The Northern Miner May 30 2022 Issue 11

OBITUARY: ARCTIC PIONEER AND BRE-X BUSTER GRAHAM FARQUHARSON / 2 Geotech_Earlug_2016_Alt2.pdf 1 2016-06-24 4:27:20 PM

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EXCLUSIVE INTERVIEW

Osisko VP Maggie Layman on the roots of exploration success | Mining Legends Speaker Series kicks off in Vancouver

EVENTS

Maggie Layman, left, with Ross Beaty, chairman of Equinox Gold, at the Mining Legends Speaker Series in Vancouver.

THE NORTHERN MINER

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Metals scarcity could slow energy transition VRIC

| Solar power growth to drive silver demand

BY HENRY LAZENBY

W

hile the movement to an electrified future is already picking up pace, it will be much slower than some of the optimistic projections in the market today, CPM Group founder and managing director Jeffrey Christian told an industry event in Vancouver.

He took silver as a prime example, pointing out that hundreds of millions more ounces of silver would need to be produced to keep up with projected growth, including from solar energy uses.

“Solar power has gone from virtually no silver use twenty-five years ago to about 120 million ounces a year now, and that’s going to continue to grow,” he said during the Vancouver Resource Investment Conference on May 17.

Christian has seen many “overly optimistic expectations” of how fast the green revolution can come.

The precious metals and commodities expert cited the International Energy Agency (IEA), projecting that by 2050 the primary source of energy for humankind will still be oil. The second largest will be natural gas. “And all renewables combined will have supplanted coal only after 2040 to be the third largest,” he told the

“SOLAR POWER HAS GONE FROM VIRTUALLY NO SILVER USE TWENTY-FIVE YEARS AGO TO ABOUT 120 MILLION OUNCES A YEAR NOW, AND THAT’S GOING TO CONTINUE TO GROW.” JEFFREY CHRISTIAN CPM GROUP FOUNDER AND MANAGING DIRECTOR

conference.

“The IEA and everybody else who’s sober knows that those governments have not lived up to their Paris Accord commitments, and really have no ability to live up to those. It’s an idealistic scenario.

It’s just not there now,” he said.

According to Christian, solar power will continue to grow exponentially. Even if the market successfully recycles significantly more silver from end-of-life panels, the world will need substantially more silver to cover the gap.

“Recycling will slow the growth rate of new silver required by the industry, but it won’t slow the growth rate of total silver used in the industry,” said Christian.

“While silver goes into EV electronics, there are other constraints to the green revolutions such as the world not having enough clean energy to power the vehicles with, the grids are not stable enough, there’s not enough lithium, high-purity nickel, verifiable cobalt and manganese, and there’s not enough capital for the smaller companies that actually make these components and mine the stuff.”

Jim Lewis, the co-founder of Wall Street Silver’s popular news site, provided some more context.

“The figure that Mr. Christian used of 120 million ounces silver used in solar today accounts for only 2% of our electric grid being powered by solar. Various governments worldwide are mandating 10% or even 20% coming from wind and solar soon,” he said.

“Let’s assume that silver solar power grows five-fold over some period of time. That means that solar power would be using half a billion ounces. And total demand is currently a billion ounces. This is sort of pie in the sky-type of stuff,” he said. TNM

T

BY BLAIR MCBRIDE AND AMANDA STUTT

he Mining Legends Speaker Series kicked off with an inaugural in-person event in Vancouver featuring mining entrepreneur and Canadian Mining Hall of Fame inductee Ross Beaty and rising talent Maggie Layman, vice-president exploration of Osisko Development (TSXV: ODV).

Organized by The Northern Miner, the Canadian Mining Hall of Fame and Young Mining Professionals, the series pairs CMHF inductees with accomplished young talent to bridge the knowledge gap in the mining industry and give the audience a chance to ask questions, share knowledge and discuss the future of mining.

What follows are excerpts from Layman’s remarks at the sold-out event, which attracted 100 delegates.

Tickets to the next Speaker Series event in Toronto on June 8 with mining legend Pierre Lassonde and Orix Geoscience president, CEO and cofounder Ashley Kirwan are now available.

Layman is the recipient of the Young Mining Professionals’ prestigious Eira Thomas Award.

She led Barkerville Gold’s technical team on the Cariboo project from exploration through to feasibility and its drill programs for over seven years. Prior to joining Osisko Development, Layman worked as a drill manager and a project geologist for Vale.

ELEMENTAL ROYALTIES SHAREHOLDERS REJECT HOSTILE OFFER / 8

Anthony Vaccaro, president of the Northern Miner Group, kicked off the conversation by asking Layman how a famous quotation from Mark Twain applies to her life. “’The two most important days See MAGGIE LAYMAN / 16 PM40069240

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OBITUARY

Graham Farquharson — the straight shooter who busted Bre-X and changed the industry OBITUARY

I

| Founder of Strathcona Minerals Services also central to development of Nanisivik mine

BY NAIMUL KARIM

n May 1997, the editorial staff of The Northern Miner broke one of its own rules and bought an equity position in Bre-X Minerals.

Journalists normally aren’t allowed to buy shares in companies they cover, but this paper spent $60 at the time to secure share certificates that could be framed. This, so that the newsroom would never forget the Busang scandal and Graham Farquharson’s role in unearthing a sham that changed the way mining companies report to the public.

Farquharson passed away on May 2 in Toronto at the age of 81. He was the head of Strathcona Mineral Services, a consulting firm that audited the Busang property in Indonesia, a project that Calgary-based Bre-X Minerals claimed contained one of the world’s largest gold deposits.

The announcement by Bre-X in 1995 sent the company’s shares soaring, from a mere penny stock to a peak of $286.50 in May 1996 on the Toronto Stock Exchange.

Strathcona’s audit however, revealed that the results were tampered with and that the only gold at Busang was the gold that Bre-X used to salt its samples. While the scandal tarnished Canada’s mining sector, it highlighted Farquharson’s credentials.

But the Timmins-born mining engineer’s credibility was wellknown even before the Bre-X scandal, explains James Whyte, co-author of the book “Bre-X: Gold Today, Gone Tomorrow,” and former editor-in-chief of The Northern Miner.

The rising gold price and a relatively new flow-through share tax structure combined to bring a lot of money into the junior mining industry in the late 1980s, which led to companies being formed to take advantage of the investor interest.

Too much money chased too many weak properties, Whyte said, which paved the way for the demise of many mining projects.

“Strathcona had a record of successful mine-building by that time and was brought into many projects to see if they could be turned around,” Whyte says. “It always fell to Strathcona to tell investors the bad news. That gave Graham and Strathcona immense credibility because he didn’t shrink from telling it straight.”

And when Bre-X needed to conduct an audit of its Indonesian project in 1997 after doubts were raised about the actual amount of gold in the property, it chose Strathcona, because the company knew no one would doubt the firm’s integrity.

Upon assessing the initial evidence, Farquharson faxed Bre-X and said that the project didn’t contain any gold, which led to his team receiving a scrappy welcome when it reached Busang.

“I know other consultants would have waited, they would say, we have to do this or that… Graham, if he saw something and he knew he was right, he told it,” says Reinhard von Guttenberg, a geologist who worked with Strathcona back then.

Whyte, during an interview with Farquharson on Bre-X, remembers how the Strathcona head “very quietly said ‘we put a stop to that.’

Gentle manner, but strong where it counted,” Whyte recalls.

Arctic pioneer Away from the scandal, Farquharson’s Strathcona is also credited with planning Canada’s first mine in the Arctic. He was hired

by Mineral Resources International of Calgary to assess the Nanisivik lead-zinc deposit on Baffin Island.

Despite bone-chilling temperatures, long, dark winters, permafrost extending more than 600 metres into the earth’s crust and thick sea ice preventing ship access

for all but two months, Farquharson — then only 33 years old — told the owners that he thought the deposit could be developed.

After being rebuffed by major mining companies, financial support was secured from Germany, the Netherlands and the Canadian government. Nanisivik began commercial production in 1976, and under Strathcona’s management, operated successfully as one of the world’s lowest-cost zinc mines for more than 22 years.

“People were skeptical (about the mine) but it was very successful,” says Graham Clow, who worked with Farquharson for a decade and is currently strategy director at SLR Consulting.

Farquharson’s push to build a small mining town in the area was a key reason behind the project’s success. “He grew up in a mining town and he insisted on that… I think that led to a long-term success… you had a real sense of family community,” Clow says.

Henrik Thalenhorst, another geologist who worked for Strathcona for several years, recalls how he almost spent Christmas at the mine because of a snowstorm that delayed plane access. “The most impressive memory is the moon circling above us 24 hours a day and absolutely no daylight, pitch dark 24 hours a day,” he says.

Clow describes Farquharson as an honest, straight shooter who worked all the time. “You would find him on his desk on weekends… and even on Christmas at times,” he says. “He wasn’t right all the time (about projects), but everybody knew that he would tell it as he saw it,” he adds.

Thalenhorst echoes a similar sentiment. “He served as a beacon for the industry in two ways, one is how to do proper technical work and the other one is how to be honest,” he says.

While Farquharson’s work at the

ham’s case it made him strong, durable and he expected similar toughness of other people. He did not suffer weakness very easily,” Thalenhorst says.

Strathcona Mineral Services founder Graham Farquharson. TNM ARCHIVES

Nanisivik mine and in exposing the Bre-X scandal, has dominated headlines, Reinhard believes his biggest contribution to the industry was how he consistently maintained Strathcona’s high quality.

He recalls how a company in the 1980s, when the ‘flow-through mania’ was at its peak, had combined little gold intersections up into one “orebody” in a project and wanted Strathcona to report on it.

“Graham said no… he always told the truth and it didn’t matter for him if the clients didn’t like it,” says Reinhard.

Both Reinhard and Thalenhorst believe it was Farquharson’s “tough” childhood that made him resolute. The Strathcona founder got his first job at 12 and paid his father $20 a month for room and boarding, according to Reinhard.

He was also in a cast for three years because of Perthes disease (a hip disorder) as a child.

“He was in a cast for three years as a ten or twelve-year-old… that either destroys you as a person or that makes you strong. In Gra-

GRAHAM FARQUHARSON 1940-2022

G

raham was the founding director of Franco-Nevada Corporation when it was incorporated in October 2007. He was a core part of making Franco-Nevada a success and he loved the Company. Even after retiring from the board, he stayed involved as an honorary director and attended many of our meetings and dinners.

His wisdom was an invaluable guide to our team on many of our investments.

Graham was a statesman of Canada’s mining industry.

He was both an inductee in the Canadian Mining Hall of Fame and a recipient of the Order of Canada.

Most importantly to us, he was a member of the Franco-Nevada family. He will be missed.

Early years Farquharson spent his early years in the mining towns of Val-d’Or and Malartic, in Quebec, and Bathurst, N.B., before attending the University of New Brunswick. In 1960, his mining career began at a copper mine near Tilt Cove, Nfld.

After graduating as a mining engineer from the University of Alberta in 1964, he spent four years in Africa at Kilembe in Uganda and Tsumeb in Namibia. Following an MBA at Queen’s University, he joined Watts, Griffis and McOuat before becoming one of the founding members of the consulting firm Strathcona in 1974.

Aside from work, Farquharson was an accomplished runner and initiated the Nanisivik Midnight Sun Marathon. He was also interested in bird watching.

Reinhard recalls that he walked around looking for birds while his team was drilling at Bre-X’s Busang, since the town was known for its wildlife. “He knew the outcome of this project, so he was not terribly concerned about what we were doing,” laughs Reinhard.

“Technically that was the easiest project I ever had. Zero!” Thalenhorst joked, referring to the amount of gold they found at Busang.

While Farquharson has been described as frugal since he didn’t spend more than what was necessary in projects, he heavily donated to educational institutions and supported university students considering mining as a career.

Pierre Gratton, chairman of the Canadian Mining Hall of Fame, which inducted Farquharson in 2010, said that the mining engineer helped shape Canada’s “global leadership in mining.”

“He truly dedicated his life to our industry and in service of it — leading companies such as Strathcona Mineral Services and as a director of Franco-Nevada,” Gratton told The Northern Miner. “His presence will be greatly missed in our industry, but his accomplishments are immortalized in the Canadian Mining Hall of Fame.”

Whyte, who was always struck

by Farquharson’s laid-back, quiet manner despite having “all the chops” to be very opinionated and aggressive, describes him as a person who most people in the mining business could “always trust.”

The editorial published in The Northern Miner after the Bre-X scandal in May 1997, echoed a similar sentiment. “The share certificates… will serve as a permanent reminder that if something seems too good to be true, it usually is… That it is not what they tell you, but what they don’t tell you that matters… And that when Graham Farquharson calls someone’s samples ‘invalid,’ he means exactly what he says.”

Farquharson was predeceased by his wife Anna-Liisa. He left behind his sister, Bonnie; nieces, Fiona (Mark), Susie (Andy) Caroline (Stefano); and numerous greatnieces and nephews.

Donations in his memory may be made to Canadian Mineral Industry Education Foundation or Princess Margaret Cancer Foundation. TNM

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 30 — JUNE 12, 2022

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BHP to speed up Jansen potash mine as Ukraine war weighs on supplies POTASH

B

| Invasion, sanctions on Russia compounding fertilizer shortage

BY CECILIA JAMASMIE

HP’s (NYSE: BHP; ASX: BHP) chief executive Mike Henry wants to gear up on the company’s $5.7-billion Jansen potash project in Saskatchewan as Russia’s invasion of Ukraine has caused major disruptions to global fertilizer supplies.

The ongoing war in Ukraine has left the world not only short of important grains but also fertilizers since neighbours Russia and Belarus account for almost 40% of global production.

Belarus state-owned potash miner Belaruskali set off alarm bells mid-February by declaring force majeure on its contracts. This shook up a market that was already contending with soaring prices.

Sanctions imposed on Russia after invading Ukraine have made the situation worse.

Last year, BHP approved a US$5.7-billion investment to bring Jansen, located 140 km east of Saskatoon, into production. The company had mulled a final decision on the asset for at least eight years, during which it spent about US$4.5 billion laying the ground for the crop nutrient-producing project. “[Supply-side disruption linked to the war in Ukraine] has positively reinforced the decision we’ve taken to enter potash,” Henry said

BHP is expecting first production from its Jansen potash mine in Saskatchewan in 2026. BHP

at the Bank of America Metals and Mining conference in mid-May. “We are making good progress and we’re looking at potential to accelerate Jansen Stage 1 first production into 2026.”

BHP had originally planned to kick off production in 2027. The company, Henry noted, has also begun studies for a second phase of development.

“BHP is trying to accelerate first tonnes at Jansen, but it still seems best case is first tonnes come late 2026 with a two-year ramp,” BMO Fertilizers and Chemicals analyst, Joel Jackson, said in a note to investors.

“We believe BHP needs to hire

about 600 miners for Jansen with the labour per tonne deemed lower than [competitors] Nutrien and Mosaic’s incumbent mines as BHP expected to employ less equipment per tonne and other innovation,” Jackson noted.

Of the US$5.7-billion investment, BHP had awarded roughly US$1.4 billion in contracts so far and another US$200 million since the company published half-year results in February, which cover port infrastructure, underground mining systems and other shaft and surface construction activities.

Jansen is expected to produce around 4.2 million tonnes a year of potash during the first phase. The

second would add an additional 4 million tonnes per year, at a capital intensity of between US$800 and US$900 per tonne, almost 30% lower than expected for phase one.

The cost reduction would be possible because phase two will be able to leverage the infrastructure built along with phase one, including the shafts, Henry said.

Quarter of global supply Potash is used as a fertilizer that also boosts drought tolerance and improves crop quality.

BHP expects potash demand to increase by 15 million tonnes to roughly 105 million tonnes by 2040 or 1.5% to 3% a year, along with the

global population and pressure to improve farming yields given limited land supply.

Jansen has the potential to produce 17 million tonnes a year under a four-phase development.

This would account for about 25% of current global potash demand.

“If we decide to bring on all four stages, and at prices just half of where they are today, we’d be generating around US$4 billion to US$5 billion of EBITDA [earnings before interest, depreciation, tax and amortization] per year,” Henry said.

This compares to a five-year average of US$3 billion a year from the miner’s petroleum business.

“Realistically, BHP has shown a path to 16 million tonnes of potash capacity for well over a decade, and there seems much in flux still [with] how the phases would come,” BMO’s Jackson wrote.

BHP had tried to tap into the fertilizers market for some time. In 2010, it unsuccessfully bid US$38.6 billion for Potash Corp. of Saskatchewan, which in 2018 merged with Agrium Inc. to form Nutrien (TSE, NYSE: NTR).

Given the current political climate and the continuing effects of the Covid-19 pandemic globally, BHP expects the current supply chain issues in the mining sector to take up to three years to resolve. TNM

JOINT VENTURE ARTICLE

Illumiti helps mining companies reap the benefits of digitization

BY NORTHERN MINER STAFF

Today’s mining companies are complex organizations that operate in dynamic and evolving business environments.

To manage a successful mining operation involves navigating the diverse and increasingly complex challenges of sustainability, governance, and stakeholder engagement on top of the requirements of managing finances, inventories, and supply chains that are common to all operators.

Illumiti, a leading Canadian-based systems integration and management consulting company, is helping mining companies improve their business operations by implementing a cost-effective solution to enterprise resource planning (ERP) based on SAP software and then tailoring it to the individual needs of the company.

For most mining companies, “their core processes, such as finance, procurement, and maintenance are to a large degree the same no matter where they operate,” says Rory Friedman, Illumiti’s vice-president of mining.

He says that by digitizing a company’s core business processes, Illumiti harnesses the power of the cloud and the basic functions of an ERP to help them improve cost control and make better decisions, which “can lead to efficiency gains, growth in revenues, and a more empowered workforce.”

By leveraging industry best practices, Illumiti implements the system as quickly and responsibly as possible, Friedman explains. “When we first engage with a company, they often fall into the trap of believing that they need to create a perfect system with all the ‘bells and whistles’ attached.”

Miners using machines at a mine site. SHUTTERSTOCK

However, this approach, he says, can be often very costly and timeconsuming, alienating those tasked with implementing and adopting the system, and can take years before the benefits and value of the system to the company are realized.

“Our platform can often be implemented in just a few months, accelerating the time to value for shareholders while also providing visibility to key stakeholders involved in the process, which helps to create buy-in from those who are critical to its successful implementation and deployment.”

To achieve this, Illumiti utilizes a modular template with the critical processes common to all mining operations, says Friedman.

“Rather than re-inventing the wheel every time, our solution is 80% pre-built, which allows the company to focus on the other 20%, and so provides them with a platform that continuously improves over time

and evolves with their business and the diverse and changing demands constantly placed on them.”

Illumiti’s modular implementation approach is gaining considerable traction across the mining industry.

The company has already helped more than 30 mining companies operating globally to reap the benefits of a faster, more efficient digitization of their business processes.

“We generally introduce the ERP platform and protocols as early as the post feasibility study, before construction begins,” Friedman says.

“The modular nature of the template means that the capabilities needed earliest are implemented at the start of the process, with additional capabilities added later as the mining operation matures.”

He adds that by the time the mining operation goes into production, all the core modules are already in place and are tailored to the business’s specific needs.

Although each company’s situation is unique, with their business model, operations, and the markets they serve all determining their specific needs, Friedman compares implementing an ERP framework to building a house.

“The platform can be seen as the plumbing or electricals or all the other common elements of the house’s foundations. Once these foundations are in place, the owners can then focus on bringing their furnishings to personalize the space.”

In the same way, he says, Illumiti’s rapid implementation and integration of its ERP allows its core business processes to be quickly digitized, allowing the company to identify opportunities for improvements to these processes.

“Eliminating errors introduced during manual data entry, for example, frees up managers and supervisors to focus more on analyzing data and problem solving

as they can take a more holistic approach to an operation, with the data collection and compilation left to the software,” Friedman says.

He adds that, following implementation, the platform helps improve communications between different business functions such as finance, procurement, maintenance, and inventory management, which can “lead to smoother and more effective interactions between stakeholders across a business and the streamlining of operations.”

According to Friedman, process automation and advanced technologies like machine learning and artificial intelligence can be leveraged in various business functions like maintenance to drive material improvements by introducing predictive maintenance capabilities.

He says invoices, for example, can be scanned and then rapidly and accurately compared with goods or services received, which “optimizes the system via automation, freeing up time to focus on analyzing data and identifying discrepancies instead of spending time entering data manually.”

He adds that because all the data is contained in one system, retrieving vital information to help in understanding the cause of a problem “becomes much quicker and simpler, saving the company time and money.”

Illumiti’s ERP platform provides a mining company “with the tools to help improve how the business operates instead of just operating the business,” Friedman says.

The preceding Joint-Venture Article is PROMOTED CONTENT sponsored by ILLUMITI and produced in cooperation with The Northern Miner. Visit www.illumiti.com for more information.

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ver two weeks in late May into early June, three important mining districts are going to the polls, with mining and climate change set to influence outcomes to varying degrees.

At press time, a federal election in mining-friendly Australia had already taken place. On May 21, AussBY ALISHA HIYATE ies chose a new government under Labour Party leader Anthony Albanese. The centre-left Albanese replaces Scott Morrison, who has led the Liberal Party and the ruling conservative Liberal-National coalition as prime minister since 2018.

Albanese has signalled a new climate focus for Australia, which under Morrison had the weakest climate policies of all the G20 nations, and in his victory speech, said that the nation could become a renewable energy “superpower.”

At the same time, Albanese has said he won’t phase out coal or prevent new coal mines from opening. Australia is the world’s largest exporter of metallurgical coal and second largest producer of thermal coal.

Notably, the election saw Australia’s Green Party make headway in Queensland – a mining hub known as the nation’s most conservative state — with the Greens picking up three seats in the state capital of Brisbane.

The eastern seaboard state, along with neighbouring New South Wales and Victoria, bore the brunt of wildfires that burned through 115,000 sq. km in the region from mid-2019 to early 2020. The “Greenslide” in Brisbane, and the election of “teal” independents calling for climate action in other cities, indicates that voters are still reeling from the impact of the “Black Summer,” as well as more recent severe flooding.

On May 29, another major coal exporter, Colombia, will hold a firstround presidential election that could see the country’s first-ever leftist president win power.

Polls put Gustavo Petro, a senator and former mayor of Bogota, ahead of his rivals. In second place is Federico Gutierrez, a centre-right former mayor of Medellin and civil engineer by training; and in third, Rodolfo Hernández, an independent who has promised to crack down on corruption and proposes to legalize cocaine. Pollsters believe the vote will be close, resulting in a run-off second-round vote in June.

Before entering politics, Petro was once a guerilla with the M-19 rebel group — notorious for its siege of the Supreme Court in 1985 that ended in more than 90 deaths when the government tried to recapture the site by force. The group later became a political party. Petro’s current campaign is focused on reducing poverty, protecting the environment, and building a decarbonized, knowledge-based economy. He has also proposed ending oil and gas exploration in the country and outlawing open pit mining.

There’s just one problem: fossil fuels are core to Colombia’s economy, with oil and gas currently accounting for 40% of foreign direct investment and 55% of its total exports, while the nation is the fifth-largest coal exporter globally.

Ahead of the vote, the Colombian Mining Association (ACM) announced that it expects the mining sector to contribute a record 8.8 trillion pesos (US$2.2 billion) to the country this year through taxes and royalties. The figure represents a 69% increase over 2021 due largely to rising coal and nickel prices.

In a May press conference, ACM President Juan Camilo Nariño sought to remind citizens and the presidential candidates of the importance of mining to the energy transition. “Colombia and the world cannot live without mining,” he said, according to a Reuters report. “There is no chance that the greener world we all want to see will happen without more mining.”

In Ontario, voters will head to the polls on June 2.

Like Australia’s Morrison, Premier Doug Ford’s Progressive Conservative government has lagged on climate change, even rolling back climate friendly policies and commitments the previous Liberal government had put in place. However, climate change hasn’t been a galvanizing force in Ontario (where coal is neither mined nor part of the nuclear-dominated energy mix), with voters more concerned about the rising cost of living.

At press time, Ford was on track for another majority government with 35.7% support, according to CBC News’ Poll Tracker. Steven Del Duca’s Liberals were second with 27.7% support, Andrea Horwath’s New Democrats third at 24.1% and Mike Schreiner’s Green Party at 6.7%.

In a sign that, at least in Canada, mining is finally being explicitly recognized as key to the energy transition, none of the three major parties can be construed as anti-mining, based on their platforms or leaders’ statements during the campaign, which kicked off on May 3.

(Horwath, during the May 10 northern issues leaders’ debate invoked support for local processing and refining of minerals for the jobs it would create — a comment that could have been uttered by any of the three major party leaders. All of them also support development of the Ring of Fire.)

While Ford has not prioritized climate action, he has recently focused on the jobs and economic benefits that the energy transition could bring to the province through manufacturing of electric vehicles and the development of a local battery supply chain. In March, the government committed $513 million to help automaker Stellantis invest in building EVs locally. It also unveiled its critical minerals strategy, pledging $29 million in investment — mostly through the Ontario Junior Mining Exploration Program — with $5 million set aside for a new Critical Minerals Innovation Fund. And it has provided support to Electra Battery Materials and its cobalt refinery in northern Ontario, as well as a study on the viability of a new battery materials park.

Many of these announcements have come just this year (well behind similar investments Quebec has made) and don’t constitute a comprehensive plan for Ontario to become a leader in EV development and manufacturing or to fight climate change. Rather than any particular commitment by the government to anything beyond job-creation, the announcements signal that the energy transition —even if not a voting issue — can’t be ignored. TNM

A VIEW FROM ENGLAND COLUMN

| Party time as resources soar

BY DR CHRIS HINDE Special to The Northern Miner

I

n the U.K., despite horrendous inflation and gloomy economic forecasts, we are preparing to party. To mark the beginning of a four-day Platinum Jubilee celebration, thousands of beacons are being lit across the land at 9:45pm on Thursday, June 2. Queen Elizabeth II actually reached her 70 years on the throne back in February (as I wrote at the time) but, ever pragmatic, we delayed the celebrations until the anniversary of her coronation in 1953 (and warmer weather).

The British are accustomed to adjusting the date of celebrations. The Queen was born on Apr. 21, 1926, but her official birthday is marked with Trooping of the Colour in June. This tradition dates back to King George II (1683-1760), who decided that the weather on his real birthday (November 10) was too miserable for parades. In 1748 he moved the monarch’s official birthday to the second Thursday in June (it was altered in 1959 to the second Saturday; June 11 this year).

The date chosen to celebrate the monarch’s official birthday varies enormously around the Commonwealth. In Canada, for example, it is celebrated as ‘Victoria Day’ (a holiday initially bestowed in honour of Queen Victoria) on the last Monday before May 25 (as it is in parts of Scotland). In Australia, the official birthday is generally celebrated as a holiday on the second Monday in June. Queensland, however, has marked the occasion since 2016 on the first Monday in October (to better spread out public holidays), and Western Australia decides annually on the best date (Sept. 26 this year).

Bizarrely, although the monarch’s official birthday is a holiday in most Commonwealth countries, it is not a day off in the U.K. More importantly, perhaps, it traditionally marks the start of summer here and in Canada (and the skiing season in Australia).

With drilling near a 10-year high, the metals and minerals exploration community also have cause to celebrate, especially those searching for copper and gold. Although these two metals are only the third and fourth most valuable mined commodities (after coal and iron ore), they account for the lion’s share of activity amongst exploration companies, and are the bellwether of the whole sector.

Copper and gold accounted for a combined mined value of almost US$380 billion in 2021. This is

about the same as the extracted value of iron ore last year, but all three metals are still dwarfed by the value of mined coal.

Both metals have seen price rallies over the past two years, with gold reaching its highest monthly average of US$1,970 per oz. in August 2020, and copper briefly reaching a record US$11,300 per tonne in October 2021. These better market conditions saw funding by junior and intermediate companies rise 78% in 2021 to a record US$21.6 billion, according to S&P Global Market Intelligence.

With more money in hand, S&P Global reports that total exploration expenditure rose 35% in 2021 to US$11.2 billion, although barely one-quarter was earmarked for grassroots locations. The search for gold represented 55% of the overall spend, with the budget jumping 42% last year to US$6.2 billion. Of this amount, an estimated US$2.7 billion was devoted to initial-resource exploration in 2021. As a result, gold contained in initial resources more than doubled last year to an all-time high of 76 million oz. according to S&P Global (although the number of initial gold resource announcements rose only 14% to 40).

Canada hosted the most gold in announced initial resources (34.9 million oz.) for a third consecutive year. This total was from only nine initial resource announcements, according to S&P Global, bringing the total for the past five years to 38, compared with 60 such announcements in Australia.

Exploration expenditure in the search for copper rose 31% in 2021 to US$2.3 billion, representing 21% of the industry’s total exploration budget. S&P Global estimates that the amount allocated to initial resource exploration for copper was US$1.2 billion — only 3% lower than the pre-pandemic level in 2019 (but still just half of the amount allocated in 2012). Reflecting this effort, the number of copper initial resource announcements jumped 38% to a seven-year high of 18 last year (albeit still well behind the 57 announcements in 2012), although the contained copper fell 2% to 9 million tonnes (23 million tonnes in 2012).

So, plenty to celebrate at PDAC, which starts two days after the Queen’s official birthday; we’ll save you some cake. TNM — Dr. Chris Hinde is a mining engineer and the director of Pick and Pen Ltd., a U.K.-based consulting firm he set up in 2018 specializing in mining industry trends. He previously worked for S&P Global Market Intelligence’s Metals and Mining division.

DEPARTMENTS Professional Directory. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Market News.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Metal, Mining and Money.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Stock Tables. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20-23

COMPANY INDEX Aftermath Silver................................................15 Anglo American................................................15 AngloGold Ashanti...........................................15 Aris Gold.......................................................10, 15 BHP....................................................................... 3 B2Gold................................................................15 Candente Copper.............................................10 Collective Mining........................................10, 12 Dundee Precious Metals................................15 Element 29 Resources....................................12 Elemental Royalties........................................... 8 Fortescue Metals Group.................................10 Freeport-McMoRan....................................12, 15 Gold Royalties.................................................... 8 GoldMining.........................................................12 Hudbay Minerals................................................ 5 Independence Gold.........................................16 Ivanhoe Mines.....................................................7 Libero Copper & Gold...............................12, 13

Lumina Gold.......................................................13 Luminex Resources..........................................13 Lundin Gold..................................................13, 15 Mason Graphite................................................. 8 Newmont............................................................. 9 Nexa Resources................................................12 Nouveau Monde Graphite.............................. 8 Nutrien.................................................................. 3 Osisko Development................................... 1, 16 Osisko Gold Royalties.....................................16 Sabina Gold & Silver......................................... 5 Skeena Resources...........................................16 Solaris Resources.......................................12, 15 SolGold...............................................................15 Southern Copper..............................................15 SSR Mining.........................................................15 Tier One Silver..................................................15 Vale......................................................................16

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 30 — JUNE 12, 2022

5

Review board rejects Baffinland expansion plans in Nunavut IRON ORE

B

| Territorial panel fears negative impacts on wildlife, Inuit culture ative impacts on narwhals.

The company agreed to avoid ice breaking in spring, based on “the precautionary principle that is the foundation of our adaptive management plan,” Baffinland’s CEO said in a statement at the time.

BY CECILIA JAMASMIE

affinland Iron Mines’ proposed expansion of its Mary River iron ore operation on the northern tip of Baffin Island, in Nunavut, has suffered a major blow after a review board advised against the project on environmental grounds.

After four years of consultations and deliberations, the Nunavut Impact Review Board (NIRB) rejected on May 13 the miner’s request to more than double output to 12 million tonnes a year, eventually reaching 30 million tonnes annually.

The board cited “significant adverse ecosystemic effects” on marine mammals such as narwhals, fish, caribou and other wildlife, which in turn could harm Inuit culture, as the main reason for the decision.

The company said it was both surprised and disappointed by the board’s decision.

“Our… proposal is based on years of in-depth study and detailed scientific analysis, and has considerable local support based on years of consultation with Inuit and local communities,” CEO Brian Penney said in the statement.

“We will be asking the federal government to consider all of the evidence and input and to approve the… application with fair and rea-

An aerial view of Baffinland Iron Mines’ deposit 1 at the Mary River mine in Nunavut. BAFFINLAND IRON MINES

sonable conditions,” Penney noted.

Dan Vandal, the federal northern affairs minister, has 90 days to either side with the review board or with the mining company, in which steel giant ArcelorMittal has a 28% stake. The rest of Baffinland is held

by Nunavut Iron Ore Inc., which is controlled by a Texas-based private equity firm called the Energy & Minerals Group.

Mary River, considered one of the world’s richest iron deposits, opened in 2015 and ships about 6

million tonnes of ore a year.

If the expansion is approved, Baffinland would send about 12 million tonnes of the 30 million tonnes via the North Railway to Milne Port. It also plans to build a second railway to Steensby Port, from which it intends to ship an additional 18 million tonnes of ore a year.

Current shipping volumes have already had a “devastating” impact on the area’s narwhal population, the world’s densest, vice-chair-

person of the Mittimatalik Hunters and Trappers Organization, Enookie Inuarak, said in an emailed statement.

Narwhals are a type of whale that is an important predator in Eclipse Sound and other Arctic waters, as well as a major food source for Inuit in the region.

Last year, a group of hunters from Arctic Bay and Pond Inlet blocked access to the mine in protest against the company’s ice breaking practices due to their neg-

Loss of economic benefits In its report, the NIRB acknowledged the loss of economic benefits the Phase 2 expansion would cause to Inuit, which has been conservatively estimated at $2.4 billion based on the current size of the known mineral resource.

“Many residents in the affected communities also expressed the view that the potential positive socio-economic benefits of the proposal focus on financial benefits, while the negative socio-economic effects focus on effects on land use, harvesting, culture and food security that cannot be compensated with money,” NIRB said in the 441page report.

The same board recommended against construction of the Back River gold project in Nunavut’s Kitikmeot region in 2016. Then-federal minister Carolyn Bennett rejected that advice and asked NIRB to give Sabina Gold & Silver’s (TSX: SBB) project a second chance.

The mine was approved the following year and it now stands as a fully permitted, financing package settled and shovel-ready project. TNM

Hudbay suffers major Rosemont setback COPPER

C

| Court in Arizona upholds previous decision blocking open pit project

BY HENRY LAZENBY

anada’s Hudbay Minerals (TSX: HBM; NYSE: HBM) has suffered a fresh setback in its bid to build the Rosemont open pit copper project in Arizona following an appeals court ruling that upheld a 2019 decision that blocked the project.

In the split decision issued on May 12, the U.S. Court of Appeals for the Ninth Circuit court agreed with the District Court of Arizona’s 2019 ruling that the U.S. Forest Service relied on incorrect assumptions regarding its legal authority and the validity of Rosemont’s unpatented mining claims in issuing the final environmental impact statement.

Circuit Judge William Fletcher said on behalf of the majority panel that no one disputed that Rosemont had valid mining rights on the land where it planned to dig the 3,000-ft. deep by 6,500-ft. wide open pit mine. But, the 1.9 billion tons of waste rock that the company planned to dump on 2,447 acres of Coronado National Forest land was the crux of the issue.

The pit itself will occupy just over 950 acres. “When operations cease after 20 to 25 years, waste rock on the 2,447 acres would be 700 feet deep and would occupy the land in perpetuity,” said the judge in a written decision.

The U.S. Forest Service approved Rosemont’s mining plan of operations (MPO) on two separate grounds. Firstly, the service concluded that Section 612 of the Surface Resources and Multiple Use Act of 1995 gave Rosemont the right to dump its waste rock on

A rendering of the proposed operating facilities at Hudbay’s Rosemont project in Arizona. HUDBAY MINERALS

open National Forest Land, without regard to whether it has any mining rights on that land, as a “use reasonably incident” to its operations at the mine pit.

Secondly, the service assumed that under the Mining Law of 1872, Rosemont had valid mining claims on the 2,447 acres it proposed to occupy with its waste rock.

District court decision The district court held that neither grounds supported the Forest Service’s approval for Rosemont’s MPO. It held that Section 612 grants no rights beyond those granted by the Mining Law. It further held that there was no basis for the service’s assumption that Rosemont’s mining claims were valid under the Mining Law. Indeed, based on a conclusion that there are no valuable minerals on the claims, the court held that the claims were, in fact, invalid. Therefore, the district court concluded that the service acted arbitrarily and capriciously in approving the entirety of Rosemont’s MPO in its final EIS and record of decision, the decision reads.

“We affirm the district court,”

said Fletcher.

The judge, however, noted that the Ninth Circuit did not rely, as the district court did, on a conclusion that no valuable minerals existed on the claims but rather that the claims were invalid because no valuable minerals had been found on the claims.

The Center for Biological Diversity, which brought the legal challenge, welcomed the decision.

Roger Flynn, director and managing attorney for the Western Mining Action Project, who argued the case for a coalition of conservation groups, said the court correctly relied on the facts and the letter of the law to invalidate the mine approval.

“The Forest Service’s assumption that Hudbay had automatic rights under the 1872 Mining Law to permanently bury thousands of acres of public land with waste dumps contradicted, as the court held, ‘a century of precedent.’ The agency and Rosemont cannot unilaterally revise the Mining Law to suit the company’s needs. The court properly held that ‘amendment of the Mining Law is a task for Congress, not for the Service,

and certainly not for us,’” he said in a statement.

In an overnight press release, Hudbay retorted that while reviewing the decision, it would continue to pursue its alternative plan to advance the adjacent Copper World project.

In its March quarter results report released on May 9, Hudbay outlined initial plans for Copper World and Rosemont, stating that a preliminary economic assessment (PEA) slated to be released before the end of June would incorporate a two-phase mine plan.

The first would be a standalone operation using Hudbay’s private land for processing infrastructure and contemplating mining portions of Copper World and Rosemont located on patented mining claims.

The first phase is expected to require only state and local permits

and reflects a 15-year mine life.

The second phase of the mine plan is expected to extend the mine life and incorporate an expansion onto federal lands to mine the entire Rosemont and Copper World deposits. The second phase of the mine plan would be subject to the federal permitting process.

“The company expects it will be able to pursue the federal permits within the constraints imposed by the decision, if any subsequent appeals are not successful,” Hudbay said.

Rosemont hosts total proven and probable mineral reserves of 537.1 million tonnes grading 0.45% copper.

At $7.20 per share, Hudbay’s Toronto-quoted equity is down about 19% over the past 12 months, giving it a market capitalization of $1.9 billion. TNM

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6

MAY 30 — JUNE 12, 2022 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

African leaders talk up policy reform and regional cooperation MINING INDABA

| Generational opportunity for economic upliftment exists

BY HENRY LAZENBY CAPE TOWN, SOUTH AFRICA

T

he Investing in Africa Mining Indaba, held in Cape Town in May, heard that African leaders are waking up to the fact that the continent stands at the precipice of a generational opportunity to reinvent itself as the global energy transition accelerates.

To reap the benefits of meaningful economic upliftment, several African leaders spoke of ongoing policy reforms to attract new investment and create new regional value chains to service the emerging green economy.

South Africa’s president, Cyril Ramaphosa, told the Indaba audience that policy reforms are fundamental to restoring mining as the critical driver of economic development that made the country Africa’s most industrialized economy in the first place.

“Despite the great prospects for South African mining, we face significant challenges. It is a great concern that South Africa has fallen into the bottom 10 of the Fraser Institute’s investment attractiveness index ratings. We’re currently standing at 75th of 84,” he lamented.

The ranking underlines the fundamental reality that South Africa needs to move with a greater purpose to remove the various impediments and constraints to the growth and development of the industry.

“We understand very clearly the need to fix the regulatory and administrative problems that have crept into the system. We need to clear the backlog of mining and prospecting rights and mineral rights transfer applications and implement a modern and much more efficient cadastral system and implement an effective exploration strategy,” Ramaphosa said.

“We understand very clearly the need to significantly improve the functioning of our railways, which have fallen into disrepair, our ports which are not performing at optimal levels, and the vital importance of ensuring a secure and reliable supply of affordable electricity. These tasks are at the forefront of our economic reconstruction,” said Ramaphosa.

He noted the South African government had made significant headway in driving a policy reform program.

An important area of progress is regulatory reform to facilitate new

“WE UNDERSTAND VERY CLEARLY THE NEED TO FIX THE REGULATORY AND ADMINISTRATIVE PROBLEMS THAT HAVE CREPT INTO THE SYSTEM.” CYRIL RAMAPHOSA PRESIDENT OF SOUTH AFRICA

electricity generation by the mining and other sectors to meet the deficit that the country has been dealing with for the past decade.

“Regulations have been amended to allow companies to invest in new generation capacity, up to about 100 megawatts, without needing a licence. We are working further to cut red tape for the registration of projects to accelerate the environmental approvals and strengthen the capacity of our energy generation company Eskom and municipalities to link such projects to the grid,” said the president.

According to the Minerals Council, in South Africa, around 4,000 megawatts or 65 billion rand ($5.3 billion) of such electricity generation capacity investment was in the pipeline. “The unbundling of Eskom into separate entities for transmission for distribution and generation is on track

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South African Minister of Mineral and Energy Resources Gwede Mantashe, left; DRC prime minister Jean-Michel Sama Lukonde; Zambian president Hakainde Hichilema; South Africa’s president Cyril Ramaphosa; Botswana President Mokgweetsi Masisi; Frans Baleni, chair of the Investing in Africa Mining Indaba; and former South African president Kgalema Motlanthe. HENRY LAZENBY

and is set to be completed later this year,” he said.

Further, South Africa is working with the Department of Water and Sanitation to implement a turnaround plan to issue water use licences that the mining industry relies upon.

“We’re working towards a target of 80% of all applications being resolved within 90 days, and this will have moved from a process that took three years for a mining use licence or water use licence to be approved,” Ramaphosa said.

On Transnet, the national rail operator, Ramaphosa noted the recent publication of the white paper on national rail policy, outlining plans to revitalize rail infrastructure and enable third-party access to the freight rail network.

“We have heard the calls from industry for private operators to be allowed to operate the country’s dedicated coal, iron ore and manganese lines,” Ramaphosa said.

The South African president is keen to draw on the experiences of neighbouring countries to work together with the industry and other stakeholders to strengthen the capacity of security services and law enforcement agencies to tackle illegal mining, widespread cable theft and general damage to infrastructure.

“We’re setting up focus teams in the security establishment to deal with these challenges, and several successes are already being recorded.”

New African value chains Ramaphosa also committed to mobilizing the necessary resources and providing incentives for a new wave of exploration, particularly the minerals needed for the global energy transition. The recently released exploration strategy and implementation plan lays out South Africa’s ambition to focus on future strategic metals such as copper, which is in great abundance in Zambia and the Democratic Republic of Congo (DRC) and nickel, cobalt and rare earths.

“We aim to not only become an important hub for the production and export of green hydrogen, but also of green ammonia, green iron and steel and sustainable aviation jet fuel. South Africa’s hydro-

gen strategy aims to stimulate and guide innovation along the value chain of hydrogen and fuel cell technologies. This will sustain demand for platinum group metals and position South Africa to derive benefits from supplying high value-added products,” Ramaphosa said.

This is a message other African leaders present at the Indaba shared.

Zambia’s president, Hakainde Hichilema, told the conference that mining was the anchor of his fledgling government’s “New Dawn” approach to reinvigorating the country’s economy.

“The DRC and Zambia hold more than 70% of the world’s copper resources. It cannot be ignored. We must use it to scale our people out of poverty,” Hichilema said.

That entails building downstream linkages and hammering on the manufacturing of goods and consumables, and services supporting the energy transition.

“We are committed to building a resilient, sustainable mining industry anchored on environmental social and governance standards and best practices because this is a bare minimum. If we can do it correctly, our determination to further industrialization will lead to sustainable job creation. The business opportunities are obvious,” Hichilema said.

“Zambia, just like South Africa, is open for business. We are putting in place factors that will catalyze this transition.”

Hichilema said his government is responding to the high demand for copper, having set the ambitious goal of pushing copper output to more than 3 million tonnes per year from 830 tonnes annually.

“Between South Africa, Zimbabwe, Zambia, and the DRC, plus others, we need to find common ground to fix our railways and move goods by rail. We need this region to work together to establish a regional supply chain able to service the new green economy,” Hichilema said.

The DRC’s prime minister, Jean-Michel Sama Lukonde Kyenge, agreed. He underlined that the country boasted “incredible resource wealth,” yet only

19% of the country had been adequately explored.

“All this mining potential is very important. But it needs to be complementary to developing the value chain for battery production for EVs,” said Sama Lukonde Kyenge.

“But to do so, we need collaboration between all producing countries. We have cobalt and lithium, but we need to collaborate with other African countries like South Africa for nickel. Together we can create an African value chain geared towards the energy transition,” he said.

To this end, the governments of Zambia and the DRC last month signed a memorandum of understanding to facilitate the development of value chains in the electric battery and clean energy sector.

“We’ve agreed on an MoU with Zambia to cooperate on electric batteries. We want to extend the partnership to other countries too.

It entails increased green energy production and distribution to ensure energy security and power our emerging manufacturing sector,” he said.

“There is a clear commitment by the heads of states here to support each other in the mining sector and ensure that we go towards a fairer world where we work together to fight climate change,” said Sama Lukonde Kyenge.

Botswana’s president, Mokgweetsi Masisi, said mining remained the most critical sector of the country’s economy. He implored investors to “seriously consider coming to Botswana to carry out exploration and mining projects,” as his government was completing a project that would bring geological mapping coverage for exploration to 90% nationwide.

The slow uptake of mineral beneficiation industries to diversify the economy had, according to Masisi, for years been “a thorn in the flesh.”

“Beneficiation will mean we are fully taking ownership of the value chain of our minerals across the spheres of upstream, midstream, and downstream mining economic activities instead of exporting these to other countries,” he said. TNM

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 30 — JUNE 12, 2022

7

Robert Friedland sees Africa, Arabian Shield, as future of responsible mining MINING INDABA

| Financier says continent and region could fuel the green revolution

BY HENRY LAZENBY CAPE TOWN, SOUTH AFRICA

“AFRICA HAS PRODUCED ALMOST NO GLOBAL WARMING, YET IT HAS A TOTAL POPULATION LARGER THAN CHINA’S. SO, HOW DO WE GET TO A WORLD WITHOUT ALL THAT AIR POLLUTION… WHILE STILL BEING FAIR TO THE AFRICANS?”

G

lobal mining personality and financier Robert Friedland has singled out Africa and the Arabian Shield as the venues where the world’s future-facing minerals and metals will be responsibly produced.

“This is where humanity is going to make it or break it,” he told the Investing in Africa Mining Indaba, in Cape Town, on May 11.

The founder and executive co-chair of Ivanhoe Mines (TSX: IVN) pointed out that the large copper mines in Latin America are aging and declining in grade, requiring increasing amounts of fossil fuel-derived energy to process ever-increasing tonnages to keep up with historical production.

“They’re very low grade, and they produce a lot of global warming gas. They have a lot of work to do to make them green. It’s Africa where you have a young population where you have the possibility for introducing sustainable development,” he said during one of his usual ‘shock and awe’ bravado presentations.

Friedland said that to date, humanity has mined about 700 million tonnes of copper. The problem is that we’ll need to mine that same amount in the next 22 years to keep up with the deepening green energy transition.

“If we’re going to change and stop burning coal and stop burning oil, we can’t put Africa into poverty. We must maintain economic growth,” he said.

Friedland said that in the last 250 years, Europe has generated 531 billion tonnes of carbon dioxide emissions, and the United States alone has produced 416 billion tonnes of carbon emissions. “That’s how London got built. That’s how Germany got built. That’s how New York got built; Los Angeles,” he said.

The relatively late bloomer China is catching up, creating 235 billion tonnes of emissions.

But in comparison, Africa has produced only about 47 billion tonnes. “Africa has produced almost no global warming, yet it has a total population larger than

ROBERT FRIEDLAND FOUNDER, IVANHOE MINES

Ivanhoe Mines executive chairman Robert Friedland in action at the Investing in Africa Mining Indaba on May 11. HENRY LAZENBY

China’s. So, how do we get to a world without all that air pollution and with clean air while still being fair to the Africans? It’s a huge question,” he said.

The crux of the issue, in his view, is the urgent global need to reduce air pollution. According to the World Health Organization, air quality is the single most significant risk to health. Urbanization exacerbates this trend.

For this reason, the energy revolution is accelerating at an unprecedented cadence.

For example, Saudi Arabia wants to reduce their mineral imports and derive 50% of its energy from renewable energy. “When you look at renewable energy and want to reduce dependence on hydrocarbon, you need the mining industry.

There’s just no escaping it,” he said.

The ‘electric-everything’ era Friedland points out that the problem is that renewable technologies are “incredibly” energy and metals-intensive. We’re going to have a freakout as we try to change the world economy unless we develop a lot more mines,” Friedland said.

Solar and wind energy require between seven and 37 times more copper per unit of electrical energy produced than simply burning oil or having a nuclear power plant.

“The new giant windmills as tall as the Eiffel Tower – these are the next generation ones – they’re 12 megawatts each. That’s a lot of power per windmill. In the U.S., we will need 5.5 million tonnes of copper just in the next few years to put up these big General Electric windmills. Where is this copper going to come from?” he said.

According to Goldman Sachs, the world had entered “a molecule crisis.” Chief executive Jeff Curry believes the world is running out of all minerals. “We’re out of everything. I don’t care if it’s oil, gas, coal, copper, aluminum — you name it — we’re out of it. We saw US$500 coal prices recently — that’s crazy,” he said.

Friedland continued to sketch a dire scenario where mining cannot keep up with the demands of the energy revolution.

By 2030, 20 million EV charging points will need 250% more copper. By 2040, passenger EVs will require 3.7 million tonnes more copper per year. In contrast, internal combustion engine-driven vehicles need only about 1 million tonnes of incremental copper.

“We need eight new Kamoa-Kakula mines to supply the expected nine-million-tonne copper supply gap by 2030,” he said.

(Friedland’s Ivanhoe Mines

has several mines and projects in Africa, including Kamoa-Kakula in the DRC, which began producing copper concentrates in May 2021. Through phased expansions, Kamoa-Kakula is positioned to become one of the world’s largest copper producers, and will be powered by clean, renewable hydro-generated electricity.)

At the world’s largest copper mine, Escondida, grades are falling.

Its energy needs increased 16-fold to produce the same amount of copper. Meanwhile, social upheaval in South America against climate change and mining is ironically impeding its potential role in the emerging green economy.

Wood Mackenzie, in 2021 said the world needs to invest US$240 billion in the next five years to meet growing demand. “That’s a pretty big number. We put about US$2.5 billion into the Democratic Republic of Congo (DRC). We’re probably halfway through our current expansion of about US$5 to US$6 billion of capital investment required. And this is the best development project on a planetary scale,” he said.

According to Friedland’s data, a single 1,000-lb. electric vehicle battery requires 500,000 lb. of raw material. “To transition just the world’s passenger cars to electric, we have to mine more materials in

the next 30 years than we mined throughout human history,” he said.

“Tesla expects a global battery minerals shortage. Maybe, therefore, Elon Musk was selling a few shares. He’s blaming it on a Twitter poll; remember that. But perhaps he realizes there won’t be enough metals around to satisfy these ambitious growths charts,” Friedland said.

And now Mercedes has come out with a 1,000 km-range vehicle on a single charge, he noted. “Shouldn’t everybody in Africa have a car like that? Why not? But how do we get there from here? We must change the way we generate electrical energy. We have to change the way we transmit electrical energy, changing the way the whole supply chain is driven. We need orders of magnitude more responsible mining to achieve this,” Friedland said.

