V 70095 Phoenix Gold V 310 Pilot Gold T 5256 Pinecrest Res V 225 Pinetree Cap T 9562 PJX Res V 154 Platinex V 5900 Platinum Gp M* X 3731 Platinum Gp Mt T 8202 Playfair Mng V 315 Polaris Minls T 977 PolyMet Mng* X 13681 PolyMet Mng T 1661 Potash C Sask* N 364574 Potash Cp Sask T 131644 Precipitate Gl V 2271 Premier Gold M T 18949 Pretium Res* N 47189 Pretium Res T 31027 Primero Mng T 21255 Primero Mng* N 4972 Proam Expl V 680 Probe Mines V 2272 Prophecy Coal T 8968 Puma Expl V 5992 Purepoint U V 3337 Q-Gold Res V 90 QMC Quantum Ml V 650 QMX Gold V 1707 Quaterra Res V 2929 Quest Rare Mnl T 2794

24.86 13.18 13.19 - 10.40 179.40 13.18 0.02 0.01 0.02 0.00 0.03 0.01 0.03 0.02 0.02 0.00 0.05 0.02 0.04 0.03 0.04 0.00 0.09 0.03 0.21 0.17 0.18 - 0.02 0.39 0.14 0.41 0.36 0.36 - 0.02 0.48 0.18 0.16 0.13 0.14 - 0.01 0.27 0.13 0.09 0.06 0.08 + 0.01 0.18 0.06 0.01 0.01 0.01 + 0.01 0.05 0.01 0.43 0.38 0.38 - 0.03 1.27 0.33 0.09 0.08 0.08 - 0.02 0.50 0.06 0.08 0.07 0.08 + 0.01 0.21 0.06 0.17 0.16 0.17 + 0.01 0.29 0.10 0.01 0.01 0.01 0.00 0.01 0.01 0.29 0.26 0.27 - 0.02 0.94 0.22 0.37 0.34 0.35 - 0.03 1.10 0.29 0.05 0.04 0.04 - 0.01 0.08 0.01 1.95 1.75 1.75 - 0.04 2.83 1.65 1.00 0.75 0.81 + 0.01 1.37 0.55 1.35 1.00 1.07 + 0.02 1.75 0.76 22.28 20.40 20.72 - 0.79 37.60 19.47 29.29 26.88 27.32 - 0.86 47.10 25.80 0.11 0.08 0.09 - 0.01 0.21 0.07 2.75 2.41 2.42 - 0.20 2.92 1.61 6.65 5.82 5.93 - 0.54 7.56 4.07 8.76 7.68 7.82 - 0.65 9.05 4.60 3.61 3.05 3.09 - 0.21 6.06 2.66 2.74 2.32 2.35 - 0.18 5.02 2.00 0.01 0.01 0.01 0.00 0.02 0.01 0.43 0.36 0.39 0.00 0.56 0.12 0.05 0.04 0.04 0.00 0.08 0.03 0.06 0.05 0.05 - 0.01 0.18 0.05 0.03 0.02 0.03 0.00 0.07 0.02 0.02 0.02 0.02 0.00 0.06 0.01 0.01 0.01 0.01 0.00 0.04 0.01 0.03 0.02 0.03 + 0.01 0.04 0.01 0.10 0.08 0.09 0.00 0.15 0.04 0.09 0.08 0.08 0.00 0.29 0.07

Rackla Mtls V 457 Radisson Mng V 1986 Radius Gold V 11118 Rainy Mtn Royl V 280 Rambler Mg&Mtl V 6520 Randgold Res* Q 43788 Range Engy Res C 19425 Rapier Gold V 228 Rare Elemnt Rs T 5957 Rare Elemt Re* X 8694 Rathdowney Res V 1985 Red Eagle Mng V 2917 Red Moon Potsh V 104 Red Pine Expl V 1575 Red Tiger Mng V 525 Redhawk Res T 10 Redhill Res V 110 Redstar Gold V 3428 Redstar Res V 3990 Regulus Res V 19 Reliance Res V 3500 Reliant Gold V 200 Remo Res V 50 Renaissance Gd T 259 Reservoir Capt V 207 Reservoir Mnls V 1285 Reunion Gold V 6076 Revolver Res V 590 Rhino Res* N 224 Richmond Mnls V 585 Richmont Mines T 4497 Richmont Mine* X 6597 Rio Novo Gold T 628 Rio Silver V 300 Rio Tinto* N 37336 Riverside Res V 295 RJK Explor V 440 Robex Res V 3390 Rochester Res V 310 Rock Tech Lith V 60 Rockhaven Res V 1043

0.09 0.07 0.07 - 0.03 0.13 0.03 0.13 0.11 0.12 - 0.01 0.15 0.08 0.08 0.07 0.08 0.00 0.11 0.06 0.06 0.03 0.06 - 0.01 0.11 0.02 0.11 0.08 0.08 - 0.02 0.49 0.08 72.07 66.80 67.00 - 2.23 85.84 54.88 0.03 0.03 0.03 0.00 0.10 0.01 0.05 0.04 0.04 0.00 0.08 0.01 0.35 0.27 0.30 - 0.04 1.31 0.27 0.29 0.20 0.22 - 0.04 1.06 0.20 0.15 0.11 0.15 0.00 0.35 0.11 0.32 0.30 0.30 - 0.01 0.36 0.18 0.03 0.03 0.03 - 0.01 0.09 0.02 0.08 0.07 0.08 0.00 0.18 0.03 0.04 0.03 0.04 + 0.02 0.19 0.02 0.06 0.06 0.06 + 0.01 0.13 0.04 0.11 0.11 0.11 + 0.03 0.38 0.07 0.04 0.04 0.04 0.00 0.06 0.03 0.03 0.02 0.02 0.00 0.10 0.02 0.24 0.24 0.24 + 0.04 0.54 0.00 0.01 0.01 0.01 - 0.01 0.02 0.01 0.02 0.02 0.02 0.00 0.06 0.01 0.05 0.05 0.05 0.00 0.13 0.04 0.19 0.16 0.19 + 0.02 0.38 0.14 0.51 0.49 0.49 - 0.04 0.62 0.21 4.57 4.29 4.35 - 0.11 5.09 3.30 0.02 0.02 0.02 0.00 0.10 0.01 0.06 0.05 0.06 - 0.01 0.08 0.02 0.95 0.81 0.86 - 0.04 4.47 0.63 0.14 0.12 0.13 0.00 0.14 0.03 4.32 3.90 3.93 - 0.11 4.55 2.15 3.28 2.95 3.00 - 0.14 3.68 1.89 0.14 0.12 0.14 0.00 0.16 0.06 0.02 0.02 0.02 0.00 0.04 0.01 38.66 35.64 35.86 - 2.10 50.06 31.97 0.18 0.15 0.18 + 0.02 0.36 0.15 0.01 0.01 0.01 0.00 0.01 0.01 0.09 0.08 0.08 - 0.01 0.12 0.04 0.04 0.03 0.03 - 0.01 0.15 0.03 0.05 0.04 0.04 - 0.01 0.10 0.03 0.14 0.13 0.14 + 0.01 0.27 0.13

