The Northern Miner March 5 2018 Issue

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THE NORTHERN MINER’S

MINING PERSON OF THE YEAR

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Agnico Eagle’s Sean Boyd / 4

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Harte Gold triples Sugar Zone resource ONTARIO |

Junior tallies 1.5M oz. gold

BY TRISH SAYWELL

I

tsaywell@northernminer.com

n its first real update since 2012, Harte Gold (TSX: HRT; US-OTC: HRTFF) has tripled the resource at its Sugar gold deposit, 80 km east of the Hemlo gold camp in northern Ontario.

The new 1.5 million oz. resource is based largely on Harte’s 2017 drill program (138,000 metres) and 50% is classified as indicated and situated in the upper 500 metres of the deposit.

The Suga r Zone (including the Middle Zone) now has an estimated 2.61 million indicated tonnes grading 8.52 grams gold per tonne for 714,200 contained oz. gold and another 3.59 million inferred tonnes (to 1,000 metres deep) grading 6.59 grams gold for 760,800 contained oz. gold.

The resource used a 3 gram gold cut-off.

Harte says the gold grade is continuous at depth and will improve, with its 30,000-metre infill drill program planned for 2018 at the deposit’s Sugar and Main zones.

In the meantime, the company is also working on a preliminary

GOLD | Companies will also partner on exploration

BY TRISH SAYWELL tsaywell@northernminer.com

N A drill site at Harte Gold’s Sugar Zone gold property in Ontario. HARTE GOLD

economic assessment based on the resource update that it plans to complete by the end of April.

Initial production is scheduled for the second half of the year, while

the process plant could commission by June.

The company has already completed a 70,000-tonne, advanced ex plorat ion bu l k sa mple a nd

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Newcrest takes 27% stake in Lundin Gold

mined 30,000 tonnes under its first-phase production permit.

Stephen Roman, Harte’s president and CEO, was unavailable for an interview, but said in a press release that the deposit has “significant size potential.”

“As we have been mining at the Sugar Zone property for the last two years, we have confirmed the grade, continuity and mining method,” he said.

“We will continue to develop this mineral resource at depth and along strike.”

Mining analysts Mike Kozak of Cantor Fitzgerald and Pierre Vaillancourt of Haywood Securities say Harte could become a takeover candidate. The project is near infrastructure, in a safe jurisdiction and close to other producing mines.

Barrick Gold’s (TSX: ABX; NYSE: ABX) Hemlo mine is 60 km from Sugar while Alamos Gold’s (TSX: AGI; NYSE: AGI) Island Gold mine and Wesdome Gold Mines’ (TSX: WDO) Eagle River and Mishi mines are 80 km away. (Goldcorp’s [TSX: G; NYSE: GG] Borden project is also within 100 km.)

“Given Harte’s enviable com-

ewcrest Mining (TSX : NCM), Australia’s largestlisted gold producer, is investing US$250 million for a 27.1% stake in Lundin Gold (TSX: LUG), a Canadian junior whose Fruta del Norte gold mine under construction in southeastern Ecuador is expected to start production in the fourth quarter of 2019.

The investment is part of a $400-million private placement that includes Orion Mine Finance ($100 million at $5.25 per share) and See LUNDIN / 6 PM40069240

See HARTE / 2

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Harte Gold triples Sugar Zone resource HARTE From 1

bination of top-tier grade and favourable location [northern Ontario, Canada], we continue to believe the company is a very strong takeover candidate and point to multiple potential suitors, all with nearby operating gold mines,” Cantor Fitzgerald’s Kozak says in a research note to clients.

“Harte is in the ‘sweet spot’ with high-grade exploration results, an upcoming PEA and initial production over the next several months serving as near-term catalysts.”

Kozak points to Alamos Gold’s all-share acquisition of Richmont Mines and its Island Gold gold mine in September 2017 as a reference point, noting that the transaction valued Richmont at an enterprise value of US$683 million, which equated to $854 per oz. on proven and probable reserves and US$379 per oz. on total constrained resources.

“At the time of the acquisition, the Island gold mine had 43-101 compliant resources of 1.8 million oz. grading 9.4 grams gold per tonne,” he writes. “Harte’s 100%-owned Sugar Zone project is located in the same gold camp, approximately 80 km via paved road from R ichmont-Alamos’ Island gold mine. In our view, Harte’s resource update … further enhances the similarities to Richmont. Applying a multiple of US$379 per oz. gold [total resources] would imply a $1.16-pershare value for Harte Gold.”

At press time Harte’s shares were trading at 41.5¢ within a 52-week trading range of 36¢ (February 2017) to 87¢ (April 2017).

An overview of Harte Gold’s Sugar Zone gold property in Ontario. HARTE GOLD

“GIVEN HARTE’S ENVIABLE COMBINATION OF TOP-TIER GRADE AND FAVOURABLE LOCATION … WE CONTINUE TO BELIEVE THE COMPANY IS A VERY STRONG TAKEOVER CANDIDATE AND POINT TO MULTIPLE POTENTIAL SUITORS, ALL WITH NEARBY OPERATING GOLD MINES.” MIKE KOZAK ANALYST, CANTOR FITZGERALD

Haywood’s Vaillancourt says the Sugar deposit likely has at least 2 million oz., with more down dip and district potential.

“Wit h a proper t y cover i ng more than 620 sq. km, including 30 km of strike length along the Dayohessarah Deformation

Zone, the regional potential is significant,” he says in a research note. “The geology at the south and northwest portions of the property suggests a mineralization style comparable to that at the Hemlo gold mines.”

In January, Harte announced

a discovery 10 km south of the Sugar Zone that it has named the K7 Zone. An initial drill hole there returned a 5-metre intercept grading up to 1 gram gold within an altered feldspar porphyry 200 metres below surface. The host rock is different than the classic

Sugar Zone quartz sheer zone, and Harte says it has greater potential for large tonnages.

The company recently closed a $32.4-million private placement, issuing a tota l of 57.37 million shares at 47¢ per share and 9.78-million f low through common shares at 56¢ per share.

Appian Natural Resources Fund kept its pro rata interest by acquiring 16.28 million shares for gross proceeds to the company of $7.65 million in the final tranche of the offering. Appian now owns 113.09 million shares in the company, or 19.9% of Harte’s issued and outstanding common shares.

While Vaillancourt says Harte’s current stock price is expensive, given that Sugar is not yet in production and so far has “limited institutional support,” he has a “buy” rating on the company and a 90¢-per-share target price.

“With 562.4 million shares and a market cap of $247 million [618 million shares fully diluted], Harte has a lot of shares and is expensive for a company that is not yet in production,” he cautions. “The valuation is pricing in the success of a resource increase and upcoming production. The lack of institutional support outside of Appian Capita l and Orion Mine Finance, may also ref lect reticence from major investors at these levels.”

“Making the transition to fulltime underground operator and commencing commercial underground mining in 2018 will be a significant step for Harte,” he continues. “The company will also have to manage a scale-up of operations as the deposit grows.” TNM

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GLOBAL MINING NEWS

THE NORTHERN MINER / FEBRUARY 19–MARCH 4, 2018

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JOINT VENTURE ARTICLE

Cobalt 27 Provides Unique Exposure to Technology Markets Cobalt 27 Capital Corp. (TSXV: KBLT; US: CBLLF; FRA: 270) is riding a wave of burgeoning market interest in electric vehicles (EVs) and gridstorage technology.

In June of 2017, the company completed the single largest initial public offering in Canada since 2012, raising over $200-million in equity financing and signaling to Canadian and international capital markets the beginning of a large and fast moving battery metals upcycle.

And in December 2017, Cobalt 27 closed an over-allotted, $97.8-million bought deal financing wherein it issued 9.2 million shares priced at $10.50 each, for a total of over C$300 million in equity financing in 2017. The deal was underwritten by a syndicate co-led by TD Securities and Scotiabank, and included BMO Capital Markets, RBC Dominion Securities and other major Canadian financial institutions.

Between June and December 2017, Cobalt 27 acquired over 2,982 tonnes of physical cobalt which is the world’s second largest above ground inventory of refined cobalt after the Chinese government’s strategic stockpiles.

Cobalt is a foundational component in established, high-performance battery chemistries. The metal has no near-term substitute and roughly 65% of current supply originates in the politically-volatile Democratic Republic of the Congo.

“It’s really about a pure play on the adoption of EVs and grid storage,” Cobalt 27 Chairman and CEO Anthony Milewski says in an interview. “There’s an arms race going on in the EV space, and we really don’t know who is going to be the winner. What we do know, however, is the basic materials that comprise the battery and the technology will be winners. The supply-demand dynamics for cobalt are such that we believe Cobalt 27 is the purest levered vehicle to the adoption of these technologies.”

According to BMO Capital Markets, world cobalt production currently totals roughly 100,000 tonnes per annum. Cobalt 27 entered into

Cobalt 27 Capital Corp. Chairman and CEO Anthony Milewski at the company’s Rotterdam cobalt warehouse in January 2018. Photo Credit: Cobalt 27 Capital Corp. physical cobalt option contracts over the past year totaling 2,270 tonnes of premium grade, and 710 tonnes of standard grade, physical cobalt. The company closed more than two dozen deals at an average price of US$30.76 per pound.

The London Metal Exchange price was sitting at a 10-year high of US$82,000 per tonne cobalt with high grade cobalt sitting around US$38.80 per pound at the time of writing.

“We completed the bought-deal financing in December 2017, to go out into the market and buy additional physical cobalt,” adds Milewski. “That inventory gives our investors direct leverage to price movement, but it also provides us with an asset-strong balance sheet moving forward to look at large streaming transactions. The physic al position allows us to establish the streaming model,

complete inventor y financings, and enter into negotiations with producers.”

“There are a number of opportunities out there in the market, and we see the supply-demand fundamentals getting tighter,” continues Milewski. “We’re now hearing BMW is out there looking for a 10-year offtake deal, which could spark fear in other automobile makers who are long the EV story. There aren’t many options available for the types of deals that automakers are after. The noose is tightening around the neck of folks who don’t have the material.”

Cobalt 27 initially secured net smelter return royalties (NSRs) on seven exploration-stage properties in Canada to establish a long-term pipeline, but its ambitious nearterm plan involves leveraging its cobalt exposure through the acquisition of new, or existing, streams

Cobalt briquettes at Cobalt 27 Capital Corp.’s Rotterdam warehouse. Photo Credit: Cobalt 27 Capital Corp.

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“IT’S REALLY ABOUT A PURE PLAY ON THE ADOPTION OF EVS AND GRID STORAGE.” ANTHONY MILEWSKI CHAIRMAN AND CEO, COBALT 27 CAPITAL CORP.

and royalties from production or development assets.

O n F e b. 22, C o b a l t 27 a n nounced the purchase of a 1.75% NSR on RNC Minerals’ (TSX: RNC) Dumont nickel-cobalt sulphide asset in Quebec’s Abitibi region.

The project’s feasibility study outlines initial annual production of 33,000 tonnes nickel and 1,000 tonnes cobalt, which would jump to 51,000 tonnes nickel and 2,000 tonnes cobalt in year 5 assuming mill-throughput expansions.

RNC retains the right to buy back 0.375% of the NSR for US$15 million through mid-2020, which equates to a US$70-million value for the entire royalty.

“It’s really accelerated. The numbers came out recently where we saw that EV penetration rates are really on the rise,” says Milewski.

“We’re looking to execute deals on world class nickel-cobalt projects.

We have both royalty and streaming transactions in the pipeline that could cer tainly be keeping our news flow going this year. We could also pick up more physical cobalt as well. One thing that’s come to our attention in the past couple months is that we have the second largest stockpile of cobalt in the world. We hadn’t planned it, but Cobalt 27 could very well be a take-out target.”

Dumont has an initial 33-year life of mine based on proven-andprobable reserves of 1.2 billion tonnes grading 0.27% nickel, 107 par ts per million (ppm) cobalt, 0.009 gram platinum per tonne, and 0.019 gram palladium per tonne. The property’s contained metal totals 6.8 billion lb. nickel

and 278 million lb. cobalt.

RNC said in mid-January that it hopes to make a construction decision at Dumont next year. It’s also in discussions with Asian trading houses and financiers in a bid to secure around US$1 billion in project financing.

BMO Capital Markets analyst Andrew Mikitchook maintains an “ou t p e r for m” r at in g on C ob al t 27 stock alongside a $17.50 per share price target. He says the company repre sents the “only n o n - d e ve l o p m e n t /ex p l o r a t i o n cobalt investment opportunity” in the market, and adds that BMO anticipates “fur ther upside and stronger future valuations” from the EV and cobalt sector.

“Our shareholders are some of the biggest funds in the world and they’re all in,” Milewski concludes.

“People who come out and talk about an alternative to cobalt in the battery space are misguided or have an agenda. I think we can talk about maturing and changing chemistry. We’re hearing now that it might take up to 15 years to find an alternative to cobalt in terms of battery chemistry. So it’s here to stay for a decade at least.”

Cobalt 27 shares have traded in a 52-week range of $7.42 and $13.88, and last closed at $13.48 per share. The company has 34.3 million shares outstanding for a $463-million market capitalization.

— The preceding Joint Venture Article is promoted content sponsored by Cobalt 27 Capital Corp. and written in conjunction with The Northern Miner. Visit www. co27.com to learn more.

2018-02-27 9:49 PM

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FEBRUARY 19–MARCH 4, 2018 / THE NORTHERN MINER

GLOBAL MINING NEWS · SINCE 1915

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E D I T O R IA L

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Agnico’s Sean Boyd is TNM’s Mining Person of the Year TRUE GRIT

| Guiding Agnico from sole asset producer to eight mines in three countries

A

s we look back at the career so far of Sean Boyd — Agnico Eagle Mines’ vice-chairman and CEO, and The Northern Miner’s Mining Person of the Year for 2017 — the opening words of Rudyard Kipling’s poem If come to mind: “If you can keep your head when all about you are losing theirs ...”

BY JOHN CUMMING In the context of Boyd leading one of jcumming@northernminer.com the world’s great gold mining companies, “keeping your head” translates to his playing a vital role in keeping Agnico secure and on track through its relentless growth phase during the tumultuous 2010s.

This all happened while almost all his competitors in the gold industry went through near-corporate-death experiences brought on by construction cost overruns, exploding operating costs, ballooning debt and technical nightmares that led to multibillion-dollar writedowns, asset sales and the swift departures of a string of CEOs, who had been filled with hubris only a few years earlier.

While there’s a certain corporate conformity at the upper echelons of the gold-mining community, Agnico Eagle has taken on the spirit of its founder Paul Penna and always stood apart and gone about business its own way.

A Boyd-led Agnico has eschewed the corporate fads that have led so many others astray, including: hedging production; seeking growth for growth’s sake; chasing megaprojects in dodgy jurisdictions or remote terrain; over-borrowing; chopping a reliable dividend; diving into ill-conceived mergers; branching out into commodities outside hard-won expertise; and eliminating grassroots exploration when metal prices fall.

Sean Boyd has also bucked wider industry trends by spending most of his career at Agnico and working his way up the corporate ladder.

Boyd is an accountant by training, having earned a B.Comm. at the University of Toronto. He was a staff accountant with Clarkson Gordon (Ernst & Young) before joining Agnico in 1985 as comptroller. From there he served as treasurer and chief financial officer from 1990 to 1996, and added vice-president to his CFO title from 1996 to 1998.

Boyd was appointed Agnico’s president and CEO in February 1998, and was co-winner with Ebe Scherkus of TNM’s Mining Person of the Year Award for 2007 in recognition of outstanding work in expanding the LaRonde gold-polymetallic mine in Quebec — Agnico’s sole mine at the time with 350 employees.

Fast forward to today, and Agnico is coming off celebrating its sixtieth anniversary in 2017 with more than 8,300 employees, and has set an annual production record of 1.7 million oz. gold at all-in sustaining costs of US$804 per oz., all while recording the fewest number of lost-time accidents, and increasing its reserves to 20.6 million oz. gold.

The Agnico empire stands today at eight mines in three countries, plus three mine-development projects.

Over the years, The Northern Miner has visited all of Agnico’s mines around the world, often with Boyd present, and his quiet assurance in carrying out his duties and focused attention is always apparent, as is the respect and affection he holds amongst Agnico’s workforce, as well as the local communities around its mines. TNM

DEPARTMENTS Editorial. . . . . . . . . . . . . . . . . . . . . . . . . 4 Metal Prices. . . . . . . . . . . . . . . . . . . . . 51

Professional Directory. . . . . . . . . . . . 49 Stock Tables. . . . . . . . . . . . . . . . . . . 50-55

COMPANY INDEX Adventus Zinc . . . . . . . 5,6 Agnico Eagle Mines . . . . . . . . . . . 13,48 Alamos Gold. . . . . . . . 1,13 Altius Minerals. . . . . . 5,48 Anaconda Mining. . . . 23 Antofagasta. . . . . . . . . . 43 Atlantic Gold . . . . . . . . 28 Aurania Resources. . . . 45 Avalon Advanced Materials. . . . . . . . . . . 10 Barrick Gold. . . . . . . . 1,22 BonTerra Resources. . . 23 Canada Strategic Metals. . . . . . . . . . . . . 39 Canstar Resources. . . . . 5 Capstone Mining. . . . . 33 Coeur Mining. . . . . . 26,43 Copper Mountain Mining . . . . . . . . . . . . 44 Corning Glass Works. 10 Corvus Gold. . . . . . . . . 22 Detour Gold. . . . . . . . . 13

ECobalt Solutions . . . . 36 Endeavour Silver. . . . . 48 Evrim Resources . . . . . 43 First Cobalt. . . . . . . . 33,36 First Majestic Silver. . . 43 Fission Uranium . . . . . 15 Fortune Minerals. . . . . 37 Galway Metals . . . . . . . 31 Goldcorp. . . . . . . . . 1,9,26 Golden Dawn Minerals. . . . . . . . . . . 27 Graphene 3D Lab. . . . . 39 GT Gold . . . . . . . . . . . . 31 Guyana Goldfields. . . . 21 Harte Gold . . . . . . . . . . . 1 Harvest Gold . . . . . . . . 48 Hecla Mining. . . . . . 13,32 Huakan International Mining . . . . . . . . . . . . 27 Hudbay Minerals. . . . . 39 INV Metals. . . . . . . . . . . 8 Kazatomprom. . . . . . . . 15 Levon Resources . . . . . 45

Lomiko Metals. . . . . . . 39 Lundin Gold. . . . . . . . . . 1 Maple Gold Mines. . . . 13 Minfocus Exploration. 37 New Gold . . . . . . . . . . . 44 Newcrest Mining. . . . . . 1 Newmont Mining . . . . 43 Northern Empire Resources. . . . . . . . . . 21 Orvana Minerals. . . . . 45 Osisko Metals. . . . . . . 5,13 Pembridge Resources. 33 Peregrine Diamonds. . 11 Probe Metals. . . . . . . . 9,31 Sandstorm Gold. . . . . . 47 SolGold. . . . . . . . . . . . . . 6 Teck Resources. . . 5,38,44 Teranga Gold . . . . . . . . 47 Wesdome Gold Mines. . 1 Wheaton Precious Metals. . . . . . . . . . . . . 33 Yamana Gold . . . . . . . . 13

Apple and the vertical transformation of mining COMMENTARY

| Industrial giants rally to align with raw material producers

BY KURT BREEDE

I

Special to The Northern Miner

n early February, Bloomberg reported that Apple Inc. was in direct talks with an undisclosed mining company to secure long-term cobalt supplies to support the mounting demands of the company’s power-hungry device lineup.

Cobalt, a hard, silver-grey metal once used for jewellery and paints, is the main component for today’s lithium-ion batteries. Valued at over US$37 per lb. — a 100% increase from just the year before — the metal is a coveted chalice for power-hungry manufacturers seeking footholds in the narrowing space.

The potential deal would mark one of several negotiated by vertically integrated manufacturers (VIMs) in recent months to secure supplies of metals for expanding production targets. BMW, Volkswagen and Samsung are just some of the industry giants rallying to align themselves with raw material producers.

This transformation will likely transition well beyond powercentric commodities into other non-renewable resources — metal or otherwise — and may have positive consequences beyond increased shareholder value.

First, metal commodity prices are notoriously fickle, with cycles becoming increasingly sporadic — contracting and swelling in greater frequency and amplitude than the one before.

In contrast, demand for consumer products like cellphones, home electronics, and in recent years, electric vehicles, has either remained steady or even increased through much of the economic downturn of the past decade.

By shortening the supply chain, commodity prices — and by extension, mining investment — are likely to see lower volatility in the wake of more predictable supply and demand forecasts.

Second, while pre-emptive stakeholder engagements and CSR outreach programs are a mainstay of the mining business, trendsetters like Apple, Samsung, and purveyors of all things shiny and new, which have tradition-

ally commanded unwavering brand loyalty in spite of numerous public snafus (e.g., compare the number of glittery Apple logo bumper stickers on rear fenders versus, say, Glencore), may now find themselves under increased scrutiny.

Over 60% of the world’s cobalt is produced from the Democratic Republic of the Congo, where evidence of child labour in mines has cast mounting scrutiny on the underlying socio-economic costs of the supply chain.

VIMs exposed to legal and ethical liabilities will quickly bridge the public’s perception disconnect between source material and end-product.

Much the same way that savvy food consumers helped spawn the “farm-to-table” food chain model, the social license liabilities of operating in conflict zones will likely drive VIMs to re-evaluate their risk profiles and adapt a similar “mine-to-store shelf ” supply chain model, and seek out friendlier mining jurisdictions, or work with existing jurisdictions to improve stakeholder engagement and incentives.

With mounting pressure to lower production costs, VIMs will continue to seek paths of least resistance to fuel their burgeoning material consumption — meaning all options are on the table.

Only last year did Apple boldly announce in their 2017 Environmental Responsibility Report that they would seek to only use renewable materials in their devices in the near future. This monumental shift in how VIMs will look to fill the supply chain means that mining companies will need to revisit their core competencies.

Advances in biogeochemistry, metal recycling, aqueous metal precipitation and synthetic polymers are helping to redefine the literal building blocks of society.

Mining as a pure earth-moving endeavour may soon be a thing of the past, as we seek out new and innovative ways to source materials to build our future world.

The vertical transformation of mining has begun — finally.

— Kurt Breede, P.Eng., is the Director of Industry Partnerships at the Lassonde Institute of Mining, University of Toronto, one of the leading mining research institutes in Canada. The views and opinions expressed in this edited article are those of the author.

2018-02-27 9:49 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / FEBRUARY 19â&#x20AC;&#x201C;MARCH 4, 2018

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Altius Minerals geologist Nick Barnable takes field notes in Newfoundland. â&#x20AC;&#x201A; ALTIUS MINERALS

Canstar, Adventus and Altius to consolidate Buchans camp NEWFOUNDLAND â&#x20AC;&#x201A;

BY TRISH SAYWELL

L

tsaywell@northernminer.com

ast year, Osisko Metals (TSXV: OM) acquired more than 500 sq. km in the historic Bathurst mining camp of New Brunswick to develop a multi-deposit zinc asset base that would feed a central concentrator. â&#x20AC;&#x153;On the back of that, they raised a lot of capital,â&#x20AC;? says Christian KarglSimard, president and CEO of Adventus Zinc (TSXV: ADZN) tells The Northern Miner in an interview. â&#x20AC;&#x153;It was a huge success right out of the gate.â&#x20AC;?

Now Kargl-Simard and his counterparts at Canstar Resources (TSXV: ROX) and Altius Minerals (TSX: ALS) hope for something similar by consolidating their base metal assets in Newfoundland.

Under a three-way agreement, Canstar will acquire a 390 sq. km land package from Adventus â&#x20AC;&#x201D; the largest land position in the Buchans camp â&#x20AC;&#x201D; where a 2017 electromagnetic survey produced 35 drill ready targets, as well as the companyâ&#x20AC;&#x2122;s Katie and La Poile copper-zinc-lead projects, both of which have prospective volcanic massive sulphide targets.

Canstar will also acquire Altius Mineralsâ&#x20AC;&#x2122; Danielâ&#x20AC;&#x2122;s Harbour zinc project, which consists of 90 sq. km of prospective land next to the closed Danielâ&#x20AC;&#x2122;s Harbour zinc mine, which produced 7 million tonnes at 7.8% zinc from 1975 to 1990 by Teck Resources (TSX: TECK.B; NYSE: TECK).

The assets will complement Canstarâ&#x20AC;&#x2122;s Mary March project, 20 km east of Buchans, which it owns in a 56% to 44% joint venture with Glencore (LON: GLEN). (Canstar has first right-of-refusal to acquire Glencoreâ&#x20AC;&#x2122;s interest.)

Mary March in central Newfoundland is northeast and within the same geological group that hosts the former producing Buchans mine, where discovery holes by Phelps Dodge in 1999 and 2000 yielded some of the highest-grade base and precious metal intersections ever found in the area.

Over its 56-year mine life, Buchans produced 16.2 million tonnes

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| Transaction provides synergies for all three parties

â&#x20AC;&#x153;WHAT WEâ&#x20AC;&#x2122;VE PUT TOGETHER HERE IS A SIMILAR CONCEPT TO WHAT OSISKO METALS DID LAST YEAR IN CONSOLIDATING THE BATHURST CAMP.â&#x20AC;?

CHRISTIAN KARGL-SIMARD PRESIDENT AND CEO, ADVENTUS ZINC

averaging 14.50% zinc, 7.56% lead, 1.33% copper, 126 grams per tonne silver and 1.37 grams gold per tonne.

Discovery holes Phelps drilled at Mary March ran to 10.33% zinc, 1.62% lead, 0.66% copper, 118.1 grams silver and 4.1 grams gold over 9.23 metres; 16.8% zinc, 5.44% lead, 0.18% copper, 660 grams silver and 12.2 grams gold over 0.91 metre; and 3.02% zinc, 1.08% lead, 0.13% copper and 72.4 grams silver over 20.6 metres.

Adventusâ&#x20AC;&#x2122; Kargl-Simard notes that the transaction provides synergies for all three parties and a focused vehicle to unlock value in the Buchans camp and in Newfoundland and Labrador. â&#x20AC;&#x153;It came together really quickly â&#x20AC;&#x201D; you just know when a deal really makes sense, and everyone thought it was a no-brainer,â&#x20AC;? Kargl-Simard says. â&#x20AC;&#x153;What weâ&#x20AC;&#x2122;ve put together here is a similar concept to what Osisko Metals did last year in consolidating the Bathurst camp, and on the back of that they raised $45 million and they had a $130-million market capitalization on a district

consolidation of a base metals camp in Canada.â&#x20AC;?

After the transaction closes, Canstar is planning a 3,000-metre drill program this year, which will be operated by Altius. â&#x20AC;&#x153;Altius put up its hand to run the exploration programs in Newfoundland because theyâ&#x20AC;&#x2122;re based there and know how to operate there better than anyone else,â&#x20AC;? Kargl-Simard says. â&#x20AC;&#x153;That was another nice synergy for all of us.â&#x20AC;?

Under the agreement, Canstar will issue 86.7 million shares to Adventus for its assets and Altius will receive 12.1 million shares for its Danielâ&#x20AC;&#x2122;s Harbour zinc project. Canstar will finish a $750,000 non-brokered private placement and part of the proceeds will apply to a first-phase exploration program.

The financing will include selling 4.17 million common shares at 6¢ per share for gross proceeds of $250,000. Altius will subscribe for 6.25 million common shares issued on a flow-through basis at 8¢ per share for gross proceeds of $500,000.

David Pa lmer, a director of

Canstar, noted in prepared remarks that consolidating the Buchans properties into a district-scale exploration project is a great opportunity for shareholders. â&#x20AC;&#x153;We are pleased that Adventus and Altius share our enthusiasm for its potential, and with the combined technical experience of all three companies and a new management team, we will be able to advance exploration programs very effectively,â&#x20AC;?

Palmer said.

Kargl-Simard adds that there could be more consolidation opportunities, with Teckâ&#x20AC;&#x2122;s Duck Pond mill â&#x20AC;&#x201D; on care and maintenance since 2015 â&#x20AC;&#x201D; just 20 km from the Mary March project. â&#x20AC;&#x153;There hasnâ&#x20AC;&#x2122;t been a base metals focused company in Newfoundland for a while,â&#x20AC;? he says, â&#x20AC;&#x153;and we will have a dedicated Newfoundland team that can tap flow-through funds and use modern exploration tools in this district.â&#x20AC;? TNM

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Newcrest takes 27% stake in Lundin Gold LUNDIN From 1

the Lundin Family Trusts (US$50 million at $5.50 per share). Upon closing, the Lundin Family Trusts will own 22.3% of Lundin Gold and Orion, 11.4%.

Newcrest’s US$250-million investment (at $5.50 per share) gives it the right to appoint two members to Lundin Gold’s board of directors, and Orion has the right to appoint one board member.

In addition, Newcrest and Lundin have signed a binding agreement to form a joint venture to explore eight early-stage concessions the junior holds in Ecuador. Under the deal, Newcrest can earn up to a 50% interest by spending US$20 million over five years and will manage the exploration. The concessions exclude Lundin’s large block of concessions surrounding the Fruta del Norte project.

Newcrest’s equity investment and exploration farm-in marks its second big commitment to the country, as it already has a 14.54% stake in

SolGold (TSX: SOLG; LON: SOLG), which owns 85% of the Cascabel project, a porphyry copper-gold deposit in northwestern Ecuador’s Imbabura province.

“Their investment is not only confirmation of the technical merits of Fruta del Norte, but also a further indication of Newcrest’s commitment to Ecuador,” Ron Hochstein, Lundin Gold’s president and CEO, said on a conference call. “With the exploration earn-in, the Lundin Gold team can focus on the concessions surrounding FDN, while Newcrest works the prospective concessions to the north and south of FDN.” Sandeep Biswas, Newcrest’s managing director and CEO, said in a press release that Fruta del Norte’s epithermal orebody has many similarities with its Gosowong gold mine on Halmahera Island in Indonesia’s North Maluku province. He also noted that the equity investment in Lundin Gold “aligns with our aspiration of being exposed to five tier-one orebodies by 2020.”

Newcrest, one of the world’s largest gold producers, has mines in four countries: Australia (Telfer and Cadia Valley); Papua New Guinea (Lihir); Côte d’Ivoire (Bonikro); and Indonesia (Gosowong).

“This transaction does more than just fund the development of our large, high-grade Fruta del Norte gold deposit,” Hochstein told analysts and investors on the conference call. “Through the private placement, we gain a strategic investor in Newcrest.”

In fiscal 2017, Newcrest produced 2.38 million oz. gold and 84,000 tonnes copper at all-in sustaining costs of $787 per ounce.

The Australian miner’s growing investment in Ecuador comes at a time when recent political developments in the Andean nation have concerned some foreign investors, as well as local geologists in the country.

In late January, President Lenin Moreno accepted the resignation of Javier Cordova, the Minister of Mining, who had been in the post

The expanding Las Penas camp at Lundin Gold’s Fruta del Norte gold-silver project in Ecuador. LUNDIN GOLD

since February 2015, and replaced him with Rebeca Illescas Jimenez, Cordova’s previous deputy minister of mining. (The new minister has not responded to requests from The Northern Miner for comment or an interview.)

Cordova, appointed by the government of Ecuador’s former president, Rafael Correa, was known as

a pro-mining advocate and a big supporter of mining investment as a way to diversify away from the government’s reliance on revenues from the oil and gas sector.

While some in the mining community interpreted his resignation as a negative sign, others saw it as a simple political move.

Cordova was one of — if not the last — minister from the previous administration left standing under President Moreno, who was elected last year, and many believed it was just a matter of time before he stepped down.

A national referendum on Feb. 4 also worried some investors.

While the key question on the ballot involved changing the Constitution to place term limits on the office of the presidency — motivated

by Moreno’s wish to prevent Correa from ever running for another term as president — the referendum also included a question on whether the Constitution should be reformed to include the prohibition of mining in urban centres (and being added to the existing ban on mining in protected areas, mainly national parks) and “intangible” areas (such as the Amazon basin, where indigenous tribes have little to no contact with the modern world).

The answer to both questions was yes, and municipalities will now need to determine the limits of urban centres and the use of land within their jurisdictions.

Other recent changes under incoming president Moreno have included the temporary closure of the national mining cadastre, or the granting of new mining concessions, and the decision to eliminate a clause in the tax code that allowed mining companies to defer payment of windfall taxes for a period of four years.

Under the previous administration, mining companies didn’t have to pay the windfall tax for four years after they recouped their investments. Now that four-year deferral has been eliminated. (The 70% windfall tax is based on the 10year average price of the metal, plus one standard deviation.) Christian Kargl-Simard, president and CEO of Adventus Zinc (TSXV: ADZN), which is earning a 75% interest in Salazar Resources’ Curipamba base metals project in west-central Ecuador, says in an interview that “closing the application process for new concessions is a negative step, but one that was likely required, because it was just getting too crazy.

“This application process was definitely overheated, with hundreds of millions of dollars of announcements of exploration dollars tied to new applications announced over the last year … modifications to the process are likely warranted. When companies are offering to spend $20 million or $50 million or more over four years on a concession that has seen little or no exploration, you start scratching your head.”

He also noted that while former mines minister Cordova “was inSee LUNDIN / 8

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Newcrest takes stake in Lundin Gold LUNDIN From 6

strumental in making many of the positive moves for mining in Ecuador” and “did a great job being transparent to the markets, and encouraging mining investment in the country,” he said it should be business as usual under Cordova’s successor. “Mining Minister Rebeca Illescas is very qualified — she follows on from Javier Cordova,” he says. “The new Ecuadorian government is trying to create its own democratic legacy.”

While the recent cancellation of the four-year deferral on the windfall tax payment is negative, he adds, the country has made several positive changes in its tax regime for miners since Lundin Gold acquired Fruta del Norte from Kinross Gold (TSX: K; NYSE: KGC) for US$240 million in December 2014. One such change has been the tax exemption relating to currency outflows and accelerated depreciation.

Other moves have been the refund of the value-added tax and including a mining company’s cost of capital and time value of money (including the exploration phase) in assessing what the sovereign adjustment should be. (The sovereign adjustment involves sharing a mining project’s overall economics between the mining company and the government).

“With these modifications, it has significantly improved the overall tax package and made Ecuador’s tax regime competitive with its neighbouring countries, like Peru and Chile, because now you have a

Workers underground in the K’isa decline at Lundin Gold’s Fruta del Norte gold-silver project in Ecuador. LUNDIN GOLD

22% income tax rate with a 4–8% [commodity-dependant] royalty rate,” Kargl-Simard says in an interview. “All these tax changes have

made Ecuador more competitive, hence more companies are going into the country.”

Kargl-Simard adds that in the

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case of Adventus Zinc’s Curipamba project, where it will spend US$25 million over the next five years, the net effect of the tax changes has been an improvement in the project’s rate of return, which he says has gone from 30% to over 40%, without changing any other inputs. He also points to Ecuador’s abundant and inexpensive electricity, which costs around 7¢ per kilowatt hour, making it one of the lowest rates in South America.

“Ecuador is the place to be right now,” he says. “It has excellent rocks.

It’s pro-mining, has relatively cheap power, reasonable infrastructure and a workable tax regime.”

He also emphasizes that while Ecuador has similar rocks to Peru, it does not have a single major mine in production yet (although three are in construction: Fruta del Norte and two Chinese-owned copper projects, Mirador and Rio Blanco. A fourth project owned by INV Metals [TSX: INV] called Loma Larga and Adventus-Salarzar’s Curipamba project could be next, he says).

“There is a lot of catch up that needs to be done to get to Peru’s level,” he says. “Ecuador is like Peru was more than 100 years ago. That’s why you’re seeing such a staking

rush and discoveries such as what SolGold has found at Cascabel.”

News of Lundin Gold’s US$400million equity financing and exploration farm-in with Newcrest raised the company’s shares by 19¢, or 3.4%, to $5.

“Lundin Gold has now raised US$1.08 billion for the project, and other than a US$75-million overrun facility, financing for the project is essentially complete,” Kerry Smith of Haywood Securities writes in a research note, after the financing was announced.

The mining analyst says he models a full year of production at Fruta del Norte in 2020, with annual gold production of 340,000 oz. at an average total cash cost of US$530 per oz. over a 16-year mine life.

Fruta del Norte has an indicated resource of 7.35 million oz. gold (23.8 million tonnes grading 9.61 grams gold per tonne) and an inferred resource of 2.13 million oz. gold (11.6 million tonnes grading 5.69 grams gold).

The deposit is within a 150 km, copper-gold, metallogenic sub-province in the Cordillera del Condor region, 139 km east–northeast of the city of Loja, the fourth-largest city in Ecuador. TNM

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A worker in a core storage facility at the Fruta del Norte project. LUNDIN GOLD

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Probe Metals hikes resource at Val-d’Or East project QUEBEC

| Five drill rigs will be active in 2018 on resource expansion and discovery “IT’S ALMOST A DOUBLING OF THE PREVIOUS INITIAL RESOURCE IN 2013, SO WE DID VERY WELL.”

BY TRISH SAYWELL

P

tsaywell@northernminer.com

robe Metals (TSXV: PRB; US-OTC: PROBF) has proved up more gold ounces and has greater confidence in its Val-d’Or East project after upgrading inferred ounces into the indicated category.

An updated resource estimate based on four deposits — all of which remain open in all directions — is made of resources found within a surface expression 2.5 km long, 1 km wide and 1 km deep along the Pascalis gold trend.

The project, 25 km east of the city of Val-d’Or, now has an open-pit, constrained resource of 7.71 million tonnes grading 2.16 grams gold per tonne for 535,900 contained oz. gold and inferred of 5.26 million tonnes averaging 1.46 grams gold for 247,400 contained oz. gold. The resource is based on a cut-off of 0.5 gram gold and is located in the deposit’s upper 250 metres.

The underground indicated resource has 1.33 million tonnes grading 3.44 grams gold for 146,500 contained oz. gold, and inferred measures 4.04 million tonnes grading 3.65 grams gold for 474,700 contained oz. gold. The underground resource uses a 1.95 gram gold cut-off grade and most of it is found between 250 and 800 metres’ depth.

David Palmer, Probe’s president and CEO, says the team is happy with the results.

“It’s almost a doubling of the previous initial resource in 2013, so we did very well,” he says in an interview. “And there are a couple of other things it has done: it gives us confidence in the ounces — we’ve got a higher indicated resource — almost half the current resource is indicated. The continuity also looks better and there’s less nugget effect.

There were a whole bunch of things that came out that were improvements over the historic estimate.”

The resource includes four deposits — New Beliveau (including the former L.C. Beliveau mine), the North Zone, Highway and the newly discovered South Zone — but most of the estimate occurs within the central New Beliveau deposit (600,000 oz. gold in the indicated category and 531,500 oz. gold in the inferred).

The New Beliveau deposit sits beneath the past-producing Beliveau mine, which Cambior operated from 1989 to 1993. The underground operation produced 170,000 oz.

DAVID PALMER PRESIDENT AND CEO, PROBE METALS

Probe Metals’ chairman Jamie Sokalsky (left) with director Gordon McCreary at the Val-d’Or east gold project. PROBE METALS

gold at 3.15 grams gold per tonne.

The Val-d’Or East project is part of the Val-d’Or mining camp within the Southern volcanic zone in the southeastern part of the Archean Abitibi greenstone belt. It is less than 20 minutes away from one of the area’s largest gold-producing systems at Sigma-Lamaque, and yet has seen very little exploration.

“One of the reasons we acquired this project is that we saw this district-scale potential in an area that had really been neglected historically in exploration, and especially in gold exploration,” Palmer says.

“We saw as much potential on the east side as on the west side. The geology on the east side is the same as on the west side, it’s just that exploration had never really trickled over to that side of Val-d’Or, so we see a lot of upside in this region, and this year we’re going to exploit that potential.”

Palmer says that part of the 85,000-metre drill program this year will be dedicated to regional exploration on the property. The company will use five drill rigs to expand resources and find gold deposits.

“This year will be a really interesting year,” Palmer says. “We’re going to continue with resource expansion, but as an exploration geologist, I’m excited because we’re also going to be drilling some regional targets. Last year was a great year, too.

We ramped up our drill program, drilled just over 80,000 metres — mostly on resource expansion, but we were also doing regional exploration, and we actually generated a

lot of regional targets.”

The company is “going back to Borden-scale drill programs,” Palmer adds, referring to the Borden gold project he and his team at Probe Mines discovered and later sold to Goldcorp (TSX: G; NYSE: GG) for $526 million in March 2015.

Probe Metals was then formed as a spinout company with much of

the original team intact. (Goldcorp has a 13.7% stake in Probe Metals.)

“We really want to accelerate the project, and I think this is the best way — to maintain a significant drill program, and we’ve got a strong treasury and can do the entire 2018 drill program,” he says.

“We’ve got a good reputation as explorers, so these properties are in good hands.”

After the resource update was announced, Michael Gray of Macquarie Securities raised his 12-month target price on the stock from $1.75 to $2.15 per share. “We continue to like Probe’s pragmatic strategy of advancing the underexplored Val-d’Or East project while keeping strong option value on large land positions in Canadian gold

belts,” the mining analyst wrote in a research note.

Tyron Breytenbach of Cormark Securities has a $2.20-per-share target price on Probe. “Probe already holds a viable satellite target for the producers in the camp [Eldorado, Iamgold, Agnico, Yamana], but is on track to potentially define a resource large enough to justify a stand-alone project, bringing it into the ranks of a handful of high-quality projects located in safe jurisdictions,” Breytenback wrote.

IA Securities’ George Topping has a $2.50-per-share target price.

“While the proportion of underground ore was higher than we expected, so were the grades,” he said in a research note. “This initial resource should be seen as the first of several, as the experienced management team methodically advances exploration. We note that Integra Gold was acquired by Eldorado Gold ... when it had a 2.3 million oz. underground resource at the same camp.”

At press time, Probe’s shares traded at $1.40 apiece within a 52week range of $1.25 (August 2017) to $1.74 (September 2017). Probe has 94 million shares for a $131.5-million market capitalization. TNM

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Avalon steps up lithium hunt at Separation Rapids ONTARIO

| Leveraging resource for glass ceramics and battery markets

BY RICHARD QUARISA

A

rquarisa@northernminer.com

valon Advanced Materials (TSX: AVL; US-OTC: AVLNF) has begun a new drill campaign at its wholly owned Separation Rapids lithium project, 70 km by road from Kenora, Ontario. It aims to drill seven holes totalling 1,500 metres to increase its resource.

As of a Nov. 15, 2017 resource estimate, Separation Rapids has 8.12 million measured and indicated tonnes grading 1.37% lithium oxide and 0.36% rubidium oxide.

According to a 2016 preliminary economic assessment (PEA), the 24 sq. km property could produce 14,600 tonnes of lithium hydroxide plus 100,000 tonnes of feldspar mineral concentrate per year for at least 10 years.

Total capital expense for this model was an estimated $514 million, with $86 million in contingencies and $7 million in sustaining capital. This includes the mine, concentrator and a hydromet plant in Kenora. The hydromet plant accounts for half of the total expense.

Avalon started working on Separation Rapids 20 years ago when it found a form of lithium pegmatite enriched in petalite — an industrial mineral used to make glass and ceramics.

“A ny t hing t hat needs hig h strength and resistance to thermal shock — lithium is the critical ingredient,” Avalon president and CEO Donald Bubar says. “So we found this, the first such resource of this mineral ever found in North America of any consequence. And there was demand for it.”

Bubar says that at the time Corning Glass Works (NYSE: GLW) was making CorningWare cookware in North America and had been looking for a local source of lithium, but had never found one. Just as Avalon thought it was prepared to serve that market, Corning Glass Works sold its consumer products division and the new owners moved production to China. Avalon lost the market.

At the same time the lithium ion battery was emerging along with new cell phone technology.

However, Avalon considered it too small of a market that was already

Don Bubar, president and CEO of Avalon Advanced Materials. AVALON ADVANCED MATERIALS A worker on a tractor at Avalon Advanced Materials’ Separation Rapids lithium project in Ontario. AVALON ADVANCED MATERIALS

well-served by lithium brine production in South America. So, in the early 2000s, it put the project on hold.

“But even then we sensed that it would have another day — that the market in lithium batteries would grow,” Bubar says. “We didn’t think it would take 15 years, but there you go.

“That’s the whole thing with these niche market commodities. You really have to be prepared to bring a new product to market when new technology creates a new demand.”

Avalon reactivated the project in 2014 after interest in its petalites from glass manufacturers. Bubar says that while battery applications are getting all the attention, the demand for glass ceramics still exists and is growing. Manufacturers of smartphone displays and computer screens take advantage of lithium’s

“ANYTHING THAT NEEDS HIGH STRENGTH AND RESISTANCE TO THERMAL SHOCK — LITHIUM IS THE CRITICAL INGREDIENT.” DONALD BUBAR PRESIDENT AND CEO, AVALON ADVANCED MATERIALS

glass-strengthening properties to improve their products.

Avalon’s resource has two main lithium minerals: petalite, which has low levels of impurities and relatively low productions costs; and lepidolite, a purple mica. Avalon

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A sample of petalite recovered from the Separation Rapids lithium project near Kenora, Ontario. AVALON ADVANCED MATERIALS

can concentrate them separately to serve different markets.

“That’s kind of the beauty of it, actually,” Bubar says.

Over the past two years, Avalon has developed its own process for extracting lithium hydroxide from petalite. It wants to take the process that it developed and scale it up to pilot plant or demonstration plant scale and make product to test in the marketplace.

“The lithium mineral concentrates are much easier to produce and they’re the intermediate stage of making the battery material,” Bubar says. “It’s also a blessing for us in that it gives us a low-risk alternative for getting started by being able to produce concentrates for sale and not having to try to make the battery material straight out of the gate.”

There are also companies that can extract lithium carbonate from lepidolite.

Separation Rapids is still open at depths below 200 metres and along strike. Avalon wants to do more near-surface drilling on the lepidolite-rich areas that it didn’t focus on initially. It also intends to test the West Pegmatite zone, which is 800 metres along strike from the

main deposit. It says the two zones are “very similar” in appearance.

It also wants to finish pilot work on the process flow sheets and the engineering for the phase-one plant.

It would then complete either an updated PEA or a preliminary feasibility study, before trying to attract the financing to build the phase one plant.

Bubar says the plant could cost $40 to $50 million to build.

Avalon also closed a $1.5-million preferred share financing in early 2018. Part of that will go to fund the current drill campaign, which has a $500,000 budget. Since 1996, Avalon has spent $10 million on the project.

“You have to be patient these days in the mineral industry and wait for the opportunities,” Bubar says.

Avalon has several other projects, including its wholly owned Nechalacho rare earth elements project in Thor Lake, Northwest Territories. Avalon has completed a feasibility study at Nechalacho and received approval for environmental assessment.

Shares of Avalon are valued at 12¢ within a 52-week range of 11¢ to 20¢. The company has a $26-million market capitalization. TNM

2018-02-27 9:49 PM

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11

Peregrine Diamonds’ employees with a Helicarrier heavy-lift helicopter at the Chidliak diamond project on Baffin Island, Nunavut, in July 2017. PEREGRINE DIAMONDS

Peregrine Diamonds boosts resource at Chidliak NUNAVUT

BY TRISH SAYWELL

A

tsaywell@northernminer.com

resource update has brought the combined inferred resource of just two of 74 known kimberlites to 22 million carats at Peregrine Diamonds’ (TSX: PGD) Chidliak project on Baffin Island.

“This result absolutely has positioned Chidliak in the Canadian development context as the next cab off the rank,” Peregrine’s president and CEO, Tom Peregoodoff, tells The Northern Miner in an interview from Vancouver. “It really does

| Company incorporating new resource into revised PEA

set Chidliak apart from the other advanced exploration and development projects in Canada, and likely even globally.”

The junior diamond exploration company increased the inferred resource of its high-grade No. 6 kimberlite to 17.96 million carats in 7.46 million tonnes, at an average grade of 2.41 carats per tonne.

The resource, which extends 525 metres below surface, contains a high-grade portion of 1.29 million tonnes at an average grade of 4.49 carats per tonne for 5.80 million carats.

When combined with the 4.23

million carats in 4.99 million inferred tonnes already on the books for its No. 7 kimberlite, Peregrine has a lot to be pleased about, Peregoodoff says, including the greater depth of the No. 6 resource.

“We’ve almost doubled the depth

extent of the resource,” he says.

“We’ve also confirmed that there is geological continuity ... it’s a simple pipe, from a geological context ... the 4.49-carat-per-tonne, high-grade core extends down, and we’ve defined it to a depth of 470 metres.”

The No. 6 kimberlite has two basic geologic units, Peregoodoff says — KIM-L and KIM-C — and while the grade within the geological units varies, the size and frequency See PEREGRINE / 12

“AT NEARLY 4.5 CARATS PER TONNE, THAT’S VERY HIGH-VALUE ROCK, AND I CAN’T SEE ANY REASON WHY THAT MATERIAL WILL NOT SUPPORT AN UNDERGROUND DEVELOPMENT.” TOM PEREGOODOFF PRESIDENT AND CEO, PEREGRINE DIAMONDS

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www.oranocanada.com A driller at Peregrine Driamonds’ Chidiak project. PEREGRINE DIAMONDS

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2018-02-27 9:49 PM

12

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FEBRUARY 19–MARCH 4, 2018 / THE NORTHERN MINER

Peregrine Diamonds boosts resource at Chidliak

A helicopter moving drilling equipment on Peregrine Driamonds’ Chidiak property. PEREGRINE DIAMONDS PEREGRINE From 11

of distribution do not, which means that each unit may have a different grade, but the coarse diamond distribution will be consistent.

The company is incorporating the new resource into a revised preliminary economic assessment (PEA).

The first PEA — finished in July 2016 — envisaged a 10-year mine life at an annual average production rate of 1.2 million carats, with a $471-million, after-tax net present value, 29.8% internal rate of return and a two-year capital payback.

The revised PEA should be finished by June.

If Chidliak goes into production, it likely would be a combination of open-pit and underground, similar to the Ekati and Renard diamond mines, which started as open pits and then moved underground.

“At nearly 4.5 carats per tonne, that’s very high-value rock, and I can’t see any reason why that material will not support an underground development,” Peregoodoff says.

While the mining executive says it’s hard to compare diamond projects — largely because their value per tonne is a combination

“THIS IS GOING TO BE A BIG YEAR FOR CHIDLIAK.” TOM PEREGOODOFF PRESIDENT AND CEO, PEREGRINE DIAMONDS

of grade and average value per carat — he can draw comparisons about grade.

“No. 6’s 4.49 carats per tonne compares very well with high-grade material that was initially discovered at Diavik and put into production,” he says. “Even the other material that comprises the majority of the [No. 6] pipe — at 2 carats per tonne plus — compares extremely well with either operation at Ekati and Diavik, and is better than most of the grades reported at Stornoway and Gaucho Kué.”

He also notes that No. 6 remains open for expansion to depth, and that the company has already found 1.09 to 2.35 million tonnes in part of the kimberlite pipe at depths between 300 and 590 metres below surface.

In addition, results from No. 7

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1-16, 23_MAR 5_Main .indd 12

Geologist David Ritcey surveying at the Chidliak property for Peregrine Diamonds in 2017. PEREGRINE DIAMONDS

have room for improvement. The company has been open about some of the challenges it has had there with its large-diameter drill program.

“We did break a lot of nice stones,

and that has two impacts. It means the reported grade is probably lower than it could be and the value — the average stone value — is lower than it could be because some of the

stones valued were broken, cracked or chipped, and that lowered the price, so there are real opportunities to increase the resource at No. 7.”

The company also sees exploration potential at the No. 1 and No. 44 kimberlites, among others.

“No. 1 is the first pipe we ever discovered and a mini-bulk sample from surface produced a 2-carat macro stone, and it was a nice 2-carat stone, so there’s lots of potential from No. 1 to move into the resource category,” Peregoodoff says, adding that No. 44 is a target for more exploration.

“No. 44 is something else we’ve always intended to bulk sample, and I think we’ll start looking at opportunities to do that, as well,” he says.

“This is going to be a big year for Chidliak. The PEA is going to be an important part of that and there are other matters going on that we can speak publicly about once finalized, but I do think 2018 is going to be a big year.”

As for Peregrine’s 14¢ stock price, which has traded over the last 52 weeks between 11¢ per share (August 2017) and 23¢ per share (May 2017), Peregoodoff says the company will reward patient shareholders.

“Right now, I believe we’re undervalued in the market, and I think that obviously does raise concerns about us being a potential takeover target,” he says. “But I’ve got very strong shareholders who understand the market may not be reflecting the value yet, but it eventually will.” TNM

2018-02-27 9:49 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / FEBRUARY 19–MARCH 4, 2018

13

Maple Gold updates resource estimate for Douay QUEBEC

BY TRISH SAYWELL tsaywell@northernminer.com

M

aple Gold Mines (TSXV: MGM; US-OTC: MGMLF) has converted more than 450,000 oz. gold to the indicated category in an updated resource estimate for its wholly owned Douay gold project in northern Quebec.

The previous resource estimate, released in April 2017, did not include the 23,000 metres drilled last year or 7,000 samples of previously un-assayed historic core, all of which was included in the updated numbers.

“We are pleased with the results of the resource update, which have confirmed our confidence in the robustness of the mineralized intrusive-hydrothermal system at Douay, as well as with the demonstrated potential for additional resources at higher than previous deposit average grades,” Fred Speidel, the company’s vice-president of exploration, tells The Northern Miner.

“The modifications to some of the block-model parameters have given us a more refined and constrained result, and we look forward to the next resource update later in the year that will incorporate results of this winter’s drilling and further model refinements.”

The 370 sq. km gold project in the Abitibi greenstone belt has

| Project has more than 3M oz. gold in all categories

“WE ARE CURRENTLY DRILLING WITH TWO RIGS ON EXISTING PERMITS AND WILL BE EXPECTING A THIRD SHORTLY.” FRED SPEIDEL VICE-PRESIDENT OF EXPLORATION, MAPLE GOLD MINES

9.38 million tonnes grading 1.59 grams gold per tonne for 479,000 contained oz. gold in the indicated category and another 84.15 million tonnes averaging 1.02 grams gold for 2.75 million oz. gold in the inferred category. The estimate uses a base case cut-off grade of 0.45 gram gold.

Douay is 81 km east of Hecla Mining’s (NYSE: HL) Casa Berardi gold mine and 123 km southeast of Detour Gold’s (TSX: DGC) Detour Lake gold mine. The gold project is 50 km north of the pastproducing Sleeping Giant mine, an orogenic gold deposit, and 66 km south of Selbaie, a volcanogenic massive sulphide deposit.

The company has three contracts for six diamond drills and one reverse-circulation (RC) rig for its

Maple Gold Mines’ Douay gold project in northern Quebec. MAPLE GOLD MINES

25,000- to 30,000-metre winter drill campaign. (The RC rig will do the top-of-bedrock drilling.)

Drilling started with a single rig on Jan. 16.

“We are currently drilling with two rigs on existing permits and will be expecting a third shortly,” Speidel writes in an email from site. “The initial two (somewhat deeper) holes are complete and looked promising visually. We will ramp up quickly to the full complement of 6-8 diamond drills and 1-2 RC rigs as soon as we obtain our additional drill

permits, so as to get as much as possible of our planned 25,000- to 30,000-metre drill program done during the winter season.”

Speidel isn’t ruling out a summer drill campaign. But for now, the work plan over the summer involves geological mapping, rock-chip sampling and new target definition in the central part of the property, which has more outcrop.

“We have completed our Remote Spectral Geology project for the project area and vicinity, and will be targeting the hotspots from that

work in our summer 2018 mapping and geochemical sampling program in the central portion of the property that has a fair amount of outcrop,” Speidel says. “Targets from this work will be added to follow-up targets from winter 2018 drilling to form the basis of further drill campaigns.”

Most of the gold found at Douay so far is associated with a syenite gold system that forms part of a 7 km long trend of mineralized zones.

These zones are found within the central part of the project’s strike length, which stretches 55 km along the Casa Berardi Deformation Zone.

The intrusive-related mineralization style is also present at several other gold deposits that have been discovered in recent years, such as Canadian Malartic, now owned

by Agnico Eagle Mines (TSX: AEM; NYSE: AEM) and Yamana Gold (TSX: YRI; NYSE: AUY), 157 km south of Douay; Osisko Mining’s (TSX: OSK) Windfall project, between Val-d’Or and Chibougamau in the Abitibi; and Alamos Gold’s (TSX: AGI; NYSE: AGI) Young-Davidson mine, 60 km west of Kirkland Lake in northern Ontario.

The company’s shares ended the day up 4% to 28.5¢ a piece, within a 52-week trading range of 21¢ (December 2017) to 46¢ (March 2017). TNM

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2018-02-27 9:49 PM

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Prepping for the upcoming AGM and proxy season COMMENTARY

BY STUART BREEN, CHAT ORTVED AND MICHAEL LI

E

Special to The Northern Miner

very year, reporting issuers are faced with the task of tailoring the disclosure for their annual general meeting (AGM) to ever-evolving securities laws, updates to stock exchanges rules, new guidance from proxy advisors and developing corporate governance trends.

The checklist and overview of certain matters relevant to the 2018 proxy season that follows is intended to help repor ting issuers in Canada prepare for their upcoming AGMs by identifying relevant developments in disclosure rules and governance practices over the past year. We have prepared the checklist below to set out brief ly the areas where the Canadian Securities Administrators (CSA) and the Toronto Stock Exchange (TSX) have provided guidance on or updates to their respective disclosure rules, where the major prox y adv isors have updated their proxy voting guidelines, and where trends or best practices have emerged or evolved, either at the instigation of advocacy groups or otherwise.

| CSA, TSX provide guidance on latest disclosure rules

Gender diversity on boards and officer positions The CSA released Staff Notice 58-309 Staff Review of Women on Boards and in Executive Officer Positions in late 2017 summarizing its third annual review of disclosure relating to gender diversity on boards and in executive officer positions. The review covers certain disclosure relating to gender diversity that is required for non-venture issuers under amendments to National Instrument 58-101 Disclosure of Corporate Governance Practices that came into force in 2015, including the number and percentage of women on boards and in executive officer positions; policies, targets and processes relating to the appointment of women on boards and in executive officer positions; and director term limits or other board renewal mechanisms.

After reviewing the disclosure of 660 issuers, the CSA noted disclosure deficiencies in the following five areas, where disclosure was vague, boilerplate or absent completely: • Disclosure of both the number and percentage of women on boards and in executive officer positions is required each year; • A description of the company’s written policy regarding the rep-

resentation of women on boards, if the company has adopted such a policy, including a clear explanation of how the policy applies to identification of women directors, must be included; • If an issuer discloses adoption of targets for the representation of women on boards and in executive officer positions, it must also disclose annual and cumulative progress in achieving those targets; • If an issuer considers the representation of women in its identification and selection process, it must include a description of how it does so; and, • If an issuer discloses adoption of term limits or other mechanisms for board renewal, it must include a description of those limits and mechanisms.

The disclosure rules in NI 58101 relating to gender diversity are intended to provide transparency to assist investors when making voting and investment decisions.

The regulators have emphasized that this objective is most effectively achieved if the disclosure provides a clear description of the corporate governance practices that an issuer has adopted in respect of women, or the issuer’s reasons for not adopting

such practices. Continued scrutiny of this area of disclosure and governance by the regulators and various other market participants is assured.

OSC priorities Each year, the OSC’s Corporate Finance Branch publishes its annual guidance on areas of concern identified during its annual disclosure review and a statement of priorities for the coming year. The following is a summary of certain key areas for this year.

Cybersecurity Cybersecurity concerns and other technological threats remain a potentially significant risk for reporting issuers and, particularly in light of recent high-profile breaches, have remained a priority for securities regulators. The OSC has indicated in recent guidance and its most recent statement of priorities that it will continue to monitor and assess cyber-resilience and cyber-readiness of market participants.

Accordingly, issuers should continue to monitor their cybersecurity risk profile, develop and maintain appropriate risk management procedures and ensure their disclosure of both risks and breaches is in line with regulatory expectations.

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Non-GAAP financial measures The OSC expressed continued concern over the prominence of disclosure given to non-generally accepted accounting principles (GAAP) financial measures, the visibility and clarity of adjustments made and the appropriateness of the adjustments themselves, particularly in the mining, real estate, technology and biotechnology industries.

Issuers are reminded that disclosure of non-GAAP financial measures must be accompanied by the disclosure that is described in detail in Staff Notice 52-306 Non-GAAP Financial Measures.

Further, issuers must provide a clear quantitative reconciliation from the non-GAAP financial measure to the most directly comparable GAAP measure presented in its financial statements and present the non-GAAP financial measure on a consistent basis from period to period.

The OSC also reminded issuers that non-GAAP financial measures generally should not describe adjustments as non-recurring, infrequent or unusual when a similar loss or gain is reasonably likely to occur within the next two years, or occurred during the prior two years.

The OSC intends to continue reviewing disclosure of non-GAAP financial measures, and may take regulatory action if an issuer discloses information in a manner that is considered misleading or otherwise contrary to the public interest.

Forward-looking information The OSC also noted its concern with generic factors and assumptions being disclosed in respect of forwardlooking information (FLI), as well as assumptions not being quantified. It also noted a common deficiency of issuers failing to update previously disclosed FLI. Disclosure of specific and relevant material factors or assumptions is necessary for investors to understand how actual results may vary from FLI. For investors to assess whether assumptions underlying the FLI are reasonable, issuers should disclose those assumptions See AGM SEASON / 20

2018-02-27 9:49 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / FEBRUARY 19–MARCH 4, 2018

15

Fission Uranium’s Triple R deposit continues to grow URANIUM

| McElroy says Fission ‘really happy’ about resource update

BY TRISH SAYWELL tsaywell@northernminer.com

D

espite uranium prices at decade lows and three years of belt-tightening, Fission Uranium (TSX: FCU; US-OTC: FCUUF) has increased the indicated resource at its Triple R deposit by 8% and the overall resource by 30%.

