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Canadian Zinc aims for 2020 production at Prairie Creek NWT   | New feasibility study supports $280M development BY MATTHEW KEEVIL

An aerial view of the Kemess South pit and processing facility at AuRico Metals’ past-producing gold-copper Kemess project in British Columbia.   PHOTO BY MATTHEW KEEVIL

AuRico nears construction decision at Kemess SITE VISIT  

| Company reimagines project as an underground operation

BY MATTHEW KEEVIL mkeevil@northernminer.com PRINCE GEORGE, B.C.

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here’s a sense of momentum building at the historic Kemess open-pit, gold-copper mine site in north-central British Columbia. AuRico Metals (TSX: AMI; US-OTC: ARCTF) has hit numerous milestones this past year, and could make a decision to go forward with a new era of underground mining at the site within the next 18 months. The property sits in a spruce-lined valley nestled between sub-alpine plateaus and rugged-incised peaks, west of B.C.’s Swannell Ranges. AuRico president and CEO Chris Richter says during the 430 km, northbound flight to the property from Prince George that he often uses 40 km long Thutade Lake as a map marker to reference the project location within the

“WE RECOGNIZED POTENTIAL HERE THAT COULD BE UNLOCKED IF APPROACHED THE RIGHT WAY. SO WE’VE COLLABORATED ON A MINE PLAN THAT’S REALLY BEEN SUPPORTED BY GOVERNMENT AND STAKEHOLDERS.” CHRIS RICHTER PRESIDENT AND CEO, AURICO METALS

Omineca Mining Division. Kemess’ past operators have seen successes and failures. Northgate Minerals ran a profitable mine at the Kemess South (KS) open pit between 1998 and 2011, producing 3 million oz. gold and 750 million lb. copper in total. When Northgate tried to permit an open-pit extension at the Kemess North calc-alkaline porphyry deposit in 2007, however, it was rejected after a federal review panel cited concerns over “significant

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adverse environmental, social and cultural effects.” The main issues related to consultation with local First Nations and plans to dispose of tailings and waste rock in nearby Duncan Lake. “In many ways, I think there was a failure in building relationships,” Richter says during a presentation at the Kemess site. “That was obviously a different time in the industry, and we recognized potential here that could be unlocked if approached the right way. So we’ve collabo-

rated on a mine plan that’s really been supported by government and stakeholders.” AuRico reimagined the project as an underground operation leveraging panel-cave mining and existing infrastructure, which includes a 300-person camp and 52,000-tonne-per-day plant facility. The site is connected to the BC Hydro grid via 380 km power lines running to the town of Mackenzie, British Columbia. Panel caving differs from block caving because it doesn’t need to develop its footprint before cave initiation. The company filed a feasibility study on the Kemess Underground (KUG) project in July. Probable reserves stand at 107 million tonnes grading 0.54 gram gold per tonne, 0.27% copper and 1.99 grams silver per tonne, or 1.9 million contained oz. gold, 630

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mkeevil@northernminer.com VANCOUVER

anadian Zinc (TSX: CZN; US-OTC: CZICF) has set the stage for a 2020 production target at its past-producing Prairie Creek zinc-lead mine, which sits amid the Mackenzie Mountains, 500 km west of Yellowknife, Northwest Territories. On Sept. 28, the company released an updated feasibility study that it hopes will underpin project financing for the $280-million development. The study lays out a 15-year mine plan that leverages recent efforts to optimize Prairie Creek’s grade profile and throughput. Canadian Zinc has boosted anticipated mill rates by 25% — compared to previous studies — to 1,200 tonnes per day, which would contribute to See CANADIAN ZINC / 8 PM40069240

See AURICO / 2

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CENTERRA: REACHES SETTLEMENT WITH KYRGYZSTAN GOV’T / 3

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Core racks at AuRico Metals’ Kemess gold-copper project in British Columbia.   PHOTO BY MATTHEW KEEVIL

The past-producing mill at AuRico Metals’ Kemess project.   PHOTO BY MATTHEW KEEVIL

AuRico nears construction decision at Kemess AURICO From 1

million contained lb. copper and 6.9 million contained oz. silver. Indicated resources total 246 million tonnes at 0.42 gram gold, 0.22% copper and 1.75 grams silver. AuRico intends to put new waste rock and tailings in the old KS pit. “The project obviously had some issues with waste management in the past,” says chief operating officer John Fitzgerald — who served as director of mining at Northgate — while standing under the vaulted

ceilings of Kemess’ mechanical bay. “We’ve designed a mine plan that’s backed by First Nation communities, and the government has given us a green light,” he continues. AuRico received approval from the Canadian Environmental Assessment Agency and British Columbia Environmental Assessment Office in March. Furthermore, the Tsay Keh Dene, Kwadacha, and Takla Lake First Nations provided letters of support for the project. The company expects to have key permits in hand by the

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second quarter of 2018. “We were obviously very happy to have our environmental approval in place before a change in government because it’s never a sure thing,” Richter says when asked about B.C.’s recently elected New Democratic Party government. “But we regularly speak with the regulators and our First Nation partners, and the message we’re getting is that the new government remains friendly in terms of Kemess, and mining generally,” he continues. AuRico figures it will need $524 million in preproduction expenses to restart the mine. The cave operation is expected to produce 106,000 oz. gold and 47 million lb. copper annually over a 12-year mine life. Underground infrastructure additions include four single-toggle jaw crushers, while ore would be moved to an overland conveyor for delivery to the process plant. The operation is expected to process 25,000 tonnes per day. In addition, Fitzgerald explains, during a tour through the dimly lit Kemess mill facility, “minor mineralogical differences” in underground ores will need a finer grind. AuRico assumes metallurgical recoveries of 91% for copper, 72% for gold and 65% for silver. The land above the KUG deposit is visible during a picturesque helicopter flight 6.5 km north of the camp. The orebody lies in a range between 200 metres and 550 metres below surface, beneath two northfacing alpine cirques marked by rust-coloured slopes. Fitzgerald points out the planned position of triple declines, and says that material would travel along a 4.9 km surface conveyor to the process plant in the distance. AuRico’s base case for KUG assumes long-term metal prices of US$1,250 per oz. gold and US$2.50 per lb. copper. The current study features a 12.6% after-tax internal

“WE REGULARLY SPEAK WITH THE REGULATORS AND OUR FIRST NATION PARTNERS, AND THE MESSAGE WE’RE GETTING IS THAT THE NEW GOVERNMENT REMAINS FRIENDLY IN TERMS OF KEMESS, AND MINING GENERALLY.” CHRIS RICHTER PRESIDENT AND CEO, AURICO METALS

rate of return (IRR) and a $289-million net present value (NPV) at a 5% discount rate. The company estimates co-product all-in sustaining costs over the first five years of US$682 per oz. gold and US$1.36 per lb. copper. “It’s clearly pretty rugged topography, to say the least, but we’ve really worked that into the way we’ve designed the declines and access for the underground. Plus we have a much lower ratio of waste to ore than a lot of underground operations,” Fitzgerald says. “That’s allowed us to design a tailing management plan that takes advantage of what we have on-site. It’s really one of the benefits of panelcave mining. I guess our challenge now revolves around how we can expand this project and incorporate future growth.” AuRico is contemplating ways to include the nearby Kemess East deposit into its underground design. The expansion opportunity is underpinned by measured and indicated resources of 113 million tonnes grading 0.46 gram gold, 0.38% copper and 19.4 grams silver. The resource lies between 800 metres and 1,140 metres below surface. The company unveiled a standalone preliminary economic assessment (PEA) on Kemess East in May, and intends to release a combined prefeasibility on both underground deposits next year to assess an integrated development.

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The PEA assumes the KUG project is advanced ahead of Kemess East and will make use of pre-existing components, including an access corridor connecting KUG to the processing and water-treatment plants. AuRico estimates developing Kemess East would require $327 million in preproduction capital and a five-year construction period. Richter points out that the technical team has not assessed potential “economies of scale” or mine sequencing that could involve production overlap between the two deposits. The stand-alone Kemess East mine plan has a 16.7% after-tax IRR and $670-million NPV at a 5% discount rate. “We’re very comfortable with our offtake discussions and financing the project,” Richter says during the flight back to Prince George. “We’ve met with a number of parties in Asia and Europe, and we’re pretty confident that a good portion of the project capital will be available without a hedging requirement, or anything else, outside of an offtake arrangement. There’s obviously excess smelter capacity, and that gives us the confidence.” AuRico also has a royalty portfolio that it expects will generate up to US$11 million in revenue this year. Richter says the company could sell the royalties and has had “numerous inbound calls” on the subject. The royalty portfolio includes a 1.5% net smelter return royalty (NSR) on Alamos Gold’s (TSX: AGI; NYSE: AGI) Young-Davidson gold mine in Ontario, and a 2% NSR on Kirkland Lake Gold’s (TSX: KLG) Fosterville gold mine in Australia. AuRico shares have traded in a 52-week range of 82¢ to $1.43 per share, and last closed at $1.21. The company has 162 million shares outstanding for a $196-million market capitalization. It reported a $21-million cash balance at the end of June. TNM

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Centerra CEO on ‘comprehensive settlement’ at Kumtor KYRGYZSTAN  

| Canadian gold miner to pay US$57M and accelerate reclamation payments to gov’t

BY MATTHEW KEEVIL

A

mkeevil@northernminer.com VANCOUVER

fter 18 months of negotiations, Centerra Gold (TSX: CS; US-OTC: CAGDF) has apparently resolved outstanding political disputes with the Kyrgyzstan government over the company’s cornerstone Kumtor gold mine in the country’s eastern region. On Sept. 11, Centerra announced a “comprehensive settlement” that CEO Scott Perry said is a “clean slate” in the central Asian nation. Centerra has agreed to a onetime, US$57-million payment that is earmarked for two governmentadministered initiatives: a Nature Development Fund (US$50 million) and a Cancer Care Support Fund (US$7 million). The company will also accelerate Kumtor’s reclamation payments to US$6 million per year, at a minimum total cost of US$69 million. The Kyrgyzstan authorities subsequently ended a court order restricting Centerra’s cash transfers and the “free movement” of company employees. The deal also reiterates all Kumtor terms negotiated in 2009, including tax and fiscal regimes. The Kyrgyzstan environmental agencies were seeking awards and fees in excess of US$300 million. “Any prior legal or environmental

Open-pit operations at Centerra Gold’s Kumtor gold mine in Kyrgyzstan.   CENTERRA GOLD

claims, and restrictions on movement of our cash and employees, have all been resolved. I feel it’s truly the company turning a new page on its relationship with the country. As a result, we’re in the strongest position we’ve ever been,” Perry said during a presentation at the Denver Gold Forum in late September. “The resolution of our issues in Kyrgyzstan really provides us with two, unencumbered flagship assets that will produce very meaningful earnings and cash flow. The key element for us is that we’re now looking at a business plan that we can fully fund via internal means,” he added. Kumtor could produce between

525,000 and 555,000 oz. gold this year at all-in sustaining costs (AISCs) ranging from US$751 to US$795 per oz. gold. Centerra diversified its production base late last year via the US$1.1billion purchase of debt-heavy Thompson Creek Metals, which included the Mount Milligan goldcopper mine, 144 km northwest of Prince George in central British Columbia. Perry said that before the Mt. Milligan transaction “an inordinate amount of our asset value was domiciled in Kyrgyzstan,” which the investment community views, he said, as a “risky jurisdiction.”

He noted that 50% of Centerra’s net asset value now resides in North America. The company’s production base could shift further from Kyrgyzstan in the years ahead given that Kumtor’s current mine plan would see the operation close in nine years. Meanwhile, Mt. Milligan has an estimated 22-year mine life based on proven and probable reserves of 496 million tonnes grading 0.4 gram gold per tonne and 0.187% copper, for 5.8 million contained oz. gold and 2.1 billion contained lb. copper. The operation is scheduled to produce between 260,000 and 290,000 oz. gold in 2017 at US$475 per oz. AISCs. Mt. Milligan’s expected copper output is pegged at 60 million pounds. “We feel like we’ve successfully adjusted our risk profile,” Perry commented. “[The situation] has clearly been impacting our stock multiples because, unfortunately, in the eyes of the capital markets and investment community, Kyrgyzstan is not viewed as a top-tier mining jurisdiction.” Centerra expects the Oksut gold project in Turkey will be its next mine. The company hopes to pour first gold at the US$221-million heap leach operation in late 2018. Oksut could produce 110,000 oz. gold per year over an eight-year mine life at US$490 per oz. AISCs.

Centerra is increasing its Canadian exposure, however, via its fifty-fifty development partnership on the Greenstone gold project in Ontario with Premier Gold Mines (TSX: PG; US-OTC: PIRGF). The operation could produce 288,000 oz. gold annually over 14.5 years at US$600 per oz. AISCs, but it carries a $962-million development price tag. “Greenstone is a really strategic asset for us in terms of favourably recalibrating our geopolitical risk profile. It’s a significant land package in a very prospective geological setting,” Perry said. “But we’ve decided we won’t be making that type of capital commitment in the current gold price environment. We’ll be focusing on de-risking, including finalizing all the agreements with First Nations and permitting. We think that capital investment might be more appropriate in two years when we’ve built stronger cash reserves.” Centerra boosted its annual production guidance by 7% to 815,000 oz. gold after the Kumtor political resolution. The company’s shares have traded in a 52-week range of $5.56 to $9.35 per share, and last closed at $8.79. There are 291 million shares outstanding for a $2.6-billion market capitalization. The company reported a cash position of US$400 million at the end of June. TNM

JOINT VENTURE ARTICLE

Silvercorp Poised to Leverage Success in China into Future Growth Silvercorp Metals (TSX: SVM; NYSEAmerican: SVM) is coming off a stellar 18 months wherein it generated significant shareholder value. The company has leveraged a strategic land position in China’s Ying high-grade silver-lead-zinc district, alongside an innovative approach to underground, narrow-vein mining, to emerge as one of the highest-margin miners in the silver space. Silvercorp reported net income of US$44 million attributable to equity shareholders over the past fiscal year, and boosted its cash and equivalents by nearly US$35 million to US$97 million from the prior year. The financial success was largely underpinned by all-in sustaining costs (AISC) of US$3.82 per oz. silver, which positions the company as one of the world’s lowest cost silver producers. “Our model has always focused on putting high-grade assets into production as quickly as possible,” explains Chairman and CEO Dr. Rui Feng during an interview. “The approach has allowed us to control shareholder dilution and maintain a strong balance sheet by funding our operations through cash flow and earnings.” Silvercorp’s position in the Ying district currently comprises six mines that contain over 200 silverlead-zinc-rich veins. The property occurs in the 300 km-long, northwest-trending Qinling orogenic belt, a major structural feature formed by the collision of two continental tectonic plates. “I’m aware of the preconceived notions of risk associated with China, but it is one of the best

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places to conduct mining business globally. Grade is king, and that’s what we have at Ying,” Dr. Feng comments. “I challenge anyone to cite a case where a mine owned by a foreign-controlled company has been expropriated by the Chinese. In addition, permitting is a very straightforward process.” The company’s ore contains almost no deleterious materials such as arsenic or antimony, and Dr. Feng says its concentrate is “highly sought af ter” by nearby smelting operations as it can be blended with lower grade and less pure concentrates from other mines. As a result, the regional smelters not only pay in advance for the concentrates, but also pay trucking costs. “As long as a mining company receives high-quality mining rights, abides by state laws and regulations, implements strict mine management and is committed to its social responsibility to local communities, then this company will have stable production and profitability in China,” adds Silvercorp Director Yikang Liu, who ser ved until 2001 as the Chief Geologist for the former Ministry of Metallurgical Industry of China. Silvercorp runs twin processing facilities at the central Ying site with a total current design capacity of 3,200 tonnes per day. During the past fiscal year, Silvercorp increased its silver and lead metal sales by 29% and 34%, respectively. The company sold 6.5 million oz. silver, 70.5 million lbs. lead, and 18.3 million lbs. zinc during the period.

A worker at Silvercorp Metals’ Ying silver facility in China.

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The turnaround was largely orchestrated by focusing on higher head grades, which jumped 50% over the past three years to 300 grams silver per tonne last quarter. Dr. Feng further attributes improvements in efficiency and grades to operational innovation that is best embodied by Silvercorp’s “Enterprise Blog” (EB) platform. This system improves dilution and grade control via wireless connectivity wherein “all checklists and accompanying photos are uploaded to the blog from technicians and workers via their smart devices.” The EB system has drawn interest from the Chinese government and other publicly-listed underground

miners. “Moving from a manual system to an internet-based repor ting and work execution system has in itself helped to streamline our work flow. Additionally, the data we have compiled from the EB system has shown us where we needed to make changes to optimize our operations,” Dr. Feng elaborates. “I took the basic concepts from social media applic ations, like Facebook and Twitter, and adapted them. The system is open and transparent and allows our entire team to search all posts. Anyone in the company can now review what is going on in the mines and mills at any time,” he adds.

Silvercorp has produced 51.1 million oz. silver and over 752 million combined lbs. of lead and zinc across the Ying operations since 2007. In February the company updated its reser ve and resource base, headlined by 12.3 million proven and probable tonnes grading 240 grams silver, 3.75% lead, and 1.27% zinc, or a contained 95 million oz. silver, 461,000 tonnes lead, and 155,700 tonnes zinc. “We have effectively replaced what we have mined and established a strong production growth profile for the next 20 years,” explains Dr. Feng. This year Silvercorp has guided for production of 5.7 million oz. silver, 63.1 million lbs. lead, and 18.3 million lbs. zinc. The company’s share price has nearly quadrupled over the past 18 months en route to a $3.43 per share close in early October. The company has 168 million shares outstanding for a $576 million market capitalization, and has no long-term debt. “We’re currently looking to expand our production footprint beyond China,” Dr. Feng concludes. “We’re assessing silver assets and would prefer to have lead-zinc byproducts, and/or copper; however, we would also look at the right gold projects. Overall it comes down to grade and profitability.” — The preceding Joint Venture Article is promoted content sponsored by Silvercorp Metals Inc and written in conjunction with The Northern Miner. Visit www.silvercorpmetals. com to learn more.

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Gold majors gather in Colorado Springs

Budding mogul JP Bickell’s gold hunt

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| Focus on performance, free cash flow

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he unofficial theme of this year’s annual gathering of the world’s biggest gold miners at the Denver Gold Forum in Colorado Springs, Colo., in late September could very well have been “steady as she goes,” as miners continue to consolidate their hard-won gains in debt reduction and operational efficiencies over the last several years. BY JOHN CUMMING jcumming@northernminer.com The market is showing its approval, with gold-mining equities for the first time in many years modestly outperforming gold, with the NYSE Arca Gold Miners Index up 18%, versus a 15% gain in gold over the first eight months of 2017. Like last year, the focus of most of the gold executive’s speeches was on optimizing assets and maximizing free cash flow. The current crop of execs show little appetite to return to the grandiose mergers and acquisitions and multibillion-dollar megaprojects of years past that brought such economic ruin to the industry. Barrick Gold keeps its title as the world’s largest gold miner by production and market capitalization. After years of asset sales, cuts and consolidation, Barrick has settled on optimizing what it calls its four “core” mining complexes: Barrick Nevada; Pueblo Viejo in the Dominican Republic; Lagunas Norte in Peru; and Veladero in the Argentine-Chilean border area. Barrick expects 70% of its 2017 production will come from these four core assets at all-in sustaining costs of US$650 to US$700 per oz., fulfilling the company’s goal of being the lowest-cost senior gold producer. Barrick has 86 million oz. gold in reserves — the largest in its peer group — with 45% being held in the four core assets. Companywide, Barrick expects to produce 5.3 to 5.6 million oz. gold in 2017 at all-in sustaining costs of US$720 to US$770 per oz. gold. Regarding this June’s sale of 50% of Veladero to China’s Shandong Gold Group for US$960 million, Barrick president Kelvin Dushnisky said that the “integration with Shandong is going exceptionally well,” and the two are forming a working group to look at restarting development of the nearby Pascua-Lama gold project, which was mothballed due to major cost overruns. The partners are evaluating using underground block caving, starting on the Lama side in Argentina and progressing underground to Pascua in Chile. Dushnisky also highlighted Barrick’s relentless debt-reduction efforts, which have seen total debt fall from US$13.1 billion at the end of 2014 towards a target of US$5 billion by the end of 2018. Newmont Mining president and CEO Gary Goldberg was equally upbeat about his company’s outlook, stating that “we’ve got our house in order” and that his team has “improved our underlying business performance, and we are running safer and more efficient operations. We’ve strengthened our portfolio by investing in profitable and sustainable growth, and we’ve created value in the form of steadily improving free cash flow and dividends.” With mines in the U.S., Suriname, Peru, West Africa and Australia, Newmont’s attributable gold production in 2017 is forecast at 5 to 5.4 million oz. gold at consolidated all-in sustaining costs of US$900 to US$950 per oz. gold. “Our strategic focus is shifting from improving the underlying business to delivering superior operational execution,” Goldberg added. In his opening remarks, Goldcorp president and CEO David Garofalo noted that he’s seen the industry’s cycles, and that he wanted to “contrast this [meeting] with where we were five years ago at the peak of the cycle, and I remember standing up at the BMO conference and saying ‘the supercycle is a bit of a fallacy: we’re all overbuilding and introducing way too much supply into the industry across the metals complex.’ I thought it would end in tears, and it did … our egos, collectively as an industry, needed deflating.” Now, he said, “We find ourselves at the other end of the cycle — we’ve made a 180-degree turn as an industry … we tend to augment the cycles by overbuilding at the peak and under-building at the bottom of the cycle, and that’s exactly what’s happening now. Growth is a dirty word. “I’m a big believer in counter-cyclical investment: buying and building at the bottom of the market. That’s how I’ve made my career and how the companies I’ve helped — Inmet, Agnico, Hudbay — have made significant value propositions for their shareholders.” Goldcorp expects to produce 2.5 million oz. in 2017, rising to 3 million oz. in 2021. Garofalo says a sustainable business model for any major gold-mining company is to produce 3 to 4 million oz. gold annually from six to eight large-scale camps. TNM

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BOOK EXCERPT  

| Origins of the McIntyre gold mine

BY JASON WILSON, KEVIN SHEA AND GRAHAM MACLACHLAN Special to The Northern Miner

T

he would-be millionaire John Paris Bickell had first become interested in the metals of the earth during a trip to the Yukon goldfields as a young man. Then, in 1903, the Cobalt silver strike near Lake Temiskaming signalled the beginning of Ontario’s own mineral “Klondike.” The find attracted many optimistic prospectors to stake their claims; along with their dreams, they rode north on the railroads that were being built to link these remote areas to the south. Toronto, with its stock exchange, would become the storefront for the precious metals mining trade. After the Cobalt strike, J.P. secured seats on the Standard Stock and Mining Exchange. Like so many others he continued to keep a sharp eye on Cobalt, and soon he went into business with mining mogul Burr Cartwright. Their relationship was further galvanized when things started to heat up in the Temiskaming area. The mine Cartwright oversaw was prosperous, and Bickell benefited from this relationship by helping Cartwright develop his silver mine.

IT WAS NO SECRET THAT SANDY WAS OVERLY FOND OF ALCOHOL, A COMMON TRAIT AMONG THE PROSPECTORS OF HIS ERA. LIVING UP TO THE CLICHÉ, HOWEVER, COST HIM DEARLY.

John Paris Bickell.   MACLACHLAN FAMILY COLLECTION

Bickell became even further invested in mining in 1906, when William G. Trethewey sold his eponymous silver mine for $1 million to a group that included Bickell and the English investor Colonel Alexander Hay. Yet it was gold that had the widest appeal. The Porcupine Gold Rush of 1909 profoundly affected not only Ontario’s hinterland and the small towns north of Sudbury, but also the entire province. The development of its mining industry and the investments in mining paid dividends for Ontario and its residents, and contributed to an overall higher standard of living. Bickell was still young. Having developed the silver mine at Cobalt, and with that trip to the Yukon goldfields still haunting his imagination, he now set his sights on the yellow metal of Timmins. The McIntyre Porcupine gold mine was one of the most important gold strikes in Canadian history. Three mines — Hollinger, Dome and McIntyre — were discovered by separate prospectors within a few miles of each other and were at the heart of the gold rush. The Big Three, which would subsequently control 90 percent of the region’s gold production, collectively produced over 67 million ounces of gold during the twentieth See BICKELL / 23

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

COMPANY INDEX Agnico Eagle Mines. . . . . 23 Alamos Gold. . . . . . . . . 2,12 Alio Gold. . . . . . . . . . . . . . 12 Anglo American Platinum. . . . . . . . . . . . . . 9 Argentum Silver. . . . . . . . 11 AuRico Metals. . . . . . . . . . 1 B2Gold. . . . . . . . . . . . . . . . . 7 Barsele Minerals. . . . . . . . 12 BHP Billiton. . . . . . . . . . . 15 Bitterroot Resources. . . . . 9 Canadian. . . . . . . . . . . . . . . 1 Centerra Gold. . . . . . . . . . . 3

CPM Group . . . . . . . . . . . 13 Dolly Varden Silver. . . . . 12 Eldorado Gold. . . . . . . . . . 8 Endeavour Mining. . . . . . 16 Fortuna Silver Mines. . . . 11 GoGold Resources. . . . . . 23 Goldgroup Mining . . . . . 12 Great Panther Silver . . . . 11 Integra Resources. . . . . . . . 8 Kinross Gold. . . . . . . . . . . . 8 Kirkland Lake Gold. . . . . . 2 Mag Silver. . . . . . . . . . . . . 11 Mustang Minerals. . . . . . 10

New Age Metals. . . . . . . . . 9 North American Palladium. . . . . . . . . 11,14 NorthIsle Copper and Gold. . . . . . . . . . . . . . . . 15 Orex Minerals. . . . . . . . . . 12 Riverside Resources. . . . . 12 Roxgold. . . . . . . . . . . . . . . 16 Silver Viper Minerals. . . 12 SSR Mining. . . . . . . . . . . . 11 Teranga Gold . . . . . . . . . . 16

Sandy McIntyre, discoverer of the McIntyre gold mine in Schumacher, Ont., in 1909.   MACLACHLAN FAMILY COLLECTION

2017-10-10 9:07 PM


GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 16–29, 2017

5

Four Canadian mining giants to join Hall of Fame

Ross J. Beaty (b. 1951) The career achievements of Ross Beaty are as multidimensional as the man and the companies he founded and led over almost four decades. He is first and foremost a geologist with a passion for exploration and a discerning eye for projects with economic potential. He is one of Canada’s most successful mining entrepreneurs, with 13 of his companies creating an estimated $6 billion of shareholder value since 1994. He built his flagship — Pan American Silver — into one of the world’s largest silver producers, with seven mines in Latin America. Beaty is also one of the most influential people in the global mining industry for his pragmatic support of environmental causes, ability to build bridges with civil society and remarkable legacy of philanthropy. Born in Vancouver, Beaty earned a B.Sc. degree in Geology at the University of British Columbia (UBC) in 1974 and a degree in Mineral Exploration from the Royal School of Mines at the University of London in 1975. He returned to UBC and earned a law degree in 1979. Beaty built his namesake contract geology company and a team of 30 geologists before launching Equinox Resources as his first junior company in 1985. He developed three mines before selling Equinox to Hecla Mining in 1994, then founded, developed and sold eight other juniors into the new century. These included Lumina Copper, which he split into six companies and sold in a series of transactions that generated nearly $2 billion of shareholder value. Beaty founded Pan American in 1994, based on his belief that silver would be an essential metal of the future and continue to attract investor interest. He kept the faith during the downturn of the late 1990s, assembled mines and deposits at low prices and unlocked their value as markets and metal prices improved. Pan American grew to become the second-largest primary silver producer in the world, with seven mines, 6,500 employees and a current market value of $3.3 billion. An ardent environmentalist, Beaty started a geothermal power company in 2008 that merged to form Alterra Power in 2011. Alterra operates nine geothermal, wind, solar and hydroelectricity plants in Canada, Iceland and the United States. He also established the Sitka Foundation, which distributes $3.5 million annually to support more than 72 environmental organizations. He helped conserve the Britannia Mine Museum and was a major donor to UBC, which led to the creation of the Beaty Biodiversity

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| Inductees’ influence reaches across the industry

Ross J. Beaty.

Robert A. Gannicott.

A. Terrance MacGibbon.

Edward G. Thompson.

Museum, the UBC Earth Sciences Building and the Pacific Museum of the Earth. In 2017, Beaty and his wife Trisha donated $4 million to the Canadian Museum of Nature in Ottawa, and $5 million to Queen’s University to support research into freshwater resources. Beaty’s achievements and philanthropy have been recognized by the mining industry and beyond. Among other awards, he was presented the Viola R. MacMillan Award for company or mine development by PDAC in 2010, and received the CIM Vale Medal for meritorious contributions to mining in 2014. In 2017, Beaty was inducted to the British Columbia Business Hall of Fame and appointed to The Order of Canada.

mine, which, combined with 40% of Diavik, transformed Dominion into Canada’s largest independent diamond producer. It was the first time a Canadian company owned a majority share of a Canadian diamond mine, along with value-added sorting and marketing operations in Canada, Belgium and India. Born and raised in England, Gannicott immigrated to Canada in 1967, and found his first job at a gold mine in Yellowknife. His career compass continued to point north after he graduated with a bachelor’s degree in geology from the University of Ottawa in 1975. He joined Cominco as an exploration geologist working mostly in the High Arctic, for example at the Black Angel lead-zinc mine in Greenland. In 1986, he formed Platinova, which discovered the Skaergaard copper-gold and Citronen Fjord base metal deposits in northern Greenland. The latter has been described as one of the world’s largest undeveloped zinclead resources. Gannicott’s Arctic experience helped pave the way for his entry into diamond exploration. He and a group of colleagues formed a private company, West Viking Exploration. It merged with Aber Resources after staking and exploring ground near the first kimberlite diamond discovery made by Dia Met Minerals in 1991. Aber’s subsequent Diavik discovery attracted Rio Tinto as an operating partner, leaving Aber with a 40% interest. Gannicott is credited with ensuring Aber’s survival and subsequent evolution into Dominion Diamonds. Gannicott’s vision to acquire

Harry Winston put Canada on the world stage as a producer of both luxury-branded goods and rough diamonds, and earned him the reputation as “Canada’s first diamantaire.” His partial consolidation of Northwest Territories diamond production from Ekati and Diavik formed the base for Canada to become the world’s third-largest producer of rough diamonds by value. Gannicott helped ensure the integrity of the new industry by chairing a commission to develop guidelines for reporting diamond exploration results — since adopted as a best practice by the Ontario Securities Commission and the Canadian Institute of Mining and Metallurgy (CIM). He was an advocate for the people and communities of the Far North and early in his career created a namesake foundation to help the indigenous people of the Northwest Territories. Gannicott received the CIM Vale Medal in 2005 and Members Award in 2007 for his role in building and sustaining Canada’s diamond industry. He was a corecipient of AME BC’s Hugo Dummett Award for excellence in diamond exploration and development in 2013.

TMAC Resources and INV Metals. He acquired non-core assets from major producers for each of his companies — starting with pastproducing properties in Ontario’s Sudbury basin for FNX — and made a series of discoveries later developed into seven mines. Along the way, he earned a reputation as a financially astute entrepreneur, innovator and all-round role model for the Canadian mining industry. Born in New Waterford, N.S., MacGibbon earned a B.Sc. (Geology) from St. Francis Xavier University in 1968, before joining Inco’s exploration department. He was an early advocate of the Voisey’s Bay discovery in Labrador, later acquired by Inco, and supported other discoveries as he climbed the ranks, culminating in him directing global exploration. After leaving Inco in 1997, MacGibbon acquired five “non-core” past-producing properties in the Sudbury basin from his former employer for FNX, which went on to make eight discoveries and place five deposits into production. FNX was the best performer on the Toronto Stock Exchange from 2000 to 2010, when it merged with Quadra Mining to form Quadra FNX Mining. In 2012, Quadra FNX was sold to KGHM, a Polish copper mining giant, for $3.5 billion. MacGibbon used the same strategy to acquire projects for Torex, TMAC and INV: the Morelos gold project in Mexico from Teck Resources; the Hope Bay gold project in Nunavut from Newmont Mining; and the Loma Larga gold property

Robert A. Gannicott (1947–2016) Robert (Bob) Gannicott was a pioneer of Arctic mineral exploration and a visionary entrepreneur who helped unlock the downstream value of Canada’s fledgling diamond industry. He played a pivotal role in the discovery and development of the Diavik mine in the Northwest Territories for Aber Diamond Corp. in the 1990s, and led Aber’s later acquisition of luxury jeweller Harry Winston to help promote the exceptional quality of Canadian gem diamonds. With Gannicott as chairman and CEO, Aber evolved into Harry Winston Diamond Corp. in 2007, and became Dominion Diamond Corp. in 2013. In a bold move in 2013, Gannicott sold the retail division of Harry Winston to acquire an 80% interest in the Ekati

A. Terrance MacGibbon (b. 1946) Few modern-era exploration geologists have transitioned to company builder and mine developer as successfully as Terry MacGibbon. He applied the expertise and experience gained over a 30-year career with nickel giant Inco to build four substantial mining companies: FNX Mining, Torex Gold Resources,

See HALL OF FAME / 15

HORNBY BAY MINERAL EXPLORATION LTD. Stock Township Project (Mining Lease 107313) 514500

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CLERGUE

The company will be initiating Mag, I.P and E.M. Surveys on this 2 km. untested Pipestone Fault gold bearing structure as soon as ground conditions allow. The geophysical program will be followed by 6 deep exploratory diamond drill holes.

