The Northern Miner March 15 2021 Issue 6

COMMENTARY: CHINA HAS TURNED NICKEL MARKET ON ITS HEAD / 2 Geotech_Earlug_2016_Alt2.pdf 1 2016-06-24 4:27:20 PM

SPECIAL FOCUS

.com

COLOMBIA, ECUADOR & PERU

expert advice from exploration to closure

VTEM™ | ZTEM™ | Gravity | Magnetics

Fertile ground for a variety of minerals / 9-15

905 841 5004 | geotech.ca

DELIVERING QUALITY EXPERTISE GLOBALLY ACROSS THE ENTIRE MINING LIFE CYCLE WWW.SGS.COM/MINING

MINERALS@SGS.COM

MARCH 15—28, 2021 / VOL. 107 ISSUE 06 / GLOBAL MINING NEWS · SINCE 1915 / $5.25 / WWW.NORTHERNMINER.COM

Turquoise Hill CEO quits on Rio Tinto meddling C-SUITE NEWS

Rio Tinto chairman to step down over caves blast scandal AUSTRALIA

| Backlash continues from 2020 incident

| Companies at odds over Oyu Tolgoi copper-gold mine

BY CECILIA JAMASMIE

R

Inside the processing facilities at the Oyu Tolgoi mine in Mongolia.

BY CECILIA JAMASMIE

T

MINING.com

urquoise Hill Resources (TSX: TRQ; NYSE: TRQ) announced on March 4 that its CEO Ulf Quellmann is leaving the company after majority-owner Rio Tinto (NYSE: RIO; LSE: RIO; ASX: RIO) told the Canadian miner that it planned to vote against his reelection at the annual shareholders’ meeting in May. The board has appointed Steve Thibeault as interim CEO. Thibeault previously served as the company’s chief financial officer between June 2014 and April 2017.

Tensions between the companies have grabbed headlines in recent months. They are at odds over roles and obligations in securing the remaining funding for the underground expansion of the vast Oyu Tolgoi copper-gold mine in Mongolia.

Turquoise Hill had expected the underground expansion to cost US$5.3 billion when it was approved in 2015. Last year, however, the world’s second-largest miner flagged stability risks associated with the original project design, adding that amendments to it could increase costs by as much as an additional US$1.9 billion.

The Vancouver-based miner warned at the time of further delays of up to two and a half years, with first sustainable production from Oyu Tolgoi’s underground expansion expected between May 2022 and June 2023.

Rio Tinto had said in September it

planned to raise up to US$500 million through additional lending to develop the giant copper mine. The move, Rio Tinto said, would reduce the remaining funding requirement of the expansion to up to US$1.4 billion.

By reprofiling, the parties sought

OYU TOLGOI LLC

more time to repay their debt, knowing that the principal of the extended debt, or in some cases even the interest rate on it, are not reduced.

Any remaining funding for the See C-SUITE NEWS / 5

YMP AWARD WINNERS ANNOUNCED / 3

MINING.com

io Tinto (NYSE: RIO; LSE: RIO; ASX: RIO) Chairman Simon Thompson became the latest high-profile executive to announce his departure amid a backlash for the company’s destruction of two 46,000-year-old rock sacred shelters in Western Australia last year.

Thompson, a former geologist and investment banker, said on March 3 that he will not seek re-election as a director at the 2022 annual general meetings, as he was “ultimately accountable” for the blasting at Juukan Gorge to expand an iron ore mine.

He also regretted the fact that the destruction had “overshadowed” the company’s successes in 2020 — during which it paid a record dividend to investors thanks to booming iron ore prices.

Non-executive director Michael L’Estrange, who led the review into Rio Tinto’s handling of the incident, will retire in May. The company said he needed to reduce his workload after “significant surgery.”

L’Estrange’s internal examination of the caves disaster was later criticized by Australian politicians, including Senator Pat Dodson, who called it an “unsatisfactory piece of work” that was “full of mea culpas and corporate lingo.”

The review concluded in August that there was “no single root cause or error that directly resulted in the destruction of the rock shelters.”

But internal documents revealed in September that Rio Tinto had engaged a law firm before the blasting, in case the traditional owners applied for a court injunction to save the rock shelters.

In addition to Thompson and L’Estrange, former CEO Jean-Sébastien Jacques is due to leave the company at the end of March. He has been replaced by Jakob Stausholm, who was previously Rio Tinto’s chief financial officer.

Rio Tinto initially penalized Jacques by cutting his short-term bonuses, amounting to almost US$5 million (£3.7 million).

Last month, however, the company revealed that Jacques had finished 2020 with a substantial payout. Jacques received £13.3 million (US$18.6 million) under Australian accounting rules, up from £7.1 million (US$9.9 million) in 2019.

Two other senior executives, who were in charge of the iron ore divi-

Rio Tinto Chairman Simon Thompson.

RIO TINTO

sion and the unit responsible for dealing with Indigenous communities, also received hefty remuneration.

Both Chris Salisbury and Simone Niven left Rio Tinto last year.

The National Native Title Council (NNTC) welcomed the latest departures, adding that if Rio Tinto was serious about cultural change it would replace at least one of the outgoing executives or directors with at least one Aboriginal person.

“They are signalling the right intent but the proof will be in the pudding, in the action that they deliver,” NNTC chief executive Jamie Lowe said in an emailed statement.

The Western Australian government has promised to update Indigenous heritage laws that allowed Rio Tinto to legally destroy the sacred sites. TNM PM40069240

2

WWW.NORTHERNMINER.COM

MARCH 15—28, 2021 / THE NORTHERN MINER

The circular economy set to transform the mining industry, says panel at the Global Mining Symposium GMS 2021

| New business models needed

BY CARL A. WILLIAMS cwilliams@northernminer.com

I

n the future, mining companies will need to develop new business models that account for the increasing re-use and recycling of metals and minerals as the world moves towards a “circular economy.”

That was the key takeaway from a panel discussion on the circular economy at the Feb. 23-24 Global Mining Symposium. Moderated by Anthony Vaccaro, group publisher at The Northern Miner, the panel included Andrew Cheatle, nonexecutive director, Condor Gold (TSX: COG; LSE: CNR) and director, Troilus Gold (TSX: TLG; USOTC; SKREF), and Elizabeth Freele, founder and CEO of 4P Solutions, a risk management and sustainability consulting firm based in Vancouver.

“Compared to the linear model, which is based on a take-make-waste economy and is the way that we’ve been living and using resources in recent modern memory,” Freele said, “the circular economy offers a sustainable alternative to the status quo and is predicated on providing for human needs within the natural constraints of finite resources.”

The circular economy, she explained, looks beyond resources as just being consumed and where their value is destroyed after a single use but embraces the principles of reprocessing, repurposing, and designing out waste and pollution.

The goal of the circular economy is to improve the productivity of these finite resources by allowing materials to function at their highest potential for as long as possible while also regenerating the natural

The Circular Economy panel at The Northern Miner’s Global Mining Symposium. From left, Anthony Vaccaro, Northern Miner group publisher; Andrew Cheatle, non-executive director/director, Condor Gold/Troilus Gold; Elizabeth Freele, founder and principal, 4P Solutions Inc. THE NORTHERN MINER

systems we rely upon, Freele said.

“You can think of it as applying the waste hierarchy that you learned about in school, which is to reduce, reuse, and recycle before considering disposal.”

Governments worldwide have started to adopt the circular economy model, including the government of Canada, Cheatle noted.

“When I was working with the Prospectors and Developers Association of Canada a few years ago, the Canadian government’s Canadian Minerals and Metals Plan included a substantial component of the circular economy in it,” he noted. “It was then that I realised how significant the circular economy would be to mining companies in the future.”

After initially viewing the circular economy as ‘anti-mining,’ he continued, mining companies are now increasingly building circular concepts into their strategic planning and modelling, with

many companies already starting to recharacterize themselves.

He noted, for instance, that Anglo American (LSE: ALL), the world’s largest platinum producer, with about 40% of global output, is already starting to reimagine itself.

In a keynote speech at the Mining for Circularity event hosted by Coreo and the Circular Economy Leadership Coalition in collaboration with the Canadian government last October, Anglo American’s CEO Mark Cutifani said that there is a “strong rationale for us to engage with the circular economy that is strategic both from a planetary boundaries perspective and in order to support and accelerate our company’s ambitions.”

“If I look back over the years, we have characterized ourselves as a mining company, today we characterize ourselves as a metals and mining company, and tomorrow we could very well be categorizing

ourselves as a materials solution company,” he added.

So, could the circular economy bring about the “end to traditional mining companies?” asked The Northern Miner’s Vaccaro.

“Even if a 100% circular economy were put in place tomorrow, the extraction of raw materials would not disappear overnight,” Freele said.

“We see it accelerating at the moment to meet the increasing demand as the human race keeps on growing and continues to consume increasingly larger amounts of resources.”

In the future, however, she sees mining companies that produce virgin metals and mineral products having to compete with companies that use secondary materials that have been reused or recycled. “Investors and consumers are increasingly pressuring companies to disclose the ecological and social impacts of their products.”

In particular, the next generation

of consumers will want to make sustainable and responsible purchasing choices. “They will want a small carbon footprint for the products they buy, they will want to know about the provenance of materials and any human rights abuses associated with them, and the impacts that products have on biodiversity,” Freele said.

For some mining companies, the future is already here.

In 2019, Nucor (NYSE: NUE), the largest supplier of steel in North America, sold 16.1 million tonnes of scrap into a highly competitive market with narrow margins and earned revenues of over US$22.6 billion, Cheatle noted.

“About 30% of ArcelorMittal’s steel is made using scrap instead of iron ore, and already half of the copper demand in Europe is being met by recycled material,” he said.

The chassis of Apple’s MacBook Air is now made from 100% recycled aluminium and, Freele said, this is just the beginning for the world’s most valuable brand (according to the Brand Finance Global 500 2021 Index).

“The company has committed to manufacturing all their devices from materials that are recycled or supplied from renewable resources,” she said. Apple’s in-house disassembly robots are already capable of recovering 29 oz. of gold, 240 oz. of silver, and nearly 2 tonnes of aluminium for every 100,000 iPhones disassembled.

In a smartphone first, Freele noted that the iPhone’s Taptic Engine, which provides tactile sensations in the form of vibrations to users, now uses 100% recycled rare earth elements. TNM

Has China shattered battery nickel’s supply chain bottleneck?

COMMENTARY

| Battery-grade nickel needed to feed China’s EV industry

BY ANTHONY MILEWSKI

C

The Ravensthorpe nickel mine in Western Australia.

Special to The Northern Miner

hina has turned the nickel market on its head after the world’s biggest stainless-steel producer, Tsingshan Holding Group, agreed in early March to supply about 100,000 tonnes of matte (containing approximately 65-75% nickel) to Huayou Cobalt and battery materials maker CNGR Advanced Material.

The news signals that the mainly Chinese-funded nickel pig iron (NPI) producers in Indonesia are now looking at making nickel matte, essentially giving the battery-materials manufacturers a new product to plug into their processes.

The market response was not pretty. London’s nickel prices fell nearly 9% on March 4 and in Shanghai dropped the most in nine months.

The three-month nickel contract on the London Metal Exchange dropped as much as 8.5% to US$15,945 per tonne, its most significant intraday loss since December 2016.

According to Bloomberg data, the most-traded June nickel contract

on the Shanghai Futures Exchange ended 6% lower at US$20,180.61 per tonne, posting its most significant intraday loss since May 2020.

Ironically, nickel price benchmarks were trading at a six-year high as recently as the last week of February on expectations that swelling demand from the electric-vehicle sector is set to create a substantial shortage in nickel suitable for EV batteries. In February, Tesla’s Elon Musk even said on Twitter that access to nickel was the EV maker’s top concern.

News that Norilsk Nickel expects to stabilize flooding issues at its Oktyabrsky and Taimyrsky mines in the second week of March, also weighed on nickel’s immediate price outlook, as well as an Indian trading group liquidating an LME metal position, but Tsingshan is the real story here.

Many investors may be shaking their heads right now, recalling that in 2007 China gutted nickel prices by rapidly flooding the market with cheap NPI material to feed its rampant stainless steel industry. On the

CALISTEMON/WIKIMEDIA CC 3.0

surface, this looks like a repeat of history but this time it’s batterygrade nickel to feed the rapid growth of China’s EV industry. There are nuances here, however, that speak to a bigger, more complicated picture.

Firstly, let us look at the production process. In recent years, the Chinese have decided to make their own nickel from laterite ores to feed the stainless steel beast, creating a huge supply of nickel in the form of NPI. One cannot use NPI or ferronickel directly for battery material since the high iron content is like a

poison to batteries. By making nickel matte (which is essentially a nickel sulphide with some impurities), they can make a nickel-bearing material that can then be fed into cathode manufacturing for EVs. The Chinese now propose to convert some of the lowest-grade forms of nickel (NPI) into nickel matte.

NPI generally contains about 5-15% nickel as opposed to ferronickel, which clocks at anything from 1550% nickel, and nickel matte at 6575% nickel.

The process of making nickel matte from NPI is not new. It involves a further pyrometallurgical step where one adds heat and sulphur, and the end-product is purer nickel (the matte) with less than 5% iron or impurities. This product can then be plugged into the same market segment as nickel sulphide mine concentrates or nickel matte made from traditional smelting of nickel concentrates.

Chinese NPI production costs range between US$3.50-$4.50 per lb, See COMMENTARY / 15

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 15—28, 2021

3

Maggie Layman and Matthew Fenton named Young Mining Professionals of the Year HONOURS

| Nominees submitted from around the globe Towards the end of 2019, Barkerville became a wholly-owned subsidiary of Osisko Gold Royalties (TSX: OR; NYSE: OR). A year later, Osisko completed a reverse takeover of Barolo Ventures to form Osisko Development, which assumed the development of Cariboo, and named Layman vice president of exploration.

“This a very exciting time for the company as we continue to raise money and grow the deposit,” she says. “Of course, it’s very challenging, but I’m working with an exceptional team, and it’s so fulfilling to be involved with a new company from the very start. I love the role.”

BY CARL A. WILLIAMS

T

cwilliams@northernminer.com

he winners of the Young Mining Professionals (YMP) awards this year are Maggie Layman of Osisko Development (TSXV: ODV) and Matthew Fenton of privately held Magris Resources.

The YMP awards, presented in association with The Northern Miner, recognize two mining professionals under forty who have demonstrated exceptional leadership skills and innovative thinking and provided value to their companies and shareholders.

The awards are named after two iconic entrepreneurs in the mining industry, Eira Thomas and the late Peter Munk. Maggie Layman has won the 2021 Eira Thomas award and Matthew Fenton the Peter Munk award.

This year, due to the Covid-19 pandemic, the awards will be presented during an online event on March 18 from 7 p.m. to 8 p.m. (EDT).

The selection process this year was truly global, says Stephen Stewart, chairman of YMP and CEO of Orefinders (TSXV: ORX), with roughly 100 nominees submitted from YMP chapters on “every continent, except Antarctica.”

The winners were nominated in a public submissions process. They were then discussed and selected by a panel of YMP chapters, including Toronto, Montreal, Vancouver, and London (U.K.), along with an equal vote from The Northern Miner.

Stewart notes that Layman was the runaway favourite for the Eira Thomas award this year. “It was a combination of Maggie’s age and the level of responsibility she has taken on within a world-class company like Osisko Development,” he says. “The company is focussed on the Cariboo gold project in B.C., which is a storied property with a lot of history. For such a young person to be involved in a project of this nature at her level is very impressive.”

Layman is the second winner from the Osisko family of companies, with Jose Vizquerra, now the president and CEO of O3 Mining (TSXV: OIII; US-OTC: OIIIF), the 2018 recipient of the Peter Munk award.

Competition for the Peter Munk award was a close race again this year, Stewart says, but it was the diversity of roles that Fenton fills at Magris Resources that clinched the award. “He has been one of the key guys involved in the company’s flagship Niobec mine and has done a fantastic job in operating the mine and delivering great value to the company’s shareholders. It’s interesting to note that Fenton’s boss at Magris, Aaron Regent, is a former employee of Peter Munk.”

Maggie Layman Maggie Layman is the Vice President, Exploration for Osisko Development, a newly created North American gold mining company primarily focused on developing a mining camp in the Cariboo mining district of central British Columbia.

Raised in St. John’s by a single mother whom she describes as an “empowering role model for herself and her sister,” Layman fell in love with the beautiful landscape of Newfoundland and Labrador and collected rocks as a child.

She went on to earn a Bachelor of Science degree in Geological and Earth Sciences/Geosciences at Memorial University of Newfoundland. “It was this formative experi-

Osisko Development vice president of exploration Maggie Layman.

SOURCE: MAGGIE LAYMAN

ence of growing up in a region that is also known as ‘The Rock,’ which has this incredible geology and stunning scenery that made me want to study geology,” she says in an interview.

While pursuing her degree, Layman spent three months working as a field assistant in central Labrador for the Geological Survey of Newfoundland and Labrador.

“We were living in tents at a remote field camp and collecting soil samples (a rite of passage for new geologists), which allowed me to explore this amazing wilderness,” she recalls. “There were also a lot of women on the team who had been working in the industry for many years and became role models for me. I knew then that I wanted to work in the exploration side of the industry.”

During her studies, she also worked as a student geologist for the Iron Ore Company of Canada, a joint venture between Rio Tinto (NYSE: RIO; LSE: RIO; ASX: RIO), Mitsubishi, and the Labrador Iron Ore Royalty Income Corp. (TSX: LIF), where she helped develop an open-pit iron ore mine in Labrador.

The role, she says, allowed her to develop an understanding of mine production and geotechnical work and is the reason why she gravitated towards working on projects that are nearing the development stage.

After graduating from university, Layman landed her first job as a project geologist with Vale (NYSE: VALE) and moved to Sudbury, Ontario, in 2006.

Given Sudbury’s rich history of mining, “it seemed like an obvious choice to make,” she says. “We had a great team at Vale, and the position exposed me to underground mining environments and to get more involved in mineral exploration on brownfield sites. I learned what it takes to build a mine and about the different technologies used by major mining companies.”

Working at Vale (2006-2011) allowed her to hone her technical skills. This, she says, set her up for her next role as a project geologist with Vancouver-based Independence Gold (TSXV: IGO), where she worked on the company’s Boulevard gold project in the Yukon, and the 3Ts (named for three veins: Tasha, Taken, and Tommy) and Capoose gold-silver projects in British Columbia.

“It ended up being a great decision as it allowed me to work back in the bush, and I loved working in the gold exploration side of the industry,” she says. “It was also a great opportunity to diversify my skill set as I was

Magris Resources president and CFO Matthew Fenton.

SOURCE: MATTHEW FENTON

exposed to the project management side of the business and to work on grassroots to advanced explorationstage projects.”

While at the company (20112014), she was responsible for target generation and drill hole planning, project logistics and budgeting decisions, managing community engagement programs, and supervising field crews. “One of the highlights of the role was working on greenfield projects in the White Gold district of Yukon Territory, which was an amazing experience, and the 3Ts project in central B.C., which later became the company’s flagship project.”

She then joined Barkerville Gold Mines as an exploration geologist in March 2015.

Towards the end of 2014, shareholders of Barkerville, which owned the Cariboo gold project in central B.C., decided to bring in new management and technical teams and replace the board of directors. The Canadian mining billionaire Eric Sprott also invested heavily in the company.

“I joined at a time when the company was in transition, but the strong support from Sprott gave me confidence that it was going to be a good opportunity for me, which turned out to be the case,” Layman says.

The first challenge at Barkerville was to develop a strong technical team and get a better understanding of the geology at Cariboo and what was controlling the mineralisation, she says. “We were re-building the project almost from the ground up, and it was a big part of moving the company forward.”

In 2017, the company began a significant exploration and delineation drill program, Layman says, “with ten drill rigs turning pretty much constantly at one point, and by the end of 2020 we had drilled about 560,000 metres.”

After three years in the role, Layman was appointed vice president of exploration in 2018. “My boss at the time, Chris Lodder [now president of Osisko Development], was very supportive when I transitioned to the new role. I had been to the site many times and had a good relationship with the drill team, and I understood what the exploration objectives were and the company’s strategy for the project. So, it was a fairly seamless move for me.”

In the new role, Layman says she started learning a new set of skills, working with engineers to prepare preliminary economic assessments and feasibility studies, as the company continued to expand Cariboo.

Matthew Fenton Matthew Fenton is president and chief financial officer of Magris Resources, a privately held investment company that acquires, develops, and operates industrial minerals and mining assets. The company, set up in 2012 by former Barrick Gold CEO Aaron Regent, supplies about 10% of the world’s niobium and 50% of the talc used in North America from its four mines and seven processing facilities in the U.S. and Canada.

Born and raised in Toronto, Fenton pursued an Honours Business Administration program at the Richard Ivey School of Business at Western University in London, Ontario, which combined two years of economics studies with a two-year business program.

“The business program was very interesting, with around 75 of us on the course, which provided a great opportunity to interact with people from so many diverse backgrounds,” he says in an interview. “It led to my passion for the financing side of things; I knew then that I wanted to pursue a career in investment banking and private equity.”

After graduating from university in 2007, he landed his first job at Bank of America Merrill Lynch in Toronto where he worked in the investment banking and debt capital market groups. “The role instilled in me the importance of paying attention to detail, which is something that has stayed with me my entire

career,” he says.

He then joined Brookfield Asset Management in 2008 and worked in the company’s private equity and advisory groups. During this time, Fenton and some of his colleagues at Brookfield set-up Endura Energy, a Toronto-based renewable energy company that designed, developed, and constructed solar energy systems.

After nearly two years at Endura as vice president of business development, Fenton returned to Brookfield and worked in its private equity group. It was at that time he initially met Regent, who was leaving Brookfield to join Barrick.

Towards the end of 2012, Regent contacted Fenton and asked whether he would be interested in joining him in a new venture. “Aaron told he was about to leave Barrick to start his own company and asked me if I’d like to join him to build the company,” Fenton says. “It was a time when it was tough to find good value opportunities across most industries, especially in the mining industry, which was going through a particularly challenging time.”

Fenton left Brookfield and joined Regent at Magris Resources in 2013.

It was there that he was first “bitten by the mining bug,” he recalls.

“My first couple of years at Magris were spent building a team, developing the business, and building relationships with our capital partners,” he says. “It’s very hard to find good assets with good value and at the right time and we must have looked at more than 250 different projects, which gave me the opportunity to visit mining projects in Chile, Peru, and Brazil.”

In 2015, Magris, in partnership with CEF Holdings Ltd., a Hong Kong-based financial services company, and Temasek, an investment company headquartered in Singapore, made its first acquisition, purchasing the Niobec mine from mid-tier Canadian miner Iamgold (TSX: IMG; NYSE: IAG) for US$530 million.

The Niobec mine, about 200 km north of Quebec City in the See HONOURS / 8

SABINA GOLD & SILVER CORP.:

AN EMERGING CANADIAN GOLD DEVELOPER Advanced • District-Scale • High-Grade 6+ g/t Open-Pit vs. World Average of 1.2g/t World-Class Mining Jurisdiction Nunavut, Canada Shovel-Ready & Permitted Property Offers Development Flexibility Robust Economics at $1,600/oz Gold Post-Tax IRR of ~28% and NPV of C$1.1B

TSX:SBB OTCQX:SGSVF www.sabinagoldsilver.com info@sabinagoldsilver.com

4

WWW.NORTHERNMINER.COM

MARCH 15—28, 2021 / THE NORTHERN MINER

EDITORIAL

GLOBAL MINING NEWS · SINCE 1915

www.northernminer.com

Is copper the new gold?

EDITORIAL

EDITOR-IN-CHIEF: Trish Saywell, BA, MA, MSC (JOUR) tsaywell@northernminer.com SENIOR REPORTER: Carl A. Williams, BSC (HONOURS), MSC, PHD cwilliams@northernminer.com REPORTER: Magda Gardner, BASC (MINERAL ENG) mgardner@northernminer.com REPORTER AND PRODUCTION EDITOR: Daniel Sekulich dsekulich@northernminer.com PHOTO EDITOR AND PODCAST HOST: Adrian Pocobelli, MA (ENGL) apocobelli@northernminer.com EDITOR, DIAMONDS IN CANADA: Alisha Hiyate, BA (POLI SCI, HIST) ahiyate@northernminer.com ADVERTISING: Joe Crofts (416) 510-6816 jcrofts@northernminer.com Michael Winter (416) 510-6772 mwinter@northernminer.com SUBSCRIPTION SALES/ APPOINTMENT NOTICES/ CAREER ADS George Agelopoulos (416) 510-5104 (Toll free) 1-888-502-3456, ext. 43702 gagelopoulos@northernminer.com PRODUCTION MANAGER: Jessica Jubb (416) 510-5213 jjubb@glacierbizinfo.com CIRCULATION/CUSTOMER SERVICE: (403) 209-3505 1-800-387-2446 northernminer2@northernminer.com REPUBLISHING: (416) 510-6768 moliveira@northernminer.com ADDRESSES: Toronto Head Office: 225 Duncan Mill Road, Suite 320 Toronto, ON, M3B 3K9 (416) 510-6789 tnm@northernminer.com 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, NL 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 225 Duncan Mill Road, Suite 320 Toronto, ON M3B 3K9 Publication Mail Agreement #40069240 Periodicals Postage Rates paid at Niagara Falls, NY, 14304.

U.S. office of publication 2424 Niagara Falls Blvd, Niagara Falls, N.Y. 14304.

U.S. POSTMASTER: send address corrections to: Northern Miner Box 1118 Niagara Falls, N.Y. 14304.-7118

THE NORTHERN MINER is published biweekly by Glacier Resource Innovation Group, a division of Glacier Media Inc., a leading Canadian media company with interests in business-to-business information services.

From time to time we make our subscription list available to select companies and organizations whose products or services may interest you. If you do not wish your contact information to be made available, please contact us by one of the following methods: Phone: 1-888-502-3456; Fax: (416) 447-7658; Mail to: Privacy Officer, The Northern Miner, 225 Duncan Mill Road, Suite 320, Toronto, ON M3B 3K9.

COLUMN

| Investors should be wary of metal-price forecasts as we enter the season for optimists

| Copper is hot topic at BMO conference

O

GROUP PUBLISHER/ PUBLISHER: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com

THE VIEW FROM ENGLAND

ne of the key themes that emerged from the 30th BMO Global Metals & Mining conference last week was the desire among many gold and base metal companies to increase their exposure to copper. The investment bank’s fireside chats with CEOs were not open to the media, but accordBY TRISH SAYWELL ing to highlights BMO released each day, the tsaywell@northernminer.com outlook for copper and its importance to the green energy transition dominated much of the discussion. When BMO polled participants on the final day, more than 70% said copper “will see the strongest demand growth” (and well ahead of nickel), between 2021 and 2025.

“The bullish outlook for copper,” BMO analyst Jackie Przybylowski summarized in one of many reports from the conference, “could lead to organic growth (including project sanction of new copper developments by First Quantum, Newmont, Teck, Yamana) or M&A (including Barrick, Lundin Mining),” while “a renewed push to growth could raise the value for copper assets (or asset stakes) available for sale ...”

Among the CEOs who talked about their copper options were Nexa Resources’ Tito Martins, who said the company will raise its copper exposure through its Magistral project in Peru, and Ero Copper CEO David Strang, who said there was potential to double production of the metal by expanding and optimizing its MCSA mining complex in Brazil, and through the advancement of the Boa Esperanca project.

Yamana CEO Daniel Racine pointed out that the company has copper exposure via its 56.25% stake in the MARA joint-venture in Argentina with Glencore and Newmont, and according to Przybylowski’s summary, “the company is considering options to fund and develop this asset, which might include spinning out the asset to its shareholders as a separate ‘Yamana Copper’ vehicle...” Takeaways from Barrick CEO Mark Bristow, she said, were that the gold major “is open to both gold and copper assets, because the two metals naturally occur together, because copper, which is already a key contributor to Barrick’s earnings, further diversifies the company’s portfolio, and because copper is expected to benefit with a green economy.”

Hudbay Minerals CEO Peter Kukielski noted that copper’s role in renewable energy will benefit from U.S. policy under President Joe Biden’s administration and this could be a positive for its troubled Rosemont project; Lundin Mining CEO Marie Inkster said copper made up twothirds of the company’s commodity mix and it would “likely prioritize growth in this commodity”; and Newmont CEO Tom Palmer said its pipeline held Galore Creek, NuevaUnion and the Yanacocha Sulfides, “which will naturally raise the company’s copper exposure over time, including some copper growth potentially as early as the end of this decade,” Przybylowski wrote.

BMO analyst Raj Ray noted that AngloGold Ashanti and SibanyeStillwater said they want to boost their copper exposure. “AngloGold’s Quebradona copper-gold project in Colombia (investment decision expected in H1/2021) will be the company’s first material-copper exposure but when asked, interim CEO, Christine Ramon, indicated AngloGold was not opposed to increasing its exposure to copper further in the future,” he summarized, while Sibanye-Stillwater “has highlighted copper as one of the target metals as it looks to build a battery metals portfolio.”

It’s no surprise, really. The metal will be critical in the green energy transition, and has roughly doubled in price from its lows a year ago, touching an intra-day high of US$4.37 per lb. in the final days of February, not far from its all-time record of US$4.58 per lb. in February 2011.

Inventories on the London Metal Exchange are down roughly 32% in the year to date. The tightening supply, Haywood Securities’ Pierre Vaillancourt recently noted, “is beginning to affect China’s scrap metal markets as traders hoard supplies in anticipation that new clean energy policies and increased electrification will remove additional stocks from global inventories.”

What happens to the price over the next year remains anyone’s guess, however. In a Feb. 25 research note entitled Copper: Augmented Reality, BMO’s Colin Hamilton said he “could easily see a new all-time high for copper prices over the coming weeks,” and acknowledged “there is little doubt that the copper market is tight at the moment.” According to Hamilton, “a confluence of further US dollar depreciation renewed China confidence from the longer-term economic plans announced at the NPC meeting, wider synchronized global reflation expectations, plus growing supply concerns ahead of the Peruvian presidential election in mid-April could see the recently rally extended further. But in our view the question now comes down to sustainability of the price gains.”

The analyst predicted copper prices will see their peak in the current quarter, and will likely revert to around US$3 per lb. late in the second half of the year. He pointed to the copper price peak in 2011 as an example of “buyers essentially scared off by the price gains.”

“In the months after that peak, Chinese demand dropped quickly into negative y/y growth before stabilizing,” Hamilton explained. “Interestingly, China’s State Grid, the world’s largest copper consumer, has urged wire and cable fabricators to accept orders at January price levels, and pulled back from purchasing amid the recent price rally. Moreover, the latest SMM survey pointed to a number of companies sitting on the sidelines in terms of placing new orders, awaiting a market correction.”

Hamilton predicts that even with global demand growth this year of over 4%, and factoring in disruption to supply, “we end up with a roughly balanced market, with a surplus building in 2022 as more supply enters the market.” TNM

DEPARTMENTS Editorial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Metal Prices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Professional Directory. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Stock Tables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20-23

BY DR. CHRIS HINDE Special to The Northern Miner

W

e celebrate the vernal equinox (Latin literally for “new equal night”) on Saturday, March 20, when days and nights are of equal length. From an astronomical perspective, the Northern Hemisphere celebrates the start of spring.

Actually, the start of spring is far from clear-cut. For a start, the equinox varies from a day earlier than this year’s date to a day later, and spring began at the start of March from a meteorological perspective.

Moreover, spring in the U.S. is often regarded as beginning on the day after Presidents’ Day (the third Monday in February) and ending on the Friday before Memorial Day (the last Monday in May). In China, the traditional lunar calendar divides the year into 24 solar terms. Spring starts with the Chinese New Year (celebrated on February 12 this year) and ends with the start of summer (the seventh solar term, beginning on May 5).

For many countries, spring starts halfway between the winter solstice and the vernal equinox. In the Celtic nations (Scotland, the Isle of Man, Ireland, Wales, Cornwall, Brittany and Galicia in northwest Spain), spring generally extends from early February until early May. In Ireland, spring traditionally starts on February 1 in celebration of St Brigid, who was born in 451 and died on that date in 525. She is revered for converting Irish tribes to Christianity, and establishing a monastery (Ireland’s oldest) at Kildare.

It is even more problematic in some countries. In Sweden, for example, meteorologists define the beginning of spring as the first occasion on which the average daytime temperature exceeds 0’C for seven consecutive days. The start date therefore varies every year, and with latitude and elevation, but typically takes place between late February and mid-April.

The precise start of spring might be difficult to forecast, but market conditions are even tougher to predict. This is well illustrated by economic-surprise indices, which look at macro-economic outcomes relative to expectations. They are important because it is often the delivery of facts relative to expectations, rather than the levels themselves, that matter for markets. (We seem to feel this phenomenon especially sharply in mining!)

One of the best known measures of uncertainty is Citigroup’s Economic Surprise Index. CESI incorporates various data points (including jobs numbers and industrial production), and movements in the index indicate whether economic forecasts have not been met (a negative change in

the index) or have been surpassed (a positive movement). Over time the average ‘economic surprise’ should be zero (i.e., the index will revert to the mean), and a ‘decay’ factor built into CESI means that a big recent surprise will influence the index more than the same surprise in the past.

These features mean that extreme levels in the CESI will inevitably be followed by a reversal.

CESI was at a record negative level a year ago (Covid-19 leaving markets extremely disappointed) before rebounding to levels that were astonishingly positive in July 2020. Despite falling sharply since the middle of last year, CESI remains near its highest level since 2003, meaning markets are still being pleasantly surprised by economic performance.

CESI is extremely well correlated with the yield on 10-year U.S. Treasury Bonds, so it is no surprise that bond yields have moved higher over the past 12 months. These better financial returns are perhaps the main factor behind gold’s disappointing performance since reaching an all-time high in August 2020.

Another way of looking at the index is that economists have never been so inaccurate in their predictions. Of course, Covid-19 has made all forecasting problematic, but surely no-one has been worse at it than gold analysts? Admittedly I’m a coward; when I (briefly) plied my trade in stockbroking, the advice I followed on forecasting was the traditional one; give a number, or give a date, but never both. For months, however, pundits have been falling over themselves to predict ever higher prices for the precious metal, and (admittedly in hindsight) the forecasts on LinkedIn, for example, are hilarious.

Agreed, the demand for many metals is currently strong, and the fundamentals are certainly very good. However, as the CEO of Anglo American, Mark Cutifani, warned at the end of February, investors should not be “seduced by high prices.” Cutifani added that he had “seen cycles and super cycles” during his 44 years in the industry, and counselled against losing sight of the basics.

As we enter the most optimistic season of the year, my advice to investors is to ignore the frequently over-enthusiastic metal-price analysts. Instead, they should select investments based purely upon the current feasibility of the project and the caliber of the company’s management.

At this aspirational time of the year, I suggest leaving the metals-market stars well alone. Noone knows where prices are going; company executives are biased, and if analysts knew the future, they wouldn’t tell you and me. TNM Dr. Chris Hinde is a mining engineer and director of Pick and Pen Ltd.

COMPANY INDEX Adventus Mining . . . . . . . . . . . . . . . . .13 Agnico Eagle Mines . . . . . . . . . . . . . . .13 Anglo American . . . . . . . . . . . . . . . 2,10 AngloGold Ashanti . . . . . . . . . . . . . . .13 Aris Gold . . . . . . . . . . . . . . . . . . . . . . .11 Aurania Resources . . . . . . . . . . . . . 11,12 B2Gold . . . . . . . . . . . . . . . . . . . . . . . . .13 Barrick . . . . . . . . . . . . . . . . . . . . . . . . . .7 BHP. . . . . . . . . . . . . . . . . . . . . . . . . . . .10 C2C Gold . . . . . . . . . . . . . . . . . . . . . . . .6 Condor Gold . . . . . . . . . . . . . . . . . . . . .2 Cornerstone Capital Resources . . . . .12 Dundee Precious Metals . . . . . . . . . . . .8 Eldorado Gold . . . . . . . . . . . . . . . . . . .16 Endeavour Mining . . . . . . . . . . . . . . . .11 Equinox Gold . . . . . . . . . . . . . . . . . . . .11 Fortescue Metals Group . . . . . . . . . . .10 Franco-Nevada. . . . . . . . . . . . . . . . . . .12 Fury Gold . . . . . . . . . . . . . . . . . . . . . . .10 GoGold Resources . . . . . . . . . . . . . . . .16 Golden Predator Mining . . . . . . . . . . . .6 Iamgold . . . . . . . . . . . . . . . . . . . . . . . . . .3 Independence Gold . . . . . . . . . . . . . . . .3 INV Metals . . . . . . . . . . . . . . . . . . . . . .10 Labrador Iron Ore Royalty Income Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . .3

Lucky Minerals . . . . . . . . . . . . . . . 12,13 Lundin Gold . . . . . . . . . . . . . . . . . . 11,12 Newcrest Mining . . . . . . . . . . . . . . 10,12 Newmont . . . . . . . . . . . . . . . . . . . . . 7,13 Nexa Resources . . . . . . . . . . . . . . . . . . .9 Nucor . . . . . . . . . . . . . . . . . . . . . . . . . . .2 O3 Mining . . . . . . . . . . . . . . . . . . . . . . .3 Orefinders . . . . . . . . . . . . . . . . . . . . . . .3 Orosur Mining . . . . . . . . . . . . . . . . . . .13 Osisko Development . . . . . . . . . . . . . . .3 Osisko Gold Royalties . . . . . . . . . . . . . .3 Outcrop Gold . . . . . . . . . . . . . . . . . . . .13 Rio Tinto . . . . . . . . . . . . . . . . . . . . . . 1,3 Sabina Gold & Silver . . . . . . . . . . . . . 6,7 Salazar Resources. . . . . . . . . . . . . . 13,14 Sierra Metals . . . . . . . . . . . . . . . . . 14,15 Solaris Resources . . . . . . . . . . . . . . 10,12 SolGold . . . . . . . . . . . . . . . . . . . . . . 10,12 Southern Copper . . . . . . . . . . . . . . . . .10 Southern Copper Corp. . . . . . . . . . . . .10 Sunstone Metals . . . . . . . . . . . . . . . . . .12 Troilus Gold . . . . . . . . . . . . . . . . . . . . . .2 Turquoise Hill Resources . . . . . . . . . 1,5 Unigold . . . . . . . . . . . . . . . . . . . . . . . . . .7 Vale . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3 Viva Gold . . . . . . . . . . . . . . . . . . . . . . . .6

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 15—28, 2021

5

Nevada is the world’s new top mining destination NEWS

| US, Canada & Australia dominate top 10 list WORLD’S TOP MINING JURISDICTIONS 2020

BY CECILIA JAMASMIE

T

MINING.com

he U.S. state of Nevada is the new most attractive region for mining investors, replacing iron ore-rich Western Australia in the 2020 survey of resource and exploration companies released on Feb. 23 by the Fraser Institute.

The new version of the think-tank’s popular ranking is based on answers from 276 participants, which provided sufficient data to evaluate the overall investment attractiveness of 77 jurisdictions.

The result is a combination of two indexes — Best Practices Mineral Potential, which rates regions based on their geologic attractiveness and the Policy Perception Index, a composite indicator that measures the effects of government policy on attitudes toward exploration investment.

The second place was taken up by another U.S. state, Arizona, which moved up from the ninth spot in 2019.

Canada’s Saskatchewan climbed eight spots from 11th in 2019 to third in 2020. Western Australia descended from the top spot last year to the fourth, and Alaska dropped from fourth in 2019 to fifth in 2020.

Rounding out the top 10 are Quebec, South Australia, Newfoundland & Labrador, Idaho, and Finland.

When considering how Canadian jurisdictions rank on the Investment Attractiveness Index, the country is the world’s second most attractive region for investment after Australia. This year, Saskatchewan (3rd), Quebec (6th), and Newfoundland & Labrador (8th) made it to the top 10, a significant increase compared to 2019, which didn’t feature any jurisdiction among the best 10.

Elmira Aliakbari, one of the report’s authors, said Canada’s overall investment attractiveness improvement was largely driven by investors’ better perceptions on mineral potential, a factor that weighs about 60% on the main index.

When it comes to the ten least attractive jurisdictions for investment, the mining executives interviewed chose Indonesia, La Rioja (Argentina), Bolivia, Mendoza (Argentina), Zimbabwe, Spain and Michigan in that order. TNM

Nevada Arizona Saskatchewan Alaska Quebec South Australia Newfoundland & Labrador Idaho Finland Botswana* Ireland, Republic of Colorado Turkey* New Mexico* Queensland British Columbia Yukon Northern Territory Ontario Mali* Alberta Salta Russia* Utah Wyoming* New South Wales Colombia Portugal* Chile Ghana* New Brunswick Montana Peru Northern Ireland* Sweden Manitoba Brazil Nunavut

Santa Cruz Greenland* Mexico Guinea (Conakry)* Catamarca Washington* Northwest Territories Jujuy Mauritania* San Juan Mozambique* Zambia* Namibia* Burkina Faso* Norway Minnesota* Victoria Democratic Rep. of Congo (DRC)* Ecuador Dominican Republic* South Africa New Zealand* California Tasmania* Rio Negro* Papua New Guinea* Nova Scotia Guyana* Michigan* Spain* Zimbabwe* Mendoza Bolivia La Rioja* Indonesia* Tanzania* Chubut Venezuela* 0

20

40

60

80

100

0

20

40

60

*Between 5 and 9 responses

underground mine, Rio Tinto vowed, was to be met through a Turquoise Hill equity offering.

Turquoise Hill is simultaneously advancing its evaluation of financing options for Oyu Tolgoi.

The alternatives include additional debt from banks or international financial institutions, an offering of global medium-term notes and a gold streaming transaction, it said.

The company had previously disclosed it was facing a funding shortfall for Oyu Tolgoi’s expansion of up to US$4 billion, including balance sheet servicing costs.

Once completed, the underground section of Oyu Tolgoi will lift production from 125,000–150,000 tonnes in 2019 to 560,000 tonnes at peak output, which is now expected by 2025 at the earliest. This would make it the biggest new copper mine to come on stream in several years.

Rio Tinto owns the mine, located in the South Gobi desert near the border with China, through its majority stake in Turquoise Hill, which has a 66% interest in Oyu Tolgoi. The Mongolian state has the remaining 34% of the operation.

News of Quellmann’s resignation comes on the heels of a yet to be confirmed new deal between Rio Tinto and the government of Mongolia, governing the US$6.75 billion mine expansion.

The agreement would end a threemonth spat between the world’s second-largest miner and the landlocked East Asian country, as it would give better economic benefits to the state than the current deal.

Activist investor Pentwater Capital Management, Turquoise Hill’s largest minority shareholder, condemned Quellmann’s rushed resignation.

“In over 20 years of investing in companies around the globe, I have

“In addition,” she wrote, “the Rio Tinto action erodes the good work that Ulf Quellmann had achieved in establishing credibility for the company, which will be difficult for Steeve Thibeault to overcome.”

Turquoise Hill’s shares closed down $1.88 or 9.5% on the news to finish at $17.96. Over the last year the company’s shares have traded in a range of $4.30 and $21.09 per share. TNM With files from The Northern Miner.

Ulf Quellmann was Turquoise Hill’s CEO from July 2018 to March 2021.

OYU TOLGOI

never seen poorer corporate governance than has been exhibited by Rio Tinto and Turquoise Hill,” Pentwater’s CEO Matthew Halbower said in a statement. “Mr. Quellmann’s brazen termination serves as just more proof of what was already clear to all: Rio Tinto has no respect or regard for good corporate governance or the minority shareholders of Turquoise Hill.”

Canaccord Genuity’s Dalton Baretto downgraded his rating on Turquoise Hill from a hold to a sell.

“Goodbye, good governance — we hardly knew ye!” he wrote in a research note to clients. “Mr. Quellmann was the first CEO in our long history with TRQ that we believed actually pushed back on RIO and stood up for decisions that were in the best interests of all shareholders,” the mining analyst wrote. “Mr. Quellmann departs at a critical time for TRQ, with major

project financing and project economic disbursement discussions underway amidst conflicting agendas between the major stakeholders.

We believe these discussions could all be concluded by the time TRQ appoints a new permanent CEO. We are unsure how much Mr. Thibeault will weigh in on behalf of the minority shareholders, given his “interim” designation, his history with RIO, and the fate of Mr. Quellmann.”

BMO analyst Jackie Przybylowski downgraded her rating on Turquoise Hill from outperform (S) to market perform (S) and cut her target price from $23 per share to $18 per share.

“In our view, Mr. Quellmann had prioritized the defence of minority shareholder interests; with his departure, it’s increasingly likely that project funding will be dilutive to Turquoise Hill minority equity holders,” she commented in a research note.

“Our revised assumption for

100

FRASER INSTITUTE

financing the completion of the Oyu Tolgoi underground project includes a smaller stream (or gold forward sale), now with a value of US$500M for 7.5% of gold produced (from US$1B for 15% of gold produced previously.) We now assume US$1B in debt (from US$1.75B previously), including the US$500M to which Rio has previously agreed, and we assume less attractive terms on debt reprofiling. We assume TRQ issues 80M shares to bridge the financing gap, from 35M shares.”

C-SUITE NEWS From 1

80

­ ­

6

WWW.NORTHERNMINER.COM

MARCH 15—28, 2021 / THE NORTHERN MINER

Golden Predator to acquire Viva Gold and build ‘premier junior gold producer’ M&A

| Assets found in the Yukon and Nevada

BY MAGDA GARDNER

G

Canadian Mining Journal

olden Predator Mining (TSXV: GPY) has entered into a definitive arrangement agreement to acquire Viva Gold (TSXV: VAU) — bringing together Golden Predator’s past-producing Brewery Creek mine, 55 km from Dawson City in the Yukon, and Viva’s Tonopah gold project in Nevada.

Both development assets feature near-surface resources that appear to be suitable for heap leach extraction.

“This transaction brings together all of the key ingredients required to build a premier junior gold producer.

Two advanced stage gold development projects ready for permitting and development, exploration upside, excellent mining jurisdictions, strong management skillsets, a solid balance sheet, and strong market liquidity,” James Hesketh, president and CEO of Viva Gold, said in a news release.

As part of the arrangement agreement, Viva shareholders would receive 1.6 class ‘A’ common shares of Golden Predator for each Viva share, which represents a 35% premium to both the 20-day and 30-day volume-weighted average prices of Viva. Upon closing, Viva shareholders will hold 27% of Golden Predator.

Director Ted Mahoney and geologist Ed Bryant at the Tonopah project in July 2020. VIVA GOLD

Together with this acquisition, Golden Predator is proposing to distribute 8.6 million shares of C2C Gold (CNSX: CTOC) to its shareholders before closing of the arrangement transaction. C2C is

a Newfoundland-focused exploration company that is 27% held by Golden Predator.

In the press release, William Sheriff, Golden Predator’s executive chairman, noted that James Hes-

keth, Viva Gold’s CEO and director, is “deeply familiar” with Brewery Creek.

Upon closing, directors of the combined company would include Sheriff, Hesketh, two Viva Gold

nominees and three Golden Predator nominees. The management team would include Hesketh as president and CEO and Mike Maslowski from Golden Predator in the chief operating officer role.

The transaction is expected to close around May 3 — and is subject to customary conditions that include approval by two-thirds of Viva Gold shareholders.

The agreement includes nonsolicitation and right-to-match provisions with a $300,000 break fee.

Golden Predator’s key asset is the Brewery Creek mine with indicated oxide resources of 22.2 million tonnes grading 1.11 grams gold per tonne and inferred oxide resources of 16.8 million tonnes at 0.92 grams gold.

Between 1996 and 2002, the site produced gold from seven oxide deposits and includes a quartz mining license.

An updated resource for the site is expected in the first quarter; a feasibility study is also underway.

Viva’s Tonopah project includes 12.8 million measured and indicated tonnes at 0.79 grams gold and 8.4 million inferred tonnes grading 0.67 grams gold. A May 2020 preliminary economic assessment defined a sixyear open pit heap leach development at the site, producing an average of 38,000 gold oz. annually, at all-in sustaining costs of US$1,075 per oz. TNM

Sabina updates feasibility on 15-year ‘world-class’ project in Nunavut GOLD

BY MAGDA GARDNER

S

Canadian Mining Journal

abina Gold & Silver (TSX: SBB) has released an updated feasibility study on a combined open pit and underground development at the Goose property within its Back River gold project in Nunavut, 520 km northeast of Yellowknife. The engineering study proposes a 15-year operation, starting up at an initial processing rate of 3,000 tonnes per day and expanding to 4,000 tonnes per day by the end of year two.

