The Northern Miner April 13 2020 Issue

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Miners debate M&A as I COVID-19 sends shares lower VALUATIONS

BY KELSEY ROLFE Special to The Northern Miner

n early March, BHP (NYSE: BHP; LON: BHP) Chairman Ken MacKenzie said the mining giant was in a strong position should COVID-19’s impact on the market create M&A opportunities. “On balance, the business is in very good shape,” Reuters reported MacKenzie as saying during the Australian Financial Review summit in Sydney on March 10. “I’m not sure if there will be any opportunities that will come from this, but if there are, we are actually in a position to act.” In the intervening weeks, COVID-19 has begun to take a dramatic toll on the mining industry. Operations around the globe have been forced to close by governments or have been voluntarily shuttered or limited to contain the spread of the virus. Share prices are down as the virus batters the world economy. In this uncertain environment, M&A activity in mining and other sectors has taken a hit. Refinitiv, which provides data on financial markets, reported that global mergers and acquisitions activity dropped 28% year-on-year in the first quarter of 2020 to sit at its lowest level since 2016. The number of deals in the quarter also dropped by 14% year-on-year. Looking specifically at mining, global mining M&A deals in Feb-

| Experts weigh in on opportunities and risks

See COVID-19 / 2

Analysts and investors in discussion on a site visit to Endeavour Mining’s Agbaou gold mine in Cote d’Ivoire. PHOTO BY THE NORTHERN MINER.

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Barrick updates 10-year plan GOLD

| Bristow outlines 5 million oz. per year goal through 2029

BY CARL A. WILLIAMS cwilliams@northernminer.com

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arrick Gold (TSE: ABX; NYSE: GOLD) has unveiled a 10-year gold production plan in which it aims to maintain production levels of approximately 5 million oz. gold per year between 2020 and 2029. The plan is based on its current operating asset portfolio, sustaining projects in progress, and implementing exploration and mineral resource management initiatives. It does not include additional asset optimization, further exploration growth, new project initiatives and divestitures. Barrick says 2.5 million oz. gold per year will come from its North American mines, 1 million oz. gold per year from Latin America and the

Asia Pacific, and 1.5 million oz. per year from Africa and the Middle East. Barrick’s North American projects include three of the company’s ‘tier one’ assets that are 61.5% owned and operated by the company — Carlin, Cortez and Turquoise Ridge — located in the Nevada gold mines complex, the single-largest goldmining complex in the world. The company’s other North American project, Hemlo, in Ontario, Canada, is being modernized and refocussed to ensure its continued viability, Barrick said. Publication of the 10-year plan follows announcements earlier this month that Barrick intends to extend the mine life of its Veladero gold mine in Argentina and its Pueblo Viejo mine in the Dominican Republic. At Veladero, 374 km northwest of the city of San Juan, Barrick an-

nounced that it has expanded the life of the mine to at least 10 years following a review of its strategy and business plan. “Our review included the reinterpretation of the mine’s geology and an ongoing infill drilling campaign,” Mark Bristow, Barrick’s president and CEO, said in a press release on March 16. “We established exploration and resource management teams to identify satellite orebodies with the potential to deliver an increase in resources and reserves. Our aim is to extend Veladero’s life of mine beyond 2030 and elevate it to a tier one asset.” A new and updated geological model that included improvements in the geology and global reconciliation was developed after Barrick re-logged 150,000 metres of core. Mining at Veladero is now expected

“THE WORK WE DID IN 2019 HAS EQUIPPED US WELL TO TAKE BARRICK TO THE NEXT LEVEL.” MARK BRISTOW PRESIDENT AND CEO, BARRICK GOLD

to be extended from 2024 to 2027 and residual leaching from 2028 to 2031. A tier one mine, as defined by Barrick, produces over 500,000 oz. gold per year and has a life of at least 10 years and total cash costs per ounce over the life of the mine in the lower half of the industry cost curve. See BARRICK / 2

CANADIAN COMPANY SAYS DEVICE CAN LOWER DIESEL ENGINE EMISSIONS / 5

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Barrick updates 10-year plan BARRICK From 1

The Veladero gold mine (a 50-50 joint venture operation between Barrick and China’s Shandong Gold) is a large open pit, heap leach gold and silver mine with operations at an elevation of 3,900-4,800 metres in the high Andes Cordillera of Argentina. It is located in the highly prospective Frontera district, which is part of the El Indio gold belt, a mineral-rich region spanning the border between Argentina and Chile that contains large amounts of gold, silver and copper. According to Bristow, the mine will be connected to the Chilean electricity network in the second half of 2020, with the supply of cleaner and cheaper electricity from Chile potentially halving the mine’s carbon footprint as well as reducing its cut-off grade, leading to a potential increase in the mine’s mineral reserves. Veladero has contributed around US$9.5 billion to the Argentinian economy from taxes, royalties, salaries and payments to local suppliers. The company has also established a fund that is expected to raise more than US$88 million for local infrastructure development over the next decade. “Argentina has the potential to rebuild its economy for its people

Processing facilities at Barrick Gold’s Pueblo Viejo gold project in the Dominican Republic. CREDIT: BARRICK GOLD.

and Veladero can make a significant contribution to that process. Realizing that potential requires the government and the industry to work together towards longterm goals and to guard against short-term fiscal measures which could destroy this opportunity,” Bristow said. In addition to the Veladero lifeof-mine extension, Barrick plans to expand the Pueblo Viejo gold mine in the Dominican Republic, 100 km northwest of the capital city, Santo Domingo. The mine is a 60-40 joint venture between Barrick and Newmont

(TSX: NEM; NYSE: NEM). An initial investment of US$1.3 billion will be used to expand the process plant and tailings facility. The expansion will help exploit the lower grades in the orebody and is not intended to process ore from outside the concession, he added. Between 2013 and 2016, the mine paid US$1.8 billion in taxes. Last year, the mine accounted for more than 38% of the country’s total exports. Extending the mine’s life would potentially increase the country’s exports by US$22 billion and generate US$4 billion in taxes, at a gold price of US$1,500 per oz.,

Barrick estimates. Announcing the expansion plan on March 11, Bristow noted that the conversion of the mine’s Quisqueya 1 power plant to natural gas had been successfully commissioned and would lead to a 30% cut in the mine’s greenhouse gas emissions. In addition, the company has plans for an agribusiness project as an added benefit for the communities impacted by the expansion. “Our aim is to continue contributing to the social and economic development of the Dominican Republic by applying our sustainability philosophy to create long-term value for all our stakeholders, especially the governments and people of our host countries. Without this project, mining at Pueblo Viejo would have ceased in the next two years,” he said. Barrick also announced the release of its 2019 annual report highlighting gold production of 5.5 million oz. – the top end of its guidance range; an increase of 14.5% in proven and probable reserves to 71 million oz. gold; a share price rise of 78% to $24.12; an adjusted net earnings per share jump of 46%; a halving of net debt to $2.2 billion; and three increases in its quarterly dividend. Other highlights include production of 432 million lb. copper, which exceeded guidance; the establishment of the Nevada Gold Mines joint venture with Newmont that is majority-owned and operated by Barrick; consolidation of the

company’s Tanzanian mines; and disposal of two non-core assets (Kalgoorlie and Massawa). “The work we did in 2019 has equipped us well to take Barrick to the next level,” Bristow said in a press release on March 26. “We stand on the strong foundation of our enormous organic growth potential, which will support a positive production profile and a very robust business, capable of generating a substantial cash flow for at least the next decade. There are also opportunities for growth outside our current ambit, which we continue to explore.” Barrick has budgeted US$210$230 million for exploration in 2020. Kerry Smith of Haywood Securities raised his target price on Barrick from $28 per share to $31 per share. In the analyst’s model, Barrick “will generate significant free cash flow before working capital changes, averaging about US$2.0 billion per year for the next five years at our long-term gold price of US$1,475 per oz. gold.” “With a strong balance sheet, globally diversified operations, a sightline on 10 years of production at 5 million oz. and generation of significant free cash flow, Barrick is a go-to name for all gold investors,” Smith wrote in a March 26 research note to clients. At press time in Toronto, Barrick was trading at $27.13 per share within a 52-week range of $15.73 and $29.94. TNM

Miners debate M&A as COVID-19 sends shares lower COVID-19 From 1

ruary totalled US$1.26 billion, an 18.4% increase from January, but a drop of 61.7% when compared with the last 12-month average, which stood at US$3.29 billion, according to figures released on March 27 by GlobalData, a U.K.-based data analytics and consulting company. North America saw the highest dollar value of deals at US$400.66 million that month. It also had the highest volume of deals, followed by the Asia-Pacific region and Europe. Looking at countries, Canada took the top spot for deals, with 40, followed by Australia with 15 and the U.S. with 12. Even as the devastating effects of the coronavirus are being felt, deals have continued through March, including Endeavour Mining’s (TSX: EDV; US-OTC: EDVMF) $1-billion takeover of Semafo (TSX: SMF), creating what the companies said in a press release would be a top-15 global gold producer and the largest in West Africa. MegumaGold (CSE: NSAU; US-OTC: NSAUF) and Osprey Gold Development (TSXV: OS; US-OTC: OSSPF) have partnered up, while Argonaut Gold (TSX: AR) plans to merge with Alio Gold (TSX: ALO; NYSE.A: ALO), and Seabridge Gold (TSX: SEA; NYSE: SA) snapped up the 3 Aces gold project in southeastern Yukon from Golden Predator Mining (TSXV: GPY). John Wilkin, a partner at Blake, Cassels and Graydon in Toronto, said he expects M&A activity to continue, but notes that companies that are considering a deal — and those that are in the process of closing them — now face many more risks than they did just months ago. “I think parties who have a will to do the deal are going to spend a lot more time discussing the risks,” he said in an interview. Jay Kellerman, a partner at Stikeman Elliott and head of the firm’s mining group in Toronto, said he thinks deals will slow in the short and medium-term. “My sense is,

notwithstanding Endeavour and Semafo, senior management teams and boards are focusing right now on keeping their existing companies going as opposed to thinking about M&A activity,” he told The Northern Miner. “These companies need to be in operation to sell their product, to make money and … at what point in time is cash going to become very thin at some companies? I would think companies are in that mode of thinking as opposed to being opportunistic and thinking this is a good time to go buy.” Wilkin sees three major areas of volatility that could impact the execution of a transaction. The first is for buyer companies trying to price their targets. “If you’re a board of directors trying to decide on pricing a deal, it becomes very difficult when the share price of your target is moving around significantly [from] trading session to trading session,” he said. An analysis of M&A issues on Stikeman Elliott’s website noted that deal-pricing could create a valuation gap between a buyer and its target. As share prices have plummeted, companies being targeted for acquisition may receive an offer less than what management thinks the organization is worth. The law firm suggests earn-outs can be an effective work-around. An earn-out agreement effectively splits the purchase price of the deal into two payments — one up-front, and one post-closure that’s based on the acquired company’s actual future performance. “With an earn-out, some of the purchase price could be pushed out to a future time period after recovery,” the March 19 online briefing stated. The second major source of volatility is deal financing. Companies that can’t use shares to finance their acquisition may find it more difficult to come up with capital, experts say. In addition, miners that have signed deals for third-party debt financing may want to check their contracts to determine what ability their lender has to walk away from funding obligations.

“… AT WHAT POINT IN TIME IS CASH GOING TO BECOME VERY THIN AT SOME COMPANIES? I WOULD THINK COMPANIES ARE IN THAT MODE OF THINKING AS OPPOSED TO BEING OPPORTUNISTIC AND THINKING THIS IS A GOOD TIME TO GO BUY.” JAY KELLERMAN PARTNER AT STIKEMAN ELLIOTT

Vancouver-based SilverCrest Metals (TSX: SIL; NYSE.A: SILV) is facing this reality. The company signed a $75 million bought-deal financing underwritten by a banking syndicate led by National Bank Financial, which also included Eight Capital and Scotia Capital, on March 11, only to see the deal terminated seven days later. National Bank Financial said it was using the “disaster out” clause in the agreement because of the pandemic. SilverCrest disputes the bank’s justification, calling the situation “fully evident when the bought-deal financing was agreed upon with expectations that the precious metals market would respond positively to this known risk.” The Mexico-focused mining company said it intends to pursue legal options against the bank. While financing will be challenging now, there are alternate routes companies may be able to pursue, Wilkin said. “We may see the mining finance companies and private equity companies that have a stomach for the volatility step in

and take opportunities.” There are also multiple operational risks that could impact a deal. “We’re seeing countries … where the government has ordered that mining operations cease, at least in the short-term while we deal with COVID-19,” Wilkin said. “So you’ve got potential targets whose operations have stopped, and [there’s] uncertainty of when mining activity can start again and minerals can start to move.” If operations are closed and companies can’t deliver on their supply contracts, they may need to declare ‘force majeure’ — a clause in contracts that can discharge one party of its obligations if an event beyond the control of either company makes performing its duties impossible. The Financial Times reported on Feb. 27 that in response to the coronavirus, the China Council for the Promotion of International Trade issued more than 1,600 force majeure certificates to companies across 30 sectors to attempt to protect them from contract damages that stemmed from not performing their obligations. Buyer companies should be paying particular attention to their targets’ contractual obligations and force majeure clauses. Because pandemics and epidemics are often mentioned in these clauses, it’s likely the coronavirus would be covered. In addition, noted Wilkin, government-enforced shutdowns would very likely be covered, or when critical employees are prohibited from leaving their homes or refuse for safety reasons to attend work. “That can get a little more challenging for a company to demonstrate, but it’s the type of thing that a company may argue.” However, force majeure clauses are very fact-specific. “Where it gets potentially more complex is if an operator elects to cease operations, isn’t forced to by a government but makes the election to do so because it thinks it’s the right thing to do to protect its employees. It’s not as potentially crystal clear.”

A buyer company will also have part of its due diligence process frustrated by global travel restrictions that would prevent representatives from visiting the target’s sites, said Kellerman. Material adverse changes (MAC) clauses will become particularly important as companies sign or finalize deals. The clause requires proof of a sustained decline in business as a result of a change specific to the business, or a broader change that affects the business disproportionately. Previous judgments involving material adverse changes clauses tend to be very fact-specific, and the effects of the pandemic are so unique, so it’s hard to say how using the clause to terminate a contract in this environment would go over in a court, said a March 23 analysis from Blakes on the law firm’s website. “We’ve been asked this question a lot, and first and foremost it comes down to what the [contract] language says, and they’re not all the same,” said Kellerman. As well, he noted, different courts and different jurisdictions will interpret the question differently. “It’s a definite ‘it certainly may,’ but it just depends on the contract.” For new transactions, it may be more difficult to make the case that a MAC event has occurred, because the pandemic is now considered a known event, said the online Stikeman analysis, but companies can still draft language that specifically acknowledges coronavirus-related risks. For deals that have already been signed and not closed, the interim period will become particularly important, the experts agreed. A typical covenant requires the target company to carry out business “in the ordinary course” until the deal closes to ensure the asset remains the same value. This will likely be complicated by site closures or reduce-work orders, and the online Stikeman analysis suggested parties be flexible to give a target company the room to respond to the virus. TNM

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PDAC tallies three confirmed COVID-19 cases CORONAVIRUS

| New cases raise new questions in weeks following conference

BY TRISH SAYWELL tsaywell@northernminer.com

A

s the science continues to evolve around the transmission of the deadly coronavirus, the 23,000 people who attended the Prospectors & Developers’ Association of Canada (PDAC) convention in Toronto on March 1-4 can only watch and wait. PDAC confirmed the first case of infection on March 11, stating that an attendee had tested positive for the virus after returning to his home in Sudbury. The convention’s organizers reported that the individual had attended the trade show on March 1-3, including the Ontario premier’s press conference on the trade show floor on March 2, and a networking luncheon for students and the industry on March 3. PDAC said it was possible the Sudbury man had acquired the infection at the event and that he had also attended three smaller evening events. “PDAC has been in contact with the organizers of those events, and Toronto Public Health will be following up with them directly,” PDAC said in a media statement. “However, the advice remains the same, the risk is low and persons are advised to self-monitor.”

“AS WITH THE INITIAL CASE, IT WAS CONFIRMED THAT THESE INDIVIDUALS WERE NOT INFECTIOUS DURING THE CONVENTION.”

Above and below: Attendees at the PDAC convention in Toronto. PHOTOS BY CARL A. WILLIAMS.

peer-reviewed medical journal, a study on the coronavirus in patients from two hospitals in Wuhan, China, the city where the outbreak began, said “the longest duration of viral shedding in survivors was 37 days,” and the median duration of viral shedding was twenty days in survivors. The study examined 191 patients — 135 from Jinyintan Hospital and 56 from Wuhan Pulmonary Hospital. Of the total, 137 were discharged and 54 died in hospital. The study’s authors also confirmed that the clinical spectrum of infection “appears to be wide, encompassing asymptomatic infection, mild upper respiratory tract illness, and severe viral pneumonia with respiratory failure and even death.” TNM

PDAC MARCH 23 STATEMENT

Then, on March 19, the industry heard of another case of an infection at the conference. Troilus Gold (TSX: TLG; US-OTC: CHXMF) CEO Justin Reid confirmed that an attendee at its PDAC breakfast reception on March 3 had tested positive for COVID-19. The man was reported to be in serious but stable condition in the United Kingdom. Separately, when contacted by The Northern Miner on March 24, Plateau Energy Metals (TSXV: PLU; US-OTC: PLUUF) confirmed that one of its staff that had attended the conference tested positive for the virus on March 22. “Unfortunately, a member of our team in Lima is presently in the hospital,” the company said by email. “He received a positive diagnosis for COVID-19 on Sunday, March 22, after going to the hospital on March 21. It is worth noting that this member of our team was tested for COVID-19 in Lima on March 14, 2020, and that test came back negative. Outreach to notify anyone that had been in contact with this person in Lima has been undertaken and, as an extra precaution, we have notified PDAC. No other members from our team that attended PDAC have presented with the virus.” PDAC issued a statement on March

23. “Since our last communication with you, we have been informed by Toronto Public Health that two PDAC attendees from Toronto tested positive for COVID-19. These are in addition to the initial case from Sudbury, Ontario. As with the initial case, it was confirmed that these individuals were not infectious during

the convention. However, it is possible they acquired the virus while participating.” Another attendee of the conference informed the public on social media that he has also contracted the virus. In a Facebook post on March 20, the communications department of the Ministry of Mines in Burkina Faso

said the country’s Minister of Mines, Oumarou Idani, “has been tested positive for coronavirus (Covid -19) after leading a delegation to the Toronto Mines Show (PDAC 2020).” The post did not provide any further details. According to a paper published on March 11 in the Lancet, a weekly

By Order of D.S. Jovanovic, Associate Chair, Mining and Lands Tribunal, dated April 3, 2020, Victoria Burns or her executors, heirs, successors or assigns, are ordered to pay $17.76 (Cdn.) to the Applicant, Consolidated Professor Mines Limited, being the mining lands taxes for all surface and mining rights in, upon or under Parcel 3708, bearing PIN #61392-0110 (LT), situate in the Township of Coleman, District of Timiskaming. Payment may be made to Ms. Amelie Pelletier, counsel, Evans, Bragagnolo & Sullivan LLP, 120 Pine Street South, Timmins, Ontario, P4N 2K4. Failure to make payment or to request a hearing may result in an Order vesting all surface and mining rights in, upon or under the aforementioned Mining Lands in Consolidated Professor Mines Limited pursuant to section 196 of the Mining Act, R.S.O. c. M. 14.

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E D I T O R IA L Sinking in a sea of red

WO R L D Freeport ramps up security after attack kills employee

EDITORIAL

| Base metals miners face steep declines in Q1

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GROUP PUBLISHER/ PUBLISHER: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com EDITOR-IN-CHIEF Trish Saywell, BA, MA, MSC (JOUR) tsaywell@northernminer.com SENIOR REPORTER: Carl A. Williams, BSC (HONOURS), MSC, PHD cwilliams@northernminer.com REPORTER: Magda Gardner, BASC (MINERAL ENG) mgardner@northernminer.com EDITOR: Adrian Pocobelli, MA (ENGL) apocobelli@northernminer.com EDITOR, DIAMONDS IN CANADA: Alisha Hiyate, BA (POLI SCI, HIST) ahiyate@northernminer.com ADVERTISING: Joe Crofts (416) 510-6816 jcrofts@northernminer.com Michael Winter (416) 510-6772 mwinter@northernminer.com SUBSCRIPTION SALES/ APPOINTMENT NOTICES/ CAREER ADS George Agelopoulos (416) 510-5104 (Toll free) 1-888-502-3456, ext. 43702 gagelopoulos@northernminer.com PRODUCTION MANAGER: Jessica Jubb (416) 510-5213 jjubb@glacierbizinfo.com CIRCULATION/CUSTOMER SERVICE: (403) 209-3505 1-800-387-2446 northernminer2@northernminer.com REPUBLISHING: (416) 510-6768 moliveira@northernminer.com ADDRESSES: Toronto Head Office: 225 Duncan Mill Road, Suite 320 Toronto, ON, M3B 3K9 (416) 510-6789 tnm@northernminer.com 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, NL orders 14% H.S.T. to PEI orders 15% H.S.T. to NB, NS orders U.S.A.: US$120.00 one year Foreign: US$157.00 one year GST Registration # 809744071RT001 (ISSN 0029-3164) CANADA POST: Return undeliverable Canadian addresses to Circulation Dept. c/o The Northern Miner 225 Duncan Mill Road, Suite 320 Toronto, ON M3B 3K9 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

he economic fallout from COVID-19 is mounting sharply. Last week, unemployment claims in the United States hit a record 6.6 million, up from 3.3 million the previous week, and the U.S. Labor Department released its worst jobs report in 11 years. In the month of March, 701,000 people lost their jobs, sending the country’s BY TRISH SAYWELL tsaywell@northernminer.com unemployment rate to 4.4%, up from 3.5% in February, which the Wall Street Journal says is “the largest one-month increase in the rate since January 1975.” “It was a month unlike anything American business has experienced,” the newspaper reported on March 31, noting that the 500 biggest public companies in the U.S. “were worth US$3 trillion less at the end of the month than they were at the beginning.” A US$2 trillion relief plan signed into law on March 27 – the largest in U.S. history – will help the country battle back from the brink. The package includes direct payments and expanded unemployment benefits as well as loans and grants to businesses. But will it be enough? Probably not. A preliminary forecast from the Congressional Budget Office warns that the U.S. unemployment rate in the second quarter will surpass 10% (the last time it breached that level was in late 1982, when it hit 10.8%, according to the WSJ) and GDP will drop by more than 7%. “If that happened, the decline in the annualized growth rate reported by the Bureau of Economic Analysis would be about four times larger and would exceed 28%,” the CBO stated on its website, cautioning that “those declines could be much larger, however.” (The non-partisan CBO produces independent analyses of budgetary and economic issues to support the Congressional budget process.) Oxford Economics – a leader in global forecasting and quantitative analysis in the United Kingdom – says the pandemic “will inflict a deep recession on the world economy, and many major national economies, during the first half of 2020.” For the full year, the group expects “global growth to drop to zero, the second weakest in 50 years aside from 2009.” In the first quarter, it forecasts the global economy will “shrink at a faster pace than in the financial crisis, with a 2% fall in world GDP on the quarter, and a further 0.4% Q2 decline.” In our industry, declining global demand for base and industrial metals, in particular, and unprecedented disruptions have hit many companies hard. In Mexico, the government mandated that mining operations shut down until April 30, but signs of pain are everywhere, including in Peru and Chile, where copper producers are slowing production and processing, or halting it altogether. Bloomberg reports that copper miners “are poised for their worst quarter since 2008,” and in a March 30 article pointed to the BI Global Copper Competitive Peers Index, which has fallen 36% this quarter. Indeed, shares of Teck Resources, Hudbay Minerals, Freeport-McMoRan, have all dropped more than 50% in the first three months of the year. The world’s biggest commodity trader, Glencore, has postponed a decision on whether to proceed with a cash dividend of 20¢ per share totalling US$2.6 billion this year due to the pandemic. Its shares in the first quarter were down 50.8%. Other major international miners have also suffered share price declines including Vale (-39.4%); Southern Copper (-36.0%); BHP (-31.0%) and Rio Tinto (-23.2%). Last week, Haywood Securities released research illustrating the share price performance of companies under its coverage universe in a series of charts. For the base metal companies it covers, the largest declines in the first quarter of 2020 were: Trevali (-64.6%); Copper Mountain Mining (-55.7%); Teck Resources (-54.7%); Nevada Copper (-52.9%); Atalaya Mining (-51.6%); First Quantum Minerals (-51.4%); Hudbay Minerals (-50.2%); Taseko Mines (-46.3%); Fireweed Zinc (-45.7%); Capstone Mining (-43.6%); Imperial Metals (-43.0%); Sherritt International (-42.1%); Adventus Mining (-41.2%); Xanadu Mines (-33.3%); Lundin Mining (-31.7%); and Osisko Metals (-19.1%). This week, Fitch Ratings forecast that global GDP will contract by 1.9% this year, which will “translate into a fall in global copper demand of 6% year-on-year,” and noted that while production disruptions in countries like Peru, Chile, Mexico and Canada “will remove significant volumes” from the market, it still anticipates “meaningful copper oversupply.” As a result, it has reduced its copper price assumptions to US$5,300 per tonne in 2020 and US$5,800 per tonne in 2021. But in these dark times, we must find hope where we can. Oxford Economics forecasts that while “the near-term outlook is extremely challenging,” it believes that “consistent with historical experience – the eventual resurgence will be strong, with annual growth next year rising as high as 5% in early 2021 and averaging 4.4% for the year.” Fingers crossed. TNM

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Alio Gold. . . . . . . . . . . . . . . 7 Argonaut Gold. . . . . . . . . . 2 Argonaut Gold. . . . . . . . . . 7 Barrick Gold. . . . . . . . . . . . 1 BHP . . . . . . . . . . . . . . . . 1,13 Cameco. . . . . . . . . . . . . . . . 9 Chilean SQM. . . . . . . . . . 13 Codelco. . . . . . . . . . . . . . . 15 Conic Metals. . . . . . . . . . . 11 De Beers . . . . . . . . . . . . . . 16 DynaCERT. . . . . . . . . . . . . 5 Endeavour Mining. . . . . . . 2 Endeavour Mining. . . . . . . 7 First Cobalt. . . . . . . . . . . . . 9 Forum Energy Metals. . . 11 Freeport McMoRan. . . . . . 4

Giga Metals. . . . . . . . . . . . 11 Glencore . . . . . . . . . . . . 9,12 Golden Predator Mining. . . . . . . . . . . . . . 2,15 Grid Metals. . . . . . . . . . . . 11 Largo Resources. . . . . . . . 12 Lithium Americas. . . . . . 12 MegumaGold. . . . . . . . . . . 2 Minerva Intelligence. . . . 11 Mountain Province Diamonds. . . . . . . . . . . . . 16 Newgold . . . . . . . . . . . . . . . 6 NexGen Energy. . . . . . . . 10 Orano Canada. . . . . . . . . . 9 Orocobre. . . . . . . . . . . . . . 12 Osprey Gold. . . . . . . . . . . . 2

Plateau Energy Metals. . . 12 Plateau Energy Metals. . . . 3 Radius Gold . . . . . . . . . . . . 8 Rio Tinto. . . . . . . . . . . . . . 11 RNC Minerals . . . . . . . . . 11 Same Resources. . . . . . . . 13 Seabridge Gold. . . . . . . . . 15 Seabridge Gold. . . . . . . . . . 2 Semafo. . . . . . . . . . . . . . . . . 2 Semafo. . . . . . . . . . . . . . . . . 7 SilverCrest Metals . . . . . . . 2 SRG Mining . . . . . . . . . . . 13 Troilus Gold. . . . . . . . . . . . 3 Wealth Minerals. . . . . . . . 13

SECURITY

| Associated Press reports attacks near Grasberg are increasing in frequency

Freeport-McMoRan’s Grasberg gold-copper mine in West Papua, Indonesia. PHOTO BY RICHARD JONES.

BY TRISH SAYWELL

F

tsaywell@northernminer.com

reeport-McMoRan (NYSE: FCX) confirmed that one employee was killed and another employee and contractor were seriously injured in a shooting in Papua, Indonesia, near the company’s administrative offices in Kuala Kencana, a lowlands company town 60 km from its Grasberg mine in the highlands. “Security has been increased in the area, and government security forces are actively working to apprehend the assailants,” Linda Hayes, Freeport-McMoRan’s vice president communications told The Northern Miner by email after repeated requests for more information on the attack. “We are deeply saddened by this incident, and our large workforce is grieving the loss of the long-time employee who was killed.” Hayes did not release any other information and did not confirm the identity of the employee who was killed in the March 30 shooting, but news outlets including Reuters and The Associated Press identified him as a New Zealand citizen. The Associated Press reported that the West Papua Liberation Army, which is the military wing of the Free Papua Organization, claimed responsibility for the attack and quoted a statement from its spokesman Sebby Sambom: “‘We will keep fighting until Freeport stops operating and talks for the independence of Papua begin.’” “Attacks by rebels near the Grasberg mine have spiked in the last year,” the news agency reported in an article on March 30 republished in The New York Times, noting that the mine “is

seen by separatists as a symbol of Indonesian rule and has been a frequent target for rebels.” PT Freeport Indonesia (PT-FI), which runs the Grasberg mine, is owned by Freeport McMoRan (48.8%) and PT Inalum, a stateowned company owned by the Indonesian government (51.2%).

“SECURITY HAS BEEN INCREASED IN THE AREA, AND GOVERNMENT SECURITY FORCES ARE ACTIVELY WORKING TO APPREHEND THE ASSAILANTS.” LINDA HAYES VICE PRESIDENT COMMUNICATIONS, FREEPORTMCMORAN

PT Freeport Indonesia started mining in the Grasberg minerals district in 1972 and discovered the Grasberg mine in 1988, according to Freeport-McMoRan’s website. The Phoenix, Arizona-headquartered company says the Grasberg minerals district “contains one of the world’s largest recoverable copper reserve and the largest gold reserve” and features three operating mines – the Grasberg open pit, the Deep Ore Zone (DOZ) underground mine and the Big Gossan underground mine. The district is situated in the remote highlands of the Sudirman mountain range in the province of Papua, Indonesia, which is on the western half of the island of New Guinea. TNM

GLOBAL MINING NEWS

THE NORTHERN MINER / APRIL 13–26, 2020

5

DynaCERT says new technology can lower diesel emissions INNOVATION

| New HydraGEN device would improve diesel engine efficiency

A haulage truck at the Kinross Gold’s Tasiast mine. CREDIT: KINROSS GOLD.

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ynaCERT (TSX: DYA), a Torontobased company, has developed a technology called HydraGEN that could significantly reduce emissions by improving the performance and fuel efficiency of diesel engines used in mining machinery and equipment. The HydraGEN technology is about the size of a suitcase for use in trucks, with larger models for use in more significant mining machinery and equipment, and the company estimates the device could reduce the carbon footprint of a caterpillar 797F dump truck by over 530,000 tonnes carbon dioxide equivalent (CO2e) per year and save approximately 2,618 hours of operational time in fuel. Over the past year, the company has been marketing the technology worldwide and now has a presence in North America, Europe, Asia and the Middle East. In February, it was ranked the number one performing company across all sectors on the 2020 TSX Venture 50 list for its performance in 2019, which saw a 284% increase in its share price and a 384% increase in its market capitalization to $185.36 million. “I was first introduced to the technology about 16 years ago and was really taken aback by its potential,” Jim Payne, dynaCERT’s president and CEO, said in a telephone interview. “Along with several others, I invested in the technology and we launched the first HydraGEN device about 18 months ago.” Diesel fuel is integral to the mining industry. Diesel-powered shovels and drills are used to excavate natural resources into trucks or onto conveyor belts that are also powered by diesel. Excavators, dozers, front loaders and drill rigs all run on diesel fuel. The massive haul trucks used in mining operations, in particular, can consume a staggering amount of fuel, with consumption often exceeding 50% of a mine’s total energy costs. Take, for example, the Belaz

75710, which is capable of hauling 450 tonnes of rock in one load and considered to be the world’s largest dump truck. It is estimated to consume over 450 litres of diesel fuel per hour when fully loaded — around 150 times that of an average sedan. The combustion of diesel fuel to power transport and stationary equipment releases significant amounts of greenhouse gases (GHG) that contribute to climate change. Around 400 million tonnes of carbon dioxide equivalent (CO2e) are emitted annually by the mining industry, according to the analysis presented in Climate risk and decarbonization: What every mining CEO needs to know by McKinsey & Company, published in January 2020. The report also estimates that emissions associated with the metal industry’s value chain, so-called scope 3 emissions, contribute a further 4,000 million tonnes of CO2e per year, mainly from steel and aluminum production. Furthermore, the incomplete combustion of fuel in the engines of trucks, excavators, diesel generators and other mining equipment also releases a range of noxious pollutants, including carbon monoxide (CO), hydrocarbons, nitrogen oxides (NOx), sulphur dioxide and diesel particulate matter that are harmful to human health and the environment. The HydraGen technology works by first using electricity to turn water into hydrogen (H2) and oxygen (O2) gas, which are then fed into the engine on demand during its intake stroke, which creates a homogenous mixture before combustion of the fuel. The diesel is then injected into the combustion chamber, where it mixes with the air and H2 mixture. The presence of H2 and O2 gas in the chamber helps to initiate combustion sooner and just before the end of the compression stroke. This increases the rate of combustion,

which now lasts for a much shorter duration during the power stroke phase of the engine, and results in less fuel consumption and a higher amount of power generated at a lower temperature. “It’s well documented that trace amounts of hydrogen gas have been proven to improve the burn efficiency of internal combustion engines. The gas comes from the electrolysis of water, and because it’s produced on-demand, we don’t need to store it,” explains Payne. The hydrogen is then fed into the cylinder, where it mixes with the fuel, allowing more of the fuel to be combusted at the top of the cylinder. This produces a cleaner and much more efficient burn, which greatly improves fuel economy as well as reducing carbon emissions directly at the source. The increase in the thermal efficiency of the engine also ‘cools’ the exhaust emissions, reducing the release of NOx, hydrocarbons and other carbon emissions, as well as improving the fuel economy of the engine. In independent tests conducted by the PIT Group, based in Montreal, Que., Germanybased Continental EMITEC and Ontario Tech University’s ACE automotive research, development and innovation centre, the technology reduced NOx emissions by 88%, total hydrocarbon content by over 57%, emissions of CO and CO2 by up to 47% and 10%, respectively, and generated fuel savings of between 6 to 19%. It also reduced particulate matter, also called black smoke, by up to 55.3%, improved diesel particle filter replacement times by at least 33% and negated the need for between 40% and 60% of diesel exhaust fluid, used to reduce air pollution released by diesel engines. The device is also equipped with the HydraLytica™ telematics technology that gathers and records data on an engine’s total lifetime mileage and volume of litres consumed to estimate a historic baseline rate for litres per 100 km travelled. It then analyses the

“I WAS FIRST INTRODUCED TO THE TECHNOLOGY ABOUT 16 YEARS AGO AND WAS REALLY TAKEN ABACK BY ITS POTENTIAL.” JIM PAYNE Transporting rocks at New Gold’s Rainy River mine. CREDIT: NEW GOLD.

PRESIDENT AND CEO, DYNACERT

fuel consumption and distance travelled since the device was installed to determine the savings in fuel and reductions in GHG emissions, measured in kilograms of CO2e, and then transmits the data so it can be used when applying for carbon credits. In 2019, the HydraGEN technology was approved for use in underground mining applications. The approval followed a risk assessment commissioned by one of its dealers, Total Equipment Services (TES), a privately-owned Canadian company located in Sudbury, Ont., and one of TES’s major underground mining customers in Northern Ontario. “We are currently running a test pilot with the company on one of their pieces of underground mobile equipment,” said Kevin Whynott, President and CEO of TES, in a telephone interview. “The primary driver for the company was to reduce emissions. And if we can demonstrate that emissions can be reduced by say 10, 20, or even 50%, then they could have more pieces of equipment running underground.” Preliminary results from the pilot are “looking good,” according to Whynott, who hopes to have the full results of the study by next month. The company’s HG145-6C Large Engine HydraGEN™ Technology is also being deployed on a fleet of mining trucks and equipment at two large mining companies operating in South America, one in Brazil and the other in Argentina. In partnership with the UK-based International Environmental Partners Limited, the company has also recently submitted an application for a new methodology for estimating carbon reductions from diesel engines to VERRA’s Verified Carbon Standard program. Because there is no approved methodology, a verified method for measuring carbon reductions would allow companies who have installed a HydraGEN device on vehicles or equipment to turn GHG emission reductions into tradable carbon credits. “We have achieved a significant step towards a free market trading of the carbon emission reductions provided by our HydraGEN and HydraLytica Telematics technologies,” Robert Maier, dynaCERT’s chief operating officer and chief engineer, stated in a press release. “Harnessing carbon credits has been one of our long-term goals, which we identified a few years ago. We are now on the right path to create a continuous and recurring revenue stream for the company.” TNM

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APRIL 13–26, 2020 / THE NORTHERN MINER

New Gold closes US$300M partnership with Ontario Teacher’s Pension Plan TRANSACTION

BY CARL A. WILLIAMS cwilliams@northernminer.com

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ew Gold (TSX: NGD; NYSEAM: NGD) has closed a strategic partnership with the Ontario Teachers’ Pension Plan (OTPP) to acquire a 46% free cash flow interest in the company’s New Afton mine for an upfront cash payment of US$300 million. The proceeds are to be used to reduce the company’s debt and increase its financial flexibility. “The partnership agreement is a great deal and a great outcome and followed a considerable amount of work and diligence on our part,” Renaud Adams, New Gold’s president and CEO, said in a telephone interview. “We were looking for a partner with an upfront cash payment and who was willing to be patient over the next four years, and the free cash payment approach from Ontario’s Teachers Pension Plan represented the right structure for us to focus on the bottom line, with both parties recognizing what a great opportunity the partnership represented.” New Gold is a Canadian-based intermediate gold mine company. Its portfolio includes two producing mines in Canada: Rainy River, a gold-silver mine 65 km northwest of Fort Frances in Ontario and New Afton, a gold-copper mine 350 km northeast of Vancouver in British Columbia. In addition, the company owns 100% of the Blackwater gold-silver development project located 160 km southwest of Prince George, B.C., and operates the Cerro San Pedro mine 20 km northeast of San Luis Potosí in Mexico, which transitioned to residual leaching in 2016. OTPP is one of the world’s leading pension funds with net assets worth over $207 billion. The fund focusses on finding investment opportunities and establishing investment partnerships

| Intermediate Canadian miner finalizes deal in volatile market that add to OTPP’s broad and diversified joint-venture agreement, the option is assets group, which encompass several exercisable over 60 days following the target sectors, including infrastructure fourth anniversary of the date of signing and natural resources. of the agreement. If OTPP decides not Under the terms of the transaction, to take up the option, then it retains a New Gold retains full operational con- free cash flow interest in New Afton but trol over the New Afton mine, with a at a reduced rate of 42.5%. buyback option to re-purchase a 100% “With the signing of the agreement, interest in New Afton’s cash flow and we now have $390 million in cash and cancel the partnership during the agreed $590 million in liquidity,” Adams said. period at the greater of an agreed-upon “We now understand what is required internal rate of return to OTTP or fair at both our Rainy River and New Afton market value for the free cash flow at mine assets to make them profitable and the time. The company also retains self-funding. Even with the unpredict100% of the exploraable situation at the tion claims that lie moment, we are now outside of the mine’s very well positioned “THE permit area and has to face the challenges TRANSACTION granted OTPP an opthat lay ahead.” tion to purchase a The closure of the ALLEVIATES proportionate share agreement comes THE CONCERNS of any claims after shortly after New SURROUNDING conversion into the G old a n nou nced joint venture interupdated life of mine NEW GOLD’S est. plans for both the LIQUIDITY AND “The transaction Rainy River and New allows us to restrucAfton mines. UPCOMING DEBT ture our ba la nce The new mine plan MATURITIES.” sheet and lower our for Rainy River aims level of net indebtedto extend the life of BRIAN QUAST ness focused on free t he underground BMO CAPITAL MARKETS cash f low,” Adams mine beyond 2028, said. “It also provides and is contingent on New Gold with an atgold prices that suptractive cost of capital, further strength- port the extension. ening our finances and allowing us to Rainy River produced 257,000 oz. carry out further exploration on the gold last year, and New Gold forecasts New Afton land package, as well as the 2020 production of between 240,000 to opportunity to re-acquire 100% of New 260,000 ounces. Afton in the future.” The mine has for 2020 measured and The agreement provides OTPP with indicated resources of 23.13 million 46% interest effective from the closing tonnes grading 2.57 grams gold per date of the transaction over a four-year tonne and 6.9 grams silver per tonne term. After four years, OTPP has the for 1.91 million contained oz. gold and option to convert the interest into a 5.12 million oz. silver. 46% joint venture with New Gold, with At the New Afton mine, New Gold the company holding the remaining has been developing the C-zone for the 54% interest in the limited partnership past 12 months, which could extend the formed at the time of conversion. mine life to 2030. The company has been Should OTPP decide to enter into the focussed on de-risking development

A remotely-operated LH410 in the New Afton mine. CREDIT: SANDVIK.

of the zone, including finalizing the mine design, the tailings disposal plan, subsidence and stabilization, as well as advancing permitting work. “Our integrated mine plan optimizes the self-funded development of New Afton’s C-Zone, which could deliver free cash flow of more than 1 billion dollars over the life of mine,” Adams said. “And we now have a clear path forward for the further development of the mine.” Last year, New Afton produced 69,000 oz. gold and 79 million lb. copper, and the company forecasts production this year of 73,000 to 83,000 oz. gold and 75 million to 85 million lb. copper. New Afton has measured and indicated resources of 57.01 million tonnes grading 0.61 gram gold per tonne, 2.1 grams silver per tonne and 0.74% copper for 1.12 million contained oz. gold, 3.75 million oz. silver and 933 million lb. copper. BMO Capital Markets analyst Brian Quast resumed coverage of the company, upgraded his rating to ‘outperform’ and increased his target price on the stock to $1.50 per share following news of the transaction with the OTPP. “The transaction alleviates the concerns surrounding New Gold’s liquidity and upcoming debt maturities,” the mining analyst commented in a March 31 research note to clients. “Prior to the announcement of the transaction, New Gold was not in a position to generate sufficient free cash flows to repay the ~$400 million of unsecured notes coming due in FY2022. With this no longer being an immediate concern, the company is able to focus on the execution of its new life of mine plans for the New Afton and Rainy River mines.” At press time in Toronto, New Gold was trading at 79¢ per share within a 52-week trading range of 56¢ and $2.03. The company has 676 million common shares outstanding for a $534-million market capitalization. TNM

GLOBAL MINING NEWS

THE NORTHERN MINER / APRIL 13–26, 2020

7

Argonaut Gold to merge with Alio Gold in all-share deal M&A

| “Both companies are excited to come together,” says Argonaut president and CEO

BY TRISH SAYWELL tsaywell@northernminer.com

A

rgonaut Gold (TSX: AR) and Alio Gold (TSX: ALO; NYSE-A: ALO) announced a friendly all-share at-market merger that will create a larger company with a production base of over 235,000 gold-equivalent oz. this year. Under a definitive agreement approved by the boards of both companies, each Alio common share will be exchanged for 0.67 of an Argonaut common share, giving Argonaut and Alio shareholders 76% and 24% ownership of the combined company, respectively. The exchange ratio was based on the volume weighted average prices of each company’s common shares over the 20 trading days ended March 27. “Both companies are excited to come together” and “build a North American intermediate gold producer with a strong development pipeline,” Peter Dougherty, Argonaut’s president and CEO, said on a conference call. “For Argonaut, our long-term strategy since founding the company has always been to create a 300,000-500,000 oz. a year producer,” he continued. “This transaction is another step in that direction. We have a strong history of acquiring simple, low-risk projects, bringing our operating expertise and maximizing the potential of those projects, extending mine life through exploration and creating sustainable environmental and community values. This merger is right in line with our strategy.” Argonaut’s principal assets are its 100%-owned El Castillo and San Agustin mines, which together form the El Castillo complex in Mexico’s Durango state, and its 100%-owned La Colorada mine in Mexico’s Sonora state. It also owns two advanced-stage projects: Cerro del Gallo in Guanajuato, Mexico, and Magino in Ontario. Alio Gold’s flagship asset is its open-pit heap leach Florida Canyon mine, 64 km southwest of

Alio Gold’s Ana Paula gold project on the northwestern extension of the Guerrero gold belt in southern Mexico. CREDIT: ALIO GOLD.

“THIS MERGER IS RIGHT IN LINE WITH OUR STRATEGY.” PETER DOUGHERTY ARGONAUT PRESIDENT AND CEO

Drill core at Alio Gold’s Ana Paula gold project in Mexico. CREDIT: ALIO GOLD.

Winnemucca, Nev. and not far from Argonaut’s head office in Reno. Alio also owns the Ana Paula development project in Mexico’s Guerrero state, 180 km from Mexico City. Ana Paula is at the prefeasibility stage and is envisioned as an open pit heap leach mine. The Florida Canyon mine adds immediate growth for Argonaut, and will replace production from its El Castillo mine, which is expected to close in 2022. “At Argonaut, we have a proven track record of operating profitably open-pit heap leach mines over the past decade, and believe Florida Canyon is an open-pit heap-leach

mine starting to achieve significant positive momentum,” Dougherty told analysts and investors on the conference call. The new Argonaut will have a strong balance sheet with US$55 million in cash and over US$30 million available from its existing credit facility, and a market capitalization north of $250 million, Dougherty added. Production of 235,000 oz. a year will drive operating cash flow to nearly $90 million, he said, and the new company will boast mineral reserves of nearly 7 million oz. gold and measured and indicated resources of over 13 million ounces.