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Active Claims Active Dispositions HBME - Mining Lease 107313 Sage Gold - Clavos Property Streams

There are 2 km of untested strike length along Pipestone Fault, as it crosses HBME's East Clavos Property (Mining Lease 107313)

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n 2018 the Canadian Mining Hall of Fame will induct four new members to its ranks: Ross J. Beaty, Robert A. Gannicott, A. Terrance MacGibbon and Edward G. Thompson. The thirtieth annual induction dinner will be held the evening of Jan. 11, 2018, at Constitution Hall in the North Building of the Metro Toronto Convention Centre. The Northern Miner is a cofounding sponsor of the Hall of Fame, along with the Canadian Institute of Mining, Metallurgy and Petroleum, the Mining Association of Canada and the Prospectors & Developers Association of Canada. For more information and for tickets to the event, please visit www.mininghalloffame.ca.

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CANADIAN MINING HALL OF FAME  

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WWW.NORTHERNMINER.COM

OCTOBER 16–29, 2017 / THE NORTHERN MINER

Seven questions investors should ask about geophysical anomalies GEOPHYSICS  

| Greg Hodges from Sander Geophysics explains the science behind the ‘big red blob’

BY LESLEY STOKES

G

lstokes@northernminer.com VANCOUVER

eophysical surveys are frequently used by the mining and exploration industry to detect potential mineral deposits hidden beneath the subsurface. However, the results of geophysical surveys can be confusing or misleading to retail investors and nonspecialists, with data often painted as an ambiguous red bull’s-eye on company maps. And so The Northern Miner reached out to Greg Hodges, a senior geophysicist at Sander Geophysics — an international airborne geophysical survey firm for more than 60 years — to discuss what investors need to know about geophysics, and how to separate the robust geophysical anomalies from the not-so-robust ones. Here are the top-seven questions Hodges says nonspecialists could ask companies to gain a better understanding of their geophysical survey results. 1. Does the company have a geological model? Geophysical surveys measure the magnetic response, resistivity and conductivity, density, chargeability, radioelements and seismic velocities of rocks using an array of techniques. These fluctuations in “rock properties” are caused by changes in geology, such as varying rock compositions, faulting, alteration or mineralization. In an ideal geological setting, a deposit can have a predictable geophysical signature. However, Hodeges reminds us that geology is rarely ideal, and a deposit’s geophysical signature can change depending on the rocks that surround it. “You need to know the geology of an area before you can predict what kind of geophysical response a target would have — you could be after a geophysical high [normally red on the map] or low [blue], depending on the target and the surrounding geology,” he says. He says that diamond-bearing kimberlites in the Lac de Gras region in the Northwest Territories are weakly conductive in geophysical electromagnetic (EM) surveys, whereas at DeBeer’s Victor diamond deposit in northern Ontario, there’s no contrast in the EM data because the kimberlites are hosted in equally conductive rocks. “If the host rock measures 300 ohm in a survey and the kimberlite measures 320 ohm, then that’s very

little contrast. The kimberlite won’t stand out in the data,” he says. Investors can assess the credibility of geophysical data by asking whether the project’s geology could interfere with the size and magnitude of the geophysical anomaly.

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The most common geophysical surveys used in the industry are induced polarization (IP), EM, magnetic, gravity and radiometric surveys. In an ideal geological environment, IP is the best method for low sulphide systems, such as porphyry copper-gold deposits. EM surveys measure the electrical conductivity and resistivity of a rock, and can be used to explore for deposits with a high sulphide content, like magmatic-sulphide or volcanogenic massive sulphide (VMS) deposits. Magnetic surveys measure the amount of magnetic minerals in the subsurface, and can be used to highlight iron oxide copper-gold deposits or iron formations that may carry gold. A gravity survey measures the density of the subsurface and is useful for massive sulphide deposits and intrusions, and determining structure. Radiometric surveys measure the uranium-thorium-potassium values of rocks at surface and can be useful for mapping, highlighting geological contacts or alteration — as long as the rocks at surface are the same as the bedrock, Hodges points out. For Hodges, just one type of geophysical anomaly isn’t enough to give credence to a company’s exploration target, because geology is usually too variable. “If they’re focused on just one anomaly they have to be very confident about what they’re looking at,” he says. “Every survey you have adds some information, or reduces the chances of having two things that look alike.” As an example, explorers on the hunt for porphyry deposits may look for correlatable “circles” in magnetic and electromagnetic surveys. Within a porphyry system, the intrusive can be a magnetic high or low and is normally resistive in geophysical surveys, whereas the halo of alteration around it could be relatively conductive. “If you have a metal-rich supergene blanket on top of the porphyry

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1-16, 23_OCT16_Main .indd 6

Good geophysical data “looks” like geology, with folds, faults and pinch-outs. “Robust geophysical anomalies should have a shape that fits the geological model of the deposit,” Hodges says. “You can have kilometre-long conductive anomalies in a meta-sedimentary basin, for example, but you know those aren’t VMS deposits — it doesn’t have the right shape. VMS deposits don’t go on for kilometres, they’re more like 200 metres in length. The anomaly may be more consistent with large belts of graphitic sediments, which are also conductive.”

2. Is there more than one type of geophysical survey that suggests the anomaly is a potential deposit, rather than variability in the geology?

FOR SALE n

5. Is the geophysical anomaly shaped like a deposit?

6. Has the geophysical data been processed by qualified geophysicists?

Greg Hodges, senior geophysicist at Sander Geophysics.   SANDER GEOPHYSICS

then now you have a wonderful conductive electromagnetic anomaly on top of it,” he says. “Again, what you’re looking for goes back to the geological model — the geophysics can change depending on the target and the geology of the area.” 3. Is there enough geophysical data to show the anomaly is there, and is it unique? Most junior companies can’t afford a large, regional geophysical survey, but surveys completed over a very small area may not provide explorers with enough data, Hodges says. “A company could have a little wee map with a big red blob on it, but if they had more coverage you’d see red blobs everywhere — there’s nothing unique about it. You want to see what geophysicists call ‘background’ around the target to confirm that the target is different from the rest of the geology.” The resolution of the survey is equally important. Resolution is defined by the spacing between measurements on a line, and can range from 10 to 250 metres, or more. The distance between each measurement point, and the overall size of the survey area, dictate how deep and clearly the geophysical survey can “look” into the subsurface. “If you’re after a small, narrow deposit you have to sample small enough to see it,” he says. “If you’re sampling along geophysical stations that are 25 metres apart, each station is measuring a block of rock 50 metres horizontally and 50 metres vertically — that’s your resolution. “If you want to see deeper, you need bigger arrays and sample bigger volumes of rock, so maybe you’ll measure more widely spaced stations on lines that are 500 metres apart. In this case, a single measurement will take in a lot more geology than a 25-metre spaced survey, which means that any target smaller than your resolution would be very difficult to see or impossible to define.” Sparse data over an anomaly — such as surveys where only one line crosses the target — may not be enough to warrant follow-up drilling, he adds. “My rule of thumb is at least two lines of data over the target. If they just did one line, that’s nice, but can they guarantee that if they go over it again we’d see the same things? Or did something funny happen in the data that’s not important?”

“IF THEY’RE FOCUSED ON JUST ONE TYPE OF ANOMALY THEY HAVE TO BE VERY CONFIDENT ABOUT WHAT THEY’RE LOOKING AT.” GREG HODGES SENIOR GEOPHYSICIST, SANDER GEOPHYSICS

Hodges notes that companies “want to see everything in a survey, but that’s expensive. They need to consider the economic aspects of the target they’re going after — that is, the size and depth. At that point we can design a survey that can see a target that fits their criteria with reasonable constraint, and save them unnecessary costs.” 4. How does the magnitude of the anomaly compare to other anomalies or deposits? Retail investors and non-specialists may get distracted by the vivid colours presented on a company’s geophysical map, but Hodges reminds us that appearances can be misleading. “Companies can shade an anomaly from standout red to background green simply by adjusting the colour scale,” he says. “There’s so much you can do with colour, you can hide things or make things show.” He adds that every geophysical image needs to be accompanied with a colour bar that displays the magnitude of the geophysical readings, so other geoscientists or savvy investors can gauge the intensity of the anomaly by comparing it with other anomalies on the property, or nearby deposits that are geologically similar. In other circumstances, interesting anomalies could get lost in the data stretch, he adds. For example, on a magnetics map, a large batholith may be highlighted as a bright pink colour — indicating high magnetic intensity — but the sought-after, more subtle magnetic anomalies could fall into background values and be painted blue. “The best target might not be the biggest red bump on the map,” Hodges says.

A company can better interpret its geophysical results, avoid false anomalies and highlight the more subtle ones by processing the raw geophysical data into a 2- or 3-D model that highlights the varying rock properties, Hodges says. This processing technique, called inversions, can be constrained or unconstrained. Constrained inversions use other geophysical data and/or geological criteria — such as drill holes, surface mapping or conceptual models — to produce a reasonable geophysical model. An unconstrained model is produced without any intervention from other data sources. Inversions are proving to be a powerful tool in geophysics, and companies can purchase advanced computer software to perform them in-house. But Hodges warns that inversions can be “difficult to perform, and you need experts to have it done right. “If you make the wrong assumption about the geology you may force the geophysical data towards something you expect, but doesn’t fit the data or the real world,” he says. “The more geophysical and geological data you have, the better you can constrain the model.” The more a company has to process its geophysical data to “pull out” the anomalies without much data to support the model, “the more nervous I get,” Hodges says. 7. Did a reputable geophysical company conduct the survey and is it a well-known geophysical method? Hodges uses the term “voodoo geophysics” to describe the work of some geophysical consulting firms that make “overzealous” claims on the capabilities of a dubious new technology. “There was a company some years back that claimed they could see a deposit the size of a Volkswagen at a few kilometres depth, and every geophysicist worth his salt scoffed because they know that can’t happen — resolution falls off at depth,” he says. Another firm claimed to see diamonds from satellite data using proprietary software, despite diamonds being virtually undetectable in geophysics. “Companies should only use geophysical techniques based on sound science that are backed by reputable and experienced geophysical firms,” Hodges adds. “If it’s a one-off company doing something no one else would do, you have to wonder why.” TNM

2017-10-10 9:14 PM


GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 16–29, 2017

7

Ore-processing facilities at B2Gold’s Fekola gold mine, under construction in southwest Mali.  B2GOLD

B2Gold’s Fekola on brink of commercial production this year MALI GOLD   BY TRISH SAYWELL

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tsaywell@northernminer.com

2Gold (TSX: BTO; NYSE: BTG) says it has started processing ore at its Fekola gold mine in southwestern Mali, and will reach commercial production before year-end. The mid-tier miner already operates four gold mines — two in Nicaragua, one in the Philippines and another in Namibia — and says production of between 50,000 and 55,000 oz. gold from its new mine in West Africa will bring the company’s 2017 metal production to between 530,000 and 570,000 oz. gold. Next year, B2Gold forecasts that its five operating mines will produce between 925,000 and 975,000 oz. gold. “Fekola is a game changer for B2Gold, with about 400,000 oz. of low-cost gold production planned for 2018,” Cosmos Chiu of CIBC said in a research note to clients, adding that with Fekola, B2Gold transitions “towards the largest producing mid-cap gold company” that he covers. B2Gold completed construction of its mill three months ahead of schedule and on budget, and expanded it to 5 million tonnes per year from the original pre-construction mine plan of 4 million tonnes per year. “We looked at it and said, ‘Well, we know there’s an extension of mineralization to the north — it’s not in reserves yet — but let’s expand the mill now rather than waiting a year,” Clive Johnson, B2Gold’s president and CEO, says in an interview. By expanding the mill to 5 million tonnes per year, Fekola’s mine life is trimmed from 12.5 years to 10 years. But gold production during the first three years rises to 400,000 oz. from 333,000 oz., while all-in sustaining costs (AISCs) during the same period fall from US$717 per oz. to US$604 per oz. gold. Under the new mine plan, operating costs per ounce over the life-of-mine fall 22.5%, from US$552 per oz. to US$428 per oz., and AISCs drop by 11.8% to US$664 per oz., compared with US$752 per oz. in the previous mine plan. In 2018, B2Gold expects that Fekola will produce between 400,000 and 410,000 oz. gold at an operating cost of US$354 per oz. and AISCs of US$609 per oz. gold. The US$18-million price tag to expand the mill to 5 million tonnes a year brings total construction costs to $480 million. Of that, $41 million were pre-construction sunk costs, $462 million were the construction costs detailed in the feasibility study and $18 million was for the mill expansion. The company says it will spend another US$20 million to relocate a nearby village. Projected life-of-mine production remains the same at 3.45 million oz.

1-16, 23_OCT16_Main .indd 7

| Completes mill three months ahead of schedule and on budget

gold. Reserves remain unchanged at 3.34 million ounces contained in 43.8 million tonnes at an average grade of 2.37 grams gold per tonne. B2Gold says the Fekola property, near Mali’s border with Senegal, and 520 km from Mali’s capital, Bamako, has the potential to host more Fekola-style gold deposits, and surface exploration, regional drilling and geophysics have identified a number of targets. In June, the company reported an initial resource estimate for its Anaconda prospect, 20 km from the Fekola mill. The saprolite-hosted gold deposit has an inferred resource of 21.6 million tonnes grading 1.11 grams gold per tonne for 767,000 contained oz. gold at a 0.35 gram gold cut-off grade. “It’s a 4 km long zone, so far, up to a kilometre wide, and is mineralized,” Johnson says. ‘The heavily weatherized material should be very cheap to mine, so that’s nice

to have, but it’s only an average of 40 metres deep, so the key is what lies below it. What we’re looking for is bedrock mineralization similar to Fekola, and we have intersected some Fekola-type grades below the saprolite material.” Meanwhile, drilling to the north of Fekola’s reserve pit boundary has found gold mineralization near surface and in some deeper holes, the company says. Drilling is underway at the Kiwi zone, which is north and along strike of the Fekola deposit boundary. Kiwi sits above the Fekola Deeps zone, where drilling has intersected wide mineralization zones. Drilling in the Fekola Deeps zone has intercepted Fekola-type gold grades over large intervals. B2Gold notes that the Fekola Deeps zone remains open to the north and down-dip, which raises the possibility of an underground mining scenario.

“There’s great potential to extend to the north and significantly increase resources and reserves at Fekola that can be exploited by a large open pit, and potentially underground in the future,” Johnson says. “The mine life in the new mine plan has gone down from 12.5 years to 10 years, but we don’t think that’s going to be the reality because of the exploration we’ve had, and we think the mine life will be beyond what was in the original mine plan.” This year the company increased its budget for the Fekola mine and regional exploration to $15.8 million, up from its previous budget of $11.6 million. Next year the company expects to spend $15 million on exploration at Fekola, which will include both infill and exploration drilling. Drilling is ongoing with two rigs at Fekola and two rigs at Anaconda. The company will add two rigs at each site over the next few months. B2Gold’s shares jumped 8.9%

— or 29¢ — to $3.56 per share, on news of completing a larger mill and the drop-in operating costs. At press time its shares were trading at $3.50 apiece, within a 52-week trading range of $2.69 (December 2016) to $4.64 (February 2017). The company has 977 million shares outstanding. CI BC ’s C h iu ha s a 12- to 18-month target price on the stock of $5 per share. Johnson predicts a re-rating of B2Gold’s stock, as Fekola increases the company’s total gold production by 70% and “significantly” reduces costs. “During its first three years of production, Fekola dramatically increases the company’s total cash f low from operations from approximately US$200 million to US$500 million per year starting in 2018,” Johnson says. “So we will have a re-rating of our company that is not reflected in the share price today.” TNM

embrace disruption. shouldn’t the economics of your development study keep up? predictyourprofits.com

2017-10-10 9:07 PM


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WWW.NORTHERNMINER.COM

OCTOBER 16–29, 2017 / THE NORTHERN MINER

‘Integra 2.0’ to buy dormant DeLamar mine from Kinross M&A  

| Former Integra Gold execs regroup as Integra Resources to explore gold-silver asset in Idaho

BY LESLEY STOKES

T

lstokes@northernminer.com BEAVER CREEK, COLORADO

he executive team behind Integra Gold — a Quebecfocused explorer purchased by Eldorado Gold (TSX: ELD; NYSE: EGO) for $590 million in July — intends to acquire Kinross Gold’s (TSX: K; NYSE: KGC) DeLamar gold-silver project in southern Idaho under the newly branded Integra Resources (CSE: ITR). Under the agreement, Integra Resources has offered Kinross $7.5 million in cash, and 9.9% of all issued and outstanding shares once the transaction closes. The acquisition would give Integra exposure to DeLamar’s former openpit and underground mine, which shuttered in 1998 due to gold prices below US$300 per oz. gold, after producing 1.6 million oz. gold and 100 million oz. silver. George Salamis, Integra Resources president and CEO — and former chairman of Integra Gold — sat down with The Northern Miner at the Precious Metals Summit in Beaver Creek, Colo., to discuss the acquisition and plans for the company. “The band is back together again and the setup can’t be better,” Salamis said, noting that Integra Gold’s former president and CEO, Stephen de Jong, has joined the company as director, while Andrée St-Germain retains her title of chief financial officer. He said Integra is acquiring DeLamar because it bears “striking similarities” to Integra Gold’s flagship Sigma-Lamaque gold project in Val-d’Or, Quebec. “For us, acquiring DeLamar was a no-brainer. It has all the hallmarks of what Integra Gold was five years ago,” Salamis said. “It’s in a first-

Kinross Gold’s DeLamar gold-silver property in southern Idaho, which Integra Resources plans to purchase.   INTEGRA RESOURCES

“YOU DON’T FIND OREBODIES WITHOUT DOING A LOT OF DRILLING … WE’RE GOING TO GET AGGRESSIVE WITH IT.” GEORGE SALAMIS PRESIDENT AND CEO, INTEGRA RESOURCES

world jurisdiction, has access to infrastructure, historical production — it has everything we were looking for.” The project also comes with a historical database of 2,000 drill holes and an “entire vault of old maps, sections and plans waiting to get digitized.” Salamis says Integra intends to use algorithm-focused artificial

intelligence technology to home in on potential targets on the property — skills learned from the former company’s “Gold Rush Challenge,” launched in 2015. In the Gold Rush Challenge, Integra Gold opened up SigmaLamaque’s historical databases and enticed participants around the globe with $1 million in prizes in exchange for exploration ideas. “We’re going to take some of the magic from the challenge and run with it at DeLamar,” Salamis said. “Machine learning and immersive reality techniques to visualize orebodies have come such a long way already. There was only one company that pioneered the technology two years ago, and now there are 10 doing the same thing. It’s really spectacular what they can do now.” Mineralization at DeLamar is geologically different than SigmaLamaque, being a low-sulphidation epithermal deposit hosted within an

ancient volcano, versus an Archeanage, orogenic gold deposit in a structurally deformed greenstone belt. But Salamis says the upside potential at DeLamar is the same: the deposit hasn’t been drilled since the 1990s, and the average drill hole depth is less than 100 metres, offering plenty of room for expansion. Integra intends to release a National Instrument 43-101 compliant resource for DeLemar in the next month, and use proceeds from an upcoming financing to fund a drill campaign. Salamis expects to drill 18,000 metres over the next 18 months to extend heap-leachable gold-silver mineralization at surface, and highgrade, vein-type feeder mineralization at depth. Historical drill intercepts below the open-pit delivered 18.3 metres of 10.13 grams gold per tonne and 188.14 grams silver per tonne, and 9.1 metres of 10.9 grams gold and

204.88 grams silver. “One of the hallmarks for Integra Gold was to just drill, and that’s what we’re going to do at DeLamar. You don’t find orebodies without doing a lot of drilling,” Salamis said. “We know where to go and where the sweet spots are … we’re going to get aggressive with it.” On Aug. 17, as the new management team came aboard, Mag Copper changed its name to Integra Resources Corp., the stock ticker changed from QUE to ITR, and shares were consolidated on a 1-to2.5 basis. Shares of Integra Resources and its precursor company have traded in a 52-week range of 6¢ to $1. Shares traded at 16¢ on Aug. 15 before the management turnover, quickly rose within a week to 90¢, and traded at $1 at press time. The company has 18.4 million shares outstanding for an $18.4-million market capitalization. TNM

Canadian Zinc aims for 2020 production at Prairie Creek CANADIAN ZINC From 1

higher metal production and lower operating costs. “The [higher rate] will require additional lateral mine development, and it does shorten the mine life very slightly on the back end,” Canadian Zinc chairman and CEO John Kearney said during a conference call. “The strategy does improve early production metrics, however, due to our ability to leverage more sulphide ore upfront, which provides better revenue value than the oxide material. We’ve also modelled new grinding and flotation circuits, a more efficient flow sheet and a new reagent scheme.” Prairie Creek’s upfront capital requirements have jumped $35 million

due mostly to a longer construction period; earlier mine dewatering; larger ramp and mine development; and more infrastructure required for higher mining rates. Prairie Creek’s infrastructure includes 5 km of underground workings on three levels; a 910-tonneper-day mill; a fleet of heavy duty and light duty surface vehicles; three exploration diamond drill rigs; and a camp. The original mine’s processing plant and concentrator was almost fully built when the project shut down in 1982. The facility also includes a 1.5-million-tonne capacity tailings impoundment, power plant and water-treatment plant. Proven and probable reserves stand at 8 million tonnes grading

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8.64% zinc, 124 grams silver per tonne and 8.1% lead, which marks a 6% increase in tonnage due to lower equivalent zinc cut-off grades, rising zinc prices and stope optimization. The company forecasts that the first 10 years of annual production will average 65,000 tonnes of zinc concentrate and 72,000 tonnes of lead concentrate, containing an average of 95 million lb. zinc, 105 million lb. lead and 2.1 million oz. silver. The company estimates life-of-mine operating costs of $223 per tonne. “We’ve been working on the financing strategy over the past twelve months. We don’t anticipate that it will be a one-stop shop, and we see a number of legs to the table, so to speak,” Kearney said. “Our plan at the moment certainly involves bank debt for between 60% and 70% of the capital costs. The balance would be backfilled by a combination of other financing mechanisms, whether that’s a stream, mezzanine-type financing or offtake arrangements,” he said. The study features an 18.4% posttax internal rate of return and a $188-million net present value at an 8% discount rate. The base case assumes US$1.10 per lb. zinc, US$1 per lb. lead and US$19 per oz. silver. The study incorporates a llseason road access following approval from the Mackenzie Valley Environmental Impact Review Board for an access route to Prairie Creek.

A worker near a portal at Canadian Zinc’s Prairie Creek zinc-lead project, 500 km west of Yellowknife, Northwest Territories.   CANADIAN ZINC

The environmental assessment report has been forwarded to the Federal Minister of Crown-Indigenous Relations and Northern Affairs, Carolyn Bennett, for final approval. Canadian Zinc says there were “no surprises” in the process, and noted it could start construction of a winter road before transitioning to the year-round alternative. “The road development cannot be overstated. It enables year-round operations and will enable timely delivery and concentrate exporting to market on a consistent basis,” Kearney said. “It also lowers the logistical risk by not limiting us to just the winter months, which also leads to smaller trucking fleets. In addition, all-season road access allows us to consider alternative energy sources

like liquefied natural gas.” Canaccord Genuity analyst Eric Zaunscherb has a “speculative buy” rating on Canadian Zinc, and dropped his price target by 5¢ to 30¢ per share following release of the feasibility study. He noted “the project is impaired by a stronger Canadian dollar and lower silver price,” but added that the mine design “features notable improvements” from a pre-feasibility study released last year. Canadian Zinc shares have traded in a 52-week range of 15¢ to 32¢ per share, and closed at 32¢ at press time. The company has 266 million shares outstanding for a $53-million market capitalization. It last reported $1 million in working capital. TNM

2017-10-10 9:07 PM


SILVER & PGMs

SPECIAL FOCUS

Southern Silver Exploration’s Cerro las Minitas silver-lead-zinc property in Durango, Mexico.   PHOTO BY LESLEY STOKES

New Age Metals finds high grade Bitterroot SITE VISIT  

| River Valley is Canada’s largest undeveloped primary PGM property

BY TRISH SAYWELL tsaywell@northernminer.com

T

he optics are rarely very good when a major pulls out of a joint-venture project with a junior company. In the case of River Valley in northwestern Ontario, now the largest undeveloped primary platinum group metals (PGM) project in Canada, with 2.5 million oz. of near-surface PGMs and gold, Anglo American Platinum spent US$30 million earning a 50% stake, before turning off the taps after the financial crisis struck in 2008. Anglo Platinum was hunting globally for Bushveld-type igneous complexes, and River Valley was the first one it looked at outside of South Africa. The company’s search went on to encompass Australia, Brazil, China and Russia. “They were spending a lot of money because they needed to expand outside of South Africa,” explains Trevor Richardson, presi-

hunts Arizona silver

EXPLORATION  

| Dormant mines get a fresh look BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

B with the U.S. dollar. Suddenly, Anglo Platinum was cutting its

itterroot Resources (TSXV: BTT) has its eye on high-grade silver across 7 km of potential strike length at the historic Hackberry property, 48 km northeast of Kingman, Arizona. The company is bringing modern exploration techniques to a region that hosted small-scale, high-grade silver production through the early 1900s, but has been virtually untouched over the past century. Bitterroot’s property package includes long-dorma nt si lver

See NEW AGE METALS / 10

See BITTERROOT / 12

At the Pine Zone discovery hole on New Age Metal’s River Valley PGM property in northern Ontario, from left: Richard Zemoroz, project geologist; Harry Barr, founder, chairman and CEO; and Trevor Richardson, president and COO.   PHOTO BY TRISH SAYWELL

dent and chief operating officer of New Age Metals (TSXV: NAM; US-OTC: PAWEF), which now owns 100% of the project.

What happened next, Richardson says, was beyond anyone’s control. The platinum price tanked and the South African rand came on par

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2017-10-10 9:07 PM


10

OCTOBER 16–29, 2017 / THE NORTHERN MINER

SILVER & PGM s

WWW.NORTHERNMINER.COM

At the exploration camp on New Age Metals’ River Valley PGM property near Sudbury, Ont., from left: Mike Neumann, director; Harry Barr, chairman and CEO; Trevor Richardson, president and chief operating officer; Susan Mitchell, advisor; and Todd McCracken, consultant.   PHOTO BY TRISH SAYWELL

New Age Metals finds high grade

NEW AGE METALS From 9

exploration budgets around the world and at home. “They had joint ventures in Russia, China, South America — and they pulled out of everywhere,” Richardson says. “So they didn’t pull out from River Valley for technical reasons. They pulled out for budget reasons.” New Age Metals — which changed its name from Pacific Northwest Capital in January — eventually recovered full control of the project in January 2011, buying it back from Anglo Platinum in shares, and has been advancing River Valley on its own ever since. While Anglo Platinum retreated from River Valley, however, the project remained of interest to two key executives at the South African mining company who had worked on the asset between 1999 and 2008, and now sit on New Age Metals’ board of directors and its advisory

board. Ron Hieber, who moved from the junior’s advisory board to its board of directors in June, was in charge of Anglo Platinum’s PGM exploration programs worldwide, and had spent many years heading up the River Valley joint venture. His colleague, Gordon Chunnet, who is now on New Age Metals’ advisory board, spent 31 years as head of platinum geology and exploration for Anglo Platinum, and is also quite familiar with the project. “Ron and Gordon were the heads of Anglo Platinum on the technical side for 30 years at least, and were instrumental in where the company’s budget was spent,” Richardson says on a September tour of the River Valley project, 100 km east of Sudbury. “They wouldn’t have come back and got involved if they didn’t believe in this project.” Hieber says that when he originally worked on the project for Anglo Platinum, River Valley “presented

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“IN 2000 WE HAD A LITTLE 5¢ STOCK THAT WENT TO ALMOST $5 ON THE STRENGTH OF A BRAND-NEW DISCOVERY CALLED RIVER VALLEY, AND WE STARTED THE LARGEST STAKING RUSH IN THE HISTORY OF THE SUDBURY MINING DISTRICT.” HARRY BARR FOUNDER, CHAIRMAN AND CEO, NEW AGE METALS

potential in several ways.” Despite lower grades than what he was used to with the Bushveld ores, he says, the River Valley deposits occurred on surface and were wide enough to be mined as an open pit. “Unlike the Bushveld ores, which are oxidized to around 30 metres’ depth, River Valley mineralization is fresh and therefore amenable to good recoveries right at the start of mining,” he writes in an email from his home in South Africa. “What was missing was a critical mass of mineral resource that could generate an economic return.” Anglo Platinum’s studies showed that River Valley could be mined profitably on a working cost basis, he says, but it didn’t have enough ore to pay back the capital expense. That problem, however, can be resolved, Hieber says, because the company now has “expanded targets” that can “increase the resource and hence ore reserves, while still supporting open-pit mining.” The expanded targets Hieber refers to include: a higher-grade area north of the main deposit that the company found in 2015, and is calling the Pine Zone; potential targets farther north of River Valley’s Main Zone; and targets on land it acquired south of the Main Zone in July 2016 from Mustang Minerals (TSXV: MUM). With the addition of Mustang’s ground, known as the River Valley Extension, New Age Metal’s land in the area has grown to 64 sq. km, and River Valley’s strike length has increased from 12 to 16 kilometres. The deposit is open at depth. The company confirmed the Pine Zone discovery in December 2016, reporting assay results of 2.57 grams per tonne palladium and platinum over 18 metres from 169 metres downhole in hole 2-6; 1.92 grams palladium and platinum over 20 metres starting from 202 metres in hole 2-10; and 1.84 grams palladium and platinum over 17 metres from

217 metres in hole 2-11. Earlier holes at Pine Zone returned intercepts of 9 metres grading 3.91 grams palladium and platinum starting from 145 metres in hole 2 and 16 metres of 2.05 grams palladium and platinum from 184 metres downhole in 1. The Pine Zone is 140 metres from the main resource zone of the deposit and its discovery, New Age Metals says, is a testament to the success the company has had finding near-surface mineralized zones based on induced-polarization (IP) geophysical surveys and 3-D geological modelling. It also underscored “the potential for discovery of similar mineralized zones in other previously overlooked areas at River Valley,” and was an “indication of the camp-scale potential in the under-explored region east of Sudbury.” Since then, New Age Metals has confirmed that PGM mineralization in the Pine Zone extends to at least 300 metres below surface. “The Pine Zone generally tends to return higher grades than the original zones that we were drilling throughout most of the exploration program,” says Richard Zemoroz, the company’s project geologist. “It will increase our tonnage, probably add higher grade, and because it will extend the width of the intrusive at that point, or the mineralized zone, it will probably give us a more favorable stripping ratio.” As for the River Valley Extension property, Zemoroz describes it as “under-explored.” “Mustang had it for a while and they have done some drilling and some geophysics,” he says, “but there are a lot of places that require more work before we do any drilling there.” Surface grab samples from the River Valley Extension have returned assay values of up to 10 grams per tonne PGM, and limited drilling has returned intercepts of 1.4 grams

per tonne PGM over 9 metres; 4 grams PGM over 2.1 metres; and 2.2 grams PGM over 4.5 metres. The company’s current exploration focus is finding higher-grade, near-surface mineralization in the northern part of the deposit. In June, the company completed an IP geophysical survey of the Pine Zone, which remains open along strike and at depth, and extended the IP survey to include the Banshee Zone, 2 km southeast along the trend of the River Valley Main Zone. (In 2003, 25 holes were drilled into Banshee and surface exploration and geophysics outlined a zone of over 600 metres.) The surface IP survey over the Pine Zone tested the potential for eastwards and southwards extensions, as well as the adjacent Dana North Zone. The company says there is 2 km of untested potential for more mineralization along the trend between the drilled extent of the Pine Zone and the under-explored Pardo Zone to the northwest. In July, New Age Metals kicked off a 5,000-metre drill program. The program will follow up drilling to test the continuation of the Pine Zone and the Dana North Zone. The drilling is mainly exploratory and intended to test the footwall mineralization in the northern part of the property. In September, the company reported drill holes from the Dana North Zone. The best result was an intercept of 2.45 grams per tonne palladium, platinum and gold over 28 metres, including 7.12 grams palladium, platinum and gold over 3 metres. “If you’re talking about the Bushveld, they’re mining widths of over one or two metres, and they’re like eight grams per tonne, so that 7.12 grams over 3 metres is a really good intercept — that’s a world-class intercept,” Zemoroz says. See NEW AGE METALS / 14

2017-10-10 9:07 PM


SILVER & PGM s

GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 16–29, 2017

11

SILVER & PGM SNAPSHOT: SEVEN JUNIORS WITH PROJECTS SPANNING THE AMERICAS Mexico, Peru, Argentina remain go-to destinations for silver developers While falling short of the glamour of gold, the other major precious metals — namely silver, platinum and palladium — nevertheless have a strong hold on the imaginations of many explorers, miners and investors. The following is a look at seven juniors advancing significant silver or platinum group metal projects throughout the Americas.

Mag Silver says it will “continue to work on regaining surface access to our 100% owned Cinco de Mayo property in Mexico while we seek other high-grade, district-scale opportunities.” MCEWEN MINING Toronto-based McEwen Mining (TSX: MUX; NYSE: MUX) is a familiar name in the gold-silver investment arena, with prominent gold executive Rob McEwen serving as chairman and chief owner, with a 24% interest.