The updated resource estimate for Triple R is based on five zones, which extend 3 km long on the company’s Patterson Lake South property in the Athabasca basin.

(The previous resource estimate in September 2015 was based on just two zones.)

Triple R has an indicated resource of 2.19 million tonnes at an average grade of 1.82% U3O8 for 87.76 million lb. U3O8 . The indicated resource includes a high-grade zone of 119,000 tonnes grading 18.39% U3 O 8 for 48.25 million lb. U3O8 .

The new resource boosts inferred pounds by 95% and consists of 1.33 million tonnes grading 1.80% for 52.9 million lb. U3O 8 , including 32,000 tonnes grading 20.9% U3O8 for 14.71 million lb. U3O8 .

Ross McElroy, Fission’s president, chief operating officer and chief geologist, tells The Northern Miner that “we were really happy” about the resource update. “We were very mindful of the tough uranium market conditions that we’ve been in, so we tried to maximize what we could get done by spending less.”

In the last two years Fission spent $35 million on exploration and development at Patterson Lake South.

It drilled 66,000 metres and 200 holes, and made discoveries on trend. “We stepped out to the east and found the R1620E zone and stepped out to the west and found the R840W, and more recently the R1515W. So those are all along one linear trend and that includes the main zone, R780E — the biggest zone of all.” (A fifth zone is called ROOE.) The increase in the indicated resource owes to infill drilling in R780E, while the increase in inferred resources owed to the discovery and delineation of the R1620E, R840W and R1515W zones.

Dev Randhawa, Fission’s CEO and chairman, noted that while the market may not have rejoiced at the new resource numbers, the company’s management team hasn’t overspent on drill campaigns just to meet expectations.

The upside is that Fission is debtfree, and with the exception of an $82-million strategic investment by China’s CGN Mining at the end of 2015 (96.74 million shares at 85¢ per share), the company has not had to raise money and dilute shareholders over the last four years.

“At the end of the day we tried to listen to shareholders and looked at the market and thought, ‘we’re not going to get a lot of support blowing our brains out and drilling like a drunken sailor,’” Randhawa says.

“We really tried to save our money.

We have to grow the deposit but we have to find a balance, so I think you may get some people who think that the resource update numbers aren’t big enough, but we didn’t try too crazy hard, because exploration is very, very expensive, and aggressive exploration is super expensive and we don’t have any debt, and our competitors have debt.”

This year the company will continue exploration and resource growth.

The winter drill program is focused on geotechnical data gathering and infill drilling in the R780E zone as

1-16, 23_MAR 5_Main .indd 15

“WE WERE VERY MINDFUL OF THE TOUGH URANIUM MARKET CONDITIONS THAT WE’VE BEEN IN, SO WE TRIED TO MAXIMIZE WHAT WE COULD GET DONE BY SPENDING LESS.” ROSS MCELROY PRESIDENT, COO AND CHIEF GEOLOGIST, FISSION URANIUM

part of its prefeasibility study work.

Fission expects another update to the resource after it completes its 2018 drill program.

The company is already in the midst of the program and will drill close to 6,000 to 7,000 metres this winter. McElroy says Fission hasn’t planned what its summer program will consist of, but adds that he expects it will be on the same scale, bringing the full-year drill program to 15,000 metres.

Seventy percent of the company’s expenses this year will go into work for the prefeasibility study, while the other 30% will be spent on exploration, mainly in the R1515 Zone, McElroy says. What’s not spent on drilling R1515 will be spent on the R780E zone, with the intention of moving more inferred ounces to the indicated category, as well as undertaking geotechnical drilling.

Fission describes Triple R as an “elite deposit in a group of highgrade uranium deposits of the Athabasca basin region.” It also happens to be a near-surface deposit (between 100 metres and 300 metres).

The property lies 50 km south of the Shea Creek project — one of the largest undeveloped uranium resources in the Athabasca basin, and owned by UEX (TSX: UEX) and Orano. The French uranium mining and nuclear fuel group, which

A drill site at Fission Uranium’s Patterson Lake South uranium project in northern Saskatchewan. FISSION URANIUM

in January changed its name from Areva, owns 50.9% of Shea Creek and UEX owns the other 49.1%.

Fission says it is in a good position to get the timing right for Triple R and be ready for production when the uranium market moves out of the doldrums. (Uranium prices have fallen more than 70% since the Fukushima accident in March 2011.)

“It will take six or eight years to be in production and the market knows that by that time you’ll get a very rich contract price, and that can finance your mine into production,” Randhawa says.

The mining executive also points to recent supply cuts announced

by Cameco (TSX: CCO; NYSE: CCJ), one of the world’s largest uranium producers, accounting for 16% of global production, and other cuts in Kazakhstan, which could accentuate a massive supply crunch some analysts warn is coming by 2023 or 2025.

In November 2017, Cameco declared it would temporarily suspend operations by the end of January 2018 at its McArthur River mining and Key Lake milling operations in northern Saskatchewan due to uranium price weakness.

“Cameco, which has the richest uranium mine in the world, said, ‘Hey, we can’t make money at these prices, what are we going to do?’”

Randhawa says. “You aren’t going to see the impact of their cuts until this spring or summer, when they stop producing.”

Randhawa estimates that Cameco’s cuts will amount to 15 to 16 million lb., “and that’s probably the supply overhang in the market.”

Meanwhile, Kazakhstan’s stateowned uranium company, Kazatomprom, said in December 2017 that it will cut uranium production See FISSION / 19

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Why mine closure matters and why it gets ignored PROGRESSIVE MINE FORUM

| Experts discuss trends in mine closure

BY ALISHA HIYATE

I

ahiyate@northernminer.com

f you want to clear a room of miners, there are few better ways than to raise the topic of mine closure.

At least, that’s sort of what happened at the Progressive Mine Forum in Toronto in late October. The inaugural event, organized by The Northern Miner, was dedicated to discussing innovation in mining.

After a day of roundtables on corporate social responsibility, big data in exploration, and innovation in mine development, operations and finance, about half the audience got up and left when it came time for the final topic of the day — mine closure.

While mine closure may not be a sexy topic, it is an urgent one.

“It’s the single most important thing that our industry does,” said Douglas Morrison, president and CEO of the Centre for Excellence in Mining Innovation. “The public couldn’t care less about what our productivity levels are, what the return on investment is. They absolutely care what we do with our waste streams — wastewater and solid waste. This is where our industry interacts with the public.”

In other words, if this is what the public is most interested in, mining companies should also be interested — if only out of self-preservation.

But this isn’t the only reason mine closure is so important.

It’s a costly part of mining that far too many miners neglect.

“The reality is that when you look at mine closure in the overall life cycle of a mine, it’s actually the

The reclaimed surface of the historic Gregg River coal mine in Alberta. BRITISH COLUMBIA TECHNICAL AND RESEARCH COMMITTEE ON RECLAMATION

longest phase of a mine,” said Steven Woolfenden, director of environment for Iamgold. “I’m managing some legacy sites that are 30, 40, 50 years old, and there is no end to that management — it will be in perpetuity.”

The cost, Woolfenden added, is often underestimated.

“Most people really don’t pay much attention to it because when you do the costing on mine closure, it’s pushed so far out and discounted so much that it doesn’t really impact it. But when you get there, and you actually have a closed mine, it costs you a lot of money.”

The roundtable, moderated by Canadian Mining Journal, looked at advances in mine closure and evolving best practices, and how to get the topic more top of mind in the industry.

A new concept Ken Bocking, principal in the mine

waste division at Golder Associates, pointed out that mine closure is a new concept.

“I started [in Ontario mine closure] in 1992. Why? Because that’s when the law came,” Bocking said.

“Until that time, basically mines would live out their useful life and then many of the operators just walked away.”

Mine operators need to have a closure plan and put up financial assurance so that there is funding for closure if they do walk away.

However, the industry hasn’t implemented closure at many sites: “There are not very many mines that have been completely closed to the point where the company can walk away and the land can be returned to the Crown,” Bocking noted.

“That’s where it needs to go next.”

Waste-management alternatives The standard approach to tailings

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“ONE OF THE THINGS WE’VE BEEN CHALLENGED WITH REGARDS TO PROGRESSIVE RECLAMATION IS THE QUESTION OF WHY DO IT NOW, WHY PAY FOR IT NOW, VERSUS JUST KICKING IT DOWN THE ROAD.” STEVEN WOOLFENDEN DIRECTOR OF ENVIRONMENT, IAMGOLD

and waste management is sub-aqueous deposition — where tailings and waste are held in a tailings pond to prevent the sulphides in the material from reacting with oxygen in the air and causing acid-mine drainage.

“It involves storing a large volume of water behind the dam,” Morrison said. “That’s also where all the risk is. If you didn’t have water behind the dam and you had a breach of your containment system, that unsaturated tail would actually go nowhere.”

In the wake of the Mount Polley tailings dam breach in 2014, there have been calls for the mining industry to move to dry-stacking, which involves filtering the tailings and stacking them up like a landfill.

But it is expensive to build and operate a filter plant, and haul and place the tailings. “There will be places where because of special circumstances [dry-stacking is] justified, but it’s not going to be a general solution because of its cost,” Bocking said.

Another alternative to sub-aqueous deposition is separation and sequestration.

“Eighty percent of the material in any metal mining tail is benign — it’s clay and other solid materials,” Morrison says. “We could dispose of that 80% with very, very low-cost

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systems and that product could be laid out, and we could actually be having alternative land use on that product very quickly.”

Morrison noted that the current approach takes the 20% of problematic tailings and mixes them with the 80% of benign material — making 100% of the waste problematic.

At its old Doyon mine site in Quebec, where its new Westwood mine sits, Iamgold is looking at treating previous mine waste. The company hopes to strip the sulphur out of the Doyon tailings and reuse it at Westwood. Iamgold spends quite a bit of money to treat water at the site.

The company wants to prove to regulators that the option is viable.

If not, it will have to dig up other material. “If we can use our tailings, it’s probably about cost neutral, but it’s a much better, more sustainable practice in the long run,” Woolfenden says.

In northern Ontario, the company is investigating the use of biosolids from the Ashbridges Bay sewage plant in Toronto as a growth medium for rehabilitation at its Chester mine.

Progressive closure There are many advantages to conducting closure activities during operations. For example, if a particular tailings cell is no longer used, it can close while others stay in operation.

Another advantage to progressive closure is the opportunity to practice and verify your closure technique, Bocking says.

“There are also financial advantages, because the financial assurance that you put up, if you then progressively do some of that closure, you can claim some of that back. So you’re liberating some of your financial assurance and putting it back in your pocket.”

Progressive closure, which is much easier if companies separate the benign tailings and waste from the reactive, Morrison noted, can reassure the public about responsible waste-management practices in mining, because they don’t have to wait 50 years to see the result.

Despite the advantages, progressive closure doesn’t seem to be on the radar for most executives and general managers.

2018-02-27 9:49 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / FEBRUARY 19–MARCH 4, 2018

17

Douglas Morrison (standing), president and CEO of the Centre for Excellence in Mining Innovation, speaks during the mine closure discussion at the Progressive Mine Forum in Toronto. Also present, from left: Alisha Hiyate, moderator and editor-in-chief of Canadian Mining Journal; Ken Bocking, principal of mine waste division at Golder Associates; and Steven Woolfenden, Iamgold’s director of environment. GEORGE MATTHEW PHOTOGRAPHY

“One of the things we’ve been challenged with regards to progressive reclamation is the question of why do it now, why pay for it now, versus just kicking it down the road,” Woolfenden said.

However, key performance indicators (KPIs) can make the case to decision makers.

“Most of them don’t seem to have KPIs with respect to progressive reclamation. They’re all on ounces produced, cost reductions and various other metrics,” he says.

But progressive reclamation saves money.

“When we look at the numbers in our asset retirement obligation calculations and our life-of-mine plannings, it does benefit the balance sheet when you can actually get these liabilities off,” Woolfenden said. “I’m not a finance guy, but we used financial numbers to sell the argument [within Iamgold], and it worked.”

Perhaps other companies are also becoming believers. Modelled on an Australian initiative, a number of majors and smaller companies have created a North American Mine Closure Group to collaborate on best practices, including progressive reclamation, Woolfenden noted.

It’s also considered good practice for companies to incorporate the concept of design for closure early in the development stage.

Environmental monitoring As long as sites can’t be fully remediated, environmental monitoring

“THE REGULATORS AND THE INDUSTRY ARE ... AGREEING NOW THAT WE NEED LONGER MONITORING PERIODS AND MORE THOROUGH MONITORING.” KEN BOCKING

is necessary.

A five-year monitoring period after closure was once considered acceptable, but that’s no longer the case, Bocking said. “The regulators and the industry are, I think, agreeing now that we need longer monitoring periods and more thorough monitoring.”

A lot of monitoring equipment is automated, and drone and virtual reality technology can contribute to monitoring and inspections.

The industry should make use

of the same technology used on farms for autonomous monitoring, Morrison said.

“When you look at the quality of data that farms produce and the precision with which they apply the various chemicals, and the other things that they need to do versus how we’ve continued to monitor our tailings facilities, we’re a long long way behind.”

CEMI is working with a group at McMaster University to commercialize a technique that can

remotely monitor dissolved metals in water down to tiny concentrations, he added.

In another example of a new monitoring technology, Iamgold and other miners are working with the Biodiversity Institute at the University of Guelph to apply genomics to the environmental effects monitoring programs that are needed during operations.

Rather than send people into the field to take samples for a lab that isn’t always accurate in testing, the

companies can simplify the collection process at a fraction of the cost and time with a polymerase chain reaction machine onsite.

“You can actually just take a water sample … and you will have the data as to what species are in that river, and in what relative abundance,” Woolfenden said.

— This article first appeared in the January 2018 edition of the Canadian Mining Journal. Visit w w w.canadianminingjournal. com for more information.

BUILDING

MINES OF

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WORKPLACE SAFETY NORTH’S

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PRINCIPAL, MINE WASTE DIVISION, GOLDER ASSOCIATES

1-16, 23_MAR 5_Main .indd 17

2018-02-27 9:49 PM

18

WWW.NORTHERNMINER.COM

FEBRUARY 19–MARCH 4, 2018 / THE NORTHERN MINER

A review of executive pay in the mining sector COMMENTARY

BY PAUL PITTMAN Special to The Northern Miner

W

e provide compensation advice to the mining industry and during the recent downturn we had been encouraging our clients not to undertake comparisons of pay with their peers in the industry.

What would be the point? You were likely to discover that compensation paid by your competitors had gone down. During this period most of the industry if they were doing anything were catching up on governance requirements and trying to secure enough cash to meet payroll.

But nothing lasts and the optimism that miners are well known for has returned by an uptick in prices and a sense that we had been in a malaise far too long. In late 2016 we began to find that compensation for the top of the house in at least the companies that we were working for had started to move again.

There were a number of reasons behind this. Before the downturn many Canadian companies had included U.S. companies in their peer groups, and the deterioration of the Canadian dollar when comparing to U.S. counterparts meant that they were falling behind. Investors were becoming more plentiful and

| Recalibrating expectations after the 2012–2016 downturn

mothballed projects were looking for talent. The demand for skills was increasing. Lastly, a pent-up need for recognition of key skills stoked the fire.

Suffice to say that pressure on pay was increasing and employers were responding.

But these aren’t the heady days of 2009 and cash remains scarce.

Competition for talent is not uniform across all segments as it was and compensation consultants (other than us!) are expensive.

Consequently, board compensation committees are proceeding cautiously and refreshing their knowledge on executive and board compensation before determining what steps they should take.

Some conclude that they need to be more selective about what to compare their company with. To be effective and motivational during the recovery, compensation should probably be structured differently.

There continues to be anecdotal evidence suggesting little movement in the sector, but that’s old news — and now would be a good time to take a look at the market, even if cash resources suggest that little can be done. An employer may not be inclined to adjust pay but good governance suggests that decision comes from an informed, fact-based position rather than upon hearsay.

Besides, the whole picture needs to be understood: total compensation may not have moved but the amount of pay at risk could have, and more likely the performance goals attaching to those incentives have also changed.

As companies reorient compensation for recovery they are examining their competitors — a.k.a., their comparator group. That’s the list you find in public disclosure documents and it has probably stayed unchanged for years. The list likely no longer reflects competitors for talent and financial resources. Before the downturn the group reflected a more active market and a broader competitive threat, predators were everywhere, and that is not the case today.

Market capitalization is important in determining comparators but a narrower band may now be more appropriate, as competition for talent has become narrower.

Shareholder advisory groups have suggested limits on the size of comparators that companies should consider. At this stage in recovery the type of mineral and the geography, access to and complexity of the deposit, the stage of development and number of projects under management are all important considerations when companies chose who to compare pay with.

Lincoln Strategic Expands Team to Support Growing Demand for Specialized Mining Talent.

Toronto, ON. February 1, 2018: Lincoln Strategic Inc. announced today the addition of Russ Buckland, Erik Buckland and Joel Donato to further develop LSI’s suite of executive search, technical recruitment and management consulting services. Russ Buckland founded Bedford Resources where, over the past 30 years, he successfully executed over 2,000 leadership and C-suite search projects in the global natural resources and mining space. Earlier in his career Russ fulfilled executive Human Resources assignments with Falconbridge, Kidd Creek Mines and Currough Resources. Russ will provide strategic guidance and support to LSI across all lines of business.

Erik Buckland brings 15 years of experience in mining executive search with Bedford Resources and has earned a strong reputation for his specialized knowledge and broad international network of world-class talent. Erik will focus heavily on strategic leadership searches with LSI’s mining operations clients.

Joel Donato brings 10 years of experience in technical recruitment, account management and executive search with Design Group, a global, multi-market recruitment firm where he managed their Toronto-office’s mining practice. Joel will focus heavily on technical recruitment for LSI consulting-engineering, operations, and private equity clients.

Steve Bergounhon, Partner at LSI said “We’re thrilled to have Russ, Erik and Joel join the team.

With the increased demand for mining talent and the general market up-trend we’re seeing, we’re better positioned to serve our clients’ needs. Collectively, Lincoln Strategic has over 80 years of recruitment experience and is now among the strongest mining recruitment consultancies globally.”

“With the increased demand for mining talent and the general market up-trend we’re seeing, we’re better positioned than ever to serve our clients’ needs.”

Employers are being challenged to reconsider who is likely to try to poach their executive team: companies with the same degree of complexity, at the same stage or bigger?

When considering competitors for talent it is critical to understand the skills and type of expertise that the company wants to retain and motivate. For example, a team that is unlikely, because of age or ownership, to be attracted away by a larger competitor may suggest comparison with a group of companies of similar size and be positioned at the median. Alternatively, an organization whose team has in-demand skills or mineral experience where retention is going to be the main objective may select a group of larger organizations that the individuals may be attracted to should they come calling.

The philosophical consensus of the compensation committee is as important as factual comparison, and taking the time to update pay policy for future reference and to ensure consistent application yearover-year is a worthy endeavour.

Pay policy should indicate where target pay should be positioned against the comparator group.

Setting target pay above or below the median pay is another way to achieve the same numerical out-

come as positioning the size of the comparator group. However, there will be tradeoffs as smaller companies tend to be less sophisticated with incentives and insight into these trends may not be as forthcoming. These considerations represent important debating points for those responsible for setting pay.

How an organization determines pay policy must be informed by its talent plan. Compensation at the top of an organization has a tendency to be developed in a vacuum because of the weight of perceived governance obligations, with often only competitor comparisons taken into account. We encourage clients to make more informed compensation decisions relevant to the employer’s challenges that ref lect broader human resource considerations. Too much focus is often given to governance protocols rather than the pay policy that best suits the employer.

The mining industry has historically depended upon retired or semi-retired professionals to fill vacant senior roles when the business cycle demanded. A good Rolodex was considered a requisite for any CEO. This group has now been out of the milieu for five or more years, and is older and likely out of touch with the latest industry and leadership trends.

Manganese + Gold + Tungsten + Base Metals · Location - Guysborough County, NS

For more information contact:

· History - Discovered 1953, most recent work 1998

Steve Bergounhon, Partner sbergounhon@lincolnstrategic.com

· Reports - Prospecting, geophysical, diamond drilling, rock & core assaying & research

705.232.8238 David Rempel, Partner drempel@lincolnstrategic.com 416.305.4115

Lincoln Strategic Inc. is a human capital consulting firm with a core specialty of executive search and technical recruitment and focused exclusively on the mining and minerals industry. LSI partners with mining companies, engineering & consulting organizations, technical services firms, private equity and other mining industry technology providers to help them acquire top talent around the globe.

1-16, 23_MAR 5_Main .indd 18

THE WORKPLACE HAS UNDERGONE FUNDAMENTAL CHANGE AND THE MINING INDUSTRY IS ONLY NOW CATCHING UP TO THE REST OF THE ECONOMY.

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· Upper Rocky Lake manganese property for option Alex Thomson: (902) 443-6692 or email: rocknotch@hotmail.com

2018-02-27 9:49 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / FEBRUARY 19–MARCH 4, 2018

TOP PAID POSITIONS AT CANADIAN MINES There are 10 occupations that make six-figures or more at Canadian mines, according to a survey by Mining Intelligence in late 2017.

OCCUPATION

The top paid position is general manager that averages $212,790. The least paid on average is administrative assistant at $59,263.

Note that the range of pay broadly widens as the salary level increases.

Compared to survey results for 2016, Canadian geologists and mining engineers received a 1% to 4% salary increase in 2017, while similar positions in the U.S. reported an average increase of 3.3%.

AVG SALARY

General Manager

$212,790

Mine Manager

$181,653

Mine Superintendent

$151,373

Mill Superintendent

$141,696

Mech/EI Superintendent

$139,524

Chief Engineer

$131,885

Senior Geologist

$118,879

Personnel Manager

$115,676

Miner Foreman

$112,976

Mill Foreman

$110,252

Mine Engineer

$93,985

Metallurgist $90,695 Mine Geologist

$88,289

Safety/Health $87,472 Purchasing Agent

$85,809

When comparing the salaries at U.S. and Canadian mines, it appeared that Canadian metal mines were paying their employees as much as 13% more. However, with the current exchange rate factored in, the tables turn and the impact is with U.S. employees earning 16% more than their Canadian counterparts.

Accountant $85,002

For more information, visit miningintelligence.com.

Secretary $67,987

Environmental Coordinator

$87,970

Chemist $83,406 Surveyor $80,579 Buyer $78,394 Engineering Technician

$77,177

Environmental Technician

$72,661

Warehouse Clerk

$68,728

Expeditor $65,599 Accounting Clerk

$63,005

Administrative Assistant

$59,263

SOURCE: MININGINTELLIGENCE.COM

They are also going to have predownturn compensation expectations. Part of the reason for compensation in the industry declining during the downturn was that companies took the opportunity to re-price roles whenever they needed to rehire and sacrificed experienced for lower pay to survive.

While pay has in the main stayed at lower levels, the experience of incumbents has increased.

The workplace has consequently undergone fundamental change and the mining industry is only now catching up to the rest of the economy.

The full effects of the “millennial apocalypse” have yet to be felt by the industry. New workplace values, practices and approaches to leadership are being demanded and the “baby boomer” command and control style manager will not achieve the same productivity with a younger one using new technology.

As companies set about establishing pay targets they need to be responsive to their human capital needs identified through succession plans, recruitment challenges and performance expectations.

An external facilitator may help with refreshing policy and helping to gain consensus, but again, selecting an adviser most in tune with your needs is key.

The industry had little use for consultants during the difficult years and most consequently, are out of touch with sentiment and back stories of mining companies.

Advisors who know the industry and remained working in it during those tough times are sought after, and those that promote solely a “governance” approach and who are likely to scare clients into doing more work than they need are to be avoided. As much or as little help (e.g., a telephone conversation) as required should be willingly provided.

An expert adviser should collect comparator data and present it in the form and style preferred by the company. Scrubbing and analysis is best performed objectively but with an eye to the story behind comparator pay policy. I cannot recall working with a client that didn’t want to know the

1-16, 23_MAR 5_Main .indd 19

background to the compensation policies that led to the numbers collected from their competitors.

The compensation data for the top-five positions in an organization is available from publicly disclosed documents and include both numeric and prevalence information useful for a company’s deliberation on how to position itself against competitors. Many executive teams, however, often include positions that are unique or not included amongst the top five, and alternative sources of data will need to be accessed.

The downturn in mining was a difficult time for those who kept compensation surveys, and consolidation occurred with resultant monopolistic pricing. An independent adviser will help identify and select a data provider that both meets the needs and budget of an employer. Big consulting for the most part has consolidated surveys, buying up smaller competitions, and as well, would like to provide the associated implementation work. Some employers regard the collection of survey data to be in conflict with its application and use an independent adviser to analyze and implement competitive findings.

As the industry recovers incentive plans are going to play a bigger role and employers are eager to

ensure that these reflect the times and contribute to performance.

Most companies believe the philosophy behind their incentive plans already drive performance.

On examination, however, many will be revealed as subjective and not focused on specific goals cascading from the company strategic plan. An incentive pool that is retrospectively allocated based upon perceptions of behavior during the year is not performance driven.

Not wanting to have difficult discussions, awards are distributed homogeneously without reference to quantitative criteria or differentiation. In survival mode such methods for allocating incentive pay to the extent that there was any, were not unreasonable or uncommon.

As shareholder expectations change, however, from survival to performance, expect to see more quantitative targets established at the start of the year, with a payout range ref lecting above or below target performance. Long-term incentive awards will also be subject to achievement of specific goals at specific times.

The growing influx of younger employees is bringing new values in the pursuit of engagement and higher productivity. Collaborative goals (within incentive plans) is one example and greater transparency around performance expectation another. Collaboration rather than individual performance will encourage teams to figure out solutions themselves and to share in the benefits. New generations entering the workplace have been encouraged to question everything and compensation policy and practice are no exception. Employers are advised to have written policies and plans available for distribution to employees that demonstrate fairness and equity. These traits are no longer the domain of younger people — older workers observing these emerging values are embracing them as well.

The upturn in the industry has created an opportunity to kickstart incentive pay and shake off the laissez-faire that characterized the downturn. For many mothballed compensation plans it is time to sharpen their focus, realign with new competitors and objectives, update them for shareholder guidelines, and reflect the expectations of new cohorts in the workforce to improve productivity.

19

Drillers at Fission Uranium’s Patterson Lake South uranium project in Saskatchewan. FISSION URANIUM

Fission’s Triple R FISSION From 15

20% over the next three years to align output with demand and put a floor on prices.

“The key piece wasn’t Kazakhstan saying ‘we’re going to shut down 20%,’ it was Cameco,” he says. “You should see the Kazakhs behave a bit better [now] and stop dumping on the market. They do want to go public and they need to start acting like adults.”

In a research update in December on the uranium market, Cantor Fitzgerald analysts estimated the production suspensions at Cameco and in Kazakhstan would amount to 42.3 million lb. U3O8 over the next three years. This year alone the cuts will mean 24.1 million pounds. Uranium oxide will no longer come into the market.

While Randhawa says he is confident the market will turn, if it doesn’t, management is prepared

for another few years of bleak uranium prices.

“We’re funded for a couple more years of darkness if the markets don’t turn,” he says.

“We are optimistic people — you have to be in this business, year after year of being hit. But we also have to be aware that utilities are very hard to predict. The problem with all of them is they don’t plan ahead … if you look back in history, when spot prices were low, utilities didn’t contract, and when they jumped up, they contracted three times as much!

“Utilities are like governments,” he continues. “People who work for government have a very, very different view of the world. They don’t get paid on the job for taking risk … so unfortunately [the utilities] aren’t contrarians.

“Rick Rule says if you’re not a contrarian you’re a victim, and they are victims, obviously.” TNM

— Based in Toronto, Paul Pittman is the founder of The Human Well, a strategic HR advisory practice to the mining industry since 2003.

He works with a company’s board or top management team on executive pay, strategic recruitment planning, governance and international mobility, and his experience includes senior appointments with Alcan and AngloGold. For more information, visit www.thehumanwell.com or email paulpittman@ thehumanwell.com.

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2018-02-27 9:50 PM

20

WWW.NORTHERNMINER.COM

FEBRUARY 19–MARCH 4, 2018 / THE NORTHERN MINER

Prepping for the upcoming AGM and proxy season AGM SEASON From 14

both quantitatively and qualitatively.

Where FLI is presented for multiple years and is not sufficiently supported by reasonable assumptions, the OSC may ask issuers to limit disclosure of FLI to a shorter period, for which reasonable support exists.

Mining disclosure Issuers that disclose a preliminary economic assessment (PEA) on an advanced property containing mineral reserves are reminded that such disclosure is only permissible when results are disclosed in a manner consistent with the Canadian Institute of Mining, Metallurgy and Petroleum definitions.

The OSC is concerned with noncompliant PEAs that incorporate economic analyses, production schedules and cash-f low models based on inferred mineral resources into economic studies based on mineral reserves.

Social media The CSA conducted a review of the social media disclosure of 111 reporting issuers to determine whether disclosure was consistent with the principles of National Policy 51201 Disclosure Standards and the requirements of National Instrument 51-102 Continuous Disclosure Obligations.

The review covered disclosure on Facebook, Twitter, YouTube, LinkedIn, Instagram and GooglePlus postings, amongst others, as well as disclosure on issuers’ own websites, including any message boards or blogs hosted on those websites.

The CSA review identified three areas where issuers are expected to improve their social media disclosure practices: 1. Selective or early disclosure — When issuers disclose material information on social media, they must ensure that it is “generally disclosed” consistent with the expectations outlined in NP 51-201. Importantly, disclosure of material information

on a social media website alone is insufficient to meet the standards of NP 51-201. Issuers must first disclose material information via a news release, in accordance with securities law requirements, before further disseminating the news on any social media website.

More specifically, FLI regarding revenue, earnings per share, cash flow targets and expected timing of future milestones, such as the timing for a new product launch or the amount of time before an asset can begin generating revenue, must be generally disclosed to all stakeholders and must not be selectively posted on social media websites in advance of general disclosure via press release and on the CSA’s System for Electronic Document Analysis and Retrieval (SEDAR) filing system.

2. Unbalanced or misleading disclosure — Issuers must avoid exaggerated reports and promotional commentary on social media websites, and all information provided must be factual, balanced and consistent with continuous disclosure on SEDAR. In particular, the CSA considers disclosure of non-GAAP financial measures not previously generally disclosed and not disclosed in regulatory filings to be misleading to investors (in addition to creating a selective disclosure concern). This could occur, for instance, if nonGAAP measures are only disclosed on social media.

When providing copies of reports from independent analysts, issuers should provide the names and/or recommendations of all independent analysts who cover the issuer and avoid selectively disclosing favourable analyst reports only. If issuers post links to analyst reports or other articles, they may be required to update the FLI about the issuer in such reports or articles in the future, as issuers will be deemed to have effectively endorsed any forward-looking targets linked in the reports or articles in their social media posts.

3. Governance policies — The

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

Updated Eau Claire Mineral Resource Estimate* Category

Tonnes

Grade (g/t Au)

Contained Au (Oz)

M&I Inferred

4,170,000 2,227,000

6.16 6.49

826,000 465,000

THE OSC IS CONCERNED WITH NONCOMPLIANT PEAS THAT INCORPORATE ECONOMIC ANALYSES, PRODUCTION SCHEDULES, AND CASH FLOW MODELS BASED ON INFERRED MINERAL RESOURCES INTO ECONOMIC STUDIES BASED ON MINERAL RESERVES. CSA expects issuers to develop rigorous policies and procedures for the use of social media. A strong social media governance policy should include consideration of who can post information about the issuer on social media; what type of sites (including personal social media accounts vs. corporate) can be used; what type of information about the issuer (financial, legal, operational, marketing, etc.) can be posted on social media; what, if any, approvals are required before information can be posted; who is responsible for monitoring the issuer’s social media accounts, including third-party postings about the issuer; and what other guidelines and best practices are followed (for example, if an employee posts about the issuer on a personal social media site they should identify themselves as an employee of the issuer).

TSX guidance In 2014, the TSX adopted amendments to its Company Manual requiring each director of a TSX-listed issuer to be elected by a majority (50% + one vote) of the votes cast with respect to his or her election, other than at a contested meeting, with certain limited exceptions.

To comply with this requirement, since shareholders do not vote “against” directors, but rather must choose to vote “for” or “withhold” from voting, TSX-listed issuers were required to adopt a majority voting policy requiring directors who do not receive a majority of the votes cast to tender their resignation.

After a review of 200 randomly selected majority voting policies, the TSX identified a number of key deficiencies, largely relating to boards’ ability to not accept resignations tendered under a majority voting policy.

In particular, the TSX clarified that majority voting policies must require a director to resign immediately if he or she is not elected by a majority of votes cast, must expressly state that the issuer’s board will accept the resignation within 90 days — absent exceptional circumstances — and must not include provisions that have the effect of circumventing the policy objectives (including a higher quorum requirement for the election of directors, compared to the quorum requirement for other resolutions and provisions that treat certain nominees more favourably than other nominees).

Further, the TSX clarified that the “exceptional circumstances” under

which a board need not accept a resignation should be interpreted narrowly, and do not include a director’s length of service, qualifications, attendance at meetings, experience or contributions to the issuer.

Majority voting policies that are not compliant with the TSX Company Manual, in light of this recent guidance, should be amended as soon as practicable, and in any event sufficiently in advance of the next shareholder meeting.

Advance notice policies The TSX recognizes that many listed issuers have chosen to adopt policies and bylaws prescribing time frames and procedures to nominate directors (known as “advance notice policies”), and acknowledges that such policies may be legitimately used to preserve security holder interests, provided they do not unreasonably limit the ability of security holders to nominate directors for election.

After reviewing a random selection of advance notice policies, the TSX found areas that are not consistent with TSX policy objectives, including provisions in advance notice policies requiring that a nominating security holder be present at the meeting at which his or her nominee is standing for election, or provide unduly burdensome or unnecessary disclosure that does not relate to the disclosure of the nominating security holder’s economic and voting position, or documents, representations, consents or questionnaires that are not required by the issuer from management and board nominees.

The TSX considers the notification periods permitted under the current guidelines published by the major proxy advisors for Canada acceptable for its purposes.

Specifically, the following notice periods are consistent with the TSX’s director election requirements: for an AGM, a notice period ending at least 30 days before the meeting date; for an AGM held on a date that is less than 50 days after the first public announcement of the date of the AGM (notice date); a notice period ending at least 10 days following the notice date; and for a special meeting for electing directors (whether or not also called for other purposes), a notice period ending at least 15 days after the notice date.

Advance notice policies should give the board of directors discretion to waive any provision of the policy or bylaw, and issuers should adopt advance notice policies sufficiently in advance of a shareholder meeting to allow security holders to comply with applicable notice periods.

Open pit and underground delineated.

High Grade Open Pit (240k ozs @ 5.97 g/t) Conservative interpretation.

Shallow Deposit (1MM ozs <400 metres depth)

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

Advancing to Preliminary Economic Assessment (H1 2018)

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

Proven Management Focused Management High GradeExploration Resource Aggressive Aggressive The RightExploration Location World Jurisdiction in James Bay Quebec 3 Class Key Assets in James Bay, Quebec

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1-16, 23_MAR 5_Main .indd 20

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Website disclosure The TSX amended its Company Manual in 2017 to adopt new website disclosure requirements. By April 1, 2018, all TSX-listed issuers, subject to certain exceptions, must maintain a website on which the public can access the following documents in a clearly identifiable way: articles and bylaws, or equivalent constating documents; majority voting policy; advance notice policy; position descriptions for the chairman of the board and the lead director; board mandate; and board committee charters.

The TSX believes that the new website disclosure requirements will create value for investors by establishing a centralized location for accessing key corporate governance documents. While certain that the documents identified above must already be disclosed on SEDAR, the TSX was of the view that these documents may be difficult to locate or access.

While the initial list of governance documents proposed by the TSX for company websites was whittled down to those listed above after feedback from market participants, the TSX believes that the enhanced accessibility of these governance documents will outweigh the additional obligations they impose on issuers.

Compensation plan disclosure In late 2017, the TSX also amended its Company Manual to adopt more disclosure requirements relating to issuers’ security-based compensation arrangements.

All TSX-listed issuers must, for financial years ending on or after Oct. 31, 2017, disclose in their management information circular (or other annual disclosure document distributed to all security holders) the annual burn rate for each of the issuer’s three most recently completed fiscal years for each relevant compensation plan.

The burn rate for a plan is calculated by dividing the number of securities granted under the plan during the applicable fiscal year by the weighted average number of securities outstanding for the applicable fiscal year, and must be expressed as a percentage.

If securities awarded under a compensation plan include a multiplier, the details of the multiplier must also be disclosed.

The TSX clarified that the disclosure requirements relating to a Plan’s vesting and term provisions apply to all Plans, not only to stock option plans, and that disclosure must include particulars of the maximum number of awards issuable, the number of outstanding awards and the number of awards available for grant under each Plan.

— Stuart Breen, Chat Ortved and Michael Li are members of the Corporate Finance and Securities Group at Lawson Lundell LLP. Breen practises corporate and commercial law, with an emphasis on corporate finance and securities and mergers and acquisitions. Ortved has a broad, transactional-based practice involving corporate and securities law, with a focus on M&A, private equity, corporate governance and corporate finance. Li practices corporate and securities law and has experience advising companies, as well as financial institutions, on a range of legal transactions, including Canadian and U.S. capital markets financings, M&A and general corporate law.

Lawson Lundell is a leading Canadian business law firm with offices in Vancouver, Kelowna, Calgary and Yellowknife. Visit www.lawsonlundell.com for more and to subscribe to Lawson’s Business Law Blog.

2018-02-27 9:50 PM

SPECIAL FOCUS

GOLD & PRECIOUS METALS

Liberty Gold’s Goldstrike oxide gold project in Utah. LIBERTY GOLD.

Northern Empire juggles options for Sterling gold

SITE VISIT

| Company has three targets to go with fully permitted, past-producing site

BY RICHARD QUARISA

O

rquarisa@northernminer.com LAS VEGAS, NEVADA

ut in the Nevada desert, 160 km northwest of Las Vegas and amid military facilities where soldiers pilot drones in the Middle East, and the secrets of Area 51 may hide in the sand, Northern Empire Resources (TSXV: NM; US-OTC: PSPGF) performs a delicate balancing act.

There, the company has its fully permitted, past-producing Sterling gold project, with plenty of exploration upside left.

It also has three other main targets — Daisy, Secret Pass and SNA — on its contiguous Crown Gold property.

Both Daisy and Secret Pass were mined for gold in the 1990s. SNA, however, has never been mined and is the least explored. It has only seen 149 holes, and remains open for expansion.

The question Northern Empire faced was: Take Sterling into production now, or continue exploring?

“The best return for shareholder value right now is to do the exploration,” Northern Empire president and CEO Michael Allen tells The Northern Miner.

And so Northern Empire will continue its exploration program, focusing on the Crown Gold property. In 2017, the company spent $3 million on exploration. In 2018, it intends to spend $6.5 million. It plans 10 holes for Daisy and an initial 16 for SNA, with 15 more holes permitted for Secret Pass.

However, Allen says Northern Empire isn’t sure yet which target will receive the most drilling.

“If you like grade you go Daisy, if you like size you go Secret Pass, and if you like potential, it’s SNA,” he says.

“Probably the majority of the metres are going to be on the SNA to understand that potential because that probably has the greatest game-changer potential.

There’s the potential for a new Carlin discovery there, which would open up the world considerably.”

On Feb. 26, 2018, the company released results from the new hole it drilled into Daisy. The hole returned 1.41 grams gold per tonne over 124 metres from 68 metres downhole, including 38 metres grading 3.09 grams gold from 135 metres downhole. Based on these results, the company plans to move more drill rigs to Daisy shortly.

But while Crown Gold is the focus, Allen says Sterling remains an intriguing target and because the project is already permitted, any ounces Northern Empire adds at Sterling come at a higher value.

“It’s really a Catch-22,” Allen explains. “If you want to add more ounces you go into Crown Gold. If you want to add high-value ounces you go to Sterling, which is interesting for the company because we’ve got a lot of targets. One of the bigger challenges we face is making sure things are prioritized.”

He calls Sterling a “backstop of value” for the company. If Northern Empire needs to take the project into production, it can — but Allen wants to see what the rest of the property has to offer first.

Meanwhile, Northern Empire is still analyzing data from its 2017 drill program at Sterling. After it compiles

1-16, 23_MAR 5_Main .indd 21

the data it will consider an add-on campaign.

Northern Empire signed a letter of intent to acquire the initial 55 sq. km Sterling gold project from Imperial Metals (TSX: III; US-OTC: IPMLF) in February 2017 and closed the deal in May. Since then, the firm has expanded its land package to 125 square kilometres.

Sterling lies within the Walker Lane tectonic belt, a northwest-trending, See NORTHERN EMPIRE / 22

Guyana Goldfields to accelerate production GOLD |

Life-of-mine plan ups reserves 12.3%

BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

G

uyana Goldfields (TSX: GUY; US-OTC: GUYFF) has updated the mine plan at its flagship Aurora gold operation in Guyana, South America, that could boost its annual production

Mine manager Chuck Stevens giving a tour of Northern Empire Resources’ past-producing Sterling gold property in Nevada. PHOTO BY RICHARD QUARISA

See GUYANA / 24

SADDLE THE BEST BC GOLD DISCOVERY OF 2017

2018-02-27 9:50 PM

22

MARCH 5–18, 2018 / THE NORTHERN MINER

GOLD & PRECIOUS METALS

WWW.NORTHERNMINER.COM

Northern Empire juggles options for Sterling gold NORTHERN EMPIRE From 21

mega-lineament in southwestern Nevada.

The project encompasses three historically producing open pits and two underground mines. Total gold production from the Sterling gold mine between 1980 and 2000 was 853,984 tonnes grading 7.44 grams gold per tonne for 195,000 oz. gold. Heap-leached gold recoveries averaged 88%.

Pit constrained and non-pit constrained resources at Sterling total 269,000 inferred oz. gold. Across the entire project, Northern Empire has 9.9 million inferred tonnes grading 2.23 grams gold per tonne for 709,000 oz. gold.

“You see an interesting scenario developing for the company,” Allen says. “As we’re permitting the next operation, we could be running Sterling.”

Northern Empire’s SNA project surrounds Corvus Gold’s (TSX: KOR; US-OTC: CORVF) Motherlode gold project. Motherlode is 1 sq. km and wholly owned by Corvus. It does not yet have a resource estimate, but historically produced 34,000 oz. gold at a grade of 1.8 grams gold.

BAR_NMiner_Fullpage_24Feb2018.indd 1

1-16, 23_MAR 5_Main .indd 22

A drill site at Northern Empire’s Sterling gold project in Nevada. The drill in the background sits on Corvus Gold’s Mother Load property. PHOTO BY RICHARD QUARISA

Corvus is in the middle of a drill program that it says will result in a new National Instrument 43-101 compliant resource estimate.

The two companies have set up drills less than 100 metres apart and separated only by the property boundary. Despite proximity, the two companies have not yet discussed buying land from one another or other property deals.

“On the ground it’s a pretty good relationship,” Allen says. “I worked with those guys in a past life, so we know each other. If they need a bunch of core boxes or something we swap back and forth, and actually, the drills have moved back and forth between the two companies.

But on a corporate level it’s too early to start talking about anything more than that.”

Besides each other, Corvus and Northern Empire have the occasional, and endangered, desert tortoise for company.

Nevada declared the animal the official reptile of the state in 1989.

It’s listed as threatened on the U.S. Endangered Species Act, with populations having decreased by as much as 90% in some areas nationwide since the 1980s.

The Sterling property is at the extreme north end and upper elevation of desert tortoise habitat, but Allen says they aren’t particularly common. Mine manager Chuck Stevens, who has been working on the property for 25 years, says he has seen two over that period.

Part of the construction permit at Sterling involves a turtle fence that would have to be built, but only to 16 inches high. Northern Empire doesn’t see it as a big deal.

At SNA, however, the company is in potential tortoise habitat.

“When we do things like build roads,” Allen explains, “we have to get, for lack of a better word, a tortoise wrangler. You actually have to get somebody to walk out in front of the machine and make sure there isn’t a tortoise there, and they’re qualified to pick one up and move it to the side.”

Still, Allen has never seen one on the property. He says that because Sterling is permitted and Daisy and Secret Pass were permitted in the past, he’s confident the issue can be addressed.

Sterling likely needs stand-alone power generation. The nearest power lines are at the highway, which runs by the edge of the property. However, Allen envisions Crown Gold as one day running off the state power grid.

There’s a power substation in the area that Barrick Gold (TSX: ABX; NYSE: ABX) used at its Bullfrog gold mine, which Allen says Northern Empire could tap into.

Mineralization at the Crown project follows the same detachment fault structure that hosts the Bullfrog deposit, from which Barrick produced 2.3 million oz. gold.

If the project goes to production, Northern Empire would take water from the Sterling mine basin. The basin is one of the few in Nevada that is under-allocated — i.e., there is more water going in than is used.

The well was originally drilled by the U.S. military to monitor nuclear weapons testing.

“They actually approached Imperial about going into the underground and listening to the nukes go off,” Allen says. “And Imperial said, ‘Sure, but we want the well out there.’”

The well is 5.5 km from the processing plant. Allen says that a pipeline would probably end up 7 km long. It’s just one more reason he says Northern Empire has the right factors — and the right people — to make the company a success.

“There are a lot of people on the team that have driven the ball out of the park in the past,” Allen says.

“And this is something that we look at as the next big thing: that Northern Empire is going to go out of the park, as well.”

Shares of Northern Empire are valued at $1.35 apiece within a 52week range of $1.33 to $1.38. The company has a $90-million market capitalization. TNM

2/25/2018 10:02:38 PM

2018-02-27 9:50 PM

GOLD & PRECIOUS METALS

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 5–18, 2018

23

GOLD & SILVER SNAPSHOT

Gold attracts seekers across Canada There’s no doubt the gold sector is hot this year, and with Canada offering a stable jurisdiction, we’re seeing a strong uptick in gold exploration and mine development across the country. Here are five such examples.

ANACONDA MINING Dustin Angelo-led Anaconda Mining (TSX: ANX; US-OTC: ANXGD) is a small but growing gold producer with a wholly owned mine and an advanced development project in Atlantic Canada.

Its Point Rousse project in northern Newfoundland produces 16,000 oz. gold annually.

Its Goldboro gold project in Nova Scotia is slated to produce 41,000 oz. gold per year for at least 8.8 years beginning in 2021, with ore shipped to the Point Rousse mill, which has a 1,300-tonne-per-day capacity and deep-water port access.

Between the two projects, there are over 1.1 million oz. gold in indicated and inferred resources.

By 2021, Anaconda could produce 50,000 to 60,000 oz. gold annually from the two operations.

The company also has several gold exploration projects in the region around Point Rousse, including Great Northern and Tilt Cove.

A drill rig at BonTerra Resources’ Gladiator gold project in the Urban-Barry greenstone belt, 170 km northeast of Val-d’Or. BONTERRA RESOURCES At last count, the company had only $1 million in debt and $4.5 million in cash.

BONTERRA RESOURCES Vancouver-based BonTerra Resources (TSXV: BTR; US-OTC: BONXF) (not to be confused with oil and gas company BonTerra

Energy) has its wholly owned Gladiator high-grade gold project in the Urban-Barry greenstone belt, 170 km northeast of Val-d’Or, which is comprised of two adjacent properties named Arena and Coliseum.

The Gladiator gold deposit has an inferred resource of 905,000 tonnes

grading 9.36 grams gold per tonne for 273,000 contained oz. gold, according to a 2012 study.

Meanwhile BonTerra is carrying out more metallurgical sampling and testing at Gladiator.

A new resource estimate is due later this year, and it will incorporate 60,000 metres drilled in 2017 and 30,000 metres planned for the first quarter of 2018.

BonTerra also has its Larder Lake high-grade gold project just across the border in Ontario, where resources in all categories are just

See GOLD SNAPSHOT / 31

JOINT VENTURE ARTICLE

Victoria Gold Nears Construction at Eagle Gold Victoria Gold Corp. (TSXV: VIT; USOTC: VITFF) has completed its Phase 1 Construction de-risking program at its 2.7 million oz. Eagle Gold Project in central Yukon and is now preparing to launch its Phase 2 Construction Program for 2018. “ T h e E a g l e G o l d P r oj e c t i s u n i q u e a m o n g s t d eve l o p m e n t projects because it is fully permitted, almost fully financed and in a safe political jurisdiction,” says Victoria Gold President and CEO John McConnell.

The Eagle Gold Project is located on the Company’s 555 sq. km Dublin Gulch property, 350 km north of Whitehorse and 85 km by road northeast of the village of Mayo in central Yukon.

The Project has an after-tax net present value of $508 million at a 5% discount rate and an after-tax internal rate of return of 30% as of a 2016 NI 43-101 feasibilit y study. The Eagle Gold Mine will produce approximately 200,000 oz. gold per year for 10 years once Eagle begins production as an open-pit heap-leach operation in 2019.

In August 2017, the company b e g an a $40 millio n Ph a s e 1 Construction Program to de-risk the earthworks which was completed in November.

McConnell says the company has completed 60% of the required detailed engineering. In addition, it has already tackled some of the higher risk ear thworks — particularly those related to the toe of the planned heap-leach pad.

“We wanted to make sure there would be no major geotechnical surprises during construction,”

1-16, 23_MAR 5_Main .indd 23

The main camp and associated infrastructure at Victoria Gold Corp.’s Eagle gold mine now under construction in the Yukon. Photo Credit: Victoria Gold Corp. s ays Mc Connell. “We’ve taken the heap leach foundation right down to bedrock and confirmed the geotechnical conditions.”

To prepare for mobilization to the site, Victoria Gold has ensured there is the infrastructure in place to facilitate construction.

The Company has expanded the camp to 250 beds, and installed upgraded facilities including a dining room, recreation centre and septic field. It also built new roads on site and upgraded the pre-existing all-weather access road including some bridges.

“Something that definitely stands o u t in t h e plu s c o lumn i s t h e infrastructure,” says McConnell.

“We have bet ter infrastr uc ture than most of northern B.C.” The company has year-round access to the site via an all-weather gravel road which connects to a paved highway less than 50 km away. There is a commercial airstrip 80 km to the south and during Phase 2 Construction, the company will construct a 45 km power line along the access road to connect to the Yukon Energy power grid.

Wi t h c o n s t r u c t i o n b e in g t h e focus for 2018, McConnell says exploration will take a backseat for now.

The Company’s $12.5 million E x p l o r at i o n Pro gr a m l as t ye a r

was mostly focused on expanding Eagle and defining Olive Shamrock. It also included a first-pass on six other targets, and Victoria Gold intends to follow up on those in 2019.

In total, the company has 11 exploration targets identified within the 40-km-long mineralized zone on the property called the Potato Hills Trend. The most advanced target is Olive-Shamrock, which is well-defined, and located 2.5 kms from Eagle. McConnell says it will become part of the Eagle Gold Mine plan.

Bet ween Eagle and OliveShamrock, the Reserve contains 123 proven and probable tonnes

grading 0.67 gram per tonne gold for 2.7 million oz. gold.

“Canada has some pretty good projects in the works like Pretium and Atlantic G old,” Mc C onnell says. “And the nex t proj ect to come on board is Eagle.”

Shares of Toronto-based Victoria Gold are currently valued at 42¢ with a 52-week range of 40¢ to 74¢. The company has a market capitalization of $212 million.

— The preceding Joint Venture Article is promoted content sponsored by Victoria Gold Corp. and written in conjunction with The Northern Miner. Visit www.vitgoldcorp.com to learn more.

2018-02-27 9:50 PM

24

MARCH 5–18, 2018 / THE NORTHERN MINER

GOLD & PRECIOUS METALS

WWW.NORTHERNMINER.COM

The processing plant at Guyana Goldfields’ Aurora gold mine in Guyana. GUYANA GOLDFIELDS

Guyana Goldfields to accelerate production GUYANA From 21

profile to 300,000 oz. within the next five years.

The company intends to accelerate selective underground mining of higher-grade stopes as well as expand processing facilities to a capacity of 7,500 tonnes per day.

The new life-of-mine plan is underpinned by reserves of 43 million tonnes at 2.87 grams gold per tonne for nearly 4 million contained oz. gold, which represents a 12.3% increase from last year’s 3.5 million oz. estimate. The increase is attributed to depth extensions at Rory’s Knoll underground.

Guyana Goldfields indicates that Aurora’s open pits will now operate through 2030, while the underground operation is scheduled to kick-start in the fourth quarter, with initial production expected in 2019.

“The real focus of this study was to look at a variable cut-off grade strategy for the underground mines to move those ounces forward, and we were successful in achieving that,” president and CEO Scott Caldwell said during a conference call. “It’s a very realistic development program with a conservative advancement rate, as we start to drive the drift later this year. I’d

GUYANA GOLDFIELDS INDICATES THAT AURORA’S OPEN PITS WILL NOW OPERATE THROUGH 2030, WHILE THE UNDERGROUND OPERATION IS SCHEDULED TO KICK-START IN THE FOURTH QUARTER, WITH INITIAL PRODUCTION EXPECTED IN 2019. also point out the great production profile over the first five years, and the ground conditions we’ve encountered thus far look excellent.”

The company said the plan assumes “a more selective mining method of long-hole open stoping at Rory’s Knoll beginning in 2020,” which it expects will create

Newly Discovered Zone in the Golden Triangle Aben Resources Ltd. (TSX-V: ABN) is a publicly traded Canadian GOLD exploration company with significant projects in BRITISH COLUMBIA, SASKATCHEWAN and the YUKON.

Ph: (604) 639-3851 | Em: info@abenresources.com TSX-V: ABN | Web: www.abenresources.com

1-16, 23_MAR 5_Main .indd 24

a higher-grade profile.

Aurora’s 5,600-tonne-per-day process circuit involves cyanide leach and carbon adsorption. The proposed plant expansion would be done in two phases. The first phase is underway and scheduled for completion in the first quarter.

It includes adding three leach tanks,

• Flagship Forrest Kerr Project located in BC’s Golden Triangle.

• Justin Project located adjacent to Golden Predator’s Project, Yukon.

• Chico Project located south of Seabee/Santoy mine, Saskatchewan.

a pre-leach thickener, carbon-management systems and expanding the elution circuit.

Guyana Goldfield’s second phase is expected before December, and involves a pre-crushing circuit and ball mill from a previously bought 1,000-tonne-per-day modular processing plant.

The upgrades could boost overall gold recovery to 95%.

“It’s a simplified plan on the mill side that won’t require any more power capacity,” Caldwell said. “We can fund it all with internal cash flow and have a lot of underground expertise in the company.”

The company expects to produce between 190,000 and 210,000 oz. gold this year at all-in sustaining costs ranging from US$830 to US$880 per ounce.

Caldwell said the plan would add 75,000 oz. gold to the production profile over the next three years, and “provide an ideal platform to potentially upgrade and expand the underground resource.”

BMO Capital Markets analyst Andrew Breichmanas has an “outperform” rating on Guyana Goldfields alongside a $4.43-per-share target price. He notes that the new mine plan increases near-term production, enhances operational flexibility and improves long-term cash flow, but cautioned that “2018 now appears to be a transition year, and execution risks have been increased.”

Shares of Guyana Goldfields have traded within a 52-week range of $3.96 to $7.90, and closed at $4.69 per share at press time. The company reported a US$75-million cash balance at the end of 2017. TNM

2018-02-27 9:50 PM

GOLD & PRECIOUS METALS

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 5–18, 2018

25

Near Term Gold Producer THE GREENWOOD PRECIOUS METAL PROJECT Project area comprising approximately 15,400 ha., hosting 31 historic mines. Three mines and a centrally located mill being actively developed by the company.

Golden Crown Deposit Mineral Resource Estimate (100% owned)

Lexington-Grenoble Deposit Mineral Resource Estimate (100% owned)

Cut-Off 3.50 g/t AuEq

Cut-Off 3.50 g/t AuEq

Classification

Tonnes

Au g/t

Cu %

AuEq g/t

AuEq ozs

Classification

Tonnes

Au g/t

Cu %

AuEq g/t

AuEq oz

163,000

11.09

0.56

11.93

62,500

42,000

9.04

0.43

9.68

13,100

Measured

58,000

6.98

1.10

8.63

16,100

Indicated

Indicated

314,000

6.38

1.04

7.94

80,200

Inferred

Measured & Indicated

372,000

6.47

1.05

8.05

96,300

12,000

4.42

1.03

5.96

2,300

Inferred

From “Updated Preliminary Economic Assessment On The Greenwood Precious Metals Project, Greenwood, British Columbia, Canada, P&E Mining Consultants Inc., Effective Date: May 5, 2017”

Recently optioned J&L property. Subject to TSX-V final approval located in Revelstoke and not part of the Greenwood Precious Metal Project.

Main Zone

Tonnes (000’s)

Au (g/t)

Au (000’s oz)

Ag (g/t)

Ag (000’s oz)

Pb (%)

Zn (%)

AuEq (g/t)

AuEq (000’s oz)

Measured

1,337

6.19

266

63.3

2,721

2.21

4.12

9.69

417

Indicated

2,778

5.42

485

49.8

4,450

1.75

3.16

8.14

727

Meas & Ind

4,115

5.67

751

54.2

7,172

1.9

3.47

8.65

1,144

Inferred

4,433

4.42

630

63.0

8,978

1.92

2.65

7.13

1,016

Hanging Wall Tonnes Zone (000’s)

Au (g/t)

Au (000’s oz)

Ag (g/t)

Ag (000’s oz)

Pb (%)

Zn (%)

AuEq (g/t)

AuEq (000’s oz

Indicated

280

0.91

8

57.1

515

2.59

5.93

5.33

48

Inferred

33

0.24

0

77.7

83

3.16

5.89

5.11

5

Tonnes (000’s)

Au (g/t)

Au (000’s oz)

Ag (g/t)

Ag (000’s oz)

Pb (%)

Zn (%)

AuEq (g/t)

AuEq (000’s oz

319

4.04

41

25.9

265

0.54

0.47

4.77

49

Yellowjacket Tonnes Zone (000’s)

Au (g/t)

Au (000’s oz)

Ag (g/t)

Ag (000’s oz)

Pb (%)

Zn (%)

AuEq (g/t)

AuEq (000’s oz

Indicated

764

0.09

2

62.8

1,544

2.61

9.98

6.42

158

Inferred

23

0.12

0

55.5

41

2.67

7.75

5.38

4

Tonnes (000’s)

Au (g/t)

Au (000’s oz)

Ag (g/t)

Ag (000’s oz)

Pb (%)

Zn (%)

AuEq (g/t)

AuEq (000’s oz

1,337 3,823 5,160 4,808

6.19 4.03 4.59 4.35

266 495 761 672

63.3 53.0 55.6 60.6

2,721 6,509 9,231 9,367

2.21 1.98 2.04 1.84

4.12 4.73 4.57 2.55

9.69 7.60 8.14 6.95

417 934 1,351 1,075

Footwall Zone Inferred

Total All Zones Measured Indicated Meas & Ind Inferred

The J&L Mineral Resource Estimate was undertaken by P&E Mining Consultants Inc., as announced in a News Release dated January 23, 2018.

1) The following parameters were used to derive the NSR block model cut-off values used to define the Mineral Resource: - Dec 31, 2017 US$ two year trailing avg. metal prices: Pb $0.95/lb, Zn $1.13/lb, Au $1,253/oz, Ag $17.08/oz - Exchange rate of US$0.76 = CDN $1.00 - Process recoveries of Pb 74%, Zn 75%, Au 91%, Ag 80% - Smelter payables of Pb 95%, Zn 85%, Au 96%, Ag 91% - Refining charges of Au US$10/oz, Ag US$0.50/oz - Concentrate freight charges of C$65/t and Smelter treatment charge of US185/t - Mass pull of 5% and 8% concentrate moisture content.

2) The NSR cut-off of CDN$110 per tonne was derived from $75/t mining, $25/t processing and $10/t G&A. 3) Lexington-Grenoble Deposit Mineral Resource Estimate (100% owned) 4) Golden Crown Deposit Mineral Resource Estimate (100% owned) 5) The J&L Mineral Resource Estimate (optioned) was undertaken by P&E Mining Consultants Inc., as announced in a News.

6) AuEq= Au g/t + (Ag g/t x 0.011) + (Pb % x 0.422) + (Zn % x 0.455) Technical disclosure in this disclosure has been approved by Dr. Mathew Ball, P.Geo, Chief Operating Officer of Golden Dawn Minerals Inc., who is a Qualified Person as defined by NI 43-101.

www.goldendawnminerals.com | TSX.V: GOM | Frankfurt Xetra: 3G8A | OTC: GDMRF

1-16, 23_MAR 5_Main .indd 25

2018-02-27 9:50 PM

26

GOLD & PRECIOUS METALS

MARCH 5–18, 2018 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

A drill in the pit at Coeur Mining’s Wharf gold mine in South Dakota, which it bought from Goldcorp in 2015. COEUR MINING

Coeur invests in US assets SILVER-GOLD

BY MATTHEW KEEVIL

C

mkeevil@northernminer.com VANCOUVER

hicago-based Coeur Mining (NYSE: CDE) has 75% of its company-wide reserves in the U.S., and the company continues to invest on its home turf.

Coeur boosted ex plorat ion spending by 66% last year to US$42 million, and plans to fund US$45 million in 2018. Coeur says 85% of that investment will be around existing operations, where the success rates are “high and the payback is quick.”

