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OROPLATA RESOURCES

Looks to capitalize on lithium demand in Nevada / 3

COMMENTARY

SEC modernizing archaic disclosure rules / 4

ASANKO GOLD

Responds to critical K2 report / 5

AUGUST 1–7, 2016 / VOL. 102 ISSUE 25 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Goldcorp VP Bergeron talks plans for Coffee SITE VISIT  

| Gold major acquires Kaminak Gold in Yukon

Colombian Mines’ Nevada acquisition sends shares soaring GOLD  

| Historic drill highlights include 6 metres at 33.49 grams gold per tonne BY TRISH SAYWELL tsaywell@northernminer.com

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Goldcorp’s executive vice-president of corporate affairs and sustainability, Brent Bergeron, at the Coffee gold project’s work camp in the Yukon. PHOTO BY MATTHEW KEEVIL

BY MATTHEW KEEVIL mkeevil@northernminer.com DAWSON CITY, YUKON

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t’s an exciting time in Canada’s Yukon Territory. On July 20, Goldcorp (TSX: G; NYSE: GG) completed its acquisition of explorer Kaminak Gold and its multimillion-ounce Coffee gold project, 130 km south of Dawson City along the western bank of the Yukon River. The entrance of a senior gold producer anywhere in Canada is always big news in mining circles, but it’s even bigger in a territory that’s yet to host a major hard-rock gold mining camp. In July as part of a media tour, The Northern Miner flew by helicopter into the historic Coffee camp, which was abuzz following a vote from Kaminak shareholders that saw 99% support for the acquisition. Even the geological staff, busy with a drill program at the site, seemed happy at the news. The acquisition is a $520-million, all-share transaction and represents a 3% dilution for Goldcorp shareholders. Helicopters hovered overhead as the media tour pulled into camp

“WE HAVE AN OPPORTUNITY TO INVEST ALL OVER THE WORLD, AND I SEE THIS AS A GREAT JURISDICTION.” BRENT BERGERON EXECUTIVE VP OF CORPORATE AFFAIRS, GOLDCORP

to meet Goldcorp’s executive vicepresident of corporate affairs and sustainability, Brent Bergeron. “One of the main benefits for Goldcorp was the way this project was developed by the Kaminak team, which really spiked our interest,” Bergeron said during a presentation, commenting that it was not only with respect to technical aspects of the project, but also on the consultative and social side. “We have an opportunity to invest all over the world, and I see this as a great jurisdiction, with a lot of support from government and local communities,” he said. “I like investing dollars where there is consistency and transparency.” Coffee’s potential as a heap-leach gold mine for oxide reserves has been established. The structurally hosted hydrothermal gold deposit has good grades, with probable reserves totalling 46 million tonnes

grading 1.45 grams gold per tonne for 2.2 million contained oz. gold. Previous heap-leach metallurgical studies indicate 86% life-of-mine gold recoveries. In early 2016, Kaminak tabled a feasibility study for Coffee that would require $317 million in preproduction capital to develop an operation that would crank out 193,000 oz. annually over a 10-year mine life at all-in sustaining costs of US$550 per oz. gold. Assuming a US$1,150 per oz. gold price and a US78¢ Canadian dollar, the project generates a $455-million, after-tax net present value at a 5% discount rate and a 37% internal rate of return. Annual after-tax free cash flow is an estimated $93 million. “When we take a look at our operating model, we’re going through some changes in terms of our plans. We’re probably looking [company-

wide] at having six to eight largescale industrial complexes, with an aggregate production rate of between 3 to 4 million oz. gold per year,” Bergeron says. “We’re constantly reviewing our portfolio to divest any assets that don’t fit, and looking at assets like Coffee that are consistent with our strategy of partnering with junior mining companies to identify developing districts with exploration potential,” he says. During a helicopter flight to the top of Coffee’s Supremo deposit, Bergeron discussed Goldcorp’s near-term plans for the project. Kaminak had pitched a more modest development plan to reflect the recent downturn in the gold market, but had hoped to produce first gold by 2019, which would have necessitated major permitting this year. Kaminak’s feasibility study had only involved 44% of Coffee’s global in-situ gold ounces of 63.7 million indicated tonnes at 1.45 grams gold per tonne for 3 million contained oz. gold, with much of it open at depth. Most of the gold outside the mine

obert Carrington has spent a good part of his career in Nevada and has helped find a number of deposits that became producing mines, including Twin Creek, now owned by Newmont Mining (NYSE: NEM), and the Lucerne and Billie the Kid deposits, owned by Comstock Mining (NYSE-MKT: LODE). The geologist also happens to be a fourth-generation Nevadan. His family has been involved in mining for many more generations than that and his degree, not surprisSee COLOMBIAN / 13 PM40069240

See GOLDCORP / 2

KLONDIKE GOLD: PULLS UP NICE RESULTS NEAR DAWSON CITY / 16

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2016-07-26 8:23 PM


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AUGUST 1–7, 2016 / THE NORTHERN MINER

Flying into Goldcorp’s Coffee gold camp, 130 km south of Dawson City, Yukon.

  PHOTO BY MATTHEW KEEVIL

Goldcorp VP Bergeron talks plans for Coffee GOLDCORP From 1

plan, however, is hosted in littleexplored sulphide or transitional material. “Having a large company like us come in and work with the technical team really decreases the risk involved in building and developing the project,” Bergeron said as we walked along one of the many trenches that mark the extensive Coffee orebodies. “We offer the financial strength and flexibility to develop the project and unlock significant resource potential across the property. That’s part of what we want to do over the short- and long-term.” Kaminak’s surveying generated many gold-in-soil anomaly targets. The regional Dawson Range avoided glaciation during the last ice age, so glacial erosion and deposition of till, or outwash sediments, did not occur. Such undisturbed surface material has led to a 90% success rate in underlying bedrock drilling. Flying around Coffee, work camps are spotted at the 185 sq. km Boulevard gold project next door, which is held by Independence Gold (TSXV: IGO). Goldcorp picked up a 19.9% position in the junior in June, which again speaks to the major's view of the region as a district-scale play.

IN JUNE, GOLDCORP WAS REPORTEDLY IN WHITEHORSE TO BEGIN CONVERSATIONS WITH THE YUKON GOVERNMENT ON ITS REGULATORY PROCESS. “There are quite a few projects that are adjacent to Coffee, and we’re always looking at possibilities that will allow us to build a camp and be here for the long-term,” Bergeron said. “We’re definitely watching junior explorers, and when it’s appropriate we will make those investments and work with them to develop opportunities. We want to make sure that we’re moving [promising projects] forward.” While Goldcorp appears committed to developing a mining camp at Coffee, Kaminak’s development schedule is unclear. Will the project still hit production by 2019? During a conversation in the well-stocked core shack, Bergeron said the plan seems “aggressive,” but complimented the

ONTARIO GOLD EXPLORATION: $30K-$500K+, S.W. of Timmins on Porcupine Swayze fault beside past producing mines. Own/explore 10/15 nearly contiguous sq. m. staked near 3 past mines (with min. $4k-$90K budget/yr.) Areas selected from aerial survey data (’84 $4m. 108 sq. m.): samples (1.5 – 16g, Au); $1m. new work; favourable fault (same angle as mine-cost $50k, min $20k/yr. explor. budget, 4 sq. m.-); & contiguous or close proximity to mines. Recently open for staking. Much ongoing exploration in immediate area. New mine being readied for gold production and mill to service area in development on adjoining property. Usable roads; rail accessible. (Coinvest / diversified junior ?) Call 416-733-2696 or email: andrew_gravely@yahoo.com S.V.P.

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Many older buildings at the Coffee camp are reminders of the Yukon’s gold mining history.   PHOTO BY MATTHEW KEEVIL

Kaminak team for “great work” in pursuing permits. “We’ll pursue quartz mining and water permits simultaneously … companies have done it separately in the Yukon, which probably puts you in the position of five years for permitting,” Bergeron said of Goldcorp's recent discussions with the Yukon government. “The process is set up for the same time, however, and this gives you the ability to cut down your time line … investing in a lot of the work up front will help us pursue an aggressive permitting strategy. We do not want to delay the project, but we want to make sure we’re starting off on the right foot with government and First Nations.” Goldcorp shares have traded in a 52-week range of $13.55 to $26.56, and last closed at $23.73. The company has 10 mines in the Americas and expects to produce up to 3 million oz. gold this year. It has 832.3 million shares outstanding for an $18.7-billion market capitalization. TNM

An outcrop at Goldcorp’s Coffee gold project in the Yukon. 

PHOTO BY MATTHEW KEEVIL

2016-07-26 8:23 PM


GLOBAL MINING NEWS

THE NORTHERN MINER / AUGUST 1–7, 2016

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Oroplata picks up lithium brine project in Western Nevada Basin TECHNOLOGY METALS  

| Lithium a breath of fresh air for veteran mineral hunter Craig Alford

A rendering of Faraday Future’s planned US$1-billion electric car plant that is under construction in North Las Vegas, Nevada.   FARADAY FUTURE Oroplata Resources’ lithium property in central Nevada’s Railroad Valley.   OROPLATA RESOURCES BY TRISH SAYWELL

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tsaywell@northernminer.com

hinese billionaire Jia Yueting dresses like Steve Jobs and thinks like Elon Musk. The Beijing-based entrepreneur, who made his money initially in online video streaming and wireless telecoms, is confident that a California-based company he backs called Faraday Future will produce its first electric car as early as 2018 from a US$1-billion factory it is building in North Las Vegas. Faraday’s planned 3-millionsquare-foot manufacturing facility is not far from where Tesla is putting the finishing touches on its massive Gigafactory, outside Reno, Nev., which will make lithium-ion batteries for the 500,000 electric vehicles the carmaker plans to churn out annually later this decade. In January, Faraday unveiled its latest concept car at the Consumer Electronics Show in Las Vegas. The sleek, single-occupant FFZero1 looks like a cross between a Batmobile and Chevrolet’s third-generation Corvette. “Faraday has fairly ambitious plans,” Craig Alford, president and CEO of Oroplata Resources (USOTC: ORRP) tells The Northern Miner. “Apart from the plant north of Las Vegas, they seem to be planning another car plant north of San Francisco.” That suits Alford and his management team at Oroplata Resources just fine. Last month the junior acquired a lithium brine project in southwestern Nevada, 257 km from Las Vegas and 362 km from Reno, that is about equidistant from Tesla’s Gigafactory and Faraday’s proposed manufacturing plant. “I see the electric vehicle as the real catalyst that will drive demand for lithium,” Alford says in a telephone interview from his home in Thunder Bay. “The upcoming demand for lithium for electric vehicles is unserviceable from current lithium production worldwide.” “Just imagine if the electric vehicle market starts to take up 10% to 25% of the total vehicle market,” he muses. “This is why lithium production has to come online, and fast … a 1% penetration by electric vehicles into the gasoline vehicle market translates to 70,000 tonnes of lithium.” Alford says the Western Nevada Basin (WNB) project is situated to provide lithium to the electric vehicle market. The project, 151 km northeast of Tonopah, is in central Nevada’s Railroad Valley, a desert basin in the state that stretches 130 km long from north to south, and up to 32 km wide. The project covers the southcentral portion of an area that the

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United States Geological Survey (USGS) first identified as “lithium rich” in the 1970s, and which Alford says “could rival the Clayton Valley.” Clayton Valley is home to Albemarle’s (NYSE: ALB) Silver Peak lithium brine mine, the only producing lithium mine in the U.S., and Pure Energy Minerals’ (TSXV: PE) Clayton Valley South lithium brine project. Oroplata says WNB could host lithium-bearing brines in aquifers beneath the valley floor. The surrounding country rock are Tertiaryage volcanics — good source rocks for lithium — and the basin is sizeable, with coincident geochemical and geophysical anomalies. Alford notes that Railroad Valley is one of the longest topographically closed drainage basins in Nevada and is as big as the Salinas Grandes, an enormous salt flat in centralnorthern Argentina’s Salta and Jujuy provinces, 70 km southeast of Orocobre’s (TSX: ORL) flagship Olaroz project.

“THE UPCOMING DEMAND FOR LITHIUM FOR ELECTRIC VEHICLES IS UNSERVICEABLE FROM CURRENT LITHIUM PRODUCTION WORLDWIDE.” CRAIG ALFORD PRESIDENT AND CEO, OROPLATA RESOURCES

“The Railroad Valley basin is interesting — there is a bull’s-eye anomaly of lithium there — particularly in the dry sediment samples that the USGS collected over a number of years,” he says. “Looking at the USGS geophysical database and the thousands of samples, we noted there was a large coincident anomaly. In any exploration, when you’re looking at targets with potential, a geologist loves to see the geochem, geology and geophysics line up, and you get the ‘Holy Trinity’ of coincident anomalies.” Alford modelled his search for gravity lows on the work Pure Energy did in the Clayton Valley. “Pure Energy was clever — they didn’t look at the current topography — they looked at the geophysics, and that allowed them to understand the morphology of the ancient basin. They identified the keel of the basin — like the keel of a boat — the area where perhaps the brine is best collected, so I looked at Railroad Valley in the same fashion and I saw this large gravity low, and it was

highlighted by strong geochemical results.” The geologist notes that sampling dry sediment in the basin has returned lithium values ranging from 50 ppm to 247 ppm, and that the higher lithium values concentrated almost entirely over a 64 by 26 km section that contains the WNB project. “It doesn’t take a genius to identify this as a very good lithium exploration target,” he says. “The valley was known to contain a 550 sq. km lake that subsequently evaporated over the Pleistocene epoch. Thus we know that it is truly a closed basin, with fairly high evaporation rates, and it’s got positive lithium geochemistry.” The geology, meanwhile, was similar to that of Clayton Valley and to basins in Argentina and Chile, where fairly young volcanic tuffs and flows are thought to be the source of the lithium. “The geothermally circulating water — or water that has come down from the mountains and into these basins — has, over time, leached the lithium out of the volcanics, which is now trapped in the basin.” While the southwestern U.S. has a lot of characteristics in common with the large areas of lithium brine in South America, the U.S. has much better transportation, skilled labour and electrical grid infrastructure, Alford points out. Oroplata says its planned drilling program will be optimized both in technology and location, so as to best test the brine horizons and examine the basin’s overall reservoir potential. Geophysics will also look into the lateral extent of the brine horizons. The program would be designed to produce a resource and advance economic analysis by testing brine flow rates. Alford says he’d like to try some of the drilling technology he has seen in the oil industry, where he worked for a time. “I was doing wells where I would go down vertically a kilometre and a half and horizontal for 3 km — it blew my mind that this technology existed, because we have little of that in the hard-rock industry,” he says. “It might be a waste of time to do aircore rotary drilling, or even diamond drilling, because what you end up with is a small-diameter hole … if you’ve got a brine horizon that you can pump out, you’re going to want a large-diameter hole … the best way is to employ drilling technology of the oil industry, because your deposit is a salty well — called a “brine” — and the most efficient way of getting it out is through a larger-diameter well.” As an example, he says, if you have a 20- to 30-metre brine horizon that extends for a strike length of a few kilometres and you put in a horizontal well, you could use it

Faraday Future’s electric car concept, the FFZero1.   FARADAY FUTURE

for many years. Alford says that “the flow rate is going to define the economics of a project. “Our drill program is not yet finalized, but we want to employ the best technology, not just for drilling, but also for production,” he says. “I’ve had discussions with some of the industry professionals out there, and everyone is sort of learning as they go. I’ve talked to some people who have done auger sampling, diamond drilling, air rotary water core — so there are many different methods being deployed.” Lithium could drive a whole new industry in North America — which has lagged other parts of the world, he says. Australia, Chile, Argentina, Zimbabwe, Portugal and Brazil were the largest lithium producers between 2010 and 2015, according to Statista, a company based in Hamburg, Germany, that tracks statistics online. “The space is maturing … it’s kind of like a new gold rush,” Alford says. Elon Musk has said that Tesla would need to consume the entire lithium market to meet its demands of 500,000 Model 3s by 2018, he adds, and Chinese demand for lithium has been another factor behind the surge in the lithium market, driven by the country’s desire for electric cars and buses to cut down on pollution. (In the year’s first quarter, lithium carbonate prices were up 47% from the average price in 2015, Oroplata states in a news release.) “China is even thinking about enacting California-style legislation to promote zero-emission vehicles,” Alford says. “I was in Beijing in the summer of 2015, and there were smoggy days when the pollution index hit 750, which is essentially not compatible with human life,

and you couldn’t even see across the street for the smog … when I was landing at the airport I couldn’t see the tarmac until I was 50 metres above it.” And while most of his career has focused on base metals and gold (he has evaluated projects for Teck Resources, Zijin Mining and China Railway, among others) — and has worked in South America, Africa and the former Soviet Republics — lithium is a breath of fresh air for Alford. “I love gold, but it’s really annoying to be a victim of the price cycle, because often gold gets moved by knee-jerk reactions in the marketplace, like Brexit, or suddenly the Chinese economy doesn’t look good, so the price of gold gets jerked around. Lithium is sort of out of the cycle — we see it’s in demand that isn’t going to slow down, especially over the next decade. It’s really nice to be involved with a commodity that we don’t see yet to be a victim of external circumstances, like the ups and downs in Europe or Asia. We see a steady build for the electric vehicle market.” With lithium, Alford can also think big. “I was just driving around California last week and I saw a number of Tesla vehicles,” he says. “It is quite stunning to be behind a car in traffic with no exhaust pipe … all you have to do is daydream of a world using electric vehicles and all kinds of possibilities occur — ‘gas stations’ that just swap out your battery … solar photoelectric paint jobs that could recharge your batteries as you park or drive. For a lot of us this seems like a pretty appealing world.” TNM

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2016-07-26 8:23 PM


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AUGUST 1–7, 2016 / THE NORTHERN MINER

GLOBAL MINING NEWS · SINCE 1915

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E D I T O R IA L Komatsu scooping up Joy Global for US$2.9B M&A 

GROUP PUBLISHER/ PUBLISHER: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com EDITOR-IN-CHIEF: John Cumming, MSC (GEOL) jcumming@northernminer.com EDITOR, SPECIAL PROJECTS: Alisha Hiyate, BA (POLI SCI, HIST) ahiyate@northernminer.com SENIOR STAFF WRITER: Trish Saywell, BA, MA, MSC (JOUR) tsaywell@northernminer.com WESTERN EDITOR: Matthew Keevil, BA (ECON AND POLI SCI) mkeevil@northernminer.com STAFF WRITERS: Lesley Stokes, BSC (GEOL) lstokes@northernminer.com Salma Tarikh, BSC (PSYCH), MA (JOUR) starikh@northernminer.com COPY EDITOR: Isa Cunanan, BSC (Health Sci. and Prof. Writing Comm.) icunanan@northernminer.com PRODUCTION EDITOR: David Perri, BA dperri@northernminer.com WEB EDITOR: Adrian Pocobelli, MA (ENGL) apocobelli@northernminer.com ADVERTISING: Joe Crofts (416) 510-6816 jcrofts@northernminer.com Michael Winter (416) 510-6772 mwinter@northernminer.com PRODUCTION MANAGER: Jessica Jubb (416) 510-5213 jjubb@glacierbizinfo.com CIRCULATION/CUSTOMER SERVICE: Laura Arnold (416) 510-6789, ext. 43564 (Toll free) 1-888-502-3456 northernminer2@northernminer.com SUBSCRIPTION SALES: Dan Bond (416) 510-6741 (Toll free) 1-888-502-3456, ext. 43715 dbond@northernminer.com REPRINTS: (416) 510-6768 moliveira@northernminer.com ADDRESSES: Toronto Head Office: 38 Lesmill Road, Unit 2 Toronto, ON, M3B 2T5 (416) 510-6768 tnm@northernminer.com Western Bureau: 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

| Komatsu and Caterpillar set to dominate global mining equipment business

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ust in time to create even more excitement at the massive, once-every-four-years MINExpo International convention in Las Vegas in September, Tokyo-based manufacturing giant Komatsu has struck a friendly, blockbuster deal to acquire storied Milwaukee-based underground mining equipment manufacturer Joy Global for BY JOHN CUMMING US$2.9 billion in cash, plus the assumption of jcumming@northernminer.com US$800 million in debt. By this time next year, Komatsu and its larger U.S. rival Caterpillar will control at least a quarter of the global mining equipment business, valued at US$50 billion annually. In explaining its bid for Joy Global, Komatsu argues that the beatendown mining equipment business will continue to be depressed in the near-term, but will pick up considerably in 2019 and beyond, “driven by population growth and rapid urbanization around the world.” There’s plenty of corporate history in this deal. As a manufacturer of all kinds of heavy and industrial equipment, Komatsu has engaged in mining equipment manufacturing since the company was founded in 1921, but stepped things up in the 1990s by buying several mining equipment and distribution businesses in major mining regions worldwide. Today, Komatsu generates annual revenue of US$4.3 billion from its mining equipment business, but this is only from surface mining equipment, and doesn’t include “super large-sized” loading equipment for surface mining. Joy Global’s history stretches back even further, with its core P&H business having been founded in 1884 by Alonzo Pawling and Henry Harnischfeger in Milwaukee, Wis., leading in the 1890s to a product line that included earth-moving machines for construction and mining operations. In 1919, Joseph Joy founded Joy Machine Co. in Evansville, Ind., and soon developed the first mechanical loader: model 4BU. The year 2012 was a milestone, with P&H Mining Equipment and Joy Mining Machinery becoming Joy Global. The surface equipment would be branded P&H and the underground equipment, Joy. Looking ahead at the coming boom in terms of mining techniques, Komatsu says, the “economic rationale will call for use of larger equipment in surface mining as well as further development of underground mining.” With Joy Global, Komatsu gets a company that is focused on underground mining equipment manufacturing and servicing, plus material handling, with annual revenues of US$3.2 billion through its premium brands of P&H, Joy and Montabert. After so many years, Komatsu will finally become a meaningful participant in underground mining globally. At the same time, Joy Global’s lineup of surface mining equipment includes rope shovels, super large wheel loaders, draglines and drills that Komatsu does not offer. Komatsu says Joy Global’s lineup of rope shovels and super large wheel loaders “pair well” with the super large electric dump truck Komatsu makes, and will “generate synergies in sales and services.” Komatsu expects to close the acquisition by April 2017, assuming no rival bid appears. If they give their approval in a vote, Joy Global stockholders would receive US$28.30 per share in cash, or a 20% premium to the share price a day before the offer. Komatsu says it will operate Joy Global with its 12,000 employees as a separate, wholly owned subsidiary, and will keep the iconic Joy Global brand names. The two companies’ product lines will integrate well, Komatsu says, “expanding options for customers worldwide, as Komatsu can now offer the underground mining equipment and super large-sized loading equipment of which Joy Global is a leading provider.” Joy Global’s board of directors, which has unanimously approved the deal, said that in making its determination, it “considered the challenging market conditions the company believes are likely to persist. The mining industry continues to face cyclical headwinds from oversupplied commodities and lower end-user demand resulting in cash-flow restrictions for most producers, creating an increasingly challenging environment. We are also seeing structural changes in the U.S. and China coal industry.” (More than half Joy Global’s sales come from the ailing coal sector.) Komatsu’s offer — the largest in its history — is not subject to any financing conditions, and the company had total assets of US$25 billion and total equity of US$14 billion as of March 31, 2016, with an “A” credit rating from S&P, and “A2” from Moody’s. The last notable M&A among mining equipment manufacturers was Caterpillar’s purchase of rival Bucyrus International in 2011 for US$8 billion, during the height of the last commodity boom. TNM

DEPARTMENTS THE NORTHERN MINER is published weekly by BIG Mining L.P., a division of Glacier Media Inc., a leading Canadian media company with interests in business-to-business information services. From time to time we make our subscription list available to select companies and organi­zations whose products or services may interest you. If you do not wish your contact information to be made available, please contact us by one of the following methods: Phone: 1-888-502-3456; Fax: (416) 447-7658; Mail to: Privacy Officer, The Northern Miner, 38 Lesmill Road, Unit 2, Toronto, ON M3B 2T5.

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Careers. . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Editorial. . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Metal Prices. . . . . . . . . . . . . . . . . . . . . . . . . 7

Mining Jobs. . . . . . . . . . . . . . . . . . . . . . . . 15 Professional Directory. . . . . . . . . . . . . . . 12 Stock Tables. . . . . . . . . . . . . . . . . . . . . . 6-10

COMPANY INDEX Albemarle. . . . . . . . . . . . . . 3 Anglogold Ashanti. . . . . . 13 Argonaut Gold. . . . . . . . . 14 Asanko Gold. . . . . . . . . . . . 5 Colombian Mines . . . . 1,13 Comstock Mining. . . . . . . 1

Goldcorp. . . . . . . . . . . . . . . 1 Independence Gold. . . . . . 2 K2 & Associates Investment Management. . . . . . . . . 5 Klondike Gold. . . . . . . . . 16

Lupaka Gold. . . . . . . . . . . 11 Newmont Mining . . . . . . . 1 Orocobre. . . . . . . . . . . . . . . 3 Oroplata Resources. . . . . . 3 Pure Energy Minerals. . . . 3 Teck Resources. . . . . . . . . 13

O P- E D New SEC reporting rules to ‘level playing field’ COMMENTARY  

| After 34 years, U.S. miners to get some resource reporting relief

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urrently, U.S. mining companies mining comfrom listing in the pa n ies mu st United States. As the report to investors former corporate secand t he public on retary of Newmont their mineral propMining, I can attest erties in compliance that the regulations with an overlapping BY JEFFREY REESER created a significant Special to The Northern Miner and archaic mineral disadvantage for our disclosure regime set company in demonout in Industry Guide 7, strating its competitive which was last updated in 1982. value to global investors. This is The Guide 7 regime has become because the rules are not only more counterproductive to the goals of restrictive for U.S. companies, but full disclosure, and increasingly the outdated regulatory regime inconsistent with mineral report- also includes an exemption that aling and disclosure standards used lows Canadian-listed companies to in the rest of the world. ignore those reporting restrictions In June, after more than 30 years imposed on U.S.-listed companies. and repeated efforts by various Canadian listed companies can professional organizations and instead follow their own global mining companies to modern- reporting guideline (National ize the rules, the Securities and Instrument 43-101) when they Exchange Commission (SEC) has file their mineral reports in the proposed to replace Guide 7 with United States. Thus, returning comprehensive mineral reporting to the example of Newmont, the regulations. miner’s Canadian-filed peers not

THE CURRENT SYSTEM HAS PLACED U.S. MINING COMPANIES AT A SEVERE COMPETITIVE DISADVANTAGE IN THE GLOBAL MARKETPLACE AS COMPARED TO THEIR PEERS IN OTHER COUNTRIES INCLUDING CANADA. The current system has placed U.S. mining companies at a severe competitive disadvantage in the global marketplace, as compared to their peers in other countries including Canada, Australia, South Africa, the European Union, Chile, Hong Kong and Russia, where regulators have adopted the global standards established by the Committee for Mineral Reserves International Reporting (CRIRSCO). Under the CRIRSCO global standards, mining companies can report their proven and probable “reserves” in addition to reporting on the broader category of mineral “resources” and material exploration results. Reserves are generally defined as those mineral deposits that the company knows can be “economically and legally extracted or produced,” which must be based on a “bankable” or “final” feasibility study performed on the deposit. Such final feasibility studies require multiple years and multiple millions of dollars to complete. Mineral resources are a more broad category of mineral property that include mineral deposits that have reasonable prospects for eventual economic extraction, but which may not be at the highest confidence level required to be categorized as a reserve, because no such final feasibility study has been performed on the deposit. For mining companies and their investors, mineral resources represent an important measure of the long-term prospects and viability of the deposit, and the company as a whole. Contrary to the CRIRSCO standard, Guide 7 generally limits U.S. mining companies from informing its investors and the public about its mineral resources in the same terms as it describes its reserves, thus artificially depriving these companies from describing the prospectivity of its properties. There is no doubt that the outdated regulations have dissuaded

only have an advantage in being able to use the modern reporting standards outside the U.S., they also can adopt those same modern (and broader) mineral reporting standards in their U.S. filings with the SEC, while their U.S. counterparts have been forced to exclude resources from their U.S. filings. To add to the confusion, the SEC has had a practice of allowing U.S. companies to disclose resources and material exploration results on their websites, but not in their quarterly and annual reports filed with the SEC, thus creating contradictory statements between company websites and their public filings. A simple comparison of Newmont’s reserves and resource reporting is illustrative. In its 2015 annual report, Newmont reported 73.7 million oz. of proven and probable gold reserves as of Dec. 31, 2015. Separately, at the same date Newmont reported “gold mineralized material of 2,192 million tons at an average grade of .017 oz. per ton.” This “mineralized material” essentially includes mineral resources that cannot be reported as such. Note that Newmont cannot report the mineralized material in terms of ounces of contained gold, as they do with reserves. This requires that the reader multiply the number of tons by the grade per ton (which Newmont cannot do in its reporting), resulting in another 37.2 million oz., or approximately one-third of the total mineral resource that Newmont owns, which it cannot report as such. After decades under the old regime, Newmont and its peers can look forward to a new regulatory environment on the horizon. On June 16, 2016, the SEC issued a 296-page proposed rulemaking, wherein it proposes to rescind Guide 7 and replace it with a new subpart 1300 of Regulation S-K. See SEC / 5

2016-07-26 8:23 PM


GLOBAL MINING NEWS

THE NORTHERN MINER / AUGUST 1–7, 2016

5

A stockpile at Asanko Gold’s namesake flagship gold mine in Ghana’s Ashanti region, 250 km northwest of the capital Accra.   ASANKO GOLD

Asanko fires back after allegations from K2 Investment GHANAIAN GOLD  

BY MATTHEW KEEVIL

A

mkeevil@northernminer.com VANCOUVER

sanko Gold  (TSX: AKG; NYSE-MKT: AKG) has reported its inaugural production quarter at its Asanko gold mine in Ghana, but it is also busy countering criticism about its technical reporting from Toronto-based hedge fund K2 & Associates Investment Management. Asanko hit commercial production at its namesake operation in early April after completing the US$295-million development ahead of schedule. Asanko’s first phase of mining will focus on the Obotan project, which includes the Nkran pit and four satellite deposits. This first phase of production is expected to total 2.34 million oz. over a 12.4-year mine life based on reserves of 2.5 million oz. gold hosted within 36.7 million tonnes grading 2.15 grams gold per tonne. Asanko is scheduled to produce 190,000 oz. gold annually. The trouble with K2 emerged in late June when the hedge fund published an unsolicited, 42-page

| New Asanko mine could produce 2.3M oz. gold over 12 years

ASANKO SAYS THAT K2 HAS BEEN SHORT SELLING STOCK AND THAT ITS NEGATIVE REPORT WAS LIKELY INTENDED TO TEMPORARILY DRIVE DOWN ASANKO’S SHARE PRICE. report that claims Asanko’s stock could be overvalued by as much as 90%, based on net asset value calculations. The investment critique was based on historic technical information (not compliant with National Instrument 43-101 standards) and a feasibility study Asanko released in early 2014. K2 has cited inconsistencies in resource reporting between Asanko’s figures and data published by the previous mine operator, Resolute Mining. The report notes that current Nkran resource estimates contain six times more gold ounces than previous resources released before Resolute “forfeited” the asset. K2 also noted that Resolute claimed ore zones at Nkran become “thinner and more discontinuous” at depth, while Asanko has said the opposite. Asanko has defended the phase-

one mine plan, resource estimation and its 2016 production guidance. The company noted that K2 has relied on “anonymous authors” whose credentials have not been disclosed and reiterated that an independent review was conducted by Red Kite Mine Finance before it extended a US$150-million loan in 2014. Asanko added that it has completed 34,000 metres of drilling below Resolute’s “old floor” at the Nkran open pit. “K2 omits to mention that in comparing [our 2014 resource estimate] with an estimate developed 17 years ago by a former owner, Resolute, there has been a substantial increase in information gathered from subsequent drilling at depth,” Asanko said. “This information, which wasn’t available to Resolute, clearly contradicts prior assump-