ARGENTUM SILVER Vancouver-based Argentum Silver (TSXV: ASL; US-OTC: AGSVF) is exploring for silver and gold in southwestern Mexico’s scenic Jalisco state on two prospective land packages named Coyote and Victoria. In May 2017 there was a large turnover in management and directors, with Geoff Balderson resigning as president and CEO but remaining a director, Carrie Cesarone resigning as chief financial officer, and Stephen Gatensbury and David Toyoda resigning as directors. Joining the company were: Gary Nassif as president, CEO and a director; James Fairbairn as chief financial officer; and Fraser Sinclair and Gregory Ho Yuen as directors. (Argentum non-executive director Robert E. Shea had died in August 2016.) Nassif is senior vice-president of Jerritt Canyon Gold, a private goldmining company in Nevada that is 80%-owned by Sprott Mining Inc., and invested $1 million in Argentum Silver in September 2016. Argentum describes Nassif as having 24 years’ experience in mining and exploration in Canada, Nevada and sub-Saharan Africa, including being part of the management team of Trelawney Mining and Exploration, which Iamgold acquired in 2012. FORTUNA SILVER MINES From its management head office in Lima, Peru, Fortuna Silver Mines (TSX: FVI; NYSE: FSM) operates two underground silver mines in Latin America: the Caylloma silver-leadzinc mine in southern Peru, and the San Jose silver-gold mine in southern Mexico. In 18 months Fortuna will have a third precious metals mine in a third Latin American country, having recently green-lighted construction of the Lindero open-pit gold mine in northwestern Argentina’s Salta province.

Mill operations at Fortuna Silver Mines’ Caylloma silver-lead-zinc mine in southern Peru.   FORTUNA SILVER MINES For the second quarter of 2017, Fortuna posted net income of US$8.9 million, or US6¢ per share, compared to a net loss of US$1.4 million, or US1¢ per share, during the year-ago quarter. GREAT PANTHER SILVER Great Panther Silver (TSX: GPR; NYSE-AM: GPL) mines silver and gold from its wholly owned operating mines in Mexico: the Guanajuato mine complex, which includes the San Ignacio mine; and the Topia mine in Durango. On June 30, 2017, Great Panther completed its acquisition of the dormant Coricancha silver mine complex east of Lima in Peru, and intends to apply its Mexican operational expertise to modernize what it regards as the underdeveloped Coricancha asset, possibly bringing it back into production in 2019. For 2017, the company expects a production level of 4 to 4.1 million equivalent oz. silver (at a 70-to-1 ratio) from its Mexico operations, and notes that it is unhedged and has no royalties or streaming agreements on its mines.

As of June 30, Great Panther had no debt, US$57.1 million in cash and US$63 million in working capital. MAG SILVER Vancouver-based Mag Silver (TSX: MAG) aims to become a top-tier primary silver mining company by exploring and advancing highgrade, district scale, silver-dominant projects in the Americas. Its focus is its 44%-owned Juanicipio property being developed in partnership with Mexico’s Fresnillo (56%) in the iconic Fresnillo silver trend in Mexico. Mag Silver says it is developing the underground infrastructure on the property, with the operational expertise of Fresnillo to support a 4,000-tonne-per-day mining operation. Mag Silver says it is considering alternate mine plans and other project enhancements with Fresnillo to maximize the value of Juanicipio’s Bonanza Zone and the new Deep Zone. A new feasibility study should be in hand by yearend.

Between 2007 and 2017, Fortuna has achieved 25% and 32% compound annual growth rates for its silver and gold production.

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McEwen Mining expects to finish a revised feasibility study of El Gallo Silver in December 2017 for a mine that could produce 2.7 million oz. silver annually. McEwen cautions that the project requires a silver price of at least US$18 per oz. to go forward. NORTH AMERICAN PALLADIUM For more than 20 years, North American Palladium (TSX: PDL) has operated its Lac des Îles primary palladium mine near Thunder Bay, Ont., and experienced gushing profits when palladium prices have been high and crushing losses when palladium prices were low. With palladium prices almost doubling this year, North American Palladium — the world’s only pureplay palladium producer — is once again positioned to benefit from good operating performance at Lac des Îles, which includes both openpit and underground components. Indeed, the company celebrated its return to profitability in the second

The underground mine operates at 6,000 tonnes per day while the surface mill operates at 12,000 tonnes per day, augmented by lowgrade surface stockpiles. The company’s 2017 guidance for palladium production remains between 180,000 and 190,000 oz. palladium at an average allin sustaining cost of US$700 to US$720 per ounce. SSR MINING SSR Mining (TSX: SSRM; NASDAQ: SSRM) is the new name of longtime Vancouver-based junior silver developer Silver Standard Resources, with the changeover occurring on Aug. 1. Management says the new name “more accurately reflects our evolution from a silver-focused explorer to an intermediate precious metals producer, with three mines in the Americas — two of which produce predominantly gold.” SSR’s operating gold mines are the Seabee underground operation in northern Saskatchewan, which was acquired in May 2016 through the purchase of Claude Resources; and the Marigold heap-leach mine in Nevada, acquired in April 2014. SSR’s sole operating silver mine is its Pirquitas open-pit mine in northern Argentina’s Jujuy province. The mine opened in 2009 and produced a record 10.4 million oz. silver in 2016, but is slated to produce between 4.5 and 5.5 million oz. silver this year, as operations shift to processing stockpiles. SSR is exploring the property with the aim of extending mining operations. TNM

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In 2017, Fortuna expects to mine 6 million equivalent oz. silver at Caylloma and 8.9 million equivalent oz. silver at San Jose for 14.9 million equivalent oz. silver at all-in sustaining costs of US$10.30 per equivalent oz. silver. In terms of pure silver, Fortuna expects to mine 1 million oz. silver at Caylloma and 7.1 million oz. silver at San Jose in 2017. Fortuna expects to mine 500 oz. gold at Caylloma and 52,400 oz. gold at San Jose in 2017. Lindero should add 137,000 oz. gold and 138,000 oz. gold to Fortuna’s account during the first two years of commercial production.

While McEwen Mining is stepping up its involvement in gold mining, with ongoing development of its Gold Bar mine in Nevada and the recent US$35-million purchase of the Black Fox gold mine in Ontario, its exposure to silver remains substantial, highlighted by the El Gallo Silver development project in Mexico, near its existing El Gallo gold-silver mine.

quarter, posting a net income of $7.9 million — its first quarterly profit since a major financial restructuring in August 2015. Second-quarter revenue was $70.3 million, up 76% compared to the year-ago quarter.

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2017-10-10 9:07 PM


12

OCTOBER 16–29, 2017 / THE NORTHERN MINER

SILVER & PGM s

WWW.NORTHERNMINER.COM

Historic working in the El Mundo zone at Silver Viper Minerals’ Clemente silver-gold project in Sonora, Mexico.   SILVER VIPER MINERALS

Silver Viper takes first bite at Clemente SILVER-GOLD   BY LESLEY STOKES lstokes@northernminer.com VANCOUVER

N

ewly branded Silver Viper Minerals (TSXV: VIPR) has launched a drill campaign at its 62.1 sq. km Clemente silvergold project in Sonora, northern Mexico, just days after the company completed its initial public offering. In its IPO, Silver Viper issued 12.3 million shares at 25¢ per share for $3.1 million, which is more than enough to fulfill this year’s exploration commitments at Clemente, says Silver Viper’s CEO Steve Cope. “With Clemente, we have the opportunity to make a discovery — the project has never been drilled before and it has some really nice high-grade samples at surface,” Cope tells The Northern Miner during a phone interview. “You look at GT Gold, or Aurion Resources for example, their stocks went way up on really good first-round results. The market wants new assets to come online — that’s what investors are getting excited about — and we believe we can deliver that.” Clemente is under option from

| Junior to drill historic workings “MEXICO IS OUR BREAD AND BUTTER … WE KNOW IT QUITE WELL. WE STARTED LOOKING FOR ASSETS THAT WOULD PIQUE OUR INTEREST AND THEN WE FOUND CLEMENTE.” STEVE COPE CEO, SILVER VIPER MINERALS

prospect generator Riverside Resources (TSXV: RRI), whereby Silver Viper can earn a 100% interest in the project by making staged annual cash-and-share payments to Riverside totalling $750,000 and 2 million shares over five years, and spending $4 million on exploration over the same time. Riverside would keep a 2% net smelter return royalty on the project, which Silver Viper can buy for $4 million before the fifth anniversary. “It’s fairly rare for prospect generators to give up 100% interest in the project, but from talking to Riverside, they did it for us because they respect our team, our history and the work we do. So they were content to just hold our shares and

gain value that way, as opposed to retaining a full interest,” Cope says. Silver Viper is the latest addition to Belcarra Group Management, a private firm that oversees junior explorers Orex Minerals (TSXV: REX; US-OTC: ORXIF), Barsele Minerals (TSXV: BME; US-OTC: BRSLF) and Dolly Varden Silver (TSXV: DV; US-OTC: DOLLF). “We were looking for another company to bring into the group,” Cope adds. “Orex was looking very good, having made the Sandra Escobar silver discovery in Mexico, and Barsele was in joint venture with Agnico Eagle,” he says. “Mexico is our bread and butter, and where our group has spent the majority of our time, so we

Dale Brittliffe, Silver Viper Minerals’ vice-president of exploration, on the Clemente silver-gold property in Sonora, Mexico.   SILVER VIPER MINERALS

know it quite well. We started looking for assets that would pique our interest, and then we found Clemente.” Clemente is situated within the Sonora-Mojave megashear, a region of structurally controlled gold deposits, including Alio Gold’s (TSX: ALO; NYSE: AM) 1 million oz. San Francisco gold mine, and Alamos Gold’s (TSX: AGI; NYSE: AGI) 2 million oz. El Chanate gold mine. The closest mine to Clemente is Goldgroup Mining’s (TSX: GGA; US-OTC: GGAZF) Cerro Colorado gold mine, 5 km south, which is on care and maintenance. Surface work by Riverside at Clemente has targeted three mineralized zones: El Mundo, Nuevo Mundo and Santa Elena. All three show evidence of century-old, small-scale historical production — though no official production records exist. As noted in Riverside’s technical report, the mineralization style at Clemente is more akin to Cerro Colorado and El Chanate, with silver mineralization being concentrated at the intersections of low- and highangle structures. At El Mundo — Silver Viper’s

primary target — sampling of rock pillars in the old workings returned individual samples grading 512 grams silver per tonne and 0.69 gram gold per tonne, 924 grams silver and 3.4 grams gold, and 2,108 grams silver and 5.4 grams gold, across true widths of 0.5, 1 and 0.6 metre. “You don’t see ground like this in Mexico where you have these high grades, and yet it’s never been drilled — that’s what really piqued our interest in this project. It’s just screaming to be drilled,” Cope says. Relatively difficult access to the land in past years may be why Clemente was overlooked by previous explorers, he adds. “You’re not dealing with the ejido in this area, you’re dealing with individual ranchers, and traditionally there were a lot of ranchers that made up the ground where the claims are,” he says. “Now we’re essentially down to two ranchers, so it’s a lot easier to get things moving.” Silver Viper plans to drill a minimum of 2,000 metres in 10 holes at El Mundo before year-end, after which the company will likely expand the drill program. TNM

Bitterroot hunts Arizona silver BITTERROOT From 9

operations found in 1875: the northwestern Silver King deposits, and the southeastern Old Hackberry and South Hackberry mines. Silver King has shallow workings to the “lower reaches of the oxidized zone” that reportedly yielded mineralization at an average grade of

nearly 7,000 grams silver per tonne. Meanwhile, Hackberry was developed along a “narrow mineralized seam” and produced 136,100 tonnes of material around 1917. Bitterroot suspects that base and precious metal mineralization at Hackberry involves “fracture sets” containing quartz veins or other silicified zones within envelopes

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of locally argillically altered, and sometimes foliated, granitic gneiss. “The property has seen sporadic attention over the past century, but it has really never been systematically explored outside of that small-scale mining,” Bitterroot president and CEO Michael Carr says in an interview. “The potential was always recognized, but there was never any drilling. The only thing that really existed was the surface expression and old workings, which were caved in. So you really couldn’t go underground to map, or do any other work. We did our research and believe that it is a prospective mineralized system that’s truly worth exploring.” The company assembled nearly 10 sq. km in Mohave County before collecting 340 soil samples, along eight traverses, across 6 km of the Hackberry mineralized system. The property package includes 12 patented mine claims, three unpatented claims and 97 claims covering 8 sq. km of federally managed public lands. Bitterroot also mobilized unmanned airborne vehicles to f ly aeromagnetic surveys on 50-metre spacing. The survey reportedly indicates that the Hackberry trend is “associated with a northwest- to southeast-trending linear magnetic

low.” “The south end of the property is more in what I’d call a base metal dominated system, whereas the northern areas are dominated by gold, silver and mercury. So that’s more of an epithermal environment,” Carr adds. “We’re in some form of porphyry system. The main structure there is impressive because it runs for 9 km, and there’s highgrade mineralization along virtually the entire thing, but it has never seen a drill hole until a few weeks ago.” The company translated its newly minted data into drill targets. The main area of interest surrounds previous mine workings on the patented mining claims, which host historic silver grades ranging from 686 to over 6,857 grams silver per tonne. In September, Bitterroot mobilized a 2,000-metre drill program on the patented ground at the old Hackberry and South Hackberry mines. Meanwhile, the company is also applying for permits to drill several targets located on the adjacent unpatented mining claims. “It’s effectively a proof-of-concept program, since we’re looking at 100-year-old mine workings,” Carr says. “We needed to drill just to confirm the mineralization. The upper part of the mine, above around

the 500 level, is supergene enriched. Below that you’d be looking at more primary ore. It’s now a matter of figuring out where we can find the high grades in the structure.” On Sept. 25, Bitterroot raised $1.1 million via a non-brokered private placement, in which it issued 5.3 million units priced at 20¢ each. Each unit consists of a share and half a warrant exercisable at 30¢ for two years. The company intends to fund a phase-two drill program that will include 2,000 metres on the unpatented Hackberry claims. Carr expects to have results from the first drill phase before November 2017. Bitterroot shares have traded in a 52-week range of 3.5¢ to 29¢ per share, and closed at 22¢ at press time. The company has 36 million shares outstanding for a $7.9-million market capitalization. “Discovery stories are certainly attracting a lot more attention than they have been over the past couple of years,” Carr said. “There’s been a lot of wealth created through recent successful drill campaigns and that capital is re-entering the market looking for new opportunities. We’re just scaling up for exploration right now, and we’ve definitely seen that investor interest.” TNM

2017-10-10 9:08 PM


SILVER & PGM s

GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 16–29, 2017

13

CPM’s Jeffrey Christian on platinum-palladium price reversal INTERVIEW  

| Palladium prices rising for nearly three years, now trade at premium to platinum deficit market. With the shift away from platinum to palladium in the auto market, you also have tightness in palladium contracts on the Mercantile Exchange, where the amount of metal stored has shrunk, so that has put upward pressure on palladium this year.

BY TRISH SAYWELL

J

tsaywell@northernminer.com

effrey Christian is the managing partner of CPM Group, a commodities research and management, consulting and financial advisory firm in New York. He founded the company in 1986, spinning off the Commodities Research Group from Goldman, Sachs & Co., and its commodities trading arm, J. Aron & Company. Christian is an expert on precious metal markets and took time to speak with The Northern Miner about his outlook for platinum group metals and silver. The Northern Miner: Palladium prices have been rising for nearly three straight years and are now at a premium to platinum, a condition that CPM Group said in a recent research note has only existed once before on any sustained basis, and that was in 2000–2001. What factors are at play here? Jeffrey Christian: Several trends are coming together. First, the palladium market is growing tighter. Contrary to marketing hype, palladium supply has been in surplus to fabrication demand for most of the time since around 2001. The surplus has dwindled enormously, however, and over the past six years the balance between total newly refined supply entering the market and fabrication demand has been close to flat. A real deficit should be expected to open. Rising auto demand is a major factor there. So the first trend is tighter market balances. The second is a lot of investor buying, in futures as well as physical, based on the supposition that palladium markets are even tighter than they are, and that the shift from diesel to gasoline will boost palladium demand more, at the expense of platinum. The third factor is tightness and shortages of bars registered against Nymex futures contracts, at a time of a sharp increase in investor long positions in the Nymex palladium futures contract. TNM: How has the perception that the world is moving to electric vehicles (EVs) impacted the two metals? Both are used in catalytic converters in diesel-powered and gasolinepowered vehicles to reduce pollution. JC: Both metals have suffered from this concept that we’re moving away from diesel-powered and gasoline-powered vehicles. Within that context, you also have a shift away from diesel-powered vehicles to gasoline-powered vehicles, and in that shift, catalytic converters in diesel-powered vehicles are platinum-intense and catalytic converters in gasoline-powered vehicles are palladium-intense. So if you see diesel vehicles losing market share to gasoline-powered vehicles, then that means you’ll be using more palladium. It’s one of the reasons why the price of palladium has gone up. Investors are looking at the shift away from diesel, and that means you’ll need more palladium. TNM: Do you share the doom and gloom of some people in the industry that demand for both palladium and platinum will wane as the world moves towards EVs? JC: If you go back a year ago, observers were thinking that by 2040, maybe 35% of all new cars sold would be EVs. And over the ensu-

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A drill site at Wellgreen Platinum’s namesake PGM-nickel project in the Yukon.   WELLGREEN PLATINUM

“PLATINUM PRODUCTION IN SOUTH AFRICA HAS FALLEN ABOUT 20% OVER THE LAST DECADE, AND THE EXPECTATION IS THAT OVER THE NEXT DECADE WE’LL SEE ANOTHER 10–15% DECLINE IN PRODUCTION.” JEFFREY CHRISTIAN MANAGING PARTNER, CPM GROUP

ing 12 to 15 months, there’s been an acceleration of that expectation. But the move towards EV will be relatively slow. You’ve had the governments of France, England, China and California talking about mandating an acceleration in the move away from diesel- and gasolinepowered vehicles. But there’s only so much legislation can do, because the technology and infrastructure may not be there. To put it into perspective, in the 1970s, California introduced regulations that said that by the late 1980s or early 1990s, 5% of all cars sold in California had to be zero-emission vehicles. And the auto industry said: ‘We can’t do that because the technology and the market for zero-emission vehicles — primarily electric vehicles — is just not there, and you can mandate that 5% of the cars we sell must be EVs, but you can’t mandate that people buy them.’ They also said that it put them in a terrible position and if no one wants to buy EVs, then ‘We will have to move our dealerships to Nevada.’ The zero-emission vehicle standards in California are still on the books, but they’ve never been imposed because they are unworkable. This year you’ve seen any number of governments — the U.K., France, China — issuing mandates that by 2040 they don’t want diesel vehicles or gasoline vehicles sold. The Chinese recently came out with the target that by 2019, 10% of car sales should be low-emission vehicles. You can make those rules but if the market isn’t there, you can’t impose those rules. What has happened in the PGM market is that investors have listened to all of this and believe that we are moving to EVs, and they are acting as though this is going to happen tomorrow. But that’s not going to happen. The market for EVs is not there, the technology is not there. The electricity to charge that many EVs is not there. So if the governments of the world try to impose a rapid transition to EVs or some sort of low-emission vehicle, or non-petroleum-powered vehicle, the market and the auto industry are simply not there to meet those mandates. But that doesn’t stop

investors listening to headlines saying platinum and palladium are dead. That’s why the perception of palladium and platinum has suffered. We are moving away from gasoline-powered cars, but it’s going to be a very long transition. TNM: What about the supply fundamentals for palladium? The platinum mines in South Africa where palladium is produced as a by-product are getting deeper and

more expensive to mine. JC: Palladium has been in surplus for most of the last couple of decades. The surplus has contracted in that time and is getting smaller, and we will move to a deficit. But we don’t see the market having been in deficit for many years since 2001. In fact we have seen the palladium market becoming more bullish over the last five or six years as the surplus we saw in the previous decade disappears and we move towards a

TNM: Can we zero in on palladium price forecasts? JC: Palladium is up by 34% on average through August of this year, and [earlier this month] it was US$930 per ounce. The low last year was US$470 per oz., so it has almost doubled year-to-date. It did get as high as US$1,080 per oz. in 2001, but it was only at that level for a brief time. We are looking at a 40% increase on average this year and a 5% increase next year. We do see prices staying high. Looking ahead, we don’t see palladium necessarily rising as sharply as it has this year, but we don’t see it falling back in the short-term, either. Longer term we are far more bullish. While the investment market for palladium seems to be anticipating a rapid transition in the auto sector to some sort of future electric mode of power, our view is that that transition is going to take several decades, and over the interim, there are going to be continued cost pressures on South African platinum and palladium miners, which will cause a contraction in supply. So longer term, palladium prices will rise sharply, because the platinum mining industry will be constrained on supplying palladium before the auto industry See INTERVIEW / 14

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2017-10-10 9:08 PM


14

OCTOBER 16–29, 2017 / THE NORTHERN MINER

Jeffrey Christian INTERVIEW From 13

makes a wholesale move away from gasoline-powered vehicles. TNM: What is your outlook for platinum? JC: Platinum prices have fallen but on a longer-term basis, we think the same economics that apply to palladium will apply to platinum. On a short-term basis, the decline in platinum prices is now factored into the market, and platinum prices won’t fall much more from where they are now over the next few years because they have already fallen. The average price of platinum this year through August is off by about 4% at US$961 per ounce. Today it’s about US$915 per ounce. The average annual price has fallen every year since 2011, when it hit US$1,723 per ounce. You will see the price bottoming out over the next couple of quarters, but we think the price will stay at around US$940 per oz. over the next year or two. TNM: Do you expect a supply crunch materializing in South Africa, where PGM mines are becoming deeper and more expensive to operate every year? JC: Yes, you will see tighter supply. Platinum production in South Africa has fallen about 20% over the last decade, and the expectation is that over the next decade we’ll see another 10–15% decline in production. Supply constraints in South Africa will come sooner than the move away from petroleum-powered vehicles, so you could easily see a period of stronger platinum prices before the shift to EVs happens. TNM: What’s your view on silver? JC: The silver market is probably in worse shape than platinum and palladium. Silver splits its personality between being a financial asset like gold and an industrial metal. To some extent the investment side is hurting, so if you look at silver sales, they are off 46% in terms of Silver Eagle

sales this year through August. We’ve seen a big decline in investment demand for silver and you’re seeing a relatively modest decrease in fabrication demand. That combination puts some downward pressure on prices. Right now gold and silver are suffering from weak investment demand, especially in North America and Europe. Investors are focusing on equities. That will change, at some point. As someone said [earlier], the only reason to be bearish on stocks at present is that there are no more reasons to be bearish on stocks. The reverse is true for gold and silver. Investors have a lot of concerns about the state of the economy, and the world’s political situations, but none of those things have actually hurt the economy. For all the concern, and all the complaining about countries like North Korea, in reality, the economy in the U.S., China and Europe has been better than a lot of people thought, so that in that kind of environment people are shifting away from gold and silver towards the dollar and towards stocks. That could shift or change at some point, but at this point there are any number of people who are waiting for that to change. It doesn’t mean that change won’t come, but it’s not clear what the political or economic catalysts will be to cause people to lighten up on their stock exposure and increase their gold and silver exposure. TNM: Where do you see the silver price going from here? JC: Our expectation is that the silver price will stay above US$16 per ounce. On a short-term basis, the silver price is up about 1% this year, or it has averaged US$17.30 per oz., and we think it will go up by about 6% next year, or average US$18.40 per ounce. We don’t see it running away sharply, but on a longer-term basis we do see political and economic problems coming home to roost, and so we see silver prices rising to between US$22 and US$24 per ounce. TNM

SILVER & PGM s

New Age Metals finds high grade NEW AGE METALS From 10

“We’re so excited about those results,” Richardson says. “Those are really big thicknesses, which makes it easier to mine open cast.” River Valley — halfway between North Bay and Sudbury — is one of the largest nickel-copper-PGM sulphide mining and metallurgical centres in the world, containing 3.9 million equivalent oz. palladium in the measured and indicated category and another 1.2 million equivalent oz. palladium in inferred. The latest resource estimate, from May 2012, identified measured and indicated resources of 91.3 million tonnes grading 0.58 gram per tonne palladium, 0.22 gram per tonne platinum and 0.04 gram gold, at a cut-off grade of 0.8 gram per tonne palladium equivalent. Inferred resources add 35.91 million tonnes grading 0.36 gram palladium, 0.14 gram platinum and 0.03 gram gold. The company plans to start updating the resource this fall, with drilling it has completed since 2012, and says it will embark on a preliminary economic assessment next year. The River Valley intrusive covers 200 km within the Grenville Front Tectonic Zone, a 900-metre thick, mafic, sulphide-poor layered intrusion. The project’s mineralized areas all contain PGMs, gold and small amounts of copper and nickel that could count as credits at any future mine. Metallurgical work by SGS in 2013 produced bulk sample grades of 16% copper, 2% nickel and 189 grams per tonne PGM, and metal recoveries of 84% copper, 22% nickel and 69% PGMs. Because it has no deleterious metals, a sulphide concentrator could effectively process material from River Valley. The company is weighing processing options that include dense media separation to remove the sulphides. The PEA will assess various processing options. Hieber notes that there have been advances in processing PGM ores at lower capital costs, “and if these methods work on River Valley, which is not yet known, the eco-

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nomics look better.” Only about 10 million oz. palladium are produced in any given year, and most of it comes from Russia and South Africa. Richardson forecasts total demand this year will surpass 10 million oz. for the second year in a row and points to a dearth of palladium-rich projects that can fill the gap. “There’s going to be a deficit because the mines in South Africa have become much deeper and more expensive to mine. There’s nothing new coming online — we went through that lag period, when no one was doing exploration.” “Several South African deposits have reached their sell-by dates (and some have been sold) and although PGM markets have lost a lot of luster, in time, the loss of South African production will express itself in improved prices,” Hieber says. “All of this suggests that there is a lot to look forward to with River Valley, where there is an experienced team in place from the president down.”

with New Age Metals’ team — “not just in terms of the management group but the wider group of consultants” — and says he’s seen very few projects with better infrastructure. “I guess it’s going to come down to how well the metallurgy works and what the appetite is out in the market for a PGM project,” he says. While the price of palladium has been rising for nearly three years in a row and sits at US$930 per oz., many investors believe the move towards electric vehicles means that the longer-term prospects look dim for platinum and palladium. The two metals are used in catalytic converters in gasoline-powered and diesel-powered vehicles to clean up exhaust. But Hykawy, who has a PhD in physics, doesn’t agree. “A lot of people have decided the market has spoken and the solution is a battery-powered car, and to my mind that’s facile and silly,” he says. “The issue with batteries is they’re great at power generation, but lousy at storing energy.

“IF YOU ASKED ANYONE TO NAME TEN GOLD PROJECTS THEY COULD PROBABLY DO IT, BUT ASK THEM TO NAME TEN PALLADIUM PROJECTS AND I BET THEY COULDN’T. I COULDN’T!” TREVOR RICHARDSON PRESIDENT AND COO, NEW AGE METALS

In addition to its aging mines, South Africa is not seen as a particularly appetizing jurisdiction in which to operate, Richardson argues, which could lead to more mining companies moving outside the country in search of new assets. As proof he points to Johannesburg-listed Sibanye Gold ’s US$2.2-billion acquisition in May of Stillwater Mining, the only U.S. PGM miner and the largest primary producer of the precious metals outside of South Africa and Russia. “What you’re going to start seeing is those South African companies diversifying their risk and coming back to North America,” he says. “Sibanye buying Stillwater was proof — that was the first one — and I think you’ll start seeing the others begin saying if Sibanye can do that, we can too.” “Not a lot of people know PGMs and there is only one mine in Canada,” Richardson adds, referring to North American Palladium’s (TSX: PDL; US-OTC: PALDF) Lac des Îles mine, 90 km northwest of Thunder Bay, Ontario. That mine has been in production for over 20 years, and North American Palladium is the only pure-play palladium producer in the world. “If you asked anyone to name ten gold projects, they could probably do it,” Richardson says, “but ask them to name ten palladium projects and I bet they couldn’t. I couldn’t!” Richardson, a geologist, also notes that North American Palladium started off “with a similar type of scenario” to River Valley, “and then when they went underground, they started getting much better grade.” “Now we have the opportunity to drill deeper holes, and we may or may not find the same thing. They are very similar type deposits.” New Age Metals’ vision is that River Valley will become an openpit mine, with a concentrator onsite. The concentrate would then be sent to a smelter in Sudbury, where concentrates from North American Palladium’s Lac des Îles are also sent. Jon Hykawy, president of Stormcrow Capital, says he’s impressed

“If you look at a Tesla,” he says, “you realize very quickly that not only is it an expensive vehicle, but for all of Tesla’s attempts to sugarcoat it, the car requires adaptation from the owner.” If you are used to the idea that you can jump in your car in Montreal, drive to Toronto and turn around and drive back to Montreal, and do so whenever you like, then electric vehicles could be a problem, Hykawy says. “Today you can probably do that drive from Montreal to Toronto and back, because you’ll probably find an electric charging station. But in future, when all those charging stations are occupied, you may have a very difficult time finding a place to charge that’s convenient for you and that is also available, and has a spot open to you when you want it,” he says. “They are already seeing that impact in parts of Europe and China, and this begs the question: ‘Should there be some charging system onboard, and what sort of charging system should it be?” For his part, Harry Barr, New Age Metals’ founder, chairman and CEO, who has spent more than 30 years cutting deals and raising money in the mining industry, is a true believer in River Valley. “In 2000 we had a little 5¢ stock that went to almost $5 on the strength of a brand-new discovery called River Valley, and we started the largest staking rush in the history of the Sudbury mining district,” he says. “Management has about $3 million in this personally, and a lot of that is my money, so this has become a personal thing to me and I do want it to work.” Of the company’s 2,000 shareholders, 10.08% are management and insiders, 10.23% is owned by merchant bank Palisade Global Investments and 1.32% by Kaymin Resources, a wholly owned subsidiary of Anglo Platinum. The junior has 68.5 million common shares outstanding and has been trading within a 52-week range of 5 ¢ to 15 ¢ per share. At press time its shares were trading at 6¢ apiece. TNM

2017-10-10 9:08 PM


GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 16–29, 2017

15

NorthIsle Copper tables PEA for North Island in BC COPPER-GOLD  

BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

N

or t h I s l e C opp e r a n d Gold (TSXV: NCX; USOTC: NTCPF) has outlined a mine plan for its wholly owned North Island low-grade coppergold project near the town of Port Hardy, B.C., at the northern tip of Vancouver Island. The company’s preliminary economic assessment (PEA) marks the first publicly released engineering study on the historic Hushamu and Red Dog deposits, which were found during an exploration push in the mid-1960s. The proper t y tota ls 330 sq. km, northwest of BHP Billiton’s (NYSE: BHP; LON: BLT) reclaimed Island Copper mine, and covers most of a Mesozoic-age geological district that reportedly hosts porphyry copper and gold occurrences. The North Island report models a 75,000-tonne-per-day operation, which would annually produce 82 million lb. copper, 79,000 oz. gold and 3 million lb. molybdenum. The $1.3-billion development would have a 22-year mine life and features a 14.3% after-tax internal rate of return and $550-million net present value at an 8% discount rate. NorthIsle’s base case assumes US$3.10 per lb. copper, US$1,300 per oz. gold and US$9 per lb. moly. “The PEA will come as a bit of a shock to the market because the asset has changed a lot over the past decade,” NorthIsle president Jack McClintock says during an interview in Vancouver. “We’ve spent a lot of time exploring the growth potential at Hushamu, which is now a much bigger deposit with a very low strip ratio. The other game changer is really Red Dog. The deposits have never been looked at in combination, and it has changed our approach and the economics. The project has always had great infrastructure and relatively straightforward metallurgy,” he adds. Indicated resources are 457 million tonnes grading 0.2% copper, 0.25 gram gold per tonne and

| $1.3B open-pit mine could process 85,000 tonnes daily

0.008% moly, and inferred resources total 143 million tonnes at 0.14% copper, 0.2 gram gold and 0.009% moly. NorthIsle’s mine plan targets higher-grade material from Red Dog, concurrently with Hushamu, in the early years. The company reports a strip ratio of 0.72 to 1. NorthIsle recently completed 1,800 metres of drilling highlighted by hole 17-5, which cut 123 metres of 0.22 gram gold, 0.11% copper and 0.01% moly. The company hopes the intercept indicates Hushamu is “open for a considerable distance to the southeast,” which could lead to more resource expansion. “I’d also point out that drilling in t he sout h-centra l par t of the deposit shows that much of previously presumed barren lithocap contains copper, gold and molybdenum mineralization,” McClintock says. “There’s definite upside that requires more infill and exploration drilling. We were initially trying to run the numbers at a lower throughput to keep the capital requirements down, but found that boosting the production rate really helped the economics.” NorthIsle could increase its throughput pending exploration success, and is analyzing models ranging from 85,000 tonnes to 90,000 tonnes per day. It will also look at metallurgy, with current recoveries estimated at 78% copper, 38% gold and 59% moly. NorthIsle shares have traded in a 52-week range of 6.5¢ to 20¢ per share, and closed at 13¢ at press time. The company has 114.5 million shares outstanding for a $14.9-million market capitalization. It had $900,000 in cash in September. “It’s important to understand the different demographics on Vancouver Island. We’re up in the north and it’s quite sparsely populated,” McClintock says. “The people that live in our area tend to be direct ly related to logging, commercial fishing and mining. We’ve had a great reception in Port Hardy and from the regional First Nation bands.” TNM

The Red Dog (top) and Hushamu deposits at NorthIsle Copper and Gold’s North Island copper-gold project near the town of Port Hardy in the northern reaches of Vancouver Island, British Columbia.   NORTHISLE COPPER AND GOLD

Four giants to join Hall of Fame HALL OF FAME From 5

in Ecuador from Iamgold. These projects all faced challenges, such as escalating costs, lack of community support, and political and taxation issues. MacGibbon applied his “three Ps of success” — perseverance, patience and passion — and built teams of like-minded professionals to help overcome these challenges. Torex Gold grew to become a midsize gold producer at Morelos, with estimated gold production of 345,000 oz. for 2017. TMAC achieved commercial production at Hope Bay in May 2017, with a market value of over $1.5 billion, while INV has advanced Loma Larga to the development stage and expects to produce in 2020. MacGibbon’s strategic approach to project acquisition, disciplined capital spending and integrity helped him raise billions of dollars of capital, often in difficult market conditions. He assembled strong management and operating teams, notable for their high percentage of