Mark Backens, president and CEO of Alio Gold, noted the deal “makes lots of sense” for the shareholders of both companies. “By combining the two companies, Alio immediately gains operational diversification while removing much risk that is inherent to a single mine company,” he said on the conference call. “This combination significantly improves the cash flow profile, and together our companies provide an actionable, strong development pipeline. The benefit of this combination provides Alio shareholders a lower cost of capital, as evidence in the difference in borrowing rates of the two companies. At Alio, debt currently carries a 10% coupon as compared to Argonaut’s existing revolver, which carries a coupon of Libor plus 2.25%.” In a research note to clients, Ryan Hanley of Laurentian Bank Securities, said the merger values Alio at $61 million based on the company’s

closing share price on March 27, and noted that Alio’s Florida Canyon mine “fits well into Argonaut’s portfolio and should benefit from the combined company’s much stronger balance sheet and Argonaut’s experience in running similar operations.” “Although Florida Canyon’s reserve grade of 0.37 gram gold per tonne might cause some concern, it is important to note that Argonaut has been successful at profitably running similar operations. (The current reserve grade for the El Castillo complex is 0.32 g/t). We believe that if there is a company that is able to operate Florida Canyon profitably, Argonaut is likely that company.” The mining analyst also noted that “prior operators of Florida Canyon were dealing with stretched balance sheets, which resulted in various challenges including poor equipment availability and short cycling on the leach pad (i.e. ore placed on the pad was not leached for a sufficient period before additional ore was stacked) ... [and] with the addition of a new fleet of equipment at the end of 2019, that start-up of a second leach pad in Q2/20, and the additional financial flexibility provided by Argonaut’s balance sheet, operations at Florida Canyon should begin to improve –particularly in H2/20.” Alio Gold acquired Florida Canyon under an agreement with Rye Patch Gold in May 2018. The mine was initially put into production in 1986 and restarted in April 2017. According to its website, Alio expects the mine will produce between 60,000 and 70,000 oz. gold this year at cash costs of between US$975 and US$1,075 per ounce. Brian Quast of BMO Capital Markets models a nine-year mine life for Florida Canyon “with average production of ~70,000 oz. per annum and co-product all-in sustaining costs of US$1,127 per oz.” The mining analyst also values Alio Gold’s Ana Paula development project at about US$22 million on an in situ basis. The transaction is expected to close in the second quarter of the year. TNM

Endeavour Mining to buy Semafo M&A

| Semafo’s Boungou in Burkina Faso faced major attack in November

BY CECILIA JAMASMIE

E

MINING.com

ndeavour Mining (TSX: EDV) gave markets a welcome break from COVID-19-related news by announcing the acquisition of Semafo (TSX: SMF) in a $1 billion (US$691 million) deal that will create one of West Africa’s top gold miners. The transaction, the company said, will create the biggest gold producer biggest gold producer in both Burkina Faso and Cote d’Ivoire with production estimated at over 1 million oz. per year. The West Africa-focused miner, owned by billionaire Egyptian Naguib Sawiris, said the merger would bring together six mines with strong cash flow into one portfolio, the opportunity to optimize assets and a growth pipeline.

Endeavourshareholderswillownabout 70% of the combined company, with Semafo shareholders holding the rest. Under the deal, the target company’s shares will be exchanged at a ratio of 0.1422 Endeavour shares for each Semafo share, which represents a premium of 54.7% from the closing price of Endeavour and Semafo on March 20. La Mancha Holding, which has a 31% stake in Endeavour, has agreed to invest US$100 million in the combined company. Its interest, however, is expected to drop to roughly 25% once the transaction is completed. Endeavour and Semafo have previously worked as industry partners and in early 2019 began a dialogue to evaluate the merits of a business combination, but were unable to reach a deal. Talks resumed earlier this year, the companies said.

“We view this deal as sensible and logical and believe there are no other interested bidders,” Kerry Smith of Haywood Securities commented in a research note. “This merger provides an avenue for both parties to benefit from accretive country and asset level synergies, which remain a key point of focus following in-country volatility from a security standpoint.” Semafo’s shares have lost more than 50% of their value since early November, when a convoy of mine employees was attacked in eastern Burkina Faso, causing at least 37 deaths and halting operations at its Boungou mine. The company had said it planned to restart operations at the mine in the fourth quarter. TNM — This article first appeared in our sister publication, MINING.com.

Moving material at Semafo’s high-grade Siou pit, part of the Mana gold mine in Burkina Faso. CREDIT: SEMAFO.

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APRIL 13–26, 2020 / THE NORTHERN MINER

COMMENTARY:

Silver to struggle in 2020 due to coronavirus DEMAND

| Lower industrial demand has been partially offset by bar and coin purchases Caverns within Mina Reales. PHOTO BY BRUCE SMITH, RADIUS GOLD.

There was a pick-up in retail investment, which benefited from the global uncertainty, with both bars and coin demand recording solid gains. CREDIT: SUNSHINE SEEDS/ISTOCK. BY CAMERON ALEXANDER

T

Special to The Northern Miner

he GFMS team at Refinitiv recently published its latest findings on the global silver market, highlighting the shift in supply and demand over the course of 2019 and provided provisional supply and demand estimates for 2020. The market faced some significant challenges last year, but 2020 is shaping up to be one of the toughest in a generation. Forecast numbers, finalized in early March, may now need to be recalibrated as we come to terms with the reality of COVID-19 and the true impact it will have on the global economy. Total physical demand was down by 2% last year to 1,035.1 million oz. driven lower by a drop in silver used in industrial applications and jewellery, although this was slightly offset by a pick-up in retail investment which benefited from the global uncertainty with both bars and coin demand recording solid gains. Looking to supply, mine production declined by less than 1% to an estimated 853.7 million oz., with losses in South America and Oceania being slightly offset by higher output in Europe and North America. Silver mine production is forecast to drop by at least 2% to 835 million oz. this year, with mining companies all around the world now starting to take precautionary measures and scaling down their operations in light of the global pandemic. Scrap supply rose to a five-year high of 160.3 million oz., up by 6% from the previous year, with higher prices stimulating scrap flows across the major markets. Industrial demand accounts for over 55% of total demand in any year, and in 2019 it declined by 4% to 555 million ounces. The fall, the second in succession, saw demand in this key sector fall to levels not seen since the global financial crisis as the ongoing trade wars between the United States and China dragged the global economy lower. The outlook in this sector remains bleak, with industry hit hard by the rapid spread of COVID-19 that has brought several manufacturing centres to their knees. The largest decline in volume terms last year was recorded by the electronics and other industrial segments, where demand for silver slipped by 8.6 million oz. and 5.3 million oz., respectively. Meanwhile, demand from the photovoltaic (PV) sector, the darling of the industry in recent years, recorded its second consecutive fall in 2019, dipping by 3% to 74.2 million oz., owing largely to the ongoing thrifting of silver in PV modules, even as global photovoltaic installations continue to rise. Demand from the jewellery sector slipped by 1% to 210 million oz., driven by lower offtake in Asia, particularly in China, where jewellery fabrication tumbled by 11% to the lowest level since 2003. While structural fac-

tors and a shift in consumer preferences had been weighing on the domestic market, the economic slowdown and trade tensions put a major drag on jewellery demand last year. Meanwhile, Indian demand rose slightly to a record high level, driven by strong demand in the first half of the year thanks to increased wedding days and a lower silver price. North American fabrication remained on the winners list, if only just at less than 1% annual growth. The U.S., which accounts for over 75% of this grouping, recorded its seventh consecutive increase in fabrication to a record high, but at just 1% was the lowest level of expansion over this entire period. The outlook in this sector in 2020 is also very concerning. We are already aware of layoffs in this industry, especially in the western markets, as government-mandated shutdowns have shuttered many department stores and retail outlets, severely impacting fabrication demand. Having benefitted from the rise in economic uncertainty last year, we expect investment demand in silver to record another year of solid growth, with positive inflows into silver exchange-traded products (ETPs) anticipated again this year. Demand for bars and coins is forecast to surge by 24%, partly driven by a buying frenzy across all the major markets in the first quarter as the silver price plunged to its lowest in more than ten years, as well as a renewed investor interest in safe havens later in the year once global financial markets stabilize. The silver price averaged US$16.21 per oz. in 2019, up by 3% from the previous year. The performance for most of the first half was rather disappointing, with the dollar price losing 6% in the first five months, plunging below the US$15 per oz. level in April. By contrast, the second half of the year saw the silver price soar by 18%, breaking through the US$19 per oz. mark in early September for the first time in nearly three years. After rising to a five-month high by late February this year, the silver price experienced a calamitous fall in March, as precious metals got caught up in a broader market sell-off amidst the deteriorating virus outbreak. As a result, silver lost 30% of its dollar value in the first three weeks of the month, trading at around the US$12 per oz. level, the lowest in more than ten years. Looking ahead, we expect prices to recover from current lows, driven by bargain hunting, before moving higher later in the year once the market hysteria calms down and safe-haven demand kicks in, taking the silver price to an annual average of US$15.55 per oz. this year, down by 4% year-on-year. TNM — Cameron Alexander is manager of the precious metals research team at Refinitiv. Refinitiv is a global financial market data firm founded in 2018 by Blackstone Group (55%) and Thomson Reuters (45%).

Radius Gold discovers historic silver mine in Mexico SILVER

| Roman numerals on the walls signify up to 58 mining areas

BY CARL A. WILLIAMS cwilliams@northernminer.com

R

adius Gold (TSXV: RDU) has signed an option agreement to acquire a 100% interest in Plata Verde, a 3-sq.km property north of its flagship Amalia gold-silver project in the state of Chihuahua, Mexico. Plata Verde is located on the site of a historic and undocumented underground mining operation from the 1800s that Radius Gold discovered in January 2020. The project is east of the historic Batopilas silver mining district, which is reputed to have produced over 300 million oz. silver. “We found the site after a Mexican geologist rang me up looking for a job,” Bruce Smith, Radius Gold’s exploration manager, said in a telephone interview. “He was a little reluctant to tell me about it because he didn’t own it, but I agreed to include him in any negotiations if we decided to acquire the property.” Although the geologist wasn’t able to produce any geochemical or geophysical maps of the area, “there was something about the way he spoke and his experience and background that led me to think that it may be worth following up,” Smith said. Smith then took a trip to Mexico to explore the area. After checking the Mexican Geological Survey and historical documents for the area, however, he could find no evidence of any mineralization or mining activities for the site. “But after negotiating with the owners to gain access to the site, I was stunned to find evidence of an extensive and large scale underground bulk mining operation. We even found a couple of silver bars hidden within one of the old mines,” said Smith. The company has now commenced detailed geological mapping and prospecting at the site and collected 110 rock chip samples, which returned silver grades of between five and 1,070 grams silver per tonne. Thirty-five of the samples were collected from the walls and the remaining pillars of the former mining operation and returned values ranging from 5 grams to 849 grams silver per tonne, with an average of 276 grams silver per tonne. None of the samples returned gold mineralization, although all had trace amounts of copper, zinc and lead. Roman numerals on walls throughout the historic mine signify up to 58 mining areas, and excavations define a strike extension of over 500 metres and up to 100 metres wide, with the host volcanic at least 60 metres thick. Although Smith has been exploring for mineral deposits for over 20 years in North and Latin America, he hasn’t seen mineraliza-

Plata Verde typical mineralization textures, crustiform banded barite calcite with silver chlorides, sulphosalt minerals and native silver infilling and cementing fractures and breccia. Note green silver chloride oxides after which the project was named. PHOTO BY SIMON RIDGWAY, RADIUS GOLD.

tion like it before. “It has unique geology, with silver chlorides and barite infilling basaltic andesite,” he said. “We’ve consulted with some of the most experienced geologists in the world, and they also say that they haven’t seen anything similar before either.” The company now plans to map and undertake detailed sampling of all the known mineralized areas and excavation sites on the property. It also intends to conduct an airborne magnetic survey to help define the extensions of the host rocks. Radius paid a local concession holder $8,000 on signing the deal and will pay staged payments of another $800,000 over four years, with a final payment of $400,000 at the end of the fourth year. The seller will then retain a 1% net smelter return royalty, which Radius Gold will be able to buy back for $1 million. Meanwhile, work continues at the company’s flagship Amalia project. In January, Radius Gold and its partner and project operator Pan American Silver (TSX: PAAS; NASDAQ: PAAS) reported results from the third phase of drilling. Final assay results include intervals of 23 metres grading 4.61 grams gold per tonne and 41 grams silver per tonne; 1 metre of 12.5 grams gold and 2,320 grams silver; and 14 metres grading 1.39 grams gold and 22 grams silver. In addition, Radius announced it has signed an option to acquire the adjacent 8 sq. km Palmillas property, which hosts highgrade epithermal silver-gold mineralization that outcrops 1.8 km northwest along strike from Amalia. Over the last year, Radius Gold has traded within a range of 10¢ and 47¢ per share and at press time was trading at 15¢. The junior explorer has 87 million common shares outstanding for a $13 million market capitalization. TNM

SPECIAL FOCUS

ENERGY METALS Cameco suspends Cigar Lake mine SASKATCHEWAN

| Uranium miner halts operations due to COVID-19

BY MAGDA GARDNER magardner@canadianminingjournal.com

U First Cobalt’s cobalt refinery in northern Ontario. CREDIT: FIRST COBALT

First Cobalt reports more positive results at Ontario refinery COBALT SULPHATE

| Company seeks to supply North America and Europe

BY CARL A. WILLIAMS cwilliams@northernminer.com

F

irst Cobalt (TSXV: FCC; US-OTC: FTSSF) has produced a battery-grade cobalt sulphate for the second time in a row but using a different feed source, the company says. The second set of tests yielded battery grade cobalt sulphate assaying 21.4% cobalt derived from a cobalt alloy feed, and was produced at the company’s hydrometallurgical refinery in Ontario, 600 km from Canada’s border with the U.S., the only fully permitted primary cobalt refinery in North America. “The second test demonstrated the plant’s versatility to carry out custom runs to different specifications and so could provide a finished product for a variety of potential customers,” Trent Mell, First Cobalt’s president and CEO, said in a telephone interview. “And although the results weren’t unexpected, they are significant because they demonstrate for the second time — and using a different feed material — that our refinery is capable of producing battery-grade cobalt sulphate that surpasses the reference-grade of 20.5% for sulphate pricing.” The new results follow tests carried out in 2019, which returned assays of 20.8% cobalt from a cobalt hydroxide feed. Both tests resulted in ‘high purity’ cobalt sulphate grading over 99.9%, the company reported. Further adjustments to the process will enable the refinery to improve specifications, allowing the company to provide a variety of products with different levels of impurities (e.g. manganese and nickel) to different types of customers. The most common use of cobalt sulphate is as a precursor for cathodes used in lithium-ion batteries for electric vehicles and consumer electronics. Cobalt is also a critical element in the manufacture of lithium-ion rechargeable batteries. Cathodes made from cobalt significantly improve the energy density, power and performance of rechargeable batteries compared with batteries that lack cobalt. Investments by market players and the demand for lithium-ion batteries for electric vehicles are driving the cobalt market. For example, Tesla invested about US$5 billion in its lithium-ion battery factory in Nevada, while Porsche has invested over US$1 billion

in electric vehicle production, and Faraday Future, a U.S.-based technology start-up and a potential competitor to Tesla, has spent US$1 billion in the development of electric vehicles. The global market for cobalt sulphate will be worth over US$1 billion by 2023 with a compound annual growth rate of 1.8% up to 2023, say analysts at Allied Market Research. Most of the global supply of cobalt sulphate comes from Chinese refineries using cobalt mined from the Democratic Republic of Congo, where the majority is shipped to Asia for refining. Last year, First Cobalt entered a strategic relationship with Glencore (LSE: GLEN). The two companies are currently negotiating a commercial supply agreement for the supply of cobalt feed from the DRC for a fourand-a-half-year period. Glencore also advanced First Cobalt a US$5 million load to complete a pre-feasibility study for the recommissioning and expansion of the refinery, with the promise of further financing if the refinery can increase its production from a 12-tonneper-day operation to 55 tonnes per day. “Our partnership with Glencore will put us at the center of producing battery-grade cobalt sulphate for the North American and European markets,” said Mell. “It is a significant accomplishment, as the majority of refined cobalt for the electric vehicle market is produced in Asia. With no cobalt sulphate production in North America today, First Cobalt stands to become the first such producer for the American electric vehicle market.” The feasibility study on restarting the refinery is currently in its final stages and is due for release at the end of April, according to First Cobalt. A final decision on the recommissioning of the refinery will be contingent on the results of the feasibility study and the completion of a long-term feed supply agreement with Glencore. “Everything is starting to come together. We’ve got a good understanding of our flowsheet, the engineering works and plant design are progressing extremely well, and we’re pulling together the different quotes on capex and opex costs,” Mell said. “There have been no red flags to date so far, and I remain very optimistic that we will have a facility that is competitive on a global scale, possibly by the fall of this year.” The company is trading at 10.5¢ per share within a 52-week range of 8¢ and 25¢. The junior has about 387 million common shares outstanding for a $41-million market capitalization. TNM

ranium companies Cameco (TSX: CCO; NYSE: CCJ) and Orano Canada are suspending mining and processing activities at their operations in northern Saskatchewan due to COVID-19. The two companies jointly agreed to suspend production activities: Cameco operates the high-grade underground Cigar Lake mine, with processing of the ore at Orano’s McClean Lake mill. A production ramp-down will take place in the coming days ahead of a four-week care and maintenance period, which may be extended as the situation unfolds. Government precautions and restrictions, coupled with concerns among leaders of remote communities and challenges with maintaining physical distancing at the sites all factored into the companies’ decisions to wind down their activities. The operations produced 4 million lb. U3O8 so far this year; Cameco’s share is 50% of this output. In its release, Cameco indicated that its 2020 attributable Cigar Lake production guidance of 9 million lb. U3O8 may be impacted. In addition

to the Saskatchewan operation, the company holds a 40% stake in the Inkai in-situ uranium mine in Kazakhstan, which churned out a total of 8.3 million lb. U3O8 last year. Cameco has a 50% stake in the Cigar Lake mine (37.1% Orano Canada, a French nuclear company, 7.9% Idemitsu Canada, a Japanese petroleum company, and 5% TEPCO Resources, also known as Tokyo Electric Power Company). In a research note to clients on March 24, London-based Alexander Pearce of BMO Capital Markets modelled a 12-week suspension that would remove “about 5 million lb. U3O8 from primary supply this year (~2.7 million lb. attributable to Cameco), or ~3% of global demand.” “Suspending Cigar Lake, the world’s largest remaining producing uranium mine (even temporarily) has the potential to significantly increase the supply deficit beyond our current estimate of ~20 million lb. this year, which could act to provide some support to the uranium price (currently ~US$24/lb.),” Pearce stated. “As a reminder, whilst not totally immune to a COVID-19 virus linked economic slow-down, base load nuclear uranium demand is less likely to be impacted near term.” TNM

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APRIL 13–26, 2020 / THE NORTHERN MINER

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NexGen Energy well positioned to benefit from higher uranium prices SASKATCHEWAN

| Rook I property offers high grades at low costs

NexGen Energy’s Arrow uranium project in northern Saskatchewan. PHOTOS: NEXGEN ENERGY

BY CARL A. WILLIAMS cwilliams@northernminer.com

T

he COVID-19 pandemic continues to negatively impact commodity markets, with prices for metals such as copper, zinc, lead, aluminium and many others falling rapidly since the shuttering of mines and disruption to supply chains around the world. One metal, however, is defiantly bucking the trend. The spot price for uranium oxide in the past few weeks has risen by 14% to over US$27 per lb., ending a long period locked between US$24 to US$26 per pound. “On the supply side, several main production centres have either closed, are reaching the end of their lives or are starting to hit lower grade ores at their mines, pushing up spot prices for uranium,” Leigh Curyer, CEO of NexGen Energy (TSX: NXE; NYSE:NXE), said in a telephone interview. “Also, the higher consumption of nuclear power, which has been growing by around 1% to 2% per year over the last few years, is also putting upward pressure on prices.” A Canadian-based uranium exploration and development company, NexGen Energy holds several properties with over 2,590 sq. km of land in the Athabasca Basin, a region in the Canadian Shield that spans northern Saskatchewan and Alberta, and is one of the world’s leading sources of high-grade uranium oxide, the feedstock for nuclear power reactors. The company’s southwestern properties include the high-grade Arrow deposit, the South Arrow, Harpoon and Bow discoveries and the Cannon area, all situated within the company’s 100%-owned flagship Rook I property. The property is located in northwest Saskatchewan, around 40 km east of the Alberta–Saskatchewan border, 150 km north of the town of La Loche and 640 km northwest of the city of Saskatoon. In 2018, the company reported a resource estimate for the Arrow deposit of 2.88 million indicated

Workers at a drill site at NexGen Energy’s Arrow uranium project in northern Saskatchewan.

“WE’LL NEED AT LEAST ANOTHER FOUR OR FIVE ARROW-TYPE DEPOSITS TO COME INTO PRODUCTION TO MEET THE MEDIUM- TO LONGTERM DEMAND.” LEIGH CURYER CEO, NEXGEN ENERGY

tonnes grading 4.04% uranium oxide for 256.6 million lb. contained uranium oxide, with a high-grade core of 460,000 tonnes grading 17.85% uranium oxide for 181 million lb. contained uranium oxide. Inferred resources totalled 4.84 million tonnes grading 0.86% uranium oxide for 91.7 million lb. contained uranium oxide. “The pre-feasibility study released in late 2018 was based on a 1000-tonne-per-day mine with an average production of 25 million lb. per year for a mine life of nine years at a very low operating cost of around US$5 per lb.,” said Curyer. “In 2019, we conducted another drilling program over 58,000 metres, which further helped to delineate the mine plan. We also undertook several studies as part of

an updated feasibility study, which all point toward Arrow becoming one of the world’s largest sources of uranium once operational.” The COVID-19 outbreak, however, has interrupted work on the latest feasibility study. With the large-scale electrification of global transportation systems and manufacturing processes, the demand for electricity is increasing at about twice as fast as overall energy use, and is expected to rise by more than half by 2040. The challenge, however, is to meet this rapidly growing demand while also reducing the greenhouse gas emissions from electricity generation. As the second-largest source of low-carbon electricity globally (after hydropower), nuclear power currently provides around 10% of the world’s energy. Modelling carried out by the World Nuclear Association in 2019, however, shows a divergence in the supply and demand curve globally for uranium, with demand outstripping supply from 2023 and global production dropping dramatically between 2035 and 2040, as a quarter of all mines in the model come offline. “The world will need reliable and cheap sources of electricity to meet the increasing demand, and nuclear power can provide that,” said Curyer. “But we’ll need at least another four or five Arrow-type deposits to come into production

NexGen Energy president and CEO Leigh Curyer (middle) and vice president corporate development Travis McPherson (right) visit with a driller at the Rook I uranium project in Saskatchewan.

to meet the medium- to long-term demand. However, as demand for uranium increases beyond the supply and the average cost of production increases, the price of uranium will also increase.” Although the demand for uranium is very evenly distributed with around 442 nuclear reactors operating in 31 countries around the world, the supply side is very concentrated, with only around six mines producing two-thirds of the global supply. Therefore, any disruption to the supply side has a significant and lasting impact on uranium prices. Last week, for instance, spot prices for uranium spiked after market leader Cameco (TSX: CCO; NYSE: CCJ) announced the closure for a month of its Cigar Lake mine, which accounts for around 13% of global uranium supply. The announcement was shortly followed by a 21-day lockdown of mines in Namibia, another significant uranium-producing region, and the shuttering of Energy Resources of Australia’s Ranger uranium mine, placing further pressure on supplies. So far, however, supplies from Kazakhstan have not been affected, reports the Financial Times. According to The World Nuclear Association, the uranium industry will need to double primary uranium production by 2040 to meet demand. But with global production

tipped to drop dramatically between 2035 and 2040 as a quarter of all mines are likely to come offline, the supply of uranium will dwindle in the absence of new development projects or the ramping back up of mothballed mines. With increased restraints on supply coupled with new reactors currently in construction across Eastern Europe, the Middle East and Asia, uranium prices could see a significant jump to around US$50 per lb. from 2025, according to analysts at Canaccord Genuity, a London-based independent investment bank. “In the short-term, we expect uranium prices to pass the US$30 per pound mark soon and will increase over the longer-term,” Curyer said. “Currently, there is also an unprecedented level of uncontracted demand for uranium, so we think prices will only get higher this year, into 2021 and to the middle of the decade, and to encourage new production to come on board we could see far higher contracted prices for uranium, possibly as high as US$70-80 per pound.” At pre s s t i me i n Toronto, NexGen Energy was trading at $1.29 per share within a 52-week trading range of 76¢ and $2.45. The company has 339.34 million common shares outstanding for a $464.72-million market capitalization. TNM

ENERGY METALS

GLOBAL MINING NEWS

THE NORTHERN MINER / APRIL 13–26, 2020

11

ENERGY METALS SNAPSHOT Eight companies powering the future

Growing moves by governments and organizations to set a price on carbon emissions have set up a prospective niche market in battery metals exploration and development. Lithium, cobalt, graphite and vanadium are directly applicable to energy storage, while nickel and copper are seeing growing demand as inputs for electric vehicle manufacturers. Here is an overview of eight companies with exposure to these metals.

BY MAGDA GARDNER mgardner@northernminer.com

Top: Lithium Americas’ Cauchari-Olaroz lithium project in Argentina’s Jujuy province. CREDIT: LITHIUM AMERICAS

 CONIC METALS

Conic Metals (TSXV: NKL) holds a portfolio of investments with exposure to nickel and cobalt through a combination of equity stakes and royalties. The company has an 8.56% joint venture interest in the Ramu nickel-cobalt operation in Papua New Guinea, where ore-based slurry feed from the free-digging Kurumbukari nickel laterite deposit is subject to a highpressure acid leach treatment to produce a nickel and cobalt hydroxide product. Metallurgical Corp. of China is the project’s majority owner and its operator. Conic acquired a stake in the US$3-billion mine through a US$68-million 2019 acquisition of Highlands Pacific, an Australian company. Based on Highlands’ share of Ramu construction and development loans, Conic expects to start receiving cash flow from this asset in 2022. Once the loans are repaid, Conic’s joint venture interest will increase to 11.3%; the mine has been in operation since 2012 and features substantial exploration upside. Conic’s royalty and stream portfolio includes nine pre-production projects in Canada and Australia. Canadian royalties include a 1.75% net smelter return royalty on RNC Minerals’ (TSX: RNX) construction-ready Dumont nickel-cobalt project; a 2% NSR on Giga Metals’ (TSXV: GIGA) Turnagain nickel-cobalt project in B.C., royalties on three of New Found Gold’s exploration projects in Ontario, with two additional exploration-stage NSR holdings in Yukon and British Columbia. In Australia, Conic has royalties on two pre-production nickel-cobalt-scandium assets. The company also has a 7% equity stake in Giga Metals and a 3% interest in Minerva Intelligence (TSXV: MVAI), an artificial intelligence software company. Conic Metals was formed in October 2019, with certain assets of Cobalt 27 transferred to the new company based on a plan of arrangement between Cobalt 27 and Pala

Investments, a Swiss venture capital firm. Conic Metals has a $12.9-million market capitalization.

 FORUM ENERGY METALS

Forum Energy Metals (TSXV: FMC) is focused on copper, cobalt, palladium and uranium exploration in Saskatchewan. The company has a 100% interest in the Janice Lake copper project in north-central Saskatchewan, where in May 2019, it entered into an option agreement with Rio Tinto (NYSE: RIO; LSE: RIO). Under the terms of this agreement, the major may earn up to an 80% interest in the project by spending a total of $30 million on exploration. The 383-sq.-km Janice Lake property covers the entirety of the 52-km long Wollaston Copper Belt, a sedimentary copper basin. Over 20 copper occurrences have been identified to date at this project. This winter, Rio Tinto was working on a winter access road to Janice Lake, with an exploration program planned to start in June. In March, Forum announced that work at the project was temporarily postponed due to COVID-19. In September 2019, Rio Tinto drilled three targets at the site: highlights include 52 metres of 0.57% copper and 1.5 grams silver per tonne, as well as 22 metres of 0.37% copper and 2.82 grams silver from the Jansem and Janice targets, respectively. At Jansem, copper mineralization has been traced over 650 metres of strike and over a width of 200 metres with thicknesses of up to 66 metres. At Janice, drilling has defined mineralization for 1.2 km of strike, over a width of 400 metres, with thicknesses of up to 57 metres. Both targets remain open. Historical exploration and the work that Rio Tinto completed last year cover 4 km of the 52-km prospective trend. At the 142-sq.-km Fir Island project, where Orano Canada may earn up to a 70% interest by spending $6 million, a 3,000 metre drill program is planned for this year. The property, situated on the northeast edge

of the Athabasca Basin, is within trucking distance of Orano’s McClean Lake mill. Fir Island is near Cameco’s (TSX: CCO) Centennial deposit and adjacent to the historic Nisto uranium mine. The company’s wholly owned Love Lake palladium project, 60 km northeast of Janice Lake, features a geological environment comparable to Impala Canada’s Lac des Iles project, according to Forum. At 308 sq. km, the property covers all of the known showings within the Swan River mafic-ultramafic complex. Exploration plans for this year include airborne geophysics as well as mapping and sampling to generate drill targets. Forum also has a 100% interest in the 10.7-sq.-km Quartz Gulch cobalt property in Idaho, within the state’s cobalt belt and on trend with the past-producing Blackbird mine. Forum Energy Metals has an $8.7-million market capitalization.

 GRID METALS

Grid Metals (TSXV: GRDM) has a 100% interest in the East Bull Lake property, 80 km west of Sudbury. The 22-km long by 4-km wide project is underlain by a layered platinum group metals-bearing intrusion where past drilling and channel sampling traced widespread platinum and palladium. The two main targets at the site, the Central and South zones, have a combined strike length of over 4 kilometres. Six holes drilled into the Central zone in 2002 returned intercepts such as 28 metres of 0.9 gram per tonne total PGMs and gold as well as 20 metres of 0.67 gram total PGMs. The South Zone, situated on strike with the Central zone, represents a similar target but has not been drilled. Airborne geophysics over this zone traced an anomaly over about 1,000 metres of strike. In September 2019, the company added the Parisien Lake and Kid zones to its East Bull Lake holdings, which cover 2 km of the Contines on page 12

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ENERGY METALS

WWW.NORTHERNMINER.COM

ENERGY METALS SNAPSHOT Eight companies powering the future Contined from page 11

prospective Parisien Lake Deformation Zone. Past drilling at these claims traced shallow platinum and palladium mineralization over a strike length of 600 metres. In addition, Grid holds the Makwa-Mayville nickel-copper-palladium project in Manitoba, 145 km from Winnipeg. This asset consists of the nickel-dominant Makwa holding and the copper-dominant Mayville property; the two are located 40 km apart. A preliminary economic assessment (PEA) completed in 2014 envisions two open pit mines at these sites producing nickel and copper concentrates. The study proposed an 8,300 tonne per day, 14-year operation, at an initial capital cost of $208 million, with a post-tax net present value estimate, at a 7.5% discount rate, of $97 million. Total indicated resources across the two projects consist of 33.8 million tonnes grading 0.27% nickel, 0.37% copper, 0.06 gram platinum and 0.19 gram palladium. Additional total inferred resources are at 5.9 million tonnes at 0.2% nickel, 0.43% copper, 0.06 gram platinum and 0.15 gram palladium. Both Makwa and Mayville feature exploration upside with additional targets and favourable geology nearby existing resources. Makwa is a past-producing open pit with a higher-grade sulphide core. At Mayville, a platinum group metal zone has also been traced 2 km southeast of the deposit. Grid Metals has a $7.2-million market capitalization.

 LARGO RESOURCES

Largo Resources (TSX: LGO) holds the high-grade open pit Maracas Menchen vanadium mine in Brazil’s Bahia state. This year, the operation is expected to produce 11,750 tonnes to 12,250 tonnes of vanadium pentoxide at total cash costs of US$3.45 to US$3.65 per pound. Largo completed an expansion project at Maracas Menchen in the fourth quarter of last year, producing a record 3,011 tonnes of vanadium pentoxide in Q4. In addition, during a plant maintenance period this April, Largo expects to add further improvements to the kiln, to increase its production capacity to 1,100 tonnes of vanadium pentoxide a month, up from 1,000 currently. At the end of April, an offtake agreement with Glencore (LSE: GLEN) will expire, allowing Largo to receive all of the premiums associated with high-purity vanadium sales: these are currently split with Glencore on a 50:50 basis and the agreement covers 100% of production. Earlier this year, the company introduced two new products to its vanadium offering: the Vpure and Vpure+ offerings. Vpure flakes are mainly used to produce ferrovanadium, whereas Vpure+ flakes and powder are used in the production of master alloys and as inputs to vanadium redox flow batteries, respectively. In January, the company’s board approved the construction of a ferrovanadium conversion plant at the mine site, which would allow Largo to provide this material directly to consumers. With start-up of this facility planned for the first quarter of next year, engineering studies and permitting efforts are underway with an estimated capital budget of US$5 million to US$7 million this year for the conversion plant With a continued focus on vanadium processing integration, Largo’s board has also approved a vanadium trioxide processing plant, which would allow increased sales to the aerospace market as well as to the vanadium battery market. Construction is expected to start in the first quarter of next year, ahead of a start-up in the third quarter of 2021. Largo’s tailings are non-magnetic and contain ilmenite and titanium dioxide. Engineering studies are underway to evaluate the possibility of upgrading the tailings through flotation to produce titanium dioxide concentrate. With a successful pilot plant study

started last year, the second phase of testing is expected shortly. The Campbell pit at Maracas Menchen features total reserves of 19 million tonnes at 1.15% vanadium pentoxide and lies within a total land package of 177 square kilometres. Largo has developed a multi-year exploration plan to grow its resource inventory and advance existing deposits. Last year, a 25,000 metre drill program resulted in a resource upgrade at the NAN deposit with additional assays pending. Largo Resources has a $366-million market capitalization

 LITHIUM AMERICAS

Lithium Americas (TSX: LAC; NYSE: LAC) holds a 49% interest in the construction-stage Cauchari-Olaroz lithium project in Argentina’s Jujuy province, and wholly owns the Thacker pass lithium asset in Nevada, where a feasibility study is underway. A 2019 feasibility study for Cauchari-Olaroz outlines a conventional brine operation producing 40,000 tonnes per year of lithium carbonate at cash costs of US$3,576 per tonne over a 40-year mine life. With an estimated project capital cost of US$565 million, the post-tax net present value estimate for the project, at an 8% discount rate, came in at US$1.8 billion. Ganfeng Lithium owns 51% of the project. As of February, 59% of the planned capital costs had been committed or spent with the construction efforts approximately 36% complete. At the time, first production was on schedule for early 2021. In March, the company announced that construction activities at

Cauchari-Olaroz were temporarily suspended, in line with the government restrictions in place due to COVID-19. Cauchari-Olaroz is adjacent to Orocobre’s (TSX: ORL) operating Olaroz lithium facility and sits within the same basin. With measured and indicated resources of 19.9 million tonnes lithium carbonate equivalent, this pre-production asset is one of the largest projects in South America. The company’s Thacker Pass sedimentary lithium deposit in the U.S. has produced over 10,500 kg of high-purity lithium sulphate solution at a process testing facility in Reno. A 2018 prefeasibility study outlined a two-phase open pit project, initially producing 30,000 tonnes per year of lithium carbonate and later increasing to 60,000 tonnes annually. With a 46-year mine life, average cash costs of US$2,570 per tonne of lithium carbonate and initial capital costs of US$581 million, the net present value estimate post-tax for the project, at an 8% discount rate, came in at US$2.6 billion. A feasibility study for the first phase of this project, targeting production of 20,000 tonnes of lithium carbonate equivalent annually, is expected by mid-year. Lithium Americas expects to have the major permits for the project by next year and is exploring financing options for Thacker Pass and evaluating potential joint venture partners. Lithium Americas has a $325.2-million market capitalization.

 PLATEAU ENERGY METALS

Plateau Energy Metals (TSXV: PLU) holds the Falchani lithium and Macusani uranium

Top: Workers at Lithium Americas’ Cauchari-Olaroz lithium project in Argentina’s Jujuy province. CREDIT: LITHIUM AMERICAS

Above left: Plateau Energy Metals’ Falchani lithium project in Peru. CREDIT: PLATEAU ENERGY

Above right: Forum Energy Metals’ Fir Island project in Saskatchewan. CREDIT: FORUM ENERGY METALS

GLOBAL MINING NEWS

Below: Inside the processing facilities at Largo Resources’ Maracas Menchen vanadium mine in Brazil, in 2016. PHOTO BY THE NORTHERN MINER

ENERGY METALS

projects in Peru. The two sites are within a wholly owned, 930 sq. km group of concessions that is in the southeastern part of the country, 25 km from the town of Macusani and 650 km from Lima. The Falchani lithium project features a high-grade, near-surface hard rock lithium deposit that is a volcanic-hosted solidified brine. A preliminary economic assessment (PEA) for the project released earlier this year suggests a 26-year open pit operation with a dedicated processing facility, with peak annual throughputs of 6 million tonnes. Producing an average of 63,034 tonnes of lithium carbonate in the first seven years at operating costs of US$3,958 per tonne with an initial capital outlay of US$587 million, the after-tax net present value estimate for the project, at an 8% discount rate, came in at US$1.55 billion. The proposed open pit operation would extract mineralized material from the Falchani and Ocacasa 4 concessions. Within the optimized pit shells, these contain total in-situ indicated resources of 43.2 million tonnes at 1.83% lithium carbonate equivalent for a total of 790,000 tonnes contained lithium carbonate equivalent with a further 102.2 million tonnes inferred at 1.75% lithium carbonate equivalent, containing 1.79 million tonnes lithium carbonate equivalent. The mined material would be crushed, then undergo warm sulphuric acid leach tank processing to extract the lithium to a leach solution, followed by a purification, evaporation and precipitation to produce low impurity, battery-grade lithium carbonate within a matter of days. A baseline environmental study for the project is ongoing – it has been expanded to include the area of the Macusani uranium project and recently transitioned to an environmental impacts assessment. There are additional lithium exploration targets within the Falchani project area and extending into the surrounding concessions held by the company. The Macusani uranium project contains measured and indicated resources of 95.2 million tonnes grading 248 parts per million U3O8 for a total of 51.9 million lb. uranium oxide and inferred resources of 130 million tonnes at 251 ppm of U3O8 totalling 72.1 million lb. uranium oxide. A PEA for this asset from 2016 outlined an open pit mine with a 10-year life, producing an average of 6.1 million lb. uranium oxide a year. With heap leach processing, average costs of production of US$17.27 per lb. uranium oxide and an initial capital spend of US$300 million, the after-tax net present value estimate

THE NORTHERN MINER / APRIL 13–26, 2020

for the project, at an 8% discount rate, came in at US$603 million. In October, the company announced that it started a judicial process, intending to overturn a decision made by the country’s mining council, which supported a resolution made by Peru’s Institute of Geology, Mining and Metallurgy deeming 32 of its 149 mineral concessions at Macusani invalid due to late good standing fee payments. According to the company, an administrative process is ongoing with the judicial path pursued early and as a precautionary measure. Plateau Energy Metals has a $16.7-million market capitalization.

 SRG MINING

SRG Mining (TSXV: SRG) is focused on developing the wholly owned Lola graphite deposit in Guinea, 1,000 km southeast of Conakry, the country’s capital. In July last year, the company released the results of a feasibility study for the project, which outlined total proven and probable reserves of 42 million tonnes grading 4.17% carbon graphite for a total of 1.75 million tonnes of contained graphite. The 2019 feasibility study for the asset outlined an open pit operation with a 29-year mine life, producing an average of 54,600 tonnes of graphite flakes a year. With an average concentrate grade of 95.4% carbon graphite, the suggested plant on site would be designed to produce 50,000 tonnes of concentrate annually, divided into four standard size fractions and recovered through a conventional flotation process. Based on an initial capital costs estimate of US$123 million and life-of-mine average operating costs pegged at US$508 per tonne of concentrate, the associated after-tax net present value estimate for the project, at an 8% discount rate, came in at US$159 million with a 21.2% internal rate of return. The mineralization at the project extends over 8.7 km of strike and is, on average, 370 metres wide. The upper 20 to 50 metres is weathered saprolite, where graphite flakes are freed from the silicate component for optimal recovery of larger flake sizes. According to the company, approximately 50% of the graphite at the deposit is large flake and 26% is ‘jumbo’ flake. In January, SRG signed four three-year offtake agreements for a total of 89,000 tonnes of graphite concentrate, covering approximately 60% of the company’s production over that time frame. Prior to that, in November 2019, it received the mining permit for Lola for a renewable 15-year term. On the financing front, in March, the company closed a $2.4-million private placement

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with net proceeds intended for development of Lola. Last summer, SRG also entered into a share purchase agreement with a U.S.-based industrial firm where the latter acquired US$5 million of SRG stock and entered into a memorandum of understanding (MOU) with the company to jointly investigate cooperation possibilities in areas such as debt financing, energy production and concentrate transportation. At the same time, the company also entered into a convertible debt agreement with Sama Resources (TSXV: SME), which includes a $5 million credit facility and a $1 million bridge loan. In a release published last fall, SRG indicated that it was in a bidding process with four engineering groups to determine the optimal partner to advance Lola under an engineering-procurement-construction management model. SRG Mining has a $22.6-million market capitalization.

 WEALTH MINERALS

Wealth Minerals (TSXV: WML) holds over 670 sq. km of ground in Chile, as part of its lithium brine project portfolio, as well as the Valsequillo silver project in Mexico. Its Chile holdings consist of the Atacama, Ollague, Trinity and Huasco projects. Atacama is the largest, at a total of 541 sq. km, and is within the Atacama Salar in northern Chile’s Antofagasta region. The Atacama Salar is the world’s highest-grade and largest producing lithium deposit. The Wealth concessions are contiguous with grounds held by BHP (NYSE: BHP; LSE: BHP), Chilean SQM (NYSE: SQM) as well as COFRO, the Chilean economic development agency. A geophysical survey completed over the core property outlined a 500 metre to 2 km thick very low resistivity zone, covering at least 100 sq. km of the project grounds. This geophysical low is interpreted to be porous media containing high salinity fluids with an estimated average thickness of 1.5 kilometres. In October of last year, the company signed a memorandum of understanding with Uranium One, a subsidiary of Rosatom, a Russianstate owned corporation, which proposed up to a 51% acquisition of 462 sq. km of the Atacama project. The MOU includes a due diligence period with terms yet to be agreed upon and specifies that the two parties will enter into an off-take agreement with Uranium One having the right to purchase all of the products from Atacama. In March 2018, Wealth entered into a partnership with ENAMI, the Chile’s national mining company, with a 24-month period to form a joint venture for development of the Atacama projects and ENAMI holding a 10% stake in the partnership. A joint venture would allow Wealth to apply for the permits required to explore, develop and produce lithium. In a corporate update released in April, Wealth indicated that, although the 24-month period to form a JV with ENAMI had expired, the company still expected the state-owned entity to enter into a joint venture for the Atacama project. At Ollague, 200 km north of Atacama, geophysical surveys identified conductive zones that are interpreted to represent porous media with high-salinity fluids at depth. In addition to the lithium holdings, at the Valsequillo project in Mexico’s southern Chihuahua state, Wealth may earn a 100% interest over 90 months by spending a total of US$6 million. These grounds are interpreted to cover the upper portions of an intermediate sulphidation epithermal system. Having secured surface access rights to the project in October 2019, the company now intends to advance this asset towards the drill-ready stage. Wealth also holds a 42.6% stake in Wealth Copper, a private company holding two exploration-stage copper project in Chile, with efforts underway to list this entity publicly. Wealth Minerals has a $21.5-million market capitalization. TNM

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APRIL 13–26, 2020 / THE NORTHERN MINER

Alberta lithium startups aim to ease transition to clean energy economy TECH

| U of A technology could help extract lithium from brine

BY MAURICE SMITH Special to The Northern Miner

N

ot so long ago, in situ oilsands production was little more than a dream in the eye of Alberta’s petroleum producers. Years of government and industry-funded research cracked that nut with the development of steam assisted gravity drainage (SAGD) that has created a multibillion-dollar industry paying dividends to both producers and governments for two decades. A new group of entrepreneurs and technology developers hope to repeat that formula to create Alberta’s next booming sector that could ride the wave of the transition to clean energy and energy storage. E3 Metals (TSXV: ETMC; USOTC: EEMMF) is leading the charge to usher in the new era leveraging technology developed at the University of Alberta combined with oil sector expertise to extract lithium from subsurface brine. The company would essentially replicate conventional oil production; only rather than separating oil out of the subsurface fluids it would extract lithium. Many of Alberta’s increasingly depleted wells already produce up to 95 per cent brine that is pumped back underground after the oil is separated — E3 would simply target lithium instead of crude. The four-year-old Calgary-based company crossed a major milestone recently with the investment of Philadelphia-based Livent Corp. (NYSE: LTHM), the world’s largest pure play lithium producer and a leader in lithium extraction technology with operations around the world. Livent pumped US$5.5 million into a joint technology development project will see a pilot plant to fruition and gives Livent the option to acquire 19.9% of E3 Metals thereafter. E3 Metals has amassed mineral rights in the lithium-rich Leduc formation of central Alberta and hopes to be producing 20,000 tonnes a year of lithium carbonate equivalent by 2023 — coinciding with an expected crunch in the supply of lithium worldwide. The plant could scale up to 50,000 tonnes a year and the model could be replicated across E3 Metals leases in future years. “Demand for lithium is soaring,” Liz Lappin, E3 Metals’ VP corporate affairs and exploration, and president of the recently formed Canadian Lithium Association, told a recent lithium workshop at the University of Calgary. Annual lithium demand of around 300,000 tonnes is set to jump to a million by 2025 and two million by 2030, representing “unprecedented demand for lithium really tied to electric vehicle growth,” she said. “The second piece of this is that Alberta has lithium — a lot of lithium. We actually have as Alberta a real competitive advantage when it comes to developing that lithium, because we have a head start in terms of our understanding of geology, and the skills and knowledge that we have in this province. We understand wells and pipelines and many of the things that we use to develop oil and gas. There is a real parallel there.” But like any industry that’s new and emerging, it has its challenges, she said. Alberta’s so-called petrolithium cannot be developed using traditional hard rock mining or salar [salt flats evaporation ponds] extraction techniques. The sector must perfect and scale new technologies to extract lithium from brine. Access to capital is a major challenge. And

CREDIT: E3 METALS.

