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Counting down the biggest and brightest from the Great White North / 9–14

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JULY 24–AUGUST 6, 2017 / VOL. 103 ISSUE 15 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Pretium’s Brucejack hits commercial production GOLD  |

Operations ramping up towards 504,000 oz. gold per year

Washington Companies bids US$1.2B for Dominion Diamond M&A  

| Private group has interests in mining, industrial and transportation businesses BY TRISH SAYWELL tsaywell@northernminer.com

A

privately held group with no experience in diamond mining owned by American industrialist and entrepreneur Dennis R. Washington — who got his start building roads in Alaska — is offering to buy Dominion Diamond (TSX: DDC; NYSE: DDC) for US$14.25 in cash per share, in a deal valued at US$1.2 billion. Dominion’s board, which had spurned an informal expression of interest earlier this year from Washington Companies, is now in unanimous agreement that the See DOMINION / 2 PM40069240

Pretium Resources’ Brucejack gold mine in northwestern British Columbia.   PRETIUM RESOURCES BY LESLEY STOKES

N

lstokes@northernminer.com VANCOUVER

orthwestern B.C.’s Golden Triangle just got a little more golden. On July 3, Vancouver-based Pretium Resources (TSX: PVG; NYSE: PVG) announced first commerical production at its 9.1 million oz. Brucejack gold mine, 65 km north of Stewart, after having reached 87% of the mine’s nameplate capacity. Pretium president and CEO Joseph Ovsenek

Leave no

tells The Northern Miner during a phone interview that the underground operation is “coming along nicely.” “I just got back from the site ... the weather was beautiful, the team is doing an excellent job and we’re pleased with the ramp-up,” Ovsenek says. “We’ve been pushing hard since finding the deposit in 2009, so this is another milestone we’ve checked off.” In June, Brucejack’s process plant churned through 70,805 tonnes of ore for an average throughput of 2,360 tonnes per day. Ovsenek expects the operation will reach full capacity of 2,700 tonnes per day sometime next year.

“Right now we’re running on lower-grade ore just to work out the bugs at the mill, and optimizing recoveries with our gravity and flotation circuits,” he says. “Our goal is to ramp up the mill to nameplate capacity as quickly as we can, and we’re getting close. At that point we’ll introduce the higher-grade ore to the mill and become a half-million-ounce-per-year gold producer.” According to the company’s 2014 feasibility study, Pretium expects to produce 504,000 oz. gold per year in the operation’s first eight years, See PRETIUM / 2

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OREZONE GOLD: CHANGES GEARS AT BOMBORÉ / 23

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JULY 24–AUGUST 6, 2017 / THE NORTHERN MINER

US$1.2B for Dominion Diamond DOMINION From 1

group’s offer is in the best interests of its shareholders. Dominion management could not be reached for comment, but Lawrence Simkins, Washington’s president, told The Northern Miner that the group likes “the long-term, future diamonds present,” and that “the opportunity to mine diamonds safely is attractive. “We are well aware we don’t have expertise in diamonds, but we were not in railways before we bought Montana Railway and that was in the mid-1980s, and we didn’t own a mine until we bought Montana Resources 30 years ago,” he says. “We were a contract miner throughout the Western U.S., but not a mine owner. We’ve attracted incredibly good management for these opportunities, and we can do the exact same thing with diamonds.” If the acquisition goes ahead it will “tick two boxes,” Simkins adds. The first is that “it’s in mining and allows us to expand our mining expertise.” Second, “it’s in Canada, and we’re going to be there for a long time, given our shipbuilding business.” In 2012, The Washington Companies won the contract to supply all non-combat vessels for the Royal Canadian Navy and the Canadian Coast Guard, he says. The Washington group also has an interest in Seaspan, which is involved in coastal marine transportation, ship repair and shipbuilding services, as well as ferries, in British Columbia. Another presence in Canada is Southern Railway, a freight transporter in British Columbia’s Lower Mainland and Fraser Valley. The

railway handles 65,000 carloads a year and owns over 200 km of track, of which 100 km are mainline. The railway interchanges with four North American Class I railroads at six locations. Outside of Canada, the group has one of the largest Komatsu dealerships in the northwestern U.S., which supplies equipment to gold mines in Russia. As for the group’s mining experience, Simkins says, Montana Resources operates an open-pit copper and molybdenum mine in Butte, the fifth-largest city in Montana. The company seeks to amend its operating permit to allow mining at the site for another 20 years, or until 2040. “We’ve operated the copper mine for over 30 years,” he says. “We’ve explored it and expanded the footprint of that company, and it now has a mine life until 2056, and maybe beyond that.” Paul Zimnisky, an independent diamond analyst in New York, says it’s no surprise that a suitor emerged for Dominion Diamond. “I thought maybe a large diversified miner in the industry might step in, I would never have guessed it would be Washington,” he says. “It was a function of Dominion being underpriced — it got cheap enough for somebody to step in. “[Washington] is more interested in the value of the deal than getting exposure to diamonds or to this company,” he says. “They look at it from a valuation standpoint, and it’s attractive enough to get involved.” Under the proposal, Dominion is allowed to accept superior offers and Washington has five business

“IT WAS A FUNCTION OF DOMINION BEING UNDERPRICED — IT JUST GOT CHEAP ENOUGH FOR SOMEBODY TO STEP IN.” PAUL ZIMNISKY INDEPENDENT DIAMOND ANALYST

days to match them. But Zimnisky seems to think Rio Tinto (NYSE: RIO; LON: RIO), Dominion’s jointventure partner at the Diavik mine, will not come in with a counteroffer. “If Rio were going to do it, they would have done it by now,” he says. “Rio has been divesting assets and it would be a change in trajectory to start acquiring, and diamonds are only 1% of Rio’s business right now.” Edward Sterck of BMO Capital Markets appears to share this view. “It is hard to see who else might get involved aside from Rio Tinto,” he wrote in a research commentary. “Rio Tinto’s involvement cannot be ruled out, but after exiting a period of asset shedding, management may feel that investors might not digest a first acquisition in diamonds.” Under the transaction announced on July 17, Washington plans to acquire all of Dominion’s outstanding common shares for US$14.25 per share in cash, which represents a 44% premium to the diamond miner’s share price of US$9.92 on March 17. The offer is higher than the

Rough diamonds mined from Dominion Diamond’s Ekati mine in the Northwest Territories.   DOMINION DIAMOND

US$13.50 per share Washington offered informally in a letter to Dominion’s board on Feb. 21. The earlier offer, which Washington made public on March 19, was a 36% premium to Dominion’s share price on March 17. Washington will appoint a CEO based in Canada to Dominion’s management team and pledges to keep Dominion’s headquarters in Canada, “and maintain a significantly Canadian management team.” The group also vows to deploy capital to the Jay and Fox Deep projects, and invest “in a reinvigorated greenfield exploration program.” The transaction specifies that Dominion suspend the declaration and payment of dividends. The acquisition must be supported by two-thirds of Dominion’s shareholders, and a special meeting will be called. The transaction could close in the fourth quarter. If the deal is not completed due to

a superior offer, Dominion will have to pay a US$43.9-million break fee. Washington has obtained fully committed debt financing and the balance will be funded with an equity commitment from Washington and cash on Dominion’s balance sheet. If Washington can’t follow through with the deal, a reverse termination fee has been set at US$70.2 million. Washington says it will operate Dominion as a stand-alone business, as it does with its other operating companies. “We love the idea of having longterm assets and not being exposed to the ups and downs of being a publicly traded company with short-term pressures, and many shareholders,” Simkins says. “This provided us a mining opportunity that gives us a long-term future. Our intent is to reinvest and expand the Ekati mine, so the mining aspect is complementary to what we’ve already got.” TNM

Pretium’s Brucejack achieves commercial production PRETIUM From 1

and average 404,000 oz. gold per year over an 18-year mine life. Based on US$1,100 per oz. gold and US$14 per oz. silver, the project has a net present value of US$1.5 billion at a 5% discount rate, and an anticipated 28.5% internal rate of return. Capital costs of the project, which stood at US$697 million, increased 16% to US$811 million in February. Ovsenek says the cost overrun comes from fast-tracking the mine’s commissioning, which added US$68.8 million in working capital to the estimate. “We commissioned the mine a few months ahead of schedule so there were costs associated,” he says. “We also saw a fair bit of snow at Brucejack, so clearing the snow for the construction added costs.” Pretium hasn’t yet provided guidance for gold production this year. “We’ve had a lot of inquiries, but we’re just going to announce what we’ve produced every quarter, and in 2018 we’ll provide guidance. We

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The first gold doré bar produced at Pretium Resources’ Brucejack mine.   PRETIUM RESOURCES

want to focus on start-up and make sure the mill works optimally. We don’t want to get bogged down with having to meet our guidance.” Pretium has left little room to question the quantity of gold at Brucejack’s Valley of the Kings epithermal gold deposit. The company spent much of 2015 and 2016 drilling 367 holes totalling 63,740 metres as part of an infill program to upgrade resources in areas to be mined in the next three years.

The program increased drill density to 7.5- to 10-metre centres and added 400,000 oz. gold to the company’s 2013 estimate, for a total of 9.1 million oz. in 16.4 million measured and indicated tonnes of 17.2 grams gold per tonne. Shares of Pretium have traded in a 52-week range of $9.17 to $16.48, and closed at $12.39 at press time. The company has 180.8 million shares outstanding for a $2.3-billion market capitalization. TNM

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A gold doré pour in June 2017 at the Brucejack gold mine.   PRETIUM RESOURCES

2017-07-18 10:31 PM


GLOBAL MINING NEWS

THE NORTHERN MINER / JULY 24–AUGUST 6, 2017

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Arizona Mining hits big at Taylor Deeps ZINC-LEAD   BY LESLEY STOKES

T

lstokes@northernminer.com VANCOUVER

he latest batch of drill results from Arizona Mining’s (TSX: AZ) Hermosa zinc-lead-silver project, 81 km southeast of Tucson, Ariz., could change how the company develops the project, chief operating officer Donald Taylor says. Drilling was aimed at the Taylor Deeps zone, a northeast-dipping bed of metal-drenched limestone that is separated from the company’s flagship Taylor sulphide deposit by a low-angle thrust fault. Two of the seven reported drill holes, 446 and 447, targeted the southeastern, updip extension of Taylor Deeps, 183 and 305 metres from its resource boundary. The holes were designed to infill the area between the resource and a 457-metre stepout hole drilled in April — 435 — which returned 18.6 metres of 16.5% zinc, 13.8% lead and 307.5 grams silver per tonne. Both holes hit similar grades and thicknesses, with results including 20.4 metres of 20.5% zinc, 18.1% lead and 234.4 grams silver in 446, and 45.4 metres of 4.7% zinc, 6.2% lead and 134.4 grams silver, including a 13.1-metre zone of 11.4% zinc, 18.6% lead and 384.4 grams silver in 447. “The up-dip part of Taylor Deeps is thick, high grade and closer to

| With 11 rigs turning, company to complete feasibility study in mid-2018 add 12.1 million tonnes of 2.1% “THIS IS A 100-YEAR zinc, 3.5% lead, 84.4 grams silver. DISTRICT. IT WON’T The economics highlighted a US$1.3-billion, after-tax net present BE A SINGLE MINE.” value, assuming an 8% discount DONALD TAYLOR

CHIEF OPERATING OFFICER, ARIZONA MINING

surface — about the same elevation as the Taylor sulphide deposit,” Taylor tells The Northern Miner during a phone interview. “These results could affect our mine plan. If we can bring the southeast end of Taylor Deeps up front in the mine plan, the high grades will boost the economics considerably. It has wonderful grades to start a mine.” In the northwest, drilling intercepted the target horizon, with assays returning mixed results. Intercepts include 4.9 metres of 0.8% zinc, 6.3% lead and 868.8 grams silver in a 600-metre stepout from the resource boundary (410); 1.2 metres of 2.8% zinc, 1.3% lead and 290.6 grams silver in a 75-metre stepout (451); and 5.9 metres of 4.1% zinc, 2.4% lead and 28.4 grams silver located 400 metres southwest (420). “Mineralization in the northwest looks really good, but it’s sitting a kilometre below the surface. It will be 15 years before it comes into the mine plan, so it won’t affect the net

Arizona Mining’s chief operating officer Donald Taylor (left) and geologist Jack Mueller at the Hermosa zinc-lead-silver project, 81 km southeast of Tucson.  ARIZONA MINING

present value of the project — not like the southeast zone will. We’ll continue to drill this year, but we don’t need to put a lot of effort into it quite yet,” he says. With nine drill rigs on the property, and potentially ramping up to 11 in the coming months, Taylor says the company is in good shape towards producing a feasibility study in June next year. “We haven’t even found the edges of the system we’re drilling, so there’s a lot of work to do,” he says. “We’re going to infill the southeast zone and see how far it goes, then

we’ll build up the inferred tonnes and get that into measured.” The study would supersede the project’s preliminary economic assessment, which envisaged a 10,000-tonne-per-day underground operation over a 19-year mine life using resources from the Taylor sulphide deposit, which contains 50.1 million tonnes of 4.9% zinc, 4.2% lead and 53.1 grams silver, and a part of Taylor Deeps. Taylor Deeps contains 15.7 million measured and indicated tonnes of 2.8% zinc, 4.8% lead and 78.1 grams silver. Inferred resources

rate, and a 42% after-tax internal rate of return, based on US$1.10 per lb. zinc, US$1 per lb. lead and US$20 per oz. silver. “A lot of what we do in the feasibility study will be predicated on drilling results and what we find. The system here is so robust and the metal budget is just tremendous. I could say with great confidence that we haven’t found the only deposit on our land package — I know there will be more. This is a 100year district. It won’t be a single mine,” he says. Taylor adds that the company is working to obtain permits to drill on unpatented mining claims. The claims limit the company from drilling north of the reported drill holes in the southeast zone. (According to Rick Goshen, geologist at the Coronado National Forest, there is no time frame for permits, as it depends on input from the general public, the specifics of the individual claims and the scope of any proposed work.) Shares of Arizona Mining have traded in a 52-week range of $1.58 to $3.49, and closed at $2.80 at press time. The company has 297.1 million shares outstanding for an $819-million market capitalization. TNM

JOINT VENTURE ARTICLE

Comstock Provides Dual Upside for Canadian Gold Discovery There’s been a recent bull rush for Canadian gold projects, and Comstock Metals Ltd. (TSX-V: CSL; US-OTC: CMMMF) sits in a good position with a pair of quality exploration plays in two exciting jurisdictions. The company has raised $5.5 million in the past 12 months, and is ready to get the drills turning. A revitalized Comstock is now helmed by President and CEO Dr. David Terry, who has worked as an economic geologist for a variety of major miners, including: Hemlo Gold Mines, Cominco, and Gold Fields Mining. Comstock completed a 5 to 1 share consolidation in 2016, and emerged as a leaner vehicle focused on core exploration principles and geology. “We started taking a fresh look at our assets and opportunities,” Terry recounts during an interview in Comstock’s Vancouver head office. “We’ve seen improvement in the markets, and it really couldn’t have come at a better time for us. We’re in a very opportune position with a core landholding in the Yukon, in what appears to be an emerging gold district; and a new acquisition in Saskatchewan we believe represents an under-explored area along a prospective greenstone belt.” Comstock is a familiar name in the Yukon as one of the early movers in prospector Shawn Ryan’s White Gold district. The company’s 163 sq. km QV property sits 70 km south of Dawson City; and 40 km due north of Goldcorp’s emerging Coffee gold development project. Comstock discovered visible gold at QV in mid-2012 during prospecting to follow up on a gold-in-soil anomaly, with a grab sample running 16.28

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Comstock Metals President and CEO Dr. David Terry (left) and Jodie Gibson, P.Geo. of GroundTruth Exploration Inc., at the QV gold project in Yukon’s White Gold district.   CREDIT: COMSTOCK METALS LTD grams gold per tonne. Ryan has been a technical advisor to Comstock and recently added the nearby Golden Saddle deposit to his company White Gold Corp., which counts both Agnico Eagle Mines and Kinross Gold as shareholders. Comstock announced a maiden resource on QV’s VG zone in mid-2014 of 4.4 million inferred tonnes grading

1.65 grams gold per tonne for 230,000 contained oz. gold. The estimate is based on only 3,000 metres of drilling. “It was a good starting point for the company,” Terry says. “The current resource occupies a very small portion of a very large property package in the heart of the White Gold district. We have the potential to not only expand the VG deposit with further drilling, but

also to make additional discoveries. Shawn Ryan’s work has demonstrated that geochemical soil sampling is a very powerful tool in the Yukon.” Comstock has leveraged another technology that’s become prominent in Yukon exploration: rotary air blast (RAB) drill rigs. The portable, cost-efficient units are used to complete first-pass drilling on areas that demonstrate promising geophysical and geochemical signatures. In 2016, Comstock completed a 2,500-metre RAB campaign, with holes up to 150 metres deep. Highlights of the RAB program include: extending the VG deposit along its western flank, where hole 17 cut 12.2 metres averaging 5.53 grams gold per tonne starting at 84 metres below surface; extension of the VG mineralized zone at least 200 metres to the northeast, where hole 14 intersected 11 metres of 1.65 grams gold starting 17 metres below surface; and a “potential new discovery” 200 metres due south of VG where hole 1 cut 3 metres of 7.8 grams gold from surface. “We’ve identified potential resource extensions and discovery targets last season, and we’re currently finalizing our 2017 exploration plans for QV,” Terry comments. “It’s certainly an exciting time for our company, and the jurisdiction.” The La Ronge gold belt in northcentral Saskatchewan has seen exploration booms over the past 30 years, including a rush in the 1980s when over 70 companies were combing the region for discoveries. Last year, mid-tier producer Silver Standard Resources paid $337 million in cash and shares for Claude Resources and

its Seabee gold complex. Comstock established a foothold in the region via an all-share deal with Select Sands Corp. for the Preview SW gold project in late 2016. The property lies 80 km southwest of Seabee and has been targeted with 26,000 metres of drilling since 1985. Preview has indicated resources of 2.6 million tonnes grading 1.89 grams gold for 158,300 contained oz. gold, and 5.7 million inferred tonnes at 1.48 grams gold for 271,000 contained oz. gold. “We evaluated the property last summer and decided it fit well with our project criteria. Saskatchewan is another terrific mining jurisdiction and you can’t beat the infrastructure,” Terry continues, noting the site is road accessible 40 km north of La Ronge, Saskatchewan. “It’s another situation where we have that dual upside of potentially extending known mineralization, and discovering new deposits.” Comstock completed nearly 2,000 metres of drilling at Preview through early May. Highlights include 5 metres of 10.33 grams gold per tonne from 40 metres depth in hole 17-166 at the North zone. “It’s a great start for us this year,” Terry concludes. “We’re getting the drill back in motion at Preview, and starting exploration at QV later this summer. There’s a buzz around the Canadian gold exploration sector right now, and we’re in a great position.” —The preceding Joint Venture Article is promoted content sponsored by Comstock Metals Ltd. and written in conjunction with The Northern Miner. Visit www.comstock-metals. com to learn more.

2017-07-18 10:45 PM


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E D I T O R IA L Canadian mines take backseat to world’s iron ore, copper giants TOP 50 MINES 

GROUP PUBLISHER/ PUBLISHER: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com EDITOR-IN-CHIEF: John Cumming, MSC (GEOL) jcumming@northernminer.com SENIOR STAFF WRITER: Trish Saywell, BA, MA, MSC (JOUR) tsaywell@northernminer.com WESTERN EDITOR: Matthew Keevil, BA (ECON AND POLI SCI) mkeevil@northernminer.com STAFF WRITER: Lesley Stokes, BSC (GEOL) lstokes@northernminer.com COPY EDITOR: Isa Cunanan, BSC (Health Sci. and Prof. Writing Comm.) icunanan@northernminer.com PRODUCTION EDITOR: David Perri, BA dperri@northernminer.com ONLINE EDITOR: Adrian Pocobelli, MA (ENGL) apocobelli@northernminer.com EDITOR, DIAMONDS IN CANADA: Alisha Hiyate, BA (POLI SCI, HIST) ahiyate@northernminer.com ADVERTISING: Joe Crofts (416) 510-6816 jcrofts@northernminer.com Michael Winter (416) 510-6772 mwinter@northernminer.com PRODUCTION MANAGER: Jessica Jubb (416) 510-5213 jjubb@glacierbizinfo.com CIRCULATION/CUSTOMER SERVICE: Laura Arnold (416) 510-5135 (Toll free) 1-888-502-3456 northernminer2@northernminer.com SUBSCRIPTION SALES: George Agelopoulos (416) 510-5104 (Toll free) 1-888-502-3456, ext. 43702 gagelopoulos@northernminer.com REPUBLISHING: (416) 510-6768 moliveira@northernminer.com ADDRESSES: Toronto Head Office: 38 Lesmill Road, Unit 2 Toronto, ON, M3B 2T5 (416) 510-6789 tnm@northernminer.com Western Bureau: 303 West 5th Avenue Vancouver, BC, V5Y 1J6 (604) 688-9908 SUBSCRIPTION RATES: Canada: C$120.00 one year; 5% G.S.T. to CDN orders. 7% P.S.T. to BC orders 13% H.S.T. to ON, NF orders 14% H.S.T. to PEI orders 15% H.S.T. to NB, NS orders U.S.A.: US$120.00 one year Foreign: US$157.00 one year GST Registration # 809744071RT001 (ISSN 0029-3164) CANADA POST: Return undeliverable Canadian addresses to Circulation Dept. c/o The Northern Miner 38 Lesmill Road, Unit 2 Toronto, ON M3B 2T5 Publication Mail Agreement #40069240 Periodicals Postage Rates paid at Niagara Falls, NY, 14304. U.S. office of publication 2424 Niagara Falls Blvd, Niagara Falls, N.Y. 14304. U.S. POSTMASTER: send address corrections to: Northern Miner Box 1118 Niagara Falls, N.Y. 14304.-7118

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| Oz, Brazil and Chile remain elephant country

While our issue this week is filled with top10 lists of Canadian mining and its burgeoning junior exploration and development sector, it’s always good to take a step back and look at where the big money in mining is truly made: in iron ore and copper; by British, Australian and Brazilian firms; and from mines in Australia, Brazil and Chile. BY JOHN CUMMING jcumming@northernminer.com Alex De Leon from S&P Global Market Intelligence compiled a list of the “Top-50 most valuable mines” as part of the firm’s Worldwide Mine Production Trends series, which ranks the topproducing mines by the five most valuable mined commodities — gold, copper, iron ore, nickel and zinc (even diamonds and coal don’t make the cut), and counting only the primary mined commodity by nominal production value in 2016. Iron ore mines account for 20 of the top-50 mines, tied with copper mines. The other 10 mines are divided between gold (five mines), zinc (three) and nickel (two). The importance of iron ore is even more apparent towards the top of the list, accounting for the top-four mines, and seven of the top-10 mines. Copper’s presence is next heaviest, accounting for nine of the top-20 mines. De Leon’s most valuable mines list is topped by: Rio Tinto’s Hamerley’s Consolidated iron operations in Australia at US$10.8 billion in 2016; Vale’s Serra Norte iron ore operations in Brazil at US$7.9 billion; BHP Billiton’s Newman iron ore operations in Australia at US$5.9 billion; Fortescue Metals’ Chichester Hub iron ore operations in Australia at US$5.3 billion; and BHP Billiton’s Escondida copper mine in Chile at US$5 billion. The next five most valuable mines, all in the US$3- to US$4.3billion range, are: BHP’s Yandi iron ore mine in Australia; Fortescue’s Solomon Hub iron ore operations in Australia; Freeport-McMoRan’s Grasberg copper-gold mine Indonesia; Navoi Mining & Metallurgical Combinat State Co.’s Muruntau gold mine in Uzbekistan (with 2.6 million oz. gold production in 2016); and BHP’s Area C iron ore operations in Australia. The 50 mines had a cumulative production value of more than US$124 billion last year, with iron ore and copper accounting for US$64 billion (52%) and US$43 billion (35%) of the total. That leaves only a combined US$17 billion (14%) in cumulative production value for the other 10 gold, nickel and zinc mines on the top-50 list. De Leon found that over 93% of this total iron ore value is attributed to mines in Australia and Brazil, while Chile played an outsized role in copper production in the top-50 list, accounting for 3.3 million tonnes of output in 2016. S&P notes that while gold was the most valuable mined metal globally in 2016, the individual mines are small compared with those extracting iron ore and copper. While the U.K.’s Rio Tinto takes top spot on the list as operator, De Leon notes that Brazil’s Vale has the most operations on the top-50 list, with nine operations — seven iron ore mines, one copper mine and one nickel complex — producing a total value of US$21.4 billion in 2016. Only two mining complexes in Canada make the top 50: Vale’s Ontario nickel division in 34th spot at US$1.6 billion in value; and ArcelorMittal’s Mont Wright iron ore mine in 41st place at US$1.4 billion. Canadian operators also show up further down the list: Barrick Gold at 26 with the Goldstrike gold mine in Nevada and at 39 with Pueblo Viejo; First Quantum Minerals at 42 with the Kansanshi copper operation in Zambia; Turquoise Hill Resources at 44 with the Oyu Tolgoi copper-gold mine in Mongolia (though Rio Tinto is operator there); and finally, Teck Resources at 49 with the Red Dog zinc mine in Alaska. Some of the biggest risers on the top-50 list are MMG Ltd.’s Las Bambas copper mine and Freeport’s Cerro Verde copper mine, both in Peru. On the downside were Anglo American’s Los Bronces copper mine in Chile and Turquoise Hill’s Oyu Tolgoi, which saw major declines in head grades in 2016. TNM

DEPARTMENTS Editorial. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Professional Directory. . . . . . . . . . . . . . . . . 17 Metal Prices. . . . . . . . . . . . . . . . . . . . . . . . . . 19 Stock Tables. . . . . . . . . . . . . . . . . . . . . . . 18-22

COMPANY INDEX Agnico Eagle Mines. . . . . . 13 Agrium . . . . . . . . . . . . . . . . 13 Archon Minerals. . . . . . . . 12 Arizona Mining. . . . . . . . 3,11 B2Gold. . . . . . . . . . . . . . . 13,23 Barrick Gold. . . . . . . . . . . 9,13 Canadian Natural Resources. . . . . . . . . . . . . 13 Cenovus Energy. . . . . . . . . 13 Cornerstone Capital Resources. . . . . . . . . . . . . 11 Dalradian Resources. . . . . 14 Desert Star Resources. . . . 15 Diamcor Mining . . . . . . . . 12 Dominion Diamond. . . . . 1,9 Excelsior Mining. . . . . . . . 11 Filo Mining. . . . . . . . . . . . . 14 First Mining Finance. . . . . 14 First Quantum Minerals. . . . . . . . . . . . . . 13 Franco Nevada. . . . . . . . . . 13

Freeport-McMoRan . . . . . 13 Gold Standard Ventures. . 10 Harte Gold . . . . . . . . . . . . . 14 Ivanhoe Mines. . . . . . . . . . 11 Kennady Diamonds. . . . . . 12 Lucara Diamond . . . . . . . . . 2 Lundin Gold. . . . . . . . . . . . 10 Lundin Mining. . . . . . . . . . 13 Nautilus Minerals . . . . . . . 11 Noront Resources . . . . . . . 14 North Arrow Minerals. . . . 9 Northern Dynasty Minerals. . . . . . . . . . . . . . 10 Novagold Resources . . . . . . 9 Orezone Gold. . . . . . . . . . . 23 Osisko Mining. . . . . . . . . . 10 Peregrine Diamonds. . . . . 12 Pershing Gold. . . . . . . . . . . 16 Potash Corp. of Saskatchewan. . . . . . . . . . 13 Pretium Resources. . . . . . . . 1

Probe Metals. . . . . . . . . . . . . 8 Rio Tinto. . . . . . . . . . . . . . 1,13 Sabina Gold & Silver. . . . . 10 Seabridge Gold. . . . . . . . . . . 9 Shore Gold . . . . . . . . . . . . . 12 Stornoway Diamond. . . . . . 3 Syrah Resources. . . . . . . . . . 7 Tahoe Resources . . . . . . . . . 5 Teck Resources. . . . . . . . . 9,13 Tinka Resources. . . . . . . . . 11 Trilogy Metals. . . . . . . . . . . 14 Tsodilo Resources . . . . . . . 12 Turquoise Hill Resources. . . . . . . . . . . . . 13 Washington Companies. . 2,9 West African Resources. . 23 Western Copper and Gold. . . . . . . . . . . . . . . . . . 14 Wheaton Precious Metals. . . . . . . . . . . . . . . . 13

O P- E D

LME and World Gold Council launch LMEprecious GOLD & SILVER  

| LME branches from base metals, creates platform for precious metals trading

The following is an edited amalgam of statements by the London Metal Exchange on the LME and World Gold Council’s launch of the LMEprecious trading platform on July 10 in London. LMEprecious has introduced exchange-traded and centrally cleared precious metal products to the London market. It comprises spot, daily and monthly futures for gold and silver. The contracts are designed to support regulatory change, enabling greater market transparency and access, as well as providing more robustness to the precious metals market. LME Gold and LME Silver futures provide opportunities for trading, price discovery and risk management, which creates an enhanced market structure for the precious metals community. “We and our partners have worked hard to develop contracts for the precious metals community that complement the OTC market while offering greater capital efficiency, transparency and accessibility to market participants,” LME precious metals head Kate Eged said.

and silver forward curves; • L oco London delivery — Gold and silver bullion physically held in London allows for the efficient settlement between LMEprecious and OTC market deliveries; • O ptimized capital management — LMEprecious contracts are cleared by LME Clear, the LME’s custom-built metals CCP, with scope for material capital savings; and • Flexible booking model — LMEprecious contracts can be traded electronically via LMEselect, and through the 24-hour telephone market. LME Gold and LME Silver contracts are traded on the LME’s electronic market, LMEselect, from 1:00 to 20:00 (London time) and via the 24-hour telephone market. The LME gold and silver contracts saw volumes surge in their first week of trading. LME Gold traded a total of 25,590 lots (2.6 million oz., or 79.6 tonnes) while 2,556 lots (12.8 million oz., or 397.5 tonnes) of LME Silver were transacted.

LMEPRECIOUS IS A SUITE OF EXCHANGETRADED AND CENTRALLY CLEARED PRECIOUS METAL PRODUCTS THAT COMPRISES SPOT, DAILY AND MONTHLY FUTURES CONTRACTS FOR GOLD AND SILVER. Robin Martin, managing director of market infrastructure at the World Gold Council, said the launch of LMEprecious is an “important step in the modernization of the London market. The regulatory and market environment has evolved over recent years and we are confident that LMEprecious will help reinforce the strengths of the London market.” The LME, World Gold Council and six partners — Goldman Sachs, ICBC Standard Bank, Morgan Stanley, Natixis, OSTC and Société Générale — developed LMEprecious after engagement with major market participants and users to accommodate the interests of the full range of market stakeholders. LMEprecious has several features: • A flexible date structure — Gold and silver can be traded on a daily basis, from T+1 (TOM), T+2 (SPOT), through to T+25. LMEprecious also offers standardized monthly futures contracts, out to five years; • Tradeable carries between all futures dates — Including the crucial TOM/NEXT carry trade for inventory management, and monthly roll trades for funds and other investors; • Displayed electronic liquidity from day one — The LME’s market-making partners deliver executable prices across the gold

LME Gold and Silver open interest also reached 9,380 lots and 2,253 lots. Liquid spot order books for both contracts were available f rom lau nch w it h bid /of fer spreads at US20¢ gold and US1¢ silver, and carries quoted in depth out to five years forward. The provision of implied pricing means tradeable outright monthly futures are visible onscreen, along with a real-time transparent forward curve out to five years. Eged said this “promising start for our gold and silver contracts indicates the strength of industry support for LMEprecious, which was designed to provide a solution for the London market faced with challenges such as ongoing regulatory change, increased regulator y capita l and transparency requirements, and the overall push for modernization.” The World Gold Council added that the uptake of LMEprecious has been “highly encouraging” and shows the market’s appetite for a comprehensive exchangetraded offering to complement the London OTC market. The WGC said it “firmly backed the vision behind LMEprecious from the outset,” and has been confident this industry-supported solution would help the wholesale gold market evolve in the interest of all its participants. TNM

2017-07-18 10:32 PM


GLOBAL MINING NEWS

THE NORTHERN MINER / JULY 24–AUGUST 6, 2017

5

Guatemalan court suspends Tahoe’s licence for Escobal SILVER  

| Company aims to reverse ruling and reinstate licence

BY TRISH SAYWELL

T

tsaywell@northernminer.com

he Supreme Court of Guatemala has suspended Tahoe Resources’ (TSX: THO; NYSE: TAHO) flagship Escobal silver mine until it can hear an action brought against the government’s Ministry of Energy and Mines (MEM) regarding the company’s mining licence. A non-government organization called CALAS alleges that the MEM violated the Xinca Indigenous Peoples’ right of consultation in advance of granting the Escobal mining licence to Tahoe’s subsidiary, Minera San Rafael. By midday on July 6, Tahoe’s shares had plummeted $3.27 — or 30% — to $7.49, on nearly 7 million shares traded, and some analysts were cutting their share price targets. At market close, Tahoe’s shares had fallen $3.57 — or 33% — to $7.19, on 9.8 million shares. The company says that all consultation obligations relating to permitting the Escobal licence were met, and it will take all legal steps possible to have the ruling reversed and the licence reinstated. “We are surprised and naturally disappointed by this decision,” Ron Clayton, Tahoe’s president and CEO, said on a conference call. “The ruling comes as a surprise because we continue to believe there is no legal basis for the claim, since we do not believe the legal standards for an injunction were met. We don’t operate in Xinca territory. In fact, it is our understanding that no Xinca representative or community is participating in the CALAS lawsuit against MEM.” The company “can actively pursue a remedy in the courts,” Clayton added, emphasizing that the current ruling “is a temporary order only,” and “not a permanent revocation of the licence.” Depending on the timing of court rulings and appeals, and assuming that Escobal is suspended for three months, Clayton said Tahoe can’t confirm previously issued production guidance for 2017, and will reevaluate its earlier multi-year guidance. Tahoe calculates the impact of a three-month suspension would be 5.1 million oz. silver production deferred to a later date, and incurred fixed costs of US$10 million. Sales and operating costs associated with the deferred production would be incurred in future periods. Sustaining capital of US$12 million would also be deferred, planned exploration of $0.5 million would not be incurred, and US$4 million in royalties and US$5 million in taxes associated with the delayed production would not be incurred. The company says the Supreme Court that issued the provisional decision is the initial trial court in the country for constitutional actions filed against MEM, and appeals are heard by Guatemala’s Constitutional Court. “Based on a prior ruling by the Constitutional Court involving consultation obligations with respect to a large natural resource project, the company says its operating licence should remain in effect while any additional consultation is completed,” the company says. Tahoe plans to appeal the decision to the Constitutional Court and ask for the Supreme Court to reconsider its ruling. Tahoe says that the Constitutional Court could rule on the appeal within two to four

1-16, 23_JULY24_Main .indd 5

Tahoe Resources’ Escobal silver mine in Guatemala in 2015.   TAHOE RESOURCES

“THE RULING COMES AS A SURPRISE BECAUSE WE BELIEVE THERE IS NO LEGAL BASIS FOR THE CLAIM, SINCE WE DO NOT BELIEVE THE LEGAL STANDARDS FOR AN INJUNCTION WERE MET.” RON CLAYTON PRESIDENT AND CEO, TAHOE RESOURCES

months, and that the company will seek to have the licence reinstated. Tahoe will also file a motion for reconsideration with the Supreme Court to resolve CALAS’s definitive constitutional claim, noting the definitive constitutional claim and appeal process could take between 12 and 18 months. The last official census shows the San Rafael community as 9.6% non-indigenous and with no Xinca community presence, Tahoe said in a news release. “Despite the fact that the Escobal mine is not located in or impacting any indigenous communities of Guatemala, the company understands that MEM held a consultation process that complied with the requirements set forth in the International Labour Organization Convention 169.” “We are aware that the impact to our shareholders, employees, vendors and community population could be significant,” as tax and royalty payments will be suspended when the mine does not operate, Clayton noted on the conference call. “We are doing everything in our power to get our mine back in operation, as soon as possible.” During a question and answer session with analysts on the conference

call, Clayton said Tahoe’s balance sheet “is very, very strong.” Elizabeth McGregor, Tahoe’s vicepresident and chief financial officer, confirmed the company has been in touch with its lenders since the news came out. “They are supportive ... and have indicated that we can build flexibility [into the credit line] and continue access.” Even with a shutdown of Escobal, Tahoe would meet the financial covenants of the loan, she added. “There is a clause that indicates that if we shut down Escobal for 30 days that would put us in default, and we’re working with lenders on an amendment that would give us f lexibility to go beyond the 30 days ... our lenders have been pretty supportive. Most likely, we would get that resolved in the next couple of weeks, before we would fall into a default on the current facility.” When asked about the company’s capital allocation plans going forward, Clayton said “anything that’s truly discretionary is going to be reviewed pretty hard,” but added its plans for its Shahuindo gold mine in Peru and a shaft project at its Bell Creek gold mine in Timmins probably would not be affected. “I don’t think the two major proj-

ects we’re doing at Shahuindo and the shaft at Bell Creek are discretionary,” he said. “Those are important projects, and, at least at this point, we can go forward in the kinds of time lines in the press releases with those projects.” After the call, Cosmos Chiu of CIBC said in a research note that Escobal represents 62% of Tahoe’s net asset value and more than 50% of the company’s cash flow. Chiu cut his target price from $13 per share to $8.50 per share.“Despite a cash balance of US$165 million at the end of second-quarter 2017, we believe Tahoe will need to cut a combination of its capex, exploration and/or dividend if the Escobal suspension lasts more than three months.” Chris Thompson of Raymond James lowered his target price on Tahoe to $10.75 per share from $15.75 per share. The mining analyst now models a 12-month suspen-

sion of operations, with production starting again in the third quarter of 2018, and says the company will incur standby costs of US$30 million while the mine is suspended. He also cut his company-wide 2017 production estimate from his earlier 746,000 equivalent oz. gold to 575,000 equivalent oz. gold, while his previous forecast for all-in sustaining costs of US$975 per oz. has been raised to US$1,050 per ounce. Thompson says that to keep Tahoe’s planned growth capex, it will have to raise money to offset forfeited lost revenue and standby costs at Escobal. “Without raising funds we see Tahoe depleting its current cash reserves in late fourth-quarter 2017 at our base-case metal assumptions, and using spot metal prices (US$1,225 per oz. gold and US$16 per oz. silver), we see cash reserves dropping below zero in mid-fourth quarter 2017,” he writes. “We model Tahoe drawing $50 million on the line of credit in thirdquarter 2017 and another $60 million in the second quarter of 2018 to keep its current capex plan, and repay the outstanding $35-million credit facility,” he says, which is due April 2018. Andrew Kaip of BMO Capital Markets assumes a six-month delay in production on a preliminary basis, and noted that the increased uncertainty had caused him to cut his target price from $14 per share to $11.50 per share. Until now, Tahoe’s previous 52week low was $9.58 per share in March 2017, while it reached a 52week high of $22.13 per share in August 2016. The company has 312 million shares outstanding. Several law firms are already filing class action lawsuits against Tahoe on behalf of its shareholders. TNM

LEADING GOLD EXPLORATION IN JAMES BAY, QUEBEC

TSX:ER OTCQX:EANRF

Invitations for Offers to Purchase the Business and/or Assets of Grande Cache Coal LP and related entities Deloitte Restructuring Inc. in its capacity as Court-appointed Receiver and Manager (the “Receiver”) of Grande Cache Coal LP, Grande Cache Coal Corporation, Up Energy (Canada) Limited, 0925165 B.C. Ltd. and specific equipment and real property of Grande Cache Coal LP and Grande Cache Coal Corporation (collectively “GCC”), invites offers for the purchase of the business and/or assets, en bloc, of GCC pursuant to a Sales and Investment Solicitation Process (“SISP”). GCC is a single asset metallurgical coal mining company with both open pit and underground mining operations. GCC’s head office is located in Calgary, Alberta. The Grande Cache Coal mine, is currently on care and maintenance and is maintained by a staff of full time on-site mine personnel. Infrastructure is in place to support a mine restart including a coal wash plant with a raw coal feed capacity of up to 4.4Mt, tailings ponds and rail access to coal export terminals on the Pacific Coast and the Great Lakes. Potential full production of the mine is estimated to achieve peak production of 3.0Mtpa with a combined average production rate of 2.2Mtpa over a 16 year mine life. Information regarding the SISP can be found at www.insolvencies.deloitte.ca/grandecachecoal. Pursuant to the SISP, the Receiver must receive all letters of intent no later than 5:00pm Mountain Time, August 25, 2017 at the address noted below. DELOITTE RESTRUCTURING INC. 700, 850 – 2nd Street SW Calgary, AB T2P 0R8 Canada Att. Bob Taylor For further information please contact: Mr. Mike Andrew Telephone: (506) 663-6613 Fax: (506) 632-1210 E-mail: miandrew@deloitte.ca

Focused Management Aggressive Exploration Right Location 3 Key Assets Eau Claire – Mineral Resource Estimate Update (Q3 2017) Eastmain Mine – Mineral Resource Estimate (Q3 2017) Eau Claire – Preliminary Economic Assessment (Q1 2018)

www.eastmain.com

2017-07-18 10:32 PM


WWW.NORTHERNMINER.COM

JULY 24–AUGUST 6, 2017 / THE NORTHERN MINER

6

Rising battery demand drives allure of technology minerals INTERVIEW  

| Lithium and cobalt producers should benefit from supply squeeze

BY TRISH SAYWELL

I

tsaywell@northernminer.com

nterest in technology metals and minerals has surged in recent years along with growth in the market for electric vehicles. Lithium ion batteries used to power electric vehicles need chemicals derived from lithium, cobalt, nickel and graphite. The Northern Miner recently spoke with Caspar Rawles, an analyst in London at Benchmark Mineral Intelligence. Benchmark offers price data, analysis and forecasting services for lithium ion battery raw materials, particularly lithium, graphite, cobalt and nickel.