1-16, 23_OCT16_Main .indd 15

women. MacGibbon is also a role model for corporate social responsibility. His ability to build respectful relationships with stakeholders has generated employment and economic benefits for local, regional and national economies. For these and other accomplishments, MacGibbon received the 2004 Viola R. MacMillan Developer of the Year Award from PDAC and Ernst & Young’s Entrepreneur of the Year Award in 2005. Edward G. Thompson (b. 1936) For more than half a century, Edward Thompson has contributed to the progress and prestige of the Canadian mining industry as an explorer, mine developer, company builder, and dedicated supporter of industry causes and associations. He contributed to the growth of Teck Resources and Lacana Mining (since absorbed by Barrick Gold) and served on the boards of 50 junior companies. In recent years he helped develop an iron ore mine in

Quebec, and championed discoveries in Ontario’s “Ring of Fire.” He also played a leadership role in the expansion of the Prospectors & Developers Association of Canada (PDAC) into a globally respected institution and was a founding member of the Canadian Mining Hall of Fame. Thompson was born in Utterson, Ont., and graduated from the University of Toronto with an Engineering Geology degree in 1959 and a Master’s degree in Economic Geology in 1960. He then joined the Keevil Mining Group, where he was involved in the early use of geophysical and geochemical surveys and of computers to evaluate mining projects. He spent 10 fruitful years exploring and acquiring projects that later became part of Teck, such as Highmont in B.C.’s Highland Valley, the Tribag copper mine in Ontario and the Niobec mine in Quebec. Thompson’s years with Lacana were no less fruitful, with a dozen mines placed in production, in-

cluding six mines in Mexico, and the Pinson, Dee, Preble, Marigold, Relief Canyon and Santa Fe mines in Nevada. He was part of the team that implemented heap leaching, an innovation that made it possible to mine previously uneconomic, lowgrade gold deposits. Lacana was acquired by Corona, which became part of Barrick through subsequent mergers. In 1986 Thompson was selected by then-premier David Peterson to chair a committee on the state of the mineral industry in Ontario and to make recommendations for its improvement. Thompson was an advisor to First Exploration Funds, a flow-through share fund that raised more than $100 million for Canadian exploration in the 1980s. He was a valued board member for dozens of juniors, including Granduc Mines, which participated in high-grade gold discoveries at Brucejack Lake in B.C. during the mid-1980s. The project was recently placed into production by Pretium Resources. Thompson joined the board of Freewest Re-

sources in 1981, and later helped it develop the Harker-Holloway gold mine in Ontario. In 2009, Freewest made a chromite discovery in the Ring of Fire region of northern Ontario, and soon became a takeover target. After a six-month takeover battle skillfully managed by Thompson, Cliff Natural Resources beat out rival Noront Resources and acquired Freewest’s discovery for $239 million in 2010. Thompson also managed and kept Consolidated Thompson Lundmark Gold Mines alive for 15 years while it financed and developed an iron ore mine in Quebec. The Bloom Lake mine began production in 2009 and was acquired by Cliffs Canada for $4.9 billion in 2011. As a board member and former president, Thompson has contributed to the success of PDAC, its convention and awards programs, and the PDAC Mining Matters youth education initiative. He also has supported many charities, notably the Princess Margaret Hospital and the Canadian Red Cross. TNM

2017-10-10 9:08 PM


16

WWW.NORTHERNMINER.COM

OCTOBER 16–29, 2017 / THE NORTHERN MINER

Workers and drill rigs at Teranga Gold’s Banfora gold project in Burkina Faso.   TERANGA GOLD

Teranga delivers Banfora feasibility WEST AFRICA   BY TRISH SAYWELL

T

tsaywell@northernminer.com

eranga Gold (TSX: TGZ) has produced more than 1.2 million oz. gold from its Sabodala mine in Senegal since 2009, and expects its flagship operation will produce another 1 million oz. of the metal over the next five years. “If we don’t put another drill hole in, we’ve got a further 14 years remaining at Sabodala, with production averaging 176,000 oz. a year at all-in sustaining costs (AISCs) of less than US$900 per ounce,” says the company’s president and CEO, Richard Young. In July, the company announced that it had increased Sabodala’s

| Project would diversify company into multi-asset, multi-jurisdiction gold company proven and probable reserves to Teranga’s total gold production by “IF WE DON’T PUT ANOTHER DRILL 2.7 million oz. gold — an increase 50% to between 300,000 and 350,000 of 400,000 oz. over the previous oz. a year. During the first five years, HOLE IN, WE’VE GOT A FURTHER 14 reserve estimate — and forecast at US$1,250 per oz. gold, Banfora YEARS REMAINING AT SABODALA, WITH gold production between 2018 and should generate US$55 million in PRODUCTION AVERAGING 176,000 2022 should generate US$230 mil- free cash flow annually. lion in total free cash flow. This “Banfora, for us, is a really im- OUNCES A YEAR AT ALL-IN SUSTAINING year the mine is on track to churn portant step in our growth as a COSTS OF LESS THAN US$900 PER out between 205,000 and 225,000 company,” Young tells The Northern oz. gold. Miner in an interview after the com- OUNCE.” But the mid-tier gold producer has a broader vision of its future in West Africa that extends its footprint beyond Senegal and into Burkina Faso. The company expects to build a second gold mine at its Banfora project in the second half of next year, with the first gold pour in 2019. Once Banfora is up and running, Young says, it should increase

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1-16, 23_OCT16_Main .indd 16

pany released a feasibility study on the development project. “It takes us from being a single-asset company to a multi-jurisdiction, multi-asset company, and certainly what we’re hearing from shareholders is that they prefer diversified companies that are diversified geographically, as well as operationally.” Based on initial gold reserves from four deposits and a US$1,250 per oz. gold price, the feasibility study outlines a nine-year mine life producing 119,000 oz. gold annually, at average AISCs of US$843 per ounce. During the first five and a half years, Banfora would produce 131,000 oz. gold at AISCs of US$807 per ounce. The mine could be built at a cost of US$232 million. With an after-tax net present value of US$90 million and after-tax internal rate of return (IRR) of 15%, the payback would take four years. Young says that while the feasibility study is “solid,” it “will improve.” “This is a project that isn’t fully drilled out, so we expect the IRR to increase materially as we continue to convert resources to reserves, and we also believe that gold prices are going to move above US$1,250 per oz., which we used for this analysis,” Young says. “At today’s gold price the IRR is about 20%. “People need to think about the fact that we are building a project that we think is going to last 15 to 20 years, and the current economics are based on nine years.” The company plans to update reserves in the first half of next year and is halfway through a 65,000-metre infill drilling program that is increasing drill-hole density in the in-pit areas classified as inferred resources. Young says he expects anywhere from 25% to 50% of the inferred resources will be upgraded to the indicated category and converted to reserves. The company is also working on

RICHARD YOUNG PRESIDENT AND CEO, TERANGA GOLD

regional exploration and has more than a dozen targets on its 1,000 sq. km property. Teranga will spend US$8 million this year on infill and exploration drilling. “The current feasibility is only based on four deposits, and we’ve got more than a dozen priority targets that we’ll be drilling as part of a multi-year drill program,” he says. “Beyond this infill drill program to increase reserves above 1.2 million ounces, we expect further additions from this regional exploration land package over the next few years.” The project is less than 10 km from Burkina Faso’s border with Côte d’Ivoire and within the Birimian Senoufo belt, which also hosts Randgold Resources’ Tongon deposit, 150 km away. The feasibility study envisions a 2.4-million-tonne-per-year, carbonin-leach processing facility that will be modelled after Teranga’s Sabodala operation. The average mill grade is expected to be 1.88 grams gold per tonne. “This is a replica of our Sabodala operation, so, for us, both from a mining and processing standpoint, this is going to look very similar,” Young says. The company will use Lycopodium Ltd., an Australiaheadquartered engineering and project management consultancy that has built a dozen gold projects in West Africa, and completed a mill optimization at Sabodala last year that increased throughput by more than 10% from 3.8 million tonnes per year to 4.4 million tonnes per year, and cut costs by 5%. “Lycopodium has built a number of projects in West Africa and knows the region well, so we’re quite comfortable with our preproduction capital estimate of US$232 million, and we’re quite comfortable that the

project will be able to operate as advertised in the feasibility study,” Young says. Teranga has deferred the start of plant construction by a quarter to allow for developing an optimal financing plan and has already begun talks with lenders. “Our goal is to minimize equity dilution, and we’re going to try to put a plan together that does that,” he says. “We’ve received term sheets from a number of lending institutions, and we will move in to negotiate and pick a lender this fall.” Teranga reported cash and equivalents of US$80 million at the end of June. With anticipated cash flow from Sabodala of more than US$80 million over the next two years, Teranga says it is unlikely that project financing would add more than US$150 million. Teranga added Banfora to its West African portfolio of projects last year when it acquired Gryphon Minerals for US$50 million. In addition to Banfora, the Gryphon acquisition gave Teranga two other advanced exploration properties in Burkina Faso: Golden Hill and Gourma. Golden Hill is a 468 sq. km permit 200 km northeast of Banfora, within the central part of the Houndé greenstone belt. Golden Hill is contiguous to the Houndé deposit owned by Endeavour Mining (TSX: EDV) and just 70 km south of Roxgold’s (TSX: ROXG; US-OTC: ROGFF) Yaramoko deposit. Gourma covers 1,300 sq. km in eastern Burkina Faso’s Fada N’Gourma greenstone belt. Gourma is 250 km southwest of Ouagadougou and 80 km south of Samira Hill, the largest gold deposit in Niger. Teranga is earning into both projects. TNM

2017-10-10 9:08 PM


GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 16–29, 2017

17

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2017-10-05 10:33 AM


18

WWW.NORTHERNMINER.COM

OCTOBER 16–29, 2017 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / OCTOBER 2–6 Canada’s benchmark index rose $93.38 to 15,728.32, a 0.60% change, while the S&P/TSX Global Mining Index rose 3.38% to 68.45 and the S&P/TSX Global Gold Index rose 2.87% to 201.87. West Texas Intermediate crude closed at US$49.29 per barrel and the gold price fell 0.26% to US$1,276.10 per ounce. Golden Queen Mining shares fell 35% to 38¢. The company announced second-quarter revenues of US$16.9 million, up from US$3.5 million a year earlier, from its 50%-owned Soledad Mountain gold-silver mine, located 8 km south of the town of Mojave in Kern County, California. Soledad Mountain entered production in 2016 and is projected to produce 74,000 oz. gold and 781,000 oz. silver per year over 11 years. In the second quarter of 2017, however, the company produced 12,632 oz. gold and 51,920 oz. silver and sold 12,653 oz. gold and 53,514 oz. silver at average prices of US$1,262 and US$17.10. In the second quarter of the previous year, Golden Queen sold 2,362 oz. gold and 26,500 oz. silver. The company’s cash position is down to US$6.3 million from US$9.5 million in the first quarter and US$13.3 million a year ago, while total assets are valued at US$159.7 million, only a slight change from the first quarter.

Corvus Gold shares rose 32.5% to $1.10. On Sept. 6 the company started the first phase of drilling at its 100% owned Mother Lode property, located 150 km northwest of Las Vegas, Nevada. The company plans to drill 13,000 metres in the initial phase to expand its existing 172-hole database. The program is designed to confirm its current 433,000 oz., 1.6-gram-gold-per-tonne historical estimate as well as acquire material for metallurgical testing. Corvus has not yet confirmed these estimates with a qualified person, per National Instrument 43-101. In July, the company added Coeur Mining as an investor through a $4.65-million private placement. Coeur bought 6.2 million shares at 75¢ per share for 6.23% of outstanding shares. Coeur has an option to complete a second TSX MOST ACTIVE ISSUES

Trevali Mng Chalice Gold M Suncor Energy B2Gold Kinross Gold HudBay Mnls Lundin Mng Teck Res First Quantum IAMGOLD

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

TV 20185 1.64 1.42 1.62 + 0.21 CXN 13594 0.29 0.21 0.22 - 0.07 SU 11036 44.19 43.09 43.50 - 0.23 BTO 11022 3.61 3.43 3.54 + 0.10 K 10938 5.42 5.24 5.36 + 0.07 HBM 10902 10.26 9.17 9.82 + 0.57 LUN 10690 9.80 8.59 9.52 + 0.96 TECK.B 10531 29.29 26.33 28.81 + 2.54 FM 10429 16.15 13.96 15.40 + 1.39 IMG 9395 7.90 7.41 7.68 + 0.05

private placement financing for another $4.65 million before Jan. 15, 2018. Corvus has a $116-million market capitalization. Shares of TMAC Resources fell 92¢ to $9.22. TMAC has a 100% interest in the Hope Bay gold mine in Nunavut. The site contains 14.5 million tonnes proven and probable reserves grading 7.7 grams gold per tonne, or 3.6 million contained oz. gold. The company poured first gold on Feb. 9

and reached commercial production on May 15. The company had a second-quarter net profit of $500,000, with cash costs and all-in sustaining costs of US$1,054 and US$1,801 per oz. gold sold in June. In the quarter the company sold 11,630 oz. gold for $19.6 million in proceeds that went largely to development costs. TMAC has $6.9 million in unrestricted cash and $52 million in restricted cash. TNM

TSX GREATEST PERCENTAGE CHANGE

Corvus Gold RTG Mining Taseko Mines Morumbi Res Arizona Mng Largo Res Trevali Mng Goldgroup Mng Orocobre Argonaut Gold SouthGobi Res Golden Queen Redhawk Res Chalice Gold M SolGold plc Columbus Gold Avesoro Res Nighthawk Gold Potash Ridge U3O8 Corp

KOR RTG TKO ASND AZ LGO TV GGA ORL AR SGQ GQM RDK CXN SOLG CGT ASO NHK PRK UWE

1009 155 3143 2393 2860 902 20185 204 1172 2486 364 8010 55 13594 344 1447 374 2334 3807 243

1.16 0.15 2.89 0.73 3.63 1.16 1.64 0.08 5.04 2.75 0.27 0.61 0.03 0.29 0.75 0.65 0.04 0.79 0.13 0.35

0.85 0.12 2.33 0.63 3.03 0.86 1.42 0.07 4.50 2.42 0.12 0.29 0.02 0.21 0.62 0.50 0.03 0.66 0.11 0.30

1.10 0.15 2.85 0.73 3.52 1.01 1.62 0.08 5.02 2.75 0.16 0.38 0.02 0.22 0.65 0.55 0.03 0.73 0.11 0.30

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Franco-Nevada Teck Res Teck Res First Quantum Kirkland Lake Silver Wheaton MAG Silver Agnico Eagle Lundin Mng SSR Mining Agrium TMAC Resources Cameco Corp Potash Corp SK Suncor Energy Golden Queen Mountain Prov SolGold plc Energy Fuels Nighthawk Gold

+ 32.5 + 25.0 + 21.8 + 17.7 + 16.2 + 16.1 + 14.9 + 14.3 + 13.6 + 12.2 - 40.7 - 35.3 - 33.3 - 24.1 - 16.7 - 15.4 - 14.3 - 14.1 - 12.0 - 11.8

VOLUME WEEK (000s) CLOSE CHANGE

FNV TECK.B TECK.A FM KL WPM MAG AEM LUN SSRM AGU TMR CCO POT SU GQM MPVD SOLG EFR NHK

1800 99.30 10531 28.81 15 29.00 10429 15.40 3993 17.46 3861 24.96 876 15.07 2420 57.46 10690 9.52 944 14.05 1084 132.65 125 9.22 8138 11.68 5483 23.74 11036 43.50 8010 0.38 244 3.86 344 0.65 275 1.88 2334 0.73

+ 2.64 + 2.54 + 2.40 + 1.39 + 1.38 + 1.16 + 1.10 + 1.07 + 0.96 + 0.83 - 1.07 - 0.92 - 0.37 - 0.28 - 0.23 - 0.21 - 0.20 - 0.13 - 0.12 - 0.12

TSX VENTURE EXCHANGE / OCTOBER 2–6 The S&P/TSX Venture Composite Index gained 7.09 points to a 788.32-point close, as spot gold prices fell US$3.07 to US$1,276.68 per oz., whereas Comex copper prices gained US7¢ to US$3.03 per lb. on potential China shortages. Novo Resources’ Karratha paleo-placer gold project in Western Australia continues to gain market attention, with shares of the company rising $2.07 to $8.40 over the trading period. On Sept. 21, the company received approvals for core drilling and began trenching at the property’s Purdy’s Reward prospect, which is part of a farm-in and joint venture with Australian explorer Artemis Resources. Novo intends to conduct scout drilling to assess the depth and thickness of a prospective, goldbearing conglomerate horizon, followed by large-diameter, reverse-circulation drill holes to collect bulk samples. Over the past year, local metal detectorists have excavated gold nuggets from the conglomerate along an 8 km, southwest-trending corridor between the Purdy’s Reward and Novo’s Comet Well prospect. Bulk-sample results from a 2-by-2 metre exposure at the top of an 11-metre-thick conglomerate horizon, announced on Aug. 8, returned 87.8 grams gold per tonne and 46.1 grams gold in two subsamples. The company says the mineralization on the property is

analogous to the Witwatersrand in South Africa, and is hosted within stratigraphy similar in age to Novo and Sumitomo’s 299,000 oz. Beaton’s Creek gold deposit, west of the town of Nullagine, Western Australia. Shares of West High Yield jumped from 34¢ to $3.80 before settling to $2 after the firm announced Gryphon Enterprises, a company based in Maryland, U.S., intends to buy West High’s magnesium properties for US$750 million. West High’s most advanced property, Record Ridge, near Rossland, B.C., contains 43 million tonnes of 24.61% magnesium for 11 million tonnes magnesium. A preliminary economic assessment completed in 2013 outlined a 42-year, 80-million-tonne-per-year operation at Record Ridge with initial capital costs of US$608 million. The project has an TSX-V MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Blue Moon Zinc MOON 13515 Spearmint Res SRJ 12656 Macarthur Mnl MMS 12204 Aben Res ABN 12002 Southern Lith SNL 11494 LiCo Energy LIC 8168 Skeena Res SKE 7633 Novo Res NVO 7603 MX Gold MXL 6791 Cdn Intl Mnrls CIN 6295

0.12 0.05 0.12 0.44 0.12 0.11 0.07 8.83 0.18 0.02

0.07 0.04 0.09 0.21 0.04 0.08 0.05 6.38 0.16 0.01

0.09 - 0.05 unch 0.10 + 0.21 - 0.04 - 0.09 - 0.06 - 8.40 + 0.18 - 0.02 +

0.02 0.00 0.01 0.19 0.08 0.02 0.01 2.07 0.01 0.01

after-tax net present value, assuming 5%, of US$830 million and 17% after-tax internal rate of return, assuming US$1,100 per tonne of electrofused magnesia, a refined product of magnesium oxide. B.C. explorers Metallis Resources and Garibaldi Resources saw gains after investments by Eric Sprott. Metallis closed a $2.2-million financing with Sprott, sending

shares of the company up 56¢ to $1.58 per share. Metallis issued 2 million units at $1.10 per unit, with each unit consisting of a share and half a warrant. Each whole warrant can be exercised at a price of $1.50 per share within two years. Metallis controls the 106 sq. km Kirkham gold-base metal property in northwestern B.C.’s prolific Golden Triangle district. Garabaldi shares rose 36¢ to $2.25. TNM

TSX-V GREATEST PERCENTAGE CHANGE

West High Yld Gitennes Expl Cdn Intl Mnrls Galore Res Pedro Res Intl Bethl Mng Sennen Potash Axmin Inc NRG Metals Metallis Res Southern Lith Aben Res Zonte Mtls Tiller Res Marifil Mines Canada Coal Opawica Expl Cantex Mn Dev Stratabd Mnr CANEX Metals

WHY GIT CIN GRI PED.H IBC SN AXM NGZ MTS SNL ABN ZON TIR.H MFM CCK OPW CD SB CANX

3627 1044 6295 281 67 248 61 231 4188 4060 11494 12002 2341 120 725 132 820 586 397 10

3.80 0.10 0.02 0.02 0.40 0.04 0.79 0.06 0.20 1.68 0.12 0.44 0.35 0.30 0.04 0.03 0.03 0.03 0.02 0.05

0.34 0.05 0.01 0.02 0.23 0.00 0.00 0.04 0.13 1.07 0.04 0.21 0.17 0.23 0.03 0.02 0.02 0.02 0.01 0.00

2.00 0.10 0.02 0.02 0.40 0.04 0.79 0.06 0.20 1.58 0.04 0.21 0.19 0.23 0.03 0.02 0.02 0.02 0.01 0.05

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 400.0 + 122.2 + 100.0 + 100.0 + 73.9 + 60.0 + 58.0 + 57.1 + 56.0 + 54.9 - 65.2 - 47.5 - 44.1 - 43.8 - 40.0 - 33.3 - 33.3 - 33.3 - 33.3 - 33.3

VOLUME WEEK (000s) CLOSE CHANGE

Novo Res West High Yld Metallis Res Garibaldi Res Sennen Potash Atlantic Gold Ascot Res SRG Graphite Grande Portage Lithium X Egy Kitrinor Mtls Senator Mnrls Leeta Gold Aurion Res GT Gold Aben Res Candelaria Mg Regulus Res Tiller Res Probe Metals

NVO WHY MTS GGI SN AGB AOT SRG GPG LIX SCYB SNR HIVE AU GTT ABN CAND REG TIR.H PRB

7603 3627 4060 4835 61 3409 258 537 1766 1258 87 1941 4421 2203 1759 12002 11 144 120 349

8.40 2.00 1.58 2.25 0.79 1.80 1.70 1.00 0.62 2.04 4.49 1.49 1.73 2.60 1.86 0.21 0.69 2.09 0.23 1.43

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

2.07 1.60 0.56 0.36 0.29 0.29 0.24 0.19 0.19 0.18 0.66 0.43 0.30 0.20 0.19 0.19 0.18 0.18 0.18 0.17

U.S. MARKETS / OCTOBER 2–6 The U.S. Bureau of Labor Statistics reported that in the last 12 months, average hourly earnings increased by 74¢, or 2.9%. The jobs data raised expectations of a rate hike and put pressure on the gold price. The precious metal touched a two-month low before finishing at US$1,276.10 per oz., down US$3.30 per ounce. The Philadelphia Gold & Silver Index was up 2.66% to 86.90. The Dow Jones Industrial Average climbed 1.65% to 22,773.67, and the S&P 500 Index rose 1.19% to 2,549.33. Shares of Rio Tinto jumped US$1.89 to US$49.08. The company completed the first fully autonomous rail journey at its iron ore operations in the Pilbara region of Western Australia. The nearly 100 km pilot run was completed without a driver on board, making it the first fully autonomous heav y haul train journey ever completed in Australia. The pilot run marked a significant step toward full commissioning of the AutoHaul project in late 2018. Sibanye-Stillwater (formerly Sibanye Gold) announced it has reached production three months ahead of schedule at its

18_OCT16_MarketNews.indd 18

Blitz project in Montana. The completion of a secondary escapeway system at the Blitz 10 stope block concluded the final infrastructure required for production to begin, the company said. Blitz could produce between 270,000 and 330,000 oz. platinum and palladium annually once in steady production. Four miners died at First Majestic Silver’s La Encantada silver mine in the Mexican state of Coahuila. The miners died due to gas intoxication on Oct. 1. The company reported the news on Oct. 3, explaining that the accident occurred as U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Vale* VALE 121831 10.54 10.00 10.13 + 0.06 Frprt McMoR* FCX 86314 15.39 13.97 14.33 + 0.29 United States S* X 46109 26.97 25.31 26.05 + 0.39 Cleveland-Clif* CLF 37711 7.59 7.05 7.10 - 0.05 Barrick Gold* ABX 32681 16.65 15.95 16.59 + 0.50 Kinross Gold* KGC 32188 4.35 4.18 4.28 + 0.04 Yamana Gold* AUY 29033 2.68 2.56 2.65 unch 0.00 Teck Res* TECK 24441 23.34 21.07 22.97 + 1.88 Cameco Corp* CCJ 24225 9.86 8.76 9.32 - 0.35 IAMGOLD* IAG 23819 6.34 5.89 6.13 + 0.03

part of the construction of the 790 ramp. A scoop operator lost consciousness while muck ing and three other miners died trying to save him. “The four men were carrying all required personal protection equipment, including safety belt breath-

ing apparatuses, but sadly did not use the equipment,” First Majestic stated. The 790 area of the mine will remain closed until an investigation is completed. Shares of First Majestic ended the week at US$7.35 per share, up 7.5%. TNM

U.S. GREATEST PERCENTAGE CHANGE

Teck Res* Endeavr Silver* Buenaventura* Kirkland Lake* McEwen Mng* Sibanye Gold* First Majestic* Fortuna Silvr* Hecla Mining* Pretium Res* NACCO Ind* Intrepid Pots* Cameco Corp* Mosaic* Black Hills* Trecora Res* CONSOL Energy* Mechel* Gold Fields* Potash Corp SK*

TECK EXK BVN KL MUX SBGL AG FSM HL PVG NC IPI CCJ MOS BKH TREC CNX MTL GFI POT

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

24441 23.34 21.07 22.97 + 8.9 6271 2.59 2.34 2.59 + 8.8 5667 13.92 12.65 13.89 + 8.6 3069 13.98 12.73 13.94 + 7.9 12125 2.12 1.94 2.10 + 7.7 14033 4.78 4.42 4.70 + 7.5 14083 7.37 6.74 7.35 + 7.5 3570 4.66 4.38 4.65 + 6.2 18393 5.37 4.99 5.31 + 5.8 8339 9.78 9.16 9.77 + 5.5 542 35.25 23.80 33.00 - 61.5 8940 4.63 3.58 3.88 - 11.0 24225 9.86 8.76 9.32 - 3.6 18552 21.94 20.93 21.02 - 2.6 2194 69.79 66.19 67.08 - 2.6 141 13.45 12.90 13.00 - 2.3 10982 17.01 16.45 16.57 - 2.2 492 5.19 4.94 5.06 - 2.1 12531 4.34 4.15 4.23 - 1.9 15752 19.34 18.84 18.92 - 1.7

U.S. GREATEST VALUE CHANGE

Rio Tinto* RIO Southern Copp* SCCO Teck Res* TECK Franco-Nevada* FNV Buenaventura* BVN Natural Res Pt* NRP Kirkland Lake* KL AA Alcoa* Silver Wheaton* WPM Vedanta* VEDL NACCO Ind* NC Black Hills* BKH Agrium* AGU Arch Coal* ARCH Mosaic* MOS Intrepid Pots* IPI Chevron Corp* CVX CONSOL Energy* CNX Suncor Energy* SU Cameco Corp* CCJ

VOLUME WEEK (000s) CLOSE CHANGE

9981 49.08 5259 41.64 24441 22.97 2346 79.19 5667 13.89 89 25.80 3069 13.94 18637 47.49 11690 19.91 1483 20.05 542 33.00 2194 67.08 984 105.73 1471 71.14 18552 21.02 8940 3.88 20625 117.03 10982 16.57 9010 34.67 24225 9.32

+ 1.89 + 1.88 + 1.88 + 1.71 + 1.10 + 1.05 + 1.02 + 0.87 + 0.82 + 0.69 - 52.80 - 1.79 - 1.48 - 0.60 - 0.57 - 0.48 - 0.47 - 0.37 - 0.36 - 0.35

2017-10-10 9:07 PM


GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / OCTOBER 16–29, 2017

19

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

SPOT PRICES COURTESY OF SCOTIABANK Tuesday, October 10, 2017 Precious Metals Price (US$/oz.) Change 1289.60 +18.90 Gold Silver $17.12 +0.51 Platinum $917.00 +4.00 Palladium $930.00 -9.00 Base Metals Nickel Copper Lead Zinc

Price (US$/tonne) Change $11025.00 +40.00 $6749.00 +94.00 $2558.50 +45.00 $3291.00 +46.50

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, October 9, 2017 (change from October 2, 2017 in brackets): Aluminium Alloy 11920 (0) 1242450 (-16575) Aluminium Copper 291000 (-4500) 154875 (-2600) Lead Nickel 384864 (+348) 1970 (-100) Tin 258575 (+5325) Zinc

Thermal Coal CAPP: US$40.00 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$55.50 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$11.75 Cobalt: US$26.99/lb. Copper: US$3.00/lb. Copper: CME Group Futures Nov. 2017: US$3.06/lb.; Dec. 2017: US$3.06/lb Ferro-Chrome: US$2.48/kg Ferro Titanium: US$3.77/kg FerroTungsten: US$25.52/kg Ferrovanadium: US$22.60/kg Iridium: NY Dealer Mid-mkt US$970.00/tr oz. Iron Ore 62% Fe CFR China-S: US$61.60/tonne Iron Ore Fines: US$69.00/tonne Iron Ore Pellets: US$96.06/tonne Lead: US$1.14/lb. Magnesium: US$2.26/kg Manganese: US$2.06/kg Molybdenum Oxide: US$7.26/lb. Phosphate Rock: US$93.00/tonne Potash: US$218.00/tonne Rhodium: Mid-mkt US$1,240.00 tr. oz. Ruthenium: Mid-mkt US$78.00/tr. oz. Silver: Handy & Harman Base: US$16.91 per oz.; Handy & Harman Fabricated: US$21.13 per oz. Tantalite Ore : US$123.61/kg Tin: US$9.50/lb. Uranium: U3O8, Trade Tech spot price: US$20.40; The UX Consulting Company spot price: US$20.25/lb. Zinc: US$1.51/lb. Prices current Oct. 2, 2017

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Oct 02, 2017 (with changes from Sep 18, 2017) Largest short positions BTO 20001748 -2474707 9/18/2017 B2Gold Sandstorm Gold SSL 15869804 1309015 9/18/2017 Suncor Energy SU 13897800 -3111181 9/18/2017 Asanko Gold AKG 12948650 -1174729 9/18/2017 NGD 12882811 613728 9/18/2017 New Gold Lundin Mng LUN 11341251 7105853 9/18/2017 Ivanhoe Mines IVN 11279429 1576952 9/18/2017 Yamana Gold YRI 10361617 1860981 9/18/2017 OGC 10277974 1096701 9/18/2017 OceanaGold Eldorado Gold ELD 9745237 -2367535 9/18/2017 TRQ 7921340 1049703 9/18/2017 Turquoise HIl Alacer Gold ASR 6963503 -436196 9/18/2017 First Majestic FR 6953258 147296 9/18/2017 Potash Corp SK POT 6847648 -1363127 9/18/2017 NSU 6835969 140871 9/18/2017 Nevsun Res Largest increase in short position Lundin Mng LUN 11341251 7105853 9/18/2017 Yamana Gold YRI 10361617 1860981 9/18/2017 IVN 11279429 1576952 9/18/2017 Ivanhoe Mines Sandstorm Gold SSL 15869804 1309015 9/18/2017 OGC 10277974 1096701 9/18/2017 OceanaGold Largest decrease in short position Suncor Energy SU 13897800 -3111181 9/18/2017 B2Gold BTO 20001748 -2474707 9/18/2017 ELD 9745237 -2367535 9/18/2017 Eldorado Gold Barrick Gold ABX 4033705 -1615245 9/18/2017 Kirkland Lake KL 3158222 -1481308 9/18/2017

Short positions outstanding as of Oct 02, 2017 (with changes from Sep 18, 2017) Largest short positions MTB 1400100 1350100 9/18/2017 Mountain Boy Atlantic Gold AGB 1159487 219287 9/18/2017 Blue Rvr Res BXR 743200 737000 9/18/2017 Lithium X Egy LIX 639764 568264 9/18/2017 PHD 625600 581200 9/18/2017 Providence Barkerville Go BGM 578894 -284506 9/18/2017 NOB 522000 52000 9/18/2017 Noble Mnl Expl Golden Reign GRR 407000 306082 9/18/2017 Liberty One Li LBY 406620 -10728 9/18/2017 Millennial Lit ML 403253 -1362804 9/18/2017 EXS 396800 -400 9/18/2017 Explor Res Plata Latina PLA 324000 0 9/18/2017 Inca One Gold IO 295000 295000 9/18/2017 Rainmaker Res RIR 280000 0 9/18/2017 QMX Gold QMX 274500 227500 9/18/2017 Largest increase in short position Mountain Boy MTB 1400100 1350100 9/18/2017 Blue Rvr Res BXR 743200 737000 9/18/2017 Providence PHD 625600 581200 9/18/2017 Lithium X Egy LIX 639764 568264 9/18/2017 GRR 407000 306082 9/18/2017 Golden Reign Largest decrease in short position Millennial Lit ML 403253 -1362804 9/18/2017 Aben Res ABN 197300 -763300 9/18/2017 PBR 500 -700600 9/18/2017 Para Resources Decade Res DEC 0 -551000 9/18/2017 GEMC 5000 -495000 9/18/2017 Global Energy

DAILY METAL PRICES Daily Metal Prices Date Oct 9 Oct 6 Oct 5 Oct 4 Oct 3 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1810/1820 1820/1830 1805/1815 1770/1780 1770/1780 Aluminum 2134/2155 2121/2145 2122/2146 2138.50/2154 2114/2126 Copper 6606/6655 6638/6685 6510/6553.50 6451/6500 6446/6503.50 Lead 2514/2521 2539/2546 2547/2556 2584/2592 2500/2500 Nickel 10765/10840 10475/10575 10540/10600 10630/10720 10550/10640 Tin 20925/20780 21075/20900 21240/20925 20945/20755 20925/20675 3334/3267 3335.50/3273 3349/3294 3369.50/3304 3323.50/3257 Zinc PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1282.15 1268.20 1278.40 1275.55 1270.70 Gold PM 1278.75 1261.80 1274.50 1274.25 1271.25 16.92 N/A 16.66 16.83 16.61 Silver Platinum 914.00 911.00 915.00 912.00 907.00 Palladium 926.00 943.00 930.00 919.00 910.00

