The Northern Miner July 18 2016 Issue 23

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TECHNOLOGY METALS

Vanadium, graphite, lithium, REEs and more / 7–9

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Sparton banks on vanadium TECHNOLOGY METALS

| Junior commissions 8 MW hour vanadium battery for Chinese utility

BY TRISH SAYWELL tsaywell@northernminer.com

O

ver the course of his 54 years in the business, Canadian geologist and engineer Lee Barker has had many rewarding moments.

In the early 1970s he recognized and staked the Montviel carbonatehosted rare earth deposit in Quebec and in the 1980s found several gold discoveries in Ontario and Newfoundland, including the FennGibb deposit near Matheson, Ont., with colleague Denis Villeneuve, the Pine Cove deposit at Baie Verte in Newfoundland with Peter Dimmell, and the Elmtree deposit in the Bathurst area with Don Hoy and George Murphy.

Diamond exploration took up most of his time in the 1990s. Barker conducted the initial diamond exploration work at Diavik in the Northwest Territories for Aber Resources and West Viking Exploration, generating the geophysical database that led to the discoveries of all of the kimberlite pipes found on the Diavik property to date. (His original work was so successful that he was the first person introduced and recognized by Robert Gannicott during his official presentation at the Diavik's opening ceremony in 2003.)

Barker left Aber Resources in 1993 to join SouthernEra and became involved in that company’s kimberlite discoveries in South Africa, Angola and the Northwest Territories, before leaving in 2000 to operate as an independent consultant on several diamond projects in Angola and elsewhere.

But his focus on gold and diamond discoveries in North America and Africa shifted continents when he joined Sparton Resources (TSXV: SRI) as president and CEO and initiated the junior’s exploration programs in China, first in gold, (the company drilled off

Centerra unveils US$1.1B bid for Thompson Creek M&A

| A gold mine in Canada would lower firm's geopolitical risk

BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

C The project team in front of the 8 MW hour vanadium flow battery at the Zhangbei renewable energy project in February, 180 km north of Beijing, from left: chief technical officer Huang Mianyan, project coordinator Lee Barker and commercial manager Charles Ge. SPARTON RESOURCES

more than 500,000 oz. gold at the Luxi gold mine in southwestern China’s Yunnan province), then to secondary uranium production (through which Sparton’s management team made contacts and relationships with China’s National Nuclear Agency), and more recently to vanadium, a key industrial alloy and technology metal.

Over the last five years, Sparton’s 90.4%-owned subsidiary, VanSpar, has negotiated acquisition agreements on primary vanadium deposits in China’s Jiangxi province that are hosted in black shale rocks, where grades average 0.9% vanadium pentoxide (V2O5).

Sparton has yet to pull the trigger on the asset purchase agreements it has signed with the owners of the deposits, but is hosting site visits for several investor groups that are interested in taking stakes in the

“DEMAND FOR VANADIUM IS GOING TO GO UP BECAUSE THESE BATTERIES ... ARE A COMMERCIAL SOLUTION TO LARGESCALE ENERGY STORAGE.”

enterra Gold (TSX: CG; USOTC: CAGDF) has been shopping for gold assets in Canada, and on July 5 the company found a fit in debt-heavy Thompson Creek Metals (TSX: TCM; US-OTC: TCPTF) and its Mount Milligan copper-gold mine, 145 km northwest of Prince George in central British Columbia.

The total transaction value is pegged at US$1.1 billion, but very little of it will end up in the hands of Thompson Creek shareholders.

In fact, Centerra’s big expense will be outstanding bond obligations See CENTERRA / 3 PM40069240

LEE BARKER PRESIDENT AND CEO, SPARTON RESOURCES

projects, which Sparton says could be developed as low-cost, open-pit vanadium mines.

The high-grade vanadium deposits are just half the equation, however. The endgame for Sparton, Barker says, is to become a vertically integrated producer of vanadium redox batteries, also known as vanadium flow batteries.

The vanadium batteries are alternatives to lithium-ion batteries and used in the longer-term, grid-scale storage of solar and wind energy.

Earlier this year, VanSpar commissioned an 8-megawatt-hour vanadium f low battery used by the North China State Grid Co. at the Chinese utility’s Zhangbei project, 180 km north of Beijing.

Zhangbei is the world’s largest renewable energy project, Barker says, and integrates wind and solar power, energy storage and smart grid transmission technologies.

Zhangbei has been designed as See SPARTON / 2

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Vanadium pentoxide (98.5% pure) at the Rentian processing plant in China’s Jiangxi province. SPARTON RESOURCES

A driller working on the Quankeng vanadium property in Jiangxi province. SPARTON RESOURCES

Sparton banks on Vanadium SPARTON From 1

an energy infrastructure project in China’s efforts to provide cleaner and greener energy in time for the 2022 Winter Olympics, which has several competition sites near the massive renewable energy production and storage facility.

“There has been significant social unrest generated by the poor air quality in urban China centres, so the Chinese government is really going out of its way to mitigate the problem and moving to cleaner, non fossil fuel-based sources of energy,” Barker says. “The general feeling that China has a bad record on pollution is certainly justified, but currently they’re probably doing more to rectify the situation and spending far more money on renewable and clean energy than most other industrialized countries worldwide.”

In May, the client of VanSpar’s subsidiary in China, Jiujiang Sparton Vanadium Trade and Tech Co. (JJSP), received $3.2 million from North China Grid Co. for commissioning the large vanadium redox battery installed at Zhangbei, and Barker says the Chinese utility is reviewing a proposal for a three-year monitoring and maintenance program that would make $900,000 in annual revenues for Sparton through JJSP. “The North China State Grid is the largest electric utility in the world and feeds electricity into Beijing and Tianjin — serving about 60 million people,” Barker says. “Zhangbei is in a big, open valley — an excellent place for solar and wind because the wind channels down the valley.

They’ve developed the world’s largest renewable energy demonstration site. It’s 200 square kilometres. They have spent US$2 billion on phase one and are working on second and third phases now. They are evaluating a number of different large batteries for energy storage.”

Vanadium flow batteries store energy in a liquid vanadium electrolyte

that flows between tanks through a stack of fuel cells in which an electrochemical reaction takes place and electricity is released.

The electrolyte does not degrade over time and the system can be charged and discharged simultaneously, Barker says. In addition, it will have no problem serving the Winter Olympics in China, as it can operate in temperatures from plus 55ºC to -40ºC. “You’ll never see a vanadium flow battery under the hood of a Tesla or a Chevy Volt, but you will see them in renewable energy installations around the world,” Barker says. “Lithium ion is fine for small and mobile applications in things like consumer electronics and electric vehicles. But vanadium flow is undoubtedly a better way to go for large-scale electrical storage needs, especially in large solar and wind energy installations like Zhangbei,

limited, the technology possesses a key advantage in its longevity that could drive a much lower cost, based on levelized cost of storage (LCOS), over the entire lifetime.”

In fact, Barker says, vanadium flow batteries “are much cheaper than lithium units on an LCOS basis.”

The advantage of flow batteries relative to Li-ion, Goldman’s report continues, “is that their lifetime is governed by years, not cycles,” which “allows for unique flexibility when planning for load variability.”

“While other technologies may need to be operated within a narrow range of parameters, certain flow batteries can be cycled several times a day and at temperatures slightly above other technologies.”

The Goldman study adds that the energy capacity of a flow battery depends on the size of electrolyte tanks, and could be “scaled quite

“THE GENERAL FEELING THAT CHINA HAS A BAD RECORD ON POLLUTION IS CERTAINLY JUSTIFIED, BUT CURRENTLY THEY’RE PROBABLY DOING MORE TO RECTIFY THE SITUATION AND SPENDING FAR MORE MONEY ON RENEWABLE AND CLEAN ENERGY THAN MOST OTHER INDUSTRIALIZED COUNTRIES.” LEE BARKER PRESIDENT AND CEO, SPARTON RESOURCES

where you need large storage capacity to allow 24/7 electricity delivery.”

Barker says Sparton has the exclusive right, without a deadline, to acquire the private company that produced the 8 MW hour vanadium flow battery used at Zhangbei.

(Sparton paid for commissioning the battery, not its make.)

“We’re talking to several investor groups — a couple of them are interested in only the battery business and a couple of others are interested in the vanadium mining project to source vanadium, and there’s one that is interested in both,” Barker says, adding that two groups are

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based out of Europe, another out of the U.S. and two are from Asia.

“Some of them are project venture capital companies, some are private equity firms and some are high networth individuals involved in the energy industry. They are doing their due diligence now.”

Barker is confident that the emerging vanadium flow battery business will accelerate demand for good sources of vanadium.

“Demand for vanadium is going to go up generally because these batteries are becoming more and more popular and really are a commercial solution to large-scale energy storage,” he says, estimating that up to 20% of all the vanadium produced as early as 2025 is going to be used in making vanadium flow batteries, up from 3%. There are only 10 significant manufacturers of these batteries worldwide: three in the

U.S., three in Europe and four in Asia, he says.

In addition to having a longer life cycle, vanadium flow batteries are not susceptible to overheating and catching fire, like their lithium counterparts, Barker says, and can be fully recycled, whereas lithium-ion batteries cannot.

In an October 2015 report entitled “The Great Battery Race,” Goldman Sachs describes flow batteries as “the elephant in the room for Li-ion evangelicals,” and says the advantage of flow batteries is “a high number of cycle lives, implying greater use and longer lifetimes.”

“Vanadium redox batteries are known for their stability — they can be charged and discharged up to 100,000 times with negligible degradation — and are also differentiated by the ability to discharge almost instantly,” the Goldman report states.

“Only 79 megawatts have been installed to date, but flow batteries, particularly those based on vanadium, are seeing increased funding and research and development focus at a number of start-ups,” the report continues. “While capital costs at present are high and deployments

large if space is not a constraint.”

While Sparton makes inroads with the State Grid in northern China on its vanadium redox battery commissioning support program, the company has also been mandated by the local government in Jiangxi province’s Xiushui county, as the exclusive consolidator of vanadium projects in the area.

The company has preliminary agreements in place to buy several vanadium deposits with grades averaging 0.8% to 2.0% V2O5 . The two deposits the company is most interested in are called Quankeng and Dong Du, where drill results have been positive. Dongdu has a National Instrument 43-101 compliant potential target resource of 326,552 tonnes of contained V2O5 (36.5 million tonnes grading 0.895% V2O5 at a 0.5% V2O5 cut-off grade).

Both the deposits are open along strike and down dip.

Barker points out that most vanadium produced internationally is hosted in magnetite concentrations in layered intrusive rocks, such as in South Africa’s Bushveld complex, and in parts of Russia and China, where it is extracted as a by-product of iron ore production. (Steel mill

slag is also used to recover vanadium.) By contrast, the Quankeng and Dong Du deposits are hosted in “black shales” and are actually cleaner and purer, and the vanadium grade higher in most cases than the overall content in the rock units hosting the magnetite-related types, Barker says. Vanadium production from these deposits is simpler and uses far less energy than from the magnetite-hosted ones, he says.

These black shales are old marine sediments that are also rich in carbon, he adds, noting that the free carbon content is up to 15–20%, and the rocks burn. This makes them favoured in cement production, because when they are fed into cement kilns the burnable carbon generates free energy and less oil or gas is needed to heat the kilns.

These rock units are referred to as “stone coal” in China.

Their use for cement rock is widespread, Barker explains, and the waste from vanadium production from this material can be sold to local cement manufacturers for more revenue, while eliminating the need for tailing facilities to store waste.

This would save a lot in a vanadium production operation, Barker says.

Sparton’s test work also shows that one-third of the carbon could be converted into coke as a by-product, and sold for steelmaking.

“The Xiushui area deposits are unique, and the ones we’ve evaluated are 25% higher grade in vanadium than the average grade for these types of stone coal vanadium deposits elsewhere in China,” Barker says.

“There are a number of these types of deposits in other parts of China, but the average grade is 0.7% V2O5, whereas those in Xiushui average 0.9%. They can therefore be more profitable to develop. We also know from battery-makers that vanadium products from them are the preferred source for making electrolyte due to their low impurity content.”

As clean energy use grows, the demand for various energy storage batteries will increase, Barker says, and Sparton aims to position itself in these fields of advanced battery technology, related metal production and energy storage applications.

“It’s hugely exciting right now,” he says. “Klaus Schwab, the founder of the World Economic Forum, said in February this year that ‘batteries and energy storage are the core of the Fourth Industrial Revolution.’

We completely agree and firmly believe that vanadium-based flow batteries will play a role in these developments.” TNM

2016-07-12 7:59 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JULY 18–24, 2016

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Lundin Mining discovery to extend Eagle mine life NICKEL-COPPER EXPLORATION

| ‘We continue to be excited about what we’re hitting,’ CEO Conibear says

BY MATTHEW KEEVIL

L

mkeevil@northernminer.com VANCOUVER

undin Mining’s (TSX: LUN; US-OTC: LUNMF) high-grade Eagle East nickel-copper discovery is on track to extend the life of its Eagle mine in western Marquette County of Michigan’s Upper Peninsula. The company has tabled a maiden resource and preliminary economic assessment (PEA) on the satellite mineralization, which it expects will “significantly increase” nickel and copper production at the operation by 2020.

Lundin acquired Eagle in a US$325-million deal with Rio Tinto (NYSE: RIO) in June 2013.

The project was in an advanceddevelopment state at the time, and carried an eight-year mine life.

According to Lundin’s 2015 resource and reserve statements, Eagle hosts 4.5 million proven and probable tonnes grading 2.9% nickel and 2.4% copper, and 129,000 contained tonnes nickel and 109,000 contained tonnes copper.

The mine’s production this year could total between 21,000 and 24,000 tonnes nickel, and 20,000 and 23,000 tonnes copper.

After the acquisition, Lundin management commented on Eagle East's significant potential, followed

An aerial view of drill rigs at Lundin Mining’s Eagle East project (foreground), and the Eagle nickel-copper mine (background) in Michigan's Upper Peninsula. LUNDIN MINING

up with and 35,000 metres of diamond drilling in 67 holes to locate and define the deposit.

“We continue to be excited about what we’re hitting, with high grade at depth a couple kilometres away,” president and CEO Paul Conibear said during a first-quarter conference call.

Lundin has seven rigs on the prop-

erty: five are infill-drilling on the Eagle East deposit; one is step-out drilling and deep drilling down the feeder pipe to see if it can pick up more on Eagle East; and the seventh rig is drilling new targets.

The inferred resource at Eagle East stands at 1.2 million tonnes at 5.2% nickel, 4.3% copper, 0.5 gram gold per tonne, 15.8 grams silver

per tonne, 1.7 grams platinum per tonne and 1.3 grams palladium per tonne. The deposit is now defined over 480 metres long, 40 metres to 50 metres high, and 20 metres to 25 metres wide.

Exploration is ongoing to define any mineralization to the north and east, while drilling also found a “deeper-seated target” down-dip in a vertical gabbro complex in basements rocks.

According to Lundin’s PEA, access to Eagle East would require a spiral ramp to be developed from the bottom of the mine, while preliminary [metallurgical] test work shows no modifications would be needed to the Humboldt processing plant or “current concentrate-marketing arrangements.”

The company says that pre-production capital at Eagle East would be US$95 million, with most earmarked for ramp access, ventilation raises, level development and new mine equipment.

The PEA assumes that building the access ramp to Eagle East would begin in the third quarter, which would lead to production in the first quarter of 2020.

The high-grade mineralization would be blended with the lowergrade material from the main orebody, which would “significantly” boost nickel and copper production.

The current resource is expected to extend the mine life by three years.

Based on metal prices of US$8 per lb. nickel and US$3 per lb. copper, the Eagle East plan features a US$181-million after-tax net present value at an 8% discount rate, and a 40% internal rate of return. The payback period would be one year, while average combined by-product cash costs during the Eagle and Eagle East production period are an estimated US$1.83 per lb. nickel.

Lundin has already seen enough to move Eagle East into its next development stage, with a feasibility study expected by year-end and ramp development expected in July. The company has allocated another US$12 million to the project for 2016.

Lundin shares have traded in a 52-week range of $2.98 to $5.26 per share, and closed at $4.71 at press time. The company has 720 million shares outstanding for a $3.5-billion market capitalization.

Scotiabank analyst Orest Wowkodaw said the PEA is a “modest positive for [Lundin] shares,” and added that the company offers “excellent exposure to [copper-zinc-nickel] markets at a relatively low development and balance-sheet risk profile, and an attractive valuation.” Scotiabank has a $5.50-per-share, one-year price target on the company. TNM

Centerra unveils US$1.1B bid for Thompson Creek CENTERRA From 1

totalling nearly US$900 million.

Under the agreement, Thompson Creek shares will be exchanged for 0.0988 of a Centerra share, or a 33% premium based on the companies’ closing prices at the time of signing.

The offer values Thompson Creek at US$140 million, while existing shareholders would own 8% of the pro-forma company.

Centerra would finance the acquisition with US$460 million cashon-hand, US$300 million in new credit facilities and a US$170-million equity issuance.

“Being able to acquire an asset that has the calibre and top-notch geography of Mount Milligan on an accretive basis in this market environment is definitely a unique opportunity,” Centerra president and CEO Scott Perry said during a conference call.

“Projects of this quality are rarely available, and it will allow us to create a leading intermediate gold producer with robust free cash flows.

Geographically we will be much more balanced, and we estimate that half our net asset value will be domiciled in North America,” he added.

One of Centerra’s goals in acquiring a mine in Canada is lowering its geopolitical risk. The company’s current sole producing asset is the Kumtor gold mine in Kyrgyzstan, which provides strong cash flow but also generates severe political headaches.

In early June, the Kyrgyzstan government launched a criminal probe against the company, and barred several of its employees from leaving the country.

The government eventua lly granted Centerra two permits to keep Kumtor running throughout the second half, but the company’s stock continued to ref lect extra political risk.

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“The transaction limits our exposure to Kyrgyzstan, which is not viewed as a top-tier mining jurisdiction from a capital markets perspective, and we believe we’ll be well positioned for a re-rating moving forward,” Perry said. “Based on multiples we currently trade at a discount to our intermediate gold peer group, and the integration of a high-quality Canadian asset will serve us well in terms of reducing and re-balancing our overall geopolitical risk profile.”

The other obstacle Centerra is overcoming is a stream that has entitled Royal Gold (TSX: RGL; NASDAQ: RGLD) to 52.3% of the life-of-mine gold production at Mount Milligan, which turned the operation into more of a copper asset for its operator.

But Royal Gold has agreed to amend its stream to 35% of total gold production in return for 18.8% of total copper output.

Under the amended stream agreement, Centerra’s revenue split at Mount Milligan is expected to be 70% gold and 30% copper, assuming US$1,351 per oz. gold and US$2.21 per lb. copper. The mine should produce between 240,000 and 270,000 oz. gold, and 55 million and 65 million lb. copper in 2016.

Royal Gold may have agreed to the amendment for fear of losing the Mount Milligan stream entirely.

Thompson Creek had been walking a fine line towards bankruptcy, which could have allowed any potential post-bankruptcy acquirer to avoid the original streaming agreement.

“We’ve essentially agreed with Royal Gold to lower the gold stream at Mount Milligan in exchange for a copper stream,” Perry said.

“The renegotiation means we’re taking ownership of the mine as a heavily gold-weighted asset. The amendment is basically neutral to net asset value, so neither party will receive an impairment against their

investment.”

If the bid goes through, Centerra expects its pro-forma annual gold production will jump to between 675,000 and 725,000 oz. gold at all-in sustaining costs ranging from US$850 to US$925 per oz. gold.

Perry also sees upside in Thompson Creek’s largely defunct molybdenum business unit, which includes the Endako integrated mine facility in B.C., the Thompson Creek mine in Idaho and the Langeloth metallurgical facility in Pennsylvania. Both mines are on care and maintenance, though the Langeloth toll-processing business is expected to “cover expenses.”

“We’ve retained the moly unit in this deal because it offers important optionality moving forward,” Perry said. “We see it running as an internally funded business, and suffice to say there is a lot of upside here if the market turns. We’ll look to bring that to fruition when we hit a better price cycle.”

Centerra shares have traded within a 52-week range of $5.51 to $8.67 per share, and fell 7%, or 53¢, after news of the deal, en route to

$7.48 per share at press time. The company has 242 million shares outstanding for a $2-billion market capitalization.

Thompson Creek shares last traded at 73¢ within a 52-week range of 16¢ to 95¢. With 222.8 million shares outstanding, the market capitalization is $175 million.

Canaccord Genuity analyst Rahul Paul was not impressed by the terms of Centerra’s offer, and dropped his price target from $10 to $7.50 per share after the news.

“We see meaningful value in [Mount Milligan], however, we be-

lieve that the Royal Gold stream and the high levels of debt significantly limit the value to Centerra’s equity holders,” Paul wrote on July 6.

“In that regard, we are surprised that Centerra paid a premium to [Thompson Creek] equity and debt holders, and was not successful in renegotiating the [gold] stream further. A more prudent outcome, in our opinion, would have been to wait for bankruptcy proceedings or further restructuring of the debt and stream, which may have resulted in the asset being available for a more attractive price.” TNM

A ppo i n t m e n t N o t i ce Mr. Marc Murnaghan, Chief Executive Officer and Director of Polaris Infrastructure Inc., is pleased to announce the appointment of Thomas Ogryzlo to its Board of Directors.

Mr. Ogryzlo is Interim CEO of Baja Mining Corp. and a Corporate Director. He has over fifty Thomas Ogryzlo years of experience with mining, energy and industrial projects, with responsibility for all aspects of development, financing, engineering, construction and operations. From 2000 to 2010, Mr. Ogryzlo was Vice President – Latin America, of Ram Power, Corp., predecessor company to Polaris Infrastructure Inc. As a result of his ten plus years in a senior leadership role at the San Jacinto project, in Nicaragua, Mr. Ogryzlo brings considerable operating experience and government relations expertise.

Mr. Ogryzlo holds a Bachelor of Mechanical Engineering degree from McGill University in Montreal and speaks Spanish, Portuguese and French. Mr. Ogryzlo has served as a Director of more than 20 public companies including: Franco Nevada Mining Corp., Vista Gold, Aura Minerals, Birim Goldfields, Tiomin Resources and Atlas Corp.

Polaris Infrastructure is a Toronto-based company engaged in the operation, acquisition and development of renewable energy projects in Latin America. Currently, the Company operates a 72MW geothermal project located in Nicaragua. Polaris Infrastructure shares are listed on the TSX and trade under the symbol PIF.

www.polarisinfrastructure.com

2016-07-12 7:59 PM

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E D I T O R IA L

Young Mining Professionals’ new Toronto branch grows NETWORKING

| Rub elbows at Hy's with Munk, Lassonde, McEwen and Kaplan

A

nyone who spends time in both of Canada’s biggest mining centres will quickly pick up on the differences in culture between the two mining communities. Vancouver is generally younger, more outdoorsy and entrepreneurial, while Toronto is broadly older, urban and more corporate. In

BY JOHN CUMMING Vancouver, mining types will brag about jcumming@northernminer.com what they did after work and socialize regularly in the Howe Street district, while in Toronto they’ll brag about how many hours they’ve worked, and dutifully head straight home after leaving the office.

And so it’s no surprise that it was in Vancouver that the Young Mining Professionals (YMP) group was founded in 2007 by three 30-something accountants and mining executives named Greg D. Smith, Scott Jeffrey and Rohan Hazelton — all with various ties to the mining industry in Vancouver, particularly to accounting giant KPMG. The trio continues as the branch’s sole directors to this day, with help from executive officers Daniel Dickson, Geoff Miachika, Devon Thiara, Jennifer Poirier and Andrew Nelson, as well as corporate sponsors KPMG, Endeavour Silver, Goldcorp and law firm Cassels Brock.

Their goal was to create a group where keen mining professionals aged 25 to 39 and out of school for a few years could get together to obtain the skills, support and knowledge to better advance their careers, develop industry contacts and identify career and miningrelated investment opportunities.

Since then, YMP in Vancouver has had several events a year, ranging from dinner speeches by local mining luminaries to social lunches at the Vancouver Club and pro-am golf tournaments. Their most recent gathering was a Distinguished Speaker event with newly installed Goldcorp president and CEO David Garofalo.

Meanwhile back in Toronto, a young mining professional named Stephen Stewart — currently CEO of junior gold explorer Orefinders Resources and CEO of private mining group Minerx — had been familiar with YMP’s many years of success in Vancouver, looked around for a similar group in Toronto and came up empty-handed.

Undaunted, Stewart decided he wanted to start a YMP branch in Toronto that would run independently, but in harmony with the Vancouver branch. He contacted YMP’s founders and they set him up with Michael Woeller and Micheal Long, who are both accountants with KPMG. The three of them co-founded YMP’s Toronto branch in 2015, with help from executive officers Sophia Harquail and Jamie Litchen.

YMP’s Toronto branch is sponsored by KPMG, Barrick Gold, Minerx and Cassels Brock. Franco-Nevada has also been an event sponsor, and Hy’s Steakhouse has been a location sponsor.

YMP’s Toronto branch was launched on a high note with their first gathering in October: a Distinguished Speaker event with Barrick Gold founder Peter Munk in an intimate dinner setting at the posh Hy’s Steakhouse in Toronto, where 30 or so young mining professionals got to speak informally with legend himself and hear his career advice. Stewart says Munk told him he might get a hundred such speaking invitations a year, but only accepts 1% of them.

YMP’s Toronto branch followed up with similar speaker events at Hy’s in February and June, with Franco Nevada co-founder Pierre Lassonde and McEwen Mining CEO Rob McEwen holding court and dispensing hard-won wisdom. Next up is another speaker night on Oct. 6 with Thomas Kaplan, the billionaire gold investor and chairman of investment firm Electrum Group.

Not a bad record for a one-year-old group.

If you’re an eager-beaver young mining professional in Canada and would like to join either branch, YMP has a website at www. youngminingprofessionals.com, but the two branches conduct much of their business through separate LinkedIn accounts.

There’s no membership fee, but you need to ask to join the group.

YMP Toronto has 101 members on LinkedIn while YMP Vancouver has 241, so Toronto has some catching up to do. TNM

DEPARTMENTS Careers. . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Editorial. . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Metal Prices. . . . . . . . . . . . . . . . . . . . . . . . 12

Mining Jobs. . . . . . . . . . . . . . . . . . . . . . . . 15 Professional Directory. . . . . . . . . . . . . . . 13 Stock Tables. . . . . . . . . . . . . . . . . . . 6,10-12

COMPANY INDEX Adamera Minerals. . . . . . . . . . . . . . . . . . . . 14 Avalon Advanced Materials. . . . . . . . . . . . . . 9 Centerra Gold. . . . . . . . . . . . . . . . . . . . . . . . . . 1 Commerce Resources. . . . . . . . . . . . . . . . . . . 9 Flinders Resources. . . . . . . . . . . . . . . . . . . . . . 5 Largo Resources. . . . . . . . . . . . . . . . . . . . . . . . 7 Lomiko Metals. . . . . . . . . . . . . . . . . . . . . . . . . 9 Lundin Mining. . . . . . . . . . . . . . . . . . . . . . . . . 3 Nemaska Lithium . . . . . . . . . . . . . . . . . . . . . . 9 Nouveau Monde Mining . . . . . . . . . . . . . . 16

Pure Energy Minerals. . . . . . . . . . . . . . . . . . . 9 Rio Tinto. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Royal Gold . . . . . . . . . . . . . 3 Sparton Resources. . . . . . . . . . . . . . . . . . . . . . 1 Tantalex Resources . . . . . . . . . . . . . . . . . . . . . 9 Tasman Metals. . . . . . . . . . . . . . . . . . . . . . . . . 5 Tesla Motors. . . . . . . . . . . . . . . . . . . . . . . . 5,16 Thompson Creek Metals . . . . . . . . . . . . . . . . 1 Western Uranium . . . . . . . . . . . . . . . . . . . . . . 9 Zenyatta Ventures. . . . . . . . . . . . . . . . . . . . . . 9

Cheryl and Rob McEwen (centre) at the announcement ceremony at Laurentian University in Sudbury. LAURENTIAN UNIVERSITY

McEwens gift $10M to Laurentian

GIVING BACK | Mining magnate and his wife provide funds to support architecture school

P

hilanthropists Rob and Cheryl McEwen have invested $10 million in Laurentian University’s School of Architecture, which will now be known as the McEwen School of Architecture, in Sudbury, Ont. The funds will be used to help complete the school’s $45-million facility and enhance student experience at the institution.

“Investing in Laurentian’s School of Architecture is a thrilling and proud moment for us,”

mining magnate Rob McEwen said. “This School’s focus on green and sustainable design, rooted in northern landscapes and community, is creating unique opportunities for the next generation of architects.”

“We are already seeing the impact the school has had on northern communities in its first three years, and we look forward to the innovation and excellence in design these young leaders will achieve in years to come.” TNM

O P- E D

Canadian IPOs MIA in flat market, PwC survey says FACTS ‘N’ FIGURES

| Widespread uncertainty scaring away new equity

The following is an edited release from PwC. For more information, please visit www.pwc.com.

I

nvestors hoping for a rebound in the Canadian market for initial public offerings (IPOs) will have to wait a little longer, according to a PwC survey.

A single new issue of $550,000 on the Canadian Securities Exchange (CSE) was the only IPO on any Canadian exchange in the second quarter of 2016, the survey showed. There was no new equity issued on either the TSX or the TSX Venture exchanges during the quarter.

This first half, two new issues on the CSE generated just over $1 million — one of the lowest halfyear totals for Canadian exchanges.

By comparison, 13 new issues from a diverse list of industries raised $1.4 billion in new equity on all Canadian exchanges in the first half of 2015.

The pipeline of potential new issues doesn’t give much hope for optimism in the short term, PwC national IPO leader Dean Braunsteiner says.

“Over the past decade or more, the Canadian IPO market has usually been driven by one or two sector engines that helped power the entire market,” he says. “For many years, it was the mining sector, where both mature companies and juniors kept the TSX and the Venture busy. Oil and gas issues also played a part. For a while, income trusts drove the market. Then real estate investment trusts had their day in the sun. Recently, we’ve seen special purpose acquisition companies get the spotlight. But today, there’s no single driver of the market and

the lack of potential new issues in the pipeline is indicative of that.”

Global market uncertainty after the U.K. vote to leave the European Union has poured cold water on any enthusiasm for IPOs in the near term, Braunsteiner says. But a weak pulse from the IPO market doesn’t mean that Canadian equity markets are in ill health, Braunsteiner hastens to point out.

In fact, the opposite is true.

Before the post-Brexit vote swoon, the Canadian equity market had been on a solid upward swing, he says, and the market for secondary offerings had been gaining ground. In fact, the previously moribund mining sector enjoyed activity, where companies in mid-stage development have been attracting buyers to secondary issues.

What will it take to get the Canadian IPO market back on track?

“It’s not that there’s a shortage of investors,” Braunsteiner says.

“What’s missing is any sense of certainty about the future. Every region, every country, is reviewing its economic outlook. In Canada, there’s concern about the housing market. Until some of those clouds dissipate, we can’t expect too much from the IPO market.”

PwC has conducted its survey of the IPO market in Canada for more than 15 years. The reports are issued on a quarterly basis to provide information to the corporate sector, investors, the media and others that will help them put the market into better perspective. For the purposes of the survey, investment vehicles such as structured products are not considered IPOs because they do not represent new equity raised for operating companies. TNM

2016-07-12 7:59 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JULY 18–24, 2016

5

Flinders eyes Tasman merger to tap emerging green economy SWEDISH SYNERGY

| Spotlight on specialty materials graphite, lithium

BY MATTHEW KEEVIL

T

mkeevil@northernminer.com VANCOUVER

wo years ago Flinders Resources (TSXV: FDR; USOTC: FLNXF) was flying high as the “only Western producer of natural flake graphite” at its historic Woxna mine, 8 km northwest of the town of Edsbyn, Sweden.

The company held its opening ceremony in September 2014, and the 100,000-tonne-per-year operation is capable of cranking out nearly 10,000 tonnes of 90% carbon graphite concentrate annually.

Plunging industrial metal markets cut the celebration short, however, with declining global flake graphite demand pushing prices to fouryear lows of less than US$700 per tonne by mid-2015.

Flinders opted to put Woxna’s return to production on hold, but a recent resurgence in green energy investments — along with a merger — has management optimistic again.

