The Northern Miner June 26 2017 Issue

ORCA GOLD: WATER DISCOVERY BOOSTS PIT POTENTIAL IN SUDAN / 3 Geotech_Earlug_2016_Alt2.pdf 1 2016-06-24 4:27:20 PM

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AFRICA

Golden prospects in Burkina Faso, the DRC, Ghana, Mali and more / 9–15

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Dushnisky and Garofalo on gold mining’s future INTERVIEW

| Barrick, Goldcorp bosses see value in fiscal discipline, partnerships, technology

BY JOHN CUMMING

OUTLOOK

| Cobalt demand has a 7% annual growth rate

jcumming@northernminer.com

At the Canadian Mining Symposium hosted by The Northern Miner at Canada House in London in May, session moderator Greg Huffman, managing director and global head of mining sales at Canaccord Genuity, sat down with Barrick Gold (TSX: ABX; NYSE: ABX) president Kelvin Dushnisky and Goldcorp (TSX: G; NYSE: GG) president and CEO David Garofalo for an in-depth conversation on the strategies they use to guide both companies, plus a look at what the future holds for gold mining globally.

The following is an edited transcript of the exchange.

Greg Huffman for The Northern Miner: Looking at some of Goldcorp’s latest acquisitions — such as Gold Eagle, Virginia, Probe and Kaminak — is there now a premium on assets in safer jurisdictions, given the current political turmoil worldwide?

David Garofalo: It’s always been fundamental to Goldcorp’s strategy to stay in low political-risk jurisdictions, generally investment-grade countries, with the exception of tak-

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Cobalt deficit on the horizon

BY TRISH SAYWELL tsaywell@northernminer.com

C

Barrick Gold president Kelvin Dushnisky (left) and Goldcorp president and CEO David Garofalo speaking at the Canadian Mining Symposium at Canada House in London, U.K., in May 2017. PHOTO BY MARTINA LANG

ing a bit more risk in investing in Argentina before the Macri regime.

But that was a generational asset in Cerro Negro, and it’s been born out in the changing regime there and the Macri economic model.

Fundamental to our story is that we’re focused on the Americas and our own time zones. It makes it an eminently more manageable company.

In my 27-year career I’ve worked with mining companies that are spread out across multiple jurisdictions on multiple continents, and this introduces an element of risk and complexity to managing assets that makes it hard to run the company, and requires a risk premium associated with operating across too many jurisdictions.

One of the reasons Goldcorp historically has gotten a good multiple is because of its stringent geographical and geological focus.

TNM: Barrick has operations in many countries. How have you decentralized the company to deal with the increased jurisdictions and associated risks?

Kelvin Dushnisky: In 2016, 70% of our production was from our five core mines in the Americas: Gold-

strike, Cortez, Pueblo Viejo — where we’re partnered with Goldcorp — Lagunas Norte and Veladero. That represents 50% of our reserves.

Outside of this, in some of the other jurisdictions we’re operating, we factor in political, technical and financial risk. Part of what we try to do in terms of managing risk is develop various layers, starting with local procurement and hiring practices, understanding local politics and influences on policy — be it local, provincial or state, or federal — and ensuring that we have strong relationships in that respect.

We also look to jurisdictions where investment treaties could exist, ranging from Canada, which uses foreign investor protection agreements or even better, where we have free trade agreements with strong investor protection chapters.

Those help us.

We layer in various strategies to manage risk, and it has worked out well.

TNM: What do Canadians bring to the table that may separate us a little from some of the other mining nations?

DG: We have a long mining history, and more importantly we have the

mining infrastructure that comes with that. And I mean “people infrastructure” — not just physical infrastructure — that we’re able to export, whether it’s banking, legal or financial expertise that we’ve developed over more than a century of mining in Canada.

Accessing risk capital to work in the sector, predominantly within our own country, but also we’ve been exporting this over the last 30 years or so. When Latin America opened up as an investment, we were one of the first countries to rush in and develop, for example, the Chilean copper sector.

This brought a whole new level of expertise to Canada that is the envy of the industry.

KD: I’d agree. The infrastructure exists and the services exist. There is also the stock exchange and the predominance of publicly listed companies that trade on the Toronto Stock Exchange. And it’s more than that. It’s cultural — the familiarity with the space. Canada was mining before Canada was a country. Canada and mining, it’s a little bit like Italy and sports cars and the fashion industry. You don’t

obalt prices have nearly doubled in the first quarter of the year, with demand for its use in rechargeable batteries and the electric-vehicle market, in particular, expected to take off. The Northern Miner spoke about the dynamics of the cobalt market with Edward Spencer, a senior consultant and head cobalt market analyst at the CRU Group in London. Spencer joined CRU in 2015 as a senior consultant to CRU’s nickel, stainless steel and special alloys group, and has worked on outlooks for molybdenum, nickel and ferrochrome. He has a PhD in See COBALT / 6 PM40069240

See INTERVIEW / 2

URANIUM: FISSION’S LAND-BASED DISCOVERY AT PLS / 23

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Dushnisky and Garofalo on gold mining’s future something we’ll focus on.

In terms of succession, we have what we call “Barrick Academy,” where we do more internally to groom the next generation of mining leaders, and that resonates well in the company.

We’re seeing an attraction of people to Barrick now. I’ll be honest, you go back three or four years and there was an outflow of talent from Barrick to our friends [grabs and shakes Garofalo jokingly]. We’re happy to see an inflow back, but we can’t get complacent — that’s the risk. We have to be vigilant and keep the space attractive.

INTERVIEW From 1

get that overnight.

It’s important that we protect it.

Maintaining the brand is important.

There’s a strong element of support from the Canadian government, and in our ability to wrap ourselves in the Canadian flag. We found that to be extremely effective as we operate abroad, in particular. It’s all part of the mix.

Generally speaking, the country is perceived well. A recent example is other countries and jurisdictions adopting the Mining Association of Canada’s Towards Sustainable Mining framework for their own use. That reflects well on Canadian companies.

TNM: Goldcorp and Barrick have strong records of community engagement across your operations. Are Canadians doing enough on Corporate Social Responsibility (CSR) to keep our social licence as well as good reputation as responsible miners?

DG: When it comes to CSR, it’s all about water. And as an industry, we could be a lot less water-intensive than we are. That’s a source of significant social conflict. It’s an impediment to getting both a social licence to operate and getting projects permitted.

It’s the biggest factor in the space.

As an industry, we need to make technological advancements that lower our water consumption and enhance our ability to develop projects.

That, by far, is the biggest impediment to developing projects. It causes untold conflict with surrounding communities. Even if you have the perception of using scarce resources, even if it’s not true, against agricultural activity, you are not going to get the social licence to operate.

We’ve seen example of that time and again in our space. And given how difficult it is for us to replace reserves, if we don’t attack that issue of water use in our industry, it’s going to be hard to perpetuate our businesses in the long run.

TNM: Recently Barrick and Goldcorp partnered on the Cerro CasaleCaspiche assets, which are in a watersensitive area. Do you see synergies by putting these projects together, from a permitting, water-use and cost perspective?

KD: That was the purpose of us coming together. We’re enthusiastic about the new partnership and think Goldcorp will bring fresh perspective, thinking and energy to that situation.

Cerro Casale is interesting in that we have water rights ... that relate to a particular aquifer — without getting into the technical details — and that’s something that is relatively rare.

I agree with David that water could be the industry’s Achilles’ heel if we don’t manage it carefully. Over the last year we have hired and put in place a vice-president for water, dealing with both near-term environmental issues and looking out over the longer term at policy and other issues that could affect us, both as a company and as an industry.

TNM: What about on the governmentrelations standpoint? Permitting is a big aspect of that, but with the rebound

Barrick Gold president Kelvin Dushnisky (left) and Goldcorp president and CEO David Garofalo (middle) shake hands with session moderator Greg Huffman, managing director and global head of mining sales at Canaccord Genuity. PHOTOS BY MARTINA LANG

“WE’RE TRYING TO DE-RISK PROJECTS TO THE EXTENT WE CAN, AND BUILD IN STAGES WHENEVER WE CAN, INSTEAD OF THE ‘SWING FOR THE FENCES’ MODEL.”

“AS AN INDUSTRY, WE COULD BE A LOT LESS WATER-INTENSIVE THAN WE ARE. THAT’S A SOURCE OF SIGNIFICANT SOCIAL CONFLICT.”

KELVIN DUSHNISKY

DAVID GAROFALO

PRESIDENT, BARRICK GOLD

PRESIDENT AND CEO, GOLDCORP

in commodity prices are you starting to see indications that governments may seek a bigger slice of the pie? And are there ways for industry to better insulate investors from this risk?

KD: We as a company and industry can better communicate to host governments and locally the benefits that come from mining. For example, in 2016 alone, we spent US$5.3 billion in various jurisdictions where we’re operating as taxes, royalties, wages, local procurement, etc.

I don’t think we’ve communicated well enough to governments the timelines associated with our investment. There’s a sense that as soon as you make the investment, you’re generating big returns, when the reality is that it takes a long time to pay back all our capital in this business.

TNM: What about personnel risk?

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Where do you see the greatest skill shortages in the industry right now?

DG: It’s trades. A lot of trades have skills that are transferable to an urban environment. If you’re trying to raise a family or, for that matter, start a family or a relationship, it’s much easier to do in an urban environment than it is if you’re a young person in a mining camp or an isolated part of the world where you might be mining. That’s a significant challenge.

I don’t think we’ve done a good job — at least in Canada — of importing those skills that we require, because trade schools are not turning out enough people to meet our shortages, whether it’s mechanics or electricians and the like. These are skills that are easily transported into urban environments, so we have to pay a premium to get them, but there’s just not enough of them even if we’re paying the premium.

KD: I agree with David, plus the traditional careers: engineers and geologists. We went through that period a decade or so ago when mining wasn’t the most attractive place, and kids weren’t going into the engineering and geology programs.

The other challenge is attracting younger people into our space. We need people who can write code and have other skills beyond the classical trades.

We’ve done survey work and if you ask kids who have recently graduated, would you rather go to Google or Facebook or Apple or Barrick, we’ve got a pretty high bar to get kids to

come to a mining company.

We held recently — and I didn’t even know what this thing was until I was told — a “hackathon,” where younger people assembled in a room and brainstormed a maintenance problem and a geological issue. We had kids from all over the place with different backgrounds coming at these various problems.

One of them interviewed at the very start and we asked him, “What do you think of the mining business?”

And he said, “Who would go into it?

It’s a dinosaur industry.”

At the end of the weekend, the response was actually very cool. They said there were a lot of areas where they could apply their talents and be innovative and creative.

As an industry we have to be more attractive to young people and send that message.

I can’t think of another business that touches on every single aspect of commerce, from financing, marketing, engineering to communication.

Pick a topic area, and we touch on it one way or another, but that’s not well understood.

TNM: Are schools doing enough to groom the next generation of mining leaders?

KD: The Canadian schools are doing their part. They’re responding to demand, so part of what we need to do as an industry is support the Canadian schools. We’re doing our part, but probably not as systematic as we should and could, and that’s

TNM: The market over the past year has started to look at productiongrowth profiles again, compared to 12 months ago when they mostly looked at free cash flow. For companies of your size it becomes hard to fill that production pipeline because you need big, meaningful assets. What’s the next step in de-risking those large assets from a financial aspect? For instance, raising the capital to buy and build these mega-projects.

DG: First you have to make an investment case, and that’s probably the biggest impediment to raising capital — finding the investment opportunities that generate an adequate rate of return to attract the capital.

As an industry we are facing a reserve cliff. Over the last five years in the gold sector we’ve seen a onethird decline in our reserves. In case you think that’s because we’re using lower gold-price assumptions, that’s actually not true — it probably accounts for 30% of that decline. Seventy percent is actually depletion.

We haven’t been investing back in the ground, not only in terms of exploration, but also in terms of de-risking projects, bringing them though the pipeline and making that investment case to try to attract financing.

The capital is out there if you can show an adequate rate of return, but we haven’t de-risked large-scale projects sufficiently to replace what we’re depleting.

If you look at the production perspective, by our own admission, the industry will shrink production by 15% to 20% in the ensuing five years.

And that’s because declining reserves are the leading edge of that.

Obviously production will decline as reserves decline.

As an industry, we have to collaborate more. None of us should take on our shoulders individually the response of reversing that downward trajectory of reserves. We have to collaborate to bring meaningful projects forward.

And those projects are declining in grade. The average mining grade today of a gram a tonne is half of what it was 15 years ago. We have to do bulk tonnage, with bigger equipment, to deliver those economies of scale and make those lower-grade deposits economic.

But none of us need to take on capital risk ourselves, nor the project risk and technical risk.

The model we’re pursuing with Teck at NuevaUnion and with Barrick at Maricunga is one we have to pursue going forward, to share the financial and technical risk with well-capitalized partners.

So we avoid the Sudburys, the Nevadas, and for that matter, the Red Lakes of the world, where we built duplicative infrastructure on the same deposits and massively destroyed capital. That drove away investors from the industry.

I’m encouraged that we have a new generation of CEOs in this space over the last four or five years that have a different mindset. They are taking that capital discipline and bringing it to bear within the sector, where See INTERVIEW / 16

2017-06-20 9:02 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JUNE 26–JULY 9, 2017

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Orca Gold’s camp at the Block 14 gold project in Sudan, near the Egyptian border, 900 km north of the capital Khartoum. ORCA GOLD

Orca improves economics at Block 14 in north Sudan GOLD

BY LESLEY STOKES

A

lstokes@northernminer.com VANCOUVER

vant-garde explorer Orca Gold (TSXV: ORG) has launched into a feasibility study at its 2.3 million oz. gold Block 14 project in northern Sudan’s Nubian Desert, after finding a water source that could support a larger open-pit operation than the company envisaged.

Orca intends to raise $15 million to fund the study along with 30,000 metres of drilling to expand the project’s Galat Sufar South and Wadi Doum gold deposits.

Orca would issue 37.5 million shares at 40¢ per unit, with each unit consisting of a share and half a warrant that can be exercised in the first year at 55¢ per warrant.

Sudan is in the midst of a gold rush, with some 1.5 million artisanal miners by some counts producing over 93 tonnes gold (3 million oz.) last year, which would suddenly place Sudan as Africa’s third-largest gold producer behind South Africa and Ghana.

“The amount of gold they’re producing is pretty impressive, considering there are no modern gold mines in the country,” Orca president Hugh Stuart tells The Northern Miner during a phone interview. “The amount and extent of artisanal mining really shows you the nature of the gold endowment.”

Orca’s story begins in 2012, when Lukas Lundin and Richard Clark, former CEO of Lundin’s Red Back Mining, ventured into northern Sudan, eager to explore its prolific greenstone belts. The pair had both been involved in Red Back’s US$7.1-billion takeover

by Kinross Gold (TSX: K; NYSE: KGC) two years before, and saw an opportunity to duplicate the success in Africa’s northeast.

Once identifying enough targets at Block 14, Clark reassembled the former Red Back team and in 2013 spun the project into Orca — then Canaco Resources.

The first drill hole on the property hit 81 metres of 1.22 grams gold per tonne at 80 metres deep.

Stuart — who had been Red Back’s vice-president of exploration — argues Sudan is the most geologically prospective country in Africa.

“There are few places left in the world where modern exploration hasn’t had a good go, and Sudan is one of them.

It’s got fantastic rocks, yet it’s barely been touched. From a purely technical point of view, it’s a no-brainer to explore there,” Stuart says.

Orca has outlined 11 targets across its 2,170 sq. km land package, but most of the drilling has focused on building resources at Galat Sufar South and Wadi Doum.

Stuart says that in its preliminary economic assessment (PEA) completed in July 2016, Orca took a conservative approach to development at Galat Su-

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| Water discovery prompts Orca to pursue feasibility study, drilling horizon.

“IT BECAME On July 12, U.S. President DonEVIDENT THAT THE ald Trump’s administration may permanently remove a 20-year PROJECT COULD economic embargo on Sudan. The GET BIGGER IF sanctions were temporarily lifted in January under the Obama adWE DISCOVERED ministration, giving the Sudanese A NEW WATER government six months to improve its human rights record and resolve SOURCE.” HUGH STUART PRESIDENT, ORCA GOLD

far South and Wadi Doum, citing limited access to water.

“We’re in a desert, a couple of hundred kilometres from the river Nile, so water is key if we want to develop this project,” he says.

“At the time of the PEA, we had a water source 55 km north of the proposed plant site, but we didn’t want to get too optimistic about it.

As time went on, it became evident that the project could get bigger if we discovered a new water source.”

Stuart says the company was aware of a historic well to the west of the property, drilled in the 1890s when British and Egyptian forces occupied the country. Orca flew extensive geophysical surveys over the area and identified a large, freshwater aquifer — at least 60 sq. km in size — from borehole drilling.

“Hitting that aquifer was a big game changer for the project,” he

A water discovery 80 km southwest of Orca Gold’s Galat Sufar South gold deposit, part of the Block 14 project in Sudan. ORCA GOLD

says. “It carries a significant effect on increasing throughput rates and lowering operating costs. We’ve also steepened up the pit slopes enabling the resource to go much deeper.”

On May 30, the company released the news of the aquifer discovery alongside a revised PEA, which increased the throughput rate of the envisaged open-pit operation from 1.8 million tonnes per year to 3.4 million tonnes.

The new mining scenario triggered a 78% hike in the project’s after-tax net present value, which now stands at US$227.7 million, assuming a 7% discount rate. The internal rate of return increased

slightly to 23.1% from 22%, whereas payback on the US$210.6-million capex dropped to three years from four.

Open-pittable resources at Galat Sufar South and Wadi Doum now stand at 41 million indicated tonnes of 1.46 grams gold, and 3.4 million inferred tonnes of 1.56 grams gold.

“The economics have become a lot more significant. It has given us the incentive to pursue feasibility studies and chase some of the higher-grade targets to greater depths,” Stuart says.

The feasibility study, which Orca expects to finish early next year, isn’t the only benchmark on the

political and military conflicts.

“Obama gave them six months to essentially be good citizens, and they’ve been working really hard to get back into the West’s good books,” Stuart says.

For Orca, Stuart says that a lift in U.S. sanctions could bring more U.S. investment into the project.

“If the sanctions are permanently lifted, anybody is free to do business there, including bankers,” he says. “In the past, we’ve focused on the Gulf states rather than North America when it came to lining up finances for the mine. So if it does happen, it would open up a lot more opportunities for us.”

Shares of Orca have traded in a 52-week range of 28¢ to 55¢ per share, and closed at 38¢ at press time. The company has 113.3 million shares outstanding for a $42-million market capitalization.

Lukas Lundin has an 18.7% stake in the company, whereas other major shareholders in Orca include mining entrepreneur Ross Beaty at 11.8% and Kinross at 8.6%. TNM

APPOINTMENT NOTICE

B2Gold Corp.

Neil Reeder – Vice President, Government Relations B2Gold’s President and CEO, Mr. Clive T. Johnson, is pleased to announce that Mr. Neil Reeder has joined the Company as Vice President, Government Relations.

Mr. Reeder joins B2Gold following a distinguished government career of over 35 years with Global Affairs Canada. He helped advance Canada’s trade, foreign policy and development agenda during seven different diplomatic postings overseas and in increasingly senior positions in Ottawa. His last assignment in Ottawa was as Director General responsible for the management of Canada’s relations with Latin America and the Caribbean.

Most recently, Mr. Reeder served as Canada’s Ambassador to the Philippines. His previous ambassadorial postings include serving as Canada’s High Commissioner to Brunei and as Canadian Ambassador to Costa Rica, Nicaragua and Honduras. He has also served as Deputy Head of Mission at the Canadian Embassy in Mexico.

Mr. Reeder holds a Bachelor of Arts degree from the University of Saskatchewan and a Bachelor of Journalism degree from Carleton University. He is fluent in English, French and Spanish.

Mr. Reeder will be responsible for liaising on behalf of the Company with key Canadian government departments and agencies, including those responsible for Canada’s trade and investment abroad.

He will also assist the Company and its personnel in engagement with foreign governments and other parties to support B2Gold’s mining operations and exploration projects around the globe.

Headquartered in Vancouver, Canada, B2Gold is one of the fastest-growing intermediate gold producers in the world. Founded in 2007, today, the Company has four operating mines, one mine under construction and numerous exploration projects in various countries, including Nicaragua, the Philippines, Namibia, Mali and Burkina Faso. www.b2gold.com

TSX: BTO

NYSE MKT: BTG

NSX: B2G

2017-06-20 9:02 PM

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GLOBAL MINING NEWS · SINCE 1915

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E D I T O R IA L

Africa remains a dominant force in global gold mining GOLD

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.

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| Continent’s leading mining nations see production growth

W

ith so many troubles in Africa’s centres of gold mining — extremist attacks in West and North Africa, perennial challenges in Central Africa and the long, slow decline of violence-ridden South Africa — it can be easy to lose sight that, at least from a technical perspective, gold mining is still a strong and productive

BY JOHN CUMMING sector on the continent. jcumming@northernminer.com While global mine production increased in 2016 by 35 tonnes to 3,255 tonnes (104.7 million oz.) according to Metals Focus Ltd. and by 14 tonnes to 3,222 tonnes (103.6 million oz.) according to GFMS — both figures being the seventh consecutive, all-time highs, in contrast to earlier predictions of a slight decline — Africa stands out as one of the top-performing regions of the world for gold mine production.

According to Metals Focus, Africa hosts five countries among the world’s top gold-producing countries, which are led by the top five of China, Australia, Russia, the U.S. and Peru, which together produced 1,417.1 tonnes (45.6 million oz.) in 2016, or 44% of the global total.

But further down the top-20 list for 2016 gold production are the African countries that are consistently strong performers, all with increasing output versus 2015: South Africa in sixth spot with 165.6 tonnes (5.3 million oz.) and a slight increase from 2015; Ghana in 11th spot with 95.6 tonnes (30.7 million oz.) and a bit of a rise from 2015; Tanzania taking the 15th slot with 55.3 tonnes (17.8 million oz.) and a 4% jump from 2015; Mali in 18th place at 50.1 tonnes (16.1 million oz.) and a 2% rise from the previous year; and Burkina Faso sliding in at 19 with 41.6 tonnes (13.4 million oz.) for a whopping 8% rise year over year — the best increase amongst all countries in the top 20.

This increase in annual gold output for the five leading African nations contrasts with others in the top 20 that saw substantial yearover-year declines, especially Indonesia, -4%, and in Latin America: Argentina, -7%; Chile, -4%; Peru, -3%; and Mexico, -2%.

GFMS has quite a different list of top-20 gold mining countries, with only four African countries making the cut: South Africa (8th), Ghana (10th), Mali (15th) and Tanzania (18th).

Precious Metals Ltd. found that total African mine supply grew in 2016 by 16 tonnes (514,000 oz.), which is the largest of any region globally, as new mines in West Africa added 10 tonnes (322,000 oz.) to the mix. The consultancy says that “combined with material gains at a handful of large existing mines on the continent, this offsets ongoing losses at a number of older operations.”

It notes that Africa’s largest percent gainer for gold production in 2016 was Egypt, as Centamin’s Sukari mine boosted output by 26% to a record 17 tonnes (547,000 oz.), due to higher tonnages from the open pits and higher grades from the pits and underground.

Burkina Faso also stood out with a gain of 3 tonnes (96,000 oz.), with the start-up of Roxgold’s Yaramoko and Endeavour Mining’s Karma gold mines, which added 4 tonnes.

Other highlights for Metals Focus were Tanzania’s 4% increase due to a 3-tonne gain at Acacia Mining’s North Mara mine, where grades “improved 25% as richer ore was processed from the new Gokona underground mine,” as well as Eritrea’s increased stature as Zara Mining Share Co.’s Zara gold mine hit commercial production in January 2016, doubling the country’s gold output.

South Africa, Mali and Ghana all saw material gains from new and improved gold operations almost completely offset by losses from more established operations in 2016.

The biggest production losses in Africa on a percentage basis were seen in Mauritania (-19%) due to a 20% drop in output from Kinross Gold’s Tasiast mine and in the Democratic Republic of the Congo (-3%), as Randgold Resources’ Kibali mine had a platform stability issue in early 2016.

Also of note, in 2016, the second-largest gold mine start-up in the world was Asanko Gold’s Asanko mine (formerly the Obotan and Esaase projects) in Ghana at 6 tonnes (193,000 oz.), following only Torex Gold’s Morelos in Mexico at 9 tonnes (289,000 ounces).

One area where Africa lags most of the world is in gold production costs. While the world average according to Metals Focus Ltd. was total cash costs of US$634 per oz. and all-in sustaining costs (AISCs) of US$852 per oz., Africa had total cash costs of US$739 per oz. and AISCs of US$937 per oz. — second only to the highest-cost region of Europe. On the positive side, Africa saw its costs decline 3.5% in 2016, in line with the world average. TNM

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

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1-16, 23_JUNE26_Main .indd 4

O P- E D

Professional Directory. . . . . . . . . . . . . . . 17 Stock Tables. . . . . . . . . . . . . . . . . . . . . 18-22

COMPANY INDEX Acacia Mining . . . . . . . . . . 5 African Gold Group . . . . . 9 Agnico Eagle Mines. . . . 7,8 Avocet Mining. . . . . . . . . . 9 Barrick Gold. . . . . . . . . . 1,5 Castle Silver Resources. . . 7 Crystal River Global Ltd..15 Fission Uranium . . . . . . . 23

Gold Fields. . . . . . . . . . . . . 9 Goldcorp. . . . . . . . . . . . . . . 1 Golden Star Resources. . . 9 Iamgold. . . . . . . . . . . . . . . . 8 Ivanhoe Mines. . . . . . . . . 15 Katanga Mining. . . . . . . . . 9 Kinross Gold. . . . . . . . . . 3,9 Newmont Mining . . . . . . 14

Orca Gold. . . . . . . . . . . . . . 3 Randgold Resources. . . . 15 Roxgold. . . . . . . . . . . . . 9,10 Royal Gold . . . . . . . . . . . . 12 Sumitomo Metal Mining . . . . . . . . . . . . . . . 8 Yamana Gold . . . . . . . . . . . 8 Zijin Mining Group. . . . . 15

Mining industry should use less water COMMENTARY

| Lower-quality, fit-for-purpose water may provide solution for miners

BY DENNIS GIBSON AND STEVEN TRUBY

E

Special to The Northern Miner

nvironmental responsibilities loom large over the mining industry, forcing mine operators, shareholders and regulators to minimize the impact of mines on the surrounding land and communities, and rethink water management.

Operators can improve traditional water-management practices by using recent advances in technology and data analytics and adopting designs that enable water-efficient mining in an era characterized by droughts, watersupply problems and aging water infrastructure.

Mining operations, most of which are in remote locations, often face the conundrum of too much or too little water. But the underlying principle guiding most water management programs is to keep water clean, which lowers the need to take action to lessen environmental impacts, which can be costly.

Over the past few years, mining companies have recognized the bottom-line benefits of effective water management, especially the value of lowering water dependency by reducing and reusing mine-created wastewater.

Building on advances in water-treatment technologies and expanding “fit-for-purpose” water use requires consuming the lowest quality water possible for each mining task. Elevating water quality from lower agriculture and industrial levels to higher potable standards requires considerably more treatment and cost, while using water treated to appropriately lower levels allows miners to cut costs and their dependence on freshwater supplies.

To take advantage of fit-forpurpose water, a mining company must distinguish its water needs and match them with varying water-quality requirements in what is often an unpredictable water supply. Mine operators should pinpoint areas in their plants where recycling and lower water qual-

BUILDING ON ADVANCES IN WATER-TREATMENT TECHNOLOGIES ... REQUIRES CONSUMING THE LOWEST-QUALITY WATER POSSIBLE FOR EACH MINING TASK. ity are feasible and take steps to minimize or completely eliminate water sources that could potentially contaminate the environment.

Because mining companies do not necessarily specialize in water management, operators should consider partnering with water and wastewater professionals who could apply fit-for-purpose water use and identify improvement opportunities and suitable technologies.

Water availability and quality are often major constraints to mine development and production.

The impact of mining on our global water supply and environment can be controversial. However, these critical issues present the mining industry with opportunities to form new partnerships and engage community leaders.

Openness and transparency, combined with more environmentally responsible and technologically advanced water use and mining practices, are prerequisites to ease citizen concerns and safeguard water resources for future generations.

— Based in Kansas City, Missouri, Dennis Gibson is the chief technical officer for mining at Black & Veatch.

Steven Truby is the practice lead for mine water management at Black & Veatch’s Denver office.

Headquartered in Overland Park, Kansas, Black & Veatch is a global leader in engineering, procurement and construction services for energy, water and telecommunications, with more than 100 offices worldwide. Visit www. bv.com for more information. TNM

2017-06-20 9:03 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JUNE 26–JULY 9, 2017

5

Barrick, Acacia at odds with gov’t in Tanzania GOLD

| Barrick subsidiary Acacia ponders next move in light of concentrate export ban

Barrick Gold executive chairman John Thornton (left) and Tanzanian President John Magufuli meet in Dar es Salaam, Tanzania, on June 14. OFFICE OF THE PRESIDENT OF TANZANIA

BY MATTHEW KEEVIL

B

mkeevil@northernminer.com VANCOUVER

arrick Gold’s (TSX: ABX; NYSE: ABX) senior management is preparing for negotiations over an evolving sociopolitical situation in Tanzania that could lower its gold production from the country. The company holds a 63.9% equity stake in Acacia Mining (LON: ACA), which was spun out seven years ago as a subsidiary named African Barrick Gold.

Acacia is the largest gold producer in Tanzania with operating mines: Bulyanhulu, Buzwagi and North Mara. The company expects to produce between 850,000 and 900,000 oz. in 2017, at all-in sustaining costs (AISCs) ranging from US$880 to US$910 per ounce. Barrick’s share of production would equate to 450,000 oz. gold.

Acacia has been negotiating with the Tanzanian government over a halt on concentrate exports that President John Magufuli instituted on March 3. The measure was reportedly enacted over regulatory concerns surrounding valuation on mineral exports.

“Kelvin Dushnisky and I were in Tanzania,” Acacia CEO Brad Gordon said during a June 2 conference call. Dushnisky serves as Acacia’s chairman, as well as president at Barrick.

“We are receiving support from Barrick through this situation. On the ground this is the first time Kelvin has been with me during senior-level meetings in country. So we largely drove it ourselves until this point, but [they are] ready to assist in any way they can.”

In 2016, Acacia’s concentrate sales accounted for 45% of revenue at Bulyanhulu and 55% at Buzwagi.

Concentrates were 30% of Acacia’s total revenues.

BMO Capital Markets analyst Andrew Breichmanas calculates the suspension of exports results in “an average loss of over [$1 million] per day.”

The situation worsened on May 24 after a presidential committee of “academics and industry professionals” claimed that the value of minerals within Acacia’s inspected containers was “more than 10 times the amount declared.”

The committee claims that “277 containers, representing production in January and February, hold between 250,000 and 425,000 oz. gold,” versus a declared amount of 26,000 ounces.

The operations jointly generated 450,000 oz. in 2016, with 205,000 oz. reporting to concentrate.

1-16, 23_JUNE26_Main .indd 5

Acacia noted that the findings indicate that Bulyanhulu and Buzwagi each produce more than 1.5 million oz. gold per year. This would imply the operations are the second and third largest gold mines in the world after Muruntau in Uzbekistan, and that Acacia on its own is the world’s third-largest gold producer.

“The first committee was of a technical nature, and looked purely at the contents of the containers of concentrate at the port. The report from that committee delivered results we can’t reconcile, and we’ve requested a copy of that report and an independent review,” Gordon said.

“A second committee has been assembled for the economic and legal aspects of concentrate exports going back to the beginning of the mines. We’ve been hosting them at site over the past few weeks and they are close to finalizing a report.”

Barrick said it was “offering Acacia its full support” in a May 25 press release, though the gold major reportedly contemplated selling its stake in Acacia in mid-2016. Barrick said it would “evaluate any necessary adjustments to its full-year outlook if Acacia determines a revision to its own 2017 guidance.”

Acacia had first-quarter production of 219,670 oz. gold at AISCs of US$934 per ounce. The company has been stockpiling its concentrate inventory during negotiations, and reported it has “the capacity, if need be, to store the concentrate for a period beyond the containment storage.”

On May 31, the company reported 85,000 oz. gold, 4 million lb. copper and 50,000 contained oz. silver within unsold concentrate.

“We expect to engage with the senior levels of government after the second committee releases its report in the next one to two weeks.

We can’t continue this way forever

Machines in the pit at Acacia Mining’s North Mara gold mine in Tanzania. ACACIA MINING

in terms of operation and capital,” Gordon added.

“If we get to a point, after the release of a second report, where we see an impasse in dialogue with the government, we’d put the Bulyanhulu operation on care and maintenance. Likewise, we might put the mine under care and maintenance if our cash position decreases to a certain level,” he said.

Scotiabank analyst Tanya Jakusconek says that putting Bulyanhulu on care and maintenance would cost Acacia “$30 million for retrenchments and breaking contracts, plus another $2 million to $3 million per month.”

The second committee released its report on June 12, which Acacia management described as “disappointing” in a subsequent conference call. The findings alleged that the company had “under-declared revenues and tax payments, over a number of years, by tens of billions of dollars.”

As a result, the committee recommended a series of potential resolutions, including: more taxes and royalty payments based on historical inconsistencies, updated mineral development agreements, government ownership in the mines and extensions of the export ban.

The Tanzanian government “is looking for a fair return on the gold we mine in country, while from our side there are a number of issues around the operating environment in Tanzania that need to be addressed,” Gordon said on a June 15 conference call. “We need to address the lack of trust between ourselves and the government.”

Barrick reported that its executive chairman, John Thornton, had met with President Magufuli in what

it called “constructive and open” discussions.

Shares of Acacia have dropped nearly 35%, or the equivalent of US$1.91 per share, on the London Stock Exchange since May. BMO Capital Markets cut its price target on the company from US$7 to US$3.90 per share after the committee reports. Acacia reported net cash of US$196 million at the end of March.

“A discrepancy of such magnitude appears difficult to reconcile given that it would represent anomalous performance for wellestablished operations, indicate a significant failure of regulated export processes and require collaboration from numerous entities,” Breichmanas wrote.

“It appears that a near-term resolution to resume concentrate exports

may be difficult to achieve, likely forcing management to consider the suspension or curtailment of operations,” he added.

BMO Research said that the current “impact on … estimates for Barrick have been negligible,” but noted that risks to production guidance remain if negotiations with the Tanzanian government deteriorate.

Barrick expects to produce 5.4 million oz. gold this year.

“It’s early days in terms of negotiations and the situation is fluid,” Gordon said.

“There’s been no clear message … the president has been saying, for some time, that he’s keen Tanzania gets fair return on its assets. The mining industry is a significant part of that, and he feels strongly about smelting in the country. We’re happy to talk to him about it.” TNM

Peter (A.C.A.) Howe, a well known and respected member of the Toronto exploration and mining community, and founder of the independent geological and mining consulting firm A.C.A. Howe International Limited (ACA Howe). Peter passed away peacefully in Toronto on June 12 at age 88.

Born in Jakarta Indonesia, Peter attended schools in England and Australia, eventually graduating in 1949 from Imperial College with a degree in mining engineering, and as an Associate of the Royal School of Mines, London, England. He was a registered Professional Engineer of Ontario, and a Fellow of the Canadian and Australian Mining and Metallurgical Societies. Peter’s experience included the management of small gold mines in Zimbabwe prior to becoming a resident of Canada.

In 1960 Peter commenced consulting for exploration companies in Canada and founded the consulting firm of ACA Howe International Limited in Toronto. During the ensuing years, he expanded the firm’s operations to Australia, England, South Africa, and Indonesia. A.C.A. Howe International continues to operate today as part of the CSA Global Group.

Peter also founded Howe Exploration and Development Co. Ltd. (“HED”) to operate as a mining contractor. HED’s main purpose was to re-open old mines to facilitate the exploration of deposits prior to a feasibility study.

During his career as a consultant, exploration programs led by Peter resulted in several producing mines, including Tantalum Mining Corporation of Canada’s (Tanco) Bernic Lake tantalum mine; the Jabiluka uranium deposit in Australia; the Wheal Jane tin mine in Cornwall, England; and three gold producers in Indonesia; the Mt. Muro, Ampalit, and Mirah mines, plus an alluvial diamond deposit in the Central African Republic. Peter was also a great mentor to his many employees and associates, many of which are active and respected members of the exploration and mining community today.

Peter is survived by his wife Jovette, and his two sons Anthony and David, and his sister Anne in England.

A celebration of Peter’s life will take place during the 2018 PDAC Convention in Toronto, March 4th to 7th.

2017-06-20 9:03 PM

6

WWW.NORTHERNMINER.COM

JUNE 26–JULY 9, 2017 / THE NORTHERN MINER

Workers in the flotation cell facility at Katanga Mining’s Katanga copper-cobalt project (majority-owned by Glencore) in the Democratic Republic of the Congo, before processing was suspended in 2015. KATANGA MINING

Cobalt deficit on the horizon “OVER 90% OF THE WORLD’S COBALT IS MINED AS A BY-PRODUCT OF NICKEL AND COPPER OPERATIONS ... THERE IS ONLY ONE PRIMARY COBALT MINE IN THE WORLD AND THAT’S IN MOROCCO.”

COBALT From 1

economic geology from Imperial College London, where he specialized in the “decoupled mineralization” of base metals.

The Northern Miner: Where have cobalt prices ranged over the last year or so?

Edward Spencer: The price of 99.8% cobalt metal started at US$10.25 per lb. in January 2016 and ended the year at US$14.15 per pound. The prices have really ramped up in the first quarter of 2017, however, increasing from US$14.15 per lb. at the start of January, to US$27.75 per lb. at the end of March — nearly doubling over the three-month period.

Last year, the annual average price for 99.8% minimum cobalt metal came in at US$12.10 per pound. If you look at that on an annual average basis, the last time it was that low was in 2003, and, in real terms, 2002 was even lower. So we are seeing 14-year lows on the cobalt price on an average annual basis in 2016.

Part of the reason why we were so bullish last year was because we were scraping along the bottom, and yet there is all this growing demand for things like electric vehicles. We were always anticipating a big price response in 2017. There were some gains towards the end of 2016: the

EDWARD SPENCER CRU GROUP

price went up US$2 in the second half to US$14.15 per lb. at year-end.

But this was only the beginning of the surge that we have seen in 2017.

We’ve gone up by over 100% on last year’s annual average. For 99.3% cobalt metal, the price is US$25 to US$26 per lb., whereas the highgrade cobalt (99.8% minimum) is just over US$27 per pound. But offers for high grade come in at just above US$28 per pound. The lower-grade metal type is 99.3%. Those are the two broadly stated metals — 99.3% and 99.8%.

TNM: A few years back there was a rush into rare earth metals, but the fundamentals for cobalt seem a lot different.

ES: China had a whole strategic position for rare earths supply. They were dominating rare earth production, with limited supply coming from elsewhere in the world.