“ALBERTA IS LOOKING HONESTLY AT AN ABSOLUTELY MASSIVE OPPORTUNITY TO COMPETE IN THIS INDUSTRY.” LIZ LAPPIN VP CORPORATE AFFAIRS AND EXPLORATION, E3 METALS

there remains uncertainty around the province’s regulatory framework. Right now, the sector needs “courageous policy,” Lappin said. “But this might be a familiar story to some of you — for those of you familiar with SAGD, a technology that was developed back in the 80s,” she told the Alberta’s Lithium Ion Battery Supply Chain Opportunity workshop. “That was at a time when we couldn’t access deep oilsands economically. SAGD was just an idea. And there was a courageous group of innovators that went forward and developed an underground test facility and really blew all of the estimates out of the water with respect to performance and unlocked what was known to be an absolutely massive resource. “This is something that I see as a real parallel to what we can do in this province with lithium and I have a lot of confidence in Alberta’s entrepreneurial spirit, combined with the pace of innovation. Alberta is looking honestly at an absolutely massive opportunity to compete in this industry.” The sector could help revitalize an oil industry battered by the deepest downturn in a generation. “We are looking at potential resource revenues and jobs — not just any old jobs, but jobs that are high quality and really aligned with our existing skill sets in the province. “And we also have the potential to produce some of the world’s most sustainable lithium,” she added. “I think that we can really leverage that green brand to our advantage as we move forward and diversify our resource economy.” The race is on There are a handful of other local companies chasing the lithium-frombrine prize. Purlucid, in partnership with MGX and Eureka, has developed molecular sieve/ion exchange technology. LiEP Energy is using

an electrochemical technique (at lab scale prototype stage working on field/pilot demonstration), while Summit Nanotech is at lab scale with membrane and nanoparticles technology. Prism Diversified, whose permits overlie the well-developed Devonian reefs that fringe the Peace River Arch in northwest Alberta, is moving ahead with a technology partner using LiREC extraction technology with production operations anticipated in 2021. Other regions are also racing to develop new lithium production projects in time to capitalize on the looming supply shortage expected in the next three to five years, using some form of ion-exchange, nanofiltration or solvent extraction technology. In Arkansas, Standard Lithium (TSXV: SSL; US-OTC: STLHF) is working to extract lithium from brine produced in the production of bromine with a technology and process thought to be similar to that developed by E3 Metals. It is starting up a 20,900 tonnes per year demonstration plant. A preliminary economic assessment found it could produce battery grade lithium carbonate for around US$4,300, at a time when the average selling price was US$13,500. “That’s a good proxy for Alberta because it’s a resource that’s coming out for another reason. It’s not oil, it’s bromine, but it’s the same sort of philosophy. And they’re deploying very similar technology to what we will look to deploy here in Alberta,” said Chris Doornbos, E3 Metals founder, president and CEO. “It’s about a billion dollar project… So the numbers are pretty big.” In California there is a long and checkered history of attempts to extract lithium from the Salton Sea area that is entering a new wave of activity, in combination with an uptick in geothermal development.

The area is not only a geothermal hot spot, but considered to be one of the largest known sources of U.S. reserves of lithium. Like the sector in Alberta, producers would extract lithium from brine already brought to the surface before it is re-injected underground. By utilizing clean geothermal energy, its production would also have a low environmental impact. After geothermal flat-lined for several years, three companies signed contracts for two geothermal plants in January in the state which has mandated 100 per cent climatefriendly electricity by 2045. One of the companies, Australia’s Controlled Thermal Resources, plans to piggyback lithium extraction to its plant in hopes of creating a major new domestic source — it is seeking to produce 15,000 tonnes by 2023 and ramp up to 75,000 tonnes by 2027. California geothermal company EnergySource, which has a patented selective adsorbent lithium extraction process, operates a pilot facility jointly owned by Chevron Corporation and Mercury NZ Ltd. The company’s chief operating officer, Derek Benson, told the Los Angeles Times in October that a commercial extraction facility could produce 16,000 tonnes of lithium carbonate equivalent a year, with the potential for about 100,000 tonnes if other Salton Sea geothermal plants adopted the company’s technology. The company estimates one commercial plant could generate US$85 million in benefits to the local economy. But there have also been failures. Technology start-up Simbol Materials came close enough to production that Tesla offered to buy it for US$325 million in 2014 — and there was speculation Tesla might build its battery gigafactory in the area, before choosing Nevada — before Simbol went out of business. Warren Buffett’s Berkshire Hathaway Energy, owner of 10 of the 11 geothermal plants in the area, has also attempted to find a partner for lithium production. It continues to work with the federal government to improve the technology. In February, Bill Gates-led Breakthrough Energy Ventures was among those leading an investment round of US$20 million for California startup Lilac Solutions, which uses

ion-exchange beads to selectively remove lithium from oilfield and geothermal power plant brines. In Europe, Vulcan Energy Resources Ltd. plans zero-emissions lithium extraction facilities tied to existing geothermal power plants. Oil and gas synergy Alberta’s oil and gas heritage presents a number of advantages for direct lithium extraction (DLE) technology companies like E3 Metals. Thousands of wells have intersected lithium prospective reservoirs and historic seismic datasets and production records are available, reducing exploration costs and development risks. There is access to extensive oil and gas infrastructure, from roads and well pads to pipelines and power lines that enable companies to reduce their land disturbance. Companies may be able to utilize existing surface leases that have already gone through environmental assessments and regulatory approvals. Selectively revitalizing oilfield infrastructure where conditions allow could also assist in the remediation of end-oflife and abandoned wells. There is also an existing workforce whose skill sets are easily transferable, from engineers and geologists to drillers, project managers and construction workers. And the expertise exists to move vast volumes of high salinity brines, as will be required by DLE production methods. In some cases companies can take advantage of already flowing brine or already drilled wells to produce lithium from brines. E3 Metals estimates it will need to move more than 100,000 cubic metres of water a day for a 20,000 tonne per year lithium production facility. “Getting this [much] brine to a lithium processing facility is what we do in Alberta every day,” points out Doornbos. “These skill sets are in oil and gas — we’re drilling wells, we’re putting pipelines to production facilities already.” — This is an excerpt from an article that first appeared in The Daily Oil Bulletin, where Maurice Smith is a staff writer. The Daily Oil Bulletin is one of our sister publications and part of the Glacier Resource Innovation Group’s (GRIG’s) stable of publications.

GLOBAL MINING NEWS

THE NORTHERN MINER / APRIL 13–26, 2020

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Seabridge to acquire 3 Aces gold project in Yukon M&A   |

Miner adds to North American portfolio

Golden Predator Mining’s 3 Aces property along the Nahanni Range Road in the southeast Yukon. PHOTO BY THE NORTHERN MINER

BY MAGDA GARDNER mgardner@canadianminingjournal.com

S

eabridge Gold (TSX: SEA; NYSE: SA) is acquiring the 3 Aces gold project in southeastern Yukon from Golden Predator Mining (TSXV: GPY) for 300,000 Seabridge shares and an immediate cash payment of $263,000 as reimbursement for project expenses. Golden Predator will receive further payments of $1 million on the confirmation of a 2.5 million oz. gold resource at 3 Aces, with another $1.25 million payable if the resource reaches 5 million oz. gold. It will retain a 0.5% net smelter royalty return on the project. The road-accessible exploration project does not have an established resource, but 3 Aces does have 300 holes drilled, many returning high-grade gold intervals. Seabridge believes that with further drilling, the Central Core area of the project has the potential for an initial resource with “exceptional” grade.

“WE THINK 3 ACES IS A WORTHY ADDITION TO THE THREE OUTSTANDING EXPLORATION OPPORTUNITIES WE ALREADY OWN IN BRITISH COLUMBIA, NEVADA AND THE NORTHWEST TERRITORIES.” RUDI FRONK CEO, SEABRIDGE GOLD

“We think 3 Aces is a worthy addition to the three outstanding exploration opportunities we already own in British Columbia, Nevada and the Northwest Territories,” said Seabridge Gold CEO Rudi Fronk.” Golden Predator has done an excellent job of demonstrating the exploration potential at 3 Aces, confirming the project’s positive metallurgy and establishing excellent relationships with local First Nations and communities. Their focus has shifted to the much more advanced and permitted Brewery Creek Mine. Our exploration team

is keen to get going on 3 Aces, beginning with a review of the extensive data generated by Golden Predator.” The transaction is subject to final due diligence by Seabridge and approval by regulators. 3 Aces is a district-scale orogenic gold project covering 357 sq. km, with the Central Core area covering 13.5 square kilometres. All holes in the Central Core area have encountered high-grade intervals. Seabridge notes that 37% of the holes drilled at 3 Aces have hit intersections of 5 g/t gold and higher,

with 27% returning grades of 8 g/t gold and higher. The property is on the eastern margin of the Selwyn Basin, a thick package of sedimentary rocks extending across the Yukon that hosts several large base metal deposits. At 3 Aces, discrete quartz veins containing arsenopyrite-pyrrhotite-pyrite and free gold are found within a broad zone of gold-bearing iron carbonate-clay alteration envelopes, which Seabridge will target in its exploration efforts. The company says a number of gold-rich zones have been discovered on the stratigraphic/structural contacts at 3 Aces in past drilling. Seabridge holds several other gold projects: the KSM and Iskut projects near Stewart, B.C.; the Courageous Lake project in the Northwest Territories; and the Snowstorm project in Nevada. Golden Predator is focused on advancing its past-producing Brewery Creek heap-leach gold project in the Yukon back to production. TNM

Coronavirus threatens Codelco’s status as top copper miner COPPER

BY CECILIA JAMASMIE,

C

Special to The Northern Miner

hile’s copper miner Codelco may not regain its position as the world’s top producer of the red metal this year, as delays in upgrades and expansion projects caused by measures to stop the spread of the coronavirus add to the impact of low prices and lack of funding. The miner, which hands all its revenue over to the state, was in the midst of implementing a US$40 billion, 10-year modernization of its mines, aimed at maintaining output despite rapidly falling ore grades. A sustained drop in copper prices — down 22% so far this year — and the lack of readily available government funding while the country deals with ongoing unrest, however, has cast doubts on Codelco’s ability to keep up production rates. Colin Hamilton, managing di-

| Lower revenues and delays create perfect storm for Chilean giant

rector of commodities research at BMO Capital Markets, anticipates the miner will have to sell non-core assets. “Any thoughts of shutting unprofitable operations, however, are off the agenda for now given the need to ensure employment,” he wrote in a research note. The analyst also sees potential delays at El Teniente mine’s new level, which is expected to boost the mine’s production to 500,000 tonnes a year, positioning it among the world’s five largest copper operations. “While operationally the company continues to surprise on the upside, Codelco is looking increasingly unlikely to be the world’s largest copper miner from this year forward, as depletion and restrictions prove to be headwinds that are too strong,” Hamilton said, adding that the impact of the current pandemic will negatively tip the scale. With the electoral calendar likely

being pushed back into the last quarter of the year — including April’s highly-anticipated constitutional referendum — and bleak prospects for short-term economic recovery, Chile’s position as a leading investment destination will face yet another critical test, Mariano Pablo Machado, senior Americas analyst at global risk consultancy Verisk Maplecroft, told MINING.com. Although the country’s government has taken proactive measures to contain the economic and health impacts of COVID-19, the ripple effects of a copper supply shock remain to be seen, Machado said. “Disruption in mining will cascade throughout the scarcely diversified economy, and it can have a longlasting impact if the state’s policies fail to deliver the intended stimulus,” the expert noted in a written commentary to clients. According to BMO’s figures, the

implications of the quarantine-led restrictions in top copper-producing nations, particularly in Chile and Peru, remain manageable. “If we take total Chilean and Peruvian production of ~8mtpa copper contained, the current two-week quarantine would affect ~310kt of copper,” Hamilton estimated. “Currently, we are taking these losses within our disruption allowance, which at 1.4 million tonnes is roughly 50% higher than we would run in a ‘normal’ year, to account for the risk to supply chains this year.” Codelco operates seven mines and four smelters in Chile. Its assets account for 10% of the world’s known proven and probable reserves and about 11% of the global annual copper output, with 1.8 million tonnes of production. TNM — This article first appeared in our sister publication, MINING.com.

“WHILE OPERATIONALLY THE COMPANY CONTINUES TO SURPRISE ON THE UPSIDE, CODELCO IS LOOKING INCREASINGLY UNLIKELY TO BE THE WORLD’S LARGEST COPPER MINER FROM THIS YEAR FORWARD.” COLIN HAMILTON MANAGING DIRECTOR OF COMMODITIES RESEARCH AT BMO CAPITAL MARKETS

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APRIL 13–26, 2020 / THE NORTHERN MINER

Coronavirus curbs Mountain Province revenue NORTHWEST TERRITORIES

BY ALISHA HIYATE

U

Canadian Mining Journal

nlike many other mines in Canada and around the world that have been put on care and maintenance because of the global COVID-19 pandemic, the Gahcho Kué mine in the Northwest Territories, owned by De Beers (51%) and Mountain Province Diamonds’ (TSX: MPVD) (49%), was still operating at press time in early April. However, Mountain Province has been forced to indefinitely postpone diamond sales, making it unclear when the company’s revenue stream will resume. Mountain Province announced in midMarch that its third sale of the year was postponed indefinitely because of city-wide closures in Antwerp, Belgium, where its diamond sales take place. “Cancelling our third sale wasn’t ideal, but I think it was practical and realistic,” Mountain Province president and CEO Stuart Brown said in a conference call on March 25. “Does that mean sales have stopped globally? For the normal way the business works, I would say yes, given that manufacturing has stopped.” At the end of March, De Beers also announced its third sale of the year, which was to take place in early April, was cancelled because of restrictions on movement in Botswana, South Africa and India. On the conference call, Brown said the Gahcho Kué site had been early movers in implementing preventive measures against the spread of the novel coronavirus, including restricting site access; health screening, including pre-boarding checks; not allowing on site anyone who might have been exposed; and stepped up cleaning and disinfection procedures. The JV also recently sent home 15 employees who live in remote locations in order to limit any possible contagion, and receives guidance from the Anglo American/ De Beers’ pandemic response team. Currently, there are no cases onsite. The joint venture is considering all options for the mine, including care and maintenance scenarios, Brown said. “If we place the mine on care and maintenance, we need to do so in a thoroughly considered way,” Brown said. “At the moment, we don’t consider this is necessary to do, given all the procedures that we’ve implemented.”

| Diamond miner sees ‘ray of hope’ coming out of China

Brown noted the mine had just gone through a crew change, following the enhanced safety measures. While the company’s third sale of the year was cancelled, Brown said it is exploring other sales channels. “There are people indicating to us that they are willing to buy rough to hold.” He added: “Our strategy is not to sell rough at whatever price we can get – primarily because we have massive confidence in the future.” Last year was a difficult year for diamonds. Mountain Province saw its average sales price decline15% to US$63 per carat from US$74 per carat in 2018. The company reported a $128-million net loss for the year on revenue of $276 million from the sale of 3.3 million carats. However, the market had shown signs of recovery in early 2020 until COVID-19 started to disrupt the global economy. Operationally, Gahcho Kué performed well last year, with the JV increasing throughput capacity in the plant by 12%. Aside from protecting the health of Gahcho Kué employees, the company’s current

focus is on conserving its cash position of $25 million. A debt payment of around US$12 million in June is the company’s next big ticket item. However, Brown indicated the company was in talks with lenders regarding terms of its debts, and in early April announced changes in terms to an undrawn US$50million revolving credit facility. The JV is also cutting spending and costs where possible. “Many of us worked through the 20082009 global financial crisis,” Brown noted. “The world felt like it was coming to an end in the middle of that crisis and there was no future and there was no solution. The key to getting out of that was being calm, making decisions in a considered manner with as much information as you’ve got and talking to all the relevant stakeholders and keeping them informed, which is certainly what we’ve been doing over the last couple of weeks.” Brown said the “ray of hope” is that China is starting to come out on the other side of the pandemic.

“OUR STRATEGY IS NOT TO SELL ROUGH AT WHATEVER PRICE WE CAN GET.” STUART BROWN PRESIDENT AND CEO, MOUNTAIN PROVINCE DIAMONDS

“We’re seeing retail pick up, we’re seeing the economy start up again and restrictions that were in place are slowly being lifted under very, very careful guidelines,” he said. The effect of the coronavirus on Canada’s diamond mines has so far been uneven. On March 19, Dominion Diamond announced it would be suspending operations at its Ekati mine in the Northwest Territories. The nearby Diavik mine, owned by Rio Tinto (60%) and Dominion (40%) remained in production, with 50 workers from remote communities having also been sent home to prevent transmission of the virus. TNM

Top: The 5034 pit at De Beers and Mountain Province Diamonds’ Gahcho Kue mine in the Northwest Territories. Above: The Gahcho Kué diamond mine in the Northwest Territories. PHOTOS: MOUNTAIN PROVINCE DIAMONDS.

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APRIL 13–26, 2020 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / MARCH 30–APRIL 3 The S&P/TSX Composite Index rose 1.98%, or 250.56 points, to finish the trading week at 12,938.30. The S&P/TSX Global Mining Index rose 3.61% to 66.80, while the S&P/TSX Global Base Metals Index rose 0.78% to 63.72. Spot gold finished at US$1,621.80 per oz., for a weekly drop of US$6.20 per oz., or 0.38%, and the S&P/TSX Global Gold Index climbed 4.80% to 253.90. Shares of Agnico Eagle Mines were up $9.05 to $63.11. The gold producer announced on April 2 that it is ramping down its operations in Mexico to comply with the government’s decree that all non-essential businesses must suspend operations until April 30, due to the COVID-19 pandemic. As a result, it has put its Pinos Altos, Creston, Mascota and La India operations on care and maintenance, and the Toronto-based company will also suspend all exploration activities in the country. Agnico said its employees in Mexico will continue to receive their base remuneration during this period. Elsewhere, Agnico said its Abitibi mines remain on care and maintenance until April 13 as ordered by the Quebec government, and at its mines in Nunavut, staffing levels have been moderated to allow operations to continue at reduced levels. In Europe, Agnico’s Kittila mine in Finland is expected to continue to operate at normal levels. Aura Minerals climbed $5.21 to $59.78 per share. The company completed the acquisition of the Gold Road project in Arizona from Para

Resources and announced that operations at its San Andres gold mine in Honduras have been “partially interrupted” due to governmentmandated restrictions in response to COVID-19. The company said it is conducting minimal care and maintenance and leaching activities at San Andres during the suspension. Earlier in March, Aura announced that it had postponed a planned initial public offering in Brazil due to COVID-19. Shares of Newmont climbed $2.15 to $66.58. Newmont said on April 1 that it was complying with government regulations in Mexico to suspend all non-essential activities until April 30, and is ramping down operations at its Penasquito mine in Zacatecas. In other news, Newmont reported on Mar. 31 that it had completed the sale of its Red Lake complex TSX MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Suncor Energy B2Gold Corp Kinross Gold Barrick Gold First Quantum Yamana Gold Teck Res OceanaGold Lundin Mng IAMGOLD

SU 88025 27.10 16.06 22.98 + 6.55 BTO 32077 5.06 4.24 4.87 + 0.27 K 30180 7.20 5.59 6.90 + 1.01 ABX 24691 29.15 25.72 28.25 + 1.36 FM 21018 7.66 6.07 6.12 - 0.47 YRI 19635 4.49 3.86 4.37 + 0.25 TECK.B 19358 11.00 8.87 10.07 + 1.00 OGC 12545 1.61 1.25 1.46 + 0.01 LUN 12491 5.49 4.95 5.15 - 0.04 IMG 10787 3.76 3.06 3.52 + 0.22

in Ontario to Evolution Mining and received US$375 million in cash with future contingent payments of up to an additional US$100 million tied to new resource discoveries. NovaGold Resources rose $1.44 to $12.27 per share. The company has paused a planned 22,000-metre drill program at the Donlin gold project in Alaska, which it co-owns with Barrick Gold, due to COVID-19. NovaGold also reported that on Feb. 29 it had US$140.7

million in cash and term deposits, which it says are sufficient to advance Donlin and meet its other financial obligations. The company anticipates spending US$31 million in 2020, US$20 million of which will be spent to fund its share of expenditures at Donlin. The majority of the funds have been earmarked for the drill program, with the balance for permitting and community engagement, and US$11 million for general and administrative costs. TNM

TSX GREATEST PERCENTAGE CHANGE

Galantas Gold Ashanti Sanko Revelo Res Cache Explor Belmont Res Stria Lithium Meridian Mg Bankers Cobalt Bessor Min I-Minerals Morien Res Hornby Bay Mnl Lupaka Gold Surge Explor Gitennes Expl Archon Mineral Highbank Res District Cop Tembo Gold Winshear Gold

GAL ASI RVL CAY BEA SRA MNO BANC BST IMA MOX HBE LPK SUR GIT ACS HBK DCOP TEM WINS

1597 740 3829 150 235 101 61 229 38 54 5253 14 558 4212 2835 16 565 171 220 56

0.03 0.02 0.01 0.01 0.05 0.01 0.12 0.01 0.05 0.05 0.24 0.05 0.01 0.01 0.01 0.20 0.01 0.01 0.02 0.09

0.01 0.02 0.01 0.01 0.03 0.01 0.06 0.00 0.04 0.00 0.08 0.03 0.01 0.00 0.01 0.10 0.01 0.00 0.01 0.05

0.03 0.02 0.01 0.01 0.05 0.01 0.12 0.01 0.05 0.05 0.13 0.03 0.01 0.01 0.01 0.10 0.01 0.01 0.01 0.05

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Franco-Nevada Agnico Eagle Suncor Energy Aura Minerals Cameco Corp Nutrien Kirkland Lake Newmont Corp NovaGold Res Barrick Gold Torex Gold Caledonia Mng MAG Silver Labrador IOR SilverCrest First Majestic Ero Copper Seabridge Gld Fortuna Silvr First Quantum

+ 150.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 80.0 - 70.8 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 44.4

VOLUME WEEK (000s) CLOSE CHANGE

FNV AEM SU ORA CCO NTR KL NGT NG ABX TXG CAL MAG LIF SIL FR ERO SEA FVI FM

3943 6218 88025 1 8278 8381 9248 1093 3846 24691 2790 18 2326 1076 1644 5226 751 653 5127 21018

152.84 63.11 22.98 59.78 12.08 45.75 46.76 66.58 12.27 28.25 13.04 11.84 10.62 15.59 6.60 8.59 9.54 13.03 2.89 6.12

+ 12.49 + 9.05 + 6.55 + 5.21 + 2.43 + 2.28 + 2.18 + 2.15 + 1.44 + 1.36 - 1.68 - 1.46 - 1.46 - 1.12 - 0.92 - 0.90 - 0.77 - 0.64 - 0.49 - 0.47

TSX VENTURE EXCHANGE / MARCH 30-APRIL 3 The S&P/TSX Venture Composite Index lost 1.19% to finish the trading week at 383.94. Gold X Mining’s shares rose 20¢ to $1.53. The junior, which is advancing its Toroparu project in Guyana, announced the appointment of Paul Matysek as its CEO and chairman. Matsyek, a geologist and geochemist, has sold five publicly listed exploration and development companies since 2004 in deals worth a total of more than $2 billion. Most recently, the mining executive was executive chairman of Lithium X Energy, which was sold to Nextview New Energy Lion Hong Kong Ltd. for $265 million in cash. He is also the co-founder and CEO of Energy Metals Corp., a uranium company that grew from a market capitalization of $10 million in 2004 to about $1.8 billion when it was sold in 2007. In other news, Gold X Mining announced a non-brokered private placement of 2.63 million shares at 95¢ per share for proceeds of up to $2.5 million. The Toroparu project contains 7.4 million oz. gold in the measured and indicated category. Shares of Meridian Mining climbed 6¢ to 12¢. The junior reported making progress in refinancing discussions, reaching an agreement in principle with the holders of

each of the company’s term loans on the framework of a consolidated restructuring plan that will deleverage Meridian from its current debt levels. The framework involves a conversion of all of the company’s loans into equity at a significant premium to market, royalty interests and no interest limited recourse debt. In connection with the restructuring Meridian also plans to raise new capital in the second quarter of the year. Meridian has properties in Brazil, including the Espigao polymetallic project, the Mirante da Serra manganese project and the Ariquemes tin exploration portfolio. Revelo Resources jumped 100% to 1¢ per share. The junior closed the sale of 20 generative net smelter return (NSR) royalty interests over exploration properties in Chile TSX-V MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

MX Gold MXL.H Leeta Gold HIVE Tri Origin Exp TOE Palladium One PDM Morien Res MOX Hawkeye Gld&Di HAWK Surge Explor SUR Solstice Gold SGC K92 Mining KNT Revelo Res RVL

14362 10255 9805 6448 5253 4236 4212 4189 4153 3829

0.02 0.22 0.03 0.06 0.24 0.03 0.01 0.04 3.25 0.01

0.01 0.17 0.01 0.05 0.08 0.02 0.00 0.04 2.85 0.01

0.01 unch 0.20 + 0.01 unch 0.05 - 0.13 - 0.02 - 0.01 - 0.04 unch 3.13 + 0.01 +

0.00 0.01 0.00 0.01 0.32 0.01 0.01 0.00 0.06 0.01

for proceeds of US$1.5 million. Eighteen of the 20 were sold to EMX Royalty for US$1.6 million. Morien Resources’ shares dropped 32¢ to 13¢. The company reported on Mar. 30 that Kameron Collieries, the owner of the Donkin coal mine in Cape Breton, Nova Scotia, has put the mine on care and maintenance “due to adverse geologic conditions in the mine.”

Nova Scotia’s Department of Labor and Advanced Education suspended operations at Donkin after a roof fall in the ‘Tailgate’ section of the mine on Feb. 13. No one was injured in the roof fall, and the mine will be maintained by a small staff to ventilate and keep the facility dewatered. Morien has a 2% to 4% production royalty on Donkin, which commenced production in 2017. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Galantas Gold Ashanti Sanko Revelo Res Cache Explor Belmont Res Stria Lithium Meridian Mg Bankers Cobalt Bessor Min I-Minerals Morien Res Hornby Bay Mnl Lupaka Gold Surge Explor Gitennes Expl Archon Mineral Highbank Res District Cop Tembo Gold Winshear Gold

GAL ASI RVL CAY BEA SRA MNO BANC BST IMA MOX HBE LPK SUR GIT ACS HBK DCOP TEM WINS

1597 740 3829 150 235 101 61 229 38 54 5253 14 558 4212 2835 16 565 171 220 56

0.03 0.02 0.01 0.01 0.05 0.01 0.12 0.01 0.05 0.05 0.24 0.05 0.01 0.01 0.01 0.20 0.01 0.01 0.02 0.09

0.01 0.02 0.01 0.01 0.03 0.01 0.06 0.00 0.04 0.00 0.08 0.03 0.01 0.00 0.01 0.10 0.01 0.00 0.01 0.05

0.03 0.02 0.01 0.01 0.05 0.01 0.12 0.01 0.05 0.05 0.13 0.03 0.01 0.01 0.01 0.10 0.01 0.01 0.01 0.05

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 150.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 80.0 - 70.8 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 44.4

VOLUME WEEK (000s) CLOSE CHANGE

Pac Booker Min Abitibi Royal Gold X Mining Till Capital Lion One Mtls Mineral Mtn New Pac Metals Tanqueray Expl Bear Creek Mng Eclipse Gold Universal Vent Metalore Res Morien Res Great Bear Res O3 Mining Chesapeake Gld Bluestone Res Caldas Gold Cornerstone Ca HighGold

BKM RZZ GLDX TIL LIO MMV NUAG IPA BCM EGLD MCLD MET MOX GBR OIII CKG BSR CGC CGP HIGH

48 2.00 11 15.47 579 1.53 2 2.40 771 1.22 1375 0.45 268 5.00 1144 0.80 373 1.36 810 0.73 80 3.95 3 1.65 5253 0.13 480 5.95 78 1.49 35 2.22 316 1.31 14 1.50 250 1.73 69 0.76

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

0.75 0.26 0.20 0.15 0.14 0.14 0.12 0.11 0.11 0.11 0.43 0.35 0.32 0.25 0.25 0.24 0.24 0.20 0.18 0.14

U.S. MARKETS / MARCH 30–APRIL 3 The Dow Jones Industrial Average fell 2.70%, or 584.25 points, to 21,052.53 and the S&P 500 dropped 2.08%, or 52.82 points, to 2,488.65. Spot gold fell finished the week at US$1,621.80 per oz., a 0.38% decrease. Shares of Consol Energy rose US$1.90 to US$6.93 per share. The company reported on Mar. 30 that two employees at its Bailey underground mine in Pennsylvania had recently tested positive for COVID-19, and the company decided to temporarily curtail production at the mine for two weeks. Consol Energy’s Enlow Fork mine, Harvey mine and central preparation plant continue to operate. Cameco’s shares rose US$1.63 to US$8.55. The company announced on Mar. 23 that it was temporarily suspending production at its Cigar Lake uranium mine in northern Saskatchewan and placing the facility on care and maintenance due to the COVID-19 pandemic. Cameco said the mine will be on care and maintenance for four weeks and the company would then assess the situation and determine whether to restart the mine or extend the suspension. Rio Tinto pledged a further US$25 million to support global grassroots community CO-

VID-19 preparedness and recovery, bringing its total voluntary global community contributions to US$60 million so far this year, the company announced on Mar. 30. The company’s share rose US$1.47 to US$45.04. Kirkland Lake Gold rose US$1.01 to US$33.00 per share. The company announced additional business reduction measures to combat COVID-19. In a press release on Mar. 30 the company said it had temporarily suspended operations at its Holt Complex in northern Ontario and has reduced operations at its Macassa mine in Kirkland Lake, Ontario. The new measures are in effect until April 30, U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Freeport McMoR*FCX 143645 7.13 5.99 6.32 Vale* VALE 135780 8.58 7.45 7.58 United States S* X 120830 7.18 5.46 5.96 Suncor Energy* SU 102040 19.16 11.32 16.24 Kinross Gold* KGC 101338 5.10 3.95 4.86 Barrick Gold* GOLD 98923 20.63 18.26 19.95 Yamana Gold* AUY 94204 3.18 2.73 3.08 Chevron Corp* CVX 89313 78.99 67.02 75.11 Cleveland-Clif* CLF 62479 4.28 3.55 3.76

+ - + + + + + + -

0.12 0.26 0.18 4.51 0.64 0.71 0.11 6.33 0.04

and follow the transition of the Detour Lake mine to reduced operations effective Mar. 23. The company also said it was withdrawing its 2020 guidance until further notice. First Majestic Silver’s shares fell US77¢ to US$6.05. The company reported on April

3 that it has temporarily suspended its San Dimas, Santa Elena and La Encantada mines in Mexico until the end of the month to comply with regulations imposed on non-essential businesses and has withdrawn its 2020 production and cost guidance. TNM

U.S. GREATEST PERCENTAGE CHANGE

Suncor Energy* CONSOL Energy* Cameco Corp* Kinross Gold* Agnico Eagle* Arch Coal* Mechel* Teck Res* Chevron Corp* Franco-Nevada* Trecora Res* Endeavr Silver* Fortuna Silvr* Hecla Mining* Harmony Gold* First Majestic* Intrepid Pots* Nexa Resources* Alcoa* CONSOL Coal Rs*

SU CNX CCJ KGC AEM ARCH MTL TECK CVX FNV TREC EXK FSM HL HMY AG IPI NEXA AA CCR

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

102040 30541 24309 101338 11258 2340 749 24757 89313 5463 358 8113 16298 38523 36413 22506 4559 691 50715 113

19.16 7.03 8.56 5.10 45.67 32.68 1.56 7.81 78.99 111.64 6.03 1.41 2.49 2.08 2.48 6.98 0.83 3.52 6.69 6.15

11.32 4.55 6.72 3.95 38.51 25.37 1.28 6.26 67.02 95.33 4.23 1.18 2.02 1.66 2.04 5.87 0.60 2.57 5.71 5.09

16.24 6.93 8.55 4.86 44.67 30.92 1.53 7.11 75.11 107.95 4.31 1.20 2.03 1.70 2.11 6.05 0.70 3.03 5.97 5.43

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

U.S. GREATEST VALUE CHANGE

38.4 37.8 23.6 15.2 15.2 13.2 9.3 9.2 9.2 7.3 24.1 16.1 15.8 11.5 11.3 11.3 10.3 9.3 8.9 8.1

Franco-Nevada* FNV Chevron Corp* CVX Agnico Eagle* AEM Suncor Energy* SU Arch Coal* ARCH CONSOL Energy* CNX Nutrien* NTR Cameco Corp* CCJ Rio Tinto* RIO Kirkland Lake* KL MartinMarietta* MLM Black Hills* BKH Trecora Res* TREC NACCO Ind* NC First Majestic* AG Seabridge Gld* SA Alcoa* AA CONSOL Coal Rs* CCR Fortuna Silvr* FSM Wheaton Prec M* WPM

VOLUME WEEK (000s) CLOSE CHANGE

5463 89313 11258 102040 2340 30541 11363 24309 16951 10347 7220 2547 358 149 22506 3444 50715 113 16298 14524

107.95 75.11 44.67 16.24 30.92 6.93 32.64 8.55 45.04 33.00 169.51 58.37 4.31 25.81 6.05 9.20 5.97 5.43 2.03 27.82

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

7.35 6.33 5.88 4.51 3.60 1.90 1.67 1.63 1.47 1.01 11.71 4.73 1.37 1.00 0.77 0.62 0.58 0.48 0.38 0.32

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / APRIL 13–26, 2020

19

M E TA L S , M I N I N G A N D M O N EY M A R K E T S LME WAREHOUSE LEVELS

PRODUCER AND DEALER PRICES

Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, March 26 2020 (change from March 19, 2020 in brackets): Aluminium Alloy 8300 (0) Aluminium 1112575 (+103475) Copper 224375 (-6650) Lead 71125 (+175) Nickel 229518 (-1242) Tin 6175 (-375) Zinc 74075 (+375)

Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$53.55 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$11.60 Cobalt: US$13.38/lb. Copper: US$2.19/lb. Copper: CME Group Futures May 2020: US$2.22/lb.; June 2020: US$2.23/lb Iridium: NY Dealer Mid-mkt US$1,520.00/tr oz. Iron Ore 62% Fe CFR China-S: US$82.70 Lead: US$0.76/lb. Phosphate Rock: US$86.00/tonne Potash: US$226.00/tonne Rhodium: Mid-mkt US$9,900.00 tr. oz. Ruthenium: Mid-mkt US$250.00/tr. oz. Silver: Handy & Harman Base: US$14.39 per oz.; Handy & Harman Fabricated: US$17.98 per oz. Tin: US$6.60/lb. Uranium: U3O8, Trade Tech spot price: US$27.00 per lb. U308 Zinc: US$0.84/lb. Prices current April 6, 2020

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

IndexName Apr 03 Apr 02 Apr 01 Mar 31 Mar 30 High Low S&P/TSX Composite 12938.30 13097.84 12876.37 13378.75 13038.50 15527.30 12400.15 S&P/TSXV Composite 383.94 386.16 381.13 390.40 386.55 1050.26 883.52 S&P/TSX 60 792.20 800.81 787.95 819.89 798.60 896.74 709.99 S&P/TSX Global Gold 253.90 254.84 243.88 235.71 241.93 218.90 149.29 DJ Precious Metals 201.80 201.80 192.80 187.85 192.88 420.72 130.95

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Mar 15, 2020 (with changes from Feb 29, 2020) Largest short positions Sandstorm Gold SSL 21715576 -707527 2/29/2020 New Gold NGD 19374491 1457891 2/29/2020 Suncor Energy SU 16700034 4503288 2/29/2020 Barrick Gold ABX 16205480 1722580 2/29/2020 Ivanhoe Mines IVN 15526028 -258527 2/29/2020 Premier Gold M PG 15486152 445794 2/29/2020 Kinross Gold K 14829028 -1618553 2/29/2020 OceanaGold OGC 12666159 6052500 2/29/2020 Lundin Mng LUN 12381621 1290770 2/29/2020 Nexgen Energy NXE 11964631 757078 2/29/2020 First Quantum FM 11322197 1034004 2/29/2020 Osisko Mng Inc OSK 9492253 -641850 2/29/2020 Yamana Gold YRI 8825590 1673469 2/29/2020 Teck Res TECK.B 8209206 1060284 2/29/2020 RNC Minerals RNX 8090464 -286171 2/29/2020 Largest increase in short position OceanaGold OGC 12666159 6052500 2/29/2020 Suncor Energy SU 16700034 4503288 2/29/2020 Barrick Gold ABX 16205480 1722580 2/29/2020 Yamana Gold YRI 8825590 1673469 2/29/2020 New Gold NGD 19374491 1457891 2/29/2020 Largest decrease in short position Teranga Gold TGZ 4345954 -2908160 2/29/2020 Kinross Gold K 14829028 -1618553 2/29/2020 Semafo SMF 6613866 -1422319 2/29/2020 Alexco Res AXU 1209637 -1363784 2/29/2020 Sherritt Intl S 5933262 -1172212 2/29/2020

Conic Metals NKL 3902105 17500 2/29/2020 K92 Mining KNT 3267443 439877 2/29/2020 Novo Res NVO 2116547 18217 2/29/2020 Canada Carbon CCB 1927756 -786034 2/29/2020 Red Pine Expl RPX 1619526 1563584 2/29/2020 Zinc One Res Z 1570653 1539653 2/29/2020 Lion One Mtls LIO 1404822 -313 2/29/2020 New Pac Metals NUAG 1318633 -106311 2/29/2020 Leeta Gold HIVE 1247030 174107 2/29/2020 Lomiko Mtls LMR 1048401 1024420 2/29/2020 Rio2 Limited RIO 899486 769593 2/29/2020 Sun Metals SUNM 884845 732167 2/29/2020 Palladium One PDM 769096 -788676 2/29/2020 Aton Resources AAN 697319 568797 2/29/2020 Standard Lith SLL 653938 128532 2/29/2020 Largest increase in short position Red Pine Expl RPX 1619526 1563584 2/29/2020 Zinc One Res Z 1570653 1539653 2/29/2020 Lomiko Mtls LMR 1048401 1024420 2/29/2020 Rio2 Limited RIO 899486 769593 2/29/2020 Sun Metals SUNM 884845 732167 2/29/2020 Largest decrease in short position Turmalina Met TBX 66955 -2435966 2/29/2020 MacDonald Mns BMK 206154 -1452041 2/29/2020 Advantage Lith AAL 372887 -1216747 2/29/2020 Uragold Bay Rs HPQ 81282 -983083 2/29/2020 Palladium One PDM 769096 -788676 2/29/2020

DAILY METAL PRICES Mar 27 Mar 26 Mar 25 Mar 24 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1159.50/1200 1158/1200 1157.5/1200 1147/1190 Aluminum 1506/1538.5 1507.5/1539.5 1507.5/1541.5 1532.5/1567.5 Copper 4774/4785.5 4775.5/4789.5 4754/4766.5 4789.5/4797.5 Lead 1690/1700 1669/1667.5 1589/1607 1617/1637 Nickel 11225/11282 11221/11288 11175/11251 11075/11162 Tin 14355/14320 14135/14090 13720/13680 13450/13385 Zinc 1848.5/1862 1831.5/1848 1773.5/1793 1822/1836 PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1621.20 1620.10 1620.95 Gold PM 1617.30 1634.80 1605.45 Silver 14.32 14.42 13.97 Platinum 742.00 742.00 722.00 Palladium 2253.00 2267.00 2045.00

1599.50 1605.75 13.63 684.00 1955.00

Mar 23 1162/1180 1536/1568 4617.5/4626.5 1608.5/1628.5 11055/11142 13975/13700 1814/1822.5 1494.50 1525.40 12.51 623.00 1650.00

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

share of the Issuer at $2.21 until expiry. Liberty Gold Corp. Wt (LGD.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry may 16, 2019 Lithium Americas Corp (LAC.WT) One Warrant to purchase one common share of the Issuer at $0.90 until expiry Lydian International Limited (LYD.WT) - One Warrant to purchase one additional ordinary share of the Issuer at $0.36 per share until expiry Northern Dynasty Minerals Ltd. J (NDM.WT.A) - Wt buys sh @ $0.55 to Jul 9/20 Northern Dynasty Minerals Ltd. J (NDM.WT.B) - Wt buys sh @ $0.55 to Jun 10/21 Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.5 to Feb 18/22 Platinum Group Metals Ltd. (PTM.

WT.U) - One Warrant to purchase one common share of the Issuer at US$0.17 until expiry Royal Nickel Corporation (RNX.WT) One Warrant to purchase one common share of the Issuer at $0.50 until expiry. Sandstorm Gold (SSL.WT.B) - One Warrant to purchase one common share of the Issuer at US $14.00 until expiry. Sherritt International Corporation (S.WT) - Each whole Warrant entitles the holder to acquire between 1.00 and 1.25 additional common shares (as bulletin 2018-0062 table ) determined based on the Applicable Reference Cobalt Price at an exercise price of $1.95 per Warrant at any time prior to the Expiry Date Sprott Resource Corp (SRHI.WT) - Wt buys sh @ $0.3333 to Feb 09/22

TSX VENTURE WARRANTS ABE Resources Inc. (ABE.WT) - One warrant to purchase one common share at $0.15 per share. American Cumo Mining Corp. (MLY.RT) 2 rights and $0.07 are required to purchase one share Antioquia Gold Inc. (AGD.RT) - One (1) Right and $0.042 are required to purchase one share. Aurania Resources Ltd. (ARU.RT) - Fourteen (14) Rights exercisable for one common share at $2.70 per common share. Avidian Gold Corp. (AVG.RT) - Three rights and $0.11 are required to purchase one Share. Boreal Metals Corp. (BMX.WT) - One warrant to purchase one common share at $0.50 per share. Boreal Metals Corp. (BMX.WT) - One warrant to purchase one common share at $0.30 per share. Cordoba Minerals Corp (CDB.WT) - One warrant to purchase one common share at $1.08 per share. Cordoba Minerals Corp (CDB.WT) - One warrant to purchase one common share at $1.08 per share. Equinox Gold Corp (EQX.WT) - One war-

warrant to purchase one common share at $0.40 per share Mexican Gold Corp. (MEX.WT) - One warrant to purchase one common share at $0.12 per share. Millennial Lithium Corp. (ML.WT) - One warrant to purchase one common share at $4.25 per share. Orezone Gold Corporation (ORE.WT) One warrant to purchase one common share at $0.80 per share. Sandfire Resources America Inc. (SFR.RT) Eight (8) Rights exercisable for One (1) share at $0.06 per unit. Tintina Resources Inc. (TAU.RT) - Nine(9) Rights exercisable for one share at $0.06 per share. Trek Mining (TREK.WT) - Wt buy sh @ $3.00 to Oct 06/21 Ucore Rare Metals Inc. (UCU.RT) - One (1) right exercisable for one share at $4.00 per share. Vision Lithium Inc. (VLI.WT) - One warrant to purchase one common share at $0.15 per share. Yellowhead Mining Inc. (YMI.RT) - One (1) Right and $0.12 are required to prchase one Share

rant to purchase one common share at $3.00 per share. Falco Resources Ltd. (FPC.WT) - One warrant to purchase one common share at $1.70 per share. Firefox Gold Corp. (FFOX.WT) - One warrant to purchase one common share at $3.00 per share. Goldstar Minerals (GDM.RT) - One Right to purchase one common share at $0.03 per share. Goldstar Minerals Inc. (GDM.RT) - One (1) Right and $0.05 are required to purchase one common share. JDL Gold Corp. (JDL.WT) - Wt buy sh @ $3.00 to Oct 06/21 Kootenay Silver Inc. (KTN.WT) - Wt buys sh @ $0.55 to Apr 21/21 LaSalle Exploration Corp. (LSX.WT) - One warrant to purchase one common share at $0.15 per share. LSC Lithium Corporation (LSC.RT) - One (1) right exercisable for One (1) Unit at $0.40 per Unit. Mako Mining Corp. (MKO.RT) - Rights exercisable for One (1) share at $0.10 per share. Maple Gold Mines Ltd. (MGM.WT) - One

NEW 52-WEEK HIGHS AND LOWS African Min* Aguila Amer Gd* Bold Ventures* Chalice Gold M* Confedertn Ml* Copper One Copper One * Eclipse Gold* ExGen Res Inc* Goldcliff Res Goldseek Res Grosvenor Res Magna Gold* Matmown* Omineca Mining Omineca Mining* 58 New Lows Abcourt Mines* Aldebaran Res*

Alliance Res* Almonty Ind AM Resources* Angkor Res Arch Coal* Argo Gold* ATAC Res* Avalon Advance* BLOX Inc* Blue Star Gold Blue Thunder Carlyle Comm* CellCube Enrgy* CONSOL Energy* Eastmain Res Eastmain Res* Evergold* Excelsior Mng Excelsior Mng*

Fortune Mnrls* GNCC Capital* GPM Metals* GSP Resource Intrepid Pots* Kesselrun Res Liberty One Li* Lucara Diam Monarch Gold* Mountain Prov Murchison Min* Nexa Resources* Nickel Creek* Ord Mountain Phoenix Global* Prime Mining Probe Metals Pure Energy* Ridgestone M'g*

RTG Mining * Rupert Res* Santacruz Silv Scandium Intl* Scottie Res* Signature Res* Standard Metal* Superior Gold Tinka Res* Titan Mining* TMAC Resources Torq Resources Trecora Res* TriMetals Mng* Venerable Vent Venture Mnrls* Walker River Wolfeye Res

CANADIAN GOLD MUTUAL FUNDS FundName AGF Gb R A Fd MF BMO Prec Mtls Fd A BMO ZGD BMO ZJG CIBC Prec Metal Fd A Dyn Prec Metls Fd A Harvest HGGG Horizons HEP IG MacGbPreMetCl A iShares XGD Mac Prec Met Cl A NBI PrecMetFd Invt NPT Go&PrMinFd A NPT SilverEquCl A RBC GblPreMetFd A Sentry Pre Met Fd A TD Prec Mtl Fd Inv

Apr 03 ($) 52.48 49.74 10.19 52.94 33.41 4.63

Mar 27 ($) Change ($) Change (%) YTDChange (%) MER (%) 15.27 -0.08 -0.53 -7.29 2.79 19.61 -0.39 -1.89 -7.54 2.41 50.94 1.54 3.02 -11.77 0.61 47.98 1.76 3.66 -12.56 0.60 11.43 -0.04 -0.33 -5.11 2.43 7.29 -0.09 -1.14 -5.29 2.73 23.17 -0.30 -1.21 -3.07 0.01 25.54 -0.58 -2.09 -9.06 0.83 9.85 0.34 3.49 -7.98 2.68 15.12 -0.16 -1.00 -4.65 0.61 51.19 1.76 3.43 -8.56 2.52 14.28 -0.09 -0.60 -7.16 2.46 33.11 0.29 0.88 -6.48 3.19 4.86 -0.23 -4.77 -17.23 2.98 38.52 -0.78 -1.91 -7.95 2.13 29.10 -0.32 -1.05 -13.43 2.32 38.54 -0.35 -0.85 -6.37 2.26

TotalAssets 77.42 48.57 120.39 81.09 47.20 409.58 4.19 31.34 866.77 59.18 28.48 343.76 139.23 123.31

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

Apr 03 1.4118 0.7083

(Quote Media, April 03, 2020) C$ to AUS C$ to EURO 1.1679 0.6527 C$ to UK Pound C$ to China Yuan 0.5715 5.0135 US to AUS US to EURO 1.6487 0.9215 US to UK Pound US to China Yuan 0.8068 7.0842

Apr 02 1.4118 0.7083

Apr 01 1.4160 0.7062

C$ to YEN 76.5555 C$ to India Rupee 54.0629 US to YEN 108.0740 US to India Rupee 77.1950

Mar 31 1.4091 0.7097

C$ to Mex Peso 17.1633 C$ to Swiss Franc 0.6903 US to Mex Peso 24.2324 US to Swiss Franc 0.9745

Mar 30 1.4168 0.7058 C$ to SA Rand 13.0840 C$ to S. Korea Won 869.1141 US to SA Rand 18.2626 US to S. Korea Won 1227.8500

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

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

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

GLOBAL MINING NEWS · SINCE 1915

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FRIEDLAND: SEES THE COPPER LINING IN ENVIRONMENTAL, ECONOMIC CRISES / 7 Geotech_Earlug_2016_Alt2.pdf 1 2016-06-24 4:27:20 PM

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Mining is ‘close to home’ for Minister O’Regan INTERVIEW

Charles Beaudry, Orefinders Resources vice president of exploration, on the Knght property.

| Minister bullish on Canadian prospects in a changing world

OREFINDERS RESOURCES

Sprott bets on Orefinders C

BY DAN SEKULICH Special to The Northern Miner

anada’s Minister of Natural Resources Seamus O’Regan made his first appearance at the Prospectors and Developers Association of Canada (PDAC) convention in Toronto last week, knowing he would be under the spotlight as the new man in town from Ottawa. Since taking on the ministerial portfolio last November, O’Regan has faced a series of issues that affect the resources industries in Canada, most notably the recent decision by Teck Resources (TSX: TECK.B; NYSE: TCK) to cancel its

Contact: moliveira@northernminer.com or 416-510-6768 | Junior ready to drill target-rich Knight property president and CEO, said in an in- “I DON’T THINK district of Ontario. Sprott has taken an 8.01% of the terview. “He is obviously interested PEOPLE REALLY company’s issued and outstanding in our neighborhood.” “Eric’s a seasoned investor who UNDERSTAND THE common shares on a non-diluted basis and about 11.64% on a partially has seen it all, has lived through diluted basis. all the cycles, and understands DEPTH OF OUR “He’s had tremendous success in it’s a long-term game, writes sig- ASSETS. ... WE the Kirkland Lake camp and that’s nificant cheques and he brings ARE A $7 MILLION clearly what got his attention about eyeballs, which is important,” MARKET CAP us,” Stephen Stewart, Orefinders’ Stewart continued. “He’s probably the best share- COMPANY AND holder you can have, and it’s also nice to have money to execute on HAVE AN AWFUL our plan.” LOT GOING ON.”