Furthermore, the company is wrapping up a leach-pad expansion at its Rochester silver-gold mine in Pershing County, Nev., after three years of permitting and 10 months of construction.

“Rochester is a great example

1-16, 23_MAR 5_Main .indd 26

| Producer plans to spend US$45 million on exploration in 2018

of how our strategy of investing in our existing assets is leading to strong returns and cash flow,” Coeur president and CEO Mitchell Krebs said on a Feb. 4 conference call. Production at the operation jumped 45% in the fourth quarter, while unit costs were down 9%.

“The project was one of the last pieces of our multi-year strategy at Rochester to achieve a higher level of scale and efficiency,” he continued.

Coeur is set to unveil what Krebs calls “one of the final pieces” of its Rochester plan with a preliminary economic assessment modelling a crusher enhancement and expansion project that could boost silver recovery rates, drop operating costs and extend the operation’s life.

Rochester hosts 248 million proven and probable tonnes at 12.2 grams silver for 118 million

contained ounces.

Meanwhile, the company has worked to add reserves at the aging Wharf gold mine in South Dakota, which it picked up from Goldcorp (TSX: G; NYSE: GG) for US$105 million in early 2015.

Coeur reported in early February that Wharf has proven and probable reserves of 31 million tonnes grading 0.7 gram gold per tonne for 869,000 contained oz., or 55% higher than the last reported figure before the acquisition, despite the intervening mining of 100,000 contained oz. gold.

“When talking about a focus on acquisitions to enhance our portfolio, it’s hard to find a better example anywhere than our acquisition of Wharf,” Krebs said. “This is the second significant increase to reserves and resources that we’ve delivered since the acquisition in

2015. As a result, Wharf’s mine life now stands at roughly ten years.”

Finally, Coeur has invested in exploration at its Kensington underground gold mine and mill in Alaska to target higher-grade ore, including: target expansion of the Raven vein, lower Kensington Main Block L and lower Jualin Vein #4.

The company said its fourthquarter results were the strongest in four years due to mining from Raven, which drove average grades 29% higher quarter-over-quarter.

Kensington’s proven and probable reserves total 2.4 million tonnes at 5.5 grams gold for 520,000 contained ounces.

“Speaking to our strategic focus on investing in existing assets, I want to cover Kensington,” Krebs said. “Jualin is another example of a high-grade ore source that we

COEUR EXPECTS TO PRODUCE BETWEEN 12.2 AND 13.8 MILLION OZ. SILVER, AND FROM 355,000 TO 375,000 OZ. GOLD THIS YEAR. anticipate having a meaningful impact on [project] economics. It has taken us longer than planned to start accelerating mining activities due to the amount of water we’ve encountered. That said, we’re mining development ore out of Jualin now and expect to reach commercial production levels later in the year.”

Coeur expects to produce between 12.2 and 13.8 million oz. silver, and from 355,000 to 375,000 oz. gold this year at all-in sustaining costs (AISCs) ranging from US$15 to US$15.50 per equivalent oz. silver. The company reported record annual silver equivalent production of 35.1 million equivalent oz. silver in 2017 at AISCs of US$13.82 per ounce. It said the results were driven by a 45% production boost at Rochester and a 27% increase at Kensington.

BMO Capital Markets analyst Ryan Thompson has a $9.50 price target on Coeur and an “outperform” rating.

“We see potential for upside at Kensington as [the company] expects to publish an updated technical report ... later in the [first quarter], ref lecting exploration results from Jualin,” Thompson wrote. “Coeur’s aggressive 2017 drill campaign appears to be paying dividends with the reported increase in tonnage — a trend we expect to continue as aggressive drilling continues into 2018.”

Coeur shares have traded in a 52-week range of US$10.24 to US$7.63 per share, and closed at US$7.84 at press time.

Last year the company had net income of US$10.9 million, or US6¢ per share. It reported US$192 million in cash and equivalents at the end of 2017. TNM

2018-02-27 9:50 PM

GOLD & PRECIOUS METALS

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 5–18, 2018

27

Golden Dawn tallies resource at J&L near Revelstoke BC GOLD-SILVER

| Company works to overcome ‘metallurgical issues’ en route to PEA

BY RICHARD QUARISA

G

rquarisa@northernminer.com

olden Dawn Minerals (TSXV: GOM) has updated the resource estimate for its optioned 30 sq. km J&L polymetallic project, 35 km north of Revelstoke, British Columbia.

The project has 5.2 million measured and indicated tonnes grading 4.59 grams gold per tonne for 761,000 oz. gold and 55.6 grams silver per tonne for 9.2 million oz. silver, plus 2.04% lead and 4.57% zinc. It also has 4.8 million inferred tonnes grading 4.53 grams gold for 672,000 oz. gold and 60.6 grams silver for 9.4 million oz. silver, 1.84% lead and 2.55% zinc.

Golden Dawn optioned the J&L project from Huakan International Mining, a state-owned Chinese company, in December 2017.

Huakan also sold Golden Dawn its Greenwood precious metals project in September 2016 after an option agreement in April 2016. The Greenwood project consists of the Greenwood mill, the Golden Crown project and the past-producing Lexington mine. According to a 2017 preliminary economic assessment (PEA), the Lexington mine has 372,000 tonnes grading 6.47 grams See GOLDEN DAWN / 30

A worker moves material at Golden Dawn Minerals’ J&L gold-silver-lead-zinc project near Revelstoke, British Columbia. GOLDEN DAWN MINERALS

JOINT VENTURE ARTICLE

Altamira Gold Exploring for Copper amid Staking Rush in Brazil Altamira Gold Corp. (TSXV: ALTA) has begun exploring for copper on its more than 200 sq. km land package in the Juruena Mineral Belt of eastern Brazil’s Para and Mato Grosso states. The initiative marks an expanded vision for the Vancouverbased company, which had previously focused solely on gold exploration on that same land.

Several of Altamira’s properties have tested positive for copper grading 1% or higher.

Grab samples at the Paulinho Troca Tiro prospect at the Apiacás gold project returned indications of copper. When the company reexamined data from its Firmino gold project it found 1 metre grading 1% copper from a historic drill hole.

Similarly, upon re-examination of previous drill holes at its Colíder gold project, it found intercepts grading 1.05% copper and 18.59 grams gold per tonne over 4.1 metres as well as 0.61% copper and 6.1 grams gold over 2.9 metres.

Recent re-interpretation of geophysical data from its flagship, 190 sq. km Cajueiro gold project has indicated 14 targets with magnetic and radiometric responses that may be consistent with porphyry-style mineralization at depth. Altamira believes that a concealed copper porphyry system at depth could explain the extensive gold mineralization observed on surface at Cajueiro.

Altamira will explore these targets in the coming months once the seasonal rains in central Brazil clear up.

Altamira focused on copper exploration after Anglo American plc (LON: AAL) began staking claims

1-16, 23_MAR 5_Main .indd 27

Trenching at Altamira Gold Corp.’s Cajuiero gold project in the Juruena Mineral Belt of eastern Brazil.

Photo Credit: Altamira Gold Corp. in the Juruena Belt in September 2017, causing “a bit of a staking rush, to put it mildly,” says Altamira President and CEO Michael Bennett.

Since then, Anglo Americ an along with Nexa Resources SA (TSX: NEXA-T) and Vale SA (NYSE: VALE) have staked 35,000 sq. km over the Juruena Belt.

Bennett notes that Altamira is one of the only public companies holding an “extensive land package” in the area.

The first indications of a porphyry type system in the belt were reported in a University of Campinas study published in December 2015.

Researchers from the university looked at an area in the eastern part of the belt called Jaca and

found mineralization and alteration consistent with a copper porphyry.

Bennett says one reason no one found mineralization in the area sooner is that until 40 years ago, the area was completely covered in jungle. Then, the government built roads into the area which is now predominantly used for cattle grazing.

“At the same time the Brazilian government decided to open up population centers in the area, the local miners came in and discovered gold,” says Bennett. “Development in the area in the 1970’s and 80’s was rather uncontrolled. No mining company would have been able to do any work because there were just too many of these local

guys on the ground at the time.”

Altamira originally took an interest in the Juruena Belt because of the local miners’ success. Then, with the rapid expansion of infrastructure, the area became an ideal place for Altamira to explore.

Bennett says the only way to get into Cajueiro in the 1970s was by small fixed wing planes. Now Altamira can fly from São Paulo to a commercial airpor t in Alta Floresta, and then drive less than 90 minutes on paved or wellmaintained gravel roads.

“As a result, little modern-day exploration has been carried out on this belt,” says Bennett.

Altamira has 12 projects in the Juruena Belt. Its most advanced

one, Cajueiro, contains 8.64 million indicated tonnes grading 0.78 gram gold for 214,000 oz. gold and 10.9 million inferred tonnes at 0.8 gram gold for 282,000 oz. gold as of a 2016 resource estimate and an additional 1.3 million inferred tonnes grading 1.61 grams gold for 79,000 oz. gold in the saprolite.

Metallurgical testing on ores from the Cajueiro project has shown that gold recoveries of up to 96.2% are possible using conventional leach technology.

Exploration permits on the main Cajueiro property have now been converted to mining titles.

Exploration during 2017 identified new east-west structures on the central part of the property, with gold grades being considerably higher than what has been seen on the Cajueiro project previously.

The next stage of exploration will encompass some 3,000 metres of trenching during the first half of 2018 to prepare for the next drill campaign.

“We’ve got a significant number of gold-in-soil anomalies that we haven’t even been trenched yet,” says Bennett. “There is huge upside for this to become a very important gold project without taking into account the copper potential.”

Shares of Altamira are currently priced at 21¢ with a 52-week range of 21¢ to 24¢. The company has a market capitalization of $10 million.

— The preceding Joint Venture Article is promoted content sponsored

by Altamira Gold Corp. and written in conjunction with The Northern Miner. Visit www.altamiragold.com to learn more.

2018-02-27 9:50 PM

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MARCH 5–18, 2018 / THE NORTHERN MINER

GOLD & PRECIOUS METALS

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An aerial view of the Touquoy processing facilities at Atlantic Gold’s Moose River Consolidated gold project in Nova Scotia. ATLANTIC GOLD

Atlantic Gold outlines expansion plans at Moose River NOVA SCOTIA

BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

A

tlantic Gold (TSXV: AGB) might well be a regular fixture in Nova Scotia based on new expansion plans at its Moose River Consolidated gold project.

On Jan. 29, the company released a prefeasibility study to integrate the Fifteen Mile Stream and Cochrane Hill satellite deposits with its Touquoy central processing facility. The development could increase Atlantic’s expected gold output from 85,000 oz. per year to more than 200,000 oz. per year.

The company spent US$160million to start open-pit mining 85 km northeast of Halifax. Atlantic has spent the past four months ramping up operations at its linchpin, 5,500-tonne-per-day Touquoy facility, and reported its first month processing ore at reserve grades in December, when it produced 7,021 oz. gold.

The near-term production focuses on the Touquoy and the Beaver Dam gold deposits, which jointly host 16.45 million proven and probable tonnes grading 1.44

| Satellite deposits feeding Touquoy central mill could double gold output

grams gold per tonne for 760,000 contained oz. gold.

Meanwhile, Atlantic’s outstanding mine plan could produce 87,000 oz. gold annually over an 8.5-year life at all-in sustaining costs (AISCs) of between US$540 and US$588 per oz. gold.

The study proposes a stagedexpansion, $259-million investment for Fifteen Mile Stream and Cochrane Hill, which could be funded with internal cash flow and more project debt.

Atlantic would treat ore on location at both deposits before shipping concentrate to its central processing facility at Touquoy.

Atlantic’s plan would add up to 160,000 tonnes per annum of concentrate.

The company reported maiden proven and probable reserves for Fifteen Mile Stream and Cochrane Hill of 22 million tonnes averaging 1.17 grams gold for 825,000 contained oz. gold.

“The additions of the Cochrane Hill and Fifteen Mile Stream deposits into our central, integrated project results in a significant increase in annual gold production,” chairman and CEO Steven Dean

said during a conference call.

“That life-of-mine production is at a lowest quartile all-in sustaining cost. You’ll hear a fairly common ‘low cost’ theme from Atlantic moving forward, which is a function of our location, gold grades, low strip ratios and easy metallurgy. That really can’t be underestimated in this industry, and it makes us stand out among our peer group,” he added.

The study assumes that Moose River’s production would ramp up to 200,000 oz. in 2022, while AISC would stay at US$555 per oz. gold.

The expansion would push the project’s mine life through to 2027, and give it a post-tax net present value of $422 million at a 5% discount rate, and a 35% internal rate of return. The company’s base case assumes a US$1,300 per oz. gold price.

Atlantic began environmental studies for the Fifteen Mile Stream and Cochrane Hill sites nine months ago. It expects to submit environmental impact statements to provincial and federal regulators in four months.

“In the later years of our current projects we’ll be turning our focus

“THE ADDITIONS OF THE COCHRANE HILL AND FIFTEEN MILE STREAM DEPOSITS INTO OUR CENTRAL, INTEGRATED PROJECT RESULTS IN A SIGNIFICANT INCREASE IN ANNUAL GOLD PRODUCTION.” STEVEN DEAN CHAIRMAN AND CEO, ATLANTIC GOLD

toward the incorporation of a very significant drill program that we kicked off in the fourth quarter,” Dean continued. “We started at Fifteen Mile and Cochrane Hill, and we’re very excited about what we’ve seen in the first batch of results in terms of both infill and step-out … none of the results have been included in this study. So we see upside above and beyond the economic impacts from the phasetwo plan.”

The company drilled 21,000 metres at Fifteen Mile Stream in 2017 as part of its third phase, resourceexpansion drill program, which also includes Cochran Hill.

Highlights reported so far in-

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Telephone: (416) 360-4653

clude: 23 metres of 2.32 grams gold from 14 metres at the Hudson target in hole 17-216; 11 metres of 2.22 grams gold from 24 metres at the Egerton Maclean target in hole 17-276; and 9 metres of 3.15 grams gold from 93 metres’ depth in hole 17-023 at the Plenty target.

The company raised $14 million in flow-through capital at the end of 2017. It intends to invest between $8 million and $10 million in a generative exploration program that could involve 70,000 metres of drilling.

“We’re targeting the regional strike length of the anticline, which is the primary host structure to all the deposits. We see significant upsides there in terms of discovering at least one or two additional deposits,” Dean said.

BMO Capital Markets analyst Andrew Mikitchook increased his target price on Atlantic by 20¢ to $2.40 per share after the study’s release. He noted that the takeaway from the study was Atlantic’s ability to deliver production growth at low cash costs.

“We believe it likely the company’s strong production profile and low costs in a domestic and enviable jurisdiction could attract takeover interest,” Mikitchook added.

Atlantic has traded within a 52week range of 88¢ to $1.87, and closed at $1.68 per share at press time. It has 182.3 million shares outstanding for a $306-million market capitalization, and reported liquidity of $57 million at the end of September. TNM

2018-02-27 9:50 PM

GOLD & PRECIOUS METALS

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 5–18, 2018

29

Silver market poised for eventful year FACTS ‘N’ FIGURES The following is an edited release by the Washington, D.C.-based Silver Institute on silver market trends in 2018. Visit www.silverinstitute.org for more information.

O

f all the metals in the periodic table, silver enjoys one of the most versatile landscapes, with its uses found in a variety of applications. Silver’s unrivalled characteristics serve many industrial products, while its weight and neutral colour make it popular in jewellery that suits many occasions. As a precious metal, silver serves as a store of value and can provide stability against the cycles of economic adversity. As such, factors influencing the silver market range from developments in the industrial and jewellery sectors to changes in the macroeconomic sphere that affect investor sentiment.

With this in mind, the Silver Institute provides the following insights on 2018 market trends.

Silver demand Silver demand from industrial applications — the largest component of silver offtake, representing 60% in 2017 — could continue to grow this year. Due to silver’s unrivalled electrical conductivity, it plays a vital role in major industry sectors that move towards increased electrification, such as automotive. Although silver is used in small quantities in some applications, its diversity is large, and the rising volumes of applications could positively impact silver consumption from industrial products this year.

The strong increase in demand for small- and large-scale solar panels across the globe has boosted the demand for silver in photovoltaic applications in recent years, reaching an estimated 92 million oz. in 2017. We expect growth to continue this year and set another record for silver demand, driven by large-scale solar capacity additions and strong demand uptake from individual households, particularly in China.

Jewellery demand is expected to continue its steady increase in 2018, expanding consumption another 4%, after a 1% rise in 2017. Silver demand from the jewellery sector accounts for one-fifth of total silver demand. Many would argue that silver’s features lend themselves better than gold to fashionable jewellery because of silver’s colour neutrality, which provides more versatility for fashion-conscious consumers.

Coin demand almost halved to 73 million oz. in 2017. Much of the weakness concentrated in the U.S., where a buoyant stock market and parabolic increases in cryptocurrencies diverted capital away from physical precious metals. With equity and bonds in “expensive” territory and bitcoin’s stratospheric increase taking a breather in the beginning of 2018, we expect investment to flow back into precious metals, benefitting silver bar and coin demand this year.

Silver exchange-traded product (ETP) holdings achieved a record high at 670 million oz. at the end of 2017. Since their introduction in 2002, silver ETPs have recorded a small decline in total annual holdings only twice, indicating the stickiness of their nature among investors (this is in part since a relatively high proportion of silver ETP investors are individuals rather than institutions). Although growth has been somewhat stable since

1-16, 23_MAR 5_Main .indd 29

| Global silver mine production to contract for second straight year

GLOBAL MINE SUPPLY FELL 1% IN 2016 — THE FIRST ANNUAL DECLINE AFTER 14 YEARS OF GROWTH. 2012, drawdowns of silver ETPs are far and few between. We expect ETP holdings to rise 3% this year.

Indian silver imports reported a strong year in 2017, almost doubling to 183 million oz., compared to the previous year. The increase is a combination of healthy jewellery demand and a shift from business conducted previously in cash to more formal channels. The implementation of a goods and services tax in India has had a positive effect on that development. Indeed, silver demand from jewellery, silverware, coins and medallion retailers — who prefer a more transparent business model — substantially rose last year in India. In 2018 we expect silver demand from jewellery fabricators to stay strong, pushing imports to 180 million ounces.

Silver supply Global mine supply fell 1% in 2016 — the first annual decline after 14 years of consecutive growth. In 2017 mine output could contract another 2% to 870 million ounces.

Production disruptions out of South America, along with a decline in capital expenses among the primary producers in the past five years, could constrain output again this year. But the strong recovery in base metal prices will support output in 2018, particularly from by-product producers capitalizing on the trend.

Silver generated from scrap supply improved slightly last year on stronger recycling waste from manufacturing. Scrap supply has dropped since 2011, due to a contracting pool of near-market silverware, jewellery and coins. Scrap could stabilize around 150 million oz. this year, which equates to 15% of total supply.

Endeavour Silver’s El Cubo silver mine in Guanajuato, Mexico. ENDEAVOUR SILVER

Silver market balance The silver market balance (total supply less total demand) could swing into a slight market deficit again this year, with both supply and demand reaching above 1 billion ounces. Silver from above-ground stocks will have to be drawn down to serve the shortfall. This will be a welcome development, as aboveground stocks rose 9% last year in the face of weak physical demand from the U.S. and Asia.

Silver price The silver price fell 0.5% last year to an average US$17.05 per oz. This year we expect the silver price to see a volatile ride. Short covering in the early 2018 has already propelled the price above last year’s average.

On a ratio with gold — which is at 72 — silver has plenty of room to improve and migrate towards its long-term average of 64.

With physical gold investment likely to be robust via risk-hedging, silver should benefit by proxy, given the propensity of professional speculators to leverage gold exposure through silver, and retail investors to buy silver instead of gold, if they cannot afford the latter. TNM

2018-02-27 9:50 PM

30

MARCH 5–18, 2018 / THE NORTHERN MINER

GOLD & PRECIOUS METALS

WWW.NORTHERNMINER.COM

A portal and surface facilities at Golden Dawn Minerals’ J&L gold-polymetallic project near Revelstoke, British Columbia. GOLDEN DAWN MINERALS

Golden Dawn tallies resource at J&L near Revelstoke GOLDEN DAWN From 27

gold and 1.05% copper for 96,300 equivalent oz. gold.

Golden Dawn president and CEO Wolf Wiese says negotiations over the J&L project were drawn out but ended with a deal that works for both parties.

“Culturally there’s a big difference,” Wiese tells The Northern Miner during a telephone interview.

“They’ve put about $70 million into this thing and of course they wanted all of their money back right now.

So we had to make them understand that if you want this project to work you have to give us the time and opportunity to de-risk the project.”

According to the option agreement, Golden Dawn had to give

“WE HAVE A REALISTIC OUTLOOK ON THE ENTIRE PROJECT AND WE BELIEVE WE CAN RAISE THE FUNDS FOR IT, PROVIDED WE DEMONSTRATE THE VIABILITY.” WOLF WIESE PRESIDENT AND CEO, GOLDEN DAWN MINERALS

Huakan a million shares and author a new PEA on the J&L project. Wiese says the PEA should be ready

by June.

“We want to do a very thorough job on that,” Wiese says. “We have a lot of metallurgical issues with this property. Right now we’ve got refractory ore, which is a red light to begin with, so that needs to be dealt with immediately.”

The J&L resource is defined across

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multiple zones. The Yellowjacket zone contains mostly zinc, lead and silver and a small amount of gold in “clean, non-refractory ore,” while the main zone has high gold values.

However, Wiese says the Main zone ore is refractory and needs special treatment. Challenges include a high arsenic content and the fact that the ore is locked up in pyrite.

“In the old days they used to cook it,” Wiese says. “But that doesn’t happen anymore. So we’ll have to go through pressure leaching or bio leaching.”

Wiese expects the final metallurgical work will cost up to $75,000.

To finish the PEA, he says Golden Dawn will have to spend a quarter of a million dollars plus compile all the data it has on the property.

Golden Dawn inherited a J&L database. In total, 40,900 metres have been drilled on the property across 311 holes.

After the PEA, Golden Dawn will look to perform “extensive underground drilling” as it works toward a prefeasibility study. If it completes the study within two years, pays Huakan $8 million in cash and issues 15 million shares it will earn a 51% in the J&L project. Golden Dawn will then have the second option to buy a 100% interest in the property for $30 million. If it does not exercise its option, its interest will fall to 40%.

Golden Dawn intends to have the Lexington mine back in production by the time it completes the J&L PEA. Lexington will start at 200 tonnes per day but Golden Dawn

aims to have it at full production of 400 tonnes per day by 2019. It hopes to leverage revenue from Lexington against costs at the J&L project.

The J&L project came with infrastructure built by Huakan. The assets include a rail siding and load-out facility for the Canadian Pacific Railway in Revelstoke, a fully functional 40-person camp, two portals that access 3.1 km of underground mine workings, and used underground mining equipment.

Huakan acquired the property in 2010, but ceased working on it in 2014, citing poor market conditions.

“We have a realistic outlook on the entire project and we believe we can raise the funds for it, provided we demonstrate the viability,” Wiese says.

Shares of Golden Dawn are valued at 27¢ apiece with a 52-week range of 23¢ to 42¢.

The company has a $34-million market capitalization. TNM

Well-funded gold explorer unlocking value in Val-d’Or

TSX.V: PRB

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VISIT US AT PDAC 2018 BOOTH 2847 – INVESTORS EXCHANGE

2018-02-27 9:50 PM

GOLD & PRECIOUS METALS

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 5–18, 2018

31

A worker logs core outside a core shack at GT Gold’s Saddle gold project in northwest British Columbia. GT GOLD

GOLD & SILVER SNAPSHOT GOLD SNAPSHOT From 23 shy of 1 million oz. gold.

BonTerra’s major shareholders include Eric Sprott, VanEck Gold Fund, Kinross Gold and Kirkland Lake Gold.

1990–1991 totalled 175,000 tonnes grading 6.4 grams gold, 172.3 grams silver, 12.9% zinc and 1.1% copper.

Galway plans to drill 13,00 metres at Estrades this year, and carry out other exploration work.

GALWAY METALS

GT GOLD

Galway Metals (TSXV: GWM; USOTC: GAYMF) is based in Toronto and its flagship project is its Clarence Stream gold project in New Brunswick. It is also active at its past-producing, high-grade Estrades polymetallic project in northwestern Quebec, 95 km north of the town of La Sarre.

Vancouver-based GT Gold (TSXV: GTT; US-OTC: GTGDF) is a new exploration company led by Kevin M. Keough that is hunting for gold in the prolific Golden Triangle region of northwestern British Columbia (hence the “GT” in its name).

Galway says its “new vision for two previously misunderstood projects” presents it with a “golden opportunity.”

In September, Galway announced a 54% increase in resources at Clarence Stream, including 6.2 measured and indicated tonnes grading 1.96 grams gold for 390,000 contained oz. gold.

Another 3.4 million tonnes grading 2.53 grams gold lie in the inferred category.

The company was slated to drill 24,000 metres at the project in 2017, and plans to drill another 12,000 metres in 2018.

Estrades is a volcanogenic massive sulphide deposit with a resource calculated by Roscoe Postle Associates in August 2016 of 1.3 million indicated tonnes grading 3.89 grams gold per tonne, 137.9 grams silver per tonne, 7.95% zinc, 1.12% copper and 0.65% lead.

Inferred resources add 1.2 million tonnes grading 1.54 grams gold, 68.6 grams silver, 4.31% zinc, 1.46% copper and 0.26% lead.

Breakwater Resources spent $20 million at Estrades in 1990, including building a ramp to 200 metres deep, a ventilation raise and associated infrastructure.

Some 94,000 metres of historic drilling has been carried out at the site. Production at Estrades in

1-16, 23_MAR 5_Main .indd 31

The company’s flagship asset is the wholly owned, 432 sq. km Tatogga gold property, located 10 km off Highway 37, where the company has systematically developed the grassroots Saddle gold prospect since 2011.

Guided by geologist and vicepresident of exploration Charles J. Greig, GT Gold says it has achieved “two entirely new discoveries” at its Saddle prospect: a highgrade epithermal gold-silver vein system at Saddle South; and near Saddle North, the “probable ‘engine’ for the entire system” in the form of a copper-gold-silver mineralized porphyritic intrusive, which geophysical surveying indicates is “large in scale, and which early drill results suggest may be rich.” GT enthuses that there is “potential for rapid expansion of these discoveries” in mid-year exploration.

GT has four goals for 2018: expansion drilling of the highgrade gold-silver vein systems at Saddle South and Saddle North; expansion drilling of the new copper-gold-silver porphyry discovery at Saddle North; completion of initial metallurgical test work; and completion of an initial National Instrument 43-101 compliant resource calculation, perhaps tabled in early 2019.

PROBE METALS

Abitibi-focused gold explorer Probe Metals (TSXV: PRB; US-OTC: PROBF) was formed after Probe Mines Ltd. sold to Goldcorp in March 2015. Goldcorp still owns a 13.7% stake in the Toronto-base junior.

In late February, Probe tabled a substantially increased resource estimate for its flagship Val-d’Or East gold project outside the city of Val-d’Or, Quebec.

Total indicated resources stand at 9 million indicated tonnes grading 2.35 grams gold per tonne for 682,400 oz. gold, plus 9.3 million inferred tonnes at 2.41 grams gold for another 722,100 oz. gold.

with a cash position exceeding $25 million. Its management — led by president and CEO David Palmer and chairman Jamie Sokalsky — also has a track record of delivering shareholder value.

Most of these ounces could come from an open-pit, while the rest would need to be mined from underground.

Probe has a $12-million exploration budget for 2018, which will include 85,000 metres of drilling, engineering studies, environmental baseline studies and regional target generation. TNM

Probe noted that it is well-funded,

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2018-02-27 9:50 PM

32

GOLD & PRECIOUS METALS

MARCH 5–18, 2018 / THE NORTHERN MINER

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Striking mine workers at Hecla Mining’s Lucky Friday silver mine in Idaho. USW LOCAL 5114

Hecla seeks arbitration to end Lucky Friday strike LABOUR RELATIONS

BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

H

ecla Mining (NYSE: HL) is turning to arbitration to resolve a labour dispute at its Lucky Friday underground silver mine in Shoshone County, North Idaho. The company has been at odds with the United Steelworkers Union (USW) for nearly a year due to what members of the local 5114 chapter claim are

A

| Year-long strike at Idaho silver mine may head to arbitration

“unfair labour practices.”

Lucky Friday has been operating since 1942 and celebrated its 75th anniversary in 2017.

On Feb. 15, Hecla reported an agreement for “ binding thirdparty arbitration” with the USW. The agreement is subject to a ratification vote by union membership in March.

The three arbitrators, in early May, will choose between two alternatives for a three-year labour deal: a contract the company

submitted in December 2017 as its revised final offer, or an agreement that expired in April 2016, as modified by agreed upon changes.

Hecla’s init ia l proposa l reportedly includes amendments to health care benefits, vacation scheduling and bonus pay tied to silver prices. The company has also been at an impasse with the union over the method in which work crews are assigned at the mine.

“There has been some progress on the strike. If they vote in favour

... the arbitrators will decide,” Hecla president and CEO Phil Baker said during a conference call. “We are not happy about having to resort to a third party to reach a resolution. But we see this as an opportunity to have it resolved.”

Hecla reported suspension costs of US$17.1 million — along with US$4.2 million in non-cash depreciation expenses — at Lucky Friday last year. The mine produced 838,658 oz. silver in 2017,

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which marks a decrease from the 3.6 million oz. produced in 2016.

The company reported an annual net loss of US$24.1 million, or US6¢ per share. Baker pointed out that it recorded the “secondhighest silver production in its 127-year history,” however, and cited Hecla’s “record performance in many categories.”

The Coeur d’Alene-based company produced 12.5 million oz. silver and 232,684 oz. gold in 2017 at all-in sustaining costs of US$7.86 per oz. silver, after byproduct credits.

It also boosted year-end cash and equivalents by US$21 million to US$220 million.

Hecla said it continues to invest “limited production and capital improvements” at Lucky Friday, which is being staffed by salaried employees. The company is also undertaking development activities in preparation for a remote vein-miner machine scheduled to arrive in late 2019.

BMO Capital Markets analyst Ryan Thompson has a US$4.50per-share price target on Hecla, as well as a “market perform” rating.

“Although a resolution is not yet guaranteed because of the requirement for ratification via vote, this proposal appears to be a step in the right direction to a potential restart of Lucky Friday,” Thompson notes. “In the event the union votes against moving into arbitration, we see downside risk to our 2018 estimates, as the restart of Lucky Friday would likely be delayed even further.”

Hecla shares have traded in a 52-week range of US$3.86 to US$6.72 per share, and closed at US$3.99 at press time.

The company has 399 million shares outstanding for a US$1.6billion market capitalization. TNM

2018-02-27 9:50 PM

SPECIAL FOCUS

BASE METALS & TECHNOLOGY METALS Neo Lithium’s Tres Quebradas lithium project in Argentina’s Catamarca province. NEO LITHIUM

First Cobalt finds new mineralization at Keeley

Pembridge offers cash and shares for Minto mine

COBALT-SILVER

| Junior has $30M in the bank, aims to revive Ontario’s Cobalt camp

M&A

| British firm looks to buy Yukon’s sole producer

BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

U

.K.-based Pembridge Resources (LON: PERE) is set to acquire the Yukon’s sole producing hard-rock mine. On Feb. 14, the company announced a deal with Capstone Mining (TSX: CS) to buy the Minto copper-goldsilver operation, 240 km north of Whitehorse.

The terms include US$37.5 million in cash plus shares representing 9.9% of Pembridge.

Covering 28 sq. km, the Minto property hosts proven and probable reserves of 3.9 million tonnes at 1.67% copper, 5 grams silver per tonne and 0.62 gram gold per tonne. The property’s current metal reserves total 65,000 tonnes copper, 655,000 silver and 78,200 oz. gold. It has measured and indicated resources of 31 million tonnes of 1.15% copper, 4 grams silver and 0.42 gram gold.

Capstone had intended to place the operation on care and maintenance at the end of 2017, but rising copper prices triggered a decision to extend operations through mid-2021.

“THE OPERATION HAS REALLY BEEN STARVED OF INVESTMENT FOR A NUMBER OF YEARS, AND WE SAW THAT AS AN OPPORTUNITY BECAUSE FOR US, IT’S REALLY A FLAGSHIP ASSET.”

A drill crew working at First Cobalt’s Keeley cobalt property in northern Ontario. FIRST COBALT

BY TRISH SAYWELL tsaywell@northernminer.com

F

irst Cobalt (TSXV: FCC; US-OTC: FTSSF) has found near-surface disseminated cobalt and silver mineralization outside the veins that were the focus of historic underground

The company also renegotiated a precious metals stream with Wheaton Precious Metals (TSX: WPM; NYSE: WPM) with silver-ounce production and up to 30,000 oz. gold per annum.

“It became apparent to us early on in the due diligence process that Minto was the poor stepchild in the Capstone family,” Pembridge president Peter Bojtos said by phone from the mine site.

“They were clearly committed to some nice mines in other jurisdictions, and that was where all the capital was being deployed.

Meanwhile, Minto was getting the

tres of anomalous cobalt grading 0.043% from 15 metres below surface.

“The 72 metres of 0.043% is not economic but the point is that you’re in a system that seems to be distal from the vein that was mined historically, so you’re in a hotspot, and we have to drill a few more holes down there to see if there’s a halo that we can

start to define,” says Trent Mell, First Cobalt’s president and CEO, in a telephone interview from a core shack on the property. “This proves to the market that we’re on to something and there is disseminated mineralization, and the mineralization is not hosted solely in the vein.”

See FIRST COBALT / 34

LITHIUM RESOURCES IN THE HEART OF THE THUNDER BAY MINING DISTRICT •

NI 43-101 lithium resources;

•

Recent exploration programs resulted in new discoveries on the property, showing growth potential;

•

Metallurgical tests successfully produced high-grade spodumene concentrate and battery-grade lithium carbonate;

•

Only a fraction of the Georgia Lake property has been explored;

•

World-class advisory board.

PETER BOJTOS PRESIDENT, PEMBRIDGE RESOURCES

mining at its Keeley project near Cobalt, Ontario.

Drill hole 13, in the southern part of the historic Keeley mine, returned a 30-metre intercept grading 0.07% cobalt starting from 23 metres down hole. The intercept includes 15.7 metres of 0.12% cobalt and 6.2 metres of 0.21% cobalt.

The drill hole returned 72 me-

Rock Tech Lithium is focused on acquiring and exploring properties in the field of battery metals, primarily lithium. At its 100% owned Georgia Lake lithium property in the Thunder Bay mining district, the Company has defined an NI 43-101 resource, successfully produced high-grade spodumene concentrate and battery-grade lithium carbonate on a lab-scale and demonstrated the potential for additional lithium discoveries on the property. With less than 28 34 million shares outstanding, the Company has an exceptionally tight share structure with 70% of its shares held by directors, management and cornerstone shareholders. The Company aims to minimize dilution while exploring for the metals required for the coming energy revolution.

Toronto: TSX-V: RCK | Frankfurt: RJIB (ISIN: CA77273P2017) Ph: +1.778.358.5200 | E: info@rocktechlithium.com

www.rocktechlithium.com

See MINTO / 40

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2018-02-27 9:50 PM

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MARCH 5–18, 2018 / THE NORTHERN MINER

BASE METALS & TECHNOLOGY METALS

WWW.NORTHERNMINER.COM

An aerial view of First Cobalt’s Keeley cobalt property in northern Ontario. FIRST COBALT

First Cobalt finds new mineralization at Keeley FIRST COBALT From 33

Drill hole 13 was collared next to the Woods vein, which along with the Watson vein accounted for more than 80% of the silver production in the southern end of the cobalt camp area known as Silver Centre.

“It looks like we drilled into an altered structure,” Mell says.

“It’s hard to say precisely where relative to Woods because we are now seeing that Woods is more of a mineralized zone rather than a vein in this area.”

While the cobalt grades are markedly lower than some of the chip samples the company has taken from the property, Mell says, it’s what you expect to see when you go from mining selectively — in a narrow-vein, underground mine — to a potential bulk-tonnage, open-pit scenario.

The combination of an open pit

“THIS PROVES TO THE MARKET THAT WE’RE ON TO SOMETHING AND THERE IS DISSEMINATED MINERALIZATION, AND THE MINERALIZATION IS NOT HOSTED SOLELY IN THE VEIN.” TRENT MELL PRESIDENT AND CEO, FIRST COBALT

and a lot of tonnes means that lower-grade material can be quite economic, he says, adding that while the drill results encourage him that the company is on the right track, there is a lot more work to do.

The market reacted negatively to the news, sending First Cobalt’s shares down 11¢ to 93¢ per share, on 1.1 million shares traded on Feb. 5. But the stock has rebounded, closing at $1.01 on Feb. 6. Over the last year First Cobalt

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1-16, 23_MAR 5_Main .indd 34

has traded within a range of 42¢ (May 2017) to $1.65 (November 2017).

“When we released the long hole some of the bigger institutions called us and said ‘way to go,’ but the retail side thought it was low grade,” Mell says. “I’m afraid that some of our readers saw the grade and assumed that the press release was bad news when in fact the opposite is true.”

Mell notes that the length of the hole, at 72 metres, has “camp-wide

A driller on a rig at First Cobalt’s project near Cobalt, Ontario. FIRST COBALT

implications.” The company’s 100 sq. km land package includes 50 past-producing mines, 13 of which First Cobalt plans to drill this year in its 26,500-metre drill program.

The past-producing Keeley and Frontier mines in the town of Silver Centre, 25 km south of the town of Cobalt, were developed and operated as separate mines before being integrated in 1961.

Between 1908 and 1965, KeeleyFrontier produced over 3.3 million lb. cobalt at a recovered grade of 0.5% and 19.1 million oz. silver at a recovered grade of 1,644 grams silver per tonne.

“If we’ve proven in one tiny part of our land package that the mineralization extends beyond the vein, then by extension we would hope to find the same opportunities across the cobalt camp,” he says. “This camp was mined starting from 110 years ago — you didn’t drill back then, you found a vein and you mined it — and so drill assays are preciously few, so we’re doing a lot of firsts. We’re assaying for cobalt and that wasn’t done in the past. There’s just so much here that a century later hasn’t been done … and we’re in the first inning here in terms of our drilling.”

So far, the company has reported half the assays from its 6,000-metre drill program last year.

First Cobalt has $30 million in the bank to fund its 2018 drill program.

In addition to being the largest landowner in Ontario’s cobalt camp, it also has a mill and the only permitted cobalt refinery in North America capable of producing battery materials. TNM

2018-02-27 9:51 PM

GLOBAL MINING NEWS

BASE METALS & TECHNOLOGY METALS

THE NORTHERN MINER / MARCH 5–18, 2018

35

JOINT VENTURE ARTICLE

Plateau Uranium Drills Unique and Large Lithium Target in Peru Plateau Uranium Inc. (TSXV: PLU) is pursuing a drill campaign to define what it sees as potentially one of the world’s largest non-brine lithium deposits in the Falchani target on its 100% owned Macusani lithiumuranium property in Puno, southern Peru.

The Toronto-based company commenced drilling its +2 sq. km Falchani target in October 2017, shortly after signing a first access agreement with the Chaccaconiza Community. By November it had some initial results.

The assays showed uranium down to 50 metres below surface level with twice the average grade of the company’s preliminary economic assessment (PEA). However, the company says it was even more encoura ged by a lithium intersection roughly 80 metres to depth and open for expansion at widths up to 60 metres, grading an average 3,500 parts per million (ppm) lithium.

“We then stepped out to a vertical hole about 350 metres away,” Plateau Chairman Ian Stalker explains. “And we had one hallelujah intersection which we really think is the ‘discovery hole’ of 107 metres true width running at an average 3,500 ppm lithium.”

As a result, Plateau’s focus for the first half of 2018 is to continue drilling and have an updated National Instrument 43-101 compliant lithium resource estimate by May 2018. Drilling so far has focused on less than 15% of the company’s total land package of 910 sq. km.

“It’s one heck of a lithium deposit with a real cherry on the top of a very nice uranium project, quite separate from the lithium,” Stalker says. “It’s not intermingled. It’s two separate deposits with both metals able to be mined separately.”

The company currently has three drill rigs mobilized at Falchani and will drill from 12 platforms.

The holes will be 200-250 metres deep. Ted O’Connor, Plateau

Outcrop at Plateau Uranium Inc.’s Falchani lithium target on its 100% owned Macusani uranium-lithium property in Puno, southern Peru. Photo Credit: Plateau Uranium Inc. CEO, says because the ellipsoid for the lithium rocks is so large, Plateau doesn’t have to space its drill holes less than 150 to 200 metres apart.

“Once we establish that footprint through drilling, which won’t happen overnight, our resource will be one of the largest non-brine lithium resources on the planet — and it’s in unique rocks,” O’Connor says.

U n l i ke m o s t l i t h i u m d e p o s its which are found in brine or pegmatite, Plateau’s lithium is in volcanic rocks. As a result, the company says the lithium is easy to extract. It’s working with ANSTO,

the Australian Nuclear Science and Technology Organisation, to fur ther optimize lithium ex traction and remains hopeful the test work will demonstrate even better economics.

“All the indicators show that it shouldn’t be a problem,” Plateau President and COO Laurence Stefan says.

In 12 hours of continuous leaching, Plateau was able to extract up to 82% lithium in an open circuit sulphuric acid leach operating at 85 degrees Celsius.

In terms of infrastructure the company says it has a very positive

starting point. The Trans-American highway is only 3 km from the project and a hydropower station lies 25 km away. It also has a power line that runs across its site with excess capacity that it could use.

Plateau Uranium was formed at the end of 2014 when Macusani Yellowcake and Azincourt Uranium merged af ter Azincour t sold its Peruvian por tfolio to Macusani.

Macusani then renamed itself Plateau Uranium in 2015.

Two years later the company tabled a strong PEA for the Macusani uranium project with initial

capital expenditure pegged at less than US$300 million and an after tax net present value of US$603 million at an 8% discount rate.

The PEA includes a resource estimate of 95.2 million measured and indicated tonnes grading 0.546 lbs per tonne uranium for 51.9 million lbs uranium.

“We were happy, at that stage and had a ver y good uranium project on our hands , however, the fundamentals of the uranium market remained ver y negative after Fukashima,” says Chairman Stalker. “We went looking internally and found an indication of lithium in some assays that had been taken by the two companies previously.”

Plateau would go on to put out a NI 43-101 c ompliant lithium resource in 2016 of 52 million indicated tonnes grading 0.13% lithium for 67,000 tonnes lithium oxide and 88 million inferred tonnes grading 0.12% lithium for 109,000 tonnes lithium oxide contained entirely within the uranium deposits considered in the PEA. But, Stalker says, Plateau “still wasn’t a very exciting company” until it got access to Chaccaconiza and discovered Falchani.

While Plateau still envisions itself as a future uranium producer, it sees lithium as the more important element at this moment.

“We have to adapt to the market and the market today loves lithium,” says Stefan. “I’m convinced the same market will love uranium in the near future.”

Shares of Plateau Uranium are currently valued at 91¢ with a 52week range of 90¢ to 96¢. The company has a market capitalization of $59 million.

— The preceding Joint Venture Article is promoted content sponsored by Plateau Uranium Inc. and written in conjunction with The Northern Miner. Visit www. plateauuranium.com to learn more.

Landscape at Plateau Uranium Inc.’s Falchani lithium target on its 100% owned Macusani uranium-lithium property in Puno, southern Peru. Photo Credit: Plateau Uranium Inc.

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MARCH 5–18, 2018 / THE NORTHERN MINER

BASE METALS & TECHNOLOGY METALS

WWW.NORTHERNMINER.COM

BASE & TECHNOLOGY METALS SNAPSHOT

Long-forgotten cobalt takes centre stage in high-tech rush The year 2016 may have been the year for zinc, but 2017 and 2018 appear to be the year for more obscure technology metals and minerals like cobalt, lithium, nickel and graphite, which are critical for such high-tech applications as lithium batteries for electric vehicles and large storage batteries. Here are four examples of companies active in the base metals and technology metals space.

ECOBALT ENERGY SOLUTIONS ECobalt Solutions (TSX: ECS; USOTC: ECSIF) is advancing its wholly owned Idaho Cobalt Project (ICP) near Salmon in east-central Idaho within the Idaho cobalt belt.

ECobalt describes ICP as the only near-term, environmentally permitted primary cobalt project in the United States. There is also extensive infrastructure in place.

Some US$120 million has been spent on the site so far, and 12.5 years of mine life have been defined.

This year, eCobalt plans to finalize an optimized feasibility study; advance due diligence with a potential off-take partner; ship a bulk sample for pilot testing; continue mine pre-construction activities; and build up a production-ready team.

A drill rig at First Cobalt’s Greater Cobalt Project in Ontario. FIRST COBALT If all goes well, eCobalt could begin mine construction in the third quarter of 2018 and enter full production in 2020.

Total proven and probable reserves at ICP are 3.66 million tons (3.32 million tonnes) grading 0.47% cobalt, 0.68% copper and 0.016 oz. gold per ton for a contained 34.5

“Our goal is to deliver a world class graphite resource”

million lb. cobalt, 50 million lb. copper and 53,300 oz. gold.

Measured and indicated resources at ICP stand at 3.87 million tons (3.51 million tonnes) grading 0.59% cobalt, 0.95% copper and 0.017 oz. gold per ton. Another 1.82 million tons lie in the inferred category at slightly lower grades.

At last count, eCobalt had $12.6 million in cash and equivalents and no debt.

FIRST COBALT Led by president and CEO Trent Mell, Toronto-based First Cobalt (TSXV: FCC; US-OTC: FTSSF) bills itself as the largest cobalt exploration company in the world, and aims to create the world’s “largest pure-play cobalt exploration and development company.”

T SX-V:L M R OTCQ B:L M RM F FSE:DH 8C

· · · · · · · · ·

Though it was only formed in early 2017, First Cobalt has already accumulated over 100 sq. km of prospective ground in Ontario’s iconic Cobalt camp, with the

company’s Greater Cobalt Project comprising land that includes over 50 past-producing mines, a mill and the only permitted cobalt refinery in North America that makes battery materials.

The company began its first drilling campaign in the Cobalt camp in August.

In February, First Cobalt announced it had begun drilling in the Cobalt North target at the Greater Cobalt Project, near the historic Drummond, Kerr and Conisil mines.

The program finished a maiden drill program in Cobalt South that First Cobalt says found three mineralized areas that will require follow up.

The company sees the following highlights in its recent work: three mineralized areas identified in Cobalt South to date — Woods Extension Zone, Keeley South Zone and Bellellen Mine; an initial Cobalt North drill program to consist of 16 holes for 3,500 metres to follow

2,867.29 Ha Property 2 Zones out of 10 drilled Road to the Property Built 192 km Highway to Port of Montreal 53 km to Imerys Graphite Mine – 25MT, including 5.2MT open pit at 7.42% Cgf Near Surface Mineralization Open Pit, Large Scale Target 10% Cg Zone Discovered

“

* Length along the core. The company does not have enough information to estimate the true width of the mineralized zone intersected in the drill holes.

Electric vehicle (EV) batteries need 10-15 times more graphite than lithium.

By 2040, half the cars on the road will be EVs. Increasing graphite demand will improve the economics of the project and the value of our company.

— Paul Gill, CEO Lomiko Metals Inc.

info@lomiko.comn

| w w w.lomiko.com Workers at eCobalt Solutions’ ICP cobalt project in Idaho. ECOBALT SOLUTIONS

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BASE METALS & TECHNOLOGY METALS

GLOBAL MINING NEWS

up on polymetallic mineralization found in muckpile grab samples that returned grades of up to 0.65% cobalt, with 4,990 grams silver per tonne and up to 1.79% copper with 56 grams silver; and drill-hole targeting in Cobalt North guided by a new 3-D geological model based on historic data compilation and 2017 regional field mapping.

FORTUNE MINERALS Fortune Minerals (TSX: FT; USOTC: FTMDF) is another Canadian junior riding the recent cobalt wave.

Fortune is advancing its vertically integrated NICO cobalt-goldbismuth-copper project, which is comprised of a proposed mine and mill in the Northwest Territories that will produce a bulk concentrate for shipment to a refinery that the company plans to build in Saskatchewan.

Fortune says the products that will be produced at the refinery include cobalt chemicals used to make high performance rechargeable batteries, bismuth metals and chemicals, as well as gold.

With all its assets located in North America, Fortune wants to become a reliable producer of products that are “critical to a growing world economy and otherwise subject to supply chain risks from political and/or policy uncertainty and concentration of supply.”

Fortune also owns the Sue-Dianne copper-silver-gold deposit and other exploration projects in the Northwest Territories, and has the right to repurchase the

THE NORTHERN MINER / MARCH 5–18, 2018

37

Arctos anthracite coal deposits in northwest B.C. that were previously bought by a B.C. Crown corporation, after the project was opposed by local First Nations.

MINFOCUS EXPLORATION Toronto-based junior explorer Minfocus Exploration (TSXV: MFX) is advancing a portfolio of zinc projects in British Columbia, and has a platinum group metals-rich nickel project in northwestern Ontario.

Minfocus notes that its management group has a track record of multiple mineral discoveries worldwide, including gold and uranium deposits in Mongolia and PGMs in Ontario, as well as success in corporate development, M&A and project development.

Minfocus says its corporate strategy is to: explore for metals in highest demand, which was zinc and lead in mid-2017; focus its search in jurisdictions with low political and social risk; target areas with good logistics and superior development potential; and explore deposits to maximum value, and encourage majors to participate.

In September Minfocus finished the initial field program at its Mississippi Valley-type Peregrine zinc property in southeastern British Columbia. The work relocated an area of historic trenching, from which several samples were collected assaying 13% to 35.9% zinc. Minfocus’ geochemical soil survey showed a strong zinc anomaly extending over the entire 650 metres of the surveyed area. TNM

A prospector inspects a zinc-mineralized trench on Minfocus Exploration’s Coral zinc property in northeast British Columbia. MINFOCUS EXPLORATION

Telephone: 514 384-2202 Toll free in North America 1 855 384-2202

110 Place Crémazie West, Suite 430 Montreal, Quebec H2P 1B9

We wish to thank all of our stakeholders for their on-going support!

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Gerald Riverin

Yorbeau Resources has a new trading symbol, TSX: YRB

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President

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Please visit our website at: www.yorbeauresources.com

2018-02-27 9:51 PM

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An electric shovel (left) and a hydraulic shovel loading overburden into a haul truck (right) at the Fort Hills oilsands project, 90 km north of Fort McMurray, Alberta. The project, which produced first oil in January, is owned by Suncor Energy (53.06%), Total E&P Canada (26.05%) and Teck Resources (20.89%). SUNCOR ENERGY

Teck posts record 2017 revenue and cash flow WESTERN CANADA

BY TRISH SAYWELL

F

tsaywell@northernminer.com

avourable commodity prices and a focus on cost control last year drove revenue and cash flow from Teck Resources’ (TSX: TECK.B; NYSE: TECK) operations into record territory.

The company reported revenue of $12.1 billion, up from $9.3 billion in 2016, along with cash flow from operations of $5.1 billion, up from $3.1 billion in 2016.

“This exceeds the record we set in 2011, when commodity prices for both steel-making coal and copper were significantly higher,” Don Lindsay, Teck’s president and CEO, told analysts and investors on a conference call. “This serves to reinforce the results of our ongoing focus on cost control and on optimizing production from our core assets. Most importantly, we set this record while ... improving our safety and environmental performance.”

The full-year results saw Teck’s

| Miner reaps rewards of cost control, optimization and high met coal, copper prices

adjusted profit attributable to shareholders surge to $2.6 billion, or $4.45 per share, from to $1.1 billion, or $1.91 per share, in 2016.

In addition, the company’s liquidity remains strong, standing at $4.8 billion, which includes US$3 billion of undrawn, committed credit facilities and $1 billion in cash as of Feb. 13.

The company also retired US$1.3 billion of term notes and returned $344 million to shareholders in 2017 through dividends. In the fourth quarter, Teck spent $175 million to repurchase 5.9 million Class B subordinate voting shares.

“We are returning significant cash to shareholders. We paid $260 million in dividends in the fourth quarter, including our first supplemental dividend. We also committed to $230 million in buybacks through Q1 of 2018, of which $175 million was completed by year-end,” Lindsay said. “Having achieved our debt-reduction targets, and with our substantial cash generation, our financial position is very strong.”

Meanwhile, Fort Hills produced its first oil on Jan. 27 and remains on track to reach 90% capacity by the end of 2018.

“It’s going very well,” Lindsay said. “This is the culmination of the hard work of thousands of people since the project was sanctioned by the Fort Hills partners in 2013. We look forward to the ramp up to full production and to the continued growth of our energy business.

Fort Hills is a long-life asset that will generate significant value for the company for decades to come.”

Strong prices for Teck ’s base metal products contributed to the company’s solid operating results.

Copper averaged US$2.80 per lb. in 2017, up 27% year-on-year, and touched a three-year high at yearend, finishing at US$3.27 per pound.

Teck attributed the higher copper prices to stronger-than-expected consumer and infrastructure demand in Asia, Europe and North America, as well as sentiment “positively influenced by expectations of future use in clean energy initiatives

“THIS EXCEEDS THE RECORD WE SET IN 2011, WHEN COMMODITY PRICES FOR BOTH STEEL-MAKING COAL AND COPPER WERE SIGNIFICANTLY HIGHER.” DON LINDSAY PRESIDENT AND CEO, TECK RESOURCES

and electric vehicle production.”

Zinc prices touched a 10-year high in October of US$1.51 per pound.

Teck forecasts its steelmaking coal production in 2018 will reach between 26 and 27 million tonnes, compared with 26.6 million tonnes in 2017.

Building, in Quebec, a lithium mine and an electrochemical plant that promise to be the centre of lithium hydroxide production in North America.

PUSH I N G TH E BO UNDARIES • ACCOU NTABIL ITY • CL EVERNES S • COM M I T M E NT 3

w w w. n em a s ka l i t h i u m . c o m info@nemaskalithium.com | 418-704-6038 |

18-0127_Nemaska_Adaptation_Pub_AN_v1.indd 1

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Copper production could be 270,000 to 285,000 tonnes, slightly lower than the 287,300 tonnes in 2017. Between 2019 and 2021, Teck forecasts copper production will range from 270,000 to 300,000 tonnes.

As for zinc, Teck expects that production of zinc-in-concentrate — including zinc production from its copper business — will range from 645,000 to 670,000 tonnes in 2018, compared with 658,700 tonnes last year. For 2019–2021, the company forecasts zinc-in-concentrate production of between 575,000 and 625,000 tonnes (excluding Pend Oreille).

“You know 2017 was a pretty good year — it was an excellent year, really — and we’re feeling pretty good about 2018, and we’re certainly off to a good start,” Lindsay said in his closing remarks.

“You talk about synchronized global growth and we’ve all heard a lot about that, but if you dig down to different levels, you see over 45 different countries growing above trend. This is very widespread growth. Most of us forget what this feels like, but it’s very good for commodity markets, and they are now demand driven, rather than supply driven. We see continued strength in commodity prices, and Teck is certainly well positioned to take advantage of that attractive market backdrop.”

Mining analyst Brian MacArthur of Raymond James has raised his target price on the company to $41 per share from $38.50, while Alex Terentiew of BMO Capital Markets has hiked his to $43 per share from $41. TNM

2018-02-23 4:24 PM

2018-02-27 9:51 PM

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GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 5–18, 2018

39

Lomiko approaches PEA at La Loutre graphite project QUEBEC

| CEO Gill says lithium batteries will spark graphite demand

BY RICHARD QUARISA

L

rquarisa@northernminer.com

omiko Metals (TSXV: LMR) is trying to leverage the recent lithium boom without actually mining any lithium. It says it has found a backdoor into the lithium story, driven by electric vehicles — and it’s graphite.

“Lithium only has a certain amount of shelf life,” Lomiko president and CEO Paul Gill says during a telephone interview with The Northern Miner. “So people buying all this lithium, they’re going to have to turn it into batteries pretty quickly, so they’re going to need graphite to do that.”

Gill says that every lithium ion battery in every electric vehicle contains lithium, but far more graphite.

“The market for electric vehicles is going to take off and there’s going to be a lot of demand,” Gill says.

“It may not be the same cost factor, but you need way more of it, which is going to chew up the supply.”

Lomiko’s most advanced property is its 80% owned La Loutre f lake graphite property, located 117 km northwest of Montreal and 53 km east of Timcal’s Lac des Îles graphite mine in southern Quebec.

The property has a contiguous block of 42 mineral claims totalling 25 sq. km. Canada Strategic Metals (TSXV: CJC) owns 20% of the property.

La Loutre has 18.4 million indicated tonnes grading 3.19% graphite with 16.7 million inferred tonnes grading 3.75% graphite at a 1.5% cut-off rate. The resource lies within the central metasedimentary belt of the Grenville province and includes quartzofeldspathic rocks, quartzite, biotite gneiss, marble and locally pegmatitic quartzofeldspathic rocks.

Before Lomiko, Gill was the vicepresident of business development for Canadian copper company Norsemont Mining. Hudbay Minerals (TSX: HBM; NYSE: HBM) bought Norsemont for $512 million in 2011. When he tried to figure out what the next “big market” would be, he ended up in graphite.

“It’s the weirdest thing, but graphite has better applications in all of the things that copper does,” Gill says. “It’s more conductive — thermally and electrically.”

He thinks lithium has already taken off, but graphite hasn’t. And that’s where he sees an opportunity.

He says a preliminary economic assessment will come in May after

Core samples from Lomiko Metals’ 80%-owned La Loutre flake graphite property, 120 km northwest of Montreal, Quebec. LOMIKO METALS

Lomiko carries out more metallurgical studies and drilling on La Loutre.

Lomiko also announced in early January 2018 at the Consumer Electronics Show in Las Vegas that it would launch a cryptocurrency mining company called Promethieus in conjunction with its 25%-owned subsidiary SHD Smart Home Devices Corporation.

SHD creates home technologies that use graphite as a heat sink. Promethieus may one day use technology containing graphite to manage heat in the power-intensive cryptocurrency mining world. Another of its subsidiaries, Graphene 3D Lab (TSXV: GGG), converts graphite into graphene. In developing these companies, Lomiko has created a web of interconnected businesses.

“We wouldn’t drop mining,” Gill says. “Mining is our focus because we believe graphite has a 20-year life. All these other things are just really good ideas to fill in time until we keep reporting on graphite.

“Because the way investors are these days … they’re jumping here and jumping there, and looking for anything that’s hot.”

Gill adds that Lomiko developed its business this way is to make sure its shareholders know that Lomiko is “aware of different things that

will create value.”

“If we don’t do this as a small company, there are too many months that pass without news on the graphite, so we’ll lose interest and people consider it dead money,” Gill says. “We’ve lost money. Even though we’ve developed our graphite side, we’ve lost value in the eyes of the shareholders because we just can’t move as fast as you need to.

You need to have other things that you can speak about and develop to create value.”

Lomiko has two other properties in Canada, besides La Loutre.

Its wholly owned Quatre Milles graphite property lies 17 km north of Sainte-Véronique, Que., and its Vines Lake polymetallic property is in the Liard mining district of British Columbia.

Shares of Lomiko are valued at 22¢ with a 52-week range of 8¢ to 33¢. The company has a $7-million market capitalization.

“You’re hoping for the home run in graphite, which is where we’re working toward,” Gill says. “But in the meantime we can make money on all these other ones and launch some pretty interesting companies.

“It’s definitely a more sophisticated response than trudging along, looking for rocks in the ground and hoping to sell it to Hudbay.” TNM

A road on the La Loutre graphite property. LOMIKO METALS

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An aerial view of Capstone Mining’s Minto copper-gold-silver mine in the Yukon. CAPSTONE MINING

Pembridge offers cash and shares for Minto mine MINTO From 33

leftovers. So the operation has really been starved of investment for a number of years, and we saw that as an opportunity because for us, it’s really a flagship asset.”

Minto declared commercial openpit production in 2007. Capstone added an underground component in 2014 using room-and-pillar and long-hole stoping retreat mining methods. The 4,000-tonne-per-day processing plant produces concentrate averaging between 35% and 40% contained copper.

Capstone president and CEO Darren Pylot described Minto as a “non-core asset,” and said the deal would strengthen the company’s balance sheet.

The mine chipped in 16,332 tonnes copper, 170,809 oz. silver and 25,205 oz. gold last year. It could produce 19,000 tonnes copper in 2018 at all-in sustaining costs from US$2.55 to US$2.65 per pound.

“There’s certainly going to be a capital injection in the beginning

Copper concentrate in a storage facility at the Minto mine. CAPSTONE MINING

because we need to increase the mine life at an operation that has basically been living from year to year,” Bojtos added. “We believe

we’ll find enough material to keep going for many years based on the geology.

“We’ll also look at modifying

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the mining method to make full use of the current reserves. They’re leaving quite a lot behind in pillars right now. Due to a lack of capital, Capstone never invested in a backfill plant. So there will be changes in the mill,” he said.

Pembridge said it has found “a number of potential operating efficiencies” that could lower Minto’s production costs. The company has reportedly conducted due diligence on the asset for one year.

Pembridge assembled its team as a special-purpose acquisition company to buy operating assets in low-risk jurisdictions. It is undertaking a US$50-million financing to fund the Minto deal.

“We anticipate we’ll be able to attract debt options and offtake financing,” Pembridge CEO David Linsley said. “There are all sorts of working capital options. We could end up raising more capital when all things are taken into account. We’re certainly not going to bootstrap the situation because we want to assure we have sufficient funding to get the operation to where we want it to be.”