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

Oct 06 Oct 05 Oct 04 Oct 03 Oct 02 1.2566 1.2566 1.2476 1.2490 1.2514 0.7958 0.7958 0.8015 0.8006 0.7991

Exchange rates (Quote Media, October 06, 2017) C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand C$ to AUS 1.0214 0.6795 89.7750 14.7112 10.8788 C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won C$ to UK Pound C$ to China Yuan 0.6067 5.2936 51.8295 0.7786 909.4549 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.2835 0.8539 112.8145 18.4911 13.6636 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.7624 6.6540 65.2150 0.9784 1142.9800

TSX WARRANTS Alamos Gold (AGI.WT) - Wt buys sh @ $28.47 to Aug 30/18 Alamos Gold (AGI.WT.A) - Wt buys sh @ $10.00 to Jan 7/19 Alio Gold Inc. (ALO.WT) - 10 Warrants to purchase one common share of the Issuer at $7.00 until expiry Alio Gold Inc. J (ALO.WT.A) - One Warrant to purchase one common share of the Issuer at $8.00 until expiry Ascendant Resources (ASND.WT) - Wt buys sh @ $1.25 to Mar 7/22 Continental Gold Inc. (CNL.WT.A) - Wt buys sh @ $4.75 to Nov 26/17 Excellon Resources Inc (EXN.WT) - Wt buys sh @ $1.75 to Jul 26/18 GoGold Resources Inc. (GGD.WT) - Wt buys sh @ $1.7 to Jun 7/18 Golden Queen Mining Co (GQM.WT) - Wt buys sh @ $2 to Jul 25/19 Gran Colombia Gold (GCM.WT.A) - Wt buys sh @ $3.25 to Mar 18/19 HudBay Minerals (HBM.WT) - Wt buys sh @ $15 to Jul 20/18 Liberty Gold Corp. Wt (LGD.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry may 16, 2019 Lithium Americas Corp (LAC.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry Lydian International Limited (LYD.WT) - One Warrant to purchase one additional ordinary share of the Issuer at $0.36 per share until expiry MBAC Fertilizer (MBC.WT) - Wt buys sh @ $1 to Apr 17/19 Nemaska Lithium Inc (NMX.WT) - Wt buys sh @ $1.5 to Jul 8/19 Northern Dynasty Minerals Ltd. J (NDM.WT.B) - Wt buys sh @ $0.55 to Jun 10/21 Northern Dynasty Minerals Ltd. J (NDM.WT.A) - Wt buys sh @ $0.55 to Jul 9/20 Northern Dynasty Minerals Ltd. J (NDM.WT.B) - Wt buys sh @ $0.55 to Jun 10/21 Oban Mining J (OBM.WT) - Wt buys 20 sh @ $3 to Aug 25/18 Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.5 to Feb 18/22 Osisko Gold Royalties (OR.WT.A) - Wt buys sh @ $19.08 to Feb 26/19 Osisko Mining Inc. J (OSK.WT) - 20 Wt buys sh @ $3 to Aug 25/18 Pilot Gold Inc. Wt (PLG.WT) - Wt buys sh @ $0.9 to May 16/19

Prairie Provident Resources Inc Wt (PPR.WT) - Wt buys sh @ $0.87 to Mar 16/19 Primero Mining Corp (P.WT.C) - Wt buys sh @ $3.35 to Jun 24/18 Sandstorm Gold (SSL.WT.B) - One Warrant to purchase one common share of the Issuer at US $14.00 until expiry. Sprott Resource Corp (SRHI.WT) - Wt buys sh @ $0.3333 to Feb 09/22 Timmins Gold Corp (TMM.WT) - Wt buy sh at $0.7 to May 30/18

TSX VENTURE WARRANTS Atlantic Gold (AGB.WT) - Wt buys sh @ $0.6 to Aug 20/18 Avino Silver & Gold Mines Ltd. (ASM.WT) - Wt buys sh @ US$0.2 to Nov 28/19 Brazil Resources (BRI.WT) - Wt buys sh @ $0.75 to Dec 31/18 Cornerstone Capital Resources (CGP.WT.S) - Wt buys sh @ $0.35 to Apr 07/19 Falco Resources Ltd. (FPC.WT) - One warrant to purchase one common share at $1.70 per share. Goldmining Inc. (GOLD.WT) - Wt buys sh @ $0.75 to Dec 31/18 Goldstar Minerals (GDM.RT) - One Right to purchase one common share at $0.03 per share. JDL Gold Corp. (JDL.WT) - Wt buy sh @ $3.00 to Oct 06/21 Jet Metal (JET.WT) - Wt buys sh @ $0.25 to Sep 16/19 Jet Metal (JET.WT.A) - Wt buys sh @ $0.5 to Feb 28/19 Kootenay Silver Inc. (KTN.WT) - Wt buys sh @ $0.55 to Apr 21/21 Monarques Gold (MQR.WT.A) - Wt buys sh @ $0.18 to Dec 15/17 Rainy Mountain Royalty Corp. (RMO.WT) - Wt buys sh @ $0.15 to Mar 1/18 and sh @ $0.25 from Mar 2/18 to Mar 1/19 Rainy Mountain Royalty Corp. (RMD.WT) - Wt buys sh @ $0.15 to Mar 1/18 and sh @ $0.25 from Mar 2/18 to Mar 1/19 Silvercrest Metals Inc. (SIL.WT) - Wt buys sh @ $3 to Dec 06/18 Sunridge Gold (SGC.WT) - Wt buys sh @ $0.35 to Oct 18/17 Trek Mining (TREK.WT) - Wt buy sh @ $3.00 to Oct 06/21 West Kirkland Mining (WKM.WT) - Wt buys sh @ $0.3 to Apr 17/19

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

Index Oct 06 Oct 05 Oct 04 Oct 03 Oct 02 High Low S&P/TSX Composite 15728.32 15776.30 15721.00 15728.51 15705.00 15527.30 12400.15 S&P/TSXV Composite 788.32 784.77 783.93 781.31 780.46 1050.26 883.52 926.97 930.28 927.27 927.38 925.59 896.74 709.99 S&P/TSX 60 S&P/TSX Global Gold 201.87 199.85 199.85 198.82 196.95 218.90 149.29 DJ Precious Metals 178.84 176.99 177.97 176.67 174.95 420.72 130.95

NEW 52-WEEK HIGHS AND LOWS OCTOBER 2–6, 2017 96 New Highs

Aida Minerals Alabama Graph* Alcoa* Altai Res Altura Mng Ltd* Alumina Inc* Amador Gold* Anglo American* Arizona Mng Arizona Mng* Atlantic Gold Blue Moon Zinc Bullion Gld Re* Bullion Gld Res Cardinal Res Cavan Vent Cerro Mng* China Mnls Mng* Cornerstone Mt Corvus Gold Corvus Gold* Cypress Dev* Dominion Diam* Emgold Mng* Garibaldi Res Garibaldi Res *

Gitennes Expl Global Li-Ion God’s Lake Res Gold Mng USA* Goldbank Mng GoldON Res* Grande Portage Grande Portage* Gungnir Res Gungnir Res* Hemcare Health* Homeland Egy Intl Battery* Intrepid Pots* Inventus Mg Inventus Mg * Jayden Res Karmin Expl Kirkland Lake Kirkland Lake* Lorraine Coppr Lorraine Coppr* Mason Graphite Mason Graphite* Masuparia Gold Maverix Mtls* Meadow Bay Gd

Metallis Res Mineral Res* Morien Res* Napier Vent Napier Vent* Neo Lithium Nexco Res Nouveau Monde Novo Res Novo Res* NRG Metals* Nrthn Mnrls &E* Orca Gold Orca Gold* Orestone Mng Oroco Res* Pac Booker Min* Panoro Mnrls Pedro Res Ravencrest Res River Wild Exp Rock Tech Lith* Rockwealth Res Sama Res* Saturn Mnrls Savoy Vent Seabridge Gld*

Senator Mnrls Sennen Potash Southern Copp* SRG Graphite SSR Mining SSR Mining* Suncor Energy* Taseko Mines Taseko Mines* Titanium Corp Trevali Mng Trevali Mng* Unity Energy* West High Yld Wolfden Res* Yanzhou Coal*

61 New Lows

Alset Minerals Arena Mnls Asiamet Res* Aurania Res* Avarone Metals* Avrupa Mnls Avrupa Mnls* Balmoral Res* Bayhorse Silvr Caledonia Mng*

CKR Carbon* Comstock Mtls * Corex Gold Crystal Explor* E3 Metals* Elcora Res* EMX Royalty Enforcer Gold Four Nines Gentor Res* Geologix Expl Golden Arrow Golden Queen Golden Queen* Graphite One Lateral Gold Lion One Mtls* Lithium Expl* Malbex Res* Meadow Bay Gd Mineworx Tech* Mundoro Cap* NACCO Ind* Nevada Sunrise Nevada Sunrise* Niocorp Dev* Nippon Dragon

Nthrn Sphere* Paramount Gold* Paringa Res* Pine Cliff En Potash Ridge Prosper Gold Pure Energy Remington Res Revival Gold * Sarama Res Savary Gold Silver Bear Rs Silver Mtn Mns* Silvercorp Met* Strikepoint Gd Tanzania Rlty Tanzania Rlty* Toachi Mg Inc* Torq Resources* United States A* Upper Canyon USCorp* White Energy* Zenyatta Vent

CANADIAN GOLD MUTUAL FUNDS Fund Oct 06 ($) Sep 29 ($) Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) AGF Prec Mtls Fd MF 21.17 20.83 0.34 1.63 -2.66 2.80 140.75 18.23 17.79 0.44 2.48 4.51 2.40 66.82 BMO Prec Mtls Fd A BMO ZGD 10.04 9.71 0.33 3.44 7.19 0.63 BMO ZJG 9.50 9.03 0.47 5.17 19.62 0.60 CIBC Prec Metal Fd A 10.50 10.25 0.26 2.54 2.99 2.58 53.43 Dyn Prec Metls Fd A 6.57 6.61 -0.04 -0.61 13.21 2.75 373.96 10.19 9.94 0.25 2.55 GOGO Horizons HEP 24.93 24.18 0.88 3.64 12.87 0.81 IG Mac GbPMetCl A 8.91 8.73 0.18 2.06 7.55 2.75 45.09 12.61 12.26 0.35 2.87 8.36 0.55 844.20 iShares XGD Mac Prec Met Cl A 47.57 46.61 0.97 2.07 7.85 2.51 95.51 NBI PrecMetFd AdvDSC 12.79 12.47 0.32 2.57 9.42 2.47 33.63 NBI PrecMetFd AdvISC 12.79 12.47 0.32 2.57 9.42 2.47 33.63 NBI PrecMetFd AdvLSC 12.79 12.47 0.32 2.57 9.42 2.47 33.63 NBI PrecMetFd Invt 12.79 12.47 0.32 2.57 9.42 2.46 33.63 RBC GblPreMetFd A 34.61 34.03 0.58 1.70 14.28 2.13 406.49 Redw UITGoDe&ProCl A 10.00 10.00 0.00 Sentry Pre Met Fd A 41.76 39.83 1.94 4.86 6.08 2.44 195.90 Sprott Gold&PrMinFdA 35.95 35.18 0.77 2.18 4.95 3.12 219.41 Sprott SilverEquCl A 5.90 5.70 0.20 3.54 -5.81 3.09 130.20 TD PreciousMetalsInv 34.62 33.61 1.01 3.01 4.28 2.27 134.20

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

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

19_OCT16_MMMM.indd 19

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

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

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

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

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

2017-10-10 5:38 PM


20

WWW.NORTHERNMINER.COM

OCTOBER 16–29, 2017 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: OCTOBER 2–6, 2017 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A 92 Resources V 1251 0.13 0.11 0.11 - 0.01 0.22 0.07 0.10 - 0.00 0.13 0.07 92 Resources* O 193 0.11 0.09 Abacus Mng &Ex* O 235 0.43 0.35 0.37 + 0.02 2.88 0.06 Abacus Mng &Ex V 297 0.53 0.44 0.47 + 0.04 0.78 0.24 Abcourt Mines V 393 0.08 0.07 0.08 - 0.01 0.13 0.07 O 424 0.06 0.05 0.05 - 0.00 0.10 0.05 Abcourt Mines* V 1241 0.21 0.18 0.19 + 0.01 0.57 0.04 ABE Resources Aben Res* O 1529 0.35 0.16 0.17 - 0.15 0.41 0.05 0.21 - 0.19 0.50 0.07 Aben Res V 12002 0.44 0.21 Aberdeen Intl* O 11 0.12 0.00 0.12 + 0.01 0.14 0.09 Abitibi Royalt V 15 9.61 9.17 9.17 - 0.03 10.75 6.59 7.61 + 0.32 8.18 4.99 Abitibi Royalt* O 7 7.61 7.39 AbraPlata Res V 198 0.30 0.27 0.28 - 0.03 0.63 0.03 O 42 0.25 0.22 0.23 - 0.02 0.48 0.20 AbraPlata Res* Acacia Mining* O 2 2.52 2.50 2.52 + 0.02 6.62 2.01 Adamera Mnls V 732 0.09 0.08 0.08 - 0.01 0.24 0.06 Adamera Mnls* O 178 0.07 0.06 0.07 + 0.00 0.18 0.04 V 2931 0.62 0.52 0.54 - 0.05 1.34 0.36 Advantage Lith Advantage Lith* O 592 0.50 0.41 0.44 - 0.03 1.01 0.28 Adventus Zinc V 77 0.91 0.87 0.90 + 0.03 0.99 0.57 0.03 - 0.01 0.05 0.00 Affinity Gold* O 164 0.04 0.02 African Queen V 374 0.04 0.03 0.04 + 0.01 0.08 0.03 57.46 + 1.07 71.15 46.91 Agnico Eagle T 2420 57.68 55.96 Agnico Eagle* N 5895 46.00 44.70 45.82 + 0.61 53.17 35.05 AgriMinco* O 179 0.00 0.00 0.00 - 0.00 0.00 0.00 T 1084 134.90 131.66 132.65 - 1.07 146.99 115.16 Agrium N 984 107.88 104.89 105.73 - 1.48 111.88 87.78 Agrium* Aguia Resource V 79 0.48 0.00 0.43 - 0.02 0.49 0.35 Aguila Amer Gd V 60 0.25 0.20 0.25 + 0.05 0.75 0.18 Aida Minerals 963 0.27 0.12 0.24 + 0.08 0.17 0.01 0.00 - 0.00 0.04 0.00 Aim Explor* O 2001 0.00 0.00 Alabama Graph V 5057 0.21 0.15 0.17 + 0.03 0.22 0.11 Alabama Graph* O 785 0.17 0.12 0.13 + 0.02 0.17 0.08 Alacer Gold T 1412 2.29 2.14 2.29 + 0.11 3.18 1.75 Alamos Gold T 3259 8.90 8.31 8.86 + 0.43 11.86 7.86 Alamos Gold* N 11651 7.10 6.64 7.07 + 0.31 9.00 5.95 Albert Mining V 235 0.06 0.04 0.05 - 0.01 0.15 0.04 Alcoa* N 18637 49.30 46.41 47.49 + 0.87 49.30 20.00 0.27 + 0.02 0.80 0.11 Alderon Iron T 130 0.28 0.25 Alderon Iron* O 8 0.22 0.00 0.20 - 0.03 0.60 0.08 Aldridge Min V 145 0.21 0.19 0.20 + 0.01 0.30 0.17 Alexandria Min V 3353 0.06 0.05 0.06 + 0.01 0.09 0.04 Alexandria Min* O 1060 0.05 0.04 0.05 + 0.00 0.07 0.03 Alexco Res* X 842 1.52 1.43 1.51 + 0.06 2.04 1.10 Alexco Res T 214 1.90 1.80 1.89 + 0.08 2.66 1.47 Algold Res* O 15 0.15 0.14 0.14 - 0.01 0.26 0.14 Algold Res V 1873 0.18 0.16 0.17 + 0.01 0.38 0.16 0.07 - 0.02 0.12 0.05 Alianza Min* O 22 0.09 0.07 Alianza Min V 188 0.11 0.10 0.10 - 0.02 0.16 0.10 Alix Res* O 97 0.03 0.03 0.03 + 0.00 0.06 0.02 Alliance Res* D 1409 19.75 18.65 19.10 - 0.25 26.65 17.65 Almaden Mnls T 132 1.56 1.38 1.48 + 0.06 2.33 1.01 X 1057 1.24 1.10 1.19 + 0.04 1.75 0.75 Almaden Mnls* Almadex Min V 342 1.38 1.24 1.35 + 0.05 2.00 0.85 Almadex Min* O 302 1.10 1.00 1.07 + 0.07 1.51 0.64 0.64 + 0.01 0.69 0.20 Almonty Ind V 105 0.65 0.59 Alopex Gold V 110 0.58 0.55 0.58 + 0.03 0.62 0.48 O 17 0.08 0.00 0.07 + 0.01 0.15 0.06 Alset Minerals* Altai Res V 4862 0.37 0.25 0.27 - 0.05 0.37 0.05 Altair Res Inc V 1857 0.17 0.14 0.14 - 0.02 0.47 0.15 0.23 - 0.02 0.31 0.11 Altamira Gold* O 65 0.24 0.22 Altiplano Mnls V 133 0.15 0.14 0.15 + 0.01 0.28 0.08 12.40 + 0.49 14.06 9.90 Altius Mnrls T 158 12.48 11.74 Alto Vent V 107 0.08 0.06 0.08 + 0.01 0.14 0.05 Altura Mng Ltd* O 1408 0.24 0.21 0.23 + 0.04 0.24 0.09 0.03 + 0.01 0.05 0.02 Alturas Mnrls V 290 0.03 0.02 Alumina Inc* O 24 7.10 6.92 7.00 + 0.12 7.07 4.32 ALX Uranium* O 13 0.07 0.06 0.06 + 0.00 0.12 0.05 ALX Uranium V 319 0.09 0.08 0.08 - 0.01 0.16 0.06 Am CuMo Mng V 645 0.12 0.09 0.10 - 0.02 0.49 0.08 325 0.10 0.07 0.08 - 0.02 0.35 0.05 Am CuMo Mng* O Am Manganese V 666 0.21 0.19 0.20 + 0.01 0.38 0.11 O 194 0.17 0.15 0.16 + 0.00 0.27 0.08 Am Manganese* Am Sierra Gold* O 5 0.04 0.00 0.04 + 0.02 0.05 0.01 Amarc Res* O 221 0.15 0.14 0.15 - 0.00 0.21 0.04 Amarc Res V 288 0.20 0.18 0.18 - 0.02 0.26 0.06 Amarillo Gold V 507 0.32 0.29 0.32 - 0.01 0.45 0.28 Amato Expl V 475 0.05 0.04 0.05 + 0.02 0.07 0.03 Amazing Energy* O 63 0.44 0.35 0.41 + 0.08 0.60 0.05 American Lith* O 18 0.49 0.00 0.46 + 0.03 0.67 0.34 0.53 + 0.02 4.75 0.33 American Lith V 160 0.65 0.52 American Pot 187 0.13 0.11 0.12 - 0.01 0.26 0.03 Americas Silvr* X 246 4.58 4.05 4.52 + 0.39 5.04 2.39 Americas Silvr T 377 5.77 5.11 5.66 + 0.52 6.11 2.70 Amerigo Res T 474 0.80 0.74 0.78 + 0.02 0.83 0.15 Amerigo Res* O 244 0.63 0.59 0.62 + 0.02 0.64 0.11 Amex Expl* O 4 0.08 0.08 0.08 - 0.00 0.20 0.08 Anaconda Mng* O 115 0.07 0.05 0.07 - 0.00 0.07 0.04 Anaconda Mng T 1035 0.08 0.07 0.07 - 0.01 0.08 0.05 Anconia Res V 215 0.02 0.02 0.02 - 0.01 0.05 0.02 Andes Gold* O 201 0.01 0.00 0.01 - 0.01 0.03 0.00 Anfield Nickel V 577 0.48 0.40 0.41 - 0.04 1.43 0.35 Anfield Res* O 330 0.05 0.03 0.03 - 0.00 0.13 0.03 Anfield Res V 2340 0.05 0.04 0.04 - 0.01 0.18 0.04 0.05 + 0.00 0.09 0.04 Angel Gold* O 267 0.06 0.05 Angkor Gold V 97 0.28 0.25 0.27 - 0.01 0.46 0.25 Anglo American* O 1007 9.83 9.16 9.80 + 0.66 9.83 5.95 Anglo American* O 1 19.16 0.00 19.16 + 1.70 19.16 12.19 Anglo-Bomarc V 180 0.10 0.09 0.10 - 0.01 0.15 0.05 AngloGold Ash* O 1 8.92 8.88 8.92 + 0.04 13.10 8.88 AngloGold Ash* N 9799 9.63 9.26 9.56 + 0.27 14.77 8.89 Angus Ventures V 5 0.41 0.41 0.41 - 0.01 0.45 0.35 Antioquia Gold* O 106 0.06 0.05 0.05 - 0.00 0.14 0.05 V 328 0.08 0.00 0.07 + 0.01 0.20 0.07 Antioquia Gold Antler Gold V 32 0.49 0.42 0.49 + 0.04 0.67 0.28 Antofagasta* O 9 12.92 0.00 12.92 + 0.32 13.79 6.29 Apex Res V 164 0.10 0.08 0.08 - 0.01 0.15 0.06 Apex Res * O 15 0.07 0.04 0.07 + 0.04 0.09 0.04 Appia Energy 103 0.13 0.12 0.12 - 0.01 0.47 0.10 Applied Mrnls* O 1017 0.08 0.04 0.07 + 0.03 0.15 0.02 Aquila Res* O 111 0.20 0.18 0.20 + 0.01 0.24 0.15 Aquila Res T 331 0.25 0.23 0.25 + 0.02 0.32 0.19 Arch Coal* N 1471 74.18 71.10 71.14 - 0.60 86.47 59.05 Arctic Star* O 15 0.11 0.10 0.11 + 0.01 0.24 0.04 Arctic Star V 674 0.15 0.12 0.13 + 0.01 0.38 0.06 Arcus Dev Grp V 115 0.14 0.12 0.13 - 0.01 0.18 0.06 Ardonblue Vent V 294 0.52 0.47 0.52 + 0.05 0.57 0.08 Arena Mnls* O 683 0.09 0.07 0.08 - 0.01 0.23 0.07 Arena Mnls V 1437 0.12 0.10 0.10 - 0.02 0.30 0.10 Argentina Lith V 159 0.13 0.11 0.12 - 0.01 0.83 0.08 Argentina Lith* O 125 0.11 0.09 0.11 - 0.01 0.63 0.07 Argentum Silvr V 217 0.23 0.23 0.23 - 0.01 0.59 0.17 Argo Gold* O 155 0.15 0.12 0.12 - 0.01 0.18 0.05 Argo Gold 312 0.19 0.15 0.15 - 0.04 0.26 0.06 Argonaut Gold* O 99 2.19 1.93 2.19 + 0.23 2.40 1.12 Argonaut Gold T 2486 2.75 2.42 2.75 + 0.30 3.14 1.48 Argus Metals V 5 0.11 0.09 0.09 - 0.02 0.15 0.07 Arian Silver* O 864 0.01 0.00 0.00 - 0.00 0.02 0.00 Arianne Phosph* O 40 0.63 0.58 0.59 - 0.02 0.73 0.52 Arizona Mng T 2860 3.63 3.03 3.52 + 0.49 3.50 1.70 Arizona Mng* O 266 2.87 2.50 2.75 + 0.34 2.80 1.30 Arizona Silver V 517 0.28 0.25 0.26 - 0.01 1.23 0.12 Arizona Silver* O 73 0.22 0.21 0.21 - 0.01 0.91 0.13 Armor Mnrls V 43 0.39 0.00 0.37 - 0.01 0.59 0.35 Arrowstar Res V 1701 0.06 0.03 0.05 + 0.01 0.10 0.03 Asanko Gold T 1390 1.30 1.15 1.26 + 0.08 5.47 0.99 Asanko Gold* X 3087 1.04 0.93 1.01 + 0.06 4.17 0.78 Asante Gold 437 0.09 0.08 0.08 - 0.01 0.26 0.07 Ascot Res V 258 1.76 1.48 1.70 + 0.24 2.51 1.38 Ashanti Sanko V 152 0.04 0.03 0.03 - 0.01 0.10 0.03 Ashburton Vent V 986 0.09 0.08 0.08 - 0.01 0.34 0.08 AsiaBaseMetals V 719 0.23 0.19 0.22 + 0.03 0.45 0.12 Asiamet Res* O 4 0.05 0.00 0.05 - 0.00 0.08 0.03 Aston Bay V 518 0.14 0.11 0.11 - 0.03 0.40 0.12 ATAC Res V 860 0.76 0.67 0.70 - 0.04 0.89 0.32 Atacama Pacif* O 8 0.56 0.52 0.56 + 0.04 0.66 0.22

20-22_OCT16_StockTables.indd 20

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Athabasca Mnls V 304 Athena Silver* O 46 Atico Mng V 139 Atico Mng* O 64 Atlantic Gold V 3409 Atlatsa Res* O 84 Aura Mnls* O 8 Aura Mnls T 10 Auramex Res V 40 Aurania Res* O 6 Aurania Res V 25 Aurcana Corp* O 56 Aurcana Corp V 133 AurCrest Gold V 85 AuRico Metals T 2109 AuRico Metals * O 143 Aurion Res * O 69 Aurion Res V 2203 Aurvista Gold* O 954 Auryn Res T 526 Auryn Res* X 463 Austral Gold* O 15 Austral Gold V 186 Avalon Adv Mat* O 1012 Avalon Adv Mat T 1104 Avesoro Res T 374 Avino Silver* X 571 Avino Silver V 74 Avrupa Mnls V 191 Avrupa Mnls* O 87 Axmin Inc* O 20 Axmin Inc V 231 Azarga Mtls* O 1 T 70 Azarga Uranium Azarga Uranium* O 20 Azimut Expl V 198 Azincourt Uran* O 6 Azincourt Uran V 837 Aztec Minerals V 266 Azteca Gold* O 78

0.14 0.13 0.14 + 0.01 0.32 0.12 0.06 0.04 0.06 + 0.02 0.14 0.02 0.77 0.69 0.71 - 0.01 0.99 0.52 0.62 0.55 0.56 - 0.00 0.75 0.40 1.87 1.48 1.80 + 0.29 1.87 0.76 0.03 0.03 0.03 - 0.00 0.08 0.02 1.53 1.44 1.52 - 0.02 1.72 1.03 1.90 1.75 1.90 + 0.19 2.15 1.30 0.07 0.00 0.05 - 0.02 0.09 0.02 1.51 1.44 1.49 - 0.02 2.20 1.44 1.95 1.77 1.87 + 0.01 3.75 0.50 0.22 0.20 0.20 - 0.01 0.44 0.18 0.27 0.26 0.26 + 0.01 0.58 0.23 0.02 0.00 0.02 - 0.01 0.04 0.02 1.33 1.25 1.32 + 0.06 1.43 0.82 1.06 0.99 1.05 + 0.05 1.19 0.62 2.35 1.81 2.11 - 0.15 2.82 0.24 2.84 2.22 2.60 - 0.20 3.49 0.32 0.25 0.21 0.22 - 0.00 0.34 0.10 2.89 2.73 2.75 - 0.05 3.85 2.14 2.32 2.18 2.20 - 0.04 3.00 1.58 0.16 0.12 0.12 - 0.04 0.16 0.08 0.15 0.13 0.14 - 0.01 0.21 0.12 0.12 0.10 0.12 + 0.00 0.17 0.00 0.15 0.14 0.15 + 0.01 0.23 0.13 0.04 0.03 0.03 - 0.01 0.05 0.02 1.60 1.50 1.58 + 0.03 2.59 1.12 2.04 1.88 2.00 + 0.03 3.45 1.52 0.09 0.08 0.08 - 0.01 0.17 0.08 0.07 0.06 0.07 + 0.01 0.13 0.06 0.03 0.02 0.03 + 0.01 0.05 0.02 0.06 0.04 0.06 + 0.02 0.09 0.03 0.11 0.00 0.11 + 0.01 1.21 0.09 0.23 0.20 0.23 + 0.02 0.57 0.18 0.16 0.16 0.16 - 0.01 0.44 0.14 0.35 0.31 0.33 + 0.02 0.52 0.24 0.05 0.05 0.05 + 0.01 0.22 0.03 0.07 0.06 0.06 + 0.01 0.28 0.04 0.30 0.24 0.28 + 0.06 0.65 0.22 0.00 0.00 0.00 - 0.00 0.00 0.00

B2Gold* X 14346 B2Gold T 11022 Bacanora Mnls V 181 Balmoral Res T 526 Balmoral Res* O 360 Bannerman Res* O 88 T 232 Banro Corp Banro Corp* X 805 Bard Ventures V 20 Barkerville Go* O 119 Barkerville Go V 1344 Barrick Gold* N 32681 Barrick Gold T 9061 Barsele Min* O 137 Barsele Min V 187 Batero Gold V 158 Bayhorse Silvr* O 21 Bayhorse Silvr V 280 BE Res V 42 Bear Creek Mng V 129 Bearing Lith* O 339 Beaufield Res V 916 O 296 Beaufield Res* Bell Copper V 136 Bell Copper* O 100 Belo Sun Mng T 684 Belvedere Res V 263 O 37 Belvedere Res* Benton Res V 91 Benz Mining V 72 Berkeley Egy* O 2 Berkwood Res * O 266 Besra Gold* O 145 Big Wind Cap 377 Bitterroot Res* O 87 Bitterroot Res V 1346 Black Dragon* O 70 Black Dragon V 311 Black Hills* N 2194 Black Iron T 671 37 Black Isle Res V Black Sea Cop V 183 Black Sea Cop* O 29 Blackheath Res V 124 Blind Crk Res V 227 BLOX Inc* O 14 Blue Moon Zinc V 13515 Blue Rvr Res V 1312 Blue Sky Uran V 182 Bluestone Res V 38 Bonanza Gldfds* O 3550 BonTerra Res V 2144 BonTerra Res* O 142 Borneo Res Inv* O 2616 BQ Metals V 75 Bravada Gold V 176 Bravada Gold* O 61 Braveheart Res V 57 Bravo Multinat* O 18 Bravura Vent 705 Brazil Mnrls* O 1966 Brio Gold T 49 Britannia Mng* O 413 Brixton Mtls* O 49 Brixton Mtls V 145 Broadway Gold* O 144 Broadway Gold V 275 Brookmount Exp* O 3144 Bryn Res* O 233 Buenaventura* N 5667 Buffalo Coal V 303 Bullion Gld Res V 1077

2.90 2.74 2.83 + 0.03 3.55 2.02 3.61 3.43 3.54 + 0.10 4.64 2.69 1.34 1.24 1.31 + 0.01 1.75 1.01 0.60 0.56 0.57 - 0.03 0.98 0.55 0.48 0.23 0.45 - 0.04 0.91 0.23 0.03 0.03 0.03 - 0.00 0.08 0.01 0.47 0.44 0.46 + 0.01 39.50 0.31 0.39 0.35 0.37 + 0.01 3.01 0.25 0.03 0.03 0.03 - 0.01 0.05 0.02 0.69 0.64 0.66 - 0.02 1.03 0.29 0.85 0.79 0.81 - 0.05 1.39 0.41 16.65 15.95 16.59 + 0.50 20.78 13.81 20.87 19.97 20.81 + 0.73 27.19 18.52 0.55 0.52 0.53 - 0.03 1.25 0.44 0.72 0.66 0.66 - 0.04 1.62 0.55 0.10 0.09 0.09 - 0.01 0.16 0.08 0.19 0.17 0.18 + 0.01 0.21 0.09 0.24 0.00 0.23 - 0.01 0.27 0.13 0.04 0.04 0.04 - 0.01 0.50 0.04 2.24 2.05 2.15 + 0.10 3.40 1.64 0.65 0.61 0.63 - 0.01 1.41 0.30 0.18 0.14 0.15 - 0.03 0.34 0.06 0.14 0.11 0.12 - 0.03 0.25 0.04 0.08 0.06 0.07 + 0.02 0.15 0.03 0.05 0.04 0.05 + 0.01 0.12 0.02 0.59 0.53 0.54 - 0.02 1.14 0.50 0.06 0.05 0.06 - 0.01 0.09 0.01 0.05 0.04 0.05 + 0.00 0.06 0.02 0.06 0.00 0.06 + 0.01 0.15 0.06 0.31 0.28 0.30 + 0.03 0.47 0.15 0.64 0.64 0.64 + 0.04 0.92 0.50 0.22 0.20 0.22 - 0.00 0.44 0.20 0.00 0.00 0.00 - 0.00 0.01 0.00 0.38 0.28 0.32 + 0.03 0.60 0.05 0.20 0.17 0.19 + 0.01 0.24 0.02 0.27 0.22 0.23 + 0.02 0.29 0.04 0.09 0.08 0.08 - 0.01 0.09 0.02 0.10 0.09 0.10 + 0.01 0.12 0.03 69.79 66.19 67.08 - 1.79 72.02 54.76 0.12 0.10 0.10 - 0.01 0.17 0.03 0.06 0.04 0.04 + 0.01 0.06 0.03 0.18 0.14 0.14 - 0.03 0.40 0.15 0.14 0.00 0.12 - 0.00 0.29 0.11 0.06 0.05 0.06 + 0.01 0.11 0.04 0.22 0.19 0.20 - 0.02 0.38 0.07 0.24 0.24 0.24 + 0.01 0.35 0.01 0.12 0.07 0.09 - 0.02 0.12 0.02 0.03 0.02 0.02 - 0.01 0.08 0.02 0.15 0.13 0.14 + 0.01 0.61 0.10 1.14 0.00 1.05 + 0.04 1.90 0.40 0.00 0.00 0.00 - 0.00 0.01 0.00 0.45 0.39 0.44 + 0.04 0.55 0.21 0.36 0.31 0.36 + 0.03 0.41 0.15 0.00 0.00 0.00 - 0.00 0.00 0.00 0.20 0.20 0.20 - 0.04 0.49 0.01 0.14 0.00 0.14 - 0.01 0.34 0.11 0.12 0.09 0.10 - 0.01 0.26 0.09 0.09 0.07 0.08 - 0.01 0.10 0.03 1.20 0.86 0.99 - 0.01 7.95 0.32 0.81 0.64 0.80 + 0.08 4.25 0.20 0.01 0.01 0.01 - 0.00 0.50 0.00 2.12 2.02 2.08 + 0.06 3.59 1.58 0.00 0.00 0.00 + 0.00 0.02 0.00 0.24 0.22 0.24 + 0.00 0.50 0.15 0.30 0.27 0.29 - 0.01 0.67 0.18 0.39 0.35 0.36 + 0.01 1.29 0.22 0.49 0.43 0.46 + 0.02 1.70 0.24 0.03 0.01 0.01 - 0.01 0.13 0.01 0.00 0.00 0.00 - 0.00 0.01 0.00 13.92 12.65 13.89 + 1.10 14.59 9.87 0.01 0.00 0.01 - 0.01 0.03 0.01 0.44 0.32 0.42 + 0.12 0.44 0.08