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In a similar fashion, China absolutely dominates cobalt chemicals production and in 2017, could produce 80% of the world’s cobalt salts — including cobalt sulphate and cobalt oxide, which are used in lithium ion batteries. China is in a position to produce these chemicals, and most of the material is refined from hydroxide and concentrates imported from the DRC. The DRC is responsible for 60% of the world’s mined cobalt production, so there are big questions about supply risk.

If we see disruption to the DRCChina supply f low, we could see prices jump even higher. Demand for electric vehicles growing out of a small base is going to put pressure on cobalt supply.

TNM: Where do you see cobalt demand moving for electric vehicles?

ES: Cobalt demand for electric vehicles is going to grow 25% per year for the next five years, and while that isn’t the biggest end-demand, it drags up demand for cobalt. Demand for most other metals (such as nickel and copper) is only growing at 2–3% a year, whereas cobalt demand is growing at 7%. This puts pressure on cobalt supply, with over 90% of the world’s cobalt mined as a by-product of nickel and copper operations. If you have nickel and copper demand growing at a couple percent per year and demand growth for the by-product, cobalt, growing at 7%, you get a tightening of byproduct supply.

TNM: Are there any primary cobalt mines?

ES: There is only one primary cobalt mine in the world, and that’s in Morocco. The mine is called Bou-Azzer and is owned by CTT or Managem — partly owned by Morocco’s royal family. It produces cobalt and arsenic. You also have primary material coming from artisanal miners in the DRC. The rest is by-product.

TNM: Can you discuss cobalt demand?

ES: The cobalt market is 100,000 tonnes per year. If you have demand growing at 7% per year, it means that five years down the road you’ll need to find 40,000 tonnes of cobalt. We’re looking at — in five

years — needing another 40,000 tonnes of cobalt to meet growing demand from the lithium-ion battery industry. Eurasian Resources’ RTR project and Glencore’s restarting of Katanga could provide 40,000 tonnes of contained cobalt to the market once in full capacity.

TNM: Apart from the battery markets, where else is cobalt used?

ES: Outside lithium ion batteries, cobalt chemicals are used in things like pigments, dyes, catalysts and ceramics, which consume quite a lot, but in terms of the main growth areas, the next biggest after lithium ion batteries are airplane turbines.

All aircraft engines will need super-alloys with a high content of cobalt in their hot sections. That’s the next biggest sector. You’ve also got cemented carbides, which are used in metal cutting, automotive production and a number of other applications, where having hardened tools are key.

We model 50 end-uses for cobalt and out of these, we forecast pretty healthy growth in about 46. There are only four uses that appear to be contracting, such as gas-to-liquid catalysts and NiCd batteries. Across the board there is strong demand growth.

TNM: Are there any big cobalt projects coming online in the near future?

ES: If you look at the market balance going forward, we’re waiting for big projects like Eurasian Resources’ RTR project and Glencore’s Katanga to come online in the DRC — that probably will be in 2019.

Meanwhile, we have the ramp-up of Tesla’s Gigafactory and a series of other battery factories coming online in 2018–2019, so the market will be squeezed for the next three years, which should support prices at current levels.

TNM: But they could move higher.

ES: They could go higher if there’s political instability in the DRC for example, or energy infrastructure problems in the DRC. Then we could see a huge shock in supply going to one of those peaks — around US$50 per tonne — but at this point we think indications from consumers and suppliers suggest that prices

can be supported at US$25 to US$30 per pound.

Eurasian’s RTR project will reprocess tailings in the Kolwezi areas in the DRC to create cobalt hydroxide, which can be sent to China for refinement into battery salts. The project has a high cobalt-to-copper ratio, which gets over the problem of creating lots of unneeded copper to bolster cobalt output. The rocks are already broken up, making the ramp up fairly rapid. Glencore is the biggest producer.

TNM: Where are most of the other mines that produce cobalt as a byproduct?

ES: There are 60 cobalt mines in operation. There are quite a few in Australia. There are laterite deposits in Indonesia, the Philippines, New Caledonia and Papua New Guinea.

You have by-product cobalt coming from platinum mines in South Africa and you’ve got quite a few big sulphide nickel-cobalt mines in Canada and Russia. They are all over the place, but most are coming out of the DRC. TNM: Which are the ones in Canada?

ES: Some cobalt is coming from the nickel operations of companies like Vale and Glencore, such as Voisey’s Bay, Raglan and Thompson. They are all producing lots of cobalt. They’d struggle to produce more cobalt, however, because of the problem of subdued nickel prices. Ramping up nickel production so that you can produce more of your cobalt metal isn’t a possibility.

TNM: How big do you think the cobalt deficit will get in the next few years?

ES: The market could move into a 5,000-tonne deficit in 2017 — having been in a smaller deficit in 2016 — and the pricing reflects that we’re moving into a global deficit.

There are global stocks that are moving down, and that drawdown will make the market more prone to price volatility going forward. There are precious few projects that are in advanced stages of development, and that’s because of the falling investment cycle in new nickel and copper projects. Because cobalt is all by-product supply, it’s hard to get projects up and running regardless of the cobalt price, so you have to find those rare deposits that have cobalt, and there are precious few of those anywhere near an advanced stage at the moment, so it’s all pointing to more of a squeeze going forward.

With prices having done what they’ve done, we’ll see a bit of a response in global supply, but because there are very few projects being developed, supply is going to struggle to keep up with demand growth. TNM

2017-06-20 9:03 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JUNE 26–JULY 9, 2017

7

Castle Silver Resources markets cobalt potential to Asian buyers ONTARIO

| Junior’s past-producing cobalt assets tantalize customers in Japan, China

BY TRISH SAYWELL

A

tsaywell@northernminer.com

junior with properties in northern Ontario containing past-producing silver and cobalt mines says metal traders and carmakers in Japan and battery manufacturers in China are eager to lock up supply.

“Everyone is just scrambling to get cobalt,” Frank Basa, CEO of Castle Silver Resources (TSXV: CSR; US-OTC: TAKRF), says in a telephone interview from Beijing.

“They are extremely aggressive and want to sign agreements with us.

“In China, the first thing they said to us was: ‘Do you need money?’

That’s the first thing they said! We told them we’re just at the exploration stage, but they said: ‘We’re interested.’ We said we don’t even have an National Instrument 43-101 estimate of resources, and they’re still interested!”

In Japan, within two hours of meeting a large Japanese trading company, Basa says, he received a spec sheet for the grade of cobalt they wanted in cobalt salts for lithium-ion battery production.

The Japanese are far more concerned about nailing down cobalt supplies than they are of lithium, Basa says, adding that the powerful island nation prefers to source its cobalt from outside of the Democratic Republic of the Congo. The DRC is responsible for 60% of the world’s mined cobalt production, according to the CRU Group.

“Cobalt is a major concern because a lot of people in Japan don’t want cobalt from the DRC — they call it ‘conflict cobalt.’”

Basa adds that in contrast to marketing efforts in Toronto and Vancouver, where almost no one knows who they are, in Asia the companies were well prepared and knew exactly who they were dealing with.

“We’re just a little group out of northern Ontario and the Japanese companies knew everything about us,” he says. “They were so well prepared, and they asked us how they could work with us. The same with the Chinese companies … when we got here they already had our power-point presentation before we talked to them. They really mean business here.”

Basa says he expects to sign an agreement to produce trial samples of cobalt concentrate from its Castle Silver mine property, near Gowganda, and its Beaver silver-

A cobalt-rich vein displaying pink oxidization of the cobalt mineralization near an adit entrance at the pastproducing Castle Silver silver-cobalt project in Ontario. CASTLE SILVER RESOURCES

1-16, 23_JUNE26_Main .indd 7

Frank Basa (left), Castle Silver Resources president and CEO, and Douglas Robinson, project geologist, inspect core in the CobaltGowganda area in Ontario. CASTLE SILVER RESOURCES

“IN CHINA, THE FIRST THING THEY SAID TO US WAS: ‘DO YOU NEED MONEY?’” FRANK BASA CEO, CASTLE SILVER RESOURCES

cobalt mine property, near Cobalt, Ontario.

“We will produce a sample for their evaluation to see if we can meet their specs,” he says. “Although the Japanese and Chinese ask for the same product the specs are different. But they will take anything with cobalt in it.”

In June the company accelerated its battery sector strategy and started underground bulk sampling at its wholly owned Castle Silver mine.

The company removed a large sample from a quartz-carbonate vein structure containing visible cobalt on the first level of the historic mine, which last operated between 1979 and 1989 under Agnico Eagle Mines (TSX: AEM; NYSE: AEM).

Some of the mineralized material is being assayed, with the rest put through the company’s proprietary Re-2OX hydrometallurgical process to produce high-purity cobalt powders for evaluation by battery sector buyers.

Bulk samples will be completed over the next few weeks along with first-phase underground drilling.

The Castle Silver mine operated at various times between 1917 and 1989 and produced more than 9.5 million oz. silver and 300,000 lb. cobalt.

The 33 sq. km property near the Ontario community of Gowganda, 85 km northwest of the historic Cobalt silver mining camp, contains three mine shafts.

In 2011, drill hole 11-9 intersected 1.44% cobalt over 0.1 metre and drill hole 11-8 returned a 3.1-metre intercept of 6,476 grams silver per tonne.

Preliminary metallurgical tests in 2017 showed 98.5% and 70.5% silver and cobalt recoveries, and concentrate grades of 11,876 grams silver per tonne and 10.5% cobalt.

Basa worked at the Castle Silver mine in the early 1980s after graduating from university as a metallurgical engineer.

At the time the mine was leased

by Agnico Eagle and he worked in the mill processing ore from Castle Silver and other mines in the Cobalt

area. (The name “Agnico” being derived from elemental symbols for silver [Ag], nickel [Ni] and cobalt [Co].)

“Agnico initially was not recovering the cobalt,” he recalls. “They left the cobalt in the concentrate after they extracted the silver, and there was also cobalt left in the tailings.”

Basa was Agnico’s first metallurgical engineer at the mill and he told them they could separate the cobalt along with the silver. He took the cobalt waste and produced 13,000 tonnes of cobalt, which at the time was worth $52 million. “We spent a lot of money on developing the process,” he says. “We got funding from the government. We engineered a process that separated both the cobalt and the silver from the concentrate and made the cobalt into a commercial product we could sell. That was 50 years ago.”

With low silver prices of US$6.50 per oz., however, Agnico stopped mining at Castle Silver and elsewhere in the Cobalt camp in 1989, and shifted its focus to gold.

“W hen t h at h app ene d , we picked up some of the assets that we knew to be high-grade, and judged they were best for redevelopment,” Basa says.

Since then, Basa says, he has refined the separation process into what he calls Re-20X, which the company hopes can produce highpurity cobalt salts.

He and his team are also using the technology for test work at SGS Lakefield to see if it will work for extracting cobalt, lithium and other metals from used lithium-ion batteries.

“If we can show that it works, we could be in a position to open up a line of business extracting cobalt and other metals by recycling spent lithium-ion batteries,” he says. “We’ve asked around and we haven’t found anyone else in Canada doing that right now.”

In the meantime, the company has opened the main portal at the Castle Silver mine with ministry approval after finishing an environmental audit and financial as-

surances.

The underground drilling and sampling program was conducted on the first level from 21 metres, where the company had been granted full access.

The first of 11 levels extends 365 metres east–west and 360 metres north–south. An extensive network of structures and tunnels, developed by various operators in the 1900s, remains in excellent condition and only minor rehabilitation is needed, the company says.

Castle Silver says visible cobalt in veins that pinch and swell and continue intermittently for many tens of metres on the first level are consistent with comments in a large amount of historic Agnico Eagle data acquired by the junior.

The shallow-dipping, 300-metrethick Nipissing diabase intrusive that underlies a large part of the 33 sq. km Castle Silver property is interpreted as a heat source that mobilized silver and cobalt, but also gold, copper, zinc and nickel.

In August 2011, the junior signed a memorandum of understanding

(MOU) with the Matachewan First Nation in connection with exploring and developing the Castle Silver mine property. The agreement is in effect until Castle Silver and the Matachewan First Nation negotiate an impact benefit agreement.

Under the MOU with the First Nations, Castle Silver will contribute 2% of all exploration expenses incurred on the property, issue 50,000 shares over 18 months and issue options to buy 50,000 shares.

About 80 km southeast of the historic Castle Silver mine are the company’s Beaver and Violet cobalt and silver properties, which it acquired in 2015.

The Beaver property, 5 km southeast of Cobalt, contains the former Beaver mine, which produced 7.1 million oz. silver and 139,472 lb. cobalt between 1907 and 1940. The property is connected at depth to the Temiskaming mine, where silver was mined until 1989.

According to historical records, silver at the Beaver mine was mined from near-vertical, silver-cobaltnickel veins near the upper contact of a shallow Nipissing diabase intrusive. The intrusive crosscut Archean-age sedimentary and volcanic rocks.

Beaver Consolidated Mines worked the Beaver mine between 1907 and 1940, and developed two shafts. The deepest runs 488 metres deep, with 13.7 km of drifts and crosscuts.

Between 1977 and 1989, Agnico Eagle produced 29,878 oz. silver from the Beaver property.

In 2013, a 20 kg, hand-fobbed sample from Beaver tested 7.98% cobalt, 3.98% nickel and 1,246 grams silver. The company is testing samples from tailings and historic waste-rock piles.

“We have spent $4 million and completed a drill program in 2011, and have shown the world that you can find all these cobalt-rich silver veins that past mining left behind,” Basa says. “Past mining in the Cobalt area focused on veins with high-grade silver and ignored veins with low-grade silver, even if they had high-grade cobalt.” TNM

EXECUTIVE APPOINTMENT

Peter G. Kukielski Nevsun Resources Ltd. is pleased to announce the appointment of Mr. Peter G. Kukielski to the position of President and Chief Executive Officer. Mr. Kukielski brings more than 30 years of diverse international experience in the mining industry to this role.

Most recently, Mr. Kukielski was Chief Executive Officer of Anemka Resources from 2014 to 2017, a private company backed by Warburg Pincus formed to invest in global mining assets. From 2008 to 2013 he was the Chief Executive Officer of AcelorMittal Mining, responsible for 27 operating mines and three major development projects, across 12 countries. In prior years, he held progressively senior roles with other mining firms that included direct experience in engineering, commissioning and operating large scale mines in numerous international jurisdictions.

Mr. Kukielski holds a Masters of Science degree in Civil Engineering from Stanford University in California.

Nevsun Resources Ltd. is the 100% owner of the high-grade copper-gold Timok Upper Zone in Serbia and 60% owner of the high-grade copper-zinc Bisha Mine in Eritrea. Nevsun is well positioned with a strong debt-free balance sheet to grow shareholder value through advancing the Timok Project to production.

2017-06-20 9:03 PM

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JUNE 26–JULY 9, 2017 / THE NORTHERN MINER

Sumitomo joins Iamgold at Côté gold project ONTARIO

| Agreement would see Sumitomo pay US$195M for 30% stake

BY MATTHEW KEEVIL

I

mkeevil@northernminer.com

amgold (TSX: IMG; NYSE: IAG) been searching for a partner to help shoulder capital development costs at its Côté gold property, 130 km southwest of Timmins, Ont., and it has found a fit in Japan’s Sumitomo Metal Mining.

After a year of behind the scenes discussions, Sumitomo agreed on June 5 to pay US$195 million for a 30% undivided interest in the project, with Iamgold holding the remaining interest.

Sumitomo will pay US$100 million upon closing, and the final U$95 million within 18 months, or after the filing of a feasibility study scheduled for year-end 2018. The companies will form an unincorporated joint venture to advance the project.

Côté’s low-grade, gold-copper mineralization is associated with brecciated intermediate to felsic and locally mafic intrusive rocks.

The alteration and mineralization reportedly indicate “a large system interpreted as an Archean goldporphyry deposit.”

The property hosts proven and probable reserves of 196 million tonnes grading 0.94 gram gold per tonne for 5.93 million contained oz. gold. The calculations are based on a reserve price of US$1,200 per oz. gold.

Iamgold acquired the asset via the $585-million acquisition of Trelawney Mining and Exploration five years ago. The company took a US$400-million impairment on the asset in 2015 due to “falling gold prices” before suspending operations at the site.

“Sumitomo has a strategic objective to get its gold production up over 1 million oz.,” Iamgold senior-vice president of business development Jeffery Snow said during an investor conference call. “Côté is just a beginning for them and they’ll look aggressively for other acquisitions.

They hope to partner with us in that search for opportunities.”

Iamgold has released a prefeasibility study on the project, which

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Drill rigs at the Côté gold property in 2011, before Iamgold aquired the project by buying Trelawney Mining and Exploration in 2012. IAMGOLD

“SUMITOMO HAS A STRATEGIC OBJECTIVE TO GET ITS GOLD PRODUCTION UP OVER 1 MILLION OUNCES ... CÔTÉ IS JUST A BEGINNING FOR THEM.” JEFFERY SNOW SENIOR-VICE PRESIDENT OF BUSINESS DEVELOPMENT, IAMGOLD

was prepared in conjunction with Amec Foster Wheeler and Roscoe Postle Associates.

The study models a US$1.1-billion development that would produce 320,000 oz. gold annually over a 17-year mine life at all-in sustaining costs of US$689 per ounce.

GMP Securities analyst Steven Butler noted that Iamgold’s operating unit cost estimate, at US$15.43

per tonne milled, “reconciles closely” with Agnico Eagle Mines (TSX: AEM; NYSE: AEM) and Yamana Gold’s (TSX: YRI; NYSE: AUY) Canadian Malartic mine, 25 km west of Val-d’Or, Quebec.

“Côté is a much larger capital project than some in our portfolio, and obviously it takes more years to reach positive cash flow,” Iamgold president and CEO Stephen Letwin said. “The large capital requirement drove us towards de-risking the project and bringing in a partner.”

The open-pit operation would feature a 32,000-tonne-per-day processing circuit that includes primary and secondary crushing; tertiary high-pressure grinding roll crushing and ball milling; gravity concentration and cyanide leaching; and gold recovery using carbon-in-pulp, stripping and electrowinning.

The average production grade

An outcrop at Iamgold’s Côté gold property in Ontario. IAMGOLD

would be an estimated 0.94 gram gold, while the life-of-mine stripping ratio is pegged at 2.85.

“We understand why Côté would have a low ‘consensus value’ due to associated risks and uncertainties,” Letwin said. “We hope this deal will solidify a higher valuation for the asset because, in our view, there’s been an underappreciation of its worth. The recent mergers and acquisitions activity in our space shows it’s very, very difficult to find quality assets in North America that have received environmental permits and are close to infrastructure.”

The study indicates an after-tax net present value of US$703 million at a 5% discount rate, along with a 14% internal rate of return and 3.5-year payback period. All economic results assume a gold price of US$1,250 per oz.

Iamgold received environmental assessment approval from the Ontario Ministry of Environment and Climate Change in January, which followed a positive decision on the federal environmental assessment issued by the federal Ministry of Environment and Climate Change last year.

Sumitomo reported in another press release that there is a “view to begin construction in 2019 and production in 2021.”

BMO Capital Markets analyst Andrew Kaip has a “market perform” rating on Iamgold and a $5 price target. He noted that “the Côté crushing circuit makes use of high-pressure grinding rolls, which could add technical and operating risks to the project. The company also plans to use thickened tailings, currently upstream, and could benefit by moving to centre line.”

Iamgold shares has traded within a 52-week range of $4.18 to $7.65 per share, and closed at $6.68 at press time.

The company has 465 million shares outstanding for a $3.1-billion market capitalization, and reported cash and equivalents of nearly US$1.2 billion in March.

“What we want to underline today is that this is not just about Côté, which is the first of many transactions with Sumitomo,” Letwin says. “Both parties are entering into this agreement with the intent to partner on developing future gold mines.” TNM

2017-06-20 9:03 PM

AFRICA The Nkran pit at Asanko Gold’s namesake gold mine in Ghana.

Forbes & Manhattan backs African Gold Group

SPECIAL FOCUS

ASANKO GOLD

Sam Coetzer breathes new life into Golden Star SITE VISIT

| 2017 is a transformative year, with two open pits and two underground mines

GOLD

| AGG hopes to rescope Kobada gold project in Mali

BY TRISH SAYWELL

A

tsaywell@northernminer.com

s part of a private placement in March, Forbes & Manhattan Resources Inc., along with several other investors, including company insiders, took a 17% stake in a junior exploration company with a gold project in Mali near the border with Guinea called African Gold Group (TSXV: AGG).

Forbes also appointed Brett Richards, a dealmaker with a 10-year track record in Africa, as the junior’s president and chief operating officer.

Richards, along with four former colleagues from Kinross Gold (TSX: K; NYSE: KGC), were the team at Katanga Mining (TSX: KAT) that restarted the Kamoto project, now an underground copper-cobalt mine, in the Democratic Republic of the Congo.

Richards, a mechanical engineer with an MBA from Cornell University’s Johnson School of Business, also built the Inata gold project in Burkina Faso during his tenure as CEO at Avocet Mining (LON: AVM); completed and operated the Octea diamond project in Sierra Leone, now the largest diamond producer in West Africa, as CEO of privately held Oceta Ltd.; and built Renew Resources in Liberia, which controls the largest tropical hardwood concession in Africa.

He also served as CEO of Roxgold (TSX: ROXG; US-OTC: ROGFF) through a proxy battle and corporate transition, and recently finished a platinum project in South Africa for a private company called African Thunder Platinum.

Now he says it’s time to refocus on building a gold company in West Africa, and African Gold Group is a good place to start. The junior’s Kobada gold project, 120 km southwest of Bamako, already has a proven and probable reserves of 500,000 oz. gold (12.7 million tonnes at 1.25 grams god per tonne) and more than 2 million oz. gold in the measured, indicated and inferred resource categories (a combined 68.2 million tonnes at roughly 1.05 grams gold). That totals 2.75 million oz. gold in all reserve and resource categories.

A second gold project called Madougou in Burkina Faso also shows potential.

African Gold Group completed a feasibility study on Kobada early last year that envisioned treating only oxide ore in two pits, which would produce 50,000 oz. gold over an eight-year mine life at cash costs of US$557 per oz. and all-in sustaining costs (AISCs) of US$788 per ounce.

But the previous management team were constrained by poor markets and Richards says it’s a much

BY TRISH SAYWELL tsaywell@northernminer.com PRESTEA, GHANA

S

am Coetzer was senior vicepresident of Kinross Gold’s (TSX: K; NYSE: KGC) South American operations when he got a call in 2011 from Christopher Thompson, chairman of the board of an underperforming junior gold producer in Ghana called Golden Star Resources (TSX: GSC).

Thompson, a mining executive from Zimbabwe who before Golden Star had spent seven years at the helm of Gold Fields (NYSE: GFI) — which he helped transform from a South African mining company producing 2 million oz. gold a year to a global producer of well over 4 million oz. a year — wanted Coetzer’s opinion about Golden Star’s troubled operations in West Africa.

Coetzer, a South African mining engineer who over his career had extensive experience in underground mining (12 years in South Africa, three in Fiji and another five in Canada at Placer Dome’s Musselwhite mine) agreed See GOLDEN STAR / 12

Golden Star Resources’ president and CEO Sam Coetzer at the Wassa open-pit gold mine in Ghana. PHOTO BY TRISH SAYWELL

TSX:ROXG

HIGH GRADE LOW COST GOLD PRODUCER

105,000 – 115,000 oz Au* in Burkina Faso

*Production 2017e

roxgold.com

See AFRICAN GOLD / 10

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2017-06-20 9:03 PM

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AFRICA

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Roxgold eyes Yaramoko expansion BURKINA FASO

BY LESLEY STOKES

A

lstokes@northernminer.com VANCOUVER

frican miner Roxgold (TSX: ROXG) has plans to boost production at its Yaramoko gold mine in Burkina Faso by adding resources from its Bagassi South project, 1.8 km south of the underground mine site.

The company says Bagassi South could deliver 30,000 oz. gold per year, assuming 350 tonnes per day over a five-year mine life.

“If it all goes according to plan, we’ll access the ore by the second half of next year, and produce gold by 2019,” Roxgold’s president and CEO John Dorward said during a presentation at The Northern Miner’s Canadian Mining Symposium in London in May. Dorward said the goal is to increase annual production at Yaramoko to 150,000 oz. gold, up from 105,000 to 115,000 oz. gold, as stated in the company’s 2017 production guidance.

The expansion would require increasing Yaramoko’s capacity of 750 tonnes per day to 1,100 tonnes per day, which could cost Roxgold US$32 million.

“By 2019 we should run at a higher rate, so the challenge now is to keep drilling out Bagassi South and grow our resource base,” he said.

Roxgold recently completed a 29,000-metre drill program targeting structurally controlled gold mineralization at Bagassi South’s two main deposits, QV1 and QV Prime, where resources total 563,000 inferred tonnes of 12.14 grams gold per tonne for 220,000 oz. gold.

The program had a dual approach:

| Roxgold’s Bagassi South project could add 30,000 oz. gold to Yaramoko

“WHAT WE ALWAYS WANTED TO DO WITH THE COMPANY WAS BUILD A CASH MACHINE.” JOHN DORWARD PRESIDENT AND CEO, ROXGOLD

convert QV1’s inferred resource into indicated, and test the extent of high-grade ore shoots at QV Prime. (Mineralization at QV Prime is less understood, accounting for only 10,000 oz. gold of the project’s total resource.)

And there’s room for both deposits to grow, Dorward noted. At QV1, the drill campaign extended mineralization to 425 metres deep, with intersections of 13.1 metres of 13.5 grams gold.

Drilling at QV Prime — 100 metres north of QV1 — was designed to follow up on previous intercepts of 4.5 metres of 36.7 grams gold.

Results included 0.8 metre of 290 grams gold, and 3.2 metres of 11.4 grams gold.

“We’re quite comfortable with extending the envelope of mineralization and we expect to add ounces,” Dorward said. “QV1 and QV Prime should be open to common access for underground development, so all in all, they provide an incremental growth platform.”

The recent drilling will underpin a resource update in the third quarter of this year, followed by a feasibility study at year-end. Permitting the project should also be straightforward, he noted.

Roxgold’s CEO John Dorward addresses attendees at the Canadian Mining Symposium at Canada House in London, U.K., in May 2017. PHOTO BY MARTINA LANG

“A lot of what we’re seeing is similar to what we see at Yaramoko, so we’re not anticipating any surprises as we advance towards feasibility.

Most of the work has already been done,” he said. “We’ve started the permitting process, but it’s just an extension to our existing exploitation permit, so it’s nothing new either.”

Bagassi South isn’t the only suc-

cess Roxgold has enjoyed over the past year. The company has been raking in profits and paying back debt since achieving commercial production at Yaramoko eight months ago.

In the first quarter, Roxgold produced 35,594 oz. gold at average head grades of 17.3 grams gold, and all-in sustaining costs of US$720 per oz. gold. The company gener-

ated cash flow of US$23.7 million, or 9¢ per share.

With US$53 million on hand, and having made an early repayment of US$15 million under its US$75-million credit facility (which is lowered quarterly and not due until 2021), the company is in good financial shape.

“What we always wanted to do with the company was build a cash machine,” Dorward said. “We focus more on high-quality ounces than the number of ounces produced.”

Yaramoko’s deposit, the 55 Zone, is also open to expansion. Drilling has outlined mineralization to 1,000 metres deep with intercepts of 23.8 metres of 20.1 grams gold, and 2.1 metres of 6 grams gold.

“Infill drilling from surface is quite inefficient, the resource is too deep,” he said. “At the end of this year we’ll be in a position to have underground drilling platforms, so we’re looking forward to upgrading our resource … and there’s potential that this orebody could get dramatically thicker at depth.

We’re designing a drill program to test that thesis, so hopefully there’s more excitement coming down the pike.”

Macquarie Research analyst Michael Gray said in a report that Yaramoko’s “exceptional grades” and “encouraging resource growth” could be catalysts for the company.

He rates shares of the company as “outperform” and has a $3-per-share price target.

Shares of Roxgold have traded in a 52-week range of $1.07 to $1.76, and closed at $1.15 at press time. The company has 371.4 million shares outstanding for a $428-million market capitalization. TNM

Forbes & Manhattan backs African Gold Group AFRICAN GOLD From 9

better environment now to build a project on a larger scale.

“African Gold Group put together the 2016 feasibility study on a scope that they felt they could finance, at a time in the market when project financing and the equity capital markets were virtually closed to preproduction junior mining companies,” Richards says in an interview. “There simply wasn’t capital available to AGG in the market to drill out the property extensively in an effort to understand the potential size of the resource.”

The problem is that it’s difficult for institutional investors to get excited about such a small production profile, he says, because small projects deliver a fraction of the economics while assuming all of the same risks as a larger producer in the same jurisdiction.

Richards plans to review the re-

sources and data sets at Kobada, take a closer look at the local workings over the entire land package and see what will be needed to re-scope the project. And if it can be a larger project, what will the company need to do to demonstrate that a larger production profile is economically accessible and makes sense.

“We have to look at Kobada with no capital constraints to optimize the size of the oxide resource and the mineability of the oxide reserve and resource,” he says. “We need to look laterally, versus looking deeper.

We want to keep it simple, and understand the overall quantum we are dealing with down through the saprolite to 120 metres to 160 metres, but over a larger area.”

If that hypothesis proves correct, he says, Kobada could evolve as a series of long and fairly shallow pits along strike and in the parallel sheer zones to the main structure.

By doing it that way, the company

Structural reinterpretation New gold zone defined 2 year mine life extension Think of the profits. Visit: na.srk.com resourceful | experienced | worldwide

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could have a low strip ratio, keep operating and power costs low, and preserve the sulphides at depth for a possible third-phase expansion depending on future gold prices.

“We feel that if the oxides prove to be of similar nature and consistency throughout the land package we will be able to justify and substantiate a much larger production profile with life-of-mine AISCs that are similar to the 2016 feasibility study,” he says. “That is our target — explore the possibility of a 100,000 to 120,000 oz. production profile as our phase-one strategy, followed by resource development drilling and a possible phase-two expansion of either production profile or mineral resource size or both, and preserve the ‘blue sky’ optionality of a phase-three sulphide project.”

Meanwhile at Madougou, the company will continue to assemble historic geochem, geophysics, and drill and sampling data, and prepare for a comprehensive drill program after the 2017 rainy season. Richards says a maiden resource is possible within 12 months.

Madougou came into the company at the same time as the Forbes & Manhattan-led private placement, and African Gold Group has a staged earn-in to acquire 100% of the project. “For now we just need to identify key drill targets for the initial drill program,” he says, adding that Madougou has had over 130,000 metres of historic drilling with “spectacular hits.”

Richards has been working on the concept of consolidating gold assets in West Africa for over a year with various private equity partners who share the same vi-

sion. His preference, he says, is to build a gold company, and he has done a “deep dive” on 30 to 40 gold projects in West Africa, including 20 site visits.

“We can do just what Neil Woodyer of Endeavour did back in 2012 — consolidate, add value, acquire high-quality projects, create a sustainable pipeline and deliver sizeable returns to shareholders.”

Richards notes that there are a lot of juniors, explorers and preproduction companies that are trading at 0.25 to 0.35 times net asset value (NAV), whereby the delta between explorers and producers (up through mid-tiers 0.5 to 0.8 times NAV and majors 1.2 to 1.6 times NAV) is substantially higher than it was in the lead up to the last bull market for gold.

The reason, he says, “is that exploration companies haven’t been adding any value for the last three years because there was no cash and hence no activity — no drilling and no resource development.

“After the free fall of gold prices and gold equities from 2012 to 2016, most capital markets were closed for exploration dollars, and in the last year, I am seeing that changing,” he says. “Why? It is changing because the gold price is stabilizing and the view is that given the global political landscape and macroeconomic outlook, we are going to see it go up.”

“AGG is well down the ‘value chain’ — 0.20 times NAV — because of this perception, and we intend to change that perception with action and activity to add shareholder value,” he says. “The impact of putting together a number of companies with strategic syner-

gies, located in complementary jurisdictions and countries, with similar geology and metallurgy, is compelling. It is the old adage: ‘bad paper plus bad paper can equal a great deal, which delivers tremendous shareholder value.’”

Richards says he got involved in Forbes & Manhattan in October 2016 because they shared a similar view of consolidation and wanted to use African Gold Group as the platform to be that consolidator.

The mining executive notes that there are several assets in the market that are cash generative and the group is exploring the possibility of financing them if they can get them for a reasonable valuation.

“Everyone knows which ones they are: those in distress, management getting ready to give up, mid-tiers giving off non-core assets, majors looking for alternatives, and always those companies running out of cash and in a death spiral with a low share price,” he says. “The landscape is pretty well-known in our small society of West African mining people.

“We have a strong team within the group that has done this and done it many times,” he says. “I’m confident that we can do this starting as a small $20-million market cap company. But we are not going to be a $20-million market cap company for long. The timing is right as there is opportunity to be had at reasonable valuations, and we will have strong institutional support.”

African Gold Group is trading at 7¢ per share within a 52-week range of 4¢ to 12¢. The junior has 326 million shares outstanding. TNM

2017-06-20 9:03 PM

AFRICA

GLOBAL MINING NEWS

THE NORTHERN MINER / JUNE 26–JULY 9, 2017

11

AFRICA SNAPSHOT: FIVE ACTIVE FIRMS Canada-based explorers seek gold, diamonds, REEs While mid-tier gold and copper miners and developers in Africa have caught much of the attention of investors, there remains a vital contingent of small juniors that are active at a variety of mineral projects on the African continent. Here are five such companies: GALANE GOLD Nick Brodie-led, Toronto-based Galane Gold (TSXV: GG; US-OTC: GGGOF) is an unhedged gold producer and explorer, with mining operations and exploration ground in southern Africa.

One asset is the Mupane gold mine in northeastern Bostwana, which Galane acquired from Iamgold in 2011, and has been in production since 2005. Galane is working to boost production at Mupane to 30,000 oz. gold annually and lower all-in sustaining costs (AISCs) to US$980 per oz., as the mine sees improved grades, higher recoveries and consistent ore supply. Mupane remains Botswana’s only gold mine.

Galane’s other key asset is the Galaxy gold mine in South Africa’s Mpumalanga province, which Galane acquired in November 2015 and then rehabilitated. Galane describes it as one of the oldest mining operations in South Africa, with the discovery of gold by Jack Greaves in 1888.

Galane wants to expand Galaxy to a 60,000 oz. per year producer, with AISCs below US$400 per ounce.

project in Tanzania and phosphate projects in South Africa.

Wigu Hill has a National Instrument 43-101-compliant resource of 3.3 million tonnes grading 2.6% LREO5, including a higher-grade portion of 510,000 tonnes averaging 4.4% LREO5 on a southeastern ridge area called Twiga-Tembo. The dominant REE mineral is bastnaesite.

Montero has a near-term goal of operating a small mine capable of producing a mineral concentrate to deliver 5,000 tonnes per year of mixed REEs and cerium oxide.

The company would use the cash flow to fund wider exploration on the property, which it describes as “large, Molycorp look-alike carbonatite.”

SAVARY GOLD Don Dudek-led Savary Gold (TSXV: SCA; US-OTC: SVVYF) is developing its Houndé South and Serakoro 1 gold properties in Burkina Faso along with its partner Sarama Resources (TSXV: SWA).

The properties cover 750 sq. km in an emerging gold camp 130 km southwest of Semafo’s Mana gold mine and 60 km south of Endeavour Mining’s Houndé project.

include several gold-rich intercepts.

Savary’s most advanced asset is its Karankasso project, where initial pit-constrained inferred resources are pegged at 9.2 million tonnes grading 2.28 grams gold per tonne for 671,000 contained oz. gold.

TSODILO RESOURCES

Karankasso is a joint venture between Savary (69.5%) and Sarama (30.5%), with Savary as operator.

Savary says all mineralized zones remain open at Karankasso, with modelled mineralized lenses extending beyond the pit constrained mineral resources at all zones, and that it has found more than 60 gold occurrences in the last two years along five regional, 15 km long gold mineralized systems.

Savary wrapped up a 9,500-metre, second-phase, 92-hole drill program in March and released results that

It embarked on a 125-hole, 8,000-metre, third-phase program in May.

Toronto-based junior Tsodilo Resources (TSXV: TSD; US-OTC: TSDRF) is on the hunt for diamonds in the southern part of the AngolaCongo Archean craton in northwest Botswana.

Tsodilo has a 100% stake in the BK16 kimberlite project in the Orapa kimberlite field in Botswana; a 100% stake in its Gcwihaba project area consisting of 21 base metal, precious metal, platinum group metal and rare earth element prospecting licences in the NorthWest district of Botswana; plus a 70% stake in Idada Trading 361, which holds a gold and silver exploration licence in South Africa’s Barberton area.

Tsodilo describes its diamondbearing BK16 kimberlite pipe as

covering 6 hectares at surface, and being “known to contain rare and valuable Type IIa diamonds.”

The junior launched a pilot drill program at BK16 in February 2017 to achieve 50-metre grid hole spacing for the first phase of sampling via large-diameter drilling.

Tsodilo had planned to drill 14 such pilots totalling 3,100 metres.

In late May, Tsodilo was granted prospecting licence PL217/2016 in the Orapa Kimberlite Field in Botswana covering 580 square kilometres. It lies south of the Orapa and Damtshaa mines, west of the Letlhakane mine, 20 km from the BK16 pipe and near Lucara Diamond’s Karowe mine.

Tsodilo says there are several known kimberlite bodies next to the north and east of the licence block.

An exploration program has been designed to find new bodies. TNM

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Galane sold 5,531 oz. gold in the first quarter of 2017, and ended the quarter with $1.2 million in cash.

Galane is proposing to buy Australian gold mining company Vantage Goldfields, which has two financially distressed mines and a processing plant near the Galaxy operation.

KILO GOLDMINES If you’re interested in the highrisk, high-reward dynamic, look no further than Toronto-based Kilo Goldmines (TSXV: KGL; US-OTC: KOGMF). It’s an exploration and resource development company with gold and iron ore prospects in the northeastern Democratic Republic of the Congo (DRC) and a non-participatory 20% interest in the Hajigak iron ore prospect in Afghanistan.

Kilo has been a trailblazer in the DRC’s rich goldfields, and now has three drill-ready targets and a corporate goal to find 3 million oz. gold at a grade of 3 grams gold per tonne.

At its Somituri property package in the DRC’s Ngayu greenstone belt, Kilo has its Adumbi, Kitenge and Manzako prospects, and a budget to spend US$7.6 million on exploration to the end of 2017, including a $3.4-million, 8,800-metre drill program.

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MONTERO MINING AND EXPLORATION Vancouver-based Montero Mining and Exploration (TSXV: MON) is interested in mineral properties in Africa, and is focused on its Wigu Hill light rare earth element (REE)

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Tel: +27 11 709 8765 info@bme.co.za www.bme.co.za

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Sam Coetzer breathes new life into Golden Star GOLDEN STAR From 9

A crew boarding the Alimak at Golden Star Resources’ Prestea underground gold mine in Ghana. GOLDEN STAR RESOURCES

your costs are low during the time you mine the pits, you constantly have to rehabilitate and relocate communities so you see the cost a year or two later, and then you are surprised you never make the amount of money you think you will,” he says.