ONTARIO

BY TRISH SAYWELL

tsaywell@northernminer.com

F

inancier Eric Sprott is putting some of his money behind Orefinders Resources (TSXV: ORX) and the junior explorer’s properties in the Kirkland Lake

LIVE ONLINE PUBLIC AUCTION

Over the last five years, Orefinders has quietly put together a portfolio of assets in the Kirkland Lake area that it believes can one day deliver “that billion-dollar drill hole.” The company has followed a slightly different path than many

STEPHEN STEWART PRESIDENT AND CEO, OREFINDERS RESOURCES

Knight land package, all within a kilometre or two of each other:

See MINISTER / 8 PM40069240

20

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: MONTH MAR 30 - APR 03, 2020 (100s) Stock

WWW.NORTHERNMINER.COM

APRIL 13–26, 2020 / THE NORTHERN MINER

Week

12-month

Exc Volume High Low Last Change High Low

A 1911 Gold* O 87 1911 Gold V 80 66 Resources C 66 Abacus Mining V 340 Abacus Mining* O 166 Abcourt Mines V 646 Abcourt Mines* O 86 Aben Resources* O 428 Aben Resources V 911 Abitibi Royal* O 6 Abitibi Royal V 11 AbraPlata Res* O 245 AbraPlata Res V 1209 Academy Metals V 10 Adamera Min* O 44 Adamera Min V 362 Adex Mining V 415 Advance Gold V 474 Advantage Lith V 309 Advantage Lith* O 258 Adventus V 111 Adventus* O 5 AEX Gold V 14 Affinity Metal* O 50 African Gold* O 250 African Gold V 1737 African Min* O 130 African Rainb* O 10 Aftermath Silv* O 326 Agnico Eagle* N 11258 Agnico Eagle T 6218 Aguila Amer Gd V 21 Aguila Amer Gd* O 0 Aiml Res* O 0 Aiml Res V 58 AJN Resources C 76 Alacer Gold T 7702 Alamos Gold T 8747 Alamos Gold* N 15196 Alaska Pac Egy* O 3100 Alba Minerals* O 125 Alcoa* N 50715 Aldebaran Res V 27 Aldebaran Res* O 2 Alderon Iron* O 6 Alderon Iron T 948 Aldever Res* O 0 Aldever Res V 62 Alexandra Cap* O 77 Alexco Res* X 3960 Alexco Res T 1207 Algold Res V 55 Algold Res* O 0 Alianza Min V 894 Alianza Min* O 32 Alien Metals* O 262 Alio Gold* X 857 Alio Gold T 375 Allegiant Gold V 106 Allegiant Gold* O 95 Alliance Mng V 500 Alliance Res* D 4995 Almaden Min T 163 Almaden Min* X 1537 Almadex Min* O 59 Almadex Min V 160 Almonty Ind * O 36 Almonty Ind T 220 Aloro Mining* O 32 Aloro Mining V 129 Alpha Lithium V 553 Alpha Lithium* O 45 Alphamin Res * O 4 Alphamin Res V 53 Altai Resource V 481 Altai Resource* O 32 Altair Res Inc* O 27 Altair Res Inc V 9 Altamira Gold V 447 Altamira Gold* O 26 Altan Nevada V 408 Altan Rio Min V 105 Altiplano Met V 175 Altius Mnrls * O 222 Altius Mnrls T 639 Alto Ventures* O 4 Alto Ventures V 402 Altum Resource C 40 Altura Mining* O 200 Alturas Min V 500 Altus Strat V 26 Alumina Ltd* O 174 ALX Resources V 410 ALX Resources* O 5 AM Resources* O 50 AM Resources V 50 Amarc Res V 303 Amarc Res* O 9 Amarillo Gold V 1229 Amarillo Gold* O 358 Amer Intl Vent* O 6 American Creek* O 85 American Creek V 518 American CuMo* O 63 American Lith V 229 American Lith* O 316 American Mang* O 320 American Mang V 219 American Pac C 1628 American Pac* O 351 American Uran V 140 AmericanSierra* O 1 Americas Silvr* X 2354 Americas Silvr T 1118 Amerigo Res T 829 Amerigo Res* O 184 Amex Expl* O 23 Amex Expl V 371 Amilot Capital V 218 Amseco Expl V 0 Amseco Expl * O 0 Anaconda Mng T 338 Anaconda Mng* O 124 Andes Gold* O 33 Anfield Energy* O 209 Anfield Energy V 402 Angel Gold* O 41 Angel Gold V 141 Angkor Gold* O 150 Angkor Res V 70 Anglo American* O 193 Anglo American* O 8532 Anglo Pac Grp T 9 AngloGold Ash* O 1 AngloGold Ash* N 20929 Angus Ventures V 154 Antioquia Gold* O 34 Antioquia Gold V 134 Antler Gold * O 25 Antler Gold V 10 Antofagasta* O 20 Apex Res V 7 Appia Energy* O 30 Appia Energy C 101 Applied Min* O 621 Aquila Res T 54 Aquila Res* O 137 Arbor Metals V 25 Arch Coal* N 2340 Archon Mineral V 16 Arctic Star* O 1 Arctic Star V 150 Arcturus Vent* O 69 Arcturus Vent V 219 Arcus Dev Grp V 480 Arcwest Explor V 111 Arcwest Explor* O 15 Arena Min* O 5 Arena Min V 116 Ares Strategic V 73 Argentina Lith V 64 Argentina Lith* O 129 Argentum Silvr V 53 Argentum Silvr* O 2

0.25 0.00 0.24 + 0.02 0.34 0.15 0.34 0.30 0.34 + 0.03 0.49 0.22 0.06 0.05 0.06 - 0.01 0.37 0.05 0.08 0.00 0.06 - 0.02 0.15 0.04 0.08 0.04 0.05 - 0.01 0.11 0.03 0.05 0.05 0.05 unch 0.00 0.10 0.04 0.04 0.00 0.04 - 0.00 0.09 0.03 0.05 0.03 0.04 - 0.00 0.20 0.03 0.08 0.05 0.06 - 0.01 0.27 0.05 11.00 0.00 10.96 - 0.30 15.51 7.68 15.90 14.81 15.47 + 0.26 20.55 10.62 0.06 0.04 0.05 + 0.01 0.10 0.03 0.08 0.05 0.06 unch 0.00 0.13 0.04 0.16 0.16 0.16 unch 0.00 1.30 0.11 0.03 0.02 0.02 - 0.01 0.04 0.01 0.03 0.03 0.03 - 0.01 0.05 0.02 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.08 0.05 0.05 - 0.02 0.29 0.03 0.25 0.21 0.21 - 0.01 0.60 0.14 0.18 0.14 0.15 + 0.00 0.46 0.07 0.75 0.60 0.67 unch 0.00 1.16 0.52 0.49 0.40 0.40 - 0.08 0.90 0.36 0.53 0.50 0.53 + 0.03 0.63 0.24 0.12 0.12 0.12 unch 0.00 0.20 0.04 0.17 0.08 0.16 + 0.07 0.44 0.07 0.24 0.13 0.23 + 0.09 0.59 0.08 0.01 0.01 0.01 unch 0.00 0.01 0.00 5.05 0.00 5.05 + 0.05 13.60 5.00 0.11 0.08 0.10 - 0.00 0.42 0.05 45.67 38.51 44.67 + 5.88 64.88 31.00 64.61 54.56 63.11 + 9.05 86.39 43.25 0.15 0.12 0.15 unch 0.00 0.24 0.12 0.16 0.00 0.16 + 0.04 0.16 0.11 0.00 0.00 0.02 unch 0.00 0.02 0.01 0.16 0.12 0.16 - 0.01 0.35 0.10 0.55 0.28 0.44 + 0.16 1.34 0.05 5.35 4.35 4.92 + 0.24 7.66 3.32 8.30 6.91 8.00 + 0.61 10.12 4.43 5.89 4.88 5.64 + 0.32 7.78 3.34 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.01 0.01 0.01 unch 0.00 0.09 0.01 6.69 5.71 5.97 - 0.58 29.73 5.16 0.25 0.23 0.23 - 0.02 0.62 0.16 0.22 0.17 0.22 + 0.05 0.33 0.17 0.05 0.05 0.05 unch 0.00 0.26 0.04 0.09 0.06 0.07 - 0.01 0.36 0.06 0.00 0.00 0.09 unch 0.00 0.10 0.03 0.12 0.08 0.09 + 0.01 0.30 0.05 0.19 0.12 0.14 - 0.05 0.60 0.06 1.31 1.14 1.22 - 0.06 2.81 0.72 1.89 1.60 1.73 - 0.05 3.73 1.00 0.05 0.00 0.04 - 0.01 0.29 0.03 0.00 0.00 0.04 unch 0.00 0.13 0.04 0.07 0.06 0.06 unch 0.00 0.10 0.03 0.05 0.04 0.04 - 0.00 0.07 0.03 0.01 0.00 0.00 - 0.00 0.01 0.00 0.52 0.45 0.49 - 0.01 0.94 0.28 0.74 0.65 0.69 unch 0.00 1.23 0.43 0.14 0.12 0.13 unch 0.00 0.23 0.07 0.10 0.06 0.09 - 0.01 0.18 0.04 0.01 0.01 0.01 unch 0.00 0.02 0.01 3.57 2.70 3.00 - 0.60 19.90 2.70 0.45 0.38 0.41 - 0.01 1.10 0.31 0.32 0.26 0.27 - 0.03 0.82 0.21 0.11 0.10 0.11 + 0.00 0.45 0.05 0.17 0.15 0.17 + 0.01 0.45 0.12 0.26 0.00 0.25 + 0.01 0.81 0.24 0.39 0.28 0.37 + 0.04 1.10 0.28 0.02 0.02 0.02 unch 0.00 0.16 0.02 0.04 0.03 0.03 - 0.01 0.10 0.03 0.46 0.38 0.45 + 0.11 0.51 0.06 0.32 0.28 0.32 + 0.08 0.35 0.19 0.11 0.11 0.11 unch 0.00 0.20 0.09 0.17 0.14 0.14 - 0.03 0.28 0.13 0.05 0.04 0.05 unch 0.00 0.10 0.03 0.03 0.02 0.03 + 0.00 0.07 0.02 0.00 0.00 0.00 - 0.00 0.02 0.00 0.01 0.00 0.01 unch 0.00 0.07 0.01 0.05 0.04 0.04 unch 0.00 0.12 0.04 0.04 0.03 0.03 - 0.00 0.08 0.02 0.01 0.01 0.01 unch 0.00 0.07 0.01 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.06 0.05 0.06 unch 0.00 0.15 0.02 5.59 4.45 4.86 + 0.08 10.28 4.33 7.93 6.50 6.87 + 0.20 13.76 6.29 0.02 0.02 0.02 unch 0.00 0.04 0.01 0.03 0.00 0.03 + 0.01 0.04 0.02 0.09 0.09 0.09 unch 0.00 0.09 0.09 0.03 0.03 0.03 unch 0.00 0.10 0.02 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.40 0.00 0.40 unch 0.00 0.68 0.30 3.83 3.10 3.10 - 0.46 7.41 3.09 0.04 0.00 0.03 unch 0.00 0.08 0.02 0.02 0.00 0.01 + 0.00 0.06 0.01 0.02 0.02 0.02 - 0.00 0.09 0.02 0.03 0.03 0.03 - 0.01 0.15 0.03 0.04 0.03 0.03 - 0.01 0.08 0.02 0.03 0.00 0.02 - 0.01 0.06 0.02 0.14 0.11 0.13 unch 0.00 0.28 0.10 0.09 0.08 0.09 - 0.00 0.22 0.08 0.00 0.00 0.00 + 0.00 0.02 0.00 0.04 0.04 0.04 - 0.00 0.09 0.02 0.05 0.05 0.05 unch 0.00 0.11 0.03 0.04 0.03 0.04 + 0.02 0.10 0.00 0.22 0.18 0.19 - 0.03 0.45 0.09 0.16 0.12 0.13 - 0.01 0.35 0.06 0.11 0.07 0.09 + 0.01 0.24 0.07 0.13 0.12 0.12 - 0.01 0.31 0.10 0.04 0.02 0.03 + 0.01 0.31 0.02 0.02 0.02 0.02 - 0.00 0.24 0.01 0.01 0.01 0.01 unch 0.00 0.06 0.01 0.01 0.00 0.01 - 0.00 0.03 0.01 1.65 1.46 1.49 - 0.10 3.92 1.00 2.29 2.06 2.10 - 0.11 5.19 1.39 0.16 0.12 0.15 + 0.02 1.11 0.12 0.11 0.09 0.10 + 0.01 0.78 0.08 0.83 0.73 0.76 - 0.05 1.44 0.44 1.22 1.02 1.06 - 0.09 1.90 0.58 0.02 0.02 0.02 unch 0.00 0.06 0.01 0.00 0.00 0.04 unch 0.00 0.08 0.02 0.00 0.00 0.03 unch 0.00 0.04 0.03 0.16 0.14 0.15 - 0.02 0.36 0.10 0.12 0.09 0.10 - 0.02 0.27 0.07 0.01 0.00 0.01 + 0.00 0.02 0.00 0.06 0.04 0.05 - 0.01 0.20 0.03 0.09 0.07 0.07 unch 0.00 0.26 0.04 0.01 0.00 0.01 - 0.01 0.02 0.00 0.02 0.00 0.02 unch 0.00 0.04 0.01 0.05 0.05 0.05 - 0.02 0.11 0.05 0.07 0.06 0.07 - 0.01 0.16 0.06 17.00 0.00 15.48 - 1.43 29.51 12.56 9.02 7.28 7.43 - 0.81 14.81 5.91 2.00 1.87 1.87 - 0.12 4.20 1.87 17.76 17.76 17.76 - 3.53 22.96 11.07 19.12 16.00 17.79 - 0.22 23.85 11.29 0.40 0.00 0.40 unch 0.00 0.55 0.14 0.02 0.02 0.02 + 0.00 0.03 0.01 0.03 0.02 0.03 unch 0.00 0.04 0.02 0.07 0.07 0.07 unch 0.00 0.10 0.01 0.06 0.06 0.06 unch 0.00 0.18 0.02 9.68 8.41 9.31 + 0.03 13.24 7.30 0.07 0.00 0.06 unch 0.00 0.43 0.04 0.14 0.09 0.13 + 0.01 0.29 0.07 0.19 0.14 0.18 + 0.03 0.38 0.10 0.01 0.01 0.01 - 0.00 0.04 0.00 0.12 0.11 0.12 + 0.01 0.23 0.07 0.09 0.07 0.09 + 0.01 0.18 0.05 0.36 0.00 0.36 + 0.03 0.36 0.03 32.68 25.37 30.92 + 3.60 101.92 25.37 0.20 0.10 0.10 - 0.10 0.60 0.10 0.02 0.00 0.02 - 0.03 0.33 0.01 0.06 0.03 0.06 + 0.02 0.48 0.03 0.10 0.07 0.08 + 0.02 0.69 0.00 0.14 0.09 0.10 + 0.01 0.97 0.05 0.01 0.01 0.01 unch 0.00 0.05 0.01 0.05 0.04 0.04 - 0.01 0.10 0.04 0.04 0.04 0.04 unch 0.00 0.07 0.02 0.02 0.00 0.02 + 0.00 0.06 0.01 0.04 0.00 0.02 - 0.02 0.08 0.02 0.10 0.09 0.09 - 0.02 0.15 0.07 0.08 0.06 0.07 - 0.01 0.10 0.04 0.06 0.04 0.06 - 0.00 0.07 0.03 0.17 0.14 0.16 - 0.02 0.48 0.14 0.12 0.11 0.11 unch 0.00 0.37 0.13

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Argo Gold C 65 0.12 0.08 0.10 unch 0.00 0.19 0.06 Argo Gold* O 17 0.06 0.06 0.06 - 0.00 0.15 0.06 Argonaut Gold* O 827 0.81 0.66 0.72 - 0.03 2.15 0.53 Argonaut Gold T 4330 1.14 0.92 1.01 - 0.05 2.87 0.76 Arianne Phosph V 298 0.22 0.16 0.16 - 0.04 0.65 0.15 Arianne Phosph* O 83 0.16 0.13 0.13 - 0.03 0.49 0.11 Arizona Silver* O 116 0.13 0.10 0.13 + 0.02 0.19 0.08 Arizona Silver V 81 0.18 0.16 0.18 + 0.02 0.25 0.10 Armor Min V 3 0.40 0.40 0.40 + 0.08 0.46 0.31 Armor Min* O 0 0.00 0.00 0.30 unch 0.00 Artemis Gold V 152 1.18 1.06 1.11 + 0.05 1.60 0.95 Artemis Gold* O 149 0.81 0.75 0.78 + 0.02 1.20 0.60 Asanko Gold T 522 1.24 1.10 1.20 + 0.01 1.45 0.68 Asanko Gold* X 1054 0.90 0.78 0.84 - 0.02 1.10 0.50 Asante Gold C 96 0.04 0.03 0.04 unch 0.00 0.08 0.02 Asante Gold* O 250 0.03 0.03 0.03 + 0.01 0.05 0.02 Asbestos Corp V 15 0.35 0.35 0.35 unch 0.00 0.55 0.30 Ascendant Res* O 2 0.09 0.08 0.08 - 0.02 0.40 0.07 Ascendant Res T 341 0.12 0.10 0.11 unch 0.00 0.55 0.09 Ascot Res * O 101 0.42 0.36 0.40 + 0.00 0.76 0.26 Ascot Res T 381 0.58 0.50 0.57 + 0.01 0.98 0.37 Ashanti Sanko V 740 0.02 0.02 0.02 + 0.01 0.05 0.01 AsiaBaseMetals V 34 0.29 0.00 0.24 - 0.05 0.64 0.14 Asian Mineral V 42 0.25 0.19 0.25 + 0.06 0.89 0.10 Asian Mineral* O 1 0.23 0.22 0.23 + 0.02 0.32 0.22 Aston Bay V 412 0.06 0.05 0.06 + 0.01 0.11 0.04 Aston Bay* O 275 0.05 0.04 0.04 + 0.00 0.08 0.03 Astorius Res V 110 0.07 0.06 0.07 + 0.01 0.30 0.06 ATAC Res V 354 0.17 0.15 0.16 + 0.01 0.32 0.11 ATAC Res* O 232 0.12 0.00 0.12 + 0.00 0.24 0.08 Atacama Res* O 8308 0.01 0.01 0.01 - 0.00 0.03 0.00 Atalaya Mining T 2 1.79 1.79 1.79 unch 0.00 3.99 1.79 Athabasca Min* O 39 0.10 0.08 0.09 - 0.02 0.60 0.06 Athabasca Min V 204 0.16 0.12 0.16 + 0.02 0.79 0.08 Athena Silver* O 41 0.04 0.02 0.04 + 0.01 0.06 0.01 Atico Mining* O 128 0.18 0.11 0.13 - 0.02 0.33 0.11 Atico Mining V 336 0.22 0.16 0.20 - 0.02 0.43 0.16 Atlanta Gold* O 1 0.01 0.00 0.00 - 0.01 0.04 0.00 Atlantic Indus V 1 0.00 0.00 0.01 unch 0.00 0.02 0.01 Atlas Cons Mng* O 1 0.77 0.77 0.77 unch 0.00 0.91 0.77 Aton Resources* O 206 0.02 0.01 0.01 - 0.01 0.04 0.01 Aton Resources V 18 0.03 0.03 0.03 - 0.01 0.05 0.02 Aura Minerals* O 0 0.00 0.00 41.23 unch 0.00 65.07 11.78 Aura Minerals T 1 59.80 0.00 59.78 + 5.21 91.80 16.21 Aura Resources V 203 0.04 0.03 0.04 unch 0.00 0.09 0.02 Aura Resources* O 20 0.03 0.03 0.03 unch 0.00 0.06 0.02 Auramex Res V 259 0.03 0.03 0.03 + 0.01 0.08 0.02 Aurania Res* O 44 1.49 1.26 1.42 + 0.04 3.40 1.03 Aurania Res V 78 2.03 1.80 2.00 + 0.07 4.50 1.51 Aurcana Corp V 782 0.27 0.24 0.27 + 0.02 0.62 0.15 Aurcana Corp* O 826 0.19 0.17 0.19 + 0.01 1.25 0.00 AurCrest Gold V 40 0.03 0.02 0.03 + 0.01 0.05 0.02 Aurelius Min V 828 0.03 0.02 0.03 + 0.01 0.06 0.02 Aurex Energy V 118 0.06 0.06 0.06 unch 0.00 0.30 0.05 Aurion Res V 429 0.74 0.63 0.67 - 0.08 2.35 0.42 Aurion Res * O 205 0.56 0.40 0.48 - 0.05 1.77 0.29 Aurora Royal V 78 0.02 0.02 0.02 unch 0.00 0.10 0.02 Aurwest Res C 126 0.03 0.02 0.02 - 0.01 0.14 0.01 AURYN Mining* O 176 0.35 0.08 0.26 + 0.10 0.74 0.03 Auryn Resource T 527 1.47 1.15 1.32 - 0.15 2.45 1.00 Auryn Resource* X 710 1.03 0.83 0.92 - 0.06 1.84 0.71 Aust Mines* O 46 0.01 0.01 0.01 + 0.00 0.03 0.00 Austin Res V 10 0.04 0.04 0.04 unch 0.00 0.13 0.04 Austral Gold* O 10 0.07 0.06 0.06 - 0.01 0.10 0.02 Austral Gold V 47 0.12 0.11 0.12 + 0.01 0.15 0.06 Auxico Res C 362 0.05 0.03 0.05 + 0.03 0.22 0.02 Avalon Advance T 1288 0.04 0.03 0.03 - 0.01 0.17 0.03 Avalon Advance* O 472 0.03 0.02 0.02 - 0.01 0.13 0.02 Avarone Metals C 96 0.04 0.03 0.04 + 0.01 0.15 0.03 Avidian Gold V 180 0.07 0.06 0.06 - 0.01 0.21 0.05 Avino Silver* X 1285 0.36 0.28 0.30 - 0.05 0.81 0.26 Avino Silver T 122 0.50 0.40 0.42 - 0.07 1.07 0.27 Avrupa Min V 145 0.02 0.00 0.02 unch 0.00 0.05 0.01 Avrupa Min* O 110 0.02 0.00 0.01 - 0.00 0.04 0.01 Awale Res V 163 0.07 0.07 0.07 unch 0.00 0.26 0.06 Axmin Inc* O 11 0.16 0.12 0.16 + 0.04 0.43 0.11 Axmin Inc V 55 0.24 0.22 0.22 + 0.01 0.60 0.16 Azarga Metals V 8 0.07 0.00 0.07 unch 0.00 0.13 0.05 Azarga Metals* O 3 0.04 0.04 0.04 - 0.00 0.08 0.03 Azarga Uranium* O 295 0.10 0.08 0.10 + 0.01 0.22 0.05 Azarga Uranium T 329 0.15 0.12 0.15 + 0.04 0.28 0.07 Azimut Explor V 434 1.10 1.03 1.10 + 0.05 1.77 0.31 Azimut Explor* O 102 0.78 0.72 0.77 + 0.02 1.33 0.23 Azincourt Ener* O 128 0.02 0.01 0.02 + 0.01 0.05 0.01 Azincourt Ener V 3272 0.03 0.02 0.02 + 0.01 0.07 0.02 Aztec Minerals V 300 0.05 0.05 0.05 unch 0.00 0.17 0.04 Aztec Minerals* O 5 0.03 0.00 0.03 - 0.01 0.13 0.04 Azteca Gold* O 844 0.00 0.00 0.00 + 0.00 0.00 0.00 Azucar Min V 51 0.10 0.09 0.10 - 0.01 0.43 0.08 Azucar Min* O 124 0.08 0.06 0.06 + 0.00 0.34 0.05

B B2Gold Corp T 32077 5.06 4.24 4.87 + 0.27 6.51 3.12 B2Gold Corp* X 40754 3.59 3.00 3.43 + 0.14 4.93 2.16 Balmoral Res* O 413 0.26 0.22 0.23 - 0.04 0.39 0.07 Balmoral Res T 898 0.36 0.32 0.33 - 0.05 0.52 0.10 Balto Res V 8 0.08 0.08 0.08 unch 0.00 0.19 0.06 Bam Bam Res C 608 0.06 0.05 0.06 + 0.01 0.21 0.03 Bankers Cobalt* O 721 0.01 0.01 0.01 unch 0.00 0.03 0.00 Bankers Cobalt V 229 0.01 0.00 0.01 + 0.01 0.05 0.01 Bannerman Res* O 805 0.03 0.02 0.02 + 0.00 0.04 0.01 Banyan Gold V 274 0.05 0.04 0.05 - 0.01 0.09 0.03 Banyan Gold* O 34 0.04 0.03 0.04 - 0.00 0.07 0.02 Bard Ventures V 353 0.08 0.05 0.06 unch 0.00 0.26 0.05 Barksdale Res* O 33 0.17 0.16 0.17 + 0.01 0.57 0.14 Barksdale Res V 24 0.24 0.23 0.24 + 0.02 0.75 0.22 Barolo Venture V 33 0.21 0.18 0.18 - 0.02 0.30 0.18 Baroyeca Gold V 5 0.03 0.03 0.03 unch 0.00 0.10 0.03 Barrick Gold* N 98923 20.63 18.26 19.95 + 0.71 22.57 11.65 Barrick Gold T 24691 29.15 25.72 28.25 + 1.36 29.93 15.72 Barsele Min* O 0 0.00 0.00 0.13 unch 0.00 0.55 0.07 Barsele Min V 43 0.33 0.29 0.33 + 0.04 0.73 0.11 Batero Gold* O 186 0.05 0.04 0.05 unch 0.00 0.08 0.04 Batero Gold V 33 0.07 0.06 0.06 - 0.02 0.10 0.05 Bayhorse Silvr* O 411 0.04 0.04 0.04 - 0.00 0.14 0.03 Bayhorse Silvr V 592 0.05 0.05 0.05 unch 0.00 0.20 0.05 BC Moly V 1 0.00 0.00 0.05 unch 0.00 0.07 0.04 BCM Res V 345 0.04 0.03 0.04 unch 0.00 0.12 0.02 BE Res V 3 0.18 0.17 0.17 - 0.02 0.30 0.15 Bear Creek Mng V 373 1.41 1.13 1.36 + 0.11 2.97 0.75 Bear Creek Mng* O 185 1.01 0.71 0.91 - 0.00 2.35 0.50 Bearing Lith V 120 0.12 0.10 0.10 - 0.01 0.38 0.06 Bearing Lith* O 50 0.09 0.06 0.07 - 0.02 0.29 0.06 Beauce Gold V 40 0.10 0.10 0.10 unch 0.00 0.20 0.06 Bell Copper V 124 0.09 0.04 0.09 + 0.03 0.11 0.01 Bell Copper* O 72 0.04 0.02 0.04 - 0.00 0.08 0.02 Belmont Res V 235 0.05 0.03 0.05 + 0.03 0.36 0.02 Belo Sun Mng T 915 0.42 0.36 0.36 - 0.04 0.72 0.21 Belo Sun Mng* O 2764 0.30 0.23 0.26 - 0.03 0.55 0.16 BeMetals * O 55 0.09 0.09 0.09 unch 0.00 0.25 0.09 BeMetals V 593 0.15 0.13 0.14 - 0.01 0.27 0.12 Benchmark Met V 367 0.28 0.24 0.26 + 0.02 0.48 0.17 Benchmark Met* O 169 0.20 0.16 0.18 + 0.01 0.37 0.12 Benton Res V 1411 0.09 0.07 0.09 + 0.02 0.11 0.04 Benton Res* O 553 0.07 0.04 0.06 + 0.01 0.07 0.02 Benz Mining V 35 0.08 0.07 0.08 unch 0.00 0.14 0.05 Benz Mining* O 142 0.06 0.05 0.06 + 0.01 0.10 0.05 Berkwood Res * O 163 0.01 0.01 0.01 unch 0.00 0.06 0.01 Berkwood Res V 167 0.02 0.00 0.02 + 0.01 0.08 0.01 Bessor Min V 38 0.05 0.04 0.05 + 0.03 0.12 0.03 Bessor Min* O 0 0.00 0.00 0.03 unch 0.00 0.04 0.00 Bird River Res C 1922 0.01 0.01 0.01 unch 0.00 0.03 0.01 Bitterroot Res* O 85 0.03 0.02 0.03 + 0.00 0.04 0.01 Bitterroot Res V 105 0.04 0.03 0.03 - 0.01 0.06 0.02 Black Hills* N 2547 68.32 57.47 58.37 - 4.73 87.12 48.07 Black Iron T 1199 0.07 0.06 0.06 - 0.01 0.16 0.05 Black Iron* O 172 0.05 0.04 0.05 + 0.00 0.12 0.03 Black Mammoth* O 100 0.04 0.04 0.04 unch 0.00 0.04 0.04 Black Mammoth V 28 0.05 0.04 0.04 - 0.01 0.08 0.02 Black Sea V 4 0.03 0.00 0.03 + 0.01 0.10 0.03 Black Sea * O 4 0.02 0.00 0.02 + 0.01 0.08 0.01 Black Tusk Res* O 2 0.03 0.03 0.03 unch 0.00 0.15 0.02 Black Tusk Res C 939 0.06 0.05 0.06 + 0.01 0.18 0.03 Blackrock Gold* O 148 0.09 0.07 0.08 - 0.00 0.27 0.02 Blackrock Gold V 438 0.14 0.11 0.11 unch 0.00 0.36 0.03 Blind Creek V 60 0.02 0.02 0.02 + 0.01 0.06 0.02 BLOX Inc* O 1871 0.04 0.01 0.01 - 0.03 0.30 0.01 Blue Lagoon C 153 0.95 0.88 0.90 - 0.01 2.11 0.26 Blue Lagoon* O 50 0.90 0.65 0.65 - 0.30 1.45 0.62 Blue Moon Zinc* O 3 0.01 0.01 0.01 + 0.00 0.03 0.00 Blue Moon Zinc V 165 0.02 0.00 0.02 unch 0.00 0.04 0.02 Blue River Res V 646 0.01 0.01 0.01 unch 0.00 0.02 0.01 Blue River Res* O 101 0.00 0.00 0.00 unch 0.00 0.02 0.00 Blue Sky Uran* O 167 0.08 0.05 0.08 + 0.03 0.18 0.03 Blue Sky Uran V 1268 0.12 0.07 0.11 + 0.04 0.23 0.05 Blue Star Gold V 48 0.05 0.00 0.04 - 0.01 0.08 0.03

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Blue Thunder V 235 BlueBird Batt* O 1 BlueBird Batt V 208 Bluestone Res V 316 Bluestone Res* O 107 Bold Ventures* O 12 Bold Ventures V 46 Bonanza Gold* O 6323 BonTerra Res V 462 Boreal Metals V 160 Borneo Res Inv* O 3578 Boundary Gold* O 20 Boundary Gold V 229 Bravada Gold* O 73 Bravada Gold V 204 Braveheart Res* O 29 Braveheart Res V 150 Bravo Multinat* O 14 Brazil Min* O 3870 BrightRock* O 262 Britannia Mng* O 462 Brixton Metals V 651 Brixton Metals* O 403 Brookmount Exp* O 5060 Bryn Res* O 3 BTU Metals* O 79 BTU Metals V 1824 Buenaventura* N 7290 Buffalo Coal V 149 Bullfrog Gold* O 133 Bullfrog Gold C 55 Bunker Hill C 7 BWR Explor V 611

0.07 0.06 0.06 - 0.01 0.20 0.06 0.06 0.00 0.06 + 0.02 0.25 0.03 0.08 0.00 0.08 + 0.01 0.33 0.04 1.55 1.25 1.31 - 0.24 2.12 0.85 1.10 0.92 0.98 - 0.14 1.59 0.65 0.03 0.03 0.03 unch 0.00 0.04 0.00 0.05 0.00 0.05 + 0.01 0.15 0.03 0.00 0.00 0.00 + 0.00 0.01 0.00 0.85 0.79 0.81 unch 0.00 3.02 0.63 0.04 0.04 0.04 + 0.01 0.09 0.03 0.00 0.00 0.00 + 0.00 0.00 0.00 0.01 0.01 0.01 + 0.00 0.15 0.00 0.02 0.00 0.02 unch 0.00 0.18 0.01 0.06 0.00 0.05 + 0.00 0.15 0.03 0.08 0.00 0.06 - 0.02 0.20 0.05 0.06 0.00 0.06 + 0.01 0.14 0.04 0.08 0.06 0.07 - 0.01 0.21 0.06 0.10 0.08 0.08 - 0.03 0.70 0.08 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.03 0.02 0.03 - 0.00 0.04 0.00 0.00 0.00 0.00 - 0.00 0.01 0.00 0.14 0.11 0.13 unch 0.00 0.43 0.08 0.10 0.07 0.09 - 0.01 0.33 0.05 0.01 0.01 0.01 + 0.00 0.01 0.00 0.03 0.00 0.03 + 0.00 0.09 0.03 0.11 0.10 0.10 - 0.01 0.35 0.07 0.16 0.12 0.14 - 0.01 0.49 0.07 7.66 6.43 6.95 - 0.30 17.85 5.12 0.01 0.01 0.01 unch 0.00 0.01 0.01 0.09 0.06 0.08 - 0.01 0.24 0.05 0.13 0.08 0.11 - 0.02 0.23 0.08 0.73 0.10 0.73 + 0.05 0.80 0.05 0.03 0.02 0.03 + 0.01 0.06 0.02

Cabral Gold V 966 Cabral Gold* O 115 Cache Explor* O 5 Cache Explor V 150 Cadence Min* O 75 Cadillac Vent* O 200 Cadillac Vent V 15 Caldas Gold V 14 Caledonia Mng T 18 Caledonia Mng* X 132 Calibre Mng T 590 Calibre Mng* O 188 California Gld* O 26 California Gld C 119 Callinex Mines* O 13 Callinex Mines V 24 Cameco Corp* N 24309 Cameco Corp T 8278 Cameo Cobalt* O 99 Cameo Cobalt V 453 Camino Min* O 1 Camino Min V 154 Camrova Res* O 4 Canada Carbon V 887 Canada Carbon* O 150 Canada Coal V 996 Canada Cobalt V 471 Canada Cobalt * O 224 Canada Nickel V 237 Canada One* O 4 Canada One V 45 Canada Rare V 214 Canada Rare* O 151 Canadian Metal C 43 Canadian Ore V 173 Canadian Ore* O 5 Canadian Prem V 158 CanAlaska Uran* O 130 CanAlaska Uran V 164 Canamex Gold* O 295 Canarc Res T 202 Canarc Res* O 124 Canasil Res V 98 Candelaria Mg* O 7 Candelaria Mg V 6 Candente Coppr T 216 Candente Gold* O 2 Candente Gold V 45 CANEX Metals * O 92 CANEX Metals V 495 CaNickel Mng V 110 CaNickel Mng* O 2 Canoe Mng Vent V 325 Canstar Res V 76 Canterra Mnls V 450 Cantex Mn Dev* O 36 Cantex Mn Dev V 146 Canuc Res V 114 Canuc Res* O 52 Capstone Mng T 1477 Cardero Res V 33 Cardero Res* O 3 Cardinal Res* O 21 Cardinal Res T 233 Cariboo Rose V 150 Carlin Gold V 63 Carlyle Comm* O 60 Carrara Explor C 896 Cartier Iron C 41 Cartier Res* O 39 Cartier Res V 119 Carube Copper V 106 Carube Copper* O 5 Casa Minerals V 1157 Cascadero Copp V 64 Cassius Vents V 300 Castle Peak Mg V 445 Cdn Palladium* O 160 Cdn Palladium C 256 CellCube Enrgy* O 1795 Centamin T 70 Centaurus Diam* O 100 Centerra Gold T 5962 Central Iron V 46 Central Tim Ex V 223 Century Cobalt* O 56 Century Global T 32 Century Global* O 30 Cerro de Pasc * O 47 Cerro de Pasc C 334 Cerro Grande C 0 Cerro Mng V 0 Ceylon Graph V 131 Chakana Copper V 211 Chakana Copper* O 80 Chalice Gold M* O 154 Champion Bear* O 15 Champion Bear V 40 Champion Iron* O 27 Champion Iron T 1431 Chatham Rock V 261 Chesapeake Gld V 35 Chesapeake Gld* O 34 Chevron Corp* N 89313 Chiboug Ind Mn V 59 Chilean Metals* O 15 Chilean Metals V 5 China Gold Int T 687 Chinapintza Mg V 20 Clarmin Explor V 50 Clean Comm* O 9 Cleghorn Mnls V 190 Cleveland-Clif* N 62479 Cliffmont Res V 0 Clifton Mng* O 49 Clydesdale Res V 8 CMC Metals V 24 CNRP Mng C 58 Cobalt Block* O 52 Cobalt Block V 37 Coeur Mng* N 29820 Colibri Res* O 6 Colibri Res V 114 Colombia Crest V 28 Colombia Crest* O 0 Colonial Coal V 160 Colorado Res V 843 Colorado Res* O 258 Columbus Gold T 214 Columbus Gold* O 190 Commander Res* O 33

0.10 0.08 0.09 - 0.01 0.23 0.07 0.06 0.05 0.05 unch 0.00 0.17 0.05 0.01 0.01 0.01 unch 0.00 0.05 0.00 0.01 0.01 0.01 + 0.01 0.06 0.01 0.04 0.04 0.04 unch 0.00 0.04 0.04 0.02 0.00 0.02 unch 0.00 0.03 0.00 0.02 0.00 0.02 - 0.01 0.04 0.01 1.71 1.32 1.50 - 0.20 2.30 1.30 13.82 11.62 11.84 - 1.46 16.99 7.05 9.80 8.00 8.34 - 1.29 13.55 5.22 0.65 0.59 0.62 + 0.02 1.05 0.45 0.45 0.33 0.44 - 0.01 1.52 0.00 0.17 0.11 0.17 + 0.06 0.59 0.08 0.22 0.15 0.22 + 0.11 0.79 0.11 0.30 0.25 0.30 + 0.02 0.99 0.03 0.40 0.00 0.37 - 0.03 1.35 0.32 8.56 6.72 8.55 + 1.63 12.12 5.30 12.11 9.52 12.08 + 2.43 16.15 7.69 0.01 0.00 0.01 unch 0.00 0.16 0.00 0.01 0.01 0.01 unch 0.00 0.15 0.01 0.06 0.06 0.06 unch 0.00 0.14 0.03 0.11 0.09 0.09 - 0.01 0.19 0.05 0.02 0.00 0.02 + 0.02 0.06 0.00 0.21 0.15 0.16 - 0.04 0.39 0.05 0.15 0.11 0.12 - 0.03 0.28 0.03 0.04 0.01 0.01 - 0.01 0.06 0.01 0.37 0.30 0.36 + 0.02 0.73 0.25 0.26 0.22 0.26 + 0.02 0.57 0.18 0.50 0.39 0.42 - 0.07 0.90 0.38 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.02 0.02 0.02 unch 0.00 0.06 0.02 0.05 0.04 0.04 unch 0.00 0.11 0.03 0.03 0.02 0.03 + 0.01 0.08 0.02 0.08 0.00 0.06 - 0.03 0.70 0.01 0.07 0.06 0.07 unch 0.00 0.35 0.06 0.04 0.04 0.04 unch 0.00 0.25 0.04 0.15 0.15 0.15 unch 0.00 1.40 0.10 0.12 0.09 0.12 + 0.02 0.24 0.06 0.16 0.13 0.16 + 0.03 0.32 0.09 0.01 0.01 0.01 - 0.00 0.07 0.00 0.04 0.04 0.04 - 0.01 0.08 0.03 0.03 0.02 0.03 - 0.00 0.06 0.02 0.07 0.06 0.06 + 0.01 0.09 0.05 0.09 0.08 0.08 - 0.07 0.26 0.08 0.12 0.11 0.11 - 0.02 0.42 0.05 0.03 0.02 0.03 unch 0.00 0.06 0.02 0.01 0.01 0.01 - 0.00 0.03 0.01 0.02 0.00 0.02 unch 0.00 0.04 0.01 0.11 0.08 0.08 - 0.02 0.22 0.02 0.15 0.12 0.12 - 0.03 0.28 0.03 0.06 0.06 0.06 - 0.01 0.11 0.04 0.04 0.04 0.04 unch 0.00 0.09 0.04 0.16 0.16 0.16 - 0.01 0.26 0.10 0.04 0.03 0.03 unch 0.00 0.06 0.02 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.41 0.00 0.39 - 0.02 5.23 0.33 0.57 0.49 0.50 - 0.05 6.99 0.46 0.06 0.05 0.06 + 0.01 0.09 0.03 0.04 0.04 0.04 - 0.00 0.05 0.02 0.46 0.37 0.43 + 0.06 0.92 0.33 0.02 0.00 0.02 unch 0.00 0.06 0.02 0.01 0.01 0.01 - 0.01 0.04 0.01 0.16 0.15 0.16 unch 0.00 0.38 0.15 0.30 0.28 0.28 - 0.02 0.50 0.20 0.04 0.04 0.04 unch 0.00 0.06 0.04 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.15 0.04 0.07 - 0.01 0.24 0.04 0.02 0.02 0.02 - 0.01 0.08 0.01 0.04 0.00 0.04 + 0.02 0.10 0.03 0.08 0.06 0.07 - 0.01 0.17 0.05 0.11 0.09 0.10 unch 0.00 0.22 0.07 0.04 0.04 0.04 unch 0.00 0.07 0.01 0.03 0.03 0.03 unch 0.00 0.06 0.03 0.04 0.03 0.03 - 0.01 0.18 0.02 0.02 0.02 0.02 unch 0.00 0.04 0.01 0.04 0.04 0.04 unch 0.00 0.09 0.04 0.01 0.01 0.01 - 0.01 0.02 0.01 0.07 0.05 0.06 - 0.01 0.28 0.02 0.09 0.00 0.09 unch 0.00 0.26 0.06 0.03 0.01 0.02 - 0.01 0.12 0.01 2.31 2.00 2.11 unch 0.00 2.66 1.39 0.05 0.05 0.05 unch 0.00 0.29 0.04 9.29 8.23 8.71 - 0.10 13.00 5.52 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.10 0.09 0.10 unch 0.00 0.51 0.05 0.01 0.01 0.01 + 0.01 0.15 0.00 0.07 0.00 0.07 + 0.01 0.25 0.05 0.05 0.05 0.05 unch 0.00 0.17 0.05 0.22 0.21 0.21 - 0.01 0.41 0.18 0.34 0.29 0.33 + 0.01 0.54 0.26 0.00 0.00 0.01 unch 0.00 0.01 0.01 0.00 0.00 0.07 unch 0.00 0.36 0.07 0.10 0.07 0.10 + 0.02 0.20 0.06 0.13 0.10 0.13 + 0.02 0.43 0.08 0.10 0.07 0.09 + 0.01 0.33 0.05 0.42 0.29 0.36 + 0.08 0.42 0.08 0.09 0.00 0.09 unch 0.00 0.16 0.07 0.12 0.09 0.10 - 0.03 0.20 0.09 1.02 0.93 0.94 - 0.06 2.36 0.77 1.46 1.26 1.40 - 0.02 3.15 0.96 0.08 0.07 0.07 unch 0.00 0.18 0.07 2.75 2.10 2.22 - 0.24 4.65 1.40 1.79 1.44 1.60 - 0.16 3.50 1.01 78.99 67.02 75.11 + 6.33 127.34 51.60 0.09 0.08 0.09 + 0.01 0.27 0.05 0.04 0.02 0.03 + 0.01 0.06 0.01 0.04 0.00 0.04 + 0.01 0.09 0.03 0.68 0.54 0.63 + 0.02 1.86 0.45 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.08 0.08 0.08 unch 0.00 0.17 0.05 0.10 0.00 0.06 - 0.03 0.17 0.01 0.07 0.05 0.05 - 0.01 0.10 0.03 4.28 3.55 3.76 - 0.04 11.61 2.63 0.00 0.00 0.07 unch 0.00 0.13 0.05 0.18 0.14 0.14 - 0.04 0.23 0.07 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.04 0.03 0.04 + 0.01 0.09 0.03 0.13 0.10 0.11 - 0.03 0.56 0.06 0.03 0.00 0.02 - 0.01 0.08 0.02 0.04 0.00 0.04 unch 0.00 0.11 0.03 3.73 2.60 3.12 - 0.27 8.29 1.98 0.04 0.03 0.03 - 0.01 0.06 0.03 0.06 0.05 0.05 unch 0.00 0.08 0.04 0.15 0.13 0.14 - 0.01 0.31 0.05 0.00 0.00 0.09 unch 0.00 0.23 0.05 0.24 0.22 0.22 unch 0.00 0.65 0.21 0.04 0.04 0.04 unch 0.00 0.13 0.03 0.03 0.02 0.03 - 0.00 0.10 0.02 0.13 0.10 0.10 - 0.02 0.22 0.09 0.09 0.07 0.08 + 0.00 0.17 0.06 0.06 0.00 0.04 - 0.01 0.08 0.05

