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APRIL 16-29, 2018 / VOL. 104 ISSUE 8 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Cobalt Mining titan and philanthropist Peter Munk’s lifetime of achievement Blockchain tries new TRIBUTE  

| Canadian patriot builds Barrick Gold into global powerhouse

BY TRISH SAYWELL tsaywell@northernminer.com

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t’s an extraordinary story about an extraordinary man who became one of the most legendary entrepreneurs in Canadian history. But at its core it is also a love story. It’s a tale about Peter Munk’s lifelong romance with Canada — the country that welcomed him after he and 14 members of his family fled Hungary and the Nazi’s death camps in the final year of the Second World War. Since then the iconic entrepreneur and founder of gold mining giant Barrick Gold has donated $300 million to institutions in Canada, primarily to healthcare and education in recent years, before his death on March 28, 2018, at age 90. Last November, Munk and his wife Melanie gave $100 million to the Toronto General Hospital’s Peter Munk Cardiac Centre — the largest gift to a single Canadian hospital in history. “We’re not talking about charity, we’re not talking about a gift, we’re talking about repaying a debt,” Munk said at the time. “I’m here to thank you ... you guys who were born here, who take it for granted, will never appreciate the immense debt I have.” Munk was 16 years old when the Nazis marched into Budapest in the spring of 1944. “The Munks were an upper middle class, well-to-do Jewish family,” Munk told CBC’s Susan Ormiston in an interview in 2007. “Budapest was full of Jews, very assimilated

model in DRC COBALT  

| Junior to ‘ethically source’ cobalt using blockchain technology BY RICHARD QUARISA

C Barrick Gold founder Peter Munk addresses shareholders at the 2010 annual general meeting.  BARRICK GOLD

— the Austral-Hungarian Empire liked them.” Under the command of SS lieutenant colonel Adolf Eichmann, the Germans began to round up Jews, forcing them into ghettos and then into cattle cars that would take them to Auschwitz, an extermination camp in Poland. Before the Germans surrendered to the Allies in May 1945, they had deported more than 425,000 Hungarian Jews and murdered most of them. The Munks and thousands of others owe their lives to Rezso Kasztner, a Zionist lawyer and journalist who negotiated with Eichmann and another SS officer, Kurt Andreas Becher, to save as many of his people

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as he could from the Nazi’s gas chambers. “I first heard of Rezso Kasztner in 1999 from Peter Munk,” writes Anna Porter, author of Kasztner’s train: The true story of Rezso Kasztner, unknown hero of the holocaust. It was late in the war and there were officers in the SS who were prepared to trade Jewish lives for goods, jewels and cash — preferably Swiss francs. Porter’s book chronicles how Kasztner kept 20,000 Hungarian Jews alive for a deposit of $100 a head (“Eichmann called them ‘Kasztner’s Jews’ or ‘the Jews on ice,’” she writes). He also helped prepare fake identity papers for countless others, and organized a train that would take 1,684 Jews to a safe country. The Munks were on that train. “We did not know where the train was going,” Olga Munk, Peter’s mother-in-law, told Porter in an interview, adding that they had “no idea if we would be alive at the end of the journey. “But we were absolutely certain we would not live to see the end of the war if we stayed in Budapest.” The train’s passengers, Porter wrote, included “industrialists, intellectuals and Orthodox rabbis, Zionists and anti-Zionists, Polish and Slovak refugees from pogroms and concentration camps, the oldest 85, the youngest a month old. The wealthy Jews of Budapest

paid an average US$1,500 for each family member to be included. The poor paid nothing.” The train left Budapest on July 1, 1944, and arrived at Bergen-Belsen — one of the Nazi’s concentration camps northeast of Hanover, Germany — on July 9, where the passengers disembarked and stayed for weeks while Kasztner bargained for their freedom. From there, the train took them in two groups to Switzerland. Munk’s group arrived on Aug. 21, the second group on Dec. 21. After the war, Kasztner moved to Israel, where he was accused by an Israeli trial judge in 1955 of collaborating with the Nazis. The judge declared Kasztner had “sold his soul to the devil.” “Utter nonsense, utter nonsense, utter, total nonsense,” Munk told CBC. “He was a hero ... probably the equivalent of a biblical hero. “How do you thank someone who saved your life, your father’s life and your grandfather’s life?” Kasztner was assassinated in 1957. The three assailants were convicted of murder and sentenced to life imprisonment. A week later, the Supreme Court exonerated Kasztner in a four-to-one decision. They ruled, Porter said, that he “had acted in what he believed to be in the best interests of all the people, not only those he had

rquarisa@northernminer.com

obalt Blockchain (TSXV: COBC) is trying something new. The company wants to “ethically source” artisanally mined cobalt from the Democratic Republic of the Congo (DRC) and at the same time implement a blockchainbased technology that would track the metal as it moves through the supply chain. In March the company acquired two copper-cobalt properties in the DRC via two joint-venture (JV) agreements with what it calls “local private partners.” It has a 70% interest in the Alpha Cobalt See COBALT BLOCKCHAIN / 6 PM40069240

See PETER MUNK / 2

PERSHING GOLD: KEEPS EXPLORING RELIEF CANYON IN NEVADA / 7

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APRIL 16–29, 2018 / THE NORTHERN MINER

Peter Munk’s lifetime of achievement PETER MUNK From 1

managed to save.” Munk arrived in Canada in early 1948. (His mother, Katharina — who was not on Kasztner’s train — was deported to Auschwitz a week after Munk and his father’s family escaped from Budapest. She and Munk’s father had earlier undergone an “acrimonious” divorce, Munk told CBC. He demanded to stay and protect his mother, he said, but she and his father and grandfather insisted he leave. Katharina survived Auschwitz and Munk brought her to Canada after the war. She committed suicide in 1988.) Munk spoke no English when he ended up in Toronto at the age of 20. In his speeches he often talked about the gratitude he felt towards the young Canadians and their families he met while attending Lawrence Park High School and the University of Toronto (U of T), where he studied electrical engineering. “I was the only one not born here, I was the only one who was Jewish, and the only one who couldn’t speak the language, and you know what? They treated me like a brother — a brother in need,” Munk said in his

At Barrick Gold’s Goldstrike gold mine in Nevada in 1992, from left: Peter Munk, Bob Smith and Brian Meikle.   BARRICK GOLD

speech last November. “They were there to accept me, help me, include me, make me feel at home ... from then on, in every step of my career — which has been long, boring, and full of failures and successes — every step in my career, I felt that enormous desire to become more Canadian, to do more for Canada.” Like his paternal grandfather Gabriel, a businessman who had accumulated wealth distributing a Viennese chocolate brand called

Steve Letwin with President of Suriname, Dési Bouterse

Manner, Munk had entrepreneurship in his blood. After stints working for other people — picking tobacco on a farm in southern Ontario while at university and then working at Toronto Hydro, CN Telegraph and Atlas Radio — he launched Peter Munk Associates in 1956, just four years after he graduated from U of T. The company built and installed high-quality sound systems. He

then founded Clairtone Sound Corp. in 1958 with business partner David Gilmour. The company’s high-end stereos designed in sleek Scandinavian-style cabinets became hugely successful, endorsed by the likes of Frank Sinatra and Oscar Peterson, among others. Clairtone failed after Munk and Gilmour moved manufacturing to a big plant in Nova Scotia. Cost overruns, an ill-timed move into colour televisions and competition from the Japanese sealed its fate. Munk was turfed out of the company. In an interview years later with the New York Times, Munk described Clairtone as “the single most formative experience in my life, because it was so traumatic.” “It was my first love, my first infatuation with the romance of business,” Munk told Peter C. Newman in his 1998 book Titans: How the new Canadian establishment seized power. “It was unrequited, it was immensely uncompleted, and maybe that’s why it made such a major impression on me. But it was an experience that formed the foundation for everything that I have accomplished in my life.” See PETER MUNK / 14

IAMGOLD Corporation President & CEO Steve Letwin honoured with Mines and Money Asia Outstanding Achievement Award

Mines and Money Asia is delighted to announce that IAMGOLD President & CEO, Steve Letwin, has been awarded our inaugural North American Mining Executive of the Year distinction for 2018. Mr. Letwin’s tenure has transformed IAMGOLD into one of the best-performing mid-tier gold companies in the world. Under his stewardship, the company has cultivated a high-performance culture defined

by operational excellence, financial discipline, employee empowerment, sustainable innovation and the highest standards of health, safety and corporate social responsibility. IAMGOLD is a mid-tier mining company headquartered in Toronto, Canada with four operating gold mines on three continents and a diverse pipeline of development and exploration projects.

For more information please visit minesandmoney.com

Stephen Dattels on friend and former colleague Peter Munk Senior mining executive and resource financier Stephen Dattels joined Barrick Gold in the early 1980s and was one of the key executives during its formative years, where he was involved in the company’s growth from a $10-million capital base to a more than $2-billion market capitalization when he left the company in 1987. Dattels kindly agreed to an interview about his friend and former colleague before Peter Munk’s death and wrote the following tribute: I joined Barrick Petroleum in late 1982 in the middle of a recession. At that time, Barrick was a private oil and gas company called Barrick Petroleum, which was thinly capitalized. After a few years at Barrick, I became a director and executive vicepresident of corporate finance, and my responsibilities were acquisitions and financings. It was hard going into the oil and gas sector and Peter made a strategic decision that gold as an asset class offered huge potential, and that gold in the ground was more valuable than gold bullion. No one at Barrick knew anything about gold mining, so it’s a pretty extraordinary success story to think that Peter could take a tiny company that had started out as an oil and gas explorer and move into gold — not knowing anything about gold mining — and become the largest and most successful gold mining company in the world. It takes a special person to do that, which Peter was. Why was Peter so extraordinary? He was a visionary who knew how to motivate people and he was incredibly infectious and effective in doing so. His biggest attribute was his ability to create a culture of aggressive, success-oriented management. Everybody who showed up to work did whatever they could to succeed and they didn’t view it as a job. He was a great motivator for all of Barrick’s executives, and his ability to motivate people and drive results is what really created this company out of nowhere. Peter was also an incredible networker and had contacts at high levels all over the world, including with Middle Eastern institutions and leaders in the Middle East, as well as with international bankers and institutions in London, Singapore and Hong Kong, whereas the leading North American gold mining companies at the time were largely insular and mostly focused on North America. The major established North American-listed gold companies during that time were very staid, set in their ways, and were growing largely through project expansion in Canada and the United States: Homestake, Echo Bay, Placer Development, Dome Mines, Campbell Red Lake and Newmont, as well as some juniors. By contrast, the established South African gold producers provided healthy and steady dividends, were listed in London and South Africa, and were heavily institutionally owned as traditional gold investment exposure. Against this entrenched competition, for Peter to create the largest gold mining

See DATTELS / 14

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THE NORTHERN MINER / APRIL 16–29, 2018

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Greenstone takes 30% stake in gold miner Serabi BRAZIL  

| Investment brings London-based producer a higher profile, improved capital structure

BY TRISH SAYWELL

P

trishsaywell@northernminer.com

rivate equity group Greenstone Resources is investing US$15 million for a 29.82% stake in Serabi Gold (TSX: SBI; LON: SRB), a junior with two operating gold mines in Brazil. The company produces 40,000 oz. gold a year from its two underground mines but aims to increase that to 100,000 oz. within two years. Serabi restarted its Palito mine in the Tapajos region of northeastern Brazil in July 2014 and put its Sao Chico deposit, 30 km south, into production in January 2016. The company also owns the Coringa project, 200 km south of Palito, which it acquired in December 2017, and says is a carbon copy of Palito’s geology. The investment by Greenstone Resource II L.P. brings a number of benefits, among them a higher profile and an improved capital structure, Michael Hodgson, Serabi’s CEO, says in an interview from London. “Hopefully this is our road to improved liquidity, as we improve our capital structure,” he says. “We’re very illiquid. Our main shareholder is a family office in Chile and we trade very little in Toronto … the company is viewed as being almost private, some days we didn’t trade at

Working underground in Serabi Gold’s Palito gold mine in Brazil.   SERABI GOLD

all, and volume trading on the TSX was almost non-existent.” The Solari family — Chilean based and of Italian descent — is one of the country’s richest families, and its principal business is retail. It is the

biggest shareholder of Falabella, a chain of supermarkets across South America. The family’s holding company Megeve has numerous funds ranging from education, energy and

timber to resources and retail. Its resource fund, Fratelli, is the fund that — until the Greenstone investment — held 55% interest of Serabi. “Back in the days of the great financial crisis and illiquid markets

in 2012–2013, Fratelli took the risk and supported us when few others would,” Hodgson says. With the Greenstone investment, the Solari See SERABI GOLD / 16

JOINT VENTURE ARTICLE

Trilogy Notches PFS Milestone on Journey to Develop Ambler Mining District Trilogy Metals Inc. (TSX/NYSE American: TMQ) has tabled results from a positive pre-feasibility study (PFS) for its polymetallic Arctic deposit, which is part of its larger land holdings in the Ambler Mining District in northwestern Alaska. A proposed mine at Arctic has an after tax net-present value of US$1.4 billion at an 8% discount rate and an after-tax internal rate of return of 33.4%. A 12-year mine plan calls for US$780 million in initial capital expenditure and US$66 million in sustaining capital. Total all-in cash costs are estimated at US63¢ per lb. of payable copper. At US$3 per lb. copper, payback would take two years. Arctic contains 36 million indicated tonnes grading 3.07% copper, 0.73% lead, 4.23% zinc, 0.63 gram gold and 47.6 grams silver for 2.4 billion lbs. copper, 581 million lbs. lead, 3.3 million lbs. zinc, 728,000 oz. gold and 55 million oz. silver. That’s inclusive of 43 million probable tonnes grading 2.32% copper, 3.24% zinc, 0.57% lead, 0.49 gram gold and 36 grams silver. The volcanic massive sulfide (VMS) deposit lies 470 km northwest of Fairbanks, Alaska, and located on the side of a mountain beneath 100 to 130 metres of rock. Trilogy Metals President and CEO Rick Van Nieuwenhuyse says that’s a very favorable orientation for a VMS style deposit, which more of ten tend to be at ver y high angles and better suited to underground mining. In contrast, the Arctic VMS deposit could be mined as an open pit. Trilogy must first complete 50 million tonnes of pre-stripping

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Drilling at Trilogy Metals Inc.’s copper-rich Arctic polymetallic deposit in Alaska’s Ambler Mining District. Credit: Trilogy Metals Inc. resulting in a 3-year construction timeline. In the first year it would build an access road, camp and maintenance route. This would enable Trilogy to start pre-stripping in years two and three, stockpiling 630,000 tonnes of ore and resulting in a six month ramp up to full production by year three. According to Van Nieuwenhuyse, roughly 40 million tonnes of historic resources have been defined in other parts of the district, along the same VMS trend. These are not National Instrument 43-101 compliant and likely require underground mining, but he says they offer some fairly low hanging fruit to extend the mine life. “The others tend to be higher in zinc and precious metals,” Van Nieuwenhuyse explains. “Arctic is

a bit unusual in that it has relatively high copper to zinc ratio and good precious metal credits.” Twenty-five km south west of Arctic is Trilogy’s Bornite copper deposit — close enough that the company operates both projects out of the Bornite exploration camp. Bornite is still in the exploration stage. It contains 40.5 million indicated tonnes grading 1.02% copper resulting in 913 million lbs. of copper and 141.9 million inferred tonnes grading 1.74% copper resulting in 5.45 billion lbs. of copper. Last year, Trilogy drilled 10 step out holes at Bornite. This years’ drill program will be approximately 10-12 infill and resource expansion holes, with the goal to update the Bornite 43-101 resource estimate

later this year. Trilogy’s operation is bolstered by several strong par tnerships: South32 (LON: S32; JSE: S32) has a 3-year option to form a 50-50 joint venture where it contributes US$10 million a year at Bornite (2018 marks ye ar 2); NANA, a for-profit indigenous organization with social responsibility that owns the Bornite lands and works with Trilogy to create local hiring opportunities; and the Alaska Industrial Development and Export Authority (AIDEA), which is preparing a Draft Environmental Impact Statement (EIS) for the Ambler Mining District Industrial Access Project (AMDIAP) – a private road connecting the Ambler Mining District to the rest of Alaska’s infrastructure, including four ice-free ports near

Anchora ge. Trilogy Metals has participated in many of the related public meetings. The current schedule for the AMDIAP road has the draf t EIS completed by fall 2018 and available for public comment. The final EIS is scheduled to be completed by the end of 2019, Van Nieuwenhuyse says. “It fits our timeline just fine, given that we expect it to take us two years to permit Arctic.” Tr i l o g y c o n t ro l s 80% o f t h e Ambler Mining District and will focus this year’s field program on geotechnical and hydrology work at Arctic, with the intent of completing feasibility level studies for groundwater and water management, tailings facility and waste rock design, and closure plan, before applying for permits. The project is also awaiting results from an ore-sorting study that will be completed by summer 2018, which could reduce power requirements and shrink tailings ponds. “It’s relatively new technology,” Van Nie uwenhuyse s ays. “Ore sor ting as a process isn’t new, but the speeds and methodology that have been garnered from the recycling business are newer and better improved technologies.” Trilogy shares are valued at $1.50 with a 52-week range of 68¢ to $2.03. The c ompany, formerly called NovaCopper, has a market capitalization of $164 million. — The preceding Joint Venture Article is Promoted Content sponsored by Trilogy Metals Inc. and written in conjunction with The Northern Miner. Visit www.trilogymetals.com to learn more.

2018-04-10 8:09 PM


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Peter Munk receives our Lifetime Achievement Award HONOURS  | Entrepreneur, company-builder, nationalist and philanthropist extraordinaire

GROUP PUBLISHER/ PUBLISHER: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com EDITOR-IN-CHIEF: John Cumming, MSC (GEOL) jcumming@northernminer.com SENIOR STAFF WRITER: Trish Saywell, BA, MA, MSC (JOUR) tsaywell@northernminer.com STAFF WRITERS: Lesley Stokes, BSC (GEOL) lstokes@northernminer.com Richard Quarisa, BA, MA (Jour & Comm) rquarisa@northernminer.com COPY EDITOR: Isa Cunanan, BSC (Health Sci. and Prof. Writing Comm.) icunanan@northernminer.com PRODUCTION EDITOR: David Perri, BA dperri@northernminer.com ONLINE EDITOR: Adrian Pocobelli, MA (ENGL) apocobelli@northernminer.com EDITOR, DIAMONDS IN CANADA: Alisha Hiyate, BA (POLI SCI, HIST) ahiyate@northernminer.com ADVERTISING: Joe Crofts (416) 510-6816 jcrofts@northernminer.com Michael Winter (416) 510-6772 mwinter@northernminer.com 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: Laura Arnold (416) 510-5135 (Toll free) 1-888-502-3456 northernminer2@northernminer.com REPUBLISHING: (416) 510-6768 moliveira@northernminer.com ADDRESSES: Toronto Head Office: 38 Lesmill Road, Unit 2 Toronto, ON, M3B 2T5 (416) 510-6789 tnm@northernminer.com Western Bureau: 303 West 5th Avenue Vancouver, BC, V5Y 1J6 (604) 688-9908 SUBSCRIPTION RATES: Canada: C$120.00 one year; 5% G.S.T. to CDN orders. 7% P.S.T. to BC orders 13% H.S.T. to ON, NF orders 14% H.S.T. to PEI orders 15% H.S.T. to NB, NS orders U.S.A.: US$120.00 one year Foreign: US$157.00 one year GST Registration # 809744071RT001 (ISSN 0029-3164) CANADA POST: Return undeliverable Canadian addresses to Circulation Dept. c/o The Northern Miner 38 Lesmill Road, Unit 2 Toronto, ON M3B 2T5 Publication Mail Agreement #40069240 Periodicals Postage Rates paid at Niagara Falls, NY, 14304. U.S. office of publication 2424 Niagara Falls Blvd, Niagara Falls, N.Y. 14304. U.S. POSTMASTER: send address corrections to: Northern Miner Box 1118 Niagara Falls, N.Y. 14304.-7118

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n this issue of The Northern Miner and at an event at our Canadian Mining Symposium at Canada House in London on April 24 and 25, we are awarding to Barrick Gold founder Peter Munk our Lifetime Achievement Award for transforming Barrick over several decades from a small producer into the world’s biggest gold producer in gold BY JOHN CUMMING jcumming@northernminer.com output and market value. It’s an award that has been in the works for months, but it takes a bittersweet turn with Munk’s passing on March 28, 2018. Months ago he had graciously extended his thanks for the award in an email, but noted he was too ill to travel by air to accept any award in person. Instead, Barrick president Kelvin Dushnisky is slated to accept the award on Munk’s behalf in London, and a celebratory dinner we’ve arranged that evening in Munk’s honour will now take on more poignancy. In these pages, on top of recounting the harrowing circumstances that drove Munk to Canada in the late 1940s, Trish Saywell interviews some of Canada’s top mining executives to learn more about what made Munk tick as a leader and an entrepreneur. We also deliver a heartfelt, first-hand account from mining executive Stephen Dattels on what it was like to work with Munk during Barrick’s earliest days. Online, Trish and I devote an entire podcast (Episode 98: Peter Munk retrospective — a life lived in full) to chat about Munk’s extraordinary life. The accompanying biographical story gives plenty of detail on Munk’s life and the rise of Barrick, but we should never forget that professionally, Munk was an entrepreneurial businessman first and a miner second, and that Barrick is his biggest legacy because it was the most successful venture of his many endeavours. Indeed, Munk was deeply involved in four disparate business sectors over his life: consumer electronics in his 20s and 30s, vacation resorts in his 40s, and mining and commercial real estate from his 50s onwards through his 80s. It’s remarkable that one of the giants in the history of gold mining only became active in the industry in his mid-50s, while happily admitting at the time he “knew nothing” about gold mining. It should give hope to anyone entering a new business or any other venture later in life. An unofficial motto for Munk could well have been the one used by special services, such as the U.K.’s SAS: “Who dares wins.” Munk repeatedly took daring initiatives in building up Barrick: using unorthodox financing such as hedging; bringing in autoclaves to mine refractory ore in Nevada; launching bids — friendly or otherwise — for equal-sized or even larger rivals; entering countries emerging from internal conflict; bidding for early-stage exploration plays, such as Arequipa Resources; and fully committing to large but risky exploration programs. It’s still breathtaking that in 1987 — only a few years after Barrick humbly turned to the gold business — it would find the greatest gold deposit in North America: Goldstrike. The mine has produced over 42 million oz. gold to Barrick’s account and is still cranking out substantial ounces 30 years later, providing a consistent, powerhouse cash flow that helped the company spread its wings across the globe and avoid company ruin whenever it took a wrong turn here or there. Despite such success, whenever he accepted an award Munk was always quick to praise his executive team — especially mine engineer Bob Smith, until his death in the late 1990s — and remind everyone that he was the businessman and the company would have remained only a vision without the expert technical leadership provided by Smith and others. Munk was also a lone voice in sharply criticizing the Canadian mining and financial communities for not building up a Canadian mining champion during the days when supermajors such as Glencore, BHP Billiton, Rio Tinto and Vale were being formed offshore — with devastating effects for high-end, mining-related employment in Canada. Munk’s philanthropy was also characteristically larger than life and carefully structured to address his long-voiced concerns related to healthcare and education, with Toronto being the largest beneficiary. Some of Munk’s last public comments seemed to suggest his largest philanthropic donations would come after his death. We might predict that as the decades go by, the once-mighty Barrick Gold will fade from corporate memory from exhaustion or reconfiguration and Munk’s charitable institutions will only grow in importance and prestige in Canada’s public life, and become his final, lasting legacy. We would wager that Peter Munk probably had that vision, too, and that’s why his philanthropy took on such urgency and large scale in his final years. TNM

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Editorial. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Events. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Metal Prices. . . . . . . . . . . . . . . . . . . . . . . . . . 19

Professional Directory . . . . . . . . . . . . . . . . . 17 Stock Tables. . . . . . . . . . . . . . . . . . . . . . . 18-23

COMPANY INDEX

Altius Minerals. . . . . . . . . . 11 Anglo American. . . . . . . . . . 8 Bullfrog Power. . . . . . . . . . . 6 Camino Minerals. . . . . . . . 13 Carube Copper. . . . . . . . . . 11 Centenera Mining. . . . . . . 12 Cobalt Blockchain. . . . . . . . 1 Cordoba Minerals. . . . . . . 12

Cornerstone Capital Resources. . . . . . . . . . . . . . 9 DLT Labs. . . . . . . . . . . . . . . . 6 First Quantum Minerals. . . . . . . . . . . . . . 12 Freeport-McMoRan . . . . . 12 Greenstone Resources. . . . . 3 Guyana Goldfields. . . . . . . 10

Jaguar Mining. . . . . . . . . . . . 8 Kutcho Copper. . . . . . . . . . 12 Lara Exploration . . . . . . . . 12 Nevsun Resources. . . . . . . . 9 Newcrest Mining. . . . . . . . 10 Pershing Gold. . . . . . . . . . . . 7 SolGold. . . . . . . . . . . . . . . . . 9 Trilogy Metals. . . . . . . . . . . 12

Copper mine output slumps 2% in 2017 FACTS ‘N’ FIGURES  

| SX-EW declines 3% as total Chilean copper output off 1%

The following is an edited release from the International Copper Study Group (ICSG) showing world copper supply and demand for 2017. For more detailed information, visit www.icsg.org.

W

orld copper mine production is estimated to have declined 2% in 2017, with concentrate production declining 1.6% and solvent extraction-electrowinning (SXEW), 3%. Mine production fell 4% yearover-year in the first half of 2017 due to supply constraints, but the situation improved in the second half, with output staying flat year-over-year, but increasing 10%, compared to first-half 2017. The reduction in world mine production mainly owed to: • A 1% decline in Chile, the world’s biggest copper-mineproducing country, which was negatively affected by the strike at the Escondida mine in the first part of the year and lower output from Codelco mines; • Reductions in concentrate production in Argentina, Canada and Mongolia of 59%, 14% and 14%, which mainly came from lower grades in planned mine sequencing and Argentina’s Alumbrera mine approaching end-of-life; • A 12.5% decrease in Indonesian concentrate production as output was constrained by a temporary ban on concentrate exports that started in January and ended in April. • A 12% fall in production in the U.S., mainly due to lower ore grades, lower mining rates and unfavourable weather conditions at the beginning of the year. However, these reductions in output were partly offset by 30% and 4% increases in Kazakhstan and Peruvian mine production, with both countries benefitting from new and expanded capacity that was not fully available in 2016. Brazil, Mexico, Myanmar, Spain and Sweden also contrib-

uted to world growth. On a regiona l basis, mine production declined 2% in the Americas; in Asia, 4%; and in Oceania, 5%; while increasing in Africa and Europe (including Russia) by 2.5% and 2%. World refined production increased an estimated 0.6% in 2017, with primary production (electrolytic and electrowinning) declining 0.15% and secondary production (from scrap) increasing 4.5%. More scrap helped world secondary refined production increase, notably in China. T he m a i n c ont r ibutor to growth in world refined production was China (a 5% increase), followed by India (6%) and some EU countries, where output recovered after maintenance shutdowns in 2016. However, overall growth was offset by a 7% decline in Chile, the second-largest refined copper producer, where both primary electrolytic refined production and electrowinning production fell. Production also dropped in the third- and fourth-ranked refined copper producers — namely Japan (-4%) and the U.S. (-12%) — mainly due to maintenance shutdowns at several plants. On a regional basis, refined output increased an estimated 1.5% in Africa; 3.5% in Asia; and 3.7% Europe, while declining 7.5% in the Americas and 15% in Oceania. World apparent refined usage saw a modest 0.7% increase in 2017. Improved scrap supply constrained world refined copper usage growth globally in 2017. Preliminary data indicates that world ex-China usage increased 0.5%, while Chinese apparent usage (representing almost half of world refined usage) increased 0.9%. Chinese apparent usage (excluding changes in unreported stocks) increased 0.9%, as although refined copper production See FACTS ‘N’ FIGURES / 7

2018-04-10 8:10 PM


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APRIL 16–29, 2018 / THE NORTHERN MINER

Artisanal miners extracting cobalt and copper ore in the DRC.   COBALT BLOCKCHAIN.

Lance Hooper (third from left), Cobalt Blockchain’s president and COO, with colleagues looking over an artisanal cobalt mine in the DRC producing 200 tonnes of concentrate per day, with an average grade of 3-4% cobalt.   COBALT BLOCKCHAIN

Cobalt Blockchain tries new model in DRC take it a step further, make it a bit more bulletproof.” Hooper has 10 years of experience in mining exploration, but for the past three years has run a private company sourcing minerals in the DRC. The company was called Belair African Metals, and it was acquired by Peat Resources, a former peat promoter, on March 13. Soon after, Peat changed its name to Cobalt Blockchain. Before the acquisition, shares of Peat traded at 3¢, and had been since 2012. However, as the acquisition approached, the stock price climbed, shooting as high as 40¢ on March 23, the day after the company announced its property joint ventures. Because of Belair, Cobalt Blockchain has a licence to conduct business in the DRC and export tin, tantalum and tungsten. So far it has largely focused on tin. Over the next six months, Hooper hopes to add tantalum and tungsten to the mix, and eventually layer in cobalt, too. “We want to demonstrate to the world that you can produce ethically sourced cobalt from artisanal mines in the Congo,” he said. “That’s a milestone we’d like to hit sooner rather than later.”

COBALT BLOCKCHAIN From 1

SAS JV, which consists of two contiguous concessions totalling 40.8 sq. km, 50 km east of Kolwezi; and an 80% interest in the Cobalt SAS JV, which consists of two more contiguous concessions totalling 7.7 sq. km, 50 km from Lubumbashi. The company has also applied for a cobalt-copper trading and export licence. The company has also just signed a letter of intent to establish a JV with DLT Labs, creator of a supply chain and logistics management product called DL Asset Track. The two companies will work to develop a new blockchain-based platform for tracking base and precious metal supply chains. Cobalt Blockchain plans to pilot the product on its newly acquired properties. “Blockchain is a buzzword,” Cobalt Blockchain president and chief operating officer Lance Hooper said during an interview with The Northern Miner in Toronto’s Hilton hotel, on the sidelines of the 2018 PDAC convention. “But think about the fundamental value of blockchain in this application. There are flaws with the existing system. This can

Hooper has worked with ITSCI over the past three years via Belair. ITSCI is a group that works with mineral supply chains in Burundi, the DRC, Rwanda and Uganda to carry out due diligence on mineral supplies in accordance with the standards of the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conf lict-Affected and High-Risk Areas. ITSCI audits mines for things like basic safety and child labour. It then orchestrates a bagging and tagging system, giving each sack of minerals a barcode. Details like the miner’s name and the weight of the sack go in a paper logbook. Traxys, which buys tin from Belair, requires ITSCI paperwork for visibility into the supply chain. “With the growing demand for it, we said we can apply the same model to cobalt,” Hooper said. According to Hooper, one flaw with the existing system is there are too many loopholes. Someone at an unqualified site could buy a barcode and sneak in material that wasn’t ethically sourced, for example. He wants to close those loopholes using a blockchain ledger

that streamlines the process while protecting it from tampering. He says traditional, centralized databases can be vulnerable to hackers — and especially administrators — who want to manipulate the data. Blockchain defends against this. “We met with a consulting group in Cape Town that’s working with the government,” Hooper said. “The government’s problem is that a lot of minerals slide out of the country untaxed, and they like what we’re doing. It’s a way for them to essentially create an audit trail for all commodities originating out of the country.” Hooper then wants to take that data and use it to attract companies at the other end of the supply chain. He points to technology companies like Apple who have been criticized by groups — for example, nongovernmental organization Amnesty International — for having hidden supply chains, and would have a vested interest in showing they use conflict-free materials. “The model is to flip it around and make them pay for this rich data,” Hooper said. “So in addition to selling cobalt, we’re selling data that’s essentially a certification

The Art and Humour of John Kilburn Cartoons from A hilarious, 262-page anthology of mining cartoons by The Northern Miner’s resident cartoonist John Kilburn. Unique in its scope and ambitions, this anthology gathers the best Northern Miner cartoons created over 25 years by John Kilburn, a Vancouver-based mining professional who has worked in Western Canada as a mining engineer, broker, journalist, equity analyst and investor. Kilburn stylishly captures the mining sector’s biggest events over the past quarter century as well as its perennial conundrums with a cast of characters that includes engineers, geologists, miners, promoters, executives and environmentalists. Joining the cast are coal mine canaries, camp dogs and llamas, plus a special appearance by Santa. With a foreword by Pierre Lassonde, cofounder and chairman of Franco-Nevada, an introduction by John Cumming, editor-in-chief of The Northern Miner, and hundreds of boisterous JK mining cartoons like you’ve never seen them before. Specifications: 7.8” by 10”, 262 pages, B&W with a colour cover, ISBN 978-1-987932-00-3 C$34.99 plus shipping and applicable taxes.

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High-grade cobalt-copper ore from an artisanal mine site outside Kolwezi, DRC. Artisanal and small-scale mines in the DRC account for more than 12% of global cobalt supply.   COBALT BLOCKCHAIN

that it’s clean material — it’s been ethically sourced. We’re trying to monetize good behaviour.” He adds that he’d like to bring in a large industrial miner such as a gold producer, noting that some of them will adhere to high ethical and environmental standards, but get paid the same by smelters as those who don’t. He likens the concept to Bullfrog Power, a company that offsets its customer’s electricity use with green energy. Every time a Bullfrog customer uses electricity, Bullfrog puts electricity from a renewable source back into the customer’s power grid. “I like the idea of paying a little bit of a premium so I can get clean energy,” he said. The company intends to build a perimeter around its properties and organize local miners to make sure they’re legal and have proper uniforms, and basic safety equipment, like boots. It would also pay the miners a bit of a premium for taking part in its system. “How do you get people to buy in?” Hooper asks. “You incentivize them to participate in your network or you impose regulations. So think of an African country imposing regulations and saying that every mine in the country has to be part of this platform, and if you don’t, you’re going to pay extra taxes.” Cobalt Blockchain wants to release a resource estimate by yearend. Its shares are valued at 30¢ within a 52-week range of 27¢ to 40¢. The company has a $45-million market capitalization. “With too many of these exploration-development projects you’re raising money and spending money and raising money, and that can happen for 10 to 15 years before you see anything back,” Hooper explained. “It’s a long-term process to put a mine in place. In the meantime, let’s make this a real business with cash flow and profitability, and not have to continue to go the market to fund exploration.” TNM

2018-04-10 8:09 PM


GLOBAL MINING NEWS

THE NORTHERN MINER / APRIL 16–29, 2018

7

Pershing builds Relief Canyon GOLD  

| Aims to add higher-grade ounces later in mine life

BY RICHARD QUARISA

P

rquarisa@northernminer.com

ershing Gold (TSX: PGLC; NASDAQ: PGLC) is pursuing step-out and infill drilling at its Relief Canyon gold-silver project in Pershing County, 150 km northeast of Reno, Nev., while raising capital to finish the project’s construction. The company has a 101 sq. km land package in Nevada’s Pershing gold-silver trend along the Humbolt mountain range with what it calls numerous exploration opportunities for satellite deposits and discoveries. While it has drilled some of these targets, the objective of the US$2-million, 15,000-metre drill program is to expand the deposit at Relief Canyon. It will also apply for pit-expansion permits. “We want to get ahead of the curve with the permit to make for a smooth transition down the road to the larger operation,” Pershing president and CEO Stephen Alfers says in a telephone interview with The Northern Miner. Pershing is trying to complete the baseline work for expansion, even though it says it won’t need to expand for another 2.5 years. Relief Canyon has 30.5 million proven and probable tonnes grading 0.7 gram gold for 634,900 oz. gold and 14.4 million proven and probable tonnes grading 3.87 grams silver for 1,632,600 oz. silver. It also has 41.8 million measured and indicated tonnes grading 0.65 gram gold for 789,000 oz. gold and 17.5 million measured and indicated tonnes grading 4 grams silver for 2 million oz. silver. The deposit is open for expansion to the south, east and west, and at depth. This year’s first-phase program will continue exploring a step-out to the west that was first drilled last year. Part of the program will involve step-out and infill drilling, as well as pushing its boundary as far as 300 metres. While exploring that western step-out, Pershing found what it calls “substantially higher grades” than the average 0.7 gram gold found in the Relief Canyon reserve. “We suspected this would be the outcome,” Alfers says. He says that former Relief Canyon owner Pegasus Gold only mined the property for two to three years, focusing on the higher-grade outcrops. As a result, the average grade of Pegasus’ project was higher than the average grade of Pershing’s project. But neither company had looked very far underground. Based on the latest drill results,

A drill at Pershing Gold’s Relief Canyon gold project in Nevada.   PERSHING GOLD

“WE WANT TO GET AHEAD OF THE CURVE WITH THE PERMIT TO MAKE FOR A SMOOTH TRANSITION.” STEPHEN ALFERS PRESIDENT & CEO, PERSHING GOLD

Alfers says that if Relief Canyon goes to production, Pershing could as much as double its average grade midway through the mine’s life by adding ounces from outside the main zone. Initial drill results from the west step-out area include: 4 metres at 21.78 grams gold from 222 metres downhole, 10 metres at 4.31 grams gold from 224 metres downhole, and 16 metres at 1.31 grams gold from 157 metres downhole. “But maybe the most exciting element of this drill program,” he says, “is that we’re drilling into the main zone itself. We’ve put some deeper holes in there and it appears mineralization will continue at depth.”

So far the company has dropped two new holes into the main zone at depths between 240 and 300 metres. It will wait for results from these holes before it proceeds. Pershing acquired Relief Canyon in 2011 for US$20 million and has been busy over the past year. It finished a prefeasibility study in early June 2017. Since then it released a reserve estimate, attained mine permitting and launched a full feasibility study that it expects by May 2018. It’s also thinking about the next phase of the project. Relief Canyon came equipped with three pits and a fully built heap-leach processing facility. The company still wants to build five new cells for heap-leach pads; build

Copper mine output slumps 2% in 2017 FACT ‘N’ FIGURES From 4

increased 5%, net imports of refined copper declined 9.5%. Among other major copper-using countries, usage increased in India and Japan, but declined in the U.S., Germany and South Korea. Copper balance World refined copper balance for 2017 indicates a 163,000-tonne deficit (including revisions to data previously presented). This mainly owes to an almost stagnant situation in world refined copper supply. In developing its global market balance, ICSG uses an apparent demand calculation for China that does not take into account changes in unreported stocks (i.e., State Reserve Bureau producer, consumer, merchant/trader, bonded).

1-16, 23_APRIL16_Main .indd 7

To facilitate global market analysis, however, another item — Refined World Balance Adjusted for Chinese Bonded Stock Changes — adjusts the world refined copper balance based on an average estimate of changes in unreported inventories provided by three consultants with expertise in China’s copper market. In 2017, the world refined copper balance adjusted for changes in Chinese bonded stocks indicates a deficit of 135,000 tonnes. Copper prices and stocks Based on the average of stock estimates provided by independent consultants, China’s bonded stocks increased 30,000 tonnes in 2017 from the year-end 2016 level. Bonded stocks increased 15,000 tonnes in 2016.

As of t he end of Febr ua r y, copper stocks held at the major metal exchanges (i.e., London Metal Exchange [LME], COMEX and Shanghai Futures Exchange [SHFE]) totalled 755,847 tonnes a 213,318-tonne increase (39%) from stocks held at the end of December 2017. Compared with the December 2017 levels, stocks were up at the LME (63%), SHFE (45%) and COMEX (9%). The average LME cash price for February was US$7,001.80 per tonne, up from the January average of US$7,080.30 per tonne. The 2018 high and low copper prices through the end of February were US$7,202.50 per tonne (on Jan. 4) and US$6,755 per tonne (on Feb. 9), and the yearly average was US$7,042.92 per tonne (14% above 2017 annual average). TNM

a new waste dump; reconfigure its layout so that the crushing operation and agglomerating operation will be closer together, which lowers the haul distance; and equip its refinery with mercury abatement equipment. To get that done the company will need to raise US$24 million. Alfers says more than half of this is for the heap-leach pads and a conveyor system. According to last year’s study, Pershing could produce 93,900 oz. gold a year over 5.6 years at Relief Canyon. The project would have all-in sustaining costs of US$802

per oz. gold and a sustaining capital expense of US$22.8 million. The project would feature an after-tax net present value of US$126 million at a 5% discount rate and an 85% after-tax internal rate of return. “We know we’ve got a nice project with really strong economics,” Alfers says. “But we also know that it’s important for us to be thinking ahead and to do what we can to expand the reserve and extend the mine life.” Shares of Pershing are valued at $2.69 within a 52-week range of $2.32 to $4.85. The company has an $88-million market capitalization. TNM

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PearTree Canada is the innovator of Flow Through Share Donation Financing. We have an immediate opportunity for a Research Associate (Mining) working within our Securities group to leverage our expertise in the mining and oil & gas sectors. The successful candidate will research and analyze companies within the mining sector and support other research-related activities. Responsibilities include searching, collecting, consolidating and interpreting company and mining industry data. You will develop and maintain financial models, market monitoring systems and databases and prepare portions of research reports, notes and briefs including the PearTree Perspective newsletter. You’ll meet with resource issuers, conduct on-site visits, and attend industry conferences. Do you have 1 -3 years relevant mining industry experience? A Geology degree is preferred, and some knowledge of oil & gas and alternative energy sectors would be an asset. Are you well-organized with an ability to consistently meet deadlines, have excellent writing skills, strong analytical skills and financial modeling capabilities? As a flexible professional, are you able to work independently while being a team player? We’d like to meet you.

Resumes to be forwarded to jobs@peartreecanada.com by April 23, 2018.