The Northern Miner: Prices for lithium carbonate and lithium hydroxide have surged in the last few years on the back of growing demand for lithium ion batteries. Caspar Rawles: The supply chain is under a big squeeze at the moment and there’s huge demand for lithium. Between 2005 and 2008, we saw the average price for lithium carbonate at US$3,500 per tonne and the average price for lithium hydroxide at US$5,000 per tonne. Between 2010 and 2014, the average for lithium carbonate was US$5,000 per tonne and for lithium hydroxide US$6,000 per tonne. During 2015 and 2016, you’re looking at just over US$9,000 per tonne for carbonate and just under US$14,000 per tonne for hydroxide. In May 2017, the prevailing price of lithium carbonate was US$12,000 a tonne and lithium hydroxide was US$16,000 per tonne. It’s important to note that prices we are seeing in China are much higher than this — 60% higher for carbonate and 40% higher for hydroxide. And while prices have moved up quickly, they have remained stable at the higher level from the fourth quarter of 2016 until now. It was a two-year price surge, and we don’t see any sign of a price crash, and there is likely to be another price surge. Between 2017 and 2020, we anticipate the average carbonate price will be US$13,000 per tonne and for hydroxide, US$18,000 per tonne. We expect prices to remain stable if not higher, underpinned by long-term demand. TNM: That’s a big jump in the price forecast. What are the main factors at play? CR: It’s partly due to a lack of investment in the space and the difficulty Cobalt prospect available for option 80 km west of Timmins Ont. Historical values of up to 6lb/ton Co. Co associated with sulphide mineralization. Numerous untested airborne EM targets.

Contact Kevin Filo for more information. 1.705.268.9045 - jkevinfilo@gmail.com

A drill site at Pure Energy Minerals’ Clayton Valley lithium project in Nevada.   PURE ENERGY MINERALS

and lead time of bringing lithium projects online. The quickest access is lithium from spodumene hard rock deposits, but lithium from brine projects takes longer to bring onstream, and that’s why we’ve seen such a squeeze on supply. The real driver is growing demand from the lithium-ion battery industry, particularly from the electric vehicle market. TNM: Why are prices higher in China? CR: There are two reasons: they tend to convert the lithium feedstock they get from hard rock spodumene deposits in Australia, which is more expensive to do than from brine sources. And over the last 18 months, Chinese chemical converters haven’t been able to get a hold of the spodumene feedstock they require. From the buyer’s side, the rush for cathode manufacturers to secure long-term supply has been a major factor pushing the price up. It is long-term supply security over price right now, and we don’t see that changing anytime soon. This year the price for lithium hydroxide in China is between US$21,000 per tonne and US$25,000 per tonne, and between US$18,000 per tonne and US$22,000 per tonne for lithium carbonate. TNM: What is the outlook for lithium supply? CR: Any supply that comes online is

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M. Hannington, M. Leybourne, D.Kontak (Sat-Sun)

J.B. Gemmell and D. Burrows (Wed-Thu)

Orogenic Gold and Porphyry Systems

VMS and Ores in Surficial Environments

R. Goldfarb and J. Richards (Mon-Tue)

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$200 full course (students), $500 per 2-day session (professionals) Contact: icsr@uottawa.ca or science.uottawa.ca/earth/short_course

1-16, 23_JULY24_Main .indd 6

“ANY LITHIUM PRODUCER IS GOING TO HAVE A GOOD TIME ... WITH COBALT, THE CRITICAL FACTOR IS LOCKING IN SUPPLY.” CASPAR RAWLES ANALYST, BENCHMARK INTELLIGENCE

going to be welcomed in the market because there will be buyers. Any lithium producer is going to have a pretty good time with prices where they are. It’s the same with cobalt, but the critical factor is locking in supply for the next four years, and that will have to come at a price. TNM: How would you compare the importance of cobalt and lithium when it comes to lithium ion batteries? CR: Cobalt is more valuable than lithium in a lithium ion battery, but by weight, there’s more lithium in a lithium ion battery than cobalt. It also depends on what kind of battery chemistry you are talking about. For a battery in your laptop or smart phone, 60% will be cobalt. And we know pretty much that there’s saturation in most developed markets for laptops and cell phones, so we don’t expect that market to grow. The real growth in the battery market is from electric vehicles. Lithium is used as an electrolyte and all batteries use lithium. The nickelcobalt-aluminum battery that Tesla uses, for example, is relatively low in cobalt but much higher in nickel. Then there are nickel-cobalt-manganese batteries, and the amount of cobalt in those batteries can vary. Some lithium-ion batteries don’t contain any cobalt, but these cells aren’t so common and tend to be used in electric buses. Cobalt is a smaller market and is important, but there is no option at the moment

to make a battery without lithium. The key thing about all of these cells is that the amount of lithium remains the same, so it’s not straightforward. You can’t just say cobalt is more important in a battery than lithium. TNM: Can you take us through the numbers for lithium demand in batteries? CR: Last year, lithium demand for batteries was 75,000 tonnes. We forecast that in 2020, annual lithium demand for use in batteries will be over 150,000 tonnes — or put another way, 75,000 to 100,000 tonnes of additional lithium supply will be needed. It’s not easy to bring material online. Lithium from brine resources take a long time, and some companies have had trouble doing so ... this is not so much mining, but more speciality chemicals, which is why some companies struggle. It’s not something that can be done quickly. Lithium from spodumene hard rock deposits can be brought online more quickly, but it takes money, investment and know-how. Building a spodumene hard rock mine might take three to five years and building a lithium brine mine might take seven to 10 years. Batteries are becoming the main driver of the industry. In 2006, lithium battery demand accounted for 22% of global demand for lithium. In 2016, batteries accounted for 42% of all lithium demand, and that’s

going to rise to 67% by 2020. Well over half of lithium demand will be consumed by the battery industry. TNM: What is your outlook on cobalt demand and prices? CR: When we talk about cobalt prices what we are really talking about is the metal price, which is widely quoted. Cobalt metal futures are what is traded on the London Metal Exchange, but the metal doesn’t go into the battery. It’s cobalt in its chemical form. One of the main chemicals that will be bought by the battery industry and further refined to a battery chemical is cobalt sulphate. We started ramping up our coverage of cobalt last September and have just launched our cobalt tracker, which will track the price of cobalt sulphate. The price of cobalt metal has more than doubled in the last 12 months. This time last year low-grade cobalt metal was US$24,000 per tonne, and it’s now over US$60,000 per tonne. Cobalt sulphate in contract prices is based off the cobalt metal price and there is a premium for cobalt sulphate, which can be negative or positive, compared to the metal itself. The cobalt sulphate price is relatively similar to the cobalt metal price, but earlier this year prices were higher for cobalt sulphate than the metal, so it moves around. There’s a strong relationship between the metal and the chemical price, and part of the reason is that cobalt sulphate got more expensive than the metal when people were converting the metal into sulphate. They keep each other in check. The premium for cobalt sulphate can move around, but I don’t think the difference will become too large. We are finalizing our forecast numbers and at the end of July we will release our forecasts for the cobalt market out to 2025. TNM: Where does China fit into the cobalt picture? CR: China accounts for just over 80% of global cobalt chemical production. It’s the centre of the cobalt chemical market.

2017-07-18 10:32 PM


GLOBAL MINING NEWS

THE NORTHERN MINER / JULY 24–AUGUST 6, 2017

7

A rendering of some of the 272 Tesla Powerpacks integrated with a 13MW solar installation at the Kauai power project in Hawaii.  TESLA

“THREE YEARS AGO THERE WERE TWO MEGAFACTORIES ON THE HORIZON. THAT NUMBER HAS SINCE RISEN TO 16.” CASPAR RAWLES ANALYST, BENCHMARK INTELLIGENCE

First Cobalt’s Frontier cobalt property in Northern Ontario.   FIRST COBALT

TNM: What does the landscape look like for graphite, another component in lithium ion batteries? CR: In terms of price, graphite has not done what lithium and cobalt have done. Unfortunately, graphite doesn’t get much attention, but it is an important part of a lithium ion battery. By weight in a cell, it’s the most abundant of these three materials (lithium, cobalt and graphite), so it’s an important part of the cell and will be for a long while. But prices have been relatively stable for some time now. In May 2017, flake graphite was US$683 per tonne and uncoated spherical graphite was US$2,750 per tonne. Prices haven’t moved much since 2014, and probably were a bit higher then — closer to US$1,000 per tonne for flake graphite and US$3,250 per tonne for spherical graphite. Prices have ticked down since 2014, although there have been no dramatic movements in the average price. Because more graphite supply is set to come online, we expect this trend to continue. For example, Syrah Resources (ASX: SYR; USOTC: SRHYY) has plans to produce just over 300,000 tonnes of flake graphite a year from a mine it is building in Mozambique. This will be the most significant change to the graphite industry in many years. The final step in the processing chain for the graphite industry is coated spherical graphite. (It is coated spherical graphite that goes into a battery cell). The price of coated spherical graphite ranged from US$16,000 per tonne to US$22,000 per tonne between 2009 and 2013. From 2014 to 2017, the low was US$12,000 per tonne and the high was US$17,000

1-16, 23_JULY24_Main .indd 7

per tonne. And between 2018 and 2020, we think the low will be US$9,000 per tonne and the high will be US$12,000 per tonne. There is excess capacity in the market. One of the other large consumers of graphite is the steel industry, and that industry has been depressed for some time, so there hasn’t been much demand there, and that’s why we see prices coming off. Nonetheless, we see demand for graphite growing at a compound annual growth rate of 13–16%. Another thing we are questioned about at Benchmark is the use of silicon as an anode. There have been some reports in the media that silicon can be a far better anode than graphite. People have picked up on this, and it concerns them that silicon may replace graphite as an anode of choice. This is not the case — there are a number of issues with using silicon as an anode, primarily its expansion and subsequent contraction when the cell goes through charge cycles, making an all-silicon anode not commercially viable. We expect that silicon will be blended with graphite to improve its performance, but silicon will make up 5% or less of the anode. Another debate in the industry involves the use of natural or synthetic graphite, but we see that natural graphite will increase its market share over synthetic. In terms of the actual graphite consumed, we anticipate that by 2020, more natural graphite than synthetic graphite will be used, but anodes will consist of a blend of the two, which will help battery producers get a uniform product. One of the issues with natural graphite, as its name suggests, is that it is a natural product, so the material can vary from producer

to producer, or in some cases from batch to batch. It will have slightly different characteristics when it is under stress in a cell, so blending it with some synthetic material will enable cell manufacturers to get the same result, and they can guarantee the performance of their product. One of the main concerns — and this goes for everything to do with a lithium ion cell — is that if any of the constituent parts vary in quality or in their chemical makeup, the cell won’t perform in the same way. This might mean the cell won’t last as long. For producers that provide warranties [typically eight years] on their electric vehicles, they need to make sure every cell is going to perform in a similar way. That’s a huge concern for battery-cell makers. Blending natural and synthetic graphite gives you a uniform product. Both products bring their own qualities. Natural graphite is cheaper, which of course is important as companies race to produce the cheapest cells, but it often performs better than synthetic. With synthetic, on the other hand, you can guarantee the consistency of the product and in many cases it proves better for cycle life. That’s why going forward we really see more blending happening in the industry. TNM: Benchmark Minerals coined the term “battery megafactory” to refer to lithium ion battery makers. What has happened since then? CR: When we coined the term three years ago there were two megafactories on the horizon. That number has since risen to 16 megafactories. When we say megafactory, we mean battery cell-producing facilities that have an annual capacity of greater than 1 gigawatt hour. So in that category, the total capacity in 2016 was 29 gigawatt hours. By 2020, installed capacity will be 234 gigawatt hours, and of those 16 megafactories under construction or soon to be started, 10 are in China. We don’t take into account any megafactories that don’t have capital committed. In other words, if we don’t think it

will be in production by 2020, we don’t count it. TNM: Where would Tesla’s gigafactory stand in all of this? CR: Tesla’s installed capacity at its gigafactory in Nevada will be 35 gigawatt hours by the end of 2018. And Tesla is slightly niche in the sense that it is vertically integrated, with raw materials going in at the front end and cars coming out the other. TNM: Can you translate “gigawatt hour” capacity into the number of electric vehicles that can be produced? CR: When Tesla launches its Model 3, it will have a 60- to 65-kilowatthour pack. There will be 60 kilowatt hours in an average electric vehicle battery pack, which is made up (in some cases) of thousands of cells. An individual cell would look like the battery you would find in an iPhone or your TV remote, or it can be a bit bigger, like an old VHS cassette tape. A battery pack in an electric vehicle would be the same

size as the bottom or undercarriage of the car itself. TNM: How many electric cars could be produced from one gigawatt hour? CR: One gigawatt hour of capacity would work out to 16,500 electric cars. Some packs are smaller and some bigger, but we work on an average of 60 kilowatt hours that the electric car industry uses to prevent what they call “range anxiety” — or how long or far an electric vehicle can run on a charge. TNM: Does Benchmark look at nickel sulphate? CR: We are starting to cover nickel chemicals because they are becoming more important in the electric vehicle market. But the market for nickel sulphate is small when you compare it with the nickel market. You can’t use all nickel metal to make nickel chemicals for batteries. Nickel pig iron, for example, can’t be used to produce nickel sulphate. And there are two grades of nickel — a higher-class and a lower-class market, and only part of that higher market can go into nickel sulphate used for a battery. Other nickel would require more refining. The nickel market is 2 million tonnes a year and the chemical market, or nickel sulphate market, is 2–3% of that, so it’s quite small. TNM

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8

Probe Metals’ vice-president of corporate development Patrick Langlois (left) and chief operating officer Yves Dessureault examine outcrop at the Val-d’Or East gold property in Quebec.   PROBE METALS

Probe Metals intersects more gold south of its New Beliveau deposit QUEBEC   BY TRISH SAYWELL

I

tsaywell@northernminer.com

nfill drilling 1.2 km south of the New Beliveau gold deposit at Probe Metals’ (TSXV: PRB; US-OTC: PROBF) Val-d’Or East project in Quebec has boosted the company’s confidence in the resource. In its drill campaign at the project, 25 km east of the city of Vald’Or, Probe has found two shallow gold discoveries. The first, 1,200 metres south of the former Beliveau mine, returned an intercept of 7.4 grams gold per tonne over 12.4 metres from 148 metres deep. The intercept came within a broader zone of 24.5 metres grading 4.2 grams gold. The second, 600 metres south of the former Beliveau mine, cut 7.8 grams gold over 2.5 metres from 129 metres deep, and 1.7 grams gold over 11.8 metres from 151 metres deep. The discovery holes were the farthest from the deposit to date, and were found in an area tested for the first time by an inducedpolarization geophysical survey. “We have had remarkable success on our Val-d’Or East project, which is not surprising, given that we are less than 20 minutes away from one of the area’s largest gold-producing systems at Sigma-Lamaque,” Probe’s president and CEO David Palmer says. “What is surprising is that this area has seen little historic exploration. This has provided us with a rare opportunity to acquire a land position in a world-class gold-mining camp that still has a lot of exploration upside.”

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| David Palmer-led junior consolidates largest land package in Val-d’Or camp The company has consolidated “WITH INTEGRA GOLD BEING ACQUIRED (TSX: G; NYSE: GG) in March what is now the largest land pack2015. Goldcorp still owns 13.9% age in Val-d’Or and implemented BY ELDORADO GOLD FOR $590 MILLION, of Probe Metals. a $9-million exploration program THERE IS CLEAR APPETITE FOR VALTyron Breytenbach of Cormark this year to expand the current gold Securities noted in March that he resources and find more deposits, D’OR ASSETS IF A VIABLE RESOURCE IS is attracted to Probe Metals for a Palmer says. “combination of a well-funded ($40 PROVEN.” George Topping of Industrial Alliance Securities noted the latest drill results support his theory that a combined open-pit and underground operation is “likely.” “The economics of shallower ore to support deeper discoveries is useful,” he said in a research note. “With Integra Gold being acquired by Eldorado Gold for $590 million, there is clear appetite for Val-d’Or assets if a viable resource is proven.” The New Beliveau deposit has an inferred resource of 9.1 million tonnes grading 2.63 grams gold for 770,000 contained oz. gold. The resource, completed in November 2012, was based on a cut-off grade of 1 gram gold from surface to 350 metres deep, and a cut-off grade of 1.5 grams gold at 350 metres deep. The resource includes the New Beliveau, Highway and North zones. In May, Probe expanded its 2017 drill program to 75,000 metres from 50,000 metres, and the company expects to update the resource estimate before year-end. The New Beliveau deposit sits beneath the past-producing underground Beliveau mine, which was operated by Cambior from 1989 to 1993, and churned out 170,000 oz. gold at 3.15 grams gold. Among the drill results released on June 6 were gold hits in dike structures around the New Beliveau deposit. One hole returned an intercept of 1.2 grams gold over

GEORGE TOPPING ANALYST, INDUSTRIAL ALLIANCE SECURITIES

26.1 metres. In March, Probe found a highgrade gold zone hosted in diorite dike 300 metres west of the pastproducing mine — the most western step-out that the company has drilled, and the highest grade found on the property. One drill hole intersected a quartz-tourmaline vein zone that included an interval of 1,122 grams gold per tonne over 0.7 metre. The intercept formed part of a larger interval of vein mineralization averaging 92.7 grams gold over 8.7 metres. The mineralization intersected between 272 and 281 metres deep. Highlights from other drill holes include 6 grams gold over 3 metres, 1.7 grams gold over 15 metres, 7.2 grams over 3.6 metres and 4.2 grams over 11.5 metres. In May, Probe announced that another drill hole returned a 154.4gram gold interval over 0.6 metre and is associated with the same structure hosting the intercept of 1,122 grams gold over 0.7 metre reported in March. It also noted that drilling traced the deposit for more than a 300-metre strike length and to 400 metres depth, with the deposit remaining open in all directions. Probe’s drill program focuses on

four areas: the initial high-grade dike discovery, the high-grade subvertical gold structure, the southeastern extension of the New Beliveau deposit and geophysical targets south of the New Beliveau resource. The project is part of the Val-d’Or mining camp within the Southern volcanic zone in the southeastern part of the Archean Abitibi greenstone belt. The New Beliveau deposit has parallel, east- to west-trending, moderately dipping mineralized zones hosting gold-bearing quartzpyrite-tourmaline veins. Gold mineralization also occurs in immediate wall rocks. The company says the sulphide content ranges from 1–5%, but could reach 10% in the highergrade sections. The alteration zone is commonly twice the thickness of the vein itself. The north- to southtrending diorite dikes contain significant gold, with grades increasing in areas where the dikes intersect the east–west quartz-tourmaline veins. The wall rocks for both systems consist of intermediate volcanics. Probe Metals was formed as a spinout company after the $526-million sale of Probe Mines to Goldcorp

million cash), proven management team and a district-scale, Canadian land package that is subject to a new exploration thesis. “Although past performance is no guarantee of future success, we are drawn to a team carried over from Probe Mines that has shown the ability to apply creative science to uncover ore deposits. The greater than 4 million oz. Borden project was discovered by the original Probe in 2010, in an area of Ontario previously viewed as barren,” the mining analyst said in a research commentary marking his coverage of the company. “With the senior producers facing broad production declines beyond 2019, the junior space has inevitably garnered attention. Juniors with exposure to premier mining jurisdictions are destined to attract attention in this environment, as only a handful of explorers have access to capital dedicated to greenfields exploration.” At press time, Probe’s shares were trading at $1.37 apiece within a 52week range of 99¢ to $2.18. Breytenbach has a “buy” rating on the stock and a $2.15-pershare target price, while Topping of Industrial Alliance Securities has a $2.50-per-share target and a “speculative buy” rating. Michael Gray of Macquarie Research has a $1.75-per-share target and an “outperform” rating on the stock. TNM

2017-07-18 10:32 PM


CANADA’S TOP TEN

SPECIAL FOCUS

Top 10 Canadianbased gold developers GOLD  

| Large-tonnage projects in northern Canada and Alaska stay prominent BY JOHN CUMMING jcumming@northernminer.com

G

old exploration and development is enjoying a boom again, and Canadian juniors are leading project advancement at home and abroad. The following are the top-10, Canadian-headquartered gold companies that are developing projects but not yet in commercial production, ranked according to market capitalization in mid-July. Gold royalty and streaming companies are not included in the list.

1. Novagold Resources $1.9 billion Vancouver-based Novagold Resources (TSX: NG; NYSE-MKT: NG) is a familiar name in the gold sector, especially amongst retail investors. Novagold’s flagship project is its half interest in the large but remote Donlin Gold project in southwestern Alaska, which is a fifty-fifty joint venture with Barrick Gold (TSX: ABX; NYSE: ABX). Donlin Gold ranks as one of the world’s largest undeveloped gold deposits, boasting measured and indicated resources of 541 million tonnes grading 2.2 grams gold per tonne for 39 million contained oz. gold, plus 92 million inferred tonnes grading 2 grams gold per tonne. (The measured and indicated resource includes 505 million tonnes of proven and probable reserves at similar grades.) A second updated feasibility study of Donlin Gold envisions an open-pit mine that would produce 1.5 million oz. gold annually in the first five years of operation, and 1.1 million oz. gold per year over a 27-year life. The partners plan to carry out an US$8-million drill program this year at Donlin to gain more geological and geotechnical data. Meanwhile, the partners continue to wind their way through the permitting process. A final environmental impact statement is expected in early 2018. NovaGold also has a fifty-fifty joint venture with Teck Resources (TSX: TECK.B; NYSE: TECK) at the Galore Creek copper project in northern British Columbia. As of May 31, NovaGold had US$93 million in its treasury. For the year, the company expects to spend US$11 million for general and administrative costs, US$14 million to fund its share of expenses at Donlin and US$2 million at Galore Creek.

Dominion Diamond’s Ekati diamond mine in the Northwest Territories, in 2016.   DOMINION DIAMOND.

Top 10 Canadian-based diamond companies DIAMONDS  

| Canadian firms reach across the globe for precious stones

BY TRISH SAYWELL tsaywell@northernminer.com

C

anada is the fifth-largest diamond producer in the world, according to the Mining Association of Canada. Last year two new diamond mines came into production: Gahcho Kué in the Northwest Territories and Renard in Quebec. Here are the top 10 Canadian-headquartered diamond companies by market capitalization, as of early July. 1. Dominion Diamond $1.5 billion Dominion Diamond (TSX: DDC;

NYSE: DDC) is Canada’s largest diamond producer and the world’s third-largest diamond miner after De Beers and Alrosa. Dominion operates the Ekati mine, in which it owns a controlling interest, and owns 40% of the Diavik mine. Both mines are 300 km from Yellowknife and 200 km south of the Arctic Circle in the Lac de Gras region of the Northwest Territories. Ekati began production in October 1998, and Diavik in January 2003. Dominion also owns a 55% stake in the Lac de Gras joint venture w it h North Arrow Minerals (TSXV: NAR), which holds the other 45% interest. The joint-venture property adjoins the mineral leases that host the Diavik mine,

10 km north, and the Ekati mine, less than 40 km northwest. Dominion also has sorting and selling operations in Canada, Belgium and India. In an agreement with Archon Minerals (TSXV: ACS) in June, Dominion raised its ownership stake in the Buffer zone at the Ekati diamond mine to 100%. Of the 150 kimberlite pipes found at Ekati, 38 are in the Buffer zone, including Jay, a large, high-grade kimberlite that was approved for mine construction in July 2016. The Jay kimberlite is described as the most significant undeveloped deposit at Ekati, and will extend Ekati’s mine life by 10 years to 2033. Jay is beneath Lac du Sau-

vage, a moderate-sized lake north of Lac de Gras, 30 km southeast of the main Ekati mine infrastructure. The Buffer zone also contains the Lynx kimberlite pipe, which started commercial production in April 2017. Lynx is 3 km southwest of the Misery pipe. Earlier this year the company received an unsolicited $1.1-billion takeover offer ($13.50 per share) from privately held, U.S.based Washington Companies. Dominion’s board dismissed the proposal as highly opportunistic. Washington Companies came back to the table in a big way on July 17 with a US$14.25 per share, See DIAMONDS / 12

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2. Seabridge Gold $883 billion See GOLD / 10

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Top 10 gold GOLD From 9

Rudi Fronk-led Seabridge Gold (TSX: SEA; NYSE: SA) has 100% ownership of two core assets: the KSM project in B.C. and the Courageous Lake project in Nunuvat. KSM has reserves of 2.2 billion tonnes at 0.55 gram gold per tonne, 0.21% copper and 2.6 grams silver per tonne for a contained 38.8 million oz. gold, 10.2 billion lb. copper and 183 million oz. silver. Courageous Lake has reserves of 91 million tonnes of 2.2 grams gold for a contained 6.5 million oz. gold. In June Seabridge mobilized drill rigs to KSM to begin drilling two targets: the down-plunge projection of the Lower Iron Cap zone and a target that Seabridge says could be a fifth, higher-grade deposit at KSM. Seabridge found both targets in hole 16-62, the last hole it drilled in 2016. The company plans to drill 10 holes totalling 8,750 metres in a 600-by-500-metre area. “This is the twelfth successive season we have drilled at KSM, and, quite remarkably, it could be one of our most productive,” Fronk

said in a news release. “We expect Iron Cap will become considerably larger — much like Deep Kerr over the past three years.” Seabridge also has a drill program underway at its Iskut gold project in northwestern B.C., acquired by buying SnipGold in June 2016. The project is 30 km from KSM. 3. Osisko Mining $769 million The former management team behind Osisko Gold developed a reputation for furious drilling campaigns at the Canadian Malartic gold mine in Quebec before it was sold, and they are continuing this signature strategy at their Windfall gold project in Quebec’s Urban Barry region under the Osisko Mining (TSX: OSK; US-OTC: OSKFF) banner. Osisko has a 400,000-metre drill program underway at Windfall using 24 drills, as well as four drills active at its Garrison gold project across the provincial border in Ontario, west of the Holloway & Holt mine. Osisko is stepping up its de-

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watering of the old workings at Windfall, and expects to assess and rehabilitate them over the coming weeks before beginning work in September to advance the ramp at a rate of 7 to 8 metres a day. The firm is looking at the town of Lebel-sur-Quévillon as a potential mill site to take advantage of existing infrastructure in the town and to limit development at the mine site. Osisko pla ns to update t he resource at Windfall this year, complete a feasibility study in the second half of 2018, obtain major permits in 2018 and begin mine construction in 2019. As of June, Osisko had $210 million in cash and equivalents. 4. Lundin Gold $588 million Lundin Gold (TSX: LUG; US-OTC: FTMNF) has one of the world’s more intriguing undeveloped highgrade gold deposits: Fruta del Norte (FDN) in southeast Ecuador’s Cordillera del Condor region. A member of the Lundin Group of Companies, Vancouver-based Lundin Gold acquired FDN in December 2014 for US$240 million, after its previous owner Kinross Gold got stuck in a stalemate with the national government over taxation rates. In June, Lundin drew down US$150 million from a US$400-

million project financing package negotiated with Orion Mine Finance Group and Blackstone Tactical Opportunities. The package is comprised of a gold prepay credit facility for US$150 million, a US$150-million stream loan credit facility and committed participation of US$100 to US$150 million to future equity financings to fund the project. Orion and Blackstone were also granted the right to buy 50% of Fruta del Norte gold production, up to a maximum of 2.5 million oz., at a price to be determined based on monthly delivery dates and defined quotas. FDN has probable reserves of 15.5 million tonnes grading 9.67 grams gold per tonne and 12.7 grams silver per tonne for a contained 4.82 million oz. gold and 6.34 million oz. silver. According to a feasibility study, a US$669-million mine built at FDN could yield 340,000 oz. gold annually over an initial 13-year mine life, at an average life-ofmine, all-in sustaining cash cost of US$623 per oz. gold. Site facilities are now under construction at FDN, with work on portals underway in May. 5. Gold Standard Ventures $534 million Vancouver-based Gold Standard Ventures’ (TSXV: GSV; NYSE-

MKT: GSV) flagship is its RailroadPinion gold project on Nevada’s Carlin trend. Gold Standard has been consolidating ground in the area since 2009, and now has the secondlargest contiguous land package (208 sq. km) on the gold-rich trend. It has made significant discoveries at North Bullion, Bald Mountain and North Dark Star. In its most recent news, Gold Standard updated the resource estimate at Dark Star, where indicated resources stand at 15.4 million tonnes grading 0.54 gram gold per tonne for 265,100 oz. gold, and inferred resources are 17.1 million tonnes at 1.31 grams gold for 715,800 oz. gold, using a cut-off grade of 0.20 gram gold. 6. Northern Dynasty Minerals $512 million The travails of Northern Dynasty Minerals (TSX: NDM; NYSE-MKT: NAK) trying to advance its wholly owned Pebble gold-copper deposit in Alaska in the face of environmental opposition are legendary in the junior mining sector. But things are picking up again for the Vancouver-based company with a change in the behaviour of the U.S. Environmental Protection Agency (EPA) under the Trump administration. While it’s still an open question whether a mine will be built, the EPA has restored a normal permitting regime for Northern Dynasty to follow as it progresses with project development, in stark contrast to the severe limits the EPA had put on Northern Dynasty under the Obama Administration. In the most recent development, Northern Dynasty reported in July that the EPA was withdrawing a “Proposed Determination” it issued under the Clean Water Act in 2014 that would have restricted development of the Pebble project. The most recent resource estimate at Pebble from 2014 is staggering: 6.44 billion measured and indicated tonnes grading 0.34 gram gold per tonne, 0.41% copper, 245 grams per tonne molybdenum and 1.66 grams silver per tonne for 70 million oz. gold, 57 billion lb. copper, 3.4 billion lb. molybdenum and 344 million oz. silver, plus 4.46 billion tonnes in the inferred category at slightly lower grades, for another 37 million oz. gold, 24.5 billion lb. copper, 2.2 billion lb. molybdenum and 170 million oz. silver. Northern Dynasty looks to start a feasibility study in 2018 and bring on a partner to help develop the asset. See GOLD / 14

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CANADA’S TOP TEN

GLOBAL MINING NEWS

THE NORTHERN MINER / JULY 24–AUGUST 6, 2017

11

Top 10 base metal explorers and developers COPPER-LEAD-ZINC   BY LESLEY STOKES

T

lstokes@northernminer.com VANCOUVER

he Northern Miner used the IntelligenceMine database of our sister company Infomine to determine the top-10 largest base metal companies headquartered in Canada that have non-producing assets. The list is ranked by market capitalization. 1. Ivanhoe Mines $3.8 billion With a $3.8-billion market capitalization, Vancouver-based Ivanhoe Mines (TSX: IVN; US-OTC: IVPAF) is the runaway leader amongst its base metal peers. The company is developing three world-class projects in subSaharan Africa: the Kamoa-Kakula copper project in the Democratic Republic of the Congo; the Platreef project in South Africa for platinum group metals and nickel; and the Kipushi zinc project, also in the DRC. The Ka kula-Kamoa sedimenthosted copper project has gained the most attention in recent months. A resource update at the project’s Kakula deposit — a high-grade, flatlying orebody located 5 km southwest of Kamoa — boosted the KamoaKakula indicated resource to 1 billion tonnes of 3.02% copper, while inferred resources add 191 million tonnes of 2.37% copper. Kakula’s new resource will be used to develop an expanded-case preliminary economic assessment (PEA) for the project, which is due in next year’s third quarter. The company is also planning a maiden resource for the Kakula West deposit, a new sediment-hosted copper discovery 3 km west of Kakula. Ivanhoe owns 39.6% of the project, Zijin Mining Group owns 39.6%, and the DRC government owns 20%. 2. Arizona Mining $933 million There’s no end in sight for zinclead-silver mineralization at Arizona Mining’s (TSX: AZ; US-OTC: WLDVF) Hermosa project, 81 km southeast of Tucson, Arizona. The junior explorer is in the midst of a drill program targeting Hermosa’s Taylor sulphide and Taylor Deeps zones — both carbonate-replacement style deposits — and a cross-cutting vein system called the Trench. Drilling intercepted 18.6 metres of 16.5% zinc, 13.8% lead and 307.5 grams silver per tonne in a 457-metre stepout hole from the Taylor Deeps resource. Meanwhile a 305-metre stepout hole on the Taylor sulphide resource hit “weaker but significant” mineralization, according to the company’s July 13 press release. The drill program could lead to a resource update and feasibility study by next June. The study would supersede the project’s 2017 PEA, which envisages a 10,000-tonne-per-day underground mine operating over a 19-year mine life using resources from the Taylor sulphide deposit — which contains 50.1 million tonnes of 4.9% zinc, 4.2% lead and 53.1 grams silver — and a part of Taylor Deeps. Taylor Deeps has 15.7 million measured and indicated tonnes of 2.8% zinc, 4.8% lead and 78.1 grams silver.

| Ivanhoe Mines leads pack at $3.8B market cap, world-class deposits in Africa

complete permitting and begin commercial production at the project’s North Star oxide deposit early next year. The company intends to use in-situ recovery (ISR) to find the copper at North Star. ISR involves pumping weak acid into the orebody via boreholes, which dissolves the copper and migrates it to recovery wells, where it’s pumped to surface. The solution is processed into copper cathodes at a solvent extraction and electrowinning plant. A 2016 feasibility study envisaged a 24-year mine life with an initial production rate of 25 million lb. copper cathode a year, expanding to 75 million lb. copper in year four and to 125 million lb. copper in year seven. The study delivered an US$807-million, after-tax net present value and a 40% after-tax internal rate of return.