New SEC reporting rules SEC From 4

Once finalized, the new regulations are intended to modernize the reporting regulations governing U.S.-based public mining companies and include the following significant changes: • R eplace Item 102 and Guide 7 with a single standard requiring companies to disclose all material mining operations; • Require companies to disclose mineral resources and material exploration results in addition to its reserves; • Permit disclosure of mineral reserves to be based on either a preliminary or final feasibility study; • P rovide updated definitions of mineral reserves and mineral resources; • R equire disclosure for mining operations as a whole and more

1 2 3 4 5 11 13 14 16_Aug1_Main .indd 5

detailed disclosure for individual properties; • Require that all such mineral reporting be based on, and accurately reflect information and supporting documentation prepared by a qualified person (QP); and • Require companies to obtain a technical report summary from the QP summarizing for each material property exploration results, mineral resources or mineral reserves. Although the proposed regulations are extensive and may impose an increased administrative burden on U.S. mining companies by requiring their technical and legal staffs to interpret and comply with a lengthy and entirely new reporting regime, it is likely that the regulations will be well received, as they are intended to provide investors and the public with more comprehensive information in better alignment

with global industry standards. For that reason, although the proposed regulations would benefit from simplification in several aspects, reforming Guide 7 demonstrates a substantial step in supporting the U.S. mining industry in the U.S. and placing U.S. mining companies on a more level playing field with non-U.S. mining companies. Comments to the proposed rulemaking are due to the SEC by Aug. 26, 2016. — Based in Denver, Jeffrey Reeser is a member in the Energy and Natural Resources and Business Practice Groups of law firm Sherman & Howard (www.shermanhoward.com). He has more than 20 years of experience as an executive and general counsel in the mining and technology industries, and can be reached at jreeser@shermanhoward.com.

tions that the Nkran deposit was becoming thinner and more discontinuous at depth.” Asanko also notes that K2 has been “short selling” stock, and that its negative report was likely intended to temporarily drive down Asanko’s share price. This short position is no secret. The K2 report includes the following line: “Disclosure: K2 & Associates has a short position in the shares of Asanko Gold.” Meanwhile, Asanko released its quarterly results on July 20 and reiterated production guidance that calls for between 90,000 and 100,000 oz. gold during the second half of the year. The company produced 36,000 oz. during the reporting period, and said it had 7,833 oz. gold doré in inventory at a US$10.2-million market value. “In the last few weeks of June, as anticipated, we encountered the main ore zone and have seen dilution and ore losses drop to a more normal level resulting in higher feed grades to the processing plant,” president and CEO Peter Breese said during a conference call. “Our mining efficiency is showing

signs of improvement as a result of receiving part of the new contractor fleet during the quarter to replace the second-hand fleet we started the pre-strip with back in early 2015,” he added. Canaccord Genuity analyst Rahul Paul suggested that the quarterly performance indicates that Asanko’s resource model is “performing well,” with head grades and recoveries beating his estimates. “Preliminary reconciliation data for [the quarter] suggests that the grade control model is reconciling positively with the block model,” Paul wrote on July 20. Canaccord has a “speculative buy” rating on Asanko, along with a $6.75-per-share price target. Paul also noted “significant recent insider buying” by Breese and chairman Colin Steyn. Asanko shares have traded in a 52-week range of $1.77 to $5.89 per share, and closed at $4.85 per share at press time. The company has 197 million shares outstanding for a $974-million market capitalization, and reported US$44 million in cash and working capital balances at the end of June. TNM

We have Young Mining Professionals in Montreal, too LETTER TO THE EDITOR  

I

had the pleasure of reading your recent article, “Young Mining Professionals Toronto Branch Grows,” (T.N.M., July 18–24/16). This is a great initiative that should be celebrated, as our industry needs to attract young minds as it faces increasing challenges. I also wanted to inform you of the existence of the Montreal chapter of Young Mining Professionals group, named Les Jeunes Professionnels Mines & Énergie. The group was founded by my colleagues and me in 2013 following the intense and very public debate on mining taxes and royalties in Quebec.

| JPME founded in 2013 As a group, we hold regular meetings and seminars on various topics related to mining and energy that affect youth in our industry. The events have been sponsored by Osisko Gold Royalties, PwC, Fasken Martineau, Tugliq Energy, Partners in Performance and Falco Resources. You can find more information on our group at www.jpme.org. Joseph de la Plante, VP of corporate development, Osisko Gold Royalties, Montreal

2016-07-26 8:23 PM


6

WWW.NORTHERNMINER.COM

AUGUST 1–7, 2016 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / JULY 18–22 A state of emergency imposed in Turkey after a failed military coup, an attack at a shopping mall in Germany that left nine people dead and the week-long Republican National Convention in Cleveland, Ohio, where Donald Trump accepted his party’s nomination as president, contributed to widespread volatility in the stock market. On the economic front, Canada reported its inflation rate in June rose 1.5% year-on-year. The S&P/TSX Composite Index fell 1.6% to 14,600.66 and the S&P/TSX Capped Diversified Metals & Mining Index dropped 2% to finish at 632.72. The S&P/TSX Global Mining Index lost 2.4% to 64.85, the S&P/TSX Global Gold Index ended 1.9% lower at 261.62 and the spot gold price declined 1.1%, or US$15 per oz., to US$1,322.10 per oz. Shares of Dominion Diamond rose 38¢ to $11.70. The company reported that the A-21 pipe in the Northwest Territories is developing according to plan, and that it expects run-of-mine production in 2016 will total 7.1 million carats from 2.2 million tonnes mined. In addition to the 7.1 million carats produced from run of mine ore, there will be a small amount of production from coarse ore rejects, Dominion said. In the second quarter, volumes (0.54 million tonnes processed) were 5% lower than in the same quarter the year before due to lower ore availability. Diamonds

recovered in the quarter (1.58 million carats) were 26% lower than in the same quarter of the previous year, due to lower processing volumes and lower recovered grades. Lucara Diamond finished 28¢ higher at $3.77 per share after announcing a special dividend. The board approved $172 million returned to shareholders in a special dividend of 45¢ per share to holders of the company’s common shares. The special dividend will be paid in addition to the company’s existing 2016 quarterly dividend of 2¢ per share. The total dividend of 47¢ per share will be paid on Sept. 15. Elsewhere in the diamond space, Mountain Province Diamonds’ shares climbed 15¢ to $6.25. Shares of Corvus Gold were up 16¢ to $1.26. The junior closed a $2.6-million nonTSX MOST ACTIVE ISSUES

Gran Colombia First Quantum B2Gold Kinross Gold Yamana Gold Barrick Gold Teck Res Eldorado Gold Nemaska Lith Trevali Mng

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

GCM FM BTO K YRI ABX TCK.B ELD NMX TV

29346 0.16 0.12 0.15 + 0.03 27217 10.63 9.53 9.99 - 0.22 22139 3.86 3.52 3.69 - 0.11 21746 7.12 6.44 6.57 - 0.30 18397 7.72 6.94 7.14 - 0.43 17541 28.23 25.89 27.03 - 0.66 17035 18.60 16.53 17.85 - 0.72 16841 6.36 5.60 5.68 - 0.59 15889 1.22 0.89 1.10 - 0.11 13945 0.93 0.77 0.92 + 0.13

brokered private placement at $1.02 per share on July 18. Corvus Gold issued 2.55 million common shares with no warrant, representing 2.8% of its outstanding common shares. The financing’s sole participant was Osisko Mining, and the proceeds will speed up exploration at Corvus Gold’s North Bullfrog project in Nevada. Candente Copper advanced 21% to 17¢ per share after the company reported that

a $500,000 non-brokered private placement announced earlier this month was oversubscribed, and had increased to $1 million. (The company is no longer accepting subscriptions.) About $400,000 of the funds will be used to define drill targets on its Canariaco Sur copper-gold deposit and Quebrada Verde copper-gold target, both in Peru. The rest will supplement working capital and general corporate purposes. TNM

TSX GREATEST PERCENTAGE CHANGE

Argex Titanium Wellgreen Plat Nautilus Mnrls Dynasty Met&Mn Candente Coppr Largo Res Redhawk Res Gran Colombia IC Potash Columbus Gold Stonegate Agri Cardero Res Western Copper Vista Gold Alexco Res Levon Res Ltd McEwen Mng Mawson Res Serabi Gold Freegold Vent

RGX WG NUS DMM DNT LGO RDK GCM ICP CGT ST CDU WRN VGZ AXR LVN MUX MAW SBI FVL

6471 1018 947 1148 694 267 44 29346 2562 1367 131 199 761 383 899 515 3185 138 233 130

0.11 0.49 0.13 0.21 0.18 0.60 0.07 0.16 0.12 0.77 0.02 0.20 1.29 2.13 2.49 0.52 5.99 0.28 0.10 0.20

0.06 0.38 0.11 0.15 0.13 0.47 0.05 0.12 0.08 0.64 0.02 0.16 1.05 1.70 2.04 0.43 4.87 0.22 0.00 0.18

0.10 0.49 0.13 0.19 0.17 0.57 0.06 0.15 0.10 0.74 0.02 0.17 1.05 1.75 2.13 0.45 5.12 0.22 0.10 0.18

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

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Silver Wheaton Dundee Prec Mt Dominion Diam Lucara Diam Lundin Mng Corvus Gold Mountain Prov Tanzania Rlty Torex Gold Mines Manage Agrium Agnico Eagle Seabridge Gld First Majestic Endeavour Mng Silver Std Res Kirkland Lk Gd Teck Res Detour Gold Alamos Gold

46.2 24.1 23.8 23.3 21.4 21.3 20.0 20.0 18.8 17.5 25.0 21.4 18.0 15.5 14.8 14.4 14.1 14.0 13.0 12.2

VOLUME WEEK (000s) CLOSE CHANGE

SLW DPM DDC LUC LUN KOR MPV TNX TXG MGT AGU AEM SEA FR EDV SSO KGI TCK.A DGC AGI

7058 34.39 3544 3.93 666 11.70 4232 3.77 13449 5.31 378 1.26 286 6.25 240 1.49 2015 25.45 10 1.85 1308 121.47 2627 70.66 469 16.11 5427 20.49 1243 22.22 3329 17.36 2595 10.71 8 18.08 3873 31.24 2882 11.47

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

0.74 0.38 0.38 0.28 0.22 0.16 0.15 0.15 0.15 0.14 2.39 1.89 1.87 1.20 1.12 1.07 0.96 0.92 0.88 0.88

TSX VENTURE EXCHANGE / JULY 18–22 The S&P/TSX Venture Composite Index edged up 3.61 points, or 0.5%, to a 769.97-point close. Spot gold prices declined for the second week in a row, falling US$14.72, or 1.1%, to US$1,322.73 per oz., as expectations grow for the U.S. Federal Reserve to hike interest rates later this year. Comex prices remained steady at US$2.23 per lb. copper. Shares of K92 Mining rose 66¢, or 152%, to $1.93, after closing a $12.5-million private placement to help restart underground mining at its Kainantu gold project in Papua New Guinea. The former Barrick Gold operation was shuttered in 2009 and sold to K92 in March 2015 for an initial US$2 million, and a potential US$60-million payment. In the financing K92 issued 12.5 million units at $1 per unit, consisting of a share and one-half warrant. Each whole warrant is exercisable within a year at $1.50 per share, which could accelerate if the company’s shares close at $2 or greater for 10 trading days. The company aims to begin production soon at the project’s Irumafimpa deposit, and is working to boost resources at the adjacent Kora and Eutompi deposits. The epithermal systems have a combined indicated resource of 560,000 tonnes of 12.6 grams gold per tonne for 230,000 oz. gold. Inferred resources add 4.9 million tonnes of 7.5 grams gold for 1.2 million oz. gold. Both

calculations assume a 5 gram gold cut-off. Makena Resources saw 20.9 million shares traded before closing down 1¢ to 3¢ per share, after announcing it would drill up to five holes in August at its Patterson uranium prospect in Saskatchewan’s Athabasca basin. The 30 sq. km property borders projects such as Fission Uranium’s Patterson Lake South, Purepoint Uranium Group and Cameco’s Smart Lake, and NexGen Energy’s Rook 1. In June, Makena picked up 41 sq. km of ground prospective for diamonds in the northwestern part of the basin, near De Beers Canada’s diamond option from CanAlaska Uranium. The partners are awaiting kimberlite indicator mineral results from over 100 glacial samples at surface. Shares of Cava Resources rose 37¢ to 60¢ per share. The company completed a $150,000 TSX-V MOST ACTIVE ISSUES

Makena Res Noram Vent First Mg Fin K92 Mng Inc Golden Dawn Gold Bulln Dev IDM Mining Victoria Gold Arctic Star Pure Nickel

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

MKN NRM FF KNT GOM GBB IDM VIT ADD NIC

20882 15996 11328 10493 9926 9453 8653 7632 7490 7001

0.03 0.09 1.22 1.99 0.40 0.14 0.26 0.78 0.05 0.03

0.02 0.07 1.01 1.28 0.20 0.10 0.19 0.69 0.03 0.02

0.03 0.08 1.07 1.93 0.40 0.13 0.21 0.73 0.04 0.03

- + - + + + - - + +

0.01 0.02 0.10 0.66 0.20 0.03 0.05 0.01 0.02 0.01

private placement on July 25, comprised of 750,000 units consisting of one share and one-half warrant, at 20¢ per unit. Each whole warrant is exercisable within 24 months at 40¢ per share. Cava plans to use the money for its landholdings in Quebec’s Casa Berardi area with joint-venture partner Explorers Alliance, a private company based in Toronto. Junior explorer Unigold is scheduled to

begin an 8,000-metre drill program at its Candelones Extension gold-copper deposit in the Dominican Republic. The volcanogenic massive sulphide deposit hosts an inferred resource of 5.3 million tonnes of 5.27 grams gold and 0.4% copper for 894,097 oz. gold and 41.2 million lb. copper, using a 3.5 gram gold cut-off. The company rose 22¢ to 66¢ per share. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Altitude Res Trident Gold Pedro Res Freeport Res Cava Res Martina Mnls Savant Expl Sultan Mnrls Red Moon Potsh Stroud Res Inform Res MacMillan Mnls Ross River Black Mam Mtls Gonzaga Res Falcon Gold Thunder Mtn Gd Aurgent Gold Jazz Res Tasman Metals

ALI TTG.H PED.H FRI CVA MTN.H SVT APX RMK SDR IRR MMX RRM.H BMM GN FG THM AUR JZR TSM

45 376 77 173 172 115 3305 535 80 105 200 247 1453 11 100 249 81 43 10 335

0.07 0.02 0.20 0.07 0.60 0.05 0.03 0.12 0.09 0.01 0.04 1.28 0.03 0.09 0.04 0.02 0.15 0.09 0.15 0.41

0.02 0.01 0.07 0.00 0.22 0.02 0.00 0.01 0.03 0.01 0.02 1.04 0.01 0.08 0.04 0.00 0.10 0.00 0.10 0.27

0.07 0.02 0.20 0.06 0.60 0.05 0.03 0.10 0.06 0.01 0.04 1.15 0.02 0.08 0.04 0.02 0.10 0.07 0.10 0.27

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 225.0 + 200.0 + 185.7 + 175.0 + 160.9 + 150.0 + 150.0 + 100.0 + 100.0 + 100.0 - 73.3 - 52.9 - 50.0 - 42.3 - 41.7 - 40.0 - 36.7 - 36.4 - 34.5 - 34.1

VOLUME WEEK (000s) CLOSE CHANGE

K92 Mng Inc Cava Res Mason Graphite Unigold Anfield Nickel Golden Dawn Ml Orla Mng Ltd Monarques Res Archon Mineral Delrand Res MacMillan Mnls Abitibi Royalt Avino Silver CanAlaska Uran Brazil Res Chesapeake Gld Mirasol Res Flinders Res Lara Expl Gold Std Vents

KNT CVA LLG UGD ANF GOM OLA MQR ACS DRN.H MMX RZZ ASM CVV BRI CKG MRZ FDR LRA GSV

10493 172 1548 932 1432 9926 582 3282 1 10 247 57 610 1160 3478 304 338 267 438 636

1.93 0.60 1.17 0.66 1.75 0.40 0.87 0.62 1.85 0.65 1.15 8.63 3.35 0.94 2.62 5.15 2.59 0.61 1.25 2.07

+ 0.66 + 0.37 + 0.27 + 0.22 + 0.21 + 0.20 + 0.17 + 0.17 + 0.15 + 0.13 - 1.29 - 0.68 - 0.53 - 0.34 - 0.33 - 0.26 - 0.19 - 0.16 - 0.16 - 0.15

U.S. MARKETS / JULY 18–22 U.S. equities continued higher, helped by encouraging U.S. economic data and betterthan-expected corporate earnings. The S&P 500 Index rose 0.6% to a 2,175.03 high. The Dow Jones Industrial Average advanced 0.3% to 18,570.85, while the Nasdaq Composite Index climbed 1.4% to 5,100.16. The gold spot price, however, fell 1.1%, or US$15 per oz., to US$1,322.10. The September contract for crude oil retreated 2.3% to US$44.19 per barrel, and the September contract for Brent crude dropped 2.7% to US$45.69 per barrel, after rising oversupply concerns. McEwen Mining shares declined 15% to US$3.90. On July 25, the miner published second-quarter production results for its producing San Jose asset in Argentina and El Gallo in Mexico. It churned out 27,888 oz. gold and 875,006 oz. silver, or 39,555 equivalent oz. gold, relatively in line with the 39,164 equivalent oz. gold produced in the same period last year. McEwen expects to achieve its 2016 guidance of 144,000 equivalent oz. gold. The debt-free company ended June with US$57 million in cash and bullion. It will release its financial results in August. Brazilian giant Vale rose 1.4% to US$4.26

6_Aug1_MarketNews.indd 6

per share, after reporting its second-quarter operational results on July 21. BMO analysts David Gagliano and Edward Sterck note the results were largely in line with their forecasts, with the exception of iron ore pellets and coal, which fell below expectations. Second-quarter iron ore output totalled 86.6 million tonnes, roughly 2.5 million tonnes lower than a year ago due to lower production. Pellet production, excluding Samarco’s attributable production, fell nearly 18% year-over-year to 10 million tonnes. Coal output came in at 1.5 million tonnes, down 25% over the same period last year. Vale expects to achieve the lower end U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Freeport McMo* FCX 146373 13.15 11.69 12.67 Vale* VALE 130422 5.44 5.05 5.31 Barrick Gold* ABX 82484 21.66 19.84 20.55 Alcoa* AA 72719 10.94 10.35 10.57 Yamana Gold* AUY 53261 5.93 5.32 5.43 United States S* X 53223 21.77 19.69 21.16 IAMGOLD* IAG 49326 4.93 4.42 4.62 Kinross Gold* KGC 48706 5.47 4.93 5.00 Hecla Mining* HL 47842 6.27 5.64 6.02 Potash Corp SK* POT 45821 17.49 16.89 16.97

- 0.44 - 0.05 - 0.85 - 0.35 - 0.42 - 0.52 - 0.11 - 0.31 - 0.18 - 0.29

of its 2016 iron ore guidance of 350 million tonnes, but dropped its previous 2017 guidance of 380 million to 400 million tonnes. Agnico Eagle Mines lost US$2.34 per share to finish at US$53.73, after an armed robbery at the company’s La India gold mine

in Mexico’s Sonora state. More recently, the company agreed to buy 14.9 million Belo Sun Mining shares in an underwritten public offering to keep its 19.2% interest in the junior. Agnico will pay 85¢ per share, for a total consideration of $12.7 million. TNM

U.S. GREATEST PERCENTAGE CHANGE

Natural Res Pt* Vedanta* Sibanye Gold* Dominion Diam* Vale* Trecora Res* Silver Wheaton* Stillwater Mg* MartinMarietta* Black Hills* McEwen Mng* Intrepid Pots* Seabridge Gld* HudBay Mnls* Eldorado Gold* Primero Mng* Alamos Gold* Endeavr Silver* Yamana Gold* First Majestic*

NRP VEDL SBGL DDC VALE.P TREC SLW SWC MLM BKH MUX IPI SA HBM EGO PPP AGI EXK AUY AG

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

280 22.74 19.77 21.21 + 3.2 1200 10.09 9.31 10.09 + 2.5 7156 17.90 16.63 17.47 + 2.3 1027 9.04 8.58 8.90 + 1.6 28680 4.34 4.09 4.26 + 1.4 122 11.74 10.89 11.53 + 0.7 23864 26.56 25.24 26.15 + 0.5 6301 13.61 12.30 13.40 + 0.4 1891 200.30 195.18 198.25 + 0.3 1244 63.27 61.52 63.00 + 0.3 18091 4.62 3.73 3.90 - 15.0 5105 1.53 1.29 1.30 - 12.8 4211 14.08 11.94 12.26 - 11.7 1251 5.51 4.70 4.82 - 11.6 25947 4.88 4.25 4.32 - 10.9 4827 2.41 2.12 2.17 - 9.6 7289 9.59 8.50 8.73 - 8.4 10475 4.86 4.16 4.47 - 8.0 53261 5.93 5.32 5.43 - 7.2 24620 17.05 14.95 15.59 - 7.0

U.S. GREATEST VALUE CHANGE

MartinMarietta* MLM Natural Res Pt* NRP Sibanye Gold* SBGL Vedanta* VEDL Black Hills* BKH Dominion Diam* DDC Silver Wheaton* SLW TREC Trecora Res* Vale* VALE.P Stillwater Mg* SWC Agrium* AGU Agnico Eagle* AEM Seabridge Gld* SA Rio Tinto* RIO Franco-Nevada* FNV Chevron* CVX First Majestic* AG Goldcorp* GG Barrick Gold* ABX NACCO Ind* NC

VOLUME WEEK (000s) CLOSE CHANGE

1891 198.25 280 21.21 7156 17.47 1200 10.09 1244 63.00 1027 8.90 23864 26.15 122 11.53 28680 4.26 6301 13.40 3002 92.39 8217 53.73 4211 12.26 16207 31.35 2573 73.78 27661 105.66 24620 15.59 32823 18.31 82484 20.55 58 58.26

+ 0.68 + 0.66 + 0.39 + 0.25 + 0.18 + 0.14 + 0.13 + 0.08 + 0.06 + 0.05 - 3.36 - 2.34 - 1.63 - 1.51 - 1.39 - 1.37 - 1.18 - 0.98 - 0.85 - 0.85

2016-07-26 5:43 PM


GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / AUGUST 1–7, 2016

7

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 PRODUCER AND DEALER PRICES

SPOT PRICES COURTESY OF SCOTIABANK Tuesday, July 26, 2016 Precious Metals Gold Silver Platinum Palladium Base Metals Nickel Copper Lead Zinc

Price (US$/oz.) Change 1321.25 -31.60 $19.68 -0.67 $1072.00 -21.00 $674.00 +59.00 Price (US$/tonne) Change $10330.00 -125.00 $4914.50 +31.00 $1835.50 -9.00 $2232.00 -19.50

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, July 25, 2016 (change from July 18, 2016 in brackets): Aluminium Alloy 11940 (-40) 2319150 (+7100) Aluminium Copper 221350 (-8075) 187350 (+1000) Lead Nickel 373608 (-3372) 5970 (0) Tin 436800 (-1475) Zinc

TSX SHORT POSITIONS

Thermal Coal CAPP: US$39.50 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$41.10 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$8.70 Coal: CME Group Central Appalachian Futures Aug. 2016: US$39.50 Sept. 2016: US$39.50 Cobalt: US$11.73/lb. Copper: US$2.23/lb. Copper: CME Group Futures Aug. 2016: US$2.222/lb.; Sept. 2016: US$2.223/lb Ferro-Chrome: US$1.94/kg Ferro Titanium: US$3.80/kg FerroTungsten: US$26.87/kg Ferrovanadium: US$19.33/kg Iridium: NY Dealer Mid-mkt US$560/tr oz. Iron Ore 62% Fe CFR China-S: US$55.80/tonne Iron Ore Fines: US$54.72/tonne Iron Ore Pellets: US$78.52/tonne Lead: US$0.84/lb. Magnesium: US$1.99/kg Manganese: US$1.65/kg Molybdenum Oxide: US$6.69/lb. Phosphate Rock: US$115.00/tonne Potash: US$269.00/tonne Rhodium: Mid-mkt US$650.00/tr. oz. Ruthenium: Mid-mkt US$42.00/tr. oz. Silver: Handy & Harman Base: US$19.71 per oz.; Handy & Harman Fabricated: US$24.64 per oz. Tantalite Ore : US$132.01/kg Tin: US$8.06/lb. Uranium: U3O8, Trade Tech spot price: US$25.25; The UX Consulting Company spot price: US$25.25/lb. Zinc: US$1.02/lb. Prices current July 26, 2016

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Jul 18, 2016 (with changes from Jul 04, 2016) Largest short positions LUN 44627483 -300695 7/4/2016 Lundin Mng Potash Corp SK POT 37038874 2833644 7/4/2016 Kinross Gold K 24397756 887217 7/4/2016 New Gold NGD 23229239 -547706 7/4/2016 20713831 -5394941 7/4/2016 First Quantum FM B2Gold BTO 20278539 196030 7/4/2016 Gran Colombia GCM 19285800 18423100 7/4/2016 Eldorado Gold ELD 18213852 -1245707 7/4/2016 12310101 -2749539 7/4/2016 Suncor Energy SU Goldcorp G 10953117 994285 7/4/2016 Thompson Creek TCM 10684862 1691800 7/4/2016 HudBay Mnls HBM 9884344 -1515524 7/4/2016 Centerra Gold CG 9173873 6388692 7/4/2016 Detour Gold DGC 9093355 -1146313 7/4/2016 ABX 8812523 -54192 7/4/2016 Barrick Gold Largest increase in short position Gran Colombia GCM 19285800 18423100 7/4/2016 Centerra Gold CG 9173873 6388692 7/4/2016 AGI 8067270 2847793 7/4/2016 Alamos Gold Potash Corp SK POT 37038874 2833644 7/4/2016 MND 2327925 2074225 7/4/2016 Mandalay Res Largest decrease in short position Stornoway Diam SWY 311867 -15446928 7/4/2016 IAMGOLD IMG 7754674 -6207999 7/4/2016 Dundee Prec Mt DPM 1896413 -5420200 7/4/2016 First Quantum FM 20713831 -5394941 7/4/2016 Nemaska Lith NMX 431700 -4557800 7/4/2016

Short positions outstanding as of Jul 18, 2016 (with changes from Jul 04, 2016) Largest short positions FF 6540556 2270220 7/4/2016 First Mg Fin Westkam Gold WKG 6008600 1677700 6/16/2016 Integra Gold ICG 1720832 -47927 7/4/2016 Orezone Gold ORE 1698500 1687000 6/16/2016 BRI 954746 79146 7/4/2016 Brazil Res Bear Creek Mng BCM 922110 689210 7/4/2016 GRZ 889600 -104200 6/16/2016 Gold Reserve Santacruz Silv SCZ 825400 -2159874 7/4/2016 Pure Energy PE 494637 409137 6/16/2016 Rye Patch Gold RPM 365728 14628 6/16/2016 PGM 353700 230327 6/16/2016 Pure Gold Mg Algold Res ALG 321369 319065 7/4/2016 Red Pine Expl RPX 318400 318200 6/16/2016 ATAC Res ATC 260500 -39900 7/4/2016 Jaguar Mng JAG 229128 121748 6/16/2016 Largest increase in short position First Mg Fin FF 6540556 2270220 7/4/2016 Orezone Gold ORE 1698500 1687000 6/16/2016 Westkam Gold WKG 6008600 1677700 6/16/2016 Bear Creek Mng BCM 922110 689210 7/4/2016 PE 494637 409137 6/16/2016 Pure Energy Largest decrease in short position Santacruz Silv SCZ 825400 -2159874 7/4/2016 Oceanus Res OCN 10000 -1087900 6/16/2016 MLN 500 -332300 6/16/2016 Marlin Gold Probe Metals PRB 10300 -293200 6/16/2016 161500 -288000 6/16/2016 Golden Dawn Ml GOM

DAILY METAL PRICES Daily Metal Prices Date Jul 25 Jul 22 Jul 21 Jul 20 Jul 19 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1545/1570 1500/1525 1500/1525 1500/1525 Aluminum 1600.50/1612 1599.50/1612 1594/1611 1608/1624 1500/1525 Copper 4919/4930 4955/4965 4953/4965 4899.50/4916 1642/1655 Lead 1841/1854 1845/1856 1852/1861 1822/1832 4936/4958 Nickel 10435/10495 10650/16090 10660/10700 10440/10475 1854/1864 Tin 17770/17725 17790/17800 17830/17825 17670/17650 10550/10615 2254/2258 2262/2266 2252/2262 2231.50/2232 17825/17800 Zinc

PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1315.00 1323.20 1322.00 1325.60 1332.20 Gold PM 1313.15 1320.75 1321.15 1315.90 1330.90 Silver 19.41 19.70 19.34 19.70 19.90 Platinum 1068.00 1092.00 1089.00 1067.00 1086.00 Palladium 682.00 684.00 676.00 649.00 648.00

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

Jul 22 Jul 21 Jul 20 Jul 19 Jul 18 1.3129 1.3087 1.3060 1.3022 1.2945 0.7617 0.7641 0.7656 0.7679 0.7725

Exchange rates (Quote Media, July 22, 2016) C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand C$ to AUS 0.6937 80.8200 14.1235 10.8855 1.0195 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 0.5807 5.0841 51.1515 0.7520 865.5170 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.3395 0.9111 106.0845 18.5424 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.7626 6.6754 67.1535 0.9870 1136.0000

TSX WARRANTS Alamos Gold (AGI.WT) - Wt buys sh @ $28.47 to Aug 30/18 Alamos Gold (AGI.WT.A) - Wt buys sh @ $10.00 to Jan 7/19 Coeur Mining (CDM.WT) - Exercisable on a cashless basis. See TSX Bulletin 2013-0377 for calculation. To Apr 16/17 Continental Gold Inc. (CNL.WT.A) - Wt buys sh @ $4.75 to Nov 26/17 Dalradian Resources (DNA.WT.A) - Wt buys sh @ $1.5 to Jul 31/17 Franco Nevada (FNW.WT.A) - Wt buys sh @ $75 to Jun 16/17 GoGold Resources Inc. (GGD.WT) - Wt buys sh @ $1.7 to Jun 7/18 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 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 New Gold A J (NGD.WT.A) - Wt buys sh @ $15 to Jun 28/17 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) - Wt buys sh @ $3 to Sep 14/17 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 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

TSX VENTURE WARRANTS Atlantic Gold (AGB.WT) - Wt buys sh @ $0.6 to Aug 20/18 Brazil Resources (BRI.WT) - Wt buys sh @ $0.75 to Dec 31/18 Cornerstone Capital Resources (CGP.WT.S) - Wt buys sh @ $0.35 to Apr 07/19 Goldstar Minerals Inc (GDM.RT) - 1 Rt to buy sh @ 0.04 ti Aug 17/16 Jet Metal (JET.WT) - Wt buys sh @ $0.25 to Sep 16/19 Kootenay Silver Inc. (KTN.WT) - Wt buys sh @ $0.55 to Apr 21/21 Mission Gold (MGL.WT) - Wt buys sh @ $0.17 to Sep 13/17 Monarques Gold (MQR.WT.A) - Wt buys sh @ $0.18 to Dec 15/17 Sunridge Gold (SGC.WT) - Wt buys sh @ $0.35 to Oct 18/17 West African Resources (WAF.WT) - Wt buys sh @ $0.4 to Jan 17/17 West Kirkland Mining (WKM.WT) - Wt buys sh @ $0.3 to Apr 17/19