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2018-04-10 8:09 PM


8

WWW.NORTHERNMINER.COM

APRIL 16–29, 2018 / THE NORTHERN MINER

Jaguar doubles production at one gold mine while losing another BRAZIL  

| Aims to produce 200,000 oz. gold annually in five years

BY RICHARD QUARISA

J

rquarisa@northernminer.com

aguar Mining (TSX: JAG; USOTC: JAGGF) says gold production at the company’s underground Pilar gold mine in Minas Gerais, 50 km east of Belo Horizonte, Brazil, will nearly double over the next three years to 60,000 oz. gold per year. Total gold production guidance from all its mines for 2018 has not changed, however, and still sit sat 105,000 oz. gold. “If you turn back the clock a little over two years, the mine itself had no less than 50,000 oz. in reserves and little to no mineral resource runway,” Jaguar CEO Rodney Lamond says of Pilar in a telephone interview with The Northern Miner. Jaguar then began exploring the downward-plunging extension of the orebody at Pilar. Its work led to a 227% increase in its measured resource and a 104% increase in its inferred resource. As of December 2017, Pilar contains 974,000 proven and probable tonnes grading 3.99 grams gold per tonne for 125,000 oz. gold. It also has 3.7 million measured and indicated tonnes grading 4.37 grams gold for 532,000 oz. gold, with another 2.3 million inferred tonnes grading 5.69 grams gold for 433,000 oz. gold. The increase in production is offset by the company’s decision to put its Roca Grande underground gold mine on care and maintenance. Roca Grande is a 500 oz. per month gold mine that, along with Pilar and processing facilities, comprises Jaguar’s Caete complex. Over the past two years, Lamond says Jaguar has limited its exploration on the property, instead focusing on Turmalina and Pilar. “Now that our exploration team has been successful with that runway extension at Turmalina and Pilar, we’re turning our focus onto Roca Grande,” Lamond says. The limiting factor at Roca Grande that Jaguar has to resolve involves a 4- to 8-metre oxide cap that sits on the orebody and is saturated with water. The company first found what Lamond calls the “water table” when it went underground at Roca Grande in 2009. The water is connected to an aquifer and constantly recharges, and as a result in 2011, one year after building the processing facility at Caete, Jaguar abandoned that orebody, planning development at a later time. “We’ve since found some technical expertise out of South Africa that deals with perched water tables and

Workers underground at Jaguar Mining’s Caete complex, which includes the Pilar and Roca Grande gold mines.  JAGUAR MINING

“NOW THAT OUR EXPLORATION TEAM HAS BEEN SUCCESSFUL WITH THAT RUNWAY EXTENSION AT TURMALINA AND PILAR, WE’RE TURNING OUR FOCUS ONTO ROCA GRANDE ... [UP TO] 800,000 OZ. ARE UNMINEABLE AT THE MOMENT. RODNEY LAMOND CEO, JAGUAR MINING

how to basically isolate aquifers,” Rodney says. “And so we’re embarking on that program in addition to the growth exploration program. We believe that in the region of Roca Grande there are 500,000 to 800,000 oz. that are unmineable at the moment, but we’re hopeful that will come back on.” Lamond insists, however, that Roca Grande is not a “key driver” in getting Jaguar to its 200,000 oz. gold per year production goal, which the company hopes to achieve in the next five years. That will instead hinge on production from Pilar

Published by:

and Turmalina. At Turmalina — located 130 km northwest of Belo Horizonte — he hopes to announce an increase in production shortly. Lamond joined Jaguar in late 2015 and became CEO the following year. He calls 2016 a “banner year” for Turmalina, when Jaguar produced 63,000 oz. gold at the facility. “It was the economic engine that supported all the investments we’ve made over the last two years at Pilar,” he says. However, in early 2017, Jaguar ran into “temporary ground control conditions” at Level 9 of Turma-

lina’s underground mine that forced production back to Level 10. After this interruption the company relied on lower-grade orebodies from Orebody C, as opposed to Level 9’s Orebody A. The Brazilian real was up 19% against to the U.S. dollar compared to the start of 2016. The company was still developing Pilar, and all three circumstances drove up operating costs. Cash-operating costs increased 25% to US$924 per oz. gold sold compared to the first quarter of 2016. Similarly, all-in sustaining costs increased 22% to US$1,323 per oz. gold sold over the first quarter of 2016. Rodney says that Turmalina is back on track, but that Jaguar still needs to increase output volume from Orebody A to get it back to producing 15,000 oz. gold a month. He says the company’s focus this year is exploring Turmalina and Pilar. The company recently announced updates from the two projects, with 14 underground holes at Turmalina

and three infill holes at Pilar. At Turmalina, highlights included 4.69 grams gold over 7 metres estimated true width from Orebody A and 7.89 grams gold over 6 metres true width. Highlights at Pilar included 17 grams gold over 5 metres true width and 6.28 grams gold over 10 metres true width. The company also wants to restart its 85 sq. km Paciencia gold mine, 50 km southwest of Belo Horizonte, Brazil. Jaguar picked up Paciencia from Anglo American (LON: AAL) in 2005. The property came with a 4.5% gross revenue royalty and what Lamond calls “complications in the terms of agreements” that he is renegotiating. He wants to resolve this issue before investing more in the project, and start exploration to define a resource and refurbish the processing plant and tailings facility. Jaguar shares are valued at 34¢ with a 52-week range of 22¢ to 68¢. The company has a $107-million market capitalization. TNM

MAKE SENSE OF THE MINING INDUSTRY Mining Explained is a 164-page reference manual (written in layman’s language) that includes the following chapters: Basic Geology • Ore Deposits • High-Tech Prospecting Sampling & Drilling • Mining Methods • Processing Ore • Mining & the Environment • The Mining Team • The Business of Mining • Feasibility: Does it Pay? • Metal Markets • Making Sense of the Numbers • Investing in Mining • Glossary of Mining Terms

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2018-04-10 8:09 PM


SPECIAL FOCUS

GLOBAL COPPER

Copper cathodes from Codelco’s Radomiro Tomic copper mine in Antofagasta, Chile. CODELCO

SolGold steps up drilling campaign in Ecuador COPPER-GOLD  

| Alpala deposit contains 7.4M tonnes copper, 12M oz. gold

Nevsun completes prefeasibility at Timok SERBIA  

| Could produce 1.7 billion lb. payable copper over 10-year mine life BY RICHARD QUARISA rquarisa@northernminer.com

N

“Some rock-chip samples in the area contained copper, silver, lead and zinc, but nobody had recognized a porphyry system,” Mather says of SolGold’s early reconnaissance work. “What attracted us to the project was molybdenum, which — plus or minus gold — is

evsun Resources (TSX: NSU; NYSE-AM: NSU) has a busy year ahead. In early April, the mid-tier base metals company released a prefeasibility study for the Cukaru Peki Upper Zone, part of its 213 sq. km Timok copper-gold project near Bor, Serbia. This year, it intends to start work on a feasibility study, continue exploring and calculate a resource estimate on its joint-ventured Cukaru Peki Lower Zone. According to the new study, Nevsun could produce 1.7 billion lb. payable copper over a 10-year mine life at Timok’s Upper Zone via sub-level caving. The project would require US$574 million in pre-production capital and a conventional plant capable of producing 3.25 million tonnes per year of copper concentrate. It has an after-tax net asset value of US$1.8 billion at an 8% discount rate and an 80% after-tax internal rate of return. The deposit is located within the central zone of the Timok magmatic complex. The Upper Zone is characterized by high-sulphidation mineralization comprising a single zone at depths ranging from 400 metres to more than 800 metres. It contains 27.1 million probable tonnes grading 3.3% copper and 2.1 grams gold for 890,000 tonnes copper and 1.8 million oz. gold. Recently, Nevsun received a permit for an exploration decline at

See SOLGOLD / 10

See NEVSUN / 12

A driller at SolGold’s Cascabel copper-gold project in northern Ecuador.  SOLGOLD BY VIRGINIA HEFFERNAN Special to The Northern Miner

W

ith US$90 million in the bank and plenty of ground still to explore, Brisbanebased SolGold (TSX: SOLG; USOTC: SLGGF) has embarked on a 120,000-metre, 12-drill program at its Cascabel copper-gold project in northern Ecuador. The main purpose of the 2018 program is to expand the maiden resource at the Alpala deposit, one of 15 porphyry targets on the 50 sq. km land parcel. According to an estimate released in January, Alpala has an indicated resource of 430 million tonnes grading 0.5% copper and 0.4 gram gold per tonne (or 0.8% copper equivalent), plus 650 million inferred tonnes at 0.4% copper and 0.3 gram gold (or 0.6% copper

“THE DRILLING WE ARE DOING RIGHT NOW IS FOCUSED ON THE HIGHGRADE RESOURCE, AND THE HIGHGRADE RESOURCE IS GETTING BIGGER.” NICHOLAS MATHER CEO, SOLGOLD

1-16, 23_APRIL16_Main .indd 9

equivalent), using a lower cut-off grade of 0.3% copper equivalent. This equates to 7.4 million tonnes contained copper and 12.3 million contained oz. gold in all categories. The deposit’s higher-grade core contains 120 million tonnes grading 1.8% copper equivalent. “The drilling we are doing right now is focused on the high-grade resource, and the high-grade resource is getting bigger,” says SolGold CEO Nicholas Mather, a geologist with 32 years of exploration and management experience, in a phone interview. One of the 12 drills is headed for the Aguinaga prospect — 3 km northeast of Alpala — where the first hole has intersected porphyrystyle veining, chalcopyrite and bornite mineralization from 295 metres’ depth. Previous surface sampling returned 1.01% copper and 0.7 gram gold per tonne in channel samples. Cascabel lies along the margin of the Eocene and Miocene metallogenic belts that stretch along the Andes from Chile to Panama and host some of the world’s biggest copper porphyry deposits, including Escondida in Chile and Cobre Panama (3.2 billion tonnes grading 0.38% copper) to the north. Ecuador is relatively unexplored for minerals compared to its copper-producing neighbours. Cascabel is a grassroots success story in the sense that SolGold has found a mineralized envelope with a true width of up to 800 metres, more

than 1,500 metres long and extending 1,800 metres from surface, since the junior acquired the early-stage project from Cornerstone Capital Resources (TSXV: CGP; US-OTC: CTNXF) in 2012 and received an exploration permit the following year. Cornerstone still has a 15% interest, but SolGold is funding 100% of the exploration.

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2018-04-10 8:09 PM


10

APRIL 16–29, 2018 / THE NORTHERN MINER

GLOBAL COPPER

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SolGold steps up drilling campaign in Ecuador SOLGOLD From 9

indicative of these large porphyry systems.” SolGold continued prospecting and found highly altered lithocaps at Alpala. Sheeted veining at the bottom of the creek running through the middle of the project suggested that a porphyry system might underlie the altered rocks. Sure enough, drilling under the creek outcrop hit copper sulphide mineralization in the first hole. By the end of March 2018, SolGold had drilled 92,500 metres into the system. Yet the market has been unresponsive to the growing potential at Cascabel, despite SolGold’s ability to attract high-profile shareholders such as Newcrest Mining (ASX: NCM; US-OTC: NCMGY), at 14.5%; Guyana Goldfields (TSX: GUY; USOTC: GUYFF), at 6.1%; and global investment firm BlackRock, at 5%. (Mather owns 90.7 million shares, or a 5.4% interest.) At press time SolGold was trading at 40¢ in a 52-week range of 34–95¢, and had a $670-million market capitalization. Mather says investors might assume the maiden resource is all the project has to offer, a thesis Torontobased Cormark Securities — one of the underwriters of a bought-deal financing at 42¢ that raised $75.6 million in late 2017 — supports. “SolGold currently experiencing a lull following a wave of profit taking and the 2018 drill program, which will triple the meterage used in the maiden resource, is a clear catalyst for the next wave of interest,” Cormark analysts Tyron Breytenbach and Nicolas Dion said in a March research report. Investors may also be wary of sinking money into a country where political risk is high. Ecuador ranks 117th the out 175 countries in Transparency International’s Corruption Perceptions Index and 118th out of 189 countries in the World Bank’s Doing Business Index for 2017. Ecuador hopes to become more attractive as a destination for mining capital by changing the tax code that drove Kinross Gold to sell its interest in 2014 in the large Fruta del Norte gold project in southern Ecuador in 2014. Lundin Mining bought the project and has negotiated with the government to lower the tax burden to a much more competitive level.

Workers in the core shack at SolGold’s Cascabel gold property in Ecuador.  SOLGOLD

“THE 2018 DRILL PROGRAM, WHICH WILL TRIPLE THE METERAGE USED IN THE MAIDEN RESOURCE, IS A CLEAR CATALYST FOR THE NEXT WAVE OF INTEREST [IN SOLGOLD].” TYRON BREYTENBACH AND NICOLAS DION ANALYSTS, CORMARK SECURITIES

Fruta del Norte could begin production by the end of 2019, producing 325,000 oz. gold annually for 15 years. The project got a major push earlier this year when Newcrest — SolGold’s major shareholder — invested US$250 million as part of a US$400-million financing for construction. Proposed changes to the country’s regulatory framework and tax regime are paying off. Ecuador expects to reap over US$1 billion in revenues 2018, mainly through mineral exploration and mine development. In a release several months

Bayardo Rosero (left), senior geologist, and Jason Ward, country manager, at SolGold’s Cascabel copper-gold project in Ecuador.  SOLGOLD

ago, Ecuador’s mining ministry said the income would come from 300 recently approved mining titles, as well as royalties from production. Cascabel is in a relatively favourable location in terms of infrastructure, elevation and water supply. The project has access to low-cost

hydro; is three hours north by road from the capital Quito and 180 km from deepwater ports; and sits at a moderate elevation — by Andean standards — of 600 to 1,800 metres. Rather than risk its social licence by digging an open pit, SolGold plans to mine Alpala with block caving if it

reaches production. The method uses gravity and undercutting techniques to accelerate natural fragmentation and allow the ore to collapse under its own weight. Newcrest uses the method at the Cadia Valley gold mine in Australia and plans to use it at the Wafi-Golpu copper-gold porphyry project in Papua New Guinea. “Block caving is spectacularly efficient and has no environmental or social impact,” Mather says. He points out that Codelco is using block caving to go underground at the giant Chuquicamata copper porphyry deposit in Chile — the world’s second deepest open-pit mine. The underground mine will cost an estimated US$4.2 billion to build and is expected to produce 366,000 tonnes copper and 18,000 tonnes molybdenum per year starting in 2019. In the meantime, SolGold will continue drilling to expand the Alpala deposit and test satellite targets on the property. Moran and Tandayama-America are ready for drilling, and drill-targeting studies are underway for Chinambicito, Alpala South, Parambas and Cristal. The company also controls four subsidiaries that together own more than 3,000 sq. km of unexplored porphyry terrain within the Ecuador expression of the copper belt. “People shouldn’t be worried about the future,” Mather says. — Virginia Heffernan is a freelance writer specializing in mining issues, and a principal of Toronto-based GeoPen Communications (www. geopen.com).

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2018-04-10 8:09 PM


GLOBAL COPPER

GLOBAL MINING NEWS

THE NORTHERN MINER / APRIL 16–29, 2018

11

GLOBAL COPPER SNAPSHOT

Firms exploring, developing the next generation of copper assets While gold draws the lion’s share of attention amongst the world’s mineral explorers and developers, the steady rise in copper prices has helped the junior copper subsector blossom, ranging from grassroots explorers to intermediate miners. Below are examples of eight such companies. ALTIUS MINERALS Brian Dalton-led Altius Minerals (TSX: ALS; US-OTC: ATUSF) directly and indirectly holds diversified royalties and streams that generate revenue from 15 operating mines in Canada and Brazil that produce copper, zinc, nickel, cobalt, iron ore, potash, and thermal and metallurgical coal. The junior’s portfolio also includes many pre-development staged royalties covering a wide spectrum of mineral commodities and jurisdictions, plus exploration-stage projects. Its biggest copper assets are a 4% net smelter return royalty on Hudbay Minerals’ 777 copper-zinc mine in Manitoba, a royalty on the Voisey’s Bay nickel-copper-cobalt mine in Labrador, as well as a 3.7% stream interest in Yamana’s Chapada gold-copper mine in Brazil. Altius reported attributable royalty revenue of $46.7 million for the eight months ended Dec. 31, 2017, compared to $46 million for the 12-month period ended April 30,

A worker in the Montiel pit at Cordoba Minerals’ San Matias copper-gold property, 200 km north of Medellin, Colombia.   CORDOBA MINERALS 2017. Revenue for the two-month period ended Dec. 31, 2017, was $14 million. The abbreviated reporting periods are due to Altius changing its financial year-end to Dec. 31. CARUBE COPPER Toronto-based Carube Copper (TSXV: CUC) is focused on its Bellas Gate copper project in Jamaica, where it says it has found “widespread copper mineralization over a 6.5 by 4 km corridor indicating the presence of a very large system, with the potential

to host multiple copper-gold porphyries.” The company says its results have identified 17 target areas, including the Connors porphyry, where recent drill intercepts show “excellent copper and gold mineralization.” In Jamaica, Carube holds a 100% interest in 11 licences totalling 535 sq. km. In Canada, it holds a 100% interest in three porphyry coppergold-molybdenum properties totalling 492 sq. km within the Tertiary-aged Cascade magmatic arc in southwestern British Columbia.

In late March, Carube closed the third and final tranche of a $3-million financing, with the resulting proceeds directed towards exploration and general working capital purposes. CENTENERA MINING Vancouver-based, Keith Hendersonled Centenera Mining (TSXV: CT; US-OTC: CTMIF) is exploring for copper in Argentina, with a focus on its Esperanza copper-gold project in mining-friendly San Juan province. Centenera describes Esperanza as having the infrastructure needed

for a bulk-tonnage mine, especially year-round round access, within 35 km of a power line and at a 3,000-metre elevation. Esperanza was discovered in 2007, and in 2017 Centenera acquired the project and an option to get full interest for cash payments of US$2.3 million over six years, and US$500,000 shares issued, subject to a 2% net smelter return royalty. One hole from 2007 cut 249 metres from 6 metres grading 0.26% copper and 0.17 gram gold per tonne.

See SNAPSHOT / 12

Developing Peru’s Copper Potential Panoro Minerals is advancing the Cotabambas and Antilla Copper Projects in Southern Peru. Both projects are located in the strategically important region of Peru with major infrastructure already in place and growing rapidly, with over $US 15 Billion of investment into the construction of 4 new open pit copper mines demonstrating the ability to permit new mining operations. Panoro has grown the Cotabambas and Antilla Projects from zero to over 1.1 billion tonnes of combined resources over the past decade. Growth and optimization plans are being executed at these projects currently.

We believe in copper, we believe in Peru and we are ready to benefit from the new copper cycle.

info@panoro.com

(604) 684-4246

www.panoro.com

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TSX-V: PML | BVL: PML Borse: PZN | OTC: POROF

2018-04-10 8:09 PM


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APRIL 16–29, 2018 / THE NORTHERN MINER

GLOBAL COPPER

WWW.NORTHERNMINER.COM

GLOBAL COPPER SNAPSHOT SNAPSHOT From 11 Centenera is starting 2018 by drilling four holes totalling 2,000 metres on 100-metre step-outs, and will consider a six-hole, 3,500-metre follow-up program. CORDOBA MINERALS There’s more to Colombia’s mineral potential than pure gold. Exhibit A is Toronto-based Cordoba Minerals (TSXV: CDB; US-OTC: CDBMF), which is exploring the San Matias copper-gold project in the country’s Department of Cordoba, 200 km north of Medellin, where Cordoba has an office. In July 2017, Cordoba acquired full interest in San Matias from High Power Exploration Inc. — a private mineral exploration company indirectly controlled by Robert Friedland’s Ivanhoe Industries — such that HPX now owns a 67% economic interest in Cordoba Minerals. In February, Cordoba updated the resource estimate for the Alacran deposit on the San Matias property, with conceptual pit-constrained resources of 36.1 million indicated tonnes grading 0.57% copper and 0.26 gram gold per tonne, and 31.8 million inferred tonnes at 0.52% copper and 0.24 gram gold at a 0.28% copper-equivalent cut-off. This translates to a contained 819 million lb. copper and 550,000 oz. gold in all categories. In April, veteran exploration geologist Eugene Schmidt joined Cordoba as vice-president of exploration. FIRST QUANTUM MINERALS Toronto-based intermediate copper producer First Quantum Minerals (TSX: FM; US-OTC: FQVLF) celebrated record copper production in 2017 of 573,963 tonnes copper, plus 200,000 oz. gold and 17,800 tonnes nickel. First Quantum has seven mines around the world: the Kansanshi mine and smelter (80%) and Sentinel (100%) in Zambia; Guelb Moghrein (100%) in Mauritania; Las Cruces (100%) in Spain; Pyhasalmi (100%) in Finland; Ravensthorpe

(100%) in Australia; and Cayeli (100%) in Turkey. In Panama with Cobre Panama, the company has an equally large copper mine coming on stream, with ramp-up due in late 2018. In March, the Zambia Revenue Authority accused First Quantum of underpaying its taxes by more than $10 billion over five years. The tax authorities accused the miner of incorrectly declaring consumables and spare-part imports as mining machinery, which are not subject to customs duty, when they should have been paying duties of 15–25% on those items. First Quantum said it “unequivocally refutes this assessment, which does not appear to have any discernible basis of calculation and will continue working with the ZRA ... to resolve the issue.” KUTCHO COPPER Vince Sorace-led, Kutcho Copper (TSXV: KC; US-OTC: KCCFF) is developing the Kutcho high-grade copper-zinc-gold-silver project in northern British Columbia. The Vancouver-based junior changed its name to Kutcho Copper from Desert Star Resources in December 2017, as part of a rebranding timed with a $117-million financing package and the closing of Kutcho Copper’s acquisition of full interest in its flagship Kutcho property, located 100 km east of Dease Lake, within the territory of the Tahltan and Kaska First Nations. At a 1% copper cut-off grade, the Kutcho volcanogenic massive sulphide deposit hosts 16.9 million indicated tonnes grading 1.89% copper, 2.87% zinc, 0.36 gram gold per tonne and 32.8 grams silver per tonne. Another 5.8 million tonnes at slightly lower grades lie in the inferred category. Over the coming year and into 2019, Kutcho Copper plans to explore and expand the resource, optimize the metallurgy, update the resource and reserve estimates, and complete a feasibility study.

CUC: TSX-V

LARA EXPLORATION Miles Thompson-led Lara Exploration (TSXV: LRA) describes itself as a “project generator, with a business model focused on managing exploration risk through multiple plays in diverse metals and locations in South America.” Its current focus is its copper projects in Brazil’s Carajas region, and specifically, its Planalto project, where drilling is underway on the Homestead target. Lara has an option to acquire full interest in Planalto, subject to royalties. Lara has a $2-million exploration budget for 2018, and in February had cash and equivalents of $3.4 million. In February, Lara reported that its first diamond drill hole at Planalto, hole 17-1, intercepted 222 metres from surface with an average grade of 0.38% copper and 0.039 gram gold per tonne, or 0.41% copper equivalent. TRILOGY METALS Formerly named NovaCopper, Trilogy Metals (TSX: TMQ; NYSE-AM: TMQ) is led by veteran explorer and developer Rick Van Nieuwenhuyse, and is advancing its polymetallic Arctic deposit in northwestern Alaska’s Ambler mining district. Arctic is a volcanogenic massive sulphide deposit containing 36 million indicated tonnes grading 3.07% copper, 0.73% lead, 4.23% zinc, 0.63 gram gold and 47.6 grams silver, for 2.4 billion lb. copper, 581 million lb. lead, 3.3 million lb. zinc, 728,000 oz. gold and 55 million oz. silver. This includes 43 million probable tonnes grading 2.32% copper, 3.24% zinc, 0.57% lead, 0.49 gram gold and 36 grams silver. In February Trilogy completed a prefeasibility study at Arctic showing an after tax net-present value of US$1.4 billion at an 8% discount rate and a 33.4% after-tax internal rate of return. A mine with a 12-year life would call for US$780 million in initial capital expenses and US$66 million in sustaining capital. Total all-in cash costs are an estimated US63¢ per lb. payable copper. At US$3 per lb. copper, payback would be in two years. The Trilogy team has been active in the district since 2004, and has numerous, other less developed targets in the area. TNM

Nevsun Resources’ Timok copper-gold project near Bor, Serbia.   NEVSUN RESOURCES

Nevsun’s Timok See NEVSUN / 12

Timok. It has begun preparatory work, including contracts for building the decline, which it expects will take two years to reach the Upper Zone orebody. Nevsun is targeting 2022 for initial production. Nevsun’s prefeasibility study outlines a staged ramp-up with a lower mining rate in the early years, as well as smaller surface facilities that Nevsun would expand as mining rates increase. “In essence, the ramp-up scenario represents an opportunity to save capital and reduce operational risk in the initial years while maintaining the compelling economics of the project,” Nevsun CEO Peter Kukielski says in an interview with The Northern Miner. The ramp-up would also lower arsenic ore content in the early years of production and cut initial capital by US$100 million. Over the mine life, arsenic content at the Upper Zone is pegged at 1.4%, which Kukielski says is “relatively high, but low compared to other orebodies globally, like in Bulgaria or Chile.” As a result, Nevsun could make two concentrates, one with higher amounts of arsenic and one grading less than 0.5% arsenic. It could also sell the high arsenic component to specialized smelters and cut out treatment charges and arsenic penalties. Earlier this year, Nevsun finished a US$20-million drill program in the Lower Zone and is developing a resource estimate it intends to release in the next couple of months. The Lower Zone has porphyrytype mineralization. Highlights from the campaign include 557 metres grading 1% copper and 0.2 gram gold from 1,310 metres downhole and 312 metres grading 1.06% copper and 0.21 gram

Creating Wealth Through Exploration Discovery 1000km2 of Porphyry Copper Gold Assets in Jamaica and British Columbia

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1-16, 23_APRIL16_Main .indd 12

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gold from 1,583 metres downhole. The project is a joint venture between Nevsun and FreeportMcMoRan (NYSE: FCX), wherein Nevsun owns 60.4% of the Lower Zone. If Nevsun completes a feasibility study on either Zone, its ownership will drop to 46%. “As one exposes value, 46% of a larger value is worth much more than 60% of something of limited value,” Kukielski says. The zone appears limited southeast and southwest, but open north and south. Mineralization at the top of the Lower Zone occurs at depths ranging from 1,400 metres downhole in the west to 750 metres downhole in the east. The full vertical extent of the zone is unknown. After the resource estimate, Nevsun and Freeport will consider infill drilling the Lower Zone. “It’s fair to say we’re pretty excited about the potential of the Lower Zone because we believe it represents a store of value for us in an environment where large, high-quality and well-located copper deposits are rare as heck,” Kukielski says. For the year, the company has 12,500 metres of drilling planned for following up on a zone it recently found 500 metres east of the Upper Zone. Mineralization at the zone occurs over 0.06 sq. km and is similar to the Upper Zone. Assays from the new zone include 27 metres grading 2.93% copper and 2.54 grams gold from 396 metres downhole, and 18 metres grading 3.1% copper and 0.8 gram gold from 569 metres downhole. Also in 2018, the company will spend US$5 million following up on brownfields exploration within 5 km of the Lower Zone. Timok is 5 km south of the Serbian-owned RTB Bor copper mine complex, which has produced 144 million tonnes of high-sulphidation ore from 27 orebodies. “We feel pretty good about discovering additional high-grade mineralization around the Upper Zone,” Kukielski says. “If we find something of the scale of our current project, it’s a game changer.” The company also has its Bisha copper-zinc mine, 150 km west of Asmara, Eritrea. The mine produced a gold-silver doré from 2010 to 2013 before switching to copper via a $11-million expansion project. It added zinc production in October 2016. In 2017, Bisha produced 210.4 million lb. zinc concentrate and 17.5 million lb. copper concentrate. Shares of Nevsun are valued at $3.15 with a 52-week range of $2.49 to $3.48. The company has a $940-million market capitalization. “Timok is an incredibly highgrade, high-return, fully executable copper project in a supportive jurisdiction,” Kukielski says. “We’re excited to get moving with our exploration decline and with the development of what we consider to be an extraordinary project.” TNM

2018-04-10 8:09 PM


GLOBAL COPPER

GLOBAL MINING NEWS

THE NORTHERN MINER / APRIL 16–29, 2018

13

Camino finds new anomaly at Los Chapitos PERU  

| Embarked on 1,500-metre drill campaign earlier this year

BY RICHARD QUARISA rquarisa@northernminer.com

U

ntil recently, Camino Minerals (TSXV: COR; US-OTC: CAMZF) had four main zones, beginning with Adriana and proceeding southeast to Vicky along a 6 km stretch of what it calls the Diva trend, located on its wholly owned Los Chapitos copper project, an eight-hour drive south of Lima, Peru. Now it may have a fifth, called Maria. Earlier this year, soil samples taken by the company showed another anomaly, 1 km southeast of its Katty zone. “We never thought it would work because of the soil cover,” Camino president and CEO Ken McNaughton says in an interview with The Northern Miner. “We were quite surprised that it did work and pointed us toward Maria. Now we’ve got to get down there and see if we can turn that into another zone.” But that doesn’t mean the new Maria anomaly is Camino’s focus. It’s in the middle of a 1,500-metre step-out drill campaign with up to eight holes, and McNaughton says for now that the idea is to “stay with what you know.” The company has already drilled one step-out on its Adriana zone, 1 km northwest of Katty, and is waiting for assay results. It wants to drop two or three holes in between Adriana and Katty to try to confirm the location of the Diva fault and the limits of its mineralization. Based on these results, and surface

A drill site on Camino Minerals’ Los Chapitos copper project in Peru.   CAMINO MINERALS

work at Maria, Camino will decide where to put more holes. “It’s highly likely we’re going to get down and at least plug one hole into Maria,” McNaughton says. “We’re seeing enough mineralization that we pretty much have to drill it to confirm.” Camino made its first discovery at Los Chapitos in February 2017. It drilled 16,000 metres into the property that year, ending the program in November. Highlights included: 168.5 metres from 190 metres down holes grading 0.72% copper; 4.5 metres from 246 metres downhole grading 5% copper; and 31.7 metres from 264 metres downhole grading 2.19% copper. McNaughton says Camino spent a lot of time last year trying to understand the Adriana and Katty systems. He affirms everything was “quite complicated.”

“There’s very little if any surface exposure,” he says. “We really needed the drill data to put the model together.” It’s basing its model on the Mina Justa copper-silver project, located 100 km northwest of Los Chapitos, and hosted by the same trend. Mina Justa has 336.8 million indicated tonnes grading 0.76% copper (5.65 billion lb. contained copper). Its orebodies have a 400-metre strike length and trace 1,700 metres down dip. Peru-based mining company Minsur recently acquired Mina Justa for US$590 million. Its mine plan outlines a 90,000-tonne-perday capacity open-pit operation, and it expects construction later this year. Coming down from Adriana to the southernmost Vicky zone, McNaughton says the ore controls are

the same — and everywhere Camino has drilled so far it has hit mineralization. However, intersections vary by lithology. The trend yields thick, high-grade samples where it intersects the bedded volcanic complex. Where it doesn’t, the samples are narrow and low grade. Outside of the Adriana-Katty area, McNaughton says Camino hasn’t drilled enough to identify the location of the Diva structure and where it comes into contact with the favourable bed. He hopes more step-out holes can solve this mystery. In addition to drilling, the company wants to carry out metallurgy and flotation test work, as well as more regional-scale soil sampling. McNaughton says he’d also like to drill more, provided the money’s there. “If funding’s available and we’re

not diluting the snot out of the company, we’ll definitely be back drilling,” McNaughton says. “We’re sitting on a resource right now.” He’d like to have between 75 and 100 million tonnes defined before tabling an initial resource estimate. Camino hasn’t hit the edges of the Adriana system yet, and McNaughton won’t rush out an estimate. He says doing so could attach “a small adjective” to the project and limit market appeal. “We want to make certain the perception is correct,” McNaughton says, “because people will jump, and once they make up their mind that it’s small, it’s really hard to shake that out of them. “We don’t think it’s small. It’s a big system. There’s copper everywhere and we’ve done extremely well, given the time frame we’ve worked in and the amount of funds we’ve had available.” He says if Camino can get Los Chapitos to the 100-million-tonne range, it would be close to a 2 billion lb. copper deposit, and would approach the size threshold of a world-class deposit. Camino also has its Plata Dorada silver-copper project — a 2.5-hour drive east of Cuzco, Peru — as well as its Lost Cabin gold project in Oregon. “If money’s available, we’d go and drop some wildcat holes there and see what we get,” McNaughton says. Camino shares are valued at 33¢ within a 52-week range of 26¢ to $2.23. The company has a $17-million market capitalization. TNM

The Ambler Mining District: An Emerging World Class Copper, Zinc, and Precious Metals District Trilogy Metals Inc. is a metals exploration company focused on exploring and developing the high-grade Ambler mining district in Alaska. The Company controls the mineral rights to approximately 353,000 acres of land containing two known mineral belts, the Ambler Schist Belt — a belt of polymetallic volcanogenic massive sulphide deposits (VMS), and the Bornite Carbonate Sequence — a series of carbonate-hosted copper replacement deposits. So far exploration work has outlined several deposits, including the Company’s Arctic (PFS stage) and Bornite (exploration stage) deposits which host over 8 billion lbs of copper, 3 billion lbs of zinc and over 1 million oz of gold equivalent precious metals. Trilogy Metals has an agreement with South32 Ltd which granted the option to form a 50/50 JV in the Alaskan assets for a minimum investment of US$150 million. In February 2018, the Company released a Pre-Feasibility study (PFS) at Arctic demonstrating a significant improvement over the 2013 PEA. Together with its partners, Trilogy is advancing the Arctic project towards a construction decision while expanding the resources at Bornite.

· · ·

· · ·

Alaska – Safe & Mining Friendly Jurisdiction 100% owned, low capex + low opex asset Arctic – among the highest grade VMS deposits in the world: Reserves of 43MT of 5% CuEq (2.3% Cu, 3.2% Zn, 0.57% Pb, 0.49 g/t Au, 36 g/t Ag); PFS highlights – Post Tax NPV8% of US $1.4 Billion with 33% IRR and 2 year payback Bornite deposit : 125MT at 1% Cu open pittable, 58MT at 2.9% Cu underground, and open for expansion Strong Partnerships: Infrastructure Partnership with State of Alaska, Financial Partnership with South32, Local Partnership with NANA, an Alaska Regional Native Corporation Proven management team aligned with shareholders

1-16, 23_APRIL16_Main .indd 13

P: 1(855) 638-8088 E: info@trilogymetals.com www.trilogymetals.com NYSE-American TMQ

TSX: TMQ

2018-04-10 8:09 PM


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APRIL 16–29, 2018 / THE NORTHERN MINER

Peter Munk’s lifetime of achievement PETER MUNK From 2

Munk then threw himself into real estate, founding Southern Pacific Properties to develop a hotel and resort complex in Fiji, and took the company public on the London and Hong Kong stock exchanges. In 1972 he acquired Travelodge, the largest hotel and resort chain in Australia and the South Pacific. He later renamed the company Southern Pacific Hotel Corp., and sold it to a consortium of private investors in 1981 for $100 million. Other companies Munk created included Horsham Corp., which he founded in the late 1980s and listed on the TSX. Horsham later merged with Trizec Corp. to create TrizecHahn. Munk acquired Trizec from a group of banks, and grew it into one of the biggest owners and operators of commercial office properties in North America. In 2006, Trizec was sold to Brookfield Properties and the Blackstone Group for $9 billion. Ian Delaney, who Munk recruited from Bay Street to be Horsham’s CEO in 1987, describes Munk as a “visionary who could see things that his colleagues and partners couldn’t. He was truly capable of thinking in the large-scale. “Like any real, fundamental entrepreneur risk-taker, Peter made money, Peter lost money. Peter had partners, but they never ever felt that, win or lose, they had been abused by their partnership,” Delaney says. “I can think of quite a few guys who couldn’t say that.” Delaney also noted that Munk was a “realist, but always believed that

Peter Munk speaking at the Peter Munk Cardiac Centre at the University Health Network in Toronto.   BARRICK GOLD

hard work and risk-taking would always stand him in good stead.” Munk was also “extremely generous with his partners.” “He was a leader, and his people around him might get down, but Peter would stay the course, buck them up — he was pretty good, I’ve gotta say.” Delaney remained a fan, even after Munk fired him. “Well, of course he fired me,” Delaney told Newman in Titans. “He was the controlling shareholder, and I was the CEO, and I wanted to have things my way. Obviously incompatible ... frankly, I would have fired me a year and a half before he did.” In Newman’s view, Munk’s motives in the years after Clairtone blew up were: “restitution, redemption, revenge — the three great Rs in Peter Munk’s life. It’s about giving the finger to all those snotty guys

who never waved goodbye as he snuck away for his 12-year exile in the South Pacific after the Clairtone fiasco in 1967.” In 1980, Munk formed Barrick Petroleum to invest in oil and gas exploration, but his timing was off, and he shifted his focus to gold after figuring out that European investors wanted a safer place to put their money than in the gold mines of apartheid-era South Africa. When the Economist asked Munk in 2014 why he moved to gold, he replied: “Because I’m a pretty good business person. I like business. And mining was to me an area that offered opportunity. “I knew nothing about mining ... what I did know was how to run a business. The investor doesn’t give a damn about what you know about mining. They want results.” Rocco Marcello, who worked in investment banking and helped

Munk with some of his deals in the early years, describes his friend as “brilliant,” and a serial risk-taker. “He had a great imagination, he was a true visionary. If something didn’t work, he didn’t collapse his tent, he’d go on to the next thing.” The biggest thing and his enduring legacy was Barrick Gold, which in its first year of production produced 57,000 oz. gold. By 1992 it reached the 1 million oz. mark and last year churned out 5.3 million ounces. Munk set his new gold mining company apart from other juniors by focusing on acquiring producing gold mines rather than on exploration. His other strategies were to become a North American leader in the gold industry, follow conservative financial policies and lower risk by hedging. Barrick’s first acquisition was a half interest in the Renabie mine in northern Ontario. But it was the deal to buy Camflo Mines — a mid-sized Canadian gold producer with a property in Quebec — that was really pivotal to Barrick’s story. Camf lo’s most valuable assets were people: Bob Smith, an engineer who would become Munk’s partner and Barrick’s president and chief operating officer; Alan Hill, another engineer; and geologist Brian Meikle. Unlike Munk, they understood the mining business, and provided critical expertise that would help shape Barrick’s future. “Smith built, led and inspired the technical team that transformed Peter Munk’s vision into reality,” The Northern Miner wrote after Smith’s death in 1998. “It was one of

the mining world’s most successful and enduring partnerships.” After Camflo, Barrick picked up the Mercur mine in Utah for 40 million. Within one year, Smith and his team doubled its reserves, and within 18 months Mercur was worth five times its sticker price. In 1986, Barrick bought Goldstrike for $62 million. Goldstrike was a small heap-leach operation in Nevada producing 50,000 oz. gold a year and had 600,000 oz. in reserves. But Smith and his team said there was more gold to be found, despite the challenging geology and water table. At the time, many ridiculed Barrick for “overpaying” for Goldstrike, but it became the steal of the century. Barrick found 50 million more ounces of gold there and Goldstrike became the largest gold producer in the world, and the company’s flagship asset for many years. “There was some luck in how big the deposit ultimately became over three decades, but with luck, it’s often what you do with it,” says Jamie Sokalsky, who worked with Munk for over two decades, including as Barrick’s president and CEO from 2012 to 2014. The Goldstrike deposit, says Pierre Lassonde, chairman of FrancoNevada, “turned out to be one of the greatest deposits of all time on the planet, and we were part of that ride — Barrick made FrancoNevada and Seymour [Schulich] and myself. That’s really what made us and made him.” Lassonde remembers meeting Munk for the first time after Bar-

Stephen Dattels on friend and former colleague Peter Munk DATTELS From 2 company out of really nothing, is a testament to his character and his ability. When he conceptualized Barrick becoming a gold miner, he had a number of themes that he would drive home. One was that you can’t build an insurance policy on a volcano — an analogy to the precarious state of the gold mining industry and the apartheid regime in South Africa. It was a view that turned out to be prophetic. Another theme was that gold had the distinct attribute that there was no marketing risk, so as long as you controlled costs, it was a winning investment. He was also of the view that the only limitation to becoming the largest gold producer in the world was the constraint of one’s imagination, and he had plenty of imagination. The fact that Peter had not cut his business career in mining was a major plus, because he was not tied to traditional thinking about what you paid for a gold mine, how you produced gold, how you financed it and how you sold the gold produced. He always felt that if the prize was worth it — pay up. With his non-traditional thinking, Barrick financed its growth through novel financing techniques, including royalty financings, creative and aggressive hedging, gold loans and Eurobonds, putting the company on the forefront of innovative finance techniques to fund its growth. As Barrick evolved and became a stock market darling it had a superior market multiple to other less aggressive gold mining companies, and was able to use the international capital markets to fund its growth like no other mining company during its formative stages. However, the early days of Barrick’s transition, acquisitions and growth were not easy. Barrick’s executive team was driven to succeed by Peter and no task he set seemed too hard. We were driven to believe that while the difficult took a few days, the impossible took a few days longer. Barrick’s venture into gold mining got off to a slow start with the acquisition of a placer deposit in Alaska called Valdez Creek, which predictably went nowhere. The next acquisition was the Renabie mine near Wawa, which was a former producer. While never

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a successful mine, it was in many ways the key to Barrick’s success. The acquisition was undertaken as a joint venture with a mining company controlled by Ned Goodman, called Cullaton Lake Gold Mine. To finance the acquisition, Barrick invented a novel, publicly quoted gold royalty instrument called the Barrick Cullaton Gold Royalty Trust, which provided investors with a royalty on production from the Renabie mine. The royalty trust would become the key to funding the acquisition of Camflo Mines, which became the foundation of Barrick’s future success. Camflo Mines was an old line Canadian mining company controlled by the Fasken family, which had become a diversified mining company with interests in operating mining investments, including gold, coal, geothermal energy, oil and gas, and other mineral properties. Camflo had a top-notch mine operating team headed by Bob Smith that could evaluate, develop and operate the future gold mines that Barrick would acquire, so it was a strategic acquisition. However, Camflo had $80 million in debt, and was in the hands and grip of the workout department of the Royal Bank of Canada in Montreal. It was difficult to get an agreement on the acquisition of Camflo because Barrick was an upstart with marginal gold assets, and as a newcomer, it was hard for a quality company as established as Camflo to get an agreement to a merger. However, Peter’s vision, and his ability to finance growth, pay down Camflo’s debt and drive the merged company forward, resulted in a successful transaction and agreement from the majority shareholders of Camflo, as well as the Royal Bank — not an easy task. No one but Peter could have pulled that off. While Camflo had a top-notch mining team, the merged company would not survive without eliminating the huge debt burden that came with the acquisition, and Barrick and Peter were just starting to gain credibility in international equity markets. To cope with Camflo’s debt load, the earlier novel financing techniques were once again used and Barrick launched the $40-million Gold Royalty Trust with Prudential Bache to pay down Camflo’s debt, and combined with the sale of surplus assets, the debt was effectively eliminated.

Still, Barrick had sold off many of Camflo’s assets, and was not flush with cash when its next major acquisition opportunity came, with the attempted sale of the Mercur mine in Utah by Texaco. The Mercur mine had a terrible reputation in the industry, as it had been widely exposed without a credible bid. It was gold plated by the former owner, Getty Oil, where over $100 million was spent on construction. And in spite of a lack of liquidity in Barrick at the time, through the persuasiveness of Peter, Barrick acquired the mine from Texaco. To fund the acquisition and development, Barrick used an equity raise and debt package with the Bank of America, and other off-balance-sheet funding techniques. With the Mercur mine acquisition Barrick suddenly became a stock market darling, and Peter drove management as hard as he could to not only operate its key mining assets effectively, but also market the Barrick story. I remember vividly that the London investment community was being converted to Barrick’s story when the leading mining broker in the U.K. at the time, James Capel, published a report calling Barrick the ugly duckling that had become the beautiful swan. Peter was a marketing genius and Barrick reached its marketing goals. Backed by James Capel and other leading financial institutions in London, Peter ventured where no other North American mining company had ventured before. He made an audacious attempt to get control of Consgold, a venerable South African gold mining company with direct and indirect control of a stable of the highest quality South African gold mining assets; a 26% interest in Newmont Mining; and two major gold development projects in the U.S., which Barrick coveted, amongst other prized assets. How in the world could Barrick — with a $200-million market capitalization — do the unthinkable and attempt to acquire Consgold, which had a market cap well in excess of $1 billion at the time? Only Peter could have done this, and once again, Barrick used novel financing techniques. He floated a gold bond in Europe and raised equity to bump up its cash reserves to over $100 million by the fall of 1986. Barrick’s stake was declared to the market and Consgold brought in the debt-toincome, which halted Peter’s attempt to get control of Consgold and try to break it up.