“Potential customers for our current end products are sort of on the cusp of putting their finger on the trigger,” president and CEO Blair Way says during an interview.

“We restarted Woxna with the full intention of catering to the refractory end-user, which was a sizable industry, but it ended up shrinking alongside the global steel business. There really didn’t end up being much of a market to sell into,” he says.

Buzz around electric vehicles and lithium-ion battery demand, driven by companies like Tesla Motors (NASDAQ: TSLA), has brought the spotlight back onto the graphite industry, and spurred furious rallies in other specialty materials like lithium. Flinders is now looking to work its way up the value-add chain and market itself as an integrated technology provider.

The company’s big move was to revisit a proposed merger with Tasman Metals (TSXV: TSM; US-OTC: TASIF), which owns the Norra Karr heavy rare earth element (REE) deposit, 300 km southwest of Stockholm, Sweden. The companies announced a deal in late June wherein Tasman shareholders would receive 0.5 a share of Flinders for each share held. The pro-forma company would be rebranded as Kinetic Materials.

“We’re bringing these companies together and we’re going to relaunch as a technology resource provider.

We envision ourselves working with end-users to provide them value-added specialty materials,

Published by:

The processing plant at Flinders Resources’ Woxna graphite mine in Sweden. FLINDERS RESOURCES

whether that’s graphite, lithium, cobalt or other elements. What we hear from potential customers is basically a shopping list of what they need to produce these energy solutions,” Way says.

“It’s the new integrated model where we go beyond mining and work with the customer to fill technological need. Investors are big right now on Tesla, which has done a very good job of raising the profile of the sector. We’re looking at becoming a more integral part of the new-world economy,” he adds.

Tasman released a prefeasibility study on Norra Karr in early 2015 that outlines a US$378-million development, which would have the “the capacity to be a longterm producer of the most critical heavy REEs, plus other critical metals, including zirconium and hafnium.” The company also recently completed test work on nepheline-feldspar by-product, which could represent near-term opportunities to supply Europe’s paint, building product, ceramic and glass markets.

Meanwhile, Flinders is looking at vertical integration at Woxna to work its way up the value-add chain.

The company is working towards onsite, battery-grade spherical graphite production, and announced in March it would apply to re-permit Woxna to lift throughput rates and incorporate additions to the processing circuit.

Traditional natural flake graphite pricing was pegged at US$800 per tonne in early 2016, while graphite market analyst Benchmark Minerals indicates that natural flake batterygrade spherical graphite products command prices ranging from US$3,000 to US$4,500 per tonne.

“We’d always planned to pursue the value-add side of the equation, and we had an established highpurity flow sheet to build on,” Way says. “We struggled to find organizations in North America and Europe that really understood the industry, and so we ended up going to China, which supplies the majority of natural flake graphite to the battery sector.”

Flinders is working with a “Chi-

nese technology partner” to finalize a flow sheet for battery-grade graphite, which is based on the “world’s only commercially proven purification methods.”

Way says that “the truth is that even if we were producing a highpurity graphite product right now, we’d be hard-pressed to sell it outside of Japan. There really aren’t battery cells being manufactured anywhere outside of Korea, China and Japan.

But now, we’re speaking with companies in Europe and they’re saying they want to get into the business.

We’re positioning ourselves for the market growth in Europe and North America.”

As for more speculative graphite applications, Flinders has partnered with Sweden-based 2D Fab AB under the government-run Svenskt Grafen to explore graphene technologies. In 2015, the companies received US$280,000 million in funding to analyze advanced industrial applications for Woxna’s graphite.

In late April, Flinders reported that graphene was produced using

2D Fab’s “proprietary low environmental footprint manufacturing technology,” which uses a low-energy, hydro-mechanical exfoliation process.

“We’re working with a Swedish company that’s using our flotation concentrate in research on graphene production,” Way says. “The strategy is finding real, commercial applications for the technology.

Graphene is essentially a one-molecule thick layer of graphite that has exceptional thermal strength and electrical characteristics. There has been research on applying the technology to construction materials and industrial processes that I think are much more achievable over a shorter term than some of the more speculative ideas like cell phone screens.”

Flinders has traded within a 52week window of 12¢ to 77¢, and closed at 70¢ per share at press time.

The company has 47 million shares outstanding for a $34-million market capitalization, and reported cash of US$2.2 million at the end of April. TNM

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2016-07-12 8:00 PM

6

WWW.NORTHERNMINER.COM

JULY 18–24, 2016 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / JULY 4–8 Toronto equities soared during the first week of July, despite the Canadian economy unexpectedly losing 700 jobs in June. However, the number of people seeking jobs also dropped, pushing the unemployment rate down 0.1% to 6.8%. The S&P/TSX Composite Index rose 1.4% to 14,259.84. The S&P/TSX Global Gold Index added 9.2% to finish at 275.55, thanks to higher gold prices. Spot gold advanced 1.8%, or US$23.50 per oz., to US$1,365.40.

The S&P/TSX Global Mining Index jumped 6.2% to 65.92, while the S&P/TSX Capped Diversified Metals & Mining Index added 4.2% to finish at 609.04.

Prophecy Development, previously known as Prophecy Coal, led the percentage winners, gaining 91% to close at $5 per share. “The company is not aware of any undisclosed material information,” Prophecy’s executive chairman John Lee said in an emailed response. In its latest release, dated June 16, the company said it had started a sampling program at the Paca deposit on its Pulacayo silver-zinc-lead project in southern Bolivia.

It expects to analyze 90 samples from an area within the Paca resource boundary, that was not part of the current inferred resource estimate of 1.3 million tonnes at 444 equivalent grams silver. The results should be out later this month. “Pulacayo is one of very few high-quality silver projects that are

fully permitted,” Lee added.

Gold junior Kerr Mines rose 45% to 15¢ per share, after reporting on July 7 that the Toronto Stock Exchange has extended its delisting review of its shares for another 30 days, after a 60-day extension on May 9.

Kerr — focused on developing the McGarry gold project in Ontario’s Virginiatown — first announced its shares were under review in March.

Franco-Nevada, a gold-focused royalty and stream company, topped the value gains, advancing $5.15 per share to $103.39. The stock is up 58% year-to-date. Franco Nevada will report its second-quarter results on Aug. 8.

Uranium producer Cameco fell 41¢ to $13.78 per share. After markets closed on July 8, it reported that 230 unionized employees at its TSX MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Kinross Gold K Gran Colombia GCM B2Gold BTO First Quantum FM Yamana Gold YRI Eldorado Gold ELD Barrick Gold ABX Teck Res TCK.B Thompson Creek TCM Suncor Energy SU

43758 7.56 6.75 7.23 + 0.89 39734 0.16 0.10 0.14 + 0.04 38657 3.90 3.34 3.89 + 0.65 35536 10.02 9.04 9.29 + 0.22 34622 7.77 7.04 7.70 + 0.98 23057 6.59 6.05 6.57 + 0.76 22629 30.45 28.22 29.08 + 1.50 21598 18.43 16.80 17.66 + 0.65 19185 0.75 0.56 0.72 + 0.18 18578 36.93 35.90 36.28 + 0.44

Port Hope plant accepted a new collective agreement. The three-year contract includes a 7% wage increase over the term. The previous contract expired on June 30. Port Hope is Canada’s only uranium conversion facility that makes uranium hexafluoride and the only commercial supplier of uranium dioxide conversion services.

Centerra Gold shares slipped 14¢ to $7.56, after its bid to acquire debt-laden Thompson

Creek Metals for US$1.1 billion. Thompson Creek operates the Mount Milligan mine in B.C., and combined with Centerra’s Kumtor gold mine in Kyrgyzstan could lower Centerra’s geographic risk. The offer values each Thompson share at 79¢, marking a 32% premium over its July 4 close. This is Centerra’s second foray into Canada, after its joint venture on Premier Gold’s TransCanada property in Ontario last year. TNM

TSX GREATEST PERCENTAGE CHANGE

Prophecy Coal Tanzania Rlty Levon Res Ltd Rio Novo Gold Kerr Mines Minco Gold Minco Silver Solitario Ex&R Black Iron Nthn Dynasty Talon Metals Contintl Prec Cardero Res Potash Ridge General Moly Eastern Platin Argex Titanium Vista Gold Nemaska Lith Lithium Amer

PCY TNX LVN RN KER MMM MSV SLR BKI NDM TLO CZQ CDU PRK GMO ELR RGX VGZ NMX LAC

68 1187 3079 363 2336 1099 1362 116 925 6713 53 2 120 3619 2 721 636 878 13187 6337

5.48 1.70 0.47 0.30 0.15 0.55 1.82 1.04 0.05 0.57 0.10 0.27 0.25 0.27 0.52 1.08 0.05 2.60 1.29 1.15

2.10 0.88 0.29 0.18 0.12 0.35 1.29 0.72 0.04 0.39 0.00 0.00 0.18 0.22 0.00 0.91 0.04 1.97 1.15 0.97

5.00 1.40 0.46 0.29 0.15 0.50 1.82 1.01 0.05 0.56 0.08 0.27 0.19 0.23 0.44 0.93 0.04 2.20 1.20 1.00

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

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Franco-Nevada Agnico Eagle First Majestic Silver Wheaton MAG Silver Torex Gold Pan Am Silver Endeavour Mng Prophecy Coal Alamos Gold Agrium Altius Mnrls Cameco Corp Potash Corp SK Vista Gold Almaden Mnls Great Panther TMAC Resources Lucara Diam Centerra Gold

90.8 60.9 58.6 50.0 45.0 44.5 44.4 44.3 42.9 40.0 20.0 19.7 17.4 16.7 13.7 12.3 11.1 10.9 9.8 8.3

VOLUME WEEK (000s) CLOSE CHANGE

FNV AEM FR SLW MAG TXG PAA EDV PCY AGI AGU ALS CCO POT VGZ AMM GPR TMR LUC CG

2919 103.39 4232 72.84 8240 20.80 11169 33.64 1534 19.12 5580 25.89 3413 23.96 2679 24.56 68 5.00 7792 13.42 1138 116.34 271 10.27 3995 13.78 12374 20.59 878 2.20 512 1.93 5147 1.97 630 14.79 4524 3.33 11400 7.56

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

5.15 3.70 3.25 3.23 2.83 2.79 2.68 2.63 2.38 2.31 0.55 0.53 0.41 0.41 0.27 0.17 0.17 0.16 0.15 0.14

TSX VENTURE EXCHANGE / JULY 4–8 The S&P/TSX Venture Composite Index gained 21.68 points, or 3%, to a 752.12-point close, boosted by stronger gold and silver prices. Spot gold gained 1.9%, or US$25, to US$1,366.33 per oz. — its highest level since March 2014 — while Comex silver hit two-year highs, up 2.6%, or US50¢, to US$20.09 per oz. silver. Comex copper fell 4.5%, or US10¢, to US$2.12 per lb., as the U.S. dollar climbed on strong U.S. jobs data.

Abitibi Royalties led the value-added category, with shares rising $1.79, or 22%, to $9.95, on strong gold prices and news of acquiring a 1% net smelter return royalty (NSR) at Frontline Gold’s Menderes gold project in Turkey. Abitibi paid Frontline $20,000 in exchange for the royalty, which brings its total NSR interest on the project to 3%. Frontline plans to drill up to 3,000 metres at the project by October. The holes would target possible extensions of the veins found at Eldorado Gold’s Efemcukuru gold mine, which is contiguous to Frontline’s claims on three sides. Abitibi owns royalties on various mineralized zones at Agnico Eagle Mines and Yamana Gold’s Canadian Malartic gold mine in Malartic, Que., and owns shares in both gold majors. Frontline shares were off a cent to 2¢.

Galane Gold saw 20.7 million shares

traded before landing up 9¢ to 14¢ per share on strong quarterly production at its Mupane gold mine in northeastern Botswana. The company began underground mining in April at the main Tau orebody, where higher grades helped produce 7,855 oz. gold for the three months ending June 30 — an increase of 2,027 oz. on the previous quarter.

Galane is also working to reignite production at its Galaxy gold mine, one of the oldest mining operations in South Africa, which saw 1.3 million oz. gold produced between 1884 and 2001. The company acquired the asset last November, and plans to begin a prefeasibility study that outlines a two-stage expansion of existing mine infrastructure from 500 tonnes per TSX-V MOST ACTIVE ISSUES

Galane Gold Equitas Res First Mg Fin MX Gold Calibre Mng Inca One Gold Nrthn Superior Metanor Res Caracara Silvr Goldstream Mnl

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

GG EQT FF MXL CXB IO SUP MTO CSV GSX.H

20668 16306 15217 11099 10657 10440 9878 9110 8926 8301

0.19 0.13 0.95 0.29 0.27 0.05 0.03 0.09 0.02 0.02

0.06 0.08 0.80 0.21 0.15 0.04 0.02 0.08 0.01 0.01

0.14 + 0.09 0.12 + 0.04 0.87 + 0.11 0.27 + 0.05 0.23 + 0.09 0.05 unch 0.00 0.03 + 0.01 0.08 unch 0.00 0.02 + 0.01 0.01 unch 0.00

day to 1,100 and 1,500 tonnes per day in the fourth and eighth years of operation.

Shares of Equitas Resources rose 4¢ to 12¢ on assay results from surface trenching at its Cajueiro gold project in central Brazil. Results include 24.3 grams gold per tonne over 2 metres, and 18.9 grams gold over 2 metres. A separate trenching interval returned 12 metres of 1.42 grams

gold. Assays from 1,600 metres of drilling and the rest of the trench samples is pending. The property includes 8.6 million indicated tonnes at 0.77 gram gold for 214,000 oz. gold. Inferred resources in bedrock and saprolite add 9.5 million tonnes of 0.66 gram gold for 203,500 oz. gold, and 1.4 million tonnes at 1.78 grams gold for 78,400 oz. gold. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Zincore Mtls Galane Gold Gold Mtn Mng Pedro Res Takara Res Caracara Silvr Stroud Res New Destiny Mg Tanzania Mnls Amador Gold Vendome Res Mezzotin Mnrls Signal Expl Philippine Mtl Alloycorp Mng Velocity Mnrls Discovery-Corp Stockport Expl Mustang Mnrls Shoshoni Gold

ZNC.H GG GUM PED.H TKK CSV SDR NED TZM AGX.H VDR MEZ SNL.H PHI AVT VLC.H DCY SPT MUM SHJ

114 20668 2303 104 2547 8926 5647 1900 2203 1003 710 67 554 79 1223 11 161 290 933 495

0.04 0.19 0.27 0.15 0.09 0.02 0.02 0.01 0.02 0.01 0.02 0.01 0.30 0.12 0.07 0.16 0.04 0.05 0.02 0.01

0.01 0.06 0.12 0.07 0.04 0.01 0.01 0.01 0.01 0.00 0.01 0.01 0.16 0.06 0.04 0.00 0.03 0.02 0.00 0.01

0.03 0.14 0.27 0.14 0.09 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.16 0.06 0.05 0.09 0.03 0.03 0.01 0.01

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 200.0 + 180.0 + 125.0 + 115.4 + 112.5 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 - 50.0 - 50.0 - 46.7 - 45.0 - 43.8 - 40.0 - 37.5 - 37.5 - 33.3 - 33.3

VOLUME WEEK (000s) CLOSE CHANGE

Abitibi Royalt RZZ Tudor Gold TUD Avino Silver ASM Brazil Res BRI Bear Creek Mng BCM Mirasol Res MRZ Goldrock Mines GRM Southern Arc SA BBB Brixton Mtls Anfield Nickel ANF Gold Reserve GRZ Nexgen Energy NXE American Lith LI Confedertn Mls CFM Signal Expl SNL.H Pac Booker Min BKM Bacanora Mnls BCN Coronet Mtls CRF Bravada Gold BVA Diamcor Mng DMI

111 9.95 + 1.79 114 2.27 + 0.78 729 3.73 + 0.58 5245 2.81 + 0.46 2067 3.30 + 0.39 519 2.68 + 0.30 2581 1.47 + 0.27 538 0.66 + 0.26 262 0.94 + 0.26 1586 1.49 + 0.19 159 5.20 - 0.75 1769 2.47 - 0.19 487 0.68 - 0.19 134 0.45 - 0.15 554 0.16 - 0.14 10 1.02 - 0.13 139 1.50 - 0.11 565 0.37 - 0.10 670 0.27 - 0.10 150 1.08 - 0.09

U.S. MARKETS / JULY 5–8 U.S. equities drove higher for a second week as investors recovered from post-Brexit jitters.

The Dow Jones Industrial Average advanced 197.37 points, or 1.1%, to 18,146.74 points, and the S&P 500 Index gained 26.95 points, or 1.3%, to 2,129.9 points. The Nasdaq Composite rose 94.19 points, or 1.9%, to 4,956.76 points.

Part of the gains were due to speculation on whether the U.S. Federal Reserve might delay an interest rate hike to December, boosting gold and silver prices 1.9% and 2.6% to US$1,366.33 per oz. gold and US$20.09 per oz. silver.

Gold companies were among the top-value gainers as gold regained investors’ favour: DRDGold shares rose US$2.29 to US$8.75, AngloGold Ashanti shares climbed US$1.80 to US$20.84 and Sibanye Gold gained US$1.45 to US$15.74 per share.

Shares of Coeur Mining rose US$1.35 to US$12.61 on strong quarterly production results from its global operations. The company produced 4 million oz. silver and 92,726 oz. gold, up 17.6% and 18.8%, compared to its first quarter. Silver production from Coeur’s silver stream on CBH Resources’ Endeavor silver and base metal mine in Australia de-

6_July18_MarketNews.indd 6

clined 71% during the reported period, after curtailed production prompted by lower lead and zinc prices. The company expects to keep its 2016 production guidance of 33.8 million to 36.8 million equivalent oz. silver.

Iamgold saw 48.7 million shares change hands before closing up US37¢ to US$4.84 per share after drill results from its Boto gold exploration project in eastern Senegal. The company drilled four deep diamond holes that tested beneath the current resource pit shell, with one hole intercepting 84 metres of 4.12 grams gold per tonne, including 22 metres of 11.25 grams gold. The project hosts U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Freeport McMo* FCX 169957 11.50 10.27 11.20 - 0.15 Barrick Gold* ABX 118631 23.47 21.65 22.32 + 0.11 Vale* VALE 109309 5.23 4.68 4.95 - 0.21 Alcoa* AA 107064 9.88 9.03 9.82 + 0.27 Kinross Gold* KGC 93995 5.81 5.05 5.53 + 0.17 United States S* X 74035 19.09 16.70 19.03 + 0.76 Yamana Gold* AUY 65476 5.95 5.25 5.90 + 0.42 Hecla Mining* HL 50100 6.08 5.20 6.05 + 0.61 Newmont Mng* NEM 48770 41.46 39.47 41.14 + 0.80 IAMGOLD* IAG 48741 4.89 4.23 4.84 + 0.37

an indicated resource of 27.7 million tonnes of 1.8 grams gold for 1.56 million oz. gold, and an inferred resource of 2.9 million tonnes of 1.3 grams gold for 125,000 oz. gold.

Shares of potash producer and distributor Agrium lost US$1.48 before closing at

US$89.25 on news of an agreement to acquire 18 U.S. agricultural retail locations, with US$150 million in annual revenue. Agrium’s president and CEO Chuck Magro said the locations are in regions where the company has “limited presence.” TNM

U.S. GREATEST PERCENTAGE CHANGE

DRDGOLD* Natural Res Pt* Endeavr Silver* Harmony Gold* Fortuna Silvr* McEwen Mng* Coeur Mng* Alamos Gold* Hecla Mining* Sibanye Gold* Intrepid Pots* Teck Res* Dominion Diam* Potash Corp SK* Mosaic* Vale* Vale* Cameco Corp* Southern Copp* Black Hills*

DRD NRP EXK HMY FSM MUX CDE AGI HL SBGL IPI TCK DDC POT MOS VALE VALE.P CCJ SCCO BKH

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

5814 8.80 5.99 8.75 + 35.4 353 17.89 13.97 17.19 + 18.9 18030 4.72 3.99 4.70 + 15.5 31668 4.47 3.74 4.46 + 14.7 10255 8.80 7.19 8.69 + 14.2 30127 4.74 3.91 4.70 + 14.1 30942 12.69 10.93 12.61 + 12.0 13122 10.31 8.76 10.31 + 11.6 50100 6.08 5.20 6.05 + 11.2 11502 15.84 14.01 15.74 + 10.1 6529 1.49 1.18 1.34 - 6.9 38425 14.45 12.90 13.55 - 5.8 2221 9.51 8.64 8.97 - 5.2 47935 16.77 15.62 15.79 - 4.3 21087 26.87 24.45 25.48 - 4.1 109309 5.23 4.68 4.95 - 4.1 31970 4.12 3.75 3.93 - 3.7 7427 11.05 10.34 10.57 - 3.3 6566 26.58 24.91 25.77 - 2.5 1722 64.58 61.57 62.61 - 2.3

U.S. GREATEST VALUE CHANGE

MartinMarietta* Natural Res Pt* DRDGOLD* AngloGold Ash* Sibanye Gold* Coeur Mng* First Majestic* Fortuna Silvr* Alamos Gold* Silver Wheaton* Agrium* Black Hills* Mosaic* Teck Res* Potash Corp SK* Southern Copp* Dominion Diam* Suncor Energy* Cameco Corp* Vale*

VOLUME WEEK (000s) CLOSE CHANGE

MLM NRP DRD AU SBGL CDE AG FSM AGI SLW AGU BKH MOS TCK POT SCCO DDC SU CCJ VALE

3728 196.70 353 17.19 5814 8.75 25835 20.84 11502 15.74 30942 12.61 31914 15.97 10255 8.69 13122 10.31 44174 25.79 2462 89.25 1722 62.61 21087 25.48 38425 13.55 47935 15.79 6566 25.77 2221 8.97 18927 27.84 7427 10.57 109309 4.95

+ 7.57 + 2.73 + 2.29 + 1.80 + 1.45 + 1.35 + 1.17 + 1.08 + 1.07 + 1.01 - 1.48 - 1.47 - 1.09 - 0.83 - 0.71 - 0.67 - 0.49 - 0.38 - 0.36 - 0.21

2016-07-12 8:04 PM

SPECIAL FOCUS

TECHNOLOGY METALS

The Campbell pit at Largo Resources’ Maracas Menchen vanadium mine in Brazil. PHOTO BY SALMA TARIKH

Largo is ‘all smiles’ in Brazil SITE VISIT

| Vanadium producer ramps up Maracas to full production

BY SALMA TARIKH starikh@northernminer.com MARACAS, BRAZIL

A

bout an hour’s drive from Maracas — the city of flowers — is the first producing vanadium mine in Brazil’s northeastern state of Bahia. Toronto-based Largo Resources’ (TSX: LGO) Maracas Menchen is also one of the world’s newest vanadium mines.

The Maracas property lies about 250 km southwest of Bahia’s capital, Salvador, the vibrant centre of AfroBrazilian culture. From Salvador, nicknamed the land of happiness, the distance to the project is 405 km via a paved secondary road. That includes the 50 km from Maracas.

The landscape varies from low mountains to f lat plains during the five-hour drive from Salvador’s international airport. We pass Feira de Santana, Bahia’s second-largest city after Salvador, and traverse several smaller cities, slowing down by the geomorphological rock site in Itatim. Night falls as we reach the rustic town of Maracas.

Early the next morning, we head to Largo’s f lagship asset.

Maracas Menchen hit commercial production in October 2014, and recently ramped up to full production of 800 tonnes a month, or 9,600 tonnes vanadium pentoxide (V2O 5) a year.

“We have the highest ore grade and the highest concentrate grade of any known vanadium producing facility in the world,” Mark Smith, Largo’s CEO and president, says during a mid-June presentation at the site.

Reserves at the main Campbell pit total 18.4 million tonnes grading 1.2% V2O5. That’s more than double the industry’s average.

Based on Largo’s 2016 reserve estimate a nd new mine pla n, Maracas Menchen can deliver 9,600 tonnes annually over a 15year life. The ore contains 29.5% magnetics (magnetite), yielding an average concentrate grade of 3.3% V2 O 5 .

Largo is guiding 2016 production of 7,639 tonnes to 8,639 tonnes (16.8 million to 19 million lb.). Average cash-operating costs should come in at US$3.71 per lb., based on a Brazilian real to U.S. dollar exchange rate of 3.59.

In June, the mine churned out a high of 801 tonnes, surpassing its May production of 780 tonnes.

Unit production costs were US$3.54 per lb., while the real/U.S. dollar exchange rate was 3.42.

With the improved vanadium price, trading mid-June at above US$4 per lb., Maracas Menchen is getting closer to turning a profit.

“We are on the cusp of it right now because our costs are actually better than we had projected in our budgets and forecast … the price is now giving us a 50¢ to 60¢ cushion, in terms of being higher than our unit cost of production,” Smith says.

Without specifying when Maracas Menchen would generate cash, the executive says it should happen soon. “I can taste it. That is how close we are.”

1 2 3 4 5 7 8 9 14 16_July18_Main.indd 7

At Largo Resources’ Maracas Menchen vanadium mine in Brazil, from left: Kurt Menchen, advisor; Robert Campbell, vice-president of exploration; Paulo Misk, president of Brazil operations; Mauricio Colleti, mine manager; and Mark Smith, president and CEO. PHOTO BY SALMA TARIKH

Largo has spent a decade transforming the Maracas property into a high-quality vanadium producer.

It started its journey in October 2006, signing an option agreement with Brazilian companies Vale (NYSE: VALE) and Odebrecht to acquire 90% of the Maracas property for US$10 million.

Before Vale and Odebrecht's involvement, geologists at stateowned Companhia Baiana de Pes-

quisa Mineral (CBPM) discovered the vanadium-rich titaniferous magnetite occurrence in 1980 on what’s now part of the Maracas property, while exploring the Rio Jacare mafic to ultramafic intrusion. It drilled 1,100 metres in 14 exploration holes.

Four years later, CBPM formed a joint venture with Odebrecht.

Between 1984 and 1987, the private engineering firm systematically explored the property, completing another 4,020 metres in 39 holes.

In 1990, Odebrecht created a new joint venture with Caemi (now Vale) and completed engineering studies in the following years, with an aim to build a mine. That never happened due to low prices.

Around this time, “the [Berlin Wall] came down and Russia needed money, and was selling everything.

And metal prices went right into the toilet,” Andy Campbell, Largo’s vice-president of exploration, says.

“The project was put on hold.”

In 2005, Campbell made his first See LARGO / 8

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Largo is ‘all smiles’ in Brazil LARGO From 7

visit to the property. (Largo at that time was exploring a gold project in Ecuador.)

“This was all grasslands for cattle,” the Canadian geologist recalls, gesturing at Largo’s towering processing facility. “From here all the way out there,” he points to the horizon.

Campbell reveals he initially liked the Maracas property because the historic database indicated high vanadium grades and platinum group elements. “I thought, ‘Wow, this will be interesting, I got platinum and vanadium.’ And this vanadium is very high grade. So that was what intrigued me.”

Campbell recommended the project to Largo’s former president and CEO Mark Brennan. From there, he led the validation of the database using modern techniques, noting the results came back “dead on.” This helped him put together a model and resource estimate in November 2006, a month after Largo signed a 90% option on the Maracas project.

The junior bought the remainder in December 2012 for US$8 million.

From 2007 to 2015, the company, focusing solely on vanadium, ran various exploration programs, including 1,000 line-kilometres of line cutting, ground magnetics, induced polarization and lithogeochemical studies. It drilled 35,682 metres in 256 holes, with most of the holes concentrated on the Campbell pit (named after Andy Campbell).

The pit outline extends 400 metres along strike and to a vertical depth of over 350 metres. Largo plans to mine the pit down to 300 metres.

There are another five satellite deposits on the 285 sq. km property.

Largo applied for its first permits in 2010 and began construction in June 2012.

Start-up capital for the mine came in at US$248 million, largely in-line with the original estimate.

First V2O5 production kicked off in August 2014.

Smith became Largo’s president and CEO in April 2015, after Brennan retired. The engineer by training held the same position at Molycorp, a rare earth metals miner, from 2008 to 2012. He also runs NioCorp Developments, which is developing a niobium-scandium-titanium project in Nebraska.

Smith recalls that the moment he walked into the door at Largo, he started raising money to alleviate

the company’s cash crunch from the slow ramp-up at Maracas, lower metal prices and looming debt payments.

He spearheaded a $75.2-million private placement last May, and renegotiated the debt package with Maracas’ lenders, including Brazil’s Development Bank and commercial banks Itau, Votorantim and Bradesco.

In March 2016, Largo reworked the terms with its lenders again to waive all repayments due this year. It also raised another US$26.8 million ($36.6 million) in a non-brokered private placement, with its largest shareholder Arias Resource Capital Management LP. Through that financing, the New York-based private equity firm pushed its 46.3% interest in Largo to a little under 60%.

The latest financing should cover all of Largo’s expenses for this year, Smith notes, adding he is always looking to raise more funds. “If we raise capital right now, it will simply be to provide a cushion for our treasury. It is not because we are in dire need for capital.”

Breaking rock Back at the office, Campbell points at a slide with a cross section of the main pit. “It’s really simple geology,” he says. The Jacare layered sill — which covers the 40 km strike length of the Macaras property — contains mostly gabbros and lesser amounts of pyroxenites, anorthosites and magnetite bodies.

The magnetite has 97% of the vanadium and occurs as massive and banded magnetite, and the magnetite pyroxenite in the deposit.

The massive magnetite contains more iron ore and vanadium than the magnetite pyroxenite. As a result, it is heavier and more magnetic.

Campbell pulls out a pen to show how a sample of massive magnetite attracts its metal tip.

Largo uses a team of hydraulic excavators, large front-end loaders and 40-tonne haul trucks to extract the magnetite ore.

The ore goes through a relatively complicated process to produce V2O5 flakes, starting with three stages of crushing followed by dry magnetic separation.

“The neat thing about this is the magnetics [magnetite] is in layers,” Campbell enthuses. The dry mag segregates the magnetic part of the material from the waste. “Obviously, because the vanadium is in

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1 2 3 4 5 7 8 9 14 16_July18_Main.indd 8

Processing facilities at Largo Resources’ Maracas Menchen vanadium mine in Brazil. PHOTO BY SALMA TARIKH

the magnetics, your grade goes up.”

This enables Largo to reject up to 40% of the material, before running it through the mill, followed by wet magnetic separation and filtration to create concentrate grading above 3% V2O 5 . From there, a conveyor system adds sodium sulphate and sodium carbonate to the concentrate before sending it into a 90-metre long kiln, responsible for roasting the materials at 1,100°C. Inside the kiln, which is described as twice as hot as the surface of the sun, the vanadium oxidizes and becomes attracted to the sodium, and turns into a soluble salt.

Next it is cooled, regrinded and leached. It is at this stage that vanadium becomes a liquid, Paulo Misk, Largo’s president of Brazil operations, points out.

The “liquid vanadium” goes through filtration and desilication to lower the silica content. Largo then uses ammonium sulphate to precipitate the vanadium into a solid again. After flash-drying a nd remov ing a mmoniu m, it produces V2O 5 .

In the last step, Largo melts the V2O5 in another furnace and pours the melt onto a wheel, which produces the flakes. It then packs the flakes.

Glencore International (LSE: GLEN) picks up all the flakes three times a week from site under a sixyear, 100% off-take agreement. The contract has four years remaining.

While pleased to have Glencore as a partner to market the product, Smith points out that Glencore only needs the V2O5 to be 98% pure, and pays market price for that.

This doesn’t reflect the value of the quality of Largo’s 99.5% V2O5 product, Smith says. “And we think it deserves a better price.”

But he notes there has been much interest for the company’s highquality vanadium from producers, including Japanese steelmakers and vanadium redox battery-makers.

V is for vanadium Vanadium is the twenty-third element on the periodic table. SpanishMexican mineralogist Andres Manuel del Rio Fernandez first discovered it in 1801 and named it erythronium, but dismissed it, thinking it was impure chromium. Swedist chemist Nils Sefstrom rediscovered it in 1830, and fittingly called it Vanadis, after the Scandinavian goddess of beauty.

Oxidized vanadium undergoes colour changes when shaken with a zinc-mercury amalgam.