Sanatana Diam V 4750 Sandspring Res V 2170 Sandstorm Gld* X 71658 Sandstorm Gold T 13047 Santa Fe Metls V 1576 Santacruz Silv V 4795 Sarama Res V 300 Satori Res V 1875 Saturn Minls V 3874 Savant Expl V 233 Saville Res V 2071 Scorpio Gold V 3398 Scorpio Mining T 21688 Seabridge Gld* N 30156 Seabridge Gold T 6938 Search Mnls V 2390 Secova Mtls V 2868 Semafo T 55589 Sentry Sl PrmM T 1312 Serabi Gold T 300 Serengeti Res V 100 SGX Res V 6820 Sherritt Intl T 45821 Shore Gold T 5731 Sienna Res V 5765 Sierra Iron Or V 687 Sierra Metals T 251 Signature Res V 400 Silver Bear Rs T 17728 Silver Bull Re T 750 Silver Grail R V 3840 Silver Mtn Mns V 60 Silver Predatr V 291 Silver Range R V 550 Silver Spruce V 1291 Silver Std Res T 30323 Silver Std Re* Q 84857 Silver Wheatn* N 260916 Silver Wheaton T 81004 Silvercorp Mtl T 11479 Silvermet V 1445 Silvore Fox Ml V 3423 Sirios Res V 1793 Skeena Res V 7220 Skyharbour Res V 4100 Slam Exploratn V 1749 Sniper Res V 400 SnipGold V 246 SNS Silver V 2271 Soc Quim&M Ch* N 35756 Solitario Ex&R T 160 Solitario Ex&* X 2262 Sona Res V 200 Sonora Gld & S V 280 Sonoro Mtls V 5670 Source Expl V 1725 Southern Arc V 45 Southern Silvr V 780 SouthGobi Res T 22 Spanish Mtn Gd V 10800 Sparton Res V 8440 Sprott Ph Silv T 44 Sprott Res T 4747 Spruce Ridge R V 3048 St Andrew Gldf T 12492 St Augustine T 160 St-Georges Plt C 50 Stakeholdr Gld V 7970 Standard Graph V 600 Stans Energy V 1944 Starcore Int V T 3458 Stellar Pac Vt V 4686 Stillwater Mg* N 92238 Stockport Expl T 2123 Stonegate Agri T 1578 Stornoway Diam T 8500 Strata Mnls V 163 Strategic Metl V 1085 Strategic Res V 10 Stratton Res V 100 Strike Graph V 2162 StrikePoint Gd V 12020

0.04 0.03 0.04 + 0.01 0.15 0.02 0.21 0.18 0.18 - 0.02 0.51 0.13 3.09 2.58 2.65 - 0.34 4.40 2.20 4.06 3.40 3.46 - 0.44 5.30 2.80 0.02 0.02 0.02 0.00 0.03 0.01 0.15 0.12 0.15 + 0.02 0.62 0.11 0.08 0.08 0.08 0.00 0.12 0.03 0.05 0.03 0.05 + 0.01 0.45 0.02 0.13 0.12 0.13 + 0.01 0.24 0.11 0.01 0.01 0.01 - 0.01 0.05 0.01 0.03 0.02 0.02 - 0.02 0.13 0.02 0.08 0.07 0.08 0.00 0.20 0.07 0.17 0.16 0.16 - 0.02 0.28 0.14 9.58 7.93 8.43 + 0.50 9.89 3.31 12.60 10.43 11.11 + 0.69 12.60 4.34 0.05 0.04 0.05 0.00 0.13 0.03 0.06 0.05 0.06 + 0.02 0.09 0.03 3.38 2.91 2.95 - 0.24 4.49 2.39 2.45 2.10 2.14 - 0.19 3.49 2.01 0.06 0.06 0.06 - 0.01 0.10 0.06 0.03 0.03 0.03 0.00 0.08 0.02 0.01 0.01 0.01 0.00 0.02 0.01 0.97 0.82 0.85 - 0.08 3.25 0.70 0.22 0.19 0.20 + 0.01 0.31 0.13 0.02 0.02 0.02 0.00 0.04 0.01 0.45 0.34 0.37 - 0.03 0.62 0.07 1.25 1.03 1.20 - 0.10 2.13 0.84 0.02 0.02 0.02 + 0.01 0.04 0.01 0.04 0.03 0.03 0.00 0.10 0.03 0.09 0.08 0.08 - 0.01 0.30 0.07 0.03 0.02 0.02 - 0.01 0.06 0.02 0.02 0.02 0.02 0.00 0.05 0.01 0.02 0.02 0.02 + 0.01 0.05 0.01 0.04 0.03 0.04 0.00 0.11 0.03 0.09 0.07 0.08 - 0.01 0.10 0.02 10.56 9.15 9.29 - 0.39 10.56 4.47 8.02 6.95 7.04 - 0.35 8.02 3.92 15.37 13.59 13.75 - 0.11 24.22 11.03 20.20 17.90 18.11 - 0.09 29.86 14.62 1.10 1.00 1.06 0.00 2.00 0.75 0.04 0.03 0.03 0.00 0.11 0.02 0.03 0.03 0.03 0.00 0.11 0.00 0.12 0.10 0.10 - 0.01 0.13 0.06 0.08 0.08 0.08 - 0.01 0.13 0.06 0.03 0.02 0.03 0.00 0.07 0.02 0.04 0.03 0.03 - 0.01 0.06 0.01 0.06 0.05 0.05 - 0.01 0.07 0.01 0.06 0.05 0.05 0.00 0.11 0.04 0.37 0.32 0.35 - 0.02 0.50 0.05 20.06 17.97 19.00 + 1.07 28.32 12.65 0.70 0.65 0.70 + 0.05 1.30 0.60 0.52 0.46 0.51 + 0.01 1.16 0.40 0.02 0.02 0.02 - 0.01 0.06 0.01 0.01 0.01 0.01 - 0.01 0.03 0.01 0.09 0.05 0.08 + 0.02 0.22 0.04 0.03 0.02 0.03 + 0.01 0.10 0.02 0.37 0.37 0.37 - 0.09 1.00 0.25 0.08 0.06 0.06 0.00 0.13 0.03 0.43 0.43 0.43 + 0.03 1.25 0.26 0.04 0.03 0.03 - 0.01 0.05 0.02 0.03 0.02 0.03 + 0.01 0.03 0.01 6.26 6.00 6.00 - 0.08 7.43 5.31 0.68 0.57 0.60 - 0.02 2.36 0.57 0.03 0.02 0.02 - 0.02 0.06 0.01 0.37 0.32 0.33 + 0.02 0.39 0.21 0.08 0.08 0.08 - 0.01 0.18 0.07 0.02 0.01 0.01 - 0.01 0.05 0.01 0.03 0.02 0.02 - 0.02 0.28 0.02 0.01 0.01 0.01 - 0.01 0.04 0.01 0.04 0.03 0.03 0.00 0.17 0.01 0.11 0.09 0.10 - 0.01 0.17 0.08 0.03 0.02 0.02 - 0.01 0.14 0.01 10.69 9.30 9.34 - 0.90 15.37 8.36 0.02 0.02 0.02 0.00 0.05 0.02 0.03 0.02 0.02 0.00 0.07 0.02 0.73 0.67 0.69 - 0.03 0.85 0.46 0.01 0.01 0.01 0.00 0.12 0.01 0.30 0.29 0.29 + 0.01 0.37 0.26 0.03 0.03 0.03 + 0.01 0.08 0.02 0.10 0.10 0.10 + 0.02 0.15 0.06 0.04 0.04 0.04 - 0.01 0.15 0.04 0.05 0.04 0.04 0.00 0.08 0.01