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

Index Jul 22 Jul 21 Jul 20 Jul 19 Jul 18 High Low S&P/TSX Composite 14600.66 14565.83 14533.57 14524.61 14532.40 15527.30 12400.15 S&P/TSXV Composite 769.97 766.20 754.76 768.62 763.74 1050.26 883.52 S&P/TSX 60 850.34 848.02 847.36 846.03 846.53 896.74 709.99 S&P/TSX Global Gold 261.62 259.96 251.90 267.51 268.59 218.90 149.29 632.72 637.45 628.79 628.08 644.37 954.68 691.69 S&P/TSX Metals & Mining

NEW 52-WEEK HIGHS AND LOWS JULY 18–22, 2016 200 New Highs

Aben Res Aben Res* Agave Silver* Alexandria Min Alexandria Min* ALQ Gold Alturas Mnrls Anconia Res Anfield Res* Asante Gold* Astorius Res Atacama Pac Gd* Atlantic Gold Augustine Vent Auryn Res* AZ Mining Bell Copper Bellhaven Cp&G* Berkeley Egy* Bitterroot Res* BlackEagle Dev BrightRock Gld* Brionor Res Brunswick Res Camino Mnls Camino Mnls* Candente Coppr Candente Gold* Canstar Res Canterra Mnls Cantex Mn Dev* Cariboo Rose Carube Copper Carube Copper* Castle Res Cava Res Cava Res* Cda Strtgc Met Cda Strtgc Met * Cda Zinc Mtls Chiboug Ind Mn Coeur Mng* Colombia Crest Colombian Mins

Columbus Gold Copper North M* Corvus Gold Corvus Gold* Delrand Res Desert Star* Dundee Prec Mt East Africa East Africa * Elysee Dev Emgold Mng Eurotin Excalibur Res Excalibur Res* Frontline Gold G4G Res* Galway Mtls Galway Mtls* Genesis Mtls Geodex Mnrls Giyani Gold Giyani Gold* GMV Minerals GMV Minerals* Gold Resource* Golden Dawn Ml Golden Dawn Ml* Golden Eagle* Golden Mnls Golden Mnls* Golden Star Golden Star* Golden Tag Goldeye Expl Greencastle Rs Handeni Gold* Heron Res Homestake Res Homestake Res* HTI Ventures IDM Mining* Independence G Independence G* Inform Res Inspiration Mg

Interconnect INV Metals INV Metals* InZinc Mining* K92 Mng Inc K92 Mng Inc* Latin Am Mnls Latin Am Mnls* Lincoln Mng Loncor Res* Lundin Mng Malbex Res MartinMarietta* Mason Graphite Mason Graphite* MetalCorp Minera Alamos Monarques Res Monarques Res* Moneta Porcpn Montego Res Natural Res Pt* Nevado Res New Jersey Mng* NewCastle Gold* Newmarket Gold Newmarket Gold* NGEx Res NGEx Res* Nrthn Shield Nthrn Sphere Nubian Res NV Gold Oceanic Iron O* Orca Gold* Oriental Non F Orla Mng Ltd Orocobre Oroplata Res* Otis Gold Otis Gold* Pac Potash* Pan Global Res Pancontinental Parallel Mng

Pedro Res Philippine Mtl* Playfair Mng Prism Res Rainforest Res* Red Eagle Mng Red Moon Potsh Red Pine Expl Resource Cap Resource Cap* Rio Silver RJK Explor Rockcliff Cop Rokmaster Res Romulus Res Rotation Mnls Rupert Res Samex Mng* San Marco Res* Sandspring Res Sandspring Res* Satori Res Savant Expl Sego Res Senator Mnrls Serengeti Res Sibanye Gold* Signature Res Silver Wheaton* Skeena Res Skeena Res* Skyharbour Res Slam Explor* Sona Res* Spanish Mtn Gd Spanish Mtn Gd* Sparton Res Sparton Res* Stillwater Mg* Stornoway Diam Stratton Res Sultan Mnrls Taranis Res Teras Res* Terrax Mnrls

Terrax Mnrls* Thunderstruck Timmins Gold Timmins Gold* Transition Mtl Tres-Or Res Trigen Res Trueclaim Expl Trueclaim Expl* Unigold Unigold* Vedanta* Vena Res Vena Res* Vulcan Mnrls West Af Res Whitehaven Coa* X-Terra Res Xander Res Zincore Mtls Zincore Mtls*

22 New Lows

Alpha Nat Res* Aurora Gold* Avarone Metals* California Gld Cameco Corp* Cassidy Vents* CIM Intl Grp Confedertn Mls* Golden Star* GoviEx Uranium Intact Gold Intact Gold* Intigold Mines* Kivalliq Enrgy Li3 Energy* Matica Ent Medinah Mnrls* Nevada Egy Mtl* Nrthn Vertex* Osisko Gold* Royal Gold* Tarku Res

CANADIAN GOLD MUTUAL FUNDS Fund Jul 22 ($) 28.56 AGF Prec Mtls Fd MF BMO Prec Mtls Fd A 22.50 BMO ZGD 13.23 10.58 BMO ZJG CIBC Prec Metal Fd A 14.12 Dyn Prec Metls Fd A Horizons HEP IGMacGloPrecMetCl A 11.08 iShares XGD 16.34 Mac Prec Met Cl A 62.81 NB Prec Met Fd Inv 15.91 RBC GblPreMetFd A 38.83 Sentry Pre Met Fd A Sprott Gold&PrMinFdA Sprott SilverEquCl A TD PreciousMetalsInv 48.37

Jul 15 ($) 29.14 23.02 13.62 11.23 14.41 8.74 34.82 11.23 16.66 63.73 16.26 39.75 52.58 49.36 8.37 49.53

Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) -0.58 -1.99 79.83 2.78 213.50 -0.53 -2.29 82.40 2.40 79.26 -0.40 -2.92 92.70 0.63 38.10 -0.65 -5.77 106.65 0.60 79.66 -0.29 -2.01 68.46 2.62 68.81 -0.48 -5.38 99.51 2.66 471.14 -0.89 -2.53 83.61 0.80 -0.15 -1.35 99.80 2.76 109.60 -0.32 -1.91 95.09 0.61 836.51 -0.92 -1.44 102.40 2.51 151.26 -0.35 -2.15 92.70 2.46 46.35 -0.92 -2.32 92.02 2.13 475.31 -2.22 -4.16 93.18 2.90 271.54 -2.26 -4.52 92.35 3.19 288.29 -0.36 -4.28 119.85 3.23 81.27 -1.16 -2.34 88.24 2.26 183.88

GLOBAL MINING NEWS · SINCE 1915 Financial information provided by Fundata Canada Inc. ©Fundata Canada Inc. All rights reserved

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

7_Aug1_MMMM.indd 7

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

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

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

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2016-07-26 5:45 PM


8

WWW.NORTHERNMINER.COM

AUGUST 1–7, 2016 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: JULY 18–22, 2016 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A 92 Resources V 944 0.16 0.13 0.14 - 0.02 0.28 0.03 447 0.05 0.05 0.05 - 0.01 0.08 0.04 Abacus Mng &Ex V Abcourt Mines* O 82 0.09 0.08 0.09 + 0.00 0.10 0.02 Abcourt Mines V 441 0.12 0.11 0.12 + 0.01 0.13 0.03 Aben Res* O 152 0.20 0.16 0.20 + 0.04 100.52 0.03 0.25 + 0.05 0.27 0.06 Aben Res V 919 0.28 0.20 Aberdeen Intl* O 224 0.13 0.10 0.12 - 0.01 0.16 0.07 Aberdeen Intl T 310 0.16 0.14 0.16 + 0.01 0.24 0.10 Abitibi Royalt V 57 9.69 8.61 8.63 - 0.68 9.95 1.53 ABT Holdings* O 17 0.76 0.61 0.70 - 0.06 0.81 0.05 Adamera Mnls V 764 0.10 0.08 0.09 - 0.02 0.14 0.01 O 114 0.08 0.06 0.07 - 0.01 0.10 0.01 Adamera Mnls* Advanced Expl* O 8 0.00 0.00 0.00 - 0.00 0.01 0.00 African Gold V 2805 0.11 0.09 0.11 + 0.02 0.11 0.03 African Queen V 242 0.11 0.08 0.10 + 0.02 0.14 0.01 70.66 - 1.89 73.97 27.63 Agnico Eagle T 2627 73.00 67.98 Agnico Eagle* N 8217 56.22 52.05 53.73 - 2.34 57.06 21.00 T 1308 125.00 120.46 121.47 - 2.39 139.43 104.70 Agrium N 3002 96.61 92.01 92.39 - 3.36 106.76 79.94 Agrium* 31 0.08 0.05 0.05 - 0.02 0.08 0.03 Aguila Amer Gd* O Aguila Amer Gd V 296 0.10 0.07 0.08 - 0.02 0.14 0.03 O 241 0.13 0.10 0.12 + 0.02 0.18 0.08 Alabama Graph* Alabama Graph V 2193 0.16 0.13 0.15 + 0.02 0.24 0.11 Alacer Gold T 4256 3.45 3.05 3.22 - 0.27 3.64 2.08 Alamos Gold T 2882 12.43 11.08 11.47 - 0.88 13.65 3.27 9.59 8.50 8.73 - 0.80 10.41 2.27 Alamos Gold* N 7289 Alberta Star* O 1 0.23 0.00 0.23 - 0.01 0.24 0.12 N 72719 10.94 10.35 10.57 - 0.35 11.50 6.14 Alcoa* Aldershot Res V 74 0.03 0.03 0.03 - 0.01 0.05 0.01 0.05 - 0.01 0.20 0.05 Aldever Res* O 28 0.05 0.05 Aldever Res V 838 0.08 0.07 0.07 - 0.01 0.30 0.07 0.24 - 0.02 0.28 0.12 Aldridge Mnrls V 582 0.25 0.22 Aldrin Res* O 73 0.09 0.09 0.09 - 0.01 0.15 0.06 Aldrin Res V 185 0.13 0.10 0.10 - 0.03 0.15 0.08 Alexander Nubi V 515 0.07 0.06 0.06 - 0.01 0.10 0.04 O 434 0.05 0.04 0.05 + 0.01 0.06 0.03 Alexander Nubi* Alexandria Min V 6174 0.12 0.09 0.12 + 0.03 0.12 0.02 O 1351 0.10 0.07 0.09 + 0.03 0.10 0.01 Alexandria Min* Alexco Res* X 3574 1.92 1.56 1.63 - 0.29 2.07 0.22 2.13 - 0.37 2.73 0.35 Alexco Res T 899 2.49 2.04 Algold Res V 538 0.35 0.30 0.35 + 0.06 0.40 0.07 0.10 - 0.03 0.17 0.07 Alianza Min* O 32 0.12 0.10 Alianza Min V 464 0.17 0.14 0.15 - 0.02 0.21 0.10 Alix Res V 612 0.10 0.09 0.09 - 0.01 0.18 0.04 Alix Res* O 41 0.07 0.07 0.07 - 0.00 0.12 0.03 0.03 + 0.01 0.04 0.01 Alliance Mng V 2245 0.03 0.03 Alliance Res* D 1745 18.58 17.27 17.65 - 0.18 26.18 9.95 1.77 - 0.10 2.30 0.65 Almaden Mnls T 133 1.88 1.70 Almaden Mnls* X 1752 1.45 1.30 1.35 - 0.10 1.83 0.48 0.32 - 0.02 0.37 0.01 Almadex Min* O 203 0.35 0.31 Almadex Min V 226 0.46 0.41 0.41 - 0.03 0.48 0.13 0.34 + 0.03 0.86 0.21 Almonty Ind V 312 0.35 0.30 Alpha Nat Res* O 14985 0.01 0.00 0.01 - 0.00 0.09 0.00 Alset Energy V 2393 0.35 0.24 0.29 - 0.07 0.84 0.02 Alta Vista Vnt 727 0.07 0.05 0.06 - 0.01 0.25 0.02 0.04 - 0.01 0.09 0.03 Altai Res V 159 0.04 0.00 Altair Res Inc V 382 0.22 0.20 0.22 + 0.03 0.70 0.08 O 22 0.05 0.04 0.05 + 0.00 0.06 0.02 Alternative ER* Altiplano Mnls V 46 0.20 0.16 0.17 + 0.01 0.22 0.04 0.07 + 0.05 0.21 0.02 Altitude Res V 45 0.07 0.02 Altius Mnrls T 197 10.43 9.94 10.20 - 0.02 14.45 7.39 0.06 + 0.01 0.09 0.02 Alto Vent V 41 0.06 0.00 Altura Mng Ltd* O 52 0.14 0.12 0.12 - 0.04 0.30 0.00 Alturas Mnrls V 611 0.05 0.03 0.05 + 0.02 0.03 0.01 Alumina Inc* O 54 4.40 4.00 4.00 - 0.40 4.73 2.70 0.07 - 0.01 0.10 0.03 ALX Uranium* O 60 0.08 0.07 Am Creek Res V 699 0.10 0.09 0.09 - 0.01 0.12 0.03 0.12 0.10 0.11 + 0.01 0.16 0.06 Am CuMo Mng V 1033 Am CuMo Mng* O 457 0.09 0.08 0.09 + 0.01 0.12 0.04 0.20 + 0.02 0.45 0.07 AM Gold V 20 0.20 0.00 Am Manganese* O 60 0.05 0.04 0.05 + 0.01 0.05 0.01 0.09 + 0.02 0.11 0.04 Amarc Res V 319 0.10 0.08 Amarc Res* O 65 0.07 0.06 0.06 + 0.00 0.08 0.02 Amarillo Gold V 72 0.40 0.34 0.37 - 0.01 0.42 0.04 Amazing OG* O 50 0.60 0.57 0.60 + 0.03 1.15 0.29 O 142 0.03 0.01 0.02 - 0.00 0.08 0.00 Amer Vanadium* Amer Vanadium V 564 0.04 0.00 0.03 + 0.01 0.10 0.02 0.58 - 0.14 1.62 0.05 American Lith V 463 0.73 0.55 American Pot 156 0.05 0.00 0.04 - 0.01 0.50 0.03 V 713 0.24 0.22 0.23 - 0.01 0.30 0.15 Americas Petro Americas Silvr T 4840 0.39 0.34 0.37 - 0.02 0.45 0.09 O 928 0.30 0.26 0.28 - 0.02 0.34 0.04 Americas Silvr* Amerigo Res* O 19 0.13 0.12 0.13 + 0.00 0.26 0.07 Amex Expl V 524 0.04 0.00 0.04 + 0.01 0.08 0.02 Anaconda Mng T 548 0.11 0.09 0.10 + 0.01 0.11 0.04 O 68 0.08 0.07 0.07 - 0.01 0.08 0.02 Anaconda Mng* Andes Gold* O 195 0.01 0.00 0.01 - 0.00 1.00 0.00 1.75 + 0.21 1.79 0.52 Anfield Nickel V 1432 1.75 1.54 Anfield Res* O 116 0.22 0.18 0.19 + 0.01 0.22 0.06 0.12 - 0.01 0.15 0.01 Angel Gold V 215 0.13 0.10 Angkor Gold V 22 0.46 0.44 0.44 - 0.02 0.56 0.38 42 10.95 9.75 10.51 - 0.54 12.68 3.13 Anglo American* O Anglo American* O 811 5.52 4.75 5.03 - 0.49 5.76 1.57 Anglo-Can Mng V 230 0.02 0.02 0.02 - 0.01 0.03 0.01 0 20.10 0.00 20.10 - 1.03 21.13 6.45 AngloGold Ash* O AngloGold Ash* N 19826 21.34 19.85 21.05 + 0.05 21.42 5.64 Antioquia Gold* O 65 0.08 0.06 0.06 - 0.02 0.08 0.03 Antioquia Gold V 177 0.10 0.09 0.09 - 0.01 0.11 0.04 Antipodes Gold V 82 0.03 0.03 0.03 + 0.01 0.04 0.01 Antofagasta* O 13 6.60 6.20 6.48 + 0.35 9.73 5.24 Apogee Silver V 39 0.36 0.31 0.35 - 0.02 0.58 0.11 Apogee Silver* O 30 0.28 0.24 0.24 - 0.04 0.45 0.08 Appia Energy 103 0.26 0.22 0.22 - 0.03 0.30 0.01 Apple Cap Inc V 12 0.43 0.38 0.38 - 0.03 0.44 0.15 Applied Mrnls* O 30 0.18 0.16 0.16 - 0.02 0.52 0.11 AQM Copper V 405 0.14 0.12 0.14 + 0.03 0.15 0.03 Aquila Res* O 250 0.19 0.16 0.18 + 0.01 0.20 0.09 Aquila Res T 442 0.25 0.21 0.21 - 0.01 0.27 0.12 Arak Res V 84 0.04 0.03 0.04 + 0.01 0.07 0.02 Arbitrage Expl 51 0.08 0.00 0.08 + 0.02 0.12 0.01 Arch Coal* O 497 0.46 0.38 0.41 + 0.03 10.35 0.11 Archon Mineral V 1 1.85 0.00 1.85 + 0.15 2.10 1.30 Arctic Star V 7490 0.05 0.03 0.04 + 0.02 0.10 0.01 Arena Mnls* O 85 0.14 0.00 0.13 - 0.03 0.25 0.12 Arena Mnls V 1612 0.21 0.17 0.18 - 0.03 0.34 0.15 Argentex Mng V 55 0.12 0.00 0.10 - 0.02 0.13 0.02 Argentex Mng* O 167 0.09 0.06 0.08 + 0.00 0.10 0.01 Argentum Silvr V 557 0.11 0.00 0.09 - 0.03 0.12 0.02 Argex Titanium T 6471 0.11 0.06 0.10 + 0.03 0.14 0.02 Argex Titanium* O 268 0.09 0.05 0.07 + 0.02 0.11 0.01 Argonaut Gold T 4842 3.81 3.30 3.38 - 0.38 4.45 0.78 Argonaut Gold* O 239 2.92 2.52 2.59 - 0.31 3.38 0.53 Argus Metals* O 4 0.06 0.05 0.05 - 0.01 0.06 0.01 Argus Metals V 38 0.09 0.00 0.09 + 0.01 0.11 0.02 Arian Silver* O 885 0.02 0.01 0.02 + 0.00 0.42 0.00 Arianne Phosph V 216 1.01 0.96 0.97 - 0.03 1.25 0.68 Arianne Phosph* O 154 0.78 0.73 0.73 - 0.04 0.98 0.52 Armor Mnrls V 66 0.60 0.42 0.60 + 0.10 0.85 0.12 Arrowstar Res V 50 0.14 0.11 0.11 - 0.04 0.15 0.04 Asanko Gold T 4118 5.53 4.77 5.03 - 0.33 5.89 1.77 Asanko Gold* X 2518 4.26 3.65 3.82 - 0.34 4.53 1.27 Asante Gold 52 0.22 0.16 0.16 - 0.07 0.27 0.05 Asante Gold* O 52 0.17 0.17 0.17 + 0.02 0.17 0.05 Asbestos Corp V 2 0.14 0.00 0.14 - 0.04 0.30 0.13 Ascot Res V 1091 1.90 1.60 1.86 - 0.04 2.00 0.80 Asiamet Res V 168 0.05 0.04 0.05 + 0.01 0.08 0.01 Asian Minl Res V 144 0.03 0.02 0.03 + 0.01 0.06 0.02 Aston Bay V 303 0.47 0.42 0.46 - 0.01 0.49 0.10 Astorius Res V 148 0.15 0.00 0.14 + 0.03 0.15 0.01 Astur Gold V 305 0.05 0.00 0.04 - 0.01 0.10 0.01 ATAC Res V 496 0.88 0.80 0.88 + 0.04 0.88 0.26 Atacama Pac Gd* O 49 0.38 0.31 0.34 + 0.03 0.38 0.09 Atacama Pac Gd V 116 0.50 0.45 0.45 - 0.03 0.50 0.14 Athabasca Mnls* O 92 0.18 0.17 0.17 - 0.01 0.36 0.12 Athena Silver* O 20 0.13 0.10 0.13 - 0.00 0.15 0.02 Atico Mng V 207 0.47 0.44 0.44 - 0.03 0.53 0.16 Atico Mng* O 38 0.37 0.33 0.33 - 0.03 0.39 0.12 Atlanta Gold V 103 0.09 0.08 0.08 + 0.01 0.11 0.05 Atlanta Gold* O 8 0.07 0.07 0.07 + 0.00 0.09 0.03 Atlantic Gold V 271 0.83 0.79 0.81 + 0.03 0.83 0.17 Atlatsa Res T 477 0.10 0.09 0.10 + 0.01 0.13 0.03 Atlatsa Res* O 165 0.08 0.07 0.08 + 0.00 0.10 0.02 Atna Res Ltd* O 46 0.00 0.00 0.00 + 0.00 0.07 0.00 Augustine Vent 943 0.16 0.13 0.15 + 0.02 0.15 0.03 Augyva Mng V 759 0.13 0.09 0.10 + 0.01 0.13 0.09 Aura Silver Rs V 2444 0.04 0.04 0.04 + 0.01 0.04 0.01 Auramex Res V 145 0.03 0.02 0.03 + 0.01 0.03 0.01 Aurcana Corp V 620 0.46 0.40 0.44 + 0.01 0.55 0.09 Aurcana Corp* O 129 0.35 0.31 0.33 + 0.00 0.42 0.07 Aureus Mng* O 70 0.07 0.00 0.07 + 0.01 0.33 0.03 Aureus Mng T 6078 0.09 0.08 0.09 + 0.01 0.55 0.05 Aurgent Gold V 43 0.09 0.00 0.07 - 0.04 0.11 0.02 AuRico Metals * O 141 0.90 0.84 0.87 - 0.04 0.91 0.34

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AuRico Metals T 740 Aurora Gold* O 696 Aurvista Gold* O 167 Auryn Res* O 608 Austin Res V 1024 405 Avalon Adv Mat* O Avalon Adv Mat T 1215 Avarone Metals 563 Avino Silver V 610 Avino Silver* X 4572 Avnel Gold T 1074 Avrupa Mnls V 258 Axmin Inc* O 360 AZ Mining T 713 Azarga Uranium T 73 Azarga Uranium* O 61 Azimut Expl V 91 Azincourt Uran* O 41 V 17 Azincourt Uran

1.17 1.10 1.13 - 0.01 1.22 0.49 0.01 0.00 0.00 - 0.00 0.02 0.00 0.27 0.21 0.23 - 0.03 0.27 0.02 3.10 2.75 3.05 + 0.25 3.00 0.70 0.02 0.02 0.02 - 0.01 0.04 0.01 0.19 0.17 0.17 - 0.00 0.26 0.07 0.26 0.23 0.24 + 0.01 0.33 0.10 0.07 0.06 0.07 - 0.01 0.14 0.02 4.00 3.21 3.35 - 0.53 4.05 1.03 3.05 2.46 2.56 - 0.52 3.14 0.71 0.36 0.34 0.35 + 0.01 0.36 0.18 0.15 0.13 0.15 + 0.01 0.17 0.07 0.03 0.03 0.03 - 0.00 0.06 0.00 1.90 1.74 1.86 + 0.11 1.90 0.22 0.30 0.27 0.28 - 0.02 0.40 0.26 0.23 0.20 0.23 + 0.02 0.29 0.18 0.39 0.36 0.37 - 0.01 0.44 0.10 0.05 0.05 0.05 - 0.00 0.07 0.02 0.07 0.07 0.07 + 0.01 0.09 0.04

B2Gold* X 17071 B2Gold T 22139 V 223 Bacanora Mnls Baja Mng* O 243 Balmoral Res T 830 Balmoral Res* O 416 Bama Gold 583 X 10452 Banro* Banro T 1500 Bard Vent V 377 Barisan Gold V 3014 Barisan Gold* O 64 Barkerville Go V 759 Barkerville Go* O 275 Barrick Gold* N 82484 Barrick Gold T 17541 Barsele Min V 1687 Barsele Min* O 62 Batero Gold V 394 Battle Mtn Gld V 35 Battle Mtn Gld* O 18 Bayhorse Silvr* O 29 Bayhorse Silvr V 179 Bayswater Uran V 459 Bayswater Uran* O 38 BC Moly V 30 BCM Res V 26 Bear Creek Mng V 688 Bearing Res V 814 Beaufield Res V 806 Beaufield Res* O 246 Beeston Ent* O 30 Bell Copper V 179 Bell Copper* O 15 Bellhaven Cp&G V 86 Bellhaven Cp&G* O 60 Belo Sun Mng T 1333 Berkeley Egy* O 46 Berkwood Res V 2816 Besra Gold* O 119 Bethpage Cap V 14 BHK Mining V 63 Big North Grap V 1134 Bison Gold Res V 5 O 166 Bitterroot Res* Black Hills* N 1244 Black Iron T 250 11 Black Mam Mtls V Black Widow Rs V 578 BlackEagle Dev 6 Blackheath Res V 43 Blind Crk Res V 1064 BLOX Inc* O 250 Blue Rvr Res V 4335 Blue Sky Uran V 119 Bluestone Res V 120 Bold Vent V 437 BonTerra Res* O 19 BonTerra Res V 683 Bowmore Expl V 410 Brakpan Vents 4 Bravada Gold V 80 Bravada Gold* O 50 Braveheart Res V 14 Bravo Multinat* O 3700 Brazil Res V 3478 Britannia Mng* O 95 Brixton Mtls* O 44 Brixton Mtls V 95 Brookmount Exp* O 1071 Brunswick Res V 40 Bryn Res* O 4 Buenaventura* N 5062 Buffalo Coal V 1732 Bullfrog Gold* O 543 Bullion Gld Res V 25 Burey Gold* O 80

3.00 2.69 2.81 - 0.13 3.09 0.60 3.86 3.52 3.69 - 0.11 4.00 0.86 1.50 1.38 1.45 - 0.06 2.04 1.17 0.01 0.01 0.01 - 0.00 0.03 0.00 0.95 0.86 0.95 + 0.01 1.02 0.33 0.74 0.65 0.72 - 0.01 0.79 0.23 0.10 0.05 0.10 - 0.01 0.20 0.05 0.46 0.38 0.41 - 0.05 0.48 0.15 0.60 0.50 0.53 - 0.07 0.62 0.21 0.04 0.03 0.04 + 0.01 0.04 0.01 0.04 0.03 0.03 - 0.01 0.05 0.02 0.03 0.02 0.02 - 0.00 0.03 0.01 0.73 0.67 0.70 - 0.01 0.76 0.20 0.56 0.52 0.53 - 0.01 0.60 0.15 21.66 19.84 20.55 - 0.85 23.47 5.91 28.23 25.89 27.03 - 0.66 30.45 7.89 1.02 0.83 0.95 - 0.05 1.07 0.08 0.72 0.64 0.69 - 0.06 0.77 0.05 0.20 0.15 0.15 - 0.05 0.21 0.05 0.57 0.53 0.53 - 0.02 0.68 0.09 0.44 0.39 0.39 - 0.02 0.52 0.06 0.11 0.10 0.11 + 0.00 0.14 0.03 0.15 0.13 0.14 - 0.02 0.20 0.05 0.05 0.05 0.05 - 0.01 0.07 0.01 0.03 0.03 0.03 + 0.00 0.05 0.00 0.07 0.06 0.06 - 0.02 0.23 0.03 0.24 0.00 0.23 - 0.01 0.32 0.02 3.22 2.90 3.17 + 0.06 3.77 0.50 0.06 0.04 0.05 + 0.01 0.06 0.04 0.14 0.10 0.11 - 0.02 0.16 0.03 0.10 0.07 0.09 - 0.01 0.12 0.03 0.00 0.00 0.00 + 0.00 0.01 0.00 0.07 0.05 0.06 - 0.01 0.07 0.01 0.05 0.03 0.05 + 0.03 0.06 0.00 0.35 0.25 0.25 - 0.05 0.40 0.03 0.27 0.19 0.19 - 0.05 0.27 0.02 0.91 0.87 0.89 - 0.01 1.10 0.15 0.67 0.51 0.60 + 0.09 0.55 0.31 0.07 0.05 0.07 + 0.02 0.08 0.01 0.01 0.00 0.01 + 0.00 0.02 0.00 0.09 0.06 0.06 - 0.01 0.10 0.03 0.06 0.05 0.05 + 0.01 0.10 0.03 0.03 0.00 0.03 + 0.01 0.06 0.02 0.13 0.13 0.13 - 0.05 0.38 0.10 0.04 0.00 0.04 + 0.01 0.05 0.02 63.27 61.52 63.00 + 0.18 64.58 36.81 0.04 0.04 0.04 - 0.01 0.06 0.03 0.09 0.08 0.08 - 0.06 0.13 0.02 0.07 0.06 0.07 + 0.01 0.08 0.01 0.10 0.05 0.10 + 0.05 0.05 0.03 0.11 0.09 0.11 + 0.01 0.18 0.08 0.08 0.07 0.08 + 0.01 0.08 0.03 0.02 0.01 0.02 + 0.01 0.25 0.01 0.07 0.05 0.06 + 0.01 0.08 0.03 0.48 0.36 0.41 - 0.08 0.50 0.04 0.23 0.00 0.20 - 0.03 0.23 0.05 0.05 0.03 0.05 + 0.01 0.06 0.02 0.30 0.27 0.27 - 0.03 0.37 0.08 0.40 0.35 0.36 - 0.04 0.51 0.09 0.15 0.14 0.14 - 0.02 0.15 0.03 0.02 0.00 0.02 - 0.02 0.06 0.02 0.27 0.00 0.26 - 0.02 0.40 0.02 0.23 0.19 0.19 - 0.04 0.31 0.01 0.08 0.05 0.05 - 0.02 0.08 0.02 0.03 0.02 0.02 - 0.01 0.10 0.02 2.97 2.44 2.62 - 0.33 3.16 0.38 0.00 0.00 0.00 + 0.00 0.01 0.00 0.81 0.69 0.76 + 0.04 0.92 0.03 1.00 0.90 1.00 + 0.01 1.20 0.05 0.01 0.00 0.01 + 0.00 0.01 0.00 0.04 0.04 0.04 + 0.01 0.04 0.01 0.01 0.00 0.01 + 0.00 0.01 0.00 12.96 12.02 12.71 - 0.02 13.10 3.30 0.02 0.01 0.02 + 0.01 0.05 0.01 0.12 0.08 0.09 - 0.03 0.12 0.01 0.13 0.00 0.10 - 0.03 0.15 0.05 0.07 0.05 0.07 + 0.02 0.07 0.04

Cache Expl V 247 Cadan Res V 48 Caledonia Mng T 107 Caledonia Mng* Q 146 Calibre Mng V 1697 California Gl* O 4 Callinex Mines* O 233 Callinex Mines V 523 Cameco Corp* N 7135 Cameco Corp T 3566 Cameo Res V 2244 Camino Mnls V 389 Camino Mnls* O 85 Canadian Zeol V 649 Canadian Zeol* O 10 CanAlaska Uran* O 242 CanAlaska Uran V 1160 Canamex Res* O 758 Canarc Res T 1774 Canarc Res* Q 974 Canasil Res V 1722 Cancana Res V 76 Candelaria Mg V 199 Candente Coppr T 694 Candente Gold* O 100 Canex Energy V 2482 Canex Energy* O 26 CaNickel Mng* O 11 CaNickel Mng V 52 Canoe Mng Vent V 223 Canstar Res V 237 Canterra Mnls V 253 Cantex Mn Dev* O 139 Canyon Gold* O 104 Cap-Ex Iron V 923 Capstone Mng T 2328 Caracara Silvr V 1748 Cardero Res T 199 Cardero Res* O 62 Cariboo Rose V 204 Carlin Gold V 14 Carmax Mng V 64 Carpathian Gld* O 344 Carpathian Gld 8202 Cartier Iron 243 Cartier Res V 203 Carube Copper* O 56 Carube Copper V 691 Cascadero Copp V 1269 Cassidy Vents* O 83 Castle Mtn Mng V 847 Castle Res 9 Cava Res V 172 Cda Carbon* O 135 Cda Carbon V 1529 Cda Rare Earth* O 15 Cda Rare Earth V 70 Cda Strtgc Met V 2623 Cda Strtgc Met * O 49 Cdn Intl Mnrls V 662 Cdn Metals 150 Cdn Zinc T 2584 Cdn Zinc* Q 543