The yellow solution turns green, blue and purple, as zinc adds the electrons back into vanadium.

In its solid form, vanadium is a silvery-white ductile metal. The two saleable vanadium products are ferrovandium, which makes 90% of the market, and vanadium pentoxide flakes. (Users can convert flakes into ferrovandium by adding iron.)

Most of the vanadium produced goes into steel as an alloy, making the steel stronger, lighter and more durable.

“Adding 500 grams of vanadium to a tonne of steel could increase the steel’s strength by up to 40%,” Misk adds.

The main source of vanadium is layered mafic to ultramafic intrusions. It could also occur in sediment-hosted deposits and be mined as a by-product in fossil fuel and uranium mining.

GLENCORE IS TWO YEARS INTO A SIXYEAR 100% OFFTAKE AGREEMENT WITH LARGO. Some significant vanadium producers include primary producers Maracas and Glencore’s Rhovan operation in South Africa and coproducers Kachkanar in Russia and Panzhihua in China.

In 2014, the world’s three top vanadium suppliers were China, with 53%; South Africa, 20%; and Russia, 17%. Others accounted for the remaining 10%.

The global supply in 2014 was 95,000 tonnes. Largo’s CEO reckons supply should be 15,000 to 20,000 tonnes less this year, given the recent slump in vanadium prices, which sank to US$2.40 per lb in December 2015. This resulted in bankruptcies in South Africa, steel furnace shutdowns in China and the Chinese importing iron ore for their steel production, as iron ore prices also were pummelled.

About 64% of vanadium’s global supply is a co-product of iron ore, with China being the largest coproducer. “The problem is that now, iron ore prices have come down so badly, they can’t sell this stuff because it is too expensive,” Campbell says.

Iron ore mined in China costs US$125 per tonne, exceeding the spot price of US$52 per tonne. Due to expensive domestic production, Chinese steelmakers have been importing seaborne iron ore from Brazil and Australia, which costs US$50 per tonne to produce.

Largo says that as China imports more iron ore, its coproduction of

vanadium should drop.

Looking at vanadium consumption, 91% of the vanadium produced goes into steel production, of which half goes into creating high-strength low alloy (HSLA), where demand is growing.

“Although the steel market in general doesn’t feel healthy right now, specialty steel is a high-growth area,” Smith says.

The demand for HSLA steel, mainly vanadium and niobium, is growing in the automotive and aerospace industries.

“Twenty years ago there was zero percent HSLA steel used in the production of automobiles. Today about half of the steel that goes into automobiles is HSLA. Experts suggest that within three to five years it will go up to 80%,” Smith says, driven by the need to make cars more fuelefficient by making them lighter.

Largo notes that aircrafts account for 7% of the vanadium market and that figure is rising, as aircraft manufacturers use higher amounts of titanium-vanadium alloys in newer models.

While vanadium redox batteries make up a small percent of the market, Smith predicts it will represent the largest growth area for vanadium in the future, as solar and wind operations become more prevalent.

“We always want power when the wind isn’t blowing and the sun isn’t shining. And of course, it is hard to generate power in those times. So when the wind is blowing and the sun is shining, you want to generate as much power as possible. That power is stored in these vanadium redox batteries,” Smith says.

Given the estimated uptick in demand and decrease in supply, Largo projects a deficit in the vanadium market should emerge in 2018, as supply fails to meet demand. This should help push up the vanadium price near US$5 per pound.

But for now, Largo is focused on sustaining the mine’s production rate, bringing down costs and improving safety. The company is the region’s largest employer, with 303 employees and 280 contractors.

The employees reside in Maracas, with Largo bussing them from the town to site.

After the tour of the Maracas Menchen operation, Smith reveals that “people always ask me what I like about Brazil, and I tell them: the people. They are warm and friendly, and if you give them the resources, they will do their best. It’s all smiles here.”

Largo shares closed July 8 at 44¢, within a 52-week range of 11¢ to 80¢. TNM

2016-07-12 8:00 PM

TECHNOLOGY METALS

GLOBAL MINING NEWS

THE NORTHERN MINER / JULY 18–24, 2016

9

PLUGGED IN TECH-METAL JUNIORS

Exploration and development on the cutting edge through 2022.

From graphite to vanadium, hightech minerals and metals are sure to see growing use in the future from applications such as smart phones, cars and energy storage. Here’s a look at a few of the juniors that are getting ready to meet that demand.

The company expects to restart production at its fully permitted Sunday mine complex in Colorado this year.

AVALON ADVANCED MATERIALS

Western Uranium also has six other past-producing mines in Colorado and Utah.

Avalon Rare Metals has become Avalon Advanced Materials (TSX: AVL), reflecting the junior’s focus on lithium and tin-indium.

In addition, through its takeover of Black Range Minerals last year, the company acquired proprietary in situ uranium extraction technology called “ablation.”

The junior plans to use the low-cost, environmentally friendly technology at its Sunday Complex and market it to other miners.

In preparation for a preliminary economic assessment (PEA) at its Separation Rapids lithium project near Kenora, Ont., Avalon is developing a hydrometallurgical process to make lithium hydroxide for use in lithium ion batteries from petalite.

The Sunday Complex contains measured and indicated resources of 1 million lb. U3O8 and 6.1 million lb.

V2O5 in 203,170 short tons grading 0.25% U3O8 and 1.49% V2O5. Inferred resources add 264,604 tons at 0.36% U3O8 and 2.16% V2O5.

The junior aims to complete a feasibility study next year. Separation Rapids hosts a historic resource of 10 million tonnes grading 1.4% Li2O. Avalon is also working on a PEA at its past-producing East Kemptville tinindium project near Yarmouth, Nova Scotia.

ZENYATTA VENTURES

Drillers at Pure Energy Minerals’ Clayton Valley lithium project in Nevada. PURE ENERGY MINERALS

East Kemptville contains 18.5 million indicated tonnes grading 0.176% tin, 0.17% zinc and 0.064% copper.

Inferred resource adds 17 million tonnes grading 0.15% tin, 0.12% zinc and 0.06% copper.

pentoxide sourced by its subsidiary in the Democratic Republic of the Congo, United Materials Congo. In June, United signed a deal with a local mining co-operative to supply technical expertise and equipment in return for exclusive access to local production of tantalum.

COMMERCE RESOURCES

Tantalex has already received its first 1,500 kg shipment of Ta2O5 and arranged for buyers.

Commerce Resources (TSXV: CCE) is working on a prefeasibility study for its Ashram rare earth project in northern Quebec’s Nunavik region.

The junior has a phased agreement to acquire prospecting licences in Namibia from Reydev Mining.

However no work has been completed on the project in the last year and future work will depend on funding. It’s also attempting to renew the licence at its Mayoko tantalumniobium project in the DRC.

In June, the junior received a grant from Quebec’s mines ministry and from the Fonds de recherche du Quebec, Nature et technologie, to study and optimize tailings management at Ashram.

The Ashram prefeasibility study will include results from the tailings study, as well as an updated resource.

Measured resources at the project total 1.6 million tonnes grading 1.77% total rare earth oxides (TREO), 28 million indicated tonnes grading 1.9% TREO and 220 million tonnes of 1.88% TREO. A 2012 PEA estimated that an openpit mine at Ashram would have a 25year life and cost $763 million to build.

The study calculated a $2.3-billion pre-tax net present value and 44% internal rate of return (IRR).

Commerce also holds the Upper Fir tantalum-niobium deposit in British Columbia.

LOMIKO METALS Lomiko Metals (TSXV: LMR) is planning a resource update for the La Loutre graphite project in Quebec this summer.

An initial resource released in February pegged indicated resources at La Loutre at 18.4 million indicated tonnes of flake graphite grading 3.19% graphitic carbon. Inferred resources add 16.7 million tonnes grading 3.75% graphitic carbon.

The updated resource will include a high-grade zone that returned up to 28.5 metres of 16.53% graphitic carbon.

Lomiko has a right to earn up to 100% of La Loutre and the nearby Lac des Îles project from Canada Strategic Metals.

In April, Lomiko also acquired the right to earn up to 70% interest in Critical Elements’ Bourier lithium project in Quebec.

Lomiko also owns 40% of Graphene Energy Storage Devices.

1 2 3 4 5 7 8 9 14 16_July18_Main.indd 9

A seam hosting 2% uranium and high-grade vanadium (the black rock) at Western Uranium’s past-producing Sunday mine in Colorado. WESTERN URANIUM NEMASKA LITHIUM Soon to graduate to the TSX, Nemaska Lithium (TSXV: NMX) is building a $38-million first-phase production plant at its Whabouchi spodumene project in Quebec.

The plant, which will produce 500 tonnes of high-purity lithium hydroxide annually using a proprietary process, should be complete before year-end.

The plant will be partly funded by a $12-million advance payment for Whabouchi product from Johnson Matthey Battery Materials and a $13-million grant from Sustainable Development Technology Canada.

Nemaska plans to bring a strategic partner on board to help finance the project to commercial production.

for lithium-ion batteries. The five-year supply deal depends on Pure Energy showing the technical and economic viability of Clayton Valley South.

The junior is testing a processing technology that could dramatically speed up production from lithium brines. If test work is positive, it will be included in the PEA, along with an updated resource.

Clayton Valley South hosts inferred resources of 816,000 tonnes lithium carbonate equivalent in five mineralized zones of varying grades and saturated thicknesses.

TANTALEX RESOURCES Tantalex Resources (CSE: TTX) is now in the business of supplying tantalum

WESTERN URANIUM Earlier this year, Western Uranium (CSE: WUC) landed a uranium supply contract with a U.S. utility for delivery beginning in 2018 and lasting

Responding to requests from potential clients for more graphite samples from its Albany project in northern Ontario, Zenyatta Ventures (TSXV: ZEN) is building a pilot plant for the project.

The plant will also help the junior determine the most efficient flow sheet for Albany’s ultra high-purity, hydrothermal graphite — information that will be required for an upcoming prefeasibility study.

A PEA last June projected that 30,000 tonnes of high-purity (99.9%) graphite could be produced annually at Albany over a 22-year mine life for an initial capex of US$412 million. The open-pit mine would have an after-tax NPV of US$438 million (at a 10% discount rate) and a 24% IRR. Albany hosts indicated resources of 25.1 million tonnes grading 3.9% graphitic carbon for 977,000 tonnes graphite. Inferred resources add 20.1 million tonnes grading 2.2% graphitic carbon.

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The junior expects to start construction of the mine, concentrator and hydromet plant in early 2017, with commercial production starting in the third quarter of 2018.

A recent feasibility study pegged initial capex at Whabouchi at $549 million, with a $1.2-billion after-tax NPV, 30.3% IRR and 26-year mine life.

Probable reserves stand at 27.3 million tonnes grading 1.53% Li2O. PURE ENERGY MINERALS Pure Energy Minerals (TSXV: PE) expects to release a preliminary economic assessment for its Clayton Valley South lithium brine project in Nevada before year-end.

The company landed a deal last September to supply electric carmaker Tesla with lithium hydroxide

2016-07-12 8:00 PM

10

WWW.NORTHERNMINER.COM

JULY 18–24, 2016 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: JULY 4–8, 2016 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A 92 Resources V 1272 0.18 0.15 0.17 - 0.02 0.28 0.03 904 0.05 0.05 0.05 + 0.01 0.08 0.04 Abacus Mng &Ex V Abcourt Mines* O 110 0.10 0.08 0.09 + 0.01 0.10 0.02 0.12 + 0.02 0.13 0.03 Abcourt Mines V 4213 0.13 0.11 Aben Res* O 89 0.14 0.12 0.13 + 0.01 100.52 0.03 0.17 + 0.04 0.21 0.06 Aben Res V 798 0.18 0.14 Aberdeen Intl* O 111 0.13 0.00 0.11 - 0.02 0.16 0.07 0.16 - 0.01 0.24 0.10 Aberdeen Intl T 345 0.18 0.15 Abitibi Royalt V 111 9.95 8.27 9.95 + 1.79 9.90 1.53 0.62 - 0.07 0.81 0.05 ABT Holdings* O 5 0.70 0.00 Acacia Mining* O 1 6.82 6.25 6.82 + 0.57 6.82 2.40 0.11 + 0.01 0.14 0.01 Adamera Mnls V 1643 0.11 0.09 Adamera Mnls* O 154 0.09 0.00 0.09 + 0.01 0.10 0.01 0.11 + 0.01 0.15 0.08 Adriana Res V 499 0.12 0.11 Advance Gold V 38 0.07 0.00 0.06 - 0.01 0.10 0.01 0.09 + 0.01 0.11 0.03 African Gold V 5098 0.10 0.08 African Queen V 1841 0.12 0.10 0.11 + 0.01 0.14 0.01 Africo Res T 110 1.03 0.00 1.02 - 0.01 1.05 0.30 0.06 - 0.01 0.08 0.01 Agave Silver* O 21 0.08 0.06 Agave Silver V 208 0.12 0.08 0.08 + 0.01 0.12 0.01 72.84 + 3.70 73.32 27.63 Agnico Eagle T 4232 73.32 70.55 Agnico Eagle* N 10045 56.50 54.39 55.84 + 0.24 56.50 21.00 T 1138 118.48 114.05 116.34 - 0.55 139.99 104.70 Agrium Agrium* N 2462 91.96 87.62 89.25 - 1.48 107.75 79.94 Alabama Graph* O 78 0.13 0.11 0.11 - 0.01 0.18 0.08 Alacer Gold T 7480 3.64 3.22 3.41 + 0.33 3.64 2.08 13.42 + 2.31 13.00 3.27 Alamos Gold T 7792 13.45 11.60 Alamos Gold* N 13122 10.31 8.76 10.31 + 1.07 9.98 2.27 0.18 + 0.00 0.21 0.12 Alberta Star* O 56 0.21 0.18 Alchemist Mng 100 0.06 0.05 0.05 - 0.06 0.10 0.01 N 107064 9.88 9.03 9.82 + 0.27 11.50 6.14 Alcoa* Alderon Iron* O 23 0.09 0.00 0.08 - 0.02 0.19 0.05 0.04 + 0.01 0.05 0.01 Aldershot Res V 106 0.05 0.04 Aldever Res* O 12 0.08 0.06 0.06 + 0.00 0.20 0.06 0.28 + 0.04 0.27 0.12 Aldridge Mnrls V 145 0.28 0.24 Aldrin Res V 108 0.12 0.11 0.11 - 0.01 0.16 0.08 V 533 0.07 0.06 0.06 - 0.01 0.10 0.04 Alexander Nubi Alexandria Min* O 642 0.06 0.05 0.06 + 0.01 0.06 0.01 0.08 + 0.01 0.09 0.02 Alexandria Min V 4549 0.09 0.07 Alexco Res* X 6212 1.99 1.67 1.83 - 0.05 1.99 0.22 2.35 + 0.25 2.73 0.35 Alexco Res T 1633 2.73 2.15 Alianza Min V 347 0.19 0.17 0.17 - 0.02 0.21 0.10 0.13 - 0.01 0.17 0.07 Alianza Min* O 167 0.15 0.13 Alix Res V 1809 0.11 0.09 0.09 - 0.02 0.18 0.04 0.02 - 0.01 0.04 0.01 Alliance Mng V 1393 0.03 0.02 Alliance Res* D 1716 18.28 15.50 17.47 + 1.50 26.18 9.95 O 1 0.03 0.00 0.03 - 0.04 0.07 0.04 Alloycorp Mng* Alloycorp Mng V 1223 0.07 0.04 0.05 - 0.04 0.30 0.04 1.47 - 0.19 1.83 0.48 Almaden Mnls* X 5000 1.83 1.43 Almaden Mnls T 512 2.30 1.89 1.93 - 0.17 2.30 0.65 0.45 + 0.06 0.46 0.13 Almadex Min V 384 0.45 0.39 Almadex Min* O 361 0.35 0.29 0.35 + 0.05 0.36 0.01 0.29 - 0.02 0.86 0.21 Almonty Ind V 79 0.31 0.28 Alpha Nat Res* O 7002 0.02 0.01 0.01 - 0.00 0.27 0.01 0.27 - 0.01 0.28 0.14 Alphamin Res V 463 0.28 0.27 0.43 - 0.03 0.84 0.02 Alset Energy V 1390 0.53 0.41 Alta Vista Vnt 798 0.07 0.00 0.06 + 0.02 0.25 0.02 V 673 0.05 0.04 0.04 - 0.01 0.09 0.03 Altai Res Altair Res Inc V 262 0.26 0.22 0.23 - 0.02 0.70 0.06 0.04 0.02 0.03 + 0.01 0.05 0.01 Altan Nev Mnls V 1382 Alternative ER V 20 0.06 0.00 0.06 - 0.01 0.08 0.03 O 5 0.06 0.04 0.04 - 0.01 0.06 0.02 Alternative ER* Altitude Res V 15 0.08 0.08 0.08 + 0.01 0.21 0.02 10.27 - 0.53 14.52 7.39 Altius Mnrls T 271 11.11 10.17 Alto Vent V 307 0.07 0.05 0.06 - 0.01 0.09 0.02 0.03 + 0.01 0.02 0.01 Alturas Mnrls V 286 0.03 0.00 Alumina Inc* O 65 4.01 3.86 3.99 + 0.02 4.73 2.70 0.10 + 0.02 0.15 0.06 ALX Uranium V 494 0.10 0.09 ALX Uranium* O 100 0.08 0.06 0.07 + 0.01 0.10 0.03 0.11 0.09 0.11 + 0.02 0.12 0.03 Am Creek Res V 1085 Am CuMo Mng V 987 0.12 0.11 0.12 - 0.01 0.16 0.06 60 0.09 0.08 0.09 + 0.00 0.12 0.04 Am CuMo Mng* O AM Gold V 65 0.20 0.00 0.17 - 0.03 0.45 0.07 O 209 0.05 0.03 0.04 - 0.00 0.05 0.01 Am Manganese* Amador Gold V 1003 0.01 0.00 0.01 + 0.01 0.02 0.01 Amarc Res V 360 0.10 0.08 0.10 + 0.02 0.11 0.04 0.38 + 0.08 0.42 0.04 Amarillo Gold V 556 0.42 0.31 Amato Expl V 292 0.07 0.05 0.05 - 0.02 0.07 0.01 0.65 + 0.05 1.18 0.29 Amazing OG* O 19 0.65 0.50 Amer Vanadium V 341 0.03 0.03 0.03 - 0.01 0.10 0.02 0.68 - 0.19 1.62 0.05 American Lith V 487 0.93 0.68 American Pot* O 1 0.03 0.00 0.03 - 0.05 0.24 0.03 V 874 0.24 0.22 0.24 + 0.01 0.31 0.15 Americas Petro Americas Silvr T 10040 0.45 0.39 0.40 + 0.04 0.45 0.09 O 2729 0.34 0.29 0.32 + 0.00 0.34 0.04 Americas Silvr* Amerigo Res* O 38 0.13 0.11 0.12 + 0.00 0.34 0.07 0.04 - 0.01 0.08 0.02 Amex Expl V 1416 0.05 0.03 AMI Res V 98 0.09 0.00 0.09 + 0.01 0.09 0.03 T 5537 0.11 0.08 0.10 + 0.02 0.11 0.04 Anaconda Mng Anaconda Mng* O 278 0.08 0.06 0.06 + 0.00 0.08 0.02 0.06 - 0.01 0.08 0.01 Anconia Res V 156 0.07 0.06 Anfield Nickel V 1586 1.60 1.32 1.49 + 0.19 1.79 0.52 0.20 + 0.04 0.20 0.06 Anfield Res* O 100 0.20 0.00 Angel Gold* O 26 0.11 0.09 0.09 - 0.02 0.11 0.01 0.12 - 0.01 0.15 0.01 Angel Gold V 187 0.15 0.12 Angkor Gold V 96 0.48 0.43 0.46 + 0.01 0.59 0.38 49 10.02 0.00 10.02 + 0.02 13.65 3.13 Anglo American* O Anglo American* O 244 5.04 4.58 4.85 - 0.14 5.76 1.57 1 1.50 1.50 1.50 + 0.02 1.90 1.07 Anglo Pac Grp T Anglo-Can Mng V 272 0.03 0.00 0.03 + 0.01 0.03 0.01 20.84 + 1.80 20.55 5.64 AngloGold Ash* N 25835 20.94 18.71 Antioquia Gold* O 31 0.07 0.06 0.06 - 0.01 0.08 0.03 V 42 0.04 0.00 0.04 + 0.01 0.04 0.01 Antipodes Gold Apogee Silver V 55 0.38 0.30 0.38 + 0.10 0.58 0.11 0.26 + 0.05 0.45 0.08 Apogee Silver* O 12 0.26 0.21 Appia Energy 33 0.22 0.17 0.17 - 0.05 0.30 0.01 20 0.38 0.35 0.36 - 0.05 0.44 0.15 Apple Cap Inc V Applied Mrnls* O 141 0.19 0.14 0.15 - 0.04 0.52 0.11 0.11 + 0.01 0.15 0.03 AQM Copper V 300 0.12 0.11 Aquila Res* O 227 0.18 0.15 0.16 + 0.02 0.20 0.09 0.23 + 0.03 0.27 0.12 Aquila Res T 133 0.23 0.20 Arak Res V 22 0.03 0.02 0.03 + 0.01 0.07 0.02 0.12 + 0.04 0.11 0.01 Arbitrage Expl 68 0.12 0.00 Arch Coal* O 444 0.30 0.21 0.24 - 0.05 10.35 0.11 0.07 + 0.01 0.08 0.03 Arco Res V 70 0.08 0.07 Arena Mnls V 524 0.26 0.24 0.24 - 0.02 0.34 0.15 0.12 + 0.02 0.13 0.02 Argentex Mng V 657 0.12 0.08 Argentex Mng* O 805 0.09 0.06 0.09 + 0.01 0.10 0.01 0.07 + 0.01 0.12 0.02 Argentum Silvr V 75 0.07 0.05 Argex Titanium T 636 0.05 0.04 0.04 - 0.01 0.17 0.02 O 1028 0.04 0.03 0.03 - 0.01 0.12 0.01 Argex Titanium* Argonaut Gold T 5757 4.45 3.97 4.31 + 0.51 4.45 0.78 O 218 3.38 2.95 3.32 + 0.30 3.38 0.53 Argonaut Gold* Arian Silver* O 611 0.02 0.01 0.02 + 0.01 0.42 0.00 V 175 1.00 0.93 0.98 + 0.04 1.25 0.68 Arianne Phosph Arianne Phosph* O 45 0.77 0.71 0.77 + 0.06 0.98 0.52 0.52 - 0.08 0.85 0.12 Armor Mnrls V 40 0.85 0.40 Arrowstar Res V 96 0.10 0.07 0.10 + 0.03 0.13 0.04 5.54 + 0.60 5.89 1.77 Asanko Gold T 7963 5.89 4.90 Asanko Gold* X 5493 4.52 3.67 4.24 + 0.34 4.53 1.27 0.15 - 0.05 0.26 0.05 Asante Gold 79 0.26 0.15 Ascot Res V 943 1.42 1.18 1.25 + 0.05 1.71 0.80 V 2287 0.05 0.04 0.04 - 0.01 0.07 0.01 Ashburton Vent Ashburton Vent* O 336 0.04 0.03 0.04 + 0.01 0.06 0.00 0.04 + 0.01 0.08 0.01 Asiamet Res V 95 0.04 0.04 Aston Bay V 93 0.40 0.39 0.39 - 0.01 0.49 0.10 0.07 + 0.01 0.07 0.01 Astorius Res V 201 0.07 0.07 ATAC Res V 1129 0.88 0.82 0.84 + 0.01 0.88 0.26 38 0.35 0.00 0.35 + 0.02 0.35 0.09 Atacama Pac Gd* O Athabasca Mnls V 273 0.24 0.22 0.23 - 0.04 0.62 0.15 O 14 0.18 0.18 0.18 + 0.00 0.46 0.12 Athabasca Mnls* Athabasca Nclr V 609 0.12 0.08 0.10 - 0.03 0.17 0.02 0.13 - 0.01 0.15 0.02 Athena Silver* O 337 0.15 0.09 Atico Mng V 832 0.48 0.45 0.47 - 0.01 0.56 0.16 0.34 - 0.03 0.43 0.12 Atico Mng* O 75 0.37 0.33 Atlanta Gold V 128 0.09 0.00 0.08 + 0.01 0.11 0.05 0.07 + 0.01 0.09 0.03 Atlanta Gold* O 12 0.07 0.07 Atlantic Gold V 733 0.76 0.69 0.76 + 0.04 0.74 0.17 0.10 + 0.01 0.13 0.03 Atlatsa Res T 124 0.13 0.09 Atlatsa Res* O 183 0.10 0.07 0.08 - 0.00 0.10 0.02 102 0.00 0.00 0.00 + 0.00 0.08 0.00 Atna Res Ltd* O Augustine Vent 257 0.14 0.11 0.14 + 0.01 0.14 0.03 0.25 + 0.03 0.31 0.06 Aura Mnls T 242 0.28 0.22 Aura Silver Rs V 949 0.04 0.04 0.04 + 0.01 0.04 0.01 0.02 + 0.01 0.03 0.01 Auramex Res V 114 0.02 0.00 Aurania Res V 17 0.60 0.55 0.60 + 0.05 0.60 0.30 0.48 + 0.15 0.55 0.09 Aurcana Corp V 2909 0.55 0.35 Aurcana Corp* O 619 0.42 0.26 0.37 + 0.11 0.42 0.07 0.08 + 0.02 0.33 0.03 Aureus Mng* O 124 0.08 0.06 Aureus Mng T 11591 0.10 0.08 0.09 + 0.01 0.55 0.05 1.09 + 0.07 1.15 0.47 AuRico Metals T 2420 1.14 1.01 AuRico Metals * O 1122 0.87 0.75 0.85 + 0.05 0.90 0.34 0.38 + 0.08 0.40 0.04 Aurion Res V 713 0.40 0.31 Aurora Gold* O 68 0.01 0.01 0.01 + 0.00 0.02 0.01 0.17 + 0.06 0.18 0.02 Aurvista Gold* O 119 0.18 0.11 Aurvista Gold V 1568 0.23 0.15 0.22 + 0.08 0.23 0.03 2.48 - 0.17 2.65 0.70 Auryn Res* O 938 2.65 2.38 Avalon Adv Mat* O 249 0.18 0.15 0.16 - 0.00 0.26 0.07 717 0.22 0.20 0.22 + 0.01 0.33 0.10 Avalon Adv Mat T Avarone Metals 1934 0.08 0.07 0.07 - 0.01 0.14 0.02 3.73 + 0.58 3.78 1.03 Avino Silver V 729 3.78 3.37 Avino Silver* X 5839 2.91 2.55 2.87 + 0.23 2.91 0.71 0.34 + 0.03 0.36 0.18 Avnel Gold T 1019 0.34 0.31 Avrupa Mnls V 513 0.16 0.11 0.16 + 0.05 0.17 0.07 0.18 + 0.01 0.20 0.01 Axiom Mng* O 93 0.18 0.17 Axmin Inc V 303 0.03 0.00 0.03 + 0.01 0.03 0.01 1.80 + 0.14 1.88 0.22 AZ Mining T 1314 1.88 1.71 Azarga Uranium* O 203 0.24 0.24 0.24 + 0.00 0.29 0.18 0.44 + 0.04 0.44 0.10 Azimut Expl V 255 0.44 0.38 Azincourt Uran* O 83 0.05 0.04 0.05 + 0.01 0.07 0.02 0.00 + 0.00 0.01 0.00 Azteca Gold* O 311 0.00 0.00

B B2Gold* X 30037 B2Gold T 38657 Bacanora Mnls V 139 Baja Mng* O 47 Balmoral Res T 2001 Balmoral Res* O 1064 Bama Gold 4 Bandera Gold V 321 O 244 Bannerman Res* Banro* X 9855 T 2490 Banro Banyan Gold V 94 Barkerville Go* O 552 Barkerville Go V 2819

10 11_July18_StockTables.indd 10

3.00 2.59 2.97 + 0.17 2.95 0.60 3.90 3.34 3.89 + 0.65 3.81 0.86 1.63 1.50 1.50 - 0.11 2.04 1.17 0.01 0.01 0.01 - 0.00 0.03 0.00 1.02 0.90 0.92 + 0.04 1.02 0.33 0.79 0.69 0.71 - 0.04 0.79 0.23 0.09 0.00 0.08 - 0.03 0.20 0.07 0.02 0.01 0.01 - 0.01 0.02 0.01 0.03 0.02 0.02 - 0.01 0.04 0.01 0.39 0.30 0.39 + 0.07 0.39 0.15 0.50 0.39 0.50 + 0.12 0.49 0.21 0.08 0.06 0.06 - 0.01 0.09 0.02 0.60 0.50 0.57 + 0.04 0.60 0.15 0.76 0.64 0.75 + 0.12 0.76 0.20

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Barrick Gold T 22629 118631 Barrick Gold* N Barsele Min* O 29 Barsele Min V 490 Batero Gold V 968 353 Battle Mtn Gld V Battle Mtn Gld* O 68 O 61 Bayhorse Silvr* Bayswater Uran* O 17 V 3334 Bayswater Uran BCM Res V 25 Bear Creek Mng V 2067 Bearclaw Cap V 344 Beaufield Res* O 130 Beaufield Res V 650 V 70 Bell Copper Bellhaven Cp&G V 68 O 19 Bellhaven Cp&G* Belmont Res V 2548 Belo Sun Mng T 7271 Belvedere Res V 152 Berkeley Egy* O 13 Besra Gold* O 743 24 Bison Gold Res V Black Hills* N 1722 Black Iron T 925 Blackheath Res V 55 Blue Rvr Res V 1352 163 Blue Sky Uran V Bluestone Res V 16 Bold Vent V 345 BonTerra Res* O 34 BonTerra Res V 1135 Brakpan Vents 15 Bravada Gold V 670 Bravada Gold* O 120 V 175 Braveheart Res Bravo Multinat* O 2092 Bravura Vent 46 Brazil Res V 5245 O 223 BrightRock Gld* Britannia Mng* O 43 Brixton Mtls* O 117 Brixton Mtls V 262 Brunswick Res V 14 Bryn Res* O 55 V 50 Buccaneer Gold Buenaventura* N 9529 Bullfrog Gold* O 549 Bullion Gld Res V 15 Burey Gold* O 387

30.45 28.22 29.08 + 1.50 30.45 7.89 23.47 21.65 22.32 + 0.11 23.47 5.91 0.61 0.54 0.60 + 0.06 0.61 0.05 0.92 0.73 0.92 + 0.17 0.84 0.08 0.20 0.14 0.19 + 0.05 0.20 0.05 0.63 0.53 0.55 - 0.03 0.68 0.09 0.49 0.42 0.42 - 0.04 0.52 0.06 0.12 0.10 0.12 + 0.02 0.14 0.03 0.04 0.00 0.04 + 0.01 0.05 0.00 0.07 0.04 0.07 + 0.02 0.06 0.01 0.24 0.17 0.24 + 0.09 0.32 0.02 3.77 3.10 3.30 + 0.39 3.77 0.50 0.04 0.03 0.04 - 0.01 0.06 0.02 0.11 0.09 0.11 + 0.00 0.11 0.02 0.15 0.12 0.13 + 0.01 0.15 0.03 0.06 0.04 0.05 - 0.01 0.07 0.01 0.30 0.00 0.23 - 0.02 0.40 0.03 0.18 0.17 0.18 - 0.00 0.27 0.02 0.11 0.08 0.09 + 0.01 0.12 0.02 1.10 0.89 0.96 + 0.09 1.10 0.15 0.06 0.05 0.05 - 0.01 0.09 0.01 0.52 0.47 0.51 + 0.04 0.55 0.31 0.00 0.00 0.00 - 0.00 0.02 0.00 0.16 0.12 0.13 + 0.02 0.38 0.10 64.58 61.57 62.61 - 1.47 64.58 36.81 0.05 0.04 0.05 + 0.02 0.06 0.03 0.11 0.00 0.10 - 0.03 0.21 0.08 0.05 0.04 0.05 + 0.01 0.08 0.03 0.25 0.17 0.24 + 0.06 0.31 0.04 0.13 0.12 0.12 - 0.01 0.17 0.05 0.06 0.05 0.06 + 0.01 0.06 0.02 0.28 0.27 0.28 + 0.01 0.37 0.08 0.38 0.35 0.38 + 0.03 0.51 0.09 0.04 0.00 0.04 + 0.01 0.06 0.02 0.35 0.22 0.27 - 0.10 0.40 0.02 0.27 0.20 0.21 - 0.05 0.31 0.01 0.07 0.00 0.07 + 0.02 0.08 0.02 0.03 0.02 0.02 - 0.00 0.10 0.02 0.26 0.23 0.26 + 0.04 0.25 0.02 3.16 2.52 2.81 + 0.46 3.16 0.38 0.00 0.00 0.00 + 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.01 0.00 0.73 0.52 0.73 + 0.21 0.76 0.03 0.95 0.70 0.94 + 0.26 0.98 0.05 0.03 0.02 0.03 + 0.01 0.04 0.01 0.01 0.01 0.01 + 0.00 0.01 0.00 0.03 0.03 0.03 - 0.01 0.04 0.02 13.00 11.72 12.96 + 0.58 12.91 3.30 0.10 0.07 0.09 + 0.02 0.10 0.01 0.12 0.00 0.12 + 0.04 0.15 0.05 0.06 0.00 0.06 + 0.02 0.06 0.04