‘Hydrogen century’ With that, Friedland heralded the advent of the “hydrogen century” for South Africa.

He noted South Africa is home to the most significant platinum-palladium assets globally. No one has figured out how to use the most common element in the universe, hydrogen, without platinum.

“The hydrogen economy is opening soon at a theatre near you,” he said, pointing to examples of the hydrogen economy already taking off.

Airbus is testing a hydrogen-powered engine on an Airbus 380 Jumbo. “The only thing coming out of those engines is water, water vapour. But you can’t do it without platinum metal. And the British want to convert every train to hydrogen fuel cells, eliminating all diesel engines on the trains,” he said.

According to Friedland, the hydrogen fuel cell technology entirely depends on South African platinum. “We’re not going to buy it from the Russian Tsar. He’s killing people with his cash flow. Until he stops that kind of behaviour, we will not buy his platinum. Certainly not in Europe, not in the United States and certainly not in civilized countries who think about the moral imperative of the supply chain,” he said. TNM

US touts green energy as the key to bridging Africa’s growth gap MINING INDABA

BY HENRY LAZENBY CAPE TOWN, SOUTH AFRICA

T

he United States government’s initiatives to help address Africa’s power and growth gaps are increasingly focused on boosting the continent’s ability to produce green energy and facilitate foreign investment, the Investing in Africa Mining Indaba heard in May. Jose W. Fernandez, U.S. undersecretary for economic growth, energy and the environment, said any energy policy that warms our planet simply can’t continue.

“We also know that moving to a clean energy transition will not happen overnight. In some cases where carbon-neutral options are unavailable, engagement on natural gas projects, abated to the fullest degree possible, may be necessary,” he said.

| More efficient electricity supply is a top foreign policy priority

The U.S. has singled out a more efficient electricity supply as one of its top foreign policy priorities for Africa. This goes in parallel with the continent navigating a just and inclusive clean energy transition, leading to economic growth and prosperity; building robust, sustainable, and transparent supply chains for critical minerals in support of the clean energy transition; and improving the financial and regulatory environment in the sector and promoting transparent and accountable natural resource management.

For this reason, the Obama administration-era Power Africa program, administered by the United States Agency for International Development (USAID), has supported the development of more than 5,700 megawatts (MW) of new generation capacity since

2013. According to USAID data, it aims to add more than 30,000 MW of output by 2030, sufficient to power 60 million homes and businesses.

Among the projects Fernandez highlighted is the Mega Solar initiative in Namibia and Botswana, which will facilitate the procurement of as many as 5,000 MW of renewable energy, according to Fernandez.

Southern Africa’s most extensive solar power-generation program will power millions of homes and generate thousands of jobs while preventing an estimated 3.5 million tonnes of greenhouse gas emissions annually.

Power Africa has been ramping up activity. In April, it launched a new public and private partnership seeking to electrify an additional 10,000 health care facilities

in sub-Saharan Africa within the next decade.

Fernandez also highlighted an initiative called Prosper Africa, which was announced by the Trump administration seeking to

connect American and African businesses. The U.S. government uses this initiative to push Africa toward cleaner energy.

See GREEN ENERGY / 16

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Elemental shareholders reject Gold Royalties’ hostile takeover bid M&A

G

| Discounted offer not in company’s best interests, says CEO

BY NAIMUL KARIM

old Royalties (NYSE-AM: GROY) failed to acquire Elemental Royalties (TSXV: ELE) as its all-share hostile takeover bid expired on May 12, bringing an end to a saga that began in October.

Less than 5% of its shares were tendered to the bid, Elemental said, adding that Gold Royalty had failed to meet the statutory minimum tender condition of more than 50%.

“This hostile bid has been an unfortunate and unnecessary drain on Elemental management’s time and resources,” Elemental’s CEO, Frederick Bell said in a press release.

“Elemental shareholders have again overwhelmingly chosen to reject the hostile bid, which was never a compelling proposition and currently represents a material discount to Elemental shareholders rather than the premium announced

by Gold Royalty,” he added.

On Dec. 20, Gold Royalties said it was taking its offer to acquire Elemental directly to the company’s shareholders, after its two previous approaches to the junior — the first on Oct. 21 and the second on Dec. 15 — failed to engage Elemental’s board of directors.

Elemental said that the offer — 0.27 common shares of Gold Roy-

Haul trucks at Endeavour Mining’s Wahgnion gold mine, where Elemental Royalties owns a 1% NSR royalty. ELEMENTAL ROYALTIES

alty for every share of Elemental Royalties — was not in the best interests of the company and

repeatedly recommended over the last few months that shareholders reject the bid.

The company told The Northern Miner that the final value of the bid was a discount of approximately 29% to the value of Elemental’s shares, based on May 12’s closing prices of US$2.78 for Gold Royalty and $1.37 for Elemental, and a Canadian dollar exchange rate of US77¢.

“While we strongly believe in the merits of a combination with Elemental, we were ultimately unable to obtain the engagement and accord required to reach a board-supported, mutually beneficial transaction,” David Garofalo, Gold Royalty CEO said in a press release.

The CEO, however, said that the company won’t waiver from its “pursuit of value-enhancing acquisitions.”

Ever since going public in March 2021 Gold Royalty has been an active acquirer, amassing a portfolio of more than 190 royalties through the acquisition of royalty companies including Ely Gold Royalties, Abitibi Royalties, and Golden Valley Mines and Royalties.

One of the reasons the bid failed was Gold Royalty’s “little revenue and a big market cap,” one analyst told The Northern Miner following the takeover bid. “Elemental has much more revenue and is smaller.

So, Elemental and their shareholders didn’t see the economic justification for a merger,” the analyst said.

The analyst believes Elemental is undervalued, but still reckons that the company should merge to get some scale and market attention.

Jacques Wortman, a mining analyst who covers Elemental Royalties at Laurentian Bank Securities Equity Research, described Gold Royalty’s offer as a “compelling proposition” for Elemental’s shareholders in a research note sent to clients in December.

But Wortman also expected a competing bid to emerge due to Elemental’s “compelling combination of quality, high-value royalty positions and near-term revenue growth and critical mass.”

In a research note published in December, Kerry Smith, a mining analyst at Haywood Securities, pointed out Elemental’s small shareholder list with about half of the shares in “friendly hands,” a factor that would require any bid to be cordial.

At press time in Toronto, shares of Gold Royalties were trading at $3.26 apiece, while shares of Elemental Royalties were trading at $1.42 within a 52-week trading range of $1.21 and $1.78. TNM

Nouveau Monde and Mason Graphite set to form JV to advance Lac Guéret in Quebec GRAPHITE

N

| Deal could more than double long-term production capacity

BY NAIMUL KARIM

ouveau Monde Graphite (TSX-V: NOU; NYSE: NMG) and Mason Graphite (TSX-V: LLG; US-OTC: MGPHF) on May 16 entered into an option and joint venture agreement to advance Mason Graphite’s Lac Guéret project in northeastern Quebec.

As part of the deal, Nouveau will have the option to own 51% of the property if it invests $5 million in Mason Graphite and spends $10 million on advancing the property. It would also be required to co-fund a preliminary economic assessment and a bankable feasibility study based on a production scale of at least 250,000 tonnes per year of graphite concentrate.

In addition, Nouveau has inked a non-binding agreement with Mason’s subsidiary, Black Swan, to use the latter’s graphene processing technology in its Phase-1 natural graphite flake concentrator in Saint-Michel-des-Saints, Que. and establish a fully integrated facility for graphite ore and graphene-finished products.

“The partnership announced today has the potential to propel Québec’s graphite industry on the world stage,” said Pierre Fitzgibbon, Quebec’s Minister of Economy and Innovation, in a press release. “By combining the strengths of the two most advanced projects in North America…we are solidifying our battery value chain.”

Located about 285 km north of Baie-Comeau, the property covers 40 sq. km. and has proven and prob-

A 3-D rendition of the future plant at Mason Graphite’s Lac Guéret graphite project in Quebec. MASON GRAPHITE

able reserves of 4.7 million tonnes grading 27.8% graphitic carbon for 1.3 million tonnes of graphite.

The project, which Mason says has received the province’s permission to begin construction, also has measured and indicated resources of 65.5 million tonnes grading 17.2% graphitic carbon for 11.2 million tonnes of graphite. Inferred resources add 17.6 million tonnes grading 17.3% graphite for 3.4 million tonnes of the mineral.

A feasibility study released in December 2018 outlined a 25-year project with average annual graphite production of 51,900 tonnes.

The study pegged the capital investment at $258.2 million and the construction period at about 13 to 16 months.

At an 8% discount, the project is expected to generate an aftertax net present value of $278 million and an internal rate of return of 21.7%, using a gold price of

US$1,465 per tonne.

According to Fahad Al-Tamimi, Mason Graphite chairman, the deal combines the “best attributes of the North American graphite industry.”

Eric Desaulniers, CEO of Nouveau Monde, said the transaction showed that the company has a “realistic growth strategy” and the ambition of being a preferred supplier for “the generation to come.”

The deal is expected to close in the first week of July.

Nouveau Monde is targeting first production at its Matawinie graphite mine, in Saint-Micheldes-Saints, Que., in 2023. Its vertically integrated business model involves mining at Matawinie and producing value-added forms of high-purity graphite at its purification facility in Bécancour to serve the lithium-ion battery and fuel cell markets.

BMO analyst Robin Fiedler, who follows Nouveau Monde, described the company’s joint-venture obligations in the deal as “manageable,” despite having its “hands full” with the company’s own operational and funding needs.

The deal could more than double the company’s graphite capacity in the long-term, Fiedler wrote in a research note to clients.

He added that the high levels of sulphide impurities at Lac Guéret would require immediate processing to avoid oxidization, which meant that it needed a larger mine or a plant to justify the economics.

“We believe the resulting project redesign and upsized funding needs led Mason’s board to undergo the year-long evaluation of strategic options,” wrote Fiedler.

“Lastly, we also understand that sulphide impurities may pose issues with achieving high-purity graphite concentrate needed to make anode material.”

At press time in Toronto, shares of NMG closed at $6.74, up 26¢ or 4¢ on the day, within a 52-week trading range of $6.36 and $19.18.

The company has 55.2 million common shares outstanding. TNM

SPECIAL FOCUS

COLOMBIA, ECUADOR & PERU CAMERIS/ISTOCK

In northern Andean nations, miners look beyond CSR LATIN AMERICA

BY HENRY LAZENBY

W

hen mining in Colombia, Ecuador, and Peru, implementing corporate social responsibility (CSR) programs is simply not enough to guarantee success.

Instead, mineral explorers and developers often see substantial projects halted in their tracks by staunch community-level opposition, even when projects had passed regulatory muster, says mining sector researcher, analyst and reporter Paul Harris, in an interview with The Northern Miner.

The analyst suggests those wishing to do business in these jurisdictions take a more holistic approach toward meaningful engagement with host communities before engaging governmental authorities about their respective projects.

The solution, according to Harris, is for companies to be willing to give up an ownership stake in their projects so that local communities and local and federal governments have more skin in the game.

“There are a tonne of options on how companies can make stakeholders see things through the lens of a shareholder,” said Harris.

“When host communities can sit down and plan what their revenue over the long term will be, whether it’s five per cent of US$100 million per year over three decades, they can translate that benefit into economic development in the communities supporting any particular mine,” he says. “That’s what meaningful stakeholder engagement looks like.”

He suggests it’s high time for companies operating in these jurisdictions to stimulate the creation of Indigenous-owned companies geared toward servicing the mining sector. In Canada, First Nations in British Columbia and elsewhere have risen to the challenge of creating economic spinoffs from mining operations in their regions.

There is a greater push in these regions for a more inclusive mining industry than ever before, given the focus on environmental, social and governance (ESG) investment principles.

While Colombia, Ecuador and Peru hold tremendous mineral endowments, their supporting mining legislations are at different stages of development, which impacts exploration and production, notes Harris.

In his view, Peru’s legislative environment is the most advanced of the three, given about 20 years of development. During this time, mineral exploration and mine development thrived, helping it to become, for a period, the second biggest exporter of copper to China. It remains a vital copper exporter today, albeit at lower levels. Harris also notes the country has a robust gold sector.

By comparison, Ecuador has only been focused on developing its mining industry in the past two years. The current crop of legislation is perhaps only five to 10 years in the making. “So, it’s still very, very young. But things are really starting to happen in the form of some significant advanced-stage projects. And there’s a lot of exploration going on,” Harris said.

| Local stakeholder ownership seen as crucial for advancing projects

‘ESG HAS EMPOWERED IMPOVERISHED PEOPLE THAT HAD BEEN LARGELY MARGINALIZED FOR MORE THAN 200 YEARS.’ PAUL HARRIS MINING RESEARCHER AND REPORTER

He has observed the Ecuador and Colombian governments struggle with broadly similar issues at different times.

“Issues regarding community engagement, issues with water, with forestry — governments want mining and support mining, but that feeling doesn’t necessarily percolate down to the middle levels of government that do things, and the grassroots communities where it’s done,” he said.

“But both governments recognize that mining is important and should be an important part of the economy, and they’re becoming much more involved as an actor.”

According to Harris, the current focus on community engagement was partially the respective governments’ own making. “In the past, both governments tended to leave companies to their fortunes, saying, ‘Here’s your concession, now go away, do what you need to do.’ But as you can expect, there was a lot of community resistance, and companies didn’t necessarily engage very well,” said Harris.

“So, the governments had to step up to the plate to become the ‘oil in that wheel.’ It’s happening a lot in Colombia, and I can see that happening in Ecuador.”

Because of this phenomenon, Harris says ESG had in some ways ‘come out of nowhere’ and had become an acute focus from the community relations perspective.

“ESG has empowered impoverished people that had been largely marginalized for more than 200 years. People feel empowered to have a voice and express it and say, ‘I’m not okay with this.’”

Harris believes companies will have to do a better job of engaging and, ultimately, become better at sharing the wealth their mines generate.

Frozen out From a mining standpoint, Peru is essentially frozen out of the investment landscape at present because of President Pedro Castillo’s left-leaning policies.

Joe Mazumdar, an economic geologist and analyst at the popular newsletter Exploration Insights, says that while Peru was indeed at one point the largest exporter of copper into China, beating Chile, it remains a critically important sector of the economy. “But what we’ve seen in the last three years was changing governments, bringing in the left-leaning government that gives more voice to local opposition to oppose mine development and infrastructure. The economy is sometimes at the mercy of communities cutting off roads and hinder-

Local community members tour Newmont’s Yanacocha project site in Peru. NEWMONT

Drill core from SolGold’s Alpala deposit in Ecuador. SOLGOLD

ing products from getting to ports, Mazumdar said. “The instability has made reinvestment in Peru an issue, so people are looking at other places.”

In Harris’s view, Castilo doesn’t necessarily have firm control over the country. “The politicians are doing whatever they want, the community is doing whatever they want, and investors hate uncertainty,” Harris said.

“My perception is a lot of things are on hold. A lot of decisions are on hold,” he said.

The biggest is perhaps Newmont (TSX: NGT; NYSE: NEM) with its stalled Yanacocha sulphides expansion. “The company has made the investments to get 100% ownership, but it keeps knocking the financing decision from quarter to

quarter. I think they’re looking for a clear line of sight on when the stability will return,” Harris said.

He underlined that stability was critical for a US$2.5-billion investment spanning several decades.

Harris sees investment trickling into Ecuador and Colombia on the exploration front. Neither country is building a mine now, but both have projects getting close, some of substantial size.

In contrast to Peru, both Colombia and Ecuador are promoting investment, hoping to seize the opportunity to benefit from the energy revolution and provide the “green copper” and other metals the world needs. “Fantastic, but that will remain a pipe dream unless Colombia and Ecuador can establish the beneficiation chains

to add downstream value to their exports,” Harris said.

“But communities are the same as in Australia, Canada, and the U.S.; they don’t want a copper mine in their backyard. That’s the same hurdle that must be overcome as in other jurisdictions.”

Mazumdar also points out that massive infrastructure deficits in each of Colombia, Ecuador and Peru continue to hinder investment in mineral exploration and development. At the same time, all three jurisdictions had shown significant sensitivity to projects located in the headwaters of vital rivers.

“Water is a big issue — not only usage, but effluent, how you impact the water,” Mazumdar said.

He added that there’s a challenge in bridging the culture gap too, where local subsistence farmers are generally loathe to sell their land for a one-time payment. “They measure their wealth in land ownership, which can stop mining projects for better or worse,” said Mazumdar. “These places have the same sort of risks to development, just like most parts of the world in terms of local opposition; all are highly endowed.

“If I had to rank them, in terms of investment friendliness, more companies are seeing opportuSee SOCIAL ENGAGEMENT / 15

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MAY 30 — JUNE 12, 2022 / THE NORTHERN MINER

SPECIAL FOCUS MINING IN COLOMBIA, ECUADOR & PERU

WWW.NORTHERNMINER.COM

COLOMBIA, ECUADOR, AND PERU SNAPSHOT: EIGHT COMPANIES WITH PRECIOUS AND BASE METAL PROPERTIES

BY CARL A. WILLIAMS

Colombia, Ecuador, and Peru offer miners a blend of established mining jurisdictions and areas of potentially highly-prospective and unexplored terrain. Here are eight miners active within and across the three countries to watch.

CANDENTE COPPER Vancouver-headquartered Candente Copper (TSX: DNT; US-OTC: CDOUF) is an exploration and development company with a portfolio of assets in Peru and Canada.

The company’s focus is on its 100%-owned flagship Cañariaco copper-gold-silver project in northern Peru, approximately 120 km northeast of the city of Chiclayo and 700 km northwest of Lima.

According to Candente, the property, which includes the Cañariaco Norte project, is considered to be the tenth-largest and sixthhighest-grade late-stage copper resource in the world.

In March, the company announced that it had acquired an additional 10 mineral concessions on the property, increasing its land position to 101.9 sq. km.

A preliminary economic assessment (PEA) for Cañariaco Norte released in February envisaged an open pit mine with a 28-year mine life producing 173 million lb. of copper, 31,395 oz. of gold, and 703,588 oz. of silver per year over the life of mine.

The early-stage study pegged initial capital costs at US$1 billion. Using an 8% discount rate and metal prices of US$3.50 per lb. copper, US$1,650 per oz. gold, and US$21.50 per oz. silver, the project would generate an after-tax net present value of US$1 billion and an after-tax internal rate of return on 16.3%.

n

Above: A geologist at Tier One Silver’s Curibaya project in Peru. TIER ONE SILVER Right: A rock sample from Collective Mining’s Guayables project in Colombia.

COLLECTIVE MINING

The PEA was based on a mineral resource estimate of 1.1 billion measured and indicated tonnes grading 0.39% copper, 0.06 gram gold per tonne, and 1.7 grams silver per tonne (0.42% copper-equivalent per tonne) for 9.3 billion lb. contained copper, 2.1 million oz. gold, and 59.4 million oz. silver, and inferred resources of 410.6 million tonnes at 0.29% copper, 0.04 gram gold, and 1.4 grams silver (0.32% copper-equivalent) for 2.7 billion lb. copper, 550,000 oz. gold, and 18.1 million oz. silver.

Significant shareholders in Candente include Australian miner Fortescue Metals Group (ASX:

FMG), which holds a 19.9% stake in the company.

Candente Copper has a market cap of $39 million.

COLLECTIVE MINING Collective Mining (TSXV: CNL) is focused on advancing its exploration-stage Guayabales and San Antonio copper-gold-molybdenum projects in the Marmato district of the prolific Mid-Cauca belt of western-central Colombia, among the least explored mineral belts globally.

In April, the company began a 20,000-metre 2022 drill program at Guayabales in Caldas, approx-

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imately 75 km south of Medellin, which runs immediately along strike and adjacent to Aris Gold’s (TSX: ARIS; US-OTC: ALLXF)

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Marmato gold mine.

Three diamond drill rigs are operating on the property, with drilling at the Apollo and Olympus areas focused on expanding the Olympus Central discovery drill hole, while also testing for the first time a suite of new targets including Victory East, Victory West, Olympus South, and Apollo.

Announced in a Mar. 15 press release, the Olympus Central discovery hole, OLCC-3, intersected 301.9 metres grading 0.89 gram gold per tonne, 12 grams silver per tonne, 0.03% copper, and 0.003% molybdenum (1.1 grams gold-equivalent) from 71.7 metres downhole.

The company said that five additional drill holes have expanded the recently discovered Donut target, approximately 1.5 km southeast of Olympus Central, intercepting broad zones of mineralization from near surface and extending the mineralization to the southwest, northeast, and northwest.

Highlights from the drilling included hole DOC-8, which returned 107.7 metres at 0.78 gram gold, 21 grams silver, 0.02% copper, and 0.001% molybdenum (1.13 grams gold-equivalent) from 18 metres; and DOC-6, which returned 151.1 metres at 0.54 gram gold, 11 grams silver, 0.03% copper, and 0.002% molybdenum See SNAPSHOT / 12

GLOBAL MINING NEWS

SPECIAL FOCUS MINING IN COLOMBIA, ECUADOR & PERU

THE NORTHERN MINER / MAY 30 — JUNE 12, 2022

11

JOINT VENTURE ARTICLE

Lundin Gold is now generating significant free cash flow

BY NORTHERN MINER STAFF

Last year was an exceptional one for Lundin Gold (TSX: LUG) and its highgrade Fruta del Norte underground mine in southeastern Ecuador, 130 km northeast of Loja, the country’s fourthlargest city.

The company generated US$268 million of free cash flow in 2021 from the production of 428,514 oz. of gold at an all-in sustaining cost (AISC) of US$762 per oz., beating its guidance of 380,000 to 420,000 oz. and AISCs of US$770 to US$830 per oz., respectively.

“It’s really been almost a fairy tale type story,” Ron Hochstein, Lundin Gold’s president and CEO, says in an interview, noting that the company poured first gold in November 2019, just five years after acquiring the asset from Kinross Gold (TSX: K; NYSE: KGC) in December 2014 for about US$240 million. “It was pretty cool to go through full feasibility, basic engineering, early works and then construction and to do that on time and under budget.”

The mine commenced commercial production in February 2020, just as news that a lethal new coronavirus in China called Covid-19 was circulating the globe.

“We worked our way through that and we were actually the ones that I think had a pretty big impact on reopening the Ecuadorian economy,” Hochstein says. “We showed that we could operate within a Covid environment safely.”

Lundin Gold is poised for another big year and is already off to a strong start with record first-quarter production of 121,665 oz. gold (78,601 oz. of concentrate and 43,064 oz. of doré) at an AISC of US$696 per oz. gold sold.

It forecasts annual production in 2022 of 405,000 to 445,000 oz. at an AISC of US$860 to US$930 per ounce. “[The first quarter] was fantastic,” says Hochstein. “Our low AISC of US$696 per oz. sold was driven by lower-than-expected sustaining capital costs, which will ramp up as the year progresses.

Costs are a key focus, though, and our consistently low AISC definitely plays a large role in us generating so much free cash flow.”

The Vancouver-based company has also approved its first dividend, which will consist of an annual payment of US$100 million, which equates to about 40¢ per share. The dividend will be paid half yearly, with the first payment scheduled to follow the company’s second-quarter results in August, and a second payment six months later. “We’ll begin paying a semi-annual dividend, but will definitely look at quarterly payments the following year,” Hochstein says.

“The big message to the market,” he says, “is that this US$100 million dividend is equivalent to about a 5% dividend yield, which if you look at the precious metals space is significantly higher than the average, which even for big producers is around 2% to 3%.”

Paying this dividend does not mean that the company will no longer look to grow, however, Hochstein says. With a current free cash flow yield of 15%, Lundin Gold has a lot of flexibility when it comes to deploying the significant capital left over after its dividend payments. With this cash, the company will look to accelerate repayment of its senior debt, can increase its regional and near-mine exploration programs if and when necessary, can continue to pursue M&A opportunities, and can also

Working underground at Lundin Gold’s Fruta del Norte mine in Ecuador. LUNDIN GOLD

invest in future capital projects, such as further throughput expansion.

In addition to the dividend, Lundin Gold recently hired Andre Oliveira as its new vice-president of exploration, to focus on near-mine and regional exploration programs.

Before joining Lundin Gold in March, Oliveira spent more than 17 years at Yamana Gold (TSX: YRI; NYSE: AUY; LSE: AUY) where he held roles of senior geologist, manager, country director, and ultimately senior director for South America. Prior to Yamana he worked as an exploration geologist at AngloGold Ashanti’s (NYSE: AU; JSE: ANG) Crixas gold mine.

“He’s got a lot of experience in epithermal gold and had a great track record at Yamana,” Hochstein says.

“He brings a fresh set of eyes and has had a huge impact already. He’s invigorated the team and has spent a lot of time onsite.”

“Together with Stephen Leary, who’s got so much epithermal experience and discovered Fruta del Norte, it’s a little bit of a dream team right now for epithermal gold

exploration, having those two work together.”

The goal is to find buried Fruta del Norte type epithermal gold-silver systems in the Suarez pull-apart basin (Suarez Basin), which hosts Fruta del Norte.

The company has set aside US$4 million for near-mine exploration this year (a combination of underground and surface drilling as well as geophysics). “We’re still working out the full details,” says Hochstein. “Andre put together this near-mine exploration program after he started looking at all the current prospects and targets that we have within a kilometre of Fruta del Norte. These are the types of things that if we discover something could potentially add to the existing resources and be accessed with existing infrastructure. It has real potential to add value quickly.”

Another US$14 million will be spent on regional exploration, drilling a total of 16,500 metres at its three main epithermal gold-silver regional targets: Barbasco, Puente-Princesa

and El Puma.

Barbasco is an anomaly situated along the eastern margin of the Suarez Basin, about 7 km south of Fruta del Norte, and Puente-Princesa is an anomaly on the western Basin margin, about the same distance from the mine site.

Last year the company drilled a total of 5,387 metres (six holes) at Barbasco and 5,749 metres (six holes) at Puente-Princesa. Drilling only intersected relatively narrow, low-grade vein mineralization, but the program was encouraging, the company says, because it confirmed that gold-bearing hydrothermal fluids circulated in the southern Basin at the same time as Fruta del Norte was forming farther north.

The 2021 drill program also improved the company’s understanding of the southern Basin and provided direction for this year’s program, to the south along both margins of the Basin, and will target El Puma, about 8 to 10 km to the south of Fruta del Norte.

“Puma actually has a lot more

surface alteration than a lot of our targets,” says Hochstein. “So what we’ve learned by drilling at PuentePrincesa is going to help us now target at Puma. There are a lot of relationships. Every hole we’re learning and improving our probability of finding another Fruta del Norte.”

“We’re very excited,” he continues.

“As you know, the best place to explore is in your own backyard. And when your backyard is next to one of the best deposits ever discovered, it’s very exciting.”

Along with its regional exploration programs, Lundin Gold continues to focus on operations and cost cutting, primarily through productivity gains and debottlenecking. By the end of last year the company had increased mill throughput by 20% from 3,500 tonnes per day to 4,200 tonnes per day and has plans to ramp that up to 4,500 tonnes per day. “We think we can get to 4,500 tonnes per day just by de-bottlenecking,” says Hochstein.

The company has also focused on increasing recoveries and improving its concentrate grade.

About 70% of Fruta del Norte’s gold is in concentrate, and shipping costs, particularly to Europe and Canada, have jumped by as much as 130% to 150%. By increasing concentrate grade, Lundin Gold is able to reduce its shipping costs per ounce of gold.

“We had a successful program in the first quarter where we improved our concentrate grades, which worked out to a bottom-line reduction of about US$20 or US$30 an ounce.”

Lundin Gold says it also benefits from operating in Ecuador, a U.S. dollar economy. “We’re not seeing the inflation impacts that other countries are experiencing,” Hochstein notes. “Ecuador was hit hard by Covid so the economy is still growing and unemployment is still high here. We’re not seeing noteworthy wage inflation and are not seeing input costs increase too materially either.”

And Hochstein points out that with the company’s ample cash flow, it could “theoretically” pay down its senior debt of about US$240 million by the end of this year or early next year.

The mining executive also says the company is not ruling out growth through acquisition to mitigate the issue of being a single asset company, but says that any acquisition needs to make sense to its shareholders, and being a Tier 1 asset, Fruta del Norte sets a very high bar.

“The challenge we’ve got is Fruta del Norte is such a great asset,” he says. “It’s so unique. It’s challenging to find something that fits.”

Lundin Gold takes its pioneering role in the country seriously and emphasizes showing all stakeholders what responsible mining practices look like.

“We see our role now as showing local communities, governments and essentially the citizens of Ecuador what responsible mining can be for this country,” he says.

At press time in Toronto, Lundin Gold’s shares were trading at $10.21 within a 52-week trading range of $8.82 and $12.93. The company has 234.7 million common shares outstanding for a market cap of about $2.4 billion.

The preceding Joint-Venture Article is PROMOTED CONTENT sponsored

by LUNDIN GOLD and produced in cooperation with The Northern Miner.

Visit www.lundingold.com for more information.

12

MAY 30 — JUNE 12, 2022 / THE NORTHERN MINER

SPECIAL FOCUS MINING IN COLOMBIA, ECUADOR & PERU

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SNAPSHOT From 10

(0.74 gram gold-equivalent) from 58 metres.

In March, Collective Mining completed an induced polarization survey of San Antonio in Caldas, about 8 km northeast of Guayabales.

The survey covered 2.8 sq. km and encompassed the previously defined priority targets Pound and Dollar. The company plans to undertake follow-up drilling at these targets.

Collective Mining has a market cap of $131.4 million.

ELEMENT 29 RESOURCES Element 29 Resources (TSXV: ECU; US-OTC: EMTRF) is a Canadian explorer focused on advancing its Flor de Cobre copper and Elida copper-molybdenum projects in Peru.

In April, the Vancouver-headquartered junior released assays from two of 11 holes from a drill program in an area containing historical resources at Flor de Cobre in the Southern Peru Copper belt, approximately 45 km south of Arequipa.

The property is located about 30 km southeast of Freeport-McMoRan’s (NYSE: FCX) Cerro Verde copper-molybdenum mine, which produced 887 million lb. of copper last year, and 7 km northwest of the Chapi copper mine, owned

by Nexa Resources (TSX: NEXA; NYSE: NEXA).

Highlights from the drilling at Flor de Cobre included drill hole FDC001, which intersected 349 metres grading 0.77% copper, 0.006% molybdenum, and 1.7 parts per million (ppm) silver (0.81% copper-equivalent) starting from 78 metres downhole; and hole FDC002, which returned 378.6 metres at 0.5% copper, 0.006% molybdenum, and 1.3 ppm silver (0.54% copper-equivalent) from 71 metres.

Element 29 says its current drill program is expected to total 4,000 metres and aims to validate the project’s historical copper resource estimate of 57.4 million tonnes grading 0.67% copper. It

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Above: Lundin Gold is embarking on an expansion of the mine and mill at its Fruta del Norte operation in Ecuador. LUNDIN GOLD

said that estimate, released in 1996, predated the introduction of NI 43-101 standards.

The company allocated a total of 2,180 metres of drilling to twin nine historic drill holes in order to verify the historical resource, with the remaining two drill holes (1,820 metres) allocated to testing the primary copper sulphide mineralization to depths of more than 500 metres.

In January, it released drill results from the last three holes of a seven-hole (4,481 metres) first phase 2021 drill program on Target 1 at Elida in central Peru, about 170 km northwest of Lima and 80 km from the Pacific coast.

Highlights from the drilling included hole ELID025, which cut

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The exploration camp at Candente Copper’s Cañariaco Norte porphyry copper project 700 km northwest of Lima, Peru. CANDENTE COPPER

908.8 metres grading 0.49% copper, 0.035% molybdenum, and 2.9 ppm silver (0.55% copper-equivalent) from 38.45 metres.

Element 29 says it plans to use the results to prepare a potential initial resource estimate for Elida.

This year, it plans to drill test unexplored areas of Target 1 and conduct initial drilling of Targets 2 and 3 on the property.

Element 29 has a market capitalization of $29.3 million.

GOLDMINING Vancouver-headquartered GoldMining (TSX: GOLD; NYSE: GLDG) has a portfolio of projects in the Americas. These include the 100%-owned La Mina, Titiribi, and Yarumalito gold-copper projects in Colombia and the Crucero gold project in Peru.

The company is currently focused on advancing the 22.1-sq.-km La Mina property, approximately 51 km southwest of Medellin.

In April, the miner began a sixhole (3,600 metres) drill campaign on the la Garrucha target, located 1 km east and immediately adjacent to the mineral resources at La Mina.

A PEA for La Mina released in January outlined an open pit mining operation with a mine life of 10.4 years producing an average of 102,000 gold-equivalent oz. per year for a total life-of-mine output of over 1 million gold-equivalent oz. at all-in sustaining costs (AISCs) of US$697.8 per ounce.

The mine is also expected to produce over 600,000 oz. silver and over 165 million lb. copper, which are included in the gold-equivalent calculations.

The PEA pegged total capital costs at US$370.9 million. The project would generate an after-

n

tax net present value of US$232 million, using a 5% discount rate and metal prices of US$1,600 per oz. gold, US$21 per oz. silver, and US$3.39 per lb. copper.

Mineral resources at La Mina currently stand at 28.2 million indicated tonnes grading 0.73 gram gold per tonne, 1.76 grams silver per tonne, and 0.24% copper (1.09 grams gold-equivalent) for 662,680 oz. contained gold, 1.6 million oz. silver, and 150 million lb. copper (989,463 gold-equivalent ounces).

Inferred resources add 13.6 million tonnes grading 0.65 gram gold, 1.76 grams silver, and 0.27% copper (1.05 grams gold-equivalent) for 287,005 oz. gold, 772,030 oz. silver, and 81.2 million lb. copper (989,463 gold-equivalent ounces).

A 2018 resource estimate for Cucero in the southeast of Peru, approximately 150 km northeast of the city of Juliaca, outlined 30.7 million tonnes in the indicated category grading 1 gram gold for 1 million oz. of gold and inferred resources of 35.8 million tonnes grading 1 gram gold for 1.1 million oz. of gold.

GoldMining has a market capitalization of $196.3 million.

LIBERO COPPER & GOLD Libero Copper & Gold (TSXV: LBC; US-OTC; LBCMF) holds porphyry copper and gold assets in the Americas.

The Vancouver-headquartered junior is focused on advancing its Mocoa copper-molybdenum deposit in the department of Putumayo in Colombia, approximately 10 km from the town of Mocoa and 465 km southwest of Bogota.

The project sits within the Jurassic porphyry belt, which extends through Colombia and Ecuador

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and hosts several large-scale producing porphyry copper deposits.

These include the Mirador copper mine, owned by Quito-based company EcuaCorriente SA, which is part of a Chinese consortium called CRCC-Tongguan, and Solaris Resources’ (TSX: SLS; US-OTC: SLSSF) Warintza copper deposit. Both projects are located in Ecuador.

According to Libero, the Mocoa deposit covers an area of approximately 1.2 by 1.4 km and extends down to a depth of over 1 km. The company says the property hosts one of the largest copper resources in Colombia and one of the world’s largest undeveloped molybdenum deposits.

Libero has also identified a copper-in-soil anomaly 500 metres to the east of the proposed pit outline.

In May, the company released partial drill results from its first diamond drill hole at Mocoa since acquiring it in 2018. Highlights from that hole, MD-043, included 30.6 metres grading 1.3% copper starting from 265.3 metres downhole and 28.5 metres grading 1.3% copper from 361.9 metres.

The company said the hole reached a depth of 1,235 metres and was designed to confirm mineralization in a zone located between two separate high-grade zones in the deposit.

Ian Harris, Libero’s CEO, said in a May 2 press release announcing the drill results that the mineralized system at the project remains open, with many other porphyry targets identified for systematic follow-up.

Mineral resources for the project currently stand at 636 million inferred tonnes grading 0.33% See SNAPSHOT / 13

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 30 — JUNE 12, 2022

SPECIAL FOCUS MINING IN COLOMBIA, ECUADOR & PERU

Workers carry core barrel at Libero Copper & Gold’s Mocoa project in Colombia. LIBERO COPPER & GOLD

The company said that all the figures were calculated on a 100% ownership basis.

Luminex Resources has a market capitalization of $50.3 million.

LUNDIN GOLD Canadian miner Lundin Gold (TSX: LUG) operates its 100%owned Fruta del Norte gold mine, located within a 150-km-long copper-gold metallogenic sub-province in the Cordillera del Condor region of southeastern Ecuador.

The project comprises seven concessions covering 55.7 sq. km., approximately 140 km east of Loja, the fourth-largest city in Ecuador.

Commercial production at the Fruta del Norte started in February 2020.

In the first quarter of this year, the mine produced 121,665 oz. of gold, comprising 78,601 oz. of concentrate and 43,064 oz. of doré, for net revenues of US$216.5 million at cash operating costs of US$619 per oz. sold and an all-in sustaining cost (AISC) of US$696 per ounce.

The company said the strong performance was mainly due to continued improvements in recoveries and low sustaining capital during the quarter and “provides a robust foundation for the rest of the year.”

Lundin’s production guidance of 405,000 to 445,000 oz. of gold and AISCs of US$860 to US$930 for 2022 remains unchanged, it said.

In 2021, the mine produced 428,514 oz. of gold at an AISC of US$762 per oz., beating that year’s production guidance of 380,000-420,000 oz. at an AISC of US$770-US$830 per oz., and resulting in a cash flow of US$264 million.

Lundin also has 25 mining concessions in the area that aren’t related to the mine and are being explored. These include the Barbasco and Puente Princesa anomalies, which are situated on two of the concessions, and are located to the south of the Suarez basin, which hosts the Fruta del Norte

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in July 2021.

Luminex said the drill program is designed to test the lateral continuity of the new zone at Los Cuyes West and, depending on drill results, could be modified to also test the depth extent.

The drilling includes an additional 1,500 metres over five holes that will initially target a new highgrade discovery made in March, which sits adjacent to the Los Cuyes open pit mineral resource. Drilled in an untested area immediately west of the resource, the discovery hole, CU21-01, intersected 8.6 metres grading 5.1 grams gold per tonne and 24.85 grams silver (5.39 grams gold-equivalent) from 278.4 metres downhole.

The 2021 PEA for Condor North envisaged a mining operation with an annual average production of 187,000 oz. of gold and 758,000 oz. of silver over a 12-year mine life. All-in sustaining costs were estimated at US$839 per oz., with average operating costs of US$748 per oz., over the life of the mine.

Using a 5% discount rate and metal prices of US$1,760 per oz. gold and US$23.10 per oz. silver, the study estimated the after-tax net present value to be US$562 million and its internal rate of return at 20.3%.

The study pegged initial capital costs at US$657 million, with US$175 million budgeted for sustaining capital over the mine’s life.

Turning Around Undervalued Assets GoldMining’s La Mina core warehouse in Colombia. GOLDMINING

SNAPSHOT From 12

copper and 0.036% molybdenum for 4.6 billion lb. copper and 511 million lb. molybdenum.

Libero Copper & Gold has a market capitalization of $33.4 million.

LUMINEX RESOURCES Luminex Resources (TSXV: LR; US-OTC: LUMIF) is a Canadian precious and base metals exploration and development company with a portfolio of exploration-stage properties in Ecuador.

Spun out of Lumina Gold (TSCV: LUM) in 2018, the Vancouver-headquartered junior is focused on advancing its 98.7%owned Condor gold-silver-copper

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project in the Zamora-Chinchipe province of southeast Ecuador, approximately 30 km south of Fruta del Norte.

The 101-sq.-km property is located 33 km south of Lundin Gold’s (TSX: LUG) Fruta del Norte gold mine and 55 km south of the Mirador copper mine, owned by Ecuadorian miner EcuaCorriente SA. Condor comprises five deposits, which include Los Cuyes, Camp, Soledad, and Enma (collectively called Condor North), and Santa Barbara, as well as several targets.

In May, Luminex announced that it had resumed drilling at Condor North, an area of gold-silver epithermal mineralization, for which the company released a PEA

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See SNAPSHOT / 15

14

MAY 30 — JUNE 12, 2022 / THE NORTHERN MINER

SPECIAL FOCUS MINING IN COLOMBIA, ECUADOR & PERU

WWW.NORTHERNMINER.COM

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Developing the highest-grade primary silver project in Colombia’s history

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Flagship district-scale ATOCHA project (2,600 ha), located in northern Tolima within the core of the Santa Ana-Frías colonial silver mining district, the richest primary silver district in Colombia. With over 300-year mining history it lends itself to community support for large-scale, responsible mining.

Phase 1 drilling at La Ye target in the Atocha project hit a series of high-grade intercepts including 2,233g/t AgEq over 0.80m, 1,137g/t AgEq over 0.50m and 981g7t AgEq over 0.40m.

From just 13 holes, the company achieved more than 25 intercepts returning over 200g/t AgEq with a weighted average grade of 570g/t AgEq (7.6 AuEq g/t) over an average intercept width of 0.50m.

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GLOBAL MINING NEWS

SPECIAL FOCUS MINING IN COLOMBIA, ECUADOR & PERU

Element 29 Resources’ Flor de Cobre project in Peru. ELEMENT 29 RESOURCES

SNAPSHOT From 13

mine to its north.

Drilling on Barbasco and Puenta Princesa is ongoing. During the first quarter of 2022, the company completed 3,100 metres of drilling with two drills turning on the property.

Lundin Gold has a market capitalization of $2.2 billion.

TIER ONE SILVER Tier One Silver (TSXV: TSLV; US-OTC: TSLVF) has a portfolio of early-stage exploration projects in Peru.

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The Canadian explorer’s focus is on its 100%-owned Curibaya and Hurricane silver projects, where it is actively targeting high-grade silver, gold, and copper mineralization, it said.

The 168-sq.-km Curibaya property sits near some of South America’s largest porphyry deposits.

These include Southern Copper’s (NYSE: SCCO) Toquepala and Cuajone deposits, approximately 42 km and 68 km north of Curibaya, respectively; the Quellaveco deposit, owned by Anglo American (LSE: AAL; US-OTC: AAUK), about 57 km to the north;

THE NORTHERN MINER / MAY 30 — JUNE 12, 2022

15

Inside the core facility at Luminex Resources’ Condor gold-copper project in Ecuador. LUMINEX RESOURCES

and Freeport-McMoRan’s Cerro Verde, 175 km north of Curibaya.

In March, the company announced plans for its 2022 exploration and drill program on Curibaya in southern Peru, approximately 48 km northeast of the provincial capital Tacna, close to the border with Chile.

Tier One says the program will focus on expanding high-grade intercepts drilled in its first drilling campaign on the property, highlights from which included 3.5 metres grading 418.7 grams silver per tonne and 0.12 gram gold (442.5 grams silver-equivalent), including

1 metre of 1,431 grams silver and 0.39 gram gold (1,480.5 grams silver-equivalent), from 107.5 metres depth in drill hole 21CUR-006.

Drilled approximately 500 metres to the north of that hole, 21CUR-016 returned 7 metres at 272.3 grams silver and 0.33 gram gold (299.1 grams silver-equivalent) from 139 metres, including 1.5 metres of 1,128.7 grams silver and 1.04 grams gold (1,213.7 grams silver-equivalent).

The company said that the initial drill program identified over 6 km of prospective targets, which will be the focus of this year’s drilling.

Tier One Silver is also progressing its Hurricane Silver project, which hosts numerous high-grade silver occurrences, about 66 km north of the city of Cusco.

In December, the company completed a channel sampling program on the project, which focused on testing partially exposed silver-base metal vein corridors.

Highlights included hole 21HRT13, which returned 605 grams silver, 0.26% copper, 0.21% zinc, and 5.79% lead (860.4 grams silver-equivalent) from 2 metres.

Tier One Silver has a market capitalization of $56.6 million. TNM

Aftermath cuts shallow copper, silver at Berenguela in Peru EXPLORATION

A

| Junior to investigate potential for open pit mine as it works on Q3 resource, 2023 PEA

BY NAIMUL KARIM

ftermath Silver (TSXV: AAG) has reported several drill holes intersecting shallow mineralization at the Berenguela silver-copper-manganese project in Peru’s Department of Puno.

Highlights from the 14 drill results included 5.2 metres grading 70 grams silver per tonne, 5.03% copper, 13.9% manganese and 0.19% zinc starting from 58.9 metres in drill hole AFD-010 and 9.4 metres grading 424 grams silver, and 1.83% copper starting from surface in drill hole AFD-007.

The company completed the first phase of its drill program on May 17, with 63 diamond drill holes totalling 6,170 metres.

“The mineralization is exposed at surface which should allow us

SOCIAL ENGAGEMENT From 9

nities for exploration and development in Ecuador, followed by maybe Peru, and when it comes to Colombia, it’s still a bit problematic with respect to their acute dislike of open-pittable resources,” Mazumdar said.

The project pipeline The most important projects making their way through the development pipeline are B2Gold (TSX: BTO; NYSE-AM: BTG) and AngloGold Ashanti’s (NYSE: AU; JSE: ANG;) joint venture on the Gramalote project. Harris has noted continued postponements of the JV’s feasibility study. “They keep saying it’s for optimization

to contemplate possible open pit mining scenarios as we move forward to a preliminary economic assessment,” the company’s CEO Ralph Rushton told The Northern Miner. “However, I’d stress that without engineering studies to back us up, we can’t yet speak to potential production scenario.”

Aftermath has the option to acquire a 100% interest in the property by 2026 from SSR Mining (TSX: SSRM; NASDAQ: SSRM; ASX: SSR) for about US$12.7 million cash and about 3.3 million company shares.

“A key part of what led us to Berenguela in the first place is the excellent local infrastructure,” he added. “We’re within six kilometres of a rail line to a deep water port (Matarani), and there’s power and road access and skilled local labour. The project is about half an

purposes, but the fact is Colombia has a presidential election at the end of May. I’m sure a part of that is also waiting to see how the land lies in a couple of months,” he said.

Meanwhile, AngloGold’s Quebradona project keeps running into permitting roadblocks. Just recently, an appeal on the environmental permit application was archived, leaving the company to start the process from scratch.

Also in Colombia is the Soto Norte gold project, which Aris Gold (TSX: ARIS: US-OTCQX: ALLXF) has taken over. “There’s a lot of community relations damage management to be undertaken before they can really resume a development path,” Harris said.

The most advanced stage proj-

Aftermath Silver’s Berenguela silver-copper-manganese project. AFTERMATH SILVER

hour drive from the community of Santa Lucia.”

The Berenguela project covers

ect in Ecuador is Dundee Precious Metals’ (TSX: DPM) Loma Larga gold project. This project, too, has been held up by a protracted community engagement process to iron out the path forward.

However, recent development successes include Lundin Gold’s (TSX: LUG; NASDAQ: LUG) Fruta del Norte gold project and the Chinese-owned Mirador copper project.

The Ecuador development pipeline also looks healthy, with SolGold’s (TSX: SOLG; LSE: SOLG;) Apala deposit at Cascabel being a project of note and Solaris Resources’ (TSX: SLS; US-OTC: SLSSF) Warintza copper project rapidly coming through the pipeline. TNM

about 65.9 sq. km. and has a historic resource, filed in 2012, of 35.9 million tonnes grading 85.46 grams silver per tonne, and 0.78% copper for 98.7 million oz. silver and 624.5 million lb. copper in the measured and indicated category. Inferred resources add 9.9 million tonnes grading 87.9 grams silver, and 0.67% copper for 28.1 million oz. silver and 147.2 million lb. copper.

The company released the first assay results from the project on May 4, highlights of which included, 27.3 metres grading 1.75% copper and 15.9% manganese starting from surface in hole AFD-001 and 18.6 metres grading 1.76% copper and 7.9% manganese starting from 2 metres in hole AFD-009.

Resource update Aftermath aims to release an updated resource estimate by the third quarter of this year and complete the project’s PEA next year.

“Geostatistical work has already started for a new resource estimate… The project is in an important transition stage in the next 18 months between completion of the exploration work and switching to engineering and metallurgical work. We think it’s going to move forward quite rapidly once we’ve completed the new resource estimate,” Rushton said.

As far as the work environment in Peru is concerned, the company hasn’t faced any impacts of the growing calls for nationalization of mines and stricter norms in South America, but Rushton does expect things to change in the future.

“We are aware that future regulations may require increased taxes and/or royalties; I think we’d be naive not to assume that,” he said. “We’re comfortable in Peru right now. Our responsibility going forward is to ensure that we build capacity and support local businesses in the communities in which we operate, provide job opportunities and maintain transparency.”

At press time, Aftermath Silver traded around 24.5¢, within a 52-week range of 21.5¢ to 72¢. The company has 136.6 million common shares outstanding. TNM

www.northernminer.com

16

MAY 30 — JUNE 12, 2022 / THE NORTHERN MINER

MAGGIE LAYMAN From 1

in someone’s life (are) the day you’re born, and the day you realize why you were born.’ When you came to geology, was there a feeling that you knew this was almost your destiny?” Vaccaro asked.

In response, Layman recalled her job working in the field in central Labrador, with the Geological Survey of Newfoundland and Labrador in 2004, before she graduated from Memorial University with a degree in geosciences. “(It) was definitely life changing,” she said. “It was a couple of months living in a tent. It was an all-women crew, with one male field assistant. But it was a group of really strong, powerful women who were having absolutely so much fun working in the field and problem solving. It was really empowering.”

Another formative early career experience was her work as a project geologist with Vale (NYSE: VALE) in Sudbury, Ont. “Sudbury is one of the best places to work as a geologist, especially if you’re just starting off your career,” she said. “It’s really interesting field work, there are so many different technologies that are used in the rich history of mining, there (are) so many people to learn from, you really get a lot of technical responsibility and (can) hone your technical skills.”

Layman, who lived in the historic nickel city for five years, says she is constantly meeting others who’ve lived in Sudbury and worked in the mining industry there.

“It’s an excellent community of mining people. There’s a lot of talent there. And so many mines that you can work out in different deposit types.”

Her career then took her to Independence Gold (TSXV: IGO), where the junior miner environment gave her a different sense of responsibility than she had at Vale.

“A lot of the advice that I got when I left Vale was when you work for a big company, you can’t just go out and buy something when you need it, or you can’t just

WWW.NORTHERNMINER.COM

hire or deal with problems right away. There are a lot of policies and bureaucracies and red tape. But there’s a reason for that when you employ 100,000 people, and you’ve got mines all over the world,” she said.

The junior space, in contrast, gave her a greater feeling of autonomy and different opportunities to manage programs the way she wanted. However, she also learned that juniors work hard to raise capital that belongs to shareholders.

“I did really enjoy it because I liked being in the field. And I liked running drill programs,” she said.

“I liked having that responsibility of hiring people and managing and understanding a bit more about what goes into running a program.”

Turning the ship around In a move that might’ve raised eyebrows for some, Layman in 2015 went to work for Barkerville Gold Mines, a company that ran afoul of National Instrument 43-101 reporting regulations in 2012 for misstating its mineral resources.

“You’re a young geologist building a steady career at that time.

So what were you thinking there?

Would you see this as an opportunity? Why did you believe in the company when the market was saying ‘what’s going on here’?” Vaccaro asked.

Layman said the Barkerville opportunity came together when Paul Geddes, a trusted colleague from a decade earlier called her and offered her a position as a project geologist.

At the time, Geddes was vice-president of exploration with Barkerville. He’s now senior vice-president of exploration and resource development with Skeena Resources (TSX: SKE; NYSE: SKE).

“He’s always been one of my mentors — but he was very (focused on) essentially rebuilding things with this company. We brought in a whole new technical team (and) a different diamond drilling contractor (and had) to go through everything from permitting and land management,” Layman said.

“It was kind of like starting a

THE NORTHERN MINER

“(It) was definitely life changing. It was a couple of months living in a tent. It was an all-women crew, with one male field assistant. But it was a group of really strong, powerful women who were having so much fun working in the field and problem solving. It was really empowering.”