Pembridge graduated to the London Stock Exchange soon after

Linsley’s appointment last year. It had a £2.3-million market capitalization at the time of the deal. The company’s advisory board includes: Frank McAllister, former CEO of Stillwater Mining; and Guy Le Bel, who served as vice-president of evaluations at Capstone.

“Yukon has been picking up as a mining jurisdiction in the past few years. You look at the majors investing there and all the exploration that is being undertaken,” Bojtos said. “Many people in the mining business are quite interested in the territory. They’re very much out there saying: ‘Come take a look at us.’ And we did.”

The deal is scheduled to close in April. TNM

“YUKON HAS BEEN PICKING UP AS A MINING JURISDICTION IN THE PAST FEW YEARS.” PETER BOJTOS PRESIDENT, PEMBRIDGE RESOURCES

2018-02-27 9:51 PM

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GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 5–18, 2018

41

Boliden’s Garpenberg zinc mine in central Sweden. BOLIDEN

Global lead, zinc production soars in first 11 months of 2017 FACTS ‘N’ FIGURES

The following is an edited release by the International Lead and Zinc Study Group (ILZSG) of preliminary data for world lead and zinc supply and demand during the first 11 months of 2017. Full details are available in the January 2018 edition of the group’s 77-page “Lead and Zinc Statistics” Bulletin, available at www.ilzsg.org.

Lead market According to preliminary data recently compiled by the ILZSG, world refined lead metal demand exceeded supply by 169,000 tonnes during the first 11 months of 2017.

Over the same period total reported stock levels decreased 33,000 tonnes.

Global lead mine production rose 3% over the first 11 months of 2017, compared to the same period in 2016. This was mainly due to increases in China, India and Kazakhstan that more than offset a significant fall in Australia and reductions in Sweden and the United States.

A 3.1% increase in world refined lead metal output was mainly influenced by higher output in China and India that more than balanced an 8.6% decrease in the United States.

Growth of 4.9% in global refined lead metal usage principally came from rises in China, South Korea and the United States. Apparent demand increased 3.5% in Europe, influenced by increases in Germany and the United Kingdom.

China’s imports of lead contained in lead concentrates fell 7.7% to 643,000 tonnes. Chinese net imports of refined lead metal totalled 77,000 tonnes compared to net exports of 11,000 tonnes during the first 11 months of 2016.

Zinc market Provisional data reported to the ILZSG indicate that the global market for refined zinc metal was in a 485,000-tonne deficit over the first 11 months of 2017, with total reported inventories decreasing 320,000 tonnes over the same

1-16, 23_MAR 5_Main .indd 41

| Zinc output up 4.8% on higher output in Canada, Eritrea, India

GLOBAL LEAD MINE PRODUCTION ROSE 3% OVER THE FIRST 11 MONTHS OF 2017 COMPARED TO THE SAME PERIOD IN 2016, MAINLY DUE TO INCREASES IN CHINA, INDIA AND KAZAKHSTAN THAT MORE THAN OFFSET A SIGNIFICANT FALL IN AUSTRALIA AND REDUCTIONS IN SWEDEN AND THE UNITED STATES. period.

Higher zinc mine production in Canada, Eritrea, India, Namibia and Peru influenced a 4.8% increase in global output, more than offsetting reductions in Australia, Ireland and Sweden.

Overall global output of refined zinc metal decreased a marginal 0.3%, despite a sharp rise in India.

This was mostly due to lower production in Canada, China, South Korea, Peru and Thailand.

World usage of refined zinc

metal rose 1.9%, mainly driven by an increase in apparent demand in China of 2.1%. In Europe and the U.S., usage stayed at a similar level to that in the same period of 2016.

Impor ts into China of zinc contained in zinc concentrates increased 27% to 935,000 tonnes over the first 11 months of 2017.

Chinese net imports of refined zinc metal rose 47.1% to total 562,000 tonnes, of which 123,000 tonnes was imported in November. TNM

Zinc bars produced by Boliden. BOLIDEN

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Global copper mine output shrinks 2.4% in first 11 months of 2017: ICSG FACTS ‘N’ FIGURES The following is an edited release from the International Copper Study Group (ICSG) showing world copper supply and demand for the first 11 months of 2017. For more detailed information, visit www. icsg.org.

W

orld mine production declined an estimated 2 .4% i n t he f i rst 11 months of 2017, with concentrate production declining 2% and solvent extraction-electrowinning (SX-EW), 3.5%.

The decline in world mine production owed to: a 1.6% decline in production in Chile, the world’s biggest copper-mine producing country, which was negatively affected by the strike at the Escondida mine and lower output from Codelco mines; lower concentrate production in Argentina, Canada and Mongolia of 57%, 15.5% and 15%, mainly from lower grades in planned mining sequencing and Argentina’s Alumbrera mine approaching end-of-life; a 14.5% decline in Indonesian concentrate production, with output constrained by a temporary ban on concentrate exports that started in January and ended in April; and a 12% decline in U.S. production owing to lower ore grades, mining rates and unfavourable weather conditions at the start of the year.

| Slipping output from No. 1 producer Chile drags down world production

But these reductions in output were partly offset by 30.5% and 3.7% increases in Kazakhstan and Peruvian mine production, with both countries benefitting from new and expanded capacity that was not yet fully available in 2016.

Brazil, Mexico, Myanmar, Spain and Sweden also contributed to world growth.

On a regional basis, mine production declined 2.5% in t he Americas, 4.5% in Asia, and 5% in Oceania, while increasing 2.5% in Europe (including Russia) and staying the same in Africa.

World refined production increased 0.5% in the first 11 months of 2017, with primary production (electrolytic and EW) declining 1.5%, and secondary production (from scrap) increasing 9%.

Increased availability of scrap allowed world secondary refined production to increase, notably in China.

The main contributor to growth in world refined production was China (increase of 5%), followed by India (6.5%) and some EU countries recovering from maintenance shutdowns in 2016.

However, overall growth was offset by a 7.5% decline in Chile, the second-largest refined copper producer, where both primary electrolytic refined production and EW production declined.

Production also declined in the

THE DECLINE IN WORLD MINE PRODUCTION IN THE FIRST 11 MONTHS OF 2017 WAS MAINLY DUE TO A 1.6% DECLINE IN PRODUCTION IN CHILE, THE WORLD’S BIGGEST COPPER PRODUCER. third and fourth world-leading ref ined copper producers, Japan (-4%) and the United States (-11%).

On a regional basis, refined output increased in Asia (3.5%) and in Europe (3.5%), while declining in the Americas (8%) and in Oceania (15%), and remaining unchanged in Africa (2%).

World apparent refined usage increased a modest 0.6% during the first 11 months of 2017.

Improved scrap supply constrained world refined copper usage growth globally in 2017.

Preliminary data shows that world ex-China use increased 0.3%, while Chinese apparent

usage (representing almost half of world refined usage) increased 0.9%.

Chinese apparent usage (excluding changes in unreported stocks) increased, 0.9% as although refined copper production increased 5%, net imports of refined copper declined 9%.

Among other major copper-using countries, usage increased in India and Japan but declined in the U.S., Germany and South Korea.

Copper market balance World refined copper balance for the first 11 months of 2017 shows a deficit of 195,000 tonnes (including revisions to data previously presented). This mainly owes to an almost stagnant grow th in world refined copper supply.

In developing its global market balance, ICSG uses an apparent demand calculation for China that does not take into account changes in unreported stocks [State Reser ve Bureau, producer, consumer, merchant/ trader, bonded].

To faci l itate g loba l ma rket analysis, however, another line item — Refined World Balance Adjusted for Chinese Bonded Stock Changes — is included, and it adjusts the world refined copper balance based on the average changes in unreported inventories by three consultants with exper-

tise in China’s copper market.

In the first 11 months of 2017, the world refined copper balance adjusted for cha nges in Chinese bonded stocks indicates a 175,000-tonne deficit.

Copper prices and stocks Based on the average of stock estimates by independent consultants, China’s bonded stocks increased 40,000 tonnes in the first 11 months of 2017 from the year-end 2016 level. Bonded stocks increased 25,000 tonnes in the same period of 2016.

As of the end of January, copper stocks held at the major metal exchanges totalled 670,553 tonnes, in an increase of 128,024 tonnes (24%) from stocks held at the end of December 2017.

Compared with the December 2017 levels, stocks were up at the London Metal Exchange (LME) with 52%; Shanghai Futures Exchange, 9%; and Commodity Exchange, 5%.

The average LME cash price for January was US$7,080.30 per tonne, up from the December 2017 average of US$6,801.16 per tonne.

The 2018 high and low copper prices through the end of January were US$7,202.50 per tonne on Jan. 4 and US$6,905 per tonne on Jan 23, and the year average was US$7,080.30 per tonne (15% above 2017 annual average). TNM

A grinding plant that processes ore from Codelco’s El Teniente copper mine in Chile. CODELCO

1-16, 23_MAR 5_Main .indd 42

2018-02-27 9:51 PM

SPECIAL FOCUS

GLOBAL EXPLORATION Drillcore from Chakana Copper’s Soledad copper-gold-silver project in Peru. CHAKANA COPPER

Prospect generator Evrim adds another JV GOLD-SILVER

Do Canadian disclosure obligations apply to your mineral project?

| Junior teams up with major mining companies in Mexico and BC

COMMENTARY

| The ABCs of National Instrument 43-101

BY CAROLE GILBERT Special to The Northern Miner

C

Silver. Ermitano is next to First Majestic’s Santa Elena mine, which started commercial production in August 2014. The discovery hole at the Ermitano West prospect, 3.5 km southeast of Santa Elena, returned an 18-metre intercept grading 11.4 grams gold per tonne and 86 grams silver per tonne, 200 metres below surface.

anadian securities laws impose a variety of disclosure obligations on companies in the mining industry that issue securities in Canada, both public and private. The key piece of legislation, National Instrument 43-101 — Standards of Disclosure for Mineral Projects (NI 43-101), is wide-ranging in application and captures companies who explore for, develop or produce minerals (including industrial minerals and mineral brines), as well as companies with a royalty interest or an interest in the revenue or commodity stream from a proposed or current mining operation.

Such public or private companies are required to ensure that any scientific or technical information that is disclosed to the public, including investors or prospective investors, whether oral or written, is based upon information prepared by or

See EVRIM / 44

See DISCLOSURE / 46

Paddy Nicol, president and CEO of Evrim Resources, viewing core at the Ermitano gold-silver project in Sonora, Mexico. EVRIM RESOURCES

BY TRISH SAYWELL tsaywell@northernminer.com

I

n the last year and a half, Evrim Resources (TSXV: EVM) has signed up two new joint-venture partners on projects in Mexico and British Columbia — Coeur Mining (NYSE: CDE) and Antofagasta (LON: ANTO; US-OTC: ANFGF) — and struck an exploration alliance (its second) with Newmont Mining (NYSE: NEM) looking for gold in the Americas.

The two joint-venture agreements bring Evrim’s total joint ventures to seven, including two with First Majestic Silver (TSX: FR; NYSE:AG) near the latter’s Santa Elena silver-gold mine in Mexico.

“Having one or two joint ventures doesn’t quite do it — you need a bunch of them,” says Paddy Nicol, Evrim’s president and CEO, in an interview. “We always view these partnerships as lottery tickets, at one point one of them is going to hit.

“We’ve got great joint-venture partners,” he adds. “Not only do we utilize their exploration dollars to go and work these projects up, but we also get to tap into their geologic think tanks, and that’s also where we get the benefits from these types of groups.”

Evrim closed its most recent deal in February. Under the joint venture with Coeur Mining, the major can earn up to an 80% stake in Evrim’s Sarape epithermal goldsilver project in Mexico’s Sonora state. Evrim found the low-sulphidation epithermal target in early 2017 and has yet to test it with a drilling program.

1-16, 23_MAR 5_Main .indd 43

The junior has defined two major veins: the Sarape vein, a northwest-trending vein measuring 6 km long and up to 12 metres wide; and the Chiltepin vein, a west-trending vein measuring 2.6 km long and up to 3 metres wide.

“The veins stick out of the ground,” Nicol says, noting that Coeur will spend half a million dollars on exploration there this year.

Under the arrangement, Coeur can earn its 80% by funding US$16.5 million on exploration, paying US$2.4 million in cash and completing a National Instrument 43-101 compliant feasibility study over the next 10 years.

The Sarape project is 40 km north of Evrim’s Ermitano project, another low-sulphidation epithermal project in Sonora, which is under option to First Majestic

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Prospect generator Evrim adds another JV EVRIM From 43

In January, First Majestic released assay results for the other six holes of a 10-hole, 3,200-metre diamond drill program finished in early 2017. Highlights from four holes include 26 metres grading 4.2 grams gold and 52 grams silver; 33 metres grading 3.8 grams gold and 187 grams silver; 14 metres grading 3.3 grams gold and 72 grams silver; and 16 metres grading 2.2 grams gold and 35 grams silver.

“They’re really starting to build on something there,” Nicol says.

“From what they’ve defined so far there is a mineralized zone that is 590 metres long, up to 210 metres deep and about 11 metres thick.”

Mineralization is open at depth and to the west, and First Majestic plans to drill 20,000 metres this year to define a resource on the Ermitano West vein, expand the extent of known mineralization and explore for more veins in the area.

Under the partnership with First Majestic, Nicol says, the major can earn a 100% stake in the project by providing a production notice — supported by permits and an economic forecast by January 2019 — in exchange for a 2% net smelter return royalty (NSR).

“We’re ten to eleven months out and I believe they will make a production decision,” Nicol says.

“We’ll end up with a royalty, which is fantastic, so we’ll see what will happen over the next little while.”

Evrim also has a second jointventure with First Majestic on its Cumobabi copper-moly-gold-silver project, in Sonora, 130 km northeast of Hermosillo. First Majestic is exploring Cumobabi’s 240 sq. km land package for low-sulphidation targets, and the joint venture has similar terms as Ermitano, but if it moves into production, Evrim is entitled to a 1.5% NSR. In south-central British Columbia’s porphyry belt, Evrim has joint-ventured with Antofagasta on two projects, most recently in December 2017 on its Axe property.

The 50 sq. km land package is 20 km north of Princeton.

Copper Mountain Mining’s (TSX: CMMC) Copper Mountain mine is 35 km south, Teck Resources’ (TSX: TECK.B; NYSE: TECK) Highland Valley mine is 100 km north and New Gold’s (TSX: NGD; NYSE-AM: NGD)

“HAVING ONE OR TWO JOINT VENTURES DOESN’T QUITE DO IT — YOU NEED A BUNCH OF THEM. WE ALWAYS VIEW THESE PARTNERSHIPS AS LOTTERY TICKETS, AT ONE POINT ONE OF THEM IS GOING TO HIT.” PADDY NICOL PRESIDENT AND CEO, EVRIM RESOURCES

New Afton mine is 115 km north.

The early-stage Axe project has four known porphyry targets (West, Adit, Mid and South) within a 5 by 3.5 km hydrothermal footprint in B.C.’s Omineca belt. Drilling by previous operators next to the West and South targets returned historic intercepts, including 124.5 metres grading 0.35% copper and 0.22 gram gold.

Evrim bought 100% of Axe from a mining company “that was transitioning into a marijuana company,” Nicol says, but before that, the project had historic work done

by Xstrata.

“Xstrata had spent about US$1.5 million on it in a joint venture with a junior, so when Glencore came and took out Xstrata, all that data was left for us to work up,” he says.

“They had spent the money, done the work and didn’t follow up on it, so we were the beneficiaries of all that data.”

The project also has a National Instrument 43-101 compliant resource dating from 2006 that shows an indicated resource of 39 million tonnes grading 0.38% copper and another 32 million tonnes of 0.38% copper of inferred.

Antofagasta is earning a 70% stake in the project by spending US$50 million on exploration, US$800,000 in cash payments and completing a preliminary economic assessment over a decade.

Evrim’s other joint venture with Antofagasta is B.C.’s Ball Creek project in the Golden Triangle.

Evrim acquired the copper-goldmoly project from a distressed

David Caulfield, Evrim Resources director, at the Axe copper-gold project in south-central British Columbia. EVRIM RESOURCES

junior in 2015 and spent a couple of seasons working on field exploration data and investing a bit of its own cash working on targets.

It signed a definitive agreement with Antofagasta in May 2017.

Under the deal, the major can earn a 70% interest by spending US$31 million or completing a prefeasibility study over 13 years. Last year Antofagasta spent $600,000 on Ball Creek, and Nicol says it will likely spend the same amount this year with a 1,500-metre drill program, as long as the results hold together.

Nicol notes that Evrim picked up Ball Creek for just $150,000 and its

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Axe project for $30,000 — taking advantage of the downturn.

“If I tried to buy a project like Ball Creek today that $150,000 payment would be just to get in the door, it would be a lot more expensive,” he says. “The prices have gone through the roof so the kind of deals we did in 2015 — those types of deals aren’t going to happen now, and won’t for a long time.

“We’re in the beginning of the uptick again, and it was why we did what we did in the downturn … quite frankly, back then when we picked up these targets in 2015– 2016, no one was interested in

them. We spent our time picking up projects and spending money.

We continued to go after projects, targets and ideas.”

In mid-2017, Evrim signed a two-year exploration alliance with a subsidiary of Newmont to make greenfield exploration opportunities for gold. Evrim and Newmont will cofund the US$1.84-million exploration program through a 30 to 70 funding allocation.

During the first phase of the program, Evrim will find projects and conduct sampling and reconnaissance mapping with technical input from Newmont. At the end of the two-year period, Newmont can designate one or more projects for option by making cash payments to Evrim, and solely fund exploration on the projects for up to 10 years, or until it has done a prefeasibility study on a minimum 2 million oz. gold resource, which will earn the major an 80% stake in the project.

Should the exploration partnership get that far, Evrim will have 20% and can keep its interest in the project, or elect to have Newmont fund a feasibility study and trim Evrim’s equity interest to 15%.

At any point, Evrim can switch its equity interest to a 2% NSR, of which 0.5% can be bought for up to US$10 million.

“We can’t say where the exploration partnership is looking. It is a generative alliance, and if you announce where you’re going to look with Newmont, then everyone goes out and stakes ground,” Nicol says. “This is repeat business. We did one with them back in 2012, as well. We were looking in the Trans-Mexican volcanic belt, a much smaller area. This one is much broader.”

Nicol notes that while the 2012 exploration alliance was successful in terms of data collection, “generative exploration in 2012 wasn’t See EVRIM / 48

1-16, 23_MAR 5_Main .indd 44

2018-02-27 9:52 PM

GLOBAL EXPLORATION

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 5–18, 2018

45

GLOBAL MINING AND EXPLORATION SNAPSHOT Gold, silver remain most sought targets worldwide With metal prices strong through 2017 and into 2018, there has been resurgence in activity amongst junior explorers and developers, with an emphasis on gold and silver. The following are five such companies planning for a busy year ahead.

slightly lower grades.

Total contained ounces in all categories is 1.2 billion equivalent oz. silver, and resources remain open along strike and at depth.

Levon aims to improve the project’s economics and is looking at an expanded mill design, as well as more engineering and metallurgical studies.

AURANIA RESOURCES Toronto-based Aurania Resources (TSXV: ARU; US-OTC: AUIAF) is the new Ecuadorian gold-exploration vehicle for CEO and chairman Keith Barron, who cofounded Aurelian Resources, which went on to discover the world-class Fruta del Norte gold deposit in Ecuador, now being built into a mine by Lundin Gold.

ORVANA MINERALS Long a fixture in the Canadian junior mining scene, Toronto-based Orvana Minerals (TSX: ORV; USOTC: ORVMF) is a growing, multimine copper-gold producer, with its El Valle gold-copper mine in Spain and its gold-silver Don Mario mine in Bolivia.

The Aurania team was beefed up in May, when veteran gold explorer Richard Spencer joined the company as president.

Aurania is seeking gold at its Lost Cities project in southeastern Ecuador in the Cordillera del Cutucu region, which is contiguous with the Cordillera del Condor. The Cutucu forms part of the Northern Andean Jurassic metallogenic belt, which contains clusters of porphyry copper, gold-copper skarn and epithermal gold deposits.

After having completed a helicopter-borne geophysical survey of its Lost Cities property last year, Aurania says its next steps

Drillers at Levon Resources’ Cordero silver-polymetallic project in south-central Chihuahua state, Mexico. LEVON RESOURCES LEVON RESOURCES

include more stream-sediment sampling; detailed exploration of prioritized targets; soil sampling; and selection of targets for scout drilling in the second half of the year.

Vancouver-based Levon Resources (TSX: LVN; US-OTC: LVNVF) is exploring for precious metals in Mexico.

Aurania’s stock had a run-up to the $5 mark in December, but has since settled back to $2.45 at press time, for an $80-million market capitalization.

Levon’s key asset is its Cordero silver-polymetallic project in south-central Chihuahua state. The company sees it as “one of Mexico’s premier porphyry targets,” with host

rocks, geology, metal assemblage and size analogous with other bulktonnage silver deposits in Mexico.

Resources at Cordero total 848 million indicated tonnes grading 17.91 grams silver per tonne, 0.479% zinc, 0.254% lead and 0.050 gram gold per tonne, or 41 equivalent grams silver per tonne. In the inferred category are another 92 million tonnes at

For 2018, Orvana is guiding total production of 110,000 to 120,000 oz. gold, plus by-product copper and silver, compared with last year’s 90,292 oz. gold, plus by-product credits.

However, it posted a net loss last year of $15.5 million on revenues of $138 million.

At the end of 2017, Orvana had $21 million in unrestricted cash and $18 million in total debt. In midFebruary its market capitalization was $30 million.

See GLOBAL SNAPSHOT / 47

JOINT VENTURE ARTICLE

Golden Arrow Redoubles Exploration Efforts in Argentina Golden Arrow Resources Corp. (TSXV: GRG) — a member of the Gross Group of companies — is placing its precious and base metal exploration assets in Argentina into a new, 100%-owned subsidiary called New Golden Exploration, now that its more advanced Chinchillas silver project headed towards production under a new joint venture agreement with SSR Mining Inc. (TSX: SSRM; NASDAQ: SSRM).

Chinchillas is loc ated in Argentina’s nor thwesternmost Jujuy province. The project contain 11.7 million proven and probable tonnes grading 154 grams silver per tonne, 1.2% lead and 0.49% zinc for 58 million oz. silver, 310 million lb. lead and 127 million lb. zinc.

Early this decade, Golden Arrow knew it had a strong project but would need to raise a lot of capital to bring it into production. Then, in 2011, SSR (named Silver Standard Resources at the time) found that its Pirquitas silver mine’s reserves were 52% lower than expected.

By 2014 the mine had only four years of reserves left.

“I was sitting and reading that they were shutting down,” Golden Arrow Pre sident and CEO Joe Grosso recalls in an inter view.

“We found out that as the crow flies we were 20-30 km away, which in the mining business is nothing — it’s next door.

“I call it the celestial synergy that pushed us together: They had exactly what we needed, and we had exactly what they needed.”

By 2016, SSR was saying that mining Chinchillas as a satellite deposit was its last chance to

1-16, 23_MAR 5_Main .indd 45

Sampling at Golden Arrow Resources Corp.’s Antofalla silver-gold property in northwest Argentina’s Catamarca province. Photo Credit: Golden Arrow Resources Corp. extend Pirquitas’ mine life.

But the joint venture at Chinchillas between the two companies took two years to consummate. It resulted in Golden Arrow taking a 25% stake in the joint venture company Puna Operations, with SSR owning the remainder and serving as operator.

In essence, the proj ect uses existing SSR infrastructure to fast track Chinchillas into production, with Golden Arrow expecting Puna will start processing Chinchillas ore by the second half of 2018.

“On one side we’ll produce and get cash from production for the next 8-10 years, and on the other side we’re going to continue our very popular and well known ex-

ploration program,” Grosso says.

New Golden is now focused on its Antofalla silver-gold property in Catamarca province of northwest Argentina. It’s currently outlining targets, carrying out geophysical surveying and trenching.

It’s also setting up a camp for drillers, who will kick off an inaugural, 3,000-metre drill campaign in mid-March. Past owners had completed some drilling, but on a different part of the property.

Brian McEwen, Golden Arrow’s Vice-President of Exploration and Development, says that Antofalla is quite similar geologic ally to Chinchillas. The 88 sq. km property features a 4 km by 5 km zone of hydrothermal alteration with an

intense argillic signature.

The company is also working on the $1 million exploration program at its Pescado gold property, first announced in November 2017. The program is include 1,800 metres of drilling, though Golden Arrow says that, for now, Antofalla is its priority.

“In Antofalla we have a lot of work to do before we lose our season,” says McEwen. “We want to get the drilling done by the end of May, so we’ve got a full court press on Antofalla right now. But Pescada’s out there — we’re not done with it yet.”

Pescado is in mining-friendly San Juan province, and the 200 sq. km property is accessible year

round. It is just 10 km south of Yamana Gold’s (TSX: YRI; NYSE: AUY) Gualcamayo gold mine which contains 2.8 million measured and indicated oz. gold and produced 160,000 oz. gold in 2016.

So far, Golden Arrow has built a road into Pescado, dug trenches and taken samples.

The proper t y is one of three that G olden Arrow has in S an Juan along with t wo other s in nearby La Rioj a province. Still, the company is always trying to expand its portfolio.

“We’re always on the hunt for new projects,” says McEwen. “A lot of opportunities have come up with the new government.”

Argentina’s voters elected Mauricio Macri as president of Argentina in 2015. Grosso praises Macri’s government as very pro-mining in comparison with previous Argentinian governments.

“On the exploration side there’s a lot of good opportunities,” adds McEwen. “There are also nearterm production opportunities for Golden Arrow to help bolster up the cash flow, so we’re looking at a lot of proj e c ts and lot of properties. It’s a very busy time.”

Share s of G olden Arrow are currently valued at 63¢ with 52week range of 37¢ to 74¢. The company has a market capitalization of $63 million.

— The preceding Joint Venture Article is promoted content sponsored by Golden Arrow Resources Corp. and written in conjunction with The Nor the rn Mine r. Vis it www.northarrowminerals.com to learn more.

2018-02-27 9:52 PM

46

MARCH 5–18, 2018 / THE NORTHERN MINER

GLOBAL EXPLORATION

WWW.NORTHERNMINER.COM

Do Canadian disclosure obligations apply to your project?

DISCLOSURE From 43

under the supervision of a “qualified person” (QP) or is approved by a QP, as defined in NI 43-101. There are also restrictions on how resources and reserves (whether current or historical) can be presented, and any written exploration information disclosed on a mineral project that is material to the company must be accompanied by detailed supporting information, including: sample types, locations and intervals; as well as sample recovery, quality control and analytical methods.

If you have an interest in a mineral project anywhere in the world, and have issued or will be issuing securities in Canada, you are required to comply with the obligations set forth in NI 43-101. These obligations include: ensuring that any scientific or technical disclosure you make to investors is compliant with the instrument, engaging one or more persons meeting the definition of QP under NI 43-101 to review or supervise the preparation of such information, and, in certain circumstances, preparing and filing a “technical report” in respect of properties that are considered material.

Let us summarize the main obligations arising from NI 43-101, and answer common questions that arise from its application.

1. Who is required to comply?

If you are an issuer in Canada with an interest in a mineral project anywhere in the world, you are required to comply with NI 43-101, even if you are not listed on a stock exchange or otherwise a reporting issuer.

As a result, even if you are a private issuer, if you make any disclosure of scientific or technical information (orally or in writing), you are required to comply with applicable restrictions in the instrument.

A “mineral project” is defined as any exploration, development or

production activity, including: a royalty or similar interest in those activities, in respect of diamonds; natural, solid, inorganic material; or natural, solid, fossilized organic material; including base and precious metals, coal and industrial minerals. This captures brine deposits but does not capture petroleum, natural gas, bitumen sands or shales, groundwater or coal bed methane.

The interest held in the mineral project can be a royalty interest (gross overriding royalty, net smelter return, net profit interest, free-carried interest and product tonnage royalty) or any interest in the revenue or commodity stream from a proposed or current mining operation, such as the right to buy certain commodities produced.

The application of NI 43-101 is not limited to companies that hold mineral properties and engage in exploration, development and production activities on such properties.

2. When is a property considered ‘material’?

Many of the disclosure obligations under NI 43-101, including the obligation to file a technical report, apply only to properties that are considered “material” to the issuer.

An issuer should determine materiality in the context of its overall business and financial condition, taking into account qualitative and quantitative factors, assessed in respect of the issuer as a whole.

There is no bright line test, but the effect on the market price and value of the issuer’s securities in light of current market activity should be considered. As a result, the number and significance of properties in which the issuer has an interest in is relevant.

The companion policy to NI 43-101 states that in most circumstances, an actively trading mining issuer will have at least one material property and that materiality will generally be assessed based

on the issuer’s disclosure record (including whether its disclosure suggests that the results from such property are significant or important), its deployment of resources (i.e., acquisition costs or exploration expenses) and certain other indicators, such as whether money is being raised to explore or develop the property, whether the property is an advanced-stage property or an early-stage property, the size of the issuer’s interest in the property, how the issuer’s interest in the property compares to the issuer’s other active projects, or whether a grouping of non-material properties in an area or region could be material if viewed together.

How you present information to investors will be scrutinized by securities regulators. You should be cautious about the content of public statements made in respect of your properties, and avoid statements like “management is extremely excited” about exploration results on any given property unless it is clear to you that the property is in fact material.

3. What is ‘scientific’ or ‘technical information’?

Although some of the obligations under NI 43-101 apply strictly to disclosure of mineral resources and mineral reserves, many obligations (including the obligation to file a technical report and the obligation that disclosure be approved or based upon information prepared by or under the supervision of a QP) apply more generally to disclosure of “scientific” or “technical information.”

The Ontario Securities Commission has issued presentations suggesting this includes information relating to exploration results (such as sampling, geophysics, drilling and assays), mineral resources and reserves, production information, and information relating to an economic analysis (such as a preliminary economic assessment, prefeasibility

UNCONDITIONAL RETRACTION AND APOLOGY CONCERNING STATEMENTS MADE ABOUT RUSSELL HALLBAUER, BRIAN BATTISON, ROBERT DICKINSON, ROBERT ROTZINGER, JOHN McMANUS AND WILLIAM ARMSTRONG OF TASEKO MINES LIMITED Raging River Capital, LP (“Raging River”), Taseko Mines Limited (“Taseko”) and Taseko’s management engaged in a lengthy and hostile proxy contest in 2016. The majority of Taseko’s shareholders expressed confidence in the company and its existing leadership team and rejected Raging River’s proposals. Raging River regrets the level of rancor reached in this contest and in particular certain statements that were made about Taseko’s management.

Raging River issued the following statement: “We made statements concerning Russell Hallbauer, Chief Executive Officer and a Director of Taseko, Brian Battison, a Vice‐President of Taseko, Robert Dickinson, a member of Taseko’s Board of Directors, John McManus, Chief Operating Officer of Taseko, William Armstrong, a member of Tasekos’s Board of Directors, Ronald Thiessen, Chairman of the Board of Directors of Taseko, and Robert Rotzinger, Taseko’s vice‐President of Capital Projects, which may reasonably have been understood to mean those individuals engaged in insider trading and other conduct contrary to the interest and economic rights of Taseko shareholders.

The overwhelming majority of Taseko’s shareholders expressed their continued support and confidence for Mr. Hallbauer and his colleagues, and no securities regulatory authority found reason to question or fault the trading behavior of Taseko’s insiders. Raging River retracts the statements made in Marketwired Newsreleases on February 29 and March 1, 2016 and in Raging River’s proxy materials and apologizes for any harm or distress caused by those statements.”

Raging River is no longer an interested party and holds no securities issued by Taseko.

1-16, 23_MAR 5_Main .indd 46

Nickel Creek Platinum’s Nickel Shaw nickel-copper-PGM project in southwestern Yukon. NICKEL CREEK PLATINUM

UNDER NI 43-101, INFORMATION MUST BE PRESENTED TO INVESTORS IN A BALANCED WAY, NOT BE OVERLY PROMOTIONAL OR SUGGEST OUTCOMES THAT MAY NOT BE JUSTIFIED BY THE STAGE OF THE PROJECT. study or feasibility study) and capital and operating costs.

The companion policy to NI 43101 also provides clarity on the type of information that is captured, indicating that it specifically includes geostatistical analyses, charts, data tables, assay certificates and drill logs, and that it may include or be based on metal-price assumptions, cash forecasts, projected capital and operating costs, metal or mineral recoveries, mine life and production rates, and other assumptions used in economic analyses.

4. Who can serve as a QP and what disclosure are they required to prepare or sign off on?

A QP is an individual who (i) is an engineer or geoscientist with a university degree, or equivalent accreditation, in an area of geoscience, or engineering, relating to mineral exploration or mining; (ii) has at least five years of experience in mineral exploration, mine development or operation, or mineral project assessment (or any combination of these) that is relevant to his or her professional degree or area of practice; (iii) has experience relevant to the subject matter of the applicable mineral project and technical report; and (iv) is in good standing with a professional association meeting certain requirements.

NI 43-101 requires that all disclosure of scientific or technical information concerning a mineral project on a property material to an issuer — including disclosure of resources or reserves — be based upon information prepared by or under the supervision of a QP or approved by a QP. In addition, if the disclosure is in writing, the name of the QP and his or her relationship to the issuer must be disclosed.

A technical report, however, must be prepared by or under the supervision of one or more QPs, one of whom must have completed a current personal inspection on the subject property.

Also, in certain circumstances, the QP preparing or supervising the preparation of a technical report must be independent of the issuer.

This requirement, however, does not apply if the issuer is a reporting issuer and is also considered a producing issuer under NI 43-101.

You should note that the requirements that apply to QPs under NI 43-101 are different and may be more stringent than those under other disclosure regimes — such as the Joint Ore Reserves Committee (JORC) — therefore issuers reporting in multiple jurisdictions should exercise caution in selecting one or more appropriate QPs.

5. When is a technical report triggered?

Technical reports can be triggered by any written disclosure of scientific and technical information that you make relating to a mineral project on a material property.

A technical report may require significant time and resources to prepare, since the required form of report is quite detailed in scope.

Depending on the type of disclosure that triggered the report, the filing is generally due either concurrently with or within 45 days of the release of the disclosure that triggered it. As a result, an issuer who unwittingly triggers the filing of a technical report may have difficulties meeting the applicable filing deadlines. As a result, it is important to be aware of the technical report triggers that may apply to your company and plan accordingly.

For example, private companies can trigger a technical report filing by issuing an offering memorandum to investors that are not solely accredited investors. Presentations and other investor decks can trigger the filing. Also, any written disclosure of resources, reserves or a preliminary economic assessment that constitutes a material change in relation to an issuer can also trigger the filing.

After the Bre-X Minerals scandal of 1997, Canadian securities regulators tightened their grip on companies in the mining industry.

The resulting legislation, NI 43-101, can appear daunting to navigate, as its requirements are detailed and wide-ranging in application.

Information must be presented to investors in a balanced way, not be overly promotional or suggest outcomes that may not be justified by the stage of the project.

Many of the pitfalls found by mining issuers in Canada can be avoided with good, custom advice and simple planning.

— Based in Montreal, Carole Gilbert is a corporate and commercial lawyer with Norton Rose Fulbright Canada LLP. She focuses on mergers and acquisitions, corporate finance and securities matters, particularly in the mining sector. She has acted for public and private companies in public offerings, private placement financings, and purchase and sale transactions, and advises reporting issuers on corporate governance and ongoing compliance matters.

Gilbert is also a geologist, and worked in gold, uranium and iron ore exploration in Canada, Australia, Mali and Guyana before becoming a lawyer.

Visit nortonrosefulbright.com for more information.

2018-02-27 9:52 PM

GLOBAL EXPLORATION

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 5–18, 2018

47

The mill at Teranga Gold’s Sabodala gold mine in Senegal. TERANGA GOLD

GLOBAL MINING AND EXPLORATION SNAPSHOT GLOBAL SNAPSHOT From 45 This year, the company’s plan is consolidate its baseline production and focus on cost reduction, as well as look at growth opportunities, including exploration in and around its two mines.

royalty business, but has already acquired a portfolio of 174 streams and royalties since 2009, of which 21 of the underlying mines are producing.

SANDSTORM GOLD

Sandstorm says its broad plan is to “grow and diversify its low-cost production profile” by acquiring more gold streams and royalties.

Nolan Watson-led Sandstorm Gold (TSX: SSL; NYSE-AM: SAND) is one of the newer kids on the block in the gold streaming and

Active projects where Sandstorm has a royalty or streaming interest include: McEwen Mining’s Black Fox property in Ontario; Equinox Gold’s

Aurizona Gold mine in Brazil; the HM claim near Kirkland Lake Gold’s Macassa gold mine in Ontario; New Dimension Resources’ precious metal assets in Argentina; Metanor Resources’ Bachelor Lake gold mine in Quebec; and Erdene Resource Development’s Bayan Khundii Gold and Altan Nar projects in Mongolia.

TERANGA GOLD Teranga Gold (TSX: TGZ; US-OTC: TGCDF) owns and operates the Sabodala gold mine — the only

gold mine and mill in Senegal, West Africa. (“Teranga,” the company says, means “hospitality and friendliness” in Wolof, the main local language of Senegal.)

The mine produced a record 233,257 oz. gold in 2017, and Teranga added 40,000 oz. gold to Sabodala’s reserve base.

Located 650 km southeast of the capital Dakar in the prodigious Birimian greenstone belt, Sabodala has operated since 2009.

Teranga also has numerous gold assets in Côte d’Ivoire and Burkina Faso, including its 1.2 million oz. gold Wahgnion development project in the southwestern corner of Burkina Faso, where mine construction is expected to begin after a financing closes.

Teranga’s shareholders include: Tablo Corp. (21.5%); Van Eck Associates (6.8%); Heartland Advisors (4.5%); Ruffer LLP (4.3%); and Oppenheimer Funds (3.5%). TNM

ECUADOR DESTINATION OF MINING INVESTMENT • Ecuador has a privileged geographic location • Low operating costs (electricity, transportation and fuel) • Fiscal stability in contracts • Exemption of the Foreign Exchange Tax wich tariff is 5%, for the mining sector • Standardization of extraordinary income taxes • Reimbursement of Value Added Tax (VAT) as of 2018 • New investment opportunities in small mining • Limited applicatbility of the capital gains tax (only 20% of the company's value is taxed Note: Ecuador is currently working on improving tax incentives so that new companies have better investment conditions.

Scan QR code for complete information @MineriaEc

1-16, 23_MAR 5_Main .indd 47

Ministerio de Minería Ecuador

2018-02-27 9:52 PM

48

MARCH 5–18, 2018 / THE NORTHERN MINER

GLOBAL EXPLORATION

WWW.NORTHERNMINER.COM

African expat salaries back on the rise after tepid 2016

BY LACHLAN SPICER

S

Special to The Northern Miner

alaries for expatriates working in Africa are trending upwards after 85% of mining companies increased wages in 2017, according to research by our African-specialist human resources consultancy firm Globe 24-7.

Our annual African Remuneration and Benefits Benchmarking Report released in November 2017 gathers expatriate remuneration, benefits and employment conditions data from over 2,500 expatriate workers employed by ASX, TSX, JSE and AIM-listed African mining companies.

In 2016, only 40% of companies provided salary increases for expatriate workers, but we saw a renewed optimism across the board, with forecasted increases at 75% in 2017.

These forecasted expectations

COMMENTARY | 85% of companies increased salary in 2017 were not only realized, but sur- are improving. passed, with the amount of comAnother indicator of market THE ACTUAL SALARY INCREASE AMOUNT panies providing salary increases stability highlighted in the report MAY NOT SOUND SIGNIFICANT, BUT THE growing to 85%. This tells an is the reduction in the overall UPWARD TREND SUPPORTS THE VIEW important story that companies involuntary turnover rate from have returned or are returning 18% in 2016 to 9% in 2017. This THAT THE INDUSTRY IS STRENGTHENING to financial stability and health. highlights that redundancies, dis- AND CONDITIONS ARE IMPROVING. With expatriate salary reviews missals and retrenchments have typically discretionary, the step become far less prevalent during to provide salary increases is ef- the year, and the rightsizing seen fectively “handing back” some of in previous years is happening the company’s profit — indicating less often. year is much greater stability than With Africa experiencing a rethat companies operating in Africa Africa remains a male-domi- the previous three to four years, emergence of activity — particuare seeing their confidence return. nated workplace, with only 6% but cost-management remains larly through newer commodities While reintroduced salary in- of expatriate workers on average priority. such as lithium, cobalt and graphcreases is good news for expatriate being female, although a number Understanding that expatri- ite — we expect 2018 to see a new workers, the amounts are modest, of companies are taking steps to ate salary benchmarks and other injection of skilled employees in with an average 2% given in 2017. implement programs to see this employee cost-related items such the expatriate marketplace.

This is up from 1.3% in 2016, number increase. as rosters, f lights, travel class, and forecasts for 2018 could be The mix of expatriates has never insurance providers, and long- — Lachlan Spicer is principal higher at 2.3%. been higher, with over 90 different term and short-term incentives and CEO of Globe 24-7 Pty Ltd., The salary increase amount nationalities represented in the all impact the bottom line has a consulting firm specializing in may not sound significant, but African mining community. Fifty become critical for management human resources and executive the trend increasing year-on-year percent of this group come from to help make business decisions search with eight offices on six supports the view that the industry within the African continent itself. concerning human resource poli- continents. Visit www.globe24-7. is strengthening and conditions What we’re seeing in Africa this cies and practices. com for more information.

Evrim adds another JV EVRIM From 44

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making the grade for any major company. So while the work that was done was good — and that’s why you see the repeat business — it just wasn’t the time to do generative exploration.”

In addition to Evrim’s alliances and joint ventures with the majors, it has joint ventured for the first time with junior Harvest Gold (TSXV: HVG) on its Cerro Cascaron project, a low-sulphidation, epithermal target in Mexico.

The project covers 69 sq. km in a historic, Colonial-era mining district in the Sierra Madre Occidental precious metals belt of western Chihuahua state, and Harvest Gold can earn up to 80% in the project by funding $6 million in exploration, paying $1.1 million in cash and giving 2 million Harvest shares to Evrim.

“We staked the ground and the first sample that came back was very anomalous, but it got us ex-

cited about the region,” Nicol says.

“It was a piece of vein that was exposed at surface that had fallen open and there was visible gold all over it. It was a rock sample that ran 1,670 grams gold per tonne. It was a whopper, it got us interested in the region, and that’s why we picked it up.”

While Evrim has never before done a joint-venture deal with a junior, Nicol says it has its advantages because smaller companies “are always very results-oriented, in terms of getting news out to the market.

“Harvest Gold was aggressive with what they wanted to do on the project in terms of drilling, and we agreed with the exploration mandate they have,” Nicol says, adding that he expects to see 3,000 metres of drilling in 2018. “This year they have to fund $1-million worth of exploration, so they’re going to be hitting it very hard.”

In addition to its joint ventures, Evrim has chosen to work alone

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on one of its projects — the Cuale high-sulphidation project in Mexico’s Jalisco state. The 147 sq. km, early-stage exploration property is 185 km west of Guadalajara in the Cordillera Madre del Sur. The project is subject to a 1.5% NSR for precious metals and a 1% NSR for base metals payable to Altius Minerals (TSX: ALS).

Cuale is situated within the Talpa de Allende area of Jalisco, near Agnico Eagle Mines’ (TSX: AEM; NYSE: AEM) Barqueno project and Endeavour Silver’s (TSX: EDR; NYSE: EXK) Terronera project.

“High-sulphidation deposits in the Sierra Madres are not common, they’re pretty rare, in fact,” Nicol says. “And when you do find them, they go on to be successful and become producing mines. Look at Goldcorp’s El Sauzal mine, Alamos Gold’s Mulatos mine and even Agnico Eagle’s La India project. El Sauzal is a past producer — they shut down about a year ago — Mulatos is in production and La India is being developed.”

Nicol points out that El Sauzal, Mulatos and La India are all in the northern part of the Sierra Madre and Cuale is in the southern part, but they all started off as prospective, high-sulphidation targets.

“Cuale is a brand-new project and could be a project that we might treat as something that we drill on our own,” he says. “Typically we don’t drill them ourselves. We put them in joint-venture hands, but at some point in every project generator’s life they decide to drill something themselves.”

The company did work there in December, including three trenches, one of which came back with a 9.4-metre intercept of 7.4 grams gold.

“That was very encouraging and the fact that it was the entire length of the trench makes it even more so,” Nicol says. “It’s a project that could be a stand-alone and Evrim has never done it before, so we’re extremely excited.”

Evrim Resources was founded in late 2010 and started trading on the TSX Venture Exchange in January 2011.

At press time Evrim’s shares were trading at 42¢ apiece. The company has 66 million common shares outstanding for a $28-million market capitalization. TNM

2018-02-27 9:52 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 5–18, 2018

49

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MARCH 5–18, 2018 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / FEBRUARY 19–23 The S&P/TSX Composite Index rose 1.20% to 15,638.45. The S&P/TSX Global Mining Index fell 0.56% to 72.96. A rising U.S. dollar put pressure on the gold price, which dropped US$18.30 per oz., or 1.36%, to finish at US$1,328.20 per ounce. The S&P/TSX Global Gold Index declined 2.57% to 182.59.

Shares of Kirkland Lake Gold jumped $1.08 to $19.75 on the back of solid 2017 production and financial results. The company produced 596,405 oz. — a 90% increase over 2016.

Operating cash costs averaged US$481 per oz. sold, in a 16% improvement from 2016, while all-in-sustaining costs of US$812 per oz. were a 13% improvement year-on-year.

Net earnings came in at US$132.4 million, or 64¢ per basic share, up from US$42.1 million (35¢ per share) in 2016. Adjusted net earnings from continuing operations clocked in at US$149.1 million (72¢ per share), up 120% year-on-year. Cash flow from operating activities totalled US$309.8 million, in a 66% year-on-year increase. Kirkland Lake also noted that it spent US$48.4 million on exploration and evaluation last year, up from US$15.8 million in 2016.

First Quantum Minerals rose 29¢ to $21.10 per share. The company is launching a US$1.5-billion offering of senior notes, with one tranche due in 2024 and another tranche in 2026. The company intends to use

the proceeds from selling the notes to repay amounts drawn and outstanding under a revolving-credit facility it entered into on Oct. 19, 2017.

Strong financial results lifted shares of OceanaGold 25¢ to $3.43. The company reported record net profit in 2017 of US$172 million on record revenue of US$724 million. Net profit was 26% higher than 2016 (despite a non-cash impairment of US$18 million taken in the second quarter, related to OceanaGold’s El Salvador business), and revenue was 15% higher year-on-year. The company also reported that it had lowered its net debt by US$88 million in the fourth quarter, with debt repayments of US$78 million. The company increased its cash balance from US$61 million to US$73 million in the TSX MOST ACTIVE ISSUES

Lundin Mng Yamana Gold First Quantum B2Gold Kinross Gold Eldorado Gold Suncor Energy Barrick Gold Goldcorp HudBay Mnls

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

LUN YRI FM BTO K ELD SU ABX G HBM

19196 8.74 8.28 8.54 + 0.07 16970 4.13 3.69 3.73 - 0.20 15565 21.30 20.02 21.10 + 0.29 15159 3.87 3.59 3.82 + 0.16 14857 4.99 4.54 4.55 - 0.40 13253 1.47 1.36 1.38 - 0.02 13178 44.31 42.36 43.60 + 0.24 12257 16.76 15.37 15.40 - 1.12 12147 17.26 16.06 16.27 - 0.67 9698 11.24 10.11 10.31 - 0.18

final three months of 2017, while lowering its revolving credit facility from US$273 million to US$200 million.

Nautilus Minerals surged 56% to 34¢ per share on no news. On Feb. 27, the company announced results of a preliminary economic assessment of its Solwara 1 deep-sea mining project in the Bismarck Sea of Papua New Guinea. The PEA models first production starting in the third quarter of 2019 and a 15-month

ramp up to steady production of 3,200 tonnes per month. The PEA outlined steady production per quarter of 20,000 tonnes copper and 29,000 oz. gold. “Expected steady-state C1 operating costs of US80¢ per lb. copper sit comfortably in the lower half of the first quartile of the production curve, and highlight the potentially seriously disruptive nature of seafloor mining to the world’s mining industry,” CEO Mike Johnston said in a press release. TNM

TSX GREATEST PERCENTAGE CHANGE

Nautilus Mnrls Fortune Mnrls St Augustine China Gold Int Freegold Vent Azarga Uranium Niocorp Dev Silver Bear Rs Atlatsa Res Nutrien Northcliff Res Forsys Metals U3O8 Corp Timmins Gold Redhawk Res Taseko Mines Aura Mnls Torex Gold Verde Potash Midas Gold

NUS FT SAU CGG FVL AZZ NB SBR ATL NTR NCF FSY UWE ALO RDK TKO ORA TXG NPK MAX

5149 4123 167 1768 521 296 905 571 321 5510 644 230 45 715 132 3227 23 2279 142 2484

0.39 0.22 0.34 0.30 0.24 0.30 0.03 0.03 0.03 2.95 2.43 2.93 0.10 0.08 0.10 0.27 0.22 0.27 0.75 0.62 0.75 0.30 0.25 0.29 0.05 0.00 0.04 64.11 55.45 63.80 0.14 0.12 0.12 0.12 0.10 0.10 0.43 0.36 0.36 3.88 3.25 3.30 0.04 0.03 0.03 2.37 1.84 1.98 2.88 2.50 2.52 13.01 11.08 11.16 0.71 0.62 0.63 0.97 0.73 0.85

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

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Nutrien Kirkland Lake Franco-Nevada China Gold Int First Quantum Guyana Gldflds OceanaGold Suncor Energy Gran Colombia Centerra Gold Agnico Eagle Torex Gold Barrick Gold Osisko Gold Pretium Res Labrador Iron Goldcorp North Am Pall Alamos Gold Endeavour Mng

55.8 20.4 20.0 18.6 17.6 17.4 17.2 16.0 14.3 14.3 17.9 16.7 16.3 14.3 14.3 12.8 12.5 12.5 10.0 9.6

VOLUME WEEK (000s) CLOSE CHANGE

NTR KL FNV CGG FM GUY OGC SU GCM CG AEM TXG ABX OR PVG LIF G PDL AGI EDV

5510 63.80 5919 19.75 2159 92.96 1768 2.93 15565 21.10 1809 4.79 6528 3.43 13178 43.60 946 2.60 2413 6.72 6652 51.39 2279 11.16 12257 15.40 4626 12.50 2912 7.94 780 25.55 12147 16.27 69 10.01 4592 6.45 1119 23.20

+ 7.96 + 1.08 + 0.50 + 0.46 + 0.29 + 0.25 + 0.25 + 0.24 + 0.23 + 0.22 - 2.73 - 1.59 - 1.12 - 0.87 - 0.82 - 0.79 - 0.67 - 0.66 - 0.59 - 0.57

TSX VENTURE EXCHANGE / FEBRUARY 19–23 Cobalt 27 Capital jumped $1.86 to $13.32 per share. The company has acquired a 1.75% net smelter return royalty on production from the Dumont nickel-cobalt project in Quebec.

The fully permitted and construction-ready nickel sulphide project could produce by 2020.

Dumont has proven and probable reserves of 1.18 billion tonnes ore containing 6.9 billion lb. nickel and 278 million lb. cobalt, and an estimated 33-year mine life. RNC Minerals Corp. holds the operating interest in the project.

Shares of Standard Lithium surged 46¢ to $2.43. The company closed a $21.6-million, bought-deal private placement on Feb. 16, and is exploring its Bristol Dry Lake lithium project in the Mojave region of San Bernardino County, California. Standard Lithium is also evaluating resources at its brine leases in the Smackover Formation in southern Arkansas.

Novo Resources posted a 36¢ gain to $3.66.

The last press release the company issued was on Feb. 14, in which it announced it was starting work at Comet Well, a farm-in and joint venture it has with two Pilbara-based prospectors. The company also updated investors on its Purdy’s Reward project, a farm-in and joint venture with Artemis Resources. Both Comet Well and Purdy’s Reward are part of Novo’s Karratha gold project in Western Australia. Novo said it has started

diamond drilling and trenching at Comet Well and noted that more bulk-sample results from Purdy’s Reward have helped it plan for follow-up work. Scout diamond core drilling has started along a 2.5 km long, 500-metre wide, northeast-trending corridor from areas drilled last year at Purdy’s Reward to an “intensely prospected area” called the Powerline showing on the Comet Well tenements. The drill program is designed to evaluate the position, thickness and dip of gold-bearing conglomerates that sub-crop along the corridor. Novo plans to drill vertical scout holes along the corridor on a 200-metre grid, and more tightly spaced holes in trenching areas to better understand subsurface geology before bulk sampling begins.

At the end of 2017, Novo collected samples TSX-V MOST ACTIVE ISSUES

Graphite One Cdn Platinum Leeta Gold Spearmint Res Gratomic ML Gold Corp Azincourt Ener Peat Res Jaxon Mining Adamera Mnls

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

GPH 22324 CPC 11719 HIVE 9700 SRJ 6099 GRAT 5489 MLG 5312 AAZ 4891 PET 4808 JAX 4807 ADZ 4598

0.12 0.03 2.24 0.11 0.24 0.26 0.19 0.39 0.29 0.20

0.06 0.02 1.85 0.09 0.17 0.22 0.16 0.20 0.16 0.16

0.09 + 0.02 0.02 unch 0.00 1.89 - 0.16 0.10 unch 0.00 0.23 + 0.05 0.25 + 0.01 0.17 unch 0.00 0.34 + 0.13 0.16 - 0.09 0.18 + 0.01

of around 6 tonnes from trenches at Purdy’s Reward. The samples were collected after recognizing the mineralization’s extreme nugget nature, occurring mostly near the base of the conglomerate sequence. Novo says one of these bulk samples will be the first through the new SGS plant. “Five- to 15-tonne bulk samples are clearly necessary to get a better handle on gold grades, and we

are now in a position to collect these, having recently secured a test plant at SGS, capable of processing such large volumes of material,” Quinton Hennigh, Novo’s chairman and president, said in a news release. “Over the coming months, we anticipate collecting numerous bulk samples at Comet Well and Purdy’s Reward to begin to assess grade and continuity of this deposit.” TNM

TSX-V GREATEST PERCENTAGE CHANGE

Whitemud Res Aurora Royal Peat Res Nitinat Mnls Grizzly Discvr Tembo Gold Ross River Quadro Res Colombia Crest Erin Ventures Troy Enrgy Jaxon Mining Parallel Mng Barker Mnrls Mezzotin Mnrls Meridian Mg Trinity Valley Bayswater Uran Quinto Res Pac Bay Mnrls

WMK.H AUR.H PET NZZ GZD TEM RRM.H QRO CLB EV TEG.H JAX PAL BML MEZ.H MNO SOCK BYU.H QIT PBM

10 100 4808 454 579 2532 364 223 1146 347 315 4807 664 382 119 79 111 104 939 1028

0.02 0.24 0.39 0.45 0.14 0.04 0.02 0.09 0.02 0.25 0.10 0.29 0.06 0.02 0.02 0.31 0.15 0.04 0.07 0.06

0.01 0.12 0.20 0.25 0.09 0.02 0.01 0.06 0.01 0.14 0.05 0.16 0.04 0.01 0.01 0.19 0.11 0.00 0.05 0.03

0.02 0.24 0.34 0.39 0.14 0.03 0.02 0.09 0.02 0.20 0.06 0.16 0.04 0.01 0.01 0.22 0.11 0.03 0.05 0.04

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 100.0 + 71.4 + 61.9 + 56.0 + 55.6 + 50.0 + 50.0 + 50.0 + 50.0 + 42.9 - 40.0 - 34.7 - 33.3 - 33.3 - 33.3 - 30.6 - 30.0 - 28.6 - 28.6 - 27.3

VOLUME WEEK (000s) CLOSE CHANGE

Cobalt 27 Cap Standard Lith Till Capital Novo Res Wolfeye Res Metalore Res Karmin Expl Rock Tech Lith SilverCrest Mt Frontier Lith Kitrinor Mtls Abitibi Royalt Bacanora Mnls Garibaldi Res Gold Reserve Almadex Min Aurania Res Millennial Lit Leeta Gold Comet Inds

KBLT SLL TIL NVO LXG MET KAR RCK SIL FL SCYB RZZ BCN GGI GRZ AMZ ARU ML HIVE CMU

557 13.32 1180 2.43 1 4.65 1089 3.66 960 1.41 1 2.50 18 0.98 78 1.55 272 2.39 871 0.80 221 23.25 9 9.77 111 1.56 896 2.31 31 3.17 175 1.30 84 2.60 1983 3.70 9700 1.89 7 2.95

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

1.86 0.46 0.36 0.36 0.26 0.26 0.20 0.15 0.15 0.15 4.65 0.48 0.33 0.28 0.21 0.21 0.19 0.19 0.16 0.15

U.S. MARKETS / FEBRUARY 19–23 Gold closed at US$1,328.20, down 1.36% over the previous week, as U.S. markets slipped.

The Philadelphia Gold and Silver Index fell 3.24% to 80.53 and the Dow Jones Industrial Average fell 0.36% to 25,309.99, while the S&P 500 Index rose 0.55% to 2,747.30.

Shares of Sibanye Gold fell 11.4% to US$4.12. The stock plunged after the South African miner said it would consider selling assets and metal streams to lower debt after its US$2.2-billion acquisition of U.S.-based Stillwater Mining. The company may also move its primary listing to North America from Johannesburg to help fund future deals.

Meanwhile, the company faces ongoing safety issues at its South African operations.

In February 2017, two trapped miners were confirmed dead at Sibanye’s Kloof gold mine in Gauteng after a ground fall. A few weeks earlier, 955 miners were trapped in Sibanye’s Beatrix gold mine near Welkom after an electrical outage during a storm. The miners were eventually rescued.

Shares of Kinross Gold fell 8.9% to US$3.59.

The company bought two hydroelectric plants for US$257 million to power its Paracuta gold mine in Brazil’s Minas Gerais region.

50_MAR5_MarketNews.indd 50

The company has said that the power plants, located 660 km west of Paracuta, will cut future power purchases by 70%.

In 2017, Kinross produced 360,000 equivalent oz. gold at Paracuta, and the mine still has 8.8 million proven and probable oz. gold.

Kinross expects to mine ore at Paracuta until 2030, but process stockpiled ore until 2032.

Shares of Southern Copper rose US$1.67 to US$52.17. In February, the company won a tender to develop Peru’s Michiquillay copper project by outbidding Minera Milpo. Michiquillay is located in the country’s northern Cajamarca region and is expected to process U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Vale* VALE 126969 14.37 13.64 14.20 + 0.08 United States S* X 103762 46.82 38.59 43.52 - 1.23 Frprt McMoR* FCX 77843 19.63 18.27 19.55 + 0.82 Yamana Gold* AUY 73869 3.29 2.91 2.95 - 0.17 Barrick Gold* ABX 71654 13.37 12.11 12.18 - 1.00 Cleveland-Clif* CLF 68385 8.07 7.18 7.49 - 0.43 Kinross Gold* KGC 55133 3.99 3.58 3.59 - 0.35 Eldorado Gold* EGO 44319 1.18 1.08 1.08 - 0.04 Goldcorp* GG 41636 13.76 12.66 12.84 - 0.66 Chevron Corp* CVX 34082 112.94 108.90 112.59 + 0.45

80,000 tonnes of ore per day. The asset belonged to Anglo American until the company dropped it in 2014 after deciding to reallocate capital to projects it said offered greater value.

Southern Copper reported US$1.86 billion in fourth-quarter 2017 net sales — 33% higher

than the same quarter of the previous year.

However, the company also faced a one-time, non-cash income tax reform adjustment after new U.S. income tax legislation that cost it US$743 million. The payout lowered the company’s 2017 net income to US$728.5 million. TNM

U.S. GREATEST PERCENTAGE CHANGE

Nutrien* NTR Mosaic* MOS Intrepid Pots* IPI Arch Coal* ARCH Kirkland Lake* KL Freeport McMoR* FCX Vedanta* VEDL Southern Copp* SCCO DRDGOLD* DRD CONSOL Energy* CNX Sibanye Gold* SBGL Pretium Res* PVG Alamos Gold* AGI Kinross Gold* KGC McEwen Mng* MUX IAMGOLD* IAG Barrick Gold* ABX Osisko Gold* OR Agnico Eagle* AEM AngloGold Ash* AU

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

12863 50.67 44.18 50.32 + 13.3 33781 28.84 25.43 28.74 + 13.0 3997 4.03 3.47 3.88 + 8.1 1851 98.95 91.76 97.79 + 5.8 4862 15.99 14.07 15.60 + 5.0 77843 19.63 18.27 19.55 + 4.4 2647 20.96 19.97 20.91 + 3.9 5067 52.22 49.29 52.17 + 3.3 230 3.15 2.95 3.05 + 2.0 18881 15.15 14.24 14.97 + 1.4 19784 4.76 3.92 4.12 - 11.4 8893 7.14 6.26 6.27 - 10.3 11881 5.78 4.91 5.09 - 9.4 55133 3.99 3.58 3.59 - 8.9 15533 2.39 2.06 2.09 - 8.3 31817 6.16 5.27 5.43 - 7.7 71654 13.37 12.11 12.18 - 7.6 4071 10.83 9.51 9.87 - 7.1 10603 44.05 39.75 40.56 - 5.9 13605 10.77 9.76 9.88 - 5.5

U.S. GREATEST VALUE CHANGE

Nutrien* NTR Arch Coal* ARCH Mosaic* MOS Southern Copp* SCCO Freeport McMoR* FCX Vedanta* VEDL Kirkland Lake* KL Chevron Corp* CVX CONSOL Energy* CEIX Peabody Enrgy* BTU MartinMarietta* MLM Agnico Eagle* AEM United States S* X Barrick Gold* ABX Osisko Gold* OR Rio Tinto* RIO Pretium Res* PVG Alcoa* AA Goldcorp* GG AngloGold Ash* AU

VOLUME WEEK (000s) CLOSE CHANGE

12863 50.32 1851 97.79 33781 28.74 5067 52.17 77843 19.55 2647 20.91 4862 15.60 34082 112.59 1886 32.98 6117 40.92 2912 211.58 10603 40.56 103762 43.52 71654 12.18 4071 9.87 13202 57.07 8893 6.27 23497 46.70 41636 12.84 13605 9.88

+ 5.90 + 5.32 + 3.31 + 1.67 + 0.82 + 0.79 + 0.74 + 0.45 + 0.41 + 0.37 - 4.67 - 2.54 - 1.23 - 1.00 - 0.76 - 0.75 - 0.72 - 0.66 - 0.66 - 0.57

2018-02-27 9:14 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / MARCH 5–18, 2018

51

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 Tuesday, February 27, 2018 Precious Metals Price (US$/oz.)

