The Northern Miner Jan 22 2018 Issue

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Gold, copper, nickel, platinum & zinc prospects keep explorers busy / 9–16

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Aurania sees shares jump, identifies target in Ecuador GOLD EXPLORATION

| Stock hits 52-week high after endorsement from investor report

BY TRISH SAYWELL tsaywell@northernminer.com

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hares of Aurania Resources (TSXV: ARU) skyrocketed in the first week of January after a senior analyst at The Casey Report recommended to his subscribers that they buy the junior for up to $15 per share. The stock, which opened on Jan. 4 at $3.20 per share, soared to a 52-week high of $7.57, before closing at $5 — a 61.2% increase. “He put a target price on the stock and said it was something worth watching and literally within minutes the stock took off,” Richard Spencer, Aurania’s president, tells The Northern Miner. “It was quite scary for a while and we sent the report to IROC as soon as we got it.” The Casey analyst and editor, E.B. Tucker, said he met Aurania’s CEO, Keith Barron, about a month ago in London, when the company’s shares were trading at $2.45. “With less than 23 million shares outstanding, if Aurania hits the mother lode in Ecuador, its shares will explode,” Tucker said, adding that Barron has “found a billiondollar mine before in the same region.” “He thinks he can do it again,” Tucker mused. “For that reason, he’s not letting go of shares unnecessarily.” Barron — who cofounded Aurelian Resources in 2001, and along with Stephen Leary and Patrick Anderson discovered the multimillion ounce Fruta del Norte gold deposit in Ecuador in 2006 — sold the project two years later to Kinross Gold (TSX: K; NYSE: KGC) for $1.2 billion. The exploration geologist has now staked 2,000 sq. km, or 1.5% of Ecuador’s total landmass, in the Cordillera de Cutucu, 90 km north

First Majestic bids for Primero in friendly deal M&A

| Proposal includes stream agreement with Wheaton Precious Metals BY TRISH SAYWELL

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tsaywell@northernminer.com

irst Majestic Silver’s (TSX: FR; NYSE: AG) proposed acquisition of Primero Mining (TSX: P) and its San Dimas silver-gold mine would bring the number of its operating silver mines in Mexico to seven. Keith Neumeyer, First Majestic’s president and CEO, said the friendly, all-share deal would take the company’s annual production to 30 million equivalent oz. silver a year, up from the 16.2-million equivalent oz. silver it produced in 2016. “It’s a pretty big chunky asset,” Neumeyer told analysts and investors on a conference call. “This is very much a world-class asset and Durango is our backyard.” See FIRST MAJESTIC / 8

Jean-Paul Pallier (left), Aurania Resources’ vice-president of exploration, and Richard Spencer, president, discussing stream sediment sampling techniques at the Lost Cities-Cutucu gold project in Ecuador.   AURANIA RESOURCES

PM40069240

“ECUADOR IMPLEMENTED A SUPERTAX THE WAY AUSTRALIA TRIED TO DO THAT KILLED THE MINING INDUSTRY, [BUT] THEY’VE BASICALLY DEFANGED THAT SUPER TAX OVER THE LAST COUPLE OF YEARS, AND WE’RE HEARING THAT THE SUPER TAX IS GOING TO BE REVOKED COMPLETELY.” RICHARD SPENCER PRESIDENT, AURANIA RESOURCES

of Fruta del Norte, now owned by Lundin Gold (TSX: LUG; US-OTC: FTMNF), which sits in the adjacent Cordillera del Condor. Barron is hunting for two famous gold-mining areas, or “Lost

Cities” that Spanish documents and maps from the 16th and 17th centuries refer to as Sevilla del Oro and Logrono de los Caballeros. Logrono was considered the richest gold mine in the Spanish Empire

and Barron’s 12 years of research has taken him to libraries in Quito, Lima, Madrid, New York, London and the Vatican in Rome. See AURANIA / 2

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ASTON BAY: EXPLORES FOR COPPER AND ZINC IN NUNAVUT / 7

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JANUARY 22–FEBRUARY 4, 2018 / THE NORTHERN MINER

A stream sediment sampling crew planning its next move when confronted with a waterfall at Aurania Resources’ Lost Cities-Cutucu gold property area.   AURANIA RESOURCES’

Aurania sees shares jump, identifies target AURANIA From 1

“The Aurania story is a little bit different from many other exploration stories in that it has a historical basis,” Spencer told analysts and investors attending a Red Cloud investment forum in Toronto in late October 2017. “Keith was based in Ecuador in 2003 and started to hear about the so-called seven lost cities from the Spanish colonial days, and he started doing some research into this because they had found some month-end reports produced by the Spanish in the late 1560s that talked about the amount of gold that had been produced from two areas — Logrono and Sevilla. Not only were there actual month-end reports about the amount of gold that had been produced over a 40year period or so, but there were historic descriptions of how to get to these places … and some of the documentation, apart from these descriptions, were old historic maps.” Spencer pointed out that a map from 1584 shows two landmarks that still exist today — Quito (now Ecuador’s capital) and Camora (now spelled Zamora) — which Aurania can use as two fixed points to put everything else into context. The ancient map also shows a river called El Pongo, one of the only rivers in

southeastern Ecuador that flows north to south. “The location for Sevilla and Logrono are on the east side of the river and the other crucial thing about this map is that the last chain of mountains is the Cutuco ridge, which is in the middle of our project area, and it’s the last mountain chain before you get into the Amazonian flatlands that go on for a couple of thousands of kilometres,” Spencer said. “So although this map is certainly not accurate, in some contexts it’s absolutely accurate, and critically important.” Spencer commented that while Aurania’s concession area was defined on the basis of the historic data from the mid-1500s, the company says that it is also the geological extension of the Cordillera del Condor to the south, where Barron and his team found Fruta del Norte. Cordillera del Condor is a mineral belt that isn’t that well known, although it contains resources of 27 million oz. gold and 30 billion lb. copper, Spencer said. “It is a phenomenal mineral belt and we have the geological extension to that in an area that hasn’t undergone recent exploration.” Spencer also pointed out that Fruta del Norte was a blind discovery, where the gold mineralization started at a depth of 125 to 150

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metres. This discovery, along with a chain of copper porphyry deposits encompassing San Carlos, Mirador and Panantza, were made through fieldwork and stream-sediment sampling, without using geophysical data. “With hindsight we can see that the Fruta del Norte deposit formed in a pull-apart basin, which is basically a basin where the crust has cracked open adjacent to a couple of faults, and, in the case of Fruta del Norte, hot fluids came up that plumbing system that was provided by the faults, and it was gold-bearing, and the gold just precipitated to form the epithermal deposit. So building on our knowledge of FDN, it’s absolutely fundamentally important for us to be able to find these pullapart basins.” So far Aurania has identified five of the basins on its property. “The basins are showing the same scale as the Fruta del Norte one, we’ve seen the same geological patterns, we’ve seen the same sort of cracking, and if there are gold-bearing fluids in this area we stand a reasonable chance of finding epithermal deposits, hopefully similar to FDN within those structural domains,” Spencer said. Aurania completed an airborne geophysical survey of its 2,080 sq. km project area in November and is analyzing the results. The first

target defined from the geophysics program — Awacha — was announced last month on Dec. 6. This month, the company reported that stream-sediment results and rock textures found in initial field exploration, several tens of kilometres away from the Awacha target, have led them to the project’s first epithermal target. In a press release on Jan. 11, Barron noted that he is calling the target Latorre, in memory of professor Octavio Latorre, a friend and mentor, who “played a critical role in the historical research, which ultimately led to the staking of the exploration concessions that constitute the project area.” Stream sediment geochemistry in the Latorre target has found two areas — both 3 sq. km. in size and located 3 km apart — of high concentrations of pathfinder elements. The company stated that the concentrations of arsenic, antimony and silver in stream-sediment data from the Latorre West area are similar to those that defined the Fruta del Norte target before exploration drilling intersected the gold-silver deposit. The company has seven crews on the ground to prepare targets for initial exploration drilling in the second half of 2018. Spencer, who has worked in Ec-

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uador since the mid-1990s, calls the country a “hotspot of exploration activity,” and says the government is doing its part to rectify past mistakes. “Ecuador implemented a supertax the way Australia tried to do that killed the mining industry, [but] they’ve basically defanged that supertax over the last couple of years, and we’re hearing that the supertax is going to be revoked completely in the relatively short-term,” he noted. The government also recognizes that given the country’s dwindling oil and gas reserves, those commodities can’t continue to be the major driver of its economy, he said. Fruta del Norte alone, Spencer estimates, will produce a couple percent of the country’s gross domestic product, and the government has spent US$140 million on infrastructure development in the province where the project is located. “There are a couple of hydroelectric systems that have gone in, the roads have been paved — they’re absolutely world-class — there are schools, and colleges and hospitals have been upgraded,” he said. “The government is very much on the front foot in saying to us, ‘Look, we’ve put our faith in you. We’ve spent the money before we’ve even gotten one cent out of you guys in terms of royalties.” Meanwhile at Aurania’s Lost Cities project, the infrastructure is also coming along. There’s a 1.5-gigawatt hydroelectric dam being built on the southern boundary of the property, Spencer said, “so there’s going to be clean power galore there for future development.” Aurania has 31 million shares, fully diluted, and Barron owns over half of them. Altogether, insiders own 62% of the company, but that will likely be diluted as funds are raised for exploration. At press time the company’s common shares were trading at $4.49 for a $123-million market capitalization. The company has $700,000 in cash. TNM

2018-01-16 9:56 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JANUARY 22–FEBRUARY 4, 2018

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Eastmain advances in James Bay QUEBEC   BY TRISH SAYWELL

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tsaywell@northernminer.com

oldcorp (TSX: G; NYSE: GG) put the underexplored James Bay gold district of northern Quebec on the map as a highly prospective new gold camp in 2014, when it poured the first gold from its Éléonore gold mine. Last year the mine, 800 km north of Montreal, produced 274,000 oz. gold. This year it could produce 315,000 oz. gold. But a number of juniors are active in the area, too, some of them in a joint venture with Goldcorp on a property called Éléonore South, 5 km south of the Éléonore mine and next to the southeastern border of the gold major’s Éléonore property. Eastmain Resources (TSX: ER; US-OTC: EANRF) and Azimut Exploration (TSXV: AZM) own 36.7% and 26.6% of the joint-venture project, with Goldcorp owning the other 36.7%. In December, the partners released results from a 4,400-metre drill program that Claude Lemasson, Eastmain’s president and CEO, describes as “very encouraging.” The drilling targeted an area of known as the prospective corridor, which in some places is as wide as 1 km and a couple of kilometres long, and runs from northeast to southwest on an angle. Highlights of the 18-hole drill program, which ran from August to October, include: 6.13 grams gold per tonne over 9 metres; 5.93

| Expects to complete PEA of flagship Eau Claire gold deposit in H1 2018 “WE THINK EASTMAIN RESOURCES HAS BECOME A TAKEOVER CANDIDATE FOR GOLDCORP, AND IS DEEP VALUE.” BARRY ALLAN MINING ANALYST, LAURENTIAN BANK SECURITIES

grams gold over 1.5 metres; 22.4 grams gold over 1.2 metres; 3.15 grams gold over 24 metres; 4.45 grams gold over 4.5 metres; 1.72 grams gold over 35.5 metres; and 0.45 gram gold over 87 metres. “We’re in a pretty massive gold system with some important high-grade concentration in certain areas, plus disseminated gold all over the place,” Lemasson says in an interview. The CEO notes that the Éléonore South project is associated with a tonalite-hosted intrusion while Goldcorp’s Éléonore mine is sedimenthosted, although there is tonalite in and around the Éléonore mine. “They are two different types of deposits, but geologically the events could have happened at roughly the same time in two different host rocks,” he says. This year the partners plan to drill 3,600 metres at Éléonore South and test new high-grade targets along

The camp at Eastmain Resources’ Clearwater gold property in Quebec, which hosts the Eau Claire deposit.   EASTMAIN RESOURCES

the Moni trend, which runs along the northern boundary of the prospective corridor and is 300 to 400 metres wide. Previous drill results from Moni include a 2.5-metre intercept of 8.88 grams gold and a 37.5-metre intercept that returned 0.51 gram gold. Channel samples from Moni include 79.6 grams gold over 4.3 metres; 79.5 grams gold over 5.9 metres; and 51.4 grams gold over 5.3 metres. Next year will be big for Eastmain

in other parts of the central James Bay district, too, Lemasson notes. At its wholly owned Eau Claire deposit, 50 km from Goldcorp’s Éléonore mine, a 15,000-metre drill program will extend and expand the limits of the deposit and target a vertical depth of 400 metres to 850 metres in the southeastern section of the deposit. Eau Claire is open at depth towards the northeast and takes up just 1 sq. km of Eastmain’s 50 sq. km land package.

The company expects to complete a preliminary economic assessment of Eau Claire in the first half of 2018. The deposit contains 4.2 million tonnes grading 6.16 grams gold per tonne for 826,000 oz. gold in the measured and indicated category and another 2.2 million inferred tonnes averaging 6.49 grams gold per tonne for 465,000 ounces. Meanwhile at its Eastmain mine See EASTMAIN / 23

JOINT VENTURE ARTICLE

North Arrow on the Hunt for Diamonds in Nunavut & NWT North Arrow Minerals Inc. (TSXV: NAR) is pushing toward a preliminary economic assessment at its 100% owned Naujaat diamond project in the Melville Peninsula, Nunavut, while carefully balancing five other diamond projects across Canada. The Naujaat project hosts the Q1-4 kimberlite which contains 48.8 million tonnes measuring 53.6 carats per hundred tonnes for 26.1 million carats. The kimberlite is just 7 km from tidewater and 9 km from town, with ice-free shipping more than three months of the year—and at 125,000 sq. metres, Q1-4 is the largest diamondiferous kimberlite pipe in the eastern Canadian Arctic. “We’re in a space where there aren’t that many active juniors,” says North Arrow CEO Ken Armstrong. “We’ve been a diamond focused explorer for the last five years and we’ve been pretty successful. Over that period, five kimberlite fields have been found in Canada and we’ve found two of them and we are the only junior company to make discoveries.” Formerly called Qilalugaq, the Naujaat project lies on land belonging to the nearby community of the same name. North Arrow rents houses in that town and works out of it. “Actually being able to work through the community is a big advantage,” says Armstrong. “Our local employees are able to live at home and work on the project. They eat dinner with their family at night and sleep in their own bed.” North Arrow picked up an option on the property back in 2013 from Stornoway Diamond Corporation

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Summer 2017 delineation drilling program at the Q1-4 Kimberlite at the Naujaat Diamond Project on the Melville Peninsula, NU. Drilling will re-commence in April, one of at least four diamond projects to be drilled by North Arrow in 2018. Credit: North Arrow Minerals Inc. (TSX: SWY). The following year Nor th Arrow collected a 1,350 tonne bulk sample. Although it found diamonds, it was initially disappointed as they didn’t appear to have enough value. But North Arrow continued to examine the kimberlite, in particular the yellow diamonds that account for 21% of the diamond parcel. It took some and had them polished and the resultant gems were later certified at the Gemological Institute of America in New York as fancy vivid orangey-yellow diamonds. North Arrow separately confirmed these diamonds as containing some type 1b diamonds which represent 0.1% of natural diamonds globally. North Arrow then looked at how the orangey-yellow were a unique population, separate from the nonyellow diamonds. It mapped out a

three year program last year that started with some more drilling, intent on finding out how far the body continued. As the company moves forward with the current 4,500 metre drill program, of which it’s completed 3,500 metres, it wants to confirm that the right tonnage is there. “Because we think that if it is, that’s when we get to the sweet spot in terms of deposit size,” says Armstrong. North Arrow hopes to recover between 60 and 80 carats from its latest 234 wet tonne bulk sample to help map where and how it collects a bigger sample in 2018. It expects results by the end of January. Nauj aat isn’t the only project North Arrow has on the Melville Peninsula. The Mel diamond project

lies 210 km northeast of Naujaat and within 18 km of the Arctic Ocean. Over five years North Arrow collected samples looking for glacial till indicators. This work defined several trains that cut off sharply, so the company went back in the summer of 2017 with a dedicated prospecting program. “And it was successful,” Armstrong says. “We found kimberlite.” North Arrow collected a 62 kilogram sample that tested positive for 23 microdiamonds across several sizes, including one that “sits on a .85 mm screen.” Armstrong points out that North Arrow can’t make any conclusions given the small sample size, but does know the body bears significant diamonds. “Without having even drilled

the project, for less than a million dollars, we found a new kimberlite field that has diamonds in it—and that’s pretty unusual for up there,” Armstrong says. “Through this sort of incremental exploration we’ve been able to very cost effectively make this discovery, and now it’s time to take the next step.” As with Naujaat, the next step is more drilling. North Arrow intends to go back in June. The Mel project is already permitted, with more than half a dozen targets waiting to be tested. In addition to drilling at Mel and Naujaat, North Arrow has planned drill programs starting early this spring on the Loki and LDG projects, located in the Lac de Gras region of the Northwest Territories, south of the Diavik and Ekati diamond mines. LDG is a joint venture with Dominion Diamond Mines which has ownership interests in both Diavik and Ekati and was purchased in November 2017 by the Washington Companies. “We have six diamond projects in our portfolio,” says Armstrong. “All six have targets and are permitted and ready for drilling. We have plans for drilling at least four of them this year.” “Nor th Arrow has been successful making discoveries, and now the sta ge is set for more discoveries in 2018.” — The preceding Joint Venture Article is promoted content sponsored by North Arrow Minerals Inc. and written in conjunction with The Northern Miner. Visit www.northarrowminerals.com to learn more.

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GROUP PUBLISHER/ PUBLISHER: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com EDITOR-IN-CHIEF: John Cumming, MSC (GEOL) jcumming@northernminer.com SENIOR STAFF WRITER: Trish Saywell, BA, MA, MSC (JOUR) tsaywell@northernminer.com WESTERN EDITOR: Matthew Keevil, BA (ECON AND POLI SCI) mkeevil@northernminer.com STAFF WRITERS: Lesley Stokes, BSC (GEOL) lstokes@northernminer.com Richard Quarisa, BA, MA (Jour & Comm) rquarisa@northernminer.com COPY EDITOR: Isa Cunanan, BSC (Health Sci. and Prof. Writing Comm.) icunanan@northernminer.com PRODUCTION EDITOR: David Perri, BA dperri@northernminer.com ONLINE EDITOR: Adrian Pocobelli, MA (ENGL) apocobelli@northernminer.com EDITOR, DIAMONDS IN CANADA: Alisha Hiyate, BA (POLI SCI, HIST) ahiyate@northernminer.com ADVERTISING: Joe Crofts (416) 510-6816 jcrofts@northernminer.com Michael Winter (416) 510-6772 mwinter@northernminer.com SUBSCRIPTION SALES/ APPOINTMENT NOTICES/ CAREER ADS George Agelopoulos (416) 510-5104 (Toll free) 1-888-502-3456, ext. 43702 gagelopoulos@northernminer.com PRODUCTION MANAGER: Jessica Jubb (416) 510-5213 jjubb@glacierbizinfo.com CIRCULATION/CUSTOMER SERVICE: Laura Arnold (416) 510-5135 (Toll free) 1-888-502-3456 northernminer2@northernminer.com REPUBLISHING: (416) 510-6768 moliveira@northernminer.com ADDRESSES: Toronto Head Office: 38 Lesmill Road, Unit 2 Toronto, ON, M3B 2T5 (416) 510-6789 tnm@northernminer.com Western Bureau: 303 West 5th Avenue Vancouver, BC, V5Y 1J6 (604) 688-9908 SUBSCRIPTION RATES: Canada: C$120.00 one year; 5% G.S.T. to CDN orders. 7% P.S.T. to BC orders 13% H.S.T. to ON, NF orders 14% H.S.T. to PEI orders 15% H.S.T. to NB, NS orders U.S.A.: US$120.00 one year Foreign: US$157.00 one year GST Registration # 809744071RT001 (ISSN 0029-3164) CANADA POST: Return undeliverable Canadian addresses to Circulation Dept. c/o The Northern Miner 38 Lesmill Road, Unit 2 Toronto, ON M3B 2T5 Publication Mail Agreement #40069240 Periodicals Postage Rates paid at Niagara Falls, NY, 14304. U.S. office of publication 2424 Niagara Falls Blvd, Niagara Falls, N.Y. 14304. U.S. POSTMASTER: send address corrections to: Northern Miner Box 1118 Niagara Falls, N.Y. 14304.-7118 THE NORTHERN MINER is published biweekly 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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US gov’t slaps sanctions on Israeli mogul Gertler DRC

| Miner caught up in new US Magnitsky Act

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n Dec. 20, U.S. President Donald Trump signed an executive order under the year-old Global Magnitsky Human Rights Accountability Act and related acts to block the property of 13 “malign actors,” plus 39 affiliated individuals and entities accused of “serious human rights abuse or corruption.” One miner is on the list: Israeli diamond BY JOHN CUMMING and copper mogul Dan Gertler, 44, who has jcumming@northernminer.com wheeled and dealed for years in the murky world at the cross section of business and politics in the Democratic Republic of the Congo (DRC). Trump stated in his order that “serious human rights abuse and corruption around the world constitute an unusual and extraordinary threat to the national security, foreign policy and economy of the U.S., and I hereby declare a national emergency to deal with that threat.” Treasury Secretary Steven Mnuchin said the U.S. is taking a “strong stand against human rights abuse and corruption globally by shutting these bad actors out of the U.S. financial system. Treasury is freezing their assets and publicly denouncing the egregious acts they’ve committed, sending a message that there is a steep price to pay for their misdeeds.” By being on this list, any of Gertler’s property and interests in property within U.S. jurisdiction would now be blocked, and U.S. persons are prohibited from engaging in transactions with him. The U.S Treasury Department made the following description of Gertler and his activities in the DRC: “Gertler is an international businessman and billionaire who has amassed his fortune through hundreds of millions of dollars’ worth of opaque and corrupt mining and oil deals in the DRC. Gertler has used his close friendship with DRC President Joseph Kabila to act as a middleman for mining asset sales in the DRC, requiring some multinational companies to go through Gertler to do business with the Congolese state. As a result, between 2010 and 2012 alone, the DRC reportedly lost over US$1.36 billion in revenues from the underpricing of mining assets that were sold to offshore companies linked to Gertler. The failure of the DRC to publish the full details of one of the sales prompted the International Monetary Fund to halt loans to the DRC totalling US$225 million. In 2013, Gertler sold to the DRC government for US$150 million the rights to an oil block that Gertler purchased from the government for just $500,000, a loss of US$149.5 million in potential revenue. Gertler has acted for or on behalf of Kabila, helping Kabila organize offshore leasing companies.” Gertler-linked businesses that are also sanctioned by this action are: Africada Airways, Kanilai Group International, Kanilai Worni Family Farms, Royal Africa Capital Holdings, Africada Financial Service & Bureau de Change, Africada Micro-Finance, Africada Insurance Co., Kora Media Corp., Atlantic Pelican Co., Palm Grove Africa Dev’t Corp., Patriot Insurance Brokers Co. and Royal Africa Securities Brokerage Co. An unnamed figure that seemed to match Gertler’s description popped up in settlement documents filed by U.S. authorities in September relating to a scandal involving New York hedge fund OchZiff, which alleged an “Israeli businessman” had paid bribes to Kabila to obtain special access to mining rights in the DRC. In March, London-listed mining and commodities giant Glencore largely parted ways with Gertler after an association dating to at least 2009 by paying Gertler US$543 million for his share of the jointly owned Mutanda and Katanga copper-cobalt mines in the DRC. Gertler had kept royalty payments from Kamoto Mine under the deal, but Glencore acknowledges that it must now halt these royalty payments under the new Magnitsky Act sanctions. Some analysts argue that cutting funds to Gertler will result in fewer dollars flowing to Joseph Kabila and further pressure the leader — who has been in power since the assassination of his father Laurent-Désiré Kabila in 2001 — to hold long overdue national elections in the DRC that were to have been held in December 2016, but never took place. Gertler’s dealing with the Kabilas began at the turn of the century, when Gertler is said to have obtained exclusive rights to trade in DRC diamonds in return for weapon deals with Laurent Kabila, who was consolidating power after overthrowing Mobutu Sese Seko in 1997. Gertler has denied making bribes in the DRC, and has suggested his efforts to bring natural resource investment to the DRC deserve a Nobel Peace Prize. TNM

PwC: Miners drive $5B year in Canadian IPOs FACTS ‘N’ FIGURES

| 2017 saw 20 new mining issues, bouncing back from 2016’s doldrums The following is an edited summary from PwC about its annual IPO survey. For more information, visit www.pwc.com.

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he 2017 market for initial public offerings (IPOs) in Canada raced across the finish line to post a $5.1-billion, five-year record for total proceeds raised from new equity issues, according to PwC’s annual survey. Driven by heavy activity in the mining sector, a strong final quarter of 2017 raised $1.7 billion in new equity from 13 new issues, helping to lift the full-year tally to $5.1 billion from 38 issues from Canadian companies or companies listing on Canadian exchanges. The fourth quarter tally includes the $728-million dual listing of Luxembourg-incorporated Nexa Resources on the TSX and the NYSE. The TSX welcomed seven new listings in the last quarter with a value of $1.5 billion. A total of 17 IPOs were completed on the TSX in 2017, delivering $4.7 billion to issuers, the PwC survey showed. Clementia Pharmaceuticals joined Nexa in sending an IPO to U.S. investors with its $150.2-million issue on NASDAQ. The activity in 2017 marks a rapid recovery of the Canadian

IPO market, as 2016 was the worst year for Canadian IPO activity in nearly 20 years, with just eight new issues worth $464 million. The mining sector had a large impact on the IPO rebound, with 20 issues making it to the TSX, CSE and Venture in 2017, including six in the fourth quarter. “It will be interesting to see if that activity percolates down to mid-tier and development companies, and what that portends for junior miners,” PwC national IPO leader Dean Braunsteiner said. Stabilizing commodity prices and the interest in copper, lithium and cobalt driven by the potential for electric vehicles will likely influence the 2018 IPO market, he said. Last year also saw the CSE emerge as an alternative to the TSX-Venture. “CSE certainly appears friendly to start-up enterprises,” Braunsteiner said. Nine IPOs on the CSE raised $9.5 million in 2017, while 10 issues raised $55.4 million on the Venture. It is harder to predict the impact of the U.S. tax changes on the Canadian IPO market, Braunsteiner said. Canadian companies with U.S. operations may have a perceived advantage when coming to market here.

DEPARTMENTS Editorial. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Metal Prices. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

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

COMPANY INDEX Arctic Star Exploration. . . . . 13 Arizona Silver Exploration. . 15 Artemis Resources. . . . . . . . . 15 Aston Bay Holdings. . . . . . . . . 7 Atac Resources. . . . . . . . . . . . . 9 Aurania Resources. . . . . . . . . . 1 Azimut Exploration. . . . . . . . . 3 Barkerville Gold Mines. . . . . . 9 Barrick Gold. . . . . . . . . . . . . . 14 Clean TeQ Holdings. . . . . . . 23 Colorado Resources . . . . . . . 11 Eastmain Resources. . . . . . . . . 3 Fireweed Zinc. . . . . . . . . . . . . 16 Garibaldi Resources . . . . . . . 15

Glencore . . . . . . . . . . . . . . . . . 23 Goldcorp. . . . . . . . . . . . . . . . . . 5 GT Gold . . . . . . . . . . . . . . . . . 15 Ivanhoe Mines. . . . . . . . . . . . . 7 Katanga Mining. . . . . . . . . . . 23 Kinross Gold. . . . . . . . . . . . . . 1,6 Klondex Mi. . . . . . . . . . . . . . . . 8 Lundin Gold. . . . . . . . . . . . . . . 1 Millrock Resources. . . . . . . . 11 Newmont Mining . . . . . . . . . 10 Nickel Creek Platinum. . . . . 11 Nighthawk Gold. . . . . . . . . . .13 Novo Resources. . . . . . . . . . . 15 Orca Gold. . . . . . . . . . . . . . . . . 6

Osisko Gold Royalties. . . . 10,12 Osisko Metals. . . . . . . . . . . . . 12 Osisko Mining. . . . . . . . . . 10,12 Pine Point Mining. . . . . . . . . 12 Pretium Resources. . . . . . . 10,11 Seabridge Gold. . . . . . . . . . . . 11 Selwyn Chihong Mining . . . 16 Stratabound Minerals. . . . . . 11 Teck Resources. . . . . . . . . . . . 16 Tudor Gold. . . . . . . . . . . . . . . 11 Victoria Gold. . . . . . . . . . . . . 13 Wheaton Precious Metals. . . . 8

Canadian IPOs by industry in 2017. PWC

2018-01-16 9:56 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JANUARY 22–FEBRUARY 4, 2018

5

Goldcorp’s Luis Canepari on automation, AI, innovation INTERVIEW

| VP says mining industry slow to adopt new technology

BY MATTHEW KEEVIL

T

mkeevil@northernminer.com VANCOUVER

he Northern Miner sat down with Luis Canepari, Goldcorp’s (TSX: G; NYSE: GG) vice-president of technology, to talk about his company’s approach to innovation and technology. Below is an abridged transcript of the discussion. The Northern Miner: The mining industry has a bit of a reputation as lagging in innovation and technology. Is that warranted? Luis Canepari: It’s a fair comment that mining is behind other businesses like manufacturing, aerospace or the financial sector. We’ve been slow in adopting new technologies. Perhaps that’s due to the fact that it takes a very long time to get a mine into production. It’s a long, capitalintensive process when you think of a mine-life cycle in terms of permitting through to reclamation. The nature of the business itself makes it a challenge to innovate quickly.

life cycle. We’ve been talking with many technology providers over what opportunities might apply to that process. It has never really been done before so we took a bit of money out of research and development. I said: “Look, we’re going to experiment and build a prototype together.” We want to see if we can develop something we can replicate across all of our mines. TNM: We hear about digitization in the mining industry and the use of artificial intelligence (AI). What are some of the benefits? LC: Our industry still has a lot of data that’s stored on paper. When we look at our historical operations, like Red Lake, for example, you have 80 years’ worth of data sitting in a vault somewhere that isn’t utilized. Nobody has access to this data on a day-to-day basis. So that becomes another challenge, and we have to make an investment

in that work. Our newer mines, like Éléonore and Cerro Negro, are less of a challenge in that regard. But you have potentially hundreds of millions of dollars in that paper data, and that’s a wealth of knowledge. I’m a big fan of AI and its ability to structure data. We’re looking at things like IBM’s Watson to sort that historical data faster without going in and manually doing the work. We’re investing heavily in making that technology available across our operations. We want that information sharing throughout the organization and that’s especially true in exploration. We want our geology teams worldwide looking at the same data to generate discovery targets faster. Note: Goldcorp is bringing back the #DisruptMining challenge to this year’s Prospectors and Developers Association of Canada conference in Toronto. The major is offering an investment

A teleremote machine operator working at Goldcorp’s Red Lake gold mine in Ontario.  GOLDCORP

of up to $1 million to the winner of a Shark Tank-style live event where participants will pitch innovative solutions to major

challenges across the mining industry. Last year, Cementation Canada and Kore Geosystems shared first place. TNM

TNM: But that may be changing. Do you see a rising awareness across the mining business for a need of technological disruption? LC: It has been within the past five years that mining companies broadly realized the value they were leaving on the table. We realized the value of data and that if we invest in technology we can improve our cost profiles and increase profits, while also making it safer for our employees. I believe executives realized these types of investments can lower mine footprints and increase productivity. And with every new technology there’s going to be a lot of hype at the beginning, but you’re going to have setbacks and failures. What I recommend to any mining company is that you can’t be afraid of it. You take these projects and consider them research and development. They are an attempt to make your company better. You have to fail fast and move on to the next idea. If you can embrace that mentality you will find innovation that works, and I believe that will yield a lot of value. The opportunities are out there and they will significantly disrupt mining. TNM: What are some of the hurdles you have encountered in implementing innovation at Goldcorp? LC: One of the biggest challenges for us has been user adoption. We generally have an aging workforce, so bringing in a new process or technology takes a lot of time and convincing. I find that having the right change management approach is really helpful. Our employees should want to adopt new technologies and make our operations more efficient. Another factor is looking at returns on investments, but all these projects have great returns. For example, if you look at what we’re doing with automation it’s improving performance. All that goes directly into the bottom line. I think shareholders will start realizing the value proposition of [innovation] very soon. TNM: What are some examples of innovation and technology programs at Goldcorp? LC: One project we’re working on is improving ore sorting at the face of the mine. So we’re trying to use augmented and virtual reality to give operators more information in the cockpit of our shovels to move material more accurately during the mine’s

1-16, 23_JAN22_Main .indd 5

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2018-01-18 1:48 PM

6

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JANUARY 22–FEBRUARY 4, 2018 / THE NORTHERN MINER

Orca drills Morondo in Côte d’Ivoire GOLD

| Company pushes forward with drill campaign in Sudan

RICHARD QUARISA rquarisa@northernminer.com

O

rca Gold (TSXV: ORG) has begun drilling its Morondo gold property in Côte d’Ivoire, as the company expands its exploration portfolio outside its flagship gold asset in Sudan. “We’ve been keen on the area for a long time,” Orca president Hugh Stuart says of Côte d’Ivoire. “We did some work when we were in Red Back and working in West Africa and said, ‘If we had to go somewhere else in West Africa, where would we look from a geological point of view?’” Red Back Mining drilled nearly 4,300 metres at Morondo before the company was acquired by Kinross Gold (TSX: K; NYSE: KGC) in 2010. Management from Red Back then left the company and later formed Orca. That team is now reacquiring the property from Kinross in a deal covering 1,826 sq. km of permits and applications that will raise Orca’s total Côte d’Ivoire land package to 2,890 square kilometres. In anticipation of closing the transaction, Orca undertook a 2,500-metre drill campaign at Morondo at the end of 2017. “It’s a program to see what we’ve got and then we’ll decide what the plan is once we’ve got the results back in January,” Stuart says. Orca executed a share-purchase agreement in early 2017 with two subsidiaries of Kinross to acquire the Morondo licence and the Korokaha North licence. As part of the deal it will also acquire five exploration licence applications: Korokaha South, which along with Korokaha North lies next to Randgold’s Tongon mine; Bassawa and Satama, which are on the southern extension of the Houndé belt; and Zuénoula Ouest and Zué-

Drill rigs and artisanal miners on the Block 14 gold property in Sudan.   PHOTO BY RICHARD QUARISA

noula Est, which are northwest of Perseus’ Yaouré project. Three other pre-existing applications bring Orca’s total Côte d’Ivoire land package to 10 permits. Upon closing the deal, Kinross will own an 8.6% interest in Orca. Morondo is the most advanced property in Côte d’Ivoire that Orca owns or is in the process of acquiring. The company has made a point of entering relatively unexplored areas because, as Stuart puts it, when you find an area that “hasn’t really been touched before, you increase your chances of finding something good quickly.” Mineralization at Morondo has a 600-metre strike length and a true width of up to 150 metres. Orca will use reverse-circulation drilling to explore at depths of up to 150 metres. The property lies at the junction of the Senoufo and Boundiali

“WE’VE BEEN KEEN ON THE AREA FOR A LONG TIME.” HUGH STUART PRESIDENT, ORCA GOLD

greenstone belts to Côte d’Ivoire’s southwest. One of the best intercepts so far from Morondo is 66 metres at 1.53 grams gold per tonne. Stuart says that it’s now a good time to get back into the country and look for more. “We were d r i l l i ng t here i n 2010 and the whole place was edgy — it felt a little bit dodgy. But now the place is completely different,” he says. “It’s great. There’s a very different feel to the whole country. “It’s a similar sort of stuff to Sudan. The geology’s really good and it

Drillers at Orca Gold’s Morondo gold project in Côte d’Ivoire.   ORCA GOLD

hasn’t been explored seriously in the last 20 years for political reasons.” Sudan’s political situation improved more than two months ago when long-standing U.S. economic sanctions against the country were lifted by President Donald Trump. Looking back, Stuart says he has

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

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To order by phone, call toll-free: 1-888-502-3456 ext. 43702 For more information and to order online visit: www.northernminer.com/jk

seen an uptick in interest in Sudan from the mining community. “I’ve seen drilling companies and I’ve seen other exploration guys,” he says. “People’s sentiment towards Sudan has relaxed. I think some people are a little bit cagey about it, but from a political and investment point of view it’s been positive.” Back at Orca’s Block 14 in Sudan, the company has announced more positive drill results at its Galat Sufar South (GSS) resource. So far, 34 diamond drill holes totalling 12,450 metres and 12 reverse-circulation holes totalling 2,500 metres have been drilled as part of an infill and extension program. The company also released more assay results to go along with the previously announced 15 holes. Of note, hole 31 intercepted 88 metres at 1.80 grams gold outside the current resource in GSS’s East Zone. Nearly all the holes were drilled in the East Zone of GSS except for one, drilled in the Main Zone: hole 37 intersected 46 metres at 3.44 grams gold. At 299 metres, it intercepted 1 metre at 249 grams gold and 335 grams silver, including visible gold. With the ongoing 25,000-metre drill program, Orca intends to upgrade in-pit resources to the measured and indicated category and test for expansion below the current pit shell as defined in its May 2017 preliminary economic assessment. “We’ve done all the geotech, so the feasibility’s in full swing,” Stuart says. “And we’re now pushing to get all the assays back so we can revise the resource calculation in early January, which will then feed into the feasibility study.” Orca intends to release its feasibility study in the second quarter of 2018. The company has a 67¢ share price and a $102-million market capitalization, with a 52-week range of 30¢ to 74¢. TNM

2018-01-16 9:56 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JANUARY 22–FEBRUARY 4, 2018

7

Consulting geologist Chris Livingstone (left) and Aston Bay Holdings’ CEO Thomas Ullrich at the company’s namesake copper-zinc property in Nunavut.   ASTON BAY HOLDINGS

Aston Bay hunts for copper, zinc NUNAVUT   BY LESLEY STOKES

A

lstokes@northernminer.com VANCOUVER

newly released gravity survey at Aston Bay Holdings’ (TSXV: BAY) Aston Bay copper-zinc property on Nunavut’s Somerset Island has unveiled a potentially larger footprint of mineralization at the property’s Seal zinc deposit than previously expected. Aston’s CEO Thomas Ullrich tells The Northern Miner over a coffee in downtown Vancouver that Seal’s potential “can’t be overlooked.” “We can see some awesome density anomalies trending along strike and down-dip at Seal that have never been drill tested before,” Ullrich says. “We really like copper, but Seal has obvious value. It’s right at surface, on the coast and has grades greater than 10% zinc, which is the magic number when you’re working in areas as remote as this.” Results of the survey accompanied a National Instrument 43101 resource estimate of 1 million inferred tonnes of 10.24% zinc and 46.5 grams silver per tonne, largely confirming historical resource figures for Seal, which was discovered in the mid-1990s by Cominco. Aston’s shift from copper to zinc signals a change in the company’s geological thinking, spurred by the appointment of David Broughton, world-class geologist and codiscoverer of Ivanhoe Mines’ (TSX: IVN; US-OTC: IVPAF) Kamoa-Kakula copper deposit. Broughton joined Aston as chief geologist in January, shortly after BHP Billiton (NYSE: BHP) walked away from a US$40-million option agreement to earn a 75% stake in Aston. BHP had spent US$6 million in 2016 drilling some of the property’s copper showings, but with little success. Only three of the 12 holes intersected mineralization, with the best intercept returning 8 metres grading 5.5% copper and 22.7 grams silver. Ullrich says Broughton approached Aston with an idea: BHP may have focused on the wrong targets. “David essentially came to us, he was following the story for a while and really liked the copper and

1-16, 23_JAN22_Main .indd 7

| New gravity survey speaks to zinc potential at Seal

“WE CAN SEE SOME AWESOME DENSITY ANOMALIES TRENDING ALONG STRIKE AND DOWNDIP AT SEAL THAT HAVE NEVER BEEN DRILL-TESTED BEFORE.” THOMAS ULLRICH CEO, ASTON BAY HOLDINGS

zinc potential of what we had up there — it reminded him of what he’s seen at Kamoa-Kakula and Kipushi,” Ullrich says. Aston’s property-wide gravity survey is Broughton’s first step at testing whether the surface expressions of copper and zinc mineralization found along basin-bounding faults may be “leakage” from potentially larger orebodies concealed within the flat-lying sediments below — a theory that BHP may not have considered, Ullrich adds. “Any one of these sedimentary layers at depth can be mineralized,

but they don’t pop out at surface when the beds are shallowly dipping … very similar to what you’d see at Kamoa-Kakula,” Ullrich says. “The only way to see it is through geophysics — in this case gravity is deemed the best method. It highlights the basin architecture, which is critical for outlining the plumbing system and permeable horizons.” Gravity anomalies can highlight dolomitization of the host rocks, a geological process in which limestones are stripped of calcium and replaced by magnesium when interacting with potentially ore-bearing fluids. Ullrich notes the rich Polaris zinc deposit — located 200 km north along geological and structural trend from Seal — was also discovered by drill testing a gravity anomaly down-dip from known surface zinc showings. Polaris, which was once North America’s northernmost mine, produced more than $15-billion worth of lead and zinc over 20 years. “We age-dated our mineralization and found it was the same age as Polaris, so clearly there was a regional event that drove metalrich fluids around the faults and into the host rocks,” Ullrich says.

“The event produced a world-class deposit at Polaris, so we believe there’s potential to find a lot more on our property.” Aston Bay has lined up a $4-million financing to fund next year’s drill program, which may consist of 3,000 metres testing possible down-dip extensions of zinc-copper mineralization at both the Seal and Storm prospects. The financing includes an undisclosed amount of non-flow through and flow-through units at 15¢ and 16¢. Each unit consists of a share and half a warrant, with each whole warrant exercisable for 20¢ up to

24 months. “We have a data-rich environment and one of the world’s best geologists, so we’re well equipped to find what we believe could be a larger stratabound deposit hidden at depth,” Ullrich says. “The plan is to spend the next couple of months integrating all this data and really working up these targets. We want to drill intelligently.” Shares of Aston have traded in a 52-week range between 10¢ and 29¢, and closed at 13¢ at press time. The company has 63.1 million shares outstanding and an $8-million market capitalization. TNM

WORLD CLASS JURISDICTION GROWING RESOURCE HIGH GRADE GOLD TSX:ER OTCQX:EANRF

Updated Eau Claire Mineral Resource Estimate* Category

Tonnes

Grade (g/t Au)

Contained Au (Oz)

M&I Inferred

4,170,000 2,227,000

6.16 6.49

826,000 465,000

Open pit and underground delineated. High Grade Open Pit (240k ozs @ 5.97 g/t) Conservative interpretation. Shallow Deposit (1MM ozs <400 metres depth)

Advancing to Growth Preliminary Economic Focused DrillingAssessment Underway (H1 2018). Advancing to Preliminary Economic Assessment (H1 2018)

Eastmain Mine Project mineral resource conversion (Q4 2017). *For more information and footnotes related to the mineral resource update, *For more information and footnotes related to the mineral resource please see Eastmain press release dated, September 11, 2017.update, please see Eastmain press release dated, September 11, 2017.

Proven Management Focused Management High GradeExploration Resource Aggressive Aggressive The RightExploration Location World Jurisdiction in James Bay Quebec 3 Class Key Assets in James Bay, Quebec Aston Bay Holdings’ chief geologist David Broughton looks over maps of the Storm copper project in Nunavut.   ASTON BAY HOLDINGS

www.eastmain.com www.eastmain.com

2018-01-16 9:56 PM

WWW.NORTHERNMINER.COM

JANUARY 22–FEBRUARY 4, 2018 / THE NORTHERN MINER

8

Klondex tallies open-pit gold-silver resource at Fire Creek NEVADA

| Company to update all reserves and resources in Q1

BY TRISH SAYWELLL

J

tsaywelll@northernminer.com

unior gold and silver miner Klondex Mines (TSX: KDX; NYSE-AM: KLDX) has released an initial open-pit resource that could extend the life of its Fire Creek underground mine in northern Nevada. The producing mine has a mine life based on reserves of three years. The maiden open-pit resource estimates 42.9 million indicated tonnes grading 0.9 gram gold per tonne and 1.2 grams silver per tonne for 1.1 million contained oz. gold and 2.4 million oz. silver. Inferred resources add 31.7 million tonnes grading 1.2 grams gold and 3.1 grams silver for 1.1 million contained oz. gold and 2.9 million oz. silver. The resource excludes all underground resources at Fire Creek and is open to the north, south and west. Klondex says it will focus on m i ni ng a nd del i neat i ng Fi re Creek’s high-grade underground veins, while looking for strategic alternatives to advance and develop the bulk-tonnage open-pit resource. Management also says there is potential to mine relatively highergrade underground resources outside the underground mine plan from surface. The estimate uses a gold price of US$1,400 per oz. and a silver price of US$19.83 per oz., and incorporates surface and underground exploration drill programs in 2017 (4,500 metres of 21 surface and 10

Entering a portal at Klondex Mines’ Fire Creek gold mine in Nevada.   KLONDEX MINES

underground core drill holes). It also included historic drilling conducted since 2004 (312,000 metres of 1,474 surface and underground drill holes). “Fire Creek continues to demonstrate it is a world-class property, and we now have data suggesting the underground and open-pit potential is robust, with the possibility for these resources to significantly expand with our continued district exploration programs,” Paul Huet, Klondex’s president and CEO, said in prepared remarks.

The resource estimate drove Klondex shares in Toronto up slightly to $3.15 per share on Dec. 21, the day the resource was announced. Shares closed the year at $3.26. Brian Quast of BMO Capital Markets said in a research note that he values the open-pit resource on an in-situ basis at $17 million, which represents a 5% increase in the company’s corporate net present value. “We do not expect Fire Creek to become an open pit any time in the

near future, as a new mill would need to be built, and additional permits will need to be secured — processes that require time and capital,” the analyst said in his note to clients. “In the long-term, the addition of open-pit resources has the potential to extend Fire Creek’s mine life, which we currently model at around four years.” Barry Allan, an analyst at Laurentian Bank Securities, said the new resource “adds little to no value to net asset value.” “Klondex is encouraged by the

resource since it remains open along strike [laterally] and ... substantially more mineralization can be added that would extend the mine life,” Allan writes in a research note. “As currently being operated, though, [as a high-grade underground mine], the resource will not have an impact on operations over the shorter-term since the material is: 1) too low-grade to be transported to the Midas mill, and/or 2) open-pit mining would negatively impact the existing underground mine.” Klondex will release a reserve and resource update for all of its assets in the first quarter of 2018. The company has 100% interests in four producing properties: the Fire Creek underground mine; the Midas mine and mill; and the Hollister mine — all of which are in Nevada. In addition, it owns the True North mine and mill in Manitoba. Its other asset is the Aurora mine and mill in Nevada. The company expects to produce between 213,000 and 230,000 equivalent oz. gold in 2017, at cash costs of US$675 to US$700 per gold-equivalent ounce. BMO’s Quast has a $3.75-pershare target price on the stock, while Laurentian Bank ’s Allan has a $5.80-per-share target price. Over the last year Klondex has traded in a wide range, between a low of $3.40 per share (November 2017) and a high of $7.73 per share (February 2017). The junior has 180 million shares outstanding for a $612.5-million market capitalization. TNM

First Majestic announces friendly acquisition of Primero FIRST MAJESTIC From 1

Under the agreement, First Majestic will issue 6.4 million shares to Primero shareholders in an all-stock deal that comes in at 30¢ a share, or a 200% premium to the weighted average price of Primero’s shares for the 20-day trading period ended Jan. 10. In addition, First Majestic will issue 21 million shares to Wheaton Precious Metals (NYSE: WPM), making the streaming company its largest shareholder. If the transaction is completed, Wheaton Precious Metals and current Primero shareholders would own 11% and 3% of First Majestic. As part of the transaction, the streaming agreement between Wheaton Precious Metals and San Dimas would be replaced with a new one. Under the new arrangement, Wheaton Precious Metals would be entitled to receive 25% of the gold production and 25% of the silver production converted to gold at a fixed exchange rate of 70 to 1, in exchange for ongoing payments equal to the lesser of $600 subject to a 1% annual inf lation adjustment and the prevailing market price for each gold ounce delivered under the agreement. The new stream would lower the amount of payable metal compared to the current stream, which First Majestic says would allow for greater free cash flow generation at San Dimas. In addition, basing the new stream on gold-equivalent production could heighten First Majestic’s exposure to silver. “The stream is being reduced

1-16, 23_JAN22_Main .indd 8

substantially going forward, and upon closing, the stream will apply to 25% of the gold-equivalent ounces, which is a 60% reduction from the current stream, so the mine will have a lot more room for growth,” Neumeyer said. “We all know that the mine needs investment and this is going to really allow us to go back and start reinvesting capital in this operation, and almost in a way rebuild San Dimas to where it was a few years ago.” The transaction value is an estimated US$320 million, consisting of First Majestic equity to be issued to Primero shareholders and Wheaton Precious Metals, and including repayment of all amounts owing under Primero’s existing revolving credit facility, net of Primero’s cash-on-hand and the expected repayment of Primero’s US$75 million of outstanding convertible debentures. Over the last year, Primero has evaluated strategic alternatives to address the company’s debt maturity obligations. Primero’s interim president and CEO Joseph Conway noted in a press release that the proposed combination with First Majestic will give its shareholders exposure to San Dimas, as well as First Majestic’s capital markets presence, liquidity, balance sheet and its deep experience in Mexico. It also helps Primero shareholders leverage First Majestic’s longterm good standing with the local unions, community and Mexico’s tax regime. Last year, unionized workers at San Dimas launched a work stoppage on Feb. 15 that

“WE’RE ALREADY IDENTIFYING SEVERAL AREAS OR THINGS THAT WE’RE GOING TO ATTACK PRETTY EARLY [AT SAN DIMAS].” KEITH NEUMEYER PRESIDENT AND CEO, FIRST MAJESTIC SILVER

wasn’t resolved until April 18. “One of the most critical things is that First Majestic has got a long and very solid relationship with the union, and that in itself is going to pay off benefits over and above just the financial aspects of the transaction,” Conway said on the conference call. Employees at San Dimas belong to the National Union of Mine, Metal, Steel and Allied Workers of the Mexican Republic — the same union First Majestic works with at four of its current operations in the country. “We take great pride in our relationship with the union,” Neumeyer said in response to a question on the conference call about San Dimas’ history of labour issues. “We have had the odd challenge here and there, but we haven’t had huge challenges with the National Union, we have met with them on the San Dimas acquisition, so we’re comfortable. But the union is the union, and obviously there have been some historic challenges at San Dimas. We hope with our

team and our efforts we will be able to get through those challenges.” On the operations side, Neumeyer noted that “there is some low-hanging fruit we have already identified that we think are going to bring some operational efficiencies into the operation pretty quickly.” The mining executive pointed out that after acquiring SilverCrest Mining and its Santa Elena silver-gold mine in Sonora state in mid-2015, First Majestic improved recoveries from 65% to over 80% in a couple of quarters, along with other operational efficiencies. “I’m not saying that we’re going to see those kinds of dramatic improvements at San Dimas,” he said, “but we’re already identifying several areas or things that we’re going to attack pretty early in the ownership of the asset, so we think we can see some pretty good benefits.” Neumeyer noted that the acquisition is accretive on all metrics. “On a net asset value basis it’s 3% accretive; on a cash flow basis it’s 22% accretive; on an earnings basis it’s 17% accretive; on a production basis it’s 7% accretive; on a reserve basis it’s 12% accretive; and on a resource base it’s 9% accretive. There’s not a single metric that’s negative, so these are the types of analyses that we do with our banks when we’re looking at acquisitions.” San Dimas — 125 km northeast of Mazatlan — has been operating for hundreds of years, and in Neumeyer’s estimation, it’s the most important silver-gold mine in Mexico after the Fresnillo mine.