One of the first things he did, Coetzer says, was “bring sophistication into the company” by hiring Martin Raffield as senior vice-president of project development and technical services. Raffield has a PhD in geotechnical engineering from the University of Wales and started his career in the deep gold mines of South Africa.

Coetzer was working in business development for Placer Dome and doing due diligence at the company’s South Deep mine in South Africa when he met Raffield for the first time. Coetzer was so impressed that he recommended Placer management transfer Raffield to their Canadian operations, which it did.

Raffield worked at the Campbell mine and regularly consulted for Coetzer at Musselwhite.

Coetzer was convinced that Raffield was the right person to help him shake up Golden Star and put it back on track, and his instincts, he says, were correct.

“He single-handedly, within a year and a half, gave the board a great sense that we had more in the

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“WE STILL HAVE SOME WAY TO GO, BUT IT’S GREAT TO SEE HOW FAR OUR COMPANY HAS COME IN ITS TRANSFORMATION.” SAM COETZER PRESIDENT AND CEO, GOLDEN STAR RESOURCES

company than we ever thought,” Coetzer says.

By 2012, Coetzer and Raffield decided that there was a better use for the company’s funds than spending any more of them on the refractory business.

“The more we looked at it, and how much capital it would require, the more it didn’t make sense to us,” Coetzer says.

After permitting new oxide permits at Prestea, Golden Star shut down the refractory business at the pits on its Bogoso concession in the third quarter of 2015.

Coetzer and his team also completed two feasibility studies for a new underground mine at Wassa to complement production from the deposit’s open-pit mine, and assess whether Golden Star should rehabilitate the aging workings at Prestea underground and restart the operation.

The study on Wassa concluded that Golden Star could build an underground mine for initial capex of US$39 million and the project would yield an after-tax net present value of US$176 million, and an 83% after-tax internal rate of return.

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to look at it.

“Chris asked me to do some due diligence on the property and see if I saw what he saw, and when I did, it just jumped out at me,” Coetzer recalls of his first trip to the company’s Bogoso, Wassa and Prestea mines on Ghana’s prolific Ashanti belt.

What struck him first, he says, was that Golden Star was underperforming, despite a relatively high gold price — mainly because of its cost structure.

The junior was processing refractory and non-refractory ore from open pits on its concessions and producing between 300,000 and 340,000 oz. gold a year at a pricey US$1,300 per ounce.

The second thing that surprised him was that the company controlled 85 km of prime real estate on the 250 km long Ashanti gold belt — the largest land package of any mining company on the belt, including the majors — and had three permitted and fully paid for processing plants to boot: two conventional carbon-in-leach and one refractory using BIOX technology.

Perhaps its most intriguing attribute, however, was the pastproducing Prestea underground mine, which had over the previous century produced over 9 million oz. gold at a head grade of 11 grams gold per tonne.

“I thought there were more legs in this company than what appeared on surface,” Coetzer tells The Northern Miner. “It was a big land package with lots of infrastructure and good camps, but there was a lack of planning and not a strong use of local skills. I thought there was more value I could unlock in the company.

The challenge of a major turnaround story appealed to him, too, and in March 2011, Coetzer joined Golden Star as executive vice-president and chief operating officer. He moved up to president and CEO in January 2013.

Until Coetzer came along, Golden Star’s strategy from the time it had entered Ghana in 1999 had been to mine non-refractory and refractory ore from open pits and satellite deposits within 40 km on its three concessions: Bogoso, Prestea and Wassa.

“What I didn’t like about that business model was that although

Mining shift boss Gifty Gandhi in front of the central shaft at Golden Star Resources’ Prestea underground gold mine in Ghana. PHOTO BY TRISH SAYWELL

bishing the aging shafts and other infrastructure, and extracting gold, initially from the West Reef zone, would be economic. West Reef is a high-grade narrow vein deposit, Golden Star’s vice-president of exploration, Mitch Wasel, discovered in 2004.

The study found that at US$1,150 per oz. gold, Prestea underground would serve up a 42% after-tax internal rate of return and an aftertax net present value of US$124 million. Initial capex estimates of US$63 million could be paid back in just under three years.

To finance both underground development projects, Golden Star entered into a $130-million stream financing with Royal Gold (USNASDAQ: RGLD) and a US$20million term loan in May 2015. In December of that year, the stream financing was increased another US$15 million, with the option to add $5 million.

Construction of Wassa underground kicked off in mid-2015 and the first stope — in the F shoot of the orebody — was blasted in July 2016. Commercial production began this January after a 17-month construction period.

At Prestea, Golden Star blasted its first stope underground in the second quarter of 2017, and expects to achieve commercial production in the third quarter of this year.

Prestea underground is one of the highest-grade development projects in West Africa, with a reserve grade of 14 grams gold per tonne.

In addition, the company started producing gold from its oxide pits at Prestea in the third quarter of 2015, which bridges the gap between the closure of the refractory operations and first ore production from Prestea underground.

The company produced a total of just under 58,000 oz. gold from three sources of ore in the first

quarter — the highest quarterly production it has achieved since closing its refractory operation.

Cash-operating costs came in at just under US$800 per ounce.

“Neither the open pits nor the underground operations are performing optimally at the moment, as they’re both adapting to being a combined operation, and this has led to higher mining costs,” Coezter conceded on a conference call announcing the results, adding that “two sources of high-grade underground ore being fit into our processing plants should deliver significant changes in our cost structure.”

The Toronto-based mining executive gets excited when talking about Prestea’s high-grade ore. “Grade is everything,” he says. “Prestea is such a unique orebody. It’s been mined for decades — it’s like something you’d see at Red Lake or Barberton in South Africa. You don’t often get these kinds of orebodies that have yielded so many ounces.”

This year is a transformative one for Golden Star, as it marks the first time the company will produce from four sources of ore — two open pits and two underground operations — and will no longer be a non-refractory producer.

“That means our risk profile is dramatically lower and our transition to becoming a low-cost, highgrade producer now will really take off,” Coetzer said on the first-quarter conference call. “We still have some way to go, but it’s great to see how far our company has come in its transformation.”

In addition, Golden Star has started mining ore from its highgrade Mampon open pits, 65 km north of Prestea. Mampon ore will be blended with ore from the Prestea pits to extend the mine life of Prestea’s open-pit operations well into the second half of 2017.

2017-06-20 9:03 PM

AFRICA

GLOBAL MINING NEWS

THE NORTHERN MINER / JUNE 26–JULY 9, 2017

13

Daniel Owiredu (left), Golden Star Resources’ executive vice-president and COO, and Mitch Wasel, vice-president of exploration, in the field in Ghana. PHOTO BY TRISH SAYWELL

“WE HAVE ALL SORTS OF TARGETS AND IT’S GOOD TO SEE THAT SAM AND THE BOARD HAVE FINALLY GIVEN US SOME MONEY TO RESTART EXPLORATION.” MITCH WASEL VICE-PRESIDENT OF EXPLORATION, GOLDEN STAR RESOURCES

The main pit at Golden Star Resources’ Wassa gold mine in southwestern Ghana’s Ashanti gold belt. GOLDEN STAR RESOURCES

Mampon has reserves of 301,000 tonnes at 4.64 grams gold per tonne for 45,000 contained oz. gold.

This year, Golden Star expects to produce between 255,000 and 280,000 oz. gold — an increase of between 31% and 44% over 2016’s 194,054 ounces.

Of the total, 45,000 to 50,000 oz. gold are expected from the Prestea underground operation.

Cash-operating costs in 2017 are forecast at US$780 to US$860 per oz. and all-in sustaining costs will be between US$970 and US$1,070 per ounce.

Looking ahead, the company expects to boost total production by 60% between 2016 and 2019 and cut cash-operating costs by 29%.

Over the next five years, Golden Star forecasts consolidated production to average 281,000 oz. gold per year at cash-operating costs of US$695 per oz. and AISCs of US$903 per ounce.

The Northern Miner recently toured Golden Star’s Prestea and Wassa operations, 150 km west of Accra, Ghana’s capital city.

“I’m sleeping so much better since 2013, when nobody wanted to give us a dollar,” Coetzer joked with mining analysts and investors during the two-day site visit in April. “What we’ve created here is brilliant.”

Not only that, he says, but the company has been able to build two mines for US$40 million each, “only because other people spent money here — not because I’ve spent money here,” he says. “It’s phenomenal.”

At Wassa, Golden Star started mining the high-grade B-shoot zone during the first quarter and will mine even higher grade and larger gold mineralization widths using transverse stoping in the third quarter. This could increase production.

Production in the first quarter using sub-level longitudinal stoping ramped up, with a 40% increase in production, compared to the fourth quarter of 2016.

“At Wassa we have 94% recoveries and easy ore, and the infrastructure is phenomenal, with a main road all the way to Takoradi,” Coetzer says. “The underground conditions are really good. You can cut things square — it’s like cutting granite with a blade.”

“By year-end we’ll be up to 2,400 tonnes in the mine plan,” Raffield adds. “In fact, we’re getting close to that at the moment. And the longterm plan is to carry on at 2,400 tonnes underground for the next five years or so, that’s what we’re budgeting on at the moment, but our conceptual plan is to push the underground up to 4,000 tonnes, and possibly higher, as we follow the ore down.”

1-16, 23_JUNE26_Main .indd 13

At Prestea underground, the refurbishment work is in its final stages and the company has hoisted over 9,000 tonnes of material to surface. The company has completed the upgrade of winders, and has five alimaks on site, one of which was up 60 metres — or halfway up the first raise — during the April site visit.

The raises at Prestea are 2.7 metres by 3 metres. “They’re big,” Golden Star’s underground superintendent Greg Scammell says. “It would be almost impossible to do that without the use of an alimak.”

Alimaks are machines that climb vertically on rail that is anchored in the hanging wall. Occupants ride up in a protected cage with a solid steel head-cover protecting them from any sort of ground fall.

“The rate of achievable development is increased dramatically with an alimak because there is no fatigue. The guys aren’t climbing — the machine is doing all the work,” Scammell says. “They’re not carrying their hand-held drills, they’re not carrying their explosives, they’re just riding in the machine … you can go up the raise no matter what the height is … and it has five breaking systems, so they’re not going to fall out of the raise. It’s an incredibly safe piece of equipment.”

Prestea underground looks a lot different than it did in 2011, when

Coetzer first visited the site and ventured underground in the mine’s central shaft, which dates from 1935 (as did most of the mine’s electrical system, compressors and other equipment).

“The shaft condition was really bad, it was rusted, it was old and we went down extremely slowly,” he recalls. “It was very, very scary going down.”

Golden Star has rehabilitated the shaft, at a cost of US$2 million, and it now takes eight minutes to descend to 900 metres deep.

Coetzer notes that Golden Star is well on its way to rehabilitating its reputation in the markets, too.

“We are surrounded by a lot of noise on the street, but we have a path,” he says. “The history of the company as a refractory business has hung over it. We were put in the basement of many investors and as it emerges, the first comment we get is: ‘Oh, you’re the refractory guys.’ I know the psychology and the only way you beat it is by credibility.

Eventually we’ll break through the barrier of that noise and be recognized as something new.”

In fact, he says, that is already happening.

“I get shareholders calling me now who would never have talked to me before. Banks in London are calling me. A year ago, no one was

calling me!”

In January, Golden Star raised $30 million in a bought-deal financing. In March it arranged a US$25-million secured loan from Ecobank Ghana.

“If you had to write a book it would be the most amazing book to see all the things that happened in such quick succession from what it was back then and how we put new life into it today,” he says. “We had to touch every part of the company and I realized that very early on, and had to be realistic. We dealt with environmental liabilities, a new mine plan, exploration, design and feasibility studies. We funded it and we got shareholders and the market to believe in us, and believe in it ourselves.”

Coetzer says that both Wassa and Prestea have exploration upside in spades, and the company has earmarked $6.5 million this year for a 48,000-metre drill program.

Prestea underground has reserves of 1.1 million tonnes grading 13.93 grams gold per tonne for 490,000 oz. gold. Based on those reserves, the mine could generate 90,000 oz. gold a year over a 5.5-year mine life.

Prestea is hosted within Birimian phyllites and the mineralization is associated with the prolific fault referred to as the Ashanti trend.

West Reef mineralization is hosted

in a fault structure parallel to the Main Reef. Gold occurs as free gold along carbonaceous partings within the quartz veins, or with pyrite and arsenopyrite.

At Wassa underground, measured and indicated resources tally 13.5 million tonnes grading 3.83 grams gold per tonne for 1.7 million oz. gold. Inferred resources add 15.6 million tonnes grading 4.20 grams gold for 2.1 million oz. gold. (The Wassa open-pit mine has measured and indicated resources of 27.5 million tonnes grading 1.43 grams gold for 1.3 million oz. gold.)

The company says the mine life at Wassa underground can be extended through exploration beyond the current seven years forecast in the feasibility study. “My hope,” Coetzer says, “is that Wassa is a world-class orebody close to 10 million ounces.”

The Wassa deposit is hosted in Birimian metasedimentary and volcanic rocks, and dating shows it is the oldest deposit in the Ashanti belt. Initial gold mineralization has been affected by two major folding events. Gold was remobilized during the first tight folding event, and these higher-grade fold closures are being mined underground.

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JUNE 26–JULY 9, 2017 / THE NORTHERN MINER

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Newmont moves forward with Ahafo expansion GHANA

| New underground mine should reach commercial production in 2018

BY TRISH SAYWELL tsaywell@northernminer.com

N

ewmont Mining (NYSE: NEM) started commercial production from its Ahafo open-pit gold mines in Ghana in 2006, and is now building an underground mine on the complex called Subika.

Newmont received its environmental permit to build and operate the underground operation in March, and in April, the company announced that it would proceed with the project, along with a corresponding expansion of its Ahafo mill.

The Subika mine, 307 km northwest of the capital, Accra, will produce 1.8 million oz. gold over an 11-year mine life, at average grades of 4.7 grams gold per tonne.

The company expects that the mine will reach first production in the second half of 2017, and commercial production in the second half of 2018.

Meanwhile, the Ahafo mill expansion will increase capacity by 50% to nearly 10 million tonnes, with a crusher, grinding mill and leach tanks added to the circuit.

The expansion will process harder, lower-grade ore from Ahafo’s openpit mines, the company says, as well as from Ahafo stockpiles and from the new underground mine.

There are three open-pit mines operating at Ahafo: Subika, Awonsu and Amoma. A fourth open-pit mine, Apensu, will store water.

After the mill expansion, first gold production could arrive in the first half of 2019, with commercial production set to follow in the second half of 2019. The mill expansion is anticipated to improve margins and support profitable production through at least 2029, Newmont says.

In the first five years of full production (2020–2024), the two projects are forecast to add incremental gold production of between 200,000 and 300,000 oz. per year, for total average annual production from Ahafo of 550,000 to 650,000 ounces.

The company expects to see lower

The mill at Newmont Mining’s Ahafo gold mine in Ghana. NEWMONT MINING

costs as a result. Costs applicable to sales (CAS) are forecast to fall by between US$150 and US$250 per oz., compared to total CAS in 2016, for total average CAS of US$650 to US$750 per ounce. All-in sustaining costs (AISCs) are expected to drop by between US$250 and US$350 per oz. compared to 2016, for AISCs of US$800 to US$900 per ounce.

Newmont will pay for the Subika underground mine and the mill expansion’s development costs of US$300 million to US$380 million with free cash flow and cash balances, and notes that the projects have been optimized to improve internal rates of return to more than 20% at a gold price of US$1,200 per ounce.

The Ahafo mine is situated along the Sefwi volcanic belt, a northeastto southwest-trending volcanic belt in western Ghana’s Brong-Ahafo region.

In addition to Ahafo, Newmont has a second gold mine in Ghana called Akyem. That mine, 179 km northwest of Accra, is situated in the Birim North District of the Eastern Region. Newmont obtained the mining lease for Akyem in 2010 and began commercial production in 2013.

Newmont’s Akyem operation is in the Birim North District of Ghana’s Eastern Region, 179 km northwest of Accra. The company acquired the Akyem mining lease in 2010 and started commercial production in 2013.

Omar Jabara, Newmont’s group executive corporate communications, tells The Northern Miner that the timeline to production at Subika underground is not as fast as it seems, given that it’s not a greenfield project and there is already infrastructure in place.

Access into Subika underground

“GHANA IS A FAVOURABLE MINING JURISDICTION BECAUSE OF THE RESOURCES IT HAS, BUT ALSO BECAUSE OF THE STABILITY IN THE COUNTRY, AND ITS EXPERIENCE AND HISTORY WITH GOLD MINING.” OMAR JABARA GROUP EXECUTIVE, CORPORATE COMMUNICATIONS, NEWMONT MINING

will be by ramp.

“What we’re doing is just an extension of our existing operations,” he says in a telephone interview.

Newmont studied the resource at Ahafo for 11 years and says execution and technical risks are well understood.

“As you know in the mining industry, developing projects can take long periods of time to ensure

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1-16, 23_JUNE26_Main .indd 14

they’ve done it right, prove up the resource and factor in what’s going on with metal prices,” Jabara says in response to a question about why it took Newmont over a decade to build Subika underground.

“Developing projects is one thing, but developing projects at the right time is what brings value to shareholders and other stakeholders.”

As for operating in Ghana, Newmont is quite comfortable there, he adds.

“Ghana is definitely a favourable mining jurisdiction because of the resources it has, but also because of the stability in the country, and its experience and history with gold mining.”

BMO Capital Markets’ analyst, Andrew Kaip, who has a target price on Newmont of $40 per share, said in a research note that “the increase in production and lower cost profile with reasonable capital requirements will cast favourably on Newmont’s outlook.”

David Haughton of CIBC notes that while the Subika mine and mill expansion were “well communicated, the scope (timing, size and cost savings) is better than anticipated.”

He also pointed out that Newmont’s recent success developing its Merian mine in Suriname (20% under budget for US$700 million) and its Long Canyon mine in Nevada (US$50 million under budget and two months early) “provide confidence in the Ahafo plans.”

Haughton’s 12- to 18-month target price of $48 per share reflects his view that Newmont is “a key recommendation amongst our senior gold stocks.”

New mont ’s sha res t rade at US$33.32 apiece. TNM

2017-06-20 9:03 PM

AFRICA

GLOBAL MINING NEWS

THE NORTHERN MINER / JUNE 26–JULY 9, 2017

15

Ivanhoe boosts Kakula resource, receives final payment from Zijin COPPER

| Together Kamoa and Kakula rank as one of the five largest deposits in the world

BY TRISH SAYWELL

I

tsaywell@northernminer.com

vanhoe Mines’ (TSX: IVN; USOTC: IVPAF) 75% increase in indicated resources at its high-grade Kakula discovery in the Democratic Republic of the Congo has prompted the company’s executive chairman, Robert Friedland, to predict that “the potential exists to find another Kakula, or perhaps something even better.”

With 12 rigs drilling at Kakula and Kakula West and another two rigs about to test targets on the licence area, Kakula is “an international story of discovery that has earned the mining world’s attention,” Friedland said in a prepared statement.

Kakula remains open in multiple directions, its grades are higher than the average grades found at Ivanhoe’s nearby Kamoa discovery and nearly 200 sq. km of the 400 sq. km Kamoa-Kakula project remain untested.

The updated resource estimate, released on May 17, covers a 7.7 km strike length along the eastern section of the Kakula discovery and boosts the indicated resource

“KAKULA IS AN INTERNATIONAL STORY OF DISCOVERY THAT HAS EARNED THE MINING WORLD’S ATTENTION.” ROBERT FRIEDLAND EXECUTIVE CHAIRMAN, IVANHOE MINES

by 50 million tonnes to 116 million tonnes grading 6.1% copper at a 3% cut-off grade (15.6 billion contained lb. copper). This compares to 66 million tonnes grading 6.59% copper in the October 2016 estimate. The project’s inferred resource at the same cut-off grade adds 12 million tonnes at 4.45% copper (1.1 billion contained lb. copper).

The 75% increase in indicated tonnes exceeded the expectations of Canaccord Genuity’s Tony Lesiak, who had predicted a 40–50% increase. The mining analyst raised his target price on the stock from

$6.50 per share to $7 per share.

“While the increase is impressive, we anticipate further resource growth,” Lesiak says in a research note. “The resource is now defined over a 7.7 km strike length (from 4.1 km). But drill results announced earlier this year have extended the known mineralization trend to 12 km, with the boundary not yet defined along strike in both directions.”

Since making the Kakula discovery in April 2016, more than 85,000 metres of drilling have been completed — 25,000 metres of which were drilled since Jan. 1.

The latest resource update is based on results from 121 drill holes (61,400 metres). The October 2016 resource was based on 65 drill holes (24,000 metres).

Ivanhoe notes that Kakula already has enough resources grading 6% copper or higher for a 20-year mine life at 6 million tonnes a year, and the company’s management team is confident that Kakula West, 3 km west of the new Kakula resource boundary, “has similar potential.”

Ivanhoe says Kakula West is emerging as another shallow, high-

grade discovery. In March, the company announced that a step-out hole drilled 3 km west of the boundary of Kakula’s inferred resource intersected a 16.3-metre zone of typical Kakula-style, chalcocite-rich copper mineralization similar to holes drilled in the eastern part of the Kakula deposit. The discovery hole returned an 8.9-metre intercept grading 5.83% copper at a 2.5% cut-off.

Subsequent drilling around the discovery hole extended the mineralized zone at Kakula West to more than 1 km and 850 metres wide. The zone is still open in many directions. Three of the company’s 12 rigs are drilling in the Kakula West discovery area.

Five other rigs are extending the western limit of the Kakula resource area, another two are drilling expansion holes in the southeast and the others will drill infill holes between Kakula West and the Kakula deposit.

The company’s geologists have examined the structural and stratigraphic controls on mineralization of the broader Kamoa-Kakula basin and have at least nine targets in the untested areas that will be drilled this year.

Kakula is 10 km southwest of the Kansoko mine development at Kamoa. Ivanhoe found Kamoa in 2009 and is completing twin declines at the Kansoko mine. Kamoa is also open for expansion. Kamoa has an indicated resource of 752 million tonnes grading 2.67% copper and an inferred resource of 185 million tonnes grading 2.08% copper.

Together, Kamoa and Kakula rank as one of the five largest copper deposits in the world.

On May 23, Ivanhoe received the fifth and final US$41.2-million installment from its Chinese partner, the Zijin Mining Group. Zijin committed US$412 million as part of a strategic co-development agreement, under which Zijin acquired 49.5% of Ivanhoe’s majority stake in Kamoa Holding Limited. Kamoa Holding has an indirect 80% interest in the Kamoa-Kakula project.

After a partnership agreement with the DRC government in November 2016, Ivanhoe and Zijin Mining each hold an indirect 39.6% interest in the project, while Crystal River Global Ltd. holds an indirect 0.8% interest, and the DRC government a direct 20% interest. TNM

Sam Coetzer breathes new life into Golden Star GOLDEN STAR From 13

Coetzer sees Wassa underground as similar to the Musselwhite gold mine in northern Ontario, where he worked from 1996 until 2000.

“I see a lot of resemblance between Musselwhite and Wassa,” he says.

“Musselwhite had a similar plunge and geometry to this orebody, and when we started at Musselwhite in 1995 we had seven years of mine life, and it’s still being mined in 2017.”

The 2017 exploration program at Wassa has three areas of focus: The first is to test the B shoot to the north, the second to test the B shoot extension to the south and finally step-out drilling on the 242 trend, which has been mined before from surface as part of the Wassa open pit.

The company will assess potential to mining 242 from underground as well.

“Every time we step out by 200 metres we tend to add half a million ounces on this whole deposit,” Wasel says of Wassa. “I’ve been told firmly that we need to get a little bit more aggressive and step out a little further … it’s a well-endowed deposit.

“When you look at the rock it’s very competent, so we’re able to open and break these big stopes,” he says.

“The Wassa deposit is a little bit different than anything else we’ve seen in West Africa. We’ve done a lot of dating on the sulphides and this is probably one of the older gold deposits you’ll find in West Africa.”

“We need to know if this is a massive orebody,” Coetzer adds.

“The last hole we drilled was 70 metres at 6 grams a tonne. We need to follow that up.”

Golden Star is optimistic about exploration upside at Prestea, too.

The last exploration at Prestea underground was 13 years ago, and before that, more than 40 years ago. Wasel found the West Reef zone in 2004, but at the time, his calls for more exploration dollars under previous management fell on deaf ears.

“Mitch went down with a drill in 2004 when there was no ventilation and found the high-grade West Reef,

1-16, 23_JUNE26_Main .indd 15

Open-pit operations at Golden Star’s Prestea mine in Ghana. GOLDEN STAR RESOURCES

and he had tried to convince previous management to spend more money on underground exploration, but my predecessors didn’t have much underground experience,” Coetzer says. “Now the team we have is comfortable doing both … and now that he’s allowed to look deeper, he’s going to be able to find more ore.”

Coetzer says Golden Star can at least double the size of the West Reef because of its plunge and could find more mineralization in the main reef, and an area called the South Gap. Exploration will first delineate and extend the West Reef. This could increase the supply of high-grade ore to the processing plant in the near term, which would increase production and give the company the biggest bang for its buck.

The second focus at Prestea underground will be to test the Main Reef orebody mined historically (80% of the mining at Prestea was in the main reef), and the third focus will target the far south of the workings in an area called the South Gap. Drilling at both Main and South gap will find out if ore can be added to the mine life in the medium term.

“There are a lot more targets on this mine,” Raffield says. “The half a million ounces in the West Reef is not the end, in our opinion … our strategy is to look for extensions on the West Reef, then extensions on

the Main Reef, and then start looking for extensions outside of areas that we’re mining at the moment.”

“The targets we have aren’t just thumb-sucks,” Wasel adds, who has spent the last 24 years working for Golden Star, six of them at the company’s Gross Rosebel discovery in Suriname (later sold to Cambior) and 17 of them in Ghana.

“We digitized all the material based on historic mining and we have significant targets.”

“We’re just scratching the surface in this camp,” Wasel says. “We have all sorts of targets and it’s good to see that Sam and the board have finally given us some money to restart exploration … now that the mine is generating cash flow we can get back into exploration again.”

In some respects, Coetzer says, Golden Star’s journey to recovery reminds him of the early struggles of Randgold Resources (LON: RRS), whose CEO, Mark Bristow, a fellow South African, had to reform in his early days at the company.

“Randgold didn’t get off the blocks overnight, it was a company that Mark had to build up. In the beginning he had to battle the history of its predecessor, Rand Mines, and change the philosophy, and then he built a fabulous company,” he says. “People think brand-new companies do well, but there are companies that have modernized their mines, cleaned them up and added lots of value — Detour Lake

Gold is another example.”

At the end of the first quarter, Golden Star had US$36.5 million in cash.

“We’re sitting on a fantastic land package, we’ve got great infrastructure and our focus will be to keep on growing,” Coetzer says. “This is the largest land package I’ve ever seen, with three plants sitting on it.”

Golden Star is trading at 84¢ per share within a 52-week range of 67¢ to $1.46 per share.

Raj Ray of National Bank of Canada has a target price on the company of $1.85 per share, while Nana Sangmuah of Clarus Securities has a $2-per-share target price.

“Golden Star could benefit from either improving investor interest or potential mergers and acquisitions, given its resources of more

than 7 million oz., additional exploration upside potential with the largest concession area (1,156 sq. km) among peers along the prolific Ashanti gold belt and significant mine and mill infrastructure,” Ray said in an April research note.

Golden Star “is a turnaround story with a lot of upside due to the leverage from improving margins driven by lower-cost, rising gold prices and improved execution,” Clarus Securities’ Sangmuah said in a research note after the site visit.

“We highlight the similarity of Golden Star’s production growth, cost and free cash-flow generation profile over the next three years with that of Klondex and Semafo, and yet Golden Star trades at a 50% discount to the average multiples for these stocks.” TNM

TSX.V: NXS | OTC: NXXGF | FSE: N6E

Gold Exploration and Development in West Africa Over 200 km2 of highly prospective property in gold-rich Burkina Faso Recent high-grade discovery at Niangouela Prior exploration at Bouboulou confirms multiple zones of potentially economic gold mineralization Proven geological team with prior discovery and development success in country

www.nexusgoldcorp.com Tel: 604-558-1919

Email: info@nexusgoldcorp.com

2017-06-20 9:03 PM

16

WWW.NORTHERNMINER.COM

JUNE 26–JULY 9, 2017 / THE NORTHERN MINER

Dushnisky and Garofalo on gold mining’s future vesting in solid, operating companies is our ability to take advantage of our respective pipelines and add value, for instance with exploration, and the ability to manage our costs well.

That’s going to be key: keeping that level of discipline, including in a rising gold-price environment.

Because that’s not what we did during the last cycle when prices went up and we became a little undisciplined.

We didn’t take advantage of margin expansion, and in that context you shouldn’t have been buying a gold company. That’s just a reality.

INTERVIEW From 2

traditionally that hasn’t been the case.

TNM: Barrick has partnered on a number of assets over the last 18 months. Could you go through your evaluative process for finding partners for various assets?

KD: The reality is that we haven’t entered into a partnership yet where we don’t see a longer-term strategic fit. So it’s partly about capital, but not only about capital.

From our perspective — and I agree with everything David just said — we’re trying to de-risk projects to the extent we can, and build in stages whenever we can, instead of the “swing for the fences” model.

A real-life example is that we’re dealing with our Goldrush project in Nevada. Goldrush has 11 million oz. and growing, and when we first looked at the deposit, we did the classic “this is Nevada” approach and drew a 1- by 2-mile circle around it as a potential open pit, and started thinking about how we could develop it.

We realized this could be interesting, but we’d prefer to develop Goldrush as a smaller, lower-capital underground mine. It’s quicker to bring it into production, and requires much less capital. In this case, there’s very little capital risk, as we’ll take advantage of the Cortez and Goldstrike facilities nearby. So it’s unique in that regard.

But to the extent that we can build in stages, and use cash flow to pay for subsequent stages, that’s how Goldstrike was built. It wouldn’t be a mine today if we had tried to build it all at once in the 1980s.

In terms of partners, one example is that we sold half of our Zaldivar copper mine to Antofagasta because we had a view that, even though we thought we were running it well, they could probably run it better, given their synergies and long history and understanding of operating in Chile.

And that turned out to be the case.

Just like if they had a single asset in Nevada, we should probably be able to run that mine better than they could.

Goldcorp is going to bring a lot to the equation at Cerro Casale, and there are synergies with their other activities in Chile.

In every instance, we’re looking for something strategic in the fit.

And if we find that, it makes sense for us to partner. And if not, we’re happy to run the asset on our own.

TNM: David, you talked about the decline in reserve grades globally.

With a lot of the low-hanging fruit gone, will the new generation of mines come from discoveries, or is it going to be a new look at old deposits?

DG: Probably a combination thereof, and I know that’s a bit of a cop out.

But as we see technological advancement, the next frontier for us is artificial intelligence and driverless vehicles within our mines that will drive down labour costs, which is a big component.

That will allow us to look back at lower-grade deposits that may not make the cut right now, to replace what we’re depleting.

TNM: Barrick is making a big investment in new technology. What could be the most game-changing or disruptive technology that will change our business?

KD: When we decentralized our business in recent years, what we found as we cleared away the middle layer between head office and the mines was an increased flow of information between the two. We unclogged the artery.

But while we were in a position to make better decisions, what we were lacking was real-time data to make those decisions with. So part of our

1-16, 23_JUNE26_Main .indd 16

Goldcorp president and CEO David Garofalo (left) and Northern Miner publisher Anthony Vaccaro at the Canadian Mining Symposium in London, United Kingdom. PHOTO BY MARTINA LANG

effort intensively over the last year has been digitization from the mines all the way to head office.

It’s a process, and it’s going to take us a while to get there. But already we’re finding the ability to make decisions more quickly.

They’re simple things like shortinterval controls — how we move people around, both in the open pit and underground in a more efficient way than we ever did in the past.

These are small things that really add up, shift after shift, week after week, month after month. We’re seeing gains that way.

Beyond that, the use of autonomous vehicles, especially underground, is something that will be very important to us. More of our mines are likely to be underground as we move to the next generation, so it’s going to be even more compelling.

We’re trying to apply innovation throughout our business, from processing to better maintenance. We have a “code mine,” which is kind of a mini-Google campus where we have code writers working with our mine operators to develop apps that make their day more efficient and easier, and we’re already seeing results from that.

So it’s a combination of things, rather than one “eureka!” breakthrough.

TNM: David, while at Agnico and Hudbay, you had an effective strategy of investing in juniors with prospective discoveries and projects. Is grassroots exploration best left to the juniors, with seniors focusing on brownfields exploration near mines? Or is there a balance?

DG: It requires a different mindset to do grassroots exploration, and it has a completely different risk profile and skill set. It is best left to the juniors.

Grassroots exploration is the highest-risk component of value creation within our industry.

Portfolio theory tells you that when you have risk, diversify it. Our strategy at Agnico, Hudbay and now Goldcorp was really to diversify that exploration risk through the juniors.

That also provides you the opportunity to leverage management in jurisdictions and districts that maybe you don’t have an expertise in.

Give them the capital, and if they’re successful, re-up. And if they’re not, cycle the capital to other another opportunity.

That gives you some steady option-

ality in your pipeline, and you can populate your pipeline over time.

TNM: Could you comment on using that approach during extended market downturns like the one we just came out of? Is there a better way to support exploration, or do we operate at the whim of the market?

DG: We can complement the market.

When the juniors have access to capital markets, we tend to have less engagement with them, which is fine, and we can watch them from afar.

But it’s good to act as a bit of a merchant bank when the capital markets aren’t there.

Recently that hasn’t been the case, though not for all juniors. The market has been a bit surgical in terms of allocating capital to the junior space.

We’ve been able enter the breach, and that has given us exposure to very good management teams and prospective ground.

TNM: What is Barrick’s strategy when it comes to investing in juniors?

KD: We’ve announced in the last 18 months three particular investments: most recently with Atac Resources in the Yukon, before that with Osisko in northern Quebec and before that Alicanto in Guyana. We like all three of these opportunities.

The approach we’re taking is not a shotgun approach. We spent a lot of time evaluating the management teams, and we’re pleased with the exploration groups that are on the ground. Our ability to participate in the program is supposed to be passive, in that respect.

You should expect to see more of that from us.

But at the same time, we’ve increased our budget both for brownfield and greenfield exploration. Part of that is because of the results we received at Goldrush in Nevada and Alturas in Chile and potentially extending into Argentina. Our finding cost is about US$25 an ounce, so we’re going to push ahead on both fronts.

TNM: Going back to the CaspicheCerro Casale transaction, David you were quoted as saying this was done at US$15 an ounce. So is it cheaper to find or buy ounces, and are you going to look for more at the US$10 to US$15 per ounce level?

DG: We’re always going to look for opportunities that can deliver 5 to 10 million oz. reserves, and upwards of 500,000 oz. annual production.

We do believe that the equilibrium level of production for a senior gold company is somewhere in the 3 to 4 million oz. a year range. And you want to do that with as few assets as possible so that you have economies of scale inherent in the districts you operate in.

As a result, we’re always looking to increase value, not increase volume.

That means driving down cost structures, but it also means, when you have the opportunity to upgrade your portfolio, do so.

And be quite ruthless about rotating capital from something at the bottom of your portfolio to something that can move the needle, both in terms of production volume over time and net asset value.

TNM: Both companies have strong balance sheets. What are your thoughts on your abilities to pay out dividends to your shareholders?

DG: In a cyclical business it’s very, very difficult to have an increasing dividend rate. Inevitably that creates an overhang in the stock. I’d sooner return capital in other forms if our balance sheet got a little sloppy.

If gold ran up to US$2,000 per oz. for a period of time and we had all sorts of excess cash flow and we didn’t have investment opportunities that met our hurdle rate, you could do a special dividend or a share buyback.

But we have a collection of finitelife assets, and shareholders want us to compound our returns so that we can generate opportunities that meet our hurdle rates. So our priority is regenerating our business, given its finite nature.

KD: Paying a consistent dividend as part of total returns is important to us, and we like the discipline. But David is right, we’re at a point where the key over the last two years was bringing down our debt and strengthening our balance sheet. We’ve reduced our debt by 40% in the last two years, and liquidity is strong.

Depending on what happens you should expect us to increase the dividend, but we’ll be prudent. We’re not going to get ahead of ourselves.

TNM: Royalty and streaming companies compete for the same investor capital that miners do. What are the biggest advantages for investors to put money into mining companies?

KD: There’s space for streamers, royalty companies and exchange-traded funds (ETFs). The advantages in in-

TNM: If we look at gold ETFs, they’ve become challenging for investors because they’ve somewhat outgrown the investable universe. We’re seeing ETF changes impact gold company valuations, more in the mid-tier and small-cap space. What is your take on the affinity investors have for ETFs over individual mining companies?

DG: It has created a bit of a disconnect. And I’m not saying this to whine, it’s just a reality that an increasing amount of capital in equity markets is being managed by machines. And the machines are focused on the multiples and the valuation metrics that are prevalent across other industries, which are short-term price to earnings, short-term price to cashflow, etc.

What we’ve seen is a lot more volatility around quarterly earnings releases.

Of course, our investment horizon’s quite a bit longer in the mining space. It’s a minimum of a decade from discovery to first gold pour.

Sometimes we have to make investment decisions for the long term that might not get traction in the marketplace in the short term.

That presents a challenge, and I don’t know what the answer is.

Perhaps a much stronger metal price will resolve that in the short term.

TNM: Do you see a wave of consolidation coming in the gold space, particularly in the mid-tier?

DG: It’s challenging to do that, because there aren’t too many players of significance left in the gold sector.

Quite often the companies that might be obvious targets for sector consolidation generally have a disparate collection of assets geographically and geologically that might not fit the portfolios of established producers.

So you’re ending up having to buy five or six assets in a portfolio to get the one that you like. This erodes the value proposition, because you have to go into the divestiture phase for the assets that are non-core. I can guarantee you are unlikely to realize the value if the bankers are pitching you going into that kind of transaction.

The model for replacing reserves is to collaborate on large-scale opportunities and lower the capital burden. This means consolidating districts and sharing the financial and technical risk to bring largescale geological opportunities to mine production.

TNM: How do we ensure Canada remains a sector leader globally in gold mining?

DG: It’s hard to kill. There was a lot of consternation that the base metals sector consolidated quite dramatically a decade ago, but it’s like chopping off the top of a hedge — it grows back.

There’s that entrepreneurial class within the mining space in Canada that’s second to none. I don’t know as robust a junior sector that there is in Canada, and that’s helped regenerate the industry in a significant way, even after massive consolidation. And that’s true in the gold space as well.