C Cache Expl V 40 0.11 0.10 0.10 - 0.01 0.16 0.06 0.05 - 0.01 0.09 0.03 Cadan Res V 97 0.06 0.05 Cadillac Vent V 318 0.04 0.04 0.04 + 0.01 0.04 0.01 Caledonia Mng* Q 171 1.21 0.97 1.08 + 0.11 1.21 0.48 T 379 1.59 1.29 1.39 + 0.14 1.59 0.66 Caledonia Mng Calibre Mng V 10657 0.27 0.15 0.23 + 0.09 0.27 0.06 0.17 + 0.04 0.17 0.06 Calico Res V 2263 0.17 0.13 California Gld V 271 0.71 0.58 0.65 - 0.02 1.80 0.20 0.34 - 0.02 0.54 0.23 Callinex Mines V 648 0.38 0.33 Callinex Mines* O 566 0.30 0.25 0.26 - 0.03 0.44 0.17 10.57 - 0.36 14.79 10.31 Cameco Corp* N 7427 11.05 10.34 Cameco Corp T 3995 14.39 13.47 13.78 - 0.41 19.32 13.47 0.20 + 0.02 0.21 0.07 Camino Mnls V 67 0.21 0.14 Camino Mnls* O 3 0.16 0.00 0.16 + 0.02 0.16 0.05 0.03 - 0.01 0.05 0.01 Canada Coal V 15 0.03 0.03 Canadian Zeol* O 50 0.30 0.23 0.30 + 0.05 0.30 0.06 0.38 + 0.07 0.41 0.07 Canadian Zeol V 1173 0.41 0.32 CanAlaska Uran V 1181 1.55 1.27 1.45 + 0.10 1.55 0.09 O 328 1.15 0.95 1.13 + 0.11 1.20 0.06 CanAlaska Uran* Canamex Res* O 545 0.05 0.04 0.04 - 0.01 0.05 0.02 0.09 + 0.02 0.15 0.04 Canarc Res T 4267 0.09 0.08 Canarc Res* Q 2385 0.09 0.06 0.07 - 0.01 0.12 0.03 0.49 + 0.05 0.48 0.03 Canasil Res V 1481 0.49 0.43 Cancana Res V 190 0.19 0.17 0.19 + 0.01 0.29 0.13 0.17 - 0.03 0.21 0.06 Candelaria Mg V 172 0.21 0.16 Candente Coppr T 1203 0.16 0.12 0.14 + 0.02 0.16 0.03 0.08 + 0.03 0.09 0.01 Candente Gold V 794 0.09 0.05 Candente Gold* O 10 0.06 0.05 0.05 + 0.02 0.06 0.00 0.10 + 0.03 0.14 0.03 CaNickel Mng V 110 0.10 0.00 Canoe Mng Vent V 405 0.04 0.03 0.04 + 0.01 0.09 0.02 0.10 - 0.01 0.12 0.03 Canstar Res V 470 0.12 0.09 Canterra Mnls V 231 0.07 0.06 0.07 + 0.01 0.07 0.03 178 0.10 0.05 0.07 - 0.02 0.10 0.03 Cantex Mn Dev V Canyon Copper V 187 0.03 0.02 0.03 + 0.01 0.04 0.01 0.08 - 0.04 0.54 0.02 Canyon Gold* O 147 0.20 0.06 Cap-Ex Iron V 1869 0.10 0.05 0.09 + 0.04 0.07 0.01 0.87 + 0.02 1.20 0.27 Capstone Mng T 5820 0.96 0.82 Caracara Silvr V 8926 0.02 0.01 0.02 + 0.01 0.02 0.01 0.19 - 0.04 0.26 0.08 Cardero Res T 120 0.25 0.18 Cardero Res* O 48 0.17 0.13 0.14 - 0.03 0.18 0.05 0.08 + 0.01 0.08 0.03 Cariboo Rose V 198 0.08 0.07 Carlin Gold V 139 0.04 0.04 0.04 + 0.01 0.04 0.01 0.03 - 0.01 0.06 0.02 Carmax Mng V 79 0.04 0.03 Carpathian Gld* O 589 0.06 0.05 0.06 + 0.01 0.07 0.00 0.10 + 0.03 0.11 0.01 Cartier Iron 233 0.11 0.08 Cartier Res V 283 0.16 0.13 0.15 + 0.02 0.16 0.04 V 64 0.14 0.13 0.14 + 0.01 0.20 0.05 Carube Copper Cascadero Copp V 1565 0.08 0.07 0.08 - 0.01 0.12 0.02 0.04 + 0.01 0.04 0.01 Cassius Vents V 458 0.04 0.03 Castle Mtn Mng V 4136 0.82 0.74 0.80 + 0.05 0.82 0.18 433 0.07 0.04 0.04 - 0.01 0.07 0.01 Castle Peak Mg V Castle Res 48 0.28 0.00 0.28 + 0.18 1.50 0.05 0.09 + 0.02 0.15 0.04 Cava Res V 16 0.09 0.07 Caza Gold V 48 0.07 0.04 0.07 + 0.02 0.07 0.02 V 54 0.12 0.10 0.10 - 0.02 0.15 0.03 CB Gold Cda Carbon* O 136 0.22 0.21 0.22 - 0.00 0.28 0.18 0.28 + 0.01 0.42 0.23 Cda Carbon V 184 0.29 0.27 Cda Rare Earth V 288 0.03 0.03 0.03 - 0.01 0.04 0.02 70 0.09 0.08 0.09 + 0.01 0.08 0.01 Cda Strtgc Met * O Cda Strtgc Met V 937 0.12 0.10 0.12 + 0.02 0.13 0.03 674 0.25 0.20 0.25 + 0.06 0.24 0.10 Cda Zinc Mtls V Cdn Intl Mnrls V 720 0.05 0.00 0.05 - 0.01 0.13 0.01 0.26 - 0.01 0.44 0.06 Cdn Metals 123 0.28 0.00 Cdn Platinum V 2599 0.03 0.02 0.02 + 0.01 0.03 0.01 0.34 + 0.07 0.34 0.06 Cdn Zinc T 4033 0.35 0.28 Cdn Zinc* Q 1069 0.27 0.21 0.26 + 0.04 0.27 0.04 2.77 + 0.49 2.79 1.07 Centamin T 602 2.79 2.44 Centenera Mng V 250 0.22 0.00 0.20 - 0.03 0.29 0.02 O 10 0.22 0.16 0.16 - 0.07 0.22 0.02 Centenera Mng* Centerra Gold T 11400 8.13 7.20 7.56 - 0.14 8.67 5.51 0.02 + 0.01 0.02 0.01 Central Iron V 125 0.02 0.02 Centurion Mnls V 4040 0.06 0.05 0.06 - 0.01 0.18 0.04 0.24 + 0.01 0.36 0.15 Century Global T 18 0.25 0.24 Cerro Grande* O 371 0.02 0.02 0.02 + 0.00 0.05 0.00 792 0.20 0.17 0.19 + 0.04 0.21 0.09 Chalice Gold M T Chalice Gold M* O 41 0.16 0.14 0.16 + 0.02 0.15 0.08 O 86 0.18 0.18 0.18 + 0.00 0.23 0.09 Champion Iron* Champion Iron T 333 0.24 0.22 0.23 + 0.01 0.30 0.11 0.14 - 0.01 0.18 0.06 Chantrell Vent V 305 0.15 0.12 Chesapeake Gld* O 246 5.03 3.99 4.03 - 0.21 5.03 1.05 V 379 6.50 5.24 5.40 + 0.01 6.50 1.39 Chesapeake Gld Chevron* N 36712 105.00 102.14 104.77 + 0.62 105.00 69.58 883 0.13 0.07 0.07 - 0.01 0.15 0.03 Chiboug Ind Mn V Chieftain Mtls V 138 0.20 0.15 0.15 - 0.01 0.23 0.03 O 369 0.15 0.11 0.15 + 0.04 0.15 0.00 Chilean Metals* Chilean Metals V 125 0.19 0.14 0.18 + 0.03 0.19 0.02 0.03 - 0.01 0.07 0.01 Chimata Gold V 78 0.03 0.00 China Gold Int T 1458 2.63 2.38 2.62 + 0.28 2.72 1.52 100 0.01 0.00 0.01 + 0.01 0.01 0.00 China Mnls Mng* O China Mnls Mng V 654 0.02 0.01 0.02 + 0.01 0.02 0.01 0.05 - 0.01 0.15 0.03 Cibolan Gold* O 21 0.07 0.05 CIM Intl Grp 28 1.13 1.00 1.13 + 0.01 1.50 1.00 0.08 + 0.01 0.18 0.06 CKR Carbon V 297 0.08 0.07 Clear Mtn Res V 18 0.23 0.18 0.19 - 0.04 0.40 0.10 0.12 + 0.01 0.18 0.05 Clifton Mng* O 708 0.12 0.11 Cloud Peak En* N 4032 2.29 2.03 2.22 - 0.04 4.79 1.08 0.11 + 0.01 0.10 0.07 CMC Metals* O 6 0.11 0.10 CMC Metals V 413 0.14 0.12 0.14 + 0.01 0.32 0.05 12.61 + 1.35 12.25 1.62 Coeur Mng* N 30942 12.69 10.93 Colibri Res V 22 0.18 0.13 0.17 + 0.01 0.21 0.02 O 176 0.01 0.00 0.01 + 0.00 0.01 0.00 Colombia Crest* Colombia Crest V 290 0.02 0.01 0.01 - 0.01 0.02 0.01 V 306 0.14 0.07 0.14 + 0.06 0.14 0.02 Colombian Mins Colorado Res V 1756 0.56 0.47 0.56 + 0.09 0.56 0.05 0.43 + 0.04 0.42 0.04 Colorado Res* O 302 0.43 0.38 Colt Res V 4115 0.06 0.06 0.06 + 0.01 0.22 0.06 O 808 0.53 0.47 0.49 - 0.00 0.58 0.23 Columbus Gold* Columbus Gold T 1101 0.68 0.60 0.64 + 0.01 0.75 0.31 V 239 0.07 0.06 0.06 + 0.01 0.07 0.01 Commander Res Commerce Res* O 164 0.06 0.05 0.06 + 0.00 0.10 0.04 X 5403 0.47 0.36 0.45 + 0.08 0.70 0.33 Comstock Mng* Comstock Mtls V 878 0.33 0.27 0.32 + 0.06 0.33 0.05 228 0.26 0.19 0.22 + 0.02 0.26 0.10 Comstock Mtls * O Condor Res V 864 0.11 0.09 0.10 + 0.01 0.12 0.02 V 134 0.55 0.45 0.45 - 0.15 0.90 0.20 Confedertn Mls Confedertn Mls* O 8 0.42 0.36 0.36 - 0.04 0.42 0.38 0.03 + 0.01 0.04 0.01 Conquest Res V 181 0.03 0.03 Cons Woodjam V 389 0.07 0.05 0.07 + 0.01 0.09 0.02 N 26984 16.90 15.03 16.24 - 0.16 20.89 4.54 CONSOL Energy* Constant Mtl V 578 0.14 0.10 0.14 + 0.04 0.15 0.05 3.01 + 0.11 3.31 0.88 Contintl Gold* O 218 3.31 2.82 Contintl Gold T 3967 4.32 3.76 3.88 + 0.25 4.32 1.28 0.20 + 0.00 0.27 0.18 Contintl Prec* O 1 0.20 0.20 Contintl Prec T 2 0.27 0.00 0.27 - 0.07 0.38 0.25 257 0.07 0.00 0.06 - 0.01 0.10 0.05 Copper Ck Gold V Copper Fox Mtl V 2269 0.16 0.13 0.14 + 0.02 0.24 0.11 152 0.11 0.08 0.10 - 0.01 0.17 0.08 Copper Fox Mtl* O Copper Mtn Mng* O 136 0.42 0.00 0.40 + 0.03 0.81 0.23 0.58 0.51 0.56 + 0.07 1.10 0.33 Copper Mtn Mng T 2048 Copper North M V 122 0.21 0.13 0.13 - 0.02 0.50 0.13 3 0.11 0.00 0.11 - 0.00 0.12 0.10 Copper North M* O Copper One V 1019 0.30 0.15 0.21 - 0.04 0.30 0.03 O 21 0.05 0.03 0.05 + 0.01 0.06 0.01 Copperbank Res* Copperbank Res 386 0.07 0.05 0.06 + 0.02 0.07 0.03 0.35 + 0.04 0.38 0.05 Coral Gold V 370 0.35 0.31 Corazon Gold V 42 0.26 0.00 0.26 + 0.03 0.30 0.18 0.84 - 0.02 1.00 0.10 Cordoba Mnls V 1896 0.92 0.79 Corex Gold V 578 0.19 0.15 0.17 + 0.03 0.21 0.03 V 956 0.06 0.04 0.06 + 0.02 0.08 0.02 Cornerstone Ca Cornerstone Ca* O 244 0.04 0.03 0.04 - 0.00 0.06 0.01 V 300 0.04 0.04 0.04 - 0.01 0.04 0.01 Cornerstone Mt Coro Mining T 2014 0.11 0.10 0.11 + 0.01 0.21 0.02 0.37 - 0.10 0.51 0.03 Coronet Mtls V 565 0.51 0.37 Coronet Mtls* O 415 0.40 0.28 0.29 - 0.08 0.40 0.02 0.08 + 0.01 0.11 0.02 Corsa Coal V 276 0.09 0.06 Corvus Gold T 250 1.18 1.06 1.14 + 0.05 1.18 0.33

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Cougar Mnls V 37 Crazy Horse Res V 231 Cresval Cap V 33 Critical Elem* O 512 Critical Elem V 1816 Crown Mining V 96 Crystal Pk Min* O 8 Crystal Pk Min V 86 Currie Rose Rs V 280 Cypress Dev V 462 Cypress Dev* O 104 Cyprium Mng V 2646

0.52 0.48 0.52 + 0.04 0.82 0.08 0.02 0.02 0.02 + 0.01 0.07 0.01 0.05 0.04 0.05 + 0.01 0.06 0.01 0.51 0.41 0.41 - 0.10 0.58 0.10 0.64 0.50 0.56 - 0.07 0.75 0.14 0.17 0.10 0.16 - 0.01 0.20 0.03 0.27 0.24 0.24 - 0.02 0.32 0.11 0.35 0.00 0.32 - 0.02 0.42 0.13 0.02 0.02 0.02 + 0.01 0.03 0.01 0.16 0.14 0.16 + 0.01 0.20 0.02 0.12 0.11 0.12 + 0.01 0.16 0.01 0.10 0.07 0.10 + 0.04 0.19 0.06

D-F Dajin Res V 1014 0.19 0.15 0.17 - 0.02 0.30 0.06 Dajin Res* O 1808 0.15 0.12 0.13 - 0.02 0.24 0.04 Dakota Ter Res* O 127 0.12 0.00 0.10 - 0.00 0.20 0.05 Daleco Res* O 82 0.04 0.03 0.03 - 0.01 0.10 0.01 Dalradian Res* O 746 0.85 0.73 0.80 - 0.03 1.04 0.45 Dalradian Res T 6839 1.09 0.98 1.06 + 0.08 1.32 0.62 0.06 + 0.02 0.12 0.04 Damara Gold V 297 0.06 0.00 Danakali* O 340 0.34 0.32 0.33 - 0.01 0.35 0.17 Darnley Bay V 245 0.15 0.12 0.12 - 0.03 0.18 0.01 Debut Dmds 52 0.03 0.02 0.02 - 0.01 0.03 0.01 Decade Res V 614 0.11 0.10 0.10 - 0.01 0.13 0.01 Decade Res* O 112 0.08 0.07 0.07 - 0.01 0.10 0.00 Defiance Silvr* O 522 0.38 0.27 0.33 + 0.05 0.38 0.04 Defiance Silvr V 1917 0.48 0.39 0.44 + 0.06 0.48 0.06 Del Toro Silvr* O 350 0.00 0.00 0.00 + 0.00 0.04 0.00 Denison Mines* X 1310 0.57 0.53 0.53 - 0.01 0.67 0.35 0.08 + 0.03 0.16 0.03 Desert Star V 168 0.08 0.05 Detour Gold T 5374 35.93 33.18 34.46 + 2.14 35.93 10.62 Diamante Min* O 14 0.42 0.30 0.35 - 0.07 0.85 0.17 Diamcor Mng V 150 1.19 1.03 1.08 - 0.09 1.25 0.65 Diamcor Mng* O 96 0.91 0.81 0.83 - 0.07 0.96 0.46 Dios Expl V 106 0.13 0.10 0.13 + 0.01 0.19 0.05 Discovery-Corp V 161 0.04 0.03 0.03 - 0.02 0.08 0.03 DNI Metals* O 21 0.04 0.03 0.03 - 0.00 0.10 0.03 Dolly Vard Sil* O 230 0.51 0.46 0.51 + 0.03 0.56 0.08 Dolly Vard Sil V 430 0.66 0.60 0.66 + 0.03 0.74 0.11 Dominion Diam T 1144 12.09 11.25 11.70 + 0.27 17.40 9.96 Dominion Diam* N 2221 9.51 8.64 8.97 - 0.49 13.32 7.27 Double Crn Res* O 2891 0.01 0.01 0.01 - 0.00 0.02 0.01 Doubleview Cap V 530 0.10 0.08 0.08 - 0.01 0.16 0.06 DRDGOLD* N 5814 8.80 5.99 8.75 + 2.29 8.29 1.10 Duncan Park H V 2510 0.02 0.02 0.02 + 0.01 0.02 0.01 Dundee Prec Mt T 2483 3.75 3.15 3.44 + 0.36 3.75 0.84 Duran Vent * O 28 0.08 0.00 0.08 + 0.00 0.09 0.07 Dynacor Gld Mn T 306 2.14 2.04 2.06 - 0.04 2.32 1.30 DynaResource* O 1 1.50 1.41 1.41 - 0.09 2.00 0.80 Dynasty Gold V 841 0.02 0.02 0.02 + 0.01 0.02 0.01 Dynasty Met&Mn* O 99 0.15 0.10 0.14 + 0.05 0.48 0.08 Dynasty Met&Mn T 1754 0.19 0.14 0.18 + 0.03 0.60 0.10 Eagle Graphite* O 106 0.05 0.03 0.04 - 0.00 0.06 0.01 Eagle Plains V 529 0.16 0.15 0.16 - 0.01 0.17 0.05 East Africa V 1969 0.25 0.19 0.23 + 0.04 0.25 0.03 East Africa * O 0 0.18 0.00 0.18 + 0.05 0.18 0.02 Eastern Platin* O 55 0.82 0.72 0.72 - 0.10 1.21 0.47 Eastern Platin T 721 1.08 0.91 0.93 - 0.13 1.65 0.61 Eastfield Res V 171 0.04 0.00 0.04 + 0.01 0.05 0.02 T 367 0.41 0.27 0.34 + 0.05 0.70 0.25 Eco Oro Mnls Ecuador Gold V 91 0.40 0.31 0.31 - 0.02 0.48 0.10 Ecuador Gold* O 16 0.31 0.30 0.30 + 0.02 0.33 0.13 Edgewater Expl V 110 0.03 0.02 0.03 - 0.01 0.04 0.01 Edgewater Expl* O 36 0.02 0.02 0.02 + 0.00 0.03 0.01 El Capitan Prc* O 1947 0.05 0.04 0.04 - 0.00 0.10 0.03 Elcora Res V 138 0.43 0.38 0.38 + 0.02 0.75 0.15 Eldorado Gold* N 34454 5.07 4.57 5.04 + 0.33 5.16 1.87 Eldorado Gold T 23057 6.59 6.05 6.57 + 0.76 6.65 2.67 Eloro Mnrls V 86 0.35 0.28 0.35 + 0.06 0.33 0.09 182 0.14 0.12 0.14 + 0.02 0.17 0.04 Ely Gold & Mnl V Emerita Res V 1054 0.09 0.07 0.08 - 0.01 0.17 0.02 Empire Rock V 37 0.25 0.22 0.25 + 0.02 0.27 0.04 Encanto Potash V 1496 0.11 0.09 0.10 + 0.01 0.18 0.05 Endeavour Mng T 2679 24.58 22.45 24.56 + 2.63 24.42 4.35 Endeavour Mng* O 134 18.88 16.98 18.80 + 1.63 18.88 4.40 Endeavr Silver* N 18030 4.72 3.99 4.70 + 0.63 4.67 1.00 Endeavr Silver T 3375 6.14 5.19 6.12 + 1.04 6.04 1.46 Endurance Gold V 456 0.06 0.06 0.06 - 0.01 0.08 0.02 Energizer Res* O 310 0.06 0.05 0.06 - 0.00 0.10 0.03 0.08 + 0.01 0.13 0.03 Energizer Res T 2120 0.08 0.07 Energy Fuels* X 857 2.43 2.20 2.26 - 0.13 4.71 1.81 Energy Fuels T 406 3.13 2.86 2.96 + 0.05 6.09 2.47 Engold Mines V 139 0.05 0.04 0.05 - 0.01 0.08 0.02 Entree Gold* X 666 0.32 0.30 0.30 - 0.01 0.40 0.17 Entree Gold T 471 0.43 0.38 0.40 + 0.01 0.53 0.25 Equitas Res V 16306 0.13 0.08 0.12 + 0.04 0.22 0.05 Equitas Res* O 608 0.10 0.06 0.08 + 0.01 0.17 0.02 Equitorial Ex V 1495 0.06 0.05 0.06 + 0.02 0.13 0.02 Era Res Inc V 17 0.37 0.28 0.37 + 0.08 0.50 0.09 Erdene Res Dev T 1615 0.36 0.30 0.33 + 0.01 0.55 0.11 Erdene Res Dev* O 43 0.28 0.24 0.27 + 0.03 0.42 0.08 Erin Ventures* O 31 0.03 0.03 0.03 + 0.00 0.08 0.03 Erin Ventures V 340 0.05 0.04 0.04 - 0.01 0.11 0.04 Eskay Mng V 357 0.26 0.21 0.25 + 0.01 0.26 0.01 Ethos Gold* O 63 0.32 0.30 0.30 - 0.01 0.32 0.09 Ethos Gold V 340 0.41 0.35 0.39 - 0.01 0.41 0.13 Eurasian Mnls V 84 1.20 1.00 1.10 + 0.04 1.34 0.48 Eurasian Mnls* X 309 0.95 0.84 0.84 - 0.00 1.03 0.35 Eureka Res V 323 0.09 0.08 0.08 - 0.02 0.13 0.04 EurOmax Res* O 61 0.32 0.31 0.31 + 0.00 0.46 0.15 European Metal* O 10802 0.00 0.00 0.00 - 0.00 0.01 0.00 Everest Vent V 12 0.88 0.80 0.83 - 0.05 0.95 0.09 Everton Res* O 95 0.06 0.04 0.06 + 0.01 0.07 0.00 Evolving Gold 80 0.44 0.37 0.43 + 0.05 0.50 0.04 Evolving Gold* O 13 0.33 0.28 0.32 + 0.03 0.38 0.02 Excalibur Res 246 0.07 0.05 0.07 + 0.01 0.07 0.01 Excellon Res T 2012 1.44 1.16 1.32 + 0.09 1.44 0.20 Excellon Res* O 308 1.04 0.89 1.02 + 0.02 1.13 0.14 Excelsior Mng* O 24 0.29 0.28 0.28 - 0.01 0.31 0.12 0.37 + 0.01 0.40 0.19 Excelsior Mng V 242 0.38 0.37 Exeter Res* X 3789 1.47 1.21 1.36 + 0.04 1.47 0.29 Exeter Res T 712 1.90 1.58 1.75 + 0.12 1.90 0.39 Explor Res* O 397 0.13 0.10 0.13 + 0.01 0.18 0.03 Explor Res V 6504 0.18 0.13 0.16 + 0.02 0.24 0.04 Explorex Res 99 0.13 0.12 0.13 + 0.01 0.19 0.05 Fairmont Res V 555 0.21 0.19 0.19 + 0.01 0.23 0.02 0.99 + 0.03 1.25 0.21 Falco Res V 965 1.08 0.97 Fancamp Expl V 202 0.05 0.05 0.05 - 0.01 0.05 0.02 Finore Mng 183 0.04 0.03 0.03 - 0.02 0.06 0.01 Fire River Gol* O 1 0.04 0.00 0.04 + 0.04 0.77 0.00 Firesteel Res V 134 0.03 0.03 0.03 - 0.01 0.03 0.01 Firma Holdings* O 182 0.05 0.04 0.04 - 0.00 0.25 0.02 O 11113 0.00 0.00 0.00 - 0.00 0.00 0.00 First Colombia* First Liberty* O 3250 0.00 0.00 0.00 + 0.00 0.00 0.00 First Majestic T 8240 20.93 18.70 20.80 + 3.25 20.05 3.50 First Majestic* N 31914 16.03 13.98 15.97 + 1.17 15.39 2.40 First Mg Fin V 15217 0.95 0.80 0.87 + 0.11 0.95 0.25 First Mg Fin * O 12188 0.73 0.57 0.68 + 0.05 0.73 0.19 First Point T 517 0.14 0.09 0.11 + 0.02 0.14 0.04 First Quantum T 35536 10.02 9.04 9.29 + 0.22 16.48 2.15 Fission Uran T 2365 0.72 0.69 0.71 + 0.02 1.01 0.53 Fission Uran* O 1157 0.55 0.52 0.54 + 0.00 0.80 0.39 Fjordland Exp V 1270 0.14 0.10 0.13 + 0.01 0.17 0.01 Flinders Res V 444 0.77 0.58 0.71 + 0.13 0.77 0.12 Flinders Res* O 417 0.58 0.44 0.55 + 0.09 0.58 0.09 Focus Graphite V 569 0.14 0.11 0.13 + 0.03 0.30 0.07 0.10 + 0.01 0.24 0.05 Focus Vent V 665 0.11 0.09 Foran Mng V 354 0.23 0.20 0.20 - 0.02 0.27 0.05 Formation Mtls T 331 0.54 0.49 0.50 - 0.02 0.63 0.09 Forsys Metals T 609 0.06 0.06 0.06 + 0.01 0.22 0.05 Fortescue Mtls* O 26 2.96 2.70 2.96 + 0.20 2.89 1.00 Fortuna Silvr T 5235 11.47 9.71 11.30 + 2.27 10.83 2.65 10255 8.80 7.19 8.69 + 1.08 8.34 2.00 Fortuna Silvr* N Fortune Mnrls* O 304 0.08 0.00 0.08 + 0.00 0.11 0.01 Fortune Mnrls T 978 0.11 0.10 0.11 + 0.01 0.14 0.02 Forum Uranium V 962 0.10 0.09 0.09 - 0.01 0.20 0.04 Forum Uranium* O 615 0.08 0.06 0.08 + 0.02 0.14 0.03 Four River V 19 0.35 0.33 0.33 - 0.03 0.39 0.05 Fox River Res* O 10 0.04 0.04 0.04 - 0.00 0.04 0.02 Franco-Nevada* N 3873 80.22 75.45 79.28 + 0.56 80.22 38.20 Franco-Nevada T 2919 104.19 98.24 103.39 + 5.15 104.19 49.96 Franklin Mng* O 1 0.00 0.00 0.00 - 0.00 0.00 0.00 Freegold Vent T 311 0.23 0.20 0.21 + 0.01 0.27 0.05 Freeport McMo* N 169957 11.50 10.27 11.20 - 0.15 17.50 3.52 Fresnillo plc* O 67 26.65 23.26 24.65 + 1.35 26.65 8.70 Frontier Rr Er* O 1 0.02 0.01 0.01 - 0.00 0.15 0.00 Frontline Gold V 656 0.03 0.02 0.03 - 0.01 0.03 0.01 Fura Emeralds V 118 0.14 0.12 0.14 + 0.01 0.25 0.08

G-H G&S Minerals* O 217 Gabriel Res T 1770 Gainey Capital V 201 Galane Gold V 20668 Galantas Gold* O 103 Galantas Gold V 997 Galena Intl Rs V 291 Galore Res V 122 Galway Mtls* O 10 Galway Mtls V 568 GAR Limited 184 Garibaldi Res * O 83 Garibaldi Res V 671 Gem Intl Res V 167 General Moly T 2 General Moly* X 409 Genius Props 1381 Gensource Pot V 719 Geologix Expl* O 447 Geologix Expl V 2333 Geomega Res V 202 Gespeg Cop Res V 431 Giyani Gold* O 116 Gldn Predator* O 88 Gldn Predator V 749 Glen Eagle Res V 73 Glencore Plc* O 997 Global Cop Grp V 168 Global Mnrls V 5 Globex Mng T 812 Globex Mng* O 18 GMCI Corp* O 3 GMV Minerals V 478 GobiMin V 57 GoGold Res T 2382 Gold & Silver* O 2182 Gold Bulln Dev* O 117

0.00 0.00 0.00 + 0.00 0.00 0.00 0.74 0.48 0.63 + 0.16 0.74 0.12 0.19 0.15 0.17 + 0.02 0.30 0.10 0.19 0.06 0.14 + 0.09 0.19 0.03 0.08 0.08 0.08 + 0.01 0.13 0.06 0.13 0.11 0.11 - 0.01 0.18 0.07 0.14 0.12 0.12 - 0.01 0.15 0.02 0.02 0.02 0.02 + 0.01 0.03 0.01 0.11 0.10 0.11 + 0.02 0.12 0.06 0.17 0.15 0.17 + 0.02 0.18 0.09 0.04 0.03 0.04 + 0.01 0.10 0.01 0.09 0.08 0.09 + 0.01 0.13 0.03 0.12 0.10 0.12 + 0.02 0.18 0.05 0.15 0.12 0.15 + 0.03 0.15 0.04 0.52 0.00 0.44 - 0.07 0.79 0.22 0.39 0.34 0.36 - 0.00 0.65 0.15 0.04 0.03 0.03 - 0.01 0.07 0.02 0.09 0.08 0.09 + 0.01 0.12 0.04 0.11 0.08 0.10 + 0.02 0.11 0.01 0.14 0.09 0.12 + 0.04 0.14 0.02 0.18 0.14 0.17 - 0.01 0.23 0.06 0.06 0.05 0.05 + 0.01 0.06 0.02 0.10 0.09 0.09 - 0.01 0.11 0.02 0.71 0.64 0.68 - 0.02 0.79 0.06 0.96 0.82 0.86 - 0.08 1.03 0.07 0.11 0.10 0.10 - 0.01 0.16 0.03 4.37 4.01 4.28 + 0.18 7.81 1.95 0.05 0.04 0.05 + 0.01 0.06 0.04 0.22 0.00 0.22 + 0.03 0.30 0.03 0.43 0.37 0.38 - 0.03 0.51 0.17 0.34 0.30 0.30 - 0.04 0.38 0.13 2.40 0.00 2.30 - 0.20 2.51 0.20 0.34 0.29 0.29 - 0.02 0.35 0.05 0.48 0.45 0.45 - 0.03 0.48 0.27 1.35 1.27 1.33 + 0.10 1.65 0.94 0.02 0.01 0.01 + 0.00 1000.00 0.00 0.08 0.05 0.06 + 0.01 0.11 0.01