Change Gold 1332.75 -4.65 Silver $16.61 -0.04 Platinum $1005.00 -5.00 Palladium $1061.00 +11.00 Base Metals Nickel Copper Lead Zinc

Price (US$/tonne) Change $13825.00 -95.00 $7031.50 -78.50 $2567.50 -8.00 $3483.00 -47.00

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, February 7, 2018 (change from January 31, 2018 in brackets): Aluminium Alloy 12808 (-212) Aluminium 1326825 (+31400) Copper 331575 (-6700) Lead 113050 (-3325) Nickel 335994 (-2934) Tin 1885 (+25) Zinc 138225 (-10875)

Thermal Coal CAPP: US$40.00 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$63.10 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$12.40 Cobalt: US$36.96/lb.

Copper: US$3.21/lb.

Copper: CME Group Futures April 2018: US$3.18/lb.; May 2018: US$3.19/lb Ferro-Chrome: US$2.90/kg Ferro Titanium: US$4.80/kg FerroTungsten: US$30.30/kg Ferrovanadium: US$32.60/kg Iridium: NY Dealer Mid-mkt US$980.00/tr oz.

Iron Ore 62% Fe CFR China-S: US$80.00/tonne Iron Ore Fines: US$71.40/tonne Iron Ore Pellets: US$105.20/tonne Lead: US$1.15/lb.

Magnesium: US$2.25/kg Manganese: US$2.06/kg Molybdenum Oxide: US$7.26/lb.

Phosphate Rock: US$80.00/tonne Potash: US$224.00/tonne Rhodium: Mid-mkt US$1,860.00 tr. oz.

Ruthenium: Mid-mkt US$200.00/tr. oz.

Silver: Handy & Harman Base: US$16.57 per oz.; Handy & Harman Fabricated: US$20.70 per oz.

Tantalite Ore : US$151.80/kg Tin: US$9.82/lb.

Uranium: U3O8, Trade Tech spot price: US$21.90; The UX Consulting Company spot price: US$21.75/lb.

Zinc: US$1.62/lb.

Prices current Feb. 27, 2018

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

Index Feb 23 Feb 22 Feb 21 Feb 20 Feb 19 High Low S&P/TSX Composite 15638.45 15508.17 15524.01 15439.44 15452.64 15527.30 12400.15 S&P/TSXV Composite 826.09 829.19 828.07 832.82 830.17 1050.26 883.52 S&P/TSX 60 926.42 917.93 918.59 911.85 913.02 896.74 709.99 S&P/TSX Global Gold 182.59 181.84 182.98 183.21 187.41 218.90 149.29 DJ Precious Metals 159.03 159.03 160.44 161.59 166.24 420.72 130.95

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Feb 16, 2018 (with changes from Feb 01, 2018) Largest short positions Eldorado Gold ELD 16528713 -1626501 2/1/2018 Sandstorm Gold SSL 15960585 -463609 2/1/2018 Ivanhoe Mines IVN 14216693 332377 2/1/2018 Suncor Energy SU 12484527 260521 2/1/2018 Turquoise HIl TRQ 9753576 185223 2/1/2018 First Quantum FM 9746089 2081758 2/1/2018 OceanaGold OGC 9381354 -190430 2/1/2018 Nevsun Res NSU 8133296 1264221 2/1/2018 First Majestic FR 7171969 599706 2/1/2018 Yamana Gold YRI 7062935 -1016892 2/1/2018 Alacer Gold ASR 6674122 -56002 2/1/2018 McEwen Mng MUX 6595802 287198 2/1/2018 Copper Mtn Mng CMMC 6557114 540863 2/1/2018 B2Gold BTO 6277913 -300344 2/1/2018 Kinross Gold K 6194783 2667991 2/1/2018 Largest increase in short position ECS 4797809 4193866 2/1/2018 eCobalt Solns Kinross Gold K 6194783 2667991 2/1/2018 Primero Mng P 2651850 2177928 2/1/2018 First Quantum FM 9746089 2081758 2/1/2018 Sabina Gd&Slvr SBB 1708889 1343973 2/1/2018 Largest decrease in short position AKG 4225397 -2433387 2/1/2018 Asanko Gold Lundin Mng LUN 5088103 -1629784 2/1/2018 Eldorado Gold ELD 16528713 -1626501 2/1/2018 Yamana Gold YRI 7062935 -1016892 2/1/2018 Osisko Mng Inc OSK 2924944 -671054 2/1/2018

Short positions outstanding as of Feb 16, 2018 (with changes from Feb 01, 2018) Largest short positions Leeta Gold HIVE 13665458 1171558 2/1/2018 Cypress Dev CYP 2187335 2090835 2/1/2018 Noble Mnl Expl NOB 1813800 -53075 2/1/2018 SilverCrest Mt SIL 1662400 155700 2/1/2018 Neo Lithium NLC 1479171 3342 2/1/2018 Garibaldi Res GGI 937222 -130778 2/1/2018 Advantage Lith AAL 722200 -612490 2/1/2018 US Cobalt USCO 661264 16715 2/1/2018 Osisko Metals OM 636000 102800 2/1/2018 Bankers Cobalt BANC 550579 177679 2/1/2018 Gratomic GRAT 533771 32829 2/1/2018 Sunvest Mnrls SSS 524400 524400 2/1/2018 Blue Rvr Res BXR 453300 442100 2/1/2018 Zinc One Res Z 445301 82468 2/1/2018 Canada Cobalt CSR 424750 196192 1/16/2018 Largest increase in short position Cypress Dev CYP 2187335 2090835 2/1/2018 Leeta Gold HIVE 13665458 1171558 2/1/2018 Sunvest Mnrls SSS 524400 524400 2/1/2018 Blue Rvr Res BXR 453300 442100 2/1/2018 Nouveau Monde NOU 282400 273900 2/1/2018 Largest decrease in short position AGB 153500 -1490100 2/1/2018 Atlantic Gold Noram Vent NRM 65663 -1133873 2/1/2018 Redstar Gold RGC 3000 -838900 2/1/2018 QMX Gold QMX 979 -751121 2/1/2018 ML Gold Corp MLG 21101 -656599 2/1/2018

Alamos Gold (AGI.WT) - Wt buys sh @ $28.47 to Aug 30/18 Alamos Gold (AGI.WT.A) - Wt buys sh @ $10.00 to Jan 7/19 Alio Gold Inc. (ALO.WT) - 10 Warrants to purchase one common share of the Issuer at $7.00 until expiry Alio Gold Inc. J (ALO.WT.A) - One Warrant to purchase one common share of the Issuer at $8.00 until expiry Ascendant Resources (ASND.WT) - Wt buys sh @ $1.25 to Mar 7/22 Excellon Resources Inc (EXN.WT.A) - One warrant to purchase one common share of the Issuer at $2.80 until expiry Excellon Resources Inc (EXN.WT) - Wt buys sh @ $1.75 to Jul 26/18 GoGold Resources Inc. (GGD.WT) - Wt buys sh @ $1.7 to Jun 7/18 Golden Queen Mining Co (GQM.WT) - Wt buys sh @ $2 to Jul 25/19 Gran Colombia Gold (GCM.WT.A) - Wt buys sh @ $3.25 to Mar 18/19 HudBay Minerals (HBM.WT) - Wt buys sh @ $15 to Jul 20/18 Liberty Gold Corp. Wt (LGD.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry may 16, 2019 Lithium Americas Corp (LAC.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry Lydian International Limited (LYD.WT) - One Warrant to purchase one additional ordinary share of the Issuer at $0.36 per share until expiry MBAC Fertilizer (MBC.WT) - Wt buys sh @ $1 to Apr 17/19 Nemaska Lithium Inc (NMX.WT) - Wt buys sh @ $1.5 to Jul 8/19 Northern Dynasty Minerals Ltd. J (NDM.WT.A) - Wt buys sh @ $0.55 to Jul 9/20 Northern Dynasty Minerals Ltd. J (NDM.WT.B) - Wt buys sh @ $0.55 to Jun 10/21 Northern Dynasty Minerals Ltd. J (NDM.WT.B) - Wt buys sh @ $0.55 to Jun 10/21 Oban Mining J (OBM.WT) - Wt buys 20 sh @ $3 to Aug 25/18 Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.5 to Feb 18/22 Osisko Gold Royalties (OR.WT.A) - Wt buys sh @ $19.08 to Feb 26/19 Osisko Mining Inc. J (OSK.WT) - 20 Wt buys sh @ $3 to Aug 25/18 Pilot Gold Inc. Wt (PLG.WT) - Wt buys sh @ $0.9 to May 16/19 Prairie Provident Resources Inc Wt (PPR.WT) - Wt buys sh @ $0.87 to Mar 16/19 Primero Mining Corp (P.WT.C) - Wt buys sh @ $3.35 to Jun 24/18 Sandstorm Gold (SSL.WT.B) - One Warrant to purchase one common share of the Issuer at US $14.00 until expiry.

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 Timmins Gold Corp (TMM.WT) - Wt buy sh at $0.7 to May 30/18

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

American Cumo Mining Corp. (MLY.RT) - 2 rights and $0.07 are required to purchase one share Atlantic Gold (AGB.WT) - Wt buys sh @ $0.6 to Aug 20/18 Avino Silver & Gold Mines Ltd. (ASM.WT) - Wt buys sh @ US$0.2 to Nov 28/19 Boreal Metals Corp. (BMX.WT) - One warrant to purchase one common share at $0.30 per share.

Brazil Resources (BRI.WT) - Wt buys sh @ $0.75 to Dec 31/18 Cordoba Minerals Corp (CDB.WT) - One warrant to purchase one common share at $1.08 per share.

Cornerstone Capital Resources (CGP.WT.S) - Wt buys sh @ $0.35 to Apr 07/19 Equinoxgold Corp (EQX.WT) - One warrant to purchase one common share at $3.00 per share.

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

Goldmining Inc. (GOLD.WT) - Wt buys sh @ $0.75 to Dec 31/18 Goldstar Minerals (GDM.RT) - One Right to purchase one common share at $0.03 per share.

JDL Gold Corp. (JDL.WT) - Wt buy sh @ $3.00 to Oct 06/21 Jet Metal (JET.WT) - Wt buys sh @ $0.25 to Sep 16/19 Jet Metal (JET.WT.A) - Wt buys sh @ $0.5 to Feb 28/19 Kootenay Silver Inc. (KTN.WT) - Wt buys sh @ $0.55 to Apr 21/21 Maple Gold Mines Ltd. (MGM.WT) - One warrant to purchase one common share at $0.40 per share Rainy Mountain Royalty Corp. (RMO.WT) - Wt buys sh @ $0.15 to Mar 1/18 and sh @ $0.25 from Mar 2/18 to Mar 1/19 Rainy Mountain Royalty Corp. (RMD.WT) - Wt buys sh @ $0.15 to Mar 1/18 and sh @ $0.25 from Mar 2/18 to Mar 1/19 Silvercrest Metals Inc. (SIL.WT) - Wt buys sh @ $3 to Dec 06/18 Tintina Resources Inc. (TAU.RT) - Nine(9) Rights exercisable for one share at $0.06 per share.

Trek Mining (TREK.WT) - Wt buy sh @ $3.00 to Oct 06/21 West Kirkland Mining (WKM.WT) - Wt buys sh @ $0.3 to Apr 17/19

NEW 52-WEEK HIGHS AND LOWS FEBRUARY 19–23, 2018 66 New Highs AgriMinco* Amador Gold* Anglo American* Asiamet Res* Aurora Royal Avarone Metals Avarone Metals* Baroyeca Go&Si Blue Moon Zinc* Cassius Vents China Mnls Mng China Mnls Mng* Cobalt 27 Cap Crown Mining Crown Mining* Darien Res Dynasty Gold Dynasty Gold* Erin Ventures Erin Ventures* First Energy

Frontier Lith Gold Mng USA* Golden Eagle* Gossan Res Gran Colombia Gran Colombia* Granada Gold Granada Gold* Graphite One Graphite One* Grizzly Discvr Grizzly Discvr* Hybrid Mineral Kintavar Exp Laredo Res* Laurion Mnl Ex Laurion Mnl Ex* Lone Star Gold* Lupaka Gold Magnus Intl* Makena Res* Minaurum Gold

Monster Uran* Nautilus Mnrls Nautilus Mnrls* Nexa Resources Nitinat Mnls Nitinat Mnls* Northn Empire* Oroco Res Oroco Res* OZ Minerals* Peat Res Philippine Mtl* Puma Expl Rainforest Res* Resolve Vent Sojourn Explor* Sonora Res * Southern Copp* Squire Mg Ltd Strategic Res* United Lithium United States S*

War Eagle Mg

64 New Lows Meridian Mg * Aberdeen Intl Agnico Eagle Alamos Gold Alamos Gold* Alliance Res* Altair Res Inc Asante Gold* Australian Mns* Barrick Gold Barrick Gold* Black Hills* Blackheath Res Cadillac Vent* Canadian Zeol Cdn Zinc* Condor Gold Cordoba Mnls Cordoba Mnls* Coronet Mtls

Eastmain Res Eldorado Gold Eldorado Gold* Enforcer Gold* Erdene Res Dev Erdene Res Dev* First Mg Fin * Fura Gems* GFG Resources* Golden Queen Golden Queen* GoldQuest Mng Harte Gold Intl Bethl Mng* Kingsrose Mng* Klondex Mines Lucara Diam Mexus Gold* Montego Res* NewRange Gold* Nexus Gold* Nthrn Sphere*

Oronova Energy Osisko Gold* Pacific Rim* Pershing Gold* Pretium Res* Redstar Gold* Resource Cap Rhyolite Res Rise Gold Corp Santacruz Silv Secova Mtls Secova Mtls* Sibanye Gold* Solitario Ex&R* SSR Mining* Tanzania Mnls U.S. Lithium* Uranium Res* Vendetta Mng Walker River* Wealth Mnrls Zara Res*

CANADIAN GOLD MUTUAL FUNDS

DAILY METAL PRICES Daily Metal Prices Date Feb 26 Feb 23 Feb 22 Feb 21 Feb 20 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1845/1855 1845/1855 1845/1855 1864/1855 1830/1840 Aluminum 2188/2159.50 2209/2165 2193.50/2180 2189.50/2175 2238.50/2205 Copper 7110/7141.50 7073/7112 7030/7068 7002/7048 7026/7071 Lead 2597.50/2588 2532/2533 2522/2530 2560/2563 2568/2568 Nickel 13905/13940 13795/13840 13570/13575 13585/13630 13640/13670 Tin 21690/21580 21625/21525 21625/21500 21675/21500 21450/21325 Zinc 3587/3544 3568.50/3513 3523.50/3481 3563/3529.50 3587/3562 PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.)

Gold AM 1339.05 1328.90 1323.50 1328.60 1337.40 Gold PM 1333.50 1327.95 1328.35 1330.50 1339.85 Silver 16.67 16.61 16.47 16.44 16.57 Platinum 997.00 990.00 990.00 998.00 1000.00 1062.00 1041.00 1033.00 1028.00 1034.00 Palladium

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

TSX WARRANTS

PRODUCER AND DEALER PRICES

SPOT PRICES COURTESY OF SCOTIABANK

Fund Feb 23 ($) Feb 16 ($) Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) AGF Prec Mtls Fd MF 19.69 20.08 -0.39 -1.94 -2.74 2.81 119.49 16.92 17.21 -0.29 -1.70 -2.19 2.40 61.10 BMO Prec Mtls Fd A BMO ZGD 8.67 8.87 -0.20 -2.25 -4.16 0.63 BMO ZJG 8.57 8.58 -0.01 -0.14 -2.61 0.60 CIBC Prec Metal Fd A 9.20 9.46 -0.27 -2.81 -3.45 2.58 46.07 Dyn Prec Metls Fd A 6.59 6.68 -0.09 -1.35 -3.85 2.66 348.32 GOGO 9.95 9.92 0.02 0.22 Horizons HEP 23.23 23.73 -0.50 -2.11 1.19 0.81 IG Mac GbPMetCl A 8.36 8.60 -0.24 -2.80 -2.42 2.75 38.95 iShares XGD 11.40 11.70 -0.30 -2.58 -0.54 0.55 772.54 Mac Prec Met Cl A 44.62 45.90 -1.28 -2.79 -2.42 2.52 83.55 NBI PrecMetFd Invt 11.13 11.52 -0.39 -3.39 -4.79 2.46 28.73 RBC GblPreMetFd A 30.90 31.50 -0.60 -1.90 -3.96 2.13 344.00 10.00 0.00 0.00 0.00 Redw UITGoDe&ProCl A 10.00 Sentry Pre Met Fd A 34.48 34.82 -0.34 -0.98 -5.09 2.44 157.43 34.49 -0.74 -2.14 -3.09 2.96 156.94 Sprott Gold&PrMinFdA 33.75 Sprott SilverEquCl A 5.24 5.32 -0.08 -1.54 -3.66 3.36 119.89 TD PreciousMetalsInv 30.89 31.78 -0.89 -2.80 -2.34 2.27 117.29

Feb 23 Feb 22 Feb 21 Feb 20 Feb 19 1.2631 1.2715 1.2698 1.2649 1.2569 0.7917 0.7865 0.7875 0.7906 0.7956

Exchange rates (Quote Media, February 23, 2018) C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand C$ to AUS 1.0088 0.6438 84.6024 14.6715 9.1437 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 0.5667 5.0152 51.2164 0.7414 852.2239 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.2756 0.8134 106.8376 18.5340 11.5497 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.7159 6.3356 64.9000 0.9368 1076.8500

GLOBAL MINING NEWS · SINCE 1915

Re-Publishing License

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

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

51_MAR5_MMMM.indd 51

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

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

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

2018-02-27 9:15 PM

52

WWW.NORTHERNMINER.COM

MARCH 5–18, 2018 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: FEBRUARY 19–23, 2018 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A 37 Capital 1 92 Resources V 685 92 Resources* O 57 Abacus Mng&Ex* O 118 Abacus Mng &Ex V 85 Abcourt Mines V 489 Abcourt Mines* O 50 ABE Resources V 248 ABE Resources* O 12 Aben Res V 480 Aben Res* O 64 Aberdeen Intl* O 188 Aberdeen Intl T 182 Abitibi Royalt* O 14 Abitibi Royalt V 9 O 74 AbraPlata Res* AbraPlata Res V 149 Abzu Gold* O 3 Acacia Mining* O 2 V 4598 Adamera Mnls Adamera Mnls* O 1952 Adex Mining V 742 Advance Gold V 11 Advanced Expl* O 2558 O 423 Advantage Lith* Advantage Lith V 1337 V 199 Adventus Zinc Affinity Gold* O 175 African Gold V 720 African Queen V 1429 Aftermath Slvr* O 0 Aftermath Slvr V 8 Agnico Eagle* N 10603 Agnico Eagle T 6652 AgriMinco* O 55 Aguia Resource V 23 Aida Minerals 170 Alabama Graph V 463 Alabama Graph* O 226 Alacer Gold T 1386 Alamos Gold T 4592 11881 Alamos Gold* N Alaska Pac Egy* O 2071 Alba Minerals* O 2 Albert Mining V 109 Albert Mining* O 1 Alchemist Mng 877 Alcoa* N 23497 Alderon Iron T 81 Alderon Iron* O 36 Aldershot Res* O 0 Aldershot Res V 399 Aldever Res* O 10 Aldever Res V 152 Aldridge Min* O 50 Aldridge Min V 59 Alexandra Cap 34 Alexandra Cap* O 0 Alexandria Min* O 963 V 3230 Alexandria Min Alexco Res* X 1340 Alexco Res T 353 Algold Res* O 5 Algold Res V 267 Alianza Min V 46 Alianza Min* O 1 Allegiant Gold V 189 Allegiant Gold* O 119 Alliance Mng V 198 Alliance Res* D 2635 Almaden Mnls* X 637 Almaden Mnls T 73 Almadex Min V 175 Almadex Min* O 577 Almonty Ind V 136 Alopex Gold V 9 13 Alphamin Res * O Alphamin Res V 206 Alset Minerals* O 2 Alset Minerals V 305 Altai Res V 270 1 Altair Res Inc* O Altair Res Inc V 1184 Altamira Gold V 467 O 136 Altamira Gold* Altan Nev Mnls V 150 62 Altan Rio Mnls V Altiplano Mnls V 792 Altiplano Mnls* O 49 Altitude Res V 379 Altius Mnrls T 227 Alto Vent V 519 Altura Mng Ltd* O 778 Alturas Mnrls V 126 Alumina Inc* O 80 ALX Uranium* O 43 ALX Uranium V 322 Am Creek Res V 160 Am CuMo Mng* O 57 Am CuMo Mng V 682 Am Manganese* O 800 Am Manganese V 2121 Am Sierra Gold* O 7 Amador Gold* O 9 Amarc Res V 66 Amarc Res* O 37 Amarillo Gold V 140 Amazing Energy* O 326 Amer Intl Vent* O 99 American Lith* O 22 American Lith V 340 Americas Silvr* X 134 Americas Silvr T 111 Amerigo Res T 924 Amerigo Res* O 657 Amex Expl* O 50 Amex Expl V 236 Anaconda Mng T 563 Anaconda Mng* O 143 Anconia Res V 74 Andes Gold* O 113 Anfield Energy* O 22 Anfield Energy V 222 Angel Gold* O 298 Angel Gold V 230 Angkor Gold V 320 Anglo American* O 2114 Anglo American* O 141 Anglo Pac Grp T 2 Anglo-Bomarc V 30 AngloGold Ash* N 13605 Angus Ventures V 15 Antioquia Gold* O 75 Antioquia Gold V 396 Antler Gold V 784 Antofagasta* O 2 APAC Res Inc 404 Apex Res V 124 Apex Res * O 9 Apogee Opport * O 0 Apogee Opport V 43 Appia Energy 68 Applied Mrnls* O 326 Aquila Res* O 245 Aquila Res T 142 Arch Coal* N 1851 Archon Mineral V 3 Arctic Star* O 224 Arctic Star V 2296 Arcturus Vent V 6 Arcus Dev Grp V 182 Arena Mnls V 373 Arena Mnls* O 107 Argentina Lith* O 52 Argentina Lith V 208 Argentum Silvr V 243 Argex Titanium T 1521 Argex Titanium* O 49 Argo Gold 49 Argonaut Gold* O 87 Argonaut Gold T 1124 Argus Metals* O 0 Argus Metals V 8

52-55_MAR5_StockTables.indd 52

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0.05 0.75 0.07

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Arian Silver* O 90 O 86 Arianne Phosph* Arianne Phosph V 475 Arizona Mng* O 99 Arizona Mng T 1709 Arizona Silver V 96 Arizona Silver* O 10 Armor Mnrls V 21 Arrowstar Res V 6 Asanko Gold T 2044 Asanko Gold* X 3495 Asante Gold 66 Asante Gold* O 12 Ascot Res V 138 Ashanti Sanko V 336 O 7 Ashburton Vent* Ashburton Vent V 1000 Asiamet Res* O 28 Asian Minl Res V 3854 Aston Bay V 733 Astorius Res V 215 ATAC Res V 483 V 482 Atacama Pacif Atacama Pacif* O 0 Atacama Res* O 66332 Athabasca Mnls* O 34 V 47 Athabasca Mnls Athena Silver* O 3 Atico Mng* O 143 Atico Mng V 180 Atlanta Gold* O 0 Atlanta Gold V 37 Atlantic Gold V 768 Atlantic Ind V 229 Atlatsa Res* O 48 Atlatsa Res T 321 Atom Energy V 4 Aton Res Inc V 1465 35 Aton Res Inc* O Aura Mnls* O 9 Aura Mnls T 23 Aura Silver Rs V 168 Auramex Res V 60 Aurania Res* O 67 Aurania Res V 84 Aurcana Corp V 133 Aurcana Corp* O 144 AurCrest Gold V 383 14 Aurion Res * O Aurion Res V 455 Aurora Royal V 100 Aurum* O 3 Auryn Res* X 389 Auryn Res T 598 Austin Res V 113 Austral Gold* O 10 Austral Gold V 113 Australian Mns* O 59 Auxico Res 482 Avalon Adv Mat T 988 Avalon Adv Mat* O 215 Avarone Metals* O 369 Avarone Metals 15598 Avesoro Res T 10 Avesoro Res* O 1 Avidian Gold V 90 Avino Silver* X 371 Avino Silver T 41 Avrupa Mnls* O 124 Avrupa Mnls V 212 Awale Res V 17 AXE Expl V 1751 Axmin Inc* O 14 Axmin Inc V 647 Azarga Mtls V 111 Azarga Mtls* O 0 Azarga Uranium* O 16 Azarga Uranium T 296 Azimut Expl V 142 O 458 Azincourt Ener* Azincourt Ener V 4891 Aztec Minerals V 98 O 10 Aztec Minerals* Azteca Gold* O 90

0.01 0.00 0.01 + 0.00 0.02 0.00 0.51 0.45 0.47 - 0.05 0.73 0.44 0.65 0.57 0.58 - 0.06 0.97 0.56 3.50 3.15 3.15 - 0.25 5.90 1.30 4.35 3.97 4.03 - 0.27 4.87 1.70 0.19 0.18 0.18 unch 0.00 1.23 0.14 0.13 0.13 0.13 unch 0.00 0.91 0.11 0.46 0.39 0.39 unch 0.00 0.55 0.32 0.06 0.00 0.06 unch 0.00 0.09 0.03 1.24 1.08 1.12 - 0.01 4.17 0.55 1.00 0.85 0.89 - 0.00 3.19 0.43 0.06 0.06 0.06 - 0.01 0.20 0.06 0.00 0.00 0.08 unch 0.00 0.12 0.07 1.39 1.30 1.35 - 0.01 2.10 1.26 0.05 0.03 0.03 - 0.01 0.09 0.02 0.07 0.07 0.07 - 0.00 0.24 0.05 0.10 0.09 0.10 - 0.01 0.34 0.06 0.18 0.11 0.11 unch 0.00 0.18 0.05 0.02 0.00 0.02 - 0.01 0.05 0.02 0.15 0.13 0.13 - 0.02 0.18 0.10 0.12 0.10 0.11 - 0.01 0.20 0.06 0.54 0.50 0.53 + 0.03 0.89 0.38 0.66 0.64 0.65 - 0.01 0.83 0.26 0.49 0.49 0.49 unch 0.00 0.66 0.22 0.00 0.00 0.00 + 0.00 0.52 0.00 0.11 0.09 0.09 - 0.01 0.22 0.09 0.13 0.00 0.13 - 0.01 0.31 0.12 0.04 0.04 0.04 unch 0.00 0.33 0.02 0.60 0.52 0.53 - 0.02 0.72 0.40 0.75 0.66 0.67 - 0.02 0.93 0.51 0.00 0.00 0.04 unch 0.00 0.07 0.03 0.06 0.05 0.06 + 0.01 0.10 0.04 1.65 1.54 1.58 - 0.05 1.87 0.88 0.03 0.02 0.03 - 0.01 0.09 0.01 0.03 0.02 0.03 + 0.01 0.06 0.01 0.05 0.00 0.04 + 0.01 0.08 0.02 0.40 0.40 0.40 unch 0.00 0.65 0.05 0.05 0.04 0.05 + 0.01 0.07 0.03 0.03 0.03 0.03 unch 0.00 0.05 0.02 2.21 1.98 1.98 - 0.23 2.38 1.03 2.88 2.50 2.52 - 0.36 3.00 1.30 0.03 0.03 0.03 unch 0.00 0.10 0.02 0.10 0.09 0.09 - 0.02 0.10 0.03 2.30 1.98 2.07 - 0.11 6.06 1.40 2.89 2.50 2.60 - 0.19 7.57 1.25 0.26 0.23 0.24 unch 0.00 0.45 0.17 0.20 0.18 0.19 + 0.00 0.34 0.13 0.03 0.03 0.03 unch 0.00 0.04 0.02 0.85 0.80 0.81 - 0.04 2.82 0.64 1.09 1.00 1.01 - 0.08 3.49 0.75 0.24 0.12 0.24 + 0.10 0.15 0.03 0.10 0.10 0.10 unch 0.00 1.30 0.06 1.59 1.46 1.51 - 0.00 3.00 1.29 1.94 1.83 1.91 + 0.02 3.60 1.66 0.03 0.03 0.03 unch 0.00 0.04 0.01 0.10 0.08 0.08 - 0.02 0.16 0.07 0.12 0.11 0.12 unch 0.00 0.19 0.10 0.13 0.00 0.10 - 0.03 0.13 0.09 0.42 0.37 0.40 + 0.02 0.45 0.20 0.14 0.12 0.13 - 0.01 0.19 0.11 0.11 0.09 0.10 - 0.00 0.15 0.08 0.08 0.07 0.08 + 0.02 0.08 0.01 0.14 0.09 0.12 + 0.03 0.13 0.02 4.22 0.00 3.95 unch 0.00 5.00 2.50 3.28 3.28 3.28 unch 0.00 3.30 1.89 0.35 0.26 0.30 unch 0.00 0.64 0.20 1.39 1.28 1.33 unch 0.00 2.03 1.14 1.75 1.61 1.65 - 0.02 2.65 1.44 0.07 0.05 0.05 - 0.01 0.10 0.05 0.09 0.07 0.09 + 0.01 0.13 0.06 0.31 0.31 0.31 - 0.01 0.48 0.14 0.08 0.06 0.07 - 0.01 0.17 0.02 0.03 0.03 0.03 unch 0.00 0.04 0.02 0.04 0.03 0.03 - 0.01 0.09 0.03 0.12 0.11 0.12 + 0.01 0.33 0.11 0.00 0.00 0.06 unch 0.00 0.22 0.06 0.20 0.00 0.20 + 0.06 0.34 0.14 0.27 0.22 0.27 + 0.04 0.48 0.18 0.35 0.32 0.32 - 0.02 0.42 0.26 0.15 0.13 0.14 + 0.00 0.23 0.03 0.19 0.16 0.17 unch 0.00 0.37 0.05 0.24 0.22 0.23 - 0.01 0.65 0.21 0.22 0.22 0.22 unch 0.00 0.24 0.18 0.00 0.00 0.00 unch 0.00 0.00 0.00

B2Gold* X 20383 B2Gold T 15159 B4MC Gold* O 0 Bacanora Mnls V 111 Balmoral Res T 511 Balmoral Res* O 292 Balto Res V 347 Bandera Gold V 15 O 201 Bankers Cobalt* Bankers Cobalt V 1964 Bannerman Res* O 184 Banyan Gold V 125 Banyan Gold* O 210 Bard Ventures V 68 Barker Mnrls V 382 Barkerville Go* O 148 Barkerville Go V 1043 V 2199 Baroyeca Go&Si Barrick Gold* N 71654 Barrick Gold T 12257 Barsele Min* O 15 Barsele Min V 43 Batero Gold V 315 Bayhorse Silvr* O 612 V 1761 Bayhorse Silvr Bayswater Uran* O 4 Bayswater Uran V 104 BC Moly * O 0 BC Moly V 40 BCM Res V 5 BE Res V 5 Bear Creek Mng V 166 Bearclaw Cap V 85 Bearing Lith V 580 Bearing Lith* O 137 Beaufield Res V 718 Beaufield Res* O 99 Beeston Ent* O 420 Bell Copper* O 16 Belmont Res V 107 Belo Sun Mng T 551 V 217 Belvedere Res Benton Res V 626 Benz Mining* O 10 Benz Mining V 347 Berkeley Egy* O 28 Berkwood Res * O 31 Berkwood Res V 872 Bird River Res 218 Bitterroot Res* O 34 Bitterroot Res V 54 Black Dragon V 1235 Black Dragon* O 136 Black Hills* N 2205 Black Iron T 491 Black Iron* O 110 Black Isle Res V 15 2 Black Mam Mtls* O Black Mam Mtls V 4 Black Sea Cop V 191 Black Sea Cop* O 67 Black Tusk Res 68 Blackheath Res V 162 Blackrock Gold* O 10 Blackrock Gold V 182 Blind Crk Res V 206 BLOX Inc* O 48 Blue Moon Zinc* O 54 Blue Moon Zinc V 3308 Blue Rvr Res V 1875 Blue Sky Uran* O 34 Blue Sky Uran V 497 Bluenose Gold V 33 Bluestone Res* O 29 Bluestone Res V 389 Bold Vent V 101 Bonanza Gldfds* O 1697 BonTerra Res V 900

3.07 2.84 3.02 + 0.11 3.55 2.15 3.87 3.59 3.82 + 0.16 4.64 2.96 0.00 0.00 8.90 unch 0.00 9.00 7.10 1.95 1.55 1.56 - 0.33 2.73 1.18 0.43 0.40 0.42 - 0.01 0.86 0.38 0.35 0.31 0.33 - 0.01 0.65 0.23 0.31 0.26 0.26 - 0.06 0.38 0.01 0.04 0.04 0.04 unch 0.00 0.10 0.03 0.40 0.26 0.28 - 0.12 0.68 0.31 0.51 0.32 0.37 - 0.13 0.85 0.11 0.04 0.03 0.04 + 0.01 0.06 0.02 0.10 0.09 0.09 unch 0.00 0.15 0.06 0.08 0.06 0.08 + 0.02 0.11 0.05 0.04 0.04 0.04 unch 0.00 0.06 0.02 0.02 0.01 0.01 - 0.01 0.03 0.01 0.58 0.50 0.51 - 0.07 1.03 0.31 0.72 0.64 0.64 - 0.08 1.39 0.41 0.04 0.02 0.04 + 0.01 0.04 0.01 13.37 12.11 12.18 - 1.00 20.37 12.45 16.76 15.37 15.40 - 1.12 27.03 15.83 0.58 0.57 0.58 + 0.01 0.81 0.42 0.77 0.74 0.77 + 0.03 1.08 0.53 0.10 0.09 0.09 - 0.01 0.12 0.08 0.22 0.16 0.17 + 0.00 0.22 0.09 0.26 0.21 0.22 + 0.01 0.27 0.13 0.02 0.02 0.02 unch 0.00 0.06 0.01 0.04 0.00 0.03 - 0.01 0.08 0.02 0.00 0.00 0.05 unch 0.00 0.06 0.04 0.06 0.06 0.06 unch 0.00 0.08 0.04 0.14 0.14 0.14 + 0.01 0.25 0.08 0.06 0.00 0.06 unch 0.00 0.18 0.04 2.10 2.02 2.05 unch 0.00 2.99 1.64 0.04 0.04 0.04 unch 0.00 0.06 0.03 0.82 0.68 0.68 - 0.07 1.28 0.61 0.64 0.55 0.55 - 0.05 0.98 0.50 0.13 0.11 0.12 - 0.01 0.34 0.11 0.11 0.09 0.09 - 0.02 0.25 0.08 0.00 0.00 0.00 + 0.00 0.00 0.00 0.12 0.07 0.08 - 0.04 0.16 0.04 0.04 0.04 0.04 - 0.01 0.09 0.02 0.36 0.33 0.33 - 0.02 1.09 0.29 0.25 0.24 0.24 - 0.01 0.32 0.03 0.07 0.07 0.07 unch 0.00 0.14 0.05 0.11 0.11 0.11 unch 0.00 0.12 0.11 0.14 0.13 0.13 - 0.01 0.47 0.12 0.71 0.66 0.71 + 0.04 0.88 0.51 0.18 0.15 0.17 - 0.01 0.44 0.15 0.23 0.19 0.20 unch 0.00 0.59 0.19 0.22 0.20 0.21 - 0.01 0.63 0.05 0.07 0.06 0.07 unch 0.00 0.24 0.05 0.09 0.08 0.08 - 0.01 0.28 0.04 0.11 0.09 0.11 + 0.02 0.12 0.03 0.08 0.06 0.08 + 0.02 0.09 0.02 52.57 50.65 51.94 - 0.45 72.02 50.65 0.11 0.10 0.11 + 0.01 0.17 0.08 0.07 0.07 0.07 unch 0.00 0.11 0.05 0.05 0.04 0.05 unch 0.00 0.06 0.03 0.09 0.09 0.09 unch 0.00 0.18 0.09 0.12 0.00 0.12 unch 0.00 0.25 0.06 0.14 0.12 0.12 - 0.01 0.29 0.10 0.11 0.09 0.09 unch 0.00 0.21 0.07 0.19 0.15 0.19 unch 0.00 0.21 0.12 0.05 0.00 0.05 - 0.01 0.10 0.04 0.09 0.09 0.09 unch 0.00 0.09 0.04 0.12 0.00 0.11 unch 0.00 0.12 0.05 0.33 0.30 0.30 - 0.01 0.38 0.16 0.30 0.00 0.30 unch 0.00 0.35 0.03 0.09 0.08 0.08 + 0.00 0.09 0.02 0.11 0.10 0.10 unch 0.00 0.12 0.03 0.03 0.03 0.03 unch 0.00 0.05 0.01 0.20 0.19 0.19 - 0.01 0.33 0.08 0.27 0.24 0.26 - 0.01 0.43 0.10 0.10 0.09 0.10 unch 0.00 0.10 0.00 1.23 1.12 1.14 + 0.01 1.35 0.86 1.55 1.39 1.44 - 0.01 1.90 0.95 0.04 0.04 0.04 - 0.01 0.06 0.03 0.00 0.00 0.00 + 0.00 0.01 0.00 0.54 0.50 0.52 + 0.02 0.72 0.29

B

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

BonTerra Res* O 271 Boreal Metals V 899 Borneo Res Inv* O 35 BQ Metals V 18 Bravada Gold V 140 Bravada Gold* O 47 Braveheart Res V 186 O 5 Braveheart Res* Bravo Multinat* O 43 19165 Brazil Mnrls* O Brigadier Gold V 178 O 100 BrightRock Gld* Brilliant Sand* O 13 Brio Gold T 918 Britannia Mng* O 972 Brixton Mtls V 368 Brixton Mtls* O 145 Broadway Gold* O 74 V 165 Broadway Gold Brookmount Exp* O 855 V 502 Brunswick Res Bryn Res* O 0 Buccaneer Gold* O 48 Buccaneer Gold V 296 Buenaventura* N 4723 Buffalo Coal V 85 8 Buffalo Coal * O Bullfrog Gold* O 129 Bullion Gld Re* O 0 Bullion Gld Res V 648 Bullman Mnls V 20 Bunker Hill 19 BWR Explor V 342

0.42 0.39 0.41 + 0.02 0.57 0.21 0.35 0.30 0.30 - 0.04 0.40 0.22 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.29 0.24 0.24 - 0.03 0.46 0.18 0.11 0.10 0.10 - 0.01 0.34 0.10 0.09 0.07 0.08 unch 0.00 0.26 0.07 0.10 0.09 0.09 - 0.01 0.12 0.04 0.06 0.06 0.06 unch 0.00 0.06 0.03 0.31 0.26 0.27 - 0.03 3.49 0.27 0.01 0.00 0.00 - 0.00 0.05 0.00 0.16 0.13 0.13 - 0.03 0.30 0.08 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.06 0.06 0.06 unch 0.00 0.12 0.01 2.70 2.45 2.66 + 0.10 3.40 1.54 0.01 0.00 0.00 + 0.00 0.01 0.00 0.36 0.32 0.33 unch 0.00 0.65 0.23 0.29 0.25 0.25 + 0.00 0.45 0.18 0.21 0.17 0.21 + 0.01 1.29 0.17 0.26 0.21 0.24 unch 0.00 1.70 0.21 0.01 0.01 0.01 - 0.00 0.13 0.01 0.03 0.03 0.03 - 0.01 0.05 0.02 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.11 0.11 0.11 unch 0.00 0.13 0.02 0.15 0.13 0.13 - 0.01 0.18 0.03 16.16 15.16 15.71 unch 0.00 16.26 10.87 0.02 0.02 0.02 unch 0.00 0.02 0.01 0.01 0.01 0.01 unch 0.00 0.02 0.00 0.12 0.10 0.10 - 0.02 0.18 0.05 0.28 0.28 0.28 unch 0.00 0.33 0.07 0.36 0.30 0.31 - 0.02 0.47 0.08 0.06 0.06 0.06 unch 0.00 0.12 0.06 1.75 1.60 1.70 - 0.04 3.15 1.45 0.08 0.06 0.08 + 0.01 0.10 0.04

C Cabral Gold V 79 0.35 0.29 0.30 + 0.01 0.50 0.28 Cache Expl V 122 0.07 0.06 0.06 unch 0.00 0.31 0.05 unch 0.00 0.21 0.04 Cache Expl* O 6 0.05 0.05 0.05 Cadence Min* O 0 0.00 0.00 2.09 unch 0.00 5.31 1.93 Cadillac Vent* O 37 0.03 0.02 0.02 - 0.01 0.04 0.02 Cadillac Vent V 233 0.04 0.03 0.03 - 0.01 0.06 0.03 unch 0.00 1.41 0.47 Calaveras Res 8 0.70 0.70 0.70 Caledonia Mng* X 17 7.45 7.20 7.35 unch 0.00 7.96 0.06 T 22 9.39 9.27 9.37 + 0.03 9.90 6.70 Caledonia Mng Calibre Mng V 687 0.10 0.09 0.10 unch 0.00 0.30 0.09 California Gld V 62 0.31 0.00 0.29 + 0.01 0.64 0.23 California Go* O 45 0.26 0.21 0.25 + 0.03 0.49 0.20 V 610 0.32 0.28 0.31 - 0.01 0.48 0.28 Callinex Mines Callinex Mines* O 301 0.26 0.22 0.23 - 0.02 0.39 0.21 9.48 8.98 9.19 - 0.04 11.91 7.68 Cameco Corp* N 6547 Cameco Corp T 4633 11.87 11.40 11.65 + 0.07 15.89 9.90 Cameo Res* O 3 0.83 0.65 0.83 + 0.18 1.11 0.24 Cameo Res V 3051 1.15 0.90 1.14 + 0.09 1.60 0.30 unch 0.00 1.62 0.21 Camino Mnls* O 5 0.22 0.22 0.22 Camino Mnls V 373 0.33 0.29 0.32 unch 0.00 2.23 0.26 0.06 Camrova Res V 152 0.09 0.08 0.08 - 0.01 0.24 Camrova Res* O 25 0.08 0.05 0.05 unch 0.00 0.17 0.00 unch 0.00 0.12 0.04 Canada Coal V 92 0.11 0.11 0.11 Canada Cobalt* O 99 0.36 0.31 0.36 + 0.04 0.44 0.11 V 686 0.45 0.38 0.40 - 0.05 0.55 0.15 Canada Cobalt Canada One* O 5 0.11 0.11 0.11 unch 0.00 0.32 0.06 Canada One V 32 0.17 0.12 0.15 + 0.03 0.52 0.08 Canadian Zeol V 602 0.35 0.26 0.30 + 0.02 1.02 0.26 O 52 0.25 0.20 0.24 - 0.00 0.78 0.20 Canadian Zeol* CanAlaska Uran* O 96 0.36 0.32 0.33 - 0.02 0.41 0.21 V 250 0.45 0.40 0.40 - 0.04 0.54 0.26 CanAlaska Uran CanAm Coal* O 80 0.00 0.00 0.00 - 0.00 0.01 0.00 Canamex Gold* O 90 0.15 0.14 0.15 + 0.01 0.22 0.06 Canamex Gold V 394 0.20 0.18 0.19 + 0.01 0.28 0.08 unch 0.00 0.12 0.07 Canarc Res T 252 0.07 0.07 0.07 Canarc Res* O 368 0.06 0.06 0.06 - 0.00 0.09 0.05 0.10 Canasil Res V 416 0.18 0.15 0.16 - 0.01 0.20 Candelaria Mg* O 1 0.36 0.36 0.36 unch 0.00 1.08 0.36 Candelaria Mg V 1 0.69 0.69 0.69 unch 0.00 1.04 0.46 Candente Coppr T 472 0.12 0.10 0.11 - 0.01 0.21 0.06 O 175 0.03 0.03 0.03 unch 0.00 0.05 0.00 Candente Gold* Candente Gold V 143 0.03 0.03 0.03 - 0.01 0.06 0.03 unch 0.00 0.43 0.26 Canex Energy V 113 0.31 0.31 0.31 V 52 0.07 0.06 0.06 - 0.01 0.14 0.03 CANEX Metals CaNickel Mng* O 4 0.13 0.10 0.13 + 0.03 0.23 0.06 CaNickel Mng V 48 0.16 0.00 0.14 - 0.03 0.33 0.08 140 0.13 0.13 0.13 - 0.01 0.25 0.04 Canoe Mng Vent V Canoe Mng Vent* O 100 0.10 0.10 0.10 unch 0.00 0.15 0.10 unch 0.00 0.16 0.03 Canstar Res* O 10 0.05 0.05 0.05 Canstar Res V 244 0.07 0.06 0.06 unch 0.00 0.23 0.04 Canterra Mnls V 17 0.03 0.00 0.03 - 0.01 0.06 0.02 Cantex Mn Dev V 131 0.03 0.00 0.03 unch 0.00 0.06 0.02 12 0.02 0.02 0.02 - 0.00 0.03 0.01 Cantex Mn Dev* O Canuc Res V 45 0.29 0.23 0.24 - 0.03 0.60 0.21 0.18 Canuc Res* O 18 0.22 0.18 0.20 - 0.02 0.41 Canyon Copper* O 17 0.07 0.07 0.07 + 0.01 0.22 0.05 Canyon Copper V 307 0.09 0.07 0.07 - 0.01 0.29 0.06 Capstone Mng T 3018 1.48 1.37 1.40 - 0.05 1.75 0.77 0.01 Caracara Silvr V 956 0.02 0.02 0.02 + 0.01 0.03 O 1 0.01 0.01 0.01 unch 0.00 0.01 0.00 Caracara Silvr* Cardero Res V 615 0.19 0.15 0.18 + 0.01 0.22 0.07 0.05 Cardero Res* O 117 0.15 0.11 0.15 + 0.01 0.17 Cardinal Res* O 113 0.00 0.00 0.35 unch 0.00 0.46 0.28 Cardinal Res T 1389 0.53 0.51 0.52 + 0.01 1.05 0.43 Cariboo Rose V 621 0.05 0.05 0.05 unch 0.00 0.22 0.04 Carlin Gold V 878 0.04 0.03 0.03 unch 0.00 0.10 0.03 Carmax Mng V 102 0.11 0.08 0.09 - 0.01 0.13 0.05 Carrara Explor 613 0.50 0.41 0.44 + 0.02 1.00 0.38 Cartier Iron 41 0.15 0.12 0.12 - 0.03 0.25 0.05 0.18 Cartier Res V 156 0.22 0.19 0.21 + 0.02 0.38 Carube Copper V 99 0.06 0.05 0.06 + 0.01 0.14 0.05 O 66 0.05 0.03 0.05 + 0.01 0.11 0.03 Carube Copper* Casa Minerals V 135 0.15 0.14 0.15 + 0.01 0.19 0.07 Cascadero Copp V 484 0.12 0.10 0.12 + 0.01 0.16 0.07 Cassius Vents V 20 0.07 0.00 0.07 + 0.01 0.07 0.03 753 0.03 0.02 0.02 - 0.01 0.04 0.02 Castle Peak Mg V Cautivo Mining 1 0.49 0.00 0.49 unch 0.00 0.85 0.20 unch 0.00 0.35 0.15 Cava Res V 18 0.21 0.21 0.21 Cava Res* O 1 0.23 0.22 0.22 - 0.01 0.29 0.14 Cavan Vent V 721 0.13 0.11 0.13 + 0.01 0.40 0.02 Cda Carbon* O 56 0.05 0.05 0.05 - 0.00 0.21 0.04 Cda Carbon V 704 0.07 0.06 0.07 + 0.01 0.27 0.04 Cda Rare Earth V 1027 0.06 0.05 0.05 unch 0.00 0.10 0.03 Cda Rare Earth* O 135 0.05 0.03 0.03 - 0.01 0.08 0.02 Cda Strtgc Met V 1316 0.14 0.12 0.14 + 0.02 0.16 0.09 Cda Strtgc Met * O 2 0.10 0.10 0.10 unch 0.00 0.12 0.06 Cda Zinc Mtls V 498 0.38 0.36 0.37 - 0.01 0.41 0.22 40 0.24 0.21 0.21 - 0.03 0.60 0.11 Cdn Intl Mnrls V Cdn Metals 542 0.12 0.09 0.11 unch 0.00 0.20 0.05 Cdn Orebodies* O 3 0.25 0.25 0.25 unch 0.00 0.39 0.14 Cdn Orebodies V 302 0.35 0.26 0.29 - 0.03 0.53 0.17 Cdn Platinum V 11719 0.03 0.02 0.02 unch 0.00 0.05 0.01 Cdn Silvr Hunt V 248 0.08 0.06 0.08 unch 0.00 0.12 0.04 0.10 Cdn Zinc* O 22 0.12 0.00 0.11 - 0.00 0.21 Cdn Zinc T 892 0.15 0.14 0.14 + 0.01 0.27 0.13 unch 0.00 3.23 2.19 Centamin T 18 2.82 2.70 2.75 Centaurus Diam* O 220 0.10 0.05 0.10 + 0.03 0.20 0.01 Centenera Mng V 67 0.19 0.17 0.17 - 0.01 0.27 0.15 Centenera Mng* O 33 0.15 0.12 0.13 + 0.01 0.21 0.10 Centerra Gold T 2413 6.89 6.19 6.72 + 0.22 9.35 5.90 Central Iron V 193 0.03 0.02 0.02 - 0.01 0.07 0.01 Century Global* O 3 0.21 0.21 0.21 unch 0.00 0.29 0.13 Century Global T 8 0.25 0.25 0.25 unch 0.00 0.38 0.16 Cerro Mng* O 0 0.00 0.00 0.02 unch 0.00 0.02 0.02 Cerro Mng V 10 0.20 0.20 0.20 unch 0.00 0.22 0.04 Ceylon Graph V 238 0.18 0.17 0.17 unch 0.00 0.45 0.15 Chakana Copper V 1924 0.83 0.68 0.77 + 0.05 2.03 0.62 Chalice Gold M* O 170 0.13 0.13 0.13 unch 0.00 0.25 0.10 Chalice Gold M T 121 0.17 0.16 0.17 - 0.01 0.33 0.15 Champion Bear V 105 0.20 0.12 0.20 unch 0.00 0.28 0.12 Champion Bear* O 13 0.16 0.11 0.11 - 0.05 0.18 0.10 Champion Iron T 4909 1.40 1.23 1.32 + 0.08 1.59 0.85 Champion Iron* O 22 1.15 0.98 1.03 + 0.03 1.22 0.61 Chantrell Vent V 125 0.06 0.06 0.06 unch 0.00 0.11 0.06 Chatham Rock V 11 0.31 0.26 0.31 + 0.05 0.70 0.26 Chatham Rock* O 2 0.20 0.20 0.20 unch 0.00 0.42 0.20 Chesapeake Gld* O 44 2.72 0.00 2.46 + 0.01 3.33 2.28 Chesapeake Gld V 43 3.45 3.07 3.12 unch 0.00 4.44 2.91 Chevron Corp* N 34082 112.94 108.90 112.59 + 0.45 133.88 102.55 Chiboug Ind Mn V 39 0.06 0.06 0.06 + 0.01 0.14 0.05 Chiboug Ind Mn* O 3 0.04 0.04 0.04 unch 0.00 0.11 0.03 Chilean Metals V 658 0.08 0.07 0.07 - 0.02 0.28 0.06 Chilean Metals* O 116 0.06 0.05 0.06 + 0.00 0.21 0.04 Chimata Gold V 799 0.18 0.15 0.16 - 0.02 0.19 0.05 China Gold Int T 1768 2.95 2.43 2.93 + 0.46 3.27 1.82 China Mnls Mng V 107 0.35 0.00 0.35 + 0.09 0.50 0.16 China Mnls Mng* O 3 0.24 0.00 0.24 + 0.05 0.24 0.14 Cicada Vents V 328 0.02 0.02 0.02 unch 0.00 0.03 0.01

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Cipher Res* O 0 Cipher Res V 71 880 Claim Post Res V V 70 Clarmin Explor Clean Comm V 1163 Clean Comm* O 0 V 17 Cleghorn Mnls O 37 Cleghorn Mnls* Cleveland-Clif* N 68385 Clifton Mng* O 765 Cloud Peak En* N 11139 V 46 Clydesdale Res CMC Metals* O 24 CMC Metals V 201 20 CMX Gold & Sil* O 14 CMX Gold & Sil CNRP Mng* O 93 557 Cobalt 27 Cap V Cobalt Pwr Grp* O 443 Cobalt Pwr Grp V 4373 Coeur Mng* N 13942 Colibri Res* O 1 Colibri Res V 146 V 1146 Colombia Crest O 320 Colombia Crest* Colonial Coal V 2068 O 0 Colorado Gold* O 248 Colorado Res* Colorado Res V 488 T 725 Columbus Gold O 310 Columbus Gold* Comet Inds V 7 2 Comet Inds * O V 199 Commander Res O 33 Commerce Res* V 1434 Commerce Res V 250 Compass Gold X 3148 Comstock Mng* V 33 Comstock Mtls 21 Comstock Mtls * O Condor Gold* O 17 Condor Gold T 18 Condor Res V 209 O 3 Confedertn Ml* V 227 Confedertn Mls Conquest Res V 261 V 11 Cons Woodjam CONSOL Coal Rs* N 135 N 18881 CONSOL Energy* N 1886 CONSOL Energy* O 1250 Constantine Mt* V 141 Constantine Mt Contact Gold V 42 O 2 Contact Mnrls* Contintl Gold T 928 Contintl Gold* O 97 Contintl Prec* O 1 Contintl Prec V 35 186 Copper Ck Gold V 5 Copper Ck Gold* O Copper Fox Mtl V 1342 33 Copper Fox Mtl* O 675 Copper Lake Rs V Copper Mtn Mng T 1852 Copper Mtn Mng* O 189 2 Copper North M* O 121 Copper North M V Copper One V 113 1 Copper One * O 425 Copper Reef Mg Copperbank Res 389 O 218 Copperbank Res* 60 Coral Gold * O Coral Gold V 190 O 195 Cordoba Mnls* Cordoba Mnls V 325 Core Gold V 1016 Core Gold* O 55 Corex Gold* O 44 Corex Gold V 299 V 204 Cornerstone Ca O 37 Cornerstone Ca* O 176 Cornerstone Mt* V 1073 Cornerstone Mt Coro Mining T 984 Coronet Mtls* O 0 Coronet Mtls 3 11 Corsa Coal * O Corsa Coal V 32 Corvus Gold T 253 Corvus Gold* O 64 CR Capital V 94 0 Crazy Horse Res* O Critical Elem V 1040 Critical Elem* O 215 Crown Mining V 383 O 29 Crown Mining* Cruz Cobalt* O 1592 Cruz Cobalt V 3768 O 0 Crystal Explor* Crystal Explor V 460 Crystal Lake V 461 Crystal Lake* O 22 Crystal Peak V 65 Crystal Peak* O 54 CTGX Mining* O 0 1 Currie Rose Rs* O 12 Currie Rose Rs V 9 CWN M’g Acq V O 163 Cyclone Uran* Cypress Dev* O 87 Cypress Dev V 1772

0.07 unch 0.00 0.27 0.10 0.10 0.10 0.09 0.13 0.10 0.10 - 0.01 0.33 0.11 0.09 0.11 + 0.02 0.13 0.03 0.25 0.30 0.25 0.30 + 0.05 0.50 0.05 0.13 0.11 0.12 - 0.02 0.21 0.03 unch 0.00 0.16 0.00 0.00 0.09 0.05 unch 0.00 0.12 0.09 0.09 0.09 0.04 0.07 0.07 0.07 - 0.01 0.08 8.07 7.18 7.49 - 0.43 12.22 5.56 0.05 unch 0.00 0.14 0.08 0.07 0.08 4.03 3.12 3.24 - 0.11 5.70 2.78 0.04 unch 0.00 0.15 0.15 0.14 0.14 0.03 0.03 0.03 0.03 - 0.00 0.08 0.04 unch 0.00 0.12 0.05 0.04 0.05 0.06 0.06 0.06 unch 0.00 0.09 0.05 0.10 0.10 0.10 unch 0.00 0.10 0.04 0.02 0.28 0.22 0.22 - 0.02 1.98 13.88 11.29 13.32 + 1.86 13.75 7.42 0.19 0.16 0.18 - 0.01 0.29 0.06 0.24 0.19 0.24 + 0.01 0.35 0.08 8.44 7.78 7.90 - 0.23 10.24 6.71 0.07 unch 0.00 0.16 0.07 0.07 0.07 0.08 unch 0.00 0.28 0.10 0.09 0.09 0.01 0.02 0.01 0.02 + 0.01 0.03 0.00 unch 0.00 0.02 0.01 0.01 0.01 0.08 unch 0.00 0.22 0.17 0.15 0.16 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.12 0.13 0.12 0.12 - 0.00 0.37 0.15 unch 0.00 0.46 0.17 0.15 0.16 0.32 0.44 0.38 0.39 - 0.04 0.99 0.25 0.35 0.30 0.31 - 0.03 0.75 2.50 3.10 2.95 2.95 - 0.15 3.20 2.33 2.33 2.33 unch 0.00 2.33 2.33 0.03 unch 0.00 0.06 0.04 0.04 0.04 0.05 0.07 0.06 0.07 + 0.01 0.09 0.07 unch 0.00 0.11 0.09 0.08 0.08 0.50 unch 0.00 0.80 0.53 0.53 0.53 0.21 0.36 0.29 0.31 - 0.03 1.35 0.07 0.07 0.07 0.07 - 0.01 0.20 0.07 0.05 0.05 - 0.01 0.14 0.05 0.60 unch 0.00 0.89 0.70 0.70 0.70 0.47 1.06 0.00 0.93 - 0.09 1.75 0.08 0.11 0.10 0.11 - 0.01 0.19 0.34 0.36 0.34 0.34 - 0.02 0.60 0.43 0.46 0.43 0.43 - 0.01 0.81 0.01 0.06 0.05 0.06 + 0.02 0.10 0.04 unch 0.00 0.09 0.06 0.06 0.06 15.35 13.85 14.40 - 0.35 16.65 12.56 11.69 15.15 14.24 14.97 + 0.21 17.51 19.51 34.30 31.48 32.98 + 0.41 41.89 0.09 unch 0.00 0.28 0.15 0.13 0.13 0.12 0.20 0.18 0.19 - 0.01 0.35 0.40 0.43 0.41 0.42 - 0.01 1.10 0.05 0.13 0.11 0.11 - 0.02 0.28 2.62 3.90 3.63 3.68 - 0.20 5.43 1.90 3.19 2.86 2.91 - 0.18 4.14 0.20 unch 0.00 0.30 0.25 0.25 0.25 0.26 0.33 0.32 0.32 - 0.01 0.38 0.07 0.43 0.35 0.24 0.30 - 0.05 0.22 0.22 0.22 unch 0.00 0.27 0.09 0.13 0.12 0.12 unch 0.00 0.18 0.11 0.10 0.09 0.09 - 0.01 0.15 0.08 0.05 0.05 0.05 + 0.01 0.10 0.03 1.34 1.26 1.26 - 0.06 1.85 0.72 1.07 0.99 1.01 - 0.04 1.47 0.54 0.05 0.00 0.05 unch 0.00 0.08 0.00 0.06 0.00 0.06 unch 0.00 0.11 0.05 0.03 0.17 0.00 0.14 - 0.02 0.22 0.12 0.00 0.12 unch 0.00 0.18 0.03 0.03 0.02 0.02 - 0.01 0.04 0.01 0.06 0.11 0.10 0.10 - 0.02 0.18 0.04 0.09 0.08 0.08 - 0.01 0.14 0.33 0.31 0.33 + 0.01 0.35 0.21 0.29 0.42 0.40 0.42 + 0.02 0.43 0.22 0.25 0.22 0.23 - 0.00 1.09 0.29 0.31 0.28 0.30 + 0.01 1.46 0.22 0.31 0.28 0.29 - 0.01 0.45 0.18 0.25 0.22 0.22 - 0.03 0.32 0.07 0.11 0.11 0.11 + 0.01 0.16 0.10 0.15 0.14 0.15 + 0.01 0.20 0.15 0.20 0.18 0.20 + 0.01 0.55 0.13 0.17 0.13 0.14 - 0.03 0.44 0.13 0.24 0.23 0.23 - 0.00 0.33 0.06 0.32 0.27 0.29 - 0.01 0.41 0.09 unch 0.00 0.18 0.16 0.13 0.15 0.07 unch 0.00 0.24 0.00 0.00 0.18 0.18 unch 0.00 0.25 0.25 0.00 0.25 1.61 1.49 1.49 - 0.01 2.27 1.00 1.34 0.11 2.96 2.05 1.80 1.80 - 0.69 1.65 1.41 1.60 - 0.03 1.99 0.53 1.36 1.10 1.27 - 0.05 1.60 0.07 unch 0.00 0.13 0.11 0.11 0.11 0.00 0.00 0.15 unch 0.00 0.18 0.12 0.67 1.42 1.18 1.28 + 0.07 1.86 0.49 1.12 0.95 1.08 + 0.12 1.48 0.07 0.28 0.22 0.24 + 0.01 0.28 0.05 0.21 0.18 0.21 + 0.02 0.21 0.12 0.29 0.26 0.29 + 0.02 0.35 0.16 0.37 0.33 0.37 + 0.04 0.41 0.06 0.07 0.07 0.07 - 0.01 0.12 0.05 unch 0.00 0.14 0.09 0.08 0.09 0.16 1.02 0.87 0.92 - 0.03 1.05 0.13 0.78 0.69 0.71 - 0.05 0.84 0.34 0.39 0.00 0.38 - 0.02 0.58 0.27 0.30 0.27 0.28 - 0.02 0.46 0.10 unch 0.00 0.10 0.00 0.00 0.10 0.04 0.04 0.04 unch 0.00 0.04 0.03 0.07 0.00 0.06 + 0.01 0.11 0.04 0.20 0.17 0.17 - 0.03 0.25 0.13 0.00 0.01 0.00 0.00 - 0.00 0.02 0.06 0.16 0.14 0.15 - 0.00 0.27 0.08 0.20 0.17 0.20 + 0.01 0.35