When asked what San Dimas’ growth profile has looked like in recent years, Primero’s Conway said that the mine’s reserves and resources have been “pretty flat the last couple of years, and they’ve actually been fairly stable probably over the last seven or eight years. There have been some increases in certain years, but what’s really been increasing is the capacity of the mill and mine. “Eight years ago it was about half the level of throughput that it is today, but obviously when you have a high-throughput mine, it requires capital, and if you do a little look at our company, unfortunately we don’t have the financial resources that a company like First Majestic has, and that makes a big difference. So I’m very comfortable that as money is being spent, the ability to increase production, reserves and resources are very real. That’s a real opportunity, but it does require that kind of investment.” News of the acquisition on Jan. 12 sent Primero’s shares up 125%, or 15¢ to 27¢, with 18.5 million shares changing hands. On Jan. 15, the company’s shares rose another 6% to 28.5¢ apiece. For its part, Wheaton Precious Metals’ president and CEO Randy Smallwood said in a news release that with the new stream being linked to a combination of gold and silver production, San Dimas “will continue to deliver significant value” for many years, and cited First Majestic’s “long history of operating in Mexico and an expertise in mining narrow vein underground deposits similar to San Dimas.” TNM

2018-01-16 9:56 PM

BC,YUKON & NWT SPECIAL FOCUS

Colorado Resources’ KSP gold property in northwest British Columbia.   COLORADO RESOURCES

Atac hunts for more Carlin-style gold at Rackla YUKON

| Atac highlights latest drill results at its Osiris gold project

Barkerville on track for 2018 resource estimate GOLD

| Junior aims to achieve commercial production at Bonanza Ledge this year BY TRISH SAYWELL tsaywell@northernminer.com

W

ith 10 rigs active for most of last year and 157,000 metres of drilling, Barkerville Gold Mines (TSXV: BGM) says the program last year at its gold project in British Columbia was one of the biggest drill campaigns in the junior mining space. The 2017 drilling at the property in the historic Cariboo mining district in southcentral B.C. built on the company’s 56,700-metre drill campaign in 2016, and will form the basis of a resource estimate to be calculated before year-end. The new resource will be based on a 6 km portion of the project’s 67 km strike length and consist of Island Mountain (including the Shaft Zone and the Valley Zone), Cow Mountain and Mosquito Creek. It will also include the Bonanza Ledge deposit and the BC vein, a structurally controlled gold vein that subvertically crosscuts the replacement ore at Bonanza Ledge. “The 157,000 metres of resource drilling in 2017 is helping us to work towards putting out a 43-101 resource estimate for a larger-scale project,” the company’s manager of new business and investor relations Jason Kosec says. “We know Barkerville has a tainted and troubled past, so we discredited everything and

Newsletter writers and analysts surround Julia Lane, Atac Resources’ vice-president of exploration (centre, yellow vest), as she explains the geology of Carlin-style systems in the Yukon.   PHOTO BY LESLEY STOKES BY LESLEY STOKES lstokes@northernminer.com VANCOUVER

G

eologists quickly learn not to lick the rocks when visiting Atac Resources’ (TSXV: ATC; US-OTC: ATADF) Rackla gold property, 100 km northeast of Keno City in eastern Yukon. The last gasp of Carlin-style gold mineralization that flushed through the region stained the crust with orpiment and realgar — bright red and orange sulphide minerals teeming with arsenic. The Northern Miner and a handful of newsletter writers and analysts carefully dug through one such outcrop at the property’s Osiris Cluster during a site visit in July 2017. At the time, the company was in the midst of a 15,000-metre drill program, largely aimed at expanding high-grade mineralization at Conrad and Sunrise, two of the four main targets at Osiris. During a follow-up interview in January, Atac’s president and CEO Graham Downs tells The Northern

1-16, 23_JAN22_Main .indd 9

Miner the results from the $10-million program were satisfying. “We wanted to step out and build resources this past year, and we did just that,” Downs says. “We found new zones of mineralization and hit where we thought we’d hit — that really speaks to the style of the deposit and strength of the system.” The company pointed the drills at a series of north-trending structures that likely introduced metalrich fluids into the carbonate rock package. Much like the Carlin-style gold deposits of northern Nevada, the fluids on Atac’s ground in the Yukon travelled along the faults and pooled in the crests of small-scale folds, dissolving the carbonate rocks and precipitating gold. At Conrad — the most advanced target at the Osiris cluster — drilling this year returned 67.1 metres of 3.4 grams gold per tonne and 12.5 metres of 20.8 grams gold. Meanwhile, hits of 15.2 metres of 13.5 grams gold and 10.4 metres of 8 grams gold added shine to Sunrise. See ATAC / 14

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2018-01-16 9:56 PM

10

JANUARY 22–FEBRUARY 4, 2018 / THE NORTHERN MINER

BC, YUKON & NWT

WWW.NORTHERNMINER.COM

Drillers at Barkerville Gold Mines’ Cow Mountain gold project in the Cariboo mining district of British Columbia.   BARKERVILLE GOLD MINES

Barkerville on track for 2018 resource estimate BARKERVILLE From 9

threw it all out.” Kosec is referring to a 2012 resource estimate completed by previous management that claimed Cow Mountain alone contained 10.6 million oz. gold. That estimate resulted in the British Columbia Securities Commission slapping an 11-month cease-trade order on the company and calling on it to revise the estimate to meet National Instrument 43-101 standards. The reason it’s taking the company so long to calculate the resource estimate, Kosec says, is that it is doing all the geological modelling in-house. “We have actually gone in and wire-framed 160 vein corridors that will be the base of the new resource,” he says. “We’re just doing proper geological work and going back to the fundamentals, and that means drawing wire frames by hand and then doing them in 3-D. Not many companies do that. Most throw it out to a third party. That being said, we are under watch because of all the dubious resource estimates in the past, so this one will be absolutely bulletproof.” Barkerville’s plan is to do annual resource updates starting from this year right through 2020, and

expects to drill 120,000 metres each year. This year the company will have nine drills turning, one of which will be dedicated to regional exploration and a 30,000-metre program. Barkerville has developed 130 targets through the belt, 13 of which are drill ready. Of the 13 targets, Barkerville will probably test four in 2018. The company hopes to finish a feasibility study for the project by 2019 and so far has two years of baseline environmental studies under its belt. One of Barkerville’s goals in 2018 is to initiate commercial production from its Bonanza Ledge deposit, which will show that the company can mine profitably from underground. Last year the company completed 470 metres of underground development at Bonanza Ledge, which was mined as an open pit between March 2014 and April 2015, and produced 91,234 tonnes of 8.66 grams gold per tonne for 24,000 oz. gold. “We re-engineered it to go underground,” Kosec says. “The strip ratio for the second phase of the pit was just way too high. It was going to add a lot more of a surface disturbance and increase our bond-

Nuna Group of Companies

•

ConstruCtion AnD Mining serviCes

1-16, 23_JAN22_Main .indd 10

“INTERNALLY, WE CALL OURSELVES ‘OSISKO WEST.’” JASON KOSEC MANAGER OF NEW BUSINESS AND INVESTOR RELATIONS, BARKERVILLE GOLD MINES

ing requirements and the overall impact, and the economics weren’t there to do it.” In addition, he says, permitting an open-pit mine in B.C. can take as long as a decade. Bonanza Ledge has been re-permitted as an underground mine, moving from 74,000 tonnes under the Small Mines Act to 150,000 tonnes under the Regular Mines Act. Last year the company milled 7,000 tonnes from the deposit and poured 1,280 oz. gold. The company says it will start building a development drive and exploration decline in mid-2018. Bonanza Ledge has a mine life estimated at three and a half years, based on an updated and geologically constrained resource estimate that was completed in April 2017 and includes the BC Vein. That resource delineated 684,900 measured and indicated tonnes grading 7.21 grams gold per tonne and 108,100 inferred tonnes of 5.34 grams gold. The new resource that will be released later this year won’t in-

crease the Bonanza Ledge and BC Vein estimate much, Kosec says. But the company can use Bonanza Ledge as a test mine to get a better understanding of the mechanics and ground support and to generate cash — $10 million in after-tax cash flow each year — to offset its exploration costs. It will also train the local workforce, he says, as the area appears to have a shortage of experienced underground miners because many of them, he says, are working for Pretium Resources’ (TSX: PVG; NYSE: PVG) Brucejack gold mine. In the meantime, Barkerville continues to release promising drill results. On Jan. 9, the company reported results from its Island Mountain asset and its Shaft Zone, where five rigs are operating. Hole 196 intersected 16.38 grams gold per tonne over 5.8 metres at a vertical depth of 380 metres below surface. Hole 202 cut 29.20 grams gold over 5.6 metres at a vertical depth of 85 metres from surface.

Drill results from the Shaft Zone released in November included hole 191, which intersected three vein systems grading 19.16 grams gold over 9.7 metres, 13.48 grams gold over 16.6 metres and 14.69 grams gold over 28.5 metres, at vertical depths ranging from 485 to 540 metres below surface. Kosec notes that the company went back to fundamentals to understand the metal genesis of the area, put together a geological model by systematic exploration work, re-logged 56,000 metres of core and mapped underground. “Drill success went from one in 10 holes in 2016 to basically that every hole hits now,” Kosec says, adding that the veins at Barkerville are mesothermal and have great depth extent. “They’re very similar to what you see in the Abitibi, but obviously a lot younger,” he says. “Every 1 million oz. indicated resource will cost $25 million in drilling. Some people say they can do it cheaper in a vein-hosted system, but I think they’re lying. That’s the kind of cost it is.” Fortunately, the company has a strong shareholder and institutional base, he says, including MMG (4%), Sentry (3%), JP Morgan (2%), Tocqueville (2%) and RBC (1%). Osisko Gold Royalties (TSX: OR; NYSE: OR) and Osisko Mining (TSX: OSK) own 33% and 16%, while board and management hold 3%. “Internally we call ourselves ‘Osisko West,’” Kosec says, adding that the only reason why the company didn’t change its name is because ‘Barkerville’ has historic significance in the province. Barkerville has attracted interest and investment since the famed Cariboo Gold Rush of 1861. Based on historic estimates, gold production in the Cariboo area totalled 3.2 million oz. from alluvial production and 1.3 million oz. from lode mines. The Aurum mine (now Island Mountain), was one of Newmont Mining’s (NYSE: NEM) first mines and JP Morgan’s first mine finance, Kosec says. (Newmont owned the mine from 1934 until 1967.) Indeed, Barkerville “was one of the main reasons B.C. joined Canada,” Kosec says, “because with all the miners that came to B.C. from California in the 1860s, B.C. was afraid of getting annexed to the U.S., so they joined Canada, and that’s one of the reasons why we didn’t change the name.” Barkerville operates in the town of Wells, 78 km from Quesnel, and as the crow flies, 440 km northeast of Vancouver. TNM

2018-01-16 9:56 PM

BC, YUKON & NWT

GLOBAL MINING NEWS

THE NORTHERN MINER / JANUARY 22–FEBRUARY 4, 2018

11

WESTERN CANADA SNAPSHOT Eight juniors with active programs Canada’s westernmost province and two territories have long attracted mineral explorers and developers lured by the region’s rich natural endowment, substantial infrastructure and pro-mining government policies. The following is a look at eight such juniors active in B.C., the Yukon and the Northwest Territories.

The assets hosts over 2 billion lb. nickel, 1 billion lb. copper, 6 million oz. platinum group metals and 120 million lb. cobalt in the measured and indicated categories. The company emphasizes that a new management team was assembled in 2016–17 (including bringing in former Romarco Minerals exec Diane Garrett as president and CEO), and that over the past year its technical team has reanalyzed the entire deposit.

British Columbia COLORADO RESOURCES Colorado Resources (TSXV: CXO; US-OTC: CLASF) is a technically oriented junior explorer best known for its KSP and North ROK goldcopper properties in the southern portion of the Golden Triangle region of northwest B.C. between the Eskay Creek and Snip mine properties. It also has its KinaskanCastle and Kingpin properties in the area, plus an option on the Green Springs property in Nevada from Ely Gold & Minerals.

Some of its key shareholders include the Electrum Fund (26%), Resource Capital Funds (11%), Drake Private Investments (9%) and Tocqueville Gold Fund (5%). STRATABOUND MINERALS Stratabound Minerals (TSXV: SB) shifted gears in 2017 by putting its long-held New Brunswick base metals properties on the back burner and jumping headlong in October into the new Yukon gold rush, as well as relocating its head office from Toronto to Calgary and hiring R. Kim Taylor as president and CEO.

Overall the junior holds 1,200 sq. km of claims in the Golden Triangle. Colorado completed over 200 sq. km of geology mapping in the area between 2014 and 2017, and developed better understanding of the regional stratigraphic and structural setting. Colorado drilled 68 holes at KSP in 2017 for a total of 11,800 metres of NQ diamond drill core that tested multiple target areas within the Inel-Khyber zone, as well as the new Tami copper-gold zone, 5 km southeast of Inel-Khyber, with 11 drill holes. The company is analyzing the results to plan for 2018’s fieldwork. MILLROCK RESOURCES

The camp at Nickel Creek Platinum’s Nickel Shaw polymetallic project in the Yukon.   NICKEL CREEK PLATINUM TUD; US-OTC: TDRRF) is active in B.C.’s Golden Triangle region within the Mctagg anticlinorium mineralized belt where Pretium Resources (TSX: PVG, NYSE: PVG) and Seabridge Gold (TSX: SEA; NYSE: SA) also have advanced projects. Tudor says the emerging area is “similar historically to the early days of other significant global discoveries and may become one of the premiere metal-producing areas in the world.”

Vancouver-based, Gregory Beischerled Millrock Resources (TSXV: MRO; US-OTC: MLRKF) bills itself as a prospect generator, and has 25 active projects, including five in Alaska, three in B.C., 16 in Mexico and one in New Mexico.

It notes that recent glacier abatement has “opened up previously covered areas revealing exposed mineralization never seen before,” and that infrastructure improvements in the miningfriendly jurisdiction add to the project’s appeal.

Its emphasis has been on gold and copper, focusing on porphyry and high-grade, vein-style deposits.

Tudor’s flagship 171 sq. km Treaty Creek project in the area borders Seabridge’s KSM property to the

southwest and Pretium’s Valley of the Kings project to the southeast. From 2007, Tudor notes that 20 drill holes comprising 5,400 metres were reported at Treaty Creek’s GR2 zone, with 18 returning “significant” values. In mid-January, Tudor reported another 17 holes from its 27hole, 2017 drill program on the Copper Belle zone of the Treaty Creek property, and what it calls the “most promising gold intersections reported to date,” including hole 17-26 that returned 149 metres grading 1.78 grams gold per tonne from 98 metres. So far, Tudor says, 15 of the 16 holes drilled in the Copper Belle zone contain prominent mineralization, which continues to expand the size of this potential deposit and increases the zone’s resource estimate area.

Yukon NICKEL CREEK PLATINUM Nickel Creek Platinum (TSX: NCP; US-OTC: NCPCF) is the new name for the well-known junior Wellgreen Platinum, with the name change taking effect Jan. 8. What hasn’t changed is the company’s focus on advancing its 100% owned Nickel Shaw project in the southwest corner of the Yukon towards becoming “Canada’s next world-class nickel sulphide mine.”

In December Stratabound closed its acquisition of an option on the Golden Culvert gold project in the Upper Hyland Valley in southeastern Yukon from South Shore Partnership Inc., in return for 12 million shares, 6 million warrants and $200,000 in cash. Fully exercising the option will require payments of $1.6 million and work commitments of $700,000 over five years, with underlying net smelter return royalties aggregating to 2.5% payable to the optionors and South Shore. Stratabound intends to carry out

See SNAPSHOT / 13

Cradle to cradle

Millrock’s B.C. projects are Oweegee Dome, Todd Creek and Willoughby. Oweegee Dome is an early-stage partnership with Sojourn Ventures (TSXV: SOJ) in the Golden Triangle that encompasses multiple hydrothermal-related polymetallic prospects. Todd Creek is in a similar geological setting in the Golden Triangle, and Millrock seeks to bring in an option partner to carry out more grassroots work. The nearby Willoughby property is also subject to an option agreement with Sojourn.

A

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Millrock notes that exploration expenses on its properties in 2017 exceeded US$5 million, of which 90% was funded by partners through earn-in option agreements. Exploration work was completed on nine projects and two new earn-in partners were brought in. Millrock says revenue from property payments and exploration management fees helped offset its overhead costs. TUDOR GOLD Walter Storm’s Tudor Gold (TSXV:

1-16, 23_JAN22_Main .indd 11

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2018-01-16 9:56 PM

12

JANUARY 22–FEBRUARY 4, 2018 / THE NORTHERN MINER

BC, YUKON & NWT

At the Pine Point zinc project near Hay River in the Northwest Territories, from left: Jamie Levy, Pine Point Mining (PPM) president and CEO; Jeff Hussey, Osisko Metals president and CEO; Kerry Knoll, PPM executive chairman; Killian Charles, Osisko vicepresident of corporate development; Robin Adair, Osisko vice-president of exploration; Tim Smith, PPM vice-president of operations; and John Key, PPM COO.   OSISKO METALS

WWW.NORTHERNMINER.COM

A drill rig at the Pine Point zinc project.   OSISKO METALS

Osisko Metals to acquire Pine Point zinc mine in NWT EXPLORATION

BY TRISH SAYWELL tsaywell@northernminer.com

O

sisko Metals (TSXV: OM) is expanding its zinc footprint to northern Canada in a $35-million deal to acquire Pine Point Mining (TSXV: ZINC) and its Pine Point project near Hay River in the Northwest Territories. Pine Point — once Canada’s most profitable zinc-lead mine — produced nearly 64 million tonnes of ore from 52 deposits between 1964 and 1987. Another 46 deposits on the property were found but never put into production. The acquisition, combined with Osisko Metals’ 500 sq. km of zinc properties in New Brunswick ’s Bathurst mining camp, gives the junior exploration and development company control over two world-class, past-producing base metal camps. “For 50 years Brunswick was the largest underground zinc mine in the world and Pine Point was the most profitable open-pit operation at that time in Canada,” Osisko Metals president and CEO Jeff Hussey says. “These are the two premiere zinc-producing mining camps, and we are going to work hard to create value in both camps.”

| Junior now controls two historic Canadian base metal camps

Pine Point Mining completed a preliminary economic assessment of the project, 10 km south of Great Slave Lake and 65 km east of Hay River, in May 2017, outlining a 13-year mine life with total lifeof-mine production of 1.35 billion lb. zinc and 536 million lb. lead. The PEA envisioned a mining plan in which 10 open-pit deposits (a restricted subset of the known open-pit deposits on the property) would be developed and mined in sequence using dense media separation plants and traditional grinding and flotation to upgrade the mineralized material into lead and zinc concentrates. The aftertax net present value was $210.5 million, with a 34.5% internal rate of return using US$1.10 per lb. zinc and US$1 per lb. lead. The study was based on an indicated resource of 25.8 million tonnes grading 2.9% zinc and 1.1% lead, and another 3.7 million tonnes of inferred resources averaging 2.9% zinc and 1.1% lead. Osisko Metals can grow the resource by converting historic resources and finding more mineralization on the property. The known deposits at Pine Point extend over a 65 km strike length. “There are an additional 50 mil-

lion tonnes in historical resources hosted in roughly 36 deposits that were left undeveloped from the Cominco days, so that creates great upside for the project to increase the resource base,” Hussey says in an interview. “That’s the value creation proposal in front of us.” The mining executive, who spent 20 years working for Noranda, including a stint at the Brunswick No. 12 zinc mine in the Bathurst camp, says Osisko Metals wants to take advantage of the winter exploration season this year and is contemplating a 5,000- to 10,000-metre drill program once the transaction is completed. The program would call for definition drilling, but the company will review priority exploration targets, too. The project benefits from good metallurgy, excellent infrastructure and a skilled pool of labour in Hay River, Hussey notes. Prior metallurgical testing suggests high concentrate grades, up to 59.5% zinc and 76.7% lead, with negligible deleterious elements. “The metallurgy at Pine Point is exceptional and tests to date indicate a clean concentrate product, as was the case with the historical production,” Hussey says. “In the early days, they were able to

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1-16, 23_JAN22_Main .indd 12

produce direct shipping ore for the Trail smelter in southern British Columbia.” The rail head at Hay River is 65 km from the Pine Point property, with the rail line extending to Edmonton. There was also another rail connection to the former mine site. The rails were removed but the rail bed is still there. In addition, there is an electrical substation with enough capacity in the heart of the mining camp and paved roads run throughout the project, including over 100 km of haul roads that are still in good condition. Osisko Metals’ largest shareholders are Osisko Gold Royalties (TSX: OR; NYSE: OR) and Osisko Mining (TSX: OSK; US-OTC: OBNNF), which together own 20% of the company. Since its start in June 2017, Osisko Metals has had a market capitalization ranging between $60 and $100 million. “A large part of that value is due to the confidence in the Osisko brand,” Hussey says, noting that as a group, the Osisko team has created $9 billion in shareholder value over its 13-year history. Jamie Levy, Pine Point Mining’s president and CEO, notes that Osisko Metals and the support of the Osisko group offers “exceptional technical depth and access to capital.” “It makes so much sense for us to collaborate with these guys because of their background,” he tells The Northern Miner. “Osisko Metals can take this project to the next level.” With $38 million in the bank and the benef it of the Osisko group’s technical team, Hussey says, Osisko Metals is cashed up and ready to “aggressively pursue exploration and development to create value.” Under the proposed deal, shareholders of Pine Point will receive 0.271 of an Osisko shares and 0.0677 of a warrant. Each whole warrant can be exercised in to a share at $1.50 for 12 months. Pine Point shareholders will also receive one share of a newly formed company that will hold all of the assets and liabilities of Pine Point, excluding the Pine Point project. The shares of this new company will be consolidated on a 10-to-1 basis.

If the deal is completed, existing shareholders of Osisko Metals and Pine Point will own 62% and 38% of Osisko Metals on a pro-forma, fully diluted, in-the-money basis. The exchange ratios in the proposed transaction represent a 23% premium based on the closing share prices of each company as of Dec. 15, 2017 — the day the proposed acquisition was announced — and a 27% premium based on the 30-day, volume-weighted average prices of each company. On a fully diluted, in-the-money basis, the transaction implies a total equity value of $35 million. “That’s just the value of the Pine Point project to our shareholders, however — the bigger value would be the two companies together,” Pine Point CEO Levy says. “Bathurst and Pine Point are two of the most prolific base metal mining camps in Canadian history, so to combine these two camps together into one company with the Osisko group’s reputation, that’s very important to me, and to many other people right now.” Hussey says that advancing zinc projects “during a period of exceptional supply and demand f u nda menta ls for zi nc, when t he pr ice is ra ng i ng bet ween U S $1. 4 0 a n d U S $1. 5 0 , w i t h forecasts that it will go higher until 2020,” adds appeal to the business combination. “It’s a whole new day for these mining camps with the new supply and demand fundamentals, and the higher price range for zinc. We want to re-enter these camps and develop an economic resource base as quickly as possible.” Over the last year, Osisko Metals has picked up over 500 sq. km in the Bathurst camp, the thirdlargest volcanogenic massive sulphide camp in the world. Its assets there include the Brunswick belt project, which covers parts of the strike length that hosted both the Brunswick No. 12 and No. 6 mines to the east. Brunswick No. 12 was the world’s largest underground zinc mine and produced 137 million tonnes of ore grading 8.74% zinc, 3.44% lead, 0.37% copper and 102 grams silver per tonne over its 49-year mine life, which ended in 2013. The Brunswick No. 6 mine, a pit just south of Brunswick No. 12, developed 13 million tonnes at similar grades. TNM

2018-01-16 9:56 PM

BC, YUKON & NWT

GLOBAL MINING NEWS

THE NORTHERN MINER / JANUARY 22–FEBRUARY 4, 2018

13

WESTERN CANADA SNAPSHOT SNAPSHOT From 11 work on the property in the coming 2018 field season. VICTORIA GOLD After many years, Victoria Gold (TSXV: VIT; US-OTC: VITFF) has graduated from exploration company to budding mine developer at its Eagle Gold project in the Yukon, where reserves stand at 123 million tonnes grading 0.67 gram gold per tonne, or 2.7 million oz. gold. Victoria describes Eagle Gold as “shovel-ready” with permits in hand for construction and operations, and notes that when in production, the mine could produce 200,000 oz. gold annually at an operating cost of US$550 per oz. gold from a large open pit operating at 33,700 tonnes per day. Victoria says its shareholders are “well positioned to participate in a highly leveraged gold play and construction of the largest gold mine in Yukon history.”

Core shacks at Nighthawk Gold’s Colomac gold project in the Northwest Territories.   NIGHTHAWK GOLD

The company has a US$220-million debt facility and last spoke of US$40 million in its treasury. With mine construction set to cost US$300– 320 million, a US$40–60 million shortfall is in order, with Victoria examining its options.

Diamond explorer Arctic Star Exploration ( TSXV: ADD; US-OTC: ASDZF) was founded in 2002 and has prospects in the Northwest Territories (Diagras and Redemption), Nunavut (Stein), Saskatchewan’s Athabasca basin, B.C. (Cap for rare metals) and in Finland (the newly acquired Timantti project near Kuusamo).

A $40-million first phase of mine building got underway in mid-2017, with the next phase of construction set for 2018–2019, and first gold pour due in the second quarter of 2019.

1-16, 23_JAN22_Main .indd 13

Northwest Territories ARCTIC STAR EXPLORATION

Arctic Star boasts that its exploration is overseen by

world-class diamond geologists including Buddy Doyle as vicepresident of exploration and Roy Spencer as Finland country manager, who have a track record of finding the billion-dollar diamond mines Diavik in northern Canada and the Grib mine in Russia.

work in Finland and for general corporate purposes.

Meanwhile, Patrick Power serves as executive chairman and Scott Eldridge as president and CEO.

Toronto-based Nighthawk Gold ( TSX: NHK; US-OTC: MIMZF) says it is developing “Canada’s next gold camp,” having under control over 90% of the prospective and historic Indin Lake greenstone, 200 km north of Yellowknife in the Northwest Territories.

In November, Arctic Star completed the second and final tranche of a non-brokered private placement that raised a total of $1.7 million, with money to be earmarked for

Arctic Star calls the region around Timantti “one of the last known district-scale diamond fields in the world that’s near infrastructure.” NIGHTHAWK GOLD

Its assets in the belt include an inferred resource at the Colomac project of 40 million tonnes grading 1.64 grams gold per tonne for 2.1 million oz. gold at a 0.6 gram gold cut-off grade. Nighthawk carried out 27,000 metres of drilling at Colomac in 2017, and expects to table a new resource in early 2018. In September, Nighthawk had $33 million in cash, and said it was funded for the next 24 months of work. Its shareholder base includes Kinross Gold, Osisko Royalties and McEwen Mining. TNM

2018-01-16 9:56 PM

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JANUARY 22–FEBRUARY 4, 2018 / THE NORTHERN MINER

BC, YUKON & NWT

WWW.NORTHERNMINER.COM

Atac hunts for more Carlin-style gold at Rackla See ATAC / 14

“We can really add value by drilling these zones. They’re near surface and all open. Our only challenge is having so many quality targets, but we’ll take that. It’s a good problem to have,” he says. Atac is calculating a maiden resource for Osiris, but is in no rush. The company expects to add to the database by drilling another 15,000 metres this year, expanding upon the high-grade zones. “We don’t want to prematurely do a resource, we want to build up what we have and not leave any ounces out. There are still a lot of new areas left to drill,” he says. “You need a bunch of ounces up here to make it work — and that’s going to take some time. It’s a huge district, and most people, including smart money, understand that.” Atac has already defined 485,700 oz. gold in 5.7 million measured and indicated tonnes of 2.7 grams gold at its Tiger deposit — a highertemperature, carbonate-hosted deposit located 100 km west of Osiris on the property’s Rau project. Some of the drilling this year extended mineralization east and west of Tiger, with highlights including 51.8 metres of 5.7 grams gold and 64 metres of 2.46 grams gold, and also confirmed a new oxide gold zone at the Tiger East anomaly, where drilling intersected 21.3 metres of 2.6 grams gold. The company is advancing the project towards feasibility, having already completed an updated preliminary economic assessment in 2016. The report highlighted an after-tax net present value of $75.7 million, assuming a 5% discount rate, and a 28.2% internal rate of return on a nine-year, 1,500-tonneper-day open-pit operation. “We did a little bit of drilling this year at Tiger and that really boosted our confidence in what we had,” Downs says. “Tiger and the whole Rau trend is a really fertile

Newsletter writers and analysts await a helicopter during a visit to Atac Resources’ Rackla gold property in the Yukon.   PHOTO BY LESLEY STOKES

area that we never really got back to after finding the Carlin systems out to the east, so we’re excited to get back there and do some bulk sampling and more advanced exploration this year.” Downs says the company also hit a milestone at Tiger last year, by receiving regulatory approval for a 65 km, $11-million tote road. Although Tiger is back on the company’s radar, the opportunity for Carlin-style mineralization elsewhere at Rackla remains the company’s priority. “Osiris and the Carlin-style targets are definitely the driver of the

property — that’s where we’ve had the best results, the highest grades and see the best potential. Some of those grades are quite spectacular,” Downs says. It was arsenic, antimony and mercury in government geochemical surveys that led the company to discover Osiris in 2010 — the first Carlin-style system outside Nevada’s prolific gold belts. Since the early discovery days, the company has advanced Rackla considerably — hitting milestones that include expanding its land position to 1,700 sq. km, outlining dozens of targets along a strike-

“IT TOOK 60 YEARS TO IDENTIFY AND DEVELOP THE DEPOSITS IN NEVADA, WHEREAS WITH US WE’VE ONLY BEEN HERE FOR A FEW YEARS. THAT’S WHAT MAKES THIS DISTRICT SO FUN TO EXPLORE.” GRAHAM DOWNS PRESIDENT AND CEO, ATAC RESOURCES

length comparable to Nevada’s Cortez trend, and even a potential US$55.5-million joint venture with industry giant Barrick Gold (TSX: ABX; NYSE: ABX) on the property’s Orion project. “You could fit the entire northern Carlin trend just at the eastern end of our property,” Downs says. “It’s really virgin ground for Carlin-style mineralization. It took 60 years to identif y and develop the deposits in Nevada, whereas with us we’ve only been here for a few years. That’s what makes this district so fun to explore, and why everyone is excited to be part of its early days.” Downs says Barrick spent its

first year at the project compiling geological data for an upcoming drill program. The major spent $4 million on geophysical surveying, soil and stream geochemical surveying, and geological mapping to find potential targets. “We’re definitely on the right path. We have a big project, cash, the most news we’ve had in many years, Barrick’s onboard and we’re working towards a maiden resource at Osiris,” Downs says. “One of the challenges we’ve had was: How do you explore this thing? Now, we have money and expertise coming in from Barrick to accelerate the work and move this project forward, faster.” TNM

Classic Carlin-style gold mineralization in drill core at Atac Resources’ Osiris gold project in the Yukon, showing the telltale oranges and yellows of arsenic-rich sulphide minerals.   PHOTO BY LESLEY STOKES

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2018-01-16 9:56 PM

BC, YUKON & NWT

GLOBAL MINING NEWS

THE NORTHERN MINER / JANUARY 22–FEBRUARY 4, 2018

15

A drill site on New Nadina Explorations’ Silver Queen polymetallic project near Houston, British Columbia.   NEW NADINA EXPLORATIONS

New Nadina shares stumble into the new year EXPLORATION

BY RICHARD QUARISA rquarisa@northernminer.com

N

ew Nadina Explorations (TSXV: NNA; US-OTC: NNADF) shares plummeted 86% to 48¢ in the new year after the company released drill results from its Silver Queen polymetallic project, 43 km south of Houston, British Columbia. Results include a 0.2-metre interval from 424 metres downhole grading 91.3 grams silver per tonne, 0.06 gram gold per tonne and 0.65% copper, as well as a 3-metre interval from 690 metres downhole grading 120 grams silver, 0.24 gram gold and 0.5% copper. Company stock was trading at 8¢ on Oct. 24, 2017, but skyrocketed to $4.17 by Nov. 14, after the company announced a 132-metre intercept of “high-grade core” containing bornite, sphalerite, galena and pyrargyrite. The stock cooled a bit the next month but stayed above $3 — until now. “I genuinely feel sorry for the people who have lost money,” New Nadina president and CEO Ellen Clements says during a telephone interview with The Northern Miner. Clements took over New Nadina in 2006 after her husband George Stewart, the company’s former president and CEO, suddenly died a year earlier. “There are two things that are important to me, and that is that the value of the property is excellent, excellent potential, and without the investors and the shareholders you don’t have any opportunity to explore, so I hold both in great respect.” Clements insists New Nadina is not done with its Silver Queen project. The company raised $1.1 million throughout the fall of 2017, and intends to use the cash for more drilling. “It’s mineable,” Clements says, “but to stop at that and not explore further to try to increase the tonnage to get that perfect partner in there — it would be sacrilegious to stop and not do that when the potential is still so high.” Further exploration will have to wait, however, for at least a few more months. Snow blankets the ground and will flood the surface with water when it finally melts. Clements points out that the area has a clay layer just below the sur-

1-16, 23_JAN22_Main .indd 15

| Poor assay results form Silver Queen silver-gold project trigger crash

“I GENUINELY FEEL SORRY FOR THE PEOPLE WHO HAVE LOST MONEY.” ELLEN CLEMENTS PRESIDENT & CEO, NEW NADINA EXPLORATIONS

face, meaning the soil retains water for a long time. “You can’t go in there when it’s wet,” she says. Clements says New Nadina will start monitoring Silver Queens’ water level at the end of March, and hopes to mobilize drills between April and June. New Nadina may have been the last mining stock to dramatically rise and fall in 2017, but it certainly wasn’t the only. Earlier in the year, shares of GT Gold (TSXV: GTT; US-OTC: GTGDF) shot up from 38¢ to $2.76 between July and September. The stock rose on assay results from drill holes at its Tatogga gold property in B.C.’s Golden Triangle. By mid-November shares had dropped back down to 70¢. Over a similar time span, shares of Garibaldi Resources (TSXV: GGI;US-OTC: GGIFF) surged from 18¢ to a $5.27 peak after news that 12 drill holes on its E&L nickelcopper property in B.C.’s Golden Triangle had returned “broad sections” of nickel-bearing pentlandite, chalcopyrite and pyrrhotite. But when the company received assay results, it saw that while some of the holes were mineralized, they were not as nickel-rich as expected. To complicate matters, drilling was interrupted several times due to poor weather conditions. The stock now sits at $2.74. Concurrent with both of those, shares of Novo Resources (TSXV: NVO; US-OTC: NSRPF) jumped from 83¢ to a $8.55 peak on Oct. 10, 2017. In November, the company reported that it was “uncomfortable” with the experimental bulksampling technique it had been using at its joint venture Purdy’s Reward gold project with Artemis Resources (ASX: ARV; FRA: ATY). The announcement accelerated the descent of a stock that had already begun to fall. It now sits at $3.70. In May 2017, shares of Arizona Silver Exploration (TSXV: AZS; US-OTC: AZASF) spiked to $1.22 from 40¢ after the company announced that one of its holes inter-

cepted 44.2 metres of quartz veins peppered with a “submetallic grey mineral” that could have been a silver-bearing sulphide. However, assay results at the end of May dispelled any excitement. The interval didn’t contain silver, while another hole reported in the release was only weakly mineral-

ized. Shares tumbled back down to 24¢, and at press time rested at 20¢. Ref lec t i ng on t he past few months, Clements says that she wouldn’t have done any t hing differently, except speak less to investors. “Some of the calls now are asking for due diligence material,” Clement says. “They want to know other things that would be critical to making a decision as to whether they would be buyers. And so that’s good. That’s what people need to do.” Despite New Nadina’s struggles, Clements is optimistic about Silver

Queen. She calls the company’s current discoveries “veinlets,” and hopes they will feed into large veins that can be mined for a higher tonnage. “One good thing is we know it’s not a body of water,” Clements says. “Because with an anomaly that’s very conductive it could have been an aquifer. And in that Blue zone target we already know that we didn’t hit the highest signature of the anomaly.” Shares of New Nadina sit at 32¢ with a 52-week range of $4.6 to 8¢. The company’s market capitalization is $5 million. TNM

The Golden Culvert Project — Yukon Territory New Project… New Direction… New CEO! • Acquired Option on the Golden Culvert Project in the Hyland Belt and in the same geological horizon as Golden Predator’s 3 Aces Project “Next Door”. • All season Nahanni Range Road runs through the middle of the claim group • 10-year Class 3 Exploration permit in place – through 2026 • Discovery Vein – 22.8 gpt gold over 1 meter. Exposure within a 250 m x 3 km long +30ppb gold-in-soil Geochem • Gold at Golden Culvert has been found to be disseminated into the wall rock of exposed veins resulting in potential for open pit mining • Indications to date are that the discovery has vertical depth and strike length • 2018 Field Season – trenching and drilling • Exploration results expected early summer 2018 • Another Yukon geological play that could compare to the successes of 3 Aces.

Learn more at booth #3243 at PDAC March 4-6th in Toronto For more information go to: www.stratabound.com Or contact: R. Kim Tyler, P.Geo., President, CEO • info@stratabound.com • (416) 915-4157

2018-01-16 9:56 PM

16

JANUARY 22–FEBRUARY 4, 2018 / THE NORTHERN MINER

BC, YUKON & NWT

WWW.NORTHERNMINER.COM

Fireweed Zinc CEO Brandon Macdonald (background) and consulting geologist Scott Dorion from SGDS Hive on a talus slope at the Macmillan Pass zinc-lead-silver property in southeastern Yukon.   PHOTO BY ROBERT CAMERON

Fireweed prepares for PEA at Tom and Jason BASE METALS   BY LESLEY STOKES

S

lstokes@northernminer.com VANCOUVER

hares of Fireweed Zinc (TSXV: FWZ) have been on a run — rising 58% to an all-time high of $1.06 at press time — ever since the company began announcing drill results from its 219 sq. km Macmillan Pass zinc-lead-silver property, 200 km northeast of the community of Ross River in southeastern Yukon. The 2,200-metre drill program targeted the project’s historic Tom and Jason zinc-lead-silver deposits, with the goal of modernizing their combined historical resource of 6.4

| Junior sees potential in historic lead-zinc-silver deposits in Yukon

million indicated tonnes of 6.3% zinc, 5.1% lead, 56.6 grams silver per tonne and 24.5 million inferred tonnes of 6.7% zinc, 3.5% lead and 33.9 grams silver. A new resource calculation, which the company expects to publish in January, will lead to a preliminary economic assessment (PEA) to be released in March. “The market thinks we’re just confirming a resource, but we’re not,” Fireweed CEO Brandon Macdonald tells The Northern Miner during a phone interview. “We’ve added 25 holes between us and the former operators. Some of these holes are stepouts, which will add

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“WE’RE CONFIDENT WE’LL SEE A MATERIAL CHANGE IN THE RESOURCE.” BRANDON MACDONALD CEO, FIREWEED ZINC

additional tonnes, whereas the infill holes should upgrade the categories. So we’re confident we’ll see a material change in the resource.” Fireweed’s final batch of drill results, released on Dec. 5, highlighted the widest intercept of high-grade mineralization of the program at the Tom East zone, noted as 38 metres (true width) of 8.7% zinc, 7.6% lead and 129 grams silver in hole 17-7. Meanwhile at Tom West, hole 17-6 was drilled 100 metres below the historic resource and intersected a section of 5.3% zinc and 0.7% lead over 28.5 true-width metres. Macdonald says the recent drilling has shown the project’s upside potential. “We’ve had some fantastic intersections, hole 7 definitely being one of them,” Macdonald says. “Tom East isn’t that big but it’s high-grade, so we were surprised to hit two-and-ahalf times the expected width. The previous model had Tom East as this narrowing kink in the resource, but now it’s apparent that it’s actually thickening.” Tom and Jason are two of many sedimentary exhalative (sedex) zinclead deposits that follow a northwesttrending package of prospective rocks across Western Canada. Other sedex deposits along trend include Teck Resources’ (TSX: TECK.B; NYSE: TECK) worldclass Sullivan deposit in B.C., which produced 17 million tonnes zinc and lead and 285 million oz. silver — valued at $20 billion — over its century-long mine life, and Selwyn Chihong Mining’s undeveloped Howards Pass project in the Yukon, where resources amount to 145 million tonnes of 5.5% zinc and 2.1% lead, with another 220 million tonnes of potential. Sedex deposits form when metal-rich, deep basinal brines seep through permeable sediments in

a basin or exhale out directly onto the basin floor through a network of faults. “The term sedex was coined in a master’s thesis written on the Tom deposit,” Macdonald says, noting that Tom and Jason were discovered in 1951 and 1974. “The last time these projects were busy was 1991. Cominco was operating the Tom, whereas Phelps Dodge was operating Jason. Both were doing great but then the bottom fell out of the market in 1992, and the companies abandoned the projects. Hudbay Minerals consolidated the two projects in 2007 but they only did modest work — it wasn’t a priority for them. They liked the project but they knew they would never get around to it, which is why we stepped in.” Before November, Fireweed’s share performance was on a steady decline, falling from 84¢ to 67¢ since the company’s inception in June. Macdonald pointed to reasons such as poor marketing and a “lack of strong shareholders” in the company’s initial public offering (IPO). “This recent uptick in share direction is really about the weakest of the IPO holders finally running out of paper, in combination with presenting our information at the Metals Investor and Yukon Geoscience forums. People are finally dawning on our project’s value proposition, and as soon as you’re trending up,

all of the buyers come out of the woodwork,” he says. The upcoming new resource estimate and PEA should “crystallize some additional value” in the company’s stock, he says. One challenge for Fireweed’s Macmillan Pass project is access. The property is 3 km from the Yukon’s historical North Canol Road — a heritage trail built during World War II to make way for an oil pipeline from Norman Wells in the Northwest Territories to Whitehorse. The trail leading from Ross River to Fireweed’s project area is frequently graded by the Yukon government, but Macdonald says that maintenance in recent years has fallen to the wayside due to lack of use. “People put a huge emphasis on logistics, and they’re not wrong to do that — that’s the chief challenge of the project — but it’s highly overstated. It’s an erosion of margin, but this is a large project of scale with very high grades,” he says, noting that the Yukon government has recently affirmed its commitment to increase access into the area. “Without a PEA you can’t fight those criticisms, so I’m really looking forward to getting our numbers down — the naysayers will have the winds sucked out of their sails when we show them the project actually does work. We’re confident it will look good.” TNM

Fireweed Zinc’s exploration camp at the Macmillan Pass project.   PHOTO BY ROBERT CAMERON

2018-01-16 9:56 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JANUARY 22–FEBRUARY 4, 2018

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JANUARY 22–FEBRUARY 4, 2018

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/ THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / JANUARY 8–12 The S&P/TSX Composite Index fell 0.25% to finish at 16,308.18. The S&P/TSX Global Mining Index gained 4.19% to 76.85 and the S&P/TSX Global Gold Index rose 2.03% to 200.62, with spot gold rising US$18.60 per oz. to close at US$1,337.40 per ounce. The London Metal Exchange copper price was up 21.7% year-on-year, zinc was up 25.8% year-on-year and nickel was up 24.1% yearon-year. Higher gold and base metal prices lifted many boats. Teck Resources jumped $4.32 per share (13%) to $38.20 per share, on no company related news. Zinc producer Nexa Resources and streaming and royalty company Altius Minerals also gained on no news, rising 75¢ to $25.57 per share and 74¢ to $15.30 per share. Nexa owns five underground zinc mines. Two of its mines, Cerro Lindo in Peru and Vazante in Brazil, are among the 12 largest zinc mines in the world. Altius holds royalties and streams from 15 operating mines that produce a variety of metals, including: copper, zinc, nickel, cobalt, iron ore, potash, thermal and metallurgical coal. Pan American Silver rose $1.40 to $20.77 per share. The company reported decadelow consolidated cash costs of US$4.55 per oz. in 2017, and annual silver production as targeted of 25 million ounces. The com-

pany expects silver production over the next three years will grow at an 8% annual compounded rate, reaching 30.5 million to 33 million oz. by 2020. After a difficult 2017, Ghana-focused Asanko Gold rose 23% to $1.02 per share. At the end of December, the company filed a preliminary, short-form, base-shelf prospectus with Canada’s securities commissions. With the base-shelf prospectus Asanko can offer up to US$300 million of shares, warrants, subscription receipts, debt securities and units, or any combination thereof, over a 25-month period. In an email to The Northern Miner, Alex Buck, Asanko’s manager of investor and media relations, said the prospectus gives the company “additional optionality and flexibility over the next two years to fund our future TSX MOST ACTIVE ISSUES

Argex Titanium Primero Mng Avesoro Res Yamana Gold Nemaska Lith B2Gold Kinross Gold First Quantum Eldorado Gold Trevali Mng

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

RGX P ASO YRI NMX BTO K FM ELD TV

32265 0.07 0.05 0.06 + 0.01 26619 0.28 0.10 0.27 + 0.18 23011 0.04 0.03 0.04 + 0.01 20786 4.32 3.84 4.31 + 0.28 19335 2.44 2.02 2.09 - 0.23 16914 3.88 3.52 3.85 + 0.13 13933 5.53 5.10 5.42 - 0.10 13420 19.58 18.48 19.30 + 0.60 13159 1.75 1.55 1.60 - 0.16 12540 1.63 1.50 1.60 + 0.05

growth projects,” adding that “it is normal course of business for public issuers to have a shelf prospectus filed and is a sensible tool to have for a gold company at our stage of development.” As is often the case, she noted, “the amount incorporates a sufficient buffer to allow us to respond to opportunities that might arise.” Shares of Imperial Metals fell 36¢ (12%) to $2.65 on 2017 production results. Its Red

Chris mine produced 74.6 million lb. copper in 2017 (compared with 83.61 million lb. copper in 2016); 33,416 oz. gold (47,088 oz. gold in 2016); and 133,157 oz. silver (190,624 oz. silver in 2016). Its Mt. Polley mine produced 19.07 million lb. copper last year (25.3 million lb. copper in 2016), 48,009 oz. gold (46,444 oz. gold in 2016) and 36,626 oz. silver (90,125 oz. silver in 2016). TNM

TSX GREATEST PERCENTAGE CHANGE

Primero Mng Alderon Iron SouthGobi Res Platinum Gp Mt Silver Bear Rs Asanko Gold Argex Titanium Morumbi Res Northcliff Res Dynacor Gld Mn RTG Mining Niocorp Dev Pine Cliff En Horizonte Mnls Klondex Mines Laramide Res Imperial Metal Mason Res Katanga Mng UEX Corp

P IRON SGQ PTM SBR AKG RGX ASND NCF DNG RTG NB PNE HZM KDX LAM III MNR KAT UEX

26619 965 81 2116 1018 4592 32265 1234 424 371 43 569 10044 296 5201 1381 655 258 7271 2975

0.28 0.35 0.25 0.71 0.32 1.06 0.07 0.90 0.16 1.99 0.26 0.66 0.44 0.08 3.10 0.52 3.19 0.27 2.55 0.36

0.10 0.23 0.00 0.45 0.22 0.81 0.05 0.71 0.13 1.62 0.17 0.53 0.36 0.07 2.10 0.38 2.65 0.24 2.06 0.32

0.27 0.35 0.25 0.63 0.32 1.02 0.06 0.90 0.16 1.98 0.17 0.54 0.37 0.07 2.67 0.43 2.65 0.24 2.24 0.32

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Teck Res Teck Res Pan Am Silver Torex Gold Goldcorp North Am Pall Nexa Resources Altius Mnrls Osisko Gold Arizona Mng Nutrien Lithium Amer Alamos Gold Detour Gold SSR Mining Ero Copper Klondex Mines Pretium Res Imperial Metal Kirkland Lake

+ 200.0 + 48.9 + 38.9 + 28.6 + 28.0 + 22.9 + 22.2 + 20.0 + 19.2 + 18.6 - 36.5 - 15.6 - 14.9 - 12.5 - 12.5 - 12.2 - 12.0 - 11.1 - 11.1 - 11.1