— MAGGIE LAYMAN, VP EXPLORATION, OSISKO DEVELOPMENT

new company and wiping that historic resource from the books and an understanding of the science because although there had been so many years of historic mining on the project, you have to look at that and figure out what’s actually been mined, what are the mineral controls, what’s the geologic model, and that takes a long time. We did that for a year or two.”

They brought at least eight rigs onto the property in the Cariboo region of British Columbia and drilled 750,000 metres. The initial resource came out in 2018.

Osisko Gold Royalties (TSX: OR) acquired Barkerville in 2019.

Vaccaro asked Layman if that

GREEN ENERGY From 7

It has helped facilitate a US$2.1-billion solar project in Angola led by U.S. developer Sun Africa, and a US$3.5 billion refinery built by a consortium led by Quanten LLC. Fernandez said that the latter would produce 100,000 barrels of refined fuel products a day that conform to the Euro 5 emissions standard.

Fernandez also cautioned that government initiatives would probably be insufficient to address Africa’s energy needs, and the private sector would have to push progress forward.

‘Race to the top’ Regarding U.S. foreign policy, Fernandez told a press briefing that the U.S. was not opposed to China investing in Africa as long as the investments were centred on upholding human rights, democracy, and creating jobs for locals.

“Our policy is not to ask our partners to choose between the U.S. and the People’s Republic of China. We’re not doing that.

“We believe that we offer an alternative vision for economic development that more sustainably promotes democratic governance, respect for human rights, and transparency. And we keep talking about the word ‘sustainable,’ meaning more sustainably serving the long-term interests of the people here in Africa,” he said.

Fernandez continued: “I’m here

U.S. undersecretary for economic growth, energy and the environment Jose W. Fernandez at the Investing in Africa Mining Indaba. HENRY LAZENBY

because African countries are important partners in pursuing shared global and regional priorities — from ending the Covid-19 pandemic and building back to a more inclusive global economy to meeting the climate challenge and building resilience. We are encouraged by seeing many African countries creating opportunities in clean energy, advancing democracy, promoting respect for human rights, and working toward lasting peace and security,” he said.

Fernandez emphasized that the U.S. was not “in a race to the bottom” to undercut China and other investors by sacrificing standards in quality, safety, and wages. “Here in Africa, we propose to do it by creating a race to the top in terms

of environmental, social, and governance,” he said.

“What African governments want is for all investments, including Chinese investments, to respect local laws and local interests, to follow human rights, including worker rights, and protection for the environment,” he said.

The U.S. government underlined that successful business relationships need predictable regulatory and legal environments, whether private or public. “Governments will need to enable investments through reforms, and companies will need to manage and pursue business plans that drive the energy transition while still taking on reasonable levels of risk themselves.” TNM

moment was a kind of vindication for her.

“It’s been great to work with the Osisko team,” she said. “Getting bought out by Osisko Gold Royalties, and then having that spin off into Osisko Development was a really exciting time for us to have that Osisko name and to be carrying the project forward to feasibility and permitting and continuing to advance it.

“It [has] been a lot of work by so many people involved, and a huge team of people and their contributions from the exploration side of it to mining, permitting, [and] all the consultants who have been involved in the project as well. So, we’re happy to keep moving this forward.”

Her work in helping to turn the Barkerville project around was as enjoyable as it was successful, Layman explained.

“You pick up the phone, (and say) ‘we need 10 rigs in there tomorrow.’ We understand the geology, we have the permits in place, we’ve got the team in place, now you can bring in 10 rigs. And it can be a lot of fun.”

Amid such a varied career and after having worked across Canada and in precious and base metals, Vaccaro asked how Layman thinks technologies such as AI and big data will change exploration in the future.

“I think that when you have big companies, you’ve got to start with the technology side, the data collection, and the data management, and then making sure that you include that historic data. We’ve got all kinds of things now to be able to map, but it’s still a very much a boots-on-the-ground, systematic exploration of analyzing the chemistry, making sure you’re collecting those samples. But the data collection and the data storage, and then being able to use different technologies to look at that data, that’s going to be increasingly important, espe-

cially when you have multiple projects, and things that are advancing at the same time.”

Layman noted that Osisko doesn’t do a lot of machine learning.

“For us, it’s the training and the succession planning for field mapping and interpretation of geology [that] has been very successful,” she said.

“We have a couple of geologists on the project who have done one-to-2,000 scale mapping over all of the high-level targets, and they come in and they say, ‘we really need to drill right here in here.’ And a year later, we’ve got a resource on the thing. So I find that doing the soil sampling and then following that up with mapping has been the most successful exploration tool that we have.”

ESG evolution In her time in the industry, Layman has seen a “night and day” change in how mining companies approach ESG compared to 10 years ago.

“I think that on the environment side, that seems to be the most important of [all], if you’re going to develop a project, or if you’re going to do a drill program or anything, try to use disturbance that’s already been made, logging roads, or previous sites…rather than clearing new ground,” she said.

More broadly, ESG principles are influencing how companies work at every level — junior or major. “Even the really big companies, they’re talking about it with their people who are boots on the ground. It’s important for everybody to be involved, to understand everything to do with society, environment, truth and reconciliation, to be aware of that and to have training, and to just give people as much information as possible.” TNM For information on The Northern Miner’s next Mining legends Speaker Series event, visit: https://events. northernminer.com/speaker-series/.

https://soundcloud.com/northern-miner http://www.northernminer.com/tag/podcast/

e h

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 30 — JUNE 12, 2022

17

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MAY 30 — JUNE 12, 2022 / THE NORTHERN MINER

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MARKET NEWS TORONTO STOCK EXCHANGE / MAY 16-20, 2022 Over the May 16-20 trading period, the S&P/TSX Composite Index fell 8.8 points to 20,197.61. The S&P/TSX Global Mining Index increased 3.64 points or 3.3% to 109.01 and the S&P/TSX Global Base Metals Index rose 6.71 points or 3.6% to 188.24. The S&P/TSX Global Gold Index rose 6.85 points or 2.3% to 301.40 and spot gold ended the week up 1.3%, or US$24.7 per oz. higher, at US$1,834.20 per ounce.

Shares of NioCorp Developments rose 32.3% to $1.23 as the company’s updated feasibility study for its Elk Creek niobium, titanium and scandium project in Nebraska reported the presence of about 632,900 tonnes of rare earth oxides (REO), which the firm said is the second largest indicated rare earth resource in the U.S. The rare earth resource totals 188.8 million tonnes grading 0.0524% neodymium, 0.0143% praseodymium, 0.0012% terbium and 0.0048% dysprosium for contained metal of 98,900 tonnes of neodymium, 26,900 tonnes of praseodymium, 2,300 tonnes of terbium and 9,100 tonnes of dysprosium. The deposit includes other rare earth elements (REE) as well. Inferred resources add 108.3 million tonnes grading 0.37% total REO for contained metal of 408,100 tonnes.

Shares of Filo Mining rose $1.83 to $23.50 as the company reported high-grade assay results from the Breccia 41 zone of its

100%-controlled Filo del Sol project in South America.

Highlights from Filo del Sol, which straddles the Argentina-Chile border, included drill hole FSDH057, which cut 289.1 metres grading 1.18% copper, 0.68 gram gold per tonne and 36 grams silver starting from 498 metres; and 11.1 metres grading 9.11% copper, 8.87 grams gold and 230.4 grams silver starting from 776 metres.

“Prior to reaching target depth, the hole ended in the highest-grade copper we’ve ever reported at Filo del Sol,” the company’s CEO Jamie Beck said in a press release. The company expects to continue drilling throughout the year.

Shares of Trevali Mining fell by 8.7% to 63¢ on news that eight missing miners failed to reach the mine’s refuge chamber situated TSX MOST ACTIVE ISSUES VOLUME (OOOs)

Suncor Energy Barrick Gold Kinross Gold Lundin Mng Yamana Gold NorZinc Denison Mines B2Gold Corp Cameco Corp Argonaut Gold

SU ABX K LUN YRI NZC DML BTO CCO AR

45969 40926 19630 13734 13188 12723 12417 11857 11471 11430

HIGH

WEEK LOW

CLOSE CHANGE

49.83 46.96 48.87 26.75 25.42 26.65 5.87 5.34 5.78 11.00 9.87 10.65 6.78 6.30 6.67 0.03 0.02 0.02 1.53 1.37 1.43 5.41 5.02 5.28 30.71 28.27 30.10 1.63 1.14 1.45

+ + + + + + + + +

1.95 0.26 0.42 0.83 0.33 0.01 0.02 0.15 1.65 0.22

more than 500 metres below the surface. Rescuers have been searching for the miners since the company’s Perkoa mine in Burkina Faso was hit by flash floods on Apr. 16.

“This is devastating news,” the company’s CEO Ricus Grimbeek said in a press release on May 17. The search for the miners will continue, he added. The rescue team and the company have been pumping water from the bottom of the mine at level 710 over the last month. The refuge chamber is located TSX GREATEST PERCENTAGE CHANGE VOLUME (OOOs)

Niocorp Dev Mawson Res SouthGobi Res Largo Res Argonaut Gold Calibre Mng Aris Gold Goldgroup Mng Augusta Gold Loncor Res NorZinc Xanadu Mines UEX Corp Condor Gold Alexco Res Excellon Res Starcore Intl NextSource Mat Excelsior Mng Trevali Mining

NB MAW SGQ LGO AR CXB ARIS GGA G LN NZC XAM UEX COG AXU EXN SAM NEXT MIN TV

below level 520 of the mine.

While there is an additional, smaller refuge below level 670, Trevali does not expect to find survivors there due to its location and size.

In a note to clients, Scotiabank mining analyst Orest Wowkodaw said the incident has complicated Trevali’s efforts to secure a refinancing package to replace its maturing credit facility in the third quarter and to fund development of its proposed Rosh Pinah expansion project in Namibia. TNM TSX GREATEST VALUE CHANGE

WEEK

HIGH

VOLUME

LOW CLOSE CHANGE

1601 1.47 0.91 1.23 + 32.3 360 0.14 0.11 0.14 + 28.6 28 0.19 0.00 0.17 + 21.4 1447 13.05 10.19 12.19 + 18.1 11430 1.63 1.14 1.45 + 17.9 7687 1.32 1.04 1.29 + 17.3 262 1.96 1.66 1.92 + 17.1 58 0.04 0.00 0.04 + 16.7 447 2.18 1.75 2.10 + 15.4 146 0.49 0.43 0.48 + 14.3 12723 0.03 0.02 0.02 - 20.0 1944 0.03 0.03 0.03 - 16.7 8318 0.29 0.24 0.25 - 14.0 156 0.51 0.00 0.48 - 12.7 1963 1.15 0.93 0.97 - 11.0 208 0.81 0.66 0.66 - 10.8 288 0.29 0.25 0.26 - 10.5 421 2.75 2.27 2.30 - 9.8 264 0.27 0.23 0.24 - 9.6 1698 0.68 0.57 0.63 - 8.7

(OOOs)

First Quantum Agnico Eagle Teck Res Franco-Nevada Wheaton Prec Lithium Amer Suncor Energy Newmont Corp Largo Res Filo Mg Corp Nutrien Triple Flag Skeena Res NextSource Mat Gatos Silver Imperial Metal Alexco Res Global Atomic Excellon Res Seabridge Gld

FM AEM TECK.B FNV WPM LAC SU NGT LGO FIL NTR TFPM SKE NEXT GATO III AXU GLO EXN SEA

HIGH

9274 6103 8799 1930 5305 4915 45969 601 1447 2200 5589 48 1263 421 238 186 1963 2351 208 431

WEEK LOW CLOSE CHANGE

36.33 69.14 51.71 178.45 53.37 31.55 48.87 86.22 12.19 23.50 124.54 15.57 10.18 2.30 3.84 3.40 0.97 2.86 0.66 18.20

+ + + + + + + + + + -

3.85 3.70 3.66 3.10 2.09 2.04 1.95 1.93 1.87 1.83 3.34 0.83 0.35 0.25 0.23 0.20 0.12 0.10 0.08 0.08

TSX VENTURE EXCHANGE / MAY 16-20, 2022 The S&P/TSX Venture Composite Index eked out a gain of 5.44 points over the May 16-20 trading week to end at 702.09.

Los Andes Copper saw the biggest share price gain over the session, rising $1.30 or 9.2% to end at $15.45. On May 16, the junior reported new assays from its Vizcachitas copper project in Chile, including 152 metres of 1% copper equivalent (0.94% copper, 122 parts per million molybdenum and 2.6 grams silver per tonne) in hole CMV-009, located near the southern edge of the project’s defined resource. The intercept, which started at 108 metres depth, was part of a 387.2-metre interval grading 0.56% copper equivalent (0.53% copper, 62 ppm moly and 1.5 gram silver).

Los Andes was ordered to stop exploration drilling in March, so an environmental court can determine if the program is impacting habitat of the vizcachas — a small rodent that is a food source for the threatened Andean cat. The company is preparing detailed reports for the court and says it is confident that drilling can continue without significant effects to the environment.

Assay results for another 3,300 metres of drill core are pending. The company has completed 6,600 metres of the 18,000-metre drill campaign it started last year.

Vizcachitas was the subject of a positive preliminary economic assessment in 2019.

It hosts measured and indicated resources of 1.3 billion tonnes grading 0.396% copper, 141.4 ppm molybdenum, and 1.05 ppm silver, as well as additional inferred resources.

Royal Fox Gold saw 23.4 million shares traded on the week, finishing 2¢ higher at 6¢. On May 18, the company reported assays from 12 holes drilled at the Red Fox zone at its Philbert gold project, 60 km southwest of Chibougamau, Que. Highlights included hole PB-22-336, which returned 35.6 metres of 1.69 grams gold starting at 26.5 metres depth, and 120 metres down dip, hole PB-22364 cut 13.3 metres of 1.1 grams gold from 102.5 metres. Results from another 93 holes TSX-V MOST ACTIVE ISSUES VOLUME (OOOs) HIGH

Royal Fox Gold Radisson Mng Aurcana Silver Blue River Res Leeta Gold Pure Gold Mg Arena Min NewRange Gold EnCore Energy Colombia Crest

FOXG RDS AUN BXR HIVE PGM AN NRG EU ATX

23387 21194 12248 7447 6727 4555 4358 4133 3750 3705

0.08 0.16 0.10 0.03 1.21 0.20 0.51 0.06 1.18 0.65

LOW

0.05 0.11 0.05 0.02 1.08 0.15 0.45 0.04 1.02 0.00

WEEK CLOSE CHANGE

0.06 0.14 0.08 0.02 1.16 0.19 0.49 0.04 1.07 0.60

+ + + + +

0.02 0.01 0.01 0.01 0.01 0.02 0.02 0.03 0.05 0.04

in the 16,000-metre program are pending.

North Peak Resources shed 26¢ or 18.4% to end at $1.15 after it reported operational challenges that have hindered exploration at its Black Horse gold project, near Ely, Nev. The company signed an option deal on Black Horse in December and acquired permits for a core and reverse-circulation (RC) drilling program in January.

TSX-V GREATEST PERCENTAGE CHANGE VOLUME (OOOs)

Tombill Mines Guardian Exp Highbank Res Mangazeya Mng Tymbal Res Trident Gold New Stratus FireFox Gold Atlas Salt Quadro Res Millbank Mg NewRange Gold Aurora Royal Lupaka Gold RT Minerals Lightspeed Dis Phoenix Metals American Eagle ZEB Nickel Norrland Gold

TBLL GX HBK MGZ.H TYMB SBS.H NSE FFOX SALT QRO MILL NRG AUR.H LPK RTM LSD.H PHC AE ZBNI NORR

TSX-V GREATEST VALUE CHANGE

WEEK

HIGH

1401 251 64 96 1 94 1824 546 1133 129 5 4133 5 549 286 2 172 1242 191 134

“Operational challenges have impacted both drilling programs as lower than acceptable core recovery will likely mean certain target holes will require re-drilling and mechanical issues with the drills themselves caused setbacks to the progress of the RC drilling,” said CEO Brian Hinchcliffe, in a release.

Results will be published once a “critical mass of material assay results” are in hand. TNM

VOLUME

LOW CLOSE CHANGE

0.09 0.12 0.01 0.04 0.01 0.18 1.07 0.20 1.88 0.03 0.25 0.06 0.03 0.04 0.02 0.08 0.15 0.05 0.31 0.11

0.00 0.00 0.00 0.00 0.00 0.00 0.65 0.00 1.25 0.00 0.00 0.04 0.00 0.02 0.00 0.00 0.09 0.00 0.21 0.00

0.09 +125.0 0.12 +109.1 0.01 +100.0 0.04 +100.0 0.01 +100.0 0.18 + 80.0 0.99 + 54.7 0.20 + 53.8 1.88 + 51.6 0.03 + 50.0 0.25 - 54.5 0.04 - 46.2 0.03 - 40.0 0.03 - 37.5 0.01 - 33.3 0.05 - 33.3 0.10 - 33.3 0.04 - 30.0 0.23 - 27.4 0.08 - 27.3

(OOOs)

Los Andes Nouveau Monde Golden Secret Atlas Salt New Found Gold Callinex Mines Chesapeake Gld New Stratus McChip Res Eskay Mng Highwood Asset Millbank Mg North Peak Res Colonial Coal Arizona Metals Pure Energy Metalore Res Sigma Lithium Itafos Capitan Mining

LA NOU TBRD SALT NFG CNX CKG NSE MCS ESK HAM MILL NPR CAD AMC PE MET SGML IFOS CAPT

HIGH

WEEK LOW CLOSE CHANGE

68 15.45 231 7.25 259 3.80 1133 1.88 849 7.52 22 2.60 56 2.76 1824 0.99 27 1.15 464 2.30 0 10.00 5 0.25 391 1.15 311 1.68 893 5.28 56 1.06 2 2.41 216 18.70 416 2.87 263 0.39

+ + + + + + + + + + -

1.30 0.77 0.70 0.64 0.47 0.42 0.37 0.35 0.33 0.31 0.75 0.30 0.26 0.22 0.17 0.16 0.14 0.14 0.12 0.10

U.S. MARKETS / MAY 16-20, 2022 The Dow Jones Industrial Average fell 961.52 points or 3.1% to 31,261.90 over the week, with the S&P 500 retreating by 106.65 points or 2.7% to 3,901.36.

Shares of Gold Fields fell 1.2% to US$11.44.

The company, which is already dealing with the effects of inflation and the relocation of endangered chinchillas at its Salares Norte gold project in Chile is now facing potential sanctions from the country’s environmental regulator due to the deaths of culpeo foxes in the area, a species found in the Andes The Superintendency of the Environment (SMA) has ordered the company to implement a series of “urgent” and “transitory” measures after the miner reported three incidents around the project that included the deaths of three culpeo foxes.

The SMA boss, Emanuel Ibarra, said its office constantly monitors the environmental impact of the Salares Norte project, which is located at 4,200 metres above sea level, in the dry Atacama region.

“Given the environmental risk tied to the [culpeo fox] species, and bearing in mind the high degree of sensitivity of the ecosystem in which the project is located, we are asking the company to fulfill the requested demands as soon as possible,” he said in a statement.

The issues the SMA is asking Gold Fields

to address include submitting new reports of the three incidents, incorporating graphic records and studies from specialists, and restricting traffic speed in all the project’s interior roads to 40 km/h.

Shares of Agnico Eagle Mines rose US$3.23 to US$53.86 during the week. The only news the gold miner released during the period was a $1.8-million investment in Quebec-focused explorer Cartier Resources. Agnico agreed to subscribe for 14 million units of Cartier in a non-brokered private placement at a price of 13¢ per unit. Each unit is comprised of one common share and half a share purchase warrant. Each full warrant can be exchanged for one common share at a price of 16¢ for a period of 36 months after closing. Agnico Eagle currently owns 35.2 million common U.S. MOST ACTIVE ISSUES VOLUME (OOOs) HIGH

Vale* Yamana Gold* Freeport McMoR* Barrick Gold* Kinross Gold* Cleveland-Clif* United States S* Chevron Corp* IAMGOLD* Suncor Energy*

VALE 174970 AUY 113963 FCX 98428 GOLD 91789 KGC 91461 CLF 69640 X 67051 CVX 59269 IAG 57977 SU 40385

16.79 5.30 37.82 20.91 4.60 22.79 25.72 175.65 2.31 38.86

LOW

WEEK CLOSE CHANGE

15.52 16.72 4.88 5.21 34.94 36.31 19.73 20.76 4.15 4.50 20.87 21.79 22.81 23.79 162.83167.82 2.02 2.22 36.25 38.08

+ + + + + + + +

1.30 0.30 1.27 0.33 0.34 0.06 0.61 0.05 0.04 1.74

shares, representing 13.3% of the issued and outstanding common shares on a non-diluted basis. On closing of the financing, Agnico Eagle will hold 17.7% of Cartier shares on a non-diluted basis and 19.7% on a partially diluted basis.

Shares of Barrick Gold rose US33¢ to US$20.76 as the company extended its undrawn US$3-billion revolving credit facility by one year to May 2027, while also U.S. GREATEST PERCENTAGE CHANGE VOLUME (OOOs)

Buenaventura* Ero Copper* Fortuna Silvr* Nouveau Monde* Nexgen Energy* Vale* Teck Res* Kinross Gold* Lithium Amer* Coeur Mng* Intrepid Pots* Mosaic* Gatos Silver* Black Hills* Natural Res Pt* United States S* Nutrien* MartinMarietta* Gold Fields* NACCO Ind*

BVN ERO FSM NMG NXE VALE TECK KGC LAC CDE IPI MOS GATO BKH NRP X NTR MLM GFI NC

HIGH

6305 473 30554 335 18272 174970 22339 91461 19137 23824 3908 39133 3700 2798 170 67051 14191 2721 29239 154

replacing LIBOR with SOFR as the floating rate mechanism related to the interest rate, and establishing sustainability metrics linked to the facility.

Barrick says the sustainability-linked metrics incorporated into the revolving credit facility are made up of annual environmental and social performance targets directly influenced by its actions, rather than based on external ratings. TNM U.S. GREATEST VALUE CHANGE

WEEK

VOLUME

LOW CLOSE CHANGE

8.41 12.26 3.48 5.94 4.68 16.79 41.22 4.60 26.01 3.76 74.66 66.60 3.32 76.72 49.40 25.72 104.65 336.89 11.67 56.72

7.31 8.33 + 14.4 10.53 12.10 + 14.2 2.99 3.40 + 11.8 5.01 5.49 + 11.1 4.10 4.53 + 9.4 15.52 16.72 + 8.4 37.61 40.29 + 8.4 4.15 4.50 + 8.2 22.23 24.60 + 7.8 3.33 3.67 + 7.3 58.00 60.78 - 7.1 56.19 57.95 - 7.0 2.90 3.00 - 4.2 72.58 73.19 - 3.7 47.00 47.49 - 3.0 22.81 23.79 - 2.5 95.41 97.02 - 2.0 319.90 327.76 - 1.5 11.11 11.44 - 1.2 51.00 51.98 - 0.3

(OOOs)

Southern Copp* Rio Tinto* Franco-Nevada* Agnico Eagle* Teck Res* CONSOL Energy* Arch Resources* Alcoa* Newmont Corp* Wheaton Prec* MartinMarietta* Intrepid Pots* Mosaic* Black Hills* Nutrien* Natural Res Pt* United States S* Gold Fields* NACCO Ind* Gatos Silver*

SCCO RIO FNV AEM TECK CEIX ARCH AA NEM WPM MLM IPI MOS BKH NTR NRP X GFI NC GATO

HIGH

9050 15492 2915 14382 22339 2636 4424 35674 29034 11822 2721 3908 39133 2798 14191 170 67051 29239 154 3700

WEEK LOW CLOSE CHANGE

59.06 69.54 139.02 53.86 40.29 51.10 163.40 60.57 67.19 41.58 327.76 60.78 57.95 73.19 97.02 47.49 23.79 11.44 51.98 3.00

+ + + + + + + + + + -

4.00 3.73 3.34 3.22 3.13 2.95 2.36 2.24 1.94 1.92 5.08 4.64 4.34 2.79 1.93 1.48 0.61 0.14 0.14 0.13

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 30 — JUNE 12, 2022

19

METALS, MINING AND MONEY MARKETS LME WAREHOUSE LEVELS

PRODUCER AND DEALER PRICES

Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening on May 19 2022 (change from May 12 2022 in brackets):

Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$125.800 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$15.500 Cobalt: US$33.75/lb.

Copper: US$4.30lb.

Copper: CME Group Futures May 2022: US$4.29/lb.; June 2022: US$4.28/lb.

Iridium: NY Dealer Mid-mkt US$6,100/tr oz.

Iron Ore 62% Fe CFR China: US$136 Lead: US$0.97/lb.

Rhodium: Mid-mkt US$20,250/tr. oz.

Ruthenium: Mid-mkt US$750 per oz.

Silver: Handy & Harman Base: US$21.78 per oz.; Handy & Harman Fabricated: US$27.23 per oz.

Tin: US$15.74/lb.

Uranium: U3O8, Trading Economics spot price: US$46.75 per lb.

U308 Zinc: US$1.70 per lb.

Prices current April 9, 2022

Aluminium Alloy

2160

(0)

Aluminium

511,675

(-34675)

Copper

178,550

(+1675)

Lead

38,850

(+675)

Nickel

72,228

(-714)

Tin

3,135

(+25)

Zinc

86,800

(+425)

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of May 15, 2022 (with changes from Apr 30, 2022) Largest short positions AR 20165909 2309901 4/30/2022 Argonaut Gold Ivanhoe Mines IVN 19219845 -309270 4/30/2022 Suncor Energy SU 17769447 -910315 4/30/2022 K 15457282 2830178 4/30/2022 Kinross Gold Barrick Gold ABX 15091858 195320 4/30/2022 McEwen Mng MUX 13715629 422593 4/30/2022 Lundin Mng LUN 11075727 -1152152 4/30/2022 Fortuna Silvr FVI 10565928 -159452 4/30/2022 IMG 9638198 -494072 4/30/2022 IAMGOLD WPM 8626486 -771588 4/30/2022 Wheaton Prec First Quantum FM 8385985 105122 4/30/2022 Denison Mines DML 8293681 1705211 4/30/2022 New Gold NGD 8004523 655518 4/30/2022 NXE 7948897 -192005 4/30/2022 Nexgen Energy Yamana Gold YRI 7614747 -877236 4/30/2022 Largest increase in short position Kinross Gold K 15457282 2830178 4/30/2022 Argonaut Gold AR 20165909 2309901 4/30/2022 SBB 4900221 1991893 4/30/2022 Sabina Gd&Slvr Sandstorm Gold SSL 3526001 1857117 4/30/2022 B2Gold Corp BTO 4474294 1766987 4/30/2022 Largest decrease in short position Nighthawk Gold NHK 145095 -2409426 4/30/2022 OGC 2854919 -1890527 4/30/2022 OceanaGold Turquoise HIl TRQ 583747 -1238512 4/30/2022 Lundin Mng LUN 11075727 -1152152 4/30/2022 Fission Uran FCU 6017005 -1022879 4/30/2022

Short positions outstanding as of May 15, 2022 (with changes from Apr 30, 2022) Largest short positions Pure Gold Mg PGM 4861291 56704 4/30/2022 GR Silver GRSL 3935873 283483 4/30/2022 PTU 3172127 522510 4/30/2022 Purepoint Uran GoviEx Uranium GXU 2424330 426779 4/30/2022 Oroco Res OCO 2326791 801710 4/30/2022 Canada Silver CCW 1870807 64268 4/30/2022 Leeta Gold HIVE 1864353 3091 4/30/2022 AUN 1729424 1172307 4/30/2022 Aurcana Silver Cassiar Gold GLDC 1423984 214152 4/30/2022 Eloro Res ELO 1314092 -163744 4/30/2022 Artemis Gold ARTG 1236429 -50016 4/30/2022 Giga Metals GIGA 1208062 -45412 4/30/2022 GRAT 1133814 87382 4/30/2022 Gratomic New Found Gold NFG 1076572 -24078 4/30/2022 Frontier Lith FL 1040262 135824 4/30/2022 Largest increase in short position Aurcana Silver AUN 1729424 1172307 4/30/2022 AUU 922163 808006 4/30/2022 Gold79 Mines Oroco Res OCO 2326791 801710 4/30/2022 Azincourt Ener AAZ 969969 724280 4/30/2022 Southern Silvr SSV 704669 567216 4/30/2022 Largest decrease in short position BRC 374751 -1531711 4/30/2022 Blackrock Silv Focus Graphite FMS 223119 -1442506 4/30/2022 AbraSilver Res ABRA 276359 -904506 4/30/2022 Emerita Res EMO 545858 -835745 4/30/2022 Fission 3.0 FUU 391379 -664484 4/30/2022

DAILY METAL PRICES Date MAY 16 MAY 17 MAY 18 MAY 19 BASE METALS (London Metal Exchange — Midday official cash/3-month prices, US$ per tonne) Al Alloy 1740/1740 1590/1590 1800/1800 1800/1800 Aluminum 2790/2820 2835/2856 2844.5/2873 2825.5/2839.5 Copper 9265/9225 9394/9379 9264/9260 0286/9273 Lead 2093/2104 2101/2119 2075/2088 2032/2043 Nickel 26100/26125 26290/26200 26175/26280 26100/26190 Tin 34950/34775 34275/34000 33875/33575 33850/33550 Zinc 3583/3576 3685/3682 3645.5/3633 3647/3635 PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.)

Gold AM 1828.05 1818.50 1805.80 1825 Gold PM 1809.50 1810.65 Silver 21.17 21.78 21.665 Platinum 945 957 948 Palladium 1970 2079 2080

MAY 20 1850/1850 2930/2933 9475/9460 2144/2142 27900/27875 34695/34275 3753/3738

1825.55 1844 21.56 950 1980

1846.30 1834.20 22.03 960 2004

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

May 20 1.2820 0.7800

May 19 1.2820 0.7800

Exchange rates (Quote Media, May 20, 2022) C$ to AUS C$ to EURO 1.1116 0.7371 C$ to UK Pound C$ to China Yuan 0.6233 5.2124 US to AUS US to EURO 1.4199 0.9468 US to UK Pound US to China Yuan 0.8007 6.6930

May 18 1.2886 0.7760

May 17 1.2808 0.7808

C$ to YEN 99.5865 C$ to India Rupee 60.6471 US to YEN 127.9350 US to India Rupee 77.8186

May 16 1.2851 0.7781 C$ to Mex Peso 15.4602 C$ to Swiss Franc 0.7591 US to Mex Peso 19.8578 US to Swiss Franc 0.9749

C$ to SA Rand 12.3293 C$ to S. Korea Won 992.1541 US to SA Rand 15.7676 US to S. Korea Won 1273.7400

TSX WARRANTS 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 Aris Gold Corporation (ARIS.WT) - One Warrant to purchase one Common Share of the Issuer at $2.75 until expiry. eColbalt Solutions Inc. J (ECS.WT) - One Warrant to purchase one common share of the Issuer at US$1.95 per share until expiry Excellon Resources Inc (EXN.WT.A) - One warrant to purchase one common share of the Issuer at $2.80 until expiry Excellon Resources Inc. (EXN.WT) - One Warrant to purchase one common share of the issuer at $1.40 per share until expiry Excelsior Mining Corp. (MIN.WT) - One Warrant to purchase one Common Share of the Issuer at $1.25 until expiry.

Gran Colombia Gold (GCM.WT.B) - One warrant to purchase one common share of the Issuer at $2.21 until expiry.

Karora Resources Inc. (KRR.WT) - One

Warrant to purchase one common share of the Issuer at $0.50 until expiry.

Liberty Gold Corp. Wt (LGD.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry may 16, 2019 Lithium Americas Corp (LAC.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry Lydian International Limited (LYD.WT) One Warrant to purchase one additional ordinary share of the Issuer at $0.36 per share until expiry Nevada Copper Corp. (NCU.WT) - One Warrant to purchase one common share of the Issuer at $0.20 until expiry Nevada Copper Corp. (NCU.WT.A) - One Warrant to purchase one common share of the Issuer at $0.22 until expiry Nomad Royalty Company Ltd. (NSR.WT) - One Warrant to purchase one common share of the Issuer at $1.71 until expiry.

Novo Resources Corp. (NOVO.WT.A) - One Warrant to purchase one common share of the Issuer at $3.00 until expiry.

Novo Resources Corp. (NVO.WT.A) - One

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

Alpha Lithium Corporation (ALLI.WT) - One warrant to purchase one common share at $1.10 per share.

Alpha Lithium Corporation (ALLI.WT) - One warrant to purchase one common share at $1.10 per share.

American Cumo Mining Corp. (MLY.RT) 2 rights and $0.07 are required to purchase one share American Lithium Corp. (LI.WT) - One warrant to purchase one common share at $0.30 per share.

Antioquia Gold Inc. (AGD.RT) - One (1) Right and $0.042 are required to purchase one share.

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

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

Aurania Resources Ltd. (ARU.WT.A) - One warrant to purchase one common share at $4.25 per share.

Aurania Resources Ltd. (ARU.WT.B) - One warrant to purchase one common share at $2.20 per share.

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

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

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

Cabral Gold Inc. (CBR.WT) - One warrant to purchase one common share at $0.80 per share.

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

Cascadero Copper Corporation (CCD.RT) - One right and $0.015 are required to purchase one Share.

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

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

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

Cordoba Minerals Corp. (CDB.RT) - One right to purchase one common share at $0.54 per share.

Denarius Silver Corp. (DSLV.WT) - One warrant to purchase one common share at $0.80 per share.

Elevation Gold Mining Corporation (ELVT. WT) - One warrant to purchase one common share at $4.80 per share.

Empress Royalty Corp. (EMPR.WT) - One warrant to purchase one common share at $0.75 per share.

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

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

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

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

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

Freeman Gold Corp (FMAN.WT.U) - One warrant to purchase one common share at US$0.65 per share.

Giga Metals Corporation (GIGA.WT) - One warrant to purchase one common share at $0.60 per share.

Giga Metals Corporation (GIGA.WT.A) One warrant to purchase one common share at $0.45 per share.

Giyani Metals Corp. (EMM.WT) - One warrant to purchase one common share at $0.60 per share.

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

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

Hot Chili Limited (HCH.WT) - One warrant to purchase one common share at $2.50 per share.

Kaizen Discovery Inc. (KZD.RT) - One warrant to purchase one common share at $0.51 per share.

LaSalle Exploration Corp. (LSX.WT) - One warrant to purchase one common share at $0.15 per share.

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

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

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

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

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

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

Warrant to purchase one common share of the Issuer at $3.00 until expiry.

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

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

Sherritt International Corporation (S.WT) - Each whole Warrant entitles the holder to acquire between 1.00 and 1.25 additional common shares (as bulletin 2018-0062 table ) determined based on the Applicable Reference Cobalt Price at an exercise price of $1.95 per Warrant at any time prior to the Expiry Date Treasury Metals Inc. Wt (TML.WT) - One Warrant to purchase one common share of the Issuer at $1.50 until expiry.

Trevali Mining Corporation (TV.WT) - One Warrant to purchase one common share of the Issuer at $0.23 until expiry.

TSX VENTURE WARRANTS Mexican Gold Corp. (MEX.WT) - One warrant to purchase one common share at $0.12 per share.

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

Millennial Lithium Corp. (ML.WT) - One right to purchase one common share at $4.80 per share.

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

Northern Vertex Mining Corp. (NEE.WT) One warrant to purchase one common share at $0.80 per share.

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

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

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

Osisko Development Corp. (ODV.WT) - One warrant to purchase one common share at $10.00 per share.

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

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

Silver Mountain Resources Inc. (AGMR. WT) - One warrant to purchase one common share at $0.70 per share.

Star Royalties Ltd. (STRR.WT) - One warrant to purchase one common share at $1.00 per share.

Three Valley Copper Corp. (TVC.WT) - 20 warrants to purchase one Class A common share at $6.66 per share.

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

Ucore Rare Metals Inc. (UCU.RT) - One (1) right exercisable for one share at $4.00 per share.

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

Vizsla Silver Corp. (VZLA.WT) - One warrant to purchase one common share at $3.25 per share.

Westhaven Gold Corp. (WHN.WT) - One warrant to purchase one common share at $1.00 per share.

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

NORTH AMERICAN STOCKEXCHANGE INDICES 52 weeks

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

May 20 20197.61 702.09 1222.49 301.40 252.68

May 19 20181.92 705.58 1220.35 300.53 252.68

May 18 20101.38 691.17 1217.95 287.68 252.68

May 17 20491.01 712.49 1240.87 294.56 252.68

May 16 20206.41 700.54 1225.84 294.55 252.68

High 22213.07 1025.77 1344.63 379.45 338.35

Low 19480.00 660.77 1168.50 257.81 229.83

CANADIAN GOLD MUTUAL FUNDS FundName May 20 ($) BMO Prec Mtls Fd A 24.49 BMO ZGD 69.39 BMO ZJG 65.53 CANL Prec Mtl Fd A 18.16 CI Pre Met Fd A CIBC Prec Metal Fd A 14.53 Dyn Prec Metls Fd A 12.10 Harvest HGGG 25.72 Horizons HEP 27.02 IG MacGbPreMetCl A 15.23 iShares XGD 18.91 NBI PrecMetFd Invt 18.17 NP Silver Equ A 7.28 NPT Go&PrMinFd A 49.86 RBC GblPreMetFd A 53.65 TD Prec Mtl Fd Inv 48.15

May 13 ($) 23.70 67.12 63.73 17.58 50.14 14.13 11.65 24.70 26.18 14.77 18.43 17.58 7.03 48.06 51.89 46.83

Change ($) 0.80 2.27 1.81 0.58 2.37 0.39 0.45 1.02 0.84 0.47 0.48 0.59 0.25 1.80 1.76 1.32

Change (%) 3.36 3.38 2.83 3.32 4.82 2.78 3.89 4.13 3.20 3.17 2.59 3.36 3.50 3.74 3.40 2.82

YTDChange (%) 9.65 9.44 11.66 9.96 4.80 11.15 -1.02 3.62 8.02 9.57 13.23 6.17 -6.91 1.10 6.81 11.86

MER (%) 2.40 0.60 0.61 2.58 2.31 2.27 2.67 0.68 0.81 2.63 0.61 2.47 3.24 3.19 2.09 2.26

TotalAssets (M$) 55.43 49.44 82.55 20.20 354.65 62.36 611.27 4.15 22.02 1262.42 28.52 348.58 138.26

NEW 52-WEEK HIGHS AND LOWS MAY 16-20, 2022 19 New Highs AJN Resources AMV Capital Bald Eagle Barksdale Res Barksdale Res* BrightRock* Chevron Corp* Fremont Gold NACCO Ind* New Stratus Pine Cliff En Pine Cliff En* Royal Fox Gold* Stone Gold Stria Lithium

Suncor Energy Suncor Energy* Trident Gold Whitehaven Coa* 70 New Lows Adventus Alexco Res Alexco Res* Allegiant Gold* American Creek American Creek* Anacortes Mg Apollo Silver Atacama Res* Aurcana Silver Aurcana Silver*

Aya Gold* Bam Bam Res* Blackrock Silv Bluejay Mining* Bonanza Gold* Cabral Gold Canada Rare* Cartier Iron Cdn Manganese Chakana Copper* Copper One * EEE Explor Equinox Gold Exploits Disc* FenixOro Gold* Fosterville

Fury Gold GNCC Capital* Gold Mountain* Grande Portage Grande Portage* Graycliff Exp Heliostar Met Heliostar Met* Integra Res Integra Res* Kootenay Silvr* Li-Metal Liberty Gold* Metallic Mnrls Metallic Mnrls* Monarca Mnrls*

NA Frac Sand* Newcore Gold Nfld Discovery* Nortec Mnls* Palladium One Paramount Gold* Perpetua Res Perpetua Res* Prime Mining Renforth Res Ridgestone M’g* Rio2 Limited Rio2 Limited* Rokmaster Res Scandium Intl

Seabridge Gld Silver Bull Re* Southern Copp* Temas Res* Trilogy Mtls UC Res* UEX Corp Umbral Enrgy* Victoria Gold Victoria Gold* Western U&V* White Gold*

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

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LEGEND

STAFF INVESTMENT POLICY

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.$

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

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

1 (metric) tonne = 1.1023 (short) tons 1 gram per (metric) tonne = 0.02917 troy ounces per (short) ton = 0.03215 troy ounces per (metric) tonne 1 kilometre = 0.6214 miles 1 hectare = 2.47 acres

20

MAY 30 — JUNE 12, 2022 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

MARKET NEWS

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: MAY 16-20, 2022 (100s) Stock

A

Exc Volume

1111 Explor 1844 Resources 1911 Gold* 1911 Gold 55 North 79 Resources 79North A.I.S Res* A.I.S Res Abacus Mining* Abacus Mining Abcourt Mines Abcourt Mines* Aben Resources* Aben Resources AbraSilver Res AbraSilver Res* Academy Metals ACME Lithium Adamera Min Adamera Min* Adex Mining Advance Gold Advance United Adventus Adventus* Adyton Res AEX Gold African Energy* African Gold* African Gold African Metals African Rainbo* Aftermath Silv* Agnico Eagle* Agnico Eagle Aguila Amer Gd Aguila Amer Gd* Aiml Res* AJN Resources Akwaaba Mining Alamos Gold Alamos Gold* Alcoa* Aldebaran Res* Aldebaran Res Alerio Gold Alexandra Cap* Alexco Res Alexco Res* Alianza Min* Alianza Min All American* Allegiant Gold Allegiant Gold* Alliance Mng Alliance Res* Allied Copper Allied Copper* Alma Gold Almaden Min* Almaden Min Almadex Min* Almadex Min Almonty Ind * Almonty Ind Aloro Mining* Aloro Mining Alpha Copper Alpha Lithium Alpha Lithium* Alphamin Res * Alphamin Res Altai Resource Altai Resource* Altair Res Inc* Altair Res Inc Altaley Mining* Altaley Mining Altamira Gold* Altamira Gold Altan Nevada Altan Rio Min Altiplano Met Altiplano Met* Altius Mnrls Altius Mnrls * Alto Ventures Alto Ventures* Altura Mining* Alturas Min Altus Strat* Altus Strat Alumina Ltd* ALX Resources ALX Resources* AM Resources Amani Gold* Amarc Res Amarc Res* American Creek American Creek* American CuMo American CuMo* American Eagle American Lith* American Lith American Mang* American Mang American Pac American Rare* AmericanSierra* Americas Silvr* Americas Silvr Amerigo Res Amerigo Res* Ameriwest Lith* Ameriwest Lith Amex Expl Amex Expl* AmmPower* AmmPower Amseco Expl AMV Capital Anaconda Mng* Anaconda Mng Anacortes Mg Andean Prec* Andean Prec Anfield Energy* Anfield Energy Angel Gold Angkor Gold* Angkor Res Anglo American* Anglo American* Anglo Pac Grp AngloGold Ash* AngloGold Ash* Angold Res Angold Res* Angus Gold* Angus Gold Antioquia Gold* Antioquia Gold Antler Gold Antler Hill Antofagasta* Apex Res * Apex Res Apogee Min Apollo Silver Apollo Silver* Appia Rare* Appia Rare Applied Min* Arbor Metals Arch Resources* Archer Explor Archon Mineral Arcland Res

Week High

C 593 0.06 V 1370 0.07 O 137 0.21 V 167 0.25 C 299 0.03 C 246 0.05 C 1219 0.09 O 101 0.02 V 425 0.03 O 113 0.05 V 241 0.06 V 107 0.08 O 50 0.06 O 463 0.04 V 722 0.05 V 2904 0.37 O 2109 0.29 V 0 0.00 C 82 1.17 V 253 0.07 O 266 0.05 V 146 0.02 V 261 0.03 C 15 0.20 V 176 0.63 O 29 0.46 V 133 0.04 V 24 0.70 O 18 0.05 O 5 0.08 V 845 0.10 V 0 0.00 O 1 0.00 O 335 0.21 N 14382 54.85 T 6103 70.20 V 65 0.23 O 126 0.19 O 39 0.13 C 98 0.52 V 110 0.02 T 2338 9.81 N 17124 7.67 N 35674 64.71 O 66 0.61 V 124 0.83 C 428 0.14 O 216 0.13 T 1963 1.15 X 4564 0.89 O 243 0.05 V 755 0.06 O 41987 0.00 V 377 0.38 O 116 0.28 V 4 0.37 D 1955 19.40 V 407 0.16 O 377 0.14 C 83 0.09 X 1351 0.29 T 43 0.37 O 21 0.20 V 70 0.25 O 82 0.68 T 228 0.89 O 8 0.02 V 0 0.00 C 2015 0.84 V 1122 1.05 O 117 0.65 O 1250 0.88 V 3427 1.11 V 7 0.07 O 15 0.05 O 95 0.04 V 705 0.05 O 101 0.26 V 247 0.34 O 114 0.16 V 351 0.21 V 1 0.08 V 0 0.00 V 116 0.26 O 173 0.19 T 471 20.00 O 98 15.55 V 544 0.27 O 584 0.21 O 399 0.05 V 9 0.02 O 4 0.80 V 29 0.84 O 26 4.77 V 1429 0.05 O 262 0.04 V 3 0.05 O 383282 0.00 V 40 0.10 O 62 0.07 V 923 0.17 O 322 0.13 V 12 0.05 O 22 0.03 V 1242 0.05 O 1412 2.29 V 1612 2.91 O 552 0.49 V 399 0.63 C 768 0.80 O 40 0.26 O 12 0.04 X 1878 0.74 T 727 0.96 T 1477 1.77 O 322 1.37 O 1149 0.80 C 246 0.94 V 169 2.88 O 21 2.20 O 523 0.22 C 315 0.27 V 4 0.05 V 1 0.15 O 118 0.41 T 225 0.55 V 405 1.06 O 144 0.93 V 238 1.19 O 318 0.09 V 862 0.11 V 0 0.00 O 13 0.10 V 539 0.15 O 4 43.95 O 2108 22.45 T 9 2.78 O 60 16.75 N 15730 18.16 V 871 0.09 O 85 0.09 O 7 0.80 V 17 1.03 O 30 0.02 V 27 0.03 V 0 0.00 V 0 0.00 O 23 17.80 O 5 0.06 V 19 0.08 V 0 0.00 V 505 0.42 O 53 0.31 O 309 0.34 C 498 0.43 O 5881 0.01 V 23 2.45 N 4424 174.22 C 29 0.21 V 0 0.00 V 0 0.00

Low

12-month

Last Change

0.06 0.06 unch 0.00 0.07 + 0.17 0.17 0.22 0.24 0.03 0.03 0.00 0.04 0.08 0.08 unch 0.00 0.02 unch 0.00 0.03 unch 0.04 0.04 0.00 0.05 0.00 0.08 + 0.06 0.06 unch 0.00 0.03 0.05 0.05 unch 0.31 0.36 + 0.23 0.28 + 0.00 0.30 unch 1.01 1.09 + 0.00 0.07 + 0.04 0.05 + 0.00 0.02 + 0.02 0.03 + 0.16 0.19 0.00 0.56 + 0.42 0.44 + 0.00 0.04 0.00 0.66 unch 0.05 0.05 unch 0.00 0.07 0.09 0.10 unch 0.00 0.05 unch 0.00 14.21 unch 0.18 0.19 50.26 53.86 + 64.94 69.14 + 0.00 0.22 unch 0.18 0.19 + 0.00 0.10 + 0.44 0.46 + 0.00 0.02 unch 8.90 9.61 + 6.93 7.49 + 58.51 60.57 + 0.54 0.60 + 0.70 0.81 + 0.10 0.12 0.09 0.12 + 0.93 0.97 0.72 0.75 0.04 0.05 + 0.05 0.06 + 0.00 0.00 unch 0.35 0.36 0.00 0.27 0.00 0.37 + 17.74 18.92 + 0.13 0.13 unch 0.10 0.10 0.05 0.09 + 0.27 0.27 0.34 0.35 0.00 0.19 + 0.00 0.25 unch 0.61 0.61 0.78 0.80 0.02 0.02 unch 0.00 0.04 unch 0.61 0.68 + 0.97 1.05 + 0.54 0.58 + 0.75 0.81 + 0.97 1.03 + 0.00 0.07 + 0.05 0.05 unch 0.04 0.04 + 0.04 0.04 0.21 0.23 0.28 0.30 + 0.14 0.15 0.18 0.21 0.00 0.08 + 0.00 0.10 unch 0.23 0.24 + 0.17 0.18 18.58 19.61 + 14.21 15.30 + 0.23 0.23 0.18 0.18 0.02 0.02 0.00 0.02 unch 0.66 0.80 + 0.00 0.84 + 4.52 4.68 + 0.04 0.05 unch 0.03 0.03 + 0.00 0.05 0.00 0.00 + 0.00 0.10 unch 0.07 0.07 0.15 0.16 0.11 0.13 0.00 0.05 + 0.03 0.03 + 0.00 0.04 2.01 2.11 unch 2.60 2.70 0.40 0.43 + 0.53 0.54 + 0.62 0.63 0.24 0.26 + 0.00 0.04 + 0.67 0.72 0.87 0.92 1.58 1.69 + 1.22 1.31 + 0.63 0.67 0.84 0.87 2.26 2.50 + 1.69 2.04 + 0.18 0.21 + 0.23 0.26 + 0.00 0.05 0.00 0.15 + 0.38 0.38 0.49 0.50 0.92 1.01 0.83 0.84 1.01 1.11 0.07 0.07 0.09 0.09 0.00 0.17 unch 0.09 0.10 + 0.13 0.13 0.00 43.95 + 20.51 22.25 + 2.65 2.70 + 0.00 16.75 unch 16.80 17.74 + 0.08 0.08 unch 0.06 0.09 + 0.72 0.72 + 0.00 0.95 0.02 0.02 unch 0.00 0.03 unch 0.00 0.12 unch 0.00 0.18 unch 16.93 17.80 + 0.06 0.06 unch 0.00 0.07 unch 0.00 0.11 unch 0.35 0.39 + 0.27 0.30 + 0.28 0.30 0.37 0.40 0.01 0.01 + 2.37 2.37 154.81163.40 + 0.00 0.21 + 0.00 0.19 unch 0.00 0.16 unch

0.00 0.02 0.03 0.02 0.01 0.01 0.00 0.00 0.00 0.00 0.01 0.01 0.00 0.01 0.00 0.03 0.03 0.00 0.10 0.01 0.00 0.01 0.01 0.01 0.02 0.02 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.01 3.22 3.70 0.00 0.01 0.00 0.02 0.00 0.49 0.42 2.24 0.06 0.11 0.02 0.01 0.12 0.10 0.01 0.01 0.00 0.02 0.01 0.09 0.38 0.00 0.00 0.04 0.02 0.02 0.00 0.00 0.02 0.03 0.00 0.00 0.14 0.06 0.03 0.04 0.03 0.01 0.00 0.00 0.01 0.01 0.01 0.00 0.01 0.01 0.00 0.02 0.00 0.81 0.75 0.02 0.01 0.00 0.00 0.14 0.03 0.12 0.00 0.00 0.01 0.00 0.00 0.00 0.01 0.01 0.01 0.00 0.02 0.00 0.03 0.02 0.01 0.13 0.00 0.01 0.01 0.03 0.11 0.09 0.05 0.07 0.25 0.27 0.02 0.01 0.01 0.03 0.00 0.02 0.01 0.06 0.06 0.00 0.01 0.00 0.00 0.01 4.12 1.98 0.10 0.00 0.59 0.00 0.03 0.00 0.10 0.00 0.00 0.00 0.00 1.43 0.00 0.00 0.00 0.02 0.02 0.03 0.02 0.00 0.01 2.36 0.01 0.00 0.00