But Barrick became a company on the world stage as a result of Peter’s bold attempt, which was, in reality, incredible. Just as the Consgold chapter was ending, Barrick acquired Goldstrike in two transactions. Crazy as it seems today, BMO was marketing 50% of the asset in the range of $25 million and there were no takers. Bob Smith and the conservative Barrick mining team were hesitant, as it was being operated as a small heap-leach operation, and was owned by a construction company out of Minnesota. However, Peter, being the visionary that he was, pushed his mining team to support the acquisition believing that growth through acquisition was the key to becoming an industry leader. The second 50% was acquired from PanCana for a total $60-million cost between the two assets, which became worth tens of billions of dollars years later, as the mines were developed. Peter supported and drove his mining and finance team to excel. He made others feel like they were the most important people in the world. All of his key executives — from the time they woke up in the morning to the time they went to bed — ate, breathed and slept American Barrick, as it was called at that time. He incentivized his executives with stock options and made everyone owners. He wanted to share the wealth. This was one of the keys to his success, creating a dedicated and motivated management team. My fondest memory was being called into his dimly lit office at 24 Hazelton Avenue, which was sleekly decorated in grey silk wall coverings. He would get up close in a very touchy-feely way like a father to his son, and when you left his office you wanted to do anything in your power to help Peter and Barrick succeed. When I left to go on my own in 1987, I knew that Barrick would become the largest gold company in the world under his leadership and control. No one else could operate on the world stage like he did. Peter was like a father to me and many other executives at Barrick. There isn’t a week that goes by without thinking about Peter and what he has done for me and so many others. TNM

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rick bought Goldstrike because he and Schulich held the royalty on the property and wanted to make sure the contract was bulletproof. “The royalty agreement wasn’t very clean so we decided that we’d better meet with Peter and Bob Smith and see if we could hammer out the details of the agreement so we wouldn’t find ourselves in court, or anything like that,” Lassonde says. “Peter already by that time had quite a reputation, as much a ladies man as he was a promoter and a world-class individual ... I was still very young, in my mid-30s, and I felt like I was meeting a personality. He was already in his mid-50s and he was always dressed to the nines. I don’t know if he prided himself on it, but he was always dressed to kill.” More importantly, however, Munk was decisive and didn’t draw out negotiations. “He was very quick to understand what we were trying to do and extremely helpful, and frankly, in one meeting, we went through all the points we had on our agenda and we agreed on everything and how it would be settled and I thought, ‘Wow, this guy can make a decision! He doesn’t go to 20 committees, this is really neat. We can really do great stuff with him.’” Lassonde describes Munk as “one of the greatest promoters of all time.” “It takes a promoter to recognize a promoter,” he says. “Promoters love to hear a great story and Peter was one of the best when it came to hearing great stories and acting upon them.” One of the deals that underscored Munk’s appetite for risk was in Peru. On the basis of just nine drill holes, Barrick snapped up Arequipa Resources for $1.1 billion in 1996. Barrick had expanded earlier to Chile and Argentina through its $1.4-billion acquisition of Lac Minerals in 1994 (“the mining equivalent of an erstwhile bicycle-maker buying Chrysler,” the Economist editorialized in 1995). Buying Sutton Resources in 1999 also led to properties in Tanzania. But its most audacious deals were still to come. In 2001, Barrick acquired Homestake Mining Co., the oldest listed gold mining company in the United States. Homestake was Barrick’s introduction to Australia, where its properties included a half stake in the country’s biggest gold mine, the Kalgoorlie super pit. In 2006, it completed a hostile takeover of Placer Dome for $10 billion, making Barrick the world’s largest gold company. Placer had 12 mines and four projects, and stretched Barrick’s footprint worldwide. “He understood the value, the benefit and the upside of making bold moves,” says Sokalsky, now chairman at Probe Metals. “Not all of the moves the company made were successful, of course, and investors may not have agreed with everything that was done, but Peter always wanted what was in the best interests of the company, and that was paramount in his mind.” Among Barrick’s less successful

THE NORTHERN MINER / APRIL 16–29, 2018

moves were the $7.3-billion purchase in 2011 of Equinox Minerals, which owned a large low-grade copper mine in Zambia, and spending years and many billions of dollars on trying to move the needle at the Pascua-Lama gold project, which straddles the Chilean-Argentine border in the Andes. Munk was lucky too, when he lost a bid for control of Bre-X Minerals in 1997. While hedging was an innovation at the time in gold mining and proved an effective strategy in the early decades, setting Barrick apart from its competitors and helping it pay for acquisitions that often took the industry’s breath away, it also cost the company dearly in later years. “In the 1990s they made a lot of money doing that — they made something like $6 billion,” Lassonde says. “But where he got killed is that unfortunately, he didn’t anticipate the world of zero-interest rates. Who could anticipate that, to be very honest? And when that came around he ended up with the same dollar liability as he had made in the past 10 years. He had to buy back the hedge book for $6 billion, so at the end of the day it was neutral. It just goes to show that you can be smart for ten years and then one year comes and you can’t anticipate what the world can do ... and unfortunately, very few of us could anticipate that.” Munk also came under attack for what many shareholders — including leading Canadian pension funds — said was outrageous compensation for senior executives of the company, like the $11.9 million signing bonus for John Thornton, who replaced him as chairman. Those who worked with Munk the longest speak of his dedication to the company and his hands-off management style. Bill Birchill, an accountant and long-time friend and business associate, joined up with Munk in 1970 because he had finance experience in land development projects. He stayed with Munk from then on, well into the Barrick years. “He pushed himself, he was on the job mentally 24/7, that’s what entrepreneurs do, they sweat blood, they sweat everything,” Birchill says. “But he would do that in formulating an opinion or a decision, and then he would spend a couple of days writing out a memo about why he was in favour of something, which would be in its tenth draft before he felt it was good enough to release to the group.” Munk also knew which parts of the group needed him and which didn’t, and refused to micromanage. “My job was to hustle the shares and I left the mining operation totally to miners,” Munk told the Economist. “It was a management style done through complete trust,” Birchill says. “He trusted the people who were delivering the information and operating the company and its mines. Peter’s presence always put the bar higher. He would say, ‘OK, you think you can do this.’ Once he felt comfortable with the prospectiv-

Peter Munk (centre) at the New York Stock Exchange to mark American Barrick Resources’ stock listing in 1987, with William Birchall (centre left) and Bob Smith (centre right).   BARRICK GOLD

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At Barrick Gold’s El Indio gold project in Chile in 1995, from left: Bob Smith, Peter Munk and Howard Beck.  BARRICK GOLD

ity of it, he thought, ‘Why not raise the bar and do that.’” In addition, Munk never invested in anything significant when he was the only investor, Birchill notes. “He always wanted to think big, which required the enterprise to be a public company, and he wanted people to share in that public company — employees, outside investors,” he explains. “He has been and always wanted to have a platform of something that was going to be meaningful, and it was his job to make sure it was going to be meaningful. And that was really his single-mindedness. It was his belief that this was our business, we had to perform, we had to do better, we all had to act as owners, and that it was shareholder’s money — and everyone had to pull together for the greater good.” Marcello, who counselled Munk when he was transitioning from oil and gas to gold mining, remembers that he “listened and took advice.” “He understood his limitations and his strengths, and his strengths were the ability to have a vision and then in terms of the operations he would turn them over to the most qualified individual,” Marcello says. “He was very smart that way. The success of any great entrepreneur is to understand your strengths and understand your weaknesses, and play on your strengths, and he was very good at that.” Others say it was hard to change Munk’s mind. “He had very strong opinions and you didn’t move him too far off his convictions, that was difficult to do,” Schulich says. And like with most company founders, you had to bring your “A game” into meetings with Munk. “You always had to be very prepared and clearly know your stuff when you met with him,” Sokalsky recalls. “He wasn’t a big fan of long presentations. At management or board meetings he was very sharp at assessing a presentation or a proposal and looking at the numbers. He could zero in on the main issues as he was always sharp and focused on what was important, and had the ability to assess things very well.” Kelvin Dushnisky, who joined Barrick in 2002 and is now the company’s president, agrees. “He put the Barrick brand above everything,” he says. “If you weren’t prepared ... he was patient, but not if it in any way reflected badly on Barrick ... at the same time he gave you a chance to improve, and if you showed you were prepared to improve then he had all the time in the world for you, if you were prepared to give 100% for Barrick, and he was right. “You never left the room after meeting Peter when you didn’t feel a bit better about a situation, about

yourself, or about the circumstances,” Dushnisky added. “There was a view that he could be a little mercurial in his approach to things, and to Barrick executives, but as long as you thought that anything you did or any decision you made was in the best interests of the company, he would support that decision 100%.” In addition to the philanthropic donations to hospitals and healthcare and education, Munk was generous with his employees at all levels of the company and liked to give them skin in the game. “The senior people had the most impact on the decisions of the company and would benefit more, but it was always a philosophy of sharing throughout the company,” Sokalsky says. “Barrick also has a scholarship program that, from its earliest days, has funded the tuition for children of all employees to attend postsecondary education, no matter where they were.” One of Munk’s last enterprises, at the age of 80, was to convert an old shipyard and one-time Cold War era naval base in Montenegro into a marina for yachts owned by the super-rich. “When Munk spotted Tivat, the harbour was a wasteland of scrap metal and toxic detritus, home to 40 enormous Russian submarines and boats equipped with missile launchers,” Toronto Life Magazine reported in 2011. Munk sold Porto Montenegro last year to Investment Corp. of Dubai for an undisclosed profit. “I look at every business like skiing a very steep new hill,” Munk told Newman in Titans. “The key is to look down, laugh and tell yourself it’s just like any other hill. You use the same techniques. The moment you panic — the moment you think, ‘Oh God, this is broken powder, there are rocks — you aren’t going to make it.” It was during a ski trip in Gstaad, Switzerland, that Munk met Melanie, who became his second wife in 1973. “Skiing is the only thing in life that I do well, apart from business,” Munk told Newman. “I can still power ski with any 25-year-old. I can get through any trees, can handle anything, so can Melanie. I know I could have a major accident, but life is full of risks. That’s the exciting part. After a day on the slopes, I feel elevated, youthful, sexually invigorated, physically rejuvenated, intellectually ready to tackle anything.” One of Munk’s favourite homes was his ski chalet in Klosters, Switzerland. “I’m not one of these guys with a super IQ,” he told Newman. “I’m not a workaholic. I never miss four weeks skiing in the winter or going to my island in Georgian Bay in the summer. I love women. I love

good food. I love great wine. I love good friends. I am so focused, so consumed, so excited, about what I do. I love my family, I love my wife.” Munk’s social life was rarely dull, with a wide circle of contacts from former prime minister Brian Mulroney and Conrad Black to Prince Charles and arms dealer Adnan Khashoggi. “Peter had the deepest and best rolodex of anyone I have ever seen, and it was available to us at any time — he would call whomever needed to be called,” Dushnisky says. Dushnisky likes to tell the story of how coveted invitations were to Munk’s annual dinner on the closing night of the World Economic Forum in Switzerland. “It was the who’s who of the economic forum ... and part of the reason why the dinner was so sought-after was because of the strong gravitational pull he had over people, he attracted people, people wanted to be around him.” “He was a really good orator, he never used notes, and he could be quite spellbinding,” adds John Carrington, chief operating officer at Barrick from 1996 to 2003. “And he expected that anyone who spoke on behalf of the company, like the CEO or myself ... would present well ... it was an expectation that he had, you either presented well or you didn’t present.” In the latter decades of his life, Munk and Melanie spent more of their time on philanthropy. They set up the Peter Munk Charitable Foundation in 1992, the Munk Centre for International Studies at U of T in 1997, the Peter Munk Cardiac Centre at Toronto General Hospital in 1997, and in 2008, launched the Munk Debates, a biannual series in Toronto of debates on major policy issues. He also gave funds to Canada’s Fraser Institute and the Technion-Israel Institute of Technology. “Peter always said that he was going to be sure his children were educated and launched in business, but it was his intention to give the bulk of his wealth to Canada,” says former colleague Delaney. “And he has certainly been doing that.” Munk stepped down as chairman of Barrick at the company’s 2014 annual general meeting, aged 86. He is survived by Melanie; his children, Anthony, Nina, MarcDavid, Natalie and Cheyne; and his 14 grandchildren. “Let me tell you this was a hell of a trip,” Munk said in his speech after the $100-million donation to the Peter Munk Cardiac Centre. “When you’re reaching ninety you can allow the luxury of leaning back a little and starting to dream. My dream was always about trying to repay Canada and to realize that dream ... this is the best country in the world from every point of view.” TNM

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APRIL 16–29, 2018 / THE NORTHERN MINER

An aerial view of the Sao Chico gold mine in the Tapajos region in Para, Brazil.   SERABI GOLD

Greenstone takes 30% stake in gold miner Serabi SERABI GOLD From 3

stake is diluted to 38.69%. “They’ve taken this dilution out of the money but they do recognize that after operational success, the capital structure of the company is adversely affecting the share price and liquidity,” Hodgson says. “They never wanted to be such a big shareholder. It was just that we were building Palito and there was no money available in the public markets, and so they just underwrote the financing. We couldn’t place as much of that stock as we wanted, so they ended up with over 50% of the company, and have stayed there since. So this investment by Greenstone is getting them back to where we really wanted them to be, and where they want to be.” In addition, Greenstone’s money will help the company “accelerate organic growth” at the Palito deposit, and provide working capital to advance Coringa, which requires a year of permitting before it reaches the construction stage, Hodgson says. His goal is to have Coringa produce in 18 months. The mining executive, who once worked at TVX Gold, notes that Coringa already has a plant in good condition, and it will be relatively straightforward to get the project up and running. “We can make it work because we’re only repeating

what we already did at Palito — build a high-grade, underground mine and get it into production,” he says, adding that capex will probably run to between US$23 million and US$24 million. Hodgson reckons the funding for Coringa will be a combination of cash flow from operations, debt and equity, all depending on the gold price and what cash flow current operations can generate. Earlier this year Sprott Resource Lending Partnership loaned Serabi US$3 million for more working capital and to replace funds it had used to make the initial US$5-million cash payment for the Coringa acquisition. (Says Hodgson: “We’ve got a good relationship with Sprott … we have already paid off their debt once — US$8 million — so we have developed a good relationship.”) Future equity financings aren’t being ruled out, either.

“I daresay there could be more equity, as equity events are one way to further improve the capital structure of the company,” Hodgson says. “Down the track there will be another need for cash and an equity opportunity, and it’s the wish of our major shareholder, too. Illiquidity remains a challenge, with probably about 10% free float. It isn’t much, and that’s still a challenge for us to deal with.” The Greenstone investment was many years in the making. “We’ve known Greenstone and they’ve known us for a long time,” Hodgson says, noting the relationship started three years ago, when Serabi first tried to buy Coringa from its previous owner, Magellan, which later sold the asset to Anfield. “They’ve looked for an opportunity to put some money in, they like us,” he says of Greenstone. “They’ve been to our operations in Brazil

twice — about two years ago — and we came close to another acquisition last year, and they were going to back us, but unfortunately that didn’t come off. So we’ve looking for an opportunity for them to come on board for quite some time.” Hodgson also says that Serabi has “terrific opportunities to extend the resource at Palito, because it has these higher-grade veins and is open at depth, and so we think we can increase our production there.” One of the reasons the company hasn’t done this yet, he says, is that after Palito started production, management put its cash flow into getting the Sao Chico satellite deposit into production. (Ore from Sao Chico is processed at the Palito mine.) But Greenstone’s involvement will help put Serabi on the radar screen of more retail investors. “We put our first mine into pro-

duction but we were very invisible,” Hodgson says. “When we bought Coringa from Anfield Resources — one of Ross Beaty’s companies — the asset was better known than us, so it gave us a bit of market attention in North America. “But until we have stock available to trade, no amount of marketing will solve our problems,” he says. “The Greenstone investment will help and we’re going to try to free up the company and some of the stock, and I think some people are going to realize that we’re a very undervalued company.” News of Greenstone’s investment in a press release on March 23 sent the junior’s Toronto-listed shares up 1¢ to 7¢ apiece. At press time they were changing hands at 7.5¢ per share within a 52-week range of 5¢ (February 2018) to 10¢ (April 2017). At the end of February, Serabi had a US$6.1-million cash balance. TNM

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Processing facilities at the Palito gold mine, which also processes ore from Serabi Gold’s Sao Chico mine, 30 km south.   SERABI GOLD

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Cornwall

2018-04-10 3:12 PM


18

WWW.NORTHERNMINER.COM

APRIL 16–29, 2018 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / APRIL 2–6 Canada’s benchmark index fell 1.04% to 12,207.41. The S&P/TSX Global Mining Index fell 1.41% to 69.03 and the S&P/ TSX Globa l Gold Index fel l 0.33% to 185.95, while the gold price rose 0.63% to US$1,333.4. Shares of Torex Gold Resources rose $3.66 to $11.57. The company first reported an illegal blockade at its ELG mine complex in southwest Mexico in November 2017. The blockade was centered on the main gate and consisted of 20 workers demanding a change in labour union to t he Los Mineros Union. The issue persisted into January 2018, when the blockade was removed by the Guerrero State government. Shor t ly a f ter, it wa s repor ted t hat trespassers apparent ly backed by Los Mineros were attacking mine workers on their way to the El Limon gold pit. As a result, the public access road and worker’s c a mp were deemed u ns a fe , a nd work was once again suspended. Issues at the mine persisted until early April, when the company reported that negotiations had put an end to the issues. Despite the disturbances, Torex produced 67,0 0 0 oz. gold doré in t he f irst quarter of 2018. Shares of Caledonia Mining rose $1.67

to $10.54. The company says it will benefit financially from changes made to Zimbabwe’s export credit rule at its f lagship, 49%-owned Blanket gold mine, 15 km west of Gwanda. The Reserve Bank of Zimbabwe raised the Export Credit Incentive paid to gold miners from 2.5% to 10% i n Febr u a r y. A s a resu lt , t he compa ny cou ld ea rn a not her US$5.1 million in 2018. The company pegged production from the Blanket gold mine for the quarter ended March 31 at 12,924 oz. gold, in line with expectations. The company expects to produce as much as 59,000 oz. gold this year, and has a long-term 80,000 oz. gold target by 2021. Shares of Endeavour Mining fell 86¢ TSX MOST ACTIVE ISSUES

Eldorado Gold Suncor Energy Nemaska Lith Lundin Mng Kinross Gold First Quantum Barrick Gold HudBay Mnls Goldcorp B2Gold

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

ELD SU NMX LUN K FM ABX HBM G BTO

20511 1.30 1.06 1.24 + 0.16 17711 46.73 43.26 46.11 + 1.62 15901 1.41 1.07 1.37 + 0.05 11316 8.89 8.21 8.28 - 0.17 10961 5.15 4.97 5.04 - 0.05 10834 18.42 17.13 17.27 - 0.82 10522 16.59 15.84 16.19 + 0.14 9917 9.45 8.36 8.79 - 0.33 9846 18.33 17.52 17.94 + 0.15 9346 3.59 3.36 3.45 - 0.08

to $22.91. The company recently released its 2017 four t h-quar ter a nd f u l l-year results. Full-year production improved 12% year-over-year to 663,000 oz. gold, while all-in sustaining costs fell US$17 per oz. to US$869 per oz., in line with company expectations. Endeavour finished the year with US$323 in available financing and liquidity, which increased to US $503 m i l l ion a f ter conver t ible

bonds were issued at the end of February. However, the company ended the year with a net debt of US$232 million — up from US$221 million at the end of the third quarter. This year, the company expects to increase production as high as 720,000 oz. gold and invest as much as US$45 million on exploration — 40% of which would go to greenfield opportunities. TNM

TSX GREATEST PERCENTAGE CHANGE

Torex Gold Forsys Metals Wallbridge Mng Loncor Res Anglo Pac Grp Caledonia Mng Largo Res Eldorado Gold Yorbeau Res Corvus Gold Royal Nickel Redhawk Res Prophecy Coal EurOmax Res Goldgroup Mng Mawson Res Eastern Platin Platinum Gp Mt SouthGobi Res Orocobre

TXG FSY WM LN APY CAL LGO ELD YRB KOR RNX RDK PCY EOX GGA MAW ELR PTM SGQ ORL

3249 11.86 403 0.12 4373 0.09 224 0.11 4 2.70 75 10.55 3577 1.69 20511 1.30 712 0.04 301 2.55 6151 0.26 25 0.03 79 3.25 30 0.24 292 0.08 242 0.52 84 0.43 683 0.37 13 0.15 1033 5.37

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Torex Gold Caledonia Mng Suncor Energy MAG Silver Cameco Corp Detour Gold Teck Res Anglo Pac Grp North Am Pall Alamos Gold Nutrien Franco-Nevada Nexa Resources Endeavour Mng First Quantum Pan Am Silver Orocobre Prophecy Coal Ero Copper HudBay Mnls

7.59 11.57 + 46.3 0.10 0.12 + 27.8 0.06 0.08 + 25.0 0.00 0.11 + 23.5 2.15 2.20 + 18.9 9.00 10.54 + 18.8 1.27 1.64 + 18.0 1.06 1.24 + 14.8 0.04 0.04 + 14.3 2.16 2.47 + 13.8 0.19 0.21 - 18.0 0.03 0.03 - 16.7 2.59 2.60 - 13.6 0.21 0.21 - 12.5 0.07 0.07 - 12.5 0.42 0.44 - 12.0 0.37 0.37 - 11.9 0.29 0.34 - 9.3 0.00 0.15 - 9.1 4.70 4.92 - 8.7

VOLUME WEEK (000s) CLOSE CHANGE

TXG CAL SU MAG CCO DGC TECK.A APY PDL AGI NTR FNV NEXA EDV FM PAAS ORL PCY ERO HBM

3249 11.57 75 10.54 17711 46.11 771 13.52 6127 12.55 4182 13.75 7 33.64 4 2.20 51 10.08 4145 7.02 4620 57.37 1768 86.57 1 21.87 880 22.91 10834 17.27 560 20.27 1033 4.92 79 2.60 80 8.00 9917 8.79

+ 3.66 + 1.67 + 1.62 + 0.90 + 0.84 + 0.71 + 0.39 + 0.35 + 0.33 + 0.32 - 3.52 - 1.33 - 1.03 - 0.86 - 0.82 - 0.50 - 0.47 - 0.41 - 0.40 - 0.33

TSX VENTURE EXCHANGE / APRIL 2–6 The S&P/TSX Venture Composite Index fel l 3.45% to end t he trading week at 769.15. The index had traded above 800 for most of 2018 before crashing as low as 754 on April 4. It has since recovered slightly. Shares of Garibaldi Resources rose 35¢ to $2.71. In early April, investment guru Eric Sprott announced he had bought another 1 million common shares of Garibaldi. Sprott now controls 17.3 million Garibaldi shares and 4.7 million share purchase warrants representing 17.1% of the outstanding shares on a non-diluted basis. In Febr ua r y, Ga riba ld i bega n helicopter-borne Versat i le Time-Doma in Electromagnetic and magnetic sur veys at it s Nic k e l Mou nt a i n pr oj e c t a nd surrounding claims near Eskay Creek, British Columbia. The survey will cover up to 1,650 strike k ilometres, which is t r iple t he size of t he compa ny’s 2017 prog ra m. Shares of Canyon Copper rose 153.8% to 17¢. The company has been busy, doubling its claim holdings in Saskatchewan by staking another 36.51 sq. km across eight claim blocks at its Bootleg Lake gold property near Creighton, increasing

the overall size of the project to 72.8 sq. km. Canyon is drilling four holes into Bootleg to test what it calls “high-priority gold targets.” Earlier in March, the company sold its Moonlight copper property — located in Plumas County, Calif. — to Crown Mining. The property now forms Crown’s Moonlight-Superior copper project, which has a more than 2 billion lb. copper resource. Crown intends to commission a preliminary economic assessment on the project later this year. Shares of NV Gold fell 32¢ to 63¢. At the start of April the company finished drilling its diamond drill hole 6C to 859.5 metres deep at its wholly owned Across TSX-V MOST ACTIVE ISSUES

Spearmint Res SRJ Albert Mining AIIM Gratomic GRAT Pacton Gold PAC Honey Badger E TUF Secova Mtls SEK Lithoquest Dia LDI Tanzania Mnls TZM.H Canyon Copper CNC Leeta Gold HIVE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

13035 11866 7404 7330 7210 6667 6326 5748 5730 4152

0.07 0.06 0.15 0.31 0.11 0.02 0.88 0.02 0.23 1.38

0.04 0.00 0.11 0.25 0.08 0.02 0.36 0.01 0.07 1.12

0.06 - 0.05 - 0.14 unch 0.29 + 0.10 + 0.02 unch 0.85 + 0.01 unch 0.17 + 1.17 -

0.01 0.01 0.00 0.03 0.02 0.00 0.61 0.00 0.10 0.09

the Valley gold project in north-central Nevada. The hole intercepted a sequence of laminated muddy to silty carbonatebearing rocks that may belong to a lower plate of the Roberts Mountains thrust fault. Assay results are expected in several weeks. The company is preparing to drop two more holes into the property. It could

take up to 10 weeks to finish both holes. The Across t he Va l ley gold project covers 52.6 sq. km and is located 10 km southeast of Twin Creeks and Turquoise Ridge gold mines on the Getchell trend. According to NV Gold, mines on Getchell trend have produced over 20 million oz. gold from Carlin-style deposits. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Lithium Energy Lithoquest Dia Canyon Copper Electra Stone Tolima Gold Intercontinent Ashanti Sanko Cornerstone Mt Bayswater Uran Galore Res Timberline Res Zincore Mtls Quadro Res NV Gold Nrthn Shield Troy Enrgy Whitemud Res Altan Rio Mnls Stroud Res Northern Uran

LEP LDI CNC ELT TOM ICAU ASI CCC BYU.H GRI TBR ZNC.H QRO NVX NRN TEG.H WMK.H AMO SDR UNO

91 6326 5730 3112 493 114 546 1368 12 235 929 1070 51 2625 641 8 79 77 1021 692

0.79 0.88 0.23 0.02 0.02 0.30 0.05 0.66 0.04 0.04 0.21 0.13 0.08 1.17 0.03 0.06 0.02 0.01 0.02 0.01

0.00 0.36 0.07 0.01 0.01 0.24 0.03 0.42 0.00 0.03 0.11 0.05 0.05 0.57 0.02 0.06 0.01 0.01 0.01 0.01

0.75 0.85 0.17 0.02 0.02 0.30 0.04 0.56 0.04 0.04 0.12 0.07 0.05 0.63 0.02 0.06 0.01 0.01 0.01 0.01

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 1566.7 + 254.2 + 153.8 + 50.0 + 50.0 + 47.5 + 40.0 + 40.0 + 40.0 + 40.0 - 47.8 - 41.7 - 40.0 - 33.7 - 33.3 - 33.3 - 33.3 - 33.3 - 33.3 - 33.3

VOLUME WEEK (000s) CLOSE CHANGE

Lithium Energy Lithoquest Dia Till Capital Garibaldi Res Aurania Res Maya Gold &Sil SRG Graphite Asbestos Corp Candelaria Mg Sailfish Rylty Cobalt 27 Cap NV Gold Gold Reserve Corsa Coal Millennial Lit Atlantic Gold Standard Lith Kitrinor Mtls Crystal Lake US Cobalt

LEP LDI TIL GGI ARU MYA SRG AB.H CAND FISH KBLT NVX GRZ CSO ML AGB SLL SCYB CLM USCO

91 0.75 6326 0.85 0 4.75 1104 2.71 42 2.93 222 2.30 74 1.70 5 0.85 282 0.90 6 1.91 320 12.47 2625 0.63 6 3.19 102 1.49 981 2.41 2202 1.75 1248 1.65 81 18.20 1335 0.49 974 1.01

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

0.71 0.61 0.38 0.35 0.27 0.20 0.20 0.20 0.20 0.16 0.78 0.32 0.31 0.30 0.28 0.22 0.20 0.20 0.19 0.16

U.S. MARKETS / APRIL 2–6 Concerns over a U.S.-China trade war mounted after U.S. President Donald Trump suggested imposing another $100 billion in tariffs on Chinese imports. The Dow Jones Industrial Average fell 0.71% to 23,932.76 and the S&P 500 Index dropped 1.38% to 2,604.47. Gold finished at US$1,333.40 per oz., up US$8.70, or 0.63%. Arch Coal’s shares jumped US53¢ to US$92.41, after it amended its credit agreement to lower the interest rate on its seniorsecured term loan facility. The new interest rate for its $300-million term loan facility is the London interbank offered rate, plus 275 basis points — reflecting a 50 basis point reduction from its previous level, and marking one of the lowest rates in the coal sector. A positive arbitration ruling for Eldorado Gold in Greece boosted the company’s shares 16.2% to US98¢. The arbitration panel rejected a motion by the Greek state that the technical study for the Madem-Lakko metallurgy plant for treating concentrates from Olympias and Skouries — which was submitted in December 2014 — was in breach of provisions. George Burns, Eldorado Gold’s CEO, said in a press release that the decision “provides a foundation to allow us to advance dialogue with

18_APR16_MarketNews.indd 18

the Greek government in order to define a mutually agreeable and clear path forward for our Kassandra investments. We look to the Greek state to fulfill its obligations under the transfer contract, including issuing the outstanding permits for the Skouries project.” He also said the company had recently submitted an updated technical study for Skouries that lowers the project’s footprint by 40%. Rio Tinto’s shares fell US98¢ to US$50.55. On March 27, the company announced an agreement to sell its 80% interest in the Kestrel coal mine in Queensland, Australia, to a consortium made up of private equity manager EMR U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Vale* VALE 92588 13.12 12.35 12.66 - 0.06 Frport McMoR* FCX 77405 18.11 16.62 17.33 - 0.24 Eldorado Gold* EGO 71142 1.02 0.82 0.98 + 0.14 United States S* X 59188 36.80 33.44 34.49 - 0.70 Yamana Gold* AUY 53511 2.86 2.60 2.76 unch 0.00 Kinross Gold* KGC 52698 4.04 3.87 3.96 + 0.01 Cleveland-Clif* CLF 42949 7.24 6.65 6.86 - 0.09 Barrick Gold* ABX 42901 12.83 12.34 12.69 + 0.24 Chevron Corp* CVX 32860 117.89 110.54 114.76 + 0.72 Goldcorp* GG 23669 14.18 13.69 14.05 + 0.23

Capital and Indonesian-listed coal company PT Adaro Energy for $2.25 billion. Last year the underground mine produced 4.25 million tonnes of hard coking coal and 0.84 million tonnes of thermal coal. The agreement was the miner’s third coal deal in March, and marks

Rio Tinto as the first major to abandon the coal sector. The Kestrel sale follows Rio Tinto’s $1.7-billion sale of its Hail Creek mine, also in Australia, to Glencore, and the $200-million sale of an undeveloped Australian coal project to Whitehaven Coal. TNM

U.S. GREATEST PERCENTAGE CHANGE

Eldorado Gold* EGO NACCO Ind* NC Cameco Corp* CCJ Alcoa* AA Alamos Gold* AGI Cloud Peak En* CLD Buenaventura* BVN CONSOL Coal Rs* CCR Suncor Energy* SU Tahoe Res* TAHO Nutrien* NTR Turquoise HIl* TRQ CONSOL Energy* CNX Gold Fields* GFI HudBay Mnls* HBM MartinMarietta* MLM AngloGold Ash* AU Mechel* MTL United States S* X IAMGOLD* IAG

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

71142 1.02 0.82 0.98 + 16.2 166 37.95 32.55 36.25 + 10.4 13651 10.07 9.02 9.81 + 7.9 15768 48.74 43.80 48.05 + 6.9 10785 5.50 5.14 5.49 + 5.4 3417 3.17 2.89 3.05 + 4.8 5434 16.10 15.29 15.94 + 4.7 118 14.76 13.75 14.60 + 4.7 20136 36.52 33.47 36.11 + 4.5 8634 4.95 4.69 4.87 + 3.8 8241 47.27 44.04 44.95 - 4.9 8732 3.06 2.88 2.94 - 4.2 16944 15.81 14.34 14.95 - 3.1 16462 4.11 3.78 3.90 - 3.0 3535 7.40 6.50 6.90 - 2.8 2977 209.57 196.78 202.22 - 2.5 11631 9.86 9.13 9.29 - 2.1 763 4.72 4.21 4.26 - 2.1 59188 36.80 33.44 34.49 - 2.0 19352 5.29 5.01 5.09 - 1.9

U.S. GREATEST VALUE CHANGE

NACCO Ind* NC Alcoa* AA Suncor Energy* SU Natural Res Pt* NRP Cameco Corp* CCJ Chevron Corp* CVX Buenaventura* BVN CONSOL Coal Rs* CCR Southern Copp* SCCO Arch Coal* ARCH MartinMarietta* MLM Nutrien* NTR Rio Tinto* RIO United States S* X Peabody Enrgy* BTU Franco-Nevada* FNV CONSOL Energy* CNX Black Hills* BKH Nexa Resources* NEXA Freeport McMoR* FCX

VOLUME WEEK (000s) CLOSE CHANGE

166 36.25 15768 48.05 20136 36.11 96 29.50 13651 9.81 32860 114.76 5434 15.94 118 14.60 4997 54.72 1372 92.41 2977 202.22 8241 44.95 13322 50.55 59188 34.49 4621 35.87 2857 67.81 16944 14.95 2243 53.99 692 17.25 77405 17.33

+ 3.40 + 3.09 + 1.57 + 0.80 + 0.72 + 0.72 + 0.71 + 0.65 + 0.54 + 0.53 - 5.08 - 2.31 - 0.98 - 0.70 - 0.63 - 0.58 - 0.48 - 0.31 - 0.26 - 0.24

2018-04-10 7:51 PM


GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / APRIL 16–29, 2018

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 Tuesday, April 10, 2018 Precious Metals Gold Silver Platinum Palladium Base Metals Nickel Copper Lead Zinc

TSX WARRANTS

PRODUCER AND DEALER PRICES

SPOT PRICES COURTESY OF SCOTIABANK Price (US$/oz.) Change 1328.50 +4.60 $16.34 +0.06 $918.00 -18.00 $916.00 -55.00 Price (US$/tonne) Change $13675.00 +250.00 $6947.50 +117.50 $2386.50 +1.50 $3232.50 +22.00

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, April 6, 2018 (change from March 29, 2018 in brackets): Aluminium Alloy 12200 (-320) Aluminium 1260900 (-25400) Copper 370750 (-12325) Lead 129225 (-50) Nickel 317328 (-3258) Tin 2000 (-60) Zinc 205350 (-7475)

Thermal Coal CAPP: US$40.00 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$61.10 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$12.35 Cobalt: US$41.50/lb. Copper: US$3.07/lb. Copper: CME Group Futures May 2018: US$3.14/lb.; June 2018: US$3.15/lb Ferro-Chrome: US$2.80/kg Ferro Titanium: US$4.90/kg FerroTungsten: US$31.40/kg Ferrovanadium: US$35.20/kg Iridium: NY Dealer Mid-mkt US$1030.00/tr oz. Iron Ore 62% Fe CFR China-S: US$64.10/tonne Iron Ore Fines: US$71.00/tonne Iron Ore Pellets: US$108.60/tonne Lead: US$1.09/lb. Magnesium: US$2.25/kg Manganese: US$2.04/kg Molybdenum Oxide: US$11.79/lb. Phosphate Rock: US$86.00/tonne Potash: US$226.00/tonne Rhodium: Mid-mkt US$2,050.00 tr. oz. Ruthenium: Mid-mkt US$220.00/tr. oz. Silver: Handy & Harman Base: US$16.47 per oz.; Handy & Harman Fabricated: US$20.59 per oz. Tantalite Ore : US$158.90/kg Tin: US$9.57/lb. Uranium: U3O8, Trade Tech spot price: US$21.00; The UX Consulting Company spot price: US$21.00/lb. Zinc: US$1.46/lb. Prices current Apr. 10, 2018

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

Index Apr 06 Apr 05 Apr 04 Apr 03 Apr 02 High Low S&P/TSX Composite 15207.41 15356.05 15164.37 15180.76 15213.45 15527.30 12400.15 S&P/TSXV Composite 769.15 770.56 763.78 769.30 783.63 1050.26 883.52 S&P/TSX 60 898.46 907.82 896.39 897.10 899.06 896.74 709.99 S&P/TSX Global Gold 185.95 184.41 183.83 185.20 189.54 218.90 149.29 DJ Precious Metals 161.79 161.79 161.07 161.98 164.09 420.72 130.95

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Mar 16, 2018 (with changes from Mar 01, 2018) Largest short positions Eldorado Gold ELD 17293373 1529626 3/1/2018 Sandstorm Gold SSL 16197865 129973 3/1/2018 Ivanhoe Mines IVN 15664030 -875462 3/1/2018 Turquoise HIl TRQ 11044382 610134 3/1/2018 OceanaGold OGC 8926789 -404110 3/1/2018 McEwen Mng MUX 8326846 -122470 3/1/2018 First Quantum FM 8060235 -2117011 3/1/2018 First Majestic FR 8037596 437867 3/1/2018 Suncor Energy SU 7301675 -5212703 3/1/2018 Yamana Gold YRI 7299413 -670644 3/1/2018 Nevsun Res NSU 7133333 320004 3/1/2018 B2Gold BTO 6246575 -839638 3/1/2018 Klondex Mines KDX 6210722 336828 3/1/2018 New Gold NGD 6031920 40909 3/1/2018 Alacer Gold ASR 5995040 -769690 3/1/2018 Largest increase in short position Eldorado Gold ELD 17293373 1529626 3/1/2018 Kirkland Lake KL 2830581 1125546 3/1/2018 Arizona Mng AZ 2680842 1108811 3/1/2018 Osisko Mng Inc OSK 4089468 905072 3/1/2018 Wallbridge Mng WM 835238 832549 3/1/2018 Largest decrease in short position Suncor Energy SU 7301675 -5212703 3/1/2018 First Quantum FM 8060235 -2117011 3/1/2018 Kinross Gold K 3275081 -1451438 3/1/2018 Copper Mtn Mng CMMC 4555227 -1218424 3/1/2018 Barrick Gold ABX 3711310 -904186 3/1/2018

Short positions outstanding as of Mar 16, 2018 (with changes from Mar 01, 2018) Largest short positions Leeta Gold HIVE 13543402 789813 3/1/2018 SilverCrest Mt SIL 2059767 116167 3/1/2018 Atlantic Gold AGB 1862064 218264 3/1/2018 Neo Lithium NLC 1804378 334078 3/1/2018 LiCo Energy LIC 1448900 1232400 3/1/2018 First Cobalt FCC 1190448 989448 3/1/2018 US Cobalt USCO 723743 -261217 3/1/2018 Osisko Metals OM 689500 -3100 3/1/2018 Gratomic GRAT 534200 179196 3/1/2018 Novo Res NVO 490133 318953 3/1/2018 Millennial Lit ML 479289 -1190811 3/1/2018 Gowest Gold GWA 455769 455232 3/1/2018 Berkwood Res BKR 427592 426092 3/1/2018 Lithium Chile LITH 422600 309200 3/1/2018 Advantage Lith AAL 378718 -74682 3/1/2018 Largest increase in short position LiCo Energy LIC 1448900 1232400 3/1/2018 First Cobalt FCC 1190448 989448 3/1/2018 Leeta Gold HIVE 13543402 789813 3/1/2018 Gowest Gold GWA 455769 455232 3/1/2018 Berkwood Res BKR 427592 426092 3/1/2018 Largest decrease in short position Millennial Lit ML 479289 -1190811 3/1/2018 Noble Mnl Expl NOB 104543 -687757 3/1/2018 Cdn Platinum CPC 0 -502000 3/1/2018 Sunvest Mnrls SSS 200 -500900 3/1/2018 ML Gold Corp MLG 25569 -310398 3/1/2018

DAILY METAL PRICES Daily Metal Prices Date Apr 9 Apr 6 Apr 5 Apr 4 Apr 3 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) 1840/1850 1790/1800 1760/1800 1804/1810 1800/1810 Al Alloy Aluminum 2112/2121 1966/1987 1968/1989.50 1971/1989 2008/2026 Copper 6766.50/6808 6702/6738 6766/6795 6624/6660 6755/6790 Lead 2396.50/2390 2358/2356 2383/2383 2379/2379.50 2399.50/2399 Nickel 13230/13230 12885/12900 13280/13350 13055/13080 13555/13590 Tin 21075/20900 21025/20925 21050/20975 20855/20775 21410/21300 Zinc 3216/3217 3221/3218 3233/3231 3248/3235 3284/3272 PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1328.50 N/A N/A 1343.15 1336.60 Gold PM 1331.95 N/A N/A 1337.30 1333.45 Silver 16.28 16.28 16.31 16.46 16.52 Platinum 923.00 911.00 911.00 919.00 927.00 Palladium 930.00 909.00 912.00 923.00 946.00

Alamos Gold (AGI.WT) - Wt buys sh @ $28.47 to Aug 30/18 Alamos Gold (AGI.WT.A) - Wt buys sh @ $10.00 to Jan 7/19 Alio Gold Inc. (ALO.WT) - 10 Warrants to purchase one common share of the Issuer at $7.00 until expiry Alio Gold Inc. J (ALO.WT.A) - One Warrant to purchase one common share of the Issuer at $8.00 until expiry Ascendant Resources (ASND.WT) - Wt buys sh @ $1.25 to Mar 7/22 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) - Wt buys sh @ $1.75 to Jul 26/18 GoGold Resources Inc. (GGD.WT) - Wt buys sh @ $1.7 to Jun 7/18 Golden Queen Mining Co (GQM.WT) Wt buys sh @ $2 to Jul 25/19 Gran Colombia Gold (GCM.WT.A) - Wt buys sh @ $3.25 to Mar 18/19

HudBay Minerals (HBM.WT) - Wt buys sh @ $15 to Jul 20/18 Liberty Gold Corp. Wt (LGD.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry may 16, 2019 Lithium Americas Corp (LAC.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry Lydian International Limited (LYD.WT) One Warrant to purchase one additional ordinary share of the Issuer at $0.36 per share until expiry MBAC Fertilizer (MBC.WT) - Wt buys sh @ $1 to Apr 17/19 Nemaska Lithium Inc (NMX.WT) - Wt buys sh @ $1.5 to Jul 8/19 Northern Dynasty Minerals Ltd. J (NDM. WT.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 Northern Dynasty Minerals Ltd. J (NDM. WT.B) - Wt buys sh @ $0.55 to Jun 10/21 Oban Mining J (OBM.WT) - Wt buys 20 sh @ $3 to Aug 25/18 Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.5 to Feb 18/22

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 Atlantic Gold (AGB.WT) - Wt buys sh @ $0.6 to Aug 20/18 Avino Silver & Gold Mines Ltd. (ASM. WT) - Wt buys sh @ US$0.2 to Nov 28/19 Boreal Metals Corp. (BMX.WT) - One warrant to purchase one common share at $0.30 per share. Brazil Resources (BRI.WT) - Wt buys sh @ $0.75 to Dec 31/18 Cordoba Minerals Corp (CDB.WT) - One warrant to purchase one common share at $1.08 per share. Cornerstone Capital Resources (CGP. WT.S) - Wt buys sh @ $0.35 to Apr 07/19

Equinoxgold Corp (EQX.WT) - One warrant 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. Goldmining Inc. (GOLD.WT) - Wt buys sh @ $0.75 to Dec 31/18 Goldstar Minerals (GDM.RT) - One Right to purchase one common share at $0.03 per share. JDL Gold Corp. (JDL.WT) - Wt buy sh @ $3.00 to Oct 06/21 Jet Metal (JET.WT) - Wt buys sh @ $0.25 to Sep 16/19 Jet Metal (JET.WT.A) - Wt buys sh @ $0.5 to Feb 28/19 Kootenay Silver Inc. (KTN.WT) - Wt buys sh @ $0.55 to Apr 21/21

Osisko Gold Royalties (OR.WT.A) - Wt buys sh @ $19.08 to Feb 26/19 Osisko Mining Inc. J (OSK.WT) - 20 Wt buys sh @ $3 to Aug 25/18 Pilot Gold Inc. Wt (PLG.WT) - Wt buys sh @ $0.9 to May 16/19 Prairie Provident Resources Inc Wt (PPR. WT) - Wt buys sh @ $0.87 to Mar 16/19 Primero Mining Corp (P.WT.C) - Wt buys sh @ $3.35 to Jun 24/18 Sandstorm Gold (SSL.WT.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 20180062 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 Timmins Gold Corp (TMM.WT) - Wt buy sh at $0.7 to May 30/18

TSX VENTURE WARRANTS Maple Gold Mines Ltd. (MGM.WT) One warrant to purchase one common share at $0.40 per share Rainy Mountain Royalty Corp. (RMO. WT) - Wt buys sh @ $0.15 to Mar 1/18 and sh @ $0.25 from Mar 2/18 to Mar 1/19 Rainy Mountain Royalty Corp. (RMD. WT) - Wt buys sh @ $0.15 to Mar 1/18 and sh @ $0.25 from Mar 2/18 to Mar 1/19 Silvercrest Metals Inc. (SIL.WT) - Wt buys sh @ $3 to Dec 06/18 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 West Kirkland Mining (WKM.WT) - Wt buys sh @ $0.3 to Apr 17/19

NEW 52-WEEK HIGHS AND LOWS MARCH 19–23, 2018 57 New Highs

Abitibi Royalt Abitibi Royalt* Aldershot Res* Aldever Res* American Pac Ashanti Sanko* Avidian Gold Axmin Inc* Baroyeca Go&Si* Caledonia Mng Caledonia Mng* Carmax Mng Cornerstone Mt Cornerstone Mt* Corvus Gold Corvus Gold* Eagle Plains First Energy* GlobalMin Vent* Great Lakes Gr* Great Western* Honey Badger E* Intact Gold

Intercontinent Intercontinent* Komet Resource Laredo Res* Largo Res Largo Res* Libero Copper* Lithium Energy Lithoquest Dia Lithoquest Dia* Margaret Lake* Murchison Min Northn Empire Northn Empire* One World Lith Palamina Corp Palamina Corp* Peloton Mnrls Peloton Mnrls* Perseus Mng Providence Gld* Regency Gold Romios Gold Rs* Sable Res Southern Copp*

Superior Gold Superior Gold* Teranga Gold Tethyan Res Trigen Res* Victory Res* Xiana Mng Xmet Inc* Zimtu Capital

87 New Lows

92 Resources* Alabama Graph Allegiant Gold Alliance Res* Antler Gold * Arianne Phosph Ascot Res Aurion Res Balmoral Res Balmoral Res* Bearing Lith Benz Mining* Bunker Hill Callinex Mines Callinex Mines*

Canada Cobalt CanAlaska Uran Cartier Res Cerro Grande* Cipher Res* Columbus Gold Columbus Gold* Copper Fox Mtl Cordoba Mnls Cordoba Mnls* Crown Mining* Decade Res* Diversified Rs* DRDGOLD* Eastern Res* El Capitan Prc* Entree Gold Erdene Res Dev Falco Res Flowery Gold* Focus Graphite* Fura Gems* Geologix Expl* Gldn Predator Gldn Predator*

Golden Dawn Ml Golden Star Golden Star* Goldstrike Res Gowest Gold IDM Mining IDM Mining* Imperial Metal Infinite Lith Ivanhoe Mines* Kesselrun Res* Kootenay Silvr Labdr Iron Mns* Levon Res Ltd Levon Res Ltd * Maple Gold Maple Gold* Mukuba Res * Namibia Rare E* New Tech Lith Nexgen Energy* Nexus Gold* Osisko Gold* Pacific Empire Pershing Gold*

Platinum Gp Mt* Primary Cobalt Pure Energy Pure Energy* Radisson Mng Randgold Res* Renforth Res Rockridge Res Serengeti Res Sibanye Gold* Silverore Mns* Sojourn Explor* Solitario Ex&R* Sparton Res Stellar Africa* Strategic Metl Tartisan Nick Victoria Gold Walker River* Western Copper* Westmoreland* Zinc One Res

CANADIAN GOLD MUTUAL FUNDS Fund Apr 06 ($) Mar 30 ($) Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) 19.58 -0.13 -0.66 -5.97 2.81 113.32 AGF Prec Mtls Fd MF BMO Prec Mtls Fd A 17.26 -0.12 -0.72 -6.68 2.40 57.62 BMO ZGD 8.97 0.09 1.03 -8.93 0.63 BMO ZJG 8.79 -0.16 -1.77 -6.35 0.60 CIBC Prec Metal Fd A 9.40 -0.04 -0.40 -10.74 2.58 42.65 Dyn Prec Metls Fd A 6.58 -0.07 -1.05 -6.28 2.66 338.04 10.15 -0.09 -0.85 Galileo GOGO Horizons HEP 23.43 0.05 0.22 -7.07 0.81 IG Mac GbPMetCl A 8.37 -0.03 -0.32 -7.65 2.75 35.82 iShares XGD 11.64 -0.04 -0.34 -8.15 0.55 743.74 44.64 -0.14 -0.31 -7.69 2.52 77.56 Mac Prec Met Cl A NBI PrecMetFd Invt 11.34 0.07 0.62 -12.28 2.46 26.43 33.56 -0.30 -0.88 -7.41 2.96 144.02 NPT Gold&PrMinFdA NPT SilverEquCl A 5.27 -0.02 -0.46 -7.24 3.36 115.55 RBC GblPreMetFd A 30.73 0.01 0.03 -8.44 2.13 323.79 Redw UITGoDe&ProCl A 0.00 0.00 0.00 Sentry Pre Met Fd A 36.90 0.21 0.58 -11.53 2.44 142.43 TD PreciousMetalsInv 31.60 -0.01 -0.03 -9.80 2.27 108.85

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

Apr 06 Apr 05 Apr 04 Apr 03 Apr 02 1.2771 1.2771 1.2764 1.2799 1.2917 0.7830 0.7830 0.7835 0.7813 0.7742