W-Z

15-11-03 6:20 PM

WWW.NORTHERNMINER.COM

NOVEMBER 9–15, 2015 / THE NORTHERN MINER

BID-ASK — OCTOBER 23–29, 2015 12-MONTH STOCK

Abzu Gold Acme Res Advance Gold Aegean Metals Afferro Mng African Metals Aftermath Silv AgriMinco Alder Res Alhambra Res Allana Potash Allied Gold Allied Nevada Allied Nevada* Alpha Mnls Altai Res Altan Rio Mnls Am Cons Minls Amador Gold Amara Mng Amcol Intl* American Bonan AMI Res AndeanGold Anglo-Bomarc Arco Res Arcturus Res Armadillo Res Arrowstar Res AsiaBaseMetals Astar Mnls Atacama Pac Gd Augusta Res Auramex Res Aurania Res AuRico Gold* AuRico Gold Azumah Res Bama Gold Baroyeca Go&Si Bayfield Vent BCM Res BE Res Bear Lake Gold Bearclaw Cap Bearing Res Besra Gold Blackstone Ven Blind Crk Res Blue Gold Mng Bluestone Res Bonaparte Res Bralorne Gold Brazilian Gold Burnstone Vent Cadan Res Calvista Gold Canada Fluorsp Canadn Arrow Canadn Silvr H Cancor Mines Cangold Cariboo Rose Carrie Arran R Cascadero Copp Cassius Vent Cavan Vent Cayden Res Celeste Copper Central Iron O Century Iron M Chalice Diam Channel Res Chilean Gold Chimata Gold CIC Energy Citation Res Claim Post Res Clear Mtn Res Cliffmont Res Cline Mng CMQ Res Coalspur Mines Cobriza Mtls Coeur Mng Colombia Crest Colossus Minls Columbus Expl Comet Inds Contintl Nickl Corazon Gold Cortez Gold Creso Expl Cresval Cap Crosshair Eny* Cuervo Res Curis Res Dalton Res Ltd Darwin Res Desert Gold Diamonds North Dios Expl Dominion Mnls* Dorex Minls Duluth Metals Dunav Res Duncan Park H DV Res E-Energy Vent Eagle Hill Exp Eagle Mtn Gold Eastern Merid Elemental Mnls Elgin Mng Elissa Res Esperanza Res Estrella Gold Eureka Res Europn Uran Rs Evolving Gold Excalibur Res Extorre Gold M

EXC

V V V V V V V V V V T T T X V V V V V T N T V V V V V C V V V V T V V N T T V V V V V V V V T V V V V V V V V V T V V V C V V V V V V V V V T V V V V T V V V V T V T V T V T V V V V V V V X C T V V V V V Q V T V V V V V V V T T V V V V V C C T

12-MONTH

BID

ASK

LAST

HIGH

LOW

STOCK

0.03 0.02 0.02 0.03 1.10 0.05 0.01 0.01 0.01 0.02 0.50 2.25 0.16 0.86 5.55 0.05 0.02 0.04 0.01 0.20 45.74 0.02 0.05 0.01 0.19 0.06 0.01 0.01 0.04 0.04 0.09 0.15 3.15 0.01 0.25 2.87 3.58 0.02 0.07 0.01 0.24 0.04 0.02 0.03 0.03 0.03 0.02 0.03 0.05 0.46 0.08 0.05 0.19 0.10 0.01 0.05 1.09 0.35 0.01 0.01 0.01 0.03 0.03 0.05 0.03 0.01 0.02 2.40 0.01 0.01 0.25 0.07 0.04 0.03 0.04 1.99 0.07 0.01 0.01 0.01 0.01 0.02 0.02 0.12 12.03 0.01 0.02 0.06 1.35 0.40 0.18 0.18 0.12 0.03 0.02 0.01 0.68 0.11 0.05 0.11 0.02 0.07 0.08 0.02 0.45 0.01 0.01 0.04 0.01 0.60 0.14 0.03 0.18 0.41 0.14 1.01 0.03 0.04 0.01 0.05 0.01 4.27

0.03 0.03 0.02 0.05 2.50 0.06 0.01 0.01 0.01 0.03 0.50 2.29 0.16 0.86 5.68 0.06 0.03 0.04 0.01 0.29 45.75 0.02 0.06 0.02 0.25 0.06 0.02 0.05 0.07 0.10 0.15 0.20 3.50 0.01 0.45 2.88 3.73 0.03 0.20 0.01 0.25 0.05 0.35 0.04 0.04 0.04 0.02 0.05 0.05 0.49 0.13 0.12 0.19 0.10 0.02 0.09 1.10 0.35 0.01 0.02 0.02 0.04 0.04 0.06 0.04 0.02 0.02 2.49 0.01 0.01 0.34 0.07 0.06 0.04 0.06 2.00 0.08 0.02 0.01 0.01 0.01 0.04 0.02 0.13 12.64 0.01 0.02 0.06 1.75 0.90 0.25 0.32 0.12 0.04 0.03 0.01 0.72 0.14 0.05 0.20 0.03 0.08 0.18 0.03 0.45 0.02 0.01 0.05 0.01 0.65 0.17 0.10 0.25 0.42 0.14 1.03 0.04 0.05 0.01 0.07 0.02 4.28

0.03 0.03 0.02 0.03 1.57 0.05 0.01 0.01 0.01 0.02 0.50 2.25 1.08 0.86 5.45 0.05 0.02 0.04 0.01 0.21 45.74 0.02 0.05 0.02 0.20 0.06 0.01 0.02 0.05 0.05 0.10 0.14 3.55 0.01 0.30 2.86 3.58 0.02 0.06 0.01 0.24 0.05 0.35 0.04 0.03 0.03 0.02 0.01 0.05 0.47 0.08 0.05 0.20 0.11 0.02 0.06 1.09 0.35 0.01 0.01 0.01 0.03 0.04 0.05 0.03 0.01 0.02 2.40 0.01 0.01 0.25 0.07 0.05 0.03 0.04 1.99 0.07 0.01 0.01 0.01 0.01 0.02 0.02 0.12 12.09 0.01 0.04 0.19 1.20 0.40 0.25 0.32 0.12 0.04 0.02 0.01 0.70 0.15 0.05 0.11 0.02 0.07 0.01 0.03 0.45 0.02 0.01 0.04 0.01 0.65 0.13 0.05 0.20 0.42 0.14 1.01 0.03 0.04 0.01 0.06 0.01 4.27

0.05 0.06 0.08 0.11 2.40 0.29 0.03 0.01 0.05 0.08 0.50 3.70 4.45 6.70 7.60 0.12 0.06 0.07 0.01 1.72 47.09 0.06 0.06 0.04 0.30 0.09 0.03 0.02 0.20 0.14 0.16 0.60 4.18 0.02 0.45 4.69 5.12 0.11 0.23 0.01 0.41 0.06 0.35 0.06 0.05 0.07 0.07 0.20 0.10 0.95 0.25 0.11 0.45 0.25 0.04 0.16 1.10 0.35 0.01 0.07 0.05 0.15 0.07 0.07 0.05 0.07 0.04 3.49 0.01 0.01 0.44 0.08 0.09 0.08 0.19 2.45 0.10 0.12 0.03 0.02 0.84 0.05 0.08 0.16 20.14 0.01 3.40 0.20 1.75 1.12 0.38 1.00 0.13 0.06 0.26 0.01 0.99 0.36 0.20 0.90 0.08 0.10 0.09 0.10 1.00 0.14 0.03 0.06 0.01 0.93 0.42 0.10 0.55 0.45 0.25 1.70 0.08 0.16 0.03 0.11 0.05 11.27

0.02 0.02 0.02 0.00 0.00 0.05 0.01 0.01 0.00 0.02 0.00 0.00 0.00 0.00 0.00 0.05 0.02 0.00 0.01 0.00 0.00 0.00 0.01 0.01 0.02 0.03 0.01 0.01 0.04 0.04 0.09 0.14 0.00 0.01 0.30 0.00 0.00 0.00 0.00 0.01 0.00 0.02 0.35 0.00 0.02 0.02 0.00 0.10 0.04 0.00 0.05 0.00 0.00 0.00 0.01 0.04 0.00 0.00 0.01 0.01 0.00 0.00 0.02 0.05 0.02 0.01 0.02 0.00 0.01 0.01 0.17 0.00 0.00 0.02 0.01 0.00 0.00 0.01 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.10 1.00 0.00 0.11 0.00 0.00 0.01 0.00 0.00 0.00 0.10 0.00 0.08 0.00 0.04 0.00 0.02 0.00 0.00 0.01 0.03 0.01 0.00 0.00 0.04 0.00 0.00 0.06 0.00 0.00 0.02 0.01 0.01 0.01 0.00