4. Cornerstone Capital Resources $147 million Prospect-generator Cornerstone Capital Resources (TSXV: CGP) has surged in market value since 2016, thanks to its 15% free-carried interest in SolGold’s (TSX: SOLG; USOTC: SLGGF; LON-AIM: SOLG) Cascabel copper-gold project in northern Ecuador. On July 14, the company entered into a lockup agreement with a SolGold shareholder that owns 6.8% of the company. The agreement commits both parties to not sell their shares without the consent of the other. The 6.8% interest held by the shareholder, combined with an 11.23% interest in Solgold held by Cornerstone, represents an 18.03% stake in SolGold. On July 13, the company announced plans to spin off all of its assets — except for its interests in Cascabel and shares of SolGold —

into a new company called Spinco. The remaining company would be renamed Cascabel Gold & Copper. Cornerstone acquired the Cascabel concessions for its epithermal gold-silver-copper potential in 2011 and entered a joint venture with SolGold in 2012. Since then, SolGold has delivered world-class intersections of 1% copper equivalent over 1 km from the project’s Alpala zone, and continues to outline porphyry-style mineralization along the greater Alpala trend. 5. Nautilus Minerals $146 million The avant-garde Nautilus Minerals (TSX: NUS; US-OTC: NUSMF) ranks the fifth-largest base metals explorer by market capitalization. The Toronto-based company is forging ahead with plans to “break ground” 1.6 km below sea level at its Solwara 1 seafloor massive sulphide copper-gold deposit, 30 km off the

coast of Papua New Guinea. Nautilus expects to mine the top 10 metres of Solwara 1 at a rate between 2,200 and 4,320 tonnes per day for 1.4 million tonnes per year at a US$64-per-tonne operating cost. Three seafloor production tools would cut and excavate ore, while a collecting machine would harvest the slurry and pump it to the support production ship via a riser system. The production vessel, which is being assembled in China, is over 60% complete, whereas the production tools are undergoing submerged trials in PNG. The company expects to begin the underwater operation in 2019. 6. Tinka Resources $142 million Momentum is building for Tinka Resources’ (TSXV: TK; US-OTC: TKRFF) after a high-grade disSee BASE METALS / 14

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3. Excelsior Mining $167 million market cap Excelsior Mining (TSX: MIN) is one step closer to production at its f lagship Gunnison copper project, 105 km southeast of Tucson, Ariz., having received a draft operating permit from the Arizona Department of Environmental Quality on June 14. The aspiring miner expects to

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2017-07-18 10:32 PM


12

CANADA’S TOP TEN

JULY 24–AUGUST 6, 2017 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

Top 10 Canadian-based diamond companies DIAMONDS From 9

all-cash offer valuing Dominion at US$1.2 billion (C$1.5 billion). Dominion’s board unanimously approved the sweetened offer. During the 2018 fiscal year ending on Jan. 31, 2018, Dominion expects Ekati will produce 6.3 to 7 million carats on a 100% basis, from processing 3.7 to 4 million tonnes. During 2017, Diavik could produce 7.1 to 7.6 million carats on a 100% basis from processing 2 to 2.2 million tonnes. The company had planned to spend $11 million on exploration in the Lac de Gras region during fiscal 2018. The program prioritizes the 150 kimberlite pipes at Ekati and plans for a bulk-sampling program in 2019. Diamond drilling could occur on up to six targets in the Core and Buffer zones at Ekati. At Diavik, the company plans to drill three kimberlites during 2017. 2. Lucara Diamond $1.2 billion Lucara Diamond’s (TSX: LUC) producing asset is the rich Karowe diamond mine in Botswana. The open-pit mine started commercial production in July 2012 and could produce between 290,000 and 310,000 carats in 2017 from processing 2.2 to 2.5 million tonnes of ore. In 2016, the mine produced 353,974 carats from 2.6 million tonnes, which was in line with the company’s forecast. The company says open-pit operations will continue until 2026, with further underground potential. The mine plan is based on probable reserves from surface to a 324-metre depth of 36.2 million tonnes containing 6.3 million carats. Indicated resources from surface to 400 metres encompass 51 million tonnes containing 8.2 million carats, and inferred resources from 400 metres to 750 metres measure 21 million tonnes containing 4 million carats. The mine, which lies on the northern fringe of the Kalahari Desert in central Botswana, is part of the Orapa-Letlhakane kimberlite district, which the company describes as one of the world’s most prolific diamond-producing areas. The Karowe mine was developed from the AK6 project. De Beers found the AK6 kimberlite in 1969, but early work concluded the kimberlite was too small and low grade. A reassessment in 2003 showed the

kimberlite was in fact larger and higher grade. In 2009, Lucara acquired a 70% interest in Boteti Mining, which had a full interest in the AK6 project. Lucara increased its ownership in Boteti Mining to 100% in 2010 and remains the Karowe mine’s sole owner. In the fourth quarter of 2016, Lucara bought an interest in Tsodilo Resources (TSXV: TSD; US-OTC: TSDRF) for $2.5 million in a private placement. Tsodilo’s BK16 project is 28 km northeast of Karowe. 3. Stornoway Diamond $688 million Stornoway Diamond (TSX: SWY; US-OTC: SWYDF) owns 100% of the Renard diamond mine in the Otish Mountains region of northcentral Quebec, 350 km north of Chibougamau. Renard, which started commercial production on Jan. 1, 2017, is Quebec’s first diamond mine and the first diamond mine in Canada that can be accessed by an all-weather road. The mine was completed ahead of schedule and $37 million under budget at a final cost of $774 million. Over its initial 14-year mine life, Renard could produce 22.3 million carats, or 1.6 million carats per year. During the first 10 years, annual production will average 1.8 million carats. The mine hosts nine diamondbearing kimberlite pipes. Initial mining will focus on five pipes (Renard 2, 3, 4, 9 and 65) in an open-pit and underground mine. In 2017 and during the first half of 2018, production will come from the R2-3 open pit to a 130-metre depth. Starting in 2018, ore will be sourced from R2 underground from four development levels down to 700 metres. Ore will then be mined from the R3 pipe and the R4 pipe from the same access ramp. By May 2017, Stornoway had produced 1 million carats of diamonds at Renard. In February, the company outlined 2017 guidance of 1.7 million to 1.8 million carats at an average price of US$100 to US$132 per carat. Ashton Mining of Canada and Quebec agency Soquem found Renard in 2001. Stornoway acquired 100% of the project when it bought Ashton in 2007. 4. Mountain Province Diamonds $682 million Mountain Province Diamonds (TSX: MPVD; NASDAQ: MPVD)

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owns a 49% stake in the Gahcho Kué diamond mine in the Northwest Territories. De Beers, the operator, owns the rest. The mine opened in September 2016 and started commercial production on March 1, 2017. Gahcho Kué is a fly-in/fly-out mine at Kennady Lake, 280 km northeast of Yellowknife and 90 km east of De Beers’ Snap Lake diamond mine. Gahcho Kué is made up of four diamond-bearing kimberlite pipes, three of which have a probable reserve of 34.3 million tonnes grading 1.57 carats per tonne for total diamond content of 53.7 million carats. Under the life-of-mine plan, the 5034 kimberlite will be mined from the third quarter of 2016 until the fourth quarter of 2021. Pre-stripping of the Hearne kimberlite will start in the first quarter of 2019, and mining will continue until the end of 2024. Pre-stripping of the Tuzo pit will start in the first quarter of 2020, and mining will continue through 2028. The $1-billion mine, made up of three open pits, could produce 4.5 million carats a year over 12 years. Another 20-million-carat resource could extend the mine life to more than 17 years. The potential for more resource upside, Mountain Province says, which could extend the mine life beyond 20 years, is through its Tuzo Deep program, where drilling has defined kimberlite to below 740 metres. During the first quarter, mining at Gahcho Kué recovered 867,000 carats from 492,000 tonnes of processed ore for a grade of 1.76 carats per tonne. Gahcho Kué was discovered in 1995 and De Beers’ largest diamond mine outside southern Africa. 5. Kennady Diamonds $161 million Kennady Diamonds (TSXV: KDI) was created in 2012 as a spinoff from Mountain Province Diamonds, with Kennady’s 100%-owned Kennady North project next to the Gahcho Kué diamond mine in the Northwest Territories. So far, Kennady has found six kimberlite pipes at the Kennady North project: Kelvin, Faraday 1, 2 and 3, Doyle and MZ. The Kelvin kimberlite was the first discovery on the property, and in 2016 the company estimated a maiden resource for Kelvin of 13.62 million carats of diamonds contained in 8.5 million indicated tonnes grading 1.60 carats per tonne, with an average value of US$63 per carat, using a 1 mm diamond bottom cut-off size. The Kelvin-Faraday corridor is also an exploration target. Kennady North, 280 km northeast of Yellowknife, is Canada’s most advanced diamond exploration project and covers an area 20 km long and 15 km wide. In June, Kennady reported dia-

mond recovery results for the Faraday 3 and Faraday 1 kimberlites. Kennady recovered 460.5 carats of diamonds (+0.85 mm) from Faraday 3 from 276.4 tonnes for a grade of 1.67 carats per tonne. The largest stone recovered is a 7.78-carat white to colourless octahedral gem, with no inclusions. From Faraday 1, Kennady recovered 76.8 carats of diamonds (+0.85 mm) from 26.4 tonnes for a grade of 2.91 carats per tonne. The largest stone recovered is a 3.21-carat white to colourless tetrahexahedron. In May the company reported results from a bulk sample of Faraday 2, where 737.6 carats were recovered from 262.6 tonnes at 2.81 carats per tonne. The result is similar to the mini-bulk sample grade of 2.69 carats per tonne reported in 2016. An exploration program in mid2017 consists of at least 3,000 metres of diamond drilling in the KelvinFaraday area and a ground geophysical survey. 6. Shore Gold $75 million Shore Gold’s (TSX: SGF) wholly owned Star-Orion South diamond project is in central Saskatchewan, 60 km east of Prince Albert. The flagship project includes the Star and Orion South kimberlites, which have an indicated resource of 393 million tonnes containing 55.4 million carats of diamonds at a weighted average price of US$210 per carat. The Star and Orion South kimberlites also contain 11.5 million carats in the inferred resource category. In June, Shore Gold signed an option agreement with Rio Tinto (NYSE: RIO), under which Rio can earn up to a 60% interest in the project. Newmont Mining (NYSE: NEM) owns 19.9% of Shore Gold. 7. Archon Minerals $73 million Archon Minerals (TSXV: ACS) is headed by legendary mine finder Stewart Blusson, who, with Chuck Fipke, found Canada’s first economic diamond deposit in the Northwest Territories near Lac de Gras, now known as the Ekati diamond mine. In June, Archon converted its 34.7% working interest in the Buffer zone at Ekati to a 2.3% gross production royalty. Archon says it will immediately realize the benefits of the arrangement, with royalties flowing from the Lynx pipe, which is part of the Buffer zone and saw commercial production begin in April. The Lynx pipe is an open-pit mine with proven and probable reserves of 1 million tonnes at 0.8 carat per tonne. The Buffer zone also contains the Jay pipe. Without the agreement, Archon noted it was unlikely it would have received any returns until 2025. But under the agreement, Archon will receive a gross production

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royalty equal to 2.3% of the gross value of diamonds produced from the Buffer zone. Archon also has 100% of the 810 sq. km of mineral leases that were formerly part of the western Buffer zone, as well as interests in other diamond exploration properties in the area. 8. Diamcor Mining $44 million Diamcor Mining (TSXV: DMI) acquired the Krone-Endora at Venetia diamond project in South Africa from De Beers in 2011. The 59 sq. km land package is next to De Beers’ large Venetia diamond mine. Diamcor describes the deposits found on the Krone and Endora proper t ies a s a h ig her-g rade alluvial basal deposit covered by a lower-grade, upper eluvial deposit. Diamcor says the deposits result from the shift in respect to the eluvial deposit and erosion by the alluvial deposit of nearby Venetia kimberlite areas. The deposits on Krone-Endora occur in two layers with less than 15 metres from surface to bedrock. During the company’s first fiscal quarter ended June 30, it tendered 8,319 carats of rough diamonds at US$222.52 per carat for gross proceeds of US$1.85 million. Rough diamond recovery to date is incidental to the company’s commissioning and testing exercises at the project, and Diamcor has yet to make a production decision. 9. Peregrine Diamonds $42 million Peregrine Diamonds (TSX: PGD; US-OTC: PGDIF) has diamond assets in the Canadian Arctic and Botswana. Its f lagship, whol ly ow ned Chidliak project on Baffin Island is 120 km northeast of Iqaluit. Part of Chidliak’s CH-6 kimberlite has an inferred, open-pit resource of 11.39 million carats in 4.6 million tonnes of kimberlite at an average grade of 2.45 carats per tonne. Part of its CH-7 kimberlite has an inferred resource of 4.23 million carats in 5 million tonnes of kimberlite at 0.85 carat per tonne. A preliminary economic assessment of a first-phase diamond development has outlined a 10year, open-pit mine. Preproduction capital expenses of $434.9 million could be paid back in two years. The assessment shows a $471-million, after-tax net present value and a 30% after-tax internal rate of return for the project. The company also controls the Lac de Gras project, 27 km from the Diavik diamond mine. Peregrine’s 72%-owned, DO-27 kimberlite at the project has an indicated resource of 18.2 million carats in 19.5 million tonnes of kimberlite at 0.94 carat per tonne, and is open at depth. In Botswana, Peregrine holds 11 diamond prospecting licences grouped into six project areas covering 6,613 square kilometres. Peregrine acquired Diamexstrat Botswana, a privately held diamond exploration and development company, in 2015. 10. Tsodilo Resources $32 million Tsodilo Resources (TSXV: TSD) is an exploration company active at its wholly owned BK16 kimberlite project in Botswana’s Orapa kimberlite field. The company says the BK16 kimberlite is 6 hectares at surface and contains rare and valuable Type IIa diamonds. A geological model based on 3,050 metres of core recovered in 2015 was completed in 2016. In February, the company started a 3,000-metre-diameter drill program that will help it collect 2,000 tonnes of kimberlite by drilling 14, 24-inch holes. TNM

2017-07-07 3:35:44 PM

2017-07-18 10:32 PM


CANADA’S TOP TEN

GLOBAL MINING NEWS

THE NORTHERN MINER / JULY 24–AUGUST 6, 2017

Turqoise Hill Resources (3)

13

Agnico Eagle (10)

Teck (15)

B2Gold (5)

Lundin Mining (12) Barrick Gold (25)

Total countries (121)

Kinross Gold (11)

Goldcorp (11)

Cameco (13) First Quantum Minerals (16)

Figure 1. Market capitalization (06/30/17) as bar charts on the Y1 axis and year-on-year share performance as the black line on the Y2 axis, demonstrating year-on-year percentage changes in share prices.

Figure 2. Revenue distribution over a number of countries showing the geographic diversity of Canadian miners.

A review of Canada’s top firms

TNM DATA MINER   BY MATTHEW KEEVIL

I

mkeevil@northernminer.com VANCOUVER

n celebration of Canada’s 150th anniversary, The Northern Miner has profiled the country’s most prolific modern mining companies. Data was collected from the IntelligenceMine system to explore the state of the largest Canadian mining companies through a variety of financial metrics, including: market capitalization, cash position, year-on-year share performance, net income and geographic diversification. Companies were required to keep Canadian corporate headquarters to qualify for the report. Furthermore, data analysis did not include large-scale, diversified agricultural organizations, for example, Potash Corp. of Saskatchewan (TSX: POT; NYSE: POT), Agrium (TSX: AGU; NYSE: AGU) or companies focused on the oil and gas sector, like Canadian Natural Resources (TSX: CNQ; NYSE: CNQ) and Cenovus Energy (TSX: CVE; NYSE: CVE). Figure 1 illustrates Canadian companies with market capitalization in excess of $3 billion as of June 30, 2017. The valuations are presented alongside a year-on-year percentage change in share prices. Barrick Gold (TSX: ABX; NYSE: ABX) reigns as Canada’s largest miner by market capitalization, though the past year hasn’t been particularly kind to gold producers. The scenario is linked to weaker metal prices. Spot gold hit a 52week high of nearly US$1,375 per oz. in early July 2016 before trending towards US$1,220 per oz. at press time. The past few years have also seen the rise of streaming and royalty companies like Wheaton Precious Metals (TSX: WPM; NYSE: WPM) and Franco Nevada (TSX: FNV; NYSE: FNV), which have become two of the most valuable mining equities in Canada. Meanwhile, base metal companies were on the upswing after a period of debt and cost reduction. For example, Vancouver-based First Quantum Minerals (TSX: FM) has rebounded from liquidity concerns last year that were underpinned by US$5 billion in net debt. In fact, First Quantum raised US$2.2 billion early this year after a period of “capital discipline.” This has pushed the company’s stock up nearly 27% year-on-year. Lukas Lundin’s eponymous Lundin Mining (TSX: LUN; US-OTC: LUNMF) is emerging as a Canadian base metal powerhouse after its

1-16, 23_JULY24_Main .indd 13

| Canadian-headquartered Barrick scores highest market cap after rough year for gold US$1.8-billion purchase of an 80% stake in the Candelaria mine from Freeport-McMoRan (NYSE: FCX) in 2014, and the US$325-million acquisition of the Eagle project from Rio Tinto (NYSE: RIO; LON: RIO) in 2016. The data period does not include US$1.2 billion in capital proceeds from the sale of its stake in the Tenke Fungurume copper mine in the Democratic Republic of the Congo late last year. Industry staple Teck Resources (TSX: TECK.B; NYSE: TECK) has been riding momentum from crude oil and metallurgical coal markets. This becomes even more apparent in Figure 3 on page 14, which charts net income and cash positions. The data includes net income figures over the fiscal 2016 year, and cash and equivalent positions at year-end. The chart includes a comparison of year-end cash and equivalents in 2015, alongside annual net income. The twin graphs follow the top-10 Canadian miners by net income and gross capital position. Teck’s performance is underpinned by surging coking coal, which saw it hit a six-year high of US$310 per tonne late last year. Furthermore, Teck has benefited from a 45% leap in West Texas

Intermediate benchmark oil prices due to its energy portfolio. Despite stabilized copper prices over the past year, Turquoise Hill Resources (TSX: TRQ; NYSE: TRQ) is the only primary base-metal miner to appear on the capital charts. The company has reaped rewards from operational improvements and expansions at the world-class Oyu Tolgoi operation in Mongolia, which partner Rio Tinto (NYSE: RIO; LON: RIO) operates. Turquoise Hill should see more growth as Rio executes a US$5.3-billion expansion project. Barrick had an impressive year, producing 5.5 million oz. gold and generating US$655 million in net income. The company has refocused on core assets in the Americas (mostly in Nevada), and handily outperformed peers like Goldcorp (TSX: G; NYSE: GG), which saw cash and equivalents cut in half. Agnico Eagle Mines (TSX: AEM; NYSE: AEM) has proven a consistent performer, and showed strong fundamentals in income generation and capital discipline. The company boosted its cash and equivalent position by over US$400 million last year. Finally, Figure 2 addresses the geographic diversity of Canadian

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miners. The streaming and royalty companies were not included because they do not operate mines or carry related risks and responsibilities. Vancouver-based B2Gold (TSX: BTO; NYSE-MKT: BTG) slips into a spot vacated by Franco and Wheaton with its US$2.8-billion market capitalization. It has a significant story due to its operational consistency and aggressive growth profile across Southeast Asia and West Africa. Canadian companies remain most active in North America, though the country’s miners now operate in over 120 nations. Teck is the most active in Canada, with operations focused on five coking coal mines in British Columbia. Goldcorp comes in second with six Canadian mines, including its newly commissioned Éléonore underground mine in Quebec.

Meanwhile, Agnico Eagle has consolidated its production around Quebec, Nunavut and the gold belts in Mexico. Canadian companies remain lacking in base metal presence, though First Quantum and Lundin have consolidated production regions abroad. Barrick is the most geographically diverse operator, active in 25 countries. The Mining Association of Canada reported that the value of Canadian mineral production declined 4.4% in 2015, falling $1.8 billion from 2014 levels. The value of Canada-wide mining in 2015 totalled $42.8 billion. The top-four provinces include: Ontario at $10.8 billion, Saskatchewan at $8.5 billion, Quebec at $7.7 billion and British Columbia at $5.9 billion. Companies invested $9.3 billion in Canadian mine complex development in 2015. TNM

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2017-07-18 10:46 PM


14

JULY 24–AUGUST 6, 2017 / THE NORTHERN MINER

CANADA’S TOP TEN

Top 10 gold GOLD From 10

7. Sabina Gold & Silver $448 million Sabina Gold & Silver (TSX: SBB; US-OTC: SGSVF) has its wholly owned Back River gold project in Nunavut, where a feasibility study released in September 2015 envisioned a mine producing 200,000 oz. gold per year for 11 years, with a 2.9-year payback. The study showed a 24.2% after-tax internal rate of return with an initial $415-million capex. Sabina is advancing the project through an environmental assessment process, with final public hearings with the Nunavut Impact Review Board (NIRB) held on June 3. Sabina notes that the Kitikmeot Inuit Association “confirmed in their closing statements that they believed the project should proceed.” NIRB will issue its “Final Hearing Recommendation Report” shortly. Sabina also owns a silver royalty on Glencore’s Hackett River project in Nunavut, comprised of 22.5% of the first 190 million oz. silver produced and 12.5% of all silver produced thereafter. Sabina had cash and equivalents of $43 million in March. 8. Dalradian Resources $369 million Dalradian Resources (TSX: DNA; US-OTC: DRLDF; LON: DALR) has a memorable ticker and a highgrade gold deposit in Northern Ireland named Curraghinalt. Based in Toronto, Dalradian is helmed by president and CEO Patrick F.N. Anderson, who first gained industry prominence as cofounder, president and CEO of Aurelian Resources, which discovered the 13.7 million oz. Fruta del Norte gold deposit in Ecuador in 2006. Since 2010, Dalradian has increased Curraghinalt’s resource sevenfold, based on 130,000 metres of drilling into 16 veins and 1.7 km of underground development. Reserves now stand at 5.2 million tonnes grading 8.54 grams gold per tonne for 1.44 million oz. gold, plus resources in all categories of 12.7 million tonnes at higher gold grades. A feasibility study examined a US$192-million mine that would process 1,400 tonnes per day to produce 130,000 oz. gold annually

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CANADA’S TOP FIRMS From 13

over the first 10 years of mine life. Dalradian had a $36-million cash position at the end of 2016. 9. First Mining Finance $347 million Vancouver-based First Mining Finance (TSX: FF) pitches itself as a “mineral bank” in the sense that it has built up a portfolio across Canada, the U.S. and Mexico of two dozen or more early-stage gold projects, plus a few copper, silver and iron properties. Management includes chairman Keith Neumeyer, president Patrick Donnelly and CEO Chris Osterman. Perhaps its most notable assets are its gold investments in northwestern Ontario, including Springpole, Pickle Crow, Goldlund and Cameron. Springpole has an indicated resource of 128 million tonnes grading 1.07 grams gold per tonne, or 4.41 million contained oz. gold, plus inferred resources of 25.7 million tonnes at 0.83 gram gold for another 690,000 oz. gold. The company expected to revise a preliminary economic assessment at Springpole this quarter. A study in 2013 envisioned a mine operating at 20,000 tonnes per day to produce 217,000 oz. gold and 1.2 million oz. silver annually. 10. Harte Gold $332 million Toronto-based, Stephen G. Romanled Harte Gold (TSX: HRT; USOTC: HRTFF) is an old school Ontario gold mine developer, focused on advancing its wholly owned Sugar Zone property located 80 km east of the Hemlo gold camp. Harte has completed a 70,000-tonne bulk sample and is permitting commercial production for the Sugar Zone deposit. In early July, Harte closed a $25-million financing, selling an aggregate of 40.3 million shares at 62¢ per share. Harte is starting mine construction and has targeted the second quarter of 2018 for first production at a rate of 540 tonnes per day. The company plans to update the resource estimate in the fourth quarter of 2017, and has a resource target of 3 million oz. gold, having budgeted $15 million for nearmine and regional exploration with a 75,000-metre program, using six rigs. TNM

Figure 3. Net income and cash and equivalents in 2015-16. In lower bar chart, the thick bar represents the sum of cash & equivalents of 2015, the thin bar represents the sum of 2016, and the black line represents 2016 net income.

Top 10 base metals BASE METALS From 11

covery drill hole at its Ayawilca zinc property, 300 km east of Lima. In March, the company intercepted 52 metres of 10.1% zinc, 62 grams silver and 233 grams indium per tonne in a drill hole 400 metres south of the project’s zinc-lead-silver resource. Drilling at Ayawilca South has expanded the footprint of carbonate-replacement style mineralization across a 250-by-300-metre area, with intercepts including 20.8 metres of 5% zinc, 11 grams silver and 44 grams indium, and 11.5 metres of 2.9% zinc, 2.3% lead and 781 grams silver. Tinka tallied a maiden resource at Ayawilca in mid-2016 of 18.8 million tonnes of 5.9% zinc, 0.2% lead, 15 grams silver and 74 grams indium. The 10,000-metre drill program will test extensions of the West Ayawilca, Zone 3, Valley and Chaucha target areas and help update the resource at year-end. 7. Filo Mining $130 million A resource update, metallurgical tests and preliminary engineering work are underway at Filo Mining’s (TSXV: FIL) Filo del Sol copper-gold-silver project, 140 km southeast of Copiapo, on the ChileArgentina border. Depending on the results, the company expects to decide whether to proceed with a PEA in September. Filo Mining was spun out of Lukas Lundin’s NGEx Resources (TSX: NGQ; US-OTC: NGQRF) in mid-2016 to evaluate the project’s

potential for a low-cost heap leach operation. In May, the company completed an 8,600-metre drill program aimed at epithermal and porphyry-related mineralization at Filo del Sol, and tested coppergold bearing trenches at the Filo South zone. At Filo del Sol, drilling confirmed three discrete mineralization zones: gold oxide, high-grade copper oxide and high-grade silver. The work will turn the deposit’s inferred resource of 381 million tonnes of 0.39% copper, 0.33 gram gold and 12.2 grams silver into indicated. At Filo South, the company outlined oxide gold mineralization related to a porphyry system, with intercepts of 56 metres of 0.53 gram gold per tonne. 8. Western Copper and Gold $128 million Western Copper and Gold’s (TSX: WRN; NYSE-MKT: WRN) flagship property is the proposed Casino copper-gold mine, 380 km northwest of Whitehorse in west-central Yukon. The company expects to complete permitting and begin building the large-scale, open-pit operation by 2020. According to the company’s 2013 feasibility study, Casino would process 120,000 tonnes of ore per day over a 22-year mine life, based on proven and probable reserves of 965.2 million tonnes of 0.2% copper and 0.24 gram gold. Another 157.5 million proven and probable tonnes grading 0.29 gram gold and 0.04% copper of heap-leachable material

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would be processed in the first two years of the operation. The US$2.5-billion mine would deliver a US$1.8-billion after-tax net present value, assuming an 8% discount rate and a 20.1% IRR. 9. Trilogy Metals $123 million Trilogy Metals (TSX: TMQ; NYSEMKT: TMQ) has launched into a US$10-million program at its flagship Bornite copper project in Alaska’s Ambler Mining district to follow up on drill holes by the company in 2013. The 12,000-metre exploration drill program is funded by South32 (LON: S32) as per the agreement on April 10, which requires South32 to spend US$150 million over the next three years to earn 50% interest in the company’s Alaskan assets. Trilogy has delineated an in-pit resource at Bornite of 40.5 million indicated tonnes grading 1% copper at a 0.5% copper cut-off, and 84.1 million inferred tonnes of 0.95% copper. Bornite’s belowpit inferred resource stands at 57.8 million tonnes of 2.9% copper at a 1.5% cut-off grade. Exploration at Bornite will test the carbonate-replacement mineralization found in hole 13-224, which in 2013 cut 236 metres of 1.9% copper. 10. Noront Resources 103 million Noront Resources (TSXV: NOT) is the largest landholder in northern Ontario’s Ring of Fire district, a horseshoe shape of greenstone belts that host nickel-copper-platinum group metal and chromite deposits. The company is in discussions with the provincial government and local First Nations to develop its flagship Eagle’s Nest nickel-copperplatinum-palladium deposit. The timing is tied to delivering a shared, all-season road. Meanwhile, exploration to extend mineralization at Eagle’s Nest continues this year, with 21 early-stage geophysical targets being tested with rotary air-blast drilling and geophysical surveying. Eagle’s Nest hosts proven and probable reserves of 11.1 million tonnes of 1.7% nickel, 0.9% copper, 0.89 gram platinum per tonne, 3.09 grams palladium per tonne and 0.18 gram gold. Total chromite resources from the project’s three high-grade chromite orezones — Blackbird, Black Thor and Big Daddy — is pegged at 343 million tonnes, ranging from 23% to 38% chromium oxide. TNM

2017-07-18 10:46 PM


GLOBAL MINING NEWS

THE NORTHERN MINER / JULY 24–AUGUST 6, 2017

15

The Kutcho volcanogenic massive sulphide copper project, 100 km east of Dease Lake, B.C., which Desert Star Resources is acquiring from Capstone Mining.   DESERT STAR RESOURCES

Desert Star eyes BC copper through $28.8M Capstone deal M&A  

| Junior adds Bill Bennett and Stephen Quin to board, plans to advance Kutcho

BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

D

esert Star Resources (TSXV: DSR; US-OTC: IAXFF) is working to develop the copper-rich Kutcho volcanogenic massive sulphide (VMS) project, 100 km east of Dease Lake, British Columbia. The Vancouver-based company has struck a deal with Capstone Mining (TSX: CS; US-OTC: CSFFF) to buy the project for $28.8 million in cash, and shares equal to 9.9% of its post-deal equity. Desert Star has updated a prefeasibility study on Kutcho carried out by JDS Energy and Mining, and the company intends to complete a feasibility study the second quarter of 2018. It then hopes to have mining permits in hand ideally by the end of 2019. “We’ve talked to different groups in the financial community, and one thing we hear is that there aren’t any

www.mineshandbook.com

good mid-tier copper producers ... there’s a big gap in this segment,” Desert Star president and CEO Vince Sorace says during an interview. “Kutcho probably isn’t big enough to be attractive to a large-scale copper company, but it can certainly fill a niche in the market,” he adds. The project has seen over $50 million in historical exploration and development expenses, which now underpin the updated prefeasibility study. Desert Star chief operating officer Rob Duncan says his team built upon work Capstone finished in 2010, but incorporated detailed re-costing on capital and operating expenses, and a review of metallurgical work. The project hosts measured and indicated resources of 11.3 million tonnes of 2.19% copper, 3.28% zinc, 0.39 gram gold per tonne and 36.7 grams silver per tonne. Contained metals total 545 million lb. copper, 816 million lb. zinc, 100,000 oz. gold and 1.1 million oz. silver. Kutcho’s mineralization comprises three “Kuroko-type” VMS

deposits along a west-plunging linear trend. The largest — the Main deposit — comes to surface at the eastern end, while the Sumac deposit is down-plunge. The Esso deposit sits along the western flank, 400 metres below surface. Desert Star has a preliminary $221-million hybrid development plan that would leverage mechanized cut-and-fill, open pit and long-hole stoping over a 12-year mine life. The 2,500-tonne-per-day operation would produce 33 million lb. copper and 46 million lb. zinc annually, plus by-product gold and silver. Anticipated operating costs are estimated at US$1.60 per lb. copper, excluding by-product credits. The company assumes metallurgical recoveries of 85% copper, 76% zinc, 48% silver and 41% gold. “Over the past 12 months, we shifted gears toward finding an advanced asset. We turned over at least a dozen projects from feasibility right down to advanced exploration,” Sorace says. “We heard rumblings over the

years that [Capstone] was interested in selling Kutcho. We understood that it would be marketed again, so we said: ‘Let’s get to a number that makes sense for both sides.’” The latest study features a $265-million, after-tax net present value at an 8% discount rate, along with a 28% internal rate of return. Operating costs are pegged at $73.72 per tonne of material milled, while sustaining capital is earmarked at $67.1 million. Assuming the deal with Capstone closes in the third quarter, Desert Star will begin a feasibility study that includes geotechnical studies, metallurgical sampling and infill drilling. Desert Star has strengthened its management team and board of directors, with recent board additions headlined by former B.C. Energy and Mines Minister Bill Bennett, and former Capstone Mining and Sherwood Copper exec Stephen Quin. “Our team was bolstered to address any questions around permitting in

the province,” Sorace says. “We’ve brought in people with great contacts and experience in the industry.” Duncan says the focus will be on advancing development over the near-term, but that Kutcho has exploration potential across its 171 sq. km property package. Project data goes back to the 1980s, and includes versatile-time domain electromagnetic (VTEM) surveys and historical drilling around the Esso deposit. “The historic data indicates discovery upside, but that’s likely not going to become a priority until year two,” Duncan says. “There are repeated sulphide horizons at the project because it’s a folded sequence, and we see promising VTEM conductors alongside drill intercepts of massive to semi-massive sulphides.” Desert Star shares have traded in a 52-week range of 18¢ to 47¢ per share, with trading at 45¢ per share at press time. The company has 16.4 million shares outstanding for a $7.4-million market capitalization. TNM

A POWERFUL RESOURCE IN YOUR BUSINESS ARSENAL Comprehensive profiles on over 2,000 active publicly-traded mining companies as well as over 1,300 mines and advanced projects related to those companies, your business decisions will always be backed up by the most up-to-date industry data.

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

2017-07-18 10:32 PM


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JULY 24–AUGUST 6, 2017 / THE NORTHERN MINER

Pershing re-envisages Relief Canyon as low cost mine NEVADA GOLD  

| Drilling sees ‘near-perfect’ conversion into reserves

BY LESLEY STOKES

A

lstokes@northernminer.com VANCOUVER

fter one year of infill drilling and number crunching, Pershing Gold (NASDAQ: PGLC) has produced a prefeasibility study (PFS) for its Relief Canyon open-pit, heap-leach gold project, 150 km northeast of Reno, Nevada. The study shows an after-tax net present value of US$126 million, assuming a 5% discount rate, and an 85% after-tax internal rate of return. Pershing’s president and CEO Stephen Alfewrs touts Relief Canyon as a low-cost, low-capital expense project. With initial permits already in hand, he expects Pershing could reach a production decision later this year. “We’re pleased with the results,” Alfers tells The Northern Miner during a phone interview. “To get the most shareholder value out of a project like this, we tried to get the highest mine rates at optimal capital costs, and that’s what we ended up with.” Pershing would use a contract miner to produce 93,900 oz. gold per year over a 5.6-year mine life at cash costs of US$770 per oz. gold. Alfers says that contract mining has become the more attractive option for the company. “The economic model discloses terrific mining costs under contract mining, but it also built in the option for us to acquire equipment and pursue self-mining,” he says. Pershing acquired Relief Canyon — which is comprised of three historic pits and a fully built heap-leach processing facility — for US$20 million in 2011.

Process manager Nick Ricci inside the plant at Pershing Gold’s Relief Canyon gold project, 150 km northeast of Reno, Nevada.  PERSHING GOLD

The study estimates that bringing Relief Canyon back into production could cost Pershing US$23.6 million in capital expenses, compared to the US$12.2 million proposed in an earlier preliminary economic assessment. The increase in capex reflects a need to start with three leach pads, as opposed to one, prompted by the company’s decision to crush and agglomerate mineralized material as opposed to having a run-of-mine component. “The capital costs are modest almost any way you cut it, they’re the kind of costs that Pershing can take on its balance sheets,” Alfers says. “It presents us with options of how to fulfill part or all of our financing needs. We could go in the direction of securing a credit facility, or maybe we will consider commodity-based lending, forward-sale agreements or

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“THE CAPITAL COSTS ARE MODEST ALMOST ANY WAY ... THEY’RE THE KIND OF COSTS THAT PERSHING CAN TAKE ON ITS BALANCE SHEETS.” STEPHEN ALFERS PRESIDENT AND CEO, PERSHING GOLD

offtakes.” In preparation for the study, Pershing spent the past year upgrading resources at Relief Canyon. Alfers says the drilling resulted in a “near-perfect” conversion of the project’s resources into reserves, which now stand at 27.7 million proven and probable tonnes at 0.72 gram gold per tonne. “We saw 80% of our resources converted into reserves in this update. That level of conversion speaks to the quality of our geological model and to the resource itself,” he says. “We’ve gained a strong understanding of the structures that control mineralization on the property, and they’ve become predictable to target as we step out.” Some of the drill holes hit mineralization outside the proposed pit walls, which puts weight behind Pershing’s expectations that Relief canyon could become a “long-life operation.” Drill results from the first-phase drill program to extend the western resource boundary intercepted 7.3 metres of 1.83 grams gold, including 1.5 metres of 13.9 grams gold. The hole is 168 metres from a previous drill hole that intersected eight mineralized zones totalling 51 metres long and averaging 1.6 grams gold. “We focused on wide step-outs on areas that are still shallow enough to come into the pit,” he says. “Later this year we’ll start infill drilling in these areas and add ounces to the resource.” Cantor Fitzgerald analyst Rob Chang has kept the firm’s “buy” recommendation on Pershing shares, and raised his target price a nickel to US$4.65 per share. Shares of Pershing have traded in a 52-week range of US$2.60 to US$5.02, and closed at US$2.75 at press time. The company has 28.4 million shares outstanding for a US$78-million market capitalization. TNM

Above: Equipment and facilities at Pershing Gold’s Relief Canyon project.  PERSHING GOLD

2017-07-18 10:32 PM


GLOBAL MINING NEWS

THE NORTHERN MINER / JULY 24–AUGUST 6, 2017

17

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2017-07-18 10:53 AM


18

WWW.NORTHERNMINER.COM

JULY 24 –AUGUST 6, 2017 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / JULY 10–14 Canada’s central bank raised its overnight lending rate to 0.75% from 0.5% — the f irst interest rate hike in seven years. “Growth is broadening across industries and regions and becoming more sustainable,” the Bank of Canada stated. The S&P/TSX Composite Index rose 0.98% to 15,174.81 and the S&P/TSX Global Mining Index advanced 3.06% to 63.63. Spot gold rose 1.34% to US$1,228.40 per oz., lifting the S&P/TSX Global Gold Index 1.38% to 188.35. Shares of Richmont Mines rose 90¢ to $9.73 on the back of strong secondquarter results. The company produced 31,249 oz. gold during the quarter, of which 26,110 oz. came from the Island Gold mine in Ontario, for revenues of $59.3 million. Richmont said it is well positioned to achieve or exceed its production guidance this year of 87,000 oz. gold. Cash costs company-wide during the quarter came in at $725 (US$539) per oz., impacted by record low cash costs of $580 (US$431) per oz. at Island Gold. Richmont also reported underground mine productivity of 1,148 tonnes per day, exceeding its late 2018 target of 1,100 tonnes per day. Richmont also produces gold from its Beaufor mine in Quebec.