Cache Expl V 485 Calaveras Res 24 Caledonia Mng T 13 Caledonia Mng* X 8 Calibre Mng V 1331 California Gld V 402 California Go* O 2 Callinex Mines* O 216 Callinex Mines V 440 Cameco Corp* N 24225 Cameco Corp T 8138 Camino Mnls V 588 Camino Mnls* O 4 Camrova Res V 481 Camrova Res* O 18 Canada Coal V 132 Canada One V 21 Canadian Mng V 133 Canadian Zeol V 783 Canadian Zeol* O 26 CanAlaska Uran* O 82 CanAlaska Uran V 103 Canamex Res* O 232 Canamex Res V 1154 Canarc Res T 363 Canarc Res* O 296 Candelaria Mg V 11 Candelaria Mg* O 2 Candente Coppr T 1173 Candente Gold* O 10 Candente Gold V 461

0.11 0.10 0.10 - 0.01 0.31 0.07 0.48 0.47 0.47 - 0.01 0.48 0.48 7.30 7.05 7.21 - 0.09 12.10 6.30 5.83 0.00 5.75 + 0.02 6.75 0.05 0.15 0.13 0.14 - 0.01 0.30 0.10 0.55 0.46 0.49 - 0.02 0.64 0.23 0.40 0.00 0.40 - 0.00 0.49 0.21 0.36 0.32 0.33 + 0.00 0.50 0.21 0.45 0.41 0.42 + 0.02 0.67 0.28 9.86 8.76 9.32 - 0.35 13.36 7.41 12.32 10.95 11.68 - 0.37 17.65 9.88 0.57 0.47 0.47 - 0.03 2.23 0.15 0.42 0.00 0.38 - 0.03 1.62 0.00 0.08 0.06 0.08 + 0.02 0.33 0.06 0.05 0.00 0.05 + 0.01 0.21 0.00 0.03 0.02 0.02 - 0.01 0.10 0.02 0.11 0.11 0.11 - 0.01 0.19 0.05 0.49 0.39 0.41 - 0.12 0.79 0.10 0.39 0.33 0.37 + 0.01 1.95 0.33 0.31 0.27 0.30 + 0.00 1.46 0.27 0.28 0.26 0.28 + 0.01 0.59 0.24 0.35 0.33 0.33 - 0.02 0.78 0.33 0.10 0.07 0.10 + 0.02 0.13 0.06 0.13 0.09 0.13 + 0.03 0.19 0.08 0.09 0.08 0.09 + 0.01 0.13 0.07 0.07 0.06 0.07 - 0.00 0.10 0.05 0.88 0.69 0.69 - 0.18 1.08 0.52 0.56 0.55 0.56 + 0.00 1.08 0.55 0.11 0.10 0.11 + 0.01 0.14 0.06 0.03 0.03 0.03 + 0.00 0.05 0.02 0.05 0.04 0.05 + 0.01 0.08 0.03

B

C

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

CANEX Metals V 10 0.05 0.00 0.05 - 0.03 0.14 0.05 CaNickel Mng V 11 0.10 0.00 0.10 + 0.02 0.33 0.05 303 0.13 0.10 0.10 - 0.02 0.15 0.04 Canoe Mng Vent V Cantex Mn Dev V 586 0.03 0.02 0.02 - 0.01 0.10 0.03 Canuc Res V 89 0.44 0.00 0.41 - 0.01 0.60 0.25 Canuc Res* O 5 0.35 0.34 0.35 + 0.01 0.41 0.22 Canyon Copper* O 7 0.15 0.00 0.15 - 0.03 0.22 0.09 Canyon Copper V 54 0.20 0.17 0.18 - 0.02 0.29 0.08 Canyon Gold* O 13496 0.01 0.00 0.00 - 0.00 0.15 0.00 Capstone Mng T 4664 1.54 1.35 1.48 + 0.12 1.81 0.68 Cardero Res* O 194 0.13 0.00 0.09 - 0.03 0.19 0.05 Cardinal Res T 899 1.05 0.65 0.68 - 0.02 1.05 0.54 Cariboo Rose V 1117 0.13 0.09 0.11 - 0.01 0.26 0.07 Carmax Mng V 687 0.05 0.04 0.04 - 0.01 0.06 0.03 Carrara Explor 322 0.85 0.72 0.78 - 0.04 1.00 0.35 Cartier Res V 790 0.27 0.24 0.24 - 0.03 0.38 0.13 Carube Copper V 346 0.07 0.00 0.06 - 0.02 0.14 0.06 V 1142 0.09 0.07 0.09 + 0.01 0.16 0.07 Cascadero Copp Castle Silver* O 21 0.15 0.15 0.15 + 0.01 0.22 0.03 0.56 - 0.14 0.85 0.20 Cautivo Mining 5 0.70 0.00 Cava Res V 240 0.27 0.27 0.27 + 0.05 0.59 0.15 Cavan Vent V 244 0.11 0.08 0.09 + 0.01 0.11 0.02 0.00 - 0.01 0.04 0.00 Caza Gold* O 5 0.02 0.00 Cda Carbon* O 163 0.13 0.11 0.11 - 0.02 0.23 0.10 Cda Carbon V 743 0.15 0.12 0.13 - 0.03 0.31 0.11 Cda Rare Earth* O 35 0.04 0.03 0.03 + 0.00 0.05 0.02 299 0.10 0.09 0.10 + 0.01 0.16 0.09 Cda Strtgc Met V Cda Strtgc Met * O 5 0.06 0.06 0.06 - 0.00 0.12 0.06 0.35 0.28 0.32 + 0.02 0.48 0.22 Cda Zinc Mtls V 2237 Cdn Intl Mnrls V 6295 0.02 0.01 0.02 + 0.01 0.04 0.01 10 0.02 0.02 0.02 + 0.00 0.03 0.00 Cdn Intl Mnrls* O Cdn Orebodies V 61 0.22 0.22 0.22 - 0.03 0.53 0.19 Cdn Silvr Hunt V 95 0.08 0.07 0.07 - 0.01 0.12 0.02 Cdn Zinc* O 255 0.17 0.15 0.16 + 0.00 0.24 0.11 Cdn Zinc T 1333 0.21 0.20 0.20 - 0.01 0.32 0.15 Centamin T 141 2.41 2.35 2.38 - 0.06 3.23 1.84 Centaurus Diam* O 56 0.06 0.06 0.06 + 0.00 0.10 0.01 V 98 0.19 0.17 0.18 + 0.01 0.45 0.15 Centenera Mng Centerra Gold T 2094 9.04 8.76 9.00 + 0.21 9.35 5.56 Century Global* O 74 0.16 0.16 0.16 - 0.01 0.40 0.13 T 75 0.20 0.20 0.20 - 0.01 0.72 0.13 Century Global Ceylon Graph V 618 0.20 0.17 0.17 - 0.01 0.45 0.16 Chalice Gold M T 13594 0.29 0.21 0.22 - 0.07 0.33 0.14 Chalice Gold M* O 776 0.22 0.15 0.17 - 0.06 0.25 0.09 V 71 0.15 0.00 0.13 - 0.01 0.28 0.06 Champion Bear Champion Iron* O 34 0.83 0.79 0.81 - 0.01 1.12 0.17 Chantrell Vent V 308 0.09 0.08 0.09 - 0.01 0.11 0.05 Chatham Rock V 7 0.47 0.00 0.39 - 0.03 0.90 0.15 Chesapeake Gld V 66 3.90 3.57 3.77 - 0.13 5.00 2.91 Chesapeake Gld* O 71 3.06 2.84 3.03 - 0.01 3.70 2.28 117.03 - 0.47 119.00 99.61 Chevron Corp* N 20625 118.69 115.53 Chiboug Ind Mn V 994 0.07 0.06 0.06 - 0.02 0.14 0.06 Chiboug Ind Mn* O 15 0.05 0.00 0.04 - 0.01 0.11 0.04 O 96 0.07 0.06 0.07 - 0.00 0.24 0.06 Chilean Metals* Chilean Metals V 454 0.08 0.07 0.08 + 0.01 0.33 0.07 Chimata Gold V 42 0.14 0.11 0.13 - 0.02 0.15 0.05 China Gold Int T 1723 2.09 1.92 2.07 + 0.11 3.67 1.82 China Mnls Mng* O 11 0.24 0.00 0.20 - 0.03 0.24 0.14 13 0.29 0.23 0.23 - 0.03 0.75 0.16 China Mnls Mng V 0.06 + 0.01 0.19 0.05 CKR Carbon V 798 0.07 0.06 CKR Carbon* O 25 0.04 0.04 0.04 - 0.01 0.12 0.04 Claim Post Res V 280 0.09 0.07 0.08 - 0.01 0.13 0.02 0.07 + 0.01 0.15 0.05 Clean Comm V 2024 0.08 0.06 Cleveland-Clif* N 37711 7.59 7.05 7.10 - 0.05 12.37 4.91 0.11 - 0.00 0.16 0.07 Clifton Mng* O 38 0.11 0.11 CNRP Mng* O 180 0.46 0.02 0.38 + 0.06 1.00 0.02 0.17 0.14 0.16 - 0.01 0.19 0.05 Cobalt Pwr Grp V 3028 Cobalt Pwr Grp* O 120 0.14 0.12 0.12 - 0.02 0.16 0.06 O 55 0.11 0.11 0.11 - 0.01 0.32 0.08 CobalTech M’g* CobalTech M’g V 729 0.14 0.13 0.14 + 0.01 0.45 0.11 Coeur Mng* N 10935 9.87 8.97 9.26 + 0.07 12.30 7.30 0.12 - 0.01 0.28 0.11 Colibri Res V 36 0.12 0.12 Colonial Coal V 325 0.11 0.10 0.11 + 0.01 0.24 0.09 0.28 - 0.03 0.46 0.18 Colorado Res V 1275 0.31 0.25 Colorado Res* O 237 0.24 0.20 0.21 - 0.04 0.37 0.13 Columbus Gold* O 661 0.53 0.40 0.43 - 0.09 0.83 0.31 T 1447 0.65 0.50 0.55 - 0.10 1.09 0.42 Columbus Gold Comet Inds V 43 3.05 3.00 3.05 + 0.05 3.20 2.50 Commerce Res* O 228 0.07 0.06 0.07 + 0.01 0.09 0.04 Commerce Res V 670 0.09 0.08 0.08 - 0.01 0.11 0.05 X 22383 0.19 0.15 0.16 + 0.00 0.36 0.13 Comstock Mng* Comstock Mtls * O 110 0.11 0.08 0.08 - 0.03 0.18 0.08 0.11 + 0.02 0.19 0.07 Condor Res V 840 0.11 0.08 Confedertn Ml* O 1 0.56 0.52 0.52 - 0.04 0.80 0.39 Confedertn Mls V 22 0.74 0.63 0.64 - 0.10 1.06 0.46 CONSOL Energy* N 10982 17.01 16.45 16.57 - 0.37 22.34 13.55 Constantine Mt V 901 0.30 0.25 0.26 - 0.06 0.35 0.09 2.67 + 0.25 4.39 1.90 Contintl Gold* O 150 2.67 2.43 Contintl Gold T 1798 3.40 3.02 3.37 + 0.35 5.75 2.62 Contintl Prec V 53 0.38 0.00 0.32 + 0.02 0.44 0.25 Copper Ck Gold V 305 0.03 0.03 0.03 - 0.01 0.11 0.03 Copper Fox Mtl V 469 0.18 0.16 0.16 - 0.01 0.19 0.11 Copper Fox Mtl* O 28 0.14 0.12 0.14 + 0.01 0.15 0.08 98 1.12 1.03 1.12 + 0.12 1.15 0.32 Copper Mtn Mng* O Copper Mtn Mng T 3776 1.40 1.26 1.39 + 0.14 1.42 0.42 Copper North M V 115 0.09 0.07 0.09 + 0.01 0.16 0.07 Copper North M* O 1 0.07 0.00 0.07 - 0.00 0.13 0.00 Copperbank Res 1091 0.14 0.12 0.12 - 0.02 0.18 0.05 Copperbank Res* O 257 0.11 0.09 0.09 - 0.02 0.14 0.04 Coral Gold * O 188 0.28 0.26 0.28 + 0.00 0.30 0.20 Coral Gold V 654 0.36 0.34 0.36 + 0.02 0.40 0.27 Cordoba Mnls* O 139 0.47 0.44 0.44 - 0.01 1.21 0.44 Cordoba Mnls V 323 0.59 0.55 0.56 - 0.02 1.59 0.54 Core Gold V 497 0.38 0.33 0.34 - 0.01 0.45 0.17 0.28 - 0.01 0.32 0.13 Core Gold* O 24 0.29 0.28 Corex Gold V 222 0.11 0.10 0.11 + 0.01 0.17 0.10 0.08 - 0.01 0.13 0.07 Corex Gold* O 78 0.09 0.08 Cornerstone Ca V 1402 0.39 0.34 0.38 + 0.01 0.55 0.12 Cornerstone Ca* O 234 0.31 0.27 0.31 + 0.02 0.44 0.08 Cornerstone Mt V 491 0.20 0.17 0.18 - 0.01 0.25 0.04 Coro Mining T 514 0.13 0.11 0.12 - 0.01 0.20 0.10 1.43 + 0.01 3.82 1.34 Corsa Coal V 72 1.47 1.41 Corsa Coal * O 40 1.20 0.00 1.14 - 0.04 2.93 1.10 Corvus Gold T 1009 1.16 0.85 1.10 + 0.27 1.00 0.50 Corvus Gold* O 217 0.94 0.68 0.90 + 0.26 0.79 0.37 1.59 - 0.05 1.79 0.40 Critical Elem V 1070 1.66 1.57 Critical Elem* O 54 1.32 1.25 1.29 - 0.02 1.44 0.31 Crown Mining V 243 0.09 0.08 0.08 - 0.01 0.18 0.07 Cruz Cobalt* O 487 0.19 0.16 0.17 - 0.02 0.23 0.09 Cruz Cobalt V 2443 0.24 0.20 0.21 - 0.03 0.31 0.11 Crystal Explor V 978 0.10 0.05 0.09 + 0.01 0.16 0.05 Crystal Lake V 85 0.27 0.20 0.21 - 0.02 0.39 0.16 Crystal Lake* O 18 0.17 0.16 0.16 + 0.01 0.25 0.13 Crystal Peak* O 11 0.35 0.31 0.32 + 0.01 0.42 0.19 Curlew Lke Res V 26 0.85 0.72 0.72 - 0.13 1.49 0.10 Cyclone Uran* O 667 0.00 0.00 0.00 - 0.00 0.02 0.00 Cypress Dev* O 59 0.11 0.11 0.11 - 0.00 0.11 0.06 Cypress Dev V 357 0.14 0.12 0.13 - 0.01 0.15 0.08

D-F Dajin Res V 356 Dajin Res* O 345 Dakota Ter Res* O 64 Daleco Res* O 472 Dalradian Res* O 491 Dalradian Res T 969 Damara Gold V 354 Danakali* O 33 Darnley Bay V 1767 Darnley Bay* O 14 Debut Dmds 127 Decade Res* O 340 Declan Res 46 Defiance Silvr V 656 Defiance Silvr* O 274 Delrand Res V 23 Denison Mines* X 1258

0.13 0.11 0.12 + 0.01 0.17 0.08 0.10 0.08 0.09 - 0.01 0.13 0.06 0.04 0.00 0.04 - 0.00 0.10 0.02 0.01 0.00 0.01 + 0.00 0.03 0.00 1.12 1.00 1.11 + 0.02 1.37 0.78 1.40 1.26 1.38 + 0.04 1.78 1.06 0.15 0.13 0.14 - 0.01 0.18 0.04 0.57 0.54 0.54 - 0.03 0.65 0.27 0.23 0.18 0.19 - 0.04 0.57 0.13 0.18 0.15 0.15 - 0.03 0.44 0.14 0.01 0.00 0.01 - 0.01 0.03 0.01 0.09 0.07 0.08 - 0.00 0.16 0.03 0.22 0.00 0.21 + 0.03 0.30 0.06 0.30 0.27 0.30 - 0.01 0.45 0.21 0.24 0.20 0.24 - 0.01 0.35 0.16 1.79 1.68 1.79 + 0.10 1.94 0.46 0.47 0.44 0.45 - 0.02 0.84 0.37

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

T 1366 Denison Mines Desert Gold V 60 Detour Gold T 5493 O 852 Diamante Min* Diamcor Mng V 321 Diamcor Mng* O 27 O 1953 Discovery Gold* Ditem Explor* O 9 DNI Metals 1951 DNI Metals* O 186 39085 O Dolat Ventures* 68 Dolly Vard Sil* O Dolly Vard Sil V 1412 Dominion Diam T 302 N 3635 Dominion Diam* Dorex Mnrls* O 815 Dorex Mnrls V 430 V 2421 Doubleview Cap O 8 Doubleview Cap* DRDGOLD* N 407 601 Dundee Prec Mt T O 17 Dunnedin Vent* Durango Res V 704 200 Dynacor Gld Mn T 22 Dynacor Gld Mn* O Dynasty Gold V 127 6 Dynasty Gold * O E3 Metals V 170 O 20 Eagle Graphite* Eagle Plains V 564 V 1059 East Africa 10 O East Africa * East Asia Mnls V 2349 EastCoal Inc V 79 O 17 Eastern Platin* Eastfield Res V 284 Eastmain Res* O 174 Eastmain Res T 1495 219 Eco Oro Mnls T eCobalt Solns T 2442 O 968 eCobalt Solns* V 7 Edgewater Expl O 6 Edgewater Expl* 687 El Capitan Prc* O Elcora Res V 448 Elcora Res* O 91 22660 N Eldorado Gold* Eldorado Gold T 7481 Eloro Mnrls V 63 Eloro Mnrls* O 61 500 Ely Gold & Mnl* O 256 Ely Gold & Mnl V Elysee Dev V 42 Emerita Res V 760 Emgold Mng V 29 Emgold Mng* O 4 EMX Royalty* X 170 EMX Royalty V 67 O 273 Encanto Potash* V 2199 Encanto Potash Endeavour Mng T 684 O 29 Endeavour Mng* N 6271 Endeavr Silver* Endeavr Silver T 1008 O 301 Endurance Gold* V 1709 Endurance Gold Energy Fuels T 275 880 X Fuels* Energy Enforcer Gold V 517 Engold Mines* O 219 Engold Mines V 336 Ensurge* O 315 Entree Gold* X 297 Entree Gold T 203 Equitorial Ex V 1711 299 Erdene Res Dev T 81 Erdene Res Dev* O Erin Ventures* O 6 Erin Ventures V 141 135 Eros Res Corp* O 589 Eros Res Corp V 589 Eros Res Corp V Eskay Mng V 96 V 18 Essex Minerals Ethos Gold* O 57 Ethos Gold V 130 Eureka Res V 1019 30 Euro Sun Mg* O 198 T Euro Sun Mg O 42 EurOmax Res* EurOmax Res T 257 V 429 Eurotin Everton Res* O 156 Evolving Gold 120 O 79 Evolving Gold* Evrim Res V 142 Excellon Res* O 252 Excellon Res T 711 O 103 Excelsior Mng* Excelsior Mng T 380 Explor Res* O 206 Explorex Res* O 90 Explorex Res 384 Fairmont Res V 547 Falco Res V 978 36 O Falco Res * Falcon Gold V 2253 Fancamp Expl V 62 Far Res 4179 Far Res* O 153 171 Filo Mg Corp V Fiore Gold V 3088 Firesteel Res V 324 Firestone Vent V 104 Fireweed Zinc V 149 O 41 Firma Holdings* First Bauxite V 152 First Cobalt V 1489 286 First Cobalt * O First Energy V 48 First Liberty* O 6227 First Majestic* N 14083 First Majestic T 2792 T 1538 First Mg Fin First Mg Fin * O 1674 First Point* O 258 First Quantum T 10429 Fission Uran T 1406 Fission Uran* O 856 250 Five Star Diam V O 43 Fjordland Exp* Fjordland Exp V 318 O 2483 Focus Graphite* V 1829 Focus Graphite Foran Mng V 154 Forsys Metals T 156 O 14 Fortescue Mtls* T 1313 Fortuna Silvr Fortuna Silvr* N 3570 Fortune Bay* O 5 Fortune Mnrls T 2681 O 1035 Fortune Mnrls* V 58 Forum Uranium Four Nines 245 FPX Nickel V 151 N 2346 Franco-Nevada* Franco-Nevada T 1800 Freedom Egy V 217

0.49 0.56 - 0.02 1.10 0.58 0.55 0.14 0.26 + 0.03 0.40 0.26 0.22 13.24 14.11 + 0.35 27.08 14.40 13.47 0.02 0.04 - 0.03 0.21 0.07 0.03 0.49 0.50 - 0.02 1.38 0.54 0.49 0.40 0.40 + 0.00 1.00 0.43 0.40 0.00 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00 + 0.00 0.00 0.00 0.00 0.02 0.11 + 0.02 0.16 0.11 0.09 0.00 0.09 + 0.01 0.13 0.09 0.07 0.00 0.05 + 0.01 0.13 0.06 0.03 0.61 0.54 0.59 + 0.07 0.71 0.35 0.75 0.70 0.71 + 0.05 0.88 0.45 11.07 17.80 + 0.11 18.27 17.86 17.71 14.20 + 0.02 14.23 8.29 14.23 14.06 0.14 0.24 - 0.02 0.27 0.27 0.23 0.10 0.30 - 0.02 0.33 0.31 0.25 0.04 0.10 + 0.03 0.19 0.10 0.07 0.03 0.06 + 0.02 0.14 0.06 0.06 2.84 3.92 + 0.07 6.67 3.98 3.71 2.72 2.61 2.68 - 0.02 3.70 1.87 0.14 0.14 - 0.01 0.31 0.15 0.14 0.05 0.08 - 0.01 0.36 0.09 0.08 2.01 1.92 1.98 - 0.01 2.88 1.82 1.58 1.54 1.58 + 0.00 2.15 1.37 0.12 0.16 + 0.01 0.32 0.17 0.15 0.12 0.00 0.12 - 0.01 0.14 0.12 0.18 0.35 - 0.03 0.78 0.38 0.33 0.02 0.02 - 0.00 0.04 0.02 0.02 0.11 0.15 - 0.02 0.24 0.17 0.14 0.29 0.23 0.24 - 0.02 0.33 0.17 0.22 0.22 0.22 + 0.04 0.24 0.13 0.14 0.11 0.12 - 0.03 0.74 0.05 0.07 0.09 - 0.01 0.30 0.09 0.08 0.19 0.26 + 0.00 0.55 0.27 0.24 0.03 0.04 - 0.01 0.08 0.05 0.04 0.21 0.25 - 0.02 0.65 0.26 0.24 0.30 0.31 - 0.01 0.87 0.33 0.30 0.29 0.23 0.28 - 0.02 0.87 0.13 0.46 1.15 + 0.01 1.48 1.27 1.13 0.34 0.92 - 0.01 1.22 1.02 0.90 0.13 0.16 - 0.01 0.26 0.16 0.16 0.11 0.12 - 0.00 0.16 0.13 0.12 0.05 0.04 0.05 + 0.01 2.35 0.04 0.15 0.16 - 0.03 0.40 0.19 0.15 0.13 0.14 - 0.02 0.32 0.15 0.13 1.77 2.26 + 0.06 3.91 2.28 2.17 2.24 2.84 + 0.10 5.13 2.85 2.72 0.36 0.82 - 0.01 0.87 0.84 0.78 0.30 0.65 - 0.02 0.68 0.67 0.65 0.12 0.10 0.12 - 0.00 0.18 0.08 0.15 0.14 0.15 + 0.01 0.24 0.11 0.30 0.35 - 0.01 0.49 0.36 0.35 0.04 0.10 - 0.01 0.22 0.11 0.09 0.15 0.25 + 0.02 0.40 0.25 0.00 0.17 0.21 + 0.02 0.25 0.21 0.17 0.75 0.80 - 0.04 1.24 0.86 0.80 1.02 1.01 - 0.03 1.60 1.08 1.01 0.03 0.04 + 0.00 0.13 0.04 0.03 0.05 0.05 - 0.01 0.17 0.05 0.05 17.37 25.19 + 0.23 28.81 25.48 24.58 13.00 20.10 - 0.00 21.89 20.24 19.76 2.08 2.59 + 0.21 5.07 2.59 2.34 2.64 3.23 + 0.26 6.82 3.24 2.93 0.03 0.06 + 0.01 0.07 0.06 0.06 0.04 0.08 + 0.02 0.10 0.09 0.00 1.74 1.88 - 0.12 3.53 1.98 1.88 1.29 1.50 - 0.10 2.71 1.58 1.50 0.11 0.12 - 0.01 0.28 0.13 0.11 0.05 0.17 - 0.04 0.50 0.21 0.17 0.05 0.25 - 0.02 0.68 0.27 0.23 0.02 0.06 + 0.00 0.12 0.06 0.05 0.21 0.42 - 0.02 0.72 0.46 0.40 0.29 0.53 - 0.02 0.94 0.55 0.50 0.03 0.06 + 0.01 0.14 0.07 0.06 0.79 0.69 0.74 + 0.01 1.40 0.36 0.63 0.55 0.61 + 0.02 1.00 0.28 0.01 0.09 - 0.01 0.11 0.10 0.09 0.11 0.11 - 0.01 0.42 0.12 0.11 0.16 0.15 0.16 + 0.01 0.17 0.10 0.20 0.18 0.19 + 0.01 0.21 0.15 0.20 0.18 0.19 + 0.01 0.21 0.15 0.15 0.28 - 0.02 0.45 0.33 0.28 0.14 0.14 - 0.01 0.33 0.15 0.14 0.10 0.13 + 0.01 0.23 0.13 0.11 0.13 0.16 + 0.02 0.30 0.16 0.14 0.03 0.04 - 0.01 0.15 0.04 0.03 0.47 1.55 1.18 0.00 1.13 + 0.03 1.48 1.39 1.42 + 0.01 2.02 0.62 0.23 0.26 + 0.01 0.59 0.27 0.25 0.30 0.33 - 0.01 0.81 0.34 0.31 0.04 0.06 + 0.01 0.12 0.07 0.05 0.03 0.03 - 0.01 0.09 0.04 0.03 0.13 0.35 - 0.02 0.39 0.37 0.32 0.10 0.28 - 0.02 0.30 0.29 0.25 0.16 0.25 + 0.01 0.36 0.26 0.24 0.92 1.68 + 0.02 1.87 1.77 1.62 1.22 2.10 + 0.07 2.30 2.20 2.03 0.29 0.97 + 0.06 1.18 1.00 0.94 0.37 1.22 + 0.08 1.48 1.25 1.13 0.04 0.06 - 0.00 0.09 0.06 0.04 0.10 0.17 + 0.01 0.20 0.18 0.15 0.10 0.21 - 0.02 0.29 0.25 0.18 0.02 0.02 - 0.01 0.16 0.03 0.02 0.77 1.17 - 0.03 1.65 1.21 1.13 0.97 0.91 0.96 + 0.00 1.17 0.57 0.04 0.04 + 0.01 0.20 0.05 0.04 0.03 0.05 - 0.01 0.08 0.05 0.00 0.05 0.29 - 0.01 0.38 0.31 0.27 0.05 0.24 - 0.00 0.41 0.26 0.22 2.58 2.34 2.40 - 0.10 3.00 1.49 0.70 0.71 - 0.12 1.10 1.10 0.70 0.04 0.08 - 0.01 0.12 0.09 0.08 0.03 0.07 - 0.01 0.15 0.08 0.07 0.71 0.73 - 0.02 1.00 0.78 0.72 0.03 0.06 - 0.00 0.12 0.06 0.06 0.03 0.03 + 0.01 0.07 0.03 0.03 0.22 0.64 + 0.02 0.92 0.64 0.56 0.52 0.45 0.51 + 0.01 0.67 0.31 0.04 0.04 - 0.01 0.10 0.05 0.00 0.00 0.00 - 0.00 0.00 0.00 0.00 7.37 6.74 7.35 + 0.51 10.92 5.92 9.24 8.43 9.21 + 0.69 14.36 7.51 0.68 0.64 0.66 - 0.02 1.10 0.57 0.54 0.51 0.53 - 0.02 0.84 0.42 0.05 0.07 - 0.02 0.12 0.09 0.07 15.40 + 1.39 17.55 9.69 16.15 13.96 0.49 0.60 - 0.04 0.92 0.64 0.57 0.36 0.48 - 0.03 0.70 0.51 0.45 0.28 0.23 0.27 - 0.01 0.55 0.17 0.07 0.28 - 0.08 0.47 0.36 0.28 0.10 0.38 - 0.08 0.59 0.50 0.35 0.04 0.06 + 0.00 0.11 0.06 0.05 0.06 0.07 + 0.01 0.15 0.08 0.06 0.17 0.30 + 0.02 0.47 0.30 0.27 0.06 0.12 - 0.02 0.28 0.13 0.12 3.35 4.00 + 0.08 5.50 4.15 0.00 5.84 5.45 5.82 + 0.36 10.32 5.42 4.11 4.65 + 0.27 7.73 4.66 4.38 0.30 0.39 - 0.00 0.64 0.40 0.38 0.10 0.22 - 0.01 0.34 0.22 0.20 0.07 0.18 + 0.00 0.26 0.18 0.16 0.05 0.05 - 0.01 0.17 0.06 0.05 0.11 0.12 - 0.02 0.16 0.12 0.11 0.07 0.09 - 0.02 0.15 0.11 0.09 53.31 79.19 + 1.71 85.03 79.45 76.76 99.33 96.31 99.30 + 2.64 104.00 71.44 0.09 0.11 - 0.01 0.14 0.12 0.11

2017-10-10 5:02 PM


GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 16–29, 2017

21

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

Week

12-month

Exc Volume High Low Last Change High Low

Freegold Vent T 196 Freeport McMoR* N 86314 Fremont Gold V 93 Fresnillo plc* O 1 Frontier Lith V 225 Frontline Gold V 497 Fura Gems V 863

0.14 0.12 0.12 - 0.02 0.19 0.08 15.39 13.97 14.33 + 0.29 17.06 9.24 0.16 0.15 0.15 - 0.02 0.20 0.07 19.35 18.54 18.54 - 0.36 22.30 13.18 0.44 0.40 0.44 + 0.05 0.46 0.24 0.03 0.02 0.02 - 0.01 0.04 0.01 0.44 0.37 0.40 - 0.01 0.50 0.12