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Gold Bulln Dev V 1848 28087 Gold Fields* N 547 Gold Jub Cap V Gold Lakes* O 1088 Gold Mng USA* O 1837 Gold Mtn Mng V 2303 432 Gold Reach Res V Gold Reserve* O 314 Gold Reserve V 159 X 6660 Gold Resource* 188 Gold Ridge Exp V Gold Std Vents* X 4768 Gold Std Vents V 1144 Gold Torrent* O 43 Goldbelt Emp V 363 Goldcliff Res V 675 T 17566 Goldcorp Goldcorp* N 42188 Golden Arrow V 5684 V 100 Golden Cariboo Golden Dawn Ml V 2134 31 Golden Dawn Ml* O Golden Eagle* O 157 Golden Goliath V 3700 O 251 Golden Goliath* Golden Hope* O 5 Golden Matrix* O 8219 Golden Mnls T 1354 Golden Mnls* X 9051 335 Golden Peak Mn V O 1064 Golden Queen* Golden Queen T 332 Golden Reign V 1871 Golden Secret V 295 Golden Star T 1258 Golden Star* X 20213 Golden Tag V 190 Golden Valley V 3011 Goldex Res V 37 Goldeye Expl V 621 O 2450 Goldgroup Mng* T 2687 Goldgroup Mng GoldON Res V 74 V 3438 GoldQuest Mng Goldrea Res* O 22 V 2581 Goldrock Mines O 1443 Goldsource Min* V 1968 Goldsource Min Goldstar Mnls V 38 Goldstrike Res V 3943 GoldTrain Res 4 O 210 GoviEx Uranium* GoviEx Uranium 1519 Gowest Gold* O 510 Gowest Gold V 3159 GPM Metals V 1043 O 1112 Gran Colombia* Gran Colombia T 39734 V 55 Grande Portage Graphite Corp* O 106 Graphite One V 4818 Graphite One* O 1496 60 Gray Rock Res V Great Panther T 5147 Great Panther* X 25637 35 Great Quest Fe V 9 Great Quest Fe* O 10 Great Rock Dev* O Great Thunder V 7135 283 Green Valley M V V 286 Greencastle Rs O 128 Greenland M&En* Greenshield Ex V 2 Grizzly Discvr V 132 Grizzly Gold* O 96 Group Ten Mtls V 5342 GTA Res & Mng V 1128 Guerrero Vents V 341 Gungnir Res V 555 Gungnir Res* O 347 Gunpoint Expl V 10 Guyana Gldflds T 6503 96 Hard Creek Ni V 5 Hard Creek Ni* O 31668 N Harmony Gold* Harte Gold T 3534 V 338 Hawkeye Gld&Di O 80 Hawkeye Gld&Di* 50100 Hecla Mining* N Hellix Vent* O 83 Heron Res T 372 Heron Res* O 356 Highbank Res V 1803 Highland Copp V 77 Hinterland Mtl V 554 O 259 Hochschild Mg* O 39 Homestake Res* V 1004 Homestake Res Honey Badger E V 2474 Houston Lake V 563 T 7825 HudBay Mnls Hudson Res V 147 Hudson Res* O 32 Hunt Mng V 80 Hunt Mng* O 31

0.16 0.02 0.08 0.09 + 0.01 0.10 2.04 5.66 + 0.48 5.56 5.73 5.11 0.28 0.07 0.13 0.14 - 0.01 0.15 0.03 1.20 + 0.09 1.25 1.22 0.94 0.19 0.01 0.01 0.01 - 0.00 0.01 0.18 0.02 0.12 0.27 + 0.15 0.27 0.21 0.08 0.14 0.15 - 0.04 0.19 2.19 4.00 - 0.45 5.90 4.64 3.92 3.06 5.20 - 0.75 8.00 5.95 5.10 1.14 4.86 + 0.96 4.69 4.86 3.61 0.14 0.01 0.09 0.09 - 0.01 0.11 2.10 0.26 1.65 1.89 - 0.06 2.10 2.73 0.40 2.15 2.44 + 0.04 2.73 0.14 0.69 + 0.24 0.62 0.69 0.40 0.02 0.05 - 0.01 0.10 0.05 0.04 0.01 0.04 + 0.01 0.04 0.04 0.00 13.55 25.99 + 1.27 26.56 26.56 25.14 19.93 + 0.25 20.38 9.46 20.38 19.29 0.17 0.92 + 0.15 1.19 1.19 0.82 0.03 0.08 - 0.01 0.08 0.08 0.07 0.21 0.07 0.19 0.19 - 0.01 0.21 0.14 0.06 0.13 0.14 + 0.01 0.14 0.00 0.02 - 0.00 0.03 0.02 0.00 0.01 0.08 + 0.02 0.14 0.09 0.06 0.00 0.06 + 0.02 0.10 0.06 0.04 0.12 0.16 + 0.00 0.50 0.16 0.16 0.00 0.00 + 0.00 3000.00 0.00 0.00 0.19 1.07 + 0.23 1.22 1.18 0.96 0.13 0.84 - 0.04 0.94 0.91 0.66 0.09 0.05 0.06 0.07 + 0.01 0.07 0.48 1.38 + 0.09 1.56 1.47 1.25 0.65 1.78 + 0.15 2.00 1.90 1.68 0.07 0.30 + 0.04 0.34 0.32 0.28 0.02 0.49 - 0.02 0.67 0.50 0.47 0.21 1.00 + 0.17 1.05 1.01 0.88 0.14 0.76 + 0.07 0.84 0.78 0.65 0.02 0.07 - 0.01 0.09 0.07 0.07 0.07 0.30 + 0.05 0.32 0.30 0.25 0.10 0.80 - 0.05 0.90 0.85 0.74 0.02 0.05 - 0.01 0.06 0.05 0.04 0.03 0.26 + 0.04 0.30 0.30 0.20 0.05 0.33 + 0.05 0.39 0.39 0.25 0.03 0.17 - 0.05 0.36 0.22 0.17 0.09 0.56 + 0.09 0.55 0.56 0.46 0.02 0.07 - 0.01 0.08 0.08 0.07 0.15 1.47 + 0.27 1.44 1.53 1.23 0.11 0.40 + 0.04 0.40 0.40 0.36 0.13 0.52 + 0.04 0.51 0.52 0.47 0.01 0.05 + 0.01 0.07 0.05 0.04 0.07 0.23 + 0.04 0.34 0.26 0.19 0.08 0.13 + 0.01 0.20 0.13 0.00 0.08 0.13 + 0.05 0.16 0.16 0.08 0.04 0.17 + 0.07 0.20 0.20 0.10 0.04 0.02 0.16 + 0.14 0.16 0.12 0.05 0.18 + 0.02 0.20 0.20 0.16 0.08 0.45 + 0.02 0.50 0.53 0.44 0.04 0.11 + 0.02 0.24 0.12 0.07 0.06 0.14 + 0.04 0.31 0.16 0.10 0.04 0.09 + 0.01 0.14 0.09 0.09 0.00 0.01 - 0.00 0.02 0.01 0.01 0.07 0.08 - 0.02 0.18 0.10 0.08 0.05 0.06 - 0.03 0.14 0.09 0.06 0.09 0.02 0.04 0.06 + 0.02 0.06 0.40 1.97 - 0.17 2.82 2.60 1.94 0.30 1.52 - 0.20 2.25 2.00 1.50 0.53 0.11 0.14 0.17 + 0.03 0.18 0.39 0.09 0.09 0.13 + 0.04 0.13 0.02 0.00 0.00 0.01 + 0.00 0.01 0.01 0.13 + 0.04 0.24 0.16 0.09 0.05 0.01 0.02 0.02 - 0.01 0.02 0.05 0.15 + 0.02 0.14 0.15 0.12 0.00 0.02 - 0.01 0.17 0.03 0.01 0.01 0.03 - 0.01 0.05 0.03 0.00 0.01 0.05 - 0.01 0.10 0.06 0.05 0.01 0.19 - 0.01 0.21 0.21 0.10 0.06 0.01 0.02 0.04 + 0.02 0.06 0.10 0.02 0.08 0.10 + 0.02 0.10 0.01 0.02 - 0.01 0.04 0.03 0.00 0.01 0.04 + 0.01 0.05 0.05 0.04 0.00 0.04 - 0.00 0.04 0.04 0.03 0.13 0.28 + 0.01 0.32 0.32 0.28 9.01 9.32 + 0.06 10.35 2.48 9.63 0.06 0.01 0.03 0.04 + 0.01 0.04 0.05 0.00 0.02 0.02 - 0.00 0.02 0.53 4.46 + 0.57 4.42 4.47 3.74 0.05 0.30 + 0.01 0.35 0.31 0.29 0.03 0.06 - 0.02 0.10 0.08 0.06 0.05 0.05 - 0.01 0.07 0.07 0.05 1.45 6.05 + 0.61 5.77 6.08 5.20 0.00 0.03 - 0.00 0.06 0.03 0.02 0.07 0.14 + 0.01 0.16 0.15 0.14 0.05 0.11 - 0.02 0.13 0.13 0.11 0.04 0.05 - 0.01 0.21 0.06 0.05 0.07 0.09 + 0.01 0.18 0.09 0.09 0.01 0.05 - 0.01 0.12 0.06 0.05 0.59 2.86 + 0.22 3.04 3.04 2.52 0.01 0.14 + 0.02 0.14 0.14 0.12 0.01 0.18 + 0.01 0.20 0.20 0.17 0.04 0.01 0.03 0.05 + 0.01 0.05 0.13 0.25 - 0.04 0.40 0.30 0.24 6.02 6.38 + 0.21 10.33 2.26 6.70 0.34 0.42 + 0.02 0.55 0.42 0.40 0.26 0.29 - 0.01 0.41 0.32 0.29 0.02 0.21 - 0.04 0.35 0.25 0.20 0.01 0.17 + 0.03 0.22 0.17 0.14

I-Minerals V 122 I-Minerals* O 3 48741 IAMGOLD* N IAMGOLD T 17495 Iberian Mnrls V 612 IC Potash* O 63 IC Potash T 1429 Iconic Mnls V 702 IDM Mining V 4979 IDM Mining* O 1327 IEMR Res V 373 iMetal Res V 7 IMPACT Silver V 1317 O 231 Impala Platnm* O 3 Imperial Metal* Imperial Metal T 295 266 Inca One Gold* O 7 Inception Mng * O V 1080 Independence G O 229 Independence G* Indigo Expl V 23 Infrastructure* O 336 Inspiration Mg 23 O 3 Inspiration Mg* Intact Gold* O 35 Intact Gold V 2337 Integra Gold* O 3232 Integra Gold V 7269 Intigold Mines V 454 65 Intl Bethl Mng V Intl Lithium* O 43 Intl Lithium V 941 698 Intl Millm Mng V Intl Montoro V 343 461 Intl Samuel Ex V O 2332 Intl Star* X 3217 Intl Tower Hil* 348 T Intl Tower Hil N 6529 Intrepid Pots* INV Metals T 314 INV Metals* O 31 Inventus Mg V 152 InZinc Mining V 333 InZinc Mining* O 70 O 157 Ireland* 162 Iron South Mng V Ironside Res V 250 Irving Res 55 Irving Res* O 6 232 Itoco Mg Corp* O O 443 Ivanhoe Mines* Ivanhoe Mines T 3102 Jaguar Mng* O 1291 Jaguar Mng V 1504 Jaxon Mnls V 192 Jayden Res V 58 V 25 Jazz Res Jubilee Gold V 13 V 2504 K92 Mng Inc 541 O K92 Mng Inc* Kaizen Discvry V 745 O 7 Kaizen Discvry* Kaminak Gold* O 455 Kaminak Gold V 1888 V 185 Kapuskasing Gd Karmin Expl V 6 Karnalyte Res T 136 57856 KAT Expl* O Kennady Diam V 102 Kerr Mines* O 287 Kerr Mines T 2336 Kesselrun Res V 512 Khalkos Expl V 155 Khan Res 67 V 634 Kilo Goldmines V 837 Kincora Copper 228 Kings Bay Gold V O 25 Kingsmen Res* 93995 Kinross Gold* N Kinross Gold T 43758 162 Kirkland Lk Gd* O Kirkland Lk Gd T 5269 Kiska Metals* O 256 Kiska Metals V 1089 Klondex Mns T 2099 Klondike Gold* O 57 Klondike Silv* O 78 Klondike Silv V 745 Knick Expl V 503 V 1528 Kombat Copper V 36 Komet Resource Kootenay Silvr V 3838

0.16 0.31 + 0.03 0.37 0.33 0.28 0.14 0.23 + 0.00 0.28 0.23 0.23 1.15 4.84 + 0.37 4.82 4.89 4.23 1.50 6.33 + 0.98 6.29 6.37 5.63 0.04 0.06 + 0.01 0.11 0.06 0.05 0.03 0.05 - 0.00 0.19 0.06 0.05 0.04 0.08 + 0.01 0.23 0.08 0.07 0.03 0.37 + 0.09 0.45 0.38 0.27 0.07 0.24 + 0.02 0.26 0.26 0.20 0.04 0.19 + 0.00 0.20 0.20 0.16 0.01 0.02 - 0.01 0.06 0.02 0.02 0.03 0.06 - 0.01 0.10 0.06 0.00 0.11 0.97 + 0.19 1.02 1.02 0.85 1.45 3.59 + 0.01 4.24 3.67 3.48 2.81 5.34 + 0.63 7.54 5.89 4.71 3.92 6.84 + 0.47 9.98 8.50 6.52 0.15 0.03 0.03 0.04 + 0.00 0.04 0.66 0.20 0.00 0.50 - 0.10 0.60 0.06 0.34 + 0.03 0.34 0.34 0.31 0.04 0.26 + 0.02 0.26 0.26 0.24 0.01 0.03 + 0.01 0.04 0.03 0.03 0.01 0.01 - 0.00 0.02 0.01 0.01 0.02 0.07 + 0.02 0.10 0.07 0.00 0.01 0.05 + 0.02 0.10 0.05 0.00 0.05 0.06 - 0.01 0.14 0.08 0.05 0.02 0.08 - 0.01 0.18 0.08 0.08 0.18 0.68 - 0.00 0.70 0.70 0.62 0.23 0.87 + 0.07 0.86 0.88 0.81 0.06 0.07 - 0.01 0.22 0.08 0.06 0.10 0.02 0.02 0.03 + 0.01 0.03 0.01 0.18 + 0.03 0.55 0.21 0.15 0.03 0.21 - 0.01 0.38 0.27 0.20 0.08 0.05 0.05 0.08 + 0.02 0.08 0.02 0.03 + 0.01 0.08 0.03 0.03 0.15 0.05 0.00 0.10 + 0.01 0.10 0.00 0.00 + 0.00 0.00 0.00 0.00 1.05 0.18 0.82 1.02 + 0.10 1.05 1.35 0.26 1.05 1.31 + 0.16 1.35 1.18 1.34 - 0.10 11.17 0.65 1.49 0.08 0.58 + 0.04 0.80 0.63 0.00 0.08 0.41 + 0.07 0.58 0.41 0.35 0.02 0.31 - 0.02 0.35 0.34 0.30 0.04 0.12 - 0.01 0.13 0.13 0.11 0.03 0.09 - 0.00 0.10 0.10 0.09 0.13 0.22 - 0.01 0.39 0.25 0.21 0.09 0.04 0.09 0.09 + 0.03 0.09 0.05 0.12 + 0.03 0.27 0.13 0.11 0.11 0.20 + 0.04 0.25 0.25 0.00 0.09 0.15 + 0.03 0.15 0.15 0.00 1.10 0.08 0.10 0.11 - 0.10 0.21 0.36 0.81 - 0.02 0.89 0.83 0.78 0.53 1.08 + 0.07 1.13 1.08 1.01 0.07 0.42 + 0.04 0.45 0.45 0.35 0.12 0.55 + 0.05 0.58 0.58 0.50 0.01 0.08 + 0.02 0.09 0.08 0.06 0.03 0.10 + 0.03 0.14 0.10 0.00 0.08 0.15 + 0.04 0.23 0.15 0.15 0.30 0.75 + 0.18 0.75 0.75 0.00 1.33 0.87 1.01 1.07 - 0.02 1.16 1.03 0.75 0.78 0.82 - 0.08 0.95 0.08 0.25 + 0.06 0.28 0.26 0.20 0.06 0.16 - 0.00 0.19 0.16 0.16 0.47 2.17 + 0.05 2.21 2.21 2.10 0.61 2.81 + 0.11 2.88 2.88 2.73 0.02 0.05 - 0.01 0.07 0.05 0.05 0.15 0.32 + 0.03 0.36 0.32 0.24 0.52 1.99 + 0.16 4.15 1.99 1.60 0.00 0.00 - 0.00 0.00 0.00 0.00 2.35 4.25 - 0.05 5.15 4.30 4.04 0.01 0.11 + 0.04 0.12 0.12 0.07 0.02 0.15 + 0.05 0.15 0.15 0.12 0.02 0.27 + 0.02 0.35 0.31 0.27 0.05 0.14 + 0.02 0.26 0.14 0.12 0.34 0.82 - 0.02 0.88 0.84 0.82 0.04 0.14 + 0.02 0.17 0.15 0.12 0.02 0.04 + 0.01 0.06 0.04 0.03 0.15 0.05 0.00 0.07 - 0.03 0.07 0.02 0.10 + 0.04 0.10 0.10 0.07 1.31 5.53 + 0.17 5.82 5.81 5.05 1.79 7.23 + 0.89 7.56 7.56 6.75 9.62 3.12 8.25 9.25 + 0.85 9.62 12.39 10.90 12.07 + 1.43 12.39 4.49 0.01 0.07 + 0.01 0.09 0.08 0.06 0.01 0.09 + 0.01 0.12 0.10 0.08 2.56 5.56 + 0.87 5.69 5.69 4.85 0.06 0.22 + 0.02 0.32 0.23 0.21 0.01 0.07 + 0.02 0.08 0.08 0.05 0.01 0.09 + 0.03 0.10 0.10 0.08 0.01 0.04 - 0.01 0.05 0.05 0.03 0.02 0.07 + 0.01 0.10 0.08 0.06 0.29 0.43 - 0.02 0.50 0.44 0.40 0.17 0.45 + 0.05 0.50 0.45 0.40

I-J-K

2016-07-12 7:44 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JULY 18–24, 2016

11

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

Week

12-month

Exc Volume High Low Last Change High Low

KWG Res 3143

0.03 0.02 0.03 - 0.01 0.04 0.01

L Labrador Iron T 837 13.80 12.40 13.64 + 1.23 17.44 6.85 0.15 + 0.04 0.15 0.05 Lago Dourado V 36 0.15 0.11 Lake Victoria* O 122 0.01 0.01 0.01 - 0.00 0.07 0.01 V 2151 0.04 0.01 0.01 - 0.01 0.04 0.01 Lakeside Mnrls Lancaster Cap V 112 0.28 0.20 0.28 + 0.08 0.32 0.06 1.30 + 0.10 1.52 0.20 Lara Expl V 958 1.52 1.13 Laramide Res T 348 0.26 0.23 0.23 - 0.02 0.38 0.15 0.36 + 0.02 0.62 0.08 Largo Res* O 104 0.41 0.00 Largo Res T 997 0.54 0.44 0.44 - 0.03 0.80 0.11 592 0.24 0.20 0.24 + 0.04 0.24 0.05 Latin Am Mnls V Latin Am Mnls* O 88 0.18 0.11 0.18 + 0.06 0.18 0.06 0.02 0.01 0.02 + 0.01 0.03 0.01 Laurion Mnl Ex V 2550 Laurion Mnl Ex* O 56 0.01 0.00 0.01 - 0.00 0.04 0.00 20 0.01 0.00 0.01 + 0.00 0.02 0.00 Lepanto Con Mg* O Levon Res Ltd T 3079 0.47 0.29 0.46 + 0.17 0.42 0.09 Levon Res Ltd * O 422 0.34 0.22 0.34 + 0.10 0.32 0.07 0.23 0.18 0.20 + 0.00 0.23 0.04 Lexam VG Gold* O 1104 Lexam VG Gold T 918 0.29 0.24 0.25 + 0.01 0.29 0.05 0.02 + 0.00 0.04 0.01 Li3 Energy* O 371 0.02 0.02 Libero Mg Corp V 168 0.20 0.14 0.14 - 0.06 0.20 0.02 87470 0.00 0.00 0.00 - 0.00 0.01 0.00 Liberty Star* O Lincoln Mng V 397 0.09 0.07 0.09 + 0.02 0.10 0.02 176 0.96 0.84 0.95 + 0.10 0.96 0.24 Lion One Mtls V Lion One Mtls* O 72 0.74 0.65 0.73 + 0.08 0.74 0.18 10 0.05 0.00 0.03 - 0.02 0.06 0.01 Lions Gate Mtl Lithium Amer* O 2210 0.85 0.75 0.76 - 0.08 0.87 0.34 1.00 - 0.09 1.15 0.26 Lithium Amer T 6337 1.15 0.97 Lithium Corp* O 361 0.09 0.08 0.09 + 0.00 0.13 0.02 0.00 - 0.00 0.45 0.00 Lithium Expl* O 2675 0.00 0.00 Logan Res V 13 0.12 0.10 0.12 + 0.02 0.15 0.04 0.04 - 0.01 0.05 0.03 Lomiko Mtls V 547 0.04 0.04 Lomiko Mtls* O 229 0.04 0.03 0.03 - 0.00 0.04 0.02 0.19 + 0.05 0.19 0.01 Loncor Res* O 107 0.19 0.12 Loncor Res T 84 0.25 0.16 0.25 + 0.05 0.25 0.02 175 0.01 0.00 0.00 + 0.00 0.01 0.00 Lone Star Gold* O Lonmin plc* O 26 3.42 2.80 3.10 + 0.30 150.00 0.55 0.25 - 0.08 0.39 0.12 Lowell Copper V 106 0.25 0.22 Lucara Diam T 4524 3.48 3.22 3.33 - 0.15 4.37 1.42 0.17 + 0.01 0.19 0.02 Luna Gold* O 570 0.19 0.14 Luna Gold T 1142 0.25 0.19 0.23 + 0.03 0.25 0.03 5.96 + 0.43 6.51 3.46 Lundin Gold T 1056 6.00 5.55 Lundin Mng T 11921 4.79 4.48 4.74 + 0.38 5.26 2.98 0.17 - 0.01 0.23 0.04 Lupaka Gold V 1914 0.23 0.17 0.30 - 0.01 0.39 0.13 Lydian Intl* O 188 0.33 0.29 Lydian Intl T 4290 0.43 0.36 0.37 - 0.01 0.53 0.19 0.05 + 0.00 0.10 0.02 Lynas Corp* O 324 0.06 0.03

M Macarthur Mnl* O 458 0.06 0.05 0.05 - 0.00 0.14 0.02 0.07 - 0.02 0.18 0.02 Macarthur Mnl V 2973 0.09 0.07 MacDonald Mns V 6136 0.02 0.01 0.02 + 0.01 0.02 0.01 19.12 + 2.83 18.90 8.13 MAG Silver T 1534 19.21 17.81 Magellan Gold* O 186 0.28 0.25 0.27 + 0.02 0.35 0.04 O 140 0.01 0.00 0.00 - 0.00 0.20 0.00 MagIndustries* Magnus Intl* O 790 0.00 0.00 0.00 - 0.00 0.00 0.00 0.08 + 0.01 0.15 0.02 Majescor Res V 104 0.08 0.00 Makena Res* O 261 0.04 0.03 0.03 - 0.01 0.04 0.01 0.04 - 0.01 0.05 0.01 Makena Res V 3550 0.04 0.03 Mammoth Res V 1155 0.02 0.02 0.02 - 0.01 0.03 0.01 1.23 + 0.04 1.35 0.59 Mandalay Res T 4034 1.35 1.15 Manitou Gold V 51 0.11 0.09 0.09 - 0.03 0.11 0.02 0.23 - 0.01 0.29 0.11 Margaux Res V 41 0.24 0.23 Maritime Res V 93 0.28 0.26 0.27 - 0.03 0.31 0.08 0.42 - 0.02 0.52 0.10 Marlin Gold* O 37 0.50 0.42 Marlin Gold V 68 0.65 0.51 0.60 + 0.08 0.68 0.15 196.70 + 7.57 195.80 108.31 MartinMarietta* N 3728 198.23 185.70 Mason Graphite* O 117 0.65 0.60 0.65 + 0.01 0.64 0.21 V 489 0.85 0.77 0.83 + 0.06 0.85 0.30 Mason Graphite Matachewan Con V 14 0.36 0.00 0.36 + 0.01 0.49 0.17 0.07 + 0.02 0.07 0.02 Matamec Expl V 1447 0.07 0.05 Matamec Expl* O 69 0.05 0.03 0.05 + 0.01 0.06 0.01 O 41 0.01 0.00 0.00 - 0.00 0.01 0.00 Maudore Mnrls* Mawson Res* O 140 0.22 0.19 0.21 - 0.00 0.24 0.12 0.28 - 0.01 0.30 0.16 Mawson Res T 117 0.29 0.25 MAX Res V 27 0.08 0.00 0.07 + 0.01 0.11 0.04 0.01 - 0.00 0.07 0.00 Maxwell Res* O 24 0.01 0.01 Maya Gold &Sil V 1379 0.18 0.16 0.17 + 0.01 0.26 0.10 30127 4.74 3.91 4.70 + 0.58 4.74 0.65 McEwen Mng* N McEwen Mng T 4652 6.18 5.25 6.14 + 1.20 6.18 0.84 V 596 0.08 0.06 0.07 + 0.01 0.08 0.01 MDN Inc MDN Inc* O 51 0.06 0.05 0.05 + 0.01 0.06 0.01 420 0.07 0.06 0.07 + 0.01 0.17 0.04 Meadow Bay Gd* O Meadow Bay Gd T 852 0.09 0.08 0.09 + 0.01 0.24 0.06 N 314 1.78 1.68 1.77 + 0.05 2.48 1.23 Mechel* Medallion Res* O 1026 0.03 0.01 0.03 + 0.00 0.04 0.01 0.04 + 0.01 0.06 0.01 Medallion Res V 5786 0.04 0.03 Medgold Res V 1406 0.17 0.13 0.15 - 0.01 0.25 0.05 O 9996 0.01 0.01 0.01 - 0.00 0.03 0.01 Medinah Mnrls* Mega Uranium T 1700 0.15 0.14 0.14 - 0.01 0.20 0.05 O 276 0.12 0.11 0.11 + 0.01 0.15 0.04 Mega Uranium* Mercator Mnls* O 66 0.00 0.00 0.00 - 0.00 0.03 0.00 0.22 - 0.01 0.31 0.10 Merrex Gold V 791 0.25 0.21 Meryllion Res 123 0.03 0.02 0.03 + 0.01 0.03 0.01 0.08 - 0.01 0.11 0.01 Mesa Expl V 85 0.10 0.00 Mesa Expl* O 11 0.07 0.00 0.07 + 0.01 0.06 0.01 0.02 + 0.01 0.03 0.01 MetalCorp V 813 0.03 0.02 Metalex Vent V 198 0.08 0.06 0.07 + 0.01 0.11 0.04 0.25 + 0.02 0.28 0.02 Metallis Res V 128 0.26 0.23 Metalo Manuf 21 1.20 0.80 1.05 + 0.05 1.50 0.30 2.71 + 0.11 3.59 1.26 Metalore Res T 20 3.59 0.00 Metals Creek* O 115 0.12 0.11 0.12 + 0.00 0.14 0.05 0.15 + 0.01 0.20 0.05 Metals Creek V 182 0.15 0.14 Mexus Gold* O 8817 0.05 0.04 0.05 - 0.01 0.07 0.00 V 67 0.01 0.01 0.01 - 0.01 0.01 0.01 Mezzotin Mnrls Midas Gold T 7499 1.18 0.94 1.05 + 0.13 1.18 0.25 0.82 + 0.01 0.90 0.16 Midas Gold* O 5100 0.90 0.72 Midland Expl V 171 1.12 0.85 1.05 + 0.15 0.95 0.45 0.12 + 0.02 0.24 0.08 Midnight Sun V 204 0.12 0.09 Midway Gold* O 2984 0.01 0.00 0.00 - 0.00 0.01 0.00 0.07 + 0.01 0.10 0.01 MillenMin Vent V 51 0.10 0.06 Millrock Res* O 280 0.39 0.34 0.39 + 0.02 0.39 0.11 0.49 + 0.03 0.51 0.15 Millrock Res V 568 0.51 0.44 Millstream Min V 56 0.08 0.07 0.07 + 0.01 0.16 0.01 434 0.07 0.03 0.04 + 0.01 0.07 0.02 Milner Con Slv V Minaurum Gold V 423 0.14 0.11 0.11 + 0.01 0.14 0.04 0.38 + 0.11 0.40 0.10 Minco Gold* X 7333 0.42 0.25 Minco Gold T 1099 0.55 0.35 0.50 + 0.15 0.55 0.12 1.82 + 0.56 1.70 0.32 Minco Silver T 1362 1.82 1.29 Minco Silver* O 429 1.35 0.95 1.35 + 0.28 1.28 0.26 0.09 - 0.01 0.18 0.01 Minecorp Egy V 94 0.10 0.09 Minera Alamos V 545 0.14 0.13 0.14 + 0.01 0.18 0.07 0.38 + 0.05 0.37 0.08 Mineral Mtn V 350 0.39 0.00 Mineral Mtn* O 75 0.30 0.24 0.29 + 0.04 0.26 0.04 Mines Manage* X 1358 1.34 1.10 1.33 + 0.15 1.27 0.11 1.57 + 0.17 1.80 0.17 Mines Manage T 30 1.80 1.50 Minnova Corp V 18 0.90 0.73 0.73 - 0.07 0.90 0.18 0.16 + 0.07 0.18 0.06 Miranda Gold V 2950 0.18 0.12 Mirasol Res V 519 2.74 2.35 2.68 + 0.30 2.74 0.72 0.12 - 0.02 0.14 0.02 Mitchell Res V 40 0.06 0.00 Mitchell Res* O 0 0.00 0.00 0.02 - 0.02 0.05 0.02 0.03 + 0.00 0.15 0.02 Molycorp* O 1458 0.04 0.03 Monarques Res V 2968 0.40 0.34 0.37 + 0.03 0.45 0.06 O 367 0.23 0.16 0.19 + 0.03 0.23 0.05 Moneta Porcpn* Moneta Porcpn T 4090 0.30 0.21 0.26 + 0.04 0.30 0.07 0.03 + 0.01 0.16 0.02 Montan Mg V 867 0.04 0.03 Montana Gold 239 0.10 0.07 0.09 + 0.01 0.10 0.02 V 101 0.05 0.04 0.05 + 0.01 0.08 0.01 Montero Mg&Ex Monument Mng V 2144 0.19 0.13 0.17 + 0.04 0.19 0.08 0.02 + 0.01 0.05 0.01 Morro Bay V 2388 0.02 0.01 Mosaic* N 21087 26.87 24.45 25.48 - 1.09 45.98 22.02 0.05 + 0.01 0.05 0.01 Mountain Boy V 952 0.05 0.04 Mountain Prov T 245 6.37 5.93 6.32 + 0.35 6.60 3.38 D 138 4.88 4.56 4.85 + 0.25 5.10 2.47 Mountain Prov* Mundoro Cap* O 35 0.13 0.10 0.10 + 0.00 0.13 0.03 0.14 + 0.01 0.18 0.04 Mundoro Cap V 59 0.16 0.13 Murchison Min 470 0.03 0.03 0.03 - 0.01 0.04 0.01 0.01 - 0.01 0.02 0.01 Mustang Mnrls V 933 0.02 0.00 MX Gold* O 1345 0.22 0.16 0.20 + 0.02 0.23 0.07 V 11099 0.29 0.21 0.27 + 0.05 0.29 0.10 MX Gold Myson Group* O 116 0.02 0.01 0.02 + 0.01 0.18 0.00