High Low

0.15 0.11 0.49 0.59 0.14 0.14 0.16 0.11 0.11 0.15 0.18 0.17 0.15 0.07 0.08 0.76 0.65 3.00 1.44 0.12 0.10 0.02 0.08 2.09 1.18 1.01 0.19 0.82 0.21 0.24 0.19 0.15 21.45 0.60 74.50 89.95 0.35 1.00 0.79 0.52 0.03 11.61 9.38 98.09 0.88 1.13 0.49 0.51 4.01 3.34 0.11 0.13 0.01 0.58 0.46 1.15 19.61 0.41 0.26 0.23 0.57 0.68 0.27 0.33 1.07 1.27 0.13 0.08 1.09 1.69 0.90 1.17 1.46 0.17 0.11 0.13 0.19 0.79 0.80 0.42 0.46 0.35 0.20 0.42 0.34 25.71 20.36 0.43 0.37 0.11 0.04 1.11 1.48 6.99 0.15 0.12 0.10 0.00 0.15 0.12 0.25 0.21 0.08 0.06 0.30 5.00 6.25 1.17 1.48 1.40 0.42 0.29 1.80 2.21 2.01 1.66 1.37 1.74 3.36 2.68 1.90 2.15 0.08 0.15 0.85 1.05 2.50 1.83 2.30 0.18 0.23 0.40 0.13 0.17 55.61 27.80 3.45 27.20 26.96 0.47 0.33 1.25 1.33 0.05 0.06 0.25 0.18 23.45 0.13 0.09 0.14 1.15 1.00 1.00 1.22 0.03 2.85 183.53 1.25 0.33 0.38

0.05 0.05 0.17 0.22 0.03 0.04 0.07 0.02 0.03 0.04 0.06 0.07 0.05 0.03 0.04 0.29 0.22 0.30 0.43 0.05 0.03 0.01 0.02 0.15 0.51 0.39 0.03 0.44 0.01 0.01 0.09 0.05 12.98 0.17 45.42 58.02 0.15 0.12 0.08 0.20 0.01 8.30 6.51 31.00 0.40 0.53 0.10 0.08 0.94 0.73 0.04 0.05 0.00 0.24 0.19 0.25 5.85 0.13 0.09 0.04 0.27 0.34 0.15 0.21 0.61 0.78 0.01 0.04 0.18 0.45 0.25 0.49 0.59 0.06 0.05 0.04 0.04 0.20 0.27 0.13 0.15 0.07 0.09 0.21 0.16 14.92 11.56 0.15 0.12 0.01 0.02 0.50 0.75 4.38 0.04 0.03 0.04 0.00 0.09 0.07 0.15 0.11 0.04 0.02 0.04 1.20 1.50 0.37 0.47 0.14 0.02 0.02 0.65 0.85 1.10 0.86 0.52 0.54 2.07 1.65 0.18 0.23 0.04 0.12 0.37 0.46 0.92 0.76 0.92 0.06 0.08 0.15 0.04 0.05 33.18 16.75 1.97 15.31 14.57 0.07 0.06 0.56 0.69 0.02 0.03 0.09 0.18 16.35 0.01 0.04 0.09 0.35 0.27 0.27 0.35 0.01 1.70 49.55 0.08 0.18 0.06

(100s) Stock

Exc Volume

ArcPacific Res* ArcPacific Res Arctic Fox Ven Arctic Star* Arctic Star Arcus Dev Grp* Arcus Dev Grp Arcwest Explor Arcwest Explor* Arena Min* Arena Min Argentina Lith Argentina Lith* Argentum Silvr Argo Gold Argonaut Gold* Argonaut Gold Arianne Phosph* Arianne Phosph Aris Gold Arizona Gold* Arizona Gold Arizona Metals Arizona Metals* Arizona Silver* Arizona Silver Armor Min Artemis Gold* Artemis Gold Asante Gold* Asante Gold Asbestos Corp Ascendant Res* Ascendant Res Ascot Res Ascot Res * AsiaBaseMetals Aston Bay* Aston Bay ATAC Res* ATAC Res Atacama Cop Atacama Res* Atalaya Mining Athabasca Min* Athabasca Min Athena Gold* Athena Atico Mining* Atico Mining Atlas Salt* Atlas Salt Aton Resources* Aton Resources Augusta Gold* Augusta Gold Aura Minerals Aura Minerals* Aurania Res* Aurania Res Aurcana Silver Aurcana Silver* AurCrest Gold Aurelius Min* Aurelius Min Aurion Res * Aurion Res Aurora Royal Aurwest Res AURYN Mining* Aust Goldfield* Aust Mines* Austin Res Austral Gold* Austral Gold Auxico Res* Auxico Res Avalon Advance* Avalon Advance Avarone Metals* Avidian Gold* Avidian Gold Avino Silver* Avino Silver Avrupa Min Avrupa Min* Awale Res Axmin Inc Axmin Inc* Aya Gold* Azarga Metals* Azarga Metals Azimut Explor* Azimut Explor Azincourt Ener* Azincourt Ener Aztec Minerals Aztec Minerals* Azucar Min Azucar Min*

B

B2Gold Corp B2Gold Corp* Baden Res Bald Eagle Balto Res Bam Bam Res Bam Bam Res* Bannerman Egy* Banyan Gold Banyan Gold* Barksdale Res* Barksdale Res Baroyeca Gold Baroyeca Gold* Barrick Gold* Barrick Gold Barsele Min* Barsele Min Baru Gold Baru Gold* Baselode Egy* Baselode Egy Basin Uranium Batero Gold Batero Gold* Bathurst Met Bathurst Metal* Battery Min Bayhorse Silvr* Bayhorse Silvr BC Moly BCM Res BCM Res* BE Res Bear Creek Mng Bear Creek Mng* Bearclaw Cap Bearing Lith Bearing Lith* Beauce Gold Bell Copper Bell Copper* Belmont Res Belo Sun Mng Belo Sun Mng* BeMetals * BeMetals Benchmark Met* Benchmark Met Benjamin Hill Benjamin Hill* Benton Res* Benton Res Benz Mining* Benz Mining Bessor Min Bird River Res Bitterroot Res* Bitterroot Res Black Dragon*

Week High

Low

0.03 0.00 0.00 0.07 0.09 0.02 0.00 0.00 0.05 0.35 0.45 0.29 0.24 0.00 0.07 0.89 1.14 0.40 0.51 1.66 0.04 0.05 5.16 3.99 0.25 0.32 0.00 3.95 5.30 0.00 1.57 0.00 0.15 0.22 0.67 0.51 0.00 0.02 0.00 0.07 0.10 0.00 0.00 5.70 0.23 0.29 0.06 0.07 0.26 0.33 0.99 1.25 0.34 0.38 1.43 1.75 8.75 6.88 0.48 0.61 0.05 0.04 0.00 0.19 0.26 0.59 0.77 0.00 0.08 0.60 0.00 0.08 0.00 0.04 0.00 0.00 0.68 0.10 0.13 0.01 0.04 0.04 0.64 0.80 0.00 0.05 0.00 0.00 0.02 0.00 0.03 0.00 0.92 1.22 0.07 0.09 0.28 0.23 0.09 0.06

12-month

Last Change

0.04 + 0.05 + 0.13 unch 0.08 + 0.11 + 0.02 unch 0.03 unch 0.08 + 0.05 0.38 + 0.49 + 0.36 + 0.26 + 0.13 unch 0.07 unch 1.13 + 1.45 + 0.41 + 0.52 unch 1.92 + 0.04 0.06 unch 5.28 4.11 0.25 0.40 + 0.59 + 4.43 + 5.67 + 1.30 unch 1.60 0.88 unch 0.19 + 0.23 + 0.73 + 0.57 + 0.17 unch 0.03 + 0.03 unch 0.08 0.10 0.24 + 0.01 6.00 + 0.23 0.29 0.06 + 0.07 0.30 + 0.39 + 1.34 + 1.88 + 0.39 + 0.50 unch 1.62 + 2.10 + 9.91 + 7.78 + 0.52 + 0.66 0.08 0.06 0.21 0.23 + 0.26 0.61 + 0.78 0.03 0.12 + 0.61 0.12 + 0.10 0.06 unch 0.04 0.06 unch 0.60 + 0.84 + 0.10 0.13 0.02 + 0.04 0.04 0.67 + 0.85 + 0.06 0.05 0.20 unch 0.06 + 0.02 unch 5.90 + 0.03 0.04 unch 1.02 + 1.32 + 0.08 + 0.10 + 0.29 + 0.23 + 0.09 0.07 -

High Low

0.01 0.52 0.02 0.01 0.25 0.04 0.00 0.20 0.12 0.00 0.21 0.04 0.02 0.24 0.05 0.00 0.02 0.02 0.00 0.04 0.03 0.01 0.12 0.06 0.01 0.10 0.05 0.02 0.60 0.08 0.02 0.68 0.10 0.04 0.96 0.13 0.00 0.77 0.10 0.00 0.28 0.13 0.00 0.24 0.07 0.20 3.23 0.85 0.22 4.09 1.10 0.02 0.65 0.23 0.00 0.82 0.29 0.28 2.55 1.21 0.00 0.12 0.04 0.00 0.15 0.05 0.17 6.98 3.05 0.10 5.60 2.39 0.03 0.48 0.13 0.01 0.60 0.17 0.08 0.87 0.49 0.21 6.23 3.40 0.27 7.93 4.86 0.00 1.80 0.21 0.07 2.29 0.24 0.00 0.98 0.50 0.04 0.55 0.12 0.02 0.34 0.17 0.03 1.41 0.62 0.01 1.20 0.48 0.00 0.24 0.13 0.00 0.06 0.02 0.00 0.09 0.03 0.01 0.16 0.07 0.01 0.19 0.09 0.04 0.65 0.20 0.00 0.04 0.00 0.27 8.48 4.71 0.03 0.54 0.12 0.04 0.70 0.15 0.00 0.21 0.05 0.01 0.30 0.05 0.04 0.63 0.24 0.05 0.73 0.31 0.39 1.87 0.48 0.64 1.98 0.58 0.01 0.48 0.12 0.00 0.69 0.16 0.17 1.86 0.71 0.28 2.25 0.89 0.87 17.50 8.39 1.19 14.31 6.50 0.01 2.82 0.42 0.01 3.43 0.52 0.01 1.10 0.05 0.01 0.91 0.04 0.01 0.39 0.12 0.04 0.51 0.17 0.04 0.65 0.21 0.01 1.09 0.49 0.01 1.36 0.65 0.02 0.07 0.03 0.03 0.22 0.08 0.29 1.05 0.45 0.00 0.24 0.01 0.02 0.27 0.08 0.00 0.09 0.06 0.02 0.15 0.04 0.00 0.17 0.06 0.07 1.68 0.25 0.16 1.85 0.50 0.00 0.19 0.07 0.01 0.24 0.09 0.01 0.04 0.01 0.01 0.22 0.03 0.01 0.20 0.04 0.03 1.37 0.57 0.02 1.64 0.76 0.01 0.11 0.06 0.01 0.15 0.05 0.00 0.88 0.17 0.01 0.08 0.03 0.00 0.06 0.02 0.78 9.44 4.40 0.00 0.12 0.03 0.00 0.17 0.03 0.11 1.98 0.75 0.12 2.49 1.09 0.00 0.19 0.06 0.01 0.29 0.09 0.03 0.41 0.22 0.02 0.32 0.16 0.02 0.19 0.07 0.01 0.15 0.06

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

85 43 0 5 2045 125 0 114 32 705 4358 507 242 0 350 645 11430 302 400 262 337 814 893 286 312 220 58 38 427 1 113 0 5 224 929 624 0 413 825 206 195 16 2419 66 1 311 30 54 111 292 81 1133 33 522 439 447 289 2 110 103 12248 7470 5 12 42 47 164 5 441 12 122 205 50 179 301 107 404 297 1720 26 24 345 1403 171 14 260 16 157 17 20 40 23 36 232 68 1633 961 586 202 238

0.04 0.05 0.00 0.08 0.11 0.02 0.00 0.08 0.06 0.40 0.51 0.37 0.28 0.00 0.08 1.23 1.63 0.45 0.57 1.96 0.05 0.06 5.62 4.45 0.31 0.40 0.59 4.64 6.05 1.32 1.65 0.00 0.19 0.24 0.76 0.60 0.00 0.03 0.04 0.08 0.11 0.24 0.01 6.10 0.25 0.32 0.10 0.14 0.32 0.40 1.60 1.88 0.42 0.54 1.71 2.18 10.10 7.78 0.53 0.68 0.10 0.08 0.23 0.23 0.28 0.64 0.80 0.03 0.12 0.90 0.13 0.11 0.06 0.06 0.06 0.64 0.84 0.12 0.15 0.02 0.04 0.05 0.72 0.93 0.06 0.06 0.20 0.06 0.02 5.90 0.03 0.04 1.33 1.75 0.09 0.11 0.33 0.26 0.11 0.09

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

11857 61680 0 1099 126 990 783 3313 1119 197 291 939 350 14 91789 40926 11 360 262 104 1117 1598 120 16 60 154 187 0 282 396 2 255 138 0 137 92 0 86 11 185 538 75 384 575 2215 25 22 130 1139 165 26 267 262 11 37 0 179 122 47 16

5.41 5.02 5.28 + 0.15 6.47 4.21 4.23 3.91 4.12 + 0.14 5.37 3.30 0.00 0.00 0.20 unch 0.00 0.23 0.12 0.12 0.08 0.11 + 0.02 0.12 0.04 0.06 0.05 0.06 unch 0.00 0.22 0.04 0.04 0.03 0.03 unch 0.00 0.35 0.03 0.03 0.02 0.02 - 0.00 0.29 0.02 0.15 0.12 0.14 - 0.00 0.33 0.09 0.50 0.41 0.44 + 0.04 0.51 0.23 0.38 0.33 0.35 + 0.04 0.41 0.19 0.54 0.37 0.48 + 0.09 0.54 0.22 0.70 0.48 0.65 + 0.11 0.70 0.26 0.38 0.24 0.29 unch 0.00 0.50 0.16 0.26 0.19 0.19 - 0.00 0.49 0.12 20.91 19.73 20.76 + 0.33 26.07 17.27 26.75 25.42 26.65 + 0.26 33.50 22.30 0.26 0.25 0.26 - 0.00 0.66 0.25 0.34 0.00 0.32 - 0.03 0.82 0.31 0.07 0.06 0.07 + 0.01 0.13 0.06 0.06 0.04 0.06 + 0.01 0.12 0.04 0.76 0.64 0.68 - 0.01 1.23 0.32 0.97 0.81 0.87 unch 0.00 1.54 0.40 0.30 0.25 0.30 + 0.01 1.08 0.24 0.07 0.00 0.07 unch 0.00 0.15 0.06 0.05 0.05 0.05 - 0.00 0.12 0.04 0.07 0.00 0.07 - 0.02 0.16 0.05 0.05 0.03 0.05 unch 0.00 0.53 0.03 0.00 0.00 0.33 unch 0.00 0.85 0.33 0.05 0.04 0.04 + 0.00 0.23 0.04 0.06 0.06 0.06 - 0.01 0.25 0.05 0.19 0.00 0.19 unch 0.00 0.40 0.08 0.24 0.21 0.22 - 0.01 0.35 0.10 0.19 0.15 0.19 + 0.04 0.25 0.07 0.00 0.00 0.20 unch 0.00 0.20 0.20 1.09 0.97 1.04 + 0.06 1.98 0.92 0.84 0.75 0.83 + 0.05 1.64 0.71 0.00 0.00 0.18 unch 0.00 0.37 0.18 0.26 0.25 0.26 + 0.01 0.44 0.14 0.20 0.17 0.20 + 0.01 0.35 0.11 0.08 0.00 0.08 unch 0.00 0.34 0.08 0.37 0.33 0.36 + 0.01 0.73 0.11 0.29 0.26 0.29 + 0.02 0.58 0.09 0.08 0.06 0.07 + 0.01 0.11 0.05 0.41 0.35 0.38 + 0.04 0.88 0.29 0.32 0.26 0.28 + 0.02 0.73 0.22 0.13 0.13 0.13 - 0.00 0.34 0.10 0.18 0.00 0.18 + 0.02 0.46 0.15 0.65 0.62 0.62 - 0.02 1.21 0.57 0.83 0.77 0.77 - 0.06 1.45 0.73 0.40 0.30 0.37 + 0.09 0.67 0.28 0.30 0.23 0.27 + 0.05 0.50 0.22 0.11 0.09 0.11 + 0.01 0.37 0.07 0.16 0.12 0.16 + 0.01 0.25 0.12 0.41 0.35 0.35 unch 0.00 0.79 0.35 0.60 0.00 0.55 + 0.04 0.97 0.44 0.00 0.00 0.04 unch 0.00 0.09 0.04 0.17 0.12 0.12 - 0.04 0.24 0.11 0.06 0.05 0.06 + 0.00 0.16 0.04 0.08 0.00 0.07 + 0.01 0.19 0.06 0.03 0.03 0.03 - 0.00 0.05 0.03

(100s) Stock

Exc Volume

Black Hills* Black Iron* Black Iron Black Mammoth* Black Mammoth Black Mountain Black Mountain* Black Tusk Res Black Tusk Res* Blackrock Silv Blackrock Silv* Blackwolf Cop Blackwolf Cop* Blind Creek Blue Lagoon* Blue Lagoon Blue Moon Blue Moon* Blue River Res Blue River Res* Blue Sky Uran* Blue Sky Uran Blue Star Gold Blue Thunder BlueBird Batt* BlueBird Batt Bluejay Mining* Bluestone Res Bluestone Res* BMEX Gold BMEX Gold* Bold Ventures* Bold Ventures Bolt Metals* Bolt Metals Bonanza Gold* Bond Resources BonTerra Res Boreal Metals Boreal Metals* Borneo Res Inv* Boundary Gold* Boundary Gold Brascan Gold Bravada Gold Bravada Gold* Braveheart Res Braveheart Res* Bravo Multinat* Brazil Min* Brigadier Gold* Brigadier Gold BrightRock* Brixton Metals* Brixton Metals Brookmount Exp* Brunswick Expl Bryn Res* BTU Metals* BTU Metals Buenaventura* Buffalo Coal Bullet Explor Bullion Gold* Bunker Hill Burrell Res BWR Explor

Low

Last Change

12-month High Low

2798 28 2280 1 10 84 16 59 200 1852 1732 51 9 229 519 522 134 229 7447 104 235 432 306 2177 13 40 576 93 38 244 2 2 246 1 52 2756 43 81 3 56 6865 3 8 168 236 356 2611 1827 11 24637 123 573 1064 671 1653 164 526 2 169 3369 6305 61 5 900 278 38 26

76.72 72.58 73.19 - 2.79 80.95 61.95 0.08 0.07 0.07 + 0.01 0.46 0.07 0.10 0.09 0.09 - 0.01 0.55 0.09 0.14 0.00 0.11 - 0.04 0.18 0.06 0.15 0.00 0.14 - 0.04 0.22 0.08 0.28 0.00 0.26 - 0.03 0.60 0.25 0.23 0.19 0.23 + 0.04 0.51 0.19 0.03 0.02 0.03 - 0.01 0.04 0.02 0.03 0.02 0.02 + 0.01 0.03 0.01 0.72 0.60 0.66 - 0.06 1.30 0.60 0.58 0.47 0.53 - 0.03 1.08 0.46 0.52 0.00 0.50 + 0.02 1.51 0.45 0.40 0.38 0.38 + 0.03 1.28 0.00 0.05 0.00 0.04 + 0.01 0.13 0.04 0.37 0.32 0.33 - 0.00 0.61 0.26 0.46 0.41 0.43 unch 0.00 0.74 0.33 0.03 0.00 0.02 - 0.01 0.07 0.02 0.02 0.02 0.02 + 0.00 0.06 0.01 0.03 0.02 0.02 - 0.01 0.03 0.01 0.02 0.00 0.01 - 0.00 0.02 0.00 0.16 0.15 0.16 + 0.01 0.29 0.11 0.21 0.19 0.20 + 0.01 0.37 0.15 0.70 0.60 0.65 + 0.02 0.90 0.31 0.02 0.00 0.02 - 0.01 0.06 0.02 0.04 0.03 0.04 + 0.01 0.13 0.03 0.05 0.00 0.04 unch 0.00 0.13 0.04 0.09 0.07 0.08 - 0.00 0.24 0.07 1.76 1.60 1.72 + 0.04 2.30 1.28 1.38 1.25 1.34 + 0.01 1.79 1.01 0.07 0.05 0.06 - 0.01 0.26 0.05 0.05 0.05 0.05 - 0.06 0.21 0.05 0.09 0.09 0.09 unch 0.00 0.10 0.05 0.13 0.11 0.11 - 0.01 0.17 0.07 0.08 0.00 0.08 + 0.01 0.34 0.08 0.15 0.11 0.15 + 0.05 0.43 0.10 0.00 0.00 0.00 - 0.00 0.04 0.00 0.03 0.00 0.03 - 0.01 0.11 0.03 1.09 0.95 1.08 + 0.09 1.54 0.93 0.07 0.00 0.07 unch 0.00 0.32 0.07 0.07 0.05 0.07 + 0.00 0.23 0.04 0.00 0.00 0.00 + 0.00 0.02 0.00 0.02 0.02 0.02 unch 0.00 0.05 0.02 0.03 0.00 0.03 - 0.01 0.08 0.03 0.11 0.08 0.09 - 0.03 0.69 0.08 0.05 0.00 0.04 unch 0.00 0.12 0.04 0.04 0.03 0.03 - 0.00 0.10 0.03 0.11 0.08 0.10 + 0.03 0.13 0.07 0.09 0.05 0.08 + 0.03 0.11 0.05 0.05 0.03 0.04 - 0.01 0.19 0.02 0.01 0.01 0.01 - 0.00 0.02 0.00 0.03 0.01 0.02 - 0.02 0.13 0.01 0.02 0.00 0.02 - 0.01 0.13 0.02 0.16 0.12 0.16 + 0.04 0.15 0.02 0.13 0.10 0.12 + 0.02 0.20 0.09 0.16 0.13 0.16 + 0.03 0.24 0.13 0.08 0.06 0.08 + 0.01 0.80 0.02 0.21 0.19 0.21 + 0.03 0.29 0.11 0.02 0.02 0.02 unch 0.00 0.06 0.01 0.05 0.03 0.03 - 0.02 0.19 0.03 0.06 0.04 0.05 - 0.02 0.17 0.04 8.41 7.31 8.33 + 1.05 12.44 6.11 0.03 0.00 0.03 + 0.01 0.06 0.01 0.06 0.00 0.06 unch 0.00 0.16 0.06 0.06 0.01 0.05 unch 0.00 0.20 0.00 0.25 0.23 0.25 + 0.01 0.42 0.17 0.20 0.20 0.20 unch 0.00 0.53 0.20 0.04 0.00 0.04 + 0.01 0.08 0.03

C2C Gold* O 11 C3 Metals V 2217 Cabral Gold* O 79 V 274 Cabral Gold Cadence Min* O 225 Caledonia Mng* X 102 Calibre Mng T 7687 Calibre Mng* O 2261 Califfi Cap V 0 Callinex Mines* O 27 V 22 Callinex Mines Cameco Corp* N 35937 Cameco Corp T 11471 V 3353 Camino Min Camino Min* O 93 O 8 Camrova Res* Canada Carbon V 680 Canada Carbon* O 45 V 937 Canada Nickel O 186 Canada Nickel* Canada One V 0 Canada Rare V 298 Canada Rare* O 451 Canada Silver V 896 Canada Silver* O 315 1 Canadian Metal* O Canadian Metal C 169 Canadian Prem V 133 Canadian Silv V 170 Canagold Res T 294 Canagold Res* O 130 CanAlaska Uran V 683 CanAlaska Uran* O 247 Canamera Energ C 0 Canasil Res V 167 Candelaria Mg V 18 Candente Coppr T 510 Candente Gold* O 75 Candente Gold V 387 CANEX Metals * O 232 CANEX Metals V 326 CaNickel Mng V 3 Canoe Mng Vent V 1 Canstar Res V 480 Canstar Res* O 282 Canterra Min* O 67 Canterra Min V 21 Cantex Mn Dev* O 9 V 136 Cantex Mn Dev Canuc Res V 149 Canuc Res* O 25 Capella Min V 2930 Capella Min* O 160 Capitan Mining V 263 Capitan Mining* O 178 Capstone Mng T 8068 Cariboo Rose V 179 Carlin Gold V 9 Carlyle Comm* O 452 Carrara Explor C 420 Cartier Iron C 1400 Cartier Res* O 283 Cartier Res V 1076 Casa Minerals V 10 Casa Minerals * O 11 Cascada Silver C 234 Cascadero Copp V 19 Cassiar Gold V 700 Cassius Vents V 0 CAT Strategic C 372 CAT Strategic* O 50 CAVU Mining* O 54 CAVU Mining C 477 Cdn Goldcamps C 1 Cdn Manganese 181 CDN Maverick* O 0 Cdn Palladium C 204 Cdn Palladium* O 310 Centamin T 303 Centerra Gold T 2179 Central Afric V 86 Central Iron V 38 Centurion Mnls V 0 Century Cobalt* O 12 Century Global* O 1 Century Global T 2 Cerrado Gold V 275 Cerro de Pasc * O 19 Cerro de Pasc C 951 Cerro Grande* O 2 Cerro Grande C 1018 Cerro Mng* O 15 Ceylon Graph V 280

0.12 0.10 0.12 + 0.01 0.48 0.09 0.09 0.07 0.08 - 0.01 0.25 0.07 0.31 0.26 0.26 - 0.02 0.63 0.18 0.35 0.33 0.34 - 0.01 0.66 0.34 0.00 0.00 0.21 unch 0.00 0.47 0.11 13.09 12.26 12.45 - 0.34 18.23 10.51 1.32 1.04 1.29 + 0.19 2.36 1.02 1.04 0.82 1.00 + 0.16 1.95 0.78 0.00 0.00 0.12 unch 0.00 0.18 0.11 2.04 1.71 1.90 + 0.20 3.90 1.61 2.60 2.22 2.60 + 0.42 4.80 2.12 23.94 21.88 23.46 + 1.45 32.49 15.34 30.71 28.27 30.10 + 1.65 41.05 19.68 0.06 0.04 0.06 + 0.02 0.23 0.04 0.05 0.03 0.05 + 0.01 0.21 0.03 0.04 0.00 0.04 + 0.03 0.12 0.00 0.07 0.00 0.07 + 0.01 0.18 0.06 0.04 0.04 0.04 unch 0.00 0.14 0.00 2.17 2.00 2.04 + 0.01 4.01 1.95 1.70 1.56 1.59 unch 0.00 3.19 1.52 0.00 0.00 0.12 unch 0.00 0.12 0.05 0.05 0.04 0.05 unch 0.00 0.10 0.04 0.04 0.03 0.03 - 0.01 0.08 0.03 0.19 0.16 0.17 unch 0.00 0.47 0.15 0.14 0.12 0.13 - 0.00 0.39 0.11 0.08 0.08 0.08 unch 0.00 0.30 0.00 0.14 0.12 0.13 + 0.03 0.39 0.10 0.38 0.33 0.33 - 0.06 0.63 0.27 0.04 0.00 0.03 unch 0.00 0.11 0.03 0.30 0.28 0.30 + 0.01 0.70 0.28 0.25 0.22 0.23 + 0.00 0.55 0.22 0.42 0.36 0.39 + 0.03 0.84 0.32 0.32 0.27 0.29 + 0.02 0.67 0.25 0.00 0.00 0.45 unch 0.00 0.50 0.32 0.08 0.07 0.08 + 0.01 0.18 0.07 0.14 0.00 0.13 - 0.01 0.64 0.13 0.18 0.16 0.16 + 0.01 0.26 0.11 0.05 0.05 0.05 unch 0.00 0.12 0.04 0.10 0.08 0.09 + 0.02 0.20 0.05 0.12 0.12 0.12 unch 0.00 0.20 0.07 0.18 0.15 0.17 + 0.01 0.20 0.09 0.09 0.00 0.09 - 0.02 0.23 0.09 0.09 0.00 0.09 - 0.01 0.20 0.08 0.17 0.14 0.15 - 0.03 0.61 0.14 0.14 0.11 0.12 - 0.02 0.51 0.11 0.15 0.11 0.12 - 0.00 0.37 0.10 0.16 0.00 0.16 + 0.02 0.44 0.14 0.20 0.19 0.20 - 0.01 0.58 0.19 0.25 0.24 0.25 unch 0.00 0.71 0.24 0.11 0.00 0.10 - 0.01 0.27 0.09 0.08 0.08 0.08 unch 0.00 0.22 0.07 0.07 0.06 0.06 unch 0.00 0.12 0.05 0.05 0.04 0.05 - 0.00 0.10 0.01 0.49 0.37 0.39 - 0.10 0.74 0.18 0.39 0.29 0.31 - 0.05 0.65 0.13 5.22 4.63 4.85 + 0.21 7.79 4.26 0.07 0.00 0.04 - 0.01 0.08 0.04 0.03 0.00 0.03 unch 0.00 0.06 0.03 0.03 0.00 0.02 - 0.01 0.13 0.02 0.03 0.02 0.03 unch 0.00 0.03 0.02 0.07 0.00 0.06 - 0.01 0.15 0.02 0.12 0.08 0.11 + 0.02 0.27 0.01 0.15 0.12 0.15 + 0.03 0.32 0.12 0.12 0.00 0.12 + 0.02 0.35 0.09 0.09 0.08 0.09 + 0.01 0.27 0.08 0.04 0.04 0.04 + 0.01 0.13 0.03 0.02 0.00 0.02 + 0.01 0.04 0.01 0.90 0.74 0.77 - 0.07 1.48 0.35 0.00 0.00 0.08 unch 0.00 0.17 0.08 0.03 0.00 0.03 unch 0.00 0.06 0.02 0.02 0.02 0.02 - 0.00 0.06 0.00 0.29 0.21 0.27 + 0.01 1.18 0.17 0.39 0.27 0.34 unch 0.00 0.70 0.30 0.35 0.00 0.35 - 0.05 1.70 0.37 0.33 0.00 0.30 - 0.04 0.50 0.10 0.17 0.00 0.17 + 0.01 0.25 0.15 0.09 0.00 0.07 - 0.02 0.19 0.05 0.07 0.06 0.06 - 0.01 0.15 0.04 1.43 1.29 1.35 - 0.01 2.10 1.26 11.02 9.98 10.39 + 0.04 13.52 8.46 0.06 0.00 0.06 - 0.01 0.28 0.06 0.05 0.00 0.05 unch 0.00 0.08 0.04 0.00 0.00 0.07 unch 0.00 0.07 0.07 0.05 0.03 0.04 - 0.00 0.07 0.01 0.13 0.13 0.13 + 0.00 0.33 0.13 0.18 0.00 0.18 unch 0.00 0.42 0.14 1.60 1.40 1.56 + 0.08 1.96 1.23 0.18 0.16 0.17 + 0.01 0.33 0.15 0.24 0.20 0.23 + 0.03 0.41 0.19 0.01 0.01 0.01 unch 0.00 0.03 0.00 0.02 0.01 0.01 unch 0.00 0.03 0.01 0.15 0.00 0.15 unch 0.00 0.29 0.15 0.16 0.14 0.16 + 0.01 0.27 0.12

C

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

Week High

(100s) Stock

Exc Volume

Ceylon Graph* Chakana Copper Chakana Copper* Chalice Gold M* Champion Bear* Champion Bear Champion Iron* Champion Iron Chatham Rock Chatham Rock* Chesapeake Gld* Chesapeake Gld Chevron Corp* Chiboug Ind Mn Chiboug Ind Mn* Chilean Metals Chilean Metals* China Gold Int Churchill Res Cipher Mining* Clarity Gold* Clarity Gold Class 1 Nickel Clean Air Met Clean Comm* Cleghorn Min Cleveland-Clif* Cliffmont Res Clifton Mng* Clydesdale Res CMC Metals* CMC Metals CMX Gold & Sil CNRP Mng Coast Copper Cobalt Block Cobalt Block* Coeur Mng* Colibri Res Collective Mg* Colombia Crest Colombia Crest* Colonial Coal Comet Inds Commander Res Commander Res* Commerce Res Commerce Res* Compass Gold Comstock Mng* Comstock Mtls Comstock Mtls * Condor Gold* Condor Gold Condor Res Condor Res* Conquest Res * Conquest Res Cons Uranium* Cons Uranium Cons Woodjam CONSOL Energy* CONSOL Energy* Constantine Mt* Constantine Mt Contact Gold* Contact Gold CopAur Min CopAur Min* Copper Fox Mtl* Copper Fox Mtl Copper Lake Rs Copper Mtn Mng Copper Mtn Mng* Copper One * Copperbank Res Cordoba Mnls* Cordoba Mnls Core Assets Cornerstone Ca Cornerstone Ca* Corsa Coal * Corsa Coal Cortus Metals CoTec Holdings Crest Resource Crest Resource* Crestview Expl Critical Elem* Critical Elem Cross River* Cross River Crown Mining Crown Mining* Cruz Battery* Cruz Battery Currie Rose Rs CWN M’g Acq Cyntar Venture Cypress Dev* Cypress Dev

D-F

Dajin Lithium* Dajin Res Damara Gold* Damara Gold Danakali* Decade Res Decade Res* Deep-South Res* Deep-South Res DeepRock Min Defense Metals* Defense Metals Defiance Silvr Defiance Silvr* Delrand Res Denarius Metal Denison Mines Denison Mines* Desert Gold* Desert Gold Desert Mtn Egy Diamante Min* Diamcor Mng Diamcor Mng* Diamond Fields Dios Expl Discovery Harb Discovery Silv Discovery Silv* Discovery-Corp District Cop District Cop* District Metal* District Metal District Mines Dixie Gold DLP Resouces Dolly Vard Sil Dolly Vard Sil* Dore Copper Doubleview Gld Doubleview Gld* DRDGOLD* Dundee Prec Mt Durango Res* Durango Res DV Resources Dynacor Gld Mn Dynacor Gld Mn* DynaResource* Dynasty Gold Dynasty Gold* E2Gold Inc E2Gold Inc* E3 Metals* E3 Metals E79 Resources E79 Resources* Eagle Graphite

Week High

Low

12-month

Last Change

High Low

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

94 0.12 0.11 0.12 + 0.01 0.22 0.09 304 0.13 0.00 0.12 unch 0.00 0.45 0.11 205 0.10 0.09 0.09 - 0.00 0.38 0.09 16 4.78 3.71 4.73 + 1.02 7.69 3.60 1 0.16 0.16 0.16 unch 0.00 0.18 0.05 86 0.23 0.00 0.22 - 0.02 0.25 0.08 41 5.26 4.71 5.18 + 0.48 6.02 2.94 1620 6.81 6.00 6.68 + 0.56 7.59 3.71 310 0.28 0.00 0.25 + 0.03 0.46 0.09 20 0.15 0.15 0.15 + 0.01 0.26 0.08 32 2.23 1.90 2.14 + 0.25 4.00 1.75 56 2.86 2.51 2.76 + 0.37 4.79 2.25 59269 175.65 162.83167.82 - 0.05 175.65 92.86 0 0.00 0.00 0.18 unch 0.00 0.40 0.14 1 0.13 0.13 0.13 + 0.00 0.33 0.13 440 0.16 0.14 0.14 - 0.01 0.30 0.12 66 0.11 0.10 0.11 - 0.01 0.23 0.09 150 4.08 3.87 4.03 + 0.10 5.45 3.02 15 0.26 0.00 0.26 + 0.02 0.45 0.16 1528 2.09 1.75 1.93 - 0.01 15.39 1.29 9 0.10 0.09 0.09 - 0.00 1.02 0.09 139 0.14 0.12 0.12 - 0.01 1.08 0.12 7 0.17 0.00 0.16 - 0.04 0.65 0.10 523 0.22 0.19 0.20 unch 0.00 0.36 0.17 11 0.10 0.10 0.10 + 0.00 0.39 0.00 0 0.00 0.00 0.09 unch 0.00 0.17 0.08 69640 22.79 20.87 21.79 + 0.06 34.04 15.81 1 0.10 0.00 0.10 unch 0.00 0.23 0.06 30 0.18 0.16 0.18 + 0.01 0.28 0.13 0 0.00 0.00 0.10 unch 0.00 0.10 0.05 318 0.17 0.13 0.15 - 0.01 0.21 0.03 753 0.22 0.17 0.19 - 0.02 0.25 0.08 3 0.09 0.00 0.09 + 0.01 0.12 0.05 189 0.13 0.09 0.11 + 0.01 0.42 0.09 599 0.09 0.00 0.08 - 0.01 0.17 0.07 12 0.03 0.00 0.03 unch 0.00 0.07 0.02 70 0.02 0.02 0.02 unch 0.00 0.07 0.01 23824 3.76 3.33 3.67 + 0.25 11.14 3.01 0 0.00 0.00 0.07 unch 0.00 0.17 0.07 2 2.50 2.49 2.49 - 0.01 3.50 1.89 3705 0.65 0.00 0.60 + 0.04 0.97 0.10 43 0.47 0.38 0.38 unch 0.00 0.75 0.08 311 1.92 1.61 1.68 - 0.22 3.73 0.50 0 0.00 0.00 2.98 unch 0.00 4.00 2.85 95 0.11 0.00 0.11 - 0.01 0.25 0.10 4 0.10 0.09 0.09 unch 0.00 0.21 0.08 119 0.21 0.00 0.21 + 0.02 0.32 0.19 23 0.15 0.00 0.15 + 0.00 0.25 0.15 12 0.13 0.00 0.13 - 0.02 0.25 0.11 1137 0.85 0.75 0.77 - 0.09 4.77 0.72 1 0.08 0.00 0.08 - 0.02 0.11 0.08 125 0.07 0.07 0.07 unch 0.00 0.09 0.03 315 0.37 0.00 0.35 - 0.05 0.79 0.35 156 0.51 0.00 0.48 - 0.07 1.00 0.44 23 0.14 0.00 0.14 + 0.01 0.25 0.11 13 0.12 0.12 0.12 unch 0.00 0.20 0.01 62 0.03 0.03 0.03 + 0.00 0.16 0.03 8 0.04 0.00 0.04 unch 0.00 0.20 0.04 294 1.50 1.25 1.37 + 0.02 2.67 1.16 390 1.93 1.61 1.78 + 0.01 3.29 1.51 30 0.09 0.00 0.09 - 0.01 0.22 0.08 17950 20.18 18.98 19.58 + 0.76 23.33 10.41 2636 53.20 48.17 51.10 + 2.95 55.26 12.96 76 0.28 0.26 0.28 + 0.01 0.60 0.17 40 0.36 0.00 0.34 - 0.01 0.77 0.22 33 0.03 0.03 0.03 + 0.00 0.10 0.03 498 0.05 0.00 0.04 unch 0.00 0.11 0.04 1045 0.88 0.75 0.79 - 0.05 1.70 0.75 677 0.70 0.58 0.61 - 0.04 1.34 0.58 50 0.18 0.16 0.17 - 0.00 0.53 0.15 456 0.25 0.20 0.23 + 0.03 0.64 0.19 1366 0.08 0.06 0.07 unch 0.00 0.21 0.04 7276 2.79 2.20 2.59 + 0.32 4.45 2.02 483 2.18 1.75 2.00 + 0.26 3.84 1.52 912 0.04 0.03 0.03 - 0.01 0.20 0.03 224 0.83 0.70 0.77 - 0.01 1.00 0.35 13 0.44 0.00 0.40 + 0.12 0.92 0.01 186 0.58 0.00 0.55 + 0.15 1.10 0.35 368 0.72 0.61 0.65 unch 0.00 0.88 0.07 40 3.86 3.61 3.86 + 0.12 5.28 3.46 7 3.00 2.88 3.00 - 0.25 4.10 0.65 719 0.29 0.22 0.26 + 0.01 0.87 0.18 2461 0.37 0.28 0.33 unch 0.00 1.10 0.24 14 0.07 0.00 0.06 unch 0.00 0.18 0.06 0 0.00 0.00 0.64 unch 0.00 0.80 0.15 266 0.05 0.04 0.04 - 0.01 0.29 0.04 50 0.04 0.04 0.04 unch 0.00 0.25 0.04 44 0.18 0.00 0.18 + 0.01 0.56 0.15 131 1.13 1.01 1.08 + 0.02 1.65 0.87 707 1.47 1.28 1.42 + 0.05 1.98 1.13 50 0.06 0.06 0.06 unch 0.00 0.31 0.06 1297 0.08 0.06 0.07 - 0.01 0.21 0.06 294 0.06 0.04 0.05 + 0.01 0.30 0.04 282 0.04 0.03 0.04 + 0.01 0.24 0.03 275 0.18 0.14 0.15 - 0.01 0.27 0.06 324 0.23 0.20 0.20 - 0.01 0.34 0.09 7 0.05 0.00 0.05 unch 0.00 0.15 0.03 0 0.00 0.00 0.08 unch 0.00 0.10 0.07 17 0.38 0.00 0.38 + 0.01 0.99 0.32 633 1.08 0.98 1.03 - 0.04 2.13 0.68 750 1.37 1.26 1.31 - 0.06 2.61 0.83

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

64 23 50 38 29 519 70 86 899 331 126 557 552 524 195 206 12417 41360 3 195 179 2 191 180 0 639 0 3150 734 1 106 3 86 209 0 54 3 555 659 89 103 58 895 1839 113 111 0 143 19 26 14 9 741 9 116 639 147 33 2

0.70 0.85 0.04 0.06 0.20 0.04 0.02 0.06 0.08 0.04 0.20 0.26 0.46 0.36 0.04 0.30 1.53 1.20 0.06 0.08 3.45 0.03 0.24 0.19 0.00 0.05 0.00 1.45 1.21 0.09 0.23 0.18 0.14 0.17 0.00 0.15 0.23 0.63 0.49 0.62 0.27 0.22 6.84 7.82 0.07 0.08 0.00 3.25 2.53 2.00 0.16 0.12 0.06 0.04 1.75 2.26 0.42 0.31 0.17

0.35 0.69 0.04 0.00 0.18 0.03 0.02 0.04 0.05 0.04 0.18 0.23 0.38 0.29 0.00 0.26 1.37 1.06 0.00 0.00 3.10 0.03 0.20 0.16 0.00 0.00 0.00 1.17 0.91 0.00 0.00 0.00 0.12 0.15 0.00 0.00 0.00 0.51 0.39 0.55 0.24 0.18 6.26 7.20 0.05 0.06 0.00 2.99 2.42 1.72 0.00 0.12 0.05 0.04 1.57 2.01 0.37 0.00 0.00

0.58 0.71 0.04 + 0.05 unch 0.20 0.04 + 0.02 0.05 + 0.05 unch 0.04 0.19 + 0.25 + 0.42 + 0.33 + 0.04 + 0.27 1.43 + 1.13 + 0.06 unch 0.08 unch 3.20 0.03 unch 0.22 0.17 0.19 unch 0.05 + 0.03 unch 1.39 + 1.08 + 0.09 + 0.18 0.17 unch 0.14 + 0.16 + 0.08 unch 0.13 0.23 0.60 + 0.48 + 0.56 0.25 + 0.19 + 6.71 + 7.74 + 0.06 0.07 unch 0.08 unch 3.18 + 2.48 + 2.00 + 0.14 0.12 + 0.05 0.04 1.63 2.10 0.37 0.29 + 0.17 unch

0.04 2.45 0.00 0.10 1.31 0.50 0.00 0.10 0.00 0.00 0.13 0.04 0.03 0.42 0.18 0.01 0.06 0.03 0.00 0.05 0.01 0.01 0.22 0.03 0.00 0.27 0.04 0.01 0.11 0.03 0.01 0.28 0.15 0.01 0.36 0.20 0.05 1.04 0.34 0.03 0.88 0.26 0.01 0.09 0.02 0.01 0.73 0.26 0.02 2.64 1.17 0.04 2.14 0.92 0.00 0.17 0.06 0.00 0.19 0.08 0.06 4.95 1.65 0.00 0.06 0.03 0.01 0.52 0.10 0.01 0.43 0.08 0.00 0.32 0.16 0.01 0.13 0.04 0.00 0.11 0.03 0.15 2.70 1.14 0.12 2.23 0.88 0.01 0.11 0.07 0.05 0.45 0.11 0.00 0.34 0.09 0.03 0.55 0.08 0.01 0.56 0.12 0.00 0.40 0.08 0.01 0.35 0.11 0.03 0.34 0.17 0.10 0.88 0.42 0.09 0.70 0.33 0.02 1.14 0.53 0.01 1.18 0.20 0.01 1.22 0.16 0.28 13.18 6.12 0.34 9.65 6.99 0.00 0.08 0.03 0.00 0.09 0.04 0.00 0.16 0.07 0.25 3.50 2.35 0.18 2.80 1.90 0.24 2.45 0.10 0.02 0.27 0.14 0.00 0.20 0.11 0.01 0.30 0.05 0.00 0.24 0.04 0.04 2.82 1.24 0.08 3.49 1.53 0.01 1.65 0.26 0.00 1.34 0.22 0.00 0.22 0.10

GLOBAL MINING NEWS

(100s) Stock

Exc Volume

Eagle Graphite* Eagle Plains Earl Res East Africa Eastern Platin Eastern Platin* Eastfield Res Eastfield Res* Eco Oro Min Eco Oro Min* Edgemont Gold Edgewater Expl Edison Battery* Edison Battery EEE Explor El Nino Vent El Nino Vent* Elcora Adv Mat Elcora Res* Eldorado Gold* Eldorado Gold Element 29* Element79 Elevation Gold* Elevation Gold Eloro Res Eloro Res* Elysee Dev Elysee Dev * Emerita Res Emerita Res* Emgold Mining* Emgold Mining Eminent Gold Eminent Gold* EMP Metals EMP Metals* Emperor Metals EMX Royalty EMX Royalty* Encanto Potash EnCore Energy Endeavour Mng Endeavr Silver* Endeavr Silver Endurance Gold* Endurance Gold Enduro Metals Enduro Metals* Energy Fuels Energy Fuels* Engineer Gold Engineer Gold* Engold Mines Engold Mines* Entree Res* Entree Res Equinox Gold* Equinox Gold Equity Metals* Equity Metals Erdene Res Dev Erdene Res Dev* Erin Ventures* Erin Ventures Ero Copper Ero Copper* Eros Res Corp* Eros Res Corp Eros Res Corp Eskay Mng* Eskay Mng Essex Minerals Essex Minerals* Ethos Gold* Ethos Gold Etruscus Res* Etruscus Res Euro Manganese Euro Manganese* Euro Sun Mg Euro Sun Mg* EurOmax Res EurOmax Res* European Elect European Elect* European Metal* Evergold Evergold* EVI Global Grp Evrim Res Excellon Res Excellon Res* Excelsior Mng* Excelsior Mng ExGen Res Inc Exploits Disc* Fabled Silver Fabled Silver* Fairchild Gold Fairmont Res* Falco Res Falco Res * Falcon Gold Falcon Gold* Fancamp Expl Fathom Nickel* Fathom Nickel FenixOro Gold* FenixOro Gold Fidelity Min Filo Mg Corp Filo Mg Corp * Finlay Minrls FireFox Gold* FireFox Gold Firestone Vent Fireweed Zinc* Fireweed Zinc First Cobalt First Energy First Energy* First Idaho First Majestic* First Majestic First Mg Fin First Mg Fin * First Point* First Quantum First Tellur First Tellur* Fission 3.0 Fission 3.0* Fission Uran* Fission Uran Five Star Diam Five Star Diam* Fjordland Exp Flow Metals Focus Graphite* Focus Graphite Fokus Mining Foran Mining* Foran Mining Foremost Lith* Foremost Lith Forsys Metals Fort St James Fortescue Met* Fortuna Silvr Fortuna Silvr* Fortune Bay Fortune Bay* Fortune Min* Fortune Min Forty Pillars Forum Energy* Forum Energy Fosterville Founders Metal Four Nines Fox River Res FPX Nickel Franco-Nevada* Franco-Nevada Franklin Mng* Fredonia Mg Freegold Vent Freeman Gold* Freeport McMoR*

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

THE NORTHERN MINER / MAY 30 — JUNE 12, 2022

Week High

Low

12-month

Last Change

24 0.11 0.11 0.11 unch 1323 0.19 0.17 0.17 0 0.00 0.00 0.45 unch 88 0.26 0.00 0.26 + 84 0.25 0.00 0.25 + 54 0.18 0.17 0.18 21 0.06 0.00 0.06 unch 71 0.06 0.05 0.05 + 103 0.10 0.08 0.08 23 0.08 0.07 0.07 132 0.06 0.06 0.06 + 25 0.16 0.00 0.16 719 0.11 0.07 0.07 249 0.14 0.10 0.12 unch 420 0.13 0.10 0.10 unch 161 0.03 0.00 0.03 2 0.02 0.02 0.02 unch 129 0.05 0.00 0.05 + 102 0.04 0.03 0.03 + 12511 8.62 7.89 8.39 + 1691 11.03 10.14 10.79 + 53 0.31 0.23 0.29 + 121 0.81 0.69 0.69 69 0.20 0.17 0.19 + 772 0.26 0.22 0.24 + 951 3.75 3.09 3.57 + 259 2.94 2.41 2.84 + 22 0.70 0.68 0.70 + 54 0.53 0.49 0.53 + 1490 1.52 1.26 1.44 + 335 1.17 1.00 1.13 + 6 0.12 0.12 0.12 92 0.20 0.00 0.17 + 39 0.57 0.00 0.49 + 48 0.45 0.39 0.39 370 0.48 0.31 0.41 + 18 0.37 0.25 0.36 + 8 0.09 0.09 0.09 45 2.47 2.31 2.37 393 1.94 1.78 1.85 737 0.06 0.04 0.06 + 3750 1.18 1.02 1.07 2959 29.97 27.88 29.77 + 17857 3.74 3.39 3.59 + 1747 4.79 4.37 4.59 + 9 0.28 0.25 0.28 + 49 0.35 0.00 0.32 + 399 0.26 0.23 0.25 unch 194 0.20 0.18 0.20 + 5006 8.59 7.42 7.76 + 22051 6.68 5.76 6.06 + 25 0.03 0.00 0.03 unch 107 0.02 0.02 0.02 2 0.22 0.00 0.22 + 5 0.18 0.16 0.16 113 0.73 0.00 0.71 + 288 0.93 0.86 0.88 10428 5.97 5.29 5.83 + 3456 7.63 6.83 7.47 + 199 0.10 0.08 0.08 276 0.12 0.10 0.11 + 226 0.41 0.37 0.38 48 0.32 0.29 0.29 50 0.04 0.04 0.04 unch 201 0.06 0.00 0.06 1522 15.74 13.61 15.52 + 473 12.26 10.53 12.10 + 13 0.06 0.06 0.06 + 83 0.09 0.00 0.09 unch 83 0.09 0.00 0.09 unch 233 1.80 1.40 1.79 + 464 2.32 1.79 2.30 + 70 0.04 0.00 0.04 unch 10 0.03 0.03 0.03 unch 18 0.49 0.33 0.36 unch 182 0.47 0.41 0.47 + 45 0.11 0.08 0.08 45 0.13 0.12 0.12 254 0.35 0.29 0.32 + 11 0.25 0.23 0.25 + 225 0.17 0.00 0.17 181 0.15 0.12 0.14 + 2 0.00 0.00 0.07 unch 54 0.06 0.06 0.06 unch 0 0.00 0.00 0.05 unch 3 0.05 0.04 0.04 55 0.03 0.03 0.03 + 473 0.10 0.08 0.10 + 140 0.09 0.01 0.07 186 0.05 0.04 0.04 203 0.42 0.37 0.42 + 208 0.81 0.66 0.66 303 0.64 0.52 0.52 97 0.20 0.18 0.18 264 0.27 0.23 0.24 122 0.10 0.00 0.09 unch 434 0.22 0.16 0.18 190 0.09 0.08 0.09 + 57 0.07 0.06 0.07 + 182 0.14 0.00 0.14 + 28 0.05 0.02 0.05 + 128 0.31 0.30 0.30 + 17 0.24 0.00 0.23 + 235 0.10 0.09 0.09 unch 146 0.08 0.07 0.07 + 388 0.14 0.11 0.14 + 383 0.23 0.14 0.23 + 589 0.31 0.20 0.31 + 553 0.15 0.12 0.14 + 308 0.18 0.15 0.18 + 353 0.11 0.00 0.10 + 2200 24.17 20.96 23.50 + 60 18.85 16.33 18.24 + 205 0.12 0.10 0.10 119 0.15 0.11 0.15 + 546 0.20 0.00 0.20 + 10 0.10 0.00 0.10 48 0.46 0.41 0.44 + 119 0.59 0.51 0.56 + 272 5.03 4.60 4.89 + 339 0.21 0.15 0.17 83 0.15 0.12 0.13 + 0 0.00 0.00 0.09 unch 34727 8.56 7.83 8.30 + 3817 10.95 10.09 10.66 + 1636 0.25 0.22 0.24 + 1185 0.19 0.17 0.18 + 408 0.46 0.37 0.38 9274 37.93 32.25 36.33 + 165 0.18 0.17 0.17 209 0.14 0.12 0.13 1558 0.12 0.10 0.11 + 565 0.09 0.07 0.09 + 1311 0.62 0.54 0.56 6865 0.79 0.70 0.71 1964 0.05 0.00 0.04 35 0.04 0.04 0.04 unch 148 0.09 0.07 0.09 + 3 0.04 0.04 0.04 unch 1047 0.05 0.04 0.04 1404 0.06 0.05 0.06 + 337 0.07 0.00 0.07 unch 32 1.71 1.51 1.71 + 1788 2.22 1.93 2.19 + 123 0.17 0.14 0.14 639 0.22 0.18 0.19 1034 0.50 0.44 0.45 + 0 0.00 0.00 0.12 unch 13 14.21 13.35 14.07 + 3273 4.44 3.87 4.37 + 30554 3.48 2.99 3.40 + 36 0.55 0.00 0.47 38 0.42 0.35 0.36 34 0.10 0.08 0.09 + 295 0.12 0.10 0.11 + 415 0.11 0.10 0.10 unch 734 0.11 0.09 0.11 754 0.16 0.12 0.14 403 0.44 0.39 0.40 3 0.40 0.00 0.40 923 0.67 0.63 0.67 + 30 0.49 0.46 0.47 268 0.59 0.48 0.51 2915 140.01 133.18139.02 + 1930 179.20 171.12178.45 + 258 0.02 0.01 0.02 + 6 0.16 0.00 0.16 1977 0.39 0.33 0.37 + 562 0.36 0.33 0.36 98428 37.82 34.94 36.31 +