VOLUME WEEK (000s) CLOSE CHANGE

TECK.A TECK.B PAAS TXG G PDL NEXA ALS OR AZ NTR LAC AGI DGC SSRM ERO KDX PVG III KL

71 38.20 12052 38.25 1148 20.77 3217 11.70 11331 17.89 159 10.46 15 25.57 333 15.30 1990 14.86 3518 4.20 4596 66.64 2851 11.30 7149 7.63 4301 13.88 1938 10.03 597 8.30 5201 2.67 2502 13.91 655 2.65 3325 20.09

+ 4.32 + 4.32 + 1.40 + 1.35 + 1.21 + 1.12 + 0.75 + 0.74 + 0.65 + 0.62 - 2.49 - 0.79 - 0.74 - 0.66 - 0.59 - 0.48 - 0.38 - 0.38 - 0.36 - 0.35

TSX VENTURE EXCHANGE / JANUARY 8–12 The S&P/TSX Venture Composite Index fell 1.96% to finish the trading week at 878.20. Shares of Standard Lithium jumped 30¢ to $2.55 on news that the company signed an option agreement with TETRA Technologies Inc. to acquire the rights to conduct exploration, production and lithium extraction on up to 133.5 sq. km of brine leases in southern Arkansas. The leases are next to producing leases owned by Albermarle, and lie in the Smackover formation, which the company’s CEO Robert Mintak says “may be one of the lithium industry’s most promising regions to develop, given the potential resource size and large-scale, brine-handling infrastructure in the region.” Standard Lithium is focused on exploring and developing the Bristol Dry Lake lithium project in the Mojave region of California’s San Bernardino County. Shares of Cobalt 27 Capital, which owns over 2,982 tonnes of physical cobalt and manages seven cobalt royalties, advanced 30¢ to $12.45. The company has added structural geologist Andrew Ham to its advisory board. Ham has over 20 years of buy-side, industry and research experience in diverse commodities over six continents. His career has also included a

stint as director of mining analysis for Sun Valley Gold, an investment advisor in the precious metals sector. He has also served as director of mining research for Passport Capital LLC, a global investment firm; and senior consultant in structural geology for SRK Consulting, a global geology and engineering firm. Drill results from Northern Empire Resources’ Sterling gold project in Nye County, Nev., sent the junior’s shares up 21¢ to $1.16. Drill hole 32C returned a 5.3-metre intercept grading 16.52 grams gold per tonne starting from 104.6 metres’ depth, including 2 metres grading 32.46 grams gold. Drill hole 44C cut 1.2 metres of 2.85 grams gold at 68.9 metres and drill hole 45C returned 14.1 metres of 2.23 TSX-V MOST ACTIVE ISSUES

GrowMax Res GRO Spearmint Res SRJ MX Gold MXL Iconic Mnls ICM True North Gem TGX CKR Carbon GRAT Saint Jean SJL AXE Expl AXQ Westkam Gold WKG Fancamp Expl FNC

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

26455 24867 16852 16410 15896 14933 14395 11515 10997 10780

0.17 0.10 0.15 0.39 0.02 0.22 0.06 0.11 0.03 0.17

0.11 0.06 0.10 0.22 0.01 0.09 0.04 0.07 0.02 0.11

0.16 + 0.07 + 0.11 unch 0.39 + 0.01 - 0.20 + 0.05 + 0.10 + 0.03 + 0.15 +

0.06 0.01 0.00 0.19 0.01 0.11 0.01 0.01 0.01 0.03

grams gold from 109.9 metres. The wholly owned project hosts four deposits, including the fully permitted open-pit Sterling mine. The company has $18 million in its treasury and plans to drill known targets, expand resources and explore for oxide gold deposits in 2018. Iconic Minerals kicked off an exploration program at its Bonnie Claire lithium

project in southern Nevada. The property is 30 km long by 20 km wide and the associated drainage basin covers 57 square kilometres. The company aims to produce an initial resource estimate on the lithiumrich sediments of the basin and provide bulk samples for more tests. News of the exploration program lifted Iconic Minerals’ shares 19¢ to 39¢. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Quartz Mtn Res DV Resources CKR Carbon Iconic Mnls Aldershot Res Peat Res Icon Explor Mazarin Tajiri Res Tembo Gold Clydesdale Res Tolima Gold Highbank Res Indico Res Goldbelt Emp Baroyeca Go&Si True North Gem Troymet Expl Mezzotin Mnrls Gold Reach Res

QZM DLV.H GRAT ICM ALZ PET IEX.H MAZ.H TAJ TEM CEO.H TOM HBK IDI GBE BGS TGX TYE MEZ.H GRV

11 667 14933 16410 1404 3767 6257 207 627 1013 8 5302 2515 939 1071 59 15896 1131 565 119

1.00 0.24 0.22 0.39 0.07 0.19 0.84 0.16 0.14 0.04 0.15 0.05 0.06 0.03 0.03 0.02 0.02 0.01 0.02 0.25

0.00 0.14 0.09 0.22 0.03 0.07 0.27 0.09 0.08 0.02 0.04 0.02 0.02 0.02 0.02 0.01 0.01 0.01 0.01 0.16

0.82 0.24 0.20 0.39 0.07 0.16 0.56 0.16 0.14 0.04 0.04 0.03 0.03 0.02 0.02 0.01 0.01 0.01 0.01 0.16

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 811.1 + 118.2 + 116.7 + 92.5 + 85.7 + 82.4 + 80.6 + 77.8 + 75.0 + 75.0 - 73.3 - 44.4 - 40.0 - 40.0 - 33.3 - 33.3 - 33.3 - 33.3 - 33.3 - 31.9

VOLUME WEEK (000s) CLOSE CHANGE

Kitrinor Mtls Quartz Mtn Res Standard Lith Cobalt 27 Cap American Lith Icon Explor Gold Finder Ex Northn Empire Itafos Iconic Mnls Metalore Res Aurion Res Novo Res Marlin Gold Eloro Mnrls Bacanora Mnls Abitibi Royalt Leading Edge Gold Reserve First Cobalt

SCYB QZM SLL KBLT LI IEX.H VENZ NM IFOS ICM MET AU NVO MLN ELO BCN RZZ LEM GRZ FCC

215 18.63 11 0.82 1348 2.55 533 12.45 734 0.74 6257 0.56 1505 1.55 1234 1.16 19 2.70 16410 0.39 1 2.24 657 1.63 1672 3.39 169 0.62 237 0.93 801 2.16 14 9.30 812 0.77 61 3.55 3874 1.26

+ 1.08 + 0.73 + 0.30 + 0.30 + 0.26 + 0.25 + 0.23 + 0.21 + 0.20 + 0.19 - 0.66 - 0.44 - 0.40 - 0.23 - 0.22 - 0.21 - 0.21 - 0.19 - 0.19 - 0.18

U.S. MARKETS / JANUARY 8–12 Gold closed at US$1,337.40 per oz., up US$18.60 per ounce. The Philadelphia Gold & Silver Index and the Dow Jones Industrial Average both rose 2% to 89.11 and 25,803.19. The S&P 500 Index gained 1.57% to close at 2,786.24. Shares of Coeur Mining rose 15% to US$8.55. The company recently sold its wholly owned subsidiary Empresa Minera Manquiri to Argentum Investments. Manquiri owns and operates the San Bartolome silver mine near Potosi, Bolivia. Coeur president and CEO Mitchell J. Krebs said the sale reflects Coeur’s strategy to optimize its portfolio and “focus on developing and operating high-quality, North American assets.” He went on to say the mine’s short remaining life and high operating costs were contributing factors to the decision to sell. Coeur will keep a 2% net smelter return royalty (NSR) on all metals. It estimates the NSR has a US$5-million value. Shares of Alamos Gold fell 9% to US$6.12. Despite the dip, the company reported strong fourth-quarter and year-end operating results. Alamos produced 429,400 oz. gold in 2017, a 10% increase over the previous year. It also set a company record for fourth-quarter

18_JAN22_MarketNews.indd 18

production at 120,300 oz. gold. In 2018, the company expects to raise gold production to between 480,000 and 520,000 oz., and increase its exploration budget by 50% to US$36 million. Exploration will focus on its producing Island Gold and Mulatos gold mines. Mulatos produced 160,000 oz. gold in 2017 while Island Gold, acquired through the purchase of Richmont Mines in November, produced only 9,000 oz. gold from the time of acquisition to the end of the fiscal year. Hecla Mining shares rose 9% to US$4.41. Hecla is coming off a strong year, producing U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Frprt McMoR* FCX 111323 20.07 18.85 19.75 - 0.15 Vale* VALE 98989 13.57 13.05 13.53 + 0.44 Cleveland-Clif* CLF 72120 8.88 7.74 8.68 + 0.55 Yamana Gold* AUY 64924 3.45 3.08 3.44 + 0.19 Kinross Gold* KGC 55646 4.45 4.06 4.34 - 0.11 Eldorado Gold* EGO 54331 1.41 1.25 1.29 - 0.12 United States S* X 52969 39.94 37.70 39.14 + 0.65 Barrick Gold* ABX 48154 15.15 14.45 15.12 + 0.17 Goldcorp* GG 40463 14.35 13.30 14.35 + 0.93 Chevron Corp* CVX 33388 133.85 127.63 133.60 + 5.70

the second-highest volume of silver in its 126-year history. The Idaho-based company produced 12.5 million oz. silver and 232,685 oz. gold in 2017. The company relied on its Greens Creek silver mine in Alaska and its San Sebastian

silver-gold mine in Mexico to compensate for an ongoing strike at its Lucky Friday silver mine near Mullan, Idaho. Miners at Lucky Friday have been on strike since March 2017 after the labour contract expired a year earlier. TNM

U.S. GREATEST PERCENTAGE CHANGE

Coeur Mng* Cloud Peak En* Teck Res* Natural Res Pt* Hecla Mining* Goldcorp* Cleveland-Clif* Endeavr Silver* Yamana Gold* Rio Tinto* Alamos Gold* Eldorado Gold* Intrepid Pots* Black Hills* Nutrien* Pretium Res* Kinross Gold* First Majestic* Kirkland Lake* Trecora Res*

CDE CLD TECK NRP HL GG CLF EXK AUY RIO AGI EGO IPI BKH NTR PVG KGC AG KL TREC

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

17736 8.74 7.36 8.55 + 15.2 8298 5.60 4.78 5.55 + 14.9 26744 30.79 27.35 30.64 + 12.1 219 32.50 29.15 32.45 + 10.8 28912 4.63 3.90 4.41 + 8.9 40463 14.35 13.30 14.35 + 6.9 72120 8.88 7.74 8.68 + 6.8 7303 2.66 2.30 2.63 + 6.5 64924 3.45 3.08 3.44 + 5.8 12956 57.78 54.94 57.67 + 5.7 15546 6.84 5.84 6.12 - 9.1 54331 1.41 1.25 1.29 - 8.5 6478 4.66 4.07 4.32 - 6.1 4943 57.91 54.20 54.44 - 5.2 9105 55.49 51.51 53.43 - 4.1 9091 11.51 10.37 11.15 - 3.2 55646 4.45 4.06 4.34 - 2.5 17364 7.08 6.60 6.79 - 2.4 2933 16.49 15.65 16.12 - 2.4 148 14.15 13.65 13.85 - 2.1

U.S. GREATEST VALUE CHANGE

Chevron Corp* CVX Arch Coal* ARCH MartinMarietta* MLM Teck Res* TECK Natural Res Pt* NRP Rio Tinto* RIO Alcoa* AA NC NACCO Ind* Newmont Mng* NEM Coeur Mng* CDE Black Hills* BKH Nutrien* NTR Alamos Gold* AGI Franco-Nevada* FNV Kirkland Lake* KL Pretium Res* PVG Trecora Res* TREC Intrepid Pots* IPI Buenaventura* BVN First Majestic* AG

VOLUME WEEK (000s) CLOSE CHANGE

33388 133.60 1862 96.83 2727 230.76 26744 30.64 219 32.45 12956 57.67 20552 56.76 186 41.60 21323 39.79 17736 8.55 4943 54.44 9105 53.43 15546 6.12 2749 78.19 2933 16.12 9091 11.15 148 13.85 6478 4.32 4647 14.67 17364 6.79

+ 5.70 + 4.11 + 3.43 + 3.31 + 3.15 + 3.13 + 2.67 + 2.05 + 1.39 + 1.13 - 2.97 - 2.30 - 0.61 - 0.51 - 0.40 - 0.37 - 0.30 - 0.28 - 0.17 - 0.17

2018-01-16 9:52 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / JANUARY 22–FEBRUARY 4, 2018

19

M E TA L S , M I N I N G A N D M O N EY M A R K E T S PRODUCER AND DEALER PRICES

SPOT PRICES COURTESY OF SCOTIABANK Tuesday, January 16, 2018 Precious Metals Price (US$/oz.) Change 1334.95 +20.00 Gold Silver $17.10 +0.04 Platinum $995.00 +28.00 Palladium $1128.00 +32.00 Base Metals Nickel Copper Lead Zinc

Price (US$/tonne) Change $12545.00 -315.00 $7107.50 -132.00 $2560.50 -33.00 $3406.50 -18.50

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, January 15, 2018 (change from January 8, 2018 in brackets): Aluminium Alloy 145780 (+280) Aluminium 1086875 (-12600) Copper 204125 (+275) Lead 142075 (+150) Nickel 365994 (+924) Tin 2115 (-220) Zinc 180150 (-175)

Thermal Coal CAPP: US$40.00 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$58.50 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$12.25 Cobalt: US$35.61/lb. Copper: US$3.26/lb. Copper: CME Group Futures Feb. 2018: US$3.18/lb.; Mar. 2018: US$3.19/lb Ferro-Chrome: US$2.80/kg Ferro Titanium: US$4.40/kg FerroTungsten: US$28.50/kg Ferrovanadium: US$29.70/kg Iridium: NY Dealer Mid-mkt US$970.00/tr oz. Iron Ore 62% Fe CFR China-S: US$78.30/tonne Iron Ore Fines: US$72.80/tonne Iron Ore Pellets: US$105.20/tonne Lead: US$1.17/lb. Magnesium: US$2.27/kg Manganese: US$2.12/kg Molybdenum Oxide: US$7.26/lb. Phosphate Rock: US$80.00/tonne Potash: US$222.00/tonne Rhodium: Mid-mkt US$1,690.00 tr. oz. Ruthenium: Mid-mkt US$190.00/tr. oz. Silver: Handy & Harman Base: US$17.08 per oz.; Handy & Harman Fabricated: US$21.35 per oz. Tantalite Ore : US$139.20/kg Tin: US$9.28/lb. Uranium: U3O8, Trade Tech spot price: US$23.75; The UX Consulting Company spot price: US$23.75/lb. Zinc: US$1.58/lb. Prices current Jan. 16, 2018

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Jan 02, 2018 (with changes from Dec 18, 2017) Largest short positions Eldorado Gold ELD 20383379 1471692 12/18/2017 Sandstorm Gold SSL 15017478 -362421 12/18/2017 Suncor Energy SU 13534805 1423093 12/18/2017 Asanko Gold AKG 11873198 -628588 12/18/2017 Ivanhoe Mines IVN 11636598 30579 12/18/2017 Turquoise HIl TRQ 9680903 -223742 12/18/2017 OceanaGold OGC 9424447 470263 12/18/2017 Yamana Gold YRI 9029243 -633301 12/18/2017 New Gold NGD 8897506 -250657 12/18/2017 Lundin Mng LUN 7732763 -2135453 12/18/2017 Alacer Gold ASR 7127750 383263 12/18/2017 First Quantum FM 6976732 -563507 12/18/2017 Nevsun Res NSU 6799266 -93039 12/18/2017 Copper Mtn Mng CMMC 6283510 -39371 12/18/2017 McEwen Mng MUX 5984657 241140 12/18/2017 Largest increase in short position Eldorado Gold ELD 20383379 1471692 12/18/2017 Suncor Energy SU 13534805 1423093 12/18/2017 Klondex Mines KDX 5707028 997090 12/18/2017 Imperial Metal III 1505891 804505 12/18/2017 OceanaGold OGC 9424447 470263 12/18/2017 Largest decrease in short position Argex Titanium RGX 0 -5501600 12/18/2017 Kirkland Lake KL 1723440 -3406956 12/18/2017 Lundin Mng LUN 7732763 -2135453 12/18/2017 Alamos Gold AGI 2162379 -1684500 12/18/2017 Nemaska Lith NMX 2267418 -1359429 12/18/2017

Short positions outstanding as of Jan 02, 2018 (with changes from Dec 18, 2017) Largest short positions Leeta Gold HIVE 12130000 3028506 12/18/2017 Trek Mining EQX 2893000 1100497 12/18/2017 Neo Lithium NLC 1353383 36983 12/18/2017 Atlantic Gold AGB 1256400 -29800 12/18/2017 Azincourt Ener AAZ 1181400 329700 12/18/2017 Advantage Lith AAL 1045084 387084 12/18/2017 Golden Ridge GLDN 889500 585000 12/18/2017 SilverCrest Mt SIL 879300 384000 12/18/2017 Noble Mnl Expl NOB 801400 351300 12/18/2017 Uragold Bay Rs HPQ 671200 671200 12/18/2017 Garibaldi Res GGI 622916 -380094 12/18/2017 Giga Metals GIGA 600300 200500 12/18/2017 ABE Resources ABE 563035 184529 12/18/2017 Colibri Res CBI 559200 229200 12/18/2017 Alexandria Min AZX 552000 -405000 12/18/2017 Largest increase in short position Leeta Gold HIVE 12130000 3028506 12/18/2017 Trek Mining EQX 2893000 1100497 12/18/2017 Uragold Bay Rs HPQ 671200 671200 12/18/2017 Golden Ridge GLDN 889500 585000 12/18/2017 Saint Jean SJL 496600 494700 12/18/2017 Largest decrease in short position Cobalt 27 Cap KBLT 63425 -1267775 12/18/2017 Lithium Energi LEXI 26000 -1182600 12/18/2017 Macarthur Mnl MMS 6039 -947380 12/18/2017 Cache Expl CAY 500 -866500 12/18/2017 Liberty One Li LBY 232901 -611899 12/18/2017

DAILY METAL PRICES Daily Metal Prices Date Jan 15 Jan 12 Jan 11 Jan 10 Jan 9 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1775/1790 1775/1790 1785/1800 1795/1810 1800/1815 Aluminum 2227/2231 2214/2222.50 2178/2190 2158.50/2172.50 2143/2161.50 Copper 7179/7217 7070/7110 7122/7160 7140/7184 7090/7136 Lead 2580/2577 2535/2528 2570/2565 2595.50/2574 2606/2597.50 Nickel 12830/12870 12660/12685 12830/12870 12895/12940 12510/12560 Tin 20445/20300 20250/20265 20240/20145 20030/20045 20050/20000 Zinc 3473/3426 3415/3386 3419.50/3394.50 3380.50/3356 3400/3378 PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1343.00 1332.90 1319.85 1321.65 1314.95 Gold PM 1339.25 1326.80 1323.05 1319.75 1311.00 Silver 12.33 17.12 17.01 17.14 17.06 Platinum 1002.00 991.00 981.00 970.00 962.00 1129.00 1098.00 1078.00 1095.00 1108.00 Palladium

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

Jan 12 Jan 11 Jan 10 Jan 09 Jan 08 1.2461 1.2523 1.2532 1.2474 1.2415 0.8025 0.7986 0.7979 0.8017 0.8055

Exchange rates (Quote Media, January 12, 2018) C$ to AUS C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand 1.0148 0.6580 89.1145 15.2760 9.9128 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 0.5848 5.1813 50.7743 0.7764 849.2169 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.2632 0.8195 111.0240 19.0332 12.3644 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.7284 6.4610 63.6105 0.9677 1058.6500

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 Alio Gold Inc. (ALO.WT) - 10 Warrants to purchase one common share of the Issuer at $7.00 until expiry Alio Gold Inc. J (ALO.WT.A) - One Warrant to purchase one common share of the Issuer at $8.00 until expiry Ascendant Resources (ASND.WT) - Wt buys sh @ $1.25 to Mar 7/22 Excellon Resources Inc (EXN.WT.A) - One warrant to purchase one common share of the Issuer at $2.80 until expiry Excellon Resources Inc (EXN.WT) - Wt buys sh @ $1.75 to Jul 26/18 GoGold Resources Inc. (GGD.WT) - Wt buys sh @ $1.7 to Jun 7/18 Golden Queen Mining Co (GQM.WT) - Wt buys sh @ $2 to Jul 25/19 Gran Colombia Gold (GCM.WT.A) - Wt buys sh @ $3.25 to Mar 18/19 HudBay Minerals (HBM.WT) - Wt buys sh @ $15 to Jul 20/18 Liberty Gold Corp. Wt (LGD.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry may 16, 2019 Lithium Americas Corp (LAC.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry Lydian International Limited (LYD.WT) - One Warrant to purchase one additional ordinary share of the Issuer at $0.36 per share until expiry MBAC Fertilizer (MBC.WT) - Wt buys sh @ $1 to Apr 17/19 Nemaska Lithium Inc (NMX.WT) - Wt buys sh @ $1.5 to Jul 8/19 Northern Dynasty Minerals Ltd. J (NDM.WT.A) - Wt buys sh @ $0.55 to Jul 9/20 Northern Dynasty Minerals Ltd. J (NDM.WT.B) - Wt buys sh @ $0.55 to Jun 10/21 Northern Dynasty Minerals Ltd. J (NDM.WT.B) - Wt buys sh @ $0.55 to Jun 10/21 Oban Mining J (OBM.WT) - Wt buys 20 sh @ $3 to Aug 25/18 Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.5 to Feb 18/22 Osisko Gold Royalties (OR.WT.A) - Wt buys sh @ $19.08 to Feb 26/19 Osisko Mining Inc. J (OSK.WT) - 20 Wt buys sh @ $3 to Aug 25/18 Pilot Gold Inc. Wt (PLG.WT) - Wt buys sh @ $0.9 to May 16/19 Prairie Provident Resources Inc Wt (PPR.WT) - Wt buys sh @ $0.87 to Mar 16/19 Primero Mining Corp (P.WT.C) - Wt buys sh @ $3.35 to Jun 24/18

Sandstorm Gold (SSL.WT.B) - One Warrant to purchase one common share of the Issuer at US $14.00 until expiry. Sprott Resource Corp (SRHI.WT) - Wt buys sh @ $0.3333 to Feb 09/22 Timmins Gold Corp (TMM.WT) - Wt buy sh at $0.7 to May 30/18

TSX VENTURE WARRANTS ABE Resources Inc. (ABE.WT) - One warrant to purchase one common share at $0.15 per share. American Cumo Mining Corp. (MLY.RT) - 2 rights and $0.07 are required to purchase one share Atlantic Gold (AGB.WT) - Wt buys sh @ $0.6 to Aug 20/18 Avino Silver & Gold Mines Ltd. (ASM.WT) - Wt buys sh @ US$0.2 to Nov 28/19 Boreal Metals Corp. (BMX.WT) - One warrant to purchase one common share at $0.30 per share. Brazil Resources (BRI.WT) - Wt buys sh @ $0.75 to Dec 31/18 Cornerstone Capital Resources (CGP.WT.S) - Wt buys sh @ $0.35 to Apr 07/19 Equinoxgold Corp (EQX.WT) - One warrant to purchase one common share at $3.00 per share. Falco Resources Ltd. (FPC.WT) - One warrant to purchase one common share at $1.70 per share. Goldmining Inc. (GOLD.WT) - Wt buys sh @ $0.75 to Dec 31/18 Goldstar Minerals (GDM.RT) - One Right to purchase one common share at $0.03 per share. JDL Gold Corp. (JDL.WT) - Wt buy sh @ $3.00 to Oct 06/21 Jet Metal (JET.WT) - Wt buys sh @ $0.25 to Sep 16/19 Jet Metal (JET.WT.A) - Wt buys sh @ $0.5 to Feb 28/19 Kootenay Silver Inc. (KTN.WT) - Wt buys sh @ $0.55 to Apr 21/21 Maple Gold Mines Ltd. (MGM.WT) - One warrant to purchase one common share at $0.40 per share Rainy Mountain Royalty Corp. (RMO.WT) - Wt buys sh @ $0.15 to Mar 1/18 and sh @ $0.25 from Mar 2/18 to Mar 1/19 Rainy Mountain Royalty Corp. (RMD.WT) - Wt buys sh @ $0.15 to Mar 1/18 and sh @ $0.25 from Mar 2/18 to Mar 1/19 Silvercrest Metals Inc. (SIL.WT) - Wt buys sh @ $3 to Dec 06/18 Tintina Resources Inc. (TAU.RT) - Nine(9) Rights exercisable for one share at $0.06 per share. Trek Mining (TREK.WT) - Wt buy sh @ $3.00 to Oct 06/21 West Kirkland Mining (WKM.WT) - Wt buys sh @ $0.3 to Apr 17/19

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

Jan 12 Jan 11 Jan 10 Jan 09 Jan 08 High Low Index S&P/TSX Composite 16308.18 16286.94 16247.95 16319.24 16317.65 15527.30 12400.15 S&P/TSXV Composite 878.20 889.51 910.84 924.62 921.04 1050.26 883.52 S&P/TSX 60 967.37 966.66 963.70 968.79 968.16 896.74 709.99 S&P/TSX Global Gold 200.43 195.87 195.03 193.11 194.81 218.90 149.29 175.00 175.00 174.22 173.01 175.06 420.72 130.95 DJ Precious Metals

NEW 52-WEEK HIGHS AND LOWS JANUARY 8–12, 2018 223 New Highs Bayhorse Silvr* 37 Capital 92 Resources 92 Resources* ABE Resources* Abzu Gold* Alba Minerals* Albert Mining* Alcoa* Alexandra Cap Alexandra Cap* Altiplano Mnls Altiplano Mnls* Altius Mnrls Altura Mng Ltd* Alumina Inc* Amerigo Res Amerigo Res* Anaconda Mng Anaconda Mng* Anglo American* Antofagasta* APAC Res Inc Apex Res * Apogee Opport Arch Coal* Arizona Mng Asbestos Corp Aura Mnls Aura Mnls* AurCrest Gold Azincourt Ener Azincourt Ener* Bacanora Mnls Balto Res Bard Ventures Bayhorse Silvr

Belvedere Res* Black Tusk Res BrightRock Gld* Bunker Hill Calaveras Res Castle Silver Castle Silver* Cda Rare Earth Cda Rare Earth* Cda Strtgc Met * Chevron Corp* Chimata Gold CKR Carbon CKR Carbon* Cobalt Pwr Grp Cobalt Pwr Grp* Copper Ck Gold Copper Ck Gold* Crazy Horse Res* Cruz Cobalt Cruz Cobalt* Currie Rose Rs EastCoal Inc El Nino Vent* Evrim Res Falcon Gold Fancamp Expl Far Res Far Res* Fiore Gold Fiore Gold* Firestone Vent Fireweed Zinc Fireweed Zinc* First Quantum Foran Mng

Freeport McMoR*Kitrinor Mtls Newmont Mng* Fura Gems KWG Res* Noranda Alum* Glencore Plc* Labrador Iron North Am Nickl* GlobalMin Vent* Laredo Res* North Am Pall Gold Finder Ex Largo Res North Am Pall* Gold Mng USA* Largo Res* Northn Empire Golden Secret LeadFX Inc* Northn Empire* Goldrea Res Legion Metals Orca Gold Goldrea Res* Lithium Corp* Orca Gold* Gorilla Min Lorraine Coppr Orefinders Res Green Arrow Lorraine Coppr* Orestone Mng Group Ten Mtls Lydian Intl Orezone Gold* Group Ten Mtls* Lydian Intl* Oroco Res* GrowMax Res* Maccabi Vent Pac Arc Res Honey Badger E* Makena Res Pac Imperial HudBay Mnls Makena Res* Palamina Corp HudBay Mnls* Manson Creek Palamina Corp* Hunt Mng Manson Creek* Peabody Enrgy* Hunt Mng* Marifil Mines Peat Res Icon Explor Martina Mnls Pedro Res Icon Explor* Matica Ent Pitchblack Res* Iconic Mnls Matica Ent* PolyMet Mng Iconic Mnls * MAX Res PolyMet Mng* iMetal Res Maya Gold &Sil Portofino Res* iMetal Res* McChip Res Power Metals Inomin Mines Meadow Bay Gd Power Metals* Inspiration Mg Meadow Bay Gd* Promithian Gl * Inspiration Mg* Metals X* PUF Vent Inc Intact Gold Mineral Mtn Pure Nickel Intact Gold* Mineral Mtn* Pure Nickel* Integra Res Mineworx Tech Q-Gold Res Integra Res* Mineworx Tech* Quartz Mtn Res Intl Bethl Mng Nemaska Lith Randsburg Int* Intl Cobalt* Nemaska Lith* Redzone Res Intl Lithium* Neo Lithium Redzone Res* Karoo Expl New World Res Rio Tinto* Khan Res Newmac Res* Rockshield Cap

Rockshield Cap* Rye Patch Gold Rye Patch Gold* Sable Res* Sienna Res Sienna Res* Silver Bull Re Silver Bull Re* Silvermet Skeena Res Skeena Res* Sonora Gld & S Southern Copp* Spearmint Res Spearmint Res* St-Georges Plt* Standard Graph* Stelmine Can Teck Res Teck Res* Tesoro Mnrls Tintina Mines Trilogy Mtls Trilogy Mtls* Trinity Valley* Umbral Enrgy* United Lithium Uranium Energy* US Energy* US Tungsten* Vale* Valley High Mg* Victory Vent War Eagle Mg West Af Res Western Areas* Wolverine Mnls*

Worldwide Res Ximen Mng

31 New Lows

Alamos Gold Alamos Gold* Am CuMo Mng Atacama Res* Auxico Res Bankers Cobalt* Black Hills* Cda Carbon* Centerra Gold First Idaho Four Nines GlobalMin Vent* Gorilla Min IDM Mining IDM Mining* Integra Res* Ireland* Klondex Mines Lions Bay Cap Lithium Energi* Nutrien Nutrien* Providence Gld* Quantum Cobalt Revival Gold * Sage Gold SSR Mining* Trueclaim Expl* United Lithium Zadar Vent Zenyatta Vent

CANADIAN GOLD MUTUAL FUNDS Fund Jan 12 ($) Jan 05 ($) Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) AGF Prec Mtls Fd MF 21.24 21.04 0.20 0.95 -7.71 2.81 125.54 BMO Prec Mtls Fd A 18.10 18.01 0.08 0.46 -0.52 2.40 63.35 BMO ZGD 9.56 9.46 0.10 1.01 -1.01 0.63 BMO ZJG 8.98 8.95 0.03 0.39 11.92 0.60 CIBC Prec Metal Fd A 10.31 10.20 0.11 1.04 -4.03 2.58 48.89 Dyn Prec Metls Fd A 7.09 7.06 0.03 0.42 12.88 2.66 360.97 GOGO 10.24 10.09 0.15 1.46 Horizons HEP 25.22 24.80 0.42 1.68 8.49 0.81 IG Mac GbPMetCl A 9.08 8.99 0.09 0.96 3.99 2.75 41.12 iShares XGD 12.53 12.29 0.25 2.02 0.80 0.55 786.52 Mac Prec Met Cl A 48.49 48.00 0.49 1.02 4.12 2.52 87.04 NBI PrecMetFd Invt 12.53 12.47 0.06 0.48 1.79 2.46 30.44 RBC GblPreMetFd A 33.93 33.82 0.11 0.33 6.76 2.13 363.63 Redw UITGoDe&ProCl A 10.00 0.00 Sentry Pre Met Fd A 38.11 38.80 -0.68 -1.76 0.55 2.44 170.15 Sprott Gold&PrMinFdA 37.27 36.42 0.84 2.32 1.79 2.96 165.42 Sprott SilverEquCl A 5.78 5.67 0.11 1.88 -12.11 3.36 112.91 TD PreciousMetalsInv 34.26 33.82 0.44 1.30 -2.90 2.27 122.10

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

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

19_JAN22_MMMM.indd 19

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

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

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

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

2018-01-16 8:50 PM

20

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: JANUARY 8–12, 2018 (100s) Stock

WWW.NORTHERNMINER.COM

JANUARY 22–FEBRUARY 4, 2018 / THE NORTHERN MINER

Week

12-month

Exc Volume High Low Last Change High Low

A 92 Resources V 9691 92 Resources* O 347 Abacus Mng &Ex* O 479 Abacus Mng &Ex V 220 Abcourt Mines V 566 Abcourt Mines* O 28 ABE Resources* O 13 ABE Resources V 826 Aben Res V 969 Aben Res* O 178 Aberdeen Intl* O 21 Abitibi Royalt V 14 Abitibi Royalt* O 16 AbraPlata Res V 248 AbraPlata Res* O 206 O 474 Adamera Mnls* Advance Gold V 47 Advanced Expl* O 121 Advantage Lith* O 1400 Advantage Lith V 2610 Affinity Gold* O 19 Aftermath Slvr* O 1 Agnico Eagle T 3459 Agnico Eagle* N 5421 Aguia Resource V 122 Aim Explor* O 82202 Alabama Graph* O 121 Alacer Gold T 1864 Alamos Gold T 7149 Alamos Gold* N 15546 Alba Minerals* O 33 Albert Mining V 622 Albert Mining* O 17 Alchemist Mng 5699 Alcoa* N 20552 Alderon Iron* O 78 Alderon Iron T 965 Aldershot Res V 1404 Aldever Res* O 1 Aldever Res V 497 Aldridge Min V 133 Alexandra Cap 203 Alexandra Cap* O 15 Alexandria Min* O 644 Alexandria Min V 5446 Alexco Res* X 2134 Alexco Res T 707 Algold Res V 3172 Alianza Min* O 3 Alianza Min V 127 Alliance Res* D 1972 Almaden Mnls T 122 Almaden Mnls* X 774 Almadex Min V 111 Almadex Min* O 174 Alphamin Res V 142 Altai Res V 401 Altair Res Inc V 722 Altamira Gold V 817 Altamira Gold* O 475 Altiplano Mnls V 10409 Altiplano Mnls* O 163 Altius Mnrls T 333 Alto Vent V 457 Alturas Mnrls V 44 Alumina Inc* O 91 ALX Uranium V 855 ALX Uranium* O 440 Am CuMo Mng* O 63 Am Manganese* O 277 Am Sierra Gold* O 15 Amarc Res* O 130 Amarc Res V 207 Amarillo Gold V 437 Amazing Energy* O 121 Amer Intl Vent* O 111 American Lith* O 120 American Lith V 734 American Pot* O 284 American Pot 14116 Americas Silvr* X 154 Americas Silvr T 149 Amerigo Res* O 3106 Amerigo Res T 3958 Anaconda Mng T 8821 Anaconda Mng* O 1445 Andes Gold* O 304 Anfield Energy* O 126 Anfield Energy V 520 Angel Gold* O 202 Angel Gold V 1765 Anglo American* O 6 Anglo American* O 2522 Anglo-Bomarc V 106 AngloGold Ash* N 13725 Antioquia Gold* O 32 Antioquia Gold V 326 Antler Gold V 177 Antofagasta* O 16 Apex Res V 186 Apex Res * O 62 Apogee Opport V 127 Applied Mrnls* O 658 Aquila Res T 511 Aquila Res* O 355 Arch Coal* N 1862 Arctic Star* O 435 Arcturus Vent V 12 Arena Mnls* O 239 Argentina Lith V 1109 Argentina Lith* O 241 Argentum Silvr V 268 Argex Titanium T 32265 Argex Titanium* O 229 Argo Gold* O 68 Argo Gold 101 Argonaut Gold* O 107 Argonaut Gold T 2129 Argus Metals V 80 Arian Silver* O 146 Arianne Phosph* O 229 Arizona Mng* O 194 Arizona Mng T 3518 Arizona Silver V 259 Arizona Silver* O 117 Asanko Gold* X 7484 Asanko Gold T 4592 Asante Gold 528 Asbestos Corp V 17 Ascot Res V 285 Ashburton Vent V 3386 Ashburton Vent* O 31 AsiaBaseMetals V 29 Aston Bay V 437 Astorius Res V 275 ATAC Res V 539 Atacama Pacif V 267 Atacama Pacif* O 109 Athabasca Mnls* O 258 Athabasca Mnls V 862 Athena Silver* O 20 Atlanta Gold V 57 Atlantic Gold V 1121 Atlatsa Res* O 131 Atlatsa Res T 628 Atom Energy * O 1 Atom Energy V 20 Aton Res Inc* O 84 Aton Res Inc V 746 Aura Mnls T 31 Aura Mnls* O 3 Aura Silver Rs V 1242 Auramex Res V 237 Aurania Res V 402 Aurania Res* O 298 Aurcana Corp V 266 Aurcana Corp* O 106 AurCrest Gold V 1092 AuRico Metals T 161 AuRico Metals * O 92 Aurion Res * O 12 Aurion Res V 657 Auryn Res T 576 Auryn Res* X 485 Austin Res V 475 Austral Gold V 226 Auxico Res 184 Avalon Adv Mat T 3269 Avalon Adv Mat* O 717 Avarone Metals 624 Avesoro Res* O 87 Avesoro Res T 23011 Avino Silver* X 719 Avino Silver T 127 Avrupa Mnls* O 100 AXE Expl V 11515

20-22_JAN22_StockTables.indd 20

0.27 0.17 0.21 - 0.01 0.27 0.07 0.20 0.14 0.17 - 0.00 0.20 0.07 0.26 0.21 0.23 - 0.01 2.88 0.06 0.32 0.26 0.27 - 0.02 1.25 0.19 0.07 0.07 0.07 - 0.01 0.13 0.06 0.05 0.05 0.05 - 0.00 0.10 0.04 0.62 0.55 0.55 - 0.04 0.62 0.34 0.76 0.63 0.71 - 0.03 0.79 0.18 0.18 0.16 0.16 - 0.02 0.50 0.09 0.15 0.13 0.13 - 0.00 0.41 0.07 0.15 0.14 0.14 - 0.01 0.16 0.09 9.95 9.21 9.30 - 0.21 10.75 7.41 7.80 7.60 7.60 - 0.40 8.18 6.00 0.28 0.23 0.25 - 0.05 0.63 0.03 0.42 0.20 0.20 - 0.01 0.48 0.17 0.08 0.07 0.08 - 0.00 0.18 0.05 0.07 0.06 0.06 - 0.01 0.13 0.05 0.00 0.00 0.00 + 0.00 0.00 0.00 1.09 0.91 0.95 - 0.11 1.12 0.28 1.33 1.14 1.18 - 0.12 1.42 0.36 0.02 0.02 0.02 - 0.00 0.05 0.01 0.12 0.00 0.11 - 0.01 0.14 0.00 59.11 57.50 58.88 + 0.54 68.76 52.36 47.32 46.20 47.23 + 0.21 51.86 39.30 0.50 0.37 0.37 - 0.08 0.50 0.32 0.00 0.00 0.00 - 0.00 0.04 0.00 0.08 0.07 0.07 - 0.00 0.17 0.06 2.26 2.12 2.16 - 0.05 3.11 1.95 8.40 7.32 7.63 - 0.74 11.83 7.32 6.84 5.84 6.12 - 0.61 9.00 5.84 0.17 0.14 0.17 + 0.06 0.17 0.03 0.10 0.00 0.09 + 0.01 0.15 0.04 0.08 0.06 0.07 + 0.02 0.07 0.03 0.25 0.19 0.20 - 0.03 0.35 0.05 57.50 53.66 56.76 + 2.67 57.13 29.55 0.24 0.18 0.24 + 0.05 0.60 0.16 0.35 0.23 0.35 + 0.12 0.80 0.21 0.07 0.03 0.07 + 0.03 0.10 0.03 0.03 0.00 0.03 - 0.00 0.09 0.02 0.04 0.03 0.04 - 0.01 0.13 0.03 0.14 0.13 0.14 + 0.01 0.29 0.11 0.93 0.80 0.90 + 0.12 0.93 0.05 0.76 0.49 0.76 + 0.27 0.75 0.49 0.07 0.06 0.07 + 0.00 0.07 0.03 0.09 0.08 0.09 + 0.01 0.09 0.05 1.62 1.43 1.61 + 0.05 2.04 1.10 2.02 1.78 2.01 + 0.09 2.66 1.41 0.18 0.13 0.17 + 0.03 0.29 0.12 0.06 0.06 0.06 + 0.01 0.12 0.04 0.09 0.08 0.09 + 0.01 0.16 0.05 21.25 20.00 20.80 + 0.70 25.55 17.60 1.27 1.17 1.25 + 0.01 2.33 0.92 1.02 0.93 1.01 + 0.01 1.75 0.71 1.38 1.25 1.34 + 0.02 1.65 0.89 1.10 0.99 1.09 - 0.01 1.27 0.65 0.33 0.30 0.33 + 0.02 0.44 0.25 0.28 0.25 0.26 + 0.01 0.37 0.05 0.09 0.08 0.08 - 0.01 0.47 0.08 0.34 0.27 0.30 - 0.04 0.35 0.14 0.28 0.22 0.24 - 0.04 0.31 0.11 0.64 0.36 0.47 + 0.16 0.64 0.11 0.46 0.33 0.40 + 0.14 0.46 0.15 15.50 14.50 15.30 + 0.74 15.50 10.05 0.07 0.06 0.06 - 0.01 0.14 0.05 0.05 0.04 0.05 + 0.01 0.05 0.02 8.15 7.82 8.15 + 0.09 8.10 4.95 0.10 0.09 0.09 - 0.01 0.16 0.07 0.07 0.07 0.07 - 0.00 0.12 0.05 0.07 0.06 0.07 + 0.00 0.35 0.05 0.23 0.20 0.22 - 0.00 0.28 0.10 0.01 0.00 0.01 - 0.00 0.05 0.01 0.14 0.12 0.13 + 0.00 0.21 0.06 0.17 0.15 0.16 - 0.01 0.26 0.08 0.32 0.28 0.30 - 0.02 0.45 0.24 0.70 0.55 0.60 - 0.05 0.87 0.05 0.03 0.03 0.03 - 0.01 0.11 0.01 0.57 0.44 0.56 + 0.11 0.67 0.32 0.76 0.53 0.74 + 0.26 2.05 0.33 0.13 0.09 0.09 - 0.02 0.19 0.05 0.17 0.12 0.13 - 0.01 0.26 0.05 4.26 4.05 4.10 - 0.10 5.04 2.50 5.28 5.05 5.13 - 0.08 6.11 3.22 1.09 0.91 0.95 - 0.08 1.09 0.28 1.35 1.13 1.19 - 0.09 1.35 0.36 0.14 0.11 0.12 + 0.01 0.14 0.06 0.12 0.08 0.10 + 0.01 0.12 0.04 0.01 0.00 0.00 + 0.00 0.03 0.00 0.27 0.24 0.24 - 0.03 1.07 0.22 0.35 0.28 0.28 - 0.05 1.45 0.29 0.08 0.04 0.06 + 0.03 0.09 0.03 0.12 0.05 0.08 + 0.03 0.12 0.04 24.09 0.00 24.09 + 1.96 23.51 12.19 12.17 10.99 12.16 + 1.24 12.03 5.95 0.08 0.00 0.08 - 0.01 0.15 0.05 11.10 10.36 11.07 + 0.40 13.68 8.86 0.04 0.04 0.04 - 0.00 0.14 0.02 0.06 0.05 0.05 - 0.01 0.20 0.05 0.20 0.18 0.18 - 0.04 0.66 0.18 14.25 0.00 14.18 + 0.58 13.92 8.73 0.13 0.11 0.12 - 0.03 0.15 0.07 0.09 0.08 0.09 + 0.01 0.09 0.04 0.29 0.19 0.29 + 0.10 0.28 0.14 0.06 0.05 0.06 + 0.01 0.15 0.02 0.27 0.25 0.25 - 0.01 0.32 0.21 0.22 0.19 0.20 - 0.01 0.24 0.16 99.53 91.53 96.83 + 4.11 99.53 60.13 0.13 0.11 0.11 - 0.01 0.24 0.08 0.14 0.14 0.14 - 0.01 0.25 0.07 0.07 0.00 0.05 - 0.01 0.23 0.04 0.36 0.34 0.35 - 0.01 0.60 0.08 0.30 0.27 0.29 - 0.01 0.48 0.07 0.24 0.18 0.20 - 0.04 0.59 0.17 0.07 0.05 0.06 + 0.01 0.10 0.04 0.05 0.04 0.05 + 0.01 0.08 0.03 0.13 0.12 0.12 - 0.01 0.18 0.08 0.19 0.00 0.19 + 0.04 0.26 0.07 2.14 1.97 2.12 + 0.04 2.40 1.31 2.66 2.46 2.65 + 0.09 2.94 1.76 0.62 0.55 0.55 - 0.05 0.75 0.07 0.01 0.00 0.01 + 0.00 0.02 0.00 0.57 0.51 0.54 + 0.00 0.73 0.47 3.42 2.81 3.38 + 0.51 3.50 1.30 4.29 3.49 4.20 + 0.62 4.29 1.70 0.20 0.17 0.19 + 0.01 1.23 0.14 0.15 0.13 0.15 + 0.00 0.91 0.11 0.84 0.66 0.83 + 0.16 3.90 0.43 1.06 0.81 1.02 + 0.19 5.07 0.55 0.07 0.06 0.07 + 0.01 0.20 0.06 0.70 0.40 0.65 + 0.15 0.55 0.18 1.44 1.30 1.34 - 0.08 2.10 1.29 0.16 0.10 0.13 - 0.02 0.34 0.06 0.12 0.00 0.11 - 0.01 0.24 0.05 0.28 0.23 0.26 - 0.02 0.45 0.19 0.15 0.14 0.15 - 0.01 0.25 0.10 0.13 0.11 0.13 + 0.01 0.21 0.06 0.65 0.54 0.61 - 0.01 0.89 0.35 0.68 0.60 0.65 - 0.03 0.83 0.26 0.59 0.47 0.47 - 0.12 0.66 0.22 0.12 0.10 0.11 - 0.02 0.24 0.09 0.16 0.13 0.15 - 0.02 0.32 0.12 0.28 0.04 0.04 - 0.16 0.33 0.02 0.06 0.05 0.06 + 0.01 0.10 0.04 1.49 1.41 1.44 - 0.02 1.87 0.88 0.03 0.02 0.03 + 0.00 0.06 0.01 0.04 0.03 0.04 + 0.01 0.09 0.02 0.25 0.00 0.25 + 0.06 0.34 0.04 0.35 0.00 0.33 + 0.03 0.65 0.05 0.03 0.03 0.03 - 0.00 0.06 0.02 0.04 0.00 0.04 + 0.01 0.07 0.03 2.95 2.55 2.79 + 0.34 2.95 1.30 2.23 2.17 2.23 + 0.26 2.23 1.03 0.03 0.02 0.02 - 0.01 0.10 0.02 0.09 0.07 0.09 + 0.01 0.09 0.02 4.55 3.81 4.41 + 0.16 7.57 0.50 3.63 3.00 3.55 + 0.07 6.06 1.40 0.27 0.23 0.25 - 0.02 0.48 0.17 0.22 0.18 0.20 - 0.01 0.36 0.13 0.04 0.02 0.03 + 0.01 0.04 0.02 1.80 1.79 1.80 - 0.01 1.80 0.96 1.45 1.39 1.43 - 0.01 1.45 0.72 1.67 1.30 1.30 - 0.33 2.82 0.29 2.12 1.57 1.63 - 0.44 3.49 0.39 2.10 1.77 1.80 - 0.15 3.85 1.66 1.69 1.40 1.46 - 0.10 3.00 1.29 0.04 0.03 0.04 + 0.01 0.04 0.01 0.15 0.13 0.15 + 0.02 0.19 0.12 0.31 0.00 0.30 - 0.05 0.45 0.24 0.16 0.14 0.14 - 0.01 0.23 0.11 0.12 0.10 0.11 + 0.00 0.17 0.08 0.08 0.06 0.07 - 0.01 0.08 0.02 0.03 0.02 0.03 + 0.01 0.03 0.02 0.04 0.03 0.04 + 0.01 0.05 0.03 1.55 1.42 1.52 + 0.06 2.13 1.14 1.94 1.79 1.91 + 0.07 2.80 1.44 0.06 0.05 0.06 - 0.00 0.11 0.05 0.11 0.07 0.10 + 0.01 0.15 0.02

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Axmin Inc V 98 Azarga Mtls V 271 Azarga Mtls* O 2 Azarga Uranium T 126 Azarga Uranium* O 11 Azincourt Ener V 10511 Azincourt Ener* O 151 Aztec Minerals V 42 Aztec Minerals* O 16

0.04 0.03 0.04 + 0.01 0.09 0.03 0.15 0.13 0.13 - 0.02 0.38 0.11 0.10 0.00 0.10 + 0.00 0.29 0.08 0.24 0.22 0.22 - 0.02 0.57 0.20 0.20 0.00 0.18 - 0.00 0.44 0.16 0.32 0.20 0.32 + 0.12 0.28 0.05 0.23 0.16 0.23 + 0.07 0.22 0.03 0.29 0.25 0.26 - 0.01 0.65 0.21 0.23 0.23 0.23 - 0.00 0.23 0.18