KD: It’s in our DNA, and it’s up to us to protect it and promote it. We have the pole position, and we’ll continue to keep it. TNM

2017-06-20 9:03 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JUNE 26–JULY 9, 2017

17

PROFESSIONAL DIRECTORY Toronto Denver London Vancouver Quebec City

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2017-06-20 6:24 PM

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JUNE 26–JULY 9, 2017 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / JUNE 12–16 The S&P/TSX Composite Index dropped 1.81% to 15,192.54. The S&P/TSX Global Mining Index fell 6.11% to 61.44, the S&P/ TSX Global Gold Index lost 5.41% to finish at 197.95, and spot gold fell 1.03%, or US$13 per oz. to US$1,253.40 per ounce.

Sierra Metals jumped 51¢ to $3.63. The company reported initial assay results from its Santa Rosa de Lima zone at its Cusi mine property in Mexico. Sierra says the drilling has confirmed a high-grade mineralized deposit next to its operations, with highlights of 1,152 grams silver per tonne, 0.26% lead and 0.52% zinc, or 1,243 grams per tonne silver-equivalent over a real width of 2 metres in hole 6; 1,034 grams silver, 1.50% lead and 2% zinc, or 1,126 grams silver-equivalent over 3.2 metres in hole 14; and 690 grams silver, 0.84% lead and 1.09% zinc, or 766 grams silver-equivalent in hole 15. Thirty-six holes were drilled over an area 1,000 metres long by 400 metres deep, with an average intercept grade of 371 grams silver-equivalent and a 4.1-metre average true width. The main mineralized zone is open along strike northwest and southeast. Mineralization at the Santa Rosa de Lima zone is 200 metres below surface in the Sierra Madre Occidental mountain range of Chihuahua state.

Agnico Eagle Mines announced it had signed an Inuit impact and benefit agree-

ment (IIBA) with the Kivalliq Inuit Association for its Whale Tail gold project, 50 km northwest of the company’s Meadowbank mine in Nunavut. Under the IIBA, Agnico will make a $6.5-million payment to KIA, including $3 million towards a community initiative fund. The Whale Tail project will provide KIA with a 1.4% net smelter return royalty on production. The agreement also outlines an investment by Agnico of $3.6 million in annual training programs, with another $1-million investment if 50% Inuit employment is not reached.

The Whale Tail deposit is part of Agnico’s Amaruq discovery and will contribute to the company’s growth. The project has been approved for development, and the company expects to receive permits by TSX MOST ACTIVE ISSUES

Yamana Gold Eldorado Gold OceanaGold Kinross Gold Alacer Gold Semafo B2Gold Kirkland Lake Centerra Gold Barrick Gold

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

YRI 80433 3.53 3.09 3.12 - 0.41 ELD 62607 3.89 3.46 3.50 - 0.39 OGC 49623 4.69 4.14 4.19 - 0.29 K 29000 5.92 5.35 5.41 - 0.41 ASR 28818 2.53 2.11 2.21 + 0.07 SMF 28293 3.14 2.90 2.99 + 0.01 BTO 27610 3.79 3.51 3.64 - 0.02 KL 26158 11.54 10.14 10.54 - 0.07 CG 24351 7.52 6.60 6.72 - 0.61 ABX 23194 22.22 20.57 20.71 - 1.25

the second quarter of 2018. As a satellite deposit to the Meadowbank mine, it will use existing infrastructure that includes mining equipment, mill, tailings, camp and airstrip. Open-pit mining at Whale Tail is expected in the third quarter of 2019.

Shares of Agnico fell $2.85 to $62 apiece.

Shares of Prophecy Development Corp. rose 13¢ to $3.38. The company reported that the company’s executive chairman, John Lee,

had acquired more shares and warrants in the company. Before his purchases, Lee owned 995,253 shares, representing 19.12% of the company’s issued and outstanding shares.

After the transactions, he owns and exercises control over 1.06 million shares, representing an interest of 19.63% of the company’s issued and outstanding shares, and 31.05% fully diluted shares, after outstanding options and share-purchase warrants. TNM

TSX GREATEST PERCENTAGE CHANGE

Minco Silver IC Potash Alexco Res Sierra Metals Golden Mnls Heron Res Loncor Res Aura Mnls Niocorp Dev Verde Potash Atlatsa Res Quest Rare Mnl General Moly Platinum Gp Mt Teck Res Mandalay Res Teck Res SouthGobi Res Nighthawk Gold First Quantum

MSV ICP AXR SMT AUMN HER LN ORA NB NPK ATL QRM GMO PTM TECK.B MND TECK.A SGQ NHK FM

824 4607 208 599 118 647 23 17 1416 499 71 1531 15 489 15173 2910 21 5 1768 18313

1.74 1.03 1.50 0.07 0.05 0.06 1.97 1.67 1.97 3.63 3.22 3.63 0.88 0.75 0.83 0.10 0.08 0.09 0.19 0.17 0.19 1.63 0.00 1.63 0.81 0.72 0.79 1.22 1.03 1.13 0.07 0.05 0.05 0.11 0.08 0.09 0.51 0.41 0.41 1.47 1.07 1.13 24.78 19.27 19.73 0.52 0.39 0.41 25.00 20.00 20.42 0.37 0.31 0.31 1.06 0.88 0.88 12.40 10.18 10.21

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

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Sierra Metals Minco Silver Torex Gold Klondex Mines Alexco Res Aura Mnls Prophecy Coal Contintl Gold Silvercorp Met Golden Mnls Teck Res Teck Res Agrium Agnico Eagle Franco-Nevada Pan Am Silver Suncor Energy Silver Wheaton First Quantum Detour Gold

48.5 20.0 16.6 16.3 13.7 12.5 11.8 10.9 9.7 9.7 23.1 22.7 19.6 19.3 18.3 18.2 16.7 16.2 15.4 14.4

VOLUME WEEK (000s) CLOSE CHANGE

SMT MSV TXG KDX AXR ORA PCY CNL SVM AUMN TECK.B TECK.A AGU AEM FNV PAAS SU WPM FM DGC

599 3.63 824 1.50 7340 22.79 7397 4.71 208 1.97 17 1.63 36 3.38 10072 3.51 14495 3.96 118 0.83 15173 19.73 21 20.42 2848 124.23 5024 62.00 3052 95.11 2131 21.51 22419 39.26 5737 25.28 18313 10.21 15962 15.80

+ 0.51 + 0.49 + 0.40 + 0.38 + 0.28 + 0.16 + 0.13 + 0.12 + 0.12 + 0.10 - 4.41 - 4.08 - 3.51 - 2.85 - 2.44 - 2.14 - 1.99 - 1.76 - 1.72 - 1.68

TSX VENTURE EXCHANGE / JUNE 12–16 The S&P/TSX Venture Composite Index lost 1.9%, or 15.29 points, to a 775.91-point close, as spot gold prices fell US$13.03 to US$1,253.73 per oz., and Comex copper prices fell US7¢ to US$2.58 per pound.

Gold Reserve led the value-added category, with shares gaining 48¢ to $3.46, after receiving an initial US$44-million payment from the government of Venezuela as part of a US$1-billion settlement for terminating its Las Brisas gold-copper project in southeastern Venezuela in 2009. The agreement accounts for losses Gold Reserve incurred after the government rescinded permits and licences for the project, as part of a nationalization drive in April 2008. The rest of the settlement will be paid incrementally over the next two years.

Bearing Lithium’s intention to merge with Li3 Energy has been approved by 60% of Li3 Energy’s shareholders, driving shares of Bearing Lithium up 24¢ to 98¢. Li3 carries a 17.7% interest in the Maricunga lithium project in Chile, with the other 32.3% and 50% interests owned by joint-venture partners Minera Salar Blanco and Lithium Power International. Under the joint-venture agreement, Lithium Power is responsible for exploration and development costs until finishing a feasibility study. Recent

pumping results at Maricunga returned a continuous rate of 45 litres per second per week, with only a minor decline in the water level. Assay results from brine pumped an average 1,140 milligrams lithium per litre, and only minor variations in grade were observed during the test.

Prospect generator Mirasol Resources has discovered a high-grade, gold-silver vein breccia system over a 4 by 2.1 km area at its Nico project in Argentina. The news drove shares of the company up 21¢ to $1.81. Assay results from the first 486 rock-chip samples at the project’s Aurora prospect range up to 887 grams gold per tonne and 1,017 grams silver per tonne, with over 12% of the samples returning over 1 gram gold, and 9.9% of samples returnTSX-V MOST ACTIVE ISSUES

First Mg Fin Pantheon Vent Vanadium One Integra Gold VVC Expl Redstar Gold Galane Gold Alexandria Min Pele Mtn Res Saint Jean

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

FF MVY VONE ICG VVC RGC GG AZX GEM SJL

50732 18289 12837 10532 9078 8258 7999 6696 5526 4656

0.69 0.17 0.17 1.00 0.04 0.15 0.11 0.08 0.02 0.06

0.58 0.14 0.11 0.92 0.03 0.12 0.09 0.07 0.02 0.05

0.58 - 0.09 0.16 + 0.01 0.14 + 0.02 0.95 - 0.05 0.04 + 0.01 0.15 + 0.02 0.10 unch 0.00 0.08 - 0.01 0.02 unch 0.00 0.05 - 0.01

ing over 60 grams gold. Detailed ground magnetic surveys at the prospect show a 2.5 sq. km negative magnetic anomaly that corresponds with an area of hydrothermal alteration mapped at surface. The company says the depletion zone and alteration could represent the main area of hydrothermal fluid upflow in the region.

Gold Standard Ventures rose 17¢ to

$2.65 per share, after finalizing the acquisition of Battle Mountain Gold in a cash-and-share deal valued at $36 million. The acquisition gives Gold Standard exposure to Battle Mountain’s Lewis gold project, which is located within Nevada’s 25 million oz. gold Battle Mountain trend, and next to Newmont Mining’s Phoenix gold mine. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Crazy Horse Res Cavan Vent Tower Res Pac Imperial Spearmint Res AurCrest Gold Caracara Silvr Amato Expl Laurion Mnl Ex Cdn Silvr Hunt Royal Sapphire Niobay Metals EastCoal Inc Cicada Vents Bandera Gold Starr Peak Exp Saville Res Galore Res Ashburton Vent Alturas Mnrls

RWR CVN.H TWR PPM SRJ AGO CSV.H AMT.H LME AGH.H RSL NBY ECX.H CID BGL STE SRE GRI ABR ALT

266 130 1667 1317 4573 604 64 55 138 519 83 2711 222 24 45 28 104 54 1843 667

0.20 0.06 0.34 0.02 0.03 0.03 0.02 0.05 0.03 0.08 0.34 0.50 0.01 0.01 0.07 0.12 0.08 0.04 0.17 0.03

0.00 0.03 0.20 0.02 0.02 0.03 0.02 0.05 0.02 0.05 0.23 0.16 0.01 0.01 0.04 0.11 0.05 0.04 0.10 0.00

0.20 0.05 0.29 0.02 0.03 0.03 0.02 0.05 0.03 0.08 0.34 0.18 0.01 0.01 0.04 0.11 0.05 0.04 0.11 0.02

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 900.0 + 100.0 + 56.8 + 50.0 + 50.0 + 50.0 + 50.0 + 50.0 + 50.0 + 45.5 - 72.1 - 64.0 - 50.0 - 50.0 - 38.5 - 38.2 - 37.5 - 36.4 - 34.4 - 33.3

VOLUME WEEK (000s) CLOSE CHANGE

Gold Reserve Bearing Lith Leading Edge Mirasol Res Crazy Horse Res Gold Std Vents Prospector Res NewRange Gold Yellowhead Mng Tower Res Royal Sapphire Niobay Metals Comet Inds Chesapeake Gld Curlew Lke Res Select Sands Avino Silver Gldn Predator Terrax Mnrls Regulus Res

GRZ BRZ LEM MRZ RWR GSV RIO NRG YMI TWR RSL NBY CMU CKG CWQ.H SNS ASM GPY TXR REG

201 2231 1341 645 266 1079 35 473 178 1667 83 2711 7 49 7 1890 69 930 1613 109

3.46 0.98 0.79 1.81 0.20 2.65 1.26 0.45 0.65 0.29 0.34 0.18 2.50 3.40 1.25 0.65 1.97 1.26 0.43 1.61

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

0.48 0.24 0.23 0.21 0.18 0.17 0.16 0.11 0.11 0.11 0.88 0.32 0.30 0.25 0.23 0.22 0.17 0.16 0.16 0.14

U.S. MARKETS / JUNE 12–16 The U.S. Federal Reserve raised its key interest rate by 25 basis points to between 1% and 1.25% — the second rate hike this year — sending the gold price down US$13 per oz., or 1.03%, to finish at US$1,253.40 per ounce.

The Dow Jones Industrial Average rose 0.53% to 21,384.28 and the S&P 500 Index was up 0.06% to 2,433.15. The Philadelphia Gold & Silver Index fell 5.52% to 79.91 and West Texas Intermediate crude was down 2.55% to US$45 per barrel.

Teck Resources dropped US$3 to US$14.94 per share. The company expects a secondquarter average realized price for steelmaking coal between US$160 and US$165 per tonne.

However, the second-quarter 2017 price for steelmaking coal sold under quarterly contracts, based on an average of three assessments, is US$190 per tonne. The pricing mechanism is effective from April 1. Teck said the differential between the quarterly benchmark price and its own average realized price for the second quarter was “larger than usual,” and that “after steel mills filled their prompt requirements immediately following the Queensland cyclone, there were very few prime hard-coking coal spot sales during the

18_JUNE26_MarketNews.indd 18

four-week period from mid-April.” Steelmaking coal sales volumes for the second quarter “are expected to be between 6.8 and 7 million tonnes,” and “final quarterly sales will depend on timing of shipments.”

Shares of Rio Tinto fell US$2.43 to US$39.30.

The company said on June 9 that it had received a proposal from Glencore to acquire its Australian subsidiary, Coal & Allied Industries Ltd., for US$2.5 billion. Glencore’s offer follows a US$2.5-billion bid for the thermal coal assets in January from Yancoal. On June 20, Rio Tinto’s board said it preferred a revised offer from Yancoal because it “removes the U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Yamana Gold* AUY 156988 2.63 2.39 2.45 Vale* VALE 135753 8.35 7.65 7.88 United States S* X 99559 22.74 19.75 20.16 Frprt McMoR* FCX 99341 12.61 11.20 11.42 Eldorado Gold* EGO 95858 2.93 2.61 2.75 Sibanye Gold* SBGL 93120 5.41 4.62 4.80 Gold Fields* GFI 90188 3.78 3.34 3.42 IAMGOLD* IAG 73838 5.71 4.87 5.05 Barrick Gold* ABX 66790 16.59 15.53 15.69 Hecla Mining* HL 64101 5.82 4.95 5.06

- 0.18 - 0.43 - 1.66 - 0.94 - 0.15 - 0.43 - 0.33 - 0.02 - 0.63 - 0.76

deferred payment structure, can meet the timeline we have set for the transaction and has given us certainty regarding outstanding regulatory approvals required.”

Vale’s shares fell US43¢ to US$7.88. The company announced a US$2-billion revolv-

ing credit facility with a syndicate of 18 banks. The credit line unveiled on June 8 replaces a five-year, US$2-billion line signed in 2013, which has been cancelled. Vale’s total revolving credit facilities remain at US$5 billion. TNM

U.S. GREATEST PERCENTAGE CHANGE

Minco Silver IC Potash Alexco Res Sierra Metals Golden Mnls Heron Res Loncor Res Aura Mnls Niocorp Dev Verde Potash Atlatsa Res Quest Rare Mnl General Moly Platinum Gp Mt Teck Res Mandalay Res Teck Res SouthGobi Res Nighthawk Gold First Quantum

MSV ICP AXR SMT AUMN HER LN ORA NB NPK ATL QRM GMO PTM TECK.B MND TECK.A SGQ NHK FM

824 4607 208 599 118 647 23 17 1416 499 71 1531 15 489 15173 2910 21 5 1768 18313

1.74 1.03 1.50 0.07 0.05 0.06 1.97 1.67 1.97 3.63 3.22 3.63 0.88 0.75 0.83 0.10 0.08 0.09 0.19 0.17 0.19 1.63 0.00 1.63 0.81 0.72 0.79 1.22 1.03 1.13 0.07 0.05 0.05 0.11 0.08 0.09 0.51 0.41 0.41 1.47 1.07 1.13 24.78 19.27 19.73 0.52 0.39 0.41 25.00 20.00 20.42 0.37 0.31 0.31 1.06 0.88 0.88 12.40 10.18 10.21

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

U.S. GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

48.5 20.0 16.6 16.3 13.7 12.5 11.8 10.9 9.7 9.7 23.1 22.7 19.6 19.3 18.3 18.2 16.7 16.2 15.4 14.4

Black Hills* Chevron Corp* DRDGOLD* Alamos Gold* Intrepid Pots* IAMGOLD* Primero Mng* McEwen Mng* Endeavr Silver* Eldorado Gold* Arch Coal* MartinMarietta* Alcoa* Teck Res* Rio Tinto* Southern Copp* United States S* NACCO Ind* AngloGold Ash* Buenaventura*

VOLUME WEEK (000s) CLOSE CHANGE

BKH CVX DRD AGI IPI IAG PPP MUX EXK EGO ARCH MLM AA TECK RIO SCCO X NC AU BVN

2152 71.88 38061 108.35 5511 3.16 24732 7.08 11098 2.18 73838 5.05 18991 0.34 39949 2.58 21175 2.91 95858 2.75 2671 63.70 1996 230.33 19422 30.00 30569 14.94 17671 39.30 3234 34.44 99559 20.16 86 74.75 23129 10.30 17290 11.22

+ 3.03 + 1.95 + 0.08 + 0.05 - 0.01 - 0.02 - 0.03 - 0.04 - 0.06 - 0.15 - 6.34 - 4.49 - 3.01 - 3.00 - 2.43 - 1.83 - 1.66 - 1.65 - 1.65 - 1.51

2017-06-20 8:53 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / JUNE 26–JULY 9, 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, June 20, 2017 Precious Metals Gold Silver Platinum Palladium Base Metals Nickel Copper Lead Zinc

Price (US$/oz.)

Change 1246.50 -14.80 $16.59 -0.23 $923.00 -20.00 $873.00 -26.00 Price (US$/tonne) Change $8980.00 -30.00 $5663.00 -61.00 $2122.50 -6.00 $2557.50 +2.00

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, June 19, 2017 (change from June 12, 2017 in brackets): Aluminium Alloy 11920 (-360) 1425725 (-24950) Aluminium Copper 265175 (-14400) 174650 (-2225) Lead Nickel 377466 (+1602) 1755 (-145) Tin 311925 (-9650) Zinc

Thermal Coal CAPP: US$40.00 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$52.55 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$11.55 Cobalt: US$26.31/lb.

Copper: US$2.58/lb.

Copper: CME Group Futures July 2017: US$2.56/lb.; Aug. 2017: US$2.56/lb Ferro-Chrome: US$2.29/kg Ferro Titanium: US$3.58/kg FerroTungsten: US$25.55/kg Ferrovanadium: US$21.14/kg Iridium: NY Dealer Mid-mkt US$960.00/tr oz.

Iron Ore 62% Fe CFR China-S: US$54.7/tonne Iron Ore Fines: US$67.56/tonne Iron Ore Pellets: US$95.30/tonne Lead: US$0.96/lb.

Magnesium: US$2.23/kg Manganese: US$1.97/kg Molybdenum Oxide: US$7.94/lb.

Phosphate Rock: US$98.00/tonne Potash: US$214.00/tonne Rhodium: Mid-mkt US$900.00 tr. oz.

Ruthenium: Mid-mkt US$65.00/tr. oz.

Silver: Handy & Harman Base: US$16.56 per oz.; Handy & Harman Fabricated: US$20.69per oz.

Tantalite Ore : US$123.13/kg Tin: US$8.99/lb.

Uranium: U3O8, Trade Tech spot price: US$19.95; The UX Consulting Company spot price: US$19.85/lb.

Zinc: US$1.15/lb.

Prices current June 20, 2017

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Jun 01, 2017 (with changes from May 16, 2017) Largest short positions K 42945099 -311583 5/16/2017 Kinross Gold New Gold NGD 32358609 -414896 5/16/2017 Eldorado Gold ELD 28246485 7672176 5/16/2017 Trevali Mng TV 26342099 1074211 5/16/2017 BTO 21702069 -823978 5/16/2017 B2Gold Sandstorm Gold SSL 21192254 1467520 5/16/2017 Asanko Gold AKG 12531916 306304 5/16/2017 Detour Gold DGC 12499124 -420553 5/16/2017 POT 12228623 -2074540 5/16/2017 Potash Corp SK Suncor Energy SU 11214403 -1163790 5/16/2017 OGC 10250908 2463533 5/16/2017 OceanaGold Ivanhoe Mines IVN 10016560 -932506 5/16/2017 Yamana Gold YRI 8749555 1155778 5/16/2017 Turquoise HIl TRQ 7732707 1336556 5/16/2017 ASR 7371282 448108 5/16/2017 Alacer Gold Largest increase in short position Eldorado Gold ELD 28246485 7672176 5/16/2017 OceanaGold OGC 10250908 2463533 5/16/2017 HBM 6075341 2013434 5/16/2017 HudBay Mnls Sandstorm Gold SSL 21192254 1467520 5/16/2017 TRQ 7732707 1336556 5/16/2017 Turquoise HIl Largest decrease in short position Nthn Dynasty NDM 2806658 -4654100 5/16/2017 Potash Corp SK POT 12228623 -2074540 5/16/2017 SU 11214403 -1163790 5/16/2017 Suncor Energy Ivanhoe Mines IVN 10016560 -932506 5/16/2017 B2Gold BTO 21702069 -823978 5/16/2017

Short positions outstanding as of Jun 01, 2017 (with changes from May 16, 2017) Largest short positions FF 1226100 460900 5/16/2017 First Mg Fin Gold Std Vents GSV 955800 155700 5/16/2017 Falco Res FPC 729500 700700 5/16/2017 Barkerville Go BGM 699300 -53404 5/16/2017 PRB 631000 -14400 5/16/2017 Probe Metals Noront Res NOT 457300 447102 5/16/2017 NLC 393200 -29500 5/16/2017 Neo Lithium Goldsource Min GXS 382000 250300 5/16/2017 Gldn Predator GPY 218500 214100 5/16/2017 Integra Gold ICG 208900 -2615100 5/16/2017 AVA 196200 178200 5/16/2017 Aurvista Gold K92 Mng Inc KNT 195410 -948691 5/16/2017 Lithium X Egy LIX 181900 36400 5/16/2017 White Gold WGO 160800 -14200 5/16/2017 Nouveau Monde NOU 106500 105500 5/16/2017 Largest increase in short position Falco Res FPC 729500 700700 5/16/2017 First Mg Fin FF 1226100 460900 5/16/2017 Noront Res NOT 457300 447102 5/16/2017 Goldsource Min GXS 382000 250300 5/16/2017 GPY 218500 214100 5/16/2017 Gldn Predator Largest decrease in short position Alexandria Min AZX 28700 -5235000 5/16/2017 Rusoro Mng RML 81000 -3329900 5/16/2017 ICG 208900 -2615100 5/16/2017 Integra Gold K92 Mng Inc KNT 195410 -948691 5/16/2017 MARL 20000 -490000 5/16/2017 Mariana Res

DAILY METAL PRICES Daily Metal Prices Date June 19 June 16 June 15 June 14 June 13 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1596/1605 1596/1605 1590/1600 1590/1600 1600/1610 Aluminum 1861/1875 1861/1875 1859/1871 1863.50/1874.50 1876/1883 Copper 5686/5709 5686/5709 5654.50/5678 5636/5665 5658/5692 Lead 2111/2136 2111/2136 2083/2106 2078/2094 2035/2059 Nickel 8890/8970 8890/8970 8900/8970 8825/8880 8715/8770 Tin 19810/19675 19810/19675 19645/19405 19495/19220 19245/19125 2534.50/2550 2534.50/2550 2515.50/2527 2494/2513 2435/2453 Zinc

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

Gold AM 1251.10 1256.60 1260.25 1268.25 1261.30 Gold PM 1248.15 1255.40 1254.55 1275.50 1262.00 Silver 16.67 16.76 16.86 16.96 16.82 Platinum 918.00 923.00 921.00 942.00 929.00 Palladium 871.00 869.00 861.00 891.00 886.00

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

Jun 16 Jun 15 Jun 14 Jun 13 Jun 12 1.3257 1.3257 1.3236 1.3238 1.3511 0.7543 0.7543 0.7555 0.7554 0.7401

Exchange rates (Quote Media, June 16, 2017) C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand C$ to AUS 0.6768 83.6380 13.6037 9.7176 0.994421 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 0.5915 5.1356 48.7020 0.7357 853.3077 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.3182 0.8971 110.8720 18.0506 12.8862 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.7841 6.8088 64.5700 0.9753 1130.9400

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 New Gold A J (NGD.WT.A) - Wt buys sh @ $15 to Jun 28/17 Northern Dynasty Minerals Ltd. J (NDM.WT.A) - Wt buys sh @ $0.55 to Jul 9/20 Northern Dynasty Minerals Ltd. J (NDM.WT.B) - Wt buys sh @ $0.55 to Jun 10/21 Northern Dynasty Minerals Ltd. J (NDM.WT) - Wt buys sh @ $3 to Sep 14/17 Oban Mining J (OBM.WT) - Wt buys 20 sh @ $3 to Aug 25/18 Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.5 to Feb 18/22 Osisko Gold Royalties (OR.WT.A) - Wt buys sh @ $19.08 to Feb 26/19 Osisko Mining Inc. J (OSK.WT) - 20 Wt buys sh @ $3 to Aug 25/18 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 Goldmining Inc. (GOLD.WT) - Wt buys sh @ $0.75 to Dec 31/18 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

Index Jun 16 Jun 15 Jun 14 Jun 13 Jun 12 High Low S&P/TSX Composite 15192.54 15160.42 15170.13 15379.75 15383.80 15527.30 12400.15 S&P/TSXV Composite 775.91 771.62 779.30 785.54 785.80 1050.26 883.52 S&P/TSX 60 896.14 893.88 893.04 904.86 905.96 896.74 709.99 S&P/TSX Global Gold 197.95 199.04 200.19 207.44 207.33 218.90 149.29 DJ Precious Metals 167.68 167.83 170.23 175.65 174.67 420.72 130.95

NEW 52-WEEK HIGHS AND LOWS JUNE 12–16, 2017 58 New Highs AbraPlata Res* Arctic Star Arctic Star* Ardonblue Vent AuRico Metals * Bell Copper* Black Hills* Bravo Multinat* Cache Expl Canadian Mng Candelaria Mg* Cavan Vent Cdn Arrow* Crazy Horse Res Critical Elem Critical Elem* Dalradian Res Dalradian Res* Delrand Res Desert Star

Dorex Mnrls First Liberty* Gold & Silver* Gran Colombia* Ireland* Jourdan Res Kerr Mines Kerr Mines* Kestrel Gold Kirkland Lake Kirkland Lake* Leo Res Lucky Mnls * Manson Creek Mariana Res* Marlin Gold* Metanor Res* Mineworx Tech Mineworx Tech* Northn Empire NSS Res Inc

Pac North West Pac North West* Pitchblack Res PJSC Polyus Gd* Rift Valley Satori Res* Standard Graph* Strata Mnls Taku Gold Teranga Gold* Timmins Gold Timmins Gold* Tower Res Tower Res* Westminster Rs Westminster Rs* Yellowhead Mng

63 New Lows CanAlaska Uran CanAlaska Uran* Cda Carbon

Cdn Intl Mnrls* China Gold Int Clifton Mng* Comstock Mng* Cypress Dev Discovery Gold* Discovery-Corp Eastmain Res Erin Ventures* Evrim Res Freedom Egy Glacier Lake Goldbelt Emp Golden Secret Goldgroup Mng Goldsource Min GTA Res & Mng Harmony Gold* IC Potash* Idaho North* IMPACT Silver

Kenadyr Mining* Kootenay Silvr Kootenay Zinc* Liberty Silver Lithium Energi* Makena Res Mandalay Res McEwen Mng ML Gold Corp Mountain Boy* Nexgen Energy* Noble Metal Gr NSS Res Inc Oroplata Res* Paget Mrnls* Paladin Energy Pan Andean Min* Paramount Gold* Peabody Enrgy* Platinum Gp Mt Platinum Gp Mt*

PolyMet Mng PolyMet Mng* Primero Mng Primero Mng* Quest Rare Mnl Red Eagle Mng Sarama Res Scorpio Gold Sterling Grp* Stornoway Diam Turquoise HIl TVI Pacific* US Cobalt Westmoreland* White Mtn Engy* Yamana Gold Yamana Gold* Zephyr Mnls

CANADIAN GOLD MUTUAL FUNDS Fund Jun 16 ($) AGF Prec Mtls Fd MF 22.58 BMO Prec Mtls Fd A 18.13 BMO ZGD 9.65 BMO ZJG 8.38 CIBC Prec Metal Fd A 10.63 Dyn Prec Metls Fd A Horizons HEP IGMacGloPrecMetCl A 8.70 iShares XGD 12.38 Mac Prec Met Cl A 46.36 NBI PrecMetFd AdvDSC 12.89 NBI PrecMetFd AdvISC 12.89 NBI PrecMetFd AdvLSC 12.89 12.89 NBI PrecMetFd Invt RBC GblPreMetFd A 34.05 Redw UITGoDe&ProCl A Sentry Pre Met Fd A 37.26 Sprott Gold&PrMinFdA 35.90 6.17 Sprott SilverEquCl A TD PreciousMetalsInv 35.19

Jun 09 ($) Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) 23.57 -0.99 -4.20 1.60 2.80 151.97 19.02 -0.89 -4.69 3.42 2.40 67.08 10.11 -0.47 -4.61 3.13 0.63 8.53 -0.15 -1.75 -1.02 0.60 11.14 -0.51 -4.59 4.12 2.58 54.18 6.93 -0.29 -4.15 6.44 2.75 354.04 26.23 -1.97 -7.36 11.14 0.81 9.22 -0.52 -5.65 5.42 2.75 47.16 13.09 -0.70 -5.38 7.78 0.55 785.88 49.21 -2.85 -5.79 5.64 2.51 96.88 13.39 -0.50 -3.73 7.14 2.47 33.42 13.39 -0.50 -3.73 7.14 2.47 33.42 13.39 -0.50 -3.73 7.14 2.47 33.42 13.39 -0.50 -3.73 7.14 2.46 33.42 35.35 -1.30 -3.67 10.33 2.12 401.62 10.00 0.00 38.02 -0.76 -1.99 -3.22 2.44 187.92 37.06 -1.16 -3.14 1.64 3.12 219.33 6.62 -0.45 -6.75 2.23 3.09 142.13 36.65 -1.46 -3.98 4.17 2.26 135.14

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_JUNE26_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

2017-06-20 6:23 PM

20

WWW.NORTHERNMINER.COM

JUNE 26–JULY 9, 2017 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: JUNE 12–16, 2017 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A 92 Resources V 214 0.10 0.09 0.10 + 0.01 0.22 0.07 Abacus Mng &Ex* O 106 0.50 0.45 0.50 + 0.02 2.88 0.06 Abacus Mng &Ex V 107 0.67 0.60 0.66 + 0.01 0.78 0.24 Aben Res* O 30 0.08 0.07 0.08 + 0.00 0.26 0.05 Aben Res V 767 0.11 0.10 0.10 - 0.01 0.34 0.07 Aberdeen Intl* O 52 0.10 0.00 0.10 + 0.01 0.15 0.09 Aberdeen Intl T 100 0.14 0.13 0.13 - 0.01 0.19 0.13 Abitibi Royalt V 2 9.40 0.00 9.38 + 0.08 10.75 6.36 O 167 0.48 0.43 0.43 - 0.03 0.48 0.31 AbraPlata Res* AbraPlata Res V 218 0.63 0.52 0.56 - 0.01 0.63 0.00 Acacia Mining* O 18 3.72 0.00 3.72 - 0.18 7.47 3.70 Adamera Mnls V 3421 0.22 0.19 0.20 - 0.02 0.24 0.06 Adamera Mnls* O 885 0.16 0.14 0.15 - 0.01 0.18 0.04 Advance Gold V 164 0.07 0.05 0.06 - 0.01 0.13 0.04 Advantage Lith V 958 0.50 0.46 0.47 - 0.03 1.34 0.35 Advantage Lith* O 276 0.37 0.34 0.34 - 0.02 1.01 0.33 Affinity Gold* O 17 0.03 0.02 0.03 + 0.01 0.05 0.00 African Queen V 114 0.05 0.05 0.05 + 0.01 0.14 0.03 46.84 - 1.36 60.10 35.05 Agnico Eagle* N 9449 50.18 46.03 Agnico Eagle T 5024 66.13 61.23 62.00 - 2.85 78.35 46.91 Agrium T 2848 130.32 121.00 124.23 - 3.51 146.99 114.05 N 2665 96.99 91.18 93.90 - 1.05 111.88 87.62 Agrium* 25 0.25 0.24 0.24 - 0.01 1.35 0.18 Aguila Amer Gd V Aida Minerals 136 0.09 0.01 0.05 - 0.02 0.14 0.01 Aim Explor* O 17356 0.01 0.01 0.01 - 0.00 0.15 0.00 Alabama Graph* O 74 0.11 0.10 0.11 + 0.00 0.17 0.08 Alacer Gold T 28818 2.53 2.11 2.21 + 0.07 3.79 1.75 Alamos Gold T 4825 9.83 9.05 9.48 + 0.02 13.65 7.86 Alamos Gold* N 24732 7.46 6.81 7.08 + 0.05 10.41 5.95 Alchemist Mng 623 0.06 0.05 0.05 - 0.01 0.12 0.04 Alcoa* N 19422 33.21 29.55 30.00 - 3.01 39.78 20.00 Alderon Iron* O 13 0.25 0.00 0.22 - 0.03 0.60 0.08 Alderon Iron T 91 0.32 0.28 0.28 - 0.05 0.80 0.08 Aldever Res V 1275 0.08 0.06 0.06 - 0.01 0.35 0.06 Aldever Res* O 360 0.06 0.00 0.06 - 0.00 0.11 0.04 Alexandria Min V 6696 0.08 0.07 0.08 - 0.01 0.12 0.04 Alexandria Min* O 1100 0.07 0.05 0.06 - 0.00 0.10 0.03 Alexco Res T 208 1.97 1.67 1.97 + 0.28 3.31 1.47 Alexco Res* X 2221 1.50 1.25 1.33 + 0.07 2.54 1.10 Algold Res V 287 0.20 0.20 0.20 - 0.01 0.44 0.17 Alianza Min* O 2 0.11 0.10 0.11 + 0.02 0.15 0.05 Alix Res V 3062 0.05 0.05 0.05 - 0.01 0.15 0.04 Alliance Res* D 2726 22.90 19.25 19.50 - 2.00 26.65 13.95 1.77 - 0.03 2.44 1.01 Almaden Mnls T 100 1.89 1.73 Almadex Min V 74 1.11 1.02 1.02 - 0.03 2.00 0.37 Almadex Min* O 113 0.85 0.77 0.79 + 0.02 1.51 0.28 Almonty Ind V 43 0.24 0.23 0.24 - 0.01 0.44 0.20 Alphamin Res V 54 0.39 0.36 0.39 + 0.03 0.40 0.23 ALQ Gold 29 0.06 0.05 0.05 - 0.01 0.06 0.03 Alset Minerals* O 17 0.09 0.09 0.09 + 0.00 0.43 0.06 Alset Minerals V 193 0.14 0.13 0.13 + 0.01 0.62 0.08 Altai Res V 409 0.07 0.07 0.07 + 0.01 0.16 0.04 Altair Res Inc V 93 0.26 0.23 0.25 - 0.02 0.47 0.16 Altamira Gold V 132 0.28 0.26 0.26 - 0.02 0.30 0.23 Altamira Gold* O 41 0.21 0.19 0.20 - 0.01 0.31 0.16 Altiplano Mnls V 2394 0.25 0.22 0.25 + 0.04 0.28 0.08 Altius Mnrls T 104 10.43 10.22 10.26 - 0.08 14.06 9.01 Alto Vent V 257 0.10 0.07 0.10 + 0.01 0.14 0.04 Altura Mng Ltd* O 55 0.11 0.11 0.11 - 0.01 0.27 0.09 Alturas Mnrls V 667 0.03 0.00 0.02 - 0.01 0.08 0.02 Alumina Inc* O 94 6.01 5.66 5.69 - 0.25 6.24 3.62 ALX Uranium V 166 0.10 0.08 0.09 - 0.01 0.16 0.06 ALX Uranium* O 64 0.08 0.06 0.07 + 0.00 0.12 0.05 Am CuMo Mng V 919 0.41 0.38 0.38 - 0.01 0.48 0.08 Am CuMo Mng* O 211 0.31 0.28 0.29 - 0.01 0.35 0.05 Am Manganese* O 159 0.14 0.12 0.13 - 0.00 0.27 0.02 Am Manganese V 670 0.18 0.16 0.16 - 0.01 0.38 0.03 Am Sierra Gold* O 14 0.02 0.00 0.02 + 0.00 0.05 0.01 0.18 - 0.02 0.21 0.06 Amarc Res V 492 0.19 0.18 Amarc Res* O 164 0.15 0.14 0.14 - 0.01 0.15 0.04 Amarillo Gold V 224 0.38 0.34 0.36 - 0.02 0.68 0.27 Amato Expl V 55 0.05 0.05 0.05 + 0.02 0.10 0.03 Amazing Energy* O 108 0.34 0.24 0.24 - 0.00 1.06 0.05 Amer Intl Vent* O 559 0.08 0.05 0.07 + 0.00 0.10 0.01 Amer Vanadium* O 858 0.03 0.01 0.02 + 0.00 0.03 0.00 American Lith* O 48 0.08 0.08 0.08 - 0.00 0.92 0.07 American Lith V 431 0.10 0.10 0.10 - 0.01 1.24 0.10 Americas Silvr T 214 4.09 3.80 3.84 + 0.01 5.76 2.70 Americas Silvr* X 107 3.09 2.85 2.96 + 0.11 3.65 2.39 Amerigo Res T 488 0.58 0.53 0.55 - 0.03 0.83 0.14 Amerigo Res* O 152 0.44 0.40 0.40 - 0.02 0.63 0.10 Amex Expl V 486 0.24 0.16 0.19 - 0.03 0.38 0.11 Anaconda Mng T 1049 0.07 0.06 0.07 + 0.01 0.11 0.05 Anaconda Mng* O 266 0.05 0.04 0.05 + 0.01 0.09 0.04 Andes Gold* O 33 0.02 0.02 0.02 - 0.01 0.03 0.00 Anfield Nickel V 498 0.49 0.46 0.46 - 0.03 1.94 0.43 Anfield Res V 2714 0.09 0.07 0.07 - 0.01 0.30 0.06 Angel Gold* O 21 0.06 0.06 0.06 - 0.01 0.11 0.04 Angkor Gold V 23 0.30 0.30 0.30 + 0.02 0.50 0.27 Anglo American* O 286 6.91 6.07 6.15 - 0.67 8.87 4.08 Anglo American* O 1 13.58 12.33 12.33 - 1.25 17.61 8.33 Anglo-Bomarc V 219 0.14 0.11 0.14 + 0.02 0.15 0.05 Anglo-Can Mng V 26 0.15 0.00 0.13 - 0.01 0.30 0.05 10.30 - 1.65 22.91 9.28 AngloGold Ash* N 23129 11.92 10.28 Antioquia Gold V 36 0.14 0.12 0.14 + 0.01 0.20 0.08 0.46 - 0.05 1.00 0.45 Antler Gold V 44 0.50 0.45 Antofagasta* O 9 10.39 0.00 9.89 - 0.69 11.00 5.76 APAC Res Inc 358 0.04 0.03 0.03 - 0.03 0.14 0.03 Apogee Opport V 4 0.17 0.00 0.17 + 0.01 0.44 0.14 Appia Energy 91 0.19 0.16 0.18 - 0.02 0.47 0.13 O 306 0.04 0.04 0.04 - 0.01 0.19 0.02 Applied Mrnls* Aquila Res* O 72 0.20 0.18 0.18 - 0.00 0.25 0.15 Aquila Res T 880 0.26 0.25 0.25 - 0.01 0.32 0.19 Arch Coal* N 2671 72.19 61.56 63.70 - 6.34 86.47 59.05 Archon Mineral V 7 1.20 1.13 1.13 + 0.03 1.85 1.02 0.23 + 0.03 0.22 0.04 Arctic Star* O 60 0.23 0.20 Arctic Star V 2126 0.38 0.27 0.30 + 0.02 0.38 0.06 Arcus Dev Grp V 43 0.14 0.13 0.14 + 0.01 0.20 0.05 Ardonblue Vent V 185 0.22 0.17 0.22 + 0.05 0.20 0.08 Arena Mnls* O 105 0.13 0.12 0.13 - 0.00 0.24 0.10 Arena Mnls V 441 0.17 0.16 0.16 - 0.01 0.31 0.13 Argentina Lith V 28 0.16 0.15 0.15 - 0.01 0.83 0.09 Argentina Lith* O 53 0.13 0.11 0.11 - 0.02 0.63 0.11 Argex Titanium* O 18 0.05 0.05 0.05 - 0.00 0.09 0.03 Argex Titanium T 1925 0.08 0.06 0.06 - 0.01 0.11 0.04 Argonaut Gold* O 130 1.72 1.49 1.59 + 0.11 3.38 1.12 Argonaut Gold T 16745 2.29 1.97 2.06 + 0.07 4.45 1.48 Argus Metals V 30 0.13 0.10 0.10 - 0.03 0.15 0.05 Arian Silver* O 150 0.01 0.01 0.01 - 0.01 0.04 0.00 Arianne Phosph* O 126 0.71 0.68 0.71 + 0.01 0.80 0.52 Arizona Mng T 1070 2.21 1.98 2.02 - 0.17 3.49 1.33 Arizona Mng* O 112 1.61 1.51 1.56 - 0.04 2.64 1.05 Arizona Silver V 920 0.27 0.24 0.24 - 0.03 1.23 0.04 Arizona Silver* O 288 0.21 0.00 0.18 - 0.02 0.91 0.15 Asanko Gold* X 48900 1.59 1.33 1.41 - 0.14 4.68 1.28 2.07 - 0.01 6.09 1.75 Asanko Gold T 14930 2.12 1.77 Asante Gold 39 0.12 0.11 0.12 + 0.01 0.27 0.10 Asbestos Corp V 60 0.20 0.00 0.20 - 0.05 0.30 0.14 Ascot Res V 188 2.09 1.92 1.97 + 0.03 2.83 1.00 Ashanti Sanko V 301 0.04 0.03 0.03 - 0.01 0.10 0.03 O 25 0.13 0.07 0.07 - 0.06 0.24 0.09 Ashburton Vent* Ashburton Vent V 1843 0.17 0.10 0.11 - 0.06 0.45 0.09 Asian Minl Res V 67 0.02 0.02 0.02 + 0.01 0.04 0.02 Aston Bay V 94 0.16 0.16 0.16 + 0.02 0.47 0.13 Astorius Res V 245 0.12 0.10 0.10 - 0.03 0.41 0.06 ATAC Res V 551 0.71 0.63 0.67 + 0.02 0.95 0.32 Atacama Pacif* O 11 0.35 0.31 0.35 + 0.04 0.79 0.22 Atacama Pacif V 113 0.54 0.46 0.54 + 0.04 1.02 0.26 Atacama Res* O 30 0.30 0.30 0.30 + 0.00 0.52 0.06 Athabasca Mnls* O 184 0.16 0.13 0.16 + 0.02 0.24 0.11 Athabasca Mnls V 363 0.23 0.18 0.23 + 0.05 0.32 0.14 Atico Mng* O 151 0.54 0.42 0.44 - 0.07 0.75 0.32 Atico Mng V 176 0.72 0.58 0.58 - 0.09 0.99 0.43 Atlanta Gold V 43 0.07 0.06 0.07 - 0.01 0.11 0.06 Atlanta Gold* O 16 0.06 0.04 0.04 - 0.02 0.08 0.04 Atlantic Gold V 1222 1.51 1.41 1.44 - 0.07 1.60 0.65 Atlatsa Res* O 25 0.04 0.03 0.04 + 0.00 0.10 0.03 Atlatsa Res T 71 0.07 0.05 0.05 - 0.02 0.13 0.05 Atom Energy * O 1 0.12 0.10 0.12 + 0.02 0.34 0.08 Atom Energy V 18 0.16 0.00 0.16 + 0.04 0.65 0.11 Aton Res Inc V 1447 0.05 0.04 0.04 - 0.01 0.16 0.04 Aura Mnls T 17 1.63 0.00 1.63 + 0.16 2.80 1.40 Aura Mnls* O 2 1.25 1.13 1.24 + 0.11 1.42 1.07 Aura Silver Rs V 1088 0.07 0.06 0.06 - 0.01 0.10 0.03 2.39 - 0.09 3.75 0.50 Aurania Res V 3 2.46 2.39 Aurcana Corp V 530 0.42 0.31 0.32 + 0.02 0.80 0.26 Aurcana Corp* O 96 0.30 0.23 0.29 + 0.06 0.63 0.20 AurCrest Gold V 604 0.03 0.03 0.03 + 0.01 0.04 0.02 AuRico Metals * O 142 0.99 0.90 0.94 + 0.01 0.99 0.62 AuRico Metals T 1692 1.31 1.22 1.28 + 0.03 1.32 0.82 Aurion Res V 296 1.85 1.67 1.76 - 0.10 2.29 0.20 Aurvista Gold* O 294 0.24 0.20 0.21 - 0.00 0.34 0.10