Average production in the first five years is estimated at 287,000 gold oz. annually, with life-of-mine all-in sustaining costs estimated at US$775 per oz. Based on an initial capital outlay of $610 million, the after-tax net present value estimate for the project stands at $1.1 billion, based on a 5% discount rate and US$1,600 per oz. gold, with a 2.3-year payback and 27.7% internal rate of return. The construction schedule covers a period of 24 month. Gold dore would be produced on-site.

“Ongoing work over the last five years has enabled us to significantly advance the project through many critical de-risking phases,” Bruce McLeod, Sabina’s president and CEO, said in a news release, adding that the latest study “is rigorous and provides a high level of confidence in our project economics …”

Since the release of the 2015 feasibility, the majority of key earthworks has been completed at the site, such as roads and preparations for an underground exploration ramp, with additional project logis-

| Combined open pit and underground mine envisioned

‘The Connector’ ice road, completed in 2019, at Sabina Gold & Silver’s Back River gold project in Nunavut. SABINA GOLD & SILVER

tics infrastructure construction. A 172-km winter ice road is in place from the marine laydown area to the Goose property and site infrastructure — including fuel tanks, and construction equipment — has been mobilized.

Basic engineering is now complete and detailed engineering is also mostly complete for the process plant. Sabina has engaged an original equipment manufacturer (OEM) to complete the process plant design and is working towards a fixed price contract with a performance guarantee.

Goose includes an all-weather airstrip, an exploration camp, heavy civil equipment and four km of allweather roads within the project.

The port at Sabina Gold & Silver’s Back River gold project in Nunavut. SABINA GOLD & SILVER

During mine construction and operations, equipment and materials would be transported to the port by sea during the summer and then hauled to Goose via a winter ice road.

People and smaller items could be transported directly to site by air.

With environmental authorizations for construction and opera-

tions in place, the company also has in place a comprehensive framework agreement on land tenure and an Inuit Impact and Benefits Agreement (IIBA).

With the feasibility, Sabina has also reported reserves for the Umwelt, Llama, Goose and Echo deposits at Goose. Open pit reserves total 9.9

million tonnes at 5.27 grams gold per tonne with underground reserves of 8.8 million tonnes at 6.76 grams gold per tonne. Cut-off grades range between 1.6 grams gold per tonne and 4.1 grams gold per tonne.

McLeod added that Sabina has “already started to focus on refreshing the project debt process with a view to obtaining financing to make a production decision this year.”

Andrew Mikitchook of BMO Capital Markets raised his target price on the stock from $3.50 per share to $3.75 after the updated feasibility study was released, and noted the study “reconfirmed an economic, financeable, construction-ready mine.”

“While production was slightly below our expectations, we see room to add back production by upgrading high-grade inferred underground ounces not included in the feasibility mine plan,” he wrote in a research note to clients. “The next key catalysts for investors will be financing allowing a construction decision to be made.”

The analyst also noted that “management is advancing work on a financing plan.”

Commentary on the company’s conference call, he said, “indicated that the debt process is being refreshed with consideration of commercial and P/E [private equity] debt providers. The company is also contemplating fixed-price contracts and performance guarantees for some portions of the development and expect to deliver further updates See GOLD / 7

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 15—28, 2021

7

Candelones hill looking east. UNIGOLD

Unigold hits high-grade mineralisation at depth on Neita concession in the Dominican Republic EXPLORATION

BY CARL A. WILLIAMS cwilliams@northernminer.com

U

nigold (TSXV: UGD; USOTC: UGDIF) has released the latest drill results from its exploration program at the Candelones Extension deposit, part of the company’s wholly-owned Neita concession in the Dominican Republic, 220 km northwest of the capital Santo Domingo.

Highlights included drillhole LP20-165, which returned 7 metres grading 21.89 grams gold per tonne, 17.46 grams silver per tonne, 2.68% copper, and 0.78% zinc from 458 metres.

Drilled on Target B, one of three epithermal gold veins identified on the deposit, the hole intersected the deepest and highest-grade interval to date at this target, extending the mineralisation a further 100 metres to depth.

Most of the drilling at the 21,031-hectare property has been within 350 metres of surface, which has uncovered “some pretty appreciable mineralised systems,” said Joe Hamilton, Unigold’s chairman and CEO. “However, there’s a possibility that these epithermal veins go much deeper,” he explained in an interview.

“Generally, veins like those found on Neita can extend from 750 metres to 1,000 metres vertically to depth.

So, the idea now is to explore how

GOLD From 6

in mid 2021.”

Matthew O’Keefe of Cantor Fitzgerald increased his one-year target price from $3.80 per share to $4.00 per share after the results were released and has a buy rating on the stock. O’Keefe pointed out that the updated feasibility “shows a greater capital efficiency, a higher production profile and longer mine life at Back River.”

He also noted that the updated study “includes only 3.6 million oz. of the 5.1 million oz. gold resource (M&I) at Goose and of the district total gold resource of 9.2 million oz.

(M&I + Inferred) providing significant long-term upside potential.”

“The Back River project has all major permits for construction and operation and stands out for its high gold grade (~6.0 g/t), large produc-

| Most of the drilling within 350 metres of surface

“THE DOMINICAN REPUBLIC HAS BEEN LARGELY UNDEREXPLORED OVER THE PAST 30 TO 40 YEARS, SO THERE IS SIGNIFICANT POTENTIAL TO FIND NEW DEPOSITS.” JOE HAMILTON CHAIRMAN & CEO, UNIGOLD

deep these systems go.”

Hole LP20-165 also passed through Target A, another epithermal vein 150 metres east of Target B, before continuing into the deep footwall extension of Target B, and cut 17 metres of 6.72 grams gold, 5.93 grams silver, 0.94% copper, and 0.51% zinc from 444 metres, extending mineralisation at Target A another 25 metres to depth.

Two additional holes have also been pre-collared, each a 100-metre step-out down-dip along the Target B trend after passing through the Target A horizon. The holes are in the process of being extended by larger drill rigs, Hamilton said.

In addition to extending the mineralisation at Targets A and B, the company also drill tested Target D,

tion (~223 koz. gold/year), low allin sustaining costs of US$775/oz. and modest upfront capex ($610 million),” he wrote in a research note to clients.

O’Keefe also noted the major changes from the 2015 study. “The major change over the earlier study is the addition of greater tonnage from the expanded resource allowing increased throughput and longer mine life, the addition of the Echo open pit and underground, Goose Main underground and Llama underground,” he wrote.

“Also, cleverly, there is now no requirement for a separate, purpose-built tailings storage facility (the most complicated and highest civil capital risk to the project) as the exhausted pits will [be] used for tailings storage.” TNM With files from The Northern Miner.

Aerial of drill at Candelones. UNIGOLD

800 metres west of Target B. “We believe that Target D could be another epithermal vein, so we were looking to follow up on two historic drill holes that were drilled in the area,” Hamilton said.

The area around Target D, he added, had not been drilled since 2011, when holes LP62 intersected 9 metres of 6.6 grams gold and 3.2% copper, and LP66 cut 6 metres of 8.2 grams gold and 2.6% zinc, with both intersections within 100 metres of surface.

Drillhole LP20-177, the first hole of the 2020 drill program to test the potential of Target D, returned 4.9 metres of 1.17 grams gold, 2.6 grams silver, and 0.3% copper from 130.10 metres.

“Although the grades and thicknesses were less than those returned from the other epithermal targets,” Hamilton said, “the drill hole showed 85 metres of strong alteration and mineralization, which has encouraged us to continue drilling around Target D.” Hamilton, an exploration geologist and chartered financial analyst, has over 30 years of experience in mineral exploration, capital markets, and mine development. He has managed precious and base metal projects across North America, Latin America, and Africa and has taken projects from early-stage exploration and development through to construction.

“The Dominican Republic has been largely underexplored over

the past 30 to 40 years, so there is significant potential to find new deposits,” he said. “The rocks in the region are very permissive to worldclass deposits like the Pueblo Viejo gold mine.”

The Pueblo Viejo mine, operated by the Pueblo Viejo Dominican Corp. — a 60:40 joint venture between Barrick (TSX: ABX; NYSE: GOLD) and Newmont (TSX: NGT; NYSE: NEM) — produced 542,000 oz. of gold in 2020.

Unigold started exploration on the Nieta concession in October 2002.

As of June 2020, it had completed 542 diamond drill holes (128,293 metres), 31,559 metres of surface trenching, collected 32,704 soil and 11,089 rock samples, and 196-linekm of surface geophysics and 687 sq. km of airborne geophysics on the property.

An updated mineral resource estimate for the Candelones Extension deposit in August outlined 3.4 million measured and indicated tonnes grading 0.84 gram gold per tonne for 92,000 oz. contained gold and inferred resources of 34.9 million tonnes grading 1.65 grams gold for 1.9 million ounces.

In the second half of 2020, the company launched a 15,000-20,000metre drill program at Candelones Extension to increase the known high-grade targets and probe for new discoveries close to the known Candelones deposits, particularly along the 1,500 metres gap in drill coverage between the Candelones

Connector and Candelones Extension deposits.

“Although the drill program was delayed by four months due to the Covid-19 pandemic, we were able to provide instruction remotely to our Dominican management team on the ground,” Hamilton said.

“Even under these challenging circumstances, we achieved over a 90% hit ratio with the drilling.”

Currently, Unigold has four drills turning on the project. Two drills are continuing to test the depth extensions at Targets B and C, 600 metres west of Target B. One drill is testing Target D, and one drill is exploring the Montazo geochemical-IP anomaly, four km west of the Candelones mineralisation.

This year, the company plans to release a prefeasibility study for the shallower lower-grade oxide resource by the end of March and a bankable feasibility study by the end of the year. These studies, Hamilton said, will allow it to apply for a mining license in the second half of 2021.

Unigold also plans to complete an updated resource estimate for the deeper and higher-grade sulphide mineralisation, slated for release by the end of March or the beginning of April, and complete trade-off studies for open-pit versus underground mining in the second quarter of the year.

“Another big push for us this year is to ramp-up our community engagement and Corporate Responsibility programs,” Hamilton said.

“We are also looking to finalize our sustainability framework to understand what the communities want to see out of a mining project and to address any issues they have during the design process.”

Unigold currently has about $3 million in the treasury, “which, depending on how much drilling we put into the ground this year, should be sufficient to fund our work into the second half of the year,” he said. “We’ll then need to go to the markets to raise more capital.”

The company’s shareholders have been very supportive, Hamilton said, with many of them participating in Unigold’s last two financing initiatives, in June 2020 and September 2019.

Major shareholders in the company include Canadian mining billionaire Eric Sprott, who holds a 17% interest in the company. Unigold’s officers and directors hold a 5% stake. TNM

8

WWW.NORTHERNMINER.COM

MARCH 15—28, 2021 / THE NORTHERN MINER

Dundee Precious Metals releases PFS on US$211M open pit mine at Timok GOLD

| Latest study outlines eight-year mine in Serbia

First Majestic Silver takes Mexico tax row to arbitration | Government alleges over US$500M owed by Canadian company LEGAL

BY CECILIA JAMASMIE MINING.com

F

The Timok copper-gold project near Bor, Serbia, in 2018. NEVSUN RESOURCES

BY MAGDA GARDNER

T

Canadian Mining Journal

oronto-based gold and copper producer Dundee Precious Metals (TSX: DPM) has announced the results of a prefeasibility study on its Timok gold project in Serbia, as well as the decision to go ahead with a feasibility study.

The latest engineering study outlines an eight-year, approximately 6,925 tonne-per-day heap leach open pit mine, producing an average of 80,000 gold oz. annually in its first six years of operation. All-in sustaining costs are estimated to average US$693 per oz. over the life of the mine, with US$211 million required in initial capital. Using a gold price assumption of US$1,500 per oz., the after-tax net present value estimate for this development stands at US$135 million, with a 21% internal rate of return.

Mining would take place over seven years, with residual gold production from the heap leach in year eight.

“The Timok project continues to advance as a potential future growth opportunity for DPM,” David Rae, president and CEO of Dundee Precious Metals, said in a press release.

“With additional optimization opportunities to enhance the project and very encouraging exploration

HONOURS From 3

Saguenay-Lac-Saint-Jean region of Quebec, is one of only three niobium mines in the world. The niobium is alloyed with iron to produce ferroniobium, which, when added to steel increases steel’s resistance to corrosion as well as making it stronger and lighter than pure steel and is used extensively for pipelines and in the automotive and construction industries.

Following the purchase of the mine, Fenton was appointed president and CFO of Niobec.

“Niobec is a world-class resource and has remained a stable asset over the years through the various mining cycles,” he says, “and has now become our primary focus.”

Since acquiring the mine, Fenton and his team have increased production at Niobec by more than 20%, reduced operating costs by more than 20%, and increased mineral

results, we believe Timok represents an attractive opportunity to provide organic growth in a region where we have had a presence for many years.”

The prefeasibility is based on mining of oxide and transitional material from the Bigar Hill, Korkan and Korkan West deposits, and incorporates three-stage crushing and material stacking onto a valley heap leach.

Based on a 17-month construction and start-up timeline, Dundee currently expects a production startup in the first quarter of 2026. The feasibility is expected to be completed by the first quarter of 2022.

Work is also underway on baseline environmental assessments for deliverables required under the Serbian permitting process. These include a Strategic Environmental Assessment, a site layout design, and a report on reserves. Once the Timok exploration license expires in July, these studies will be required to secure site exploitation rights.

Dundee has also started baseline studies for the Environmental Social Impact Assessment (ESIA); the process is expected to be completed by the second quarter of 2024. Permits for mine facilities constriction would then follow in the fourth quarter.

Optimization opportunities for the feasibility include potential for capital costs reduction, as well as

an assessment of mining additional oxide, transitional and sulphide mineralization.

Probable reserves at Timok total 19.2 million tonnes at 1.07 grams gold per tonne, for a total of 662,000 gold ounces. This includes an oxide component of 15.8 million tonnes grading 1.08 grams gold. Additional resources, outside of reserves, feature 32.3 million indicated tonnes at 1.27 grams gold and 900,000 inferred tonnes at 1.5 grams gold.

With 14,000 metres of drilling planned for 2021, Dundee will focus exploration efforts on defining shallow oxide resources at the Chocolate and Chocolate South targets around Bigar Hill, with additional work planned for sulphide targets.

Highlights from infill and extension drilling completed at the Chocolate target in the last quarter of 2020 included 37 metres of 0.82 gram gold and 8 metres of 2.96 grams gold.

Notable intercepts from Chocolate South included 40.5 metres of 2.83 grams gold and 20 metres of 1.47 grams gold.

Dundee Precious Metals holds the Chelopech and Ada Tepe mines in Bulgaria and a smelter in Namibia.

This year, the two mines are expected to generate 250,000 to 295,000 gold oz. and 30 to 40 million lb. of copper at AISCs of US$670 to US$750 per ounce. TNM

reserves to extend Niobec’s mine life from eight to 30 years. “Our efforts have provided a strong return to our shareholders and strengthened the relationship with our partners, allowing us to pursue other opportunities,” Fenton says.

“I love to visit Niobec, where we have over 450 people employed, with each contributing in different ways to produce the materials that go into products that are making our modern world.”

Earlier this year, Fenton led Magris’ US$223 million acquisition out of bankruptcy of largely all the assets of Imerys Talc North America, a company with a portfolio of talc mines in the U.S. and Canada. “We are currently integrating the talc assets into the Magris platform, with the plan to become a leading minerals platform with a portfolio of world-class mines providing critical minerals for a range of industrial applications.”

One of the things that Fenton loves

about the industry is its global reach, and meeting people from around the world and interacting with diverse cultures, he says. He also finds that the industry attracts “colourful and interesting characters.”

“I find it fascinating to chat with geologists and find out how they find and develop orebodies, with the people who build companies and bring assets together, and to visit different mines around the world.

The industry has given a lot to me over the years.”

In recognition of this, he joined the board of Mining4Life, a non-profit organisation that since its inception in 2010 has raised over $30 million to support children’s health and education in communities worldwide. He also serves as co-chair of Reasons for Hope, a non-profit initiative that has raised more than $5 million to support youth and adolescent-focused mental health research at the University of Toronto. TNM

irst Majestic Silver (TSX: FR; NYSE: AG) has initiated arbitration proceedings against the government of Mexico, which is seeking more than US$500 million from the company in allegedly owed taxes.

The Canadian miner had warned the López Obrador administration last year of its intention to ask the International Centre for Settlement of Investment Disputes to settle the dispute.

First Majestic said at the time that Mexico had ignored an advanced pricing agreement (APA) with its subsidiary Primero Empresa Minera.

The deal, it said, set up the basis for taxing silver sales from the San Dimas mine between 2010-2014.

The government, which has made cracking down on tax breaks a priority, claims that First Majestic’s subsidiary artificially kept its silver prices low over the past decade to pay less taxes.

The Vancouver-based miner, which refutes those claims, said it has attempted to initiate talks with Mexican authorities, but noted they have refused to engage.

President Andrés Manuel López Obrador recently criticized First Majestic for “failing to pay outstanding taxes” and accused the company of hiding behind the threat of international litigation to shirk its obligations.

Shortly after taking office, Mexico’s president said his government would order an end to “tax forgiveness” for the country’s largest companies.

He noted at the time that his predecessors had granted about US$20 billion in exemptions, which he said was akin to theft by gangsters.

Of the firms that allegedly benefited from tax breaks, 58 are listed on the benchmark S&P/BMV IPC and they include the Mexican unit of U.S. retailer Walmart and Mexican conglomerate Femsa.

Nearly 70% of foreign-owned mining companies operating in Mexico are based in Canada, according to Global Affairs Canada. They held assets in the country worth $20.1 billion (about US$15.7 billion) in 2018, according to Natural Resources Canada.

First Majestic has proposed three settlement offers since 2018 before launching arbitration proceedings on March 2. Each of them have been rebuffed.

The company’s three producing mines and several projects are all located in Mexico, the world’s top silver producer. TNM

Mason Graphite updates Lac Guéret battery test results | Prototype lithium-ion cells retain 82% of initial capacity

GRAPHITE

BY ALISHA HIYATE Editor-in-Chief of the Canadian Mining Journal

J

unior Mason Graphite (TSXV: LLG) has provided an update on testing of lithium-ion prototype battery cells made with graphite sourced from its Lac Guéret deposit, 660 km north of Montreal.

The cells, which contain coated spherical purified graphite made at pilot-scale facilities located in Quebec City, have completed 800 charge/discharge cycles while retaining 82% of their initial capacity.

“While the lithium-ion battery applications are highly diversified, with each manufacturer having its own requirements in terms of battery cycle life and associated capacity retention, reaching 800 cycles with such retention is a decisive milestone, significantly de-risking our ultimate objective of reaching 1,000 cycles with 80% retention,” Jean L’Heureux, Mason Graphite’s chief operating officer said in a news release.

“This would rank the Lac Guéret graphite among one of the best performing anode materials currently available and pave the way for its commercialization in a variety of applications, including electric vehicles.”

The batteries are tested at a charge rate of C/3, meaning three hours

to charge and three hours to discharge, with about four full cycles completed per day. Tests are still ongoing to evaluate the full life expectancy of the cells.

Although Mason Graphite released an updated feasibility for Lac Guéret in late 2018, development of the high-grade project has been on hold due to depressed graphite prices. In April 2020, the company announced it would prioritize creating value-added products (coated spherical graphite) over mine and concentrator development. With rising graphite prices and demand, in January 2021, the company announced it would be “re-accelerating” mine development.

Benchmark Mineral Intelligence has forecast a 49% growth rate in demand for flake graphite from the battery sector in 2021 as part of the world’s “green” recovery from Covid-19.

The 2018 feasibility study update projected Lac Guéret’s preproduction capex at $258.2 million. The project, with an initial 25-year mine life, contains proven and probable reserves of 4.7 million tonnes at a grade of 27.77% graphitic carbon for 1.3 million tonnes graphite.

Measured and indicated resources stand at 65.5 million tonnes grading 17.2% graphitic carbon for 11.2 million tonnes contained graphite. TNM

SPECIAL FOCUS

COLOMBIA, ECUADOR & PERU Nexa Resources aims to expand copper assets PERU

| Investing US$48 million in the Magistral project

Miners await presidential elections in Ecuador POLITICS

| Whoever wins will have their work cut out for them

BY TOM AZZOPARDI Special to The Northern Miner

O

The site of Nexa Resources’ Magistral copper project in Peru. NEXA RESOURCES

BY BRUNO VENDITTI

N

MINING.com

exa Resources (TSX: NEXA; NYSE: NEXA) is looking to expand its copper assets, CEO Tito Martins told MINING. COM. “Copper is the mineral of the moment, of the decade, and maybe the next decades,” said Martins, a former Vale Canada chief.

Copper prices surged again in late February with the metal hitting above US$9,000 a tonne for the first time in nine years. The bellwether industrial metal has doubled in price since a nadir last March, boosted by rapidly tightening physical markets and the prospects for rebounding economic growth.

“Everything that is said about clean energy and electric vehicles goes through electrical conduction and copper — I’m bullish,” said Martins.

The company plans to invest US$48 million to update its Magistral copper project in Peru, in line with the advancement of engineering works.

“Magistral engineering studies continue to progress,” Martins said. “In 2021, we expect to advance further detailed engineering and optimization opportunities to mitigate the risk of project execution, before consideration of project approval.”

Magistral copper production is estimated at 50,000 tonnes per year.

In Brazil, the company expects to begin commercial production at its Aripuanã zinc project in Mato Grosso state by 2022. Nexa faced challenges there last year with some suppliers, but 70% of the project is completed, according to Mar-

“COPPER IS THE MINERAL OF THE MOMENT, OF THE DECADE, AND MAYBE THE NEXT DECADES.” TITO MARTINS CEO, NEXA RESOURCES

tins. “We are on track to conclude mechanical completion in 4Q21 and to start production in early 2022,” he said.

Once in operation, the US$354 million project will become the world’s second-biggest zinc mine, after Teck’s Red Dog mine in Alaska, according to Nexa.

The company estimates zinc-equivalent production from Aripuanã will be 119,000 tonnes per year for about 11 years.

Last year, Nexa produced 313,000 tonnes of zinc, down 13% from 2019, mainly driven by the decrease in processed ore volumes at its Peruvian mines, which were affected by the government-mandated temporary shutdowns in response to the Covid-19 outbreak.

“Demand is high,” Martins said.

“If I had more metal, I would sell it.”

As for whether we are entering a super-cycle, that remains to be seen.

“There are great uncertainties about the second half. We have to wait the outcome of Covid-19 in the U.S. and Europe. I think we are still not in a super-cycle, just because of the pandemic.” TNM

n April 11th, Ecuadorians choose a new president with critical implications for the country’s nascent mining industry.

For many, the vote is a referendum on the legacy of former president Rafael Correa, who ran the country for a decade until 2017. Riding the oil boom, he spent heavily on infrastructure and welfare but left the country’s finances in ruins.

It has been up to his successor (and former deputy) Lenin Moreno to right the ship, slashing spending and calling in the International Monetary Fund, to the opprobrium of Ecuadorians.

Though now living in exile in Belgium (Correa faces eight years in prison on corruption charges if he returns), the former president still looms large over the country’s politics. Andres Arauz, a 36-year-old economist and former minister, is Correa’s chosen candidate. Promising increased spending and rejecting much of the austerity imposed under the IMF deal, Correa’s supporters helped him win more than three million votes in last month’s first round of voting.

That’s more than a million more than his rival in the run-off, Guillermo Lasso, a former banker. Now on his third attempt to become president, he is promising probusiness reforms and corporate tax breaks to right the country’s battered economy.

Despite losing in the first round, Lasso is confident he can mop up support from millions of Ecuadorians determined to prevent a return to the corruption and authoritarianism they associate with the Correa period.

Whoever wins will have their work cut out for them. The Andean country, already suffering from the fall in

Top: Current Ecuadorian President Lenin Moreno. AGENCIA DE NOTICIAS ANDES/WIKIMEDIA COMMONS Bottom left: Presidential candidate Guillermo Lasso. FUNDACIÓN DEL BARRIO/WIKIMEDIA COMMONS Bottom right: Ecuadorian presidential candidate Andres Arauz. MINISTERIO COORDINADOR DE CONOCIMIENTO Y TALENTO HUMANO/WIKIMEDIA COMMONS

oil prices, was almost overwhelmed in the early stages of the Covid-19 pandemic. According to Ecuador’s Central Bank, the economy may have contracted by as much as 8.9% last year.

One of the first issues on the new president’s agenda will be the reforms and fiscal cuts agreed to in September 2020 under a US$6.5 billion loan from the IMF. Both candidates have backed away from Moreno’s promise to lift value-added taxes by a percentage point to help

boost government revenues, but with no clear solution of where they will find the necessary funds.

The vote also comes at a critical period for Ecuador’s mining industry. Following major reforms under Correa, mining companies have piled into the largely unexplored jurisdiction hoping to find extensions of the rich mineral belts that run up from Chile and Peru.

The launch of Ecuador’s first largeSee POLITICS / 10

MMI SOIL GEOCHEMISTRY TM

Our MMI-MP soil geochemistry package for precious metals exploration TM delivers detection limits as low as 0.05 ppb for gold and PGEs. MMI soil geochemistry has a proven history of helping exploration programs identify surface anomalies from buried targets.

soundcloud.com/northern-miner northernminer.com/tag/podcast

SGS IS THE WORLD’S LEADING INSPECTION, VERIFICATION, TESTING AND CERTIFICATION COMPANY

WWW.SGS.CA/MINING CA.MINERALS@SGS.COM

10

SPECIAL FOCUS COLOMBIA, ECUADOR & PERU

MARCH 15—28, 2021 / THE NORTHERN MINER

company is rapidly transforming one of David Lowell’s final discoveries, Warintza, into a world-class project.

Miners are now hopeful that the new administration could implement further reforms to facilitate investment.

Top of the list would be reopening the door to new mineral claims, a process halted by President Moreno three years ago as the authorities were overwhelmed by interest. With mining giants including Anglo American (LSE: AAL), BHP, and Fortescue Metals Group (ASX: FMG) all active in the country, demand would be strong.

And following tax changes implemented by Correa to attract investment (a controversial windfall tax was eliminated), mining companies would also like to see the government introduce tax stability agreements to protect new projects from future tax hikes.

However, last month’s presidential vote also coincided with the attempt by anti-mining campaigners to use the ballot box to block the development of new projects.

This time 80% of voters in the city of Cuenca voted to ban new mining projects near water sources. One target was INV Metals (TSX: INV), whose Loma Larga project lies partly within the municipal area. Despite the vote, CEO Candace MacGibbon says the company is moving ahead with the proposed underground gold mine.

“The constitutional court which approved the referendum last year was very clear that it only applies to new projects,” she told The Northern Miner.

With a slight delay to the public consultation process, the company aims to obtain environmental approval and an investment agreement by the end of the year with production due to begin by 2023 or 2024.

However, anti-mining sentiment is not going away.

Running a very close third place in last month’s first round presidential vote was Yaku Pérez, a leader of Ecuador’s indigenous community who has been a major critic of largescale mining projects in the country.

After being knocked out of the presidential race by just a few thousand votes, he has accused Lasso and Ecuador’s electoral commission of stealing the election from him.

As Arauz and Lasso strive to attract support in the weeks remaining to the final vote, they may be tempted to seek a deal with Perez and announce measures that attract his supporters, among whom mining is a top bugbear. TNM

POLITICS From 9

“BOTH CANDIDATES HAVE STRONG PRO-MINING PLATFORMS: YOU’D BE GUARANTEED OF GOVERNMENT SUPPORT.” DANIEL EARLE PRESIDENT AND CEO, SOLARIS RESOURCES

scale mining operations occurred in 2019. Lundin Gold’s (TSX: LUG) Fruta del Norte mine produced more than 200,000 ounces of gold last year.

The Chinese-owned Mirador mine is already working on an expansion project to lift output beyond its current capacity of 130,000 tonnes a year of copper.

As a result, mineral exports almost tripled last year to over US$1.0 billion, helping to offset the decline in the price and production of oil, Ecuador’s principal export, said Maria Eulalia Silva, president of the country’s Chamber of Mines.

More projects are in the pipeline with companies expected to invest billions of dollars in new mines over the next decade.

Backed by BHP (NYSE: BHP; LSE: BHP) and Newcrest Mining (ASX: NCM), SolGold (TSX: SOLG; LSE: SOLG) is currently preparing a prefeasibility study for its Alpala project expected out later this year.

With 2.66 billion measured and indicated tonnes grading 0.37% copper and 0.25 gram gold per tonne for 9.9 million tonnes of copper and 21.7 million oz. gold, the project is part of its huge Cascabel concession in the north of the country. More advanced is Ruta del Cobre, where Southern Copper (NYSE: SCCO) was due to begin work on a feasibility study by the end of last year.

Projects like these promise to bring huge investments and new jobs to Ecuador, strengthening the economy and reducing the country’s dependence on oil.

Both Arauz and Lasso highlighted the importance of mine investments to stabilize the country’s struggling finances and have committed to support mine investment to help finance their programs if elected.

“Both candidates have strong promining platforms: You’d be guaranteed of government support,” Daniel Earle, president and CEO of Solaris Resources (TSX: SLS; US-OTC: SLSSF), told The Northern Miner. His

Tier One Silver raises $13.5M ahead of Q2 drilling in Peru FINANCING

| Listing on TSXV in the works

Tier One Silver’s Curibaya location in Peru.

BY ALISHA HIYATE Editor-in-Chief of the Canadian Mining Journal

W

ith a listing on the Toronto Venture Exchange in the works, Tier One Silver has raised $13.5 million for exploration at its flagship Curibaya silvergold project in Peru.

The junior, along with another Peru-focused explorer, Sombrero Resources, was spun out of Auryn Resources when that company merged with Eastmain Resources to create Fury Gold (TSX: FURY) in October.

The private placement of 13.45 million common shares at $1 apiece, was upsized from $10 million due to “considerable demand” from investors, said Tier One President and CEO Peter Dembicki in a press release.

The financing will fund the com-

TIER ONE SILVER

pany’s first-ever drill program for Curibaya, located 48 km northeast of Tacna in the southernmost region of Peru.

“We believe the Curibaya project represents a premier large-scale, high-grade silver exploration opportunity globally and we look forward to drilling it early in the second quarter,” Dembicki said. “We appreciate the continued support from shareholders and insiders in these financings and are pleased to welcome new investors.”

The 110-sq.-km Curibaya project is located in a copper porphyry belt that hosts Anglo American’s (LSE: AAL) Quellaveco, and Southern Copper Corp.’s (NYSE: SCCO) Toquepala deposits, and is the first major epithermal occurrence in the belt. The project contains high-grade mineralization in veins within a 4 by 5-km alteration system.

Building our next globally relevant gold producer

SMT TSX | SMT BVL | SMTS NYSE AMERICAN

A PROFITABLE & GROWING DIVERSIFIED PRODUCER YAURICOCHA MINE Cu

CUSI MINE Ag

Au

FOLLOW US AT

www.sierrametals.com

The age of mineralization at Curibaya (Paleocene) also matches the age of the major deposits in southern Peru, the company has reported.

“Understanding that the mineralization at Curibaya is a result of the same metallogenic event that produced some of the largest copper porphyry deposits in Peru strengthens our belief that the project can deliver a major discovery,” said Michael Henrichsen, Tier One’s chief geologist. “We believe that the entire epithermal to porphyry continuum is preserved at the project, giving us discovery potential from surface to over 1 kilometre in depth.”

Grab samples at Curibaya have returned up to 298,590 grams silver per tonne (298 kg/t) and 14.1 grams gold per tonne. The results will aid in drill targeting to ensure the zones with the highest grades and vein density are drilled. TNM

Demonstrated Track Record

Aris Gold is led by a team with a demonstrated track record of creating value through building globally relevant gold mining companies. Aris Gold operates the Marmato mine in Colombia, where a modernization and major expansion program is under way, and the Juby project, an advanced exploration stage gold project in the Abitibi Greenstone belt of Ontario, Canada.

Value Through Diversification

BOLIVAR MINE Zn

WWW.NORTHERNMINER.COM

Pb

Contact: www.arisgold.com TSX: ARIS info@arisgold.com (778) 899 0518

We continue to pursue a strategy of acquiring operating gold mines and projects nearing construction, mine and corporate-level optimizations and investing in expansions and near-mine exploration.

GLOBAL MINING NEWS

SPECIAL FOCUS COLOMBIA, ECUADOR & PERU

THE NORTHERN MINER / MARCH 15—28, 2021

Salazar Resources’ Freddy Salazar and Francisco Soria at Los Osos.

11

SALAZAR RESOURCES

COLOMBIA, ECUADOR & PERU SNAPSHOT COMPANIES WITH INTERESTING PROJECTS TO WATCH

BY MAGDA GARDNER mgardner@canadianminingjournal.com

While Colombia, Ecuador and parts of Peru are less explored than some more established mining jurisdictions, the three countries feature a rich mining history and prospective geology.

Below, we showcase eight companies active in the region.

ARIS GOLD Aris Gold (TSX: ARIS; US-OTC: ALLXF) was formed this year from predecessor company Caldas Gold. In November, Caldas announced the upcoming name change, along with a $85 million subscription receipt offering and a new board and management team.

The new management — with Neil Woodyer as CEO — includes team members that played key roles with both Leagold Mining (the company merged with Equinox Gold (TSX: EQX; NYSE: EQX) in March 2020) and Endeavour Mining (TSX: EDV; US-OTC: EDVMF).

Aris currently holds two assets — the producing Marmato mine in Colombia and the Juby gold project in Ontario.

Marmato, 80 km south of Medellin, includes an underground mine on the Zona Baja and Enchandia properties. The deposit features two distinct mineralized zones — the Upper zone and the Lower zone. The Upper zone includes narrow veins that are currently mined using cut and fill methods; the material is processed in a 1,200 tonne per day plant. A modernization program is underway to increase output to 1,500 tonnes per day.

The underlying Marmato Deep zone represents a new development n

opportunity, and hosts wider porphyry mineralization. Aris’ plans include a new 4,000 tonne-per-day plant and development beneath the Upper zone — construction is expected to start in the fourth quarter. With a capital cost estimate of US$269 million, first gold production is anticipated before the end of 2023.

According to a prefeasibility study from July 2020, Marmato would produce an average of 165,400 gold oz. annually between 2024 and 2033, once the Deep zone is in steady state, at all-in sustaining costs of US$872 per ounce.

In 2020, Marmato generated 24,000 gold ounces.

Aris also holds the Juby project in the Abitibi greenstone belt, 15 km from Gowganda. Based on a resource update from October,

there are two open pit deposits at the site, with a total of 21.3 million indicated tonnes grading 1.13 grams gold per tonne that host 773,000 gold oz., and 47.1 million inferred tonnes at 0.98 gram gold per tonne that feature 1.5 million oz. of gold. The deposits remain open.

The site covers 10 km of strike along the trend that hosts the Cote gold project being developed by Iamgold (TSX: IMG; NYSE: IAG) and Sumitomo Metal Mining.

Aris Gold has a $308.2 million market capitalization. n AURANIA RESOURCES Aurania Resources (TSXV: ARU; US-OTC: AUIAF) is using a multilayered exploration approach to track down gold, copper and silver deposits at its 2,080-sq.-km Lost

Fruta del Norte is the first large-scale modern gold mine in Ecuador

Cities – Cutucu project in southeastern Ecuador, which lies along 95 km of the Cordillera del Condor. This geological trend is also host to Lundin Gold’s (TSX: LUG; NASDAQ: LUG) Fruta del Norte mine and the Mirador open-pit copper mine. Aurania expects this belt to extend into northern Peru and, in February, announced that it has been granted 3,840 sq. km in the country.

At Lost Cities — Cutucu, the company is looking for the Logrono and Sevilla gold-producing centres from Spanish colonial times, using techniques such as LiDAR (light detection and ranging) to image below thick vegetation.

Aurania sees potential for several deposit types at the Ecuador project. These include epithermal gold, like Fruta del Norte, which

often feature specific pathfinder elements above the gold-bearing veins. The company targeted pathfinder elements to locate potential epithermal vein systems in the southern part of the property and completed scout drilling at the Crunchy Hill and Yawi targets.

Additional deposit targets include sedimentary-hosted copper-silver, with a mineralized sedimentary sequence traced over an area of 23 km by 7 km on Aurania grounds; porphyry copper; and silver-zinc-lead systems, with a 15-km long trend silver-zinc-leadbarium trend — the Shimpia target — defined at the site.

In February, Aurania started See COLOMBIA, ECUADOR & PERU SNAPSHOT / 12

12

MARCH 15—28, 2021 / THE NORTHERN MINER

SPECIAL FOCUS COLOMBIA, ECUADOR & PERU

WWW.NORTHERNMINER.COM

COLOMBIA, ECUADOR & PERU SNAPSHOT From 11

scout drilling the Tsenken N1 target at Lost Cities — Cutucu, where copper-silver mineralization is exposed at surface with an underlying geophysical anomaly, targeting porphyry mineralization. Also in February, the exploration company selected initial drill sites to test potential zones of high-grade silver at the 75-sq.-km Tiria-Shimpia silver-gold target. Outcrops in two streams on the margin of this 15-km-long trend returned rock chip samples with grades of up to 356 grams silver per tonne and 12.7% zinc; and 199 grams silver and 22% zinc, as reported in September 2019.

According to an update from January, geophysical surveys have also defined an exploration target, with porphyry characteristics, at the Yawi area. Geophysics has also traced a target on the edge of the Tsenken Central magnetic feature — Tsenken West — that extends out for 3.5 km from Tsenken N1.

Aurania Resources has a $140 million market capitalization. n CORNERSTONE CAPITAL RESOURCES Cornerstone Capital Resources (TSXV: CGP; US-OTC: CTNXF) is an Ecuador and Chile-focused prospect generator, with a portfolio of gold, silver and copper assets in the two countries. The company’s key holding is a 21.4% interest in the Cascabel copper-gold porphyry deposit in Ecuador. SolGold (TSX: SOLG; LSE: SOLG) is the company’s joint-venture partner in the project; Cornerstone holds a 15% carried interest in the JV, as well as a 7.5% equity stake in SolGold.

The Alpala deposit within the Cascabel concession features a measured and indicated resource of 2.7 billion tonnes grading 0.53% copper-equivalent (0.37% copper, 0.25 gram gold per tonne, 1.08 grams silver per tonne) and an inferred resource of 544 million tonnes at 0.31% copper-equivalent (0.24% copper, 0.11 gram gold and 0.61 gram silver).

According to Cornerstone’s corporate presentation, Cascabel is “the only available tier 1 coppergold asset in the world not owned by a global, multinational mining company.”

A prefeasibility study for Cascabel is underway, with results expected later this year. In September, royalty and streaming company Franco-Nevada (TSX: FNV; NYSE: FNV) completed a US$100 million

Geologists mapping and sampling at the Emma Prospect.

royalty financing with SolGold, in exchange for a perpetual 1% net smelter return royalty on the Cascabel concession. The funds are intended to advance Alpala through to a feasibility study and development decision.

This year, a 28,795-metre resource extension program is planned for Alpala, in addition to a 19,250-metre resource definition campaign at three satellite prospects.

Cornerstone also has a joint venture with Ecuadorian stateowned mining company Enami at the Rio Magdalena, Playa Rica and Espejo properties, southwest and northeast of Cascabel.

Cana Brava, where, based on an April 2019 farm-in agreement with Newcrest Mining (TSX: NCM), Cornerstone may earn a 100% interest, hosts epithermal gold-silver zones with hydrothermal breccia zones on top of porphyry-style gold-copper mineralization.

Cornerstone also has a 12.5% interest (87.5% Sunstone Metals (ASX: STM)) in the 49-sq.-km Bramaderos concession in southwestern Ecuador’s Loja province, which is underlain by a cluster of gold-copper porphyries. A 5-km-long gold and copper in-soil anomaly has been traced at the property. Drilling is underway at the Brama target.

Stefan Ansermet (left), consulting geologist, and Faustino Tsenkush, Aurania Resources’ exploration geologist, near blocks on the ancient road on the Lost Cities — Cutucu project in Ecuador. AURANIA RESOURCES

In January, Cornerstone announced drill results from the Espiritu target, with one of the drillholes returning five intervals of mineralization, including 3.8 metres of 11.77 grams silver and 1.54 gram gold; and 0.4 metres of 355 grams silver, 0.36 gram gold and 3.55% zinc.

• A dozen holes into a major copper discovery at the Warintza Project in southeast Ecuador • 1% CuEq from surface up to 1km in depth and open • High-grade, open pit resource set within 5km x 5km cluster of outcropping copper porphyries • Untested gold potential • Managed by the Augusta Group, with an unrivaled track record of value creation totaling over C$4.5B in exit transactions since 2011

TSX: SLS

OTCQB: SLSSF

www.solarisresources.com Info@solarisresources.com 416-366-5678 x203

LUCKY MINERALS

Cornerstone Resources has a $136.1 million market capitalization. n LUCKY MINERALS Lucky Minerals (TSXV: LKY; USOTC: LKMNF) is exploring for gold and copper within its 550-sq.km Fortuna project in south-cen-

tral Ecuador. The site is on trend with large-scale deposits such as Lundin Gold’s (TSX: LUG) Fruta del Norte mine and Solaris Resources’ (TSX: SLS; US-OTC: SLSSF) Warintza project.

A northeast trending volcanic belt, the Shincata gold trend, extends across over 22 km of the northwest portion of the Fortuna concessions. Exploration work completed by Lucky has identified the El Garo, Emma and Sherman prospects within this trend.

In February, Lucky announced that it had started field work at Fortuna — soil sampling will initially focus on the 2 km by 1 km El Garo high-sulphidation epithermal prospect. Once the soil samples are assayed, the junior plans to complete a trenching program, as well as ground geophysics and a drill program over this area.

In November of last year, the company defined an area with potential for a large tonnage, lowgrade target at the Sherman prospect, at the intersection of two regional trends. There are three zones with potential for ‘large-tonnage’ mineralization at Sherman, which covers an area of 5.5 km by 4.5 km. The latest zone includes schist-hosted quartz veins and granite-hosted stockwork quartz vein zones. Rock chip sample assays included up to 1.6 grams gold over 1 metre.

The company is focusing on completing geochemical work and See COLOMBIA, ECUADOR & PERU SNAPSHOT / 13

GLOBAL MINING NEWS

SPECIAL FOCUS COLOMBIA, ECUADOR & PERU

Aris Gold’s Marmato project in Colombia.

COLOMBIA, ECUADOR & PERU SNAPSHOT From 12

reviewing the structural geology of the area. Lucky anticipates that additional field work is needed between the first two zones, which lie approximately 1.7 km apart, with the third zone defined approximately 1.5 km to the southwest of the second.

According to an October press release, fieldwork at the Emma prospect has also outlined an alteration zone over an area of 2.8 km by 2 km. Rock chip sample results have confirmed anomalous gold. Emma is approximately 8 km south of the El Garo prospect and 6.6 km from Sherman.

Prior to that, in September, Lucky also discovered a quartz vein system at the Fortuna 3 and 4 concessions.

Lucky Minerals has a $6.1 million market capitalization. n OROSUR MINING Orosur Mining’s (TSX: OMI; AIM: OMI) key asset is the 207.5-sq.-km Anza project in Antioquia, Colombia, where a threephase earn-in is underway with Newmont (TSX: NGT; NYSE: NEM) and Agnico Eagle Mines (TSX: AEM; NYSE: AEM), which would allow the majors to earn up to a 75% interest in the project.

Based on a September 2018 three-phase exploration agreement with venture option with Newmont, the major may earn up to a 75% interest in Anza by spending at least US$30 million on exploration over 12 years, completing a feasibility study and making total cash payments of US$4 million to Orosur in the first two phases.

In the first phase, Newmont may earn a 51% share by spending US$10 million on the project over four years and paying Orosur US$2 million in the first two years of the earn-in. Once Newmont completes this phase, it may choose to form a joint venture with Orosur. In the second phase, Newmont can earn a further 14%

interest in Anza by funding US$20 million of work within four years, completing a prefeasibility study and paying Orosur US$2 million.

Finally, in phase three the gold major can earn an additional 10% share of the project by completing a feasibility study.

Once Newmont completes the three-phase earn-in, Orosur can designate Newmont to fund expenses at the site until the start of commercial production — this option would increase the major’s interest by 5% to 80%. In this scenario, Newmont would also receive 90% of Orosur’s project earnings or dividends until Orosur’s share of expenses incurred

by Newmont has been repaid, with interest.

In September 2020, Agnico Eagle joined Newmont by forming a 50-50 exploration JV, operated

by Agnico, to explore Anza and participate in the earn-in.

Drill results, reported in February, from four holes completed at the Apta target included highlights such as 21.6 metres of 6.02 grams gold per tonne, 6 grams silver per tonne and 3.23% zinc; and 12.3 metres of 5.39 grams gold, 1.65 grams silver and 0.18% zinc. The Apta area has been defined over 450 metres of strike and down to a depth of 280 metres.

According to Brad George, the company’s CEO, Apta is emerging as a “polymetallic, gold-rich, VMS (volcanogenic massive sulphide) deposit.”

A 7,000-metre, four-rig diamond drill program is underway at the site.

There are multiple untested targets at Anza. While the Apta area was drilled first due to existing workings and a mining permit, the Guaimarala area features the best geochemical results. Geophysical and geochemical surveys are also planned for Anza this year.

Anza is 50 km west of Medellin.

Orosur Mining has a $73.9 million market capitalization. n OUTCROP GOLD Outcrop Gold (TSXV: OCG; US-

THE NORTHERN MINER / MARCH 15—28, 2021

13

ARIS GOLD

OTC: MRDD.F) is a Colombia-focused exploration company with five exploration projects in the country. The Santa Ana and Mallama projects are the company’s two most advanced holdings.

Santa Ana covers over 240 sq. km and is 190 km from Bogota.

The property hosts five parallel vein systems over a trend that is 30 km long and 12 km wide. Mining

records in this district date back to the 16th century. The core Santa Ana holding features at least 12 main vein zones that collectively cover up to 14 km of strike. Past drilling suggests mineralization from surface to depths of at least 300 to 450 metres.

In January, Outcrop announced assay results from a new shoot — San Juan — at Santa Ana. Inter-

cepts of note included 1.8 metres of 1,329 grams per tonne of silver-equivalent and 1 metre of 988 grams per tonne silver-equivalent.

According to CEO Joe Hebert, Santa Ana exploration has been generating a high-grade shoot for See COLOMBIA, ECUADOR & PERU SNAPSHOT / 14

14

SPECIAL FOCUS COLOMBIA, ECUADOR & PERU

MARCH 15—28, 2021 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

COLOMBIA, ECUADOR & PERU SNAPSHOT From 13

every 2,100 metres drilled.

Also in January, the junior reported assay results from the El Dorado target, 1.5 km from San Juan, where drilling expanded the known mineralization. Highlight assays included 1.2 metres of 20.3 grams gold-equivalent and 0.6 metres of 23.1 grams gold-equivalent.

The drilling indicates that El Dorado is made up of at least four parallel, closely spaced veins. In addition, Outcrop sees potential for a sixth high-grade discovery at the Paradiso vein that outcrops 200 metres east of the El Dorado vein set and includes 600 metres of untested prospective strike.

Outcrop also completed a geophysical program at Santa Ana and, in January, started an airborne survey over an area of 36 km by 10 km. The surveys are intended to generate new targets that could help locate additional high-grade shoots.

Mallama, 56 km away from the regional capital San Juan de Pasto, covers a portion of the Piedrancha district, which, according to Outcrop, is “one of the largest and most important epithermal districts in Colombia.” Mapping and sampling at the site suggests the presence of groups of high-angle, high-grade gold and silver veins.

Earlier-stage assets include Antares, 20 km northeast of Medellin and 30 km north of the Gramalote gold project held

by B2Gold (TSX: BTO; NYSE: BTG) and AngloGold Ashanti (JSE: ANG); the Oribella project that adjoins Orosur’s Anza; and past-producing Argelia, 75 km southeast of Medellin.

In February, Outcrop announced an $8 million bought deal.