B2Gold T 16914 B2Gold* X 25827 Bacanora Mnls V 801 Balmoral Res T 1282 Balmoral Res* O 379 Balto Res V 666 Bankers Cobalt* O 132 Bankers Cobalt V 590 Bannerman Res* O 443 Banyan Gold V 396 Banyan Gold* O 6 Bard Ventures V 137 Barker Mnrls V 2118 Barkerville Go* O 236 Barkerville Go V 1416 Baroyeca Go&Si V 59 Barrick Gold* N 48154 Barrick Gold T 10399 Barsele Min* O 50 Barsele Min V 196 Batero Gold V 311 Bayhorse Silvr* O 125 Bayhorse Silvr V 1463 Bayswater Uran V 204 Bayswater Uran* O 3 Bear Creek Mng V 313 Bearing Lith* O 326 Bearing Lith V 263 Beaufield Res V 1195 Beaufield Res* O 169 Bell Copper* O 112 Belmont Res V 953 Belo Sun Mng T 1494 Belvedere Res V 474 Benz Mining V 335 Berkeley Egy* O 83 Berkwood Res V 903 Berkwood Res * O 59 Bird River Res 206 Bitterroot Res V 475 Bitterroot Res* O 151 Black Dragon V 144 Black Dragon* O 68 Black Hills* N 4943 Black Isle Res V 13 Black Mam Mtls V 165 Black Sea Cop V 26 Black Sea Cop* O 33 Black Tusk Res 146 Blackheath Res V 193 Blackrock Gold V 564 Blind Crk Res V 54 BLOX Inc* O 33 Blue Moon Zinc* O 295 Blue Moon Zinc V 5211 Blue Sky Uran* O 18 Blue Sky Uran V 739 Bluenose Gold V 61 Bluestone Res V 91 Bold Vent V 99 Bonanza Gldfds* O 1434 BonTerra Res V 573 BonTerra Res* O 205 Boreal Metals V 217 Borneo Res Inv* O 1866 BQ Metals V 577 Bravada Gold V 377 Bravada Gold* O 117 Braveheart Res V 227 Bravo Multinat* O 41 Brazil Mnrls* O 2685 BrightRock Gld* O 598 Brilliant Sand* O 57 Brio Gold T 164 Britannia Mng* O 140 Brixton Mtls* O 41 Brixton Mtls V 201 Broadway Gold* O 111 Broadway Gold V 203 Brookmount Exp* O 3476 Bryn Res* O 1 Buenaventura* N 4647 Bullfrog Gold* O 232 Bullion Gld Res V 370 Bunker Hill 73 BWR Explor V 1286

3.88 3.52 3.85 + 0.13 4.64 2.96 3.11 2.83 3.07 + 0.09 3.55 2.15 2.73 1.84 2.16 - 0.21 2.73 1.16 0.52 0.48 0.50 - 0.01 0.98 0.42 0.42 0.38 0.40 - 0.01 0.75 0.23 0.28 0.24 0.27 + 0.02 0.28 0.01 0.62 0.00 0.52 - 0.12 0.68 0.37 0.80 0.63 0.67 - 0.11 0.85 0.11 0.05 0.04 0.05 - 0.00 0.08 0.02 0.13 0.08 0.10 - 0.02 0.15 0.06 0.10 0.06 0.06 - 0.03 0.11 0.05 0.06 0.00 0.05 + 0.01 0.06 0.02 0.03 0.02 0.02 - 0.01 0.03 0.01 0.62 0.57 0.61 + 0.03 1.03 0.31 0.77 0.70 0.76 + 0.05 1.39 0.41 0.02 0.01 0.01 - 0.01 0.02 0.01 15.15 14.45 15.12 + 0.17 20.78 13.28 18.89 17.99 18.88 + 0.33 27.19 17.07 0.57 0.55 0.55 - 0.01 1.25 0.42 0.74 0.68 0.70 - 0.03 1.62 0.53 0.11 0.10 0.10 - 0.01 0.13 0.08 0.22 0.17 0.20 + 0.03 0.22 0.09 0.27 0.21 0.25 + 0.05 0.27 0.13 0.05 0.00 0.03 - 0.01 0.09 0.02 0.02 0.02 0.02 - 0.00 0.07 0.02 2.15 1.91 2.00 - 0.07 3.40 1.64 0.67 0.62 0.64 - 0.03 1.41 0.50 0.83 0.78 0.79 - 0.01 1.83 0.67 0.17 0.14 0.15 - 0.02 0.34 0.09 0.13 0.12 0.12 - 0.02 0.25 0.07 0.16 0.13 0.13 - 0.02 0.16 0.02 0.05 0.04 0.05 - 0.01 0.09 0.02 0.37 0.33 0.34 - 0.03 1.14 0.29 0.30 0.20 0.24 - 0.06 0.32 0.02 0.16 0.00 0.14 - 0.01 0.47 0.13 0.80 0.74 0.77 - 0.03 0.92 0.51 0.34 0.28 0.31 - 0.02 0.63 0.25 0.26 0.23 0.23 - 0.03 0.44 0.20 0.39 0.28 0.32 + 0.01 0.63 0.05 0.13 0.11 0.12 - 0.01 0.29 0.04 0.11 0.09 0.10 + 0.01 0.24 0.05 0.06 0.05 0.06 + 0.01 0.12 0.03 0.04 0.04 0.04 - 0.00 0.09 0.02 57.91 54.20 54.44 - 2.97 72.02 54.20 0.05 0.05 0.05 + 0.02 0.06 0.03 0.12 0.10 0.12 + 0.01 0.25 0.06 0.14 0.00 0.13 - 0.01 0.34 0.10 0.11 0.10 0.10 + 0.01 0.26 0.07 0.20 0.13 0.19 + 0.02 0.20 0.12 0.07 0.06 0.06 - 0.01 0.11 0.04 0.09 0.07 0.07 - 0.02 0.12 0.05 0.20 0.18 0.19 - 0.03 0.38 0.13 0.29 0.12 0.29 + 0.01 0.35 0.03 0.07 0.04 0.05 + 0.02 0.09 0.02 0.10 0.06 0.08 + 0.02 0.12 0.02 0.20 0.18 0.19 - 0.00 0.33 0.08 0.25 0.23 0.24 - 0.01 0.43 0.10 0.08 0.00 0.08 - 0.01 0.09 0.02 1.20 1.13 1.13 - 0.02 1.90 0.95 0.05 0.04 0.05 + 0.01 0.06 0.03 0.00 0.00 0.00 - 0.00 0.01 0.00 0.60 0.54 0.56 + 0.02 0.72 0.24 0.48 0.42 0.43 + 0.00 0.57 0.18 0.28 0.23 0.26 + 0.03 0.40 0.22 0.00 0.00 0.00 - 0.00 0.00 0.00 0.27 0.22 0.27 + 0.02 0.49 0.18 0.17 0.14 0.15 - 0.01 0.34 0.10 0.14 0.00 0.12 - 0.01 0.26 0.07 0.11 0.07 0.11 + 0.04 0.12 0.04 0.64 0.44 0.55 - 0.08 3.49 0.32 0.01 0.00 0.00 - 0.00 0.05 0.00 0.00 0.00 0.00 + 0.00 0.00 0.00 0.05 0.00 0.05 + 0.02 0.05 0.01 1.98 1.65 1.81 - 0.16 3.40 1.54 0.00 0.00 0.00 - 0.00 0.01 0.00 0.29 0.23 0.29 + 0.04 0.47 0.18 0.38 0.29 0.36 + 0.04 0.65 0.23 0.41 0.31 0.31 - 0.09 1.29 0.24 0.51 0.40 0.40 - 0.10 1.70 0.31 0.02 0.01 0.01 - 0.00 0.13 0.01 0.00 0.00 0.00 + 0.00 0.01 0.00 14.84 14.10 14.67 - 0.17 15.15 10.87 0.09 0.09 0.09 - 0.00 0.18 0.05 0.45 0.33 0.37 - 0.01 0.47 0.08 2.49 1.90 2.40 + 0.55 2.00 1.53 0.09 0.07 0.08 - 0.01 0.10 0.04

Cabral Gold V 567 Cache Expl V 1043 Calaveras Res 58 Caledonia Mng T 11 Caledonia Mng* X 34 California Gld V 93 California Go* O 76 Callinex Mines* O 360 Callinex Mines V 1590 Cameco Corp* N 14815 Cameco Corp T 7191 Cameo Res* O 12 Cameo Res V 177 Camino Mnls V 1014 Camino Mnls* O 42 Camrova Res V 103 Camrova Res* O 15 Canada One* O 2 Canada One V 406 Canadian Zeol V 365 Canadian Zeol* O 2 CanAlaska Uran* O 59 CanAm Coal* O 50 Canamex Gold* O 389 Canamex Gold V 1741 Canarc Res* O 175 Canasil Res V 328 Candelaria Mg* O 0 Candente Coppr T 331 Candente Gold* O 732 CANEX Metals V 47 Canoe Mng Vent V 751 Canstar Res V 230 Canterra Mnls V 44 Canuc Res* O 87 Canyon Copper* O 21 Canyon Copper V 124 Capstone Mng T 2651 Cardero Res V 126 Cardero Res* O 2 Cardinal Res T 124 Carlin Gold V 109 Carmax Mng V 388 Carrara Explor 1292 Cartier Iron 62 Cartier Res V 1654 Carube Copper V 148 Cascadero Copp V 2120 Castle Silver V 3046 Castle Silver* O 305 Cautivo Mining 28 Cava Res V 104 Cavan Vent V 473 Cda Carbon* O 109 Cda Carbon V 916 Cda Rare Earth* O 51 Cda Rare Earth V 3843 Cda Strtgc Met * O 4 Cda Strtgc Met V 907 Cda Zinc Mtls V 666 Cdn Intl Mnrls V 27 Cdn Intl Mnrls* O 7 Cdn Metals 752 Cdn Orebodies V 169 Cdn Platinum V 874 Cdn Silvr Hunt V 149 Cdn Zinc T 853 Cdn Zinc* O 244 Centamin T 69 Centaurus Diam* O 38 Centenera Mng V 79 Centerra Gold T 3710 Century Global* O 4 Century Global T 3 Cerro Mng V 27 Ceylon Graph V 317 Chalice Gold M T 536

0.45 0.34 0.34 - 0.11 0.50 0.31 0.09 0.07 0.08 + 0.01 0.31 0.05 1.41 1.15 1.41 + 0.11 1.41 0.47 9.35 0.00 9.33 + 0.18 10.00 6.70 7.56 7.25 7.52 + 0.09 7.96 0.06 0.40 0.36 0.38 - 0.02 0.64 0.23 0.32 0.28 0.31 - 0.02 0.49 0.21 0.30 0.26 0.27 + 0.00 0.39 0.21 0.39 0.32 0.34 + 0.01 0.51 0.28 9.98 9.28 9.86 + 0.07 13.36 7.68 12.48 11.55 12.31 + 0.17 17.65 9.90 0.54 0.44 0.54 + 0.10 1.11 0.24 0.75 0.64 0.64 + 0.04 1.60 0.30 0.39 0.27 0.31 - 0.08 2.23 0.21 0.31 0.24 0.26 - 0.03 1.62 0.17 0.10 0.00 0.09 - 0.01 0.33 0.06 0.07 0.05 0.07 + 0.02 0.21 0.00 0.18 0.00 0.17 - 0.01 0.32 0.06 0.24 0.22 0.22 - 0.02 0.52 0.08 0.42 0.37 0.39 - 0.02 1.43 0.33 0.33 0.31 0.31 - 0.02 1.07 0.26 0.31 0.28 0.30 + 0.01 0.52 0.21 0.00 0.00 0.00 + 0.00 0.01 0.00 0.19 0.15 0.18 + 0.01 0.21 0.06 0.24 0.18 0.24 + 0.02 0.28 0.08 0.07 0.06 0.06 - 0.01 0.09 0.05 0.15 0.13 0.13 - 0.02 0.21 0.10 0.51 0.00 0.51 + 0.04 1.08 0.36 0.15 0.14 0.14 - 0.02 0.21 0.06 0.03 0.02 0.02 - 0.01 0.05 0.00 0.07 0.00 0.06 + 0.01 0.14 0.03 0.17 0.13 0.13 - 0.02 0.25 0.04 0.06 0.05 0.05 - 0.01 0.23 0.04 0.05 0.00 0.04 - 0.01 0.06 0.02 0.23 0.21 0.22 + 0.00 0.41 0.19 0.13 0.12 0.13 + 0.01 0.22 0.09 0.19 0.15 0.18 + 0.04 0.29 0.08 1.56 1.49 1.51 - 0.02 1.81 0.77 0.16 0.16 0.16 + 0.01 0.22 0.07 0.13 0.13 0.13 + 0.01 0.19 0.05 0.55 0.47 0.50 - 0.05 1.05 0.43 0.04 0.04 0.04 - 0.01 0.10 0.03 0.10 0.07 0.10 + 0.02 0.13 0.05 0.54 0.45 0.50 + 0.03 1.00 0.35 0.21 0.15 0.16 - 0.05 0.25 0.05 0.27 0.19 0.26 + 0.06 0.38 0.18 0.07 0.06 0.06 - 0.01 0.14 0.05 0.10 0.08 0.10 + 0.02 0.16 0.07 0.50 0.42 0.48 + 0.05 0.50 0.05 0.40 0.33 0.38 + 0.03 0.39 0.04 0.61 0.51 0.51 - 0.10 0.85 0.20 0.27 0.20 0.20 - 0.08 0.32 0.15 0.39 0.29 0.39 + 0.04 0.40 0.02 0.07 0.06 0.06 - 0.01 0.22 0.06 0.09 0.08 0.08 - 0.02 0.28 0.08 0.06 0.00 0.06 + 0.02 0.06 0.02 0.09 0.05 0.07 + 0.02 0.09 0.03 0.12 0.12 0.12 + 0.04 0.12 0.06 0.14 0.13 0.14 + 0.01 0.16 0.09 0.29 0.27 0.28 - 0.01 0.43 0.22 0.28 0.23 0.24 - 0.04 0.60 0.11 0.18 0.00 0.18 - 0.11 0.56 0.06 0.16 0.13 0.14 - 0.01 0.20 0.05 0.21 0.20 0.21 + 0.01 0.53 0.17 0.03 0.02 0.02 - 0.01 0.05 0.01 0.09 0.06 0.06 - 0.02 0.12 0.04 0.18 0.17 0.17 - 0.02 0.31 0.13 0.15 0.13 0.14 - 0.01 0.24 0.10 2.82 2.61 2.81 + 0.20 3.23 2.19 0.10 0.07 0.07 - 0.03 0.20 0.01 0.21 0.20 0.20 + 0.01 0.30 0.15 6.33 5.90 6.28 + 0.20 9.35 5.90 0.24 0.20 0.20 - 0.04 0.40 0.13 0.25 0.00 0.25 + 0.01 0.72 0.16 0.15 0.00 0.15 + 0.01 0.18 0.04 0.24 0.21 0.22 + 0.01 0.45 0.16 0.19 0.17 0.18 + 0.01 0.33 0.15

B

C

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Chalice Gold M* O 46 0.15 0.14 0.15 + 0.01 0.25 0.10 T 1917 1.52 1.30 1.44 + 0.02 1.59 0.52 Champion Iron Champion Iron* O 61 1.18 1.01 1.18 + 0.03 1.22 0.40 Chatham Rock V 101 0.33 0.00 0.33 + 0.01 0.90 0.29 O 0 0.23 0.00 0.23 - 0.00 0.42 0.23 Chatham Rock* Chesapeake Gld* O 81 2.73 2.50 2.61 - 0.14 3.37 2.28 V 111 3.48 3.15 3.27 - 0.08 4.45 2.91 Chesapeake Gld Chevron Corp* N 33388 133.85 127.63 133.60 + 5.70 133.32 102.55 Chiboug Ind Mn V 453 0.08 0.06 0.08 + 0.02 0.14 0.05 37 0.05 0.04 0.05 + 0.01 0.11 0.03 Chiboug Ind Mn* O Chilean Metals V 1322 0.08 0.06 0.07 - 0.02 0.33 0.06 O 134 0.07 0.05 0.05 - 0.02 0.24 0.04 Chilean Metals* Chimata Gold V 599 0.18 0.13 0.13 - 0.05 0.18 0.05 China Gold Int T 856 2.50 2.32 2.48 + 0.10 3.40 1.82 41 0.20 0.00 0.19 - 0.01 0.24 0.14 China Mnls Mng* O China Mnls Mng V 34 0.29 0.00 0.24 - 0.03 0.63 0.16 8 0.35 0.18 0.18 - 0.04 0.79 0.08 CIM Intl Grp Cipher Res* O 89 0.10 0.08 0.10 + 0.02 0.27 0.08 0.20 + 0.11 0.19 0.05 CKR Carbon V 14933 0.22 0.09 Claim Post Res V 804 0.10 0.08 0.09 + 0.01 0.13 0.03 Clean Comm V 5247 0.14 0.12 0.13 - 0.01 0.16 0.05 Clean Comm* O 613 0.10 0.10 0.10 - 0.01 0.11 0.03 Cleghorn Mnls V 96 0.11 0.08 0.08 - 0.02 0.16 0.05 Cleveland-Clif* N 72120 8.88 7.74 8.68 + 0.55 12.37 5.56 Clifton Mng* O 150 0.08 0.06 0.08 + 0.02 0.14 0.05 Cloud Peak En* N 8298 5.60 4.78 5.55 + 0.72 6.30 2.78 Clydesdale Res V 8 0.15 0.04 0.04 - 0.11 0.15 0.05 CMC Metals V 60 0.06 0.05 0.05 - 0.01 0.12 0.05 CNRP Mng* O 207 0.58 0.38 0.45 - 0.01 1.98 0.02 Cobalt 27 Cap V 533 12.50 11.80 12.45 + 0.30 13.75 7.42 Cobalt Pwr Grp* O 964 0.29 0.23 0.24 - 0.02 0.29 0.06 Cobalt Pwr Grp V 7350 0.35 0.29 0.29 - 0.04 0.35 0.06 Coeur Mng* N 17736 8.74 7.36 8.55 + 1.13 12.30 6.71 Colibri Res V 970 0.11 0.09 0.10 - 0.01 0.28 0.08 Colombia Crest* O 5 0.01 0.01 0.01 - 0.00 0.02 0.00 Colonial Coal V 717 0.15 0.13 0.15 - 0.01 0.24 0.08 Colorado Res* O 97 0.16 0.14 0.15 - 0.02 0.37 0.13 Colorado Res V 1027 0.20 0.17 0.19 - 0.01 0.46 0.17 Columbus Gold* O 603 0.66 0.51 0.64 + 0.03 0.83 0.40 Columbus Gold T 472 0.85 0.64 0.80 + 0.07 1.09 0.50 Commander Res V 768 0.05 0.04 0.04 - 0.01 0.07 0.03 Commerce Res* O 121 0.07 0.06 0.07 + 0.01 0.09 0.04 Comstock Mng* X 1139 0.40 0.38 0.39 + 0.00 1.48 0.21 Comstock Mtls V 131 0.08 0.08 0.08 - 0.01 0.20 0.07 Comstock Mtls * O 47 0.07 0.06 0.07 - 0.01 0.16 0.05 Condor Res V 540 0.12 0.10 0.11 + 0.01 0.19 0.07 Confedertn Ml* O 3 0.42 0.42 0.42 + 0.01 0.80 0.39 Conquest Res V 446 0.07 0.05 0.05 - 0.02 0.10 0.01 Cons Woodjam V 79 0.07 0.06 0.07 + 0.01 0.09 0.04 CONSOL Energy* N 12443 15.29 14.52 15.19 + 0.40 16.13 11.58 CONSOL Energy* N 2250 36.21 32.88 35.05 + 0.05 41.89 19.51 Constantine Mt* O 49 0.13 0.12 0.13 + 0.00 0.28 0.09 Constantine Mt V 261 0.18 0.16 0.16 - 0.01 0.35 0.12 Contintl Gold T 2254 4.05 3.40 3.96 + 0.48 5.75 2.62 Contintl Gold* O 212 3.22 2.72 3.18 + 0.40 4.39 1.90 Contintl Prec* O 2 0.25 0.23 0.23 - 0.01 0.35 0.20 Contintl Prec V 93 0.31 0.31 0.31 + 0.01 0.44 0.26 Copper Ck Gold V 130 0.20 0.16 0.18 + 0.03 0.43 0.07 Copper Ck Gold* O 6 0.13 0.00 0.13 + 0.01 0.29 0.09 Copper Fox Mtl V 921 0.15 0.13 0.14 + 0.01 0.19 0.11 Copper Fox Mtl* O 40 0.12 0.10 0.12 + 0.00 0.15 0.08 Copper Mtn Mng T 2098 1.60 1.43 1.48 - 0.09 1.85 0.72 Copper Mtn Mng* O 138 1.29 1.16 1.17 - 0.10 1.47 0.54 Copper North M V 1002 0.10 0.08 0.09 + 0.01 0.12 0.06 Copper North M* O 1 0.07 0.00 0.07 + 0.00 0.09 0.00 Copper One * O 6 0.16 0.14 0.14 - 0.01 0.17 0.03 Copper Reef Mg 303 0.03 0.02 0.03 + 0.01 0.04 0.01 Copperbank Res* O 218 0.10 0.08 0.08 - 0.02 0.14 0.04 Copperbank Res 974 0.12 0.10 0.10 - 0.01 0.18 0.05 O 34 0.30 0.29 0.30 + 0.01 0.30 0.21 Coral Gold * Coral Gold V 247 0.39 0.35 0.38 + 0.03 0.40 0.28 Cordoba Mnls* O 217 0.37 0.33 0.34 - 0.02 1.21 0.31 Cordoba Mnls V 584 0.46 0.42 0.44 - 0.02 1.59 0.41 Core Gold V 225 0.30 0.28 0.28 - 0.01 0.45 0.22 Core Gold* O 66 0.24 0.00 0.22 - 0.02 0.32 0.18 Corex Gold* O 134 0.15 0.13 0.15 + 0.01 0.16 0.07 Corex Gold V 362 0.19 0.17 0.18 + 0.01 0.20 0.10 Cornerstone Ca V 1885 0.28 0.22 0.22 - 0.05 0.55 0.18 Cornerstone Ca* O 613 0.22 0.18 0.18 - 0.04 0.44 0.14 Cornerstone Mt* O 81 0.24 0.20 0.24 + 0.04 0.33 0.13 Cornerstone Mt V 512 0.31 0.00 0.31 + 0.07 0.41 0.05 Coro Mining T 3242 0.14 0.11 0.12 - 0.01 0.20 0.09 Coronet Mtls* O 17 0.18 0.16 0.18 + 0.02 0.29 0.07 Corsa Coal V 70 2.17 1.69 1.83 - 0.17 3.75 1.34 Corsa Coal * O 46 1.73 1.34 1.35 - 0.30 2.89 1.00 Corvus Gold* O 148 1.32 1.20 1.30 + 0.01 1.40 0.45 CR Capital V 184 0.10 0.09 0.09 - 0.01 0.13 0.07 Crazy Horse Res* O 5 0.18 0.00 0.18 + 0.03 0.18 0.12 Critical Elem* O 17 1.32 1.24 1.24 - 0.06 1.48 0.42 Critical Elem V 908 1.66 1.54 1.58 - 0.05 1.86 0.54 Crown Mining V 178 0.25 0.22 0.22 - 0.01 0.26 0.07 Cruz Cobalt* O 720 0.28 0.23 0.26 - 0.03 0.28 0.09 Cruz Cobalt V 7931 0.35 0.29 0.33 - 0.02 0.35 0.13 Crystal Explor* O 83 0.10 0.06 0.08 + 0.02 0.12 0.06 Crystal Explor V 445 0.13 0.08 0.10 + 0.02 0.16 0.05 Crystal Lake V 815 0.89 0.60 0.68 - 0.16 1.05 0.16 Crystal Lake* O 94 0.72 0.48 0.54 - 0.15 0.84 0.13 Crystal Peak V 442 0.53 0.43 0.45 - 0.07 0.58 0.34 Crystal Peak* O 71 0.42 0.37 0.37 - 0.03 0.46 0.28 Curlew Lke Res V 193 1.38 1.25 1.38 - 0.06 1.49 0.10 Currie Rose Rs V 46 0.08 0.00 0.08 + 0.01 0.08 0.04 CWN M’g Acq V 22 0.22 0.13 0.22 + 0.02 0.24 0.15 Cyclone Uran* O 166 0.00 0.00 0.00 + 0.00 0.02 0.00 Cypress Dev* O 36 0.24 0.21 0.21 - 0.02 0.27 0.06 Cypress Dev V 2154 0.33 0.26 0.27 - 0.01 0.35 0.08

D-F Dajin Res V 1003 Dajin Res* O 1723 Dakota Ter Res* O 7 Daleco Res* O 48 Dalradian Res* O 165 Dalradian Res T 531 Damara Gold V 529 Danakali* O 43 Darnley Bay* O 64 Debut Dmds 418 Decade Res* O 527 Declan Res 15 Deep-South Res V 81 Defiance Silvr V 303 Defiance Silvr* O 176 Delrand Res V 470 Denison Mines T 5336 Denison Mines* X 2718 Desert Gold V 5 Desert Star* O 846 Desert Star V 1431 Detour Gold T 4301 Diamante Min* O 367 Diamcor Mng V 98 Diamcor Mng* O 21 Diamond Disc* O 2766 Diamond Fields V 25 Dios Expl V 37 Discovery Gold* O 548 Discovery Met V 95 Discovery Mnls* O 1295561 Ditem Explor* O 80 DNI Metals 921 DNI Metals* O 248 Dolat Ventures* O 46157 Dolly Vard Sil* O 248 Dolly Vard Sil V 353 DRDGOLD* N 322 Dundee Prec Mt T 1032 Duran Vent V 614 Duran Vent * O 65 Durango Res* O 17 DuSolo Fertil V 50 DV Resources V 667 Dynacor Gld Mn T 371 Dynacor Gld Mn* O 149 DynaResource* O 17 Dynasty Gold V 134 Dynasty Gold* O 120 E3 Metals* O 10 E3 Metals V 145 Eagle Graphite V 2029 Eagle Graphite* O 122 East Africa * O 10 East Africa V 1099 East Asia Mnls V 1145 East Asia Mnls* O 15 EastCoal Inc V 3 Eastern Platin* O 74 Eastfield Res V 125 Eastmain Res* O 226 Eco Oro Mnls 87 Eco Oro Mnls* O 16 eCobalt Solns T 3406 eCobalt Solns* O 1932 Edgewater Expl V 103 El Capitan Prc* O 2217 El Nino Vent* O 404 El Nino Vent V 520 Elcora Res V 632

0.20 0.17 0.18 - 0.02 0.22 0.08 0.16 0.13 0.14 - 0.01 0.17 0.06 0.07 0.07 0.07 - 0.00 0.10 0.03 0.00 0.00 0.00 + 0.00 0.01 0.00 1.01 0.95 0.95 - 0.06 1.37 0.80 1.27 1.19 1.21 - 0.05 1.78 1.10 0.06 0.05 0.06 + 0.01 0.22 0.04 0.55 0.53 0.54 + 0.01 0.65 0.43 0.18 0.17 0.17 - 0.01 0.44 0.13 0.02 0.01 0.01 - 0.01 0.02 0.01 0.07 0.05 0.07 - 0.00 0.16 0.04 0.24 0.24 0.24 - 0.08 0.32 0.06 0.20 0.00 0.20 + 0.03 0.32 0.08 0.39 0.33 0.36 + 0.02 0.45 0.22 0.31 0.26 0.30 + 0.03 0.35 0.17 1.55 1.40 1.48 + 0.01 2.44 0.75 0.75 0.67 0.68 - 0.07 1.10 0.50 0.62 0.53 0.55 - 0.06 0.84 0.38 0.27 0.26 0.26 - 0.01 0.40 0.14 0.71 0.56 0.65 - 0.02 0.84 0.22 0.89 0.71 0.80 - 0.02 1.04 0.18 14.51 13.54 13.88 - 0.66 20.42 12.50 0.05 0.03 0.04 + 0.01 0.21 0.02 0.58 0.47 0.56 + 0.07 1.15 0.37 0.46 0.39 0.45 + 0.06 0.87 0.29 0.00 0.00 0.00 - 0.00 0.00 0.00 0.12 0.12 0.12 - 0.01 0.23 0.09 0.09 0.07 0.09 + 0.02 0.12 0.06 0.00 0.00 0.00 + 0.00 0.00 0.00 0.51 0.47 0.50 - 0.03 0.92 0.45 0.00 0.00 0.00 + 0.00 0.00 0.00 0.00 0.00 0.00 + 0.00 0.00 0.00 0.10 0.08 0.10 + 0.01 0.16 0.04 0.09 0.06 0.08 + 0.01 0.13 0.00 0.03 0.02 0.02 - 0.01 0.16 0.00 0.66 0.58 0.60 - 0.04 0.71 0.35 0.81 0.73 0.75 - 0.05 0.88 0.45 3.23 3.03 3.19 - 0.01 6.67 2.84 3.36 2.93 3.30 + 0.27 3.70 2.13 0.07 0.05 0.06 + 0.01 0.13 0.04 0.06 0.00 0.05 + 0.02 0.08 0.03 0.07 0.06 0.06 - 0.01 0.22 0.05 0.23 0.17 0.22 - 0.01 0.50 0.14 0.24 0.14 0.24 + 0.13 0.63 0.05 1.99 1.62 1.98 + 0.31 2.75 1.50 1.60 1.32 1.60 + 0.26 2.10 1.03 1.20 1.15 1.19 + 0.00 1.74 0.26 0.16 0.13 0.14 + 0.01 0.32 0.10 0.12 0.11 0.11 + 0.00 0.15 0.07 0.46 0.46 0.46 - 0.03 0.77 0.28 0.64 0.57 0.61 + 0.02 1.01 0.18 0.04 0.03 0.04 + 0.01 0.05 0.02 0.03 0.02 0.02 - 0.01 0.04 0.01 0.26 0.00 0.26 + 0.00 0.28 0.15 0.34 0.29 0.33 + 0.03 0.37 0.18 0.12 0.09 0.10 + 0.01 0.74 0.05 0.08 0.07 0.07 - 0.01 0.49 0.05 0.12 0.11 0.12 + 0.01 0.30 0.07 0.29 0.28 0.28 + 0.01 0.35 0.19 0.04 0.04 0.04 + 0.01 0.08 0.03 0.27 0.25 0.26 + 0.01 0.48 0.21 0.43 0.00 0.40 - 0.03 0.45 0.15 0.34 0.25 0.32 + 0.07 0.65 0.12 2.07 1.75 1.83 - 0.14 2.10 0.67 1.67 1.40 1.46 - 0.14 1.74 0.50 0.17 0.15 0.16 - 0.01 0.25 0.13 0.04 0.03 0.04 + 0.00 2.35 0.03 0.05 0.04 0.05 + 0.01 0.05 0.02 0.07 0.05 0.06 + 0.02 0.08 0.02 0.46 0.37 0.46 + 0.09 0.56 0.13

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Elcora Res* O 31 54331 N Eldorado Gold* Eldorado Gold T 13159 Eloro Mnrls V 237 Eloro Mnrls* O 12 248 Ely Gold Royal* O 275 Ely Gold Royal V 21 O Elysee Dev * Elysee Dev V 81 Emerita Res V 879 Empire Rock V 30 EMX Royalty* X 239 EMX Royalty V 98 V 7399 Encanto Potash O 235 Encanto Potash* O 21 Endeavour Mng* Endeavour Mng T 915 N 7303 Endeavr Silver* Endeavr Silver T 1406 O 4 Endurance Gold* V 333 Endurance Gold Energy Fuels* X 1105 Energy Fuels T 805 O 42 Enforcer Gold* Enforcer Gold V 1087 Engold Mines V 340 Engold Mines* O 143 Ensurge* O 182 Entree Gold T 358 Entree Gold* X 618 Equitorial Ex* O 17 Equitorial Ex V 2888 Erdene Res Dev T 1563 965 Erdene Res Dev* O Erin Ventures V 33 Ero Copper* O 14 Ero Copper T 597 42 Eros Res Corp* O 535 Eros Res Corp V 535 Eros Res Corp V Eskay Mng V 156 V 258 Essex Minerals Ethos Gold* O 108 Ethos Gold V 192 30 Euro Sun Mg* O 496 T Euro Sun Mg EurOmax Res T 46 O 2887 European Metal* V 80 Eurotin Everton Res V 2117 Everton Res* O 1000 35 EVI Global Grp Evolving Gold 6 O 11 Evolving Gold* Evrim Res V 1461 Excellon Res T 750 Excellon Res* O 190 Excelsior Mng T 949 O 161 Excelsior Mng* 15 ExGen Res Inc* O Explor Res* O 81 Explorex Res 73 Falco Res V 1279 172 O Falco Res * Falcon Gold V 551 Fancamp Expl V 10780 Far Res 11147 Far Res* O 664 149 Filo Mg Corp V Finlay Minrls V 399 Fiore Gold* O 1761 Fiore Gold V 2408 Firebird Res V 61 Firesteel Res V 1782 Firestone Vent V 200 Fireweed Zinc V 998 O 61 Fireweed Zinc* O 158 Firma Holdings* First Bauxite V 131 First Cobalt V 3874 First Cobalt * O 2075 First Energy* O 106 First Energy V 161 First Majestic T 4517 First Majestic* N 17364 T 3202 First Mg Fin First Mg Fin * O 3197 First Point* O 200 First Quantum T 13420 V 8460 Fission 3.0 Fission Uran T 2538 Fission Uran* O 1461 119 Five Star Diam V Fjordland Exp V 478 O 314 Fjordland Exp* O 1244 Focus Graphite* Foran Mng V 1958 Forsys Metals T 617 Fortuna Silvr T 1660 Fortuna Silvr* N 3833 Fortune Bay V 204 Fortune Bay* O 9 Fortune Mnrls T 7187 O 4816 Fortune Mnrls* V 209 Forum Uranium O 3 Forum Uranium* 7 Fox River Res* O 28 Fox River Res FPX Nickel V 668 N 2749 Franco-Nevada* Franco-Nevada T 2236 Freedom Egy V 453 Freegold Vent T 256 111323 N Freeport McMoR* Fremont Gold V 610 11 Fresnillo plc* O Frontier Lith V 267 2 Full Metal Mnl* O 4 Full Metal Mnl V Fura Gems V 425

0.12 0.35 + 0.05 0.44 0.36 0.29 1.10 1.29 - 0.12 3.91 1.41 1.25 1.39 1.60 - 0.16 5.13 1.75 1.55 0.40 0.93 - 0.22 1.24 1.15 0.90 0.37 0.85 - 0.07 0.96 0.96 0.85 0.10 0.08 0.09 - 0.00 0.16 0.07 0.12 0.10 0.11 - 0.01 0.19 0.09 0.25 0.23 0.23 + 0.00 0.36 0.20 0.26 0.30 - 0.01 0.49 0.30 0.29 0.08 0.10 + 0.01 0.22 0.11 0.10 0.16 0.20 + 0.01 0.30 0.20 0.19 0.67 0.92 + 0.04 1.24 0.93 0.83 0.85 1.12 + 0.05 1.60 1.17 1.04 0.04 0.06 + 0.01 0.17 0.07 0.05 0.02 0.05 + 0.00 0.13 0.05 0.04 14.41 20.26 + 0.06 21.89 20.26 19.16 19.77 25.23 + 0.16 28.81 25.38 23.98 1.94 2.63 + 0.16 4.90 2.66 2.30 2.50 3.28 + 0.22 6.44 3.31 2.85 0.03 0.06 - 0.00 0.07 0.06 0.06 0.05 0.06 - 0.01 0.10 0.07 0.06 1.30 1.81 - 0.09 2.71 1.93 1.74 1.66 2.26 - 0.13 3.53 2.41 2.18 0.05 0.06 + 0.01 0.18 0.06 0.06 0.07 0.10 + 0.01 0.28 0.10 0.09 0.13 0.24 - 0.03 0.68 0.27 0.22 0.10 0.21 + 0.01 0.50 0.21 0.20 0.02 0.04 - 0.03 0.12 0.07 0.04 0.45 0.84 + 0.06 0.94 0.85 0.74 0.21 0.67 + 0.04 0.72 0.69 0.60 0.04 0.08 - 0.00 0.11 0.08 0.07 0.05 0.11 + 0.01 0.15 0.12 0.10 0.60 0.49 0.57 + 0.05 1.40 0.47 0.48 0.39 0.48 + 0.06 1.00 0.37 0.08 0.12 - 0.01 0.42 0.12 0.12 3.88 6.64 - 0.55 7.25 6.89 6.64 4.70 8.30 - 0.48 9.05 9.05 7.51 0.16 0.15 0.15 + 0.00 0.18 0.12 0.21 0.20 0.21 + 0.01 0.23 0.15 0.21 0.20 0.21 + 0.01 0.23 0.15 0.18 0.26 - 0.01 0.51 0.29 0.25 0.12 0.16 - 0.02 0.33 0.19 0.16 0.10 0.18 + 0.00 0.23 0.23 0.18 0.13 0.23 - 0.04 0.30 0.28 0.23 1.27 1.10 1.10 - 0.12 1.55 0.49 1.66 1.35 1.40 - 0.15 2.02 0.65 0.25 0.30 + 0.02 0.63 0.31 0.29 0.00 0.00 - 0.00 0.01 0.01 0.00 0.04 0.08 + 0.01 0.12 0.10 0.07 0.03 0.05 + 0.01 0.13 0.05 0.04 0.02 0.03 + 0.01 0.09 0.03 0.03 0.25 0.12 0.12 - 0.13 0.25 0.02 0.13 0.17 + 0.01 0.41 0.17 0.00 0.10 0.15 + 0.03 0.32 0.15 0.11 0.19 0.42 + 0.11 0.44 0.47 0.32 1.22 2.06 + 0.05 2.30 2.15 1.93 0.92 1.65 + 0.04 1.87 1.72 1.57 0.66 1.16 - 0.10 1.48 1.26 1.13 0.52 0.92 - 0.09 1.18 0.98 0.91 0.02 0.01 0.01 - 0.00 0.03 0.01 0.04 0.06 - 0.00 0.09 0.06 0.04 0.13 0.39 - 0.06 0.65 0.45 0.38 0.80 1.08 + 0.14 1.65 1.10 0.97 0.60 1.17 0.86 0.77 0.86 + 0.04 0.04 0.08 + 0.03 0.08 0.08 0.05 0.05 0.15 + 0.03 0.17 0.17 0.11 0.06 0.90 - 0.01 1.04 1.04 0.86 0.06 0.73 + 0.01 0.82 0.82 0.70 2.75 2.35 2.60 + 0.11 3.00 1.70 0.05 0.06 - 0.01 0.34 0.07 0.06 0.22 0.80 - 0.07 0.95 0.95 0.77 0.60 1.00 - 0.06 1.18 1.18 0.95 0.01 0.05 + 0.01 0.09 0.05 0.00 0.04 0.08 - 0.01 0.16 0.09 0.08 0.03 0.17 + 0.06 0.19 0.19 0.12 0.67 1.30 + 0.03 1.40 1.40 1.17 0.54 1.08 + 0.12 1.09 1.09 0.98 0.04 0.09 - 0.03 0.13 0.12 0.00 0.03 0.03 - 0.01 0.06 0.03 0.03 0.39 1.26 - 0.18 1.65 1.48 1.19 1.21 0.96 1.01 - 0.16 1.30 0.31 0.02 0.03 - 0.01 0.05 0.05 0.03 0.03 0.05 - 0.01 0.08 0.06 0.00 7.51 8.83 8.26 8.45 - 0.19 14.36 7.08 6.60 6.79 - 0.17 10.92 5.92 0.63 0.51 0.60 + 0.03 1.10 0.50 0.50 0.42 0.48 + 0.01 0.84 0.39 0.06 0.07 - 0.00 0.12 0.07 0.07 19.30 + 0.60 19.58 9.69 19.58 18.48 0.07 0.06 0.06 + 0.01 0.13 0.05 0.53 0.86 - 0.01 0.92 0.89 0.81 0.40 0.69 - 0.01 0.72 0.72 0.65 0.21 0.18 0.20 - 0.01 0.55 0.16 0.10 0.21 - 0.06 0.59 0.27 0.18 0.07 0.16 - 0.07 0.47 0.23 0.16 0.04 0.06 + 0.00 0.11 0.07 0.06 0.24 0.53 + 0.14 0.56 0.56 0.40 0.11 0.14 - 0.01 0.25 0.17 0.13 5.13 6.56 + 0.26 9.18 6.63 6.11 4.03 5.27 + 0.18 6.92 5.31 4.91 0.40 0.37 - 0.07 0.73 0.43 0.00 0.30 0.29 - 0.03 0.56 0.32 0.00 0.14 0.34 - 0.02 0.38 0.36 0.30 0.10 0.26 - 0.02 0.33 0.30 0.24 0.04 0.08 + 0.01 0.17 0.08 0.08 0.03 0.06 - 0.00 0.12 0.06 0.06 0.05 0.05 0.05 - 0.00 0.10 0.02 0.07 0.07 0.07 - 0.03 0.15 0.06 0.07 0.09 - 0.01 0.15 0.10 0.09 60.10 78.19 - 0.51 86.06 79.21 76.97 98.67 96.39 97.52 - 0.16 110.18 81.01 0.05 0.07 + 0.02 0.14 0.10 0.06 0.08 0.12 + 0.02 0.19 0.12 0.10 11.05 19.75 - 0.15 19.99 20.07 18.85 0.11 0.15 + 0.02 0.20 0.16 0.13 19.54 0.00 19.00 - 0.29 22.27 16.45 0.27 0.64 + 0.03 0.78 0.64 0.59 0.08 0.00 0.07 - 0.01 0.12 0.05 0.10 0.00 0.10 - 0.01 0.15 0.07 0.19 0.72 + 0.04 0.73 0.73 0.60

Gabriel Res T 103 Gainey Capital V 101 Galane Gold V 411 Galore Res V 113 Galway Mtls* O 31 Galway Mtls V 155 Garibaldi Res V 1333 173 Garibaldi Res * O 563 V Gem Intl Res General Moly* X 1274 General Moly T 35 Genesis Mtls* O 24 V 429 Gensource Pot O 147 Geologix Expl* Geologix Expl V 1400 O 36 Geomega Res* Geomega Res V 605 Getty Copper V 196 O 193 GFG Resources* GGX Gold V 486 Giga Metals* O 167 Giga Metals V 393 Gitennes Expl V 182 Giyani Gold V 438 Giyani Gold* O 16 Glacier Lake V 374 O 208 Gldn Predator* Gldn Predator V 505 394 Glen Eagle Res V Glencore Plc* O 1870 Global Cobalt* O 35 Global Energy V 1952 Global Gold* O 6 Global Li-Ion* O 183 Global Li-Ion 1044 O 4 GlobalMin Vent* Globex Mng* O 145 Globex Mng T 137 GMV Minerals V 34 O 120 GMV Minerals* V 28 GobiMin GoGold Res T 550 O 45 Gold Dynamics* 14880 Gold Fields* N Gold Finder Ex V 1505 21 O Gold Lakes* Gold Mng USA* O 4256 119 Gold Reach Res V Gold Reserve V 61 Gold Reserve* O 392 X 1859 Gold Resource* Gold Std Vents* X 1446 413 Gold Std Vents T V 13 Goldbank Mng

0.26 0.35 - 0.01 0.54 0.37 0.00 0.09 0.12 + 0.01 0.23 0.12 0.11 0.05 0.06 - 0.01 0.12 0.06 0.06 0.01 0.02 - 0.01 0.07 0.02 0.00 0.18 0.30 + 0.02 0.36 0.30 0.28 0.23 0.38 + 0.02 0.45 0.38 0.35 0.12 2.62 - 0.17 5.27 2.79 2.40 2.24 1.96 2.11 - 0.12 4.12 0.09 0.02 0.02 0.02 - 0.01 0.12 0.01 0.27 0.39 + 0.04 0.72 0.40 0.32 0.35 0.47 + 0.07 0.95 0.49 0.41 0.06 0.10 + 0.00 0.18 0.10 0.10 0.06 0.09 + 0.01 0.25 0.09 0.08 0.03 0.03 - 0.00 0.07 0.04 0.03 0.04 0.05 - 0.01 0.09 0.06 0.05 0.04 0.05 - 0.01 0.12 0.05 0.05 0.06 0.07 - 0.01 0.16 0.07 0.06 0.02 0.03 + 0.01 0.04 0.03 0.02 0.36 0.40 - 0.00 1.00 0.41 0.38 0.08 0.13 - 0.01 0.24 0.14 0.13 0.11 0.51 - 0.05 0.72 0.54 0.48 0.05 0.65 - 0.02 0.92 0.68 0.60 0.02 0.07 - 0.01 0.15 0.08 0.07 0.23 0.28 + 0.01 0.50 0.28 0.25 0.17 0.22 + 0.00 0.41 0.24 0.20 0.05 0.07 - 0.01 0.19 0.07 0.06 0.48 0.63 - 0.01 1.59 0.67 0.61 0.62 0.78 - 0.03 2.05 0.86 0.76 0.21 0.18 0.21 + 0.04 0.31 0.09 11.18 + 0.67 11.07 6.90 11.18 10.60 0.00 0.13 - 0.03 0.43 0.17 0.02 0.10 0.24 - 0.01 0.67 0.26 0.20 0.01 0.01 - 0.00 0.06 0.01 0.01 0.23 0.40 + 0.04 0.80 0.44 0.34 0.30 0.52 + 0.07 0.97 0.57 0.43 0.04 0.04 - 0.01 0.08 0.08 0.04 0.31 0.39 + 0.04 0.48 0.39 0.33 0.38 0.49 + 0.07 0.63 0.49 0.41 0.25 0.32 + 0.04 0.61 0.35 0.30 0.20 0.25 + 0.02 0.49 0.25 0.23 0.38 0.44 + 0.03 0.58 0.44 0.41 0.37 0.40 - 0.01 0.99 0.43 0.39 0.00 0.00 + 0.00 0.01 0.00 0.00 2.86 4.37 + 0.06 4.70 4.38 4.12 1.85 1.34 1.55 + 0.23 1.85 0.08 0.09 0.03 0.06 + 0.02 70.00 0.01 0.05 0.02 0.04 + 0.01 0.05 0.00 0.25 0.16 0.16 - 0.08 0.25 0.09 2.61 3.55 - 0.19 5.35 3.77 3.34 1.94 3.00 - 0.05 4.25 3.04 2.70 3.08 4.66 + 0.27 6.27 4.69 4.14 1.69 1.52 1.58 - 0.12 2.95 1.25 2.09 1.90 1.96 - 0.14 3.85 1.61 0.06 0.19 + 0.02 0.34 0.19 0.17

G-H

2018-01-16 8:45 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JANUARY 22â&#x20AC;&#x201C;FEBRUARY 4, 2018

21

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

Week

12-month

Exc Volume High Low Last Change High Low

Goldbelt Emp V 1071 Goldcliff Res V 306 Goldcliff Res* O 16 Goldcorp* N 40463 Goldcorp T 11331 Golden Arrow V 561 Golden Arrow* O 717 Golden Cariboo V 255 Golden Dawn Ml V 2037 Golden Dawn Ml* O 107 Golden Eagle* O 10 Golden Global* O 183 Golden Goliath V 162 O 58 Golden Goliath* Golden Hope V 87 Golden Hope* O 28 Golden Mnls* X 661 Golden Mnls T 60 337 Golden Peak Mn V Golden Queen T 368 Golden Queen* O 438 Golden Reign V 1875 Golden Ridge V 3790 Golden Secret V 1132 Golden Share V 159 Golden Star T 2603 Golden Star* X 7879 Golden Sun* O 35 Golden Tag V 228 Golden Valley* O 685 Golden Valley V 909 Goldex Res V 2 Goldgroup Mng T 633 GoldMining V 841 GoldON Res V 97 GoldQuest Mng V 1587 Goldrea Res 5183 Goldrea Res* O 273 Goldrich Mng* O 208 Goldsource Min* O 2106 Goldsource Min V 3386 Goldstar Mnls V 368 Goldstrike Res V 708 Goliath Res V 142 Gorilla Min 20 Gossan Res V 170 GoviEx Uranium* O 1277 GoviEx Uranium V 2189 Gowest Gold* O 191 Gowest Gold V 2380 Gran Colombia* O 22 Gran Colombia T 316 Granada Gold* O 209 Grande Portage V 15 Graphite Corp* O 24428 Graphite Egy 26 Graphite One V 2778 Graphite One* O 667 Gravis Energy 199 Gray Rock Res V 37 Great Atlantic V 20 Great Bear Res* O 111 Great Bear Res V 220 Great Lakes Gr V 1130 Great Lakes Gr* O 346 Great Panther T 363 Great Panther* X 4094 Great Quest Fe V 117 Great Western* O 234 Green Arrow V 175 Green Swan Cap V 897 Greencastle Rs V 578 Greenland M&En* O 467 Grenville Gold V 25 Grizzly Discvr V 413 Group Ten Mtls* O 113 Group Ten Mtls V 839 GrowMax Res* O 2301 GrowMax Res V 26455 GT Gold * O 87 GT Gold V 921 GTA Res & Mng V 360 Gungnir Res* O 124 Gungnir Res V 613 Guyana Gldflds T 2332 Guyana Goldstr V 926 Handa Copper V 257 Hannan Metals V 450 Hannan Metals* O 257 Happy Ck Mnrls V 177 Harfang Explor V 77 Harmony Gold* N 11720 Harte Gold T 1539 Harte Gold* O 89 Hawkeye Gld&Di V 188 Heatherdale Rs V 189 Hecla Mining* N 28912 Helio Res V 4827 Hemcare Health* O 3 Heron Res T 42 Highbank Res V 2515 Highland Copp* O 119 Highway 50 Gld V 29 Hochschild Mg* O 9 Homeland Egy V 20 Honey Badger E* O 9 Horizonte Mnls T 296 HudBay Mnls T 10183 HudBay Mnls* N 5720 Hudson Res V 295 Hudson Res* O 30 Hunt Mng V 488 Hunt Mng* O 249