Gabriel Res T 226 Gainey Capital V 470 Galane Gold V 3477 Galantas Gold V 1124 Galore Res V 281 Galway Gold V 84 Galway Mtls* O 29 Galway Mtls V 121 Garibaldi Res V 4835 Garibaldi Res * O 731 GB Minerals V 85 General Moly T 5 General Moly* X 554 Genesis Mtls* O 559 Genesis Mtls V 1502 Genius Props 394 Gensource Pot V 5649 Geodex Mnrls V 12 Geologix Expl* O 100 Geomega Res* O 222 O 25 GFG Resources* GGL Res V 51 GGX Gold V 1128 Giga Metals V 402 Gitennes Expl V 1044 Giyani Gold V 108 Giyani Gold* O 188 Glacier Lake V 84 Gldn Predator* O 190 Gldn Predator V 794 Glen Eagle Res V 205 Glencore Plc* O 649 Global Energy V 292 Global Li-Ion 1239 Globex Mng* O 35 Globex Mng T 68 GMV Minerals* O 25 GMV Minerals V 200 GobiMin V 10 GoGold Res T 372 Gold Fields* N 12531 Gold Mng USA* O 10687 Gold Reach Res V 170 Gold Reserve V 107 Gold Reserve* O 55 Gold Resource* X 2151 Gold Std Vents V 1711 Gold Std Vents* X 1489 V 170 Goldbank Mng Goldcliff Res* O 20 Goldcliff Res V 117 Goldcorp T 7980 Goldcorp* N 22651 Golden Arrow* O 198 Golden Dawn Ml* O 16 899 Golden Dawn Ml V Golden Eagle* O 36 O 113 Golden Global* Golden Hope V 33 Golden Hope* O 17 Golden Mnls T 29 Golden Mnls* X 613 56 Golden Peak Mn V Golden Queen* O 10012 Golden Queen T 8010 Golden Reign V 1165 Golden Share V 112 Golden Star T 342 Golden Star* X 8339 Golden Tag V 115 Golden Valley* O 32 Golden Valley V 273 O 209 Goldgroup Mng* Goldgroup Mng T 204 GoldMining V 446 GoldON Res V 58 GoldON Res* O 42 GoldQuest Mng V 1844 Goldrea Res 128 Goldrea Res* O 8 Goldsource Min* O 117 Goldsource Min V 259 Goldstar Mnls V 370 Goldstream Mnl V 82 Goldstrike Res V 443 Gossan Res V 54 GoviEx Uranium* O 134 GoviEx Uranium V 997 Gowest Gold* O 111 GPM Metals V 211 Gran Colombia* O 114 Gran Colombia T 534 Granada Gold V 375 Granada Gold* O 44 Grande Portage V 1766 O 252 Grande Portage* Granite Ck Gld V 185 Graphite Corp* O 274 Graphite One* O 685 Gray Rock Res V 65 Great Atlantic V 572 Great Bear Res* O 8 Great Bear Res V 209 Great Lakes Gr* O 673 Great Panther T 491 X 2566 Great Panther* Great Quest Fe V 232 Great Rock Dev* O 181 Great Thunder V 938 Great Western* O 137 Greencastle Rs V 88 Greenland M&En* O 558 Grizzly Discvr V 123 Group Ten Mtls V 485 GrowMax Res* O 45 GrowMax Res V 622 GT Gold * O 99 GT Gold V 1759 Guerrero Vents V 347 Gungnir Res V 1455 Gungnir Res* O 871 Guyana Gldflds T 3230 Guyana Goldstr V 104 Handa Copper* O 25 Hannan Metals V 65 Hannan Metals* O 13 Happy Ck Mnrls V 70 Harfang Explor V 65 Harmony Gold* N 10659 Harte Gold* O 268 Harte Gold T 1869 Harvest Gold V 452 Heatherdale Rs V 205 Hecla Mining* N 18393 Hellix Vent* O 278 Hemcare Health* O 2106 Heron Res T 210 Highland Copp V 740

0.35 0.31 0.31 - 0.04 0.63 0.26 0.14 0.12 0.12 - 0.02 0.34 0.09 0.07 0.06 0.07 - 0.01 0.14 0.06 0.10 0.09 0.09 + 0.01 0.18 0.07 0.02 0.02 0.02 + 0.01 0.07 0.01 0.09 0.08 0.08 - 0.01 0.13 0.06 0.31 0.30 0.31 - 0.01 0.36 0.18 0.40 0.37 0.39 - 0.01 0.52 0.23 2.30 1.91 2.25 + 0.36 2.30 0.07 1.84 1.51 1.78 + 0.27 1.84 0.06 0.08 0.08 0.08 + 0.02 0.10 0.05 0.50 0.47 0.47 - 0.01 0.95 0.30 0.39 0.35 0.37 - 0.01 0.72 0.21 0.14 0.09 0.10 - 0.03 0.18 0.08 0.18 0.12 0.13 - 0.04 0.22 0.09 0.16 0.13 0.16 + 0.01 0.38 0.11 0.12 0.08 0.09 - 0.04 0.25 0.06 0.15 0.00 0.15 - 0.03 0.19 0.05 0.06 0.06 0.06 + 0.01 0.09 0.03 0.07 0.06 0.07 + 0.00 0.12 0.04 0.52 0.48 0.50 + 0.01 1.00 0.39 0.15 0.14 0.15 - 0.01 0.25 0.08 0.18 0.15 0.16 - 0.02 0.34 0.07 0.38 0.29 0.33 - 0.06 0.38 0.05 0.10 0.05 0.10 + 0.06 0.08 0.02 0.46 0.38 0.40 - 0.05 0.70 0.18 0.37 0.29 0.29 - 0.08 0.50 0.13 0.09 0.08 0.09 + 0.02 0.19 0.05 0.73 0.65 0.69 - 0.04 1.59 0.38 0.91 0.81 0.83 - 0.08 2.05 0.50 0.23 0.21 0.22 + 0.01 0.31 0.09 9.70 9.17 9.60 + 0.46 9.87 5.28 0.14 0.11 0.14 + 0.02 0.67 0.10 0.63 0.52 0.62 + 0.07 0.57 0.30 0.40 0.37 0.37 + 0.00 0.48 0.21 0.49 0.46 0.49 + 0.02 0.63 0.28 0.26 0.26 0.26 - 0.02 0.49 0.22 0.40 0.34 0.40 + 0.01 0.61 0.27 0.50 0.50 0.50 + 0.04 0.58 0.45 0.53 0.49 0.52 - 0.02 0.99 0.41 4.34 4.15 4.23 - 0.08 4.70 2.60 0.03 0.01 0.02 + 0.02 0.03 0.00 0.14 0.12 0.12 - 0.03 0.19 0.09 5.23 4.86 5.00 - 0.06 6.75 2.61 4.18 3.90 4.00 - 0.10 5.16 1.94 3.90 3.73 3.87 + 0.12 6.45 3.08 2.11 1.97 2.05 + 0.03 3.85 1.81 1.68 1.56 1.64 + 0.02 2.95 1.47 0.34 0.23 0.25 + 0.02 0.34 0.06 0.14 0.12 0.12 + 0.04 0.36 0.08 0.17 0.15 0.16 + 0.02 0.47 0.11 16.75 16.17 16.67 + 0.47 23.35 15.56 13.36 12.92 13.30 + 0.34 17.87 11.91 0.44 0.41 0.43 + 0.00 0.71 0.40 0.22 0.19 0.20 - 0.02 0.32 0.14 0.28 0.23 0.26 - 0.02 0.42 0.19 0.08 0.00 0.07 + 0.01 0.11 0.02 0.02 0.00 0.01 + 0.01 0.36 0.00 0.11 0.10 0.11 - 0.01 0.35 0.10 0.09 0.09 0.09 + 0.01 0.25 0.08 0.62 0.57 0.58 - 0.02 1.10 0.57 0.50 0.46 0.47 - 0.01 0.85 0.45 0.24 0.22 0.22 - 0.01 0.74 0.21 0.49 0.23 0.30 - 0.17 0.88 0.23 0.61 0.29 0.38 - 0.21 1.15 0.29 0.37 0.35 0.37 + 0.02 0.37 0.20 0.12 0.00 0.11 - 0.01 0.36 0.10 0.97 0.93 0.97 + 0.01 1.33 0.76 0.78 0.73 0.76 - 0.01 1.01 0.59 0.04 0.04 0.04 + 0.01 0.09 0.04 0.25 0.23 0.23 - 0.01 0.38 0.20 0.29 0.28 0.28 - 0.02 0.50 0.24 0.06 0.06 0.06 + 0.01 0.26 0.05 0.08 0.07 0.08 + 0.01 0.31 0.07 1.68 1.61 1.65 - 0.02 2.87 1.47 0.20 0.15 0.20 + 0.03 0.23 0.10 0.16 0.15 0.16 + 0.01 0.16 0.09 0.37 0.33 0.35 + 0.03 0.59 0.20 0.07 0.05 0.07 + 0.02 0.14 0.03 0.04 0.03 0.04 + 0.00 0.08 0.01 0.10 0.08 0.08 + 0.00 0.30 0.06 0.12 0.11 0.11 - 0.01 0.39 0.10 0.04 0.03 0.04 + 0.01 0.09 0.03 0.07 0.00 0.07 + 0.01 0.14 0.05 0.36 0.33 0.36 + 0.02 0.43 0.12 0.08 0.06 0.08 + 0.02 0.09 0.05 0.16 0.15 0.15 - 0.01 0.34 0.04 0.20 0.19 0.19 - 0.01 0.44 0.09 0.16 0.14 0.16 + 0.01 0.18 0.08 0.12 0.09 0.09 - 0.04 0.34 0.08 1.70 1.51 1.55 - 0.12 1.81 1.02 2.12 1.90 1.96 - 0.12 2.23 1.20 0.05 0.04 0.05 + 0.01 0.09 0.04 0.04 0.03 0.04 + 0.00 0.07 0.03 0.67 0.44 0.62 + 0.19 0.67 0.13 0.53 0.38 0.49 + 0.11 0.53 0.10 0.04 0.04 0.04 + 0.01 0.08 0.01 0.01 0.00 0.00 + 0.00 0.01 0.00 0.04 0.03 0.04 - 0.00 0.09 0.03 0.49 0.43 0.45 + 0.02 0.57 0.08 0.16 0.13 0.14 - 0.01 0.24 0.07 0.25 0.25 0.25 + 0.00 0.38 0.14 0.38 0.00 0.37 - 0.01 0.50 0.13 0.03 0.02 0.03 - 0.00 0.08 0.02 1.62 1.52 1.61 + 0.06 2.95 1.48 1.29 1.22 1.28 + 0.04 2.28 1.11 0.20 0.17 0.18 + 0.01 0.35 0.14 0.00 0.00 0.00 + 0.00 0.01 0.00 0.05 0.04 0.04 - 0.01 0.10 0.04 0.00 0.00 0.00 + 0.00 0.00 0.00 0.08 0.08 0.08 + 0.01 0.14 0.07 0.08 0.07 0.08 - 0.00 0.16 0.03 0.05 0.04 0.05 + 0.01 0.06 0.03 0.18 0.14 0.15 + 0.02 0.24 0.08 0.08 0.08 0.08 - 0.00 0.13 0.07 0.11 0.10 0.11 - 0.01 0.18 0.09 1.55 1.44 1.45 - 0.24 2.24 0.25 2.00 1.80 1.86 - 0.19 2.76 0.10 0.02 0.02 0.02 + 0.01 0.04 0.01 0.20 0.14 0.17 + 0.03 0.20 0.03 0.16 0.11 0.13 + 0.02 0.16 0.02 4.71 4.12 4.61 + 0.43 8.55 3.96 0.19 0.17 0.19 + 0.01 0.35 0.14 0.06 0.05 0.06 + 0.01 0.07 0.04 0.31 0.29 0.29 - 0.03 0.51 0.10 0.23 0.23 0.23 - 0.03 0.39 0.20 0.25 0.21 0.21 - 0.04 0.29 0.13 0.25 0.24 0.24 - 0.02 0.33 0.03 1.90 1.79 1.89 + 0.06 3.51 1.56 0.48 0.00 0.47 - 0.01 0.66 0.17 0.59 0.53 0.58 - 0.01 0.87 0.20 0.05 0.04 0.05 - 0.01 0.07 0.03 0.07 0.00 0.07 + 0.02 0.12 0.03 5.37 4.99 5.31 + 0.29 7.64 4.61 0.05 0.02 0.03 - 0.01 0.23 0.00 0.23 0.07 0.08 - 0.07 0.23 0.01 0.08 0.07 0.07 - 0.01 0.17 0.07 0.11 0.10 0.11 + 0.01 0.18 0.08

G-H

20-22_OCT16_StockTables.indd 21

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Highway 50 Gld V 20 Highway 50 Gld* O 25 HiHo Silver 314 Hochschild Mg* O 2 Homeland Egy V 3 Honey Badger E V 41 HudBay Mnls T 10902 HudBay Mnls* N 2807 Hudson Res V 105 Hudson Res* O 14 Hunt Mng* O 48 Hunt Mng V 49

0.40 0.00 0.40 + 0.02 0.66 0.08 0.32 0.32 0.32 + 0.02 0.48 0.10 0.06 0.03 0.03 - 0.02 0.18 0.04 3.06 0.00 2.98 - 0.02 4.37 2.25 0.30 0.00 0.25 - 0.05 2.25 0.18 0.07 0.00 0.06 - 0.01 0.20 0.05 10.26 9.17 9.82 + 0.57 11.95 4.85 8.20 7.30 7.85 + 0.40 9.35 3.67 0.50 0.47 0.47 - 0.02 0.80 0.31 0.38 0.37 0.37 + 0.01 0.60 0.24 0.14 0.11 0.14 + 0.01 0.31 0.11 0.17 0.14 0.15 + 0.01 0.40 0.13

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Lara Expl V 160 Laramide Res T 363 Largo Res* O 205 Largo Res T 902 Lateral Gold V 79 Latin Am Mnls V 174 Laurion Mnl Ex V 105 Laurion Mnl Ex* O 64 Leading Edge V 398 Leading Edge* O 355 Leagold Mg* O 59 Leeta Gold V 4421

0.62 0.52 0.52 - 0.02 1.44 0.51 0.28 0.26 0.26 - 0.03 0.74 0.18 0.91 0.71 0.79 + 0.06 1.08 0.26 1.16 0.86 1.01 + 0.14 1.35 0.34 0.95 0.00 0.90 - 0.02 1.27 0.57 0.14 0.11 0.14 + 0.01 0.34 0.10 0.03 0.02 0.02 - 0.01 0.08 0.02 0.03 0.01 0.03 + 0.01 0.05 0.01 0.65 0.59 0.63 - 0.01 0.93 0.25 0.52 0.46 0.51 + 0.01 0.71 0.22 2.55 2.45 2.49 - 0.01 2.80 1.76 2.03 1.66 1.73 - 0.30 2.27 0.09

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Meridian Mg V 12 Meryllion Res 184 MetalCorp V 432 Metalla Rylty* O 95 O 86 Metallic Mnrls* Metallic Mnrls V 429 Metallis Res V 4060 Metals Creek* O 27 Metals X* O 2 Metanor Res* O 66 Mexus Gold* O 1843 MGX Minerals* O 425

0.59 0.56 0.56 - 0.03 1.54 0.33 0.03 0.02 0.03 + 0.01 0.04 0.02 0.04 0.03 0.04 + 0.01 0.06 0.02 0.52 0.45 0.51 + 0.02 0.68 0.18 0.27 0.23 0.25 - 0.01 0.44 0.19 0.33 0.28 0.31 - 0.01 0.59 0.22 1.68 1.07 1.58 + 0.56 1.68 0.09 0.06 0.05 0.06 + 0.00 0.09 0.04 0.62 0.00 0.62 + 0.02 1.23 0.41 0.62 0.59 0.61 - 0.01 0.94 0.54 0.05 0.04 0.05 - 0.00 0.24 0.03 0.73 0.67 0.68 - 0.02 2.12 0.11

NEVADA, USA The Right Place, The Right Time Nevada Sunrise Gold Corp. Four Lithium Projects in the Clayton Valley and Lida Valley, Nevada For Sale or Option – Permitted and Drill Ready www.nevadasunrise.ca | PH: (604) 428-8028

I-J-K I-Minerals V 170 I-Minerals* O 59 23819 IAMGOLD* N IAMGOLD T 9395 Icon Explor V 222 IDM Mining* O 178 iMetal Res V 658 IMPACT Silver V 467 Imperial Metal* O 13 Imperial Metal T 251 Inca One Gold V 492 Inca One Gold* O 149 Inception Mng * O 14 Independence G V 143 Independence G* O 55 Inform Res V 29 Inomin Mines V 731 Inspiration Mg* O 3 Inter-Rock Mnl V 249 Intgr Egy Sol* O 18351 Intl Battery* O 4769 248 Intl Bethl Mng V Intl Cobalt 533 Intl Corona V 178 Intl Lithium* O 143 Intl Tower Hil* X 570 Intl Tower Hil T 187 Intrepid Pots* N 8940 INV Metals* O 19 INV Metals T 32 219 Inventus Mg * O Inventus Mg V 2973 InZinc Mining V 228 InZinc Mining* O 104 Ireland* O 450 Irving Res* O 41 IsoEnergy Ltd V 632 Itafos* O 1 Itafos V 48 Itoco Mg Corp* O 2216 Ivanhoe Mines T 6657 Ivanhoe Mines* O 883 Jaguar Mng* O 669 Jaguar Mng T 1383 Japan Gold V 254 Japan Gold* O 3 Jaxon Mining* O 42 Jaxon Mining V 869 Jayden Res V 939 Jayden Res* O 24 Jazz Res V 110 Jourdan Res V 1004 K2 Gold V 113 K92 Mng Inc* O 351 K92 Mng Inc V 1353 Kaizen Discov V 41 Kaizen Discvry* O 40 Kapuskasing Gd V 14 Karmin Expl V 16 Katanga Mng T 2452 Kenadyr Mining V 1715 Kenadyr Mining* O 34 Kennady Diam V 126 Kerr Mines* O 452 Kerr Mines T 1697 Kesselrun Res* O 159 Kesselrun Res V 147 Kestrel Gold V 1342 Khalkos Expl V 82 Khan Res 1298 Kincora Copper* O 70 Kincora Copper V 394 Kings Bay Res V 590 Kinross Gold T 10938 Kinross Gold* N 32188 Kintavar Exp V 51 Kirkland Lake* N 3069 Kirkland Lake T 3993 Kitrinor Mtls V 87 Klondex Mines T 1922 Klondike Gold V 889 Klondike Gold* O 413 Klondike Silv V 472 Klondike Silv* O 47 Knick Expl V 962 Kombat Copper V 235 Kootenay Silvr* O 49 Kootenay Zinc* O 209 Kootenay Zinc 431 KWG Res* O 119 KWG Res 740

0.35 0.32 0.32 - 0.04 0.60 0.27 0.29 0.26 0.26 - 0.03 0.44 0.20 6.34 5.89 6.13 + 0.03 7.25 3.14 7.90 7.41 7.68 + 0.05 8.87 4.18 0.09 0.00 0.09 + 0.01 0.10 0.01 0.11 0.10 0.11 + 0.00 0.16 0.08 0.09 0.07 0.09 + 0.01 0.09 0.04 0.36 0.31 0.36 + 0.02 0.88 0.28 2.80 2.60 2.75 + 0.21 5.86 2.16 3.55 3.20 3.50 + 0.30 7.89 2.94 0.09 0.08 0.08 - 0.01 0.50 0.08 0.07 0.06 0.06 - 0.01 0.35 0.06 0.30 0.00 0.28 - 0.03 0.80 0.15 0.19 0.17 0.17 - 0.02 0.28 0.13 0.14 0.13 0.13 - 0.00 0.21 0.10 0.20 0.00 0.20 + 0.06 0.20 0.06 0.06 0.04 0.05 - 0.01 0.10 0.02 0.01 0.00 0.01 - 0.00 0.06 0.01 0.30 0.25 0.28 + 0.03 0.40 0.05 0.00 0.00 0.00 + 0.00 0.00 0.00 1.01 0.33 0.91 + 0.43 0.64 0.28 0.04 0.00 0.04 + 0.02 0.06 0.03 0.25 0.15 0.15 - 0.04 0.30 0.00 0.06 0.05 0.05 - 0.02 0.17 0.03 0.11 0.10 0.11 - 0.01 0.16 0.06 0.53 0.49 0.50 - 0.03 0.87 0.43 0.66 0.61 0.63 - 0.07 1.15 0.57 4.63 3.58 3.88 - 0.48 4.63 0.93 0.75 0.71 0.75 + 0.04 0.85 0.50 0.93 0.86 0.86 + 0.01 1.13 0.62 0.31 0.17 0.26 + 0.08 0.31 0.11 0.39 0.22 0.32 + 0.09 0.39 0.13 0.13 0.11 0.13 + 0.01 0.36 0.10 0.10 0.10 0.10 + 0.00 0.27 0.07 0.17 0.15 0.15 - 0.02 0.32 0.04 0.75 0.70 0.72 - 0.00 1.24 0.09 0.56 0.46 0.48 - 0.14 1.70 0.46 1.45 0.00 1.45 + 0.18 2.23 0.68 1.81 1.62 1.72 + 0.07 3.45 0.90 0.04 0.01 0.04 + 0.02 0.16 0.01 4.61 4.01 4.36 + 0.39 5.47 1.86 3.67 3.20 3.49 + 0.30 4.10 0.00 0.30 0.00 0.29 + 0.03 0.58 0.18 0.37 0.31 0.36 + 0.03 0.78 0.22 0.39 0.34 0.38 + 0.04 0.54 0.24 0.30 0.28 0.30 + 0.03 0.40 0.17 0.22 0.20 0.22 + 0.02 0.27 0.19 0.29 0.25 0.29 + 0.01 0.41 0.04 0.37 0.24 0.37 + 0.09 0.33 0.06 0.26 0.21 0.21 - 0.03 0.26 0.04 0.08 0.07 0.07 - 0.01 0.12 0.06 0.12 0.08 0.09 - 0.01 0.20 0.06 0.39 0.36 0.36 - 0.01 0.58 0.25 0.41 0.36 0.39 + 0.02 1.09 0.33 0.51 0.45 0.47 + 0.01 1.43 0.41 0.14 0.13 0.14 + 0.01 0.30 0.11 0.10 0.10 0.10 - 0.02 0.21 0.08 0.04 0.00 0.04 + 0.01 0.09 0.02 1.00 0.90 0.98 + 0.08 1.00 0.21 1.06 0.97 0.99 - 0.05 1.10 0.12 0.27 0.23 0.26 + 0.01 1.00 0.23 0.22 0.18 0.22 + 0.02 1.45 0.18 3.05 2.80 2.95 + 0.05 4.40 2.85 0.28 0.24 0.25 - 0.03 0.34 0.07 0.35 0.30 0.32 - 0.03 0.41 0.09 0.11 0.07 0.09 - 0.02 0.13 0.06 0.14 0.10 0.11 - 0.02 0.17 0.08 0.15 0.11 0.11 - 0.02 0.19 0.02 0.11 0.10 0.11 + 0.01 0.20 0.08 0.08 0.00 0.06 - 0.01 0.87 0.02 0.28 0.25 0.25 - 0.03 0.43 0.17 0.35 0.29 0.30 - 0.05 0.65 0.23 0.10 0.10 0.10 - 0.01 0.21 0.08 5.42 5.24 5.36 + 0.07 6.29 3.87 4.35 4.18 4.28 + 0.04 4.91 2.88 0.16 0.13 0.14 - 0.03 0.35 0.13 13.98 12.73 13.94 + 1.02 13.74 4.84 17.51 15.92 17.46 + 1.38 17.17 6.33 5.25 4.29 4.49 - 0.66 7.98 1.00 4.78 4.52 4.67 + 0.12 7.95 3.57 0.47 0.40 0.43 + 0.02 0.60 0.14 0.36 0.32 0.35 + 0.02 0.49 0.10 0.05 0.05 0.05 + 0.01 0.12 0.04 0.04 0.04 0.04 - 0.00 0.09 0.03 0.04 0.04 0.04 + 0.01 0.09 0.03 0.49 0.38 0.41 - 0.03 0.70 0.21 0.20 0.17 0.19 + 0.00 0.35 0.14 0.06 0.04 0.06 - 0.00 0.59 0.01 0.07 0.06 0.07 + 0.01 0.70 0.05 0.02 0.02 0.02 - 0.00 0.02 0.00 0.02 0.02 0.02 - 0.01 0.03 0.02

Labdr Iron Mns* O 64 Labrador Iron T 848 Lake Victoria* O 94 Lamelee Iron V 49

0.02 0.01 0.01 - 0.00 0.10 0.00 20.60 19.74 20.52 + 0.72 21.58 13.03 0.00 0.00 0.00 - 0.00 0.01 0.00 0.22 0.00 0.22 + 0.03 0.34 0.14

L

Legion Metals 214 Levon Res Ltd * O 112 Levon Res Ltd T 327 Li3 Energy* O 497 Libero Mining* O 8 Liberty Gold* O 200 Liberty One Li V 3934 Liberty One Li* O 5837 Liberty Silver 28 LiCo Energy* O 7132 LiCo Energy V 8168 Lincoln Mng V 843 Lion One Mtls V 366 72 Lion One Mtls* O Lions Gate Mtl 494 Lithium Amer T 4794 Lithium Amer* O 2623 Lithium Corp* O 543 O 4 Lithium Energi* Lithium Energi V 233 Lithium X Egy V 1258 Lithium X Egy* O 1293 LKA Gold* O 60 Lode-Star Mg* O 20 Logan Res V 538 Lomiko Mtls V 364 Lomiko Mtls* O 13 Lonmin plc* O 56 O 12 Lorraine Coppr* Lorraine Coppr V 399 Los Andes Copp V 337 81 Lucky Mnls * O Lumina Gold V 239 Lumina Gold* O 57 Lund Enterpr V 28 Lundin Gold T 231 Lundin Mng T 10690 Lupaka Gold V 90 Lydian Intl* O 236 Lydian Intl T 965 Lynas Corp* O 1262

0.11 0.10 0.10 - 0.01 0.11 0.10 0.31 0.28 0.31 + 0.02 0.39 0.18 0.39 0.35 0.39 + 0.03 0.51 0.25 0.03 0.02 0.03 + 0.00 0.06 0.01 0.07 0.07 0.07 + 0.01 0.15 0.05 0.39 0.38 0.39 + 0.01 0.55 0.27 0.68 0.61 0.66 + 0.02 0.83 0.08 0.55 0.49 0.53 + 0.02 0.66 0.37 1.90 1.60 1.60 - 0.12 3.00 0.90 0.09 0.07 0.07 - 0.01 0.20 0.06 0.11 0.08 0.09 - 0.02 0.24 0.08 0.04 0.03 0.03 - 0.01 0.11 0.03 0.53 0.47 0.48 - 0.02 0.96 0.45 0.42 0.37 0.39 - 0.01 0.72 0.39 0.24 0.10 0.17 + 0.07 0.35 0.10 1.74 1.61 1.71 + 0.05 1.80 0.52 1.39 1.24 1.37 + 0.05 1.49 0.38 0.09 0.07 0.08 + 0.01 0.11 0.05 0.15 0.13 0.13 - 0.02 0.16 0.07 0.18 0.15 0.17 - 0.02 0.55 0.07 2.06 1.87 2.04 + 0.18 2.37 1.40 1.65 1.50 1.64 + 0.13 1.87 1.03 0.30 0.21 0.25 - 0.03 0.68 0.20 0.05 0.04 0.05 + 0.01 0.10 0.02 0.05 0.05 0.05 - 0.01 0.18 0.04 0.20 0.17 0.19 + 0.02 0.35 0.16 0.16 0.13 0.15 + 0.00 0.32 0.08 1.06 0.93 1.06 + 0.04 2.85 0.81 0.09 0.07 0.09 + 0.02 0.09 0.00 0.12 0.09 0.12 + 0.03 0.12 0.06 0.42 0.35 0.35 - 0.04 0.47 0.15 0.12 0.11 0.11 - 0.01 0.16 0.03 0.64 0.60 0.60 - 0.02 1.20 0.60 0.52 0.50 0.50 - 0.01 0.89 0.49 0.14 0.11 0.14 + 0.03 0.18 0.09 5.55 5.05 5.36 + 0.27 6.50 4.59 9.80 8.59 9.52 + 0.96 9.90 4.97 0.16 0.14 0.14 - 0.02 0.25 0.13 0.30 0.27 0.29 + 0.02 0.34 0.22 0.37 0.33 0.35 + 0.01 0.44 0.28 0.17 0.16 0.17 + 0.01 0.18 0.04

M Macarthur Mnl V 12204 0.12 0.09 0.10 + 0.01 0.16 0.05 Macarthur Mnl* O 1273 0.10 0.07 0.08 - 0.00 0.12 0.03 MacDonald Mns* O 44 0.09 0.08 0.08 + 0.00 0.20 0.04 MAG Silver T 876 15.08 13.76 15.07 + 1.10 21.99 12.75 Magna Terra V 5 0.06 0.06 0.06 + 0.01 0.09 0.03 Magnus Intl* O 3 0.00 0.00 0.00 + 0.00 0.01 0.00 0.06 - 0.01 0.12 0.05 Majestic Gold V 3940 0.07 0.06 Majestic Gold* O 2790 0.06 0.00 0.04 - 0.00 0.09 0.03 Makena Res 166 0.16 0.14 0.16 - 0.01 0.17 0.13 0.33 - 0.02 0.43 0.29 Malbex Res V 68 0.34 0.00 Mammoth Res V 649 0.08 0.05 0.08 + 0.01 0.14 0.05 0.32 - 0.02 1.07 0.31 Mandalay Res T 1203 0.34 0.32 Mandalay Res* O 652 0.27 0.00 0.26 - 0.01 0.79 0.24 Manganese X V 385 0.14 0.11 0.12 - 0.02 0.26 0.08 Manson Creek* O 10 0.07 0.00 0.07 - 0.01 0.09 0.01 Marathon Gold* O 284 0.91 0.84 0.89 + 0.02 1.14 0.33 Marathon Gold T 1473 1.13 1.04 1.08 + 0.01 1.36 0.43 Margaux Res V 474 0.29 0.26 0.28 + 0.02 0.50 0.18 Margaux Res* O 26 0.22 0.21 0.22 + 0.01 0.27 0.16 0.04 - 0.01 0.04 0.02 Marifil Mines* O 25 0.04 0.04 Marifil Mines V 725 0.04 0.03 0.03 - 0.02 0.13 0.03 Maritime Res V 608 0.12 0.10 0.11 - 0.01 0.26 0.10 0.70 - 0.11 0.87 0.33 Marlin Gold* O 83 0.78 0.65 Marlin Gold V 128 0.99 0.81 0.87 - 0.13 1.15 0.44 205.95 - 0.28 244.32 167.06 MartinMarietta* N 2352 210.40 203.55 Mason Graphite* O 115 1.74 1.67 1.72 + 0.02 1.74 0.83 Mason Graphite V 453 2.19 2.09 2.16 + 0.02 2.18 1.10 Mason Res T 53 0.27 0.23 0.25 + 0.02 0.40 0.13 Mason Res* O 24 0.20 0.00 0.19 - 0.01 0.29 0.10 Masuparia Gold V 312 0.11 0.08 0.10 + 0.02 0.11 0.03 Matachewan Con V 45 0.30 0.26 0.30 - 0.03 0.35 0.24 Matamec Expl* O 317 0.04 0.03 0.03 - 0.01 0.06 0.03 Matamec Expl V 203 0.05 0.04 0.04 - 0.01 0.08 0.04 Matica Ent* O 99 0.09 0.08 0.08 - 0.00 0.14 0.01 Matica Ent 7883 0.12 0.11 0.11 + 0.01 0.18 0.01 Matmown* O 70 0.02 0.02 0.02 + 0.00 0.04 0.01 Maverix Mtls* O 19 1.46 1.36 1.40 + 0.05 1.46 0.66 Mawson Res* O 35 0.24 0.24 0.24 - 0.01 0.44 0.23 MAX Res V 32 0.08 0.07 0.08 + 0.01 0.14 0.07 Maxwell Res* O 4 0.01 0.01 0.01 - 0.00 0.04 0.00 Maya Gold &Sil V 621 0.38 0.34 0.38 - 0.01 0.40 0.10 McChip Res V 11 0.50 0.43 0.50 + 0.07 0.60 0.37 McEwen Mng* N 12125 2.12 1.94 2.10 + 0.15 4.43 1.94 McEwen Mng T 1684 2.65 2.43 2.65 + 0.21 5.83 2.40 MDN Inc* O 2 0.14 0.13 0.13 - 0.01 0.88 0.09 Meadow Bay Gd* O 295 0.08 0.07 0.07 - 0.00 0.10 0.07 Meadow Bay Gd V 533 0.10 0.06 0.07 - 0.01 0.30 0.08 Mechel* N 492 5.19 4.94 5.06 - 0.11 6.83 2.64 Medallion Res* O 178 0.13 0.11 0.12 - 0.01 0.14 0.08 Medallion Res V 202 0.17 0.15 0.17 + 0.02 0.28 0.08 Medgold Res V 691 0.18 0.17 0.17 - 0.03 0.25 0.13 Medinah Mnrls* O 4496 0.01 0.01 0.01 - 0.00 0.01 0.00 Mega Uranium T 2064 0.18 0.16 0.17 - 0.02 0.32 0.11 Mega Uranium* O 259 0.14 0.12 0.13 - 0.01 0.25 0.08 Megastar Dev V 400 0.07 0.05 0.06 - 0.01 0.07 0.03 Melkior Res V 377 0.08 0.07 0.08 - 0.01 0.10 0.02

MGX Minerals 1260 Micrex Dev V 21 Midas Gold T 432 Midas Gold* O 370 Midland Expl V 53 Midnight Sun V 75 Midway Gold* O 235 Millennial Lit* O 136 Millennial Lit V 762 Millrock Res* O 398 Millrock Res V 505 Minco Silver T 116 Minco Silver* O 18 Minecorp Egy * O 317 Minera Alamos V 602 182 Minera Alamos * O Minera IRL 433 Mineral Mtn* O 36 Mineral Mtn V 183 Mineral Res* O 1 Mineworx Tech* O 318 Minfocus Expl V 1088 Minnova Corp V 508 Minsud Res V 15 Miranda Gold V 599 Mirasol Res V 136 MK2 Ventures V 229 Mkango Res V 432 ML Gold* O 8 555 ML Gold Corp V Monarca Mnrls* O 3 Monarques Res* O 92 Monarques Res V 672 Moneta Porcpn* O 163 Moneta Porcpn T 139 Monitor Vent V 5 Montego Res 664 Morien Res* O 32 Morien Res V 68 Morumbi Res* O 10 Morumbi Res T 2393 Mosaic* N 18552 O 2158 Mountain Boy* Mountain Lake 273 Mountain Prov T 244 Mountain Prov* D 202 Mundoro Cap* O 36 Mundoro Cap V 242 Murchison Min 202 Mustang Mnrls* O 252 MX Gold* O 256 MX Gold V 6791