C

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

V 82 Commander Res Commerce Res V 157 O 49 Commerce Res* O 30 Compass Gold* Compass Gold V 146 X 893 Comstock Mng* Comstock Mtls V 10 1 Comstock Mtls * O Condor Gold T 11 Condor Res V 122 Condor Res* O 2 Confedertn Ml* O 9 Confedertn Mls V 18 Conic Metals* O 9 Conic Metals V 66 Conquest Res V 43 53 Conquest Res * O Cons Woodjam V 7 113 CONSOL Coal Rs* N CONSOL Energy* N 30541 3214 CONSOL Energy* N O 56 Constantine Mt* Constantine Mt V 112 Contact Gold* O 44 Contact Gold V 96 Contact Mnrls* O 20 Contintl Prec* O 2 345 Copper Fox Mtl V 78 Copper Fox Mtl* O 50 Copper Lake Rs V 685 Copper Mtn Mng T 22 Copper Mtn Mng* O 3 Copper North M* O 79 Copper North M V 460 O Copper One * 13311 Copper One C 4 Copper Reef Mg* O 10 Copper Reef Mg C O 1026 Copperbank Res* C 1048 Copperbank Res 49 O Coral Gold * Coral Gold V 36 Cordoba Mnls V 331 Cordoba Mnls* O 168 Core Gold V 47 Core Gold* O 67 Core Lithium* O 0 V 250 Cornerstone Ca O 11 Cornerstone Ca* Coro Mining T 282 Corsa Coal V 62 23 O Corsa Coal * Corsurex Res C 547 Corvus Gold T 232 Corvus Gold* O 172 CR Capital V 90 1 Crazy Horse Res* O Crest Resource C 5 Crestview Expl C 43 Cresval Cap V 2 Critical Elem* O 96 Critical Elem V 495 V 210 CROPS Crown Mining* O 0 Crown Mining V 25 Cruz Cobalt C 182 Cruz Cobalt* O 77 Crystal Lake* O 6 Crystal Lake V 491 Crystal Peak V 62 Crystal Peak* O 133 CTGX Mining* O 0 29 Currie Rose Rs V Cyntar Venture C 50 Cypress Dev V 244 Cypress Dev* O 205

0.05 0.08 + 0.02 0.11 0.08 0.00 0.11 0.13 + 0.02 0.90 0.13 0.11 0.07 0.10 + 0.00 0.68 0.10 0.08 0.10 0.14 + 0.03 0.50 0.14 0.00 0.14 0.17 + 0.01 0.65 0.20 0.16 0.15 0.37 - 0.12 1.39 0.45 0.35 0.02 unch 0.00 0.04 0.02 0.02 0.00 0.03 0.01 0.00 0.01 + 0.00 0.01 0.30 0.40 - 0.14 0.70 0.48 0.40 0.04 0.04 - 0.01 0.08 0.05 0.00 0.03 0.00 0.06 unch 0.03 0.03 0.03 0.09 unch 0.00 0.34 0.23 0.34 0.23 0.21 0.25 - 0.05 0.74 0.30 0.00 0.09 0.11 + 0.01 0.35 0.13 0.10 0.12 0.17 + 0.02 0.48 0.18 0.15 0.01 unch 0.00 0.04 0.02 0.02 0.02 0.03 0.00 0.01 0.01 unch 0.00 0.02 0.03 unch 0.00 0.08 0.03 0.03 0.03 - 0.48 18.15 4.65 5.09 5.43 6.15 4.55 6.93 + 1.90 11.04 4.26 7.03 3.35 4.42 + 0.16 34.66 3.35 4.72 0.09 0.09 - 0.01 0.57 0.14 0.09 0.12 0.13 - 0.02 0.72 0.16 0.00 0.06 0.08 - 0.00 0.22 0.08 0.06 0.08 unch 0.00 0.30 0.11 0.11 0.10 0.05 unch 0.00 0.24 0.05 0.05 0.00 0.00 unch 0.00 0.54 0.23 0.23 0.23 0.11 0.01 0.06 0.06 unch 0.00 0.06 0.08 0.03 - 0.00 0.04 0.04 0.05 0.02 0.01 0.02 0.02 + 0.01 0.02 1.18 0.28 0.32 0.36 + 0.02 0.36 0.88 0.19 - 0.01 0.22 0.24 0.25 0.05 0.01 - 0.00 0.00 0.01 0.01 0.07 0.01 0.00 0.02 unch 0.00 0.02 0.43 0.07 0.07 0.50 + 0.44 0.59 0.05 0.83 + 0.68 0.86 0.86 0.16 0.35 0.07 0.17 0.17 unch 0.00 0.17 0.52 0.15 0.18 0.18 unch 0.00 0.18 0.02 0.03 + 0.00 0.05 0.03 0.00 0.03 unch 0.00 0.06 0.04 0.04 0.04 0.44 0.18 - 0.03 0.30 0.30 0.34 0.26 unch 0.00 0.57 0.45 0.47 0.43 0.04 unch 0.00 0.14 0.06 0.06 0.05 0.03 0.05 + 0.01 0.10 0.05 0.03 0.08 0.11 + 0.01 0.34 0.16 0.10 0.06 0.07 - 0.01 0.26 0.10 0.00 0.02 unch 0.00 0.21 0.15 0.00 0.00 1.36 1.73 - 0.18 7.50 1.98 1.73 0.10 1.25 - 0.16 3.61 1.41 1.25 0.04 0.05 + 0.01 0.11 0.05 0.05 0.12 0.13 - 0.01 0.87 0.14 0.13 0.66 0.08 - 0.01 0.09 0.09 0.10 0.02 0.03 + 0.01 0.08 0.04 0.02 0.99 1.47 - 0.10 2.69 1.57 1.31 0.72 1.05 - 0.09 2.04 1.10 0.86 0.02 unch 0.00 0.08 0.02 0.02 0.02 0.38 0.00 0.10 0.10 unch 0.00 0.10 0.05 unch 0.00 0.16 0.05 0.05 0.05 0.40 0.77 - 0.01 2.60 0.86 0.70 0.02 unch 0.00 0.08 0.02 0.00 0.00 0.16 0.19 + 0.02 0.48 0.19 0.17 0.17 0.29 + 0.04 0.63 0.31 0.24 0.01 unch 0.00 0.04 0.01 0.01 0.01 0.02 unch 0.00 0.08 0.03 0.00 0.00 0.02 unch 0.00 0.10 0.03 0.03 0.03 0.03 unch 0.00 0.06 0.03 0.04 0.03 0.01 0.02 + 0.00 0.05 0.02 0.02 0.04 0.05 + 0.00 0.32 0.05 0.00 0.05 unch 0.00 0.42 0.07 0.07 0.06 0.01 unch 0.00 0.19 0.04 0.04 0.04 0.01 0.03 + 0.01 0.14 0.03 0.02 0.00 unch 0.00 0.12 0.00 0.00 0.00 0.08 0.02 0.03 0.03 + 0.01 0.03 0.07 unch 0.00 0.11 0.11 0.11 0.11 0.11 0.16 - 0.02 0.29 0.18 0.16 0.08 0.12 - 0.01 0.21 0.13 0.11

Dajin Lithium* O 75 Dajin Res V 160 102 Dakota Ter Res* O Damara Gold V 0 Damara Gold* O 0 Danakali* O 225 Debut Dmds C 4 Decade Res V 363 O 0 Deep-South Res* V 306 Deep-South Res DeepRock Min C 581 Defense Metals V 115 O 272 Defense Metals* Defiance Silvr* O 354 Defiance Silvr V 577 Delrand Res V 189 Denison Mines T 4088 X 6909 Denison Mines* Desert Gold* O 57 Desert Gold V 278 120 Desert Mtn Egy V Diamante Min* O 145 Diamcor Mng V 120 Diamcor Mng* O 35 Diamond Disc* O 445 V 62 Diamond Fields O 1 Diamond Fields* V 220 Dios Expl O 204 Discovery Harb* Discovery Harb V 121 Discovery Met* O 222 Discovery Met V 734 14225 Discovery Min* O V 32 Discovery-Corp District Cop V 171 Ditem Explor* O 26 Diversified Rs* O 670 Dixie Gold V 43 DNI Metals* O 82 Dolat Ventures* O 36 244 O Dolly Vard Sil* 890 V Dolly Vard Sil Dore Copper V 31 V 107 Doubleview Cap O 300 Doubleview Cap* DRDGOLD* N 1393 2901 Dundee Prec Mt T Durango Res* O 30 Durango Res V 121 DV Resources* O 51 DV Resources V 336 128 Dynacor Gld Mn T 20 Dynacor Gld Mn* O Dynamic Gold* O 4 O 3 DynaResource* Dynasty Gold V 111 Dynasty Gold* O 50 E3 Metals V 31 E3 Metals* O 34 Eagle Graphite V 185 O 17 Eagle Graphite* Eagle Plains V 82 52 V East Africa 20 O East Africa * 36 East Asia Mnls* O 527 East Asia Mnls V Eastern Platin T 37 Eastern Platin* O 7 Eastern Zinc C 118 Eastfield Res V 400 Eastfield Res* O 140 Eastmain Res T 1528 Eastmain Res* O 86 Eclipse Gold* O 4 Eclipse Gold V 810 13 C Eco Oro Mnls 28 O Eco Oro Mnls* V 18 Edgewater Expl 368 El Capitan Prc* O 4 O El Nino Vent* 151 V El Nino Vent 166 Elcora Adv Mat V Elcora Res* O 10 Eldorado Gold* N 14369 5551 T Eldorado Gold Eloro Res* O 0 Eloro Res V 66 854 V Ely Gold Royal

0.01 0.02 - 0.00 0.05 0.02 0.02 0.02 0.02 - 0.01 0.06 0.03 0.02 0.26 0.02 - 0.04 0.10 0.15 0.19 0.03 unch 0.00 0.06 0.03 0.00 0.00 0.00 unch 0.00 0.02 0.00 0.00 0.00 0.16 0.22 + 0.01 0.58 0.25 0.20 0.08 0.08 - 0.01 0.25 0.08 0.00 0.01 unch 0.00 0.05 0.02 0.02 0.02 0.03 unch 0.00 0.07 0.03 0.00 0.00 0.03 0.03 - 0.01 0.15 0.03 0.03 0.01 0.02 + 0.01 0.10 0.02 0.01 0.06 0.13 + 0.01 0.23 0.14 0.10 0.03 0.09 - 0.01 0.24 0.10 0.03 0.03 0.08 - 0.00 0.32 0.08 0.06 0.06 unch 0.00 0.37 0.10 0.11 0.09 0.20 unch 0.00 0.71 0.30 0.31 0.30 0.24 0.45 + 0.16 0.78 0.45 0.29 0.19 0.28 + 0.07 0.59 0.34 0.20 0.05 0.06 - 0.00 0.31 0.07 0.06 0.05 0.01 0.26 + 0.10 0.10 0.08 0.31 0.14 0.15 0.18 + 0.03 0.18 0.01 0.01 - 0.00 0.07 0.01 0.01 0.08 0.08 - 0.01 0.20 0.10 0.08 0.05 unch 0.00 0.15 0.06 0.06 0.06 0.00 0.00 + 0.00 0.00 0.00 0.00 0.09 0.15 + 0.07 0.25 0.15 0.00 0.00 unch 0.00 0.16 0.04 0.04 0.00 0.03 0.06 + 0.01 0.17 0.07 0.06 0.02 0.02 - 0.01 0.14 0.03 0.02 0.03 unch 0.00 0.18 0.04 0.05 0.04 0.13 0.24 - 0.03 0.56 0.27 0.21 0.20 0.32 - 0.05 0.74 0.38 0.32 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.05 unch 0.00 0.15 0.08 0.08 0.08 0.01 0.01 - 0.01 0.05 0.01 0.00 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.00 0.00 + 0.00 0.01 0.00 0.00 0.07 0.11 - 0.02 0.24 0.13 0.00 0.00 0.02 - 0.00 0.09 0.03 0.01 0.04 unch 0.00 1.24 0.04 0.08 0.00 0.35 0.12 - 0.04 0.15 0.15 0.20 0.47 0.17 - 0.04 0.21 0.23 0.27 0.45 0.48 - 0.07 1.65 0.55 0.45 0.04 0.07 - 0.01 0.17 0.08 0.07 0.04 unch 0.00 0.12 0.04 0.05 0.04 1.64 5.87 - 0.01 7.79 6.36 4.88 6.66 3.20 4.21 5.07 + 0.55 5.22 0.03 unch 0.00 0.06 0.04 0.04 0.03 0.04 0.05 + 0.01 0.08 0.05 0.04 0.03 0.04 - 0.03 0.11 0.06 0.03 0.04 0.05 - 0.03 0.12 0.08 0.05 2.00 0.99 1.20 1.27 + 0.06 1.32 1.60 0.70 0.00 0.88 + 0.00 0.92 1.00 unch 0.00 5.00 2.00 2.50 2.00 0.24 unch 0.00 1.22 0.51 0.51 0.32 0.04 0.06 + 0.01 0.13 0.06 0.04 0.04 0.04 - 0.00 0.08 0.04 0.04 0.19 0.24 - 0.02 0.60 0.30 0.23 0.11 0.20 + 0.04 0.41 0.20 0.11 0.02 0.03 + 0.01 0.09 0.03 0.02 0.01 0.02 + 0.01 0.06 0.02 0.01 0.07 0.10 - 0.01 0.12 0.10 0.09 0.26 0.08 0.00 0.10 + 0.01 0.10 0.19 0.07 0.08 0.08 unch 0.00 0.08 0.09 0.02 0.02 0.03 + 0.00 0.04 0.13 0.02 0.03 0.04 + 0.01 0.04 0.18 0.22 - 0.01 0.72 0.24 0.00 0.12 0.16 - 0.02 0.44 0.16 0.16 0.02 unch 0.00 0.20 0.03 0.03 0.03 0.03 unch 0.00 0.07 0.03 0.03 0.00 0.02 0.02 + 0.00 0.05 0.02 0.02 0.06 0.07 + 0.01 0.22 0.07 0.06 0.04 0.05 + 0.01 0.16 0.05 0.04 0.31 0.57 + 0.13 0.67 0.67 0.45 0.40 0.73 + 0.11 0.90 0.83 0.57 0.16 0.03 0.00 0.05 unch 0.00 0.05 0.02 0.10 0.00 0.03 0.03 + 0.03 0.06 unch 0.00 0.15 0.08 0.08 0.08 0.04 0.01 0.01 0.01 + 0.00 0.01 0.04 0.01 0.02 0.02 unch 0.00 0.02 0.05 0.02 0.00 0.03 + 0.01 0.03 0.10 0.02 0.03 0.03 unch 0.00 0.03 0.01 0.02 + 0.01 0.08 0.03 0.02 - 0.19 11.29 3.05 6.04 6.48 6.93 - 0.12 14.99 4.10 8.55 9.17 9.79 0.13 unch 0.00 0.35 0.18 0.00 0.00 0.15 0.22 - 0.03 0.46 0.27 0.00 1.02 0.15 - 0.05 0.66 0.67 0.75

D-F

GLOBAL MINING NEWS

(100s) Stock

THE NORTHERN MINER / APRIL 13–26, 2020

Week

12-month

Exc Volume High Low Last Change High Low

Ely Gold Royal* O 1030 0.53 0.46 0.48 - 0.03 0.78 0.11 Elysee Dev * O 17 0.23 0.20 0.20 - 0.03 0.30 0.19 Elysee Dev V 5 0.30 0.00 0.29 - 0.01 0.41 0.28 Emerita Res V 81 0.04 0.03 0.04 + 0.01 0.17 0.02 Emgold Mining* O 264 0.03 0.03 0.03 + 0.00 0.14 0.03 Emgold Mining V 298 0.06 0.04 0.05 + 0.02 0.20 0.03 Empress Res* O 3754 0.01 0.01 0.01 unch 0.00 0.02 0.01 Empress Res V 664 0.02 0.01 0.02 + 0.01 0.06 0.01 EMX Royalty V 41 1.98 1.84 1.86 - 0.12 2.77 1.43 EMX Royalty* X 559 1.42 1.29 1.34 - 0.08 2.12 1.08 Encanto Potash* O 5 0.03 0.00 0.03 - 0.01 0.11 0.01 Encanto Potash V 56 0.04 0.03 0.03 - 0.01 0.15 0.01 EnCore Energy V 842 0.15 0.12 0.14 + 0.03 0.22 0.08 Endeavour Mng T 1885 22.58 19.15 21.63 + 0.49 29.18 15.68 Endeavour Mng* O 20 15.53 13.67 15.40 + 0.15 21.86 11.02 Endeavr Silver* N 8113 1.41 1.18 1.20 - 0.23 3.20 0.99 Endeavr Silver T 1824 2.00 1.68 1.69 - 0.30 4.26 1.30 Endurance Gold* O 77 0.03 0.03 0.03 unch 0.00 0.04 0.02 Endurance Gold V 34 0.06 0.00 0.06 + 0.02 0.07 0.03 Energy Fuels* X 4396 1.18 0.97 1.10 + 0.14 3.73 0.78 Energy Fuels T 982 1.70 1.38 1.58 + 0.19 4.97 1.10 Engineer Gold V 505 0.06 0.06 0.06 unch 0.00 0.14 0.04 Engold Mines V 245 0.06 0.04 0.04 - 0.01 0.11 0.02 Engold Mines* O 15 0.04 0.02 0.02 - 0.01 0.08 0.02 Ensurge* O 0 0.00 0.00 0.02 unch 0.00 0.06 0.01 Entree Res* O 87 0.19 0.16 0.17 unch 0.00 0.38 0.05 Entree Res T 170 0.27 0.24 0.25 - 0.01 0.49 0.22 Equinox Gold* X 6024 7.46 6.16 6.88 + 0.34 10.30 4.63 Equinox Gold T 5317 10.50 8.73 9.74 + 0.59 13.52 4.90 Equitorial Ex V 15 0.01 0.01 0.01 unch 0.00 0.06 0.01 Equity Metals* O 48 0.04 0.03 0.04 - 0.01 0.08 0.03 Equity Metals V 84 0.05 0.00 0.04 - 0.01 0.11 0.04 Erdene Res Dev T 744 0.18 0.14 0.15 - 0.03 0.32 0.13 Erdene Res Dev* O 249 0.13 0.10 0.11 - 0.01 0.24 0.09 Erin Ventures V 24 0.05 0.04 0.05 + 0.01 0.13 0.03 Ero Copper T 751 11.04 9.43 9.54 - 0.77 25.69 8.40 Ero Copper* O 10 7.67 6.85 6.85 - 0.41 19.20 5.92 Eros Res Corp* O 1 0.06 0.05 0.06 + 0.01 0.09 0.03 Eros Res Corp V 65 0.09 0.00 0.09 + 0.01 0.12 0.05 Eros Res Corp V 65 0.09 0.00 0.09 + 0.01 0.12 0.05 Eskay Mng* O 3 0.12 0.11 0.11 - 0.01 0.27 0.04 Eskay Mng V 155 0.16 0.00 0.16 unch 0.00 0.38 0.07 Essex Minerals V 26 0.23 0.15 0.23 + 0.08 0.30 0.10 Ethos Gold* O 22 0.09 0.08 0.08 - 0.01 0.24 0.05 Ethos Gold V 108 0.13 0.11 0.12 - 0.01 0.32 0.08 Etruscus Res C 192 0.19 0.15 0.19 + 0.04 0.50 0.12 Euro Manganese V 589 0.10 0.09 0.09 - 0.01 0.26 0.09 Euro Sun Mg* O 255 0.16 0.00 0.15 + 0.03 0.83 0.02 Euro Sun Mg T 996 0.22 0.17 0.22 + 0.04 1.10 0.14 EurOmax Res* O 7 0.02 0.01 0.02 + 0.00 0.14 0.01 EurOmax Res T 78 0.02 0.00 0.02 + 0.01 0.17 0.02 European Elect* O 63 0.01 0.01 0.01 - 0.00 0.07 0.00 European Elect V 125 0.02 0.01 0.01 - 0.01 0.09 0.01 European Metal* O 0 0.00 0.00 0.03 unch 0.00 1.00 0.00 Eurotin V 23 0.01 0.01 0.01 unch 0.00 0.04 0.01 Evergold V 90 0.28 0.25 0.26 - 0.03 0.38 0.17 Evergold* O 48 0.22 0.00 0.17 - 0.04 0.29 0.15 EVI Global Grp C 295 0.07 0.06 0.06 unch 0.00 1.60 0.05 Evolving Gold C 30 0.04 0.00 0.04 unch 0.00 0.07 0.01 Evolving Gold* O 36 0.03 0.00 0.03 + 0.02 0.06 0.00 Evrim Res V 257 0.24 0.23 0.24 unch 0.00 0.40 0.19 Excellon Res T 395 0.59 0.50 0.50 - 0.06 1.51 0.31 Excellon Res* O 155 0.40 0.35 0.36 - 0.03 1.15 0.19 Excelsior Mng* O 356 0.34 0.30 0.33 - 0.01 0.94 0.30 Excelsior Mng T 1099 0.48 0.42 0.48 - 0.01 1.23 0.42 ExGen Res Inc V 50 0.01 0.01 0.01 unch 0.00 0.02 0.01 ExGen Res Inc* O 10 0.01 0.01 0.01 - 0.00 0.01 0.00 Fabled Copper V 40 0.05 0.05 0.05 unch 0.00 0.08 0.02 Fairmont Res* O 1 0.00 0.00 0.00 unch 0.00 0.00 0.00 Falco Res V 651 0.20 0.17 0.18 - 0.02 0.36 0.17 Falco Res * O 12 0.13 0.13 0.13 - 0.01 0.28 0.10 Falcon Gold V 2194 0.05 0.04 0.04 + 0.01 0.06 0.02 Fancamp Expl V 84 0.04 0.04 0.04 unch 0.00 0.11 0.03 Far Res* O 36 0.02 0.01 0.02 - 0.00 0.10 0.01 Far Res C 689 0.03 0.02 0.03 - 0.01 0.13 0.02 Fidelity Min V 390 0.02 0.02 0.02 - 0.01 0.30 0.02 Fieldex Expl V 608 0.06 0.06 0.06 unch 0.00 0.09 0.04 Filo Mg Corp V 117 1.26 1.06 1.10 unch 0.00 3.25 1.00 Filo Mg Corp * O 1 0.78 0.00 0.77 - 0.63 2.31 0.77 Finlay Minrls V 130 0.03 0.02 0.02 - 0.01 0.07 0.02 Fiore Gold* O 346 0.35 0.30 0.34 + 0.02 0.51 0.18 Fiore Gold V 536 0.48 0.44 0.48 + 0.02 0.67 0.26 Fire River Gol* O 116 0.06 0.01 0.03 + 0.02 0.38 0.00 FireFox Gold V 31 0.06 0.05 0.05 unch 0.00 0.23 0.04 Firestone Vent V 300 0.03 0.03 0.03 unch 0.00 0.10 0.03 Fireweed Zinc V 64 0.40 0.34 0.38 + 0.04 0.86 0.31 Fireweed Zinc* O 15 0.27 0.27 0.27 - 0.01 0.67 0.21 Firma Holdings* O 103 0.01 0.00 0.00 + 0.00 0.03 0.00 First Cobalt * O 921 0.09 0.06 0.07 - 0.00 0.16 0.05 First Cobalt V 1525 0.11 0.10 0.10 - 0.01 0.21 0.08 First Energy* O 7 0.05 0.03 0.05 unch 0.00 0.16 0.02 First Energy C 14 0.06 0.00 0.06 unch 0.00 0.20 0.04 First Majestic T 5226 9.86 8.33 8.59 - 0.90 16.50 5.30 First Majestic* N 22506 6.98 5.87 6.05 - 0.77 12.69 4.17 First Mexican V 66 0.07 0.06 0.07 - 0.03 0.15 0.04 First Mexican* O 50 0.06 0.06 0.06 unch 0.00 0.08 0.01 First Mg Fin * O 2314 0.15 0.11 0.14 + 0.01 0.27 0.09 First Mg Fin T 1294 0.20 0.18 0.19 + 0.01 0.35 0.12 First Point* O 42 0.12 0.11 0.11 - 0.00 0.16 0.08 First Quantum T 21018 7.66 6.07 6.12 - 0.47 16.63 4.71 First Vanadium V 383 0.19 0.15 0.17 - 0.03 0.76 0.13 First Vanadium* O 338 0.13 0.10 0.12 - 0.02 0.58 0.08 Fission 3.0 V 3237 0.06 0.05 0.06 + 0.01 0.14 0.03 Fission 3.0* O 98 0.05 0.03 0.04 + 0.01 0.10 0.02 Fission Uran* O 1827 0.13 0.10 0.11 unch 0.00 0.45 0.07 Fission Uran T 5469 0.18 0.15 0.16 unch 0.00 0.59 0.10 Five Star Diam V 710 0.04 0.02 0.02 - 0.01 0.06 0.01 Five Star Diam* O 0 0.00 0.00 0.04 unch 0.00 0.04 0.02 Fjordland Exp* O 1 0.02 0.02 0.02 unch 0.00 0.07 0.02 Fjordland Exp V 40 0.04 0.00 0.04 + 0.02 0.09 0.03 Flowery Gold* O 5 0.08 0.08 0.08 unch 0.00 0.51 0.08 Focus Graphite* O 460 0.02 0.01 0.02 - 0.00 0.03 0.01 Focus Graphite V 555 0.03 0.02 0.02 unch 0.00 0.04 0.01 Foran Mng V 312 0.10 0.08 0.08 - 0.03 0.35 0.08 Forsys Metals T 137 0.14 0.11 0.14 + 0.04 0.29 0.06 Fortescue Met* O 18 6.28 0.00 6.28 + 0.27 8.89 4.61 Fortuna Silvr* N 16298 2.49 2.02 2.03 - 0.38 4.59 1.47 Fortuna Silvr T 5127 3.53 2.86 2.89 - 0.49 6.12 2.05 Fortune Bay* O 1 0.29 0.00 0.28 - 0.01 0.45 0.14 Fortune Bay V 350 0.39 0.00 0.39 - 0.01 0.60 0.22 Fortune Mnrls* O 176 0.04 0.03 0.04 + 0.00 0.09 0.03 Fortune Mnrls T 552 0.06 0.05 0.06 - 0.01 0.12 0.04 Forum Energy V 322 0.09 0.07 0.08 + 0.01 0.11 0.03 Forum Energy* O 145 0.07 0.05 0.06 + 0.01 0.08 0.02 Four Nines C 173 0.11 0.10 0.10 unch 0.00 0.24 0.10 Fox River Res C 53 0.06 0.00 0.06 + 0.01 0.12 0.04 Fox River Res* O 5 0.04 0.00 0.04 + 0.01 0.07 0.03 FPX Nickel V 165 0.16 0.15 0.16 + 0.01 0.23 0.10 Franco-Nevada* N 5463 111.64 95.33 107.95 + 7.35 122.65 69.16 Franco-Nevada T 3943 158.13 134.84 152.84 + 12.49 164.72 93.24 Franklin Mng* O 89 0.00 0.00 0.00 - 0.00 0.10 0.00 Freegold Vent T 616 0.06 0.04 0.05 + 0.01 0.12 0.04 Freeport McMoR* N 143645 7.13 5.99 6.32 + 0.12 14.68 4.82 Freeport Res V 1035 0.03 0.02 0.02 unch 0.00 0.15 0.02 Fremont Gold V 312 0.07 0.06 0.06 unch 0.00 0.13 0.04 Fremont Gold* O 22 0.05 0.05 0.05 + 0.00 0.12 0.03 Fresnillo plc* O 18 8.89 7.63 7.70 - 1.20 11.90 5.53 Frontier Lith V 673 0.17 0.14 0.14 - 0.01 0.40 0.14 Frontline Gold V 360 0.01 0.01 0.01 unch 0.00 0.02 0.01 Fura Gems V 1963 0.12 0.12 0.12 unch 0.00 0.35 0.05 Fura Gems* O 0 0.00 0.00 0.07 unch 0.00 0.25 0.05 Fuse Cobalt* O 45 0.07 0.04 0.06 + 0.01 0.09 0.01 Fuse Cobalt V 84 0.10 0.07 0.09 + 0.01 0.20 0.03

G-H G2 Goldfields* O 7 G2 Goldfields V 819 Gabriel Res V 246 Gabriel Res* O 40 Gaia Metals* O 7 Gaia Metals V 952 Gainey Capital V 4 Galane Gold * O 290 Galane Gold V 1009 Galantas Gold* O 398 Galantas Gold V 1597 Galleon Gold* O 77 Galore Res V 70 Galway Gold * O 6 Galway Gold V 73 Galway Mtls* O 38 Galway Mtls V 457 Gambier Gold V 30 Garibaldi Res * O 82 Garibaldi Res V 395 Gatling Explor V 279 Gatling Explor* O 43 General Moly* X 1057 General Moly T 11 Generation Min* O 66 Generation Min C 575 Generic Gold C 2 Genesis Mtls* O 2

0.16 0.13 0.16 + 0.02 0.26 0.13 0.28 0.19 0.27 + 0.09 0.43 0.14 0.50 0.45 0.49 - 0.01 0.71 0.38 0.36 0.00 0.35 + 0.01 0.54 0.26 0.03 0.00 0.03 - 0.03 0.66 0.03 0.05 0.00 0.05 - 0.01 0.90 0.03 0.03 0.00 0.03 unch 0.00 0.16 0.02 0.05 0.04 0.04 - 0.01 0.10 0.03 0.07 0.06 0.06 - 0.01 0.13 0.04 0.02 0.00 0.02 + 0.02 0.07 0.00 0.03 0.01 0.03 + 0.02 0.08 0.01 0.04 0.03 0.03 + 0.00 0.08 0.01 0.01 0.01 0.01 unch 0.00 0.05 0.01 0.07 0.07 0.07 + 0.01 0.10 0.00 0.10 0.10 0.10 - 0.01 0.14 0.07 0.23 0.21 0.23 + 0.02 0.34 0.18 0.33 0.29 0.31 + 0.02 0.46 0.25 0.04 0.04 0.04 + 0.01 0.15 0.02 0.36 0.30 0.32 - 0.02 1.70 0.26 0.50 0.42 0.45 unch 0.00 2.25 0.37 0.33 0.27 0.28 - 0.03 0.71 0.25 0.24 0.20 0.21 + 0.00 0.54 0.17 0.18 0.16 0.16 + 0.00 0.45 0.14 0.23 0.00 0.23 + 0.01 0.59 0.22 0.23 0.19 0.20 - 0.01 0.62 0.04 0.32 0.27 0.29 + 0.01 0.75 0.16 0.00 0.00 0.02 unch 0.00 0.09 0.02 0.14 0.14 0.14 unch 0.00 0.33 0.10

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Genesis Mtls V 160 Genius Metals C 60 Gensource Pot V 99 Geomega Res V 224 Geomega Res* O 91 Gespeg Res V 622 Getchell Gold * O 854 Getchell Gold C 963 Getty Copper V 100 GFG Resources V 256 GFG Resources* O 39 GGL Res* O 5 GGL Res V 20 GGX Gold V 5 Giga Metals* O 113 Giga Metals V 135 Gitennes Expl V 2835 Giyani Gold* O 516 Giyani Gold V 264 Glacier Lake* O 1 Glacier Lake V 1 Gldn Predator* O 328 Gldn Predator V 206 Glen Eagle Res V 130 Glen Eagle Res* O 95 Glencore Plc * O 347 Glencore Plc* O 2169 Global Atomic* O 83 Global Atomic T 371 Global Battery V 308 Global Battery* O 22 Global Energy* O 106 Global Energy V 212 Global Gold* O 2 Global Li-Ion* O 80 Global Li-Ion C 201 Globex Mng* O 52 Globex Mng T 134 GMV Minerals* O 100 GMV Minerals V 99 GNCC Capital* O 29281 Go Cobalt* O 18 Go Cobalt C 1 GobiMin V 45 GoGold Res T 422 Gold Fields* O 4 Gold Fields* N 44820 Gold Finder Ex V 449 Gold Finder Ex* O 1 Gold Lion Res C 208 Gold Reserve V 32 Gold Reserve* O 159 Gold Resource* X 7275 Gold Rush Cari V 3284 Gold Std Vents T 663 Gold Std Vents* X 4183 Gold X Mining V 579 Goldbank Mng* O 0 Goldbank Mng V 0 Goldcliff Res* O 511 Goldcliff Res V 361 Golden Arrow V 189 Golden Arrow* O 180 Golden Birch C 49 Golden Cariboo V 60 Golden Dawn Ml V 17 Golden Dawn Ml* O 6 Golden Goliath V 136 Golden Goliath* O 124 Golden Harp V 30 Golden Hope V 134 Golden Hope* O 57 Golden Lake C 269 Golden Mnls T 46 Golden Mnls* X 1648 Golden Pursuit V 1314 Golden Ridge V 103 Golden Secret V 113 Golden Share V 83 Golden Star T 109 Golden Star* O 0 Golden Star* X 2882 Golden Tag V 22 Golden Valley* O 95 Golden Valley V 203 Goldex Res* O 11 Goldex Res V 478 Goldgroup Mng* O 39 Goldgroup Mng T 100 GoldMining* O 1432 GoldMining T 1835 GoldON Res V 70 GoldON Res* O 38 GoldQuest Mng V 175 Goldrea Res C 53 Goldrea Res* O 16 Goldrich Mng* O 43 Goldseek Res C 8 Goldsource Min* O 292 Goldsource Min V 1894 Goldstar Mnls V 28 Goldstrike Res* O 0 Goldstrike Res V 13 Goliath Res V 73 Goliath Res* O 13 Gossan Res V 57 GoviEx Uranium* O 789 GoviEx Uranium V 1346 Gowest Gold* O 30 Gowest Gold V 26 GPM Metals* O 6 GPM Metals V 991 GR Silver* O 80 GR Silver V 275 Gran Colombia* O 443 Gran Colombia T 2349 Granada Gold V 364 Granada Gold* O 20 Grande Portage V 94 Grande Portage* O 86 Granite Creek V 100 Graphite One* O 48 Graphite One V 24 Gratomic* O 90 Gratomic V 451 Gray Rock Res V 3 Great Atlantic V 29 Great Bear Res V 480 Great Bear Res* O 179 Great Lakes Gr* O 117 Great Panther T 1187 Great Panther* X 6063 Great Thunder V 59 Great Thunder* O 7 Greatbanks Re V 88 Green River C 180 Green Swan Cap V 89 Green Valley M V 4 Greencastle Rs V 28 Greenland M&En* O 494 Greenshield Ex V 0 Grenville Gold C 3 Grenville Gold* O 3 Grid Metals* O 48 Grid Metals V 225 Grizzly Discvr* O 2 Grizzly Discvr V 119 Grosvenor Res V 2 Group Eleven V 25 Group Ten Mtls* O 140 Group Ten Mtls V 301 GrowMax Res* O 4 GSP Resource V 193 GT Gold V 333 GT Gold * O 67 GTA Resources* O 2 Gungnir Res V 214 Gungnir Res* O 461 Gunpoint Expl V 3 Guyana Gldflds T 909 Guyana Goldstr V 867 Guyana Goldstr* O 104 Handa Mining V 373 Handeni Gold* O 11 Hanna Capital V 304 Hannan Metals V 54 Hannan Metals* O 91 Happy Ck Mnrls V 47 Harfang Explor V 126 Harmony Gold* N 36413 Harte Gold T 2106 Harte Gold* O 433 Harvest Gold* O 45

0.25 0.18 0.19 - 0.05 0.49 0.15 0.17 0.16 0.17 unch 0.00 0.22 0.14 0.09 0.00 0.09 + 0.01 0.16 0.07 0.12 0.11 0.11 - 0.01 0.23 0.09 0.08 0.00 0.08 + 0.01 0.17 0.06 0.07 0.04 0.04 - 0.02 0.18 0.03 0.14 0.10 0.13 + 0.02 0.19 0.05 0.20 0.14 0.19 + 0.04 0.25 0.06 0.03 0.03 0.03 unch 0.00 0.04 0.02 0.10 0.09 0.09 - 0.01 0.44 0.07 0.07 0.06 0.06 - 0.01 0.32 0.05 0.02 0.02 0.02 unch 0.00 0.10 0.02 0.05 0.05 0.05 unch 0.00 0.17 0.03 0.07 0.07 0.07 unch 0.00 0.33 0.05 0.13 0.11 0.12 - 0.02 0.40 0.09 0.19 0.15 0.17 - 0.01 0.53 0.13 0.01 0.01 0.01 - 0.01 0.06 0.01 0.11 0.08 0.09 + 0.02 0.26 0.04 0.15 0.11 0.12 + 0.01 0.35 0.04 0.11 0.11 0.11 unch 0.00 0.13 0.10 0.00 0.00 0.15 unch 0.00 0.25 0.05 0.16 0.13 0.14 - 0.02 0.38 0.11 0.22 0.19 0.19 - 0.04 0.50 0.15 0.10 0.07 0.08 - 0.03 0.14 0.07 0.08 0.08 0.08 unch 0.00 0.10 0.05 1.60 1.43 1.49 - 0.01 4.49 1.29 3.14 2.83 2.89 - 0.13 8.91 2.51 0.31 0.25 0.28 + 0.02 0.42 0.18 0.44 0.34 0.40 + 0.04 0.56 0.23 0.05 0.03 0.05 + 0.01 0.22 0.02 0.04 0.03 0.04 - 0.01 0.15 0.03 0.01 0.01 0.01 - 0.00 0.07 0.01 0.02 0.01 0.02 unch 0.00 0.10 0.01 1.00 0.80 1.00 + 0.20 1.60 0.69 0.04 0.03 0.04 + 0.01 0.16 0.03 0.07 0.05 0.06 + 0.01 0.22 0.03 0.21 0.00 0.21 + 0.01 0.31 0.20 0.32 0.28 0.29 - 0.03 0.41 0.26 0.08 0.06 0.06 - 0.01 0.17 0.05 0.10 0.08 0.10 - 0.01 0.25 0.08 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.08 0.01 0.01 - 0.13 0.17 0.01 0.00 0.00 0.04 unch 0.00 0.16 0.03 0.28 0.20 0.20 - 0.08 0.45 0.20 0.57 0.49 0.50 - 0.03 0.85 0.27 4.09 4.09 4.09 unch 0.00 6.09 3.55 5.68 4.60 5.21 + 0.19 7.90 3.57 0.03 0.03 0.03 + 0.01 0.11 0.02 0.03 0.00 0.03 + 0.01 0.07 0.02 0.25 0.20 0.25 + 0.07 0.43 0.17 2.11 1.90 2.10 + 0.10 3.62 1.82 1.44 1.40 1.44 + 0.01 2.65 1.05 3.15 2.56 3.08 + 0.37 6.24 2.02 0.01 0.01 0.01 unch 0.00 0.14 0.01 0.78 0.67 0.69 + 0.03 1.62 0.46 0.54 0.47 0.49 + 0.03 1.21 0.27 1.70 1.27 1.53 + 0.20 3.56 0.75 0.00 0.00 0.14 unch 0.00 0.14 0.11 0.00 0.00 0.11 unch 0.00 0.19 0.11 0.12 0.08 0.09 + 0.01 0.14 0.05 0.18 0.12 0.13 + 0.01 0.18 0.08 0.12 0.11 0.11 unch 0.00 0.31 0.09 0.09 0.07 0.09 + 0.01 0.24 0.06 0.17 0.16 0.16 - 0.01 0.25 0.06 0.03 0.03 0.03 unch 0.00 0.06 0.02 0.08 0.00 0.08 unch 0.00 0.38 0.06 0.06 0.00 0.06 + 0.00 0.28 0.03 0.06 0.05 0.05 + 0.01 0.10 0.02 0.04 0.03 0.04 - 0.00 0.08 0.01 0.06 0.06 0.06 unch 0.00 0.18 0.04 0.12 0.07 0.09 + 0.02 0.28 0.05 0.09 0.05 0.06 - 0.03 0.18 0.03 0.09 0.07 0.09 + 0.01 0.20 0.07 0.38 0.00 0.36 + 0.03 0.49 0.20 0.26 0.21 0.25 + 0.02 0.37 0.13 0.11 0.08 0.11 + 0.03 0.11 0.02 0.03 0.03 0.03 unch 0.00 0.20 0.02 0.77 0.70 0.75 - 0.02 1.80 0.66 0.06 0.05 0.05 unch 0.00 0.16 0.03 3.84 3.32 3.49 - 0.17 6.48 2.56 0.00 0.00 0.30 unch 0.00 0.80 0.30 2.72 2.35 2.48 - 0.11 4.97 1.85 0.04 0.00 0.04 unch 0.00 0.10 0.03 0.32 0.25 0.30 - 0.00 0.47 0.23 0.44 0.37 0.42 + 0.02 0.62 0.31 0.06 0.05 0.06 + 0.01 0.10 0.05 0.12 0.00 0.08 + 0.01 0.14 0.07 0.03 0.02 0.02 + 0.00 0.06 0.01 0.02 0.00 0.02 - 0.01 0.08 0.02 1.01 0.82 0.86 - 0.08 1.60 0.56 1.38 1.15 1.20 - 0.09 2.05 0.75 0.30 0.00 0.25 - 0.01 1.15 0.20 0.22 0.21 0.21 unch 0.00 0.82 0.14 0.10 0.10 0.10 unch 0.00 0.23 0.08 0.02 0.02 0.02 - 0.01 0.11 0.02 0.02 0.01 0.02 - 0.00 0.07 0.01 0.01 0.01 0.01 + 0.00 0.03 0.01 0.30 0.00 0.30 + 0.14 0.30 0.07 0.08 0.06 0.06 - 0.01 0.16 0.03 0.11 0.09 0.10 - 0.01 0.23 0.06 0.02 0.02 0.02 unch 0.00 0.05 0.02 0.00 0.00 0.12 unch 0.00 0.23 0.00 0.16 0.13 0.16 + 0.03 0.90 0.12 0.14 0.13 0.13 - 0.03 2.18 0.12 0.11 0.11 0.11 unch 0.00 0.13 0.00 0.04 0.02 0.02 unch 0.00 0.08 0.02 0.10 0.08 0.09 + 0.01 0.16 0.05 0.14 0.12 0.13 + 0.02 0.21 0.08 0.10 0.10 0.10 - 0.00 0.31 0.01 0.13 0.12 0.13 unch 0.00 0.44 0.08 0.03 0.00 0.03 + 0.00 0.07 0.02 0.04 0.03 0.04 unch 0.00 0.10 0.03 0.13 0.11 0.12 + 0.00 0.21 0.07 0.18 0.16 0.17 - 0.01 0.27 0.10 3.12 2.51 3.00 + 0.03 5.62 2.10 4.43 3.79 4.25 + 0.03 7.47 2.88 0.11 0.10 0.10 - 0.01 0.23 0.09 0.08 0.00 0.07 - 0.01 0.17 0.06 0.17 0.14 0.16 unch 0.00 0.28 0.09 0.12 0.10 0.11 - 0.00 0.21 0.06 0.05 0.03 0.05 unch 0.00 0.21 0.03 0.18 0.12 0.17 + 0.04 0.31 0.09 0.24 0.19 0.21 + 0.04 0.40 0.12 0.05 0.04 0.05 + 0.01 0.31 0.00 0.06 0.05 0.06 - 0.01 0.43 0.03 0.00 0.00 0.05 unch 0.00 0.15 0.04 0.40 0.00 0.38 - 0.03 0.80 0.30 6.64 5.65 5.95 - 0.25 9.57 2.20 4.69 3.99 4.29 - 0.11 7.23 1.63 0.00 0.00 0.00 - 0.00 0.05 0.00 0.50 0.41 0.42 - 0.04 1.32 0.32 0.37 0.29 0.30 - 0.02 1.00 0.23 0.26 0.22 0.26 + 0.03 0.50 0.08 0.21 0.15 0.18 + 0.01 0.35 0.04 0.09 0.06 0.08 - 0.02 0.11 0.06 0.08 0.07 0.08 + 0.01 0.08 0.04 0.02 0.01 0.02 - 0.01 0.04 0.01 0.19 0.19 0.19 unch 0.00 0.20 0.05 0.04 0.04 0.04 - 0.01 0.08 0.02 0.07 0.05 0.06 - 0.00 0.12 0.04 0.00 0.00 0.15 unch 0.00 0.22 0.00 0.00 0.00 0.08 unch 0.00 0.25 0.06 0.05 0.05 0.05 unch 0.00 0.13 0.05 0.10 0.08 0.08 - 0.01 0.18 0.05 0.12 0.00 0.12 - 0.01 0.24 0.08 0.02 0.02 0.02 - 0.00 0.05 0.01 0.04 0.04 0.04 unch 0.00 0.06 0.02 0.17 0.17 0.17 + 0.01 0.17 0.08 0.04 0.04 0.04 - 0.01 0.10 0.02 0.12 0.10 0.11 - 0.01 0.28 0.01 0.16 0.15 0.15 - 0.01 0.38 0.12 0.01 0.01 0.01 unch 0.00 0.15 0.00 0.12 0.08 0.08 - 0.04 0.44 0.08 1.08 0.99 1.08 + 0.08 1.49 0.66 0.72 0.70 0.70 + 0.00 1.14 0.50 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.05 0.04 0.05 + 0.01 0.13 0.03 0.03 0.00 0.03 + 0.01 0.11 0.02 0.43 0.00 0.43 - 0.10 0.74 0.38 0.30 0.27 0.28 unch 0.00 1.46 0.25 0.03 0.02 0.02 + 0.01 0.19 0.02 0.02 0.02 0.02 - 0.00 0.16 0.01 0.05 0.00 0.03 - 0.02 0.05 0.02 0.03 0.03 0.03 + 0.00 0.04 0.02 0.02 0.00 0.02 unch 0.00 0.11 0.02 0.18 0.16 0.17 - 0.01 0.28 0.05 0.13 0.11 0.11 - 0.02 0.22 0.04 0.09 0.08 0.09 unch 0.00 0.17 0.06 0.16 0.15 0.15 - 0.03 0.32 0.15 2.48 2.04 2.11 - 0.27 4.54 1.57 0.10 0.09 0.09 - 0.01 0.35 0.08 0.08 0.06 0.06 - 0.01 0.26 0.05 0.05 0.00 0.05 - 0.00 0.25 0.04