0.03 0.02 0.02 - 0.01 0.06 0.01 0.18 0.16 0.17 - 0.01 0.52 0.11 0.15 0.13 0.13 - 0.02 0.41 0.08 14.35 13.30 14.35 + 0.93 17.87 11.64 17.89 16.54 17.89 + 1.21 23.35 15.00 0.70 0.63 0.65 - 0.05 0.97 0.37 0.57 0.50 0.51 - 0.06 0.71 0.29 0.12 0.11 0.12 + 0.01 0.19 0.05 0.26 0.25 0.25 - 0.02 0.42 0.22 0.21 0.20 0.20 - 0.01 0.32 0.17 0.09 0.07 0.09 + 0.02 0.12 0.03 0.07 0.03 0.04 + 0.01 0.36 0.00 0.04 0.00 0.04 + 0.01 0.08 0.03 0.04 0.02 0.04 + 0.01 0.07 0.02 0.11 0.00 0.11 + 0.02 0.23 0.07 0.09 0.08 0.09 + 0.01 0.18 0.06 0.48 0.43 0.47 + 0.01 0.81 0.37 0.59 0.54 0.58 + 0.01 1.06 0.47 0.18 0.00 0.18 + 0.01 0.59 0.16 0.23 0.19 0.20 - 0.02 1.09 0.18 0.18 0.15 0.16 - 0.02 0.83 0.14 0.23 0.19 0.20 - 0.03 0.37 0.19 0.14 0.11 0.12 - 0.02 0.41 0.10 0.46 0.30 0.42 + 0.10 0.46 0.19 0.24 0.18 0.24 + 0.07 0.27 0.09 1.10 1.03 1.09 + 0.04 1.33 0.76 0.88 0.83 0.87 + 0.03 1.01 0.59 0.00 0.00 0.00 + 0.00 0.00 0.00 0.05 0.04 0.04 - 0.01 0.08 0.03 0.24 0.21 0.22 - 0.01 0.38 0.19 0.30 0.27 0.28 + 0.01 0.50 0.24 0.84 0.00 0.84 - 0.02 1.18 0.44 0.08 0.07 0.07 + 0.01 0.16 0.05 1.41 1.32 1.41 + 0.04 2.18 1.22 0.16 0.13 0.16 + 0.03 0.23 0.10 0.43 0.36 0.43 + 0.07 0.59 0.27 0.30 0.14 0.30 + 0.12 0.23 0.04 0.23 0.13 0.23 + 0.10 0.18 0.03 0.04 0.03 0.03 - 0.00 0.06 0.02 0.10 0.05 0.06 + 0.00 0.17 0.04 0.12 0.07 0.07 - 0.01 0.22 0.06 0.04 0.04 0.04 + 0.01 0.08 0.03 0.24 0.22 0.24 + 0.01 0.43 0.18 0.11 0.10 0.11 - 0.02 0.40 0.05 0.26 0.00 0.26 + 0.01 0.26 0.16 0.10 0.09 0.09 + 0.01 0.10 0.05 0.21 0.19 0.19 - 0.01 0.34 0.13 0.26 0.23 0.24 - 0.01 0.44 0.17 0.14 0.11 0.13 + 0.01 0.18 0.10 0.20 0.15 0.16 + 0.01 0.25 0.13 1.66 1.59 1.65 + 0.01 1.81 1.02 2.10 1.96 2.08 + 0.03 2.23 1.28 0.20 0.19 0.20 + 0.02 0.54 0.18 0.18 0.16 0.18 - 0.02 0.71 0.14 0.00 0.00 0.00 + 0.00 0.01 0.00 0.80 0.77 0.77 + 0.03 0.99 0.40 0.09 0.08 0.08 - 0.01 0.13 0.04 0.07 0.06 0.06 - 0.01 0.09 0.03 0.33 0.30 0.31 - 0.02 0.50 0.01 0.24 0.20 0.20 - 0.04 0.57 0.20 0.10 0.09 0.10 - 0.01 0.24 0.08 0.34 0.00 0.33 - 0.04 0.38 0.14 0.47 0.39 0.42 - 0.03 0.50 0.15 0.06 0.00 0.06 - 0.01 0.11 0.03 0.05 0.04 0.05 - 0.01 0.08 0.02 1.80 1.63 1.79 + 0.12 2.95 1.39 1.44 1.30 1.43 + 0.08 2.28 1.06 0.16 0.14 0.15 + 0.01 0.33 0.12 0.00 0.00 0.00 + 0.00 0.00 0.00 0.19 0.11 0.14 + 0.03 0.19 0.03 0.09 0.06 0.08 + 0.01 0.13 0.05 0.12 0.10 0.12 + 0.03 0.14 0.07 0.08 0.07 0.08 - 0.00 0.16 0.05 0.08 0.00 0.08 - 0.01 0.14 0.08 0.05 0.05 0.05 + 0.01 0.06 0.03 0.21 0.18 0.20 + 0.00 0.21 0.06 0.25 0.21 0.25 + 0.01 0.25 0.08 0.13 0.09 0.13 + 0.05 0.13 0.06 0.17 0.11 0.16 + 0.06 0.17 0.09 0.58 0.50 0.50 - 0.08 2.24 0.25 0.74 0.61 0.63 - 0.09 2.76 0.22 0.05 0.05 0.05 + 0.01 0.08 0.04 0.11 0.00 0.11 + 0.01 0.17 0.02 0.13 0.12 0.13 + 0.01 0.22 0.03 4.95 4.53 4.88 + 0.08 8.11 3.96 0.29 0.25 0.28 + 0.01 0.38 0.14 0.12 0.09 0.10 - 0.04 0.18 0.05 0.39 0.28 0.34 + 0.06 0.51 0.20 0.31 0.23 0.27 + 0.05 0.39 0.17 0.18 0.17 0.18 + 0.01 0.29 0.17 0.24 0.24 0.24 - 0.01 0.35 0.22 1.87 1.73 1.83 - 0.02 2.99 1.56 0.50 0.46 0.48 - 0.03 0.87 0.30 0.40 0.37 0.39 - 0.02 0.66 0.23 0.09 0.07 0.09 + 0.02 0.16 0.05 0.07 0.06 0.06 - 0.01 0.12 0.04 4.63 3.90 4.41 + 0.36 6.78 3.43 0.02 0.01 0.02 + 0.01 0.05 0.01 0.41 0.31 0.36 - 0.23 2.30 0.10 0.73 0.68 0.72 + 0.04 0.80 0.56 0.06 0.02 0.03 - 0.02 0.06 0.02 0.12 0.11 0.11 - 0.01 0.14 0.06 0.31 0.00 0.30 - 0.01 0.66 0.16 3.30 0.00 3.30 - 0.05 4.37 2.76 0.28 0.28 0.28 + 0.01 2.25 0.18 0.06 0.05 0.05 - 0.01 0.06 0.03 0.08 0.07 0.07 - 0.01 0.11 0.04 12.42 11.19 12.08 + 0.42 12.22 6.13 9.95 8.98 9.70 + 0.35 9.75 4.60 0.50 0.45 0.49 + 0.04 0.80 0.34 0.39 0.37 0.39 - 0.00 0.60 0.26 0.50 0.34 0.49 + 0.09 0.50 0.13 0.40 0.28 0.39 + 0.10 0.40 0.11

I-Minerals* O 14 I-Minerals V 55 IAMGOLD T 6946 IAMGOLD* N 25520 Icon Explor* O 85 Icon Explor V 6257 Iconic Mnls * O 97 Iconic Mnls V 16410 IDM Mining* O 625 IDM Mining V 3170 iMetal Res* O 64 iMetal Res V 4877 IMPACT Silver V 1871 Imperial Metal T 655 Imperial Metal* O 76 Inca One Gold V 2597 Inca One Gold* O 119 Independence G V 124 Independence G* O 41 Indico Res V 939 Indigo Expl V 14 Infinite Lith V 1183 Infinite Lith* O 52 Inomin Mines V 57 Inspiration Mg* O 175 Inspiration Mg 9748 Intact Gold* O 3 Integra Res V 203 Integra Res* O 41 Inter-Rock Mnl V 25 Intercontinent V 16 Intgr Egy Sol* O 7222 Intl Battery* O 251 Intl Cobalt* O 12 Intl Cobalt 3034 Intl Corona V 48 Intl Lithium* O 1028 Intl Lithium V 1719 Intl Millm Mng V 1005 Intl Montoro V 16 Intl Prospect V 18 Intl Samuel Ex V 906 Intl Tower Hil* X 891 Intl Tower Hil T 72 Intrepid Pots* N 6478 INV Metals* O 40 INV Metals T 233 Inventus Mg * O 146 Inventus Mg V 682 InZinc Mining V 1432 InZinc Mining* O 105 Ireland* O 48 Irving Res* O 21 Irving Res 29 IsoEnergy Ltd V 137 Itafos* O 3 Itafos V 19 Ivanhoe Mines T 7713 Ivanhoe Mines* O 477 Jaguar Mng T 313 Jaguar Mng* O 131 Japan Gold V 343

0.21 0.00 0.21 + 0.01 0.44 0.18 0.27 0.25 0.26 + 0.01 0.60 0.24 7.57 7.05 7.56 + 0.14 8.87 4.54 6.08 5.65 6.08 + 0.10 7.25 3.36 0.59 0.25 0.44 + 0.19 0.59 0.15 0.84 0.27 0.56 + 0.25 0.84 0.03 0.28 0.17 0.28 + 0.14 0.23 0.03 0.39 0.22 0.39 + 0.19 0.30 0.04 0.09 0.07 0.08 + 0.00 0.14 0.08 0.11 0.09 0.10 - 0.01 0.18 0.09 0.12 0.12 0.12 - 0.00 0.12 0.04 0.18 0.14 0.15 - 0.01 0.18 0.04 0.36 0.28 0.34 - 0.01 0.88 0.26 3.19 2.65 2.65 - 0.36 7.89 2.19 2.53 2.14 2.14 - 0.31 5.86 1.72 0.07 0.06 0.06 - 0.01 0.29 0.06 0.06 0.05 0.05 + 0.00 0.22 0.04 0.13 0.12 0.12 - 0.01 0.28 0.10 0.10 0.09 0.10 + 0.01 0.21 0.07 0.03 0.02 0.02 - 0.01 0.04 0.01 0.04 0.03 0.04 + 0.01 0.06 0.02 0.44 0.30 0.36 - 0.03 0.45 0.12 0.34 0.28 0.28 - 0.06 0.34 0.07 0.12 0.00 0.12 + 0.04 0.12 0.02 0.13 0.01 0.13 + 0.11 0.07 0.01 0.18 0.02 0.17 + 0.15 0.10 0.01 0.20 0.14 0.14 - 0.07 0.53 0.08 1.30 1.10 1.26 + 0.06 1.30 0.96 1.05 0.05 1.00 + 0.05 1.01 0.05 0.37 0.37 0.37 - 0.02 0.45 0.10 0.20 0.00 0.20 + 0.03 0.20 0.07 0.00 0.00 0.00 - 0.00 0.00 0.00 0.40 0.30 0.36 + 0.04 1.11 0.15 0.28 0.22 0.24 - 0.00 0.27 0.15 0.35 0.28 0.32 + 0.05 0.40 0.00 0.06 0.06 0.06 + 0.01 0.17 0.03 0.18 0.14 0.17 + 0.03 0.18 0.06 0.23 0.18 0.22 + 0.03 0.23 0.07 0.03 0.01 0.03 - 0.01 0.05 0.01 0.07 0.00 0.06 - 0.01 0.15 0.03 0.25 0.19 0.20 + 0.01 0.36 0.04 0.11 0.09 0.10 + 0.01 0.15 0.05 0.48 0.41 0.47 + 0.02 0.77 0.29 0.59 0.51 0.58 + 0.03 1.01 0.38 4.66 4.07 4.32 - 0.28 5.12 1.24 0.60 0.60 0.60 + 0.05 0.85 0.50 0.79 0.71 0.75 - 0.07 1.13 0.65 0.21 0.18 0.19 - 0.03 0.31 0.11 0.27 0.22 0.23 - 0.04 0.39 0.13 0.22 0.17 0.20 + 0.03 0.36 0.10 0.18 0.14 0.16 + 0.03 0.27 0.07 0.15 0.00 0.11 - 0.01 0.32 0.09 0.68 0.63 0.66 - 0.03 1.24 0.09 0.85 0.81 0.83 - 0.03 1.54 0.60 0.73 0.53 0.61 + 0.04 1.63 0.26 1.99 0.00 1.94 + 0.03 2.16 0.97 2.70 2.27 2.70 + 0.20 2.85 1.14 4.25 3.99 4.01 - 0.22 5.47 3.01 3.43 3.19 3.20 - 0.20 4.10 0.00 0.38 0.34 0.37 + 0.02 0.75 0.22 0.31 0.26 0.30 + 0.01 0.58 0.18 0.34 0.32 0.33 + 0.01 0.40 0.24

I-J-K

20-22_JAN22_StockTables.indd 21

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Japan Gold* O 193 Jaxon Mining* O 31 Jayden Res V 60 Jazz Res V 31 Jiminex V 973 Jourdan Res V 994 Juggernaut Exp V 366 K2 Gold V 72 614 K92 Mng Inc* O K92 Mng Inc V 1872 Kairos Cap V 308 Kapuskasing Gd V 274 Karmin Expl V 146 Karnalyte Res T 150 Karoo Expl V 1155 KAT Expl* O 1894 Katanga Mng T 7271 Kenadyr Mining* O 54 Kermode Res V 820 Kerr Mines* O 442 Kerr Mines T 1258 Kesselrun Res* O 144 Kesselrun Res V 734 Khalkos Expl V 74 Khan Res 1959 Kilo Goldmines V 896 Kilo Goldmines* O 90 Kincora Copper* O 14 Kincora Copper V 415 Kings Bay Res* O 58 Kings Bay Res V 1098 Kingsmen Res V 4 Kingsmen Res* O 1 Kinross Gold T 13933 Kinross Gold* N 55646 Kintavar Exp V 175 Kirkland Lake* N 2933 Kirkland Lake T 3325 Kitrinor Mtls V 215 Kivalliq Enrgy V 1024 Klondex Mines T 5201 Klondike Gold V 1890 Klondike Gold* O 310 Klondike Silv V 2250 Klondike Silv* O 24 Kombat Copper V 159 Komet Resource V 132 Kootenay Silvr V 1456 Kootenay Silvr* O 139 Kootenay Zinc* O 63 KWG Res* O 319

0.28 0.25 0.25 - 0.01 0.30 0.17 0.21 0.19 0.19 + 0.01 0.27 0.16 0.14 0.00 0.14 - 0.02 0.38 0.07 0.09 0.08 0.09 + 0.01 0.11 0.06 0.03 0.02 0.03 + 0.01 0.06 0.01 0.07 0.05 0.05 - 0.01 0.20 0.04 0.23 0.19 0.22 + 0.01 0.59 0.08 0.24 0.20 0.24 + 0.01 0.58 0.18 0.38 0.34 0.37 - 0.00 0.89 0.31 0.47 0.42 0.44 - 0.03 1.17 0.41 1.23 1.09 1.09 - 0.10 1.35 0.10 0.04 0.00 0.04 + 0.01 0.09 0.03 0.89 0.82 0.82 - 0.04 1.50 0.27 0.46 0.41 0.43 - 0.01 0.95 0.40 1.10 0.70 0.85 + 0.15 1.10 0.01 0.00 0.00 0.00 + 0.00 0.00 0.00 2.55 2.06 2.24 - 0.28 2.83 0.17 0.13 0.11 0.13 + 0.00 1.45 0.08 0.02 0.01 0.02 + 0.01 0.02 0.01 0.24 0.22 0.24 + 0.01 0.34 0.08 0.32 0.28 0.30 + 0.02 0.41 0.12 0.11 0.09 0.11 + 0.00 0.17 0.06 0.14 0.12 0.14 + 0.01 0.23 0.08 0.10 0.08 0.09 - 0.02 0.19 0.06 0.18 0.14 0.18 + 0.05 0.18 0.04 0.05 0.04 0.05 + 0.01 0.11 0.03 0.03 0.03 0.03 + 0.00 0.09 0.02 0.21 0.19 0.19 - 0.01 0.43 0.19 0.27 0.22 0.25 - 0.01 0.65 0.24 0.07 0.07 0.07 + 0.00 0.15 0.06 0.10 0.08 0.09 - 0.01 0.21 0.08 0.17 0.00 0.17 + 0.06 0.20 0.10 0.09 0.00 0.09 + 0.01 0.13 0.07 5.53 5.10 5.42 - 0.10 6.29 4.24 4.45 4.06 4.34 - 0.11 4.91 3.15 0.15 0.11 0.14 + 0.01 0.35 0.10 16.49 15.65 16.12 - 0.40 16.76 5.99 20.48 19.49 20.09 - 0.35 20.77 7.87 18.95 17.00 18.63 + 1.08 18.50 2.60 0.10 0.09 0.09 - 0.01 0.19 0.08 3.10 2.10 2.67 - 0.38 7.73 2.10 0.40 0.33 0.33 - 0.05 0.60 0.16 0.31 0.26 0.27 - 0.01 0.49 0.12 0.06 0.05 0.06 + 0.01 0.12 0.04 0.04 0.00 0.04 + 0.01 0.09 0.02 0.32 0.28 0.32 - 0.01 0.59 0.21 0.37 0.32 0.37 + 0.04 0.45 0.31 0.24 0.21 0.23 + 0.03 0.39 0.17 0.19 0.16 0.18 + 0.01 0.29 0.14 0.07 0.04 0.06 + 0.01 0.59 0.01 0.02 0.01 0.01 - 0.00 0.02 0.00

La Imperial 53 Labrador Iron T 992 Lake Victoria* O 10 Lamelee Iron V 118 Lara Expl V 94 Laramide Res T 1381 Laredo Res* O 5991 Largo Res T 1407 Largo Res* O 269 Lateral Gold V 49 Laurion Mnl Ex V 219 Laurion Mnl Ex* O 5 LeadFX Inc* O 13 Leading Edge* O 934 Leading Edge V 812 Leagold Mg T 747 Leagold Mg* O 388 Leeta Gold V 7102 Legend Gold V 8 Legion Metals 322 Levon Res Ltd * O 197 Libero Copper V 490 Liberty Gold* O 285 Liberty One Li V 1136 Liberty One Li* O 2380 LiCo Energy* O 10826 LiCo Energy V 9478 Lincoln Mng V 101 Lion One Mtls V 430 Lion One Mtls* O 864 Lions Bay Cap V 75 Lithium Amer T 2851 Lithium Amer* O 1399 Lithium Corp* O 7645 Lithium Energi* O 25 Lithium Energi V 512 Lithium X Egy V 3204 Lithium X Egy* O 1341 Lithoquest Dia V 102 LKA Gold* O 54 Lode-Star Mg* O 4 Logan Res V 803 Lomiko Mtls V 5307 Lomiko Mtls* O 1304 Loncor Res* O 42 Loncor Res T 151 Lone Star Gold* O 156 Lonmin plc* O 70 Lorraine Coppr V 3035 O 938 Lorraine Coppr* Los Andes Copp V 240 Lovitt Res V 22 LSC Lithium* O 35 Lucara Diam T 2194 Lucky Mnls * O 71 Lucky Mnls V 357 Lumina Gold* O 5 Lumina Gold V 489 Lund Enterpr V 15 Lundin Gold T 764 Lundin Mng T 11262 Lupaka Gold V 191 Lydian Intl* O 535 Lydian Intl T 3334 Lynas Corp* O 65

0.08 0.06 0.08 + 0.02 0.11 0.04 28.55 27.56 27.76 + 0.12 28.50 15.10 0.00 0.00 0.00 + 0.00 0.01 0.00 0.38 0.35 0.35 - 0.03 0.38 0.15 0.83 0.74 0.80 + 0.06 1.20 0.50 0.52 0.38 0.43 - 0.06 0.74 0.23 0.00 0.00 0.00 + 0.00 0.00 0.00 1.44 1.22 1.32 - 0.07 1.44 0.34 1.15 1.00 1.06 - 0.08 1.15 0.26 0.85 0.82 0.85 - 0.01 1.27 0.66 0.05 0.04 0.05 + 0.01 0.05 0.01 0.04 0.04 0.04 - 0.01 0.04 0.01 1.21 0.75 0.93 + 0.45 1.21 0.26 0.80 0.57 0.62 - 0.16 0.80 0.38 0.99 0.72 0.77 - 0.19 1.01 0.51 3.17 2.90 3.00 - 0.10 3.48 2.27 2.56 2.34 2.41 - 0.17 2.80 1.76 3.48 3.20 3.27 - 0.11 6.75 0.09 0.35 0.00 0.32 - 0.05 0.40 0.10 0.21 0.11 0.19 + 0.08 0.21 0.10 0.26 0.24 0.25 - 0.01 0.39 0.21 0.09 0.09 0.09 + 0.01 0.22 0.07 0.39 0.33 0.37 - 0.01 0.51 0.27 1.03 0.82 0.85 - 0.13 2.49 0.41 0.83 0.65 0.68 - 0.10 1.95 0.37 0.14 0.12 0.13 - 0.00 0.90 0.06 0.18 0.15 0.16 - 0.01 0.24 0.08 0.05 0.04 0.05 + 0.01 0.11 0.03 0.70 0.62 0.63 + 0.04 0.91 0.45 0.59 0.50 0.54 + 0.06 0.68 0.36 0.12 0.11 0.11 - 0.05 0.25 0.11 12.94 10.98 11.30 - 0.79 14.06 3.85 10.39 8.76 9.08 - 0.64 10.95 2.87 0.62 0.39 0.55 + 0.16 0.62 0.05 0.54 0.00 0.52 + 0.03 0.75 0.07 0.68 0.60 0.66 + 0.05 0.97 0.07 2.44 2.39 2.43 + 0.03 2.54 1.40 1.96 1.90 1.95 + 0.02 1.96 1.03 0.43 0.00 0.38 - 0.02 0.47 0.35 0.21 0.11 0.14 + 0.03 0.68 0.11 0.03 0.03 0.03 + 0.00 0.10 0.02 0.08 0.06 0.07 + 0.01 0.12 0.04 0.31 0.14 0.19 + 0.05 0.35 0.09 0.24 0.11 0.16 + 0.04 0.32 0.07 0.08 0.00 0.08 + 0.02 0.14 0.05 0.10 0.09 0.10 + 0.01 0.20 0.08 0.01 0.00 0.00 + 0.00 0.01 0.00 1.24 1.11 1.24 + 0.05 2.39 0.79 0.19 0.10 0.15 + 0.04 0.19 0.06 0.10 0.07 0.09 + 0.02 0.10 0.05 0.35 0.32 0.34 - 0.01 0.47 0.15 0.06 0.05 0.06 + 0.01 0.17 0.02 1.30 1.21 1.25 - 0.01 1.31 1.09 2.90 2.58 2.59 - 0.29 3.31 2.18 0.12 0.09 0.11 + 0.02 0.18 0.03 0.15 0.13 0.14 - 0.01 0.23 0.09 0.67 0.64 0.64 - 0.02 0.89 0.46 0.83 0.77 0.79 - 0.01 1.20 0.60 0.14 0.00 0.14 + 0.04 0.18 0.09 5.27 5.02 5.06 - 0.14 6.50 4.07 8.94 8.31 8.70 + 0.37 10.22 6.62 0.18 0.17 0.18 + 0.01 0.23 0.11 0.36 0.32 0.35 + 0.02 0.36 0.23 0.45 0.40 0.43 + 0.04 0.45 0.31 1.86 1.68 1.77 - 0.06 2.00 0.51

L

M Macarthur Mnl V 2305 0.07 0.06 0.06 - 0.01 0.16 0.05 Macarthur Mnl* O 49 0.05 0.04 0.04 - 0.01 0.12 0.04 Maccabi Vent 36 0.10 0.06 0.06 + 0.01 0.10 0.03 MacDonald Mns V 637 0.11 0.09 0.10 - 0.01 0.28 0.06 MacDonald Mns* O 58 0.08 0.07 0.07 - 0.00 0.20 0.04 MAG Silver T 1015 15.77 15.05 15.20 - 0.25 21.99 12.94 Magellan Gold* O 35 0.03 0.03 0.03 - 0.01 0.19 0.02 Majestic Gold* O 3973 0.04 0.00 0.04 + 0.01 0.09 0.03 Makena Res 92 0.24 0.17 0.20 - 0.02 0.24 0.13 Makena Res* O 1 0.15 0.00 0.15 + 0.03 0.15 0.10 Mammoth Res V 445 0.14 0.12 0.13 - 0.01 0.16 0.05 Manado Gold V 517 0.13 0.11 0.12 - 0.02 0.24 0.06 Mandalay Res* O 173 0.22 0.20 0.21 - 0.00 0.72 0.20 Manganese X V 778 0.18 0.15 0.17 + 0.02 0.26 0.08 Manitou Gold V 881 0.19 0.15 0.16 - 0.02 0.19 0.05 Manson Creek V 279 0.35 0.24 0.32 + 0.07 0.34 0.02 Manson Creek* O 17 0.28 0.19 0.28 + 0.07 0.24 0.03 Maple Gold* O 574 0.24 0.19 0.23 + 0.03 0.24 0.16 Maple Gold V 5066 0.30 0.24 0.28 + 0.04 0.46 0.20 Marathon Gold* O 322 1.02 0.89 0.93 - 0.09 1.14 0.47 Marathon Gold T 1923 1.25 1.10 1.15 - 0.10 1.36 0.62 Margaux Res V 1299 0.35 0.25 0.28 + 0.01 0.50 0.18 Margaux Res* O 26 0.24 0.23 0.24 + 0.01 0.27 0.16 Marifil Mines V 76 0.08 0.00 0.08 + 0.02 0.13 0.03 Marlin Gold V 169 0.78 0.60 0.62 - 0.23 1.15 0.55 MartinMarietta* N 2727 232.16 224.13 230.76 + 3.43 244.32 191.09 Mason Graphite* O 259 2.11 1.98 2.00 - 0.10 2.47 0.83 Mason Graphite V 420 2.60 2.47 2.48 - 0.12 3.15 1.10 Mason Res T 258 0.27 0.24 0.24 - 0.03 0.40 0.13 Mason Res* O 126 0.21 0.18 0.19 - 0.01 0.29 0.01 Masuparia Gold V 79 0.14 0.14 0.14 + 0.01 0.15 0.04 Matachewan Con V 5 0.29 0.00 0.29 + 0.02 0.34 0.21 Matica Ent 53789 0.81 0.57 0.68 + 0.10 0.81 0.01 Matica Ent* O 726 0.64 0.47 0.55 + 0.08 0.64 0.02 Maudore Mnrls* O 3 0.00 0.00 0.00 + 0.00 0.00 0.00 Maverix Mtls* O 5 1.44 1.34 1.43 - 0.01 1.50 0.92 Mawson Res* O 139 0.46 0.00 0.42 + 0.04 0.48 0.24 Mawson Res T 426 0.57 0.47 0.52 + 0.06 0.65 0.29 MAX Res V 3331 0.15 0.11 0.13 + 0.01 0.15 0.06 MaxTech Vent* O 178 0.37 0.28 0.30 - 0.02 0.48 0.13 MaxTech Vent 142 0.46 0.35 0.36 - 0.04 0.63 0.14 Maya Gold &Sil V 5770 0.71 0.53 0.63 + 0.03 0.71 0.10 Mazarin V 207 0.16 0.09 0.16 + 0.07 0.18 0.03 McChip Res V 11 0.87 0.75 0.82 + 0.02 0.80 0.37 McEwen Mng T 1803 2.99 2.69 2.98 + 0.14 5.83 2.33 McEwen Mng* N 15777 2.40 2.16 2.38 + 0.09 4.43 1.82 McLaren Res 2727 0.15 0.12 0.13 - 0.01 0.15 0.03 MDN Inc* O 3 0.25 0.23 0.25 + 0.03 0.70 0.09 Meadow Bay Gd V 270 0.36 0.29 0.32 - 0.03 0.36 0.06 Meadow Bay Gd* O 44 0.28 0.24 0.25 - 0.01 0.28 0.04 Medallion Res V 172 0.13 0.12 0.12 - 0.01 0.28 0.08 Medallion Res* O 47 0.11 0.09 0.10 + 0.01 0.17 0.08 Medgold Res V 123 0.24 0.00 0.21 - 0.02 0.25 0.13 Medinah Mnrls* O 8542 0.00 0.00 0.00 - 0.00 0.01 0.00 Mega Uranium* O 41 0.19 0.17 0.19 - 0.00 0.25 0.10 Mega Uranium T 2319 0.24 0.21 0.22 - 0.01 0.32 0.13

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Megastar Dev V 37 Melior Res V 758 Meridian Mg V 6 Meryllion Res 2202 MetalCorp V 734 Metalex Vent V 254 Metalla Rylty* O 128 Metalla Rylty 320 Metallic Mnrls* O 449 Metallica Min* O 300 Metallis Res V 947 Metalore Res V 1 Metals Creek* O 160 Metals X* O 134 Metanor Res V 117 Metanor Res* O 29 Mexican Gold* O 29 Mexus Gold* O 2822 Mezzotin Mnrls V 565 MGX Minerals* O 2237 MGX Minerals 3933 Micrex Dev V 245 Midas Gold T 1124 Midas Gold* O 1443 Midland Expl V 78 Millennial Lit* O 253 Millennial Lit V 576 Millrock Res* O 250 Millrock Res V 469 Minaurum Gold V 801 Minco Silver* O 97 Minco Silver T 133 Minera Alamos * O 315 Minera IRL 209 Mineral Hill V 8 Mineral Mtn* O 56 Mineral Mtn V 548 Mineworx Tech* O 1333 Mineworx Tech V 5694 Minfocus Expl V 1983 Miramont Res 93 Miranda Gold V 348 Mirasol Res V 133 Mistango River 124 Mkango Res V 292 ML Gold* O 274 ML Gold Corp V 5923 Monarca Mnrls* O 100 Monarca Mnrls V 128 Monarques Res* O 2181 Monarques Res V 3105 Moneta Porcpn* O 46 Moneta Porcpn T 941 Monitor Vent* O 10 Monitor Vent V 10 Montan Mg V 1301 Montego Res 218 Montero Mg&Ex V 164 Monument Mng V 3230 Morien Res* O 23 Morien Res V 116 Morumbi Res T 1234 Morumbi Res* O 4 Mosaic* N 22874 Mountain Boy V 635 Mountain Prov T 1331 Mountain Prov* D 297 Mukuba Res V 10 Mundoro Cap* O 155 Murchison Min 127 Mustang Mnrls* O 148 Mustang Mnrls V 143 MX Gold* O 1533

0.07 0.06 0.06 - 0.01 0.08 0.03 0.13 0.11 0.12 - 0.03 0.15 0.03 0.65 0.00 0.63 - 0.01 1.39 0.35 0.10 0.06 0.07 - 0.02 0.21 0.02 0.03 0.02 0.03 + 0.01 0.06 0.02 0.07 0.05 0.05 - 0.02 0.10 0.05 0.63 0.55 0.61 - 0.03 0.68 0.34 0.78 0.69 0.75 + 0.01 0.88 0.44 0.37 0.31 0.36 - 0.01 0.39 0.19 0.04 0.04 0.04 - 0.01 0.06 0.03 1.27 1.02 1.20 - 0.03 2.75 0.13 2.90 2.24 2.24 - 0.66 5.16 2.00 0.07 0.06 0.06 - 0.01 0.09 0.03 0.93 0.90 0.93 + 0.01 0.92 0.49 0.76 0.73 0.75 - 0.01 1.29 0.55 0.61 0.59 0.60 - 0.02 0.94 0.51 0.27 0.24 0.27 - 0.01 0.32 0.17 0.06 0.05 0.06 + 0.00 0.15 0.03 0.02 0.01 0.01 - 0.01 0.05 0.01 1.02 0.85 1.01 + 0.14 2.12 0.43 1.28 1.04 1.24 + 0.19 2.75 0.55 0.02 0.02 0.02 + 0.01 0.03 0.01 0.70 0.55 0.68 + 0.10 0.95 0.55 0.56 0.44 0.53 + 0.07 0.74 0.42 0.90 0.85 0.87 - 0.02 1.20 0.82 3.22 3.00 3.20 + 0.06 3.40 0.88 4.01 3.70 3.98 + 0.04 4.38 1.20 0.26 0.22 0.23 - 0.01 0.50 0.19 0.32 0.27 0.28 - 0.01 0.64 0.24 0.28 0.25 0.26 + 0.01 0.38 0.09 0.69 0.60 0.63 - 0.10 1.23 0.47 0.86 0.73 0.80 - 0.06 1.74 0.59 0.15 0.14 0.15 + 0.01 0.18 0.10 0.11 0.08 0.08 - 0.03 0.22 0.06 0.27 0.00 0.26 - 0.02 0.34 0.17 0.34 0.29 0.33 + 0.03 0.34 0.13 0.43 0.34 0.40 + 0.05 0.43 0.15 0.26 0.17 0.23 + 0.05 0.21 0.05 0.33 0.22 0.29 + 0.06 0.26 0.05 0.03 0.02 0.02 - 0.01 0.03 0.01 0.59 0.50 0.59 + 0.09 0.65 0.20 0.06 0.05 0.05 - 0.01 0.11 0.05 1.86 1.70 1.77 + 0.02 2.28 1.42 0.05 0.03 0.04 + 0.01 0.05 0.01 0.18 0.13 0.13 - 0.04 0.19 0.04 0.14 0.08 0.14 + 0.06 0.21 0.08 0.18 0.11 0.17 + 0.05 0.29 0.10 0.08 0.06 0.08 + 0.01 0.14 0.05 0.09 0.08 0.09 + 0.01 0.28 0.07 0.35 0.23 0.32 + 0.08 0.38 0.19 0.42 0.29 0.39 + 0.10 0.49 0.25 0.14 0.13 0.14 - 0.00 0.20 0.10 0.19 0.17 0.18 - 0.01 0.26 0.13 0.25 0.00 0.20 - 0.05 0.81 0.13 0.30 0.00 0.26 - 0.05 1.13 0.25 0.02 0.02 0.02 + 0.01 0.08 0.01 0.40 0.32 0.32 - 0.06 0.55 0.10 0.31 0.26 0.26 - 0.05 0.49 0.12 0.09 0.07 0.08 + 0.01 0.12 0.06 0.55 0.48 0.49 - 0.04 0.60 0.32 0.65 0.61 0.61 - 0.03 0.77 0.42 0.90 0.71 0.90 + 0.15 1.69 0.55 0.73 0.60 0.73 + 0.14 1.26 0.45 27.28 25.51 27.22 + 0.36 34.36 19.23 0.09 0.08 0.08 - 0.01 0.11 0.05 3.53 3.35 3.46 - 0.05 6.65 3.18 2.85 2.65 2.78 - 0.03 5.05 2.45 0.16 0.14 0.16 - 0.07 0.25 0.06 0.12 0.10 0.12 + 0.01 0.22 0.09 0.20 0.18 0.20 + 0.02 0.29 0.13 0.34 0.28 0.28 - 0.06 0.37 0.07 0.42 0.36 0.36 - 0.05 0.52 0.05 0.12 0.07 0.08 - 0.01 0.20 0.06

NA Frac Sand* O 412 NACCO Ind* N 186 Napier Vent V 120 Napier Vent* O 25 Natural Res Pt* N 219 Nautilus Mnrls* O 625 Nautilus Mnrls T 773 Navis Res Corp 12 Nemaska Lith T 19335 Nemaska Lith* O 2139 Neo Lithium V 2232 Neometals* O 68 Nevada Canyon* O 565 Nevada Clean M* O 415 Nevada Copper T 152 Nevada Egy Mtl* O 78 Nevada Expl * O 57 Nevada Expl V 199 Nevada Sunrise* O 234 Nevada Sunrise V 173 Nevada Zinc V 257 Nevsun Res* X 2869 Nevsun Res T 1601 New Gold T 5535 New Gold* X 26858 New Jersey Mng* O 359 New Milln Iron* O 122 New Milln Iron T 1025 New Nadina* O 206 New Nadina V 3749 New Pac Metals V 70 New Pac Metals* O 54 New Point Expl 26 New Stratus V 68 New World Res V 92 Newmont Mng* N 21323 Newport Expl V 58 Newport Gold* O 30 NewRange Gold* O 238 Nexa Resources T 15 Nexa Resources* N 1985 Nexco Res 43 Nexgen Energy* X 1488 Nexgen Energy T 5361 NextSource Mat T 5947 Nexus Gold* O 216 Nexus Gold V 2425 NGEx Res T 220 NGEx Res* O 41 Nickel Creek* O 452 Nickel One Res* O 3 Nickel One Res V 1962 Nighthawk Gold* O 361 Nighthawk Gold T 781 Niobay Metals V 359 Niocorp Dev T 569 Niocorp Dev* O 808 Nippon Dragon* O 82 NKWE Platinum* O 7 Noble Mnl Expl V 2217 Noka Res* O 16 Noram Vent V 3653 Noram Vent* O 1098 Noranda Alum* O 301 Noront Res V 1679 Nortec Mnls V 318 Nortec Mnls* O 52 North Am Nickl* O 22 North Am Nickl V 1351 North Am Pall T 159 North Am Pall* O 114 North Arrow Mn* O 30 North Arrow Mn V 645 Northcliff Res T 424 Northern Uran V 781 Northisle C&G V 197 Northn Empire V 1234 Northn Empire* O 98 Norvista Cap V 151 Nouveau Monde V 1004 Nouveau Monde* O 28 NovaGold Res T 611 NovaGold Res* X 4780 Novo Res* O 661 Novo Res V 1672 NovX21* O 34 NRG Metals* O 2370 NRG Metals V 2669 Nrthn Graphite V 458 Nrthn Lion V 5 Nrthn Mnrls &E* O 226 Nrthn Shield V 537 Nrthn Superior* O 440 Nrthn Vertex V 214 Nrthn Vertex* O 91 NSGold V 37 NSS Res Inc 422 Nthn Dynasty T 2101 Nthn Dynasty* X 13996 Nthrn Sphere 729 Nthrn Sphere* O 15 NuLegacy Gold* O 396

0.02 0.01 0.01 + 0.00 0.09 0.01 42.60 38.60 41.60 + 2.05 48.85 14.20 0.42 0.40 0.42 + 0.02 0.54 0.28 0.34 0.32 0.34 + 0.02 0.44 0.25 32.50 29.15 32.45 + 3.15 45.60 22.81 0.14 0.12 0.13 + 0.01 0.21 0.11 0.17 0.15 0.17 + 0.03 0.28 0.14 0.47 0.00 0.47 - 0.24 2.50 0.33 2.44 2.02 2.09 - 0.23 2.44 0.95 1.96 1.60 1.66 - 0.22 1.96 0.70 2.75 2.33 2.42 - 0.01 2.75 0.85 0.45 0.36 0.37 + 0.01 0.45 0.20 0.10 0.08 0.08 - 0.04 0.22 0.05 0.04 0.03 0.03 - 0.00 0.08 0.03 0.79 0.71 0.77 + 0.06 0.84 0.41 0.14 0.00 0.13 - 0.01 0.74 0.10 0.27 0.24 0.24 - 0.02 0.35 0.21 0.33 0.30 0.31 - 0.02 0.46 0.27 0.14 0.11 0.13 - 0.00 0.28 0.09 0.17 0.15 0.16 - 0.01 0.36 0.12 0.20 0.19 0.20 + 0.01 0.52 0.18 2.55 2.38 2.39 - 0.09 3.52 1.96 3.20 2.96 2.96 - 0.11 4.63 2.49 4.25 3.86 4.22 - 0.04 5.79 3.11 3.44 3.09 3.39 - 0.04 4.41 2.39 0.18 0.16 0.17 - 0.00 0.19 0.09 0.10 0.08 0.10 + 0.02 0.27 0.06 0.13 0.11 0.12 - 0.01 0.36 0.08 0.39 0.21 0.39 + 0.03 3.60 0.06 0.53 0.24 0.47 + 0.07 4.60 0.08 1.50 1.36 1.43 - 0.04 1.65 0.78 1.22 1.11 1.14 - 0.05 1.28 0.74 0.20 0.11 0.11 - 0.09 0.20 0.11 0.21 0.11 0.14 - 0.02 0.48 0.07 0.20 0.15 0.20 + 0.03 0.17 0.09 39.84 37.95 39.79 + 1.39 39.63 31.42 0.27 0.23 0.27 + 0.05 0.32 0.19 0.04 0.03 0.04 - 0.01 0.07 0.00 0.28 0.23 0.25 - 0.04 0.59 0.10 25.90 23.85 25.57 + 0.75 26.44 19.80 20.71 19.12 20.25 + 0.35 21.20 15.27 0.36 0.00 0.32 - 0.08 0.50 0.15 2.84 2.51 2.53 - 0.28 3.40 1.82 3.53 3.13 3.14 - 0.34 4.45 2.40 0.10 0.08 0.09 + 0.01 0.11 0.06 0.05 0.04 0.05 - 0.00 0.27 0.04 0.07 0.06 0.06 + 0.01 0.37 0.05 1.05 1.00 1.05 + 0.02 1.45 0.75 0.83 0.81 0.81 - 0.02 1.05 0.58 0.25 0.22 0.23 + 0.01 0.35 0.16 0.06 0.06 0.06 - 0.01 0.11 0.03 0.07 0.06 0.06 - 0.01 0.13 0.02 0.57 0.51 0.52 - 0.04 0.97 0.36 0.71 0.64 0.66 - 0.04 1.15 0.46 0.37 0.32 0.35 + 0.03 0.97 0.11 0.66 0.53 0.54 - 0.10 0.89 0.37 0.55 0.42 0.43 - 0.08 0.81 0.29 0.05 0.04 0.04 - 0.00 0.09 0.03 0.04 0.03 0.03 - 0.00 2.04 0.00 0.13 0.11 0.12 + 0.01 0.19 0.04 0.25 0.23 0.23 - 0.02 0.30 0.05 0.07 0.06 0.07 + 0.01 0.08 0.03 0.06 0.04 0.05 + 0.00 0.06 0.02 0.17 0.02 0.02 + 0.00 0.17 0.01 0.38 0.34 0.37 + 0.02 0.52 0.22 0.14 0.11 0.14 + 0.02 0.18 0.06 0.12 0.11 0.12 + 0.01 0.14 0.05 0.08 0.00 0.07 - 0.01 0.08 0.04 0.09 0.08 0.08 - 0.01 0.10 0.06 10.49 9.25 10.46 + 1.12 10.49 4.65 8.42 7.45 8.40 + 0.82 8.42 3.51 0.17 0.15 0.16 - 0.01 0.23 0.13 0.22 0.18 0.20 - 0.02 0.40 0.17 0.16 0.13 0.16 + 0.03 0.23 0.10 0.02 0.02 0.02 + 0.01 0.03 0.01 0.13 0.10 0.10 - 0.01 0.20 0.09 1.16 0.95 1.16 + 0.21 1.14 0.42 0.91 0.78 0.90 + 0.14 0.90 0.47 0.10 0.09 0.10 - 0.01 0.18 0.08 0.45 0.38 0.42 - 0.02 0.54 0.22 0.36 0.31 0.34 - 0.03 0.42 0.17 4.95 4.66 4.92 + 0.13 8.15 4.33 3.99 3.75 3.96 + 0.10 6.21 3.35 3.12 2.59 2.73 - 0.34 7.08 0.49 3.90 3.23 3.39 - 0.40 8.83 0.66 0.00 0.00 0.00 + 0.00 0.00 0.00 0.38 0.30 0.33 - 0.05 0.49 0.07 0.48 0.38 0.42 - 0.06 0.62 0.09 0.53 0.48 0.49 - 0.02 0.70 0.24 0.48 0.38 0.48 + 0.11 0.74 0.31 0.04 0.03 0.04 + 0.01 0.05 0.01 0.04 0.03 0.04 + 0.01 0.09 0.03 0.04 0.03 0.03 - 0.01 4.63 0.02 0.60 0.52 0.59 + 0.04 0.70 0.42 0.49 0.42 0.48 + 0.04 0.58 0.33 0.10 0.08 0.08 - 0.02 0.20 0.02 0.44 0.26 0.40 + 0.06 1.39 0.05 2.27 2.04 2.10 - 0.08 4.54 1.43 1.83 1.63 1.68 - 0.08 3.45 1.06 0.20 0.13 0.16 + 0.03 0.65 0.08 0.13 0.11 0.13 + 0.05 0.32 0.07 0.16 0.15 0.15 - 0.00 0.26 0.12

N-O

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Nunavik Nickel V 151 Nutrien* N 9105 Nutrien T 4596 NV Gold* O 82 NV Gold V 131 NX Uranium* O 43 O.T. Mining* O 34 OceanaGold T 6851 OceanaGold* O 13 Oceanic Iron O V 34 Oceanus Res V 397 Oceanus Res* O 30 OK2 Minerals V 1367 Olivut Res V 93 Olivut Res* O 82 398 Omineca Mg &Ml V One World Min 223 Opawica Expl V 262 165 Opus One Res V Orbite Tech* O 33 Orca Gold V 437 Orca Gold* O 221 Orefinders Res V 736 Orex Mnrls V 143 Orex Mnrls* O 96 Orezone Gold V 698 Orezone Gold* O 251 Orla Mng Ltd* O 4 Orla Mng Ltd V 1007 Oroco Res V 523 Oroco Res* O 167 Orocobre T 682 Oronova Energy V 925 Oroplata Res* O 57 Orosur Mng T 281 Orsu Metals V 41 Orvana Mnrls T 544 Orvana Mnrls* O 41 Osisko Gold* N 2970 Osisko Gold T 1990 Osisko Metals* O 29 Osisko Metals V 335 Osisko Mng Inc T 2412 Osprey Gold V 251 Otis Gold V 744 Otis Gold* O 90 OZ Minerals* O 1

0.13 0.10 0.13 + 0.03 0.17 0.08 55.49 51.51 53.43 - 2.30 56.18 51.51 69.03 64.74 66.64 - 2.49 70.05 64.74 0.24 0.24 0.24 + 0.00 0.39 0.13 0.33 0.30 0.33 + 0.02 0.48 0.17 0.03 0.02 0.03 + 0.00 0.04 0.01 0.12 0.05 0.12 + 0.02 0.29 0.03 3.27 3.06 3.18 - 0.08 5.00 2.92 2.58 2.46 2.49 - 0.13 3.60 2.23 0.12 0.10 0.12 + 0.03 0.35 0.06 0.26 0.23 0.24 - 0.03 0.36 0.17 0.20 0.00 0.19 - 0.01 0.29 0.13 0.07 0.05 0.05 - 0.02 0.17 0.05 0.17 0.12 0.15 - 0.01 0.22 0.08 0.13 0.09 0.11 - 0.01 0.17 0.06 0.04 0.00 0.04 + 0.01 0.07 0.03 0.17 0.14 0.14 - 0.01 0.75 0.13 0.20 0.18 0.20 + 0.01 0.73 0.10 0.09 0.06 0.08 - 0.01 0.15 0.06 0.00 0.00 0.00 - 0.00 0.29 0.00 0.78 0.68 0.71 - 0.01 0.78 0.34 0.63 0.54 0.57 - 0.01 0.63 0.25 0.17 0.12 0.13 - 0.02 0.17 0.04 0.16 0.15 0.16 - 0.01 0.30 0.10 0.13 0.12 0.13 + 0.02 0.24 0.08 0.85 0.78 0.84 + 0.07 0.85 0.50 0.68 0.63 0.67 + 0.05 0.66 0.37 1.45 1.40 1.40 - 0.07 1.48 0.88 1.80 1.65 1.70 - 0.07 1.85 1.04 0.10 0.08 0.09 + 0.01 0.10 0.02 0.08 0.06 0.07 + 0.01 0.08 0.02 7.15 6.64 6.99 - 0.15 7.17 2.73 0.17 0.10 0.14 - 0.03 0.45 0.10 0.10 0.09 0.09 - 0.00 0.34 0.09 0.20 0.19 0.19 - 0.02 0.32 0.18 0.18 0.00 0.18 + 0.02 0.45 0.13 0.27 0.25 0.26 + 0.02 0.33 0.17 0.22 0.19 0.21 + 0.00 0.25 0.14 12.03 10.90 11.91 + 0.46 14.39 10.02 15.00 13.59 14.86 + 0.65 17.58 13.59 0.69 0.00 0.65 - 0.04 1.33 0.59 0.86 0.80 0.81 - 0.04 1.74 0.23 3.55 3.14 3.45 + 0.13 5.65 2.67 0.11 0.10 0.10 - 0.01 0.44 0.07 0.25 0.22 0.23 - 0.01 0.39 0.17 0.19 0.17 0.18 - 0.00 0.29 0.13 7.26 6.89 7.07 - 0.06 7.39 4.70

Pac Arc Res V 19 Pac Booker Min* O 11 Pac Booker Min V 27 Pac Imperial V 270 Pac North West V 2204 Pac North West* O 123 Pac Ridge Expl V 438 Pac Topaz V 150 Pacific Rim 179 Pacific Rim* O 2 Paget Mrnls V 10 Paladin Energy* O 1991 Palamina Corp* O 34 Pan Am Silver* D 8567 Pan Am Silver T 1148 Pancontinental V 483 Pancontinental* O 21 Pantheon Vent V 357 Para Resources V 709 Parallel Mng V 4248 Paramount Gold* X 344 Parana Copper 425 Pasinex Res 480 Patriot Gold* O 104 Peabody Enrgy* N 5511 Peat Res V 3767 Pedro Res V 4 Pelangio Expl* O 128 Pele Mtn Res* O 7 Peloton Mnrls* O 601 Peloton Mnrls 539 PepinNini Lith* O 241 Perseus Mng T 344 Pershing Gold T 8 Pershing Gold* D 457 Philippine Mtl V 53 Pine Cliff En* O 169 Pine Cliff En T 10044 Pinecrest Res V 56 Pistol Bay Mng V 1949 Pistol Bay Mng* O 221 PJSC Polyus Gd* O 3 Plate Res V 99 Plateau Uran V 786 Plateau Uran* O 110 Platinex Inc 3408 Platinum Gp Mt* X 10105 Platinum Gp Mt T 2116 Playfair Mng* O 250 PolyMet Mng* X 5506 PolyMet Mng T 871 Portage Res* O 575 Portofino Res V 6070 Portofino Res* O 55 Potash Ridge T 3167 Potash Ridge* O 1073 Power Metals* O 115 Power Metals V 1636 PPX Mining V 466 PPX Mining* O 252 Precipitate Gl V 55 Premier Gold M T 2336 Premium Expl* O 1 Pretium Res T 2502 Pretium Res* N 9091 Primero Mng T 26619 Primero Mng* O 8089 Prism Res V 152 Prize Mng* O 43 Prize Mng V 356 Probe Metals* O 211 Probe Metals V 448 Prophecy Coal T 29 Prophecy Coal* O 2 Prospect Glob* O 0 Prospector Res V 2 Prospero Silvr* O 233 Prospero Silvr V 361 Provenance Gld 96 Providence V 227 PUF Vent Inc 9821 PUF Vent Inc * O 1895 Pure Energy* O 995 Pure Energy V 1061 Pure Gold Mg* O 261 Pure Gold Mg V 1085 Pure Nickel* O 587 Pure Nickel V 4111 Purepoint Uran V 1551 Q-Gold Res V 1069 QMC Quntm Ml* O 2852 QMC Quntm Ml V 2423 QMX Gold* O 135 QMX Gold V 937 Quantum Cobalt 2983 Quartz Mtn Res V 11 Quaterra Res* O 434 Quaterra Res V 167 Quest Rare Mnl* O 431