Outcrop Gold has a $36.3 million market capitalization. n SALAZAR RESOURCES Salazar Resources (TSXV: SRL) holds a portfolio of pre-production mineral assets in Ecuador. Its most advanced asset is a 25% fully carried interest in the 215-sq.-km Curipamba project in central Ecuador, where a farm-in agreement is in place with Adventus Mining (TSXV: ADZN; US-OTC: ADVZF). A feasibility study is underway for the copper-gold El Domo deposit at Curipamba, with results expected this year.

Under a 2017 agreement between Adventus and Salazar, Adventus may earn a 75% interest in Curipamba by spending US$25 million on exploration and development over a five-year period and completing a feasibility study for the El Domo volcanogenic massive sulphide deposit. After the feasibility is complete, Adventus would be required to fund the entirety of the development costs through to commercial production.

Under this agreement, Adven-

C

C

Above: Exploration drilling at Sierra Metals’ Yauricocha polymetallic mine in Peru. SIERRA METALS Left: Drill core from the Cascabel concession in northern Ecuador. SOLGOLD

tus would be the project operator and receive a 10% management fee on specific expenses, with a US$350,000 annual minimum.

Once the project reaches commercial production, Adventus would receive 95% of the dividends from Curipamba until its investment has been recovered. Dividends would then be shared on a pro-

rata basis, based on ownership.

A 2019 preliminary economic assessment outlined a 1,750 tonneper-day open pit mine with underground operations starting up in year ten, at a rate of 1,000 tonnes a day. In the first 14 years, the mine would produce an average of 19,000 copper-equivalent tonnes (8,495 tonnes of copper, 24,433 gold oz.,

10,831 tonnes of zinc, 558,160 oz. of silver and 564 tonnes of lead) at cash costs of US$96¢ per copper lb. The initial capital cost estimate came in at US$185 million. Based on metal price assumptions that include US$3.15 per lb. copper, the after-tax net present value estimate stands at US$288 million, based on an 8% discount rate.

El Domo includes measured and indicated resources of 8.9 million tonnes grading 2% copper, 0.28% lead, 2.93% zinc, 2.56 grams gold per tonne and 51 grams silver per tonne; and inferred resources of 1.3 million tonnes at 1.52% copper, 0.2% lead, 2.25% zinc, 1.83 grams gold and 42 grams silver.

Salazar also holds 20% interests in the Pijili and Santiago projects farmed out to Adventus. Drilling is underway at Pijili.

In January, Salazar announced plans to drill the wholly owned Los Osos, Macara Mina, Ruminahui and Los Santos properties.

Drill results, reported in February, from the Los Osos project included highlight intercepts such as 243.7 metres of 0.31 gram gold per tonne and 0.06% copper starting at surface and 1 metre of 22.9 grams gold from 319 metres.

Salazar Resources has a $43.7 million market capitalization.

See COLOMBIA, ECUADOR & PERU SNAPSHOT / 15

R

Colombia’s Largest Gold & Silver Producer Consistently Ranked in the World’s o i e i hest rade old ines n oin loration rillin ro ra Contin es to ield Res lts o

ayin a

onthly i idend

ran olo

ia old o

GLOBAL MINING NEWS

SPECIAL FOCUS COLOMBIA, ECUADOR & PERU

THE NORTHERN MINER / MARCH 15—28, 2021

15

COLOMBIA, ECUADOR & PERU SNAPSHOT From 14 n SIERRA METALS Sierra Metals (TSX: SMT; NYSE: SMTS) is a three-asset producer of zinc, copper, gold, lead and silver, holding three mines in Mexico and Peru.

The Yauricocha underground mine in Peru is Sierra’s largest production contributor and is completing an expansion to 3,600 tonnes per day, up from 3,150 tonnes per day. In 2020, Yauricocha generated 75.1 million copper-equivalent lb., and produces copper, zinc and lead concentrates with gold and silver by-products.

This year, the mine is expected to churn out 79.3 to 85.6 million lb. of copper-equivalent, at allin sustaining costs of US$1.89 to US$1.98 per copper-equivalent lb.

In November, Sierra released the results of a preliminary economic assessment on an expansion of Yauricocha, which suggested a throughput increase to 5,500 tonnes per day. Based on the PEA, the incremental benefit upping throughputs to 5,500 tonnes per day, up from the 3,600 tonne-a-day range, brings in an additional net present value pegged at US$27.1 million, at an 8% discount rate, with a 29.5% internal rate of return, based on US$3.05 per lb. copper.

The 5,000 tonne-per-day Bolivar underground mine in Chihuahua state, Mexico is primarily a copper operation, and, last year, produced 35.8 million lb. of copper-equivalent. This year, Bolivar is expected to contribute 37.5 to 41.5 million lb. of copper-equivalent, at AISCs of US$1.92 to US$2.05 per lb.

Exploration at Bolivar is focused on the Bolivar Northwest and Bolivar West targets. According to Sierra’s corporate presentation, Bolivar West has an average insitu grade of 2.55% copper-equivalent, with an average true width of 9.1 metres, which is above the current mine head grades. Ramp development is underway to the Bolivar Northwest and Cineguita areas, to include these zones in future mill feed.

The 1,200 tonne-per-day Cusi mine, also in Chihuahua state, generates over 95% of its revenues from silver. Last year, Cusi contributed 1 million silver-equivalent oz., with 1.7 million silver-equivalent oz. expected this year, at AISCs of US$21.43 to US$22.46 per ounce.

In January, the company announced that it started a process to “explore and evaluate potential strategic alternatives focused on maximizing shareholder value.”

The news release noted that these could include a sale of the company, the sale of certain assets or a merger or combination.

Sierra Metals has a $553.5 million market capitalization. TNM

Electrowinning-based electrolysis baths at Norilsk Nickel’s Monchegorsk plant.

COMMENTARY From 2

and we estimate that making nickel matte could add an estimated US$2 per lb, the sum still being less than the current nickel price. However with NPI and matte both receiving approximately 85% of LME price in sales, the additional cost of making matte from NPI translates into an LME price of US$7.60 per lb as a break-even cost for production. One has to question why NPI producers would add cost to receive the same revenue and reduced profit?

The processing is highly energy-intensive and highly pollutant, costing as much as US$5,000 per tonne of nickel more than a nickel sulphide operation and adds to the GHG intensity of NPI production which is already the highest in the nickel industry. According to Wood Mackenzie, NPI production has an intensity ranging from 40-90 tonnes of carbon dioxide (CO2) equivalent per tonne of nickel produced as NPI. The added processing will only add to this intensity and also introduce sulphur dioxide (SO2) emissions into the equation. In comparison traditional sulphide mines typically emit less than 10 tCO2e/t of nickel and HPAL (high pressure acid leach) processing of laterites is typically less than 40 tCO2e/t of nickel. Wood Mackenzie estimates that the nickel industry average is approximately 36 tCO2e/t of nickel (as refined metal).

That could easily translate to a total carbon footprint of 80-100 tCO2e/t of nickel produced. To give some real world context: At those levels, and with the type of atmospheric emissions involved, the local regions could even end up with acid rain.

We have not even touched on the

particulate matter pollution created by pyrometallurgical operations such as NPI and ferro-nickel (FeNi). In comparison, an HPAL operation such as Ramu in New Caledonia makes about 16 tCO2e/t of nickel.

Putting aside the irony of embracing a highly pollutant process to supply feed material to a climate friendly end-product (EVs), I want to look at why this is happening now. After all, China has invested serious sums of money in new HPAL operations. Why not rely on those new operations?

The biggest and most likely issue here is, China is probably producing and consuming a lot more batteries than Western experts and observers currently believe, and planning to ramp that consumption beyond current expectations on an accelerated timeline, hence the urgency to procure new sources of feed material.

And that’s just for domestic use.

With its acquisitions of battery metal supply and processing capabilities, China doesn’t just want a robust domestic market, it intends to dominate the world market. They have the opportunity here to end up with a double-win, which is to reduce nickel prices for long enough to put off Western investment in new nickel production so that Western manufacturers will have no choice but to be utterly reliant on Chinese materials and Chinese batteries.

China wants to be the “Silicon Valley” or modern Detroit for batteries, electric vehicles and the related supply chain as a whole.

When one considers Indonesia’s primary sources of power, heavy fuel oil and coal, it quickly becomes apparent that these Indonesian HPAL plants will deliver what amounts to

NORILSK NICKEL

some of the dirtiest battery-making ingredients produced anywhere.

Of course, with the Tsingshan deal, China is essentially trading the environmentally problematic operations of HPAL being constructed in Indonesia (huge quantities of solid/liquid tailings need to be addressed) for expensive, harmful air emissions. With the increasingly ESG-conscious Western market that would be expected to cause pushback from manufacturers and consumers, but then again, these new matte units are not destined for the rest of the world, even though they impact the global market.

This makes nickel sulphide development projects like those found in Western Australia and like Giga Metals’ Turnagain project in Canada so attractive, with their straightforward metallurgy and low carbon intensity per tonne nickel produced.

It is going to be interesting to see how the rest of the world responds to this past the initial price shock of the past week. China’s move to accelerate their plans to produce an expensive nickel matte seems to indicate that battery and also EV demand is going to outstrip even the most ambitious current growth estimates in China and throughout the world, and that means more and more battery grade nickel is needed.

Governments and automakers have largely left the fast-approaching problem of battery metal supply to the mining industry to solve.

China’s continued fast, strategic moves suggest a more proactive approach is needed soon unless the West is content to cede the green technology and transport revolution to China’s growing industry.

Perhaps the recent announcement

by Tesla to assist the owners of the New Caledonia nickel mine is evidence of change. However, Tesla is also in discussions to construct facilities in Indonesia in order to access this cheap source of nickel. With Tesla asking the market for ESG friendly nickel, one has to wonder what the real driver for their decision is.

For those who may be more focused on the nickel price moves, let me leave you with two final considerations: Some observers have suggested that Tsingshan signed this deal because of an apparent shortage of the ability to dissolve metallic nickel to make nickel sulphate for batteries. Indeed, if one can refine matte to nickel sulphate, one can dissolve nickel into nickel sulphate like BHP is doing in Kwinana, Australia.

However, the deal gives a false sense of security that the output of nickel sulphate will increase, when in fact, it will just provide the midstream market more raw materials from which to choose.

Lastly, the NPI that China is using for the nickel matte production is not new supply. They are simply taking from the stainless steel industry and giving to the battery industry — at great cost in energy and emissions.

However you look at it, we still need a lot more nickel production if we are going to transition to electric vehicles. TNM —Anthony Milewski is the chairman of Nickel 28 Capital Corp. (TSXV: NKL). The company has an 8.6% joint-venture interest in the Ramu nickel-cobalt operation in Papua New Guinea. In addition it has a portfolio of 13 nickel and cobalt royalties on projects in Canada, Australia, and Papua New Guinea.

THE ABRIAQUI PROJECT Well positioned on one of the world’s most prolific gold belts in an emerging gold producing region • “Best Address” on one of the most prolific gold belts in the world • Next door neighbour to the Buritica Mine, one of largest, highest grade gold projects in the world • Exploration led by Stu Moller, a leading expert on this emerging gold producing region, and discoverer of the Buritica deposit • Multiple rich target styles and areas • Entering the most exciting phase of exploration for early stage investors • Most recent drill results 7.7m @ 8.46 g/t Gold including 0.45m @ 124.5 g/t

CSE:FENX | OTCQB:FDVXF | Frankfurt:8FD FenixOro Gold Corp.

350 Bay St., Suite 700 Toronto, ON M5H 2S6 1-833-ORO-GOLD John Carlesso, CEO & Director: jcarlesso@fenixoro.com

16

WWW.NORTHERNMINER.COM

MARCH 15—28, 2021 / THE NORTHERN MINER

GoGold drills 70.5 metres of 115 g/t silver-equivalent at Los Ricos North project MEXICO

| Exploration centred on three veins in target area

BY MAGDA GARDNER

N

Canadian Mining Journal

ear-surface drilling at GoGold Resources’ (TSX: GGD) Los Ricos North project in Jalisco state, Mexico, has hit high silver grades and returned wide intervals of mineralization.

The company has released assays for 12 diamond drill holes completed around the El Favor target area, focused on the Salomon, Guitarrillas and Los Chivos veins.

Drill highlights included longer intercepts, such as 33.9 metres of 160 grams silver-equivalent per tonne (0.59 gram gold per tonne and 116.2 grams silver) from 1.8 metres; and 70.5 metres of 115 grams silverequivalent (0.26 gram gold and 95.1 grams silver per tonne) starting at surface. Shorter, high-grade intervals included 2.3 metres of 2,245 grams silver-equivalent (7.36 grams gold and 1,693 grams silver) from 115 metres and 5.8 metres of 420 grams silver-equivalent (1.94 gram gold and 274.7 grams silver) starting at 62 metres.

“The El Favor target is demonstrating that not only does it have some high grades in the kilos, but also potentially bulk mineable zones approaching 100 metres in combined intercepts that are near surface,” Brad Langille, GoGold’s president and CEO, said in a news release. “The convergence of three semi-parallel

GoGold’s Los Ricos North project in Mexico’s Jalisco state. GOGOLD

GoGold’s 2021 drilling budget at Los Ricos North project is estimated at over 100,000 metres. GOGOLD

Drill core from GoGold’s Los Ricos North in Mexico. GOGOLD

veins on the Favor deposit in the Hundido area (is) giving us widths and grades that could accelerate the growth of resource ounces. Our belief that Los Ricos North is a large mineralized system is strengthened with these results.”

The three veins — Salomon, Guitarrillas and Los Chivos — appear to converge into a 100-metre wide zone at the western end of the El Favor zone, nearby the historic Hundido pit. According to the company, additional drillholes would be required

to determine the strike and depth extent of the zone.

The Hundido pit lies approximately 800 metres to the east of the El Orito zone. In January, GoGold announced El Orito drill results that included intercepts such as 43 metres of 322.7 grams silverequivalent and 63.4 metres of 171 grams silver-equivalent. Additional mapping, prospecting and sampling programs are ongoing in the area between these two zones.

GoGold’s 2021 drilling budget is

Ricos South outlined an 11-year open pit and underground mine, producing an average of 8.7 million silver-equivalent oz. annually in years two through six. Based on an initial capital cost estimate of US$125 million, and all-in sustaining costs of US$11.35 per silver-equivalent oz., the after-tax net present value estimate came in at US$295 million, using a 5% discount rate, US$21 per oz. silver and US$1,550 per oz. gold. TNM

estimated at over 100,000 metres, which, according to GoGold, would make it one of the largest in Mexico.

The 220-sq.-km Los Ricos property is sub-divided into the North and South portions.

In July, GoGold tabled an initial resource for Los Ricos South, reporting 10 million measured and indicated tonnes grading 199 grams silver-equivalent and 3.3 million inferred tonnes at 190 grams silverequivalent. A January 2021 preliminary economic assessment for Los

Eldorado posts initial resource for high-grade Ormaque deposit at Lamaque QUEBEC

| Operation expected to produce 140,000 to 150,000 gold oz. this year

BY MAGDA GARDNER

E

Eldorado added the Lamaque complex in its 2017 acquisition of Integra Gold. ELDORADO GOLD

Canadian Mining Journal

ldorado Gold (TSX: ELD; NYSE: EGO) has released an initial resource estimate for the Ormaque deposit within its Lamaque operation in Quebec. The deposit, halfway between the operating Lamaque-Triangle mine and the Sigma processing facility, includes 2.6 million inferred tonnes at 9.53 grams gold per tonne, and contains 803,000 gold ounces. Ormaque is also next to an ore haulage decline that is under construction and will connect the mine with the mill.

Based on current development rates, this excavation will reach Ormaque in the third quarter of this year.

“This early exploration success at Ormaque highlights the outstanding growth potential at Lamaque,” George Burns, Eldorado’s president and CEO, said in a news release.

“The short time frame from initial discovery to maiden inferred resource is a testament to the drive of our team and the strong exploration potential within our land package in the Abitibi greenstone belt.”

Burns noted that the strike continuity, vein orientations and dimensions of the Ormaque deposit are similar to parts of the historic Sigma and Mine #2 operations. Sigma previously generated 4.5 million gold oz. and Mine #2 produced over 237,000 oz. between 1950 and 1955.

The majority of the mineralized lenses at Ormaque are open — drilling in the first half of this year will include infilling upper lenses of the

Underground at Eldorado’s Lamaque mine in Quebec. ELDORADO GOLD

resource, step-out holes targeting extensions of these lenses and wider step-outs testing for longer extensions and new lenses.

Eldorado’s strategy for the Val d’Or region is intended to add organic opportunities around the Lamaque-Triangle mine. The Sigma mill, with a permitted capacity of 5,000 tonnes per day, is currently operating at 2,200 tonnes per day.

Eldorado added the Lamaque complex to its portfolio through a $590 million acquisition in 2017 of Integra Gold. Earlier this year, the gold producer also announced a US$105 million purchase of Quebecfocused junior QMX Gold, whose Bonnefond gold project is approximately 20 km from the Sigma mill.

Lamaque achieved commercial production at the end of March 2019 and is expected to produce 140,000 to 150,000 gold oz. this year.

In a note to investors, Kerry Smith of Haywood Securities wrote that the

The mill at the Lamaque mine.

ELDORADO GOLD

initial resource at Ormaque is “better than expected.” With the resource update, Smith maintained his ‘buy’ rating and $24 target for the shares.

According to Brian Quast of BMO Capital Markets, the “positive exploration results at Ormaque validate Eldorado’s commitment to Quebec as shown through the company’s recent acquisition of QMX Gold” and also “validate” the acquisition.

Quast considers the latest news a “mild positive” and maintains an ‘outperform’ rating and a $23 target on Eldorado’s shares.

Over the last year Eldorado’s shares have traded in a range of $6.29 and $18.90 and at presstime in Toronto were trading at $14.34 per share. TNM

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 15—28, 2021

17

PROFESSIONAL DIRECTORY ASSAYERS

Crone Geophysics

C.F. Mineral Research Ltd. Diamond Indicator Heavy Minerals Extraction • Precious and Base Metals Extraction • Electron Microprobe Precision Analyses • Diamond Indicator and Mineral Classification • Microdiamond Recovery and Characterisation • High Quality / Low Cost / Quick Turnaround •

TEL: 250-860-8525 FAX: 250-862-9435

Highest Precision Magnetometers in the World

Worldwide 3D Pulse-EM TDEM, 3D E-SCAN IP/Resistivity Surveys

INDEPENDENT SPECIALISTS IN HEAVY MINERAL GEOCHEMISTRY

1677 Powick Road Kelowna, B.C. Canada V1X 4L1

INSTRUMENTATION

GEOPHYSICS

— SERVING THE EXPLORATION SECTOR WORLDWIDE SINCE 1977 —

www.cronegeophysics.com

(905) 814-0100

3D Pulse-EM (Time-Domain EM) Borehole and Surface Surveys Coil, Fluxgate or SQUID Sensors High Power, Low noise Step Response

3D E-SCAN (IP/DC Res) Mapping Recon3D , Target3D , HiRes3D Any Topography, any Scale Immediate QC, daily Results Deep, Efficient, Safe

Offering the industry leading precision, absolute accuracy and sensitivity for Optically Pumped Potassium, Overhauser and Proton Precession Magnetometers/Gradiometers with new add-on or standalone VLF-EM systems for resistivity depth sections.

R

R

R

R

UAV - Airborne – Ground Solutions Visit the website or call for a QUOTE today

Leading the World of Magnetics since 1980

DRONEMag™

www.gemsystems.ca

CONSULTING

• info@gemsystems.ca • Tel: +1.905.752.2202 • +1.888.635.1829

1,800+ CLIENTS 8,000+ PROJECTS 30+ YEARS EXPERIENCE Evaluate

Develop

Improve

Sales and Rentals: Transform

amcconsultants.com

GEOLOGY | MINING ENGINEERING | GEOTECHNICAL | CONSULTING SERVICES

TERRAPLUS INC. 120 W. Beaver Creek Rd., Unit 15 Richmond Hill, ON, Canada L4B 1L2

Specialists in mining and exploration projects across all commodities and all stages of project development. csaglobal.com

Tel: Fax: E-mail: Website:

info@csaglobal.com

CORPORATE I MINING I RESOURCES I EXPLORATION I TECHNOLOGY I WATER

GEOLOGICAL & MINING CONSULTANTS

905.477.2800 | info@terraquest.ca terraquest.ca

FIXED WING AND HELICOPTER

Gradient Magnetics | Matrix Digital VLF-EM | Radiometrics | GT2A Gravity

• French • English • Spanish • Arabic 418-653-9559

Shotcrete - Concrete Paste Backfill

Integrity, Competence and Independence www.micon-international.com Vancouver

Norwich

www.sika.com/mining International Exploration & Mining Consultants Project generation, design, management Independent reporting|Geophysics|GIS

REMOTE SITE SERVICES

CONCRETE SOLUTIONS

www.goldmindsgeoservices.com

Toronto

(905) 764-5505 (905) 764-8093 sales@terraplus.ca www.terraplus.ca

Magnetometers/VLF Magnetic Susceptibility Conductivity Full Wave 2D/3D IP Borehole Logging TDEM and HLEM Gamma-Ray Spectrometers Infrared Spectrometers Resistivity (ERT) GPR Seismic

www.mphconsulting.com +1.416.365.0930

Mining Health, Safety, Security & Emergency Response Preparedness E Info@memhse.com W www.memsafetytraining.com

www.slrconsulting.com

• Canadian remote site service providers since 1945.

• Camp management, on site catering, hotel style housekeeping, janitorial and groundskeeping.

• Indigenous partnerships – Community Benefits • Excellent site safety record.

• Skills Training Programs Nobody knows Canada like Domco.. over 70 Years of Canadian experience

HEALTH & SAFETY

global leaders in environmental advisory solutions

Premier Canadian remote site service provider since 1945

www.domcofoodservices.com Toronto: (416) 449-7333 Vancouver: 604-692-2870 Montreal: 450-813-9229 Yellowknife: 867-766-4222 Sept-Iles: 418-962-2327

HSE gap analysis, incident root cause support & emergency response readiness.

SURVEYORS & CORE SYSTEMS Trusted Advisors to the Global Mineral Resource Industry

Since 1962

Call (416) 364-6244

wgm.ca

Geological and Mining Consultants

Geological and Mining Consultants I Since 1962

Published by: Published by:

To reserve space contact: JOE CROFTS: 416-510-6816

JEAN-LUC CORRIVEAU, Q.L.S., CLS

Toll free North America: 1-888-502-3456 (ext. 43729)

GYRO (Shaft plumbing), underground control, photogrammetric mapping (Airborne Lidar & photos by drone), borehole & bathymetric surveys Scanning of flooded cavities by sonar • Surface and underground inspections by drone

JCROFTS@NORTHERNMINER.COM

1085, 3rd Avenue West, Val-d’Or (Quebec) J9P 1T5 • Tel: (819) 825-3702 Fax: (819) 825-2863 • E-mail: bureau@corriveaujl.com • www.corriveaujl.com

LAND & MINING SURVEYORS – 3D SCANNING

Fax: 416-447-7658

MAKESENSE SENSEOF OF THE MINING INDUSTRY MAKE THE MINING INDUSTRY Mining Explained is a 164-page reference manual (written in layman’s language) that includes the following chapters: Trusted Advisors to the

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

Noww No ble lale aiab Avail Av ish Spanan ish ininSp

Order Your Order Your CopyToday!

Today!

Copy

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

18

WWW.NORTHERNMINER.COM

MARCH 15—28, 2021 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / MARCH 1 – 5 The S&P/TSX Composite Index advanced 1.80% to 18,381.00. The S&P/TSX Global Base Metals Index climbed 1.21% to 165.45, and the S&P/TSX Global Mining Index rose 1.16% to 106.23. Spot gold fell US$35.50 per oz. to US$1,700.10 and the S&P/TSX Global Gold Index increased 4.07% to 280.38.

Suncor Energy rose $2.55 to $27.82 per share.

The company announced it priced an offering of US$750 million in senior unsecured notes due on March 4 2051 that have a coupon of 3.75%; and priced $500 million in senior unsecured Series 8 Medium term notes due on the same date. The Canadian notes have a coupon of 3.95%. Suncor plans to use the net proceeds to repay commercial paper and for general corporate purposes. It also announced that it has provided an early cancellation notice to its banking partners in relation to $2.8 billion in bi-lateral credit facilities. The credit facilities had a two-year term and were entered into in March and April 2020 to ensure the company had access to financial resources if necessary due to Covid-19. “With an improving commodity price environment, these facilities are no longer required by Suncor,” the company announced on March 1. In addition, Suncor reported that it exercised the early redemption options on its outstanding US$220 million

9.40% senior unsecured notes and $750 million 3.10% medium term notes, both due this year.

Shares of Kirkland Lake Gold rose $1.72 to $43.34. The company announced several appointments to its management team, including the addition of mining executive and former banker Jason Neal as executive vice president.

Prior to joining Kirkland Lake, Neal served as president and CEO of TMAC Resources, and before then, spent 21 years at BMO Capital Markets, including eight years as global cohead of its metals and mining group. The gold producer also promoted Natasha Vaz to the position of chief operating officer, and Jennifer Wagner to executive vice president corporate affairs and sustainability.

Eldorado Gold’s shares increased $1.04 to $14.37. The company reported 2020 results TSX MOST ACTIVE ISSUES

Suncor Energy Barrick Gold Kinross Gold B2Gold Corp Nevada Copper New Gold Nexgen Energy Denison Mines Yamana Gold Ivanhoe Mines

VOLUME (000s) HIGH

WEEK LOW CLOSE CHANGE

SU 100649 28.33 ABX 33412 25.21 K 27972 8.33 BTO 24030 5.78 NCU 20290 0.20 NGD 18002 2.16 NXE 17292 5.18 DML 17073 1.67 YRI 16178 5.52 IVN 13063 8.27

25.36 27.82 + 2.55 23.81 25.11 + 1.36 7.75 8.31 + 0.40 5.42 5.72 + 0.18 0.16 0.16 - 0.03 1.92 2.04 - 0.01 4.05 4.33 - 0.15 1.11 1.26 - 0.10 5.07 5.46 + 0.40 7.55 7.80 - 0.05

with net earnings attributable to shareholders of $104.5 million (61¢ per share), up from $80.6 million (51¢ a share) in 2019. The improvement was primarily the result of higher production and sales volumes combined with a higher average realized gold price, Eldorado said.

The company produced 528,874 oz. of gold, up 34% from 2019. Eldorado also reported lower all-in sustaining costs in 2020 of US$921 per oz. gold sold, down from US$1,034 per oz. gold sold in 2019.

Shares of Labrador Iron Ore Royalty gained $1.72 to $38.19. The company reported 2020 of $202.3 million; equity earnings of $126 million; and net income of $227.2 million ($3.55 per share). The company said the strong results were mainly due to higher iron ore prices from demand from China and higher pellets sales.

Operating cash flow totaled $175.4 million and the company paid $147.2 million in dividends.

Labrador Iron Ore ended 2020 with $106.1 million in cash. TNM TSX GREATEST VALUE CHANGE

TSX GREATEST PERCENTAGE CHANGE VOLUME (000s) HIGH

China Gold Int Xanadu Mines Amerigo Res Black Iron Largo Res Suncor Energy Starcore Intl Generation Min Alamos Gold Yamana Gold Avalon Advance St Augustine Northcliff Res PolyMet Mng Lithium Amer Nthn Dynasty Sherritt Intl Sulliden Mng Canagold Res Karnalyte Res

CGG XAM ARG BKI LGO SU SAM GENM AGI YRI AVL SAU NCF POM LAC NDM S SMC CCM KRN

VOLUME (000s)

WEEK LOW CLOSE CHANGE

1100 3.80 2.91 454 0.06 0.05 4333 1.15 0.89 5178 0.49 0.37 6546 2.02 1.75 100649 28.33 25.36 121 0.32 0.28 7074 1.20 0.86 6096 9.79 8.89 16178 5.52 5.07 7464 0.28 0.16 4764 0.09 0.06 1036 0.07 0.05 66 6.01 4.29 5231 25.55 16.76 5858 1.07 0.74 7772 0.65 0.51 875 0.16 0.12 528 0.54 0.44 96 0.22 0.20

3.79 0.06 1.03 0.42 1.96 27.82 0.30 0.98 9.74 5.46 0.19 0.06 0.05 4.63 18.90 0.82 0.51 0.12 0.45 0.20

+ + + + + + + + + + -

22.7 20.0 15.7 12.2 10.7 10.1 9.1 8.9 8.0 7.9 27.5 25.0 23.1 20.9 20.6 20.4 19.0 17.2 16.7 16.7

Suncor Energy Franco-Nevada Newmont Corp Labrador IOR Kirkland Lake Barrick Gold Agnico Eagle Eldorado Gold Aura Minerals Osisko Gold Lithium Amer MAG Silver Pan Am Silver First Majestic Gatos Silver Newcrest Mg Ero Copper Turquoise HIl PolyMet Mng Fortuna Silvr

SU FNV NGT LIF KL ABX AEM ELD ORA OR LAC MAG PAAS FR GATO NCM ERO TRQ POM FVI

100649 3147 824 1825 5155 33412 3896 3446 118 3181 5231 1458 2537 6850 149 1 1212 2002 66 4831

WEEK CLOSE

27.82 138.65 71.70 38.19 43.34 25.11 72.38 14.37 12.90 13.59 18.90 21.16 39.09 20.27 16.00 22.40 21.16 18.06 4.63 8.47

CHANGE

+ + + + + + + + + + -

2.55 2.39 2.18 1.72 1.72 1.36 1.34 1.04 0.93 0.89 4.91 3.26 2.96 2.67 1.86 1.35 1.29 1.24 1.22 1.10

TSX VENTURE EXCHANGE / MARCH 1 – 5 The S&P/TSX Venture Composite Index dropped 9.83% to 918.36. Spot gold fell US$35.50 per oz. to US$1,700.10.

Shares of New Found Gold climbed 48¢ to $3.93. The company announced assay results from its 100%-owned Queensway project, 15 km west of Gander, Newfoundland. An interval drilled about 125 metres down plunge to the south of previously reported intervals in the Keats Zone, doubled the known extent of the high-grade gold mineralization in the zone, the company reported on March 1. Drill hole NFGC-21-04 returned 11.4 metres of 29.1 grams gold per tonne starting from 214.5 metres downhole. The hole was terminated at 255 metres, with visible gold observed in the bottom 0.6 metres of the hole, New Found Gold said. The 0.6 metre interval was assayed and graded 7.35 grams gold per tonne. Now the company plans to deepen the hole. There are three drill rigs turning at Keats, and they will continue to infill drill and test the zone, the company said. New Found Gold has $70 million in working capital — sufficient to continue its 200,000-metre drill program. Major shareholders include Palisades Goldcorp (33%); Eric Sprott (18%); Novo Resources (11%); and Rob McEwen (7%). Management, directors and insiders own 4%.

Gratomic’s shares gained 43¢ to $1.60. The company announced it has granted 8.85 million options to directors, officers, employees and consultants of the company exercisable at $1.54 per share for five years. Gratomic is advancing its Aukam graphite project in southern Namibia.

The property hosts five underground adits and an open pit, which were mined periodically between 1940 and 1974. Seventy-three samples taken from surface stockpiles from historic mine operations assayed and averaged 42% carbon as graphite. The 1,416 sq. km project is about an hour and a half from the Atlantic Ocean and about 70 km from a rail link. The junior has two off-take agreements for lump-vein graphite and said it expects to start fulfilling the TSX-V MOST ACTIVE ISSUES VOLUME (000s) HIGH

Leeta Gold Focus Graphite Gratomic RosCan Gold Uragold Bay Rs Arcturus Vent First Cobalt Klondike Silv Blue River Res Fabled Silver

HIVE FMS GRAT ROS HPQ AZN FCC KS BXR FCO

39114 18543 15861 13589 12265 10848 10571 10399 9440 9131

6.27 0.22 1.84 0.52 1.37 0.05 0.39 0.13 0.02 0.28

WEEK LOW CLOSE CHANGE

3.33 0.16 1.17 0.39 0.83 0.04 0.29 0.08 0.01 0.17

4.43 0.17unch 1.60 + 0.39 + 1.13 0.04unch 0.33 0.09 0.02unch 0.18 -

0.39 0.00 0.43 0.03 0.18 0.00 0.04 0.05 0.00 0.07

contracts in the first quarter of this year. The company announced that it became debt-free on February 22.

Zene Graphine rose 18¢ to $2.99. The company announced it signed an implementation agreement with the Constance Lake First Nation for its Albany graphite project in northeastern Ontario. The agreement sets out the governance, roles, responsibilities and activities for

establishing the Project Partnership Structure (PPS) to advance the project. The Albany deposit was discovered in 2011. In other news, the company, which describes itself as a next-gen nanomaterials technology company developing graphene-based technologies, announced that surgical masks with the company’s biocidal coating have passed Health Canada testing requirements as a level 2 medical device. TNM TSX-V GREATEST VALUE CHANGE

TSX-V GREATEST PERCENTAGE CHANGE VOLUME (000s) HIGH

Midasco Cap CopAur Min Sonora Gld & S Rochester Res Silver Wolf True North Gem Gossan Res Gratomic Universal Cop Canada One American Mang Intact Gold Zacatecas Silv Delrand Res Aguila Amer Gd Jourdan Res Klondike Silv AM Resources Gold Rush Cari Bold Ventures

MGC.H CPAU SOC RCT SWLF TGX GSS GRAT UNV CONE AMY ITG ZAC KUU AGL JOR KS AMR GDBO BOL

927 749 1161 10 579 404 1542 15861 1341 311 7678 173 4965 402 415 1243 10399 360 578 859

0.15 0.40 0.10 0.15 0.40 0.25 0.14 1.84 0.21 0.10 2.29 0.10 1.89 0.12 0.35 0.13 0.13 0.08 0.03 0.10

VOLUME (000s)

WEEK LOW CLOSE CHANGE

0.08 0.22 0.06 0.00 0.28 0.10 0.12 1.17 0.12 0.07 1.25 0.07 1.06 0.07 0.23 0.08 0.08 0.05 0.02 0.06

0.14 0.40 0.09 0.15 0.38 0.15 0.13 1.60 0.17 0.10 1.39 0.07 1.10 0.08 0.24 0.08 0.09 0.05 0.02 0.06

+ + + + + + + + + + -

86.7 63.3 54.5 50.0 46.2 42.9 36.8 36.8 36.0 35.7 37.4 36.4 35.3 34.8 34.7 33.3 33.3 33.3 33.3 33.3

St. James Gold New Found Gold Gratomic Nrthn Superior Desert Mtn Egy Uranium Roylty North Peak Res IsoEnergy Ltd ZEN Graphene Tudor Gold Tanqueray Expl American Mang E3 Metals Zacatecas Silv Eloro Res Integra Res Golden Valley Chesapeake Gld American Lith EMX Royalty

LORD NFG GRAT SUP DME URC NPR ISO ZEN TUD IPA AMY ETMC ZAC ELO ITR GZZ CKG LI EMX

WEEK CLOSE

304 2.40 705 3.93 15861 1.60 1484 1.47 1145 1.82 1392 2.87 1314 0.87 798 2.98 1459 2.99 654 3.12 299 14.71 7678 1.39 2205 2.75 4965 1.10 1186 3.75 188 3.66 15 6.50 149 4.06 6069 2.59 143 3.70

CHANGE

+ + + + + + + + + + -

0.56 0.48 0.43 0.23 0.23 0.22 0.22 0.22 0.18 0.16 2.44 0.83 0.81 0.60 0.58 0.54 0.50 0.49 0.47 0.46

U.S. MARKETS / MARCH 1 – 5 The Dow Jones Industrial Average rose 1.82% to 31,496.30 and the S&P 500 gained 0.81% to finish at 3,841.94. Spot gold dropped US$35.50 per oz. to US$1,700.10.

Gold Fields rose 14.4% to US$9.37. The company announced that the National Energy Regulator of South Africa had approved its electricity generation licence, which will allow Gold Fields to build a 40 megawatt solar power plant at its South Deep mine. The solar plant has the potential to provide about 20% of South Deep’s average electricity consumption, according to Gold Fields. The licence approval, said CEO Nick Holland, “sends a strong, positive message to mining companies and their investors, potentially leading to decisions being taken to sustain and grow mining operations in the country, especially in deep-level, underground, marginal mines.” Holland also noted that “enabling companies to generate their own power also gives Eskom room to address operational issues at its power plants,” and noted that “power from the South Deep solar plant will partially replace coal-fired electricity from Eskom enabling us to significantly reduce our Scope 2 carbon emissions.” Last year Gold Fields implemented solar and wind

power plants, backed by battery storage, at two of its mines in Australia, Agnew and Granny Smith. It also committed to renewables at its other Australian mines, Gruyere and St Ives, as well as at its Salares Norte project in Chile. The company is also reviewing renewable energy options at all of its other mines.

Shares of Cleveland Cliffs increased US78¢ to US$14.12. The company reported consolidated 2020 revenues of US$5.4 billion, up from US$2 billion in 2019. Cleveland Cliffs posted a net loss of US$81 million, which included US$186 million of acquisition-related, amortization of inventory step-up and severance costs. The 2020 net loss compares with net income in 2019 of US$293 million, which included US$9 million U.S. MOST ACTIVE ISSUES VOLUME (000s)

Vale* VALE Freeport McMoR* FCX Barrick Gold* GOLD Cleveland-Clif* CLF United States S* X Kinross Gold* KGC Yamana Gold* AUY Chevron Corp* CVX Suncor Energy* SU Hecla Mining* HL

HIGH

WEEK LOW CLOSE CHANGE

192367 18.24 17.10 17.74 + 0.84 130936 36.20 31.50 35.02 + 1.11 120167 20.00 18.80 19.84 + 1.17 109391 15.00 12.77 14.12 + 0.78 97756 19.61 16.82 18.15 + 1.54 97413 6.58 6.12 6.55 + 0.32 85487 4.37 4.00 4.30 + 0.29 82459 109.13 101.40 109.00 + 9.00 68847 22.39 20.01 21.99 + 2.13 66655 6.81 5.31 5.89 - 0.64

of acquisition-related and severance costs.

For the full year, adjusted EBITDA totaled US$353 million, compared to US$525 million in 2019. “Without question, 2020 was the most transformational year in our company’s 173 year history,” CEO Lourenco Goncalves said in a news release. “We completed two seminal acquisitions, AK Steel and ArcelorMittal USA, that transformed us from an iron ore miner

into the largest flat-rolled steelmaker in North America. We also completed our Toledo direct reduction plant, which began operations in the fourth quarter.”

Harmony Gold’s shares rose 14.2% to US$4.33. The company announced that Fairtree Asset Management has acquired shares in the company that bring its total ownership to 5.04%. TNM U.S. GREATEST VALUE CHANGE

U.S. GREATEST PERCENTAGE CHANGE VOLUME (000s) HIGH

Alcoa* Gold Fields* Harmony Gold* Suncor Energy* CONSOL Energy* United States S* Chevron Corp* Trecora Res* AngloGold Ash* Eldorado Gold* Lithium Amer* First Majestic* Fortuna Silvr* Hecla Mining* Gatos Silver* NACCO Ind* Endeavr Silver* Peabody Enrgy* Turquoise HIl* Rio Tinto*

AA GFI HMY SU CNX X CVX TREC AU EGO LAC AG FSM HL GATO NC EXK BTU TRQ RIO

49745 31.37 40197 9.54 37963 4.36 68847 22.39 17409 14.35 97756 19.61 82459 109.13 547 7.89 19059 21.67 13496 11.49 27884 20.20 36979 18.65 20751 7.77 66655 6.81 3388 14.68 209 29.00 26875 6.38 15309 4.80 7482 16.28 15054 91.89

VOLUME (000s)

WEEK LOW CLOSE CHANGE

25.40 28.99 8.11 9.37 3.79 4.33 20.01 21.99 12.60 13.94 16.82 18.15 101.40 109.00 7.16 7.73 19.55 21.61 10.22 11.34 13.20 14.91 15.13 15.95 6.26 6.68 5.31 5.89 11.79 12.68 23.00 23.02 5.07 5.45 3.76 4.02 13.13 14.25 81.15 83.64

+ + + + + + + + + + -

18.1 14.4 14.2 10.7 10.5 9.3 9.0 8.9 8.3 8.2 20.3 11.4 11.3 9.8 9.2 7.7 7.6 6.5 6.0 4.3

Chevron Corp* Alcoa* Black Hills* Franco-Nevada* Southern Copp* Newmont Corp* Suncor Energy* AngloGold Ash* United States S* Kirkland Lake* MartinMarietta* Lithium Amer* Rio Tinto* First Majestic* NACCO Ind* Gatos Silver* Turquoise HIl* Fortuna Silvr* Hecla Mining* Seabridge Gld*

CVX AA BKH FNV SCCO NEM SU AU X KL MLM LAC RIO AG NC GATO TRQ FSM HL SA

82459 49745 2231 5780 6995 39282 68847 19059 97756 12012 3220 27884 15054 36979 209 3388 7482 20751 66655 2339

WEEK CLOSE

109.00 28.99 62.55 109.47 73.74 56.74 21.99 21.61 18.15 34.22 329.79 14.91 83.64 15.95 23.02 12.68 14.25 6.68 5.89 16.42

CHANGE

+ + + + + + + + + + -

9.00 4.44 3.39 2.45 2.41 2.36 2.13 1.65 1.54 1.49 7.08 3.79 3.76 2.06 1.92 1.28 0.91 0.85 0.64 0.62

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 15—28, 2021

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

LME WAREHOUSE LEVELS

Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$57.35 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$12.00 Cobalt: US$23.95/lb.

Copper: US$3.99/lb.

Copper: CME Group Futures April 2021: US$4.04/lb.; May 2021: US$4.04/lb Iridium: NY Dealer Mid-mkt US$5,100.00/tr oz.

Iron Ore 62% Fe CFR China-S: US$174.70 Lead: US$0.91/lb.

Phosphate Rock: US$86.00/tonne Potash: US$226.00/tonne Rhodium: Mid-mkt US$29,200.00 tr. oz.

Ruthenium: Mid-mkt US$365.00/tr. oz.

Silver: Handy & Harman Base: US$24.97 per oz.; Handy & Harman Fabricated: US$31.21 per oz.

Tin: US$11.34/lb.

Uranium: U3O8, Trade Tech spot price: US$27.75 per lb. U308 Zinc: US$1.24/lb.

Prices current March 8, 2021

Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, Mar 04 2020 (change from Feb 25, 2020 in brackets): Aluminium Alloy 1680 (+200) Aluminium 1299775 (-32750) Copper 79825 (+1250) Lead 94325 (-375) Nickel 260994 (+9936) Tin 1755 (+15) Zinc 269100 (-1375)

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Feb 15, 2021 (with changes from Jan 31, 2021) Largest short positions New Gold NGD 15759356 602885 1/31/2021 Nexgen Energy NXE 14993835 682577 1/31/2021 Gold Std Vents GSV 13910420 12475217 1/31/2021 Kinross Gold K 12617575 242269 1/31/2021 Suncor Energy SU 11884745 -637126 1/31/2021 Barrick Gold ABX 11234116 929728 1/31/2021 Premier Gold M PG 9823309 -600576 1/31/2021 Argonaut Gold AR 9533442 1244936 1/31/2021 Denison Mines DML 8977381 4435525 1/31/2021 Equinox Gold EQX 8973791 481541 1/31/2021 Nthn Dynasty NDM 8685215 4993340 1/31/2021 Fortuna Silvr FVI 8601207 -634313 1/31/2021 Wheaton Prec M WPM 8317791 -517042 1/31/2021 Ivanhoe Mines IVN 7926617 -102167 1/31/2021 Endeavr Silver EDR 6706817 -372849 1/31/2021 Largest increase in short position Gold Std Vents GSV 13910420 12475217 1/31/2021 Nthn Dynasty NDM 8685215 4993340 1/31/2021 Denison Mines DML 8977381 4435525 1/31/2021 NextSource Mat NEXT 3201173 3069653 1/31/2021 Champion Iron CIA 2474084 1988060 1/31/2021 Largest decrease in short position Nevada Copper NCU 4952914 -20534592 1/31/2021 First Majestic FR 5247382 -2242080 1/31/2021 Lundin Mng LUN 5240559 -1388760 1/31/2021 McEwen Mng MUX 2656794 -1384481 1/31/2021 Yamana Gold YRI 4381693 -1275057 1/31/2021

Short positions outstanding as of Feb 15, 2021 (with changes from Jan 31, 2021) Largest short positions Arcturus Vent AZN 15872548 15537770 1/31/2021 Focus Graphite FMS 11724965 11528642 1/31/2021 Alpha Lithium ALLI 5347497 551259 1/31/2021 Fabled Silver FCO 4809497 3459252 1/31/2021 Lithium Chile LITH 4268806 4128643 1/31/2021 Lomiko Mtls LMR 3099761 1490489 1/31/2021 Vision Lithium VLI 3047252 2944502 1/31/2021 New Age Metals NAM 2963949 2851284 1/31/2021 Neo Lithium NLC 2828815 614567 1/31/2021 Leeta Gold HIVE 2821687 2297791 1/31/2021 Manganese X MN 2527084 996149 1/31/2021 Standard Uran STND 2236489 2065248 1/31/2021 American Lith LI 2151373 1645691 1/31/2021 GoviEx Uranium GXU 1955853 1384850 1/31/2021 Azincourt Ener AAZ 1934707 1700024 1/31/2021 Largest increase in short position Arcturus Vent AZN 15872548 15537770 1/31/2021 Focus Graphite FMS 11724965 11528642 1/31/2021 Lithium Chile LITH 4268806 4128643 1/31/2021 Fabled Silver FCO 4809497 3459252 1/31/2021 Vision Lithium VLI 3047252 2944502 1/31/2021 Largest decrease in short position QMX Gold QMX 887146 -31294191 1/31/2021 Discovery Met DSV 316894 -2965000 1/31/2021 Santacruz Silv SCZ 66055 -1216696 1/31/2021 Southern Silvr SSV 363454 -883540 1/31/2021 Sienna Res SIE 695808 -721685 1/31/2021

DAILY METAL PRICES Date

Mar 05

Mar 04

Mar 03

Mar 02

Mar 01

BASE METALS (London Metal Exchange – Midday official cash/3-month prices, US$ per tonne) Al Alloy 2215/2229 2210.50/2229 2211/2230 2211/2230 Aluminum 2185/2176 2169/2177.50 2203/2207 2176/2178.50 Copper 9021.50/8996.50 8786.50/8757 9266/9227.50 9213.50/9163.50 Lead 2023/2037 2014.50/2032 2039.50/2054.50 2069.50/2086.50 Nickel 16349/16379 16144/16191 17802/17864 18580/18635 Tin 26539/24255 25000/23700 25880/24430 25090/24165 Zinc 2746.50/2767 2734.50/2751.50 2786/2807.50 2820/2835 PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.)