0.00 0.02 0.00 0.01 0.02 0.01 0.00 0.00 0.02 0.01 0.01 0.04 0.02 0.00 0.00 0.01 0.00 0.01 0.00 0.30 0.32 0.01 0.05 0.02 0.03 0.12 0.18 0.04 0.04 0.04 0.04 0.00 0.01 0.01 0.00 0.07 0.09 0.02 0.10 0.06 0.01 0.05 0.73 0.08 0.07 0.03 0.02 0.00 0.01 0.17 0.22 0.00 0.01 0.01 0.01 0.03 0.02 0.29 0.33 0.01 0.01 0.03 0.03 0.00 0.01 1.83 1.50 0.00 0.00 0.00 0.24 0.31 0.00 0.00 0.00 0.01 0.02 0.01 0.02 0.02 0.01 0.01 0.00 0.00 0.00 0.01 0.00 0.01 0.01 0.01 0.03 0.08 0.04 0.02 0.03 0.00 0.02 0.01 0.00 0.04 0.02 0.01 0.05 0.00 0.00 0.03 0.07 0.10 0.01 0.01 0.01 1.83 1.55 0.01 0.05 0.07 0.01 0.03 0.04 0.13 0.01 0.00 0.00 0.13 0.11 0.02 0.01 0.03 3.85 0.01 0.00 0.01 0.01 0.01 0.04 0.01 0.00 0.03 0.00 0.00 0.01 0.00 0.15 0.17 0.01 0.03 0.03 0.00 0.43 0.46 0.36 0.01 0.01 0.01 0.01 0.00 0.00 0.01 0.04 0.05 0.01 0.01 0.02 3.34 3.10 0.00 0.01 0.04 0.00 1.27

High Low

0.16 0.00 0.19 0.14 0.45 0.45 0.45 0.14 0.40 0.23 0.33 0.17 0.10 0.06 0.09 0.04 0.20 0.06 0.16 0.05 0.30 0.05 0.22 0.15 1.00 0.01 0.23 0.05 0.25 0.10 0.05 0.03 0.05 0.02 0.15 0.04 0.12 0.03 12.49 7.46 15.73 9.52 0.59 0.23 1.65 0.65 2.11 0.16 2.46 0.20 5.44 3.06 4.63 2.40 0.88 0.58 0.74 0.49 4.14 0.58 3.35 0.48 0.16 0.11 0.75 0.15 1.05 0.42 1.00 0.35 0.71 0.22 1.00 0.09 0.29 0.08 4.36 2.25 3.60 1.72 0.21 0.04 2.27 0.95 35.94 25.61 7.76 3.06 9.32 3.99 0.37 0.15 0.45 0.19 0.32 0.18 0.25 0.14 14.33 5.55 11.39 4.32 0.07 0.03 0.51 0.02 0.55 0.20 0.52 0.15 0.95 0.57 1.19 0.71 9.55 5.25 11.49 6.83 0.24 0.06 0.30 0.08 0.50 0.35 0.41 0.28 0.14 0.03 0.18 0.05 29.12 13.12 22.30 10.03 0.10 0.06 0.14 0.08 0.14 0.08 2.93 1.32 3.55 1.74 0.22 0.03 0.14 0.03 0.57 0.14 1.80 0.38 0.30 0.07 0.38 0.10 0.72 0.28 0.68 0.21 0.44 0.16 0.39 0.12 0.12 0.06 0.08 0.04 0.23 0.05 0.19 0.04 0.13 0.02 0.43 0.08 0.44 0.01 0.12 0.03 0.58 0.33 3.85 0.66 3.20 0.51 0.60 0.18 0.70 0.23 0.14 0.08 1.35 0.16 0.20 0.07 0.17 0.05 0.20 0.10 0.20 0.00 0.47 0.22 0.38 0.11 0.13 0.06 0.15 0.04 0.16 0.09 0.44 0.13 0.88 0.15 0.32 0.12 0.40 0.15 0.13 0.05 24.81 7.81 19.61 6.07 0.20 0.06 0.35 0.09 0.40 0.13 0.30 0.06 0.73 0.39 0.91 0.50 7.65 4.40 0.39 0.14 0.32 0.12 0.10 0.09 18.93 7.24 22.73 9.46 0.50 0.21 0.42 0.16 0.75 0.05 45.38 20.67 0.71 0.05 1.00 0.02 0.30 0.08 0.24 0.06 1.00 0.35 1.25 0.45 0.07 0.03 0.05 0.03 0.14 0.07 0.07 0.03 0.10 0.04 0.12 0.05 0.22 0.06 2.42 1.45 3.09 1.69 0.42 0.07 0.44 0.10 1.30 0.39 0.50 0.12 19.55 10.25 8.67 3.48 7.22 2.66 1.05 0.45 0.86 0.00 0.13 0.07 0.16 0.10 0.76 0.10 0.47 0.08 0.56 0.11 1.67 0.39 0.55 0.26 0.79 0.44 0.82 0.25 0.96 0.42 169.32 124.95 216.32 158.27 0.04 0.01 0.37 0.13 0.79 0.32 0.47 0.24 51.99 30.02

(100s) Stock

Exc Volume

Freeport Res Fremont Gold Fresnillo plc* Frontier Lith Frontline Gold Full Metal Mnl Full Metal Mnl* Fury Gold Fury Gold* Fuse Cobalt* Fuse Cobalt

G-H

G2 Goldfields* G2 Goldfields Gabriel Res Gabriel Res* Galane Gold Galane Gold * Galantas Gold* Galantas Gold Galiano Gold Galiano Gold* Galleon Gold Galore Res Galway Gold Galway Mtls* Galway Mtls Gambier Gold Gambier Gold* Garibaldi Res * Garibaldi Res Gatling Explor Gatling Explor* Gatos Silver Gatos Silver* GCM Mining GCM Mining* General Gold Generation Min Generation Min* Generic Gold Genesis Mtls* Genesis Mtls Gensource Pot Gentor Res Geomega Res Geomega Res* Getchell Gold Getchell Gold * Getty Copper GFG Resources* GFG Resources GFM Res GGL Res GGL Res* GGX Gold Giga Metals Giga Metals* Gitennes Expl Gitennes Expl * Giyani Gold* Giyani Gold GK Resources Glacier Lake Gladiator Met Glen Eagle Res* Glen Eagle Res Glencore Plc * Glencore Plc* Global Atomic* Global Atomic Global Battery* Global Battery Global Energy* Global Energy Global Li-Ion Global Li-Ion* GlobalMin Vent* Globex Mng* Globex Mng GMV Minerals GMV Minerals* GNCC Capital* Go Cobalt* Go Cobalt GobiMin GoGold Res Golcap Res Gold Basin Res* Gold Bull Res Gold Bull Res* Gold Fields* Gold Fields* Gold Finder Ex* Gold Finder Ex Gold Hunter Rs Gold Line Res Gold Lion Res* Gold Lion Res Gold Mountain* Gold Mountain Gold Port Gold Reserve* Gold Reserve Gold Resource* Gold Royalty* Gold State Res Gold Std Vents Gold Std Vents* Gold’n Futures Gold79 Mines Gold79 Mines* Goldbank Mng Goldcliff Res* Goldcliff Res Golden Arrow* Golden Arrow Golden Dawn Ml Golden Goliath Golden Goliath* Golden Harp* Golden Harp Golden Hope Golden Hope* Golden Indepen Golden Indepe* Golden Lake Golden Mnls Golden Mnls* Golden Pursuit Golden Ridge Golden Secret Golden Share Golden Spike Golden Star* Golden Tag Golden Tag* Goldex Res* Goldex Res Goldflare Expl Goldflare Exp* Goldgroup Mng Goldgroup Mng* GoldHaven Res* Goldhills Hldg GoldMining GoldON Res GoldON Res* Goldoz* Goldplay Min GoldQuest Mng Goldrea Res Goldrea Res* Goldrich Mng* Goldseek Res Goldshore Res* Goldshore Res Goldsource Min* Goldsource Min Goldstar Mnls Goliath Res Goliath Res* Gossan Res GoviEx Uranium* GoviEx Uranium Gowest Gold* Gowest Gold GPM Metals GR Silver*

V 318 V 139 O 16 V 1380 V 0 V 0 O 25 T 118 X 362 O 52 V 238

Week High

Low

0.06 0.18 9.74 3.70 0.00 0.00 0.07 0.78 0.61 0.05 0.06

0.06 0.00 9.21 3.38 0.00 0.00 0.07 0.73 0.58 0.04 0.05

12-month

Last Change

0.06 unch 0.14 9.59 + 3.40 + 0.02 unch 0.11 unch 0.07 unch 0.78 + 0.59 0.04 + 0.06 unch

High Low

0.00 0.25 0.05 0.02 0.40 0.13 0.75 13.38 8.35 0.05 3.89 0.73 0.00 0.04 0.02 0.00 0.65 0.09 0.00 0.57 0.07 0.01 1.78 0.73 0.00 1.47 0.56 0.00 0.09 0.04 0.00 0.13 0.05

O 26 0.52 0.00 0.51 + 0.01 V 123 0.67 0.00 0.66 + 0.02 V 93 0.23 0.00 0.22 + 0.03 O 28 0.18 0.15 0.18 + 0.03 V 980 0.15 0.14 0.14 + 0.01 O 209 0.12 0.11 0.11 + 0.00 O 277 0.41 0.35 0.35 - 0.01 V 313 0.50 0.44 0.45 - 0.01 T 45 0.54 0.50 0.52 unch 0.00 X 1130 0.43 0.39 0.40 + 0.01 V 81 0.43 0.39 0.39 - 0.01 V 465 0.03 0.00 0.02 - 0.01 V 4 0.12 0.00 0.12 - 0.01 O 24 0.32 0.30 0.32 + 0.01 V 162 0.42 0.38 0.40 + 0.01 V 583 0.04 0.03 0.03 - 0.01 O 729 0.03 0.02 0.03 unch 0.00 O 88 0.38 0.32 0.33 - 0.03 V 200 0.49 0.40 0.45 + 0.03 V 116 0.32 0.29 0.31 + 0.04 O 7 0.25 0.22 0.24 + 0.02 T 238 4.26 3.73 3.84 - 0.23 N 3700 3.32 2.90 3.00 - 0.13 T 1350 4.69 4.30 4.54 + 0.10 O 298 3.67 3.36 3.55 + 0.09 C 59 0.22 0.00 0.20 - 0.02 T 412 0.79 0.69 0.71 - 0.05 O 117 0.62 0.54 0.56 - 0.03 C 51 0.24 0.14 0.14 - 0.10 O 83 0.10 0.09 0.10 + 0.00 V 182 0.13 0.13 0.13 unch 0.00 V 686 0.34 0.28 0.31 + 0.04 V 0 0.00 0.00 0.06 unch 0.00 V 232 0.27 0.25 0.26 - 0.01 O 32 0.21 0.19 0.20 + 0.00 C 209 0.42 0.38 0.39 - 0.02 O 182 0.33 0.29 0.29 - 0.03 V 232 0.06 0.04 0.05 + 0.01 O 523 0.12 0.11 0.12 + 0.00 V 649 0.15 0.00 0.15 unch 0.00 V 0 0.00 0.00 0.09 unch 0.00 V 3 0.12 0.00 0.12 - 0.02 O 2 0.10 0.10 0.10 unch 0.00 V 25 0.12 0.00 0.10 - 0.02 V 384 0.36 0.33 0.33 + 0.01 O 552 0.28 0.25 0.25 + 0.00 V 706 0.03 0.03 0.03 unch 0.00 O 1 0.02 0.02 0.02 unch 0.00 O 8 0.24 0.23 0.23 unch 0.00 V 379 0.36 0.35 0.36 + 0.06 V 19 0.20 0.00 0.20 + 0.03 V 0 0.00 0.00 0.15 unch 0.00 V 0 0.00 0.00 0.20 unch 0.00 O 89 0.04 0.04 0.04 unch 0.00 V 624 0.06 0.05 0.05 - 0.01 O 120 6.32 5.70 6.15 + 0.53 O 3204 12.57 11.53 12.42 + 1.18 O 1378 2.54 2.16 2.23 - 0.07 T 2351 3.16 2.77 2.86 - 0.10 O 118 0.13 0.11 0.12 + 0.02 V 129 0.17 0.14 0.16 + 0.02 O 246 0.14 0.12 0.14 + 0.01 V 87 0.18 0.00 0.18 + 0.01 C 179 0.07 0.07 0.07 + 0.01 O 25 0.06 0.05 0.05 + 0.00 O 0 0.07 0.07 0.07 unch 0.00 O 41 0.96 0.90 0.91 - 0.01 T 98 1.25 1.16 1.16 - 0.05 V 161 0.12 0.00 0.09 - 0.02 O 27 0.10 0.08 0.08 - 0.02 O2440499 0.00 0.00 0.00 - 0.00 O 113 0.11 0.11 0.11 unch 0.00 C 166 0.17 0.14 0.14 - 0.02 V 5 0.22 0.00 0.22 + 0.01 T 1508 2.29 2.11 2.23 + 0.05 C 4 0.17 0.00 0.17 + 0.10 O 38 0.18 0.16 0.17 + 0.02 V 523 0.12 0.11 0.11 - 0.01 O 119 0.09 0.08 0.09 - 0.00 O 0 0.00 0.00 11.97 unch 0.00 N 29239 11.67 11.11 11.44 - 0.14 O 669 0.02 0.02 0.02 + 0.00 V 1324 0.03 0.00 0.03 + 0.01 C 100 0.20 0.20 0.20 unch 0.00 V 727 0.07 0.06 0.06 - 0.01 O 7 0.04 0.03 0.04 + 0.01 C 27 0.04 0.04 0.04 - 0.01 O 96 0.63 0.59 0.59 - 0.07 T 594 0.89 0.76 0.77 - 0.06 C 98 0.09 0.09 0.09 unch 0.00 O 903 0.83 0.00 0.72 + 0.03 V 234 1.00 0.90 0.92 + 0.02 X 4331 1.98 1.85 1.93 + 0.06 X 2308 3.40 2.89 3.15 + 0.08 V 146 0.03 0.00 0.03 unch 0.00 T 143 0.49 0.45 0.49 + 0.05 X 1268 0.39 0.34 0.38 + 0.03 C 211 0.04 0.03 0.03 - 0.01 V 408 0.06 0.04 0.05 - 0.01 O 6 0.05 0.03 0.04 + 0.00 V 1 0.10 0.00 0.10 - 0.01 O 28 0.11 0.10 0.11 + 0.00 V 44 0.14 0.13 0.14 + 0.01 O 91 0.14 0.12 0.12 + 0.01 V 492 0.18 0.14 0.17 + 0.02 V 179 0.10 0.00 0.09 - 0.01 V 269 0.04 0.00 0.04 unch 0.00 O 52 0.04 0.01 0.04 - 0.00 O 2 0.11 0.11 0.11 unch 0.00 V 8 0.15 0.00 0.15 unch 0.00 V 81 0.14 0.11 0.11 - 0.02 O 1 0.11 0.11 0.11 + 0.02 C 413 0.06 0.05 0.06 + 0.01 O 61 0.05 0.04 0.04 + 0.00 C 144 0.12 0.11 0.12 + 0.01 T 29 0.50 0.00 0.48 - 0.02 X 1228 0.40 0.35 0.37 - 0.02 V 75 0.11 0.00 0.10 - 0.01 V 2271 0.15 0.11 0.13 + 0.01 V 259 3.85 3.11 3.80 + 0.70 V 11 0.09 0.00 0.09 + 0.01 C 10 0.21 0.21 0.21 unch 0.00 O 1 1.01 0.00 1.01 unch 0.00 V 290 0.24 0.21 0.23 - 0.01 O 371 0.19 0.16 0.18 - 0.00 O 12 0.06 0.00 0.05 - 0.01 V 39 0.06 0.00 0.06 unch 0.00 V 57 0.06 0.05 0.05 + 0.01 O 150 0.03 0.03 0.03 unch 0.00 T 58 0.04 0.00 0.04 + 0.01 O 5 0.03 0.02 0.03 + 0.00 O 192 0.11 0.07 0.09 + 0.01 V 7 0.17 0.00 0.17 - 0.05 T 1527 1.42 1.29 1.39 + 0.02 V 11 0.15 0.00 0.13 - 0.01 O 6 0.18 0.00 0.11 + 0.00 O 1 0.01 0.01 0.01 unch 0.00 V 270 0.09 0.00 0.08 - 0.01 V 255 0.21 0.15 0.21 + 0.05 C 1405 0.04 0.03 0.03 - 0.01 O 13 0.03 0.03 0.03 - 0.00 O 943 0.05 0.04 0.05 unch 0.00 C 364 0.07 0.06 0.06 - 0.01 O 273 0.37 0.33 0.35 + 0.02 V 223 0.47 0.43 0.45 + 0.02 O 18 0.47 0.39 0.45 - 0.01 V 105 0.62 0.00 0.57 - 0.03 V 3 0.06 0.00 0.06 unch 0.00 V 158 1.25 1.12 1.14 - 0.05 O 134 0.98 0.88 0.90 - 0.03 V 103 0.19 0.00 0.14 + 0.02 O 1083 0.25 0.21 0.21 - 0.02 V 3162 0.32 0.27 0.29 - 0.02 O 1 0.10 0.10 0.10 unch 0.00 V 61 0.14 0.00 0.12 + 0.01 V 246 0.10 0.00 0.09 - 0.02 O 239 0.16 0.14 0.14 + 0.00

0.65 0.83 0.34 0.29 0.27 0.25 0.78 0.94 1.66 1.39 1.30 0.03 0.23 0.89 1.07 0.27 0.26 0.53 0.65 0.45 0.37 24.93 20.26 6.13 4.96 0.63 1.23 1.02 0.80 0.17 0.21 0.48 0.14 0.49 0.41 0.81 0.63 0.09 0.18 0.22 0.15 0.22 0.17 0.21 0.60 0.49 0.11 0.08 0.56 0.61 0.30 0.40 0.44 0.13 0.18 7.00 14.00 4.07 5.10 0.38 0.45 0.28 0.34 0.13 0.10 0.70 1.34 1.69 0.45 0.36 0.00 0.60 0.85 0.37 3.79 1.26 0.39 0.61 0.53 16.97 17.20 0.13 0.16 0.60 0.42 0.20 0.24 2.65 3.12 0.17 1.79 2.22 2.99 7.08 0.20 0.79 0.65 0.15 0.10 0.10 0.19 0.14 0.18 0.16 0.21 0.31 0.09 0.09 0.40 0.22 0.44 0.35 0.33 0.27 0.49 0.95 0.78 0.20 0.41 5.30 0.18 0.49 2.99 0.49 0.42 0.56 0.10 0.20 0.05 0.08 0.06 0.50 0.32 2.59 0.34 0.64 0.02 0.20 0.36 0.06 0.05 0.10 0.21 1.75 0.98 1.12 1.41 0.21 1.62 1.31 0.32 0.47 0.59 0.24 0.28 0.15 0.68

0.32 0.39 0.17 0.12 0.10 0.08 0.26 0.34 0.49 0.37 0.40 0.02 0.10 0.29 0.38 0.03 0.01 0.05 0.21 0.20 0.15 3.45 2.68 4.13 3.20 0.16 0.57 0.45 0.21 0.06 0.08 0.20 0.06 0.23 0.18 0.38 0.29 0.03 0.10 0.12 0.08 0.10 0.01 0.10 0.26 0.20 0.03 0.02 0.18 0.28 0.15 0.11 0.18 0.04 0.05 3.98 7.91 1.81 2.30 0.10 0.13 0.12 0.15 0.06 0.01 0.01 0.71 0.90 0.09 0.08 0.00 0.09 0.14 0.19 2.03 0.15 0.13 0.10 0.07 8.22 7.75 0.02 0.02 0.20 0.06 0.03 0.04 0.59 0.76 0.09 0.61 0.82 1.50 2.75 0.02 0.42 0.31 0.03 0.04 0.03 0.07 0.05 0.07 0.11 0.14 0.09 0.04 0.01 0.11 0.14 0.08 0.08 0.05 0.04 0.10 0.41 0.31 0.09 0.11 2.70 0.08 0.21 0.70 0.20 0.16 0.00 0.06 0.04 0.03 0.03 0.02 0.06 0.17 1.24 0.13 0.02 0.01 0.08 0.11 0.03 0.02 0.03 0.06 0.26 0.39 0.39 0.51 0.04 0.62 0.49 0.11 0.15 0.19 0.01 0.11 0.07 0.12

(100s) Stock

Week

Exc Volume

High

Low

GR Silver V 655 Granada Gold* O 53 Granada Gold V 444 Grande Portage* O 222 Grande Portage V 204 Granite Creek V 693 Granite Creek* O 111 Graphano Egy V 67 Graphite One V 81 Graphite One* O 147 Gratomic* O 126 Gratomic V 1726 Graycliff Exp C 139 Great Atlantic V 323 Great Panther T 631 X 9936 Great Panther* Great Quest Fe V 208 Green Battery V 493 O 8 Green River* Green River C 71 0 Green Swan Cap V Green Valley M V 3 V 83 Greencastle Rs Greenhawk Res C 33 Greenland M&En* O 287 Greenland Res 386 Greenshield Ex V 0 V 270 Grid Metals Grid Metals* O 81 Grizzly Discvr* O 562 Grizzly Discvr V 509 V 0 Grosvenor Res V 472 Group Eleven Group Ten Mtls* O 572 Group Ten Mtls V 304 GSP Resource V 40 Guanajuato Sil* O 791 V 1251 Guanajuato Sil V 251 Guardian Exp Gungnir Res* O 34 Gungnir Res V 169 O 20 Gunpoint Expl* Gunpoint Expl V 2 Guyana Goldstr V 0 Hanna Capital V 0 V 112 Hannan Metals Hannan Metals* O 183 Hanstone Gold V 4 V 308 Happy Ck Mnrls Harfang Explor V 545 Harfang Explor* O 0 Harmony Gold* N 27829 V 810 Harvest Gold Harvest Gold* O 216 Hawkeye Gld&Di* O 22 Hawkeye Gld&Di V 304 C 159 Hawkmoon Res Headwater Gold C 173 Headwater Gold* O 170 N 30004 Hecla Mining* O 446 Heliostar Met* Heliostar Met V 618 O 68 Hemlo Expl* Hemlo Expl V 27 HFX Holding V 1 V 64 Highbank Res V 0 Highbury Proj V 408 HighGold HighGold* O 244 V 719 Highland Copp Highland Copp* O 1555 Highway 50 Gld V 111 Highwood Asset V 0 O 41 Hochschild Mg* Homerun Res V 0 Honey Badger V 457 O 105 Honey Badger* T 423 Horizonte Mnls Horizonte Mnls* O 25 HudBay Min* N 7312 T 6339 HudBay Min Hudson Res V 192 Hudson Res* O 24 Hunt Mng* O 5 V 459 Hunt Mng Hylands Intl V 0 i-80 Gold T 1543 O 347 i-80 Gold*

0.21 0.04 0.05 0.27 0.35 0.13 0.10 0.42 1.49 1.16 0.35 0.45 0.24 0.16 0.26 0.20 0.05 0.11 0.06 0.08 0.00 0.13 0.10 0.14 0.05 0.75 0.00 0.19 0.15 0.08 0.10 0.00 0.11 0.24 0.31 0.12 0.31 0.40 0.12 0.08 0.11 0.47 0.60 0.00 0.00 0.22 0.17 0.15 0.06 0.33 0.00 3.69 0.09 0.07 0.02 0.02 0.04 0.17 0.13 4.79 0.24 0.30 0.15 0.18 0.04 0.01 0.00 0.85 0.65 0.14 0.10 0.19 10.30 1.34 0.00 0.07 0.06 0.12 0.09 5.87 7.51 0.05 0.04 0.04 0.04 0.00 3.50 2.70

0.18 0.04 0.05 0.23 0.29 0.11 0.08 0.33 1.30 1.01 0.30 0.39 0.20 0.00 0.22 0.17 0.00 0.10 0.06 0.07 0.00 0.00 0.00 0.14 0.05 0.67 0.00 0.17 0.13 0.06 0.08 0.00 0.09 0.21 0.28 0.00 0.27 0.35 0.00 0.00 0.00 0.43 0.00 0.00 0.00 0.19 0.14 0.00 0.00 0.26 0.00 3.42 0.06 0.06 0.01 0.00 0.04 0.00 0.11 4.41 0.16 0.20 0.14 0.00 0.00 0.00 0.00 0.73 0.58 0.00 0.08 0.00 0.00 1.23 0.00 0.07 0.05 0.00 0.09 5.18 6.69 0.00 0.03 0.04 0.00 0.00 3.17 2.46

I-J-K

I-Minerals I-Minerals* IAMGOLD IAMGOLD* Icon Explor* Iconic Mnls * Iconic Mnls Idaho Champion Idaho Champion* IEMR Res iMetal Res iMetal Res* IMPACT Silver Impala Platnm* Imperial Metal Imperial Metal* Imperial Mg Gr* Imperial Mg Gr Inca One Gold* Inca One Gold Inception Mng * Independence G Independence G* Indiana Res* Indigo Expl Infield Min Infinite Ore Infinite Ore* Inflection Res Inomin Mines Intact Gold Integra Res* Integra Res Inter-Rock Mnl Interconnect Intercontinent* Intercontinent Interra Copper Interra Copper* Intl Battery Intl Bethl Mng Intl Iconic* Intl Iconic Intl Lithium Intl Lithium* Intl Prospect Intl Prospect * Intl Star* Intl Tower Hil* Intl Tower Hil Intl Zeolite* Intl Zeolite Intrepid Pots* Inventus Mg * Inventus Mg InZinc Mining InZinc Mining* Ion Energy* Ion Energy Irving Res Irving Res* IsoEnergy Ltd Itafos* Itafos Itoco Inc* Ivanhoe Mines* Ivanhoe Mines Ivor Explor Jade Leader* Jade Leader Jaeger Res Jaguar Mng Jaguar Mng* Japan Gold Japan Gold* Jasper Mining Jaxon Mining Jayden Res* Jayden Res Jazz Res

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

9 32 7347 57977 125 396 443 204 243 0 116 6 617 1 186 18 143 1631 11 44 7217 727 168 0 0 0 605 26 45 462 0 268 98 5 0 3 0 20 3 360 0 351 22 586 1156 68 95 41932 297 20 205 173 3908 18 419 49 10 56 116 50 43 543 51 416 33 438 5164 284 1 36 1 484 214 217 53 18 0 0 4 122

12-month

Last Change

0.19 + 0.04 0.05 unch 0.25 0.31 0.12 0.09 0.33 1.44 1.14 0.35 + 0.44 + 0.21 0.16 unch 0.24 + 0.19 + 0.04 0.10 unch 0.06 unch 0.07 0.05 unch 0.13 0.10 + 0.14 unch 0.05 + 0.69 1.95 unch 0.18 unch 0.14 0.07 0.09 + 0.14 unch 0.09 0.23 0.31 unch 0.11 0.28 0.37 0.12 + 0.08 + 0.11 unch 0.47 + 0.60 + 0.13 unch 0.03 unch 0.22 + 0.17 + 0.15 unch 0.05 0.32 unch 0.21 unch 3.59 + 0.08 0.06 0.01 0.02 unch 0.04 0.15 0.13 + 4.66 + 0.18 0.23 0.14 unch 0.15 unch 0.04 unch 0.01 + 0.35 unch 0.82 + 0.61 + 0.12 0.10 + 0.18 10.00 1.27 + 0.20 unch 0.07 unch 0.05 + 0.12 + 0.09 unch 5.62 + 7.20 + 0.05 unch 0.03 + 0.04 unch 0.04 0.02 unch 3.37 + 2.48 -

High Low

0.01 0.82 0.16 0.00 0.15 0.04 0.00 0.18 0.05 0.01 0.65 0.23 0.02 0.78 0.29 0.01 0.29 0.11 0.00 0.24 0.08 0.04 1.20 0.27 0.06 2.54 0.89 0.02 2.00 0.70 0.03 1.40 0.30 0.02 1.74 0.39 0.03 0.94 0.20 0.00 0.84 0.14 0.01 1.05 0.21 0.01 0.90 0.16 0.01 0.17 0.03 0.00 0.24 0.09 0.00 0.08 0.02 0.01 0.10 0.03 0.00 0.08 0.05 0.03 1.10 0.13 0.01 0.17 0.09 0.00 0.35 0.06 0.00 0.11 0.04 0.02 1.02 0.30 0.00 1.98 0.17 0.00 0.26 0.09 0.01 0.23 0.07 0.00 0.09 0.02 0.01 0.11 0.03 0.00 0.17 0.14 0.02 0.18 0.09 0.01 0.42 0.18 0.00 0.48 0.25 0.02 0.50 0.11 0.01 0.65 0.25 0.02 0.73 0.33 0.06 0.14 0.05 0.00 0.25 0.03 0.00 0.32 0.05 0.05 0.59 0.40 0.07 0.75 0.53 0.00 0.13 0.10 0.00 0.09 0.03 0.04 0.44 0.16 0.03 0.38 0.13 0.00 0.47 0.14 0.01 0.08 0.03 0.00 1.03 0.26 0.00 0.21 0.21 0.08 5.76 3.00 0.01 0.24 0.06 0.01 0.19 0.00 0.00 0.04 0.01 0.00 0.05 0.01 0.00 0.15 0.04 0.01 0.65 0.14 0.01 0.27 0.11 0.11 9.44 4.07 0.01 1.47 0.16 0.03 1.81 0.20 0.00 0.30 0.13 0.00 0.38 0.15 0.00 0.07 0.03 0.01 0.02 0.01 0.00 0.35 0.20 0.06 2.08 0.73 0.02 1.65 0.57 0.01 0.17 0.08 0.00 0.13 0.06 0.01 0.47 0.18 0.75 19.00 9.25 0.04 2.95 1.16 0.00 0.21 0.04 0.00 0.14 0.06 0.00 0.12 0.04 0.01 0.18 0.10 0.00 0.16 0.05 0.38 8.75 4.96 0.44 11.17 6.48 0.00 0.17 0.04 0.00 0.15 0.03 0.00 0.23 0.02 0.01 0.11 0.03 0.00 0.04 0.02 0.13 4.03 2.33 0.02 3.28 1.88

0.02 0.00 0.02 - 0.01 0.04 0.02 0.01 0.01 0.01 - 0.00 0.03 0.01 2.95 2.60 2.85 + 0.04 4.74 2.52 2.31 2.02 2.22 + 0.04 3.85 1.96 0.02 0.02 0.02 unch 0.00 0.08 0.00 0.09 0.07 0.07 - 0.01 0.23 0.07 0.12 0.10 0.10 - 0.01 0.28 0.09 0.07 0.05 0.06 + 0.00 0.16 0.04 0.05 0.04 0.05 + 0.01 0.16 0.04 0.00 0.00 0.02 unch 0.00 0.04 0.02 0.28 0.00 0.25 - 0.01 0.65 0.14 0.21 0.20 0.21 + 0.01 0.54 0.10 0.35 0.32 0.34 + 0.02 0.82 0.31 12.42 0.00 12.42 unch 0.00 18.65 10.38 3.74 3.35 3.40 - 0.20 5.18 2.95 2.80 2.64 2.64 - 0.15 4.39 2.27 0.08 0.07 0.07 - 0.01 0.19 0.07 0.11 0.09 0.09 - 0.01 0.23 0.09 0.19 0.00 0.18 - 0.03 0.42 0.16 0.25 0.22 0.24 - 0.01 0.45 0.22 0.00 0.00 0.00 - 0.00 0.02 0.00 0.12 0.08 0.11 + 0.03 0.15 0.05 0.09 0.00 0.09 + 0.03 0.13 0.04 0.04 0.04 0.04 unch 0.00 0.07 0.03 0.00 0.00 0.05 unch 0.00 0.10 0.05 0.00 0.00 0.04 unch 0.00 0.42 0.04 0.10 0.00 0.10 + 0.02 0.28 0.06 0.08 0.00 0.07 + 0.01 0.21 0.04 0.12 0.10 0.12 + 0.02 0.43 0.08 0.16 0.12 0.15 + 0.04 0.72 0.08 0.00 0.00 0.05 unch 0.00 0.08 0.03 1.00 0.87 0.90 - 0.05 3.48 0.87 1.23 1.13 1.16 - 0.05 4.19 1.13 0.56 0.00 0.49 - 0.08 0.65 0.40 0.00 0.00 0.08 unch 0.00 0.10 0.08 0.07 0.07 0.07 unch 0.00 0.19 0.06 0.00 0.00 0.09 unch 0.00 0.23 0.09 0.60 0.00 0.53 - 0.06 2.70 0.32 0.50 0.00 0.49 + 0.05 2.09 0.05 6.10 3.78 5.05 + 1.33 7.52 0.39 0.00 0.00 0.04 unch 0.00 0.12 0.03 0.03 0.03 0.03 + 0.00 0.13 0.03 0.04 0.00 0.04 + 0.01 0.16 0.04 0.11 0.09 0.10 unch 0.00 0.15 0.05 0.08 0.06 0.08 + 0.01 0.12 0.03 0.08 0.00 0.08 unch 0.00 0.25 0.07 0.04 0.04 0.04 - 0.13 0.40 0.04 0.01 0.00 0.01 + 0.00 0.02 0.00 0.81 0.68 0.72 - 0.02 1.23 0.62 1.01 0.90 0.92 - 0.01 1.56 0.79 0.12 0.11 0.11 - 0.01 0.24 0.10 0.16 0.00 0.13 - 0.03 0.33 0.13 74.66 58.00 60.78 - 4.64 121.72 24.61 0.10 0.09 0.09 - 0.00 0.16 0.09 0.14 0.13 0.13 unch 0.00 0.22 0.12 0.07 0.00 0.07 + 0.01 0.09 0.03 0.04 0.04 0.04 unch 0.00 0.05 0.01 0.31 0.25 0.25 - 0.02 0.58 0.24 0.41 0.31 0.33 - 0.03 0.59 0.31 1.30 1.15 1.21 - 0.02 2.00 0.92 0.99 0.89 0.93 - 0.03 1.67 0.72 3.56 3.02 3.25 + 0.04 6.61 1.95 2.39 2.11 2.21 - 0.15 3.13 0.88 3.10 2.69 2.87 - 0.12 3.94 1.05 0.11 0.10 0.10 - 0.02 0.35 0.02 8.30 7.63 7.73 + 0.07 10.32 6.09 10.40 9.80 9.95 + 0.05 13.15 7.69 1.40 1.09 1.09 - 0.10 1.90 0.30 0.04 0.04 0.04 unch 0.00 0.07 0.03 0.05 0.00 0.04 - 0.01 0.11 0.04 0.00 0.00 0.03 unch 0.00 0.05 0.02 3.02 2.67 2.96 unch 0.00 7.01 2.65 2.35 2.08 2.32 + 0.02 5.80 2.05 0.29 0.00 0.27 - 0.02 0.41 0.25 0.22 0.00 0.21 + 0.01 0.32 0.18 0.10 0.00 0.10 unch 0.00 0.14 0.04 0.00 0.00 0.03 unch 0.00 0.09 0.03 0.00 0.00 0.46 unch 0.00 0.83 0.20 0.28 0.00 0.20 + 0.02 1.05 0.17 0.78 0.75 0.77 unch 0.00 0.99 0.33

(100s) Stock

Exc Volume

Jervois Mining Jervois Mining* Josemaria Res Joshua Gold* Jourdan Res Jubilee Gold Jubilee Metals* Juggernaut Exp* Juggernaut Exp Jupiter Gold* K2 Gold K9 Gold* K92 Mining K92 Mining* Kainantu Res Kaizen Discov Kalo Gold Kanadario Gold Karam Min Karnalyte Res Karoo Expl Karora Res* KAT Expl* Kenadyr Metals* Kenadyr Metals Kenorland Min Kermode Res Kesselrun Res Kesselrun Res* Kestrel Gold KGL Resources Kincora Copper* Kincora Copper King Global* King Global Kingfisher Met* Kingfisher Met Kingman Min Kings Bay Res Kingsmen Res Kinross Gold Kinross Gold* Kintavar Exp Kiplin Metals Kiplin Metals* Klondike Gold* Klondike Gold Klondike Silv* Klondike Silv Kodiak Copper* Kombat Copper* Kombat Copper Kootenay Silvr* Kootenay Silvr Kootenay Zinc Kore Mining Kore Mining * Kutcho Copper * Kuya Silver Kuya Silver* KWG Res KWG Res*

L

Labrador Gold* Labrador Gold Labrador IMH* Labrador IOR* Labrador IOR Lake Resources* Lara Expl Laramide Res Laredo Res* Largo Res Largo Res* Latin Metals* Latin Metals Laurion Mnl Ex Laurion Mnl Ex* Leading Edge Leading Edge* Leeta Gold Legion Metals Leo Res* Leocor Gold Leocor Gold* Leopard Lake Leviathan Gold Leviathan Gold* Li-Metal Libero Copper* Libero Copper Liberty Gold* Liberty One Li Lido Minerals Lightspeed Dis Lincoln Mng Lion One Mtls Lion One Mtls* Lithium Amer Lithium Amer* Lithium Chile Lithium Chile* Lithium Corp* Lithium Energi* Lithium Energi Lithium South* Lithoquest Res* Lithoquest Res Lode-Star Mg* Logan Res Lomiko Mtls Lomiko Mtls* Loncor Res* Loncor Res Lone Star Gold* Los Andes Los Andes* Lovitt Res Lovitt Res* Lucara Diam Lucky Min* Lucky Min Luckystrike * Luckystrike Lumina Gold* Lumina Gold Luminex Res Lundin Gold Lundin Mng* Lundin Mng Lupaka Gold * Lupaka Gold Lynas Corp* Lynas Corp*

M

Macarthur Min* Macarthur Min MacDonald Mns* MacDonald Mns Madeira Mrnls Madoro Metals MAG Silver Magellan Gold* Magna Gold Magna Gold* Magna Mining Magna Terra Magna Terra* Magnum Goldco Majestic Gold Majestic Gold* Major Precious* Makara Mining Makara Mining* Makena Res* Mako Mining* Mako Mining Mammoth Res * Mammoth Res Mandalay Res Mandalay Res* Manganese X* Manganese X Mangazeya Mng Manitou Gold Manitou Gold * Manning Vent* Manning Vent

Week High

Low

782 1125 92 711 577 0 85 27 41 2 172 109 2550 301 46 1 472 343 63 100 19 323 21271 1 9 60 357 102 70 137 27 0 18 38 183 63 963 48 118 1 19630 91461 196 42 0 157 144 94 194 92 157 1869 1559 1009 508 278 388 125 153 175 9316 72

0.81 0.68 1.74 0.03 0.06 0.00 0.21 0.12 0.17 1.00 0.19 0.13 8.50 6.64 0.15 0.34 0.09 0.76 0.30 0.64 0.37 4.12 0.00 0.08 0.09 0.74 0.03 0.06 0.05 0.09 0.14 0.07 0.09 0.04 0.05 0.20 0.29 0.03 0.06 0.00 5.87 4.60 0.09 0.65 0.00 0.13 0.16 0.05 0.07 0.99 0.43 0.25 0.12 0.15 0.02 0.29 0.22 0.39 0.81 0.64 0.06 0.04

0.72 0.53 1.66 0.02 0.05 0.00 0.18 0.11 0.15 0.80 0.00 0.09 7.99 6.19 0.00 0.00 0.07 0.70 0.00 0.00 0.00 3.59 0.00 0.08 0.00 0.70 0.02 0.00 0.05 0.08 0.00 0.07 0.00 0.03 0.00 0.17 0.21 0.00 0.00 0.00 5.34 4.15 0.00 0.00 0.00 0.11 0.14 0.04 0.06 0.91 0.00 0.21 0.10 0.13 0.00 0.24 0.20 0.28 0.64 0.51 0.05 0.04

0.81 + 0.63 + 1.71 unch 0.03 + 0.05 0.84 unch 0.21 + 0.12 + 0.16 0.80 0.18 + 0.11 8.27 + 6.44 + 0.15 + 0.34 + 0.07 0.73 0.28 0.53 0.37 + 3.76 0.00 0.08 unch 0.09 0.70 unch 0.02 unch 0.06 unch 0.05 0.08 unch 0.12 0.07 unch 0.08 0.04 + 0.05 unch 0.20 + 0.29 + 0.03 + 0.06 0.08 unch 5.78 + 4.50 + 0.08 0.60 unch 0.38 unch 0.12 0.15 0.05 unch 0.07 + 0.94 0.19 + 0.22 + 0.11 0.14 0.02 unch 0.26 + 0.20 + 0.38 + 0.75 + 0.59 + 0.06 unch 0.04 unch

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

349 1377 51 36 1144 2761 143 2120 395 1447 775 8 160 330 22 263 114 6727 607 0 191 76 10 198 34 54 477 1341 580 0 199 2 1 117 138 4915 19137 894 208 1311 177 262 442 198 1526 25 146 1115 401 138 146 38920 68 16 0 5 146 20 1806 20 41 101 450 668 733 332 13734 288 549 253 372

0.44 0.55 0.10 25.84 33.17 1.08 0.75 0.50 0.01 13.05 10.19 0.09 0.11 1.00 0.77 0.45 0.34 1.21 0.12 0.00 0.38 0.30 0.13 0.07 0.06 0.87 0.44 0.57 0.48 0.00 0.18 0.08 0.00 1.05 0.83 33.32 26.01 0.83 0.64 0.29 0.23 0.30 0.52 0.13 0.16 0.04 0.20 0.07 0.05 0.37 0.49 0.10 15.51 11.50 0.00 0.12 0.60 0.05 0.08 0.19 0.23 0.43 0.55 0.37 10.52 9.07 11.00 0.04 0.04 6.93 6.99

0.38 0.49 0.06 23.90 30.78 0.97 0.68 0.43 0.00 10.19 7.90 0.08 0.00 0.94 0.76 0.32 0.24 1.08 0.10 0.00 0.32 0.25 0.00 0.06 0.05 0.00 0.36 0.46 0.39 0.00 0.16 0.00 0.00 0.95 0.74 28.71 22.23 0.66 0.52 0.25 0.20 0.25 0.44 0.11 0.13 0.04 0.18 0.06 0.04 0.33 0.43 0.01 14.20 10.85 0.00 0.12 0.58 0.00 0.07 0.16 0.00 0.39 0.50 0.33 9.71 7.27 9.87 0.01 0.02 6.07 6.10

0.43 + 0.55 + 0.09 25.60 + 32.90 + 1.05 + 0.72 unch 0.46 unch 0.01 + 12.19 + 9.55 + 0.09 + 0.11 unch 0.98 0.76 0.32 0.24 1.16 0.11 0.01 unch 0.37 + 0.30 + 0.13 unch 0.07 + 0.06 + 0.80 + 0.37 0.47 0.43 0.40 unch 0.17 0.05 0.06 unch 1.01 + 0.76 31.55 + 24.60 + 0.70 0.53 0.25 0.23 + 0.30 + 0.44 + 0.13 + 0.16 + 0.04 unch 0.19 + 0.06 unch 0.05 + 0.36 + 0.48 + 0.04 + 15.45 + 11.50 + 0.15 unch 0.12 unch 0.60 unch 0.05 0.07 unch 0.16 0.21 0.41 0.51 0.35 10.45 + 8.30 + 10.65 + 0.03 0.03 6.71 + 6.75 +

O 1 V 71 O 653 V 505 V 0 V 0 T 862 O 27 V 205 O 77 V 90 V 41 O 3 V 174 V 274 O 5 O 107 C 294 O 34 O 374 O 235 V 481 O 672 V 13 T 105 O 9 O 275 V 817 V 96 V 1036 O 147 O 1 C 854

12-month

Last Change

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

21

High Low

0.13 0.95 0.40 0.10 0.77 0.25 0.00 2.00 0.70 0.01 0.07 0.01 0.01 0.10 0.03 0.00 0.87 0.59 0.03 0.29 0.18 0.01 0.32 0.09 0.01 0.40 0.12 0.15 1.50 0.49 0.04 0.40 0.14 0.00 0.66 0.09 0.21 10.52 5.75 0.20 8.33 4.42 0.02 0.38 0.12 0.06 0.80 0.25 0.02 0.59 0.07 0.03 1.25 0.70 0.05 0.75 0.10 0.03 1.35 0.12 0.11 0.94 0.25 0.18 6.25 2.35 0.00 0.02 0.00 0.00 0.32 0.06 0.01 0.30 0.09 0.00 1.50 0.65 0.00 0.06 0.02 0.00 0.26 0.06 0.00 0.21 0.05 0.00 0.17 0.06 0.04 0.23 0.10 0.00 0.56 0.07 0.01 0.35 0.07 0.01 0.09 0.03 0.00 0.12 0.04 0.03 2.38 0.10 0.05 0.65 0.15 0.01 0.09 0.02 0.01 0.17 0.05 0.00 0.19 0.08 0.42 10.05 5.09 0.34 8.33 3.92 0.01 0.24 0.07 0.00 1.10 0.10 0.00 2.40 0.09 0.01 0.22 0.10 0.02 0.27 0.14 0.00 0.12 0.00 0.01 0.09 0.05 0.03 1.94 0.80 0.04 0.48 0.01 0.01 0.61 0.18 0.01 0.30 0.10 0.01 0.33 0.13 0.00 0.21 0.02 0.01 0.94 0.22 0.00 0.78 0.16 0.10 0.93 0.26 0.03 2.37 0.60 0.03 1.96 0.45 0.00 0.10 0.02 0.00 0.08 0.00 0.02 0.05 0.01 1.23 1.40 0.05 0.00 0.00 0.00 1.87 1.52 0.00 0.00 0.01 0.01 0.10 0.06 0.01 0.01 0.00 0.02 0.01 0.00 0.01 0.00 0.03 0.06 0.09 0.02 0.00 0.01 0.03 0.00 0.03 0.01 2.04 1.77 0.09 0.06 0.01 0.01 0.04 0.00 0.02 0.02 0.00 0.02 0.00 0.00 0.04 0.06 0.02 1.30 0.42 0.00 0.00 0.00 0.01 0.00 0.02 0.05 0.03 0.06 0.01 0.39 0.69 0.83 0.01 0.02 0.71 0.71

1.50 1.85 0.30 42.40 51.00 1.97 0.85 1.12 0.02 21.53 17.11 0.16 0.18 1.14 0.92 0.72 0.57 6.57 0.34 0.36 1.00 1.47 0.16 0.49 0.65 3.75 0.83 1.05 1.50 0.61 0.41 0.12 0.25 1.34 1.10 53.09 41.56 1.21 0.95 1.09 0.41 0.38 0.86 0.14 0.18 0.13 0.30 0.17 0.15 0.77 0.91 4.20 17.73 14.00 0.24 0.19 0.84 0.54 0.15 0.80 0.80 0.69 0.83 0.94 12.93 11.33 14.00 0.06 0.07 8.63 8.73

0.36 0.47 0.02 21.76 28.28 0.17 0.48 0.37 0.00 8.85 6.77 0.08 0.10 0.43 0.37 0.19 0.15 1.01 0.10 0.00 0.31 0.22 0.07 0.06 0.05 0.65 0.27 0.34 0.41 0.33 0.15 0.05 0.06 0.88 0.67 15.72 12.56 0.26 0.21 0.18 0.01 0.08 0.29 0.07 0.08 0.03 0.14 0.04 0.04 0.32 0.40 0.01 6.63 5.55 0.09 0.08 0.50 0.04 0.05 0.18 0.22 0.38 0.50 0.33 8.82 6.66 8.56 0.00 0.03 3.92 4.00