Drill results from its Colomac project in the Northwest Territories drove up Nig ht hawk G old sha re s 32% to 91¢. The junior released assays from nine hole s t hat ex pa nded m i ner a l i z at ion at the high-grade Zone 1.5 another 90 metres to a 350-metre vertical depth, and extended the zone 25 metres north along strike. The zone, which outcrops at surface, remains open to depth and along strike. Problems at the processing plant at TMAC Resources’ new Hope Bay gold mine in Nunavut sent the company’s shares down $1.10 to $13.65. The company reported that the ramp up is slower than expected and has resulted in less-than-budgeted cash f low. TSX MOST ACTIVE ISSUES

Eldorado Gold Trevali Mng First Quantum Suncor Energy Kinross Gold B2Gold Lundin Mng Teck Res Tahoe Res Barrick Gold

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

ELD 18431 3.20 3.03 3.04 - 0.10 TV 15768 1.38 1.22 1.35 + 0.12 FM 14047 13.05 10.85 12.58 + 1.37 SU 13018 37.83 36.16 37.62 + 0.95 K 13016 5.23 4.82 4.94 - 0.01 BTO 12607 3.56 3.32 3.44 + 0.06 LUN 12513 8.07 6.98 7.90 + 0.82 TECK.B 11245 25.31 22.33 24.39 + 1.60 THO 11218 7.22 6.36 6.78 + 0.16 ABX 10720 20.78 19.68 20.22 + 0.41

Underground development at Doris North and Doris North BTD continues as planned, TMAC said, but the daily mining rate at Doris North is lower due to less tonnes being fed into the processing plant, and the large ore stockpile on surface. As of June 30, the surface stockpile held 105,000 tonnes at 15.2 grams per tonne containing 51,000 oz. gold. Recoveries have also been lower than expected, owing to

design issues and mechanical failure. TMAC announced that it has entered into a revised credit facility providing another US$30 million and delaying principal repayments from July 2017 until October 2018. The Doris mine poured its first gold in the first quarter of 2017 and achieved commercial production in the second quarter of the year. TNM

TSX GREATEST PERCENTAGE CHANGE

Wallbridge Mng Nighthawk Gold Redhawk Res Nthn Dynasty Capstone Mng PolyMet Mng Orvana Mnrls Katanga Mng Sabina Gd&Slvr Ivanhoe Mines IC Potash Shore Gold Peregrine Diam NextSource Mat Serabi Gold Niocorp Dev Talon Metals Eco Oro Mnls Canarc Res Wesdome Gold

WM NHK RDK NDM CS POM ORV KAT SBB IVN ICP SGF PGD NEXT SBI NB TLO EOM CCM WDO

3126 2154 60 6422 6032 112 320 10596 1992 8034 10658 980 1631 1219 47 1114 379 78 647 2994

0.11 0.95 0.03 2.13 1.11 0.87 0.29 0.89 2.23 4.81 0.04 0.31 0.16 0.07 0.08 0.70 0.14 0.48 0.09 2.78

0.06 0.70 0.03 1.61 0.85 0.75 0.25 0.69 1.86 4.08 0.03 0.26 0.13 0.06 0.07 0.62 0.12 0.42 0.08 2.30

0.10 0.91 0.03 1.89 1.05 0.87 0.29 0.82 2.15 4.72 0.03 0.26 0.14 0.06 0.07 0.62 0.12 0.43 0.08 2.43

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

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Agrium Teck Res First Quantum Potash Corp SK Teck Res Suncor Energy Endeavour Mng Richmont Mines HudBay Mnls Lundin Mng TMAC Resources Torex Gold Lundin Gold Centerra Gold Wesdome Gold Alamos Gold Guyana Gldflds OceanaGold Pretium Res Franco-Nevada

53.8 31.9 20.0 17.4 16.7 16.0 16.0 15.5 14.4 14.3 25.0 17.5 15.6 14.3 13.3 12.7 11.5 11.5 11.1 10.0

VOLUME WEEK (000s) CLOSE CHANGE

AGU TECK.B FM POT TECK.A SU EDV RIC HBM LUN TMR TXG LUG CG WDO AGI GUY OGC PVG FNV

1671 124.69 11245 24.39 14047 12.58 10081 22.41 9 24.96 13018 37.62 1236 23.22 1745 9.73 9996 8.18 12513 7.90 101 13.65 1469 22.24 291 4.96 2152 6.63 2994 2.43 2085 8.39 3021 5.27 8101 3.52 1482 12.23 2186 90.07

+ 7.67 + 1.60 + 1.37 + 1.37 + 0.96 + 0.95 + 0.93 + 0.90 + 0.90 + 0.82 - 1.10 - 0.95 - 0.31 - 0.29 - 0.27 - 0.27 - 0.26 - 0.17 - 0.16 - 0.15

TSX VENTURE EXCHANGE / JULY 10–14 The S&P/TSX Venture Composite Index gained 2.3 points to a 757.52-point close, as spot gold prices rose US$16.24 to US$1,228.7 per oz., and Comex copper prices rose US4¢ to US$2.69 per pound. Cobalt 27 Capital led the value-added category, with shares gaining 1.20¢ to $10.70 after closing five royalty agreements, in which the company acquired seven net smelter return royalties (NSR) over cobalt. The agreements included a 2% NSR from New Found Gold’s Triangle, Professor-Waldman and Rusty Lake properties in Ontario, a 2% NSR from Golden Ridge Resources’ North Canol properties in the Yukon and a 2% NSR from private claim holders at their Sunset property in British Columbia. The company issued 94,445 shares at $9 per share for the royalties. During the trading period, Cobalt 27 also listed on the Frankfurt Stock Exchange under the symbol 27O. The company intends to acquire cobalt, and build a portfolio of cobalt-focused streams, royalties and direct interests in mineral properties containing cobalt. Shares of GoldQuest Mining gained 8¢ to 44¢ per share on assay results from four drill holes at its Tireo polymetallic project in the Dominican Republic. One of the holes intercepted 12 metres of 6.57

grams gold per tonne, 24.2 grams silver per tonne, 1.43% zinc and 0.19% copper. The hole was located 50 metres from the company’s Cachimbo volcanogenic massive sulphide discovery, where a January discovery drill hole outlined 5 metres of 14 grams gold, 75 grams silver, 12% zinc and 1% copper. Another hole, drilled 100 metres east, intercepted the same mineralized horizon and returned 56.2 metres of 0.32 gram gold. Two of the other drill holes did not intersect mineralization, but found alteration that suggests a volcanic eruptive centre in the area. GoldQuest is preparing for the next exploration phase. Novo Resources found gold nuggets up to 4 cm long in conglomerates from its first trench at its Purdy’s Reward prospect, 45 TSX-V MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Cdn Platinum CPC 23044 PAM 20539 Victory Vent Clean Comm CLE 19906 Rye Patch Gold RPM 4936 Ashburton Vent ABR 4593 Rusoro Mng RML 4581 GoldQuest Mng GQC 4566 Decade Res DEC 4387 Arctic Star ADD 4379 Alset Minerals ION 4268

0.05 0.05 0.15 0.23 0.17 0.17 0.45 0.14 0.35 0.16

0.01 0.03 0.07 0.20 0.13 0.15 0.35 0.11 0.23 0.10

0.02 + 0.03 + 0.07 unch 0.23 + 0.16 unch 0.16 - 0.44 + 0.12 - 0.23 - 0.12 +

0.01 0.01 0.00 0.01 0.00 0.02 0.08 0.01 0.01 0.02

km south of Karratha in Western Australia. News of the results drove shares up 38¢ to $1.21. The nuggets were found within the top metre of an 11-metre-thick sequence of conglomerates. The company collected a 700 kg bulk sample from a 2-by-2-metre exposure of the target horizon, and plans to undertake a trench bulk-sampling program in August along with reverse-circulation

drilling in shallow drill holes. Purdy’s Reward is part of an 8 km trend identified by Novo as highly prospective for mineralization analogous to the Witwatersrand basin in South Africa. The gold in the Witwatersrand basin was deposited in Archean-age river deltas, washed down from surrounding gold-rich greenstone belts north and west. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Discovery Harb Uranium Valley Cdn Platinum Minfocus Expl Cavan Vent Montero Mg&Ex Buffalo Coal Orestone Mng Sirios Res Novo Res Whitemud Res Baroyeca Go&Si Noble Metal Gr Galore Res Midasco Cap Intl Bethl Mng Gem Intl Res Arco Res Chatham Rock Morgan Res

DHR VZZ.H CPC MFX CVN.H MON BUF ORS SOI NVO WMK.H BGS NMG GRI MGC.H IBC GI ARR.H NZP MOR.H

46 11 23044 2044 70 145 28 177 790 2771 19 1060 461 213 74 186 3068 12 11 224

0.10 0.12 0.05 0.03 0.04 0.25 0.02 0.02 0.44 1.69 0.02 0.01 0.01 0.04 0.05 0.05 0.03 0.11 0.57 0.02

0.02 0.07 0.01 0.02 0.00 0.02 0.01 0.01 0.30 0.81 0.01 0.01 0.01 0.02 0.05 0.03 0.02 0.00 0.00 0.00

0.09 0.12 0.02 0.03 0.04 0.25 0.02 0.02 0.43 1.21 0.01 0.01 0.01 0.03 0.05 0.04 0.02 0.07 0.37 0.01

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 350.0 + 200.0 + 100.0 + 66.7 + 60.0 + 56.3 + 50.0 + 50.0 + 48.3 + 45.8 - 50.0 - 50.0 - 50.0 - 44.4 - 43.8 - 41.7 - 40.0 - 36.4 - 36.0 - 33.3

VOLUME WEEK (000s) CLOSE CHANGE

Cobalt 27 Cap Novo Res Delrand Res Gold Reserve ScoZinc Mg Comet Inds Itafos Sirios Res Regulus Res Aurion Res White Gold Chatham Rock Chesapeake Gld Yellowhead Mng IsoEnergy Ltd Prize Mng Diamcor Mng Bacanora Mnls Abacus Mng &Ex Kairos Cap

KBLT NVO KUU GRZ SZM CMU IFOS SOI REG AU WGO NZP CKG YMI ISO PRZ DMI BCN AME KRS

280 10.70 2771 1.21 48 1.45 111 4.99 45 1.25 5 2.70 4 1.80 790 0.43 31 1.62 218 1.95 71 1.77 11 0.37 84 2.91 9 0.45 45 0.64 288 0.44 105 0.77 21 1.35 224 0.50 61 0.54

+ 1.20 + 0.38 + 0.30 + 0.21 + 0.17 + 0.15 + 0.15 + 0.14 + 0.13 + 0.13 - 0.24 - 0.21 - 0.19 - 0.16 - 0.14 - 0.14 - 0.13 - 0.13 - 0.10 - 0.09

U.S. MARKETS / JULY 10–14 On the macroeconomic front, the U.S. L abor Depa r t ment repor ted t hat t he i nf lat ion rate for t he f irst si x mont hs of the year was 1.6%, which could mean the centra l bank will not be in a hurr y to ra ise interest rates. The Dow Jones I ndu st r ia l Avera ge cl i mbed 1.0 4% to 21,637.74 and the S&P 500 Index was up 1.41% to 2 ,459. 27. Hig her gold pr ices pu s he d up t he Ph i l a delph i a G old & Si lver Index 4.26% to f i nish at 80.80. West Texas Intermediate crude finished at US$47 a barrel, up 5.09%. Shares of intermediate gold producer E l d or a d o G o l d we re d ow n US1¢ t o US $2 .41. T he c ompa ny re p or te d on Ju ly 10 t hat it had completed it s acqu isit ion of Integ ra Gold. Under a plan of arrangement unveiled on May 15, Integ ra sha reholders w i l l rec eive $129 m i l l ion i n c a sh a nd 77 mi l lion common sha res of Eldorado. Integ ra sha reholders approved t he a rra ngement at a specia l meet i ng on Ju l y 4 a n d E l d o r a d o G o l d r e c e i v e d approva l f rom B.C .’s Supreme Cou r t on Ju ly 7. Integ ra’s sha res w i l l be del-

18_JULY24_MarketNews.indd 18

isted a nd it w i l l cont i nue as a whol ly ow ned subsid ia r y of E ldorado G old . E ldorado G old ha s a sset s i n Tu rkey, Greece, Roma nia, Serbia a nd Bra zi l. Seabridge Gold ’s sha res rose 1.9% to US $11. T he c omp a ny a n nou nc e d on Ju ly 10 t hat it had completed t he su r fac e s a mpl i ng a nd ge ophy sic s to d r i l l l o c a t i on s a t it s w h o l l y ow n e d Isk ut projec t i n nor t hwester n Br it ish C olu mbia . T he c omp a ny s a id d r i l l i ng wou ld s t a r t s o o n o n t h e Q u a r t z R i s e t a rge t , wh ich emerged f rom la st ye a r’s U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Vale* VALE 144673 9.34 8.76 9.25 + 0.48 Frport McMoR* FCX 97103 12.69 11.78 12.60 + 0.70 United States S* X 84966 24.10 20.89 23.21 + 1.76 Kinross Gold* KGC 50299 4.05 3.76 3.90 + 0.06 Barrick Gold* ABX 46142 16.16 15.25 15.99 + 0.64 Vale* VALE.P 44973 8.80 8.26 8.75 + 0.50 Yamana Gold* AUY 41385 2.45 2.21 2.38 + 0.15 Potash Corp SK* POT 38104 17.80 16.39 17.70 + 1.39 Goldcorp* GG 33869 13.18 12.42 13.02 + 0.51 Eldorado Gold* EGO 29979 2.48 2.38 2.41 - 0.01

prog ra m. The company is planning two phases of core drilling that totals 8,500 metres t o e v a lu a t e t h e p o t e nt i a l f o r h i g h g rade gold concent rat ions w it hi n t he u ntested Qua r t z R ise l it hoc ap.

T he projec t is 110 k m nor t hwest of Stewa r t, B.C ., a nd 30 k m by a i r f rom S e a br id ge’s K SM proje c t . S e a br id ge s ay s I s k ut ho s t s d i s t r ic t- s c a l e p orphy r y-st yle m i nera l systems si m i la r to K SM. T N M

U.S. GREATEST PERCENTAGE CHANGE

Intrepid Pots* HudBay Mnls* Richmont Mines* Teck Res* Agrium* Potash Corp SK* CONSOL Energy* United States S* Harmony Gold* Gold Fields* NACCO Ind* MartinMarietta* DRDGOLD* Alamos Gold* Black Hills* Eldorado Gold* Pretium Res* Chevron Corp* Kinross Gold* Seabridge Gld*

IPI HBM RIC TECK AGU POT CNX X HMY GFI NC MLM DRD AGI BKH EGO PVG CVX KGC SA

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

10808 2.95 2.37 2.74 + 14.2 3142 6.75 5.55 6.45 + 13.2 2511 7.75 6.70 7.70 + 12.4 19479 19.60 17.32 19.30 + 9.2 2937 99.10 91.26 98.55 + 8.7 38104 17.80 16.39 17.70 + 8.5 14274 16.15 14.38 15.77 + 8.4 84966 24.10 20.89 23.21 + 8.2 14445 1.75 1.58 1.72 + 8.2 24537 3.82 3.46 3.74 + 8.1 73 69.90 64.85 66.95 - 4.5 2146 229.00 219.20 223.27 - 2.0 1007 3.09 2.91 2.95 - 1.7 9746 6.94 6.58 6.64 - 0.7 1226 68.47 67.08 67.70 - 0.7 29979 2.48 2.38 2.41 - 0.4 6056 9.97 9.33 9.68 + 0.8 20872 104.75 102.55 104.44 + 0.9 50299 4.05 3.76 3.90 + 1.6 2571 11.40 10.70 11.00 + 1.9

U.S. GREATEST VALUE CHANGE

Agrium* AGU Arch Coal* ARCH Alcoa* AA Southern Copp* SCCO Peabody Enrgy* BTU Natural Res Pt* NRP United States S* X RIO Rio Tinto* Teck Res* TECK Franco-Nevada* FNV MartinMarietta* MLM NACCO Ind* NC Black Hills* BKH DRDGOLD* DRD Alamos Gold* AGI Eldorado Gold* EGO Primero Mng* PPP Kinross Gold* KGC Pretium Res* PVG Endeavr Silver* EXK

VOLUME WEEK (000s) CLOSE CHANGE

2937 98.55 2311 74.55 20885 36.32 3400 37.09 4596 27.31 107 28.85 84966 23.21 17652 45.17 19479 19.30 2878 71.27 2146 223.27 73 66.95 1226 67.70 1007 2.95 9746 6.64 29979 2.41 1951 0.33 50299 3.90 6056 9.68 8256 2.92

+ 7.86 + 4.91 + 2.13 + 2.11 + 2.00 + 1.85 + 1.76 + 1.67 + 1.63 + 1.57 - 4.63 - 3.15 - 0.50 - 0.05 - 0.05 - 0.01 + 0.01 + 0.06 + 0.08 + 0.12

2017-07-18 10:25 PM


GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / JULY 24–AUGUST 6, 2017

19

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

SPOT PRICES COURTESY OF SCOTIABANK Tuesday, July 18, 2017 Precious Metals Gold Silver Platinum Palladium Base Metals Nickel Copper Lead Zinc

Price (US$/oz.) Change 1237.10 +25.20 $16.17 +0.66 $924.00 +23.00 $859.00 +22.00 Price (US$/tonne) Change $9670.00 +75.00 $5998.50 +3.00 $2277.00 -18.00 $2792.50 -22.50

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, July 17, 2017 (change from July 10, 2017 in brackets): Aluminium Alloy 12340 (0) 1386100 (-5425) Aluminium Copper 318225 (+3450) 158425 (-2650) Lead Nickel 375648 (+3006) 1900 (+245) Tin 270225 (-13800) Zinc

Thermal Coal CAPP: US$40.00 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$52.75 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$11.65 Cobalt: US$26.99/lb. Copper: US$2.66/lb. Copper: CME Group Futures Aug. 2017: US$2.72/lb.; Sept. 2017: US$2.73/lb Ferro-Chrome: US$2.48/kg Ferro Titanium: US$3.77/kg FerroTungsten: US$25.55/kg Ferrovanadium: US$22.60/kg Iridium: NY Dealer Mid-mkt US$970.00/tr oz. Iron Ore 62% Fe CFR China-S: US$66.80/tonne Iron Ore Fines: US$69.00/tonne Iron Ore Pellets: US$96.06/tonne Lead: US$1.03/lb. Magnesium: US$2.26/kg Manganese: US$2.06/kg Molybdenum Oxide: US$7.26/lb. Phosphate Rock: US$93.00/tonne Potash: US$218.00/tonne Rhodium: Mid-mkt US$1,030.00tr. oz. Ruthenium: Mid-mkt US$65.00/tr. oz. Silver: Handy & Harman Base: US$16.08 per oz.; Handy & Harman Fabricated: US$20.10 per oz. Tantalite Ore : US$123.61/kg Tin: US$9.07/lb. Uranium: U3O8, Trade Tech spot price: US$20.25; The UX Consulting Company spot price: US$20.40/lb. Zinc: US$1.26/lb. Prices current July 18, 2017

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Jul 04, 2017 (with changes from Jun 16, 2017) Largest short positions K 53926783 8447631 6/16/2017 Kinross Gold Eldorado Gold ELD 40904587 18067317 6/16/2017 New Gold NGD 32533866 -360957 6/16/2017 Trevali Mng TV 30063059 4142712 6/16/2017 Sandstorm Gold SSL 22287724 -162418 6/16/2017 B2Gold BTO 21809916 -636587 6/16/2017 OceanaGold OGC 12432216 1242645 6/16/2017 Detour Gold DGC 11981015 -797161 6/16/2017 AKG 11886010 -885461 6/16/2017 Asanko Gold Suncor Energy SU 10650889 -558228 6/16/2017 IVN 9533099 -277231 6/16/2017 Ivanhoe Mines IAMGOLD IMG 9381782 5077178 6/16/2017 Potash Corp SK POT 8894340 -3588597 6/16/2017 Yamana Gold YRI 8749275 -4932169 6/16/2017 TRQ 7698432 517100 6/16/2017 Turquoise HIl Largest increase in short position Eldorado Gold ELD 40904587 18067317 6/16/2017 Kinross Gold K 53926783 8447631 6/16/2017 IMG 9381782 5077178 6/16/2017 IAMGOLD Trevali Mng TV 30063059 4142712 6/16/2017 TECK.B 7600005 3931083 6/16/2017 Teck Res Largest decrease in short position Yamana Gold YRI 8749275 -4932169 6/16/2017 Nemaska Lith NMX 2595506 -3722487 6/16/2017 Potash Corp SK POT 8894340 -3588597 6/16/2017 Barrick Gold ABX 7294413 -2902726 6/16/2017 Goldcorp G 6295506 -2762498 6/16/2017

Short positions outstanding as of Jun 16, 2017 (with changes from Jun 01, 2017) Largest short positions GSV 1500200 544400 6/1/2017 Gold Std Vents Plata Latina PLA 772000 200000 6/1/2017 Scorpio Gold SGN 746200 745400 6/1/2017 Barkerville Go BGM 684565 -14735 6/1/2017 PRB 630800 -200 6/1/2017 Probe Metals Orca Gold ORG 488000 487500 6/1/2017 RPM 310198 296998 6/1/2017 Rye Patch Gold Kivalliq Enrgy KIV 244000 230700 6/1/2017 Neo Lithium NLC 237600 -155600 6/1/2017 Alix Res AIX 150000 149800 6/1/2017 FPC 137606 -591894 6/1/2017 Falco Res White Gold WGO 122600 -38200 6/1/2017 Avino Silver ASM 117200 27100 6/1/2017 Maya Gold &Sil MYA 114900 71400 6/1/2017 Five Star Diam STAR 102650 16800 6/1/2017 Largest increase in short position Scorpio Gold SGN 746200 745400 6/1/2017 Gold Std Vents GSV 1500200 544400 6/1/2017 Orca Gold ORG 488000 487500 6/1/2017 Rye Patch Gold RPM 310198 296998 6/1/2017 KIV 244000 230700 6/1/2017 Kivalliq Enrgy Largest decrease in short position Colonial Coal CAD 200 -666300 6/1/2017 Falco Res FPC 137606 -591894 6/1/2017 ICG 9900 -199000 6/1/2017 Integra Gold Aurvista Gold AVA 6000 -190200 6/1/2017 GPY 44000 -174500 6/1/2017 Gldn Predator

DAILY METAL PRICES Daily Metal Prices Date July 17 July 14 July 13 July 12 July 11 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1625/1635 1640/1650 1630/1640 1625/1635 1630/1640 Aluminum 1900.50/1924.50 1902/1920.50 1910.50/1928 1875/1893 1878/1891 Copper 5965/5984.50 5857.50/5880 5900/5918 5882/5913 5794/5823.50 Lead 2300/2325 2263/2282 2293/2316 2308/2337 2291.50/2310 Nickel 9575/9640 9375/9415 9180/9225 9200/9225 8975/9030 Tin 20030/19970 19975/19830 19950/19875 20000/19850 19900/19800 2819/2822 2768.50/2770 2825/2826 2842.50/2847 2771/2773 Zinc

PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1229.85 1218.95 1221.40 1219.40 1211.90 Gold PM 1234.10 1230.30 1218.90 1218.80 1211.05 Silver 16.07 15.71 15.95 15.83 15.51 Platinum 927.00 918.00 914.00 919.00 891.00 Palladium 858.00 860.00 869.00 866.00 839.00

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

Jul 14 Jul 13 Jul 12 Jul 11 Jul 10 1.2733 1.2733 1.2757 1.2915 1.2891 0.7854 0.7854 0.7839 0.7743 0.7757

Exchange rates (Quote Media, July 14, 2017) C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand C$ to AUS 0.6892 89.0345 13.9102 10.3830 1.0159 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 0.6069 5.3291 50.6470 0.7597 893.4812 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.2935 0.8775 113.3645 17.6939 13.2234 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.7728 6.7828 64.4358 0.9673 1137.6300

TSX WARRANTS Alamos Gold (AGI.WT) - Wt buys sh @ $28.47 to Aug 30/18 Alamos Gold (AGI.WT.A) - Wt buys sh @ $10.00 to Jan 7/19 Alio Gold Inc. (ALO.WT) - 10 Warrants to purchase one common share of the Issuer at $7.00 until expiry Continental Gold Inc. (CNL.WT.A) - Wt buys sh @ $4.75 to Nov 26/17 Dalradian Resources (DNA.WT.A) - Wt buys sh @ $1.5 to Jul 31/17 Excellon Resources Inc (EXN.WT) - Wt buys sh @ $1.75 to Jul 26/18 GoGold Resources Inc. (GGD.WT) - Wt buys sh @ $1.7 to Jun 7/18 Golden Queen Mining Co (GQM.WT) - Wt buys sh @ $2 to Jul 25/19 Gran Colombia Gold (GCM.WT.A) - Wt buys sh @ $3.25 to Mar 18/19 HudBay Minerals (HBM.WT) - Wt buys sh @ $15 to Jul 20/18 Liberty Gold Corp. Wt (LGD.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry may 16, 2019 Lithium Americas Corp (LAC.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry Lydian International Limited (LYD.WT) - One Warrant to purchase one additional ordinary share of the Issuer at $0.36 per share until expiry MBAC Fertilizer (MBC.WT) - Wt buys sh @ $1 to Apr 17/19 Nemaska Lithium Inc (NMX.WT) - Wt buys sh @ $1.5 to Jul 8/19 Northern Dynasty Minerals Ltd. J (NDM.WT) - Wt buys sh @ $3 to Sep 14/17 Northern Dynasty Minerals Ltd. J (NDM.WT.A) - Wt buys sh @ $0.55 to Jul 9/20 Northern Dynasty Minerals Ltd. J (NDM.WT.B) - Wt buys sh @ $0.55 to Jun 10/21 Oban Mining J (OBM.WT) - Wt buys 20 sh @ $3 to Aug 25/18 Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.5 to Feb 18/22 Osisko Gold Royalties (OR.WT.A) - Wt buys sh @ $19.08 to Feb 26/19 Osisko Mining Inc. J (OSK.WT) - 20 Wt buys sh @ $3 to Aug 25/18 Pilot Gold Inc. Wt (PLG.WT) - Wt buys sh @ $0.9 to May 16/19 Prairie Provident Resources Inc Wt (PPR.WT) - Wt buys sh @ $0.87 to Mar 16/19 Primero Mining Corp (P.WT.C) - Wt buys sh @ $3.35 to Jun 24/18 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 Sandstorm Gold (SSL.WT.A) - Wt buys sh @ US$4 to Oct 19/15 (SSL.WT.B) - Wt buys sh @ US$14 to Sep 07/17 Sandstorm Gold (SSL.WT.B) - One Warrant to purchase one common share of the Issuer at US $14.00 until expiry. Sandstorm Gold (SSL.WT) - Wt buys sh @ US$4 to Nov 3/20 (SSL.WT.B) - Wt buys sh @ US$14 to Sep 07/17 Sprott Resource Corp (SRHI.WT) - Wt buys sh @ $0.3333 to Feb 09/22 Timmins Gold Corp (TMM.WT) - Wt buy sh at $0.7 to May 30/18

TSX VENTURE WARRANTS Ascendant Resources (ASND.WT) - Wt buys sh @ $1.25 to Mar 7/22 Atlantic Gold (AGB.WT) - Wt buys sh @ $0.6 to Aug 20/18 Avino Silver & Gold Mines Ltd. (ASM.WT) - Wt buys sh @ US$0.2 to Nov 28/19 Brazil Resources (BRI.WT) - Wt buys sh @ $0.75 to Dec 31/18 Cornerstone Capital Resources (CGP.WT.S) - Wt buys sh @ $0.35 to Apr 07/19 Falco Resources Ltd. (FPC.WT) - One warrant to purchase one common share at $1.70 per share. Goldmining Inc. (GOLD.WT) - Wt buys sh @ $0.75 to Dec 31/18 Goldstar Minerals (GDM.RT) - One Right to purchase one common share at $0.03 per share. JDL Gold Corp. (JDL.WT) - Wt buy sh @ $3.00 to Oct 06/21 Jet Metal (JET.WT) - Wt buys sh @ $0.25 to Sep 16/19 Jet Metal (JET.WT.A) - Wt buys sh @ $0.5 to Feb 28/19 Kootenay Silver Inc. (KTN.WT) - Wt buys sh @ $0.55 to Apr 21/21 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 Rainy Mountain Royalty Corp. (RMO.WT) - Wt buys sh @ $0.15 to Mar 1/18 and sh @ $0.25 from Mar 2/18 to Mar 1/19 Rainy Mountain Royalty Corp. (RMD.WT) - Wt buys sh @ $0.15 to Mar 1/18 and sh @ $0.25 from Mar 2/18 to Mar 1/19 Silvercrest Metals Inc. (SIL.WT) - Wt buys sh @ $3 to Dec 06/18 Sunridge Gold (SGC.WT) - Wt buys sh @ $0.35 to Oct 18/17 Trek Mining (TREK.WT) - Wt buy sh @ $3.00 to Oct 06/21 West Kirkland Mining (WKM.WT) - Wt buys sh @ $0.3 to Apr 17/19

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

IndexName Jul 14 Jul 13 Jul 12 Jul 11 Jul 10 High Low S&P/TSX Composite 15174.81 15135.00 15143.99 15149.14 15105.28 15527.30 12400.15 S&P/TSXV Composite 757.52 752.93 758.48 749.90 752.54 1050.26 883.52 S&P/TSX 60 894.79 892.31 892.18 892.96 890.44 896.74 709.99 S&P/TSX Global Gold 188.35 186.54 189.53 191.60 189.86 218.90 149.29 DJ Precious Metals 163.72 163.72 165.90 165.43 164.21 420.72 130.95

NEW 52-WEEK HIGHS AND LOWS JULY 10–14, 2017 70 New Highs

Aida Minerals ALQ Gold Alumina Inc* Amarc Res* Antofagasta* Arco Res* Arctic Star* Avnel Gold Avnel Gold * Big Wind Cap Black Isle Res* Cache Expl* Caledonia Mng* Carrara Explor Cdn Platinum Cornerstone Ca Cornerstone Ca* Crazy Horse Res* Decade Res Decade Res*

Delrand Res Discovery Harb DuSolo Fertil Dynamic Gold* Edgewater Expl* Excelsior Mng Excelsior Mng* Explorex Res Explorex Res* Fremont Gold Geodex Mnrls Glen Eagle Res Harfang Explor Hemcare Health* HiHo Silver* Honey Badger E Jaxon Mnls Jaxon Mnls* Katanga Mng Kirkland Lake* Kore Potash*

Liberty One Li* Lucky Mnls * Magna Terra Magna Terra* Mason Graphite* MBMI Res* Montero Mg&Ex Mountain Boy* Napier Vent* Nighthawk Gold* Pac Gold* Pac North West* Red Rock Enrgy* Renforth Res Sabina Gd&Slvr Sabina Gd&Slvr* ScoZinc Mg ScoZinc Mg* Sierra Metals* Silverstar Res* Sonoro Mtls*

Stina Res Contact Gold Stina Res* Cypress Dev Tower Res* Dajin Res URZ Energy Diamcor Mng Valencia Vent Dorex Mnrls* Valencia Vent* Dynacor Gld Mn Verde Res* Eldorado Gold Yellowhead Mng* Eldorado Gold* 75 New Lows Ely Gold & Mnl Fireweed Zinc Alexandra Cap Five Star Diam Altamira Gold Five Star Diam* Anfield Nickel GFG Resources* Anfield Res Global Energy Appia Energy Golden Queen Arcus Dev Grp Golden Secret Asante Gold Golden Star Aurcana Corp Caledonia Mng* Golden Star* Goldsource Min Cda Carbon Cda Strtgc Met * Graphite One Chesapeake Gld Iconic Mnls *

IDM Mining* IMPACT Silver Independence G Intact Gold* Intl Lithium K92 Mng Inc Kenadyr Mining* Kootenay Zinc* Latin Am Mnls* Liberty Gold* Liberty Silver Lithium Corp* Lundin Gold Mandalay Res Moneta Porcpn* MX Gold* Namibia Rare E Nevada Egy Mtl* NextSource Mat Northn Empire* NuLegacy Gold

Orex Mnrls Pac Bay Mnrls* Perseus Mng Pine Cliff En Platinum Gp Mt* Potash Ridge Rye Patch Gold Savary Gold Skeena Res Sprott Res Hld Tahoe Res Tahoe Res* Tirex Res* Toachi Mg Inc* Trifecta Gold* URZ Energy Viscount Mng Westmoreland* White Energy* Winston Gld Mg Yellowhead Mng

CANADIAN GOLD MUTUAL FUNDS Fund Jul 14 ($) AGF Prec Mtls Fd MF 21.21 BMO Prec Mtls Fd A 17.27 BMO ZGD BMO ZJG CIBC Prec Metal Fd A 9.94 Dyn Prec Metls Fd A Horizons HEP IGMacGloPrecMetCl A 8.28 iShares XGD Mac Prec Met Cl A 44.12 NBI PrecMetFd AdvDSC 12.24 NBI PrecMetFd AdvISC 12.24 NBI PrecMetFd AdvLSC 12.24 NBI PrecMetFd Invt 12.24 RBC GblPreMetFd A Redw UITGoDe&ProCl A Sentry Pre Met Fd A 35.33 Sprott Gold&PrMinFdA 33.81 Sprott SilverEquCl A 5.80 TD PreciousMetalsInv 33.06

Jul 07 ($) Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) 20.86 0.35 1.68 -2.52 2.80 143.65 17.00 0.27 1.58 0.31 2.40 64.09 9.15 -0.24 -2.53 0.97 0.63 8.24 -0.19 -2.27 6.38 0.60 9.84 0.10 1.06 -1.93 2.58 50.69 6.26 -0.05 -0.79 6.28 2.75 349.72 23.17 -0.26 -1.11 2.67 0.81 8.13 0.15 1.81 -0.48 2.75 43.58 11.61 -0.22 -1.87 0.47 0.55 743.80 43.30 0.82 1.89 -0.39 2.51 90.12 12.12 0.12 0.99 3.41 2.47 32.13 12.12 0.12 0.99 3.41 2.47 32.13 12.12 0.12 0.99 3.41 2.47 32.13 12.12 0.12 0.99 3.41 2.46 32.13 32.19 -0.83 -2.51 7.93 2.12 389.45 10.00 0.00 34.81 0.52 1.48 -2.40 2.44 186.27 33.38 0.43 1.30 -0.42 3.12 213.29 5.67 0.12 2.16 -3.59 3.09 133.16 32.83 0.23 0.70 0.06 2.26 130.71

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

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

19_JULY24_MMMM.indd 19

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

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

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

Re-Publishing License Own your moment in the press with a Re-Publishing License for any article printed in The Northern Miner or posted on our website. Basic Re-Publishing License cost: $525

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

2017-07-18 8:39 PM


20

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: JULY 10–14, 2017 (100s) Stock

WWW.NORTHERNMINER.COM

JULY 24–AUGUST 6, 2017 / THE NORTHERN MINER

Week

12-month

Exc Volume High Low Last Change High Low

A Abacus Mng &Ex* O 90 0.46 0.39 0.40 - 0.06 2.88 0.06 Abacus Mng &Ex V 224 0.60 0.50 0.50 - 0.10 0.78 0.24 Abcourt Mines* O 11 0.06 0.05 0.06 - 0.01 0.10 0.05 0.07 - 0.00 0.26 0.05 Aben Res* O 45 0.09 0.07 Aben Res V 451 0.11 0.10 0.10 + 0.01 0.34 0.07 Aberdeen Intl* O 232 0.11 0.10 0.11 - 0.00 0.14 0.09 Aberdeen Intl T 223 0.14 0.13 0.14 + 0.01 0.19 0.11 Abitibi Royalt V 11 9.35 9.21 9.30 + 0.10 10.75 6.36 O 29 0.43 0.37 0.39 - 0.04 0.48 0.31 AbraPlata Res* AbraPlata Res V 74 0.55 0.47 0.50 - 0.05 0.63 0.00 Adamera Mnls V 1809 0.15 0.12 0.15 - 0.01 0.24 0.06 Adamera Mnls* O 275 0.12 0.09 0.12 + 0.01 0.18 0.04 Advantage Lith V 393 0.45 0.41 0.41 - 0.02 1.34 0.36 O 193 0.35 0.31 0.34 - 0.00 1.01 0.28 Advantage Lith* Affinity Gold* O 20 0.03 0.00 0.02 - 0.01 0.05 0.00 African Gold V 539 0.07 0.06 0.07 + 0.01 0.12 0.04 African Queen V 666 0.04 0.04 0.04 - 0.01 0.11 0.03 56.46 + 0.26 78.35 46.91 Agnico Eagle T 2489 58.81 55.55 Agnico Eagle* N 7191 45.54 43.22 44.60 + 1.04 60.10 35.05 T 1671 126.14 117.34 124.69 + 7.67 146.99 114.44 Agrium Agrium* N 2937 99.10 91.26 98.55 + 7.86 111.88 87.75 Aguia Resource V 65 0.49 0.41 0.48 + 0.04 0.49 0.41 Aguila Amer Gd V 61 0.23 0.20 0.20 + 0.01 1.35 0.18 Aida Minerals 21 0.16 0.10 0.12 + 0.02 0.16 0.01 0.01 - 0.00 0.07 0.00 Aim Explor* O 4960 0.01 0.00 Alabama Graph V 1023 0.14 0.13 0.13 - 0.01 0.22 0.11 Alabama Graph* O 251 0.11 0.10 0.11 - 0.01 0.17 0.08 6.64 - 0.05 9.76 5.95 Alamos Gold* N 9746 6.94 6.58 T 2085 8.90 8.38 8.39 - 0.27 12.70 7.86 Alamos Gold Alchemist Mng 866 0.06 0.05 0.06 + 0.01 0.12 0.04 Alcoa* N 20885 36.44 33.68 36.32 + 2.13 39.78 20.00 Alderon Iron* O 5 0.23 0.22 0.23 + 0.00 0.60 0.08 0.29 - 0.01 0.80 0.11 Alderon Iron T 144 0.30 0.28 Aldever Res* O 25 0.04 0.03 0.04 + 0.01 0.11 0.03 0.05 - 0.01 0.27 0.05 Aldever Res V 144 0.05 0.00 Aldridge Min V 146 0.23 0.21 0.23 + 0.03 0.34 0.17 Alexandria Min* O 392 0.06 0.05 0.06 + 0.00 0.10 0.03 1.31 + 0.04 2.54 1.10 Alexco Res* X 768 1.36 1.26 Alexco Res T 146 1.75 1.62 1.65 + 0.02 3.31 1.47 0.20 - 0.02 0.44 0.17 Algold Res V 380 0.21 0.20 Alianza Min* O 25 0.11 0.11 0.11 - 0.01 0.13 0.05 Alianza Min V 128 0.14 0.12 0.14 - 0.01 0.17 0.10 20.90 + 1.55 26.65 17.10 Alliance Res* D 1302 20.90 19.25 Almaden Mnls T 123 1.53 1.42 1.51 + 0.03 2.44 1.01 X 1131 1.20 1.10 1.18 + 0.04 1.88 0.75 Almaden Mnls* Almadex Min V 98 0.99 0.93 0.95 + 0.01 2.00 0.41 0.76 + 0.03 1.51 0.31 Almadex Min* O 129 0.78 0.72 Almonty Ind V 68 0.24 0.21 0.23 - 0.01 0.44 0.20 Alopex Gold V 131 0.58 0.51 0.54 + 0.03 0.58 0.51 0.08 + 0.01 0.08 0.03 ALQ Gold 41 0.08 0.00 Alset Minerals* O 123 0.10 0.07 0.10 + 0.03 0.33 0.06 Alset Minerals V 4268 0.16 0.10 0.12 + 0.02 0.49 0.08 215 0.29 0.27 0.28 - 0.01 0.47 0.16 Altair Res Inc V Altamira Gold V 194 0.19 0.17 0.17 - 0.03 0.30 0.17 Altamira Gold* O 15 0.17 0.14 0.14 - 0.01 0.31 0.14 Altiplano Mnls V 855 0.21 0.15 0.19 + 0.04 0.28 0.08 Altius Mnrls T 120 11.07 10.30 10.98 + 0.61 14.06 9.01 0.07 - 0.01 0.14 0.05 Alto Vent V 949 0.08 0.06 Altura Mng Ltd* O 666 0.14 0.12 0.13 + 0.01 0.16 0.09 6.22 + 0.05 6.25 3.83 Alumina Inc* O 211 6.25 6.08 ALX Uranium* O 60 0.08 0.06 0.08 - 0.00 0.12 0.05 Am CuMo Mng V 136 0.39 0.36 0.38 + 0.03 0.49 0.08 66 0.31 0.27 0.29 + 0.01 0.35 0.05 Am CuMo Mng* O Am Manganese* O 49 0.13 0.11 0.13 + 0.01 0.27 0.04 V 541 0.16 0.14 0.16 + 0.01 0.38 0.03 Am Manganese Am Sierra Gold* O 34 0.02 0.01 0.01 + 0.00 0.05 0.01 Amador Gold V 24 0.31 0.29 0.31 + 0.02 0.40 0.10 0.14 + 0.01 0.16 0.04 Amarc Res* O 84 0.16 0.14 Amarillo Gold V 342 0.36 0.31 0.35 - 0.02 0.68 0.28 O 11 0.39 0.33 0.35 - 0.04 0.63 0.05 Amazing Energy* Amer Intl Vent* O 390 0.07 0.06 0.06 - 0.01 0.11 0.01 Amer Vanadium* O 278 0.03 0.02 0.02 - 0.01 0.03 0.00 American Lith* O 101 0.08 0.07 0.07 - 0.00 0.66 0.06 American Lith V 1155 0.10 0.09 0.09 - 0.01 0.87 0.08 3.81 + 0.39 5.76 2.70 Americas Silvr T 91 3.82 3.35 Americas Silvr* X 128 3.01 2.56 2.99 + 0.39 3.65 2.39 Amerigo Res* O 184 0.46 0.38 0.44 + 0.05 0.63 0.10 0.56 + 0.05 0.83 0.14 Amerigo Res T 375 0.58 0.49 Amex Expl V 338 0.16 0.13 0.16 + 0.03 0.38 0.11 Anaconda Mng* O 160 0.05 0.04 0.04 - 0.01 0.09 0.04 Anconia Res V 150 0.03 0.02 0.02 - 0.01 0.09 0.02 Anfield Nickel V 287 0.44 0.40 0.41 - 0.01 1.94 0.40 0.06 - 0.01 0.10 0.04 Angel Gold* O 31 0.07 0.04 Anglo American* O 188 7.35 6.69 7.25 + 0.48 8.87 4.75 0.13 + 0.01 0.15 0.05 Anglo-Bomarc V 106 0.13 0.11 Anglo-Can Mng V 18 0.13 0.00 0.11 - 0.01 0.30 0.05 AngloGold Ash* N 13398 10.13 9.44 9.81 + 0.30 22.91 9.28 O 53 0.09 0.08 0.08 - 0.02 0.14 0.05 Antioquia Gold* Antioquia Gold V 164 0.11 0.10 0.11 - 0.01 0.20 0.08 9 11.25 0.00 11.15 + 0.57 11.00 6.20 Antofagasta* O Applied Mrnls* O 11 0.03 0.03 0.03 - 0.00 0.19 0.02 Aquila Res* O 83 0.20 0.18 0.19 + 0.00 0.25 0.15 Aquila Res T 563 0.26 0.24 0.25 + 0.01 0.32 0.19 Arch Coal* N 2311 75.68 68.93 74.55 + 4.91 86.47 59.05 Arco Res V 12 0.11 0.00 0.07 - 0.04 0.12 0.01 Arctic Star* O 8 0.24 0.18 0.18 - 0.04 0.24 0.04 0.23 - 0.01 0.38 0.06 Arctic Star V 4379 0.35 0.23 128 0.15 0.00 0.13 - 0.02 0.20 0.05 Arcus Dev Grp V Arena Mnls* O 190 0.13 0.11 0.12 + 0.01 0.23 0.10 Argentina Lith* O 0 0.07 0.07 0.07 - 0.01 0.63 0.07 0.11 + 0.01 0.83 0.10 Argentina Lith V 96 0.12 0.10 Argentum Silvr V 49 0.32 0.25 0.32 + 0.03 0.59 0.06 Argex Titanium* O 100 0.04 0.04 0.04 - 0.01 0.09 0.03 Argonaut Gold T 4011 2.53 2.19 2.36 + 0.13 4.10 1.48 Argonaut Gold* O 127 1.94 1.71 1.86 + 0.11 3.17 1.12 Argus Metals V 17 0.09 0.00 0.09 - 0.01 0.15 0.05 0.01 + 0.00 0.02 0.00 Arian Silver* O 1551 0.01 0.01 Arianne Phosph V 70 0.88 0.82 0.87 + 0.04 1.04 0.70 Arianne Phosph* O 33 0.69 0.63 0.68 - 0.00 0.80 0.52 Arizona Mng* O 109 2.50 2.00 2.41 + 0.27 2.64 1.22 Arizona Mng T 4025 3.16 2.62 3.04 + 0.33 3.49 1.58 0.19 - 0.03 1.23 0.04 Arizona Silver V 436 0.21 0.18 Arizona Silver* O 123 0.17 0.15 0.15 - 0.02 0.91 0.13 Arrowstar Res V 376 0.05 0.04 0.04 - 0.01 0.17 0.04 Asanko Gold T 2389 2.09 1.93 2.00 + 0.04 6.09 1.75 Asanko Gold* X 8895 1.64 1.50 1.58 + 0.06 4.68 1.28 Asante Gold 49 0.10 0.08 0.09 - 0.01 0.27 0.08 Ascot Res V 144 1.91 1.79 1.82 - 0.08 2.83 1.46 Ashanti Sanko V 116 0.04 0.03 0.04 + 0.01 0.10 0.03 Ashburton Vent* O 82 0.14 0.11 0.11 - 0.03 0.24 0.06 0.35 + 0.05 0.40 0.10 Astar Mnls V 25 0.35 0.35 0.16 + 0.03 0.47 0.13 Aston Bay V 180 0.16 0.13 Astorius Res V 95 0.11 0.09 0.10 + 0.02 0.41 0.06 ATAC Res V 375 0.59 0.47 0.55 + 0.01 0.95 0.32 Atacama Pacif V 20 0.68 0.62 0.65 - 0.03 1.02 0.26 Atacama Res* O 426 0.26 0.09 0.10 - 0.13 0.52 0.06 Athabasca Mnls* O 51 0.14 0.13 0.14 + 0.01 0.24 0.11 Athabasca Mnls V 140 0.18 0.16 0.17 - 0.02 0.32 0.14 Atico Mng V 179 0.69 0.63 0.63 - 0.03 0.99 0.44 Atico Mng* O 108 0.55 0.49 0.50 - 0.00 0.75 0.33 Atlanta Gold* O 19 0.05 0.04 0.04 - 0.02 0.08 0.04 0.06 - 0.01 0.11 0.06 Atlanta Gold V 348 0.06 0.06 Atlantic Gold V 1251 1.50 1.45 1.47 - 0.06 1.64 0.76 Atlatsa Res* O 93 0.04 0.03 0.03 + 0.00 0.08 0.02 Atom Energy V 50 0.13 0.00 0.08 - 0.03 0.65 0.08 Aura Mnls* O 152 1.14 0.00 1.03 - 0.10 1.42 1.03 Auramex Res V 206 0.04 0.03 0.03 - 0.01 0.05 0.02 Aurania Res* O 8 1.79 1.70 1.79 + 0.09 1.92 1.54 Aurania Res V 14 2.27 2.12 2.25 + 0.05 3.75 0.50 Aurcana Corp* O 38 0.23 0.00 0.22 + 0.01 0.63 0.20 Aurcana Corp V 135 0.30 0.26 0.30 + 0.01 0.80 0.26 AuRico Metals * O 144 0.90 0.83 0.87 - 0.02 0.99 0.62 AuRico Metals T 353 1.18 1.06 1.11 - 0.05 1.32 0.82 Aurion Res V 218 1.95 1.69 1.95 + 0.13 2.29 0.32 Aurvista Gold V 1820 0.27 0.25 0.27 + 0.01 0.46 0.15 Aurvista Gold* O 351 0.21 0.19 0.21 + 0.01 0.34 0.10 Auryn Res T 273 3.23 2.90 3.07 + 0.11 4.17 2.14 Auryn Res* O 137 2.52 2.25 2.44 + 0.15 3.18 1.58 Austral Gold* O 9 0.13 0.11 0.13 + 0.02 0.19 0.08 Austral Gold V 109 0.17 0.15 0.16 + 0.01 0.22 0.12 Avalon Adv Mat T 235 0.15 0.14 0.14 - 0.01 0.26 0.14 Avalon Adv Mat* O 193 0.12 0.10 0.11 + 0.00 0.19 0.00 Avino Silver* X 558 1.54 1.41 1.49 + 0.05 3.14 1.12 Avino Silver V 88 2.03 1.85 1.88 + 0.01 4.05 1.52 Avnel Gold T 2599 0.45 0.41 0.43 + 0.02 0.45 0.18 Avnel Gold * O 180 0.33 0.20 0.33 + 0.01 0.33 0.13 Avrupa Mnls* O 291 0.08 0.07 0.08 + 0.00 0.19 0.06 AXE Expl V 390 0.03 0.03 0.03 - 0.01 0.05 0.02 Axmin Inc V 242 0.04 0.03 0.04 + 0.01 0.10 0.03 Azarga Mtls V 35 0.16 0.00 0.16 - 0.01 0.60 0.14 Azarga Uranium T 93 0.30 0.26 0.30 + 0.03 0.57 0.18