Exchange rates (Quote Media, April 06, 2018) C$ to AUS C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand 1.0212 0.6395 83.9265 14.2774 9.3933 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 0.5591 4.9361 50.8145 0.7541 832.1095 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.3043 0.8168 107.1855 18.2380 11.9888 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.7140 6.3035 64.8715 0.9630 1062.6400

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.$

19_APR16_MMMM.indd 19

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

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

1 gram per (metric) tonne = 0.02917 troy ounces per (short) ton = 0.03215 troy ounces per (metric) tonne 1 kilometre = 0.6214 miles 1 hectare = 2.47 acres

GLOBAL MINING NEWS · SINCE 1915

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2018-04-10 6:19 PM


20

WWW.NORTHERNMINER.COM

APRIL 16–29, 2018 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: APRIL 2–6, 2018 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A 37 Capital 4 92 Resources V 323 92 Resources* O 185 Abacus Mng &Ex* O 111 67 Abacus Mng &Ex V Abcourt Mines* O 27 V 952 Abcourt Mines Aben Res* O 76 Aben Res V 2830 Aberdeen Intl* O 175 Aberdeen Intl T 317 Abitibi Mng* O 1 Abitibi Royalt* O 10 4 Abitibi Royalt V AbraPlata Res* O 183 V 101 AbraPlata Res Acacia Mining* O 3 V 440 Adamera Mnls Adamera Mnls* O 338 Adex Mining V 102 Advance Gold V 46 Advanced Expl* O 55 V 759 Advantage Lith Advantage Lith* O 399 V 46 Adventus Zinc Affinity Gold* O 7 African Gold V 2269 African Queen V 292 Aftermath Slvr V 2 O 1 Aftermath Slvr* Agnico Eagle T 2812 Agnico Eagle* N 5701 AgriMinco* O 20 Aguia Resource V 58 22 Aguila Amer Gd V 30 Aguila Amer Gd* O Aida Minerals 288 V 614 Alabama Graph Alabama Graph* O 196 Alacer Gold T 1187 Alamos Gold T 4145 Alamos Gold* N 10785 Alaska Pac Egy* O 44600 Alba Minerals* O 3 11866 Albert Mining V O 1 Albert Mining* Alchemist Mng 681 N 15768 Alcoa* Alderon Iron* O 0 Alderon Iron T 395 Aldershot Res V 201 Aldershot Res* O 0 Aldever Res V 22 Aldever Res* O 0 Aldever Res* O 2 Aldridge Min V 502 Aldridge Min* O 27 Alexandra Cap 47 Alexandra Cap* O 73 Alexandria Min* O 404 V 2803 Alexandria Min Alexco Res* X 998 Alexco Res T 193 Algold Res* O 0 Algold Res V 285 Alianza Min V 56 Alianza Min* O 0 Allegiant Gold V 312 Allegiant Gold* O 267 Alliance Mng V 1011 Alliance Res* D 1191 Almaden Mnls T 202 X 511 Almaden Mnls* Almadex Min* O 822 Almadex Min V 140 Almonty Ind V 170 Alopex Gold V 27 50 Alphamin Res * O Alphamin Res V 90 Alset Minerals* O 1 Alset Minerals V 265 Altai Res V 561 Altair Res Inc V 1232 Altamira Gold V 496 O 109 Altamira Gold* 410 Altan Nev Mnls V Altan Rio Mnls V 77 V 207 Altiplano Mnls Altiplano Mnls* O 71 Altitude Res V 87 Altius Mnrls T 241 Alto Vent V 720 Altura Mng Ltd* O 767 Alturas Mnrls V 3 Alumina Inc* O 124 ALX Uranium V 330 ALX Uranium* O 107 Am Creek Res V 1012 Am CuMo Mng V 338 Am CuMo Mng* O 60 Am Manganese V 960 Am Manganese* O 789 Am Sierra Gold* O 1 Amador Gold* O 0 Amani Gold* O 15 Amarc Res* O 17 Amarc Res V 29 Amarillo Gold V 75 Amazing Energy* O 240 Amer Intl Vent* O 40 American Lith* O 19 American Lith V 101 American Pac 532 Americas Silvr* X 104 Americas Silvr T 93 Amerigo Res T 510 Amerigo Res* O 251 Amex Expl* O 24 Amex Expl V 271 T 321 Anaconda Mng Anaconda Mng* O 145 Anconia Res V 2025 Andes Gold* O 50 Anfield Energy* O 53 Anfield Energy V 151 Angel Gold* O 621 Angel Gold V 683 Angkor Gold V 62 Anglo American* O 1723 3 Anglo American* O Anglo Pac Grp T 4 Anglo-Bomarc V 134 AngloGold Ash* O 1 AngloGold Ash* N 11631 Angus Ventures V 27 Antioquia Gold* O 109 Antioquia Gold V 131 Antler Gold * O 20 Antler Gold V 171 Antler Hill V 305 Antofagasta* O 27 APAC Res Inc 60 Apex Res V 130 Apogee Opport V 24 Apogee Opport * O 0 Appia Energy 604 Appia Energy* O 106 O 612 Applied Mrnls* Aquila Res* O 542 Aquila Res T 362 Arch Coal* N 1372 Archon Mineral V 9 Arco Res* O 90 Arctic Star* O 10 Arctic Star V 606 Arcturus Vent V 11 Arcus Dev Grp V 180 Arena Mnls V 263 Arena Mnls* O 144 Argentina Lith* O 91 Argentina Lith V 460 V 3 Argentum Silvr Argex Titanium T 4001

20-23_APR16_StockTables.indd 20

0.25 0.00 0.25 + 0.04 0.35 0.12 0.08 0.07 0.07 - 0.01 0.27 0.07 0.07 0.05 0.07 + 0.00 0.20 0.05 0.19 0.16 0.18 - 0.00 2.52 0.06 0.24 0.22 0.24 - 0.01 1.25 0.19 0.05 0.04 0.04 - 0.01 0.08 0.04 0.06 0.05 0.06 unch 0.00 0.10 0.05 0.11 0.09 0.11 + 0.01 0.41 0.07 0.14 0.12 0.13 unch 0.00 0.50 0.09 0.14 0.14 0.14 - 0.01 0.16 0.09 0.19 0.17 0.18 - 0.02 0.21 0.11 0.00 0.00 0.00 unch 0.00 0.00 0.00 8.14 7.85 8.13 + 0.26 8.13 6.00 10.40 0.00 10.25 unch 0.00 10.40 7.41 0.16 0.00 0.14 - 0.00 0.48 0.13 0.21 0.19 0.21 + 0.01 0.63 0.17 1.95 1.95 1.95 unch 0.00 3.90 1.95 0.09 0.08 0.08 - 0.01 0.24 0.07 0.07 0.06 0.06 - 0.00 0.18 0.05 0.02 0.02 0.02 unch 0.00 0.04 0.01 0.10 0.10 0.10 unch 0.00 0.12 0.05 0.00 0.00 0.00 unch 0.00 0.00 0.00 1.08 0.98 1.00 - 0.07 1.42 0.36 0.84 0.77 0.78 - 0.04 1.14 0.28 0.75 0.68 0.68 - 0.07 1.15 0.57 0.03 0.03 0.03 + 0.01 0.05 0.01 0.05 0.04 0.04 unch 0.00 0.09 0.04 0.04 0.03 0.03 unch 0.00 0.06 0.02 0.11 0.00 0.11 unch 0.00 0.19 0.04 0.08 0.08 0.08 + 0.00 0.14 0.00 55.66 52.65 54.33 + 0.13 68.76 48.04 43.07 41.16 42.55 + 0.48 51.86 37.35 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.34 0.28 0.28 - 0.03 0.50 0.30 0.25 0.00 0.25 unch 0.00 0.35 0.18 0.19 0.18 0.19 unch 0.00 0.19 0.16 0.33 0.26 0.28 - 0.03 1.50 0.01 0.06 0.05 0.05 - 0.01 0.21 0.05 0.05 0.03 0.05 - 0.00 0.17 0.03 2.09 2.00 2.05 unch 0.00 2.78 1.95 7.03 6.58 7.02 + 0.32 11.36 6.19 5.50 5.14 5.49 + 0.28 8.58 4.83 0.00 0.00 0.00 unch 0.00 0.02 0.00 0.10 0.10 0.10 unch 0.00 0.33 0.03 0.06 0.00 0.05 - 0.01 0.10 0.04 0.05 0.05 0.05 - 0.01 0.08 0.03 0.12 0.10 0.12 - 0.02 0.35 0.05 48.74 43.80 48.05 + 3.09 57.50 29.55 0.21 0.00 0.21 + 0.01 0.35 0.16 0.30 0.24 0.30 + 0.04 0.48 0.21 0.06 0.00 0.05 + 0.01 0.10 0.03 0.05 0.00 0.05 + 0.02 0.04 0.02 0.09 0.00 0.09 + 0.01 0.24 0.08 0.00 0.00 0.02 unch 0.00 0.06 0.02 0.07 0.00 0.07 + 0.01 0.18 0.05 0.07 0.05 0.05 - 0.01 0.25 0.05 0.05 0.03 0.03 - 0.02 0.17 0.03 0.66 0.50 0.50 - 0.15 0.93 0.06 0.77 0.58 0.65 unch 0.00 0.77 0.01 0.07 0.06 0.07 - 0.00 0.09 0.04 0.09 0.08 0.09 unch 0.00 0.12 0.05 1.45 1.32 1.40 + 0.05 1.85 1.10 1.85 1.68 1.77 + 0.05 2.28 1.41 0.10 0.00 0.10 - 0.01 0.16 0.10 0.14 0.13 0.13 - 0.01 0.28 0.12 0.12 0.11 0.11 - 0.01 0.16 0.05 0.08 0.00 0.08 + 0.00 0.12 0.04 0.53 0.44 0.45 - 0.09 0.75 0.47 0.42 0.35 0.35 - 0.07 0.58 0.00 0.05 0.04 0.05 + 0.01 0.06 0.04 17.80 16.75 16.85 - 0.80 23.45 16.90 1.10 1.01 1.02 - 0.06 2.33 0.92 0.85 0.79 0.79 - 0.05 1.75 0.71 1.25 1.02 1.14 + 0.01 1.44 0.71 1.56 1.31 1.49 - 0.02 1.75 0.91 0.50 0.00 0.50 unch 0.00 0.69 0.20 0.46 0.41 0.43 + 0.02 0.71 0.41 0.24 0.23 0.24 - 0.00 0.35 0.21 0.32 0.27 0.30 - 0.02 0.44 0.25 0.19 0.19 0.19 unch 0.00 0.43 0.11 0.23 0.22 0.22 - 0.02 0.60 0.13 0.35 0.28 0.31 - 0.03 0.47 0.05 0.05 0.05 0.05 unch 0.00 0.40 0.05 0.19 0.17 0.19 + 0.02 0.35 0.14 0.15 0.13 0.13 - 0.00 0.29 0.11 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.01 0.01 0.01 - 0.01 0.03 0.01 0.45 0.36 0.42 - 0.03 0.64 0.11 0.36 0.30 0.33 - 0.03 0.46 0.15 0.08 0.07 0.08 + 0.01 0.09 0.03 14.40 13.47 14.15 + 0.09 15.58 10.05 0.05 0.04 0.04 - 0.01 0.14 0.04 0.34 0.28 0.28 - 0.05 0.40 0.09 0.00 0.00 0.04 unch 0.00 0.06 0.02 7.44 7.18 7.34 - 0.01 8.15 4.95 0.07 0.00 0.07 unch 0.00 0.11 0.06 0.07 0.05 0.05 - 0.01 0.09 0.05 0.05 0.04 0.04 - 0.01 0.08 0.04 0.10 0.08 0.09 + 0.01 0.49 0.06 0.07 0.05 0.06 + 0.00 0.35 0.05 0.22 0.18 0.19 - 0.03 0.35 0.13 0.18 0.15 0.15 - 0.02 0.28 0.10 0.02 0.00 0.02 unch 0.00 0.05 0.01 0.00 0.00 0.15 unch 0.00 0.16 0.06 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.11 0.09 0.10 + 0.01 0.21 0.09 0.14 0.12 0.14 unch 0.00 0.26 0.12 0.28 0.27 0.27 - 0.02 0.45 0.24 0.55 0.47 0.51 - 0.04 0.94 0.20 0.02 0.00 0.02 + 0.01 0.11 0.01 0.62 0.57 0.61 + 0.04 0.69 0.32 0.80 0.73 0.77 + 0.04 1.50 0.33 0.41 0.35 0.41 + 0.07 0.40 0.28 3.47 3.28 3.37 + 0.07 5.04 2.50 4.45 4.19 4.27 + 0.04 6.11 3.22 1.04 0.94 0.96 - 0.04 1.35 0.49 0.82 0.72 0.79 + 0.01 1.09 0.30 0.07 0.07 0.07 + 0.01 0.20 0.07 0.12 0.10 0.12 + 0.02 0.38 0.08 0.41 0.37 0.38 - 0.03 0.56 0.22 0.32 0.29 0.30 - 0.02 0.48 0.16 0.02 0.02 0.02 unch 0.00 0.04 0.01 0.01 0.00 0.01 - 0.00 0.03 0.00 0.22 0.21 0.22 + 0.00 0.65 0.20 0.30 0.27 0.30 + 0.02 0.95 0.23 0.07 0.05 0.05 - 0.00 0.08 0.03 0.09 0.07 0.07 unch 0.00 0.12 0.04 0.20 0.18 0.20 unch 0.00 0.39 0.15 11.90 11.10 11.52 - 0.18 13.13 5.95 23.70 0.00 22.30 - 2.00 26.02 12.19 2.70 2.15 2.20 + 0.35 3.18 1.31 0.08 0.06 0.08 unch 0.00 0.15 0.05 8.62 8.62 8.62 unch 0.00 12.75 8.62 9.86 9.13 9.29 - 0.20 13.31 8.86 0.40 0.38 0.38 unch 0.00 0.50 0.35 0.03 0.03 0.03 - 0.00 0.14 0.02 0.05 0.05 0.05 unch 0.00 0.20 0.05 0.10 0.10 0.10 - 0.00 0.13 0.10 0.13 0.12 0.13 - 0.01 0.50 0.11 0.13 0.12 0.13 + 0.02 0.33 0.02 13.20 0.00 12.75 - 0.06 14.25 9.46 0.33 0.27 0.33 + 0.03 0.50 0.03 0.11 0.10 0.10 unch 0.00 0.15 0.07 0.27 0.22 0.22 - 0.04 0.39 0.14 0.00 0.00 0.19 unch 0.00 0.28 0.10 0.20 0.11 0.18 + 0.06 0.33 0.10 0.13 0.09 0.13 + 0.04 0.25 0.07 0.20 0.15 0.16 - 0.04 0.25 0.02 0.21 0.20 0.20 - 0.00 0.24 0.17 0.26 0.25 0.26 - 0.01 0.32 0.22 96.40 89.91 92.41 + 0.53 101.84 60.13 1.28 1.15 1.28 + 0.03 1.68 0.81 0.83 0.00 0.77 + 0.01 1.39 0.26 0.13 0.12 0.13 + 0.01 0.24 0.09 0.18 0.15 0.18 + 0.02 0.38 0.11 0.11 0.11 0.11 unch 0.00 0.25 0.07 0.06 0.05 0.05 - 0.01 0.19 0.04 0.07 0.06 0.07 unch 0.00 0.30 0.06 0.05 0.04 0.05 + 0.01 0.23 0.04 0.18 0.14 0.14 - 0.05 0.48 0.07 0.23 0.18 0.19 - 0.04 0.60 0.08 0.20 0.20 0.20 unch 0.00 0.41 0.17 0.05 0.04 0.05 unch 0.00 0.10 0.04

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Argex Titanium* O 211 Argo Gold* O 25 Argo Gold 0 Argonaut Gold* O 205 T 1418 Argonaut Gold Argus Metals V 1272 Arian Silver* O 127 O 37 Arianne Phosph* Arianne Phosph V 211 Arizona Mng* O 21 Arizona Mng T 1118 Arizona Silver V 305 O 101 Arizona Silver* Armor Mnrls V 2 V 359 Arrowstar Res Asanko Gold T 4514 Asanko Gold* X 6324 Asante Gold 5 Asante Gold* O 43 Asbestos Corp V 5 Ascot Res V 365 Ashanti Sanko V 546 Ashanti Sanko* O 0 Ashburton Vent* O 16 Ashburton Vent V 788 AsiaBaseMetals* O 0 AsiaBaseMetals V 28 Asiamet Res* O 12 Asian Minl Res V 10 Aston Bay V 672 Astorius Res V 924 ATAC Res V 613 Atacama Pacif V 436 Atacama Pacif* O 3 Atacama Res* O 35568 Athabasca Mnls V 117 Athabasca Mnls* O 100 Athena Silver* O 43 Atico Mng* O 654 Atico Mng V 591 Atlanta Gold* O 62 Atlanta Gold V 100 Atlantic Gold V 2202 Atlantic Ind V 165 Atlatsa Res T 655 Atlatsa Res* O 48 Atom Energy * O 0 Atom Energy V 40 Aton Res Inc V 431 Aton Res Inc* O 22 Aura Mnls* O 17 Aura Mnls T 111 Aura Silver Rs V 1270 Auramex Res V 167 Aurania Res* O 51 Aurania Res V 42 Aurcana Corp* O 65 Aurcana Corp V 451 AurCrest Gold V 164 Aurion Res * O 23 Aurion Res V 209 Aurora Royal V 50 Auryn Res T 397 Auryn Res* X 940 Austin Res V 10 Austral Gold* O 14 Austral Gold V 99 Australian Mns* O 319 Auxico Res 475 Avalon Adv Mat T 518 Avalon Adv Mat* O 235 Avarone Metals* O 39 Avarone Metals 1637 Avesoro Res T 18 Avesoro Res* O 0 Avidian Gold V 371 Avino Silver* X 600 Avino Silver T 110 Avrupa Mnls V 226 Avrupa Mnls* O 423 Awale Res V 5 AXE Expl V 1839 Axmin Inc V 435 Axmin Inc* O 234 Azarga Metals V 68 Azarga Metals* O 6 Azarga Uranium* O 6 Azarga Uranium T 45 Aziel Corp* O 1 Azimut Expl V 203 O 47 Azincourt Ener* Azincourt Ener V 1650 Aztec Minerals V 13 Aztec Minerals* O 87 Azteca Gold* O 24

0.04 0.03 0.04 - 0.00 0.07 0.03 0.13 0.13 0.13 unch 0.00 0.18 0.11 0.00 0.00 0.16 unch 0.00 0.26 0.13 1.93 1.76 1.78 - 0.11 2.40 1.31 2.50 2.23 2.28 - 0.18 2.92 1.76 0.23 0.15 0.19 - 0.04 0.75 0.08 0.00 0.00 0.00 - 0.00 0.02 0.00 0.46 0.41 0.41 - 0.02 0.73 0.39 0.59 0.52 0.54 - 0.02 0.97 0.52 3.21 3.09 3.16 + 0.02 5.90 1.30 4.18 3.98 4.05 unch 0.00 4.87 1.70 0.18 0.15 0.15 - 0.03 1.23 0.14 0.14 0.11 0.12 - 0.02 0.91 0.11 0.40 0.00 0.40 - 0.10 0.55 0.32 0.08 0.06 0.07 + 0.01 0.09 0.03 1.36 1.14 1.20 - 0.10 3.75 0.55 1.05 0.89 0.95 - 0.05 2.83 0.43 0.06 0.06 0.06 unch 0.00 0.18 0.05 0.04 0.04 0.04 unch 0.00 0.12 0.03 0.85 0.65 0.85 + 0.20 0.90 0.20 1.27 1.11 1.15 - 0.10 2.10 1.11 0.05 0.03 0.04 + 0.01 0.09 0.02 0.04 0.04 0.04 unch 0.00 0.03 0.02 0.06 0.05 0.05 - 0.01 0.19 0.05 0.09 0.07 0.08 - 0.01 0.33 0.06 0.00 0.00 0.26 unch 0.00 0.30 0.00 0.23 - 0.05 0.45 0.19 0.15 0.15 0.15 - 0.02 0.19 0.05 0.02 0.02 0.02 unch 0.00 0.05 0.02 0.28 0.20 0.22 - 0.05 0.29 0.10 0.07 0.07 0.07 + 0.01 0.20 0.06 0.56 0.52 0.54 + 0.01 0.89 0.41 0.65 0.60 0.60 - 0.05 0.83 0.41 0.48 0.48 0.48 unch 0.00 0.66 0.30 0.00 0.00 0.00 + 0.00 0.44 0.00 0.15 0.13 0.14 unch 0.00 0.27 0.12 0.11 0.11 0.11 + 0.02 0.20 0.09 0.30 0.05 0.05 + 0.01 0.33 0.02 0.51 0.40 0.46 - 0.03 0.71 0.40 0.66 0.52 0.60 - 0.03 0.91 0.51 0.04 0.04 0.04 unch 0.00 0.06 0.03 0.06 0.00 0.06 + 0.01 0.08 0.04 1.97 1.72 1.75 - 0.22 1.97 1.15 0.02 0.02 0.02 unch 0.00 0.09 0.01 0.04 0.03 0.04 unch 0.00 0.07 0.02 0.03 0.02 0.02 - 0.00 0.05 0.01 0.00 0.00 0.19 unch 0.00 0.34 0.04 0.29 0.29 0.29 unch 0.00 0.45 0.05 0.04 0.04 0.04 unch 0.00 0.06 0.03 0.04 0.02 0.02 - 0.01 0.04 0.02 1.75 1.71 1.75 + 0.01 2.38 1.03 2.30 2.15 2.22 unch 0.00 3.00 1.30 0.03 0.02 0.03 unch 0.00 0.10 0.02 0.08 0.07 0.07 unch 0.00 0.10 0.03 2.35 2.02 2.31 + 0.26 6.06 1.40 3.00 2.60 2.93 + 0.27 7.57 1.51 0.17 0.14 0.16 - 0.00 0.30 0.13 0.21 0.19 0.19 - 0.01 0.42 0.17 0.03 0.00 0.03 unch 0.00 0.04 0.02 0.61 0.57 0.57 - 0.02 2.82 0.57 0.80 0.67 0.70 - 0.07 3.49 0.73 0.11 0.09 0.09 - 0.01 0.24 0.03 1.82 1.63 1.68 - 0.02 3.60 1.62 1.56 1.25 1.36 + 0.04 3.00 1.24 0.03 0.03 0.03 unch 0.00 0.04 0.01 0.09 0.09 0.09 unch 0.00 0.16 0.05 0.12 0.11 0.12 + 0.01 0.18 0.10 0.11 0.08 0.10 + 0.01 0.13 0.08 0.33 0.27 0.30 + 0.04 0.45 0.20 0.14 0.12 0.13 unch 0.00 0.17 0.11 0.11 0.09 0.10 + 0.00 0.13 0.08 0.09 0.09 0.09 unch 0.00 0.09 0.01 0.11 0.08 0.09 - 0.02 0.14 0.02 3.96 3.80 3.95 - 0.01 5.00 2.50 3.08 3.08 3.08 unch 0.00 3.30 1.89 0.70 0.60 0.65 + 0.05 0.70 0.20 1.47 1.36 1.45 + 0.07 1.89 1.14 1.85 1.75 1.81 + 0.03 2.47 1.44 0.09 0.07 0.08 - 0.01 0.13 0.06 0.07 0.05 0.06 - 0.01 0.10 0.05 0.17 0.16 0.17 + 0.01 0.48 0.14 0.05 0.04 0.05 unch 0.00 0.17 0.02 0.06 0.05 0.05 unch 0.00 0.06 0.03 0.05 0.04 0.05 + 0.00 0.05 0.02 0.12 0.00 0.12 + 0.01 0.25 0.11 0.09 0.00 0.09 unch 0.00 0.17 0.06 0.18 0.18 0.18 unch 0.00 0.27 0.14 0.25 0.23 0.24 - 0.01 0.37 0.18 1.70 0.00 1.70 - 0.30 9.10 0.60 0.39 0.33 0.37 + 0.01 0.42 0.26 0.10 0.08 0.10 - 0.00 0.23 0.03 0.13 0.08 0.12 - 0.01 0.37 0.05 0.25 0.00 0.24 + 0.01 0.65 0.21 0.19 0.17 0.19 - 0.00 0.30 0.17 0.00 0.00 0.00 unch 0.00 0.00 0.00

B2Gold* X 11721 B2Gold T 9346 B4MC Gold* O 0 Bacanora Mnls V 179 Balmoral Res T 1546 Balmoral Res* O 506 Balto Res V 225 Bandera Gold V 15 Bankers Cobalt* O 158 Bankers Cobalt V 1109 Bannerman Res* O 676 Banyan Gold V 940 Banyan Gold* O 7 Bard Ventures V 69 Barker Mnrls V 631 Barkerville Go V 956 Barkerville Go* O 183 Baroyeca Go&Si V 106 Baroyeca Go&Si* O 62 Barrick Gold* N 42901 Barrick Gold T 10522 Barsele Min V 62 Barsele Min* O 10 Batero Gold V 270 Bayhorse Silvr* O 93 Bayhorse Silvr V 453 Bayswater Uran V 12 Bayswater Uran* O 12 BC Moly V 0 BCM Res V 29 BE Res V 18 Bear Creek Mng V 135 Bearclaw Cap V 72 Bearing Lith V 733 Bearing Lith* O 203 Beaufield Res V 304 Beaufield Res* O 181 Bell Copper* O 88 Belmont Res V 2939 Belo Sun Mng T 1050 Belvedere Res V 200 Benton Res V 377 Benz Mining* O 6 Benz Mining V 234 Berkeley Egy* O 178 Berkwood Res * O 9 Berkwood Res V 404 Bethpage Cap V 3 Big Wind Cap 836 Bird River Res 247 Bitterroot Res* O 16 Bitterroot Res V 100 Black Dragon* O 201 Black Dragon V 623 Black Hills* N 2243 Black Iron T 239 Black Isle Res V 300 Black Isle Res* O 5 Black Mam Mtls V 76 Black Sea Cop* O 83 Black Sea Cop V 165 Black Tusk Res 97 Blackheath Res V 258 Blackrock Gold V 673 Blackrock Gold* O 209 Blind Crk Res V 247 BLOX Inc* O 3 Blue Moon Zinc V 1827

2.78 2.64 2.70 - 0.03 3.30 2.15 3.59 3.36 3.45 - 0.08 4.06 2.96 8.00 0.00 8.00 unch 0.00 9.00 7.10 1.40 1.30 1.39 unch 0.00 2.73 1.18 0.30 0.26 0.28 - 0.01 0.86 0.26 0.23 0.20 0.22 - 0.01 0.65 0.20 0.20 0.17 0.20 unch 0.00 0.38 0.02 0.03 0.03 0.03 - 0.01 0.10 0.03 0.27 0.23 0.24 - 0.02 0.68 0.03 0.34 0.29 0.30 - 0.03 0.85 0.11 0.03 0.03 0.03 + 0.00 0.06 0.02 0.07 0.06 0.07 + 0.01 0.15 0.06 0.05 0.05 0.05 unch 0.00 0.11 0.05 0.06 0.06 0.06 - 0.01 0.08 0.02 0.02 0.01 0.02 unch 0.00 0.03 0.01 0.66 0.61 0.65 + 0.03 1.39 0.60 0.52 0.47 0.50 + 0.01 1.03 0.45 0.02 0.01 0.01 unch 0.00 0.04 0.01 0.01 0.01 0.01 + 0.00 0.01 0.01 12.83 12.34 12.69 + 0.24 20.37 11.07 16.59 15.84 16.19 + 0.14 27.03 14.26 0.74 0.00 0.69 - 0.01 1.03 0.53 0.56 0.53 0.55 - 0.01 0.77 0.42 0.08 0.08 0.08 unch 0.00 0.12 0.08 0.18 0.16 0.17 + 0.00 0.22 0.10 0.23 0.20 0.21 - 0.01 0.27 0.14 0.04 0.00 0.04 + 0.01 0.06 0.02 0.02 0.02 0.02 - 0.00 0.04 0.01 0.00 0.00 0.08 unch 0.00 0.08 0.04 0.13 0.12 0.13 + 0.01 0.25 0.08 0.06 0.05 0.05 unch 0.00 0.11 0.04 2.40 2.16 2.24 - 0.06 2.74 1.64 0.04 0.04 0.04 unch 0.00 0.06 0.03 0.54 0.41 0.47 - 0.05 1.06 0.41 0.42 0.31 0.37 - 0.04 0.81 0.31 0.11 0.10 0.10 - 0.01 0.34 0.09 0.08 0.07 0.08 + 0.00 0.25 0.07 0.07 0.07 0.07 - 0.00 0.16 0.04 0.05 0.04 0.05 - 0.01 0.08 0.02 0.36 0.33 0.33 - 0.02 0.87 0.29 0.26 0.23 0.26 unch 0.00 0.32 0.05 0.07 0.06 0.06 - 0.01 0.11 0.05 0.09 0.09 0.09 unch 0.00 0.12 0.09 0.13 0.11 0.11 - 0.01 0.47 0.11 0.67 0.62 0.67 + 0.05 0.88 0.51 0.15 0.14 0.15 + 0.01 0.44 0.14 0.19 0.17 0.17 - 0.02 0.55 0.17 0.10 0.10 0.10 unch 0.00 0.14 0.07 0.40 0.30 0.40 + 0.01 1.05 0.08 0.25 0.23 0.23 - 0.03 0.63 0.05 0.06 0.05 0.06 + 0.01 0.24 0.05 0.08 0.00 0.07 - 0.01 0.28 0.04 0.06 0.06 0.06 unch 0.00 0.11 0.02 0.09 0.08 0.09 + 0.01 0.13 0.03 54.85 53.40 53.99 - 0.31 72.02 50.49 0.10 0.09 0.10 unch 0.00 0.17 0.08 0.04 0.04 0.04 unch 0.00 0.06 0.03 0.03 0.03 0.03 unch 0.00 0.04 0.02 0.12 0.11 0.12 + 0.01 0.25 0.06 0.07 0.00 0.06 - 0.00 0.19 0.05 0.11 0.00 0.10 + 0.02 0.25 0.08 0.22 0.19 0.22 unch 0.00 0.22 0.12 0.05 0.04 0.04 - 0.01 0.08 0.04 0.14 0.12 0.14 unch 0.00 0.16 0.05 0.11 0.10 0.10 - 0.00 0.12 0.04 0.24 0.20 0.21 - 0.03 0.38 0.16 0.24 0.24 0.24 unch 0.00 0.35 0.03 0.10 0.09 0.09 - 0.01 0.14 0.03

B

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Blue Moon Zinc* O 16 Blue Rvr Res V 1256 18 Blue Sky Uran* O Blue Sky Uran V 114 V 6 Bluenose Gold Bluestone Res* O 25 Bluestone Res V 29 Bold Vent V 102 Bonanza Gldfds* O 35968 BonTerra Res V 1054 BonTerra Res* O 204 Boreal Metals V 623 39 Borneo Res Inv* O BQ Metals V 87 Bravada Gold V 234 Bravada Gold* O 161 V 76 Braveheart Res Bravo Multinat* O 93 Brazil Mnrls* O 4496 Brigadier Gold V 135 BrightRock Gld* O 61 Brilliant Sand* O 15 Brio Gold T 101 Britannia Mng* O 522 Brixton Mtls V 894 Brixton Mtls* O 60 Broadway Gold* O 33 Broadway Gold V 122 Brookmount Exp* O 935 Brunswick Res V 152 Bryn Res* O 1 Buccaneer Gold V 71 Buenaventura* N 5434 Buffalo Coal V 12 Bullfrog Gold* O 15 Bullman Mnls V 5 Bunker Hill 116 BWR Explor V 74

0.09 0.06 0.07 - 0.01 0.11 0.02 0.03 0.02 0.03 + 0.01 0.05 0.01 0.17 0.15 0.16 + 0.01 0.25 0.08 0.22 0.20 0.21 - 0.02 0.34 0.10 0.15 0.10 0.10 unch 0.00 0.15 0.00 0.95 0.88 0.92 + 0.03 1.35 0.86 1.25 1.14 1.15 - 0.10 1.90 0.95 0.04 0.04 0.04 unch 0.00 0.06 0.03 0.00 0.00 0.00 - 0.00 0.00 0.00 0.56 0.50 0.51 - 0.02 0.72 0.37 0.43 0.39 0.40 - 0.00 0.57 0.26 0.22 0.20 0.21 unch 0.00 0.40 0.20 0.00 0.00 0.00 + 0.00 0.00 0.00 0.20 0.17 0.17 unch 0.00 0.32 0.15 0.10 0.09 0.10 unch 0.00 0.34 0.09 0.08 0.07 0.07 - 0.00 0.26 0.07 0.10 0.08 0.10 unch 0.00 0.12 0.04 0.22 0.17 0.22 + 0.02 3.49 0.11 0.00 0.00 0.00 + 0.00 0.04 0.00 0.11 0.08 0.10 unch 0.00 0.20 0.08 0.00 0.00 0.00 + 0.00 0.00 0.00 0.06 0.05 0.05 - 0.01 0.12 0.01 2.54 2.40 2.50 unch 0.00 3.40 1.54 0.00 0.00 0.00 + 0.00 0.01 0.00 0.27 0.23 0.24 - 0.03 0.54 0.23 0.21 0.17 0.17 - 0.03 0.41 0.18 0.16 0.15 0.15 + 0.00 0.98 0.14 0.21 0.19 0.19 - 0.01 1.31 0.19 0.01 0.01 0.01 + 0.00 0.13 0.00 0.03 0.03 0.03 unch 0.00 0.05 0.02 0.00 0.00 0.00 + 0.00 0.01 0.00 0.15 0.11 0.15 + 0.04 0.18 0.03 16.10 15.29 15.94 + 0.71 16.53 10.87 0.02 0.02 0.02 unch 0.00 0.02 0.01 0.10 0.10 0.10 - 0.01 0.18 0.05 0.06 0.06 0.06 unch 0.00 0.10 0.06 1.51 1.15 1.26 - 0.14 3.15 1.15 0.07 0.06 0.06 - 0.01 0.10 0.04

Cabral Gold V 156 Cache Expl V 504 Cache Expl* O 21 Cadence Min* O 0 Cadillac Vent V 136 Cairo Res V 6 Caledonia Mng T 75 Caledonia Mng* X 58 Calibre Mng V 1069 California Gld V 437 California Go* O 24 Callinex Mines* O 230 Callinex Mines V 435 Cameco Corp* N 13651 Cameco Corp T 6127 Cameo Res* O 2 Cameo Res V 210 Camino Mnls* O 9 Camino Mnls V 118 Camrova Res V 304 Camrova Res* O 1 Canada Coal V 5 Canada Cobalt* O 74 Canada Cobalt V 1140 Canada One V 22 CanAlaska Uran V 92 CanAlaska Uran* O 43 CanAm Coal* O 76 Canamex Gold* O 173 Canamex Gold V 178 Canarc Res T 174 Canarc Res* O 98 Canasil Res V 79 Candelaria Mg V 282 Candelaria Mg* O 4 Candente Coppr T 2104 Candente Gold* O 401 Candente Gold V 194 Canex Energy V 67 CANEX Metals V 54 CANEX Metals * O 20 CaNickel Mng* O 17 CaNickel Mng V 16 Canoe Mng Vent V 64 Canterra Mnls V 163 Cantex Mn Dev V 22 Canuc Res V 79 Canuc Res* O 71 Canyon Copper* O 47 Canyon Copper V 5730 Capstone Mng T 1134 Caracara Silvr* O 6 Caracara Silvr V 599 Cardero Res V 38 Cardero Res* O 4 Cardinal Res* O 9 Cardinal Res T 49 Cariboo Rose V 160 Carlin Gold V 2738 Carmax Mng V 351 Carmax Mng* O 13 Carrara Explor 314 Cartier Iron 246 Cartier Res V 560 Carube Copper V 511 Casa Minerals V 430 Casablanca Mng* O 300 Cascadero Copp V 262 Castle Peak Mg V 60 Cautivo Mining 15 Cava Res V 287 Cava Res* O 8 Cavan Vent V 311 Cda Carbon* O 198 Cda Carbon V 507 Cda Rare Earth V 913 Cda Rare Earth* O 61 Cda Strtgc Met V 145 Cda Strtgc Met * O 102 Cda Zinc Mtls V 348 9 Cdn Intl Mnrls V Cdn Metals 290 Cdn Orebodies V 211 Cdn Orebodies* O 6 Cdn Platinum V 1178 Cdn Silvr Hunt V 77 Cdn Zinc T 628 Cdn Zinc* O 101 Centamin T 28 Centaurus Diam* O 150 Centenera Mng V 126 Centenera Mng* O 110 Centerra Gold T 3352 Central Iron V 500 Century Global T 7 Cerro Grande* O 120 Cerro Mng* O 0 Cerro Mng V 1 Ceylon Graph V 63 Chakana Copper V 1828 Chakana Copper* O 53 Chalice Gold M* O 1 Chalice Gold M T 287 Champion Bear V 60 Champion Bear* O 17 Champion Iron* O 40 Champion Iron T 753 Chantrell Vent V 10 Chatham Rock V 33 Chesapeake Gld* O 61 Chesapeake Gld V 58 Chevron Corp* N 32860 Chiboug Ind Mn V 442 Chilean Metals* O 406 Chilean Metals V 1548 Chimata Gold V 412 China Gold Int T 611 China Mnls Mng V 17 China Mnls Mng* O 0 Cicada Vents V 413 CIM Intl Grp 47 Cipher Res* O 60 Cipher Res V 195 561 Claim Post Res V

0.43 0.39 0.41 + 0.03 0.50 0.28 0.05 0.05 0.05 + 0.01 0.31 0.04 0.04 0.04 0.04 unch 0.00 0.21 0.04 1.63 1.63 1.63 unch 0.00 5.31 1.63 0.03 0.03 0.03 - 0.01 0.06 0.03 0.36 0.36 0.36 unch 0.00 0.44 0.21 10.55 9.00 10.54 + 1.67 10.45 6.70 8.30 6.92 8.12 + 1.21 8.25 0.06 0.09 0.07 0.08 unch 0.00 0.25 0.07 0.31 0.22 0.24 + 0.02 0.64 0.21 0.25 0.19 0.20 + 0.01 0.49 0.16 0.23 0.19 0.22 - 0.00 0.39 0.20 0.29 0.25 0.27 - 0.02 0.48 0.27 10.07 9.02 9.81 + 0.72 11.91 7.68 12.84 11.61 12.55 + 0.84 15.89 9.90 0.92 0.84 0.84 - 0.10 1.11 0.34 1.13 1.01 1.10 - 0.02 1.60 0.30 0.24 0.00 0.24 - 0.08 1.62 0.22 0.34 0.32 0.33 - 0.01 2.23 0.26 0.10 0.00 0.10 + 0.01 0.19 0.06 0.06 0.00 0.05 unch 0.00 0.15 0.00 0.12 0.12 0.12 unch 0.00 0.12 0.04 0.23 0.18 0.23 - 0.00 0.44 0.11 0.32 0.23 0.30 + 0.01 0.55 0.15 0.13 0.11 0.11 unch 0.00 0.52 0.08 0.39 0.00 0.38 + 0.01 0.49 0.26 0.30 0.29 0.30 + 0.01 0.37 0.21 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.12 0.09 0.10 - 0.01 0.22 0.06 0.15 0.13 0.13 - 0.01 0.28 0.08 0.07 0.00 0.06 - 0.01 0.12 0.06 0.05 0.05 0.05 - 0.01 0.09 0.05 0.13 0.11 0.11 unch 0.00 0.20 0.10 0.90 0.50 0.90 + 0.20 1.04 0.46 0.71 0.39 0.71 + 0.31 1.08 0.06 0.10 0.08 0.10 - 0.01 0.21 0.06 0.02 0.01 0.01 - 0.00 0.04 0.00 0.03 0.00 0.03 + 0.01 0.06 0.02 0.29 0.22 0.22 unch 0.00 0.42 0.18 0.08 0.00 0.08 + 0.01 0.14 0.03 0.06 0.06 0.06 unch 0.00 0.10 0.02 0.10 0.09 0.09 - 0.01 0.23 0.06 0.13 0.12 0.12 - 0.01 0.33 0.09 0.14 0.14 0.14 unch 0.00 0.25 0.04 0.03 0.03 0.03 unch 0.00 0.06 0.02 0.03 0.03 0.03 unch 0.00 0.06 0.02 0.20 0.18 0.18 - 0.02 0.60 0.18 0.16 0.16 0.16 - 0.00 0.41 0.14 0.16 0.05 0.16 + 0.11 0.22 0.04 0.23 0.07 0.17 + 0.10 0.29 0.06 1.28 1.16 1.25 + 0.05 1.62 0.77 0.01 0.01 0.01 unch 0.00 0.01 0.00 0.02 0.01 0.01 unch 0.00 0.03 0.01 0.15 0.13 0.13 - 0.02 0.22 0.07 0.12 0.09 0.09 - 0.03 0.17 0.05 0.44 0.43 0.43 - 0.01 0.46 0.35 0.63 0.56 0.56 - 0.02 1.05 0.43 0.04 0.04 0.04 unch 0.00 0.16 0.04 0.04 0.03 0.04 + 0.01 0.10 0.03 0.18 0.13 0.17 + 0.04 0.18 0.05 0.13 0.12 0.12 unch 0.00 0.13 0.03 0.39 0.28 0.29 - 0.09 1.00 0.28 0.12 0.08 0.12 - 0.01 0.25 0.05 0.20 0.16 0.16 - 0.04 0.38 0.17 0.09 0.08 0.09 + 0.01 0.14 0.05 0.20 0.19 0.19 - 0.03 0.22 0.07 0.00 0.00 0.00 - 0.00 0.00 0.00 0.12 0.10 0.11 unch 0.00 0.16 0.07 0.03 0.02 0.02 unch 0.00 0.04 0.02 0.35 0.00 0.35 unch 0.00 0.85 0.20 0.27 0.18 0.25 + 0.07 0.35 0.15 0.14 0.14 0.14 unch 0.00 0.29 0.14 0.14 0.10 0.10 - 0.04 0.40 0.02 0.07 0.07 0.07 - 0.01 0.21 0.04 0.13 0.09 0.12 + 0.03 0.27 0.04 0.10 0.07 0.09 + 0.01 0.10 0.03 0.07 0.06 0.07 + 0.01 0.08 0.02 0.12 0.11 0.11 - 0.01 0.16 0.09 0.10 0.09 0.10 + 0.00 0.12 0.06 0.31 0.29 0.29 - 0.03 0.39 0.22 0.20 0.00 0.20 unch 0.00 0.50 0.11 0.13 0.10 0.10 - 0.01 0.20 0.05 0.28 0.24 0.24 - 0.07 0.53 0.17 0.23 0.20 0.20 - 0.03 0.39 0.14 0.02 0.02 0.02 - 0.01 0.05 0.01 0.07 0.06 0.07 + 0.01 0.12 0.04 0.14 0.13 0.13 - 0.01 0.23 0.12 0.11 0.10 0.10 + 0.00 0.19 0.09 2.82 2.69 2.71 - 0.09 3.23 2.19 0.14 0.12 0.14 - 0.00 0.20 0.03 0.17 0.15 0.15 - 0.02 0.26 0.15 0.12 0.12 0.12 - 0.01 0.21 0.10 7.66 7.19 7.47 + 0.08 9.35 5.90 0.02 0.02 0.02 unch 0.00 0.07 0.01 0.20 0.19 0.19 - 0.01 0.29 0.13 0.00 0.00 0.00 unch 0.00 0.02 0.00 0.00 0.00 0.02 unch 0.00 0.02 0.02 0.20 0.00 0.20 unch 0.00 0.22 0.04 0.19 0.18 0.18 - 0.01 0.42 0.15 0.93 0.82 0.87 - 0.07 1.10 0.62 0.71 0.66 0.66 - 0.09 0.79 0.65 0.14 0.14 0.14 unch 0.00 0.25 0.10 0.16 0.15 0.16 - 0.01 0.33 0.15 0.18 0.15 0.15 - 0.03 0.23 0.10 0.13 0.11 0.11 - 0.02 0.18 0.10 0.93 0.87 0.87 - 0.04 1.22 0.61 1.19 1.14 1.15 - 0.02 1.59 0.85 0.08 0.08 0.08 unch 0.00 0.11 0.06 0.32 0.28 0.29 - 0.01 0.60 0.25 2.01 1.83 1.98 + 0.07 3.23 1.77 2.59 2.35 2.55 + 0.10 4.24 2.26 117.89 110.54 114.76 + 0.72 133.88 102.55 0.06 0.06 0.06 unch 0.00 0.11 0.05 0.04 0.04 0.04 - 0.01 0.12 0.04 0.06 0.04 0.04 - 0.01 0.18 0.05 0.15 0.12 0.14 + 0.01 0.19 0.05 2.79 2.56 2.59 - 0.07 3.19 1.82 0.27 0.00 0.26 - 0.08 0.50 0.16 0.00 0.00 0.21 unch 0.00 0.32 0.14 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.30 0.19 0.30 + 0.11 0.79 0.08 0.06 0.06 0.06 unch 0.00 0.27 0.06 0.09 0.07 0.07 unch 0.00 0.33 0.07 0.12 0.10 0.12 + 0.01 0.13 0.03