0.27 0.24 0.27 + 0.02 0.50 0.22 0.32 0.00 0.31 - 0.01 0.60 0.28 0.02 0.00 0.02 - 0.00 0.06 0.01 0.03 0.02 0.03 unch 0.00 0.07 0.02 0.00 0.00 0.03 unch 0.00 0.03 0.03 0.00 0.00 0.07 unch 0.00 0.13 0.05 18.75 16.81 18.51 + 1.21 29.28 15.75 0.18 0.11 0.18 unch 0.00 1.40 0.10 0.40 0.35 0.38 + 0.02 1.12 0.34 0.31 0.27 0.29 + 0.01 1.12 0.23 0.41 0.39 0.40 + 0.01 0.58 0.30 0.10 0.00 0.09 unch 0.00 0.20 0.08 0.07 0.07 0.07 unch 0.00 0.15 0.07 0.05 0.00 0.05 - 0.01 0.18 0.04 0.06 0.00 0.06 unch 0.00 0.08 0.05 0.05 0.05 0.05 unch 0.00 0.07 0.04 0.08 0.05 0.06 - 0.01 2.00 0.01 0.06 0.00 0.06 + 0.01 0.36 0.05 0.04 0.03 0.04 + 0.00 0.30 0.03 0.15 0.13 0.14 + 0.01 1.09 0.12 0.24 0.22 0.23 - 0.00 0.39 0.22 0.31 0.29 0.30 - 0.02 0.44 0.29 0.03 0.03 0.03 unch 0.00 0.39 0.01 0.05 0.00 0.05 + 0.01 0.21 0.03 3.27 2.95 3.10 + 0.10 3.86 1.82 2.50 2.35 2.47 + 0.15 3.03 1.43 0.30 0.28 0.29 - 0.01 0.47 0.18 0.40 0.36 0.36 - 0.03 0.58 0.22 0.04 0.00 0.04 + 0.02 0.10 0.02 0.03 0.03 0.03 unch 0.00 0.10 0.03 0.03 0.03 0.03 + 0.00 0.09 0.02 0.06 0.06 0.06 unch 0.00 0.11 0.06 0.08 0.06 0.07 + 0.01 0.25 0.06

22

MAY 30 — JUNE 12, 2022 / THE NORTHERN MINER

(100s) Stock

Exc Volume

Mansa Explor Mantaro Prec Mantaro Prec* Maple Gold Maple Gold* Marathon Gold* Marathon Gold Margaret Lake* Margaret Lake Marimaca Cop* Marimaca Cop Maritime Res Martina Mnls MartinMarietta* Marvel Discov* Marvel Discov Mas Gold Mascota Res* Masivo Silver Masivo Silver* Mason Graphite* Mason Graphite Matachewan Con Matica Ent Maverix Metals Maverix Metals* Mawson Res* Mawson Res MAX Res MaxTech Vent MaxTech Vent* Maxwell Res* Mayfair Gold* Mayfair Gold Mazarin McChip Res McEwen Mng McEwen Mng* McLaren Res MDN Inc* Medallion Res Medallion Res* Medaro Mining Medaro Mining* Medgold Res* Medgold Res Medinah Mnrls* Mega Copper Mega Uranium Mega Uranium* MegaWatt Lith MegaWatt Lith* MegumaGold* MegumaGold Melkior Res* Melkior Res Meridian Mg Meridian Mg * Meryllion Res* Metal Energy MetalCorp MetalCorp* Metalex Vent Metallic Mnrls Metallic Mnrls* Metallica Met* Metallica Met Metallica Min* Metallis Res Metallum Res Metalo Manuf Metalore Res Metals Creek* Metals Creek Metals X* Metron Capital Mexican Gold* Midasco Cap Midland Expl Midnight Star Midnight Sun* Midnight Sun Millbank Mg MillenMin Vent Millennial Pr Millennial Pr* Millennium Sil Millrock Res* Millrock Res Milner Con Slv Minaurum Gold Minaurum Gold* Minco Silver* Minco Silver Minera Alamos * Minera Alamos Minera IRL* Minera IRL Mineral Hill Mineral Mtn Mineral Mtn* Mineral Res* Mineworx Tech* Mineworx Tech Minfocus Expl Minnova Corp Minsud Res Mirasol Res Mistango River Mkango Res ML Gold* ML Gold Corp Monarca Mnrls* Monarca Mnrls Monarch Min* Monarch Mining Moneta Porcpn Moneta Porcpn* Mongoose Mg Monitor Vent Montage Gold Montage Gold* Montego Res Monterey Min Montero Mg&Ex * Montero Mg&Ex Monument Mng Monument Mng* Monumental Min Morien Res* Morien Res Mosaic* Mosaic Min Mountain Boy* Mountain Boy Mountain Prov Mountain Prov* MPV Explor Mundoro Cap Mundoro Cap* Murchison Min* Murchison Min Musk Metals Musk Metals* Muzhu Mining

N-O

NA Frac Sand* NACCO Ind* Namibia Crit Namibia Crit* Natural Res Pt* Navis Res Corp* NEO Battery NEO Battery* Neometals* Network Expl Network Expl* Nevada Canyon* Nevada Copper* Nevada Copper Nevada Expl Nevada Expl * Nevada King* Nevada King Nevada Lithium Nevada Lithiu* Nevada Silver Nevada Sunrise Nevada Sunrise*

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

Week High

Low

Last Change

12-month High Low

472 0.14 0.10 0.11 + 0.01 0.28 0.08 59 0.16 0.13 0.14 + 0.01 0.57 0.11 78 0.14 0.10 0.11 + 0.00 0.50 0.09 825 0.22 0.18 0.20 + 0.01 0.49 0.16 1016 0.18 0.13 0.15 + 0.01 0.42 0.12 214 1.65 1.47 1.55 - 0.02 3.00 1.46 824 2.05 1.90 1.98 - 0.03 3.73 1.90 1 0.14 0.14 0.14 unch 0.00 0.24 0.14 0 0.00 0.00 0.16 unch 0.00 1.05 0.16 10 3.00 2.74 3.00 + 0.26 4.24 2.70 44 3.90 3.49 3.90 + 0.45 5.08 3.24 1139 0.09 0.07 0.08 unch 0.00 0.23 0.07 0 0.00 0.00 0.07 unch 0.00 0.07 0.07 2721 336.89 319.90327.76 - 5.08 446.46 316.73 297 0.12 0.09 0.10 - 0.01 0.20 0.05 452 0.14 0.12 0.13 - 0.01 0.22 0.07 368 0.08 0.08 0.08 unch 0.00 0.13 0.08 14 2.12 1.98 2.12 + 0.03 3.45 1.10 255 0.09 0.00 0.09 + 0.02 0.13 0.06 41 0.06 0.05 0.06 + 0.01 0.11 0.04 197 0.44 0.37 0.41 + 0.06 0.65 0.32 508 0.58 0.49 0.53 + 0.08 0.78 0.40 5 0.24 0.00 0.24 unch 0.00 0.26 0.17 10 0.34 0.00 0.27 - 0.01 1.50 0.20 1331 5.58 5.25 5.41 + 0.01 7.45 5.00 1176 4.37 4.08 4.22 + 0.05 6.25 3.83 210 0.11 0.09 0.09 + 0.01 0.24 0.07 360 0.14 0.11 0.14 + 0.03 0.29 0.10 1369 0.69 0.53 0.69 + 0.12 0.90 0.14 83 0.04 0.04 0.04 unch 0.00 0.40 0.04 141 0.04 0.03 0.03 + 0.00 0.30 0.03 0 0.00 0.00 0.07 unch 0.00 0.42 0.01 40 0.94 0.87 0.94 + 0.07 2.06 0.40 763 1.24 1.08 1.24 + 0.14 1.74 0.49 0 0.00 0.00 0.16 unch 0.00 0.19 0.08 27 1.16 0.00 1.15 + 0.33 1.45 0.62 495 0.69 0.64 0.65 unch 0.00 2.07 0.60 8085 0.54 0.50 0.50 - 0.00 1.71 0.46 0 0.00 0.00 0.06 unch 0.00 0.10 0.04 3 0.15 0.00 0.13 + 0.00 0.78 0.12 69 0.11 0.00 0.09 - 0.01 0.42 0.08 201 0.09 0.07 0.07 - 0.01 0.35 0.06 394 0.60 0.51 0.56 - 0.02 1.43 0.45 673 0.47 0.40 0.45 - 0.00 1.81 0.32 16 0.02 0.01 0.02 unch 0.00 0.05 0.01 25 0.02 0.00 0.02 - 0.01 0.06 0.02 807 0.00 0.00 0.00 + 0.00 0.01 0.00 0 0.00 0.00 0.16 unch 0.00 0.16 0.14 5091 0.25 0.22 0.23 + 0.01 0.42 0.18 895 0.19 0.16 0.18 + 0.00 0.34 0.14 759 0.13 0.11 0.11 unch 0.00 0.40 0.08 74 0.09 0.08 0.09 - 0.00 0.34 0.07 118 0.02 0.02 0.02 - 0.00 0.07 0.02 712 0.03 0.03 0.03 unch 0.00 0.09 0.03 75 0.19 0.19 0.19 unch 0.00 0.39 0.18 6 0.27 0.25 0.25 - 0.02 0.49 0.23 747 0.81 0.72 0.73 - 0.04 1.34 0.39 122 0.61 0.57 0.57 + 0.02 1.08 0.30 0 0.00 0.00 0.07 unch 0.00 0.12 0.07 142 0.10 0.00 0.10 + 0.01 0.25 0.08 173 0.04 0.00 0.04 + 0.01 0.06 0.03 30 0.03 0.03 0.03 unch 0.00 0.05 0.01 352 0.05 0.05 0.05 + 0.01 0.07 0.02 177 0.36 0.31 0.33 - 0.02 0.66 0.31 207 0.29 0.24 0.25 - 0.03 0.55 0.24 0 0.00 0.00 0.03 unch 0.00 0.27 0.03 59 0.05 0.04 0.05 + 0.01 0.34 0.03 2 0.03 0.02 0.02 - 0.00 0.03 0.02 55 0.25 0.21 0.24 + 0.03 0.57 0.19 882 0.06 0.00 0.06 - 0.02 0.12 0.06 0 0.00 0.00 0.16 unch 0.00 0.69 0.11 2 2.55 0.00 2.41 - 0.14 3.33 2.15 34 0.13 0.10 0.11 - 0.00 0.20 0.06 1225 0.17 0.12 0.16 + 0.03 0.23 0.10 433 0.37 0.35 0.36 + 0.01 0.60 0.15 356 0.19 0.00 0.17 - 0.01 0.39 0.17 148 0.02 0.02 0.02 unch 0.00 0.13 0.02 0 0.00 0.00 0.10 unch 0.00 0.12 0.10 55 0.45 0.42 0.43 + 0.03 0.84 0.40 240 0.31 0.27 0.29 - 0.01 0.54 0.25 94 0.17 0.14 0.14 - 0.01 0.33 0.00 105 0.21 0.18 0.18 - 0.01 0.40 0.18 5 0.25 0.00 0.25 - 0.30 0.60 0.25 0 0.00 0.00 0.05 unch 0.00 0.05 0.05 2678 0.48 0.38 0.41 - 0.07 0.74 0.30 486 0.39 0.30 0.32 - 0.05 0.94 0.27 3 0.01 0.00 0.01 unch 0.00 0.03 0.01 139 0.04 0.03 0.04 + 0.00 0.08 0.03 402 0.05 0.00 0.05 unch 0.00 0.10 0.04 0 0.00 0.00 0.11 unch 0.00 0.11 0.07 260 0.30 0.23 0.24 - 0.01 0.50 0.21 264 0.22 0.17 0.20 + 0.02 0.41 0.15 71 0.19 0.18 0.18 - 0.01 0.52 0.18 151 0.24 0.00 0.24 - 0.01 0.58 0.24 2363 0.46 0.42 0.46 + 0.02 0.63 0.37 1493 0.59 0.54 0.59 + 0.02 0.73 0.49 214 0.07 0.07 0.07 + 0.00 0.09 0.01 439 0.09 0.09 0.09 + 0.01 0.11 0.07 22 0.17 0.00 0.17 - 0.02 0.30 0.14 584 0.09 0.00 0.08 - 0.01 0.24 0.08 49 0.07 0.06 0.07 + 0.00 0.20 0.05 2 42.03 37.75 41.86 + 4.09 48.27 27.13 254 0.07 0.06 0.07 + 0.01 0.08 0.05 600 0.10 0.08 0.09 + 0.01 0.11 0.07 192 0.09 0.00 0.09 - 0.01 0.43 0.09 194 0.07 0.06 0.06 - 0.01 0.32 0.06 16 0.28 0.00 0.28 + 0.04 0.37 0.04 104 0.72 0.00 0.69 + 0.03 0.86 0.31 490 0.07 0.07 0.07 - 0.01 0.23 0.06 24 0.31 0.00 0.31 + 0.03 0.70 0.28 43 0.06 0.06 0.06 unch 0.00 0.12 0.06 48 0.07 0.00 0.07 - 0.01 0.15 0.07 121 0.02 0.00 0.02 - 0.00 0.13 0.01 296 0.02 0.00 0.02 unch 0.00 0.16 0.02 63 0.42 0.34 0.40 + 0.03 0.88 0.34 400 0.53 0.46 0.50 + 0.03 1.02 0.44 266 2.30 2.16 2.28 + 0.12 2.97 1.55 38 1.79 1.70 1.78 + 0.13 2.36 1.25 58 0.19 0.00 0.19 + 0.02 0.50 0.13 2 0.19 0.00 0.19 - 0.01 0.25 0.10 118 0.73 0.66 0.68 + 0.02 1.02 0.58 80 0.59 0.52 0.53 + 0.03 0.85 0.45 100 0.02 0.02 0.02 unch 0.00 0.05 0.01 139 0.29 0.21 0.23 - 0.07 1.20 0.21 68 0.08 0.00 0.06 - 0.03 0.86 0.01 28 0.10 0.00 0.10 - 0.01 0.30 0.06 102 0.11 0.10 0.11 + 0.01 0.21 0.09 66 0.08 0.02 0.08 + 0.06 0.16 0.01 132 0.40 0.00 0.32 - 0.04 0.79 0.27 179 0.27 0.21 0.23 - 0.01 0.51 0.11 294 0.32 0.28 0.29 - 0.02 0.64 0.16 39133 66.60 56.19 57.95 - 4.34 79.28 28.26 441 0.09 0.07 0.09 unch 0.00 0.19 0.06 29 0.11 0.09 0.09 + 0.00 0.19 0.09 30 0.14 0.00 0.14 + 0.01 0.24 0.13 919 0.76 0.67 0.72 + 0.01 0.99 0.40 384 0.59 0.53 0.56 + 0.01 0.79 0.32 142 0.10 0.07 0.08 + 0.01 0.71 0.07 449 0.18 0.17 0.18 - 0.01 0.25 0.16 136 0.14 0.13 0.13 - 0.01 0.21 0.13 159 0.11 0.07 0.08 - 0.00 0.15 0.05 325 0.11 0.09 0.11 - 0.01 0.17 0.06 340 0.06 0.05 0.06 unch 0.00 0.13 0.05 154 0.08 0.04 0.04 + 0.00 0.11 0.01 217 0.12 0.10 0.12 unch 0.00 0.21 0.10 1978 154 127 157 170 13 1197 162 19 102 108 2 353 1280 145 41 744 834 393 215 248 1997 1914

0.00 0.00 0.00 - 0.00 0.01 0.00 56.72 51.00 51.98 - 0.14 56.72 23.14 0.22 0.19 0.20 + 0.01 0.43 0.19 0.21 0.13 0.19 + 0.06 0.40 0.08 49.40 47.00 47.49 - 1.48 50.82 17.62 0.46 0.00 0.45 + 0.18 2.46 0.27 0.38 0.32 0.33 + 0.01 1.31 0.18 0.30 0.25 0.26 + 0.01 1.21 0.15 0.96 0.91 0.93 - 0.04 1.50 0.35 0.24 0.19 0.22 + 0.01 0.96 0.16 0.18 0.15 0.15 - 0.01 0.83 0.13 0.85 0.70 0.70 - 0.15 1.07 0.32 0.43 0.38 0.39 + 0.02 0.99 0.35 0.54 0.48 0.50 + 0.01 2.85 0.45 0.07 0.00 0.07 unch 0.00 0.22 0.06 0.06 0.05 0.05 - 0.00 0.17 0.04 0.37 0.31 0.36 + 0.05 1.50 0.23 0.48 0.40 0.45 + 0.05 0.72 0.27 0.17 0.13 0.13 - 0.04 0.78 0.14 0.17 0.10 0.11 - 0.03 0.75 0.11 0.29 0.25 0.28 + 0.02 0.60 0.22 0.21 0.15 0.17 + 0.02 0.23 0.05 0.16 0.11 0.13 + 0.02 0.17 0.04

WWW.NORTHERNMINER.COM

(100s) Stock

Exc Volume

Nevada Zinc Nevado Res NevGold NevGold* New Age Metals* New Age Metals New Destiny Mg New Energy Met* New Energy Met New Found Gold New Gold New Gold* New Pac Metals New Pac Metals* New Placer New Placer* New Stratus New Target Mng New Tech Min* New Tech Min New World Res* Newcore Gold Newcore Gold* Newcrest Mg Newcrest Mg* Newlox Gold Newmac Res Newmont Corp Newmont Corp* Neworigin Gold* Neworigin Gold Newport Expl NewRange Gold* NewRange Gold Nexa Resources* Nexgen Energy Nexgen Energy* NextSource Mat Nexus Gold* Nexus Gold Nfld Discovery Nfld Discovery* NGEx Minerals NGEx Minerals* Nickel 28* Nickel 28 Nickel Creek* Nickel Creek Nickel North Nickel Rock Nickel Rock* Nicola Mg Inc Nicola Mg Inc* Nighthawk Gold* Nighthawk Gold Niobay Metals Niocan Inc Niocorp Dev Niocorp Dev* Nippon Dragon Nippon Dragon* Nobel Res Nobel Res* Noble Metal Noble Mineral Noble Mineral* Noka Res* Noram Vent* Noram Vent Norra Metals Norrland Gold Norse Gold Norseman Silv Norsemont Cap Norsemont Cap* Nortec Mnls Nortec Mnls* North Am Nickl North Arrow Mn* North Arrow Mn North Bay Res * North Peak Res* North Peak Res North Valley Northcliff Res Northern Light Northern Light* Northern Uran Northisle C&G Northisle C&G * Northstar Gold Northstar Gold* Northwest Cop* Northwest Cop Norvista Cap NorZinc NorZinc* Nouveau Monde Nouveau Monde* NovaGold Res NovaGold Res* Novo Res Nrthn Graphite Nrthn Graphite* Nrthn Lion Nrthn Mnrls &E* Nrthn Shield Nrthn Superior Nrthn Superior* NSJ Gold NSS Res Inc Nthn Dynasty Nthn Dynasty* Nubian Res* Nubian Res Nuinsco Res Nuinsco Res* NuLegacy Gold NuLegacy Gold* Nutrien* Nutrien NV Gold NV Gold* O2Gold O3 Mining OceanaGold OceanaGold* Oceanic Iron O Oceanus Res* Oceanus Res Odyssey Res Olivut Res Olivut Res* Omai Gold Omai Gold* Omineca Mining* Omineca Mining One World Lith* One World Lith Opawica Expl Opawica Expl* Ophir Gold Ophir Gold* Optimum Vent* Optimum Vent Optimus Gold Opus One Gold Orca Gold* Orca Gold Ord Mountain Orea Mining Orea Mining* Orefinders Res Orestone Mng Orex Mnrls* Orex Mnrls Orezone Gold Orezone Gold* Orford Mining Origen Res Origen Res* Orla Mining Oroco Res Oroco Res* Orsu Metals* Orsu Metals Orvana Mnrls* Orvana Mnrls Osino Res* Osino Res

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

Week High

Low

Last Change

308 0.09 0.08 0.08 unch 0.00 176 0.12 0.00 0.12 + 0.01 378 0.60 0.47 0.59 + 0.03 35 0.45 0.42 0.44 - 0.00 265 0.07 0.06 0.06 - 0.00 1568 0.09 0.07 0.08 - 0.01 5 0.05 0.00 0.05 + 0.01 13 0.07 0.06 0.06 - 0.02 3 0.09 0.00 0.09 + 0.02 849 7.96 6.91 7.52 + 0.47 6532 1.77 1.61 1.71 + 0.09 18135 1.39 1.25 1.31 + 0.05 807 4.18 3.55 3.91 + 0.23 684 3.27 2.75 3.07 + 0.24 1941 0.09 0.08 0.09 unch 0.00 464 0.07 0.06 0.06 - 0.01 1824 1.07 0.65 0.99 + 0.35 0 0.00 0.00 0.14 unch 0.00 95 0.04 0.04 0.04 unch 0.00 1328 0.04 0.00 0.04 - 0.01 7 1.60 0.00 1.54 + 0.08 430 0.42 0.36 0.42 + 0.04 74 0.32 0.28 0.32 + 0.01 96 23.18 21.81 23.01 + 1.10 1960 18.37 17.00 17.86 + 0.88 178 0.19 0.18 0.18 unch 0.00 0 0.00 0.00 0.29 unch 0.00 601 86.27 82.01 86.22 + 1.93 29034 67.26 63.68 67.19 + 1.94 5 0.08 0.08 0.08 unch 0.00 190 0.10 0.00 0.09 - 0.01 640 0.48 0.46 0.48 + 0.01 915 0.05 0.03 0.03 - 0.01 4133 0.06 0.04 0.04 - 0.03 620 8.70 8.07 8.42 + 0.34 11027 6.00 5.28 5.81 + 0.46 18272 4.68 4.10 4.53 + 0.39 421 2.75 2.27 2.30 - 0.25 97 0.02 0.01 0.02 + 0.00 1060 0.02 0.00 0.02 unch 0.00 434 0.18 0.16 0.17 - 0.01 55 0.15 0.12 0.15 + 0.03 604 3.14 2.53 2.81 + 0.13 79 2.20 1.68 1.71 + 0.01 82 0.96 0.84 0.92 + 0.04 568 1.24 1.09 1.20 + 0.09 111 0.07 0.06 0.07 - 0.00 435 0.09 0.08 0.08 - 0.01 21 0.05 0.00 0.05 + 0.01 369 0.12 0.10 0.10 - 0.02 349 0.09 0.07 0.08 - 0.01 1002 0.09 0.00 0.09 - 0.01 6 0.07 0.07 0.07 - 0.00 235 0.42 0.34 0.39 + 0.00 634 0.52 0.45 0.51 + 0.04 239 0.18 0.00 0.14 - 0.03 124 0.10 0.08 0.08 + 0.01 1601 1.47 0.91 1.23 + 0.30 2140 1.15 0.70 0.96 + 0.24 504 0.03 0.00 0.02 - 0.01 208 0.02 0.00 0.02 - 0.00 433 0.12 0.09 0.09 - 0.02 429 0.09 0.07 0.08 - 0.01 2 0.01 0.00 0.01 unch 0.00 766 0.07 0.06 0.07 - 0.01 221 0.06 0.05 0.05 - 0.00 4 0.24 0.23 0.23 + 0.03 38 0.57 0.47 0.55 + 0.02 100 0.72 0.61 0.70 + 0.05 1408 0.05 0.04 0.04 - 0.01 134 0.11 0.00 0.08 - 0.03 0 0.00 0.00 0.05 unch 0.00 215 0.20 0.17 0.18 + 0.01 77 0.75 0.66 0.68 unch 0.00 33 0.58 0.51 0.54 + 0.02 11 0.02 0.00 0.02 + 0.01 138 0.01 0.01 0.01 - 0.01 0 0.00 0.00 0.58 unch 0.00 119 0.08 0.06 0.06 - 0.02 317 0.11 0.00 0.10 unch 0.00 55602 0.00 0.00 0.00 - 0.00 250 1.13 0.85 0.90 - 0.23 391 1.48 1.10 1.15 - 0.26 13 0.07 0.07 0.07 + 0.01 173 0.05 0.04 0.04 unch 0.00 313 0.01 0.00 0.01 unch 0.00 624 0.01 0.00 0.01 unch 0.00 1964 0.03 0.00 0.02 - 0.01 90 0.31 0.26 0.27 unch 0.00 51 0.30 0.13 0.24 - 0.08 116 0.16 0.14 0.16 unch 0.00 151 0.13 0.11 0.13 - 0.01 40 0.44 0.38 0.39 - 0.02 446 0.55 0.49 0.49 - 0.05 634 0.06 0.00 0.05 unch 0.00 12723 0.03 0.02 0.02 - 0.01 708 0.02 0.01 0.02 - 0.00 231 7.50 6.46 7.25 + 0.77 335 5.94 5.01 5.49 + 0.55 678 7.41 6.92 7.29 + 0.17 7555 5.79 5.40 5.68 + 0.17 1894 0.82 0.68 0.72 + 0.02 513 0.72 0.63 0.64 - 0.04 154 0.56 0.48 0.50 - 0.04 0 0.00 0.00 0.24 unch 0.00 24 0.10 0.10 0.10 + 0.00 615 0.02 0.02 0.02 unch 0.00 135 0.75 0.64 0.75 + 0.03 85 0.58 0.50 0.54 - 0.00 116 0.18 0.10 0.16 + 0.04 77 0.05 0.00 0.05 + 0.01 179 0.41 0.39 0.40 unch 0.00 5119 0.32 0.30 0.31 + 0.01 0 0.00 0.00 0.11 unch 0.00 49 0.11 0.10 0.10 - 0.01 365 0.02 0.01 0.02 unch 0.00 120 0.01 0.01 0.01 + 0.00 2950 0.07 0.06 0.06 - 0.01 1466 0.05 0.04 0.05 + 0.00 14191 104.65 95.41 97.02 - 1.93 5589 134.19 122.68124.54 - 3.34 257 0.11 0.00 0.10 - 0.01 228 0.08 0.07 0.07 - 0.01 2084 0.02 0.00 0.02 + 0.01 63 2.03 1.98 2.01 + 0.01 7899 2.85 2.55 2.75 + 0.11 22 2.37 2.07 2.07 - 0.10 25 0.12 0.00 0.12 unch 0.00 287 0.35 0.30 0.31 - 0.04 788 0.44 0.40 0.41 - 0.04 0 0.00 0.00 0.03 unch 0.00 21 0.05 0.00 0.05 - 0.01 1 0.04 0.04 0.04 unch 0.00 1084 0.09 0.07 0.08 unch 0.00 503 0.07 0.06 0.07 - 0.00 117 0.11 0.10 0.10 - 0.00 192 0.14 0.00 0.14 unch 0.00 510 0.04 0.03 0.04 + 0.00 1092 0.05 0.04 0.05 + 0.01 186 0.24 0.00 0.20 - 0.05 10 0.17 0.15 0.15 - 0.02 379 0.08 0.00 0.07 unch 0.00 699 0.06 0.05 0.06 + 0.00 36 0.28 0.23 0.28 + 0.04 89 0.38 0.00 0.35 - 0.03 0 0.00 0.00 0.17 unch 0.00 23 0.05 0.00 0.04 - 0.01 210 0.67 0.63 0.65 + 0.02 468 0.88 0.00 0.83 - 0.02 0 0.00 0.00 0.20 unch 0.00 482 0.07 0.06 0.07 unch 0.00 283 0.05 0.04 0.05 - 0.00 414 0.05 0.04 0.04 + 0.01 62 0.03 0.00 0.03 unch 0.00 42 0.06 0.04 0.05 + 0.00 71 0.06 0.00 0.06 + 0.01 528 1.44 1.28 1.37 + 0.11 162 1.12 0.99 1.06 + 0.08 250 0.11 0.00 0.11 + 0.01 106 0.22 0.16 0.22 + 0.05 50 0.15 0.15 0.15 unch 0.00 2153 5.48 4.97 5.39 + 0.39 577 1.49 1.27 1.32 + 0.06 503 1.15 0.93 1.03 + 0.04 16 0.12 0.10 0.10 - 0.02 14 0.15 0.00 0.13 + 0.02 513 0.34 0.27 0.27 - 0.01 230 0.40 0.34 0.34 - 0.03 74 0.88 0.81 0.87 + 0.00 980 1.18 1.01 1.04 - 0.06

12-month High Low

0.16 0.15 0.85 0.65 0.15 0.17 0.08 0.10 0.12 13.50 2.68 2.23 7.64 5.84 0.18 0.14 1.07 0.28 0.07 0.08 4.10 0.74 0.61 28.00 22.40 0.61 0.29 108.98 86.37 0.15 0.20 0.52 0.17 0.22 12.86 8.30 6.56 4.90 0.06 0.08 0.63 0.52 4.22 5.00 2.00 1.79 0.13 0.16 0.07 0.23 0.18 0.16 0.14 1.12 1.35 0.87 0.17 1.84 1.48 0.08 0.04 1.03 0.87 0.02 0.12 0.14 0.74 0.88 1.05 0.11 0.39 0.13 0.48 1.11 0.86 0.06 0.05 0.65 0.12 0.15 0.00 4.60 5.85 0.10 0.06 0.07 0.09 0.09 0.55 0.46 0.45 0.36 0.84 1.10 0.15 0.09 0.07 19.18 16.29 12.58 10.45 2.68 0.94 0.77 0.49 0.35 0.10 1.38 1.14 0.25 0.23 0.78 0.62 0.37 0.45 0.03 0.02 0.20 0.16 117.25 147.93 0.40 0.34 0.28 2.79 3.41 2.70 0.32 0.67 0.78 0.05 0.08 0.06 0.21 0.27 0.26 0.32 0.11 0.13 0.65 0.54 0.25 0.22 0.62 0.80 0.32 0.06 0.80 1.00 0.20 0.31 0.26 0.10 0.09 0.15 0.17 1.81 1.43 0.27 0.43 0.33 6.59 3.66 2.98 0.24 0.30 0.42 0.54 1.40 1.61

0.05 0.10 0.34 0.27 0.05 0.07 0.04 0.04 0.07 6.61 1.29 1.01 3.08 2.38 0.08 0.05 0.25 0.13 0.04 0.04 1.41 0.36 0.27 19.11 14.81 0.15 0.29 66.25 52.60 0.01 0.08 0.40 0.03 0.04 6.50 4.44 3.47 1.77 0.01 0.02 0.16 0.12 0.53 0.43 0.59 0.74 0.05 0.07 0.03 0.07 0.06 0.07 0.06 0.34 0.45 0.15 0.05 0.76 0.59 0.02 0.00 0.09 0.06 0.01 0.06 0.05 0.20 0.38 0.47 0.04 0.08 0.05 0.17 0.45 0.36 0.01 0.01 0.22 0.05 0.07 0.00 0.25 0.36 0.06 0.03 0.01 0.01 0.01 0.16 0.00 0.14 0.11 0.38 0.49 0.05 0.03 0.01 6.36 4.92 6.82 5.22 0.67 0.33 0.28 0.24 0.07 0.02 0.54 0.43 0.06 0.04 0.37 0.28 0.09 0.11 0.01 0.01 0.03 0.02 57.08 71.31 0.09 0.06 0.01 1.89 1.79 1.48 0.10 0.28 0.37 0.03 0.04 0.03 0.07 0.00 0.09 0.12 0.02 0.03 0.20 0.15 0.06 0.05 0.23 0.31 0.11 0.03 0.32 0.40 0.20 0.06 0.03 0.04 0.03 0.04 0.06 0.99 0.77 0.10 0.14 0.15 3.71 1.15 0.88 0.02 0.12 0.21 0.25 0.76 0.98

(100s) Stock

Exc Volume

Osisko Dev* Osisko Gold* Osisko Gold Osisko Metals* Osisko Metals Osisko Mng Inc Outback Gold* Outcrop S&G Outcrop S&G* OZ Minerals*

P-Q

P2 Gold* P2 Gold Pac Arc Res Pac Bay Mnrls Pac Booker Min* Pac Booker Min Pac Imperial Pac Ridge Expl Pac Ridge Expl* Pacific Empire Pacific Silk Pacton Gold Paladin Energy* Palamina Corp Palamina Corp* Palayan Res* Paleo Resource Palladium One* Palladium One Pampa Metals Pampa Metals* Pan Am Silver* Pan Am Silver Pan Global Res* Pan Global Res Pancontinental Pancontinental* Pangolin Dia Panoro Mnrls Panoro Mnrls* Pantera Silver PanTerra Gold* Pantheon Vent Para Resources Paramount Gold* Paringa Res* Parlane Res Pasinex Res Pasofino Gold* Pasofino Gold Patriot Gold Patriot Gold* Peabody Enrgy* Pegasus Res Pegasus Res* Pelangio Expl* Pelangio Expl Peloton Mnrls Peloton Mnrls* PepinNini Lith* Perpetua Res Perpetua Res* Perseus Mng Pershimex Res Pershing Res* Peruvian Metal* Peruvian Metal Petra Diamonds* Petrolympic Phenom Res* Phenom Res Phoenix Global* Phoenix Metals Pine Cliff En* Pine Cliff En Pivit Explor PJX Res Plata Latina Platinex Inc Platinum Gp Mt Platinum Gp Mt* Plato Gold Playfair Mng Playfair Mng* PNG Copper PolyMet Mng* PolyMet Mng Portofino Res Portofino Res* Power Group Power Metals Power Metals* PPX Mining* PPX Mining Precipitate Gl* Precipitate Gl Prime Meridian Prime Mining* Prime Mining Prism Res Prismo Metals ProAm Expl Probe Metals* Probe Metals Prog Planet Prog Planet* Prospect Ridge Prosper Gold Provenance Gld Providence Providence Gld* Pucara Gold Pucara Gold* PUF Vent Inc * Puma Expl* Puma Expl Pure Energy* Pure Energy Pure Gold Mg* Pure Gold Mg Purepoint Uran Q-Gold Res* Q-Gold Res QC Copper QC Copper* QC Precious * QC Precious QcX Gold QcX Gold* QMC Quantum Ml* QMC Quantum Ml QNB Metals Quadro Res* Quadro Res Quantum Batt* Quantum Batt Quartz Mtn Res* Quartz Mtn Res Quebec Nickel Quebec Silica Questex Gold* Questex Gold

R

Rackla Metals Rackla Metals* Radisson Mng Radius Gold Rain City Raindrop Vent Rainforest Res* Rainy Mtn Royl Rainy Mtn Royl* Rare Element* Rathdowney Res Ready Set Gold Recharge Res* Red Pine Expl Regulus Res Remington Res Renforth Res* Renforth Res Resolve Vent Reunion Gold Reunion Gold* Revival Gold Revival Gold * Rex Res

O N T O V T O V O O

7 4580 2037 344 1336 2189 11 621 360 0

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

70 104 0 10 15 1 159 97 137 65 0 35 2584 78 5 167 13 363 629 319 106 9739 2153 119 603 285 134 0 257 319 50 65 318 25 1036 1400 208 164 12 158 2 68 21691 959 101 1 70 143 7 5 66 571 479 32 196 7 66 2 5 471 259 11 172 493 10551 132 111 100 336 293 1956 554 238 6 119 320 11 635 276 0 1310 375 38 25 475 2254 288 50 769 6 119 1 34 164 215 12 449 100 232 115 103 4 10 965 92 652 76 56 3111 4555 1810 22 7 228 268 8 401 32 0 52 52 17 57 129 1 467 0 25 790 245 31 341

V O V V C C O V O O V C O V V V O C V V O V O V

75 2 21194 42 3085 26 16 25 0 408 6 235 5446 576 66 0 7 203 2056 1236 81 272 218 0

Week High

Low

12-month

Last Change

3.26 3.15 3.26 unch 11.53 10.52 11.42 + 14.76 13.53 14.66 + 0.36 0.30 0.35 + 0.45 0.39 0.43 + 3.94 3.68 3.86 + 0.17 0.11 0.11 0.15 0.14 0.15 + 0.12 0.10 0.11 + 0.00 0.00 15.21 unch

0.00 0.73 0.87 0.04 0.02 0.15 0.01 0.01 0.00 0.00

Stock

19.35 15.12 18.59 0.55 0.69 5.02 1.22 0.45 0.40 21.04

Reyna Silver* Reyna Silver Rhyolite Res Richmond Mnls Ridgeline Min Ridgestone M’g* Ridgestone M’g Riley Gold* Riley Gold Rio Silver Rio Silver* Rio Tinto* Rio Tinto* Rio Tinto* Rio2 Limited* Rio2 Limited Rise Gold Corp Rise Gold Corp* Riverside Res Riverside Res* RJK Explor RJK Explor* Robex Res Rochester Res Rochester Res* Rock Tech Lith* Rock Tech Lith Rockcliff Met* Rockcliff Met Rockex Mng Rockhaven Re* Rockhaven Res Rockland Res Rockridge Res Rockwealth Res Rogue Res Rojo Res* Rokmaster Res* Rokmaster Res Romios Gold Rs Romios Gold Rs* RooGold* RooGold RosCan Gold* RosCan Gold Ross River Rover Metals* Rover Metals Royal Fox Gold Royal Fox Gold* Royal Gold* Royal Rd Mnrls RT Minerals* RT Minerals RTG Mining Rugby Mng Running Fox Rs Rupert Res* Rupert Res Rusoro Mng* Rusoro Mng

9.18 10.18 13.30 0.27 0.35 2.33 0.09 0.12 0.10 15.21

0.52 0.30 0.37 - 0.00 1.60 0.28 0.48 0.00 0.46 - 0.02 0.83 0.34 0.00 0.00 0.21 unch 0.00 0.26 0.14 0.13 0.00 0.13 + 0.04 0.18 0.08 0.70 0.70 0.70 unch 0.00 3.90 0.43 0.95 0.00 0.95 + 0.05 4.99 0.53 0.06 0.00 0.05 + 0.01 0.06 0.02 0.39 0.33 0.36 + 0.02 0.58 0.10 0.30 0.26 0.28 + 0.01 0.47 0.08 0.03 0.00 0.03 + 0.01 0.07 0.02 0.00 0.00 0.03 unch 0.00 0.04 0.02 0.32 0.00 0.30 + 0.01 0.88 0.27 0.51 0.45 0.49 + 0.01 0.80 0.27 0.16 0.00 0.16 + 0.03 0.37 0.13 0.12 0.00 0.12 + 0.02 0.36 0.10 0.07 0.07 0.07 - 0.00 0.32 0.03 0.02 0.00 0.02 - 0.01 0.04 0.01 0.15 0.12 0.14 - 0.00 0.31 0.12 0.19 0.16 0.18 - 0.01 0.36 0.16 0.25 0.22 0.24 unch 0.00 0.60 0.22 0.22 0.12 0.21 + 0.02 1.07 0.09 22.98 21.20 22.42 + 0.77 34.70 20.59 29.41 27.24 28.62 + 0.66 42.01 26.52 0.54 0.39 0.39 + 0.04 0.70 0.02 0.55 0.48 0.51 + 0.03 0.87 0.45 0.06 0.05 0.05 - 0.01 0.18 0.05 0.05 0.04 0.04 - 0.01 0.15 0.04 0.00 0.00 0.01 unch 0.00 0.03 0.01 0.16 0.14 0.14 - 0.01 0.21 0.11 0.12 0.10 0.10 - 0.02 0.18 0.08 0.17 0.00 0.14 - 0.01 0.34 0.12 0.05 0.00 0.05 + 0.01 0.07 0.04 0.08 0.00 0.07 - 0.01 0.30 0.05 0.28 0.00 0.26 + 0.01 0.44 0.24 0.55 0.45 0.47 - 0.05 1.10 0.48 0.04 0.03 0.03 unch 0.00 0.04 0.02 0.07 0.05 0.05 - 0.01 0.38 0.05 0.05 0.04 0.04 - 0.01 0.06 0.02 0.78 0.00 0.78 + 0.06 1.39 0.46 0.87 0.00 0.87 unch 0.00 1.68 0.61 0.00 0.00 0.07 unch 0.00 0.17 0.05 0.05 0.04 0.05 - 0.00 0.15 0.04 23.37 20.42 21.40 unch 0.00 33.29 5.37 0.06 0.05 0.05 - 0.02 0.11 0.04 0.04 0.01 0.04 - 0.01 0.10 0.01 0.06 0.06 0.06 unch 0.00 0.13 0.06 0.08 0.00 0.07 - 0.01 0.17 0.07 0.06 0.00 0.05 - 0.01 0.12 0.05 0.05 0.04 0.04 + 0.01 0.09 0.03 0.41 0.39 0.39 - 0.02 0.73 0.19 4.12 3.79 3.94 - 0.05 11.45 3.79 3.20 2.94 3.09 + 0.01 9.42 2.94 1.63 1.43 1.60 + 0.08 1.88 1.11 0.03 0.00 0.03 unch 0.00 0.07 0.03 0.04 0.04 0.04 - 0.00 0.09 0.01 0.10 0.07 0.09 + 0.00 0.18 0.02 0.11 0.00 0.11 unch 0.00 0.22 0.09 1.40 0.00 1.31 + 0.10 1.80 0.01 0.06 0.00 0.06 + 0.01 0.10 0.04 0.49 0.34 0.40 + 0.05 0.70 0.25 0.62 0.46 0.50 + 0.06 0.85 0.35 0.73 0.54 0.73 + 0.19 1.29 0.45 0.15 0.09 0.10 - 0.05 0.55 0.12 1.55 1.30 1.45 + 0.15 1.55 0.26 1.99 1.67 1.88 + 0.19 1.99 0.30 0.14 0.00 0.12 - 0.01 0.35 0.11 0.19 0.00 0.19 + 0.04 0.24 0.14 0.04 0.00 0.04 + 0.01 0.05 0.02 0.06 0.05 0.05 unch 0.00 0.08 0.04 1.89 1.71 1.76 + 0.02 5.41 1.58 1.48 1.32 1.35 unch 0.00 4.52 1.21 0.03 0.00 0.03 + 0.01 0.05 0.02 0.07 0.07 0.07 unch 0.00 0.30 0.07 0.02 0.00 0.02 - 0.05 0.29 0.00 0.07 0.05 0.07 unch 0.00 0.17 0.05 2.98 2.70 2.79 + 0.06 4.79 2.41 3.80 0.00 3.63 + 0.10 6.15 3.05 0.09 0.08 0.08 unch 0.00 0.17 0.08 0.07 0.06 0.07 + 0.00 0.14 0.05 0.00 0.00 0.02 unch 0.00 0.16 0.02 0.22 0.19 0.20 - 0.01 0.34 0.17 0.17 0.14 0.15 - 0.00 0.27 0.13 0.03 0.03 0.03 unch 0.00 0.50 0.00 0.03 0.00 0.03 unch 0.00 0.05 0.02 0.08 0.05 0.06 - 0.01 0.13 0.05 0.10 0.07 0.07 unch 0.00 0.17 0.07 0.12 0.00 0.10 - 0.03 0.14 0.06 1.83 1.64 1.73 - 0.09 4.15 1.64 2.50 2.07 2.27 + 0.01 5.24 2.07 0.10 0.00 0.08 - 0.01 0.22 0.07 0.19 0.13 0.15 + 0.01 0.42 0.12 0.07 0.00 0.07 + 0.02 0.10 0.05 1.50 1.37 1.42 - 0.01 1.85 1.25 1.90 1.72 1.82 + 0.01 2.33 1.52 0.31 0.00 0.30 + 0.02 0.60 0.25 0.19 0.19 0.19 unch 0.00 0.48 0.19 0.33 0.25 0.29 + 0.04 2.75 0.20 0.50 0.36 0.38 - 0.10 2.28 0.36 0.13 0.11 0.12 - 0.01 0.18 0.10 0.07 0.00 0.07 unch 0.00 0.10 0.06 0.05 0.04 0.05 - 0.00 0.16 0.00 0.12 0.00 0.12 + 0.04 0.29 0.08 0.09 0.09 0.09 unch 0.00 0.26 0.05 0.04 0.03 0.03 - 0.00 3.68 0.03 0.31 0.28 0.29 unch 0.00 0.50 0.22 0.38 0.34 0.35 - 0.01 0.64 0.26 1.00 0.79 0.82 - 0.10 2.11 0.59 1.25 1.00 1.06 - 0.16 2.60 0.83 0.16 0.12 0.15 + 0.01 1.50 0.11 0.20 0.15 0.19 + 0.02 1.81 0.14 0.09 0.07 0.08 - 0.01 0.17 0.07 0.05 0.05 0.05 unch 0.00 0.22 0.05 0.06 0.00 0.05 - 0.02 0.26 0.04 0.24 0.21 0.22 + 0.01 0.47 0.15 0.18 0.16 0.18 + 0.02 0.37 0.11 0.09 0.00 0.08 - 0.00 0.27 0.08 0.13 0.00 0.11 - 0.01 0.33 0.10 0.04 0.00 0.04 unch 0.00 0.26 0.04 0.00 0.00 0.03 unch 0.00 0.21 0.03 0.20 0.16 0.19 + 0.01 0.35 0.14 0.25 0.00 0.23 + 0.01 0.40 0.18 0.09 0.00 0.09 - 0.01 0.25 0.05 0.03 0.01 0.02 + 0.00 0.13 0.01 0.03 0.00 0.03 + 0.01 0.16 0.02 0.25 0.25 0.25 unch 0.00 5.85 0.25 0.59 0.36 0.58 + 0.23 5.85 0.33 0.00 0.00 0.25 unch 0.00 0.29 0.00 0.26 0.00 0.26 - 0.01 0.39 0.16 0.20 0.15 0.16 + 0.03 0.41 0.10 0.06 0.00 0.04 - 0.01 0.23 0.04 0.80 0.79 0.79 - 0.02 0.98 0.43 1.04 1.01 1.01 - 0.02 1.24 0.54 0.15 0.10 0.16 0.28 0.05 0.35 1.37 0.12 0.00 0.92 0.03 0.09 0.03 0.37 1.04 0.00 0.05 0.06 0.06 0.26 0.21 0.65 0.51 0.00

0.00 0.03 0.11 0.00 0.00 0.27 1.11 0.00 0.00 0.77 0.00 0.08 0.02 0.32 0.92 0.00 0.04 0.00 0.00 0.23 0.18 0.54 0.41 0.00

0.15 + 0.10 + 0.14 + 0.25 0.05 + 0.30 1.21 0.12 unch 0.00 unch 0.90 + 0.03 0.09 + 0.02 0.34 0.97 0.16 unch 0.04 0.05 0.06 + 0.24 + 0.19 + 0.62 + 0.48 + 0.12 unch

0.02 0.07 0.01 0.02 0.02 0.05 0.39 0.00 0.00 0.10 0.01 0.02 0.01 0.03 0.02 0.00 0.01 0.01 0.02 0.02 0.01 0.10 0.09 0.00

(100s)

High Low

0.41 0.12 0.31 0.40 0.12 1.00 3.80 0.26 0.14 2.75 0.06 0.28 0.53 0.82 1.50 0.25 0.09 0.10 0.13 0.36 0.29 0.83 0.67 0.39

0.12 0.01 0.11 0.20 0.01 0.30 1.11 0.10 0.00 0.73 0.02 0.06 0.00 0.32 0.70 0.16 0.04 0.05 0.04 0.06 0.04 0.49 0.37 0.12

S

Exc Volume

S2 Minerals Sabina Gd&Slvr* Sabina Gd&Slvr Sable Res* Sable Res Sailfish Rylty Salazar Res* Salazar Res Sama Res Sama Res* Samco Gold San Lorenzo Sanatana Res* Sanatana Res Sandfire Res Sandfire Res* Sandstorm Gold Sandstorm Gold* Santacruz Silv Sarama Res Sassy Res* Sassy Res Satori Res Satori Res* Saturn Mnrls Savannah Min Saville Res Scandium Intl* Scandium Intl Scorpio Gold Scorpio Gold * Scotch Creek Scotch Creek* Scottie Res* Scottie Res ScoZinc Mg Seabridge Gld Seabridge Gld* Seahawk Gold* Seahawk Gold Search Mnls Search Mnls* Searchlight* SearchlightRes Secova Metals* Secova Metals Sego Res Select Sands Sennen Potash Serabi Gold Sherritt Intl Shine Minerals Sibanye-Stillw* Sibanye-Stillw* Sidney Resrces* Sienna Res Sienna Res* Sierra Grande Sierra Madre G* Sierra Madre G Sierra Metals Sierra Metals* Sigma Lithium* Sigma Lithium Signature Res Signature Res* Silver Bear Rs* Silver Bear Rs Silver Bull Re Silver Bull Re* Silver Dollar Silver Dollar* Silver Eleph Silver Grail Silver Hammer* Silver Hammer Silver One* Silver One Silver Predatr* Silver Predatr Silver Range* Silver Range Silver Sands* Silver Sands Silver Spruce* Silver Spruce Silver Valley Silver Viper* Silver Viper Silver Wolf Silver Wolf* Silver X Silver X* Silvercorp Met Silvercorp Met* SilverCrest* SilverCrest Silverstock Silverton Met Silverton Met* Sirios Res* Sirios Res Sitka Gold Sitka Gold* Sixty North Sixty North* Skeena Res

Week High

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

627 0.33 491 0.42 4 0.46 11 0.05 39 0.28 318 0.01 483 0.02 157 0.13 182 0.17 149 0.05 99 0.07 5 67.71 15492 69.85 2 77.77 693 0.46 839 0.58 44 0.60 26 0.50 190 0.18 464 0.14 46 0.10 74 0.09 23 0.35 19 0.05 58 0.04 25 3.93 95 5.00 80 0.04 78 0.05 0 0.00 18 0.07 83 0.09 254 0.11 207 0.08 236 0.24 1 0.07 321 0.36 165 0.14 472 0.19 412 0.05 565 0.04 58 0.08 250 0.11 240 0.26 678 0.34 0 0.00 117 0.03 302 0.04 23387 0.08 1498 0.07 2365 118.57 288 0.24 0 0.02 286 0.02 0 0.00 14 0.13 0 0.00 15 3.91 231 5.03 44 0.05 1304 0.07

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

33 470 2347 196 611 12 84 105 247 100 0 1 150 248 28 112 1263 8598 1279 196 40 230 12 1 779 0 130 68 705 267 125 426 642 128 142 25 431 1906 182 5 550 37 222 378 140 3463 221 303 0 24 2260 0 3 24539 1587 852 372 1 44 196 366 631 1165 216 207 354 72 0 59 150 278 97 150 0 957 823 1001 457 1 3 11 25 23 357 61 106 392 345 403 39 19 1060 101 1246 5834 3521 1275 3 388 53 2 240 5072 225 268 70 1263

0.20 0.94 1.20 0.19 0.25 1.34 0.20 0.24 0.18 0.13 0.00 0.11 0.10 0.15 0.16 0.12 8.44 6.59 0.41 0.21 0.28 0.36 0.14 0.10 2.88 0.00 0.05 0.08 0.09 0.10 0.07 0.49 0.43 0.15 0.19 0.53 18.79 14.67 0.25 0.37 0.18 0.13 0.07 0.08 0.04 0.06 0.12 0.11 0.00 0.60 0.66 0.00 4.75 12.45 0.17 0.08 0.06 0.00 0.50 0.65 1.21 0.95 14.98 19.02 0.06 0.05 0.04 0.00 0.26 0.20 0.61 0.46 0.68 0.00 0.37 0.46 0.27 0.34 0.07 0.10 0.10 0.11 0.06 0.08 0.02 0.03 0.16 0.24 0.30 0.18 0.12 0.25 0.20 3.58 2.81 7.18 9.18 0.12 0.18 0.10 0.05 0.07 0.16 0.12 0.05 0.04 11.18