Dajin Res V 282 Dajin Res* O 302 Dakota Ter Res* O 190 Daleco Res* O 125 O 146 Dalradian Res* Dalradian Res T 3304 Damara Gold V 380 Damara Gold* O 100 Danakali* O 52 Darien Res V 45 Darnley Bay* O 100 Darnley Bay V 882 Debut Dmds 164 Decade Res V 456 Decade Res* O 387 Declan Res 21 O 20 Deep-South Res* V 132 Deep-South Res Defiance Silvr V 754 O 127 Defiance Silvr* Delrand Res V 288 T 1137 Denison Mines X 1437 Denison Mines* Desert Gold* O 100 Desert Gold V 346 Detour Gold T 2573 O 520 Diamante Min* Diamcor Mng V 88 O 19 Diamcor Mng* O 263 Diamond Disc* V 12 Diamond Fields O 0 Diamond Fields* Dios Expl V 403 O 1298 Discovery Gold* V 55 Discovery Harb V 47 Discovery Met 215820 O Discovery Mnls* V 94 Discovery-Corp Ditem Explor* O 4 O 35 Diversified Rs* DNI Metals 962 DNI Metals* O 661 83331 O Dolat Ventures* Dolly Vard Sil* O 106 121 Dolly Vard Sil V V 143 Doubleview Cap DRDGOLD* N 230 50 Duncan Park H V Dundee Prec Mt T 1433 O 156 Dunnedin Vent*

0.08 unch 0.00 0.22 0.17 0.15 0.16 0.06 0.13 0.11 0.13 - 0.00 0.17 0.07 0.04 0.06 unch 0.00 0.10 0.03 0.00 unch 0.00 0.01 0.00 0.00 0.00 0.72 0.85 0.82 0.82 - 0.01 1.37 0.91 1.09 1.02 1.06 - 0.02 1.78 0.04 unch 0.00 0.22 0.07 0.06 0.07 0.02 unch 0.00 0.14 0.06 0.06 0.06 0.49 unch 0.00 0.65 0.60 0.57 0.59 0.26 0.50 0.35 0.41 + 0.06 0.50 0.13 unch 0.00 0.39 0.16 0.16 0.16 0.17 0.22 0.21 0.21 + 0.01 0.52 0.01 unch 0.00 0.02 0.02 0.00 0.01 0.05 0.08 0.06 0.06 - 0.01 0.20 0.04 0.06 0.05 0.05 - 0.01 0.16 0.06 0.33 0.25 0.25 - 0.08 0.34 0.07 unch 0.00 0.30 0.25 0.25 0.25 0.08 0.37 0.32 0.37 + 0.01 0.37 0.22 0.38 0.30 0.34 + 0.04 0.44 0.17 0.29 0.24 0.27 + 0.02 0.35 1.00 1.29 1.03 1.10 - 0.08 2.44 0.50 0.63 0.60 0.63 + 0.03 0.94 0.38 0.50 0.47 0.50 + 0.02 0.72 0.13 unch 0.00 0.30 0.18 0.17 0.18 0.14 0.30 0.25 0.25 - 0.06 0.40 11.78 13.37 12.33 12.61 - 0.50 18.88 0.02 unch 0.00 0.17 0.05 0.05 0.05 0.37 unch 0.00 1.12 0.46 0.42 0.44 0.29 0.37 0.00 0.36 - 0.01 0.82 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.09 0.00 0.23 unch 0.14 0.14 0.00 0.07 unch 0.00 0.12 0.00 0.00 0.09 0.06 unch 0.00 0.12 0.08 0.07 0.08 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.05 unch 0.00 0.11 0.05 0.05 0.05 0.40 0.41 0.40 0.40 - 0.01 0.92 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.01 0.02 0.02 0.02 + 0.01 0.04 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.02 unch 0.00 0.16 0.04 0.04 0.04 0.05 0.10 0.09 0.09 - 0.02 0.16 0.00 0.09 0.06 0.08 - 0.00 0.13 0.00 unch 0.00 0.16 0.02 0.01 0.02 0.68 0.59 0.62 + 0.01 0.84 0.35 0.85 0.75 0.78 + 0.02 1.04 0.45 0.04 unch 0.00 0.13 0.09 0.08 0.09 2.79 3.15 2.95 3.05 + 0.06 6.29 0.02 0.02 0.02 unch 0.00 0.02 0.01 3.14 2.83 3.03 + 0.15 3.70 2.13 0.13 0.26 0.22 0.23 - 0.03 0.31

D-F

2018-02-26 11:44 AM

GLOBAL MINING NEWS

(100s) Stock

THE NORTHERN MINER / MARCH 5â&#x20AC;&#x201C;18, 2018

Week

12-month

Exc Volume High Low Last Change High Low

Duran Vent V 1432 11 Duran Vent * O Durango Res V 55 Durango Res* O 35 DV Resources V 237 Dynacor Gld Mn T 140 25 Dynacor Gld Mn* O Dynamic Gold* O 2 O 16 DynaResource* Dynasty Gold V 57 O 44 Dynasty Gold* E3 Metals V 52 V 588 Eagle Graphite Eagle Graphite* O 58 Eagle Plains V 124 East Africa V 462 24 East Africa * O East Asia Mnls* O 1 East Asia Mnls V 1216 Eastern Platin T 24 O 9 Eastern Platin* Eastern Zinc V 32 Eastfield Res V 85 Eastmain Res* O 320 Eastmain Res T 1985 Eco Oro Mnls 166 Eco Oro Mnls* O 152 eCobalt Solns T 7453 eCobalt Solns* O 1706 Edgewater Expl V 275 Edgewater Expl* O 3 El Capitan Prc* O 810 El Nino Vent* O 4 El Nino Vent V 221 Elcora Res V 563 Elcora Res* O 59 Eldorado Gold* N 44319 Eldorado Gold T 13253 Electra Stone* O 10 Electra Stone V 874 Eloro Mnrls* O 0 Eloro Mnrls V 48 Ely Gold Royal V 348 Ely Gold Royal* O 121 Elysee Dev V 20 Elysee Dev * O 4 Emerita Res V 126 Emgold Mng V 9 Emgold Mng* O 5 Empire Rock V 81 EMX Royalty* X 172 EMX Royalty V 98 Encanto Potash* O 267 Encanto Potash V 1909 Endeavour Mng T 1119 Endeavour Mng* O 13 Endeavr Silver* N 4876 Endeavr Silver T 914 Endurance Gold V 1 Energy Fuels* X 756 Energy Fuels T 353 O 104 Enforcer Gold* Enforcer Gold V 591 Engold Mines* O 44 Engold Mines V 84 Ensurge* O 73 Entree Gold* X 435 Entree Gold T 453 Equitorial Ex* O 163 Equitorial Ex V 1008 Erdene Res Dev T 467 Erdene Res Dev* O 83 Erin Ventures* O 155 Erin Ventures V 347 Ero Copper T 76 Ero Copper* O 8 Eros Res Corp V 332 332 Eros Res Corp V Eros Res Corp* O 52 Eskay Mng V 88 Essex Minerals V 107 Ethos Gold* O 45 Ethos Gold V 331 Eureka Res V 109 Euro Sun Mg T 296 Euro Sun Mg* O 25 EurOmax Res T 4 V 15 European Elec European Metal* O 1481 Eurotin V 4 Everton Res V 3145 Everton Res* O 35 EVI Global Grp 76 Evolving Gold 7 Evolving Gold* O 6 Evrim Res V 1011 Excellon Res T 431 Excellon Res* O 258 Excelsior Mng T 591 Excelsior Mng* O 232 ExGen Res Inc V 218 Explor Res* O 28 Explor Res V 841 Explorex Res* O 63 Explorex Res 266 Fairmont Res V 1494 Falco Res V 467 Falco Res * O 44 Falcon Gold V 35 Fancamp Expl V 1079 Far Res 4441 Far Res* O 516 Fengro Industr* O 1 Fengro Industr V 98 Filo Mg Corp V 107 Finlay Minrls V 236 Fiore Gold* O 344 Fiore Gold V 187 Fire River Gol* O 0 Firebird Res V 62 Firesteel Res V 335 Firestone Vent V 93 Fireweed Zinc V 106 Fireweed Zinc* O 27 O 113 Firma Holdings* First Bauxite V 1559 First Cobalt * O 1283 First Cobalt V 2167 O 1000 First Colombia* First Energy* O 12 First Energy V 1003 First Legacy V 104 First Liberty* O 2417 First Majestic T 3359 13615 First Majestic* N First Mexican V 336 First Mg Fin * O 1874 First Mg Fin T 2123 First Point* O 15 First Quantum T 15565 Fission 3.0 V 358 Fission Uran T 3134 Fission Uran* O 759 Five Star Diam V 551 Five Star Diam* O 0 Fjordland Exp V 110 Fjordland Exp* O 17 Focus Graphite* O 247 Focus Graphite V 1603 Focus Vent V 708 Foran Mng V 99 Forsys Metals T 230 Fort St James V 35 O 70 Fortescue Met* Fortuna Silvr* N 5835 Fortuna Silvr T 1506 Fortune Bay* O 28 Fortune Bay V 24 Fortune Mnrls* O 1243 Fortune Mnrls T 4123 Forum Uranium V 650 Forum Uranium* O 260 Four Nines 464 Fox River Res 74 Fox River Res* O 2 FPX Nickel V 259 Franco-Nevada* N 3040 Franco-Nevada T 2159 Franklin Mng* O 17 Freedom Egy V 202 Freegold Vent T 521 Freeprt McMoR* N 77843

0.08 0.07 0.08 unch 0.00 0.13 0.04 0.06 0.05 0.06 + 0.01 0.08 0.03 0.08 0.07 0.07 - 0.01 0.36 0.06 0.06 0.06 0.06 unch 0.00 0.22 0.05 0.45 0.35 0.40 + 0.02 0.63 0.05 2.11 1.96 1.99 - 0.03 2.58 1.50 1.85 1.55 1.57 - 0.03 1.94 1.03 1.90 1.50 1.51 + 0.01 2.00 0.52 1.15 1.05 1.05 - 0.10 1.63 0.65 0.27 0.24 0.26 unch 0.00 0.32 0.10 0.22 0.19 0.22 + 0.01 0.21 0.07 0.44 0.40 0.40 + 0.01 1.01 0.25 0.03 0.03 0.03 unch 0.00 0.05 0.02 0.02 0.02 0.02 unch 0.00 0.04 0.01 0.22 0.20 0.20 - 0.01 0.25 0.13 0.28 0.22 0.25 unch 0.00 0.37 0.18 0.24 0.24 0.24 unch 0.00 0.28 0.15 0.05 0.05 0.05 unch 0.00 0.49 0.05 0.09 0.06 0.06 - 0.01 0.74 0.06 0.37 0.00 0.37 + 0.03 0.40 0.23 0.31 0.00 0.31 + 0.02 0.32 0.19 0.38 0.25 0.30 - 0.08 0.46 0.15 0.05 0.04 0.05 unch 0.00 0.08 0.03 0.21 0.18 0.20 - 0.01 0.42 0.19 0.27 0.24 0.25 - 0.02 0.55 0.24 0.33 0.00 0.30 - 0.03 0.45 0.15 0.26 0.22 0.26 unch 0.00 0.65 0.12 1.50 1.25 1.33 - 0.10 2.10 0.85 1.20 0.98 1.03 - 0.13 1.74 0.61 0.15 0.00 0.14 - 0.02 0.25 0.13 0.11 0.11 0.11 unch 0.00 0.16 0.10 0.05 0.04 0.04 + 0.00 2.35 0.03 0.03 0.03 0.03 + 0.01 0.06 0.02 0.05 0.05 0.05 unch 0.00 0.08 0.02 0.34 0.28 0.29 - 0.05 0.56 0.13 0.30 0.23 0.23 - 0.04 0.44 0.12 1.18 1.08 1.08 - 0.04 3.78 1.08 1.47 1.36 1.38 - 0.02 5.13 1.36 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.02 0.01 0.02 unch 0.00 0.04 0.01 0.73 0.00 0.73 unch 0.00 0.96 0.53 0.95 0.85 0.85 - 0.06 1.27 0.53 0.11 0.10 0.11 + 0.01 0.17 0.09 0.09 0.07 0.09 + 0.00 0.13 0.07 0.37 0.33 0.33 - 0.05 0.44 0.26 0.28 0.25 0.28 + 0.01 0.32 0.20 0.13 0.11 0.11 - 0.02 0.22 0.08 0.18 0.17 0.17 - 0.01 0.31 0.17 0.15 0.15 0.15 unch 0.00 0.25 0.13 0.22 0.17 0.20 + 0.01 0.30 0.16 0.92 0.88 0.90 - 0.01 1.11 0.67 1.16 1.12 1.13 - 0.02 1.45 0.85 0.04 0.04 0.04 + 0.00 0.09 0.02 0.05 0.05 0.05 + 0.01 0.12 0.04 24.23 22.38 23.20 - 0.57 27.57 19.77 19.20 17.87 18.45 - 0.41 21.72 14.41 2.45 2.18 2.26 - 0.03 4.85 1.94 3.05 2.77 2.85 - 0.04 6.35 2.50 0.00 0.00 0.06 unch 0.00 0.10 0.05 1.69 1.53 1.59 - 0.05 2.29 1.30 2.14 1.94 2.01 - 0.04 3.05 1.66 0.06 0.00 0.06 unch 0.00 0.18 0.05 0.09 0.08 0.08 - 0.01 0.28 0.07 0.15 0.14 0.15 + 0.01 0.50 0.14 0.19 0.18 0.18 - 0.01 0.68 0.14 0.06 0.06 0.06 - 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0.00 0.10 0.02 0.14 0.12 0.14 + 0.01 0.15 0.07 74.81 71.31 73.40 - 0.27 86.06 60.10 93.82 90.52 92.96 + 0.50 110.18 81.01 0.00 0.00 0.00 - 0.00 0.01 0.00 0.08 0.07 0.07 - 0.01 0.14 0.05 0.10 0.08 0.10 + 0.02 0.19 0.08 19.63 18.27 19.55 + 0.82 20.25 11.05

52-55_MAR5_StockTables.indd 53

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Freeport Res V 169 Fremont Gold V 110 O 8 Fremont Gold* Fresnillo plc* O 2 Frontier Lith V 871 Frontline Gold V 367 Full Metal Mnl* O 1 5 Full Metal Mnl V Fura Gems* O 33 Fura Gems V 162

0.07 0.05 0.07 + 0.01 0.08 0.03 0.17 0.16 0.17 + 0.02 0.21 0.11 0.16 0.12 0.12 - 0.04 0.17 0.10 19.24 18.20 19.24 + 0.50 22.27 16.45 0.85 0.60 0.80 + 0.15 0.85 0.31 0.03 0.02 0.02 unch 0.00 0.03 0.02 0.09 0.09 0.09 unch 0.00 0.12 0.05 0.12 0.00 0.12 - 0.01 0.15 0.08 0.62 0.52 0.55 + 0.00 1.23 0.53 0.77 0.66 0.68 - 0.09 1.13 0.19

Gabriel Res* O 5 Gabriel Res V 162 Gainey Capital V 485 Galane Gold V 80 Galantas Gold* O 72 Galantas Gold V 92 Galore Res V 105 Galway Gold V 786 Galway Mtls* O 98 Galway Mtls V 233 Garibaldi Res V 896 Garibaldi Res * O 110 GB Minerals V 541 General Moly T 1 General Moly* X 566 Genesis Mtls* O 106 Genesis Mtls V 379 Gensource Pot V 1671 Gentor Res V 82 Geologix Expl* O 127 Geologix Expl V 464 Geomega Res* O 5 Geomega Res V 351 Gespeg Cop Res V 245 Getty Copper V 400 GFG Resources* O 42 GGL Res* O 18 GGL Res V 3 GGX Gold V 475 GGX Gold* O 15 Giga Metals V 174 Giga Metals* O 44 Gitennes Expl V 343 Giyani Gold* O 368 Giyani Gold V 1035 Glacier Lake V 825 Gldn Predator* O 329 Gldn Predator V 560 Glen Eagle Res V 160 Glencore Plc* O 1868 Global Atomic V 365 Global Cobalt* O 190 Global Energy V 380 Global Energy* O 26 Global Gold* O 1 Global Li-Ion* O 76 Global Li-Ion 880 O 0 GlobalMin Vent* Globex Mng T 65 Globex Mng* O 12 GMV Minerals* O 91 GMV Minerals V 270 GNCC Capital* O 148462 GobiMin V 20 GoGold Res T 911 Gold Dynamics* O 146 Gold Fields* O 1 Gold Fields* N 22977 Gold Finder Ex V 449 Gold Finder Ex* O 20 Gold Lakes* O 16 Gold Mng USA* O 14012 Gold Reserve* O 16 Gold Reserve V 31 Gold Resource* X 1344 Gold Std Vents* X 2421 859 Gold Std Vents T Goldbank Mng V 117 Goldbelt Emp V 267 Goldcliff Res* O 220 Goldcliff Res V 358 Goldcorp T 12147 Goldcorp* N 41636 Golden Arrow V 444 Golden Arrow* O 538 Golden Band* O 159 Golden Cariboo V 113 Golden Dawn Ml V 930 Golden Dawn Ml* O 43 Golden Eagle* O 51 Golden Global* O 0 Golden Goliath V 94 Golden Goliath* O 102 Golden Harp V 0 Golden Hope V 165 Golden Hope* O 22 Golden Mnls* X 467 Golden Mnls T 31 Golden Peak Mn V 533 Golden Queen* O 1849 Golden Queen T 2021 Golden Reign V 267 Golden Ridge V 1121 Golden Secret V 147 Golden Share V 57 Golden Share* O 50 Golden Star T 741 Golden Star* O 25 Golden Star* X 4454 Golden Tag V 35 Golden Valley* O 23 Golden Valley V 212 Goldex Res* O 1 Goldex Res V 9 Goldgroup Mng T 375 Goldgroup Mng* O 184 GoldMining V 547 GoldON Res V 31 GoldON Res* O 11 V 1487 GoldQuest Mng Goldrea Res 1633 Goldrea Res* O 95 Goldrich Mng* O 157 Goldsource Min* O 91 Goldsource Min V 185 Goldstar Mnls V 1497 Goldstream Mnl V 120 Goldstrike Res V 335 Goliath Res V 426 Gorilla Min 534 Gossan Res V 106 GoviEx Uranium* O 335 GoviEx Uranium V 849 Gowest Gold* O 480 Gowest Gold V 866 GPM Metals V 666 Gran Colombia* O 80 Gran Colombia T 946 Granada Gold V 980 Granada Gold* O 37 Grande Portage V 54 Grande Portage* O 101 Granite Ck Gld V 3 Graphite Corp* O 81990 Graphite Egy* O 837 Graphite Egy 107 Graphite One V 22324 Graphite One* O 2775 Gratomic* O 28 Gratomic V 5489 Gray Rock Res V 62 Great Atlantic V 75 Great Bear Res V 413 Great Bear Res* O 46 Great Lakes Gr* O 38 Great Lakes Gr V 1850 Great Panther T 209 Great Panther* X 1427 Great Quest Fe V 42 Great Thunder V 193 Great Western* O 1044 Greatbanks Res* O 0 Green Arrow V 48 Green River 51 Green Swan Cap V 224 Green Valley M V 21 Greencastle Rs V 134 Greenland M&En* O 665 Grizzly Discvr V 579

0.31 0.31 0.31 unch 0.00 0.36 0.20 0.40 0.38 0.40 + 0.01 0.48 0.26 0.11 0.09 0.10 - 0.01 0.23 0.09 0.06 0.05 0.05 - 0.01 0.12 0.05 0.09 0.07 0.07 - 0.01 0.11 0.05 0.12 0.09 0.10 - 0.02 0.15 0.07 0.04 0.03 0.03 - 0.01 0.07 0.01 0.09 0.08 0.08 unch 0.00 0.16 0.07 0.22 0.19 0.20 - 0.00 0.36 0.18 0.27 0.25 0.26 - 0.01 0.45 0.23 2.70 2.31 2.31 - 0.28 5.27 0.12 2.19 1.83 1.83 - 0.30 4.12 0.10 0.09 0.08 0.09 unch 0.00 0.09 0.04 0.50 0.00 0.50 + 0.05 0.76 0.35 0.40 0.36 0.38 + 0.00 0.59 0.28 0.09 0.08 0.08 - 0.01 0.18 0.06 0.11 0.10 0.11 unch 0.00 0.22 0.09 0.11 0.09 0.11 + 0.01 0.25 0.06 0.09 0.09 0.09 unch 0.00 0.20 0.07 0.04 0.03 0.04 + 0.01 0.07 0.03 0.05 0.04 0.04 - 0.01 0.09 0.04 0.06 0.06 0.06 unch 0.00 0.09 0.04 0.09 0.08 0.08 - 0.01 0.15 0.06 0.04 0.04 0.04 unch 0.00 0.08 0.03 0.04 0.03 0.04 unch 0.00 0.04 0.02 0.35 0.32 0.32 - 0.02 0.93 0.32 0.10 0.10 0.10 unch 0.00 0.11 0.10 0.13 0.00 0.13 unch 0.00 0.25 0.10 0.14 0.12 0.13 - 0.02 0.24 0.08 0.09 0.09 0.09 unch 0.00 0.17 0.09 0.51 0.42 0.42 - 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0.02 0.17 0.00 2.73 2.49 2.69 + 0.01 4.25 1.94 3.44 3.09 3.17 - 0.21 5.35 2.61 4.67 4.36 4.47 - 0.13 6.18 3.08 1.76 1.63 1.65 - 0.04 2.85 1.25 2.20 2.07 2.11 unch 0.00 3.77 1.61 0.15 0.15 0.15 unch 0.00 0.34 0.06 0.03 0.02 0.03 unch 0.00 0.06 0.01 0.15 0.13 0.14 - 0.00 0.41 0.08 0.19 0.17 0.17 - 0.01 0.52 0.11 17.26 16.06 16.27 - 0.67 22.64 15.00 13.76 12.66 12.84 - 0.66 17.28 11.64 0.64 0.56 0.60 - 0.02 0.97 0.37 0.52 0.44 0.47 - 0.03 0.71 0.29 0.00 0.00 0.00 + 0.00 0.01 0.00 0.11 0.00 0.11 + 0.01 0.19 0.05 0.26 0.24 0.26 unch 0.00 0.40 0.23 0.20 0.00 0.20 - 0.01 0.28 0.18 0.66 0.07 0.60 - 0.12 1.37 0.39 0.00 0.00 0.04 unch 0.00 0.07 0.00 0.05 0.04 0.04 unch 0.00 0.07 0.03 0.04 0.03 0.03 + 0.00 0.06 0.02 0.00 0.00 0.07 unch 0.00 0.24 0.01 0.10 0.09 0.10 unch 0.00 0.23 0.07 0.08 0.07 0.07 - 0.02 0.18 0.06 0.44 0.38 0.40 - 0.02 0.68 0.36 0.56 0.49 0.50 - 0.02 0.90 0.46 0.21 0.16 0.21 + 0.05 0.52 0.16 0.15 0.12 0.14 + 0.00 0.76 0.12 0.19 0.16 0.17 unch 0.00 1.01 0.16 0.24 0.22 0.23 + 0.01 0.37 0.19 0.13 0.11 0.12 - 0.01 0.41 0.11 0.40 0.34 0.35 - 0.04 0.50 0.19 0.27 0.23 0.27 + 0.03 0.30 0.09 0.20 0.20 0.20 unch 0.00 0.20 0.09 0.95 0.88 0.91 - 0.01 1.33 0.76 1.11 1.11 1.11 unch 0.00 1.50 0.20 0.76 0.70 0.72 - 0.01 1.00 0.59 0.04 0.04 0.04 + 0.01 0.07 0.03 0.22 0.21 0.21 - 0.01 0.33 0.19 0.30 0.25 0.28 - 0.02 0.43 0.24 0.60 0.60 0.60 unch 0.00 0.80 0.39 0.76 0.00 0.70 - 0.02 1.18 0.44 0.07 0.06 0.07 + 0.01 0.15 0.05 0.05 0.04 0.05 unch 0.00 0.11 0.03 1.29 1.15 1.20 - 0.06 2.10 1.06 0.16 0.14 0.16 + 0.02 0.23 0.10 0.11 0.11 0.11 unch 0.00 0.16 0.09 0.32 0.26 0.28 - 0.04 0.59 0.27 0.27 0.20 0.22 - 0.04 0.38 0.04 0.20 0.17 0.17 - 0.02 0.30 0.03 0.03 0.00 0.03 - 0.00 0.06 0.02 0.07 0.05 0.07 - 0.00 0.13 0.04 0.09 0.09 0.09 + 0.01 0.18 0.06 0.06 0.05 0.06 unch 0.00 0.06 0.03 0.09 0.09 0.09 unch 0.00 0.10 0.05 0.22 0.21 0.21 - 0.02 0.43 0.18 0.12 0.09 0.11 + 0.01 0.40 0.05 0.26 0.24 0.26 + 0.02 0.26 0.16 0.11 0.10 0.11 + 0.01 0.11 0.05 0.20 0.18 0.19 unch 0.00 0.29 0.13 0.24 0.23 0.23 unch 0.00 0.38 0.17 0.12 0.10 0.10 - 0.01 0.18 0.10 0.15 0.14 0.14 - 0.01 0.25 0.13 0.08 0.07 0.08 unch 0.00 0.18 0.06 2.20 1.84 2.07 + 0.17 2.20 1.02 2.87 2.34 2.60 + 0.23 2.87 1.28 0.42 0.36 0.37 - 0.03 0.72 0.21 0.33 0.29 0.29 - 0.02 0.54 0.18 0.20 0.17 0.18 - 0.03 0.71 0.14 0.16 0.16 0.16 - 0.00 0.56 0.10 0.09 0.00 0.09 unch 0.00 0.23 0.08 0.00 0.00 0.00 + 0.00 0.01 0.00 0.85 0.72 0.83 + 0.01 0.88 0.56 1.05 0.91 1.05 + 0.02 1.07 0.40 0.12 0.06 0.09 + 0.02 0.12 0.04 0.09 0.04 0.07 + 0.02 0.09 0.03 0.17 0.15 0.17 + 0.02 0.21 0.04 0.24 0.17 0.23 + 0.05 0.32 0.05 0.22 0.21 0.21 - 0.01 0.57 0.15 0.10 0.10 0.10 unch 0.00 0.24 0.09 0.56 0.48 0.55 unch 0.00 0.73 0.18 0.44 0.37 0.42 - 0.01 0.59 0.17 0.04 0.03 0.04 + 0.00 0.08 0.02 0.06 0.04 0.05 unch 0.00 0.10 0.03 1.56 1.47 1.54 unch 0.00 2.95 1.39 1.24 1.17 1.21 - 0.01 2.28 1.06 0.16 0.14 0.15 - 0.01 0.26 0.12 0.04 0.03 0.04 + 0.01 0.10 0.03 0.00 0.00 0.00 - 0.00 0.00 0.00 0.00 0.00 0.03 unch 0.00 0.07 0.03 0.06 0.00 0.06 + 0.01 0.19 0.03 0.07 0.06 0.06 - 0.01 0.09 0.01 0.07 0.06 0.07 - 0.01 0.13 0.05 0.48 0.00 0.40 - 0.08 0.48 0.08 0.13 0.11 0.12 + 0.01 0.18 0.07 0.08 0.07 0.07 - 0.01 0.15 0.06 0.14 0.09 0.14 + 0.05 0.12 0.03

G-H

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Grizzly Discvr* O 790 Group Eleven V 47 27 Group Ten Mtls* O Group Ten Mtls V 261 O 156 GrowMax Res* GrowMax Res V 1301 GT Gold V 661 O 45 GT Gold * GTA Res & Mng V 112 V 1706 Guerrero Vents Gungnir Res V 223 Gungnir Res* O 76 Gunpoint Expl V 4 Guyana Gldflds T 1809 Guyana Goldstr V 743 Guyana Goldstr* O 30 Handa Copper V 90 O 25 Handa Copper* Handeni Gold* O 10 V 427 Hannan Metals Hannan Metals* O 31 Happy Ck Mnrls V 210 Harfang Explor V 15 Harmony Gold* N 31901 Harte Gold* O 366 Harte Gold T 2388 Harvest Gold* O 15 Harvest Gold V 252 Hawkeye Gld&Di* O 3 Hawkeye Gld&Di V 154 Heatherdale Rs V 116 Hecla Mining* N 19611 Helio Res V 58 Hellix Vent* O 172 Hemcare Health* O 22 Heron Res T 11 Highbank Res V 133 Highbury Proj V 100 Highland Copp* O 251 Highland Copp V 883 Highway 50 Gld V 40 Highway 50 Gld* O 0 HiHo Silver 125 Hinterland Mtl V 329 Hochschild Mg* O 14 Homeland Egy V 3 Honey Badger E V 326 Honey Badger E* O 11 Horizonte Mnls T 44 Hornby Bay Mnl V 152 HudBay Mnls* N 3706 HudBay Mnls T 9698 Hudson Res V 302 Hudson Res* O 21 Hunt Mng* O 18 Hunt Mng V 22 Hybrid Mineral V 1847 Hycroft Mg* O 1

0.11 0.09 0.11 + 0.02 0.10 0.03 0.25 0.25 0.25 unch 0.00 0.40 0.25 0.20 0.18 0.20 - 0.00 0.22 0.08 0.25 0.23 0.25 - 0.01 0.28 0.09 0.10 0.09 0.09 - 0.01 0.13 0.06 0.13 0.12 0.13 + 0.01 0.19 0.09 0.73 0.63 0.64 - 0.05 2.76 0.31 0.54 0.50 0.53 - 0.01 2.24 0.25 0.06 0.05 0.05 - 0.01 0.08 0.04 0.02 0.02 0.02 + 0.01 0.04 0.01 0.12 0.11 0.11 - 0.02 0.22 0.04 0.09 0.09 0.09 unch 0.00 0.17 0.03 0.18 0.18 0.18 unch 0.00 0.30 0.16 4.85 4.41 4.79 + 0.25 7.90 3.96 0.33 0.24 0.26 - 0.02 0.38 0.14 0.25 0.00 0.21 - 0.04 0.25 0.16 0.08 0.08 0.08 - 0.01 0.18 0.05 0.04 0.04 0.04 unch 0.00 0.12 0.04 0.13 0.11 0.13 + 0.01 0.14 0.02 0.30 0.28 0.28 unch 0.00 0.50 0.20 0.24 0.22 0.22 - 0.02 0.36 0.17 0.22 0.17 0.22 + 0.05 0.26 0.14 0.31 0.00 0.30 + 0.02 0.35 0.22 2.18 2.03 2.11 - 0.01 2.82 1.56 0.34 0.28 0.31 - 0.01 0.66 0.28 0.43 0.35 0.40 - 0.02 0.87 0.35 0.04 0.04 0.04 unch 0.00 0.05 0.03 0.05 0.00 0.05 unch 0.00 0.06 0.03 0.06 0.00 0.06 unch 0.00 0.09 0.04 0.10 0.08 0.10 - 0.01 0.13 0.05 0.05 0.00 0.05 unch 0.00 0.09 0.04 4.01 3.71 3.79 - 0.19 6.55 3.38 0.19 0.00 0.16 - 0.03 1.25 0.13 0.02 0.01 0.01 - 0.01 0.23 0.01 0.40 0.00 0.34 - 0.01 2.30 0.11 0.72 0.70 0.72 + 0.02 0.80 0.56 0.03 0.03 0.03 - 0.01 0.06 0.02 0.26 0.00 0.25 - 0.05 0.35 0.22 0.12 0.11 0.11 - 0.01 0.14 0.06 0.15 0.13 0.14 unch 0.00 0.18 0.09 0.30 0.30 0.30 unch 0.00 0.66 0.25 0.28 0.28 0.28 + 0.03 0.48 0.18 0.07 0.07 0.07 - 0.01 0.18 0.03 0.04 0.04 0.04 + 0.01 0.05 0.02 3.31 3.29 3.31 unch 0.00 4.37 2.77 0.28 0.00 0.28 unch 0.00 1.50 0.18 0.07 0.06 0.06 unch 0.00 0.15 0.04 0.06 0.04 0.06 + 0.02 0.06 0.03 0.08 0.07 0.07 - 0.01 0.11 0.04 0.07 0.06 0.06 - 0.01 0.07 0.00 8.85 7.98 8.10 - 0.25 10.25 4.60 11.24 10.11 10.31 - 0.18 12.65 6.13 0.58 0.51 0.53 + 0.01 0.80 0.38 0.46 0.42 0.45 - 0.01 0.60 0.29 0.32 0.30 0.32 + 0.02 0.41 0.11 0.39 0.37 0.37 - 0.01 0.51 0.13 0.55 0.39 0.50 + 0.02 0.50 0.12 0.02 0.00 0.02 + 0.01 2.00 0.01

I-Minerals* O 41 I-Minerals V 36 IAMGOLD T 9579 31817 IAMGOLD* N Icon Explor* O 1 Iconic Mnls V 2929 Iconic Mnls * O 40 IDM Mining* O 391 IDM Mining V 2974 IEMR Res V 59 IGC Res V 134 iMetal Res* O 21 iMetal Res V 329 IMPACT Silver V 1133 Impala Platnm* O 2 Imperial Metal T 197 Imperial Metal* O 59 Imperial Mg Gr V 433 Inca One Gold* O 9 Inca One Gold V 1023 Inception Mng * O 38 Independence G V 90 Independence G* O 12 Indico Res V 192 Indigo Expl V 60 Infinite Lith* O 0 Infinite Lith V 358 Inform Res V 43 Infrastructure* O 90 Inomin Mines V 760 Inspiration Mg* O 112 Inspiration Mg 9131 Intact Gold* O 12 Intact Gold V 553 Integra Res* O 48 Integra Res V 196 Inter-Rock Mnl V 16 Interconnect V 50 Intercontinent* O 3 Intercontinent V 0 Intgr Egy Sol* O 101046 Intl Battery* O 60 Intl Bethl Mng V 134 Intl Bethl Mng* O 0 Intl Cobalt* O 53 Intl Cobalt 3865 Intl Corona V 125 Intl Lithium* O 173 Intl Lithium V 274 1 Intl Millm Mng V Intl Montoro V 286 Intl Prospect * O 1 Intl Prospect V 25 Intl Samuel Ex V 851 Intl Star* O 2283815 Intl Tower Hil* X 490 Intl Tower Hil T 88 Intrepid Pots* N 3997 INV Metals* O 100 INV Metals T 107 Inventus Mg * O 378 Inventus Mg V 558 InZinc Mining V 455 InZinc Mining* O 72 Ireland* O 96 Ironside Res V 50 0 Ironside Res * O Irving Res 459 Irving Res* O 169 IsoEnergy Ltd V 427 Itafos* O 45 Itafos V 25 7 Itoco Mg Corp* O Ivanhoe Mines* O 1021 Ivanhoe Mines T 5987 Jaguar Mng* O 65 Jaguar Mng T 170 Japan Gold V 138 Japan Gold* O 54 Jasper Mng V 42 Jaxon Mining* O 175 Jaxon Mining V 4807 Jayden Res V 32 Jayden Res* O 6 Jazz Res V 90 JDF Explor Inc 3 Jiminex V 300 Jiulian Res V 60 Jourdan Res V 1503 Jubilee Gold V 0 Juggernaut Exp V 1088 K2 Gold V 49 K92 Mng Inc* O 601 853 K92 Mng Inc V Kaizen Discov V 166 Kaizen Discvry* O 70 Kapuskasing Gd* O 48 Kapuskasing Gd V 907 Karmin Expl V 18 Karnalyte Res T 19 Karoo Expl V 41 KAT Expl* O 400 Katanga Mng T 6711 Kenadyr Mining V 1876 Kenadyr Mining* O 16 Kennady Diam V 108 Kermode Res V 1097 Kerr Mines* O 160 Kerr Mines T 710 Kesselrun Res* O 125 Kesselrun Res V 181

0.23 0.21 0.23 + 0.02 0.44 0.18 0.30 0.25 0.30 + 0.02 0.60 0.24 7.72 6.71 6.86 - 0.52 8.87 4.54 6.16 5.27 5.43 - 0.45 7.25 3.36 0.26 0.26 0.26 unch 0.00 0.59 0.15 0.15 0.11 0.12 - 0.01 0.43 0.04 0.12 0.10 0.11 - 0.01 0.28 0.03 0.08 0.07 0.07 + 0.00 0.14 0.07 0.10 0.09 0.09 - 0.01 0.18 0.09 0.03 0.03 0.03 + 0.01 0.05 0.01 0.02 0.02 0.02 + 0.01 0.03 0.01 0.12 0.10 0.10 - 0.02 0.12 0.04 0.14 0.12 0.12 - 0.02 0.18 0.04 0.39 0.35 0.37 unch 0.00 0.77 0.26 2.18 2.18 2.18 unch 0.00 3.83 2.10 2.39 2.24 2.29 - 0.06 6.82 2.19 1.89 1.77 1.77 - 0.09 5.12 1.72 0.12 0.10 0.10 - 0.02 0.27 0.09 0.06 0.05 0.06 + 0.00 0.16 0.04 0.08 0.08 0.08 unch 0.00 0.20 0.06 0.29 0.00 0.28 + 0.02 0.45 0.11 0.13 0.00 0.13 + 0.01 0.26 0.10 0.09 0.08 0.09 + 0.01 0.20 0.07 0.02 0.02 0.02 - 0.01 0.04 0.01 0.03 0.03 0.03 unch 0.00 0.06 0.02 0.00 0.00 0.18 unch 0.00 0.34 0.07 0.25 0.22 0.25 + 0.02 0.45 0.12 0.21 0.16 0.16 - 0.06 0.39 0.07 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.16 0.14 0.15 - 0.02 0.20 0.02 0.10 0.09 0.09 - 0.01 0.20 0.01 0.15 0.10 0.10 - 0.03 0.27 0.01 0.14 0.14 0.14 unch 0.00 0.25 0.08 0.22 0.17 0.17 - 0.01 0.70 0.15 1.12 0.98 1.00 - 0.11 1.50 0.05 1.34 1.21 1.25 - 0.06 1.40 0.96 0.40 0.40 0.40 + 0.01 0.45 0.11 0.09 0.09 0.09 unch 0.00 0.09 0.05 0.14 0.13 0.13 + 0.00 0.16 0.05 0.00 0.00 0.17 unch 0.00 0.20 0.07 0.00 0.00 0.00 - 0.00 0.00 0.00 0.26 0.22 0.25 + 0.03 1.11 0.15 0.11 0.08 0.08 - 0.03 0.17 0.03 0.09 0.09 0.09 unch 0.00 0.13 0.09 0.22 0.19 0.20 - 0.01 0.31 0.15 0.30 0.23 0.26 - 0.01 0.45 0.08 0.07 0.06 0.07 - 0.01 0.15 0.03 0.13 0.10 0.11 - 0.00 0.18 0.06 0.16 0.13 0.15 + 0.01 0.23 0.07 0.00 0.00 0.03 unch 0.00 0.05 0.01 0.06 0.00 0.05 - 0.01 0.15 0.03 0.14 0.14 0.14 unch 0.00 0.28 0.05 0.20 0.20 0.20 unch 0.00 0.36 0.04 0.08 0.07 0.08 + 0.01 0.15 0.05 0.00 0.00 0.00 + 0.00 0.00 0.00 0.56 0.48 0.48 - 0.03 0.67 0.29 0.67 0.60 0.62 - 0.03 0.82 0.38 4.03 3.47 3.88 + 0.29 5.12 1.24 0.56 0.52 0.53 unch 0.00 0.80 0.50 0.70 0.65 0.65 - 0.01 1.07 0.65 0.18 0.14 0.15 - 0.03 0.31 0.11 0.23 0.19 0.20 - 0.03 0.39 0.13 0.20 0.18 0.18 unch 0.00 0.29 0.10 0.15 0.14 0.14 - 0.01 0.21 0.07 0.13 0.09 0.09 - 0.04 0.32 0.09 0.14 0.12 0.13 - 0.01 0.21 0.07 0.11 0.11 0.11 unch 0.00 0.12 0.05 1.17 0.90 1.17 + 0.27 1.54 0.60 0.93 0.72 0.91 + 0.17 1.24 0.09 0.50 0.42 0.47 - 0.03 1.25 0.26 2.16 2.08 2.10 - 0.06 2.21 0.97 2.70 2.26 2.60 - 0.09 2.80 1.14 0.29 0.00 0.25 - 0.08 4.77 0.15 2.77 2.41 2.45 - 0.16 4.10 0.00 3.40 3.07 3.13 - 0.15 5.47 2.73 0.33 0.28 0.30 - 0.01 0.52 0.18 0.40 0.36 0.38 - 0.01 0.69 0.22 0.28 0.25 0.25 - 0.02 0.40 0.19 0.21 0.17 0.20 + 0.03 0.30 0.16 0.10 0.10 0.10 unch 0.00 0.18 0.05 0.24 0.13 0.13 - 0.06 0.27 0.16 0.29 0.16 0.16 - 0.09 0.41 0.05 0.10 0.00 0.10 unch 0.00 0.38 0.07 0.08 0.00 0.07 + 0.00 0.30 0.05 0.08 0.08 0.08 unch 0.00 0.09 0.06 0.00 0.00 0.01 unch 0.00 0.03 0.03 0.03 unch 0.00 0.06 0.01 0.06 0.06 0.06 unch 0.00 0.06 0.02 0.08 0.07 0.07 - 0.01 0.20 0.04 0.00 0.00 0.54 unch 0.00 0.73 0.35 0.30 0.21 0.25 + 0.04 0.59 0.08 0.29 0.25 0.26 unch 0.00 0.56 0.18 0.40 0.37 0.38 - 0.02 0.86 0.31 0.51 0.47 0.49 - 0.01 1.06 0.41 0.09 0.00 0.09 unch 0.00 0.25 0.09 0.08 0.07 0.07 - 0.00 0.18 0.07 0.02 0.02 0.02 unch 0.00 0.05 0.02 0.03 0.03 0.03 unch 0.00 0.09 0.03 0.98 0.78 0.98 + 0.20 1.50 0.32 0.50 0.47 0.48 - 0.02 0.80 0.40 0.80 0.79 0.79 - 0.01 1.10 0.01 0.00 0.00 0.00 unch 0.00 0.00 0.00 2.32 1.68 1.97 + 0.18 2.83 0.26 0.20 0.14 0.16 + 0.01 1.00 0.10 0.14 0.11 0.12 + 0.01 1.45 0.08 3.12 3.03 3.10 - 0.01 4.25 2.45 0.03 0.02 0.02 - 0.01 0.03 0.01 0.19 0.16 0.19 + 0.01 0.34 0.08 0.24 0.22 0.23 + 0.01 0.41 0.12 0.07 0.07 0.07 unch 0.00 0.17 0.06 0.11 0.08 0.11 + 0.02 0.23 0.08

I-J-K

(100s) Stock

Week

53

12-month

Exc Volume High Low Last Change High Low

Kestrel Gold V 567 Khan Res 114 V 2182 Kilo Goldmines Kilo Goldmines* O 6 O 140 Kincora Copper* Kincora Copper V 44 Kings Bay Res* O 17 583 Kings Bay Res V Kingsmen Res V 3 O 1 Kingsmen Res* Kingsrose Mng* O 3 Kinross Gold* N 55133 14857 Kinross Gold T Kintavar Exp V 1078 Kirkland Lake* N 4862 Kirkland Lake T 5919 Kitrinor Mtls V 221 Kivalliq Enrgy V 474 Klondex Mines T 1602 Klondike Gold V 491 Klondike Gold* O 256 Klondike Silv V 302 Klondike Silv* O 21 Knick Expl V 1131 V 119 Kombat Copper Komet Resource V 620 Kootenay Silvr* O 165 Kootenay Silvr V 489 Kootenay Zinc 1106 Kutcho Copper * O 118 KWG Res* O 277 KWG Res 3668

0.06 0.05 0.06 + 0.01 0.19 0.02 0.12 0.11 0.11 - 0.01 0.18 0.05 0.05 0.04 0.05 unch 0.00 0.10 0.03 0.04 0.04 0.04 unch 0.00 0.07 0.02 0.18 0.17 0.17 unch 0.00 0.43 0.17 0.23 0.20 0.22 unch 0.00 0.65 0.20 0.10 0.07 0.07 - 0.03 0.15 0.05 0.10 0.09 0.09 - 0.01 0.20 0.06 0.20 0.15 0.15 - 0.05 0.20 0.10 0.11 0.11 0.11 unch 0.00 0.13 0.07 0.29 0.29 0.29 unch 0.00 0.34 0.29 3.99 3.58 3.59 - 0.35 4.91 3.15 4.99 4.54 4.55 - 0.40 6.29 4.24 0.65 0.44 0.52 + 0.02 0.65 0.10 15.99 14.07 15.60 + 0.74 16.89 6.30 20.30 17.79 19.75 + 1.08 20.97 8.38 28.35 23.25 23.25 - 4.65 34.45 4.05 0.09 0.08 0.08 - 0.01 0.15 0.08 1.99 1.81 1.94 - 0.02 7.68 1.81 0.30 0.26 0.27 - 0.01 0.60 0.18 0.23 0.20 0.20 - 0.03 0.49 0.13 0.09 0.09 0.09 unch 0.00 0.10 0.04 0.07 0.06 0.07 + 0.01 0.08 0.02 0.03 0.02 0.03 + 0.01 0.08 0.02 0.30 0.27 0.30 - 0.01 0.49 0.21 0.40 0.37 0.39 + 0.01 0.42 0.31 0.16 0.14 0.15 - 0.01 0.25 0.14 0.20 0.18 0.19 - 0.01 0.33 0.17 0.47 0.37 0.40 - 0.02 6.40 0.30 0.76 0.43 0.45 - 0.02 0.84 0.22 0.02 0.01 0.01 - 0.01 0.02 0.00 0.02 0.02 0.02 unch 0.00 0.03 0.01

La Imperial 41 Labdr Iron Mns* O 67 Labrador Gold V 198 Labrador Iron T 780 Lake Victoria* O 1711 Lara Expl V 65 Laramide Res T 171 Laredo Res* O 6055 Largo Res* O 116 Largo Res T 1456 Lateral Gold V 41 Latin Am Mnls* O 3 Latin Am Mnls V 79 Laurion Mnl Ex V 1691 Laurion Mnl Ex* O 551 Le Mare Gold* O 53 Le Mare Gold V 257 LeadFX Inc* O 15 Leading Edge V 245 Leading Edge* O 406 Leagold Mg T 2754 Leagold Mg* O 2278 Leeta Gold V 9700 Legion Metals 40 Leo Res* O 0 Levon Res Ltd * O 101 Levon Res Ltd T 230 Libero Copper V 83 Liberty Gold* O 244 Liberty One Li V 187 Liberty One Li* O 830 LiCo Energy* O 1403 LiCo Energy V 1058 Lincoln Mng V 332 Lion One Mtls V 88 Lion One Mtls* O 46 Lions Bay Cap V 6 Lions Gate Mtl* O 1 Lithion Energy* O 2 Lithium Amer* N 956 Lithium Amer T 1168 Lithium Chile* O 88 Lithium Chile V 376 Lithium Corp* O 799 Lithium Energi* O 16 Lithium Energi V 332 Lithium Energy V 764 Lithium Expl* O 1373 Lithium X Egy* O 729 Lithium X Egy V 790 Lithoquest Dia V 33 LKA Gold* O 44 Lode-Star Mg* O 13 Lomiko Mtls* O 70 Lomiko Mtls V 890 Loncor Res* O 12 Loncor Res T 494 Lone Star Gold* O 2379 Lonmin plc* O 4 Lonmin plc* O 2 Lorraine Coppr* O 24 V 112 Lorraine Coppr Los Andes Copp V 8 Lovitt Res V 15 LSC Lithium* O 39 Lucara Diam T 2040 Lucky Mnls * O 58 Lucky Mnls V 13 Lumina Gold* O 42 Lumina Gold V 573 Lund Enterpr V 20 Lundin Gold T 299 T 19196 Lundin Mng Lupaka Gold V 882 Lydian Intl* O 793 Lydian Intl T 1665 Lynas Corp* O 313

0.07 0.07 0.07 unch 0.00 0.08 0.04 0.02 0.01 0.01 unch 0.00 0.10 0.00 0.19 0.17 0.17 - 0.02 0.22 0.04 26.89 25.23 25.55 - 0.79 28.55 15.10 0.00 0.00 0.00 + 0.00 0.01 0.00 0.78 0.69 0.69 - 0.02 1.11 0.50 0.37 0.31 0.33 + 0.01 0.68 0.23 0.01 0.00 0.00 - 0.00 0.01 0.00 1.01 0.93 1.00 + 0.05 1.15 0.26 1.28 1.18 1.25 + 0.06 1.44 0.34 0.73 0.00 0.72 + 0.02 1.27 0.59 0.06 0.06 0.06 - 0.04 0.13 0.06 0.10 0.00 0.09 - 0.01 0.20 0.07 0.07 0.05 0.06 unch 0.00 0.07 0.01 0.05 0.03 0.04 + 0.01 0.05 0.01 0.22 0.16 0.16 - 0.06 3.40 0.06 0.28 0.21 0.21 - 0.06 3.80 0.18 1.28 1.21 1.21 - 0.07 1.57 0.26 0.71 0.62 0.65 - 0.07 1.01 0.51 0.57 0.50 0.50 - 0.06 0.80 0.38 2.99 2.70 2.91 + 0.05 3.48 2.27 2.53 2.15 2.29 - 0.00 2.80 1.76 2.24 1.85 1.89 - 0.16 6.75 0.09 0.14 0.12 0.12 unch 0.00 0.21 0.10 0.00 0.00 0.86 unch 0.00 1.88 0.86 0.27 0.24 0.24 - 0.01 0.37 0.21 0.35 0.31 0.31 unch 0.00 0.49 0.28 0.10 0.09 0.09 - 0.01 0.21 0.07 0.33 0.31 0.33 + 0.02 0.47 0.27 0.70 0.62 0.63 - 0.04 2.49 0.45 0.56 0.48 0.49 - 0.04 1.95 0.37 0.11 0.10 0.11 + 0.00 0.90 0.06 0.14 0.13 0.14 - 0.01 0.20 0.08 0.03 0.03 0.03 unch 0.00 0.08 0.03 0.54 0.50 0.50 - 0.04 0.88 0.45 0.45 0.39 0.39 - 0.04 0.66 0.36 0.14 0.14 0.14 unch 0.00 0.25 0.10 0.24 0.24 0.24 unch 0.00 0.42 0.08 0.11 0.11 0.11 unch 0.00 0.12 0.07 8.05 6.83 7.15 - 0.35 10.95 2.87 9.88 8.64 9.05 - 0.04 14.06 3.85 0.73 0.73 0.73 unch 0.00 0.73 0.73 1.05 0.95 1.05 + 0.10 1.35 0.28 0.41 0.34 0.35 - 0.05 0.62 0.05 0.47 0.00 0.40 - 0.08 0.75 0.07 0.61 0.49 0.50 - 0.07 0.97 0.07 0.06 0.05 0.06 + 0.01 0.08 0.04 0.05 0.03 0.04 - 0.00 0.13 0.02 1.98 1.80 1.95 + 0.09 2.05 1.03 2.47 2.30 2.45 + 0.12 2.56 1.40 0.37 0.00 0.37 + 0.01 0.47 0.34 0.21 0.11 0.16 - 0.06 0.65 0.11 0.03 0.03 0.03 + 0.01 0.10 0.02 0.10 0.03 0.10 + 0.01 0.25 0.07 0.12 0.11 0.12 unch 0.00 0.33 0.09 0.08 0.00 0.06 - 0.02 0.14 0.05 0.11 0.09 0.11 - 0.01 0.20 0.08 0.03 0.01 0.03 + 0.01 0.03 0.00 1.17 0.00 1.00 - 0.12 1.63 0.79 0.90 0.00 0.90 unch 0.00 1.37 0.90 0.11 0.10 0.10 unch 0.00 0.12 0.05 0.15 0.13 0.14 unch 0.00 0.19 0.06 0.31 0.31 0.31 unch 0.00 0.47 0.15 0.08 0.08 0.08 unch 0.00 0.14 0.02 1.08 0.96 0.96 - 0.11 1.31 0.94 2.43 2.13 2.13 - 0.22 3.31 2.18 0.10 0.09 0.10 - 0.01 0.18 0.07 0.14 0.00 0.14 + 0.01 0.23 0.09 0.67 0.59 0.67 + 0.09 0.72 0.46 0.85 0.71 0.81 + 0.07 1.00 0.60 0.22 0.00 0.16 - 0.06 0.24 0.09 5.20 4.80 4.81 - 0.30 6.50 4.07 8.74 8.28 8.54 + 0.07 10.22 6.62 0.28 0.21 0.26 + 0.02 0.25 0.11 0.44 0.36 0.37 - 0.03 0.50 0.23 0.55 0.46 0.48 - 0.02 0.63 0.31 1.66 1.47 1.63 + 0.09 2.00 0.51

L

M M2 Cobalt* O 9 0.61 0.61 0.61 unch 0.00 0.61 0.61 Macarthur Mnl V 3055 0.06 0.05 0.05 - 0.01 0.15 0.05 Macarthur Mnl* O 69 0.05 0.04 0.04 - 0.01 0.11 0.04 Maccabi Vent 445 0.08 0.04 0.07 - 0.01 0.10 0.03 MacDonald Mns* O 20 0.06 0.06 0.06 unch 0.00 0.20 0.06 V 294 0.10 0.09 0.09 - 0.01 0.28 0.07 MacDonald Mns MacMillan Mnls V 16 1.70 0.00 1.60 - 0.10 1.90 1.24 Madeira Mrnls V 22 0.05 0.05 0.05 unch 0.00 0.05 0.02 MAG Silver T 994 13.75 12.99 13.16 - 0.28 21.65 11.71 Magellan Gold* O 41 0.03 0.03 0.03 + 0.00 0.19 0.02 Magna Terra V 133 0.06 0.05 0.05 - 0.01 0.09 0.04 Magnus Intl* O 990 0.01 0.00 0.01 + 0.01 0.01 0.00 Majestic Gold* O 830 0.00 0.00 0.04 unch 0.00 0.07 0.03 0.04 Majestic Gold V 302 0.05 0.05 0.05 - 0.01 0.11 Makena Res 83 0.19 0.00 0.14 unch 0.00 0.24 0.13 Makena Res* O 4 0.15 0.15 0.15 unch 0.00 0.15 0.10 V 38 0.09 0.08 0.08 - 0.01 0.16 0.05 Mammoth Res Manado Gold V 377 0.11 0.09 0.10 - 0.02 0.24 0.06 Mandalay Res T 769 0.26 0.24 0.25 - 0.01 0.73 0.24 Mandalay Res* O 180 0.20 0.19 0.20 + 0.01 0.55 0.19 Manganese X* O 126 0.14 0.12 0.12 - 0.02 0.17 0.07 Manganese X V 877 0.20 0.15 0.19 + 0.02 0.24 0.08 Mangazeya Mng V 273 0.02 0.00 0.02 unch 0.00 0.04 0.02 0.05 Manitou Gold V 75 0.14 0.12 0.13 + 0.01 0.19 Manson Creek V 315 0.38 0.31 0.31 - 0.05 0.39 0.03 Manson Creek* O 147 0.29 0.27 0.27 - 0.02 0.29 0.03 Maple Gold* O 388 0.24 0.20 0.22 - 0.00 0.27 0.16 Maple Gold V 2564 0.30 0.27 0.28 + 0.01 0.46 0.21 Marathon Gold* O 225 0.81 0.69 0.72 - 0.07 1.14 0.67 Marathon Gold T 742 1.01 0.89 0.91 - 0.08 1.36 0.87 Margaux Res V 295 0.28 0.26 0.27 - 0.01 0.39 0.18 Marifil Mines V 51 0.18 0.14 0.15 - 0.03 0.40 0.11 Maritime Res V 225 0.10 0.09 0.10 + 0.01 0.20 0.09 Marlin Gold V 174 0.60 0.50 0.52 - 0.05 1.15 0.39 Martina Mnls V 19 0.04 0.00 0.04 unch 0.00 0.07 0.02 MartinMarietta* N 2912 223.52 210.50 211.58 - 4.67 244.32 191.09 Mason Graphite* O 216 1.53 1.25 1.40 - 0.03 2.47 0.91 Mason Graphite V 716 1.94 1.57 1.76 - 0.04 3.15 1.22 Mason Res* O 34 0.18 0.15 0.17 - 0.01 0.29 0.01 Mason Res T 279 0.22 0.20 0.22 unch 0.00 0.40 0.13 Masuparia Gold V 31 0.10 0.10 0.10 unch 0.00 0.15 0.05 Matachewan Con V 123 0.26 0.25 0.25 unch 0.00 0.34 0.21 Matamec Expl V 280 0.04 0.03 0.03 unch 0.00 0.08 0.03 Matamec Expl* O 670 0.03 0.03 0.03 unch 0.00 0.06 0.02 Matica Ent 17606 0.46 0.39 0.40 - 0.04 0.81 0.03 Matica Ent* O 269 0.36 0.31 0.32 - 0.03 0.64 0.03 Matmown* O 40 0.01 0.01 0.01 unch 0.00 0.02 0.01 Maudore Mnrls* O 7 0.00 0.00 0.00 - 0.00 0.00 0.00 Maverix Mtls* O 2 1.35 0.00 1.27 - 0.08 1.50 0.92 Mawson Res T 371 0.59 0.52 0.58 + 0.05 0.65 0.29 Mawson Res* O 281 0.47 0.41 0.46 + 0.00 0.48 0.24 MAX Res V 79 0.22 0.19 0.20 - 0.02 0.23 0.06 MaxTech Vent 333 0.52 0.46 0.47 + 0.01 0.63 0.14 MaxTech Vent* O 354 0.42 0.36 0.38 + 0.01 0.48 0.13 Maxwell Res* O 9 0.01 0.01 0.01 + 0.00 0.04 0.00 Maya Gold &Sil V 1039 0.70 0.63 0.68 unch 0.00 0.73 0.12 Mazarin V 5 0.10 0.10 0.10 unch 0.00 0.18 0.03

2018-02-26 11:44 AM

54

WWW.NORTHERNMINER.COM

MARCH 5â&#x20AC;&#x201C;18, 2018 / THE NORTHERN MINER

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

Week

12-month

Exc Volume High Low Last Change High Low

MBMI Res* O 4 MBMI Res V 1 McChip Res V 15 McEwen Mng T 1624 McEwen Mng* N 15533 McLaren Res * O 30 McLaren Res 215 MDN Inc* O 12 Meadow Bay Gd V 159 Meadow Bay Gd* O 13 Mechel* N 621 Medallion Res* O 181 Medallion Res V 533 Medgold Res* O 0 Medgold Res V 31 Medinah Mnrls* O 298 Mega Uranium T 669 Mega Uranium* O 124 Megastar Dev V 1250 Melior Res V 212 Melkior Res V 141 Meridian Mg V 79 Meridian Mg * O 15 Meryllion Res* O 10 Meryllion Res 4936 MetalCorp V 126 Metalex Vent V 170 Metallic Mnrls V 223 Metallic Mnrls* O 100 Metallica Min* O 124 Metallis Res V 284 Metalo Manuf 5 Metalore Res V 1 Metals Creek* O 545 Metals Creek V 367 Metals X* O 14 Metanor Res* O 40 Metanor Res V 317 Mexican Gold* O 54 Mexivada Mng* O 205 Mexus Gold* O 8175 Mezzotin Mnrls V 119 MGX Minerals 1124 MGX Minerals* O 684 Micrex Dev V 295 Midas Gold* O 2427 Midas Gold T 2484 Midland Expl V 46 Midnight Star 50 Midnight Sun V 309 Millennial Lit* O 295 Millennial Lit V 1983 Millrock Res* O 115 Millrock Res V 111 Minaurum Gold V 741 Minco Silver* O 5 Minco Silver T 59 Minecorp Egy * O 0 Minera Alamos * O 268 Minera Alamos V 594 Minera IRL 80 Mineral Hill V 19 Mineral Mtn V 123 Mineral Mtn* O 6 MineralRite* O 573000 Mineworx Tech V 1249 Mineworx Tech* O 591 Minfocus Expl V 652 Mining Global* O 1970 Minnova Corp V 719 Minsud Res V 88 Miramont Res 45 Miranda Gold V 852 Mirasol Res V 132 Mistango River 11 MK2 Ventures V 62 Mkango Res V 83 ML Gold* O 55 ML Gold Corp V 5312 Monarca Mnrls* O 3 Monarca Mnrls V 224 Monarques Res V 723 Monarques Res* O 184 Moneta Porcpn* O 311 Moneta Porcpn T 701 Monitor Vent* O 7 Monitor Vent V 2 Monster Uran* O 5 Montan Mg V 1040 Montego Res 1587 Montego Res* O 13 Montero Mg&Ex V 24 Monument Mng V 1327 Morien Res* O 17 Morien Res V 40 Morumbi Res* O 33 Morumbi Res T 579 Mosaic* N 33781 Mount Gibson * O 5 Mountain Boy* O 211 Mountain Boy V 330 Mountain Lake 74 Mountain Prov* D 179 Mountain Prov T 888 Mundoro Cap* O 10 Mundoro Cap V 48 Murchison Min 24 Mustang Mnrls* O 103 Mustang Mnrls V 105 MX Gold* O 92