C

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

V 37 Clarmin Explor Clean Comm V 1144 Clean Comm* O 26 V 427 Cleghorn Mnls 42949 N Cleveland-Clif* Clifton Mng* O 74 Cloud Peak En* N 3417 V 16 Clydesdale Res CMC Metals* O 2 CMC Metals V 7 37 CMX Gold & Sil CNRP Mng* O 55 320 Cobalt 27 Cap V Cobalt Block V 436 Cobalt Block* O 5 Cobalt Pwr Grp* O 106 Cobalt Pwr Grp V 1560 Coeur Mng* N 13990 Colibri Res V 203 V 213 Colombia Crest O 100 Colombia Crest* Colonial Coal V 643 O 2600 Colorado Gold* O 31 Colorado Res* Colorado Res V 788 T 374 Columbus Gold O 385 Columbus Gold* Comet Inds V 0 V 884 Commander Res V 155 Commerce Res O 45 Commerce Res* V 188 Compass Gold X 1712 Comstock Mng* V 320 Comstock Mtls 11 Comstock Mtls * O Condor Gold* O 20 Condor Gold T 22 Condor Res V 195 O 3 Confedertn Ml* V 57 Confedertn Mls V 1326 Conquest Res V 63 Cons Woodjam CONSOL Coal Rs* N 118 N 16944 CONSOL Energy* N 1488 CONSOL Energy* O 104 Constantine Mt* V 388 Constantine Mt Contact Gold V 113 O 2 Contact Mnrls* Contintl Gold T 930 O 197 Contintl Gold* Contintl Prec* O 1 Contintl Prec V 96 268 Copper Ck Gold V 1 Copper Ck Gold* O 18 Copper Fox Mtl* O 886 Copper Fox Mtl V 54 Copper Lake Rs V 935 Copper Mtn Mng T 41 Copper Mtn Mng* O 3 Copper North M* O 272 Copper North M V Copper One V 435 1 Copper One * O 313 Copper Reef Mg Copperbank Res 296 O 133 Copperbank Res* 17 Coral Gold * O Coral Gold V 125 O 337 Cordoba Mnls* V 518 Cordoba Mnls Core Gold V 447 Core Gold* O 186 Corex Gold V 744 Corex Gold* O 102 V 993 Cornerstone Ca O 146 Cornerstone Ca* O 438 Cornerstone Mt* V 1368 Cornerstone Mt Coro Mining T 101 Coronet Mtls* O 0 Coronet Mtls 41 90 Corsa Coal * O Corsa Coal V 102 Corvus Gold T 301 Corvus Gold* O 233 CR Capital V 3 Critical Elem V 760 Critical Elem* O 98 Crown Mining V 584 O 0 Crown Mining* Cruz Cobalt* O 799 Cruz Cobalt V 1914 Crystal Explor V 58 Crystal Lake* O 59 Crystal Lake V 1335 Crystal Peak V 33 Crystal Peak* O 13 O 0 CTGX Mining* 64 Currie Rose Rs V 538 CWN M’g Acq V O 91 Cyclone Uran* Cypress Dev* O 257 Cypress Dev V 1448

0.19 unch 0.00 0.50 0.21 0.19 0.19 0.05 0.07 0.06 0.06 - 0.01 0.21 0.03 0.06 0.05 0.05 - 0.01 0.16 0.05 unch 0.00 0.11 0.10 0.10 0.10 5.56 7.24 6.65 6.86 - 0.09 9.15 0.05 0.10 0.06 0.06 - 0.03 0.14 3.17 2.89 3.05 + 0.14 5.70 2.76 0.04 unch 0.00 0.15 0.08 0.07 0.07 0.03 unch 0.00 0.08 0.03 0.03 0.03 0.04 0.05 0.05 0.05 - 0.01 0.12 0.10 0.07 0.07 unch 0.00 0.12 0.04 0.02 unch 0.00 1.98 0.36 0.25 0.34 13.17 12.29 12.47 - 0.78 14.00 7.42 0.01 0.33 0.28 0.30 - 0.05 0.40 0.02 0.28 0.24 0.24 - 0.06 0.32 0.13 0.12 0.13 - 0.01 0.29 0.06 0.19 0.16 0.18 unch 0.00 0.35 0.08 8.33 7.72 8.07 + 0.07 10.24 6.71 0.07 unch 0.00 0.28 0.09 0.08 0.09 0.01 0.02 0.02 0.02 + 0.01 0.04 0.00 unch 0.00 0.03 0.01 0.01 0.01 0.08 unch 0.00 0.40 0.35 0.28 0.30 0.00 0.00 0.00 nch u 0.00 0.00 0.00 0.10 0.11 0.10 0.11 + 0.00 0.37 0.13 0.15 0.13 0.14 - 0.01 0.46 0.31 0.35 0.31 0.33 - 0.02 0.98 0.24 0.28 0.24 0.26 - 0.01 0.74 2.50 unch 0.00 3.20 0.00 0.00 3.10 0.03 0.05 0.04 0.04 - 0.01 0.06 0.07 unch 0.00 0.10 0.08 0.07 0.08 0.05 0.07 0.06 0.06 - 0.00 0.08 0.38 unch 0.00 0.80 0.50 0.50 0.50 0.21 0.27 0.23 0.26 + 0.01 1.20 0.06 0.06 0.06 0.06 + 0.01 0.18 0.05 0.00 0.05 - 0.00 0.13 0.04 0.60 0.68 0.65 0.65 - 0.15 0.90 0.47 0.90 0.00 0.90 + 0.10 1.75 0.08 unch 0.00 0.19 0.11 0.09 0.10 0.26 unch 0.00 0.60 0.26 0.26 0.26 0.40 0.42 0.40 0.42 + 0.02 0.81 0.01 unch 0.00 0.10 0.04 0.03 0.03 0.04 0.07 0.06 0.06 - 0.01 0.09 14.76 13.75 14.60 + 0.65 16.65 12.56 11.69 15.81 14.34 14.95 - 0.48 18.09 19.51 30.30 28.25 29.35 + 0.38 41.89 0.10 0.14 0.12 0.13 - 0.01 0.28 0.13 0.19 0.14 0.17 - 0.02 0.35 0.37 0.40 0.37 0.39 - 0.01 1.10 0.05 0.30 0.23 0.28 - 0.02 0.35 2.62 3.62 3.28 3.30 - 0.24 4.13 1.90 2.80 2.58 2.59 - 0.15 3.22 0.20 unch 0.00 0.30 0.24 0.24 0.24 0.26 0.35 0.00 0.35 + 0.04 0.38 0.40 0.35 0.35 unch 0.00 0.42 0.07 0.28 0.28 0.28 - 0.01 0.29 0.09 0.09 0.07 0.07 - 0.00 0.15 0.08 0.11 0.10 0.11 unch 0.00 0.18 0.10 0.06 0.05 0.05 - 0.01 0.10 0.03 1.25 1.12 1.21 + 0.02 1.85 0.72 1.04 0.89 0.95 + 0.03 1.47 0.54 0.04 0.00 0.03 + 0.00 0.08 0.03 0.05 0.00 0.05 unch 0.00 0.11 0.05 0.03 unch 0.00 0.22 0.17 0.16 0.17 0.12 0.12 0.12 unch 0.00 0.18 0.03 0.03 0.02 0.03 + 0.01 0.03 0.01 0.07 0.09 0.07 0.07 - 0.01 0.18 0.04 0.07 0.05 0.06 - 0.01 0.14 0.29 0.00 0.29 - 0.04 0.35 0.21 0.30 0.40 0.00 0.39 - 0.02 0.43 0.12 0.14 0.12 0.13 - 0.02 0.93 0.15 0.18 0.15 0.17 - 0.02 1.25 0.22 0.31 0.28 0.28 - 0.03 0.40 0.18 0.25 0.22 0.22 - 0.03 0.34 0.10 0.15 0.14 0.14 - 0.01 0.20 0.07 0.11 0.11 0.11 + 0.01 0.16 0.15 unch 0.00 0.55 0.25 0.22 0.23 0.13 0.19 0.17 0.18 + 0.01 0.44 0.13 0.52 0.33 0.44 + 0.13 0.50 0.06 0.66 0.42 0.56 + 0.16 0.66 0.09 0.10 0.09 0.10 - 0.01 0.16 0.07 unch 0.00 0.24 0.00 0.00 0.20 0.17 unch 0.00 0.25 0.20 0.20 0.20 1.40 1.17 1.20 - 0.12 2.25 1.00 1.34 1.70 1.48 1.49 - 0.30 2.30 0.69 2.55 2.16 2.47 + 0.30 2.55 0.53 2.00 1.69 1.89 + 0.19 2.00 0.07 0.12 0.00 0.12 - 0.03 0.15 0.67 1.12 0.98 1.07 + 0.05 1.86 0.49 0.87 0.79 0.84 + 0.05 1.48 0.07 0.19 0.12 0.17 + 0.01 0.28 0.05 unch 0.00 0.21 0.00 0.00 0.15 0.12 0.28 0.16 0.19 - 0.03 0.35 0.17 0.28 0.21 0.23 - 0.05 0.41 0.05 unch 0.00 0.13 0.08 0.08 0.08 0.13 0.50 0.39 0.40 - 0.10 0.84 0.16 0.66 0.47 0.49 - 0.19 1.12 0.31 0.34 0.31 0.33 + 0.01 0.58 0.24 0.27 0.25 0.26 + 0.02 0.46 0.10 unch 0.00 0.10 0.00 0.00 0.10 0.06 0.00 0.06 + 0.01 0.11 0.04 0.18 0.10 0.14 + 0.03 0.25 0.10 0.00 unch 0.00 0.02 0.00 0.00 0.00 0.06 0.20 0.15 0.19 + 0.02 0.27 0.08 0.25 0.19 0.24 + 0.02 0.35

Dajin Res V 316 Dajin Res* O 862 Dakota Ter Res* O 264 Daleco Res* O 99 O 102 Dalradian Res* Dalradian Res T 501 Damara Gold V 36 Danakali* O 130 Debut Dmds 407 Decade Res V 584 Decade Res* O 129 Declan Res 38 O 350 Deep-South Res* V 163 Deep-South Res Defiance Silvr V 66 O 83 Defiance Silvr* Delrand Res V 168 X 1523 Denison Mines* T 1519 Denison Mines Desert Gold V 135 Desert Lion V 395 Detour Gold T 4182 O 1978 Diamante Min* Diamcor Mng V 233 O 169 Diamcor Mng* O 4245 Diamond Disc* V 75 Diamond Fields O 27 Diamond Fields* Dios Expl V 771 O 860 Discovery Gold* V 16 Discovery Harb O 29 Discovery Met* V 116 Discovery Met 48918 O Discovery Mnls* V 337 Discovery-Corp Ditem Explor* O 19 O 0 Diversified Rs* DNI Metals 573 DNI Metals* O 258 52 Dolly Vard Sil* O 76 Dolly Vard Sil V V 336 Doubleview Cap DRDGOLD* N 396 866 Duncan Park H V 669 Dundee Prec Mt T O 62 Dunnedin Vent* Duran Vent V 75 0 Duran Vent * O Durango Res V 390 Durango Res* O 5 V 39 DV Resources 77 Dynacor Gld Mn T 19 Dynacor Gld Mn* O O 38 DynaResource* Dynasty Gold V 71 O 51 Dynasty Gold* E3 Metals V 114 V 295 Eagle Graphite O 17 Eagle Graphite*

0.08 0.12 0.10 0.11 - 0.01 0.22 0.06 0.10 0.07 0.09 - 0.01 0.17 0.09 0.07 0.09 - 0.00 0.10 0.03 0.00 unch 0.00 0.01 0.00 0.00 0.00 0.72 0.79 0.73 0.75 - 0.03 1.37 0.91 0.02 1.78 0.94 - 1.00 0.94 0.04 0.06 0.00 0.06 + 0.01 0.22 0.49 unch 0.00 0.65 0.57 0.54 0.55 0.01 0.01 0.01 0.01 + 0.01 0.02 0.05 0.05 0.05 0.05 - 0.01 0.20 0.04 0.04 0.04 0.04 - 0.00 0.16 0.06 0.24 0.00 0.24 + 0.02 0.34 0.07 unch 0.00 0.30 0.28 0.24 0.26 0.08 0.38 0.32 0.36 + 0.04 0.45 0.22 0.38 0.35 0.38 + 0.04 0.44 0.17 0.30 0.27 0.29 + 0.03 0.35 0.78 0.95 0.78 0.95 + 0.06 2.44 0.38 unch 0.00 0.66 0.47 0.43 0.45 0.50 0.60 0.56 0.57 - 0.01 0.88 0.14 0.22 0.19 0.19 - 0.03 0.31 1.12 1.45 1.14 1.27 - 0.13 2.35 11.48 13.87 13.15 13.75 + 0.71 18.88 0.02 0.15 0.09 0.12 + 0.04 0.15 0.35 0.40 0.35 0.40 + 0.02 1.06 0.28 0.31 0.28 0.31 + 0.03 0.76 0.00 0.00 0.00 0.00 + 0.00 0.00 0.08 unch 0.00 0.20 0.09 0.09 0.09 0.06 unch 0.00 0.12 0.08 0.08 0.08 0.06 0.13 0.09 0.09 - 0.04 0.19 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.05 unch 0.00 0.10 0.06 0.06 0.06 0.22 unch 0.00 0.69 0.22 0.22 0.22 0.28 0.31 0.30 0.31 + 0.01 0.92 0.00 0.00 0.00 0.00 + 0.00 0.00 0.01 0.02 0.02 0.02 - 0.01 0.04 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.02 unch 0.00 0.15 0.00 0.00 0.03 0.05 0.09 0.07 0.08 - 0.01 0.16 0.00 0.07 0.05 0.07 + 0.00 0.13 0.56 0.51 0.55 + 0.01 0.84 0.36 0.70 0.66 0.66 - 0.04 1.04 0.45 0.04 0.10 0.09 0.09 + 0.01 0.11 2.63 2.87 2.63 2.75 + 0.02 5.19 0.01 0.01 0.01 unch 0.00 0.02 0.01 3.25 2.98 3.24 + 0.16 3.38 2.13 0.13 0.25 0.00 0.25 - 0.01 0.26 0.04 0.07 0.06 0.07 + 0.01 0.13 0.00 0.00 0.05 unch 0.00 0.08 0.03 0.06 unch 0.00 0.14 0.07 0.06 0.07 0.05 unch 0.00 0.09 0.06 0.06 0.06 0.05 0.38 0.35 0.35 - 0.03 0.63 1.91 1.78 1.80 - 0.04 2.30 1.50 1.47 1.39 1.43 - 0.02 1.85 1.03 0.65 1.22 0.00 1.20 - 0.02 1.63 0.10 0.24 0.20 0.22 - 0.02 0.27 0.07 0.18 0.17 0.17 - 0.01 0.22 0.32 0.35 0.32 0.35 - 0.01 1.01 0.02 unch 0.00 0.05 0.03 0.00 0.03 0.01 unch 0.00 0.04 0.03 0.02 0.02

D-F

2018-04-10 6:06 PM


GLOBAL MINING NEWS

(100s) Stock

THE NORTHERN MINER / APRIL 16–29, 2018

Week

12-month

Exc Volume High Low Last Change High Low

Eagle Plains V 762 East Africa V 577 East Africa * O 23 East Asia Mnls V 491 East Asia Mnls* O 66 EastCoal Inc V 3 Eastern Platin* O 36 Eastern Platin T 84 Eastern Res* O 0 Eastern Zinc V 17 Eastfield Res V 463 Eastmain Res* O 217 Eastmain Res T 963 Eco Oro Mnls 73 Eco Oro Mnls* O 59 eCobalt Solns T 2617 eCobalt Solns* O 995 Edgewater Expl V 59 El Capitan Prc* O 3075 El Nino Vent* O 335 El Nino Vent V 127 Elcora Res V 223 Elcora Res* O 79 N 71142 Eldorado Gold* Eldorado Gold T 20511 Electra Stone V 3112 Eloro Mnrls V 47 467 Ely Gold Royal V Ely Gold Royal* O 226 Elysee Dev * O 6 Elysee Dev V 63 Emerita Res V 561 Emgold Mng* O 7 Emgold Mng V 7 Empire Rock V 45 EMX Royalty* X 165 EMX Royalty V 95 Encanto Potash* O 63 V 681 Encanto Potash EnCore Energy V 271 Endeavour Mng T 880 Endeavour Mng* O 15 Endeavr Silver* N 3997 Endeavr Silver T 1062 Endurance Gold V 281 Energy Fuels* X 2362 Energy Fuels T 713 Enforcer Gold* O 4 Enforcer Gold V 255 Engold Mines* O 21 Engold Mines V 167 Ensurge* O 150 Entree Gold* X 449 Entree Gold T 153 Equitorial Ex* O 50 Equitorial Ex V 1337 Erdene Res Dev* O 176 Erdene Res Dev T 424 Erin Ventures V 524 Ero Copper T 80 Ero Copper* O 15 Eros Res Corp* O 23 182 Eros Res Corp V 182 Eros Res Corp V Eskay Mng V 239 Essex Minerals V 14 Ethos Gold* O 18 Ethos Gold V 19 9 Euro Sun Mg* O Euro Sun Mg T 207 EurOmax Res* O 3 EurOmax Res T 30 European Elect* O 6 European Elect V 70 O 4360 European Metal* Eurotin V 123 Everton Res* O 40 Everton Res V 166 EVI Global Grp 176 Evolving Gold 233 O 11 Evolving Gold* Evrim Res V 930 Excellon Res T 511 Excellon Res* O 202 Excelsior Mng* O 99 T 207 Excelsior Mng ExGen Res Inc V 156 Explor Res* O 259 Explor Res V 144 Explorex Res* O 29 Explorex Res 153 Fairmont Res V 484 Falco Res V 1014 Falco Res * O 99 Falcon Gold V 1308 Fancamp Expl V 492 Far Res 4349 Far Res* O 50 O 0 Fengro Industr* Fengro Industr V 22 Filo Mg Corp V 6 Finlay Minrls V 488 Fiore Gold* O 215 Fiore Gold V 103 Fire River Gol* O 0 Firebird Res V 137 Firesteel Res V 166 Firestone Vent V 150 Fireweed Zinc V 144 Fireweed Zinc* O 25 Firma Holdings* O 14 First Bauxite V 378 First Cobalt * O 544 First Cobalt V 1348 First Colombia* O 7553 First Energy* O 5 First Energy V 108 First Idaho V 10 First Legacy V 100 First Liberty* O 5874 First Majestic T 3016 First Majestic* N 9723 First Mexican V 1368 First Mg Fin * O 1342 First Mg Fin T 2721 First Point* O 100 First Quantum T 10834 Fission 3.0 V 393 Fission Uran T 1847 Fission Uran* O 830 234 Five Star Diam V Fjordland Exp* O 404 Fjordland Exp V 274 Flowery Gold* O 0 Focus Graphite* O 371 Focus Graphite V 988 Focus Vent V 2514 Foran Mng V 123 Forsys Metals T 403 Fort St James V 136 Fortescue Met* O 598 Fortuna Silvr* N 4021 Fortuna Silvr T 1561 Fortune Bay* O 3 Fortune Bay V 190 Fortune Mnrls* O 415 Fortune Mnrls T 1044 Forum Energy V 84 O 38 Forum Energy* Fox River Res 74 Fox River Res* O 10 FPX Nickel V 444 Franco-Nevada* N 2857 Franco-Nevada T 1768 Franklin Mng* O 4 Freedom Egy V 224 Freegold Vent T 88 Freeport McMoR* N 77405 Freeport Res V 139 Fremont Gold* O 102 Fremont Gold V 397 Fresnillo plc* O 2 Frontier Lith V 78 Frontline Gold V 25 Full Metal Mnl* O 5 Full Metal Mnl V 30 Fura Gems* O 31 Fura Gems V 379

0.27 0.24 0.27 + 0.02 0.27 0.13 0.21 0.19 0.19 - 0.03 0.37 0.18 0.21 0.15 0.15 - 0.06 0.28 0.15 0.05 0.00 0.05 + 0.01 0.74 0.05 0.03 0.03 0.03 unch 0.00 0.49 0.03 0.12 0.12 0.12 unch 0.00 0.30 0.07 0.37 0.29 0.32 - 0.01 0.37 0.19 0.43 0.37 0.37 - 0.05 0.50 0.23 0.00 0.00 0.04 unch 0.00 0.10 0.03 0.26 0.26 0.26 unch 0.00 0.46 0.15 0.04 0.04 0.04 + 0.01 0.05 0.03 0.19 0.16 0.19 + 0.01 0.37 0.14 0.24 0.22 0.24 + 0.02 0.50 0.16 0.32 0.00 0.30 - 0.02 0.45 0.15 0.25 0.24 0.25 + 0.01 0.44 0.12 1.48 1.32 1.38 - 0.09 2.10 0.85 1.19 1.04 1.08 - 0.06 1.74 0.61 0.13 0.13 0.13 unch 0.00 0.25 0.13 0.04 0.03 0.03 - 0.01 0.09 0.03 0.03 0.00 0.03 unch 0.00 0.06 0.02 0.05 0.04 0.04 - 0.01 0.08 0.02 0.38 0.33 0.37 + 0.02 0.56 0.13 0.30 0.25 0.29 + 0.01 0.44 0.12 1.02 0.82 0.98 + 0.14 3.78 0.80 1.30 1.06 1.24 + 0.16 5.13 1.03 0.02 0.01 0.02 + 0.01 0.04 0.01 0.87 0.79 0.79 - 0.08 1.27 0.53 0.14 0.12 0.13 unch 0.00 0.15 0.09 0.11 0.09 0.10 + 0.00 0.13 0.07 0.25 0.23 0.25 - 0.00 0.31 0.20 0.34 0.32 0.32 unch 0.00 0.44 0.26 0.12 0.10 0.10 - 0.01 0.18 0.08 0.13 0.11 0.13 + 0.02 0.25 0.11 0.15 0.00 0.15 - 0.01 0.31 0.15 0.24 0.00 0.24 unch 0.00 0.30 0.16 0.90 0.84 0.84 - 0.04 1.04 0.67 1.14 1.12 1.12 - 0.01 1.32 0.85 0.03 0.03 0.03 - 0.00 0.08 0.02 0.04 0.04 0.04 - 0.01 0.10 0.04 0.06 0.00 0.06 + 0.01 0.10 0.04 24.55 22.55 22.91 - 0.86 26.86 19.77 19.01 17.66 17.87 - 0.43 21.72 14.41 2.55 2.37 2.42 - 0.01 3.72 1.94 3.27 3.05 3.09 - 0.04 4.97 2.50 0.07 0.06 0.06 - 0.01 0.09 0.05 1.93 1.66 1.88 + 0.15 2.29 1.30 2.45 2.15 2.39 + 0.22 3.05 1.66 0.06 0.06 0.06 unch 0.00 0.18 0.05 0.08 0.07 0.08 unch 0.00 0.25 0.07 0.16 0.16 0.16 unch 0.00 0.50 0.14 0.25 0.20 0.24 + 0.04 0.68 0.14 0.05 0.05 0.05 unch 0.00 0.12 0.02 0.40 0.34 0.38 + 0.01 0.69 0.21 0.50 0.45 0.49 - 0.02 0.85 0.45 0.05 0.05 0.05 unch 0.00 0.11 0.04 0.10 0.08 0.08 - 0.02 0.15 0.06 0.31 0.28 0.30 - 0.00 1.00 0.28 0.41 0.37 0.38 - 0.02 1.40 0.37 0.14 0.10 0.11 unch 0.00 0.33 0.08 8.36 7.88 8.00 - 0.40 9.07 4.70 6.42 6.17 6.42 - 0.20 7.25 3.88 0.10 0.10 0.10 + 0.00 0.18 0.10 0.14 0.13 0.13 unch 0.00 0.23 0.13 0.14 0.13 0.13 unch 0.00 0.23 0.13 0.28 0.25 0.27 unch 0.00 0.51 0.18 0.18 0.16 0.16 - 0.03 0.25 0.12 0.12 0.11 0.12 - 0.01 0.23 0.10 0.16 0.16 0.16 - 0.01 0.28 0.13 1.25 1.23 1.23 - 0.01 1.55 0.49 1.68 1.43 1.60 - 0.05 2.02 0.67 0.19 0.15 0.19 + 0.04 0.39 0.15 0.24 0.21 0.21 - 0.03 0.52 0.19 0.44 0.00 0.34 + 0.03 0.79 0.14 0.45 0.32 0.32 - 0.08 0.93 0.15 0.00 0.00 0.00 + 0.00 0.01 0.00 0.08 0.07 0.07 unch 0.00 0.10 0.04 0.04 0.03 0.03 + 0.00 0.08 0.02 0.04 0.04 0.04 - 0.01 0.11 0.03 0.35 0.30 0.35 unch 0.00 0.43 0.02 0.12 0.11 0.12 + 0.01 0.41 0.10 0.13 0.10 0.10 unch 0.00 0.32 0.08 0.50 0.47 0.49 + 0.01 0.55 0.19 1.58 1.43 1.50 + 0.02 2.30 1.22 1.22 1.10 1.17 - 0.01 1.87 0.92 1.04 0.99 1.03 + 0.03 1.18 0.52 1.35 1.27 1.29 + 0.01 1.48 0.66 0.03 0.00 0.02 - 0.01 0.04 0.01 0.04 0.02 0.03 - 0.00 0.08 0.02 0.04 0.04 0.04 - 0.01 0.10 0.04 0.30 0.30 0.30 + 0.00 0.31 0.12 0.40 0.35 0.35 - 0.08 0.65 0.15 0.02 0.02 0.02 unch 0.00 0.08 0.02 0.81 0.76 0.79 unch 0.00 1.65 0.76 0.62 0.00 0.62 - 0.00 1.17 0.60 0.05 0.04 0.05 unch 0.00 0.08 0.04 0.10 0.09 0.09 - 0.01 0.18 0.05 0.44 0.31 0.40 - 0.03 1.10 0.08 0.34 0.27 0.29 - 0.03 0.87 0.06 0.00 0.00 0.15 unch 0.00 0.23 0.11 0.26 0.18 0.20 unch 0.00 0.40 0.14 2.30 2.25 2.30 - 0.10 2.80 1.81 0.05 0.05 0.05 - 0.01 0.34 0.05 0.55 0.50 0.54 + 0.00 0.95 0.22 0.71 0.65 0.66 - 0.03 1.18 0.60 0.05 0.00 0.05 unch 0.00 0.51 0.00 0.04 0.04 0.04 unch 0.00 0.09 0.01 0.09 0.09 0.09 unch 0.00 0.16 0.04 0.13 0.13 0.13 unch 0.00 0.19 0.03 1.60 1.40 1.55 + 0.12 1.95 0.67 1.25 1.13 1.20 + 0.17 1.58 0.54 0.09 0.06 0.06 - 0.02 0.13 0.04 0.05 0.04 0.05 + 0.01 0.05 0.03 0.84 0.70 0.73 - 0.07 1.30 0.31 1.05 0.90 0.94 - 0.10 1.65 0.42 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.29 0.20 0.20 - 0.00 0.29 0.10 0.28 0.23 0.28 + 0.02 0.35 0.15 0.02 0.02 0.02 unch 0.00 0.06 0.02 0.19 0.19 0.19 + 0.03 0.21 0.16 0.00 0.00 0.00 - 0.00 0.00 0.00 8.21 7.73 7.81 - 0.08 12.72 6.24 6.36 6.04 6.12 + 0.01 9.59 4.93 0.02 0.02 0.02 unch 0.00 0.03 0.02 0.40 0.33 0.34 - 0.01 0.64 0.31 0.49 0.42 0.43 - 0.03 0.85 0.41 0.11 0.11 0.11 unch 0.00 0.12 0.06 18.42 17.13 17.27 - 0.82 22.00 9.69 0.04 0.04 0.04 unch 0.00 0.09 0.04 0.66 0.60 0.62 - 0.01 0.89 0.53 0.52 0.46 0.48 - 0.01 0.72 0.40 0.17 0.14 0.17 unch 0.00 0.55 0.15 0.15 0.13 0.13 - 0.00 0.47 0.07 0.24 0.17 0.17 - 0.04 0.59 0.10 0.00 0.00 0.18 unch 0.00 0.40 0.12 0.05 0.04 0.05 + 0.00 0.08 0.04 0.06 0.05 0.05 - 0.01 0.11 0.05 0.03 0.02 0.02 - 0.01 0.06 0.02 0.55 0.52 0.55 + 0.01 0.62 0.24 0.12 0.10 0.12 + 0.03 0.21 0.09 0.56 0.44 0.46 unch 0.00 0.59 0.13 3.37 3.22 3.37 + 0.07 4.79 3.22 5.34 5.13 5.19 - 0.02 5.58 4.03 6.89 6.57 6.62 - 0.10 7.44 5.13 0.28 0.00 0.27 - 0.01 0.50 0.23 0.36 0.00 0.35 unch 0.00 0.67 0.35 0.22 0.18 0.20 - 0.01 0.33 0.00 0.27 0.24 0.25 - 0.01 0.38 0.17 0.06 0.05 0.06 unch 0.00 0.10 0.04 0.05 0.04 0.04 - 0.00 0.07 0.03 0.07 0.00 0.06 - 0.01 0.15 0.05 0.05 0.00 0.05 + 0.00 0.09 0.02 0.17 0.15 0.17 + 0.01 0.18 0.07 70.30 66.84 67.81 - 0.58 86.06 64.90 90.85 85.63 86.57 - 1.33 110.18 85.21 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.07 0.07 0.07 + 0.01 0.14 0.05 0.09 0.00 0.09 - 0.01 0.19 0.08 18.11 16.62 17.33 - 0.24 20.25 11.05 0.06 0.05 0.05 - 0.02 0.08 0.03 0.13 0.12 0.12 - 0.01 0.17 0.10 0.17 0.15 0.16 - 0.01 0.22 0.11 18.13 0.00 17.89 + 0.21 22.27 16.10 0.56 0.47 0.51 - 0.01 0.85 0.31 0.02 0.01 0.02 unch 0.00 0.03 0.01 0.09 0.08 0.09 - 0.00 0.12 0.05 0.12 0.11 0.11 - 0.01 0.15 0.08 0.49 0.40 0.40 - 0.06 1.23 0.40 0.62 0.51 0.54 - 0.06 1.13 0.23

G-H Gabriel Res V 338 0.33 0.29 0.30 - 0.01 0.45 0.26 0.20 Gabriel Res* O 15 0.25 0.23 0.23 - 0.02 0.34

20-23_APR16_StockTables.indd 21

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Gainey Capital V 155 Galane Gold V 1695 Galantas Gold V 223 Galantas Gold* O 5 Galore Res V 235 Galway Gold V 386 Galway Mtls* O 56 Galway Mtls V 180 GAR Limited 3398 Garibaldi Res V 1104 Garibaldi Res * O 171 General Moly T 22 General Moly* X 472 Generic Gold 68 Genesis Mtls* O 132 Genesis Mtls V 493 Gensource Pot V 1125 Gentor Res V 250 Geologix Expl* O 585 Geologix Expl V 1951 Geomega Res* O 3 Geomega Res V 159 Gespeg Cop Res V 6 Getty Copper V 167 GFG Resources* O 36 GGL Res* O 0 GGL Res V 143 GGX Gold V 1015 GGX Gold* O 117 Giga Metals V 816 Giga Metals* O 80 Gitennes Expl V 82 Giyani Gold* O 81 Giyani Gold V 316 Glacier Lake* O 80 Glacier Lake V 209 Gldn Predator* O 171 Gldn Predator V 652 Glen Eagle Res V 153 Glencore Plc* O 1087 Global Atomic V 382 Global Atomic* O 47 Global Cobalt* O 0 Global Energy V 341 Global Energy* O 58 0 Global Gold* O Global Hunter* O 1 Global Li-Ion 175 Global Li-Ion* O 80 GlobalMin Vent* O 16 Globex Mng* O 50 Globex Mng T 198 GMV Minerals V 72 O 1 GMV Minerals* GNCC Capital* O 24030 GobiMin V 9 God’s Lake Res 2 GoGold Res T 417 Gold Dynamics* O 25 Gold Fields* O 1 Gold Fields* N 16462 Gold Finder Ex* O 7 794 Gold Finder Ex V Gold Lakes* O 64 Gold Reserve V 6 Gold Reserve* O 36 Gold Resource* X 1023 Gold Std Vents* X 1097 394 Gold Std Vents T Goldbank Mng V 46 Goldbelt Emp V 770 Goldcliff Res V 41 Goldcliff Res* O 96 Goldcorp T 9846 Goldcorp* N 23669 Golden Arrow V 380 Golden Arrow* O 433 Golden Band* O 574 V 4 Golden Cariboo Golden Dawn Ml V 1646 18 Golden Dawn Ml* O Golden Global* O 23 Golden Goliath* O 78 V 2578 Golden Goliath Golden Hope* O 3 Golden Hope V 171 Golden Mnls T 37 Golden Mnls* X 444 Golden Peak Mn V 1090 Golden Queen* O 716 Golden Queen T 738 Golden Reign V 613 Golden Ridge V 827 Golden Secret V 214 Golden Share V 80 Golden Share* O 5 Golden Star* O 4 Golden Star T 2570 Golden Star* X 6329 Golden Tag V 186 O 125 Golden Valley* Golden Valley V 289 Goldex Res* O 32 Goldex Res V 160 Goldgroup Mng T 292 Goldgroup Mng* O 230 GoldMining V 439 GoldON Res V 64 Goldplay Expl V 304 GoldQuest Mng V 1841 Goldrea Res 624 Goldrea Res* O 220 Goldrich Mng* O 1996 Goldsource Min* O 183 Goldsource Min V 282 Goldstar Mnls V 567 Goldstream Mnl V 25 V 586 Goldstrike Res Goliath Res* O 25 Goliath Res V 278 Gorilla Min 222 Gossan Res V 467 GoviEx Uranium* O 514 GoviEx Uranium V 1506 Gowest Gold* O 91 Gowest Gold V 1163 GPM Metals* O 15 GPM Metals V 473 Gran Colombia* O 15 Gran Colombia T 92 Granada Gold V 475 Granada Gold* O 10 V 200 Grande Portage Grande Portage* O 7 Granite Ck Gld V 10 Graphite Corp* O 32664 Graphite Egy* O 654 Graphite Egy 371 Graphite One* O 721 Graphite One V 1399 Gratomic V 7404 Gratomic* O 105 Gray Rock Res V 23 Great Atlantic V 299 Great Bear Res V 361 Great Bear Res* O 109 Great Lakes Gr* O 43 Great Panther* X 1845 Great Panther T 237 Great Quest Fe V 28 Great Quest Fe* O 10 Great Thunder V 418 Great Western* O 1064 Green Arrow V 10 Green River 144 Green Swan Cap V 56 Green Valley M V 13 Greencastle Rs V 279 Greenland M&En* O 251 Greenshield Ex V 0 Grenville Gold V 5 Grizzly Discvr V 179 Grizzly Discvr* O 20 Group Eleven V 73 Group Ten Mtls* O 61 Group Ten Mtls V 212 GrowMax Res* O 355 GrowMax Res V 1543 GT Gold V 745 GT Gold * O 77 GTA Res & Mng V 211 Guerrero Vents V 281 Gungnir Res V 212

0.10 0.09 0.10 + 0.01 0.20 0.08 0.07 0.06 0.06 - 0.01 0.12 0.05 0.11 0.09 0.11 unch 0.00 0.13 0.07 0.08 0.08 0.08 unch 0.00 0.10 0.05 0.04 0.03 0.04 + 0.01 0.07 0.01 0.07 0.07 0.07 unch 0.00 0.16 0.07 0.18 0.16 0.18 - 0.01 0.36 0.16 0.25 0.22 0.23 unch 0.00 0.45 0.21 0.14 0.11 0.14 - 0.02 0.65 0.04 2.81 2.34 2.71 + 0.35 5.27 0.12 2.21 1.82 2.13 + 0.31 4.12 0.10 0.50 0.50 0.50 + 0.02 0.61 0.35 0.40 0.36 0.39 + 0.01 0.53 0.28 0.27 0.18 0.18 - 0.10 0.32 0.18 0.09 0.06 0.07 - 0.02 0.18 0.06 0.11 0.08 0.09 - 0.02 0.22 0.09 0.14 0.12 0.14 - 0.01 0.22 0.06 0.09 0.08 0.08 unch 0.00 0.20 0.07 0.04 0.02 0.02 - 0.00 0.07 0.02 0.04 0.04 0.04 - 0.01 0.09 0.04 0.05 0.05 0.05 unch 0.00 0.08 0.04 0.07 0.07 0.07 - 0.01 0.12 0.06 0.03 0.00 0.03 unch 0.00 0.08 0.03 0.03 0.03 0.03 unch 0.00 0.04 0.02 0.26 0.24 0.24 - 0.03 0.79 0.24 0.10 0.00 0.10 - 0.03 0.13 0.10 0.14 0.00 0.12 - 0.03 0.25 0.10 0.13 0.11 0.13 unch 0.00 0.24 0.08 0.10 0.09 0.10 - 0.01 0.17 0.09 0.39 0.35 0.37 + 0.02 0.92 0.05 0.29 0.28 0.28 + 0.00 0.72 0.11 0.07 0.06 0.06 - 0.01 0.15 0.04 0.24 0.18 0.24 + 0.03 0.41 0.17 0.30 0.23 0.30 + 0.04 0.50 0.20 0.06 0.06 0.06 unch 0.00 0.06 0.06 0.08 0.00 0.07 unch 0.00 0.19 0.05 0.41 0.35 0.36 - 0.04 1.18 0.35 0.52 0.45 0.48 - 0.03 1.59 0.45 0.17 0.14 0.17 + 0.01 0.31 0.14 10.14 9.66 9.85 - 0.11 11.68 6.90 0.29 0.21 0.29 + 0.07 0.59 0.19 0.16 0.16 0.16 unch 0.00 0.21 0.16 0.00 0.00 0.00 unch 0.00 0.43 0.00 0.15 0.12 0.13 - 0.02 0.27 0.10 0.12 0.09 0.10 - 0.03 0.22 0.08 0.00 0.00 2.75 unch 0.00 12.55 1.78 0.10 0.10 0.10 unch 0.00 0.10 0.01 0.44 0.39 0.41 - 0.02 0.97 0.30 0.34 0.31 0.32 - 0.01 0.80 0.23 0.09 0.09 0.09 + 0.03 0.09 0.04 0.37 0.32 0.34 - 0.02 0.48 0.31 0.49 0.42 0.44 - 0.02 0.61 0.38 0.22 0.22 0.22 + 0.02 0.49 0.19 0.16 0.16 0.16 unch 0.00 0.42 0.14 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.40 0.00 0.40 + 0.06 0.58 0.33 0.00 0.00 0.35 unch 0.00 0.35 0.04 0.42 0.38 0.41 + 0.01 0.73 0.31 0.00 0.00 0.00 unch 0.00 0.01 0.00 3.96 3.96 3.96 + 0.16 4.80 3.45 4.11 3.78 3.90 - 0.12 4.70 3.06 0.45 0.36 0.36 + 0.00 1.33 0.00 0.58 0.43 0.45 - 0.02 1.85 0.11 0.07 0.04 0.07 - 0.00 5.00 0.01 3.42 3.17 3.19 - 0.31 5.35 2.61 2.68 2.40 2.50 - 0.10 4.25 1.94 4.63 4.36 4.40 - 0.11 5.05 3.08 1.68 1.60 1.63 unch 0.00 2.14 1.25 2.15 2.06 2.08 - 0.03 2.85 1.61 0.21 0.15 0.15 - 0.01 0.34 0.06 0.02 0.02 0.02 unch 0.00 0.05 0.01 0.15 0.14 0.15 + 0.02 0.52 0.10 0.12 0.10 0.11 - 0.00 0.41 0.08 18.33 17.52 17.94 + 0.15 20.74 15.00 14.18 13.69 14.05 + 0.23 15.63 11.64 0.56 0.50 0.50 - 0.06 0.79 0.37 0.45 0.39 0.39 - 0.03 0.60 0.29 0.00 0.00 0.00 - 0.00 0.01 0.00 0.09 0.09 0.09 unch 0.00 0.19 0.05 0.19 0.13 0.14 - 0.05 0.34 0.15 0.15 0.11 0.11 - 0.04 0.26 0.12 0.15 0.09 0.11 - 0.05 0.19 0.00 0.04 0.02 0.02 + 0.00 0.05 0.02 0.06 0.03 0.04 unch 0.00 0.06 0.03 0.09 0.09 0.09 + 0.01 0.13 0.06 0.11 0.10 0.10 unch 0.00 0.17 0.07 0.55 0.49 0.53 + 0.02 0.88 0.46 0.44 0.40 0.42 + 0.01 0.68 0.36 0.32 0.25 0.28 + 0.02 0.52 0.16 0.15 0.13 0.15 + 0.01 0.69 0.12 0.19 0.17 0.18 + 0.01 0.90 0.16 0.21 0.20 0.20 unch 0.00 0.37 0.19 0.15 0.12 0.14 - 0.01 0.41 0.11 0.27 0.25 0.26 unch 0.00 0.50 0.19 0.25 0.22 0.23 + 0.01 0.30 0.09 0.20 0.20 0.20 unch 0.00 0.20 0.09 1.11 1.11 1.11 unch 0.00 1.50 0.20 0.76 0.70 0.74 - 0.02 1.18 0.72 0.60 0.56 0.58 - 0.01 0.92 0.56 0.04 0.04 0.04 + 0.01 0.06 0.03 0.23 0.20 0.22 + 0.02 0.27 0.19 0.30 0.25 0.28 + 0.02 0.36 0.24 1.96 1.80 1.95 unch 0.00 1.96 0.46 2.56 2.38 2.56 unch 0.00 2.56 0.44 0.08 0.07 0.07 - 0.01 0.13 0.05 0.06 0.05 0.06 - 0.00 0.10 0.03 1.27 1.14 1.17 - 0.07 2.10 1.06 0.15 0.15 0.15 - 0.01 0.21 0.10 0.26 0.20 0.20 - 0.03 0.34 0.12 0.21 0.19 0.21 + 0.01 0.50 0.19 0.19 0.11 0.15 - 0.03 0.38 0.04 0.14 0.09 0.10 - 0.04 0.30 0.03 0.04 0.03 0.04 + 0.01 0.06 0.02 0.07 0.05 0.05 - 0.00 0.11 0.04 0.08 0.07 0.08 unch 0.00 0.15 0.06 0.05 0.04 0.04 - 0.01 0.09 0.03 0.12 0.12 0.12 - 0.01 0.13 0.05 0.20 0.17 0.18 - 0.02 0.39 0.17 0.06 0.04 0.06 + 0.02 0.08 0.01 0.10 0.09 0.09 - 0.01 0.40 0.08 0.18 0.00 0.18 unch 0.00 0.22 0.08 0.11 0.08 0.09 - 0.02 0.12 0.05 0.17 0.15 0.16 + 0.00 0.27 0.13 0.21 0.20 0.21 + 0.01 0.33 0.17 0.09 0.07 0.08 + 0.00 0.18 0.07 0.11 0.10 0.10 - 0.01 0.25 0.10 0.04 0.04 0.04 - 0.01 0.11 0.04 0.06 0.06 0.06 unch 0.00 0.18 0.06 1.90 1.82 1.86 + 0.01 2.20 1.02 2.49 2.32 2.38 - 0.01 2.87 1.28 0.28 0.23 0.25 - 0.05 0.72 0.21 0.20 0.19 0.19 - 0.03 0.54 0.18 0.21 0.19 0.21 - 0.01 0.71 0.14 0.17 0.17 0.17 unch 0.00 0.56 0.10 0.09 0.09 0.09 unch 0.00 0.17 0.08 0.00 0.00 0.00 - 0.00 0.01 0.00 0.48 0.36 0.39 - 0.08 1.56 0.36 0.60 0.47 0.48 - 0.11 1.76 0.40 0.07 0.06 0.07 + 0.00 0.09 0.03 0.09 0.08 0.09 + 0.01 0.12 0.04 0.15 0.11 0.14 unch 0.00 0.32 0.05 0.11 0.10 0.11 + 0.01 0.21 0.04 0.23 0.18 0.23 + 0.05 0.57 0.15 0.09 0.09 0.09 - 0.01 0.24 0.07 0.56 0.47 0.50 - 0.04 0.73 0.19 0.45 0.37 0.39 - 0.04 0.59 0.18 0.08 0.03 0.07 + 0.04 0.08 0.02 1.21 1.14 1.17 unch 0.00 1.69 1.06 1.56 1.47 1.50 - 0.01 2.26 1.39 0.12 0.00 0.12 + 0.02 0.24 0.11 0.08 0.08 0.08 unch 0.00 0.16 0.08 0.03 0.03 0.03 - 0.01 0.10 0.03 0.00 0.00 0.00 + 0.00 0.00 0.00 0.04 0.04 0.04 unch 0.00 0.19 0.03 0.07 0.03 0.07 + 0.04 0.09 0.01 0.06 0.06 0.06 + 0.01 0.13 0.05 0.45 0.44 0.44 unch 0.00 0.50 0.08 0.11 0.10 0.11 + 0.01 0.18 0.07 0.07 0.06 0.07 + 0.01 0.11 0.06 0.00 0.00 0.15 unch 0.00 0.15 0.05 0.08 0.08 0.08 unch 0.00 0.14 0.08 0.12 0.09 0.11 unch 0.00 0.14 0.03 0.07 0.07 0.07 unch 0.00 0.11 0.03 0.19 0.18 0.18 - 0.01 0.40 0.17 0.17 0.16 0.16 - 0.01 0.23 0.08 0.22 0.20 0.20 - 0.01 0.28 0.09 0.09 0.07 0.08 - 0.01 0.13 0.06 0.11 0.09 0.10 - 0.02 0.19 0.09 0.75 0.65 0.65 - 0.08 2.76 0.32 0.58 0.52 0.55 - 0.02 2.24 0.26 0.05 0.04 0.04 unch 0.00 0.07 0.04 0.02 0.01 0.02 + 0.01 0.03 0.01 0.13 0.10 0.11 - 0.02 0.22 0.04