Feronia Ferrum Am Mng Finlay Minrls Firesteel Res First Nickel Fort St J Nick Freeport Res Frontier Rr Er Gentor Res Geocom Res* Geomark Expl Gitennes Expl Giyani Gold Global Ur Fund Gold Ridge Exp Goldbank Mng Golden Harp GoldMountain* Great Bear Res Greencastle Rs Grenville Gold Groundstar Res Gryphon Gold GTA Res & Mng GTO Res Highbury Proj Highvista Gold Horizonte Mnls Hudson River M Huntington Exp ICN Res IEMR Res Inform Res Inova Res Inter-Citic Mn Intl Enexco Intl Millm Mng Intl Minls Crp Intl Samuel Ex Intrepid Mns Iron Tank Res Jazz Res Jet Gold Jiulian Res Kesselrun Res Kestrel Gold Kettle River Kimber Res KWG Res Labdr Iron Mns Lachlan Star Letho Res Liberty Silver Lipari Energy Lithium Americ Lithium One Logan Res Long Harbour E Lornex Cap Lovitt Res Lowell Copper MagIndustries Magma Metals Mahdia Gold Mammoth Res Manado Gold Margaret Lk Di Marifil Mines Marklnd AGF PM McChip Res McVicar Res Mega Precs Mtl Mercator Mnls Messina Minls Metalcorp Metallis Res Midasco Cap Midnight Sun M Midway Gold Midway Gold* Millstream Min Milner Con Slv Minemakers Minera IRL Mineral Depost Mineral Hill Minsud Res Mirabela Nickl Moly Mines Monster Mng Mountain Lake Murgor Res Musgrove Mnls New Dawn Mng New World Res Newcrest Mng Newmont Mng Newstrike Cap Newstrike Res NMC Res Noble Mnl Expl Nordex North Am Pot D North Country Northern Abiti Nubian Res Nuinsco Res Nunavik Nickel NWM Mng NWT Uranium Oceanic Iron O Opawica Expl Open Gold Opta Minls Oremex Silver Orestone Mng Orko Silver Orofino Mnls Oronova Res Orsa Vent Otterburn Res Pac Arc Res Pac Rim Mining

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EXC

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

12-MONTH

BID

ASK

LAST

HIGH

LOW

STOCK

0.11 0.01 0.03 0.01 0.01 0.01 0.02 0.13 0.03 0.05 0.96 0.01 0.07 1.64 0.02 0.06 0.04 0.04 0.04 0.06 0.07 0.05 0.01 0.04 0.10 0.13 0.12 0.03 0.01 0.01 0.06 0.01 0.01 0.16 2.04 0.41 0.01 2.80 0.01 0.25 0.04 0.18 0.05 0.03 0.02 0.03 0.01 0.15 0.02 0.02 0.01 0.08 0.05 0.46 0.29 1.15 0.03 0.09 0.10 0.04 0.25 0.10 0.09 0.01 0.01 0.03 0.07 0.01 5.86 0.85 0.47 0.08 0.01 0.06 0.01 0.04 0.30 0.10 0.13 0.07 0.03 0.02 0.09 0.07 5.00 0.04 0.09 0.02 0.06 0.01 0.32 0.02 0.08 0.10 0.03 12.10 26.37 0.66 0.03 0.17 0.01 0.13 0.01 0.11 0.01 0.01 0.01 0.04 0.01 0.02 0.09 0.01 0.01 0.30 0.02 0.01 1.94 0.07 0.04 0.10 0.09 0.01 0.07

0.19 0.02 0.03 0.02 0.01 0.02 0.03 0.14 0.04 0.09 1.00 0.01 0.07 1.67 0.02 0.08 0.06 0.05 0.05 0.07 0.09 0.06 0.01 0.05 0.16 0.20 0.15 0.04 0.01 0.01 0.07 0.01 0.01 0.20 2.05 0.41 0.02 2.83 0.01 0.26 0.04 0.28 0.05 0.05 0.03 0.03 0.02 0.16 0.03 0.02 0.01 0.12 0.08 0.49 0.30 1.18 0.04 0.18 0.18 0.09 0.31 0.04 0.09 0.17 0.01 0.03 0.08 0.02 8.25 1.40 0.49 0.09 0.01 0.10 0.01 0.05 0.31 0.13 0.13 0.08 0.04 0.03 0.13 0.07 5.09 0.16 0.10 0.02 0.07 0.01 0.35 0.02 0.14 0.16 0.04 12.90 26.90 0.70 0.05 0.17 0.01 0.15 0.01 0.12 0.01 0.02 0.01 0.05 0.01 0.02 0.10 0.02 0.01 0.45 0.03 0.01 1.99 0.10 0.05 0.10 0.25 0.01 0.08

0.13 0.01 0.03 0.01 0.01 0.01 0.02 0.13 0.04 0.02 0.98 0.01 0.09 1.64 0.02 0.06 0.04 0.05 0.04 0.07 0.07 0.05 0.01 0.04 0.11 0.10 0.17 0.03 0.01 0.01 0.06 0.01 0.03 0.15 2.04 0.41 0.04 2.83 0.01 0.26 0.04 0.18 0.05 0.03 0.02 0.03 0.01 0.15 0.02 0.02 0.02 0.09 0.04 0.47 0.30 1.15 0.05 0.10 0.10 0.05 0.25 0.13 0.09 0.01 0.01 0.03 0.07 0.02 5.82 0.83 0.49 0.08 0.03 0.06 0.01 0.04 0.12 0.11 0.09 0.04 0.03 0.02 0.13 0.08 4.75 0.14 0.09 0.02 0.06 0.01 0.32 0.02 0.08 0.13 0.04 12.11 26.25 0.70 0.04 0.19 0.01 0.16 0.01 0.11 0.01 0.01 0.01 0.04 0.01 0.05 0.10 0.01 0.01 0.27 0.03 0.01 1.99 0.10 0.03 0.10 0.20 0.01 0.07

0.60 0.05 0.03 0.08 0.03 0.03 0.02 0.35 0.14 0.03 1.00 0.02 0.20 2.05 0.03 0.09 0.07 0.35 0.09 0.09 0.15 0.14 0.13 0.10 0.11 0.40 0.28 0.08 0.01 0.02 0.30 0.01 0.07 0.60 2.05 0.55 0.04 4.92 0.03 0.31 0.14 0.23 0.13 0.06 0.06 0.07 0.02 0.40 0.09 0.14 0.28 0.18 0.13 0.49 0.49 1.46 0.06 0.15 0.20 0.06 0.50 0.26 0.28 0.02 0.07 0.08 0.26 0.02 10.41 1.26 0.52 0.13 0.12 0.13 0.01 0.14 0.12 0.20 1.30 1.17 0.07 0.07 0.13 0.21 6.95 0.14 0.09 0.62 0.15 0.01 0.82 0.03 0.30 1.10 0.12 31.00 44.66 1.22 0.08 0.19 0.02 0.43 0.01 0.14 0.02 0.03 0.03 0.18 0.01 0.05 0.30 0.03 0.02 2.35 0.03 0.02 2.63 0.30 0.04 0.15 0.20 0.01 0.11