0.09 0.03 0.03 - 0.06 0.09 0.00 0.00 0.00 0.10 unch 0.00 0.13 0.03 0.61 0.50 0.51 + 0.01 0.87 0.37 3.00 2.62 2.65 - 0.20 5.32 2.33 2.39 2.06 2.09 - 0.19 4.09 1.82 0.08 0.08 0.08 unch 0.00 0.09 0.06 0.11 0.09 0.10 unch 0.00 0.19 0.03 0.25 0.22 0.25 + 0.02 0.62 0.09 0.28 0.25 0.26 - 0.03 0.36 0.06 0.21 0.21 0.21 unch 0.00 0.28 0.04 5.18 4.89 5.06 - 0.05 6.23 4.00 0.10 0.08 0.10 + 0.02 0.17 0.08 0.12 0.09 0.12 + 0.03 0.28 0.09 0.00 0.00 0.16 unch 0.00 0.19 0.12 0.21 0.00 0.20 - 0.01 0.25 0.13 0.00 0.00 0.00 - 0.00 0.01 0.00 0.19 0.17 0.18 unch 0.00 0.29 0.13 0.15 0.13 0.13 - 0.01 0.22 0.10 0.08 0.08 0.08 unch 0.00 0.10 0.03 0.12 0.11 0.11 - 0.01 0.15 0.03 0.04 0.04 0.04 unch 0.00 0.10 0.04 0.31 0.19 0.22 - 0.10 1.39 0.25 0.24 0.17 0.17 - 0.07 0.56 0.23 0.03 0.03 0.03 unch 0.00 0.07 0.00 0.08 0.04 0.04 - 0.01 0.21 0.02 0.03 0.03 0.03 - 0.01 0.06 0.02 0.05 0.05 0.05 - 0.01 0.10 0.05 0.42 0.37 0.39 - 0.03 0.50 0.22 0.34 0.28 0.31 - 0.02 0.40 0.19 0.04 0.04 0.04 - 0.00 0.06 0.03 1.07 0.98 0.99 - 0.02 2.75 0.14 0.53 0.50 0.50 - 0.03 1.00 0.25 2.50 2.24 2.50 + 0.26 4.65 2.00 0.06 0.05 0.05 unch 0.00 0.09 0.03 0.08 0.07 0.08 + 0.01 0.11 0.05 0.68 0.64 0.64 - 0.04 0.96 0.51 0.54 0.50 0.52 - 0.03 0.94 0.51 0.68 0.63 0.64 - 0.02 1.29 0.60 0.23 0.20 0.20 - 0.03 0.32 0.18 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.04 0.02 0.03 - 0.00 0.15 0.02 0.02 0.01 0.01 - 0.01 0.05 0.01 1.67 1.52 1.60 - 0.02 1.96 0.73 1.33 1.19 1.26 - 0.03 1.58 0.54 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.78 0.57 0.67 - 0.08 0.89 0.42 0.97 0.73 0.85 - 0.09 1.08 0.55 0.94 0.83 0.89 - 0.05 1.15 0.82 0.20 0.20 0.20 unch 0.00 0.25 0.08 0.47 0.40 0.46 + 0.04 0.54 0.21 3.24 2.69 2.90 - 0.21 3.87 0.88 4.00 3.34 3.70 - 0.19 4.80 1.20 0.23 0.20 0.21 - 0.00 0.47 0.19 0.28 0.26 0.28 - 0.01 0.61 0.24 0.58 0.49 0.56 + 0.05 0.58 0.18 0.59 0.53 0.56 + 0.01 1.23 0.47 0.78 0.65 0.73 + 0.01 1.74 0.59 0.05 0.05 0.05 unch 0.00 0.15 0.04 0.13 0.10 0.12 - 0.00 0.18 0.10 0.16 0.15 0.16 + 0.01 0.24 0.13 0.09 0.09 0.09 unch 0.00 0.20 0.06 0.23 0.20 0.23 unch 0.00 0.34 0.17 0.41 0.39 0.40 - 0.01 0.45 0.15 0.33 0.32 0.33 - 0.00 0.41 0.13 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.29 0.26 0.27 - 0.01 0.40 0.05 0.24 0.20 0.23 + 0.02 0.33 0.05 0.03 0.03 0.03 + 0.01 0.06 0.01 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.70 0.67 0.67 - 0.03 0.90 0.55 0.08 0.07 0.07 unch 0.00 0.16 0.06 0.35 0.31 0.35 + 0.01 0.65 0.20 0.05 0.05 0.05 unch 0.00 0.11 0.05 2.16 2.02 2.03 - 0.10 2.60 1.42 0.03 0.00 0.03 - 0.01 0.07 0.01 0.17 0.17 0.17 unch 0.00 0.23 0.09 0.15 0.14 0.14 - 0.01 0.24 0.04 0.21 0.18 0.20 - 0.01 0.26 0.08 0.26 0.22 0.25 + 0.01 0.32 0.10 0.08 0.08 0.08 unch 0.00 0.14 0.05 0.09 0.08 0.08 - 0.01 0.23 0.07 0.41 0.37 0.37 - 0.03 0.47 0.25 0.33 0.28 0.28 - 0.04 0.38 0.19 0.13 0.11 0.12 - 0.01 0.19 0.10 0.16 0.15 0.15 - 0.01 0.26 0.13 0.28 0.00 0.26 + 0.01 0.81 0.13 0.31 0.00 0.31 + 0.06 1.13 0.25 0.05 0.00 0.05 + 0.02 0.05 0.02 0.04 0.03 0.03 - 0.01 0.08 0.01 0.45 0.36 0.42 + 0.03 0.55 0.14 0.32 0.30 0.30 - 0.02 0.32 0.30 0.30 0.00 0.30 unch 0.00 0.49 0.12 0.07 0.07 0.07 unch 0.00 0.11 0.06 0.51 0.49 0.50 - 0.01 0.60 0.37 0.65 0.62 0.63 unch 0.00 0.77 0.47 0.96 0.91 0.91 - 0.01 0.96 0.45 1.20 1.15 1.15 unch 0.00 1.23 0.55 28.84 25.43 28.74 + 3.31 33.31 19.23 0.31 0.28 0.31 + 0.03 0.36 0.20 0.05 0.04 0.04 + 0.00 0.09 0.03 0.06 0.06 0.06 + 0.01 0.11 0.05 0.03 0.00 0.03 - 0.01 0.09 0.02 2.75 2.65 2.68 - 0.03 4.30 2.45 3.46 3.37 3.38 - 0.02 5.94 3.18 0.11 0.11 0.11 unch 0.00 0.22 0.09 0.13 0.12 0.12 + 0.01 0.30 0.12 0.19 0.17 0.17 - 0.03 0.29 0.13 0.25 0.22 0.22 - 0.03 0.37 0.07 0.32 0.27 0.27 - 0.05 0.52 0.10 0.09 0.05 0.08 + 0.01 0.18 0.05

NA Frac Sand* O 341 NACCO Ind* N 103 Napier Vent V 36 Napier Vent* O 29 Natural Res Pt* N 56 Nautilus Mnrls T 5149 Nautilus Mnrls* O 3779 Navis Res Corp 1 Nemaska Lith T 2817 Nemaska Lith* O 875 Neo Lithium V 569 Neometals* O 23 Network Expl* O 2 Network Expl V 174 Nevada Canyon* O 356 Nevada Clean M* O 246 Nevada Clean M V 160 Nevada Copper T 39 Nevada Energy* O 5 Nevada Energy V 11 Nevada Expl * O 13 Nevada Expl V 20 Nevada Sunrise* O 142 Nevada Sunrise V 70 Nevada Zinc V 157 Nevado Res V 206 Nevsun Res* X 3357 Nevsun Res T 3917 New Age Metals* O 28 New Age Metals V 604 New Carolin Gd* O 37 New Carolin Gd V 129 New Destiny Mg V 218 New Dimen Res V 5 New Gold T 5642 New Gold* X 30633 New Guinea Gld* O 22 New Jersey Mng* O 118 New Milln Iron* O 39 New Milln Iron T 180 New Nadina V 76 New Nadina* O 49 New Oroperu V 5 New Pac Metals V 122 New Pac Metals* O 24 New Point Expl 634 New Stratus V 8 New Stratus* O 4 New Tech Lith* O 565 New Tech Lith 172 New World Res V 140 Newlox Gold 108

0.02 0.01 0.01 - 0.00 0.09 0.01 42.80 38.80 41.10 + 0.25 48.85 14.24 0.51 0.36 0.46 - 0.01 0.54 0.28 0.40 0.35 0.40 + 0.03 0.44 0.28 29.40 28.31 29.10 - 0.09 45.60 22.81 0.39 0.22 0.34 + 0.12 0.34 0.14 0.31 0.17 0.27 + 0.10 0.27 0.11 0.00 0.00 0.37 unch 0.00 2.50 0.33 1.74 1.61 1.69 + 0.06 2.44 0.95 1.37 1.28 1.32 + 0.03 1.96 0.70 1.96 1.74 1.83 - 0.04 2.75 0.85 0.50 0.29 0.29 - 0.21 0.80 0.20 0.32 0.32 0.32 unch 0.00 0.39 0.32 0.42 0.39 0.40 - 0.02 0.48 0.37 0.09 0.06 0.09 + 0.01 0.22 0.05 0.03 0.02 0.02 - 0.00 0.08 0.02 0.04 0.03 0.04 + 0.01 0.08 0.03 0.74 0.68 0.73 - 0.01 0.84 0.41 0.20 0.18 0.20 + 0.02 1.23 0.18 0.26 0.23 0.26 + 0.01 1.50 0.22 0.25 0.22 0.23 - 0.01 0.35 0.21 0.32 0.29 0.29 - 0.03 0.46 0.27 0.14 0.11 0.12 + 0.00 0.28 0.09 0.17 0.15 0.16 unch 0.00 0.36 0.12 0.23 0.20 0.21 - 0.02 0.49 0.18 0.04 0.03 0.03 unch 0.00 0.08 0.02 2.25 2.10 2.21 unch 0.00 3.05 1.96 2.82 2.70 2.79 + 0.02 3.99 2.49 0.10 0.09 0.09 - 0.00 0.15 0.04 0.12 0.11 0.12 + 0.01 0.19 0.05 0.41 0.38 0.38 - 0.03 0.61 0.18 0.55 0.45 0.49 - 0.01 0.77 0.20 0.35 0.30 0.34 - 0.01 0.35 0.11 0.06 0.06 0.06 unch 0.00 0.16 0.04 3.42 3.23 3.36 + 0.08 5.16 3.21 2.72 2.54 2.64 + 0.01 4.25 2.54 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.18 0.16 0.17 + 0.01 0.19 0.09 0.08 0.07 0.08 - 0.00 0.21 0.06 0.11 0.10 0.10 unch 0.00 0.30 0.08 0.20 0.18 0.18 - 0.01 4.60 0.08 0.16 0.15 0.15 - 0.01 3.60 0.06 0.41 0.41 0.41 unch 0.00 0.65 0.33 1.44 1.40 1.40 - 0.01 1.65 0.99 1.15 0.00 1.10 + 0.01 1.28 0.74 0.20 0.12 0.20 + 0.04 0.20 0.11 0.14 0.14 0.14 unch 0.00 0.48 0.08 0.10 0.10 0.10 unch 0.00 0.23 0.08 0.07 0.06 0.06 - 0.01 0.19 0.05 0.10 0.08 0.08 - 0.02 0.17 0.07 0.24 0.22 0.22 - 0.02 0.29 0.10 0.06 0.06 0.06 unch 0.00 0.08 0.03

N-O

52-55_MAR5_StockTables.indd 54

(100s) Stock

Week

(100s) Stock

12-month

Exc Volume High Low Last Change High Low

Newmac Res V 20 N 26533 Newmont Mng* Newport Expl V 120 O 0 Newport Gold* NewRange Gold* O 253 NewRange Gold V 298 Nexa Resources T 8 N 1615 Nexa Resources* Nexco Res 85 T 1212 Nexgen Energy Nexgen Energy* X 617 T 1810 NextSource Mat Nexus Gold V 1115 Nexus Gold* O 226 NGEx Res* O 75 NGEx Res T 294 Nickel Creek T 160 Nickel Creek* O 210 Nickel North V 96 Nickel One Res V 166 483 Nicola Mg Inc V Nicola Mg Inc* O 11 O 101 Nighthawk Gold* Nighthawk Gold T 305 Niobay Metals V 122 Niocan Inc V 64 Niocorp Dev T 905 Niocorp Dev* O 1079 V 339 Nippon Dragon Nippon Dragon* O 226 Nitinat Mnls* O 12 Nitinat Mnls V 454 O 5 NKWE Platinum* Noble Metal Gr V 841 50 Noble Mnl Expl* O Noble Mnl Expl V 1753 Noka Res* O 471 Noram Vent V 3938 Noram Vent* O 13 Noranda Alum* O 79 Noront Res V 759 Nortec Mnls V 100 361 North Am Nickl V North Am Nickl* O 175 24 North Am Pall* O North Am Pall T 69 North Arrow Mn* O 77 North Arrow Mn V 89 Northcliff Res T 644 Northern Uran V 120 Northisle C&G V 32 Northn Empire V 771 Northn Empire* O 126 Norvista Cap V 95 V 643 Nouveau Monde Nouveau Monde* O 308 X 7541 NovaGold Res* NovaGold Res T 793 Novo Res* O 570 Novo Res V 1089 NRG Metals* O 1449 NRG Metals V 1835 V 362 Nrthn Graphite O 149 Nrthn Graphite* Nrthn Lion V 1 Nrthn Mnrls &E* O 90 Nrthn Shield V 2276 Nrthn Superior V 1385 O 61 Nrthn Superior* Nrthn Vertex* O 34 Nrthn Vertex V 182 NSS Res Inc 366 Nthn Dynasty T 967 Nthn Dynasty* X 5902 Nthrn Sphere* O 166 Nthrn Sphere 777 Nubian Res V 90 NuLegacy Gold V 240 O 349 NuLegacy Gold* V 22 Nunavik Nickel Nutrien T 5510 Nutrien* N 12863 NV Gold* O 14 NV Gold V 58 NX Uranium* O 5 NxGold Ltd* O 10 NxGold Ltd V 82 Nyrstar NV* O 0 O.T. Mining* O 29 OceanaGold* O 29 OceanaGold T 6528 Oceanic Iron O V 474 Oceanic Iron O* O 2 Oceanus Res V 94 O 43 Oceanus Res* Odyssey Res V 361 OK2 Minerals V 325 Olivut Res V 19 Olivut Res* O 34 Omineca Mg &Ml V 3 One World Lith 174 Opawica Expl V 66 Opus One Res V 171 Orbite Tech* O 31 Orca Gold V 287 Orca Gold* O 191 Orefinders Res V 584 Orestone Mng V 173 Orex Mnrls* O 13 Orex Mnrls V 31 Orezone Gold* O 172 Orezone Gold V 310 Orford Mining V 6 Organic Potash 33 Original Sixtn* O 32 Orla Mng Ltd* O 20 Orla Mng Ltd V 414 Oro East Mg* O 25 Oroco Res V 1328 Oroco Res* O 203 Orocobre T 303 V 1408 Oronova Energy Oroplata Res* O 253 Orosur Mng T 881 Orsu Metals V 15 Orsu Metals* O 2 Orvana Mnrls T 231 Orvana Mnrls* O 17 Osisko Gold T 4626 Osisko Gold* N 4071 Osisko Metals V 251 Osisko Metals* O 60 Osisko Mng Inc T 7753 Osprey Gold V 418 Otis Gold V 192 Otis Gold* O 109 OZ Minerals* O 2

0.08 0.08 0.08 unch 0.00 0.09 0.05 39.39 37.58 38.69 - 0.42 42.04 31.42 0.24 0.23 0.23 - 0.01 0.30 0.19 0.00 0.00 0.03 unch 0.00 0.07 0.00 0.24 0.00 0.23 + 0.00 0.59 0.16 0.32 0.29 0.30 unch 0.00 0.75 0.22 26.63 24.42 24.55 - 0.33 26.63 19.80 21.18 19.12 19.43 - 0.47 21.61 15.27 0.25 0.21 0.21 - 0.04 0.50 0.15 2.76 2.64 2.72 - 0.01 4.06 2.40 2.20 2.08 2.15 - 0.03 3.20 1.82 0.16 0.14 0.15 + 0.01 0.22 0.06 0.06 0.05 0.05 - 0.01 0.35 0.05 0.05 0.03 0.04 - 0.00 0.27 0.03 0.93 0.93 0.93 unch 0.00 1.10 0.58 1.33 1.19 1.24 + 0.02 1.49 0.75 0.31 0.28 0.29 + 0.01 0.41 0.22 0.25 0.21 0.23 + 0.01 0.33 0.16 0.05 0.04 0.05 + 0.01 0.05 0.02 0.07 0.06 0.07 + 0.01 0.13 0.02 0.20 0.19 0.20 + 0.01 0.29 0.14 0.16 0.15 0.16 + 0.00 0.20 0.11 0.52 0.47 0.47 - 0.02 0.97 0.45 0.65 0.60 0.62 + 0.01 1.15 0.57 0.35 0.32 0.35 + 0.02 0.85 0.11 0.08 0.00 0.08 unch 0.00 0.18 0.05 0.75 0.62 0.75 + 0.11 0.87 0.37 0.59 0.50 0.59 + 0.08 0.65 0.29 0.06 0.05 0.06 unch 0.00 0.11 0.05 0.05 0.03 0.04 - 0.01 0.09 0.03 0.35 0.00 0.32 + 0.26 0.35 0.03 0.45 0.25 0.39 + 0.14 0.45 0.04 0.03 0.03 0.03 unch 0.00 2.04 0.00 0.02 0.01 0.02 unch 0.00 0.04 0.01 0.12 0.12 0.12 unch 0.00 0.15 0.03 0.16 0.14 0.14 - 0.01 0.19 0.04 0.25 0.22 0.25 + 0.02 0.30 0.05 0.05 0.04 0.05 - 0.01 0.08 0.03 0.04 0.04 0.04 + 0.00 0.06 0.02 0.05 0.04 0.04 - 0.00 0.17 0.01 0.37 0.35 0.35 - 0.01 0.52 0.22 0.11 0.11 0.11 unch 0.00 0.18 0.06 0.08 0.08 0.08 unch 0.00 0.10 0.06 0.06 0.06 0.06 + 0.00 0.08 0.04 8.50 7.87 8.02 - 0.44 9.31 3.51 10.97 9.90 10.01 - 0.66 11.60 4.65 0.19 0.17 0.17 - 0.01 0.23 0.14 0.24 0.20 0.20 - 0.02 0.40 0.17 0.14 0.12 0.12 - 0.03 0.22 0.11 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.12 0.00 0.12 unch 0.00 0.20 0.09 1.43 1.27 1.27 - 0.09 1.43 0.58 1.14 0.99 1.01 - 0.10 1.14 0.47 0.12 0.11 0.12 unch 0.00 0.17 0.08 0.38 0.35 0.36 + 0.01 0.54 0.26 0.30 0.28 0.30 + 0.02 0.42 0.19 4.20 3.99 4.08 - 0.09 6.16 3.35 5.30 5.05 5.17 - 0.05 8.10 4.33 2.91 2.56 2.87 + 0.23 7.08 0.49 3.67 3.22 3.66 + 0.36 8.83 0.66 0.23 0.18 0.20 - 0.01 0.49 0.07 0.28 0.23 0.25 unch 0.00 0.62 0.09 0.50 0.42 0.49 + 0.04 0.70 0.24 0.38 0.34 0.38 + 0.02 0.55 0.19 0.00 0.00 0.41 unch 0.00 0.67 0.31 0.06 0.05 0.05 unch 0.00 0.06 0.01 0.03 0.03 0.03 + 0.01 0.09 0.03 0.05 0.04 0.04 - 0.01 0.08 0.03 0.04 0.02 0.03 + 0.01 4.63 0.02 0.44 0.38 0.42 - 0.00 0.58 0.34 0.55 0.45 0.49 - 0.04 0.70 0.43 0.28 0.18 0.24 + 0.04 1.39 0.05 1.42 1.32 1.38 + 0.04 3.30 1.00 1.13 1.03 1.09 + 0.02 2.42 0.81 0.07 0.06 0.07 - 0.00 0.32 0.06 0.09 0.08 0.09 + 0.01 0.55 0.07 0.25 0.20 0.23 + 0.03 0.38 0.17 0.19 0.16 0.18 - 0.01 0.30 0.15 0.16 0.12 0.14 - 0.01 0.23 0.12 0.11 0.11 0.11 unch 0.00 0.17 0.08 64.11 55.45 63.80 + 7.96 70.05 55.27 50.67 44.18 50.32 + 5.90 56.18 40.41 0.21 0.19 0.19 - 0.03 0.39 0.13 0.27 0.21 0.21 - 0.03 0.48 0.17 0.01 0.00 0.01 unch 0.00 0.04 0.01 0.22 0.19 0.19 - 0.03 0.26 0.17 0.24 0.21 0.24 + 0.03 0.72 0.18 0.00 0.00 8.08 unch 0.00 8.25 6.15 0.10 0.05 0.10 unch 0.00 0.20 0.03 2.56 2.42 2.54 + 0.11 3.60 2.23 3.44 3.12 3.43 + 0.25 5.00 2.92 0.16 0.14 0.14 - 0.02 0.30 0.06 0.09 0.09 0.09 unch 0.00 0.19 0.07 0.24 0.19 0.24 + 0.05 0.36 0.17 0.19 0.00 0.19 + 0.05 0.29 0.13 0.05 0.04 0.04 - 0.01 0.08 0.03 0.05 0.05 0.05 unch 0.00 0.14 0.05 0.15 0.11 0.14 + 0.03 0.21 0.08 0.13 0.09 0.11 + 0.01 0.15 0.06 0.00 0.00 0.03 unch 0.00 0.07 0.03 0.15 0.10 0.14 unch 0.00 0.16 0.10 0.19 0.15 0.15 - 0.04 0.63 0.10 0.10 0.09 0.10 unch 0.00 0.15 0.06 0.01 0.01 0.01 unch 0.00 0.21 0.00 0.59 0.52 0.53 - 0.05 0.78 0.34 0.47 0.41 0.43 - 0.04 0.63 0.25 0.15 0.13 0.14 - 0.01 0.17 0.04 0.11 0.10 0.10 unch 0.00 0.13 0.05 0.13 0.11 0.13 + 0.01 0.18 0.08 0.16 0.14 0.16 + 0.01 0.24 0.10 0.70 0.61 0.61 - 0.07 0.82 0.37 0.88 0.77 0.77 - 0.09 1.02 0.50 0.28 0.00 0.28 + 0.05 0.70 0.20 0.03 0.03 0.03 unch 0.00 0.05 0.01 0.12 0.06 0.10 - 0.02 0.12 0.00 1.20 1.16 1.18 - 0.03 1.48 0.88 1.55 1.35 1.42 - 0.08 1.85 1.04 0.01 0.01 0.01 unch 0.00 0.01 0.00 0.15 0.10 0.11 - 0.01 0.13 0.02 0.11 0.08 0.09 + 0.01 0.10 0.02 6.78 6.50 6.78 + 0.21 7.36 2.73 0.13 0.10 0.10 - 0.01 0.45 0.10 0.10 0.06 0.09 + 0.01 0.34 0.06 0.17 0.15 0.15 - 0.01 0.32 0.15 0.20 0.17 0.17 - 0.03 0.35 0.13 0.13 0.12 0.13 - 0.00 0.22 0.11 0.23 0.21 0.22 - 0.01 0.33 0.17 0.18 0.16 0.17 - 0.01 0.25 0.14 13.58 12.00 12.50 - 0.87 17.58 12.00 10.83 9.51 9.87 - 0.76 14.39 9.51 0.77 0.68 0.70 - 0.01 1.74 0.27 0.60 0.56 0.56 - 0.03 1.33 0.54 3.16 2.70 2.85 - 0.19 5.65 2.73 0.10 0.09 0.10 + 0.01 0.44 0.07 0.22 0.20 0.21 - 0.01 0.39 0.17 0.20 0.16 0.18 - 0.00 0.29 0.13 7.53 6.82 7.53 + 0.71 7.53 4.70

Pac Bay Mnrls* O 2 Pac Bay Mnrls V 1028 Pac Booker Min* O 7 Pac Booker Min V 27 Pac Imperial V 1113 Pac Iron Ore V 9 Pac Link Mng V 35 Pac Potash* O 0 Pac Ridge Expl V 67 Pac Ridge Expl* O 18 Pac Topaz V 170 Pac Wildcat* O 110 Pacific Rim 1059 Pacific Rim* O 34 Pacton Gold V 1851 Paget Mrnls V 93 Paladin Energy* O 1293 Palamina Corp* O 60 Palamina Corp V 52 Pan Am Silver* D 9757 Pan Am Silver T 1613 Pan Global Res V 321 Pancontinental V 331 Pancontinental* O 92 Panex Res* O 125

0.04 0.04 0.04 unch 0.00 0.04 0.02 0.06 0.03 0.04 - 0.02 0.07 0.03 1.04 0.88 1.00 - 0.04 1.10 0.35 1.28 1.20 1.25 + 0.05 1.44 0.42 0.06 0.05 0.05 - 0.01 0.06 0.01 0.14 0.13 0.14 + 0.01 0.23 0.11 0.03 0.03 0.03 unch 0.00 0.07 0.02 0.03 0.00 0.03 unch 0.00 0.04 0.03 0.07 0.06 0.06 - 0.01 0.11 0.05 0.06 0.05 0.06 + 0.01 0.06 0.03 0.15 0.12 0.12 - 0.03 0.23 0.10 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.75 0.58 0.64 - 0.09 1.59 0.33 0.60 0.48 0.48 - 0.11 1.25 0.48 0.32 0.26 0.31 + 0.03 0.40 0.06 0.04 0.03 0.04 + 0.01 0.08 0.03 0.10 0.03 0.10 + 0.06 0.10 0.00 0.23 0.22 0.23 + 0.01 0.27 0.12 0.30 0.00 0.28 + 0.01 0.38 0.15 16.52 15.00 15.51 - 0.54 19.60 13.99 20.70 19.02 19.64 - 0.52 25.76 18.00 0.25 0.24 0.25 + 0.02 0.30 0.05 0.04 0.03 0.04 + 0.01 0.10 0.02 0.04 0.03 0.04 + 0.01 0.05 0.01 0.00 0.00 0.00 unch 0.00 0.01 0.00

P-Q

Week

12-month

Exc Volume High Low Last Change High Low

Pangolin Dia V 1226 Panoro Mnrls V 283 V 203 Pantheon Vent Para Resources V 532 Parallel Mng V 664 Paramount Gold* X 325 Paringa Res* O 3 Pasinex Res 447 Patriot Gold* O 271 N 6117 Peabody Enrgy* Peat Res V 4808 Pedro Res V 50 O 19 Pelangio Expl* Pelangio Expl V 331 Pele Mtn Res V 56 Pele Mtn Res* O 19 Peloton Mnrls 218 O 213 PepinNini Lith* Peregrine Diam T 1331 Perseus Mng T 535 Pershimex Res V 67 Pershing Gold* D 398 Pershing Gold T 4 Pershing Res* O 207 O 0 Petra Diamonds* Philex Mng* O 2 Philippine Mtl* O 0 Philippine Mtl V 2 Pine Cliff En T 554 Pine Cliff En* O 89 Pinecrest Res * O 2 Pinecrest Res V 105 Pistol Bay Mng V 608 Pistol Bay Mng* O 28 PJSC Polyus Gd* O 1 PJX Res V 108 Plata Latina V 346 Plate Res V 2 Plateau Uran* O 123 Plateau Uran V 1159 Platinex Inc 705 Platinum Gp Mt* X 1878 Platinum Gp Mt T 189 Plato Gold V 187 Playfair Mng V 172 Playfair Mng* O 1 PolyMet Mng* X 1716 PolyMet Mng T 103 Portage Res* O 541 Portofino Res V 245 Portofino Res* O 31 Potash Ridge* O 815 Potash Ridge T 2528 Power Metals* O 21 Power Metals V 632 PPX Mining* O 727 PPX Mining V 789 Precipitate Gl V 148 Premier Gold M T 1336 Premium Expl* O 11 Pretium Res* N 8893 Pretium Res T 2912 Primero Mng T 721 Primero Mng* O 388 Prize Mng* O 16 Prize Mng V 488 ProAm Expl V 190 Probe Metals* O 85 Probe Metals V 180 Promithian Gl * O 0 Prophecy Coal* O 11 Prophecy Coal T 40 Prospect Glob* O 43 Prospector Res V 53 Prosper Gold V 160 Prospero Silvr V 220 O 1 Prospero Silvr* Provenance Gld 96 Providence V 85 PUF Vent Inc 2308 PUF Vent Inc * O 234 Puma Expl V 1901 Puma Expl* O 61 Pure Energy* O 515 Pure Energy V 371 Pure Gold Mg* O 156 Pure Gold Mg V 594 Pure Nickel* O 170 Pure Nickel V 74 Purepoint Uran V 535 Q-Gold Res* O 0 Q-Gold Res V 89 QMC Qunatm Ml* O 465 QMC Quantm Ml V 565 QMX Gold* O 14 QMX Gold V 694 Quadro Res V 223 Quantum Cobalt 1654 Quartz Mtn Res V 0 Quaterra Res V 158 Quaterra Res* O 297 Quest Rare Mnl* O 623 Quinto Res V 939

0.07 0.05 0.05 - 0.01 0.09 0.04 0.39 0.35 0.37 + 0.01 0.48 0.15 0.09 0.08 0.09 unch 0.00 0.26 0.08 0.25 0.20 0.22 unch 0.00 0.25 0.13 0.06 0.04 0.04 - 0.02 0.14 0.05 1.32 1.18 1.28 + 0.01 2.03 1.16 0.41 0.30 0.40 - 0.01 0.50 0.26 0.22 0.20 0.21 + 0.01 0.33 0.17 0.10 0.08 0.10 + 0.01 0.13 0.05 41.59 39.35 40.92 + 0.37 41.98 22.58 0.39 0.20 0.34 + 0.13 0.35 0.01 0.30 0.30 0.30 unch 0.00 0.98 0.13 0.05 0.04 0.04 - 0.00 0.05 0.02 0.06 0.06 0.06 unch 0.00 0.06 0.04 0.06 0.06 0.06 - 0.01 0.35 0.06 0.04 0.04 0.04 unch 0.00 0.40 0.01 0.11 0.09 0.09 - 0.02 0.11 0.05 0.03 0.03 0.03 + 0.00 0.07 0.03 0.16 0.14 0.16 + 0.01 0.23 0.11 0.42 0.39 0.42 + 0.01 0.47 0.27 0.11 0.09 0.11 + 0.02 0.19 0.06 2.38 2.06 2.15 - 0.04 3.33 2.10 2.85 2.70 2.70 - 0.15 4.31 2.63 0.09 0.01 0.05 + 0.03 0.10 0.01 0.90 0.90 0.90 unch 0.00 1.76 0.85 0.10 0.00 0.10 unch 0.00 0.19 0.10 0.11 0.00 0.11 + 0.02 0.10 0.03 0.09 0.09 0.09 unch 0.00 0.16 0.04 0.32 0.31 0.31 - 0.01 0.86 0.29 0.24 0.24 0.24 - 0.01 0.64 0.24 0.22 0.22 0.22 unch 0.00 1.36 0.22 0.30 0.28 0.28 - 0.02 0.56 0.24 0.07 0.06 0.06 - 0.01 0.12 0.04 0.06 0.05 0.05 - 0.01 0.08 0.03 41.00 0.00 41.00 + 2.31 50.23 31.83 0.14 0.12 0.12 - 0.02 0.25 0.11 0.05 0.05 0.05 unch 0.00 0.05 0.03 0.00 0.00 0.06 unch 0.00 0.08 0.04 0.72 0.63 0.72 + 0.06 0.78 0.21 0.96 0.79 0.90 + 0.06 0.96 0.26 0.17 0.15 0.17 + 0.01 0.30 0.05 0.40 0.36 0.37 - 0.02 2.00 0.28 0.53 0.46 0.46 - 0.02 2.63 0.36 0.06 0.05 0.06 + 0.01 0.06 0.01 0.06 0.06 0.06 unch 0.00 0.10 0.05 0.04 0.00 0.04 unch 0.00 0.08 0.03 1.22 1.18 1.21 + 0.02 1.36 0.57 1.53 1.48 1.53 + 0.04 1.66 0.71 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.10 0.08 0.08 - 0.01 0.19 0.04 0.07 0.06 0.07 + 0.01 0.11 0.06 0.09 0.08 0.08 - 0.00 0.22 0.07 0.12 0.10 0.10 - 0.01 0.31 0.09 0.51 0.47 0.50 - 0.01 0.70 0.20 0.66 0.60 0.64 unch 0.00 0.88 0.25 0.06 0.06 0.06 unch 0.00 0.08 0.04 0.08 0.08 0.08 - 0.01 0.10 0.05 0.09 0.08 0.08 - 0.01 0.19 0.06 3.59 3.22 3.23 - 0.29 4.13 2.17 0.01 0.01 0.01 + 0.00 0.01 0.00 7.14 6.26 6.27 - 0.72 12.44 6.42 8.95 7.93 7.94 - 0.82 15.52 8.03 0.24 0.21 0.22 - 0.01 0.95 0.08 0.19 0.16 0.17 - 0.01 0.73 0.06 0.27 0.23 0.23 - 0.04 0.52 0.21 0.34 0.28 0.32 + 0.01 0.72 0.25 0.03 0.02 0.03 unch 0.00 0.06 0.02 1.19 1.06 1.07 - 0.12 1.42 0.95 1.49 1.35 1.36 - 0.05 1.74 1.25 0.00 0.00 0.10 unch 0.00 0.10 0.02 2.45 2.34 2.36 - 0.07 4.00 2.21 3.15 2.75 3.03 - 0.02 5.00 2.75 0.06 0.05 0.06 + 0.01 0.08 0.02 0.85 0.75 0.75 - 0.10 1.90 0.71 0.13 0.10 0.10 - 0.02 0.25 0.08 0.14 0.12 0.14 - 0.01 0.34 0.11 0.12 0.12 0.12 unch 0.00 0.25 0.08 0.25 0.22 0.25 - 0.01 0.40 0.08 0.15 0.00 0.15 + 0.02 0.27 0.08 1.27 1.05 1.07 - 0.14 2.09 0.28 1.05 0.83 0.85 - 0.11 1.85 0.21 0.10 0.09 0.10 unch 0.00 0.13 0.05 0.08 0.07 0.07 - 0.00 0.09 0.04 0.33 0.29 0.30 - 0.02 0.50 0.28 0.41 0.37 0.38 - 0.01 0.65 0.36 0.49 0.46 0.48 + 0.01 0.55 0.35 0.62 0.58 0.59 - 0.02 0.69 0.46 0.03 0.02 0.02 - 0.01 0.04 0.00 0.04 0.00 0.04 - 0.01 0.05 0.01 0.07 0.07 0.07 unch 0.00 0.16 0.06 0.00 0.00 0.01 unch 0.00 0.06 0.06 0.22 0.21 0.22 + 0.01 0.30 0.10 0.73 0.63 0.64 - 0.08 1.46 0.06 0.93 0.79 0.80 - 0.10 1.85 0.08 0.19 0.17 0.18 + 0.01 0.29 0.14 0.24 0.21 0.24 + 0.03 0.40 0.19 0.09 0.06 0.09 + 0.03 0.18 0.06 0.50 0.38 0.42 - 0.06 1.90 0.03 0.00 0.00 0.90 unch 0.00 1.50 0.55 0.09 0.08 0.08 unch 0.00 0.15 0.05 0.07 0.06 0.06 unch 0.00 0.13 0.03 0.01 0.00 0.00 + 0.00 0.19 0.00 0.07 0.05 0.05 - 0.02 0.15 0.05

Rackla Mtls V 2 Rackla Mtls* O 0 V 335 Radisson Mng Radius Gold V 352 Rae-Wallace Mg* O 290 O 3 Rainforest Res* Rainy Mtn Royl* O 125 57 Rainy Mtn Royl V Rambler Ml &Mg V 69 Randgold Res* O 1 Randgold Res* D 2572 Randsburg Intl V 708 Rapier Gold V 1192 Rare Element* O 357 Rathdowney Res V 144 Ravencrest Res 363 RB Energy* O 100 Red Eagle Expl V 5 Red Eagle Mng* O 344 Red Eagle Mng T 1068 Red Moon Res V 13 Red Oak Mg V 250 Red Pine Expl V 1470 Redhawk Res T 132 Redstar Gold V 918 Redstar Gold* O 867 Redzone Res V 1093 Redzone Res* O 167 Regal Res* O 78 Regency Gold V 0 Regulus Res V 59 Reliant Gold V 450 Remington Res V 2 Renaissance Gd* O 72 Renaissance Gd V 94 Renforth Res 224 Resolve Vent V 221 Resource Cap V 262 Resource Cap* O 79 Reunion Gold V 397 Revelo Res V 3600 Revival Gold * O 85 Revival Gold V 252 Rhyolite Res V 31 Richmond Mnls V 28 Rift Valley 92 Riley Resource V 50 Rimrock Gold* O 80143 Rio Novo Gold* O 50 Rio Novo Gold T 1001 Rio Silver V 51 Rio Tinto* O 11 Rio Tinto* N 13202 Rio Tinto* O 1 Rise Gold Corp 1575 River Wild Exp 5 Riverside Res* O 176 Riverside Res V 515 Rizal Res V 6 RJK Explor V 115 RJK Explor* O 5 Robex Res V 49 Rochester Res V 0 Rochester Res* O 90 Rock Tech Lith* O 6 Rock Tech Lith V 78

0.00 0.00 0.10 unch 0.00 0.17 0.08 0.00 0.00 0.07 unch 0.00 0.13 0.05 0.19 0.17 0.18 + 0.01 0.25 0.12 0.11 0.10 0.10 - 0.01 0.16 0.09 0.01 0.01 0.01 unch 0.00 0.02 0.00 7.95 0.00 7.20 + 0.26 7.95 1.00 0.05 0.05 0.05 unch 0.00 0.13 0.03 0.08 0.07 0.07 - 0.01 0.17 0.05 0.14 0.12 0.13 - 0.01 0.22 0.11 89.56 89.56 89.56 unch 0.00 103.90 84.30 89.03 84.05 85.02 - 2.65 108.29 81.35 0.02 0.02 0.02 unch 0.00 0.02 0.01 0.07 0.06 0.06 - 0.01 0.14 0.05 0.22 0.18 0.22 + 0.01 0.44 0.07 0.16 0.15 0.15 - 0.01 0.33 0.13 1.44 1.30 1.35 unch 0.00 2.10 0.05 0.00 0.00 0.00 - 0.00 0.00 0.00 0.08 0.08 0.08 unch 0.00 0.23 0.06 0.23 0.19 0.20 - 0.02 0.65 0.17 0.29 0.25 0.26 - 0.03 0.85 0.23 0.05 0.05 0.05 - 0.01 0.08 0.03 0.11 0.00 0.08 - 0.02 0.25 0.05 0.08 0.07 0.08 + 0.01 0.16 0.07 0.04 0.03 0.03 - 0.01 0.10 0.02 0.05 0.04 0.05 - 0.01 0.15 0.04 0.04 0.03 0.03 - 0.00 0.12 0.03 0.64 0.50 0.52 - 0.04 0.75 0.10 0.51 0.40 0.41 - 0.01 0.57 0.08 0.01 0.01 0.01 unch 0.00 0.09 0.00 0.00 0.00 0.19 unch 0.00 0.25 0.10 2.00 1.86 2.00 + 0.01 3.00 1.33 0.03 0.03 0.03 unch 0.00 0.04 0.02 0.00 0.00 0.40 unch 0.00 1.45 0.40 0.22 0.19 0.22 + 0.02 0.38 0.16 0.27 0.24 0.24 unch 0.00 0.48 0.21 0.05 0.04 0.05 + 0.01 0.09 0.04 0.13 0.11 0.12 + 0.01 0.69 0.09 0.10 0.08 0.08 - 0.02 0.23 0.09 0.08 0.06 0.06 - 0.02 0.17 0.06 0.14 0.13 0.13 - 0.01 0.18 0.10 0.03 0.02 0.03 unch 0.00 0.07 0.02 0.58 0.51 0.53 - 0.05 0.70 0.51 0.72 0.62 0.67 - 0.03 0.86 0.08 0.29 0.00 0.29 unch 0.00 0.40 0.17 0.05 0.05 0.05 unch 0.00 0.18 0.04 0.12 0.09 0.11 - 0.01 0.15 0.03 0.11 0.11 0.11 unch 0.00 0.20 0.11 0.00 0.00 0.00 - 0.00 0.00 0.00 0.11 0.11 0.11 unch 0.00 0.12 0.06 0.14 0.13 0.13 - 0.01 0.18 0.08 0.06 0.05 0.05 - 0.01 0.09 0.04 58.07 0.00 55.20 - 2.87 58.07 37.20 58.73 55.96 57.07 - 0.75 59.25 37.66 65.30 0.00 62.67 - 2.63 65.30 43.87 0.13 0.09 0.10 - 0.03 0.36 0.09 0.15 0.15 0.15 unch 0.00 0.22 0.02 0.21 0.17 0.17 - 0.04 0.45 0.18 0.26 0.22 0.24 - 0.03 0.58 0.22 0.04 0.04 0.04 unch 0.00 0.06 0.02 0.08 0.06 0.08 unch 0.00 0.23 0.06 0.06 0.06 0.06 unch 0.00 0.17 0.04 0.09 0.09 0.09 unch 0.00 0.14 0.06 0.00 0.00 0.08 unch 0.00 0.09 0.03 0.06 0.06 0.06 unch 0.00 0.06 0.02 1.16 1.09 1.10 + 0.01 1.66 0.59 1.60 1.38 1.55 + 0.15 2.16 0.76

R

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Rockcliff Met V 285 Rockex Mng 42 V 300 Rockhaven Res O 248 Rockshield Cap* Rockshield Cap 1428 V 16 Rockwealth Res O 3 Rockwell Diam* Rodinia Lithm V 146 Rogue Res* O 8 Rogue Res V 6 V 460 Rokmaster Res O 5 Rokmaster Res* Romios Gold Rs* O 219 273 Romios Gold Rs V RosCan Mrnls V 64 342 Rosita Mg Corp V Ross River* O 5 364 V Ross River Rotation Mnls V 33 V 460 Roughrider Exp Roxgold* O 63 T 3289 Roxgold Royal Gold* D 2689 Royal Nickel T 5820 Royal Nickel* O 407 342 Royal Rd Mnrls V V 150 Royal Sapphire 43 Royal Std Mnrl* O RT Minerals V 350 RT Minerals* O 10 RTG Mining T 10 O 19 Rubicon Mnrls* T 68 Rubicon Mnrls Rugby Mng V 36 9 Running Fox Rs* O 33 Running Fox Rs V Rupert Res V 219 Rusoro Mng* O 139 Rusoro Mng V 212 Rye Patch Gold* O 145 725 Rye Patch Gold V

0.05 unch 0.00 0.12 0.06 0.05 0.06 0.01 unch 0.00 0.05 0.03 0.03 0.03 0.12 0.15 0.14 0.15 + 0.01 0.20 0.06 0.38 0.33 0.35 + 0.01 0.67 0.09 0.49 0.42 0.43 - 0.03 0.84 0.15 0.22 0.00 0.20 - 0.04 0.30 0.00 unch 0.00 0.05 0.00 0.00 0.00 0.09 0.36 0.31 0.35 - 0.01 0.46 0.16 0.26 0.26 0.26 - 0.00 0.50 0.18 0.32 0.00 0.30 - 0.02 0.65 0.02 unch 0.00 0.07 0.03 0.03 0.03 0.02 unch 0.00 0.05 0.03 0.03 0.03 0.06 0.05 0.05 + 0.00 0.07 0.03 0.07 0.06 0.07 + 0.01 0.08 0.04 0.03 unch 0.00 0.12 0.08 0.07 0.08 0.10 0.08 0.08 - 0.01 0.12 0.02 0.00 unch 0.00 0.01 0.01 0.01 0.01 0.02 0.01 0.02 + 0.01 0.03 0.01 0.12 unch 0.00 0.45 0.32 0.30 0.30 0.04 unch 0.00 0.12 0.04 0.04 0.04 0.78 0.90 0.85 0.86 - 0.04 1.13 1.15 1.05 1.11 - 0.01 1.47 0.99 61.00 85.93 81.49 83.45 - 1.54 94.39 0.16 0.27 0.24 0.25 + 0.01 0.38 0.12 0.21 0.19 0.21 + 0.01 0.31 0.16 0.13 0.14 - 0.02 0.18 0.06 0.06 unch 0.00 1.40 0.10 0.10 0.10 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.04 0.05 0.04 0.05 - 0.01 0.15 0.03 unch 0.00 0.10 0.04 0.04 0.04 0.10 unch 0.00 0.55 0.15 0.15 0.15 0.99 1.12 0.00 1.03 - 0.05 1.48 1.25 1.40 1.13 1.32 - 0.04 2.13 0.23 0.37 0.36 0.37 + 0.01 0.50 0.02 0.02 0.02 unch 0.00 0.02 0.01 0.03 0.03 0.03 unch 0.00 0.04 0.01 0.68 1.11 0.95 1.06 + 0.06 1.35 0.05 unch 0.00 0.17 0.06 0.06 0.06 0.06 unch 0.00 0.22 0.08 0.07 0.08 1.02 0.87 0.87 - 0.11 1.74 0.87 1.30 1.09 1.12 - 0.12 2.37 1.11

T 1253 Sabina Gd&Slvr O 616 Sabina Gd&Slvr* Sable Res* O 50 Sable Res V 950 Sage Gold* O 42 Sage Gold V 844 Sailfish Rylty* O 22 Sailfish Rylty V 46 Saint Jean* O 771 Saint Jean V 2888 Salazar Res* O 150 Salazar Res V 154 Sama Res V 897 Sama Res* O 109 Samco Gold V 3 Samex Mng* O 278 San Gold Corp* O 407 San Marco Res* O 172 541 San Marco Res V V 1496 Sanatana Diam Sandfire Res V 385 Sandfire Res* O 235 O 168 Sandspring Res* V 552 Sandspring Res T 2516 Sandstorm Gold 11160 X Sandstorm Gold* 48 Sandy Lake Gld V Santa Fe Gold* O 306 Santacruz Silv V 335 Sarama Res V 253 Sarissa Res* O 445 Satori Res V 98 Satori Res* O 14 Saturn Mnrls V 1008 Savary Gold V 395 Savary Gold* O 75 Saville Res V 240 349 Scandium Intl T O 65 Scandium Intl* Scorpio Gold V 1047 ScoZinc Mg* O 6 ScoZinc Mg V 134 Seabridge Gld T 403 Seabridge Gld* N 2142 Search Mnls V 425 Searchlight* O 1013 Secova Mtls* O 143 Secova Mtls V 4195 Sego Res V 270 Select Sands V 3748 T 6881 Semafo Senator Mnrls V 178 V 13 Sennen Potash Serabi Gold T 242 Serengeti Res V 214 Shamrock Ent 357 Sherritt Intl T 5973 V 920 Shoshoni Gold Sibanye Gold* N 19784 O 0 Sibanye Gold* O 22 Sidney Resrces* Sienna Res* O 69 Sienna Res V 2066 Sierra Metals* X 51 Sierra Metals T 8 O 165 Signature Res* Signature Res V 322 571 Silver Bear Rs T 18 Silver Bear Rs* O Silver Bull Re* O 1642 Silver Bull Re T 1332 O 410 Silver Dragon* Silver Grail V 89 50 Silver Mtn Mns V Silver Phoenix 51 Silver Predatr V 15 Silver Pursuit* O 0 Silver Pursuit V 115 Silver Range V 46 Silver Scott* O 15 Silver Spruce V 115 Silver Stream* O 3 Silver Viper V 382 Silver Wheaton T 3640 N 9153 Silver Wheaton* T 2003 Silvercorp Met X 1957 Silvercorp Met* SilverCrest Mt V 272 O 180 SilverCrest Mt* O 21 Silverstar Res* Sirios Res* O 2 Sirios Res V 374 Sitka Gold 65 Skeena Res V 276 Skeena Res* O 80 V 236 Skyharbour Res O 72 Skyharbour Res* Slam Explor* O 17 Slam Explor V 322 O 527 Sojourn Explor* V 4507 Sojourn Explor O 39 Sokoman Iron* Sokoman Iron V 554 SolGold plc* O 280 SolGold plc T 290 Solitario Ex&R T 41 X 696 Solitario Ex&R* 460 Sonora Gld & S V Sonora Res * O 7396 Sonoro Mtls V 43 Southern Arc* O 42 Southern Arc V 65 N 5067 Southern Copp* O 432 Southern Silvr* Southern Silvr V 353 T 428 SouthGobi Res 78 Spanish Mtn Gd* O 290 Spanish Mtn Gd V Sparton Res V 295 Sparton Res* O 93 O 249 Spearmint Res* V 6099 Spearmint Res Sphinx Res V 1084 Sprott Res Hld T 1423 Spruce Ridge R V 1012 20 Squire Mg Ltd SRG Graphite V 121 SSR Mining* D 6138

1.23 1.90 1.66 1.71 - 0.13 2.70 0.91 1.51 1.30 1.35 - 0.12 2.17 0.10 unch 0.00 0.14 0.12 0.12 0.12 0.11 0.17 0.15 0.17 + 0.02 0.20 0.07 0.08 0.07 0.08 - 0.00 0.20 0.09 0.10 0.09 0.09 - 0.01 0.27 1.34 unch 0.00 2.10 1.79 1.51 1.60 1.00 2.25 1.90 2.05 + 0.05 3.07 0.02 0.04 0.03 0.03 - 0.01 0.26 0.03 unch 0.00 0.35 0.04 0.03 0.04 0.06 unch 0.00 0.14 0.09 0.09 0.09 0.08 0.14 0.12 0.12 - 0.01 0.18 0.12 unch 0.00 0.50 0.40 0.38 0.39 0.10 0.32 0.30 0.30 - 0.01 0.41 0.02 0.06 0.00 0.06 + 0.01 0.11 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.19 0.15 0.18 + 0.01 0.20 0.10 0.24 0.19 0.22 + 0.01 0.27 0.13 0.03 0.04 0.04 0.04 + 0.01 0.07 0.06 0.11 0.08 0.08 - 0.03 0.14 0.05 0.09 0.07 0.07 - 0.02 0.10 0.20 0.28 0.23 0.25 - 0.02 0.48 0.27 0.34 0.30 0.31 - 0.02 0.62 4.37 6.44 5.78 5.90 - 0.12 6.95 3.18 5.10 4.56 4.66 - 0.17 5.64 0.10 0.00 0.10 unch 0.00 0.13 0.05 0.15 0.13 0.14 - 0.00 0.23 0.06 0.09 0.16 0.00 0.16 + 0.01 0.38 0.08 0.12 0.11 0.11 - 0.01 0.24 0.00 unch 0.00 0.01 0.00 0.00 0.00 0.07 unch 0.00 0.30 0.12 0.11 0.11 0.07 0.11 0.09 0.09 - 0.02 0.18 0.07 0.16 0.15 0.15 + 0.01 0.17 0.04 0.08 0.06 0.06 - 0.01 0.10 0.03 unch 0.00 0.07 0.05 0.05 0.05 0.06 0.09 0.08 0.08 - 0.01 0.40 0.19 0.18 0.18 - 0.01 0.48 0.16 0.12 unch 0.00 0.35 0.15 0.14 0.14 0.02 unch 0.00 0.11 0.04 0.03 0.04 0.76 1.18 1.18 1.18 - 0.00 1.44 0.96 1.50 1.40 1.47 + 0.01 1.75 12.40 15.37 13.85 14.09 - 0.54 17.65 12.25 10.85 11.10 - 0.55 13.70 9.22 0.03 0.09 0.07 0.08 + 0.01 0.10 0.01 0.05 0.03 0.05 + 0.01 0.10 0.01 0.02 0.01 0.02 + 0.00 0.08 0.02 0.03 0.02 0.02 - 0.01 0.11 0.03 0.06 0.04 0.05 - 0.01 0.09 0.35 0.49 0.43 0.44 - 0.02 1.83 2.68 3.81 3.27 3.34 - 0.11 4.78 0.18 0.23 0.19 0.21 - 0.02 1.99 0.30 unch 0.00 1.05 0.50 0.00 0.50 0.05 unch 0.00 0.10 0.08 0.05 0.06 0.13 0.15 0.14 0.14 - 0.01 0.26 0.02 unch 0.00 0.06 0.06 0.05 0.06 0.74 unch 0.00 1.87 1.28 1.18 1.20 0.04 0.07 0.05 0.07 + 0.02 0.06 4.76 3.92 4.12 - 0.53 10.59 3.92 1.05 unch 0.00 2.44 0.00 0.00 1.05 0.00 unch 0.00 0.02 0.01 0.01 0.01 0.07 0.24 0.21 0.23 - 0.01 0.32 0.09 0.30 0.27 0.28 - 0.01 0.39 2.10 2.48 2.39 2.40 - 0.06 3.10 2.75 3.10 0.00 3.04 - 0.06 3.75 0.06 unch 0.00 0.09 0.06 0.06 0.06 0.06 0.08 0.06 0.06 - 0.01 0.19 0.30 0.25 0.29 + 0.04 0.49 0.12 0.23 0.20 0.23 + 0.03 0.38 0.08 0.18 0.15 0.16 - 0.00 0.23 0.06 0.23 0.20 0.21 - 0.01 0.29 0.08 0.00 0.01 0.01 0.01 + 0.00 0.03 0.05 0.07 0.06 0.06 - 0.01 0.13 0.03 0.00 0.03 - 0.01 0.06 0.02 0.05 unch 0.00 0.24 0.22 0.20 0.22 0.11 0.12 0.00 0.11 - 0.01 0.40 0.13 unch 0.00 0.16 0.13 0.00 0.13 0.14 0.16 0.15 0.15 + 0.01 0.23 0.12 0.19 0.16 0.16 - 0.03 0.29 0.01 unch 0.00 0.24 0.04 0.04 0.04 0.05 unch 0.00 0.12 0.06 0.06 0.06 0.01 unch 0.00 1.00 1.00 0.55 0.55 0.15 unch 0.00 0.30 0.20 0.19 0.19 23.18 25.14 24.37 24.77 + 0.04 29.90 18.32 19.92 19.22 19.55 - 0.14 22.72 2.72 3.43 3.11 3.30 + 0.06 5.90 2.12 2.71 2.46 2.63 + 0.06 4.50 1.05 2.40 2.18 2.39 + 0.15 2.79 0.84 1.89 1.68 1.88 + 0.10 2.10 0.13 0.20 0.14 0.14 - 0.06 3.36 0.21 unch 0.00 0.36 0.24 0.00 0.24 0.25 unch 0.00 0.49 0.29 0.29 0.29 0.16 0.21 0.20 0.20 - 0.01 0.30 0.40 0.75 0.66 0.72 + 0.04 0.80 0.27 0.58 0.53 0.58 + 0.02 0.66 0.31 0.03 0.70 0.42 - 0.46 0.41 0.24 0.36 0.34 0.35 + 0.00 0.54 0.02 unch 0.00 0.05 0.03 0.03 0.03 0.03 unch 0.00 0.11 0.05 0.04 0.05 0.12 0.21 0.13 0.15 + 0.01 0.21 0.11 0.29 0.15 0.19 + 0.02 0.30 0.02 unch 0.00 0.07 0.04 0.04 0.04 0.03 0.05 0.04 0.04 - 0.01 0.10 0.28 unch 0.00 0.63 0.35 0.28 0.33 0.34 0.42 0.37 0.39 - 0.03 0.95 0.61 0.67 0.60 0.63 - 0.02 1.20 0.47 0.55 0.47 0.50 - 0.02 0.91 0.12 0.10 0.10 - 0.03 0.20 0.05 0.00 0.00 0.00 + 0.00 0.00 0.00 0.10 unch 0.00 0.20 0.18 0.18 0.18 0.31 0.36 0.31 0.36 + 0.01 0.65 0.36 0.47 0.41 0.45 - 0.01 0.90 32.63 52.22 49.29 52.17 + 1.67 51.64 0.17 0.28 0.20 0.23 - 0.03 0.46 0.22 0.35 0.26 0.30 - 0.01 0.59 0.12 0.18 0.17 0.17 - 0.01 0.47 0.10 0.08 0.09 - 0.01 0.17 0.06 0.12 0.11 0.12 + 0.01 0.23 0.08 0.03 0.09 0.08 0.08 - 0.01 0.14 0.02 0.07 0.06 0.06 - 0.00 0.11 0.02 0.08 0.07 0.08 - 0.00 0.11 0.02 unch 0.00 0.14 0.11 0.09 0.10 0.04 0.00 0.08 unch 0.08 0.07 0.07 0.15 0.14 0.15 unch 0.00 0.21 0.13 0.04 0.03 0.04 + 0.01 0.06 0.01 0.22 0.22 0.22 + 0.04 0.22 0.05 0.22 2.00 1.85 1.95 - 0.02 2.25 8.89 7.64 8.39 - 0.25 11.40 7.75

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2018-02-26 11:44 AM

GLOBAL MINING NEWS

(100s) Stock

THE NORTHERN MINER / MARCH 5–18, 2018

Week

12-month

Exc Volume High Low Last Change High Low

SSR Mining T 1448 St Augustine T 167 St Elias Mns* O 321 O 111 St-Georges Eco* St-Georges Eco 12324 O 6 Stakeholdr Gld* Stakeholdr Gld V 48 Standard Graph* O 144 Standard Lith V 1180 O 70 Standard Metal* Stans Energy V 418 Stans Energy* O 106 Star Diamond T 558 Star Gold* O 4 Starcore Intl T 157 Starr Peak Exp V 40 Steele Oceanic* O 0 Stellar Africa* O 20 Stellar Africa V 173 Stelmine Can V 12 Sterling Grp* O 90 Stina Res* O 20 Stina Res 3906 O 60 Stockport Expl* Stone Ridge Ex 361 O 50 Stornoway Diam* Stornoway Diam T 1502 Stratabd Mnr V 315 Strateco Res* O 13 Strategic Metl* O 203 Strategic Metl V 231 Strategic Res V 10 Strategic Res* O 0 Stria Lithium V 162 V 343 Strikepoint Gd Strikepoint Gd* O 39 Strongbow Expl V 66 Stroud Res V 558 Sulliden Mng T 80 Suncor Energy T 13178 Suncor Energy* N 16228 Sunvest Mnrls* O 87 Sunvest Mnrls V 658 O 67 Superior Gold* Superior Gold V 1469 Superior Mng V 55 Superior Mng* O 0 Supreme Metals 736 Surge Copper V 271 Sutter Gold V 175 Sutter Gold* O 345 Syrah Res* O 43