0.18 0.15 0.16 - 0.02 0.18 0.06 0.06 0.04 0.06 + 0.01 0.09 0.03 1.59 1.47 1.55 + 0.02 1.59 0.66 1.21 1.12 1.19 - 0.00 1.23 0.48 0.22 0.17 0.20 - 0.02 0.27 0.06 0.50 0.50 0.50 - 0.03 0.55 0.45 0.30 0.25 0.29 + 0.03 0.44 0.17 0.39 0.34 0.37 + 0.02 0.54 0.23 10.80 10.28 10.35 - 0.44 14.79 10.31 14.01 13.55 13.60 - 0.36 19.32 13.47 0.05 0.05 0.05 + 0.01 0.10 0.02 0.28 0.17 0.28 + 0.11 0.25 0.07 0.21 0.00 0.21 + 0.06 0.17 0.05 0.37 0.32 0.37 + 0.06 0.41 0.08 0.24 0.24 0.24 - 0.03 0.30 0.06 0.94 0.68 0.70 - 0.27 1.20 0.06 1.28 0.85 0.94 - 0.34 1.55 0.09 0.04 0.04 0.04 - 0.00 0.05 0.02 0.10 0.09 0.09 - 0.01 0.15 0.04 0.08 0.07 0.07 - 0.01 0.12 0.03 0.50 0.45 0.49 - 0.02 0.51 0.03 0.26 0.23 0.25 - 0.02 0.30 0.13 0.35 0.32 0.32 - 0.03 0.37 0.06 0.18 0.13 0.17 + 0.03 0.18 0.03 0.06 0.06 0.06 + 0.01 0.06 0.00 0.04 0.02 0.03 + 0.01 0.09 0.01 0.03 0.01 0.03 + 0.01 0.06 0.01 0.07 0.07 0.07 + 0.02 0.08 0.01 0.11 0.09 0.11 + 0.03 0.14 0.03 0.05 0.04 0.04 - 0.01 0.09 0.02 0.13 0.10 0.11 - 0.02 0.13 0.03 0.09 0.06 0.09 + 0.02 0.08 0.03 0.07 0.05 0.07 - 0.00 0.07 0.02 0.20 0.10 0.20 + 0.09 0.54 0.02 0.10 0.09 0.09 - 0.01 0.11 0.01 0.92 0.84 0.90 + 0.01 1.05 0.27 0.03 0.02 0.03 - 0.01 0.03 0.01 0.20 0.16 0.17 - 0.05 0.26 0.08 0.15 0.12 0.12 - 0.03 0.18 0.05 0.09 0.07 0.09 + 0.02 0.08 0.03 0.05 0.05 0.05 + 0.01 0.05 0.01 0.04 0.03 0.03 - 0.01 0.06 0.02 0.06 0.04 0.04 - 0.02 0.07 0.00 0.08 0.06 0.06 - 0.01 0.09 0.01 0.09 0.00 0.08 - 0.01 0.11 0.01 0.14 0.12 0.13 - 0.01 0.16 0.04 0.11 0.09 0.11 + 0.02 0.11 0.07 0.20 0.11 0.18 + 0.05 0.17 0.05 0.08 0.07 0.07 - 0.01 0.12 0.02 0.03 0.02 0.02 - 0.01 0.35 0.02 0.84 0.78 0.78 - 0.04 0.84 0.18 0.29 0.00 0.29 + 0.07 1.50 0.05 0.60 0.22 0.60 + 0.37 0.48 0.04 0.24 0.22 0.22 - 0.00 0.28 0.18 0.32 0.28 0.30 + 0.02 0.42 0.23 0.02 0.02 0.02 + 0.00 0.03 0.01 0.03 0.03 0.03 - 0.01 0.04 0.02 0.13 0.11 0.13 + 0.02 0.13 0.03 0.10 0.08 0.10 + 0.02 0.09 0.01 0.05 0.04 0.04 - 0.01 0.13 0.01 0.29 0.20 0.20 - 0.09 0.44 0.06 0.41 0.34 0.36 - 0.04 0.41 0.06 0.31 0.26 0.28 - 0.03 0.32 0.04

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12-month

Exc Volume High Low Last Change High Low

Centamin T 139 2.76 2.64 2.72 - 0.01 2.87 1.08 Centaurus Diam* O 184 0.23 0.12 0.23 + 0.02 0.34 0.02 Centenera Mng V 703 0.28 0.21 0.28 + 0.04 0.29 0.02 Centerra Gold T 8237 7.60 6.67 7.40 - 0.12 8.67 5.51 Centurion Mnls V 1817 0.09 0.07 0.09 + 0.02 0.18 0.04 T 277 0.22 0.20 0.20 - 0.02 0.36 0.15 Century Global Chalice Gold M T 31 0.19 0.18 0.19 + 0.01 0.21 0.09 Chalice Gold M* O 23 0.15 0.13 0.13 - 0.03 0.17 0.08 Champion Bear V 91 0.10 0.07 0.08 - 0.02 0.11 0.03 Champion Iron* O 30 0.18 0.18 0.18 - 0.00 0.23 0.09 Champion Iron T 769 0.25 0.23 0.24 - 0.01 0.30 0.11 Chantrell Vent V 494 0.15 0.10 0.10 - 0.05 0.19 0.06 Chesapeake Gld* O 140 4.25 3.25 3.83 - 0.34 5.03 1.05 Chesapeake Gld V 304 5.51 4.25 5.15 - 0.26 6.50 1.39 Chevron* N 27661 106.75 104.87 105.66 - 1.37 107.58 69.58 Chiboug Ind Mn V 466 0.26 0.11 0.17 + 0.04 0.26 0.03 Chieftain Mtls V 26 0.16 0.13 0.13 - 0.03 0.23 0.03 Chilean Metals* O 40 0.15 0.14 0.14 + 0.00 0.15 0.00 V 60 0.19 0.15 0.15 - 0.02 0.19 0.02 Chilean Metals China Gold Int T 1091 2.63 2.33 2.44 - 0.16 2.72 1.60 52 0.01 0.00 0.01 + 0.01 0.02 0.00 China Mnls Mng* O China Mnls Mng V 72 0.02 0.00 0.01 - 0.01 0.02 0.01 0.07 - 0.01 0.15 0.03 Cibolan Gold* O 98 0.08 0.05 CIM Intl Grp 6 1.05 0.00 1.03 - 0.05 1.50 1.00 CKR Carbon V 168 0.09 0.08 0.09 + 0.01 0.16 0.06 Claim Post Res V 670 0.04 0.02 0.03 - 0.01 0.06 0.01 Clifton Mng* O 231 0.16 0.12 0.16 + 0.04 0.18 0.05 2.80 2.45 2.56 - 0.19 4.79 1.08 Cloud Peak En* N 4315 CMC Metals* O 10 0.11 0.09 0.09 - 0.02 0.11 0.07 Coeur Mng* N 25159 14.00 12.23 13.42 - 0.29 14.00 1.62 Colibri Res V 10 0.18 0.14 0.14 - 0.05 0.21 0.02 V 2916 0.03 0.02 0.02 + 0.01 0.03 0.01 Colombia Crest Colombian Mins V 341 0.23 0.14 0.19 + 0.04 0.23 0.02 Colonial Coal V 667 0.11 0.08 0.09 - 0.04 0.18 0.02 Colorado Res V 2732 0.60 0.44 0.45 - 0.13 0.60 0.05 Colorado Res* O 279 0.46 0.35 0.35 - 0.08 0.47 0.04 Colt Res V 2007 0.07 0.06 0.06 - 0.01 0.19 0.06 Colt Res* O 54 0.05 0.04 0.05 + 0.01 0.15 0.04 O 464 0.58 0.48 0.54 + 0.05 0.58 0.23 Columbus Gold* Columbus Gold T 1367 0.77 0.64 0.74 + 0.11 0.76 0.31 V 201 0.08 0.07 0.07 - 0.01 0.13 0.06 Commerce Res Commerce Res* O 30 0.05 0.05 0.05 - 0.01 0.10 0.04 Comstock Mng* X 2051 0.43 0.36 0.38 - 0.05 0.70 0.33 V 45 0.28 0.00 0.28 + 0.01 0.34 0.05 Comstock Mtls Comstock Mtls * O 45 0.24 0.20 0.20 - 0.02 0.26 0.10 0.10 - 0.01 0.12 0.02 Condor Res V 196 0.11 0.00 Confedertn Mls V 174 0.50 0.39 0.49 + 0.06 0.90 0.20 0.05 - 0.02 0.07 0.01 Conquest Res V 972 0.06 0.05 Cons Woodjam V 211 0.08 0.06 0.06 - 0.01 0.09 0.02 CONSOL Energy* N 21395 17.28 16.26 17.04 - 0.15 19.44 4.54 Constant Mtl V 381 0.14 0.11 0.12 - 0.01 0.15 0.05 Contintl Gold* O 100 2.80 2.43 2.51 - 0.27 3.31 0.88 3.28 - 0.34 4.32 1.28 Contintl Gold T 1533 3.66 3.16 Contintl Prec* O 9 0.25 0.21 0.25 + 0.04 0.27 0.18 Contintl Prec T 4 0.32 0.00 0.27 - 0.03 0.38 0.25 Copper Ck Gold V 38 0.09 0.06 0.08 + 0.02 0.10 0.05 900 0.15 0.13 0.13 - 0.01 0.24 0.11 Copper Fox Mtl V Copper Fox Mtl* O 33 0.11 0.09 0.09 - 0.02 0.17 0.08 Copper Lake Rs V 114 0.06 0.05 0.06 + 0.01 0.06 0.03 Copper Mtn Mng* O 13 0.44 0.41 0.44 - 0.00 0.70 0.23 Copper North M* O 22 0.15 0.13 0.14 + 0.01 0.15 0.10 31 0.19 0.18 0.18 + 0.01 0.50 0.13 Copper North M V Copper One * O 16 0.11 0.11 0.11 - 0.04 0.17 0.02 0.17 + 0.01 0.30 0.03 Copper One V 71 0.18 0.15 Copperbank Res* O 19 0.06 0.04 0.06 + 0.00 0.06 0.01 0.07 + 0.02 0.07 0.03 Copperbank Res 183 0.07 0.00 Coral Gold V 180 0.36 0.32 0.36 + 0.03 0.38 0.05 Corazon Gold V 55 0.26 0.25 0.25 - 0.01 0.30 0.18 0.72 - 0.09 1.00 0.10 Cordoba Mnls V 262 0.81 0.71 Cordoba Mnls* O 28 0.64 0.57 0.57 - 0.07 0.79 0.08 0.14 - 0.02 0.21 0.03 Corex Gold V 817 0.16 0.14 Cornerstone Ca V 613 0.06 0.05 0.06 + 0.01 0.08 0.02 O 221 0.05 0.03 0.04 + 0.01 0.06 0.01 Cornerstone Ca* Coronet Mtls V 69 0.39 0.34 0.39 + 0.02 0.51 0.03 Coronet Mtls* O 41 0.31 0.26 0.26 - 0.03 0.40 0.02 Corsa Coal V 185 0.09 0.06 0.07 - 0.02 0.10 0.02 Corvus Gold T 378 1.30 1.16 1.26 + 0.16 1.30 0.33 0.95 + 0.06 1.02 0.25 Corvus Gold* O 119 1.02 0.89 Cougar Mnls V 67 0.49 0.45 0.46 - 0.03 0.82 0.08 Crazy Horse Res* O 161 0.02 0.01 0.01 - 0.01 0.02 0.00 Critical Elem* O 282 0.48 0.44 0.45 + 0.02 0.58 0.10 0.58 + 0.02 0.75 0.14 Critical Elem V 1231 0.64 0.57 Crown Mining V 37 0.16 0.12 0.13 - 0.02 0.20 0.03 Crystal Pk Min* O 59 0.22 0.19 0.20 - 0.02 0.32 0.11 Crystal Pk Min V 59 0.29 0.26 0.26 - 0.02 0.42 0.13 CWN M’g Acq V 29 0.24 0.13 0.24 + 0.11 0.25 0.11 0.13 - 0.01 0.16 0.01 Cypress Dev* O 314 0.14 0.11 Cypress Dev V 776 0.17 0.14 0.17 + 0.01 0.20 0.02 0.10 - 0.01 0.15 0.06 Cyprium Mng V 1137 0.10 0.08

D-F Dajin Res V 1962 Dajin Res* O 1680 397 Dakota Ter Res* O Daleco Res* O 59 Dalradian Res* O 293 Dalradian Res T 6198 Danakali* O 322 Darnley Bay V 85 Decade Res V 212 Defiance Silvr* O 219 Defiance Silvr V 592 Del Toro Silvr* O 268 Delrand Res V 10 Denison Mines* X 558 Desert Star V 21 Detour Gold T 3873 Diamcor Mng V 101 Diamcor Mng* O 79 Diamond Disc* O 91 Diamond Fields V 106 Dios Expl V 102 Discovery-Corp V 238 DNI Metals 217 DNI Metals* O 13 Dolly Vard Sil* O 72 Dolly Vard Sil V 194 Dominion Diam T 666 Dominion Diam* N 1027 Dorex Mnrls V 204 Double Crn Res* O 4802 Doubleview Cap V 868 DRDGOLD* N 2873 Dundee Prec Mt T 3544 Duran Vent V 185 Durango Res V 537 Durango Res* O 42 DuSolo Fertil* O 6 DV Resources V 196 220 Dynacor Gld Mn T Dynasty Gold V 807 O 79 Dynasty Met&Mn* Dynasty Met&Mn T 1148 Eagle Graphite V 439 Eagle Graphite* O 44 Eagle Plains V 863 East Africa V 879 East Africa * O 188 Eastern Platin* O 8 Eastern Platin T 250 Eastfield Res V 161 Eastmain Res T 1973 Eco Oro Mnls T 91 Ecuador Gold V 113 Ecuador Gold* O 45 Edgewater Expl V 349 El Capitan Prc* O 4299 El Nino Vent* O 25 Elcora Res V 225 Elcora Res* O 38 Eldorado Gold* N 25947 Eldorado Gold T 16841 Electra Stone V 1471 Eloro Mnrls V 78 Ely Gold & Mnl* O 257 Elysee Dev V 112 Emerita Res V 617 Emgold Mng V 768 Emgold Mng* O 72 Empire Rock V 14 Encanto Potash* O 863 Encanto Potash V 1722 Endeavour Mng T 1243 Endeavour Mng* O 61

0.18 0.16 0.18 + 0.02 0.30 0.07 0.14 0.11 0.14 + 0.02 0.24 0.05 0.07 0.05 0.05 - 0.01 0.20 0.05 0.03 0.00 0.03 - 0.00 0.10 0.01 0.84 0.76 0.80 - 0.02 1.04 0.45 1.09 1.00 1.06 + 0.01 1.32 0.62 0.36 0.29 0.29 - 0.07 0.37 0.17 0.15 0.00 0.15 + 0.02 0.18 0.01 0.10 0.08 0.08 - 0.02 0.13 0.01 0.36 0.30 0.35 + 0.03 0.38 0.04 0.48 0.38 0.46 + 0.05 0.48 0.06 0.00 0.00 0.00 - 0.00 0.03 0.00 0.65 0.52 0.65 + 0.13 0.65 0.10 0.57 0.54 0.55 - 0.01 0.67 0.35 0.09 0.07 0.07 - 0.02 0.16 0.03 32.47 30.32 31.24 - 0.88 35.93 10.62 1.15 1.05 1.12 + 0.06 1.25 0.65 0.85 0.81 0.85 + 0.04 0.96 0.46 0.00 0.00 0.00 - 0.00 0.00 0.00 0.02 0.02 0.02 + 0.01 0.03 0.01 0.14 0.11 0.14 + 0.01 0.19 0.05 0.03 0.03 0.03 - 0.01 0.08 0.03 0.05 0.04 0.05 - 0.01 0.10 0.04 0.04 0.03 0.03 - 0.00 0.10 0.03 0.51 0.45 0.47 - 0.00 0.56 0.08 0.64 0.59 0.61 + 0.01 0.74 0.11 11.76 11.22 11.70 + 0.38 17.40 9.96 9.04 8.58 8.90 + 0.14 13.32 7.27 0.03 0.00 0.03 + 0.01 0.04 0.01 0.02 0.01 0.02 + 0.01 0.02 0.01 0.09 0.08 0.09 + 0.01 0.16 0.06 7.78 6.90 7.34 - 0.09 9.03 1.10 4.13 3.50 3.93 + 0.38 4.13 0.84 0.12 0.10 0.12 + 0.01 0.20 0.07 0.10 0.09 0.09 - 0.01 0.21 0.03 0.08 0.06 0.06 - 0.01 0.15 0.02 0.03 0.03 0.03 - 0.00 0.18 0.02 0.04 0.03 0.04 - 0.01 0.06 0.03 2.05 1.96 2.01 - 0.04 2.32 1.30 0.02 0.02 0.02 - 0.01 0.03 0.01 0.15 0.11 0.14 + 0.02 0.40 0.08 0.21 0.15 0.19 + 0.04 0.60 0.10 0.05 0.04 0.05 + 0.01 0.07 0.02 0.04 0.03 0.04 + 0.01 0.06 0.01 0.15 0.13 0.14 - 0.01 0.17 0.05 0.25 0.19 0.25 + 0.05 0.25 0.03 0.18 0.15 0.18 + 0.03 0.18 0.02 0.70 0.66 0.66 - 0.04 1.07 0.47 0.90 0.85 0.88 - 0.02 1.45 0.61 0.04 0.04 0.04 - 0.01 0.05 0.02 0.62 0.56 0.62 + 0.03 0.67 0.28 0.38 0.33 0.38 + 0.05 0.70 0.25 0.41 0.35 0.38 + 0.03 0.48 0.10 0.29 0.26 0.29 + 0.04 0.33 0.13 0.03 0.02 0.02 - 0.01 0.04 0.01 0.05 0.04 0.04 + 0.00 0.10 0.03 0.03 0.02 0.02 - 0.01 0.04 0.00 0.40 0.37 0.39 + 0.02 0.75 0.15 0.31 0.29 0.30 - 0.00 0.55 0.20 4.88 4.25 4.32 - 0.53 5.16 1.87 6.36 5.60 5.68 - 0.59 6.71 2.67 0.05 0.04 0.04 - 0.01 0.12 0.04 0.39 0.33 0.33 - 0.07 0.40 0.09 0.10 0.09 0.10 - 0.00 0.12 0.03 0.34 0.29 0.29 - 0.02 0.34 0.17 0.10 0.08 0.10 + 0.01 0.17 0.02 0.05 0.04 0.04 - 0.01 0.05 0.01 0.03 0.00 0.03 - 0.00 0.03 0.00 0.21 0.00 0.20 - 0.05 0.27 0.04 0.08 0.07 0.08 + 0.00 0.14 0.03 0.11 0.09 0.10 - 0.01 0.18 0.05 23.26 21.30 22.22 - 1.12 24.69 4.35 17.82 16.34 16.86 - 1.14 18.88 4.40

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

10475 N Endeavr Silver* Endeavr Silver T 1379 V 124 Endurance Gold O 266 Energizer Res* Energizer Res T 1441 Energy Fuels* X 868 Energy Fuels T 345 Engold Mines V 414 Entree Gold* X 379 Entree Gold T 121 Equitas Res V 3222 Equitas Res* O 575 Equitorial Ex V 1318 12 V Era Res Inc 55 Erdene Res Dev* O Eskay Mng V 175 Ethos Gold* O 50 Ethos Gold V 144 X 227 Eurasian Mnls* Eureka Res V 312 O 6 EurOmax Res* EurOmax Res T 5 O 5220 European Metal* V 12 Eurotin Everest Vent V 98 Everton Res* O 16 Evolving Gold 12 O 3 Evolving Gold* Evrim Res V 315 O 18 Excalibur Res* Excalibur Res 325 Excellon Res T 1751 Excellon Res* O 342 O 98 Excelsior Mng* Excelsior Mng V 475 Exeter Res* X 1061 Exeter Res T 256 Explor Res* O 109 Explor Res V 3595 Explorex Res 38 Falco Res V 389 Falcon Gold V 249 Far Res 171 Fieldex Expl V 645 Firebird Res V 117 O 57 Firma Holdings* First Bauxite V 90 First Liberty* O 5272 First Majestic T 5427 First Majestic* N 24620 First Mexican V 356 V 11328 First Mg Fin First Mg Fin * O 8150 First Point T 294 First Quantum T 27217 Fission Uran T 1991 Fission Uran* O 854 Fjordland Exp V 736 Flinders Res V 267 Flinders Res* O 247 V 415 Focus Graphite O 362 Focus Graphite* Focus Vent V 182 Foran Mng V 349 T 286 Formation Mtls Forsys Metals T 453 32 Fort St J Nick V O 6 Fortescue Mtls* Fortuna Silvr T 1964 Fortuna Silvr* N 4929 Fortune Mnrls T 733 V 1077 Forum Uranium Four River V 39 29 Fox River Res* O 275 Fox River Res N 2573 Franco-Nevada* Franco-Nevada T 2134 Franklin Mng* O 63 Freegold Vent T 130 146373 N Freeport McMo* Freeport Res V 173 Fresnillo plc* O 11 Frontline Gold V 1951 Fura Emeralds V 991

1.00 4.47 - 0.39 5.13 4.86 4.16 1.46 5.87 - 0.39 6.67 6.31 5.43 0.02 0.07 + 0.01 0.08 0.07 0.06 0.03 0.06 - 0.00 0.10 0.06 0.05 0.03 0.08 + 0.01 0.13 0.08 0.07 1.81 2.26 - 0.02 4.67 2.32 2.17 2.47 2.96 + 0.01 6.05 3.00 2.85 0.02 0.05 + 0.01 0.08 0.05 0.04 0.17 0.31 - 0.01 0.40 0.32 0.29 0.25 0.38 - 0.02 0.53 0.41 0.38 0.05 0.02 0.22 0.10 - 0.11 0.10 0.02 0.08 - 0.01 0.17 0.09 0.08 0.02 0.06 + 0.01 0.13 0.06 0.05 0.39 0.00 0.34 - 0.06 0.50 0.09 0.25 0.24 0.25 - 0.00 0.42 0.08 0.01 0.24 - 0.01 0.26 0.26 0.24 0.09 0.27 - 0.04 0.32 0.27 0.27 0.13 0.37 + 0.02 0.41 0.38 0.34 0.35 0.81 + 0.01 1.03 0.83 0.75 0.04 0.10 + 0.01 0.13 0.10 0.07 0.15 0.33 - 0.01 0.46 0.34 0.31 0.21 0.45 - 0.01 0.62 0.45 0.00 0.00 0.00 + 0.00 0.01 0.00 0.00 0.03 0.09 + 0.01 1.00 0.09 0.09 0.09 0.73 + 0.02 0.95 0.73 0.67 0.00 0.05 - 0.00 0.07 0.06 0.04 0.04 0.36 - 0.04 0.50 0.41 0.00 0.02 0.28 - 0.04 0.38 0.32 0.28 0.10 0.28 - 0.01 0.35 0.30 0.28 0.00 0.08 + 0.03 0.08 0.08 0.07 0.01 0.11 + 0.01 0.11 0.11 0.09 0.20 1.15 - 0.14 1.44 1.27 1.12 0.14 0.87 - 0.08 1.13 0.97 0.86 0.12 0.26 - 0.02 0.31 0.28 0.26 0.19 0.35 - 0.02 0.40 0.38 0.34 0.29 1.24 - 0.13 1.47 1.36 1.19 0.39 1.61 - 0.17 1.90 1.76 1.57 0.03 0.13 + 0.01 0.18 0.13 0.12 0.04 0.17 + 0.01 0.24 0.18 0.15 0.05 0.13 - 0.03 0.18 0.15 0.00 0.21 0.99 + 0.02 1.25 1.01 0.97 0.01 0.02 - 0.01 0.05 0.02 0.00 0.02 0.10 - 0.02 0.15 0.10 0.09 0.01 0.03 + 0.01 0.05 0.03 0.02 0.01 0.03 - 0.01 0.05 0.03 0.03 0.02 0.08 + 0.03 0.25 0.08 0.05 0.03 0.04 - 0.01 0.08 0.05 0.04 0.00 0.00 + 0.00 0.00 0.00 0.00 20.49 - 1.20 22.34 3.50 22.19 19.53 15.59 - 1.18 17.24 2.40 17.05 14.95 0.02 0.04 + 0.01 0.07 0.04 0.03 1.22 1.01 1.07 - 0.10 1.31 0.25 0.94 0.77 0.83 - 0.08 1.02 0.19 0.04 0.10 + 0.01 0.14 0.10 0.09 10.63 9.53 9.99 - 0.22 13.42 2.15 0.53 0.73 - 0.01 0.86 0.74 0.71 0.39 0.55 - 0.02 0.66 0.57 0.54 0.01 0.10 - 0.02 0.17 0.11 0.09 0.12 0.61 - 0.16 0.77 0.76 0.51 0.09 0.44 - 0.12 0.61 0.58 0.42 0.07 0.13 + 0.01 0.30 0.13 0.11 0.04 0.09 + 0.00 0.23 0.10 0.08 0.05 0.10 - 0.01 0.22 0.11 0.10 0.05 0.19 - 0.03 0.27 0.22 0.18 0.09 0.49 - 0.05 0.63 0.54 0.45 0.05 0.07 + 0.01 0.21 0.07 0.06 0.09 0.00 0.09 - 0.01 0.25 0.05 1.00 3.06 - 0.15 3.31 3.12 2.90 10.60 - 0.55 11.77 2.65 11.29 10.07 2.00 8.07 - 0.54 9.03 8.68 7.71 0.02 0.11 + 0.01 0.14 0.11 0.10 0.04 0.08 - 0.01 0.20 0.09 0.08 0.05 0.28 - 0.02 0.39 0.31 0.28 0.04 0.03 0.03 - 0.01 0.04 0.02 0.05 0.00 0.05 - 0.01 0.06 0.03 38.20 73.78 - 1.39 80.22 76.49 72.57 99.62 94.73 97.04 - 0.14 104.19 49.96 0.00 0.00 - 0.00 0.01 0.00 0.00 0.05 0.18 - 0.03 0.27 0.20 0.18 12.67 - 0.44 15.39 3.52 13.15 11.69 0.01 0.06 + 0.04 0.09 0.07 0.00 23.76 - 0.59 26.65 8.70 25.20 23.40 0.01 0.04 + 0.01 0.03 0.04 0.03 0.08 0.16 + 0.02 0.25 0.17 0.13

Gabriel Res T 739 Gainey Capital V 68 Galane Gold V 3660 544 Galena Intl Rs V Galore Res V 177 Galway Gold V 714 Galway Mtls* O 22 38 Garibaldi Res * O Garibaldi Res V 365 GB Minerals V 34 Gear Intl* O 5724 145 V Gem Intl Res General Moly T 9 General Moly* X 376 Genesis Mtls V 452 Genius Props 1091 O 160 Geologix Expl* Geomega Res V 5259 O 56 Geomega Res* 29 Gespeg Cop Res V Getty Copper V 619 GFK Res V 68 GGL Res* O 3 GGL Res V 143 Giyani Gold* O 111 Giyani Gold V 407 Gldn Predator V 512 O 38 Gldn Predator* 426 Glen Eagle Res V Glencore Plc* O 443 Global Gold* O 421 Globex Mng T 319 Globex Mng* O 22 GMCI Corp* O 1 O 10 GMV Minerals* GMV Minerals V 739 V 18 GobiMin GoGold Res T 909 Gold & Silver* O 2839 Gold Bulln Dev* O 1676 Gold Bulln Dev V 9453 28258 Gold Fields* N 427 Gold Jub Cap V Gold Lakes* O 1860 Gold Mng USA* O 1387 Gold Mtn Mng V 1242 X 4268 Gold Resource* 80 Gold Ridge Exp V Gold Std Vents* X 2355 636 Gold Std Vents V Gold Torrent* O 5 Goldcorp* N 32823 T 10607 Goldcorp Golden Arrow V 1949 Golden Arrow* O 386 V 35 Golden Cariboo Golden Dawn Ml V 9926 106 Golden Dawn Ml* O Golden Eagle* O 160 O 148 Golden Goliath* Golden Hope* O 9 Golden Hope V 152 Golden Matrix* O 80233 Golden Mnls T 849 Golden Mnls* X 9502 Golden Queen T 783 O 1438 Golden Queen* Golden Reign V 866 Golden Secret V 373 460 Golden Sh Mng V Golden Star T 3165 27338 Golden Star* X Goldex Res V 45 Goldeye Expl V 1590 O 1598 Goldgroup Mng* T 1482 Goldgroup Mng GoldON Res V 15 V 2891 GoldQuest Mng

0.12 0.67 + 0.01 0.74 0.68 0.65 0.10 0.18 + 0.02 0.30 0.18 0.16 0.03 0.16 + 0.02 0.19 0.19 0.14 0.15 0.10 0.15 + 0.05 0.15 0.02 0.01 0.03 + 0.01 0.03 0.03 0.02 0.04 0.06 + 0.01 0.10 0.07 0.05 0.06 0.12 + 0.02 0.12 0.12 0.00 0.09 0.08 0.08 - 0.01 0.13 0.03 0.05 0.09 - 0.01 0.18 0.10 0.09 0.02 0.10 + 0.02 0.12 0.10 0.09 0.00 0.00 + 0.00 0.00 0.00 0.00 0.14 0.00 0.12 - 0.01 0.15 0.04 0.22 0.45 + 0.01 0.65 0.45 0.00 0.15 0.34 - 0.02 0.57 0.35 0.32 0.05 0.24 + 0.04 0.23 0.24 0.18 0.02 0.03 - 0.01 0.07 0.04 0.03 0.01 0.08 - 0.00 0.11 0.09 0.08 0.06 0.11 - 0.03 0.23 0.15 0.09 0.03 0.08 - 0.06 0.16 0.14 0.08 0.05 0.04 0.04 - 0.01 0.06 0.02 0.02 0.02 - 0.01 0.04 0.03 0.02 0.03 0.13 - 0.01 0.14 0.14 0.00 0.01 0.02 - 0.01 0.03 0.02 0.02 0.01 0.03 - 0.01 0.05 0.04 0.03 0.02 0.14 + 0.04 0.14 0.14 0.10 0.06 0.19 + 0.07 0.19 0.20 0.13 0.07 0.88 - 0.01 1.03 0.93 0.81 0.06 0.65 - 0.02 0.79 0.72 0.63 0.12 0.10 0.12 + 0.01 0.16 0.03 1.95 4.80 - 0.03 6.94 4.92 4.43 0.00 0.02 + 0.01 0.05 0.03 0.02 0.17 0.39 - 0.01 0.51 0.40 0.37 0.13 0.30 - 0.02 0.38 0.31 0.30 0.20 2.28 - 0.02 2.51 2.28 0.00 0.06 0.27 + 0.06 0.26 0.27 0.21 0.05 0.35 + 0.03 0.35 0.35 0.28 0.27 0.45 - 0.04 0.49 0.49 0.45 0.94 1.15 - 0.08 1.65 1.23 1.12 0.01 0.01 0.01 - 0.00 1000.00 0.00 0.11 0.08 0.09 + 0.02 0.11 0.01 0.14 0.10 0.13 + 0.03 0.16 0.02 2.04 5.88 - 0.02 6.13 6.05 5.53 0.16 0.14 0.14 - 0.01 0.28 0.07 0.01 0.84 + 0.29 0.81 0.86 0.54 0.01 0.01 0.01 + 0.00 0.19 0.00 0.46 0.31 0.36 + 0.04 0.49 0.02 1.14 5.04 - 0.38 5.60 5.60 4.77 0.08 0.00 0.08 - 0.01 0.14 0.01 1.69 1.55 1.57 - 0.11 2.10 0.32 2.20 2.03 2.07 - 0.15 2.73 0.42 0.20 0.59 - 0.02 0.69 0.59 0.59 18.31 - 0.98 20.38 9.46 19.42 17.87 13.55 24.09 - 0.87 26.56 25.24 23.33 0.17 0.91 + 0.02 1.19 0.96 0.84 0.13 0.69 + 0.01 1.12 0.74 0.63 0.03 0.08 + 0.01 0.08 0.08 0.00 0.40 0.20 0.40 + 0.20 0.31 0.07 0.29 0.16 0.29 + 0.13 0.23 0.06 0.00 0.02 + 0.01 0.03 0.03 0.01 0.00 0.06 - 0.01 0.10 0.07 0.06 0.12 0.18 - 0.01 0.47 0.21 0.18 0.16 0.27 + 0.05 0.60 0.27 0.24 0.00 3000.00 0.00 - 0.02 0.00 0.00 0.19 1.27 + 0.12 1.51 1.51 1.13 0.13 0.97 + 0.08 1.16 1.16 0.90 0.65 1.37 - 0.09 2.00 1.47 1.32 0.48 1.05 - 0.08 1.56 1.14 1.01 0.07 0.24 - 0.06 0.34 0.29 0.23 0.02 0.42 - 0.14 0.67 0.50 0.41 0.18 0.00 0.14 - 0.04 0.26 0.03 0.21 1.32 + 0.07 1.46 1.46 1.20 0.14 1.00 + 0.04 1.13 1.13 0.91 0.10 0.70 - 0.14 0.90 0.87 0.00 0.02 0.06 + 0.01 0.07 0.07 0.06 0.03 0.26 - 0.02 0.30 0.28 0.25 0.05 0.34 - 0.02 0.39 0.36 0.33 0.03 0.21 + 0.06 0.36 0.21 0.15 0.09 0.55 - 0.02 0.62 0.60 0.53