20-22_JULY24_StockTables.indd 20

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Azimut Expl V 226 Azincourt Uran* O 260 Azincourt Uran V 757 Azteca Gold* O 214

0.31 0.26 0.27 + 0.01 0.68 0.24 0.06 0.04 0.05 + 0.01 0.22 0.03 0.07 0.05 0.07 + 0.01 0.28 0.04 0.00 0.00 0.00 - 0.00 0.00 0.00

B2Gold* X 19515 B2Gold T 12607 V 21 Bacanora Mnls Balmoral Res T 492 Balmoral Res* O 171 O 53 Bannerman Res* Banro Corp* X 258 Banro Corp T 35 Barkerville Go* O 161 Barkerville Go V 1018 Baroyeca Go&Si V 1060 Barrick Gold T 10720 Barrick Gold* N 46142 Barsele Min* O 14 Barsele Min V 17 Batero Gold V 49 Bayhorse Silvr V 251 Bayswater Uran V 85 O 2 Bayswater Uran* BC Moly V 85 Bear Creek Mng V 276 Bearclaw Cap V 11 Bearing Lith* O 190 Bearing Lith V 438 Beaufield Res V 954 Beaufield Res* O 288 Beeston Ent* O 155 V 92 Bell Copper Belmont Res V 750 O 125 Belvedere Res* Benton Res V 316 Benz Mining V 40 Berkwood Res V 751 109 Berkwood Res * O Besra Gold* O 508 Big Wind Cap 280 Bitterroot Res* O 106 Bitterroot Res V 139 Black Dragon V 823 Black Hills* N 1226 Black Iron T 626 Black Isle Res* O 51 6 Black Mam Mtls* O Black Mam Mtls V 56 54 Black Sea Cop V Black Sea Cop* O 3 V 428 Blackheath Res Blackrock Gold V 366 206 Blind Crk Res V BLOX Inc* O 344 Blue Rvr Res V 1053 4 Blue Sky Uran* O Blue Sky Uran V 644 Bluestone Res V 19 Bonanza Gldfds* O 2282 BonTerra Res V 955 BonTerra Res* O 164 Borneo Res Inv* O 11435 Bravada Gold V 166 Bravada Gold* O 115 Braveheart Res V 126 O 11 Bravo Multinat* Bravura Vent * O 93 Bravura Vent 489 Brazil Mnrls* O 3105 Brio Gold T 64 O 598 Britannia Mng* Brixton Mtls* O 50 Brixton Mtls V 116 Broadway Gold* O 1598 V 1344 Broadway Gold Brookmount Exp* O 4301 V 20 Buccaneer Gold Buenaventura* N 5988 Buffalo Coal V 28 Bullfrog Gold* O 128 BWR Explor V 893

2.77 2.57 2.71 + 0.09 3.65 2.02 3.56 3.32 3.44 + 0.06 4.74 2.69 1.52 1.31 1.35 - 0.13 1.75 1.01 0.70 0.65 0.67 + 0.02 1.28 0.62 0.55 0.50 0.53 + 0.02 0.99 0.46 0.03 0.02 0.03 + 0.00 0.08 0.01 0.70 0.61 0.64 + 0.04 4.68 0.60 0.88 0.77 0.80 + 0.03 60.00 0.77 0.70 0.61 0.70 + 0.07 1.03 0.29 0.89 0.80 0.87 + 0.07 1.39 0.41 0.01 0.01 0.01 - 0.01 0.02 0.01 20.78 19.68 20.22 + 0.41 29.97 18.52 16.16 15.25 15.99 + 0.64 22.94 13.81 0.53 0.50 0.53 + 0.02 1.25 0.47 0.70 0.00 0.70 + 0.02 1.62 0.63 0.08 0.08 0.08 + 0.01 0.23 0.08 0.16 0.15 0.15 - 0.01 0.29 0.13 0.05 0.00 0.05 - 0.01 0.09 0.02 0.03 0.03 0.03 - 0.00 0.07 0.01 0.05 0.05 0.05 - 0.01 0.09 0.05 2.10 1.90 2.05 + 0.03 3.74 1.72 0.04 0.00 0.04 - 0.01 0.06 0.03 0.81 0.70 0.74 - 0.00 1.41 0.30 1.03 0.89 0.92 - 0.03 1.83 0.13 0.20 0.17 0.20 + 0.01 0.34 0.06 0.16 0.13 0.15 - 0.00 0.25 0.04 0.00 0.00 0.00 - 0.00 0.01 0.00 0.10 0.00 0.09 - 0.01 0.12 0.03 0.05 0.04 0.04 - 0.02 0.10 0.04 0.06 0.05 0.05 - 0.01 0.06 0.02 0.09 0.07 0.07 - 0.01 0.15 0.06 0.35 0.30 0.32 + 0.02 0.40 0.15 0.37 0.30 0.34 + 0.01 1.23 0.25 0.27 0.26 0.27 + 0.01 0.27 0.25 0.00 0.00 0.00 - 0.00 0.01 0.00 0.45 0.24 0.45 + 0.20 0.40 0.05 0.14 0.11 0.12 - 0.01 0.22 0.02 0.16 0.14 0.16 - 0.02 0.29 0.04 0.05 0.04 0.05 - 0.01 0.08 0.03 68.47 67.08 67.70 - 0.50 72.02 54.76 0.10 0.08 0.08 - 0.01 0.17 0.03 0.04 0.03 0.03 + 0.00 0.04 0.03 0.15 0.14 0.15 + 0.01 0.18 0.04 0.20 0.19 0.20 + 0.01 0.25 0.06 0.20 0.19 0.19 - 0.01 0.54 0.18 0.15 0.14 0.15 + 0.01 0.46 0.13 0.06 0.06 0.06 - 0.01 0.13 0.05 0.07 0.00 0.06 - 0.02 0.18 0.05 0.23 0.20 0.20 - 0.01 0.38 0.07 0.19 0.12 0.12 - 0.05 0.35 0.01 0.05 0.04 0.04 - 0.01 0.08 0.03 0.09 0.09 0.09 - 0.00 0.47 0.08 0.13 0.10 0.12 + 0.01 0.74 0.10 1.50 1.41 1.50 + 0.08 1.90 0.40 0.00 0.00 0.00 - 0.00 0.01 0.00 0.43 0.38 0.40 - 0.01 0.55 0.21 0.34 0.30 0.34 + 0.02 0.40 0.15 0.00 0.00 0.00 - 0.00 0.00 0.00 0.18 0.16 0.16 - 0.01 0.38 0.15 0.14 0.00 0.12 - 0.01 0.28 0.12 0.07 0.05 0.05 - 0.01 0.08 0.03 3.47 0.00 2.93 - 0.55 9.75 0.32 0.32 0.23 0.32 + 0.09 4.85 0.18 0.40 0.35 0.38 + 0.03 5.90 0.20 0.01 0.01 0.01 - 0.00 0.50 0.00 2.49 2.30 2.40 + 0.03 3.59 2.25 0.00 0.00 0.00 + 0.00 0.02 0.00 0.25 0.23 0.25 + 0.02 0.82 0.15 0.35 0.30 0.35 + 0.05 1.10 0.18 0.64 0.50 0.59 + 0.06 1.29 0.22 0.80 0.65 0.75 + 0.10 1.70 0.07 0.13 0.05 0.09 + 0.05 0.13 0.00 0.05 0.05 0.05 - 0.01 0.08 0.02 12.17 11.21 11.97 + 0.53 16.45 9.87 0.02 0.01 0.02 + 0.01 0.03 0.01 0.10 0.09 0.09 - 0.00 0.19 0.06 0.05 0.04 0.04 - 0.01 0.09 0.04

Cache Expl V 1368 Cache Expl* O 216 Cadence Min* O 3 Cadillac Vent V 16 Caledonia Mng T 25 O 31 Caledonia Mng* Calibre Mng V 1417 California Gld V 76 Callinex Mines V 283 Callinex Mines* O 238 Cameco Corp* N 7352 Cameco Corp T 4508 Cameo Res* O 0 Cameo Res V 10 Camino Mnls V 586 Camino Mnls* O 82 Camrova Res V 11 Camrova Res* O 3 Canadian Mng V 158 Canadian Zeol V 659 Canadian Zeol* O 70 CanAlaska Uran* O 54 CanAlaska Uran V 79 Canamex Res* O 453 Canamex Res V 525 Canarc Res T 647 Canarc Res* O 528 Canasil Res V 231 Candente Gold* O 26 Candente Gold V 114 CANEX Metals V 94 CANEX Metals * O 1 CaNickel Mng V 29 Canstar Res V 35 Canterra Mnls V 323 Cantex Mn Dev V 224 Canuc Res V 108 Canuc Res* O 12 Canyon Gold* O 8360 Capstone Mng T 6032 Cardero Res V 12 Cardero Res* O 6 Cariboo Rose V 49 Carlin Gold V 137 Carmax Mng V 73 Cartier Iron 34 Cartier Res V 169 V 35 Carube Copper Cascadero Copp V 411 Castle Silver V 317 Castle Silver* O 80 Cava Res V 368 Cavan Vent V 70 Cda Carbon* O 154 Cda Carbon V 1387 Cda Strtgc Met V 1057 Cda Zinc Mtls V 379 Cdn Arrow* O 10 Cdn Metals 540 Cdn Orebodies V 114 Cdn Orebodies* O 69 Cdn Platinum V 23044 Cdn Zinc T 221 Cdn Zinc* O 115 Centamin T 15 Centaurus Diam* O 172 Centerra Gold T 2152 Centurion Mnls V 1310 Century Global T 4 Cerro Mng V 28 Ceylon Graph V 287 Chalice Gold M T 25 Champion Iron* O 577 Champion Iron T 1913 Chantrell Vent V 100 Chatham Rock V 11

0.26 0.25 0.25 + 0.01 0.31 0.06 0.21 0.19 0.20 + 0.01 0.21 0.05 5.31 0.00 5.31 + 1.76 15.28 2.75 0.04 0.03 0.03 - 0.01 0.06 0.03 8.50 7.50 8.05 + 0.35 12.10 6.30 7.30 5.44 6.35 + 0.35 7.30 5.44 0.16 0.14 0.15 - 0.01 0.30 0.10 0.31 0.23 0.31 + 0.05 0.76 0.23 0.31 0.29 0.30 + 0.01 0.69 0.28 0.24 0.22 0.24 + 0.00 0.54 0.21 9.97 9.22 9.97 + 0.70 13.36 7.41 12.67 11.90 12.59 + 0.63 17.65 9.88 1.02 1.02 1.02 - 0.04 1.11 0.24 1.32 1.25 1.29 - 0.03 1.75 0.31 0.74 0.58 0.64 - 0.07 2.23 0.15 0.56 0.47 0.47 - 0.08 1.62 0.00 0.09 0.00 0.09 + 0.01 0.40 0.07 0.05 0.05 0.05 - 0.01 0.21 0.04 0.38 0.33 0.36 - 0.02 0.43 0.10 0.86 0.67 0.70 - 0.09 1.95 0.31 0.64 0.53 0.56 - 0.06 1.46 0.24 0.32 0.26 0.32 + 0.06 1.18 0.24 0.39 0.34 0.39 + 0.04 1.54 0.33 0.11 0.09 0.11 - 0.02 0.13 0.07 0.15 0.12 0.13 - 0.02 0.30 0.10 0.09 0.08 0.08 - 0.01 0.14 0.07 0.07 0.06 0.06 - 0.01 0.11 0.05 0.16 0.14 0.15 + 0.01 0.73 0.13 0.03 0.03 0.03 + 0.00 0.06 0.02 0.04 0.00 0.04 + 0.01 0.08 0.03 0.06 0.05 0.05 - 0.01 0.14 0.06 0.04 0.00 0.04 - 0.00 0.10 0.03 0.15 0.13 0.13 - 0.02 0.33 0.05 0.08 0.07 0.07 - 0.01 0.23 0.00 0.04 0.03 0.04 - 0.01 0.10 0.03 0.03 0.00 0.03 - 0.01 0.15 0.03 0.38 0.32 0.38 - 0.02 0.55 0.25 0.29 0.24 0.27 + 0.04 0.39 0.22 0.00 0.00 0.00 + 0.00 0.21 0.00 1.11 0.85 1.05 + 0.15 1.81 0.65 0.08 0.00 0.08 - 0.01 0.24 0.08 0.06 0.05 0.06 + 0.00 0.19 0.05 0.10 0.09 0.09 - 0.02 0.26 0.07 0.09 0.06 0.09 + 0.01 0.10 0.03 0.04 0.03 0.04 + 0.01 0.05 0.03 0.08 0.05 0.08 + 0.03 0.16 0.03 0.32 0.29 0.31 - 0.03 0.38 0.12 0.10 0.09 0.10 - 0.01 0.20 0.06 0.12 0.11 0.11 - 0.01 0.17 0.07 0.28 0.24 0.24 - 0.04 0.30 0.02 0.22 0.20 0.20 - 0.02 0.22 0.03 0.20 0.18 0.18 - 0.02 0.78 0.15 0.04 0.00 0.04 + 0.02 0.06 0.02 0.13 0.10 0.13 + 0.01 0.24 0.10 0.18 0.11 0.17 - 0.01 0.32 0.11 0.13 0.11 0.12 - 0.01 0.26 0.10 0.29 0.26 0.29 + 0.03 0.48 0.22 0.01 0.01 0.01 - 0.00 0.02 0.01 0.08 0.06 0.07 + 0.01 0.30 0.05 0.34 0.29 0.29 - 0.02 0.53 0.19 0.24 0.23 0.24 + 0.01 0.39 0.00 0.05 0.01 0.02 + 0.01 0.05 0.01 0.18 0.17 0.17 - 0.01 0.41 0.15 0.14 0.13 0.14 - 0.00 0.32 0.11 2.68 2.55 2.64 + 0.12 3.23 1.84 0.06 0.04 0.05 - 0.02 0.23 0.01 7.04 6.63 6.63 - 0.29 8.32 5.56 0.06 0.05 0.06 + 0.01 0.10 0.05 0.18 0.17 0.17 - 0.01 0.72 0.13 0.06 0.00 0.06 - 0.01 0.18 0.03 0.24 0.22 0.23 + 0.01 0.45 0.17 0.16 0.16 0.16 - 0.01 0.21 0.14 0.87 0.76 0.76 - 0.05 1.12 0.17 1.18 0.96 0.98 - 0.07 1.47 0.23 0.10 0.07 0.10 + 0.02 0.15 0.05 0.57 0.00 0.37 - 0.21 0.90 0.15

B

C

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Chesapeake Gld V 84 3.34 2.91 2.91 - 0.19 6.28 2.91 Chesapeake Gld* O 75 2.58 2.28 2.28 - 0.18 4.87 2.28 Chevron Corp* N 20872 104.75 102.55 104.44 + 0.95 119.00 97.53 Chilean Metals V 148 0.14 0.12 0.14 + 0.01 0.33 0.10 Chilean Metals* O 175 0.11 0.09 0.09 - 0.02 0.24 0.07 Chimata Gold V 25 0.02 0.02 0.02 - 0.01 0.03 0.01 China Gold Int T 1112 1.98 1.83 1.84 - 0.09 3.67 1.82 China Mnls Mng* O 0 0.00 0.00 0.00 + 0.00 0.02 0.00 Cibolan Gold* O 90 0.01 0.00 0.01 + 0.00 0.13 0.00 CKR Carbon V 1044 0.12 0.08 0.08 - 0.01 0.19 0.06 Claim Post Res V 135 0.08 0.07 0.07 - 0.02 0.10 0.02 Clean Comm* O 24 0.09 0.09 0.09 + 0.04 0.13 0.03 Cleghorn Mnls V 29 0.07 0.07 0.07 - 0.01 0.16 0.07 Clifton Mng* O 95 0.14 0.09 0.09 + 0.01 0.16 0.07 Cloud Peak En* N 5659 3.95 3.52 3.72 + 0.19 8.04 2.42 CMC Metals V 16 0.10 0.09 0.10 + 0.01 0.20 0.08 Cobalt 27 Cap V 280 10.94 9.60 10.70 + 1.20 13.20 8.87 Cobalt Pwr Grp* O 55 0.08 0.07 0.08 - 0.00 0.09 0.06 Cobalt Pwr Grp V 1833 0.11 0.09 0.10 - 0.01 0.18 0.04 CobalTech M’g* O 109 0.13 0.11 0.12 + 0.01 0.32 0.01 CobalTech M’g V 1332 0.16 0.14 0.16 + 0.02 0.45 0.02 Coeur Mng* N 10851 8.38 7.62 8.25 + 0.42 16.41 7.30 Colonial Coal V 226 0.10 0.09 0.09 - 0.01 0.24 0.07 0.20 - 0.01 0.54 0.13 Colorado Res* O 37 0.21 0.19 Colorado Res V 302 0.27 0.25 0.25 - 0.03 0.71 0.18 Columbus Gold* O 289 0.53 0.50 0.52 + 0.01 0.83 0.31 Comet Inds V 5 2.70 2.70 2.70 + 0.15 3.00 2.00 Commerce Res V 486 0.08 0.07 0.08 + 0.01 0.11 0.05 Commerce Res* O 53 0.06 0.05 0.06 - 0.00 0.09 0.04 Comstock Mng* X 9636 0.19 0.16 0.17 - 0.00 0.47 0.13 Comstock Mtls V 116 0.16 0.13 0.14 - 0.01 0.43 0.12 Comstock Mtls * O 10 0.11 0.10 0.10 - 0.01 0.33 0.09 Condor Res V 435 0.13 0.10 0.11 - 0.01 0.19 0.06 Confedertn Ml* O 4 0.43 0.42 0.43 - 0.04 0.80 0.33 CONSOL Energy* N 14274 16.15 14.38 15.77 + 1.22 22.34 13.55 Constantine Mt V 56 0.17 0.15 0.16 + 0.01 0.20 0.08 0.77 + 0.02 1.10 0.74 Contact Gold V 19 0.77 0.74 Contintl Gold* O 83 2.81 2.67 2.75 + 0.00 4.39 1.90 Contintl Gold T 1827 3.64 3.40 3.44 - 0.10 5.75 2.62 Contintl Prec V 82 0.34 0.32 0.32 - 0.02 0.44 0.25 Copper Fox Mtl* O 80 0.10 0.10 0.10 + 0.01 0.14 0.08 Copper Lake Rs V 520 0.04 0.04 0.04 - 0.01 0.08 0.04 Copper Mtn Mng* O 87 0.70 0.63 0.66 + 0.03 1.02 0.32 Copper Mtn Mng T 803 0.92 0.75 0.87 + 0.09 1.32 0.40 Copperbank Res* O 44 0.09 0.07 0.07 - 0.01 0.14 0.04 Copperbank Res 491 0.12 0.09 0.10 - 0.02 0.18 0.05 Coral Gold V 332 0.36 0.35 0.35 - 0.01 0.40 0.27 Coral Gold * O 45 0.27 0.27 0.27 + 0.00 0.30 0.20 0.69 - 0.02 1.59 0.65 Cordoba Mnls V 777 0.72 0.66 Cordoba Mnls* O 545 0.56 0.51 0.55 - 0.00 1.21 0.45 Cornerstone Ca* O 383 0.42 0.33 0.42 + 0.05 0.41 0.03 Cornerstone Ca V 2159 0.53 0.43 0.53 + 0.07 0.52 0.05 Cornerstone Mt V 201 0.05 0.04 0.04 - 0.01 0.06 0.02 Coro Mining T 236 0.11 0.10 0.11 + 0.01 0.20 0.10 Coronet Mtls* O 25 0.12 0.12 0.12 + 0.00 0.56 0.11 Corsa Coal V 76 1.60 1.46 1.49 - 0.04 3.82 0.80 Corsa Coal * O 27 1.20 1.12 1.20 + 0.01 2.93 1.12 Corvus Gold* O 168 0.68 0.62 0.68 + 0.05 1.05 0.37 Corvus Gold T 176 0.85 0.80 0.85 + 0.05 1.38 0.50 Crazy Horse Res* O 12 0.15 0.14 0.15 + 0.01 0.15 0.12 Critical Elem* O 17 0.90 0.85 0.89 + 0.04 0.91 0.31 1.15 + 0.05 1.19 0.39 Critical Elem V 1061 1.17 1.08 Crown Mining V 32 0.10 0.07 0.10 + 0.01 0.18 0.07 Cruz Cobalt* O 94 0.18 0.16 0.17 - 0.01 0.23 0.09 Cruz Cobalt V 1485 0.23 0.21 0.22 - 0.02 0.31 0.10 Crystal Explor* O 62 0.09 0.08 0.08 - 0.01 0.12 0.08 Crystal Lake* O 23 0.15 0.15 0.15 + 0.00 0.30 0.15 Crystal Lake V 48 0.20 0.19 0.20 + 0.01 0.43 0.19 Crystal Peak V 55 0.43 0.38 0.42 - 0.01 0.56 0.18 Crystal Peak* O 7 0.33 0.31 0.31 - 0.02 0.42 0.14 Currie Rose Rs* O 2 0.01 0.01 0.01 + 0.00 0.02 0.01 Currie Rose Rs V 253 0.02 0.02 0.02 - 0.01 0.05 0.02 Cypress Dev V 73 0.09 0.08 0.09 + 0.01 0.20 0.08 0.06 - 0.00 0.15 0.06 Cypress Dev* O 17 0.07 0.06

D-F Dajin Res V 141 Dajin Res* O 161 Dakota Ter Res* O 13 Daleco Res* O 245 Dalradian Res* O 485 Dalradian Res T 957 Damara Gold V 219 Danakali* O 57 Darnley Bay V 1306 Darnley Bay* O 414 Decade Res* O 3033 Decade Res V 4387 V 600 Deep-South Res Defiance Silvr V 68 Defiance Silvr* O 20 Del Toro Silvr* O 171 Delrand Res V 48 Denison Mines T 4371 Denison Mines* X 1475 Desert Gold V 183 Detour Gold T 4962 Diamante Min* O 977 Diamcor Mng V 105 Diamcor Mng* O 54 Diamond Fields V 5 Dios Expl V 102 Discovery Harb V 46 Ditem Explor* O 10 Diversified Rs* O 144 DNI Metals 2192 DNI Metals* O 149 Dolat Ventures* O 48427 Dolly Vard Sil* O 74 Dolly Vard Sil V 179 Dominion Diam T 605 N 5427 Dominion Diam* Dorex Mnrls* O 10 Dorex Mnrls V 31 DRDGOLD* N 1007 750 Dundee Prec Mt T Duran Vent V 390 Durango Res V 1058 DuSolo Fertil V 252 Dynacor Gld Mn T 72 Dynamic Gold* O 1 O 8 DynaResource* Dynasty Met&Mn* O 52 V 162 Dynasty Met&Mn E3 Metals V 131 Eagle Graphite V 535 East Africa V 295 East Asia Mnls* O 31 737 East Asia Mnls V Eastern Platin* O 40 Eastern Platin T 612 Eastmain Res* O 369 Eastmain Res T 1669 Eco Oro Mnls T 78 eCobalt Solns T 1323 eCobalt Solns* O 731 Edgewater Expl V 12 Edgewater Expl* O 7 El Capitan Prc* O 1244 El Nino Vent* O 100 Elcora Res V 172 Elcora Res* O 48 Eldorado Gold* N 29979 Eldorado Gold T 18431 Eloro Mnrls V 248 Eloro Mnrls* O 317 Ely Gold & Mnl* O 226 Ely Gold & Mnl V 354 Emerita Res V 1147 Encanto Potash* O 49 Encanto Potash V 3000 Endeavour Mng T 1236 Endeavour Mng* O 20 Endeavr Silver* N 8256 Endeavr Silver T 1147 Endurance Gold* O 325 Endurance Gold V 593 Energy Fuels* X 1367 Energy Fuels T 152 Enforcer Gold* O 15 Enforcer Gold V 1549 Engold Mines* O 60

0.09 0.08 0.09 - 0.01 0.22 0.08 0.07 0.06 0.07 - 0.00 0.17 0.06 0.07 0.04 0.07 + 0.01 0.10 0.02 0.01 0.01 0.01 + 0.00 0.04 0.00 1.24 1.11 1.23 + 0.03 1.35 0.76 1.57 1.45 1.53 - 0.01 1.78 0.99 0.05 0.00 0.05 + 0.01 0.11 0.04 0.56 0.54 0.56 + 0.01 0.65 0.27 0.25 0.22 0.25 + 0.02 0.57 0.12 0.19 0.18 0.19 + 0.01 0.44 0.09 0.11 0.09 0.11 + 0.01 0.11 0.03 0.14 0.11 0.12 - 0.01 0.14 0.04 0.10 0.00 0.10 + 0.01 0.39 0.09 0.30 0.28 0.29 + 0.01 0.63 0.21 0.23 0.23 0.23 + 0.02 0.49 0.16 0.06 0.05 0.05 - 0.01 0.06 0.00 1.50 1.12 1.45 + 0.30 1.50 0.30 0.58 0.54 0.57 - 0.01 1.10 0.49 0.47 0.43 0.46 + 0.02 0.84 0.37 0.18 0.16 0.17 + 0.01 0.40 0.09 14.89 13.83 14.05 + 0.09 35.40 13.71 0.14 0.09 0.11 + 0.01 0.51 0.02 0.90 0.75 0.77 - 0.13 1.50 0.75 0.68 0.59 0.61 - 0.07 1.11 0.59 0.13 0.13 0.13 - 0.04 0.24 0.07 0.07 0.00 0.07 + 0.01 0.17 0.06 0.10 0.02 0.09 + 0.07 0.12 0.05 0.00 0.00 0.00 + 0.00 0.00 0.00 0.06 0.05 0.05 - 0.02 0.40 0.03 0.08 0.06 0.08 + 0.01 0.09 0.02 0.06 0.04 0.05 - 0.01 0.09 0.00 0.07 0.03 0.06 + 0.02 0.13 0.00 0.41 0.36 0.38 + 0.00 0.81 0.35 0.50 0.47 0.47 - 0.01 1.11 0.47 17.00 16.03 16.91 + 0.68 18.27 10.47 13.63 12.41 13.48 + 0.89 13.65 7.92 0.15 0.14 0.14 - 0.01 0.15 0.14 0.20 0.12 0.17 + 0.03 0.30 0.10 3.09 2.91 2.95 - 0.05 9.10 2.84 2.62 2.43 2.47 + 0.02 4.14 1.87 0.05 0.05 0.05 - 0.01 0.14 0.05 0.08 0.07 0.07 - 0.01 0.36 0.05 0.29 0.00 0.29 - 0.01 0.65 0.25 1.93 1.82 1.90 - 0.02 3.71 1.82 1.95 0.00 1.95 + 0.10 1.95 0.25 1.50 0.80 1.40 - 0.10 1.99 0.00 0.23 0.21 0.22 + 0.01 0.31 0.11 0.30 0.28 0.28 - 0.03 0.45 0.14 0.68 0.53 0.62 + 0.07 0.78 0.18 0.04 0.03 0.03 - 0.01 0.05 0.03 0.20 0.18 0.18 - 0.02 0.36 0.17 0.25 0.22 0.22 - 0.01 0.49 0.11 0.32 0.25 0.28 - 0.05 0.74 0.05 0.20 0.20 0.20 + 0.00 0.70 0.19 0.27 0.26 0.27 + 0.01 0.91 0.23 0.28 0.23 0.28 + 0.04 0.73 0.21 0.35 0.31 0.35 + 0.03 0.97 0.30 0.48 0.42 0.43 - 0.06 0.87 0.13 1.30 1.13 1.25 + 0.10 1.48 0.45 1.01 0.88 0.99 + 0.11 1.14 0.34 0.22 0.00 0.22 + 0.02 0.28 0.08 0.16 0.16 0.16 + 0.00 0.16 0.11 0.07 0.06 0.06 + 0.01 2.35 0.04 0.02 0.02 0.02 - 0.00 0.03 0.01 0.21 0.18 0.21 + 0.04 0.40 0.17 0.15 0.15 0.15 + 0.01 0.32 0.14 2.48 2.38 2.41 - 0.01 5.00 2.38 3.20 3.03 3.04 - 0.10 6.46 3.04 0.75 0.69 0.74 - 0.01 0.84 0.33 0.59 0.57 0.59 + 0.01 0.62 0.30 0.10 0.08 0.10 + 0.00 0.20 0.08 0.12 0.11 0.11 - 0.01 0.27 0.11 0.13 0.11 0.11 - 0.01 0.22 0.04 0.05 0.05 0.05 - 0.00 0.13 0.04 0.07 0.06 0.06 - 0.01 0.17 0.06 24.23 22.08 23.22 + 0.93 28.81 17.37 18.60 17.40 18.38 + 1.19 21.89 13.00 3.06 2.76 2.92 + 0.12 5.95 2.75 3.95 3.58 3.69 + 0.06 7.75 3.55 0.05 0.04 0.05 + 0.01 0.07 0.03 0.06 0.05 0.06 + 0.01 0.10 0.04 1.69 1.54 1.65 + 0.07 2.71 1.29 2.17 2.00 2.09 + 0.05 3.53 1.74 0.16 0.16 0.16 + 0.00 0.18 0.15 0.23 0.19 0.20 + 0.01 0.28 0.18 0.28 0.22 0.22 - 0.04 0.50 0.03

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Engold Mines V 500 Ensurge* O 28 Entree Gold* X 502 Entree Gold T 387 Equitorial Ex* O 122 Equitorial Ex V 1392 352 Erdene Res Dev T 50 Erdene Res Dev* O Eskay Mng V 126 Ethos Gold* O 48 Ethos Gold V 102 Eurasian Mnls V 37 X 218 Eurasian Mnls* Eureka Res V 490 194 T Euro Sun Mg 1 Euro Sun Mg* O O 5 EurOmax Res* Everton Res V 250 Everton Res* O 10 Evolving Gold 89 O 11 Evolving Gold* Evrim Res V 99 Excellon Res T 306 Excellon Res* O 356 O 119 Excelsior Mng* Excelsior Mng T 552 Exeter Res* X 172 Exeter Res T 50 ExGen Res Inc V 1044 10 ExGen Res Inc* O Explor Res* O 30 Explorex Res 116 Explorex Res* O 111 Falco Res V 1245 Falcon Gold V 162 Far Res 4887 Far Res* O 305 Finlay Minrls V 198 Fiore Explor* O 29 O 2 Firestone Diam* O 290 Firma Holdings* First Bauxite V 51 7 First Cobalt * O First Energy V 126 135579 First Liberty* O First Majestic* N 20524 First Majestic T 3383 T 4053 First Mg Fin First Mg Fin * O 2741 First Quantum T 14047 131 V Fission 3.0 Fission Uran* O 625 Five Star Diam V 1454 120 Five Star Diam* O O 609 Focus Graphite* 111 Fort St James V O 7 Fortescue Mtls* T 2006 Fortuna Silvr Fortuna Silvr* N 5734 Fortune Bay V 13 Fortune Bay* O 9 Fortune Mnrls T 2123 O 690 Fortune Mnrls* V 816 Forum Uranium 209 Fox River Res N 2878 Franco-Nevada* Franco-Nevada T 2186 Franklin Mng* O 56 Freegold Vent T 208 N 97103 Freeport McMoR* Fremont Gold V 21 14 Fresnillo plc* O Frontier Lith V 86 Frontline Gold V 150 Fura Gems V 147