20-22_JUNE26_StockTables.indd 20

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Auryn Res T 279 Auryn Res* O 196 Austral Gold* O 84 Avalon Adv Mat* O 79 Avalon Adv Mat T 182 Avarone Metals 178 Avino Silver V 69 Avino Silver* X 611 Avnel Gold * O 111 Avnel Gold T 555 Avrupa Mnls* O 91 Axmin Inc V 17 Azarga Mtls V 54 T 21 Azarga Uranium Azarga Uranium* O 11 Azincourt Uran V 339 Azincourt Uran* O 95 Aztec Minerals V 179

3.53 3.24 3.31 - 0.06 4.17 2.14 2.66 2.44 2.51 + 0.01 3.18 1.58 0.15 0.12 0.15 + 0.03 0.19 0.08 0.12 0.10 0.10 - 0.01 0.20 0.00 0.15 0.14 0.14 - 0.01 0.26 0.14 0.04 0.03 0.03 - 0.01 0.08 0.02 2.13 1.95 1.97 - 0.17 4.05 1.52 1.60 1.46 1.49 - 0.09 3.14 1.12 0.22 0.19 0.20 - 0.02 0.30 0.13 0.29 0.27 0.27 - 0.01 0.39 0.18 0.08 0.08 0.08 - 0.00 0.19 0.06 0.04 0.04 0.04 - 0.01 0.10 0.02 0.20 0.17 0.18 + 0.01 0.60 0.14 0.32 0.27 0.29 - 0.03 0.57 0.18 0.23 0.21 0.23 + 0.02 0.44 0.14 0.09 0.08 0.08 - 0.01 0.28 0.04 0.07 0.06 0.06 - 0.01 0.22 0.03 0.40 0.37 0.37 - 0.03 0.65 0.36

B2Gold* X 47538 B2Gold T 27610 B4MC Gold* O 0 V 15 Bacanora Mnls Balmoral Res T 383 Balmoral Res* O 156 Bandera Gold V 45 Bannerman Res* O 165 Banro Corp* X 239 Banro Corp T 93 Bard Ventures V 33 Barker Mnrls V 565 Barkerville Go* O 304 Barkerville Go V 1818 Barrick Gold* N 66790 Barrick Gold T 23194 Barsele Min* O 170 Batero Gold V 129 234 Battle Mtn Gld* O Battle Mtn Gld V 1983 Bayhorse Silvr* O 38 Bayhorse Silvr V 848 Bayswater Uran* O 1 Bayswater Uran V 83 445 Bear Creek Mng V Bearclaw Cap V 265 Bearing Lith* O 1634 Bearing Lith V 2231 Beaufield Res V 1249 O 510 Beaufield Res* Beeston Ent* O 33 Bell Copper V 159 Bell Copper* O 65 Belmont Res V 277 451 Belo Sun Mng T Benton Res V 83 Berkeley Egy* O 2 Berkwood Res V 305 Bitterroot Res V 308 Bitterroot Res* O 95 Black Dragon* O 77 Black Hills* N 2152 Black Mam Mtls V 19 Black Sea Cop* O 41 Black Sea Cop V 153 Blackrock Gold V 301 Blind Crk Res V 817 BLOX Inc* O 270 Blue Rvr Res V 903 Blue Sky Uran* O 75 Blue Sky Uran V 280 Bluenose Gold V 2276 Bonanza Gldfds* O 1837 BonTerra Res V 987 BonTerra Res* O 108 Borneo Res Inv* O 58097 Bowmore Expl V 690 Bravada Gold* O 41 Bravada Gold V 23 Braveheart Res V 145 Bravo Multinat* O 9 Bravura Vent 9 Brazil Mnrls* O 63 Brio Gold T 300 Britannia Mng* O 18 Brixton Mtls* O 41 V 1204 Broadway Gold Broadway Gold* O 302 O 271 Brookmount Exp* Buccaneer Gold V 17 Buenaventura* N 17290 Bullfrog Gold* O 256 Bullion Gld Res V 50 BWR Explor V 1879

2.87 2.64 2.72 - 0.01 3.65 2.02 3.79 3.51 3.64 - 0.02 4.74 2.69 7.10 7.10 7.10 - 0.50 7.60 5.00 1.46 1.32 1.40 + 0.06 1.78 1.01 0.70 0.65 0.67 - 0.04 1.28 0.62 0.54 0.49 0.51 - 0.01 0.99 0.46 0.07 0.04 0.04 - 0.03 0.15 0.02 0.03 0.03 0.03 - 0.00 0.08 0.01 0.79 0.70 0.75 + 0.00 4.80 0.65 1.05 0.95 0.96 - 0.07 62.00 0.86 0.04 0.03 0.03 + 0.01 0.04 0.02 0.02 0.01 0.01 - 0.01 0.03 0.01 0.85 0.76 0.78 - 0.02 1.03 0.29 1.12 1.02 1.03 - 0.07 1.39 0.41 16.59 15.53 15.69 - 0.63 23.47 13.81 22.22 20.57 20.71 - 1.25 30.45 18.52 0.52 0.49 0.52 + 0.04 1.25 0.47 0.09 0.00 0.09 + 0.01 0.23 0.08 0.44 0.41 0.42 + 0.03 0.73 0.22 0.58 0.52 0.58 + 0.04 0.95 0.29 0.14 0.10 0.13 + 0.02 0.22 0.09 0.18 0.15 0.15 - 0.01 0.29 0.12 0.03 0.03 0.03 + 0.00 0.07 0.01 0.05 0.00 0.05 + 0.01 0.09 0.02 2.26 1.91 2.05 - 0.10 3.77 1.72 0.06 0.05 0.06 + 0.01 0.06 0.03 0.75 0.58 0.74 + 0.19 1.41 0.30 0.98 0.75 0.98 + 0.24 1.83 0.13 0.22 0.20 0.22 + 0.02 0.34 0.06 0.17 0.15 0.16 + 0.01 0.25 0.04 0.00 0.00 0.00 + 0.00 0.01 0.00 0.12 0.07 0.09 + 0.01 0.12 0.03 0.10 0.06 0.06 + 0.02 0.10 0.02 0.06 0.05 0.05 - 0.01 0.11 0.05 0.68 0.60 0.63 - 0.02 1.14 0.50 0.09 0.09 0.09 - 0.01 0.15 0.06 0.61 0.59 0.59 - 0.02 0.92 0.44 0.37 0.27 0.28 - 0.04 1.23 0.05 0.20 0.15 0.18 - 0.02 0.29 0.04 0.15 0.13 0.14 - 0.01 0.22 0.02 0.02 0.02 0.02 + 0.00 0.07 0.02 71.98 68.55 71.88 + 3.03 71.72 54.76 0.24 0.00 0.24 + 0.01 0.25 0.06 0.16 0.00 0.16 + 0.01 0.46 0.13 0.22 0.19 0.21 + 0.01 0.54 0.18 0.07 0.06 0.06 - 0.02 0.18 0.05 0.29 0.23 0.26 - 0.04 0.38 0.05 0.06 0.04 0.04 - 0.02 0.35 0.01 0.05 0.05 0.05 - 0.01 0.08 0.03 0.11 0.11 0.11 - 0.00 0.47 0.11 0.18 0.15 0.16 + 0.01 0.74 0.12 0.00 0.00 0.04 - 0.01 0.05 0.01 0.00 0.00 0.00 - 0.00 0.01 0.00 0.51 0.48 0.49 + 0.01 0.55 0.21 0.40 0.35 0.37 + 0.01 0.40 0.15 0.00 0.00 0.00 + 0.00 0.00 0.00 0.31 0.27 0.27 - 0.03 0.31 0.07 0.15 0.14 0.15 - 0.00 0.31 0.13 0.21 0.00 0.21 + 0.01 0.40 0.17 0.08 0.06 0.06 - 0.02 0.08 0.03 2.25 1.10 2.25 + 0.85 10.50 0.32 0.27 0.00 0.25 - 0.02 5.90 0.20 0.02 0.02 0.02 - 0.01 0.50 0.00 2.84 2.47 2.75 + 0.01 3.59 2.47 0.00 0.00 0.00 - 0.00 0.02 0.00 0.30 0.27 0.29 + 0.02 0.92 0.15 0.60 0.43 0.51 - 0.10 1.70 0.07 0.46 0.33 0.41 - 0.04 1.29 0.22 0.02 0.01 0.02 - 0.00 0.02 0.00 0.06 0.05 0.06 + 0.01 0.08 0.02 12.38 11.12 11.22 - 1.51 16.45 9.87 0.11 0.10 0.11 + 0.01 0.19 0.06 0.12 0.11 0.11 - 0.01 0.14 0.08 0.07 0.05 0.06 + 0.01 0.09 0.04

Cache Expl V 328 Cairo Res V 5 Caledonia Mng T 102 Caledonia Mng* O 79 Calibre Mng V 548 California Gld V 54 California Go* O 15 Callinex Mines* O 112 Callinex Mines V 412 Cameco Corp* N 6370 Cameco Corp T 7815 Cameo Res* O 40 Camino Mnls* O 337 Camino Mnls V 1380 Camrova Res V 7 Camrova Res* O 4 Canadian Mng V 360 Canadian Zeol V 183 Canadian Zeol* O 43 CanAlaska Uran* O 39 CanAlaska Uran V 80 Canamex Res* O 52 Canarc Res* O 1226 Canasil Res V 462 Candelaria Mg V 23 Candelaria Mg* O 6 Candente Gold V 138 Candente Gold* O 15 CANEX Metals V 12 Canstar Res V 159 Canuc Res V 143 Canuc Res* O 72 Canyon Gold* O 17434 Capstone Mng T 2677 Caracara Silvr V 64 Cardero Res* O 4 Cardero Res V 63 Carlin Gold V 150 Carmax Mng V 308 Cartier Iron 176 Cartier Res V 635 Cascadero Copp V 885 Castle Silver* O 18 Cava Res V 105 Cava Res* O 1 Cavan Vent V 130 Caza Gold V 92 Cda Carbon V 776 Cda Carbon* O 109 Cda Rare Earth V 909 Cda Rare Earth* O 17 Cda Strtgc Met V 3008 Cda Strtgc Met * O 90 Cdn Intl Mnrls* O 19 Cdn Metals 325 Cdn Orebodies V 244 Cdn Orebodies* O 5 Cdn Silvr Hunt V 519 Cdn Zinc T 1026 Cdn Zinc* O 264 Centamin T 36 Centaurus Diam* O 104 Centenera Mng* O 24 Centenera Mng V 28 Centerra Gold T 24351 Centurion Mnls V 516 Ceylon Graph V 292

0.31 0.28 0.30 + 0.02 0.31 0.05 0.25 0.22 0.24 + 0.02 0.60 0.18 1.80 1.65 1.67 - 0.13 2.42 1.20 1.35 1.25 1.27 - 0.08 1.84 0.94 0.17 0.15 0.17 + 0.02 0.30 0.10 0.36 0.00 0.31 - 0.05 0.76 0.29 0.27 0.24 0.24 - 0.03 0.56 0.21 0.24 0.22 0.23 - 0.01 0.54 0.21 0.32 0.30 0.31 - 0.01 0.69 0.28 9.70 9.01 9.17 - 0.33 13.36 7.41 13.03 11.98 12.09 - 0.72 17.65 9.88 1.09 1.05 1.09 + 0.04 1.11 0.24 0.64 0.56 0.56 - 0.10 1.62 0.00 0.94 0.74 0.94 + 0.06 2.23 0.14 0.12 0.00 0.11 - 0.01 0.40 0.10 0.08 0.07 0.08 - 0.00 0.21 0.07 0.43 0.33 0.38 - 0.01 0.43 0.10 0.65 0.55 0.58 - 0.05 1.95 0.13 0.46 0.43 0.45 - 0.04 1.46 0.17 0.27 0.24 0.25 - 0.02 1.20 0.24 0.38 0.33 0.35 + 0.01 1.55 0.33 0.12 0.11 0.11 - 0.01 0.13 0.07 0.08 0.07 0.07 - 0.00 0.11 0.05 0.19 0.16 0.19 + 0.02 0.73 0.14 0.99 0.90 0.98 - 0.01 1.19 0.36 1.08 0.00 1.08 + 0.35 1.08 0.56 0.04 0.00 0.04 - 0.01 0.09 0.03 0.03 0.02 0.03 + 0.01 0.06 0.02 0.07 0.00 0.06 - 0.01 0.14 0.06 0.09 0.00 0.08 - 0.01 0.23 0.00 0.45 0.35 0.45 + 0.09 0.55 0.25 0.34 0.27 0.34 + 0.01 0.39 0.22 0.00 0.00 0.00 - 0.00 0.21 0.00 0.93 0.81 0.83 - 0.10 1.81 0.65 0.02 0.02 0.02 + 0.01 0.03 0.01 0.09 0.00 0.09 + 0.00 0.19 0.07 0.16 0.12 0.12 - 0.02 0.25 0.09 0.08 0.07 0.08 - 0.01 0.10 0.03 0.04 0.03 0.03 - 0.01 0.05 0.03 0.11 0.10 0.10 + 0.01 0.16 0.03 0.35 0.31 0.33 - 0.02 0.38 0.11 0.13 0.11 0.11 - 0.01 0.17 0.07 0.20 0.00 0.19 - 0.00 0.22 0.03 0.20 0.00 0.20 - 0.04 0.78 0.06 0.15 0.15 0.15 - 0.01 0.37 0.14 0.06 0.03 0.05 + 0.03 0.06 0.02 0.02 0.00 0.02 - 0.01 0.09 0.02 0.20 0.16 0.17 - 0.02 0.32 0.16 0.15 0.13 0.13 - 0.01 0.24 0.13 0.04 0.03 0.04 - 0.01 0.06 0.03 0.03 0.03 0.03 - 0.01 0.05 0.02 0.16 0.13 0.16 + 0.03 0.26 0.10 0.11 0.11 0.11 + 0.01 0.19 0.07 0.02 0.02 0.02 - 0.01 0.04 0.02 0.07 0.05 0.07 + 0.01 0.32 0.05 0.37 0.33 0.36 - 0.02 0.53 0.19 0.28 0.25 0.25 - 0.03 0.39 0.00 0.08 0.05 0.08 + 0.03 0.09 0.02 0.18 0.17 0.17 - 0.01 0.41 0.16 0.14 0.12 0.13 - 0.01 0.32 0.11 3.03 2.75 2.75 - 0.26 3.23 1.84 0.07 0.05 0.07 + 0.02 0.25 0.01 0.17 0.17 0.17 - 0.01 0.37 0.10 0.25 0.21 0.22 - 0.02 0.50 0.15 7.52 6.60 6.72 - 0.61 8.32 5.56 0.06 0.05 0.06 - 0.01 0.10 0.05 0.25 0.23 0.23 - 0.01 0.45 0.17

B

C

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Champion Bear V 123 0.17 0.15 0.15 - 0.02 0.28 0.06 Champion Iron* O 37 0.72 0.66 0.72 - 0.00 1.12 0.17 Chatham Rock V 4 0.47 0.00 0.47 - 0.03 0.90 0.15 Chesapeake Gld V 49 3.70 3.40 3.40 - 0.25 6.50 3.25 Chesapeake Gld* O 25 2.76 2.56 2.56 - 0.12 5.03 2.43 108.35 + 1.95 119.00 97.53 Chevron Corp* N 38061 108.49 105.74 Chiboug Ind Mn V 151 0.09 0.08 0.08 - 0.01 0.26 0.06 Chilean Metals* O 19 0.11 0.08 0.08 - 0.02 0.24 0.07 Chilean Metals V 113 0.15 0.11 0.12 - 0.02 0.33 0.10 China Gold Int T 20073 2.12 1.82 1.86 - 0.14 3.67 1.84 China Mnls Mng* O 91 0.01 0.00 0.01 - 0.01 0.02 0.00 Cibolan Gold* O 176 0.00 0.00 0.00 - 0.01 0.13 0.00 Cicada Vents V 24 0.01 0.01 0.01 - 0.01 0.01 0.01 CIM Intl Grp 1 0.45 0.00 0.45 - 0.34 1.31 0.38 Claim Post Res V 784 0.10 0.07 0.08 - 0.01 0.10 0.02 Clean Comm* O 58 0.05 0.04 0.04 - 0.01 0.13 0.03 Cleghorn Mnls V 133 0.09 0.09 0.09 + 0.01 0.16 0.08 Clifton Mng* O 62 0.12 0.00 0.10 - 0.03 0.16 0.09 3.55 3.02 3.13 - 0.27 8.04 1.81 Cloud Peak En* N 3664 CMC Metals V 1108 0.12 0.10 0.10 - 0.01 0.20 0.08 86 0.07 0.00 0.06 - 0.01 0.09 0.06 Cobalt Pwr Grp* O Cobalt Pwr Grp V 2861 0.11 0.09 0.09 - 0.02 0.18 0.04 O 31 0.11 0.09 0.09 - 0.02 0.32 0.01 CobalTech M’g* CobalTech M’g V 1261 0.16 0.12 0.12 - 0.03 0.45 0.02 Coeur Mng* N 28805 9.77 8.19 8.36 - 1.38 16.41 7.30 Colibri Res V 7 0.23 0.00 0.23 - 0.03 0.28 0.11 Colonial Coal V 300 0.12 0.10 0.11 - 0.01 0.24 0.07 0.25 - 0.01 0.71 0.18 Colorado Res V 506 0.26 0.25 Colorado Res* O 59 0.20 0.19 0.20 + 0.00 0.54 0.13 Columbus Gold* O 372 0.62 0.55 0.60 + 0.03 0.83 0.31 Columbus Gold T 320 0.81 0.73 0.79 + 0.03 1.09 0.42 2.50 - 0.30 3.00 1.75 Comet Inds V 7 2.80 2.50 Commander Res V 188 0.05 0.04 0.05 + 0.01 0.08 0.04 Commerce Res V 311 0.08 0.07 0.08 - 0.01 0.11 0.05 Commerce Res* O 29 0.07 0.06 0.06 - 0.00 0.09 0.04 Comstock Mng* X 8687 0.17 0.13 0.14 + 0.01 0.47 0.13 Comstock Mtls V 198 0.18 0.15 0.17 + 0.01 0.43 0.12 Comstock Mtls * O 36 0.13 0.12 0.12 - 0.00 0.33 0.09 V 276 0.67 0.58 0.67 + 0.05 8.00 0.46 Confedertn Mls Conquest Res V 82 0.04 0.03 0.03 - 0.01 0.07 0.02 V 20 0.06 0.00 0.06 - 0.01 0.09 0.04 Cons Woodjam CONSOL Energy* N 12287 15.60 14.18 14.49 - 0.28 22.34 12.87 Constantine Mt V 277 0.16 0.15 0.15 - 0.02 0.20 0.08 3.51 + 0.12 5.75 2.62 Contintl Gold T 10072 3.65 3.32 Contintl Gold* O 204 2.73 2.47 2.64 + 0.08 4.39 1.90 18 0.09 0.08 0.08 - 0.00 0.14 0.08 Copper Fox Mtl* O Copper Fox Mtl V 543 0.13 0.12 0.13 + 0.01 0.19 0.11 96 0.61 0.55 0.55 - 0.03 1.02 0.32 Copper Mtn Mng* O Copper Mtn Mng T 507 0.79 0.73 0.76 - 0.01 1.32 0.40 Copper North M V 223 0.09 0.00 0.08 - 0.02 0.23 0.08 Copper North M* O 82 0.08 0.06 0.06 - 0.02 0.16 0.00 Copperbank Res 398 0.15 0.12 0.14 - 0.01 0.18 0.04 O 168 0.11 0.09 0.10 - 0.01 0.14 0.03 Copperbank Res* Coral Gold * O 279 0.28 0.24 0.27 + 0.01 0.30 0.15 Coral Gold V 275 0.37 0.33 0.33 - 0.02 0.40 0.19 Cordoba Mnls* O 298 0.69 0.45 0.55 - 0.14 1.21 0.44 0.90 + 0.01 1.59 0.57 Cordoba Mnls V 286 0.91 0.88 Corex Gold V 190 0.14 0.12 0.13 - 0.02 0.20 0.10 Cornerstone Ca V 2922 0.46 0.39 0.46 + 0.01 0.52 0.04 Cornerstone Ca* O 286 0.34 0.30 0.34 + 0.00 0.40 0.03 Coro Mining T 111 0.12 0.11 0.11 - 0.01 0.20 0.10 0.15 - 0.04 0.71 0.14 Coronet Mtls V 35 0.19 0.15 Corsa Coal V 210 2.00 1.73 1.80 + 0.02 3.82 0.80 O 167 1.42 1.31 1.36 + 0.03 2.93 1.15 Corsa Coal * Corvus Gold T 226 0.87 0.80 0.85 + 0.05 1.38 0.50 0.64 + 0.04 1.05 0.37 Corvus Gold* O 35 0.65 0.58 Crazy Horse Res V 266 0.20 0.00 0.20 + 0.18 0.40 0.15 Cresval Cap V 90 0.06 0.04 0.04 - 0.02 0.06 0.04 0.75 + 0.08 0.76 0.31 Critical Elem* O 360 0.76 0.67 Critical Elem V 2284 1.04 0.88 0.98 + 0.08 1.04 0.39 0.16 - 0.01 0.23 0.07 Cruz Cobalt* O 60 0.18 0.16 Cruz Cobalt V 2517 0.24 0.21 0.23 - 0.01 0.31 0.08 0.11 - 0.03 0.16 0.10 Crystal Explor V 92 0.13 0.11 Crystal Lake* O 18 0.18 0.17 0.17 - 0.00 0.30 0.17 Crystal Lake V 40 0.25 0.20 0.25 + 0.01 0.43 0.20 Crystal Peak V 14 0.45 0.43 0.43 - 0.01 0.56 0.18 Crystal Peak* O 11 0.35 0.31 0.35 + 0.03 0.42 0.14 7 1.48 1.25 1.25 - 0.23 1.49 0.05 Curlew Lke Res V Cypress Dev* O 25 0.08 0.07 0.07 - 0.01 0.15 0.07

D-F Dajin Res V 464 Dajin Res* O 152 Dakota Ter Res* O 27 Daleco Res* O 245 Dalradian Res* O 479 Dalradian Res T 1581 Damara Gold V 119 Danakali* O 62 Darnley Bay V 1098 Darnley Bay* O 59 Decade Res V 542 Deep-South Res V 402 Defiance Silvr V 158 Defiance Silvr* O 62 Denison Mines T 1878 Denison Mines* X 1410 Desert Gold V 27 Desert Star V 140 Detour Gold T 15962 Diamante Min* O 236 Diamcor Mng* O 15 Diamcor Mng V 71 Diamond Disc* O 6220 Dios Expl V 468 Discovery Gold* O 1140 Discovery-Corp V 90 Ditem Explor* O 671 Diversified Rs* O 46 DNI Metals 142 DNI Metals* O 37 Dolat Ventures* O 36361 Dolly Vard Sil* O 60 Dolly Vard Sil V 281 Dominion Diam T 888 N 2668 Dominion Diam* Dorex Mnrls V 11 Doubleview Cap V 359 DRDGOLD* N 5511 Dundee Prec Mt T 6998 Dunnedin Vent* O 29 Duran Vent V 82 O 62 Duran Vent * DuSolo Fertil V 334 Dynacor Gld Mn T 87 DynaResource* O 6 Dynasty Gold V 47 Dynasty Met&Mn V 76 Eagle Plains V 710 East Africa V 239 O 11 East Africa * East Asia Mnls* O 9 East Asia Mnls V 168 EastCoal Inc V 222 Eastern Platin* O 33 Eastern Platin T 757 Eastmain Res* O 207 Eastmain Res T 1806 Eco Oro Mnls T 53 eCobalt Solns* O 729 eCobalt Solns T 1580 El Nino Vent V 38 Elcora Res V 221 Elcora Res* O 23 Eldorado Gold* N 95858 Eldorado Gold T 62607 Electra Stone V 631 Eloro Mnrls V 21 Ely Gold & Mnl* O 31 Elysee Dev V 57 Elysee Dev * O 16 Emgold Mng* O 6 Empire Rock V 25 Encanto Potash* O 320 Endeavour Mng* O 23 Endeavour Mng T 5968 Endeavr Silver T 1776 Endeavr Silver* N 21175 Endurance Gold V 139 Energy Fuels* X 403 Energy Fuels T 129 Enforcer Gold V 1181 Engold Mines* O 39 Engold Mines V 447

0.10 0.10 0.10 - 0.01 0.22 0.09 0.08 0.07 0.07 - 0.01 0.17 0.06 0.06 0.05 0.06 - 0.01 0.19 0.02 0.01 0.01 0.01 - 0.00 0.04 0.01 1.34 1.18 1.32 + 0.13 1.34 0.73 1.75 1.61 1.73 + 0.10 1.73 0.95 0.06 0.05 0.06 + 0.01 0.11 0.04 0.63 0.59 0.62 + 0.03 0.65 0.27 0.28 0.23 0.25 - 0.02 0.57 0.11 0.19 0.17 0.17 - 0.01 0.44 0.07 0.09 0.07 0.07 - 0.01 0.12 0.04 0.23 0.15 0.15 - 0.04 0.39 0.15 0.33 0.28 0.29 - 0.04 0.63 0.21 0.25 0.21 0.21 - 0.02 0.49 0.16 0.60 0.55 0.57 - 0.01 1.10 0.49 0.45 0.42 0.42 - 0.02 0.84 0.37 0.24 0.23 0.23 - 0.01 0.40 0.09 0.47 0.37 0.45 + 0.05 0.47 0.18 17.47 15.55 15.80 - 1.68 35.93 14.35 0.13 0.04 0.08 - 0.01 0.51 0.03 0.68 0.68 0.68 + 0.02 1.11 0.60 0.95 0.87 0.93 - 0.02 1.50 0.82 0.00 0.00 0.00 - 0.00 0.00 0.00 0.07 0.07 0.07 - 0.01 0.17 0.06 0.00 0.00 0.00 - 0.00 0.00 0.00 0.03 0.02 0.03 + 0.01 0.07 0.02 0.00 0.00 0.00 - 0.00 0.00 0.00 0.15 0.10 0.10 - 0.05 0.40 0.03 0.07 0.07 0.07 - 0.01 0.09 0.02 0.06 0.00 0.05 - 0.00 0.09 0.00 0.08 0.05 0.07 - 0.01 0.13 0.00 0.46 0.41 0.41 - 0.07 0.81 0.29 0.65 0.54 0.54 - 0.09 1.11 0.38 17.65 16.76 16.85 - 0.58 18.27 10.47 13.33 12.56 12.77 - 0.17 13.65 7.92 0.21 0.15 0.21 + 0.06 0.30 0.10 0.06 0.06 0.06 - 0.01 0.19 0.05 3.54 3.04 3.16 + 0.08 9.10 2.84 2.53 2.21 2.23 - 0.08 4.14 1.87 0.22 0.20 0.20 - 0.00 0.31 0.04 0.07 0.00 0.06 - 0.01 0.14 0.06 0.04 0.04 0.04 - 0.00 0.10 0.04 0.03 0.03 0.03 - 0.01 0.07 0.03 2.01 1.85 1.88 - 0.11 3.71 1.85 1.43 1.25 1.29 - 0.14 1.99 0.00 0.03 0.03 0.03 - 0.01 0.04 0.01 0.32 0.29 0.29 - 0.04 0.45 0.13 0.21 0.17 0.18 - 0.02 0.24 0.11 0.27 0.23 0.24 + 0.02 0.36 0.16 0.18 0.00 0.18 - 0.00 0.28 0.12 0.37 0.37 0.37 - 0.05 0.49 0.11 0.55 0.47 0.48 - 0.02 0.74 0.05 0.01 0.01 0.01 - 0.01 0.02 0.01 0.22 0.20 0.21 + 0.02 0.85 0.19 0.30 0.26 0.26 - 0.03 1.08 0.23 0.30 0.26 0.27 - 0.02 0.73 0.21 0.39 0.35 0.36 - 0.03 0.97 0.35 0.56 0.46 0.48 - 0.01 0.87 0.13 0.96 0.85 0.94 + 0.06 1.14 0.34 1.25 1.14 1.24 + 0.05 1.48 0.41 0.03 0.03 0.03 + 0.01 0.05 0.02 0.24 0.20 0.22 - 0.02 0.45 0.20 0.18 0.17 0.17 - 0.00 0.34 0.15 2.93 2.61 2.75 - 0.15 5.13 2.54 3.89 3.46 3.50 - 0.39 6.71 3.46 0.02 0.02 0.02 - 0.01 0.07 0.02 0.79 0.00 0.75 - 0.03 0.84 0.24 0.10 0.09 0.09 - 0.01 0.20 0.07 0.39 0.35 0.35 - 0.04 0.49 0.23 0.27 0.27 0.27 - 0.01 0.37 0.18 0.02 0.01 0.02 + 0.01 0.04 0.01 0.18 0.00 0.17 - 0.01 0.30 0.07 0.06 0.05 0.05 - 0.00 0.13 0.04 18.00 15.89 16.32 - 0.24 21.89 13.00 23.84 20.92 21.59 - 0.57 28.81 17.37 4.22 3.80 3.89 - 0.11 7.75 3.75 3.20 2.86 2.91 - 0.06 5.95 2.76 0.08 0.07 0.07 - 0.01 0.10 0.04 1.65 1.52 1.56 - 0.05 2.74 1.29 2.20 2.03 2.07 - 0.09 3.53 1.74 0.22 0.21 0.21 - 0.02 0.28 0.18 0.30 0.27 0.29 + 0.02 0.50 0.02 0.41 0.38 0.39 + 0.02 0.68 0.03

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Ensurge* O 228 Entree Gold T 295 Entree Gold* X 219 Equitorial Ex* O 273 Equitorial Ex V 3434 530 Erdene Res Dev T 52 Erdene Res Dev* O Erin Ventures V 599 8 Eros Res Corp* O Eskay Mng V 42 Ethos Gold* O 11 Ethos Gold V 74 X 230 Eurasian Mnls* Eurasian Mnls V 44 Eureka Res V 245 64 Euro Sun Mg* O T 1675 Euro Sun Mg EurOmax Res T 24 O 20 EurOmax Res* O 1320 European Metal* Everton Res* O 11 Everton Res V 1183 125 EVI Global Grp Evolving Gold 13 O 27 Evolving Gold* Evrim Res V 26 Excellon Res* O 645 Excellon Res T 1781 O 127 Excelsior Mng* Excelsior Mng T 604 Exeter Res* X 720 Exeter Res T 169 Explor Res* O 30 Explor Res V 502 Explorex Res 47 Falco Res V 754 Fancamp Expl V 113 Far Res 2863 Firebird Res V 1214 Fireweed Zinc V 305 O 53 Firma Holdings* First Cobalt V 1764 433 O * First Cobalt First Energy* O 63 First Energy V 271 389258 First Liberty* O First Majestic* N 36345 First Majestic T 4582 V 50732 First Mg Fin First Mg Fin * O 8198 First Point* O 36 First Quantum T 18313 Fission Uran T 1205 Fission Uran* O 1003 Fjordland Exp V 287 V 899 Focus Graphite Focus Vent V 162 Foran Mng V 162 Forsys Metals T 56 O 266 Fortescue Mtls* T 5246 Fortuna Silvr 24651 Fortuna Silvr* N Fortune Bay V 8 O 419 Fortune Mnrls* Fortune Mnrls T 1529 V 74 Forum Uranium 121 Fox River Res N 4082 Franco-Nevada* Franco-Nevada T 3052 Freedom Egy V 52 Freegold Vent T 78 N 99341 Freeport McMoR* 4 Fresnillo plc* O Frontline Gold V 2815 Fura Gems V 368