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Harvest Gold V 25 Hawkeye Gld&Di* O 25 Hawkeye Gld&Di V 4236 Heatherdale Rs V 198 Hecla Mining* N 38523 Hemcare Health* O 0 Highbank Res V 565 Highbury Proj V 34 HighGold V 69 HighGold* O 82 Highland Copp V 156 Highland Copp* O 59 Highway 50 Gld V 15 Hochschild Mg* O 83 Honey Badger E* O 0 Honey Badger E V 305 Horizonte Mnls T 223 Hornby Bay Mnl V 14 HudBay Min* N 20759 HudBay Min T 6909 Hudson Res V 231 Hudson Res* O 138 Hunt Mng* O 300 Hunt Mng V 482 Hybrid Mineral V 467

0.09 0.07 0.07 - 0.01 0.30 0.07 0.02 0.02 0.02 unch 0.00 0.05 0.00 0.03 0.02 0.02 - 0.01 0.07 0.01 0.06 0.06 0.06 + 0.01 0.24 0.06 2.08 1.66 1.70 - 0.22 3.51 1.21 1.37 0.00 1.37 - 0.02 1.92 0.52 0.01 0.01 0.01 - 0.01 0.03 0.01 0.24 0.22 0.22 unch 0.00 0.30 0.17 0.88 0.76 0.76 - 0.14 1.89 0.57 0.62 0.55 0.57 - 0.04 1.45 0.42 0.03 0.03 0.03 unch 0.00 0.07 0.02 0.03 0.02 0.03 + 0.00 0.05 0.01 0.08 0.08 0.08 unch 0.00 0.22 0.06 1.43 1.22 1.33 - 0.17 2.79 0.99 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.02 0.01 0.01 unch 0.00 0.05 0.01 0.04 0.03 0.03 unch 0.00 0.09 0.03 0.05 0.03 0.03 - 0.03 0.08 0.02 2.03 1.63 1.73 + 0.03 7.83 1.23 2.86 2.32 2.45 + 0.05 10.42 1.66 0.07 0.07 0.07 + 0.01 0.45 0.07 0.06 0.05 0.05 + 0.00 0.38 0.05 0.03 0.03 0.03 - 0.01 0.11 0.00 0.05 0.04 0.04 - 0.01 0.14 0.04 0.02 0.02 0.02 - 0.01 0.08 0.01

I-Minerals* O 42 I-Minerals V 54 IAMGOLD T 10787 IAMGOLD* N 25645 Icon Explor* O 0 Iconic Mnls * O 93 Iconic Mnls V 461 Idaho Champion C 1624 Idaho Champion* O 10 IEMR Res V 330 IMC Intl Mng* O 720 IMC Intl Mng C 1859 iMetal Res* O 3 iMetal Res V 58 IMPACT Silver V 1524 Impala Platnm* O 1 Imperial Metal T 173 Imperial Metal* O 150 Imperial Mg Gr V 78 Inca One Gold* O 41 Inca One Gold V 11 Inception Mng * O 417 Independence G V 278 Independence G* O 23 Indigo Expl V 50 Infinite Ore* O 5 Infinite Ore V 186 Inform Res V 200 Inomin Mines V 5 Intact Gold V 40 Integra Res* O 465 Integra Res V 574 Inter-Rock Mnl* O 1 Inter-Rock Mnl V 1 Intercontinent V 10 Intercontinent* O 25 Intl Battery* O 77 Intl Battery C 105 Intl Bethl Mng V 475 Intl Bethl Mng* O 4 Intl Cobalt* O 26 Intl Cobalt C 330 Intl Lithium* O 206 Intl Lithium V 156 Intl Millm Mng V 87 Intl Montoro* O 272 Intl Montoro V 427 Intl Prospect * O 30 Intl Prospect V 30 Intl Samuel Ex V 2 Intl Star* O 30816 Intl Tower Hil* X 419 Intl Tower Hil T 11 Intl Zeolite V 293 Intl Zeolite* O 50 Intrepid Pots* N 4559 INV Metals* O 5 INV Metals T 412 Inventus Mg * O 26 Inventus Mg V 225 InZinc Mining V 703 InZinc Mining* O 20 Irving Res* O 251 Irving Res C 346 IsoEnergy Ltd V 387 Itafos* O 2 Itafos V 27 Itoco Inc* O 66 Ivanhoe Mines* O 1534 Ivanhoe Mines T 4024 Jade Leader* O 11 Jade Leader V 6 Jaeger Res V 29 Jaguar Mng T 1377 Jaguar Mng* O 620 Japan Gold V 144 Japan Gold* O 229 Jasper Mining V 300 Jaxon Mining* O 1 Jaxon Mining V 95 Jayden Res* O 0 Jayden Res V 25 Jazz Res V 20 JDF Explor Inc C 32 Jervois Mining V 1215 Jervois Mining* O 606 Jiulian Res V 750 Josemaria Res* O 2 Josemaria Res T 94 Joshua Gold* O 35 Jourdan Res V 10 Jubilee Metals* O 135 Juggernaut Exp V 198 Juggernaut Exp* O 75 Jupiter Gold* O 5 K2 Gold V 74 K92 Mining* O 1250 K92 Mining V 4153 Kaizen Discov V 8 Kal Minerals C 50 Kanadario Gold V 20 Karam Min C 15 Karnalyte Res T 19 Karoo Expl V 8 KAT Expl* O 3096 Katanga Mng T 2356 Kenadyr Mining V 1075 Kenadyr Mining* O 190 Kermode Res V 713 Kerr Mines* O 228 Kerr Mines T 580 Kesselrun Res V 201 Kesselrun Res* O 3 Kestrel Gold V 103 Kilo Goldmines V 675 Kilo Goldmines* O 50 Kincora Copper* O 7 Kincora Copper V 373 King Global* O 8 King Global V 558 Kingsmen Res* O 3 Kingsmen Res V 213 Kinross Gold T 30180 Kinross Gold* N 101338 Kintavar Exp V 246 Kirkland Lake* N 10347 Kirkland Lake T 9248 Klondike Gold* O 55 Klondike Gold V 472 Klondike Silv* O 12 Klondike Silv V 792 Kodiak Copper* O 93 Kodiak Copper V 680 Kombat Copper* O 5 Kombat Copper V 323 Komet Resource V 22 Kootenay Silvr* O 214 Kootenay Silvr V 1237 Kootenay Zinc C 3 Kootenay Zinc* O 11 Kore Mining * O 89 Kore Mining V 321 Kutcho Copper * O 39 KWG Res* O 100 KWG Res C 1920

0.02 0.02 0.02 + 0.00 0.14 0.01 0.05 0.00 0.05 + 0.02 0.19 0.02 3.76 3.06 3.52 + 0.22 5.55 2.00 2.67 2.15 2.49 + 0.11 4.17 1.44 0.01 0.01 0.01 unch 0.00 0.11 0.01 0.03 0.02 0.02 - 0.00 0.11 0.02 0.05 0.04 0.04 unch 0.00 0.14 0.04 0.11 0.08 0.10 + 0.02 0.12 0.04 0.07 0.05 0.07 + 0.02 0.10 0.04 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.41 0.30 0.39 + 0.06 0.50 0.20 0.55 0.45 0.55 + 0.10 0.55 0.15 0.03 0.00 0.02 + 0.01 0.09 0.01 0.03 0.03 0.03 unch 0.00 0.12 0.02 0.36 0.29 0.30 - 0.05 0.68 0.22 4.60 0.00 4.60 unch 0.00 10.60 4.60 1.43 1.23 1.29 - 0.01 3.02 0.99 0.95 0.88 0.90 - 0.02 2.21 0.70 0.05 0.00 0.05 - 0.01 0.11 0.03 0.13 0.10 0.13 + 0.06 0.20 0.01 0.20 0.18 0.20 unch 0.00 0.50 0.16 0.04 0.00 0.03 unch 0.00 0.48 0.03 0.04 0.03 0.04 + 0.01 0.09 0.03 0.02 0.02 0.02 + 0.00 0.06 0.00 0.02 0.02 0.02 unch 0.00 0.02 0.01 0.04 0.04 0.04 unch 0.00 0.08 0.01 0.06 0.05 0.06 + 0.01 0.11 0.03 0.06 0.05 0.05 unch 0.00 0.06 0.03 0.03 0.03 0.03 unch 0.00 0.05 0.02 0.03 0.03 0.03 unch 0.00 0.09 0.03 0.64 0.53 0.60 - 0.01 1.07 0.40 0.90 0.76 0.85 + 0.01 1.42 0.61 0.13 0.13 0.13 unch 0.00 0.20 0.13 0.00 0.00 0.20 unch 0.00 0.35 0.19 0.24 0.00 0.24 unch 0.00 0.33 0.09 0.18 0.18 0.18 unch 0.00 0.25 0.07 0.08 0.06 0.07 unch 0.00 0.13 0.03 0.11 0.09 0.10 unch 0.00 0.18 0.05 0.02 0.01 0.01 - 0.01 0.10 0.01 0.00 0.00 0.02 unch 0.00 0.04 0.01 0.01 0.00 0.00 - 0.01 0.03 0.00 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.03 0.00 0.03 + 0.00 0.05 0.02 0.05 0.03 0.04 + 0.01 0.07 0.03 0.02 0.02 0.02 unch 0.00 0.02 0.01 0.02 0.02 0.02 - 0.00 0.05 0.01 0.02 0.02 0.02 unch 0.00 0.07 0.01 0.06 0.06 0.06 unch 0.00 0.11 0.05 0.08 0.08 0.08 unch 0.00 0.18 0.07 0.00 0.00 0.09 unch 0.00 0.30 0.05 0.00 0.00 0.00 + 0.00 0.00 0.00 0.44 0.36 0.37 - 0.04 0.72 0.33 0.59 0.57 0.58 + 0.01 0.94 0.43 0.03 0.03 0.03 unch 0.00 0.14 0.02 0.02 0.02 0.02 unch 0.00 0.11 0.02 0.83 0.60 0.70 - 0.08 3.97 0.60 0.14 0.13 0.13 - 0.01 0.37 0.13 0.19 0.17 0.17 - 0.03 0.53 0.18 0.09 0.08 0.08 - 0.01 0.15 0.05 0.15 0.11 0.11 - 0.05 0.21 0.07 0.01 0.01 0.01 unch 0.00 0.07 0.01 0.01 0.01 0.01 unch 0.00 0.04 0.01 1.82 1.51 1.75 + 0.03 3.48 1.02 2.64 2.15 2.48 + 0.08 4.60 1.45 0.50 0.35 0.46 + 0.11 0.79 0.23 0.19 0.17 0.19 - 0.08 1.23 0.17 0.40 0.38 0.40 unch 0.00 1.63 0.21 0.08 0.04 0.04 - 0.04 0.90 0.04 1.79 1.50 1.63 + 0.01 3.46 1.35 2.47 2.17 2.32 + 0.06 4.54 1.80 0.06 0.00 0.06 - 0.01 0.27 0.02 0.08 0.00 0.08 unch 0.00 0.35 0.04 0.01 0.01 0.01 unch 0.00 0.04 0.01 0.19 0.17 0.19 + 0.02 0.30 0.07 0.14 0.11 0.13 + 0.00 0.23 0.05 0.26 0.23 0.24 - 0.03 0.45 0.17 0.20 0.16 0.17 - 0.01 0.34 0.12 0.04 0.04 0.04 unch 0.00 0.25 0.01 0.04 0.04 0.04 unch 0.00 0.06 0.02 0.05 0.05 0.05 + 0.01 0.09 0.03 0.00 0.00 0.01 unch 0.00 0.02 0.00 0.02 0.02 0.02 unch 0.00 0.04 0.01 0.22 0.20 0.20 unch 0.00 0.44 0.20 0.09 0.09 0.09 unch 0.00 0.71 0.01 0.14 0.12 0.13 unch 0.00 0.25 0.11 0.11 0.07 0.08 - 0.01 0.21 0.05 0.02 0.02 0.02 unch 0.00 0.12 0.01 0.37 0.37 0.37 unch 0.00 0.91 0.21 0.57 0.45 0.52 - 0.07 1.22 0.31 0.15 0.06 0.15 + 0.03 0.40 0.06 0.01 0.01 0.01 unch 0.00 0.06 0.01 0.04 0.04 0.04 unch 0.00 0.07 0.03 0.20 0.14 0.20 + 0.05 1.25 0.10 0.13 0.11 0.13 + 0.02 1.02 0.06 0.97 0.20 0.95 - 0.02 2.00 0.20 0.17 0.14 0.16 unch 0.00 0.37 0.11 2.36 1.99 2.22 + 0.02 3.50 0.95 3.25 2.85 3.13 + 0.06 4.47 1.27 0.04 0.00 0.04 unch 0.00 0.08 0.03 0.14 0.14 0.14 unch 0.00 0.25 0.08 0.15 0.15 0.15 unch 0.00 0.25 0.15 0.15 0.00 0.15 + 0.02 0.17 0.03 0.15 0.13 0.13 + 0.01 0.26 0.09 0.14 0.13 0.13 - 0.02 1.65 0.04 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.07 0.05 0.06 - 0.01 0.55 0.05 0.04 0.02 0.03 + 0.01 0.11 0.02 0.03 0.02 0.03 - 0.00 0.07 0.02 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.09 0.07 0.08 - 0.01 0.21 0.06 0.13 0.10 0.10 - 0.02 0.27 0.10 0.03 0.00 0.03 - 0.01 0.07 0.03 0.02 0.02 0.02 unch 0.00 0.03 0.02 0.02 0.02 0.02 - 0.01 0.04 0.01 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.03 0.03 0.03 unch 0.00 0.11 0.02 0.04 0.03 0.04 unch 0.00 0.16 0.01 0.01 0.01 0.01 unch 0.00 0.04 0.00 0.02 0.00 0.02 unch 0.00 0.10 0.01 0.08 0.08 0.08 unch 0.00 0.52 0.01 0.12 0.09 0.12 + 0.02 0.70 0.07 7.20 5.59 6.90 + 1.01 8.30 4.00 5.10 3.95 4.86 + 0.64 6.27 2.72 0.10 0.07 0.10 + 0.02 0.20 0.05 34.43 28.70 33.00 + 1.01 51.08 18.03 48.65 40.83 46.76 + 2.18 67.87 25.67 0.15 0.12 0.13 + 0.00 0.35 0.10 0.20 0.18 0.20 - 0.02 0.45 0.14 0.02 0.02 0.02 + 0.00 0.04 0.01 0.03 0.02 0.03 unch 0.00 0.05 0.02 0.04 0.03 0.03 - 0.16 0.49 0.12 0.05 0.05 0.05 + 0.01 0.13 0.04 0.05 0.05 0.05 unch 0.00 0.15 0.05 0.12 0.08 0.08 - 0.03 0.22 0.05 0.07 0.07 0.07 + 0.01 0.19 0.05 0.13 0.11 0.12 - 0.01 0.27 0.08 0.18 0.15 0.16 - 0.02 0.35 0.11 0.05 0.00 0.05 + 0.02 0.18 0.02 0.03 0.00 0.03 + 0.00 0.12 0.01 0.18 0.14 0.18 + 0.03 0.31 0.09 0.26 0.18 0.24 + 0.04 0.41 0.15 0.07 0.05 0.06 - 0.01 0.21 0.03 0.00 0.00 0.00 - 0.00 0.01 0.00 0.01 0.01 0.01 + 0.01 0.02 0.01

I-J-K

(100s) Stock

Week

21

12-month

Exc Volume High Low Last Change High Low L

La Imperial C 60 0.01 0.01 0.01 unch 0.00 0.12 0.01 Labrador Gold* O 20 0.12 0.12 0.12 unch 0.00 0.18 0.09 Labrador Gold V 127 0.14 0.10 0.13 + 0.03 0.26 0.10 Labrador IMH* O 2013 0.03 0.00 0.01 + 0.00 0.20 0.00 Labrador IOR* O 3 11.95 10.81 10.91 - 0.53 27.20 9.71 Labrador IOR T 1076 17.58 15.24 15.59 - 1.12 36.01 13.25 Lake Resources* O 3089 0.19 0.02 0.03 + 0.01 0.32 0.02 Lara Expl V 108 0.54 0.46 0.51 + 0.05 0.76 0.43 Laramide Res T 1648 0.29 0.18 0.26 + 0.07 0.46 0.10 Laredo Res* O 264 0.00 0.00 0.00 + 0.00 0.01 0.00 Largo Res T 1041 0.77 0.61 0.66 + 0.04 2.15 0.56 Largo Res* O 1384 0.53 0.42 0.47 + 0.02 1.63 0.40 Lasalle Explor V 2635 0.08 0.08 0.08 - 0.01 0.18 0.08 Latin American V 1429 0.01 0.01 0.01 unch 0.00 0.02 0.01 Latin American* O 125 0.00 0.00 0.00 unch 0.00 0.02 0.00 Latin Metals V 388 0.06 0.05 0.05 unch 0.00 0.15 0.05 Laurion Mnl Ex* O 5 0.11 0.09 0.10 - 0.01 0.16 0.07 Laurion Mnl Ex V 133 0.16 0.14 0.15 - 0.01 0.22 0.09 Leading Edge* O 63 0.06 0.04 0.05 - 0.00 0.30 0.03 Leading Edge V 198 0.09 0.06 0.06 - 0.02 0.40 0.01 Leeta Gold V 10255 0.22 0.17 0.20 + 0.01 0.82 0.08 Legion Metals C 2193 0.25 0.16 0.22 + 0.04 0.83 0.14 Leo Res* O 25 0.00 0.00 0.00 - 0.00 0.07 0.00 Lepanto Con Mg* O 410 0.00 0.00 0.00 - 0.00 0.00 0.00 Libero Copper* O 73 0.05 0.03 0.04 - 0.00 0.18 0.02 Libero Copper V 244 0.07 0.00 0.06 + 0.01 0.23 0.03 Liberty Gold* O 1178 0.69 0.56 0.65 + 0.06 1.09 0.24 Liberty One Li V 170 0.05 0.04 0.05 unch 0.00 0.14 0.04 Liberty One Li* O 50 0.04 0.02 0.04 + 0.01 0.11 0.02 Lincoln Mng V 3 0.06 0.00 0.06 unch 0.00 0.20 0.05 Lion One Mtls V 771 1.32 1.02 1.22 + 0.14 2.14 0.62 Lion One Mtls* O 812 0.92 0.69 0.87 + 0.07 1.64 0.46 Lions Bay Cap V 540 0.02 0.02 0.02 unch 0.00 0.07 0.02 Lions Bay Mg * O 1 0.07 0.00 0.07 + 0.02 0.14 0.01 Lions Bay Mg C 633 0.10 0.00 0.10 - 0.01 0.20 0.03 Lithium Amer* N 1776 2.89 2.39 2.47 - 0.15 6.03 1.92 Lithium Amer T 805 4.09 3.41 3.48 - 0.14 8.00 2.90 Lithium Chile V 68 0.14 0.00 0.13 - 0.01 0.58 0.12 Lithium Chile* O 13 0.10 0.09 0.10 + 0.01 0.45 0.07 Lithium Corp* O 134 0.09 0.08 0.09 + 0.01 0.20 0.05 Lithium Energi* O 30 0.04 0.03 0.03 unch 0.00 0.16 0.01 Lithium Energi V 56 0.12 0.07 0.07 - 0.03 0.24 0.03 Lithoquest Dia V 98 0.04 0.03 0.04 unch 0.00 0.11 0.03 Lithoquest Dia* O 100 0.03 0.03 0.03 unch 0.00 0.08 0.03 LKA Gold* O 85 0.09 0.05 0.09 + 0.01 0.20 0.05 Lode-Star Mg* O 250 0.12 0.08 0.08 - 0.02 0.28 0.03 Lodge Res C 573 0.43 0.43 0.43 unch 0.00 0.60 0.11 Logan Res V 610 0.03 0.02 0.02 - 0.01 0.24 0.02 Logan Res* O 15 0.02 0.02 0.02 unch 0.00 0.12 0.02 Lomiko Mtls* O 1255 0.01 0.00 0.01 - 0.00 0.06 0.01 Lomiko Mtls V 294 0.03 0.03 0.03 unch 0.00 0.07 0.02 Loncor Res* O 68 0.31 0.25 0.28 + 0.02 0.64 0.09 Loncor Res T 95 0.43 0.34 0.40 + 0.03 0.88 0.12 Lone Star Gold* O 25 0.59 0.40 0.41 - 0.06 1.40 0.10 Los Andes V 116 0.27 0.21 0.27 - 0.02 0.52 0.20 Los Andes* O 0 0.14 0.14 0.14 unch 0.00 0.40 0.14 Lucara Diam T 1339 0.45 0.40 0.42 - 0.01 1.76 0.40 Lucky Min V 241 0.02 0.01 0.02 unch 0.00 0.11 0.01 Lucky Min* O 25 0.02 0.01 0.01 + 0.00 0.08 0.01 Luckystrike * O 0 0.00 0.00 0.29 unch 0.00 1.62 0.10 Luckystrike V 18 0.24 0.00 0.23 - 0.06 2.20 0.13 Lumina Gold* O 134 0.43 0.37 0.39 + 0.00 0.60 0.29 Lumina Gold V 224 0.56 0.53 0.54 unch 0.00 0.80 0.46 Luminex Res V 234 0.70 0.60 0.60 - 0.09 1.02 0.41 Lundin Gold T 2266 8.33 7.10 7.93 - 0.10 13.49 5.02 Lundin Mng* O 307 3.86 3.43 3.64 - 0.07 6.34 2.82 Lundin Mng T 12491 5.49 4.95 5.15 - 0.04 8.08 4.08 Lupaka Gold * O 45 0.01 0.01 0.01 unch 0.00 0.05 0.00 Lupaka Gold V 558 0.01 0.01 0.01 - 0.01 0.08 0.01 Lydian Intl* O 308 0.02 0.01 0.01 - 0.01 0.16 0.00 Lynas Corp* O 197 0.92 0.75 0.75 - 0.05 2.29 0.58 Lynas Corp* O 96 0.92 0.75 0.79 + 0.04 2.33 0.55

M M.P.V. Explor C 20 0.07 0.07 0.07 unch 0.00 0.18 0.06 Macarthur Min V 576 0.09 0.07 0.08 unch 0.00 0.54 0.07 Macarthur Min* O 68 0.06 0.05 0.05 unch 0.00 0.41 0.05 MacDonald Mns* O 377 0.06 0.04 0.05 - 0.01 0.16 0.02 MacDonald Mns V 2477 0.08 0.07 0.07 - 0.01 0.21 0.03 MAG Silver T 2326 12.30 10.29 10.62 - 1.46 18.60 5.33 Magellan Gold* O 6 0.35 0.20 0.30 - 0.05 2.81 0.20 Magna Gold* O 120 0.75 0.31 0.38 + 0.03 0.75 0.02 Magnum Goldco V 65 0.05 0.03 0.05 + 0.02 0.14 0.03 Majestic Gold* O 10 0.03 0.00 0.03 + 0.00 0.05 0.03 Majestic Gold V 882 0.04 0.04 0.04 unch 0.00 0.07 0.04 Makena Res* O 24 0.38 0.29 0.29 - 0.04 2.18 0.24 Mako Mining* O 440 0.27 0.24 0.25 - 0.02 0.33 0.07 Mako Mining V 938 0.37 0.35 0.36 - 0.01 0.44 0.09 Mammoth Res V 7 0.03 0.00 0.03 unch 0.00 0.05 0.02 Mandalay Res T 64 0.72 0.66 0.69 + 0.01 1.57 0.46 Mandalay Res* O 7 0.52 0.47 0.47 - 0.05 1.12 0.05 Manganese X* O 1 0.04 0.04 0.04 unch 0.00 0.12 0.04 Manganese X V 359 0.08 0.06 0.08 unch 0.00 0.18 0.06 Mangazeya Mng V 90 0.07 0.00 0.06 unch 0.00 0.13 0.03 Mangazeya Mng* O 0 0.00 0.00 0.03 unch 0.00 0.09 0.01 Manitou Gold * O 20 0.03 0.03 0.03 unch 0.00 0.06 0.02 Manitou Gold V 396 0.05 0.04 0.05 unch 0.00 0.08 0.02 Maple Gold V 155 0.07 0.06 0.06 + 0.01 0.12 0.04 Maple Gold* O 402 0.05 0.03 0.04 - 0.00 0.09 0.03 Marathon Gold* O 284 0.78 0.70 0.78 - 0.00 1.34 0.52 Marathon Gold T 1246 1.11 1.00 1.11 + 0.01 1.76 0.71 Margaret Lake V 436 0.03 0.02 0.03 unch 0.00 0.08 0.02 Margaux Res V 71 0.07 0.06 0.06 - 0.01 0.12 0.04 Margaux Res* O 0 0.00 0.00 0.04 unch 0.00 0.08 0.03 Marifil Mines* O 28 0.03 0.02 0.02 - 0.00 0.13 0.02 Marifil Mines V 20 0.04 0.03 0.03 unch 0.00 0.17 0.03 Maritime Res V 116 0.06 0.05 0.06 + 0.01 0.12 0.05 MartinMarietta* N 7220 196.07 162.03 169.51 - 11.71 281.82 135.08 Mas Gold V 349 0.09 0.06 0.06 + 0.02 0.10 0.03 Mascota Res* O 0 0.00 0.00 2.43 unch 0.00 50.00 1.21 Mason Graphite* O 403 0.13 0.11 0.11 - 0.01 0.32 0.08 Mason Graphite V 350 0.18 0.16 0.16 - 0.02 0.42 0.12 Matachewan Con V 10 0.10 0.10 0.10 unch 0.00 0.17 0.10 Matica Ent C 2222 0.03 0.02 0.03 unch 0.00 0.12 0.02 Matmown* O 165 0.05 0.02 0.02 - 0.03 0.05 0.00 Maverix Metals T 148 5.16 4.45 4.78 + 0.03 7.30 3.10 Maverix Metals* X 393 3.66 3.15 3.47 + 0.07 5.72 1.82 Mawson Res* O 35 0.14 0.00 0.14 + 0.01 0.23 0.09 Mawson Res T 117 0.19 0.17 0.18 + 0.01 0.31 0.13 MAX Res V 129 0.08 0.07 0.08 unch 0.00 2.10 0.06 MaxTech Vent* O 233 0.05 0.04 0.04 - 0.01 0.09 0.02 MaxTech Vent C 154 0.06 0.00 0.06 - 0.01 0.13 0.03 Maxwell Res* O 0 0.00 0.00 0.06 unch 0.00 4.54 0.05 Maya Gold &Sil* O 2 0.73 0.00 0.65 - 0.03 1.71 0.65 Maya Gold &Sil T 119 1.04 0.88 0.96 + 0.03 2.35 0.82 Mazarin V 375 0.06 0.06 0.06 unch 0.00 0.13 0.04 MBMI Res* O 0 0.00 0.00 0.04 unch 0.00 0.10 0.01 MBMI Res V 0 0.00 0.00 0.11 unch 0.00 0.23 0.04 McChip Res V 3 0.46 0.00 0.46 unch 0.00 0.74 0.46 McEwen Mng T 1008 1.05 0.91 1.01 + 0.05 2.84 0.76 McEwen Mng* N 11508 0.75 0.64 0.70 + 0.03 2.14 0.53 McLaren Res C 158 0.05 0.03 0.03 unch 0.00 0.05 0.01 MDN Inc* O 5 0.17 0.17 0.17 unch 0.00 0.40 0.11 Mechel* N 749 1.56 1.28 1.53 + 0.13 3.43 1.28 Medallion Res V 122 0.06 0.06 0.06 + 0.01 0.28 0.05 Medallion Res* O 210 0.04 0.03 0.04 - 0.01 0.21 0.03 Medgold Res V 227 0.05 0.04 0.04 - 0.01 0.15 0.03 Medgold Res* O 120 0.04 0.02 0.04 + 0.02 0.09 0.02 Medinah Mnrls* O 7453 0.00 0.00 0.00 unch 0.00 0.00 0.00 Mega Copper V 3 0.00 0.00 0.06 unch 0.00 0.16 0.06 Mega Uranium* O 448 0.06 0.04 0.05 + 0.00 0.09 0.03 Mega Uranium T 1912 0.08 0.06 0.08 + 0.01 0.12 0.05 Megastar Dev V 15 0.09 0.09 0.09 unch 0.00 0.19 0.05 Megastar Dev* O 40 0.06 0.05 0.06 unch 0.00 0.12 0.05 MegumaGold C 213 0.17 0.15 0.15 - 0.01 0.21 0.06 MegumaGold* O 45 0.12 0.00 0.12 - 0.01 0.15 0.03 Melkior Res* O 2 0.09 0.06 0.09 + 0.03 0.15 0.01 Melkior Res V 103 0.16 0.10 0.16 + 0.04 0.55 0.06 Meridian Mg V 61 0.12 0.06 0.12 + 0.06 0.22 0.04 Meryllion Res C 293 0.01 0.01 0.01 unch 0.00 0.02 0.01 MetalCorp V 1145 0.01 0.01 0.01 unch 0.00 0.04 0.01 MetalCorp* O 1 0.01 0.01 0.01 unch 0.00 0.03 0.00 Metalex Vent V 70 0.02 0.02 0.02 unch 0.00 0.08 0.02 Metalex Vent * O 50 0.02 0.02 0.02 unch 0.00 0.03 0.01 Metalla Rylty V 120 6.40 5.09 6.07 - 0.02 8.69 3.68 Metallic Mnrls V 352 0.17 0.14 0.17 + 0.02 0.31 0.10 Metallic Mnrls* O 251 0.13 0.08 0.12 + 0.02 0.24 0.07 Metallica Min* O 2 0.01 0.01 0.01 unch 0.00 0.01 0.01 Metallis Res V 46 0.17 0.13 0.15 + 0.01 0.99 0.11 Metalo Manuf C 8 0.15 0.15 0.15 unch 0.00 0.40 0.10 Metalore Res V 3 2.01 1.65 1.65 - 0.35 2.60 0.89 Metals Creek* O 6 0.03 0.02 0.03 - 0.00 0.04 0.02 Metals Creek V 232 0.04 0.03 0.03 unch 0.00 0.06 0.03 Metals X* O 3 0.04 0.04 0.04 unch 0.00 0.20 0.03 Metron Capital V 8 0.21 0.21 0.21 unch 0.00 0.42 0.06 Mexican Gold* O 39 0.10 0.02 0.03 - 0.00 0.14 0.01 Mexus Gold* O 4944 0.00 0.00 0.00 - 0.00 0.03 0.00 MGX Minerals* O 431 0.05 0.04 0.05 + 0.00 0.28 0.02 MGX Minerals C 368 0.08 0.06 0.07 - 0.01 0.38 0.04 Mich Resources C 75 0.21 0.17 0.21 + 0.04 0.50 0.08 Midas Gold T 510 0.50 0.41 0.46 - 0.01 0.91 0.24

22

WWW.NORTHERNMINER.COM

APRIL 13–26, 2020 / THE NORTHERN MINER

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

Week

12-month

Exc Volume High Low Last Change High Low

Midas Gold* O 970 0.36 0.29 0.32 - 0.01 0.68 0.16 Midasco Cap V 20 0.08 0.00 0.08 unch 0.00 0.15 0.08 Midland Expl V 96 0.55 0.49 0.53 - 0.01 1.46 0.46 Midnight Sun* O 39 0.09 0.08 0.09 + 0.01 0.11 0.04 Midnight Sun V 62 0.12 0.11 0.12 + 0.02 0.14 0.03 Millennial Lit* O 32 0.65 0.51 0.60 - 0.01 1.50 0.38 Millennial Lit V 76 0.93 0.76 0.82 - 0.10 1.92 0.61 Millrock Res* O 498 0.13 0.09 0.12 + 0.02 0.16 0.05 Millrock Res V 751 0.18 0.12 0.17 + 0.02 0.21 0.07 Minaurum Gold V 107 0.34 0.30 0.31 - 0.01 0.55 0.22 Minaurum Gold* O 139 0.25 0.20 0.24 + 0.00 0.43 0.16 Minco Silver T 38 0.48 0.40 0.43 + 0.03 0.99 0.20 Minco Silver* O 28 0.34 0.30 0.30 + 0.00 0.73 0.14 Minera Alamos * O 1420 0.18 0.16 0.17 - 0.00 0.27 0.07 Minera Alamos V 2267 0.25 0.22 0.24 - 0.01 0.33 0.10 Minera IRL* O 20 0.08 0.00 0.08 - 0.01 0.15 0.09 Minera IRL C 763 0.12 0.09 0.11 - 0.02 0.21 0.05 Mineral Mtn V 1375 0.45 0.27 0.45 + 0.14 0.53 0.10 Mineral Mtn* O 226 0.31 0.20 0.30 + 0.09 0.43 0.07 Mineral Res* O 0 0.00 0.00 11.75 unch 0.00 12.00 8.77 MineralRite* O 3204 0.00 0.00 0.00 unch 0.00 0.00 0.00 Mineworx Tech V 498 0.09 0.07 0.08 - 0.01 0.24 0.07 Mineworx Tech* O 122 0.06 0.05 0.06 - 0.00 0.18 0.05 Minfocus Expl V 11 0.03 0.00 0.03 + 0.01 0.07 0.02 Minfocus Expl* O 2 0.03 0.00 0.03 unch 0.00 0.05 0.01 Mining Global* O 450 0.00 0.00 0.00 unch 0.00 0.00 0.00 Minnova Corp V 26 0.08 0.06 0.08 - 0.01 0.20 0.05 Minsud Res V 35 0.07 0.07 0.07 unch 0.00 0.15 0.01 Miramont Res* O 101 0.05 0.04 0.04 unch 0.00 0.19 0.03 Miramont Res C 512 0.06 0.05 0.06 unch 0.00 0.26 0.05 Mirasol Res V 171 0.34 0.30 0.31 - 0.03 0.77 0.29 Mistango River C 154 0.10 0.09 0.10 + 0.02 0.11 0.01 Mkango Res V 543 0.09 0.05 0.05 - 0.04 0.19 0.05 ML Gold* O 40 0.07 0.07 0.07 unch 0.00 0.54 0.06 ML Gold Corp V 637 0.12 0.09 0.09 - 0.01 0.77 0.08 Monarca Mnrls* O 112 0.02 0.01 0.02 + 0.00 0.06 0.01 Monarca Mnrls V 167 0.03 0.02 0.03 + 0.01 0.08 0.02 Monarch Gold T 499 0.14 0.12 0.14 - 0.01 0.29 0.11 Monarch Gold* O 110 0.10 0.00 0.09 - 0.01 0.22 0.07 Moneta Porcpn* O 109 0.05 0.04 0.05 + 0.00 0.11 0.04 Moneta Porcpn T 819 0.07 0.06 0.07 unch 0.00 0.14 0.06 Monitor Vent V 30 0.13 0.00 0.13 unch 0.00 0.25 0.13 Monitor Vent* O 11 0.08 0.00 0.08 - 0.01 0.22 0.08 Monterey Min C 79 0.03 0.02 0.03 + 0.01 0.12 0.02 Montero Mg&Ex V 15 0.03 0.02 0.03 unch 0.00 0.20 0.01 Monument Mng V 580 0.05 0.04 0.04 unch 0.00 0.07 0.04 Monument Mng* O 205 0.04 0.03 0.03 + 0.01 0.05 0.02 Morien Res* O 460 0.12 0.00 0.08 - 0.24 0.50 0.06 Morien Res V 5253 0.24 0.08 0.13 - 0.32 0.65 0.08 Mosaic* N 28844 11.17 9.35 9.94 + 0.04 28.01 6.50 Mountain Boy V 24 0.19 0.19 0.19 unch 0.00 0.28 0.16 Mountain Boy* O 50 0.12 0.12 0.12 unch 0.00 0.21 0.11 Mountain Prov* O 181 0.27 0.17 0.22 - 0.05 0.86 0.17 Mountain Prov T 412 0.37 0.30 0.30 - 0.09 1.65 0.31 Mundoro Cap* O 241 0.08 0.06 0.08 + 0.02 0.14 0.00 Mundoro Cap V 213 0.14 0.11 0.11 unch 0.00 0.21 0.09 Murchison Min V 357 0.09 0.00 0.06 - 0.03 0.18 0.04 Murchison Min* O 0 0.05 0.05 0.05 unch 0.00 0.11 0.09 MX Gold* O 193 0.01 0.01 0.01 + 0.00 0.01 0.00 MX Gold V 14362 0.02 0.01 0.01 unch 0.00 0.02 0.01

N-O NA Frac Sand* O 265 NACCO Ind* N 149 Namibia Crit V 192 Namibia Crit* O 244 Napier Vent V 30 Napier Vent* O 25 Natural Res Pt* N 77 Nautilus Mnrls* O 395 Neo Lithium V 392 Neometals* O 225 Network Expl* O 29 Network Expl V 85 Nevada Canyon* O 31 Nevada Copper T 1547 Nevada Energy* O 12 Nevada Energy V 7 Nevada Expl * O 478 Nevada Expl V 250 Nevada Sunrise* O 64 Nevada Sunrise V 80 Nevada Zinc V 477 Nevado Res V 50 New Age Metals* O 111 New Age Metals V 368 New Carolin Gd* O 79 New Carolin Gd V 193 New Destiny Mg V 4 New Dimen Res V 730 New Dimen Res* O 172 New Energy Met V 9 New Energy Met* O 5 New Gold T 7657 New Gold* X 15933 New Guinea Gld* O 384 New Jersey Mng* O 329 New Klondike* O 2 New Milln Iron T 649 New Oroperu V 2 New Pac Metals* O 455 New Pac Metals V 268 New Tech Min* O 8 New Tech Min C 152 New World Res* O 0 Newlox Gold C 10 Newmont Corp T 1093 Newmont Corp* N 45028 Newport Expl V 217 Newport Gold* O 275 NewRange Gold* O 116 NewRange Gold V 120 Nexa Resources T 30 Nexa Resources* N 691 Nexgen Energy* X 3496 Nexgen Energy T 4843 NextSource Mat T 716 Nexus Gold V 792 Nexus Gold* O 56 NGEx Minerals V 76 NGEx Minerals* O 1 Nickel Creek T 589 Nickel Creek* O 50 Nickel North V 250 Nicola Mg Inc V 371 Nicola Mg Inc* O 9 Nighthawk Gold* O 50 Nighthawk Gold T 236 Niobay Metals V 427 Niocan Inc V 20 Niocorp Dev T 253 Niocorp Dev* O 277 Nippon Dragon V 162 Nippon Dragon* O 490 NKWE Platinum* O 0 Noble Mineral V 526 Noble Mineral* O 264 Noka Res* O 625 Noram Vent* O 0 Noram Vent V 142 Noranda Alum* O 7 Noront Res* O 15 Noront Res V 811 Norra Metals V 255 Norseman Cap V 64 Norsemont Cap C 179 Norsemont Cap* O 30 Nortec Mnls V 282 North Am Nickl V 65 North Am Nickl* O 22 North Arrow Mn* O 219 North Arrow Mn V 104 North Bay Res * O 10975 Northcliff Res T 74 Northern Light C 217 Northern Uran V 615 Northisle C&G V 33 Northisle C&G * O 2 Northstar Gold C 289 Northway Res V 275 Norvista Cap V 122 NorZinc T 428 NorZinc* O 349 Nouveau Monde V 960 Nouveau Monde* O 106 NovaGold Res T 3846

0.01 0.00 0.00 - 0.01 0.03 0.00 29.65 25.07 25.81 - 1.00 66.40 22.26 0.15 0.13 0.15 unch 0.00 0.31 0.08 0.11 0.09 0.11 + 0.01 0.24 0.06 0.08 0.07 0.08 + 0.01 0.30 0.05 0.05 0.05 0.05 + 0.00 0.28 0.05 13.30 10.51 11.30 + 0.28 44.71 8.50 0.01 0.00 0.00 - 0.00 0.04 0.00 0.57 0.48 0.55 + 0.04 1.13 0.38 0.13 0.12 0.12 unch 0.00 0.20 0.08 0.13 0.00 0.09 - 0.04 0.45 0.06 0.18 0.00 0.13 - 0.04 0.54 0.08 0.03 0.03 0.03 unch 0.00 0.25 0.03 0.19 0.16 0.16 - 0.01 0.45 0.14 0.06 0.00 0.06 + 0.03 0.11 0.02 0.06 0.00 0.06 unch 0.00 0.16 0.04 0.12 0.10 0.10 - 0.01 0.30 0.09 0.16 0.14 0.15 + 0.01 0.39 0.13 0.02 0.02 0.02 - 0.00 0.07 0.01 0.03 0.03 0.03 - 0.01 0.09 0.01 0.04 0.03 0.04 unch 0.00 0.12 0.03 0.08 0.08 0.08 unch 0.00 0.17 0.07 0.05 0.00 0.05 - 0.00 0.11 0.02 0.06 0.06 0.06 unch 0.00 0.15 0.03 0.03 0.02 0.03 - 0.00 0.12 0.02 0.04 0.03 0.04 unch 0.00 0.16 0.03 0.02 0.02 0.02 unch 0.00 0.17 0.02 0.03 0.02 0.03 + 0.01 0.06 0.02 0.02 0.02 0.02 unch 0.00 0.04 0.02 0.03 0.03 0.03 unch 0.00 0.32 0.02 0.00 0.00 0.00 - 0.03 0.26 0.00 0.89 0.70 0.78 + 0.01 2.03 0.55 0.64 0.49 0.56 + 0.01 1.56 0.39 0.00 0.00 0.00 unch 0.00 0.02 0.00 0.16 0.13 0.13 - 0.02 0.20 0.11 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.05 0.04 0.04 - 0.01 0.10 0.04 0.00 0.00 0.70 unch 0.00 0.85 0.23 3.61 3.11 3.54 + 0.06 5.60 1.24 5.10 4.66 5.00 + 0.12 6.98 1.66 0.02 0.02 0.02 + 0.00 0.03 0.01 0.03 0.02 0.03 + 0.01 0.05 0.01 0.00 0.00 0.22 unch 0.00 0.22 0.22 0.04 0.04 0.04 unch 0.00 0.10 0.03 70.28 62.96 66.58 + 2.15 70.88 40.01 49.75 44.59 47.15 + 0.80 52.50 29.77 0.33 0.25 0.29 - 0.02 0.45 0.25 0.00 0.00 0.00 unch 0.00 0.04 0.00 0.08 0.06 0.07 + 0.01 0.15 0.05 0.12 0.09 0.11 + 0.02 0.21 0.07 5.09 3.94 4.28 - 0.32 17.05 3.94 3.52 2.57 3.03 - 0.31 12.80 2.57 1.01 0.65 0.94 + 0.28 1.84 0.50 1.43 0.92 1.32 + 0.41 2.45 0.76 0.04 0.03 0.04 + 0.01 0.11 0.02 0.05 0.04 0.04 unch 0.00 0.12 0.03 0.03 0.02 0.03 - 0.00 0.09 0.02 0.29 0.24 0.29 + 0.05 0.66 0.24 0.16 0.16 0.16 unch 0.00 0.32 0.16 0.06 0.05 0.06 + 0.01 0.15 0.02 0.04 0.00 0.03 - 0.00 0.10 0.02 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.07 0.00 0.07 - 0.01 0.14 0.04 0.05 0.04 0.05 + 0.00 0.11 0.04 1.06 0.86 0.93 - 0.05 2.01 0.24 1.48 1.20 1.32 unch 0.00 3.65 0.97 0.26 0.25 0.26 - 0.02 0.53 0.15 0.17 0.14 0.17 + 0.06 0.28 0.10 0.66 0.62 0.62 - 0.02 0.94 0.50 0.48 0.43 0.45 - 0.01 0.72 0.36 0.04 0.02 0.03 unch 0.00 0.05 0.01 0.03 0.01 0.03 + 0.01 0.04 0.01 0.00 0.00 0.07 unch 0.00 0.04 0.03 0.03 unch 0.00 0.14 0.03 0.03 0.03 0.03 + 0.00 0.10 0.02 0.04 0.04 0.04 - 0.00 0.20 0.03 0.00 0.00 0.10 unch 0.00 0.14 0.04 0.12 0.09 0.12 + 0.02 0.21 0.05 0.00 0.00 0.00 + 0.00 0.02 0.00 0.09 0.09 0.09 unch 0.00 0.21 0.08 0.14 0.12 0.13 + 0.01 0.28 0.12 0.02 0.02 0.02 unch 0.00 0.06 0.02 0.05 0.04 0.05 unch 0.00 0.13 0.04 0.28 0.26 0.28 unch 0.00 0.43 0.25 0.20 0.20 0.20 unch 0.00 0.29 0.20 0.01 0.01 0.01 unch 0.00 0.05 0.01 0.08 0.00 0.08 - 0.01 0.35 0.06 0.06 0.05 0.05 - 0.01 0.29 0.02 0.03 0.02 0.02 - 0.01 0.06 0.02 0.04 0.03 0.04 + 0.01 0.09 0.03 0.00 0.00 0.00 + 0.00 0.00 0.00 0.06 0.05 0.06 + 0.01 0.08 0.04 0.03 0.02 0.03 unch 0.00 0.07 0.02 0.01 0.01 0.01 unch 0.00 0.01 0.01 0.04 0.04 0.04 unch 0.00 0.08 0.01 0.03 0.02 0.03 + 0.01 0.06 0.01 0.34 0.27 0.32 + 0.04 0.36 0.19 0.07 0.07 0.07 unch 0.00 0.14 0.05 0.06 0.04 0.05 - 0.02 0.13 0.04 0.06 0.00 0.06 + 0.02 0.13 0.02 0.05 0.03 0.04 + 0.01 0.10 0.01 0.17 0.14 0.14 - 0.03 0.27 0.13 0.13 0.10 0.10 - 0.02 0.21 0.09 12.66 10.29 12.27 + 1.44 12.95 5.00