0.07 0.01 0.02 0.01 0.00 0.01 0.02 0.00 0.03 0.00 0.00 0.01 0.05 0.00 0.02 0.03 0.03 0.00 0.02 0.05 0.04 0.03 0.00 0.04 0.00 0.10 0.06 0.03 0.01 0.01 0.00 0.01 0.01 0.00 0.00 0.00 0.04 0.00 0.01 0.00 0.02 0.03 0.03 0.02 0.01 0.02 0.01 0.00 0.00 0.00 0.00 0.05 0.00 0.00 0.00 0.00 0.03 0.04 0.00 0.03 0.21 0.00 0.00 0.01 0.01 0.01 0.07 0.01 0.00 0.83 0.00 0.00 0.00 0.00 0.01 0.01 0.05 0.08 0.00 0.00 0.01 0.02 0.06 0.04 0.00 0.07 0.03 0.00 0.00 0.01 0.00 0.00 0.04 0.00 0.01 0.00 0.00 0.00 0.02 0.00 0.01 0.06 0.01 0.00 0.01 0.01 0.00 0.04 0.00 0.05 0.08 0.01 0.01 0.25 0.02 0.01 0.00 0.05 0.03 0.00 0.20 0.01 0.00

Pac Wildcat Re Paget Mnls Pan Global Res Pantheon Vent Paragon Minls Parallel Mng Paramount Gold Penteco Res Petaquilla Mnl Philippine Mtl Pitchstone Exp Planet Mng Plata Latina M Plate Res Plato Gold PMI Gold PNG Gold Polar Star Mng Portage Mnls Portola Res Premier Roy Prime Merid Rs Prospero Silve Providence Res PVR Partners* Quartz Mtn Res Quia Res Rainy River Rs Randsburg Intl Ratel Grp REBgold Red Cresc Res Red Rock Enrgy Redzone Res Regal Res Remington Res Resolve Vent Reva Res Revett Mnls Rhyolite Res Ridgemont Ir O Rio Alto Mng Rio Alto Mng* Roca Mines RockBridge Res Rockcliff Res Rockex Mng Rockgate Cap Rockland Mnls Rockridge Cap Rockwell Diam Romarco Mnrls Rotation Mnls Royal Coal Running Fox Rs RX Gold & Silv Ryan Gold Sable Res Samco Gold San Marco Res Sandstorm Mt&E Sego Res Senator Minls Senior Gld Prd Sennen Res SG Spirit Gold Silver Pursuit Silvercorp Mt* SilverCrest M* SilverCrest Mn Silvermex Res Sirocco Mng Slater Mng Softrock Mnrl Soltoro Southern Hemis Stelmine Can Stratabd Mnr Sunset Cove Mg Sunward Res Tawsho Mng Tearlach Res Temex Res Teryl Res Corp Theia Res Thelon Cap Thor Expl Thunder Mtn Gd Tiger Intl Tigray Res Tiller Res TNR Gold Trend Mng* Tri-River Vent TriAusMin Troy Res United Silver Uranerz Energy Uranium One Uranium Valley US SIlver & Go Vaaldiam Mng Vendome Res Venerable Vent Veris Gold Viking Gold Virginia Mines Volta Res Walter Energy* Walter Energy Waymar Res West Cirque Rs Western Areas Western Troy C Westridge Res Whetstone Mnls Windarra Minls Windstorm Res Witwatersrand World Vent* Xemplar Energy Xinergy Zena Mng

EXC

V V V V V V T V T V V V V V V T V T C V T V V V N V V T V T V T V V C V V V T V V T N V V V T T V V T T V V V V V V V V V V V T V V V N X T T T V V V V V V V T V V V V V V V V V V V V Q V T T T T T V T T V V T V T T N T V V T V V V V V T Q V T V

BID

ASK

LAST

HIGH

LOW

0.01 0.01 0.01 0.11 0.06 0.03 1.20 0.05 0.03 0.03 0.09 0.03 0.02 0.02 0.01 0.48 0.01 0.01 0.01 0.20 0.74 0.05 0.07 0.04 27.44 0.01 0.01 3.37 0.01 0.42 0.13 0.02 0.01 0.09 0.05 0.02 0.04 0.02 0.56 0.07 0.02 3.47 2.46 0.03 0.02 0.03 0.03 0.30 0.03 0.06 0.18 0.46 0.02 0.03 0.01 0.23 0.11 0.01 0.13 0.04 1.20 0.02 0.08 4.78 0.12 0.10 0.03 0.65 0.83 1.33 0.50 0.34 0.03 0.02 0.30 0.04 0.01 0.01 0.01 0.17 0.01 0.10 0.12 0.01 0.05 0.10 0.03 0.05 0.09 0.09 0.05 0.01 0.05 0.07 0.06 0.43 0.01 1.41 2.85 0.04 0.34 0.26 0.01 0.01 0.10 0.01 14.65 0.33 0.16 7.10 0.09 0.23 3.75 0.01 0.01 0.01 0.05 0.04 1.08 0.01 0.02 0.02 0.07

0.01 0.01 0.01 0.11 0.07 0.03 1.20 0.06 0.03 0.05 0.09 0.04 0.03 0.03 0.01 0.50 0.01 0.02 0.02 0.01 0.76 0.08 0.10 0.09 27.46 0.02 0.01 3.37 0.01 0.50 0.14 0.02 0.02 0.18 0.07 0.03 0.07 0.06 0.65 0.14 0.02 3.51 2.48 0.03 0.02 0.03 0.04 0.35 0.04 0.07 0.20 0.48 0.25 0.01 0.02 0.24 0.12 0.02 0.28 0.05 1.37 0.03 0.13 4.88 0.15 0.85 0.03 0.65 1.11 1.43 0.55 0.36 0.04 0.03 0.30 0.06 0.02 0.01 0.01 0.18 0.02 0.14 0.12 0.02 0.09 0.10 0.03 0.12 0.22 0.13 0.07 0.02 0.05 0.11 0.07 0.44 0.01 1.44 2.86 0.05 0.35 0.27 0.01 0.02 0.10 0.01 15.22 0.34 0.17 7.82 0.13 0.26 8.54 0.01 0.02 0.01 0.07 0.05 1.18 0.51 0.02 0.02 0.10

0.02 0.01 0.01 0.10 0.06 0.04 1.52 0.05 0.03 0.03 0.09 0.03 0.02 0.02 0.01 0.48 0.01 0.01 0.02 0.20 0.76 0.08 0.08 0.05 27.44 0.01 0.01 3.42 0.01 0.50 0.16 0.01 0.01 0.08 0.08 0.01 0.05 0.02 0.57 0.11 0.02 3.48 2.47 0.03 0.02 0.03 0.04 0.30 0.03 0.06 0.20 0.46 0.05 0.01 0.02 0.24 0.12 0.01 0.13 0.05 1.36 0.02 0.29 4.78 0.11 0.20 0.02 0.65 0.86 1.40 0.53 0.35 0.04 0.02 0.32 0.04 0.01 0.01 0.01 0.18 0.01 0.14 0.12 0.02 0.07 0.05 0.04 0.11 0.12 0.10 0.04 0.01 0.01 0.17 0.07 0.43 0.02 1.44 2.85 0.05 0.35 0.26 0.01 0.01 0.15 0.01 14.99 0.33 0.16 7.15 0.10 0.26 4.00 0.01 0.01 0.01 0.06 0.05 1.08 0.02 0.02 0.02 0.06