0.02 0.07 - 0.01 0.12 0.08 0.07 0.29 0.49 - 0.07 0.94 0.56 0.49 0.21 0.37 - 0.04 0.72 0.42 0.36 0.03 0.09 - 0.01 0.10 0.09 0.08 0.03 0.11 - 0.02 0.14 0.12 0.10 1.22 1.13 1.20 - 0.01 1.40 0.28 0.90 0.86 0.89 + 0.00 1.00 0.22 0.03 0.03 - 0.01 0.06 0.03 0.03 0.13 0.12 0.13 + 0.00 0.17 0.10 0.15 0.37 - 0.07 0.45 0.41 0.34 0.05 0.13 + 0.00 0.32 0.13 0.13 0.17 0.19 + 0.01 0.41 0.22 0.18 0.62 0.90 - 0.01 1.40 0.94 0.86 0.86 1.20 - 0.06 1.84 1.32 1.18 0.06 0.07 + 0.01 0.17 0.07 0.06 0.84 0.71 0.74 + 0.09 1.06 0.47 1.25 0.92 1.00 + 0.08 1.45 0.62 0.38 0.48 - 0.02 0.81 0.49 0.38 0.31 0.35 - 0.01 0.59 0.36 0.35 0.00 0.00 + 0.00 0.01 0.00 0.00 0.03 0.03 - 0.02 0.14 0.04 0.03 0.04 0.05 - 0.01 0.20 0.06 0.05 0.04 0.03 0.04 + 0.01 0.12 0.01 0.13 0.17 - 0.02 0.50 0.19 0.00 0.10 0.13 - 0.00 0.38 0.14 0.13 0.16 0.26 + 0.01 0.43 0.27 0.00 0.82 1.08 - 0.06 1.85 1.15 0.92 1.07 1.45 - 0.06 2.40 1.54 1.22 0.25 0.66 + 0.04 0.72 0.67 0.59 0.34 0.86 + 0.04 0.94 0.87 0.79 0.66 1.56 - 0.03 1.89 1.66 1.52 0.89 2.07 - 0.09 2.52 2.20 2.05 0.04 0.06 - 0.00 0.14 0.06 0.05 0.06 0.07 - 0.01 0.18 0.08 0.07 0.10 0.18 + 0.01 0.19 0.18 0.16 0.77 1.09 - 0.06 1.65 1.17 1.07 0.03 0.05 - 0.01 0.08 0.05 0.05 0.05 0.08 - 0.01 0.14 0.10 0.08 0.02 0.02 - 0.01 0.04 0.03 0.02 0.82 0.85 - 0.02 1.00 0.90 0.82 0.03 0.06 - 0.00 0.12 0.08 0.05 0.22 0.56 - 0.04 0.92 0.60 0.52 0.46 0.39 0.43 - 0.01 0.67 0.31 0.03 0.03 - 0.00 0.12 0.03 0.00 0.04 0.04 - 0.01 0.15 0.05 0.00 0.00 0.00 + 0.00 0.00 0.00 0.00 8.73 7.56 7.67 - 0.64 19.15 6.62 10.11 - 1.08 24.96 8.89 11.50 10.00 0.69 0.58 0.58 - 0.09 1.31 0.57 0.53 0.44 0.44 - 0.06 1.02 0.42 0.05 0.07 + 0.00 0.09 0.07 0.07 10.21 - 1.72 17.55 8.11 12.40 10.18 0.49 0.56 - 0.05 0.92 0.61 0.56 0.36 0.43 - 0.01 0.70 0.46 0.43 0.03 0.03 + 0.01 0.17 0.03 0.03 0.06 0.08 - 0.01 0.20 0.09 0.08 0.04 0.05 + 0.01 0.11 0.05 0.05 0.17 0.27 - 0.02 0.47 0.30 0.25 0.05 0.12 - 0.02 0.28 0.14 0.12 2.28 3.68 + 0.20 5.50 3.68 0.00 6.84 6.12 6.31 - 0.24 12.73 5.65 4.11 4.71 - 0.15 9.75 5.19 4.62 0.29 0.63 + 0.02 0.90 0.63 0.00 0.07 0.15 - 0.02 0.26 0.17 0.14 0.09 0.20 - 0.03 0.34 0.23 0.19 0.05 0.06 - 0.01 0.17 0.06 0.06 0.10 0.00 0.10 + 0.01 0.15 0.04 53.31 71.99 - 0.56 81.16 74.60 70.02 98.33 92.51 95.11 - 2.44 105.69 71.44 0.10 0.11 + 0.01 0.14 0.11 0.10 0.08 0.14 + 0.01 0.28 0.15 0.13 11.42 - 0.94 17.06 9.24 12.61 11.20 22.27 0.00 20.29 - 0.96 26.65 13.18 0.01 0.03 + 0.01 0.05 0.03 0.03 0.10 0.42 - 0.03 0.50 0.44 0.39

Gabriel Res T 241 Gainey Capital V 81 O 4 Galantas Gold* Galantas Gold V 748 Galore Res V 54 Galway Gold V 170 Galway Mtls* O 33 Galway Mtls V 92 Garibaldi Res V 213 30 Garibaldi Res * O 121 V Gem Intl Res General Moly T 15 General Moly* X 1056 Genesis Mtls* O 75 Genesis Mtls V 521 Genius Props 480 V 632 Gensource Pot Geodex Mnrls V 42 Geomega Res V 120 Getty Copper V 93 O 111 GFG Resources* GFK Res V 1972 GGX Gold V 1581 Gitennes Expl V 119 Giyani Gold* O 50 Giyani Gold V 149 Glacier Lake V 151 Gldn Predator V 930 O 264 Gldn Predator* Glencore Plc* O 383 O 7 GlobalMin Vent* Globex Mng* O 15 Globex Mng T 80 GMV Minerals V 376 O 11 GMV Minerals* V 58 GobiMin Gold & Silver* O 1777 O 192 Gold Dynamics* 90188 Gold Fields* N 121 Gold Mng USA* O Gold Reserve V 201 Gold Reserve* O 103 X 9715 Gold Resource* Gold Std Vents V 1079 Gold Std Vents* X 19794 Goldbelt Emp V 584 Goldcliff Res V 34 Goldcliff Res* O 15 Goldcorp* N 38547 T 15647 Goldcorp Golden Arrow* O 346 Golden Arrow V 566 Golden Band* O 24 V 78 Golden Cariboo 355 Golden Dawn Ml V 27 Golden Dawn Ml* O Golden Eagle* O 14 O 25 Golden Goliath* V 40 Golden Goliath Golden Harp V 6 Golden Hope V 169 Golden Mnls T 118 Golden Mnls* X 2197 O 307 Golden Queen* Golden Queen T 106 Golden Reign V 674 Golden Secret V 443 233 Golden Sh Mng V Golden Star T 1975 41856 Golden Star* X Golden Tag V 489 Golden Valley* O 63 Golden Valley V 42 Goldex Res V 125 O 120 Goldgroup Mng* T 137 Goldgroup Mng GoldMining V 576 GoldON Res V 70 V 806 GoldQuest Mng Goldrea Res 389 O 133 Goldsource Min* V 729 Goldstrike Res Gossan Res V 107 V 1279 GoviEx Uranium O 207 GoviEx Uranium* Gowest Gold* O 59

0.30 0.30 - 0.02 0.74 0.33 0.30 0.09 0.12 - 0.02 0.37 0.14 0.12 0.05 0.08 - 0.00 0.14 0.08 0.08 0.08 0.10 - 0.01 0.18 0.11 0.10 0.01 0.04 - 0.02 0.07 0.04 0.04 0.05 0.08 + 0.01 0.13 0.08 0.07 0.10 0.23 - 0.03 0.51 0.24 0.23 0.13 0.30 - 0.06 0.65 0.32 0.30 0.07 0.13 - 0.02 0.21 0.14 0.13 0.10 0.10 0.10 - 0.00 0.16 0.05 0.03 0.00 0.03 - 0.01 0.15 0.03 0.30 0.41 - 0.10 0.95 0.51 0.41 0.21 0.32 - 0.06 0.72 0.37 0.32 0.01 0.13 - 0.00 0.22 0.15 0.13 0.09 0.18 - 0.01 0.28 0.19 0.17 0.10 0.20 - 0.01 0.38 0.25 0.18 0.06 0.16 - 0.01 0.25 0.17 0.15 0.05 0.11 + 0.02 0.12 0.11 0.00 0.06 0.07 - 0.01 0.20 0.07 0.07 0.01 0.02 - 0.01 0.04 0.03 0.02 0.50 0.54 - 0.02 1.00 0.57 0.54 0.08 0.10 - 0.01 0.18 0.10 0.08 0.07 0.21 + 0.02 0.39 0.23 0.18 0.02 0.05 - 0.02 0.08 0.06 0.00 0.04 0.27 + 0.02 0.50 0.27 0.21 0.06 0.31 + 0.01 0.70 0.36 0.29 0.05 0.10 + 0.01 0.19 0.11 0.09 0.50 1.26 - 0.16 2.05 1.46 1.24 0.38 0.98 - 0.10 1.59 1.11 0.94 3.49 7.10 - 0.30 8.62 7.51 7.10 0.05 0.06 + 0.00 0.10 0.08 0.06 0.21 0.37 - 0.04 0.48 0.41 0.37 0.28 0.50 - 0.03 0.63 0.54 0.48 0.20 0.36 - 0.03 0.70 0.40 0.36 0.21 0.27 - 0.01 0.55 0.28 0.27 0.43 0.54 - 0.01 0.58 0.57 0.54 1.60 0.00 1.05 - 0.85 15.00 1.00 0.00 0.00 - 0.00 0.01 0.00 0.00 2.60 3.42 - 0.33 6.60 3.78 3.34 0.00 0.00 0.00 - 0.00 0.02 0.00 2.61 3.46 + 0.48 7.34 4.05 2.77 0.00 2.84 + 0.64 5.54 3.01 2.04 3.08 3.73 - 0.15 8.22 4.23 3.73 1.67 4.10 0.17 2.70 2.40 2.65 + 2.07 1.80 1.92 + 0.06 3.20 1.27 0.02 0.02 - 0.01 0.07 0.03 0.02 0.15 0.19 - 0.02 0.47 0.20 0.19 0.11 0.15 + 0.01 0.36 0.15 0.15 11.91 13.12 - 0.31 20.38 13.87 12.98 15.95 17.31 - 0.76 26.56 18.31 17.24 0.40 0.48 - 0.03 1.30 0.53 0.46 0.56 0.63 - 0.04 1.48 0.68 0.61 0.00 0.00 + 0.00 0.00 0.00 0.00 0.05 0.11 - 0.03 0.15 0.11 0.11 0.29 0.25 0.26 - 0.03 0.44 0.15 0.22 0.20 0.22 + 0.01 0.32 0.13 0.01 0.06 + 0.01 0.11 0.06 0.00 0.02 0.04 + 0.01 0.10 0.04 0.03 0.04 0.05 - 0.01 0.14 0.05 0.04 0.09 0.09 - 0.01 0.24 0.09 0.00 0.14 0.15 + 0.01 0.39 0.15 0.15 0.61 0.83 + 0.10 1.51 0.88 0.75 0.45 0.61 + 0.07 1.16 0.68 0.54 0.52 0.56 - 0.00 1.47 0.60 0.53 0.70 0.74 - 0.01 1.90 0.77 0.72 0.20 0.22 + 0.01 0.36 0.25 0.21 0.28 0.25 - 0.05 0.69 0.30 0.25 0.17 0.13 0.14 - 0.03 0.36 0.13 0.74 0.90 + 0.02 1.46 1.00 0.85 0.59 0.64 - 0.02 1.13 0.76 0.64 0.04 0.05 - 0.01 0.18 0.05 0.05 0.17 0.22 - 0.00 0.38 0.23 0.22 0.23 0.30 - 0.01 0.50 0.31 0.30 0.45 0.91 + 0.01 1.04 0.97 0.90 0.06 0.06 - 0.01 0.30 0.08 0.06 0.07 0.09 - 0.01 0.39 0.11 0.00 1.47 1.70 + 0.02 3.35 1.78 1.67 0.13 0.16 + 0.02 0.25 0.17 0.00 0.20 0.42 + 0.02 0.68 0.43 0.38 0.03 0.06 - 0.03 0.14 0.09 0.06 0.07 0.00 0.45 0.08 - 0.09 0.08 0.12 0.28 - 0.06 0.43 0.35 0.28 0.03 0.07 - 0.01 0.11 0.08 0.07 0.09 0.20 + 0.01 0.44 0.20 0.18 0.04 0.15 + 0.01 0.34 0.15 0.13 0.07 0.17 + 0.01 0.22 0.18 0.15

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2017-06-20 6:21 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JUNE 26–JULY 9, 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

GPM Metals* O 170 GPM Metals V 258 Gran Colombia* O 41 Gran Colombia T 311 Granada Gold* O 809 Granite Ck Gld V 52 Graphite Corp* O 41 Graphite One V 3092 Graphite One* O 921 Gray Rock Res V 127 Great Atlantic V 245 171 Great Bear Res V Great Lakes Gr V 677 Great Lakes Gr* O 53 Great Panther* X 23654 Great Panther T 962 Great Quest Fe V 55 1 Great Rock Dev* O Great Thunder V 258 Great Western* O 232 Green Arrow V 24 Green Swan Cap V 1091 5 Green Valley M V Greencastle Rs V 55 O 206 Greenland M&En* Greywacke Expl 107 Grizzly Discvr V 115 Group Ten Mtls* O 57 144 Group Ten Mtls V GrowMax Res* O 128 280 GrowMax Res V GT Gold V 983 O 27 GT Gold * GTA Res & Mng V 759 Gungnir Res* O 240 Gungnir Res V 351 Gunpoint Expl V 50 Guyana Gldflds T 18190 V 460 Guyana Goldstr Halio Energy V 20 O 15 Hannan Metals* Hannan Metals V 144 73 Happy Ck Mnrls V Hard Creek Ni V 21 N 50410 Harmony Gold* Harte Gold T 1970 Harte Gold* O 170 Harvest Gold* O 5 Harvest Gold V 1004 Hawkeye Gld&Di V 95 64101 Hecla Mining* N Helio Res V 969 Hellix Vent* O 140 Heron Res T 647 Highbank Res V 31 Highland Copp* O 13 94 Highway 50 Gld V HiHo Silver 311 Hinterland Mtl V 156 Hochschild Mg* O 25 HudBay Mnls T 6921 HudBay Mnls* N 3047 Hudson Res* O 4 Hudson Res V 302 Hunt Mng* O 20 Hunt Mng V 63

0.08 0.08 0.08 - 0.00 0.43 0.06 0.10 0.09 0.10 + 0.01 0.57 0.08 1.20 1.11 1.12 + 0.02 1.20 1.02 1.59 1.44 1.45 - 0.03 2.40 1.20 0.07 0.05 0.07 + 0.01 0.11 0.04 0.05 0.04 0.04 + 0.01 0.08 0.01 0.01 0.00 0.00 - 0.00 0.01 0.00 0.07 0.06 0.06 - 0.01 0.13 0.06 0.05 0.05 0.05 - 0.00 0.09 0.04 0.48 0.42 0.45 + 0.01 0.50 0.04 0.15 0.13 0.13 - 0.03 0.16 0.05 0.28 0.24 0.28 + 0.04 0.36 0.13 0.08 0.07 0.07 - 0.01 0.11 0.06 0.06 0.05 0.06 - 0.00 0.08 0.04 1.26 1.15 1.15 - 0.04 2.28 1.14 1.67 1.52 1.60 + 0.01 2.95 1.51 0.18 0.17 0.17 + 0.01 0.35 0.14 0.00 0.00 0.00 + 0.00 0.01 0.00 0.08 0.07 0.08 + 0.02 0.16 0.04 0.00 0.00 0.00 - 0.00 0.00 0.00 0.05 0.00 0.05 + 0.01 0.05 0.03 0.13 0.08 0.10 + 0.02 0.14 0.05 0.17 0.17 0.17 - 0.01 0.27 0.05 0.11 0.00 0.11 + 0.02 0.18 0.08 0.08 0.07 0.07 - 0.01 0.16 0.01 0.06 0.05 0.05 - 0.01 0.06 0.01 0.04 0.04 0.04 - 0.01 0.06 0.04 0.14 0.14 0.14 - 0.02 0.17 0.06 0.20 0.18 0.18 - 0.03 0.46 0.08 0.10 0.09 0.10 + 0.01 0.19 0.08 0.12 0.12 0.12 - 0.01 0.24 0.11 0.45 0.39 0.42 + 0.02 0.50 0.10 0.32 0.30 0.32 + 0.02 0.36 0.25 0.05 0.04 0.05 - 0.01 0.24 0.05 0.05 0.04 0.05 + 0.01 0.08 0.02 0.07 0.06 0.07 - 0.01 0.12 0.03 0.28 0.21 0.28 + 0.07 0.32 0.21 6.30 5.74 5.79 + 0.01 10.35 4.56 0.35 0.27 0.32 + 0.07 0.35 0.03 0.69 0.65 0.65 - 0.04 1.52 0.40 0.35 0.00 0.32 - 0.01 0.39 0.09 0.45 0.40 0.40 - 0.05 0.51 0.08 0.23 0.20 0.22 - 0.01 0.29 0.13 0.04 0.00 0.04 + 0.01 0.12 0.02 1.96 1.68 1.68 - 0.18 4.87 1.75 0.71 0.65 0.69 + 0.01 0.87 0.20 0.53 0.50 0.53 + 0.02 0.66 0.17 0.04 0.03 0.04 + 0.01 0.05 0.02 0.06 0.06 0.06 + 0.01 0.10 0.04 0.09 0.00 0.09 - 0.01 0.33 0.06 5.82 4.95 5.06 - 0.76 7.64 4.32 0.03 0.03 0.03 + 0.01 0.07 0.02 0.04 0.02 0.04 + 0.02 0.08 0.00 0.10 0.08 0.09 + 0.01 0.17 0.08 0.04 0.03 0.03 - 0.01 0.10 0.03 0.07 0.07 0.07 - 0.01 0.14 0.07 0.45 0.38 0.38 - 0.08 0.66 0.08 0.08 0.06 0.08 + 0.01 0.18 0.06 0.04 0.04 0.04 + 0.01 0.12 0.02 3.71 3.42 3.43 - 0.51 4.16 2.18 7.77 6.31 6.40 - 1.04 11.95 4.74 5.80 4.75 4.85 - 0.70 9.15 3.57 0.41 0.00 0.38 - 0.01 0.60 0.24 0.55 0.48 0.48 - 0.04 0.80 0.29 0.16 0.00 0.16 - 0.01 0.31 0.14 0.23 0.00 0.22 + 0.02 0.40 0.15

I-Minerals* O 23 73838 IAMGOLD* N IAMGOLD T 21841 IC Potash* O 35 IC Potash T 4607 Iconic Mnls * O 14 Idaho North* O 10 IDM Mining* O 533 IDM Mining V 2940 IEMR Res V 29 IMPACT Silver V 810 O 159 Impala Platnm* Imperial Metal T 72 O 23 Imperial Metal* Inca One Gold V 1377 Inca One Gold* O 183 Inception Mng * O 6 V 123 Independence G Independence G* O 20 Indico Res V 625 Inomin Mines V 2 Integra Gold V 10532 Integra Gold* O 865 V 134 Inter-Rock Mnl Interconnect V 35 Intgr Egy Sol* O 29463 Intl Cobalt 260 Intl Corona V 718 Intl Lithium* O 62 Intl Montoro V 123 Intl Montoro* O 800 Intl Tower Hil T 99 Intl Tower Hil* X 678 Intrepid Pots* N 11098 INV Metals* O 28 INV Metals T 104 Inventus Mg * O 100 Inventus Mg V 118 InZinc Mining V 246 Ireland* O 734 Ironside Res V 86 Irving Res 99 Irving Res* O 44 IsoEnergy Ltd V 3 Itafos V 6 Itoco Mg Corp* O 331 Ivanhoe Mines* O 1413 Ivanhoe Mines T 8974 Jaguar Mng* O 215 Jaguar Mng T 463 Japan Gold V 864 Japan Gold* O 24 Jasper Mng V 55 Jaxon Mnls V 1199 Jayden Res V 271 Jiulian Res V 1000 Jourdan Res V 662 K2 Gold V 944 K92 Mng Inc* O 606 Kaizen Discvry V 285 Kaizen Discvry* O 155 Kapuskasing Gd V 437 Karmin Expl V 101 Karnalyte Res T 64 KAT Expl* O 11367 Katanga Mng T 2797 Kenadyr Mining V 1951 Kenadyr Mining* O 214 Kerr Mines* O 439 Kerr Mines T 1125 Kesselrun Res V 695 Kilo Goldmines V 4492 Kincora Copper V 193 Kings Bay Gold V 234 Kinross Gold T 29000 Kinross Gold* N 63519 Kintavar Exp V 71 Kirkland Lake* O 511 Kirkland Lake T 26158 Klondex Mines T 7397 Klondike Gold* O 10 Klondike Silv* O 89 Kombat Copper V 167 Komet Resource V 26 Kootenay Silvr V 1234 Kootenay Silvr* O 105 Kootenay Zinc 696 Kootenay Zinc* O 210 KWG Res 13229

0.39 0.36 0.36 - 0.01 0.44 0.20 5.71 4.87 5.05 - 0.02 5.87 3.14 7.52 6.45 6.72 - 0.11 7.65 4.18 0.05 0.00 0.05 + 0.00 0.11 0.04 0.07 0.05 0.06 + 0.01 0.15 0.05 0.05 0.05 0.05 + 0.00 0.33 0.04 0.02 0.02 0.02 - 0.00 0.12 0.02 0.12 0.10 0.10 - 0.00 0.21 0.08 0.15 0.14 0.15 - 0.01 0.26 0.12 0.03 0.02 0.02 - 0.01 0.05 0.01 0.62 0.49 0.50 + 0.01 1.28 0.49 2.95 2.70 2.73 - 0.06 5.23 2.64 5.31 4.73 4.80 - 0.58 8.50 3.46 3.97 3.58 3.61 - 0.37 6.21 2.78 0.12 0.00 0.10 - 0.03 0.50 0.09 0.09 0.07 0.07 - 0.02 0.35 0.07 0.36 0.00 0.36 - 0.04 1.00 0.25 0.23 0.19 0.21 - 0.02 0.50 0.13 0.17 0.16 0.16 - 0.00 0.37 0.10 0.02 0.02 0.02 - 0.01 0.05 0.02 0.07 0.00 0.07 + 0.02 0.10 0.05 1.00 0.92 0.95 - 0.05 1.16 0.52 0.76 0.69 0.72 - 0.03 0.87 0.38 0.31 0.28 0.28 - 0.01 0.34 0.03 0.07 0.07 0.07 - 0.01 0.14 0.06 0.00 0.00 0.00 + 0.00 0.00 0.00 0.16 0.14 0.14 - 0.02 0.30 0.00 0.06 0.04 0.04 - 0.02 0.17 0.04 0.09 0.08 0.09 + 0.01 0.23 0.08 0.02 0.02 0.02 - 0.01 0.03 0.02 0.01 0.01 0.01 - 0.01 0.03 0.01 0.68 0.63 0.65 - 0.01 1.82 0.57 0.52 0.47 0.50 + 0.01 1.40 0.43 2.72 2.15 2.18 - 0.01 3.04 0.93 0.68 0.65 0.65 - 0.03 0.85 0.32 0.92 0.84 0.86 - 0.06 1.13 0.43 0.12 0.11 0.12 + 0.00 0.28 0.11 0.16 0.15 0.15 - 0.01 0.35 0.13 0.13 0.11 0.11 - 0.02 0.36 0.11 0.30 0.20 0.29 + 0.09 0.30 0.04 0.12 0.08 0.11 - 0.01 0.16 0.06 0.70 0.64 0.67 + 0.02 1.18 0.13 0.51 0.09 0.51 + 0.03 0.99 0.09 0.84 0.80 0.83 + 0.02 1.70 0.63 1.80 0.00 1.80 + 0.10 3.45 0.90 0.01 0.01 0.01 - 0.00 0.24 0.00 3.23 2.84 2.99 - 0.17 4.10 0.00 4.29 3.73 3.94 - 0.31 5.47 0.93 0.32 0.29 0.31 + 0.01 0.65 0.28 0.42 0.38 0.41 - 0.01 0.85 0.37 0.30 0.29 0.29 - 0.02 0.88 0.24 0.23 0.22 0.22 + 0.01 0.67 0.17 0.08 0.07 0.07 - 0.02 0.10 0.03 0.32 0.28 0.32 + 0.04 0.35 0.04 0.09 0.00 0.08 - 0.01 0.23 0.06 0.04 0.04 0.04 + 0.01 0.05 0.02 0.20 0.13 0.18 + 0.05 0.20 0.06 0.50 0.39 0.39 + 0.03 0.58 0.24 0.60 0.57 0.59 + 0.01 1.72 0.51 0.17 0.15 0.16 - 0.02 0.31 0.11 0.12 0.10 0.10 - 0.03 0.21 0.08 0.05 0.05 0.05 - 0.01 0.10 0.02 0.40 0.32 0.34 - 0.07 0.86 0.21 0.65 0.61 0.63 - 0.01 2.38 0.61 0.00 0.00 0.00 + 0.00 0.00 0.00 0.59 0.51 0.52 - 0.02 0.65 0.12 0.41 0.35 0.37 - 0.03 1.00 0.10 0.31 0.26 0.28 - 0.02 1.45 0.26 0.19 0.16 0.17 - 0.00 0.19 0.05 0.25 0.21 0.23 - 0.01 0.25 0.06 0.12 0.10 0.12 + 0.01 0.43 0.08 0.05 0.05 0.05 - 0.01 0.25 0.05 0.36 0.30 0.32 - 0.05 0.65 0.23 0.11 0.10 0.10 - 0.01 0.21 0.05 5.92 5.35 5.41 - 0.41 7.56 3.87 4.41 4.03 4.09 - 0.24 5.81 2.88 0.14 0.14 0.14 - 0.01 0.35 0.13 8.72 7.68 7.92 + 0.07 8.72 4.84 11.54 10.14 10.54 - 0.07 11.54 6.33 4.89 4.21 4.71 + 0.38 7.95 3.88 0.20 0.20 0.20 + 0.00 0.32 0.10 0.05 0.04 0.05 + 0.01 0.12 0.03 0.29 0.23 0.28 + 0.03 0.75 0.23 0.38 0.36 0.36 - 0.02 0.58 0.33 0.31 0.25 0.27 - 0.02 0.60 0.27 0.23 0.20 0.21 - 0.00 0.46 0.20 0.20 0.12 0.15 + 0.01 0.70 0.06 0.12 0.09 0.12 + 0.01 0.59 0.09 0.03 0.03 0.03 + 0.01 0.03 0.02

Labdr Iron Mns* O 120 Labrador Iron T 1064 Lake Victoria* O 18 Lamelee Iron V 7

0.01 0.00 0.01 + 0.00 0.07 0.00 16.98 16.15 16.28 - 0.43 20.67 11.53 0.01 0.01 0.01 - 0.00 0.02 0.00 0.17 0.00 0.15 - 0.02 0.50 0.14

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20-22_JUNE26_StockTables.indd 21

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Lara Expl V 127 Laramide Res T 163 Largo Res* O 35 Largo Res T 52 Lateral Gold V 63 Latin Am Mnls V 142 Latin Am Mnls* O 4 Laurion Mnl Ex V 138 O 929 Leading Edge* Leading Edge V 1341 Leagold Mg* O 88 Leagold Mg V 337 Legend Gold V 446 Leo Res 159 Levon Res Ltd T 347 Levon Res Ltd * O 337 Li3 Energy* O 1425 132 Libero Mg Corp V Liberty One Li V 1066 Liberty One Li* O 212 Liberty Silver 97 LiCo Energy* O 201 LiCo Energy V 580 103 Lion One Mtls V Lion One Mtls* O 54 O 2 Lithion Energy* Lithium Amer* O 1652 Lithium Corp* O 333 O 11 Lithium Energi* Lithium Energy V 366 1042271 Lithium Expl* O Lithium X Egy* O 944 731 Lithium X Egy V LKA Gold* O 19 Logan Res V 174 Lomiko Mtls V 21 Lomiko Mtls* O 7 Loncor Res T 23 Lonmin plc* O 27 Lorraine Coppr V 312 Los Andes Copp V 397 Lucara Diam T 1823 Lucky Mnls V 768 Lumina Gold V 155 Lumina Gold* O 11 Lundin Gold T 162 Lundin Mng T 11848 Lupaka Gold V 192 Lydian Intl* O 79 Lydian Intl T 718 Lynas Corp* O 62

0.82 0.73 0.73 - 0.06 1.58 0.72 0.34 0.31 0.34 + 0.01 0.74 0.18 0.36 0.36 0.36 - 0.00 0.53 0.28 0.49 0.44 0.49 + 0.03 0.70 0.37 0.97 0.93 0.93 - 0.07 1.27 0.57 0.13 0.12 0.12 - 0.01 0.48 0.11 0.10 0.09 0.10 + 0.01 0.36 0.08 0.03 0.02 0.03 + 0.01 0.08 0.01 0.61 0.45 0.60 + 0.17 0.71 0.22 0.81 0.60 0.79 + 0.23 0.93 0.25 1.98 1.89 1.89 - 0.02 2.37 1.82 2.62 2.49 2.50 - 0.07 4.90 0.24 0.03 0.03 0.03 + 0.01 0.07 0.02 1.29 1.21 1.26 - 0.01 2.50 0.05 0.38 0.33 0.37 - 0.02 0.71 0.23 0.30 0.26 0.28 - 0.01 0.54 0.18 0.04 0.02 0.02 - 0.00 0.06 0.01 0.12 0.11 0.12 - 0.01 0.22 0.11 0.56 0.51 0.53 - 0.02 0.70 0.03 0.43 0.39 0.40 - 0.01 0.51 0.38 2.10 1.85 1.99 + 0.04 3.00 1.85 0.10 0.09 0.09 - 0.01 0.20 0.06 0.14 0.13 0.13 - 0.01 0.24 0.07 0.66 0.56 0.57 - 0.09 1.17 0.55 0.50 0.43 0.44 - 0.05 0.91 0.42 0.12 0.10 0.10 - 0.02 0.12 0.08 0.76 0.70 0.72 + 0.01 0.96 0.38 0.06 0.05 0.06 - 0.00 0.11 0.05 0.08 0.08 0.08 - 0.00 0.08 0.08 0.06 0.05 0.05 - 0.01 0.11 0.02 0.00 0.00 0.00 + 0.00 0.02 0.00 1.54 1.42 1.46 + 0.03 1.94 1.03 2.02 1.88 1.93 - 0.02 2.50 1.32 0.61 0.48 0.53 - 0.05 0.68 0.24 0.07 0.06 0.06 - 0.01 0.26 0.06 0.24 0.00 0.22 - 0.01 0.45 0.19 0.19 0.00 0.19 + 0.01 0.35 0.11 0.19 0.17 0.19 + 0.02 0.25 0.09 0.94 0.84 0.94 + 0.06 3.42 0.88 0.08 0.08 0.08 - 0.01 0.12 0.06 0.30 0.27 0.29 - 0.01 0.30 0.14 3.03 2.79 2.85 - 0.16 4.39 2.62 0.20 0.15 0.16 - 0.02 0.20 0.05 0.85 0.77 0.82 + 0.05 1.20 0.64 0.62 0.00 0.62 + 0.08 0.89 0.49 6.13 5.53 5.65 - 0.39 6.62 4.94 7.81 6.95 7.00 - 0.84 8.94 4.10 0.16 0.13 0.14 + 0.01 0.29 0.13 0.27 0.24 0.24 - 0.00 0.41 0.22 0.35 0.31 0.31 - 0.01 0.52 0.28 0.07 0.07 0.07 - 0.00 0.12 0.03

M Macarthur Mnl V 305 0.08 0.08 0.08 - 0.01 0.16 0.05 0.04 - 0.04 0.10 0.04 Maccabi Vent 232 0.05 0.04 MacDonald Mns V 516 0.15 0.13 0.13 - 0.02 0.28 0.05 MacDonald Mns* O 39 0.12 0.00 0.10 - 0.01 0.20 0.04 MacMillan Mnls V 128 1.49 1.39 1.49 + 0.09 1.84 0.70 MAG Silver T 1744 17.09 15.63 16.16 - 0.24 23.32 12.75 O 426 0.09 0.08 0.09 + 0.02 0.35 0.07 Magellan Gold* Magna Terra V 61 0.08 0.07 0.08 - 0.01 0.08 0.03 Majestic Gold V 274 0.07 0.06 0.07 - 0.01 0.12 0.05 Makena Res V 5 0.19 0.00 0.18 + 0.01 0.21 0.15 0.34 - 0.03 0.46 0.29 Malbex Res V 168 0.37 0.33 Mammoth Res V 14 0.08 0.07 0.08 + 0.01 0.20 0.02 Manado Gold V 215 0.10 0.10 0.10 + 0.02 0.15 0.06 Mandalay Res T 2910 0.52 0.39 0.41 - 0.09 1.35 0.46 Manganese X V 564 0.13 0.10 0.13 + 0.04 0.26 0.07 0.08 + 0.01 0.19 0.07 Manganese X* O 21 0.08 0.07 Mangazeya Mng V 342 0.03 0.03 0.03 + 0.01 0.06 0.02 0.08 - 0.01 0.20 0.04 Manitou Gold V 54 0.09 0.08 Manson Creek V 302 0.10 0.07 0.10 + 0.01 0.09 0.02 Marathon Gold T 714 1.10 0.99 1.02 - 0.08 1.36 0.38 0.25 - 0.06 0.50 0.18 Margaux Res V 350 0.31 0.25 Mariana Res V 1667 1.82 1.65 1.70 - 0.03 1.83 0.85 1.28 - 0.01 1.35 0.05 Mariana Res* O 150 1.35 1.23 Maritime Res V 816 0.12 0.10 0.11 - 0.01 0.31 0.10 0.63 + 0.02 0.63 0.33 Marlin Gold* O 74 0.63 0.60 Marlin Gold V 76 0.83 0.80 0.83 + 0.01 0.84 0.44 230.33 - 4.49 244.32 167.06 MartinMarietta* N 1996 236.85 226.97 Mason Graphite* O 62 1.35 1.23 1.29 - 0.07 1.40 0.53 Mason Graphite V 491 1.78 1.62 1.69 - 0.08 1.88 0.67 0.17 - 0.02 0.40 0.13 Mason Res T 681 0.18 0.16 Matamec Expl* O 189 0.04 0.04 0.04 + 0.00 0.07 0.03 0.05 - 0.01 0.11 0.04 Matamec Expl V 578 0.06 0.05 Matica Ent* O 294 0.04 0.03 0.03 - 0.00 0.05 0.00 Matica Ent 4346 0.05 0.04 0.05 + 0.01 0.07 0.01 Maverix Mtls* O 51 1.13 1.04 1.12 + 0.19 16.33 0.66 0.29 - 0.01 0.44 0.16 Mawson Res* O 12 0.30 0.29 Mawson Res T 73 0.41 0.36 0.38 - 0.02 0.57 0.21 MAX Res V 100 0.11 0.10 0.10 - 0.01 0.14 0.07 MaxTech Vent 172 0.35 0.33 0.33 - 0.02 0.63 0.20 Maxwell Res* O 96 0.02 0.01 0.01 - 0.00 0.04 0.00 0.20 0.16 0.18 + 0.02 0.27 0.10 Maya Gold &Sil V 3408 McChip Res V 6 0.50 0.50 0.50 - 0.01 0.60 0.44 McEwen Mng* N 39949 2.80 2.48 2.58 - 0.04 4.92 2.47 McEwen Mng T 2928 3.70 3.30 3.47 - 0.06 6.44 3.30 McLaren Res 814 0.08 0.07 0.07 - 0.01 0.14 0.01 0.16 - 0.28 0.92 0.15 MDN Inc* O 873 0.26 0.15 Meadow Bay Gd T 1105 0.04 0.00 0.04 - 0.01 0.10 0.04 Meadow Bay Gd* O 213 0.03 0.03 0.03 - 0.01 0.08 0.03 Mechel* N 830 4.92 4.16 4.25 - 0.68 6.83 1.46 Medallion Res* O 402 0.04 0.02 0.03 + 0.01 0.05 0.01 Medgold Res* O 294 0.13 0.12 0.13 + 0.00 0.17 0.12 Medinah Mnrls* O 7171 0.01 0.00 0.01 + 0.00 0.02 0.00 Mega Uranium* O 179 0.14 0.00 0.13 - 0.01 0.25 0.08 Mega Uranium T 612 0.19 0.17 0.17 - 0.02 0.32 0.11 Megastar Dev V 295 0.05 0.04 0.04 - 0.01 0.07 0.04 Melkior Res V 522 0.07 0.06 0.06 - 0.01 0.10 0.02 Mercator Mnls* O 5 0.00 0.00 0.00 + 0.00 0.00 0.00 Meridian Mg V 10 0.50 0.48 0.48 - 0.14 1.54 0.15 Metalla Rylty* O 73 0.49 0.39 0.46 + 0.05 0.68 0.09 Metalla Rylty 839 0.65 0.51 0.60 + 0.06 0.88 0.11 Metallic Mnrls V 32 0.36 0.35 0.35 - 0.01 0.59 0.07 O 5 0.28 0.24 0.28 + 0.01 0.44 0.04 Metallic Mnrls* Metallis Res V 91 0.18 0.16 0.17 - 0.01 0.28 0.09 Metals Creek* O 113 0.06 0.04 0.05 - 0.00 0.14 0.04 Metals X* O 325 0.57 0.56 0.57 - 0.00 1.43 0.41 Metanor Res* O 65 0.75 0.68 0.69 - 0.01 0.94 0.60 0.90 - 0.03 1.29 0.45 Metanor Res V 528 0.99 0.89 Mexican Gold* O 26 0.29 0.29 0.29 + 0.03 0.29 0.11 0.07 - 0.01 0.24 0.04 Mexus Gold* O 1830 0.07 0.06 MGX Minerals* O 145 0.80 0.68 0.69 - 0.07 2.12 0.11 MGX Minerals 1546 1.05 0.89 0.93 - 0.11 2.75 0.14 0.02 - 0.01 0.03 0.01 Micrex Dev V 150 0.02 0.02 Midas Gold T 661 0.77 0.71 0.73 - 0.03 1.22 0.62 0.54 - 0.02 0.95 0.02 Midas Gold* O 467 0.58 0.53 Midasco Cap V 81 0.06 0.06 0.06 - 0.01 0.15 0.05 Midland Expl V 31 1.05 0.98 0.99 - 0.06 1.25 0.82 Midnight Star 23 0.18 0.17 0.18 + 0.01 0.19 0.06 Midnight Sun V 321 0.48 0.42 0.45 - 0.02 0.50 0.08 0.00 + 0.00 0.01 0.00 Midway Gold* O 128 0.00 0.00 Millennial Lit* O 64 1.07 0.99 1.02 - 0.01 1.43 0.88 1.35 - 0.03 2.45 0.32 Millennial Lit V 227 1.41 1.31 Millrock Res* O 167 0.31 0.27 0.28 - 0.01 0.54 0.23 Millrock Res V 163 0.41 0.35 0.38 + 0.01 0.70 0.32 Minaurum Gold V 651 0.35 0.29 0.29 - 0.06 0.38 0.07 Minco Silver T 824 1.74 1.03 1.50 + 0.49 2.05 0.86 Minco Silver* O 135 1.23 0.77 1.14 + 0.40 1.54 0.64 Minera Alamos V 1348 0.19 0.17 0.19 + 0.01 0.29 0.12 Minera IRL 236 0.15 0.12 0.12 - 0.01 0.22 0.12 Mineral Mtn V 338 0.23 0.21 0.21 - 0.02 0.49 0.21 Mineworx Tech* O 746 0.08 0.05 0.07 + 0.02 0.08 0.05 Mineworx Tech V 2476 0.10 0.07 0.09 + 0.03 0.10 0.05 Minnova Corp V 28 0.75 0.70 0.70 - 0.05 0.90 0.50 Miranda Gold V 760 0.09 0.07 0.07 - 0.02 0.18 0.07 Mirasol Res V 645 2.28 1.61 1.81 + 0.21 3.50 1.18 Mistango River 176 0.02 0.00 0.02 + 0.01 0.05 0.01 MK2 Ventures V 2 0.14 0.00 0.14 - 0.04 0.30 0.14 Mkango Res V 566 0.05 0.05 0.05 + 0.01 0.11 0.04 ML Gold Corp V 743 0.16 0.00 0.16 - 0.01 0.29 0.04 Monarca Mnrls* O 22 0.11 0.10 0.11 - 0.01 0.14 0.10 Monarca Mnrls V 64 0.14 0.13 0.14 + 0.01 0.50 0.08 Monarques Res* O 2 0.25 0.25 0.25 + 0.00 0.48 0.18 Monarques Res V 222 0.33 0.30 0.31 - 0.01 0.66 0.26 Moneta Porcpn* O 47 0.14 0.12 0.12 - 0.01 0.28 0.11 Moneta Porcpn T 1007 0.18 0.16 0.17 - 0.02 0.36 0.15 0.03 + 0.01 0.07 0.02 Montan Mg* O 92 0.03 0.02 Montan Mg V 1021 0.05 0.04 0.04 - 0.01 0.10 0.03 Montego Res 31 0.26 0.18 0.26 + 0.08 1.60 0.10 Monument Mng V 3207 0.08 0.08 0.08 - 0.01 0.19 0.07 Morien Res* O 111 0.43 0.39 0.43 + 0.02 0.55 0.21 Morien Res V 180 0.57 0.52 0.56 + 0.01 0.74 0.27 Morumbi Res* O 11 0.48 0.45 0.45 - 0.03 1.26 0.45