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Gungnir Res* O 303 Gunpoint Expl V 59 Guyana Gldflds T 2686 Guyana Goldstr V 98 Guyana Goldstr* O 30 Handa Copper V 27 Handeni Gold* O 40 Hannan Metals V 26 Hannan Metals* O 56 Happy Ck Mnrls V 32 Harfang Explor V 88 Harmony Gold* N 16545 Harte Gold* O 292 Harte Gold T 914 Harvest Gold* O 15 Harvest Gold V 106 Hawkeye Gld&Di* O 150 Hawkeye Gld&Di V 1 Heatherdale Rs V 69 Hecla Mining* N 21204 Helio Res V 119 Helio Res* O 5 Hellix Vent* O 464 Hemcare Health* O 9 Heron Res* O 840 Heron Res T 759 HFX Holding V 3 Highbank Res V 171 Highfield Res* O 18 Highland Copp* O 86 V 646 Highland Copp Highway 50 Gld V 20 HiHo Silver 1841 Hinterland Mtl V 133 Hochschild Mg* O 1 V 3 Homeland Egy Honey Badger E V 7210 Honey Badger E* O 106 T 543 Horizonte Mnls Hornby Bay Mnl* O 33 Hornby Bay Mnl V 327 HudBay Mnls* N 3535 HudBay Mnls T 9917 Hudson Res V 37 Hudson Res* O 11 Hunt Mng* O 22 Hunt Mng V 58 Hut 8 Mining* O 2 Hut 8 Mining V 905 Hybrid Mineral V 61 Hycroft Mg* O 0

0.10 0.08 0.09 - 0.00 0.17 0.03 0.21 0.20 0.21 + 0.02 0.30 0.16 5.14 4.73 4.89 - 0.09 7.85 3.96 0.23 0.20 0.22 - 0.01 0.38 0.14 0.18 0.00 0.18 + 0.00 0.25 0.15 0.08 0.07 0.08 + 0.01 0.18 0.06 0.05 0.00 0.05 - 0.06 0.14 0.02 0.25 0.23 0.23 - 0.02 0.50 0.20 0.19 0.18 0.18 - 0.03 0.36 0.17 0.20 0.19 0.19 - 0.02 0.26 0.14 0.25 0.24 0.25 unch 0.00 0.35 0.22 2.51 2.27 2.43 + 0.04 2.78 1.56 0.35 0.00 0.35 + 0.01 0.66 0.26 0.45 0.41 0.43 unch 0.00 0.87 0.33 0.03 0.03 0.03 unch 0.00 0.05 0.03 0.04 0.04 0.04 unch 0.00 0.06 0.03 0.05 0.05 0.05 unch 0.00 0.09 0.04 0.00 0.00 0.07 unch 0.00 0.12 0.05 0.05 0.05 0.05 unch 0.00 0.08 0.04 3.77 3.49 3.63 - 0.04 6.17 3.25 0.15 0.12 0.15 - 0.03 0.88 0.12 0.09 0.09 0.09 unch 0.00 0.59 0.00 0.01 0.01 0.01 unch 0.00 0.23 0.01 0.56 0.41 0.42 - 0.13 2.30 0.11 0.00 0.00 0.53 unch 0.00 1.35 0.53 0.63 0.62 0.62 unch 0.00 0.80 0.56 0.07 0.07 0.07 unch 0.00 0.12 0.04 0.03 0.03 0.03 unch 0.00 0.06 0.02 0.57 0.57 0.57 unch 0.00 0.57 0.57 0.11 0.10 0.11 + 0.01 0.14 0.06 0.14 0.13 0.13 - 0.01 0.17 0.09 0.22 0.00 0.22 - 0.02 0.66 0.22 0.06 0.04 0.06 - 0.01 0.14 0.03 0.04 0.00 0.03 - 0.01 0.05 0.02 2.75 2.75 2.75 unch 0.00 4.37 2.75 0.29 0.29 0.29 unch 0.00 0.42 0.18 0.11 0.08 0.10 + 0.02 0.15 0.04 0.09 0.08 0.08 + 0.02 0.09 0.03 0.08 0.00 0.08 + 0.01 0.11 0.04 0.00 0.00 0.06 unch 0.00 0.07 0.00 0.08 0.00 0.06 - 0.02 0.08 0.00 7.40 6.50 6.90 - 0.20 10.25 4.60 9.45 8.36 8.79 - 0.33 12.65 6.13 0.54 0.00 0.49 unch 0.00 0.77 0.38 0.42 0.38 0.42 + 0.04 0.52 0.29 0.37 0.27 0.37 + 0.08 0.41 0.11 0.39 0.34 0.37 unch 0.00 0.51 0.13 2.73 2.56 2.73 + 0.18 3.74 2.55 3.78 3.25 3.34 + 0.06 5.00 0.04 0.51 0.47 0.50 - 0.01 0.55 0.12 0.00 0.00 0.02 unch 0.00 2.00 0.01

I-Minerals V 76 I-Minerals* O 345 IAMGOLD* N 19352 IAMGOLD T 3496 Iconic Mnls * O 36 Iconic Mnls V 1470 IDM Mining* O 1932 IDM Mining V 2380 IEMR Res V 162 IGC Res V 120 iMetal Res* O 15 iMetal Res V 241 IMPACT Silver V 299 Impala Platnm* O 2 Imperial Metal T 295 Imperial Metal* O 11 Imperial Mg Gr V 283 Inca One Gold* O 417 173 Inca One Gold V Inception Mng * O 20 Independence G V 158 Independence G* O 8 Indiana Res* O 0 Indico Res V 1245 Indigo Expl V 34 Infinite Lith* O 9 Infinite Lith V 143 Inomin Mines V 794 O 33 Inspiration Mg* Inspiration Mg 836 Intact Gold* O 0 Intact Gold V 474 Integra Res* O 105 Integra Res V 131 Inter-Rock Mnl V 48 Interconnect V 50 O 20 Intercontinent* Intercontinent V 114 Intgr Egy Sol* O 235 Intl Battery* O 1454 Intl Battery 2087 Intl Bethl Mng V 20 Intl Cobalt* O 222 Intl Cobalt 1833 Intl Corona V 480 Intl Lithium* O 105 Intl Lithium V 682 Intl Millm Mng V 729 Intl Montoro V 374 Intl Prospect * O 0 Intl Prospect V 28 Intl Samuel Ex V 1024 Intl Star* O 222225 Intl Tower Hil* X 728 Intl Tower Hil T 133 Intl Zeolite V 266 Intl Zeolite* O 36 Intrepid Pots* N 3087 INV Metals* O 11 INV Metals T 68 Inventus Mg * O 45 Inventus Mg V 121 InZinc Mining V 684 InZinc Mining* O 305 Ireland* O 226 Ironside Res V 42 Irving Res 187 Irving Res* O 82 IsoEnergy Ltd V 224 O 24 Itafos* Itafos V 20 Itoco Mg Corp* O 16 Ivanhoe Mines* O 470 Ivanhoe Mines T 4610 Jade Leader* O 1 Jade Leader V 269 Jaguar Mng T 535 Jaguar Mng* O 125 Japan Gold V 298 Japan Gold* O 5 Jasper Mng V 36 Jasper Mng* O 19 Jaxon Mining V 535 Jaxon Mining* O 5 Jayden Res* O 11 Jayden Res V 25 5 JDF Explor Inc Jiminex V 786 Jiulian Res V 15 Jourdan Res V 479 Jubilee Gold V 10 Juggernaut Exp V 275 K2 Gold V 82 K92 Mng Inc* O 692 K92 Mng Inc V 1115 Kaizen Discov V 295 Kaizen Discvry* O 21 Kapuskasing Gd V 53 Karmin Expl V 70 Karnalyte Res T 33 Karoo Expl V 299 KAT Expl* O 9030 Katanga Mng T 4078 Kenadyr Mining V 383 O 78 Kenadyr Mining* Kennady Diam V 37 Kermode Res V 963 Kerr Mines* O 72 Kerr Mines T 296 Kesselrun Res V 461 Kesselrun Res* O 12 Kestrel Gold V 669 Khan Res 26 Kilo Goldmines V 3556 Kilo Goldmines* O 0 Kincora Copper* O 10 Kincora Copper V 418 Kings Bay Res V 869 Kings Bay Res* O 27

0.34 0.29 0.29 unch 0.00 0.60 0.24 0.26 0.23 0.24 + 0.01 0.44 0.18 5.29 5.01 5.09 - 0.10 7.25 3.55 6.84 6.42 6.47 - 0.21 8.87 4.89 0.08 0.06 0.08 + 0.00 0.28 0.03 0.11 0.08 0.10 + 0.01 0.43 0.04 0.06 0.05 0.05 - 0.01 0.13 0.05 0.08 0.06 0.07 - 0.01 0.17 0.06 0.02 0.02 0.02 unch 0.00 0.05 0.01 0.02 0.01 0.02 unch 0.00 0.25 0.05 0.07 0.07 0.07 unch 0.00 0.12 0.04 0.09 0.09 0.09 - 0.01 0.18 0.04 0.46 0.41 0.44 + 0.03 0.73 0.26 2.18 2.10 2.10 - 0.08 3.35 2.10 2.49 1.85 2.00 - 0.14 6.26 1.85 1.70 1.52 1.60 - 0.10 4.63 1.46 0.14 0.00 0.12 unch 0.00 0.27 0.05 0.06 0.05 0.06 - 0.00 0.12 0.04 0.07 0.07 0.07 unch 0.00 0.16 0.06 0.23 0.00 0.23 + 0.03 0.44 0.11 0.13 0.11 0.11 + 0.01 0.23 0.10 0.08 0.08 0.08 unch 0.00 0.17 0.07 0.03 0.03 0.03 unch 0.00 0.07 0.03 0.02 0.02 0.02 unch 0.00 0.04 0.01 0.04 0.03 0.03 - 0.01 0.06 0.03 0.14 0.14 0.14 unch 0.00 0.34 0.07 0.17 0.15 0.16 - 0.01 0.45 0.12 0.14 0.12 0.12 unch 0.00 0.20 0.02 0.05 0.03 0.03 - 0.03 0.20 0.01 0.08 0.04 0.07 - 0.02 0.27 0.01 0.13 0.13 0.13 unch 0.00 0.25 0.08 0.38 0.32 0.34 + 0.01 0.50 0.15 0.99 0.81 0.81 - 0.00 1.83 0.05 1.07 1.02 1.05 + 0.01 1.40 0.96 0.42 0.00 0.40 - 0.02 0.59 0.11 0.08 0.08 0.08 unch 0.00 0.09 0.05 0.24 0.00 0.24 + 0.12 0.16 0.07 0.30 0.24 0.30 + 0.10 0.27 0.08 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.44 0.32 0.35 - 0.03 1.11 0.15 0.57 0.42 0.45 - 0.04 1.38 0.26 0.10 0.10 0.10 unch 0.00 0.17 0.03 0.20 0.00 0.19 - 0.01 0.31 0.15 0.25 0.21 0.25 unch 0.00 0.45 0.08 0.06 0.05 0.05 - 0.01 0.12 0.03 0.07 0.06 0.07 - 0.00 0.18 0.06 0.09 0.08 0.09 - 0.01 0.23 0.07 0.03 0.03 0.03 unch 0.00 0.05 0.01 0.05 0.05 0.05 + 0.01 0.13 0.03 0.00 0.00 0.12 unch 0.00 0.28 0.05 0.21 0.20 0.20 + 0.02 0.36 0.04 0.06 0.04 0.04 - 0.02 0.15 0.04 0.00 0.00 0.00 - 0.00 0.00 0.00 0.57 0.51 0.53 - 0.02 0.67 0.29 0.73 0.64 0.64 - 0.01 0.82 0.38 0.47 0.36 0.40 - 0.04 0.93 0.26 0.35 0.29 0.29 - 0.05 0.72 0.20 3.85 3.42 3.71 + 0.07 5.12 1.58 0.46 0.46 0.46 unch 0.00 0.80 0.44 0.59 0.00 0.59 unch 0.00 1.07 0.56 0.16 0.14 0.14 - 0.02 0.31 0.11 0.20 0.18 0.18 - 0.02 0.39 0.13 0.14 0.12 0.13 - 0.01 0.24 0.10 0.11 0.09 0.09 - 0.02 0.19 0.07 0.15 0.12 0.13 - 0.03 0.32 0.09 0.12 0.00 0.12 - 0.01 0.21 0.07 1.37 1.20 1.28 + 0.10 1.54 0.60 1.08 0.93 0.99 + 0.07 1.24 0.09 0.39 0.32 0.34 - 0.05 1.10 0.26 2.17 0.00 2.16 + 0.06 2.25 0.97 2.75 2.65 2.75 - 0.05 2.90 1.14 0.12 0.08 0.08 - 0.04 2.60 0.09 2.21 1.90 2.08 - 0.01 4.10 1.90 2.83 2.51 2.66 - 0.06 5.47 2.51 0.38 0.38 0.38 unch 0.00 0.38 0.03 0.35 0.29 0.29 - 0.06 0.50 0.04 0.36 0.33 0.35 unch 0.00 0.67 0.22 0.28 0.25 0.26 - 0.01 0.51 0.18 0.22 0.20 0.20 - 0.02 0.40 0.19 0.19 0.18 0.18 unch 0.00 0.30 0.16 0.13 0.00 0.10 unch 0.00 0.18 0.06 0.12 0.10 0.10 - 0.02 0.15 0.05 0.17 0.15 0.16 - 0.01 0.41 0.06 0.12 0.12 0.12 unch 0.00 0.27 0.08 0.07 0.07 0.07 unch 0.00 0.30 0.05 0.09 0.00 0.09 + 0.01 0.38 0.07 0.05 0.00 0.05 unch 0.00 0.05 0.01 0.04 0.00 0.03 - 0.01 0.06 0.01 0.05 0.05 0.05 unch 0.00 0.06 0.02 0.09 0.07 0.09 unch 0.00 0.20 0.04 0.59 0.41 0.55 unch 0.00 0.73 0.35 0.23 0.19 0.20 - 0.01 0.59 0.10 0.28 0.25 0.25 - 0.03 0.56 0.18 0.54 0.46 0.48 - 0.02 0.86 0.31 0.70 0.57 0.59 - 0.06 1.06 0.41 0.09 0.07 0.09 - 0.01 0.22 0.07 0.07 0.07 0.07 unch 0.00 0.17 0.05 0.03 0.00 0.03 - 0.01 0.06 0.02 0.88 0.75 0.83 + 0.01 1.50 0.32 0.43 0.40 0.43 + 0.02 0.80 0.40 0.76 0.70 0.70 - 0.05 1.10 0.01 0.00 0.00 0.00 unch 0.00 0.00 0.00 1.77 1.48 1.72 - 0.04 2.83 0.28 0.15 0.13 0.13 - 0.02 0.88 0.10 0.11 0.10 0.10 - 0.01 1.45 0.08 3.15 2.97 3.15 + 0.10 3.97 2.45 0.03 0.02 0.02 - 0.01 0.03 0.01 0.19 0.17 0.17 - 0.01 0.34 0.12 0.24 0.22 0.23 unch 0.00 0.41 0.17 0.09 0.09 0.09 unch 0.00 0.23 0.08 0.07 0.00 0.07 - 0.00 0.17 0.06 0.05 0.04 0.05 - 0.01 0.19 0.03 0.12 0.00 0.10 - 0.02 0.18 0.05 0.04 0.04 0.04 - 0.01 0.07 0.03 0.00 0.00 0.03 unch 0.00 0.05 0.02 0.11 0.11 0.11 unch 0.00 0.40 0.11 0.15 0.00 0.15 + 0.01 0.57 0.12 0.10 0.09 0.09 - 0.01 0.16 0.06 0.07 0.05 0.07 + 0.01 0.12 0.05

I-J-K

(100s) Stock

Week

21

12-month

Exc Volume High Low Last Change High Low

Kingsmen Res V 3 O 38 Kingsmen Res* Kingsrose Mng* O 5 52698 Kinross Gold* N Kinross Gold T 10961 Kintavar Exp V 211 Kirkland Lake* N 3150 Kirkland Lake T 4034 Kitrinor Mtls V 81 Kivalliq Enrgy V 296 Klondex Mines T 5428 V 463 Klondike Gold O 149 Klondike Gold* Klondike Silv V 450 Klondike Silv* O 160 Knick Expl V 1245 V 66 Kombat Copper Komet Resource V 113 O 137 Kootenay Silvr* Kootenay Silvr V 1150 Kootenay Zinc 181 O 71 Kootenay Zinc* Kutcho Copper * O 28 KWG Res* O 50 KWG Res 3994

0.16 0.16 0.16 unch 0.00 0.20 0.10 0.12 0.12 0.12 unch 0.00 0.13 0.07 0.27 0.27 0.27 unch 0.00 0.34 0.27 4.04 3.87 3.96 + 0.01 4.91 3.35 5.15 4.97 5.04 - 0.05 6.29 4.44 0.45 0.41 0.45 + 0.01 0.65 0.10 16.07 14.86 15.59 + 0.13 16.89 6.30 20.77 19.01 19.92 - 0.05 21.03 8.67 20.12 17.50 18.20 - 0.20 34.45 4.05 0.08 0.07 0.07 - 0.01 0.13 0.07 3.07 2.94 3.02 - 0.03 5.37 1.66 0.25 0.22 0.22 - 0.01 0.60 0.22 0.19 0.17 0.18 + 0.01 0.49 0.16 0.08 0.07 0.08 + 0.01 0.10 0.04 0.06 0.05 0.06 + 0.00 0.08 0.02 0.03 0.03 0.03 unch 0.00 0.08 0.02 0.32 0.28 0.29 + 0.02 0.49 0.21 0.48 0.39 0.48 + 0.09 0.43 0.31 0.15 0.13 0.13 - 0.00 0.24 0.13 0.19 0.16 0.18 - 0.01 0.32 0.17 0.23 0.12 0.15 - 0.08 4.30 0.12 0.22 0.10 0.11 + 0.00 3.23 0.07 0.41 0.35 0.39 + 0.03 0.84 0.22 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.02 0.01 0.02 unch 0.00 0.03 0.01

La Imperial 51 Labdr Iron Mns* O 59 Labrador Gold* O 20 Labrador Gold V 287 Labrador Iron T 1156 Lara Expl V 102 Laramide Res T 918 Laredo Res* O 18064 Largo Res T 3577 Largo Res* O 1207 Lateral Gold V 34 Latin Am Mnls V 39 5 Latin Am Mnls* O Laurion Mnl Ex* O 1 Laurion Mnl Ex V 299 Le Mare Gold* O 2 Lead Ventures 170 LeadFX Inc* O 0 Leading Edge V 418 Leading Edge* O 489 Leagold Mg* O 193 Leagold Mg T 551 Leeta Gold V 4152 Legion Metals 19 Lepanto Con Mg* O 40 69 Levon Res Ltd * O Levon Res Ltd T 511 Libero Copper V 4 Libero Copper* O 0 Liberty Gold* O 118 Liberty One Li V 57 Liberty One Li* O 615 LiCo Energy* O 2707 LiCo Energy V 3226 Lincoln Mng V 85 Lion One Mtls V 165 Lion One Mtls* O 92 124 Lions Bay Cap V Lions Gate Mtl* O 57 Lithion Energy* O 32 Lithium Amer T 1690 Lithium Amer* N 852 Lithium Chile V 405 Lithium Chile* O 14 Lithium Corp* O 979 Lithium Energi* O 35 Lithium Energi V 167 Lithium Energy V 91 Lithium Expl* O 1984 Lithoquest Dia V 6326 Lithoquest Dia* O 3 LKA Gold* O 8 Lode-Star Mg* O 20 Lomiko Mtls* O 256 Lomiko Mtls V 447 Loncor Res* O 1 Loncor Res T 224 Lone Star Gold* O 439 Lonmin plc* O 1 Lonmin plc* O 7 Lorraine Coppr* O 5 Lorraine Coppr V 263 255 Los Andes Copp V Lovitt Res V 11 LSC Lithium* O 34 Lucara Diam T 1354 Lucky Mnls * O 430 Lucky Mnls V 3600 Lumina Gold V 1422 Lumina Gold* O 16 Lund Enterpr V 35 Lundin Gold T 258 Lundin Mng T 11316 Lupaka Gold V 99 Lydian Intl T 881 Lydian Intl* O 208 Lynas Corp* O 61 Lynas Corp* O 224

0.07 0.07 0.07 unch 0.00 0.08 0.04 0.02 0.00 0.01 - 0.01 0.10 0.00 0.18 0.17 0.17 - 0.02 0.18 0.04 0.25 0.21 0.21 - 0.04 0.26 0.04 21.48 20.51 20.99 - 0.11 28.55 15.10 0.72 0.69 0.70 unch 0.00 1.08 0.50 0.30 0.25 0.27 + 0.02 0.62 0.23 0.02 0.01 0.02 + 0.01 0.02 0.00 1.69 1.27 1.64 + 0.25 1.58 0.34 1.32 1.00 1.30 + 0.24 1.24 0.26 0.69 0.00 0.64 unch 0.00 1.27 0.57 0.11 0.09 0.10 - 0.01 0.20 0.07 0.09 0.08 0.09 unch 0.00 0.12 0.06 0.03 0.03 0.03 - 0.00 0.05 0.01 0.06 0.05 0.05 - 0.01 0.07 0.01 0.06 0.04 0.06 + 0.02 3.40 0.03 0.23 0.17 0.17 - 0.06 0.60 0.06 0.00 0.00 1.44 unch 0.00 1.57 0.26 0.82 0.68 0.69 - 0.09 1.01 0.51 0.64 0.54 0.54 - 0.06 0.80 0.38 2.15 2.00 2.14 + 0.07 2.80 1.76 2.74 2.56 2.70 + 0.09 3.48 2.27 1.38 1.12 1.17 - 0.09 6.75 0.09 0.12 0.11 0.11 - 0.01 0.21 0.10 0.00 0.00 0.00 - 0.01 0.02 0.00 0.22 0.18 0.21 - 0.01 0.36 0.18 0.27 0.24 0.26 - 0.01 0.49 0.24 0.00 0.00 0.09 unch 0.00 0.17 0.07 0.18 0.00 0.18 unch 0.00 0.18 0.05 0.35 0.32 0.33 - 0.02 0.44 0.27 0.47 0.43 0.43 - 0.01 2.49 0.36 0.38 0.31 0.33 - 0.02 1.95 0.27 0.08 0.06 0.07 - 0.00 0.90 0.06 0.10 0.08 0.09 - 0.01 0.20 0.08 0.03 0.03 0.03 unch 0.00 0.07 0.03 0.66 0.60 0.60 - 0.04 0.85 0.45 0.54 0.47 0.47 - 0.03 0.64 0.36 0.12 0.10 0.10 - 0.02 0.25 0.10 0.15 0.13 0.14 - 0.00 0.42 0.08 0.08 0.08 0.08 unch 0.00 0.12 0.07 7.09 6.07 6.83 - 0.15 14.06 3.90 5.56 4.75 5.36 - 0.06 10.95 3.08 0.86 0.73 0.77 - 0.09 1.35 0.42 0.70 0.69 0.70 unch 0.00 0.90 0.66 0.25 0.18 0.20 - 0.02 0.62 0.05 0.35 0.32 0.32 - 0.05 0.75 0.07 0.50 0.41 0.41 - 0.05 0.97 0.07 0.79 0.00 0.75 + 0.71 1.50 0.36 0.02 0.02 0.02 - 0.00 0.13 0.02 0.88 0.36 0.85 + 0.61 0.69 0.22 0.51 0.00 0.50 + 0.21 0.41 0.29 0.16 0.14 0.14 - 0.02 0.61 0.11 0.03 0.00 0.03 unch 0.00 0.10 0.02 0.11 0.07 0.07 - 0.00 0.24 0.03 0.10 0.00 0.09 - 0.01 0.31 0.09 0.07 0.07 0.07 unch 0.00 0.14 0.05 0.11 0.00 0.11 + 0.02 0.20 0.08 0.01 0.01 0.01 - 0.00 0.03 0.00 0.86 0.00 0.80 - 0.04 1.63 0.79 0.81 0.81 0.81 unch 0.00 1.37 0.81 0.10 0.10 0.10 unch 0.00 0.12 0.05 0.15 0.13 0.15 + 0.02 0.19 0.06 0.30 0.30 0.30 - 0.02 0.47 0.20 0.08 0.08 0.08 unch 0.00 0.10 0.02 0.80 0.57 0.57 - 0.22 1.31 0.57 2.09 2.00 2.03 + 0.02 3.31 1.97 0.11 0.08 0.10 + 0.01 0.18 0.07 0.14 0.10 0.12 unch 0.00 0.23 0.09 0.74 0.68 0.70 - 0.05 0.99 0.60 0.57 0.54 0.55 - 0.03 0.70 0.46 0.15 0.15 0.15 unch 0.00 0.24 0.09 5.25 4.75 4.93 - 0.23 6.50 4.07 8.89 8.21 8.28 - 0.17 10.22 6.62 0.24 0.00 0.23 - 0.02 0.29 0.11 0.43 0.41 0.42 - 0.01 0.63 0.31 0.34 0.31 0.33 - 0.01 0.50 0.23 1.90 1.85 1.85 - 0.05 2.00 0.05 1.95 1.80 1.87 - 0.03 2.00 0.51

L

M Macarthur Mnl* O 10 0.05 0.04 0.05 unch 0.00 0.10 0.04 Macarthur Mnl V 99 0.05 0.05 0.05 unch 0.00 0.12 0.05 MacDonald Mns* O 16 0.07 0.06 0.07 + 0.01 0.19 0.06 MacDonald Mns V 355 0.09 0.07 0.09 + 0.01 0.25 0.07 MacMillan Mnls V 20 1.65 1.57 1.57 - 0.08 1.90 1.24 MAG Silver T 771 13.56 12.75 13.52 + 0.90 19.37 11.71 Magellan Gold* O 73 0.02 0.02 0.02 + 0.00 0.19 0.02 Magna Terra V 380 0.06 0.04 0.05 - 0.01 0.09 0.04 Magnus Intl* O 50 0.00 0.00 0.00 unch 0.00 0.01 0.00 Majestic Gold V 3431 0.06 0.05 0.06 unch 0.00 0.10 0.04 Majestic Gold* O 201 0.05 0.04 0.05 + 0.00 0.07 0.03 Makena Res 12 0.09 0.00 0.09 unch 0.00 0.24 0.09 Mammoth Res V 31 0.08 0.07 0.07 - 0.01 0.16 0.05 Manado Gold V 214 0.06 0.05 0.06 - 0.01 0.24 0.05 Mandalay Res T 880 0.21 0.19 0.20 + 0.01 0.63 0.19 Mandalay Res* O 192 0.16 0.14 0.16 + 0.01 0.47 0.14 Manganese X* O 12 0.16 0.13 0.13 - 0.01 0.21 0.07 Manganese X V 813 0.22 0.18 0.20 - 0.02 0.28 0.08 Mangazeya Mng V 132 0.02 0.02 0.02 + 0.01 0.04 0.02 unch 0.00 0.19 0.05 Manitou Gold V 258 0.13 0.10 0.12 Maple Gold V 1940 0.24 0.19 0.23 unch 0.00 0.36 0.21 Maple Gold* O 1465 0.19 0.15 0.19 + 0.00 0.27 0.16 Marathon Gold* O 92 0.75 0.71 0.74 + 0.01 1.14 0.67 Marathon Gold T 548 0.97 0.91 0.95 unch 0.00 1.36 0.88 Margaret Lake* O 3 0.10 0.09 0.10 + 0.01 0.09 0.09 V 355 0.15 0.12 0.12 - 0.02 0.15 0.05 Margaret Lake Margaux Res V 82 0.26 0.22 0.25 + 0.01 0.39 0.18 Margaux Res* O 10 0.17 0.17 0.17 unch 0.00 0.27 0.16 Marifil Mines* O 4 0.12 0.10 0.10 unch 0.00 0.17 0.04 unch 0.00 0.32 0.11 Marifil Mines V 17 0.12 0.12 0.12 Maritime Res V 1923 0.12 0.11 0.11 - 0.01 0.15 0.09 Marlin Gold V 211 0.47 0.41 0.44 + 0.03 1.15 0.38 Martina Mnls V 4 0.00 0.00 0.04 unch 0.00 0.07 0.02 MartinMarietta* N 2977 209.57 196.78 202.22 - 5.08 244.32 191.09 Mas Gold V 0 0.00 0.00 0.11 unch 0.00 0.15 0.05 Mason Graphite* O 104 1.49 1.39 1.43 - 0.03 2.47 0.93 Mason Graphite V 201 1.89 1.80 1.87 - 0.02 3.15 1.25 Mason Res* O 26 0.14 0.00 0.13 - 0.01 0.29 0.01 Mason Res T 61 0.18 0.16 0.18 unch 0.00 0.40 0.13 Matachewan Con V 15 0.24 0.24 0.24 unch 0.00 0.34 0.21 Matamec Expl V 457 0.04 0.03 0.04 unch 0.00 0.07 0.03 Matamec Expl* O 19 0.03 0.02 0.03 + 0.01 0.05 0.02 Matica Ent 31006 0.34 0.23 0.28 - 0.06 0.81 0.04 Matica Ent* O 525 0.27 0.19 0.23 - 0.03 0.64 0.03 Maudore Mnrls* O 18 0.00 0.00 0.00 unch 0.00 0.00 0.00 Maverix Mtls* O 12 1.30 0.00 1.22 - 0.07 1.50 0.92 0.29 Mawson Res T 242 0.52 0.42 0.44 - 0.06 0.65 Mawson Res* O 18 0.40 0.34 0.35 - 0.04 0.48 0.24 MAX Res V 1273 0.25 0.17 0.19 - 0.02 0.32 0.06 MaxTech Vent* O 228 0.36 0.30 0.31 - 0.03 0.48 0.13 MaxTech Vent 125 0.45 0.40 0.42 - 0.02 0.60 0.14 Maxwell Res* O 10 0.01 0.01 0.01 unch 0.00 0.04 0.00 Maya Gold &Sil* O 16 1.86 1.63 1.86 + 0.14 2.35 0.33 Maya Gold &Sil V 222 2.37 2.05 2.30 + 0.20 2.92 0.48 Mazarin V 88 0.12 0.09 0.12 + 0.02 0.18 0.03 MBMI Res* O 0 0.00 0.00 0.03 unch 0.00 0.09 0.00 MBMI Res V 273 0.05 0.00 0.05 + 0.01 0.13 0.03 McChip Res V 10 0.67 0.60 0.67 + 0.07 0.87 0.37 McEwen Mng T 901 2.77 2.61 2.63 - 0.05 4.40 2.33 McEwen Mng* N 7569 2.15 2.04 2.06 - 0.02 3.30 1.82 McLaren Res 67 0.09 0.00 0.07 - 0.02 0.19 0.03 MDN Inc* O 3 0.25 0.25 0.25 unch 0.00 0.57 0.09 Meadow Bay Gd 217 0.20 0.00 0.16 - 0.04 0.26 0.13 Meadow Bay Gd* O 5 0.17 0.17 0.17 unch 0.00 0.28 0.04

2018-04-10 6:06 PM


22

WWW.NORTHERNMINER.COM

APRIL 16–29, 2018 / THE NORTHERN MINER

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

Week

12-month

Exc Volume High Low Last Change High Low

Mechel* N 763 Medallion Res V 262 Medallion Res* O 174 Medgold Res V 123 Medgold Res* O 28 Medinah Mnrls* O 1844 Mega Uranium* O 111 Mega Uranium T 1530 Megastar Dev V 161 Melior Res V 121 Melkior Res V 1036 0 Merger Mines* O Meridian Mg V 33 Meryllion Res 635 MetalCorp V 325 Metalex Vent V 95 Metallic Mnrls V 133 Metallic Mnrls* O 132 Metallica Min* O 1 Metallis Res V 301 Metalo Manuf 46 Metalore Res V 1 O 66 Metals Creek* Metals Creek V 585 Metals X* O 34 Metanor Res* O 8 Metanor Res V 484 Metron Capital V 20 Mexican Gold* O 7 Mexus Gold* O 1765 Mezzotin Mnrls V 2242 MGX Minerals 1743 MGX Minerals* O 1245 Midas Gold T 699 Midas Gold* O 974 Midasco Cap V 7 Midland Expl V 47 Midnight Star 50 Midnight Sun V 159 Millennial Lit* O 279 Millennial Lit V 981 Millrock Res* O 201 Millrock Res V 203 Minaurum Gold V 316 Minco Silver* O 50 Minco Silver T 105 Minera Alamos * O 319 V 358 Minera Alamos Minera IRL 308 Mineral Mtn* O 158 Mineral Mtn V 715 Mineral Res* O 3 MineralRite* O 55100 Mineworx Tech V 1163 Mineworx Tech* O 233 V 635 Minfocus Expl Mining Global* O 9424 Minnova Corp V 161 Miramont Res* O 35 Miramont Res 214 Miranda Gold V 141 Mirasol Res V 79 Mistango River 146 MK2 Ventures V 3 MK2 Ventures * O 0 Mkango Res V 21 ML Gold* O 34 836 ML Gold Corp V O 1 Moag Copper* Monarca Mnrls* O 28 V 53 Monarca Mnrls Monarques Res V 238 O 147 Monarques Res* Moneta Porcpn* O 64 Moneta Porcpn T 783 Monitor Vent* O 1 Monitor Vent V 2 Montan Mg V 17 Montan Mg* O 50 Montego Res 226 Montero Mg&Ex V 73 V 2150 Monument Mng Morien Res* O 76 Morien Res V 233 Morumbi Res* O 5 Morumbi Res T 108 Mosaic* N 20489 Mountain Boy V 271 Mountain Boy* O 143 Mountain Lake 371 T 186 Mountain Prov Mountain Prov* D 50 0 Mukuba Res * O Mundoro Cap V 223 Mundoro Cap* O 88 Murchison Min 31 Murchison Min V 24 V 85 Mustang Mnrls Mustang Mnrls* O 12 MX Gold* O 403

4.72 4.21 4.26 - 0.09 6.23 4.00 0.15 0.12 0.12 - 0.02 0.24 0.09 0.12 0.10 0.11 - 0.01 0.17 0.08 0.22 0.20 0.22 + 0.02 0.25 0.13 0.16 0.00 0.15 + 0.00 0.19 0.12 0.00 0.00 0.00 - 0.00 0.01 0.00 0.12 0.10 0.11 - 0.00 0.19 0.10 0.15 0.14 0.14 unch 0.00 0.24 0.13 0.08 0.08 0.08 unch 0.00 0.10 0.03 0.12 0.10 0.11 - 0.01 0.15 0.03 0.04 0.04 0.04 - 0.01 0.10 0.04 0.00 0.00 25.00 unch 0.00 0.30 0.00 0.30 + 0.02 1.39 0.19 0.03 0.03 0.03 - 0.01 0.21 0.02 0.03 0.02 0.02 unch 0.00 0.06 0.02 0.05 0.05 0.05 unch 0.00 0.10 0.04 0.37 0.32 0.32 - 0.03 0.50 0.22 0.29 0.25 0.25 - 0.02 0.40 0.19 0.03 0.03 0.03 - 0.01 0.06 0.03 1.26 1.05 1.26 + 0.16 2.75 0.14 0.40 0.35 0.35 - 0.05 1.00 0.23 2.00 2.00 2.00 unch 0.00 4.45 2.00 0.05 0.04 0.05 + 0.00 0.08 0.03 0.07 0.05 0.06 unch 0.00 0.10 0.05 0.59 0.00 0.59 unch 0.00 0.96 0.51 0.46 0.40 0.42 - 0.03 0.94 0.40 0.56 0.50 0.52 - 0.04 1.29 0.50 0.07 0.07 0.07 unch 0.00 0.08 0.05 0.23 0.21 0.23 + 0.01 0.32 0.18 0.03 0.02 0.03 + 0.00 0.12 0.02 0.04 0.01 0.02 - 0.01 0.04 0.01 1.05 0.89 0.92 - 0.08 1.96 0.73 0.85 0.70 0.73 - 0.03 1.58 0.54 0.99 0.92 0.96 + 0.01 1.08 0.55 0.77 0.72 0.74 + 0.00 0.89 0.42 0.08 0.08 0.08 unch 0.00 0.11 0.05 0.87 0.84 0.84 - 0.03 1.12 0.82 0.20 0.20 0.20 unch 0.00 0.25 0.08 0.37 0.32 0.33 - 0.01 0.54 0.21 2.08 1.59 1.91 - 0.18 3.87 0.88 2.70 2.01 2.41 - 0.28 4.80 1.20 0.19 0.17 0.18 - 0.00 0.36 0.16 0.25 0.23 0.23 - 0.01 0.49 0.22 0.58 0.53 0.55 - 0.04 0.67 0.21 0.55 0.50 0.52 + 0.01 1.23 0.46 0.72 0.62 0.68 + 0.05 1.74 0.58 0.12 0.11 0.12 + 0.00 0.18 0.10 0.15 0.14 0.15 unch 0.00 0.24 0.12 0.08 0.07 0.08 + 0.01 0.17 0.06 0.44 0.38 0.40 - 0.03 0.55 0.13 0.57 0.49 0.51 - 0.04 0.74 0.15 13.87 13.70 13.70 - 0.17 16.78 7.00 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.23 0.18 0.19 - 0.02 0.40 0.05 0.18 0.14 0.15 - 0.01 0.33 0.05 0.02 0.02 0.02 unch 0.00 0.06 0.01 0.00 0.00 0.00 + 0.00 0.00 0.00 0.82 0.70 0.70 - 0.03 0.90 0.55 0.23 0.21 0.23 + 0.02 0.28 0.21 0.32 0.29 0.30 - 0.02 0.65 0.20 0.06 0.05 0.05 unch 0.00 0.11 0.05 2.11 1.96 1.96 + 0.02 2.60 1.42 0.04 0.00 0.03 - 0.01 0.07 0.01 0.17 0.17 0.17 unch 0.00 0.18 0.09 0.00 0.00 0.12 unch 0.00 0.13 0.08 0.14 0.14 0.14 unch 0.00 0.24 0.04 0.13 0.11 0.13 + 0.02 0.26 0.08 0.18 0.14 0.15 unch 0.00 0.32 0.10 0.07 0.07 0.07 unch 0.00 0.07 0.07 0.04 0.03 0.03 - 0.01 0.14 0.03 0.05 0.05 0.05 + 0.01 0.20 0.05 0.36 0.33 0.34 - 0.01 0.47 0.25 0.29 0.26 0.28 + 0.02 0.38 0.19 0.11 0.10 0.11 + 0.00 0.17 0.10 0.15 0.14 0.14 - 0.01 0.23 0.13 0.18 0.00 0.18 - 0.00 0.81 0.13 0.25 0.00 0.25 - 0.01 1.13 0.23 0.02 0.02 0.02 - 0.01 0.08 0.01 0.01 0.01 0.01 unch 0.00 0.05 0.01 0.27 0.18 0.20 - 0.07 0.55 0.14 0.29 0.24 0.28 - 0.01 0.49 0.12 0.09 0.07 0.08 + 0.01 0.09 0.06 0.47 0.44 0.44 - 0.01 0.60 0.37 0.59 0.57 0.57 - 0.02 0.77 0.47 0.80 0.71 0.78 + 0.02 0.96 0.45 1.02 0.91 0.99 + 0.03 1.23 0.55 25.29 22.90 24.22 - 0.06 29.33 19.23 0.06 0.05 0.05 - 0.01 0.11 0.05 0.04 0.04 0.04 unch 0.00 0.09 0.03 0.05 0.00 0.04 - 0.01 0.09 0.02 3.34 3.15 3.30 + 0.10 5.10 3.11 2.61 2.45 2.60 + 0.15 4.10 2.40 0.00 0.00 0.17 unch 0.00 0.17 0.17 0.09 0.09 0.09 unch 0.00 0.30 0.09 0.08 0.06 0.08 + 0.00 0.22 0.06 0.22 0.18 0.22 unch 0.00 0.25 0.13 0.25 0.25 0.25 + 0.03 0.25 0.17 0.23 0.22 0.22 unch 0.00 0.52 0.10 0.18 0.18 0.18 unch 0.00 0.37 0.07 0.04 0.02 0.03 - 0.00 0.17 0.01

NA Frac Sand* O 33 NACCO Ind* N 166 Namibia Rare E V 179 Namibia Rare E* O 8 Napier Vent V 145 Natural Res Pt* N 96 T 463 Nautilus Mnrls Nautilus Mnrls* O 453 Navis Res Corp 0 Navy Res V 8 15901 Nemaska Lith T Nemaska Lith* O 827 Neo Lithium V 2240 Neometals* O 32 Network Expl* O 113 Network Expl V 199 Nevada Clean M V 583 Nevada Clean M* O 395 Nevada Copper T 40 V 79 Nevada Energy O 44 Nevada Energy* Nevada Expl V 442 Nevada Expl * O 488 Nevada Sunrise* O 26 Nevada Sunrise V 118 Nevada Zinc V 479 Nevado Res V 414 Nevsun Res* X 2559 Nevsun Res T 1982 New Age Metals* O 93 655 New Age Metals V New Carolin Gd* O 130 New Carolin Gd V 338 New Destiny Mg V 25 New Energy Met V 59 New Gold* X 17286 New Gold T 5220 New Guinea Gld* O 1150 New Jersey Mng* O 249 New Milln Iron* O 50 New Milln Iron T 233 New Nadina V 224 New Nadina* O 18 New Oroperu V 12 New Pac Metals V 31 New Pac Metals* O 15 New Point Expl 478 New Stratus V 181 New Tech Lith* O 13 New Tech Lith 247 New World Res V 192 Newlox Gold 308 Newmac Res V 3 Newmont Mng* N 20736 Newport Expl V 805 Newport Gold* O 15 NewRange Gold* O 58 NewRange Gold V 122 Nexa Resources T 1 Nexa Resources* N 692 Nexco Res 26 Nexgen Energy* X 2099 Nexgen Energy T 3416

0.01 0.01 0.01 + 0.01 0.09 0.01 37.95 32.55 36.25 + 3.40 48.85 14.45 0.20 0.00 0.18 - 0.02 0.24 0.04 0.14 0.00 0.14 - 0.01 0.18 0.03 0.46 0.42 0.45 unch 0.00 0.54 0.33 29.90 28.20 29.50 + 0.80 37.65 22.81 0.24 0.22 0.23 + 0.01 0.39 0.14 0.19 0.17 0.18 + 0.00 0.31 0.11 0.00 0.00 0.37 unch 0.00 2.50 0.33 0.27 0.27 0.27 unch 0.00 0.32 0.16 1.41 1.07 1.37 + 0.05 2.44 0.95 1.10 0.83 1.07 + 0.06 1.96 0.70 1.55 1.20 1.45 + 0.04 2.75 0.85 0.32 0.23 0.29 + 0.06 0.80 0.20 0.34 0.30 0.30 - 0.01 0.39 0.30 0.43 0.37 0.37 - 0.06 0.48 0.37 0.04 0.03 0.04 + 0.01 0.08 0.03 0.03 0.02 0.03 + 0.01 0.08 0.02 0.69 0.65 0.66 - 0.04 0.84 0.41 0.26 0.22 0.26 + 0.04 1.20 0.20 0.19 0.00 0.18 - 0.01 1.00 0.07 0.32 0.24 0.32 + 0.08 0.46 0.24 0.25 0.19 0.25 + 0.05 0.35 0.18 0.12 0.10 0.11 - 0.01 0.27 0.09 0.15 0.13 0.14 - 0.01 0.35 0.12 0.18 0.16 0.17 - 0.01 0.40 0.16 0.05 0.04 0.05 unch 0.00 0.05 0.02 2.47 2.35 2.43 + 0.05 2.77 1.96 3.17 3.04 3.11 + 0.04 3.50 2.49 0.08 0.07 0.08 + 0.00 0.15 0.04 0.12 0.09 0.10 + 0.01 0.19 0.05 0.33 0.33 0.33 unch 0.00 0.58 0.18 0.56 0.44 0.55 + 0.10 0.77 0.20 0.20 0.20 0.20 unch 0.00 0.35 0.11 0.70 0.65 0.70 + 0.03 0.75 0.26 2.66 2.49 2.50 - 0.08 4.25 2.28 3.44 3.17 3.18 - 0.16 5.16 2.98 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.17 0.15 0.17 + 0.02 0.19 0.10 0.06 0.06 0.06 unch 0.00 0.16 0.06 0.09 0.07 0.08 unch 0.00 0.21 0.07 0.16 0.13 0.14 - 0.01 4.60 0.08 0.12 0.12 0.12 unch 0.00 3.60 0.06 0.45 0.35 0.45 unch 0.00 0.65 0.28 1.65 1.60 1.61 - 0.04 1.67 1.12 1.29 1.25 1.26 + 0.01 1.29 0.80 0.30 0.30 0.30 unch 0.00 0.35 0.11 0.16 0.12 0.16 + 0.01 0.48 0.08 0.06 0.06 0.06 + 0.00 0.19 0.04 0.07 0.05 0.06 - 0.02 0.17 0.05 0.27 0.25 0.25 unch 0.00 0.29 0.10 0.05 0.03 0.05 + 0.01 0.08 0.03 0.00 0.00 0.07 unch 0.00 0.09 0.05 39.62 38.60 39.29 + 0.22 42.04 31.42 0.29 0.23 0.29 + 0.04 0.30 0.19 0.05 0.03 0.03 - 0.05 0.08 0.00 0.23 0.19 0.22 + 0.02 0.59 0.05 0.29 0.26 0.27 + 0.01 0.75 0.23 22.72 21.74 21.87 - 1.03 26.70 19.80 18.06 16.99 17.25 - 0.26 21.61 15.27 0.35 0.30 0.35 + 0.05 0.50 0.15 2.00 1.65 1.82 + 0.12 3.20 1.65 2.55 2.12 2.32 + 0.10 3.58 2.12