0.33 0.25 0.33 + 0.05 0.33 0.09 0.82 0.79 0.79 - 0.01 0.99 0.35 1.15 0.98 1.11 + 0.16 1.44 0.42 0.05 0.04 0.05 + 0.02 0.04 0.01 0.16 0.12 0.14 - 0.01 0.19 0.05 0.12 0.10 0.12 + 0.00 0.15 0.04 0.07 0.05 0.06 - 0.01 0.12 0.05 0.14 0.13 0.13 - 0.01 0.23 0.10 1.59 1.30 1.31 - 0.28 1.59 0.33 1.17 1.17 1.17 + 0.04 1.25 0.91 0.06 0.04 0.06 + 0.03 0.08 0.03 0.02 0.02 0.02 - 0.00 0.13 0.00 0.26 0.21 0.26 + 0.00 0.26 0.12 16.71 15.44 16.66 + 1.07 21.29 13.99 20.84 19.22 20.77 + 1.40 27.99 18.00 0.06 0.04 0.05 + 0.01 0.10 0.02 0.05 0.03 0.04 + 0.01 0.07 0.01 0.10 0.09 0.10 - 0.01 0.26 0.08 0.23 0.18 0.23 + 0.03 0.25 0.13 0.08 0.06 0.08 + 0.01 0.16 0.06 1.33 1.24 1.30 + 0.01 2.10 1.16 0.36 0.28 0.35 - 0.01 0.45 0.09 0.22 0.19 0.21 + 0.02 0.34 0.10 0.09 0.08 0.09 - 0.00 0.14 0.05 40.92 39.20 40.61 + 0.66 40.81 22.58 0.19 0.07 0.16 + 0.07 0.19 0.01 0.42 0.30 0.42 + 0.13 1.05 0.13 0.04 0.03 0.03 + 0.00 0.05 0.02 0.06 0.06 0.06 + 0.00 0.40 0.01 0.06 0.05 0.06 + 0.01 0.08 0.04 0.09 0.07 0.09 + 0.01 0.10 0.05 0.07 0.06 0.06 - 0.00 0.07 0.03 0.40 0.37 0.40 + 0.01 0.45 0.27 3.20 2.97 3.03 - 0.08 4.56 2.90 2.55 2.37 2.40 - 0.11 3.45 2.26 0.14 0.11 0.12 - 0.02 0.16 0.04 0.34 0.28 0.30 - 0.09 0.80 0.28 0.44 0.36 0.37 - 0.07 1.08 0.36 0.38 0.30 0.32 + 0.02 0.56 0.20 0.08 0.07 0.08 + 0.01 0.12 0.04 0.07 0.06 0.07 - 0.00 0.08 0.03 44.04 0.00 44.04 + 2.04 50.23 31.83 0.07 0.06 0.07 + 0.01 0.09 0.04 0.95 0.80 0.84 - 0.11 0.96 0.26 0.76 0.64 0.64 - 0.10 0.77 0.21 0.25 0.20 0.20 - 0.01 0.28 0.05 0.56 0.35 0.50 + 0.11 2.45 0.28 0.71 0.45 0.63 + 0.14 3.19 0.36 0.05 0.05 0.05 + 0.00 0.09 0.03 1.14 0.99 1.05 + 0.06 1.14 0.57 1.40 1.23 1.30 + 0.06 1.40 0.71 0.00 0.00 0.00 + 0.00 0.00 0.00 0.15 0.12 0.13 + 0.01 0.19 0.04 0.11 0.10 0.10 + 0.02 0.11 0.08 0.13 0.11 0.13 + 0.01 0.31 0.09 0.11 0.09 0.11 + 0.00 0.22 0.07 0.70 0.59 0.63 - 0.02 0.70 0.18 0.88 0.72 0.77 - 0.04 0.88 0.23 0.09 0.08 0.08 - 0.01 0.12 0.05 0.08 0.06 0.06 + 0.00 0.09 0.04 0.11 0.09 0.11 + 0.01 0.20 0.06 3.59 3.37 3.53 - 0.05 4.13 2.17 0.00 0.00 0.00 + 0.00 0.01 0.00 14.29 12.92 13.91 - 0.38 16.48 9.73 11.51 10.37 11.15 - 0.37 12.53 7.75 0.28 0.10 0.27 + 0.18 1.21 0.08 0.22 0.08 0.22 + 0.14 0.92 0.06 0.12 0.10 0.12 + 0.03 0.25 0.08 0.33 0.00 0.27 - 0.05 0.52 0.21 0.40 0.35 0.37 - 0.03 0.72 0.25 1.23 1.09 1.11 - 0.00 1.42 0.95 1.55 1.35 1.37 - 0.02 1.74 1.25 4.25 3.81 3.99 + 0.19 5.58 2.75 3.40 3.18 3.18 + 0.09 4.24 2.21 0.06 0.00 0.06 + 0.00 0.08 0.02 0.90 0.00 0.80 - 0.10 1.90 0.58 0.11 0.08 0.11 + 0.03 0.25 0.08 0.14 0.11 0.14 + 0.01 0.34 0.11 0.30 0.00 0.21 - 0.04 0.40 0.08 0.17 0.14 0.16 - 0.01 0.27 0.07 2.09 1.36 1.49 - 0.06 2.09 0.24 1.65 1.08 1.19 - 0.07 1.85 0.19 0.36 0.33 0.34 + 0.00 0.53 0.29 0.44 0.42 0.43 + 0.01 0.69 0.38 0.47 0.42 0.44 - 0.00 0.55 0.35 0.58 0.53 0.54 - 0.02 0.72 0.46 0.04 0.02 0.03 + 0.01 0.04 0.00 0.05 0.03 0.04 + 0.01 0.05 0.01 0.10 0.09 0.09 - 0.01 0.19 0.06 0.06 0.05 0.06 + 0.01 0.06 0.03 0.79 0.59 0.76 - 0.01 1.46 0.05 0.99 0.73 0.93 - 0.02 1.85 0.05 0.24 0.23 0.24 + 0.03 0.29 0.14 0.32 0.28 0.31 + 0.05 0.40 0.16 1.32 0.90 1.04 - 0.25 1.90 0.03 1.00 0.00 0.82 + 0.73 1.50 0.50 0.07 0.05 0.06 + 0.01 0.13 0.03 0.09 0.07 0.09 + 0.02 0.15 0.05 0.01 0.00 0.00 - 0.00 0.23 0.00

P-Q

R Rackla Mtls* O 2 0.10 0.00 0.08 - 0.02 0.13 0.05 Radisson Mng V 268 0.20 0.18 0.19 - 0.01 0.25 0.12 Rainy Mtn Royl V 219 0.08 0.07 0.07 - 0.01 0.18 0.05 Randgold Res* D 1824 100.55 95.60 100.45 + 2.16 108.29 80.34 Randsburg Int* O 7 0.01 0.01 0.01 + 0.01 0.01 0.00 Rare Element* O 281 0.25 0.22 0.24 - 0.01 0.53 0.07 Rathdowney Res V 160 0.18 0.17 0.17 - 0.01 0.33 0.13 Ravencrest Res 311 1.90 1.55 1.74 + 0.12 2.10 0.02 Razore Rock Res 2 0.21 0.21 0.21 - 0.04 0.90 0.09 RB Energy* O 3302 0.00 0.00 0.00 + 0.00 0.00 0.00 Red Eagle Expl V 26 0.09 0.00 0.08 - 0.01 0.30 0.06 Red Eagle Mng* O 350 0.29 0.25 0.28 + 0.02 0.68 0.17 Red Eagle Mng T 2570 0.36 0.31 0.34 + 0.01 0.88 0.23 Red Oak Mg V 89 0.16 0.00 0.15 + 0.01 0.25 0.05 Red Pine Expl V 819 0.10 0.09 0.09 - 0.01 0.16 0.08 Redstar Gold V 1676 0.07 0.06 0.06 - 0.01 0.16 0.06 Redzone Res* O 136 0.36 0.27 0.36 + 0.07 0.36 0.08 Redzone Res V 1278 0.46 0.30 0.41 + 0.10 0.45 0.10 Regulus Res V 145 2.27 1.88 2.10 - 0.06 3.00 1.27 Renaissance Gd* O 94 0.27 0.20 0.22 + 0.03 0.38 0.16 Renaissance Gd V 245 0.33 0.24 0.27 + 0.04 0.48 0.21 Renforth Res 334 0.06 0.05 0.06 + 0.01 0.09 0.04 Resolve Vent V 774 0.05 0.04 0.04 - 0.01 0.12 0.02 Resource Cap V 399 0.10 0.09 0.09 - 0.01 0.24 0.09 Resource Cap* O 128 0.08 0.06 0.08 + 0.01 0.17 0.06 Reunion Gold V 174 0.16 0.15 0.15 - 0.01 0.17 0.06

2018-01-16 8:45 PM

22

WWW.NORTHERNMINER.COM

JANUARY 22–FEBRUARY 4, 2018 / THE NORTHERN MINER

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

Week

12-month

Exc Volume High Low Last Change High Low

Revival Gold V 74 Revival Gold * O 36 Rhyolite Res V 14 Richmond Mnls V 69 Rift Valley 179 Rimrock Gold* O 89947 Rio Novo Gold* O 21 Rio Novo Gold T 92 Rio Silver V 224 Rio Tinto* N 12956 Rio Tinto* O 0 Rio Tinto* O 15 Rise Gold Corp 1198 Riverside Res* O 79 Rizal Res V 234 RJK Explor V 163 RJK Explor* O 37 Robex Res V 1523 Rochester Res* O 11 Rock Tech Lith V 75 Rock Tech Lith* O 4 Rockcliff Met* O 180 Rockcliff Met V 460 Rockhaven Res V 225 Rockridge Gold V 94 Rockshield Cap 12200 Rockshield Cap* O 1054 Rockwealth Res V 40 Rodinia Lithm V 253 Rogue Res V 126 Rogue Res* O 12 Rokmaster Res V 199 Romios Gold Rs V 100 Romios Gold Rs* O 204 RosCan Mrnls V 164 Rosita Mg Corp* O 5 Rosita Mg Corp V 292 Roughrider Exp V 22 Roxgold* O 68 Roxgold T 1448 Royal Gold* D 2050 Royal Nickel* O 625 Royal Rd Mnrls V 750 Royal Sapphire V 102 Royal Std Mnrl* O 69 RT Minerals* O 32 RTG Mining T 43 Rubicon Mnrls* O 30 Rubicon Mnrls T 133 Rugby Mng V 77 Running Fox Rs V 67 Running Fox Rs* O 9 Rupert Res V 64 Rusoro Mng* O 224 Rye Patch Gold* O 1053 Rye Patch Gold V 7485

0.75 0.69 0.71 + 0.02 0.86 0.08 0.61 0.00 0.59 + 0.02 0.70 0.52 0.32 0.31 0.32 + 0.03 0.40 0.11 0.07 0.06 0.07 + 0.01 0.18 0.04 0.10 0.00 0.10 - 0.01 0.15 0.03 0.00 0.00 0.00 - 0.00 0.00 0.00 0.12 0.10 0.10 - 0.01 0.15 0.06 0.15 0.12 0.13 + 0.01 0.23 0.08 0.06 0.05 0.05 - 0.01 0.09 0.04 57.78 54.94 57.67 + 3.13 57.28 37.66 63.82 0.00 63.82 + 6.80 63.82 43.87 56.75 53.62 56.55 + 3.48 56.15 37.20 0.20 0.15 0.15 - 0.04 0.40 0.09 0.27 0.23 0.27 + 0.01 0.46 0.20 0.05 0.00 0.05 + 0.01 0.06 0.02 0.09 0.06 0.09 + 0.02 0.25 0.06 0.05 0.05 0.05 + 0.00 0.19 0.04 0.10 0.08 0.08 - 0.02 0.14 0.06 0.03 0.03 0.03 - 0.01 0.05 0.02 1.88 1.66 1.66 - 0.16 2.16 0.75 1.50 1.33 1.33 - 0.15 1.66 0.59 0.05 0.04 0.04 - 0.00 0.10 0.04 0.07 0.06 0.06 - 0.01 0.12 0.06 0.16 0.14 0.15 + 0.01 0.22 0.12 0.41 0.31 0.36 - 0.04 0.50 0.30 0.84 0.47 0.50 + 0.05 0.84 0.09 0.67 0.38 0.41 + 0.06 0.67 0.06 0.29 0.00 0.24 - 0.05 0.30 0.15 0.43 0.30 0.38 + 0.03 0.46 0.09 0.48 0.36 0.39 + 0.03 0.72 0.18 0.39 0.39 0.39 - 0.00 0.55 0.16 0.03 0.03 0.03 + 0.01 0.07 0.02 0.06 0.06 0.06 + 0.01 0.08 0.04 0.05 0.05 0.05 + 0.00 0.07 0.03 0.09 0.07 0.09 - 0.01 0.12 0.02 0.02 0.02 0.02 - 0.00 0.04 0.01 0.04 0.03 0.04 + 0.01 0.06 0.02 0.06 0.05 0.05 - 0.01 0.12 0.04 1.11 1.01 1.10 + 0.07 1.27 0.78 1.40 1.26 1.40 + 0.13 1.67 1.03 85.67 82.14 85.56 + 2.39 94.39 61.00 0.15 0.14 0.14 - 0.00 0.30 0.12 0.15 0.11 0.11 - 0.02 0.15 0.06 0.09 0.06 0.09 + 0.03 1.40 0.06 0.00 0.00 0.00 + 0.00 0.01 0.00 0.07 0.06 0.06 + 0.01 0.10 0.03 0.26 0.17 0.17 - 0.10 0.55 0.10 1.47 0.00 1.33 - 0.03 1.48 1.00 1.88 1.65 1.70 + 0.03 2.39 1.27 0.36 0.30 0.36 + 0.05 0.50 0.23 0.04 0.03 0.03 - 0.01 0.04 0.01 0.02 0.02 0.02 + 0.00 0.02 0.01 0.92 0.85 0.85 - 0.10 1.47 0.68 0.07 0.05 0.06 - 0.00 0.17 0.05 1.28 0.16 1.19 - 0.18 1.74 0.92 1.60 0.20 1.54 - 0.12 2.37 1.17

Sabina Gd&Slvr* O 686 Sable Res* O 71 Sage Gold V 4069 Sage Gold* O 68 Saint Jean V 14395 Saint Jean* O 262 Salazar Res* O 98 Salazar Res V 265 Salt Lake Pot* O 0 Sama Res* O 48 Sama Res V 1797 Samco Gold V 4 Samex Mng* O 46 San Marco Res* O 182 San Marco Res V 503 Sanatana Diam V 479 Sandspring Res* O 296 Sandstorm Gold* X 7130 Sandstorm Gold T 1919 Sandy Lake Gld V 466 Santa Fe Gold* O 1015 Santacruz Silv V 732 Sarissa Res* O 384 Satori Res V 270 Satori Res* O 84 Savary Gold* O 75 Savary Gold V 194 Saville Res V 1728 Scandium Intl* O 534 Scandium Intl T 1362 Scorpio Gold V 2807 ScoZinc Mg V 77 ScoZinc Mg* O 18 Seabridge Gld T 296 Seabridge Gld* N 1487 Search Mnls V 776 Searchlight* O 107 Sego Res V 480 Select Sands V 2400 Semafo T 4945 Senator Mnrls* O 15 Senator Mnrls V 690 Sennen Potash V 44 Serengeti Res V 238 Sherritt Intl T 11041 Shore Gold T 934 Sibanye Gold* N 9959 Sidney Resrces* O 66 Sienna Res V 3004 Sienna Res* O 52 Sierra Metals* X 70 Sierra Metals T 93

1.88 1.70 1.78 - 0.01 2.17 0.84 0.14 0.14 0.14 + 0.00 0.14 0.10 0.14 0.11 0.11 - 0.03 0.27 0.11 0.12 0.08 0.08 - 0.04 0.20 0.09 0.06 0.04 0.05 + 0.01 0.35 0.03 0.05 0.03 0.05 + 0.02 0.26 0.02 0.11 0.10 0.10 - 0.01 0.14 0.06 0.14 0.13 0.14 + 0.01 0.18 0.08 0.40 0.00 0.40 + 0.04 0.50 0.27 0.36 0.33 0.33 - 0.02 0.41 0.10 0.44 0.41 0.41 - 0.03 0.50 0.08 0.02 0.00 0.02 - 0.01 0.04 0.02 0.00 0.00 0.00 + 0.00 0.00 0.00 0.16 0.12 0.15 + 0.03 0.20 0.10 0.19 0.15 0.19 + 0.04 0.27 0.13 0.06 0.05 0.05 - 0.01 0.07 0.02 0.30 0.26 0.29 - 0.00 0.51 0.20 5.25 4.90 5.17 - 0.07 5.38 3.18 6.52 6.10 6.43 - 0.07 6.81 4.37 0.08 0.06 0.07 - 0.01 0.13 0.05 0.19 0.14 0.17 - 0.02 0.23 0.05 0.13 0.12 0.13 + 0.02 0.39 0.09 0.00 0.00 0.00 - 0.00 0.01 0.00 0.15 0.00 0.15 + 0.06 0.30 0.07 0.09 0.07 0.09 + 0.02 0.18 0.07 0.05 0.04 0.05 + 0.01 0.09 0.03 0.07 0.06 0.07 - 0.01 0.11 0.04 0.12 0.09 0.11 + 0.02 0.40 0.06 0.19 0.17 0.18 - 0.02 0.35 0.17 0.24 0.21 0.22 - 0.02 0.48 0.22 0.04 0.03 0.04 + 0.01 0.15 0.02 1.50 1.45 1.49 - 0.01 1.75 0.85 1.20 1.19 1.20 - 0.03 1.44 0.76 13.98 13.08 13.86 - 0.02 17.65 11.97 11.25 10.49 11.10 - 0.05 13.70 9.10 0.07 0.05 0.07 + 0.02 0.10 0.03 0.02 0.01 0.02 + 0.00 0.13 0.01 0.07 0.06 0.06 - 0.02 0.09 0.03 0.60 0.43 0.53 + 0.11 2.04 0.35 3.80 3.53 3.74 + 0.12 5.24 2.68 0.23 0.21 0.21 - 0.10 1.57 0.21 0.29 0.24 0.25 - 0.03 1.99 0.21 0.45 0.40 0.42 + 0.02 1.10 0.30 0.18 0.16 0.17 + 0.01 0.26 0.13 1.70 1.46 1.52 - 0.16 1.87 0.74 0.19 0.18 0.18 - 0.01 0.44 0.15 5.50 5.11 5.48 + 0.16 10.59 4.27 0.01 0.01 0.01 + 0.00 0.02 0.00 0.31 0.29 0.29 - 0.01 0.31 0.09 0.25 0.23 0.24 - 0.00 0.25 0.07 2.72 2.45 2.62 + 0.12 3.10 1.52 3.38 3.07 3.26 + 0.16 3.75 2.01

S

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Signature Res V 222 Silver Bear Rs T 1018 Silver Bear Rs* O 224 Silver Bull Re T 6279 Silver Bull Re* O 3715 Silver Dragon* O 350 Silver Grail V 61 Silver Mtn Mns V 349 Silver Phoenix 5 Silver Predatr* O 20 Silver Range V 80 Silver Scott* O 99 Silver Spruce* O 132 Silver Viper V 126 Silver Wheaton T 4773 Silver Wheaton* N 13874 Silvercorp Met T 1554 Silvercorp Met* X 1886 O 284 SilverCrest Mt* SilverCrest Mt V 481 Silvermet V 332 Silverstar Res* O 327 Sirios Res V 380 Skeena Res V 938 Skeena Res* O 56 Skyharbour Res* O 180 V 296 Skyharbour Res Sojourn Explor V 284 SolGold plc T 470 SolGold plc* O 696 Solitario Ex&R T 73 Solitario Ex&R* X 711 Sonora Gld & S V 3142 Sonoro Mtls V 114 Southern Arc V 185 Southern Arc* O 18 Southern Copp* N 4385 Southern Lith V 305 Southern Silvr* O 900 Southern Silvr V 1317 SouthGobi Res T 81 Spada Gold V 74 Spanish Mtn Gd V 931 Spanish Mtn Gd* O 195 Sparton Res V 3620 Sparton Res* O 549 Spearmint Res* O 1676 Spearmint Res V 24867 Sphinx Res V 951 Sprott Res Hld T 2466 Spruce Ridge R V 855 SRG Graphite V 338 SSR Mining T 1938 SSR Mining* D 7454 St-Georges Plt* O 313 Stakeholdr Gld V 80 Stakeholdr Gld* O 76 Standard Graph* O 133 Standard Lith V 1348 O 133 Standard Metal* Stans Energy* O 262 Star Gold* O 5 Starcore Intl T 140 Starr Peak Exp V 4 Stellar Africa V 487 Stelmine Can V 584 Stina Res 1165 Stina Res* O 135 Stornoway Diam* O 9 Stornoway Diam T 1181 Stratabd Mnr V 160 Strateco Res* O 17 Strategic Metl* O 131 Strategic Metl V 198 O 106 Strikepoint Gd* Strongbow Expl V 213 Sulliden Mng T 819 Suncor Energy T 11673 Suncor Energy* N 11799 Sunvest Mnrls V 2215 Superior Gold* O 65 Superior Gold V 349 Supreme Metals 14554 Sutter Gold* O 110 Sutter Gold V 164 Syrah Res* O 100

0.07 0.00 0.07 - 0.01 0.19 0.06 0.32 0.22 0.32 + 0.07 0.49 0.12 0.26 0.18 0.25 + 0.04 0.38 0.08 0.29 0.22 0.26 + 0.01 0.29 0.08 0.23 0.17 0.21 + 0.01 0.23 0.06 0.02 0.01 0.01 + 0.00 0.03 0.00 0.09 0.08 0.09 + 0.01 0.13 0.05 0.03 0.00 0.03 + 0.01 0.06 0.02 0.06 0.00 0.06 - 0.16 0.25 0.05 0.12 0.12 0.12 - 0.02 0.32 0.05 0.16 0.14 0.15 - 0.01 0.29 0.12 0.02 0.02 0.02 + 0.00 0.04 0.01 0.06 0.00 0.05 + 0.01 0.08 0.03 0.19 0.16 0.19 + 0.03 0.30 0.15 27.57 25.94 27.33 + 0.09 30.32 23.18 22.04 20.87 21.90 - 0.05 23.06 18.32 3.67 3.14 3.63 + 0.13 5.90 2.72 2.94 2.53 2.92 + 0.08 4.50 2.12 2.01 1.53 1.59 - 0.06 2.10 0.84 2.58 1.92 2.00 - 0.04 2.79 1.05 0.40 0.33 0.36 + 0.06 0.59 0.14 0.72 0.35 0.72 + 0.22 3.36 0.20 0.32 0.29 0.29 - 0.01 0.56 0.25 0.77 0.65 0.77 + 0.08 0.95 0.40 0.61 0.53 0.61 + 0.06 0.77 0.27 0.42 0.37 0.39 - 0.02 0.54 0.24 0.51 0.46 0.46 - 0.04 0.70 0.31 0.16 0.14 0.15 + 0.01 0.30 0.11 0.49 0.42 0.47 - 0.04 0.95 0.42 0.41 0.36 0.37 - 0.03 0.63 0.33 0.88 0.75 0.88 + 0.08 1.21 0.70 0.71 0.61 0.71 + 0.06 0.91 0.54 0.20 0.14 0.18 + 0.04 0.20 0.05 0.20 0.18 0.18 - 0.02 0.20 0.10 0.64 0.54 0.56 - 0.06 0.90 0.49 0.52 0.44 0.44 - 0.04 0.65 0.35 50.32 48.73 49.93 + 0.81 50.11 32.63 0.38 0.33 0.34 - 0.01 3.80 0.32 0.30 0.23 0.30 + 0.02 0.46 0.17 0.38 0.29 0.37 + 0.02 0.60 0.22 0.25 0.00 0.25 + 0.07 0.47 0.12 0.37 0.29 0.37 + 0.06 0.38 0.14 0.14 0.11 0.13 - 0.01 0.23 0.08 0.12 0.09 0.10 - 0.02 0.17 0.06 0.11 0.08 0.09 - 0.02 0.14 0.03 0.08 0.06 0.06 - 0.01 0.11 0.02 0.08 0.04 0.06 + 0.02 0.08 0.02 0.10 0.06 0.07 + 0.01 0.10 0.02 0.07 0.05 0.06 + 0.02 0.08 0.04 0.17 0.15 0.17 + 0.02 0.23 0.13 0.04 0.02 0.03 + 0.01 0.04 0.01 1.75 1.50 1.72 - 0.03 1.95 0.15 10.73 9.66 10.03 - 0.59 16.11 9.66 8.63 7.75 8.08 - 0.47 11.40 7.75 1.96 0.82 1.96 + 1.10 1.84 0.15 0.51 0.00 0.42 - 0.06 0.53 0.20 0.41 0.34 0.34 - 0.04 0.43 0.17 0.51 0.44 0.44 - 0.00 0.51 0.06 2.60 2.31 2.55 + 0.30 2.85 0.48 0.07 0.05 0.07 + 0.01 0.22 0.02 0.03 0.02 0.03 + 0.00 0.06 0.02 0.05 0.05 0.05 - 0.00 0.16 0.04 0.26 0.24 0.25 - 0.02 0.65 0.23 0.15 0.15 0.15 - 0.02 0.18 0.08 0.07 0.04 0.06 + 0.01 0.07 0.03 0.45 0.25 0.32 + 0.07 0.34 0.16 0.25 0.22 0.24 - 0.01 0.36 0.08 0.20 0.19 0.19 - 0.00 0.28 0.06 0.54 0.52 0.52 - 0.00 0.75 0.47 0.66 0.62 0.62 - 0.05 0.99 0.60 0.04 0.04 0.04 + 0.01 0.05 0.01 0.01 0.00 0.00 + 0.00 0.07 0.00 0.42 0.38 0.40 + 0.00 0.54 0.31 0.51 0.47 0.51 + 0.02 0.73 0.40 0.17 0.15 0.17 + 0.00 0.47 0.11 0.17 0.15 0.17 - 0.01 0.27 0.13 0.50 0.45 0.45 - 0.02 0.65 0.18 47.45 46.70 47.35 + 0.42 47.69 36.09 38.03 37.35 37.97 + 0.15 38.39 27.96 0.12 0.09 0.09 - 0.01 0.15 0.08 0.92 0.82 0.87 - 0.05 0.92 0.69 1.14 1.03 1.10 - 0.05 1.25 0.85 0.08 0.04 0.07 + 0.03 0.15 0.03 0.02 0.01 0.01 - 0.01 0.06 0.01 0.02 0.00 0.02 + 0.01 0.08 0.02 3.85 3.52 3.57 - 0.27 3.85 1.68

T Tahoe Res* N 12388 Tahoe Res T 4893 Tajiri Res V 627 Taku Gold 36 Talon Metals T 290 Tamino Mnrls* O 2479 Tanager Energy V 327 Tanqueray Expl V 313 Tantalex Res 3173 Tanzania Rlty T 180 Tanzania Rlty* X 1496 Taranis Res* O 134 Taranis Res V 57 Tarku Res V 100 Tartisan Res 379 Tasca Res V 2934 Tasca Res* O 70 Taseko Mines T 1014 Taseko Mines* X 3378 Teck Res T 12052 Teck Res* N 26744 Teck Res T 71

4.97 4.47 4.93 + 0.01 9.68 4.15 6.18 5.58 6.15 + 0.04 12.98 5.31 0.14 0.08 0.14 + 0.06 0.21 0.08 0.13 0.10 0.10 - 0.02 0.25 0.06 0.06 0.06 0.06 - 0.01 0.15 0.05 0.00 0.00 0.00 + 0.00 0.00 0.00 0.12 0.11 0.12 + 0.01 0.20 0.08 0.72 0.62 0.69 - 0.01 1.56 0.47 0.22 0.16 0.20 + 0.01 0.25 0.03 0.53 0.47 0.52 + 0.06 0.81 0.31 0.44 0.37 0.42 + 0.03 0.62 0.24 0.09 0.08 0.08 - 0.01 0.11 0.06 0.10 0.09 0.09 - 0.01 0.14 0.08 0.04 0.04 0.04 + 0.01 0.07 0.03 0.16 0.15 0.15 - 0.01 0.18 0.04 0.17 0.11 0.13 - 0.04 0.62 0.05 0.13 0.12 0.12 - 0.03 0.38 0.12 2.61 2.46 2.56 - 0.03 2.98 1.36 2.10 1.96 2.04 - 0.05 2.46 1.00 38.53 33.98 38.25 + 4.32 37.94 19.27 30.79 27.35 30.64 + 3.31 30.29 14.56 38.78 34.04 38.20 + 4.32 37.59 20.00

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Telferscot Res 14559 Telferscot Res* O 482 Telson Res * O 2 Telson Res V 692 Tembo Gold* O 160 Tembo Gold V 1013 Teranga Gold* O 124 Teranga Gold T 1119 Teras Res* O 1 Teras Res V 385 Terraco Gold V 224 Terrax Mnrls* O 132 Terreno Res V 4594 Teslin Rvr Res V 627 Tesoro Mnrls V 15 Tethyan Res V 67 Teuton Res V 159 Teuton Res* O 76 Texas Mineral* O 226 Themac Res V 29 Thor Expl V 194 Thunder Mtn Gd* O 50 Thunderstruck V 943 Thunderstruck* O 28 Till Capital* D 19 Tiller Res V 297 O 308 Timberline Res* Timberline Res V 188 Timmins Gold T 576 Timmins Gold* X 665 Tinka Res V 626 Tinka Res* O 381 Tintina Mines V 118 Tintina Res V 107 Tintina Res* O 79 Tirex Res* O 462 Tirex Res V 1077 Titan Mining T 582 Titanium Corp V 294 TMAC Resource* O 3 TMAC Resources T 266 TNR Gold V 715 Toachi Mg Inc* O 16 Tolima Gold V 5302 O 418 Tombstone Expl* Tonogold Res* O 224 Torex Gold T 3217 Torex Gold* O 136 Toron, Inc* O 31095 Torq Resources V 156 Torq Resources* O 30 Tower Res V 267 Transatlan Mng V 108 Transition Mtl V 303 Treasury Metal* O 129 Treasury Metal T 319 Trecora Res* N 148 Trek Mining V 7866 Trek Mining* O 457 Tres-Or Res V 469 Trevali Mng* O 227 Trevali Mng T 12540 Trifecta Gold* O 63 Trilogy Mtls* X 3388 Trilogy Mtls T 289 TriMetals Mng* O 81 O 44 TriMetals Mng* Trinity Valley V 58 Trio Resources* O 880 TriStar Gold* O 31 TriStar Gold V 106 Triumph Gold V 495 Triumph Gold* O 39 Troy Res* O 52 Troymet Expl V 1131 True Grit Res V 123 True North Gem V 15896 Trueclaim Expl V 148 Tsodilo Res V 41 Tudor Gold V 230 Tudor Gold * O 21 O 205 Tungsten Corp* Turquoise HIl* N 13925 Turquoise HIl T 2321

0.08 0.05 0.06 - 0.02 0.12 0.01 0.07 0.05 0.05 - 0.02 0.07 0.02 0.60 0.57 0.59 + 0.01 0.72 0.19 0.73 0.67 0.70 - 0.01 0.89 0.27 0.03 0.01 0.03 + 0.01 0.04 0.01 0.04 0.02 0.04 + 0.02 0.06 0.01 2.77 2.27 2.76 + 0.34 6.40 1.83 3.45 2.85 3.43 + 0.45 5.25 2.36 0.09 0.09 0.09 + 0.01 0.13 0.07 0.12 0.09 0.10 - 0.01 0.18 0.08 0.09 0.08 0.09 + 0.01 0.16 0.08 0.44 0.39 0.44 + 0.02 0.70 0.30 0.17 0.11 0.11 - 0.05 0.18 0.03 0.57 0.51 0.51 - 0.05 0.76 0.35 0.12 0.09 0.09 - 0.02 0.12 0.06 0.35 0.25 0.32 + 0.07 0.57 0.18 0.22 0.20 0.22 + 0.02 0.35 0.15 0.17 0.15 0.15 + 0.00 0.26 0.12 0.21 0.19 0.19 - 0.02 0.39 0.10 0.08 0.06 0.08 - 0.01 0.10 0.03 0.15 0.12 0.12 - 0.01 0.25 0.08 0.18 0.13 0.13 - 0.08 0.30 0.06 0.07 0.05 0.06 - 0.01 0.14 0.05 0.05 0.05 0.05 - 0.00 0.11 0.04 4.80 4.19 4.35 - 0.03 5.45 3.30 0.42 0.40 0.41 + 0.02 0.65 0.05 0.24 0.20 0.22 - 0.02 0.52 0.20 0.30 0.26 0.28 - 0.02 0.69 0.26 4.70 4.21 4.53 - 0.01 7.99 3.60 3.67 3.37 3.64 - 0.01 6.06 2.82 0.75 0.69 0.72 - 0.03 0.87 0.22 0.62 0.55 0.58 - 0.03 0.75 0.17 0.09 0.06 0.09 + 0.02 0.09 0.04 0.11 0.09 0.10 - 0.01 0.14 0.06 0.08 0.08 0.08 - 0.00 0.10 0.05 0.06 0.03 0.06 + 0.02 0.09 0.01 0.07 0.05 0.07 + 0.02 0.12 0.02 1.38 1.21 1.30 + 0.09 1.40 0.92 1.17 1.00 1.12 - 0.03 1.50 0.41 9.10 8.72 8.73 + 0.89 14.36 5.45 11.35 10.35 10.85 + 0.08 19.00 6.90 0.07 0.06 0.07 + 0.01 0.09 0.03 0.20 0.20 0.20 + 0.00 0.35 0.18 0.05 0.02 0.03 - 0.02 0.06 0.01 0.01 0.01 0.01 - 0.00 0.01 0.00 0.18 0.10 0.17 + 0.03 0.25 0.03 12.01 10.49 11.70 + 1.35 33.85 10.12 9.59 8.30 9.35 + 1.05 25.59 8.15 0.01 0.01 0.01 + 0.00 0.02 0.00 0.67 0.56 0.57 - 0.06 1.00 0.43 0.52 0.48 0.48 - 0.02 1.10 0.35 0.17 0.15 0.15 - 0.01 0.34 0.11 0.07 0.06 0.06 - 0.01 0.50 0.04 0.15 0.13 0.13 - 0.01 0.24 0.12 0.53 0.47 0.50 - 0.02 0.67 0.30 0.66 0.60 0.61 - 0.03 0.90 0.50 14.15 13.65 13.85 - 0.30 14.60 10.13 1.35 1.16 1.34 + 0.18 2.02 0.88 1.09 0.94 1.06 + 0.13 1.55 0.69 0.06 0.05 0.06 + 0.01 0.07 0.03 1.29 1.21 1.27 + 0.02 1.34 0.76 1.63 1.50 1.60 + 0.05 1.64 1.03 0.08 0.00 0.07 - 0.01 0.20 0.07 1.64 1.33 1.50 + 0.17 1.57 0.45 2.03 1.63 1.85 + 0.19 1.98 0.60 0.13 0.11 0.12 - 0.00 0.23 0.11 0.19 0.17 0.17 - 0.02 0.20 0.11 0.14 0.11 0.13 + 0.01 0.20 0.04 0.00 0.00 0.00 - 0.00 0.00 0.00 0.20 0.00 0.20 + 0.03 0.34 0.13 0.28 0.22 0.25 - 0.01 0.44 0.18 0.35 0.32 0.34 + 0.01 0.57 0.23 0.28 0.25 0.25 - 0.01 0.46 0.18 0.08 0.07 0.08 + 0.01 0.13 0.05 0.01 0.01 0.01 - 0.01 0.03 0.01 0.07 0.00 0.06 + 0.02 0.07 0.02 0.02 0.01 0.01 - 0.01 0.02 0.01 0.20 0.14 0.14 - 0.06 0.40 0.07 0.62 0.55 0.55 - 0.07 1.05 0.54 0.44 0.39 0.40 - 0.03 0.94 0.39 0.35 0.33 0.33 - 0.00 0.71 0.33 0.00 0.00 0.00 - 0.00 0.00 0.00 3.58 3.34 3.57 + 0.06 3.80 2.44 4.49 4.17 4.45 + 0.12 4.92 3.25

U3O8 Corp* O 40 U3O8 Corp T 144 Ucore Rare Mtl V 686 523 Ucore Rare Mtl* O UEX Corp T 2975 Ultra Lithium* O 6 Ultra Lithium V 123 Umbral Enrgy* O 238 Unigold* O 10 United Lithium 5 United Res Hdg* O 56 390 United States A* X United States S* N 52969 Unity Energy V 17 Universal Vent V 699 Upper Canyon V 4 Ur-Energy T 446 Ur-Energy* X 2594 Uracan Res* O 29 Uranium Energy* X 8242 Uranium Hunter* O 0 Uranium Res* D 1383 URZ Energy V 77 URZ Energy* O 69

0.40 0.00 0.40 + 0.03 0.49 0.18 0.50 0.43 0.43 + 0.01 1.00 0.21 0.25 0.23 0.24 - 0.01 0.37 0.22 0.20 0.18 0.19 - 0.01 0.28 0.18 0.36 0.32 0.32 - 0.04 0.43 0.15 0.40 0.35 0.35 - 0.03 0.63 0.11 0.49 0.43 0.47 - 0.01 0.80 0.14 0.64 0.40 0.44 + 0.04 0.64 0.03 0.18 0.17 0.17 + 0.00 0.24 0.12 0.41 0.00 0.41 + 0.01 0.41 0.40 0.01 0.00 0.01 - 0.00 0.02 0.00 0.34 0.31 0.34 + 0.01 0.52 0.20 39.94 37.70 39.14 + 0.65 41.83 18.55 0.17 0.11 0.14 + 0.03 0.35 0.11 0.44 0.35 0.40 - 0.04 0.50 0.34 0.25 0.24 0.24 + 0.04 0.30 0.03 0.98 0.87 0.94 - 0.01 1.19 0.62 0.79 0.69 0.75 - 0.02 0.91 0.50 0.03 0.03 0.03 - 0.01 0.09 0.01 2.00 1.67 1.72 - 0.26 2.00 0.96 1.63 0.00 1.63 + 0.13 3.00 0.94 1.11 0.98 1.05 - 0.04 4.00 0.76 0.54 0.49 0.53 + 0.01 0.79 0.20 0.44 0.39 0.42 + 0.01 0.51 0.31

U-V

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

916 O US Cobalt * V 3252 US Cobalt US Energy* D 451 906 US Precious M* O 27778 US Tungsten* O USCorp* O 265 N 98989 Vale* ValGold Res V 46 Valley High Mg* O 49535 Valterra Res* O 24 Vanadium One V 677 O 957 Vanadiumcorp* Vangold Res V 177 Vangold Res* O 91 538 Vanstar Mng Rs V Vantex Res V 274 Vatic Vent V 327 N 2481 Vedanta* Velocity Mnrls V 264 O 33 Velocity Mnrls* Vendetta Mng V 904 O 212 Vendetta Mng* Verde Potash T 173 Veris Gold* O 43 Victoria Gold V 3102 Victory Nickel* O 1 Victory Nickel 127 Victory Res V 70 Victory Vent V 1188 O 12 Virginia Enrgy* Virginia Enrgy V 74 Viscount Mng V 498 99 Visible Gold M V 50 Visible Gold M* O Vista Gold T 117 Vista Gold* X 1636 Volcanic Gold V 125 Voltaic Min V 764 VR Resources V 1226 Vulcan Mnrls V 53 VVC Expl V 768

0.62 0.47 0.59 + 0.09 0.88 0.27 0.76 0.58 0.74 + 0.11 0.99 0.45 0.60 1.74 + 0.09 1.76 1.79 1.44 0.00 0.00 0.00 - 0.00 0.02 0.00 0.00 0.00 + 0.00 0.01 0.01 0.00 0.00 0.02 + 0.01 0.02 0.02 0.01 13.53 + 0.44 13.46 7.47 13.57 13.05 0.03 0.07 + 0.01 0.08 0.07 0.00 0.04 0.02 0.02 + 0.01 0.04 0.00 0.01 0.03 - 0.00 0.05 0.03 0.03 0.06 0.08 - 0.01 0.19 0.10 0.08 0.04 0.10 + 0.01 0.13 0.10 0.09 0.06 0.15 - 0.01 0.22 0.15 0.14 0.05 0.11 - 0.01 1.38 0.12 0.10 0.10 0.08 0.09 - 0.01 0.15 0.05 0.05 0.07 + 0.01 0.24 0.07 0.06 0.04 0.06 - 0.01 0.12 0.07 0.06 13.78 21.67 + 0.09 21.88 21.69 21.09 0.18 0.23 + 0.03 0.47 0.27 0.20 0.15 0.19 - 0.01 0.35 0.20 0.19 0.17 0.24 - 0.02 0.35 0.26 0.23 0.12 0.19 - 0.02 0.27 0.20 0.18 0.24 0.77 + 0.03 1.77 0.78 0.68 0.00 0.00 - 0.01 0.02 0.02 0.00 0.40 0.46 + 0.03 0.74 0.47 0.41 0.00 0.05 + 0.00 0.14 0.05 0.00 0.02 0.06 + 0.01 0.09 0.06 0.00 0.13 0.55 + 0.01 0.88 0.60 0.51 0.06 0.32 + 0.07 0.76 0.36 0.23 0.04 0.13 + 0.02 0.54 0.14 0.11 0.07 0.14 - 0.01 0.38 0.18 0.13 0.22 0.33 - 0.01 0.73 0.38 0.32 0.15 0.12 0.15 + 0.01 0.35 0.09 0.10 0.08 0.10 + 0.02 0.15 0.04 0.77 0.98 + 0.03 1.61 1.01 0.89 0.60 0.79 + 0.02 1.24 0.82 0.71 0.21 0.25 - 0.05 0.65 0.29 0.24 0.04 0.05 + 0.01 0.24 0.05 0.04 0.21 0.27 - 0.10 0.41 0.38 0.24 0.04 0.05 - 0.01 0.08 0.06 0.05 0.02 0.04 + 0.01 0.05 0.04 0.03

Walker Lane* O 1 Walker River V 531 T 518 Wallbridge Mng 636 War Eagle Mg V Waseco Res V 137 Wealth Mnrls* O 340 Wealth Mnrls V 545 V 46 Wescan Gldflds O 231 Wesdome Gold* T 1495 Wesdome Gold 157 V West Af Res 102 West High Yld V West Kirkland V 673 55 West Kirkland * O 122 West Red Lake Westcot Vent V 39 T 316 Western Copper X 372 Western Copper* 49 Western Pac Rs* O T 166 Western Potash Western Res* O 4 Western Uran* O 254 Western Uran 88 O 75 Westhaven Vent* V 198 Westhaven Vent O 495 Westkam Gold* V 10997 Westkam Gold Westmoreland* D 2590 Westridge Res 1662 O 15 Westridge Res* Whistler Gold V 50 White Gold* O 24 White Gold V 144 77 White Metal R* O White Metal Rs V 1016 White Mtn Engy* O 1053 O 11 Wincash Apolo* Winston Gold 461 Winston Gold* O 166 Wolfden Res* O 180 Wolfden Res V 986 Wolfeye Res V 660 O 1 Wolverine Mnls* V 180 Worldwide Res WPC Res V 337 X-Terra Res V 359 Xander Res V 641 Ximen Mng V 271 Ximen Mng* O 150 XLI Tech Inc* O 1071 V 470 Xtierra O 32 Xtra-Gold Res* Xtra-Gold Res T 43 Yamana Gold T 20786 64924 Yamana Gold* N V 12 Yellowhead Mng Zadar Vent V 62 120 O Zadar Vent * O 61 Zenyatta Vent* Zenyatta Vent V 424 Zephyr Mnls V 27 Zinc One Res V 1243 89 Zinc One Res * O Zincore Mtls V 9 Zincore Mtls* O 2 Zonte Mtls V 141

0.10 0.10 - 0.10 0.22 0.10 0.10 0.07 0.08 + 0.01 0.17 0.08 0.07 0.06 0.10 + 0.01 0.15 0.11 0.09 0.12 0.08 0.09 - 0.01 0.12 0.04 0.04 0.05 + 0.01 0.12 0.05 0.05 0.86 1.34 - 0.08 1.85 1.42 1.29 1.15 1.66 - 0.07 2.34 1.76 1.62 0.05 0.10 + 0.04 0.13 0.11 0.00 0.00 1.77 + 0.06 3.22 1.87 1.55 1.64 2.19 + 0.05 4.40 2.22 2.04 0.50 0.40 0.50 + 0.10 0.50 0.19 0.41 0.38 0.40 + 0.02 3.80 0.13 0.06 0.08 + 0.01 0.11 0.08 0.07 0.07 0.05 0.07 + 0.01 0.08 0.04 0.15 0.12 0.12 - 0.02 0.31 0.08 0.04 0.94 - 0.01 1.09 1.09 0.94 1.10 1.26 + 0.02 2.24 1.32 1.23 0.85 1.01 + 0.01 1.72 1.07 0.99 0.01 0.01 0.01 - 0.00 0.03 0.01 0.37 0.42 + 0.01 1.80 0.43 0.41 0.29 0.33 + 0.01 0.47 0.34 0.33 0.62 0.66 + 0.02 2.17 0.73 0.62 0.79 0.80 + 0.01 2.80 0.88 0.79 0.05 0.10 - 0.02 0.12 0.12 0.10 0.07 0.14 - 0.01 0.17 0.15 0.12 0.01 0.02 + 0.00 0.03 0.02 0.02 0.01 0.03 + 0.01 0.04 0.03 0.02 1.84 1.31 1.36 - 0.29 19.03 0.95 0.29 0.52 - 0.13 0.80 0.65 0.46 0.12 0.39 - 0.08 0.60 0.52 0.39 0.03 0.06 + 0.02 0.06 0.06 0.06 0.82 0.86 - 0.09 1.73 0.88 0.86 1.01 1.24 + 0.14 2.34 1.24 0.00 0.11 0.09 0.09 - 0.02 0.17 0.05 0.14 0.12 0.13 - 0.01 0.24 0.03 0.00 0.00 0.00 + 0.00 0.03 0.00 0.03 0.05 + 0.00 0.22 0.06 0.00 0.03 0.04 + 0.01 0.14 0.04 0.03 0.02 0.03 - 0.00 0.04 0.03 0.02 0.10 0.45 - 0.03 0.52 0.49 0.44 0.11 0.55 - 0.05 0.67 0.62 0.53 0.31 1.01 - 0.04 1.64 1.07 0.99 0.05 0.10 + 0.02 0.09 0.10 0.00 0.01 0.05 + 0.02 0.09 0.09 0.04 0.04 0.05 + 0.01 0.08 0.05 0.04 0.17 0.22 + 0.01 0.40 0.22 0.19 0.17 0.21 + 0.03 0.42 0.21 0.17 0.13 0.17 - 0.01 0.60 0.18 0.13 0.11 0.03 - 0.12 0.43 0.03 0.03 0.01 0.00 0.00 - 0.00 0.05 0.00 0.02 0.03 + 0.01 0.06 0.03 0.02 0.12 0.21 + 0.03 0.28 0.21 0.20 0.17 0.26 + 0.01 0.37 0.26 0.25 2.84 4.31 + 0.28 4.80 4.32 3.84 2.21 3.44 + 0.19 3.65 3.45 3.08 0.38 0.51 - 0.09 1.20 0.60 0.00 0.07 0.07 - 0.01 0.16 0.08 0.00 0.07 0.00 0.07 + 0.00 0.12 0.05 0.46 0.49 - 0.02 0.93 0.50 0.46 0.56 0.60 - 0.03 1.29 0.63 0.56 0.18 0.30 - 0.01 0.42 0.31 0.30 0.43 0.40 0.41 - 0.03 0.90 0.31 0.34 0.33 0.34 - 0.01 0.81 0.01 0.06 0.19 - 0.05 0.35 0.24 0.00 0.06 0.17 - 0.08 0.25 0.25 0.17 0.09 0.22 + 0.03 0.49 0.25 0.19

W-Z

BID-ASK — JANUARY 8–12, 2018 STOCK

12-MONTH

EXC BID ASK LAST HIGH

Acme Res Corp African Metals Aguila Amer Gd Aida Minerals Alba Minerals Alderon Iron* Allante Potash ALQ Gold Amador Gold Amanta Res Anglo Pac Grp Angus Ventures Arch Coal* Arco Res Arian Res Ashanti Sanko Astur Gold Atlantic Ind Atlatsa Res* Aurelius Min Banro Corp Banro Corp* BC Moly Bell Copper Bethpage Cap BHK Mining Big Wind Cap Black Bull Res Boss Power Bullman Mnls Bunker Hill Cairo Res Canadian Mng Canex Energy Cascade Res Cassius Vents Centurion Mnls Chieftain Mtls Chinapintza Mg Cicada Vents Cliffs Nat Res* CNRP Mng Comet Inds Compass Gold Cresval Cap Cyprium Mng Dawson Gold Discovery Harb Eastern Zinc European Metal Excalibur Res Fieldex Expl Finore Mng Fire River Gol