G-H

2016-07-26 4:54 PM


GLOBAL MINING NEWS

THE NORTHERN MINER / AUGUST 1–7, 2016

9

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

Week

12-month

Exc Volume High Low Last Change High Low

Goldrea Res* O 34 Goldrea Res 79 Goldrock Mines V 1276 Goldsource Min* O 701 Goldsource Min V 953 Goldstar Mnls V 331 Goldstrike Res V 5344 Gonzaga Res V 100 Gossan Res V 136 GoviEx Uranium* O 303 V 783 GoviEx Uranium Gowest Gold* O 284 Gowest Gold V 1050 GPM Metals V 321 GPM Metals* O 28 O 1794 Gran Colombia* Gran Colombia T 29346 Grande Portage V 113 Granite Ck Gld V 53 Graphite Corp* O 328 Graphite One V 1836 Graphite One* O 293 Gray Rock Res V 152 Great Bear Res V 90 95 Great Lakes Gr* O Great Lakes Gr V 390 Great Panther* X 9733 Great Quest Fe* O 10 Great Quest Fe V 102 Great Rock Dev* O 250 Great Western* O 341 V 8 Greatbanks Res Green Swan Cap V 259 Green Valley M V 363 V 272 Greencastle Rs Grenville Gold V 83 Grizzly Discvr V 329 Grizzly Gold* O 40 GTA Res & Mng V 189 V 291 Guerrero Vents Gungnir Res* O 65 Gunpoint Expl V 53 Guyana Gldflds T 4345 Handa Copper V 241 Happy Ck Mnrls V 126 Hard Creek Ni* O 101 276 Hard Creek Ni V Harmony Gold* N 19327 Harte Gold T 2558 V 31 Hawkeye Gld&Di Heatherdale Rs V 51 Hecla Mining* N 47842 Helio Res V 259 Hellix Vent* O 97 Hemcare Health* O 6 Heron Res* O 880 Heron Res T 1038 Highbank Res V 447 Highway 50 Gld* O 95 Hinterland Mtl V 330 Hochschild Mg* O 232 Homestake Res* O 138 Homestake Res V 3729 Honey Badger E V 1437 HTI Ventures V 1202 HudBay Mnls T 6835 HudBay Mnls* N 1251 Hudson Res V 177 Hudson Res* O 8 Hunt Mng* O 44

0.07 0.07 0.07 - 0.00 0.08 0.02 0.10 0.08 0.09 - 0.01 0.12 0.03 1.49 1.30 1.39 - 0.07 1.55 0.15 0.43 0.36 0.37 - 0.05 0.45 0.11 0.55 0.47 0.48 - 0.05 0.57 0.13 0.05 0.04 0.05 + 0.01 0.07 0.01 0.33 0.24 0.26 - 0.02 0.34 0.07 0.04 0.04 0.04 - 0.03 0.06 0.01 0.04 0.03 0.04 + 0.01 0.05 0.02 0.13 0.00 0.12 - 0.02 0.16 0.08 0.18 0.15 0.16 - 0.02 0.19 0.15 0.15 0.12 0.14 - 0.00 0.16 0.04 0.19 0.17 0.18 + 0.01 0.20 0.05 0.53 0.47 0.48 - 0.03 0.57 0.08 0.43 0.37 0.37 - 0.06 0.43 0.07 0.13 0.09 0.11 + 0.01 0.21 0.04 0.16 0.12 0.15 + 0.03 0.28 0.06 0.20 0.00 0.16 - 0.03 0.20 0.04 0.04 0.03 0.03 - 0.01 0.05 0.01 0.01 0.00 0.01 + 0.00 0.02 0.00 0.10 0.08 0.09 - 0.01 0.18 0.07 0.08 0.06 0.07 - 0.01 0.14 0.05 0.08 0.06 0.07 - 0.02 0.09 0.02 0.35 0.25 0.28 - 0.02 0.35 0.05 0.06 0.05 0.05 - 0.00 0.09 0.04 0.07 0.06 0.07 - 0.01 0.13 0.06 1.38 1.28 1.34 - 0.02 2.25 0.30 0.12 0.12 0.12 - 0.01 0.34 0.09 0.18 0.15 0.16 - 0.01 0.52 0.11 0.01 0.00 0.01 - 0.00 0.02 0.00 0.00 0.00 0.00 + 0.00 0.00 0.00 0.03 0.03 0.03 - 0.01 0.04 0.01 0.08 0.06 0.06 - 0.01 0.14 0.01 0.02 0.02 0.02 - 0.01 0.05 0.01 0.18 0.15 0.15 - 0.02 0.18 0.05 0.18 0.13 0.13 - 0.05 0.18 0.06 0.05 0.05 0.05 - 0.01 0.10 0.01 0.20 0.11 0.19 + 0.02 0.21 0.01 0.10 0.08 0.08 - 0.03 0.16 0.02 0.03 0.02 0.03 + 0.01 0.04 0.01 0.03 0.03 0.03 - 0.00 0.04 0.00 0.30 0.30 0.30 + 0.02 0.32 0.13 8.81 7.71 7.97 - 0.69 10.35 2.48 0.06 0.05 0.05 - 0.01 0.07 0.03 0.17 0.14 0.15 - 0.02 0.19 0.08 0.03 0.02 0.03 + 0.01 0.05 0.00 0.05 0.03 0.04 + 0.01 0.06 0.01 4.55 4.05 4.32 - 0.19 4.72 0.53 0.30 0.26 0.28 - 0.01 0.35 0.05 0.08 0.00 0.07 + 0.01 0.10 0.03 0.06 0.00 0.06 - 0.01 0.07 0.01 6.27 5.64 6.02 - 0.18 6.34 1.45 0.06 0.05 0.05 - 0.02 0.08 0.02 0.04 0.03 0.04 + 0.01 0.06 0.00 0.09 0.00 0.06 + 0.00 0.25 0.02 0.11 0.10 0.10 - 0.01 0.13 0.05 0.17 0.14 0.15 - 0.01 0.17 0.07 0.07 0.07 0.07 + 0.01 0.21 0.04 0.19 0.16 0.19 - 0.00 0.19 0.05 0.06 0.05 0.05 - 0.02 0.12 0.01 3.06 2.78 3.06 + 0.09 3.24 0.59 0.18 0.14 0.17 + 0.00 0.18 0.01 0.23 0.18 0.21 + 0.01 0.23 0.01 0.04 0.03 0.04 + 0.01 0.05 0.01 0.73 0.48 0.54 + 0.05 0.70 0.00 7.07 6.19 6.31 - 0.75 8.81 2.26 5.51 4.70 4.82 - 0.63 6.77 1.56 0.43 0.41 0.43 - 0.02 0.55 0.34 0.33 0.31 0.33 + 0.01 0.41 0.26 0.18 0.18 0.18 - 0.00 0.22 0.01

I-Minerals V 44 IAMGOLD T 12829 IAMGOLD* N 49326 IC Potash* O 340 IC Potash T 2562 Iconic Mnls V 968 Idaho North* O 28 IDM Mining* O 1434 IDM Mining V 8653 iMetal Res V 3 IMPACT Silver V 610 Impala Platnm* O 132 Imperial Metal* O 15 Imperial Metal T 214 Inca One Gold V 3021 Inca One Gold* O 69 V 1636 Independence G Independence G* O 40 Indigo Expl V 220 Inform Res V 200 Infrastructure* O 330 Inspiration Mg 45 Inspiration Mg* O 24 Intact Gold* O 104 Integra Gold* O 1571 Integra Gold V 3402 Interconnect V 45 Intigold Mines V 500 Intl Lithium* O 32 Intl Lithium V 680 Intl Millm Mng V 994 Intl Montoro V 927 Intl Samuel Ex V 405 Intl Tower Hil* X 1679 Intl Tower Hil T 232 Intrepid Pots* N 5105 INV Metals T 1376 INV Metals* O 13 Inventus Mg * O 199 Inventus Mg V 391 InZinc Mining V 155 InZinc Mining* O 30 Ireland* O 429 91 Iron South Mng V Ironside Res V 112 Irving Res 39 Irving Res* O 4 Itoco Mg Corp* O 115 Ivanhoe Mines* O 552 Ivanhoe Mines T 2631 J.A.G. Mines V 232 Jaguar Mng V 932 Jaguar Mng* O 510 Jaxon Mnls V 352 Jayden Res V 155 Jazz Res V 10 V 10493 K92 Mng Inc K92 Mng Inc* O 2607 Kaizen Discvry V 472 Kaizen Discvry* O 13 Kaminak Gold* O 295 Kaminak Gold V 1194 Kapuskasing Gd V 1163 Karnalyte Res T 166 Kazax Mnls V 1158 Kennady Diam V 23 Kerr Mines* O 102 Kerr Mines T 1110 Kesselrun Res V 803 Khalkos Expl V 70 Kilo Goldmines V 217 Kilo Goldmines* O 43 Kincora Copper V 1197 Kings Bay Gold V 20 Kingsmen Res* O 40 Kinross Gold* N 48706 Kinross Gold T 21746 Kirkland Lk Gd* O 103 Kirkland Lk Gd T 2595 Kiska Metals* O 170 Kiska Metals V 1414 Klondex Mns T 876 Klondike Gold V 539 Klondike Gold* O 43 Klondike Silv* O 4 Klondike Silv V 382 Knick Expl V 729 Komet Resource V 119 Kootenay Silvr V 1472 KWG Res 1033

0.30 0.29 0.30 - 0.01 0.37 0.16 6.41 5.77 6.07 - 0.05 6.49 1.53 4.93 4.42 4.62 - 0.11 4.95 1.15 0.09 0.07 0.07 + 0.00 0.14 0.03 0.12 0.08 0.10 + 0.02 0.18 0.04 0.41 0.27 0.38 + 0.03 0.45 0.03 0.08 0.08 0.08 - 0.00 0.10 0.06 0.21 0.15 0.16 - 0.04 0.21 0.04 0.26 0.19 0.21 - 0.05 0.26 0.07 0.05 0.00 0.05 - 0.01 0.10 0.03 1.02 0.93 0.95 - 0.03 1.09 0.11 3.81 3.50 3.68 - 0.14 4.24 1.45 5.64 5.38 5.61 - 0.01 6.64 2.81 7.32 6.99 7.28 + 0.03 8.82 3.92 0.05 0.00 0.05 + 0.01 0.17 0.04 0.04 0.03 0.04 + 0.00 0.13 0.03 0.43 0.31 0.39 + 0.08 0.43 0.06 0.33 0.23 0.31 + 0.07 0.33 0.04 0.03 0.03 0.03 - 0.01 0.04 0.01 0.04 0.02 0.04 - 0.11 0.40 0.05 0.01 0.01 0.01 - 0.00 0.02 0.01 0.10 0.05 0.09 + 0.03 0.10 0.02 0.07 0.02 0.06 + 0.01 0.10 0.01 0.06 0.04 0.06 - 0.00 0.14 0.05 0.65 0.58 0.62 - 0.01 0.70 0.18 0.82 0.76 0.80 - 0.01 0.89 0.23 0.14 0.00 0.14 + 0.05 0.14 0.05 0.08 0.06 0.07 + 0.01 0.21 0.06 0.16 0.14 0.15 - 0.01 0.55 0.02 0.21 0.18 0.19 - 0.03 0.38 0.03 0.09 0.08 0.08 - 0.01 0.10 0.05 0.03 0.02 0.03 + 0.01 0.08 0.02 0.10 0.08 0.10 - 0.01 0.15 0.05 1.20 1.02 1.04 - 0.10 1.40 0.18 1.56 1.35 1.39 - 0.09 1.82 0.26 1.53 1.29 1.30 - 0.19 9.89 0.65 1.02 0.81 0.90 + 0.05 1.02 0.08 0.77 0.65 0.65 + 0.07 0.77 0.08 0.24 0.20 0.21 + 0.02 0.28 0.20 0.30 0.26 0.27 + 0.01 0.35 0.02 0.17 0.14 0.14 - 0.02 0.18 0.04 0.12 0.11 0.11 - 0.00 0.12 0.03 0.30 0.24 0.27 + 0.06 0.39 0.13 0.20 0.18 0.19 + 0.01 0.20 0.04 0.16 0.14 0.14 - 0.02 0.24 0.05 0.26 0.00 0.22 - 0.06 0.35 0.11 0.20 0.17 0.17 - 0.03 0.27 0.09 0.11 0.09 0.10 + 0.01 1.10 0.08 0.89 0.84 0.87 - 0.00 0.92 0.36 1.16 1.10 1.13 - 0.01 1.19 0.53 0.03 0.02 0.02 - 0.01 0.03 0.01 0.55 0.52 0.54 + 0.01 0.58 0.12 0.43 0.40 0.40 + 0.00 0.45 0.07 0.07 0.00 0.05 - 0.03 0.09 0.01 0.19 0.00 0.17 - 0.05 0.23 0.03 0.15 0.10 0.10 - 0.05 0.23 0.08 1.99 1.28 1.93 + 0.66 1.90 0.87 1.54 1.00 1.49 + 0.50 1.44 0.75 0.24 0.20 0.21 - 0.02 0.28 0.08 0.16 0.15 0.16 - 0.00 0.19 0.06 2.10 2.02 2.07 - 0.02 2.21 0.47 2.74 2.69 2.69 - 0.02 2.88 0.61 0.05 0.04 0.05 + 0.01 0.07 0.02 2.36 2.02 2.07 - 0.14 4.15 0.52 0.02 0.01 0.01 - 0.01 0.05 0.01 4.25 4.10 4.10 - 0.10 4.40 2.35 0.11 0.08 0.10 - 0.00 0.12 0.01 0.14 0.10 0.13 - 0.01 0.16 0.02 0.40 0.36 0.36 - 0.04 0.43 0.02 0.14 0.13 0.14 + 0.01 0.26 0.05 0.14 0.12 0.14 + 0.03 0.17 0.04 0.11 0.09 0.11 + 0.02 0.13 0.03 0.04 0.00 0.04 - 0.01 0.06 0.02 0.09 0.08 0.08 - 0.01 0.15 0.05 0.07 0.07 0.07 - 0.00 0.10 0.02 5.47 4.93 5.00 - 0.31 5.82 1.31 7.12 6.44 6.57 - 0.30 7.56 1.79 9.12 7.92 8.16 - 0.87 9.62 3.12 11.86 10.32 10.71 - 0.96 12.39 4.51 0.09 0.06 0.07 - 0.01 0.09 0.01 0.11 0.09 0.09 - 0.01 0.12 0.01 5.84 5.45 5.66 + 0.04 6.00 2.56 0.35 0.30 0.33 + 0.02 0.42 0.08 0.27 0.23 0.26 + 0.01 0.32 0.06 0.07 0.00 0.07 + 0.01 0.08 0.01 0.10 0.08 0.08 - 0.01 0.10 0.01 0.04 0.03 0.04 + 0.01 0.05 0.01 0.36 0.33 0.33 - 0.02 0.50 0.29 0.47 0.42 0.46 + 0.02 0.50 0.17 0.03 0.02 0.03 - 0.01 0.04 0.01

I-J-K

8-10_Aug1_StockTables.indd 9

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

L Labrador Iron T 830 Lago Dourado V 63 Lake Victoria* O 224 Lamelee Iron V 43 Lara Expl V 438 Laramide Res T 566 Largo Res* O 29 Largo Res T 267 Latin Am Mnls V 1426 Latin Am Mnls* O 166 Laurion Mnl Ex V 849 Laurion Mnl Ex* O 26 LeadFX Inc* O 23 Legend Gold* O 16 Legend Gold V 142 Levon Res Ltd * O 153 515 Levon Res Ltd T Lexam VG Gold* O 581 584 Lexam VG Gold T Libero Mg Corp V 29 Lincoln Mng V 100 Lion One Mtls V 134 39 Lion One Mtls* O Lithium Amer* O 1743 Lithium Amer T 4591 Lithium Corp* O 704 Lithium Expl* O 9724 LKA Gold* O 9 O 35 Lode-Star Mg* Loncor Res* O 15 Loncor Res T 21 Lone Star Gold* O 447 O 19 Lonmin plc* Lorraine Coppr V 206 Lowell Copper V 43 Lucara Diam T 4232 Luna Gold* O 283 Lundin Gold T 696 Lundin Mng T 13449 Lupaka Gold V 493 Lydian Intl* O 273 Lydian Intl T 3725 Lynas Corp* O 282

15.16 14.10 14.76 - 0.54 17.44 6.85 0.16 0.15 0.15 - 0.03 0.18 0.05 0.01 0.01 0.01 - 0.00 0.07 0.01 0.02 0.00 0.02 + 0.01 0.04 0.01 1.48 1.18 1.25 - 0.16 1.52 0.20 0.25 0.22 0.24 - 0.03 0.38 0.15 0.45 0.35 0.45 + 0.07 0.59 0.08 0.60 0.47 0.57 + 0.10 0.77 0.11 0.48 0.29 0.39 + 0.10 0.48 0.05 0.36 0.23 0.30 + 0.07 0.36 0.06 0.02 0.01 0.02 + 0.01 0.02 0.01 0.01 0.01 0.01 + 0.00 0.02 0.00 0.27 0.23 0.23 - 0.03 0.41 0.11 0.04 0.03 0.04 + 0.01 0.05 0.01 0.05 0.04 0.04 - 0.01 0.06 0.02 0.40 0.33 0.37 - 0.01 0.42 0.07 0.52 0.43 0.45 - 0.08 0.54 0.09 0.23 0.19 0.21 - 0.01 0.23 0.04 0.29 0.25 0.28 - 0.01 0.29 0.05 0.15 0.14 0.15 + 0.02 0.20 0.02 0.11 0.09 0.11 + 0.02 0.11 0.02 0.93 0.86 0.93 + 0.02 0.96 0.24 0.72 0.67 0.69 + 0.01 0.74 0.18 0.77 0.69 0.72 - 0.02 0.87 0.34 0.98 0.90 0.93 - 0.05 1.15 0.26 0.09 0.08 0.08 + 0.00 0.13 0.02 0.01 0.00 0.01 + 0.00 0.45 0.00 0.40 0.35 0.40 + 0.01 0.53 0.10 0.04 0.04 0.04 - 0.01 0.05 0.01 0.20 0.18 0.18 + 0.00 0.20 0.01 0.25 0.24 0.24 + 0.01 0.25 0.02 0.01 0.00 0.01 + 0.00 0.01 0.00 3.15 2.70 2.82 - 0.38 121.50 0.55 0.09 0.08 0.08 - 0.01 0.13 0.04 0.31 0.30 0.31 + 0.02 0.39 0.12 3.79 3.45 3.77 + 0.28 4.37 1.42 0.19 0.16 0.17 - 0.02 0.20 0.02 5.60 5.28 5.54 + 0.01 6.51 3.46 5.40 4.93 5.31 + 0.22 5.40 2.98 0.17 0.14 0.15 - 0.01 0.23 0.04 0.30 0.28 0.30 + 0.01 0.35 0.13 0.40 0.36 0.40 + 0.02 0.47 0.19 0.06 0.06 0.06 + 0.00 0.10 0.02

M Macarthur Mnl V 2147 0.07 0.06 0.07 - 0.01 0.18 0.02 O 32 0.05 0.05 0.05 - 0.01 0.14 0.02 Macarthur Mnl* MacDonald Mns V 2002 0.02 0.01 0.02 + 0.01 0.02 0.01 V 247 1.28 1.04 1.15 - 1.29 2.88 0.32 MacMillan Mnls MAG Silver T 1117 20.49 19.10 19.65 - 0.69 20.68 8.17 O 57 0.22 0.16 0.20 - 0.03 0.35 0.04 Magellan Gold* Majescor Res* O 50 0.06 0.06 0.06 - 0.00 0.09 0.01 0.07 + 0.01 0.12 0.04 Majestic Gold V 190 0.07 0.00 Makena Res V 20882 0.03 0.02 0.03 - 0.01 0.05 0.01 0.46 + 0.07 0.50 0.20 Malbex Res V 315 0.46 0.38 Mandalay Res T 2040 1.19 1.13 1.14 - 0.03 1.35 0.59 0.10 + 0.01 0.12 0.02 Manitou Gold V 264 0.10 0.07 Marathon Gold T 658 0.51 0.46 0.48 - 0.01 0.53 0.11 0.25 + 0.02 0.29 0.11 Margaux Res V 1045 0.25 0.18 Maritime Res V 1162 0.27 0.21 0.27 + 0.02 0.31 0.08 0.45 - 0.02 0.52 0.10 Marlin Gold* O 133 0.47 0.40 Marlin Gold V 186 0.60 0.55 0.55 - 0.05 0.68 0.15 0.05 + 0.03 0.05 0.02 Martina Mnls V 115 0.05 0.02 MartinMarietta* N 1891 200.30 195.18 198.25 + 0.68 200.30 108.31 O 445 0.96 0.68 0.88 + 0.20 0.96 0.21 Mason Graphite* Mason Graphite V 1548 1.25 0.89 1.17 + 0.27 1.25 0.30 V 20 0.05 0.00 0.05 + 0.01 0.08 0.03 Masuparia Gold Matachewan Con V 38 0.39 0.31 0.37 + 0.07 0.49 0.17 O 47 0.05 0.04 0.05 + 0.01 0.06 0.01 Matamec Expl* Maudore Mnrls* O 1 0.00 0.00 0.00 + 0.00 0.01 0.00 0.90 - 0.01 1.01 0.80 Maverix Mtls* O 18 0.95 0.80 Mawson Res* O 93 0.19 0.16 0.19 - 0.00 0.24 0.12 0.22 - 0.04 0.30 0.16 Mawson Res T 138 0.28 0.22 MAX Res V 64 0.07 0.07 0.07 - 0.01 0.11 0.05 0.16 0.14 0.15 - 0.01 0.25 0.10 Maya Gold &Sil V 5120 Mazarin V 37 0.02 0.02 0.02 - 0.01 0.03 0.01 0.00 + 0.00 0.00 0.00 MBMI Res* O 4 0.00 0.00 McEwen Mng* N 18091 4.62 3.73 3.90 - 0.69 4.92 0.65 5.12 - 0.84 6.44 0.84 McEwen Mng T 3185 5.99 4.87 MDN Inc V 1358 0.07 0.06 0.06 + 0.01 0.08 0.01 0.04 - 0.01 0.06 0.01 MDN Inc* O 68 0.05 0.04 Meadow Bay Gd* O 365 0.07 0.05 0.07 + 0.01 0.17 0.04 677 0.09 0.08 0.09 + 0.01 0.24 0.06 Meadow Bay Gd T Mechel* N 188 1.82 1.70 1.71 - 0.08 2.48 1.23 O 50 0.02 0.02 0.02 - 0.01 0.04 0.01 Medallion Res* Medallion Res V 61 0.03 0.03 0.03 - 0.01 0.06 0.02 0.14 - 0.01 0.25 0.05 Medgold Res V 1841 0.15 0.13 Medinah Mnrls* O 4463 0.01 0.01 0.01 - 0.00 0.03 0.01 0.14 + 0.01 0.20 0.05 Mega Uranium T 890 0.14 0.14 Mega Uranium* O 268 0.11 0.10 0.10 - 0.01 0.15 0.04 0.03 - 0.01 0.06 0.01 Melkior Res V 941 0.04 0.03 Merrex Gold V 533 0.23 0.19 0.20 - 0.03 0.31 0.10 0.15 - 0.01 0.24 0.10 Merrex Gold* O 35 0.16 0.15 Meryllion Res 29 0.02 0.02 0.02 - 0.01 0.03 0.01 Mesa Expl* O 8 0.11 0.09 0.09 - 0.01 0.14 0.01 Mesa Expl V 70 0.12 0.10 0.11 - 0.01 0.17 0.01 MetalCorp V 330 0.04 0.03 0.03 - 0.01 0.04 0.01 Metallis Res V 134 0.26 0.20 0.20 - 0.05 0.28 0.02 Metalo Manuf 22 0.99 0.75 0.75 - 0.24 1.50 0.30 Metalore Res T 2 2.65 0.00 2.50 - 0.10 3.59 1.26 Metals Creek V 1584 0.13 0.10 0.10 - 0.04 0.20 0.05 Metals Creek* O 84 0.10 0.07 0.07 - 0.03 0.14 0.05 Mexus Gold* O 9695 0.07 0.04 0.06 - 0.00 0.07 0.00 MGX Minerals 165 0.19 0.18 0.19 + 0.01 0.70 0.08 Micrex Dev V 63 0.03 0.02 0.02 - 0.01 0.03 0.01 Midas Gold* O 1941 0.81 0.66 0.72 - 0.07 0.90 0.16 Midas Gold T 1988 1.04 0.87 0.96 - 0.07 1.18 0.25 Midland Expl V 154 1.07 0.95 1.06 - 0.01 1.12 0.45 Midnight Sun V 100 0.11 0.11 0.11 - 0.01 0.24 0.08 Midway Gold* O 455 0.00 0.00 0.00 + 0.00 0.01 0.00 MillenMin Vent V 17 0.11 0.09 0.11 + 0.03 0.14 0.01 Millrock Res* O 113 0.40 0.33 0.36 - 0.01 0.40 0.11 Millrock Res V 199 0.51 0.44 0.47 - 0.03 0.51 0.15 Minaurum Gold V 163 0.13 0.10 0.13 + 0.01 0.14 0.04 Minco Gold* X 1092 0.36 0.31 0.32 - 0.01 0.42 0.10 Minco Gold T 108 0.46 0.41 0.42 - 0.02 0.55 0.12 Minco Silver T 399 1.83 1.66 1.71 - 0.15 2.05 0.32 Minco Silver* O 105 1.42 1.26 1.32 - 0.10 1.54 0.26 Minera Alamos V 523 0.29 0.19 0.27 + 0.09 0.24 0.07 Mineral Mtn V 115 0.40 0.00 0.37 - 0.03 0.41 0.08 Mineral Mtn* O 103 0.32 0.28 0.28 - 0.04 0.32 0.04 MineralRite* O 3375 0.00 0.00 0.00 - 0.00 0.00 0.00 Mines Manage* X 580 1.40 1.22 1.31 - 0.04 1.40 0.11 Mines Manage T 10 1.85 1.61 1.85 + 0.14 1.98 0.17 Minfocus Expl V 35 0.04 0.04 0.04 + 0.01 0.05 0.01 Minnova Corp V 43 0.90 0.80 0.80 - 0.09 0.90 0.18 Miranda Gold V 738 0.15 0.13 0.14 + 0.01 0.18 0.06 Mirasol Res V 338 2.80 2.34 2.59 - 0.19 2.85 0.72 Mkango Res V 65 0.07 0.07 0.07 - 0.01 0.11 0.03 Molycorp* O 1458 0.04 0.03 0.03 + 0.00 0.15 0.02 Monarques Res* O 219 0.48 0.35 0.47 + 0.11 0.45 0.04 Monarques Res V 3282 0.63 0.44 0.62 + 0.17 0.58 0.06 Moneta Porcpn* O 738 0.26 0.21 0.26 + 0.03 0.26 0.05 Moneta Porcpn T 3256 0.34 0.28 0.33 + 0.03 0.33 0.07 Monster Mng V 50 0.14 0.08 0.09 + 0.03 0.30 0.05 Montan Mg* O 1031 0.06 0.02 0.05 + 0.02 0.09 0.01 Montan Mg V 6738 0.08 0.04 0.07 + 0.03 0.16 0.02 Montego Res 43 0.15 0.10 0.11 + 0.01 0.15 0.09 Montero Mg&Ex V 88 0.04 0.04 0.04 - 0.01 0.08 0.01 Monument Mng V 709 0.17 0.15 0.16 - 0.01 0.19 0.08 Morro Bay V 354 0.02 0.01 0.01 - 0.01 0.03 0.01 Morumbi Res V 130 0.03 0.03 0.03 - 0.01 0.07 0.02 Mosaic* N 25611 29.58 28.24 28.28 - 0.41 45.36 22.02 Mountain Boy* O 215 0.03 0.03 0.03 + 0.00 0.04 0.00 Mountain Prov* D 113 4.80 4.63 4.75 + 0.03 5.10 2.47 Mountain Prov T 286 6.27 6.01 6.25 + 0.15 6.60 3.38 Mundoro Cap* O 68 0.09 0.09 0.09 + 0.00 0.13 0.03 Mundoro Cap V 418 0.14 0.10 0.10 - 0.03 0.18 0.04 MX Gold* O 990 0.21 0.16 0.18 - 0.02 0.23 0.07 MX Gold V 4313 0.26 0.22 0.23 - 0.02 0.29 0.10 Myson Group* O 100 0.01 0.01 0.01 - 0.00 0.07 0.00

N-O NACCO Ind* N 58 Namibia Rare E T 37 Napier Vent V 25 Napier Vent* O 27 Natural Res Pt* N 280 Nautilus Mnrls T 947 Nautilus Mnrls* O 554 Navis Res Corp 15

59.46 57.50 58.26 - 0.85 61.29 40.04 0.11 0.10 0.11 + 0.01 0.17 0.04 0.31 0.30 0.30 - 0.04 0.34 0.15 0.26 0.23 0.23 - 0.03 0.26 0.19 22.74 19.77 21.21 + 0.66 34.80 5.00 0.13 0.11 0.13 + 0.03 0.41 0.10 0.10 0.08 0.10 + 0.01 0.32 0.08 0.02 0.00 0.02 + 0.02 0.03 0.00