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20-23_APR16_StockTables.indd 22

(100s) Stock

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(100s) Stock

12-month

Exc Volume High Low Last Change High Low

NextSource Mat T 2994 Nexus Gold* O 216 Nexus Gold V 2001 NGEx Res* O 9 NGEx Res T 83 Nickel Creek T 311 Nickel Creek* O 294 Nickel North V 148 566 Nickel One Res V Nicola Mg Inc V 1539 Nicola Mg Inc* O 16 O 374 Nighthawk Gold* T 501 Nighthawk Gold V 234 Niobay Metals Niocan Inc V 5 Niocorp Dev T 172 Niocorp Dev* O 248 Nippon Dragon V 388 Nippon Dragon* O 749 Nitinat Mnls V 501 NKWE Platinum* O 20 Noble Metal Gr V 170 Noble Mnl Expl* O 136 Noble Mnl Expl V 1059 Noka Res* O 429 Noram Vent V 32 Noram Vent* O 1 Noranda Alum* O 96 Noront Res V 1000 Norsemont Cap 11 Nortec Mnls* O 150 Nortec Mnls V 20 North Am Nickl V 1212 North Am Nickl* O 450 North Am Pall* O 20 51 North Am Pall T North Am Ptash* O 18 North Arrow Mn* O 18 North Arrow Mn V 49 Northcliff Res T 133 Northern Uran V 692 Northisle C&G V 375 Northn Empire V 499 Northn Empire* O 67 Norvista Cap V 39 O 28 Nouveau Monde* Nouveau Monde V 712 NovaGold Res T 863 NovaGold Res* X 8194 Novo Res* O 252 Novo Res V 622 NQ Minerals Pl* O 30 NRG Metals* O 1426 NRG Metals V 1049 V 1035 Nrthn Graphite Nrthn Graphite* O 1587 Nrthn Lion* O 2 Nrthn Mnrls &E* O 60 Nrthn Shield V 641 Nrthn Superior* O 42 Nrthn Superior V 843 Nrthn Vertex* O 52 Nrthn Vertex V 42 NSGold V 6 205 NSS Res Inc Nthn Dynasty* X 3300 Nthn Dynasty T 592 Nthrn Sphere* O 10 Nthrn Sphere 988 Nubian Res V 108 NuLegacy Gold V 246 NuLegacy Gold* O 369 Nunavik Nickel V 51 Nutrien T 4620 N 8241 Nutrien* NV Gold* O 537 NV Gold V 2625 NX Uranium* O 63 NxGold Ltd V 68 O.T. Mining* O 5 OceanaGold* O 3 OceanaGold T 5651 Oceanic Iron O V 48 O 12 Oceanus Res* Oceanus Res V 69 Odyssey Res V 3 OK2 Minerals V 181 Olivut Res V 258 Olivut Res* O 93 Omineca Mg &Ml V 30 One World Lith 358 Opawica Expl V 10 Opus One Res V 161 Orbite Tech* O 70 Orca Gold V 284 Orca Gold* O 109 Orefinders Res V 385 Orestone Mng V 30 Orex Mnrls* O 12 Orex Mnrls V 78 Orezone Gold V 158 Orezone Gold* O 98 Orford Mining V 5 Organic Potash 534 Orla Mng Ltd V 206 15 Orla Mng Ltd* O Oro East Mg* O 55 Oroco Res V 155 Oroco Res* O 81 Orocobre T 1033 Oronova Energy V 142 Oroplata Res* O 169 Orosur Mng T 1122 Orsu Metals V 37 Orsu Metals* O 4 Orvana Mnrls T 203 Orvana Mnrls* O 49 Osisko Gold* N 2920 Osisko Gold T 1568 Osisko Metals* O 12 Osisko Metals V 427 Osisko Mng Inc T 2176 Osprey Gold V 81 Otis Gold V 182 Otis Gold* O 109 OZ Minerals* O 1

0.13 0.12 0.12 + 0.01 0.22 0.06 0.03 0.02 0.02 - 0.01 0.19 0.02 0.04 0.03 0.03 - 0.01 0.26 0.03 0.84 0.80 0.83 - 0.02 1.10 0.58 1.12 1.01 1.05 - 0.04 1.49 0.75 0.29 0.24 0.27 - 0.03 0.41 0.22 0.22 0.19 0.21 - 0.00 0.33 0.16 0.04 0.00 0.04 unch 0.00 0.05 0.02 0.05 0.05 0.05 unch 0.00 0.13 0.02 0.19 0.17 0.17 - 0.01 0.25 0.14 0.14 0.12 0.14 unch 0.00 0.18 0.11 0.55 0.51 0.54 + 0.04 0.97 0.45 0.72 0.64 0.69 + 0.01 1.15 0.57 0.35 0.29 0.30 unch 0.00 0.77 0.11 0.07 0.07 0.07 unch 0.00 0.18 0.06 0.62 0.58 0.58 - 0.02 0.87 0.37 0.49 0.45 0.47 - 0.01 0.65 0.29 0.05 0.04 0.04 - 0.01 0.08 0.04 0.04 0.03 0.04 + 0.00 0.06 0.03 0.43 0.38 0.39 - 0.02 0.51 0.04 0.05 0.05 0.05 unch 0.00 2.04 0.00 0.02 0.01 0.02 unch 0.00 0.04 0.01 0.10 0.10 0.10 - 0.01 0.15 0.03 0.14 0.13 0.14 unch 0.00 0.19 0.04 0.24 0.19 0.23 + 0.03 0.30 0.05 0.32 0.27 0.29 - 0.06 0.80 0.25 0.28 0.28 0.28 unch 0.00 0.64 0.17 0.05 0.04 0.04 + 0.00 0.17 0.01 0.40 0.36 0.37 - 0.02 0.52 0.22 0.45 0.40 0.40 - 0.05 0.47 0.31 0.08 0.08 0.08 unch 0.00 0.14 0.05 0.10 0.09 0.10 + 0.01 0.18 0.06 0.08 0.06 0.07 - 0.02 0.10 0.06 0.06 0.05 0.06 - 0.00 0.08 0.04 7.92 7.57 7.85 + 0.35 9.31 3.57 10.08 9.80 10.08 + 0.33 11.60 4.65 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.18 0.17 0.18 + 0.01 0.23 0.15 0.24 0.22 0.24 + 0.01 0.31 0.18 0.10 0.09 0.10 + 0.01 0.22 0.09 0.01 0.01 0.01 - 0.01 0.03 0.01 0.18 0.15 0.15 - 0.02 0.21 0.09 1.47 1.31 1.44 + 0.14 1.44 0.58 1.15 1.01 1.13 + 0.11 1.14 0.47 0.14 0.00 0.13 + 0.01 0.16 0.08 0.23 0.21 0.21 - 0.03 0.42 0.19 0.32 0.28 0.30 - 0.02 0.54 0.26 6.05 5.51 5.90 + 0.32 6.72 4.33 4.72 4.32 4.65 + 0.32 5.02 3.35 3.67 3.37 3.44 + 0.03 7.08 0.49 4.72 4.30 4.39 + 0.04 8.83 0.67 0.20 0.20 0.20 unch 0.00 0.20 0.20 0.24 0.20 0.24 + 0.02 0.49 0.07 0.30 0.27 0.30 + 0.02 0.62 0.09 0.38 0.25 0.28 - 0.09 0.70 0.24 0.29 0.19 0.22 - 0.07 0.55 0.19 0.43 0.43 0.43 unch 0.00 0.52 0.35 0.05 0.00 0.05 unch 0.00 0.07 0.01 0.03 0.02 0.02 - 0.01 0.09 0.02 0.04 0.03 0.03 - 0.00 0.05 0.02 0.05 0.04 0.04 - 0.01 0.08 0.03 0.40 0.36 0.37 - 0.01 0.58 0.34 0.50 0.47 0.47 - 0.01 0.70 0.44 0.10 0.10 0.10 unch 0.00 0.15 0.02 0.10 0.08 0.09 - 0.01 1.39 0.05 0.91 0.87 0.87 - 0.03 2.42 0.81 1.18 1.10 1.10 - 0.10 3.30 1.00 0.06 0.06 0.06 - 0.00 0.32 0.05 0.08 0.06 0.08 - 0.01 0.55 0.06 0.30 0.25 0.28 - 0.03 0.38 0.17 0.20 0.18 0.20 + 0.03 0.30 0.15 0.16 0.13 0.14 + 0.00 0.23 0.12 0.12 0.10 0.12 + 0.02 0.17 0.08 60.90 56.55 57.37 - 3.52 70.05 55.27 47.27 44.04 44.95 - 2.31 56.18 40.41 0.86 0.49 0.50 - 0.27 0.92 0.13 1.17 0.57 0.63 - 0.32 1.22 0.17 0.02 0.02 0.02 unch 0.00 0.04 0.01 0.20 0.00 0.20 + 0.03 0.60 0.18 0.10 0.05 0.06 - 0.04 0.20 0.03 2.65 2.54 2.57 - 0.26 3.60 2.23 3.60 3.41 3.46 - 0.01 5.00 2.92 0.10 0.00 0.09 - 0.01 0.22 0.06 0.19 0.19 0.19 unch 0.00 0.29 0.13 0.24 0.23 0.23 + 0.01 0.36 0.18 0.00 0.00 0.04 unch 0.00 0.08 0.04 0.05 0.04 0.05 unch 0.00 0.14 0.04 0.13 0.11 0.12 - 0.02 0.20 0.08 0.10 0.08 0.09 - 0.00 0.15 0.06 0.03 0.03 0.03 unch 0.00 0.06 0.03 0.17 0.14 0.17 + 0.01 0.17 0.10 0.12 0.12 0.12 unch 0.00 0.48 0.10 0.08 0.00 0.08 + 0.02 0.14 0.06 0.02 0.00 0.00 unch 0.00 0.15 0.00 0.66 0.60 0.61 + 0.01 0.78 0.36 0.51 0.47 0.49 + 0.05 0.63 0.27 0.13 0.11 0.13 + 0.02 0.17 0.05 0.10 0.00 0.10 + 0.02 0.13 0.05 0.10 0.09 0.10 + 0.00 0.15 0.08 0.13 0.12 0.13 + 0.01 0.20 0.10 0.89 0.84 0.89 + 0.02 1.02 0.51 0.70 0.66 0.70 + 0.00 0.82 0.38 0.30 0.00 0.28 - 0.04 0.70 0.23 0.02 0.02 0.02 - 0.01 0.05 0.01 1.35 1.26 1.30 - 0.02 1.85 1.04 1.04 1.04 1.04 unch 0.00 1.48 0.88 0.00 0.00 0.00 - 0.00 0.01 0.00 0.13 0.12 0.12 + 0.01 0.15 0.02 0.10 0.09 0.09 - 0.00 0.11 0.02 5.37 4.70 4.92 - 0.47 7.36 2.73 0.12 0.10 0.11 unch 0.00 0.22 0.10 0.08 0.06 0.07 + 0.00 0.34 0.06 0.13 0.11 0.12 unch 0.00 0.32 0.11 0.22 0.00 0.20 - 0.02 0.30 0.13 0.15 0.00 0.14 + 0.01 0.22 0.11 0.23 0.21 0.21 - 0.01 0.33 0.17 0.17 0.15 0.17 + 0.01 0.25 0.14 9.97 9.31 9.66 - 0.01 14.39 9.31 12.90 11.90 12.34 - 0.10 17.58 11.90 0.45 0.44 0.44 + 0.01 1.33 0.39 0.59 0.51 0.53 - 0.07 1.74 0.29 2.57 2.34 2.47 - 0.08 5.65 2.34 0.09 0.08 0.09 unch 0.00 0.44 0.07 0.30 0.26 0.30 unch 0.00 0.39 0.17 0.23 0.21 0.22 - 0.01 0.29 0.13 6.92 6.77 6.92 - 0.07 7.80 4.70

Pac Bay Mnrls V 13 Pac Booker Min* O 2 Pac Booker Min V 4 Pac Imperial V 114 Pac Iron Ore V 12 Pac Link Mng V 330 Pac Potash V 32 Pac Ridge Expl* O 24 Pac Ridge Expl V 415 Pacific Empire V 398 Pacific Rim 1120 Pacific Rim* O 307 Pacton Gold V 7330 Paget Mrnls V 6 Paladin Energy* O 105 Palamina Corp* O 132 Palamina Corp V 199 Palladon Vent* O 117 Pan Am Silver T 560 Pan Am Silver* D 3897 Pan Andean Min V 148 Pan Global Res V 478 Pancontinental V 309 Pancontinental* O 19 Pangolin Dia V 1103 Panoro Mnrls V 146 PanTerra Gold* O 0 Pantheon Vent V 843 Para Resources V 160 Parallel Mng V 222 Paramount Gold* X 100 Paringa Res* O 55 Parlane Res V 100 Pasinex Res 24 Patriot Gold* O 129 Peabody Enrgy* N 4621 Pedro Res V 50

0.04 0.03 0.04 + 0.01 0.06 0.03 0.83 0.83 0.83 unch 0.00 1.10 0.35 1.05 1.05 1.05 - 0.05 1.44 0.42 0.06 0.05 0.06 unch 0.00 0.07 0.01 0.13 0.13 0.13 unch 0.00 0.23 0.11 0.08 0.07 0.07 - 0.01 0.08 0.02 0.04 0.04 0.04 unch 0.00 0.06 0.03 0.04 0.04 0.04 + 0.00 0.06 0.03 0.06 0.06 0.06 - 0.01 0.08 0.05 0.16 0.13 0.16 + 0.02 0.18 0.13 0.55 0.47 0.50 - 0.06 1.59 0.33 0.44 0.37 0.39 - 0.03 1.25 0.36 0.31 0.25 0.29 + 0.03 0.40 0.06 0.03 0.03 0.03 unch 0.00 0.08 0.03 0.15 0.00 0.02 + 0.00 0.50 0.00 0.37 0.28 0.31 - 0.02 0.37 0.12 0.47 0.36 0.39 - 0.03 0.47 0.15 0.00 0.00 0.00 unch 0.00 0.00 0.00 21.28 20.17 20.27 - 0.50 25.76 18.00 16.46 15.70 15.88 - 0.27 19.56 13.99 0.06 0.05 0.05 - 0.01 0.09 0.03 0.24 0.21 0.22 + 0.01 0.30 0.07 0.06 0.06 0.06 - 0.01 0.10 0.02 0.06 0.04 0.04 - 0.02 0.07 0.01 0.08 0.05 0.07 + 0.01 0.09 0.04 0.34 0.30 0.32 - 0.01 0.48 0.15 0.01 0.00 0.01 unch 0.00 0.02 0.01 0.09 0.08 0.09 + 0.01 0.17 0.08 0.20 0.19 0.19 - 0.01 0.25 0.13 0.06 0.06 0.06 unch 0.00 0.12 0.04 1.46 1.41 1.44 + 0.03 1.83 1.16 0.29 0.28 0.28 - 0.00 0.47 0.26 0.24 0.19 0.19 - 0.02 0.30 0.10 0.21 0.19 0.19 - 0.02 0.33 0.17 0.09 0.08 0.08 - 0.00 0.11 0.05 38.04 35.56 35.87 - 0.63 41.98 22.58 0.24 0.24 0.24 unch 0.00 0.78 0.13

P-Q

Week

12-month

Exc Volume High Low Last Change High Low

Pelangio Expl* O 20 Pelangio Expl V 240 Pele Mtn Res* O 10 Pele Mtn Res V 77 Peloton Mnrls* O 15 Peloton Mnrls 144 Peregrine Diam T 552 Perseus Mng T 287 Pershing Gold* D 401 Pershing Gold T 5 Pershing Res* O 77 Petra Diamonds* O 35 Philex Mng* O 48 Philippine Mtl V 550 Phoenix Metals* O 8 Pine Cliff En T 875 Pine Cliff En* O 168 Pinecrest Res V 10 Pistol Bay Mng V 934 Pistol Bay Mng* O 169 PJSC Polyus Gd* O 0 PJX Res V 38 Plata Latina V 1 Plate Res V 13 Plateau Energy V 264 Plateau Energy* O 79 Platinex Inc 1666 Platinum Gp Mt* X 3402 Platinum Gp Mt T 683 Plato Gold V 1039 Playfair Mng V 123 Playfair Mng* O 7 PolyMet Mng* X 2275 PolyMet Mng T 47 Portage Res* O 638 Portofino Res V 468 Portofino Res* O 30 Potash Ridge* O 140 Potash Ridge T 1376 Power Metals* O 1072 Power Metals V 1447 PPX Mining V 2170 PPX Mining* O 350 Precipitate Gl V 738 Premier Gold M T 2549 O 2 Premium Expl* Pretium Res* N 6555 Pretium Res T 1686 Primary Cobalt 276 Primero Mng T 1216 Primero Mng* O 583 Prism Res V 3 Prize Mng* O 15 Prize Mng V 398 ProAm Expl V 100 O 29 Probe Metals* Probe Metals V 55 Promithian Gl * O 0 Prophecy Coal* O 45 Prophecy Coal T 79 O 75 Prospect Glob* Prospector Res* O 119 V 808 Prospector Res Prosper Gold V 445 Prospero Silvr V 125 Provenance Gld 21 Providence V 240 Providence Gld* O 301 PUF Vent Inc * O 629 PUF Vent Inc 3507 Puma Expl V 170 Puma Expl* O 4 Pure Energy* O 661 Pure Energy V 1231 Pure Gold Mg* O 646 Pure Gold Mg V 1703 Pure Nickel V 161 Pure Nickel* O 42 Purepoint Uran V 504 Q-Gold Res V 34 QMC Quantum Ml* O 623 QMC Quantum Ml V 662 QMX Gold* O 31 QMX Gold V 1563 Quadro Res V 51 Quantum Cobalt 301 Quartz Mtn Res V 0 Quaterra Res V 156 Quaterra Res* O 224 Quest Rare Mnl* O 563 Quinto Res V 852

0.05 0.05 0.05 unch 0.00 0.05 0.02 0.06 0.05 0.05 - 0.01 0.06 0.04 0.25 0.04 0.04 - 0.01 0.40 0.01 0.06 0.05 0.06 + 0.01 0.30 0.05 0.12 0.09 0.10 + 0.01 0.12 0.04 0.14 0.12 0.12 + 0.01 0.14 0.05 0.15 0.14 0.15 - 0.01 0.23 0.11 0.49 0.44 0.47 - 0.01 0.49 0.27 2.11 1.86 1.97 - 0.08 3.31 1.86 2.55 0.00 2.41 - 0.14 4.15 2.32 0.03 0.03 0.03 unch 0.00 0.09 0.01 0.98 0.98 0.98 unch 0.00 1.67 0.85 0.10 0.09 0.09 - 0.02 0.19 0.10 0.09 0.08 0.08 unch 0.00 0.16 0.05 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.35 0.30 0.32 unch 0.00 0.86 0.27 0.25 0.23 0.23 + 0.01 0.64 0.21 0.22 0.22 0.22 unch 0.00 0.56 0.20 0.06 0.05 0.06 + 0.01 0.10 0.04 0.05 0.04 0.05 + 0.01 0.08 0.03 0.00 0.00 44.84 unch 0.00 50.23 31.83 0.16 0.15 0.15 - 0.01 0.23 0.11 0.00 0.00 0.04 unch 0.00 0.05 0.03 0.07 0.07 0.07 - 0.03 0.10 0.04 0.68 0.56 0.63 - 0.07 0.96 0.26 0.54 0.43 0.45 - 0.09 0.78 0.21 0.16 0.11 0.14 - 0.02 0.30 0.05 0.30 0.22 0.26 - 0.03 1.59 0.22 0.37 0.29 0.34 - 0.04 2.12 0.29 0.05 0.04 0.04 unch 0.00 0.06 0.01 0.05 0.00 0.05 - 0.01 0.10 0.05 0.03 0.03 0.03 unch 0.00 0.08 0.03 0.93 0.82 0.89 + 0.03 1.36 0.57 1.15 1.07 1.11 - 0.01 1.66 0.71 0.00 0.00 0.00 + 0.00 0.00 0.00 0.07 0.06 0.07 unch 0.00 0.19 0.04 0.05 0.05 0.05 unch 0.00 0.11 0.05 0.06 0.05 0.06 - 0.00 0.22 0.05 0.08 0.07 0.07 - 0.01 0.31 0.07 0.55 0.48 0.53 + 0.00 0.70 0.20 0.70 0.63 0.68 + 0.02 0.88 0.25 0.09 0.07 0.08 + 0.02 0.10 0.05 0.05 0.05 0.05 unch 0.00 0.08 0.04 0.07 0.06 0.07 - 0.01 0.19 0.06 2.85 2.60 2.63 - 0.19 4.13 2.50 0.02 0.00 0.00 - 0.02 0.02 0.00 6.98 6.54 6.75 + 0.09 12.44 6.17 9.00 8.33 8.60 + 0.04 15.52 7.93 0.14 0.13 0.13 - 0.01 0.15 0.13 0.26 0.00 0.24 - 0.01 0.84 0.08 0.20 0.18 0.19 + 0.00 0.70 0.06 0.00 0.00 0.08 unch 0.00 0.21 0.08 0.20 0.18 0.20 - 0.01 0.52 0.17 0.28 0.24 0.25 - 0.02 0.72 0.22 0.04 0.00 0.04 unch 0.00 0.05 0.02 1.03 0.00 1.00 + 0.01 1.42 0.95 1.35 1.26 1.26 - 0.01 1.74 1.22 0.00 0.00 0.10 unch 0.00 0.10 0.02 2.55 2.00 2.07 - 0.35 4.00 1.95 3.25 2.59 2.60 - 0.41 5.00 2.41 0.10 0.00 0.06 - 0.04 0.14 0.03 0.39 0.38 0.38 unch 0.00 0.84 0.38 0.68 0.00 0.68 + 0.13 1.90 0.48 0.12 0.09 0.11 - 0.01 0.24 0.08 0.11 0.11 0.11 unch 0.00 0.34 0.11 0.25 0.22 0.25 + 0.03 0.40 0.08 0.19 0.14 0.17 + 0.04 0.27 0.09 0.15 0.12 0.15 unch 0.00 0.15 0.10 0.69 0.46 0.60 - 0.08 1.85 0.25 0.89 0.59 0.79 - 0.05 2.09 0.31 0.07 0.07 0.07 unch 0.00 0.13 0.05 0.07 0.07 0.07 unch 0.00 0.09 0.04 0.25 0.20 0.20 - 0.03 0.50 0.20 0.31 0.25 0.27 - 0.03 0.65 0.25 0.51 0.45 0.50 + 0.04 0.55 0.35 0.65 0.58 0.63 + 0.03 0.68 0.46 0.03 0.00 0.03 unch 0.00 0.05 0.01 0.03 0.03 0.03 + 0.00 0.04 0.00 0.07 0.06 0.06 unch 0.00 0.12 0.06 0.13 0.00 0.11 + 0.01 0.30 0.10 0.50 0.41 0.42 - 0.03 1.46 0.07 0.63 0.52 0.52 - 0.04 1.85 0.09 0.12 0.11 0.12 - 0.00 0.29 0.11 0.16 0.14 0.16 - 0.01 0.40 0.14 0.08 0.05 0.05 - 0.03 0.18 0.06 0.28 0.21 0.23 - 0.05 1.90 0.03 0.00 0.00 0.90 unch 0.00 1.50 0.55 0.09 0.07 0.08 + 0.01 0.14 0.05 0.07 0.05 0.05 - 0.01 0.10 0.03 0.00 0.00 0.00 + 0.00 0.11 0.00 0.09 0.08 0.09 - 0.01 0.12 0.05

Rackla Mtls* O 0 Rackla Mtls V 1 V 352 Radisson Mng Radius Gold V 63 Rae-Wallace Mg* O 57 O 16 Rainforest Res* Rainy Mtn Royl V 464 0 Rainy Mtn Royl* O 47 Rambler Ml &Mg V Randgold Res* O 0 Randgold Res* D 3389 O 5 Randsburg Int* Randsburg Intl V 115 Rare Element* O 676 Rathdowney Res V 53 Ravencrest Res 1360 Razore Rock Res 62 RB Energy* O 246 Red Eagle Expl V 386 Red Eagle Mng* O 44 Red Eagle Mng T 501 40 Red Moon Res V 102 Red Oak Mg V Red Pine Expl V 63 Redhawk Res T 25 Redstar Gold V 733 Redstar Gold* O 589 Redzone Res V 3 Redzone Res* O 12 V 96 Regency Gold Regulus Res V 68 Reliant Gold 200 Remington Res V 1 Renaissance Gd* O 28 Renaissance Gd V 20 Renforth Res 932 Resolve Vent V 64 Resource Cap V 295 Resource Cap* O 32 Reunion Gold V 233 Revelo Res V 1065 Revival Gold * O 37 Revival Gold V 59 Rhyolite Res V 28 Richmond Mnls V 21 Ridgestone M’g V 24 Rift Valley 274 Rimrock Gold* O 459589 Rio Silver V 2 Rio Tinto* N 13322 Rio Tinto* O 2 Rio Tinto* O 2 Rise Gold Corp 292 River Wild Exp 13 Riverside Res* O 97 Riverside Res V 163 Rizal Res V 236 RJK Explor V 13 RJK Explor* O 13 Robex Res V 304 Rochester Res V 5 Rock Tech Lith V 14 Rock Tech Lith* O 0 Rockcliff Met* O 500 Rockcliff Met V 890 Rockex Mng 25 Rockhaven Res V 135 Rockridge Res V 66 Rockshield Cap* O 310 Rockshield Cap 895 Rockwealth Res V 15 Rodinia Lithm V 129 Rogue Res V 217 Rokmaster Res* O 5 Rokmaster Res V 344 Romios Gold Rs V 374 Romios Gold Rs* O 80 RosCan Mrnls V 60 Rosita Mg Corp* O 1

0.00 0.00 0.07 unch 0.00 0.13 0.05 0.00 0.00 0.10 unch 0.00 0.17 0.08 0.15 0.13 0.14 - 0.01 0.25 0.13 0.10 0.10 0.10 unch 0.00 0.16 0.09 0.01 0.01 0.01 unch 0.00 0.02 0.00 9.25 8.20 8.45 - 1.00 9.45 1.00 0.04 0.00 0.04 unch 0.00 0.17 0.03 0.02 0.02 0.02 unch 0.00 0.13 0.02 0.12 0.09 0.10 - 0.02 0.20 0.09 83.80 0.00 83.80 unch 0.00 103.90 80.20 85.46 77.70 79.73 - 3.51 108.29 77.70 0.01 0.01 0.01 unch 0.00 0.01 0.00 0.02 0.02 0.02 unch 0.00 0.02 0.01 0.23 0.18 0.23 + 0.03 0.44 0.07 0.18 0.16 0.16 unch 0.00 0.30 0.12 1.30 1.05 1.24 - 0.03 2.10 0.05 0.20 0.20 0.20 unch 0.00 0.90 0.09 0.00 0.00 0.00 + 0.00 0.00 0.00 0.13 0.12 0.13 + 0.01 0.21 0.06 0.21 0.20 0.21 + 0.01 0.58 0.17 0.27 0.26 0.26 unch 0.00 0.79 0.23 0.06 0.05 0.05 - 0.01 0.08 0.03 0.14 0.00 0.14 + 0.01 0.25 0.06 0.07 0.07 0.07 unch 0.00 0.14 0.07 0.03 0.03 0.03 - 0.01 0.10 0.02 0.05 0.05 0.05 unch 0.00 0.15 0.04 0.04 0.04 0.04 + 0.00 0.12 0.03 0.29 0.29 0.29 unch 0.00 0.75 0.10 0.19 0.18 0.19 + 0.01 0.57 0.08 0.28 0.00 0.25 + 0.05 0.25 0.10 1.95 1.85 1.90 - 0.04 3.00 1.46 0.03 0.03 0.03 unch 0.00 0.03 0.03 0.00 0.00 0.40 unch 0.00 1.45 0.40 0.23 0.18 0.19 - 0.02 0.38 0.16 0.26 0.00 0.25 + 0.02 0.48 0.21 0.04 0.03 0.04 unch 0.00 0.09 0.03 0.09 0.08 0.08 - 0.01 0.69 0.08 0.08 0.08 0.08 + 0.01 0.21 0.07 0.07 0.05 0.07 + 0.01 0.15 0.05 0.13 0.00 0.13 unch 0.00 0.18 0.10 0.04 0.03 0.04 unch 0.00 0.07 0.02 0.51 0.49 0.50 + 0.02 0.70 0.47 0.65 0.62 0.64 - 0.02 0.86 0.21 0.21 0.20 0.20 unch 0.00 0.40 0.17 0.06 0.05 0.05 unch 0.00 0.18 0.04 0.48 0.48 0.48 unch 0.00 0.48 0.47 0.09 0.09 0.09 - 0.01 0.15 0.05 0.00 0.00 0.00 - 0.00 0.00 0.00 0.00 0.00 0.05 unch 0.00 0.09 0.04 52.23 50.05 50.55 - 0.98 59.25 37.66 51.70 0.00 51.50 + 2.05 58.07 37.20 55.25 0.00 55.25 + 0.26 65.30 43.87 0.12 0.10 0.12 + 0.01 0.36 0.09 0.20 0.20 0.20 unch 0.00 0.22 0.02 0.20 0.18 0.18 - 0.01 0.37 0.17 0.25 0.23 0.23 - 0.01 0.50 0.22 0.05 0.04 0.04 - 0.01 0.06 0.02 0.07 0.07 0.07 unch 0.00 0.23 0.06 0.08 0.05 0.05 - 0.03 0.14 0.04 0.10 0.09 0.10 + 0.01 0.14 0.06 0.06 0.00 0.06 unch 0.00 0.09 0.03 1.44 1.35 1.35 + 0.08 2.16 0.76 0.98 0.00 0.98 unch 0.00 1.66 0.59 0.03 0.03 0.03 unch 0.00 0.10 0.03 0.05 0.04 0.04 unch 0.00 0.12 0.04 0.04 0.03 0.04 + 0.01 0.05 0.01 0.15 0.13 0.14 + 0.01 0.19 0.12 0.30 0.00 0.30 unch 0.00 0.50 0.25 0.31 0.24 0.25 - 0.04 0.67 0.06 0.38 0.30 0.30 - 0.05 0.84 0.09 0.22 0.00 0.22 unch 0.00 0.30 0.15 0.29 0.20 0.20 - 0.07 0.46 0.09 0.30 0.22 0.24 - 0.06 0.58 0.18 0.02 0.02 0.02 unch 0.00 0.05 0.02 0.03 0.02 0.02 unch 0.00 0.07 0.02 0.09 0.07 0.08 - 0.01 0.09 0.04 0.07 0.06 0.07 - 0.00 0.07 0.03 0.08 0.07 0.08 + 0.02 0.12 0.05 0.04 0.04 0.04 unch 0.00 0.06 0.01

R

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

229 Rosita Mg Corp V 523 V Ross River Rotation Mnls V 1227 V 162 Roughrider Exp Roxgold* O 9 664 T Roxgold Royal Gold* D 1821 Royal Mines &M* O 146 Royal Nickel T 6151 Royal Nickel* O 944 434 Royal Rd Mnrls V 3 Royal Std Mnrl* O RT Minerals V 209 RTG Mining T 11 O 28 Rubicon Mnrls* T 84 Rubicon Mnrls Rugby Mng V 95 11 Running Fox Rs* O 71 Running Fox Rs V Rupert Res V 130 Rusoro Mng* O 902 Rusoro Mng V 1126 76 Rye Patch Gold* O 427 Rye Patch Gold V

0.06 0.05 0.06 + 0.01 0.12 0.02 0.02 0.02 0.02 - 0.01 0.03 0.01 0.12 0.22 0.19 0.21 - 0.03 0.45 0.04 unch 0.00 0.12 0.04 0.04 0.04 0.78 0.83 0.78 0.80 + 0.01 1.13 1.10 1.00 1.01 unch 0.00 1.47 0.98 67.10 87.52 85.32 86.18 + 0.31 94.39 0.01 0.00 0.01 + 0.00 0.01 0.00 0.16 0.26 0.19 0.21 - 0.05 0.38 0.12 0.20 0.15 0.17 - 0.03 0.31 0.12 0.10 0.11 unch 0.00 0.18 0.06 0.00 0.00 0.00 - 0.00 0.01 0.00 0.03 0.03 0.03 0.03 - 0.01 0.14 0.10 unch 0.00 0.55 0.18 0.00 0.18 0.90 0.95 0.00 0.94 - 0.00 1.48 1.13 1.25 1.18 1.20 - 0.05 1.90 0.24 0.38 0.37 0.37 - 0.01 0.50 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.03 0.03 0.03 unch 0.00 0.04 0.01 0.68 1.14 1.03 1.12 - 0.04 1.46 0.05 0.06 0.00 0.06 + 0.00 0.17 0.06 0.08 0.07 0.08 + 0.01 0.22 0.98 0.86 0.95 + 0.03 1.74 0.80 1.26 1.11 1.22 + 0.05 2.34 1.05

T 900 Sabina Gd&Slvr O 372 Sabina Gd&Slvr* Sable Res V 1336 Sage Gold* O 34 Sage Gold V 330 Sailfish Rylty V 6 Saint Jean* O 140 Saint Jean V 2890 Salazar Res* O 73 Salazar Res V 166 90 Salt Lake Pot* O Sama Res V 957 Sama Res* O 156 Samco Gold V 32 Samex Mng* O 118 San Gold Corp* O 112 80 San Marco Res* O 94 San Marco Res V V 433 Sanatana Diam Sandfire Res V 91 Sandfire Res* O 110 O 308 Sandspring Res* V 444 Sandspring Res T 1250 Sandstorm Gold X 4648 Sandstorm Gold* Sandy Lake Gld* O 101 161 Sandy Lake Gld V Santa Fe Gold* O 225 V 623 Santacruz Silv Sarama Res V 146 Sarissa Res* O 4867 Satori Res V 10 Satori Res* O 5 Saturn Mnrls V 689 Savary Gold V 244 Savary Gold* O 14 Saville Res V 1133 O 87 Scandium Intl* 254 Scandium Intl T Scorpio Gold V 273 ScoZinc Mg V 28 ScoZinc Mg* O 58 Seabridge Gld T 265 Seabridge Gld* N 1295 Search Mnls V 110 Searchlight* O 511 Secova Mtls* O 122 Secova Mtls V 6667 Sego Res V 906 Select Sands V 485 T 3004 Semafo Senator Mnrls V 5 V 20 Sennen Potash O 0 Sennen Potash* Serabi Gold T 159 Serengeti Res V 32 Shamrock Ent 338 Sherritt Intl T 4783 V 67 Shoshoni Gold Sibanye Gold* N 17731 O 5 Sibanye Gold* Sienna Res V 477 Sienna Res* O 25 Sierra Metals* X 370 Sierra Metals T 54 Signature Res V 149 O 186 Signature Res* 333 Silver Bear Rs T 16 Silver Bear Rs* O Silver Bull Re T 1179 Silver Bull Re* O 611 O 143 Silver Dragon* Silver Grail V 504 Silver Hill* O 1 499 Silver Mtn Mns V O 10 Silver Predatr* Silver Predatr V 0 Silver Pursuit V 83 Silver Range V 105 Silver Scott* O 29 Silver Spruce V 492 O 56 Silver Spruce* Silver Viper V 699 Silver Wheaton T 2651 N 8505 Silver Wheaton* T 1169 Silvercorp Met X 1479 Silvercorp Met* O 215 SilverCrest Mt* SilverCrest Mt V 2141 O 0 Silverore Mns* O 20 Silverstar Res* Sirios Res* O 13 Sirios Res V 200 Sitka Gold 124 Skeena Res V 366 Skeena Res* O 102 O 261 Skyharbour Res* V 330 Skyharbour Res Slam Explor* O 50 Slam Explor V 199 O 21 Sojourn Explor* V 233 Sojourn Explor O 30 Sokoman Iron* Sokoman Iron V 2068 SolGold plc* O 70 SolGold plc T 131 T 17 Solitario Ex&R X 508 Solitario Ex&R* 336 Sonora Gld & S V 50 Sonora Res * O Sonoro Mtls V 106 Southern Arc* O 1 Southern Arc V 19 N 4997 Southern Copp* O 123 Southern Silvr* Southern Silvr V 357 T 13 SouthGobi Res 211 Spanish Mtn Gd V Spanish Mtn Gd* O 105 Sparton Res V 448 Sparton Res* O 68 O 653 Spearmint Res* 13035 V Spearmint Res Sphinx Res V 90 724 Sprott Res Hld T 753 Spruce Ridge R V 33 Squire Mg Ltd SRG Graphite V 74 SSR Mining* D 2873 SSR Mining T 1480 St Augustine T 572 82 St Elias Mns* O O 53 St-Georges Eco* St-Georges Eco 9622 O 123 Stakeholdr Gld* V 161 Stakeholdr Gld O 766 Standard Graph* Standard Lith V 1248 O 18 Standard Metal* Stans Energy V 656 O 271 Stans Energy* O 298 Star Diamond* Star Diamond T 777 Star Gold* O 50 Starcore Intl T 215 1 Starr Peak Exp* O

1.48 1.65 1.50 1.52 - 0.06 2.70 1.12 1.28 1.17 1.20 + 0.00 2.17 0.11 0.34 0.27 0.34 + 0.07 0.32 0.06 0.08 0.07 0.07 - 0.00 0.20 0.09 0.10 0.09 0.10 + 0.01 0.27 1.00 1.91 1.62 1.91 + 0.16 3.07 0.02 0.03 0.02 0.03 - 0.00 0.06 0.03 0.04 0.03 0.03 - 0.01 0.09 0.06 unch 0.00 0.13 0.12 0.12 0.12 0.08 0.17 0.14 0.14 - 0.03 0.18 0.45 0.45 0.45 unch 0.00 0.45 0.27 0.12 0.38 0.34 0.36 + 0.01 0.50 0.10 0.29 0.28 0.29 + 0.01 0.41 0.02 unch 0.00 0.11 0.05 0.00 0.05 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 0.00 0.00 - 0.00 0.01 0.00 0.20 0.17 0.19 - 0.00 0.23 0.10 0.26 0.23 0.23 - 0.04 0.30 0.13 0.03 0.05 0.04 0.05 - 0.01 0.07 0.06 0.11 0.09 0.09 - 0.01 0.14 0.05 0.09 0.07 0.08 + 0.01 0.10 0.20 0.25 0.23 0.23 - 0.01 0.44 0.27 0.32 0.30 0.31 + 0.01 0.59 4.37 6.46 5.96 6.02 - 0.12 6.95 3.18 5.01 4.65 4.71 - 0.05 5.64 0.06 0.04 0.06 + 0.02 0.07 0.03 0.08 0.06 0.08 unch 0.00 0.11 0.05 0.14 0.12 0.12 + 0.00 0.20 0.07 0.09 0.16 0.12 0.16 + 0.02 0.32 0.08 0.13 0.12 0.13 - 0.01 0.24 0.00 unch 0.00 0.01 0.00 0.00 0.00 0.07 0.11 0.00 0.11 + 0.01 0.30 0.07 unch 0.00 0.18 0.07 0.07 0.07 0.07 0.17 0.14 0.16 - 0.02 0.18 0.04 0.07 0.06 0.06 - 0.01 0.10 0.03 0.05 0.05 0.05 - 0.01 0.07 0.06 0.08 0.06 0.07 + 0.01 0.40 0.12 0.15 0.14 0.14 - 0.01 0.35 0.19 0.18 0.18 - 0.01 0.46 0.16 0.02 unch 0.00 0.10 0.03 0.03 0.03 1.03 1.14 1.06 1.12 + 0.02 1.75 0.76 0.88 0.80 0.88 + 0.02 1.44 12.61 14.72 13.48 13.82 - 0.16 17.65 unch 0.00 13.70 9.50 11.40 10.55 10.80 0.03 0.09 0.07 0.07 - 0.01 0.10 0.01 unch 0.00 0.08 0.02 0.00 0.02 0.01 0.02 0.02 0.02 - 0.00 0.06 0.02 unch 0.00 0.08 0.02 0.02 0.02 0.03 0.04 0.04 0.04 + 0.01 0.09 0.34 0.42 0.39 0.40 - 0.01 1.83 2.68 3.80 3.50 3.61 - 0.10 4.25 0.17 0.21 0.21 0.21 + 0.01 1.99 0.30 unch 0.00 1.00 0.45 0.45 0.45 0.33 unch 0.00 0.62 0.39 0.39 0.39 0.05 0.07 0.07 0.07 - 0.01 0.10 0.13 0.15 0.00 0.15 + 0.01 0.26 0.02 0.05 0.04 0.05 + 0.01 0.08 0.74 1.15 1.07 1.11 - 0.02 1.87 0.04 0.06 0.05 0.05 - 0.01 0.07 4.13 3.75 3.99 unch 0.00 10.59 3.75 1.04 unch 0.00 2.44 1.07 1.07 1.07 0.09 0.24 0.16 0.20 - 0.04 0.39 0.07 0.17 0.15 0.15 - 0.04 0.32 2.10 2.70 2.55 2.58 + 0.01 3.10 2.75 3.42 3.26 3.29 - 0.01 3.68 0.05 0.08 0.06 0.08 + 0.01 0.15 0.04 0.05 0.04 0.05 + 0.00 0.09 0.24 0.21 0.24 unch 0.00 0.41 0.12 0.19 0.17 0.18 - 0.00 0.30 0.08 0.23 0.21 0.22 - 0.01 0.29 0.08 0.18 0.17 0.17 - 0.00 0.23 0.06 0.00 0.01 0.01 0.01 - 0.01 0.03 0.05 0.09 0.06 0.08 + 0.02 0.13 0.10 0.12 0.00 0.12 - 0.08 0.36 0.03 0.02 0.02 unch 0.00 0.04 0.02 0.05 unch 0.00 0.22 0.08 0.08 0.08 0.10 unch 0.00 0.28 0.00 0.00 0.10 0.11 0.17 0.15 0.15 - 0.01 0.22 0.12 0.18 0.14 0.15 + 0.02 0.29 0.01 0.04 0.02 0.02 - 0.02 0.24 0.04 0.05 0.04 0.05 + 0.01 0.09 0.02 0.04 0.03 0.03 + 0.00 0.06 0.15 0.20 0.18 0.20 - 0.05 0.30 23.18 26.90 25.71 26.29 + 0.04 29.90 18.32 20.84 20.09 20.60 + 0.23 22.72 2.72 3.52 3.32 3.37 - 0.10 5.49 2.12 2.72 2.58 2.63 - 0.06 4.10 0.84 1.81 1.67 1.73 - 0.07 2.10 1.05 2.32 2.15 2.21 - 0.11 2.58 0.03 unch 0.00 0.03 0.00 0.00 0.03 0.10 unch 0.00 3.36 0.11 0.10 0.10 0.18 0.20 0.18 0.18 - 0.01 0.36 0.23 0.26 0.24 0.26 + 0.02 0.49 0.16 unch 0.00 0.30 0.23 0.19 0.20 0.40 0.60 0.55 0.56 - 0.04 0.80 0.27 0.48 0.41 0.45 - 0.01 0.66 0.24 0.32 0.29 0.30 - 0.01 0.42 0.31 0.41 0.37 0.38 - 0.02 0.57 0.02 unch 0.00 0.05 0.04 0.04 0.04 0.03 unch 0.00 0.07 0.05 0.04 0.05 0.11 0.12 0.11 0.12 - 0.00 0.21 0.11 0.16 0.14 0.14 - 0.01 0.30 0.02 0.04 0.03 0.04 + 0.01 0.07 0.03 unch 0.00 0.10 0.05 0.04 0.04 0.28 0.33 0.29 0.33 + 0.02 0.63 0.34 0.42 0.38 0.39 - 0.02 0.95 0.56 0.59 0.56 0.57 - 0.03 1.20 0.43 0.47 0.43 0.46 - 0.00 0.91 0.11 0.08 0.10 + 0.01 0.20 0.05 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.11 0.15 0.15 0.15 - 0.02 0.20 0.31 0.46 0.00 0.43 - 0.03 0.65 0.36 unch 0.00 0.90 0.60 0.00 0.60 32.63 56.66 53.39 54.72 + 0.54 56.66 0.17 0.22 0.20 0.21 + 0.00 0.37 0.22 0.28 0.25 0.27 + 0.01 0.49 0.12 0.02 0.40 0.15 - 0.15 0.00 0.11 0.11 0.11 unch 0.00 0.21 0.08 0.09 0.08 0.08 - 0.01 0.15 0.06 0.03 unch 0.00 0.14 0.08 0.00 0.07 0.02 0.05 0.04 0.05 - 0.01 0.11 0.02 0.05 0.04 0.05 + 0.01 0.11 0.02 0.07 0.04 0.06 - 0.01 0.14 0.04 0.07 0.00 0.07 + 0.01 0.08 0.13 0.12 0.13 unch 0.00 0.21 0.12 0.03 0.02 0.03 unch 0.00 0.06 0.01 0.30 0.27 0.27 - 0.03 0.45 0.05 0.32 1.78 1.42 1.70 + 0.20 2.25 9.85 9.40 9.66 + 0.06 11.40 7.64 12.72 12.07 12.32 - 0.09 15.35 9.66 0.02 unch 0.00 0.05 0.03 0.02 0.03 0.00 0.00 0.00 - 0.00 0.00 0.00 0.11 0.21 0.11 0.21 + 0.02 2.20 0.02 0.28 0.16 0.25 - 0.01 2.90 0.18 0.22 0.20 0.20 + 0.01 0.45 0.23 0.28 0.25 0.27 + 0.02 0.64 0.13 0.77 0.63 0.72 - 0.03 0.86 0.71 0.20 2.85 1.65 - 1.88 1.47 0.02 0.18 0.13 0.17 + 0.01 0.19 0.03 0.04 0.03 0.04 + 0.01 0.05 0.02 0.03 0.02 0.03 + 0.01 0.04 0.12 0.16 0.00 0.15 + 0.00 0.33 0.15 unch 0.00 0.44 0.21 0.18 0.19 0.05 unch 0.00 0.14 0.07 0.05 0.07 0.20 0.24 0.20 0.21 - 0.02 0.54 0.09 0.09 0.09 unch 0.00 0.09 0.09