Gold AM 1696.05 1710.05 1727.05 Gold PM 1696.25 1712.10 1711.40 Silver 25.36 25.96 26.59 Platinum 1123.00 1162.00 1184.00 Palladium 2348.00 2362.00 2347.00

1728.50 1723.85 26.26 1188.00 2354.00

2215/2235 2154.50/2165.50 9198/9148 2075/2086.50 18655/18675 24505/23031 2788.50/2804

1746.95 1734.15 26.89 1208.00 2358.00

Mar 05 1.2654 0.7903

Mar 04 1.2679 0.7887

Mar 03 1.2673 0.7891

Mar 02 1.2637 0.7913

Exchange rates (Quote Media, March 05, 2021) C$ to AUS C$ to EURO C$ to YEN 1.0277 0.6630 85.6367 C$ to UK Pound C$ to China Yuan C$ to India Rupee 0.5711 5.1331 57.8282 US to AUS US to EURO US to YEN 1.3010 0.8395 108.4050 US to UK Pound US to China Yuan US to India Rupee 0.7228 6.4968 73.1809

Mar 01 1.2642 0.7910

C$ to Mex Peso 16.8437 C$ to Swiss Franc 0.7356 US to Mex Peso 21.3152 US to Swiss Franc 0.9310

C$ to SA Rand 12.1423 C$ to S. Korea Won 891.9458 US to SA Rand 15.3644 US to S. Korea Won 1128.2200

CANADIAN GOLD MUTUAL FUNDS FundName Mar 05 ($) BMO Prec Mtls Fd A 23.44 BMO ZGD 67.05 BMO ZJG 64.65 CIBC Prec Metal Fd A 13.65 Dyn Prec Metls Fd A 10.71 Harvest HGGG 26.01 Horizons HEP 28.31 IG MacGbPreMetCl A 14.29 iShares XGD 17.55 Mac Prec Met Cl A 68.54 NBI PrecMetFd Invt 17.67 NPT Go&PrMinFd A 50.72 NPT SilverEquCl A 9.53 RBC GblPreMetFd A 52.12 RBC GblPreMetFd Adv 52.48 Sentry Pre Met Fd A TD Prec Mtl Fd Inv 44.25

Feb 26 ($) 23.07 65.84 63.49 13.35 11.22 25.73 27.47 14.41 16.83 69.17 17.63 52.08 10.42 52.58 52.94 48.71 42.78

Change ($) 0.37 1.21 1.16 0.30 -0.51 0.28 0.84 -0.11 0.72 -0.63 0.04 -1.36 -0.90 -0.46 -0.46 -2.36 1.47

Change (%) 1.60 1.84 1.83 2.21 -4.57 1.08 3.06 -0.78 4.26 -0.91 0.23 -2.62 -8.60 -0.87 -0.87 -4.70 3.44

YTDChange (%) -5.85 -7.33 -9.34 -4.27 -5.21 -5.53 -5.15 -4.01 -3.80 -4.44 -4.66 -7.19 -5.75 -6.13 -6.13 -2.72 -4.39

MER (%) 2.40 0.61 0.60 2.43 2.73 0.94 0.83 2.63 0.61 2.52 2.46 3.19 2.98 2.10 2.09 2.31 2.27

TotalAssets (M$) 57.74 211.37 90.52 51.92 648.05 5.86 34.45 1123.55 75.75 32.38

495.87 2.54 374.48 141.36

ABE Resources Inc. (ABE.WT) - One warrant to purchase one common share at $0.15 per share.

American Cumo Mining Corp. (MLY.RT) 2 rights and $0.07 are required to purchase one share Antioquia Gold Inc. (AGD.RT) - One (1) Right and $0.042 are required to purchase one share.

Aurania Resources Ltd. (ARU.RT) - Fourteen (14) Rights exercisable for one common share at $2.70 per common share.

Aurania Resources Ltd. (ARU.WT) - One warrant to purchase one common share at $5.50 per share.

Avidian Gold Corp. (AVG.RT) - Three rights and $0.11 are required to purchase one Share.

Boreal Metals Corp. (BMX.WT) - One warrant to purchase one common share at $0.50 per share.

Boreal Metals Corp. (BMX.WT) - One warrant to purchase one common share at $0.30 per share.

Caldas Gold Corp. (CGC.WT) - One warrant to purchase one common share at $2.75 per share.

Cordoba Minerals Corp (CDB.WT) - One warrant to purchase one common share at $1.08 per share.

Cordoba Minerals Corp (CDB.WT) - One warrant to purchase one common share at $1.08 per share.

Cordoba Minerals Corp. (CDB.RT) - One (1) Right exercisable for One (1) Rights Share at $0.05 per Share.

Equinox Gold Corp (EQX.WT) - One warrant to purchase one common share at $3.00 per share.

Eros Resources Corp. (ERC.WT) - One (1) Right exercisable for (1) Unit at $0.05 per

moliveira@ northernminer.com or 416-510-6768

Maple Gold Mines Ltd. (MGM.WT) - One warrant to purchase one common share at $0.40 per share Mexican Gold Corp. (MEX.WT) - One warrant to purchase one common share at $0.12 per share.

Millennial Lithium Corp. (ML.WT) - One warrant to purchase one common share at $4.25 per share.

Mineworx Technologies Ltd. (MWX.RT) One right to purchase one common share at $0.015 per share.

Novo Resources Corp. (NVO.WT) - One warrant to purchase one common share at $4.40 per share.

Orezone Gold Corporation (ORE.WT) One warrant to purchase one common share at $0.80 per share.

Orezone Gold Corporation (ORE.WT) One warrant to purchase one common share at $0.80 per share.

Sandfire Resources America Inc. (SFR.RT) Forty one (41) Rights exercisable for One (1) Share at $0.15 per Share.

Sandfire Resources America Inc. (SFR.RT) Eight (8) Rights exercisable for One (1) share at $0.06 per unit.

Tintina Resources Inc. (TAU.RT) - Nine(9) Rights exercisable for one share at $0.06 per share.

Trek Mining (TREK.WT) - Wt buy sh @ $3.00 to Oct 06/21 Ucore Rare Metals Inc. (UCU.RT) - One (1) right exercisable for one share at $4.00 per share.

Vision Lithium Inc. (VLI.WT) - One warrant to purchase one common share at $0.15 per share.

Yellowhead Mining Inc. (YMI.RT) - One (1) Right and $0.12 are required to prchase one Share

52-week

Mar 05 18380.96 918.36 1096.72 280.15 252.12

Mar 04 18125.72 926.31 1079.69 274.72 252.12

Mar 03 18320.67 991.98 1090.22 273.63 251.81

Mar 02 18421.60 1027.75 1096.58 279.38 257.88

Mar 01 18299.62 1034.36 1087.89 268.55 247.53

High 18579.68 1113.64 1104.40 416.84 359.81

Low 11172.73 330.65 683.81 173.42 140.55

NEW 52-WEEK HIGHS AND LOWS MARCH 1-5, 2021 135 New Highs African Min* Alcoa* Almonty Ind Almonty Ind * Altair Res Inc Altair Res Inc* AM Resources Amerigo Res Amerigo Res* Arbor Metals Atlantic Indus Aya Gold* Bird River Res Black Iron Black Iron* Boreal Metals* Cameco Corp Cameco Corp* Canada One Canada One* Canoe Mng Vent* Cardero Res Cardero Res* CAVU Mining Champion Iron Chevron Corp* Chilean Metals

Chilean Metals* CONSOL Energy* CopAur Min Danakali* Diamante Min* Eagle Plains Eco Oro Mnls* Edgemont Gold Emerita Res* Energy Fuels Energy Fuels* Fire River Gol Forum Energy* Four Nines Generation Min Generation Min* Global Atomic Global Atomic* Golden Secret Golden Sun* GPM Metals* Gratomic Gratomic* Guyana Goldstr* Harfang Explor Infrastructure* Intl Bethl Mng Intl Zeolite

Intl Zeolite* Itoco Inc* Ivanhoe Mines Jubilee Metals* Juggernaut Exp Juggernaut Exp* Kincora Copper Kincora Copper* Labrador IOR Lynas Corp* MartinMarietta* Matmown* Meridian Mg Metalo Manuf Metalore Res* Midasco Cap Mkango Res New Jersey Mng* New World Res* NGEx Minerals* Norseman Silv North Arrow Mn* North Peak Res* Northwest Cop Northwest Cop* Nrthn Superior* Optimum Vent* Pac Cascade

Paladin Energy* Paleo Resource* Pancontinental Pegasus Res* Phoenix Gold Portex Mnrls* Quaterra Res Quaterra Res* Rainy Mtn Royl* Rochester Res Rochester Res* Rogue Res Rogue Res* RosCan Gold* RTG Mining * Saville Res Scotch Creek Search Mnls Search Mnls* Select Sands Signature Res* Silver Wolf Silver Wolf* Southern Emp* St. James Gold St. James Gold* Sun Metals Surge Explor

Telson Res Telson Res * Thesis Gold Thor Expl* Tiger Intl Tisdale Res Transition Met Transition Met* Trecora Res* Trifecta Gold* True North Gem True North Gem* TVI Pacific UC Res* Universal Cop Universal Cop* Vangold Res Vertical Expl Vertical Expl* Vulcan Mnrls* VVC Expl Wescan Gldflds West Mining White Metal Rs

27 New Lows American Creek* Andover Mng* Battery Min

Boreal Metals* Bullion Gold Cerrado Gold Cyon Explor* Edison Cobalt* Golden Indepen Hudson Res* Inflection Res Integra Res* Kenorland Min Leviathan Gold New Placer O2Gold Perpetua Res* Pucara Gold Ready Set Gold Rockwell Diam* Silver Dollar* Stevens Gold* Sun Peak Metal Talisker Res Tempus Res World Copper Yorbeau Res*

Financial information provided by Fundata Canada Inc. ©Fundata Canada Inc. All rights reserved

Re-Publishing License Contact:

Unit.

Falco Resources Ltd. (FPC.WT) - One warrant to purchase one common share at $1.70 per share.

Firefox Gold Corp. (FFOX.WT) - One warrant to purchase one common share at $0.60 per share.

Firefox Gold Corp. (FFOX.WT) - One warrant to purchase one common share at $3.00 per share.

Goldstar Minerals (GDM.RT) - One Right to purchase one common share at $0.03 per share.

Goldstar Minerals Inc. (GDM.RT) - One (1) Right and $0.05 are required to purchase one common share.

JDL Gold Corp. (JDL.WT) - Wt buy sh @ $3.00 to Oct 06/21 Kootenay Silver Inc. (KTN.WT) - Wt buys sh @ $0.55 to Apr 21/21 LaSalle Exploration Corp. (LSX.WT) - One warrant to purchase one common share at $0.15 per share.

Lion One Metals Limited (LIO.WT) - One warrant to purchase one common share at $2.75 per share.

LSC Lithium Corporation (LSC.RT) - One (1) right exercisable for One (1) Unit at $0.40 per Unit.

Mako Mining Corp. (MKO.RT) - Rights exercisable for One (1) share at $0.10 per share.

Mako Mining Corp. (MKO.WT.A) - One warrant to purchase one common share at $0.60 per share.

Manganese X Energy Corp. (MN.WT) One warrant to purchase one common share at $0.15 per share.

Maple Gold Mines Ltd. (MGM.WT) - One warrant to purchase one common share at $0.40 per share

NORTH AMERICAN STOCK EXCHANGE INDICES

GLOBAL MINING NEWS · SINCE 1915

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

sh @ $36.5 to Feb 18/22 Platinum Group Metals Ltd. (PTM.WT.U) One Warrant to purchase one common share of the Issuer at US$0.17 until expiry Royal Nickel Corporation (RNX.WT) - One Warrant to purchase one common share of the Issuer at $0.50 until expiry.

Sandstorm Gold (SSL.WT.B) - One Warrant to purchase one common share of the Issuer at US $14.00 until expiry.

Sherritt International Corporation (S.WT) Each whole Warrant entitles the holder to acquire between 1.00 and 1.25 additional common shares (as bulletin 2018-0062 table ) determined based on the Applicable Reference Cobalt Price at an exercise price of $1.95 per Warrant at any time prior to the Expiry Date Sprott Resource Corp (SRHI.WT) - Wt buys sh @ $0.3333 to Feb 09/22 Trevali Mining Corporation (TV.WT) - One Warrant to purchase one common share of the Issuer at $0.23 until expiry.

TSX VENTURE WARRANTS

IndexName S&P/TSX Composite S&P/TSXV Composite S&P/TSX 60 S&P/TSX Global Gold DJ Precious Metals

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

TSX WARRANTS 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 Nevada Copper Corp. (NCU.WT) - One Warrant to purchase one common share of the Issuer at $0.20 until expiry Nevada Copper Corp. (NCU.WT.A) - One Warrant to purchase one common share of the Issuer at $0.22 until expiry Nomad Royalty Company Ltd. (NSR.WT) One Warrant to purchase one common share of the Issuer at $1.71 until expiry.

Northern Dynasty Minerals Ltd. J (NDM. WT.B) - Wt buys sh @ $0.55 to Jun 10/21 Northern Dynasty Minerals Ltd. J (NDM. WT.B) - Wt buys sh @ $0.55 to Jun 10/21 Osisko Gold Royalties (OR.WT) - Wt buys

Alio Gold Inc. (ALO.WT) - 10 Warrants to purchase one common share of the Issuer at $7.00 until expiry Alio Gold Inc. J (ALO.WT.A) - One Warrant to purchase one common share of the Issuer at $8.00 until expiry Ascendant Resources (ASND.WT) - Wt buys sh @ $1.25 to Mar 7/22 eColbalt Solutions Inc. J (ECS.WT) - One Warrant to purchase one common share of the Issuer at US$1.95 per share until expiry Excellon Resources Inc (EXN.WT.A) - One warrant to purchase one common share of the Issuer at $2.80 until expiry Excellon Resources Inc. (EXN.WT) - One Warrant to purchase one common share of the issuer at $1.40 per share until expiry Gran Colombia Gold (GCM.WT.B) - One warrant to purchase one common share of the Issuer at $2.21 until expiry.

Karora Resources Inc. (KRR.WT) - One Warrant to purchase one common share of the Issuer at $0.50 until expiry.

Liberty Gold Corp. Wt (LGD.WT) - One

LEGEND A C L N O Q T V X *

– – – – – – – – – –

Australian Securities Exchange Canadian Stock Exchange London Stock Exchange New York Stock Exchange U.S. over-the-counter NASDAQ or U.S. OTC Toronto Stock Exchange TSX Venture Exchange NYSE American Denotes price in U.S.$

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

20

WWW.NORTHERNMINER.COM

MARCH 15—28, 2021 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: MARCH 1–5, 2021 (100s) Stock

Exc Volume

Week High

Low

Last

12-month Change

High Low

A 1844 Resources 1911 Gold* 1911 Gold 79 Resources 79North A.I.S Res* A.I.S Res Abacus Mining* Abacus Mining Abcourt Mines Abcourt Mines* Aben Resources* Aben Resources Abitibi Royal* Abitibi Royal AbraPlata Res* AbraPlata Res Academy Metals* Academy Metals Adamera Min* Adamera Min Adex Mining Advance Gold Adventus Adventus* AEX Gold Affinity Metal* African Gold African Gold* African Metals African Min* Aftermath Silv* Agnico Eagle Agnico Eagle* AgriMinco* Aguila Amer Gd* Aguila Amer Gd AJN Resources Alamos Gold Alamos Gold* Alcoa* Aldebaran Res* Aldebaran Res Alexandra Cap* Alexco Res* Alexco Res Alianza Min Alianza Min* Alien Metals* Allegiant Gold Allegiant Gold* Alliance Mng Alliance Res* Almaden Min* Almaden Min Almadex Min* Almadex Min Almonty Ind * Almonty Ind Aloro Mining* Aloro Mining Alpha Lithium* Alpha Lithium Alphamin Res * Alphamin Res Altai Resource Altai Resource* Altair Res Inc* Altair Res Inc Altamira Gold Altamira Gold* Altan Nevada Altan Rio Min Altiplano Met Altiplano Met* Altius Mnrls Altius Mnrls * Alto Ventures Alto Ventures* Altura Mining* Alturas Min Altus Strat Altus Strat* Alumina Ltd* ALX Resources ALX Resources* AM Resources Amani Gold* Amarc Res Amarc Res* Amarillo Gold Amarillo Gold* Amer Intl Vent* American Creek* American Creek American CuMo American CuMo* American Lith* American Lith American Mang* American Mang American Pac AmericanSierra* Americas Silvr* Americas Silvr Amerigo Res Amerigo Res* Amex Expl* Amex Expl Amilot Capital AMV Capital Anaconda Mng* Anaconda Mng Andes Gold* Andover Mng* Anfield Energy* Anfield Energy Angel Gold* Angel Gold Angkor Gold* Angkor Res Anglo American* Anglo American* Anglo Pac Grp AngloGold Ash* AngloGold Ash* Angold Res Angus Gold* Angus Gold Antioquia Gold* Antioquia Gold Antler Gold * Antler Gold Antofagasta* Apollo Gold* Apollo Gold Appia Energy* Appia Energy Applied Min* Aquila Res* Aquila Res Arbor Metals Arch Resources* Archon Mineral* Archon Mineral ArcPacific Res* ArcPacific Res Arctic Star* Arctic Star Arcturus Vent* Arcturus Vent Arcus Dev Grp* Arcus Dev Grp Arcwest Explor Arcwest Explor* Arena Min* Arena Min Ares Strategic Ares Strategic* Argentina Lith* Argentina Lith Argentum Silvr* Argentum Silvr Argo Gold Argo Gold* Argonaut Gold* Argonaut Gold Arian Res* Arianne Phosph Arianne Phosph* Aris Gold Arizona Gold*

V O V C C O V O V V O O V O V O V O V O V V V V O V O V O V O O T N O O V C T N N O V O X T V O O V O V D X T O V O T O V O V O V V O O V V O V V V O T O V O O V V O O V O V O V O V O O O V V O O V O V C O X T T O O V V V O T O O O V O V O V O O T O N V O V O V O V O O V O C O O T V N O V O V O V O V O V V O O V V O O V O V C O O T O V O T O

2519 254 396 107 244 268 1862 493 393 1101 603 717 1354 8 11 2682 3575 1 57 118 259 2761 471 305 26 397 32 1193 175 51 66 3419 3896 8719 29 51 415 59 6096 23296 49745 29 32 6549 8807 1771 1534 943 471 262 325 33 2846 9174 582 102 156 830 839 25 32 3858 3596 1359 2488 104 42 15 249 2174 1374 118 5 1199 71 1179 280 234 1 26 923 12 6 58 1131 365 360 1997 1286 70 510 144 694 231 965 1724 1242 10995 6069 12761 7678 958 144 6358 2015 4333 1444 416 437 68 0 611 1890 234 99 897 2854 211 452 42 1494 41 5150 11 0 19059 2882 46 99 64 890 0 178 10 10 367 982 897 20728 477 727 517 1419 7 21 100 406 133 2753 342 10848 150 240 191 96 117 3884 1702 2333 306 709 5 221 269 107 1754 3840 1690 416 41 400 430

0.07 0.46 0.59 0.17 0.10 0.07 0.09 0.12 0.16 0.15 0.11 0.06 0.07 19.00 23.99 0.37 0.46 0.07 0.11 0.08 0.09 0.03 0.14 0.90 0.72 0.51 0.16 0.14 0.12 0.11 0.01 1.00 72.80 57.73 0.01 0.28 0.35 0.39 9.79 7.77 31.37 0.47 0.61 1.00 2.85 3.61 0.11 0.09 0.02 0.28 0.22 0.25 6.28 0.78 1.00 0.19 0.24 0.95 1.19 0.05 0.06 0.66 0.83 0.45 0.56 0.07 0.06 0.04 0.05 0.29 0.23 0.05 0.17 0.37 0.28 14.90 11.96 0.12 0.10 0.01 0.03 1.41 1.14 5.52 0.08 0.07 0.08 0.00 0.07 0.05 0.30 0.24 0.03 0.29 0.37 0.08 0.06 2.70 3.40 1.87 2.29 0.19 0.04 2.63 3.33 1.15 0.91 2.41 3.05 0.06 0.00 0.70 0.85 0.01 0.01 0.10 0.12 0.03 0.04 0.04 0.07 41.62 20.87 2.72 0.00 21.67 0.48 0.61 0.77 0.04 0.05 0.00 0.18 26.00 0.39 0.51 0.59 0.74 0.06 0.09 0.10 2.42 50.50 0.23 0.35 0.08 0.10 0.06 0.07 0.04 0.05 0.03 0.04 0.11 0.09 0.15 0.19 0.60 0.48 0.12 0.16 0.19 0.24 0.17 0.14 1.68 2.11 0.00 0.28 0.22 2.31 0.11

0.05 0.36 0.46 0.15 0.09 0.05 0.07 0.11 0.14 0.13 0.10 0.05 0.06 17.06 21.60 0.29 0.37 0.00 0.00 0.07 0.08 0.02 0.11 0.81 0.65 0.44 0.13 0.13 0.10 0.10 0.00 0.69 69.14 54.66 0.00 0.19 0.23 0.31 8.89 7.02 25.40 0.44 0.56 0.49 2.23 2.83 0.09 0.07 0.01 0.26 0.20 0.24 5.44 0.57 0.72 0.16 0.21 0.83 1.05 0.05 0.05 0.59 0.74 0.36 0.46 0.07 0.05 0.03 0.04 0.23 0.18 0.04 0.17 0.30 0.23 13.67 10.38 0.11 0.10 0.01 0.03 1.39 0.00 5.03 0.07 0.05 0.05 0.00 0.06 0.05 0.28 0.22 0.02 0.00 0.30 0.07 0.05 1.67 2.12 0.99 1.25 0.15 0.01 2.27 2.89 0.89 0.69 2.08 2.67 0.06 0.00 0.54 0.67 0.01 0.00 0.08 0.10 0.02 0.03 0.00 0.05 38.16 19.51 2.50 0.00 19.55 0.41 0.53 0.67 0.03 0.04 0.00 0.16 23.68 0.00 0.38 0.47 0.60 0.04 0.08 0.09 2.39 46.25 0.18 0.00 0.08 0.08 0.05 0.06 0.02 0.04 0.03 0.04 0.10 0.08 0.12 0.15 0.50 0.40 0.09 0.11 0.17 0.21 0.14 0.11 1.52 1.91 0.00 0.24 0.19 2.14 0.09

0.05 0.37 0.48 0.15 0.09 0.06 0.08 0.12 + 0.15 unch 0.14 0.10 0.05 0.06 17.06 23.07 + 0.32 0.40 0.07 + 0.09 0.07 + 0.09 unch 0.02 unch 0.11 0.89 0.71 + 0.51 + 0.13 0.14 + 0.11 + 0.10 0.01 + 0.79 72.38 + 57.17 + 0.00 + 0.21 0.24 0.31 9.74 + 7.68 + 28.99 + 0.47 0.61 + 0.66 2.45 3.08 0.11 unch 0.08 0.01 + 0.26 unch 0.21 + 0.25 unch 5.78 0.64 0.81 0.17 0.24 0.84 + 1.09 + 0.05 + 0.05 0.59 0.75 0.42 0.55 0.07 unch 0.06 + 0.03 0.04 0.24 + 0.20 + 0.04 0.17 + 0.31 + 0.23 14.47 11.39 0.11 0.10 unch 0.01 unch 0.03 unch 1.40 + 1.14 + 5.32 + 0.08 unch 0.06 0.05 0.00 0.06 unch 0.05 + 0.28 0.22 0.03 0.25 0.32 0.07 0.05 2.04 2.59 1.10 1.39 0.15 0.03 2.37 3.02 1.03 + 0.80 + 2.28 2.88 0.06 0.12 unch 0.60 0.78 + 0.01 + 0.00 unch 0.08 0.11 0.02 0.03 0.04 0.05 39.98 + 20.67 + 2.50 20.27 unch 21.61 + 0.47 + 0.53 0.70 0.03 0.04 0.19 unch 0.16 23.80 0.39 + 0.42 0.51 0.65 0.04 0.08 + 0.10 unch 2.40 + 49.31 + 0.18 0.35 unch 0.08 unch 0.08 0.05 0.07 unch 0.02 0.04 unch 0.03 unch 0.04 unch 0.11 unch 0.09 0.13 0.17 0.53 0.43 0.09 0.11 0.17 unch 0.21 0.16 0.12 + 1.55 1.98 0.00 unch 0.25 0.20 2.23 0.09 -

0.01 0.08 0.05 0.08 1.22 0.16 0.10 0.98 0.23 0.02 0.25 0.10 0.01 0.23 0.08 0.01 0.08 0.01 0.01 0.10 0.02 0.00 0.21 0.04 0.00 0.29 0.06 0.01 0.24 0.04 0.01 0.18 0.03 0.00 0.12 0.03 0.01 0.16 0.05 1.02 20.82 7.68 0.08 26.75 11.10 0.04 0.50 0.03 0.05 0.60 0.04 0.02 0.10 0.06 0.02 0.17 0.06 0.00 0.12 0.02 0.00 0.16 0.02 0.00 0.03 0.01 0.01 0.17 0.05 0.01 1.60 0.52 0.01 1.18 0.36 0.03 1.20 0.44 0.04 0.37 0.11 0.01 0.38 0.10 0.00 0.28 0.07 0.01 0.18 0.06 0.00 0.01 0.00 0.16 1.37 0.06 1.34 117.35 43.25 1.30 89.23 31.00 0.00 0.13 0.00 0.10 0.53 0.16 0.13 0.67 0.12 0.08 0.55 0.15 0.72 15.52 4.43 0.58 11.58 3.34 4.44 31.37 5.16 0.01 0.56 0.17 0.05 0.74 0.16 0.27 1.45 0.06 0.34 3.50 0.72 0.49 4.65 1.00 0.00 0.25 0.03 0.00 0.19 0.03 0.00 0.04 0.00 0.00 0.71 0.09 0.00 0.56 0.05 0.00 0.63 0.13 0.20 6.93 2.63 0.09 1.24 0.21 0.13 1.60 0.31 0.04 0.29 0.05 0.02 0.36 0.12 0.01 0.95 0.24 0.03 1.19 0.28 0.01 0.19 0.01 0.01 0.12 0.03 0.03 1.13 0.23 0.01 1.45 0.27 0.03 0.50 0.09 0.03 0.63 0.12 0.00 0.14 0.03 0.01 0.11 0.02 0.00 0.04 0.00 0.01 0.05 0.01 0.02 0.30 0.04 0.02 0.24 0.02 0.01 0.05 0.01 0.01 0.22 0.03 0.02 0.45 0.02 0.01 0.32 0.05 0.23 16.73 6.29 0.20 13.35 4.33 0.01 0.24 0.09 0.00 0.15 0.04 0.00 0.50 0.00 0.00 0.04 0.01 0.01 1.66 0.34 0.04 21.22 0.35 0.18 5.97 3.09 0.00 0.10 0.02 0.00 0.08 0.01 0.03 0.08 0.03 0.00 0.05 0.00 0.00 0.10 0.02 0.00 0.07 0.02 0.01 0.42 0.10 0.01 0.31 0.08 0.00 0.08 0.00 0.01 0.38 0.02 0.01 0.50 0.04 0.01 0.10 0.03 0.00 0.08 0.01 0.39 3.32 0.10 0.47 4.21 0.14 0.66 2.25 0.07 0.83 2.86 0.10 0.01 0.62 0.06 0.01 0.06 0.01 0.24 3.90 1.00 0.29 5.12 1.39 0.14 1.15 0.12 0.13 0.91 0.08 0.02 3.26 0.64 0.05 4.19 0.86 0.01 0.08 0.02 0.00 0.26 0.07 0.02 0.74 0.07 0.01 0.93 0.10 0.00 0.01 0.00 0.00 0.07 0.00 0.01 0.12 0.03 0.01 0.16 0.04 0.00 0.05 0.00 0.01 0.07 0.01 0.00 0.08 0.02 0.01 0.10 0.01 0.35 41.94 12.56 1.14 21.41 5.91 0.20 2.88 1.75 0.00 38.94 15.44 1.65 38.50 12.66 0.09 0.53 0.35 0.07 1.16 0.43 0.05 1.51 0.39 0.01 0.07 0.01 0.01 0.09 0.02 0.00 0.38 0.01 0.02 0.49 0.02 2.26 26.45 7.30 0.02 0.91 0.37 0.07 1.68 0.05 0.03 0.65 0.07 0.05 0.84 0.10 0.00 0.14 0.00 0.00 0.15 0.05 0.00 0.22 0.07 0.01 2.42 0.12 1.39 58.88 21.80 0.05 0.26 0.13 0.00 0.40 0.10 0.00 0.11 0.07 0.01 0.12 0.02 0.00 0.06 0.02 0.00 0.08 0.02 0.02 0.38 0.00 0.00 0.29 0.01 0.00 0.03 0.01 0.00 0.04 0.01 0.00 0.21 0.04 0.00 0.15 0.03 0.01 0.21 0.01 0.02 0.27 0.02 0.02 0.65 0.07 0.01 0.55 0.05 0.02 0.21 0.02 0.04 0.26 0.04 0.00 0.27 0.11 0.04 0.35 0.14 0.02 0.35 0.04 0.01 0.24 0.06 0.06 2.63 0.53 0.07 3.42 0.76 0.00 0.00 0.00 0.04 0.34 0.13 0.02 0.25 0.10 0.11 3.29 1.30 0.01 0.15 0.06

(100s) Stock

Exc Volume

Week Low

0.12 0.12 1.43 1.79 1.12 1.40 0.13 0.14 0.17 0.18 0.00 0.63 4.19 4.32 + 5.30 5.45 + 0.00 0.06 unch 0.10 0.10 unch 0.00 0.18 0.21 0.22 unch 0.94 0.99 0.75 0.78 0.03 0.03 unch 0.03 0.03 unch 0.00 0.24 unch 0.03 0.03 unch 0.03 0.03 0.05 0.05 0.13 0.13 0.18 0.18 unch 0.02 0.03 5.67 5.69 0.17 0.18 0.22 0.25 + 0.09 0.09 0.44 0.45 0.56 0.57 0.00 0.00 + 0.03 0.03 + 0.00 2.02 unch 0.00 0.22 unch 0.24 0.24 2.43 2.44 1.91 1.93 11.78 12.90 + 0.00 10.02 + 2.40 2.45 + 3.00 3.09 + 0.62 0.76 0.49 0.60 0.19 0.20 0.15 0.15 0.04 0.05 unch 0.03 0.03 0.63 0.67 0.81 0.87 0.07 0.07 0.11 0.11 0.42 0.49 + 0.02 0.02 unch 0.08 0.08 unch 0.15 0.15 0.21 0.21 0.24 0.25 0.19 0.20 0.41 0.45 0.22 0.35 0.12 0.15 0.16 0.19 0.17 0.18 0.13 0.14 1.12 1.22 1.42 1.53 0.08 0.08 0.11 0.11 0.07 0.07 0.05 0.05 0.05 0.05 unch 3.24 5.40 + 0.07 0.07 0.08 0.08 0.21 0.23 0.16 0.18 0.89 0.90 0.69 0.71 0.07 0.08 0.09 0.10 0.30 0.30 0.24 0.24 0.00 0.00 0.14 0.14 0.11 0.11 -

Arizona Gold Arizona Metals Arizona Metals* Arizona Silver* Arizona Silver Armor Min Artemis Gold* Artemis Gold Asante Gold* Asante Gold Ascendant Res* Ascendant Res Ascot Res Ascot Res * Ashanti Sanko* Ashanti Sanko AsiaBaseMetals Asiamet Res* Aston Bay* Aston Bay ATAC Res* ATAC Res Atacama Res* Atalaya Mining Athabasca Min* Athabasca Min Athena Silver* Atico Mining* Atico Mining Atlanta Gold* Atlantic Indus Atlas Cons Mng* Aton Resources* Aton Resources Augusta Gold Augusta Gold* Aura Minerals Aura Minerals* Aurania Res* Aurania Res Aurcana Silver Aurcana Silver* AurCrest Gold AurCrest Gold* Aurelius Min Aurelius Min* Aurion Res * Aurion Res Aurora Royal Aurwest Res AURYN Mining* Aust Mines* Austin Res Austral Gold* Austral Gold AUX Resources AUX Resources* Auxico Res Auxico Res* Avalon Advance* Avalon Advance Avidian Gold Avidian Gold* Avino Silver* Avino Silver Avrupa Min* Avrupa Min Awale Res Axmin Inc Axmin Inc* Aya Gold* Azarga Metals* Azarga Metals Azarga Uranium Azarga Uranium* Azimut Explor Azimut Explor* Azincourt Ener* Azincourt Ener Aztec Minerals Aztec Minerals* Azteca Gold* Azucar Min Azucar Min*

T V O O V V O V O C O T T O O V V O O V O V O T O V O O V O V O O V C O T O O V V O V O V O O V V C O O V O V V O C O O T V O X T O V V V O O O V T O V O O V V O O V O

1532 1248 784 262 652 42 96 144 0 131 38 557 1212 772 1 482 12 30 974 882 970 958 21024 12 107 243 179 541 671 217 250 0 0 20 113 64 118 5 108 162 3270 2980 608 15 4567 267 249 206 43 322 21 1499 75 13 427 438 204 804 123 7500 7464 480 92 12857 1854 15 342 518 578 15 115 83 174 2786 1890 213 114 1508 7670 271 114 692 277 239

0.14 2.02 1.60 0.17 0.20 0.70 4.52 5.76 0.00 0.10 0.19 0.25 1.09 0.87 0.03 0.03 0.25 0.03 0.05 0.06 0.16 0.20 0.04 6.15 0.19 0.26 0.14 0.53 0.67 0.01 0.04 0.00 0.00 0.29 3.04 2.30 13.15 10.24 2.68 3.36 0.95 0.76 0.23 0.18 0.06 0.04 0.74 0.93 0.09 0.12 0.57 0.03 0.08 0.17 0.22 0.28 0.22 0.56 0.43 0.23 0.28 0.20 0.16 1.45 1.85 0.10 0.12 0.08 0.06 0.05 5.90 0.08 0.09 0.25 0.20 0.99 0.80 0.10 0.12 0.35 0.28 0.00 0.16 0.13

B2Gold Corp* B2Gold Corp Balto Res Bam Bam Res Bam Bam Res* Bannerman Res* Banyan Gold Banyan Gold* Barksdale Res* Barksdale Res Baroyeca Gold Baroyeca Gold* Barrick Gold* Barrick Gold Barsele Min* Barsele Min Baru Gold Baru Gold* Baselode Egy* Baselode Egy Batero Gold Batero Gold* Battery Min Battle North* Battle North Bayhorse Silvr Bayhorse Silvr* BC Moly BCM Res* BCM Res Bear Creek Mng Bear Creek Mng* Bearclaw Cap Bearing Lith Bearing Lith* Beauce Gold Bell Copper Bell Copper* Belmont Res Belo Sun Mng Belo Sun Mng* BeMetals * BeMetals Benchmark Met* Benchmark Met Benton Res Benton Res* Benz Mining Benz Mining* Bessor Min Bird River Res Bitterroot Res* Bitterroot Res Black Dragon* Black Hills* Black Iron Black Iron* Black Mammoth* Black Mammoth Black Mountain Black Tusk Res* Black Tusk Res Blackrock Gold Blackrock Gold* Blind Creek BLOX Inc* Blue Lagoon Blue Lagoon* Blue Moon Zinc* Blue Moon Zinc Blue River Res Blue River Res* Blue Sky Uran* Blue Sky Uran Blue Star Gold* Blue Star Gold Blue Thunder BlueBird Batt* BlueBird Batt Bluestone Res Bluestone Res* BMEX Gold BMEX Gold* Bold Ventures* Bold Ventures Bonanza Gold* Bond Resources BonTerra Res

X 50218 T 24030 V 807 C 4714 O 2770 O 7322 V 1758 O 256 O 64 V 344 V 267 O 7 N 120167 T 33412 O 10 V 182 V 2903 O 698 O 427 V 853 V 135 O 9 V 68 O 339 T 939 V 4235 O 4160 V 250 O 11 V 12 V 1305 O 348 V 8 V 845 O 1189 V 414 V 452 O 170 V 1087 T 2691 O 6427 O 65 V 185 O 274 V 1423 V 301 O 633 V 938 O 42 V 181 C 603 O 330 V 1530 O 4 N 2231 T 5178 O 344 O 1 V 120 V 58 O 346 C 4249 V 1040 O 1013 V 452 O 10111 C 383 O 242 O 361 V 1774 V 9440 O 639 O 956 V 1309 O 12 V 525 V 1144 O 949 V 4536 V 1651 O 185 V 765 O 673 O 47 V 859 O 31529 C 866 V 291

4.59 5.78 0.44 0.64 0.51 0.12 0.20 0.16 0.39 0.50 0.35 0.28 20.00 25.21 0.46 0.65 0.14 0.11 0.53 0.67 0.15 0.10 0.80 1.41 1.76 0.22 0.18 0.09 0.06 0.09 2.47 1.95 0.22 0.23 0.18 0.38 0.21 0.16 0.08 0.83 0.67 0.31 0.40 0.88 1.14 0.18 0.15 0.87 0.67 0.09 0.26 0.17 0.21 0.06 62.80 0.49 0.38 0.14 0.21 0.62 0.05 0.07 0.80 0.65 0.17 0.02 0.57 0.46 0.06 0.07 0.02 0.02 0.22 0.27 0.07 0.09 0.10 0.25 0.31 1.99 1.63 0.46 0.37 0.08 0.10 0.01 0.18 1.17

Last

12-month

High

Change

Stock

0.01 0.13 0.12 0.01 0.02 0.02 0.12 0.12 0.00 0.00 0.00 0.00 0.09 0.07 0.00 0.00 0.00 0.00 0.01 0.01 0.01 0.00 0.01 0.41 0.02 0.01 0.02 0.05 0.07 0.00 0.01 0.00 0.00 0.02 0.60 0.37 0.93 0.34 0.03 0.03 0.18 0.14 0.03 0.03 0.00 0.01 0.05 0.06 0.03 0.01 0.01 0.00 0.00 0.02 0.01 0.03 0.02 0.10 0.09 0.05 0.07 0.01 0.01 0.18 0.28 0.00 0.01 0.01 0.01 0.00 1.65 0.00 0.01 0.03 0.03 0.06 0.04 0.01 0.02 0.04 0.02 0.00 0.02 0.01

0.18 2.05 1.65 0.33 0.41 0.97 5.63 7.64 0.11 0.15 0.21 0.27 1.63 1.28 0.05 0.10 0.64 0.05 0.09 0.13 0.30 0.40 0.05 6.40 0.27 0.34 0.23 0.55 0.69 0.08 0.04 2.98 0.40 0.65 3.60 2.79 18.30 18.11 4.31 5.75 1.25 0.99 0.26 0.19 0.14 0.10 1.28 1.68 0.10 0.14 0.96 0.04 0.13 0.69 0.38 0.56 0.39 0.69 0.63 0.29 0.36 0.48 0.35 2.82 3.60 0.16 0.20 0.22 0.34 0.22 5.90 0.10 0.20 0.32 0.25 3.27 2.35 0.14 0.18 0.70 0.53 0.00 0.27 0.20

0.10 0.23 0.46 0.08 0.12 0.35 0.60 0.95 0.02 0.02 0.06 0.08 0.37 0.26 0.01 0.01 0.18 0.02 0.03 0.04 0.08 0.11 0.00 1.79 0.06 0.08 0.02 0.11 0.16 0.00 0.01 0.71 0.00 0.20 0.48 0.28 3.20 2.11 1.03 1.51 0.15 0.11 0.02 0.01 0.02 0.03 0.29 0.42 0.02 0.01 0.08 0.00 0.04 0.03 0.08 0.06 0.13 0.02 0.00 0.02 0.03 0.05 0.13 0.26 0.27 0.06 0.04 0.04 0.05 0.04 0.65 0.04 0.06 0.07 0.05 0.78 0.60 0.01 0.02 0.04 0.03 0.00 0.08 0.05

0.14 0.18 0.05 0.14 0.09 0.01 0.02 0.02 0.01 0.01 0.01 0.03 1.17 1.36 0.01 0.01 0.02 0.01 0.07 0.11 0.01 0.02 0.20 0.01 0.02 0.02 0.01 0.00 0.00 0.01 0.22 0.17 0.00 0.05 0.05 0.05 0.02 0.00 0.00 0.00 0.02 0.04 0.03 0.04 0.06 0.02 0.00 0.07 0.07 0.00 0.03 0.01 0.03 0.00 3.39 0.05 0.03 0.00 0.02 0.01 0.02 0.01 0.14 0.11 0.02 0.00 0.01 0.01 0.00 0.01 0.00 0.01 0.02 0.02 0.01 0.00 0.01 0.03 0.04 0.08 0.05 0.02 0.01 0.02 0.03 0.01 0.01 0.07

7.55 9.99 0.44 0.71 1.12 0.14 0.39 0.90 0.55 0.70 0.40 0.28 31.22 41.09 0.58 0.75 0.24 0.21 1.15 1.19 0.16 0.13 0.90 1.80 2.28 0.24 0.19 0.09 0.06 0.09 4.17 3.04 0.60 0.34 0.25 0.44 0.45 0.32 0.11 1.44 1.10 0.42 0.57 1.22 1.64 0.30 0.22 1.40 1.10 0.10 0.26 0.19 0.25 0.10 81.01 0.49 0.38 0.19 0.26 0.75 0.08 0.10 1.61 1.22 0.27 0.14 1.45 1.15 0.07 0.08 0.03 0.02 0.23 0.28 0.12 0.16 0.15 0.26 0.40 2.43 1.84 1.05 0.65 0.11 0.16 0.04 0.43 1.62

2.16 3.12 0.03 0.08 0.06 0.01 0.03 0.02 0.14 0.21 0.03 0.08 12.65 17.52 0.07 0.11 0.02 0.02 0.23 0.15 0.05 0.03 0.51 0.37 0.54 0.05 0.03 0.03 0.04 0.02 0.75 0.50 0.10 0.06 0.06 0.06 0.01 0.02 0.02 0.21 0.18 0.09 0.12 0.12 0.17 0.05 0.03 0.07 0.05 0.03 0.04 0.02 0.03 0.00 48.07 0.05 0.03 0.02 0.04 0.35 0.03 0.04 0.07 0.05 0.02 0.00 0.43 0.27 0.00 0.01 0.01 0.00 0.04 0.06 0.04 0.04 0.06 0.16 0.08 0.99 0.75 0.08 0.16 0.03 0.03 0.00 0.11 0.63

B 4.29 4.51 + 5.42 5.72 + 0.28 0.28 0.35 0.41 0.27 0.33 0.09 0.09 0.17 0.18 0.14 0.14 0.35 0.36 0.46 0.48 + 0.26 0.30 0.24 0.28 + 18.80 19.84 + 23.81 25.11 + 0.45 0.45 + 0.57 0.58 + 0.12 0.12 0.09 0.10 0.43 0.44 0.54 0.55 0.13 0.13 0.10 0.10 0.00 0.51 1.20 1.30 1.53 1.66 + 0.17 0.18 + 0.13 0.14 + 0.09 0.09 unch 0.04 0.04 unch 0.00 0.08 + 2.06 2.07 1.64 1.64 0.22 0.22 unch 0.15 0.16 0.12 0.12 0.24 0.27 0.17 0.21 + 0.14 0.15 0.07 0.08 unch 0.62 0.71 unch 0.49 0.56 0.00 0.27 0.34 0.36 0.77 0.78 0.96 0.99 0.16 0.16 0.12 0.14 unch 0.72 0.79 0.58 0.60 0.07 0.09 unch 0.19 0.19 + 0.13 0.14 0.16 0.18 0.06 0.06 unch 58.53 62.55 + 0.37 0.42 + 0.30 0.32 + 0.00 0.14 0.13 0.17 0.60 0.60 0.04 0.04 0.06 0.06 0.63 0.65 0.50 0.52 0.12 0.12 0.01 0.01 0.51 0.53 0.39 0.42 0.04 0.04 + 0.06 0.06 + 0.01 0.02 unch 0.01 0.01 0.16 0.16 0.20 0.21 0.06 0.06 0.08 0.08 unch 0.08 0.09 0.20 0.23 + 0.24 0.28 + 1.75 1.76 1.37 1.40 0.38 0.44 + 0.30 0.32 0.05 0.06 0.06 0.06 0.01 0.01 0.11 0.13 1.04 1.06 -

(100s)

High Low

Week Last

12-month

Exc Volume

High

Low

Change

Boreal Metals* Boreal Metals Borneo Res Inv* Boundary Gold* Boundary Gold Bravada Gold* Bravada Gold Braveheart Res* Braveheart Res Bravo Multinat* Brazil Min* Brigadier Gold* Brigadier Gold BrightRock* Britannia Mng* Brixton Metals* Brixton Metals Brunswick Expl Bryn Res* BTU Metals* BTU Metals Buccaneer Gold Buenaventura* Buffalo Coal * Buffalo Coal Bullion Gold Bullion Gold* Bunker Hill Bushveld Min* BWR Explor

O 1845 V 2902 O 29258 O 44 V 187 O 164 V 807 O 1110 V 1707 O 448 O 228483 O 462 V 1097 O 1265 O 866 O 2151 V 2286 V 83 O 1925 O 74 V 3712 C 322 N 5926 O 8 V 222 V 331 O 197 C 1228 O 163 V 462

0.10 0.11 0.00 0.05 0.06 0.09 0.12 0.09 0.11 0.45 0.03 0.19 0.24 0.03 0.01 0.21 0.26 0.24 0.03 0.09 0.12 0.07 11.80 0.02 0.03 0.15 0.11 0.39 0.35 0.04

0.07 0.08 + 0.08 0.10 + 0.00 0.00 0.03 0.03 0.05 0.05 unch 0.08 0.08 0.09 0.10 0.07 0.07 0.09 0.09 0.20 0.21 0.02 0.02 0.15 0.16 0.20 0.21 0.01 0.03 0.01 0.01 + 0.16 0.18 0.21 0.23 0.20 0.23 + 0.02 0.03 + 0.08 0.08 0.11 0.11 0.06 0.06 10.89 11.52 + 0.02 0.02 + 0.02 0.02 0.12 0.12 0.09 0.09 0.34 0.35 + 0.22 0.27 0.00 0.04 unch

C2C Gold* C3 Metals* C3 Metals Cabral Gold* Cabral Gold Cache Explor Cache Explor* Cadence Min* Cadillac Vent* Cadillac Vent Caledonia Mng* Calibre Mng* Calibre Mng California Gld* California Gld Callinex Mines* Callinex Mines Cameco Corp* Cameco Corp Cameo Cobalt* Camino Min Camino Min* Camrova Res* Canada Carbon Canada Carbon* Canada Nickel Canada Nickel* Canada One* Canada One Canada Rare Canada Rare* Canada Silver* Canada Silver Canadian Metal* Canadian Metal Canadian Prem Canadian Silv Canagold Res* Canagold Res CanAlaska Uran CanAlaska Uran* Canamex Gold* Canasil Res Candelaria Mg Candelaria Mg* Candente Coppr Candente Gold* Candente Gold CANEX Metals * CANEX Metals CaNickel Mng* CaNickel Mng Canoe Mng Vent Canoe Mng Vent* Canstar Res* Canstar Res Canterra Min* Canterra Min Cantex Mn Dev Cantex Mn Dev* Canuc Res Canuc Res* Capella Min* Capella Min Capitan Mining Capitan Mining* Capstone Mng Cardero Res* Cardero Res Cariboo Rose Carlin Gold Carlyle Comm* Carrara Explor Cartier Iron Cartier Res* Cartier Res Casa Minerals Casa Minerals * Cascadero Copp Cassiar Gold Cassius Vents Castle Peak Mg CAT Strategic CAT Strategic* CAVU Mining Cdn Goldcamps Cdn Goldcamps* CDN Maverick* Cdn Palladium Cdn Palladium* CellCube Enrgy* Centamin Centaurus Diam* Centerra Gold Central Afric Central Afric* Central Iron Century Cobalt* Century Global* Century Global Cerrado Gold Cerro de Pasc * Cerro de Pasc Cerro Grande* Cerro Grande Ceylon Graph Chakana Copper Chakana Copper* Chalice Gold M* Champion Bear* Champion Bear Champion Iron* Champion Iron Chatham Rock Chatham Rock* Chesapeake Gld* Chesapeake Gld Chevron Corp* Chiboug Ind Mn Chiboug Ind Mn* Chilean Metals Chilean Metals* China Gold Int Clarity Gold Clarity Gold* Class 1 Nickel Clean Air Met Clean Comm* Cleghorn Mnls Cleveland-Clif* Cliffmont Res Clifton Mng* CMC Metals CMC Metals* CNRP Mng Cobalt Block* Cobalt Block Coeur Mng* Colibri Res* Colibri Res Colombia Crest* Colombia Crest

O 105 O 190 V 6488 O 131 V 1075 V 1015 O 744 O 0 O 5 V 36 X 524 O 630 T 4342 O 18 C 138 O 167 V 147 N 46963 T 9790 O 56 V 830 O 69 O 40 V 1451 O 22 V 2136 O 847 O 10 V 311 V 1797 O 814 O 1593 V 4058 O 1 C 104 V 183 V 68 O 420 T 528 V 1445 O 875 O 13 V 769 V 86 O 4 T 975 O 5 V 265 O 5 V 194 O 1 V 238 V 66 O 1 O 147 V 406 O 45 V 66 V 142 O 30 V 519 O 35 O 74 V 1490 V 414 O 73 T 7424 O 270 V 1184 V 115 V 212 O 72 C 5074 C 1367 O 217 V 568 V 110 O 13 V 1142 V 787 V 2 V 782 C 4836 O 226 C 16 C 671 O 91 O 21 C 1813 O 768 O 1657 T 145 O 675 T 8663 V 80 O 7 V 884 O 74 O 10 T 11 V 493 O 137 C 674 O 100 C 708 V 3089 V 743 O 703 O 29 O 72 V 96 O 88 T 2718 V 80 O 38 O 134 V 149 N 82459 V 657 O 1 V 5260 O 692 T 1100 C 259 O 14 C 92 V 1477 O 33 V 247 N 109391 V 48 O 66 V 2212 O 916 C 3472 O 1569 V 1724 N 27115 O 12 V 745 O 2 V 47