N-O NACCO Ind* N 59 57.12 54.53 56.62 + 0.46 61.29 40.04 Namibia Rare E T 60 0.11 0.09 0.10 + 0.01 0.17 0.04 0.25 + 0.02 0.26 0.19 Napier Vent* O 60 0.25 0.23 Natural Res Pt* N 353 17.89 13.97 17.19 + 2.73 34.80 5.00 O 827 0.09 0.08 0.09 - 0.00 0.37 0.08 Nautilus Mnrls* 5 0.01 0.00 0.00 - 0.01 0.03 0.01 Navis Res Corp* O Nemaska Lith T 13187 1.29 1.15 1.20 - 0.13 1.97 0.17 Nemaska Lith* O 780 1.15 0.88 0.93 - 0.11 1.50 0.13 202 0.02 0.02 0.02 + 0.00 0.05 0.00 Nevada Clean M* O Nevada Copper T 281 0.76 0.64 0.72 + 0.10 1.49 0.45 0.10 0.08 0.09 - 0.01 0.20 0.06 Nevada Egy Mtl* O 1462 Nevada Egy Mtl V 1117 0.14 0.10 0.11 - 0.03 0.26 0.01 620 0.39 0.29 0.34 + 0.02 0.61 0.08 Nevada Expl * O 0.45 + 0.06 0.94 0.05 Nevada Expl V 765 0.50 0.42 Nevada Sunrise* O 250 0.25 0.22 0.23 - 0.02 0.28 0.09 V 804 0.31 0.29 0.29 + 0.01 0.37 0.13 Nevada Sunrise Nevada Zinc V 364 0.34 0.30 0.33 - 0.01 0.43 0.19 2.94 - 0.08 3.80 2.27 Nevsun Res* X 5274 3.12 2.85 Nevsun Res T 2763 3.96 3.71 3.81 + 0.02 4.81 3.27 0.11 0.09 0.10 - 0.01 0.15 0.04 New Carolin Gd V 2938 New Carolin Gd* O 254 0.09 0.07 0.08 - 0.01 0.12 0.03 O 1146 0.02 0.02 0.02 + 0.00 0.05 0.00 New Colombia* New Destiny Mg V 1900 0.01 0.01 0.01 + 0.01 0.02 0.01 63 0.14 0.00 0.14 + 0.01 0.19 0.04 New Dimen Res V New Gold* X 26212 5.00 4.46 4.86 + 0.11 5.00 1.76 6.35 + 0.70 6.52 2.52 New Gold T 9974 6.52 5.99 New Gold* O 225 0.09 0.07 0.08 + 0.00 0.28 0.03 262 0.11 0.09 0.11 + 0.01 0.12 0.02 New Jersey Mng* O New Klondike* O 1 0.00 0.00 0.00 + 0.00 0.00 0.00 686 0.08 0.07 0.08 + 0.01 0.15 0.05 New Milln Iron T New Oroperu V 99 0.52 0.42 0.45 - 0.03 0.52 0.09 O 90 0.63 0.57 0.59 + 0.00 0.62 0.14 NewCastle Gold* Newlox Gold 374 0.03 0.02 0.03 + 0.01 0.06 0.02 T 3279 3.99 3.67 3.89 + 0.09 4.10 0.80 Newmarket Gold Newmarket Gold* O 753 3.08 2.85 2.98 - 0.02 3.14 0.61 41.14 + 0.80 41.46 15.39 Newmont Mng* N 48770 41.46 39.47 Newport Expl V 282 0.37 0.26 0.27 - 0.08 0.38 0.19 O 152 2.08 1.88 1.90 - 0.16 2.25 0.41 Nexgen Energy* Nexgen Energy V 1769 2.69 2.45 2.47 - 0.19 2.86 0.56 51 0.13 0.12 0.12 - 0.01 0.18 0.01 Next Gen Mtls Next Gen Mtls* O 18 0.10 0.08 0.10 + 0.02 0.14 0.08

10 11_July18_StockTables.indd 11

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Nexus Gold V 514 0.05 0.04 0.05 + 0.01 0.14 0.04 0.79 + 0.07 0.83 0.37 NGEx Res* O 12 0.82 0.67 1.05 + 0.15 1.09 0.44 NGEx Res T 247 1.07 0.94 Nickel One Res V 543 0.10 0.07 0.10 + 0.02 0.18 0.07 Nickel One Res* O 90 0.06 0.06 0.06 - 0.00 0.10 0.06 42 0.14 0.12 0.13 + 0.01 0.14 0.03 Nicola Mg Inc* O Nicola Mg Inc V 3226 0.17 0.16 0.16 - 0.01 0.20 0.05 Nighthawk Gold V 1252 0.40 0.35 0.38 + 0.04 0.40 0.04 0.08 - 0.01 0.18 0.04 Niocan Inc V 61 0.10 0.08 0.88 + 0.02 1.14 0.51 Niocorp Dev T 613 0.95 0.87 Niocorp Dev* O 392 0.73 0.62 0.69 + 0.00 0.87 0.37 Nippon Dragon V 318 0.09 0.08 0.08 + 0.01 0.15 0.03 705 0.02 0.02 0.02 + 0.01 0.03 0.01 Noble Mnl Expl V 0.12 - 0.03 0.21 0.03 Noka Res V 2817 0.15 0.11 Noram Vent V 5708 0.08 0.06 0.06 - 0.01 0.12 0.01 O 153 0.07 0.06 0.06 + 0.01 5.04 0.02 Noranda Alum* 0.31 - 0.02 0.51 0.28 Noront Res V 799 0.32 0.30 Nortec Mnls V 330 0.04 0.03 0.04 - 0.01 0.08 0.02 18 0.07 0.06 0.06 + 0.00 0.18 0.05 North Am Nickl* O North Am Nickl V 133 0.08 0.07 0.08 + 0.01 0.23 0.07 18 5.23 4.90 5.07 - 0.12 18.00 3.85 North Am Pall T North Am Pall* O 13 4.06 0.00 3.90 + 0.01 12.76 2.71 North Am Ptash V 90 0.08 0.00 0.08 + 0.01 0.15 0.03 North Arrow Mn V 109 0.22 0.18 0.20 + 0.01 0.50 0.12 North Springs* O 542 0.44 0.26 0.39 - 0.02 40.00 0.10 0.11 + 0.01 0.15 0.06 Northcliff Res T 6783 0.13 0.10 Northn Empire V 258 0.20 0.16 0.18 + 0.03 0.22 0.06 O 37 0.15 0.13 0.15 + 0.03 0.15 0.04 Northn Empire* Northquest V 69 0.26 0.26 0.26 - 0.01 0.35 0.07 Norvista Cap V 303 0.18 0.14 0.18 + 0.04 0.24 0.08 Nouveau Monde V 814 0.32 0.28 0.30 - 0.02 0.38 0.13 NovaCopper* X 1544 0.62 0.49 0.61 + 0.09 0.86 0.15 0.78 + 0.13 1.08 0.20 NovaCopper T 106 0.79 0.68 NovaGold Res* X 20728 7.27 6.28 7.12 + 0.33 7.27 2.65 NovaGold Res T 2649 9.43 8.61 9.30 + 1.39 9.43 3.42 0.97 - 0.03 1.30 0.44 Novo Res V 640 1.00 0.91 Novo Res* O 230 0.85 0.70 0.72 - 0.12 1.00 0.33 NQ Explor V 44 0.02 0.01 0.02 + 0.01 0.02 0.01 NRG Metals V 122 0.12 0.09 0.09 - 0.01 0.18 0.02 NRG Metals* O 110 0.09 0.06 0.09 + 0.03 0.11 0.01 0.25 + 0.04 0.29 0.04 Nrthn Freegold V 854 0.29 0.22 Nrthn Freegold* O 13 0.20 0.17 0.19 + 0.02 0.20 0.02 Nrthn Graphite V 168 0.50 0.42 0.42 - 0.08 0.63 0.16 Nrthn Graphite* O 177 0.38 0.32 0.32 - 0.05 0.47 0.12 Nrthn Lion V 41 0.15 0.00 0.15 + 0.06 0.16 0.03 Nrthn Superior V 9878 0.03 0.02 0.03 + 0.01 0.04 0.01 Nrthn Vertex V 127 0.46 0.41 0.46 + 0.04 0.47 0.13 Nrthn Vertex* O 11 0.35 0.34 0.35 - 0.01 0.42 0.15 NSGold V 26 0.10 0.00 0.10 + 0.03 0.10 0.03 Nthn Dynasty T 6713 0.57 0.39 0.56 + 0.16 0.67 0.28 Nthn Dynasty* X 5335 0.45 0.30 0.42 + 0.08 0.53 0.20 Nthrn Sphere* O 1 0.23 0.00 0.23 - 0.14 0.39 0.07 0.45 + 0.11 0.53 0.10 Nthrn Sphere 177 0.45 0.00 Nubian Res V 37 0.07 0.04 0.07 + 0.03 0.10 0.01 NuLegacy Gold* O 930 0.30 0.24 0.26 - 0.04 0.32 0.06 NuLegacy Gold V 2100 0.36 0.32 0.33 - 0.03 0.39 0.08 Nunavik Nickel V 161 0.20 0.13 0.19 + 0.05 0.27 0.03 5.34 + 0.41 5.56 1.79 OceanaGold T 9594 5.56 5.12 OceanaGold* O 24 4.26 3.92 4.15 + 0.22 4.26 1.43 Oceanic Iron O V 89 0.24 0.19 0.19 - 0.05 0.25 0.08 0.29 + 0.01 0.35 0.14 Oceanus Res V 314 0.29 0.26 Oceanus Res* O 234 0.23 0.20 0.23 + 0.01 0.26 0.17 152 0.74 0.66 0.70 + 0.01 0.85 0.21 Odin Mng & Exp V Odin Mng & Exp* O 13 0.58 0.54 0.54 - 0.03 0.58 0.17 Olivut Res* O 46 0.30 0.23 0.27 + 0.02 0.30 0.05 0.35 - 0.02 0.42 0.08 Olivut Res V 126 0.39 0.30 Omineca Mg &Ml V 610 0.09 0.07 0.09 + 0.02 0.11 0.01 0.12 + 0.01 0.15 0.02 Opawica Expl V 23 0.12 0.00 Orbite Tech T 4240 0.35 0.31 0.34 + 0.03 0.53 0.20 Orbite Tech* O 74 0.26 0.24 0.26 + 0.02 0.40 0.15 0.39 + 0.05 0.45 0.12 Orca Gold V 925 0.45 0.32 Orca Gold* O 49 0.32 0.25 0.31 + 0.06 0.32 0.08 0.05 - 0.01 0.08 0.01 Orefinders Res V 422 0.07 0.05 Oremex Silver V 1495 0.10 0.05 0.08 + 0.03 0.10 0.01 Oremex Silver* O 104 0.10 0.06 0.09 + 0.03 0.10 0.00 0.03 - 0.01 0.04 0.01 Orestone Mng V 150 0.03 0.00 Orezone Gold V 1985 1.25 1.06 1.08 - 0.06 1.25 0.22 Orezone Gold* O 106 0.95 0.82 0.82 - 0.12 0.95 0.16 Oriental Non F 50 0.40 0.39 0.39 - 0.01 0.40 0.27 Oro East Mg* O 68 0.02 0.01 0.01 - 0.00 0.06 0.00 0.05 + 0.02 0.05 0.01 Oroco Res V 2369 0.06 0.04 Oroco Res* O 184 0.04 0.03 0.04 + 0.02 0.04 0.01 Orofino Mnrls V 181 0.25 0.19 0.19 - 0.06 0.25 0.05 Oroplata Res* O 1195 1.61 0.77 1.19 - 0.21 1.70 0.25 Orosur Mng T 1772 0.30 0.23 0.30 + 0.08 0.30 0.10 Orvana Mnrls T 800 0.24 0.22 0.23 + 0.02 0.30 0.11 Orvana Mnrls* O 98 0.18 0.17 0.17 - 0.01 0.24 0.07 Osisko Gold * O 98 13.62 13.13 13.27 - 0.23 13.62 8.88 Osisko Gold* N 164 13.80 12.91 13.62 - 0.02 13.80 8.88 Osisko Gold T 2279 17.89 16.91 17.78 + 0.89 17.75 12.39 Otis Gold* O 188 0.15 0.11 0.13 + 0.01 0.15 0.04 Otis Gold V 1098 0.19 0.16 0.17 + 0.01 0.19 0.05 OZ Minerals* O 3 4.47 4.27 4.47 + 0.20 4.47 2.29

P-Q Pac Bay Mnrls V 47 Pac Booker Min* O 6 10 Pac Booker Min V Pac Imperial V 652 Pac Iron Ore V 3 Pac North West* O 43 Pac Ridge Expl* O 21 Pac Topaz V 175 Paladin Energy T 1657 Palamina Corp* O 53 Palamina Corp V 166 Pan Am Silver* D 20885 Pan Am Silver T 3413 Pan Global Res V 72 Pancontinental V 86 O 196 Pancontinental* Panex Res* O 1542 Pangolin Dia V 556 Panoro Mnrls V 311 Parallel Mng V 287 Paramount Gold* X 1625 Parlane Res V 201 Pasinex Res 349 Passprt Potash* O 47 Patriot Gold* O 1061 Peabody Enrgy* O 1013 Peat Res V 35 Pedro Res V 104 Pelangio Expl* O 419 Pelangio Expl V 1805 Pele Mtn Res* O 21 Pele Mtn Res V 164 Peregrine Diam T 5510 Perseus Mng T 3216 Pershing Gold* D 3160 Pershing Res* O 52 Peruvian Prc M* O 300 Philex Mng* O 54 Philippine Mtl V 79 Pilot Gold T 1713 Pilot Gold* O 878 Pine Cliff En* O 6 Pine Cliff En T 1609 Pinecrest Res V 250 Pistol Bay Mng V 172 Pitchblack Res V 4 PJSC Polyus Gd* O 4 Plata Latina V 232 Plateau Uran V 806 Plateau Uran* O 93 Platinum Gp Mt T 1609 Platinum Gp Mt* X 4162 Playfair Mng V 130 Playfair Mng* O 43 PNG Gold V 497 Polaris Mater T 56 PolyMet Mng* X 329 Portage Res* O 2948 Potash Corp SK T 12374 Potash Corp SK* N 47935 Potash Ridge T 3619 Potash Ridge* O 269 Precipitate Gl V 1318 Premier Gold M T 6314 Premium Expl* O 31 Pretium Res* N 9938 Pretium Res T 4207 Primero Mng T 8769 Primero Mng* N 12612 ProAm Expl V 77 Probe Metals V 454 Probe Metals* O 173 Prophecy Coal T 68 Prophecy Coal* O 7 Prosper Gold V 642 Prospero Silvr V 6 PUF Vent Inc 404 Puma Expl V 1080 Pure Energy* O 1363 Pure Energy V 2030 Pure Gold Mg* O 268 Pure Gold Mg V 1219 Pure Nickel V 3929 Purepoint Uran V 678 Q-Gold Res V 245 QMC Quantum Ml V 611 QMX Gold V 718 QMX Gold* O 136 Quartz Mtn Res V 66 Quaterra Res V 644 Quaterra Res* O 508 Quest Rare Mnl* O 24 Quest Rare Mnl T 604 Quinto Real V 22

0.07 0.05 0.06 - 0.01 0.10 0.03 0.99 0.00 0.84 - 0.16 2.80 0.45 1.30 0.00 1.02 - 0.13 3.00 0.63 0.05 0.00 0.04 + 0.02 0.05 0.01 0.18 0.00 0.18 + 0.02 0.39 0.11 0.05 0.03 0.04 - 0.00 0.06 0.00 0.07 0.05 0.05 - 0.01 0.07 0.01 0.21 0.16 0.20 + 0.03 0.29 0.06 0.21 0.19 0.19 - 0.01 0.27 0.15 0.15 0.12 0.14 - 0.01 0.15 0.08 0.20 0.14 0.18 + 0.02 0.20 0.06 18.42 16.80 18.36 + 0.96 18.41 5.38 24.03 22.26 23.96 + 2.68 23.89 7.77 0.03 0.02 0.03 + 0.01 0.04 0.01 0.05 0.03 0.04 + 0.01 0.04 0.01 0.04 0.02 0.03 + 0.01 0.03 0.00 0.00 0.00 0.00 - 0.00 0.01 0.00 0.14 0.12 0.14 + 0.01 0.22 0.03 0.18 0.17 0.17 - 0.01 0.21 0.09 0.14 0.14 0.14 + 0.03 0.14 0.05 2.93 1.58 2.74 + 1.03 2.93 0.93 0.17 0.12 0.17 + 0.06 0.21 0.01 0.13 0.10 0.11 + 0.03 0.13 0.03 0.01 0.00 0.00 - 0.00 0.27 0.00 0.23 0.17 0.22 - 0.01 0.23 0.03 1.71 1.38 1.63 + 0.08 41.10 0.55 0.05 0.04 0.04 - 0.01 0.07 0.01 0.15 0.07 0.14 + 0.08 0.15 0.01 0.06 0.04 0.06 + 0.01 0.06 0.01 0.08 0.06 0.08 + 0.02 0.07 0.01 0.03 0.02 0.02 - 0.01 0.04 0.02 0.04 0.00 0.04 + 0.01 0.06 0.03 0.32 0.21 0.29 + 0.06 0.32 0.09 0.67 0.56 0.65 + 0.15 0.67 0.27 4.98 4.34 4.93 + 0.54 5.95 3.04 0.06 0.04 0.06 + 0.01 0.06 0.02 0.05 0.03 0.05 + 0.01 0.10 0.02 0.21 0.13 0.21 + 0.08 0.21 0.05 0.12 0.06 0.06 - 0.05 0.12 0.01 0.82 0.72 0.75 + 0.01 0.83 0.22 0.63 0.55 0.58 - 0.02 0.64 0.06 0.70 0.67 0.70 + 0.03 1.05 0.51 0.94 0.88 0.89 - 0.04 1.38 0.61 0.23 0.21 0.21 - 0.01 0.25 0.03 0.08 0.06 0.07 + 0.01 0.08 0.01 0.09 0.00 0.09 - 0.04 0.20 0.05 36.40 36.00 36.40 + 0.15 37.59 13.70 0.09 0.06 0.09 + 0.04 0.07 0.01 0.32 0.28 0.28 - 0.03 0.45 0.24 0.25 0.22 0.23 - 0.02 0.35 0.18 4.95 4.40 4.50 + 0.16 5.25 1.35 3.98 3.34 3.46 - 0.50 4.04 0.96 0.10 0.06 0.10 + 0.04 0.09 0.02 0.08 0.04 0.08 + 0.04 0.05 0.01 0.02 0.00 0.01 - 0.01 0.02 0.01 1.29 1.18 1.29 + 0.14 2.29 1.11 0.79 0.75 0.78 - 0.01 1.28 0.55 0.00 0.00 0.00 - 0.00 0.01 0.00 21.80 20.43 20.59 - 0.41 38.25 20.03 16.77 15.62 15.79 - 0.71 29.56 14.64 0.27 0.22 0.23 - 0.05 0.50 0.03 0.20 0.17 0.17 - 0.03 0.38 0.02 0.33 0.27 0.28 - 0.02 0.37 0.06 4.49 3.94 4.33 + 0.50 4.49 1.65 0.00 0.00 0.00 - 0.00 0.04 0.00 12.10 11.26 11.93 + 0.24 12.10 4.00 15.69 14.61 15.55 + 1.09 15.69 5.57 3.42 2.95 3.32 + 0.63 4.90 1.94 2.63 2.14 2.54 + 0.10 3.90 1.41 0.02 0.00 0.02 + 0.01 0.02 0.01 1.17 1.10 1.14 + 0.01 1.26 0.33 0.95 0.85 0.88 - 0.07 0.95 0.24 5.48 2.10 5.00 + 2.38 6.50 1.00 4.05 0.00 3.83 + 2.40 4.00 1.25 0.39 0.33 0.36 + 0.03 0.39 0.06 0.19 0.14 0.19 + 0.06 0.17 0.05 0.07 0.05 0.05 - 0.01 0.24 0.04 0.09 0.07 0.08 + 0.02 0.12 0.03 0.58 0.50 0.56 + 0.00 0.91 0.18 0.75 0.65 0.74 + 0.05 1.15 0.22 0.57 0.51 0.54 - 0.01 0.60 0.05 0.73 0.68 0.71 + 0.01 0.76 0.07 0.02 0.02 0.02 - 0.01 0.04 0.01 0.08 0.00 0.08 + 0.01 0.13 0.02 0.13 0.10 0.11 - 0.01 0.14 0.01 0.08 0.04 0.07 + 0.03 0.05 0.01 0.08 0.06 0.08 + 0.02 0.11 0.01 0.06 0.04 0.06 + 0.02 0.08 0.01 0.06 0.05 0.06 + 0.01 0.05 0.01 0.07 0.06 0.07 + 0.01 0.15 0.05 0.06 0.05 0.05 + 0.00 0.11 0.04 0.12 0.00 0.11 - 0.01 0.20 0.03 0.16 0.15 0.15 - 0.01 0.25 0.06 0.15 0.11 0.15 + 0.01 0.16 0.01

Rackla Mtls V 46 Rackla Mtls* O 2 Radisson Mng V 143 Rainforest Res* O 5 Rainmaker Res V 232 Rainy Mtn Royl V 27

0.14 0.00 0.13 - 0.01 0.14 0.05 0.09 0.08 0.09 + 0.02 0.11 0.03 0.15 0.13 0.15 + 0.01 0.16 0.09 2.20 0.00 2.10 + 0.20 2.20 0.30 0.11 0.07 0.11 + 0.04 0.25 0.07 0.05 0.05 0.05 + 0.01 0.08 0.03

R

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Rainy Mtn Royl* O 24 0.04 0.03 0.03 - 0.00 0.04 0.02 Randgold Res* D 9865 126.55 114.97 122.32 + 4.71 126.55 54.88 1 120.75 0.00 120.75 + 14.10 106.65 57.00 Randgold Res* O 0.02 + 0.01 0.02 0.01 Randsburg Intl V 40 0.02 0.02 Rapier Gold V 196 0.08 0.07 0.07 + 0.01 0.10 0.02 Rare Element* O 614 0.11 0.09 0.11 + 0.00 0.48 0.06 0.84 0.76 0.77 + 0.03 0.89 0.25 Red Eagle Mng V 2351 Red Eagle Mng* O 701 0.64 0.59 0.61 - 0.02 0.91 0.18 V 72 0.14 0.13 0.13 + 0.01 0.15 0.01 Red Hut 0.20 0.17 0.17 - 0.02 0.20 0.03 Red Pine Expl V 1925 Redhawk Res T 114 0.05 0.05 0.05 + 0.01 0.10 0.04 Redhill Res V 238 0.70 0.00 0.70 + 0.05 0.70 0.06 0.05 - 0.01 0.07 0.03 Redstar Gold V 1490 0.06 0.05 0.05 + 0.02 0.05 0.01 Regency Gold V 58 0.05 0.00 Regulus Res V 625 1.37 1.23 1.25 - 0.04 1.44 0.19 Reliant Gold V 1237 0.04 0.04 0.04 + 0.01 0.04 0.01 V 336 0.49 0.40 0.42 - 0.04 0.49 0.11 Renaissance Gd Renaissance Gd* O 100 0.37 0.30 0.32 - 0.01 0.38 0.08 0.03 + 0.01 0.05 0.01 Renforth Res 1663 0.04 0.03 0.14 + 0.06 0.12 0.02 Resource Cap V 112 0.14 0.10 Resource Cap* O 59 0.09 0.06 0.09 + 0.03 0.08 0.02 Reunion Gold V 647 0.03 0.02 0.03 + 0.01 0.03 0.01 0.10 + 0.02 0.14 0.04 Revelo Res V 730 0.11 0.08 Rhyolite Res V 163 0.25 0.20 0.25 + 0.06 0.25 0.09 10.17 9.28 9.86 + 0.37 10.17 2.27 Richmont Mines* X 1987 Richmont Mines T 1686 13.22 12.25 12.80 + 0.81 13.22 3.14 363 0.30 0.18 0.29 + 0.10 0.30 0.07 Rio Novo Gold T Rio Novo Gold* O 32 0.23 0.13 0.22 + 0.08 0.23 0.06 0.06 + 0.02 0.07 0.02 Rio Silver V 1311 0.07 0.05 Rio Tinto* N 21468 31.67 29.98 31.59 + 0.02 41.69 21.89 O 2 30.71 29.80 30.25 - 0.46 40.80 21.90 Rio Tinto* Rio Tinto* O 5 36.41 0.00 36.38 + 2.09 39.53 25.47 94 0.20 0.18 0.20 + 0.02 0.23 0.11 Rise Res Inc Riverside Res* O 148 0.38 0.32 0.36 + 0.04 0.38 0.08 0.47 + 0.05 0.49 0.12 Riverside Res V 525 0.49 0.44 Robex Res V 1006 0.13 0.10 0.13 + 0.01 0.17 0.05 O 6 0.09 0.00 0.09 + 0.04 0.09 0.01 Rochester Res* Rochester Res V 43 0.11 0.08 0.11 + 0.01 0.11 0.03 5 0.35 0.24 0.35 + 0.11 0.35 0.02 Rock Tech Lith* O Rock Tech Lith V 540 0.50 0.37 0.46 + 0.12 0.47 0.03 0.11 - 0.01 0.75 0.02 Rockex Mng 25 0.13 0.08 Rockhaven Res V 519 0.29 0.23 0.28 + 0.05 0.29 0.10 O 138 0.09 0.08 0.08 - 0.01 0.19 0.05 Rockwell Diam* Rockwell Diam T 149 0.12 0.10 0.10 - 0.01 0.25 0.07 0.05 - 0.01 0.11 0.04 Rogue Res* O 67 0.05 0.05 Rogue Res V 702 0.06 0.06 0.06 - 0.01 0.16 0.03 20 0.08 0.06 0.07 + 0.01 0.08 0.01 Romios Gold Rs* O Rosita Mg Corp V 1697 0.09 0.06 0.08 + 0.01 0.09 0.01 0.50 - 0.05 0.60 0.03 Rouge Res V 740 0.57 0.45 Roughrider Exp V 112 0.15 0.12 0.14 + 0.02 0.15 0.05 1.30 + 0.17 1.28 0.42 Roxgold* O 408 1.30 1.13 Roxgold V 3755 1.71 1.55 1.68 + 0.15 1.67 0.54 T 114 104.15 94.75 103.15 + 10.10 104.15 35.46 Royal Gold Royal Gold* D 8439 80.36 72.82 79.36 + 4.89 80.36 24.68 0.34 + 0.03 0.50 0.10 Royal Nickel* O 36 0.35 0.31 Royal Nickel T 2889 0.45 0.42 0.44 + 0.02 0.63 0.12 639 0.18 0.10 0.16 + 0.07 0.18 0.04 Royal Rd Mnrls V Royal Sapphire V 11 0.06 0.00 0.06 - 0.01 0.07 0.02 0.17 - 0.01 0.30 0.05 RT Minerals V 38 0.18 0.00 RTG Mining T 47 0.61 0.55 0.61 + 0.10 0.70 0.33 O 2895 0.04 0.03 0.04 + 0.00 1.02 0.01 Rubicon Mnrls* Rugby Mng V 896 0.38 0.28 0.38 + 0.08 0.38 0.03 0.78 - 0.02 0.87 0.02 Rupert Res V 254 0.84 0.71 Rusoro Mng* O 114 0.11 0.08 0.09 - 0.01 0.13 0.02 0.11 - 0.02 0.19 0.03 Rusoro Mng V 333 0.12 0.11 Rye Patch Gold* O 881 0.37 0.32 0.35 - 0.02 0.37 0.08 0.46 0.41 0.45 - 0.02 0.46 0.11 Rye Patch Gold V 1883

S Sabina Gd&Slvr* O 3056 T 8935 Sabina Gd&Slvr Sage Gold V 691 Saint Jean V 3206 Salazar Res V 91 Samex Mng* O 531 822 San Gold Corp* O San Marco Res V 201 V 2108 Sandspring Res Sandspring Res* O 829 X 10527 Sandstorm Gold* T 2447 Sandstorm Gold Santa Fe Gold* O 7049 Santacruz Silv V 3171 Sarama Res V 765 Sarissa Res* O 4293 Satori Res V 181 Saturn Mnrls V 857 Savary Gold V 2977 Savary Gold* O 163 378 Scandium Int M* O Scorpio Gold V 1417 ScoZinc Mg V 1 Seabridge Gld T 749 Seabridge Gld* N 6120 Searchlight* O 248 Select Sands V 461 Semafo T 10620 Senator Mnrls V 48 Sennen Potash V 23 Serabi Gold T 83 Serengeti Res V 2017 Shamrock Ent 177 Sherritt Intl T 2712 Shore Gold T 324 Shoshoni Gold V 495 Sibanye Gold* N 11502 Sienna Res* O 36 Sienna Res V 4898 Sierra Iron Or V 57 Sierra Metals T 208 Sierra Metals* O 21 Sierra Res* O 2685 Signal Expl V 554 Signature Res V 791 Silver Bear Rs T 3731 Silver Bull Re* O 4585 Silver Bull Re T 1990 Silver Dragon* O 322 Silver Falcon* O 50639 Silver Grail V 305 Silver Mtn Mns V 1162 Silver Predatr V 124 Silver Range V 761 Silver Scott* O 186 Silver Shield 299 Silver Spruce V 3286 Silver Std Res T 5151 Silver Std Res* D 15730 Silver Wheaton T 11169 Silver Wheaton* N 44174 Silvercorp Met T 6087 O 3353 Silvercorp Met* Silvermet V 318 SinoCoking Cl* D 90 Sirios Res V 1451 Sirios Res* O 415 Skeena Res* O 52 Skeena Res V 5474 Slam Explor V 241 Solitario Ex&R T 116 Solitario Ex&R* X 1682 Sona Res V 609 Sonora Gld & S V 41 Sonoro Mtls V 285 Source Expl V 395 Southern Arc V 538 Southern Arc* O 114 Southern Copp* N 6566 Southern Silvr V 1751 Southern Silvr* O 521 SouthGobi Res T 14 526 Spanish Mtn Gd* O Spanish Mtn Gd V 3007 Sparton Res V 341 Sparton Res* O 54 Spearmint Res V 1858 Sphinx Res V 1220 Spruce Ridge R V 1241 St Augustine T 560 O 38 Stakeholdr Gld* Stakeholdr Gld V 309 V 1281 Standard Graph Stans Energy* O 166 Star Gold* O 3 Starcore Intl T 492 320 Starr Peak Exp V Stellar Africa V 3091 Stelmine Can V 1 Stillwater Mg* N 8803 Stina Res 58 Stina Res* O 23 Stockport Expl V 290 Stornoway Diam T 10537 Stratabd Mnr V 63 Strateco Res* O 56 Strategic Metl V 978 Stratton Res V 311 O 46 Strikepoint Gd* Strikepoint Gd V 76 Stroud Res V 5647 Sulliden Mng T 347 Suncor Energy T 18578 Suncor Energy* N 18927 O 23 Sunridge Gold* Sunvest Mnrls V 52 Superior Mng* O 60 Sutter Gold V 164 Sutter Gold* O 285 Syrah Res* O 5