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Mosaic* N 25098 Mount Gibson* O 11 Mountain Boy V 681 Mountain Boy* O 204 Mountain Prov T 208 Mountain Prov* D 98 O 42 Mundoro Cap* Mundoro Cap V 353 Murchison Min 710 MX Gold V 1012 MX Gold* O 72

24.45 22.19 22.71 - 0.80 34.36 22.15 2.35 2.28 2.28 - 0.07 3.15 2.16 0.07 0.06 0.06 - 0.01 0.08 0.04 0.05 0.00 0.05 - 0.00 0.06 0.03 4.12 3.86 3.96 - 0.08 7.18 3.56 3.20 2.94 2.95 - 0.05 5.52 2.55 0.14 0.13 0.13 - 0.01 0.22 0.08 0.19 0.17 0.17 - 0.01 0.30 0.10 0.17 0.00 0.16 + 0.02 0.35 0.13 0.15 0.14 0.14 - 0.01 0.39 0.12 0.12 0.10 0.11 - 0.00 0.31 0.08

NACCO Ind* N 86 80 Namibia Rare E* O Natural Res Pt* N 123 O 393 Nautilus Mnrls* Nautilus Mnrls T 451 Navy Res V 20 Nemaska Lith T 5077 Nemaska Lith* O 281 Neo Lithium V 250 Nevada Copper T 151 224 Nevada Egy Mtl* O Nevada Expl * O 27 Nevada Expl V 55 Nevada Sunrise* O 983 V 979 Nevada Sunrise Nevada Zinc V 207 Nevsun Res* X 2542 Nevsun Res T 3693 150 New Carolin Gd* O New Colombia* O 9877 New Gold T 9464 New Gold* O 434 76283 New Gold* X New Jersey Mng* O 687 3 New Milln Iron* O New Nadina V 38 New Oroperu V 98 NewCastle Gold* O 304 T 4365 NewCastle Gold Newlox Gold 216 Newmac Res V 136 Newmont Mng* N 28949 Newport Expl V 165 Newport Gold* O 260 O 141 NewRange Gold* NewRange Gold V 473 T 2983 Nexgen Energy Nexgen Energy* X 356 T 960 NextSource Mat Nexus Gold* O 500 NGEx Res T 87 Nicola Mg Inc* O 163 Nicola Mg Inc V 1110 Nighthawk Gold* O 536 T 1768 Nighthawk Gold Nikos Expl V 350 Niobay Metals V 2711 Niocorp Dev T 1416 Niocorp Dev* O 571 Nippon Dragon V 1118 O 67 Nippon Dragon* Noble Mnl Expl V 258 Noram Vent V 382 Noranda Alum* O 48 Noront Res V 1966 Nortec Mnls V 132 78 North Am Nickl* O North Am Nickl V 482 6 North Am Pall T North Am Pall* O 18 51 North Arrow Mn V Northern Uran* O 185 Northn Empire V 997 Norvista Cap V 667 O 146 Nouveau Monde* Nouveau Monde V 680 NovaGold Res T 2195 NovaGold Res* X 31832 Novo Res* O 244 Novo Res V 247 NRG Metals* O 211 NRG Metals V 1762 V 125 Nrthn Graphite Nrthn Graphite* O 60 Nrthn Lion V 13 Nrthn Mnrls &E* O 260 Nrthn Shield V 1722 Nrthn Superior V 1196 Nrthn Vertex* O 30 NSGold V 16 12990 Nthn Dynasty* X Nthn Dynasty T 3379 Nthrn Sphere 287 Nubian Res V 35 NuLegacy Gold* O 459 NuLegacy Gold V 368 NV Gold V 119 NV Gold* O 54 NX Uranium* O 13 NxGold Ltd V 99 O.T. Mining* O 16 OceanaGold T 49623 OceanaGold* O 7 Oceanic Iron O V 194 Oceanus Res V 1185 Oceanus Res* O 60 OK2 Minerals V 674 Olivut Res V 34 Olivut Res* O 3 One World Min 12 Orca Gold* O 193 Orca Gold V 1566 Orefinders Res V 659 Orex Mnrls* O 106 Orezone Gold* O 83 Orezone Gold V 614 Oriental Non F 12 409 Orla Mng Ltd V Oro East Mg* O 42 Oroco Res* O 3 Orocobre T 526 Oroplata Res* O 1289 Orsu Metals V 134 Orvana Mnrls* O 47 Orvana Mnrls T 877 Osisko Gold* N 15878 Osisko Gold T 4735 Osisko Mng Inc T 12886 Osprey Gold V 784 Otis Gold V 890 Otis Gold* O 315 OZ Minerals* O 2

79.25 74.45 74.75 - 1.65 99.55 53.51 0.05 0.04 0.05 + 0.00 0.09 0.03 29.86 27.50 27.50 - 0.55 45.60 13.97 0.19 0.17 0.17 - 0.01 0.21 0.08 0.25 0.22 0.23 - 0.02 0.28 0.10 0.20 0.19 0.20 + 0.01 0.25 0.09 1.18 1.01 1.07 - 0.08 1.60 0.89 0.88 0.77 0.80 - 0.05 1.25 0.68 1.26 1.12 1.20 - 0.06 2.09 0.91 0.49 0.41 0.47 - 0.01 0.86 0.46 0.03 0.02 0.03 - 0.00 0.12 0.02 0.27 0.25 0.27 - 0.01 0.56 0.22 0.36 0.34 0.35 - 0.01 0.72 0.29 0.27 0.20 0.25 + 0.04 0.37 0.15 0.35 0.28 0.32 + 0.04 0.47 0.22 0.32 0.26 0.30 + 0.02 0.80 0.26 2.52 2.29 2.36 - 0.13 3.56 2.06 3.40 3.04 3.12 - 0.23 4.63 2.83 0.04 0.04 0.04 - 0.00 0.10 0.03 0.01 0.01 0.01 - 0.00 0.05 0.00 4.27 3.80 3.86 - 0.24 7.87 3.11 0.01 0.00 0.00 + 0.00 0.17 0.00 3.24 2.88 2.94 - 0.11 6.04 2.39 0.14 0.12 0.12 - 0.02 0.15 0.09 0.11 0.10 0.11 + 0.01 0.27 0.05 0.11 0.09 0.11 + 0.02 0.18 0.08 0.47 0.41 0.47 + 0.03 0.72 0.36 0.86 0.75 0.77 - 0.01 0.96 0.39 1.12 0.98 1.02 - 0.03 1.30 0.52 0.05 0.04 0.05 - 0.01 0.06 0.02 0.07 0.07 0.07 + 0.01 0.10 0.04 35.11 32.71 32.84 - 1.46 46.07 30.19 0.27 0.25 0.25 - 0.02 0.37 0.19 0.03 0.02 0.02 - 0.00 0.06 0.01 0.32 0.26 0.32 + 0.04 0.40 0.04 0.45 0.34 0.45 + 0.11 0.55 0.06 2.99 2.66 2.70 - 0.25 4.45 1.42 2.25 2.02 2.03 - 0.15 3.40 1.05 0.09 0.07 0.08 - 0.01 0.11 0.07 0.17 0.15 0.16 + 0.00 0.27 0.05 0.90 0.90 0.90 + 0.04 1.50 0.83 0.15 0.13 0.14 + 0.00 0.39 0.09 0.20 0.18 0.18 - 0.02 0.54 0.11 0.78 0.67 0.68 - 0.10 0.83 0.21 1.06 0.88 0.88 - 0.16 1.15 0.27 0.05 0.04 0.04 - 0.02 0.21 0.04 0.50 0.16 0.18 - 0.32 1.25 0.16 0.81 0.72 0.79 + 0.07 1.07 0.60 0.62 0.53 0.59 + 0.05 0.81 0.45 0.07 0.06 0.06 - 0.01 0.11 0.05 0.05 0.04 0.05 - 0.00 0.09 0.04 0.05 0.05 0.05 + 0.01 0.15 0.03 0.03 0.03 0.03 - 0.01 0.13 0.03 0.03 0.03 0.03 + 0.00 0.10 0.01 0.40 0.36 0.36 + 0.01 0.51 0.22 0.12 0.11 0.11 + 0.01 0.18 0.03 0.06 0.04 0.06 + 0.02 0.11 0.04 0.08 0.07 0.08 + 0.01 0.15 0.07 6.00 0.00 5.68 - 0.03 6.49 4.54 4.51 4.27 4.27 + 0.02 5.06 3.33 0.25 0.25 0.25 + 0.01 0.40 0.15 0.01 0.01 0.01 + 0.00 0.02 0.00 0.95 0.74 0.85 + 0.06 0.95 0.33 0.13 0.11 0.12 + 0.01 0.30 0.11 0.24 0.21 0.21 - 0.03 0.27 0.16 0.32 0.28 0.29 - 0.03 0.38 0.20 5.90 5.22 5.40 + 0.07 9.56 5.09 4.49 3.88 4.03 + 0.05 7.29 3.78 0.70 0.62 0.67 - 0.00 1.41 0.49 0.92 0.83 0.88 - 0.01 1.95 0.66 0.08 0.00 0.08 - 0.01 0.15 0.06 0.12 0.09 0.10 - 0.02 0.22 0.07 0.36 0.31 0.31 - 0.03 0.51 0.18 0.26 0.23 0.23 - 0.02 0.40 0.14 0.48 0.00 0.48 - 0.02 0.74 0.11 0.02 0.02 0.02 - 0.00 0.05 0.02 0.08 0.06 0.07 - 0.01 0.30 0.04 0.06 0.05 0.05 - 0.01 0.08 0.02 0.39 0.37 0.39 + 0.01 0.50 0.27 0.12 0.10 0.10 - 0.02 0.20 0.06 1.74 1.52 1.63 - 0.02 3.45 0.28 2.32 2.02 2.16 - 0.07 4.54 0.37 0.28 0.21 0.25 - 0.06 0.85 0.17 0.20 0.20 0.20 - 0.06 0.34 0.02 0.23 0.20 0.20 - 0.02 0.41 0.00 0.30 0.27 0.27 - 0.03 0.54 0.21 0.38 0.35 0.37 + 0.01 0.48 0.09 0.27 0.27 0.27 + 0.00 0.37 0.08 0.02 0.02 0.02 - 0.00 0.04 0.01 0.39 0.33 0.34 - 0.05 0.72 0.13 0.06 0.04 0.04 - 0.01 0.29 0.03 4.69 4.14 4.19 - 0.29 5.56 3.24 3.60 3.25 3.25 - 0.30 4.26 2.36 0.16 0.13 0.13 - 0.03 0.35 0.14 0.31 0.27 0.29 + 0.01 0.32 0.14 0.22 0.21 0.22 + 0.01 0.23 0.11 0.11 0.09 0.10 + 0.01 0.21 0.09 0.15 0.15 0.15 - 0.01 0.39 0.12 0.12 0.11 0.12 + 0.01 0.30 0.09 0.44 0.35 0.40 - 0.05 0.75 0.35 0.32 0.29 0.29 - 0.02 0.44 0.20 0.41 0.38 0.38 - 0.01 0.55 0.29 0.08 0.07 0.07 - 0.01 0.12 0.04 0.13 0.11 0.12 + 0.00 1.02 0.05 0.50 0.44 0.48 + 0.03 0.99 0.31 0.67 0.59 0.66 + 0.06 1.28 0.42 1.01 0.95 1.01 + 0.06 1.20 0.38 1.20 1.12 1.15 - 0.03 1.75 0.22 0.01 0.01 0.01 + 0.00 0.02 0.01 0.03 0.03 0.03 + 0.00 0.05 0.01 4.12 3.43 3.67 - 0.37 5.04 2.73 0.20 0.10 0.17 - 0.01 2.04 0.10 0.03 0.00 0.03 - 0.01 0.05 0.02 0.23 0.21 0.22 - 0.01 0.29 0.14 0.32 0.28 0.30 - 0.02 0.39 0.18 12.89 12.00 12.00 - 0.60 14.74 8.88 17.23 15.93 16.12 - 0.83 18.64 11.90 5.08 4.43 4.51 - 0.25 5.65 2.03 0.42 0.35 0.39 - 0.02 0.44 0.04 0.32 0.26 0.30 - 0.01 0.42 0.13 0.24 0.20 0.23 - 0.00 0.32 0.10 5.69 5.44 5.44 - 0.23 7.39 3.87

Pac Bay Mnrls V 63 Pac Booker Min V 58 Pac Imperial V 1317 Pac North West* O 123 Pac North West V 2162 Pac Potash V 17 Pac Ridge Expl* O 43 Pac Ridge Expl V 344 Pacton Gold V 1498 Paladin Energy T 9883 Paladin Energy* O 1424 Palamina Corp* O 5 Palamina Corp V 71 Pan Am Silver T 2131 Pan Am Silver* D 31833 Pan Andean Min* O 12 Pan Global Res V 320 Pancontinental V 358 Pancontinental* O 449 Panex Res* O 120 Pangolin Dia V 1185 Panoro Mnrls V 208 Pantheon Vent V 18289 Para Resources V 282 Parallel Mng V 204 Paramount Gold* X 334

0.05 0.04 0.04 + 0.01 0.07 0.03 0.72 0.57 0.59 - 0.07 1.50 0.57 0.02 0.02 0.02 + 0.01 0.05 0.01 0.10 0.07 0.10 + 0.02 0.10 0.06 0.15 0.10 0.13 + 0.02 0.23 0.06 0.05 0.00 0.05 + 0.01 0.07 0.03 0.05 0.04 0.05 + 0.01 0.09 0.03 0.07 0.06 0.07 + 0.02 0.12 0.05 0.15 0.13 0.13 - 0.01 0.16 0.04 0.05 0.04 0.05 - 0.01 0.24 0.04 0.04 0.03 0.03 - 0.01 0.18 0.03 0.17 0.15 0.15 - 0.01 0.19 0.10 0.23 0.00 0.20 - 0.02 0.26 0.14 23.65 21.14 21.51 - 2.14 27.99 18.39 18.15 15.98 16.25 - 1.33 21.59 13.80 0.02 0.00 0.02 + 0.00 0.07 0.02 0.08 0.07 0.07 - 0.01 0.17 0.02 0.06 0.05 0.06 + 0.01 0.16 0.03 0.04 0.04 0.04 + 0.00 0.10 0.02 0.01 0.00 0.01 + 0.00 0.01 0.00 0.09 0.07 0.08 + 0.01 0.18 0.04 0.17 0.16 0.17 + 0.01 0.22 0.13 0.17 0.14 0.16 + 0.01 0.38 0.10 0.23 0.21 0.23 + 0.01 0.33 0.17 0.09 0.08 0.09 + 0.01 0.18 0.08 1.61 1.36 1.55 + 0.03 2.93 1.36

N-O

P-Q

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Paringa Res* O 6 Pasinex Res 576 Passprt Potash* O 97 Patriot Gold* O 184 Peabody Enrgy* N 14774 Pedro Res V 85 Pelangio Expl* O 10 Pelangio Expl V 74 Pele Mtn Res* O 41 T 233 Peregrine Diam Perseus Mng T 648 Pershing Gold* D 299 Pershing Gold T 8 Pershing Res* O 227 Petra Diamonds* O 11 Philippine Mtl V 215 Philippine Mtl* O 13 Pine Cliff En T 758 Pinecrest Res V 182 Pitchblack Res V 90 PJSC Polyus Gd* O 1 V 376 PJX Res Plateau Uran* O 383 Plateau Uran V 404 Platinex Inc 358 Platinum Gp Mt* X 4618 489 Platinum Gp Mt T Plato Gold V 1285 Playfair Mng V 340 Playfair Mng* O 3 Polaris Mater T 111 PolyMet Mng* X 977 PolyMet Mng T 53 Portage Res* O 1269 Portofino Res V 106 Potash Corp SK* N 33478 Potash Corp SK T 15114 Potash Ridge* O 14 Power Metals V 346 PPX Mining* O 243 PPX Mining V 1935 Precipitate Gl V 690 Premier Gold M T 16062 Premium Expl* O 29 Pretium Res* N 12321 Pretium Res T 2153 Primero Mng T 3232 18991 Primero Mng* N Probe Metals* O 58 Probe Metals V 208 Prophecy Coal* O 1 Prophecy Coal T 36 V 35 Prospector Res Prosper Gold V 171 Prospero Silvr V 81 PUF Vent Inc 743 PUF Vent Inc * O 19 Puma Expl V 153 Pure Energy* O 566 Pure Gold Mg* O 129 689 Pure Gold Mg V Pure Nickel V 316 V 75 Purepoint Uran QMC Quantum Ml V 445 QMX Gold V 149 3 Quartz Mtn Res* O Quaterra Res* O 274 Quaterra Res V 101 Quest Rare Mnl* O 80 Quest Rare Mnl T 1531 V 1063 Quinto Real

0.35 0.32 0.35 + 0.03 0.50 0.30 0.22 0.20 0.20 - 0.03 0.34 0.07 0.00 0.00 0.00 + 0.00 0.01 0.00 0.09 0.08 0.08 - 0.00 0.23 0.07 26.18 22.59 23.46 - 0.97 32.50 22.61 0.08 0.08 0.08 + 0.01 0.27 0.07 0.03 0.03 0.03 - 0.01 0.06 0.02 0.05 0.04 0.04 - 0.01 0.08 0.04 0.02 0.01 0.02 - 0.00 0.03 0.01 0.19 0.18 0.18 - 0.01 0.32 0.13 0.34 0.31 0.32 + 0.01 0.67 0.28 2.93 2.77 2.80 - 0.05 5.02 2.60 3.88 3.70 3.74 - 0.20 5.52 3.61 0.07 0.05 0.05 + 0.02 0.10 0.02 1.56 1.50 1.50 - 0.06 2.12 1.45 0.08 0.06 0.07 + 0.01 0.18 0.03 0.03 0.03 0.03 - 0.01 0.07 0.01 0.82 0.77 0.77 - 0.05 1.22 0.67 0.45 0.41 0.44 - 0.01 0.56 0.16 0.46 0.40 0.46 + 0.05 0.46 0.07 40.00 37.50 37.50 - 1.31 40.00 32.95 0.20 0.16 0.16 - 0.04 0.27 0.13 0.34 0.29 0.31 + 0.02 0.54 0.12 0.45 0.39 0.39 + 0.01 0.71 0.17 0.11 0.08 0.08 - 0.03 0.23 0.05 1.12 0.80 0.85 - 0.20 3.98 0.90 1.47 1.07 1.13 - 0.27 4.95 1.19 0.03 0.03 0.03 - 0.01 0.04 0.01 0.10 0.00 0.08 - 0.01 0.18 0.05 0.06 0.06 0.06 + 0.01 0.12 0.03 1.00 0.95 0.98 - 0.02 1.49 0.95 0.64 0.57 0.60 - 0.04 1.14 0.57 0.84 0.77 0.77 - 0.08 1.48 0.77 0.00 0.00 0.00 - 0.00 0.00 0.00 0.05 0.05 0.05 + 0.01 0.12 0.04 17.39 16.31 16.78 - 0.22 20.27 15.21 23.37 21.62 22.16 - 0.73 26.62 19.93 0.21 0.19 0.21 + 0.01 0.28 0.15 0.30 0.28 0.28 - 0.01 0.55 0.07 0.04 0.04 0.04 - 0.01 0.13 0.03 0.07 0.00 0.07 + 0.01 0.16 0.04 0.17 0.14 0.14 - 0.02 0.37 0.11 3.17 2.77 2.85 - 0.13 5.05 1.87 0.01 0.00 0.01 + 0.01 0.03 0.00 9.78 8.65 8.90 - 0.23 12.53 6.82 12.88 11.47 11.79 - 0.49 16.48 9.17 0.50 0.45 0.48 - 0.01 3.42 0.45 0.38 0.34 0.34 - 0.03 2.63 0.34 1.10 1.03 1.07 - 0.04 1.66 0.75 1.46 1.36 1.39 - 0.10 2.18 0.99 2.65 0.00 2.56 + 0.15 5.17 1.25 3.75 0.00 3.38 + 0.13 7.19 1.62 1.26 1.15 1.26 + 0.16 1.90 0.01 0.20 0.18 0.18 - 0.02 0.44 0.13 0.25 0.23 0.23 - 0.02 0.38 0.13 0.39 0.36 0.37 - 0.02 0.47 0.04 0.29 0.28 0.29 - 0.01 0.35 0.05 0.07 0.06 0.07 - 0.01 0.11 0.05 0.48 0.43 0.45 + 0.01 0.74 0.36 0.44 0.40 0.41 - 0.03 0.60 0.29 0.59 0.53 0.54 - 0.04 0.77 0.40 0.02 0.02 0.02 - 0.01 0.04 0.01 0.08 0.07 0.07 - 0.01 0.19 0.07 0.14 0.10 0.10 - 0.04 0.19 0.03 0.25 0.22 0.24 - 0.01 0.30 0.04 0.04 0.04 0.04 - 0.00 0.07 0.02 0.09 0.07 0.07 - 0.01 0.13 0.03 0.11 0.09 0.10 - 0.02 0.15 0.06 0.08 0.00 0.07 - 0.00 0.23 0.06 0.11 0.08 0.09 - 0.03 0.30 0.10 0.12 0.08 0.08 - 0.04 0.20 0.05

Rackla Mtls V 308 Radius Gold V 189 Rainforest Res* O 0 Rainy Mtn Royl V 1489 Rainy Mtn Royl* O 625 Rambler Ml &Mg V 162 Randgold Res* D 3639 Rapier Gold V 1452 Rare Element* O 325 Rathdowney Res V 260 Red Eagle Expl V 249 Red Eagle Mng T 1722 Red Eagle Mng* O 518 Red Hut V 162 Redhawk Res T 212 Redstar Gold* O 7646 Redstar Gold V 8258 Regulus Res V 109 Renaissance Gd* O 70 V 248 Renaissance Gd Renforth Res 2663 Resource Cap V 212 Resource Cap* O 15 Reunion Gold V 349 Revelo Res V 667 Rheingold Expl 268 Richmont Mines* N 6691 Richmont Mines T 2381 Rift Valley 51 Rio Silver V 300 Rio Tinto* N 17671 Rio Tinto* O 7 Rio Tinto* O 2 5152 Rise Gold Corp Riverside Res* O 81 Riverside Res V 337 RJK Explor* O 8 RJK Explor V 64 Robex Res V 790 Rock Tech Lith V 132 Rockcliff Cop* O 49 Rockhaven Res V 118 Rodinia Lithm V 15 Rojo Res V 20 Rokmaster Res V 139 Romios Gold Rs V 372 Romios Gold Rs* O 147 RosCan Mrnls V 670 Roxgold* O 144 Roxgold T 2334 Royal Gold* D 3410 Royal Nickel T 617 Royal Nickel* O 34 Royal Rd Mnrls V 1180 V 83 Royal Sapphire Royal Std Mnrl* O 929 RT Minerals* O 50 RTG Mining T 154 21 Rubicon Mnrls* O Rubicon Mnrls T 30 Rusoro Mng V 2555 Rye Patch Gold* O 256 Rye Patch Gold V 1342

0.14 0.11 0.11 - 0.03 0.22 0.10 0.13 0.11 0.11 - 0.01 0.17 0.09 2.50 0.00 2.50 - 0.45 8.25 1.00 0.14 0.12 0.12 - 0.02 0.18 0.04 0.10 0.10 0.10 - 0.01 0.14 0.03 0.15 0.13 0.14 - 0.01 0.22 0.06 96.46 90.25 90.94 - 5.19 126.55 67.54 0.10 0.09 0.10 - 0.01 0.17 0.06 0.17 0.15 0.17 - 0.01 0.53 0.00 0.25 0.20 0.21 - 0.04 0.33 0.14 0.16 0.13 0.15 - 0.01 0.30 0.08 0.58 0.50 0.50 - 0.08 1.05 0.51 0.43 0.37 0.38 - 0.03 0.79 0.33 0.12 0.10 0.12 + 0.01 0.28 0.07 0.04 0.03 0.03 - 0.01 0.09 0.03 0.12 0.09 0.12 + 0.03 0.15 0.03 0.15 0.12 0.15 + 0.02 0.17 0.05 1.78 1.51 1.61 - 0.14 2.00 1.05 0.25 0.24 0.25 + 0.00 0.52 0.20 0.35 0.31 0.33 - 0.01 0.66 0.25 0.07 0.06 0.06 - 0.01 0.08 0.02 0.20 0.16 0.20 + 0.02 0.35 0.06 0.15 0.13 0.15 + 0.02 0.26 0.05 0.17 0.15 0.15 - 0.02 0.17 0.02 0.05 0.04 0.04 - 0.01 0.12 0.04 0.38 0.33 0.36 - 0.02 0.40 0.02 8.14 7.03 7.20 - 0.45 11.66 5.45 10.69 9.38 10.00 - 0.35 15.01 7.36 0.13 0.11 0.12 + 0.01 0.13 0.03 0.07 0.05 0.07 + 0.01 0.18 0.04 41.83 38.89 39.30 - 2.43 47.11 27.35 41.27 39.16 39.38 - 1.23 46.20 27.85 47.45 45.26 45.26 - 1.08 52.50 34.55 0.30 0.17 0.19 - 0.10 0.40 0.15 0.33 0.30 0.30 - 0.01 0.46 0.21 0.44 0.39 0.40 - 0.03 0.60 0.28 0.14 0.13 0.13 - 0.01 0.19 0.06 0.20 0.16 0.20 - 0.02 0.25 0.08 0.09 0.08 0.09 + 0.01 0.13 0.06 1.00 0.00 0.95 + 0.08 1.45 0.21 0.05 0.05 0.05 - 0.00 0.12 0.03 0.18 0.16 0.18 + 0.02 0.29 0.14 0.12 0.12 0.12 - 0.01 0.16 0.08 0.50 0.45 0.45 - 0.05 0.68 0.30 0.06 0.06 0.06 + 0.01 0.08 0.02 0.06 0.05 0.05 - 0.01 0.10 0.04 0.05 0.04 0.04 - 0.00 0.08 0.03 0.06 0.06 0.06 - 0.01 0.12 0.01 0.90 0.83 0.86 - 0.02 1.35 0.78 1.19 1.09 1.12 - 0.07 1.76 1.07 79.18 74.77 75.03 - 2.71 87.74 60.21 0.21 0.19 0.20 - 0.01 0.45 0.17 0.15 0.14 0.14 - 0.01 0.35 0.12 0.08 0.06 0.06 - 0.02 0.18 0.07 0.34 0.23 0.34 - 0.88 1.40 0.10 0.00 0.00 0.00 + 0.00 0.01 0.00 0.07 0.06 0.06 - 0.00 0.14 0.05 0.13 0.13 0.13 - 0.02 0.67 0.13 1.25 0.00 1.20 - 0.03 11.35 1.10 1.70 1.60 1.63 - 0.02 2.39 1.30 0.15 0.13 0.14 + 0.02 0.41 0.09 0.20 0.18 0.20 - 0.00 0.37 0.16 0.27 0.24 0.26 - 0.01 0.47 0.22

Sabina Gd&Slvr* O 565 Sabina Gd&Slvr T 1280 Sage Gold V 509 Sage Gold* O 123 Saint Jean V 4656 Saint Jean* O 911 Salazar Res V 61 Sama Graphite V 570 Sama Res V 377 San Marco Res* O 16 Sandspring Res V 1477 Sandspring Res* O 204 Sandstorm Gold T 3491 Sandstorm Gold* X 24696 Sandy Lake Gld V 103 Santa Fe Gold* O 667 Santacruz Silv V 847 Sarama Res V 1509 Satori Res V 161 Saturn Mnrls V 380 Savannah Gold V 21 Savary Gold* O 136 Savary Gold V 129 Saville Res V 104 Scandium Intl* O 80

1.45 1.32 1.42 + 0.08 1.48 0.61 1.90 1.76 1.88 + 0.10 2.00 0.84 0.23 0.20 0.21 - 0.01 0.27 0.05 0.18 0.16 0.16 - 0.00 0.19 0.04 0.06 0.05 0.05 - 0.01 0.35 0.03 0.04 0.04 0.04 - 0.00 0.26 0.02 0.15 0.11 0.15 + 0.01 0.18 0.08 0.48 0.39 0.45 + 0.03 0.58 0.11 0.18 0.16 0.18 + 0.01 0.25 0.07 0.15 0.15 0.15 + 0.00 0.22 0.10 0.39 0.34 0.35 - 0.04 0.94 0.31 0.29 0.26 0.26 - 0.04 0.72 0.23 5.19 4.69 4.85 - 0.04 8.73 4.29 3.93 3.53 3.55 - 0.08 6.75 3.18 0.08 0.06 0.07 + 0.01 0.59 0.04 0.10 0.08 0.09 - 0.00 0.23 0.00 0.26 0.21 0.23 + 0.01 0.59 0.19 0.17 0.13 0.14 - 0.04 0.55 0.14 0.24 0.00 0.23 + 0.02 0.30 0.07 0.09 0.08 0.09 + 0.01 0.13 0.07 0.47 0.45 0.47 + 0`.02 0.75 0.15 0.07 0.06 0.06 - 0.01 0.12 0.05 0.09 0.08 0.08 - 0.01 0.15 0.07 0.08 0.05 0.05 - 0.03 0.08 0.01 0.28 0.25 0.28 + 0.02 0.35 0.10

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2017-06-20 6:21 PM

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WWW.NORTHERNMINER.COM

JUNE 26–JULY 9, 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

Scandium Intl T 1327 ScoZinc Mg V 15 Seabridge Gld T 399 Seabridge Gld* N 6219 Search Mnls V 126 Searchlight* O 55 Secova Mtls V 4459 Secova Mtls* O 744 Select Sands V 1890 Semafo T 28293 Senator Mnrls V 100 Shamrock Ent 815 Sherritt Intl T 1230 Shore Gold T 1119 Sibanye Gold* N 93120 Sidney Resrces* O 88 Sienna Res V 687 Sierra Metals* O 41 Sierra Metals T 599 Signature Res V 108 Silver Bear Rs T 235 Silver Bull Re* O 279 Silver Dragon* O 171 Silver Falcon* O 30350 Silver Predatr V 65 Silver Pursuit V 48 Silver Range V 359 Silver Scott* O 114 Silver Spruce V 319 Silver Spruce* O 13 Silver Std Res* D 28796 Silver Std Res T 2051 Silver Wheaton T 5737 Silver Wheaton* N 12748 Silvercorp Met T 14495 Silvercorp Met* X 1327 O 116 SilverCrest Mt* SilverCrest Mt V 95 Sirios Res V 311 Sirios Res* O 21 Skeena Res* O 146 Skeena Res V 1042 V 272 Skyharbour Res Skyharbour Res* O 116 Slam Explor V 3 Sokoman Iron V 173 Solitario Ex&R T 69 Solitario Ex&R* X 403 663 Sonora Gld & S V Sonora Res * O 496 Sonoro Mtls V 64 Sonoro Mtls* O 37 Southern Arc V 25 Southern Arc* O 26 N 3234 Southern Copp* Southern Silvr* O 244 Southern Silvr V 322 SouthGobi Res T 5 561 Spanish Mtn Gd V Spanish Mtn Gd* O 102 Sparton Res V 1936 Sparton Res* O 125 V 4573 Spearmint Res Sphinx Res V 222 854 Sprott Res Hld T St Elias Mns* O 101 V 140 Stakeholdr Gld Stakeholdr Gld* O 23 O 14 Standard Graph* Standard Lith V 1434 Standard Metal* O 83 Stans Energy V 101 Stans Energy* O 90 Star Gold* O 31 28 Starr Peak Exp V Stina Res 826 T 1119 Stornoway Diam Stornoway Diam* O 29 Strata Mnls V 4

0.37 0.30 0.37 + 0.02 0.48 0.14 1.20 1.04 1.20 + 0.01 1.26 0.66 14.20 12.81 13.03 - 0.35 20.71 9.99 10.80 9.65 9.75 - 0.20 15.88 7.35 0.08 0.07 0.08 + 0.01 0.10 0.06 0.04 0.03 0.04 + 0.00 0.13 0.01 0.06 0.05 0.05 - 0.01 0.11 0.04 0.05 0.04 0.04 - 0.00 0.09 0.03 0.90 0.64 0.65 - 0.22 2.04 0.20 3.14 2.90 2.99 + 0.01 7.46 2.68 1.18 1.10 1.16 + 0.03 1.59 0.36 0.04 0.03 0.04 + 0.01 0.06 0.02 0.82 0.78 0.78 - 0.03 1.67 0.74 0.38 0.33 0.35 - 0.01 0.44 0.17 5.41 4.62 4.80 - 0.43 20.97 4.61 0.01 0.01 0.01 - 0.00 0.02 0.00 0.12 0.00 0.11 - 0.01 0.27 0.09 2.68 2.48 2.65 + 0.12 2.75 0.97 3.63 3.22 3.63 + 0.51 3.75 1.21 0.11 0.09 0.10 - 0.01 0.19 0.04 0.30 0.28 0.28 - 0.02 0.53 0.21 0.08 0.07 0.08 - 0.00 0.21 0.06 0.02 0.01 0.01 - 0.00 0.04 0.00 0.00 0.00 0.00 + 0.00 0.00 0.00 0.06 0.05 0.06 + 0.01 0.12 0.03 0.21 0.15 0.21 + 0.05 0.23 0.07 0.25 0.22 0.24 - 0.01 0.29 0.08 0.03 0.02 0.03 + 0.00 0.04 0.01 0.07 0.06 0.06 - 0.01 0.14 0.05 0.05 0.04 0.04 - 0.01 0.10 0.04 10.05 9.07 9.18 - 0.34 15.84 7.70 13.24 12.01 12.14 - 0.67 20.48 10.32 27.30 25.14 25.28 - 1.76 40.80 22.63 20.40 18.92 19.12 - 0.97 31.35 16.94 4.10 3.81 3.96 + 0.12 5.90 2.55 3.10 2.83 3.02 + 0.18 4.50 2.02 1.55 1.35 1.41 - 0.05 3.13 0.85 2.01 1.79 1.86 - 0.10 4.09 1.07 0.34 0.30 0.32 - 0.01 1.42 0.25 0.26 0.24 0.24 - 0.03 1.13 0.21 0.05 0.04 0.05 + 0.00 0.15 0.03 0.06 0.05 0.06 + 0.01 0.20 0.05 0.43 0.39 0.43 + 0.02 0.70 0.18 0.32 0.29 0.32 + 0.01 0.54 0.18 0.04 0.00 0.04 - 0.01 0.15 0.03 0.05 0.05 0.05 - 0.01 0.13 0.02 0.95 0.91 0.91 - 0.01 1.29 0.65 0.72 0.66 0.67 - 0.04 0.95 0.52 0.08 0.07 0.07 - 0.01 0.15 0.05 0.00 0.00 0.00 - 0.00 0.00 0.00 0.12 0.11 0.12 + 0.01 0.16 0.07 0.09 0.09 0.09 + 0.00 0.10 0.05 0.76 0.00 0.74 + 0.06 1.09 0.38 0.57 0.50 0.56 + 0.07 0.75 0.28 36.65 34.14 34.44 - 1.83 39.50 24.90 0.30 0.27 0.29 + 0.01 0.52 0.12 0.39 0.36 0.36 - 0.02 0.66 0.27 0.37 0.31 0.31 - 0.06 0.65 0.22 0.17 0.14 0.15 - 0.02 0.23 0.08 0.13 0.11 0.12 - 0.02 0.17 0.06 0.06 0.05 0.05 - 0.01 0.09 0.04 0.04 0.04 0.04 - 0.00 0.07 0.02 0.03 0.02 0.03 + 0.01 0.06 0.02 0.06 0.00 0.06 - 0.01 0.14 0.03 0.18 0.17 0.17 - 0.01 0.23 0.13 0.00 0.00 0.00 + 0.00 0.01 0.00 0.39 0.23 0.35 + 0.10 0.89 0.19 0.29 0.19 0.27 + 0.08 0.67 0.17 0.15 0.13 0.15 + 0.02 0.15 0.03 1.13 0.95 0.96 - 0.13 1.25 0.20 0.11 0.07 0.11 + 0.01 0.22 0.04 0.04 0.03 0.04 + 0.01 0.09 0.02 0.03 0.02 0.02 - 0.00 0.06 0.01 0.10 0.00 0.05 + 0.00 0.20 0.04 0.12 0.11 0.11 - 0.07 0.17 0.07 0.17 0.14 0.15 - 0.02 0.18 0.07 0.82 0.73 0.78 - 0.03 1.33 0.79 0.61 0.60 0.60 + 0.00 0.96 0.58 0.40 0.00 0.40 + 0.01 0.40 0.08

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Strategic Metl V 115 Stria Lithium V 206 Strikepoint Gd V 99 Strikepoint Gd* O 20 Strongbow Expl V 224 Sulliden Mng T 143 Suncor Energy T 22419 Suncor Energy* N 20247 Sunvest Mnrls* O 142 Sunvest Mnrls V 1625 Superior Gold V 806 Supreme Metals 931 Sutter Gold V 14 Sutter Gold* O 103 Syrah Res* O 2