0.15 0.15 0.18 0.50 0.64 0.18 0.14 0.00 0.04 0.04 14.76 1.38 1.63 0.11 0.14 3.50 4.42 17.99 22.74 0.43 0.19 0.15 0.05 0.22 0.17 4.00 3.34 0.07 0.10 0.18 0.15 0.45 0.56 0.20 0.31 0.34 0.10 0.42 0.54 0.60 0.47 0.03 0.15 0.64 0.49 0.23 0.06 0.09 0.10 0.13 0.16 0.26 0.15 0.14 0.21 0.25 0.35 0.45 1.00 0.79 0.33 0.26 0.08 0.09 0.26 0.21 3.94 0.08 0.10 0.08 0.07 0.11 0.04 0.15 0.25 0.32 0.19 0.12 0.04 0.47 0.00 0.03 0.08 0.07 0.64 0.14 0.10 0.29 0.13 0.10 0.06 1.85 0.05 12.69 0.19 0.16 0.10 0.08 0.21 0.27 1.15 0.28 0.36 0.01 0.04 0.30 0.63 0.50 3.49 0.09 0.12 4.66 5.89 0.16 0.11 3.66 4.61 109.13 0.18 0.14 0.44 0.38 3.80 1.55 1.21 0.90 0.37 0.22 0.12 15.00 0.17 0.29 0.20 0.16 0.65 0.12 0.15 9.33 0.09 0.11 0.23 0.31

0.14 + 0.12 0.14 0.44 0.57 0.18 + 0.13 + 0.11 unch 0.03 + 0.04 unch 14.05 1.13 1.48 0.10 0.11 2.89 3.68 15.80 + 19.99 + 0.31 0.18 + 0.13 0.01 unch 0.20 unch 0.14 3.32 2.63 0.07 + 0.10 + 0.12 0.10 0.36 0.45 0.20 unch 0.21 0.25 0.09 0.35 0.45 0.48 0.39 0.03 unch 0.12 0.54 0.45 0.20 0.06 unch 0.07 unch 0.10 unch 0.13 + 0.16 unch 0.26 + 0.14 0.13 0.18 0.22 0.34 + 0.36 0.90 0.75 0.30 + 0.23 0.05 0.09 + 0.24 0.18 3.60 0.07 0.07 0.07 0.07 unch 0.08 0.03 0.11 0.24 0.29 0.19 + 0.12 unch 0.03 0.44 0.07 unch 0.03 unch 0.07 0.06 + 0.64 + 0.11 0.10 unch 0.29 + 0.11 0.08 0.05 1.82 0.05 + 12.45 + 0.17 0.14 0.08 + 0.05 0.21 unch 0.27 + 0.99 0.25 0.30 0.01 unch 0.04 + 0.25 0.51 0.41 3.16 0.07 0.10 4.29 + 5.50 + 0.16 0.10 + 3.26 4.06 109.00 + 0.15 0.14 unch 0.42 unch 0.33 + 3.79 + 1.46 1.15 0.85 0.35 + 0.20 0.12 unch 14.12 + 0.16 0.29 + 0.18 0.15 0.52 0.09 0.11 8.77 0.08 0.11 + 0.22 0.28 unch

Exc Volume

Week

Stock

0.00 0.01 0.00 0.00 0.00 0.01 0.02 0.02 0.02 0.10 0.00 0.02 0.02 0.00 0.00 0.02 0.02 0.01 0.01 0.01 0.01 0.01 0.46 0.00 0.01 0.01 0.01 0.01 0.00 0.00

0.10 0.14 0.01 0.08 0.08 0.19 0.25 0.13 0.17 0.55 0.10 0.45 0.62 0.04 0.03 0.42 0.57 0.28 0.06 1.00 0.43 0.14 14.32 0.03 0.04 0.28 0.19 1.01 0.60 0.06

0.07 0.03 0.00 0.00 0.01 0.03 0.05 0.03 0.05 0.05 0.00 0.07 0.05 0.01 0.00 0.05 0.08 0.05 0.02 0.00 0.10 0.06 5.12 0.00 0.01 0.01 0.01 0.10 0.00 0.02

0.00 0.01 0.03 0.03 0.03 0.01 0.00 0.00 0.00 0.00 0.11 0.07 0.06 0.01 0.01 0.21 0.26 0.14 0.02 0.12 0.01 0.00 0.00 0.00 0.03 0.18 0.09 0.02 0.03 0.05 0.03 0.05 0.06 0.00 0.02 0.10 0.02 0.07 0.09 0.07 0.05 0.00 0.02 0.10 0.05 0.02 0.00 0.00 0.00 0.01 0.00 0.04 0.01 0.01 0.03 0.03 0.00 0.07 0.01 0.00 0.02 0.01 0.02 0.01 0.02 0.02 0.27 0.01 0.03 0.01 0.00 0.02 0.01 0.03 0.01 0.01 0.05 0.00 0.01 0.03 0.00 0.00 0.01 0.00 0.10 0.03 0.00 0.04 0.01 0.01 0.01 0.03 0.02 0.10 0.02 0.01 0.01 0.01 0.00 0.01 0.21 0.03 0.07 0.00 0.01 0.03 0.06 0.05 0.36 0.01 0.01 0.18 0.26 0.01 0.00 0.32 0.49 9.00 0.04 0.00 0.00 0.00 0.70 0.08 0.07 0.01 0.01 0.03 0.00 0.78 0.02 0.00 0.03 0.01 0.03 0.02 0.03 0.24 0.01 0.01 0.02 0.00

0.17 0.15 0.19 0.70 0.88 0.33 2.08 0.11 0.04 0.06 29.39 2.40 2.80 0.23 0.30 5.26 6.50 17.99 22.74 0.45 0.19 0.15 0.10 0.39 0.28 4.54 3.68 0.07 0.10 0.22 0.18 0.60 0.77 0.27 0.45 0.48 0.16 0.78 0.95 0.62 0.50 0.07 0.26 0.68 0.52 0.27 0.08 0.11 0.25 0.33 0.22 0.27 0.30 0.14 0.29 0.40 0.37 0.48 1.76 1.29 0.33 0.26 0.09 0.12 0.50 2.00 4.18 0.08 0.10 0.10 0.07 0.33 0.10 0.19 0.30 0.35 0.19 0.15 0.06 1.20 0.10 0.03 0.10 0.08 0.64 0.55 0.35 1.00 0.18 0.16 0.15 4.04 0.10 19.59 0.43 0.34 0.25 0.15 0.25 0.33 1.25 0.35 0.49 0.05 0.06 0.62 0.80 0.61 3.75 0.16 0.27 4.66 5.89 0.32 0.18 5.75 7.61 109.13 0.19 0.14 0.44 0.38 3.97 1.70 1.48 1.11 0.49 0.31 0.15 18.77 0.20 0.35 0.27 0.21 0.82 0.14 0.17 12.60 0.09 0.12 0.35 0.44

0.01 0.03 0.03 0.05 0.07 0.04 0.00 0.04 0.01 0.01 6.51 0.00 0.46 0.08 0.11 0.22 0.32 5.30 7.69 0.00 0.08 0.05 0.00 0.12 0.11 0.38 0.67 0.01 0.02 0.03 0.02 0.18 0.25 0.05 0.01 0.10 0.05 0.35 0.03 0.09 0.06 0.00 0.05 0.05 0.03 0.02 0.01 0.01 0.07 0.10 0.04 0.04 0.10 0.11 0.00 0.02 0.12 0.05 0.46 0.33 0.04 0.03 0.02 0.02 0.21 0.11 0.33 0.01 0.02 0.04 0.01 0.00 0.01 0.03 0.05 0.07 0.02 0.03 0.01 0.25 0.04 0.01 0.01 0.05 0.20 0.09 0.07 0.07 0.06 0.05 0.01 1.52 0.01 5.52 0.05 0.02 0.01 0.00 0.05 0.05 0.94 0.18 0.24 0.00 0.01 0.06 0.08 0.05 0.08 0.07 0.08 0.77 0.96 0.06 0.04 1.01 1.40 51.60 0.07 0.07 0.03 0.01 0.45 0.22 0.68 0.50 0.27 0.05 0.04 2.63 0.05 0.07 0.03 0.02 0.06 0.02 0.03 1.98 0.03 0.04 0.05 0.05

Colonial Coal Colt Res* Commander Res Commander Res* Commerce Res Commerce Res* Compass Gold* Compass Gold Comstock Mng* Comstock Mtls Comstock Mtls * Condor Gold* Condor Gold Condor Res* Condor Res Confedertn Ml* Confedertn Mls Conic Metals Conic Metals* Conquest Res Conquest Res * Cons Woodjam CONSOL Energy* CONSOL Energy* Constantine Mt* Constantine Mt Contact Gold* Contact Gold Contact Mnrls* CopAur Min CopAur Min* Copper Fox Mtl* Copper Fox Mtl Copper Lake Rs Copper Mtn Mng* Copper Mtn Mng Copper One * Copperbank Res Copperbank Res* Cordoba Mnls Cordoba Mnls* Core Assets Cornerstone Ca* Cornerstone Ca Corsa Coal * Corsa Coal Cortus Metals Corvus Gold* Corvus Gold Crest Resource Crest Resource* Crestview Expl Cresval Cap Critical Elem* Critical Elem Cross River* Cross River Crown Mining Crown Mining* Cruz Cobalt* Cruz Cobalt CTGX Mining* Currie Rose Rs* Currie Rose Rs CWN M’g Acq Cyon Explor* Cyon Explor Cypress Dev* Cypress Dev

V O V O V O O V X V O O T O V O V V O V O V N N O V O V O V O O V V O T O C O V O C O V O V V D T C O C V O V O C V O O C O O V V O V O V

469 10 106 4 543 273 5 526 14629 9 16 40 42 70 433 55 433 1737 332 1344 43 724 1726 17409 58 88 235 1151 50 749 30 353 1034 2491 1099 7347 1159 1926 2148 72 28 196 12 60 42 82 475 793 987 484 101 1108 685 419 1324 62 688 1271 167 703 1783 8 16 31 50 64 507 1550 2561

0.72 0.00 0.22 0.16 0.47 0.37 0.14 0.23 5.67 0.10 0.08 0.70 0.95 0.20 0.26 1.06 1.41 0.78 0.61 0.19 0.11 0.16 11.75 14.35 0.17 0.23 0.09 0.12 0.03 0.40 0.19 0.33 0.41 0.06 2.72 3.35 0.36 0.64 0.53 1.40 1.11 0.16 3.10 3.90 0.26 0.34 0.17 2.03 2.53 0.12 0.10 1.45 0.07 1.20 1.50 0.23 0.27 0.36 0.29 0.10 0.12 0.20 0.04 0.05 0.08 0.17 0.22 1.19 1.49

Dajin Lithium* Dajin Res Dakota Ter Res* Damara Gold Damara Gold* Danakali* Decade Res Decade Res* Deep-South Res Deep-South Res* DeepRock Min Defense Metals* Defense Metals Defiance Silvr Defiance Silvr* Delrand Res Denison Mines Denison Mines* Desert Gold Desert Gold* Desert Mtn Egy Diamante Min* Diamcor Mng Diamcor Mng* Diamond Disc* Diamond Fields Diamond Fields* Dios Expl Discovery Harb* Discovery Harb Discovery Met* Discovery Met Discovery Min* Discovery-Corp District Cop District Cop* District Metal* District Metal District Mines Ditem Explor* Diversified Rs* Dixie Gold DNI Metals* Dolat Ventures* Dolly Vard Sil* Dolly Vard Sil Dore Copper Doubleview Gld Doubleview Gld* DRDGOLD* Dundee Prec Mt Durango Res* Durango Res Duro Metals DV Resources* DV Resources Dynacor Gld Mn Dynacor Gld Mn* Dynamic Gold* DynaResource* Dynasty Gold Dynasty Gold* E2Gold Inc E3 Metals* E3 Metals E79 Res Eagle Graphite* Eagle Graphite Eagle Plains Earl Res East Africa East Africa * EastCoal Inc Eastern Platin* Eastern Platin Eastfield Res Eastfield Res* Eco Oro Mnls Eco Oro Mnls* Edgemont Gold Edgewater Expl Edison Cobalt Edison Cobalt* El Capitan Prc* El Nino Vent* El Nino Vent Elcora Adv Mat Elcora Res* Eldorado Gold* Eldorado Gold Eloro Res* Eloro Res Ely Gold Royal Ely Gold Royal* Elysee Dev Elysee Dev * Emerita Res Emerita Res* Emgold Mining Emgold Mining* Eminent Gold Eminent Gold* EMX Royalty*

1796 O 1229 V 92 O 638 V 113 O 199 O 1233 V 262 O 4022 V 605 O 513 C 1965 O 2118 V 2906 V 1991 O 402 V T 17073 X 190866 641 V 62 O 1145 V 234 O 842 V 55 O 4664 O 140 V 272 O 547 V 190 O 2574 V 2632 O 4700 V O 611633 39 V 5101 V 34 O 132 O 587 V 160 V 72 O 755 O 99 V 410 O 41 O 1468 O 1607 V 455 V 1091 V 395 O 1829 N 3576 T 43 O 609 V 4 V 14 O 122 V 247 T 57 O 0 O 3 O 175 V 54 O 154 V 1659 O 2205 V 22 C 144 O 523 V 504 V 21 V 522 V 36 O 3 V 38 O 476 T 207 V 33 O 197 C 33 O 325 C 110 V 894 V 26 O 3839 O 56 O 5 V 2025 V 566 O N 13496 3446 T 478 O 1186 V 1267 V 1135 O 123 V 114 O 1703 V 35 O 569 V 78 O 64 V 11 O 1913 X

0.12 0.15 0.49 0.15 0.10 0.47 0.07 0.06 0.26 0.19 0.07 0.46 0.56 0.69 0.54 0.12 1.67 1.33 0.17 0.14 1.95 0.04 0.15 0.12 0.01 0.31 0.26 0.08 0.07 0.06 1.93 2.44 0.00 0.12 0.04 0.03 0.43 0.54 0.13 0.01 0.00 0.28 0.01 0.32 0.63 0.80 0.96 0.40 0.32 9.57 8.00 0.08 0.10 0.15 0.11 0.12 2.08 1.64 1.50 0.95 0.14 0.12 0.16 3.00 3.74 0.85 0.23 0.29 0.19 0.52 0.40 0.30 0.11 0.33 0.41 0.09 0.07 0.09 0.07 0.31 0.25 0.23 0.18 0.01 0.05 0.05 0.14 0.12 11.49 14.47 3.52 4.50 0.92 0.73 0.61 0.50 0.30 0.33 0.07 0.05 0.86 0.56 3.33

C 0.13 0.12 0.14 0.40 0.50 0.12 0.09 0.00 0.03 0.00 13.30 1.07 1.36 0.09 0.11 2.76 3.41 14.50 18.41 0.31 0.17 0.00 0.01 0.17 0.00 3.05 2.40 0.05 0.07 0.12 0.09 0.33 0.42 0.20 0.18 0.23 0.08 0.35 0.44 0.45 0.35 0.01 0.12 0.51 0.40 0.18 0.06 0.06 0.10 0.12 0.16 0.00 0.00 0.00 0.15 0.19 0.32 0.36 0.90 0.75 0.27 0.22 0.05 0.08 0.21 0.17 3.28 0.06 0.07 0.07 0.06 0.08 0.03 0.11 0.20 0.29 0.00 0.12 0.03 0.40 0.00 0.02 0.06 0.06 0.55 0.11 0.10 0.25 0.11 0.08 0.05 1.77 0.02 11.81 0.00 0.00 0.07 0.03 0.21 0.00 0.94 0.24 0.30 0.01 0.02 0.22 0.51 0.40 3.16 0.07 0.10 4.14 5.22 0.13 0.09 3.05 3.85 101.40 0.15 0.14 0.35 0.29 2.91 1.37 1.10 0.81 0.31 0.18 0.12 12.77 0.16 0.24 0.16 0.12 0.46 0.08 0.10 8.04 0.00 0.09 0.00 0.28

(100s)

High Low

High

Low

Last

12-month Change

0.66 0.71 0.00 0.00 unch 0.19 0.19 + 0.15 0.16 0.35 0.38 0.28 0.32 + 0.14 0.14 + 0.18 0.23 3.60 4.33 0.09 0.09 + 0.07 0.08 0.61 0.61 0.81 0.81 0.17 0.18 0.23 0.24 0.80 0.86 1.01 1.05 0.49 0.61 0.40 0.49 + 0.12 0.15 + 0.00 0.11 0.13 0.16 unch + 10.06 11.23 + 12.60 13.94 + 0.16 0.17 + 0.20 0.23 + 0.08 0.09 0.11 0.11 0.03 0.03 unch + 0.22 0.40 0.19 0.19 unch 0.26 0.28 0.33 0.36 0.05 0.05 2.16 2.36 2.73 2.98 0.20 0.26 0.44 0.49 0.35 0.38 1.10 1.24 0.98 0.99 0.13 0.16 unch 2.78 2.88 3.51 3.65 + 0.00 0.24 0.27 0.30 unch 0.14 0.15 1.71 1.77 2.19 2.24 + 0.10 0.12 + 0.09 0.10 0.79 1.04 0.05 0.05 0.96 0.99 1.20 1.29 0.12 0.15 0.20 0.21 0.25 0.28 unch 0.00 0.23 0.07 0.08 0.09 0.10 0.03 0.03 unch 0.04 0.04 unch 0.00 0.05 unch 0.07 0.07 unch 0.12 0.13 0.15 0.16 0.90 0.92 1.13 1.15

High Low

0.01 0.00 0.03 0.01 0.08 0.04 0.00 0.05 1.08 0.01 0.00 0.12 0.14 0.03 0.03 0.19 0.28 0.11 0.07 0.01 0.00 0.00 0.42 1.33 0.01 0.03 0.00 0.01 0.00 0.16 0.00 0.03 0.03 0.01 0.12 0.17 0.02 0.17 0.13 0.06 0.11 0.00 0.19 0.25 0.01 0.00 0.02 0.11 0.17 0.01 0.01 0.35 0.02 0.14 0.16 1.07 0.06 0.00 0.03 0.02 0.02 0.00 0.00 0.00 0.00 0.04 0.05 0.17 0.22

0.94 0.00 0.23 0.18 0.50 0.39 0.23 0.32 9.85 0.14 0.17 2.59 1.40 0.50 0.44 2.06 2.78 0.85 0.68 0.36 0.26 0.30 12.50 14.35 0.24 0.25 1.00 0.28 0.05 0.40 0.19 0.37 0.47 0.07 3.00 3.57 0.69 0.82 0.65 2.21 1.70 0.20 5.00 6.53 0.32 0.42 0.35 3.29 4.26 0.22 0.12 2.53 0.16 1.28 1.63 1.22 0.50 0.36 0.29 0.14 0.18 0.20 0.04 0.06 0.21 0.17 0.38 2.00 2.45

0.21 0.00 0.05 0.04 0.11 0.07 0.10 0.14 0.33 0.05 0.01 0.03 0.37 0.00 0.04 0.17 0.21 0.12 0.09 0.05 0.10 0.02 3.35 4.26 0.09 0.12 0.00 0.08 0.01 0.07 0.11 0.03 0.01 0.01 0.19 0.28 0.01 0.10 0.12 0.77 0.51 0.07 1.08 1.36 0.08 0.12 0.12 0.72 0.99 0.04 0.07 0.29 0.02 0.16 0.17 0.01 0.17 0.02 0.01 0.01 0.03 0.00 0.02 0.02 0.03 0.12 0.15 0.08 0.11

0.02 0.03 0.00 0.02 0.01 0.02 0.01 0.00 0.04 0.04 0.02 0.08 0.11 0.14 0.09 0.04 0.10 0.05 0.02 0.01 0.23 0.00 0.05 0.03 0.00 0.02 0.01 0.01 0.00 0.01 0.30 0.42 0.00 0.00 0.01 0.00 0.09 0.08 0.00 0.00 0.00 0.03 0.00 0.03 0.06 0.07 0.07 0.05 0.03 0.10 0.15 0.01 0.02 0.00 0.01 0.02 0.12 0.10 0.00 0.03 0.01 0.00 0.01 0.59 0.81 0.05 0.01 0.04 0.01 0.07 0.06 0.06 0.01 0.05 0.05 0.01 0.00 0.01 0.01 0.06 0.02 0.04 0.03 0.01 0.00 0.00 0.04 0.03 0.86 1.04 0.45 0.58 0.07 0.05 0.03 0.04 0.07 0.06 0.00 0.00 0.06 0.12 0.28

0.16 0.20 0.96 0.20 0.16 0.47 0.14 0.10 0.30 0.25 0.09 0.59 0.75 1.05 0.83 0.42 2.29 1.81 0.35 0.26 2.11 0.04 0.16 0.12 0.01 0.45 0.35 0.24 0.13 0.16 2.18 2.84 0.00 0.12 0.05 0.04 0.47 0.59 0.17 0.02 0.03 0.41 0.09 0.51 0.91 1.17 1.33 0.48 0.34 18.05 10.73 0.13 0.18 0.27 0.14 0.20 2.62 1.98 3.00 1.10 0.15 0.12 0.24 4.22 5.37 0.95 0.28 0.38 0.19 0.55 0.58 0.39 0.11 0.43 0.57 0.09 0.07 0.10 0.07 0.31 0.27 0.25 0.19 0.02 0.05 0.07 0.19 0.16 14.49 18.90 4.65 5.88 2.09 1.54 0.69 0.55 0.40 0.33 0.16 0.12 0.86 0.68 3.81

0.01 0.02 0.10 0.02 0.01 0.16 0.01 0.00 0.03 0.02 0.01 0.03 0.07 0.06 0.03 0.07 0.24 0.19 0.05 0.05 0.14 0.01 0.06 0.05 0.00 0.09 0.04 0.05 0.02 0.03 0.16 0.22 0.00 0.06 0.01 0.00 0.09 0.13 0.06 0.00 0.00 0.07 0.00 0.03 0.12 0.17 0.45 0.04 0.04 3.06 3.20 0.03 0.04 0.13 0.03 0.05 0.99 0.70 1.00 0.30 0.04 0.03 0.13 0.11 0.19 0.02 0.01 0.02 0.07 0.09 0.08 0.07 0.09 0.12 0.18 0.03 0.02 0.04 0.02 0.10 0.04 0.02 0.12 0.00 0.01 0.02 0.02 0.01 4.60 6.29 0.17 0.20 0.47 0.32 0.28 0.19 0.02 0.05 0.03 0.03 0.15 0.47 1.18

D-F 0.07 0.08 0.10 0.11 0.40 0.49 unch 0.12 0.13 + 0.09 0.09 0.41 0.42 0.06 0.07 0.04 0.05 0.19 0.20 0.15 0.15 0.05 0.05 0.29 0.33 0.36 0.42 0.53 0.58 0.42 0.46 0.07 0.08 1.11 1.26 0.86 1.00 0.15 0.15 0.00 0.12 + 1.51 1.82 0.03 0.03 0.10 0.10 0.09 0.09 0.00 0.00 0.26 0.27 0.20 0.21 0.07 0.07 0.04 0.04 0.05 0.05 1.41 1.53 1.78 1.91 0.00 0.00 0.08 0.12 unch 0.02 0.03 0.00 0.02 0.32 0.34 0.41 0.42 0.00 0.13 unch 0.00 0.00 0.00 0.00 0.22 0.25 + 0.01 0.01 0.20 0.27 0.49 0.52 0.62 0.66 0.81 0.84 0.31 0.34 0.23 0.28 + 8.82 9.17 7.22 7.76 0.07 0.07 0.08 0.08 0.15 0.15 unch + 0.10 0.11 + 0.00 0.12 1.89 1.90 0.00 1.50 1.50 1.50 unch 0.62 0.95 0.13 0.13 0.10 0.10 unch 0.13 0.15 1.78 2.18 2.25 2.75 0.75 0.77 0.19 0.21 0.22 0.25 0.17 0.17 0.46 0.46 0.28 0.32 0.00 0.24 0.11 0.11 0.00 0.28 0.35 0.37 0.08 0.08 0.06 0.06 + 0.00 0.07 + 0.05 0.06 + 0.22 0.30 0.22 0.22 0.16 0.17 0.00 0.14 0.01 0.01 0.04 0.04 unch 0.05 0.05 unch 0.10 0.11 0.07 0.08 + 10.22 11.34 + 12.94 14.37 2.81 2.97 3.57 3.75 0.78 0.82 0.61 0.65 0.54 0.56 0.42 0.44 0.20 0.24 0.16 0.17 0.06 0.07 unch 0.05 0.05 0.58 0.60 0.55 0.55 2.81 2.96

GLOBAL MINING NEWS

(100s) Stock

Exc Volume

EMX Royalty Encanto Potash* Encanto Potash EnCore Energy Endeavour Mng Endeavour Mng* Endeavr Silver* Endeavr Silver Endurance Gold* Endurance Gold Enduro Metals Enduro Metals* Energy Fuels Energy Fuels* Engineer Gold Engold Mines Engold Mines* Ensurge* Entree Res* Entree Res Equinox Gold* Equinox Gold Equitorial Ex Equitorial Ex* Equity Metals Equity Metals* Erdene Res Dev* Erdene Res Dev Erin Ventures* Erin Ventures Ero Copper Ero Copper* Eros Res Corp* Eros Res Corp Eros Res Corp Eskay Mng* Eskay Mng Essex Minerals Ethos Gold* Ethos Gold Etruscus Res* Etruscus Res Euro Manganese Euro Sun Mg Euro Sun Mg* EurOmax Res* EurOmax Res European Elect* European Elect European Metal* Eurotin Evergold Evergold* Everton Res* EVI Global Grp Evolution Glob Evolving Gold Evolving Gold* Evrim Res Excellon Res* Excellon Res Excelsior Mng* Excelsior Mng ExGen Res Inc ExGen Res Inc* Explorex Res* Explorex Res Fabled Silver Fabled Silver* Fairmile Gold* Fairmont Res* Falco Res Falco Res * Falcon Gold Falcon Gold* Fancamp Expl Far Res* Far Res FenixOro Gold FenixOro Gold* Fidelity Min Fidelity Min* Filo Mg Corp * Filo Mg Corp Finlay Minrls Fiore Gold* Fiore Gold Fiore Gold* Fire River Gol* Fire River Gol FireFox Gold FireFox Gold* Firestone Vent Fireweed Zinc Fireweed Zinc* First Cobalt First Cobalt * First Energy First Energy* First Majestic* First Majestic First Mg Fin * First Mg Fin First Point* First Quantum First Vanadium First Vanadium* Fission 3.0 Fission 3.0* Fission Uran* Fission Uran Five Star Diam Five Star Diam* Fjordland Exp* Fjordland Exp Flow Metals Flowery Gold* Focus Graphite* Focus Graphite Focus Minerals* Fokus Mining Foran Mng Forsys Metals Fort St J Nick Fortescue Met* Fortuna Silvr Fortuna Silvr* Fortune Bay Fortune Bay* Fortune Mnrls* Fortune Mnrls Forum Energy Forum Energy* Fosterville Four Nines Fox River Res Fox River Res* FPX Nickel Franco-Nevada* Franco-Nevada Franklin Mng* Freegold Vent Freeman Gold* Freeman Gold Freeport McMoR* Freeport Res Fremont Gold Fresnillo plc* Frontier Lith Frontline Gold Full Metal Mnl* Fury Gold Fury Gold* Fuse Cobalt* Fuse Cobalt

V 143 O 183 V 215 V 2509 T 3948 O 312 N 26875 T 5789 O 239 V 741 V 2019 O 1245 T 4857 X 37946 V 259 V 2667 O 56 O 26 O 366 T 968 X 9828 T 4930 V 132 O 9 V 1215 O 582 O 239 T 1840 O 489 V 1179 T 1212 O 12 O 145 V 720 V 720 O 675 V 1097 V 333 O 375 V 830 O 4 C 214 V 692 T 2966 O 359 O 1 T 211 O 67 V 71 O 52 V 383 V 350 O 11 O 116 C 3079 C 0 C 194 O 1 V 778 X 345 T 660 O 1455 T 2662 V 60 O 90 O 6 C 7 V 9131 O 1850 O 1 O 1216 V 668 O 159 V 930 O 107 V 1342 O 1441 C 6642 C 836 O 857 V 1354 O 1 O 41 V 2387 V 57 O 803 V 955 O 427 O 2 V 151 V 1489 O 120 V 290 V 1035 O 139 V 10571 O 5907 C 737 O 122 N 36979 T 6850 O 4551 T 4896 O 603 T 12398 V 351 O 421 V 1873 O 530 O 4402 T 11913 V 664 O 5 O 22 V 268 C 282 O 0 O 6839 V 18543 O 1 V 1818 V 1823 T 1331 V 159 O 31 T 4831 N 20751 V 179 O 11 O 401 T 1321 V 1766 O 1248 V 460 C 115 C 56 O 2 V 1093 N 5780 T 3147 O 1075 T 2605 O 34 C 752 N 130936 V 639 V 5698 O 83 V 2310 V 1008 O 5 T 1349 X 2799 O 2480 V 6604

G2 Goldfields* G2 Goldfields Gabriel Res Gabriel Res* Gaia Metals* Gaia Metals Gainey Capital Galane Gold * Galane Gold Galantas Gold Galantas Gold* Galiano Gold Galiano Gold* Galleon Gold* Galleon Gold Galore Res Galway Gold * Galway Gold Galway Mtls* Galway Mtls Gambier Gold* Gambier Gold Garibaldi Res * Garibaldi Res

O V V O O V V O V V O T X O V V O V O V O V O V

THE NORTHERN MINER / MARCH 15—28, 2021

Week High

Low

4.18 0.08 0.10 1.19 25.07 19.67 6.38 8.04 0.31 0.41 0.19 0.16 8.78 6.95 0.06 0.04 0.04 0.03 0.55 0.70 8.44 10.69 0.22 0.22 0.26 0.19 0.35 0.44 0.08 0.11 22.99 17.73 0.08 0.10 0.10 1.89 2.40 0.23 0.18 0.22 0.28 0.36 0.65 0.39 0.30 0.09 0.11 0.19 0.24 0.14 0.03 0.25 0.19 0.11 0.13 0.00 0.08 0.07 0.32 3.50 4.40 0.76 0.95 0.13 0.10 7.53 9.50 0.28 0.30 0.00 0.70 0.41 0.32 0.10 0.08 0.11 0.16 0.20 0.39 0.32 0.14 0.11 1.91 2.49 0.08 0.90 1.15 0.19 0.36 0.33 0.20 0.14 0.15 0.95 0.76 0.39 0.30 0.40 0.33 18.65 23.58 0.31 0.39 0.73 28.59 0.42 0.34 0.14 0.11 0.51 0.64 0.05 0.03 0.14 0.18 0.08 0.00 0.18 0.22 0.24 0.22 0.95 0.57 0.23 18.01 9.83 7.77 1.21 0.96 0.10 0.13 0.40 0.35 1.65 0.51 0.28 0.22 0.91 112.17 141.47 0.05 0.71 0.41 0.53 36.20 0.19 0.07 13.13 1.10 0.03 0.06 1.83 1.46 0.13 0.16

3.55 0.07 0.08 0.99 23.12 18.11 5.07 6.45 0.24 0.30 0.17 0.12 5.78 4.53 0.06 0.04 0.02 0.02 0.53 0.66 7.79 9.89 0.17 0.14 0.19 0.15 0.28 0.35 0.07 0.08 19.95 15.80 0.00 0.08 0.08 1.43 1.82 0.19 0.15 0.19 0.25 0.28 0.49 0.30 0.22 0.00 0.07 0.15 0.19 0.00 0.02 0.23 0.00 0.10 0.10 0.00 0.00 0.00 0.28 2.87 3.63 0.60 0.76 0.11 0.10 7.05 8.90 0.17 0.13 0.00 0.55 0.35 0.22 0.08 0.06 0.09 0.12 0.15 0.29 0.23 0.12 0.11 1.78 2.23 0.07 0.75 0.95 0.14 0.26 0.23 0.14 0.11 0.13 0.81 0.64 0.29 0.23 0.34 0.27 15.13 19.21 0.26 0.33 0.55 24.96 0.37 0.29 0.11 0.09 0.40 0.50 0.04 0.03 0.13 0.12 0.06 0.00 0.12 0.16 0.00 0.17 0.77 0.44 0.22 16.85 7.96 6.26 1.00 0.00 0.08 0.11 0.32 0.25 1.36 0.42 0.25 0.22 0.70 105.62 133.63 0.02 0.58 0.37 0.46 31.50 0.15 0.05 12.07 0.85 0.03 0.06 1.49 1.17 0.08 0.11

Last

12-month Change

Stock

Gatling Explor Gatling Explor* Gatos Silver Gatos Silver* General Gold Generation Min Generation Min* Generic Gold* Generic Gold Genesis Mtls Genesis Mtls* Genius Metals Gensource Pot Gentor Res Geomega Res Geomega Res* Getchell Gold Getchell Gold * Getty Copper GFG Resources GFG Resources* GFM Res GGL Res GGL Res* GGX Gold* GGX Gold Giga Metals Giga Metals* Gitennes Expl Gitennes Expl * Giyani Gold* Giyani Gold GK Resources Glacier Lake Glacier Lake* Gldn Predator Gldn Predator* Glen Eagle Res* Glen Eagle Res Glencore Plc * Glencore Plc* Global Atomic* Global Atomic Global Battery* Global Battery Global Energy* Global Energy Global Li-Ion Global Li-Ion* GlobalMin Vent* Globex Mng* Globex Mng GMV Minerals* GMV Minerals GNCC Capital* Go Cobalt* Go Cobalt GobiMin GoGold Res Golcap Res Gold Basin Res Gold Bull Res* Gold Bull Res Gold Fields* Gold Fields* Gold Finder Ex* Gold Finder Ex Gold Hunter Rs Gold Line Res Gold Lion Res* Gold Lion Res Gold Mountain Gold Port Gold Reserve* Gold Reserve Gold Resource* Gold Rush Cari* Gold Rush Cari Gold Std Vents Gold Std Vents* Gold X Mining Gold’n Futures Gold79 Mines Gold79 Mines* Goldbank Mng Goldbank Mng* Goldbelt Emp Goldblock Cap Goldcliff Res* Goldcliff Res Goldcore Res Golden Arrow Golden Arrow* Golden Band* Golden Birch Golden Dawn Ml* Golden Dawn Ml Golden Goliath Golden Goliath* Golden Harp Golden Hope Golden Hope* Golden Indepen Golden Lake Golden Mnls* Golden Mnls Golden Pursuit* Golden Pursuit Golden Ridge Golden Secret Golden Share Golden Star Golden Star* Golden Star* Golden Sun* Golden Tag Golden Tag* Golden Valley Golden Valley* Goldex Res Goldex Res* Goldgroup Mng* Goldgroup Mng GoldHaven Res* Goldhills Hldg* Goldhills Hldg GoldMining GoldON Res GoldON Res* GoldQuest Mng Goldrea Res Goldrea Res* Goldrich Mng* Goldseek Res Goldseek Res* Goldsource Min* Goldsource Min Goldstar Mnls Goldstrike Res* Goldstrike Res Goliath Res* Goliath Res Gossan Res GoviEx Uranium GoviEx Uranium* Gowest Gold Gowest Gold* GPM Metals* GPM Metals GR Silver* GR Silver Gran Colombia Gran Colombia* Granada Gold Granada Gold* Grande Portage* Grande Portage Granite Creek* Granite Creek Graphite Egy* Graphite One* Graphite One Gratomic* Gratomic Graycliff Exp Great Atlantic Great Bear Res* Great Bear Res Great Lakes Gr* Great Panther* Great Panther Great Thunder* Green River* Green River Green Swan Cap Green Valley M Greencastle Rs Greenland M&En* Greenshield Ex Grenville Gold Grenville Gold* Grid Metals*

3.70 0.07 + 0.08 1.09 + 24.65 + 19.51 + 5.45 6.91 0.24 0.30 0.17 0.13 6.66 + 5.27 + 0.06 0.04 unch 0.03 0.02 0.55 + 0.68 unch 8.09 10.26 0.18 0.14 0.22 0.18 0.29 0.38 0.07 0.08 21.16 16.36 0.07 0.08 0.08 1.72 2.17 0.19 0.16 + 0.21 + 0.25 0.29 0.52 0.32 0.25 0.07 0.08 0.15 0.19 0.11 0.02 0.23 0.19 + 0.10 0.10 + 2.00 unch 0.08 0.07 unch 0.30 unch 3.04 3.88 0.65 0.82 0.11 0.10 unch 7.41 + 9.33 + 0.18 0.15 0.00 unch 0.58 0.37 0.28 0.08 0.06 0.09 0.14 0.18 unch 0.30 0.25 0.13 + 0.11 unch 1.81 2.30 0.08 + 0.79 1.02 0.16 0.26 + 0.27 + 0.14 0.11 0.14 + 0.83 0.65 0.33 0.25 0.37 0.28 15.95 20.27 0.29 0.37 0.62 26.92 0.40 unch 0.30 0.12 0.09 0.43 0.54 0.05 + 0.03 unch 0.13 0.14 0.06 0.05 unch 0.14 + 0.17 unch 0.24 unch 0.20 unch 0.87 0.52 + 0.22 17.10 8.47 6.68 1.00 0.79 0.09 0.12 unch 0.35 unch 0.28 1.38 0.51 + 0.25 0.22 unch 0.78 109.47 + 138.65 + 0.02 + 0.61 0.37 unch 0.46 35.02 + 0.17 0.05 12.50 0.97 0.03 0.06 unch 1.55 1.22 0.09 0.12 -

0.46 0.01 0.01 0.03 0.14 0.10 0.45 0.59 0.05 0.07 0.01 0.01 0.03 0.08 0.01 0.00 0.01 0.01 0.02 0.00 0.19 0.28 0.03 0.03 0.03 0.01 0.03 0.05 0.01 0.02 1.29 1.55 0.00 0.01 0.01 0.14 0.24 0.01 0.01 0.02 0.03 0.06 0.13 0.02 0.02 0.02 0.02 0.04 0.05 0.03 0.01 0.01 0.00 0.01 0.01 0.00 0.01 0.00 0.00 0.10 0.13 0.09 0.12 0.03 0.00 0.24 0.51 0.07 0.05 0.00 0.08 0.04 0.02 0.01 0.01 0.02 0.01 0.00 0.09 0.07 0.01 0.00 0.07 0.09 0.01 0.08 0.12 0.01 0.10 0.02 0.04 0.04 0.01 0.08 0.06 0.04 0.03 0.05 0.04 2.06 2.67 0.01 0.01 0.08 0.51 0.00 0.02 0.01 0.00 0.03 0.04 0.01 0.00 0.03 0.03 0.02 0.00 0.01 0.00 0.00 0.00 0.03 0.01 0.01 1.94 1.10 0.85 0.02 0.07 0.00 0.00 0.00 0.00 0.12 0.03 0.01 0.00 0.11 2.45 2.39 0.00 0.09 0.00 0.01 1.11 0.01 0.02 0.43 0.03 0.01 0.00 0.22 0.17 0.02 0.03

4.83 0.10 0.12 1.32 39.21 30.33 6.91 8.63 0.34 0.44 0.38 0.28 8.78 6.95 0.21 0.08 0.05 0.06 0.60 0.75 13.66 17.99 0.37 0.27 0.33 0.25 0.55 0.71 0.19 0.25 25.08 19.86 0.11 0.17 0.17 2.47 3.14 0.92 0.28 0.37 0.34 0.48 0.85 0.63 0.49 0.16 0.24 0.39 0.60 1.02 0.06 0.95 0.71 0.90 0.23 2.00 0.15 0.11 0.62 3.90 6.15 0.94 1.19 0.20 0.11 8.24 10.50 0.40 0.60 0.00 0.76 0.60 0.72 0.25 0.19 0.15 0.24 0.31 0.63 0.56 0.17 0.11 2.06 2.58 0.15 1.33 1.75 0.26 0.90 0.33 0.33 0.22 0.24 1.31 0.97 0.46 0.37 0.49 0.40 24.01 30.75 0.47 0.60 0.76 31.57 0.61 0.46 0.17 0.13 0.52 0.64 0.05 0.04 0.21 0.27 0.20 0.36 0.22 0.28 0.26 0.48 1.00 0.62 0.30 20.40 12.61 9.85 1.56 1.21 0.12 0.15 0.40 0.35 5.34 0.51 0.32 0.25 0.94 166.11 222.15 0.10 1.95 0.89 0.84 39.10 0.95 0.17 18.11 1.39 0.04 0.06 7.78 3.94 0.26 0.33

0.30 + 0.35 0.25 0.21 0.08 0.11 0.09 unch 0.20 + 0.27 + 0.27 0.23 1.32 1.06 0.06 0.07 0.03 unch 0.19 0.27 + 0.69 0.86 0.16 0.19 + 0.35 0.43 -

0.00 0.03 0.03 0.01 0.01 0.01 0.00 0.02 0.03 0.03 0.01 0.15 0.08 0.00 0.01 0.00 0.02 0.05 0.07 0.10 0.00 0.01 0.02 0.05

0.87 1.20 0.60 0.45 0.13 0.18 0.11 0.30 0.41 0.45 0.33 2.80 2.12 0.14 0.20 0.03 3.95 0.39 1.57 2.09 0.24 0.30 0.68 0.97

1.54 0.01 0.01 0.08 15.68 11.02 0.99 1.30 0.02 0.03 0.05 0.04 1.10 0.78 0.03 0.02 0.02 0.01 0.16 0.23 4.63 6.60 0.05 0.14 0.04 0.03 0.09 0.13 0.02 0.03 8.40 5.92 0.05 0.06 0.06 0.09 0.12 0.10 0.05 0.08 0.20 0.12 0.05 0.14 0.05 0.00 0.01 0.15 0.10 0.00 0.01 0.19 0.00 0.05 0.05 2.00 0.01 0.01 0.19 2.20 1.55 0.30 0.42 0.05 0.06 0.00 3.49 0.04 0.07 0.00 0.01 0.17 0.12 0.03 0.02 0.03 0.01 0.02 0.23 0.16 0.02 0.02 0.77 1.00 0.02 0.19 0.27 0.05 0.00 0.12 0.04 0.10 0.03 0.31 0.21 0.08 0.05 0.05 0.03 4.17 5.30 0.09 0.12 0.08 4.71 0.13 0.08 0.03 0.02 0.07 0.10 0.01 0.01 0.02 0.03 0.05 0.04 0.01 0.02 0.14 0.05 0.08 0.06 0.10 5.16 2.05 1.47 0.26 0.14 0.03 0.04 0.05 0.03 0.91 0.10 0.04 0.03 0.11 77.18 105.93 0.00 0.04 0.18 0.16 4.82 0.08 0.05 5.53 0.14 0.01 0.00 1.44 1.05 0.02 0.03

G-H 23 296 630 28 119 213 866 409 861 49 5 706 10116 1199 3651 198 30 74 508 1006 33 241 209 669

0.30 0.38 0.26 0.23 0.10 0.12 0.09 0.22 0.28 0.30 0.23 1.53 1.19 0.06 0.08 0.03 0.23 0.29 0.82 1.05 0.16 0.20 0.40 0.50

0.26 0.35 0.25 0.19 0.08 0.10 0.08 0.18 0.25 0.27 0.23 1.28 1.01 0.05 0.07 0.02 0.17 0.25 0.67 0.85 0.13 0.18 0.33 0.41

(100s)

High Low

0.13 0.14 0.20 0.15 0.03 0.03 0.02 0.03 0.05 0.10 0.02 0.80 0.56 0.02 0.03 0.01 0.06 0.09 0.21 0.29 0.03 0.02 0.20 0.37

Exc Volume V 102 O 53 T 149 N 3388 C 151 T 7074 O 563 O 10 C 388 V 1348 O 148 C 194 V 1087 V 3 V 3952 O 1328 C 577 O 397 V 199 V 164 O 282 V 10 V 299 O 30 O 73 V 100 V 1189 O 1076 V 208 O 5 O 247 V 1018 V 34 V 358 O 10 V 1280 O 2156 O 6 V 708 O 635 O 2119 O 656 T 1906 O 4374 V 2777 O 94 V 176 C 1160 O 412 O 1 O 32 T 230 O 340 V 357 O 3109017 O 78 C 259 V 421 T 3051 C 63 C 348 O 155 V 135 O 0 N 40197 O 625 V 3332 C 59 V 1877 O 59 C 596 V 802 C 624 O 184 V 48 X 5274 O 5 V 578 T 1972 X 38251 V 275 C 98 V 1023 O 63 V 1 O 2 V 813 C 458 O 50 V 404 V 1840 V 699 O 240 O 1203 C 237 O 95 V 45 V 1281 O 199 V 15 V 396 O 4 C 463 C 5749 X 10041 T 651 O 25 V 165 V 1416 V 727 V 73 T 101 O 1 X 2914 O 144 V 1760 O 954 V 15 O 14 V 396 O 16 O 89 T 614 O 1557 O 50 V 80 T 1998 V 463 O 64 V 303 C 1838 O 22 O 732 C 445 O 2 O 1048 V 2166 V 456 O 7 V 25 O 208 V 606 V 1542 V 4319 O 3173 V 88 O 30 O 24 V 80 O 543 V 831 T 2542 O 247 V 1585 O 412 O 142 V 795 O 304 V 512 O 38 O 1403 V 926 O 3155 V 15861 C 804 V 118 O 126 V 301 O 764 X 21694 T 1963 O 248 O 90 C 240 V 3376 V 117 V 745 O 5910 V 3 C 40 O 55 O 744

Week

12-month

High

Low

Last

Change

0.48 0.39 18.60 14.68 0.32 1.20 0.95 0.00 0.44 0.22 0.18 0.19 0.23 0.08 0.50 0.40 0.62 0.49 0.10 0.16 0.13 0.07 0.32 0.25 0.13 0.16 0.68 0.54 0.12 0.07 0.64 0.80 0.19 0.11 0.08 0.20 0.16 0.06 0.07 4.24 8.36 2.01 2.58 0.67 0.82 0.20 0.25 0.22 0.17 0.07 0.64 0.79 0.23 0.29 0.00 0.05 0.05 0.33 2.38 0.35 0.35 0.37 0.46 0.00 9.54 0.14 0.16 0.60 0.70 0.15 0.22 1.63 0.21 1.56 1.98 2.81 0.02 0.03 0.83 0.65 2.90 0.19 0.11 0.09 0.00 0.09 0.03 0.29 0.09 0.11 0.39 0.17 0.14 0.00 0.20 0.12 0.15 0.10 0.08 0.23 0.34 0.26 0.31 0.55 0.80 1.01 0.13 0.18 0.14 4.78 0.16 4.07 1.76 3.24 5.10 0.45 0.35 7.10 5.54 0.09 0.07 0.04 0.05 0.58 0.18 0.20 2.13 0.44 0.33 0.29 0.05 0.05 0.06 0.31 0.16 0.10 0.12 0.13 0.25 0.33 0.53 0.67 0.14 0.35 0.28 0.36 0.28 0.07 0.09 0.60 0.75 5.99 4.68 0.17 0.13 0.24 0.31 0.17 0.23 0.18 1.54 1.94 1.46 1.84 0.65 0.51 11.44 14.50 0.02 0.96 1.21 0.43 0.04 0.07 0.11 1.44 0.22 0.14 0.15 0.14 0.22 0.21