0.04 0.01 0.08 0.13 0.12 0.07 1.88 0.06 0.31 0.06 0.21 0.06 0.13 0.07 0.02 0.72 0.02 0.17 0.03 0.20 2.60 0.19 0.25 0.12 29.22 0.06 0.04 6.10 0.01 0.95 0.16 0.11 0.06 0.50 0.15 0.05 0.07 0.06 1.42 0.23 0.28 3.99 3.18 0.03 0.09 0.07 0.30 0.53 0.06 0.18 0.37 0.82 0.15 0.21 0.02 0.60 0.16 0.07 0.80 0.10 3.54 0.03 0.17 7.48 1.35 0.38 0.06 1.81 1.64 1.97 0.88 0.89 0.05 0.03 0.34 0.20 0.05 0.07 0.06 0.24 0.05 0.14 0.13 0.02 0.20 0.17 0.07 0.11 0.30 0.15 0.16 0.03 0.11 0.17 0.08 1.27 0.14 1.70 2.86 0.10 0.67 0.27 0.03 0.03 0.95 0.01 17.20 0.57 6.84 21.20 0.20 0.54 6.11 0.02 0.04 0.04 0.09 0.19 1.50 0.10 0.05 0.48 0.12

0.01 0.01 0.01 0.03 0.00 0.03 0.00 0.00 0.00 0.03 0.00 0.03 0.01 0.02 0.01 0.00 0.01 0.00 0.00 0.20 0.00 0.06 0.05 0.00 0.00 0.01 0.00 0.00 0.01 0.40 0.00 0.00 0.01 0.06 0.04 0.01 0.05 0.02 0.00 0.11 0.00 0.00 0.00 0.00 0.02 0.00 0.00 0.00 0.03 0.04 0.18 0.00 0.01 0.00 0.01 0.00 0.00 0.01 0.13 0.02 0.00 0.02 0.02 0.00 0.10 0.06 0.02 0.00 0.00 0.00 0.00 0.00 0.02 0.01 0.00 0.00 0.01 0.01 0.01 0.00 0.01 0.02 0.00 0.01 0.06 0.00 0.02 0.04 0.12 0.00 0.04 0.01 0.00 0.03 0.00 0.00 0.00 0.00 0.00 0.04 0.00 0.00 0.01 0.01 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.02 0.00 0.06.

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15-11-03 6:20 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 9–15, 2015

Barrick, Agnico Eagle rise to the occasion Q3 RESULTS

| Hard work pays off as gold majors beat analyst estimates

Barrick Gold’s Cortez gold mine, 100 km southwest of Elko, Nevada. The mine produced 902,000 oz. gold in 2014. BARRICK GOLD

slew of mining companies have recently rolled out their thirdquarter financials, including Toronto-based gold miners Barrick Gold (TSX: ABX; NYSE: ABX) and Agnico Eagle Mines (TSX: AEM; NYSE: AEM). Both firms published better-than-expected results during the quarter. Here are some of the highlights: Barrick, which is focused on reducing debt and generating free cash flow, recorded adjusted earnings of US$131 million, or US11¢ per share — above analysts’ estimates of US7¢ per share. Net loss totalled US$264 million, or US23¢ per share, largely due to a goodwill impairment at its partly held Zaldivar copper mine in Chile. Quarterly production came in at 1.66 million oz. at all-in sustaining costs of US$771 per oz., with notable performances from its core Cortez and Goldstrike gold mines in Nevada, which contributed nearly 40% of the output. While production stayed relatively flat from the same period last year, costs fell by nearly 8%. Building on the second quarter’s US$26 million in free cash flow, Barrick made US$256 million in free cash flow, excluding US$610 million from

the streaming deal on its 60%-held Pueblo Viejo mine in the Dominican Republic with Royal Gold (TSX: RGL; NASDAQ: RGLD). “We’ve really started to deliver, with two consecutive quarters of positive free cash flow,” Barrick’s president Kelvin Dushnisky said on the conference call. The miner is generating free cash flow at US$1,100 per oz., and aims to improve that to reach its targeted US$2-billion cash flow improvement by the end of 2016, he noted. On the debt front, Barrick has repaid US$1.9 billion this year, and will repay another US$1 billion, with the proceeds from the partial Zaldivar sale to Antofagasta (LSE: ANTO). With a US$3.3-billion cash position, the firm expects to meet its 2015 debt reduction target of US$3 billion. Haywood Securities analyst Kerry Smith writes that Barrick could benefit from more debt reductions, suggesting it should sell its 63.9% interest in Acacia Mining (LSE: ACA) — “a position that doesn’t deliver cash to the balance sheet.” The company’s total debt sits at US$11.2 billion, with less than US$250 million due before 2018. Barrick has tightened its 2015 guidance to 6.1 to 6.3 million oz., at all-in

“WE’VE REALLY STARTED TO DELIVER, WITH TWO CONSECUTIVE QUARTERS OF POSITIVE FREE CASH FLOW.” KELVIN DUSHNISKY PRESIDENT, BARRICK GOLD

sustaining costs of US$830 to US$870 per oz. Its full-year copper guidance is 480 million to 520 million lb. at a slightly reduced C1 cash cost of US$1.60 to US$1.85 per lb. The quarterly dividend remains at US2¢ per share. Smith has an $11 target price and a “buy” rating on the stock. Agnico swung into a profit, with record quarterly output and low costs driven by its Abitibi assets, CEO Sean Boyd said on a conference call. The miner produced 441,124 oz. gold, up 26% from the year ago, largely due to higher throughput and grades at the LaRonde, Goldex and 50%held Canadian Malartic operations. Including the Lapa mine, all four

assets contributed 64% of the ounces. The Meadowbank mine in Nunavut, however, was the largest gold producer, cranking out 99,452 oz. “Despite the noisy financials, thirdquarter operating performance was solid,” CIBC analyst David Haughton writes. He has a US$39 target and “sector performer” rating on the stock. All-in sustaining costs on a byproduct basis were US$759 per oz., down US$300 from the same period last year, on the back of higher production, lower operating costs and capital expenditures. This resulted in adjusted earnings of US$39.2 million, or US18¢ per share, beating analysts’ average estimates

of US1¢ per share. Net income was US$1.3 million, compared a net loss of US$15.1 million a year ago. “On the back of a strong quarter, we have updated our guidance for 2015,” Boyd said. It now expects to produce 1.65 million oz. gold — up from 1.6 million oz. — at reduced all-in sustaining costs of US$840 to US$860 per oz., down US$30 per oz. Cash flow per share rang in at US$1, ahead of the US69¢ consensus. This came from a one-time tax credit of US$15.3 million and strong operational results, Desjardins analyst Michael Parkin writes. Cash, equivalents and short-term investments climbed US$44.1 million over the quarter to end at US$208.1 million, while net debt fell by US$20 million to a little over US$1 billion. Agnico will pay a quarterly dividend of US8¢ per share. “Agnico is our preferred large-cap name, and we have a positive outlook on the company’s fourth quarter,” Parkin notes. He expects “positive catalysts” over the next year from the company’s Amaruq, Kittila parallel zone and El Barqueno projects. Parkin has a $45 price target and a “buy” on the stock. TNM

Agnico Eagle Mines’ Goldex gold mine in Quebec’s Abitibi region. The underground operation yielded 100,423 oz. gold in 2014. AGNICO EAGLE MINES

TNM_pg 1 2 3 4 5 6 11 13 14 16.indd 11

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NOVEMBER 9–15, 2015 / THE NORTHERN MINER

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GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 9–15, 2015

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Wolfden hunts for nickel in Manitoba “WE’RE NOT PREPARED TO SIT BACK AND HUNKER DOWN … WE’VE BEEN HIRED BY OUR SHAREHOLDERS TO FIND NEW DEPOSITS, AND WE’RE INTENT ON GENERATING NEWS.” GEORGE TOPPING CEO, WOLFDEN RESOURCES

A driller at Wolfden Resources’ Rice Island nickel-copper project in Manitoba. WOLFDEN From 1