1.13 0.87 0.99 + 0.10 1.55 0.24 1.47 1.16 1.28 + 0.17 1.87 0.32 0.07 0.06 0.07 + 0.01 0.09 0.03 0.04 0.03 0.03 - 0.01 0.07 0.02 0.12 0.00 0.12 + 0.01 0.16 0.03 0.00 0.00 0.00 + 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.01 0.00 0.20 0.00 0.20 + 0.05 0.20 0.02 0.75 0.61 0.72 + 0.15 0.75 0.11 0.59 0.45 0.56 + 0.07 0.59 0.08 5.10 4.47 4.90 + 0.26 5.10 1.94 6.64 5.85 6.39 + 0.58 6.64 2.82 0.07 0.01 0.05 + 0.03 0.09 0.00 0.53 0.46 0.50 + 0.09 0.63 0.09 0.24 0.20 0.20 - 0.04 0.24 0.05 0.01 0.00 0.00 + 0.00 0.02 0.00 0.15 0.11 0.15 + 0.02 0.15 0.02 0.10 0.09 0.09 - 0.01 0.22 0.09 0.15 0.11 0.14 + 0.01 0.15 0.02 0.11 0.07 0.11 + 0.03 0.11 0.06 0.14 0.12 0.13 - 0.00 0.17 0.06 0.10 0.09 0.10 + 0.01 0.12 0.05 0.66 0.00 0.66 - 0.09 1.25 0.40 20.71 18.55 19.59 + 0.62 20.71 4.34 15.88 14.27 15.02 + 0.11 15.88 3.31 0.11 0.09 0.09 - 0.01 0.42 0.01 0.27 0.20 0.25 - 0.03 0.49 0.20 7.33 6.45 7.25 + 1.05 7.33 2.46 0.50 0.48 0.50 + 0.05 0.50 0.04 0.12 0.00 0.12 + 0.01 0.28 0.09 0.11 0.00 0.11 + 0.03 0.09 0.04 0.10 0.08 0.10 + 0.02 0.11 0.02 0.05 0.05 0.05 + 0.01 0.05 0.01 0.87 0.82 0.86 + 0.06 2.07 0.53 0.20 0.18 0.19 + 0.01 0.25 0.13 0.01 0.01 0.01 - 0.01 0.03 0.01 15.84 14.01 15.74 + 1.45 16.63 4.07 0.17 0.16 0.17 + 0.01 0.19 0.01 0.24 0.20 0.23 + 0.03 0.25 0.01 0.29 0.25 0.28 + 0.01 0.50 0.22 1.39 1.28 1.33 + 0.02 1.80 0.84 1.07 0.99 1.07 + 0.03 1.40 0.69 0.00 0.00 0.00 - 0.00 0.01 0.00 0.30 0.16 0.16 - 0.14 0.30 0.01 0.07 0.05 0.07 + 0.02 0.09 0.01 0.32 0.28 0.30 + 0.03 0.32 0.02 0.19 0.14 0.15 - 0.02 0.19 0.02 0.25 0.19 0.20 - 0.01 0.25 0.04 0.04 0.03 0.03 - 0.00 0.05 0.01 0.00 0.00 0.00 - 0.00 0.00 0.00 0.13 0.09 0.13 + 0.06 0.13 0.02 0.05 0.02 0.04 + 0.02 0.05 0.01 0.08 0.07 0.08 + 0.01 0.09 0.01 0.24 0.17 0.21 + 0.06 0.24 0.02 0.01 0.01 0.01 + 0.00 0.01 0.00 0.09 0.03 0.08 - 0.01 0.17 0.01 0.08 0.06 0.08 + 0.02 0.10 0.04 19.27 17.15 19.01 + 2.24 19.27 5.28 14.86 13.24 14.58 + 1.00 14.86 3.66 33.77 31.35 33.64 + 3.23 33.51 14.51 25.90 24.04 25.79 + 1.01 25.62 10.04 3.88 3.02 3.87 + 0.93 3.78 0.60 2.98 2.25 2.97 + 0.70 2.91 0.41 0.04 0.04 0.04 - 0.01 0.09 0.02 0.32 0.28 0.32 + 0.02 1.48 0.26 0.41 0.36 0.40 + 0.01 0.51 0.07 0.31 0.27 0.30 + 0.01 0.39 0.07 0.10 0.00 0.10 + 0.03 0.10 0.04 0.13 0.09 0.12 + 0.03 0.13 0.06 0.09 0.07 0.07 - 0.02 0.12 0.01 1.04 0.72 1.01 + 0.31 1.04 0.57 0.82 0.54 0.79 + 0.19 0.82 0.40 0.07 0.04 0.06 + 0.01 0.09 0.01 0.07 0.06 0.06 - 0.01 0.08 0.01 0.12 0.09 0.12 + 0.03 0.13 0.04 0.03 0.03 0.03 + 0.01 0.05 0.01 0.90 0.49 0.66 + 0.26 1.00 0.24 0.66 0.30 0.53 + 0.23 0.66 0.17 26.58 24.91 25.77 - 0.67 31.31 21.55 0.49 0.37 0.38 - 0.08 0.49 0.03 0.37 0.29 0.30 - 0.07 0.39 0.02 0.25 0.25 0.25 - 0.01 0.72 0.21 0.09 0.07 0.08 - 0.00 0.09 0.01 0.11 0.09 0.11 + 0.02 0.11 0.02 0.07 0.06 0.07 + 0.01 0.07 0.01 0.05 0.04 0.05 + 0.01 0.05 0.00 0.05 0.04 0.04 - 0.01 0.06 0.01 0.04 0.03 0.04 + 0.01 0.05 0.01 0.04 0.03 0.03 - 0.01 0.06 0.01 0.12 0.11 0.12 + 0.02 0.14 0.07 0.31 0.30 0.30 + 0.00 0.46 0.05 0.40 0.38 0.40 + 0.04 0.62 0.04 0.09 0.08 0.09 + 0.01 0.13 0.01 0.02 0.01 0.01 + 0.00 0.04 0.01 0.06 0.06 0.06 + 0.00 0.15 0.05 0.91 0.83 0.89 + 0.09 0.91 0.25 0.08 0.08 0.08 + 0.01 0.19 0.05 0.08 0.00 0.06 + 0.02 0.08 0.01 0.10 0.00 0.10 + 0.02 0.15 0.05 12.76 11.77 12.73 + 0.48 12.84 4.99 0.17 0.15 0.15 - 0.03 0.19 0.11 0.13 0.13 0.13 - 0.00 0.19 0.06 0.05 0.02 0.03 - 0.02 0.06 0.01 1.00 0.90 0.99 + 0.04 1.08 0.65 0.02 0.02 0.02 + 0.01 0.02 0.01 0.01 0.01 0.01 + 0.00 0.30 0.00 0.80 0.58 0.63 + 0.07 0.80 0.24 0.42 0.36 0.41 + 0.04 0.42 0.07 0.16 0.14 0.16 + 0.02 0.19 0.08 0.23 0.18 0.22 + 0.04 0.55 0.05 0.02 0.01 0.01 + 0.01 0.02 0.01 0.41 0.38 0.40 + 0.03 0.45 0.19 36.93 35.90 36.28 + 0.44 40.35 27.32 28.62 27.58 27.84 - 0.38 30.70 18.71 0.03 0.02 0.02 + 0.00 0.29 0.01 0.12 0.00 0.09 - 0.03 0.55 0.01 0.01 0.00 0.00 - 0.01 0.01 0.00 0.08 0.06 0.06 - 0.02 0.16 0.04 0.07 0.05 0.05 - 0.00 0.13 0.02 4.69 4.50 4.60 + 0.05 4.90 1.81

T Tahoe Res* N 13078 16.56 15.04 16.48 + 0.85 16.29 6.48 21.53 + 2.18 21.13 9.45 Tahoe Res T 8209 21.60 19.53 Tajiri Res V 501 0.04 0.03 0.04 + 0.01 0.06 0.01 Takara Res V 2547 0.09 0.04 0.09 + 0.05 0.09 0.02 0.10 + 0.01 0.13 0.01 Taku Gold* O 73 0.10 0.08 Taku Gold 40 0.14 0.11 0.14 + 0.04 0.22 0.02

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Talon Metals T 53 Tamino Mnrls* O 1737 Tanager Energy V 51 Tango Mining V 2289 Tantalex Res 3491 Tanzania Mnls V 2203 Tanzania Rlty T 1187 Tanzania Rlty* X 8561 Taranis Res V 82 Tartisan Res 70 Tasca Res V 91 Taseko Mines T 771 Taseko Mines* X 1595 O 362 Tasman Metals* Tasman Metals V 477 T 19 Teck Res Teck Res* N 38425 Teck Res T 21598 Telson Res V 32 Teranga Gold T 10251 Teras Res V 358 Terraco Gold V 962 Terrax Mnrls* O 309 Terrax Mnrls V 2492 194 Teslin Rvr Res V Teuton Res V 505 Teuton Res* O 66 Theia Res V 13 Themac Res V 59 Thompson Creek* O 6039 T 19185 Thompson Creek Thor Expl V 296 120 Thunder Mtn Gd* O Thunder Mtn Gd V 16 Thunderstruck V 107 Thunderstruck* O 12 Till Capital V 1 Till Capital* D 2 Timberline Res V 95 Timberline Res* O 477 Timmins Gold* X 13352 Timmins Gold T 7722 Tinka Res V 563 Tintina Res V 70 Tintina Res* O 85 Tirex Res* O 324 Tirex Res V 429 O 58 TMAC Resource* TMAC Resources T 630 TNR Gold V 407 TomaGold V 1680 O 1090 Tombstone Expl* Torex Gold T 5580 O 735 Torex Gold* Tower Res V 981 V 572 Transatlan Mng Transition Mtl V 110 Treasury Metal T 1136 Trecora Res* N 117 Trevali Mng* O 581 Trevali Mng T 9077 V 576 Tri Origin Exp Trident Gold V 580 TriMetals Mng T 1223 TriMetals Mng* O 291 TriMetals Mng* O 82 Trinity Res* O 10 Trinity Valley V 166 Trio Gold Corp V 3258 TriStar Gold V 354 TriStar Gold* O 74 Troy Res* O 49 True North Gem V 951 Trueclaim Expl V 1084 Tsodilo Res V 19 Tudor Gold V 114 Turquoise HIl T 4353 11685 Turquoise HIl* N TVI Pacific T 625 Typhoon Expl V 434

0.10 0.00 0.08 - 0.02 0.15 0.07 0.00 0.00 0.00 - 0.00 0.01 0.00 0.09 0.09 0.09 - 0.01 0.10 0.02 0.07 0.06 0.06 - 0.01 0.08 0.01 0.11 0.07 0.07 - 0.04 0.11 0.01 0.02 0.01 0.01 + 0.01 0.02 0.01 1.70 0.88 1.40 + 0.53 1.70 0.24 1.32 0.65 1.09 + 0.34 1.32 0.17 0.12 0.10 0.12 + 0.03 0.12 0.03 0.07 0.05 0.05 - 0.03 0.10 0.01 0.12 0.08 0.12 + 0.04 0.12 0.00 0.73 0.63 0.71 + 0.08 0.88 0.35 0.57 0.47 0.55 + 0.04 0.70 0.23 0.30 0.19 0.29 + 0.10 0.51 0.06 0.40 0.27 0.38 + 0.12 0.58 0.09 19.55 18.00 18.52 + 0.47 19.55 5.69 14.45 12.90 13.55 - 0.83 14.45 2.56 18.43 16.80 17.66 + 0.65 18.43 3.65 0.21 0.17 0.20 + 0.03 0.25 0.04 1.23 1.13 1.23 + 0.08 1.25 0.38 0.18 0.14 0.14 - 0.01 0.18 0.03 0.16 0.12 0.15 - 0.01 0.16 0.07 0.45 0.35 0.41 + 0.04 0.45 0.17 0.57 0.43 0.57 + 0.15 0.57 0.23 0.36 0.31 0.35 + 0.01 0.43 0.20 0.30 0.24 0.28 + 0.04 0.33 0.04 0.23 0.17 0.22 + 0.04 0.25 0.03 0.16 0.11 0.11 - 0.05 0.16 0.05 0.05 0.04 0.04 - 0.01 0.10 0.01 0.58 0.41 0.55 + 0.09 0.73 0.07 0.75 0.56 0.72 + 0.18 0.95 0.16 0.12 0.10 0.12 + 0.01 0.14 0.02 0.14 0.09 0.11 - 0.01 0.15 0.02 0.23 0.12 0.12 - 0.04 0.23 0.07 0.05 0.00 0.05 + 0.01 0.05 0.01 0.04 0.04 0.04 + 0.00 0.04 0.04 4.25 0.00 4.20 - 0.05 6.60 3.28 3.30 3.15 3.30 + 0.10 5.43 2.76 0.61 0.51 0.51 - 0.07 0.72 0.16 0.45 0.39 0.41 - 0.04 0.78 0.08 0.48 0.41 0.45 - 0.03 0.51 0.07 0.60 0.54 0.58 + 0.11 0.64 0.11 0.24 0.22 0.23 - 0.01 0.27 0.09 0.13 0.00 0.13 + 0.02 0.11 0.04 0.10 0.08 0.10 + 0.01 0.09 0.03 0.10 0.08 0.08 + 0.00 0.17 0.05 0.13 0.10 0.10 + 0.01 0.22 0.07 12.00 11.35 11.44 - 0.56 13.63 9.26 15.11 14.78 14.79 - 0.16 17.73 4.85 0.06 0.05 0.05 - 0.01 0.09 0.01 0.16 0.14 0.15 - 0.01 0.16 0.04 0.02 0.01 0.01 - 0.00 0.02 0.01 26.61 2.35 25.89 + 2.79 26.61 8.50 1.87 1.76 1.83 - 16.47 19.30 6.74 0.07 0.05 0.07 + 0.02 0.07 0.01 0.05 0.04 0.05 + 0.01 0.15 0.03 0.19 0.17 0.17 - 0.02 0.19 0.06 0.65 0.57 0.65 + 0.07 0.65 0.32 10.84 10.05 10.80 + 0.17 16.50 8.17 0.50 0.43 0.48 + 0.05 0.75 0.18 0.65 0.57 0.63 + 0.07 0.97 0.25 0.07 0.00 0.07 + 0.01 0.08 0.02 0.02 0.01 0.02 + 0.01 0.02 0.01 0.35 0.28 0.29 - 0.01 0.36 0.04 0.25 0.22 0.23 - 0.02 0.28 0.03 0.27 0.23 0.24 - 0.03 0.32 0.06 0.05 0.00 0.05 - 0.03 1.50 0.05 0.03 0.00 0.03 + 0.01 0.04 0.01 0.02 0.01 0.01 - 0.01 0.02 0.01 0.39 0.30 0.35 + 0.05 0.40 0.10 0.28 0.23 0.27 + 0.04 0.32 0.10 0.49 0.41 0.46 + 0.05 0.56 0.13 0.10 0.09 0.10 - 0.01 0.20 0.07 0.03 0.02 0.02 + 0.01 0.04 0.01 0.74 0.69 0.73 - 0.01 1.03 0.54 2.50 1.50 2.27 + 0.78 2.50 0.03 4.67 4.40 4.57 + 0.20 4.68 2.30 3.57 3.36 3.50 + 0.02 3.66 1.55 0.03 0.02 0.03 + 0.01 0.04 0.01 0.13 0.09 0.13 + 0.04 0.13 0.03

U-V U3O8 Corp T 1872 0.03 0.02 0.03 + 0.01 0.05 0.02 U3O8 Corp* O 246 0.03 0.02 0.03 + 0.01 0.04 0.01 298 0.33 0.30 0.32 + 0.01 0.35 0.15 Ucore Rare Mtl* O 374 0.43 0.40 0.41 + 0.01 0.45 0.20 Ucore Rare Mtl V Ultra Lithium V 651 0.25 0.16 0.20 - 0.01 0.35 0.05 Ultra Lithium* O 17 0.18 0.16 0.16 - 0.01 0.27 0.06 0.05 + 0.01 0.10 0.02 Umbral Enrgy 2201 0.06 0.04 Unigold V 508 0.48 0.36 0.44 + 0.05 0.48 0.08 O 7 0.33 0.31 0.33 + 0.02 0.33 0.06 Unigold* 79 0.03 0.03 0.03 - 0.00 0.09 0.01 United Res Hdg* O United Silver* O 2842 0.01 0.00 0.00 - 0.00 0.01 0.00 United States A* X 788 0.27 0.20 0.25 + 0.04 0.75 0.16 19.09 16.70 19.03 + 0.76 21.49 6.15 United States S* N 74035 Unity Energy V 234 0.30 0.17 0.21 - 0.02 0.48 0.05 0.76 - 0.01 1.02 0.60 Ur-Energy T 167 0.79 0.71 Ur-Energy* X 1208 0.62 0.55 0.59 - 0.01 0.77 0.44 0.07 + 0.02 0.08 0.01 Uracan Res V 435 0.07 0.05 Uracan Res* O 365 0.05 0.03 0.05 - 0.00 0.06 0.00 0.26 0.17 0.22 + 0.06 0.26 0.02 Uragold Bay Rs V 6172 X 2617 0.97 0.90 0.92 - 0.02 1.60 0.65 Uranium Energy* Uranium Res* D 661 1.81 1.58 1.67 - 0.03 16.08 1.39 Uranium Valley V 33 0.22 0.12 0.22 + 0.07 0.22 0.04 0.34 + 0.03 0.39 0.05 Uravan Mnrls V 1271 0.39 0.29 US Energy* D 509 2.84 1.70 2.31 + 0.56 4.86 0.67 0.02 0.01 0.02 + 0.00 0.15 0.00 US Precious M* O 1642 US Tungsten* O 172 0.00 0.00 0.00 + 0.00 0.01 0.00 O 249 0.02 0.01 0.01 - 0.00 0.03 0.00 USCorp* Vale* N 31970 4.12 3.75 3.93 - 0.15 4.90 1.55 N 109309 5.23 4.68 4.95 - 0.21 6.26 2.13 Vale* Valencia Vent V 137 0.08 0.00 0.08 - 0.01 0.40 0.08 0.05 - 0.14 0.20 0.05 Valencia Vent* O 3 0.05 0.00 Valley High Mg* O 3387 0.01 0.00 0.01 + 0.00 0.01 0.00 O 29 0.05 0.03 0.03 - 0.01 0.05 0.01 Vanadiumcorp* Vanadiumcorp V 402 0.05 0.05 0.05 - 0.01 0.06 0.02 0.04 + 0.01 0.04 0.01 Vantex Res V 648 0.04 0.03 Vedanta* N 1153 8.73 7.78 8.68 + 0.64 9.43 3.52 0.09 - 0.06 0.20 0.05 Velocity Mnrls V 11 0.16 0.00 Vena Res V 421 0.06 0.05 0.05 + 0.01 0.07 0.04 0.09 - 0.01 0.14 0.05 Vendetta Mng V 215 0.09 0.09 0.01 - 0.01 0.03 0.01 Vendome Res V 710 0.02 0.01 Verde Potash T 82 0.32 0.21 0.29 - 0.03 0.48 0.13 Veris Gold* O 22 0.01 0.00 0.00 + 0.00 0.03 0.00 0.59 + 0.08 0.65 0.11 Victoria Gold V 6427 0.65 0.53 0.05 + 0.01 0.09 0.02 Victory Res V 908 0.05 0.04 Victory Vent V 141 0.04 0.03 0.03 - 0.01 0.06 0.01 0.05 - 0.01 0.10 0.04 Virginia Enrgy V 28 0.05 0.00 Virginia Enrgy* O 4 0.04 0.00 0.03 - 0.01 0.08 0.02 0.74 + 0.01 0.91 0.16 Viscount Mng V 273 0.77 0.70 Visible Gold M V 1450 0.05 0.04 0.05 + 0.01 0.08 0.02 1.66 - 0.19 2.09 0.24 Vista Gold* X 12273 2.05 1.53 Vista Gold T 878 2.60 1.97 2.20 - 0.27 2.73 0.31 0.46 + 0.12 0.52 0.03 Voltaic Min V 168 0.46 0.35 Vulcan Mnrls V 315 0.04 0.03 0.04 + 0.01 0.04 0.02 0.05 + 0.01 0.05 0.01 VVC Expl V 1009 0.05 0.04

W-Z WAI Cap Invest V 12 0.03 0.02 0.03 + 0.01 0.05 0.02 Walker River V 1904 0.07 0.05 0.06 + 0.02 0.08 0.02 T 243 0.08 0.07 0.07 - 0.01 0.10 0.02 Wallbridge Mng 0.07 - 0.00 0.15 0.01 Walter Energy* O 565 0.08 0.06 Waseco Res V 699 0.07 0.05 0.07 + 0.02 0.07 0.02 0.68 + 0.00 0.83 0.10 Wealth Mnrls* O 534 0.68 0.55 Wealth Mnrls V 1201 0.88 0.71 0.85 + 0.02 1.06 0.14 O 1080 0.46 0.38 0.39 - 0.03 0.46 0.12 Wellgreen Plat* Wellgreen Plat T 2439 0.62 0.49 0.51 + 0.01 0.62 0.16 T 7448 2.20 1.98 2.10 + 0.12 2.15 0.89 Wesdome Gold West Af Res V 1904 0.22 0.17 0.21 + 0.02 0.22 0.05 West Kirkland V 1912 0.15 0.12 0.14 + 0.01 0.14 0.04 183 0.21 0.18 0.20 + 0.01 0.26 0.02 West Red Lake* O 682 0.29 0.24 0.27 + 0.01 0.34 0.01 West Red Lake Western Copper* X 808 1.03 0.90 0.94 + 0.04 1.03 0.20 T 884 1.35 1.20 1.22 + 0.12 1.35 0.29 Western Copper Western Pac Rs V 225 0.03 0.00 0.03 + 0.01 0.03 0.01 Western Pac Rs* O 43 0.02 0.01 0.02 + 0.02 0.02 0.00 81 0.04 0.03 0.03 - 0.01 0.05 0.01 Western Troy C V Western Uran 9 2.50 1.84 2.00 - 0.35 5.00 1.20 1.53 - 0.23 2.67 1.19 Western Uran* O 6 1.76 1.36 Westhaven Vent V 202 0.15 0.11 0.15 - 0.02 0.16 0.04 O 473 0.07 0.05 0.05 + 0.00 0.07 0.01 Westkam Gold* Westkam Gold V 6538 0.08 0.07 0.07 - 0.01 0.09 0.02 10.05 9.03 9.45 - 0.55 18.23 3.44 Westmoreland* D 1000 WestMountain* O 5 0.15 0.08 0.08 - 0.07 0.20 0.04 219 0.11 0.00 0.06 - 0.01 0.13 0.02 White Metal Rs V White Mtn Engy* O 309 0.11 0.09 0.10 - 0.01 0.40 0.07 O 7 1.00 0.74 1.00 + 0.26 0.91 0.25 Whitehaven Coa* Wildcat Expl V 344 0.10 0.08 0.08 - 0.01 0.16 0.02 0.04 + 0.01 0.04 0.01 Williams Creek V 1665 0.04 0.04 Wincash Apolo* O 20 0.10 0.07 0.09 + 0.02 0.25 0.06 108 0.12 0.10 0.12 + 0.02 0.13 0.10 Winston Gld Mg Wolfden Res V 1150 0.14 0.13 0.13 - 0.01 0.19 0.05 V 487 0.10 0.07 0.10 + 0.04 0.33 0.07 Wolverine Mnls Worldwide Res V 86 0.03 0.02 0.03 + 0.01 0.06 0.01 0.09 + 0.01 0.12 0.03 WPC Res V 1302 0.10 0.07 X-Terra Res V 1305 0.27 0.19 0.27 + 0.04 0.25 0.06 0.45 + 0.05 0.46 0.21 Xander Res V 171 0.46 0.40 0.04 + 0.01 0.06 0.03 Xiana Mng V 27 0.04 0.03 Ximen Mng V 2370 0.10 0.07 0.10 + 0.04 0.15 0.02 0.06 + 0.02 0.11 0.01 Ximen Mng* O 64 0.06 0.04 XLI Tech Inc* O 1923 0.04 0.03 0.03 - 0.00 1.50 0.02 V 1308 0.07 0.04 0.07 + 0.03 0.06 0.01 Xtierra Xtra-Gold Res* O 62 0.43 0.37 0.38 - 0.03 0.43 0.12 0.51 - 0.04 0.56 0.18 Xtra-Gold Res T 93 0.56 0.49 Yamana Gold T 34622 7.77 7.04 7.70 + 0.98 7.70 1.89 65476 5.95 5.25 5.90 + 0.42 5.91 1.38 Yamana Gold* N Yanzhou Coal* N 141 6.59 6.18 6.55 + 0.08 6.76 3.66 0.11 + 0.02 0.15 0.06 Yorbeau Res T 1642 0.11 0.09 Zadar Vent V 1433 0.14 0.11 0.14 + 0.01 0.26 0.01 0.21 + 0.04 0.33 0.09 Zazu Metals T 129 0.21 0.19 Zenyatta Vent V 191 0.72 0.66 0.68 - 0.03 1.78 0.63 0.51 - 0.04 1.33 0.47 Zenyatta Vent* O 31 0.56 0.00 Zephyr Mnls* O 23 0.30 0.27 0.30 + 0.03 0.30 0.15 0.38 + 0.04 0.39 0.08 Zephyr Mnls V 82 0.39 0.31 Zimtu Capital V 154 0.25 0.23 0.24 + 0.01 0.38 0.12 0.03 + 0.02 0.04 0.01 Zincore Mtls V 114 0.04 0.01 Zonte Mtls V 175 0.10 0.08 0.08 + 0.01 0.15 0.02

2016-07-12 7:44 PM

12

WWW.NORTHERNMINER.COM

JULY 18–24, 2016 / THE NORTHERN MINER

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 SPOT PRICES COURTESY OF SCOTIABANK Tuesday, July 12, 2016 Precious Metals Gold Silver Platinum Palladium Base Metals Nickel Copper Lead Zinc

Price (US$/oz.)

Change 1352.85 +8.10 $20.35 +0.62 $1093.00 +38.00 $615.00 +12.00 Price (US$/tonne) Change $10325.00 +285.00 $4806.50 +58.00 $1857.00 +38.00 $2183.00 +42.50

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, July 11, 2016 (change from July 4, 2016 in brackets): Aluminium Alloy 11900 (0) 2344175 (-30900) Aluminium Copper 222600 (+34200) 184525 (-625) Lead Nickel 377736 (-378) 6045 (-5) Tin 439575 (-2525) Zinc

TSX WARRANTS

Thermal Coal CAPP: US$39.50 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$40.50 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$8.80 Coal: CME Group Central Appalachian Futures July 2016: US$39.50 Aug. 2016: US$39.50 Cobalt: US$10.77/lb.

Copper: US$2.08/lb.

Copper: CME Group Futures July 2016: US$2.11/lb.; Aug. 2016: US$2.11/lb Ferro-Chrome: US$1.77/kg Ferro Titanium: US$3.50/kg FerroTungsten: US$23.12/kg Ferrovanadium: US$14.70/kg Iridium: NY Dealer Mid-mkt US$520/tr oz.

Iron Ore 62% Fe CFR China-S: US$50.60/tonne Iron Ore Fines: US$56.46/tonne Iron Ore Pellets: US$72.89/tonne Lead: US$0.77/lb.

Magnesium: US$2.03/kg Manganese: US$2.01/kg Molybdenum Oxide: US$7.71/lb.

Phosphate Rock: US$115.00/tonne Potash: US$269.00/tonne Rhodium: Mid-mkt US$660.00/tr. oz.

Ruthenium: Mid-mkt US$42.00/tr. oz.

Silver: Handy & Harman Base: US$17.53 per oz.; Handy & Harman Fabricated: US$21.91 per oz.

Tantalite Ore : US$191.35/kg Tin: US$7.71/lb.

Uranium: U3O8, Trade Tech spot price: US$28.00; The UX Consulting Company spot price: US$28.00/lb.

Zinc: US$0.90/lb.

Prices current June 21, 2016

Alamos Gold (AGI.WT) - Wt buys sh @ $28.47 to Aug 30/18 Coeur Mining (CDM.WT) - Exercisable on a cashless basis. See TSX Bulletin 2013-0377 for calculation. To Apr 16/17 Dalradian Resources (DNA.WT.A) - Wt buys sh @ $1.5 to Jul 31/17 Franco Nevada (FNW.WT.A) - Wt buys sh @ $75 to Jun 16/17 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 MBAC Fertilizer (MBC.WT) - Wt buys sh @ $1 to Apr 17/19 New Gold A J (NGD.WT.A) - Wt buys sh @ $15 to Jun 28/17 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 Quest Rare Minerals (QRM.WT) - Wt buys sh @ $0.4 to Jul 17/17 Sandstorm Gold (SSL.WT.A) - Wt buys sh @ US$5 to Oct 19/15 (SSL.WT.B) - Wt buys sh @ US$14 to Sep 07/17 Continental Gold Inc. (CNL.WT.A) - Wt buys sh @ $4.75 to Nov 26/17 Northern Dynasty Minerals Ltd. J (NDM.WT) - Wt buys sh @ $3 to Sep 14/17 Osisko Gold Royalties (OR.WT.A) - Wt buys sh @ $19.08 to Feb 26/19

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Jul 04, 2016 (with changes from Jun 16, 2016) Largest short positions LUN 44928178 -64453 6/16/2016 Lundin Mng Potash Corp SK POT 34205230 -336729 6/16/2016 First Quantum FM 26108772 197010 6/16/2016 New Gold NGD 23776945 -3197090 6/16/2016 Kinross Gold K 23510539 2209821 6/16/2016 BTO 20082509 -1360595 6/16/2016 B2Gold Eldorado Gold ELD 19459559 1193299 6/16/2016 Stornoway Diam SWY 15758795 5145857 6/16/2016 Suncor Energy SU 15059640 -1970227 6/16/2016 IAMGOLD IMG 13962673 2172033 6/16/2016 HudBay Mnls HBM 11399868 3289371 6/16/2016 DGC 10239668 -22962 6/16/2016 Detour Gold Goldcorp G 9958832 1828334 6/16/2016 Thompson Creek TCM 8993062 172500 6/16/2016 Teck Res TCK.B 8969013 145040 6/16/2016 Largest increase in short position Teranga Gold TGZ 6565278 6284037 6/16/2016 Stornoway Diam SWY 15758795 5145857 6/16/2016 HudBay Mnls HBM 11399868 3289371 6/16/2016 Guyana Gldflds GUY 4833100 3237220 6/16/2016 Sandstorm Gold SSL 5810806 2531900 6/16/2016 Largest decrease in short position TXG 1052851 -12011815 6/16/2016 Torex Gold Nevsun Res NSU 977014 -8149745 6/16/2016 New Gold NGD 23776945 -3197090 6/16/2016 Alamos Gold AGI 5219477 -2368056 6/16/2016 Suncor Energy SU 15059640 -1970227 6/16/2016

Short positions outstanding as of Jul 04, 2016 (with changes from Jun 16, 2016) Largest short positions First Mg Fin FF 4270336 386898 6/16/2016 ICG 3005876 1193276 6/1/2016 Integra Gold Santacruz Silv SCZ 2985274 2911574 6/16/2016 ORE 1698500 1687000 6/16/2016 Orezone Gold Oceanus Res OCN 1097900 1085900 6/1/2016 Nexgen Energy NXE 1078005 -80095 6/16/2016 Noram Vent NRM 1000800 994700 6/1/2016 GRZ 993800 85300 6/1/2016 Gold Reserve Brazil Res BRI 875600 -344015 6/16/2016 Focus Graphite FMS 623522 -43278 6/1/2016 Inca One Gold IO 405000 404800 6/1/2016 365728 14628 6/16/2016 Rye Patch Gold RPM Marlin Gold MLN 332800 -239200 6/1/2016 ATC 300400 -61500 6/16/2016 ATAC Res Lupaka Gold LPK 295000 295000 6/1/2016 Largest increase in short position Santacruz Silv SCZ 2985274 2911574 6/16/2016 ORE 1698500 1687000 6/16/2016 Orezone Gold Integra Gold ICG 3005876 1193276 6/1/2016 Oceanus Res OCN 1097900 1085900 6/1/2016 Noram Vent NRM 1000800 994700 6/1/2016 Largest decrease in short position West Af Res WAF 2500 -397500 6/1/2016 0 -385700 6/1/2016 Copper Fox Mtl CUU Brazil Res BRI 875600 -344015 6/16/2016 Alix Res AIX 150000 -248500 6/1/2016 Marlin Gold MLN 332800 -239200 6/1/2016

DAILY METAL PRICES Daily Metal Prices Date Jul 11 Jul 8 Jul 7 Jul 6 Jul 5 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1525/1550 1525/1550 1525/1550 1525/1550 1525/1550 Aluminum 1652.50/1662 1640/1652 1636.50/1646.50 1623/1634.50 1622/1633 Copper 4745.50/4761 4709/4719 4724/4740 4705/4726 4840/4861.50 Lead 1815.50/1824 1815/1823 1829.50/1840 1789/1790 1820/1828 Nickel 10085/10105 9730/9795 9805/9810 9670/9700 10080/10120 Tin 17700/17725 17700/17675 17725/17675 17545/17400 18140/18075 2149.50/2154 2122/2123 2110/2113 2061/2065 2111/2114 Zinc

PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.)