Low

0.29 0.31 + 0.38 0.41 + 0.00 0.46 + 0.00 0.05 unch 0.00 0.28 0.01 0.01 0.01 0.02 unch 0.12 0.12 0.00 0.14 0.00 0.04 unch 0.03 0.07 + 64.47 67.59 + 65.84 69.54 + 72.58 76.35 + 0.39 0.43 0.50 0.57 + 0.55 0.58 0.43 0.48 + 0.15 0.16 + 0.11 0.13 + 0.00 0.10 unch 0.07 0.08 + 0.00 0.34 unch 0.00 0.05 unch 0.03 0.04 unch 3.57 3.67 unch 4.52 4.75 + 0.04 0.04 unch 0.05 0.05 unch 0.00 0.04 unch 0.07 0.07 unch 0.00 0.08 unch 0.09 0.09 0.00 0.08 + 0.00 0.24 + 0.00 0.07 0.29 0.30 + 0.13 0.13 0.17 0.18 unch 0.04 0.05 unch 0.04 0.04 0.07 0.08 0.09 0.09 0.23 0.25 0.30 0.34 + 0.00 0.26 unch 0.03 0.03 + 0.00 0.04 + 0.05 0.06 + 0.03 0.05 + 112.10114.41 0.00 0.23 + 0.02 0.02 unch 0.00 0.01 0.00 0.08 unch 0.00 0.13 + 0.00 0.02 unch 3.63 3.88 + 4.63 5.00 + 0.04 0.05 + 0.05 0.07 + 0.00 0.85 1.11 0.16 0.21 1.27 0.17 0.00 0.17 0.00 0.00 0.00 0.10 0.00 0.00 0.10 7.90 6.14 0.35 0.17 0.22 0.29 0.00 0.10 2.60 0.00 0.00 0.06 0.08 0.00 0.06 0.45 0.35 0.14 0.18 0.00 17.49 13.61 0.21 0.00 0.15 0.00 0.06 0.00 0.04 0.05 0.00 0.09 0.00 0.00 0.60 0.00 2.77 11.55 0.15 0.07 0.05 0.00 0.41 0.50 1.06 0.82 13.70 17.60 0.00 0.04 0.02 0.00 0.00 0.18 0.50 0.40 0.55 0.00 0.29 0.38 0.21 0.29 0.00 0.00 0.09 0.00 0.05 0.07 0.00 0.00 0.15 0.19 0.26 0.13 0.12 0.20 0.16 3.36 2.61 6.64 8.56 0.12 0.11 0.00 0.05 0.00 0.08 0.07 0.04 0.03 10.12

12-month

Last Change

0.20 unch 0.91 + 1.18 + 0.18 + 0.23 unch 1.34 + 0.18 0.24 + 0.18 + 0.13 + 0.05 unch 0.11 0.10 unch 0.14 0.14 unch 0.10 8.30 + 6.48 + 0.39 + 0.19 unch 0.22 0.30 0.13 unch 0.10 unch 2.79 + 0.26 unch 0.04 0.07 0.09 unch 0.08 0.07 + 0.46 + 0.36 0.15 + 0.18 0.53 + 18.20 14.18 unch 0.25 unch 0.37 + 0.16 0.12 0.06 + 0.08 unch 0.04 unch 0.06 + 0.09 + 0.09 0.45 unch 0.60 + 0.61 unch 0.10 unch 2.78 + 11.93 + 0.16 + 0.07 0.05 + 0.20 unch 0.50 + 0.65 + 1.19 + 0.95 + 14.49 18.70 0.05 0.04 + 0.03 0.05 unch 0.25 0.19 0.51 0.40 0.58 0.13 unch 0.30 0.39 0.25 + 0.32 + 0.07 unch 0.10 0.10 + 0.11 unch 0.06 + 0.08 unch 0.02 0.03 unch 0.16 + 0.19 0.26 0.18 + 0.12 + 0.24 unch 0.17 3.50 + 2.74 + 6.88 + 8.79 + 0.12 0.15 + 0.10 + 0.05 unch 0.07 + 0.15 + 0.12 + 0.04 unch 0.04 10.18 -

High Low

0.01 0.01 0.04 0.00 0.01 0.00 0.00 0.03 0.02 0.00 0.02 2.90 3.73 1.77 0.00 0.01 0.04 0.02 0.02 0.02 0.00 0.01 0.00 0.00 0.00 0.00 0.10 0.00 0.00 0.00 0.00 0.00 0.01 0.01 0.04 0.01 0.02 0.01 0.00 0.00 0.00 0.01 0.02 0.02 0.02 0.00 0.00 0.01 0.02 0.02 3.59 0.01 0.00 0.01 0.00 0.01 0.00 0.31 0.30 0.01 0.02

0.81 0.98 1.70 0.07 0.77 0.12 0.14 0.61 0.74 0.08 0.11 89.90 91.09 100.31 0.75 0.87 0.99 0.80 0.20 0.18 0.25 0.40 0.45 0.10 0.07 7.53 9.38 0.07 0.08 0.05 0.13 0.15 0.28 0.19 0.45 0.16 1.01 0.46 0.58 0.07 0.05 0.41 0.43 0.51 0.53 0.26 0.11 0.12 0.12 0.07 147.70 0.40 0.10 0.12 0.17 0.24 0.05 5.37 6.77 0.07 0.08

0.24 0.31 0.40 0.03 0.27 0.01 0.01 0.12 0.14 0.04 0.01 57.41 59.58 63.01 0.39 0.50 0.36 0.28 0.13 0.10 0.08 0.01 0.26 0.04 0.03 3.09 3.83 0.04 0.04 0.03 0.00 0.08 0.09 0.07 0.10 0.07 0.24 0.14 0.17 0.04 0.02 0.06 0.08 0.11 0.23 0.26 0.03 0.04 0.04 0.03 92.01 0.16 0.02 0.01 0.08 0.09 0.02 3.30 4.19 0.03 0.04

0.00 0.04 0.03 0.01 0.00 0.08 0.01 0.01 0.01 0.01 0.00 0.01 0.00 0.02 0.00 0.02 0.32 0.29 0.03 0.00 0.00 0.07 0.00 0.00 0.14 0.00 0.01 0.01 0.00 0.01 0.01 0.01 0.02 0.01 0.01 0.02 0.08 0.00 0.00 0.02 0.01 0.01 0.00 0.00 0.00 0.01 0.01 0.01 0.00 0.02 0.00 0.00 0.01 0.30 0.01 0.01 0.00 0.00 0.06 0.08 0.09 0.08 0.06 0.14 0.01 0.00 0.00 0.00 0.01 0.01 0.09 0.07 0.03 0.00 0.07 0.09 0.03 0.02 0.00 0.03 0.01 0.00 0.00 0.00 0.00 0.00 0.02 0.04 0.04 0.03 0.00 0.00 0.02 0.02 0.04 0.13 0.04 0.09 0.04 0.01 0.00 0.01 0.06 0.05 0.00 0.00 0.35

0.30 1.58 1.93 0.33 0.38 1.65 0.32 0.42 0.28 0.22 0.05 0.24 0.15 0.20 0.24 0.20 11.61 9.31 0.58 0.28 0.82 0.92 0.18 0.14 4.49 0.35 0.06 0.21 0.26 0.17 0.14 0.98 2.88 0.23 0.27 0.75 28.00 22.22 1.24 1.05 0.33 0.27 0.11 0.14 0.22 0.22 0.16 0.14 0.45 1.40 0.85 0.16 5.15 20.64 0.28 0.15 0.12 1.00 0.79 0.90 4.57 3.79 19.48 24.51 0.20 0.20 0.15 0.15 1.55 1.25 1.18 0.96 4.05 0.25 0.86 1.08 0.67 0.79 0.19 0.22 0.29 0.25 0.22 0.26 0.09 0.11 0.33 0.70 0.80 0.57 0.50 0.52 0.41 8.07 6.72 10.40 12.99 0.29 0.80 0.64 0.10 0.11 0.20 0.22 0.09 0.07 17.11

0.13 0.80 1.04 0.12 0.16 1.09 0.17 0.21 0.12 0.09 0.05 0.08 0.06 0.07 0.11 0.08 6.86 5.31 0.22 0.15 0.21 0.26 0.10 0.08 2.20 0.21 0.03 0.01 0.09 0.05 0.03 0.40 0.18 0.12 0.16 0.45 17.49 13.42 0.16 0.20 0.12 0.09 0.03 0.06 0.00 0.05 0.05 0.04 0.45 0.51 0.36 0.09 0.00 10.51 0.11 0.07 0.05 0.20 0.31 0.39 1.01 0.77 4.23 5.13 0.05 0.04 0.00 0.04 0.23 0.18 0.49 0.37 0.50 0.11 0.26 0.29 0.19 0.26 0.07 0.07 0.03 0.09 0.05 0.07 0.02 0.03 0.11 0.17 0.22 0.12 0.08 0.20 0.00 3.22 2.46 5.99 7.84 0.12 0.09 0.08 0.04 0.06 0.08 0.06 0.04 0.03 9.90

GLOBAL MINING NEWS

(100s) Stock

Week

Exc Volume

SKRR Explor Sky Gold* Sky Gold Skyharbour Res Skyharbour Res* Slam Explor* Slam Explor Slave Lake Zn Slave Lake Zn* Snowline Gold Snowy Owl Sokoman Min Sokoman Min* Solaris Res SolGold plc* SolGold plc SolidusGold Solitario Ex&R Solitario Ex&R* Solstice Gold Sonora Gld & S Sonoro Gold* Sonoro Gold SOPerior Fert South Atlantic* South Atlantic South Star Bat South Star Bat* South32* Southern Copp* Southern Emp* Southern Emp Southern Silvr Southern Silvr* SouthGobi Res Southstone Min Spanish Mtn Gd Spanish Mtn Gd* Sparton Res Sparton Res* SPC Nickel SPC Nickel* Spearmint Res Spearmint Res* Sphinx Res Spruce Ridge R SRG Mining SSR Mining* SSR Mining St Augustine St-Georges Eco St-Georges Eco* St. James Gold St. James Gold* Stakeholdr Gld Stallion Gold Standard Graph* Standard Metal* Standard Uran* Standard Uran Stans Energy Star Diamond* Star Diamond Star Gold* Starcore Intl* Starcore Intl Starr Peak* Starr Peak Stellar Africa* Stellar Africa Stelmine Can Stelmine Can* Steppe Gold Steppe Gold* Sterling Metal Sterling Metal* Stevens Gold* Stevens Gold Stinger Res* Stinger Res Stone Gold Straightup Res Straightup Re* Stratabd Mnr* Stratabd Mnr Strategic Metl Strategic Metl* Strategic Res Stria Lithium Strikepoint Gd Strikepoint Gd* Strongbow Expl Strongbow Expl* Stroud Res Stuhini Explor* Stuhini Explor Stuve Gold Sulliden Mng* Sulliden Mng Summa Silver* Summa Silver Sun Peak Metal Sun Summit Sun Summit* Suncor Energy* Suncor Energy Superior Gold* Superior Gold

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

THE NORTHERN MINER / MAY 30 — JUNE 12, 2022

105 80 103 1984 423 29 640 39 2 303 568 439 270 776 19 80 0 12 265 64 0 67 347 3563 3 136 788 566 1 9050 11 186 584 395 28 35 1002 2065 501 57 180 125 1007 225 0 23 94 8564 1678 584 635 652 76 67 1 63 4422 2 242 1057 27 35 613 1 14 288 79 141 9 542 837 707 99 25 181 72 16 13 11 68 771 72 2 34 76 202 171 5 84 345 273 1191 468 19 2 34 24 3 967 236 264 136 172 110 40385 45969 50 407

High

Low

0.07 0.05 0.06 0.50 0.39 0.03 0.04 0.14 0.13 1.03 0.06 0.33 0.26 12.24 0.39 0.51 0.00 0.92 0.72 0.15 0.00 0.12 0.16 0.05 0.01 0.07 0.15 0.12 3.14 59.13 0.08 0.12 0.27 0.20 0.19 0.03 0.21 0.16 0.08 0.05 0.10 0.06 0.10 0.07 0.00 0.08 0.82 20.53 26.26 0.08 0.25 0.19 0.44 0.36 0.64 0.28 0.00 10.00 0.11 0.14 0.01 0.25 0.31 0.02 0.22 0.29 0.87 1.13 0.05 0.06 0.21 0.17 1.36 1.02 0.27 0.20 0.11 0.10 0.06 0.10 0.30 0.11 0.14 0.04 0.06 0.31 0.24 0.20 0.30 0.08 0.06 0.29 0.23 0.41 0.51 0.75 0.13 0.06 0.08 0.77 0.98 0.21 0.29 0.23 38.86 49.83 0.66 0.84

0.07 0.03 0.00 0.37 0.28 0.01 0.00 0.11 0.13 0.89 0.05 0.25 0.19 11.17 0.00 0.00 0.00 0.00 0.65 0.00 0.00 0.11 0.13 0.04 0.01 0.00 0.12 0.09 3.05 53.36 0.08 0.00 0.23 0.18 0.00 0.00 0.16 0.14 0.07 0.05 0.08 0.03 0.08 0.05 0.00 0.00 0.72 19.01 24.42 0.07 0.22 0.16 0.39 0.30 0.00 0.00 0.00 9.00 0.09 0.12 0.00 0.23 0.28 0.02 0.20 0.25 0.82 1.05 0.04 0.00 0.16 0.13 1.15 0.90 0.21 0.17 0.08 0.09 0.06 0.08 0.24 0.00 0.08 0.04 0.00 0.00 0.22 0.00 0.18 0.07 0.05 0.23 0.14 0.00 0.51 0.00 0.00 0.06 0.00 0.71 0.91 0.00 0.26 0.22 36.25 46.96 0.61 0.78

12-month

Last Change

0.07 unch 0.04 0.05 0.48 + 0.36 + 0.02 0.04 + 0.13 + 0.13 unch 0.99 + 0.05 0.31 + 0.24 + 11.92 + 0.39 + 0.49 + 0.11 unch 0.91 + 0.69 + 0.14 + 0.09 unch 0.11 0.16 + 0.04 0.01 unch 0.07 + 0.13 0.10 3.14 + 59.06 + 0.08 0.11 unch 0.25 unch 0.19 + 0.17 + 0.03 unch 0.20 + 0.15 + 0.07 unch 0.05 0.09 + 0.06 + 0.09 + 0.07 + 0.01 unch 0.08 unch 0.77 + 20.39 + 26.16 + 0.08 + 0.23 0.17 0.40 0.31 0.64 0.24 0.00 + 9.00 0.09 0.12 0.01 unch 0.25 + 0.30 0.02 + 0.20 0.26 0.85 + 1.07 unch 0.04 + 0.06 unch 0.18 0.14 1.27 + 1.00 + 0.25 + 0.19 + 0.08 0.10 + 0.06 0.08 0.24 0.11 + 0.09 0.04 0.06 + 0.30 unch 0.24 + 0.20 + 0.27 + 0.07 0.05 0.29 + 0.23 + 0.36 unch 0.51 unch 0.64 0.12 0.06 unch 0.07 unch 0.72 0.93 0.20 + 0.27 unch 0.23 + 38.08 + 48.87 + 0.65 + 0.78 -

0.00 0.00 0.01 0.09 0.06 0.00 0.01 0.01 0.00 0.11 0.01 0.04 0.03 0.71 0.07 0.04 0.00 0.09 0.03 0.01 0.00 0.02 0.02 0.01 0.00 0.01 0.02 0.01 0.09 4.00 0.00 0.00 0.00 0.00 0.03 0.00 0.04 0.02 0.00 0.01 0.01 0.01 0.01 0.01 0.00 0.00 0.01 1.21 1.39 0.01 0.01 0.01 0.02 0.00 0.03 0.04 0.00 1.00 0.00 0.01 0.00 0.01 0.01 0.00 0.02 0.03 0.03 0.00 0.00 0.00 0.02 0.01 0.06 0.08 0.02 0.02 0.03 0.01 0.07 0.01 0.03 0.01 0.05 0.00 0.01 0.00 0.00 0.01 0.07 0.01 0.00 0.02 0.03 0.00 0.00 0.06 0.01 0.00 0.00 0.01 0.01 0.01 0.00 0.01 1.74 1.95 0.03 0.02

(100s)

High Low

Stock

0.21 0.21 0.25 0.87 0.70 0.12 0.16 0.40 0.38 1.34 0.16 0.78 0.64 17.17 0.52 0.67 0.12 1.20 0.98 0.25 0.09 0.32 0.39 0.11 0.11 0.10 0.38 0.30 4.09 79.32 0.49 0.25 0.58 0.53 1.36 0.07 0.36 0.30 0.18 0.15 0.27 0.15 0.21 0.22 0.03 0.15 0.95 24.58 31.00 0.19 0.58 0.46 5.58 4.45 1.12 0.60 0.50 18.00 0.39 0.51 0.06 0.37 0.49 0.07 0.23 0.31 3.56 4.05 1.00 0.08 0.35 0.31 2.24 1.85 0.78 1.00 0.25 0.30 0.24 0.30 0.30 0.32 0.26 0.25 0.20 0.46 0.40 0.45 0.65 0.28 0.23 0.58 0.44 0.87 0.69 0.99 0.30 0.21 0.28 1.41 1.71 0.42 1.35 1.09 38.85 49.83 0.94 1.20

Superior Mng Superior Mng* Surge Battery* Surge Battery Surge Copper Surge Copper* Sylla Gold Syrah Res*

0.06 0.03 0.05 0.31 0.24 0.00 0.03 0.06 0.05 0.24 0.04 0.24 0.18 10.16 0.29 0.39 0.07 0.53 0.41 0.09 0.09 0.10 0.13 0.02 0.01 0.04 0.10 0.08 2.03 53.36 0.08 0.10 0.21 0.16 0.12 0.03 0.16 0.12 0.07 0.01 0.07 0.00 0.08 0.05 0.01 0.07 0.37 14.19 18.08 0.07 0.19 0.15 0.38 0.29 0.57 0.25 0.00 0.08 0.08 0.10 0.01 0.13 0.17 0.02 0.13 0.19 0.73 1.01 0.01 0.04 0.08 0.11 1.08 0.83 0.20 0.15 0.06 0.08 0.01 0.09 0.07 0.08 0.07 0.02 0.06 0.28 0.21 0.19 0.15 0.06 0.05 0.18 0.13 0.24 0.39 0.50 0.11 0.06 0.07 0.62 0.80 0.18 0.26 0.21 17.10 21.90 0.35 0.45

Exc Volume

T

Tajiri Res Talisker Res Talisker Res* Talmora Diamd Talon Metals Tanqueray Expl Tantalex Res Tanzanian Gold Tanzanian Gold* Tarachi Gold* Tarachi Gold Taranis Res Taranis Res* Tarku Res Tarku Res* Tartisan Nick Tartisan Nick* Taseko Mines* Taseko Mines TDG Gold Teck Res Teck Res* Teck Res Tectonic Metal* Tectonic Metal Temas Res* Temas Res Tembo Gold Tembo Gold* Tempus Res* Tempus Res Teras Res* Teras Res Terrax Mnrls Terrax Mnrls* Terreno Res Tesoro Mnrls Teuton Res Teuton Res* Texas Mineral* Themac Res Thesis Gold Theta Gold* Thor Explor Thor Explor* Three Valley* Three Valley Thunder Mtn Gd* Thunder Mtn Gd Thunderstruck Thunderstruck* Tier One Silv Timberline Res Timberline Res* Tinka Res* Tinka Res Tintina Mines Tisdale Res Titan Mining Titan Mining* Titanium Corp TNR Gold Tocvan Venture* Tocvan Venture TomaGold Tombill Mines Tombill Mines* Tombstone Expl* Tonogold Res* Torex Gold* Torex Gold Torq Resources* Torq Resources Tower Res* Tower Res Traction Uran* Traction Uran Trailbreaker* Trailbreaker Trans Canada Trans Canada* Transatlantic Transatlantic* Transforma Res Transition Met* Transition Met Treasury Metal Treasury Metal* Trecora Res* Tres-Or Res Trevali Mining Tri-River Vent Trident Gold Trifecta Gold* Trifecta Gold Trillium Gold Trillium Gold* Trilogy Mtls

Week High

Low

12-month

Last Change

High Low

V O O V V O V O

100 1 99 69 858 112 13 255

0.38 0.25 0.07 0.09 0.23 0.18 0.19 1.32

0.32 0.25 0.05 0.00 0.20 0.15 0.00 1.15

0.34 + 0.25 unch 0.06 + 0.07 0.22 + 0.17 + 0.18 + 1.31 +

0.02 0.00 0.00 0.02 0.01 0.01 0.01 0.14

0.75 0.62 0.35 0.38 0.49 0.41 0.30 2.48

0.25 0.21 0.05 0.07 0.20 0.15 0.17 0.71

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

140 505 117 2 3887 53 321 81 1988 116 1141 81 164 13 10 219 66 12931 3032 9 40 22339 8799 376 481 50 260 47 15 30 56 734 284 804 352 65 1 97 48 251 9 48 62 297 16 50 279 156 0 186 32 547 821 863 69 144 3 67 42 1 240 276 0 225 591 1401 164 11 1541 100 1133 13 166 5 1130 21 501 10 47 0 10 232 2428 13 28 45 261 77 1270 64 1698 0 94 170 81 397 17 28

0.05 0.25 0.20 0.00 0.64 6.77 0.09 0.40 0.31 0.08 0.11 0.09 0.09 0.07 0.04 0.42 0.33 1.65 2.11 0.45 56.50 41.22 52.80 0.04 0.05 0.08 0.11 0.25 0.20 0.42 0.08 0.02 0.03 0.24 0.18 0.03 0.00 1.64 1.25 1.84 0.06 2.10 0.10 0.29 0.22 0.04 0.05 0.12 0.00 0.06 0.04 0.52 0.25 0.20 0.11 0.16 0.06 0.42 0.66 0.49 1.48 0.05 0.70 0.81 0.06 0.09 0.06 0.85 0.13 10.50 13.45 0.52 0.68 0.22 0.31 0.29 0.35 0.18 0.27 0.00 0.04 0.02 0.01 0.07 0.13 0.15 0.52 0.40 9.67 0.08 0.68 0.00 0.18 0.05 0.07 0.34 0.26 1.22

0.00 0.23 0.18 0.00 0.55 6.00 0.08 0.39 0.29 0.07 0.08 0.00 0.07 0.00 0.04 0.37 0.29 1.41 1.82 0.00 51.02 37.61 48.53 0.03 0.05 0.00 0.08 0.00 0.19 0.00 0.00 0.02 0.02 0.19 0.15 0.00 0.00 1.48 1.15 1.61 0.00 1.93 0.06 0.00 0.20 0.03 0.04 0.08 0.00 0.00 0.04 0.44 0.21 0.16 0.11 0.14 0.00 0.00 0.59 0.49 1.23 0.04 0.00 0.74 0.00 0.00 0.03 0.70 0.11 9.54 12.25 0.47 0.59 0.21 0.27 0.25 0.30 0.18 0.00 0.00 0.04 0.00 0.00 0.00 0.00 0.00 0.46 0.36 9.54 0.00 0.57 0.00 0.00 0.05 0.06 0.29 0.21 1.09

0.05 + 0.24 + 0.19 + 0.02 unch 0.59 + 6.00 + 0.09 + 0.39 0.31 + 0.07 0.10 + 0.09 + 0.09 + 0.07 0.04 0.38 0.30 1.56 + 2.04 + 0.41 54.72 + 40.29 + 51.71 + 0.04 0.05 unch 0.07 + 0.09 unch 0.25 0.20 0.06 0.08 + 0.02 + 0.02 0.21 0.16 0.03 unch 0.04 unch 1.54 1.19 + 1.69 0.06 2.00 + 0.09 0.28 + 0.22 + 0.04 + 0.05 unch 0.08 0.10 unch 0.06 0.04 0.47 0.23 0.18 0.11 0.14 unch 0.06 unch 0.37 + 0.61 + 0.49 unch 1.35 + 0.04 unch 0.70 unch 0.75 unch 0.06 + 0.09 + 0.06 + 0.75 0.12 + 10.34 + 13.27 + 0.52 + 0.65 + 0.21 + 0.30 + 0.28 + 0.35 + 0.18 0.24 + 0.06 unch 0.04 unch 0.02 unch 0.00 0.07 unch 0.10 + 0.13 unch 0.52 + 0.38 + 9.63 + 0.07 0.63 0.04 unch 0.18 + 0.05 + 0.07 + 0.33 + 0.24 + 1.22 +

0.01 0.01 0.01 0.00 0.05 0.21 0.01 0.02 0.01 0.01 0.01 0.01 0.02 0.01 0.02 0.02 0.00 0.13 0.19 0.03 1.22 3.13 3.66 0.00 0.00 0.01 0.00 0.01 0.00 0.36 0.01 0.01 0.01 0.02 0.01 0.00 0.00 0.06 0.00 0.13 0.02 0.11 0.01 0.02 0.02 0.00 0.00 0.02 0.00 0.01 0.01 0.01 0.01 0.01 0.00 0.00 0.00 0.03 0.01 0.00 0.12 0.00 0.00 0.00 0.01 0.05 0.02 0.05 0.00 0.70 0.77 0.01 0.01 0.00 0.02 0.03 0.05 0.01 0.01 0.00 0.00 0.00 0.01 0.00 0.00 0.00 0.06 0.02 0.06 0.01 0.06 0.00 0.08 0.01 0.01 0.04 0.03 0.08

0.10 0.38 0.31 0.04 0.89 20.20 0.19 0.75 0.60 0.35 0.39 0.14 0.11 0.16 4.84 0.56 0.50 2.56 3.07 0.75 62.75 44.93 56.67 0.15 0.18 0.59 0.72 0.36 0.24 0.42 0.28 0.06 0.06 0.30 0.25 0.06 0.06 2.96 2.49 2.70 0.12 3.08 0.25 0.45 1.00 0.59 0.68 0.19 0.19 0.13 0.09 1.90 0.39 0.35 0.21 0.28 0.08 0.70 0.79 0.74 2.00 0.07 1.18 1.67 0.08 0.29 0.35 2.80 0.22 15.52 18.72 0.85 1.08 0.27 0.33 1.00 1.08 0.38 0.49 0.26 0.21 0.05 0.04 0.20 0.20 0.22 0.98 0.93 9.74 0.16 2.75 0.04 0.15 0.24 0.13 1.40 1.20 3.70

0.04 0.22 0.17 0.02 0.44 4.52 0.05 0.35 0.26 0.06 0.08 0.08 0.07 0.05 0.01 0.30 0.20 1.30 1.71 0.38 28.70 19.32 24.84 0.03 0.05 0.05 0.07 0.12 0.09 0.06 0.07 0.02 0.02 0.16 0.13 0.02 0.03 1.48 1.13 1.30 0.06 1.10 0.06 0.20 0.17 0.02 0.03 0.06 0.10 0.06 0.04 0.43 0.15 0.11 0.10 0.13 0.03 0.02 0.28 0.07 0.20 0.04 0.58 0.67 0.05 0.04 0.03 0.51 0.09 8.99 11.78 0.43 0.55 0.03 0.04 0.24 0.20 0.14 0.17 0.06 0.04 0.02 0.00 0.06 0.07 0.12 0.45 0.34 7.46 0.06 0.57 0.04 0.09 0.00 0.06 0.27 0.21 1.09

(100s) Stock

Week

Exc Volume

Trilogy Mtls* TriMetals Mng* Trinity Res* Trinity Valley* Triple Flag TriStar Gold TriStar Gold* Triumph Gold* Triumph Gold Troilus Gold* Troilus Gold Troubadour Res TRU Precious* TRU Precious True North Gem Tsodilo Res Tudor Gold * Tudor Gold Turmalina Met* Turmalina Met Turquoise HIl* Turquoise HIl TVI Pacific TVI Pacific* Tymbal Res

U-V

U.S. Gold* U3O8 Corp Ubique Mineral UC Res* Ucore Rare Mtl* Ucore Rare Mtl UEX Corp Ultra Resource* Ultra Resource Umbral Enrgy* Unigold* Unigold United Battery* United Battery United Res Hdg* United States A* United States S* Universal Cop* Universal Cop Universal Vent Ur-Energy* Ur-Energy Uragold Bay Rs Uranium Energy* Uranium Hunter* Uranium Res* Uranium Roylty Uranium Roylty* Uravan Mnrls* Uravan Mnrls USCorp* Usha Res* Usha Res Val-d’Or Mg Val-d’Or Mg* Vale* ValOre Metals* ValOre Metals Valorem Res Valterra Res* Valterra Res Vanadian Enrgy Vanadian Enrgy* Vanadiumcorp Vanstar Mng Rs* Vanstar Mng Rs Vantex Res * Vantex Res Vatic Vent Velocity Mnrls Velocity Mnrls* Vendetta Mng Vendetta Mng* Venerable Vent Venture Mnrls* Verde Potash Verde Res* Vertical Expl Victoria Gold* Victoria Gold Victory Nickel Victory Nickel* Victory Res Victory Res* Virginia Enrgy Virginia Enrgy* Viscount Mng Visible Gold M Visible Gold M* Vision Lithium Vision Lithium* Visionary Gold Vista Gold Vista Gold* Viva Gold* Viva Gold Vizsla Copper Vizsla Silver Volatus Cap Volcanic Gold* Volcanic Gold

High

Low

12-month

Last Change

High Low

X 468 O 42 O 13 O 150 T 48 V 78 O 34 O 68 V 206 O 69 T 408 V 58 O 22 V 150 V 0 V 0 O 32 V 193 O 441 V 259 N 4837 T 2672 V 648 O 10 V 1

0.98 0.84 0.94 + 0.06 3.06 0.83 0.15 0.14 0.14 - 0.01 0.21 0.08 0.20 0.00 0.19 + 0.03 0.75 0.00 0.12 0.08 0.08 unch 0.00 0.12 0.08 17.00 15.10 15.57 - 0.83 20.83 10.50 0.17 0.14 0.16 + 0.01 0.31 0.14 0.13 0.11 0.12 + 0.01 0.25 0.11 0.06 0.06 0.06 - 0.00 0.19 0.06 0.09 0.00 0.08 unch 0.00 0.23 0.07 0.54 0.47 0.51 + 0.01 1.22 0.45 0.70 0.61 0.65 + 0.02 1.31 0.60 0.15 0.00 0.15 + 0.02 0.61 0.12 0.09 0.00 0.09 + 0.00 0.41 0.02 0.12 0.10 0.11 - 0.01 0.52 0.10 0.00 0.00 0.07 unch 0.00 0.12 0.07 0.00 0.00 0.51 unch 0.00 1.46 0.50 1.39 1.15 1.29 - 0.04 2.56 1.05 1.79 1.61 1.61 - 0.10 3.03 1.59 0.46 0.30 0.44 + 0.15 0.98 0.27 0.58 0.41 0.50 + 0.10 1.13 0.34 28.21 26.19 27.63 + 1.28 30.89 9.75 36.11 33.84 35.50 + 1.44 38.91 12.15 0.04 0.00 0.03 - 0.01 0.06 0.03 0.03 0.03 0.03 + 0.00 0.06 0.02 0.01 0.00 0.01 + 0.01 0.02 0.01

D 94 V 452 C 0 O 4716 O 58 V 35 T 8318 O 14 V 84 O 480 O 5 V 196 O 185 C 119 O 51 X 2321 N 67051 O 51 V 387 V 20 X 9776 T 844 V 1186 X 71513 O 851 X 3096 V 367 D 1745 O 2 V 45 O 438 O 77 V 665 V 386 O 715 N 174970 O 341 V 300 C 385 O 40 V 115 V 149 O 101 V 64 O 169 V 215 O 0 V 0 V 0 V 142 O 5 V 669 O 441 V 0 O 699 T 1227 O 152 V 416 O 103 T 756 C 9 O 45 C 250 O 67 V 29 O 44 V 219 V 74 O 105 V 889 O 231 V 168 T 18 X 886 O 113 V 135 V 1227 V 1109 C 100 O 28 V 138

4.83 4.00 4.03 - 0.41 13.20 3.91 0.19 0.00 0.19 + 0.02 0.70 0.11 0.00 0.00 0.08 unch 0.00 0.10 0.04 3.13 2.02 2.15 - 0.92 21.74 2.02 0.66 0.56 0.63 + 0.03 1.21 0.54 0.84 0.75 0.80 + 0.04 1.32 0.71 0.29 0.24 0.25 - 0.04 0.60 0.25 0.20 0.19 0.19 - 0.01 0.34 0.11 0.26 0.22 0.23 - 0.02 0.45 0.13 0.07 0.01 0.05 - 0.01 0.12 0.01 0.08 0.07 0.07 + 0.00 0.18 0.06 0.09 0.00 0.09 unch 0.00 0.22 0.08 0.32 0.22 0.24 - 0.01 0.89 0.06 0.38 0.30 0.32 - 0.01 1.04 0.28 0.04 0.04 0.04 + 0.00 0.25 0.01 0.45 0.39 0.43 + 0.05 1.15 0.34 25.72 22.81 23.79 - 0.61 39.25 17.98 0.06 0.06 0.06 + 0.00 0.15 0.01 0.07 0.00 0.07 + 0.01 0.15 0.06 3.00 2.60 3.00 + 0.09 8.25 2.60 1.24 1.11 1.13 unch 0.00 2.15 1.01 1.59 1.43 1.46 - 0.02 2.72 1.28 0.47 0.37 0.44 + 0.06 0.95 0.28 3.79 3.19 3.37 - 0.07 6.60 1.89 0.02 0.01 0.02 + 0.00 0.07 0.01 1.26 1.12 1.16 - 0.01 5.70 1.00 3.81 3.40 3.72 + 0.03 7.31 2.75 2.97 2.65 2.88 + 0.08 5.95 2.25 0.03 0.02 0.02 unch 0.00 0.55 0.01 0.15 0.00 0.15 unch 0.00 0.65 0.15 0.01 0.00 0.00 - 0.00 0.07 0.00 0.24 0.23 0.24 - 0.00 0.34 0.15 0.31 0.29 0.31 + 0.01 0.40 0.18 0.12 0.00 0.12 + 0.01 0.21 0.10 0.09 0.08 0.08 - 0.01 0.29 0.03 16.79 15.52 16.72 + 1.30 23.18 11.16 0.31 0.29 0.29 + 0.01 0.50 0.16 0.42 0.37 0.38 + 0.01 0.63 0.22 0.03 0.02 0.03 - 0.01 0.44 0.02 0.02 0.02 0.02 - 0.00 0.05 0.02 0.02 0.00 0.02 unch 0.00 0.06 0.02 0.04 0.00 0.04 - 0.01 0.13 0.04 0.04 0.03 0.03 - 0.01 0.10 0.03 0.15 0.00 0.11 - 0.03 0.65 0.11 0.29 0.25 0.29 + 0.04 0.82 0.25 0.37 0.00 0.37 + 0.04 0.98 0.33 0.00 0.00 0.14 unch 0.00 0.22 0.00 0.00 0.00 0.26 unch 0.00 0.29 0.16 0.00 0.00 0.18 unch 0.00 0.31 0.17 0.27 0.00 0.27 + 0.02 0.50 0.25 0.21 0.21 0.21 + 0.03 0.41 0.18 0.06 0.00 0.06 unch 0.00 0.08 0.04 0.05 0.02 0.04 + 0.00 0.07 0.01 0.00 0.00 0.12 unch 0.00 0.12 0.12 0.03 0.03 0.03 + 0.01 0.12 0.03 10.25 8.50 9.25 + 0.96 11.54 0.88 0.08 0.07 0.07 - 0.00 0.27 0.03 0.06 0.00 0.05 - 0.01 0.20 0.05 10.83 9.61 10.81 + 0.28 18.50 9.61 13.93 12.72 13.92 + 0.28 22.54 12.72 0.02 0.02 0.02 unch 0.00 0.07 0.01 0.01 0.01 0.01 unch 0.00 0.06 0.00 0.05 0.04 0.04 - 0.01 0.14 0.04 0.04 0.03 0.03 - 0.00 0.11 0.03 0.45 0.41 0.43 - 0.03 0.98 0.18 0.34 0.32 0.32 - 0.04 0.79 0.14 0.30 0.28 0.29 + 0.02 0.55 0.27 0.11 0.00 0.11 + 0.01 0.21 0.07 0.08 0.01 0.08 + 0.07 0.25 0.00 0.13 0.11 0.12 - 0.01 0.34 0.10 0.11 0.08 0.09 - 0.00 0.27 0.07 0.07 0.00 0.06 - 0.01 0.24 0.05 1.02 0.00 1.01 + 0.12 1.72 0.77 0.81 0.72 0.79 + 0.06 1.40 0.59 0.09 0.07 0.07 - 0.00 0.21 0.06 0.11 0.00 0.10 - 0.01 0.25 0.08 0.14 0.09 0.13 + 0.02 0.70 0.09 1.99 1.68 1.81 + 0.08 3.45 1.43 0.05 0.00 0.05 + 0.01 0.17 0.02 0.23 0.20 0.23 + 0.02 0.55 0.03 0.29 0.00 0.29 + 0.03 0.67 0.24

(100s) Stock

Exc Volume

Volt Carbon* Volt Carbon Voyager Metals Voyageur Min Voyageur Min* Voyageur Min VR Resources* VR Resources Vulcan Mnrls* Vulcan Mnrls VVC Expl VVC Expl*

W-Z

Walker River Walker River* Wallbridge Mng* Wallbridge Mng Waraba Gold Warrior Gold* Warrior Gold Waseco Res Wealth Mnrls* Wealth Mnrls Wedgemount Res Wescan Gldflds Wesdome Gold Wesdome Gold* West High Yld West Mining* West Mining West Oak Gold West Red Lake* West Red Lake West Vault Western Alaska Western Areas* Western Atlas Western Copper Western Copper* Western Gold Western Mag* Western Mag Western Potash Western Res* Western Troy C Western U&V Western U&V* Westgold Res* Westhaven Gold* Westhaven Gold Westkam Gold* Westkam Gold Westminster Rs Westward Gold Wheaton Prec Wheaton Prec* White Energy* White Gold* White Gold White Metal R* White Metal Rs White Mtn Engy* Whitehaven Coa* Whitehorse GC Wildsky Res* Wildsky Res Winshear Gold Winston Gold* Winston Gold Winston Res Wolfden Res* Wolfden Res Wolfeye Res World Copper Worldwide Res X-Terra Res X-Terra Res* Xanadu Mines Xanadu Mines* Xander Res* Xander Res Ximen Mining Ximen Mining* Xplore Res Xtierra Inc Xtra-Gold Res Xtra-Gold Res* Yamana Gold Yamana Gold* Yanzhou Coal* Yorbeau Res York Harbour York Harbour* Zacatecas Silv Zacatecas Silv* ZEB Nickel Zena Mining Zephyr Mnls Zephyr Mnls* Zimtu Capital Zincore Mtls ZincX Res ZincX Res* Zonte Metals Zonte Metals*

O V V C O V O V O V V O

68 297 175 23 427 842 89 242 144 611 706 55

V 700 O 139 O 477 T 4058 C 203 O 189 V 335 V 0 O 788 V 906 C 100 V 16 T 2137 O 527 V 338 O 158 C 1221 C 20 O 38 C 107 V 30 V 224 O 9 V 55 T 769 X 1261 V 0 O 987 V 417 T 151 O 88 V 2 C 280 O 407 O 3 O 74 V 394 O 12 V 247 V 179 C 139 T 5305 N 11822 O 48 O 83 V 327 O 65 V 2172 O 226 O 42 V 65 O 0 V 0 V 79 O 755 C 174 C 1400 O 43 V 85 V 16 V 260 V 0 V 47 O 64 T 1944 O 67 O 9 V 70 V 445 O 57 V 148 V 81 T 60 O 88 T 13188 N 113963 O 108 T 446 V 657 O 102 V 323 O 178 V 191 V 21 V 89 O 5 V 9 V 0 V 45 O 18 V 12 O 18

Week High

Low

0.09 0.10 0.15 0.33 0.13 0.20 0.23 0.30 0.19 0.26 0.15 0.12

0.06 0.00 0.00 0.33 0.08 0.11 0.21 0.27 0.00 0.19 0.00 0.11

23

12-month

Last Change

0.07 + 0.09 + 0.15 + 0.33 unch 0.13 + 0.12 + 0.21 0.27 0.19 + 0.26 + 0.15 + 0.11 -

0.01 0.01 0.01 0.00 0.06 0.01 0.00 0.03 0.04 0.06 0.01 0.01

High Low

0.19 0.24 0.36 0.50 0.23 0.20 0.55 0.68 0.80 0.42 0.30 0.50

0.06 0.07 0.11 0.30 0.03 0.08 0.19 0.24 0.10 0.17 0.09 0.07

0.07 0.06 0.07 + 0.01 0.14 0.04 0.06 0.05 0.05 + 0.00 0.14 0.01 0.22 0.19 0.19 - 0.00 0.57 0.19 0.28 0.24 0.25 - 0.02 0.67 0.23 0.12 0.12 0.12 unch 0.00 0.21 0.01 0.05 0.00 0.05 - 0.00 0.08 0.01 0.06 0.00 0.05 unch 0.00 0.09 0.05 0.00 0.00 0.03 unch 0.00 0.06 0.03 0.22 0.18 0.20 + 0.01 0.56 0.16 0.28 0.22 0.26 + 0.01 0.70 0.21 0.20 0.00 0.20 unch 0.00 0.79 0.15 0.08 0.00 0.08 unch 0.00 0.12 0.06 12.29 10.95 12.28 + 0.87 16.77 9.76 9.57 8.52 9.56 + 0.74 13.23 7.77 0.56 0.48 0.55 + 0.02 1.22 0.17 0.06 0.05 0.05 - 0.00 0.24 0.05 0.07 0.05 0.06 - 0.01 0.28 0.05 0.11 0.00 0.11 unch 0.00 0.19 0.10 0.05 0.03 0.04 - 0.01 0.07 0.03 0.05 0.05 0.05 unch 0.00 0.09 0.05 1.19 0.00 1.19 + 0.09 1.46 0.90 1.65 1.45 1.65 + 0.10 2.08 0.70 2.71 2.54 2.71 + 0.17 2.96 1.59 0.06 0.00 0.06 unch 0.00 0.13 0.05 2.24 2.03 2.17 + 0.12 3.35 1.63 1.75 1.57 1.70 + 0.09 2.83 1.26 0.00 0.00 0.22 unch 0.00 0.40 0.14 0.29 0.22 0.26 + 0.03 0.76 0.10 0.35 0.31 0.34 + 0.04 0.96 0.12 0.41 0.34 0.38 + 0.05 0.48 0.15 0.30 0.27 0.30 + 0.03 1.88 0.07 0.13 0.00 0.13 unch 0.00 0.23 0.12 1.36 1.11 1.24 - 0.01 4.18 1.11 1.04 0.90 0.98 - 0.00 3.28 0.90 1.01 0.00 1.01 + 0.09 1.75 0.91 0.52 0.42 0.51 + 0.08 0.66 0.27 0.67 0.53 0.66 + 0.11 0.80 0.33 0.09 0.00 0.08 - 0.00 0.18 0.08 0.12 0.00 0.10 - 0.02 0.22 0.10 0.11 0.00 0.10 - 0.02 0.39 0.09 0.15 0.12 0.12 - 0.01 0.33 0.10 53.53 50.31 53.37 + 2.09 65.45 45.76 41.83 39.15 41.58 + 1.92 51.91 36.39 0.01 0.01 0.01 - 0.00 0.12 0.01 0.37 0.35 0.36 - 0.01 0.66 0.35 0.47 0.45 0.46 - 0.01 0.85 0.45 0.04 0.04 0.04 - 0.01 0.09 0.04 0.05 0.04 0.05 unch 0.00 0.12 0.04 0.02 0.02 0.02 - 0.00 0.05 0.01 3.73 3.41 3.73 + 0.39 3.71 1.14 0.54 0.00 0.50 - 0.03 1.62 0.43 0.00 0.00 0.18 unch 0.00 0.29 0.01 0.00 0.00 0.20 unch 0.00 0.36 0.11 0.08 0.00 0.08 + 0.01 0.13 0.05 0.03 0.02 0.03 + 0.01 0.09 0.02 0.04 0.03 0.04 + 0.01 0.11 0.03 0.15 0.10 0.13 + 0.03 0.61 0.09 0.19 0.17 0.17 - 0.03 0.40 0.00 0.24 0.00 0.23 - 0.01 0.36 0.15 0.20 0.00 0.19 - 0.01 0.80 0.18 0.44 0.39 0.40 + 0.01 1.05 0.33 0.00 0.00 0.04 unch 0.00 0.07 0.04 0.04 0.00 0.04 unch 0.00 0.11 0.03 0.02 0.02 0.02 + 0.00 0.10 0.01 0.03 0.03 0.03 - 0.01 0.06 0.02 0.02 0.02 0.02 - 0.01 0.05 0.00 0.06 0.04 0.05 - 0.00 0.18 0.04 0.07 0.00 0.07 + 0.01 0.23 0.06 0.15 0.12 0.13 - 0.02 0.33 0.12 0.10 0.00 0.09 - 0.02 0.27 0.09 0.07 0.00 0.06 - 0.01 0.14 0.04 0.03 0.00 0.03 - 0.01 0.10 0.03 0.95 0.00 0.88 - 0.03 1.38 0.84 0.73 0.69 0.69 - 0.04 1.15 0.65 6.78 6.30 6.67 + 0.33 8.05 4.78 5.30 4.88 5.21 + 0.30 6.40 3.65 2.89 0.00 2.89 + 0.17 3.35 1.13 0.05 0.00 0.05 + 0.01 0.07 0.04 1.11 0.92 1.09 unch 0.00 1.49 0.25 1.00 0.73 0.85 + 0.01 1.25 0.03 0.84 0.74 0.76 + 0.03 1.33 0.52 0.67 0.57 0.67 + 0.08 2.02 0.45 0.31 0.21 0.23 - 0.09 0.75 0.16 0.13 0.00 0.12 - 0.01 0.25 0.08 0.16 0.12 0.16 + 0.02 0.18 0.12 0.13 0.13 0.13 unch 0.00 0.17 0.10 0.23 0.00 0.23 + 0.03 0.30 0.20 0.00 0.00 0.05 unch 0.00 0.05 0.05 0.14 0.00 0.13 - 0.01 0.21 0.10 0.11 0.10 0.10 - 0.01 0.17 0.08 0.17 0.00 0.17 - 0.01 0.27 0.17 0.13 0.13 0.13 unch 0.00 0.21 0.03

BID-ASK — MAY 16-20, 2022 12-MONTH STOCK

Aftermath Silv Alacer Gold Altan Rio Min Amilot Capital Aquila Res Arcturus Vent Argo Gold Ashanti Sanko Atlanta Gold AUQ Gold Aurelius Min Aurex Energy Aust Goldfield Avarone Metals Aya Gold Baden Res Banro Corp* Battery Min Boss Power Brunswick Res Bullion Gold C2C Gold Cache Explor Cadillac Vent Cerro de Pasc Cirrus Gold Cliffs Nat Res* Colibri Res Corvus Gold* Crystal Peak Electra Stone Equitorial Ex Everton Res Evolution Glob Evolving Gold Excalibur Res Exploits Disc Explorex Res Finore Mng Flow Metals Forty Pillars Frontline Gold

EXC

BID

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

0.24 9.41 ... ... ...

0.02 0.07 0.03 0.03 0.33 0.13 0.04 ... ...

1.94 0.12 0.11 ...

0.17 ...

0.06 ...

0.16 0.05 ...

0.20 1.45 ... ...

0.01 0.01 0.08 0.10 0.50 0.30 0.09 ... ...

0.12 0.03 0.08 ...

ASK

0.25 9.52 ... ... ...

0.03 0.07 0.03 0.04 0.40 0.14 0.06 ... ...

2.19 0.23 0.11 ...

0.20 0.05 0.15 ...

0.17 0.06 ...

0.35 3.20 ... ...

0.02 0.02 0.08 0.10 4.00 0.59 0.10 ...

6.50 0.12 0.04 0.10 ...

LAST

12-MONTH

HIGH

LOW

STOCK

0.25 0.33 9.47 10.82 0.10 0.20 0.04 0.08 0.09 0.14 0.03 0.07 0.24 0.03 0.04 0.03 0.04 0.40 0.14 0.15 0.05 0.47 0.47 0.04 0.15 2.01 2.50 0.20 0.23 0.11 2.10 0.33 0.85 0.17 0.03 0.10 0.28 0.11 0.15 0.16 0.05 0.09 0.29 0.34 0.30 0.30 1.43 7.17 0.07 0.17 3.21 3.30 0.01 0.10 0.01 0.08 0.11 0.03 2.00 0.35 0.80 0.10 0.11 0.59 0.62 2.85 9.95 0.11 0.04 0.07 0.10 0.76 0.02 0.04

0.05 3.50 0.09 0.04 0.06

GAR Limited General Moly* Genius Metals Gespeg Res Gldn Predator Global Cop Grp Gold Hunter Rs Gold Port Goldbelt Emp Goldblock Cap Golden Cariboo GoldHaven Res Goldshore Res Green Arrow Handa Mining Highvista Gold Indico Res Inspiration Mg Intercontinent Intl Battery Intl Cobalt Iron South Mng K9 Gold Karora Res Kirkland Lake* Kodiak Copper La Imperial Latin Metals Leo Res Lida Resources Lithium South MAG Silver* McLaren Res Mechel* Meryllion Res Metalo Manuf MGX Minerals Mich Resources Minecorp Egy Montana Gold Montego Res Navis Res Corp

0.07 0.02 0.03 0.03 0.42 0.03 0.82 0.12 0.10 0.33 0.01 0.03 0.05 0.12 0.12 0.98 0.07 2.53 0.01 0.08 0.28 0.01 0.13 2.85 0.03 0.10 0.02

EXC

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

BID

... ... ...

0.06 0.15 0.07 0.18 0.07 0.02 ...

0.10 ... ...

0.02 0.04 ... ... ... ... ...

0.20 0.24 0.17 0.47 ...

0.05 0.04 0.03 ... ...

0.31 12.52 0.06 ... ...

0.13 0.05 0.37 ...

0.09 0.01 ...

ASK

... ... ...

0.06 0.17 0.08 0.21 0.09 0.02 ...

0.12 ...

375.00 0.03 0.05 ...

0.01 ... ... ...

0.25 0.27 0.24 0.48 ...

0.06 0.05 0.04 ... ...

0.34 13.30 0.06 ... ...

0.29 0.05 0.50 ...

0.10 0.02 ...

LAST

HIGH

0.15 4.13 0.11 100.00 0.22 0.28 0.06 0.16 0.36 0.08 0.11 0.20 0.60 0.09 0.17 0.02 0.02 0.32 0.32 0.10 0.15 0.42 0.45 0.11 1.20 0.02 0.04 0.04 0.05 0.17 0.01 0.03 0.09 0.23 0.31 0.26 0.34 0.24 0.28 0.24 0.28 0.48 0.73 38.92 46.98 0.05 0.13 0.04 0.10 0.03 0.16 1.09 0.24 0.27 0.31 0.66 12.52 14.40 0.06 0.10 2.25 5.19 0.08 0.17 0.16 0.69 0.05 0.16 0.37 0.48 0.12 0.20 0.10 0.10 0.02 0.05 0.30

12-MONTH

LOW

STOCK

0.13 0.10 0.18

New Klondike Nexco Res O2Gold Orocobre Otso Gold Patriot Batt Phenom Res Primary Energy Prospero Silvr Quaterra Res Quinto Res Rare Element* Razore Rock Res Reliant Gold Rockex Mng Rockland Mnls Samco Gold Sierra Grande Silver Phoenix Southern Arc Southstone Min Standard Lith Supernova Met Talmora Diamd Tiger Intl Trench Metals TriMetals Mng Trinity Valley Tsodilo Res Ubique Mineral Vale* ValOre Metals Victory Nickel Whitemud Res Winshear Gold Xiana Mng Zara Res Zinc One Res Zinco Mng

0.12 0.04 0.20 0.09 0.02 0.26 0.02 0.06 0.48 0.02 0.04

0.09 0.20 0.04 0.16 0.20 31.72 0.04 0.03 0.02 0.13 0.24 6.12 0.04 1.88 0.05 0.11 0.04 0.27 0.07 0.02 0.01

EXC

BID

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

0.01 ...

0.23 ...

0.04 0.09 0.68 ...

0.55 0.15 0.05 0.11 0.11 ...

0.04 0.07 ...

0.20 0.30 0.32 0.01 6.65 0.05 0.02 ...

0.55 0.11 ... ...

0.08 ...

0.06 0.02 0.01 0.12 0.07 ... ...

0.05

ASK

0.01 ...