— to consider Rice Island as a “core asset” that warrants more exploration. “I think the lack of tonnes was the reason why Vale didn’t continue with the project, and allowed its licence to lapse. But we believe the property has the potential to deliver a deposit much like the Eagle mine in Michigan,” he says, referencing Lundin Mining’s (TSX: LUN) 4.5-million-tonne magmatic-nickel orebody, which hosts 2.4% copper and 2.9% nickel. He says that Wolfden has conducted downhole pulse electromagnetic (EM) surveys — a geophysical technique that measures electrical conductivity underground — on the recent drill holes to see what else previous explorers may have missed. Topping says that the results from the survey will help direct the next

TNM_pg 1 2 3 4 5 6 11 13 14 16.indd 13

WOLFDEN RESOURCES

3,000 to 4,000 metres of drilling, which will begin mid-November. “People think that Snow Lake has been picked over for the last century, but you can still make world-class discoveries in the camp,” he says, citing Hudbay Minerals’ (TSX: HBM; NYSE: HBM) discovery of Lalor Lake in 2009 — 210 km east of Flin Flon — as an example. Hudbay found the rich volcanogenic massive sulphide (VMS) deposit by using an innovative adaption of an EM survey that penetrated deep below the previously defined zinc zone, and identified gold and copper-gold zones. The deposit first produced in 2012, reaching commercial scale in the second half of 2014. Although the Flin Flon–Snow Lake greenstone belt is more known for its world-class VMS deposits, Topping says magmatic sulphide deposits like

those seen at the Thompson district also occur in the region. “The other reason why we’re really attracted to Rice Island is the tremendous upside potential of the property to fi nd satellite deposits,” he says, noting that so far, geophysical versatile time domain EM data at surface has outlined at least three anomalous, untested zones that fall along the Rice Island trend, and show a similar scale of magnitude. The company plans to test the anomalies during the next phase of drilling, and while Topping’s outlook is positive, his view of the nickel market is equally as bullish, offering the old saying that the “best cure for low prices are low prices.” He says that “I used to be a mining analyst, so looking at commodities was one of my tasks for the last 17 years, working for stockbrokers.” He explains that a heavy oversupply

in the nickel market has collapsed prices below US$5 per lb., making 40% of the world’s nickel operations unprofitable. As a result mines have either closed or will close, or operations will go high grade, which cuts back on production — all of which, he says, will lead to a correction in the metal price. “We’re already seeing nickel inventories decline over the past three to four months, and ... that’s going to accelerate,” he predicts. “We could see the nickel price back up to US$7 or US$8 per lb. over the next 12 to 18 months.” Before acquiring Rice Lake, Wolfden kept active in New Brunswick 's Bathurst mining camp exploring for polymetallic VMS deposits at its Tetagouche project, 30 km northwest of the prolific Brunswick No. 12 zinclead-silver mine. Although the company’s focus has switched to Rice Lake, Topping says Wolfden is still having a “good look” for the bedrock source of boulders on the property, which returned “phenomenal” grades of up to 20% zinc and 20 oz. silver. “We’re not prepared to sit back and hunker down [during these market conditions]. This is the time when you get the cheapest drilling and the most work done per dollar of exploration,” he says. “We’ve been hired by our shareholders to find new deposits, and we’re intent on generating great news.” TNM

EVENTS Nov 18-20 Manitoba Mining & Minerals Convention Winnipeg, MA convention@ gov.mb.ca 204-945-2691; 1-800-2235215 manitoba.ca/iem/convention Jan 25-28 Mineral Exploration Roundup Vancouver, BC info@amebc.ca 604-6895271; 1-877-689-5554 www.amebc.ca Mar 6-9 PDAC 2016 Toronto, ON info@pdac.ca 416-362-1969 www.pdac.ca

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MEETINGS Nov 09 Nov 10 Nov 12 Nov 13 Nov 13 Nov 13 Nov 16 Nov 17 Nov 17 Nov 17 Nov 18 Nov 18 Nov 19 Nov 19 Nov 19 Nov 19 Nov 20 Nov 20 Nov 20 Nov 20 Nov 20 Nov 23 Nov 24 Nov 25 Nov 25 Nov 26 Nov 27 Nov 27 Nov 30 Nov 30 Dec 01 Dec 03 Dec 03 Dec 03 Dec 03 Dec 04 Dec 04 Dec 07 Dec 08 Dec 08 Dec 08 Dec 10 Dec 10 Dec 10 Dec 10

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MEETINGS LEGEND A – Annual E – Extraordinary G – General S – Special

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Another wave of red across Freeport's quarterly results REVENUE PLUMMET BY LESLEY STOKES lstokes@northernminer.com VANCOUVER

eavily weighted in the copper and energy business, mining giant Freeport-McMoRan (NYSE: FCX) is enduring the worst of the commodity rout, with big losses announced in its third-quarter fiscal results. Revenue for the company plummeted 25% to US$3.7 billion from the previous comparable quarter, with a net loss of US$3.8 billion, or US$3.58 per share — mostly from the US$3.7billion reduction in the carrying value of its oil and gas assets. Adjusted net loss for the quarter totalled US$156 million, or 15¢ per share, which is almost double the Zacks Investment Research estimate of an 8¢ loss. During the quarterly earnings call, management referred to 2015 as a

| Despite losses, Freeport predicts it will be cash-flow positive in 2016

“bridge year” to free cash flow in 2016, and offered reassurances the company would “aggressively pursue” alternatives for its oil and gas assets. “We recognize the need to prudently manage ourselves in the short run,” Richard Adkerson, vice-chairman, president and CEO of Freeport, said during the call. “We have taken important steps to maintain our liquidity in our assets for what we believe will be a positive market for us in our business as we go forward.” Over the past 12 months, London Metal Exchange copper prices have fallen to US$5,200 per tonne in the third quarter this year, compared to US$7,000 per tonne in the corresponding period last year, largely driven on fears of weakening metal demand in China. Since the rout, Freeport’s average realized price for copper sales have dropped 19.3% to US$2.38 per lb.

in the third quarter, compared to US$2.95 per lb. in the corresponding period last year. To curb costs, the Phoenix-based conglomerate edged copper production down 2.3% from the previous comparable quarter to 1 billion lb., by suspending operations at its Miami mine in Arizona, along with a 50% reduction in mining rates at its other North and South American operations, such as the Tyrone, Sierrita and El Abra mines. Freeport is reviewing copper operations to ensure they’re cash-flow positive at US$2 per lb. copper prices, and strives to cut unit costs by more than 20% next year. “Everywhere in the industry companies are curtailing high-cost production and limiting capex, and that’s reducing investments in long-term development, which is positive for the market to go forward.” Adkerson said.

He noted Freeport drove down its own capital expenditures by 25% to US$1.5 billion this quarter, compared to last year. The reduction partly ref lects a US$4.6-billion mill facility upgrade at the company’s Cerro Verde coppermoly mine in Peru. The new expansion — described as the world’s largest concentrating facility — started operations in September and will ramp up to full levels by 2016, adding 240,000 tonnes of ore per day. “We’re taking aggressive steps towards controlling costs, and we have a very positive outlook on generating free cash flow, particularly in 2016, once we benefit from expansion projects like Cerro Verde,” he said. Higher production from the expanded facilities at the Morenci mine in Arizona last quarter partly offset losses in production at its other operations.