Gold AM 1358.25 1356.10 1367.10 1370.00 1344.75 Gold PM 1357.10 1354.25 1356.70 1366.25 1350.75 Silver 20.47 19.72 19.95 20.43 19.73 Platinum 1087.00 1082.00 1086.00 1070.00 1063.00 Palladium 621.00 606.00 608.00 596.00 604.00

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

TSX VENTURE WARRANTS

PRODUCER AND DEALER PRICES

Jul 08 Jul 07 Jul 06 Jul 05 Jul 04 1.3040 1.3003 1.2959 1.2980 1.2847 0.7669 0.7691 0.7716 0.7703 0.7784

Exchange rates (Quote Media, July 08, 2016) C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand C$ to AUS 1.0134 0.6940 77.1300 14.1979 11.1545 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 5.1270 51.4555 0.7542 881.4425 0.5921 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.3210 0.9049 100.5590 18.5084 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.7719 6.6881 67.1395 0.9831 1149.6400

Atlantic Gold (AGB.WT) - Wt buys sh @ $0.6 to Aug 20/18 Brazil Resources (BRI.WT) - Wt buys sh @ $0.75 to Dec 31/18 Jet Metal (JET.WT) - Wt buys sh @ $0.25 to Sep 16/19 Mission Gold (MGL.WT) - Wt buys sh @ $0.17 to Sep 13/17 Monarques Gold (MQR.WT.A) - Wt buys sh @ $0.18 to Dec 15/17 NexGen Energy (NXE.WT) - Wt buys sh @ $0.65 to Mar 26/16 Sunridge Gold (SGC.WT) - Wt buys sh @ $0.35 to Oct 18/17 West African Resources (WAF.WT) - Wt buys sh @ $0.4 to Jan 17/17 West Kirkland Mining (WKM.WT) - Wt buys sh @ $0.3 to Apr 17/19 Kootenay Silver Inc. (KTN.WT) - Wt buys sh @ $0.55 to Apr 21/21

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

Index Jul 08 Jul 07 Jul 06 Jul 05 Jul 04 High Low S&P/TSX Composite 14259.84 14134.46 14231.06 14219.57 14258.87 15527.30 12400.15 S&P/TSXV Composite 752.12 747.79 757.65 750.09 747.82 1050.26 883.52 S&P/TSX 60 827.27 820.76 826.29 826.56 829.10 896.74 709.99 S&P/TSX Global Gold 275.55 268.08 276.27 268.64 263.32 218.90 149.29 S&P/TSX Metals & Mining 609.04 595.85 600.53 605.62 621.54 954.68 691.69

NEW 52-WEEK HIGHS AND LOWS JULY 4–8, 2016 452 New Highs

Abcourt Mines Abcourt Mines* Abitibi Royalt Acacia Mining* Agave Silver Agave Silver* Agnico Eagle Agnico Eagle* Alacer Gold Alamos Gold Alamos Gold* Aldershot Res Aldridge Mnrls Alexandria Min Alexco Res Alexco Res* Almaden Mnls Alturas Mnrls Amarillo Gold Americas Silvr Americas Silvr* AMI Res Anaconda Mng Anaconda Mng* Anglo-Can Mng AngloGold Ash* Arbitrage Expl Arcus Dev Grp Argonaut Gold Argonaut Gold* Armor Mnrls Asanko Gold Asante Gold Astorius Res Atacama Pac Gd Atacama Pac Gd* Atlantic Gold Atlatsa Res* Aurcana Corp Aurcana Corp* Aurion Res Aurvista Gold Aurvista Gold* Avino Silver Avino Silver* Avnel Gold Axmin Inc AZ Mining Azimut Expl B2Gold B2Gold* Balmoral Res Balmoral Res* Banro Bard Vent Barkerville Go Barkerville Go* Barrick Gold Barrick Gold* Barsele Min Barsele Min* Batero Gold Bayswater Uran Bear Creek Mng Beaufield Res Beaufield Res* Belo Sun Mng Black Hills* Bluestone Res* Bravura Vent Brazil Res Buenaventura* Bullfrog Gold* Caledonia Mng Caledonia Mng* Calibre Mng Calico Res California Gld

California Gl* Camino Mnls* Canadian Zeol Canadian Zeol* Canasil Res Candente Coppr Candente Gold Candente Gold* Canstar Res Cap-Ex Iron Carlin Gold Cartier Iron Cassius Vents Castle Mtn Mng Castle Peak Mg Castle Res Cda Strtgc Met * Cda Zinc Mtls Cdn Platinum Cdn Zinc Cdn Zinc* Centamin Chalice Gold M* Chesapeake Gld Chesapeake Gld* Chilean Metals Chilean Metals* China Mnls Mng* CMC Metals* Coeur Mng* Colombia Crest* Colombian Mins Colorado Res Colorado Res* Comstock Mtls Comstock Mtls * Confedertn Mls Contintl Gold Contintl Gold* Copper North M Copper One Copper One * Coronet Mtls Coronet Mtls* Corvus Gold Corvus Gold* Defiance Silvr Defiance Silvr* Detour Gold DRDGOLD* Dundee Prec Mt East Africa East Africa * Eloro Mnrls Endeavour Mng Endeavour Mng* Endeavr Silver Endeavr Silver* Era Res Inc* Eskay Mng Ethos Gold Ethos Gold* Excalibur Res Excellon Res Exeter Res Exeter Res* Fairmont Res* First Liberty* First Majestic First Majestic* First Mg Fin First Mg Fin * First Point Flinders Res Flinders Res* Fortescue Mtls* Fortuna Silvr Fortuna Silvr* Franco-Nevada Franco-Nevada*

Fresnillo plc* Gabriel Res Galane Gold Geologix Expl Geologix Expl* Gespeg Cop Res GGL Res Global Mnrls Gold Fields* Gold Mtn Mng Gold Resource* Gold Std Vents Gold Std Vents* Gold Torrent* Goldcorp Goldcorp* Golden Arrow Goldgroup Mng Goldgroup Mng* GoldQuest Mng Goldrock Mines Goldsource Min Goldsource Min* Goldstream Mnl GoldTrain Res GoviEx Uranium GoviEx Uranium* Gowest Gold Gowest Gold* GPM Metals Greencastle Rs Grizzly Gold* GTA Res & Mng Gunpoint Expl Harmony Gold* Hecla Mining* Heron Res* Hochschild Mg* Homestake Res Homestake Res* Honey Badger E IAMGOLD IAMGOLD* IDM Mining IDM Mining* IMPACT Silver Independence G* Integra Gold Integra Gold* Intl Millm Mng Intl Tower Hil Intl Tower Hil* InZinc Mining* Iron South Mng Ironside Res Irving Res Jaguar Mng Jaguar Mng* Jubilee Gold Kaminak Gold Kaminak Gold* Kenna Res Kerr Mines Kerr Mines* Kings Bay Gold Kingsmen Res* Kinross Gold Kirkland Lk Gd Kirkland Lk Gd* Klondex Mns Klondike Silv Klondike Silv* Lakeside Mnrls Lara Expl Latin Am Mnls Latin Am Mnls* Lion One Mtls Lion One Mtls* Lithium Amer Loncor Res

Loncor Res* Lonmin plc* Luna Gold Luna Gold* Lupaka Gold MacDonald Mns MAG Silver Mandalay Res MartinMarietta* Mason Graphite Mason Graphite* Maudore Mnrls* McEwen Mng McEwen Mng* MDN Inc* Meryllion Res Mesa Expl* Metalore Res Mezzotin Mnrls Midas Gold Midas Gold* Midland Expl Millrock Res Millrock Res* Milner Con Slv Minco Gold* Minco Silver Minco Silver* Mineral Mtn Mineral Mtn* Mines Manage Mines Manage* Minnova Corp Miranda Gold Mirasol Res Moneta Porcpn Moneta Porcpn* Montana Gold Monument Mng Mundoro Cap* New Gold New Gold* New Oroperu NewCastle Gold* Newmont Mng* Nighthawk Gold Northisle C&G Northn Empire* NovaGold Res NovaGold Res* NQ Explor Nrthn Abitibi Nrthn Freegold NV Gold* OceanaGold OceanaGold* Oceanus Res* Orca Gold Orca Gold* Oremex Silver Orezone Gold Orezone Gold* Oriental Non F Orla Mng Ltd Oroco Res Oroco Res* Orocobre Orosur Mng Osisko Gold OZ Minerals* Pac Ridge Expl* Palamina Corp Pan Am Silver Pan Am Silver* Pancontinental Pancontinental* Parallel Mng Paramount Gold* Pasinex Res Pedro Res

Pelangio Expl Pelangio Expl* Peregrine Diam Perseus Mng Philex Mng* Plata Latina Playfair Mng Playfair Mng* Premier Gold M Pretium Res Pretium Res* Prophecy Coal Prophecy Coal* Prospero Silvr Pure Nickel* QMC Quantum Ml QMC Quantum Ml* Quartz Mtn Res Rainforest Res* Randgold Res* Red Pine Expl Redhill Res Renaissance Gd Resource Cap Resource Cap* Reunion Gold Revolver Res* Rhyolite Res Richmont Mines Richmont Mines* Rio Novo Gold Rio Novo Gold* Rio Silver Riverside Res Riverside Res* Rochester Res Rochester Res* Rock Tech Lith Rock Tech Lith* Rockcliff Cop Rockhaven Res Roxgold Roxgold* Royal Gold Royal Gold* Royal Rd Mnrls Rugby Mng San Marco Res San Marco Res* Sandspring Res Sandspring Res* Sandstorm Gold Sandstorm Gold* Sarama Res Satori Res Seabridge Gld Seabridge Gld* Semafo Serabi Gold Shamrock Ent Silver Bull Re Silver Grail Silver Mtn Mns Silver Range Silver Std Res Silver Std Res* Silver Wheaton Silver Wheaton* Silvercorp Met Silvercorp Met* Skeena Res Skeena Res* Solitario Ex&R Solitario Ex&R* Southern Arc Southern Arc* Spanish Mtn Gd Spanish Mtn Gd* Sparton Res Sparton Res*

Starcore Intl Stellar Africa Strategic Metl Stratton Res Stroud Res Swift Res Tahoe Res Tahoe Res* Takara Res Tantalex Res Tanzania Rlty Tanzania Rlty* Tasman Metals* Teck Res Teras Res Terraco Gold Terrax Mnrls Terrax Mnrls* Thompson Creek* Thunder Mtn Gd Tintina Res Tintina Res* Torex Gold Treasury Metal Tudor Gold Typhoon Expl Unigold Unigold* United Silver* Uragold Bay Rs Uranium Valley Uravan Mnrls US Energy* Victoria Gold Waseco Res Wellgreen Plat Wellgreen Plat* Wesdome Gold West Kirkland Western Copper Western Copper* Western Pac Rs Western Pac Rs* Westkam Gold* Whitehaven Coa* Williams Creek X-Terra Res Xtierra Xtra-Gold Res Yamana Gold Yamana Gold* Zephyr Mnls Zephyr Mnls* Zincore Mtls

23 New Lows

ABE Resources Atacama Pac Gd* Burey Gold* Cameco Corp CIM Intl Grp Eloro Mnrls* European Metal* Goldcliff Res Hawkeye Gld&Di* Intact Gold* MagIndustries* Maudore Mnrls* MGX Minerals* Nautilus Mnrls* Nevada Egy Mtl Nevada Egy Mtl* Nickel One Res Nickel One Res* Northern Uran PNG Gold Western Potash Western Troy C* Westhaven Vent*

CANADIAN GOLD MUTUAL FUNDS Financial information provided by Fundata Canada Inc. ©Fundata Canada Inc. All rights reserved

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

12_July18_MMMM.indd 12

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

Fund Jul 08 ($) Jul 01 ($) AGF Prec Mtls Fd MF 30.00 BMO Prec Mtls Fd A 23.77 BMO ZGD BMO ZJG CIBC Prec Metal Fd A Dyn Prec Metls Fd A 9.06 Horizons HEP IGMacGloPrecMetCl A 11.49 iShares XGD 17.21 Mac Prec Met Cl A 65.03 NB Prec Met Fd Inv 16.87 RBC GblPreMetFd A 41.14 Sentry Pre Met Fd A 54.05 Sprott Gold&PrMinFdA Sprott SilverEquCl A TD PreciousMetalsInv 51.25

Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) 2.64 9.65 53.94 2.80 183.87 1.91 8.72 56.88 2.40 67.89 0.98 7.81 59.03 0.63 87.61 1.01 9.82 64.95 0.60 64.40 0.74 5.34 42.58 2.62 58.46 0.94 11.58 67.32 2.66 384.78 1.26 3.79 53.90 0.80 1.03 9.90 65.08 2.76 87.23 1.43 9.05 60.83 0.61 676.80 6.11 10.38 66.46 2.51 124.69 1.30 8.35 61.26 2.46 39.57 3.55 9.44 63.61 2.13 405.97 6.09 12.69 61.18 2.92 229.07 3.85 8.52 58.37 3.19 235.71 0.69 9.40 75.43 3.23 61.07 4.85 10.45 55.46 2.26 151.01

2016-07-12 7:50 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JULY 18–24, 2016

13

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13_July18_ProDirectory .indd 13

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2016-07-12 7:47 PM

14

WWW.NORTHERNMINER.COM

JULY 18–24, 2016 / THE NORTHERN MINER

Adamera CEO touts stronger capital markets for gold juniors STOCK PRICE

| Up from 1¢ in January to 10¢, company now has money to explore “PEOPLE SUDDENLY SAW VALUE IN THE FACT THAT OUR PROJECTS ARE LOCATED NEXT TO A MILL THAT IS RUNNING LOW ON ORE.”

BY MATTHEW KEEVIL

A

mkeevil@northernminer.com VANCOUVER

damera Minerals’ (TSXV: ADZ; US-OTC: DDNFF) president and CEO Mark Kolebaba tells a story about his junior gold company over the past two years that is familiar to many others, with his management team forced to forego salaries to keep the lights on and maintain rights in properties they believe have a bright future.

After recent financings, however, it looks like Adamera is back in action at its historic Oversight gold project on the border of B.C. and Washington State.

Adamera has raised $1 million over the past two months, and closed a $600,000, non-brokered private placement on June 20. The financing involves 12 million units at 5¢, with each unit consisting of a share and a warrant exercisable at 10¢ for 18 months. The company’s stock has jumped off a 1¢-per-share low in January to 10¢ per share at press time.

“I could see the interest in the larger gold companies coming back to start the year, but it was still a struggle at the time for us to raise any money … the significant change for us was during the Prospectors & Developers Association of Canada convention this year,” Kolebaba says.

“I went out to do that financing and it blossomed into something that was oversubscribed. Then our stock price shot up, and people suddenly saw value in the fact that our projects are located next to a mill that is running low on ore. Now we

MARK KOLEBABA PRESIDENT AND CEO, ADAMERA MINERALS

Tailings from Kinross Gold’s Kettle River mill, as seen from Adamera Minerals’ Oversight gold project in Washington. ADAMERA MINERALS

have enough money to get back to doing real exploration programs.”

Adamera’s portfolio includes five properties in Washington’s “Republic district,” but what it considers its most promising targets are on the Oversight and Flag Hill properties, which sit between the Torado and Republic grabens that have constrained most major gold discoveries in the region.

Oversight is in the Cook Mountain mining district along an existing haul road, 5 km from Kinross Gold’s (TSX: K; NYSE: KGC) operat-

ing Kettle River mill, which could run out of ore by year-end.

At the historic Overlook deposit, Echo Bay Mines generated 280,000 oz. gold in the 1990s.

In 2014, Adamera drill tested a magnetic target at Oversight and cut massive magnetite-sulphides similar to the property’s previously mined zones.

“We thought we were dealing with skarn, and clearly it’s not,” Kolebaba says. “Echo Bay came up with the idea it was a volcanogenic massive sulphide deposit, but we

Hecla goes hostile on Dolly Varden in $12M bid M&A

| Junior urges shareholders to take no action

BY SALMA TARIKH

D

starikh@northernminer.com

olly Varden Silver (TSXV: DV; US-OTC: DOLLF) shares have surged more than 45% since Hecla Mining (NYSE: HL) made a hostile takeover bid for all of the junior’s shares that it doesn’t currently own.

On June 27, Hecla proposed to buy each Dolly Varden share for 69¢ in cash, marking a 55% premium over the junior’s June 24 close of 44.5¢, and a 97% premium over the prior 20 trading days.

A day later, the junior’s shares opened on the TSX Venture at 74¢, before settling at 64¢ in midday trading.

In a release, Hecla’s president and CEO Phillips Baker said Dolly Varden could become a notable silver producer, but that he’s concerned with the current board’s “value destruction for shareholders.”

Baker argues Dolly Varden’s new loan would result in “substantial dilution.” To protect Hecla’s equity interest in the junior, the major is offering to acquire Dolly Varden and expects to spend $12 million on the transaction.

On June 13, Dolly Varden signed agreements with three lenders — Sprott Resource Lending Partnership, another Sprott affiliate and the K2 Principal Fund — for a new short-term loan to repay its exist-

1 2 3 4 5 7 8 9 14 16_July18_Main.indd 14

ing loan from Hecla Canada and Robert Gipson, two of its largest shareholders, at 14.3% and 13.6%.

The six-month loan provides $2.5 million and bears a 4% annual interest rate. About $2.1 million would help repay the $2-million HeclaGipson loan, which matures on Oct. 1, 2016, and has a 5% annual interest rate. The junior would use the rest of the proceeds to pay a 2.5% finder’s fee, as well as working capital.

As part of the Sprott-K2 loan, Dolly Varden would offer 2.5 million warrants so that holders could buy one share for 30¢ over two years. (It offered the same amount of warrants in the Hecla-Gipson loan.)

Dolly Varden says restrictions in the old loan won’t let it issue securities without Hecla’s approval, noting the new loan offers “flexibility” to raise equity and repay the new lenders.

The junior’s board has had several discussions with Hecla this year about options to repay the old loan — including converting the debt to equity, a loan extension and equity financing — but failed to reach an agreement, it says.

After a difficult restructuring period last year, Dolly Varden is emerging as a leaner firm, with a focus on its namesake silver project in northern B.C., the junior’s president and interim CEO Rosie Moore said in a release. To realize the company’s potential, Dolly

Varden needs to be debt free, she adds, noting the new loan brings the company a step closer in reaching that goal.

Moore didn’t immediately return requests for comment.

Responding to the Hecla bid, Dolly Varden advises shareholders to take no action. It expects to appoint a special committee to help its board evaluate the formal offer.

The major has entered into support agreements with shareholders, who collectively hold 2.5 million Dolly Varden shares and 1.25 million Dolly Varden warrants. The major and those shareholders hold a combined 5.1 million shares and 2.5 million warrants, or 34.4% of Dolly Varden’s shares on a fully diluted basis. (The warrants have a 30¢ strike price and are exercisable until Sept. 30, 2018.)

The offer calls for tendering more than half of the shares, which are not owned by Hecla.

The 88 sq. km Dolly Varden project sits in the historic silver-rich namesake mining camp north of Alice Arm, within the prolific Stewart complex.

A 2015 silver resource estimate on the project’s four known deposits — Dolly Varden, North Star, Torbrit and Wolf — include 31.8 million indicated oz. (3.1 million tonnes at 321.6 grams silver per tonne) and 10.8 million inferred oz. (900,000 tonnes at 373.3 grams silver). TNM

couldn’t make that model fit due to a lack of volcanics and contact metamorphic in the system. We now think these deposits are stratabound and sedimentary hosted.”

Adamera spent the past year conducting low-cost geochemical and modelling work at the site, and on a month ago developed a highpriority target, 100 metres south of the historic Overlook deposit.

Geophysical work helped Adamera pinpoint a geophysical anomaly that coincides with “significant soil geochemistry” results.

“We needed to apply techniques that hadn’t been used in the past, and nobody had flown airborne electromagnetic (EM) surveys,” Kolebaba continues. “Part of what we’re looking for are massive sulphides that carry high-grade gold,

and if you’re looking for that you probably want to do something with EM to get a strong vantage point.”

By collecting structural and geological data, Adamera gained a better understanding of the regional geology, and staked land around Overlook over the past 12 months.

“We understand our model very well there, and we’re seeing our target develop on a geochemical and geophysical level. We think we’re seeing a part of the original Overlook deposit that has been faulted,” Kolebaba says. “Everything is aligning in terms of structure right now, and we’re taking that knowledge and applying it to expand our land position.”

The company has cash for more exploration, including diamonddrilling the new target and adding airborne geophysics over its expanded holdings.

Adamera has 81.3 million shares outstanding for an $8.5-million press time market capitalization.

“It’s been a long time since we saw the light at the end of the tunnel,” Kolebaba said. “It was really a tough go with our share price down, and it’s really nice to get that recognition for our belief in the project and area after many of us haven’t been paid in two years.” TNM

CAREER OPPORTUNITIES

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2016-07-12 8:04 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JULY 18–24, 2016

15

www.northernminerjobs.com

Senior Mine Engineer Dubreuilville, Ontario, Canada

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

Engineer – Projects & Planning Dubreuilville, Ontario, Canada

Reporting to the Chief Engineer, the Senior Mine Engineer, will be

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

The Ministry of Northern Development and Mines is seeking a talented

responsible for overseeing activities related to supporting the operations

Projects & Planning role will be responsible for planning, coordinating

professional with sand, gravel and bedrock aggregates expertise to

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

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

become part of its Earth Resources and Geoscience Mapping team.

Mine Engineer will also design and develop processes, practices and

ment of engineering projects, ensuring completion on time and within

Bring your technical expertise in geology to the Ontario Geological

methodologies, and planning in mine engineering.

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

Survey, Earth Resources and Geoscience Mapping Section, where you

goals achieved, developing alternate plans when required.

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

Community Relations Liaison Saskatoon, Saskatchewan, Canada

Metallurgist Dubreuilville, Ontario, Canada

Maintenance Planner Dubreuilville, Ontario, Canada

Cameco Corporation and AREVA Resources Canada Inc., as part of its Atha-

Reporting to the Mechanical Superintendent the Maintenance Planner

Reporting to the Mill Superintendent, the Metallurgist will be accountable

basca Community Relations program, are seeking a full-time Community

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

for providing metallurgical expertise and technical support to ensure

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

tain reliability based maintenance strategies based on preventive and

efficient and optimum plant performance to meet production objectives

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

predictive maintenance to ensure maximum availability and production.

of the Island Gold Mine.

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

Financial Controller Rouyn-Noranda, Québec, Canada

Technologist II, Metallurgy Saskatoon, Saskatchewan, Canada

Lab Manager Langley, BC. Canada

Financial Controller wanted for junior mining company operating

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

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

near Rouyn-Noranda and expected to start production within the next

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

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

few months.

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

laboratory testing and equipment. Experience in analytical technique is a

follow industry standards and safety regulations for handling and

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

disposing of test samples.

consistent manner.

Regional Director, Northern Region Sudbury, Ontario, Canada

Mineral Exploration and Development Program Specialist Sudbury, Ontario, Canada

Artisanal Gold Programme Officer Ottawa, Canada

As Regional Director in the Operations Division of the Ministry of Labour, you will lead the delivery of occupational health and safety and

Partnership Africa Canada (PAC) is a global leader in developing innovative

Mineral Exploration and Development with the Ministry of Northern

employment standards programs for the Northern Region, which includes

approaches to strengthen natural resource governance in high-risk and

Development and Mines is seeking a strong team leader to join the

North Bay, Sault Ste. Marie, Sudbury, Thunder Bay and Timmins.

conflict regions. For 30 years, PAC has collaborated with partners to promote

Mineral Development and Lands Branch as Mineral Exploration and

policy dialogue and solutions for sustainable development. The Just Gold

Development Program Specialist.

project aims to develop an independent, equitable and sustainable system that brings legal, conflict-free and traceable gold from artisanal mine sites in the Democratic Republic of Congo to international markets.

Mine Planning Engineer / Technician British Columbia, Canada

Regional Manager Industrial Minerals, Exploration & Development Canada

Mineral Exploration and Development Consultant Timmins, On. Canada

Reporting to the Director Competence Center Materials – Canada Region,

In this role, you will use your expertise to provide complex specialist

Are you looking for an exciting opportunity in one of Canada’s most prolific

this position is responsible for leading the Mineral Exploration & Resource

underground planning services that support quarterly and annual

and active mining areas? If so, consider this exceptional opportunity with

Development team as well as the development, planning and execution

projections. Your responsibilities will encompass all aspects of the mine’s

the Ministry of Northern Development and Mines.

of exploration projects on schedule, on budget, in alignment with the

value chain, from mining reserves and resources to the production of

Playing a key role in the monitoring and stimulation of exploration, you will

Company’s exploration strategy and in close coordination with internal

quality ore for processing.

lead and deliver the mineral exploration and development program, guiding components through the regulatory process.

and external stakeholders.

Mine Technologist Timmins, ON. Canada

Geotechnical Engineer Rainy River, Ontario,

Chief Mining Engineer Nevada, USA

Do you want to be part of the development and start-up of one of Canada’s

Lake Shore Gold Corporation is seeking a Mine Technologist to support

The Chief Mining Engineer is responsible for the development and

premier mining operations? We are looking for dynamic individuals to join

the Engineering department at our Timmins Mine site. General duties will

implementation of practical mine plans which allow for orderly development

our team and live in our community as we pursue this exciting project. A

include assisting in the long and short range designs for all three mines

and exploitation of economically minable ore reserves. Oversees the

competitive salary, performance bonus plan, and benefits, will be provided.

within the Timmins West Complex.

development of holistic long and short range mine plans including mine services, infrastructure, and production. Supervises all technical personnel related to Mine Engineering, including contractors.

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

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JULY 18–24, 2016 / THE NORTHERN MINER

Nouveau Monde outlines economics for Matawinie GRAPHITE

| Matawinie near Montreal may become North America’s next graphite mine, Desaulniers says

BY LESLEY STOKES

E

lstokes@northernminer.com VANCOUVER

ric Desaulniers, president and CEO of Nouveau Monde Mining (TSXV: NOU; USOTC: NMGRF), reckons that lithium explorers aren’t the only ones that stand to benefit from Tesla Motors (NASDAQ: TSLA), Volkswagen and other automakers’ mandates to ramp up electric vehicle production — graphite producers could also get swept along for the ride.

From his office in L’Ange-Gardien, Que., Desaulniers tells The Northern Miner during a phone interview that although graphite is largely used in steelmaking, it’s also vital for the lithium-ion batteries that carmakers use to power their electric vehicles.

“Historically, the price of graphite follows the iron ore price, but instead of collapsing over the last few years, graphite prices drifted down slowly and stayed flat,” he says. “Graphite in lithium batteries used to account for 9% of graphite demand, and now it’s grown to 25% … which has kept the graphite price steady relative to iron ore.”

Desaulniers says that Nouveau Monde aims to produce by 2021 at its Matawinie graphite property, 130 km north of Montreal, with the intention to become a leading graphite supplier for North America’s burgeoning lithium-ion battery market.

The property is located 120 km east of Imerys Graphite & Carbon’s Lac des Îles mine, the only producing graphite mine in North America.

The open-pit operation has been active since 1989, and produces between 20,000 and 25,000 tonnes graphite per year.

“We set out to find something similar to Lac des Îles simply because they have only four or five years of production left,” Desaulniers says.

“Our goal is to make ourselves out to be an attractive target for Imerys, or their 100 customers that will specifically want the same kind of graphite.”

Bagging graphite from the crusher as part of a 12-tonne bulk sample in 2015 at Nouveau Monde Mining’s Matawinie graphite project in Quebec, 130 km north of Montreal. NOUVEAU MONDE MINING

“OUR GOAL IS TO MAKE OURSELVES OUT TO BE AN ATTRACTIVE TARGET FOR IMERYS, OR THEIR 100 CUSTOMERS THAT WILL SPECIFICALLY WANT THE SAME KIND OF GRAPHITE.” ERIC DESAULNIERS PRESIDENT AND CEO, NOUVEAU MONDE

Nouveau Monde recently delivered a preliminary economic assessment on Matawinie’s West Zone deposit, which has in-pit resources of 22.3 million indicated tonnes of 4.3% graphite and 15.5 million inferred tonnes of 4.6% graphite, using a 2.5% graphite cut-off.

The study envisages a 28-year mine life, producing 50,000 tonnes of graphite annually at 97.1% purity.

Based on an average sales price of US$1,492-per-tonne graphite, the after-tax net present value for the project, at an 8% discount rate, stands at $237 million, whereas the after-tax internal rate of return is 24.7%.

Capital expenses for the project are estimated at $145 million, including a $22-million contingency, whereas operating costs ring in at

$660 per tonne graphite.

The deposit is located along the western edge of a 14 km long, circular-shaped geophysical conductor within highly metamorphosed sedimentary rocks bordering a magmatic pluton.

The company has identified two other deposits along the anomaly: the South-West zone and SouthEast zone. Total resources for the southern zones stand at 26.3 million indicated tonnes of 3.7% graphite, and 19.2 million inferred tonnes of 3.7% graphite, using a 2.5% graphite cut-off.

“This is probably one of the biggest graphite deposits in North America, and if we kept drilling we could increase it,” Desaulniers says. “But we decided that the West Zone is more economic, and the southern

zones could be part of the mine’s ‘pension plan.’”

Graphite comes in two forms: natural graphite from mines and synthetic graphite from petroleum coke, with 70% of global supply sourced from China.

But Desaulniers says not all forms of graphite are created equal or used for the same purpose.

For example, a Benchmark Mineral Intelligence report states that flake graphite constitutes 45% of global supply, used mostly in lithium-ion batteries and other green technologies because of its unique properties.

The product can be sold at different prices depending on the size and purity of the flake, ranging from US$2,308 per tonne for “jumbo” flakes to US$1,198 per tonne for “fine” flakes, which are over 50-mesh and under 100-mesh in size.

“After all these years, Lac des Îles is still one of the most profitable mines in Quebec because of its large-flake size and high purity of the carbon. Because of that they’ve created their own niche market and were never in competition with the Chinese,” he adds. “What we

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have is basically the same thing — our graphite has 97% purity, so we have premiums in all the different graphite products.”

According to Benchmark’s report, Tesla’s US$5-billion Gigafactory in Nevada could require up to 129,000 tonnes of flake graphite per year, assuming 40 kilograms of f lake graphite is used per 24 kilowatt per hour of battery power.

Another 551,000 tonnes of flake graphite could also be on order for Volkswagen, as the company plans to produce 30 electric-powered vehicle models by 2025, and sell 2 to 3 million of them per year, the report states.

Desaulniers says the carmakers have a preference for local, green graphite sources, which is why Nouveau Monde plans to include Matawinie’s carbon footprint in the project’s pre-feasibility study, due early next year.

“Nobody else quantifies the operation’s carbon footprint in their studies, but for us and Tesla, it’s really important to demonstrate that we’re green and carbon neutral,” he says. “At the property, we have easy access to hydroelectric power, public roads and existing infrastructure, and we’re close to potential customers, which are all strong advantages for an operation with a low environmental footprint.”

Nouveau Monde is working towards developing a metallurgical flow sheet for producing spherical graphite — a value-added finished product that lithium-ion batteries require for anode material.

“You need to bend the flake and make it into a dense ball of graphite that has the exact shape and density the batteries require,” he says. “Outside China there’s no production of spherical graphite, so we believe the next big thing for us is to master this process and make the final product at the mine ourselves.”

He also reckons that graphite mining in Quebec is gaining a lot of attention and support from both local and federal governments. He notes that Canada’s Prime Minister Justin Trudeau recently spoke at a conference in Montreal about his government’s priority to make Quebec’s electric vehicle industry — from rock to finished product — much like its aerospace industry.

“Just last year we went from nobody to having one of the largest deposits in North America that now demonstrates very good economics,” Desaulniers says. “So we see ourselves as being part of something greater to come.”

He notes that Nouveau Monde has $2.6 million in cash — enough to complete this year’s 6,000-metre drill program, which will upgrade more of the West Zone’s resource into the indicated category, in preparation for the project’s prefeasibility study.

He notes that 30% of the company’s shares are held by government-funded organizations and Quebec-based institutions such as Sidex, Le Fonds de solidarité FTQ, Sodémex and the Canada-wide Desjardins Group.

He adds that the company is in “no rush” to seek out financing, but will look to raise another $10 million within the next year, which should take the project through a feasibility study.

Shares of Nouveau Monde have traded within a 52-week range of 12¢ to 38¢, and closed at 30¢ at press time. The company has 64.4 million shares outstanding for a $20-million market capitalization. TNM

2016-07-12 8:05 PM