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Nemaska Lith T 15889 Nemaska Lith* O 1058 T 900 Nevada Copper Nevada Egy Mtl* O 713 Nevada Egy Mtl V 1013 Nevada Expl * O 202 Nevada Expl V 194 Nevada Sunrise* O 252 Nevada Sunrise V 590 Nevado Res V 635 Nevsun Res* X 3439 Nevsun Res T 2939 New Carolin Gd V 1404 New Carolin Gd* O 135 New Colombia* O 7616 New Gold* O 273 New Gold T 7025 19168 New Gold* X New Guinea Gld* O 681 New Jersey Mng* O 1068 New Nadina V 26 New Oroperu V 93 New World Res V 36 O 48 NewCastle Gold* Newmarket Gold T 2149 O 503 Newmarket Gold* Newmont Mng* N 34632 Newport Expl V 371 Newstrike Res V 28 T 4041 Nexgen Energy Nexgen Energy* O 372 Nexus Gold V 409 NGEx Res* O 32 NGEx Res T 841 Nickel One Res V 117 V 1291 Nighthawk Gold Niocorp Dev T 360 Niocorp Dev* O 290 Nippon Dragon V 117 8 Noble Metal Gr V Noka Res V 735 Noram Vent V 15996 Noranda Alum* O 186 Nortec Mnls V 127 North Am Nickl* O 23 888 North Am Nickl V North Am Pall T 39 12 North Am Pall* O North Am Ptash V 55 71 North Arrow Mn V North Springs* O 1105 Northcliff Res T 504 Northern Uran V 248 Northisle C&G V 1762 Northn Empire V 566 O 104 Northn Empire* Norvista Cap V 297 V 616 Nouveau Monde NovaCopper* X 499 NovaCopper T 17 NovaGold Res* X 10711 NovaGold Res T 1670 Novo Res* O 212 NRG Metals V 1701 NRG Metals* O 4 V 247 Nrthn Freegold Nrthn Freegold* O 36 V 152 Nrthn Graphite Nrthn Graphite* O 154 Nrthn Iron V 803 Nrthn Lion* O 2 Nrthn Lion V 16 Nrthn Mnrls &E* O 3 Nrthn Shield V 3579 Nrthn Vertex V 187 Nrthn Vertex* O 3 Nthn Dynasty* X 3289 Nthn Dynasty T 1405 NuLegacy Gold* O 708 V 2375 NuLegacy Gold NV Gold V 98 NX Uranium* O 32 O.T. Mining* O 15 OceanaGold T 7805 OceanaGold* O 13 51 Oceanic Iron O V Oceanus Res V 328 Oceanus Res* O 323 Odin Mng & Exp V 107 91 Odin Mng & Exp* O Olivut Res* O 16 Olivut Res V 20 Omineca Mg &Ml V 72 Orbite Tech T 5431 Orbite Tech* O 157 Orca Gold* O 3 Orefinders Res V 455 Oremex Silver V 546 Oremex Silver* O 137 Orestone Mng V 1124 Orex Expl V 1888 Orex Mnrls V 1501 Orex Mnrls* O 106 Orezone Gold V 1755 Orezone Gold* O 280 Oriental Non F 62 Orla Mng Ltd V 582 Oro East Mg* O 462 Oroco Res V 171 Oroco Res* O 26 Orocobre T 535 Oroplata Res* O 4151 Orosur Mng T 221 Orvana Mnrls T 329 Orvana Mnrls* O 23 Osisko Gold* N 198 Osisko Gold T 1907 Otis Gold* O 217 Otis Gold V 777 OZ Minerals* O 1

1.22 0.89 1.10 - 0.11 1.97 0.18 0.95 0.68 0.84 - 0.09 1.50 0.15 0.62 0.53 0.59 - 0.02 1.35 0.45 0.09 0.08 0.08 - 0.00 0.20 0.06 0.12 0.10 0.11 + 0.01 0.26 0.01 0.35 0.30 0.32 - 0.03 0.61 0.08 0.45 0.40 0.40 - 0.03 0.94 0.05 0.23 0.19 0.20 - 0.03 0.28 0.09 0.30 0.24 0.27 - 0.01 0.37 0.13 0.08 0.06 0.07 + 0.01 0.08 0.01 3.05 2.90 2.93 - 0.12 3.80 2.27 3.95 3.80 3.86 - 0.09 4.81 3.27 0.09 0.08 0.08 - 0.01 0.15 0.04 0.07 0.06 0.06 - 0.01 0.12 0.03 0.02 0.01 0.01 - 0.00 0.05 0.00 0.07 0.05 0.05 - 0.01 0.28 0.03 6.20 5.59 5.79 - 0.27 6.57 2.52 4.77 4.28 4.39 - 0.30 5.01 1.76 0.00 0.00 0.00 + 0.00 0.00 0.00 0.13 0.11 0.12 + 0.01 0.13 0.02 0.11 0.00 0.10 - 0.03 0.18 0.05 0.42 0.40 0.42 + 0.02 0.52 0.09 0.11 0.08 0.11 + 0.04 0.11 0.01 0.65 0.60 0.60 - 0.04 0.65 0.14 4.14 3.78 3.83 - 0.21 4.14 0.80 3.20 2.88 2.94 - 0.20 3.20 0.61 41.63 39.05 41.27 - 0.06 41.68 15.39 0.24 0.20 0.21 - 0.01 0.38 0.19 0.05 0.05 0.05 - 0.01 0.08 0.02 2.54 2.28 2.37 - 0.14 2.86 0.56 1.93 1.78 1.80 - 0.12 2.25 0.41 0.05 0.04 0.05 + 0.01 0.14 0.04 1.00 0.00 0.89 + 0.08 1.00 0.37 1.35 1.00 1.15 + 0.10 1.35 0.44 0.09 0.08 0.09 - 0.01 0.18 0.07 0.39 0.33 0.35 - 0.01 0.40 0.04 0.97 0.91 0.96 + 0.04 1.14 0.51 0.75 0.71 0.75 + 0.03 0.87 0.37 0.09 0.08 0.09 + 0.01 0.15 0.03 0.01 0.01 0.01 + 0.01 0.01 0.01 0.12 0.11 0.11 + 0.01 0.21 0.03 0.09 0.07 0.08 + 0.02 0.12 0.01 0.06 0.05 0.05 - 0.01 5.04 0.02 0.05 0.04 0.05 + 0.01 0.08 0.02 0.07 0.07 0.07 + 0.00 0.18 0.05 0.10 0.08 0.09 + 0.01 0.23 0.07 5.65 5.35 5.35 - 0.30 14.00 3.85 4.36 4.07 4.12 - 0.18 10.40 2.71 0.10 0.08 0.08 - 0.01 0.15 0.03 0.24 0.19 0.22 + 0.01 0.46 0.12 0.27 0.09 0.09 - 0.12 40.00 0.09 0.13 0.11 0.12 - 0.01 0.15 0.06 0.02 0.02 0.02 + 0.01 0.04 0.01 0.12 0.08 0.10 - 0.02 0.14 0.02 0.23 0.19 0.20 - 0.01 0.27 0.06 0.22 0.17 0.17 - 0.05 0.22 0.04 0.23 0.18 0.21 + 0.01 0.24 0.08 0.29 0.27 0.27 - 0.02 0.38 0.13 0.65 0.56 0.60 - 0.02 0.86 0.15 0.83 0.77 0.77 - 0.01 1.08 0.20 7.14 6.19 6.36 - 0.64 7.29 2.79 9.28 8.13 8.37 - 0.71 9.56 3.63 0.71 0.65 0.68 - 0.00 1.00 0.33 0.10 0.07 0.10 + 0.01 0.18 0.02 0.07 0.00 0.07 - 0.02 0.11 0.01 0.29 0.24 0.27 - 0.03 0.29 0.04 0.21 0.17 0.21 - 0.00 0.23 0.02 0.47 0.40 0.40 - 0.05 0.63 0.16 0.34 0.30 0.31 - 0.04 0.47 0.12 0.02 0.00 0.02 + 0.01 0.03 0.01 0.09 0.08 0.08 - 0.01 0.10 0.02 0.12 0.00 0.11 - 0.02 0.16 0.03 0.03 0.03 0.03 + 0.00 0.14 0.02 0.26 0.18 0.23 + 0.06 0.26 0.01 0.46 0.45 0.45 - 0.01 0.47 0.13 0.37 0.00 0.37 - 0.01 0.42 0.15 0.55 0.44 0.44 - 0.06 0.58 0.20 0.67 0.54 0.59 - 0.06 0.76 0.28 0.26 0.20 0.20 - 0.04 0.32 0.06 0.34 0.27 0.27 - 0.04 0.39 0.08 0.13 0.00 0.13 + 0.01 0.13 0.03 0.02 0.02 0.02 + 0.00 0.04 0.01 0.05 0.04 0.04 - 0.01 0.09 0.02 4.92 4.42 4.49 - 0.36 5.56 1.79 3.79 3.43 3.43 - 0.39 4.26 1.43 0.20 0.00 0.20 - 0.05 0.25 0.08 0.29 0.24 0.26 - 0.03 0.35 0.14 0.22 0.18 0.19 - 0.03 0.26 0.17 0.79 0.69 0.71 + 0.01 0.85 0.21 0.56 0.53 0.56 + 0.02 0.58 0.17 0.25 0.24 0.24 - 0.02 0.30 0.05 0.33 0.30 0.32 - 0.02 0.42 0.08 0.09 0.07 0.07 - 0.02 0.11 0.01 0.45 0.40 0.42 + 0.02 0.53 0.20 0.34 0.31 0.32 + 0.00 0.40 0.15 0.33 0.29 0.30 + 0.01 0.33 0.08 0.06 0.05 0.06 - 0.01 0.08 0.01 0.07 0.06 0.06 - 0.02 0.10 0.01 0.07 0.05 0.05 - 0.01 0.10 0.00 0.03 0.02 0.02 - 0.01 0.04 0.01 0.04 0.03 0.03 - 0.01 0.05 0.01 0.88 0.81 0.86 - 0.01 0.93 0.11 0.67 0.64 0.66 - 0.01 0.70 0.26 1.04 0.96 0.99 - 0.03 1.25 0.22 0.79 0.75 0.76 - 0.04 0.95 0.16 0.56 0.39 0.56 + 0.17 0.51 0.27 0.90 0.52 0.87 + 0.17 0.80 0.08 0.02 0.01 0.01 - 0.00 0.06 0.00 0.05 0.04 0.04 - 0.01 0.06 0.01 0.04 0.02 0.02 - 0.01 0.04 0.01 4.92 4.19 4.40 - 0.37 4.92 1.33 2.04 1.64 1.83 + 0.11 2.04 0.25 0.29 0.28 0.28 - 0.02 0.32 0.10 0.27 0.25 0.25 - 0.02 0.30 0.11 0.20 0.19 0.19 - 0.02 0.24 0.07 13.34 12.48 12.55 - 0.70 13.80 8.88 17.42 16.39 16.49 - 0.66 17.90 12.58 0.16 0.12 0.16 + 0.02 0.16 0.04 0.22 0.17 0.20 + 0.02 0.22 0.06 5.14 4.76 4.76 - 0.35 5.28 2.29

Pac Arc Res V 378 Pac Bay Mnrls V 56 Pac Booker Min* O 7 Pac Imperial V 1082 Pac Iron Ore V 5 Pac North West* O 19 Pac Ridge Expl V 114 Pac Ridge Expl* O 22 Pac Topaz V 211 Paget Mrnls V 38 Paladin Energy T 4950 Palamina Corp* O 15 Palamina Corp V 23 Palladon Vent* O 125 Pan Am Silver T 2012 Pan Am Silver* D 11494 Pan Global Res V 217 Pancontinental V 275 Panex Res* O 105 Pangolin Dia V 514 Panoro Mnrls V 1299 Para Resources V 484 Parallel Mng V 323 Paramount Gold* X 1057 Parlane Res V 32 Pasinex Res 419 Passprt Potash* O 72 Patriot Gold* O 298 Peabody Enrgy* O 786 Pedro Res V 77 Pelangio Expl* O 115 Pele Mtn Res* O 85 Peregrine Diam T 1400 Perseus Mng T 1227 Pershimco Res V 982 Pershing Gold* D 1020 Peruvian Prc M* O 200 Philex Mng* O 62 Pilot Gold* O 627 Pilot Gold T 1069 Pine Cliff En T 1680 Pinecrest Res V 2375

0.02 0.01 0.01 - 0.01 0.05 0.01 0.07 0.00 0.07 + 0.01 0.10 0.03 0.82 0.81 0.82 - 0.02 1.93 0.45 0.04 0.03 0.03 - 0.01 0.05 0.01 0.17 0.00 0.17 - 0.01 0.39 0.11 0.04 0.04 0.04 - 0.00 0.06 0.00 0.09 0.07 0.09 + 0.01 0.10 0.02 0.06 0.06 0.06 - 0.00 0.07 0.01 0.24 0.20 0.20 - 0.04 0.29 0.06 0.09 0.07 0.07 - 0.02 0.09 0.01 0.24 0.19 0.20 + 0.01 0.27 0.15 0.13 0.12 0.12 - 0.00 0.15 0.08 0.19 0.00 0.19 + 0.02 0.20 0.06 0.00 0.00 0.00 - 0.00 0.01 0.00 24.89 22.89 23.95 - 0.69 25.00 7.77 19.11 17.51 18.19 - 0.83 19.30 5.38 0.05 0.04 0.04 + 0.01 0.05 0.01 0.06 0.00 0.06 + 0.01 0.05 0.01 0.00 0.00 0.00 - 0.00 0.01 0.00 0.13 0.11 0.12 - 0.01 0.22 0.03 0.19 0.17 0.19 + 0.02 0.21 0.09 0.25 0.22 0.23 - 0.01 0.36 0.06 0.16 0.14 0.15 - 0.01 0.16 0.05 2.44 2.03 2.14 - 0.26 2.93 0.93 0.17 0.17 0.17 + 0.01 0.21 0.01 0.11 0.10 0.10 - 0.04 0.14 0.03 0.00 0.00 0.00 - 0.00 0.27 0.00 0.19 0.16 0.16 - 0.02 0.23 0.03 2.00 1.66 1.85 - 0.08 41.10 0.55 0.20 0.07 0.20 + 0.13 0.15 0.01 0.05 0.04 0.05 + 0.01 0.06 0.01 0.03 0.03 0.03 + 0.00 0.04 0.02 0.24 0.22 0.23 + 0.01 0.32 0.09 0.64 0.55 0.56 - 0.05 0.67 0.27 0.25 0.21 0.23 + 0.01 0.25 0.09 4.92 4.49 4.51 - 0.33 5.50 3.04 0.05 0.04 0.05 + 0.01 0.10 0.02 0.15 0.00 0.15 - 0.02 0.21 0.05 0.57 0.50 0.54 - 0.03 0.64 0.06 0.73 0.66 0.70 - 0.03 0.83 0.22 0.97 0.87 0.92 + 0.03 1.36 0.61 0.24 0.22 0.23 - 0.01 0.26 0.03

P-Q

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Pistol Bay Mng V 91 PJSC Polyus Gd* O 3 PJX Res V 160 Plata Latina V 1300 Plateau Uran V 306 Plateau Uran* O 159 Platinum Gp Mt T 356 Platinum Gp Mt* X 1593 Playfair Mng V 637 Polaris Mater T 497 PolyMet Mng* X 434 PolyMet Mng T 13 Portage Res* O 2190 Potash Corp SK T 9017 Potash Corp SK* N 45821 Potash Ridge T 925 Potash Ridge* O 63 Precipitate Gl V 455 Premier Gold M T 3042 Premium Expl* O 8 Pretium Res* N 5870 Pretium Res T 3166 Prime Meridian V 84 O 84 Prime Meridian* Primero Mng T 2379 Primero Mng* N 4827 Prism Res V 52 Prize Mng V 165 Probe Metals* O 129 Probe Metals V 563 T 20 Prophecy Coal Prophecy Coal* O 8 Prosper Gold V 424 Prospero Silvr V 99 Pure Energy V 1018 Pure Energy* O 794 Pure Gold Mg V 1212 343 Pure Gold Mg* O Pure Nickel V 7001 Pure Nickel* O 316 Q-Gold Res V 170 QMC Quantum Ml V 1212 QMX Gold V 191 Quartz Mtn Res V 15 Quaterra Res* O 852 Quest Rare Mnl* O 87 518 Quest Rare Mnl T Quinto Real V 56

0.06 0.00 0.06 - 0.01 0.08 0.01 36.00 0.00 35.25 - 0.75 37.59 13.70 0.19 0.16 0.16 - 0.02 0.23 0.13 0.07 0.05 0.06 + 0.01 0.12 0.01 0.31 0.27 0.27 - 0.04 0.45 0.24 0.24 0.20 0.20 - 0.04 0.35 0.18 4.30 3.92 3.94 - 0.09 5.25 1.35 3.30 3.00 3.02 - 0.10 4.04 0.96 0.10 0.08 0.10 + 0.03 0.10 0.02 1.27 1.20 1.26 + 0.05 2.25 1.00 0.79 0.75 0.75 - 0.03 1.28 0.55 1.01 0.96 0.98 - 0.03 1.71 0.76 0.00 0.00 0.00 - 0.00 0.01 0.00 22.79 22.11 22.29 - 0.06 36.64 20.03 17.49 16.89 16.97 - 0.29 28.20 14.64 0.25 0.22 0.23 - 0.01 0.50 0.03 0.19 0.16 0.18 - 0.01 0.38 0.02 0.30 0.26 0.29 + 0.01 0.37 0.06 4.38 3.97 4.32 + 0.04 4.49 1.65 0.01 0.00 0.00 - 0.00 0.04 0.00 11.61 10.41 10.91 - 0.55 12.41 4.00 15.10 13.60 14.35 - 0.48 16.17 5.57 0.14 0.10 0.10 - 0.05 0.18 0.05 0.11 0.07 0.07 - 0.04 0.12 0.05 3.12 2.77 2.87 - 0.23 4.41 1.94 2.41 2.12 2.17 - 0.23 3.38 1.41 0.17 0.15 0.17 + 0.01 0.17 0.04 0.03 0.03 0.03 - 0.01 0.03 0.02 0.84 0.81 0.81 - 0.01 0.95 0.24 1.09 1.04 1.06 - 0.01 1.26 0.33 5.00 3.99 4.37 - 0.13 6.50 1.00 3.60 3.15 3.43 - 0.03 4.05 1.25 0.36 0.28 0.31 - 0.05 0.39 0.06 0.19 0.14 0.18 + 0.05 0.21 0.05 0.78 0.71 0.75 - 0.03 1.15 0.26 0.61 0.54 0.58 - 0.03 0.91 0.21 0.71 0.63 0.63 - 0.07 0.76 0.07 0.56 0.47 0.48 - 0.07 0.60 0.05 0.03 0.02 0.03 + 0.01 0.04 0.01 0.02 0.01 0.01 - 0.01 0.03 0.00 0.11 0.00 0.08 - 0.03 0.14 0.01 0.07 0.06 0.06 - 0.01 0.08 0.01 0.08 0.06 0.07 - 0.01 0.11 0.01 0.04 0.04 0.04 - 0.01 0.06 0.01 0.06 0.05 0.05 - 0.01 0.09 0.04 0.12 0.09 0.09 - 0.02 0.20 0.03 0.15 0.13 0.14 - 0.01 0.25 0.06 0.12 0.11 0.12 + 0.01 0.16 0.01

R Rackla Mtls V 25 0.14 0.00 0.14 + 0.01 0.14 0.05 0.09 - 0.02 0.11 0.03 Rackla Mtls* O 23 0.11 0.00 Rae-Wallace Mg* O 528 0.01 0.00 0.00 - 0.00 0.01 0.00 Rainforest Res* O 9 2.35 2.00 2.10 - 0.10 2.35 0.30 V 135 0.10 0.09 0.10 - 0.01 0.25 0.07 Rainmaker Res Rainy Mtn Royl V 8 0.06 0.05 0.05 - 0.01 0.08 0.03 100 0.08 0.07 0.08 + 0.01 0.25 0.05 Rambler Ml &Mg V Randgold Res* O 0 114.11 0.00 113.70 - 6.30 120.75 57.00 115.87 - 1.23 126.55 54.88 Randgold Res* D 3846 118.15 112.66 Rare Earth Mnl* O 1 3.00 2.75 3.00 + 0.25 5.75 2.75 Rare Element* O 193 0.11 0.09 0.10 - 0.00 0.48 0.06 Rathdowney Res V 207 0.20 0.18 0.20 + 0.02 0.26 0.11 RB Energy* O 26 0.00 0.00 0.00 - 0.00 0.01 0.00 0.90 0.80 0.86 + 0.06 0.90 0.25 Red Eagle Mng V 3357 Red Eagle Mng* O 521 0.70 0.62 0.66 + 0.05 0.91 0.18 Red Hut V 85 0.10 0.08 0.10 + 0.01 0.15 0.01 Red Moon Potsh V 80 0.09 0.03 0.06 + 0.03 0.09 0.02 0.23 0.19 0.23 + 0.04 0.22 0.03 Red Pine Expl V 1611 Red Tiger Mng V 71 0.08 0.07 0.07 - 0.01 0.10 0.02 Redhawk Res T 44 0.07 0.05 0.06 + 0.01 0.10 0.04 Redstar Gold V 4121 0.10 0.09 0.09 - 0.01 0.10 0.03 Regency Gold V 63 0.04 0.00 0.03 - 0.02 0.05 0.01 1.36 + 0.05 1.44 0.19 Regulus Res V 160 1.41 0.00 Renaissance Gd* O 66 0.34 0.30 0.34 + 0.01 0.38 0.08 V 156 0.45 0.38 0.44 + 0.01 0.49 0.11 Renaissance Gd Resource Cap* O 45 0.15 0.11 0.15 + 0.04 0.11 0.02 0.19 + 0.03 0.16 0.02 Resource Cap V 129 0.21 0.14 Reunion Gold V 324 0.03 0.02 0.02 - 0.01 0.03 0.01 Revelo Res V 525 0.10 0.09 0.09 - 0.01 0.13 0.04 10.14 9.20 9.75 - 0.09 10.20 2.27 Richmont Mines* X 1459 Richmont Mines T 1013 13.22 12.01 12.83 + 0.09 13.35 3.14 65 0.21 0.19 0.21 + 0.02 0.30 0.07 Rio Novo Gold T Rio Silver V 292 0.08 0.06 0.08 + 0.01 0.08 0.02 31.35 - 1.51 41.69 21.89 Rio Tinto* N 16207 33.03 30.47 Rio Tinto* O 10 32.40 31.20 31.20 - 1.66 40.80 21.90 Rio Tinto* O 3 37.23 36.14 36.14 - 0.84 39.53 25.47 425 0.18 0.15 0.18 + 0.02 0.23 0.11 Rise Res Inc Riverside Res* O 75 0.34 0.30 0.34 + 0.01 0.38 0.08 0.44 + 0.03 0.49 0.12 Riverside Res V 207 0.44 0.40 RJK Explor V 2822 0.18 0.01 0.17 + 0.02 0.25 0.05 Robex Res V 610 0.13 0.11 0.13 + 0.01 0.17 0.05 Rochester Res* O 6 0.09 0.08 0.08 - 0.01 0.09 0.01 V 11 0.10 0.08 0.10 + 0.02 0.11 0.03 Rochester Res Rock Tech Lith* O 8 0.53 0.44 0.44 - 0.09 0.53 0.02 Rock Tech Lith V 224 0.68 0.57 0.58 - 0.10 0.70 0.03 0.08 + 0.01 0.10 0.02 Rockcliff Cop V 403 0.10 0.08 Rockex Mng 31 0.06 0.00 0.06 + 0.01 0.75 0.02 Rockhaven Res V 170 0.27 0.24 0.25 + 0.01 0.29 0.10 Rockland Mnls V 56 0.09 0.08 0.08 - 0.02 0.11 0.01 Rockwell Diam T 181 0.11 0.10 0.10 - 0.01 0.25 0.07 0.05 + 0.01 0.11 0.04 Rogue Res* O 90 0.05 0.05 Rogue Res V 564 0.06 0.06 0.06 - 0.01 0.16 0.03 V 3767 0.05 0.03 0.04 + 0.01 0.05 0.01 Rokmaster Res 53 0.07 0.00 0.06 - 0.00 0.08 0.01 Romios Gold Rs* O Romulus Res V 87 0.17 0.12 0.12 - 0.05 0.17 0.07 50 0.08 0.08 0.08 - 0.01 0.10 0.01 Rosita Mg Corp* O Rosita Mg Corp V 1194 0.12 0.10 0.11 - 0.01 0.14 0.01 V 1453 0.03 0.01 0.02 - 0.02 0.03 0.01 Ross River Rotation Mnls V 210 0.25 0.15 0.25 + 0.10 0.20 0.02 Rouge Res V 338 0.48 0.40 0.44 - 0.04 0.60 0.03 Roughrider Exp V 50 0.13 0.09 0.10 - 0.03 0.15 0.05 Roxgold* O 249 1.22 1.13 1.20 + 0.03 1.33 0.42 V 2180 1.63 1.46 1.60 + 0.09 1.73 0.54 Roxgold Royal Gold* D 3416 81.65 76.93 79.32 - 1.22 83.61 24.68 0.32 - 0.02 0.50 0.10 Royal Nickel* O 57 0.34 0.32 Royal Std Mnrl* O 218 0.00 0.00 0.00 - 0.00 0.00 0.00 RT Minerals V 99 0.20 0.13 0.18 + 0.05 0.30 0.05 RTG Mining T 143 0.60 0.56 0.58 - 0.02 0.70 0.33 Rubicon Mnrls* O 1041 0.04 0.03 0.04 - 0.00 0.99 0.01 Rubicon Mnrls T 1715 0.06 0.05 0.05 + 0.01 1.29 0.02 Rugby Mng V 320 0.35 0.31 0.31 - 0.01 0.39 0.03 Running Fox Rs* O 15 0.01 0.01 0.01 - 0.00 0.02 0.00 Running Fox Rs V 126 0.03 0.03 0.03 + 0.01 0.03 0.01 0.80 + 0.08 0.90 0.02 Rupert Res V 371 0.90 0.72 Rusoro Mng* O 111 0.10 0.08 0.09 + 0.01 0.13 0.02 Rusoro Mng V 318 0.13 0.12 0.12 + 0.01 0.19 0.03 Rye Patch Gold* O 393 0.36 0.29 0.32 - 0.02 0.37 0.08 Rye Patch Gold V 1251 0.45 0.39 0.43 - 0.02 0.47 0.11

S Sabina Gd&Slvr T 3780 O 1216 Sabina Gd&Slvr* Salazar Res V 49 Salazar Res* O 3 Samex Mng* O 510 San Marco Res* O 45 San Marco Res V 212 Sanatana Diam V 623 Sandspring Res V 1247 Sandspring Res* O 367 Sandstorm Gold* X 6184 Sandstorm Gold T 1510 Santa Fe Gold* O 798 Santacruz Silv V 2243 Sarama Res V 1658 Sarissa Res* O 687 Satori Res V 160 Saturn Mnrls V 752 Savant Expl V 3305 Savary Gold V 6254 Savary Gold* O 334 Saville Res V 28 Scandium Int M* O 121 Scientific Mts V 2937 ScoZinc Mg V 64 Seabridge Gld* N 4211 Seabridge Gld T 469 Search Mnls V 142 Searchlight* O 285 Sego Res V 249 Select Sands V 572 Semafo T 6321 Senator Mnrls V 51

1.26 1.13 1.15 - 0.09 1.87 0.32 0.97 0.86 0.87 - 0.09 1.55 0.24 0.13 0.12 0.13 + 0.01 0.16 0.03 0.08 0.08 0.08 - 0.00 0.11 0.03 0.00 0.00 0.00 + 0.00 0.00 0.00 0.15 0.15 0.15 + 0.01 0.15 0.01 0.22 0.18 0.18 - 0.01 0.23 0.02 0.03 0.00 0.02 - 0.01 0.04 0.01 0.86 0.71 0.78 + 0.06 0.86 0.11 0.66 0.54 0.58 + 0.04 0.66 0.08 5.27 4.75 5.18 + 0.01 5.40 1.94 6.89 6.20 6.81 + 0.07 7.08 2.82 0.05 0.02 0.05 + 0.02 0.08 0.00 0.45 0.39 0.42 - 0.01 0.63 0.09 0.24 0.19 0.23 + 0.03 0.24 0.05 0.00 0.00 0.00 - 0.00 0.02 0.00 0.18 0.15 0.15 - 0.02 0.18 0.02 0.10 0.09 0.09 - 0.01 0.22 0.09 0.03 0.00 0.03 + 0.02 0.02 0.01 0.14 0.09 0.11 - 0.04 0.15 0.02 0.11 0.08 0.08 - 0.02 0.12 0.06 0.02 0.01 0.01 - 0.01 0.04 0.01 0.13 0.13 0.13 - 0.01 0.17 0.06 0.10 0.07 0.10 + 0.01 0.10 0.07 1.06 0.90 0.95 + 0.10 1.25 0.40 14.08 11.94 12.26 - 1.63 15.88 3.31 18.30 15.59 16.11 - 1.87 20.71 4.34 0.09 0.07 0.07 - 0.01 0.11 0.04 0.10 0.09 0.09 - 0.01 0.42 0.01 0.05 0.03 0.04 + 0.01 0.05 0.01 0.28 0.23 0.24 - 0.02 0.49 0.20 6.91 5.89 6.16 - 0.61 7.39 2.46 0.58 0.50 0.51 + 0.01 0.58 0.04

2016-07-26 4:54 PM


10

WWW.NORTHERNMINER.COM

AUGUST 1–7, 2016 / 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

Sennen Potash V 18 Serabi Gold T 233 Serengeti Res V 3214 Shamrock Ent 130 Sherritt Intl T 1762 Shore Gold T 1176 Sibanye Gold* N 7156 Sibanye Gold* O 1 Sidney Resrces* O 405 Sienna Res* O 31 Sienna Res V 2106 Sierra Iron Or V 142 Sierra Metals T 51 Sierra Metals* O 19 Sierra Res* O 54033 Signal Expl V 25 Signature Res V 1353 Silver Bear Rs T 1367 Silver Bull Re* O 3038 Silver Bull Re T 1596 Silver Dragon* O 360 Silver Mtn Mns V 165 Silver Predatr V 845 Silver Range V 553 Silver Shield 139 Silver Spruce* O 3 Silver Std Res T 3329 Silver Std Res* D 10113 Silver Wheaton T 7058 N 23864 Silver Wheaton* Silvercorp Met T 3134 O 1481 Silvercorp Met* Silvermet V 1160 Silverore Mns* O 23 SinoCoking Cl* D 217 Sirios Res V 1492 Sirios Res* O 223 Skeena Res* O 93 Skeena Res V 2158 Skyharbour Res V 3125 Slam Explor V 315 Solitario Ex&R T 97 X 555 Solitario Ex&R* Sona Res* O 100 Sonora Gld & S V 519 Southern Arc* O 17 Southern Arc V 150 Southern Copp* N 3833 Southern Silvr V 1223 O 322 Southern Silvr* Spanish Mtn Gd V 2980 433 Spanish Mtn Gd* O Sparton Res V 470 Sparton Res* O 137 V 2014 Spearmint Res St Augustine T 83 O 76 Stakeholdr Gld* Stakeholdr Gld V 30 V 1281 Standard Graph O 132 Standard Graph* Standard Metal* O 23 Stans Energy* O 151 Starcore Intl T 596 Stellar Africa V 576 Sterling Grp* O 160 Stillwater Mg* N 6301 Stina Res 141 Stockport Expl* O 10 V 10 Stockport Expl O 100 Stonegate Agri* Stonegate Agri T 131 Stornoway Diam T 11039 Stratton Res V 454