S

2018-04-10 6:06 PM


GLOBAL MINING NEWS

(100s) Stock

THE NORTHERN MINER / APRIL 16–29, 2018

Week

12-month

Exc Volume High Low Last Change High Low

Starr Peak Exp V 13 O 0 Steele Oceanic* Stellar Africa* O 0 Stellar Africa V 53 0 Stelmine Can * O Stelmine Can V 299 Sterling Grp* O 15 Stina Res* O 387 Stina Res 2582 Stockport Expl* O 4 Stornoway Diam T 473 O 4 Stornoway Diam* Stratabd Mnr V 1080 Strateco Res* O 23 Strategic Metl* O 46 Strategic Metl V 40 Strategic Res V 31 Strategic Res* O 0 Stria Lithium V 259 Strikepoint Gd V 164 Strikepoint Gd* O 14 V 396 Strongbow Expl Strongbow Expl* O 26 Stroud Res V 1021 Sulliden Mng T 182 Suncor Energy T 17711 Suncor Energy* N 20136 Sunvest Mnrls V 818 Sunvest Mnrls* O 41 Superior Gold* O 175 Superior Gold V 1244 Superior Mng V 69 Supreme Metals 1541 Surge Copper V 102 Surge Copper * O 210 Sutter Gold* O 86 Sutter Gold V 79 Syrah Res* O 47

0.13 0.13 0.13 unch 0.00 0.19 0.08 0.00 0.00 0.96 unch 0.00 3.49 0.96 0.00 0.00 0.04 unch 0.00 0.04 0.03 0.04 0.04 0.04 unch 0.00 0.07 0.03 0.00 0.00 0.26 unch 0.00 0.20 0.00 0.18 + 0.01 0.45 0.14 0.03 0.03 0.03 unch 0.00 0.13 0.03 0.37 0.33 0.35 + 0.01 0.43 0.08 0.48 0.42 0.45 + 0.01 0.55 0.10 0.00 0.00 0.00 unch 0.00 0.03 0.00 0.57 0.52 0.56 unch 0.00 0.86 0.50 0.44 0.00 0.43 + 0.00 0.66 0.41 0.05 0.04 0.04 - 0.01 0.08 0.01 0.00 0.00 0.00 unch 0.00 0.05 0.00 0.35 0.33 0.35 + 0.02 0.54 0.31 0.45 0.00 0.42 unch 0.00 0.73 0.40 0.19 0.19 0.19 unch 0.00 0.25 0.10 0.00 0.00 0.14 unch 0.00 0.14 0.09 0.05 0.05 0.05 unch 0.00 0.08 0.03 0.27 0.22 0.22 - 0.04 0.67 0.15 0.21 0.20 0.20 - 0.01 0.47 0.11 0.23 0.19 0.23 + 0.02 0.27 0.13 0.17 0.15 0.16 - 0.01 0.18 0.10 0.02 0.01 0.01 - 0.01 0.03 0.01 0.44 0.36 0.38 - 0.02 0.65 0.18 46.73 43.26 46.11 + 1.62 47.69 36.09 36.52 33.47 36.11 + 1.57 38.39 27.96 0.09 0.08 0.08 - 0.01 0.15 0.08 0.07 0.07 0.07 - 0.00 0.18 0.06 1.15 0.99 1.15 + 0.23 1.14 0.69 1.46 1.26 1.41 + 0.11 1.46 0.85 0.06 0.06 0.06 unch 0.00 0.13 0.04 0.07 0.05 0.06 - 0.01 0.08 0.03 0.17 0.16 0.16 unch 0.00 0.26 0.09 0.12 0.12 0.12 unch 0.00 0.21 0.09 0.02 0.02 0.02 + 0.00 0.04 0.01 0.03 0.02 0.02 unch 0.00 0.05 0.02 2.56 2.36 2.40 - 0.10 3.85 1.68

Tahoe Res* N 8634 Tahoe Res T 2266 Tajiri Res V 143 Taku Gold* O 1 Taku Gold 158 Talon Metals T 799 Tamerlane Vent* O 3 Tamino Mnrls* O 23 Tanager Energy V 120 Tango Mining V 92 V 665 Tanqueray Expl Tantalex Res 658 Tanzania Mnls V 5748 Tanzania Rlty T 35 Tanzania Rlty* X 558 Taranis Res* O 49 Taranis Res V 65 Tarku Res V 117 Tartisan Nick 40 Tartisan Nick 266 Tasca Res V 743 Taseko Mines* X 2649 Taseko Mines T 645 T 6571 Teck Res Teck Res T 7 Teck Res* N 12726 Telson Res * O 13 Telson Res V 404 Tembo Gold V 265 Teranga Gold* O 106 Teranga Gold T 2219 Teras Res* O 40 Teras Res V 390 Terraco Gold V 508 Terrax Mnrls* O 123 Terrax Mnrls V 713 Terreno Res V 35 Teslin Rvr Res V 156 Tesoro Mnrls V 12 Tethyan Res V 47 Teuton Res V 400 Teuton Res* O 23 Texas Mineral* O 52 Theia Res V 1 Themac Res V 31 Thor Expl V 33

4.95 4.69 4.87 + 0.18 9.68 3.76 6.35 6.02 6.21 + 0.16 12.98 4.75 0.12 0.12 0.12 - 0.03 0.18 0.08 0.05 0.05 0.05 unch 0.00 0.20 0.04 0.07 0.06 0.06 + 0.01 0.25 0.06 0.06 0.05 0.06 unch 0.00 0.15 0.05 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 0.09 0.09 0.09 unch 0.00 0.20 0.08 0.04 0.03 0.03 - 0.01 0.07 0.03 0.74 0.57 0.74 + 0.15 1.41 0.33 0.15 0.12 0.13 unch 0.00 0.25 0.03 0.02 0.01 0.01 unch 0.00 0.04 0.01 0.50 0.48 0.49 unch 0.00 0.79 0.31 0.40 0.37 0.38 - 0.00 0.59 0.24 0.08 0.06 0.08 + 0.01 0.11 0.03 0.08 0.08 0.08 unch 0.00 0.14 0.07 0.05 0.04 0.04 unch 0.00 0.07 0.03 0.15 0.15 0.15 unch 0.00 0.20 0.07 0.14 0.00 0.14 unch 0.00 0.16 0.11 0.08 0.07 0.07 + 0.01 0.62 0.05 1.20 1.12 1.12 - 0.03 2.46 1.00 1.53 1.44 1.45 - 0.07 2.98 1.36 34.25 31.43 33.48 + 0.30 38.89 19.27 34.10 31.52 33.64 + 0.39 38.90 20.00 26.80 24.49 26.19 + 0.43 30.80 14.56 0.65 0.56 0.56 - 0.12 0.74 0.19 0.83 0.69 0.72 - 0.12 1.00 0.28 0.03 0.03 0.03 unch 0.00 0.05 0.01 3.66 3.34 3.39 - 0.05 6.40 1.83 4.75 4.27 4.36 - 0.13 4.75 2.36 0.05 0.05 0.05 unch 0.00 0.12 0.05 0.10 0.07 0.09 + 0.01 0.17 0.07 0.10 0.08 0.10 + 0.02 0.14 0.08 0.35 0.32 0.34 - 0.00 0.59 0.30 0.45 0.40 0.43 + 0.01 0.78 0.38 0.05 0.05 0.05 - 0.01 0.18 0.03 0.47 0.42 0.43 - 0.02 0.76 0.39 0.07 0.07 0.07 unch 0.00 0.12 0.06 0.39 0.29 0.32 + 0.02 0.57 0.18 0.18 0.16 0.18 unch 0.00 0.35 0.15 0.14 0.13 0.13 - 0.01 0.26 0.12 0.19 0.18 0.19 unch 0.00 0.30 0.12 0.00 0.00 0.08 unch 0.00 0.12 0.07 0.09 0.06 0.08 - 0.01 0.10 0.03 0.19 0.00 0.17 - 0.02 0.25 0.09

T

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Thunder Mtn Gd V 5 24 Thunder Mtn Gd* O Thunderstruck V 148 Thunderstruck* O 62 Tiger Intl V 4 Till Capital V 0 Till Capital* D 7 Timberline Res* O 1441 Timberline Res V 929 Timmins Gold T 932 Timmins Gold* X 1563 Tinka Res* O 188 Tinka Res V 923 Tintina Mines V 3 Titan Mining T 13 Titanium Corp V 145 2 TMAC Resource* O TMAC Resources T 469 TNR Gold V 44 Toachi Mg Inc* O 5 Toachi Mg Inc V 974 Tolima Gold V 493 TomaGold V 604 Tombstone Expl* O 416 Tonogold Res* O 61 Torex Gold* O 133 Torex Gold T 3249 Toron, Inc* O 4730 Torq Resources* O 164 Torq Resources V 219 Tower Res* O 30 Tower Res V 171 V 130 Transatlan Mng Transition Mtl V 73 Treasury Metal T 233 Treasury Metal* O 31 Trecora Res* N 194 Trek Mining V 1496 Trek Mining* O 391 Tres-Or Res V 552 Trevali Mng* O 730 Trevali Mng T 4044 Tri Origin Exp V 853 Trident Gold V 105 Trifecta Gold* O 2 Trifecta Gold V 37 Trigen Res* O 5 Trilogy Mtls T 42 Trilogy Mtls* X 482 TriMetals Mng* O 65 TriMetals Mng* O 26 TriMetals Mng T 107 Trinity Res* O 0 Trinity Valley V 69 Trio Resources* O 230 TriStar Gold* O 100 TriStar Gold V 47 Triumph Gold V 82 Triumph Gold* O 119 Troilus Gold* O 0 Troilus Gold V 60 Troy Enrgy V 8 Troy Res* O 82 Troymet Expl V 539 True Grit Res V 106 569 True North Gem V Trueclaim Expl V 44 Tsodilo Res V 23 Tudor Gold * O 9 Tudor Gold V 63 Tundra Gold* O 0 Tungsten Corp* O 1406 Turquoise HIl* N 8732 Turquoise HIl T 2850 TVI Pacific V 719 TVI Pacific* O 2 Tyhee Gold* O 80 Typhoon Expl V 111

0.20 0.20 0.20 + 0.01 0.32 0.12 0.18 0.16 0.16 - 0.02 0.30 0.08 0.10 0.09 0.09 - 0.02 0.13 0.05 0.09 0.07 0.08 + 0.01 0.10 0.04 0.00 0.00 0.09 unch 0.00 0.15 0.08 4.75 0.00 4.75 + 0.38 5.85 3.79 4.09 0.00 3.96 - 0.10 5.45 3.30 0.15 0.08 0.09 - 0.09 0.51 0.08 0.21 0.11 0.12 - 0.11 0.69 0.11 2.72 2.40 2.63 + 0.12 7.99 2.23 2.14 1.80 2.04 + 0.09 6.06 1.70 0.38 0.34 0.36 + 0.01 0.75 0.34 0.49 0.45 0.46 + 0.01 0.87 0.45 0.00 0.00 0.08 unch 0.00 0.09 0.04 1.40 1.29 1.35 - 0.03 1.65 0.92 0.89 0.00 0.87 - 0.01 1.50 0.70 6.14 0.00 6.14 + 0.40 12.76 5.45 8.00 7.60 7.91 - 0.01 17.19 6.90 0.05 0.04 0.04 - 0.01 0.09 0.03 0.10 0.10 0.10 unch 0.00 0.35 0.10 0.14 0.13 0.13 - 0.01 0.50 0.13 0.02 0.01 0.02 + 0.01 0.06 0.01 0.07 0.06 0.06 unch 0.00 0.11 0.06 0.00 0.00 0.00 - 0.00 0.01 0.00 0.17 0.14 0.17 - 0.00 0.40 0.03 9.28 5.99 9.04 + 2.94 20.31 5.73 11.86 7.59 11.57 + 3.66 27.29 7.29 0.01 0.01 0.01 + 0.00 0.02 0.00 0.55 0.49 0.50 - 0.04 1.10 0.35 0.70 0.63 0.64 - 0.04 0.90 0.43 0.11 0.11 0.11 unch 0.00 0.24 0.08 0.15 0.13 0.13 - 0.01 0.34 0.10 0.06 0.05 0.05 - 0.01 0.30 0.04 0.18 0.16 0.18 unch 0.00 0.22 0.12 0.57 0.52 0.53 unch 0.00 0.84 0.50 0.45 0.40 0.43 + 0.01 0.65 0.30 14.10 13.05 13.75 + 0.15 14.30 10.13 1.16 1.04 1.16 + 0.05 1.57 0.88 0.90 0.81 0.90 + 0.03 1.18 0.69 0.05 0.04 0.05 - 0.01 0.07 0.03 1.02 0.91 0.99 - 0.02 1.37 0.76 1.31 1.16 1.26 - 0.04 1.75 1.03 0.04 0.03 0.03 unch 0.00 0.06 0.02 0.20 0.19 0.20 unch 0.00 0.22 0.14 0.08 0.00 0.08 - 0.00 0.20 0.07 0.11 0.10 0.10 - 0.01 0.40 0.10 0.46 0.00 0.37 + 0.31 0.46 0.04 1.60 1.32 1.50 - 0.12 2.03 0.71 1.26 1.05 1.14 - 0.13 1.64 0.53 0.18 0.15 0.17 + 0.02 0.20 0.11 0.16 0.13 0.14 + 0.01 0.20 0.09 0.20 0.18 0.20 + 0.02 0.26 0.12 0.00 0.00 0.01 unch 0.00 0.16 0.01 0.09 0.00 0.09 unch 0.00 0.18 0.08 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.19 0.16 0.17 - 0.00 0.32 0.13 0.25 0.21 0.24 + 0.01 0.41 0.18 0.37 0.32 0.36 + 0.01 0.57 0.25 0.30 0.25 0.28 + 0.02 0.46 0.20 0.00 0.00 1.48 unch 0.00 1.59 0.89 1.85 0.00 1.43 - 0.08 2.25 0.26 0.06 0.06 0.06 - 0.03 0.15 0.03 0.08 0.06 0.06 - 0.01 0.13 0.05 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.05 0.05 0.05 unch 0.00 0.07 0.02 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.13 0.12 0.12 unch 0.00 0.30 0.07 0.62 0.56 0.57 - 0.05 0.94 0.52 0.34 0.34 0.34 unch 0.00 0.71 0.31 0.43 0.40 0.43 + 0.01 0.94 0.37 0.00 0.00 1.00 unch 0.00 1.00 1.00 0.00 0.00 0.00 + 0.00 0.00 0.00 3.06 2.88 2.94 - 0.13 3.59 2.44 3.96 3.70 3.76 - 0.18 4.52 3.25 0.02 0.01 0.01 unch 0.00 0.02 0.01 0.01 0.01 0.01 + 0.00 0.02 0.00 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.08 0.08 0.08 + 0.01 0.12 0.04

U.S. Lithium* O 2396 U3O8 Corp* O 22 U3O8 Corp T 92 Ucore Rare Mtl V 430 Ucore Rare Mtl* O 420 UEX Corp T 1535

0.03 0.02 0.02 - 0.00 0.06 0.02 0.30 0.25 0.26 - 0.00 0.49 0.18 0.36 0.32 0.33 - 0.02 0.70 0.21 0.23 0.20 0.23 unch 0.00 0.32 0.18 0.18 0.15 0.18 + 0.00 0.26 0.14 0.26 0.24 0.25 + 0.01 0.41 0.15

U-V

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Ultra Lithium* O 22 Ultra Lithium V 56 Umbral Enrgy* O 31 Unigold* O 62 V 189 Unigold United Res Hdg* O 80 United Silver* O 250 United States A* X 181 United States S* N 59188 Unity Energy V 259 Unity Energy* O 5 V 247 Universal Vent Upper Canyon V 22 Ur-Energy T 265 Ur-Energy* X 1346 Uracan Res V 67 Uracan Res* O 76 Uragold Bay Rs V 1145 Uranium Energy* X 4560 Uranium Hunter* O 0 Uranium Res* D 548 Uravan Mnrls V 320 URZ Energy V 75 URZ Energy* O 58 US Cobalt * O 372 US Cobalt V 974 US Energy* D 181 US Precious M* O 374 USCorp* O 150 Vale* N 92588 ValGold Res V 995 Valley High Mg* O 964 Valterra Res V 769 Valterra Res* O 581 Vanadium One V 2653 Vanadiumcorp* O 177 Vanadiumcorp V 1229 Vangold Res* O 20 Vangold Res V 176 Vanstar Mng Rs V 512 0 Vantex Res * O Vantex Res V 35 Vatic Vent V 696 Vedanta* N 2266 Velocity Mnrls* O 29 Velocity Mnrls V 224 Vendetta Mng V 2273 Vendetta Mng* O 404 Verde Potash T 254 Verde Res* O 319 Veris Gold* O 97 Victoria Gold V 3338 Victory Nickel 144 Victory Nickel* O 5 Victory Res V 97 Victory Res* O 0 Victory Vent* O 75 Victory Vent V 254 Virginia Enrgy* O 1 Virginia Enrgy V 34 Viscount Mng V 670 637 Visible Gold M V Vision Lithium V 215 Vision Lithium* O 22 Vista Gold* X 330 Vista Gold T 9 Viva Gold V 15 Volcanic Gold V 175 Volt Energy V 7 Voltaic Min V 32 Voyageur Min* O 2 Voyageur Min V 264 VR Resources V 202 Vulcan Mnrls V 92 VVC Expl V 235

0.21 0.16 0.16 - 0.05 0.63 0.11 0.27 0.21 0.23 - 0.04 0.80 0.14 0.34 0.29 0.33 - 0.02 0.64 0.03 0.15 0.13 0.13 - 0.03 0.24 0.13 0.19 0.16 0.18 - 0.01 0.33 0.16 0.03 0.02 0.03 + 0.01 0.07 0.00 0.00 0.00 0.00 - 0.00 0.01 0.00 0.28 0.24 0.27 + 0.02 0.50 0.20 36.80 33.44 34.49 - 0.70 47.64 18.55 0.22 0.19 0.20 - 0.02 0.23 0.10 0.14 0.14 0.14 unch 0.00 0.19 0.08 0.35 0.31 0.33 - 0.01 0.50 0.31 0.29 0.24 0.26 - 0.01 0.34 0.03 0.87 0.77 0.82 + 0.05 0.98 0.62 0.68 0.59 0.67 + 0.07 0.79 0.50 0.03 0.03 0.03 unch 0.00 0.06 0.02 0.02 0.01 0.01 - 0.01 0.09 0.01 0.10 0.09 0.10 unch 0.00 0.21 0.08 1.44 1.26 1.39 + 0.08 2.00 0.96 0.00 0.00 1.39 unch 0.00 3.00 0.94 0.60 0.51 0.54 - 0.03 2.18 0.51 0.05 0.04 0.05 + 0.01 0.10 0.04 0.45 0.00 0.45 + 0.10 0.79 0.20 0.30 0.24 0.30 + 0.04 0.51 0.24 0.92 0.77 0.78 - 0.12 1.04 0.36 1.19 0.98 1.01 - 0.16 1.34 0.45 1.21 1.05 1.13 - 0.10 1.96 0.60 0.00 0.00 0.00 - 0.00 0.01 0.00 0.01 0.01 0.01 unch 0.00 0.02 0.00 13.12 12.35 12.66 - 0.06 14.67 7.47 0.07 0.07 0.07 - 0.01 0.09 0.03 0.01 0.01 0.01 + 0.00 0.04 0.00 0.03 0.03 0.03 unch 0.00 0.06 0.02 0.03 0.02 0.03 unch 0.00 0.05 0.01 0.08 0.04 0.06 unch 0.00 0.17 0.04 0.13 0.08 0.08 - 0.01 0.14 0.04 0.12 0.09 0.09 - 0.02 0.18 0.06 0.09 0.00 0.09 + 0.00 1.38 0.05 0.15 0.10 0.14 + 0.03 0.25 0.06 0.09 0.08 0.09 unch 0.00 0.12 0.06 0.00 0.00 0.07 unch 0.00 0.16 0.04 0.07 0.07 0.07 unch 0.00 0.24 0.05 0.06 0.06 0.06 unch 0.00 0.09 0.04 18.15 16.78 17.36 - 0.21 21.99 13.78 0.16 0.15 0.15 - 0.01 0.35 0.12 0.20 0.18 0.18 - 0.02 0.47 0.15 0.21 0.20 0.20 - 0.02 0.35 0.19 0.17 0.15 0.16 - 0.01 0.27 0.14 0.90 0.73 0.78 unch 0.00 1.77 0.39 0.01 0.01 0.01 unch 0.00 0.20 0.01 0.00 0.00 0.00 - 0.00 0.02 0.00 0.37 0.31 0.32 - 0.04 0.74 0.31 0.06 0.00 0.06 - 0.01 0.07 0.03 0.04 0.04 0.04 unch 0.00 0.06 0.00 0.46 0.36 0.38 + 0.02 0.65 0.13 0.19 0.19 0.19 unch 0.00 0.50 0.13 0.14 0.11 0.13 - 0.01 0.24 0.06 0.18 0.12 0.17 - 0.02 0.36 0.06 0.07 0.07 0.07 unch 0.00 0.15 0.04 0.10 0.09 0.09 - 0.01 0.23 0.07 0.34 0.31 0.34 + 0.02 0.40 0.22 0.12 0.00 0.11 - 0.02 0.25 0.09 0.52 0.44 0.52 + 0.03 0.79 0.18 0.37 0.35 0.35 - 0.01 0.62 0.34 0.74 0.70 0.72 - 0.01 1.11 0.60 0.95 0.90 0.90 - 0.04 1.46 0.77 0.25 0.25 0.25 unch 0.00 0.69 0.25 0.23 0.18 0.23 + 0.03 0.65 0.18 0.33 0.00 0.28 - 0.05 0.96 0.20 0.20 0.19 0.20 - 0.01 1.25 0.18 0.07 0.07 0.07 + 0.00 0.08 0.06 0.09 0.05 0.09 unch 0.00 0.15 0.04 0.28 0.25 0.27 + 0.02 0.41 0.21 0.05 0.05 0.05 - 0.01 0.08 0.04 0.04 0.03 0.03 - 0.01 0.07 0.02

Walker Lane* O 0 Walker River* O 16 Walker River V 526 Wallbridge Mng T 4373 War Eagle Mg V 903 Waseco Res V 102 Wealth Mnrls V 753 Wealth Mnrls* O 337 Wescan Gldflds V 5

0.00 0.00 0.10 unch 0.00 0.20 0.10 0.03 0.03 0.03 unch 0.00 0.08 0.06 0.06 0.05 0.05 - 0.01 0.17 0.05 0.09 0.06 0.08 + 0.02 0.15 0.06 0.20 0.16 0.16 - 0.02 0.22 0.04 0.05 0.05 0.05 unch 0.00 0.08 0.04 1.64 1.45 1.59 - 0.03 2.34 1.16 1.29 1.13 1.26 + 0.01 1.85 0.91 0.07 0.00 0.07 unch 0.00 0.12 0.05

W-Z

(100s) Stock

Week

23

12-month

Exc Volume High Low Last Change High Low

Wesdome Gold* O 91 Wesdome Gold T 3055 West Af Res V 63 West High Yld V 66 West Kirkland V 1394 West Kirkland * O 86 West Red Lake 724 West Red Lake* O 183 Westcot Vent V 4 Western Areas* O 9 Western Copper T 213 Western Copper* X 517 Western Pac Rs V 33 Western Pac Rs* O 10 Western Potash T 48 Western Res* O 7 Western Troy C* O 100 Western Troy C V 29 Western Uran 71 Western Uran* O 127 Westhaven Vent V 167 O 656 Westkam Gold* Westkam Gold V 2435 Westminster Rs V 38 Westmoreland* D 13381 WestMountain* O 0 Whistler Gold V 1 White Gold V 85 White Gold* O 40 White Metal R* O 8 White Metal Rs V 179 39 White Mtn Engy* O Whitehaven Coa* O 73 Whitemud Res V 79 O 1 Wincash Apolo* Winston Gold 308 Winston Gold* O 346 Wolfden Res* O 1608 Wolfden Res V 3260 Wolfeye Res V 253 Wolverine Mnls* O 0 V 155 Wolverine Mnls Worldwide Res V 151 WPC Res* O 50 WPC Res V 405 X-Terra Res* O 27 X-Terra Res V 71 Xander Res V 780 Xiana Mng V 38 Xiana Mng* O 0 Ximen Mng V 101 XLI Tech Inc* O 209 Xmet Inc* O 11 Xtierra V 219 Xtra-Gold Res T 104 Xtra-Gold Res* O 10 Yamana Gold T 8400 Yamana Gold* N 53511 Yellowhead Mng* O 0 V 3 Yellowhead Mng Yorbeau Res T 712 You Han Data* O 0 Zadar Vent * O 237 Zadar Vent V 651 Zara Res* O 1 Zara Res 1 Zena Mng V 3 Zenyatta Vent* O 3 Zenyatta Vent V 99 Zephyr Mnls* O 17 Zephyr Mnls V 125 Zimtu Capital V 49 Zinc One Res V 2341 Zinc One Res * O 1723 Zincore Mtls V 1070 Zincore Mtls* O 1 Zonte Mtls V 253

1.76 1.48 1.57 + 0.03 2.94 0.00 2.05 1.95 2.01 + 0.05 3.93 1.64 0.40 0.37 0.37 - 0.02 0.50 0.23 0.40 0.34 0.35 unch 0.00 3.80 0.24 0.07 0.06 0.06 unch 0.00 0.09 0.06 0.05 0.04 0.05 - 0.00 0.07 0.04 0.11 0.09 0.11 + 0.02 0.25 0.08 0.09 0.07 0.08 + 0.01 0.20 0.06 0.72 0.72 0.72 unch 0.00 1.09 0.04 2.63 2.42 2.63 + 0.15 2.74 1.57 1.02 0.92 0.98 - 0.04 1.79 0.92 0.80 0.71 0.77 - 0.02 1.44 0.71 0.03 0.03 0.03 unch 0.00 0.03 0.01 0.02 0.01 0.01 - 0.01 0.03 0.01 0.41 0.39 0.40 unch 0.00 0.92 0.37 0.32 0.00 0.30 - 0.02 0.47 0.29 0.02 0.02 0.02 unch 0.00 0.03 0.02 0.04 0.03 0.04 unch 0.00 0.06 0.02 0.82 0.00 0.82 + 0.04 1.89 0.54 0.65 0.52 0.64 + 0.04 1.44 0.44 0.15 0.12 0.14 + 0.02 0.17 0.07 0.03 0.01 0.02 - 0.01 0.04 0.01 0.03 0.03 0.03 - 0.01 0.05 0.01 0.14 0.13 0.14 + 0.01 0.38 0.13 0.48 0.20 0.34 - 0.07 15.28 0.20 0.00 0.00 3.30 unch 0.00 17.50 1.15 0.00 0.00 0.08 unch 0.00 0.08 0.03 0.93 0.90 0.91 + 0.01 2.34 0.65 0.73 0.57 0.72 + 0.01 0.73 0.66 0.09 0.09 0.09 unch 0.00 0.17 0.05 0.10 0.08 0.09 - 0.01 0.24 0.03 0.00 0.00 0.00 unch 0.00 0.01 0.00 3.37 3.32 3.37 unch 0.00 3.95 1.83 0.02 0.01 0.01 - 0.01 0.02 0.01 0.01 0.01 0.01 - 0.01 0.21 0.01 0.06 0.05 0.06 - 0.01 0.08 0.03 0.05 0.04 0.05 unch 0.00 0.06 0.02 0.31 0.23 0.28 - 0.01 0.56 0.10 0.39 0.30 0.35 - 0.01 0.68 0.11 1.19 1.00 1.13 - 0.02 1.64 0.49 0.09 0.09 0.09 unch 0.00 0.12 0.06 0.09 0.09 0.09 - 0.01 0.17 0.05 0.03 0.00 0.03 unch 0.00 0.09 0.01 0.03 0.03 0.03 unch 0.00 0.05 0.02 0.04 0.04 0.04 unch 0.00 0.07 0.04 0.14 0.14 0.14 unch 0.00 0.28 0.13 0.19 0.16 0.19 + 0.03 0.39 0.13 0.19 0.19 0.19 unch 0.00 0.42 0.15 0.66 0.59 0.66 + 0.02 0.66 0.08 0.00 0.00 0.36 unch 0.00 0.48 0.06 0.22 0.19 0.22 + 0.02 0.40 0.13 0.01 0.01 0.01 + 0.00 0.04 0.00 0.01 0.00 0.01 + 0.00 0.01 0.00 0.05 0.04 0.04 - 0.01 0.08 0.02 0.25 0.00 0.23 - 0.01 0.36 0.17 0.17 0.17 0.17 unch 0.00 0.27 0.11 3.70 3.34 3.54 - 0.02 4.69 2.84 2.86 2.60 2.76 unch 0.00 3.80 2.21 0.36 0.36 0.36 unch 0.00 0.50 0.31 0.39 0.00 0.39 unch 0.00 1.08 0.37 0.04 0.04 0.04 + 0.01 0.10 0.04 0.00 0.00 1.10 unch 0.00 2.00 1.00 0.05 0.04 0.04 + 0.00 0.09 0.04 0.07 0.06 0.06 - 0.01 0.13 0.06 0.08 0.00 0.08 - 0.04 0.17 0.08 0.00 0.00 0.15 unch 0.00 0.24 0.08 0.09 0.09 0.09 unch 0.00 0.18 0.07 0.53 0.47 0.47 - 0.07 0.93 0.45 0.66 0.59 0.59 - 0.09 1.29 0.52 0.21 0.19 0.21 + 0.02 0.28 0.15 0.28 0.26 0.28 + 0.03 0.36 0.18 0.40 0.35 0.37 - 0.01 0.40 0.20 0.38 0.26 0.27 - 0.10 0.73 0.28 0.30 0.20 0.21 - 0.07 0.55 0.01 0.13 0.05 0.07 - 0.05 0.35 0.05 0.04 0.04 0.04 - 0.04 0.25 0.04 0.23 0.19 0.22 + 0.03 0.49 0.12

BID-ASK — APRIL 2–6, 2018 African Metals Alba Minerals Alderon Iron* Allante Potash ALQ Gold Altan Nev Mnls Alturas Mnrls Amador Gold Amanta Res Anconia Res Angus Ventures Arch Coal* Argentum Silvr Arian Res Asian Minl Res Astur Gold Atlatsa Res* Atom Energy Aurelius Min Austin Res Balto Res Banro Corp* Batero Gold Bearclaw Cap Bell Copper Belvedere Res Bethpage Cap BHK Mining Black Bull Res Boss Power Brunswick Res Bullion Gld Res Bullman Mnls Cairo Res Canada Coal Canadian Mng Canex Energy Canoe Mng Vent Canstar Res Cassius Vents Centurion Mnls Chinapintza Mg Cliffs Nat Res* Clydesdale Res CNRP Mng Comet Inds Cresval Cap Crystal Explor Curlew Lke Res Cyprium Mng Dawson Gold Diamond Fields Discovery Harb EastCoal Inc Eastern Zinc Eureka Res European Metal EVI Global Grp Excalibur Res Fieldex Expl Finore Mng Fire River Gol Firestone Vent Four Nines Frontline Gold Gem Intl Res Genius Props Gentor Res GFM Res Global Cobalt Global Cop Grp

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

20-23_APR16_StockTables.indd 23

0.06 0.09 0.06 0.15 0.16 0.16 0.28 ... 0.40 0.14 0.52 0.11 0.50 0.11 0.11 0.25 0.29 0.22 0.45 0.02 0.03 0.02 0.03 0.03 0.03 0.04 0.06 0.17 0.19 0.19 0.39 0.01 0.02 0.01 0.02 0.02 0.02 0.04 0.30 0.44 0.38 0.50 ... ... 0.58 0.17 0.20 0.20 0.41 0.01 0.02 0.01 0.01 0.02 0.02 0.05 0.06 0.08 0.08 0.10 ... ... 0.06 0.45 0.29 0.32 0.29 0.45 0.13 0.14 0.14 0.15 0.02 0.03 0.03 0.04 0.16 0.20 0.20 0.38 0.11 0.11 0.11 2.10 0.08 0.08 0.08 0.12 0.04 0.05 0.04 0.06 0.17 0.20 0.20 0.22 0.23 0.26 0.26 0.32 0.03 0.10 0.10 0.14 0.02 0.02 0.02 0.03 0.10 0.18 0.10 0.15 0.17 0.20 0.17 0.03 0.04 0.03 0.05 0.34 0.40 0.40 0.47 0.06 0.10 0.06 0.10 0.36 0.60 0.36 0.44 0.08 0.12 0.12 0.12 0.31 0.33 0.33 0.79 0.22 0.27 0.22 0.42 0.14 0.16 0.14 0.25 0.06 0.07 0.06 0.13 0.04 0.06 0.04 0.07 0.03 0.03 0.03 0.08 0.01 0.05 0.01 0.02 1.45 3.20 1.43 7.17 0.06 0.12 0.07 0.15 0.71 0.76 0.76 8.00 2.50 3.05 3.10 3.20 0.04 0.05 0.05 0.06 0.08 0.08 0.08 0.13 1.25 1.38 1.38 1.49 0.03 0.03 0.03 0.15 0.34 0.30 0.30 0.10 0.11 0.09 0.20 0.06 0.07 0.06 0.10 0.12 0.18 0.12 0.30 0.25 0.56 0.26 0.46 0.03 0.03 0.03 0.10 ... 0.01 0.01 0.30 0.35 0.35 0.43 0.09 0.10 0.10 0.11 0.18 0.19 0.19 0.21 0.12 0.12 0.11 0.36 0.03 0.07 0.09 0.12 0.13 0.13 0.19 0.09 0.16 0.16 0.16 0.01 0.02 0.02 0.03 0.01 0.02 0.02 0.07 0.15 0.16 0.16 0.25 0.04 0.14 0.08 0.20 0.08 0.10 0.10 0.10 0.02 0.02 0.02 0.07 0.08 0.08 0.11

0.04 0.12 0.05 0.05 0.01 0.02 0.13 0.01 0.35 0.17 0.02 0.01 0.06 0.05 0.03 0.01 0.02 0.10 0.08 0.03 0.03 0.05 0.07 0.02 0.06 0.02 0.08 0.06 0.21 0.04 0.10 0.18 0.04 0.04 0.03 0.03 0.01 0.98 0.04 0.18 2.50 0.04 0.05 0.10 0.30 0.08 0.05 0.07 0.15 0.02 0.02 0.01 0.12 0.17 0.03 0.08 0.01 0.01 0.12 0.07 0.01 0.04

C God’s Lake Res Goldbelt Emp V V Golden Harp Goldex Res V GoldTrain Res C Granite Ck Gld V Great Lakes Gr V Greatbanks Res V Greenshield Ex V Grenville Gold V Grosvenor Res V Halio Energy V Hawkeye Gld&Di V HFX Holding V Highbury Proj V Highvista Gold V Icon Explor V IGC Res V Infinite Lith V Inform Res V Inomin Mines V Interconnect V Intl Battery C Intl Bethl Mng V Iron South Mng V Jazz Res V Jiulian Res V Jubilee Gold V Kenna Res V Lamelee Iron V Le Mare Gold V Leo Res C Lincoln Mng V Lithion Energy V Logan Res V Lovitt Res V Lund Enterpr V Madeira Mrnls V MAG Silver* X Malbex Res V Martina Mnls V Matachewan Con V Match Capital V Mega Copper V Megastar Dev V Mesa Expl V Metalore Res V Metron Capital V Micrex Dev V Midasco Cap V Midnight Star C MillenMin Vent V Millstream Min V Milner Con Slv V Minecorp Egy V Mineral Hill V Minsud Res V Moag Copper C Montana Gold C Mukuba Res V MX Gold V Napier Vent V Nebu Res V New Dimen Res V New Klondike V New Oroperu V New Point Expl C North Am Ptash V NQ Explor V Nrthn Lion V NSGold V

0.22 ... 0.35 0.35 0.02 0.03 0.02 0.05 0.07 0.11 0.11 0.15 2.41 2.60 2.56 2.56 0.08 0.37 0.08 0.19 0.09 0.12 0.09 0.17 0.05 0.05 0.05 0.09 0.03 0.05 0.03 0.09 0.15 0.15 0.15 0.08 0.10 0.08 0.14 0.17 0.27 0.17 0.21 0.15 0.18 0.18 1.10 0.07 0.08 0.07 0.12 0.07 0.15 0.07 0.12 0.22 0.35 0.25 0.35 ... 0.16 0.17 0.46 0.46 0.41 0.84 0.02 0.03 0.02 0.25 0.26 0.29 0.28 0.32 0.16 0.24 0.16 0.39 0.12 0.13 0.12 0.20 0.07 0.28 0.08 0.09 ... ... 0.31 0.40 0.09 0.10 0.10 0.17 0.24 0.27 0.24 0.28 0.08 0.11 0.08 0.09 0.05 0.09 0.05 0.06 0.41 0.54 0.55 0.73 0.13 0.16 0.15 0.42 0.48 0.48 0.48 0.17 0.17 0.17 3.80 1.06 1.09 1.09 1.32 0.03 0.04 0.03 0.07 ... ... 0.10 0.10 0.06 0.06 0.06 0.10 0.04 0.08 0.08 0.10 0.14 0.16 0.15 0.24 0.04 0.14 0.04 0.05 12.52 13.30 12.52 14.40 0.38 0.40 0.39 0.40 0.04 0.06 0.04 0.07 0.24 0.29 0.24 0.34 0.01 0.04 0.04 0.17 0.26 0.17 0.17 0.07 0.09 0.08 0.10 0.04 0.05 0.05 0.09 1.75 2.50 2.00 4.45 0.07 0.08 0.07 0.08 0.02 0.02 0.01 0.03 0.08 0.14 0.08 0.11 0.20 ... 0.20 0.25 0.05 0.07 0.05 0.04 0.06 0.04 0.06 0.12 0.07 0.09 ... ... 0.12 0.20 0.20 0.25 0.23 0.34 0.07 0.21 0.10 0.16 ... ... 0.08 0.09 0.10 0.10 0.10 0.23 0.23 0.23 0.25 0.11 0.11 0.11 0.22 0.45 0.47 0.45 0.54 0.04 0.04 0.04 0.05 0.06 0.06 0.06 0.16 0.01 0.01 0.01 0.30 0.44 0.45 0.65 0.30 0.33 0.30 0.35 0.05 0.08 0.04 0.01 0.01 0.01 0.02 0.34 0.68 0.48 0.67 0.10 0.11 0.10 0.15

0.04 0.01 0.01 0.44 0.06 0.08 0.03 0.05 0.08 0.16 0.15 0.05 0.04 0.22 0.03 0.05 0.12 0.07 0.02 0.05 0.22 0.03 0.04 0.06 0.02 0.35 0.15 0.17 0.55 0.03 0.05 0.04 0.02 0.09 0.02 6.12 0.30 0.02 0.21 0.16 0.03 0.04 2.00 0.05 0.01 0.05 0.08 0.04 0.07 0.17 0.06 0.02 0.06 0.08 0.33 0.01 0.04 0.28 0.11 0.01 0.31 0.02

Oriental Non F Orofino Mnrls Pac Arc Res Pac Cascade Pac Topaz Paget Mrnls Parana Copper Patriot Gold Pedro Res Philippine Mtl Phoenix Gold Phoenix Metals Plata Latina Prime Meridian Prism Res Quantum Cobalt Quartz Mtn Res Randsburg Intl Rare Element* Razore Rock Res Red Tiger Mng Redzone Res Reliant Gold Rhyolite Res Ridgestone M’g Riley Resource Rio Silver River Wild Exp Rockland Mnls Rojo Res Romulus Res Royal Sapphire Rubicon Mnrls* Scavo Res Sennen Potash SGX Res Silver Phoenix Starr Peak Exp Stockport Expl Stone Ridge Ex Talmora Diamd Tanager Energy Tartisan Nick Tearlach Res Telferscot Res Tembo Gold Tesoro Mnrls Theia Res Tiger Intl Tiller Res Tintina Mines Tri-River Vent Trident Gold UC Res United Lithium Vale* Valencia Vent Vanadium One Vantex Res Vela Minerals Venerable Vent Viva Gold Wabi Explor Westcot Vent Western Troy C Westridge Res Whistler Gold Winston Res Zena Mng Zinco Mng

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

0.70 ... 1.05 1.05 0.14 0.19 0.14 0.19 0.53 0.75 0.70 0.82 0.01 0.02 0.01 0.12 0.15 0.13 0.18 0.03 0.07 0.03 0.08 0.35 0.45 0.35 0.36 0.08 ... 0.10 0.15 0.22 0.25 0.24 0.78 0.08 0.09 0.08 0.16 ... 0.01 0.01 0.19 0.20 0.21 0.03 0.04 0.04 0.05 0.12 0.15 0.14 0.09 0.10 0.08 0.21 ... ... 1.10 3.15 0.78 0.90 0.90 1.50 0.01 0.02 0.02 0.02 0.11 0.16 0.15 0.89 0.20 0.25 0.20 0.90 0.02 0.03 0.03 0.04 0.25 0.29 0.29 0.75 0.03 0.04 0.03 0.03 0.20 0.29 0.20 0.40 0.47 0.55 0.48 0.48 0.11 0.75 0.11 0.20 0.04 0.05 0.05 0.09 0.20 0.50 0.20 0.22 0.07 0.08 0.08 0.11 0.40 0.49 0.40 0.50 0.15 0.23 0.19 0.20 0.16 0.22 0.20 1.40 ... ... 0.03 1.35 0.36 0.57 0.36 0.54 0.45 0.55 0.45 1.00 0.02 0.02 0.02 0.07 0.19 0.07 0.24 0.13 0.15 0.13 0.19 0.02 0.03 0.03 0.03 0.30 0.33 0.30 0.60 0.02 0.05 0.05 0.05 0.08 0.10 0.09 0.20 ... ... 0.15 0.20 0.08 0.15 0.08 0.05 0.06 0.06 0.12 0.03 0.04 0.03 0.05 0.07 0.08 0.07 0.12 0.07 0.08 0.08 0.12 0.09 0.18 0.09 0.15 0.37 0.44 0.37 0.65 0.06 0.10 0.08 0.09 0.04 0.12 0.04 0.18 0.20 0.20 0.22 0.01 0.02 0.02 0.03 0.57 1.35 0.56 0.56 ... ... 10.24 11.10 0.21 0.22 0.22 0.30 0.13 0.15 0.13 0.07 0.08 0.07 0.24 0.20 0.24 0.23 0.54 0.10 0.14 0.10 0.18 0.21 0.30 0.25 0.69 0.08 0.09 0.09 0.09 0.66 0.72 0.72 1.09 0.03 0.04 0.04 0.06 0.59 0.59 0.60 0.80 0.08 0.15 0.08 0.08 0.56 0.58 0.56 0.81 0.09 0.15 0.09 0.18 0.05 0.07 0.05

0.72 0.06 0.09 0.10 0.03 0.09 0.09 0.13 0.05 0.03 0.08 0.20 0.55 0.01 0.06 0.09 0.02 0.10 0.03 0.17 0.47 0.11 0.04 0.02 0.01 0.23 0.13 0.06 0.03 0.26 0.30 0.05 0.08 0.02 0.06 0.01 0.08 0.07 0.01 0.01 0.06 0.07 0.08 0.19 0.04 0.14 0.01 0.40 6.57 0.13 0.05 0.18 0.09 0.25 0.05 0.04 0.02 0.29 0.03 0.55 0.07

2018-04-10 6:06 PM


24_APR16_BackCover.indd 24

2018-04-09 10:24 AM

Profile for The Northern Miner Group

The Northern Miner April 16 2018 Issue  

The Northern Miner is the world’s leading mining publication, delivering insightful news and detailed articles about the worldwide explorati...

The Northern Miner April 16 2018 Issue  

The Northern Miner is the world’s leading mining publication, delivering insightful news and detailed articles about the worldwide explorati...