0.45 0.00 15.00 11.79 0.30 0.86 0.70 0.00 0.35 0.19 0.14 0.17 0.19 0.07 0.30 0.23 0.54 0.44 0.07 0.16 0.12 0.07 0.19 0.16 0.00 0.00 0.51 0.39 0.11 0.07 0.54 0.68 0.15 0.09 0.07 0.17 0.13 0.05 0.06 3.87 7.68 1.58 2.01 0.31 0.40 0.16 0.20 0.15 0.11 0.07 0.57 0.70 0.17 0.22 0.00 0.04 0.05 0.30 2.02 0.30 0.35 0.30 0.34 0.00 8.11 0.09 0.12 0.55 0.48 0.14 0.13 1.18 0.15 0.00 1.83 2.50 0.02 0.02 0.63 0.50 2.67 0.14 0.08 0.06 0.00 0.09 0.03 0.28 0.08 0.10 0.25 0.16 0.13 0.00 0.14 0.10 0.13 0.09 0.06 0.00 0.30 0.00 0.23 0.41 0.63 0.81 0.13 0.13 0.13 3.78 0.13 3.73 1.75 2.95 0.65 0.34 0.27 6.50 5.10 0.00 0.05 0.03 0.04 0.36 0.18 0.00 1.82 0.37 0.29 0.27 0.04 0.03 0.04 0.21 0.16 0.08 0.11 0.13 0.25 0.29 0.41 0.55 0.12 0.24 0.19 0.29 0.24 0.06 0.09 0.49 0.61 5.49 4.33 0.15 0.11 0.18 0.24 0.14 0.18 0.00 1.00 1.26 0.91 1.17 0.45 0.48 10.49 13.29 0.01 0.77 0.98 0.35 0.04 0.06 0.07 1.00 0.16 0.11 0.15 0.14 0.12 0.16

0.47 + 0.35 16.00 12.68 0.32 + 0.98 + 0.77 + 0.32 unch 0.36 0.19 0.15 0.18 0.23 + 0.08 + 0.35 0.27 0.55 0.44 0.08 + 0.16 unch 0.12 + 0.07 unch 0.19 0.16 0.12 0.15 0.56 0.43 0.12 + 0.07 unch 0.60 0.75 0.15 0.09 0.07 unch 0.18 0.15 0.05 0.06 3.96 7.95 1.71 + 2.20 + 0.46 0.58 0.17 0.20 0.18 0.15 0.07 unch 0.57 0.71 0.20 0.25 0.00 0.04 0.05 0.33 + 2.09 0.32 0.35 unch 0.32 0.38 9.30 unch 9.37 + 0.11 0.14 0.55 0.58 0.14 0.18 1.25 0.17 1.45 1.85 2.63 0.02 unch 0.02 0.73 0.57 2.73 0.16 0.09 0.07 0.13 unch 0.09 unch 0.03 unch 0.28 unch 0.08 + 0.10 unch 0.29 0.17 + 0.13 0.00 + 0.15 0.11 0.13 0.10 0.08 0.23 + 0.30 0.25 0.25 0.46 0.69 0.87 0.13 unch 0.18 + 0.13 4.45 + 0.13 3.88 1.75 3.03 3.00 + 0.36 0.28 6.50 5.10 0.07 0.05 0.04 + 0.04 0.39 0.18 unch 0.20 + 1.90 0.37 0.29 0.27 0.05 0.03 0.04 unch 0.27 + 0.16 unch 0.09 0.12 unch 0.13 0.25 unch 0.32 unch 0.46 0.58 0.13 + 0.27 0.21 0.30 0.26 + 0.07 + 0.09 + 0.50 0.65 5.63 4.44 unch 0.15 0.12 0.18 0.24 0.15 0.20 0.15 1.13 1.44 1.25 + 1.60 + 0.62 + 0.49 10.97 13.98 0.01 + 0.84 1.06 0.38 0.04 unch 0.06 0.07 unch 1.18 0.18 0.12 + 0.15 unch 0.14 0.12 0.19 -

0.01 0.01 1.86 1.28 0.01 0.08 0.04 0.00 0.05 0.03 0.02 0.01 0.03 0.01 0.14 0.12 0.01 0.01 0.01 0.00 0.00 0.00 0.07 0.07 0.01 0.02 0.09 0.09 0.02 0.00 0.01 0.04 0.01 0.02 0.00 0.02 0.01 0.00 0.01 0.07 0.10 0.10 0.15 0.08 0.11 0.02 0.04 0.02 0.01 0.00 0.02 0.06 0.02 0.03 0.00 0.01 0.01 0.03 0.20 0.05 0.00 0.02 0.07 0.00 1.18 0.00 0.01 0.02 0.12 0.02 0.03 0.15 0.03 0.11 0.13 0.06 0.00 0.01 0.09 0.05 0.01 0.03 0.02 0.02 0.00 0.00 0.00 0.00 0.00 0.00 0.03 0.01 0.00 0.00 0.03 0.01 0.02 0.01 0.00 0.02 0.03 0.02 0.06 0.12 0.08 0.14 0.00 0.02 0.01 0.10 0.03 0.08 0.75 0.11 2.01 0.07 0.07 0.50 0.41 0.02 0.01 0.00 0.01 0.15 0.00 0.03 0.21 0.03 0.01 0.01 0.01 0.01 0.00 0.02 0.00 0.00 0.00 0.01 0.00 0.00 0.01 0.01 0.04 0.02 0.02 0.02 0.02 0.01 0.01 0.06 0.06 0.02 0.00 0.02 0.02 0.04 0.08 0.02 0.02 0.02 0.12 0.16 0.32 0.43 0.17 0.02 0.18 0.27 0.00 0.10 0.11 0.04 0.00 0.01 0.00 0.22 0.04 0.00 0.00 0.08 0.06 0.00

(100s)

High Low

Stock

0.89 0.70 31.08 24.00 0.50 1.20 0.95 0.33 0.61 0.40 0.38 0.32 0.25 0.08 0.60 0.47 0.69 0.55 0.10 0.31 0.24 0.15 0.45 0.29 0.22 0.30 2.44 1.84 0.21 0.14 0.70 0.87 0.22 0.20 0.13 0.48 0.37 0.10 0.12 4.40 8.67 2.01 2.58 1.52 1.93 0.28 0.45 0.27 0.21 0.80 0.71 0.90 0.27 0.35 0.00 0.14 0.16 0.35 2.88 0.60 0.50 0.56 0.71 15.00 14.90 0.17 0.18 0.95 0.76 0.52 0.75 1.63 0.30 2.02 2.70 5.04 0.03 0.04 1.50 1.14 4.62 0.35 0.14 0.11 0.18 0.11 0.05 0.30 0.13 0.18 0.72 0.22 0.17 0.01 0.28 0.14 0.20 0.38 0.32 0.44 0.50 0.32 0.72 0.70 1.30 1.65 0.25 0.38 0.31 4.78 0.20 6.89 3.00 5.20 5.10 0.65 0.60 8.32 6.43 0.12 1.10 0.07 0.10 0.87 0.19 0.24 3.85 1.14 0.86 0.50 0.08 0.05 0.10 0.59 0.43 0.14 0.19 0.30 0.29 0.38 0.63 0.79 0.17 0.39 0.32 0.51 0.39 0.07 0.10 0.74 0.95 8.40 6.61 0.34 0.26 0.52 0.68 0.20 0.25 1.01 1.89 2.40 1.46 1.84 0.89 0.88 14.62 19.83 0.02 1.16 1.47 0.73 0.07 0.10 0.12 1.81 0.26 0.30 0.20 0.35 0.28 0.27

Grid Metals Grizzly Discvr* Grizzly Discvr Grosvenor Res Group Eleven Group Ten Mtls* Group Ten Mtls GrowMax Res* GSP Resource GT Gold GT Gold * GTA Resources* Gungnir Res* Gungnir Res Gunpoint Expl* Gunpoint Expl Guyana Goldstr* Guyana Goldstr Handa Mining* Handa Mining Handeni Gold* Hanna Capital* Hanna Capital Hannan Metals Hannan Metals* Hanstone Gold Happy Ck Mnrls Harfang Explor Harmony Gold* Harte Gold Harte Gold* Harvest Gold* Harvest Gold Hawkeye Gld&Di Hawkeye Gld&Di* Heatherdale Rs Hecla Mining* Heliostar Met* Heliostar Met Hemcare Health* Hemlo Expl* Hemlo Expl Heron Res* HFX Holding Highbank Res HighGold* HighGold Highland Copp* Highland Copp Highway 50 Gld HiHo Silver HiHo Silver* Hochschild Mg* Honey Badger* Honey Badger Horizonte Mnls HudBay Min HudBay Min* Hudson Res Hudson Res* Hunt Mng* Hunt Mng Hybrid Mineral Hylands Intl

V O V V V O V O V V O O O V O V O V O V O O V V O V V V N T O O V V O V N O V O O V O V V O V O V V C O O O V T T N V O O V V V

I-Minerals* I-Minerals IAMGOLD IAMGOLD* Icon Explor* Iconic Mnls Iconic Mnls * Idaho Champion Idaho Champion* IEMR Res IM Exploration IMC Intl Mng IMC Intl Mng* iMetal Res* iMetal Res IMPACT Silver Impala Platnm* Imperial Metal Imperial Metal* Imperial Mg Gr* Imperial Mg Gr Inca One Gold* Inca One Gold Inception Mng * Independence G Independence G* Indiana Res* Indigo Expl Infinite Ore* Infinite Ore Inflection Res Infrastructure* Inomin Mines Intact Gold Integra Res Integra Res* Inter-Rock Mnl Inter-Rock Mnl* Intercontinent Intercontinent* Intl Battery* Intl Battery Intl Bethl Mng* Intl Bethl Mng Intl Cobalt* Intl Cobalt Intl Cons Uran* Intl Cons Uran Intl Lithium Intl Lithium* Intl Millm Mng Intl Montoro* Intl Montoro Intl Prospect * Intl Prospect Intl Star* Intl Tower Hil* Intl Tower Hil Intl Zeolite Intl Zeolite* Intrepid Pots* INV Metals* INV Metals Inventus Mg * Inventus Mg InZinc Mining InZinc Mining* Ion Energy* Ion Energy Irving Res Irving Res* IsoEnergy Ltd Itafos* Itafos Itoco Inc* Ivanhoe Mines* Ivanhoe Mines Ivor Explor Jade Leader* Jade Leader Jaeger Res * Jaeger Res Jaguar Mng Jaguar Mng* Japan Gold* Japan Gold Jasper Mining* Jasper Mining Jaxon Mining* Jaxon Mining Jayden Res Jayden Res* Jazz Res Jervois Mining Jervois Mining* JNC Resources* JNC Resources Josemaria Res Joshua Gold* Jourdan Res Jubilee Metals* Juggernaut Exp* Juggernaut Exp Jupiter Gold* K2 Gold K9 Gold* K92 Mining K92 Mining* Kainantu Res Kaizen Discov Kaizen Discvry* Kanadario Gold Karam Min Karnalyte Res Karoo Expl

0.40 0.34 7.77 5.78 0.16 0.39 0.16 0.28 0.02 0.15 0.10 0.14 0.07 0.03 0.09 0.06 0.07 0.05 0.02 0.07 0.05 0.07 0.03 0.02 0.05 0.05 0.13 0.09 0.05 0.01 0.04 0.04 0.10 0.08 0.07 0.15 0.11 0.04 0.06 1.29 2.51 0.18 0.23 0.03 0.02 0.11 0.05 0.03 0.03 0.00 0.19 0.26 0.05 0.08 0.00 0.01 0.02 0.20 0.37 0.20 0.10 0.01 0.02 4.09 3.79 0.02 0.02 0.30 0.24 0.14 0.13 0.76 0.04 1.17 1.50 2.02 0.01 0.01 0.46 0.27 0.75 0.11 0.02 0.02 0.09 0.06 0.02 0.12 0.05 0.07 0.04 0.09 0.06 0.00 0.03 0.02 0.04 0.04 0.02 0.06 0.06 0.25 0.23 0.07 0.13 0.20 0.12 0.04 0.10 0.66 0.03 2.56 0.17 1.85 0.00 0.03 0.03 3.10 5.10 0.06 0.04 0.01 0.02 0.11 0.12 0.06 0.85 0.20 0.14 0.09 0.02 0.01 0.01 0.07 0.16 0.04 0.07 0.09 0.12 0.12 0.08 0.12 0.02 0.08 0.05 0.10 0.08 0.03 0.03 0.07 0.10 2.88 2.10 0.09 0.06 0.07 0.10 0.08 0.03 0.00 0.10 0.15 0.03 0.03 0.30 0.30 7.46 3.68 0.00 0.23 0.32 0.15 0.04 0.04 0.01 0.07 0.03 0.04 0.14 0.07 0.05 0.05

Exc Volume

Week High

Low

Last

612 702 182 1 798 1585 1899 193 1061 2488 50 60 535 365 7 0 13 69 489 217 3 678 482 333 272 39 261 693 37963 2820 159 0 80 2174 93 76 66655 140 325 171 58 117 0 159 2598 129 662 1709 2006 105 1365 91 87 580 4007 2215 9378 10779 362 252 34 428 73 10

0.27 0.05 0.06 0.00 0.11 0.37 0.47 0.07 0.41 2.69 2.11 0.00 0.06 0.07 0.48 0.00 0.11 0.14 0.04 0.06 0.09 0.07 0.10 0.47 0.37 0.53 0.11 0.62 4.36 0.15 0.12 0.16 0.21 0.03 0.02 0.84 6.81 0.88 1.13 1.07 0.48 0.60 0.00 0.11 0.02 0.94 1.19 0.09 0.11 0.38 0.04 0.04 3.11 0.18 0.14 0.14 9.33 7.37 0.24 0.19 0.08 0.11 0.35 0.03

0.21 0.04 0.05 0.00 0.09 0.27 0.33 0.01 0.27 2.21 1.76 0.00 0.04 0.06 0.46 0.00 0.09 0.11 0.04 0.05 0.00 0.00 0.08 0.38 0.30 0.45 0.00 0.49 3.79 0.12 0.10 0.00 0.17 0.02 0.02 0.75 5.31 0.78 0.99 0.80 0.47 0.46 0.00 0.08 0.02 0.85 1.07 0.07 0.09 0.36 0.03 0.03 2.80 0.08 0.11 0.10 7.93 6.26 0.19 0.00 0.02 0.08 0.29 0.03

0.24 0.04 0.05 0.17 0.11 0.28 0.36 0.05 0.27 2.26 1.78 0.00 0.05 0.06 0.48 0.58 0.09 0.12 0.04 0.05 0.06 0.07 0.09 0.42 0.33 0.45 0.10 0.50 4.33 0.13 0.10 0.16 0.18 0.03 0.02 0.75 5.89 0.79 1.00 1.02 0.48 0.47 0.04 0.09 0.02 0.89 1.12 0.08 0.11 0.36 0.03 0.03 2.86 0.10 0.12 0.13 9.09 7.19 0.20 0.15 0.08 0.08 0.33 0.03

O 87 V 70 T 6990 N 34861 O 5 V 1312 O 325 C 1135 O 712 V 407 C 66 C 2557 O 1181 O 31 V 725 V 2234 O 5 T 317 O 46 O 156 V 1313 O 144 V 181 O 5460 V 817 O 56 O 0 V 287 O 661 V 1980 C 378 O 2057 V 495 V 173 V 188 X 352 V 36 O 0 V 16 O 0 O 930 C 831 O 16 V 54 O 77 C 1174 O 60 V 559 V 2585 O 1901 V 3287 O 186 V 509 O 23 V 645 O 241924 X 1405 T 71 V 1210 O 237 N 1283 O 192 T 608 O 13 V 214 V 682 O 43 O 78 V 379 C 76 O 135 V 798 O 66 V 19 O 702 O 1381 T 13063 C 20 O 34 V 97 O 4 V 56 T 893 O 266 O 105 V 504 O 11 V 48 O 77 V 81 V 165 O 4 V 246 V 1333 O 2252 O 85 C 891 T 8144 O 148 V 1243 O 36 O 328 V 316 O 15 V 369 O 755 T 4786 O 946 V 605 V 1617 O 232 V 371 C 0 T 96 V 47

0.04 0.05 3.88 3.07 0.10 0.28 0.22 0.18 0.15 0.04 0.18 0.29 0.22 0.09 0.12 0.95 16.45 4.70 3.65 0.16 0.20 0.43 0.46 0.05 0.16 0.12 0.06 0.10 0.10 0.12 0.36 0.14 0.18 0.10 4.23 3.37 0.44 0.35 0.15 0.00 0.62 0.78 0.04 0.10 0.04 0.05 1.20 1.55 0.12 0.09 0.03 0.07 0.09 0.10 0.13 0.00 1.23 1.58 0.22 0.17 34.03 0.35 0.47 0.18 0.22 0.04 0.03 0.52 0.60 2.33 1.85 3.24 0.64 0.80 0.30 6.54 8.27 0.34 0.06 0.07 0.04 0.05 8.32 6.51 0.30 0.38 0.09 0.12 0.07 0.09 0.13 0.11 0.36 0.50 0.41 0.20 0.26 0.77 0.11 0.13 0.23 0.33 0.42 1.45 0.46 0.29 6.42 5.11 0.30 0.05 0.04 1.19 0.00 0.22 0.51

12-month Change

High Low

unch unch + + + unch + unch unch unch + + + + unch + + + unch unch unch unch + unch + + + + + unch

0.00 0.01 0.01 0.00 0.01 0.03 0.05 0.02 0.11 0.09 0.02 0.00 0.01 0.01 0.02 0.00 0.01 0.02 0.00 0.00 0.04 0.01 0.01 0.06 0.04 0.08 0.04 0.10 0.54 0.01 0.01 0.00 0.04 0.00 0.00 0.09 0.64 0.10 0.08 0.12 0.00 0.12 0.00 0.00 0.00 0.01 0.00 0.00 0.01 0.00 0.01 0.00 0.18 0.00 0.01 0.02 0.02 0.04 0.03 0.02 0.00 0.01 0.04 0.00

0.34 0.07 0.10 0.20 0.14 0.50 0.48 0.07 0.67 2.75 2.13 0.00 0.08 0.10 0.67 0.93 0.16 0.40 0.04 0.06 0.15 0.11 0.16 0.54 0.41 2.94 0.15 0.62 7.61 0.22 0.16 0.20 0.29 0.05 0.04 1.35 8.45 1.30 2.25 1.76 0.81 1.11 0.05 0.35 0.03 2.44 3.14 0.12 0.15 0.42 0.09 0.21 4.35 0.21 0.18 0.20 10.58 8.39 0.38 0.29 0.15 0.20 0.75 0.06

0.08 0.02 0.02 0.09 0.02 0.09 0.12 0.00 0.08 0.67 0.53 0.00 0.02 0.03 0.29 0.43 0.07 0.08 0.00 0.01 0.01 0.01 0.02 0.14 0.10 0.39 0.06 0.15 1.76 0.08 0.05 0.04 0.06 0.01 0.00 0.28 1.40 0.10 0.30 0.55 0.04 0.17 0.01 0.02 0.01 0.42 0.57 0.01 0.02 0.06 0.02 0.01 0.99 0.00 0.01 0.03 1.66 1.23 0.07 0.04 0.01 0.04 0.05 0.03

0.03 0.04 0.05 0.05 + 3.62 3.88 + 2.86 3.07 + 0.10 0.10 + 0.22 0.23 0.17 0.18 0.14 0.15 0.11 0.12 0.03 0.03 0.15 0.15 0.16 0.19 0.12 0.15 0.08 0.08 0.10 0.10 0.75 0.79 16.45 16.45 + 4.07 4.11 3.20 3.25 0.13 0.13 0.17 0.17 0.29 0.32 0.37 0.39 0.03 0.04 0.13 0.13 0.10 0.11 0.06 0.06 unch 0.09 0.09 0.07 0.08 0.10 0.10 0.30 0.34 0.03 0.05 + 0.08 0.11 0.07 0.07 3.65 3.66 2.86 2.89 0.00 0.42 0.35 0.35 unch 0.00 0.13 0.00 0.14 unch 0.37 0.54 0.48 0.69 0.00 0.03 0.00 0.10 + 0.03 0.03 0.04 0.04 1.01 1.04 + 1.28 1.39 + 0.08 0.09 0.06 0.07 0.02 0.03 unch 0.00 0.05 0.06 0.07 0.10 0.10 0.11 0.11 0.00 0.00 1.11 1.18 + 1.41 1.47 + 0.13 0.14 + 0.10 0.10 + 26.85 30.67 + 0.34 0.34 0.42 0.44 0.18 0.18 unch 0.19 0.21 + 0.04 0.04 unch 0.03 0.03 + 0.38 0.39 0.45 0.49 1.95 1.99 1.53 1.64 2.53 2.98 + 0.54 0.64 + 0.57 0.70 0.18 0.26 + 5.96 6.16 7.55 7.80 0.33 0.33 0.06 0.06 0.00 0.06 0.03 0.03 0.04 0.04 unch 6.70 7.01 5.30 5.54 0.00 0.29 + 0.35 0.37 unch 0.06 0.06 0.08 0.08 + 0.07 0.07 + 0.00 0.09 0.13 0.13 unch 0.00 0.11 + 0.27 0.28 0.36 0.42 0.30 0.33 0.15 0.15 0.19 0.21 0.68 0.70 0.08 0.08 0.08 0.08 0.21 0.23 + 0.28 0.33 + 0.36 0.42 + 1.06 1.18 0.37 0.42 0.21 0.22 5.77 5.96 4.50 4.70 0.21 0.26 + 0.03 0.04 0.03 0.04 + 0.74 0.83 0.00 0.20 unch 0.20 0.20 0.48 0.50 +

0.01 0.01 0.11 0.10 0.02 0.04 0.03 0.03 0.02 0.01 0.03 0.06 0.04 0.01 0.02 0.14 0.10 0.58 0.36 0.02 0.03 0.04 0.09 0.01 0.02 0.01 0.00 0.01 0.02 0.02 0.02 0.01 0.05 0.04 0.54 0.38 0.02 0.00 0.02 0.00 0.07 0.08 0.00 0.03 0.01 0.01 0.01 0.01 0.02 0.02 0.00 0.02 0.02 0.01 0.02 0.00 0.07 0.07 0.02 0.02 0.98 0.01 0.02 0.00 0.02 0.00 0.00 0.06 0.09 0.10 0.06 0.22 0.07 0.02 0.04 0.00 0.05 0.01 0.00 0.02 0.01 0.00 1.08 0.78 0.00 0.00 0.07 0.01 0.01 0.01 0.00 0.01 0.07 0.06 0.05 0.04 0.04 0.06 0.02 0.04 0.00 0.03 0.04 0.27 0.04 0.03 0.40 0.31 0.03 0.01 0.01 0.21 0.00 0.04 0.01

0.05 0.06 7.07 5.35 0.14 0.33 0.28 0.44 0.47 0.05 0.25 1.00 0.73 0.28 0.35 1.25 17.50 6.25 4.90 0.90 0.24 0.67 0.86 0.08 0.23 0.17 0.06 0.15 0.19 0.23 0.63 0.14 0.25 0.12 5.90 5.50 0.48 0.35 0.29 0.22 0.78 0.99 0.04 0.10 0.07 0.09 1.30 1.73 0.16 0.13 0.04 0.09 0.12 0.15 0.23 0.00 2.27 3.07 0.22 0.17 35.61 0.78 1.11 0.26 0.33 0.04 0.04 1.40 0.67 4.42 3.36 3.49 0.67 0.83 0.30 6.57 8.27 0.42 0.09 0.15 0.04 0.08 11.30 9.30 0.38 0.47 0.13 0.18 0.09 0.14 0.14 0.11 0.38 0.55 0.45 1.75 0.30 0.91 0.20 0.18 0.23 0.33 0.42 2.25 0.96 0.65 8.95 7.16 0.40 0.06 0.05 1.95 0.30 0.33 1.28

0.01 0.02 2.00 1.44 0.01 0.04 0.02 0.07 0.05 0.01 0.04 0.10 0.07 0.06 0.08 0.22 4.60 0.99 0.70 0.08 0.03 0.07 0.18 0.01 0.03 0.01 0.02 0.06 0.03 0.03 0.30 0.00 0.03 0.03 1.53 2.89 0.16 0.13 0.09 0.08 0.05 0.07 0.01 0.01 0.00 0.01 0.02 0.10 0.03 0.02 0.01 0.01 0.01 0.06 0.08 0.00 0.33 0.43 0.02 0.02 6.00 0.13 0.17 0.08 0.10 0.01 0.01 0.13 0.27 1.45 1.02 0.23 0.14 0.22 0.03 1.35 1.80 0.20 0.02 0.04 0.02 0.01 1.30 0.91 0.12 0.21 0.03 0.03 0.03 0.03 0.01 0.00 0.14 0.11 0.05 0.08 0.06 0.31 0.04 0.01 0.03 0.06 0.11 0.20 0.11 0.14 1.55 1.12 0.18 0.03 0.02 0.13 0.11 0.09 0.10

I-J-K

(100s) Stock

Week

Exc Volume

High

Karora Res* KAT Expl* Kenadyr Mining* Kenadyr Mining Kenorland Min Kesselrun Res* Kesselrun Res Kestrel Gold Kilo Goldmines Kilo Goldmines* Kincora Copper* Kincora Copper King Global* King Global Kingman Min Kings Bay Res Kings Bay Res* Kingsmen Res Kingsmen Res* Kinross Gold* Kinross Gold Kintavar Exp Kiplin Metals Kiplin Metals* Kirkland Lake Kirkland Lake* Klondike Gold Klondike Gold* Klondike Silv* Klondike Silv Kodiak Copper* Kombat Copper* Kombat Copper Kootenay Silvr* Kootenay Silvr Kootenay Zinc Kootenay Zinc* Kore Mining Kutcho Copper * Kuya Silver Kuya Silver* KWG Res KWG Res*

O 595 O 235298 O 1058 V 3294 V 167 O 39 V 3134 V 726 V 362 O 32 O 21 V 1088 O 75 V 1388 V 1010 V 305 O 0 V 38 O 6 N 97413 T 27972 V 368 V 15 O 0 T 5155 N 12012 V 614 O 138 O 3259 V 10399 O 150 O 16 V 829 O 1037 V 1720 C 887 O 12 V 450 O 335 C 373 O 418 C 7199 O 1360

2.50 0.00 0.04 0.05 0.89 0.16 0.20 0.10 0.02 0.02 0.25 0.33 0.04 0.05 0.23 0.18 0.00 0.22 0.14 6.58 8.33 0.15 0.37 0.31 43.46 34.34 0.22 0.17 0.10 0.13 1.35 0.22 0.27 0.32 0.40 0.10 0.08 1.00 0.47 2.63 2.08 0.03 0.02

Labrador Gold* Labrador Gold Labrador IMH* Labrador IOR* Labrador IOR Lake Resources* Lara Expl Laramide Res Laredo Res* Largo Res* Largo Res Lasalle Explor* Lasalle Explor Latin Metals* Latin Metals Laurion Mnl Ex Laurion Mnl Ex* Le Mare Gold* Le Mare Gold Leading Edge Leading Edge* Leeta Gold Legion Metals Leo Res* Leocor Gold Lepanto Con Mg* Leviathan Gold Libero Copper* Libero Copper Liberty Gold* Liberty One Li Liberty One Li* Lida Resources* Lido Minerals Lincoln Mng Lion One Mtls Lion One Mtls* Lithium Amer Lithium Amer* Lithium Chile Lithium Chile* Lithium Corp* Lithium Energi* Lithium Energi Lithoquest Res* Lithoquest Res LKA Gold* Lode-Star Mg* Logan Res* Logan Res Lomiko Mtls Lomiko Mtls* Loncor Res* Loncor Res Lone Star Gold* Los Andes* Los Andes Lovitt Res Lovitt Res* Lucara Diam Lucky Min* Lucky Min Luckystrike * Luckystrike Lumina Gold* Lumina Gold Luminex Res Lundin Gold Lundin Mng* Lundin Mng Lupaka Gold * Lupaka Gold Lydian Intl* Lynas Corp* Lynas Corp*

O V O O T O V T O O T O V O V V O O V V O V C O C O V O V O V O O C V V O T N V O O O V O V O O O V V O O T O O V V O T O V O V O V V T O T O V O O O

376 573 855 22 1825 24493 57 2718 9392 4217 6546 17 405 36 113 435 11 1 638 316 548 39114 2178 1 23 14 1396 886 1144 1104 30 56 211 18 27 986 583 5231 27884 3932 5060 3974 97 409 13 69 13 2 2 90 6155 3255 41 563 5 0 161 25 20 1617 14 1473 4 2 360 6358 356 3425 554 10745 13 139 1345 3317 2198

0.29 0.37 0.49 31.08 39.40 0.34 0.70 0.49 0.03 1.59 2.02 0.15 0.20 0.16 0.20 0.21 0.16 0.05 0.08 0.37 0.30 6.27 0.30 0.16 0.45 0.01 0.62 0.08 0.55 1.28 0.83 0.67 0.04 0.18 0.12 1.59 1.20 25.55 20.20 0.73 0.57 0.78 0.16 0.20 0.07 0.08 0.13 0.14 0.24 0.22 0.21 0.16 0.55 0.71 1.03 0.00 7.19 0.18 0.13 0.79 0.08 0.09 0.28 0.35 0.67 0.85 0.75 10.31 11.99 14.69 0.05 0.06 0.03 5.31 5.37

Macarthur Min* Macarthur Min MacDonald Mns* MacDonald Mns MAG Silver Magellan Gold* Magna Gold Magna Gold* Magna Terra* Magna Terra Magnum Goldco Majestic Gold* Majestic Gold Major Precious Major Precious* Makara Mining* Makara Mining Makena Res* Mako Mining* Mako Mining Mammoth Res * Mammoth Res Mandalay Res Mandalay Res* Manganese X* Manganese X Mangazeya Mng Mangazeya Mng* Manitou Gold * Manitou Gold Mansa Explor Maple Gold Maple Gold* Marathon Gold* Marathon Gold Marifil Mines Marifil Mines* Marimaca Cop Marimaca Cop* Mariner Res* Maritime Res Martina Mnls MartinMarietta* Mas Gold Mascota Res* Mason Graphite* Mason Graphite Matachewan Con Matica Ent Matmown* Maverix Metals Maverix Metals* Mawson Res* Mawson Res MAX Res MaxTech Vent MaxTech Vent* Maxwell Res*

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

379 664 11255 6649 1458 18 193 95 21 345 94 214 316 723 12 133 93 544 344 1332 152 633 133 78 2684 5646 114 43 126 2099 2394 1412 1499 450 3381 124 64 233 11 105 1809 23 3220 163 0 1631 2990 40 4219 330 489 1068 384 570 1692 620 62 1

0.44 0.56 0.06 0.07 25.13 1.15 1.03 0.82 0.12 0.15 0.09 0.04 0.06 0.33 0.22 0.44 0.55 1.30 0.27 0.35 0.09 0.13 2.19 1.71 0.57 0.72 0.10 0.07 0.07 0.10 0.15 0.29 0.23 2.07 2.67 0.07 0.05 4.97 3.86 0.40 0.14 0.07 353.56 0.18 0.00 0.71 0.89 0.20 0.07 0.10 6.46 5.13 0.23 0.29 0.30 0.07 0.06 0.05

Low

Last

21

12-month Change

2.25 2.31 + 0.00 0.00 + 0.03 0.03 0.04 0.04 0.73 0.77 + 0.13 0.14 + 0.17 0.18 + 0.09 0.09 0.02 0.02 0.01 0.01 + 0.21 0.21 0.25 0.26 0.03 0.03 0.04 0.04 0.18 0.19 0.00 0.14 0.00 0.13 unch 0.18 0.19 unch 0.00 0.13 6.12 6.55 + 7.75 8.31 + 0.13 0.14 0.00 0.31 0.00 0.31 + 40.68 43.34 + 32.16 34.22 + 0.19 0.19 0.15 0.16 0.06 0.07 0.08 0.09 1.12 1.15 0.00 0.22 + 0.24 0.25 + 0.26 0.28 0.33 0.36 0.08 0.08 0.06 0.06 0.81 0.84 0.32 0.33 1.98 2.07 1.56 1.75 0.02 0.03 unch 0.01 0.01 +

High Low

0.01 0.00 0.00 0.01 0.02 0.01 0.01 0.01 0.01 0.00 0.02 0.06 0.01 0.01 0.02 0.02 0.00 0.00 0.01 0.32 0.40 0.01 0.06 0.03 1.72 1.49 0.02 0.00 0.04 0.05 0.12 0.04 0.01 0.03 0.03 0.02 0.01 0.12 0.11 0.48 0.28 0.00 0.00

3.57 0.00 0.06 0.08 1.75 0.37 0.47 0.20 0.03 0.04 0.25 0.57 0.05 0.07 0.23 0.30 0.14 0.24 0.15 10.32 13.59 0.17 0.45 0.33 76.43 57.69 0.39 0.29 0.26 0.34 2.51 0.35 0.54 0.46 0.54 3.00 1.16 2.01 4.09 3.13 2.47 0.04 0.02

2.25 0.00 0.02 0.02 0.73 0.02 0.03 0.01 0.01 0.00 0.15 0.06 0.00 0.02 0.06 0.05 0.00 0.09 0.07 2.72 4.00 0.05 0.06 0.01 25.67 18.03 0.14 0.10 0.01 0.02 0.12 0.05 0.05 0.08 0.12 0.07 0.06 0.15 0.03 0.45 0.32 0.01 0.00

+ + + + + + + + unch + unch unch + unch unch unch unch unch unch + unch unch + unch + -

0.03 0.04 0.02 1.45 1.72 0.03 0.01 0.02 0.01 0.15 0.19 0.03 0.02 0.02 0.03 0.02 0.01 0.01 0.01 0.04 0.03 0.39 0.01 0.04 0.00 0.00 0.17 0.00 0.08 0.08 0.01 0.05 0.00 0.00 0.01 0.17 0.12 4.91 3.79 0.16 0.13 0.01 0.02 0.03 0.00 0.01 0.00 0.00 0.00 0.04 0.04 0.03 0.02 0.02 0.00 0.00 0.20 0.00 0.00 0.02 0.00 0.01 0.00 0.00 0.04 0.04 0.02 0.01 0.05 0.18 0.02 0.00 0.02 0.02 0.07

0.50 0.63 0.95 31.79 39.40 0.50 1.02 0.49 0.09 1.72 2.18 0.18 0.23 0.18 0.24 0.24 0.18 0.05 0.09 0.45 0.35 7.25 0.42 0.50 1.00 0.01 0.99 0.80 1.08 1.82 0.90 1.00 0.20 0.30 0.28 2.66 2.00 36.60 28.75 1.15 0.89 1.22 0.26 0.33 0.11 0.14 0.20 0.28 18.09 0.35 0.28 0.22 0.66 0.89 2.33 5.51 7.50 0.27 0.20 1.00 0.22 0.27 0.37 0.58 0.91 1.19 1.08 13.23 12.45 15.42 0.06 0.08 0.07 5.31 5.37

0.10 0.10 0.00 9.71 13.25 0.02 0.45 0.10 0.00 0.40 0.56 0.10 0.08 0.04 0.05 0.09 0.09 0.03 0.04 0.01 0.03 0.14 0.14 0.01 0.09 0.00 0.38 0.12 0.15 0.38 0.40 0.01 0.02 0.17 0.05 0.72 0.50 2.90 1.92 0.10 0.07 0.07 0.03 0.03 0.03 0.03 0.04 0.04 0.00 0.06 0.02 0.01 0.22 0.32 0.35 2.66 1.95 0.09 0.09 0.40 0.04 0.06 0.17 0.16 0.29 0.46 0.41 5.82 2.82 4.08 0.00 0.01 0.00 0.58 0.55

0.39 0.43 + 0.50 0.55 + 0.04 0.04 0.05 0.06 20.41 21.16 0.85 1.15 + 0.84 0.92 unch 0.67 0.71 0.10 0.11 0.13 0.14 unch 0.00 0.08 0.03 0.04 0.05 0.05 + 0.25 0.33 + 0.21 0.21 0.35 0.36 0.46 0.46 + 0.92 1.08 0.25 0.26 + 0.31 0.33 0.07 0.07 0.09 0.10 1.92 2.00 1.56 1.57 0.39 0.45 0.49 0.58 0.09 0.09 0.07 0.07 unch 0.06 0.06 0.08 0.08 + 0.11 0.11 0.24 0.27 unch 0.18 0.22 + 1.79 1.89 2.27 2.38 0.06 0.07 0.05 0.05 4.05 4.12 3.24 3.33 0.32 0.34 0.12 0.12 0.07 0.07 unch 316.37 329.79 0.17 0.18 + 0.00 2.25 unch 0.49 0.56 + 0.62 0.72 unch 0.18 0.19 + 0.05 0.06 0.01 0.01 5.69 5.98 4.48 4.70 0.18 0.19 0.23 0.24 0.23 0.25 0.07 0.07 unch 0.05 0.05 0.00 0.05 +

0.03 0.03 0.00 0.01 3.26 0.06 0.00 0.03 0.02 0.00 0.01 0.00 0.01 0.05 0.02 0.03 0.01 0.12 0.00 0.01 0.03 0.01 0.04 0.03 0.07 0.07 0.01 0.00 0.01 0.01 0.03 0.00 0.01 0.15 0.22 0.01 0.00 0.63 0.24 0.03 0.01 0.00 7.08 0.01 0.00 0.01 0.00 0.01 0.01 0.00 0.25 0.12 0.01 0.03 0.04 0.00 0.01 0.00

0.54 0.70 0.10 0.15 31.21 1.66 1.89 1.46 0.18 0.48 0.11 0.06 0.08 0.82 0.52 1.27 1.65 1.75 0.50 0.54 0.25 0.15 2.73 2.13 0.85 1.11 0.12 0.09 0.07 0.10 0.18 0.56 0.42 2.74 3.35 0.11 0.08 5.01 4.01 0.63 0.23 0.18 353.56 0.25 3.00 0.94 1.19 0.23 0.09 0.10 7.78 6.10 0.44 0.57 0.55 0.12 0.09 1.00

0.04 0.07 0.04 0.05 5.33 0.20 0.39 0.02 0.10 0.13 0.03 0.02 0.04 0.13 0.17 0.30 0.27 0.22 0.18 0.25 0.00 0.02 0.51 0.39 0.04 0.06 0.04 0.02 0.02 0.03 0.08 0.04 0.03 0.52 0.71 0.03 0.02 1.00 0.03 0.19 0.05 0.05 135.08 0.03 0.51 0.08 0.12 0.10 0.02 0.00 3.10 2.51 0.11 0.16 0.06 0.03 0.02 0.03

L 0.24 0.31 0.31 28.81 36.40 0.21 0.66 0.37 0.02 1.38 1.75 0.15 0.18 0.14 0.16 0.18 0.14 0.00 0.00 0.30 0.23 3.33 0.26 0.00 0.45 0.00 0.38 0.07 0.40 1.11 0.69 0.55 0.03 0.18 0.00 1.21 0.95 16.76 13.20 0.40 0.31 0.49 0.12 0.15 0.07 0.00 0.12 0.14 0.00 0.20 0.12 0.10 0.46 0.57 0.92 0.00 6.25 0.18 0.13 0.72 0.00 0.07 0.00 0.00 0.62 0.78 0.68 9.67 10.72 13.60 0.03 0.05 0.01 4.45 4.45

0.25 0.32 0.38 30.18 38.19 0.27 0.66 0.38 0.03 1.54 1.96 0.15 0.18 0.16 0.16 0.19 0.14 0.05 0.06 0.31 0.25 4.43 0.28 0.13 0.45 0.01 0.43 0.08 0.43 1.13 0.72 0.57 0.03 0.18 0.12 1.28 1.01 18.90 14.91 0.51 0.40 0.62 0.13 0.16 0.07 0.07 0.13 0.14 0.24 0.20 0.16 0.12 0.48 0.60 0.94 4.39 6.90 0.18 0.13 0.72 0.06 0.08 0.28 0.35 0.62 0.79 0.68 10.25 11.39 14.39 0.03 0.06 0.03 4.66 4.61

M

22

WWW.NORTHERNMINER.COM

MARCH 15—28, 2021 / THE NORTHERN MINER

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

Exc Volume

Week Low

0.14 0.14 + 0.60 0.60 0.98 1.08 1.25 1.36 0.00 0.07 0.77 0.77 1.77 1.82 0.31 0.40 0.25 0.31 0.05 0.06 0.06 0.07 unch 0.00 0.00 + 0.17 0.17 unch 0.13 0.15 0.17 0.19 0.00 0.12 0.10 0.10 + 0.36 0.42 0.25 0.30 0.07 0.08 + 0.09 0.09 unch 0.65 0.70 + 0.49 0.57 + 0.00 0.00 unch 0.34 0.37 + 0.26 0.30 + 0.08 0.08 0.00 0.00 unch 0.04 0.04 0.05 0.05 unch 0.10 0.10 unch 0.08 0.08 unch 10.20 10.67 0.65 0.68 0.51 0.55 0.03 0.03 0.35 0.36 0.15 0.21 2.72 2.74 + 2.15 2.36 + 0.08 0.08 0.11 0.12 unch 0.15 0.15 0.35 0.37 0.08 0.09 + 0.07 0.07 0.05 0.06 0.29 0.29 0.08 0.14 + 0.70 0.75 0.56 0.60 0.23 0.23 0.28 0.29 1.93 2.13 2.45 2.76 0.07 0.08 0.09 0.10 0.09 0.09 0.39 0.41 0.30 0.32 0.37 0.37 + 0.46 0.47 0.39 0.40 0.49 0.50 0.10 0.10 0.14 0.14 0.15 0.17 + 0.20 0.21 0.00 32.00 unch 0.00 0.00 + 0.02 0.03 + 0.03 0.03 0.00 0.06 + 0.07 0.07 + 0.00 0.00 0.00 0.29 0.00 0.08 unch 0.51 0.54 0.11 0.12 0.35 0.35 0.09 0.09 0.00 0.11 0.45 0.50 0.35 0.35 0.10 0.11 0.07 0.09 0.63 0.68 0.79 0.88 0.31 0.32 0.25 0.25 0.00 0.10 0.00 0.20 0.00 0.16 0.66 0.67 0.03 0.03 0.02 0.03 unch 0.53 0.53 0.66 0.66 0.12 0.12 0.10 0.10 0.14 0.14 0.00 0.18 28.05 30.07 + 0.00 0.10 unch 0.13 0.13 0.16 0.18 0.00 0.58 0.71 0.73 0.66 0.66 0.15 0.17 0.20 0.21 0.08 0.08 0.22 0.25 unch 0.07 0.07 0.07 0.07 -

Mazarin McChip Res McEwen Mng* McEwen Mng McLaren Res MDN Inc* Mechel* Medallion Res Medallion Res* Medgold Res* Medgold Res Medinah Mnrls* Mega Copper Mega Uranium* Mega Uranium Megastar Dev Megastar Dev* MegaWatt Lith MegaWatt Lith* MegumaGold* MegumaGold Melkior Res Melkior Res* Mensa Mng Corp* Meridian Mg Meridian Mg * Meryllion Res Meryllion Res* MetalCorp* MetalCorp Metalex Vent Metalex Vent * Metalla Rylty Metallic Mnrls Metallic Mnrls* Metallica Min* Metallis Res Metalo Manuf Metalore Res Metalore Res* Metals Creek* Metals Creek Metals X* Metron Capital Mexican Gold* MGX Minerals MGX Minerals* Mich Resources Midasco Cap Midland Expl Midnight Star Midnight Sun* Midnight Sun Millennial Lit* Millennial Lit Millrock Res* Millrock Res Milner Con Slv Minaurum Gold Minaurum Gold* Minco Silver* Minco Silver Minera Alamos * Minera Alamos Minera IRL* Minera IRL Mineral Mtn* Mineral Mtn Mineral Res* MineralRite* Mineworx Tech* Mineworx Tech Minfocus Expl* Minfocus Expl Mining Global* Minnova Corp Minsud Res Mirasol Res Mistango River Mkango Res ML Gold* ML Gold Corp Mojave Gold Mojave Gold* Monarca Mnrls Monarca Mnrls* Monarch Min* Monarch Mining Moneta Porcpn Moneta Porcpn* Mongoose Mg Monitor Vent Monitor Vent* Montage Gold Montego Res Monterey Min Montero Mg&Ex * Montero Mg&Ex Monument Mng Monument Mng* Morien Res* Morien Res Mosaic* Mosaic Min Mountain Boy* Mountain Boy Mountain Prov* Mountain Prov MPV Explor Mundoro Cap* Mundoro Cap Murchison Min Musgrave Min* Musk Metals Musk Metals*

V 41 V 26 N 32082 T 2429 C 93 O 39 N 939 V 1556 O 3085 O 442 V 2777 O 7619 V 4 O 2081 T 5239 V 151 O 170 C 2461 O 506 O 47 C 645 V 94 O 25 O 0 V 1766 O 102 C 193 O 1 O 24 V 202 V 212 O 4 V 296 V 738 O 709 O 29 V 548 C 31 V 3 O 6 O 59 V 1769 O 1164 V 477 O 300 C 1313 O 630 C 96 V 927 V 227 C 1222 O 11 V 122 O 329 V 825 O 890 V 952 V 171 V 827 O 412 O 43 T 143 O 2035 V 2197 O 352 C 572 O 108 V 430 O 1 O 520513 O 2401 V 2346 O 37 V 61 O 1070302 V 107 V 1 V 581 C 2715 V 565 O 11 V 62 C 577 O 8 V 1125 O 973 O 172 T 779 T 2787 O 2566 C 41 V 14 O 9 V 403 C 182 C 3187 O 36 V 107 V 435 O 92 O 26 V 570 N 31863 C 0 O 421 V 1512 O 130 T 419 C 1089 O 276 V 124 V 433 O 13 C 446 O 20

0.14 0.65 1.15 1.45 0.08 0.85 1.89 0.54 0.44 0.06 0.07 0.00 0.17 0.17 0.22 0.14 0.11 0.52 0.41 0.08 0.10 0.80 0.62 0.00 0.40 0.30 0.15 0.00 0.04 0.06 0.10 0.08 11.54 0.76 0.61 0.04 0.49 0.30 3.00 2.38 0.10 0.12 0.18 0.55 0.09 0.08 0.07 0.35 0.15 0.85 0.69 0.24 0.30 2.73 3.44 0.08 0.10 0.09 0.49 0.38 0.40 0.51 0.42 0.53 0.12 0.15 0.18 0.23 32.00 0.00 0.03 0.04 0.06 0.07 0.00 0.31 0.00 0.60 0.17 0.45 0.10 0.12 0.60 0.45 0.13 0.11 0.78 1.03 0.39 0.31 0.11 0.25 0.19 0.81 0.03 0.03 0.62 0.79 0.13 0.10 0.15 0.24 32.77 0.00 0.15 0.19 0.64 0.82 0.90 0.19 0.22 0.11 0.25 0.09 0.08

NA Frac Sand* NACCO Ind* Namibia Crit Namibia Crit* Napier Vent* Natural Res Pt* Nautilus Mnrls* Navis Res Corp* Neo Lithium Neometals* Network Expl Network Expl* Nevada Canyon* Nevada Copper Nevada Expl * Nevada Expl Nevada Sunrise* Nevada Sunrise Nevada Zinc Nevado Res New Age Metals* New Age Metals New Carolin Gd* New Carolin Gd New Destiny Mg* New Destiny Mg New Energy Met* New Energy Met New Found Gold New Gold New Gold* New Guinea Gld* New Jersey Mng* New Oroperu New Pac Metals New Placer* New Placer New Stratus New Tech Min* New Tech Min New World Res* Newcore Gold Newcore Gold* Newcrest Mg Newcrest Mg* Newlox Gold Newmac Res Newmont Corp* Newmont Corp Newport Expl Newport Gold* NewRange Gold* NewRange Gold Nexa Resources Nexa Resources* Nexco Res Nexgen Energy

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

0.01 29.00 0.32 0.26 0.08 18.25 0.02 3.70 2.96 0.43 1.41 1.10 0.37 0.20 0.16 0.20 0.12 0.15 0.13 0.16 0.14 0.18 0.05 0.06 0.07 0.09 0.09 0.12 3.95 2.16 1.72 0.00 0.60 2.38 6.58 0.15 0.19 0.35 0.07 0.09 3.53 0.62 0.50 23.75 19.74 0.37 0.08 57.39 72.41 0.54 0.01 0.11 0.14 12.66 10.00 0.31 5.18

Last

12-month

High

Change

High Low

0.01 0.04 0.03 0.05 0.01 0.23 0.01 0.16 0.11 0.00 0.00 0.00 0.00 0.01 0.01 0.01 0.01 0.02 0.04 0.00 0.00 0.09 0.07 0.00 0.03 0.03 0.03 0.00 0.01 0.00 0.00 0.00 0.29 0.08 0.04 0.00 0.03 0.05 0.02 0.15 0.01 0.00 0.03 0.13 0.01 0.01 0.01 0.03 0.07 0.05 0.01 0.00 0.01 0.32 0.31 0.00 0.01 0.01 0.05 0.03 0.00 0.05 0.02 0.03 0.01 0.01 0.00 0.01 0.00 0.00 0.00 0.01 0.01 0.01 0.00 0.01 0.00 0.04 0.04 0.05 0.01 0.01 0.10 0.06 0.02 0.01 0.07 0.01 0.01 0.00 0.10 0.05 0.04 0.13 0.01 0.00 0.06 0.08 0.02 0.01 0.02 0.01 0.67 0.00 0.01 0.01 0.04 0.04 0.13 0.00 0.01 0.03 0.00 0.02 0.00