0.13 0.11 0.13 + 0.01 0.28 0.09 0.10 0.00 0.10 - 0.02 0.12 0.04 0.15 0.09 0.14 + 0.04 0.13 0.02 0.05 0.05 0.05 - 0.01 0.05 0.01 0.91 0.85 0.86 - 0.05 1.66 0.53 0.22 0.20 0.22 + 0.03 0.25 0.13 17.90 16.63 17.47 + 0.39 17.90 4.07 4.35 4.22 4.35 + 0.13 4.35 1.28 0.01 0.01 0.01 - 0.00 0.02 0.00 0.16 0.14 0.14 - 0.02 0.19 0.01 0.22 0.18 0.19 - 0.03 0.25 0.01 0.33 0.30 0.33 + 0.03 0.50 0.22 1.64 1.40 1.48 - 0.08 1.80 0.84 1.24 1.09 1.13 - 0.07 1.40 0.69 0.00 0.00 0.00 - 0.00 0.01 0.00 0.16 0.16 0.16 - 0.06 0.30 0.01 0.10 0.05 0.08 + 0.03 0.10 0.01 0.31 0.26 0.30 + 0.02 0.32 0.02 0.16 0.14 0.16 + 0.01 0.19 0.02 0.21 0.18 0.21 + 0.01 0.25 0.04 0.03 0.03 0.03 - 0.00 0.05 0.01 0.04 0.03 0.04 + 0.01 0.05 0.01 0.07 0.06 0.06 - 0.01 0.09 0.01 0.24 0.17 0.18 + 0.01 0.24 0.02 0.09 0.06 0.07 - 0.01 0.17 0.01 0.05 0.00 0.05 + 0.01 0.08 0.02 18.70 16.68 17.36 - 1.07 19.53 5.28 14.39 12.78 13.22 - 1.02 14.93 3.66 34.62 33.06 34.39 + 0.74 34.64 14.51 26.56 25.24 26.15 + 0.13 26.56 10.04 3.91 3.33 3.59 - 0.31 4.02 0.60 3.01 2.56 2.71 - 0.30 3.11 0.41 0.04 0.03 0.03 - 0.01 0.06 0.02 0.04 0.03 0.03 - 0.01 0.20 0.01 0.45 0.33 0.37 + 0.02 1.27 0.26 0.45 0.38 0.44 + 0.05 0.51 0.07 0.33 0.00 0.32 + 0.01 0.39 0.07 0.12 0.10 0.12 + 0.00 0.12 0.04 0.16 0.14 0.16 + 0.02 0.16 0.06 0.40 0.06 0.34 + 0.10 0.36 0.08 0.10 0.09 0.09 - 0.03 0.14 0.01 1.05 0.90 0.98 + 0.06 1.05 0.57 0.79 0.69 0.75 + 0.03 0.82 0.40 0.05 0.05 0.05 + 0.00 0.05 0.00 0.06 0.05 0.06 + 0.01 0.08 0.01 0.57 0.49 0.51 - 0.06 0.66 0.17 0.72 0.65 0.68 - 0.02 1.00 0.24 26.48 25.76 26.26 - 0.16 31.31 21.55 0.47 0.34 0.46 + 0.08 0.49 0.03 0.35 0.26 0.34 + 0.04 0.39 0.02 0.17 0.13 0.15 + 0.03 0.17 0.02 0.12 0.10 0.11 + 0.02 0.12 0.01 0.07 0.07 0.07 + 0.01 0.07 0.01 0.06 0.04 0.05 + 0.00 0.06 0.00 0.04 0.03 0.03 - 0.01 0.06 0.01 0.11 0.11 0.11 + 0.01 0.14 0.07 0.35 0.32 0.33 - 0.03 0.46 0.05 0.45 0.41 0.42 - 0.03 0.62 0.04 0.08 0.07 0.08 + 0.01 0.13 0.01 0.06 0.06 0.06 - 0.00 0.09 0.00 0.15 0.09 0.15 - 0.01 0.90 0.01 0.02 0.01 0.01 - 0.00 0.03 0.01 0.82 0.63 0.78 - 0.02 0.91 0.25 0.05 0.04 0.04 - 0.01 0.08 0.01 0.04 0.03 0.03 - 0.01 0.04 0.01 13.61 12.30 13.40 + 0.05 13.61 4.99 0.16 0.11 0.16 + 0.03 0.19 0.11 0.01 0.01 0.01 - 0.00 0.04 0.00 0.02 0.02 0.02 - 0.01 0.06 0.01 0.01 0.01 0.01 - 0.00 0.03 0.00 0.02 0.02 0.02 - 0.01 0.04 0.01 1.20 1.03 1.15 + 0.13 1.20 0.65 0.64 0.52 0.60 + 0.06 0.64 0.07

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Stria Lithium V 212 Strikepoint Gd V 116 Strikepoint Gd* O 9 Strongbow Expl V 54 Stroud Res V 105 Sulliden Mng T 234 Sultan Mnrls V 535 Suncor Energy T 10725 Suncor Energy* N 13321 Sunridge Gold* O 1133 Sunvest Mnrls V 66 Sutter Gold* O 97 Sutter Gold V 125 Syrah Res* O 29

0.11 0.09 0.11 + 0.01 0.18 0.02 0.22 0.20 0.22 + 0.02 0.55 0.05 0.17 0.16 0.17 + 0.00 0.19 0.08 0.18 0.17 0.18 - 0.02 0.25 0.05 0.01 0.01 0.01 + 0.01 0.02 0.01 0.47 0.42 0.42 - 0.05 0.47 0.19 0.12 0.01 0.10 + 0.05 0.20 0.05 36.32 35.67 36.00 - 0.08 40.35 27.32 27.99 27.06 27.38 - 0.53 30.70 18.71 0.03 0.02 0.03 + 0.01 0.29 0.01 0.10 0.00 0.10 - 0.01 0.55 0.01 0.06 0.04 0.05 + 0.00 0.13 0.02 0.07 0.06 0.06 - 0.01 0.16 0.04 4.38 3.49 3.80 - 0.65 4.90 1.81

T Tahoe Res* N 6545 Tahoe Res T 4569 Tajiri Res V 388 Takara Res V 402 Taku Gold 68 Tanzania Rlty T 240 Tanzania Rlty* X 3696 Taranis Res V 100 Tarku Res V 18 Tasca Res V 183 Taseko Mines* X 1009 Taseko Mines T 416 Tasman Metals* O 199 V 335 Tasman Metals Teck Res T 8 Teck Res* N 32581 Teck Res T 17035 Telferscot Res 1500 O 9 Telson Res * Telson Res V 57 Tembo Gold V 396 Tembo Gold* O 242 Teranga Gold T 3714 Teras Res* O 297 Teras Res V 206 Terraco Gold V 843 Terrax Mnrls* O 62 Terrax Mnrls V 1962 190 Teryl Res Corp* O Teslin Rvr Res V 733 Tesoro Mnrls V 1213 Teuton Res* O 14 Teuton Res V 186 Theia Res V 3 Themac Res V 81 O 2004 Thompson Creek* Thompson Creek T 3728 Thor Expl V 234 332 Thunder Mtn Gd* O Thunder Mtn Gd V 81 Till Capital* D 111 Timberline Res V 84 Timberline Res* O 189 Timmins Gold T 7009 Timmins Gold* X 12131 Tinka Res* O 299 Tinka Res V 521 Tintina Res V 245 Tintina Res* O 176 Tirex Res* O 175 Tirex Res V 193 Titanium Corp V 233 TMAC Resource* O 26 T 673 TMAC Resources TNR Gold V 312 135 Toachi Mg Inc V

15.98 14.74 15.10 - 0.77 16.84 6.48 20.83 19.25 19.87 - 0.62 22.05 9.45 0.04 0.03 0.03 - 0.01 0.06 0.01 0.10 0.08 0.09 + 0.01 0.10 0.02 0.14 0.00 0.13 + 0.02 0.22 0.02 1.61 1.33 1.49 + 0.15 1.70 0.24 1.24 1.02 1.12 + 0.07 1.32 0.17 0.15 0.09 0.10 - 0.02 0.15 0.04 0.07 0.00 0.07 - 0.01 0.10 0.02 0.11 0.10 0.11 - 0.02 0.12 0.00 0.64 0.60 0.63 + 0.01 0.70 0.23 0.83 0.78 0.82 + 0.02 0.88 0.35 0.32 0.20 0.21 - 0.11 0.41 0.06 0.41 0.27 0.27 - 0.14 0.54 0.09 19.10 17.40 18.08 - 0.92 19.55 5.69 14.38 12.62 13.58 - 0.79 14.55 2.56 18.60 16.53 17.85 - 0.72 18.90 3.65 0.01 0.01 0.01 - 0.01 0.02 0.01 0.15 0.15 0.15 + 0.00 0.17 0.07 0.25 0.20 0.23 + 0.03 0.25 0.04 0.06 0.04 0.05 + 0.01 0.06 0.01 0.04 0.04 0.04 - 0.00 0.05 0.01 1.16 1.01 1.07 - 0.07 1.25 0.38 0.13 0.11 0.13 - 0.01 0.13 0.02 0.17 0.14 0.15 - 0.02 0.18 0.03 0.16 0.14 0.15 - 0.01 0.16 0.07 0.61 0.54 0.59 + 0.06 0.61 0.17 0.82 0.69 0.77 + 0.08 0.81 0.23 0.01 0.01 0.01 - 0.00 0.01 0.00 0.36 0.29 0.29 - 0.03 0.43 0.20 0.06 0.05 0.06 + 0.01 0.06 0.01 0.20 0.19 0.19 - 0.01 0.25 0.03 0.29 0.26 0.27 - 0.01 0.33 0.04 0.12 0.11 0.12 + 0.02 0.16 0.05 0.06 0.05 0.06 + 0.01 0.10 0.01 0.56 0.49 0.54 - 0.01 0.73 0.07 0.73 0.64 0.72 + 0.01 0.95 0.16 0.13 0.12 0.13 + 0.01 0.14 0.02 0.10 0.07 0.07 - 0.01 0.15 0.02 0.15 0.10 0.10 - 0.06 0.23 0.07 3.65 3.11 3.24 + 0.14 4.77 2.76 0.50 0.44 0.49 - 0.01 0.72 0.16 0.40 0.32 0.37 - 0.02 0.59 0.08 0.75 0.63 0.63 - 0.07 0.75 0.11 0.58 0.48 0.49 - 0.06 0.58 0.07 0.19 0.17 0.17 - 0.01 0.22 0.07 0.24 0.22 0.23 - 0.01 0.27 0.09 0.12 0.09 0.09 - 0.03 0.13 0.04 0.10 0.07 0.07 - 0.03 0.10 0.03 0.09 0.07 0.09 + 0.00 0.16 0.05 0.12 0.10 0.11 + 0.01 0.22 0.07 0.60 0.45 0.54 + 0.08 1.54 0.31 11.70 11.25 11.48 - 0.20 13.63 9.26 15.15 14.48 15.08 - 0.02 17.73 5.25 0.06 0.05 0.05 - 0.01 0.09 0.01 0.38 0.35 0.38 + 0.03 0.43 0.03

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

TomaGold V 896 Tombstone Expl* O 291 Tonogold Res* O 51 Torex Gold T 2015 Tower Res V 418 V 357 Transatlan Mng Transition Mtl V 204 Treasury Metal T 762 Trecora Res* N 122 Trevali Mng* O 488 Trevali Mng T 13945 Tri Origin Exp V 249 Trident Gold V 376 Trigen Res V 75 TriMetals Mng T 317 O 72 TriMetals Mng* TriMetals Mng* O 94 Trinity Res* O 85 Trinity Valley V 160 O 17 Trio Resources* TriStar Gold* O 54 TriStar Gold V 175 True North Gem V 1904 Trueclaim Expl V 1077 Tudor Gold V 14 Tungsten Corp* O 144 10579 Turquoise HIl* N Turquoise HIl T 3544 TVI Pacific* O 318 Tyhee Gold* O 31

0.15 0.13 0.14 - 0.01 0.16 0.04 0.02 0.01 0.02 + 0.00 0.02 0.01 0.03 0.03 0.03 - 0.00 0.07 0.01 25.97 23.60 25.45 + 0.15 26.61 9.10 0.08 0.07 0.08 + 0.01 0.10 0.01 0.06 0.05 0.06 + 0.01 0.15 0.03 0.25 0.18 0.22 + 0.04 0.25 0.06 0.65 0.59 0.61 - 0.02 0.65 0.32 11.74 10.89 11.53 + 0.08 15.00 8.17 0.71 0.60 0.68 + 0.06 0.71 0.18 0.93 0.77 0.92 + 0.13 0.93 0.25 0.07 0.00 0.07 + 0.01 0.08 0.02 0.02 0.01 0.02 + 0.01 0.02 0.01 0.08 0.08 0.08 + 0.02 0.08 0.03 0.34 0.29 0.34 + 0.04 0.36 0.04 0.25 0.22 0.25 + 0.02 0.28 0.03 0.27 0.19 0.24 - 0.03 0.32 0.06 0.05 0.04 0.04 + 0.01 1.50 0.04 0.02 0.02 0.02 - 0.01 0.04 0.01 0.00 0.00 0.00 + 0.00 0.00 0.00 0.30 0.28 0.29 + 0.01 0.32 0.10 0.39 0.36 0.39 + 0.03 0.40 0.10 0.09 0.08 0.08 - 0.01 0.20 0.07 0.05 0.03 0.04 + 0.01 0.05 0.01 2.00 1.90 1.94 + 0.03 2.50 0.03 0.00 0.00 0.00 - 0.00 0.00 0.00 3.60 3.44 3.49 - 0.08 3.67 1.55 4.69 4.46 4.58 - 0.04 4.72 2.30 0.02 0.01 0.02 - 0.00 0.03 0.00 0.00 0.00 0.00 + 0.00 0.01 0.00

U.S. Lithium* O 632 U3O8 Corp* O 535 O 7 UC Res* Ucore Rare Mtl V 966 Ucore Rare Mtl* O 270 UEX Corp T 1057 Ultra Lithium V 142 Umbral Enrgy 1309 Unigold V 932 Unigold* O 60 United Silver* O 637 United States A* X 218 United States S* N 53223 Unity Energy V 299 Ur-Energy* X 964 Ur-Energy T 187 Uracan Res* O 43 Uragold Bay Rs V 2504 Uranium Energy* X 1879 Uranium Res* D 799 V 11 Uranium Valley Uravan Mnrls V 458 US Precious M* O 1508 US Rare Earths* O 60 US Tungsten* O 83 USCorp* O 58 Vale* N 28680 N 130422 Vale* Valencia Vent V 1100 ValGold Res V 154 Valley High Mg* O 8331 Vanadiumcorp* O 73 Vanadiumcorp V 292 Vantex Res V 387 Vatic Vent V 82 Vedanta* N 1200 Vena Res* O 10 Vena Res V 793 Vendetta Mng V 250 Vendome Res V 244

0.06 0.05 0.06 + 0.00 0.15 0.01 0.03 0.02 0.03 + 0.00 0.04 0.01 0.02 0.00 0.00 + 0.00 0.03 0.00 0.44 0.40 0.42 + 0.03 0.45 0.20 0.33 0.31 0.32 + 0.01 0.35 0.15 0.24 0.22 0.22 - 0.02 0.29 0.11 0.22 0.19 0.19 - 0.01 0.35 0.05 0.05 0.04 0.05 + 0.01 0.10 0.02 0.69 0.44 0.66 + 0.22 0.60 0.08 0.51 0.35 0.51 + 0.16 0.42 0.06 0.00 0.00 0.00 - 0.00 0.01 0.00 0.27 0.23 0.25 - 0.00 0.73 0.16 21.77 19.69 21.16 - 0.52 21.90 6.15 0.19 0.16 0.18 - 0.01 0.48 0.05 0.60 0.55 0.56 - 0.04 0.77 0.44 0.78 0.72 0.74 - 0.03 1.02 0.60 0.06 0.05 0.05 - 0.00 0.06 0.00 0.30 0.24 0.25 - 0.04 0.30 0.02 0.96 0.90 0.93 - 0.00 1.48 0.65 1.67 1.49 1.55 - 0.12 16.08 1.39 0.22 0.00 0.19 - 0.06 0.35 0.04 0.30 0.21 0.25 - 0.06 0.39 0.05 0.02 0.01 0.02 + 0.00 0.12 0.00 0.27 0.12 0.14 + 0.02 1.50 0.01 0.00 0.00 0.00 - 0.00 0.01 0.00 0.01 0.01 0.01 + 0.00 0.03 0.00 4.34 4.09 4.26 + 0.06 4.79 1.55 5.44 5.05 5.31 - 0.05 6.26 2.13 0.09 0.09 0.09 + 0.01 0.40 0.08 0.06 0.04 0.06 + 0.01 0.07 0.01 0.01 0.00 0.00 - 0.00 0.02 0.00 0.04 0.03 0.04 - 0.00 0.05 0.01 0.06 0.05 0.05 - 0.01 0.06 0.02 0.04 0.00 0.04 + 0.01 0.04 0.01 0.15 0.11 0.11 - 0.02 0.24 0.04 10.09 9.31 10.09 + 0.25 9.92 3.52 0.04 0.04 0.04 - 0.00 0.04 0.00 0.10 0.06 0.09 + 0.03 0.10 0.04 0.10 0.09 0.09 + 0.01 0.13 0.05 0.02 0.01 0.01 - 0.01 0.03 0.01

U-V

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Venture Mnrls* O 14 Verde Potash T 27 Veris Gold* O 1367 Victoria Gold V 7632 Victory Nickel 604 Victory Vent V 2416 Virginia Enrgy V 255 Viscount Mng V 1263 Vista Gold* X 5179 Vista Gold T 383 Voltaic Min V 91 Vulcan Mnrls V 209

0.01 0.03 + 0.00 0.04 0.03 0.03 0.13 0.27 + 0.01 0.48 0.28 0.25 0.00 0.00 - 0.00 0.03 0.00 0.00 0.12 0.73 - 0.01 0.80 0.78 0.69 0.02 0.03 - 0.02 0.05 0.04 0.00 0.01 0.04 + 0.01 0.06 0.05 0.03 0.04 0.04 + 0.01 0.10 0.04 0.00 0.16 0.70 + 0.01 0.91 0.72 0.67 0.25 1.31 - 0.29 2.09 1.66 1.29 0.33 1.75 - 0.32 2.73 2.13 1.70 0.03 0.44 + 0.04 0.52 0.45 0.37 0.02 0.04 - 0.01 0.08 0.08 0.00

Walker Lane* O 1 Walker River V 1523 T 458 Wallbridge Mng 169 War Eagle Mg V Waseco Res V 74 Wealth Mnrls* O 493 Wealth Mnrls V 1413 O 789 Wellgreen Plat* Wellgreen Plat T 1018 T 1648 Wesdome Gold V 3534 West Af Res 100 West High Yld V West Kirkland V 413 West Melville V 25 140 West Red Lake* O 480 West Red Lake X 346 Western Copper* T 761 Western Copper 221 Western Pac Rs V 95 Western Pac Rs* O T 1167 Western Potash 181 Western Troy C V Western Uran 21 Western Uran* O 10 V 115 Westhaven Vent O 540 Westkam Gold* V 4343 Westkam Gold V 437 Westminster Rs Westmoreland* D 626 O 124 WestMountain* 173 White Metal Rs V 85 White Mtn Engy* O Wildcat Expl V 787 25 Winston Gld Mg* O Wolfden Res V 219 V 30 Wolverine Mnls WPC Res* O 70 X-Terra Res V 301 Xander Res V 272 Ximen Mng V 454 XLI Tech Inc* O 1886 O 24 Xtra-Gold Res* Xtra-Gold Res T 18 Yamana Gold T 18397 53261 Yamana Gold* N Yanzhou Coal* N 173 29 O Zadar Vent * Zazu Metals T 67 Zazu Metals* O 59 Zenyatta Vent V 139 O 18 Zenyatta Vent* Zephyr Mnls* O 2 Zephyr Mnls V 174 Zimtu Capital V 65 Zincore Mtls V 268 Zonte Mtls V 39

0.19 0.34 + 0.09 0.71 0.34 0.25 0.02 0.06 - 0.01 0.08 0.08 0.06 0.02 0.08 + 0.01 0.10 0.09 0.08 0.03 0.02 0.02 + 0.01 0.03 0.01 0.02 0.05 - 0.01 0.07 0.06 0.05 0.10 0.70 - 0.01 0.83 0.79 0.67 0.14 0.96 + 0.06 1.06 1.04 0.87 0.12 0.37 + 0.06 0.46 0.38 0.28 0.16 0.49 + 0.10 0.62 0.49 0.38 0.89 1.93 - 0.09 2.20 2.02 1.90 0.24 0.21 0.24 + 0.03 0.24 0.05 0.22 0.21 0.21 - 0.03 0.39 0.17 0.04 0.14 - 0.01 0.15 0.15 0.12 0.08 0.35 - 0.05 0.45 0.40 0.35 0.21 0.16 0.19 - 0.02 0.26 0.02 0.27 0.22 0.25 - 0.02 0.34 0.01 0.20 0.81 - 0.18 1.04 1.01 0.80 0.29 1.05 - 0.23 1.35 1.29 1.05 0.04 0.02 0.02 - 0.01 0.04 0.01 0.02 0.02 0.02 - 0.01 0.04 0.00 0.14 0.17 + 0.02 0.30 0.17 0.15 0.03 0.03 0.03 - 0.01 0.05 0.01 1.20 2.25 - 0.25 5.00 2.50 2.25 1.19 1.70 - 0.24 2.67 1.94 1.70 0.04 0.14 - 0.02 0.16 0.15 0.11 0.01 0.05 - 0.01 0.07 0.06 0.05 0.02 0.06 - 0.01 0.09 0.07 0.06 0.01 0.07 - 0.01 0.18 0.08 0.07 10.29 9.49 9.59 - 0.69 17.13 3.44 0.04 0.10 + 0.02 0.20 0.10 0.09 0.08 0.07 0.08 + 0.01 0.13 0.02 0.10 0.08 0.09 + 0.00 0.40 0.07 0.02 0.07 - 0.03 0.16 0.09 0.07 0.12 0.10 0.10 - 0.02 0.12 0.12 0.05 0.12 - 0.02 0.19 0.13 0.12 0.07 0.11 + 0.02 0.33 0.11 0.00 0.06 0.07 + 0.00 0.08 0.07 0.07 0.06 0.31 + 0.07 0.30 0.31 0.25 0.21 0.48 + 0.03 0.48 0.48 0.39 0.02 0.15 - 0.03 0.18 0.17 0.13 0.04 0.02 0.02 - 0.01 1.50 0.02 0.12 0.32 - 0.01 0.43 0.36 0.32 0.18 0.42 - 0.05 0.56 0.47 0.42 1.89 7.14 - 0.43 7.83 7.72 6.94 1.38 5.43 - 0.42 5.99 5.93 5.32 3.66 6.37 - 0.24 7.02 6.68 6.27 0.12 0.12 0.12 - 0.00 0.20 0.06 0.09 0.23 - 0.01 0.33 0.24 0.21 0.08 0.17 - 0.01 0.24 0.18 0.17 0.63 0.70 + 0.01 1.78 0.71 0.65 0.47 0.53 + 0.00 1.33 0.53 0.00 0.15 0.30 - 0.00 0.30 0.30 0.30 0.08 0.36 - 0.04 0.42 0.41 0.35 0.12 0.24 - 0.01 0.38 0.25 0.24 0.01 0.03 + 0.01 0.05 0.05 0.02 0.02 0.07 - 0.01 0.15 0.07 0.00

W-Z

BID-ASK — JULY 18–22, 2016 STOCK

EXC BID ASK LAST HIGH

37 Capital One Acme Res Corp Acme Res Inc Advance Gold African Metals Aftermath Slvr Aida Minerals Alberta Star Alderon Iron* Alexandra Cap Allante Potash Alpha Nat Res* Altan Rio Mnls Am Manganese Amanta Res Anthem United APAC Res Inc Arch Coal* Arrowhead Gold Artha Res Astar Mnls Ateba Res Atlantic Ind Atlatsa Res* Balto Res Bandera Gold Banks Island Barksdale Cap BCGold BE Res Bearclaw Cap Benz Cap Big Bar Res Big Wind Cap Bird River Res Black Bull Res Boss Power Buccaneer Gold Bullman Mnls Canada Coal Canuc Res Carrie Arran Cascade Res Cassidy Gold Cassius Vents Celtic Minrls Central Iron Chimata Gold Chinapintza Mg Cicada Vents Clear Mtn Res Cliffs Nat Res* Clydesdale Res CMX Gold & Sil CNRP Mng Comet Inds Compliance Egy Cons Westview Cornerstone Mt Crestwell Res Cresval Cap Cricket Res Desert Gold DGS Mnls E-Energy Vent El Nino Vent Enfield Expl European Metal Finlay Minrls Finore Mng Fire River Gol First Idaho G4G Res GAR Limited

8-10_Aug1_StockTables.indd 10

12-MONTH

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

0.06 1.63 0.15 0.20 0.01 0.03 0.02 0.03 0.05 0.07 0.05 0.07 0.06 0.07 0.07 0.10 0.06 0.09 0.09 0.11 ... 0.01 0.01 0.03 0.06 0.15 0.15 0.23 0.20 0.22 0.20 0.23 ... 0.40 0.14 0.52 0.03 ... 0.03 0.03 0.03 0.10 0.03 0.06 0.23 0.24 0.24 4.16 0.01 0.02 0.02 0.03 0.04 0.05 0.05 0.07 0.01 0.02 0.01 0.24 0.30 0.24 0.43 0.05 0.12 0.05 0.11 ... ... 0.58 15.00 0.01 ... 0.03 0.05 0.13 0.15 0.12 0.20 0.10 ... 0.10 0.15 ... 0.01 0.01 0.01 0.01 0.05 0.01 0.01 ... ... 0.06 0.45 0.02 0.03 0.02 0.03 0.01 0.01 0.01 0.02 0.01 0.01 0.01 0.17 0.01 0.04 0.01 0.02 0.05 0.07 0.05 0.13 ... 0.34 0.35 0.04 0.06 0.04 0.06 0.02 0.03 0.03 0.12 0.08 0.50 0.10 0.10 0.16 0.10 0.10 0.03 0.09 0.05 0.07 ... 0.01 0.01 0.17 0.20 0.17 0.17 0.03 0.04 0.03 0.04 0.05 0.09 0.09 0.09 0.03 0.04 0.04 0.05 0.23 0.29 0.25 0.30 0.05 ... 0.05 0.07 0.02 0.04 0.02 0.05 0.01 0.02 0.02 0.04 0.03 0.05 0.04 0.04 ... ... 0.01 0.01 0.02 0.02 0.02 0.02 0.03 0.03 0.06 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.02 0.19 0.27 0.19 0.40 1.45 3.20 1.43 7.17 0.04 0.10 0.05 0.08 0.09 0.10 0.10 0.10 0.01 0.04 0.01 0.01 1.60 2.00 1.75 1.75 0.03 0.03 0.03 0.25 0.34 0.50 0.35 0.45 0.04 0.04 0.04 0.04 0.04 0.10 0.13 0.14 0.04 0.04 0.04 0.06 0.01 0.04 0.01 0.03 0.11 0.15 0.10 0.35 0.04 0.09 0.04 0.06 ... 0.01 0.01 0.04 0.04 0.04 0.04 ... ... 0.01 0.01 ... 0.01 0.01 0.01 0.06 0.07 0.06 0.06 0.03 0.06 0.06 0.06 0.03 0.07 0.09 0.75 0.08 0.14 0.12 0.12 0.07 0.12 0.08 0.11 0.03 0.10 0.05 0.10

LOW

STOCK

0.05 0.01 0.02 0.01 0.02 0.01 0.08 0.16 0.12 0.03 0.01 0.20 0.01 0.01

Gentor Res V GFM Res V Global Cobalt V Global Cop Grp V God’s Lake Res C Gold Reserve V Golden Band V Golden Harp V GoldTrain Res C Graniz Mondal V Gravis Energy C Green Arrow V Greenshield Ex V Greywacke Expl C Harvest Gold V Highbury Proj V Highvista Gold V HiHo Silver C Homeland Egy V Icon Explor V IGC Res V Jasper Mng V JDF Explor Inc C Jet Gold V Jet Metal V Jubilee Gold V Kairos Cap V Karmin Expl V Karoo Expl V Kermode Res V Kestrel Gold V Kitrinor Mtls V La Imperial C Lakeside Mnrls V Lancaster Cap V Lateral Gold V Leeta Gold V Leo Res C Lions Gate Mtl C Logan Res V Lovitt Res V Lucky Mnls V Madeira Mrnls V MAG Silver* X Mainstream Mnl V Manado Gold V Match Capital V MaxTech Vent C McLaren Res C Mega Copper V Metallum Res V Midasco Cap V Midnight Star C Millstream Min V V Mindoro Res Minsud Res V Moag Copper C Montana Gold C Morgan Res V Mountain Lake C Natan Res V Navy Res V Nebu Res V Network Expl V New Klondike V Nickel North V Norsemont Cap C North Am Tung V NSGold V C NSS Res Inc Open Gold V Oracle Mng V Organic Potash C Orofino Mnrls V

0.14 0.03 0.58 0.03 0.01 0.09 0.01 0.01 0.06 0.01 0.01 0.01 0.01 0.03 0.02 0.01 0.01 0.02 0.17 0.02 0.03 0.01 0.05 0.05 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.10 0.98 0.01 0.05 0.01 1.20 0.03 0.22 0.01 0.08 0.01 0.01 0.08 0.03 0.01 0.01 0.01 0.02 0.01 0.03 0.05 0.03 0.01

12-MONTH

EXC BID ASK LAST HIGH LOW

0.01 0.02 0.01 0.04 0.02 0.10 0.02 0.03 0.02 0.02 0.02 0.08 0.05 0.05 0.05 0.06 0.05 ... 0.08 0.10 5.43 5.70 5.74 8.00 ... 0.01 0.01 0.01 0.18 0.22 0.16 0.28 0.15 0.15 0.15 0.20 0.04 0.05 0.05 0.05 ... 0.02 0.01 0.03 0.04 0.04 0.10 0.03 0.05 0.03 0.05 0.04 ... 0.04 0.04 0.04 0.12 0.04 0.05 0.18 ... 0.20 0.20 ... 0.16 0.17 ... 0.02 0.01 0.01 ... 0.01 0.01 0.01 0.02 0.03 0.02 0.03 0.01 0.01 0.01 0.02 0.05 0.08 0.06 0.08 0.01 0.05 0.01 0.02 0.04 0.08 0.06 0.06 0.10 0.10 0.09 0.15 0.54 4.00 0.75 0.75 0.02 0.04 0.02 0.03 0.25 0.32 0.32 0.36 0.01 0.02 0.01 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.07 0.01 0.02 0.01 0.02 0.03 0.05 0.05 0.05 0.01 0.02 0.01 0.04 0.13 0.28 0.28 0.32 0.11 0.16 0.14 0.18 0.04 0.10 0.04 0.05 0.01 0.03 0.01 0.01 0.06 0.08 0.06 0.06 0.15 0.15 0.12 0.15 0.05 0.12 0.05 0.05 0.05 0.08 0.07 0.11 0.02 0.10 0.03 0.03 12.52 13.30 12.52 14.40 ... 0.01 0.01 0.01 0.01 0.03 0.05 0.01 0.04 0.01 0.01 0.24 ... 0.24 0.26 ... 0.01 0.01 0.01 0.05 0.12 0.05 0.05 0.03 0.06 0.12 0.07 0.09 0.07 0.13 0.06 0.15 0.06 0.10 0.06 0.07 0.07 0.16 0.01 0.01 0.01 0.01 0.06 ... 0.06 0.09 ... ... 0.08 0.12 0.09 0.10 0.10 0.10 0.01 0.01 0.01 0.03 ... 0.01 0.01 0.01 0.17 0.27 0.25 0.25 0.23 0.30 0.24 0.30 0.01 0.02 0.01 0.03 0.17 0.23 0.17 0.22 0.01 0.01 0.01 0.02 0.02 0.03 0.02 0.02 0.26 0.32 0.26 0.31 ... 0.01 0.01 0.02 0.09 0.12 0.10 0.10 ... ... 0.20 0.20 0.01 0.01 0.01 0.01 0.01 0.01 0.07 0.02 0.05 0.02 0.09 0.16 0.48 0.15 0.25

0.01 0.02 0.01 0.04 0.01 3.06 0.01 0.03 0.08 0.01 0.03 0.01 0.01 0.01 0.10 0.01 0.01 0.01 0.01 0.02 0.01 0.03 0.04 0.30 0.01 0.15 0.01 0.01 0.01 0.01 0.01 0.01 0.06 0.07 0.03 0.01 0.01 0.04 0.02 0.05 0.02 6.12 0.03 0.01 0.05 0.01 0.02 0.07 0.06 0.01 0.01 0.06 0.08 0.02 0.01 0.01 0.05 0.06 0.01 0.02 0.01 0.01 0.07 0.01 0.03 0.20 0.01 0.01 0.05