20-22_JAN22_StockTables.indd 22

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

0.01 0.03 0.02 0.06 0.09 0.06 0.21 0.30 0.25 0.45 0.91 1.03 1.00 1.50 0.15 0.16 0.16 0.28 ... 0.40 0.14 0.52 0.11 ... 0.11 0.11 0.25 0.29 0.22 0.45 0.17 0.19 0.19 0.39 0.01 0.02 0.01 1.52 2.00 1.51 2.02 0.41 0.50 0.41 0.45 ... ... 0.58 0.06 0.08 0.06 0.12 0.01 0.02 0.01 0.02 0.04 0.05 0.04 0.10 0.06 0.08 0.08 0.10 0.01 0.03 0.01 0.04 ... ... 0.06 0.45 0.13 0.14 0.14 0.15 0.15 0.16 0.15 27.00 0.11 0.11 0.11 2.10 0.08 0.57 0.08 0.08 0.17 0.20 0.20 0.22 0.11 ... 0.11 0.16 0.02 0.02 0.02 0.05 0.70 0.76 0.70 1.05 0.10 0.18 0.10 0.15 0.17 0.20 0.17 0.06 0.20 0.06 0.12 ... ... 1.83 3.00 0.36 0.95 0.34 0.60 0.31 0.33 0.33 0.79 0.33 0.40 0.32 0.63 0.02 0.04 0.02 0.03 0.10 0.07 0.07 0.03 0.03 0.03 0.09 ... ... 0.05 0.01 0.05 0.01 0.02 0.02 0.03 0.02 0.03 1.45 3.20 1.43 7.17 0.71 0.76 0.76 12.50 2.65 3.40 3.05 3.20 0.14 0.16 0.15 0.49 0.04 0.05 0.05 0.06 0.03 0.03 0.03 0.15 0.34 0.30 0.30 0.06 0.07 0.07 0.12 0.20 0.28 0.20 0.30 ... 0.01 0.01 0.09 0.10 0.10 0.11 0.18 0.19 0.19 0.21 0.12 0.12 0.11 0.82 0.03 0.07 0.09

LOW

0.18 0.01 0.04 0.12 0.04 0.05 0.12 1.31 0.35 0.01 0.01 0.02 0.01 0.01 0.06 0.03 0.13 0.10 0.04 0.03 0.07 0.02 0.05 0.06 0.06 0.90 0.21 0.10 0.30 0.02 0.03 0.01 0.01 0.98 0.18 2.50 0.06 0.04 0.09 0.05 0.15 0.01 0.10 0.17

STOCK

12-MONTH

EXC BID ASK LAST HIGH LOW

GAR Limited Genius Props Gentor Res GFM Res Global Cobalt Global Cop Grp Goldstream Mnl GoldTrain Res Greatbanks Res Green Valley M Greenshield Ex Grosvenor Res Hadley Mng Halio Energy HFX Holding Highbury Proj Highvista Gold HiHo Silver Infinite Lith Inform Res Interconnect Intl Battery Iron South Mng JDF Explor Inc Jiulian Res Jubilee Gold Kenna Res Leo Res Lions Gate Mtl Lithion Energy Madeira Mrnls MAG Silver* Malbex Res Match Capital Mesa Expl Metalo Manuf Midasco Cap MillenMin Vent Millstream Min Milner Con Slv Minecorp Egy Moag Copper Montana Gold Namibia Rare E Navy Res Nebu Res Network Expl New Klondike Newlox Gold Norsemont Cap North Am Ptash NQ Explor Nubian Res Orford Mining

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

0.11 0.21 0.11 0.13 0.15 0.16 0.16 0.38 0.12 0.14 0.14 0.20 0.08 0.10 0.10 0.10 0.02 0.02 0.02 0.07 0.08 0.08 0.11 0.06 0.09 0.06 0.10 0.08 0.37 0.08 0.19 0.03 0.05 0.03 0.09 0.14 0.09 0.23 0.13 0.15 0.13 0.15 0.17 0.27 0.17 0.21 0.95 0.98 0.95 1.05 0.15 0.18 0.18 1.50 0.08 ... 0.12 0.12 0.22 ... 0.22 0.30 ... 0.16 0.17 0.04 0.05 0.04 0.18 0.26 0.29 0.28 0.32 0.29 0.42 0.31 0.39 0.08 0.20 0.08 0.08 ... ... 0.31 0.40 0.24 0.27 0.24 0.28 0.01 0.05 0.01 0.05 0.06 0.05 0.06 0.42 0.65 0.70 0.73 0.13 0.16 0.15 1.06 1.09 1.09 2.50 0.43 0.44 0.43 0.48 ... ... 0.10 0.18 0.03 0.07 0.03 0.04 12.52 13.30 12.52 14.40 0.38 0.40 0.39 0.43 0.01 0.04 0.04 0.04 0.05 0.05 0.12 0.35 ... 0.35 1.00 0.08 0.20 0.08 0.11 0.05 0.07 0.05 0.05 0.04 0.06 0.04 0.06 0.09 0.09 0.09 ... ... 0.12 0.20 ... ... 0.08 0.09 0.10 0.10 0.10 0.04 0.05 0.04 0.10 0.28 0.50 0.28 0.29 0.04 0.04 0.04 0.05 0.17 0.23 0.17 0.01 0.01 0.01 0.06 0.07 0.06 0.08 0.40 0.48 0.40 0.45 0.05 0.08 0.04 0.01 0.01 0.01 0.04 0.20 0.23 0.23 0.38 0.35 0.39 0.35 0.70

0.01 0.11 0.07 0.01 0.04 0.05 0.06 0.08 0.05 0.16 0.24 0.15 0.04 0.22 0.03 0.12 0.07 0.05 0.11 0.04 0.02 0.35 0.30 0.10 0.03 0.02 6.12 0.30 0.04 0.26 0.05 0.05 0.04 0.07 0.02 0.04 0.09 0.01 0.02 0.29 0.01 0.13 0.19

STOCK

Oriental Non F Orofino Mnrls Pac Bay Mnrls Pac Cascade Pac Link Mng Patriot Gold Phoenix Gold Phoenix Metals Pitchblack Res Prime Meridian Quadro Res Quantum Cobalt Rare Element* Red Tiger Mng Remington Res Remo Res Riley Resource River Wild Exp Rockex Mng Rockland Mnls Rojo Res Romulus Res Rubicon Mnrls* Savoy Vent Scavo Res SGX Res Sniper Res Squire Mg Ltd Stockport Expl Strategic Res Superior Mng Talmora Diamd Tearlach Res Thunder Mtn Gd Tiger Intl Tri-River Vent Trident Gold Trigen Res UC Res Umbral Enrgy United Coal Vale* Valencia Vent Vanadium One Vela Minerals Wabi Explor Westbay Vent Western Troy C Westminster Rs Winston Res Zara Res Zena Mng Zinco Mng

12-MONTH

EXC BID ASK LAST HIGH LOW

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

0.70 1.22 1.05 1.05 0.09 0.14 0.09 0.15 0.04 0.05 0.04 0.07 0.01 0.02 0.01 0.04 0.07 0.04 0.07 0.07 0.15 0.09 0.15 ... 0.01 0.01 0.19 0.20 0.21 0.41 0.45 0.41 0.46 0.12 0.15 0.14 0.10 0.13 0.10 0.18 ... ... 1.10 3.15 0.11 0.16 0.15 0.89 0.02 0.03 0.03 0.06 0.35 0.52 0.41 1.70 0.09 0.15 0.09 0.30 0.13 0.50 0.13 0.20 0.15 0.60 0.15 0.22 0.03 0.04 0.03 0.05 0.07 0.08 0.08 0.11 0.40 0.49 0.40 0.50 0.15 0.23 0.19 0.20 ... ... 0.03 1.35 0.25 0.45 0.45 0.45 0.36 0.57 0.36 0.54 0.02 0.02 0.02 0.01 0.01 0.01 0.12 0.24 0.15 0.16 0.02 0.03 0.03 0.04 0.18 0.28 0.18 0.25 0.06 0.10 0.06 0.13 0.02 0.05 0.02 0.05 0.08 0.15 0.08 0.15 ... 0.15 0.32 0.09 0.15 0.15 0.15 0.04 0.12 0.04 0.04 0.16 0.25 0.22 0.22 0.08 0.12 0.08 0.10 0.01 0.02 0.02 0.03 0.14 0.15 0.14 0.20 ... 0.01 0.01 ... ... 10.24 11.10 0.21 0.22 0.22 0.30 0.13 0.15 0.13 0.14 0.05 0.06 0.05 0.54 0.08 0.09 0.09 0.09 0.38 0.47 0.47 0.48 0.04 0.04 0.04 0.06 0.35 0.36 0.35 0.40 0.56 0.58 0.56 0.82 0.07 0.15 0.15 0.43 0.09 0.13 0.09 0.18 0.05 0.07 0.05

0.72 0.06 0.03 0.02 0.09 0.09 0.09 0.20 0.06 0.02 0.40 0.09 0.11 0.01 0.01 0.01 0.23 0.10 0.03 0.07 0.26 0.05 0.02 0.10 0.04 0.01 0.11 0.08 0.04 0.05 0.07 0.01 0.03 6.57 0.08 0.13 0.24 0.05 0.17 0.02 0.15 0.18 0.02 0.07

2018-01-16 8:45 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JANUARY 22–FEBRUARY 4, 2018

23

Glencore optimistic on industrials, electric vehicles OUTLOOK

| Mining major outlines future plans

BY MATTHEW KEEVIL

C

mkeevil@northernminer.com VANCOUVER

ommodity giant Glencore (LON: GLEN) has been the proverbial elephant in the room during the current zinc rally, with the market pondering a scenario involving up to 500,000 tonnes of latent production that Glencore could bring back online in 2018. The company unveiled on Dec. 12, however, that it had no such plans. In fact, Glencore’s zinc output could decline marginally in 2018 to 1.09 million tonnes. It will restart the Lady Loretta underground mine near Mt. Isa zinc operations in Australia, but CEO Ivan Glasenberg said the company “may scale back current guidance even more if the price reacts negatively.” Glencore highlighted its basket of commodities, headlined by copper, nickel and cobalt. The company studied the impact of electric vehicles (EVs) on metal demand across the supply chain, from generation and grid infrastructure through to storage, charging and vehicle production. Glencore concluded that targeting 30-million EV units by 2030 would annually require 4.1 million tonnes copper, 1.1 million tonnes nickel and 314,000 tonnes cobalt, which the company says represents 18%, 56% and 314% of 2016 production. “Our commodity portfolio is not only underpinned by the ongoing electric vehicle revolution, but also persistent supply challenges. And we believe in putting our capacity idle if we perceive there’s an excess in supply, and that’s exactly what we did with zinc,” Glasenberg said. “In terms of copper, the so-called ‘wall of supply’ didn’t come in 2017. Maybe there were new copper mines coming online, but people forgot about declining grades and rising strike risks, which are occurring across the industry. We’ve also seen

A worker walks towards an excavator at Glencore’s Murrin Murrin nickel-cobalt mine in Western Australia.  WGLENCORE

underinvestment in copper that will create supply challenges moving forward,” he added. Furthermore, Glencore said it would double cobalt production over the next two years. The company’s Katanga Mining (TSX: KAT; USOTC: KATFF) in the Democratic Republic of the Congo (DRC) will reportedly produce 32,000 tonnes cobalt per year by 2019. Glasenberg also cited strong fundamentals for thermal coal, which is underpinned by industrialization and urbanization in developing economies. He noted that rising demand for seaborne coal in South-

east Asia is offsetting a decline in the fuel across Europe and North America. “Thermal coal really has key demand centres in emerging markets,” Glasenberg said. “It’s another commodity that hasn’t had a lot of investment over the past few years, and we aren’t seeing those big expansions in the Western countries. In fact, there’s negative supply growth in the West, while grades are declining elsewhere in the world.” Finally, the company cautioned investors that “inflationary pres-

project, also in James Bay, the company released a resource estimate on Jan. 9. The resource was built from historic information developed by previous operators and the inclusion of 26 drill holes by Eastmain within the deposit’s resource domains, of which seven were drilled as verification holes in 2017. The project has indicated resources of 899,000 tonnes grading 8.19 grams gold per tonne for 236,500 contained oz. gold, and another 579,000 tonnes of 7.48 grams gold for 139,300 inferred oz. resources. The Eastmain deposit is a partly developed, historic, highgrade gold-copper deposit in the southeastern branch of the Upper Eastmain River greenstone belt. It was discovered in 1970 by Placer Development Ltd., but extensive exploration only began in 1981. In 1987 Placer Dome entered a joint-venture agreement with MSV Resources and completed 862 metres of ramp development, 226 metres of sublevel drifting and 95 metres of raising. In 1995, MSV mined 118,000 tonnes of material at a grade of 10.6 grams gold and 0.13% copper. The mine produced 40,000 oz.

1-16, 23_JAN22_Main .indd 23

gold that year but mining stopped due to low gold prices and difficulties with the winter road. Lemasson says the game changer for the Eastmain mine project was the construction three years ago of a new road (Route 167 Nord) under Quebec’s Plan Nord, which provides all-season access to the property. The infrastructure has helped Eastmain re-evaluate the potential of the past-producer, reassess the historic mineral resource estimate and start an exploration program. Barry Allan, an analyst at Laurentian Bank Securities, said in a research note after the resource estimate was released that “ongoing exploration indicates additional mineral potential on-strike, and further exploration is warranted.” At press time, Eastmain’s shares were trading at 32¢ within a 52week range of 28¢ (November 2017) and 64¢ (February 2017). The company has 199 million shares outstanding for a $64-million market capitalization. “Compared to a group of peers, Eastmain Resources is cheap, even though over the last 12 months each of Eastmain’s projects has shown very good results,” Allan writes. “We think Eastmain Resources has become a takeover candidate for Goldcorp, and is deep value.” TNM

Glencore alongside a £4 price target. The company’s shares have traded in a 52-week range of £2.56 to £3.88, and closed at £3.54 per share at press time. Glencore expects to produce 1.47 million tonnes copper, 39,000 tonnes cobalt, 1.09 million tonnes zinc, 300,000 tonnes lead and 132,000 tonnes nickel in 2018. The company has three core businesses responsible for marketing and industrial activities: metals and minerals, energy products and agricultural products. TNM

Friedland-backed Clean TeQ Holdings debuts on TSX

Eastmain in James Bay EASTMAIN From 3

sures had begun to creep in,” which boosted annual capital expense guidance by US$500 million to US$4.5 billion. Glencore promises to double its dividend, however, and pay shareholders at least US$2 billion in 2018. The company indicated that spot/ forward prices imply 2018 free cash flow of US$7.4 billion and earnings before interest, taxes, depreciation and amortization of US$16.2 billion. BMO Capital Markets analysts Edward Sterck and David Gagliano have an “outperform” rating on

TECHNOLOGY METALS   BY TRISH SAYWELL

C

tsaywell@northernminer.com

lean TeQ Holdings (TSX: CLQ; ASX: CLQ), which owns the Sunrise project in Australia, one of the highest-grade and largest nickel-cobalt deposits outside of Africa and one of the highest-grade scandium deposits in the world, has listed on the Toronto Stock Exchange since Dec. 15. A definitive feasibility study on the fully permitted project, 350 km west of Sydney, is expected in the first quarter of 2018, and if a production decision is made by July, construction should start soon thereafter. Sunrise will be the first mine dedicated to produce the raw materials needed to make nickel sulphate and cobalt sulphate, which are used in the cathodes of lithium ion batteries to power electric vehicles. Given that 63% of the world’s cobalt is made in the Democratic Republic of the Congo, bringing a new conflict-free supply of the metal to market is appealing to many end users. Perhaps just as important, currently 95% of global cobalt production is a by-product from copper and

| Junior hopes to develop deposit in Australia

IN ADDITION TO COBALT AND NICKEL, SUNRISE IS ONE OF THE WORLD’S LARGEST AND HIGHESTGRADE SCANDIUM RESOURCES. nickel mining, while at Sunrise, cobalt is a coproduct, not a by-product, and could make up 55% of Sunrise’s revenues at spot metal prices. Anticipation that electric vehicle production will surge over the next decade and warnings of limited cobalt metal supply from stable mining jurisdictions has made cobalt one of the best performing metals this year, with spot prices increasing from US$14.75 per lb. at the end of December 2016 to US$32.66 per lb. at press time — a 121% increase. A prefeasibility study completed in 2016 estimated that Sunrise could process 2.5 million tonnes of mineralized material in its first 20 years, with material available for up to 19

more years of mine life. Average C1 operating cash costs in years three to 20 were estimated at US$2.96 per lb. nickel, or US89¢ per lb. nickel after cobalt coproduct credits. The lateritic, iron-hosted resource is shallow (from five metres to 40 metres) and extends over a 2 km horizon. The average strip ratio is 0.8 times to 1 (waste to ore), meaning there would be more ore than waste. The company has already signed a binding five-year offtake agreement with Beijing Easpring for 20% of future production. Mining magnate Robert Friedland owns 16.3% of the company and China’s Pengxin Mining owns 16%. Board and management own about 5.8%. In addition to cobalt and nickel, Sunrise is one of the world’s largest and highest-grade scandium resources. Scandium oxide is used to make lighter and stronger aluminum alloys for the automotive and aerospace industries, and it could take a key role in the emerging field of 3-D printing. Clean TeQ plans to extract scandium oxide as a by-product of cobalt sulphide and nickel sulphate. TNM

2018-01-16 9:59 PM

24_JAN22_BackCover.indd 24

2018-01-16 11:25 AM

MARCH 4 – 7

THE WORLD’S PREMIER MINERAL EXPLORATION & MINING CONVENTION

SPECIAL SUPPLEMENT TO THE NORTHERN MINER / JANUARY 22-FEBRUARY 4, 2018

PAGES 1 - 16

BUILDING FROM OUR INDUSTRY’S RENEWED SENSE OF OPTIMISM By Dr. James Siddorn, PGeo, President of SRK Consulting (Canada) Inc. and Chair of the 2018 Convention Planning Committee of the Prospectors & Developers Association of Canada (PDAC)

Spring is just around the corner, which means it is almost time for the PDAC 2018 Convention, to be held at the Metro Toronto Convention Centre (MTCC) in Toronto, Canada. Building from our industry’s renewed sense of optimism in 2017, markets are stronger, the outlook is more robust, and the 2018 convention is set to be great. Since 1932, the PDAC Convention has been renowned for annually bringing the latest trends, technologies, knowledge, and information to one central location. It is a one-stop-shop for anyone connected to mineral exploration and development. The 2018 event will feature more than 1,000 exhibitors, with over 500 at the Investors Exchange and another 500 at the Trade Show. The Trade Show will take place in the South and North Buildings of the MTCC and will include the Northern Ontario Mining Showcase regional pavilion with 100 booths. In keeping with tradition, PDAC 2018 will offer an outstanding Technical Program with invaluable educational and networking opportunities for attendees. Highlights will include Tito Martins of Nexa Resources S.A. leading off the Commodities and market outlook session (Sunday, March 4) and Daniel Malchuk of BHP Billiton, Sean Roosen of Osisko Gold Royalties, and Anna Tudela of Goldcorp Inc. speaking during the Keynote Session (Monday, March 5). Best-selling author, economic consultant, and investment adviser A. Gary Shilling will present at the Mineral Outlook Luncheon. We will also offer

specialized Aboriginal, Capital Markets, Corporate Social Responsibility (CSR), and Student programs. Twelve short courses will be offered on topics including Environmental geological models of mineral deposits (Society of Economic Geologists) and Precambrian gold deposits (Mineral Exploration Research Centre, Laurentian University). Other

Prospectors & Developers Association of Canada (PDAC) 2018 International Convention, Trade Show & Investors Exchange

course themes include minimizing environmental impacts, mining financial modelling, geochemistry, geophysics, health and safety, avoiding the legal pitfalls of working in South America, peer review and technical audits, NI 43-101, and the application of artificial intelligence and machine learning (Decennial Mineral Exploration Conferences). And don’t forget about the convention’s excellent networking events, such as the Opening Day and Trade Show Receptions (March 4 and 5), the Mineral Outlook Luncheon (March 5), the Awards Gala & After

Party (March 6), and the Grand Finale (March 7), where you can relax and enjoy yourself after four exhilarating days at the world’s premier mineral exploration and mining convention. Last year, PDAC and the World Economic Forum co-hosted the 2nd International Mines Ministers’ Summit (IMMS). Bringing together 25 mine ministers from around the world, the summit was led by Canada’s Minister of Natural Resources, the Honourable Jim Carr. The IMMS will return to the PDAC in 2018, providing an important setting for collaboration within the mining community.

We are delighted to have more than 40 sponsors, many of whom are returning. On behalf of the PDAC, I would like to thank our Diamond sponsor Teck Resources Limited; our Platinum sponsors Barrick Gold Corporation, BHP and Goldcorp; and our Patron sponsors Nexa Resources S.A., BMO Capital Markets, Caterpillar, Rio Tinto, TMX Group and Vale Canada Limited. I would also like to welcome back and thank our three Mining Country sponsors Peru, Ecuador and Chile. Get ready, get registered, and I look forward to seeing you there!

March 4 – 7, 2018 Metro Toronto Convention Centre, Toronto, Canada Register online by February 2, 2018 to qualify for early registration rates. Review the full program and registration details at www.pdac.ca/convention For more information on registration, contact PDAC Registration Department at pdac@pdacevents.ca or 1 866 939 6468 | 647 362 8442. For more information about the convention, contact: Prospectors & Developers Association of Canada 135 King St East Toronto, ON M5C 1G6, Canada E convention@pdac.ca | T 1 416 362 1969 | F 1 416 362 0101 CONVENTION REGISTRATION DESK HOURS Onsite Info and Registration Centre Sponsored by Barrick Gold Corporation Friday, March 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7:00 am – 6:00 pm Saturday, March 3 . . . . . . . . . . . . . . . . . . . . . . . . . . 7:00 am – 6:00 pm

Headquartered in Vancouver, B.C., Teck is Canada’s largest diversified resource company, committed to responsible mining and mineral development with major business units focused on copper, steelmaking coal, zinc and energy. With ownership or interest in 12 operating mines in Canada, the USA, Chile and Peru and one large metallurgical complex in Canada, Teck has expertise across a wide range of activities including exploration (primarily focused on three commodities: copper, zinc and gold), development, smelting, refining, safety, environmental protection, product stewardship, recycling and research.

Monday, March 5. . . . . . . . . . . . . . . . . . . . . . . . . . . 7:00 am – 5:00 pm

Teck’s close to 10,000 employees work each day to deliver on their commitment to health and safety, protection of the environment and the sustainability of the communities in which Teck operates.

Tuesday, March 6. . . . . . . . . . . . . . . . . . . . . . . . . . . 7:00 am – 5:00 pm

Teck is proud to be the Diamond Sponsor for the PDAC 2018 Convention.

Sunday, March 4. . . . . . . . . . . . . . . . . . . . . . . . . . . . 7:00 am – 5:00 pm

Wednesday, March 7. . . . . . . . . . . . . . . . . . . . . . . . 7:00 am – 12:00 pm

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Convention Sponsors DiAmonD sponsor

pLAtinum sponsors

mining country sponsors

pAtron sponsors

prEmiEr sponsors

goLD pLus sponsors

goLD sponsors

®

bronzE sponsors

®

Peter Bojtos

INC.

IBK Capital Corp.

prospectors & Developers Association of canada

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3 International Convention, Trade Show & Investors Exchange March 4-7 Metro Toronto Convention Centre, Toronto, Canada REGISTER AT WWW.PDAC.CA/CONVENTION

TECHNICAL PROGRAM Program details as of January 5, 2018 Attendees will learn next and best practices while industry experts share timely insights during these dynamic series of presentations. For more information, visit www.pdac.ca/ convention/programming/technicalprogram Need professional development hours to maintain your professional designation? Upon request, PDAC will provide a certificate of completion for the Technical Program and Short Courses to help you meet your professional development requirements.

SUNDAY, MARCH 4 10:30 am – 11:30 am OPENING CEREMONIES Glenn Mullan, PDAC President

2:00 pm – 4:30 pm

9:00 am – 11:30 am

MINERAL DEPOSITS OF THE USA

PREVIOUSLY CLOSED MINES: CASE STUDIES ON DEVELOPING THE REMAINING POTENTIAL

NEW DISCOVERIES AND DEVELOPMENTS

CHAIRS: John Morganti, Lucca Advisors Inc., Vancouver & Joe Hinzer, Watts, Griffis & McOuat Ltd., Toronto, Canada

2:00 pm – 4:30 pm THE 25TH ANNIVERSARY OF CANADIAN DIAMOND MINING: THE NEXT GENERATION CHAIRS: Patricia Sheahan, Consultant, Toronto & Jennifer Pell, Peregrine Diamonds Ltd., Vancouver, Canada

TUESDAY, MARCH 6

CHAIRS: Jonathan Lafontaine, Independent Consultant, Levis & Sylvain Durocher, Ressources Québec, Quebec City, Canada

2:00 pm – 4:30 pm GEOPHYSICS

COMMODITIES AND MARKET OUTLOOK

THE ROLE OF RENEWABLES IN BOOSTING THE SUSTAINABILITY AND COMPETITIVENESS OF MINES

Sponsored by Clareo, MUFG, PearTree Securities, RBC Capital Markets and Scotiabank

CHAIRS: Jim Chan, ERM, Toronto & Stephen Wallace, Canyon Copper Corp, Dundas, Canada

CHAIRS: Spencer Ramshaw, MSTA CANADA, Mississauga & Adrienne Baker, Energy and Mines, Ottawa, Canada

1:00 pm – 4:00 pm GOLD AND BASE METALS IN THE ARABIAN-NUBIAN SHIELD: RECENT SUCCESSES CHAIRS: C. Tucker Barrie, CTBA Geoconsultants, Ottawa & Stefan Ioannou, Cormark Securities, Toronto, Canada

GEOLOGY AND MINERALIZATION OF THE GOLDEN TRIANGLE, BRITISH COLUMBIA CHAIRS: John Morganti, Lucca Advisors Inc., Vancouver & Ted Reeve, Haliburton Mineral Services Inc., Toronto, Canada

ABORIGINAL PROGRAM The Aboriginal Program provides an excellent opportunity for the minerals industry and Aboriginal communities and companies to share knowledge, foster relationships and create partnerships. For more information, visit www.pdac.ca/convention/ programming/aboriginal-program

MONDAY, MARCH 5 9:00 am - 11:30 am

9:00 am – 11:30 am VALUATION OF WATER, WASTE AND OTHER EXTERNAL COSTS CHAIRS: Resa Furey & Andrew Watson, Stantec, Toronto, Canada

WEDNESDAY, MARCH 7

FROM PRE-FEASIBILITY/ FEASIBILITY TO CONSTRUCTION: THE LAST PIECES OF THE PUZZLE

9:00 am – 11:30 am

CHAIRS: Charles Beaudry, Consultant & Bill Mercer, Avalon Advanced Materials Inc., Toronto, Canada

CHAIRS: Robert Hearst, Quantec Geoscience Ltd., Toronto, Canada & Tim Dohey, Newmont Mining Corporation, Denver, USA

9:00 am – 11:30 am

CHAIRS: Terence Ortslan, TSO & Associates, Montreal & Mark Selby, RNC Minerals, Toronto, Canada

PM Sessions sponsored by Roscoe Postle Associates Inc.

2:00 pm – 4:30 pm

9:00 am – 11:30 am

1:00 pm - 5:00 pm

AM Sessions sponsored by Agnico Eagle Mines Limited

EXPLORATION INSIGHTS Sponsored by IBK Capital Corp.

TUESDAY, MARCH 6 Selected from a call for abstracts, these technical, policy and academic presentations offer insights into current and topical subjects. For a complete schedule, visit www.pdac. ca/convention/explorationinsights

THE MINERAL INDUSTRY AND INDIGENOUS COMMUNITIES: CANADIAN AND INTERNATIONAL EXPERIENCES 2:00 pm - 4:30 pm THE ABORIGINAL FORUM 4:30 pm - 5:30 pm ABORIGINAL FORUM RECEPTION Sponsored by Fasken

TUESDAY, MARCH 6 9:00 am - 12:00 pm ABORIGINAL LAW, INDIGENOUS FRAMEWORKS AND REGULATORY REGIMES: EXAMINING THE EVOLVING LANDSCAPE

9:00 am – 11:30 am

2:00 pm - 4:30 pm

CHANGING ECONOMIC FUNDAMENTALS AND THEIR IMPACT ON TRADITIONAL AND CRITICAL METALS

KEY ISSUES IN COMPANYCOMMUNITY ENGAGEMENT AND ABORIGINAL PARTICIPATION IN THE MINERAL INDUSTRY

CHAIRS: Terence Ortslan, TSO &

Associates, Toronto & Don Bubar, Avalon Advanced Materials Inc., Toronto, Canada

6:00 pm - 10:00 pm SKOOKUM JIM AWARD PRESENTATION: AWARDS GALA & AFTER PARTY

1:00 pm – 4:00 pm KAZAKHSTAN AND URANIUM: WHAT THE FUTURE HOLDS CHAIRS: Robert Hearst, Quantec Geoscience Ltd. & Alain G. Mainville, CAMECO, Saskatoon, Canada

MONDAY, MARCH 5 9:35 am – 11:35 am KEYNOTE SESSION: INDUSTRY REVIEW - LESSONS FOR THE FUTURE CHAIRS: James Siddorn, SRK Consulting (Canada) Inc. & James Lusby, PricewaterhouseCoopers LLP, Toronto, Canada

BUILDING

MINES OF

9:00 am – 11:30 am

THE FUTURE

LAND OF THE GIANTS: THE MID-PROTEROZOIC BASINS OF NORTHERN AUSTRALIA

WHAT WE DO

CHAIRS: Neil Gow, Independent, Burlington, Canada & Tony Knight, Brisbane, Australia

9:00 am – 11:30 am MINERAL RESOURCES OF CHINA CHAIRS: Richard Goldfarb, Goldfarb Global Gold, Bolder, USA & Zhaoshan Chang, Townsville, Australia

2:00 pm – 4:30pm INTERNATIONAL MINING TAX TRENDS WITH FOCUS ON NORTH AMERICA AND AFRICA

• Shaft Sinking • Raise Boring and Raise Excavating • Mine Construction and Infrastructure • Mine Development and Rehabilitation • Mining Engineering Services and Design • Contract Mining

www.dmcmining.com

WORKPLACE SAFETY NORTH’S

PRESIDENT’S AWARD RECIPIENT

Photo courtesy of BHP Billiton incorporating Rio Tinto’s “Mine of the Future” ™ technology

CHAIRS: Ben-Schoeman Geldenhuys,

Deloitte LLP & Thomas King, Consultant, Toronto, Canada

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STUDENT PROGRAM

CORPORATE SOCIAL RESPONSIBILITY (CSR) EVENT SERIES The Event Series is designed to provide a forum for learning and discussion on a range of issues related to CSR in the mining industry, and the exploration sector in particular. The Series aims to reflect both the industry’s challenges and successes in this area, emphasizing the value of learning from one another’s experiences. For more information, visit www.pdac.ca/convention/programming/csr-event-series SUNDAY, MARCH 4

TUESDAY, MARCH 6

9:00 am – 10:30 am

9:00 am – 10:30 am

IT STARTS WITH JUNIORS: CATALYSTS FOR REGIONAL DEVELOPMENT

ENSURING EFFECTIVE ACCESS TO REMEDY TO ADDRESS COMMUNITY CONCERNS AND GRIEVANCES

ORGANIZER: Development Partner Institute (DPI)

ORGANIZER: International Council on Mining and Metals (ICMM)

10:40 am – 11:40 am BETTER TOGETHER: COLLABORATION ON CLIMATE CHANGE BETWEEN INDUSTRY AND COMMUNITIES OF INTEREST ORGANIZER: Mining Association of

Canada (MAC)

10:40 am – 12:00 pm FEEDBACK FROM THE GROUND UP: INNOVATIVE APPROACHES TO ENSURING EFFECTIVE SITE LEVEL GRIEVANCE AND FEEDBACK MANAGEMENT ORGANIZER: Goldcorp Inc.

ORGANIZER: International Finance

INTEGRATING DIVERSITY INTO THE MINING SYSTEM: CHALLENGES, BENEFITS AND THE WAY FORWARD ORGANIZER: Goldcorp Inc.

WEDNESDAY, MARCH 7 9:00 am – 10:30 am MINING CONFLICT PATHWAYS AND THE ROLES OF GOVERNMENT, INDUSTRY, COMMUNITIES AND NGOS ORGANIZERS: Canadian International Resources and Development Institute (CIRDI), United Nations Development Program (UNDP)

10:45 am – 11:45 am

1:30 pm – 3:00 pm THIRSTY ENERGY: SECURING ENERGY IN A WATERCONSTRAINED WORLD

4:00 pm – 5:00 pm

1:30 pm – 2:40 pm GROWING PAINS: HOW JUNIORS MANAGE RISKS DURING LICENSING AND CONSTRUCTION

Corporation (IFC)

ORGANIZER: Continental Gold Inc.

3:10 pm – 4:30 pm

2:50 pm – 3:50 pm

ADDRESSING CHILD LABOUR THROUGH RESPONSIBLE SOURCING IN MINING SUPPLY CHAINS

TACKLING GENDER BIAS IN THE MINING AND EXPLORATION INDUSTRY: PRACTICAL TOOLS AND RESOURCES

ORGANIZER: UNICEF Canada

ORGANIZER: Oxfam Canada

MOVING BEYOND THE CSR DEPARTMENT: INTEGRATING ESG INTO PROJECT VALUATIONS ORGANIZER: NetPositive

CAPITAL MARKETS PROGRAM

For more information, visit www.pdac.ca/programming/ student-program CONVENTION TRAVEL FUNDING The PDAC has established a travel fund to help student groups cover some of the costs associated with travelling to Toronto to attend the Convention. Funding is allocated on a first-come, first-served basis and available to student members in good standing. The application is available at www.pdac.ca/students/pdac-convention-2018

VOLUNTEER OPPORTUNITIES Volunteer your time in exchange for a complimentary Student All Access Pass, a ticket to the Student-Industry Networking Luncheon, a gift card, food vouchers and more. Sign up today at www.pdac.ca/ convention/attendee-info/volunteers

RESUME REVIEW Sign up onsite at the Student Hub for a consultation with a geoscience professional who will review your resume and discuss personalised networking techniques. Sessions will run from March 4-7.

PDAC-CIM TORONTO BRANCH GUIDED TOURS Meet some of the 1000+ companies that exhibit in the Trade Show and Investors Exchange by taking a guided tour of the exhibits.

Sunday March 4.................1:00 pm

Monday March 5................10:00 am & 1:00 pm

Tuesday March 6................10:00 am & 2:00 pm

SUNDAY, MARCH 4 9:00 am – 12:30 pm A STUDENT GEOLOGIST’S GUIDE TO THE EXPLORATION & MINING INDUSTRY This student short course is intended to help students successfully transition from the classroom into the workforce. Participants will learn what steps new hires should be prepared to take, pitfalls to avoid, what to look for when signing that first contract, expectations of your first job and the lifestyle associated with various jobs in exploration and mining.

2:30 pm – 4:00 pm

Sponsored by Deloitte

SURVIVAL SKILLS: IMPRESS FOR SUCCESS

Canada’s capital markets play a critical role in supporting the financing of mineral exploration in Canada and around the world. PDAC’s program is intended to create a forum for learning and dialogue on a range of topics related to the financing of mineral exploration.

Sponsored by Rio Tinto

For more information, visit www.pdac.ca/convention/programming/capital-markets-program

Attendees will learn techniques to effectively and confidently market themselves as unique difference makers at networking opportunities including luncheons, receptions and throughout the conference. The presentation is suitable for students, graduates and professionals.

TUESDAY, MARCH 6 8:45 am – 9:15 am OPENING REMARKS AND STATE OF THE MINERAL EXPLORATION PRESENTATION 9:30 am – 10:45 am EXPLORATION AND MINING FINANCING—PART ONE: A GLOBAL BANKER’S PERSPECTIVE 11:15 am – 12:15 pm EXPLORATION AND MINING FINANCING — PART TWO: PRIVATE EQUITY’S EVOLVING ROLE IN EXPLORATION AND MINING FINANCE 2:00 pm – 3:00 pm EXPLORATION AND MINING FINANCING —PART THREE: STREAMS & ROYALTIES — OUTLOOK FOR ALTERNATIVE FINANCING

MONDAY, MARCH 5 12:00 pm – 7:00 pm PDAC-SEG STUDENT MINERALS COLLOQUIUM PDAC is pleased to partner with the Mineral Exploration Research Centre, the Goodman School of Mines, the NSERC-CMIC Footprints Project and the Society of Economic Geologists Canada Foundation in sponsoring the 9th Annual Student Minerals Colloquium. This event is hosted by the SEG Student Chapters at Laurentian University and the Ottawa Carleton Geoscience Centre. One hundred poster presentations, highlighting current research on mineral deposits and related studies by students from across North America, will be featured.

3:30 pm – 5:00 pm STUDENT-INDUSTRY FORUM: INNOVATION IN EXPLORATION Sponsored by Rio Tinto Innovation in exploration will be discussed by a panel of industry experts from various sectors of the industry. This will be followed by a Q&A.

TUESDAY, MARCH 6 3:30 pm – 4:30 pm GOLD VS. BITCOIN – A MUNK DEBATE STYLE PANEL WEDNESDAY, MARCH 7 9:00 am – 10:00 am RESOURCE VALUATION

11:30 am – 1:30 pm STUDENT-INDUSTRY NETWORKING LUNCHEON Sponsored by Rio Tinto This reception-style buffet luncheon provides an opportunity for students and recent graduates to connect with industry professionals in a relaxed environment. The winner of the Mary-Claire Ward Geoscience award will be announced, as well as the selected 2018 Student-Industry Mineral Exploration Workshop (S-IMEW) participants. There will be a draw for the annual tuition top-up awards. RSVP is required.

10:30 am – 12:00 pm CAN INNOVATION IN MINERAL EXPLORATION DRIVE SHAREHOLDERS’ VALUE?

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SHORT COURSES Need professional development hours to maintain your professional designation? Upon request, PDAC will provide a certificate of completion for Short Courses to help you meet your professional development requirements. The Association of Professional Geoscientists of Ontario (APGO) considers participation by its members in these courses as an acceptable Continuing Professional Development activity. This program may be eligible toward the Law Society of Upper Canada’s CPD Requirement as Substantive Hours. Please note that this program is not accredited for Professionalism Hours. For more information and to register, visit www.pdac.ca/convention/programming/short-courses FRIDAY, MARCH 2

PROGRAMMING LETTER WRITER PRESENTATIONS FOR INVESTORS Sponsored by Sprott Inc. and Peter Bojtos Listen to industry commentators present their market research and ideas on how to select good investments in the resource sector. For a schedule of speakers, visit www.pdac.ca/convention/letterwriterpresentations

SUNDAY, MARCH 4

SPEAKERS:

•

Claude Bejet, Agora Finance France

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Joe Mazumdar, Exploration Insights

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Brent Cook, Exploration Insights

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Gwen Preston, Resource Maven

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Adrian Day, Global Analyst

•

•

Mickey Fulp, The Mercenary Geologist

•

•

Garret Goggin, Gold Stock Analyst

Rick Rule, Sprott's Thoughts Jay Taylor, J Taylor's Gold, Energy & Technology Stocks

CORPORATE PRESENTATION FORUM FOR INVESTORS Sponsored by The Lind Partners

MONDAY, MARCH 5 & TUESDAY, MARCH 6 Hear exploration and development companies present up-to-the-minute information on their current activities and investment potential. For more information, visit www.pdac.ca/convention/corporatepresentationforum

THEMED SESSIONS INCLUDE: •

Base metals

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Gold: Exploration

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Copper

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Gold: International

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Diamonds

•

•

Energy materials & technologies

Royalty companies and prospect generation

•

Silver

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Gold: Americas

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Uranium

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Gold: Development

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Zinc

•

Gold: Emerging producers

SUNDAY, MARCH 4

8:30 am – 4:30 pm

8:00 am – 5:00 pm

8:00 am – 12:00 pm

MINIMIZING ENVIRONMENTAL IMPACTS OF FIELD OPERATIONS IN MINERAL EXPLORATION

ENVIRONMENTAL GEOLOGICAL MODELS OF MINERAL DEPOSITS WITH AN EMPHASIS ON NORTH AMERICA

WHAT THE NORTH AMERICAN MINING PROFESSIONAL NEEDS TO KNOW ABOUT WORKING IN A LATIN AMERICAN COUNTRY: MANAGING EXPECTATIONS AND AVOIDING LEGAL PITFALLS

ORGANIZER: Bill Mercer, Avalon Advanced Materials Inc.

8:30 am – 5:00 pm MINING FINANCIAL MODELLING ORGANIZER: The Marquee Group

9:00 am – 5:00 pm

SATURDAY, MARCH 3

FRIDAY, MARCH 2 AND SATURDAY, MARCH 3 8:30 am – 4:30 pm EXPLORATION GEOCHEMISTRY: FUNDAMENTALS AND CASE HISTORIES ORGANIZERS: Beth McClenaghan, Geological Survey of Canada; Lynda Bloom, Analytical Solutions Ltd.

ORGANIZER: Society of Economic Geologists (SEG)

ORGANIZER: Parsons Behle & Latimer

8:30 am – 4:30 pm HEALTH AND SAFETY IN MINERAL EXPLORATION ORGANIZER: Bill Mercer, Avalon Advanced Materials Inc.

9:00 am – 5:00 pm AN ASSESSMENT OF PRECAMBRIAN GOLD DEPOSIT MODELS FROM DEEP TO SHALLOW CRUSTAL LEVELS ORGANIZER: Laurentian University, Mineral Exploration Research Centre (MERC)

9:00 am – 5:00 pm GEOPHYSICS FOR THE MINERAL EXPLORATION GEOSCIENTIST ORGANIZER: Centre for Exploration

Targeting

SATURDAY, MARCH 3 AND SUNDAY, MARCH 4 9:00 am – 4:00 pm (Saturday) 8:00 am – 12:00 pm (Sunday) A PRACTICAL GUIDE TO THE FUNDAMENTALS OF MINERAL RESOURCE ESTIMATION ORGANIZER: RPA Inc.

8:30 am – 12:00 pm PEER REVIEW AND TECHNICAL AUDITS: DEVELOPING ROBUST GOVERNANCE PROCESSES FOR ASSURANCE ON THE ACCURACY OF REPORTED EXPLORATION RESULTS, RESOURCES AND RESERVES ORGANIZER: SRK Consulting (Australasia)

WEDNESDAY, MARCH 7 8:00 am – 12:00 pm MINING DISCLOSURE ESSENTIALS: NI 43-101 REPORTING FUNDAMENTALS, INDUSTRY BEST PRACTICES AND USEFUL GUIDANCE FOR TSX AND TSXV ISSUERS ORGANIZER: Ontario Securities Commission

2:00 pm – 6:00 pm DMEC WORKSHOP SERIES: APPLICATION OF ARTIFICIAL INTELLIGENCE/MACHINE LEARNING TO MINERALS EXPLORATION ORGANIZER: Decennial Mineral Exploration Conferences (DMEC)

OTHER PROGRAMMING Additional PDAC programming related to the mineral exploration and mining sector. For more information, visit www. pdac.ca/convention/programming/ other-programming

MONDAY, MARCH 5 9:00 am – 10:00 am MINING INDUSTRY TASK FORCE UPDATE ON INTERNATIONAL FINANCIAL ACCOUNTING STANDARDS (IFRS) TUESDAY MARCH 6 4:30 pm – 6:30 pm MINING FOR DIVERSITY RECEPTION TUESDAY & WEDNESDAY, MARCH 6-7 8:00 am – 5:00 pm (Tuesday) 8:00 am – 12:00 pm (Wednesday) PDAC ONE ON ONE MEETING PROGRAM

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6 International Convention, Trade Show & Investors Exchange March 4-7 Metro Toronto Convention Centre, Toronto, Canada REGISTER AT WWW.PDAC.CA/CONVENTION

PRESENTATION ROOMS Attend a Presentation Room to interact with countries and companies as they provide up-to-date information on their mining jurisdictions, products and services. For room descriptions and registration requirements, visit www.pdac.ca/ convention/presentationandreceptionrooms CONFIRMED FOR 2018 (AS OF JANUARY 10, 2018) •

Agency for Technological Development of the Brazilian Mining Industry (ADIMB)

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Australia Minerals

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BMC Minerals

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Canada Eurasia Russia Business Association (CERBA)

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Canada-Peru Chamber of Commerce

•

Canadian German Chamber of Industry and Commerce & German Mineral Resources Agency (DERA) in the Federal Institute for Geosciences and Natural Resources (BGR)

•

Canadian Northern Economic Development Agency (CANNOR), Northern Projects Management Office (NPMO)

NETWORKING EVENTS To register for the convention and/or to purchase tickets visit www.pdac.ca/convention

SUNDAY, MARCH 4 3:00 pm – 5:00 pm PDAC NEW MEMBERS NETWORKING RECEPTION Sponsored by Énestas S. A. de C. V. An event exclusively for new members! Network with your peers, make valuable connections and discuss issues facing our industry. By invitation only.

•

EIT RawMaterials

•

Environmental Resources Management (ERM)

•

Euromax Resources Ltd. and Mundoro Capital Inc.

Not yet a PDAC member? Join now at pdac.ca/members

•

European Union

•

Greenland, Government of, Naalakkersuisut, and the Greenland Business Association

4:00 pm – 6:00 pm

•

Hexagon Mining

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India, Consulate General of, Ministry of Mines

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Ireland, Geological Survey of

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Inter-American Development Bank (IDB)

•

McCarthy Tetrault LLP

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McKinsey & Company

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Montt Group SpA

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Centre for Excellence in Mining Innovation (CEMI)

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Chile, Trade Commission of Chile and Ministry of Mining of Chile

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New Zealand, Government of

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Northwest Territories, Government of

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Colombia, Government of and National Mining Agency

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Ocean Nuclear Co Ltd.

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Dominican Republic, Ministry of Energy and Mines of the

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South Africa, Government of

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Ecuador, Government of the Republic of

RECEPTION ROOMS

Confirmed attendees will receive a complimentary drink ticket with their pass. Cash bars available.

OPENING DAY RECEPTION Sponsored by Clareo, MUFG, PearTree Securities, RBC Capital Markets and Scotiabank PDAC welcomes you to the largest networking event at the convention. Enjoy appetizers and a complimentary drink as you connect with attendees, exhibitors and colleagues. VIP and All Access Pass holders receive a complimentary drink ticket with their pass. Cash bars available.

MONDAY, MARCH 5 12:00 pm – 2:00 pm MINERAL OUTLOOK LUNCHEON Sponsored by EY and OceanaGold Corporation Opportunities for the mining and metals industry in an excess supply world Don't miss economic consultant, investment adviser and best-selling author A. Gary Shilling, Ph.D., as he reviews the outlook for minerals and metals in a world where the supply of almost everything exceeds demand. Twice ranked as Wall Street’s top economist by polls in the Institutional Investor, Dr. Shilling was also named the country’s No. 1 Commodity Trader Adviser by Futures magazine. He has been cited in The Wall Street Journal on numerous occasions for his on-the mark economic forecasts. In 2003, MoneySense ranked him as the 3rd best stock market forecaster, right behind Warren Buffett. He is also the longest-running columnist at Forbes magazine, where he has been challenging the consensus since 1983, a regular columnist for Bloomberg View, and also appears frequently on Bloomberg radio and television and on various investment webcasts. Ticket: $89.99 (includes a three-course meal, tax & gratuity)

A. Gary Shilling, Ph.D., Springfield, NJ, USA

3:00 pm – 5:00 pm TRADE SHOW RECEPTION

For room descriptions and registration requirements, visit www.pdac.ca/convention/presentationandreceptionrooms CONFIRMED FOR 2018 (AS OF JANUARY 10, 2018) •

Association of Professional Geoscientists of Ontario (APGO)

•

Bolivia, Government of

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EIT RawMaterials

•

Goldcorp Canada Ltd.

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Kosovo in Canada, Embassy of the Republic of

•

Norton Rose Fulbright

•

Whittle Consulting

MINING MATTERS HOCKEY TOURNAMENT Mining Matters invites members of the minerals industry, government, finance and academic sectors to join us at the 11th annual Mining Matters Hockey Tournament. Be a sponsor or enter a team that will hit the ice on March 3, 2018 at the Scotiabank Pond at Downsview Park in Toronto. For further information contact 416 863 6463 ext. 321 or tournaments@ miningmatters.ca

Sponsored by Bantrel Enjoy a glass of wine or beer as you network with Trade Show North exhibitors and attendees from international and domestic companies, including organizations promoting technology, products, services and mining jurisdictions. VIP and All Access Pass holders and Exhibits Pass holders receive a complimentary drink ticket with their pass. Cash bars available.

TUESDAY, MARCH 6 11:30 am – 1:30 pm STUDENT-INDUSTRY NETWORKING LUNCHEON Sponsored by Rio Tinto This reception-style buffet luncheon provides an opportunity for students and recent graduates to connect with industry professionals in a relaxed environment. The winner of the Mary-Claire Ward Geoscience award will be announced, as well as the selected 2018 Student-Industry Mineral Exploration Workshop (S-IMEW) participants. There will be a draw for the annual tuition top-up awards; proof of student membership is required to claim the award. RSVP is required.