0.18 0.90 1.60 2.02 0.18 2.00 2.75 0.75 0.59 0.08 0.11 0.00 0.29 0.21 0.25 0.20 0.14 1.17 0.90 0.16 0.21 1.25 1.00

0.05 0.39 0.53 0.76 0.03 0.14 1.28 0.05 0.03 0.02 0.04 0.00 0.02 0.03 0.05 0.05 0.05 0.09 0.17 0.06 0.09 0.06 0.06

0.40 0.30 0.20 0.04 0.08 0.11 0.13 0.10 16.87 1.30 0.94 0.04 0.64 0.30 3.65 2.38 0.15 0.18 0.27 0.59 0.15 0.15 0.11 0.40 0.15 1.13 0.71 0.31 0.37 4.16 5.25 0.23 0.32 0.20 0.85 0.67 0.60 0.83 0.62 0.78 0.18 0.25 0.34 0.46 32.00 0.00 0.10 0.13 5.00 0.10 0.00 0.60 0.10 0.65 0.41 0.45 0.13 0.18 0.67 0.52 0.30 0.20 0.90 1.31 0.48 0.38 0.22 0.45 0.37 1.27 0.06 0.10 0.75 0.95 0.15 0.12 0.34 0.55 33.23 0.15 0.52 0.69 0.64 0.84 1.35 0.21 0.28 0.12 0.60 0.26 0.18

0.06 0.05 0.05 0.00 0.00 0.01 0.02 0.01 4.06 0.10 0.07 0.01 0.11 0.07 1.00 0.81 0.02 0.03 0.03 0.15 0.01 0.05 0.02 0.15 0.07 0.46 0.10 0.04 0.03 0.38 0.61 0.06 0.09 0.02 0.22 0.16 0.14 0.20 0.11 0.16 0.07 0.05 0.13 0.19 11.75 0.00 0.02 0.03 0.01 0.02 0.00 0.05 0.05 0.29 0.04 0.05 0.06 0.08 0.03 0.02 0.02 0.01 0.62 0.59 0.06 0.04 0.05 0.12 0.08 0.66 0.01 0.02 0.03 0.01 0.04 0.00 0.06 0.08 6.50 0.05 0.09 0.14 0.17 0.25 0.21 0.06 0.09 0.05 0.22 0.05 0.04

0.00 1.92 0.02 0.01 0.00 0.26 0.00 0.25 0.32 0.03 0.01 0.02 0.02 0.03 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.03 0.01 0.00 0.01 0.00 0.01 0.03 0.48 0.01 0.02 0.00 0.08 0.14 0.55 0.00 0.00 0.01 0.00 0.02 0.02 0.04 0.01 1.35 0.58 0.03 0.00 2.36 2.18 0.03 0.00 0.00 0.01 0.06 0.19 0.00 0.15

0.03 38.56 0.37 0.32 0.12 19.52 0.04 5.00 3.88 0.61 2.05 1.62 4.00 0.26 0.19 0.25 0.25 0.31 0.16 0.18 0.19 0.24 0.09 0.11 0.07 0.11 0.20 0.12 4.90 3.05 2.40 0.13 0.60 3.59 9.02 0.80 0.95 0.62 0.10 0.15 3.53 0.92 0.70 31.25 26.42 0.40 0.16 72.22 96.45 0.60 0.02 0.31 0.43 14.46 12.58 0.40 5.41

0.00 17.95 0.10 0.06 0.00 8.50 0.00 0.92 0.38 0.05 0.08 0.06 0.11 0.06 0.08 0.12 0.01 0.01 0.03 0.07 0.02 0.05 0.02 0.03 0.00 0.02 0.00 0.03 1.24 0.55 0.39 0.00 0.13 0.54 2.34 0.05 0.16 0.03 0.02 0.03 0.36 0.14 0.09 22.40 11.59 0.03 0.03 33.00 44.00 0.25 0.00 0.05 0.07 3.94 2.57 0.06 0.76

N-O 26998 209 301 965 505 50 1731 34 2694 390 490 44 3 20290 473 554 1001 614 126 11 2197 2566 152 1278 11 103 38 115 705 18002 44594 76 1929 124 1000 522 1206 91 81 1106 99 491 38 1 37 2357 2 39282 824 251 788 124 1326 6 282 8 17292

0.01 23.00 0.25 0.18 0.01 17.26 0.01 2.50 2.20 0.25 0.97 0.00 0.34 0.16 0.14 0.18 0.09 0.11 0.12 0.00 0.10 0.13 0.04 0.05 0.06 0.07 0.08 0.09 3.53 1.92 1.51 0.00 0.28 1.85 5.13 0.13 0.16 0.00 0.07 0.07 2.94 0.58 0.47 22.40 17.81 0.31 0.00 54.28 68.77 0.48 0.00 0.10 0.12 11.26 8.38 0.31 4.05

0.01 23.02 0.30 0.23 0.01 17.89 0.02 2.68 2.42 0.28 1.20 0.93 0.36 0.16 0.14 0.18 0.09 0.12 0.12 0.16 0.11 0.14 0.05 0.05 0.06 0.07 0.08 0.09 3.93 2.04 1.60 0.00 0.38 2.20 5.70 0.14 0.18 0.35 0.07 0.07 3.15 0.58 0.48 22.40 18.15 0.34 0.08 56.74 71.70 0.50 0.01 0.10 0.13 11.94 9.28 0.31 4.33

+ + + + + + unch unch + + + unch + + + unch + + + + unch -

(100s) Stock

Exc Volume

Nexgen Energy* NextSource Mat Nexus Gold* Nexus Gold NGEx Minerals* NGEx Minerals Nickel Creek* Nickel Creek Nickel North Nickel Rock Nickel Rock* Nicola Mg Inc* Nicola Mg Inc Nighthawk Gold* Nighthawk Gold Niobay Metals Niocan Inc Niocorp Dev Niocorp Dev* Nippon Dragon Nippon Dragon* Noble Metal * Noble Metal Noble Mineral Noble Mineral* Noram Vent Noram Vent* Noranda Alum* Norilsk Nickel* Noront Res* Noront Res Norra Metals Norse Gold Norseman Silv Norsemont Cap* Norsemont Cap Nortec Mnls* Nortec Mnls North Am Nickl North Am Nickl* North Arrow Mn* North Arrow Mn North Bay Res * North Peak Res* North Peak Res Northcliff Res Northern Light Northern Uran Northisle C&G * Northisle C&G Northstar Gold Northstar Gold* Northwest Cop* Northwest Cop Norvista Cap NorZinc NorZinc* Nouveau Monde Nouveau Monde* NovaGold Res NovaGold Res* Novo Res NQ Minerals Pl* NRG Metals* Nrthn Graphite* Nrthn Graphite Nrthn Lion Nrthn Mnrls &E* Nrthn Shield Nrthn Superior Nrthn Superior* Nrthn Vertex* Nrthn Vertex NSGold NSS Res Inc Nthn Dynasty Nthn Dynasty* Nubian Res Nuinsco Res* Nuinsco Res NuLegacy Gold* NuLegacy Gold Nutrien* Nutrien NV Gold* NV Gold O.T. Mining* O2Gold O3 Mining Oakley Vent OceanaGold OceanaGold* Oceanic Iron O Oceanic Iron O* Oceanus Res Oceanus Res* Odyssey Res Olivut Res* Olivut Res Omai Gold Omineca Mining Omineca Mining* One World Lith One World Lith* Opawica Expl Opawica Expl* Ophir Gold Ophir Gold* Optimum Vent* Optimum Vent Optimus Gold Opus One Gold* Opus One Gold Orbite Tech* Orca Gold Orca Gold* Orea Mining* Orea Mining Orefinders Res Orestone Mng Orex Mnrls* Orex Mnrls Orezone Gold Orezone Gold* Orford Mining OrganiMax* OrganiMax Origen Res Original Sixtn* Orla Mining Oroco Res* Oroco Res Orocobre Oronova Energy* Orosur Mng Orsu Metals Orsu Metals* Orvana Mnrls Orvana Mnrls* Osino Res Osisko Dev* Osisko Gold* Osisko Gold Osisko Metals* Osisko Metals Osisko Mng Inc Otso Gold* Otso Gold Outback Gold Outcrop Gold Outcrop Gold* OZ Minerals*

X 14045 T 8562 O 256 V 2365 O 5 V 5832 O 596 T 2094 V 622 V 2157 O 2850 O 2105 V 2027 O 39 T 282 V 257 V 198 T 1561 O 3583 V 1597 O 151 O 210 V 807 V 1662 O 274 V 1178 O 352 O 129 O 932 O 263 V 2174 V 291 V 48 V 753 O 835 C 1012 O 48 V 669 V 1627 O 762 O 12 V 574 O 389364 O 1291 V 1314 T 1036 C 2079 V 2412 O 182 V 1521 C 103 O 23 O 180 V 636 V 145 T 1139 O 637 V 8717 O 5580 T 1723 X 9437 T 1727 O 21 O 218 O 874 V 602 V 59 O 68 V 1765 V 1484 O 2544 O 963 V 1894 V 39 C 893 T 5858 X 127237 V 542 O 4604 C 16426 O 2544 V 2214 N 9602 T 4984 O 312 V 820 O 36 V 607 V 258 C 127 T 6110 O 3 V 1192 O 9 V 1299 O 397 V 506 O 72 V 173 V 750 V 351 O 400 C 1674 O 1328 V 249 O 22 V 197 O 125 O 3 V 24 V 27 O 4 V 602 O 243 V 464 O 270 O 496 T 932 V 2821 V 1208 O 352 V 659 V 1064 O 205 V 98 O 163 V 1486 C 91 O 0 T 2812 O 834 V 827 T 582 O 160 T 663 V 468 O 4 T 562 O 84 V 717 O 31 N 6444 T 3181 O 28 V 390 T 3617 O 144 V 753 C 115 V 1306 O 784 O 0

P2 Gold* P2 Gold Pac Bay Mnrls Pac Booker Min Pac Booker Min* Pac Cascade Pac Imperial Pac Ridge Expl Pac Ridge Expl* Pac Wildcat* Pacific Empire Pacific Rim Pacific Rim* Pacific Silk Pacton Gold Paladin Energy* Palamina Corp Palamina Corp* Palayan Res* Paleo Resource

O V V V O V V V O O V C O V V O V O O V

(100s) Stock

Week

12-month

High

Low

Last

Change

High Low

4.10 0.37 0.06 0.07 0.58 0.74 0.11 0.14 0.07 0.44 0.35 0.10 0.12 0.88 1.13 1.06 0.16 1.32 1.09 0.05 0.03 0.02 0.02 0.16 0.12 0.79 0.64 0.10 32.81 0.25 0.30 0.10 0.10 0.76 0.54 0.68 0.05 0.04 0.33 0.26 0.10 0.12 0.00 0.82 1.03 0.07 0.08 0.02 0.25 0.31 0.28 0.23 0.39 1.06 0.15 0.08 0.06 2.14 1.75 11.00 8.72 3.22 0.12 0.92 0.41 0.51 0.47 0.10 0.09 1.50 1.25 0.33 0.41 0.29 0.34 1.07 0.85 0.46 0.02 0.03 0.11 0.14 56.42 71.32 0.28 0.36 0.13 0.22 2.59 0.56 1.90 1.44 0.22 0.19 0.59 0.46 0.05 0.07 0.08 0.21 0.28 0.23 0.14 0.11 0.30 0.23 0.19 0.15 0.34 0.42 0.15 0.06 0.06 0.02 0.62 0.49 0.09 0.11 0.10 0.12 0.15 0.19 1.01 0.80 0.16 0.26 0.32 0.23 0.00 4.66 1.67 2.05 4.81 0.00 0.41 0.28 0.24 0.33 0.25 1.29 7.20 10.74 13.60 0.35 0.44 2.92 0.05 0.06 0.91 0.37 0.30 16.53

3.18 0.27 0.05 0.06 0.00 0.58 0.09 0.11 0.05 0.28 0.22 0.08 0.10 0.00 1.04 0.95 0.14 1.10 0.87 0.04 0.03 0.02 0.02 0.13 0.10 0.50 0.42 0.05 29.33 0.19 0.24 0.08 0.09 0.55 0.39 0.47 0.03 0.03 0.27 0.21 0.08 0.11 0.00 0.48 0.60 0.05 0.06 0.02 0.21 0.25 0.24 0.20 0.37 0.47 0.15 0.07 0.06 1.55 1.22 10.18 8.01 2.82 0.07 0.65 0.30 0.39 0.37 0.07 0.08 1.26 1.00 0.28 0.35 0.29 0.21 0.74 0.58 0.40 0.01 0.02 0.09 0.12 52.59 66.75 0.20 0.25 0.06 0.19 2.41 0.48 1.75 0.00 0.19 0.14 0.46 0.37 0.05 0.04 0.06 0.18 0.22 0.12 0.10 0.08 0.24 0.23 0.17 0.13 0.33 0.00 0.15 0.06 0.05 0.00 0.55 0.43 0.08 0.10 0.08 0.10 0.13 0.17 0.93 0.75 0.15 0.00 0.25 0.20 0.00 3.84 1.41 1.79 3.89 0.00 0.32 0.00 0.23 0.25 0.20 1.07 6.02 9.78 12.39 0.32 0.41 2.68 0.04 0.05 0.78 0.31 0.25 0.00

3.43 0.30 0.05 0.07 unch 0.47 0.62 0.09 0.12 0.05 unch 0.29 0.23 0.09 + 0.11 0.83 + 1.04 0.97 0.14 1.12 0.89 0.05 + 0.03 + 0.02 0.02 unch 0.13 0.11 0.70 0.49 0.06 30.00 0.20 0.25 0.08 0.10 unch 0.60 0.46 0.56 0.03 + 0.03 0.30 0.22 0.10 + 0.11 0.00 0.72 + 0.87 + 0.05 0.06 0.02 + 0.24 + 0.30 + 0.25 0.21 + 0.39 1.00 + 0.15 0.08 unch 0.06 1.85 1.46 10.42 8.27 2.96 0.11 + 0.71 0.34 0.43 0.39 unch 0.09 + 0.08 1.47 + 1.17 + 0.29 0.36 0.29 unch 0.30 0.82 0.66 0.42 0.01 0.02 0.09 0.12 54.59 + 69.03 + 0.23 + 0.29 + 0.12 + 0.19 2.46 0.50 1.80 1.40 0.22 + 0.19 + 0.46 0.37 0.05 unch 0.04 0.06 0.18 0.24 0.19 0.12 0.09 0.25 0.23 + 0.17 0.14 + 0.33 + 0.35 0.15 unch 0.06 unch 0.06 unch 0.00 unch 0.55 0.45 0.09 + 0.11 0.08 0.11 + 0.14 + 0.18 unch 0.94 0.75 0.15 0.26 + 0.25 0.20 + 0.25 unch 4.32 1.46 1.83 3.99 0.04 unch 0.37 0.25 0.24 + 0.26 0.22 1.11 6.31 + 10.72 + 13.59 + 0.34 0.42 unch 2.89 + 0.04 0.05 0.80 0.31 0.26 16.53 -

0.07 0.06 0.00 0.00 0.03 0.03 0.01 0.01 0.00 0.10 0.07 0.01 0.01 0.00 0.03 0.06 0.02 0.18 0.14 0.01 0.00 0.00 0.00 0.02 0.01 0.07 0.07 0.04 1.39 0.03 0.04 0.01 0.00 0.04 0.08 0.09 0.01 0.01 0.01 0.02 0.01 0.01 0.00 0.22 0.22 0.02 0.02 0.01 0.04 0.04 0.01 0.01 0.37 0.05 0.01 0.00 0.01 0.17 0.13 0.26 0.08 0.04 0.01 0.01 0.02 0.04 0.00 0.02 0.01 0.23 0.19 0.01 0.02 0.00 0.02 0.21 0.13 0.05 0.01 0.01 0.01 0.01 0.63 0.34 0.02 0.03 0.01 0.04 0.09 0.06 0.04 0.03 0.03 0.04 0.12 0.08 0.00 0.02 0.02 0.01 0.04 0.03 0.01 0.00 0.05 0.01 0.01 0.00 0.05 0.07 0.00 0.00 0.00 0.00 0.07 0.03 0.00 0.01 0.02 0.01 0.00 0.00 0.06 0.02 0.01 0.02 0.03 0.01 0.00 0.07 0.15 0.22 0.51 0.00 0.04 0.02 0.01 0.05 0.01 0.08 0.11 0.73 0.89 0.00 0.00 0.08 0.01 0.01 0.11 0.08 0.04 0.92

4.27 0.53 0.12 0.14 0.58 0.75 0.24 0.33 0.10 1.18 0.93 0.14 0.21 2.20 2.90 1.19 0.28 2.08 1.65 0.09 0.06 0.02 0.03 0.21 0.17 1.25 0.99 0.15 38.21 0.27 0.32 0.21 0.17 0.76 2.21 2.79 0.12 0.05 0.39 0.33 0.10 0.12 0.00 3.00 1.38 0.10 0.11 0.03 0.30 0.42 0.55 0.38 0.78 1.06 0.23 0.12 0.09 2.74 2.19 18.00 12.85 4.16 0.13 0.92 0.55 0.70 0.69 0.25 0.18 1.55 1.25 0.57 0.72 0.69 0.46 3.28 2.49 0.69 0.05 0.05 0.19 0.24 57.73 73.23 0.38 0.48 0.17 0.37 3.68 0.59 4.01 2.86 0.25 0.20 0.70 0.54 0.07 0.09 0.11 0.30 0.75 0.55 0.16 0.13 0.34 0.26 0.31 0.24 0.34 0.53 0.19 0.08 0.12 0.16 0.93 0.75 0.19 0.25 0.26 0.28 0.24 0.31 1.27 1.03 0.24 0.28 0.35 0.28 0.25 7.51 1.78 2.24 5.73 0.05 0.70 0.45 0.33 0.39 0.29 1.65 10.79 13.53 17.50 0.42 0.52 4.85 0.08 0.11 1.55 0.88 0.66 17.50

0.50 0.02 0.01 0.03 0.16 0.24 0.02 0.02 0.01 0.04 0.02 0.04 0.04 0.70 0.97 0.20 0.10 0.54 0.38 0.01 0.01 0.00 0.01 0.03 0.02 0.09 0.06 0.00 18.62 0.08 0.12 0.02 0.03 0.04 0.20 0.25 0.00 0.01 0.06 0.05 0.02 0.03 0.00 0.16 0.30 0.02 0.02 0.01 0.01 0.02 0.23 0.18 0.20 0.15 0.04 0.02 0.01 0.13 0.09 6.40 4.65 1.41 0.02 0.15 0.08 0.11 0.11 0.02 0.05 0.18 0.14 0.11 0.15 0.10 0.03 0.39 0.31 0.07 0.00 0.01 0.02 0.03 23.85 34.80 0.05 0.07 0.02 0.06 1.06 0.12 1.16 0.00 0.07 0.08 0.04 0.03 0.02 0.02 0.03 0.15 0.12 0.08 0.03 0.02 0.05 0.03 0.14 0.11 0.29 0.16 0.01 0.04 0.02 0.00 0.20 0.15 0.06 0.09 0.04 0.03 0.03 0.04 0.22 0.14 0.02 0.03 0.04 0.12 0.05 1.48 0.05 0.20 1.60 0.04 0.03 0.10 0.09 0.11 0.09 0.43 0.33 4.65 6.35 0.17 0.24 1.67 0.03 0.04 0.11 0.12 0.07 3.48

0.44 + 0.57 + 0.15 unch 1.79 1.41 0.18 + 0.06 0.10 0.09 0.01 + 0.05 0.40 0.28 0.04 0.77 + 0.33 + 0.19 0.16 0.22 0.02 unch

0.04 0.02 0.00 0.01 0.07 0.02 0.01 0.02 0.01 0.00 0.02 0.09 0.10 0.01 0.09 0.00 0.01 0.00 0.07 0.00

0.59 0.90 0.19 2.60 2.07 0.26 0.08 0.15 0.12 0.01 0.21 0.70 0.53 0.06 1.81 0.40 0.34 0.26 1.82 0.03

0.10 0.06 0.05 1.12 0.84 0.03 0.01 0.03 0.02 0.00 0.03 0.09 0.06 0.01 0.35 0.03 0.09 0.06 0.20 0.01

P-Q 362 803 13 32 65 94 398 294 71 133 293 46 111 21 1475 11841 87 90 991 1575

0.50 0.65 0.15 2.13 1.62 0.26 0.07 0.13 0.10 0.01 0.07 0.50 0.41 0.05 0.85 0.40 0.22 0.18 0.31 0.03

0.43 0.51 0.00 1.73 1.37 0.15 0.05 0.10 0.08 0.01 0.05 0.40 0.27 0.00 0.71 0.32 0.19 0.14 0.20 0.02

Exc Volume

Week

12-month

High

Low

Last

600 4204 768 597 2537 16210 1334 35 236 821 3518 563 56 436 199 97 0 3792 218 1234 292 2765 25 280 76 430 15309 2402 127 35 177 134 61 12 253 432 168 206 754 80 889 18 264 4 221 3 421 76 862 119 1 155 20 867 2072 3001 76 806 5809 284 609 26 3042 66 1 1459 2390 126 21 301 2256 1094 838 682 5131 8005 2097 4 199 71 3034 30 325 261 302 353 15 533 15 6 774 224 10 104 343 84 1591 125 10709 38 1269 300 445 561 1463 3109 2570 3 133 1311 703 314 516 54 136 1055 1205 2949 415 57 597 144 272 8 1251 3283 1096 70

0.03 0.38 0.32 0.69 43.27 34.14 0.23 0.15 0.40 0.52 0.19 0.15 0.01 0.03 0.20 0.16 0.00 0.73 0.46 1.15 0.03 0.06 0.13 0.16 0.20 0.17 4.80 0.08 0.06 0.15 0.19 0.10 0.09 0.34 8.75 6.89 1.19 0.05 0.06 0.09 0.12 0.04 0.07 0.06 0.09 0.60 0.48 0.25 0.35 0.27 95.50 0.23 0.06 0.65 0.82 0.06 0.05 5.62 4.46 0.03 0.14 0.10 4.76 6.01 0.00 0.14 0.12 0.05 0.07 0.10 0.30 0.38 0.19 0.15 2.97 10.47 13.18 0.13 0.14 1.66 2.19 0.05 0.42 0.10 1.15 1.50 0.31 0.44 0.26 5.48 0.25 1.64 0.54 0.15 0.10 0.08 0.28 0.21 0.05 0.17 0.21 0.02 1.25 1.58 1.52 1.93 0.10 0.34 0.43 0.25 0.21 0.20 0.24 0.13 0.16 0.32 0.41 0.28 0.22 0.10 0.13 0.70 0.18 0.12 0.20 0.16 0.05 0.59

0.01 0.25 0.20 0.45 37.20 29.30 0.17 0.14 0.37 0.44 0.12 0.09 0.00 0.03 0.18 0.14 0.00 0.53 0.36 1.02 0.02 0.03 0.11 0.13 0.15 0.14 3.76 0.06 0.05 0.15 0.15 0.09 0.06 0.29 7.02 5.52 1.06 0.05 0.02 0.07 0.10 0.00 0.00 0.06 0.06 0.42 0.31 0.23 0.29 0.00 0.00 0.17 0.04 0.44 0.56 0.04 0.05 4.15 3.27 0.03 0.12 0.00 3.39 4.29 0.00 0.11 0.08 0.04 0.07 0.08 0.21 0.26 0.16 0.12 2.77 9.60 12.16 0.13 0.00 1.47 1.80 0.05 0.35 0.08 0.99 1.26 0.31 0.34 0.26 4.07 0.10 1.30 0.00 0.12 0.09 0.07 0.25 0.20 0.03 0.16 0.16 0.02 0.70 0.90 1.31 1.62 0.09 0.00 0.35 0.19 0.15 0.17 0.21 0.11 0.00 0.24 0.31 0.26 0.20 0.09 0.11 0.52 0.12 0.00 0.14 0.10 0.02 0.55

0.01 0.30 0.22 0.55 39.09 30.85 0.18 0.14 0.40 + 0.50 unch 0.14 + 0.11 + 0.01 unch 0.03 0.19 0.15 0.06 unch 0.64 unch 0.36 1.03 0.02 0.03 0.11 0.13 0.15 0.15 4.02 0.06 0.05 0.15 unch 0.16 0.09 0.07 0.29 7.50 6.00 1.11 + 0.05 unch 0.06 0.07 0.10 0.03 0.07 + 0.06 0.07 0.42 0.35 + 0.25 + 0.30 0.26 95.00 + 0.20 0.06 unch 0.54 0.67 0.05 0.05 unch 4.62 3.64 0.03 unch 0.12 unch 0.10 + 3.62 4.63 0.00 + 0.12 0.09 0.04 unch 0.07 0.08 0.24 0.30 0.17 0.13 2.88 10.11 + 12.84 + 0.13 0.12 1.52 2.04 0.05 unch 0.35 unch 0.10 + 1.04 1.34 0.31 0.36 + 0.26 unch 4.72 0.16 1.53 0.53 0.13 0.09 0.07 0.27 + 0.20 0.04 0.16 0.18 0.02 unch 0.84 1.05 1.48 + 1.85 unch 0.09 0.34 + 0.35 0.23 0.17 0.18 0.23 0.11 0.14 0.26 0.33 0.28 + 0.22 + 0.09 0.11 0.53 0.14 0.10 0.17 + 0.14 + 0.03 + 0.57 unch

V 181 O 4 V 648 V 313 O 40 C 35 C 588 O 106 V 24 O 1 O 24862 O 2804 V 491 C 50 C 865 O 1390 V 8104 V 6988 O 13 V 450 V 6 O 334 C 2096 V 28 V 1258 O 287 V 275 O 342 O 1178 V 1519 V 49 V 317 V 255 O 24 V 166 V 12 O 546516 V 401 O 41 O 16 N 15054 O 0 V 921 O 1437 O 63 C 49 V 385 O 556 O 58 V 262 V 520

0.31 0.24 0.31 0.27 0.03 0.08 0.30 2.54 0.16 0.12 0.01 3.92 0.05 0.20 0.36 0.01 0.66 0.09 2.53 1.30 0.35 0.07 0.07 0.11 0.09 0.08 0.77 0.63 0.97 1.20 0.76 0.05 0.50 0.12 0.13 0.28 0.00 0.09 0.07 90.60 91.89 106.00 0.85 0.68 0.59 0.68 0.23 0.18 0.20 0.26 0.52

Paleo Resource* O Palladium One V Palladium One* O Pampa Metals C Pan Am Silver T Pan Am Silver* D Pan Andean Min V Pan Andean Min* O Pan Global Res* O Pan Global Res V Pancontinental V Pancontinental* O Panex Res* O Pangolin Dia V Panoro Mnrls V Panoro Mnrls* O PanTerra Gold* O Pantheon Vent V Para Resources V Paramount Gold* X Paringa Res* O Pasinex Res C Pasofino Gold* O Pasofino Gold V Patriot Gold C Patriot Gold* O Peabody Enrgy* N Pegasus Res V Pegasus Res* O Pelangio Expl* O Pelangio Expl V Peloton Mnrls C Peloton Mnrls* O PepinNini Lith* O Perpetua Res T Perpetua Res* D Perseus Mng T Pershimex Res V Pershing Res* O Peruvian Metal* O Peruvian Metal V Petra Diamonds* O Philex Mng* O Philippine Mtl* O Philippine Mtl V Phoenix Global* O Phoenix Gold V Pine Cliff En* O Pine Cliff En T Pivit Explor C PJSC Polyus Gd* O PJX Res V Plata Latina V Plateau Energy* O Plateau Energy V Platinex Inc C Platinex Inc* O Platinum Gp Mt T Platinum Gp Mt* X Plato Gold V Playfair Mng V Playfair Mng* O PolyMet Mng* X PolyMet Mng T Portex Mnrls* O Portofino Res V Portofino Res* O Potash Ridge* O Power Group* O Power Group V Power Metals* O Power Metals V Precipitate Gl V Precipitate Gl* O Premier Gold M T Pretium Res* N Pretium Res T Prime Meridia* O Prime Meridian V Prime Mining* O Prime Mining V Prism Res V Prismo Metals C ProAm Expl V Probe Metals* O Probe Metals V Prog Planet* O Prog Planet V Project One C Promithian Gl * O Prophecy Pot C Prosper Gold V Prospero Silvr V Provenance Gld C Providence V Providence Gld* O Pucara Gold V Pucara Gold* O PUF Vent Inc * O Puma Expl* O Puma Expl V Pure Alumina* O Pure Energy* O Pure Energy V Pure Gold Mg* O Pure Gold Mg V Purepoint Uran V Q-Gold Res* O Q-Gold Res V QC Copper V QC Copper* O QC Precious * O QC Precious V QcX Gold* O QcX Gold V QMC Quantum Ml* O QMC Quantum Ml V QMX Gold V QMX Gold* O Quadro Res* O Quadro Res V Quantum Cobalt C Quartz Mtn Res V Quartz Mtn Res* O Quaterra Res V Quaterra Res* O Quest Rare Mnl* O Questex Gold V

Change

Stock

0.01 0.08 0.06 0.15 2.96 2.17 0.05 0.08 0.01 0.00 0.01 0.02 0.00 0.01 0.02 0.01 0.00 0.00 0.11 0.01 0.01 0.01 0.01 0.02 0.04 0.01 0.28 0.02 0.00 0.00 0.02 0.01 0.01 0.05 0.99 0.45 0.01 0.00 0.01 0.01 0.01 0.02 0.01 0.02 0.02 0.09 0.08 0.00 0.02 0.02 3.00 0.04 0.00 0.04 0.06 0.01 0.00 0.51 0.34 0.00 0.00 0.01 0.94 1.22 0.00 0.02 0.02 0.00 0.01 0.01 0.05 0.07 0.01 0.01 0.01 0.40 0.46 0.01 0.04 0.18 0.11 0.00 0.00 0.02 0.03 0.09 0.00 0.01 0.00 0.53 0.04 0.02 0.07 0.01 0.01 0.01 0.01 0.00 0.00 0.01 0.03 0.00 0.30 0.40 0.01 0.00 0.01 0.04 0.06 0.01 0.02 0.01 0.02 0.03 0.03 0.03 0.05 0.01 0.02 0.01 0.02 0.07 0.03 0.06 0.02 0.01 0.01 0.00

0.03 0.40 0.49 0.72 53.30 40.11 0.30 0.24 0.56 0.72 0.19 0.20 0.01 0.04 0.23 0.17 0.06 1.02 0.74 1.59 0.03 0.09 0.31 0.42 0.50 0.23 5.31 0.09 0.06 0.20 0.27 0.15 0.12 0.42 20.40 9.45 1.52 0.10 0.10 0.10 0.14 0.05 0.10 0.08 0.12 0.81 0.48 0.35 0.45 0.42 128.00 0.25 0.06 0.78 0.98 0.13 0.08 8.00 6.27 0.05 0.21 0.15 9.70 13.00 0.00 0.26 0.25 0.06 0.08 0.10 0.40 0.54 0.41 0.30 3.48 14.55 19.13 0.14 0.17 2.17 2.80 0.07 0.88 0.15 1.53 1.95 0.37 0.50 0.60 13.50 0.26 2.40 1.35 0.15 0.20 0.17 1.50 0.85 0.08 0.19 0.27 0.30 2.07 2.63 2.42 3.08 0.11 0.39 0.65 0.35 4.12 0.27 0.38 0.30 0.50 0.47 0.60 0.38 0.27 0.25 0.33 0.85 0.29 0.18 0.20 0.16 0.06 0.90

0.00 0.05 0.03 0.37 14.22 10.61 0.08 0.00 0.00 0.06 0.03 0.02 0.00 0.02 0.07 0.04 0.01 0.01 0.10 0.47 0.00 0.01 0.01 0.04 0.07 0.02 0.80 0.01 0.00 0.08 0.11 0.04 0.03 0.00 2.35 5.52 0.45 0.02 0.00 0.02 0.03 0.01 0.02 0.00 0.02 0.06 0.01 0.04 0.05 0.12 43.41 0.01 0.01 0.12 0.16 0.02 0.01 1.25 0.86 0.02 0.02 0.01 1.50 2.45 0.00 0.02 0.02 0.01 0.02 0.03 0.06 0.09 0.05 0.04 0.85 4.05 6.25 0.03 0.04 0.14 0.25 0.01 0.20 0.05 0.37 0.54 0.02 0.02 0.12 1.80 0.02 0.25 0.51 0.07 0.06 0.02 0.25 0.00 0.01 0.03 0.04 0.01 0.06 0.18 0.27 0.38 0.03 0.17 0.14 0.03 0.13 0.10 0.14 0.09 0.06 0.03 0.06 0.06 0.05 0.08 0.05 0.10 0.06 0.10 0.02 0.02 0.00 0.25

Rochester Res* Rochester Res Rock Tech Lith* Rock Tech Lith Rockcliff Met* Rockcliff Met Rockex Mng Rockhaven Re* Rockhaven Res Rockridge Res Rockwealth Res Rockwealth Res* Rockwell Diam* Rogue Res* Rogue Res Rojo Res* Rokmaster Res* Rokmaster Res Romios Gold Rs Romios Gold Rs* RosCan Gold* RosCan Gold Roughrider Exp Rover Metals* Rover Metals Roxgold Roxgold* Royal Gold* Royal Gold* Royal Mines &M* Royal Rd Mnrls Royal Std Mnrl* RT Minerals RT Minerals* RTG Mining * RTG Mining Rugby Mng Running Fox Rs* Running Fox Rs Rupert Res Rupert Res* Rusoro Mng Rusoro Mng*

O V O V O C C O V V V O O O V O O V V O O V V O V T O O D O V O V O O T V O V V O V O

0.05 0.04 0.03 0.03 0.02 0.00 0.07 0.09 0.00 0.01 0.01 0.77 0.01 0.00 0.05 0.00 0.00 0.02 0.13 0.09 0.05 0.00 0.01 0.01 0.01 0.00 0.08 0.05 0.11 0.17 0.00 0.01 0.00 0.01 0.02 0.02 0.00 0.01 0.01 5.37 3.76 1.69 0.06 0.04 0.02 0.02 0.01 0.00 0.00 0.01 0.02

0.50 0.28 0.40 0.38 0.90 0.10 0.40 14.50 0.18 0.12 0.12 4.13 0.12 0.25 0.49 0.03 0.68 0.10 4.38 1.74 0.35 1.00 0.09 0.13 0.14 0.11 1.45 1.13 1.35 1.74 0.98 0.08 0.74 0.27 0.30 0.62 0.01 0.11 0.09 91.94 92.85 108.00 1.03 0.85 0.83 1.10 0.54 0.40 0.26 0.36 0.56

0.08 0.05 0.09 0.11 0.01 0.05 0.07 0.22 0.04 0.04 0.00 0.33 0.03 0.04 0.27 0.00 0.04 0.02 1.80 0.47 0.07 0.01 0.03 0.05 0.05 0.04 0.33 0.24 0.44 0.50 0.04 0.03 0.29 0.04 0.07 0.12 0.00 0.01 0.02 34.85 35.35 41.50 0.14 0.11 0.31 0.30 0.10 0.06 0.07 0.09 0.11

Sabina Gd&Slvr* Sabina Gd&Slvr Sable Res Sable Res* Sailfish Rylty Salazar Res* Salazar Res Salt Lake Pot* Sama Res Sama Res* San Gold Corp* San Lorenzo Sanatana Res Sanatana Res* Sandfire Res* Sandfire Res Sandspring Res* Sandstorm Gold Sandstorm Gold* Santacruz Silv Sarama Res Sarissa Res* Sassy Res Sassy Res* Satori Res* Satori Res Saturn Mnrls Savannah Min Saville Res Scandium Intl* Scandium Intl Scorpio Gold Scorpio Gold * Scotch Creek Scottie Res* Scottie Res ScoZinc Mg* ScoZinc Mg Seabridge Gld Seabridge Gld* Seahawk Gold Seahawk Gold* Search Mnls Search Mnls* Searchlight* SearchlightMin* SearchlightRes Secova Mtls* Sego Res Select Sands Sentinel Res* Sentinel Res Serabi Gold Serabi Gold* Sherritt Intl Shine Minerals Shine Minerals* Sibanye-Stillw* Sibanye-Stillw* Sidney Resrces* Sienna Res* Sienna Res Sierra Metals* Sierra Metals Sigma Lithium Signature Res* Signature Res Silver Bear Rs* Silver Bear Rs Silver Bull Re Silver Bull Re* Silver Dollar Silver Dollar* Silver Eleph* Silver Eleph Silver Fields* Silver Grail Silver One Silver One* Silver Phoenix Silver Predatr* Silver Predatr Silver Range* Silver Range Silver Sands* Silver Sands Silver Spruce* Silver Spruce Silver Viper Silver Viper* Silver Wolf Silver Wolf* Silvercorp Met Silvercorp Met* SilverCrest* SilverCrest Silverore Mns* Silverstar Res* Sirios Res* Sirios Res Sitka Gold Sitka Gold* Sixty North Sixty North* Skeena Res* Skeena Res SKRR Explor Sky Gold Sky Gold* Skyharbour Res Skyharbour Res* Slam Explor* Slam Explor Slave Lake Zn Snowy Owl Sokoman Min Sokoman Min* Solaris Res Soldera Mining Soldera Mining* SolGold plc* SolGold plc Solitario Ex&R Solitario Ex&R* Solstice Gold Sonora Gld & S Sonoro Gold* Sonoro Gold South Atlantic* South Atlantic South32* Southern Copp* Southern Emp* Southern Emp Southern Silvr Southern Silvr*

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

R Rackla Metals Rackla Metals* Radisson Mng Radius Gold Rae-Wallace Mg* Rain City Raindrop Vent Rainforest Res* Rainy Mtn Royl Rainy Mtn Royl* Rambler Metals* Rare Element* Rathdowney Res Razore Rock Res Ready Set Gold Red Eagle Mng* Red Moon Res Red Pine Expl Regis Res NL* Regulus Res Remington Res Renforth Res* Renforth Res Resolve Vent Reunion Gold Reunion Gold* Revival Gold Revival Gold * Reyna Silver* Reyna Silver Rhyolite Res Richmond Mnls Ridgeline Min Ridgestone M’g* Ridgestone M’g Riley Gold Rimrock Gold* Rio Silver Rio Silver* Rio Tinto* Rio Tinto* Rio Tinto* Rio2 Limited Rio2 Limited* Rise Gold Corp* Rise Gold Corp Riverside Res Riverside Res* RJK Explor* RJK Explor Robex Res

0.00 0.30 0.00 0.24 0.29 0.31 0.23 0.24 0.00 0.03 0.08 0.08 0.24 0.24 2.12 2.38 0.00 0.14 0.12 0.12 0.00 0.00 1.80 2.70 0.04 0.04 0.20 0.20 0.27 0.27 0.00 0.00 0.48 0.53 0.06 0.07 2.30 2.36 1.11 1.19 0.30 0.30 0.05 0.05 0.06 0.06 0.10 0.10 0.08 0.08 0.07 0.07 0.65 0.65 0.51 0.52 0.77 0.82 0.97 1.02 0.76 0.76 0.05 0.05 0.44 0.45 0.10 0.10 0.00 0.12 0.26 0.28 0.00 0.00 0.08 0.08 0.05 0.07 80.90 82.50 81.15 83.64 0.00 106.00 0.71 0.74 0.57 0.58 0.50 0.54 0.00 0.64 0.20 0.23 0.16 0.18 0.18 0.19 0.22 0.25 0.48 0.49

+ unch + unch + unch + unch + unch unch unch + + + + -

(100s)

High Low

Exc Volume

Week Last

12-month

High

Low

Change

28 10 117 438 222 615 17 33 359 1343 59 5 0 18 145 4333 313 690 269 590 9433 13589 348 298 338 4394 341 2 2295 255 400 0 421 3 10 21 159 1 1500 90 2 324 21

0.13 0.15 3.47 4.44 0.06 0.08 0.04 0.14 0.16 0.14 0.14 0.10 0.00 0.10 0.12 1.36 0.43 0.54 0.05 0.04 0.80 0.52 0.18 0.07 0.08 1.55 1.25 0.44 106.96 0.02 0.38 0.00 0.12 0.09 0.15 0.19 0.10 0.03 0.05 4.00 2.90 0.06 0.04

0.00 0.08 + 0.00 0.15 + 2.65 3.12 3.00 3.95 + 0.05 0.06 0.07 0.08 unch 0.04 0.04 unch 0.11 0.12 0.13 0.14 0.13 0.13 unch + 0.12 0.12 0.09 0.09 0.00 0.00 unch + 0.08 0.10 + 0.09 0.10 0.88 1.02 + 0.37 0.38 0.47 0.48 0.04 0.04 0.03 0.03 + 0.30 0.31 + 0.39 0.39 0.15 0.15 0.06 0.06 0.00 0.07 + 1.35 1.42 + 1.06 1.11 0.40 0.40 + 101.79 104.74 + 0.01 0.02 0.33 0.37 0.00 0.08 unch 0.10 0.11 unch + 0.09 0.09 0.15 0.15 unch 0.00 0.19 + 0.08 0.09 + 0.03 0.03 0.04 0.05 unch 3.51 3.61 + 0.00 2.90 + 0.05 0.05 0.04 0.04

2564 3323 2344 697 225 27 342 6 426 113 889 1660 495 400 199 67 170 2115 11380 5856 114 6011 707 62 43 160 865 16 602 230 570 553 71 89 171 612 0 133 732 2339 29 31 1914 299 224 132 2049 27 189 842 34 104 11 1 7772 173 0 3 18406 5635 1461 6241 2025 848 132 689 1200 199 228 837 472 497 537 3056 4414 5 215 1721 2209 106 6 176 59 118 1670 2670 77 1945 2352 1262 579 250 4701 10446 9736 2804 25 131 30 609 1186 130 1817 361 644 4073 280 815 199 3200 1191 1037 1194 491 480 1903 804 691 122 5 62 86 203 27954 608 1161 378 448 30 320 19 6995 32 344 2805 1780

1.85 2.34 0.25 0.19 1.12 0.24 0.30 0.38 0.18 0.14 0.01 0.22 0.19 0.14 0.21 0.25 2.30 8.13 6.45 0.38 0.30 0.01 0.59 0.48 0.10 0.13 0.15 0.26 0.07 0.20 0.25 0.14 0.11 0.60 0.19 0.24 0.00 0.61 22.22 17.62 0.55 0.45 0.14 0.11 0.09 0.04 0.11 0.01 0.05 0.08 0.26 0.34 1.35 1.15 0.65 0.11 0.00 5.00 20.09 0.04 0.12 0.13 2.77 3.50 5.16 0.18 0.22 0.14 0.16 0.94 0.74 1.60 1.25 0.39 0.47 0.01 0.18 0.79 0.64 0.15 0.19 0.22 0.20 0.25 0.19 0.24 0.06 0.07 0.71 0.57 0.40 0.32 7.61 6.02 8.58 10.84 0.14 0.06 0.10 0.13 0.15 0.12 0.06 0.05 2.52 3.22 0.27 0.15 0.11 0.35 0.27 0.06 0.08 0.10 0.07 0.22 0.18 7.25 0.95 0.73 0.34 0.42 1.37 1.09 0.12 0.10 0.17 0.21 0.07 0.09 2.33 78.13 0.34 0.27 0.53 0.42

High Low

0.04 0.05 0.02 0.10 0.00 0.00 0.00 0.01 0.01 0.00 0.01 0.01 0.00 0.02 0.01 0.17 0.01 0.01 0.01 0.02 0.03 0.03 0.04 0.01 0.01 0.04 0.02 0.04 1.03 0.01 0.01 0.00 0.00 0.01 0.00 0.02 0.01 0.00 0.00 0.34 0.25 0.01 0.00

0.13 0.15 6.99 9.00 0.10 0.14 0.09 0.19 0.25 0.23 0.19 1.00 0.00 0.10 0.12 1.93 0.60 0.76 0.08 0.06 0.80 0.55 0.36 0.15 0.13 1.92 1.48 0.44 147.64 0.05 0.48 1.24 0.29 0.20 0.15 0.22 0.19 0.07 0.08 6.20 8.70 0.08 0.06

0.02 0.03 0.35 0.37 0.03 0.04 0.02 0.04 0.06 0.07 0.02 0.04 0.00 0.03 0.02 0.11 0.14 0.06 0.03 0.02 0.10 0.13 0.08 0.00 0.03 0.56 0.05 0.16 59.78 0.00 0.13 0.03 0.02 0.01 0.01 0.04 0.05 0.01 0.01 0.53 0.43 0.03 0.02

0.13 0.18 0.03 0.02 0.01 0.02 0.01 0.02 0.01 0.00 0.00 0.02 0.05 0.01 0.00 0.00 0.03 0.37 0.30 0.09 0.01 0.00 0.08 0.05 0.00 0.02 0.02 0.01 0.01 0.01 0.03 0.00 0.00 0.06 0.01 0.01 0.00 0.07 0.88 0.62 0.04 0.05 0.01 0.01 0.01 0.01 0.00 0.00 0.00 0.00 0.04 0.07 0.08 0.15 0.12 0.00 0.00 0.00 1.16 0.00 0.02 0.03 0.01 0.04 0.19 0.03 0.04 0.02 0.03 0.01 0.00 0.28 0.21 0.06 0.08 0.00 0.01 0.07 0.05 0.00 0.00 0.01 0.02 0.03 0.02 0.03 0.00 0.01 0.04 0.01 0.12 0.06 0.90 0.69 0.72 0.97 0.02 0.01 0.00 0.02 0.02 0.01 0.00 0.00 0.24 0.32 0.04 0.01 0.02 0.04 0.03 0.01 0.00 0.00 0.00 0.04 0.03 0.37 0.05 0.00 0.01 0.01 0.03 0.04 0.01 0.03 0.02 0.03 0.02 0.01 0.16 2.41 0.02 0.02 0.07 0.05

2.80 3.54 0.39 0.36 1.57 0.31 0.40 0.45 0.22 0.17 0.02 0.30 0.40 0.32 0.31 0.40 3.51 14.22 10.63 0.58 0.51 0.02 1.24 0.92 0.14 0.20 0.16 2.00 0.07 0.28 0.35 0.22 0.17 0.60 0.46 0.53 0.56 0.75 29.00 22.86 0.71 0.51 0.14 0.11 0.10 0.07 0.14 0.04 0.07 0.08 0.66 0.85 2.06 1.56 0.70 0.25 0.19 7.72 20.40 0.08 0.14 0.17 3.87 4.92 5.52 0.18 0.22 0.18 0.24 1.40 0.90 2.29 2.51 0.46 0.59 0.01 0.35 0.94 0.75 0.25 0.34 0.40 0.24 0.30 0.37 0.49 0.48 0.12 0.85 1.20 0.40 0.32 11.62 8.91 12.88 16.37 0.30 0.25 0.20 0.26 0.30 0.22 0.11 0.08 3.11 3.95 0.50 0.23 0.20 0.36 0.29 0.11 0.16 0.15 0.25 0.32 0.25 7.49 0.95 0.73 0.56 0.72 1.56 1.25 0.13 0.10 0.28 0.34 0.13 0.18 2.33 83.15 0.34 1.45 0.70 0.55