(100s) Stock

Week

(100s) Stock

12-month

Exc Volume High Low Last Change High Low

NovaGold Res* X 15956 8.95 7.27 8.65 + 0.89 9.80 3.69 Novo Res* O 577 1.40 1.16 1.26 - 0.07 3.07 1.00 Novo Res V 795 1.96 1.63 1.77 - 0.11 3.96 1.41 NQ Minerals Pl* O 50 0.09 0.09 0.09 unch 0.00 0.09 0.09 NRG Metals* O 24 0.24 0.17 0.17 - 0.05 0.36 0.04 NRG Metals V 30 0.29 0.00 0.28 - 0.02 1.98 0.24 Nrthn Graphite V 165 0.15 0.13 0.15 + 0.02 0.28 0.06 Nrthn Graphite* O 219 0.11 0.08 0.10 + 0.01 0.20 0.04 Nrthn Lion V 15 0.14 0.13 0.13 - 0.02 0.34 0.10 Nrthn Mnrls &E* O 232 0.03 0.02 0.02 - 0.00 0.12 0.02 Nrthn Shield V 1380 0.07 0.06 0.06 - 0.01 0.12 0.05 Nrthn Superior* O 2 0.14 0.00 0.14 unch 0.00 0.20 0.05 Nrthn Superior V 169 0.23 0.19 0.23 - 0.02 0.28 0.07 Nrthn Vertex* O 73 0.15 0.13 0.13 - 0.02 0.27 0.11 Nrthn Vertex V 565 0.21 0.18 0.18 - 0.04 0.35 0.15 NSS Res Inc C 5 0.05 0.05 0.05 unch 0.00 0.18 0.03 Nthn Dynasty T 577 0.57 0.54 0.55 - 0.01 1.25 0.50 Nthn Dynasty* X 5703 0.41 0.38 0.39 - 0.02 0.95 0.35 Nubian Res V 39 0.10 0.08 0.08 - 0.03 0.22 0.07 Nuinsco Res C 10 0.01 0.01 0.01 unch 0.00 0.02 0.01 NuLegacy Gold* O 224 0.04 0.03 0.04 + 0.00 0.09 0.02 NuLegacy Gold V 1220 0.05 0.04 0.04 unch 0.00 0.12 0.03 Nutrien* N 11363 34.24 30.20 32.64 + 1.67 55.34 23.85 Nutrien T 8381 48.29 42.79 45.75 + 2.28 73.32 34.80 NV Gold V 345 0.10 0.07 0.08 - 0.02 0.29 0.07 NV Gold* O 39 0.07 0.00 0.05 - 0.00 0.22 0.05 NxGold Ltd V 615 0.02 0.02 0.02 - 0.01 0.08 0.01 O.T. Mining* O 1 0.05 0.05 0.05 unch 0.00 0.11 0.04 O3 Mining* O 13 1.08 1.02 1.06 + 0.06 2.29 0.64 O3 Mining V 78 1.71 1.42 1.49 - 0.25 4.00 1.06 OceanaGold T 12545 1.61 1.25 1.46 + 0.01 4.20 1.16 OceanaGold* O 12 1.02 0.95 0.99 - 0.02 3.13 0.81 Oceanic Iron O V 143 0.13 0.10 0.10 - 0.03 0.17 0.04 Oceanus Res* O 28 0.05 0.03 0.05 + 0.01 0.08 0.03 Oceanus Res V 89 0.07 0.05 0.07 unch 0.00 0.12 0.04 Odyssey Res V 5 0.02 0.02 0.02 unch 0.00 0.05 0.02 Olivut Res V 10 0.05 0.05 0.05 unch 0.00 0.14 0.03 Olivut Res* O 15 0.03 0.02 0.03 - 0.01 0.12 0.02 Omineca Mining V 539 0.18 0.14 0.15 - 0.01 0.18 0.05 Omineca Mining* O 104 0.13 0.10 0.11 - 0.00 0.13 0.03 One World Lith C 330 0.05 0.04 0.05 + 0.01 0.28 0.03 One World Lith* O 7 0.04 0.03 0.04 + 0.00 0.22 0.02 Opawica Expl* O 0 0.00 0.00 0.05 unch 0.00 0.05 0.04 Opawica Expl V 1 0.00 0.00 0.06 unch 0.00 0.10 0.05 Optimum Vent V 25 0.16 0.16 0.16 unch 0.00 0.21 0.15 Orbite Tech* O 125 0.00 0.00 0.00 unch 0.00 0.17 0.00 Orca Gold V 138 0.29 0.25 0.25 - 0.02 0.50 0.20 Orca Gold* O 42 0.20 0.18 0.18 - 0.02 0.36 0.15 Ord Mountain V 8 0.08 0.08 0.08 unch 0.00 0.12 0.08 Orefinders Res V 807 0.07 0.06 0.07 + 0.01 0.08 0.03 Orestone Mng V 101 0.05 0.00 0.05 unch 0.00 0.24 0.03 Orex Mnrls* O 80 0.05 0.05 0.05 - 0.01 0.11 0.03 Orex Mnrls V 540 0.08 0.08 0.08 unch 0.00 0.14 0.04 Orezone Gold* O 65 0.31 0.00 0.29 + 0.04 0.67 0.14 Orezone Gold V 1095 0.45 0.36 0.43 + 0.05 0.88 0.22 Orford Mining V 325 0.03 0.03 0.03 unch 0.00 0.15 0.02 OrganiMax* O 26 0.07 0.04 0.04 - 0.02 0.14 0.02 OrganiMax V 158 0.06 0.04 0.06 + 0.02 0.21 0.04 Origin Gold V 38 0.08 0.00 0.07 - 0.02 0.15 0.05 Original Sixtn* O 15 0.18 0.18 0.18 unch 0.00 0.19 0.00 Orla Mng Ltd T 1396 2.15 1.95 2.01 - 0.04 2.70 0.85 Orla Mng Ltd* O 15 1.46 1.39 1.44 + 0.01 2.00 0.73 Oroco Res V 272 0.27 0.20 0.20 - 0.06 0.74 0.20 Oroco Res* O 312 0.20 0.07 0.07 - 0.12 0.56 0.05 Orocobre T 282 1.97 1.66 1.75 unch 0.00 3.60 1.60 Orosur Mng T 80 0.04 0.03 0.04 unch 0.00 0.13 0.03 Orsu Metals V 460 0.15 0.14 0.14 - 0.01 0.40 0.10 Orsu Metals* O 10 0.10 0.09 0.10 + 0.00 0.30 0.09 Orvana Mnrls T 405 0.16 0.14 0.15 - 0.01 0.41 0.11 Orvana Mnrls* O 231 0.12 0.10 0.10 - 0.01 0.30 0.09 Osino Res V 140 0.67 0.60 0.61 - 0.07 1.07 0.28 Osisko Gold* N 5330 7.97 7.06 7.52 + 0.19 13.43 4.65 Osisko Gold T 3566 11.25 10.00 10.67 + 0.57 17.47 6.35 Osisko Metals* O 92 0.26 0.20 0.25 + 0.05 0.54 0.17 Osisko Metals V 407 0.38 0.28 0.37 + 0.09 0.72 0.24 Osisko Mng Inc T 3369 2.68 2.13 2.44 + 0.02 4.19 1.67 Osprey Gold V 341 0.05 0.04 0.05 + 0.01 0.12 0.02 Otis Gold V 829 0.12 0.09 0.10 - 0.01 0.17 0.06 Otis Gold* O 389 0.09 0.06 0.07 - 0.01 0.13 0.04 Otso Gold* O 60 0.03 0.00 0.03 unch 0.00 0.07 0.02 Otso Gold V 129 0.06 0.05 0.05 unch 0.00 0.09 0.02 Outcrop Gold* O 78 0.11 0.09 0.09 - 0.02 0.32 0.06 Outcrop Gold V 95 0.16 0.12 0.13 - 0.03 0.42 0.08 OZ Minerals* O 1 4.28 0.00 4.15 + 0.67 7.99 3.48

P-Q Pac Bay Mnrls V 65 0.10 0.10 0.10 unch 0.00 0.15 0.06 Pac Booker Min* O 15 1.28 0.00 1.28 + 0.36 3.10 0.84 Pac Booker Min V 48 2.00 1.26 2.00 + 0.75 4.10 1.12 Pac Imperial V 1115 0.01 0.01 0.01 unch 0.00 0.03 0.01 Pac Ridge Expl V 104 0.04 0.03 0.04 + 0.01 0.06 0.03 Pac Ridge Expl* O 200 0.03 0.00 0.03 + 0.01 0.05 0.02 Pac Wildcat* O 2 0.00 0.00 0.00 unch 0.00 0.00 0.00 Pacific Empire V 262 0.05 0.04 0.05 + 0.01 0.10 0.02 Pacific Rim C 111 0.24 0.16 0.18 + 0.01 0.34 0.11 Pacific Rim* O 32 0.13 0.10 0.12 + 0.00 0.36 0.08 Pacific Silk* O 124 0.02 0.00 0.02 + 0.02 0.03 0.00 Pacific Silk V 87 0.03 0.02 0.02 unch 0.00 0.04 0.01 Pacton Gold V 566 0.06 0.05 0.05 - 0.01 0.26 0.04 Paladin Energy* O 3982 0.04 0.03 0.04 unch 0.00 0.12 0.03 Palamina Corp V 43 0.15 0.12 0.14 - 0.01 0.32 0.09 Palamina Corp* O 23 0.11 0.11 0.11 - 0.00 0.26 0.06 Palayan Res* O 144 0.31 0.26 0.26 - 0.30 1.50 0.25 Paleo Resource V 538 0.01 0.00 0.01 unch 0.00 0.08 0.01 Paleo Resource* O 30 0.01 0.01 0.01 - 0.01 0.06 0.00 Palladium One V 6448 0.06 0.05 0.05 - 0.01 0.24 0.05 Palladium One* O 171 0.06 0.03 0.04 - 0.01 0.20 0.03 Pan Am Silver* D 18985 16.25 14.02 15.00 - 0.41 26.20 10.26 Pan Am Silver T 2971 22.93 19.85 21.26 - 0.25 34.79 13.83 Pan Global Res V 87 0.09 0.07 0.09 + 0.01 0.16 0.06 Pancontinental V 349 0.05 0.04 0.04 + 0.01 0.07 0.02 Pancontinental* O 140 0.03 0.00 0.03 + 0.00 0.04 0.01 Panex Res* O 440 0.00 0.00 0.00 - 0.00 0.01 0.00 Pangolin Dia V 55 0.03 0.02 0.03 + 0.01 0.10 0.02 Panoro Mnrls V 217 0.08 0.07 0.08 + 0.01 0.21 0.07 Panoro Mnrls* O 27 0.06 0.05 0.06 + 0.01 0.16 0.04 Pantheon Vent V 1452 0.04 0.01 0.04 + 0.01 0.07 0.01 Para Resources V 317 0.02 0.01 0.02 unch 0.00 0.22 0.01 Parallel Mng V 100 0.12 0.12 0.12 unch 0.00 0.53 0.10 Paramount Gold* X 204 0.67 0.55 0.64 - 0.02 1.04 0.47 Paringa Res* O 100 0.02 0.02 0.02 - 0.00 0.35 0.00 Parlane Res V 136 0.04 0.00 0.04 + 0.01 0.20 0.02 Pasinex Res C 1950 0.02 0.02 0.02 unch 0.00 0.08 0.02 Pasofino Gold V 34 0.04 0.00 0.04 - 0.02 0.18 0.04 Patriot Gold* O 141 0.05 0.02 0.04 + 0.00 0.09 0.02 Peabody Enrgy* N 10884 3.80 2.52 3.01 + 0.20 30.54 2.51 Pelangio Expl* O 9 0.11 0.11 0.11 + 0.02 0.18 0.08 Pelangio Expl V 91 0.16 0.14 0.15 - 0.03 0.26 0.11 Peloton Mnrls C 21 0.08 0.07 0.08 + 0.01 0.13 0.04 Peloton Mnrls* O 3 0.06 0.05 0.05 - 0.01 0.11 0.03 PepinNini Lith* O 30 0.00 0.00 0.00 unch 0.00 0.00 0.00 Perseus Mng T 512 0.90 0.73 0.81 + 0.02 1.18 0.40 Pershimex Res V 113 0.03 0.03 0.03 + 0.01 0.06 0.02 Pershing Res* O 4 0.01 0.01 0.01 - 0.00 0.06 0.00 Peruvian Metal* O 33 0.02 0.02 0.02 - 0.01 0.04 0.01 Peruvian Metal V 60 0.03 0.00 0.03 - 0.01 0.05 0.03 Petra Diamonds* O 3 0.01 0.01 0.01 unch 0.00 0.30 0.01 Philex Mng* O 111 0.03 0.02 0.03 + 0.01 0.10 0.00 Phoenix Global* O 1 0.12 0.11 0.11 - 0.01 0.21 0.11 Pike Mountain C 810 0.10 0.10 0.10 + 0.04 0.15 0.06 Pine Cliff En T 1503 0.11 0.10 0.10 + 0.01 0.26 0.05 Pine Cliff En* O 1806 0.08 0.05 0.07 + 0.01 0.19 0.04 Pinecrest Res V 20 0.14 0.14 0.14 unch 0.00 0.22 0.14 Pinecrest Res * O 20 0.09 0.09 0.09 unch 0.00 0.17 0.09 Pinnacle North C 100 0.10 0.10 0.10 unch 0.00 0.12 0.10 Pistol Bay Mng V 39 0.01 0.01 0.01 unch 0.00 0.07 0.01 Pistol Bay Mng* O 360 0.01 0.01 0.01 unch 0.00 0.05 0.01 Pivit Explor C 206 0.20 0.12 0.19 + 0.03 0.64 0.06 PJSC Polyus Gd* O 2 71.99 0.00 65.00 - 5.00 72.00 37.19 PJX Res V 43 0.12 0.00 0.10 + 0.01 0.22 0.01 Plata Latina V 50 0.02 0.02 0.02 unch 0.00 0.06 0.01 Plate Res V 28 0.04 0.00 0.04 unch 0.00 0.16 0.03 Plateau Energy V 610 0.28 0.16 0.20 - 0.03 0.74 0.16 Plateau Energy* O 238 0.18 0.12 0.14 + 0.00 0.65 0.08 Platinex Inc* O 1 0.02 0.02 0.02 unch 0.00 0.04 0.01 Platinex Inc C 1208 0.03 0.02 0.02 - 0.01 0.06 0.01 Platinum Gp Mt T 68 2.05 1.67 1.89 + 0.10 3.86 1.25 Platinum Gp Mt* X 777 1.48 1.15 1.35 + 0.04 2.98 0.86 Plato Gold V 148 0.03 0.02 0.03 unch 0.00 0.05 0.01 Playfair Mng V 442 0.03 0.02 0.03 unch 0.00 0.07 0.02 Playfair Mng* O 2 0.01 0.01 0.01 unch 0.00 0.05 0.01 PolyMet Mng* X 1561 0.25 0.21 0.22 - 0.01 0.64 0.15 PolyMet Mng T 21 0.35 0.30 0.33 - 0.01 0.82 0.25 Portage Res* O 2510 0.00 0.00 0.00 - 0.00 0.00 0.00 Portofino Res V 294 0.04 0.03 0.04 + 0.01 0.09 0.02 Portofino Res* O 27 0.02 0.02 0.02 unch 0.00 0.03 0.02

Week

12-month

Exc Volume High Low Last Change High Low

Potash Ridge* O 78 Potash Ridge T 1145 Power Group V 317 Power Group* O 4 Power Metals* O 1579 Power Metals V 1253 PowerOre V 82 PPX Mining* O 221 PPX Mining V 58 Precipitate Gl V 200 Precipitate Gl* O 147 Premier Gold M T 3692 Premium Expl* O 7 Pretium Res* N 12082 Pretium Res T 4353 Primary Energy C 9420 Prime Meridian V 53 Prime Mining* O 79 Prime Mining V 1304 Prism Res V 25 ProAm Expl V 0 Probe Metals* O 2807 Probe Metals V 2257 Prog Planet V 103 Prog Planet* O 12 Promithian Gl * O 23 Prophecy Pot C 5 Prosper Gold V 75 Prospero Silvr V 179 Prospero Silvr* O 3 Provenance Gld C 53 Providence V 129 Providence Gld* O 503 PUF Vent Inc * O 2662 Puma Expl* O 0 Puma Expl V 332 Pure Energy* O 480 Pure Energy V 261 Pure Gold Mg* O 1232 Pure Gold Mg V 1484 Purepoint Uran V 665 Q-Gold Res V 7 QC Precious V 144 QC Precious * O 24 QMC Quantum Ml V 409 QMC Quantum Ml* O 200 QMX Gold* O 95 QMX Gold V 373 Quadro Res V 320 Quantum Cobalt C 149 Quartz Mtn Res V 70 Quaterra Res V 505 Quaterra Res* O 78 Quest Rare Mnl* O 200 Quinto Res V 204

0.02 0.01 0.02 - 0.00 0.08 0.01 0.03 0.02 0.03 - 0.01 0.11 0.02 0.06 0.00 0.05 + 0.02 0.18 0.03 0.03 0.00 0.03 + 0.00 0.10 0.03 0.18 0.14 0.16 - 0.02 0.24 0.03 0.24 0.20 0.22 - 0.03 0.31 0.04 0.06 0.04 0.06 + 0.03 0.14 0.03 0.03 0.02 0.02 - 0.00 0.06 0.02 0.05 0.04 0.05 + 0.01 0.08 0.04 0.11 0.09 0.10 - 0.02 0.28 0.05 0.09 0.07 0.07 + 0.00 0.22 0.04 1.39 1.09 1.38 + 0.28 2.55 0.85 0.00 0.00 0.00 unch 0.00 0.01 0.00 6.55 5.56 6.26 + 0.10 13.83 4.05 9.25 7.88 8.85 + 0.28 18.30 6.25 0.39 0.29 0.39 + 0.11 0.82 0.08 0.05 0.04 0.04 - 0.01 0.16 0.04 0.30 0.25 0.29 + 0.02 0.46 0.14 0.44 0.00 0.41 + 0.01 0.60 0.25 0.02 0.02 0.02 unch 0.00 0.05 0.02 0.00 0.00 0.05 unch 0.00 0.12 0.05 0.44 0.37 0.41 - 0.03 1.16 0.37 0.65 0.54 0.57 - 0.07 1.53 0.54 0.03 0.00 0.03 unch 0.00 0.18 0.03 0.03 0.03 0.03 unch 0.00 0.04 0.01 3.84 1.96 2.52 - 1.28 6.30 0.02 0.00 0.00 0.06 unch 0.00 0.19 0.01 0.03 0.03 0.03 unch 0.00 0.12 0.03 0.02 0.02 0.02 unch 0.00 0.11 0.01 0.01 0.01 0.01 unch 0.00 0.08 0.01 0.11 0.11 0.11 + 0.01 0.23 0.08 0.08 0.06 0.08 + 0.02 0.20 0.06 0.06 0.00 0.06 unch 0.00 0.16 0.02 0.05 0.03 0.04 - 0.01 0.46 0.02 0.00 0.00 0.05 unch 0.00 0.30 0.05 0.06 0.00 0.05 unch 0.00 0.35 0.04 0.03 0.02 0.03 + 0.00 0.08 0.02 0.04 0.03 0.04 + 0.01 0.12 0.03 0.48 0.39 0.46 + 0.03 0.68 0.27 0.67 0.58 0.64 + 0.03 0.88 0.38 0.05 0.04 0.05 + 0.01 0.10 0.03 0.18 0.18 0.18 unch 0.00 0.30 0.14 0.21 0.18 0.18 - 0.04 0.40 0.14 0.15 0.13 0.15 - 0.01 0.30 0.10 0.07 0.06 0.07 - 0.01 0.28 0.06 0.05 0.04 0.04 - 0.00 0.21 0.03 0.07 0.05 0.07 - 0.00 0.11 0.03 0.10 0.09 0.09 unch 0.00 0.15 0.04 0.06 0.06 0.06 - 0.01 0.12 0.02 0.06 0.03 0.05 unch 0.00 0.10 0.01 0.21 0.18 0.21 + 0.03 0.35 0.15 0.06 0.05 0.05 + 0.01 0.10 0.02 0.04 0.03 0.04 + 0.01 0.08 0.02 0.01 0.00 0.00 - 0.00 0.06 0.00 0.02 0.02 0.02 unch 0.00 0.09 0.02

Rackla Metals V 7 Rackla Metals* O 3 Radisson Mng V 162 Radius Gold V 117 Rae-Wallace Mg* O 150 Rain City C 100 Raindrop Vent C 40 Rainforest Res* O 35 Rainy Mtn Royl* O 0 Rainy Mtn Royl V 179 Rambler Metals* O 71 Rare Element* O 504 Rathdowney Res V 117 Ravencrest Res C 1897 Razore Rock Res C 40 Red Moon Res V 31 Red Oak Mining V 125 Red Pine Expl V 1067 Redstar Gold V 982 Redstar Gold* O 147 Regis Res NL* O 29 Regulus Res V 413 Remington Res V 25 Renaissance Gd* O 147 Renaissance Gd V 54 Renforth Res C 545 Resolve Vent V 106 Reunion Gold V 112 Reunion Gold* O 68 Revelo Res V 3829 Revival Gold * O 318 Revival Gold V 266 Rhyolite Res V 117 Richmond Mnls V 0 Ridgestone M'g V 884 Ridgestone M'g* O 9 Rimrock Gold* O 15421 Rio Silver V 85 Rio Tinto* N 16951 Rio Tinto* O 2 Rio Tinto* O 1 Rio2 Limited* O 473 Rio2 Limited V 2007 Rise Gold Corp C 38 Rise Gold Corp* O 79 Riverside Res V 368 Riverside Res* O 320 RJK Explor* O 52 RJK Explor V 1678 RNC Minerals T 10176 RNC Minerals* O 1328 Robex Res V 397 Rochester Res V 14 Rochester Res* O 1 Rock Tech Lith* O 50 Rock Tech Lith V 35 Rockcliff Met C 460 Rockcliff Met* O 11 Rockex Mng C 20 Rockhaven Res V 149 Rockridge Res V 290 Rockshield Cap* O 31 Rodinia Lithm V 83 Rogue Res* O 11 Rogue Res V 96 Rokmaster Res V 182 Romios Gold Rs* O 13 Romios Gold Rs V 434 RosCan Gold* O 304 RosCan Gold V 835 Rover Metals* O 17 Roxgold T 2897 Roxgold* O 62 Royal Gold V 26 Royal Gold* O 0 Royal Gold* D 3895 Royal Mines &M* O 3200 Royal Rd Mnrls V 163 Royal Std Mnrl* O 0 RT Minerals V 100 RTG Mining T 22 RTG Mining * O 0 Rubicon Mnrls T 65 Rubicon Mnrls* O 81 Rugby Mng V 12 Running Fox Rs* O 2 Rupert Res V 37 Rupert Res* O 5 Rusoro Mng V 343 Rusoro Mng* O 115

0.08 0.08 0.08 unch 0.00 0.20 0.08 0.06 0.06 0.06 unch 0.00 0.12 0.00 0.14 0.12 0.13 - 0.01 0.24 0.09 0.14 0.12 0.12 - 0.01 0.47 0.10 0.02 0.01 0.02 unch 0.00 0.05 0.00 0.10 0.10 0.10 unch 0.00 0.15 0.04 0.11 0.10 0.10 unch 0.00 0.16 0.10 3.00 0.93 1.55 + 0.68 7.60 0.22 0.00 0.00 0.04 unch 0.00 0.09 0.04 0.06 0.05 0.05 - 0.01 0.25 0.04 0.01 0.01 0.01 unch 0.00 0.03 0.00 0.60 0.46 0.55 + 0.01 0.96 0.08 0.10 0.07 0.09 - 0.01 0.11 0.03 0.01 0.01 0.01 unch 0.00 0.75 0.01 0.05 0.05 0.05 unch 0.00 0.10 0.05 0.06 0.05 0.06 + 0.01 0.24 0.03 0.07 0.07 0.07 unch 0.00 0.28 0.04 0.03 0.02 0.03 unch 0.00 0.07 0.02 0.03 0.02 0.03 + 0.01 0.04 0.02 0.02 0.00 0.02 + 0.01 0.04 0.01 2.35 2.33 2.34 - 0.06 4.61 1.80 0.63 0.56 0.56 - 0.03 1.78 0.47 0.07 0.07 0.07 unch 0.00 0.19 0.07 0.18 0.14 0.15 - 0.02 0.33 0.10 0.26 0.20 0.20 - 0.04 0.43 0.14 0.04 0.03 0.03 unch 0.00 0.06 0.03 0.09 0.05 0.09 + 0.03 0.16 0.05 0.09 0.07 0.08 + 0.01 0.34 0.07 0.06 0.04 0.06 + 0.00 0.25 0.05 0.01 0.01 0.01 + 0.01 0.03 0.01 0.44 0.36 0.41 - 0.02 0.75 0.24 0.60 0.52 0.57 - 0.03 1.01 0.33 0.05 0.04 0.04 - 0.01 0.24 0.04 0.00 0.00 0.04 unch 0.00 0.06 0.02 0.26 0.18 0.25 + 0.03 0.30 0.15 0.17 0.00 0.17 + 0.01 0.19 0.15 0.00 0.00 0.00 - 0.00 0.00 0.00 0.03 0.02 0.02 - 0.01 0.06 0.01 46.74 43.97 45.04 + 1.47 64.02 35.35 47.59 0.00 46.22 + 2.10 62.00 34.85 59.15 0.00 49.40 + 7.90 74.50 41.50 0.21 0.16 0.20 - 0.00 0.52 0.11 0.31 0.22 0.29 - 0.01 0.70 0.14 0.69 0.60 0.60 - 0.05 1.00 0.30 0.52 0.42 0.45 - 0.01 0.91 0.31 0.16 0.13 0.14 unch 0.00 0.25 0.10 0.11 0.09 0.10 - 0.00 0.18 0.06 0.18 0.09 0.15 + 0.06 0.24 0.06 0.27 0.12 0.20 + 0.08 0.32 0.08 0.36 0.30 0.34 + 0.04 0.73 0.20 0.26 0.21 0.24 + 0.02 0.55 0.14 0.21 0.19 0.20 - 0.01 0.22 0.06 0.07 0.00 0.07 + 0.02 0.08 0.03 0.03 0.03 0.03 + 0.00 0.06 0.02 0.36 0.36 0.36 unch 0.00 0.64 0.36 0.57 0.00 0.46 + 0.04 0.85 0.37 0.06 0.04 0.05 unch 0.00 0.19 0.04 0.03 0.03 0.03 - 0.01 0.12 0.02 0.02 0.02 0.02 unch 0.00 0.05 0.01 0.10 0.09 0.09 unch 0.00 0.19 0.06 0.10 0.09 0.10 + 0.01 0.39 0.07 0.03 0.02 0.03 + 0.02 0.08 0.01 0.03 0.00 0.03 + 0.01 0.06 0.02 0.03 0.00 0.03 unch 0.00 0.10 0.03 0.05 0.04 0.05 - 0.01 0.13 0.02 0.10 0.06 0.10 + 0.04 0.13 0.03 0.03 0.02 0.03 + 0.00 0.05 0.01 0.04 0.03 0.03 + 0.01 0.07 0.02 0.13 0.13 0.13 + 0.02 0.18 0.05 0.20 0.17 0.20 + 0.03 0.26 0.10 0.10 0.10 0.10 unch 0.00 0.40 0.00 0.82 0.69 0.75 + 0.01 1.42 0.56 0.57 0.50 0.55 + 0.01 1.07 0.05 0.30 0.00 0.30 + 0.05 0.60 0.12 0.20 0.00 0.20 + 0.03 0.39 0.02 97.59 86.27 93.50 + 2.94 138.78 59.78 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.18 0.00 0.18 + 0.03 0.35 0.13 0.00 0.00 0.03 unch 0.00 1.00 0.01 0.03 0.03 0.03 + 0.01 0.07 0.02 0.06 0.04 0.05 - 0.01 0.11 0.04 0.04 0.04 0.04 unch 0.00 0.07 0.04 0.75 0.00 0.66 - 0.02 1.27 0.54 0.55 0.41 0.45 - 0.03 0.96 0.37 0.08 0.00 0.08 unch 0.00 0.26 0.05 0.01 0.01 0.01 unch 0.00 0.01 0.01 0.68 0.62 0.65 - 0.03 1.00 0.53 0.52 0.00 0.52 unch 0.00 0.74 0.43 0.05 0.05 0.05 unch 0.00 0.13 0.04 0.03 0.03 0.03 unch 0.00 0.10 0.03

Sabina Gd&Slvr* O 1096 Sabina Gd&Slvr T 1662 Sable Res* O 43 Sable Res V 471 Sailfish Rylty V 49 Saint Jean* O 8 Salazar Res* O 31 Salazar Res V 85 Salt Lake Pot* O 0 Sama Res V 250 Sama Res* O 101 San Gold Corp* O 92 San Marco Res* O 30 San Marco Res V 154 Sanatana Res V 226 Sandfire Res V 44 Sandfire Res* O 295 Sandspring Res* O 140 Sandstorm Gold T 3345 Sandstorm Gold* N 10150 Santa Fe Gold* O 416 Santacruz Silv V 146 Sarama Res V 3796

0.88 0.75 0.85 + 0.03 1.72 0.51 1.25 1.14 1.21 + 0.05 2.28 0.71 0.04 0.03 0.04 + 0.01 0.12 0.03 0.07 0.06 0.06 unch 0.00 0.15 0.04 0.85 0.64 0.75 - 0.10 1.81 0.45 0.00 0.00 0.00 unch 0.00 0.03 0.00 0.11 0.08 0.11 + 0.03 0.23 0.08 0.20 0.14 0.17 - 0.03 0.27 0.12 0.00 0.00 0.18 unch 0.00 0.59 0.18 0.15 0.13 0.14 - 0.02 0.44 0.12 0.11 0.00 0.08 - 0.02 0.33 0.08 0.00 0.00 0.00 + 0.00 0.00 0.00 0.10 0.09 0.10 + 0.02 0.14 0.06 0.16 0.14 0.15 unch 0.00 0.25 0.09 0.01 0.01 0.01 unch 0.00 0.06 0.01 0.25 0.23 0.25 unch 0.00 0.40 0.08 0.19 0.14 0.18 - 0.00 0.31 0.06 1.33 0.89 1.05 - 0.02 2.72 0.58 8.19 7.01 7.52 + 0.08 10.50 4.64 5.76 4.96 5.32 - 0.02 7.90 3.32 0.06 0.04 0.06 - 0.00 0.11 0.03 0.09 0.00 0.09 - 0.01 0.20 0.05 0.05 0.04 0.04 + 0.01 0.12 0.03

R

S

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Sarissa Res* O 79 Satori Res V 104 Satori Res* O 0 Saturn Mnrls V 451 Saville Res V 146 194 T Scandium Intl Scandium Intl* O 61 Scorpio Gold V 150 98 Scorpio Gold * O Scottie Res V 181 Scottie Res* O 201 ScoZinc Mg V 75 Seabridge Gld T 653 3444 Seabridge Gld* N Search Mnls V 98 Search Mnls* O 8 Searchlight* O 18 O 32 SearchlightMin* SearchlightRes V 201 Sego Res V 85 Select Sands V 1559 T 8713 Semafo Sentinel Res C 25 Serabi Gold T 46 Serengeti Res V 53 Sherritt Intl T 2430 O 3 Shine Minerals* Shine Minerals V 22 Sibanye-Stillw* N 17057 O 6442 Sidney Resrces* Sienna Res V 163 Sienna Res* O 50 Sierra Metals* X 66 Sierra Metals T 33 Sigma Lithium V 4 Signature Res* O 0 Signature Res V 644 137 Silver Bear Rs* O 102 T Silver Bear Rs 3925 O Silver Bull Re* 1939 T Silver Bull Re Silver Eleph* O 688 Silver Eleph T 1873 Silver Grail V 10 23 Silver Mtn Mns* O 3 Silver Mtn Mns V Silver Phoenix C 0 Silver Predatr* O 50 Silver Predatr V 51 Silver Range* O 46 Silver Range V 22 Silver Scott* O 162 Silver Spruce* O 18 Silver Spruce V 112 Silver Viper V 21 Silver Viper* O 42 Silvercorp Met T 4542 Silvercorp Met* X 8904 SilverCrest* X 3514 T 1644 SilverCrest Silverstar Res* O 1 Sirios Res V 285 Sirios Res* O 60 Sitka Gold C 329 Sitka Gold* O 47 Sixty North C 819 Sixty North* O 1340 Skeena Res V 587 Skeena Res* O 231 SKRR Explor V 7 Sky Gold* O 318 V 676 Sky Gold O 280 Skyharbour Res* V 779 Skyharbour Res Slam Explor* O 0 Slam Explor V 71 Sokoman Min V 982 Sokoman Min* O 85 SolGold plc T 26 SolGold plc* O 6 Solitario Ex&R* X 190 Solitario Ex&R T 19 Solstice Gold V 4189 79 Sonora Gld & S V Sonoro Metals* O 19 Sonoro Metals V 96 O 97 South32* Southern Arc* O 3 Southern Arc V 7 Southern Copp* N 4258 Southern Silvr* O 356 Southern Silvr V 1054 SouthGobi Res T 5 V 18 Southstone Min 365 Spanish Mtn Gd V 265 Spanish Mtn Gd* O Sparton Res V 105 Sparton Res* O 55 O 36 Spearmint Res* Spearmint Res C 748 Sphinx Res V 1959 101 T Sprott Res Hld 479 Spruce Ridge R V SRG Mining V 38 SSR Mining* D 7975 SSR Mining T 2817 St Augustine T 618 C 163 St-Georges Eco O 22 St-Georges Eco* Stakeholdr Gld V 50 O 70 Stakeholdr Gld* O 742 Standard Graph* Standard Lith V 294 O 23 Standard Metal* Stans Energy V 154 Stans Energy* O 158 Star Diamond* O 19 Star Diamond T 1662 Star Gold* O 203 Starcore Intl T 97 85 Starr Peak Exp V O 0 Steele Oceanic* Stellar Africa* O 1 Stellar Africa V 100 Stelmine Can V 296 Steppe Gold T 167 Stevens Gold C 5 O 627 Stornoway Diam* Straightup Res C 5 Stratabd Mnr V 99 Strateco Res* O 168 Strategic Metl V 288 Strategic Metl* O 176 Strategic Min* O 200 Strategic Res V 50 Strategic Res* O 0 Stria Lithium V 101 Strikepoint Gd V 18 Strikepoint Gd* O 79 V 357 Strongbow Expl O 26 Strongbow Expl* Stroud Res V 26 Stuhini Explor V 95 Sulliden Mng T 499 Sun Metals V 447 Suncor Energy T 88025 102040 Suncor Energy* N Superior Gold* O 15 Superior Gold V 153 Superior Mng V 75 O 3 Supreme Metal* C 580 Supreme Metals 50 Surge Copper * O Surge Copper V 165 Surge Explor* O 437 Surge Explor V 4212 Sutter Gold* O 20 Syrah Res* O 100

0.00 unch 0.00 0.00 0.00 0.00 0.00 0.01 0.03 - 0.02 0.09 0.04 0.00 0.02 unch 0.00 0.06 0.02 0.00 0.00 0.07 unch 0.00 0.17 0.09 0.10 0.08 0.02 0.03 + 0.01 0.06 0.03 0.02 0.20 0.06 0.06 0.07 + 0.01 0.07 0.04 0.05 - 0.00 0.15 0.06 0.04 0.05 0.07 + 0.01 0.16 0.07 0.06 0.11 0.03 0.05 0.05 + 0.01 0.05 0.11 0.16 + 0.01 0.30 0.16 0.15 0.07 0.10 - 0.01 0.23 0.12 0.00 0.30 0.31 + 0.01 0.90 0.31 0.31 7.37 13.03 - 0.64 21.98 14.59 12.70 - 0.62 16.55 5.25 8.99 9.20 10.29 0.03 unch 0.00 0.06 0.04 0.04 0.03 0.02 unch 0.00 0.04 0.02 0.02 0.02 0.00 0.03 + 0.00 0.10 0.03 0.02 0.01 0.01 - 0.01 0.07 0.02 0.01 0.02 unch 0.00 0.05 0.03 0.03 0.00 0.03 unch 0.00 0.07 0.04 0.04 0.03 0.01 0.02 - 0.01 0.13 0.02 0.01 1.57 3.01 + 0.01 5.75 3.16 2.70 0.10 unch 0.00 0.15 0.10 0.10 0.10 0.45 0.85 + 0.06 1.69 0.98 0.75 0.15 0.17 + 0.01 0.36 0.17 0.15 0.07 0.11 + 0.01 0.43 0.12 0.10 0.02 0.05 + 0.01 0.05 0.05 0.04 0.01 unch 0.00 0.08 0.03 0.03 0.03 5.48 4.35 4.61 - 0.30 11.85 3.50 0.00 0.03 - 0.00 0.04 0.03 0.02 0.03 unch 0.00 0.10 0.04 0.05 0.04 0.02 0.03 + 0.00 0.08 0.03 0.03 0.45 0.06 1.90 0.69 - 0.81 0.68 0.89 0.96 - 0.15 2.50 1.18 0.95 1.40 1.70 - 0.10 2.08 1.80 1.68 0.02 0.03 + 0.00 0.07 0.03 0.00 0.02 unch 0.00 0.09 0.04 0.04 0.04 0.18 0.05 0.07 0.08 + 0.03 0.08 0.25 0.05 - 0.02 0.10 0.11 0.12 0.12 0.02 0.04 0.06 + 0.02 0.07 0.16 0.03 0.06 0.08 + 0.02 0.10 0.06 0.10 - 0.01 0.43 0.11 0.08 0.10 0.14 - 0.01 0.55 0.15 0.12 0.02 unch 0.00 0.12 0.06 0.06 0.06 0.02 0.00 0.01 0.01 unch 0.00 0.01 0.02 0.01 0.00 0.01 unch 0.00 0.01 0.10 unch 0.00 0.20 0.10 0.00 0.00 0.05 unch 0.00 0.12 0.06 0.06 0.06 0.04 0.08 - 0.03 0.17 0.11 0.08 0.05 0.05 - 0.00 0.11 0.06 0.05 0.07 0.08 - 0.02 0.14 0.08 0.00 0.01 0.10 + 0.03 0.13 0.13 0.07 0.01 0.03 + 0.01 0.05 0.03 0.01 0.02 0.03 - 0.01 0.07 0.03 0.03 0.16 0.30 + 0.01 0.43 0.30 0.27 0.00 0.20 - 0.03 2.21 0.21 0.00 2.12 4.59 - 0.45 7.69 5.34 4.41 1.50 3.24 - 0.38 5.93 3.78 3.11 2.96 4.69 - 0.68 8.30 5.60 4.66 7.92 6.60 6.60 - 0.92 10.98 3.99 0.02 unch 0.00 0.14 0.02 0.02 0.02 0.08 0.09 - 0.01 0.25 0.09 0.08 0.07 unch 0.00 0.18 0.07 0.08 0.07 0.05 0.09 + 0.01 0.26 0.09 0.08 0.03 0.07 + 0.01 0.18 0.07 0.06 0.03 0.03 - 0.01 0.09 0.04 0.03 0.02 0.02 - 0.01 0.05 0.02 0.00 0.35 0.87 + 0.03 1.20 0.88 0.78 0.26 0.62 + 0.03 0.92 0.62 0.55 0.16 unch 0.00 0.40 0.20 0.20 0.20 0.04 unch 0.00 0.71 0.05 0.06 0.04 0.05 0.07 + 0.01 0.70 0.07 0.00 0.06 0.08 + 0.00 0.33 0.10 0.07 0.08 unch 0.00 0.44 0.12 0.13 0.11 0.01 unch 0.00 0.02 0.01 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.01 0.01 0.04 0.06 - 0.01 0.20 0.07 0.06 0.04 0.05 - 0.01 0.15 0.05 0.05 0.19 0.27 + 0.04 0.71 0.34 0.23 0.13 0.21 + 0.04 0.54 0.21 0.18 0.13 0.20 + 0.00 0.43 0.23 0.17 0.22 0.29 + 0.01 0.55 0.29 0.29 0.02 unch 0.00 0.27 0.04 0.04 0.04 0.07 0.03 0.03 0.03 unch 0.00 0.03 0.06 0.07 - 0.00 0.15 0.08 0.07 0.07 0.11 + 0.01 0.19 0.11 0.09 0.89 unch 0.00 2.76 1.04 1.04 0.00 0.17 0.24 + 0.02 0.37 0.24 0.24 0.24 0.28 - 0.08 0.50 0.35 0.00 23.43 26.80 + 0.21 44.82 29.14 26.15 0.05 0.09 - 0.01 0.23 0.11 0.06 0.06 0.14 - 0.01 0.31 0.15 0.10 0.07 0.09 + 0.01 0.18 0.09 0.09 0.04 unch 0.00 0.20 0.05 0.05 0.05 0.14 0.05 0.07 0.07 unch 0.00 0.08 0.11 0.03 - 0.00 0.04 0.05 0.06 0.02 unch 0.00 0.06 0.02 0.02 0.02 0.01 unch 0.00 0.05 0.02 0.02 0.01 0.01 0.01 0.08 + 0.01 0.02 0.01 0.01 unch 0.00 0.04 0.02 0.02 0.01 0.01 unch 0.00 0.05 0.01 0.02 0.01 1.77 0.30 - 0.02 0.29 0.30 0.37 0.09 0.03 0.03 0.04 + 0.01 0.04 0.22 0.30 - 0.02 1.10 0.34 0.27 9.00 12.50 + 0.18 19.42 13.56 11.07 12.12 17.72 + 0.51 25.57 19.16 15.72 0.01 unch 0.00 0.03 0.02 0.02 0.01 0.03 unch 0.00 0.18 0.04 0.04 0.03 0.02 0.02 - 0.00 0.14 0.02 0.02 0.02 unch 0.00 0.08 0.03 0.03 0.03 0.01 0.03 + 0.00 0.04 0.03 0.03 0.05 0.07 - 0.00 0.53 0.08 0.06 0.39 0.55 - 0.03 1.08 0.62 0.51 0.03 0.05 - 0.00 0.08 0.05 0.00 0.01 unch 0.00 0.11 0.01 0.01 0.01 0.00 unch 0.00 0.08 0.01 0.01 0.00 0.14 0.17 - 0.01 0.41 0.19 0.17 0.18 0.24 - 0.02 0.53 0.26 0.24 0.02 0.04 + 0.01 0.09 0.04 0.03 0.05 0.08 + 0.01 0.14 0.09 0.08 0.59 0.10 - 0.05 0.35 0.35 0.40 0.20 unch 0.00 1.00 0.36 0.00 0.00 0.01 unch 0.00 0.04 0.02 0.02 0.00 0.02 unch 0.00 0.04 0.02 0.02 0.02 0.05 unch 0.00 0.17 0.06 0.08 0.05 0.59 0.76 + 0.01 1.14 0.76 0.68 0.25 unch 0.00 0.27 0.27 0.27 0.27 0.00 0.00 + 0.00 0.08 0.00 0.00 0.10 unch 0.00 0.10 0.10 0.10 0.10 0.02 0.07 - 0.01 0.13 0.08 0.00 0.00 unch 0.00 0.01 0.00 0.01 0.00 0.25 0.28 - 0.03 0.57 0.34 0.26 0.18 0.21 - 0.00 0.43 0.23 0.19 0.01 unch 0.00 0.03 0.01 0.00 0.00 0.18 0.21 + 0.02 0.70 0.21 0.00 0.14 unch 0.00 0.46 0.14 0.00 0.00 0.01 0.01 + 0.01 0.03 0.01 0.01 0.02 unch 0.00 0.16 0.03 0.03 0.00 0.01 0.02 + 0.01 0.12 0.02 0.01 0.03 unch 0.00 0.15 0.03 0.04 0.03 0.01 0.03 + 0.01 0.10 0.03 0.02 0.05 0.16 + 0.01 0.37 0.16 0.15 0.12 0.15 + 0.01 0.35 0.15 0.14 0.03 0.04 + 0.01 0.10 0.04 0.03 0.06 0.08 - 0.01 0.65 0.08 0.07 14.02 22.98 + 6.55 46.00 27.10 16.06 9.61 16.24 + 4.51 34.56 19.16 11.32 0.26 0.37 + 0.03 0.84 0.37 0.00 0.33 0.53 + 0.06 1.14 0.54 0.00 0.05 0.19 + 0.02 0.25 0.19 0.19 0.01 unch 0.00 0.02 0.01 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.01 0.01 0.05 0.03 0.03 0.03 unch 0.00 0.03 0.02 0.03 - 0.01 0.07 0.03 0.03 0.00 0.00 - 0.00 0.08 0.01 0.00 0.01 0.01 - 0.01 0.10 0.01 0.00 0.00 0.00 + 0.00 0.01 0.00 0.00 0.09 0.14 - 0.00 0.96 0.20 0.14