6:00 pm – 11:00 pm AWARDS GALA & AFTER PARTY Fairmont Royal York Hotel, Canadian Room Sponsored by Awards Gala: Franco-Nevada Corporation Dinner Wine: CIBC Reception & After Party: Nexa Resources S.A. The PDAC Awards Gala celebrates industry excellence and brings together the who’s who of the global mining industry. Network at the exclusive pre-event cocktail reception—followed by a three-course gourmet dinner and fine wines. Then it’s on to the AFTER PARTY! Your opportunity to meet the 2018 Award Recipients, financiers, brokers and mining developers! Enjoy two complimentary drink tickets and a great party atmosphere—the perfect backdrop for unlimited networking. Purchase your tickets now and be a part of honouring the companies and individuals who have exhibited outstanding achievement in seven categories. Ticket: $149.99 | Table of 10: $1,499.90 (includes tax & gratuity) Dress: Business Attire, Black Tie Optional

WEDNESDAY, MARCH 7 8:00 pm – 12:00 am GRAND FINALE Fairmont Royal York Hotel, Canadian Room Sponsored by Nexa Resources S.A. After four exhilarating days at the world’s premier mineral exploration and mining convention… it’s time to party! Come and enjoy this FREE event. Network and schmooze while the Dave Murphy Band performs your favourite chart topping tunes. Get your two FREE drink tickets at the door, grab a bite to eat and dance, dance, dance! You must keep your convention pass to access this event. Admission ONLY with convention pass.

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7 International Convention, Trade Show & Investors Exchange March 4-7 Metro Toronto Convention Centre, Toronto, Canada REGISTER AT WWW.PDAC.CA/CONVENTION

PDAC 2018 AWARDS

Awards Gala sponsored by

Honour outstanding achievements at the prestigious PDAC Awards Gala & After Party where industry leaders in seven categories will be recognized for their contributions to the Canadian and international mineral exploration and mining industry. This annual celebration features a glittering reception, threecourse dinner, fine wine, live music and After Party.

TUESDAY, MARCH 6 6 :00 pm - 11:00 pm Fairmont Royal York Hotel, Canadian Room Ticket: $149.99 | Table of 10: $1,499.90 (includes tax & gratuity) Dress: Business Attire, Black Tie Optional

Award recipients are selected by PDAC’s Board of Directors based on recommendations of the association’s Awards Committee.

MEET THE AWARD RECIPIENTS BILL DENNIS AWARD

DISTINGUISHED SERVICE AWARD

ENVIRONMENTAL & SOCIAL RESPONSIBILITY AWARD

For a Canadian discovery or prospecting success

For outstanding contributions to the mineral industry or PDAC

NexGen Energy Ltd.

Ted Reeve

For outstanding leadership in environmental protection and/or good community relations

For the discovery of the Arrow uranium deposit in the Athabasca Basin of Saskatchewan, Canada

For his invaluable volunteer contributions to PDAC as a Convention Planning Committee member for 16 years, and session chair

NexGen Energy discovered the Arrow uranium deposit in 2014, less than a year after listing on the TSX-V. Subsequent drilling established Arrow as the largest undeveloped uranium deposit in the Athabasca Basin, one of the most prolific uranium camps. Based on a maiden Preliminary Economic Assessment released in 2017, Arrow has the potential to be the world's largest uranium mine.

Ted Reeve received a PhD in geology from the University of Toronto (U of T) in 1972. He worked as a geologist in the United States, Chile, Australia and other parts of the world before returning to U of T and completing an MBA in 1979. As a mining analyst in Toronto, he became known internationally for his authoritative reviews of hedging trends in the gold mining industry.

Golden Star Resources For exceptional community relations, commitment to sustainable development, and support for employees and local businesses at its two producing gold mines in Ghana Toronto-based Golden Star is committed to minimizing its environmental footprint at its Wassa and Prestea mines on the Ashanti gold belt in Ghana. Since 1999, the company has installed more than 200 clean water supply systems to serve local communities, doubling the proportion of households with access to clean, pipe-borne water.

Arrow was a blind discovery by NexGen Energy on their Rook I property. The team employed leading-edge geophysical and geochemical surveys, as well as integrated results with reams of historical data to determine drill targets. After the initial discovery, NexGen hit some of the best intersections in the history of uranium exploration on the basis of core length and grade.

In 2002 Ted founded Haliburton Mineral Services to become an independent researcher and consultant. He served on the Board of Directors of junior mining companies, and began devoting much of his free time to help PDAC draw high-quality speakers and exhibitors to its annual convention—the most well-attended industry event in the world.

In 2017, a resource estimate calculated indicated resources of 1.18 million tonnes grading 6.88% U3O8 (or 179.5 million pounds U3O8) and inferred resources of 4.25 million tonnes grading 1.3% U3O8 (or 122.1 million pounds U3O8).

From 2002 to 2005 he chaired several sessions, including the keynote session in 2004. He was on the selection committee for the corporate presentation forum from 2006 to 2012 and more recently helped select the convention’s short courses.

Two of its open pits were integrated into the local hydrology to act like natural lakes that fill and drain after rainfall. The lakes are stocked with fish the community can raise and harvest long after mine closure. The Golden Star Development Foundation launched in 2006 donates US$1 for every ounce of gold produced and 0.1% of pre-tax profits to fund development projects selected by the community. The 2,500-strong workforce is 99% Ghanaian, and women are represented strongly on both its Board of Directors and management team. The company’s breast cancer awareness program, now in its fourth year, has screened more than 10,000 women and girls in the country.

SKOOKUM JIM AWARD

SPECIAL ACHIEVEMENT AWARD

THAYER LINDSLEY AWARD

VIOLA R. MACMILLAN AWARD

For Aboriginal achievement in the mineral industry

From time to time, PDAC presents this award to recognize exceptional contributions to the mineral industry

For an individual or team of explorationists credited with a significant mineral discovery anywhere in the world

For an individual or organization demonstrating leadership in a company or mine development, management or financing

Jean Descarreaux (deceased)

Don Taylor, Arizona Mining Inc.

For founding the Québec Mineral Exploration Association (AEMQ) and developing the mineral exploration sector in Québec

For the 2014 discovery of the Taylor leadzinc-silver deposit in Arizona, United States

IAMGOLD Corporation and Sumitomo Metal Mining Co., Ltd.

Lana Eagle For her contribution to Canada’s mining industry by working diligently to bridge the divide between Indigenous communities and both junior and major companies Lana is a member of the Whitecap Dakota Nation in Saskatchewan who has devoted her career to building relationships between the mining industry and Indigenous communities. She is the driving force behind the Association for Mineral Exploration’s (AME) Gathering Place, where industry and Indigenous representatives meet to forge common ground. Lana developed a profound understanding of the complexities and challenges facing both mining companies and Indigenous people when, as chair of Electra Gold, she negotiated with and gained support from First Nations communities to secure a coal licence on Vancouver Island. She went on to use her gift for constructive dialogue to bring companies and communities together to discuss challenges, share success stories, and develop joint opportunities. Lana serves as chair of AME’s Aboriginal committee, and in 2017 became the first Indigenous woman to be elected to its Board of Directors. She is a program advisor to British Columbia’s Institute of Technology, serves on CIM’s diversity and inclusion advisory committee, and is Vice-President of CIM’s Western district.

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In 1975, Jean co-founded the Québec Prospectors’ Association (now the Québec Mineral Exploration Association, or AEMQ) to promote exploration and entrepreneurship in the province. He spearheaded a successful effort to convince former Premier René Levesque to adopt legislation allowing flow-through shares to be issued in Québec. Jean became the first French-speaking resident of Québec to obtain a doctorate in geochemistry when he graduated from Laval University in 1973. He pioneered the use of lithogeochemistry as a prospecting tool to outline alteration halos around mineralized zones. He later compiled a massive lithogeochemical database designed to help geoscientists compare rock samples with those found in the vicinity of known orebodies and deposits, and digitized all of Québec’s lake sediment data. Jean was the founding president of Claude Resources (purchased for C$337 million in 2016), co-founder of Cartier Resources and advisor to several junior companies. In 1986 he was awarded AEMQ’s Discovery of the Year award. Jean died in March 2017 at the age of 76.

When geologist Don Taylor joined Arizona Mining (then Wildcat Silver) in 2010 his main task was to move the company’s silvermanganese project in southern Arizona through advanced exploration to development. At the time, the surface oxide deposit posed a metallurgical challenge and Don was eager to test the potential for sulphide mineralization at depth. Don compiled the historical exploration data and flew an airborne survey in 2011. Using this information to develop a new geological model, he launched a drilling campaign down dip of the silver-manganese oxide zone. In 2014 Arizona Mining discovered the Taylor deposit, a carbonate replacement deposit containing lead, zinc and silver sulphide mineralization in altered limestone. By early 2016, Arizona released a maiden resource of 39.4 million inferred tons grading 11% zinc equivalent based on 25 holes. In 2017 the preliminary economic assessment confirmed Taylor as a world-class base metal deposit with further potential to grow. Based on the conservative mine plan of 61 million tons of ore out of a total resource of 111 million tons, the project has a net present value of US$1.26 billion. The mine is expected to begin production in 2020.

For demonstrating leadership in the financing and management of one of Canada’s largest undeveloped gold projects

In June 2017 Sumitomo Metal Mining purchased a 30% interest in the Côté Gold project in northeastern Ontario from IAMGOLD for US$195 million. The investment and subsequent 70-30 joint venture agreement allowed IAMGOLD to proceed toward the development of a major gold project. Côté Gold would be the first new major open pit gold mine developed in northern Ontario in over five years and is expected to produce an average of 320,000 ounces of gold per year over a 17-year life span when it enters production in 2021. The project offers an estimated 19 years of employment through construction, operation and closure. With proven and probable reserves of 5.9 million ounces, the project has an after-tax net asset value of US$703 million, an internal rate of return of 14% and a payback period of 4.5 years. The mine will become one of IAMGOLD’s most productive assets and boost Sumitomo’s annual gold output to nearly 18 tonnes from 15 tonnes. The two companies are confident they can begin construction as early as 2019 and achieve commercial production by 2021.

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HIGHLIGHTS International Convention, Trade Show & Investors Exchange Prospectors & Developers Association of Canada (PDAC)

March 4–7

Metro Toronto Convention Centre | Toronto, Canada

Register at pdac.ca/convention

CONNECT WITH INDUSTRY COLLEAGUES FROM AROUND THE WORLD

24,000 ATTENDEES FROM

130

> Including investors, financiers, banking executives, fund managers, brokers, analysts, lawyers, mining developers, exploration managers, prospectors, geoscientists, government officials, media and more.

COUNTRIES

Don’t miss any of the Technical Program sessions especially:

COMMODITIES AND MARKET OUTLOOK Tito Martins, Nexa Resources S.A., is just one of the session presenters.

KEYNOTE SESSION INDUSTRY REVIEW: LESSONS FOR THE FUTURE Perspectives from the largest mining company in the world, a dynamic investor and developer, and a leader in sustainability and diversity. Presenters include:

Daniel Malchuk

Minerals America, BHP

Sean Roosen

Osisko Gold Royalties

Anna Tudela

Goldcorp Inc.

SHORT COURSES Gain insight on the latest developments shaping the mineral industry. Register for in-depth, educational courses led by industry experts. A certificate of completion is available towards your professional development hour requirements. Course dates, times and prices vary.

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450+

ENGAGING PRESENTATIONS AND INFORMATIVE COURSES

LED BY INDUSTRY EXPERTS

• Aboriginal Program • Capital Markets Program • CSR Event Series • Exploration Insights • Presentation & Reception Rooms • Student Program

BUILD YOUR

NETWORK

AT THESE EVENTS BUY YOUR TICKETS EARLY MINERAL OUTLOOK LUNCHEON | MONDAY, MARCH 5 Opportunities for the mining and metals industry in an excess supply world Don’t miss economic consultant, investment advisor and best-selling author A. Gary Shilling, Ph.D., as he reviews the outlook for minerals and metals in a world where the supply of almost everything exceeds demand.

AWARDS GALA & AFTER PARTY | TUESDAY, MARCH 6 The Gala celebrates industry excellence and brings together the who’s who of the global mining industry. Network at the exclusive cocktail reception followed by a three-course gourmet dinner and fine wines. Then… it’s on to the AFTER PARTY! Your opportunity to meet and mingle with the Award recipients, C-level executives, financiers, brokers and mining developers.

COMPLIMENTARY NETWORKING EVENTS

INSIGHT

FROM INDUSTRY THOUGHT LEADERS IN THE MINERALS AND MINING SECTOR > Corporate Presentation Forum for Investors The latest updates on key activities and investment potential. > Letter Writer Presentations for Investors Learn how to select profitable investments from key industry newsletter writers.

Visit over

1000 EXHIBITS

PROMOTING LEADING PRODUCTS, SERVICES, MINING JURISDICTIONS, INVESTMENT AND DEVELOPMENT OPPORTUNITIES

[included with your convention pass]

• Core Shack

Sunday, March 4

Opening Day Reception

• Investors Exchange

Monday, March 5

Trade Show Reception

• Mining Marketplace

Tuesday, March 6

Student-Industry Networking Luncheon

• Prospectors Tent

Wednesday, March 7

Grand Finale

• Trade Show & Trade Show North

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VALUABLE INVESTING

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2018-01-15 5:08 PM

10 International Convention, Trade Show & Investors Exchange March 4-7 Metro Toronto Convention Centre, Toronto, Canada REGISTER AT WWW.PDAC.CA/CONVENTION

EXHIBITORS As of January 12, 2018 SHOW HOURS

INVESTORS EXCHANGE

Sunday, March 4 – Tuesday, March 6 | 10:00 am – 5:00 pm Wednesday, March 7 | 9:00 am – 12:00 pm

CORE SHACK Sponsored by

Core Shack offers a venue for companies to display their core samples. Attendees are welcome to get up close and personal with projects that are generating exciting new drilling results. In addition to core, Exhibitors will be displaying maps, charts and technical information on their drilling projects.

SESSION A

SESSION B

•

Almadex Minerals Limited, El Cobre Au-Cu project, Veracruz City, Veracruz, Mexico

•

•

Arizona Mining Inc., Hermosa-Taylor • Zn-Pb-Ag deposit, Patagonia, Arizona, USA

Azure Minerals Limited, Oposura Zn-Pb-Ag deposit, Hermosillo, Sonora, Mexico

•

ATAC Resources Ltd., Rackla gold property, Keno City, Yukon, Canada

•

•

Avalon Advanced Materials Inc., Separation Rapids lithium project, Kenora, Ontario, Canada

Bonterra Resources Inc., Gladiator gold deposit, Val-d’Or, Quebec, Canada

•

•

B2Gold Corp., Toega gold project, Ouagadougou, Burkina Faso

Canada Zinc Metals Corp., Akie Zn-Pb-Ag project, Mackenzie, British Columbia, Canada

•

•

Banyan Gold Corp., Hyland Au-Ag project, Watson Lake, Yukon, Canada

Chakana Copper Corporation, Soledad Cu-Au-Ag project, Aija, Ancash, Peru

•

Barrick Gold Corporation, Del Carmen gold property, San Juan, San Juan Province, Argentina

•

Constantine Metal Resources Ltd., Palmer Cu, Zn, Au, Ag project, Haines, Alaska, USA

•

Brixton Metals Corporation, Thorn Au-Ag project, Atlin, British Columbia, Canada

•

Defiance Silver Corp., San Acacio silver deposit, Zacatecas, Mexico

•

•

Ero Copper Corp., Vale do Curaçá copper property, Pilar, Bahia, Brazil

EnGold Mines Ltd., Lac La Hache Cu, Au, Ag, Fe discovery, Lac La Hache, British Columbia, Canada

•

Golden Predator Mining Corp., The 3 Aces gold project, Watson Lake, Yukon, Canada

•

Galway Metals Inc., Clarence Stream gold project, Fredericton, New Brunswick, Canada

•

GT Gold Corp., Saddle gold discovery, Iskut, British Columbia, Canada

•

•

Happy Creek Minerals Ltd., Fox tungsten project, 100 Mile House, British Columbia, Canada

GGX Gold Corp., Gold Drop gold property, Greenwood, British Columbia, Canada

•

Minera Tres Valles, Don Gabriel copper deposit, Salmanca, Choapa, Chile

•

Kirkland Lake Gold Inc., Fosterville gold mine, Bendigo, Victoria, Australia

•

•

Kootenay Silver Inc., La Cigarra Ag, Au, Pb, Zn project, Parral, Chihuahua, Mexico

New Pacific Metals Corp., Silver Sand silver project, Potosi, Cornelio Saavedra, Bolivia

•

•

Noront Resources Ltd., McFaulds No. • 8 Cu-Zn discovery, Webequie First Nation, Ontario, Canada • Red Pine Exploration Inc., Wawa gold project, Wawa, Ontario, Canada • Regulus Resources Inc., AntaKori Cu-Au-Ag project, Cajamarca, Department of Cajamarca, Peru •

North American Palladium Ltd., Lac des Iles palladium mine, Thunder Bay, Ontario, Canada

• • •

Sirios Resources Inc., Cheechoo gold project, Eeyou Istchee James Bay, Quebec, Canada •

•

Tinka Resources Limited, Ayawilca Zn-Sn project, Cerro de Pasco, Pasco • Region, Peru

•

Wallbridge Mining Company Limited, Fenelon gold project, Matagami, Quebec, Canada •

Ashanti Gold Corp., Kossanto East gold project, Farikounda, Tambacounda, Mali

NuLegacy Gold Corporation, Red Hill gold project, Elko, Nevada, USA Orca Gold Inc., Block 14 gold project, Abu Hamad, River Nile, Sudan Sandstorm Gold Ltd., Hot Maden AuCu project, Artvin, Turkey SilverCrest Metals Inc., Las Chispas Au-Ag project, Banamichi, Sonora, Mexico Teck Resources Limited, Quebrada Blanca Phase 2 Cu-Mo project, Iquique, Tarapacá, Chile Triumph Gold Corp., Revenue Cu, Mo, Au, Ag deposit, Carmacks, Yukon, Canada White Gold Corp., White gold project, Dawson City, Yukon, Canada

PROSPECTORS TENT Get back to the heart of the industry with a visit to the Prospectors Tent. Located in the Investors Exchange, self-employed and independent prospectors will be there to discuss their maps, samples and claim results. • • • • •

Carl E. Nelson David A. Mako Donald Brown Gordon Salo Jason Ploeger

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• • • •

John Shurko Karl Bjorkman Michael Feinstein Peter Maciulaitis & Ming-Ho Du

• • • •

Pierre Gaucher Salomon Calderon Scott Grant Tom Drivas

Interested in investing in the exploration industry? Discuss investment potential with over 500 junior mining companies, mid-sized producers, major mining companies, financial institutions and prospectors. Abitibi Royalties Accelerate Resources Ltd. Adamera Minerals Corp. Advanced Potash Technologies Advantage Lithium Corp. Adventus Zinc Corporation Aeris Resources Limited Aethon Minerals Corporation African Queen Mines Ltd. Agnico Eagle Mines Limited Alabama Graphite Corp. Alacer Gold Corp. Alamos Gold Inc. Albert Mining Inc. Alderon Iron Ore Corp. Aldridge Minerals Inc. Alexandria Minerals Corporation Alexco Resource Corp. Alianza Minerals Ltd. Alicanto Minerals Limited Alicanto Mining Corp. Almaden Minerals Ltd. Alopex Gold Inc. Alset Minerals Corp. Altamira Gold Altiplano Minerals Ltd. Altius Minerals Corp. Alto Ventures Ltd. ALX Uranium Corp. Amarillo Gold Corp. American Creek Resources Ltd. Amerigo Resources Ltd. Anaconda Mining Inc. Anglo American Aquila Resources Inc. Arctic Star Exploration Corp. Argo Gold Arizona Mining Inc. Artisanal Gold Council Asante Gold Corporation Ascendant Resources Inc. Ascot Resources Ltd.

Ashanti Gold Corp. Aston Bay Holdings Ltd. ATAC Resources Ltd. Atlantic Gold Corporation Aurania Resources Ltd. Aurora Minerals Group LLP AURYN Mining Corp. Auryn Resources Inc. Austral Gold Limited Avalon Advanced Materials Inc. Avidian Gold Inc. Avino Silver & Gold Mines Ltd. Awale Resources Ltd. Azimut Exploration Inc. Azure Minerals Limited B2Gold Corp. Balmoral Resources Ltd. Banyan Gold Corp. Barrick Gold Corporation Batero Gold Corp. Beaufield Resources Inc. Benton Resources Inc. Benz Mining Corp. BHP Billiton Blind Creek Resources Ltd. BONTERRA Resources Inc. Brio Gold Inc. Brixton Metals Corporation Bunker Hill Mining Corp. Cabral Gold Ltd. Cadillac Ventures Inc. Callinex Mines Inc. Canada Zinc Metals Corp. Canadian Securities Exchange Canadian Zinc Corporation CanAlaska Uranium Ltd. Candente Copper Corp. Canstar Resources Inc. Canyon Copper Corp. Capricorn Metals LTD. Cardero Resource Corp. Cardinal Resources Ltd.

Sponsored by

Carube Copper Corp. Cassini Resources Limited Centenera Mining Corporation Centerra Gold Inc. Centurion Minerals Ltd. Century Global Commodities Corporation Ceylon Graphite Corp. Champion Bear Resources Ltd. Chatham Rock Phosphate Limited Chesapeake Gold Corporation Chilean Metals Inc. China Gold International Resources Corp. Ltd. Clean TeQ Holdings Limited Cobalt Power Group Inc. Columbus Gold Corp. Commander Resources Ltd. Commerce Resources Corp. Condor Gold Plc Conroy Gold and Natural Resources plc Constantine Metal Resources Ltd. Continental Gold Inc. Copper Fox Metals Inc. Copper Mountain Mining Corporation Copper North Mining Corp. Copperbank Resources Corp. Copperzone Resources Limited Core Gold Inc. Cornerstone Capital Resources Inc. Coro Mining Corp. Corvus Gold Inc. Critical Elements Corporation Crown Mining Corporation Cruz Cobalt Corp. Dark Horse Resources Ltd. Deep-South Resources Inc. Defiance Silver Corp. Denison Mines Corp. Detour Gold Corporation DGR Global Diamcor Mining Inc. Discovery Group Dundee Precious Metals Inc. Dynacor Gold Mines Inc. Dynasty Gold Corp. Eagle Plains Resources Ltd. Earthmetrix Inc. eCobalt Solutions Inc. EDM-Empresa de Desenvolvimento Mineiro, SA Eldorado Gold Corporation Eloro Resources Ltd. Ely Gold & Minerals Inc. EMX Royalty Corp. Endeavour Silver Corp. Energold Corp. Energy Fuels Inc. Enertopia Corporation Enforcer Gold Corp. EnviroLeach Technologies Inc. Erdene Resource Development Corp. Evrim Resources Corp. Excelsior Mining Corp. Exiro Minerals Corp. Explor Resources Inc. Falco Resources Ltd. Fancamp Exploration Ltd. Firesteel Resources Inc. Fireweed Zinc Ltd. First Cobalt Corp First Mining Finance Corp. Fission 3.0 Corp. Fission Uranium Corp. Five Star Diamond Limited Focus Graphite Inc.

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11 International Convention, Trade Show & Investors Exchange March 4-7 Metro Toronto Convention Centre, Toronto, Canada REGISTER AT WWW.PDAC.CA/CONVENTION

INVESTORS EXCHANGE

Fomicruz S.E. Foran Mining Corporation Fortune Minerals Limited Forum Uranium Corp. FPX Nickel Corp. Freegold Ventures Limited Frontier Lithium Inc. Galway Metals Inc. Genesis Metals Ltd. Genius Properties Geomega Resources Inc. GFG Resources Inc. GGX Gold Corp. Global Energy Metals Corp. Global Geoscience Ltd. Globe Trotters Resource Group Inc. Globex Mining Enterprises Inc. GMV Minerals Inc. Goldcorp Inc. Gold Group Management Inc. Golden Arrow Resources Golden Minerals Company Golden Predator Mining Corp. Golden Ridge Resources Ltd. Golden Share Resources Corporation Golden Star Resources Limited Goldgroup Mining Inc. GoldMining Inc. Goldmoney Inc. GoldQuest Mining Corp. Goldsource Mines Inc. Gossan Resources Limited GoviEx Uranium Inc. Gowest Gold Ltd. Gran Colombia Gold Corp. Greg Exploration Inc. Grizzly Discoveries Inc. GT Gold Corp. Happy Creek Minerals Ltd. Harfang Exploration Inc. Harte Gold Corp. Hecla Mining Company Heron Resources Limited High Power Exploration Highland Copper Company Inc. HPQ Silicon Resources HudBay Minerals Inc. Hudson Resources Inc. Hunt Mining Corp. IAMGOLD Corporation Idaho Champion Gold Mines Ltd. IDM Mining Impact Silver Corp. Inca One Gold Corp. Indento Pvt. Ltd. Independence Gold Corp. International Millennium Mining Corp. International Tower Hill Mines Ltd. INV Metals Inc.

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Ivanhoe Mines Ltd. Jaguar Mining Inc. Jameson Resources Limited Japan Gold Corp. K92 Mining Inc. Kerr Mines Inc. Kesselrun Resources Ltd. Kingsgate Consolidated Limited Kinross Gold Corporation Kirkland Lake Gold Ltd. Klondex Mines Limited Klondike Silver Corp. Knick Exploration Inc. Kopy Goldfields AB publ Kutcho Copper Corp. Lara Exploration Ltd. Laurion Mineral Exploration Inc. Leading Edge Materials Corp. Leagold Mining Corporation Lepidico Ltd. Levon Resources Ltd. Liberty Gold Corp. Liberty One Lithium Corp. Lion One Metals Lomiko Metals Inc. Lorraine Copper Corp. LSC Lithium Corporation Lumina Group, The Lundin Group of Companies, The Lydian International Ltd. Mag One Products Inc. Magna Terra Minerals Inc. MANAGEM Group Mandalay Resources Corp. Manex Resource Group Inc. Manganese X Energy Corp. Manitou Gold Inc. Maple Gold Mines Ltd. Marathon Gold Corporation Margaux Resources Ltd. Marifil Mines Limited Maritime Resources Corp. Marlin Gold Mining Ltd. Mason Resources Corp. Matamec Explorations Inc. Mawson Resources Limited Maya Gold & Silver Inc. McEwen Mining Inc. Metalla Royalty & Streaming Ltd. Metallic Minerals Corp. Metals Creek Resources Corp. Metanor Resources Inc. Mexican Gold Corp. Midas Gold Corp. Midland Exploration Inc. Millennial Lithium Corp. Minaurum Gold Inc. Minco Mining Group Minco plc.

Minera Alamos Inc. Mineral Mountain Resources Ltd. Minerx Inc. Minmetals Exploration Canada Ltd. Mirasol Resources Ltd. Mississauga Mining & Exploration Cameroon S.A.R.L.(MMEC) Monarques Gold Corporation Moneta Porcupine Mines Inc. Montero Mining & Exploration Ltd. Monument Mining Limited Morien Resources Corp. Moydow Resources Limited Mundoro Capital Inc. Murchison Minerals Ltd. Nemaska Lithium Inc. Neo Lithium Corp. Nevada Copper Corp. Nevada Exploration Inc. Nevada Zinc Corporation Nevsun Resources Ltd. New Gold Inc. New Pacific Metals Corp. Newcrest Mining Ltd. Newmont Mining Corporation Newrange Gold Corp. Nexa Resources S.A. NextSource Materials Inc. Nicola Mining Inc. NioBay Metals Inc. Nordgold Nordic Mining ASA Noront Resources Ltd. North American Nickel North American Palladium Ltd. North Arrow Minerals Inc. Northern Dynasty Minerals Ltd. Northern Empire Resources Corp. Northern Graphite Corporation Northern Shield Resources Inc. Northern Superior Resources Inc. Northern Vertex Mining Corp. Nouveau Monde Graphite Novagold Resources Inc. OceanaGold Corporation OK2 Minerals Ltd. Olivut Resources Ltd. Opus One Resources Inc. Orefinders Resources Inc. Orezone Gold Corporation Orla Mining Ltd. Oro Verde Limited Orvana Minerals Corp. Osino Resources Corp. Osisko Gold Royalties Ltd. Osisko Metals Incorporated Osprey Gold Development Ltd. OTC Markets Group Pacific Empire Minerals Corp.

Pacific Rim Cobalt Corp. Palamina Corp. Panoro Minerals Ltd. Pasinex Resources Ltd. Pavey Ark Minerals Inc. Pelangio Exploration Inc. Peregrine Diamonds Ltd. Pershing Gold Corporation Plateau Uranium Inc. Playfair Mining Ltd. PolyMet Mining Corp. PPX Mining Corp. Predictive Discovery Limited Premier Gold Mines Limited Primero Mining Corp. Prize Mining Corporation Probe Metals Inc. ProDeMin Prospero Silver Corp. Puma Exploration Inc. Purepoint Uranium Group Inc. QMX Gold Corporation Quaterra Resources Inc. Radisson Mining Resources Inc. Rambler Metals and Mining PLC Randgold Resources Limited Red Cloud Klondike Strike Inc. Red Eagle Mining Corporation Red Metal Resources Ltd. Red Pine Exploration Inc. Redstar Gold Corp. Regulus Resources Inc. Renaissance Gold Inc. Renforth Resources Inc. Resource Capital Funds Reunion Gold Corporation Revelo Resources Corp. Revival Gold Inc. Richardson GMP - The Horwood Team Rio Tinto Riversgold Ltd. Riverside Resources Inc. RJK Explorations Ltd. RNC Minerals Rockcliff Metals Corporation Rogue Resources Inc. ROKMASTER Resources Corp. Romios Gold Resources Inc. Roscan Minerals Roxgold Inc. Royal Canadian Mint Royal Road Minerals Rugby Mining Limited Rye Patch Gold Corp. S2 Resources Ltd. Sabina Gold & Silver Corp. Salazar Resources Limited Sandstorm Gold Ltd. Sattva Capital Corp. Savary Gold Corp. Sayona Mining Limited Scandium International Mining Corp. Secova Metals Corp. SEMAFO Inc. Serabi Gold plc Serengeti Resources Inc. Sherritt International Corporation Shore Gold Inc. Sidex Sierra Metals Inc. Silver Bear Resources Inc. Silver One Resources Silvercorp Metals Inc. SilverCrest Metals Inc. Sirios Resources Inc.

Sixty North Gold Mining Ltd. Skeena Resources Ltd. Skyharbour Resources Ltd. Solitario Zinc Corp. Sonoro Metals Corp. South32 Limited Sphinx Resources Ltd. Sprott Group of Companies SQM Starcore International Mines Ltd. Steppe Gold Limited Stornoway Diamond Corporation Stratabound Minerals Corp. Strategic Exploration Group Strongbow Exploration Inc. Stuhini Exploration Inc. Sudbury Platinum Corp. Sulliden Mining Capital Inc. Talmora Diamond Inc. Teck Resources Limited Telson Resources Inc. Teranga Gold Corporation TerraX Minerals Inc. Tethyan Resources PLC Timberline Resources Corporation Tinka Resources Ltd. Tintina Resources Inc. Titan Mining Corp. TMAC Resources Inc. TMX Group Toachi Mining Inc. Transition Metals Corp. Treasury Metals Inc. Tres-Or Resources Ltd. Trevali Mining Corporation Tri Origin Exploration Ltd. Trilogy Metals Inc. TriMetals Mining Inc. TriStar Gold Inc. Triumph Gold Corp. Tudor Gold Corp. Ucore Rare Metals Inc. UEX Corporation Unicorn Mineral Resources Limited Unigold Inc. Uranium Energy Corp. Ur-Energy USA Inc. Vale VanadiumCorp Resource Inc. Vangold Mining Corp. Velocity Minerals Ltd. Vendetta Mining Corp. Victory Nickel Inc. Vimy Resources Limited Vior Inc. Vista Gold Corp. Viva Gold Corp. Vulcan Minerals Inc Wallbridge Mining Company Limited Wealth Minerals Ltd. Wemindji Exploration Inc. Wesdome Gold Mines Ltd. Western Uranium Corporation West High Yield W.H.Y. Resources Ltd. West Red Lake Gold Mines Inc. Western Copper and Gold Corporation Wheaton Precious Metals Corp. White Gold Corp. Wolfden Resources Corporation X-Terra Resources Yamana Gold Inc. Zenyatta Ventures Ltd. Zephyr Minerals Ltd. Zimtu Capital Corp. Zinc One Resources Inc.

MINING MARKETPLACE Association for Mineral Exploration British Columbia (AME BC) CTA Environmental Consultants DMCL Chartered Professional Accountants GeoMinera S.A. Imago Inc. KORE Geosystems Methapharm Inc. Northern Miner Group, The Objectivity

Ontario Geological Survey OrenInc Orix Geoscience Inc. PubCo Reporting Solutions, Inc. Qmine Geo-Service Corp. Sample Archive System Scott Steel Erectors Inc. SCR Mining and Tunnelling L.P. Stockhouse Publishing Ltd. UBC Mining Engineering

2018-01-15 5:08 PM

12 International Convention, Trade Show & Investors Exchange March 4-7 Metro Toronto Convention Centre, Toronto, Canada REGISTER AT WWW.PDAC.CA/CONVENTION

TRADE SHOW & TRADE SHOW NORTH Sponsored by

Visit the Trade Show & Trade Show North to come face-to-face with 500 Exhibitors, including countries, companies and organizations promoting technology, products, services and mining jurisdictions worldwide.

Avjet Holding Inc. Axis Mining Technology Pty Ltd. Aziwell AS Bag Supplies Canada Ltd. Barbados Baroid Industrial Drilling Products Basler Turbo Conversions, LLC BAUER Maschinen GmbH BBA Inc. BDO Canada LLP Beak Consultants GmbH Beckman Coulter Bell Geospace, Inc. BFL Canada Insurance Services Inc. Bio-Mine Ltd. BLP Law Professional Corporation Blue Coast Research Bme Boart Longyear Bollore Logistics Canada Inc. Bolivia Ministry of Mines and Metallurgy Boréalis Bourevestnik, Inc. Brasil Pavilion - ADIMB Agency for Technological Development of the Brazilian Mining Industry Breaker Technology British Columbia, Ministry of Energy, Mines and Petroleum Resources Bruker BUMIGEB Bureau Veritas Commodities Canada Ltd. Business Consultants Mexico Cabo Drilling Corp. Canada-Nunavut Geoscience Office Canadian Council for Aboriginal Business Canadian Helicopters Limited Canadian International Resources and Development Institute Caron Business Solutions Inc. CDN Resource Laboratories Ltd. Centric Mining Systems

Aarhus Geophysics ApS Abitibi Geophysics Inc. Acker Drill Company acQuire Technology Solutions Pty Ltd. Activation Laboratories Ltd. (Actlabs) Advanced Geophysical Operations and Services Inc. (AGCOS) Advanced Geosciences Inc. Advanced Logic Technology ALT Aerogeophysica Inc. AeroGeophysical Surveys Afghanistan, Ministry of Mines and Petroleum AGAT Laboratories Ltd. Agilent Technologies Agnav Inc. AGT Systems AIL Mining Air Greenland Charter Alaska Structures Allegheny Instruments, Inc. ALS AMC Mining Consultants Canada AMC North America Limited Amec Foster Wheeler Americas Ltd. American Geosciences Institute Amis Anachemia Science Arethuse Geology Argentina, Federal and provincial governments Argentine Mining Industry Pavilion Armtec LP ASD Inc. AssayNet Canada Inc. Association of Professional Geoscientists of Ontario Atelier Val-d'Or Auracle Geospatial Science Aurum Exploration Services AuTec Innovative Extractive Solutions Ltd.

CGG CH2M HILL Canada Limited Chamber of Commerce Brazil-Canada Chemonics International Chemours Chile, Trade Commission of China Drilling Geological Equipment Ltd. China, Ministry of Land and Resources Cigna CIM - Canadian Institute of Mining, Metallurgy & Petroleum Claim Group Inc., The ClaimBlock Inc. ClearView Geophysics Inc. ColdBlock Technologies Inc. Colombian National Mining Agency Complete MT Solutions Condor Consulting, Inc. Control Chemical 1989 Corporation Core Case COREM Corescan Pty Ltd. Crone Geophysics & Exploration Ltd. CRU CSA Global CSIRO Mineral Resources Flagship CSL Group Inc., The Custom Helicopters Ltd. Curia Geoscience LLC Cyanco Cypher Environmental Ltd. Dando Drilling International Ltd. Datamine Software Canada DATC Davidson & Company LLP DBC Makina De Beers Group Services Deakin Industries Deep Exploration Technologies CRC Derrick Corporation Deswik

Devico Directional Drilling DGI Geoscience Inc. Diamantina Christensen Trading Inc. Dias Geophysical Limited Di-Corp Discovery Drill Manufacturer DDM Ltd. Discovery International Geophysics Inc. DMC Mining Services DMT Group, Consulting & Geosciences, Instruments Doppelmayr DRA Dumas Contracting Ltd. Dundee Sustainable Technologies Inc. Duralite Diamond Drills Ltd. Dynamic Aviation Group Inc. Dynamik Eco-Goldex ECO Technologies Ecuador Mining Effigis Geo Solutions Inc. EIT RawMaterials ElectroMagnetic Imaging Technology Pty Ltd. EON Geosciences Inc. Epiroc ERIEZ ERM Esri Canada European Union Expedition Helicopters Inc. Expert Geophysics Limited F.F.P. Systems Inc. Finland, Geological Survey of Fladgate Exploration Consulting Corporation FLSmidth Foraco International SA Forage Orbit Garant Drilling Fordia Foremost Industries LP Foth Infrastructure & Environment, LLC Fracflow Consultants Inc. Fugro G4 Drilling Ltd. Galaxy Broadband Communications Inc. Gekko Systems GEM Advanced Magnetometers Geo Data Solutions Inc. Geodevice LLC Geolearn

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

$34.99

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To order by phone, call toll-free: 1-888-502-3456 ext. 43702 For more information and to order online visit: www.northernminer.com/jk

Geo-Logic Associates Geologica Inc. Geological & Mining Equipment Branch of CMA Geological Association of Canada GAC Geological Survey of Victoria (Australia Minerals) Geometrics Geomodelr Inc. Geonics Limited Geophysics GPR International Inc. Georeference Online Ltd. Geoscience Australia (Australia Minerals) Geosense Geosoft Inc. Geotech Drilling Services Ltd. Geotech Ltd. Geotechnologies Géotic Inc. Geovariances Geovista Ltd. German Pavilion - Federal Ministry for Economic Affairs and Energy (BMWi) GF Instruments Ghana, Minerals Commission of Globalaw Limited Globalstar Canada Satellite Co. Gold Sniffer Inc. Golder Associates Ltd. Great Circle Air Charter Greenland Business Association Greenland, Government of Grenville Minerals Groundradar Inc. GroundTech Solutions Ltd. Halltech Exploration Outfitters Hayward Baker, Inc. Heli Explore Inc. Helmholtz Institute Freiberg for Resource Technology Hi Tech PMR HiSeis Pty Ltd. Hy-Tech Drilling Ltd. ICOM Canada IFG Corporation IGS International Geoscience Services Ltd. IMP Automation Canada Ltd. Independent Laboratory Supplies Pty Ltd. Independent Mining Consultants, Inc. India, Government of, Ministry of Mines Industrial Fabrication Inc. Industrial Info Resources Inertial Sensing InfoMine Inc. Infosat Communications LP Ingetrol InnovExplo Inc. Innu Development Limited Partnership Instrumentation GDD Inc. International Airborne Geophysics Safety Association International Directional Services Intertek Intrepid Geophysics Ireland, Department of Communications, Climate Action & Environment IRL Supplies Ltd. Japan Oil, Gas and Metals National Corporation Japosat Satellite Mapping Jexplore Equipment Inc. Kappes, Cassiday & Associates Kemetco Research Inc. Kenn Borek Air Ltd. Kingston Process Metallurgy Inc. Kishore Vadilal Private Limited Kississing Lake Lodge Kitikmeot Cementation Mining & Development Ltd. Klen International Kroum VS Instruments Limited Lake Central Air Services Inc. Lamontagne Geophysics Ltd. Langara Island Lodge Laurentian University, Harquail School of Earth Sciences Leapfrog Software ARANZ Geo Levanto LiDAR Services International Inc. LIM Logging Location Sauvageau Inc. M3SH Technology Inc. Machines Roger International MacLean Engineering Major Drilling Major Reclaim Corp.

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13 International Convention, Trade Show & Investors Exchange March 4-7 Metro Toronto Convention Centre, Toronto, Canada REGISTER AT WWW.PDAC.CA/CONVENTION

TRADE SHOW & TRADE SHOW NORTH

Mala Geoscience USA, Inc. Manitoba Pavilion Manufacture Adria Inc. Maptek Matawa First Nations Matrix GeoTechnologies Ltd. Matrix Helicopter Solutions Inc. Maxidrill Inc. Maxwell GeoServices MBI Drilling Products McCue Engineering Contractors McDonald & Wang McDowell B. Equipment McElhanney Consulting Services Ltd. Medusa Systems BV Megadome Buildings Meglab Memorial University of Newfoundland, Department of Earth Sciences Met-Solve Laboratories Inc. Mexican Geological Survey M-I SWACO, A Schlumberger Co. MICROMINE Minalyze AB Mincon Group PLC MineExcellence MineAfrica Inc. Mineral Technologies Minex Products, SRL Mining Finland Mining Suppliers Trade Association (MSTA Canada) Minnesota Department of Natural Resources Mira Geoscience Ltd. MMD Mineral Sizing Canada Inc. Montt Group SpA Moroccan National Office of Hydrocarbons and Mines (ONHYM) Mount Sopris Instrument MPX Geophysics Ltd. MS Analytical Mud Bay Drilling Multi-Power Products Ltd. Namibia Geological Survey National Compressed Air Canada Ltd. Natural History Museum Consulting Natural Resources Canada Network Innovations Inc. Nevada

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New Brunswick Department of Energy and Resource Development New Brunswick Prospectors & Developers Association New Resolution Geophysics New South Wales, Australia (Australia Minerals) New Zealand Government Newfoundland and Labrador: Explore the opportunities New-Sense Geophysics Limited Newterra Ltd. Nolinor Aviation Nomadis Inc. Norda Stelo Inc. Norseman Structures Northern Ireland, Department for the Economy Northern Miner Group, The Northern Ontario Mining Showcase Northern Survey Supply Northern Territory Geological Survey (Australia Minerals) Northwest Drills Northwest Territories & Nunavut Chamber of Mines Northwest Territories, Government of Norway, Geological Survey of Nova Scotia Department of Natural Resources Nova Scotia Prospectors Association NOVATEM Inc. NTT CORESAW NUCOMAT Nuna Logistics Limited Nunavut Tunngavik Incorporated Nunavut, Government of OCP Construction Supplies Inc. Olympus Ontario Ministry of Northern Development and Mines Ore Research and Exploration P/L Origin Operators & Recruitment Outotec Canada Ltd. Overburden Drilling Management Limited Pacific Geomatics Ltd. Parts HeadQuarters Inc. Paterson, Grant & Watson Limited Peru Petros Eikon Inc. Phoenix Geophysics Limited

PhotoSat Information Ltd. Pico Envirotec Piteau Associates Engineering Ltd. PLS Insoles Inc. PowerTraxx Vehicles Inc. Pozitif Sondaj Ltd. Precision GeoSurveys Inc. Prinoth Promer Consultancy Engineering Inc. Prospectors Supplies Pty Ltd. Quantec Geoscience QuĂŠbec, Gouvernement du Queen's University, Department of Geology Queensland Government (Australia Minerals) R.T. Boyd Limited Radiation Solutions Inc. Raymac Environmental Services Inc. RBL-REI RCM Modular RDH Mining Equipment Reality Check Systems Limited Reconyx Inc. Red Lake, Municipality of Reflex Instruments N.A. RME Geomatics RMS Instruments Roadpost Robertson Geologging USA, Inc. RockMass Technologies Inc. ROCK-TECH Romquest Technologies Roscoe Postle Associates Inc. RPC RPM Global Canada Ltd. Russian Stone, The RWDI S&P Global Market Intelligence Sander Geophysics Sandvik Mining Saskatchewan Trade and Export Partnership Saskatchewan, Government of Schramm, Inc. Scientific Drilling International Scintrex Scott Hogg & Associates Ltd. Securitas Canada Limited SEI Industries Ltd.

Semm Logging senseFly Sepor, Inc. Sepro Mineral Systems Corp. SGS Minerals Services Sherritt International Corporation Signature Group Inc. Simcoe Geoscience Limited Sirius Wilderness Medicine Inc. Skyline Assayers & Laboratories SkyTEM Canada Inc. SLR Consulting Canada Ltd. SNF Canada Society for Mining, Metallurgy & Exploration (SME) Inc. Society of Economic Geologists SODERN South Africa, Department of Mineral Resources South Australia, Government of (Australia Minerals) Southern Mapping Company SpecTIR, LLC Spectral Evolution Spektra Jeotek As SRK Consulting Canada Inc. St. Petersburg State Mining Institute Stantec Star Trace Private Ltd. Stockholm Precision Tools AB Story Environmental Inc. Stuart Olson Sudbury, City of Greater Summit Helicopters SurveyTECH Instruments & Services Sweden, Geological Survey of Swick Drilling North America Systems for Research Corp. Tangshan Jinshi Superhard Material Co., Ltd. Tasmania, Mineral Resources (Australia Minerals) Team Drilling LP Technidrill Terrace Business Resource Centre TerraCore Terrane Geoscience Inc. Terraplus Inc. Terraquest Ltd. Tetra Tech TFG Global Insurance Solutions Ltd.

The West Coast Fishing Club Thermo Scientific Thomas O'Neill & Associates Inc. ThreeDify Inc. Thunder Bay, Mining in Northwestern Ontario Tioga Air Heaters TransPerfect Translations TrapBag Tretan Ltd. Trimble TSL Laboratories Inc. Tulloch Engineering Tundra Airborne Surveys Ltd. TUVANOSA U.S. Geological Survey United Mining Rentals Ltd. Universal Helicopters University of British Columbia, Mineral Deposit Research Unit University of Exeter, Camborne School of Mines University of Lorraine University of Toronto University of Waterloo, Department of Earth and Environmental Sciences Varco Pruden Buildings (VP Buildings) Vektore Exploration Consulting Corporation Veolia Water Technologies VersaDrill Canada VICTAULIC VIR Electric Inc. Wabun Tribal Council Wajax Walden Group, The Watts, Griffis and McOuat Limited Weatherhaven Western Australia, Department of Mines and Petroleum (Australia Minerals) Wink Vibracore Drill Company Ltd. Wireline Services Group WSP Canada Inc. Xcalibur Airborne Geophysics Xpera Risk Mitigation and Investigation Xploration Services Greenland ApS XPS XRF Scientific Americas Inc. Yukon Chamber of Mines Yukon, Government of Zonge International Inc.

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14 International Convention, Trade Show & Investors Exchange March 4-7 Metro Toronto Convention Centre, Toronto, Canada REGISTER AT WWW.PDAC.CA/CONVENTION

ONSITE SERVICES FREE WI-FI

LOUNGES VIP LOUNGE

CHARGING CENTRE LOUNGE

Sponsored by BHP

Sponsored by HLS Hard-Line Solutions Inc.

Sponsored by Kal Tire

PDAC Wi-Fi service is available throughout the MTCC (excluding exhibit halls).

Upgrade to a VIP All Access Pass from an All Access Pass and receive additional services, including dedicated registration desk, VIP Lounge Access, daily continental breakfast and light refreshments, administrative support, small areas for private meetings, business services such as internet, telephone, scanning, and photocopying.

Need a place to charge your smartphone? The Charging Centre Lounge has two charging stations. Each station is equipped with built-in chargers for your iPhone, Blackberry and Android. Have a seat and relax while you wait for your charge to complete.

WATER STATIONS Sponsored by Napier-Reid Ltd. Water stations are located in the Investors Exchange and Trade Show (North and South).

PLACES TO EAT TECK CAFÉ

700 CAFÉ & LOUNGE

Sponsored by Teck Resources Limited

Sponsored by Freeport-McMoRan Copper and Gold Inc.

FOOD PAVILION

GREAT NORTH EATERY

Sponsored by Major Drilling

TERRACE MEETING PLACE Sponsored by BDO Canada LLP Looking for on-site meeting space? These semi-private meeting rooms are available for one-hour bookings per day. On-line bookings will be available in January. An attendant will also be onsite to accept reservations on a first-come, first-served basis.

MOBILE CONVENTION WEBSITE Sponsored by BHP Works just like an app! Visit www.pdac.ca/convention on your smartphone or tablet to launch the mobile website. Use this essential tool to plan your time and navigate the convention. Build customized schedules into a smartphone calendar by adding events and presentations, locating and saving exhibitors and viewing floor plans.

SHUTTLE SERVICE Sponsored by SNC-Lavalin PDAC provides free shuttle service from key downtown hotels to the MTCC, South Building.

SME BOOKSTORE Back by popular demand, the Society for Mining, Metallurgy and Exploration (SME) will once again host a bookstore at the convention. Take advantage of show pricing from the most prestigious book publisher in the industry.

SHOE SHINE STAND Sponsored by Avanti Management & Consulting Limited Conveniently located on the Level 800 Foyer.

ALL ACCESS PASS BAG Sponsored by Teck Resources Limited and Anglo American Exploration (Canada) Ltd. Inside you’ll find: •

Convention Program

•

Notebook

•

Pen

FREE HEADSHOTS Sponsored by Major Drilling Need an updated headshot? New this year, all Trade Show attendees can take advantage of this on-site service right on the Trade Show floor beside the Food Pavilion. Your professional photo will be emailed to you in real time. Perfect for websites, social media, business cards and more.

COMPLIMENTARY MASSAGE STATION Sponsored by Micon International Limited Visit Trade Show North and receive a 15-minute complimentary massage from Canada's leading mobile massage provider - Onsite Health.

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15 International Convention, Trade Show & Investors Exchange March 4-7 Metro Toronto Convention Centre, Toronto, Canada REGISTER AT WWW.PDAC.CA/CONVENTION

HIGHLIGHTS FROM PDAC 2017 Photography by: envisiondigitalphoto.com

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16 International Convention, Trade Show & Investors Exchange March 4-7 Metro Toronto Convention Centre, Toronto, Canada REGISTER AT WWW.PDAC.CA/CONVENTION

HIGHLIGHTS FROM PDAC 2017 Photography by: envisiondigitalphoto.com

Published by:

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

Now Available in Spanish

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Order Your Copy Today!

Call 1-888-502-3456 or email info@northernminer.com

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