0.59 0.53 0.55 - 0.05 0.86 0.37 0.04 0.04 0.04 - 0.01 0.13 0.04 0.53 0.47 0.47 - 0.05 0.67 0.18 0.40 0.37 0.37 - 0.03 0.47 0.14 0.20 0.18 0.20 + 0.01 0.25 0.12 0.30 0.00 0.30 + 0.01 0.47 0.25 41.78 39.02 39.26 - 1.99 44.90 33.49 31.06 29.39 29.73 - 0.92 33.79 25.60 0.10 0.07 0.10 + 0.03 0.18 0.07 0.13 0.11 0.12 - 0.01 0.28 0.08 1.10 1.00 1.00 - 0.07 1.25 0.85 0.04 0.03 0.04 + 0.01 0.15 0.02 0.04 0.00 0.04 - 0.01 0.09 0.04 0.04 0.03 0.03 - 0.00 0.07 0.03 2.07 1.87 2.07 + 0.22 4.90 1.68

Tahoe Res* N 35739 Tahoe Res T 7790 Tajiri Res V 617 Taku Gold 172 Talon Metals T 104 Tamino Mnrls* O 451 Tanager Energy V 912 V 239 Tanqueray Expl Tantalex Res 834 Tanzania Rlty T 109 Tanzania Rlty* X 449 Taranis Res V 64 Tartisan Res 180 Tasca Res V 64 Taseko Mines* X 2431 Taseko Mines T 574 Teck Res T 15173 Teck Res* N 30569 Teck Res T 21 O 14 Telson Res * Telson Res V 9 Tembo Gold V 65 Tembo Gold* O 389 Teranga Gold T 8881 Teranga Gold* O 42 Teras Res V 1095 Terraco Gold V 651 Terrax Mnrls* O 452 Terrax Mnrls V 1613 Terreno Res V 110 Teslin Rvr Res V 714 Tesoro Mnrls V 15 Teuton Res V 24 Teuton Res* O 120 Texas Mineral* O 268 Thor Expl V 162 Till Capital* D 3 V 70 Timberline Res Timberline Res* O 56 Timmins Gold T 1179 Timmins Gold* X 1392 Tinka Res* O 502 Tinka Res V 1053 Tintina Res* O 315 Tintina Res V 391 Tirex Res* O 314 Titanium Corp V 120 O 11 TMAC Resource* TMAC Resources T 156 447 Toachi Mg Inc V Tombstone Expl* O 771 Tonogold Res* O 86 Torex Gold* O 106 Torex Gold T 7340 Toron, Inc* O 10206 V 163 Torq Resources Tower Res* O 69 Tower Res V 1667 Transatlan Mng V 208 Transition Mtl V 213 Treasury Metal T 233

9.18 8.25 8.40 - 0.38 17.01 7.12 12.11 10.94 11.06 - 0.74 22.13 9.58 0.11 0.08 0.11 - 0.01 0.21 0.03 0.22 0.14 0.17 + 0.04 0.19 0.06 0.10 0.09 0.10 + 0.01 0.15 0.06 0.00 0.00 0.00 - 0.00 0.00 0.00 0.17 0.16 0.16 - 0.01 0.20 0.05 1.07 0.97 1.01 + 0.02 1.56 0.03 0.08 0.06 0.06 - 0.03 0.18 0.03 0.68 0.61 0.64 - 0.01 1.95 0.52 0.52 0.46 0.48 - 0.01 1.49 0.40 0.11 0.09 0.09 - 0.02 0.15 0.06 0.12 0.09 0.09 - 0.05 0.18 0.03 0.08 0.07 0.07 - 0.01 0.21 0.07 1.26 1.13 1.15 - 0.07 1.63 0.41 1.69 1.51 1.51 - 0.11 2.12 0.55 24.78 19.27 19.73 - 4.41 35.67 14.32 18.42 14.56 14.94 - 3.00 26.60 10.95 25.00 20.00 20.42 - 4.08 36.49 15.69 0.28 0.27 0.27 - 0.01 0.43 0.11 0.34 0.00 0.34 - 0.01 0.55 0.16 0.03 0.03 0.03 - 0.01 0.07 0.03 0.02 0.01 0.02 - 0.01 0.06 0.01 3.57 3.10 3.23 - 0.10 7.00 2.97 2.70 2.35 2.49 - 0.01 2.82 2.21 0.12 0.09 0.10 - 0.01 0.21 0.10 0.12 0.10 0.10 - 0.01 0.19 0.10 0.44 0.31 0.32 - 0.11 0.80 0.31 0.59 0.42 0.43 - 0.16 1.05 0.40 0.06 0.05 0.06 + 0.01 0.08 0.03 0.65 0.59 0.60 - 0.04 0.72 0.21 0.06 0.00 0.06 + 0.01 0.12 0.05 0.21 0.20 0.20 + 0.01 0.46 0.15 0.16 0.16 0.16 + 0.00 0.34 0.11 0.23 0.20 0.21 - 0.00 0.39 0.09 0.22 0.00 0.21 - 0.01 0.25 0.06 3.95 0.00 3.93 + 0.03 5.00 3.08 0.55 0.48 0.51 + 0.01 0.73 0.32 0.41 0.37 0.37 - 0.02 0.53 0.02 7.99 6.94 7.07 - 0.10 8.00 3.70 6.06 5.15 5.33 - 0.02 6.28 2.70 0.46 0.42 0.44 - 0.00 0.59 0.13 0.63 0.55 0.58 - 0.03 0.78 0.17 0.09 0.08 0.09 + 0.01 0.12 0.04 0.12 0.10 0.12 + 0.01 0.15 0.06 0.04 0.03 0.03 + 0.00 0.10 0.03 0.94 0.81 0.84 + 0.02 1.25 0.38 11.83 11.26 11.74 - 0.00 15.16 9.73 15.84 14.91 15.55 - 0.28 20.18 13.05 0.43 0.40 0.40 - 0.03 0.62 0.31 0.01 0.01 0.01 - 0.00 0.02 0.00 0.08 0.08 0.08 + 0.01 0.09 0.02 17.65 15.83 17.45 + 0.83 27.34 12.73 23.38 21.02 22.79 + 0.40 35.17 17.05 0.01 0.00 0.01 + 0.00 0.01 0.00 0.83 0.75 0.75 - 0.08 1.00 0.33 0.20 0.16 0.20 + 0.08 0.20 0.05 0.34 0.20 0.29 + 0.11 0.34 0.04 0.18 0.13 0.14 - 0.02 0.90 0.14 0.17 0.15 0.17 + 0.01 0.25 0.12 0.68 0.63 0.64 - 0.03 0.90 0.48

T

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Trecora Res* N 299 Trek Mining V 380 Trek Mining* O 188 Tres-Or Res V 43 Trevali Mng* O 163 Trevali Mng T 8781 Tri Origin Exp V 760 Trigen Res V 54 Trilogy Mtls* X 193 Trilogy Mtls T 36 TriMetals Mng T 339 O 71 TriMetals Mng* TriMetals Mng* O 30 Trinity Valley V 42 Trio Resources* O 20 TriStar Gold* O 244 TriStar Gold V 428 Triumph Gold V 266 Triumph Gold* O 102 True Grit Res V 459 Tsodilo Res V 21 Tudor Gold V 54 O 511 Tungsten Corp* Turquoise HIl T 8549 14959 Turquoise HIl* N TVI Pacific* O 214 Tyhee Gold* O 53 Typhoon Expl V 17

11.85 11.10 11.40 - 0.20 14.80 9.75 1.20 1.09 1.13 - 0.01 2.55 1.08 0.89 0.83 0.84 - 0.01 1.64 0.79 0.05 0.04 0.05 - 0.01 0.06 0.03 0.89 0.80 0.80 - 0.07 1.16 0.37 1.19 1.05 1.05 - 0.11 1.57 0.45 0.04 0.04 0.04 - 0.01 0.08 0.04 0.10 0.09 0.09 - 0.01 0.11 0.07 0.67 0.60 0.63 - 0.02 0.85 0.41 0.87 0.78 0.81 - 0.01 1.02 0.57 0.23 0.21 0.22 - 0.02 0.35 0.18 0.17 0.16 0.17 - 0.01 0.25 0.13 0.16 0.14 0.16 + 0.01 0.27 0.11 0.04 0.03 0.03 - 0.01 0.05 0.01 0.00 0.00 0.00 - 0.00 0.00 0.00 0.29 0.25 0.29 + 0.02 0.41 0.15 0.38 0.32 0.38 + 0.03 0.53 0.22 0.39 0.34 0.35 - 0.04 0.50 0.16 0.29 0.25 0.27 - 0.02 0.38 0.12 0.04 0.00 0.04 + 0.01 0.08 0.01 0.80 0.78 0.78 - 0.02 1.05 0.50 0.73 0.69 0.70 + 0.08 2.50 0.37 0.00 0.00 0.00 - 0.00 0.00 0.00 3.67 3.25 3.25 - 0.34 5.03 3.29 2.73 2.47 2.48 - 0.18 3.80 2.44 0.01 0.00 0.00 - 0.00 0.06 0.00 0.00 0.00 0.00 + 0.00 0.02 0.00 0.09 0.08 0.08 - 0.01 0.15 0.06

U.S. Lithium* O 1004 U3O8 Corp* O 198 Ucore Rare Mtl* O 97 402 Ucore Rare Mtl V UEX Corp T 943 Ultra Lithium V 72 Ultra Lithium* O 117 Umbral Enrgy 1552 Unigold* O 24 V 194 Unigold United Res Hdg* O 105 United Silver* O 255 United States A* X 75 United States S* N 99559 Ur-Energy T 61 Ur-Energy* X 1469 Uragold Bay Rs V 516 X 3696 Uranium Energy* Uranium Hunter* O 0 Uranium Res* D 1337 Uranium Valley V 3 US Cobalt V 2515 US Cobalt * O 1117 US Precious M* O 1249 US Tungsten* O 75 USCorp* O 102 Vale* N 135753 N 48615 Vale* Valencia Vent V 187 ValGold Res V 627 Valley High Mg* O 1815 Valterra Res V 255 Valterra Res* O 399 Vanadium One V 12837 Vanadiumcorp* O 882 Vanadiumcorp V 3132 Vanstar Mng Rs V 1036 Vantex Res V 32 Vantex Res * O 68 N 2741 Vedanta* Vela Minerals V 41 Vendetta Mng V 769 Vendetta Mng* O 276 V 40 Venerable Vent Verde Potash T 499 Verde Res* O 172 Veris Gold* O 54 Victoria Gold V 2517

0.03 0.02 0.03 + 0.00 0.09 0.01 0.02 0.02 0.02 - 0.00 0.04 0.01 0.22 0.20 0.21 + 0.00 0.34 0.18 0.29 0.27 0.28 + 0.01 0.44 0.25 0.21 0.19 0.20 - 0.01 0.43 0.15 0.18 0.00 0.16 - 0.04 0.26 0.14 0.14 0.12 0.12 - 0.02 0.19 0.12 0.06 0.05 0.06 - 0.01 0.11 0.02 0.23 0.20 0.23 + 0.04 0.51 0.12 0.32 0.26 0.32 + 0.04 0.69 0.15 0.01 0.01 0.01 - 0.00 0.04 0.01 0.00 0.00 0.00 + 0.00 0.01 0.00 0.45 0.39 0.39 - 0.02 0.60 0.20 22.74 19.75 20.16 - 1.66 41.83 14.80 0.80 0.75 0.76 - 0.06 1.19 0.55 0.64 0.57 0.57 - 0.05 0.91 0.41 0.14 0.12 0.12 - 0.01 0.31 0.11 1.53 1.32 1.32 - 0.14 1.92 0.81 2.00 0.00 2.00 - 0.20 3.00 0.85 1.53 1.40 1.40 - 0.06 4.00 0.97 0.14 0.00 0.14 + 0.04 0.35 0.09 0.76 0.64 0.68 - 0.11 0.99 0.64 0.60 0.49 0.52 - 0.07 0.88 0.27 0.01 0.00 0.01 - 0.00 0.02 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00 + 0.00 0.03 0.00 8.35 7.65 7.88 - 0.43 11.70 4.21 7.88 7.22 7.46 - 0.41 11.10 3.37 0.18 0.14 0.14 - 0.02 0.18 0.07 0.06 0.06 0.06 + 0.01 0.08 0.02 0.01 0.00 0.00 - 0.00 0.02 0.00 0.05 0.04 0.05 + 0.01 0.09 0.03 0.04 0.03 0.04 - 0.00 0.07 0.02 0.17 0.11 0.14 + 0.02 0.19 0.08 0.12 0.09 0.11 + 0.02 0.13 0.02 0.16 0.11 0.15 + 0.02 0.18 0.04 0.08 0.06 0.07 - 0.02 0.15 0.05 0.15 0.13 0.13 - 0.01 0.40 0.10 0.11 0.11 0.11 + 0.01 0.16 0.09 15.12 14.36 14.55 - 0.45 17.34 6.69 0.06 0.06 0.06 - 0.01 0.09 0.03 0.34 0.31 0.31 - 0.02 0.35 0.06 0.26 0.23 0.24 + 0.00 0.26 0.08 0.17 0.16 0.16 - 0.01 0.18 0.11 1.22 1.03 1.13 + 0.10 1.77 0.20 0.03 0.02 0.02 - 0.00 0.07 0.02 0.01 0.00 0.01 - 0.01 0.02 0.00 0.66 0.58 0.62 - 0.05 0.80 0.42

U-V

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Victory Nickel 88 Victory Res V 1356 Victory Vent V 1843 O 24 Virginia Enrgy* Virginia Enrgy V 92 Viscount Mng V 175 41 Visible Gold M V Vista Gold* X 988 Vista Gold T 43 Volcanic Gold V 106 Voltaic Min V 480 Voyageur Min V 84 Vulcan Mnrls V 148 VVC Expl V 9078

0.02 0.04 - 0.01 0.09 0.05 0.04 0.01 0.01 - 0.01 0.06 0.02 0.01 0.02 0.03 - 0.01 0.19 0.04 0.03 0.02 0.09 - 0.00 0.54 0.10 0.09 0.04 0.13 + 0.03 0.38 0.18 0.11 0.24 0.25 - 0.03 0.81 0.29 0.25 0.23 0.20 0.23 + 0.04 0.45 0.17 0.80 0.88 - 0.03 2.09 0.93 0.85 1.03 1.14 - 0.08 2.73 1.21 1.13 0.14 0.58 - 0.03 0.65 0.61 0.58 0.05 0.10 + 0.01 0.48 0.11 0.09 0.07 0.08 + 0.01 0.13 0.08 0.07 0.03 0.07 + 0.01 0.08 0.07 0.05 0.02 0.04 + 0.01 0.05 0.04 0.03

Walker River V 276 O 789 Walter Energy* 397 War Eagle Mg V Wealth Mnrls V 560 Wealth Mnrls* O 170 Wellgreen Plat T 343 O 80 Wellgreen Plat* V 70 Wescan Gldflds T 11811 Wesdome Gold V 1363 West Af Res 100 West High Yld V West Kirkland V 139 5 West Kirkland * O 262 West Red Lake 43 West Red Lake* O X 600 Western Copper* T 329 Western Copper 39 Western Pac Rs* O T 75 Western Potash Western Res* O 35 Western Troy C V 1465 Western Uran 16 Western Uran* O 19 V 129 Westhaven Vent O 22 Westhaven Vent* O 50 Westkam Gold* V 24 Westminster Rs Westmoreland* D 1705 O 18 WestMountain* White Gold* O 20 210 White Mtn Engy* O 475 Winston Gld Mg 153 Winston Gld Mg* O Wolfden Res* O 67 Wolfeye Res V 279 V 365 Wolverine Mnls WPC Res V 1002 X-Terra Res* O 67 X-Terra Res V 624 Xander Res V 416 Xiana Mng V 10 Xiana Mng* O 2 294 XLI Tech Inc* O V 95 Xtierra Xtra-Gold Res T 29 O 1 Xtra-Gold Res* Yamana Gold T 80433 156988 Yamana Gold* N O 50 Yellowhead Mng* V 178 Yellowhead Mng Zazu Metals* O 40 Zazu Metals V 132 Zenyatta Vent V 226 O 10 Zenyatta Vent* Zephyr Mnls* O 70 Zephyr Mnls V 263 Zimtu Capital V 40 837 Zinc One Res V 676 Zinc One Res * O Zincore Mtls* O 3 Zonte Mtls V 1419

0.05 0.11 - 0.01 0.18 0.14 0.11 0.03 0.05 + 0.00 0.28 0.05 0.03 0.05 0.00 0.05 + 0.01 0.07 0.01 0.68 1.65 - 0.10 2.10 1.77 1.61 0.52 1.25 - 0.04 1.55 1.33 1.23 0.22 0.28 - 0.03 0.62 0.32 0.28 0.16 0.21 - 0.02 0.46 0.23 0.21 0.05 0.08 + 0.01 0.13 0.08 0.00 1.50 3.14 - 0.27 4.40 3.60 3.04 0.37 0.31 0.37 + 0.04 0.40 0.17 0.29 0.26 0.26 - 0.02 0.43 0.09 0.08 0.08 - 0.01 0.17 0.09 0.08 0.06 0.06 0.06 - 0.00 0.13 0.05 0.23 0.19 0.21 - 0.01 0.40 0.16 0.17 0.16 0.16 + 0.01 0.31 0.10 0.65 1.05 + 0.06 1.80 1.08 0.95 0.85 1.27 - 0.07 2.24 1.43 1.25 0.02 0.01 0.02 + 0.00 0.04 0.01 0.50 0.50 - 0.03 1.80 0.54 0.50 0.37 0.38 + 0.01 0.47 0.41 0.37 0.03 0.02 0.03 - 0.01 0.04 0.01 1.22 1.39 - 0.05 2.80 1.41 0.00 0.96 1.06 - 0.01 2.67 1.08 1.01 0.07 0.11 + 0.01 0.16 0.11 0.09 0.05 0.08 + 0.01 0.12 0.08 0.07 0.01 0.02 - 0.00 0.07 0.02 0.02 0.15 0.27 + 0.03 1.30 0.30 0.26 5.86 4.87 5.04 - 0.44 19.92 4.87 0.01 0.01 - 0.01 0.15 0.02 0.01 0.05 1.63 + 0.06 1.73 1.63 1.53 0.00 0.00 0.00 + 0.00 0.12 0.00 0.05 0.04 0.05 - 0.01 0.64 0.04 0.04 0.03 0.04 - 0.00 0.49 0.03 0.10 0.10 - 0.01 0.12 0.10 0.00 0.23 0.64 - 0.01 0.99 0.70 0.55 0.06 0.06 - 0.01 0.13 0.07 0.06 0.05 0.05 - 0.01 0.13 0.06 0.05 0.16 0.02 0.27 0.22 - 0.25 0.22 0.13 0.31 - 0.03 0.40 0.33 0.29 0.26 0.36 - 0.03 0.49 0.39 0.32 0.03 0.09 - 0.01 0.21 0.09 0.00 0.02 0.06 - 0.02 0.15 0.06 0.06 0.02 0.02 0.02 - 0.00 0.06 0.00 0.02 0.03 - 0.01 0.08 0.04 0.03 0.17 0.23 - 0.01 0.56 0.25 0.23 0.12 0.18 - 0.00 0.43 0.18 0.18 3.24 3.12 - 0.41 7.87 3.53 3.09 2.40 2.45 - 0.18 5.99 2.63 2.39 0.29 0.04 - 0.44 0.84 0.04 0.04 0.46 0.65 + 0.11 1.20 0.65 0.46 0.11 0.24 + 0.01 0.33 0.24 0.24 0.15 0.32 - 0.01 0.46 0.32 0.31 0.63 1.09 - 0.04 1.55 1.15 1.02 0.49 0.77 - 0.07 1.17 0.86 0.77 0.15 0.17 + 0.01 0.30 0.18 0.15 0.18 0.21 + 0.01 0.42 0.23 0.18 0.15 0.31 + 0.01 0.40 0.31 0.28 0.55 0.50 0.51 - 0.03 0.90 0.10 0.42 0.38 0.38 - 0.02 0.81 0.01 0.07 0.11 + 0.00 0.15 0.11 0.11 0.05 0.31 - 0.02 0.49 0.35 0.28

W-Z

BID-ASK — JUNE 12–16, 2017

STOCK

37 Capital Acme Res Corp African Metals Aftermath Slvr Alba Minerals Alderon Iron* Aldridge Min Alexandra Cap Allante Potash Alliance Mng Altan Rio Mnls Altitude Res Amanta Res Anglo Pac Grp Arch Coal* Arco Res Argentum Silvr Argo Gold Arian Res AsiaBaseMetals Astar Mnls Astur Gold Atlantic Ind Atlatsa Res* Auramex Res Aurelius Min Balto Res BC Moly Belvedere Res Bethpage Cap BHK Mining Big Wind Cap Bison Gold Res Black Isle Res Bluestone Res Boss Power Brigadier Gold Bullman Mnls Cadillac Vent Canex Energy Carrara Explor Carrie Arran Cascade Res Cassidy Gold Cassius Vents Catalina Gold Century Global Cerro Mng Chieftain Mtls Chimata Gold Chinapintza Mg Cliffs Nat Res* Clydesdale Res Cobalt 27 Cap Compliance Egy Cons Westview Copper Ck Gold Copper Lake Rs Corazon Gold CWN M’g Acq Cyprium Mng Dawson Gold Diamond Fields Discovery Harb DV Resources Enfield Expl Essex Minerals European Metal Excalibur Res Fieldex Expl Finore Mng Fiore Explor Fire River Gol Firesteel Res Firestone Vent First Bauxite

12-MONTH

EXC BID ASK LAST HIGH

C V V V V X V C V V V V V T N V V C V V V V V X V V V V V V V C V V V V V V V V C V V V V V T V V V V N 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_JUNE26_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 0.22 0.22 0.22 0.34 0.06 0.10 0.06 0.06 0.07 0.11 0.06 0.07 0.06 0.06 0.04 0.05 0.02 0.03 0.02 0.04 0.06 0.07 0.06 0.21 0.01 0.02 0.01 1.75 2.50 1.70 2.02 ... ...

0.58 0.04 0.05 0.04 0.10 0.35 0.35 0.35 0.59 0.16 0.20 0.20 0.26 0.01 0.02 0.01 0.02 0.25 0.35 0.30 0.45 0.25 ...

0.25 0.40 0.06 0.08 0.08 0.10 0.04 0.05 0.04 0.05 ... ...

0.06 0.45 0.04 0.05 0.04 0.05 0.13 0.14 0.14 0.15 0.02 0.03 0.02 0.02 0.05 0.08 0.06 0.09 0.07 0.08 0.08 0.09 0.07 0.15 0.07 0.16 0.02 0.03 0.02 0.08 0.11 0.15 0.13 0.20 0.31 0.60 0.31 0.60 0.04 0.06 0.05 0.05 0.10 0.15 0.10 1.15 0.17 0.20 0.17 0.17 0.25 0.17 0.30 0.07 0.10 0.10 0.12 0.04 0.04 0.04 0.06 0.33 0.40 0.32 0.75 0.17 0.22 0.22 0.29 0.05 ...

0.05 0.07 0.02 0.04 0.02 0.05 0.01 0.02 0.02 0.04 0.04 0.06 0.04 0.06 0.05 0.07 0.08 0.08 0.21 0.25 0.21 0.72 0.03 0.03 0.03 0.04 ... ...

0.05 0.23 0.01 0.02 0.01 0.03 0.01 0.15 0.01 0.01 1.45 3.20 1.43 7.17 0.07 0.08 0.06 0.06 0.61 0.66 0.66 0.66 0.03 0.03 0.03 0.25 0.36 0.70 0.36 0.56 0.04 0.05 0.04 0.11 0.04 0.05 0.05 0.08 0.52 0.55 0.55 0.55 0.15 0.26 0.16 0.27 0.03 0.03 0.03 0.12 0.15 0.34 0.30 0.30 0.15 0.17 0.18 0.24 0.03 0.03 0.03 0.04 0.51 0.59 0.55 0.63 ... ...

0.01 0.15 0.18 0.18 0.33 ... 0.01 0.01 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 0.04 0.04 0.04 0.08 0.04 0.05 0.04 0.07

LOW

STOCK

0.10

First Idaho V Freeport Res V GAR Limited C V GB Minerals GFM Res V GGL Res V Global Cobalt V Global Cop Grp V God’s Lake Res C Gold Reach Res V Gold Ridge Exp V Goldbank Mng V Goldstream Mnl V GoldTrain Res C Graniz Mondal V Gravis Energy C Greatbanks Res V Greenshield Ex V Grosvenor Res V Hadley Mng C HFX Holding V V Highvista Gold Homeland Egy V Icon Explor V C Inspiration Mg Intl Bethl Mng V Intl Samuel Ex V Iron South Mng V Jazz Res V JDF Explor Inc C Kenna Res V Khan Res C Kitrinor Mtls V C La Imperial Leeta Gold V Lincoln Mng V V Lions Bay Cap Lithion Energy V Lovitt Res V V Lund Enterpr Madeira Mrnls V X MAG Silver* Mainstream Mnl V Martina Mnls V Masuparia Gold V Matachewan Con V Match Capital V Mega Copper V MetalCorp V Metalex Vent V Metalore Res V Mezzotin Mnrls V MillenMin Vent V Millstream Min V Milner Con Slv V V Minecorp Egy Minsud Res V Miramont Res C Moag Copper C Montana Gold C Morgan Res V Morro Bay V Mountain Lake C Mukuba Res V Navis Res Corp C Nebu Res V Network Expl V Nevado Res V New Destiny Mg V New Klondike V Nitinat Mnls V Nomad Ventures V North Am Ptash V North Am Tung V NQ Explor V Nunavik Nickel V

0.03 0.01 0.04 0.12 0.17 0.02 0.03 0.01 0.01 0.02 0.75 0.01 0.05 0.06 0.01 0.12 0.10 0.01 0.01 0.06 0.02 0.03 0.01 0.05 0.01 0.04 0.02 0.05 0.10 0.02 0.40 0.13 0.04 0.03 0.15 0.12 0.05 0.02 0.01 0.02 0.08 0.13 0.01 0.03 0.01 0.01 0.98 0.02 0.45 0.03 0.27 0.04 0.04 0.19 0.11 0.03 0.09 0.07 0.02 0.02 0.14 0.01 0.10 0.01 0.32 0.03 0.02 0.03 0.03

12-MONTH

EXC BID ASK LAST HIGH LOW

0.08 ...

0.08 0.14 0.03 0.05 0.03 0.09 0.07 0.10 0.09 0.13 0.07 0.07 0.07 0.10 0.01 0.10 0.01 0.02 0.02 0.03 0.03 0.05 0.02 0.02 0.02 0.08 0.07 0.08 0.08 0.11 0.03 ...

0.03 0.03 0.12 0.13 0.13 0.25 0.03 0.07 0.04 0.65 0.08 0.14 0.09 0.15 0.07 0.10 0.07 0.40 0.05 0.19 0.08 0.25 0.02 0.03 0.02 0.05 ... 0.03 0.01 0.01 0.03 0.05 0.03 0.06 0.08 0.06 0.08 0.17 0.38 0.17 0.35 0.95 0.98 0.95 1.08 0.08 0.08 0.08 0.12 ... 0.16 0.17 0.13 0.14 0.13 1.13 0.03 0.05 0.05 0.06 0.02 0.04 0.02 0.10 0.05 0.06 0.05 0.06 0.07 0.08 0.07 0.15 0.24 0.27 0.24 0.28 0.07 0.11 0.07 0.25 0.01 ...

0.01 0.01 0.13 0.16 0.15 0.27 0.06 0.07 0.06 0.88 0.16 0.21 0.16 0.30 0.06 0.09 0.06 0.11 0.29 0.33 0.29 0.30 0.05 0.06 0.06 0.17 0.04 0.10 0.04 0.04 ... ...

0.10 0.18 0.04 0.10 0.05 0.17 0.16 0.17 0.17 0.19 0.03 0.25 0.03 0.05 12.52 13.30 12.52 14.40 ... 0.01 0.01 0.03 0.05 0.02 0.06 0.04 0.07 0.05 0.09 0.25 0.30 0.25 0.44 0.01 0.04 0.04 0.04 0.17 0.27 0.16 0.30 0.04 0.05 0.05 0.06 0.06 0.07 0.06 0.10 2.80 3.75 2.80 5.16 0.01 0.02 0.01 0.05 0.05 0.07 0.05 0.14 0.04 0.06 0.04 0.13 0.04 0.04 0.04 0.07 ... ...

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 0.02 0.02 0.02 0.07 0.11 0.15 0.15 0.25 ... 0.01 0.01 0.07 0.15 0.08 0.30 0.01 0.03 0.01 0.03 0.04 0.04 0.04 0.05 0.17 0.23 0.17 0.04 0.05 0.04 0.11 0.20 0.22 0.22 0.32 0.01 0.01 0.01 0.06 0.07 0.06 0.09 0.16 0.20 0.20 0.40 0.05 0.08 0.04 0.15 ...

0.01 0.01 0.02 0.01 0.02 0.01 0.04 0.10 0.11 0.10 0.27

0.06 0.03 0.01 0.05 0.01 0.02 0.01 0.04 0.02 0.09 0.04 0.06 0.05 0.05 0.01 0.01 0.03 0.17 0.06 0.04 0.13 0.01 0.02 0.02 0.05 0.04 0.06 0.01 0.14 0.02 0.05 0.01 0.04 0.05 0.01 0.03 0.02 0.08 0.01 6.12 0.02 0.03 0.24 0.04 0.05 0.02 0.04 1.50 0.01 0.05 0.04 0.02 0.07 0.03 0.20 0.02 0.01 0.05 0.08 0.01 0.01 0.04 0.08 0.05 0.10 0.03 0.01 0.01 0.06

STOCK

Odyssey Res Oronova Energy Oxford Res Pac Arc Res Pac Cascade Pac Iron Ore Palisades Vent Patriot Gold Peat Res Pele Mtn Res Peloton Mnrls Phoenix Gold Phoenix Metals Plate Res Prime Meridian Quartz Mtn Res Rainmaker Res Randsburg Intl Rare Element* Ravencrest Res Razore Rock Res Red Rock Enrgy Red Tiger Mng Remington Res Remo Res Resolve Vent Riley Resource River Wild Exp Rockex Mng Rockland Mnls Rockwell Diam Romulus Res Rubicon Mnrls* Samco Gold Savoy Vent Scavo Res Sennen Potash Serabi Gold SG Spirit Gold SGX Res Shoshoni Gold Silver Grail Silver Phoenix SinoCoking Cl* Sniper Res Squire Mg Ltd Standard Graph Stockport Expl Stone Ridge Ex Stratabd Mnr Superior Mng Talmora Diamd Tearlach Res Telferscot Res Teryl Res Corp Theia Res Themac Res Thunder Mtn Gd Tiger Intl Tiller Res Tri-River Vent Trident Gold Trueclaim Expl UC Res United Coal Universal Vent Upper Canyon Uracan Res Vanadium One Velocity Mnrls WCB Res Westbay Vent Winston Res Zara Res Zena Mng Zinco Mng

12-MONTH

EXC BID ASK LAST HIGH LOW

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

0.05 0.06 0.05 0.06 0.36 0.40 0.40 0.46 0.02 0.03 0.03 0.12 0.18 0.15 0.50 0.01 0.02 0.01 0.02 0.16 0.18 0.16 0.25 0.06 0.07 0.07 0.07 0.10 ...

0.15 0.15 0.01 0.02 0.02 0.05 0.02 0.02 0.02 0.04 0.07 0.08 0.07 0.15 ... 0.01 0.01 0.19 0.20 0.21 0.04 0.04 0.04 0.12 0.12 0.15 0.14 0.15 0.06 0.07 0.06 0.12 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 0.04 0.05 0.04 0.18 0.01 0.02 0.01 0.27 0.02 0.03 0.03 0.10 0.13 0.20 0.15 0.18 0.11 0.15 0.13 0.30 0.04 0.05 0.05 0.21 0.14 0.17 0.14 0.20 0.02 0.25 0.02 0.03 0.03 0.05 0.03 0.15 0.07 0.08 0.08 0.11 0.06 0.07 0.06 0.13 0.15 0.23 0.13 0.20 ... ...

0.03 1.35 0.03 0.03 0.03 0.06 0.08 0.25 0.12 0.20 0.36 0.57 0.36 0.54 0.09 0.09 0.09 0.14 0.08 0.09 0.08 0.12 0.57 0.59 0.57 0.61 0.02 0.02 0.02 0.05 0.04 0.06 0.05 0.20 0.05 0.06 0.06 0.16 0.03 0.20 0.20 0.25 ... ...

4.64 7.69 0.01 0.01 0.01 0.07 0.05 0.08 0.08 0.16 0.18 0.18 0.17 0.20 0.02 0.03 0.03 0.06 0.06 ...

0.06 0.17 0.03 0.03 0.03 0.08 0.01 0.01 0.01 0.40 0.01 0.02 0.01 0.05 0.08 0.15 0.08 0.16 0.02 0.02 0.02 0.05 0.01 0.02 0.02 0.02 0.08 0.14 0.10 0.20 0.03 0.04 0.04 0.10 0.13 ...

0.18 0.23 0.08 0.21 0.08 0.10 0.37 0.67 0.35 0.85 0.04 0.12 0.04 0.07 0.19 0.30 0.19 0.21 0.02 0.03 0.02 0.05 0.01 0.02 0.02 0.03 ... 0.01 0.01 0.40 ...

0.45 0.01 ...

0.01 0.01 0.04 0.04 0.04 0.10 0.13 0.15 0.13 0.35 0.33 0.44 0.33 0.33 0.03 0.03 0.03 0.09 0.24 0.34 0.24 0.36 0.56 0.58 0.56 0.82 0.07 0.15 0.15 0.43 0.08 0.10 0.10 0.14 0.05 0.07 0.05 0.08

0.02 0.04 0.09 0.01 0.15 0.05 0.14 0.01 0.02 0.05 0.04 0.10 0.04 0.05 0.01 0.06 0.01 0.01 0.07 0.02 0.05 0.10 0.02 0.10 0.01 0.02 0.01 0.04 0.09 0.03 0.02 0.05 0.26 0.08 0.07 0.07 0.01 0.04 0.05 0.03 1.66 0.01 0.06 0.05 0.02 0.04 0.02 0.05 0.01 0.02 0.01 0.01 0.08 0.03 0.10 0.08 0.05 0.03 0.02 0.02 0.01 0.01 0.04 0.05 0.09 0.03 0.16 0.02 0.01 0.06 0.01

2017-06-20 6:21 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JUNE 26–JULY 9, 2017

23

Fission confirms high-grade uranium discovery at PLS URANIUM

| Fission expands mineralized corridor at PLS to 3.2 km

BY LESLEY STOKES

F

lstokes@northernminer.com VANCOUVER

ission Uranium’s (TSX: FCU) search for land-based uranium mineralization at its Patterson Lake South (PLS) property in Saskatchewan’s Athabasca basin appears to be boding well for the junior explorer.

The final assay results from the company’s $6.5-million winter drill program confirm high-grade uranium mineralization at its newest discovery, the R1515W zone, which falls on the western edge of the 3.2 km long mineralized trend at PLS. Out of the eight holes drilled, six were mineralized, with assay results including 8.5 metres of 3.12% U3O8 within a broader interval of 27.5 metres of 1.24% U3O8, and 2.5 metres of 6.03% U3O8 within 12 metres of 3.16% U3O8 .

A 120-metre step-out hole farther west returned 0.5 metre of 0.74% U3O8 , showing that mineralization could extend along geological strike.

While visiting New York on a business trip, Ross McElroy, Fission’s president, chief operating officer and chief geologist, tells The Northern Miner during a phone interview that there’s a “good chance R1515W could blossom into something even better.

“It looks like a whole new area.

With more drilling, we hope it can grow into something more meaningful,” he says. “Right now it’s just a few high-grade holes over a 45-metre strike length, but we’re off to a good start. If it’s like the other mineralized zones, it could be anywhere from 200 metres to at least 1 km long.”

Mineralization at PLS occurs along steeply dipping structures, and is often associated with graphitic material, making the zones easy to find using electromagnetic geophysical surveys.

The most advanced zones, R780E and R00E, make up Fission’s Triple R deposit, where resources total 2 million indicated tonnes of 1.8% U3O8 and 785,000 inferred tonnes of 1.6% U3O8 . The deposit includes an even higher-grade core of 45.1 million lb. at 18.2% U3O8 as indicated, and 13.9 million lb. at 25.1% U3O8 as inferred, starting at 50 metres below surface.

McElroy says that part of the recent drill campaign targeted the R1620E and R00E zones — found along geological strike of Triple R to the east and west — in preparation for a resource update by year-end.

He’s not sure, however, whether R1515W will be included in the update.

“It’ll take another drill campaign or two to know whether R1515W has a potential resource,” he says. “But I suspect we’ll put another dozen holes into it this year. It’s looking very attractive and it’s something we want to advance.”

McElroy says the upcoming exploration program will focus on the project’s land-based targets. Both Triple R and the R1620E zones occur under a shallow lake.

“We’re trying to develop our land targets, so in a mining scenario we can sequence our land targets with the R780E zone,” he says. “On land, we don’t have to build a dike and slurry wall to keep the water out — we’re just dealing with overburden.”

According to the company’s 2015 preliminary economic assessment, capital expenses for a 14-year operation at Triple R could cost Fission

1-16, 23_JUNE26_Main .indd 23

A drill rig at Fission Uranium’s Patterson Lake South uranium property in northern Saskatchewan. FISSION URANIUM

“IT LOOKS LIKE A WHOLE NEW AREA. WITH ADDITIONAL DRILLING, WE HOPE IT CAN GROW INTO SOMETHING MORE MEANINGFUL.” ROSS MCELROY PRESIDENT, COO AND CHIEF GEOLOGIST, FISSION URANIUM

$1.1 billion. The economic analysis shows a 34.2% after-tax internal rate of return and a $1-billion after-tax net present value at a 10% discount rate, assuming a US$65 per lb. U3O8 long-term price.

McElroy says the company intends to finish a prefeasibility study on the project by late 2018, but in the meantime will explore the R1515W zone and test more paralleltrending structures on the 311 sq. km property.

“Since CGN Mining joined us, we’ve put the first tranche of that money to good work,” he says, referencing the state-owned Chinese company, whose $82.2-million investment in December 2015 earned CGN a 20% stake in Fission.

“We’ve found greenfield targets, developed R840W and R1620E and made them resource ready, and made a discovery. We’re sitting healthy with $50 million in the bank, and that should carry us through another two or three years.”

Despite the drop in spot uranium prices from US$24.50 to US$19.60 per lb. since January, McElroy remains bullish on the commodity.

“Even the low-cost producers have started to reduce their production. If they can’t make money at these prices no one can, and that puts a bottom on the price. What we haven’t seen is the sustained uptick in the market, but we know that’s inevitable. The demand is there — nuclear reactors are being built at a record pace, and there’s more in operation now than ever before. The space looks positive in the long run.” TNM

Contractor Todd Mayer at Fission Uranium’s Patterson Lake South uranium project in early 2017. FISSION URANIUM

2017-06-20 8:54 PM

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2017-06-16 3:46 PM