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“WE’RE TAKING AGGRESSIVE STEPS TOWARDS CONTROLLING COSTS, AND WE HAVE A VERY POSITIVE OUTLOOK ON THE GENERATION OF FREE CASH FLOW, PARTICULARLY IN 2016.” RICHARD ADKERSON VICE-CHAIRMAN, PRESIDENT AND CEO, FREEPORT-MCMORAN

Mea nwhi le, t he compa ny has been advancing underground development at its Grasberg mine, in Papua, Indonesia, reaching first production from the Deep Mill Level Zone underground mine during the quarter. For the next three years, Freeport will invest an average US$800 million a year in the projects, anticipating the changeover from the Grasberg open-pit, which the company expects in late 2017. Operations at the largest gold and third-largest copper mine have been under renegotiations since 2014, when the Indonesian government revised the mines’ long-standing contract of work (CoW). Adkerson said during the call that Freeport received a letter of assurance from the government during the quarter, which said the operation would extend beyond 2021, in terms that are consistent with the CoW. “Like we see here in the U.S., there will be a lot of political comments coming out Indonesia, but that’s where we are with our understanding,” he said, assuring that royalty rates are “fixed, and subject to no further changes.” Other shortcomings from the quarter came from the company’s oil and gas division, and although the company has brought down its unit cash costs, average realized prices fell at a steeper pace. Cash-operating margins for the quarter plummeted to US$333 million, compared to US$604 million in the previous quarter, as average realized prices per barrel of oil plunged 36.9% to US$55.9 between the quarters. “We’re undertaking a strategic review of alternatives for our oil and gas business, and whatever we do supports our company’s financial condition. If we separate the business, it’ll be in a way of where it ’s sust a i nable on it s ow n a nd can trade well, but that’s subject to review, and we’re pursuing it aggressively.” The company expects capital expenses from its energy division will cost US$2.8 billion for the year, compared to US$2.5 billion from its mining sector. “There’s a degree of urgency to deal with these capital costs,” Adkerson said, noting that six months is a “reasonable” time to expect decisions on how the company will move forward. Freeport has traded with a 52-week range of US$7.76 to US$30.04, and closed at US$11.74 at press time. The company has 1.1 billion shares outstanding, for a $12.8-billion market capitalization. TNM

15-11-03 6:45 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 9–15, 2015

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NOVEMBER 9–15, 2015 / THE NORTHERN MINER

Centerra breaks even in Q3, before US$18M hit at Kumtor REFOCUS

| Miner looks to grow in Turkey and Ontario

BY SALMA TARIKH

starikh@northernminer.com

enterra Gold (TSX: CG; USOTC: CAGDF) has widened its third-quarter loss, but is reducing its annual cost guidance to reflect lower operating costs at its Kumtor gold mine in Kyrgyzstan. The miner has operated its flagship Kumtor mine since 1997, and started up its 10-year Boroo gold mine in Mongolia in 2004, both with much success. President and CEO Ian Atkinson — who joined the firm in 2005 before taking the helm in 2012 — said Centerra entered Kyrgyzstan and Mongolia in the nineties, giving it a first-mover advantage in the relatively risky jurisdictions. “In both countries we have been early entries. We negotiated agreements with the governments to move the deposits forward, and were successful in doing that,” says Atkinson, who is retiring. On Nov. 1, former AuRico Gold CEO Scott Perry will step in as CEO, and Frank Herbert, who has been Centerra’s general counsel and corporate secretary since 2004, will become president. Despite the “potential challenging” third quarter, Centerra produced a “positive result,” BMO analyst Andrew Breichmanas comments. He had expected an adjusted loss of negative US3¢ per share, given the mine sequencing at Kumtor and the lead-up to the parliamentary elections. However, excluding the non-cash impairment charge of US$18.7 million on the goodwill of the Kumtor mine, the miner broke even. The charge resulted from lower gold prices and a higher discount rate to reflect the rising country risk. (There is no goodwill remaining on the asset.) Including the impairment, Centerra posted a net loss of US$18.1 million, or US8¢ per share, compared to last year’s net loss of US$3.2 million, or US1¢ per share. During the three months ended September, work at Kumtor focused on waste stripping from cutback 17, while the mill processed mostly stockpiles. Despite mining less ore at nearly half the grade than in the same period last year, production rose 9% to 103,701 oz., owing to a 5% increase in tonnes milled and slightly higher recoveries. Kumtor’s adjusted operating cost fell by a third to US$393 per oz. sold, while its all-in sustaining costs dropped 10% to US$1,000 per oz. sold. Centerra notes the cost for diesel, labour (as it reduced its workforce), and other consumables fell along with the exchange rates. Meanwhile, the Boroo gold mine added 3,784 oz. from secondary leaching in the third quarter, compared to 15,527 oz., a year ago. The drop reflects the fact no milling occurred during the period and there were fewer ounces from heap leaching. Centerra plans to wind down leaching activities by year-end, but will keep the mill on standby for its nearby wholly owned Gatsuurt gold project. Consolidated production during the quarter totalled 107,485 oz. gold, of which Centerra sold 103,467 oz. at an average price of US$1,123 per oz. for US$116.2 million in revenue, down 14% from a year ago. All-in sustaining costs, however, slipped 4% to US$1,089 per oz., while after-tax all-in costs fell 10% to US$1,370 per oz. Centerra will reduce costs going forward. It has lowered the midpoint of its 2015 all-in sustaining cost and after-tax all-in cost targets by 7% and 10%to US$827–US$875 and US$1,110– US$1,164 per oz. To ref lect improved production results from Kumtor, Centerra has narrowed its full-year target to 505,000– 535,000 oz., from 480,000–535,000 oz.

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Centerra Gold’s Kumtor gold mine in the Kyrgyzstan, 350 km southeast of the capital Bishkek, and 60 km north of the Chinese border. CENTERRA GOLD

“WE ARE LOOKING AT OTHER ACQUISITION OPPORTUNITIES IN EITHER DEVELOPMENT PROJECTS, OR POTENTIAL PRODUCTION OPERATIONS.” IAN ATKINSON PRESIDENT AND CEO, CENTERRA GOLD

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Centerra recently received approval for its 2015 mine plan at Kumtor and now intends to resolve the outstanding issues — including the mine’s revenue sharing, with the new Kyrgyzstan government. “I think we will be an important item on the parliamentary agenda to have the various matters around Kumtor brought to a resolution as quickly as possible,” Atkinson says. Despite the on-and-off tension around the mine, he highlights that over the past 18 years, Kumtor has only seen four interruptions, including three related to labour and one to a roadblock, which the government helped resolved. “The fact they got involved is that they want to see Kumtor operating just as much as we do, because we’re such a large part of the economy,” Atkinson says. Centerra is Kyrgyz’s largest employer and taxpayer, accounting for 8% of the country’s gross domestic product last year. Since 1997 to the end of 2014, the mine has produced more than 9.9 million oz. gold, and should until 2026. Around 2019 the company could look at going underground at Kumtor, Atkinson says. Meanwhile at Gatsuurt, Centerra signed a memorandum of understanding with the Mongolian government on the deposit. The cash-constrained government has agreed to a 3% specialty royalty in place of acquiring a 34% ownership interest in Gatsuurt,

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Atkinson says, adding that the agreement still requires parliamentary approval. Centerra has yet to release a production timeline at Gatsuurt. But it did make a development decision on its Oksut gold project in Turkey. Centerra expects to receive the final approval on its environmental impact assessment by year-end. Construction should start in early 2016, followed by production by mid-2017. Over its eight-year life, Oksut should produce 895,000 oz. at after-tax all-in costs of US$777 per oz. sold. Atkinson notes the Oksut project helps geographically diversify the company, along with its 50% interest in Premier Gold Mines’ (TSX: PG; US-OTC: PIRGF) Greenstone gold property in Ontario. BMO’s Breichmanas views Centerra as “one of the best performing intermediate gold producers in 2015, based on its strong balance sheet, stable dividend policy and measured diversification strategy.” He has a $7 target price and “market perform” rating on the stock. Centerra ended the quarter with a US$537.4-million cash balance, and kept its quarterly dividend at C4¢ per share. Given its strong balance sheet, Centerra has the financial capacity to pursue M&A. “We are looking at other acquisition opportunities in either development projects, or potential production operations,” Atkinson reveals, noting the company’s preference for North America. TNM

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