0.51 0.71 0.04 0.03 0.45 0.08 0.12 0.18 0.11 0.08 0.00 0.05 0.08 0.00 0.13 0.18 0.58 4.64 3.32 0.07 0.09 0.00 0.43 0.38 0.02 0.02 0.07 0.20 0.02 0.03 0.06 0.05 0.03 0.07 0.07 0.11 0.19 0.28 7.37 5.25 0.15 0.09 0.03 0.02 0.01 0.01 0.02 0.00 0.03 0.01 0.21 0.10 0.75 0.82 0.07 0.05 0.03 2.53 3.50 0.01 0.03 0.04 0.45 0.89 1.30 0.02 0.02 0.05 0.05 0.24 0.46 0.22 0.91 0.06 0.10 0.00 0.05 0.15 0.11 0.10 0.05 0.04 0.05 0.07 0.14 0.10 0.01 0.02 0.18 0.19 0.04 0.13 2.12 1.50 3.28 4.50 0.00 0.00 0.07 0.08 0.05 0.03 0.03 0.02 0.37 0.50 0.16 0.05 0.04 0.08 0.06 0.00 0.01 0.04 0.06 0.06 0.04 1.38 0.30 0.73 0.13 0.19 0.22 0.13 0.02 0.02 0.06 0.07 0.05 0.02 0.89 23.43 0.16 0.19 0.06 0.05

S 1.51 1.91 0.19 0.14 1.00 0.21 0.21 0.35 0.16 0.13 0.01 0.16 0.14 0.11 0.18 0.25 2.11 7.57 5.96 0.28 0.25 0.01 0.47 0.39 0.10 0.10 0.13 0.00 0.05 0.16 0.21 0.13 0.10 0.45 0.15 0.20 0.00 0.55 19.99 15.74 0.46 0.00 0.11 0.08 0.07 0.03 0.09 0.01 0.05 0.06 0.22 0.00 1.20 1.00 0.51 0.00 0.00 5.00 18.44 0.03 0.07 0.09 2.50 3.17 4.58 0.14 0.18 0.08 0.13 0.88 0.69 1.16 0.91 0.29 0.37 0.01 0.16 0.62 0.49 0.14 0.00 0.00 0.18 0.00 0.14 0.18 0.05 0.06 0.49 0.39 0.28 0.22 6.24 4.91 7.18 9.13 0.12 0.02 0.09 0.11 0.13 0.10 0.05 0.04 2.06 2.60 0.22 0.12 0.09 0.28 0.22 0.04 0.07 0.08 0.06 0.19 0.14 6.53 0.88 0.73 0.29 0.39 0.97 0.75 0.11 0.06 0.14 0.18 0.06 0.00 2.08 70.08 0.18 0.00 0.39 0.31

1.57 1.99 0.21 0.17 1.05 0.21 + 0.30 0.35 0.16 + 0.14 + 0.01 + 0.18 0.14 + 0.14 0.19 0.25 unch + 2.15 + 8.05 + 6.35 0.29 0.25 0.01 0.50 0.39 0.10 unch 0.10 0.13 0.25 0.05 0.17 0.21 0.13 unch + 0.11 0.49 + 0.17 0.21 0.51 unch 0.55 20.84 16.42 0.52 0.39 + 0.12 + 0.09 0.08 + 0.04 0.10 unch 0.01 unch 0.05 unch 0.07 unch 0.22 0.27 1.27 1.00 0.51 0.10 unch 0.10 unch 5.00 unch + 19.51 0.04 0.08 0.10 + 2.66 + 3.39 4.86 0.14 0.18 0.10 0.13 0.90 0.71 1.30 1.03 0.30 0.39 0.01 unch 0.16 0.67 0.54 0.14 unch 0.17 unch 0.22 0.18 0.22 0.17 0.21 0.05 0.06 + 0.56 + 0.43 + 0.38 + 0.30 6.50 5.14 7.58 9.62 0.12 0.04 0.09 0.11 + 0.15 + 0.11 0.06 unch 0.04 2.20 2.79 0.22 0.13 0.09 0.29 0.23 + 0.06 0.07 unch 0.10 unch 0.06 unch 0.19 0.15 6.80 0.88 0.73 unch + 0.31 0.39 1.15 0.90 0.11 + 0.09 0.14 0.18 0.06 0.08 2.17 + 73.74 0.18 0.22 0.43 0.32

GLOBAL MINING NEWS

(100s) Stock

THE NORTHERN MINER / MARCH 15—28, 2021

Week

Exc Volume

High

Low

Last

0.60 0.05 0.08 0.27 0.21 0.00 0.06 0.09 0.11 0.11 0.02 0.15 0.75 0.39 0.50 17.52 13.81 0.06 0.44 0.35 1.45 1.83 0.40 0.10 3.03 0.06 0.13 0.16 0.02 0.17 0.20 0.04 0.22 0.28 1.45 1.85 0.00 0.00 0.00 0.09 2.10 1.69 0.56 0.45 0.19 0.23 0.13 0.01 0.16 0.17 0.20 0.00 0.28 0.36 0.32 0.00 0.13 0.17 0.17 0.13 0.72 0.58 0.46 0.37 0.12 0.00 0.84 1.07 0.19 0.35 0.39 0.33 25.36 20.01 0.43 0.54 0.00 0.00 0.09 0.08 0.29 0.37 0.15 0.01 0.75

0.75 0.05 0.08 0.29 0.23 0.06 0.07 0.11 0.14 0.11 0.02 0.18 0.79 0.44 0.59 18.71 14.76 0.06 0.61 0.47 2.06 2.40 0.44 0.11 3.28 0.08 0.13 0.17 0.02 0.17 0.20 0.04 0.25 0.30 1.47 1.90 0.05 0.05 0.06 0.10 2.21 1.73 0.56 0.45 0.20 0.24 0.14 0.01 0.16 0.17 0.20 0.00 0.30 0.38 0.33 0.26 0.15 0.19 0.18 0.14 0.86 0.60 0.46 0.37 0.12 0.09 0.86 1.09 0.23 0.37 0.40 0.37 27.82 21.99 0.46 0.55 0.51 0.49 0.09 0.08 0.29 0.40 0.15 0.01 0.85

SouthGobi Res Southstone Min* Southstone Min Spanish Mtn Gd Spanish Mtn Gd* Sparton Res* Sparton Res Spearmint Res* Spearmint Res Spey Resources Sphinx Res Spruce Ridge R SRG Mining SRHI Inc* SRHI Inc SSR Mining SSR Mining* St Augustine St-Georges Eco St-Georges Eco* St. James Gold* St. James Gold Stakeholdr Gld Standard Graph* Standard Lith Standard Metal* Standard Uran* Standard Uran Stans Energy* Star Diamond* Star Diamond Star Gold* Starcore Intl* Starcore Intl Starr Peak Exp* Starr Peak Exp Steele Oceanic* Stellar Africa* Stellar Africa Stelmine Can Steppe Gold Steppe Gold* Sterling Metal Sterling Metal* Stevens Gold* Stevens Gold Stone Gold Stornoway Diam* Straightup Res Stratabd Mnr* Stratabd Mnr Strateco Res* Strategic Metl* Strategic Metl Strategic Res Strategic Res* Strikepoint Gd* Strikepoint Gd Strongbow Expl Strongbow Expl* Stroud Res Stuhini Explor Stuhini Explor* Stuve Gold Sulliden Mng Sulliden Mng* Summa Silver* Summa Silver Sun Metals Sun Peak Metal Sun Summit Sun Summit* Suncor Energy Suncor Energy* Superior Gold* Superior Gold Superior Mng Superior Mng* Supernova Met Supernova Met* Surge Copper * Surge Copper Surge Explor Sutter Gold* Syrah Res*

T 71 O 30 V 229 V 1283 O 662 O 199 V 1100 O 3600 C 10267 C 540 V 5607 V 744 V 219 O 189 T 529 T 3172 D 10892 T 4764 C 12707 O 7717 O 222 V 304 V 84 O 5459 V 1609 O 426 O 660 V 2963 O 429 O 5 T 1280 O 16 O 31 T 121 O 71 V 135 O 0 O 25 V 80 V 134 T 342 O 24 V 81 O 35 O 112 C 669 V 59 O 4268 C 128 O 55 V 347 O 71 O 160 V 482 V 479 O 0 O 1727 V 1896 V 902 O 265 V 232 V 92 O 66 V 110 T 875 O 0 O 232 V 595 V 2011 V 480 V 356 O 53 T 100649 N 68847 O 140 V 472 V 54 O 0 V 181 O 255 O 55 V 2691 V 61 O 205 O 376

0.86 0.05 0.08 0.31 0.25 0.07 0.08 0.14 0.18 0.14 0.03 0.22 0.87 0.55 0.70 18.74 14.83 0.09 0.90 0.72 2.28 2.89 0.52 0.13 3.78 0.08 0.17 0.22 0.03 0.17 0.22 0.06 0.25 0.32 1.58 1.99 0.00 0.06 0.07 0.10 2.50 2.00 0.64 0.53 0.26 0.31 0.16 0.01 0.21 0.19 0.27 0.01 0.30 0.39 0.40 0.26 0.16 0.20 0.21 0.17 0.86 0.70 0.54 0.38 0.16 0.00 1.05 1.34 0.24 0.40 0.48 0.37 28.33 22.39 0.49 0.62 0.58 0.00 0.09 0.08 0.38 0.52 0.17 0.01 1.00

Taiga Gold Taiga Gold* Tajiri Res Talisker Res Talisker Res* Talmora Diamd Talon Metals Tanqueray Expl Tantalex Res Tanzanian Gold Tanzanian Gold* Tarachi Gold* Tarachi Gold Taranis Res Taranis Res*

C O V T O C T V C T X O C V O

0.20 0.16 0.09 0.33 0.25 0.04 0.74 18.03 0.07 0.91 0.72 0.27 0.37 0.13 0.11

High Low

Stock

Tarku Res Tarku Res* Tartisan Nick Tartisan Nick* Taseko Mines* Taseko Mines TDG Gold Teck Res* Teck Res Teck Res Tectonic Metal* Tectonic Metal Telson Res * Telson Res Temas Res Temas Res* Tembo Gold* Tembo Gold Tempus Res Teras Res* Teras Res Terrax Mnrls* Terrax Mnrls Terreno Res Tesoro Mnrls* Tesoro Mnrls Teuton Res* Teuton Res Texas Mineral* Themac Res Themac Res* Thesis Gold Theta Gold* Thor Expl* Thor Expl Thunder Mtn Gd* Thunder Mtn Gd Thunderstruck Thunderstruck* Tiger Intl Timberline Res Timberline Res* Tinka Res* Tinka Res Tintina Mines Tisdale Res Titan Mining* Titan Mining Titanium Corp TNR Gold Tocvan Venture TomaGold Tombill Mines Tombstone Expl* Tonogold Res* Tonopah Div Mg* Torex Gold* Torex Gold Torq Resources* Torq Resources Tower Res* Tower Res Transatlantic Transition Met Transition Met* Treasury Metal* Treasury Metal Trecora Res* Tres-Or Res Tres-Or Res* Trevali Mining* Trevali Mining Tri Origin Exp Tri Origin Exp* Trifecta Gold* Trifecta Gold Trilogy Mtls Trilogy Mtls* TriMetals Mng* Trinity Res* Trinity Valley Trinity Valley* TriStar Gold* TriStar Gold Triumph Gold Triumph Gold* Troilus Gold* Troilus Gold Troubadour Res Troy Res* True North Gem* True North Gem Tsodilo Res Tudor Gold * Tudor Gold Turmalina Met Turmalina Met* Turquoise HIl* Turquoise HIl TVI Pacific TVI Pacific* Tyhee Gold* Tymbal Res Typhoon Expl

+ + unch unch + + + + + + + unch + + unch + + + + unch + + unch + unch + + + unch unch -

0.04 0.00 0.00 0.01 0.01 0.00 0.00 0.02 0.02 0.04 0.01 0.02 0.08 0.11 0.10 0.64 0.57 0.02 0.20 0.15 0.58 0.56 0.06 0.01 0.12 0.01 0.03 0.03 0.00 0.00 0.00 0.01 0.01 0.03 0.07 0.05 0.00 0.01 0.01 0.01 0.19 0.14 0.08 0.08 0.06 0.07 0.01 0.00 0.02 0.04 0.10 0.00 0.00 0.00 0.06 0.02 0.00 0.01 0.03 0.03 0.06 0.02 0.03 0.01 0.03 0.00 0.15 0.23 0.04 0.00 0.03 0.03 2.55 2.13 0.01 0.05 0.04 0.00 0.01 0.00 0.12 0.12 0.01 0.00 0.14

1.39 0.10 0.14 0.77 0.59 0.08 0.09 0.36 0.27 0.20 0.03 0.23 1.05 0.78 0.80 33.69 25.32 0.20 1.19 0.99 2.28 2.89 0.60 0.17 4.60 0.08 0.25 0.38 0.05 0.33 0.44 0.19 0.27 0.35 2.24 2.94 0.51 0.11 0.14 0.12 3.14 2.41 0.92 0.70 0.29 0.38 0.28 0.01 0.35 0.26 0.38 0.01 0.60 0.80 0.52 0.41 0.26 0.33 0.27 0.21 0.90 0.94 0.72 0.55 0.20 0.09 2.20 3.50 0.24 1.34 0.60 0.47 35.54 26.52 1.15 1.53 0.89 0.58 0.32 0.24 0.65 0.85 0.17 0.05 1.10

0.01 0.03 0.04 0.05 0.03 0.01 0.02 0.01 0.01 0.02 0.01 0.03 0.22 0.02 0.14 12.12 9.00 0.01 0.03 0.02 0.05 0.05 0.16 0.05 0.39 0.02 0.12 0.12 0.00 0.11 0.15 0.01 0.05 0.07 0.38 0.33 0.05 0.01 0.02 0.04 0.63 1.42 0.05 0.00 0.19 0.23 0.02 0.00 0.10 0.11 0.05 0.00 0.18 0.25 0.18 0.14 0.01 0.02 0.03 0.01 0.15 0.12 0.29 0.21 0.03 0.03 0.60 0.09 0.06 0.35 0.10 0.08 14.02 9.61 0.26 0.33 0.11 0.22 0.02 0.03 0.03 0.02 0.05 0.00 0.09

0.16 0.17 0.13 0.14 0.08 0.08 0.28 0.29 0.22 0.23 0.03 0.03 unch 0.62 0.67 + 12.78 14.71 0.06 0.06 0.71 0.79 0.55 0.63 0.22 0.23 0.27 0.28 0.10 0.13 + 0.09 0.11 +

0.02 0.00 0.01 0.01 0.02 0.00 0.03 2.44 0.01 0.10 0.07 0.02 0.04 0.03 0.03

0.31 0.22 0.23 0.44 0.39 0.15 0.90 26.25 0.12 2.12 1.91 0.43 1.00 0.16 0.16

0.07 0.05 0.03 0.28 0.16 0.01 0.08 2.80 0.01 0.55 0.36 0.18 0.05 0.04 0.03

T 410 118 496 826 186 390 10893 299 4167 446 19419 289 749 92 116

(100s)

12-month Change

Week

Exc Volume V O C O X T V N T T O V O V C O O V V O V O V V O V O V O V O V O O V O V V O V V O O V V V O T V V C V V O O O O T O V O V V V O O T N V O O T V O O V T X O O V O O V V O O T V O O V V O V V O N T V O O V V

947 381 669 171 16922 5243 1393 33061 11951 37 79 468 111 531 587 115 73 338 216 17 291 758 525 34 121 221 42 222 3243 3 2 45 211 13 588 44 2 1275 184 18 46 386 353 413 36 1 10 132 1919 813 297 1857 661 5 304 5 397 1655 4 34 1 1231 46 404 15 75 334 547 20 11 1144 12834 115 21 360 400 185 2469 50 0 443 45 245 249 539 475 287 1352 1184 11 24 404 35 150 654 685 511 7482 2002 2380 219 13466 327 488

12-month

High

Low

Last

0.14 0.11 0.53 0.42 1.80 2.28 0.44 22.21 28.00 34.00 0.11 0.14 0.27 0.36 1.20 0.97 0.13 0.16 0.20 0.05 0.06 0.21 0.26 0.05 0.05 0.07 2.45 3.03 4.35 0.09 0.07 1.10 0.48 0.19 0.24 0.19 0.12 0.08 0.07 0.30 0.40 0.32 0.19 0.24 0.08 1.08 0.57 0.77 0.43 0.08 0.78 0.08 0.29 2.55 0.31 0.50 12.79 16.16 0.56 0.73 0.09 0.12 0.05 0.26 0.20 0.74 0.95 7.89 0.16 0.13 0.16 0.20 0.26 0.21 0.09 0.11 2.91 2.32 0.07 0.04 0.13 0.11 0.19 0.24 0.19 0.15 0.78 1.00 0.14 0.06 0.19 0.25 0.74 2.66 3.30 0.98 0.74 16.28 20.53 0.05 0.04 0.00 0.04 0.06

0.11 0.09 0.38 0.30 1.47 1.86 0.29 20.16 25.51 29.07 0.09 0.12 0.23 0.28 0.98 0.78 0.09 0.12 0.17 0.00 0.00 0.18 0.23 0.04 0.04 0.00 2.05 2.60 2.65 0.00 0.07 0.98 0.24 0.18 0.21 0.00 0.12 0.08 0.00 0.00 0.00 0.24 0.16 0.21 0.06 0.00 0.54 0.00 0.35 0.06 0.52 0.07 0.21 0.00 0.24 0.50 11.70 14.81 0.00 0.70 0.09 0.10 0.05 0.18 0.00 0.67 0.85 7.16 0.00 0.00 0.13 0.16 0.18 0.21 0.06 0.07 2.64 2.07 0.00 0.00 0.09 0.08 0.18 0.23 0.16 0.13 0.69 0.87 0.10 0.06 0.10 0.10 0.69 1.75 2.91 0.76 0.60 13.13 16.67 0.04 0.03 0.00 0.03 0.05

0.12 0.10 0.44 0.35 1.65 2.06 0.40 21.35 27.01 31.50 0.10 0.12 0.24 0.29 1.05 0.83 0.10 0.12 0.19 0.04 0.05 0.20 0.25 0.04 0.04 0.06 2.10 2.64 3.00 0.07 0.07 0.98 0.26 0.19 0.24 0.17 0.12 0.08 0.06 0.20 0.37 0.27 0.17 0.22 0.07 1.08 0.55 0.63 0.38 0.07 0.55 0.08 0.22 2.42 0.26 0.50 12.69 16.09 0.55 0.70 0.09 0.10 0.05 0.20 0.16 0.69 0.90 7.73 0.16 0.13 0.14 0.18 0.20 0.21 0.06 0.08 2.79 2.23 0.07 0.04 0.11 0.08 0.18 0.23 0.17 0.14 0.71 0.90 0.11 0.06 0.19 0.15 0.70 2.45 3.12 0.83 0.63 14.25 18.06 0.05 0.04 0.00 0.03 0.06

Change + + + unch + + + + + + + unch + unch + + unch unch + unch + + unch unch + + + + unch + + + + + unch + + + + + + + + + unch

0.03 0.02 0.06 0.04 0.01 0.07 0.08 0.52 0.51 0.97 0.00 0.02 0.02 0.03 0.00 0.01 0.03 0.04 0.02 0.00 0.01 0.00 0.01 0.01 0.02 0.01 0.09 0.15 0.91 0.02 0.00 0.07 0.01 0.02 0.03 0.00 0.00 0.01 0.00 0.05 0.00 0.01 0.01 0.02 0.01 0.13 0.09 0.09 0.03 0.00 0.23 0.00 0.03 0.13 0.02 0.00 0.56 0.67 0.02 0.03 0.00 0.02 0.00 0.01 0.00 0.01 0.03 0.63 0.01 0.00 0.01 0.02 0.06 0.00 0.00 0.02 0.04 0.08 0.00 0.00 0.02 0.03 0.00 0.00 0.02 0.01 0.02 0.05 0.02 0.00 0.12 0.05 0.05 0.09 0.16 0.08 0.09 0.91 1.24 0.01 0.00 0.00 0.02 0.00

(100s)

High Low

Stock

0.22 0.13 0.55 0.55 2.09 2.63 0.45 23.93 29.81 34.75 0.25 0.34 0.27 0.36 2.27 1.78 0.18 0.30 0.33 0.08 0.14 0.41 0.55 0.06 0.12 0.17 3.80 4.85 4.70 0.09 0.07 1.10 0.70 0.19 0.28 0.34 0.29 0.20 0.16 0.30 0.51 0.40 0.23 0.29 0.08 1.50 0.99 1.10 0.57 0.09 0.81 0.11 0.33 3.09 0.48 0.51 19.45 25.52 0.67 0.86 0.12 0.15 0.07 0.26 0.20 1.40 1.98 7.89 0.20 0.14 0.21 0.27 0.40 0.29 0.09 0.12 3.29 2.60 0.12 0.30 0.15 0.11 0.35 0.47 0.48 0.34 1.33 1.82 0.18 0.27 0.19 0.25 0.91 3.40 4.51 1.80 1.33 16.86 21.09 0.05 0.04 0.01 0.05 0.11

U.S. Gold* U3O8 Corp U3O8 Corp* Ubique Mineral UC Res* Ucore Rare Mtl* Ucore Rare Mtl UEX Corp Ultra Resource* Ultra Resource Umbral Enrgy* Unigold* Unigold United Battery* United Battery United Res Hdg* United States A* United States S* Universal Cop* Universal Cop Universal Vent Ur-Energy* Ur-Energy Uragold Bay Rs Uranium Energy* Uranium Hunter* Uranium Res* Uranium Roylty* Uranium Roylty Uravan Mnrls Uravan Mnrls* UrbanGold Min USCorp* Usha Res Val-d’Or Mg Val-d’Or Mg* Vale* Valley High Mg* ValOre Metals* ValOre Metals Valorem Res Valterra Res* Valterra Res Vanadian Enrgy* Vanadian Enrgy Vanadium One* Vanadium One Vanadiumcorp* Vanadiumcorp Vangold Res* Vangold Res Vanstar Mng Rs Vanstar Mng Rs* Vantex Res Vantex Res * Velocity Mnrls* Velocity Mnrls Vendetta Mng Vendetta Mng* Venture Mnrls* Verde Potash Verde Res* Veris Gold* Vertical Expl* Vertical Expl Victoria Gold* Victoria Gold Victory Metals* Victory Metals Victory Nickel* Victory Nickel Victory Res Victory Res* Virginia Enrgy Virginia Enrgy* Viscount Mng Visible Gold M* Visible Gold M Vision Lithium Vision Lithium* Visionary Gold Vista Gold Vista Gold* Viva Gold* Viva Gold Vizsla Silver Vizsla Silver* Volatus Cap Volcanic Gold* Volcanic Gold Voyageur Min* Voyageur Min Voyageur Min* Voyageur Min VR Resources* VR Resources Vulcan Mnrls Vulcan Mnrls* VVC Expl VVC Expl*

0.04 0.09 0.05 0.00 0.20 0.28 0.09 5.60 8.15 9.00 0.07 0.09 0.04 0.04 0.10 0.30 0.02 0.03 0.17 0.02 0.04 0.11 0.16 0.01 0.03 0.03 0.20 0.27 0.43 0.03 0.02 0.52 0.10 0.16 0.13 0.07 0.07 0.06 0.03 0.09 0.06 0.03 0.05 0.07 0.03 0.35 0.11 0.14 0.24 0.02 0.10 0.06 0.12 0.50 0.15 0.00 6.19 8.79 0.21 0.27 0.01 0.02 0.03 0.11 0.08 0.62 0.45 4.23 0.06 0.05 0.04 0.06 0.03 0.09 0.01 0.02 1.50 1.03 0.05 0.01 0.04 0.05 0.13 0.19 0.07 0.06 0.30 0.42 0.02 0.04 0.02 0.04 0.05 0.27 0.38 0.27 0.20 3.01 4.30 0.01 0.00 0.00 0.02 0.03

Week

Exc Volume

High

D 568 V 75 O 17 C 116 O 9229 O 926 V 656 T 7049 O 52 V 111 O 1938 O 155 V 1374 O 6186 C 6623 O 16 X 60150 N 97756 O 71 V 1341 V 225 X 21385 T 1607 V 12265 X 27608 O 5096 D 32940 O 647 V 1392 V 1814 O 86 V 1084 O 488 V 41 V 54 O 2 N 192367 O 17818 O 409 V 2258 C 1585 O 317 V 478 O 45 V 300 O 20 V 341 O 1366 V 3544 O 1287 V 3147 V 806 O 862 V 41 O 8 O 95 V 80 V 1394 O 77 O 24 T 196 O 285 O 1161 O 29 V 4440 O 392 T 1530 O 72 V 262 O 445 C 550 C 1129 O 13 V 105 O 94 V 485 O 53 V 474 V 7554 O 4761 V 410 T 110 X 2782 O 162 V 559 V 1385 O 904 C 250 O 10 V 310 O 0 C 105 O 17 V 1388 O 266 V 392 V 2172 O 316 V 282 O 182

10.93 0.21 0.17 0.06 20.96 1.79 2.32 0.38 0.16 0.20 0.15 0.25 0.32 1.22 1.46 0.03 1.65 19.61 0.15 0.21 2.84 1.29 1.63 1.37 2.46 0.21 6.56 2.39 3.00 0.06 0.06 0.23 0.01 0.23 0.13 0.13 18.24 0.10 0.28 0.33 0.16 0.06 0.08 0.07 0.09 0.14 0.16 0.08 0.09 0.39 0.49 0.80 0.65 0.25 0.19 0.39 0.50 0.07 0.06 0.05 1.27 0.05 0.03 0.19 0.30 9.80 12.36 0.46 0.57 0.07 0.09 0.09 0.07 0.21 0.16 0.39 0.17 0.24 0.37 0.29 0.19 1.26 1.02 0.23 0.30 1.50 1.20 0.16 0.37 0.48 0.00 0.40 0.18 0.24 0.34 0.41 0.18 0.15 0.16 0.13

Low

Last

12-month Change

(100s)

High Low

Stock

17.40 0.26 0.90 0.08 20.96 2.36 2.97 0.39 0.23 0.28 0.19 0.50 0.67 1.46 1.80 0.05 2.56 24.71 0.15 0.21 5.72 1.57 1.99 1.68 2.56 1.50 14.50 2.68 3.46 0.07 0.06 0.45 0.01 0.27 0.20 0.16 19.00 0.20 0.36 0.45 0.24 0.10 0.14 0.08 0.10 0.19 0.24 0.10 0.13 0.45 0.49 1.75 2.32 0.31 0.22 0.47 0.61 0.11 0.09 0.06 1.35 1.00 2.00 0.19 0.30 16.09 21.04 0.66 0.83 0.08 0.10 0.25 0.10 0.23 0.20 0.49 0.30 0.38 0.95 0.74 0.22 1.90 1.45 0.36 0.48 2.93 2.14 0.44 0.68 0.93 0.38 0.50 0.24 0.35 0.35 0.43 0.19 0.15 0.16 0.13

Walker Lane* Walker River* Walker River Wallbridge Mng* Wallbridge Mng Waraba Gold Warrior Gold* Warrior Gold Waseco Res Wealth Mnrls* Wealth Mnrls Wescan Gldflds Wescan Gldflds* Wesdome Gold Wesdome Gold* West High Yld West Mining* West Mining West Red Lake West Red Lake* West Vault Western Areas* Western Atlas Western Atlas* Western Copper* Western Copper Western Gold Western Mag* Western Mag Western Potash Western Res* Western Troy C Western U&V Western U&V* Westgold Res* Westhaven Gold Westhaven Vent* Westkam Gold* Westkam Gold Westminster Rs WestMountain* Wheaton Prec M Wheaton Prec M* White Energy* White Gold* White Gold White Metal R* White Metal Rs White Mtn Engy* Whitehaven Coa* Whitehorse GC Wildsky Res* Wildsky Res Winshear Gold Winshear Gold* Winston Gold Winston Gold* Winston Res Wolfden Res Wolfden Res* Wolfeye Res World Copper Worldwide Res X-Terra Res X-Terra Res* Xanadu Mines Xander Res Xander Res* Xemplar Egy* Xiana Mng Xiana Mng* Ximen Mining* Ximen Mining Xplore Res Xtierra Inc Xtra-Gold Res Xtra-Gold Res* Yamana Gold Yamana Gold* Yanzhou Coal* Yorbeau Res* Yorbeau Res Zacatecas Silv Zadar Ventures* ZEN Graphene* ZEN Graphene Zena Mining Zephyr Mnls Zephyr Mnls* Zimtu Capital Zinc One Res Zinc One Res * ZincX Res ZincX Res* Zonte Metals Zonte Metals*

Exc Volume

Low

12-month

Last

Change

High Low

W-Z

U-V 8.50 0.16 0.10 0.00 10.80 1.34 1.67 0.30 0.00 0.15 0.11 0.20 0.24 0.75 0.95 0.03 0.98 16.82 0.11 0.12 2.46 0.89 1.15 0.83 1.88 0.09 4.00 1.81 2.30 0.04 0.03 0.19 0.00 0.21 0.13 0.00 17.10 0.05 0.23 0.29 0.13 0.05 0.06 0.05 0.00 0.11 0.14 0.06 0.08 0.31 0.39 0.66 0.52 0.25 0.19 0.38 0.47 0.06 0.04 0.04 1.10 0.03 0.01 0.12 0.17 8.60 10.92 0.41 0.52 0.04 0.00 0.07 0.06 0.17 0.12 0.32 0.15 0.19 0.19 0.15 0.14 1.12 0.88 0.19 0.24 1.26 0.99 0.15 0.34 0.41 0.00 0.38 0.15 0.18 0.27 0.35 0.14 0.11 0.15 0.11

Week High

23

9.10 0.17 0.17 0.04 13.55 1.34 1.69 0.33 0.13 0.15 0.12 0.21 0.26 0.89 1.11 0.03 1.14 18.15 0.11 0.17 2.59 1.00 1.31 1.13 2.04 0.11 4.78 2.29 2.87 0.05 0.04 0.19 0.01 0.23 0.13 0.13 17.74 0.07 0.25 0.31 0.16 0.05 0.07 0.06 0.07 0.12 0.16 0.06 0.09 0.34 0.43 0.80 0.64 0.25 0.19 0.38 0.47 0.06 0.04 0.04 1.19 0.03 0.01 0.19 0.25 9.34 11.82 0.41 0.53 0.04 0.07 0.08 0.06 0.20 0.12 0.35 0.17 0.21 0.27 0.20 0.15 1.19 0.93 0.21 0.26 1.28 1.01 0.15 0.34 0.42 0.30 0.38 0.15 0.19 0.27 0.35 0.15 0.12 0.15 0.12

+ + + + + + + + + + unch unch + + + unch + unch + + + unch unch + + + + + + + + + + unch unch + unch +

1.05 0.02 0.01 0.01 1.85 0.20 0.27 0.01 0.01 0.01 0.02 0.01 0.01 0.21 0.27 0.00 0.29 1.54 0.00 0.05 0.05 0.13 0.13 0.18 0.08 0.03 1.36 0.17 0.22 0.01 0.02 0.05 0.01 0.00 0.00 0.04 0.84 0.01 0.02 0.00 0.01 0.01 0.01 0.01 0.02 0.01 0.01 0.01 0.00 0.02 0.04 0.10 0.07 0.01 0.00 0.01 0.01 0.00 0.00 0.01 0.01 0.02 0.01 0.06 0.05 0.49 0.55 0.03 0.02 0.02 0.02 0.01 0.00 0.02 0.00 0.02 0.01 0.01 0.05 0.04 0.04 0.01 0.00 0.01 0.01 0.19 0.14 0.00 0.04 0.03 0.00 0.01 0.03 0.03 0.04 0.05 0.01 0.01 0.00 0.00

2.61 0.05 0.01 0.04 0.09 0.64 0.70 0.07 0.01 0.02 0.06 0.07 0.10 0.06 0.10 0.02 0.22 4.54 0.07 0.03 1.57 0.27 0.39 0.05 0.35 0.01 0.25 0.56 0.80 0.01 0.00 0.05 0.00 0.10 0.08 0.06 6.49 0.00 0.09 0.14 0.06 0.03 0.03 0.01 0.02 0.03 0.04 0.03 0.03 0.03 0.03 0.45 0.31 0.15 0.03 0.15 0.20 0.03 0.01 0.00 0.21 0.00 0.00 0.01 0.02 2.88 4.02 0.11 0.17 0.01 0.01 0.05 0.02 0.04 0.03 0.20 0.02 0.04 0.01 0.01 0.01 0.51 0.36 0.09 0.14 0.24 0.16 0.08 0.03 0.05 0.13 0.13 0.03 0.04 0.10 0.16 0.03 0.03 0.02 0.01

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

37 670 2116 1689 4528 1 169 243 170 678 1716 816 95 2476 569 177 5 1790 1198 393 216 927 61 54 4277 2735 33 1726 1327 114 2 2 338 572 1 474 53 22 139 151 0 5745 13880 10 176 518 30 2031 107 72 91 10 13 449 15 1908 3750 1445 549 60 1557 6145 10 1634 48 454 61 5 6 78 11 21 387 160 478 90 88 16178 85487 1 66 1452 4965 1 432 1459 91 295 273 266 4308 151 441 189 179 8

0.09 0.10 0.13 0.52 0.65 0.00 0.09 0.10 0.06 0.16 0.20 0.14 0.08 8.61 6.97 0.18 1.16 1.70 0.09 0.07 1.19 2.09 0.10 0.08 1.68 2.12 0.45 0.12 0.14 0.18 0.13 0.00 1.60 1.27 1.83 0.72 0.60 0.15 0.19 0.20 1.25 46.87 37.14 0.10 0.55 0.68 0.12 0.17 0.03 1.26 2.33 0.24 0.30 0.12 0.07 0.16 0.13 1.25 0.30 0.24 1.16 0.16 0.06 0.10 0.08 0.06 0.14 0.12 0.01 0.10 0.06 0.31 0.40 0.09 0.16 1.34 1.12 5.52 4.37 0.89 0.04 0.05 1.89 0.20 2.75 3.49 0.15 0.22 0.18 0.25 0.03 0.03 0.20 0.15 0.20 0.16

0.04 0.04 0.07 0.07 0.10 0.10 0.36 0.48 0.55 0.63 0.00 0.20 unch 0.00 0.08 + 0.00 0.10 + 0.04 0.04 unch 0.10 0.12 0.12 0.16 0.00 0.14 + 0.08 0.08 unch 7.87 8.21 6.05 6.49 0.16 0.17 + 0.77 0.78 0.95 1.17 + 0.08 0.08 0.06 0.06 1.00 1.15 + 1.68 1.79 0.08 0.08 0.06 0.06 1.28 1.36 1.61 1.71 0.42 0.42 0.09 0.09 0.11 0.11 0.16 0.17 0.13 0.13 + 0.00 0.16 unch 1.25 1.30 unch 0.98 1.03 1.83 1.83 unch 0.59 0.61 0.47 0.47 0.13 0.13 0.00 0.16 0.19 0.20 + 0.00 1.25 44.09 45.86 + 34.85 36.21 + 0.00 0.09 0.48 0.49 0.61 0.63 0.10 0.10 0.13 0.13 0.00 0.02 1.20 1.22 1.87 2.02 + 0.00 0.20 + 0.00 0.29 0.10 0.12 + 0.07 0.07 unch 0.13 0.14 unch 0.10 0.11 + 0.88 0.92 0.27 0.27 0.00 0.22 0.91 0.97 0.13 0.14 0.00 0.06 unch 0.08 0.09 0.06 0.06 0.05 0.06 + 0.13 0.14 0.12 0.12 unch 0.00 0.00 unch 0.08 0.09 0.06 0.06 unch 0.00 0.31 + 0.33 0.37 + 0.00 0.07 0.12 0.13 1.20 1.21 0.95 0.95 5.07 5.46 + 4.00 4.30 + 0.89 0.89 unch 0.00 0.03 unch 0.04 0.05 1.06 1.10 0.20 0.20 2.18 2.36 + 2.77 2.99 + 0.11 0.11 0.19 0.20 0.15 0.17 + 0.20 0.21 0.02 0.03 unch 0.01 0.01 0.15 0.17 0.13 0.14 0.00 0.20 + 0.14 0.14 -

0.02 0.03 0.02 0.04 0.03 0.00 0.00 0.01 0.00 0.02 0.03 0.01 0.00 0.34 0.19 0.01 0.22 0.07 0.01 0.01 0.02 0.23 0.02 0.02 0.19 0.32 0.02 0.03 0.03 0.01 0.00 0.00 0.00 0.04 0.00 0.09 0.08 0.02 0.04 0.02 1.64 0.34 0.47 0.01 0.05 0.01 0.02 0.03 0.00 0.03 0.05 0.00 0.01 0.02 0.00 0.00 0.00 0.20 0.03 0.02 0.15 0.03 0.00 0.01 0.01 0.01 0.01 0.00 0.00 0.01 0.00 0.04 0.04 0.02 0.04 0.15 0.11 0.40 0.29 0.00 0.00 0.01 0.60 0.05 0.15 0.18 0.04 0.01 0.01 0.03 0.00 0.00 0.01 0.00 0.01 0.01

0.11 0.11 0.15 1.01 1.35 0.70 0.11 0.15 0.07 0.24 0.30 0.14 0.09 15.00 11.37 0.30 1.16 1.70 0.21 0.17 1.99 2.43 0.19 0.14 1.92 2.42 0.69 0.15 0.18 0.31 0.19 0.33 1.60 1.28 2.05 1.25 0.93 0.22 0.30 0.26 7.00 76.69 57.89 0.11 2.00 1.34 0.12 0.17 0.03 1.43 4.80 0.24 0.30 0.15 0.11 0.20 0.18 2.34 0.36 0.27 1.54 0.26 0.06 0.25 0.18 0.10 0.45 0.20 0.01 0.15 0.13 0.60 0.80 0.11 0.23 1.54 1.22 9.29 7.02 0.89 0.06 0.08 1.89 0.96 2.97 3.77 0.22 1.15 0.88 0.28 0.05 0.10 0.20 0.15 0.33 0.24

0.03 0.05 0.06 0.25 0.33 0.02 0.01 0.03 0.02 0.05 0.07 0.03 0.02 5.85 4.10 0.07 0.77 0.25 0.04 0.02 0.45 1.15 0.04 0.04 0.31 0.44 0.01 0.07 0.10 0.13 0.11 0.06 0.25 0.15 1.00 0.35 0.25 0.10 0.08 0.04 1.00 26.99 18.66 0.04 0.29 0.41 0.02 0.02 0.00 0.63 0.57 0.04 0.06 0.05 0.03 0.01 0.00 0.44 0.07 0.05 0.43 0.13 0.02 0.03 0.03 0.01 0.04 0.10 0.00 0.04 0.02 0.20 0.26 0.05 0.03 0.43 0.30 3.11 2.23 0.64 0.02 0.03 1.06 0.11 0.17 0.26 0.04 0.13 0.10 0.08 0.01 0.00 0.06 0.04 0.16 0.12

BID-ASK — MARCH 1–5, 2021 12-MONTH STOCK

Aftermath Silv Alacer Gold Amseco Expl Anglo-Bomarc Antler Hill Apex Res Arcus Dev Grp Asbestos Corp Atlanta Gold Aurelius Min Aurex Energy Avarone Metals Aya Gold Banro Corp* Barker Min BC Moly BE Res Bessor Min Blackheath Res Boss Power Brunswick Res C2C Gold Cairo Res Camrova Res Canada Coal Cassius Vents Centurion Mnls Cerro de Pasc Cerro Mng Cliffs Nat Res* Clydesdale Res Comet Inds CROPS Crystal Peak CWN M’g Acq Cyntar Venture Debut Dmds Electra Stone Everton Res Evolution Glob Excalibur Res Finore Mng First Idaho Freedom Egy Full Metal Mnl GAR Limited General Moly* Gespeg Res GFM Res Global Cop Grp Goldbank Mng Golden Cariboo Golden Indepen

EXC

BID

ASK

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

0.24 9.41 0.02 0.08 0.05 0.07 0.03 0.59 0.03 0.13 0.04 ...

1.94 0.11 0.01 0.09 0.20 0.07 0.30 0.17 ... ...

0.25 0.01 0.06 0.07 ... ...

0.15 1.45 0.06 3.00 0.01 0.01 0.07 0.10 0.20 0.01 0.10 1.25 0.09 0.12 0.07 0.02 0.14 ... ...

0.06 0.07 0.07 0.13 0.10 ...

0.25 9.52 0.04 0.08 0.05 0.11 0.04 0.85 0.04 0.14 0.06 ...

2.19 0.11 0.01 0.15 0.37 0.09 0.30 0.20 0.05 ...

0.87 0.01 0.06 0.14 0.07 ...

0.40 3.20 0.07 3.50 0.01 0.02 0.09 ...

0.25 0.02 0.10 2.50 0.10 0.12 0.98 0.02 0.14 ... ...

0.06 0.13 0.08 0.16 0.12 ...

12-MONTH

LAST

HIGH

LOW

STOCK

0.25 9.47 0.04 0.15 0.06 0.10 0.04 0.65 0.03 0.14 0.05 0.04 2.01 0.11 0.01 0.09 0.20 0.09 0.20 0.17 0.03 0.11 0.37 0.07 0.06 0.07 0.07 0.29 0.60 1.43 0.07 3.25 0.02 0.01 0.07 0.19 0.26 0.01 0.03 2.00 0.10 0.11 0.12 0.01 0.10 0.15 0.11 0.06 0.07 0.08 0.13 0.10 0.38

0.33 10.82 0.08

0.05 3.50 0.02

0.17 0.04 0.99 0.04 0.15 0.07 0.15 2.50 2.10

0.04 0.01 0.35 0.03 0.03 0.03 0.03 0.82 0.10

0.09 0.22 0.10 0.26

0.03 0.09 0.03 0.07

0.15 0.37

0.03 0.20

0.07 0.10

0.01 0.04

0.34 0.60 7.17 0.07 3.25 0.03 0.10 0.21 0.21 0.27

0.12 0.07 0.98 0.01 2.00 0.01 0.01 0.03 0.11 0.07

2.00 0.11

2.00 0.01

GoldHaven Res Graphite Egy Great Lakes Gr Great Quest Fe Green Arrow Greenshield Ex GrowMax Res High Point Exp Highbury Proj Highvista Gold Hornby Bay Mnl Indico Res Inspiration Mg Interconnect Intl Battery Iron South Mng Jubilee Gold K9 Gold Karora Res Kermode Res Knick Expl Kodiak Copper La Imperial Latin Metals Leo Res Lida Resources Lido Minerals Lightspeed Dis Lovitt Res Madeira Mrnls MAG Silver* Major Precious Margaret Lake Mariner Res Mega Copper Melior Res MillenMin Vent Minecorp Egy Mineral Hill Minsud Res Montana Gold Napier Vent Navis Res Corp Nebu Res New Klondike Norse Gold NRG Metals Nrthn Lion O2Gold Odyssey Res Ord Mountain Oro X Mining Pac Arc Res

4.13 100.00 0.12 0.15 0.11 0.18 0.15 0.40

0.13 0.10 0.04 0.07 0.04 0.09 0.02 0.05

EXC

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

BID

... ...

0.05 0.01 0.02 0.16 0.03 0.28 0.22 ...

0.08 ... ...

0.08 ...

0.24 0.62 0.17 0.47 0.01 0.01 0.05 0.06 0.03 ... ...

0.18 0.12 0.18 ...

12.52 ...

0.03 ...

0.17 0.07 ... ...

0.16 0.07 0.09 0.06 ...

0.04 0.01 0.09 0.31 0.37 0.23 0.05 0.30 0.60 0.15

12-MONTH

ASK

LAST

HIGH

LOW

STOCK

... ...

0.05 0.01 0.03 0.19 0.03 1.00 0.95 ...

0.08 0.01 ...

0.38 ...

0.27 0.82 0.24 0.48 0.01 0.01 0.06 0.29 0.04 ... ...

0.24 0.12 0.20 ...

13.30 ...

0.04 ...

0.35 0.07 0.01 ...

0.16 0.09 0.10 ... ...

0.04 0.01 0.12 0.34 0.57 0.27 0.06 0.30 0.60 0.25

0.42 0.47 0.04 0.10 0.02 0.15 0.09 0.27 0.23 0.17 0.06 0.01 0.03 0.08 0.31 0.24 0.68 0.24 0.48 0.01 0.01 0.05 0.05 0.03 1.09 0.24 0.18 0.11 0.18 0.03 12.52 0.42 0.03 0.59 0.17 0.08 0.05 0.12 0.15 0.08 0.10 0.07 0.30 0.04 0.01 0.10 0.31 0.39 0.23 0.05 0.20 0.69 0.16

0.45 0.47

0.06 0.42

0.04 0.20

0.02 0.14

0.39 0.30

0.02 0.22

0.11

0.03

0.11

0.07

0.28 0.90 0.28 0.73 0.02

0.04 0.38 0.16 0.20 0.01

0.13 0.09 0.16

0.04 0.01 0.02

0.27 0.30 0.35 0.27

0.13 0.17 0.08 0.09

14.40 0.42 0.09 0.62 0.29 0.08

6.12 0.02 0.02 0.13 0.02 0.02

0.20

0.07

0.10 0.10 0.10

0.05 0.02 0.04

Parallel Mng Parlane Res Pedro Res Plata Latina PPX Mining Primary Energy Prism Res Project One Quantum Cobalt Quinto Res Rain City Rare Element* Razore Rock Res Red Oak Mining Reliant Gold Rhyolite Res Rizal Res Rockland Mnls Ross River Royal Gold Running Fox Rs Sage Gold Saint Jean Samco Gold Secova Mtls Sennen Potash Sierra Madre Silver Mtn Mns Southern Arc Southstone Min Stans Energy Stria Lithium Surge Explor Trench Metals Tri-River Vent Trident Gold TriMetals Mng TRU Precious Vale* ValOre Metals Vatic Vent Venerable Vent Volatus Cap Waraba Gold Western Troy C Whitemud Res Winshear Gold Zadar Ventures Zara Res Zinco Mng Zincore Mtls

0.17 0.66 0.69 0.37 0.07 0.25 0.90 0.16

0.03 0.24 0.11 0.06 0.02 0.06 0.27 0.16

EXC

BID

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

0.13 0.17 0.09 0.04 0.04 ...

0.05 0.26 ... ...

0.07 0.11 0.11 0.10 ...

0.64 0.01 0.07 ...

0.33 0.03 0.01 0.10 0.01 0.05 0.01 0.02 0.15 0.32 0.01 0.01 0.03 0.39 0.55 ...

0.12 0.11 0.50 ...

0.06 0.05 0.08 0.15 0.19 0.16 0.01 0.12 0.35 ...

0.05 0.05

ASK

0.15 0.17 0.11 0.05 0.05 ...

0.06 0.35 ...

0.08 0.10 0.16 0.20 0.10 ...

0.73 0.02 0.08 0.25 0.40 0.04 0.01 0.10 0.05 0.06 0.65 0.02 0.15 0.90 0.01 0.01 0.03 0.44 0.55 ...

0.17 0.12 0.50 ...

0.07 ...

0.18 0.17 0.32 0.23 0.02 0.14 0.35 ...

0.07 0.40

LAST

0.15 0.17 0.13 0.06 0.04 0.17 0.05 0.26 1.10 0.08 0.08 0.15 0.20 0.10 0.02 0.76 0.02 0.08 0.26 0.40 0.05 0.02 0.08 0.05 0.05 0.45 0.11 0.31 0.89 0.01 0.01 0.02 0.39 0.55 0.04 0.12 0.12 0.29 10.24 0.07 0.10 0.10 0.15 0.20 0.16 0.02 0.14 0.30 0.07 0.05 0.05

HIGH

LOW

0.20 0.30 0.19 0.06 0.10 0.82 0.07 0.60 3.15 0.08 0.10 0.89 0.25 0.11

0.10 0.02 0.09 0.01 0.04 0.16 0.01 0.12 0.20 0.02 0.05 0.06 0.04 0.07

0.98

0.04

0.11

0.01

0.60 0.08

0.20 0.01

0.09

0.02

0.20 0.53 0.93 0.04 0.02 0.03 0.23 0.22

0.06 0.08 0.24 0.01 0.01 0.01 0.03 0.04

0.16 0.12 0.38 11.10 0.13

0.12 0.03 0.04 6.57 0.07

0.15 0.44 0.70 0.33 0.03 0.15 0.35 0.22

0.03 0.08 0.02 0.06 0.01 0.05 0.13 0.07

24

WWW.NORTHERNMINER.COM

MARCH 15—28, 2021 / THE NORTHERN MINER

UPCOMING SYMPOSIUM SCHEDULE

2021

Q2 Global Mining Symposium May 19-20, 2021

Q3 Global Mining Symposium September 22-23, 2021

Q4 Global Mining Symposium November 17-18, 2021

REGISTER for our NEXT event TODAY www.northernminer.com / GMS2021

#GMS2021