0.03 0.29 - 0.03 0.68 0.34 0.26 0.02 0.06 - 0.03 0.12 0.08 0.06 0.21 0.40 + 0.04 0.72 0.41 0.36 0.29 0.50 + 0.04 0.94 0.50 0.45 0.03 0.07 - 0.01 0.10 0.08 0.07 0.03 0.09 - 0.01 0.14 0.11 0.08 0.94 0.89 0.91 - 0.03 1.40 0.29 0.74 0.71 0.73 + 0.00 1.00 0.22 0.15 0.32 - 0.03 0.45 0.37 0.30 0.05 0.11 + 0.01 0.30 0.12 0.11 0.14 0.15 + 0.01 0.40 0.16 0.15 0.97 1.13 + 0.02 1.84 1.17 1.11 0.75 0.89 + 0.01 1.40 0.93 0.87 0.05 0.05 - 0.01 0.17 0.05 0.05 1.15 1.07 1.13 + 0.03 1.45 0.62 0.86 0.00 0.85 - 0.02 1.06 0.47 0.29 0.29 - 0.03 0.59 0.31 0.29 0.04 0.04 + 0.01 0.20 0.04 0.04 0.03 0.03 + 0.01 0.14 0.03 0.03 0.13 0.18 - 0.02 0.45 0.20 0.18 0.10 0.15 - 0.01 0.33 0.15 0.14 0.16 0.23 + 0.02 0.43 0.25 0.21 1.07 1.36 + 0.04 2.40 1.39 1.27 0.83 1.06 + 0.04 1.85 1.08 0.98 0.25 0.81 + 0.09 0.81 0.84 0.72 0.34 1.01 + 0.08 1.05 1.06 0.92 0.66 1.55 + 0.06 1.89 1.62 1.45 0.89 1.97 + 0.05 2.52 2.03 1.91 0.04 0.03 0.04 + 0.01 0.04 0.01 0.02 0.02 0.02 - 0.00 0.02 0.00 0.04 0.06 + 0.00 0.14 0.06 0.05 0.10 0.28 + 0.03 0.29 0.29 0.25 0.10 0.20 - 0.00 0.20 0.20 0.20 0.77 1.06 + 0.08 1.65 1.10 1.00 0.04 0.04 - 0.01 0.20 0.05 0.04 0.05 0.01 0.15 0.13 - 0.14 0.12 0.05 0.11 + 0.01 0.11 0.11 0.10 0.04 0.05 - 0.01 0.09 0.06 0.05 0.22 0.31 + 0.09 0.55 0.31 0.27 0.51 0.53 + 0.02 0.65 0.53 0.51 0.03 0.07 + 0.00 0.12 0.07 0.05 0.03 0.04 + 0.01 0.07 0.04 0.00 0.59 0.57 0.58 - 0.01 0.67 0.31 0.04 0.06 + 0.01 0.15 0.06 0.04 0.00 0.00 + 0.00 0.00 0.00 0.00 8.00 7.08 7.76 + 0.57 19.15 6.62 10.28 9.14 9.80 + 0.52 24.96 8.89 0.67 0.58 0.65 + 0.05 1.31 0.57 0.53 0.46 0.51 + 0.04 1.02 0.42 12.58 + 1.37 17.55 9.53 13.05 10.85 0.07 0.07 0.07 + 0.01 0.13 0.05 0.36 0.48 + 0.02 0.70 0.48 0.44 0.26 0.21 0.22 - 0.06 0.55 0.21 0.22 0.17 0.17 - 0.05 0.22 0.21 0.04 0.06 + 0.00 0.15 0.07 0.06 0.30 0.27 0.27 - 0.03 0.35 0.06 2.90 4.10 + 0.23 5.50 4.10 0.00 6.23 5.66 6.03 + 0.25 12.73 5.65 4.11 4.77 + 0.30 9.75 4.89 4.39 0.45 0.59 - 0.03 0.90 0.62 0.00 0.30 0.48 + 0.02 0.64 0.48 0.00 0.10 0.23 + 0.02 0.34 0.23 0.20 0.07 0.17 + 0.01 0.26 0.18 0.16 0.05 0.06 + 0.01 0.17 0.06 0.05 0.07 0.00 0.06 - 0.01 0.15 0.04 53.31 71.27 + 1.57 81.16 72.09 69.47 93.09 89.31 90.07 - 0.15 105.69 71.44 0.00 0.00 - 0.00 0.01 0.00 0.00 0.08 0.13 - 0.01 0.28 0.15 0.12 12.60 + 0.70 17.06 9.24 12.69 11.78 0.07 0.20 + 0.05 0.20 0.20 0.16 19.74 0.00 19.74 + 1.25 26.10 13.18 0.24 0.35 - 0.01 0.46 0.36 0.33 0.01 0.03 + 0.01 0.05 0.03 0.03 0.10 0.41 - 0.01 0.50 0.41 0.36

Gabriel Res T 82 Gainey Capital V 403 Galane Gold V 2027 O 25 Galantas Gold* Galore Res V 213 Galway Mtls* O 32 Galway Mtls V 49 Garibaldi Res V 248 19 Garibaldi Res * O V 3068 Gem Intl Res General Moly T 13 General Moly* X 1830 Genesis Mtls* O 31 Genesis Mtls V 687 Genius Props 41 V 207 Gensource Pot Geodex Mnrls V 41 O 27 Geologix Expl* Geologix Expl V 735 Geomega Res V 788 Getty Copper V 190 O 104 GFG Resources* GFK Res V 73 GGX Gold V 564 Gitennes Expl V 216 Giyani Gold* O 35 Giyani Gold V 254 Glacier Lake V 173 O 111 Gldn Predator* Gldn Predator V 1932 345 Glen Eagle Res V Glencore Plc* O 377 Global Energy V 333 Globex Mng* O 28 Globex Mng T 111 O 6 GMV Minerals* GMV Minerals V 65 763576 O GNCC Capital* GoGold Res T 257 O 144 Gold Dynamics* 24537 Gold Fields* N 393 Gold Mng USA* O 10 Gold Reach Res V Gold Reserve* O 80 Gold Reserve V 111 X 2579 Gold Resource* 553 Gold Std Vents V Gold Std Vents* X 3675 Gold Torrent* O 1 Goldcliff Res* O 10 Goldcliff Res V 16 T 10519 Goldcorp Goldcorp* N 33869 Golden Arrow V 506 Golden Arrow* O 430 14 Golden Dawn Ml* O 351 Golden Dawn Ml V Golden Eagle* O 13 O 8 Golden Global* Golden Hope V 156 Golden Hope* O 37 Golden Mnls T 14 Golden Mnls* X 418 O 298 Golden Queen* Golden Reign V 527 Golden Secret V 101 Golden Share V 44 Golden Star T 644 Golden Star* X 7872 Golden Tag V 59 Golden Valley* O 230 Golden Valley V 346 Goldex Res V 51 O 254 Goldgroup Mng* T 150 Goldgroup Mng GoldMining V 375 GoldON Res V 56 GoldON Res* O 19 V 4566 GoldQuest Mng Goldrea Res 86 Goldrich Mng* O 196 O 60 Goldsource Min* V 277 Goldsource Min V 302 Goldstrike Res Gossan Res V 181

0.26 0.28 + 0.02 0.68 0.29 0.27 0.09 0.12 - 0.01 0.37 0.12 0.10 0.06 0.10 + 0.01 0.19 0.11 0.08 0.05 0.08 - 0.00 0.14 0.08 0.08 0.01 0.03 - 0.02 0.07 0.04 0.02 0.11 0.19 + 0.01 0.51 0.20 0.18 0.15 0.26 + 0.03 0.65 0.27 0.25 0.07 0.17 + 0.02 0.21 0.17 0.15 0.13 0.11 0.13 + 0.03 0.16 0.05 0.03 0.02 0.02 - 0.01 0.15 0.02 0.30 0.50 + 0.04 0.95 0.60 0.00 0.21 0.40 + 0.04 0.72 0.44 0.35 0.01 0.12 - 0.00 0.22 0.13 0.12 0.09 0.16 + 0.01 0.28 0.17 0.15 0.10 0.19 - 0.02 0.38 0.20 0.19 0.06 0.15 - 0.01 0.25 0.16 0.15 0.05 0.14 + 0.03 0.14 0.14 0.00 0.04 0.04 - 0.00 0.11 0.04 0.04 0.05 0.05 - 0.01 0.15 0.06 0.05 0.06 0.08 + 0.01 0.16 0.09 0.07 0.01 0.03 - 0.01 0.04 0.04 0.03 0.40 0.43 - 0.08 1.00 0.48 0.40 0.08 0.10 - 0.01 0.18 0.12 0.10 0.07 0.20 - 0.01 0.39 0.22 0.19 0.02 0.07 + 0.01 0.08 0.07 0.06 0.10 0.29 - 0.00 0.50 0.30 0.26 0.12 0.37 + 0.06 0.70 0.38 0.31 0.05 0.07 - 0.01 0.19 0.08 0.07 0.38 0.90 + 0.08 1.59 0.93 0.82 0.50 1.17 + 0.11 2.05 1.18 1.07 0.09 0.30 0.01 + 0.30 0.30 0.27 4.43 8.27 + 0.63 8.62 8.27 7.55 0.12 0.12 - 0.01 0.67 0.14 0.12 0.21 0.37 + 0.01 0.48 0.37 0.35 0.28 0.45 - 0.05 0.63 0.47 0.44 0.21 0.26 - 0.00 0.55 0.27 0.26 0.28 0.35 + 0.01 0.70 0.38 0.34 0.00 0.00 + 0.00 0.00 0.00 0.00 0.41 0.59 + 0.02 1.33 0.60 0.55 0.00 0.00 + 0.00 0.01 0.01 0.00 2.60 3.74 + 0.28 6.60 3.82 3.46 0.01 0.00 0.00 + 0.00 0.01 0.00 0.12 0.10 0.10 - 0.01 0.25 0.09 0.00 3.91 + 0.29 5.54 3.97 3.60 2.61 4.99 + 0.21 7.34 5.12 4.77 3.08 4.10 + 0.24 8.22 4.21 3.81 2.33 2.13 2.16 - 0.08 4.10 1.67 1.82 1.65 1.71 - 0.03 3.20 1.27 0.35 0.80 + 0.25 1.10 0.80 0.55 0.09 0.15 + 0.03 0.36 0.15 0.12 0.12 0.18 + 0.02 0.47 0.18 0.16 15.95 16.47 + 0.32 25.24 16.99 16.03 11.91 13.02 + 0.51 19.47 13.18 12.42 0.53 0.55 - 0.01 1.48 0.60 0.54 0.40 0.45 + 0.01 1.30 0.47 0.42 0.21 0.21 0.21 - 0.05 0.32 0.14 0.27 0.25 0.27 + 0.01 0.44 0.17 0.01 0.06 - 0.00 0.11 0.07 0.00 0.00 0.01 + 0.00 0.36 0.01 0.00 0.11 0.13 - 0.02 0.39 0.14 0.11 0.09 0.09 - 0.02 0.25 0.10 0.09 0.61 0.72 + 0.02 1.51 0.72 0.66 0.45 0.55 + 0.03 1.16 0.57 0.50 0.50 0.52 - 0.01 1.31 0.57 0.51 0.20 0.22 - 0.02 0.36 0.25 0.20 0.23 0.24 - 0.01 0.69 0.24 0.23 0.11 0.11 - 0.01 0.36 0.15 0.11 0.76 0.83 + 0.04 1.46 0.85 0.76 0.59 0.66 + 0.05 1.13 0.67 0.59 0.04 0.04 + 0.01 0.18 0.04 0.04 0.17 0.22 - 0.01 0.38 0.23 0.21 0.23 0.28 - 0.02 0.50 0.29 0.26 0.46 0.90 - 0.08 1.04 0.99 0.90 0.06 0.06 + 0.00 0.28 0.07 0.06 0.07 0.08 + 0.01 0.36 0.09 0.08 1.47 1.67 + 0.07 3.35 1.71 1.60 0.12 0.16 + 0.02 0.25 0.16 0.12 0.09 0.10 - 0.00 0.18 0.10 0.10 0.20 0.44 + 0.08 0.68 0.45 0.35 0.03 0.07 + 0.01 0.14 0.07 0.05 0.02 0.03 + 0.01 0.06 0.03 0.02 0.07 0.07 - 0.01 0.43 0.09 0.07 0.10 0.11 - 0.01 0.55 0.12 0.10 0.12 0.30 - 0.02 0.43 0.31 0.28 0.03 0.06 - 0.01 0.11 0.06 0.06

G-H

2017-07-18 8:37 PM


GLOBAL MINING NEWS

THE NORTHERN MINER / JULY 24–AUGUST 6, 2017

21

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

Week

12-month

Exc Volume High Low Last Change High Low

GoviEx Uranium* O 198 GoviEx Uranium V 1254 Gowest Gold* O 15 Gowest Gold V 648 Gran Colombia* O 47 T 436 Gran Colombia Granada Gold* O 131 Graphite Corp* O 243 Graphite One* O 233 Gray Rock Res V 47 Great Atlantic V 83 Great Bear Res V 203 Great Lakes Gr V 1009 Great Lakes Gr* O 420 Great Panther T 360 X 4271 Great Panther* Great Quest Fe V 10 Great Rock Dev* O 50 Great Thunder V 71 Great Western* O 24 Green Swan Cap V 216 V 58 Greencastle Rs Greenland M&En* O 133 Grizzly Discvr* O 900 Grizzly Discvr V 964 Grizzly Gold* O 18 Group Ten Mtls V 78 GrowMax Res* O 10 GrowMax Res V 317 GT Gold * O 10 GT Gold V 305 Gungnir Res* O 384 Gungnir Res V 562 Gunpoint Expl V 108 T 3021 Guyana Gldflds Guyana Goldstr V 292 Handa Copper V 385 Handa Copper* O 291 Hannan Metals V 83 O 17 Hannan Metals* Hard Creek Ni V 485 V 81 Harfang Explor Harmony Gold* N 14445 Harte Gold* O 419 Harte Gold T 1161 Harvest Gold V 240 Harvest Gold* O 206 Hawkeye Gld&Di V 95 Heatherdale Rs V 144 23794 Hecla Mining* N Hellix Vent* O 159 Hemcare Health* O 320 Heron Res T 376 Highland Copp V 397 Highland Copp* O 30 Highway 50 Gld V 60 HiHo Silver 47 Hinterland Mtl V 156 Hochschild Mg* O 6 247 Honey Badger E V HudBay Mnls* N 3142 HudBay Mnls T 9996 Hudson Res V 348 Hudson Res* O 11 Hunt Mng V 346 Hunt Mng* O 22 Hycroft Mg* O 1

0.18 0.15 0.18 + 0.02 0.34 0.04 0.23 0.19 0.22 + 0.03 0.44 0.09 0.17 0.15 0.16 - 0.00 0.22 0.08 0.21 0.19 0.20 - 0.02 0.28 0.10 1.16 1.12 1.16 + 0.05 1.20 1.02 1.48 1.38 1.47 + 0.05 2.40 1.20 0.05 0.05 0.05 - 0.00 0.11 0.04 0.01 0.00 0.01 + 0.00 0.01 0.00 0.05 0.04 0.04 - 0.01 0.09 0.04 0.46 0.00 0.44 - 0.02 0.55 0.06 0.17 0.15 0.16 - 0.01 0.18 0.06 0.28 0.00 0.25 + 0.02 0.36 0.13 0.07 0.07 0.07 - 0.01 0.11 0.06 0.06 0.04 0.05 - 0.00 0.08 0.04 1.67 1.50 1.54 + 0.02 2.95 1.48 1.30 1.17 1.23 + 0.06 2.28 1.11 0.18 0.17 0.18 + 0.02 0.35 0.14 0.00 0.00 0.00 - 0.00 0.01 0.00 0.07 0.00 0.07 + 0.01 0.11 0.04 0.00 0.00 0.00 + 0.00 0.00 0.00 0.10 0.09 0.10 + 0.01 0.13 0.05 0.11 0.10 0.10 - 0.01 0.18 0.08 0.08 0.07 0.08 + 0.00 0.16 0.02 0.03 0.03 0.03 + 0.00 0.05 0.02 0.04 0.04 0.04 + 0.01 0.06 0.03 0.04 0.03 0.03 - 0.00 0.22 0.01 0.12 0.11 0.11 - 0.01 0.39 0.08 0.09 0.08 0.08 - 0.01 0.19 0.08 0.12 0.11 0.11 - 0.01 0.24 0.11 0.31 0.31 0.31 - 0.00 0.36 0.25 0.40 0.32 0.34 - 0.04 0.50 0.10 0.04 0.03 0.04 + 0.00 0.08 0.02 0.05 0.04 0.05 - 0.01 0.12 0.03 0.22 0.20 0.21 - 0.01 0.31 0.20 5.82 5.27 5.27 - 0.26 9.68 4.56 0.20 0.16 0.18 - 0.05 0.35 0.03 0.08 0.07 0.08 - 0.01 0.18 0.04 0.06 0.06 0.06 - 0.00 0.07 0.03 0.40 0.33 0.37 - 0.04 0.51 0.08 0.31 0.28 0.28 - 0.04 0.39 0.09 0.04 0.04 0.04 - 0.01 0.12 0.02 0.31 0.29 0.29 - 0.01 0.31 0.02 1.75 1.58 1.72 + 0.13 4.87 1.56 0.54 0.46 0.52 + 0.05 0.66 0.17 0.68 0.58 0.65 + 0.07 0.87 0.20 0.05 0.05 0.05 - 0.01 0.10 0.04 0.04 0.00 0.04 + 0.00 0.05 0.02 0.10 0.08 0.08 - 0.02 0.33 0.06 0.06 0.04 0.05 - 0.01 0.12 0.03 5.34 4.86 5.19 + 0.22 7.64 4.61 0.15 0.01 0.05 + 0.04 0.23 0.00 0.14 0.07 0.13 + 0.06 0.14 0.01 0.08 0.08 0.08 + 0.01 0.17 0.08 0.10 0.09 0.10 - 0.01 0.18 0.08 0.08 0.08 0.08 - 0.01 0.14 0.06 0.35 0.33 0.35 + 0.03 0.66 0.08 0.09 0.00 0.09 + 0.02 0.18 0.06 0.04 0.04 0.04 - 0.01 0.07 0.02 3.28 3.20 3.28 - 0.12 4.16 2.25 0.10 0.02 0.09 + 0.01 0.23 0.05 6.75 5.55 6.45 + 0.75 9.15 3.57 8.74 7.12 8.18 + 0.90 11.95 4.74 0.47 0.41 0.43 - 0.02 0.80 0.29 0.34 0.34 0.34 + 0.00 0.60 0.24 0.21 0.16 0.20 + 0.03 0.40 0.16 0.17 0.15 0.16 + 0.01 0.31 0.14 0.50 0.50 0.50 - 1.50 2.00 0.00

I-Minerals* O 150 I-Minerals V 324 IAMGOLD T 4655 IAMGOLD* N 21612 IC Potash* O 767 IC Potash T 10658 Icon Explor V 59 Iconic Mnls * O 28 Idaho North* O 61 IDM Mining* O 379 IDM Mining V 1051 IEMR Res V 179 iMetal Res V 194 IMPACT Silver V 745 O 232 Impala Platnm* Imperial Metal* O 16 Imperial Metal T 304 Inca One Gold V 257 Inca One Gold* O 46 11 Inception Mng * O Independence G V 40 O 7 Independence G* Inomin Mines V 71 Inspiration Mg* O 11 Inspiration Mg 34 Intact Gold* O 17 Inter-Rock Mnl V 33 Intl Bethl Mng V 186 Intl Cobalt 380 Intl Lithium* O 78 Intl Lithium V 670 Intl Montoro* O 30 Intl Tower Hil T 120 791 Intl Tower Hil* X 10808 Intrepid Pots* N INV Metals T 303 Inventus Mg V 187 InZinc Mining V 289 InZinc Mining* O 186 Ireland* O 124 Ironside Res V 85 Irving Res 315 Irving Res* O 111 IsoEnergy Ltd V 45 Itafos V 4 Itoco Mg Corp* O 277 Ivanhoe Mines T 8034 Ivanhoe Mines* O 819 Jaguar Mng T 207 Jaguar Mng* O 118 Japan Gold* O 74 Jaxon Mnls* O 20 Jaxon Mnls V 1833 Jayden Res V 211 Jayden Res* O 0 Jourdan Res V 92 V 151 K2 Gold K92 Mng Inc* O 258 V 1298 K92 Mng Inc Kairos Cap V 61 Kaizen Discov V 435 Kaizen Discvry* O 12 Kapuskasing Gd V 173 Karmin Expl V 58 Karnalyte Res T 45 Katanga Mng T 10596 Kenadyr Mining V 675 Kenadyr Mining* O 112 Kennady Diam V 35 Kerr Mines* O 172 Kesselrun Res V 199 Kestrel Gold V 47 Khalkos Expl V 144 Khan Res 907 Kincora Copper V 184 Kings Bay Gold V 527 Kingsmen Res V 9 Kingsmen Res* O 2 Kinross Gold T 13016 Kinross Gold* N 50299 Kirkland Lake T 3869 Kirkland Lake* O 583 Klondex Mines T 3550 Klondike Gold V 1001 Klondike Gold* O 181 Klondike Silv* O 105 Kombat Copper V 272 Komet Resource V 19 Kootenay Silvr V 203 Kootenay Silvr* O 27 Kootenay Zinc 582 Kootenay Zinc* O 170 KWG Res 390

0.33 0.27 0.29 - 0.06 0.44 0.20 0.44 0.27 0.37 - 0.08 0.60 0.27 6.65 6.24 6.43 + 0.07 7.65 4.18 5.18 4.83 5.09 + 0.17 5.87 3.14 0.04 0.02 0.03 - 0.01 0.11 0.02 0.04 0.03 0.03 - 0.01 0.15 0.03 0.04 0.03 0.04 - 0.01 0.06 0.01 0.04 0.04 0.04 - 0.00 0.32 0.04 0.02 0.02 0.02 - 0.00 0.12 0.02 0.11 0.09 0.10 + 0.00 0.21 0.08 0.14 0.13 0.14 + 0.01 0.26 0.12 0.02 0.02 0.02 - 0.01 0.05 0.01 0.06 0.06 0.06 - 0.01 0.08 0.04 0.43 0.37 0.39 - 0.01 1.28 0.37 2.76 2.63 2.71 - 0.10 5.23 2.53 2.78 2.43 2.50 + 0.05 6.21 2.16 3.70 3.01 3.13 - 0.02 8.00 2.95 0.10 0.09 0.10 + 0.01 0.50 0.08 0.08 0.06 0.07 + 0.00 0.35 0.06 0.36 0.00 0.36 + 0.03 1.00 0.25 0.18 0.00 0.18 - 0.01 0.50 0.13 0.15 0.14 0.14 - 0.01 0.37 0.10 0.06 0.06 0.06 + 0.01 0.10 0.05 0.03 0.01 0.03 + 0.01 0.07 0.01 0.05 0.02 0.05 + 0.03 0.10 0.01 0.03 0.02 0.03 + 0.01 0.09 0.02 0.28 0.23 0.23 - 0.01 0.34 0.03 0.05 0.03 0.04 - 0.03 0.06 0.03 0.15 0.10 0.12 - 0.02 0.30 0.00 0.08 0.06 0.06 - 0.01 0.18 0.07 0.10 0.07 0.08 - 0.01 0.24 0.08 0.02 0.02 0.02 - 0.00 0.03 0.01 0.63 0.57 0.63 + 0.05 1.68 0.57 0.50 0.44 0.48 + 0.03 1.30 0.43 2.95 2.37 2.74 + 0.34 3.04 0.93 0.90 0.83 0.90 + 0.07 1.13 0.50 0.15 0.13 0.14 - 0.02 0.31 0.13 0.13 0.11 0.12 + 0.01 0.36 0.10 0.09 0.08 0.08 - 0.01 0.27 0.07 0.30 0.20 0.20 - 0.05 0.32 0.04 0.14 0.08 0.12 + 0.01 0.16 0.06 0.75 0.68 0.73 + 0.02 1.18 0.20 0.67 0.53 0.58 + 0.03 0.99 0.09 0.76 0.00 0.64 - 0.14 1.70 0.63 1.85 0.00 1.80 + 0.15 3.45 0.90 0.01 0.01 0.01 - 0.00 0.16 0.00 4.81 4.08 4.72 + 0.59 5.47 1.10 3.77 3.17 3.74 + 0.54 4.10 0.00 0.42 0.38 0.38 - 0.03 0.85 0.37 0.33 0.30 0.32 - 0.02 0.65 0.28 0.25 0.22 0.25 + 0.01 0.67 0.17 0.26 0.26 0.26 + 0.03 0.26 0.04 0.44 0.31 0.38 + 0.07 0.44 0.04 0.09 0.00 0.09 + 0.01 0.23 0.06 0.06 0.00 0.06 + 0.00 0.17 0.04 0.19 0.16 0.16 - 0.03 0.20 0.06 0.38 0.30 0.34 + 0.02 0.58 0.25 0.60 0.55 0.59 - 0.01 1.72 0.51 0.77 0.70 0.74 - 0.02 2.24 0.70 0.63 0.51 0.54 - 0.09 0.95 0.02 0.16 0.00 0.14 - 0.03 0.31 0.11 0.13 0.11 0.11 - 0.02 0.21 0.08 0.06 0.05 0.05 - 0.01 0.10 0.02 0.48 0.45 0.45 - 0.03 0.86 0.21 0.68 0.62 0.65 + 0.07 2.38 0.56 0.89 0.69 0.82 + 0.11 0.89 0.12 0.34 0.30 0.32 - 0.02 1.00 0.20 0.27 0.24 0.24 - 0.02 1.45 0.25 3.40 3.20 3.22 - 0.08 5.00 3.01 0.18 0.17 0.18 + 0.00 0.22 0.07 0.13 0.10 0.13 + 0.01 0.43 0.08 0.17 0.13 0.14 + 0.02 0.17 0.02 0.10 0.10 0.10 - 0.01 0.22 0.09 0.06 0.05 0.05 - 0.01 0.88 0.02 0.31 0.29 0.29 - 0.02 0.65 0.23 0.10 0.09 0.09 - 0.01 0.21 0.06 0.13 0.12 0.13 + 0.01 0.20 0.08 0.10 0.10 0.10 + 0.01 0.13 0.06 5.23 4.82 4.94 - 0.01 7.23 3.87 4.05 3.76 3.90 + 0.06 5.56 2.88 12.38 11.31 11.70 + 0.30 12.48 6.33 9.72 8.77 9.25 + 0.43 9.72 4.84 4.60 4.10 4.18 + 0.05 7.95 3.88 0.36 0.32 0.33 + 0.01 0.45 0.14 0.28 0.25 0.27 + 0.01 0.32 0.10 0.04 0.03 0.03 - 0.01 0.12 0.03 0.32 0.21 0.32 + 0.07 0.75 0.23 0.36 0.35 0.35 - 0.01 0.58 0.33 0.25 0.23 0.24 + 0.01 0.60 0.23 0.20 0.18 0.20 + 0.01 0.46 0.18 0.12 0.09 0.09 - 0.03 0.70 0.06 0.10 0.07 0.07 - 0.03 0.59 0.08 0.03 0.02 0.02 - 0.01 0.03 0.02

I-J-K

20-22_JULY24_StockTables.indd 21

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

KWG Res* O

5 0.02 0.01 0.01 - 0.00 0.03 0.00

L Labdr Iron Mns* O 6 Labrador Iron T 1043 Largo Res* O 16 Lateral Gold V 89 Latin Am Mnls V 149 Latin Am Mnls* O 7 Laurion Mnl Ex* O 28 Laurion Mnl Ex V 694 LeadFX Inc* O 2 Leading Edge* O 243 Leading Edge V 177 Leagold Mg* O 62 Legend Gold V 258 Lepanto Con Mg* O 2572 Levon Res Ltd T 573 Levon Res Ltd * O 160 Li3 Energy* O 4501 Libero Mg Corp V 24 Liberty Gold* O 183 Liberty One Li V 1537 Liberty One Li* O 1046 Liberty Silver 25 LiCo Energy* O 421 LiCo Energy V 2377 Lion One Mtls* O 17 Lion One Mtls V 42 50 Lions Gate Mtl Lithium Amer* O 1227 Lithium Amer T 2022 Lithium Corp* O 886 Lithium Energi V 280 Lithium Expl* O 215901 Lithium X Egy* O 1550 Lithium X Egy V 1115 LKA Gold* O 9 Lode-Star Mg* O 28 Logan Res V 367 Lomiko Mtls V 76 Lomiko Mtls* O 70 Loncor Res T 69 Lone Star Gold* O 275 Lonmin plc* O 31 Lorraine Coppr V 109 Los Andes Copp V 197 Lucara Diam T 4022 Lucky Mnls * O 51 Lucky Mnls V 47 Lumina Gold V 37 Lumina Gold* O 42 Lundin Gold T 291 Lundin Mng T 12513 Lupaka Gold V 351 Lydian Intl* O 62 Lydian Intl T 198 Lynas Corp* O 401

0.01 0.00 0.01 + 0.00 0.07 0.00 16.78 15.28 16.08 + 0.67 20.67 12.63 0.32 0.30 0.32 + 0.04 0.53 0.28 1.08 1.00 1.06 + 0.05 1.27 0.57 0.13 0.10 0.11 + 0.01 0.48 0.10 0.08 0.07 0.07 - 0.01 0.36 0.07 0.02 0.02 0.02 - 0.00 0.05 0.00 0.03 0.02 0.02 - 0.01 0.08 0.01 0.48 0.00 0.48 + 0.12 0.78 0.18 0.63 0.55 0.61 - 0.01 0.71 0.22 0.82 0.72 0.75 - 0.06 0.93 0.25 1.86 1.76 1.84 + 0.03 2.37 1.76 0.02 0.02 0.02 + 0.01 0.07 0.02 0.00 0.00 0.00 - 0.00 0.01 0.00 0.32 0.28 0.32 + 0.01 0.71 0.25 0.26 0.22 0.24 - 0.01 0.54 0.18 0.02 0.02 0.02 + 0.00 0.06 0.01 0.11 0.11 0.11 + 0.01 0.22 0.10 0.33 0.27 0.32 + 0.04 0.72 0.27 0.64 0.58 0.63 + 0.02 0.70 0.03 0.51 0.45 0.50 + 0.03 0.51 0.37 1.90 1.00 1.60 - 0.15 3.00 1.40 0.10 0.09 0.09 - 0.01 0.20 0.06 0.13 0.12 0.12 - 0.02 0.24 0.07 0.51 0.45 0.49 + 0.05 0.91 0.42 0.64 0.60 0.62 + 0.02 1.17 0.55 0.13 0.11 0.13 + 0.03 0.36 0.10 0.75 0.67 0.72 + 0.05 0.96 0.38 0.95 0.86 0.90 + 0.03 1.26 0.52 0.06 0.05 0.06 + 0.00 0.11 0.05 0.12 0.10 0.10 - 0.01 0.55 0.07 0.00 0.00 0.00 + 0.00 0.02 0.00 1.72 1.63 1.68 + 0.06 1.94 1.03 2.20 2.07 2.12 + 0.04 2.50 1.32 0.58 0.50 0.58 + 0.03 0.68 0.24 0.05 0.02 0.05 + 0.03 0.10 0.02 0.05 0.05 0.05 + 0.01 0.26 0.05 0.22 0.20 0.22 + 0.04 0.40 0.18 0.18 0.15 0.18 + 0.02 0.34 0.11 0.14 0.12 0.13 + 0.01 0.25 0.09 0.00 0.00 0.00 + 0.00 0.01 0.00 0.91 0.00 0.81 - 0.13 3.40 0.81 0.08 0.07 0.07 - 0.01 0.12 0.06 0.25 0.21 0.24 - 0.01 0.30 0.15 2.84 2.75 2.81 + 0.06 4.39 2.62 0.16 0.14 0.15 + 0.01 0.16 0.03 0.20 0.17 0.17 + 0.01 0.20 0.05 0.70 0.66 0.68 + 0.02 1.20 0.65 0.55 0.00 0.54 - 0.02 0.89 0.49 5.30 4.89 4.96 - 0.31 6.62 4.89 8.07 6.98 7.90 + 0.82 8.94 4.91 0.17 0.14 0.16 + 0.01 0.29 0.13 0.28 0.25 0.27 + 0.00 0.41 0.22 0.35 0.32 0.34 - 0.02 0.52 0.28 0.10 0.09 0.09 - 0.00 0.12 0.04

M Macarthur Mnl* O 690 0.06 0.04 0.05 + 0.00 0.12 0.03 Maccabi Vent 254 0.06 0.03 0.03 - 0.03 0.10 0.03 MacDonald Mns V 3293 0.12 0.07 0.10 + 0.01 0.28 0.05 MacDonald Mns* O 15 0.08 0.07 0.07 - 0.00 0.20 0.04 MacMillan Mnls V 9 1.50 1.45 1.45 - 0.05 1.84 0.90 Mag Copper 120 0.13 0.12 0.12 - 0.01 0.20 0.03 MAG Silver T 845 16.76 15.87 16.61 + 0.58 23.32 12.75 O 222 0.12 0.10 0.12 + 0.01 0.28 0.07 Magellan Gold* Magna Terra V 67 0.09 0.08 0.08 - 0.01 0.09 0.03 Majescor Res* O 1 0.05 0.05 0.05 + 0.00 0.07 0.03 Majestic Gold V 855 0.08 0.07 0.08 + 0.01 0.12 0.05 Makena Res V 15 0.16 0.00 0.16 + 0.02 0.21 0.13 Mammoth Res V 142 0.09 0.08 0.09 + 0.01 0.20 0.06 Manado Gold V 24 0.12 0.09 0.12 + 0.03 0.15 0.06 Manganese X* O 416 0.09 0.07 0.09 - 0.00 0.19 0.07 Mangazeya Mng V 530 0.03 0.03 0.03 - 0.01 0.06 0.02 Manitou Gold V 69 0.09 0.08 0.08 + 0.01 0.20 0.04 Manson Creek V 94 0.09 0.07 0.09 + 0.01 0.10 0.02 Marathon Gold T 606 1.04 0.95 1.02 + 0.04 1.36 0.43 Margaux Res V 82 0.28 0.23 0.27 - 0.02 0.50 0.18 Marifil Mines V 41 0.03 0.03 0.03 - 0.02 0.15 0.03 Marlin Gold* O 110 0.86 0.78 0.82 + 0.02 0.87 0.33 MartinMarietta* N 2146 229.00 219.20 223.27 - 4.63 244.32 167.06 Mason Graphite* O 241 1.44 1.32 1.42 + 0.04 1.40 0.67 Mason Res T 510 0.17 0.15 0.15 - 0.01 0.40 0.13 Mason Res* O 95 0.14 0.12 0.14 + 0.02 0.20 0.10 Masuparia Gold V 21 0.07 0.00 0.07 + 0.02 0.09 0.03 Matamec Expl* O 54 0.04 0.04 0.04 - 0.00 0.07 0.03 Matamec Expl V 545 0.05 0.04 0.05 + 0.01 0.11 0.04 Matica Ent 16106 0.13 0.11 0.12 - 0.02 0.18 0.01 Matica Ent* O 135 0.10 0.08 0.09 - 0.01 0.14 0.00 Maudore Mnrls* O 3 0.00 0.00 0.00 + 0.00 0.01 0.00 4 1.17 1.13 1.14 - 0.00 16.33 0.66 Maverix Mtls* O Mawson Res T 89 0.34 0.33 0.33 - 0.01 0.57 0.21 Mawson Res* O 55 0.26 0.24 0.25 - 0.02 0.44 0.16 Maxwell Res* O 34 0.01 0.01 0.01 - 0.00 0.04 0.00 Mazarin V 51 0.06 0.05 0.05 - 0.01 0.07 0.02 McEwen Mng* N 11417 2.73 2.42 2.61 + 0.14 4.81 2.41 3.30 + 0.12 6.14 3.12 McEwen Mng T 803 3.53 3.13 McLaren Res 36 0.09 0.06 0.06 - 0.03 0.14 0.01 MDN Inc* O 15 0.14 0.12 0.12 - 0.01 0.92 0.12 Meadow Bay Gd* O 78 0.04 0.03 0.04 + 0.01 0.08 0.03 Mechel* N 578 5.02 4.66 4.84 + 0.20 6.83 1.46 Medallion Res* O 869 0.03 0.02 0.03 + 0.01 0.05 0.01 Medgold Res V 30 0.17 0.17 0.17 + 0.02 0.25 0.13 Medinah Mnrls* O 1001 0.00 0.00 0.00 - 0.00 0.02 0.00 Mega Uranium T 1332 0.20 0.18 0.18 - 0.01 0.32 0.11 Mega Uranium* O 166 0.16 0.14 0.15 + 0.01 0.25 0.08 Megastar Dev V 23 0.04 0.04 0.04 + 0.01 0.07 0.03 Meridian Mg V 65 1.39 0.70 0.79 + 0.05 1.54 0.21 Metalla Rylty* O 92 0.43 0.00 0.42 + 0.01 0.68 0.16 Metalla Rylty 317 0.55 0.51 0.53 + 0.02 0.88 0.18 Metallic Mnrls V 83 0.32 0.29 0.30 - 0.02 0.59 0.08 Metallic Mnrls* O 41 0.25 0.23 0.25 - 0.00 0.44 0.09 Metallica Min* O 19 0.04 0.04 0.04 + 0.00 0.06 0.03 Metalo Manuf 36 0.75 0.31 0.31 - 0.45 1.00 0.26 Metals Creek* O 31 0.06 0.04 0.05 - 0.00 0.09 0.04 Metals X* O 121 0.56 0.00 0.56 + 0.04 1.43 0.41 0.81 - 0.03 1.29 0.45 Metanor Res V 832 0.87 0.68 Metanor Res* O 231 0.67 0.54 0.64 - 0.01 0.94 0.54 Mexus Gold* O 1606 0.07 0.05 0.06 + 0.00 0.24 0.04 MGX Minerals* O 409 0.76 0.68 0.70 - 0.02 2.12 0.11 MGX Minerals 1122 0.96 0.86 0.89 - 0.05 2.75 0.14 0.02 - 0.01 0.03 0.01 Micrex Dev V 155 0.02 0.02 Midas Gold T 452 0.74 0.65 0.73 + 0.04 1.22 0.62 Midas Gold* O 750 0.59 0.51 0.59 + 0.04 0.95 0.02 Midasco Cap V 74 0.05 0.05 0.05 - 0.04 0.15 0.05 Midland Expl V 48 1.04 0.94 0.94 - 0.03 1.25 0.90 Midnight Sun V 482 0.42 0.34 0.41 + 0.02 0.54 0.08 Midway Gold* O 75 0.00 0.00 0.00 + 0.00 0.01 0.00 Millennial Lit* O 333 1.25 1.12 1.17 + 0.03 1.43 0.88 Millennial Lit V 547 1.61 1.43 1.49 - 0.03 2.45 0.67 Millrock Res* O 120 0.31 0.25 0.30 + 0.03 0.54 0.23 Millrock Res V 123 0.39 0.32 0.37 + 0.03 0.70 0.32 Minaurum Gold V 302 0.29 0.26 0.29 + 0.03 0.38 0.07 Minco Silver T 91 1.20 1.05 1.07 - 0.06 1.95 0.86 Minco Silver* O 26 0.90 0.86 0.86 - 0.02 1.50 0.64 Minera Alamos V 412 0.22 0.19 0.20 - 0.02 0.29 0.12 Minera IRL 33 0.10 0.08 0.09 + 0.01 0.22 0.08 Mineral Hill V 8 0.22 0.21 0.21 - 0.03 0.35 0.17 Mineral Mtn* O 22 0.16 0.16 0.16 - 0.00 0.38 0.13 Mineral Mtn V 175 0.24 0.21 0.23 + 0.01 0.49 0.18 Mineworx Tech V 878 0.09 0.07 0.08 + 0.01 0.10 0.05 Mineworx Tech* O 476 0.07 0.05 0.07 + 0.01 0.08 0.05 Minfocus Expl V 2044 0.03 0.02 0.03 + 0.01 0.07 0.01 Minnova Corp V 292 0.69 0.00 0.68 - 0.02 0.90 0.50 Mirasol Res V 42 1.64 1.52 1.59 + 0.07 3.50 1.18 ML Gold Corp V 527 0.14 0.13 0.13 - 0.01 0.29 0.06 Monarca Mnrls* O 3 0.09 0.09 0.09 - 0.02 0.14 0.09 Monarca Mnrls V 162 0.14 0.12 0.14 + 0.01 0.35 0.08 Monarques Res* O 45 0.27 0.24 0.27 + 0.02 0.48 0.18 Monarques Res V 134 0.34 0.30 0.34 + 0.03 0.66 0.26 Moneta Porcpn* O 36 0.12 0.11 0.12 - 0.01 0.28 0.11 Montego Res 103 0.18 0.00 0.14 - 0.11 1.60 0.10 Montero Mg&Ex V 145 0.25 0.02 0.25 + 0.09 0.40 0.12 Morgan Res V 224 0.02 0.00 0.01 - 0.01 0.07 0.01 Morien Res V 33 0.68 0.60 0.68 + 0.04 0.74 0.28 Morien Res* O 32 0.49 0.47 0.49 - 0.04 0.55 0.21 Morumbi Res* O 24 0.53 0.46 0.52 + 0.02 1.26 0.45 Morumbi Res V 44 0.69 0.63 0.67 + 0.03 1.70 0.15 Mosaic* N 23830 24.30 22.53 23.72 + 1.12 34.36 21.79