STOCK

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0.08 0.11 0.08 0.08 0.02 0.03 0.03 0.01 0.02 0.01 0.02 0.01 0.08 0.02 0.03 0.05 0.06 0.05 0.08 0.11 0.11 0.10 0.06 0.09 0.06 0.12 ... 0.01 0.01 0.01 0.19 0.20 0.21 0.21 0.07 0.12 0.07 0.13 0.02 0.03 0.02 0.02 0.01 0.02 0.02 0.02 0.11 0.16 0.15 0.89 0.02 ... 0.02 0.02 ... 0.05 0.05 0.08 0.02 0.03 0.01 0.03 0.01 0.02 0.01 0.03 0.75 0.80 0.80 0.80 0.13 0.23 0.12 0.25 0.09 0.15 0.09 0.10 0.14 0.18 0.14 0.30 0.20 0.25 0.20 0.27 0.03 0.10 0.04 0.05 0.19 0.35 0.22 0.25 0.01 ... 0.01 0.01 0.26 0.35 0.25 0.57 0.02 0.02 0.01 0.05 ... ... 0.03 1.35 0.03 0.04 0.03 0.18 ... ... 0.16 0.36 0.57 0.36 0.54 0.11 ... 0.09 0.20 0.02 0.02 0.02 0.05 0.01 0.24 0.10 0.10 0.07 0.09 0.07 0.13 0.27 0.39 0.27 0.30 0.01 0.01 0.01 0.07 0.20 0.50 0.20 0.60 0.10 0.14 0.10 0.19 ... 0.01 0.01 0.10 0.07 0.08 0.07 0.19 0.11 0.15 0.11 0.14 0.01 0.02 0.01 0.05 0.01 0.02 0.01 0.02 0.01 0.02 0.01 0.05 0.01 0.01 0.01 0.01 0.03 0.10 0.03 0.05 0.01 ... 0.01 0.01 0.08 0.15 0.08 0.16 0.01 0.02 0.02 0.02 0.13 0.25 0.13 0.25 0.03 0.07 0.03 0.07 0.06 0.17 0.06 0.12 0.03 0.07 0.03 0.17 0.01 0.02 0.01 0.02 0.02 0.07 0.05 0.05 0.01 0.05 0.01 0.03 0.57 0.70 0.70 1.03 0.01 0.02 0.02 0.03 ... 0.01 0.01 0.40 ... 0.45 0.01 0.02 0.02 0.02 0.04 0.09 0.05 0.08 0.01 0.04 0.02 0.02 0.14 0.20 0.17 0.17 0.05 0.06 0.05 0.06 0.02 0.03 0.02 0.02 0.04 0.06 0.06 0.06 0.02 0.28 0.02 0.02 0.25 ... 0.25 0.01 0.02 0.01 0.01 0.01 0.02 0.01 0.10 0.06 0.10 0.06 0.10 0.05 0.07 0.05 0.08

0.03 0.01 0.01 0.03 0.01 0.01 0.02 0.06 0.01 0.01 0.06 0.01 0.01 0.01 0.01 0.06 0.06 0.04 0.04 0.07 0.01 0.09 0.01 0.05 0.01 0.03 0.02 0.26 0.05 0.01 0.01 0.02 0.03 0.01 0.20 0.10 0.01 0.05 0.10 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.01 0.12 0.02 0.04 0.03 0.01 0.01 0.01 0.54 0.01 0.01 0.02 0.01 0.04 0.03 0.01 0.01 0.01 0.01 0.01 0.05 0.01

2016-07-26 4:54 PM


GLOBAL MINING NEWS

THE NORTHERN MINER / AUGUST 1–7, 2016

11

Lupaka’s Invicta to hit commercial production in November PERU DEVELOPMENT   BY TRISH SAYWELL

L

tsaywell@northernminer.com

upaka Gold (TSXV: LPK) says a recent US$6.1-million gold purchase agreement with New York-based Pandion Mine Finance will get the construction of its Invicta polymetallic mine in Peru across the finish line. The proceeds — paid out in two tranches of US$1.8 million and US$4.3 million — would be enough to develop a mine, upgrade safety and efficiency, build access roads and start mining operations. Lupaka Gold’s president and CEO Gordon Ellis tells The Northern Miner that contractors will be used in all aspects of the mining operation, and that the company should reach commercial production in November. The junior intends to ramp up operations to 350 tonnes per day as quickly as possible. “ There’s no reason why we shouldn’t run at 350 tonnes per day by the time we start 2017,” he says in a telephone interview from his Vancouver office. The prepaid forward gold purchase deal with Pandion announced at the end of June is an attractive way to finance Lupaka’s Peruvian project, Ellis says, not only because it is non-dilutive to shareholders, but because it has a fixed end-date. “This is not a royalty agreement that goes on forever,” he says. “We don’t pay anything for the first 15 months and we only pay them a small percent of what we produce for the next 45 months, and we’re done. It’s gone, it’s clean, there is no residual.” Ellis adds that Pandion is interested in putting up the funds needed to acquire or build a processing plant, and Lupaka is weighing the options. “Pandion doesn’t really want to do just the US$6-million financing — they want to finance us for the plant and anything else we want to do,” he says, noting that the outfit has an excellent pedigree in the commodities sector. The New York-headquartered group is made up of Pandion Management (the former leaders of Jeffries LLC metals finance business); MKS PAMP Group, a global precious metals and financial services company based in Switzerland; and Ospraie Management, an asset management firm focused on commodities that has seeded more than 20 funds and directly invested more than US$1.5 billion in privately held metals and mining companies.

Published by:

| Raises US$6.1 million from Pandion Mine Finance

MKS Pamp is one of the world’s largest buyers of concentrate, Ellis says (“they don’t own mines, they just trade in minerals”), and Ospraie “has been in mining for a long time.” He says that “this is Pandion’s first deal, so that’s why you probably don’t know an awful lot about them. It was set up in the last quarter of last year … they’ve formed this organization to vet projects and invest in them.” One of Lupaka’s first tasks, once Invicta is up and running, will be to assess the best way forward in terms of incorporating a processing plant. “There are two plants within 100 km being built that are fully permitted for 350 tonnes per day, and they haven’t got supplies of ore — they’re building them on spec,” he says. “The first one, we could buy the whole plant for a really low cost because the owners have gotten into a fight and want to sell … the alternative is to build a plant from scratch, which would take longer. But the joy of that would be to allow us to build it closer to the site, which would also reduce shipping costs, and we’re permitted for 1,000 tonnes per day.” Lupaka picked up the Invicta project through its October 2012 acquisition of Andean American Gold. The project, 120 km from Lima, had been explored and developed by several previous owners since the mid-1990s. Lupaka estimates that previous owners poured more than $15 million into mine development. The company completed its second run-of-mine bulk test in December and achieved good recoveries in concentrate streams — returning 87.5% gold, 91.2% silver, 91.5% copper, 90.03% lead and 90.1% zinc. “The recoveries we got were good, and they’re just first-time recoveries — they haven’t been optimized by any means.” The first bulk sample in October 2015 produced a copper, lead and zinc concentrate that was sold to an off-taker, and “we actually made money,” Ellis says. “In the second one, the buyer said he just wanted a copper concentrate, so we put the whole thing through as a copper concentrate, and once again the recoveries were high. “The nicest thing about it is that the concentrate is exceptionally clean, it has little in the way of contaminants, so buyers can pay well for it because they can mix it with some of their less clean concentrate

In front of the portal at Lupaka Gold’s Invicta gold-silver-copper-lead-zinc project in Peru, from left: Joe Archibald, Pandion Mine Finance president; Julio Castenada, Lupaka country manager; Tim Swendseid, RPM Engineering president of consulting for the Americas; and Gordon Elis, Lupaka president and CEO.   LUPAKA GOLD

“THERE’S NO REASON WHY WE SHOULDN’T RUN AT 350 TONNES PER DAY BY THE TIME WE START 2017.” GORDON ELLIS PRESIDENT AND CEO, LUPAKA GOLD

and blend it,” he continues. “They can make use of some of the other stuff they get from other suppliers, so it’s attractive to off-takers.” The second bulk test consisted of run-of-mine material from the Atenea vein. The sample was blended from 80% run-of-mine material and 20% from a low-grade stockpile after developing existing workings. Cash flow from Invicta will be used to grow the operation. There are numerous zones outside of the Atenea vein that contain mineralization, and the targeted Atenea resource could increase, as development offers access to high-grade intercepts and underground drill sites. In addition, based on gold and copper within the under-explored quartz-sulphide vein zones, the company says Invicta could expand. An initial six-year mine plan (which sets out the block mine plan for 680,000 tonnes at a grade of 8.83 grams equivalent oz. gold

Mineralization in the Atenea vein at Lupaka Gold’s Invicta project in Peru.   LUPAKA GOLD

per tonne for just over 30,000 oz. a year) was developed from the 3,400-metre level and up, Ellis says. “Drill results indicate that the mineralization extends at least as far below the 3,400 level as it does above. In addition, there is a welldefined section of measured and indicated directly along strike to the northeast that is within a few hundred metres, and of the same

characteristics as the segment in the mine plan.” At 350 tonnes per day, he adds, Invicta could operate for between 10 and 15 years based on the current measured and indicated resource in the Atenea zone. Proceeds from Invicta will also be used for more exploration at its other projects in Peru — Josnitaro and Crucero. TNM

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GLOBAL MINING NEWS

THE NORTHERN MINER / AUGUST 1–7, 2016

13

Colombian Mines’ Nevada acquisition sends shares soaring

A loader dumps material near the portal at Colombian Mines’ Pamlico gold project in Nevada.   COLOMBIAN MINES

“IT’S NOT QUITE LIKE FINDING GOLD BARS ON THE GROUND, BUT IT’S PRETTY DARN CLOSE. YOU CAN WALK DOWN THE DECLINE AND SEE VISIBLE GOLD — IT’S PRETTY DIFFICULT TO FIND THOSE KINDS OF PROJECTS IN NEVADA TODAY.”

COLOMBIAN From 1

ingly, comes from the University of Nevada’s Mackay School of Mines, in Reno. So it’s no wonder that the cofounder, president and CEO of Colombian Mines (TSXV: CMJ; US-OTC: CMBPF) — a prospect generator he co-founded in the South American country in 2006, and took public in 2008 — has always kept his eye out for interesting properties back home. This year the stars aligned and Carrington closed Colombian’s first deal in Nevada — an option agreement with a private party for Pamlico, a gold project in the famous Walker Lane trend, 20 km southeast of Hawthorne and 86 km from Yerington, a district known for at least four copper porphyry deposits. “The private seller was a friend of my father’s, and an old classmate of mine from university was one of the seller’s consultants,” Carrington says. “His lifelong dream was to turn it into a gold-producing property. He poured US$3 million into it and did a 650-metre decline — almost to the ore zone — and then his health started failing.” Under the new option agreement, Colombian can acquire 100% of Pamlico for US$4 million in cash, including advance minimum royalties and production royalties (a 4% net smelter return royalty [NSR]) within four years, or by paying US$7.5 million in cash, including advance minimum royalties and production royalties, so long as annual payments are equal to or exceed US$250,000. The 4% NSR can be brought down to 1% by paying the seller US$1 million for each percentage point. In addition to the 29 historic holes drilled by the seller between 2010 and 2013, two previous owners of the property completed 74 holes, bringing the total to 103 for 8,900 metres. Highlights of the seller’s drill holes included 6 metres grading 33.49 grams gold per tonne; 2.3 metres of 165.49 grams gold; 3 metres of 21.28 grams; 5.3 metres of 36.85 grams; and 7.6 metres of 21.76 grams. “Pamlico is the rare situation where it’s not quite like finding gold bars on the ground, but it’s pretty darn close,” Carrington says. “The fact that you can walk down the decline and see visible gold — it’s pretty difficult to find those projects in Nevada today, particularly with the exploration upside that this project has.” One of the interesting things, he adds, is that the vendor discovered two gold-bearing zones as he drove the decline, and neither of them were intersected in previous drilling, “so there are additional gold-bearing

1 2 3 4 5 11 13 14 16_Aug1_Main .indd 13

A sample from one of the two new zones discovered while building a decline at Colombian Mines’ Pamlico gold property in Nevada.   COLOMBIAN MINES

ROBERT CARRINGTON PRESIDENT AND CEO, COLOMBIAN MINES

structures in there that could potentially be economic.” The zones contain coarse visible gold in brecciated vein material with abundant iron oxides, and will be a priority for independent sampling. “Neither of the two zones discovered in the decline had been found with drilling, so there is a lot of potential for more discoveries on the property,” he says. The volcanic rocks at Pamlico are juxtaposed against sedimentary rocks in complex structural settings, with numerous low-angle and high-angle faults mapped on the property. A series of highangle faults host the majority of the better gold mineralization identified so far. The property hasn’t seen any deep drilling and the vertical extent of oxidation is unknown, although Carrington and his team say that a nearby water well suggests that favourable oxidized mineralization could extend at least 244 metres below surface. “Pamlico is known as a high-grade district, and around 1886 there were newspaper stories of Pamlico producing ore that ran over 4,000 grams gold a tonne,” Carrington says. “It wasn’t huge tonnage, but at those kinds of grades, it doesn’t take a lot of tonnes.” Carrington says there are two semi-parallel veins at the project that dip towards each other at a steep angle and both veins are known to contain high-grade gold, and should intersect at depth. In the bigger picture, he says, “a lot of mineralization that you see in the Pamlico district indicates a porphyry system at depth,” and “there’s a very good possibility that there is a gold or copper porphyry on the property. “Pamlico is to the southeast along strike of Walker Lane and Walker Lane is a large structural lineament — it’s actually a structural corridor,” he says. “It’s several miles wide, and depending on how far you want to push it, there are some workers in the industry who feel Walker Lane extends from Texas into northern California and Oregon. It is certainly one of Nevada’s largest gold lineaments, and almost by default one of the world’s largest.” The next steps for Colombian

Mines are to do large-diameter core drilling, basic engineering (“to make sure the decline is where it needs to be relative to the orebody”) and a bulk sample. The seller was about to start a fully permitted, 1,000-tonne bulk sample, before his health deteriorated and permitting bogged him down. If all goes according to plan, a bulk sample could start later this year. (Carrington says that “we need to make sure the permits are spot perfect.”) A drill program could be partly funded by selling one of the company’s non-core assets in Colombia — Anori. The sale is in the works already and should bring in US$800,000. “That wouldn’t necessarily be enough to complete a diamond drill program,” Carrington says, “but it would be a big chunk of it, because the holes are only going to be between 80 metres and 90 metres deep.” Meanwhile in Colombia — “in a perfect world and assuming we have sufficient financing this year” — the company will initiate a drill campaign at its Mercedes goldsilver-copper project, undertake more drilling at its El Dovio goldsilver-copper project and complete a resource estimate and a preliminary economic assessment of its Yarumalito gold-copper project. “We’re no less committed to advancing the Colombia projects,” he says. “It was just that Pamlico was something that — assuming we complete all the regulatory acrobatics we have to do — we can potentially see production there in a relatively short time line, much faster than you would reasonably expect to build El Dovio or Mercedes.” Carrington has worked in Colombia since 1992. “I had a geologist working for my consulting company who got me interested, so we formed a private company that I funded, and we charged off into Colombia,” Carrington recalls. “We were working on a 2 million oz. placer project he had the data for, and the last time we saw the property, the pilot was yanking up on the controls and saying: ‘They’re shooting at us’ … living proof that God takes care of fools and idiots.” By that point, Carrington says, he had figured out that the country’s

geological potential was immense and under-explored, so he looked for large lode projects in safer areas. A joint venture with Placer Dome lasted until 1995, when it cut back globally on exploration. His partner then dropped out, and Carrington sold the company later that year to what became Conquistador Mines, a Vancouver-based junior. “Conquistador went from 30¢ to over $9 on the Colombian assets they acquired,” says Carrington, who stayed on as a manager until 1996. Conquistador joint-ventured with AngloGold Ashanti (NYSE: AU) and Mineros de Antioquia (now Mineros), Colombia’s largest gold producer. “In 2000, when gold hit its low,

Anglo pulled the plug on the joint venture and Conquistador evaporated in a puff of smoke,” Carrington remembers. Anglo stuck around, however, and by 2006 had made discoveries at La Colosa, Gramalote, Quinchia and La Mina, some of which Carrington claims had been Conquistador properties. “The only one they could not get was Yarumalito,” he adds. “I actually started negotiating for the Yarumalito property in November 2005, as we knew we were going to put a company together … Yarumalito was Colombian Mines’ first acquisition in Colombia, and is still considered a core asset.” Yarumalito may be one of the company’s core assets, but the market cheered its Pamlico option deal announced on July 19, driving up its shares 57% to 22¢. The company’s 53 million common shares are tightly held, with the 17 largest shareholders owning 70% of the stock. Its institutional investors include European funds, and its largest corporate shareholder is Teck Resources (TSX: TCK.B; NYSE: TCK), which Carrington says holds 2.2 million shares. TNM

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Argonaut misses on Q2 production MEXICAN GOLD  

| Analysts downgrade stock ratings and price targets after run-up BY SALMA TARIKH starikh@northernminer.com

A

rgonaut Gold (TSX: AR) has revised its full-year production guidance after missing its second-quarter output goal, and gold analysts have responded by lowering their expectations on the stock. On July 14, the miner reported delivering 29,237 equivalent oz. gold during the second quarter. This came below the expected 34,500 to 36,500 equivalent oz. gold. Argonaut attributes the miss to lower grades at its Mexican mines: El Castillo in Durango and La Colorada in Sonora. It says it discovered more lowergrade areas, which delayed it from

Argonaut Gold’s El Castillo gold mine in Mexico.   ARGONAUT GOLD

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ARGONAUT ATTRIBUTES THE MISS TO LOWERTHAN-ANTICIPATED GRADES AT ITS MEXICAN MINES: EL CASTILLO AND LA COLORADA. mining higher-grade areas at both operations. Quarterly gold-equivalent production dropped 38% to 15,358 oz. at El Castillo, and fell 7% to 13,819 oz. at La Colorada, despite the mining of higher gold grades than the same period last year. Desjardins analyst Michael Parkin says the higher gold grade at El Castillo came from more highgrade sulphide and transitional ore. These ores have a lower recovery rate compared to oxide ore, which contributed to the weak quarterly output. (The mine reported a gold grade of 0.41 gram per tonne, up from last year’s 0.31 gram.) To boost throughput at El Castillo, Argonaut has relocated an idle crusher from La Colorada to El Castillo, with commissioning expected in August, Mackie Research analyst Ryan Hanley writes. This should increase El Castillo’s crushing capacity to 6,000 tonnes per day from 5,000 tonnes per day. Argonaut says the higher crushing capacity, coupled with mining higher grades, should set El Castillo up for a stronger second half this year. But Hanley is skeptical, based on the operation’s prior performance. He notes that given the company ended June with US$54.1 million in cash, it should have enough f unds to cover Sa n Ag ustin’s US$42.6-million start-up costs. In the third quarter Argonaut expects to receive a permitting decision for the project, which sits 10 km from the El Castillo mine. After a soft second quarter, Argonaut has tightened its 2016 goldequivalent production to 130,000 to 135,000 oz., from 130,000 to 140,000 oz. previously. Hanley has downgraded his “hold” rating on the stock to “sell,” with a $3 target. He says that since the stock’s recent price run-up, it has traded above its peer group average on a price to net asset value basis. He points out that El Castillo has a short mine life, and most cash the company has will help build San Agustin. BMO analyst Brian Quast writes that “given the strong run-up and therefore shrinking return to our target price, we are downgrading AR to ‘market perform’ from ‘outperform,’ and keeping our $4.75 target price.” Desjardins’ Parkin has trimmed his $4.40 target to $4 per share, reiterating a “hold-speculative” rating. The stock closed July 18 at $3.63, up 198%, or $2.41, year-to-date. Argonaut will release its secondquarter financials on Aug. 11. TNM

2016-07-26 7:54 PM


GLOBAL MINING NEWS

THE NORTHERN MINER / AUGUST 1–7, 2016

15

www.northernminerjobs.com

Ontario Ministry of Northern Development & Mines Aggregate/ Industrial Mineral Specialist Ontario, Canada

Engineer – Projects & Planning Dubreuilville, Ontario, Canada

Chief Mine Engineer Timmins, ON. Canada Working with a core team you will be responsible for life-of-mine planning,

Reporting to the Superintendent – Projects & Planning, the Engineer –

The Ministry of Northern Development and Mines is seeking a talented

engineering quality controls, and integrity of the plans and planning

Projects & Planning role will be responsible for planning, coordinating

professional with sand, gravel and bedrock aggregates expertise to

process. The role includes the short term mine planning process, production

and monitoring site engineering activities; lead the design and develop-

become part of its Earth Resources and Geoscience Mapping team.

forecast evaluations, annual budgeting and production performance

ment of engineering projects, ensuring completion on time and within

Bring your technical expertise in geology to the Ontario Geological

measurement; focused on ounces produced not tons, cost savings rather

budget. They also review production plans to ensure targets are met and

Survey, Earth Resources and Geoscience Mapping Section, where you

than cost management, ore quality preservation initiatives, resource

goals achieved, developing alternate plans when required.

will play a key role in the section’s aggregate/industrial mineral mapping

optimization influence, equipment utilization and manpower distribution

program.

optimization, capital expenditure validation and reconciliation.

Metallurgist Dubreuilville, Ontario, Canada

Maintenance Planner Dubreuilville, Ontario, Canada

Senior Mine Engineer Dubreuilville, Ontario, Canada Reporting to the Chief Engineer, the Senior Mine Engineer, will be

Reporting to the Mechanical Superintendent the Maintenance Planner

Reporting to the Mill Superintendent, the Metallurgist will be accountable

responsible for overseeing activities related to supporting the operations

provides leadership and is responsible to develop, implement and main-

for providing metallurgical expertise and technical support to ensure

and to ensure service and/or operating standards are met. The Senior

tain reliability based maintenance strategies based on preventive and

efficient and optimum plant performance to meet production objectives

Mine Engineer will also design and develop processes, practices and

predictive maintenance to ensure maximum availability and production.

of the Island Gold Mine.

methodologies, and planning in mine engineering.

Technologist II, Metallurgy Saskatoon, Saskatchewan, Canada

Lab Manager Langley, BC. Canada

Community Relations Liaison Saskatoon, Saskatchewan, Canada Cameco Corporation and AREVA Resources Canada Inc., as part of its Athabasca Community Relations program, are seeking a full-time Community

The lab manager’s job will be to schedule the staffs’ time to ensure

Reporting to the metallurgists, you will be responsible for the operation and

Liaison to work out of the community of Fond du Lac Denesuline First Nation.

efficient use of lab equipment. You will train lab technicians and assistants

maintenance of an ICP-MS radium analyser, as well as other field and

This position is one of three Community Liaison positions for Black Lake

on the correct use of lab equipment, as well as ensuring that employees

laboratory testing and equipment. Experience in analytical technique is a

Denesuline First Nation, Fond du Lac Denesuline First Nation, Hatchet Lake

follow industry standards and safety regulations for handling and

must. You will conduct test work and report findings in an accurate and

Denesuline First Nation, Wollaston, Stony Rapids, Camsell Portage and

disposing of test samples.

consistent manner.

Uranium City. This position’s primary responsibility will be to the Fond du Lac Denesuline First Nation, Camsell Portage and Uranium City.

Job Hunting? Get found by the best employers. Upload your resume to northernminerjobs.com

today.

Assay Laboratory Manager Calgary Area

The successful candidate will have a firm grasp of the managerial skills required to run an assay laboratory. This includes wet chemistry, fire assay, ICP and AA spectrometry, and an all-round knowledge of lab operations. You are highly motivated and have a practical knowledge of Good Laboratory Practices (GLPs). Previous managerial experience will be considered an asset. Other terms of employment may be discussed during the interview process.

Please send your resume to loringlabltd@gmail.com. Loring Labs is an Equal Opportunity Employer.

Recruit smarter with mining jobs One listing is all you need

+4

Print Edition. Circulated to TNM 20K+ readership

industry Job Boards

Available Tenure-Track Faculty Position In economic geology at the rank of Assistant or Associate Professor Department of Earth Sciences, Carleton University, Ottawa • Candidates must have demonstrated expertise, experience and research interests in the field of economic or resource geology and resource evaluation. • Preference will be given to candidates with expertise in Resource Evaluation and business management related to economic geology. • Candidates must have a Ph.D. in Earth Sciences, have demonstrated excellence in teaching, possess a strong commitment to research and scholarship, as reflected in peer-reviewed publications, have strong connections with industry, and be engaged in a research area that has a strong field component. • Applications should include curriculum vitae, a cover letter, and a teaching dossier including teaching experience, a statement outlining current and future research interests, and the names and addresses {including e-mail addresses) of three referees. • Please send application by email in one single PDF document to the attention of: Chair, Department of Earth Sciences, Carleton University, 1125 Colonel By Drive, Ottawa, Ontario, K1S 5B6 c/o Mrs. Sheila Thayer (SheilaThayer@Cunet.carleton.ca). • The deadline for applications is September 30, 2016. Further information on the Department, undergraduate and graduate programs, the Ottawa-Geoscience Centre (OCGC), available research facilities within the OCGC can be obtained at www.earthsci.carleton.ca and www.iggrc.carleton.ca.

CANADIAN Mining Journal Email sales@mining-jobs.net or call 416-510-6772 and s ta r t r e c r u i t i n g s m a r t e r t o d ay

For full description see: northernminerjobs.com/jobs/Carleton or earthsci.carleton.ca/node/902

For full job details visit www.northernminerjobs.com and enter the Job Name in the search field

15-Aug1_NEW-MiningJobs.indd 15

16-07-26 5:26 PM


16

WWW.NORTHERNMINER.COM

AUGUST 1–7, 2016 / THE NORTHERN MINER

Klondike Gold’s quest for the motherlode in the Yukon EXPLORATION  

| Klondike hits 5.1 grams gold per tonne over 14.3 metres outside Dawson City, Yukon

BY LESLEY STOKES

K

lstokes@northernminer.com DAWSON CITY, YUKON

londike Gold’s (TSXV: KG) president and CEO Peter Tallman reckons his company may have found the motherlode just 20 km south of the prolific Klondike goldfields, outside Yukon’s historic Dawson City, where past production yielded over 20 million oz. of placer gold. The company has been drilling at its 138 sq. km Lone Star property since May, where a recent hole into the Nugget zone returned 5.1 grams gold per tonne over 14.3 metres in quartz veins hosted within mafic schists — the same rocks that flank the once bustling, placer mining town. The Northern Miner caught up with Tallman at the company’s core shack outside Dawson to look at the rocks and discuss why he’s convinced he knows where the gold is. “In 2014, I was looking at the regional geophysical map from the Yukon Geological Survey, and there’s an obvious fault system that cuts the Klondike schist within the goldfields,” he says. “There are a whole series of horsetail fractures that extend into Eldorado creek, the richest portion of the goldfields, and I thought, ‘well, that has to be the source of the Klondike, that’s what brought the gold.’” Tallman laid the data alongside placer claims and found a pattern between mining and where the prospective faults crosscut the valleys. “There are so many instances where these faults cut a creek, and downstream there are productive placer claims, whereas upstream there’s nothing … that’s a demonstrable source of Klondike gold right there,” he says. “And those structures intercept our entire property, so the question we have right now is: Where can we go in the geology to find something of economic size?”

Peter Tallman, president and CEO of Klondike Gold, at the company’s core shack outside Dawson City, Yukon. 

“Giustra asked me to look at the property and more or less give him an indication of what kind of potential was still there,” he says. “My answer to him was that there’s huge potential. The Yukon was the flavour of the day when Underworld Resources discovered the Golden Saddle deposit and Kinross Gold took over … the project has been orphaned in the middle of nowhere, but if it had been found on the outskirts of Dawson, on a road with power, it would’ve already been mined.” Golden Saddle has an inferred resource of 9.8 million tonnes of 2.67 grams gold for 840,000 oz. gold. In his first year, Tallman settled the company’s debts, disposed of its non-core assets, consolidated 100% ownership of key claims and rolled back the stock. Under the new management, Klondike conducted its first pass on drilling at Nugget last year, targeting surface mineralization in chip samples, which returned up to 8 grams gold over 4.3 metres,

“IF GOLDEN SADDLE HAD BEEN FOUND ON THE OUTSKIRTS OF DAWSON, ON A ROAD WITH POWER, IT WOULD’VE ALREADY BEEN MINED.” PETER TALLMAN PRESIDENT AND CEO, KLONDIKE GOLD

Tallman says Klondike is the first company to fully assess the Nugget zone target, where mineralization occurs within two zones of parallel, east-trending quartz veins that average 5 metres wide. Bulldozer trenching in the early 1990s and in 2005 uncovered the veins, but follow-up drilling in three holes in 2007 by Klondike, under former management, missed the target because they were drilled parallel to mineralization. “They were basically drilling down the snout of these quartz vein systems, so they never found any continuity to the mineralization, nor could they figure out the geology,” he says. “If this was Timmins, and there’s an outcrop with visible gold, there would have been 20 drill holes plugged into it at least, and there’s hardly any work done here.” Tallman stepped in as the company’s president and CEO in 2014, handpicked by Vancouver-based financier Frank Giustra, who has a 20% stake in the company.

1 2 3 4 5 11 13 14 16_Aug1_Main .indd 16

and 13 other samples that ranged between 5 and 30.5 grams gold. The 400-metre, six-hole program intercepted two east-trending veins over a 100-metre strike length, which returned true thickness intervals of 7.7 metres of 4.6 grams gold, 6.1 metres of 5.3 grams gold and 3 metres of 5.7 grams gold. The current program is working to extend the mineralization and test targets at depth and along strike, by drilling 11 holes totalling 1,000 metres. The latest drill results have doubled the mineralization strike to 200 metres, and Tallman says mineralization appears to gain strength to the east. “The veins are separated by 10 metres of intervening material, but the easternmost holes show that the two zones have coalesced, and the entire interval is mineralized,” he says. “It’s not about individual veins, but it’s the volume of veins that makes it. So what we’re looking for are cases where lots of veins were generated and what kind of

geological controls they have, so we can fine-tune our targeting criteria in future programs.” The veins occur in the hanging wall of a fault plugged with young mafic dykes, which Tallman predicts may link up with a larger structure 200 metres east that falls in line with nearby productive placer creeks. He notes there are two placer gold sources in the Klondike, and refers to the goldfields as “the largest, unexplained geochemical gold anomaly on the planet.” The first source resulted from an event that occurred 3.5 million years ago, when a glacial lobe — which had blocked off the Yukon River farther south and created a “bathtub” of water over the Klondike — catastrophically broke. “The Yukon River was flowing into B.C., but the dam created by the glacier undercut the river, so when it broke it was like pulling the plug on a bathtub, and it all turned around and flushed out to Alaska,” he says. “The water eroded away the soft mica in the schists and left behind the heavier material like the gold and quartz, which are the white channel gravels mined all around the Klondike.” Since then, he says, the neighbouring creeks have cut away the bedrock and redeposited the gold farther downstream, making the second source of placer gold in the region. “The white channel gravel came locally from the schists, it’s basically a big bulk sample of the whole area,” he says. “But the gold in individual creeks, particularly up Eldorado, directly comes from bedrock sources, and those we can trace.” Tallman adds that studies out of the University of British Columbia suggest the white channel gravels represent an erosional surface up to 500 metres thick. He says the figure may be more like 200 metres, but this impact means less in the bigger picture. “If there’s an orogenic vein system — which we know can extend to 7 km and more in the vertical — then we know there’s an immense amount of gold still trapped in the rocks somewhere. All I want to do is find at least a million ounces herded up in the corner somewhere, and the odds of that here are really good.” Klondike has traded within a 52week range of 8¢ to 42¢ per share, and closed at 32¢ per share at press time. The company has 46 million shares outstanding for a $14.7-million market capitalization. TNM

PHOTO BY LESLEY STOKES

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The Northern Miner August 1 2016 Issue