11.13 9.70 10.65 - 0.19 15.73 9.66 0.03 0.03 0.03 + 0.01 0.05 0.02 0.00 0.00 0.00 - 0.00 0.00 0.00 0.34 0.29 0.33 + 0.04 2.20 0.15 0.45 0.35 0.39 - 0.01 2.90 0.01 0.28 0.24 0.24 - 0.04 0.45 0.18 0.35 0.30 0.30 - 0.03 0.64 0.23 0.62 0.58 0.60 - 0.01 0.86 0.11 2.47 1.87 2.43 + 0.46 2.85 0.71 0.15 0.08 0.11 + 0.02 0.22 0.02 0.04 0.03 0.04 + 0.01 0.06 0.03 0.03 0.02 0.03 unch 0.00 0.05 0.02 0.18 0.17 0.18 + 0.01 0.44 0.15 0.05 0.00 0.05 unch 0.00 0.16 0.05 0.25 0.24 0.24 - 0.01 0.60 0.23 0.14 0.14 0.14 unch 0.00 0.19 0.08 0.00 0.00 1.01 unch 0.00 6.40 1.01 0.03 0.03 0.03 unch 0.00 0.05 0.03 0.05 0.04 0.05 + 0.01 0.07 0.03 0.21 0.00 0.21 + 0.01 0.45 0.16 0.05 0.03 0.03 - 0.02 0.16 0.03 0.24 0.22 0.23 + 0.01 0.28 0.06 0.32 0.28 0.30 + 0.01 0.36 0.08 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.34 0.25 0.30 unch 0.00 0.60 0.05 0.44 0.41 0.41 - 0.03 0.73 0.41 0.56 0.50 0.53 - 0.01 0.99 0.50 0.07 0.07 0.07 unch 0.00 0.08 0.01 0.00 0.00 0.00 unch 0.00 0.07 0.00 0.36 0.33 0.36 - 0.00 0.54 0.31 0.46 0.43 0.44 - 0.02 0.73 0.40 0.23 0.00 0.18 unch 0.00 0.25 0.10 0.14 0.00 0.14 + 0.02 0.12 0.09 0.06 0.05 0.06 unch 0.00 0.08 0.03 0.21 0.19 0.19 - 0.02 0.67 0.15 0.17 0.16 0.16 - 0.00 0.47 0.11 0.18 0.16 0.18 + 0.02 0.27 0.13 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.47 0.42 0.44 - 0.01 0.65 0.18 44.31 42.36 43.60 + 0.24 47.69 36.09 35.12 33.66 34.44 - 0.09 38.39 27.96 0.16 0.08 0.08 - 0.08 0.18 0.06 0.11 0.10 0.10 - 0.01 0.15 0.08 0.84 0.81 0.82 - 0.01 0.98 0.69 1.06 1.02 1.05 + 0.03 1.28 0.85 0.07 0.07 0.07 unch 0.00 0.13 0.04 0.07 0.07 0.07 unch 0.00 0.11 0.03 0.05 0.04 0.04 unch 0.00 0.13 0.03 0.26 0.24 0.26 + 0.01 0.26 0.09 0.03 0.02 0.02 - 0.01 0.06 0.02 0.02 0.01 0.01 - 0.01 0.05 0.01 2.78 2.67 2.75 - 0.03 3.85 1.68

Tahoe Res* N 12312 Tahoe Res T 4464 Tajiri Res V 165 Taku Gold* O 2 Taku Gold 107 Talmora Diamd 1 Talon Metals T 263 Tamerlane Vent* O 3 Tamino Mnrls* O 83 Tanager Energy V 9 Tango Mining V 824 Tanqueray Expl V 532 Tantalex Res 345 Tanzania Mnls V 340 Tanzania Rlty T 60 Tanzania Rlty* X 588 Taranis Res V 83 Taranis Res* O 71 Tarku Res V 199 Tartisan Res 1346 Tasca Res* O 17 Tasca Res V 352 Taseko Mines T 3227 Taseko Mines* X 5620 Teck Res T 9563 Teck Res T 29 Teck Res* N 13974 Telson Res * O 10 Telson Res V 55 Tembo Gold V 2532 Tembo Gold* O 52 Teranga Gold* O 28 Teranga Gold T 848 Teras Res V 112 Teras Res* O 28

4.23 3.82 3.99 - 0.14 9.68 3.76 5.31 4.84 5.04 - 0.13 12.98 4.75 0.18 0.16 0.17 + 0.01 0.19 0.08 0.07 0.06 0.07 + 0.01 0.20 0.00 0.09 0.08 0.09 + 0.01 0.25 0.06 0.00 0.00 0.05 unch 0.00 0.05 0.01 0.06 0.06 0.06 unch 0.00 0.15 0.05 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.00 + 0.00 0.00 0.00 0.09 0.00 0.09 + 0.01 0.20 0.08 0.05 0.04 0.04 unch 0.00 0.08 0.03 0.55 0.42 0.54 + 0.06 1.56 0.33 0.19 0.15 0.15 - 0.03 0.25 0.03 0.02 0.00 0.02 unch 0.00 0.04 0.01 0.48 0.42 0.47 + 0.01 0.79 0.31 0.39 0.34 0.36 - 0.00 0.59 0.24 0.11 0.09 0.09 - 0.02 0.14 0.08 0.08 0.08 0.08 unch 0.00 0.11 0.06 0.05 0.04 0.05 + 0.01 0.07 0.03 0.16 0.13 0.14 - 0.01 0.20 0.07 0.07 0.07 0.07 unch 0.00 0.38 0.07 0.09 0.08 0.08 unch 0.00 0.62 0.05 2.37 1.84 1.98 - 0.29 2.98 1.36 1.89 1.45 1.54 - 0.28 2.46 1.00 38.20 36.30 37.40 + 0.01 38.89 19.27 38.05 36.00 37.40 - 0.11 38.90 20.00 30.47 28.74 29.53 - 0.22 30.80 14.56 0.58 0.56 0.58 + 0.02 0.72 0.19 0.78 0.70 0.74 + 0.01 0.89 0.28 0.04 0.02 0.03 + 0.01 0.05 0.01 0.03 0.02 0.03 + 0.01 0.04 0.01 3.02 2.72 2.77 - 0.16 6.40 1.83 3.76 3.41 3.53 - 0.17 5.25 2.36 0.09 0.08 0.09 + 0.02 0.18 0.07 0.07 0.06 0.06 unch 0.00 0.13 0.06

T

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Terraco Gold V 339 Terrax Mnrls* O 174 Terrax Mnrls V 441 Terreno Res V 817 Teslin Rvr Res V 370 Tesoro Mnrls V 174 Tethyan Res V 69 Teuton Res* O 13 Teuton Res V 128 Texas Mineral* O 119 Theia Res V 10 Themac Res V 30 Thor Expl V 808 Thunder Mtn Gd V 9 Thunder Mtn Gd* O 29 Thunderstruck V 151 Thunderstruck* O 23 Till Capital* D 7 Till Capital V 1 Tiller Res V 52 Timberline Res V 19 Timberline Res* O 108 Timmins Gold T 715 Timmins Gold* X 904 Tinka Res* O 630 Tinka Res V 551 Tintina Mines V 27 Tirex Res* O 12 Titan Mining T 186 Titanium Corp V 165 2 TMAC Resource* O TMAC Resources T 76 TNR Gold V 325 Toachi Mg Inc* O 4 Toachi Mg Inc V 475 Tolima Gold V 153 TomaGold V 743 Tombstone Expl* O 1178 O 79 Tonogold Res* Tonopah Div Mg* O 5 O 41 Torex Gold* Torex Gold T 2279 Toron, Inc* O 5787 Torq Resources V 251 Torq Resources* O 2 Tower Res* O 0 Tower Res V 148 V 161 Transatlan Mng Transition Mtl V 119 Treasury Metal T 180 Treasury Metal* O 61 Trecora Res* N 274 Trek Mining V 2548 Trek Mining* O 381 Tres-Or Res V 519 Trevali Mng T 6542 Trevali Mng* O 247 252 Tri Origin Exp V Trident Gold V 2 Trifecta Gold* O 42 Trifecta Gold V 86 Trigen Res* O 0 Trilogy Mtls T 65 Trilogy Mtls* X 937 TriMetals Mng* O 131 O 49 TriMetals Mng* TriMetals Mng T 276 Trinity Res* O 2 Trinity Valley V 111 Trio Resources* O 400 TriStar Gold* O 41 TriStar Gold V 64 Triumph Gold V 260 Triumph Gold* O 97 Troilus Gold* O 0 Troilus Gold V 280 Troy Enrgy V 315 Troy Res* O 50 Troymet Expl V 2996 True Grit Res V 68 375 True North Gem V Trueclaim Expl V 18 Tsodilo Res V 54 Tudor Gold * O 9 Tudor Gold V 98 Tungsten Corp* O 2003 15064 Turquoise HIl* N Turquoise HIl T 3902 TVI Pacific V 1784 TVI Pacific* O 203

0.10 0.08 0.08 - 0.01 0.16 0.08 0.41 0.37 0.37 - 0.03 0.61 0.30 0.52 0.47 0.47 - 0.04 0.80 0.38 0.06 0.05 0.05 - 0.01 0.18 0.03 0.48 0.43 0.43 - 0.02 0.76 0.39 0.11 0.08 0.11 + 0.03 0.12 0.06 0.30 0.28 0.29 - 0.01 0.57 0.18 0.15 0.13 0.15 + 0.01 0.26 0.12 0.20 0.18 0.18 unch 0.00 0.35 0.15 0.20 0.18 0.19 + 0.01 0.39 0.12 0.08 0.08 0.08 unch 0.00 0.12 0.07 0.06 0.06 0.06 unch 0.00 0.10 0.03 0.20 0.13 0.20 + 0.03 0.25 0.09 0.29 0.29 0.29 unch 0.00 0.32 0.12 0.22 0.18 0.20 + 0.02 0.30 0.08 0.08 0.07 0.07 - 0.01 0.14 0.05 0.07 0.06 0.06 - 0.01 0.11 0.04 4.18 0.00 3.91 unch 0.00 5.45 3.30 4.65 0.00 4.65 + 0.36 5.85 3.79 0.37 0.36 0.37 unch 0.00 0.65 0.19 0.22 0.19 0.22 unch 0.00 0.69 0.19 0.18 0.15 0.15 - 0.01 0.52 0.15 3.88 3.25 3.30 - 0.55 7.99 3.31 3.10 2.57 2.61 - 0.47 6.06 2.60 0.49 0.45 0.47 - 0.01 0.75 0.24 0.62 0.57 0.59 - 0.01 0.87 0.32 0.06 0.06 0.06 - 0.01 0.09 0.04 0.61 0.43 0.44 - 0.09 0.79 0.14 1.50 1.19 1.34 - 0.09 1.65 0.92 1.14 1.01 1.05 - 0.04 1.50 0.55 7.09 0.00 6.81 + 0.08 13.40 5.45 9.26 8.37 8.71 - 0.41 17.60 6.90 0.04 0.04 0.04 - 0.01 0.09 0.03 0.14 0.14 0.14 unch 0.00 0.35 0.13 0.18 0.15 0.16 unch 0.00 0.59 0.15 0.02 0.02 0.02 unch 0.00 0.06 0.01 0.07 0.06 0.06 unch 0.00 0.12 0.06 0.01 0.00 0.00 - 0.00 0.01 0.00 0.25 0.15 0.25 + 0.03 0.40 0.03 0.19 0.19 0.19 unch 0.00 0.36 0.19 10.40 8.75 8.81 - 1.38 23.30 8.15 13.01 11.08 11.16 - 1.59 30.68 10.12 0.01 0.01 0.01 - 0.00 0.02 0.00 0.57 0.53 0.53 - 0.04 0.95 0.43 0.44 0.44 0.44 unch 0.00 1.10 0.35 0.09 0.09 0.09 unch 0.00 0.24 0.09 0.12 0.11 0.11 - 0.01 0.34 0.10 0.07 0.00 0.06 unch 0.00 0.50 0.04 0.15 0.14 0.15 unch 0.00 0.22 0.12 0.57 0.54 0.55 - 0.01 0.90 0.50 0.46 0.43 0.44 - 0.00 0.67 0.30 12.50 11.40 12.00 - 0.20 14.30 10.13 1.25 1.16 1.17 - 0.04 1.87 0.88 1.01 0.91 0.93 - 0.04 1.49 0.69 0.05 0.05 0.05 - 0.01 0.07 0.03 1.61 1.45 1.48 - 0.10 1.75 1.03 1.26 1.14 1.15 - 0.11 1.37 0.76 0.04 0.03 0.03 - 0.01 0.06 0.03 0.17 0.00 0.17 unch 0.00 0.22 0.12 0.07 0.07 0.07 - 0.00 0.20 0.07 0.12 0.10 0.12 + 0.02 0.40 0.10 0.00 0.00 0.06 unch 0.00 0.12 0.04 1.92 1.65 1.76 + 0.07 2.03 0.60 1.52 1.27 1.45 + 0.13 1.64 0.45 0.14 0.11 0.14 + 0.02 0.22 0.09 0.19 0.16 0.18 - 0.01 0.20 0.11 0.18 0.14 0.18 + 0.02 0.29 0.12 0.01 0.00 0.01 + 0.00 0.16 0.01 0.15 0.11 0.11 - 0.05 0.18 0.08 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.21 0.19 0.19 - 0.02 0.34 0.13 0.28 0.24 0.24 - 0.03 0.44 0.18 0.37 0.31 0.31 - 0.05 0.57 0.25 0.30 0.24 0.24 - 0.02 0.46 0.20 1.56 0.00 1.56 unch 0.00 1.59 0.47 2.10 1.93 2.05 + 0.09 2.25 0.15 0.10 0.05 0.06 - 0.04 0.15 0.03 0.09 0.07 0.07 - 0.01 0.13 0.05 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.05 0.04 0.05 - 0.01 0.07 0.02 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.14 0.12 0.14 + 0.02 0.35 0.07 0.65 0.00 0.65 + 0.07 0.99 0.54 0.37 0.34 0.34 - 0.03 0.71 0.31 0.45 0.39 0.41 - 0.05 0.94 0.37 0.00 0.00 0.00 unch 0.00 0.00 0.00 2.89 2.70 2.81 - 0.07 3.60 2.44 3.62 3.44 3.54 - 0.06 4.71 3.25 0.02 0.01 0.01 unch 0.00 0.02 0.01 0.01 0.00 0.00 - 0.00 0.02 0.00

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Tyhee Gold* O 1682 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.04 Typhoon Expl V 340 0.10 0.07 0.09 + 0.01 0.12

U-V U.S. Lithium* O 2693 U3O8 Corp* O 21 U3O8 Corp T 45 UC Res* O 0 Ucore Rare Mtl V 404 Ucore Rare Mtl* O 517 UEX Corp T 490 Ultra Lithium* O 14 Ultra Lithium V 102 Umbral Enrgy* O 101 Unigold* O 17 Unigold V 147 United Lithium 6 United Res Hdg* O 1706 United Silver* O 1625 United States A* X 161 United States S* N 103762 Unity Energy V 17 Universal Vent V 141 Upper Canyon V 73 Ur-Energy* X 1054 Ur-Energy T 226 Uracan Res V 221 Uracan Res* O 8 362 Uragold Bay Rs V Uranium Energy* X 3028 Uranium Hunter* O 1 Uranium Res* D 772 Uravan Mnrls V 150 URZ Energy V 72 URZ Energy* O 133 US Cobalt V 2233 O 764 US Cobalt * US Energy* D 397 US Precious M* O 1670 USCorp* O 115 N 126969 Vale* Valencia Vent* O 0 ValGold Res* O 1 ValGold Res V 99 Valley High Mg* O 6661 Valterra Res V 691 Valterra Res* O 491 Vanadium One V 171 Vanadiumcorp V 575 Vanadiumcorp* O 180 Vangold Res* O 106 Vangold Res V 417 119 Vanstar Mng Rs V Vantex Res * O 2 Vantex Res V 76 Vatic Vent V 538 N 2647 Vedanta* Vela Minerals V 83 Velocity Mnrls* O 61 Velocity Mnrls V 559 Vendetta Mng* O 275 Vendetta Mng V 2624 O 15 Venture Mnrls* Verde Potash T 142 Verde Res* O 315 Veris Gold* O 0 Victoria Gold V 751 Victory Nickel 123 Victory Nickel* O 5 Victory Res V 12 Victory Res* O 0 Victory Vent* O 1 Victory Vent V 277 Virginia Enrgy* O 5 Virginia Enrgy V 87 Viscount Mng V 937 36 Visible Gold M V Visible Gold M* O 5 Vista Gold T 46 Vista Gold* X 1215 Viva Gold V 14 Volcanic Gold V 22 Volcanic Gold* O 0 Voltaic Min V 192 Voyageur Min V 71 VR Resources* O 35 VR Resources V 141 Vulcan Mnrls V 212 VVC Expl V 956

0.03 0.02 0.02 - 0.00 0.07 0.02 0.34 0.30 0.31 - 0.03 0.49 0.18 0.43 0.36 0.36 - 0.07 0.80 0.21 0.00 0.00 0.01 unch 0.00 0.01 0.01 0.20 0.18 0.19 - 0.01 0.36 0.18 0.16 0.14 0.16 - 0.00 0.27 0.14 0.28 0.24 0.27 + 0.03 0.41 0.15 0.23 0.21 0.21 unch 0.00 0.63 0.11 0.30 0.28 0.28 unch 0.00 0.80 0.14 0.52 0.39 0.42 - 0.08 0.64 0.03 0.17 0.14 0.14 - 0.04 0.24 0.14 0.21 0.17 0.18 - 0.03 0.33 0.18 0.56 0.54 0.56 + 0.02 0.56 0.40 0.03 0.01 0.03 + 0.01 0.07 0.00 0.01 0.00 0.00 unch 0.00 0.01 0.00 0.29 0.26 0.28 + 0.02 0.52 0.20 46.82 38.59 43.52 - 1.23 46.82 18.55 0.14 0.14 0.14 + 0.01 0.29 0.10 0.38 0.00 0.37 unch 0.00 0.50 0.33 0.23 0.23 0.23 unch 0.00 0.34 0.03 0.72 0.65 0.67 - 0.01 0.82 0.50 0.89 0.81 0.85 - 0.01 1.09 0.62 0.03 0.03 0.03 - 0.01 0.07 0.02 0.03 0.02 0.03 + 0.01 0.09 0.01 0.11 0.10 0.10 - 0.01 0.26 0.08 1.49 1.36 1.42 - 0.01 2.00 0.96 1.20 1.20 1.20 unch 0.00 3.00 0.94 0.82 0.72 0.77 - 0.03 2.18 0.72 0.05 0.05 0.05 unch 0.00 0.16 0.04 0.47 0.43 0.43 - 0.02 0.79 0.20 0.36 0.33 0.34 - 0.03 0.51 0.31 0.80 0.67 0.79 + 0.04 0.99 0.45 0.62 0.54 0.61 + 0.02 0.88 0.34 1.37 1.21 1.32 + 0.08 1.96 0.60 0.01 0.00 0.01 - 0.00 0.02 0.00 0.01 0.01 0.01 unch 0.00 0.02 0.00 14.37 13.64 14.20 + 0.08 14.37 7.47 0.00 0.00 0.15 unch 0.00 0.15 0.06 0.05 0.05 0.05 unch 0.00 0.05 0.02 0.09 0.08 0.08 - 0.01 0.09 0.03 0.01 0.01 0.01 + 0.00 0.04 0.00 0.03 0.03 0.03 - 0.01 0.06 0.02 0.03 0.02 0.02 - 0.01 0.05 0.01 0.08 0.07 0.07 - 0.01 0.17 0.06 0.13 0.12 0.12 - 0.01 0.18 0.05 0.11 0.09 0.10 - 0.00 0.14 0.04 0.18 0.00 0.17 - 0.01 1.38 0.05 0.22 0.20 0.20 - 0.03 0.25 0.06 0.10 0.10 0.10 unch 0.00 0.15 0.06 0.07 0.07 0.07 unch 0.00 0.16 0.04 0.09 0.00 0.09 unch 0.00 0.24 0.05 0.09 0.07 0.07 - 0.02 0.09 0.04 20.96 19.97 20.91 + 0.79 21.99 13.78 0.23 0.18 0.18 - 0.02 0.54 0.18 0.18 0.12 0.18 + 0.06 0.35 0.12 0.23 0.19 0.23 + 0.03 0.47 0.15 0.17 0.15 0.16 - 0.02 0.27 0.15 0.22 0.19 0.20 - 0.02 0.35 0.19 0.03 0.03 0.03 unch 0.00 0.04 0.02 0.71 0.62 0.63 - 0.07 1.77 0.39 0.02 0.02 0.02 - 0.00 0.20 0.01 0.00 0.00 0.00 unch 0.00 0.02 0.00 0.44 0.41 0.42 unch 0.00 0.74 0.40 0.06 0.05 0.05 unch 0.00 0.09 0.03 0.04 0.04 0.04 unch 0.00 0.06 0.00 0.49 0.43 0.49 unch 0.00 0.75 0.13 0.00 0.00 0.14 unch 0.00 0.50 0.13 0.17 0.14 0.17 + 0.03 0.24 0.06 0.26 0.19 0.23 + 0.04 0.62 0.06 0.08 0.00 0.08 + 0.00 0.15 0.04 0.11 0.10 0.11 - 0.01 0.23 0.07 0.37 0.30 0.31 - 0.02 0.57 0.22 0.14 0.14 0.14 - 0.01 0.35 0.09 0.13 0.13 0.13 unch 0.00 0.15 0.04 1.12 0.94 0.99 + 0.01 1.50 0.77 0.87 0.74 0.78 - 0.03 1.14 0.60 0.50 0.48 0.48 - 0.02 0.69 0.29 0.27 0.25 0.25 - 0.02 0.65 0.20 0.00 0.00 0.17 unch 0.00 0.45 0.16 0.27 0.23 0.23 - 0.01 2.00 0.24 0.08 0.07 0.08 unch 0.00 0.15 0.04 0.23 0.22 0.22 unch 0.00 0.27 0.21 0.24 0.24 0.24 + 0.01 0.41 0.21 0.05 0.04 0.05 unch 0.00 0.08 0.04 0.05 0.04 0.04 - 0.01 0.07 0.02

(100s) Stock

Week

55

12-month

Exc Volume High Low Last Change High Low

W-Z Walker Lane* O 0 Walker River* O 124 Walker River V 847 Wallbridge Mng T 604 War Eagle Mg V 961 Waseco Res V 182 Wealth Mnrls V 1356 Wealth Mnrls* O 478 Wescan Gldflds* O 40 Wescan Gldflds V 6 Wesdome Gold* O 64 Wesdome Gold T 1033 West Af Res V 131 West High Yld V 49 West Kirkland * O 445 West Kirkland V 255 79 West Red Lake West Red Lake* O 55 Westcot Vent V 190 Western Areas* O 22 Western Copper T 193 Western Copper* X 706 62 Western Pac Rs V Western Pac Rs* O 30 T 128 Western Potash Western Res* O 63 Western Troy C V 35 Western Uran 41 Western Uran* O 92 V 750 Westhaven Vent O 203 Westhaven Vent* Westkam Gold* O 45 Westkam Gold V 1131 Westmoreland* D 2723 WestMountain* O 0 Whistler Gold V 35 White Energy* O 2 White Gold* O 38 White Gold V 57 White Metal Rs V 358 White Mtn Engy* O 161 Whitehaven Coa* O 3 Whitemud Res V 10 O 6 Wincash Apolo* Winston Gold 1491 Winston Gold* O 588 Wolfden Res* O 53 Wolfden Res V 1035 Wolfeye Res V 960 Wolverine Mnls* O 0 Wolverine Mnls V 22 Worldwide Res V 5 Worldwide Res* O 7 WPC Res V 373 WPC Res* O 151 X-Terra Res V 311 X-Terra Res* O 20 Xander Res V 260 Xiana Mng* O 5 Xiana Mng V 294 Ximen Mng V 240 Ximen Mng* O 1 XLI Tech Inc* O 43 Xtierra V 3902 Xtra-Gold Res* O 19 Xtra-Gold Res T 62 Yamana Gold T 16970 Yamana Gold* N 73869 Yanzhou Coal* O 441 V 3 Yellowhead Mng Yorbeau Res T 289 Yorbeau Res* O 200 You Han Data* O 0 Zadar Vent * O 45 Zadar Vent V 567 Zara Res 359 Zara Res* O 0 Zena Mng V 25 Zenyatta Vent* O 4 Zenyatta Vent V 94 Zephyr Mnls* O 13 Zephyr Mnls V 44 Zimtu Capital V 29 Zinc One Res V 890 Zinc One Res * O 497 Zincore Mtls V 31 Zincore Mtls* O 1 Zonte Mtls V 250

0.00 0.00 0.10 unch 0.00 0.20 0.10 0.06 0.06 0.06 unch 0.00 0.08 0.06 0.07 0.07 0.07 + 0.01 0.17 0.06 0.09 0.08 0.08 - 0.01 0.15 0.06 0.22 0.14 0.20 + 0.06 0.22 0.04 0.06 0.05 0.05 unch 0.00 0.08 0.04 1.30 1.16 1.26 - 0.02 2.34 1.16 1.05 0.92 1.03 - 0.01 1.85 0.91 0.08 0.08 0.08 unch 0.00 0.08 0.04 0.08 0.00 0.08 - 0.01 0.12 0.05 1.59 1.48 1.49 - 0.07 3.22 0.00 2.02 1.87 1.90 - 0.07 4.40 1.64 0.40 0.38 0.40 + 0.01 0.50 0.19 0.40 0.34 0.40 + 0.02 3.80 0.24 0.06 0.05 0.06 - 0.00 0.08 0.04 0.08 0.07 0.07 - 0.01 0.11 0.06 0.12 0.10 0.10 - 0.01 0.25 0.08 0.09 0.08 0.09 + 0.01 0.20 0.06 0.94 0.86 0.94 unch 0.00 1.09 0.04 2.70 2.38 2.38 - 0.32 2.74 1.57 1.19 1.07 1.10 + 0.01 2.04 1.01 0.94 0.85 0.89 + 0.02 1.56 0.80 0.02 0.02 0.02 + 0.01 0.03 0.01 0.02 0.01 0.02 + 0.01 0.02 0.01 0.44 0.42 0.42 + 0.01 1.05 0.37 0.34 0.32 0.33 + 0.01 0.47 0.29 0.03 0.03 0.03 unch 0.00 0.06 0.02 0.80 0.72 0.77 unch 0.00 2.32 0.54 0.62 0.57 0.60 unch 0.00 1.78 0.44 0.13 0.11 0.13 + 0.01 0.17 0.07 0.11 0.10 0.10 unch 0.00 0.12 0.05 0.03 0.02 0.03 - 0.00 0.04 0.01 0.05 0.04 0.04 - 0.01 0.05 0.01 0.62 0.53 0.57 + 0.02 16.37 0.50 3.30 0.00 3.30 unch 0.00 17.50 1.15 0.08 0.06 0.08 + 0.02 0.08 0.03 0.29 0.29 0.29 unch 0.00 0.30 0.12 0.63 0.59 0.63 unch 0.00 1.73 0.52 0.81 0.70 0.81 + 0.11 2.34 0.65 0.12 0.09 0.09 - 0.02 0.24 0.03 0.00 0.00 0.00 unch 0.00 0.01 0.00 3.45 3.44 3.45 + 0.01 3.95 1.83 0.02 0.01 0.02 + 0.01 0.02 0.01 0.07 0.00 0.07 + 0.03 0.21 0.03 0.05 0.04 0.04 unch 0.00 0.13 0.03 0.05 0.03 0.03 - 0.01 0.05 0.02 0.48 0.42 0.42 - 0.03 0.56 0.10 0.61 0.54 0.56 - 0.02 0.68 0.11 1.46 1.05 1.41 + 0.26 1.64 0.37 0.00 0.00 0.10 unch 0.00 0.12 0.05 0.15 0.13 0.15 unch 0.00 0.17 0.05 0.03 0.03 0.03 unch 0.00 0.09 0.01 0.02 0.02 0.02 unch 0.00 0.02 0.01 0.05 0.05 0.05 unch 0.00 0.07 0.04 0.03 0.03 0.03 unch 0.00 0.05 0.02 0.18 0.15 0.16 - 0.02 0.40 0.16 0.13 0.13 0.13 unch 0.00 0.28 0.13 0.19 0.15 0.18 - 0.02 0.42 0.15 0.34 0.34 0.34 unch 0.00 0.35 0.06 0.50 0.42 0.50 + 0.06 0.54 0.08 0.18 0.00 0.17 unch 0.00 0.50 0.13 0.14 0.14 0.14 + 0.01 0.44 0.11 0.01 0.01 0.01 unch 0.00 0.05 0.00 0.07 0.00 0.05 - 0.01 0.08 0.02 0.17 0.17 0.17 + 0.00 0.27 0.11 0.24 0.23 0.23 - 0.01 0.36 0.17 4.13 3.69 3.73 - 0.20 4.69 2.84 3.29 2.91 2.95 - 0.17 3.80 2.21 1.63 1.63 1.63 unch 0.00 1.83 0.77 0.50 0.00 0.50 unch 0.00 1.20 0.38 0.05 0.05 0.05 unch 0.00 0.10 0.05 0.04 0.04 0.04 unch 0.00 0.07 0.04 0.00 0.00 2.00 unch 0.00 2.00 1.00 0.06 0.00 0.06 unch 0.00 0.12 0.05 0.09 0.08 0.08 unch 0.00 0.15 0.07 0.15 0.00 0.15 - 0.01 0.43 0.05 0.00 0.00 0.17 unch 0.00 0.30 0.15 0.11 0.11 0.11 unch 0.00 0.18 0.07 0.58 0.00 0.53 - 0.05 0.93 0.46 0.73 0.66 0.67 - 0.02 1.29 0.52 0.18 0.18 0.18 unch 0.00 0.28 0.15 0.23 0.22 0.23 + 0.01 0.36 0.18 0.30 0.00 0.28 - 0.02 0.35 0.20 0.49 0.44 0.44 - 0.04 0.80 0.31 0.39 0.34 0.35 - 0.04 0.62 0.01 0.14 0.13 0.13 - 0.01 0.35 0.06 0.09 0.09 0.09 unch 0.00 0.25 0.06 0.19 0.17 0.19 + 0.02 0.49 0.12

BID-ASK — FEBRUARY 19–23, 2018 37 Capital African Metals Aguila Amer Gd Alba Minerals Alderon Iron* Allante Potash ALQ Gold Altan Nev Mnls Amador Gold Amanta Res Anglo-Bomarc Angus Ventures Arch Coal* Archon Mineral Arco Res Arcturus Vent Arian Res Asbestos Corp AsiaBaseMetals Astur Gold Atlatsa Res* Atom Energy Aurelius Min Bandera Gold Banro Corp* BC Moly Bearclaw Cap Bell Copper Bethpage Cap BHK Mining Big Wind Cap Black Bull Res Bluenose Gold Boss Power Buffalo Coal Bunker Hill Cairo Res Canadian Mng Canex Energy Canstar Res Cascade Res Cava Res Centurion Mnls Century Global Cerro Mng Chantrell Vent Chinapintza Mg CIM Intl Grp Cliffs Nat Res* CMX Gold & Sil CNRP Mng Compass Gold CR Capital Cresval Cap Curlew Lke Res Cyprium Mng Dawson Gold Discovery Harb Duncan Park H EastCoal Inc European Metal Excalibur Res Falcon Gold Fieldex Expl Finore Mng Fire River Gol First Idaho Four Nines GAR Limited GB Minerals Gem Intl Res Genius Props Gentor Res

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

52-55_MAR5_StockTables.indd 55

0.22 ...

0.20 0.35 0.06 0.09 0.06 0.21 0.26 0.21 0.45 0.15 0.16 0.16 0.28 ... 0.40 0.14 0.52 0.11 ...

0.11 0.11 0.25 0.29 0.22 0.45 0.02 0.03 0.02 0.03 0.17 0.19 0.19 0.39 0.01 0.02 0.01 0.07 0.07 0.07 0.15 0.37 0.60 0.50 0.50 ... ...

0.58 0.81 1.00 0.87 1.68 0.06 0.08 0.06 0.12 0.14 0.19 0.14 0.25 0.01 0.02 0.01 0.02 0.44 0.70 0.50 0.70 0.24 0.32 0.27 0.45 0.06 0.08 0.08 0.10 ... ...

0.06 0.45 0.32 0.40 0.40 0.65 0.13 0.14 0.14 0.15 0.04 0.05 0.04 0.10 0.11 0.11 0.11 2.10 0.07 0.12 0.06 0.08 0.04 0.06 0.04 0.06 0.17 0.20 0.20 0.22 0.11 ...

0.11 0.14 0.02 0.02 0.02 0.03 0.70 0.76 0.70 1.05 0.10 0.18 0.10 0.15 0.07 0.15 0.10 0.10 0.17 0.20 0.17 0.02 0.02 0.02 0.02 ... ...

1.83 3.00 0.36 0.95 0.34 0.60 0.31 0.33 0.33 0.79 0.30 0.39 0.31 0.43 0.06 0.07 0.06 0.23 0.02 0.04 0.02 0.21 0.29 0.21 0.35 0.03 0.03 0.03 0.09 0.24 0.29 0.25 0.38 0.20 0.32 0.20 0.22 0.06 0.09 0.06 0.11 0.01 0.05 0.01 0.02 0.18 0.43 0.18 0.79 1.45 3.20 1.43 7.17 0.06 0.10 0.10 0.10 0.71 0.76 0.76 8.50 0.51 0.55 0.53 0.80 0.11 0.14 0.11 0.13 0.04 0.05 0.05 0.06 1.25 1.38 1.38 1.49 0.03 0.03 0.03 0.15 0.34 0.30 0.30 0.05 0.07 0.05 0.11 0.02 0.02 0.02 0.02 0.12 0.18 0.12 0.30 ... 0.01 0.01 0.09 0.10 0.10 0.11 0.05 0.06 0.05 0.08 0.18 0.19 0.19 0.21 0.12 0.12 0.11 0.36 0.03 0.07 0.09 0.06 0.25 0.06 0.06 0.10 0.12 0.10 0.16 0.11 0.21 0.11 0.13 0.08 0.10 0.09 0.09 0.01 0.02 0.02 0.11 0.15 0.16 0.16 0.25 0.10 0.14 0.09 0.20

0.12 0.18 0.04 0.12 0.05 0.05 0.01 0.13 0.05 0.35 0.81 0.01 0.07 0.01 0.18 0.19 0.01 0.06 0.05 0.03 0.03 0.10 0.04 0.03 0.03 0.07 0.02 0.08 0.06 0.00 0.01 0.90 0.21 0.10 0.26 0.04 0.15 0.03 0.16 0.04 0.06 0.01 0.08 0.98 0.04 0.18 0.50 0.07 0.04 0.10 0.11 0.05 0.01 0.07 0.01 0.04 0.12 0.17 0.05 0.08 0.01 0.04 0.01 0.12 0.07

GFM Res V Global Cobalt V Global Cop Grp V God’s Lake Res C V Golden Harp Goldstream Mnl V GoldTrain Res C Great Atlantic V Greatbanks Res V Greenshield Ex V Grenville Gold V Grosvenor Res V Hadley Mng C Halio Energy V HFX Holding V Highvista Gold V Highway 50 Gld V Icon Explor V Indigo Expl V Infinite Lith V Interconnect V Intl Battery C Intl Prospect V Iron South Mng V Jazz Res V Jiulian Res V Jubilee Gold V Kenna Res V Lamelee Iron V Legion Metals C Leo Res C Lions Bay Cap V Lithion Energy V Logan Res V Lomiko Mtls V Lovitt Res V MAG Silver* X Malbex Res V Matachewan Con V Match Capital V Mazarin V Mega Copper V Megastar Dev V V Mesa Expl Micrex Dev V Midasco Cap V Midnight Star C MillenMin Vent V Millstream Min V Milner Con Slv V Minecorp Egy V Mineral Hill V Minsud Res V Moag Copper C Montana Gold C Mukuba Res V MX Gold V Namibia Rare E V Navy Res V Nebu Res V New Dimen Res V New Klondike V New Stratus V Newmac Res V Norsemont Cap C North Am Ptash V Norvista Cap V NQ Explor V Nrthn Lion V NSGold V Omineca Mg &Ml V Orestone Mng V Oriental Non F C

0.08 0.10 0.10 0.10 0.02 0.02 0.02 0.07 0.08 0.08 0.11 0.22 0.35 0.35 0.35 0.07 0.12 0.07 0.24 0.08 0.15 0.09 0.10 0.08 0.37 0.08 0.19 0.09 0.10 0.10 0.24 0.03 0.05 0.03 0.11 0.13 0.10 0.15 0.08 0.10 0.08 0.14 0.17 0.27 0.17 0.21 0.95 0.98 0.95 1.05 0.15 0.18 0.18 1.35 0.08 ...

0.12 0.12 ... 0.16 0.17 0.30 0.34 0.30 0.66 0.46 0.46 0.41 0.84 0.03 0.04 0.03 0.06 0.26 0.29 0.28 0.32 0.09 0.30 0.09 0.09 ... ...

0.31 0.40 0.18 0.20 0.20 0.36 0.24 0.27 0.24 0.28 0.08 0.11 0.08 0.09 0.05 0.06 0.06 0.06 0.44 0.55 0.54 0.73 0.13 0.16 0.15 0.42 0.48 0.48 0.48 0.12 0.14 0.12 0.21 1.06 1.09 1.09 2.50 0.10 0.15 0.14 0.25 ... ...

0.10 0.10 0.06 0.06 0.06 0.12 0.12 0.12 0.12 0.33 0.03 0.08 0.08 0.14 12.52 13.30 12.52 14.40 0.38 0.40 0.39 0.40 0.25 0.26 0.25 0.34 0.01 0.04 0.04 0.08 0.10 0.10 0.18 0.17 0.26 0.17 0.17 0.08 0.09 0.08 0.10 0.04 0.05 0.05 0.10 0.02 0.02 0.02 0.03 0.08 0.15 0.08 0.11 0.20 0.25 0.20 0.25 0.05 0.07 0.05 0.04 0.06 0.04 0.06 0.12 0.06 0.09 ... ...

0.12 0.20 0.20 0.25 0.23 0.34 0.07 0.12 0.07 0.16 ... ...

0.08 0.09 0.10 0.10 0.10 0.23 0.23 0.23 0.25 0.11 0.11 0.11 0.23 0.04 0.05 0.04 0.10 0.24 0.43 0.32 0.32 0.04 0.04 0.04 0.05 0.06 0.06 0.06 0.16 0.01 0.01 0.01 0.15 0.19 0.14 0.48 0.07 0.08 0.08 0.09 0.40 0.48 0.40 0.47 0.05 0.08 0.04 0.12 0.14 0.12 0.17 0.01 0.01 0.01 0.03 0.47 0.67 0.41 0.67 0.11 0.13 0.14 0.17 0.03 0.04 0.03 0.07 0.10 0.14 0.10 0.13 0.70 ...

1.05 1.05

0.01 0.04 0.03 0.01 0.05 0.06 0.09 0.05 0.08 0.16 0.55 0.15 0.04 0.25 0.03 0.02 0.12 0.05 0.22 0.04 0.04 0.06 0.02 0.35 0.15 0.10 0.55 0.10 0.05 0.04 0.09 0.02 6.12 0.30 0.21 0.03 0.15 0.03 0.04 0.01 0.05 0.08 0.04 0.07 0.17 0.06 0.02 0.06 0.08 0.04 0.16 0.01 0.04 0.08 0.05 0.31 0.08 0.01 0.31 0.02 0.03 0.05 0.72

Orofino Mnrls Pac Arc Res Pac Cascade Pac Link Mng Pac Potash Parana Copper Parlane Res Patriot Gold Pedro Res Philippine Mtl Phoenix Gold Phoenix Metals Pitchblack Res Prime Meridian Prism Res ProAm Expl Quantum Cobalt Quartz Mtn Res Rare Element* Razore Rock Res Red Eagle Expl Red Tiger Mng Regency Gold Reliant Gold Remington Res Riley Resource River Wild Exp RJK Explor Rockex Mng Rockland Mnls Rockridge Gold Rojo Res Romulus Res Rotation Mnls Royal Sapphire RTG Mining Rubicon Mnrls* Scavo Res SGX Res Silver Phoenix Sniper Res Starr Peak Exp Stockport Expl Stone Ridge Ex Superior Mng Talmora Diamd Tearlach Res Telferscot Res Theia Res Tiger Intl Tiller Res Tri-River Vent UC Res Umbral Enrgy United Coal Upper Canyon Vale* Valencia Vent Vanadium One Vatic Vent Venerable Vent Wabi Explor Westbay Vent Westcot Vent Western Troy C Westminster Rs Westridge Res Winston Res Worldwide Res Zena Mng Zinco Mng

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

0.14 0.19 0.14 0.19 0.53 0.75 0.70 0.82 0.01 0.02 0.01 0.03 0.07 0.03 0.07 0.03 0.05 0.03 0.05 0.35 0.45 0.35 0.45 0.16 0.19 0.16 0.18 0.07 0.15 0.09 0.15 0.23 0.36 0.30 0.98 0.09 0.13 0.09 0.16 ... 0.01 0.01 0.19 0.20 0.21 0.41 0.45 0.41 0.46 0.12 0.15 0.14 0.10 0.12 0.10 0.24 0.02 0.03 0.03 0.06 ... ...

1.10 3.15 0.75 0.98 0.90 1.50 0.11 0.16 0.15 0.89 0.12 0.16 0.16 0.90 0.08 0.09 0.08 0.23 0.02 0.03 0.03 0.04 0.16 0.20 0.19 0.25 0.03 0.03 0.03 0.04 0.40 0.63 0.40 1.45 0.11 0.75 0.11 0.20 0.15 0.50 0.15 0.22 0.07 0.08 0.08 0.23 0.03 0.04 0.03 0.05 0.07 0.08 0.08 0.11 0.22 0.37 0.30 0.50 0.40 0.49 0.40 0.50 0.15 0.23 0.19 0.20 0.02 0.38 0.30 0.45 0.09 0.14 0.10 1.40 0.15 0.19 0.15 0.55 ... ...

0.03 1.35 0.36 0.57 0.36 0.54 0.02 0.02 0.02 0.07 0.22 0.22 0.24 0.01 0.01 0.01 0.14 0.18 0.14 0.19 0.02 0.03 0.03 0.04 0.30 0.33 0.30 0.60 0.06 0.10 0.07 0.13 0.02 0.05 0.05 0.05 0.08 0.15 0.08 0.05 0.06 0.06 0.12 0.07 0.08 0.08 0.12 0.09 0.15 0.09 0.15 0.37 0.44 0.37 0.65 0.04 0.12 0.04 0.01 0.02 0.02 0.03 0.14 0.15 0.14 0.20 ... 0.01 0.01 0.22 0.30 0.23 0.34 ... ...

10.24 11.10 0.21 0.22 0.22 0.30 0.13 0.15 0.13 0.07 0.08 0.09 0.09 0.10 0.14 0.10 0.18 0.08 0.09 0.09 0.09 0.38 0.47 0.47 0.48 0.86 0.95 0.94 1.09 0.03 0.04 0.03 0.06 0.35 0.36 0.35 0.38 0.59 0.59 0.60 0.80 0.56 0.58 0.56 0.82 0.03 0.05 0.03 0.09 0.09 0.13 0.11 0.18 0.05 0.07 0.05

0.06 0.09 0.02 0.03 0.09 0.10 0.09 0.13 0.04 0.09 0.08 0.02 0.20 0.55 0.06 0.09 0.06 0.02 0.10 0.02 0.40 0.11 0.02 0.06 0.01 0.01 0.30 0.23 0.13 0.12 0.06 0.10 0.03 0.26 0.05 0.08 0.02 0.05 0.04 0.01 0.01 0.07 0.08 0.19 0.01 0.05 0.03 6.57 0.08 0.04 0.09 0.05 0.17 0.04 0.02 0.15 0.29 0.35 0.01 0.07

2018-02-26 11:44 AM

56_MAR5_BackCover.indd 56

2018-02-26 12:40 PM

LEADING THE WAY IN GLOBAL MINING Lawson Lundell LLP has expertise that spans the full range of legal services required by mining companies in Canada and around the world. Our mining and project development teams are actively involved from early stage exploration and tenure acquisition through development, permitting, construction, operations, and closure of projects. We have a highly-skilled capital markets team with expertise in corporate and project finance, regulatory compliance, and mergers and acquisitions. As is demonstrated in the selection of recent transactions below, we are experienced in every kind of mining transaction in a multitude of jurisdictions.

MINING PROJECTS & FINANCING ACTIVITY (see reverse for British Columbia and the Canadian North)

1

Chris Baldwin

Khaled Abdel-Barr

Stuart Breen

Karen MacMillan

Angela Austman

Jeffrey Read

Mining, M&A, Commercial Vancouver (t) 604.631.9151 (e) cbaldwin@lawsonlundell.com

Mining, M&A, Commercial Vancouver (t) 604.631.9233 (e) kabdelbarr@lawsonlundell.com

Mining, Finance, M&A Vancouver (t) 604.631.9149 (e) sbreen@lawsonlundell.com

Mining & Commercial Vancouver (t) 604.631.9160 (e) kmacmillan@lawsonlundell.com

Finance, M&A, Commercial Vancouver (t) 604.631.9135 (e) aaustman@lawsonlundell.com

Finance, M&A, Commercial Vancouver (t) 604.631.9206 (e) jread@lawsonlundell.com

39 40 34

3 4

7 26

8

35 37

42 44

43

38

4

41

24

6 2

35

5

36 29 28 27 30

5 44 46

31

25

45

32

47 48 49

33

34

56 50

52

51

1

GREATER VANCOUVER

63

9 10 11 12 13 14

59

15 16 17 18 19

58

20 21 22 23

57

53 54 55

62

3 19

60 61

2

3 4

2

1 64 65 66 67 68 69 70 71 72 73

INDEX 1

Exploration Project Development and Operation Indigenous Environmental Construction and Procurement Closure and Reclamation

1

2

1

Mining Projects

3

2 3 4

4

6

3

5

5

1 3

2

7

8

2

4

Financing / Mergers & Acquisitions Corporate Finance and Securities Mergers & Acquisitions Royalties Streaming, Offtake, and Product Sales Agreements

5

74

5

1

14

6

15

7 9 10

9

8

1 2

Lawson Lundell Office Locations

10

Vancouver Calgary Yellowknife Kelowna

11

13

12

RECOGNIZED FOR MINING LAW Chambers Global | Chambers Canada | Legal 500 Canada | Best Lawyers In Canada | Canadian Legal Lexpert Directory | International Who’s Who Of Mining Lawyers | Martindale-Hubbell International Law Directory

Africa 1. Advising B2Gold Corp. in negotiating exploration, option and joint venture arrangements in Namibia and Mali.

2. Advising B2Gold Corp. on its acquisition of Papillon Resources Limited, owner of the Fekola gold project in Mali.

3. Advising B2Gold Corp. on its Euro 71.4 million credit facility with Caterpillar Financial SARL for the Fekola project in Mali.

4. Advising B2Gold Corp. in connection with the development of the Fekola Mine in Mali.

Europe 10. Advising B2Gold Corp. in negotiating exploration, option and joint venture arrangements in Namibia.

Asia 1. Advising Afghan Minerals Group in connection with the Shaida copper project in Afghanistan.

2. Advising Rio Tinto plc in an Earn-In and Shareholders Agreement with Sherritt International Corp. whereby Sherritt will acquire an interest in the Sulawesi Nickel project located in Sulawesi, Indonesia.

5. Advising Sarama Resources Ltd. in respect of its IPO raising gross proceeds of C$16.7 million. Sarama has a focus on exploration and development of gold deposits in Burkina Faso, Liberia, and Mali.

3. Advising B2Gold Corp. on its acquisition of CGA Mining Ltd., owner of the Masbate gold mine in the Philippines.

6. Advising B2Gold Corp. on its acquisition of Volta Resources Inc., owner of the Kiaka gold project in Burkina Faso.

4. Advising B2Gold Corp. in negotiating exploration, option and joint venture arrangements in Russia.

7. Advising Anvil Mining Ltd. on its C$1.3 billion friendly acquisition

by Minmetals Resources Limited.

Australia

8. Advising Anvil Mining Ltd. in negotiating terms for copper offtake

by Trafigura Beheer B.V. from Anvil’s Kinsevere copper mine in the Democratic Republic of Congo.

1. Advising SSR Mining Inc. on the sale of its Bowden project in Australia.

9. Advising B2Gold Corp. on its acquisition of Auryx Gold Corp., a TSX listed company, owner of the Otjikoto gold project in Namibia.

2. Advising MacArthur Minerals Limited in connection with financings for its Ularring and Moonshine Iron projects in Australia.

1. Advising Strongbow Exploration Inc. on the acquisition of the South Crofty Tin project in Cornwall, UK.

4. Advising SSR Mining Inc. on its acquisition of Esperanza Resources Corp.’s interest in the San Luis project in Peru.

12. Advising SSR Mining Inc. on the sale of its Diabillos and M-18 projects in Argentina to Huayra Minerals Corp.

2. Advising Vintage Mining Corp. on its acquisition of mining properties in Portugal and Spain.

5. Advising Cliffs Natural Resources Inc. on the establishment of an alliance with Estrella Gold Corp. for the exploration and potential development of the company’s Pampa Poroma iron oxide copper gold project in Peru.

13. Advising B2Gold Corp. in negotiating exploration, option and joint venture arrangements in Uruguay.

3. Advising Lithium Li Holdings Inc. on its Balkans lithium and borates joint venture with Pan Global Resources Inc.

14. Advising Aura Minerals Inc., a company with operating mines in Mexico, Brazil and Honduras, in its US$22.5 million and US$15 million gold loans from Auramet International LLC.

4. Advising the special committee of Dunav Resources Ltd. in connection with its merger with Avala Resources Ltd.

6. Advising Camino Minerals Corporation on its acquisition of Minquest Peru SAC, owner of the Plata Dorada copper, gold, and silver project in Peru.

5. Advising B2Gold Corp. in negotiating exploration, option and joint venture arrangements in Finland.

7. Advising Rio Tinto plc in the sale of the Corani silver mine in Peru to Bear Creek Mining Corp.

South America

8. Advising SSR Mining Inc. on the sale of its Challacollo mining project in Chile.

1. Advising B2Gold Corp. in negotiating exploration, option and joint venture arrangements in Colombia.

9. Advising SSR Mining Inc. in connection with an option to acquire the Chinchillas silver, lead, zinc project in Argentina and to form a 75%/25% joint venture with Golden Arrow Resources Corporation in respect of the Chinchillas project and SSR’s nearby Pirquitas Mine.

2. Advising B2Gold Corp. on its acquisition of Central Sun Mining Inc., owner of the Libertad and Limon mines in Nicaragua.

10. Advising B2Gold Corp. in negotiating exploration, option and joint venture arrangements in Chile.

3. Advising B2Gold Corp. in negotiating exploration, option and joint venture arrangements in Nicaragua.

11. Advising Minera Andes Inc. (a subsidiary of McEwen Mining Inc.) on various matters relating to the Los Azules copper project in Argentina.

4. Advising B2Gold Corp. on the sale of its Bellavista project in Costa Rica to a private Costa Rican company.

2. Advising CB Gold Inc. on its prospectus offering of common shares for gross proceeds of approximately $10 million, to be used for the continued exploration of the Vetas gold project in Colombia.

3. Advising Agnico-Eagle Mines Ltd. on the negotiations and settlement of terms related to a Strategic Alliance Agreement and Joint Venture Agreement for the exploration and development of mineral properties in Colombia.

15. Advising Aura Minerals Inc. in connection with its acqusition from Yamana Gold Inc of the Ernesto/Pau-a-Pique project in Brazil.

Central America 1. Advising B2Gold Corp. on its acquisition of the Trebol Pavon and San Jose gold exploration properties in Nicaragua from Radius Gold Inc.

Chris Baldwin

LEADING THE WAY IN THE NORTH

Khaled Abdel-Barr

Mining, M&A, Commercial Vancouver (t) 604.631.9151 (e) cbaldwin@lawsonlundell.com

Mining companies investing in Canada’s North face unique challenges that require specialized legal expertise. Lawson Lundell LLP has actively engaged in mining in Canada’s north for decades, including having an office in Yellowknife since 1992. Almost a quarter of our lawyers are licensed to practice law in one or more northern jurisdictions. From 2012 through 2018, we were involved in the development or operation of over 15 mining projects in the Canadian North. Our long history of working on large-scale northern mining projects an experience addressing Indigenous and environmental issues mean that our clients can count on us to help them successfully navigate the opportunities and challenges of northern projects.

Mining, M&A, Commercial Vancouver (t) 604.631.9233 (e) kabdelbarr@lawsonlundell.com

Keith Bergner

Christine Kowbel

Project Approval, Indigenous Law, Environmental Vancouver (t) 604.631.9119 (e) kbergner@lawsonlundell.com

Indigenous Law & Environmental Vancouver (t) 604.631.6762 (e) ckowbel@lawsonlundell.com

John Olynyk

Karen MacMillan

Indigenous Law Calgary (t) 403.781.9472 (e) jolynyk@lawsonlundell.com

Mining & Commercial Vancouver (t) 604.631.9160 (e) kmacmillan@lawsonlundell.com

The Canadian North

24

INDEX 39

6 29

2

British Columbia

1

Mining Projects

1

Financing / Mergers & Acquisitions

7 8

27 28

26

30

31 25

42 35

43

35 44

41 34 31

Lawson Lundell Office Locations

37

3

36 4

31

Vancouver Calgary Yellowknife Kelowna

24 32 44

9 10 11 12 13 14

6

15 16 17 18 19 20

Corporate Finance and Securities Mergers & Acquisitions Royalties Streaming, Offtake, and Product Sales Agreements

38

40 5

Exploration Project Development and Operation Indigenous Environmental Construction and Procurement Closure and Reclamation

2

21 22 23

29

7

33

27 28 26

8 25

46

30 31

45 47

North America 1. Advising an affiliate of Rio Tinto plc on its sale of the Ambler property in Alaska.

17. Advising SSR Mining Inc. in connection with MJDS equity offerings raising an aggregate of approximately $300 million.

33. Advising Consol Energy Inc. on the sale of its 50% interest in the Line Creek and Luscar mines.

2. Advising SSR Mining Inc. on the spin-off of the Snowfield and Brucejack advanced stage gold exploration properties in northern British Columbia to Pretium Resources Inc. and subsequent secondary offerings of shares of Pretium.

18. Advising CB Gold Inc. on its private placement offerings for gross proceeds of $15 million.

34. Advising Fortune Minerals Ltd. in connection with the environmental assessment of its NICO mining project by the Mackenzie Valley Environmental Impact Review Board.

3. Advising Hudbay Minerals Inc. on its Tom and Jason zinc deposits.

4. Advising Chihong Canada Mining Ltd., an indirect wholly owned subsidiary of Chihong Zinc & Germanium Co. Ltd., a Chinese company, on a joint venture transaction involving a zinc mine in the Yukon with Selwyn Resources Ltd. 5. Advising Devonian Metals Inc. in connection with the Wrigley project in the Northwest Territories.

6. Advising Pretium Resources Inc. on mine development, construction and financing for its Brucejack project.

7. Advising B2Gold Corp. on its sale of a royalty covering the Brucejack gold project in north-western British Columbia to Franco-Nevada Corp.

8. Advising Alcoa Inc. on the sale of a molybdenum mine site in British Columbia to Avanti Mining Corp.

9. Advising B2Gold Corp. on a $200 million senior credit facility with a syndicate of banks led by Macquarie Bank.

10. Advising B2Gold Corp. on its formation following the $3 billion acquisition of Bema Gold Corporation by Kinross Gold Corporation.

11. Advising B2Gold Corp. in connection with its US$258.75 million convertible note offering by way of private placement.

12. Advising European Minerals Corp. on its acquisition of Lero Gold Corp.

19. Advising NexGen Energy Ltd. on its private placement with Tigris Uranium Corp.

20. Advising B2Gold Corp. on its US$300 million base shelf prospectus.

35. Advising Elgin Mining Inc. in connection with its Ulu and Lupin projects in Nunavut.

21. Advising B2Gold Corp. in connection with its US$350 million revolving credit facility with a syndicate of international banks.

36. Advising Agnico Eagle Mines Limited with respect to its planned additional expansion of its operating Meadowbank Mine (the Whale Tail pit expansion) in Nunavut.

22. Advising SSR Mining Inc. on the completion of a revolving US $75 million syndicated financing from a syndicate of lenders.

37. Advising Miramar Mining Corp., in relation to the Con Mine located near Yellowknife, on regulatory and other matters.

23. Advising B2Gold Corp. on its US$100 million at-the-market prospectus offering.

38. Advising Rio Tinto plc’s 60% owned subsidiary, Diavik Diamond Mines Inc., in connection with the development and operations of the Diavik Diamond mine and the Tibbitt to Contwoyto winter ice road in the Northwest Territories.

24. Advising Coeur Mining, Inc., in connection with its acquisition of the Silvertip mine in Northern BC for aggregate consideration of up to US$250 million.

47. Advising Rio Tinto Exploration Canada in an option agreement with Shore Gold Inc. to acquire up to a 60% undivided interest in the Star-Orion South Diamond Project located in Saskatchewan.

48. Advising Shore Gold Inc. on its merger with Kensington Resources Inc. 49. Advising Rio Tinto plc in the sale of its Saskatchewan potash assets to Companhia Vale do Rio Doce, for a cash consideration of US $850 million.

50. Advising Cliffs Chromite Ontario Inc., a subsidiary of Cliffs Natural Resources Inc., in connection with its Ring of Fire chromite project in Northern Ontario.

51. Advising New Gold Inc. on matters related to the development of the Rainy River project in Ontario.

52. Advising Sabina Gold & Silver Ltd. with the sale of its Newman-Madsen gold project in Ontario.

53. Advising Barrick Gold Corp. on its sale of mineral royalties to Royal Gold Inc.

39. Advising Baffinland Iron Mines Ltd. as project counsel, in respect of its Mary River Iron Ore mine in Nunavut.

54. Advising Newmont Capital Corp. on its sale of oil and gas and mineral royalties to Franco-Nevada Corp.

40. Advising Newmont Mining Corporation in connection with the acquisition of its interest in the Plateau property in Yukon.

55. Advising Rio Tinto plc in the sale of royalty portfolios to International Royalty Corp.

26. Advising Cliffs Natural Resources Inc. on its acquisition of an interest in the Decar project from First Point Minerals Ltd.

41. Advising Sabina Gold & Silver Corp. in connection with the acquisition, development and operation of its Back River Gold project in Nunavut.

56. Advising Ashton Mining of Canada Inc. on the take-over by Stornoway Diamond Corp. of Ashton and its Foxtrot property in northern Quebec.

27. Advising AuRico Metals Inc. in connection with its development of its Kemess underground project in British Columbia, near Fort. St. James.

42. Advising Newmont Mining Corp.’s subsidiary Hope Bay Mining Ltd., in connection with the Hope Bay gold mine in Nunavut, including permitting and care and maintenance.

57. Advising Doe Run Canadian Exploration ULC with respect to its exploration activities in the Maritime provinces.

25. Advising Barrick Gold Corporation with respect to the disposition of the Snip Mine Property, a gold property located in the Golden Triangle of British Columbia, to Skeena Resources Ltd.

28. Advising Western Coal Corp. on its sale to Walter Energy Inc. for aggregate consideration valued at approximately $3.3 billion.

13. Advising New Gold Inc. in its cross-border note offering for over $200 million.

29. Advising Western Coal Corp., a subsidiary of Walter Energy, Inc., in connection with the Perry Creek, Brule and Willow Creek coal mines in British Columbia.

14. Advising Newmont Mining Corp. on its acquisition of Miramar Mining Corp.

30. Advising Talisman Energy Inc. on the disposition to Xstrata Coal of the Sukunka hard coking coal deposit for US$500 million.

15. Advising Newmont Mining Corp. on its option and joint venture agreements in Canada.

31. Advising New Gold Inc. in connection with the development of the New Afton and Blackwater-Davidson gold mines in British Columbia.

16. Advising SSR Mining Inc. in connection with its US$250 million convertible note offering.

32. Advising KGHM International Ltd. in connection with the development of the Ajax project in British Columbia.

43. Advising Hope Bay Mining Ltd., a subsidiary of Newmont Mining Corp., in the sale of the Hope Bay gold mine in Nunavut to TMAC Resources Inc. 44. Advising NexGen Energy Ltd. on its purchase of Mega Uranium Ltd.’s uranium projects located in the Athabasca Basin, Saskatchewan and the Thelon Basin, Nunavut.

45. Advising SSR Mining Inc. on the purchase of Claude Resources Inc., the owner of the Seebee gold mine in Saskatchewan.

46. Advising Tigers Realm Minerals PTY Ltd. on the option to acquire an interest in an uranium property in Saskatchewan.

58. Advising Atna Resources Ltd. on its acquisition by Canyon Resources Ltd. 59. Advising Newmont Mining Corp. on its acquisition of Fronteer Gold Inc. including its Long-Canyon, Northumberland, and Sandman projects in Nevada for C$2.3 billion.

60. Advising SSR Mining Inc. on its purchase of the Marigold mine in Nevada.

61. Advising B2Gold Corp. in negotiating exploration, option and joint venture arrangements in Nevada.

62. Advising Rio Tinto plc and affiliates in negotiating its many exploration, option and joint venture arrangements around the world.

63. Advising Agnico-Eagle Mines Ltd. in connection with the Rattlesnake Hills joint venture in the state of Wyoming.

64. Advising Aura Minerals Inc., a company with operating mines in Mexico, Brazil and Honduras, in its US$22.5 million and US$15 million gold loans from Auramet International LLC. 65. Advising SSR Mining Inc. on the sale of its Parral property in Chihuahua, Mexico to Endeavour Silver Corp.

66. Advising Agnico-Eagle Mines Ltd. on its acquisition of two Mexican gold projects.

67. Advising Agnico-Eagle Mines Ltd. on the negotiation and documentation of exploration alliances and related joint venture agreements in Mexico.

68. Advising Goldcorp Ltd. on its sale of the San Dimas mine in Mexico and silver purchase (streaming) agreements.

69. Advising Goldcorp Ltd. in connection with lead and zinc concentrate frame purchase agreements for Goldcorp’s Mexican subsidiary, Minera Penasquito S.A. de C.V. 70. Advising a Korean Consortium in connection with its strategic investment in the Boleo copper-cobalt project in Mexico with off-take agreements.

71. Advising MAG Silver Corp. in respect of its Juanicipio silver project in Mexico.

72. Advising MAG Silver Corp. on an option to acquire an interest in the Salamandra’s silver-copper-zinc-lead project in Durango State, Mexico from Canasil Resources Inc. 73. Advising SSR Mining Inc. on the sale of its San Agustin gold project in Mexico to Argonaut Gold Inc. 74. Advising Tigers Realm Minerals PTY Ltd. in a multiparty transaction relating to gold properties in Jamaica.