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Mountain Boy* O 112 Mountain Prov T 506 D 56 Mountain Prov* O 340 Mundoro Cap* Mundoro Cap V 362 Murchison Min 130 MX Gold* O 209

0.06 0.05 0.06 + 0.00 0.06 0.03 4.10 3.90 4.05 + 0.17 7.18 3.56 3.25 3.00 3.20 + 0.20 5.52 2.55 0.13 0.13 0.13 + 0.00 0.22 0.08 0.18 0.17 0.17 - 0.02 0.30 0.10 0.14 0.00 0.13 - 0.01 0.35 0.13 0.10 0.08 0.10 + 0.01 0.31 0.08

NACCO Ind* N 73 Namibia Rare E V 97 Napier Vent V 65 Napier Vent* O 15 Natural Res Pt* N 107 Nautilus Mnrls T 140 Nautilus Mnrls* O 148 Nemaska Lith T 4503 Nemaska Lith* O 2296 Neo Lithium V 796 Nevada Canyon* O 0 Nevada Clean M* O 5 Nevada Clean M V 219 Nevada Copper T 169 350 Nevada Egy Mtl* O Nevada Egy Mtl V 1026 Nevada Expl * O 27 Nevada Expl V 29 O 425 Nevada Sunrise* Nevada Sunrise V 387 Nevado Res V 79 Nevsun Res* X 2341 Nevsun Res T 2275 New Carolin Gd* O 216 O 31453 New Colombia* New Dimen Res V 27 New Gold* X 25363 New Gold T 4417 New Guinea Gld* O 617 374 New Jersey Mng* O New Milln Iron* O 28 New Nadina V 129 New World Res V 85 O 45 NewCastle Gold* Newmont Mng* N 20577 Newport Expl V 52 Newport Gold* O 13 NewRange Gold* O 72 NewRange Gold V 754 T 2380 Nexgen Energy Nexgen Energy* X 338 NextSource Mat T 1219 Nexus Gold V 990 Nexus Gold* O 328 NGEx Res T 260 NGEx Res* O 401 Nickel One Res V 184 Nicola Mg Inc V 1938 4 Nicola Mg Inc* O Nighthawk Gold T 2154 Nighthawk Gold* O 624 Niobay Metals V 266 Niocorp Dev T 1114 Niocorp Dev* O 1227 V 327 Nippon Dragon Nippon Dragon* O 46 Noble Metal Gr V 461 Noka Res* O 468 Noranda Alum* O 51 Norsemont Cap 16 Nortec Mnls V 3 North Am Nickl* O 4 North Am Nickl V 1682 North Am Pall T 4 3 North Am Pall* O North Arrow Mn V 72 Northcliff Res T 222 Northisle C&G V 147 Nouveau Monde V 405 NovaGold Res T 1278 NovaGold Res* X 10492 Novo Res* O 975 Novo Res V 2771 NRG Metals V 1087 V 259 Nrthn Graphite Nrthn Graphite* O 180 Nrthn Lion V 6 Nrthn Shield V 818 Nrthn Vertex V 179 Nrthn Vertex* O 108 Nthn Dynasty* X 22637 Nthn Dynasty T 6422 Nthrn Sphere 3 NuLegacy Gold V 414 NuLegacy Gold* O 737 Nunavik Nickel V 68 NX Uranium* O 13 NxGold Ltd V 346 OceanaGold T 8101 OceanaGold* O 14 126 Oceanic Iron O V Oceanic Iron O* O 26 Oceanus Res* O 18 Olivut Res V 40 Olivut Res* O 7 20 Omineca Mg &Ml V One World Min 325 Opawica Expl V 427 Orca Gold V 432 Orca Gold* O 286 Orefinders Res V 364 Orestone Mng V 177 Orex Mnrls* O 24 Orex Mnrls V 440 Orezone Gold V 413 Orezone Gold* O 115 Organic Potash 16 Oriental Non F 13 Orla Mng Ltd* O 108 Orla Mng Ltd V 361 51 Oro East Mg* O Orocobre T 172 Orofino Mnrls V 11 Oroplata Res* O 338 Orosur Mng T 393 Orsu Metals V 1595 Orvana Mnrls T 320 Orvana Mnrls* O 85 Osisko Gold* N 2636 Osisko Gold T 1847 Osisko Metals V 134 Osisko Mng Inc T 1921 Osprey Gold V 909 Otis Gold V 701 Otis Gold* O 237 OZ Minerals* O 2

69.90 64.85 66.95 - 3.15 99.55 53.51 0.06 0.00 0.06 + 0.01 0.12 0.04 0.49 0.37 0.41 - 0.08 0.50 0.24 0.38 0.34 0.34 - 0.01 0.38 0.18 29.20 26.75 28.85 + 1.85 45.60 16.60 0.23 0.21 0.22 - 0.01 0.28 0.10 0.18 0.16 0.18 - 0.00 0.21 0.08 1.03 0.97 1.03 + 0.06 1.60 0.89 0.82 0.75 0.82 + 0.06 1.25 0.68 1.07 0.95 1.01 - 0.06 2.09 0.91 0.16 0.00 0.16 + 0.03 0.20 0.10 0.03 0.03 0.03 - 0.01 0.05 0.01 0.05 0.04 0.04 - 0.01 0.08 0.02 0.49 0.46 0.47 - 0.01 0.86 0.41 0.02 0.01 0.02 - 0.00 0.11 0.01 0.02 0.02 0.02 - 0.01 0.15 0.02 0.26 0.25 0.25 - 0.00 0.56 0.22 0.35 0.33 0.35 + 0.02 0.72 0.29 0.24 0.18 0.23 + 0.03 0.37 0.15 0.29 0.23 0.29 + 0.04 0.47 0.22 0.04 0.03 0.03 - 0.01 0.11 0.04 2.56 2.35 2.41 + 0.03 3.56 2.06 3.30 3.04 3.04 - 0.02 4.63 2.83 0.03 0.03 0.03 - 0.00 0.08 0.03 0.01 0.01 0.01 - 0.00 0.05 0.00 0.06 0.05 0.06 + 0.01 0.17 0.05 3.03 2.77 2.97 + 0.15 6.04 2.39 3.89 3.58 3.75 + 0.10 7.87 3.11 0.00 0.00 0.00 + 0.00 0.00 0.00 0.14 0.12 0.12 + 0.00 0.15 0.09 0.11 0.11 0.11 + 0.01 0.27 0.06 0.14 0.12 0.12 - 0.02 0.18 0.08 0.14 0.00 0.13 + 0.01 0.16 0.07 0.72 0.67 0.72 + 0.02 0.96 0.39 33.64 31.70 33.30 + 1.27 46.07 30.19 0.23 0.22 0.23 + 0.01 0.32 0.19 0.04 0.00 0.04 - 0.02 0.06 0.00 0.49 0.40 0.43 - 0.07 0.59 0.07 0.62 0.51 0.55 - 0.09 0.75 0.08 3.11 2.83 2.96 + 0.09 4.45 1.42 2.40 2.19 2.33 + 0.11 3.40 1.05 0.07 0.06 0.06 - 0.01 0.11 0.06 0.17 0.15 0.16 + 0.01 0.37 0.04 0.14 0.11 0.13 + 0.00 0.27 0.05 0.81 0.75 0.79 - 0.06 1.50 0.75 0.64 0.58 0.61 - 0.03 1.14 0.58 0.04 0.04 0.04 - 0.01 0.13 0.03 0.21 0.19 0.21 + 0.01 0.54 0.11 0.16 0.15 0.16 + 0.01 0.39 0.09 0.95 0.70 0.91 + 0.22 1.15 0.32 0.87 0.54 0.72 + 0.19 0.83 0.25 0.19 0.14 0.17 + 0.01 1.25 0.14 0.70 0.62 0.62 - 0.09 1.07 0.60 0.56 0.49 0.50 - 0.04 0.81 0.45 0.05 0.05 0.05 - 0.01 0.11 0.05 0.04 0.03 0.03 - 0.01 0.09 0.03 0.01 0.01 0.01 - 0.01 0.02 0.01 0.10 0.08 0.08 - 0.02 0.11 0.02 0.02 0.00 0.02 + 0.00 0.10 0.01 0.37 0.31 0.35 + 0.04 0.45 0.25 0.10 0.10 0.10 - 0.01 0.18 0.04 0.07 0.04 0.06 + 0.02 0.11 0.04 0.08 0.07 0.08 + 0.01 0.15 0.07 5.09 0.00 5.08 + 0.08 6.49 4.54 4.00 0.00 4.00 + 0.09 5.06 3.33 0.31 0.25 0.25 + 0.01 0.40 0.15 0.18 0.16 0.17 - 0.01 0.23 0.09 0.16 0.00 0.15 - 0.01 0.20 0.07 0.32 0.29 0.31 + 0.02 0.36 0.20 6.05 5.66 5.78 + 0.08 9.49 5.09 4.67 4.39 4.56 + 0.17 7.27 3.78 1.30 0.62 1.00 + 0.35 1.41 0.49 1.69 0.81 1.21 + 0.38 1.95 0.66 0.13 0.10 0.13 + 0.01 0.22 0.07 0.32 0.27 0.28 + 0.01 0.47 0.18 0.24 0.21 0.21 - 0.02 0.35 0.14 0.59 0.00 0.59 + 0.11 0.74 0.11 0.06 0.06 0.06 - 0.01 0.30 0.04 0.63 0.53 0.54 + 0.01 0.70 0.35 0.50 0.42 0.44 - 0.02 0.50 0.27 1.64 1.24 1.49 + 0.23 3.45 0.42 2.13 1.61 1.89 + 0.28 4.54 0.54 0.25 0.25 0.25 + 0.05 0.85 0.17 0.19 0.16 0.18 - 0.01 0.54 0.17 0.15 0.12 0.13 - 0.01 0.41 0.00 0.10 0.00 0.09 - 0.01 0.17 0.06 0.02 0.01 0.01 - 0.01 0.04 0.01 0.35 0.31 0.35 + 0.01 0.72 0.13 3.77 3.46 3.52 - 0.17 5.13 3.24 2.95 2.75 2.75 - 0.03 4.01 2.36 0.12 0.10 0.11 - 0.01 0.35 0.12 0.09 0.09 0.09 + 0.00 0.27 0.08 0.24 0.00 0.22 - 0.01 0.24 0.11 0.14 0.13 0.13 - 0.02 0.38 0.12 0.12 0.10 0.10 - 0.02 0.30 0.09 0.05 0.04 0.04 - 0.01 0.11 0.04 0.32 0.28 0.32 + 0.01 0.75 0.25 0.05 0.05 0.05 + 0.01 0.16 0.04 0.41 0.37 0.40 + 0.02 0.55 0.30 0.32 0.29 0.31 + 0.03 0.44 0.20 0.07 0.06 0.07 + 0.01 0.12 0.04 0.02 0.01 0.02 + 0.01 0.03 0.01 0.10 0.09 0.10 + 0.00 1.02 0.05 0.15 0.12 0.13 + 0.01 1.38 0.12 0.75 0.70 0.75 + 0.01 1.28 0.42 0.58 0.53 0.58 + 0.03 0.99 0.31 0.03 0.00 0.03 - 0.01 0.05 0.01 0.90 0.88 0.90 + 0.01 1.20 0.39 1.02 0.96 1.02 + 0.05 1.07 0.88 1.31 1.23 1.30 + 0.08 1.75 0.52 0.01 0.01 0.01 - 0.01 0.02 0.01 3.68 3.56 3.64 - 0.01 5.04 2.73 0.07 0.06 0.06 - 0.01 0.17 0.06 0.15 0.11 0.14 + 0.00 2.04 0.10 0.24 0.21 0.21 - 0.02 0.38 0.19 0.03 0.02 0.03 + 0.01 0.05 0.02 0.29 0.25 0.29 + 0.04 0.39 0.18 0.23 0.19 0.23 + 0.03 0.29 0.14 12.43 11.88 12.27 + 0.33 14.74 8.88 16.02 15.33 15.50 + 0.07 18.64 11.90 0.90 0.80 0.87 - 0.03 0.93 0.21 4.01 3.71 3.91 + 0.16 5.65 2.03 0.25 0.22 0.22 - 0.03 0.44 0.04 0.37 0.28 0.32 + 0.02 0.42 0.17 0.28 0.21 0.25 + 0.04 0.32 0.12 5.88 5.60 5.88 + 0.28 7.39 4.22

Pac Bay Mnrls* O 3 Pac Bay Mnrls V 26 Pac Booker Min* O 16 Pac North West* O 103 Pac North West V 475 Pac Potash V 81 Pacton Gold V 442 Paladin Energy* O 563 Palamina Corp V 19 Palladon Vent* O 45 Pan Am Silver T 1098 Pan Am Silver* D 8431 Pan Global Res V 96 Pancontinental V 67 Pantheon Vent V 1292 Para Resources V 219 Parallel Mng V 378 Paramount Gold* X 236 Parlane Res V 75 Pasinex Res 668 Passprt Potash* O 447 Patriot Gold* O 30 Peabody Enrgy* N 4596 Pedro Res V 814

0.03 0.03 0.03 - 0.00 0.03 0.03 0.04 0.04 0.04 + 0.01 0.07 0.03 0.36 0.36 0.36 + 0.01 1.16 0.35 0.10 0.08 0.09 + 0.00 0.10 0.06 0.14 0.09 0.11 - 0.02 0.15 0.06 0.03 0.00 0.03 - 0.01 0.07 0.03 0.12 0.11 0.11 - 0.01 0.16 0.04 0.06 0.03 0.06 + 0.03 0.18 0.00 0.19 0.19 0.19 - 0.01 0.26 0.14 0.00 0.00 0.00 - 0.00 0.01 0.00 21.45 19.45 20.45 + 0.49 27.99 18.70 16.62 15.08 16.19 + 0.72 21.59 13.80 0.15 0.14 0.14 - 0.01 0.17 0.03 0.05 0.05 0.05 + 0.01 0.16 0.03 0.15 0.12 0.12 - 0.02 0.38 0.10 0.20 0.19 0.19 - 0.02 0.33 0.17 0.06 0.00 0.06 - 0.02 0.18 0.06 1.54 1.38 1.43 + 0.02 2.59 1.36 0.14 0.14 0.14 - 0.01 0.33 0.10 0.23 0.20 0.23 + 0.04 0.34 0.08 0.00 0.00 0.00 + 0.00 0.01 0.00 0.08 0.08 0.08 + 0.00 0.20 0.07 27.88 24.93 27.31 + 2.00 32.50 22.58 0.07 0.06 0.06 - 0.01 0.27 0.05

N-O

P-Q

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Pelangio Expl V 174 Pele Mtn Res* O 33 Peloton Mnrls 183 Peloton Mnrls* O 239 Peregrine Diam T 1631 Pershing Gold* D 267 Pershing Gold T 7 Pershing Res* O 204 Philippine Mtl V 215 Philippine Mtl* O 30 Pine Cliff En T 403 Pine Cliff En* O 10 Pinecrest Res V 14 Pinecrest Res * O 6 Pistol Bay Mng V 75 PJSC Polyus Gd* O 1 PJX Res V 30 Plate Res V 319 Plateau Uran* O 19 Plateau Uran V 362 Platinex Inc 178 Platinum Gp Mt T 415 Platinum Gp Mt* X 1588 Plato Gold V 2093 Playfair Mng V 106 Polaris Mater T 76 PolyMet Mng* X 922 PolyMet Mng T 112 Potash Corp SK* N 38104 Potash Corp SK T 10081 Potash Ridge T 2318 Potash Ridge* O 70 Power Metals* O 5 Power Metals V 435 PPX Mining* O 165 Precipitate Gl V 114 Premier Gold M T 2270 Premium Expl* O 85 Pretium Res T 1482 Pretium Res* N 6056 Primero Mng* N 1951 Primero Mng T 1079 Prize Mng* O 7 Prize Mng V 288 Probe Metals* O 625 Probe Metals V 594 Prophecy Coal* O 5 Prospect Glob* O 0 Prospector Res V 25 Prosper Gold V 490 Prospero Silvr V 124 Providence V 499 1914 PUF Vent Inc PUF Vent Inc * O 27 Puma Expl V 448 Pure Gold Mg V 955 Pure Gold Mg* O 207 QMC Quntum Ml* O 1 QMC Quantum Ml V 343 QMX Gold* O 3 QMX Gold V 101 Quaterra Res* O 267 Quaterra Res V 59 Quinto Real V 201

0.04 0.04 0.04 - 0.01 0.07 0.04 0.02 0.01 0.02 - 0.00 0.03 0.01 0.08 0.07 0.08 + 0.01 0.15 0.05 0.06 0.06 0.06 - 0.00 0.12 0.04 0.16 0.13 0.14 - 0.03 0.26 0.13 2.84 2.70 2.73 + 0.01 4.92 2.60 3.63 3.45 3.53 + 0.07 5.52 3.46 0.06 0.05 0.05 - 0.01 0.10 0.02 0.10 0.00 0.10 + 0.03 0.18 0.03 0.07 0.00 0.07 + 0.04 0.07 0.01 0.74 0.65 0.74 + 0.06 1.22 0.65 0.55 0.53 0.55 - 0.01 0.89 0.51 0.37 0.00 0.37 - 0.03 0.56 0.16 0.28 0.26 0.26 - 0.03 1.36 0.26 0.06 0.05 0.05 - 0.01 0.14 0.05 33.50 0.00 33.50 - 1.75 40.00 32.95 0.17 0.15 0.17 + 0.02 0.27 0.13 0.04 0.00 0.04 + 0.01 0.12 0.04 0.25 0.00 0.22 - 0.02 0.54 0.12 0.33 0.27 0.27 - 0.05 0.71 0.17 0.09 0.06 0.07 - 0.02 0.23 0.05 1.08 0.93 1.02 + 0.08 4.63 0.92 0.85 0.72 0.82 + 0.09 3.56 0.72 0.03 0.03 0.03 - 0.01 0.04 0.01 0.07 0.07 0.07 - 0.01 0.18 0.05 1.00 0.95 0.96 - 0.03 1.49 0.95 0.69 0.58 0.68 + 0.08 1.14 0.57 0.87 0.75 0.87 + 0.12 1.48 0.71 17.80 16.39 17.70 + 1.39 20.27 15.21 22.60 21.18 22.41 + 1.37 26.62 19.93 0.20 0.18 0.19 - 0.01 0.38 0.18 0.15 0.15 0.15 - 0.01 0.28 0.15 0.22 0.21 0.21 - 0.01 0.38 0.07 0.32 0.27 0.28 - 0.04 0.55 0.07 0.05 0.04 0.05 - 0.01 0.13 0.04 0.15 0.12 0.15 + 0.01 0.35 0.11 2.97 2.70 2.95 + 0.16 5.05 1.87 0.01 0.00 0.01 + 0.00 0.03 0.00 12.81 11.88 12.23 - 0.16 16.48 9.17 9.97 9.33 9.68 + 0.08 12.53 6.82 0.33 0.31 0.33 + 0.01 2.45 0.30 0.42 0.40 0.42 + 0.01 3.15 0.39 0.45 0.39 0.39 - 0.05 0.52 0.39 0.60 0.44 0.44 - 0.14 0.72 0.01 1.14 1.00 1.12 + 0.09 1.66 0.75 1.46 1.26 1.44 + 0.11 2.18 0.99 2.37 2.33 2.37 + 0.04 5.17 2.21 0.04 0.00 0.04 + 0.00 0.19 0.02 1.05 1.05 1.05 + 0.05 1.90 0.03 0.21 0.17 0.20 + 0.01 0.44 0.13 0.30 0.25 0.30 + 0.05 0.38 0.13 0.12 0.10 0.12 + 0.02 0.21 0.07 0.36 0.33 0.34 - 0.01 0.47 0.05 0.28 0.25 0.27 + 0.01 0.35 0.05 0.07 0.06 0.06 - 0.01 0.11 0.05 0.52 0.47 0.50 + 0.01 0.77 0.40 0.41 0.36 0.38 - 0.00 0.60 0.29 0.07 0.07 0.07 - 0.00 0.14 0.02 0.13 0.09 0.10 + 0.01 0.19 0.04 0.19 0.17 0.17 - 0.02 0.22 0.03 0.23 0.22 0.23 - 0.01 0.30 0.04 0.08 0.06 0.07 - 0.00 0.13 0.03 0.10 0.08 0.08 - 0.02 0.15 0.06 0.07 0.06 0.06 - 0.01 0.20 0.05

Radisson Mng V 66 Radius Gold V 124 Rainy Mtn Royl V 936 Rainy Mtn Royl* O 290 Rambler Ml &Mg V 1410 Randgold Res* D 2627 Rare Element* O 240 Rathdowney Res V 360 RB Energy* O 718 Red Eagle Expl V 266 156 Red Eagle Mng* O Red Eagle Mng T 6142 Red Moon Res V 15 Red Rock Enrgy V 68 Redhawk Res T 60 Redstar Gold V 831 Redstar Gold* O 1500 Redzone Res V 30 Regulus Res V 31 Renaissance Gd* O 18 Renaissance Gd V 46 Renforth Res 1064 Resolve Vent V 430 Resource Cap V 317 Resource Cap* O 70 Rheingold Expl 324 Richmond Mnls V 111 Richmont Mines* N 2511 Richmont Mines T 1745 Rift Valley 231 Rio Novo Gold T 179 Rio Tinto* N 17652 Rio Tinto* O 8 Rio Tinto* O 6 Rise Gold Corp 667 Riverside Res V 232 O 77 Riverside Res* Rizal Res V 24 RJK Explor* O 8 Robex Res V 809 Rock Tech Lith V 47 Rockcliff Cop V 1769 Rockex Mng 12 Rockshield Cap 77 Rockwealth Res V 52 Rodinia Lithm V 3 Rogue Res* O 33 Rokmaster Res V 291 Romios Gold Rs* O 141 RosCan Mrnls V 159 Roxgold* O 18 T 1488 Roxgold Royal Gold* D 2913 Royal Nickel T 3239 Royal Nickel* O 27 Royal Rd Mnrls V 948 Royal Std Mnrl* O 2893 Rubicon Mnrls* O 5 Rubicon Mnrls T 50 Running Fox Rs V 126 Running Fox Rs* O 234 Rupert Res V 43 Rusoro Mng* O 365 Rusoro Mng V 4581 Rye Patch Gold* O 587 Rye Patch Gold V 4936

0.17 0.16 0.16 - 0.01 0.20 0.12 0.12 0.11 0.11 - 0.01 0.17 0.09 0.14 0.11 0.11 - 0.03 0.18 0.04 0.11 0.09 0.09 - 0.02 0.14 0.03 0.14 0.14 0.14 - 0.01 0.22 0.07 90.32 85.57 89.41 + 3.51 120.72 67.54 0.19 0.15 0.18 + 0.01 0.53 0.00 0.15 0.14 0.14 - 0.02 0.33 0.14 0.00 0.00 0.00 + 0.00 0.01 0.00 0.13 0.11 0.11 - 0.01 0.30 0.08 0.24 0.21 0.24 + 0.03 0.79 0.17 0.31 0.27 0.30 + 0.02 1.05 0.23 0.04 0.04 0.04 - 0.01 0.09 0.02 0.37 0.25 0.25 - 0.05 0.37 0.07 0.03 0.03 0.03 + 0.01 0.09 0.02 0.14 0.13 0.13 - 0.01 0.17 0.06 0.11 0.10 0.10 - 0.01 0.15 0.05 0.15 0.13 0.13 - 0.02 0.32 0.10 1.64 1.49 1.62 + 0.13 2.00 1.05 0.22 0.20 0.20 - 0.02 0.52 0.20 0.28 0.00 0.27 - 0.02 0.66 0.25 0.09 0.07 0.08 + 0.01 0.09 0.02 0.04 0.04 0.04 - 0.02 0.13 0.02 0.17 0.14 0.16 - 0.02 0.35 0.13 0.13 0.11 0.13 + 0.02 0.26 0.11 0.34 0.30 0.34 + 0.02 0.40 0.02 0.06 0.00 0.06 - 0.01 0.07 0.03 7.75 6.70 7.70 + 0.85 11.66 5.45 9.80 8.67 9.73 + 0.90 15.01 7.36 0.12 0.10 0.10 - 0.02 0.13 0.03 0.14 0.12 0.13 - 0.01 0.29 0.09 45.58 42.65 45.17 + 1.67 47.11 29.62 44.00 0.00 44.00 + 1.15 46.20 29.75 50.06 48.19 49.95 + 1.01 52.50 35.38 0.18 0.15 0.16 - 0.01 0.40 0.14 0.36 0.33 0.36 + 0.02 0.60 0.31 0.29 0.25 0.28 + 0.01 0.46 0.24 0.04 0.00 0.04 - 0.01 0.06 0.02 0.11 0.10 0.11 + 0.01 0.19 0.06 0.12 0.09 0.12 + 0.02 0.13 0.06 0.90 0.00 0.88 - 0.07 1.45 0.47 0.10 0.07 0.08 + 0.01 0.16 0.06 0.04 0.04 0.04 - 0.01 0.15 0.02 0.12 0.10 0.10 - 0.02 0.16 0.04 0.20 0.19 0.20 + 0.01 0.40 0.15 0.10 0.00 0.10 - 0.01 0.16 0.08 0.43 0.42 0.43 + 0.00 0.56 0.25 0.06 0.05 0.06 + 0.01 0.08 0.02 0.05 0.04 0.04 - 0.01 0.08 0.03 0.08 0.06 0.07 + 0.02 0.12 0.01 0.87 0.83 0.85 + 0.00 1.35 0.78 1.13 1.05 1.09 + 0.02 1.76 1.04 81.31 76.15 80.89 + 3.83 87.74 60.21 0.21 0.19 0.21 + 0.01 0.45 0.17 0.16 0.15 0.16 + 0.00 0.34 0.12 0.08 0.07 0.08 + 0.01 0.15 0.06 0.00 0.00 0.00 - 0.00 0.01 0.00 1.16 1.10 1.16 - 0.03 11.35 1.10 1.60 1.45 1.54 - 0.01 2.39 1.30 0.03 0.02 0.02 - 0.01 0.04 0.02 0.02 0.01 0.02 - 0.00 0.03 0.01 1.15 1.08 1.09 - 0.06 1.47 0.60 0.13 0.12 0.13 + 0.00 0.31 0.06 0.17 0.15 0.16 - 0.02 0.41 0.09 0.18 0.16 0.18 + 0.01 0.36 0.16 0.23 0.20 0.23 + 0.01 0.47 0.20

Sabina Gd&Slvr T 1992 Sabina Gd&Slvr* O 699 Sage Gold* O 134 Sage Gold V 820 Saint Jean* O 19 Salazar Res V 122 Sama Res V 885 Samco Gold V 19 Samex Mng* O 54 San Marco Res* O 17 San Marco Res V 118 Sanatana Diam V 792 Sandspring Res* O 131 Sandspring Res V 492 Sandstorm Gold T 2958 Sandstorm Gold* X 10724 Santa Fe Gold* O 324 Santacruz Silv V 573 Sarissa Res* O 3842 Satori Res V 245 Saturn Mnrls V 1019 Savant Expl V 997 Savary Gold V 838 Scandium Intl* O 94 Scandium Intl T 956 ScoZinc Mg V 45 ScoZinc Mg* O 17

2.23 1.86 2.15 + 0.27 2.23 0.84 1.72 1.42 1.70 + 0.24 1.71 0.61 0.17 0.14 0.16 + 0.00 0.19 0.06 0.23 0.18 0.20 + 0.01 0.27 0.07 0.04 0.03 0.04 + 0.00 0.26 0.02 0.13 0.12 0.12 - 0.01 0.18 0.08 0.15 0.14 0.14 - 0.01 0.25 0.07 0.03 0.03 0.03 - 0.01 0.05 0.02 0.00 0.00 0.00 + 0.00 0.01 0.00 0.14 0.13 0.13 - 0.01 0.22 0.10 0.20 0.15 0.17 - 0.02 0.30 0.13 0.05 0.04 0.05 + 0.01 0.07 0.01 0.31 0.25 0.30 + 0.04 0.72 0.23 0.38 0.33 0.37 + 0.04 0.94 0.31 5.46 5.08 5.23 + 0.22 8.73 4.29 4.23 3.93 4.16 + 0.32 6.75 3.18 0.10 0.09 0.10 + 0.00 0.23 0.02 0.20 0.17 0.20 + 0.03 0.59 0.16 0.01 0.01 0.01 - 0.00 0.01 0.00 0.22 0.20 0.21 - 0.01 0.30 0.07 0.11 0.08 0.10 + 0.01 0.13 0.07 0.06 0.04 0.04 - 0.02 0.10 0.02 0.08 0.07 0.07 - 0.01 0.15 0.07 0.26 0.24 0.25 - 0.00 0.35 0.10 0.34 0.30 0.30 - 0.02 0.48 0.14 1.31 1.08 1.25 + 0.17 1.31 0.76 1.02 0.00 0.99 + 0.17 1.02 0.62

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2017-07-18 8:37 PM


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WWW.NORTHERNMINER.COM

JULY 24–AUGUST 6, 2017 / THE NORTHERN MINER

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

Week

12-month

Exc Volume High Low Last Change High Low

Seabridge Gld* N 2571 Seabridge Gld T 233 Search Mnls V 237 Searchlight* O 100 Secova Mtls* O 194 Secova Mtls V 500 Sego Res V 39 Select Sands V 413 Semafo T 7742 Senator Mnrls V 272 Serabi Gold T 47 Serengeti Res V 564 Shamrock Ent 526 Sherritt Intl T 1405 Shore Gold T 980 Sibanye Gold* N 12888 Sibanye Gold* O 8 Sidney Resrces* O 9 Sienna Res* O 63 Sienna Res V 24 Sierra Metals* X 100 234 Silver Bear Rs T 436 Silver Bull Re T Silver Bull Re* O 1027 Silver Dragon* O 405 Silver Predatr* O 17 Silver Predatr V 185 Silver Pursuit V 121 Silver Range V 254 Silver Scott* O 100 Silver Shield 562 Silver Spruce* O 10 Silver Std Res T 1135 Silver Std Res* D 7215 Silver Wheaton T 3477 N 12788 Silver Wheaton* Silvercorp Met T 2381 Silvercorp Met* X 1392 O 98 SilverCrest Mt* SilverCrest Mt V 106 O 60 Silverstar Res* Sirios Res* O 37 Sirios Res V 790 Skeena Res V 2066 Skeena Res* O 30 O 39 Skyharbour Res* Skyharbour Res V 108 Sokoman Iron V 125 SolGold plc* O 188 Solitario Ex&R T 31 X 449 Solitario Ex&R* Sonora Gld & S V 420 Sonoro Mtls* O 41 Sonoro Mtls V 56 Southern Arc V 86 Southern Arc* O 13 Southern Copp* N 3400 Southern Lith V 300 O 85 Southern Silvr* Southern Silvr V 270 SouthGobi Res T 19 181 Spanish Mtn Gd* O Spanish Mtn Gd V 457 Sparton Res V 354 Sphinx Res V 459 Sprott Res Hld T 1582 528 Spruce Ridge R V Squire Mg Ltd 182 SRG Graphite V 280 Stakeholdr Gld V 179 O 51 Stakeholdr Gld* Standard Lith V 1184 Standard Metal* O 38 Stans Energy V 941 Stans Energy* O 145 Star Gold* O 19 Starcore Intl T 81 Starr Peak Exp V 50

11.40 10.70 11.00 + 0.20 14.29 7.35 14.50 13.75 13.85 - 0.08 18.48 9.99 0.08 0.07 0.07 - 0.01 0.10 0.06 0.05 0.05 0.05 - 0.01 0.13 0.02 0.04 0.04 0.04 - 0.01 0.09 0.03 0.05 0.04 0.04 - 0.01 0.11 0.04 0.04 0.04 0.04 - 0.01 0.08 0.02 0.73 0.68 0.72 + 0.03 2.04 0.22 2.99 2.80 2.91 + 0.01 7.46 2.68 1.23 1.15 1.16 + 0.02 1.59 0.36 0.08 0.07 0.07 - 0.01 0.11 0.07 0.16 0.15 0.15 + 0.01 0.33 0.09 0.04 0.00 0.03 - 0.02 0.06 0.02 0.84 0.76 0.83 + 0.07 1.67 0.74 0.31 0.26 0.26 - 0.06 0.44 0.17 4.93 4.52 4.87 + 0.34 20.97 4.43 1.18 1.16 1.18 - 0.92 5.12 1.16 0.01 0.01 0.01 + 0.00 0.02 0.00 0.07 0.07 0.07 - 0.01 0.20 0.07 0.10 0.10 0.10 - 0.01 0.27 0.09 3.10 2.60 2.60 - 0.05 3.10 1.04 0.30 0.27 0.28 - 0.01 0.53 0.21 0.10 0.09 0.10 + 0.01 0.28 0.09 0.08 0.07 0.08 + 0.00 0.21 0.06 0.02 0.02 0.02 + 0.00 0.03 0.00 0.03 0.02 0.02 - 0.00 0.08 0.02 0.04 0.04 0.04 - 0.01 0.12 0.03 0.21 0.17 0.21 + 0.01 0.23 0.07 0.22 0.19 0.22 + 0.04 0.29 0.08 0.02 0.02 0.02 - 0.01 0.04 0.01 0.11 0.09 0.11 + 0.03 0.11 0.03 0.05 0.05 0.05 - 0.00 0.10 0.04 12.34 11.44 11.89 + 0.18 20.48 10.32 9.56 8.87 9.41 + 0.36 15.84 7.70 25.75 24.21 24.59 + 0.03 40.80 22.63 19.93 18.77 19.46 + 0.49 31.35 16.94 3.77 3.50 3.56 - 0.05 5.90 2.82 2.91 2.73 2.82 + 0.03 4.50 2.07 1.45 1.27 1.38 + 0.05 3.13 0.94 1.84 1.65 1.76 + 0.06 4.09 1.22 3.20 2.30 2.59 + 0.29 3.20 2.15 0.34 0.22 0.34 + 0.12 1.13 0.21 0.44 0.30 0.43 + 0.14 1.42 0.25 0.05 0.04 0.05 - 0.01 0.20 0.04 0.04 0.04 0.04 - 0.00 0.15 0.03 0.39 0.35 0.35 - 0.00 0.54 0.18 0.49 0.44 0.46 + 0.01 0.70 0.22 0.05 0.04 0.05 - 0.01 0.13 0.02 0.51 0.00 0.50 + 0.01 0.63 0.25 0.96 0.82 0.95 + 0.10 1.29 0.76 0.78 0.63 0.75 + 0.09 0.95 0.58 0.07 0.06 0.06 - 0.01 0.15 0.05 0.12 0.09 0.12 + 0.02 0.12 0.09 0.15 0.11 0.12 + 0.01 0.16 0.08 0.71 0.69 0.71 + 0.01 1.09 0.38 0.55 0.00 0.55 + 0.03 0.75 0.30 37.17 34.52 37.09 + 2.11 39.50 24.90 0.27 0.23 0.24 - 0.02 0.49 0.05 0.30 0.25 0.30 + 0.03 0.52 0.19 0.38 0.33 0.38 + 0.02 0.66 0.27 0.31 0.00 0.31 + 0.03 0.65 0.22 0.11 0.09 0.11 + 0.00 0.17 0.06 0.14 0.12 0.13 + 0.01 0.23 0.09 0.05 0.04 0.04 - 0.01 0.09 0.04 0.06 0.05 0.05 - 0.01 0.14 0.03 0.17 0.16 0.16 - 0.01 0.23 0.13 0.02 0.02 0.02 + 0.01 0.05 0.02 0.08 0.08 0.08 + 0.03 0.16 0.05 0.50 0.43 0.45 - 0.05 0.58 0.15 0.50 0.00 0.32 - 0.04 0.89 0.19 0.31 0.24 0.25 - 0.02 0.67 0.17 1.00 0.88 0.89 - 0.06 1.25 0.30 0.09 0.09 0.09 + 0.00 0.22 0.04 0.05 0.04 0.04 + 0.01 0.09 0.02 0.04 0.02 0.03 + 0.01 0.06 0.01 0.06 0.05 0.06 + 0.00 0.20 0.04 0.42 0.40 0.40 - 0.02 0.83 0.39 0.11 0.11 0.11 - 0.01 0.17 0.07

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Stelmine Can V 107 Sterling Grp* O 97 Stina Res* O 92 Stina Res 1456 Stornoway Diam T 1405 Stornoway Diam* O 50 Stratabd Mnr V 933 Strategic Metl V 143 Strategic Metl* O 116 Stria Lithium V 460 Strikepoint Gd V 142 O 98 Strikepoint Gd* Strongbow Expl V 282 Stroud Res V 92 Sultan Mnrls V 8 Suncor Energy T 13018 Suncor Energy* N 16482 Sunvest Mnrls V 281 Superior Gold V 593 Supreme Metals 10175 Sutter Gold* O 53 Syrah Res* O 10

0.30 0.23 0.30 + 0.08 0.38 0.10 0.09 0.08 0.09 + 0.02 0.18 0.02 0.22 0.19 0.21 + 0.01 0.21 0.05 0.29 0.23 0.28 + 0.04 0.28 0.07 0.81 0.73 0.81 + 0.06 1.33 0.69 0.64 0.58 0.64 + 0.10 0.96 0.54 0.03 0.02 0.02 - 0.01 0.08 0.02 0.50 0.46 0.46 - 0.03 0.86 0.37 0.39 0.35 0.37 - 0.01 0.67 0.28 0.04 0.03 0.03 - 0.01 0.13 0.03 0.41 0.35 0.40 + 0.03 0.67 0.18 0.30 0.27 0.28 - 0.02 0.47 0.14 0.17 0.15 0.16 + 0.02 0.27 0.12 0.01 0.01 0.01 - 0.01 0.03 0.01 0.09 0.00 0.09 - 0.01 0.18 0.05 37.83 36.16 37.62 + 0.95 44.90 33.76 29.81 28.00 29.71 + 1.26 33.79 25.70 0.12 0.11 0.11 - 0.02 0.28 0.08 1.02 0.91 0.96 - 0.03 1.25 0.85 0.05 0.03 0.04 + 0.01 0.15 0.02 0.03 0.03 0.03 + 0.00 0.06 0.03 2.58 2.41 2.41 - 0.11 4.45 1.68