Taiga Gold C 122 Taiga Gold* O 36 V 228 Tajiri Res Taku Gold* O 37 Taku Gold C 23 Talisker Res* O 25 Talisker Res C 633 Talon Metals T 312 Tamino Mnrls* O 4020 Tanqueray Expl V 1144 Tantalex Res C 1712 Tanzanian Gold T 91

0.06 0.11 + 0.01 0.15 0.11 0.10 0.04 0.08 + 0.01 0.11 0.08 0.00 0.03 unch 0.00 0.08 0.03 0.03 0.03 0.01 0.04 + 0.01 0.08 0.04 0.02 0.03 0.05 + 0.01 0.10 0.05 0.00 0.03 0.21 + 0.00 0.47 0.24 0.20 0.08 unch 0.00 0.65 0.29 0.34 0.28 0.08 0.09 + 0.01 0.25 0.10 0.08 0.00 0.00 + 0.00 0.01 0.00 0.00 0.45 0.80 + 0.11 0.85 0.82 0.67 0.01 unch 0.00 0.05 0.01 0.01 0.01 0.55 0.72 - 0.02 1.56 0.79 0.61

T

GLOBAL MINING NEWS

(100s) Stock

THE NORTHERN MINER / APRIL 13–26, 2020

Week

12-month

Exc Volume High Low Last Change High Low

Tanzanian Gold* X 1450 Taranis Res V 49 Taranis Res* O 10 Tarku Res V 10 Tartisan Nick* O 79 Tartisan Nick C 84 Taseko Mines T 381 Taseko Mines* X 1566 Tearlach Res V 2 Teck Res T 19358 Teck Res T 22 Teck Res* N 24757 Tectonic Metal V 145 Telson Res * O 1125 Telson Res V 293 Tembo Gold V 220 Teranga Gold* O 186 Teranga Gold T 2474 Teras Res V 32 Teras Res* O 9 Terrax Mnrls V 1186 Terrax Mnrls* O 129 Terreno Res V 53 Teslin Rvr Res V 634 Tesoro Mnrls V 131 Tethyan Res V 769 Teuton Res V 60 Teuton Res* O 6 Texas Mineral* O 905 Themac Res* O 6 Themac Res V 8 Thor Expl V 255 Thunder Mtn Gd* O 65 Thunderstruck V 339 Thunderstruck* O 50 Tiger Intl V 138 Till Capital V 2 Timberline Res V 352 Timberline Res* O 290 Tinka Res* O 104 Tinka Res V 318 Tintina Mines V 85 Tisdale Res* O 1 Tisdale Res V 40 Titan Mining T 62 Titan Mining* O 3 Titanium Corp V 23 TMAC Resource* O 103 TMAC Resources T 1670 TNR Gold V 250 Tocvan Venture C 711 Tombstone Expl* O 11 Tonogold Res* O 54 Torex Gold* O 207 Torex Gold T 2790 Torq Resources* O 12 Torq Resources V 98 Tower Res* O 10 Tower Res V 285 Transition Met* O 40 Transition Met V 346 Treasury Metal T 1088 Treasury Metal* O 38 Trecora Res* N 358 Tres-Or Res V 13 Trevali Mng* O 173 Trevali Mng T 5043 Tri Origin Exp V 9805 Trifecta Gold V 72 Trifecta Gold* O 1 Trilogy Mtls T 38

0.56 0.45 0.51 - 0.01 1.20 0.36 0.05 0.05 0.05 + 0.01 0.08 0.04 0.04 0.04 0.04 unch 0.00 0.07 0.03 0.08 0.05 0.08 unch 0.00 0.26 0.04 0.04 0.04 0.04 + 0.00 0.10 0.02 0.06 0.00 0.06 + 0.01 0.12 0.03 0.39 0.35 0.36 + 0.02 1.05 0.28 0.29 0.24 0.25 + 0.01 0.79 0.20 0.12 0.12 0.12 unch 0.00 0.25 0.07 11.00 8.87 10.07 + 1.00 34.31 8.15 14.99 12.75 13.50 + 0.23 34.00 9.00 7.81 6.26 7.11 + 0.60 25.75 5.60 0.18 0.12 0.15 - 0.03 0.31 0.10 0.05 0.05 0.05 + 0.02 0.30 0.04 0.07 0.05 0.06 - 0.01 0.40 0.04 0.02 0.01 0.01 - 0.01 0.04 0.01 5.16 4.67 4.88 - 0.05 6.83 2.23 7.41 6.56 6.89 - 0.17 8.85 2.97 0.04 0.04 0.04 unch 0.00 0.08 0.02 0.03 0.03 0.03 + 0.00 0.05 0.02 0.22 0.18 0.19 unch 0.00 0.44 0.16 0.15 0.12 0.14 + 0.02 0.34 0.11 0.01 0.01 0.01 unch 0.00 0.04 0.01 0.20 0.17 0.18 - 0.01 0.58 0.14 0.04 0.00 0.03 unch 0.00 0.07 0.03 0.11 0.07 0.10 + 0.01 0.84 0.06 0.41 0.39 0.40 + 0.02 0.65 0.16 0.28 0.27 0.27 - 0.01 0.49 0.11 0.85 0.58 0.83 + 0.21 1.58 0.12 0.06 0.06 0.06 unch 0.00 0.07 0.02 0.08 0.05 0.08 + 0.04 0.08 0.03 0.16 0.13 0.16 + 0.03 0.18 0.12 0.10 0.10 0.10 - 0.00 0.14 0.03 0.08 0.06 0.06 - 0.02 0.08 0.03 0.04 0.04 0.04 - 0.02 0.06 0.02 0.12 0.12 0.12 unch 0.00 0.15 0.04 2.40 1.60 2.40 + 0.15 2.54 1.00 0.08 0.07 0.07 unch 0.00 0.14 0.06 0.05 0.04 0.05 - 0.00 0.11 0.02 0.09 0.00 0.08 - 0.00 0.27 0.05 0.13 0.12 0.12 + 0.01 0.36 0.07 0.04 0.03 0.03 - 0.01 0.08 0.02 0.04 0.04 0.04 unch 0.00 0.11 0.04 0.12 0.04 0.07 - 0.05 0.19 0.04 0.19 0.16 0.18 + 0.03 0.60 0.14 0.11 0.11 0.11 - 0.05 0.45 0.11 0.48 0.00 0.32 - 0.08 0.82 0.30 0.44 0.31 0.33 - 0.07 5.27 0.31 0.59 0.44 0.46 - 0.10 6.95 0.44 0.03 0.03 0.03 unch 0.00 0.05 0.02 0.21 0.16 0.20 + 0.04 0.24 0.07 2.44 1.25 2.40 + 0.50 3.80 0.50 0.35 0.20 0.35 + 0.02 0.55 0.12 11.42 8.27 9.24 - 1.26 17.13 6.19 15.31 12.86 13.04 - 1.68 22.45 8.79 0.26 0.23 0.26 + 0.02 0.42 0.21 0.42 0.00 0.41 + 0.01 0.59 0.27 0.01 0.01 0.01 - 0.01 0.05 0.01 0.03 0.02 0.02 unch 0.00 0.07 0.02 0.11 0.10 0.11 + 0.01 0.18 0.08 0.17 0.15 0.17 + 0.03 0.24 0.10 0.22 0.19 0.20 + 0.02 0.42 0.15 0.15 0.14 0.15 + 0.01 0.32 0.11 6.03 4.23 4.31 - 1.37 10.54 4.23 0.07 0.07 0.07 unch 0.00 0.30 0.07 0.06 0.05 0.06 + 0.01 0.36 0.05 0.09 0.07 0.08 unch 0.00 0.48 0.07 0.03 0.01 0.01 unch 0.00 0.04 0.01 0.03 0.02 0.02 - 0.01 0.06 0.02 0.02 0.02 0.02 + 0.01 0.04 0.01 2.02 1.79 2.01 + 0.11 4.10 1.50

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Trilogy Mtls* X 835 TriMetals Mng* O 33 Trinity Res* O 82 Trinity Valley V 1000 Trio Resources* O 1 TriStar Gold V 111 TriStar Gold* O 173 Triumph Gold V 161 Triumph Gold* O 145 Troilus Gold* O 41 Troilus Gold T 285 Troubadour Res V 54 Troy Res* O 1 True North Gem* O 6 True North Gem V 5 Tsodilo Res V 152 Tudor Gold V 498 Tudor Gold * O 26 Turmalina Met* O 191 Turmalina Met V 2176 Turquoise HIl* N 11341 Turquoise HIl T 3283 TVI Pacific V 818 TVI Pacific* O 4 Tymbal Res V 16 Typhoon Expl V 115

1.44 1.27 1.43 + 0.06 3.13 1.03 0.07 0.00 0.06 - 0.00 0.13 0.03 0.29 0.06 0.08 - 0.22 0.50 0.01 0.05 0.05 0.05 - 0.01 0.15 0.04 0.00 0.00 0.00 + 0.00 0.00 0.00 0.30 0.25 0.29 + 0.03 0.37 0.11 0.20 0.18 0.20 + 0.01 0.28 0.09 0.17 0.15 0.16 - 0.01 0.58 0.07 0.13 0.10 0.12 - 0.00 0.44 0.06 0.48 0.41 0.42 + 0.00 0.72 0.30 0.71 0.55 0.64 + 0.03 0.99 0.42 0.04 0.03 0.03 unch 0.00 0.13 0.02 0.05 0.05 0.05 unch 0.00 0.09 0.03 0.02 0.00 0.02 unch 0.00 0.14 0.02 0.05 0.00 0.05 unch 0.00 0.28 0.04 0.07 0.00 0.07 unch 0.00 0.24 0.05 0.49 0.44 0.48 + 0.04 1.07 0.26 0.35 0.00 0.31 + 0.01 0.81 0.20 0.30 0.28 0.30 + 0.02 0.65 0.20 0.45 0.35 0.45 + 0.08 0.86 0.27 0.41 0.37 0.39 + 0.01 1.77 0.30 0.57 0.52 0.55 unch 0.00 2.36 0.43 0.02 0.01 0.01 unch 0.00 0.02 0.01 0.01 0.01 0.01 unch 0.00 0.01 0.00 0.02 0.02 0.02 unch 0.00 0.06 0.02 0.03 0.03 0.03 - 0.02 0.07 0.02

U.S. Gold* D 456 U.S. Lithium* O 850 Ubique Mineral C 10 UC Res* O 74 Ucore Rare Mtl V 343 Ucore Rare Mtl* O 832 UEX Corp T 2412 Ultra Resource* O 73 Ultra Resource V 107 Umbral Enrgy* O 248 Unigold* O 2 Unigold V 227 United Battery* O 33 United Battery C 33 United Res Hdg* O 43 United States A* X 70 United States S* N 120830 Universal Cop V 2 Universal Vent V 80 Ur-Energy T 260 Ur-Energy* X 1945 Uragold Bay Rs V 331 Uranium Energy* X 5245 Uranium Hunter* O 3 Uranium Res* D 1265 Uranium Roylty V 359 Uranium Roylty* O 113 Uravan Mnrls V 36 Uravan Mnrls* O 6 UrbanGold Min V 82 USCorp* O 2 Usha Res V 21 Val-d'Or Mg V 0 Vale* N 135780 Valley High Mg* O 1750 ValOre Metals* O 54 ValOre Metals V 357 Valterra Res* O 155 Valterra Res V 122 Vanadian Enrgy V 176 Vanadian Enrgy* O 6 Vanadium One* O 10

6.00 4.52 5.08 - 1.92 15.30 2.61 1.16 0.74 0.74 - 0.36 1.74 0.18 0.04 0.04 0.04 unch 0.00 0.16 0.03 0.17 0.00 0.16 + 0.03 0.70 0.09 0.13 0.11 0.13 + 0.01 0.34 0.09 0.10 0.08 0.09 - 0.00 0.25 0.06 0.13 0.12 0.13 + 0.02 0.20 0.07 0.04 0.02 0.02 + 0.00 0.08 0.01 0.08 0.03 0.04 - 0.01 0.10 0.02 0.13 0.09 0.11 - 0.02 0.52 0.07 0.00 0.00 0.08 unch 0.00 0.21 0.07 0.15 0.13 0.13 - 0.01 0.27 0.09 0.17 0.06 0.07 - 0.00 0.24 0.03 0.22 0.00 0.10 - 0.02 0.30 0.01 0.02 0.00 0.02 - 0.00 0.09 0.02 0.38 0.30 0.38 + 0.03 0.80 0.25 7.18 5.46 5.96 + 0.18 20.25 4.54 0.04 0.00 0.04 unch 0.00 0.36 0.03 4.48 3.95 3.95 - 0.43 6.50 3.45 0.56 0.48 0.52 + 0.03 1.30 0.39 0.42 0.34 0.38 + 0.03 0.99 0.27 0.06 0.06 0.06 unch 0.00 0.11 0.05 0.61 0.50 0.55 + 0.03 1.58 0.35 1.32 1.10 1.32 + 0.12 3.50 0.55 1.35 0.92 1.01 unch 0.00 9.85 0.25 0.95 0.88 0.92 + 0.02 1.28 0.80 0.67 0.63 0.66 + 0.02 0.95 0.56 0.01 0.01 0.01 - 0.01 0.04 0.01 0.00 0.00 0.00 unch 0.00 0.04 0.00 0.09 0.08 0.09 + 0.04 0.18 0.05 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.12 0.12 0.12 unch 0.00 0.19 0.11 0.00 0.00 0.06 unch 0.00 0.15 0.03 8.58 7.45 7.58 - 0.26 14.19 6.49 0.00 0.00 0.00 - 0.00 0.01 0.00 0.14 0.00 0.14 + 0.01 0.31 0.09 0.20 0.18 0.19 + 0.01 0.41 0.14 0.04 0.03 0.03 - 0.01 0.28 0.03 0.05 0.03 0.03 - 0.02 0.35 0.03 0.02 0.00 0.02 - 0.01 0.06 0.01 0.01 0.01 0.01 unch 0.00 0.04 0.00 0.03 0.03 0.03 unch 0.00 0.12 0.03

U-V

(100s) Stock

Week

12-month

(100s)

Exc Volume High Low Last Change High Low

Vanadium One V 236 Vanadiumcorp* O 37 Vanadiumcorp V 74 Vangold Res V 112 Vangold Res* O 25 Vanstar Mng Rs* O 70 Vanstar Mng Rs V 246 Vantex Res V 10 Velocity Mnrls V 19 Velocity Mnrls* O 50 Vendetta Mng V 385 Vendetta Mng* O 40 Venerable Vent V 20 Venture Mnrls* O 15 Verde Potash T 337 Verde Res* O 5 Veris Gold* O 2 Vertical Expl V 5 Victoria Gold* O 74 Victoria Gold T 341 Victory Metals* O 39 Victory Metals V 165 Victory Nickel* O 13 Victory Nickel C 143 Virginia Enrgy* O 262 Virginia Enrgy V 98 Viscount Mng V 67 Visible Gold M V 19 Visible Gold M* O 25 Vision Lithium V 33 Vision Lithium* O 66 Vista Gold* X 1153 Vista Gold T 30 Viva Gold* O 35 Viva Gold V 135 Vizsla Res V 570 Vizsla Res * O 314 Volcanic Gold V 3 Volcanic Gold* O 1 Volt Energy V 20 Volt Energy* O 0 Voyageur Min* O 8 Voyageur Min V 271 VR Resources* O 220 VR Resources V 158 Vulcan Mnrls V 43 VVC Expl V 188

0.05 0.00 0.05 + 0.01 0.21 0.04 0.04 0.03 0.03 - 0.00 0.10 0.02 0.05 0.00 0.05 + 0.01 0.09 0.03 0.05 0.04 0.05 + 0.01 0.06 0.03 0.00 0.00 0.04 unch 0.00 0.04 0.03 0.49 0.38 0.45 + 0.03 0.66 0.12 0.69 0.52 0.60 + 0.04 0.90 0.18 0.15 0.00 0.15 unch 0.00 0.31 0.10 0.30 0.27 0.28 - 0.01 0.58 0.20 0.19 0.19 0.19 unch 0.00 0.44 0.15 0.04 0.03 0.04 + 0.01 0.12 0.03 0.03 0.03 0.03 + 0.00 0.09 0.01 0.03 0.03 0.03 unch 0.00 0.10 0.03 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.39 0.28 0.30 unch 0.00 0.82 0.21 0.01 0.01 0.01 unch 0.00 0.10 0.01 0.00 0.00 0.00 + 0.00 0.00 0.00 0.03 0.03 0.03 + 0.01 0.09 0.02 4.85 4.32 4.75 + 0.06 7.56 2.88 6.88 6.10 6.69 + 0.08 9.90 4.02 0.18 0.14 0.14 - 0.00 0.57 0.11 0.22 0.20 0.21 - 0.01 0.76 0.17 0.02 0.01 0.01 + 0.00 0.04 0.01 0.02 0.01 0.02 + 0.01 0.05 0.01 0.05 0.04 0.05 + 0.01 0.25 0.03 0.08 0.05 0.05 - 0.02 0.37 0.04 0.34 0.00 0.31 + 0.03 0.35 0.15 0.05 0.04 0.04 unch 0.00 0.14 0.04 0.03 0.02 0.02 unch 0.00 0.07 0.02 0.04 0.04 0.04 + 0.01 0.11 0.01 0.03 0.03 0.03 + 0.00 0.10 0.01 0.51 0.45 0.48 - 0.03 1.05 0.36 0.77 0.64 0.70 - 0.01 1.39 0.51 0.17 0.16 0.17 + 0.02 0.26 0.09 0.27 0.21 0.21 - 0.02 0.38 0.14 0.36 0.29 0.34 + 0.02 0.96 0.13 0.26 0.22 0.25 + 0.01 0.73 0.16 0.15 0.15 0.15 unch 0.00 0.44 0.05 0.03 0.03 0.03 unch 0.00 0.36 0.03 0.04 0.04 0.04 unch 0.00 0.10 0.02 0.04 0.04 0.04 unch 0.00 0.05 0.03 0.06 0.06 0.06 unch 0.00 0.10 0.04 0.09 0.08 0.08 - 0.01 0.12 0.05 0.16 0.10 0.12 - 0.03 0.35 0.09 0.22 0.17 0.17 - 0.04 0.50 0.12 0.04 0.03 0.04 + 0.01 0.21 0.02 0.03 0.02 0.02 - 0.01 0.06 0.02

Walcott Res C 50 Walker Lane* O 22 Walker River* O 241 Walker River V 689 Wallbridge Mng* O 1711 Wallbridge Mng T 5204 Warrior Gold* O 4 Warrior Gold V 198 Waseco Res V 2 Wealth Mnrls V 213 Wealth Mnrls* O 300 Wescan Gldflds V 65 Wesdome Gold* O 481 Wesdome Gold T 4430 West High Yld V 119 West Kirkland V 876 West Kirkland * O 107 West Red Lake* O 64 West Red Lake C 232 Western Areas* O 2

0.11 0.11 0.11 - 0.01 0.20 0.10 0.07 0.07 0.07 - 0.00 0.40 0.02 0.06 0.05 0.06 - 0.01 0.15 0.05 0.08 0.00 0.07 unch 0.00 0.21 0.06 0.39 0.34 0.37 - 0.02 0.75 0.20 0.55 0.48 0.50 - 0.03 0.98 0.27 0.03 0.03 0.03 + 0.00 0.09 0.03 0.05 0.04 0.04 unch 0.00 0.13 0.03 0.03 0.03 0.03 unch 0.00 0.05 0.02 0.15 0.12 0.15 - 0.01 0.65 0.12 0.11 0.08 0.11 + 0.00 0.50 0.08 0.06 0.06 0.06 unch 0.00 0.11 0.03 6.20 5.12 5.62 - 0.13 8.32 2.95 8.47 7.28 7.98 - 0.11 11.06 3.96 0.09 0.07 0.08 unch 0.00 0.35 0.07 0.07 0.05 0.07 + 0.01 0.09 0.03 0.05 0.04 0.05 + 0.00 0.07 0.02 0.04 0.03 0.03 - 0.00 0.10 0.02 0.04 0.04 0.04 unch 0.00 0.12 0.04 1.25 1.19 1.25 + 0.06 2.32 1.15

Stock

Week

23

12-month

Exc Volume High Low Last Change High Low

Western Atlas V 173 0.07 0.06 0.06 + 0.01 0.11 0.04 Western Atlas* O 50 0.04 0.04 0.04 unch 0.00 0.07 0.04 Western Copper T 122 0.62 0.53 0.56 + 0.01 1.15 0.44 Western Copper* X 442 0.42 0.36 0.40 + 0.00 0.89 0.31 Western Mag V 227 0.12 0.11 0.11 - 0.01 0.35 0.05 Western Mag* O 233 0.09 0.07 0.09 - 0.00 0.43 0.03 Western Pac Rs* O 0 0.00 0.00 0.20 unch 0.00 0.42 0.16 Western Potash T 190 0.20 0.13 0.18 - 0.02 0.55 0.11 Western Res* O 4 0.12 0.11 0.12 unch 0.00 0.41 0.08 Western U&V C 92 0.78 0.60 0.70 + 0.10 1.49 0.25 Western U&V* O 63 0.55 0.43 0.46 + 0.03 1.15 0.15 Westgold Res* O 31 1.00 0.00 1.00 - 0.22 1.67 0.94 Westhaven Vent* O 119 0.35 0.31 0.32 - 0.04 0.93 0.25 Westhaven Vent V 254 0.49 0.44 0.44 - 0.06 1.25 0.35 Westkam Gold* O 1 0.08 0.07 0.07 - 0.01 0.44 0.02 Westkam Gold V 21 0.10 0.00 0.10 + 0.01 0.35 0.10 Westminster Rs V 0 0.00 0.00 0.04 unch 0.00 0.28 0.04 Westmoreland* O 127 0.01 0.01 0.01 + 0.01 0.03 0.01 WestMountain* O 1 2.89 0.00 2.25 unch 0.00 3.00 1.00 Wheaton Prec M* N 14524 29.40 27.11 27.82 - 0.32 34.00 18.66 Wheaton Prec M T 8141 41.51 38.32 39.35 - 0.07 45.00 26.50 White Gold* O 189 0.40 0.34 0.36 - 0.03 1.05 0.29 White Gold V 335 0.56 0.49 0.52 - 0.02 1.38 0.41 White Metal Rs V 714 0.03 0.02 0.03 + 0.01 0.07 0.02 White Mtn Engy* O 104 0.02 0.01 0.02 + 0.00 0.07 0.00 Whitehaven Coa* O 13 1.18 0.96 1.18 + 0.22 3.02 0.91 Wildsky Res* O 0 0.00 0.00 0.06 unch 0.00 0.11 0.04 Wildsky Res V 14 0.09 0.06 0.09 + 0.03 0.14 0.01 Winshear Gold V 56 0.09 0.05 0.05 - 0.04 0.20 0.05 Winshear Gold* O 5 0.07 0.03 0.03 - 0.04 0.10 0.02 Winston Gold C 670 0.09 0.00 0.08 + 0.01 0.17 0.01 Winston Gold* O 495 0.06 0.04 0.05 + 0.00 0.13 0.00 Wolfden Res* O 15 0.05 0.05 0.05 - 0.01 0.14 0.05 Wolfden Res V 358 0.11 0.08 0.10 + 0.01 0.19 0.07 Wolfeye Res V 3206 0.64 0.43 0.47 - 0.13 1.00 0.43 Worldwide Res* O 50 0.02 0.02 0.02 unch 0.00 0.05 0.02 Worldwide Res V 105 0.02 0.02 0.02 unch 0.00 0.07 0.02 X-Terra Res V 287 0.08 0.06 0.07 - 0.01 0.15 0.03 X-Terra Res* O 0 0.00 0.00 0.03 unch 0.00 0.10 0.03 Xanadu Mines T 55 0.04 0.02 0.04 + 0.02 0.12 0.01 Xiana Mng V 55 0.10 0.09 0.10 + 0.01 0.61 0.09 Xiana Mng* O 2 0.10 0.10 0.10 unch 0.00 0.44 0.08 Ximen Mining* O 136 0.26 0.26 0.26 unch 0.00 0.62 0.21 Ximen Mining V 231 0.38 0.27 0.36 - 0.02 0.84 0.26 Xtierra Inc V 198 0.05 0.03 0.03 - 0.01 0.08 0.03 Xtra-Gold Res* O 31 0.36 0.00 0.35 - 0.02 0.50 0.20 Xtra-Gold Res T 38 0.52 0.48 0.50 - 0.01 0.66 0.28 Yamana Gold T 19635 4.49 3.86 4.37 + 0.25 6.56 2.41 Yamana Gold* N 94204 3.18 2.73 3.08 + 0.11 4.94 1.78 Yanzhou Coal* O 396 0.76 0.76 0.76 + 0.00 1.08 0.64 Yorbeau Res T 131 0.03 0.03 0.03 unch 0.00 0.05 0.02 Zadar Ventures* O 0 0.11 0.11 0.11 unch 0.00 0.15 0.07 Zadar Ventures V 102 0.18 0.15 0.18 + 0.03 0.20 0.08 Zanzibar Gold C 52 0.05 0.00 0.04 - 0.01 0.32 0.03 Zara Res* O 2510 0.01 0.00 0.01 + 0.00 0.61 0.00 ZEN Graphene* O 151 0.22 0.18 0.21 - 0.00 0.46 0.17 ZEN Graphene V 359 0.32 0.26 0.30 unch 0.00 0.61 0.26 Zena Mining V 60 0.04 0.04 0.04 unch 0.00 0.10 0.04 Zephyr Mnls V 179 0.24 0.22 0.22 - 0.01 0.34 0.15 Zephyr Mnls* O 115 0.17 0.16 0.16 + 0.00 0.54 0.12 Zimtu Capital V 0 0.00 0.00 0.08 unch 0.00 0.30 0.08 Zinc One Res V 1204 0.01 0.00 0.01 unch 0.00 0.08 0.01 Zinc One Res * O 37 0.01 0.00 0.00 + 0.00 0.06 0.00 ZincX Res V 79 0.09 0.07 0.07 - 0.01 0.25 0.06 ZincX Res* O 5 0.05 0.05 0.05 unch 0.00 0.16 0.04 Zonte Metals V 34 0.22 0.18 0.20 - 0.03 0.39 0.17 Zonte Metals* O 38 0.15 0.13 0.14 + 0.00 0.30 0.12

W-Z

BID-ASK — MAR 30 - APR 03, 2020 STOCK

12-MONTH

EXC BID ASK LAST HIGH

12 Exploration Academy Metals African Metals Aftermath Silv Allante Res Alliance Mng Altan Rio Min American CuMo American Uran Amseco Expl AMV Capital Anconia Res Anglo-Bomarc Antler Gold Antler Hill Asbestos Corp Atalaya Mining Atlanta Gold Aurelius Min Awale Res Aztec Minerals Balto Res Banro Corp* Barker Min Baroyeca Gold Barrian Mining Bearclaw Cap BHK Mining Blackheath Res Bond Resources Boss Power Brigadier Gold Brunswick Res Bullion Gold Cairo Res Camrova Res Canada One Canadian Prem Canadian Silv Canterra Mnls Cariboo Rose Cassius Vents CAT Strategic Cautivo Mining Centurion Mnls Century Metals Cerro de Pasc Chatham Rock CIM Intl Grp Cliffmont Res Cliffs Nat Res* CMX Gold & Sil Comet Inds Conquest Res Copper Reef Mg CR Capital Crest Resource Cresval Cap CWN M'g Acq Cyntar Venture Cyprium Mng Discovery-Corp District Metal EastCoal Inc Eastern Zinc Edgewater Expl Edison Cobalt Electra Stone Engineer Gold Equitorial Ex Everton Res Excalibur Res Explorex Res Finore Mng Fiorentina Min Fire River Gol Firestone Vent Fort St J Nick Freedom Egy Freeport Res Full Metal Mnl Fusion Gold Galleon Gold Galore Res GAR Limited Generic Gold Gentor Res GFM Res GGL Res GGX Gold GK Resources Global Cop Grp Global Vanad Goldbelt Emp Golden Cariboo Golden Opp Res Goldstar Mnls

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

0.05 ... 0.15 0.25 0.08 0.16 0.16 1.30 0.06 0.09 0.06 0.24 0.25 0.25 0.33 0.10 ... 0.16 0.16 0.01 0.01 0.01 0.02 0.01 0.02 0.01 0.02 0.06 0.07 0.06 0.01 0.10 0.01 0.06 0.02 0.05 0.04 0.08 0.07 0.20 0.08 0.08 0.01 0.01 0.01 0.02 0.08 0.08 0.15 0.06 0.12 0.06 0.18 0.08 0.08 0.06 0.09 0.21 ... 0.35 0.55 1.50 2.00 1.79 3.99 0.03 0.04 0.03 0.04 0.13 0.14 0.14 0.15 0.06 0.08 0.07 0.26 0.04 0.06 0.05 0.17 0.03 0.07 0.08 0.19 0.11 0.11 0.11 2.10 0.01 0.01 0.01 0.01 0.03 0.06 0.03 0.10 0.10 0.10 0.13 0.27 0.01 0.05 0.01 0.03 0.02 0.02 0.02 0.07 0.14 0.08 0.20 ... ... 0.15 0.20 0.17 0.20 0.17 ... 0.70 0.15 0.20 ... 0.03 0.03 0.06 0.15 0.10 0.47 ... ... 0.30 0.34 0.01 0.01 0.07 0.02 0.04 0.02 0.06 0.10 0.18 0.15 1.40 ... 0.06 0.06 0.01 0.02 0.02 0.03 0.04 0.04 0.04 0.06 0.04 0.07 0.04 0.09 0.04 ... 0.04 0.05 ... ... 0.13 0.20 0.07 0.07 0.07 0.15 0.06 0.11 0.07 0.11 ... ... 0.29 0.34 0.08 0.10 0.07 0.18 ... ... 0.02 0.19 0.05 0.06 0.07 0.13 1.45 3.20 1.43 7.17 ... 0.06 0.05 0.08 3.15 3.50 3.30 3.60 0.02 0.03 0.02 0.04 0.12 0.22 0.18 0.52 0.03 0.05 0.02 0.08 0.04 0.05 0.05 0.16 0.02 0.03 0.02 0.08 0.01 0.03 0.07 0.08 0.10 ... 0.11 0.11 0.03 0.03 0.03 0.08 0.10 0.08 0.15 0.24 0.30 0.14 0.30 0.09 0.14 0.09 0.10 0.02 0.04 0.03 0.20 0.07 0.09 0.08 0.15 ... 0.05 0.06 0.09 0.01 0.02 0.01 0.04 0.06 0.06 0.14 0.01 0.01 0.01 0.06 0.10 0.10 0.03 0.04 0.09 0.10 0.10 0.11 ... 0.50 0.18 0.29 0.12 0.12 0.11 0.10 0.15 0.10 0.20 0.03 0.07 0.09 0.03 0.05 0.03 0.10 0.09 0.18 0.11 0.25 0.02 0.02 0.01 0.02 0.02 0.04 0.02 0.15 0.01 0.01 0.10 0.01 ... 0.17 0.30 0.06 0.07 0.06 0.09 0.01 0.02 0.01 0.05 ... ... 0.15 4.13 0.02 0.10 0.02 0.09 0.03 0.08 0.05 0.07 0.02 0.08 0.05 0.05 0.05 0.07 0.05 0.17 0.05 0.07 0.07 0.33 1.01 1.01 0.26 0.30 0.07 0.08 0.08 0.11 0.17 0.24 0.24 0.28 0.01 0.03 0.02 0.03 0.04 0.03 0.06 0.07 0.10 0.10 0.17 0.01 0.02 0.02 0.05

LOW

0.15 0.11 0.05 0.16 0.01 0.01 0.01 0.02 0.08 0.01 0.02 0.04 0.30 1.79 0.03 0.03 0.06 0.04 0.06 0.10 0.01 0.03 0.10 0.01 0.05 0.11 0.13 0.09 0.30 0.02 0.10 0.01 0.04 0.04 0.04 0.09 0.04 0.06 0.12 0.07 0.02 0.05 0.98 0.03 2.75 0.01 0.15 0.02 0.05 0.02 0.03 0.07 0.05 0.08 0.05 0.02 0.06 0.04 0.04 0.01 0.02 0.01 0.15 0.10 0.03 0.08 0.01 0.02 0.12 0.01 0.01 0.13 0.02 0.05 0.05 0.03 0.05 0.15 0.04 0.16 0.02 0.10 0.02

STOCK

12-MONTH

EXC BID ASK LAST HIGH LOW

Goldstream Mnl Graphite Egy Gray Rock Res Great Lakes Gr Great Quest Fe Green Arrow Green Valley M Greenshield Ex GrowMax Res Guerrero Vents HFX Holding Highbury Proj Highvista Gold Highway 50 Gld IEMR Res IM Exploration Indico Res Indigo Expl Inform Res Inspiration Mg Intact Gold Inter-Rock Mnl Interconnect Intl Battery Intl Prospect Iron South Mng Itafos Jasper Mining Jayden Res Jazz Res JDF Explor Inc Jiulian Res Jourdan Res Jubilee Gold Kal Minerals Kapuskasing Gd Kings Bay Res Knick Expl Latin Metals Le Mare Gold Leo Res Lightspeed Dis Lithoquest Dia Lodge Res Lovitt Res Madeira Mrnls MAG Silver* Magna Gold Magna Terra Magnitude Mng Mariner Res Martina Mnls Mazarin Mega Copper Megastar Dev Meridius Res MetalCorp Metalo Manuf Metron Capital Micrex Dev Midnight Star MillenMin Vent Milner Con Slv Minecorp Egy Mineral Hill Mongoose Mg Montana Gold Mountain Lake Navy Res Nebu Res Nevado Res New Destiny Mg New Energy Met New Klondike New Oroperu New Stratus New World Res Newlox Gold Newmac Res Nexco Res Nickel North Noble Metal Norra Metals Norseman Cap Norsemont Cap Northway Res NSGold NSS Res Inc Odyssey Res Optimum Vent Opus One Res Orex Mnrls Pac Arc Res Pac Bay Mnrls Pac Cascade Pan Andean Min Parallel Mng

V C V V V V V V V V V V V V V C V V V C V V V C V V V V V V C V V V C V V V V V C V V C V V X V V V C V V V V V V C V V C V V V V C C C V V V V V V V V V C V C V V V V C V V C V V V V V V V V V

0.01 0.07 0.05 0.09 0.03 0.03 0.47 1.35 0.04 0.07 0.05 0.15 0.05 0.05 0.04 ... 0.10 0.10 0.02 0.03 0.02 0.04 0.16 0.23 0.19 0.20 0.13 0.16 0.15 0.22 0.02 0.02 0.09 0.13 0.34 0.40 0.38 0.48 0.01 ... 0.01 0.06 0.18 ... 0.22 0.30 ... ... 0.17 0.07 0.09 0.08 0.22 0.01 0.02 0.01 0.02 0.04 0.07 0.04 0.15 ... 0.01 0.01 0.01 0.01 0.02 0.02 0.02 0.06 0.16 0.05 0.06 ... 0.03 0.03 0.03 0.04 0.03 0.09 0.16 0.19 0.20 0.35 0.01 0.30 0.06 0.06 ... ... 0.31 0.06 0.10 0.08 0.18 0.24 0.27 0.24 0.28 0.18 0.40 0.40 1.63 0.03 0.10 0.04 0.25 0.01 0.02 0.02 0.04 0.20 0.24 0.20 0.44 0.07 0.09 0.09 0.71 0.02 0.03 0.02 0.12 0.01 0.01 0.01 0.06 0.21 0.50 0.47 0.95 0.14 0.40 0.14 0.25 0.03 0.10 0.10 0.14 0.03 0.03 0.04 0.01 0.01 0.01 0.01 0.03 0.04 0.03 0.16 0.02 0.02 0.09 0.09 ... ... 1.09 0.04 0.17 0.08 0.15 0.03 0.04 0.04 0.11 0.37 0.45 0.43 0.60 0.08 0.13 0.10 ... ... 0.03 0.03 12.52 13.30 12.52 14.40 0.42 0.42 0.40 0.55 0.01 0.02 0.02 0.05 0.01 ... 0.13 0.20 0.13 0.23 0.16 0.20 0.04 0.17 0.05 0.12 0.06 0.08 0.06 0.13 0.06 0.14 0.06 0.16 0.06 0.09 0.09 0.19 0.08 ... 0.15 0.19 0.01 0.02 0.01 0.04 0.12 0.20 0.15 0.40 0.20 0.25 0.21 0.42 0.02 0.02 0.01 ... 0.10 0.15 0.34 0.01 0.50 0.05 0.02 0.04 0.02 0.08 ... ... 0.12 0.20 0.15 0.24 0.15 0.08 0.11 0.14 0.15 0.09 0.10 0.10 0.10 ... ... 0.05 0.01 ... 0.12 0.16 0.04 0.04 0.04 0.07 0.13 0.08 0.17 0.02 0.03 0.02 0.17 0.02 0.04 0.03 0.32 0.01 0.01 0.01 0.55 0.70 0.70 0.85 0.08 0.19 0.14 0.25 0.30 0.30 0.21 0.04 0.05 0.04 0.10 0.05 0.07 0.07 0.08 0.03 0.05 0.03 0.07 0.01 0.02 0.01 0.03 ... 0.01 0.01 0.01 0.02 0.02 0.02 0.06 0.04 0.07 0.05 0.13 0.26 0.33 0.28 0.43 0.06 0.07 0.07 0.14 0.07 0.19 0.19 0.20 0.03 0.05 0.05 0.18 0.02 0.03 0.02 0.05 0.16 ... 0.16 0.21 0.03 0.04 0.04 0.06 0.07 0.08 0.08 0.14 0.12 0.25 0.16 0.30 0.05 0.10 0.10 0.15 0.01 0.02 0.01 0.01 0.01 0.09 0.10 0.10 0.13 0.12 0.53

0.04 0.04 0.04 0.02 0.05 0.00 0.08 0.09 0.01 0.17 0.06 0.01 0.04 0.01 0.01 0.03 0.03 0.19 0.06 0.07 0.04 0.21 0.01 0.01 0.20 0.01 0.01 0.01 0.38 0.08 0.03 0.01 0.02 0.03 0.08 0.03 0.11 0.03 6.12 0.19 0.01 0.04 0.15 0.04 0.04 0.06 0.05 0.09 0.01 0.10 0.06 0.11 0.02 0.07 0.11 0.02 0.10 0.07 0.02 0.02 0.23 0.13 0.03 0.04 0.03 0.01 0.01 0.02 0.04 0.25 0.05 0.06 0.03 0.02 0.15 0.01 0.04 0.16 0.06 0.03 0.10

STOCK

12-MONTH

EXC BID ASK LAST HIGH LOW

Patriot Gold Pedro Res Philippine Mtl Phoenix Gold Pinecrest Res Pinnacle North Plata Latina Prism Res Project One Quantum Cobalt Rackla Metals Rain City Raindrop Vent Rare Element* Razore Rock Res Red Oak Mining Regency Gold Reliant Gold Remington Res Richmond Mnls Riley Resource Rizal Res Rockex Mng Rockland Mnls Rockwealth Res Rojo Res Ross River Roughrider Exp Rover Metals Rubicon Mnrls* Running Fox Rs Sage Gold Saint Jean Samco Gold Scotch Creek Secova Mtls Sennen Potash Sentinel Res Shine Minerals Sierra Madre Silver Grail Silver Phoenix Skarb Explor Slave Lake Zn Sonora Gld & S Southstone Min Southstone Min Spey Resources Stakeholdr Gld Stellar Africa Stevens Gold Straightup Res Surge Explor Talmora Diamd Tarku Res Tearlach Res Terreno Res Thunder Mtn Gd Tiger Intl TomaGold Transatlantic Tri-River Vent Trident Gold TriMetals Mng Troy Enrgy True Grit Res Tymbal Res U3O8 Corp Ubique Mineral Upper Canyon Vale* ValOre Metals Vatic Vent Victory Res Visible Gold M Volcanic Gold Volt Energy Wescan Gldflds Western Pac Rs Western Troy C Westminster Rs Whitemud Res Winshear Gold Winston Res Worldwide Res Xander Res Yukoterre Res Zara Res Zena Mining Zenith Explor Zinco Mng Zincore Mtls

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

0.03 0.09 0.05 0.06 ... 0.24 0.10 0.22 0.02 ... 0.08 0.14 ... 0.06 0.05 0.06 0.14 0.16 0.14 0.22 0.06 0.15 0.10 0.12 0.02 0.02 0.02 0.06 0.01 0.03 0.02 0.05 0.10 0.14 0.18 0.30 ... ... 1.10 3.15 0.10 0.13 0.08 0.20 0.04 0.10 0.10 0.15 0.07 0.10 0.10 0.16 0.11 0.16 0.15 0.89 0.04 0.09 0.05 0.10 0.07 0.08 0.07 0.28 0.01 0.13 0.13 0.14 ... ... 0.02 0.05 0.09 0.07 0.19 0.03 0.04 0.04 0.06 0.09 0.25 0.11 0.21 0.01 0.02 0.02 0.02 0.02 0.04 0.02 0.05 0.07 0.08 0.08 0.11 0.46 0.95 0.46 0.50 ... 1.28 0.19 0.19 ... 0.39 0.26 0.04 0.04 0.06 0.09 0.01 0.01 0.07 0.07 ... ... 0.03 1.35 0.01 0.02 0.01 0.03 0.01 0.01 0.02 ... 0.01 0.04 0.04 0.01 0.01 0.05 0.06 0.07 0.12 0.10 0.12 0.05 0.06 0.05 0.06 ... 1.10 0.45 0.08 0.10 0.10 0.15 0.03 0.06 0.03 0.08 0.03 0.08 0.03 0.08 0.05 0.06 0.06 0.12 0.09 0.15 0.10 0.20 0.02 ... 0.08 0.10 0.04 0.08 0.09 0.10 0.03 0.04 0.03 0.07 0.05 0.06 0.05 0.20 0.01 0.01 0.01 0.04 0.02 0.04 0.03 0.08 0.02 0.03 0.03 0.08 0.02 0.02 0.02 0.04 0.27 0.29 0.27 0.27 0.09 0.23 0.10 0.10 0.39 0.44 0.39 0.23 0.01 0.03 0.02 0.05 0.07 0.07 0.08 0.26 0.12 0.20 0.12 0.25 0.01 0.02 0.01 0.04 0.07 ... 0.17 0.17 0.10 0.33 0.12 0.15 0.02 0.05 0.05 0.01 0.04 0.04 0.08 ... ... 0.04 0.11 0.18 0.12 0.20 0.11 0.12 0.12 0.12 0.01 0.04 0.03 0.05 0.01 ... 0.02 0.02 0.02 0.06 0.02 0.06 0.03 0.04 0.05 0.17 0.01 0.05 0.04 0.16 ... 2.00 0.25 ... ... 10.24 11.10 0.06 0.07 0.07 0.13 ... 0.10 0.10 0.01 0.01 0.02 0.12 0.04 0.06 0.04 0.14 0.13 0.18 0.15 0.44 0.04 0.05 0.04 0.10 0.04 0.06 0.06 0.11 ... 0.46 0.23 0.58 0.02 0.18 0.02 0.04 0.04 0.05 0.04 0.28 0.01 0.02 0.02 0.03 0.12 0.14 0.14 0.15 ... 0.01 0.01 0.05 0.02 0.04 0.02 0.07 0.04 0.15 0.09 0.05 0.20 0.08 0.16 ... ... 0.07 0.22 0.04 0.08 0.04 0.10 ... ... 0.05 0.20 0.05 0.07 0.05 ... 0.40 0.05

0.04 0.09 0.04 0.05 0.14 0.10 0.01 0.02 0.13 0.20 0.08 0.04 0.10 0.06 0.05 0.04 0.10 0.07 0.02 0.11 0.01 0.01 0.01 0.13 0.18 0.06 0.06 0.03 0.01 0.02 0.04 0.06 0.02 0.10 0.01 0.02 0.02 0.10 0.08 0.04 0.03 0.04 0.01 0.03 0.02 0.02 0.25 0.10 0.03 0.02 0.04 0.07 0.01 0.17 0.04 0.02 0.12 0.03 0.02 0.01 0.02 0.04 0.03 6.57 0.07 0.01 0.04 0.05 0.02 0.03 0.20 0.02 0.04 0.01 0.05 0.01 0.02 0.08 0.07 0.04 0.05