0.27 ...

0.04 0.10 0.71 ...

1.18 0.17 0.07 0.16 ...

0.10 0.05 0.08 ...

0.33 0.38 0.90 0.01 6.95 0.06 0.03 0.17 0.55 0.12 ... ...

0.10 ...

0.07 0.03 0.02 0.14 0.08 ... ...

0.07

LAST

HIGH

0.01 0.30 0.32 0.23 0.37 8.28 9.30 0.04 0.10 0.10 0.18 0.69 0.76 0.17 0.82 0.56 1.35 0.16 0.30 0.08 0.15 0.89 0.11 0.16 0.02 0.04 0.05 0.08 0.11 0.05 0.05 0.20 1.00 0.31 0.70 0.89 0.93 0.01 0.04 6.95 6.95 0.06 0.06 0.02 0.04 0.15 0.20 0.55 0.22 0.12 0.12 0.04 0.14 0.51 1.46 0.08 0.10 10.24 11.10 0.07 0.13 0.02 0.07 0.02 0.03 0.14 0.15 0.08 0.10 0.07 0.22 0.67 1.59 0.05

LOW

0.26 0.06 3.89 0.03 0.08 0.24 0.16 0.51 0.06 0.06 0.11 0.03 0.01 0.05 0.20 0.23 0.24 0.01 1.02 0.05 0.02 0.07 0.04 0.03 0.04 0.50 0.04 6.57 0.07 0.01 0.01 0.05 0.07 0.07 0.40

24

MAY 30 — JUNE 12, 2022 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

SPONSORS

JUNE 8, 2022 | 10:30AM EDT ONE KING WEST HOTEL TORONTO, ON

GUEST SPEAKERS ASHLEY KIRWAN

Co-Founder, President & CEO Orix Geoscience Inc.

PIERRE LASSONDE

Canadian Mining Hall of Fame Member, Chairman & CEO Firelight Investments

RESERVE

YOUR TICKETS ONLY 100 TICKETS AVAILABLE

The Northern Miner, The Canadian Mining Hall of Fame and Young Mining Professionals, have come together to organize the Mining Legends Speaker Series. Taking place in Toronto, ON on June 8th, 2022, this luncheon event will bring together select professionals from across the industry to share knowledge, network, and discuss the future of mining.

EVENTS.NORTHERNMINER.COM/SPEAKER-SERIES

EVENT GUIDE | MAY 25 - 26 | 2022 GLOBAL MINING SYMPOSIUM

Presented by The Northern Miner

https://events.northernminer.com/

Thank you for a Successful Q2 GMS and Sharing Industry Updates Thank you to all our sponsors, presenters and delegates, in making the Q2 Global Mining Symposium a great success. We were able to bring you the latest updates within the mining industry, future insights into our industry as well as, listen to incredible projects our junior mining companies have planned.

We hosted over 900 delegates from 80 countries, over the two day symposium and with it being a live virtual event, we were able to engage with the delegates by answering over 65 live questions and hosted an interactive mining trivia segment.

If you were not able to join us live, the recorded sessions are posted at www. northernminer.com for your viewing.

We look forward to hosting you again for our Q3 Virtual GMS on September 21-22, 2022.

AUDIENCE

COUNTRIES Canada • United States • United Kingdom South Africa • United Emirates • Australia • Barbados • Belgium • Brazil • • Bulgaria • Chile • Finland • France • • Germany • Ghana • Greece • India • • Israel• Korea • Mexico • Mongolia • • Mozambique • Netherlands • • Nigeria • Pakistan • Peru • Philippines • • Poland • Portugal • • Saudi Arabia • Senegal • Sweden • • Switzerland • Tanzania • • Turkey • Zimbabwe •

« Explore the possibilities

Québec where it’s at Why explore in Québec › Huge mineral potential › All minerals required for battery manufacturing › Tailored financing and incentives for mining and mineral exploration › Reliable infrastructure › Green energy › Strong innovation ecosystem › Stable jurisdiction › Current, publicly available geoscientific data

GLOBAL MINING SYMPOSIUM

2

WWW.NORTHERNMINER.COM

FEATURED SPEAKERS Maureen Jensen • Former Chair and CEO, Ontario Securities Commission

Born in Winnipeg, Jensen grew up in mining towns, learned the values of hard work and self-reliance and saved to attend the University of Toronto, where she earned a BSc in geology in 1979. She is best known as the first female to head the Ontario Securities Commission (OSC), where she championed policies to improve investor protection and encourage diversity for executives and directors of public companies. Before joining the OSC, Jensen served as SVP, surveillance and compliance at IIROC and President at Market Regulation Services. She also held senior positions at the Toronto Stock Exchange (TSX), including Director of Mining Services during the aftermath of the Bre-X scandal. She was a TSX member of the Mining Standards Task Force that laid the groundwork for National Instrument 43-101, which became a globally recognized disclosure standard for mining projects. Jensen’s previous 20-year career in mining enabled her to take a pragmatic science-based approach to solving industry and regulatory challenges. As a longstanding champion of equity, diversity and inclusion (EDI) she introduced policies for disclosure of gender diversity on boards and is Chair of the Prosperity Project created to help women stay in the workforce during and after the COVID-19 crisis. Jensen’s contributions to industry causes and associations were purposeful and far-reaching. She played a leadership role in strengthening industry associations, notably the PDAC and CIM. Jensen has received broad public and industry recognition for her many achievements, including induction to the Investment Industry Hall of Fame (2020), The Toronto Life’s 50 most influential people in 2013 and 2014, PDAC’s Distinguished Service Award (2008), CIM’s Robert Elver Mineral Economics (2004) and CIM’s Distinguished Lecturer Award (2000). Maureen will be inducted into the Canadian Mining Hall of Fame this year.

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GLOBAL MINING SYMPOSIUM

3

FEATURED SPEAKERS Jody Kuzenko • President & CEO, Torex Gold Resources Inc.

Jody Kuzenko was appointed President & Chief Executive Officer of Torex Gold in June 2020, having previously held the position of Chief Operating Officer since joining the Company in October 2018. She is a senior mining executive with over 20 years of operational and business experience, mainly acquired at Vale (formerly Inco). After the first four years at Inco as Chief Legal Officer, Jody moved to the operational side of the business where she held roles of increasing responsibility in operations management. She has a proven record of execution and leadership in many areas of mining operations including refining, strategy, safety, health and environment, energy and utilities, and community, labour and government relations.

Jody holds a Bachelor of Laws from the University of Western Ontario, an Honours Bachelor of Arts from McMaster University, and has completed the ICD-Rotman Directors Education Program. She is a founding Advisory Board member of the Centre for Research in Occupational Safety and Health (CROSH) at Laurentian University and serves as a Director of Torex Gold and the World Gold Council. Previous Board experience includes the Greater Sudbury Chamber of Commerce, Association of Major Power Consumers of Ontario and Industrial Gas Users Association, Canada. In 2020, she was named one of the ‘Top 100 Global Inspirational Women in Mining’ by Women in Mining UK as well as one of the ‘2020 Names to Know’ by CIM Magazine.

CONTINUED ON PAGE 4

Clean Air Energy

Value from Success.

Leading Uranium Discovery in Argentina

Growth in Discovery.

ADVANCED EXPLORATION

GROWTH IN DISCOVERY

at the Newest Uranium/ Vanadium District in Argentina

Gold-Focused Portfolio with Growth & Discovery Potential.

As a leader in uranium discovery in Argentina, the Company's objective is to deliver exceptional returns to shareholders by rapidly advancing a portfolio of uranium-vanadium projects to the prefeasibility study stage , while respecting the environment, the communities, and the cultures in all the areas in which we work. The Company's flagship Amarillo Grande Project was an in-house discovery of a new district that hosts the largest NI 43-101 uranium resource in the country with an initial Preliminary Economic Assessment.

Golden Arrow is targeting discoveries in a project portfolio of over 244,000 hectares, including epithermal gold in Argentina, high-grade copper in established mining districts in Chile, BLUE SKY URANIUM PROPERTIES

and a district-scale orogenic gold opportunity in Paraguay.

CORPORATE OFFICES

Chinchillas Silver Deposit Golden Arrow discovery Sold to SSR Mining in production since 2018

2007 Initial U discovery in Rio Negro Province at Santa Barbara

HISTORY OF MILESTONES

2011

at the Amarillo Grande U-V Project

First uranium discovery at Ivana property

2018 Ivana initial NI 43-101 Resource Estimate completed

WWW.BLUESKYURANIUM.COM TSX V: BSK | FSE: MAL2 | OTC: BKUCF

The Company is a member of the Grosso Group, a management group that pioneered the mineral exploration industry in Argentina and is credited with four exceptional mineral deposit discoveries.

Amarillo Grande U-V Project New district discovery Blue Sky Uranium Corp (Grosso Group)

Gualcamayo Gold Deposit Royalty sold to Yamana in production since 2009

Navidad Silver Deposit

VALUE FROM SUCCESS

Pioneers of Exploration in Argentina with Proven History of Success.

The Company is a member of the Grosso Group, a management group that pioneered the mineral exploration industry in Argentina and is credited with four exceptional mineral deposit discoveries.

Former Grosso Group interest Largest underdeveloped silver deposit

WWW.GOLDENARROWRESOURCES.COM TSX V: GRG | FSE: G6A | OTC: GARWF

4

GLOBAL MINING SYMPOSIUM

WWW.NORTHERNMINER.COM

FEATURED SPEAKERS Premier Sandy Silver • Government of Yukon

Premier Silver was 1st elected to the Yukon Legislative Assembly in the general election for the 33rd Legislative Assembly on October 11, 2011. He was re-elected in the general election for the 34th Legislative Assembly on November 7, 2016. On April 12, 2021, he was re-elected in the general election for the 35th Yukon Legislative Assembly. In addition to his duties as Premier, he also serves as Minister responsible for the Executive Council Office and Minister of Finance. He has been leader of the Yukon Liberal Party since August 17, 2012.

Originally from Antigonish, Nova Scotia, Silver has lived in Dawson City since 1998. Prior to his election to the legislative assembly, he led the mathematics department at Robert Service School in Dawson City and coached, mentored and tutored youth. He also volunteered for many community organizations such as the Dawson City Fire Department, Tr’ondëk Hwëch’in community events, Learning Disabilities Association of Yukon and White Ribbon Dawson. He served as president of the Dawson City Music Festival. As a musician, he played with many Yukon bands, including a two-year stint with the Pointer Brothers.

While living and working in the small, vibrant community of Dawson, Premier Silver was an active and involved educator in the First Nations community. He supervised practicums for the Yukon Native Teacher Education Program and was involved with the Tr’ondëk Hwëch’in Justice department and the restorative justice process including Community Group Conferencing. He worked with youth and mentored a number of atrisk teens in the community. He is a dedicated participant in the Tr’ondëk Hwëch’in Moosehide Gatherings.

The Premier holds degrees in math and psychology from Saint Francis Xavier University and a Bachelor of Education from the University of Maine.

Established Australian Gold Producer, with Significant Growth Potential Focused on growing into a 250 koz annum producer Exciting mix of exploration assets, with premium landholding in the Pilbara, Western Australia Exploration portfolio is prospective for gold and battery metal commodities Our ESG values provide the foundation for sustainable and responsible growth Novo is led by a highly-experienced and proven Board and management team who know how to build mines and long-term value

GLOBAL MINING SYMPOSIUM

5

FEATURED SPEAKERS Duncan Wood • Vice President, Strategy and New Initiatives Wilson Center

Duncan Wood, PhD, is Vice President for Strategy and New Initiatives at the Wilson Center. Previously, he was Director of the Wilson Center’s Mexico Institute and now serves as a Senior Advisor to the Institute. He is an internationally renowned specialist on North American politics, Mexico and U.S.-Mexican ties who lectures and publishes on hemispheric issues and relations. He regularly gives testimony to the U.S. Congress on U.S.-Mexico relations, is a widely quoted source on Mexican politics, and has published extensively on this and other issues. He is the author or editor of 12 books and more than 30 chapters and articles. He is currently co-chair of the World Economic Forum’s Global Future Council on Transparency and Anti-Corruption, has worked closely with the WEF on Energy policy, and is a member of the editorial board of Foreign Affairs Latinoamerica. From 1996-2012, he was a professor and the director of the International Relations Program at the Instituto Tecnologico Autonomo de Mexico (ITAM) in Mexico City for 17 years. Over the course of his 30 year career he has been a Fulbright Fellow and a Fellow at the Center for Strategic and International Studies (CSIS); an editorial advisor to Reforma and El Universal newspapers; Technical Secretary of the Red Mexicana de Energia; a consultant with McLarty Associates, the Economist Intelligence Unit, Horizon and Eurasia Group; and owner of a speakeasy in Mexico City. He studied in the UK and Canada, receiving his Doctorate in Political Studies from Queen’s University, Canada, and is a recipient of the Canadian Governor General’s Visit Award for contributions to the Mexico-Canada relationship. He is a life-long fan of Liverpool Football Club and will hopefully Never Walk Alone.

TURNING AROUND UNDERVALUED ASSETS A PROVEN STRATEGY Energy from Experience

HIGH QUALITY LITHIUM





Boroo is a fast-growing gold producing company with assets in Peru and Mongolia Boroo is focused on becoming a global mid-tier metals producer by acquiring and turning around undervalued brownfield assets through: 

extending life of mine,



optimizing operating and project costs, and



delivering projects on time and under budget

Welcome to Argentina Lithium & Energy Corp.

Argentina Lithium & Energy Corp is focused on acquiring high quality lithium projects in Argentina and advancing them towards production in order to meet the growing global demand from the battery sector. The management group has a long history of success in the resource sector of Argentina and a strong track record of government and community relations.

HISTORY OF MILESTONES

The Lithium Battery Fueling the Green Revolution •



Portfolio of world-class gold assets, with a balanced geopolitical profile, offering near-term cash flow and significant growth potential

of the world's lithium and hosts approximately 60% of the known lithium reserves •

Most lithium in this area is in salt lake ("salar") brines

•

Argentina produces approximately 10% of the world's lithium, making it one of the top five global producer (2020)

•

www.boroomc.com.sg

The Lithium Triangle, including parts of northwestern Argentina, produces about half

Government is encouraging renewable energy initiatives

WWW.BLUESKYURANIUM.COM TSX V: LIT | FSE: OAY3 | OTC: PNXLF

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PRESENTING SPEAKERS Tony Brisson, P.GEO • President and CEO, SOQUEM Inc.

Mr. Brisson joined SOQUEM in January 2021. With a bachelor’s degree in geology from the Université du Québec à Chicoutimi, Mr. Brisson has held several senior positions with exploration and mining companies in Quebec, Ontario and North Africa. A member of the Order of Geologists of Quebec, Mr. Brisson has 30 years of experience in precious and base metal exploration, mine development and mining operations. He has worked for several public companies, notably Goldcorp, Iamgold, Breakwater Resources, Cambior, Focus Graphite and Cogitore Resources.

Prior to join SOQUEM, he was an exploration consultant for junior and major mining companies in Quebec and Ontario since 2015. Mr. Brisson has served on the boards of directors for several junior exploration companies and the Quebec Mineral Exploration Association.

Nikolaos Cacos • President and CEO, Blue Sky Uranium

Mr. Cacos brings +30 years of executive level management and advisory expertise in the mineral exploration industry. He has worked with Grosso Group since inception and serves as a senior level executive for all the member companies. Mr. Cacos’ career includes administration, structuring and strategic planning for public companies. He currently serves as an officer and director of a number of TSX Venture Exchange listed companies. He holds a Master of International Management degree from Heidelberg, Germany and a Bachelor of Science degree from the University of British Columbia.

TSXV: CCW OTCQB: CCWOF

A Highly Successful Silver Explorer with the World’s Highest Resource Grade + Battery Metals Nickel, Copper, and Cobalt and A Proven ‘Green’ Re-20x Extractive Process •

Exploration drilling underway at the exceptional Castle East discovery in northern Ontario

•

Intercepts of up to 89,853 g/t (2,621 oz per ton) silver

•

Initial resource of 7.6 million oz averaging a world-leading 8,582 g/t (250.2 oz/ton) silver

•

Upcoming resource update to include several silver-rich veins discovered since the initial estimate

•

Early stage exploration is underway at several nickel-copper-cobalt properties in Quebec and at a very prospective gold property near Kirkland Lake

•

Re-2Ox is an advanced, ESG-compliant, closed-loop hydrometallurgical process to extract battery metals from mining ore or recycled batteries with no discharge or smelting

•

A Re-2Ox pilot plant is being designed and constructed

by SGS Lakefield

www.canadasilvercobaltworks.com www.re-2ox.com Contact: Wayne Cheveldayoff

waynecheveldayoff@gmail.com

Mobile: 416-710-2410

MERG: TSX-V

Battery Metal Exploration, Focused on NI, CU & PGE in Ontario and Manitoba metalenergy.ca

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PRESENTING SPEAKERS Nathalie Camden • Associate Deputy Minister of Mines, Ministère de l’Énergie et des Ressources naturelles Nathalie Camden has been Associate Deputy Minister of Mines at the Ministère de l’Énergie et des Ressources naturelles since June 2018. Ms. Camden began her career in the Québec public service in 1992 at the Ministère de l’Énergie et des Ressources naturelles, where she was promoted to Director of Aboriginal Affairs in 1998.

She has held several management positions in different sectors of this ministry (Forestry and Mining) and was Associate Deputy Minister of Wildlife from 2009 to 2014. From 2015 to 2017, she served as Assistant Secretary to the Northern Development Secretariat and the Société du Plan Nord, where she actively participated in the creation of the latter as a strategic advisor to the President and Chief Executive Officer of the Société. From June 2017 to June 2018, she was Assistant Deputy Minister of Business Partnerships and Customer Services at the Ministère du Tourisme. She has been a member of the board of directors of the Agence de Revenu du Québec since 2017. Ms. Camden obtained her bachelor’s degree in political science from Université Laval in 1987, with a specialization in American politics and economics from Assumption College in Worcester, United States. She completed a certificate in administration in 1995 at Université Laval.

Amyot Choquette, CPA CA • Senior Director Investments, Ressources Québec

Amyot Choquette is a senior director investments since 2012 at Ressources Québec, a division of Investissement Québec that invests and finances projects in the mining, forestry and energy sectors. Prior to occupying these functions, Mr. Choquette has held a number of functions at the Société Générale de Financement du Québec in the mining and forestry sectors. Mr. Choquette has also worked at the Fonds regional de Solidarité FTQ, a labor sponsored fund, and at Raymond Chabot Grant Thornton. Mr. Choquette earned is business degree from Université Laval in 1991 and is a CPA CA since 1993.

CONTINUED ON PAGE 8

NEW VISION. NEW STRATEGY. NEW ENERGY. With a new, diverse management team, Lomiko is a people-driven company focused on creating a world of abundant renewable energy with Canadian critical minerals.

La Loutre Graphite Project, Quebec  

High-quality flake graphite to meet growing demand 18,000m drill program underway spring-summer 2022



Starting Preliminary Feasibility Studies



100% owned & close to infrastructure

Get to know us at lomikometals.com (TSX-V: LMR, OTC: LMRMF, FSE: DH8C)

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PRESENTING SPEAKERS

Stephen Crosby • Senior Executive VP, Engineering and Technical Services, Boroo

Mr. Crosby is a mining professional with more than 30 years’ experience in the industry gained at Freeport-McMoran and Capstone Mining Corp.

He was a key person in Freeport-McMoran’s Morenci mine’s Metcalf mill upgrade project. Currently, he serves as a Chief Executive Officer at Arimex Industrial Maintenance and Engineering and holds a seasonal consultant position at Hatch Ltd. During his career in the industry Mr. Crosby has extensively involved in advising on mergers and acquisitions and exploring internal growth opportunities of mining companies.

Mr. Crosby holds B.S in Engineering from New Mexico State University.

Christopher Grove • President, Director, Commerce Resources Corp.

Mr. Christopher Grove became President of Commerce Resources in September 2014. Previous to that he worked as Corporate Communications for the Company since 2004, and has significant contacts within the financial communities in North America and Europe. Mr. Grove joined the Commerce Resource board in 2012 and has been active in representing the company abroad.

Matthew Halliday • President and COO, Director, Canada Cobalt Silver Mr. Halliday graduated from Dalhousie University in 2007 where he majored in Earth Sciences then spent the next 13 years in exploration and as a resource geologist with Kirkland Lake Gold, First Cobalt and SGS Geostat. Matt is a member of the PGO and is a Qualified Person for Exploration and Resource Development. Matt is passionate about opportunities in the Cobalt Camp and is focussed on developing world class projects in the silver and battery metals space.

Developing the Valentine Gold Project

@MarathonGoldMOZ

info@ marathon-gold.com TSX: MOZ / www.marathon-gold.com

Emily King • CEO, Global Venture Consulting Emily King is the Founder of Prospector, a new search engine for the mining industry and is CEO of Global Venture Consulting. Emily is also the host of On The Rocks, a podcast discussing mining insights and innovation through a uniquely lighthearted lens with listeners on every continent (except Antarctica). Emily is a geologist with considerable experience in emerging, frontier, and post-conflict markets such as Afghanistan, Libya, Algeria, Tunisia, and Mexico.

Emily’s focus is on finding and developing the natural resources our world will need for the future we all want, and doing it the right way. She believes that technology, innovation, and relationships are all equally important to bringing new capital into the mining industry and transforming the role of mining in our world.

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PRESENTING SPEAKERS Belinda Labatte • Chief Executive Officer and Director, Lomiko Metals

Belinda Labatte, CFA, MBA, ICD.D, has more than 15 years of senior management experience in mining and the extractive industry, and 20 years of capital markets experience, including a decade of strategic development, capital markets investment banking experience, stakeholder engagement, and asset acquisition and disposition processes.

Her most recent position was Chief Development Officer of Mandalay Resources Corp. Prior to that, Ms. Labatte was the founder and President of her own Company, The Capital Lab Inc., a leading Toronto-based consulting firm.

Ms. Labatte is fluent in French, Spanish and German and graduated from the Rotman School of Management with an MBA. She holds the ICD.D designation and is CFA charterholder. Ms. Labatte serves as independent director of GCM Mining Corp and Star Royalties Ltd.

Matt Manson, President & CEO,

Marathon Gold

Matt was appointed President and CEO of Marathon Gold in August 2019. He has over 25 years in mining exploration, project development, construction and operation. The Valentine Gold Project is the third mine development project he has been involved in.

Matt was previously the President and CEO of Stornoway Diamond Corporation where he led the C$947M project financing for the Renard Diamond Mine in north central Quebec and oversaw its successful construction and ramp-up.Prior to Stornoway (and its predecessor companies), Matt was employed by Aber Diamond Corporation (subsequently Dominion Diamond Corporation) as Vice-President, Marketing, and thereafter Vice-President, Technical Services and Control, during which time he participated in the US$230m project financing for the Diavik Diamond Mine and oversaw Aber’s technical and marketing operations during Diavik’s construction, ramp-up and operation.

In 2015, Matt was awarded the Viola Macmillan Award by the Prospectors and Developers Association of Canada, and in 2017 he was the Northern Miner Mining Person of the Year and the Ernst & Young Entrepreneur of the Year (Mining and Energy, Quebec). Matt is a graduate of the University of Edinburgh (B.Sc. Geophysics, 1987) and the University of Toronto (Ph.D. Geology, 1996).

Brian McEwen PGeol. • VP Exploration & Development, Golden Arrow

Mr. McEwen is a professional geologist with more than 30 years of exploration and production experience in openpit and underground mining projects and operations. The extent of his experience is global in managing numerous projects in Canada, US, Europe, Asia, Africa and throughout Latin America. Mr. McEwen’s previous roles include more than a decade with MRDI (AMEC Peru) where he was responsible for project management, economic resource and reserve calculations for various precious and base metal companies worldwide, including BHP Billiton, CM Antamina, Teck, Hochschild and Phelps Dodge among others.

Michael Spreadborough • Executive Co-Chairman, Novo Resources

Mr Spreadborough has a mining engineer background with over 20 years’ experience in mining lead, zinc, uranium, copper, gold and iron ore. He has held roles across the scope of the industry from business and project development to operations and exploration. In recent times he has held the position of CEO of Metals X Limited, Managing Director & CEO of Nusantara Resources and Non-Executive Director of CleanTeQ Holdings. Mr Spreadborough has also held positions as the General Manager — Mining for WMC, Vice President — Mining for BHP Billiton at the world-class Olympic Dam Mine in South Australia and the General Manager — Coastal Operations for Rio Tinto, responsible for port operations and Pannawonica mine site. Previous to those roles he also held the positions of Chief Operating Officer for Inova Resources Ltd (formerly Ivanhoe Australia) and Sandfire Resources.

Mr Spreadborough holds a Bachelor of Mining Engineering from the University of Queensland, an MBA from Deakin University, and a WA First Class Mine Manager’s Certificate of Competency. Additionally, he is a member of the AusIMM and also the Australian Institute of Company Directors.

CONTINUED ON PAGE 10

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PRESENTING SPEAKERS Gordana Slepcev • Chief Operating Officer, Lomiko Metals

Gordana Slepcev, M.Sc.P. Eng, is a Professional Mining Engineer with more than 25 years of global mining experience in developing, building and leading safe mining operations. Ms. Slepcev’s extensive experience spans multiple commodities, including gold, base metals, coal and industrial minerals. She brings considerable experience in mineral exploration, permitting, corporate and regulatory/First Nations/ Indigenous relations, and project financing to Lomiko. Before joining the Company, Ms. Slepcev held the position of COO for BMSI, a privately held company, where she was responsible for restarting the barite reprocessing facility, mitigating historical environmental impacts and overseeing EPCM contractors. She also formerly held the role of COO of Anaconda Mining, where she was responsible for the company’s operations and development of the Goldboro project. Ms. Slepcev graduated from the University of Belgrade with a M.Sc. and is the Chair of the Toronto Chapter of the Canadian Institute of Mining, Metallurgy and Petroleum (CIM).

James Sykes, CEO • Metal Energy Corp.

James Sykes, CEO, brings more than 15 years of exploration and discovery experience to Metal Energy Corp.

(TSXV: MERG). James has been directly and indirectly involved with the discovery of over 550 M lbs. of U3O8 in the Athabasca Basin, northern Saskatchewan, helping create billions of dollars in shareholder wealth with successful companies. James remains bullish on Metal Energy’s flagship project, Manibridge, which was a past-producing high-grade nickel and copper mine, contending that the project will host a mine again in the future.

Brett A. Richards • Director and Chief Executive Officer, Goldshore Resources

Brett is high-energy, entrepreneurial natural resources executive with over 36 years of expertise in mining and metals. He has a unique background in mining M&A, mine financing, mine development, and senior level operations experience. He brings publicly listed CEO experience in the mining sector, as well global operational experience — with a geographic focus in the last 15 years in Africa. In the past 35 years of his career in mining and metals, Brett has lived in Canada, United States, England, Chile, Brazil, Russia and in 4 African counties. Brett is currently the Chief Executive Officer of Goldshore Resources (TSXV:GSHR). Previously, Brett has held leadership positions for both listed and private mining / natural resources companies. He has held positions for private equity shareholders in the past including: Chairman and CEO, Banro Corporation Ltd., CEO of Midnight Sun Mining, Chairman and CEO, African Thunder Platinum; CEO Renew Resources; and CEO, BSG Resources and CEO Octéa Limited.

With respect to publicly listed companies, Brett was formerly the transition CEO of Roxgold (TSX:ROG) through a successful shareholder proxy battle; was CEO of Avocet Mining plc (LSE & AIM), and was part of the five (5) person start-up of Katanga Mining Limited (TSX:KAT). Brett’s other publicly listed experience was in senior executive positions with Kinross Gold (TSX:K) and Co-Steel Inc. (TSX:CEI).

Miles Rideout • Vice President Exploration, Argentina Lithium

Your Exploration Advantage Find out more @ geotechairborne.com

VTEM™ | ZTEM™ | Gravity | Magnetics Radiometrics | Data Processing | Interpretation T: +1 905 841 5004 E: sales@geotechairborne.com

Mr. Rideout has 34 years of experience in advanced exploration practice, responsible business management, scientific team building, and mining integration with local communities and indigenous peoples.

In recent positions, Mr. Rideout has directly managed the acquisition and exploration of dozens of lithium properties in northern Argentina. Previously he served 5 years as CEO of Latin American Minerals, Inc. (TSX VENTURE:LAT), advancing gold and diamond projects in Paraguay, and 23 years with Quantec Geoscience, Inc., where he initiated operations in South America and managed subsidiaries in several countries. He has experience in mine permitting, financing, construction, and operations (implemented the first operating mine in Paraguay). In addition, Mr. Rideout has deep expertise with all major geophysical technologies applied within the mining industry, and decades of experience working with many of the most successful exploration teams in South America. He participated in the discovery of several world-class deposits including the Collahuasi and Ujina copper-porphyry deposits, Veladero epithermal gold deposit, and Navidad VMS/epithermal silver deposit. Mr. Rideout holds a B.Sc. with Honors Certificate in Geophysics, from the University of Western Ontario (1987). Fluent in English and Spanish, he has lived in Mendoza, Argentina for more than 20 years.

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GMS SEGMENTS SPEAKERS AND PRESENTATIONS FROM Q2 GMS

Recorded segments can be found at www.northernminer.com SEGMENTS | MAY 25, 2022

Canada Silver Cobalt Works — Investor Presentation, Matt Halliday, President and COO, Director Lomiko — Investor Presentation, Belinda Labatte, Chief Executive Officer, and Director, Gordana Slepcev, Chief Operating Officer Boroo — Investor Presentation, Stephen Crosby Senior Executive VP, Engineering and Technical Services Marathon Gold — Investor Presentation, Matt Manson, President & CEO Goldshore — Investor Presentation, Brett A. Richards, Director, and Chief Executive Officer Metal Energy - Investor Presentation, James Sykes, CEO, Metal Energy Duncan Wood — Featured Speaker Vice President for Strategy and New Initiatives, Wilson Center “The mosaic approach to boost critical minerals supply” Golden Arrow — Investor Presenter, Brian McEwen PGeol. VP EXPLORATION & DEVELOPMENT Prospector Portal — Thought Leadership Panel, Moderator Emily King, Founder, Prospector Portal “Turning Tesla Investors into Mining Investors” Featured Speaker Jody Kuzenko, President & CEO, Torex Gold Resources Inc. “How to navigate Mexico’s new mining environment, gold’s relevancy and potential M&As” Keynote Speaker — Government of Yukon, Premier Sandy Silver

SEGMENTS | MAY 26, 2022 Opening Remarks with President, The Northern Miner Group, Anthony Vaccaro Novo Resources — Investor Presentation, Michael Spreadborough, Executive Co-Chairman Argentina Lithium — Investor Presentation, Miles Rideout, Vice President Exploration Featured Speaker, Maureen Jensen, Former Chair & CEO, Ontario Securities Commission Jennifer Leinhart — Costmine, Highlighting the Sherpa Cloud and Surface Cost estimator Commerce Resources — Investor Presentation, Christopher Grove, President, Director Blue Sky — Investor Presentation, Nikolaos Cacos, M.I.M., President And Ceo Guillermo Pensado, Vice President, Exploration & Development Quebec Government Thought Leadership Panel “Positioning for the Global Transition to Battery Metals. How Quebec is preparing to be a global hub for powering the future.”

TESTIMONIALS We very much enjoyed the symposium, top quality content and speakers as is standard for the GMS. —Sarah I first want to say what an awesome Norther Miner Global Mining Symposium you guys held! You had an amazing lineup of incredible speakers. I wish it went for a week! Thank you for all your hard work, time and aneffor to put this conference together. —Joe I enjoyed the symposium. It was very informative. Please keep me posted on any upcoming events. —Peter

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THOUGHT LEADERSHIP PANEL WEDNESDAY, MAY 25, 2022 | 12:35PM EST

Turning Tesla Investors into Mining Investors

How do we attract new capital to the mining industry?

This is a question that has been in the minds of many, especially over the last few years. New technologies are emerging and the demand for mined materials is higher than ever before, but investment and interest in the industry is declining. In order to “turn a Tesla investor into a mining investor”, the mining industry needs to be present in people’s minds in a way that it has never been before. Bringing in a diverse background of people to the mining industry, showing off our roles in technology and communications, and expanding our definition of who a mining investor could be are all ways to do this.

Moderator Emily King is the Founder of Prospector, a new search engine for the mining industry and is CEO of Global Venture Consulting. Emily is also the host of On The Rocks, a podcast discussing mining insights and innovation through a uniquely lighthearted lens with listeners on every continent (except Antarctica). Emily is a geologist with considerable experience in emerging, frontier, and post-conflict markets such as Afghanistan, Libya, Algeria, Tunisia, and Mexico.

Emily’s focus is on finding and developing the natural resources our world will need for the future we all want, and doing it the right way. She believes that technology, innovation, and relationships are all equally important to bringing new capital into the mining industry and transforming the role of mining in our world.

Emily King

CEO Global Venture Consulting

Panelist

Martin Turenne

Panelist

Nolan Peterson

Panelist

Belinda Labatte

CEO and President FPX Nickel Corp.

CEO and President World Copper Ltd.

Chief Executive Officer, and Director Lomiko Metals

Martin Turenne is the President & CEO of FPX Nickel Corp., which is focused on the development of the large-scale, PEA-stage Decar Nickel District in central British Columbia. Martin also serves as a Director of Elemental Royalties Corp., a gold-focused royalty company listed on the TSX Venture Exchange. Martin is a mining executive with extensive hands-on experience in company leadership, mine project development, debt and equity financing, investor relations and corporate governance. Martin is a CPA, CA with over 15 years of progressive and diverse experience in the resources industry, ranging from exploration and development-stage juniors to large multinational producers. He graduated with a Bachelor’s in Business Administration from Simon Fraser University and earned his professional qualifications while working at KPMG Vancouver LLP.

Mr. Nolan Peterson is an engineer and finance executive with an extensive career in project development, corporate finance, accounting, engineering and project management in the mining industry. He brings a strong technical and financial background as he holds an MBA from UBC’s Sauder School of Business, a bachelor’s degree in Metallurgical Engineering from UBC, is a CFA® Charterholder, and a Professional Engineer in British Columbia & Ontario.

Belinda Labatte, CFA, MBA, ICD.D, has more than 15 years of senior management experience in mining and the extractive industry, and 20 years of capital markets experience, including a decade of strategic development, capital markets investment banking experience, stakeholder engagement, and asset acquisition and disposition processes. Her most recent position was Chief Development Officer of Mandalay Resources Corp. Prior to that, Ms. Labatte was the founder and President of her own Company, The Capital Lab Inc., a leading Toronto-based consulting firm. Ms. Labatte is fluent in French, Spanish and German and graduated from the Rotman School of Management with an MBA. She holds the ICD.D designation and is CFA charterholder. Ms. Labatte serves as independent director of GCM Mining Corp and Star Royalties Ltd.

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THOUGHT LEADERSHIP PANEL THURSDAY MAY 26TH | 1:00PM EST

Positioning for the Global Transition to Battery Metals How Quebec is preparing to be a global hub for powering the future

Québec, rich in minerals and opportunities Québec, it’s more than 200 000 active mining titles, 22 active mines, 32 mining projects, 2.66G $ in private mining investments and 11.91G $ in shipment value.

Québec has significant mining potential that accounts for one-fifth of Canada’s mineral production. The province produces and develops 17 metals and 12 non-metallic commodities, making it the most diverse resource base in Canada. Québec is the 1st Canadian province to adopt a plan for critical and strategic minerals and contributes to supplying these minerals, since it produces nickel, niobium and graphite, and mining projects are underway for lithium, vanadium, rare earths and tantalum.

Québec is one of the most attractive mineral jurisdictions in the world with a stable business environment and favourable to investments. We assist companies at all stages in the development of their mining projects. Thanks to hydropower, roughly 99% of our energy is low-cost, stably priced, clean, and renewable and we have a vast infrastructure network including roads, railways, ports and airports.

Québec is strategically located north-east of the United States with a year-long maritime access to Ontario and the American Midwest through the St-Laurence Seaway. It is close to major population and industrial centres and has easy access to Europe and Asia thanks to its deep-water ports. Québec also works closely with associations representing the mining sector and with communities that host projects. These communities are natural project partners and work with the Government to develop the mining sector. The Government also promotes the mining sector by outlining the principles of sustainable development and best practices of social acceptability through initiatives such as the ECOLOGO certification.

Panelist

Amyot Choquette

Senior Director Investments Ressources Québec Amyot Choquette is a senior director investments since 2012 at Ressources Québec, a division of Investissement Québec that invests and finances projects in the mining, forestry and energy sectors. Prior to occupying these functions, Mr. Choquette has held a number of functions at the Société Générale de Financement du Québec in the mining and forestry sectors.

Mr. Choquette has also worked at the Fonds regional de Solidarité FTQ, a labor sponsored fund, and at Raymond Chabot Grant Thornton.

Mr. Choquette earned is business degree from Université Laval in 1991 and is a CPA CA since 1993.

Panelist

Nathalie Camden

Associate Deputy Miniter of Mines Ministere de l’Énergie et des Ressources nautrelles Nathalie Camden has been Associate Deputy Minister of Mines at the Ministère de l’Énergie et des Ressources naturelles since June 2018. Ms. Camden began her career in the Québec public service in 1992 at the Ministère de l’Énergie et des Ressources naturelles, where she was promoted to Director of Aboriginal Affairs in 1998. She has held several management positions in different sectors of this ministry (Forestry and Mining) and was Associate Deputy Minister of Wildlife from 2009 to 2014. From 2015 to 2017, she served as Assistant Secretary to the Northern Development Secretariat and the Société du Plan Nord, where she actively participated in the creation of the latter as a strategic advisor to the President and Chief Executive Officer of the Société. From June 2017 to June 2018, she was Assistant Deputy Minister of Business Partnerships and Customer Services at the Ministère du Tourisme. She has been a member of the board of directors of the Agence de Revenu du Québec since 2017. Ms. Camden obtained her bachelor’s degree in political science from Université Laval in 1987, with a specialization in American politics and economics from Assumption College in Worcester, United States.

She completed a certificate in administration in 1995 at Université Laval.

Panelist

Tony Brisson

President and CEO SOQUEM Inc. Mr. Brisson joined SOQUEM in January 2021.

With a bachelor’s degree in geology from the Université du Québec à Chicoutimi, Mr. Brisson has held several senior positions with exploration and mining companies in Quebec, Ontario and North Africa. A member of the Order of Geologists of Quebec, Mr. Brisson has 30 years of experience in precious and base metal exploration, mine development and mining operations. He has worked for several public companies, notably Goldcorp, Iamgold, Breakwater Resources, Cambior, Focus Graphite and Cogitore Resources.

Prior to join SOQUEM, he was an exploration consultant for junior and major mining companies in Quebec and Ontario since 2015. Mr. Brisson has served on the boards of directors for several junior exploration companies and the Quebec Mineral Exploration Association.

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PRESENTING SPONSORS

PANEL SPONSORS

PRESENTING COMPANY PROFILES Mining is a global business and its data is just as scattered.

Prospector organizes the world of mining data from TSX and ASX-listed mining companies on one platform.

Supported by machine learning and trained industry professionals, Prospector synthesizes technical data into an organized and searchable interface to help you navigate mining companies and their data to make informed decisions quicker.

It is the search engine for the mining industry, complete with detailed information and filters to screen through the thousands of mining technical reports accessible within the portal.

Prospector allows you to dive into drilling results, life of mine, mineral resource estimate details, and more with ease. It is your all-in-one platform for mining data.

Prospector is also available for free download in the Apple App Store and Google Play Store.

The global demand for a cleaner, greener future is a goal which Argentina Lithium & Energy Corp.

(TSX-V: LIT , OTC:PNXLF, FSE:OAY2) believes it can support through exploration for alternative fuel materials. Lithium batteries have become the front-running rechargeable energy storage medium, particularly for the rapidly growing electric vehicle industry, creating a strong demand forecast for lithium.

Argentina comprises a significant portion of the Lithium Triangle, which is home to more than half of the world’s resources of lithium. Argentina Lithium & Energy Corp. is a member of the Grosso Group, a resource management team that pioneered the mineral exploration industry in Argentina and has operated there since 1993. The group has made four exceptional metal deposit discoveries, and it broadened its focus to include alternative fuels in the mid 2000’s. The Grosso Group has been following the lithium battery sector and believes this is the time to expand its efforts in lithium resource development in the highly prospective Argentinean portion of the Lithium Triangle. The Grosso Group leverages its vast network of local, regional and international industry contacts to support the exploration team in their search for quality resource opportunities.

Québec, it’s more than 200 000 active mining titles, 22 active mines, 32 mining projects, 2.66G $ in private mining investments and 11.91G $ in shipment value.

Québec has significant mining potential that accounts for one-fifth of Canada’s mineral production. The province produces and develops 17 metals and 12 non-metallic commodities, making it the most diverse resource base in Canada. Québec is the 1st Canadian province to adopt a plan for critical and strategic minerals and contributes to supplying these minerals, since it produces nickel, niobium and graphite, and mining projects are underway for lithium, vanadium, rare earths and tantalum.

Québec is one of the most attractive mineral jurisdictions in the world with a stable business environment and favourable to investments. We assist companies at all stages in the development of their mining projects. Thanks to hydropower, roughly 99% of our energy is low-cost, stably-priced, clean and renewable and we have a vast infrastructure network including roads, railways, ports and airports.

Québec is strategically located north-east of the United States with a year-long maritime access to Ontario and the american midwest through the St-Laurence Seaway. It is close to major population and industrial centres and has easy access to Europe and Asia thanks to its deep-water ports. Québec also works closely with associations representing the mining sector and with communities that host projects. These communities are natural project partners and work with the Government to develop the mining sector. The Government also promotes the mining sector by outlining the principles of sustainable development and best practices of social acceptability through initiatives such as the ECOLOGO certification.

Blue Sky Uranium Corp. (TSX.V: BSK; FSE: MAL2.F; OTC: BKUCF) is one of Argentina’s best-positioned uranium & vanadium exploration companies with more than 4,000 km2 (400,000 ha) of prospective tenements. The Company’s mission is to deliver exceptional returns to shareholders by acquiring, exploring and advancing towards production a portfolio of uranium-vanadium projects, with an emphasis on near-surface deposits with the potential for nearterm low-cost production. The Company follows international best practices in exploration, with a focus on respect for the environment, the communities, and the cultures in all the areas in which we work.

Argentina is the largest generator of electricity from nuclear energy in South America. The country is working to further expand their nuclear energy sector with additional power plants, but currently lacks domestic uranium production.

Argentina’s desire for security of supply could provide a “guaranteed” first customer for a new domestic supplier. Large scale production could make Argentina a strategic exporter of uranium to the international nuclear energy sector.

Boroo Gold company made its best efforts to develop safe and responsible mining in Mongolia while operating in Mandal and Bayangol soums of Selenge aimag.

Total benefit by Boroo Gold to Mongolia is MNT 1.2 trillion During Boroo Gold mine’s 13 years of operations between 2004 - 2017, the company mined 56.7 tonnes of gold and paid MNT 341 billion to the state budget in taxes and fees. Boroo Gold was awarded as the BEST TAXPAYER in 2007, 2008, 2009, 2010 and 2013 and as the BEST TAXPAYER OF THE CAPITAL CITY in 2011.

During mining operations of the Boroo hard - rock gold deposit, i.e. in 2004 - 2015, through its Community Development Fund the company invested MNT 4.3 billion in Mandal soum, MNT 4 billion in Bayangol soum, and MNT 2.8 billion in Selenge aimag for projects and programs to support socio-economic development of the soum and local communities.

Boroo Gold is a subsidiary of OZD Group, which focuses on emerging market’s mining and metal assets by acquiring, financing and operating in order to bring value to its shareholders. The company invests on behalf of its investors ranging from large institutions to high net worth individuals from Australia, Singapore and Mongolia.

Lomiko Metals is a people-first company whose mission is to manifest a world of abundant renewable energy with Canadian and Quebec critical minerals for a solution in North America. Its goal is to create a new energy future in Canada by growing the critical minerals workforce, becoming a valued partner and neighbour with the communities in which it operates, and providing a secure and responsibly sourced supply of critical minerals.

Lomiko holds a 100% interest in its La Loutre graphite development, located within the Kitigan Zibi Anishinabeg (KZA) First Nations territory in southern Quebec 180 kilometres northwest of Montreal. It is also working towards earning a 70% stake in the Bourier lithium project, located near Nemaska Lithium and Critical Elements south-east of the Eeyou Istchee James Bay territory in Quebec, in Canada’s lithium triangle that has historically housed lithium deposits and mineralization trends.

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Commerce Resources Corp. is a junior mineral resource company focused on the development of the Ashram Rare Earth and Fluorspar Deposit located in Quebec, Canada.

The Company is positioning to be one of the lowest cost rare earth producers globally, with a specific focus on being a long-term supplier of mixed rare earth carbonate and/or NdPr oxide to the global market. The Ashram Deposit is characterized by simple rare earth (monazite, bastnaesite, xenotime) and gangue (carbonates) mineralogy, a large tonnage resource at favourable grade, and has demonstrated the production of high-grade (>45% REO) mineral concentrates at high recovery (>70%) in line with active global producers. In addition to being one of the largest rare earth deposits globally, Ashram is also one of the largest fluorspar deposits globally and has the potential to be a longterm supplier to the met-spar and acid-spar markets The Company believes both projects are ready to market to potential partners.

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Canada Silver Cobalt Works is dual-focused silver and battery metals company. It recently discovered a spectacular high-grade silvercobalt deposit at its Castle East property in Northern Ontario. The deposit has the highest silver grades in the world with drill intercepts up to 89,853 g/t silver (or 2,621 oz/ton) and the resource grade averaging 8,582 g/t silver (or 250.2 oz/ton). It is planning a major resource update in the coming months which will include several new veins discovered in an 18-month drill program along with a ramp to access the high-grade silver veins and process the material into silver dore bars at its nearby TTL ‘mini-mill’. The company also has 15 battery metals properties in Northern Quebec where it has discovered massive sulphides with high-grade nickel and copper. And it has the proprietary, ‘Green’ Re-2Ox hydrometallurgical technology for extracting battery metals and producing cobalt, nickel and copper sulphides needed by electric vehicle (EV) battery manufacturers while meeting strict zero-discharge environmental standards.

Golden Arrow is a Vancouver-based explorer with a history of success in identifying, acquiring and advancing precious and base metal discoveries.

The Company is a member of the Grosso Group, a resource-focused management group that pioneered the mineral exploration industry in Argentina and has operated there since 1993.

The Grosso Group, headed by Joseph Grosso, is credited with four exceptional mineral deposit discoveries, and has a highly-regarded track record for fostering strong relationships with communities and governments wherever it works.

The Grosso Group leverages its vast network of local, regional and international industry contacts to support the exploration team as they search for quality resource opportunities.

Golden Arrow advanced its Chinchillas Silver Project in Jujuy Province, Argentina, from discovery to development in just five years, and then successfully monetized the asset through a sale to SSR Mining. Golden Arrow now benefits from a significant equity interest in SSR Mining, providing upside potential and leverage to gold and silver. The Company is actively exploring in Chile and Paraguay as well as in Argentina.

With a pipeline of more than 180,000 hectares of high quality mineral projects at all stages of development, the Company is well positioned to define and develop exceptional new deposits.

Goldshore Resources Inc. (TSXV:GSHR / OTC:GSHRF / FRA:8X00F) Goldshore is an emerging well-financed junior gold developer, who acquired the Moss Lake Gold Project (Ontario, Canada) from Wesdome Gold Mines Ltd. In January 2021. The Moss Lake Project has a historical resource of c.4M oz. gold, with a plan to more than double the size of the resource over the next 2 years, through an extensive exploration strategy, including airborne VTEM geophysics and a 100,000m drilling program. As well, The Moss Lake Project has a historical copper-GOLD mine (North Coldstream Mine) on its land package (operated by Noranda/Xstrata — 1954-1992), and significant other copper targets to be tested going forward.

Goldshore’s Moss Lake Project holds one of the largest land packages by a mining company in North-western Ontario. The project displays significant resource expansion potential, as Goldshore takes the project through its next stages of exploration and development, towards an updated mineral resource estimation (MRE); updated preliminary economic assessment (PEA) both in Q1 2023 and visibility towards feasibility study (FS) thereafter.

Metal Energy is a well-funded battery metal exploration company advancing the past-producing high-grade nickel and copper Manibridge mine project located within the world-class Thompson Nickel Belt, Manitoba. The company is also exploring the high-potential Strange project within the Midcontinent Rift System near Thunder Bay, Ontario; another geological environment well-known for nickel, copper and PGE mining. Battery metals are already playing a vital role with electric vehicles and renewable energy sources during the shift away from fossil fuel uses and into the electrification renaissance.

Marathon (TSX:MOZ) is a Toronto based gold company advancing its 100%-owned Valentine Gold Project located in the central region of Newfoundland and Labrador, one of the top mining jurisdictions in the world. The Project comprises a series of five mineralized deposits along a 20-kilometre system. An April 2021 Feasibility Study outlined an open pit mining and conventional milling operation over a thirteen-year mine life with a 31.5% after-tax rate of return. The Project has estimated Proven Mineral Reserves of 1.40 Moz (29.68 Mt at 1.46 g/t) and Probable Mineral Reserves of 0.65 Moz (17.38 Mt at 1.17 g/t).

Total Measured Mineral Resources (inclusive of the Mineral Reserves) comprise 1.92 Moz (32.59 Mt at 1.83 g/t) with Indicated Mineral Resources (inclusive of the Mineral Reserves) of 1.22 Moz (24.07 Mt at 1.57 g/t). Additional Inferred Mineral Resources are 1.64 Moz (29.59 Mt at 1.72 g/t Au). Please see Marathon’s Annual Information Form for the year ended December 31, 2021 and other filings made with Canadian securities regulatory authorities and available at www.sedar.com for further details and assumptions relating to the Valentine Gold Project.

Novo is an innovative gold explorer and producer with a significant land package covering approximately 12,500 square kilometres in the Pilbara region of Western Australia.

Novo has excellent long-term growth opportunities through highly prospective exploration tenements, expertise in project development and operations, and our use of mechanical sorting technology. Novo is focused on growing its production profile initially through its flagship Beatons Creek conglomerate gold operation which commenced production in 2021, and executing an aggressive exploration growth strategy concentrating on growing gold and battery minerals resources. We have a skilled and experienced board and management team with expertise in identifying, developing and operating projects that have the best potential to be to add value for our stakeholders.

Geotech Ltd. has conducted airborne geophysical surveys for more than three decades becoming a leader in the development of new and progressive technologies for airborne geophysical surveying, many of Geotech’s unique and proprietary systems have evolved to become the industry standard.

Over its 35 years in business, Geotech has produced a staggering amount of intellectual property: the company has more than 75 patents and patents pending. In fact, its innovations have shaped Geotech, allowing it to transform from a small instrumentation company to a leading EM survey supplier globally with offices and employees around the world.

Geotech has grown to include over 40 fixed wing and helicopter airborne geophysical platforms and a fleet of over 20 aircrafts with its sister company Geotech Aviation in order to provide clients globally in the oil & gas, minerals and mining, groundwater, government and environmental industries with airborne geophysical survey maps and interpreted data.

Geotech’s geophysical exploration platforms include their proprietary VTEM®, ZTEM® as well as Gravity, Magnetics and spectrometer systems. Geotech understands that the success of the data-driven platform is reliant upon the quality of the data gathered and the effectiveness of its analysis and interpretation. Geotech is driven to acquire and deliver the highest quality data and data products which provide our clients with the confidence and assurances to make the high dollar value decisions required in our industry.

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