T Tahoe Res* N 27591 Tahoe Res T 11218 Taku Gold 84 Taku Gold* O 17 Talon Metals T 379 V 203 Tanager Energy Tango Mining V 1213 Tanqueray Expl V 640 Tantalex Res 197 Tanzania Rlty T 79 Tanzania Rlty* X 484 Taranis Res V 47 Taseko Mines T 350 Taseko Mines* X 1667 Teck Res T 11245 Teck Res* N 19479 Teck Res T 9 O 106 Telson Res * Telson Res V 61 Tembo Gold V 315 Tembo Gold* O 183 Teranga Gold T 839 Teranga Gold* O 23 Teras Res V 111 Teras Res* O 5 Terraco Gold V 118 Terrax Mnrls* O 93 Terrax Mnrls V 685 Teslin Rvr Res V 1368 Teuton Res V 202 Teuton Res* O 108 Texas Mineral* O 217 Thunder Mtn Gd* O 61 Thunder Mtn Gd V 13 Thunderstruck V 71 O 3 Thunderstruck* Till Capital* D 35 Timberline Res* O 114 V 63 Timberline Res Timmins Gold T 1439 Timmins Gold* X 748 Tinka Res* O 105 Tinka Res V 747 Tintina Res V 89 Tintina Res* O 133 Tirex Res* O 451 Tirex Res V 365 Titanium Corp V 1089 O 9 TMAC Resource* TMAC Resources T 101 Toachi Mg Inc* O 9 Toachi Mg Inc V 49 TomaGold V 266

5.60 4.93 5.36 + 0.21 17.01 4.93 7.22 6.36 6.78 + 0.16 22.13 6.36 0.24 0.00 0.21 + 0.01 0.24 0.06 0.19 0.15 0.18 - 0.01 0.19 0.00 0.14 0.12 0.12 - 0.02 0.15 0.06 0.17 0.14 0.17 + 0.03 0.20 0.05 0.05 0.04 0.04 - 0.01 0.14 0.02 1.12 1.01 1.06 + 0.05 1.56 0.03 0.07 0.05 0.05 - 0.02 0.18 0.04 0.64 0.56 0.61 + 0.02 1.95 0.52 0.50 0.43 0.49 + 0.04 1.49 0.40 0.11 0.09 0.11 + 0.02 0.15 0.08 1.68 1.54 1.61 + 0.01 2.12 0.55 1.30 1.20 1.27 + 0.01 1.63 0.42 25.31 22.33 24.39 + 1.60 35.67 16.53 19.60 17.32 19.30 + 1.63 26.60 12.62 25.26 23.02 24.96 + 0.96 36.49 17.40 0.26 0.19 0.23 - 0.04 0.43 0.11 0.35 0.28 0.31 - 0.05 0.55 0.16 0.02 0.01 0.02 + 0.01 0.07 0.01 0.02 0.01 0.02 - 0.00 0.06 0.01 3.55 3.30 3.42 + 0.08 7.00 2.97 2.72 2.56 2.70 + 0.12 2.87 2.21 0.14 0.10 0.14 + 0.04 0.21 0.08 0.09 0.09 0.09 + 0.00 0.14 0.07 0.10 0.09 0.10 + 0.01 0.19 0.10 0.37 0.33 0.37 + 0.01 0.80 0.30 0.49 0.42 0.45 - 0.01 1.05 0.40 0.63 0.56 0.61 + 0.02 0.72 0.21 0.20 0.18 0.18 - 0.01 0.46 0.15 0.16 0.12 0.14 - 0.00 0.34 0.11 0.24 0.19 0.22 - 0.02 0.39 0.09 0.11 0.08 0.11 - 0.01 0.16 0.02 0.14 0.12 0.12 - 0.02 0.22 0.10 0.08 0.00 0.08 + 0.01 0.20 0.04 0.07 0.07 0.07 - 0.00 0.11 0.04 4.10 3.93 3.93 - 0.12 5.00 3.08 0.40 0.00 0.36 + 0.00 0.53 0.02 0.50 0.00 0.44 - 0.03 0.73 0.32 5.97 4.98 5.53 + 0.45 8.00 3.70 4.65 3.86 4.37 + 0.43 6.28 2.70 0.55 0.51 0.54 - 0.01 0.59 0.13 0.71 0.66 0.68 - 0.02 0.78 0.17 0.12 0.10 0.12 + 0.01 0.15 0.06 0.10 0.07 0.09 + 0.00 0.12 0.04 0.03 0.02 0.03 - 0.00 0.10 0.02 0.04 0.04 0.04 + 0.01 0.12 0.03 1.22 1.07 1.15 - 0.01 1.25 0.38 11.68 10.76 10.76 - 0.58 15.16 9.73 15.08 13.54 13.65 - 1.10 20.18 13.05 0.29 0.29 0.29 - 0.03 0.33 0.29 0.38 0.00 0.36 - 0.02 0.62 0.31 0.08 0.07 0.08 - 0.01 0.17 0.06

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Tombstone Expl* O 5049 Tonogold Res* O 74 Torex Gold* O 34 Torex Gold T 1469 Toron, Inc* O 574 Torq Resources* O 2 V 178 Torq Resources Tower Res V 866 Tower Res* O 151 Transatlan Mng V 28 Treasury Metal T 424 Trecora Res* N 160 Trek Mining V 439 Tres-Or Res V 1570 Trevali Mng* O 189 Trevali Mng T 15768 Trident Gold V 59 Trifecta Gold* O 18 Trifecta Gold V 144 Trilogy Mtls T 60 Trilogy Mtls* X 922 O 139 TriMetals Mng* TriMetals Mng T 202 TriMetals Mng* O 153 Trinity Res* O 2 O 714 Trio Resources* TriStar Gold* O 96 TriStar Gold V 208 Triumph Gold* O 52 Trueclaim Expl V 713 Tsodilo Res V 6 Tudor Gold V 54 O 1132 Tungsten Corp* Turquoise HIl* N 17791 Turquoise HIl T 5193 TVI Pacific* O 130 Tyhee Gold* O 1821

0.01 0.01 0.01 - 0.00 0.02 0.00 0.08 0.05 0.05 - 0.03 0.13 0.02 18.20 17.55 17.56 - 0.44 27.34 12.73 23.51 22.18 22.24 - 0.95 35.17 17.05 0.01 0.00 0.00 - 0.00 0.01 0.00 0.51 0.51 0.51 + 0.00 0.73 0.50 0.69 0.64 0.66 - 0.03 1.00 0.44 0.31 0.24 0.25 - 0.03 0.34 0.07 0.24 0.19 0.20 + 0.01 0.24 0.05 0.12 0.12 0.12 + 0.02 0.90 0.10 0.69 0.59 0.68 + 0.05 0.90 0.48 12.00 10.65 11.95 + 0.85 14.80 9.75 1.08 1.00 1.02 - 0.03 2.55 1.00 0.05 0.04 0.05 + 0.01 0.06 0.03 1.09 0.95 1.07 + 0.11 1.16 0.55 1.38 1.22 1.35 + 0.12 1.57 0.71 0.22 0.00 0.19 - 0.03 0.22 0.02 0.17 0.14 0.16 + 0.01 0.20 0.14 0.21 0.18 0.20 + 0.01 0.40 0.18 0.96 0.86 0.95 + 0.06 1.02 0.58 0.77 0.69 0.77 + 0.07 0.85 0.41 0.18 0.15 0.18 + 0.02 0.25 0.13 0.23 0.21 0.22 + 0.01 0.34 0.18 0.20 0.16 0.20 + 0.02 0.27 0.11 0.03 0.00 0.03 + 0.01 0.33 0.02 0.00 0.00 0.00 + 0.00 0.00 0.00 0.27 0.25 0.25 - 0.01 0.41 0.15 0.38 0.29 0.33 - 0.01 0.53 0.22 0.23 0.20 0.22 - 0.00 0.38 0.12 0.03 0.00 0.02 + 0.01 0.05 0.02 0.74 0.73 0.73 - 0.01 1.05 0.50 0.64 0.56 0.56 - 0.04 2.00 0.37 0.00 0.00 0.00 + 0.00 0.00 0.00 2.86 2.61 2.86 + 0.18 3.80 2.44 3.66 3.38 3.60 + 0.16 5.03 3.25 0.01 0.01 0.01 - 0.00 0.06 0.00 0.00 0.00 0.00 - 0.00 0.02 0.00

U.S. Lithium* O 2167 U3O8 Corp* O 88 276 Ucore Rare Mtl* O Ucore Rare Mtl V 251 UEX Corp T 2146 Ultra Lithium V 16 Ultra Lithium* O 2 Umbral Enrgy 9610 Unigold V 198 Unigold* O 49 United Res Hdg* O 17 United States A* X 394 United States S* N 84966 Unity Energy V 31 Ur-Energy* X 740 Ur-Energy T 71 Uracan Res V 183 464 Uragold Bay Rs V Uranium Energy* X 7899 Uranium Res* D 2473 V 11 Uranium Valley Uravan Mnrls V 258 URZ Energy V 501 US Cobalt * O 481 V 1090 US Cobalt US Energy* D 127 US Precious M* O 1478 USCorp* O 27 Vale* N 144673 N 44973 Vale* Valencia Vent V 10 Valley High Mg* O 4985 Vanadium One V 2570 Vanadiumcorp* O 60 Vanadiumcorp V 537 Vangold Res V 300 Vanstar Mng Rs V 93 N 2023 Vedanta*

0.04 0.03 0.04 + 0.01 0.08 0.01 0.02 0.02 0.02 - 0.00 0.04 0.01 0.24 0.22 0.23 + 0.01 0.33 0.18 0.30 0.29 0.30 + 0.01 0.44 0.25 0.19 0.17 0.18 - 0.01 0.43 0.15 0.16 0.15 0.15 - 0.01 0.26 0.14 0.12 0.11 0.11 - 0.01 0.18 0.11 0.10 0.07 0.07 - 0.03 0.13 0.02 0.31 0.26 0.28 - 0.03 0.69 0.15 0.24 0.21 0.22 - 0.01 0.51 0.12 0.02 0.02 0.02 + 0.00 0.04 0.01 0.37 0.32 0.36 - 0.01 0.60 0.22 24.10 20.89 23.21 + 1.76 41.83 15.72 0.13 0.13 0.13 + 0.02 0.71 0.11 0.64 0.59 0.62 + 0.00 0.91 0.41 0.80 0.74 0.78 - 0.01 1.19 0.55 0.03 0.02 0.03 - 0.01 0.10 0.02 0.13 0.12 0.13 + 0.01 0.31 0.11 1.75 1.61 1.69 + 0.08 1.92 0.81 1.64 1.41 1.51 + 0.08 4.00 0.97 0.12 0.07 0.12 + 0.08 0.33 0.04 0.06 0.05 0.05 - 0.01 0.42 0.05 0.51 0.00 0.51 + 0.01 0.51 0.20 0.56 0.51 0.53 - 0.02 0.88 0.27 0.71 0.65 0.65 - 0.05 0.99 0.53 0.76 0.68 0.70 - 0.03 2.74 0.60 0.01 0.00 0.01 + 0.00 0.02 0.00 0.01 0.00 0.01 + 0.00 0.01 0.00 9.34 8.76 9.25 + 0.48 11.70 4.86 8.80 8.26 8.75 + 0.50 11.10 4.09 0.19 0.19 0.19 + 0.05 0.19 0.07 0.01 0.00 0.00 - 0.00 0.02 0.00 0.13 0.09 0.12 + 0.01 0.19 0.08 0.10 0.09 0.10 - 0.00 0.13 0.02 0.14 0.11 0.11 - 0.01 0.18 0.04 0.15 0.10 0.10 - 0.03 0.22 0.03 0.07 0.06 0.06 - 0.01 0.15 0.05 16.66 15.95 16.61 + 0.74 17.34 9.23

U-V

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Velocity Mnrls V 158 O 115 Vendetta Mng* Vendetta Mng V 1205 V 226 Venerable Vent Verde Potash T 153 Verde Res* O 756 Veris Gold* O 0 Victory Nickel 94 Victory Vent V 20539 Victory Vent* O 65 O 21 Virginia Enrgy* Viscount Mng V 128 42 Visible Gold M V Vista Gold T 22 Volcanic Gold V 522 Voyageur Min V 178 VR Resources V 136 Vulcan Mnrls V 155 VVC Expl V 998

0.16 0.27 - 0.02 0.34 0.30 0.27 0.08 0.22 - 0.02 0.26 0.24 0.21 0.06 0.29 - 0.01 0.35 0.30 0.26 0.11 0.15 - 0.02 0.18 0.16 0.00 0.20 1.02 - 0.01 1.77 1.14 1.00 0.02 0.17 + 0.03 0.20 0.20 0.10 0.00 0.00 - 0.01 0.02 0.00 0.00 0.02 0.05 + 0.01 0.09 0.05 0.00 0.02 0.03 + 0.01 0.19 0.05 0.03 0.03 0.04 + 0.00 0.05 0.04 0.03 0.02 0.13 + 0.03 0.54 0.13 0.09 0.22 0.22 - 0.01 0.81 0.24 0.22 0.18 0.15 0.18 + 0.02 0.40 0.15 1.03 1.06 - 0.04 2.30 1.10 1.04 0.14 0.45 + 0.02 0.65 0.46 0.40 0.06 0.06 - 0.01 0.13 0.07 0.06 0.14 0.24 + 0.02 0.51 0.25 0.22 0.03 0.05 - 0.01 0.08 0.05 0.05 0.02 0.04 + 0.01 0.05 0.04 0.00

T 3126 Wallbridge Mng O 288 Walter Energy* 31 War Eagle Mg V Wealth Mnrls V 517 Wealth Mnrls* O 175 T 2994 Wesdome Gold 116 West High Yld V 396 West Kirkland * O 40 West Red Lake 37 West Red Lake* O X 252 Western Copper* T 176 Western Copper Western Res* O 5 Western Uran* O 167 Western Uran 163 V 774 Westhaven Vent O 14 Westkam Gold* V 74 Westminster Rs O 3 Westminster Rs* Westmoreland* D 1184 O 15 WestMountain* Westridge Res V 565 White Gold V 71 White Gold* O 44 Whitemud Res V 19 O 2 Wincash Apolo* 439 Winston Gld Mg* O Wolfeye Res V 253 V 1679 Wolverine Mnls X-Terra Res V 728 X-Terra Res* O 261 Xander Res V 465 Ximen Mng V 235 799 XLI Tech Inc* O Xtra-Gold Res T 25 O 1 Xtra-Gold Res* Yamana Gold T 10283 41385 Yamana Gold* N V 9 Yellowhead Mng Yorbeau Res T 2541 O 1026 Zadar Vent * Zadar Vent V 432 O 10 Zenyatta Vent* Zephyr Mnls V 34 Zephyr Mnls* O 131 Zinc One Res V 1052 511 Zinc One Res * O Zincore Mtls V 3 Zonte Mtls V 184

0.04 0.10 + 0.04 0.14 0.11 0.06 0.03 0.04 - 0.00 0.28 0.04 0.04 0.06 0.05 0.06 + 0.01 0.07 0.01 0.75 1.88 + 0.03 2.10 1.88 1.76 0.59 1.50 + 0.06 1.55 1.50 1.39 1.50 2.43 - 0.27 4.40 2.78 2.30 0.36 0.00 0.35 + 0.04 0.43 0.09 0.05 0.05 0.05 - 0.01 0.13 0.05 0.23 0.20 0.21 - 0.01 0.40 0.16 0.18 0.16 0.16 - 0.00 0.31 0.10 0.65 1.03 + 0.03 1.80 1.06 0.98 0.85 1.30 - 0.01 2.24 1.36 1.26 0.37 0.38 + 0.01 0.47 0.38 0.00 0.86 0.84 - 0.08 2.17 1.01 0.83 1.10 1.05 - 0.23 2.80 1.31 1.05 0.07 0.08 - 0.02 0.16 0.11 0.08 0.01 0.02 + 0.00 0.06 0.02 0.02 0.15 0.29 + 0.06 0.80 0.29 0.22 0.19 0.19 - 0.00 0.23 0.20 0.19 4.65 4.21 4.47 - 0.06 19.92 4.21 0.01 0.01 - 0.00 0.10 0.02 0.01 0.01 0.19 - 0.06 0.39 0.21 0.15 0.09 1.77 - 0.24 2.34 2.00 1.68 0.05 1.40 - 0.17 1.73 1.56 1.39 0.01 0.01 - 0.01 0.02 0.02 0.01 0.03 0.09 - 0.00 0.22 0.10 0.05 0.04 0.03 0.03 + 0.00 0.49 0.03 0.23 0.55 - 0.03 0.99 0.57 0.49 0.05 0.07 + 0.01 0.13 0.07 0.05 0.13 0.32 - 0.04 0.40 0.39 0.32 0.16 0.27 - 0.01 0.28 0.28 0.25 0.26 0.35 + 0.04 0.49 0.35 0.30 0.03 0.04 + 0.01 0.18 0.04 0.00 0.02 0.01 0.01 - 0.00 0.05 0.00 0.17 0.28 + 0.01 0.49 0.28 0.25 0.12 0.21 - 0.00 0.37 0.21 0.21 2.84 3.00 + 0.12 7.87 3.13 2.86 2.21 2.38 + 0.15 5.98 2.45 2.21 0.44 0.45 - 0.16 1.20 0.61 0.00 0.08 0.09 + 0.01 0.14 0.09 0.08 0.07 0.00 0.07 + 0.01 0.14 0.05 0.07 0.09 + 0.01 0.19 0.09 0.08 0.49 0.80 + 0.02 1.17 0.80 0.77 0.18 0.23 + 0.01 0.42 0.24 0.22 0.15 0.18 + 0.01 0.30 0.18 0.17 0.10 0.90 0.01 - 0.52 0.46 0.49 0.42 0.36 0.39 - 0.01 0.81 0.01 0.08 0.10 - 0.02 0.30 0.12 0.10 0.05 0.33 + 0.02 0.49 0.33 0.30

W-Z

BID-ASK — JULY 10–14, 2017 STOCK

12-MONTH

EXC BID ASK LAST HIGH

37 Capital Acme Res Corp African Metals Aftermath Slvr Alba Minerals Alderon Iron* Allante Potash Alliance Mng Altitude Res Alturas Mnrls Amanta Res Amato Expl Anglo Pac Grp Antler Gold APAC Res Inc Arch Coal* Archon Mineral Arcturus Vent Arian Res Armor Mnrls Asbestos Corp AsiaBaseMetals Astur Gold Atlantic Ind Atlatsa Res* Aurelius Min Avarone Metals Balto Res BCM Res Bethpage Cap BHK Mining Bird River Res Bison Gold Res Bluenose Gold Boss Power Brigadier Gold Bullion Gld Res Bullman Mnls Cairo Res Candelaria Mg Canex Energy Cascade Res Cassius Vents Catalina Gold Caza Gold Chieftain Mtls Chinapintza Mg Cicada Vents CIM Intl Grp Cliffs Nat Res* Clydesdale Res CMX Gold & Sil Compliance Egy Conquest Res Cons Westview Cons Woodjam Copper Ck Gold Corazon Gold Cresval Cap Cricket Res CWN M’g Acq Cyprium Mng Dawson Gold Desert Star DV Resources Essex Minerals European Metal Eurotin EVI Global Grp Excalibur Res Fieldex Expl Finore Mng Fiore Explor Fire River Gol Firesteel Res First Cobalt First Idaho

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

20-22_JULY24_StockTables.indd 22

0.20 0.50 0.20 0.25 0.01 0.03 0.02 0.06 0.09 0.06 0.11 ... 0.01 0.01 0.03 0.15 0.16 0.16 0.28 ... 0.40 0.14 0.52 0.07 0.11 0.06 0.07 0.06 0.06 0.04 0.05 0.06 0.07 0.06 0.21 0.02 0.02 0.02 0.08 0.01 0.02 0.01 0.04 0.05 0.04 0.10 2.00 2.40 2.00 2.02 0.31 0.50 0.33 0.67 0.04 0.06 0.06 0.14 ... ... 0.58 1.11 1.25 1.24 1.85 0.13 0.18 0.13 0.25 0.01 0.02 0.01 0.02 0.38 0.43 0.40 0.67 0.25 0.35 0.25 0.30 0.32 0.35 0.35 0.45 0.06 0.08 0.08 0.10 0.04 0.05 0.04 0.05 ... ... 0.06 0.45 0.13 0.14 0.14 0.15 0.03 0.03 0.03 0.08 0.02 0.03 0.02 0.02 0.10 0.12 0.10 0.24 0.07 0.15 0.07 0.16 0.02 0.02 0.02 0.08 0.07 0.09 0.09 0.09 0.30 0.60 0.30 0.60 0.05 0.08 0.06 0.06 0.17 0.20 0.17 0.17 0.25 0.17 0.30 0.11 0.13 0.10 0.14 0.07 0.10 0.10 0.12 0.26 0.36 0.26 0.60 0.73 0.93 0.93 1.19 0.33 0.40 0.32 0.75 0.02 0.04 0.02 0.05 0.04 0.06 0.04 0.06 0.05 0.07 0.08 0.08 0.02 0.02 0.02 0.09 ... ... 0.05 0.23 0.01 0.15 0.01 0.01 0.01 0.01 0.01 0.01 0.26 0.62 0.60 1.05 1.45 3.20 1.43 7.17 0.07 0.08 0.06 0.06 0.10 0.10 0.10 0.10 0.03 0.03 0.03 0.25 0.03 0.04 0.03 0.07 0.36 0.70 0.36 0.56 0.05 0.06 0.05 0.09 0.04 0.05 0.04 0.11 0.52 0.55 0.55 0.55 0.04 0.05 0.05 0.06 0.02 0.09 0.03 0.03 0.15 0.26 0.16 0.27 0.03 0.03 0.03 0.12 0.15 0.34 0.30 0.30 0.39 0.50 0.45 0.47 0.51 0.59 0.55 0.63 0.15 0.20 0.15 0.33 ... 0.01 0.01 0.04 0.05 0.04 0.12 0.02 0.04 0.04 0.12 0.09 0.10 0.10 0.11 0.18 0.19 0.19 0.65 0.12 0.12 0.11 0.50 0.39 0.41 0.40 0.76 0.03 0.07 0.09 0.75 0.05 0.05 0.05 0.12 0.75 0.76 0.76 0.92 0.08 ... 0.08 0.14

LOW

STOCK

0.10

GAR Limited C Gentor Res V GFM Res V Global Cobalt V Global Cop Grp V GobiMin V God’s Lake Res C Gold Ridge Exp V Golden Cariboo V Goldstream Mnl V Grande Portage V V Granite Ck Gld Graniz Mondal V Gravis Energy C Greatbanks Res V Green Arrow V Grenville Gold V Greywacke Expl C Grosvenor Res V Hadley Mng C Halio Energy V V HFX Holding Highbury Proj V Highvista Gold V Homeland Egy V Indigo Expl V Inform Res V V Iron South Mng Jasper Mng V JDF Explor Inc C Jiulian Res V Jubilee Gold V Karoo Expl V Kenna Res V V Kitrinor Mtls La Imperial C Lamelee Iron V Leeta Gold V Leo Res C V Lions Bay Cap Lithion Energy V V Lovitt Res Madeira Mrnls V MAG Silver* X Mainstream Mnl V Martina Mnls V Matachewan Con V Match Capital V Mega Copper V Midnight Star C MillenMin Vent V Millstream Min V Milner Con Slv V Minecorp Egy V Minsud Res V Miramont Res C Moag Copper C Montana Gold C Morro Bay V Mountain Lake C Navy Res V Nebu Res V Network Expl V New Destiny Mg V New Klondike V Newmac Res V Nickel North V Nomad Ventures V North Am Ptash V North Am Tung V NQ Explor V NSGold V NSS Res Inc C Nubian Res V Oronova Energy V Oxford Res V Pac Arc Res V

0.03 0.01 0.04 0.12 0.04 0.01 0.02 0.02 0.03 0.75 0.30 0.03 1.02 0.05 0.01 0.35 0.14 0.12 0.01 0.01 0.06 0.03 0.02 0.01 0.07 0.04 0.02 0.01 0.13 0.01 0.13 0.08 0.04 0.18 0.52 0.30 0.02 0.02 0.08 0.02 0.03 0.01 0.01 0.25 0.98 0.05 0.06 0.03 0.02 0.35 0.04 0.04 0.24 0.04 0.01 0.11 0.03 0.09 0.18 0.02 0.14 0.04 0.01 0.01 0.10 0.01 0.32 0.03 0.02 0.22 0.06

12-MONTH

EXC BID ASK LAST HIGH LOW

0.07 0.10 0.09 0.13 0.02 0.03 0.02 0.03 0.02 0.10 0.02 0.02 0.02 0.02 0.02 0.08 0.07 0.08 0.08 0.11 0.55 0.58 0.57 0.58 0.03 ... 0.03 0.03 0.03 0.07 0.04 0.50 0.10 0.15 0.15 0.15 0.06 0.09 0.06 0.20 0.16 0.17 0.16 0.22 0.04 0.05 0.05 0.08 0.02 0.03 0.02 0.05 ... 0.03 0.01 0.01 0.03 0.05 0.03 0.04 0.05 0.04 0.05 0.09 0.13 0.09 0.18 0.03 0.18 0.05 0.06 0.17 0.38 0.16 0.35 0.95 0.98 0.95 1.08 0.55 0.65 0.65 1.52 0.06 0.07 0.06 0.12 0.25 ... 0.25 0.30 ... 0.16 0.17 0.11 0.13 0.11 1.13 0.05 0.06 0.06 0.06 0.10 0.20 0.15 0.20 0.24 0.27 0.24 0.28 0.07 0.07 0.07 0.10 0.01 ... 0.01 0.04 0.06 0.04 0.05 0.44 0.73 0.73 0.73 0.02 0.02 0.02 0.03 0.13 0.16 0.15 0.27 0.16 0.21 0.16 0.30 0.06 0.09 0.06 0.11 0.15 0.20 0.16 0.50 0.29 0.33 0.29 0.30 1.06 1.09 1.09 2.50 0.04 0.10 0.04 0.04 ... ... 0.10 0.18 0.04 0.10 0.05 0.17 0.03 0.25 0.03 0.05 12.52 13.30 12.52 14.40 ... 0.01 0.01 0.03 0.05 0.03 0.06 0.26 0.29 0.27 0.44 0.01 0.04 0.04 0.04 0.16 0.25 0.16 0.30 0.17 0.22 0.17 0.19 0.05 0.07 0.05 0.14 0.04 0.06 0.04 0.13 0.04 0.09 0.04 0.05 ... ... 0.12 0.20 0.10 0.13 0.10 0.10 0.25 0.35 0.30 0.30 ... ... 0.08 0.09 0.10 0.10 0.10 0.11 0.15 0.15 0.25 ... 0.01 0.01 0.18 0.30 0.20 0.25 0.04 0.04 0.04 0.05 0.17 0.23 0.17 0.20 0.22 0.22 0.32 0.01 0.01 0.01 0.06 0.07 0.07 0.10 0.03 0.04 0.03 0.06 0.15 0.17 0.15 0.40 0.05 0.08 0.04 0.15 ... 0.01 0.01 0.02 0.01 0.01 0.01 0.04 0.10 0.11 0.10 0.20 0.06 0.19 0.06 0.21 0.15 0.23 0.23 0.34 0.36 0.40 0.40 0.46 0.02 0.03 0.03 0.12 0.18 0.15 0.20

0.01 0.01 0.01 0.01 0.04 0.43 0.02 0.04 0.05 0.05 0.12 0.01 0.01 0.01 0.03 0.09 0.01 0.16 0.06 0.40 0.04 0.25 0.09 0.02 0.06 0.04 0.03 0.02 0.33 0.01 0.14 0.05 0.03 0.14 0.04 0.05 0.01 0.03 0.02 0.01 6.12 0.02 0.24 0.04 0.05 0.06 0.05 0.04 0.03 0.07 0.03 0.20 0.02 0.05 0.09 0.01 0.08 0.04 0.01 0.10 0.03 0.01 0.01 0.06 0.05 0.05 0.04 0.09

STOCK

Pac Cascade Pac Imperial Pac Iron Ore Pac Link Mng Pac Topaz Paladin Energy Patriot Gold Peat Res Pele Mtn Res Phoenix Gold Phoenix Metals Pitchblack Res Prime Meridian Quartz Mtn Res Quest Rare Mnl Rainmaker Res Randsburg Intl Rare Element* Ravencrest Res Razore Rock Res Red Tiger Mng Reliant Gold Remo Res Rhyolite Res Riley Resource River Wild Exp Rockland Mnls Rockwell Diam Rojo Res Roughrider Exp RTG Mining Rubicon Mnrls* Rugby Mng Savoy Vent Scavo Res SG Spirit Gold SGX Res Shoshoni Gold Silver Phoenix SinoCoking Cl* Sniper Res Spada Gold Standard Graph Stone Ridge Ex Strategic Res Talmora Diamd Tarku Res Tasca Res Tearlach Res Terreno Res Teryl Res Corp Theia Res Themac Res Thor Expl Tiger Intl Till Capital Tolima Gold Tri-River Vent Trigen Res UC Res United Coal Universal Vent Vanadium One Vatic Vent Vela Minerals WCB Res Wescan Gldflds Westbay Vent Western Troy C Whistler Gold Winston Res Xtierra Zara Res Zena Mng Zinco Mng

12-MONTH

EXC BID ASK LAST HIGH LOW

V V V V V T C V V V V V V V T V V X C C V V V V V C V T V V T X V V C V V V C D V V V C V C V V V V V V V V V V V V V V C V V V V V V V V V C V C V V

0.01 0.02 0.01 0.02 0.02 0.02 0.02 0.04 0.16 0.17 0.17 0.25 0.02 0.08 0.02 0.03 0.14 0.17 0.17 0.28 0.05 0.05 0.05 0.24 0.10 ... 0.10 0.15 0.01 0.02 0.02 0.05 0.02 0.02 0.02 0.04 ... 0.01 0.01 0.19 0.20 0.21 0.41 0.45 0.41 0.46 0.12 0.15 0.14 0.15 0.06 0.12 0.06 0.12 0.10 0.11 0.11 0.30 0.05 0.06 0.05 0.17 0.01 0.02 0.01 0.03 0.11 0.16 0.15 0.89 0.05 0.10 0.05 0.09 0.02 0.14 0.15 0.18 0.02 0.03 0.03 0.10 0.02 0.03 0.02 0.05 0.09 0.16 0.11 0.30 0.18 0.47 0.21 0.30 0.13 0.16 0.14 0.20 0.02 0.25 0.02 0.03 0.07 0.08 0.08 0.11 0.06 0.07 0.06 0.12 0.39 0.45 0.45 0.68 0.06 0.07 0.07 0.13 0.15 0.17 0.15 0.67 ... ... 0.03 1.35 0.26 0.35 0.27 0.58 0.08 0.25 0.12 0.20 0.36 0.57 0.36 0.54 0.57 0.59 0.57 0.61 0.02 0.02 0.02 0.05 0.05 0.06 0.06 0.12 0.05 0.20 0.05 0.25 ... ... 4.64 7.69 0.01 0.01 0.01 0.07 0.21 0.38 0.38 0.38 0.18 0.18 0.17 0.20 0.06 ... 0.06 0.17 0.15 0.20 0.15 0.34 0.01 0.02 0.01 0.05 0.05 0.06 0.05 0.10 0.07 0.08 0.07 0.21 0.08 0.15 0.08 0.16 0.05 0.06 0.05 0.08 0.01 0.02 0.02 0.02 0.08 0.12 0.08 0.20 0.03 0.04 0.03 0.07 0.19 0.23 0.23 0.25 0.08 0.21 0.08 0.10 4.10 8.50 5.85 6.00 0.01 0.01 0.01 0.03 0.04 0.12 0.04 0.07 0.09 0.15 0.09 0.11 0.01 0.02 0.02 0.03 ... 0.01 0.01 0.40 ... 0.45 0.13 0.15 0.13 0.35 0.05 0.05 0.05 0.15 0.05 0.06 0.05 0.09 0.03 0.04 0.03 0.09 0.07 0.10 0.07 0.13 0.23 0.35 0.28 0.36 0.02 0.03 0.03 0.04 0.03 0.10 0.03 0.06 0.56 0.58 0.56 0.82 0.03 0.04 0.04 0.08 0.07 0.15 0.15 0.43 0.08 0.09 0.09 0.14 0.05 0.07 0.05 0.08

0.01 0.01 0.15 0.01 0.15 0.04 0.10 0.01 0.02 0.07 0.10 0.04 0.08 0.05 0.01 0.06 0.01 0.01 0.02 0.02 0.09 0.11 0.10 0.01 0.01 0.04 0.30 0.05 0.13 0.03 0.23 0.05 0.26 0.07 0.01 0.04 0.03 1.66 0.01 0.13 0.05 0.04 0.13 0.01 0.03 0.07 0.02 0.03 0.01 0.08 0.03 0.08 0.08 3.92 0.01 0.03 0.07 0.01 0.09 0.05 0.03 0.03 0.05 0.16 0.01 0.01 0.02 0.02 0.01 0.06 0.01

2017-07-18 8:37 PM


GLOBAL MINING NEWS

THE NORTHERN MINER / JULY 24–AUGUST 6, 2017

23

Orezone CEO talks strategic exploration shift at Bomboré BURKINA FASO  

| New boss Patrick Downey to take ‘fresh look’ at troubled gold asset

BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

W

est Africa-focused Orezone Gold (TSX: ORE; US-OTC: ORZCF) had been developing its multimillionounce Bomboré gold project in Burkina Faso until discrepancies in resource estimations brought activity to a halt last August. Orezone’s share price plummeted nearly 75%, and the company was stuck in a holding pattern. Things changed in May, however, with long-standing president and CEO Ronald Little stepping down. Ottawa-based Orezone is now under the stewardship of president and CEO Patrick Downey, who has been on its board of directors for five years and became executive chairman in January. (Keith Peck has since become Orezone chairman.) Downey previously helmed Viceroy Exploration before Yamana Gold (TSX: YRI; NYSE: AUY) snapped it up for $600 million in 2006, and held several operating positions with Anglo American (LON: AAL) in South Africa. “We needed a fresh look at things and [the board] decided an executive change was necessary. Ron was fantastic … but it just came to that point,” Downey says during an interview in Vancouver. “My focus is twofold. First, to finish the reserve and feasibility study. Second, we have a significant exploration opportunity that hasn’t been realized. Our geological team looks through a more structural lens. It’s exciting.” Orezone’s mine planning had been underpinned by a large, low-grade resource in Bomboré’s northern reaches. The Burkina Faso government approved the company’s mining permit application 10 months ago, and Orezone hoped to have a “shovel ready” project at the site by June. Problems surfaced when Orezone switched engineering firms from SRK Consulting to Roscoe Postle Associates, whose “more conservative” estimation method lowered Bomboré’s global gold resources by 30% last August. The project now hosts 218 million measured and indicated tonnes grading 0.68 gram gold per tonne for 4.8 million contained oz. gold. This estimate includes 53.4 million tonnes of oxide mineralization averaging 0.87 gram gold for 1.5 million contained ounces. “I don’t think the technical revisions last year were managed effectively,” Downey said. “The oxide resources are much more disseminated than the current model, but the sulphide is within more discrete shear zones. That being said, further drilling in the oxides will show that we’re closer to the original numbers.” Orezone’s feasibility study envisions a mine that would begin with a hybrid heap-leach, carbon-in-leach operation. The initial mining phase would have produced 135,000 oz. gold annually over an eight-year life at all-in sustaining costs of US$678 per ounce. Capital expenses for this first phase were pegged at US$250 million. “We had focused on putting together a mine plan to move ahead with development, but let’s put that to bed,” Downey said. “Advancing the current iteration of Bomboré to a construction decision with our share price, and the level of debt we’d take on … is just not a smart idea. We may go down that road in the

1-16, 23_JULY24_Main .indd 23

Trucks at Orezone Gold’s Bomboré gold project in Burkina Faso.   OREZONE GOLD

“ADVANCING THE CURRENT ITERATION OF BOMBORÉ TO A CONSTRUCTION DECISION WITH OUR SHARE PRICE, AND THE LEVEL OF DEBT WE’D TAKE ON … IS JUST NOT A SMART IDEA.” PATRICK DOWNEY CEO, OREZONE GOLD

future, but it isn’t happening now.” Later this year the company expects to release an updated resource and economic study, incorporating changes to Burkina Faso’s mining laws. Meanwhile, Orezone’s senior vicepresident Pascal Marquis has been tasked with revisiting the project’s geology to uncover any untapped, high-grade potential. The company is emphasizing structural geology techniques — including orientated drilling and geophysics — to get a more detailed understanding of stratigraphy and rock types. Orezone is focused on the P17S sulphide zone, which is hosted in a shallow granodiorite intrusive, 2 km south of the Bomboré mining permit. Previous drilling at the target to 60 metres deep resulted in a measured and indicated sulphide resource of 337,000 tonnes at 2.5 grams gold for 27,000 oz. gold. Orezone reports that drilling this year at P17S has intersected mineralized granodiorite from surface to 150 metres deep, with a down-plunge continuity exceeding 425 metres. Assays released in early June include: 12 metres of 3.4 grams gold from 133 metres deep in hole 76; 13 metres of 2.06 grams gold from 139 metres deep in hole 82; and 9.7 metres grading 3.38 grams gold from 130 metres deep in hole 83. “We’ve hit intriguing, high-grade results along the P17 trend. We’re

Workers bagging samples at Orezone Gold’s Bomboré gold project.   OREZONE GOLD

now closing the entire gap down south. It’s in the granodiorites, which is fundamentally different than what we looked at before,” Downey said. “We’ve switched to the diamond rigs to better understand the folding and structural controls. We tied our drill results together and see a folding pattern. It’s opening up an entire area for us, and the geology and exploration upside are changing.” The deposit is open at depth and to the north, while previous geophysical and geochemical surveys show nearby, similar targets that remain untested. Orezone has completed over

13,000 metres of auger, reversecirculation and core drilling this year. The company is planning the next stage of drilling based on its geological modelling. Downey reckons the program will be at least 10,000 metres. Orezone notes that P17S forms a 2.5 km long corridor — when combined with the 172 and P17 zones — that it says is prospective for higher-grade, granodiorite-hosted gold discoveries. “We already have significant gold resources within a large orebody, but now we have this brand-new exploration target. We’re starting to believe we’re looking at a gold

district,” Downey said. “Plus you have B2Gold (TSX: BTO; NYSE-MKT: BTG) working on its Toega project to the south, and West African Resources (TSXV: WAF) advancing its Boulsa tenements nearby. I haven’t spoken to our neighbours quite yet, but it warrants a conversation.” Orezone has traded in a 52-week range of 42¢ to $1.28 per share, and closed at 61¢ per share at press time. The company is down 80¢ since news of its resource revision in August 2016. It has 154 million shares outstanding for a $94-million market capitalization, and has $20 million in its treasury. TNM

2017-07-18 10:29 PM


24_JULY24_BackCover.indd 24

2017-07-18 10:53 AM

The Northern Miner July 24 2017 Issue  

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

The Northern Miner July 24 2017 Issue  

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