0.90 0.84 0.85 - 0.01 2.75 0.14 0.02 0.02 0.02 + 0.01 0.03 0.01 0.70 0.65 0.67 + 0.02 1.07 0.62 0.56 0.52 0.53 + 0.01 0.80 0.02 1.03 0.96 0.96 - 0.04 1.25 0.89 0.30 0.29 0.29 - 0.01 0.54 0.10 0.00 0.00 0.00 + 0.00 0.01 0.00 1.21 1.10 1.20 + 0.09 1.43 0.88 1.56 1.37 1.52 + 0.12 1.94 1.20 0.31 0.25 0.28 + 0.00 0.50 0.23 0.39 0.31 0.37 + 0.02 0.64 0.31 0.85 0.78 0.85 + 0.02 1.74 0.71 0.68 0.62 0.68 + 0.01 1.23 0.60 0.11 0.09 0.09 - 0.01 0.15 0.06 0.19 0.17 0.18 - 0.02 0.24 0.12 0.15 0.14 0.14 - 0.01 0.18 0.10 0.13 0.10 0.13 + 0.03 0.22 0.06 0.16 0.14 0.16 + 0.00 0.36 0.13 0.21 0.18 0.19 - 0.01 0.49 0.15 13.59 0.00 13.59 + 1.09 13.59 7.00 0.06 0.05 0.05 - 0.01 0.08 0.05 0.03 0.02 0.02 - 0.01 0.04 0.02 0.64 0.57 0.61 + 0.01 0.90 0.55 0.10 0.09 0.10 + 0.01 0.16 0.03 0.06 0.06 0.06 + 0.01 0.11 0.06 1.73 1.58 1.70 + 0.12 2.48 1.18 0.12 0.09 0.10 - 0.04 0.26 0.09 0.06 0.05 0.05 - 0.01 0.08 0.04 0.11 0.08 0.08 - 0.03 0.21 0.09 0.14 0.10 0.10 - 0.03 0.29 0.11 0.12 0.10 0.10 - 0.02 0.14 0.09 0.30 0.25 0.26 - 0.01 0.38 0.18 0.39 0.33 0.34 - 0.02 0.49 0.26 0.14 0.13 0.13 - 0.01 0.23 0.10 0.18 0.16 0.17 - 0.01 0.30 0.13 0.45 0.00 0.45 + 0.07 1.13 0.13 0.20 0.19 0.19 - 0.01 1.05 0.10 0.56 0.52 0.52 - 0.01 0.56 0.27 0.69 0.65 0.65 - 0.03 0.74 0.36 0.58 0.53 0.57 + 0.05 1.26 0.45 0.73 0.63 0.73 + 0.11 1.70 0.35 21.94 20.93 21.02 - 0.57 34.36 19.23 0.06 0.05 0.05 - 0.01 0.09 0.03 0.07 0.05 0.05 - 0.02 0.09 0.02 4.10 3.82 3.86 - 0.20 7.15 3.56 3.29 3.05 3.05 - 0.15 5.45 2.55 0.14 0.00 0.13 - 0.01 0.22 0.10 0.17 0.15 0.15 - 0.02 0.30 0.13 0.20 0.17 0.19 + 0.02 0.30 0.13 0.01 0.01 0.01 + 0.00 0.01 0.00 0.14 0.12 0.14 - 0.00 0.20 0.07 0.18 0.16 0.18 - 0.01 0.26 0.10

NACCO Ind* N 542 Napier Vent V 156 Napier Vent* O 165 Natural Res Pt* N 89 Nautilus Mnrls T 819 O 841 Nautilus Mnrls* Navis Res Corp* O 100 Navis Res Corp 1331 Navy Res V 34 Nemaska Lith T 4873 Nemaska Lith* O 567 Neo Lithium V 1708 760 Nevada Clean M V Nevada Clean M* O 21 Nevada Copper T 110 Nevada Egy Mtl* O 335 46 Nevada Expl * O Nevada Expl V 91 Nevada Sunrise* O 166 Nevada Sunrise V 179 Nevada Zinc V 438 Nevsun Res* X 2788 Nevsun Res T 1544 New Carolin Gd* O 30 New Carolin Gd V 198 New Dimen Res V 34 New Gold T 4518 New Gold* X 19007 New Jersey Mng* O 320 New Milln Iron T 462 New Nadina V 108 New Nadina* O 70 New Oroperu V 153 New Pac Metals V 108 New Pac Metals* O 1 New Stratus V 98 NewCastle Gold* O 61 Newlox Gold 182 Newmont Mng* N 16713 Newport Expl V 36 NewRange Gold* O 132 NewRange Gold V 472 Nexco Res 82 Nexgen Energy* X 211 Nexgen Energy T 1728

35.25 23.80 33.00 - 52.80 99.55 23.80 0.54 0.51 0.53 + 0.01 0.54 0.24 0.43 0.40 0.40 - 0.00 0.43 0.21 26.20 23.75 25.80 + 1.05 45.60 22.81 0.20 0.17 0.18 - 0.01 0.28 0.14 0.16 0.14 0.15 - 0.00 0.21 0.10 0.05 0.05 0.05 - 0.42 2.00 0.13 0.06 0.04 0.06 - 0.50 2.50 0.35 0.21 0.17 0.17 - 0.04 0.25 0.09 1.48 1.40 1.46 + 0.05 1.55 0.95 1.20 1.13 1.17 + 0.03 1.25 0.70 1.60 1.35 1.59 + 0.16 1.54 0.85 0.06 0.04 0.06 + 0.01 0.08 0.03 0.04 0.03 0.04 + 0.00 0.08 0.02 0.63 0.58 0.63 - 0.01 0.86 0.41 0.02 0.02 0.02 - 0.00 0.10 0.01 0.28 0.24 0.27 + 0.01 0.45 0.21 0.35 0.31 0.34 + 0.02 0.57 0.27 0.17 0.13 0.15 + 0.01 0.29 0.13 0.20 0.17 0.20 + 0.02 0.37 0.17 0.23 0.20 0.23 - 0.01 0.60 0.20 2.37 2.15 2.29 + 0.11 3.52 1.96 2.97 2.69 2.88 + 0.18 4.63 2.49 0.03 0.02 0.03 + 0.00 0.06 0.02 0.04 0.03 0.03 - 0.01 0.08 0.03 0.06 0.05 0.05 - 0.01 0.17 0.05 4.97 4.54 4.94 + 0.31 6.09 3.11 3.97 3.62 3.94 + 0.23 4.52 2.39 0.14 0.12 0.14 - 0.02 0.17 0.09 0.13 0.11 0.11 - 0.01 0.36 0.08 0.10 0.00 0.09 - 0.01 0.18 0.08 0.09 0.07 0.07 - 0.01 0.11 0.06 0.50 0.46 0.46 - 0.04 0.70 0.37 1.40 1.30 1.30 - 0.05 1.59 0.48 1.10 1.10 1.10 + 0.01 1.26 0.33 0.45 0.32 0.33 - 0.03 0.48 0.07 0.68 0.63 0.64 + 0.01 0.86 0.39 0.06 0.05 0.05 - 0.01 0.07 0.02 38.48 37.33 38.06 + 0.55 39.63 30.19 0.25 0.22 0.25 + 0.01 0.32 0.19 0.47 0.36 0.40 + 0.02 0.59 0.07 0.55 0.45 0.49 + 0.04 0.75 0.08 0.27 0.22 0.25 + 0.03 0.27 0.15 2.27 2.17 2.19 - 0.03 3.40 1.05 2.84 2.72 2.75 - 0.02 4.45 1.42

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2017-10-10 5:02 PM


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WWW.NORTHERNMINER.COM

OCTOBER 16–29, 2017 / THE NORTHERN MINER

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

Week

12-month

Exc Volume High Low Last Change High Low

NextSource Mat T 1078 Nexus Gold* O 640 Nexus Gold V 3255 NGEx Res T 269 NGEx Res* O 26 3 Nicola Mg Inc* O Nighthawk Gold* O 651 Nighthawk Gold T 2334 Nikos Expl V 610 Niocorp Dev* O 387 Niocorp Dev T 356 Nippon Dragon* O 152 Noble Mnl Expl V 1514 Noble Mnl Expl* O 61 Noka Res* O 37 Noram Vent* O 15 Noranda Alum* O 31 Nortec Mnls V 115 3 North Am Nickl* O North Am Nickl V 683 9 North Am Pall T North Am Pall* O 8 North Arrow Mn V 89 4 North Arrow Mn* O Northcliff Res T 169 Northn Empire* O 124 Norvista Cap V 21 Nouveau Monde V 722 O 22 Nouveau Monde* NovaGold Res T 1018 NovaGold Res* X 11096 Novo Res* O 1997 Novo Res V 7603 NRG Metals* O 1643 NRG Metals V 4188 V 158 Nrthn Graphite O 156 Nrthn Graphite* Nrthn Lion V 3 468 Nrthn Mnrls &E* O Nrthn Shield V 1725 Nrthn Superior V 1434 Nrthn Superior* O 90 Nrthn Vertex* O 155 Nrthn Vertex V 377 NSGold V 71 Nthn Dynasty T 2830 13597 Nthn Dynasty* X Nthrn Sphere 115 Nubian Res V 100 O 369 NuLegacy Gold* NuLegacy Gold V 735 Nunavik Nickel V 155 V 25 NV Gold NV Gold* O 29 NxGold Ltd V 208 OceanaGold T 6681 OceanaGold* O 7 112 Oceanic Iron O V Oceanus Res V 250 Oceanus Res* O 24 OK2 Minerals V 643 Olivut Res V 121 Olivut Res* O 57 43 One World Min Opawica Expl V 820 127 Opus One Res V Orbite Tech* O 101 Orca Gold V 1871 Orca Gold* O 256 V 638 Orefinders Res Orestone Mng V 134 Orex Mnrls* O 97 Orex Mnrls V 119 Orezone Gold V 416 O 30 Orezone Gold* Organic Potash 616 Original Sixtn* O 54 521 Orla Mng Ltd V 60 Orla Mng Ltd* O Oroco Res* O 155 Oroco Res V 1378 Orocobre T 1172 Oroplata Res* O 356 Orosur Mng T 154 Orsu Metals V 12 Orvana Mnrls* O 10 Osisko Gold T 1117 Osisko Gold* N 1904 Osisko Metals V 113 Osisko Mng Inc T 3380 Osprey Gold V 278 Otis Gold V 545 Otis Gold* O 258 OZ Minerals* O 1

0.08 0.07 0.08 + 0.01 0.11 0.06 0.09 0.07 0.08 - 0.00 0.27 0.05 0.11 0.09 0.10 - 0.01 0.37 0.07 1.10 1.03 1.03 - 0.02 1.45 0.75 0.84 0.84 0.84 - 0.01 1.05 0.58 0.14 0.13 0.14 - 0.00 0.23 0.11 0.68 0.55 0.59 - 0.09 0.97 0.26 0.79 0.66 0.73 - 0.12 1.15 0.36 0.20 0.18 0.20 + 0.02 0.22 0.04 0.45 0.41 0.43 - 0.00 0.81 0.41 0.56 0.52 0.53 + 0.01 0.89 0.52 0.05 0.04 0.04 + 0.00 0.09 0.03 0.14 0.11 0.12 + 0.01 0.19 0.03 0.10 0.09 0.10 + 0.01 0.15 0.03 0.08 0.05 0.08 + 0.03 0.11 0.02 0.03 0.03 0.03 - 0.00 0.05 0.02 0.01 0.00 0.01 - 0.00 0.10 0.01 0.08 0.08 0.08 + 0.01 0.18 0.05 0.06 0.05 0.05 - 0.01 0.11 0.04 0.08 0.07 0.07 - 0.01 0.15 0.06 6.23 6.00 6.05 - 0.07 6.35 4.54 4.99 4.78 4.85 - 0.12 5.23 3.33 0.25 0.22 0.22 - 0.03 0.40 0.16 0.21 0.21 0.21 - 0.01 0.23 0.13 0.16 0.14 0.15 - 0.01 0.23 0.09 0.66 0.62 0.62 - 0.03 0.74 0.47 0.16 0.13 0.13 - 0.01 0.19 0.11 0.40 0.37 0.39 + 0.01 0.39 0.20 0.31 0.30 0.31 + 0.00 0.31 0.16 5.29 5.05 5.27 + 0.17 8.15 4.94 4.22 4.03 4.21 + 0.09 6.21 3.78 7.08 5.10 6.78 + 1.69 7.08 0.49 8.83 6.38 8.40 + 2.07 8.83 0.66 0.17 0.10 0.16 + 0.06 0.17 0.07 0.20 0.13 0.20 + 0.07 0.22 0.09 0.29 0.26 0.27 + 0.01 0.40 0.18 0.23 0.21 0.21 + 0.01 0.30 0.14 0.50 0.00 0.50 + 0.05 0.74 0.11 0.05 0.03 0.05 + 0.03 0.05 0.01 0.05 0.05 0.05 + 0.01 0.18 0.04 0.05 0.04 0.04 - 0.01 0.08 0.03 0.04 0.03 0.03 - 0.01 4.63 0.02 0.55 0.47 0.51 - 0.03 0.56 0.27 0.68 0.61 0.64 - 0.02 0.70 0.35 0.15 0.10 0.15 + 0.05 0.20 0.06 2.43 2.11 2.43 + 0.19 4.54 0.71 1.95 1.69 1.93 + 0.13 3.45 0.54 0.19 0.15 0.19 + 0.03 0.85 0.15 0.30 0.23 0.30 + 0.02 0.38 0.09 0.19 0.16 0.17 - 0.02 0.37 0.00 0.24 0.21 0.21 - 0.04 0.47 0.16 0.11 0.10 0.10 - 0.02 0.17 0.06 0.40 0.39 0.39 - 0.01 0.48 0.17 0.34 0.31 0.31 - 0.03 0.39 0.13 0.25 0.22 0.22 - 0.03 0.72 0.13 3.96 3.73 3.92 + 0.15 5.00 3.24 3.09 2.87 3.08 + 0.13 3.60 2.36 0.10 0.00 0.08 - 0.02 0.35 0.06 0.28 0.25 0.25 - 0.01 0.36 0.14 0.23 0.20 0.20 - 0.01 0.29 0.11 0.12 0.10 0.10 - 0.02 0.17 0.07 0.12 0.09 0.12 + 0.02 0.24 0.09 0.10 0.08 0.08 - 0.00 0.19 0.07 0.25 0.21 0.24 - 0.02 0.75 0.16 0.03 0.02 0.02 - 0.01 0.15 0.02 0.10 0.09 0.10 - 0.01 0.18 0.08 0.03 0.00 0.00 - 0.03 0.33 0.00 0.69 0.56 0.66 + 0.06 0.64 0.31 0.55 0.45 0.53 + 0.05 0.51 0.20 0.08 0.07 0.07 - 0.01 0.11 0.04 0.11 0.09 0.09 - 0.01 0.13 0.05 0.10 0.09 0.09 - 0.00 0.73 0.08 0.12 0.11 0.12 + 0.01 0.95 0.11 0.67 0.62 0.66 + 0.02 0.85 0.42 0.54 0.49 0.54 + 0.03 0.63 0.31 0.02 0.01 0.02 + 0.01 0.05 0.01 0.08 0.06 0.08 + 0.02 0.12 0.00 1.31 1.19 1.30 + 0.10 1.52 1.04 1.01 0.00 0.99 - 0.05 1.09 0.88 0.07 0.06 0.07 + 0.00 0.07 0.01 0.09 0.08 0.08 + 0.01 0.09 0.02 5.04 4.50 5.02 + 0.60 5.04 2.73 0.13 0.10 0.11 - 0.00 0.46 0.10 0.29 0.26 0.26 - 0.02 0.35 0.19 0.18 0.00 0.18 + 0.01 0.45 0.13 0.21 0.19 0.21 - 0.00 0.25 0.14 16.52 16.02 16.35 + 0.25 17.58 11.90 13.20 12.74 13.04 + 0.13 14.39 8.88 1.34 1.15 1.15 - 0.11 1.74 0.21 4.59 4.22 4.33 - 0.06 5.65 2.08 0.18 0.16 0.17 - 0.01 0.44 0.05 0.33 0.29 0.31 - 0.01 0.39 0.21 0.27 0.23 0.26 + 0.01 0.29 0.15 6.04 5.92 6.01 + 0.07 7.39 4.40

Pac Booker Min V 13 Pac Booker Min* O 7 Pac North West V 1358 Pac North West* O 147 Pac Ridge Expl V 253 Pacton Gold V 2594 Paladin Energy* O 2015 Pan Am Silver* D 5488 Pan Am Silver T 831 Pan Global Res V 303 Pancontinental V 239 Pancontinental* O 163 Pangolin Dia V 237 Panoro Mnrls V 893 Pantheon Vent V 821 Para Resources V 633 Parallel Mng V 245 Paramount Gold* X 516 Paringa Res* O 57 Parlane Res V 293 Pasinex Res 526 Patriot Gold* O 11 Peabody Enrgy* N 4092 Pedro Res V 67 Peloton Mnrls 211 Perseus Mng T 598 Pershing Gold* D 307 Pershing Gold T 6 Pershing Res* O 6 Philex Mng* O 33 Philippine Mtl V 20 Pine Cliff En* O 90 Pine Cliff En T 3019 Pinecrest Res V 267 Pistol Bay Mng V 362 PJSC Polyus Gd* O 1 PJX Res V 203 Plata Latina V 53 Plateau Uran V 234 Plateau Uran* O 104 Platinum Gp Mt T 354 Platinum Gp Mt* X 1836 Playfair Mng V 175 Polaris Mater T 1098 PolyMet Mng* X 922 Portofino Res V 240 Potash Corp SK* N 15752 Potash Corp SK T 5483 Potash Ridge T 3807 Potash Ridge* O 50 Power Metals* O 90 Power Metals V 3253

1.05 0.95 1.05 + 0.05 1.44 0.42 0.99 0.71 0.99 + 0.21 0.99 0.35 0.07 0.06 0.06 - 0.01 0.15 0.05 0.06 0.04 0.05 - 0.00 0.10 0.04 0.06 0.05 0.06 + 0.01 0.12 0.05 0.10 0.06 0.09 + 0.03 0.16 0.04 0.04 0.01 0.01 - 0.01 0.13 0.00 17.50 16.80 17.48 + 0.43 21.29 13.80 21.95 21.13 21.95 + 0.70 27.99 18.70 0.17 0.13 0.17 + 0.05 0.17 0.05 0.05 0.04 0.04 - 0.02 0.16 0.03 0.04 0.03 0.03 - 0.01 0.10 0.02 0.05 0.00 0.05 - 0.01 0.09 0.04 0.39 0.30 0.37 + 0.05 0.39 0.14 0.14 0.13 0.13 + 0.01 0.38 0.08 0.19 0.17 0.17 - 0.02 0.27 0.17 0.08 0.07 0.07 - 0.01 0.16 0.06 1.64 1.30 1.36 - 0.21 2.10 1.36 0.40 0.26 0.26 - 0.05 0.50 0.26 0.14 0.11 0.14 + 0.02 0.33 0.10 0.31 0.28 0.31 + 0.02 0.34 0.10 0.10 0.08 0.08 + 0.00 0.14 0.07 30.42 28.98 29.49 + 0.48 32.50 22.58 0.40 0.23 0.40 + 0.17 1.05 0.13 0.10 0.07 0.09 - 0.01 0.15 0.05 0.38 0.33 0.37 + 0.04 0.66 0.27 3.10 2.95 3.09 + 0.14 4.45 2.60 3.87 3.65 3.86 + 0.18 5.52 3.44 0.05 0.00 0.05 + 0.01 0.10 0.02 0.13 0.11 0.11 - 0.02 0.20 0.10 0.08 0.08 0.08 - 0.02 0.16 0.03 0.52 0.47 0.47 - 0.04 0.89 0.47 0.64 0.53 0.58 - 0.06 1.22 0.59 0.35 0.34 0.34 - 0.02 0.56 0.16 0.05 0.05 0.05 - 0.01 0.12 0.04 38.20 0.00 37.37 - 0.83 42.66 31.83 0.14 0.12 0.14 + 0.01 0.27 0.11 0.04 0.04 0.04 + 0.01 0.06 0.03 0.30 0.26 0.28 - 0.02 0.71 0.17 0.25 0.22 0.24 - 0.02 0.54 0.12 0.54 0.49 0.51 - 0.01 3.23 0.43 0.43 0.39 0.40 - 0.01 2.45 0.35 0.07 0.06 0.06 - 0.01 0.18 0.05 3.37 3.35 3.37 + 0.01 3.74 0.90 0.61 0.58 0.60 - 0.01 0.97 0.57 0.05 0.05 0.05 + 0.01 0.10 0.04 19.34 18.84 18.92 - 0.32 20.27 15.72 24.23 23.64 23.74 - 0.28 26.62 20.67 0.13 0.11 0.11 - 0.02 0.38 0.11 0.10 0.10 0.10 + 0.00 0.28 0.10 0.30 0.23 0.29 + 0.06 0.38 0.07 0.38 0.31 0.37 + 0.05 0.55 0.07

P-Q

20-22_OCT16_StockTables.indd 22

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

PPX Mining* O 185 PPX Mining V 265 Precipitate Gl V 362 Premier Gold M T 2004 Premium Expl* O 50 Pretium Res T 2418 Pretium Res* N 8339 Primero Mng T 2509 Primero Mng* O 1569 Prism Res V 25 Prize Mng* O 36 Prize Mng V 634 Probe Metals* O 147 Probe Metals V 349 Prophecy Coal T 20 Prophecy Coal* O 8 O 1 Prospect Glob* Prospector Res V 15 Prosper Gold V 917 Prospero Silvr V 50 Providence V 286 227 PUF Vent Inc * O PUF Vent Inc 4388 V 1322 Pure Energy Pure Energy* O 1162 Pure Gold Mg V 1047 175 Pure Gold Mg* O Pure Nickel* O 38 538 QMC Quantm Ml* O QMC Quantm Ml V 1038 QMX Gold* O 55 QMX Gold V 289 Quartz Mtn Res* O 17 Quaterra Res* O 405 Quest Rare Mnl* O 558 Quinto Res V 47

0.05 0.05 0.05 + 0.01 0.10 0.04 0.07 0.07 0.07 - 0.01 0.13 0.05 0.14 0.11 0.12 - 0.01 0.24 0.10 3.85 3.55 3.82 + 0.25 4.13 1.87 0.01 0.00 0.01 - 0.00 0.03 0.00 12.25 11.46 12.25 + 0.70 16.48 9.17 9.78 9.16 9.77 + 0.51 12.53 6.82 0.09 0.09 0.09 - 0.01 2.22 0.08 0.07 0.06 0.07 + 0.00 1.69 0.06 0.18 0.18 0.18 + 0.02 0.25 0.16 0.27 0.23 0.23 - 0.03 0.52 0.21 0.34 0.27 0.30 - 0.03 0.72 0.25 1.29 1.15 1.15 - 0.14 1.42 0.75 1.61 1.43 1.43 - 0.17 1.74 0.99 4.45 4.02 4.12 + 0.11 7.19 2.75 3.51 3.23 3.30 + 0.06 5.17 2.21 0.04 0.00 0.04 + 0.00 0.19 0.02 1.07 1.00 1.00 - 0.07 1.90 0.31 0.12 0.09 0.09 - 0.03 0.36 0.09 0.24 0.22 0.22 - 0.02 0.38 0.20 0.15 0.14 0.15 + 0.01 0.27 0.07 0.50 0.38 0.41 - 0.09 0.56 0.15 0.61 0.49 0.50 - 0.11 0.65 0.20 0.52 0.47 0.47 - 0.01 0.75 0.48 0.42 0.37 0.38 - 0.01 0.57 0.36 0.57 0.54 0.56 + 0.02 0.75 0.40 0.46 0.42 0.44 + 0.01 0.57 0.29 0.01 0.01 0.01 + 0.00 0.03 0.00 0.17 0.13 0.17 + 0.03 0.18 0.02 0.21 0.17 0.21 + 0.06 0.22 0.04 0.23 0.00 0.22 - 0.02 0.29 0.05 0.31 0.28 0.29 - 0.02 0.40 0.05 0.05 0.05 0.05 - 0.00 0.07 0.03 0.07 0.06 0.07 - 0.00 0.13 0.03 0.02 0.01 0.02 + 0.01 0.23 0.00 0.06 0.06 0.06 - 0.01 0.18 0.05

Rackla Mtls* O 1 Radius Gold V 603 O 0 Rainforest Res* Rainy Mtn Royl V 756 Rambler Ml &Mg V 10 Randgold Res* D 1579 Rapier Gold V 729 Rare Element* O 1440 Rathdowney Res V 75 Ravencrest Res 1283 RB Energy* O 39 Red Eagle Mng T 1623 238 Red Eagle Mng* O Redhawk Res T 55 Redstar Gold* O 497 Regulus Res V 144 Remo Res V 85 V 91 Renaissance Gd Renaissance Gd* O 107 Renforth Res 640 O 24 Resource Cap* Resource Cap V 130 Reunion Gold V 311 Revival Gold V 65 Revival Gold * O 14 V 211 Richmond Mnls Richmont Mines* N 2050 T 1896 Richmont Mines Rift Valley 82 Rimrock Gold* O 515820 65 Rio Novo Gold T Rio Tinto* N 9981 O 27 Rio Tinto* Rio Tinto* O 22 Rise Gold Corp 799 O 42 Riverside Res* RJK Explor V 52 Robex Res V 190 Rochester Res V 85 Rock Tech Lith* O 3 336 Rock Tech Lith V Rockcliff Cop V 1176 Rockex Mng 262 Rockhaven Res V 104 Rockshield Cap* O 5 Rockshield Cap 455 Rockwealth Res V 22 Rodinia Lithm V 30 Rogue Res V 106 Rokmaster Res V 398 Romios Gold Rs V 443 Romios Gold Rs* O 208 Rosita Mg Corp V 572 Rotation Mnls V 124 Roxgold* O 47 Roxgold T 1095 Royal Gold* D 2237 Royal Nickel T 3273 Royal Nickel* O 148 Royal Rd Mnrls V 582 Royal Std Mnrl* O 86 RT Minerals V 684 RT Minerals* O 38 RTG Mining T 155 Rubicon Mnrls* O 13 Rubicon Mnrls T 818 Rugby Mng V 642 Rupert Res V 74 Rusoro Mng V 137 Rye Patch Gold* O 202 Rye Patch Gold V 5062

0.09 0.09 0.09 + 0.00 0.11 0.05 0.12 0.11 0.11 - 0.02 0.17 0.09 5.30 0.00 5.30 + 0.30 8.25 1.00 0.08 0.07 0.07 - 0.01 0.18 0.07 0.16 0.00 0.16 - 0.01 0.22 0.08 98.73 95.66 97.57 - 0.09 108.29 67.54 0.09 0.06 0.07 - 0.01 0.17 0.06 0.44 0.19 0.32 + 0.13 0.53 0.00 0.20 0.19 0.19 - 0.02 0.33 0.13 0.70 0.43 0.68 + 0.13 0.70 0.01 0.00 0.00 0.00 - 0.00 0.00 0.00 0.28 0.25 0.26 - 0.01 1.05 0.23 0.22 0.20 0.22 - 0.01 0.79 0.17 0.03 0.02 0.02 - 0.01 0.08 0.02 0.07 0.06 0.06 - 0.01 0.15 0.05 2.20 2.05 2.09 - 0.18 3.00 1.05 0.11 0.09 0.09 - 0.01 0.30 0.09 0.42 0.38 0.39 + 0.01 0.52 0.25 0.34 0.30 0.34 + 0.03 0.40 0.20 0.06 0.05 0.05 - 0.02 0.09 0.03 0.11 0.10 0.11 + 0.01 0.25 0.10 0.15 0.13 0.14 - 0.01 0.35 0.14 0.14 0.12 0.13 - 0.01 0.17 0.03 0.80 0.70 0.70 - 0.04 0.86 0.08 0.60 0.60 0.60 - 0.03 0.70 0.60 0.13 0.09 0.09 - 0.05 0.18 0.03 9.80 9.10 9.75 + 0.40 10.45 5.45 12.28 11.40 12.19 + 0.56 13.38 7.36 0.13 0.08 0.12 - 0.02 0.15 0.03 0.00 0.00 0.00 - 0.00 0.00 0.00 0.11 0.10 0.10 - 0.01 0.23 0.09 49.19 47.41 49.08 + 1.89 49.89 31.24 48.35 0.00 48.35 + 1.95 49.05 31.30 52.00 51.02 51.71 - 0.08 55.82 38.32 0.18 0.15 0.15 + 0.01 0.40 0.09 0.26 0.24 0.26 - 0.00 0.46 0.24 0.10 0.09 0.10 - 0.01 0.25 0.08 0.11 0.10 0.11 - 0.01 0.14 0.06 0.05 0.00 0.05 + 0.01 0.08 0.03 1.11 1.05 1.11 + 0.02 1.10 0.59 1.50 1.25 1.40 + 0.15 2.10 0.75 0.11 0.09 0.11 + 0.03 0.14 0.06 0.02 0.01 0.01 - 0.01 0.07 0.01 0.15 0.12 0.14 - 0.01 0.22 0.12 0.15 0.00 0.15 - 0.00 0.15 0.05 0.19 0.17 0.18 - 0.02 0.22 0.05 0.24 0.00 0.24 + 0.02 0.30 0.15 0.10 0.10 0.10 + 0.01 0.14 0.08 0.23 0.22 0.22 - 0.01 0.74 0.22 0.04 0.00 0.04 + 0.01 0.08 0.02 0.07 0.05 0.07 + 0.01 0.10 0.04 0.06 0.04 0.06 + 0.01 0.08 0.03 0.03 0.02 0.03 - 0.01 0.08 0.02 0.21 0.20 0.20 - 0.01 0.45 0.12 1.00 0.94 0.95 - 0.04 1.27 0.78 1.24 1.16 1.18 - 0.06 1.67 1.04 87.86 85.32 87.85 + 1.81 94.39 60.21 0.19 0.17 0.18 - 0.01 0.42 0.17 0.15 0.13 0.14 - 0.02 0.31 0.12 0.11 0.09 0.09 - 0.02 0.15 0.06 0.00 0.00 0.00 - 0.00 0.01 0.00 0.06 0.06 0.06 - 0.01 0.22 0.06 0.05 0.05 0.05 - 0.01 0.14 0.04 0.15 0.12 0.15 + 0.03 0.48 0.12 1.29 0.00 1.22 - 0.03 6.81 1.00 1.60 1.50 1.51 - 0.10 2.39 1.30 0.41 0.32 0.39 + 0.04 0.45 0.23 1.04 0.97 1.04 + 0.05 1.47 0.60 0.12 0.11 0.12 - 0.01 0.32 0.09 0.17 0.15 0.17 + 0.02 0.27 0.14 0.22 0.18 0.22 + 0.04 0.37 0.18

Sabina Gd&Slvr* O 373 Sabina Gd&Slvr T 1610 Sable Res V 199 Sage Gold V 811 Sage Gold* O 120 Saint Jean* O 98 Salazar Res* O 62 Salazar Res V 152 Sama Res* O 92 Sama Res V 1270 Samex Mng* O 107 San Marco Res* O 173 Sanatana Diam V 362 Sandspring Res* O 189 Sandstorm Gold* X 5733 Sandstorm Gold T 1507 Sandy Lake Gld* O 106 Santa Fe Gold* O 352 Santacruz Silv V 386 Sarama Res V 498 Sarissa Res* O 1459 Satori Res V 249 Savary Gold* O 360 Savoy Vent V 8 Scandium Intl* O 122 Scandium Intl T 1027 Seabridge Gld T 757 Seabridge Gld* N 1921 Seafield Res* O 83 Searchlight* O 127 Secova Mtls* O 188 Sego Res V 383 Select Sands V 512 Semafo T 3613 Senator Mnrls* O 8 Senator Mnrls V 1941

1.90 1.73 1.79 + 0.03 2.17 0.61 2.36 2.17 2.27 + 0.06 2.70 0.84 0.17 0.15 0.16 - 0.01 0.20 0.07 0.23 0.20 0.20 - 0.03 0.27 0.10 0.17 0.17 0.17 - 0.00 0.20 0.07 0.04 0.03 0.04 - 0.01 0.26 0.02 0.11 0.11 0.11 + 0.00 0.14 0.06 0.14 0.13 0.14 + 0.01 0.18 0.08 0.18 0.13 0.18 + 0.05 0.17 0.05 0.24 0.18 0.23 + 0.05 0.25 0.07 0.00 0.00 0.00 + 0.00 0.01 0.00 0.16 0.14 0.15 + 0.01 0.20 0.10 0.05 0.04 0.04 - 0.01 0.07 0.01 0.28 0.25 0.27 - 0.00 0.51 0.23 4.75 4.45 4.73 + 0.19 5.18 3.18 5.95 5.57 5.95 + 0.31 6.87 4.29 0.05 0.05 0.05 - 0.00 0.09 0.04 0.10 0.09 0.10 - 0.00 0.23 0.03 0.17 0.15 0.17 + 0.01 0.46 0.15 0.14 0.12 0.13 - 0.01 0.31 0.12 0.01 0.01 0.01 - 0.00 0.01 0.00 0.13 0.11 0.12 + 0.01 0.30 0.09 0.05 0.04 0.04 - 0.00 0.09 0.04 0.45 0.00 0.45 + 0.15 0.45 0.05 0.26 0.24 0.24 - 0.02 0.35 0.10 0.32 0.30 0.30 - 0.03 0.48 0.14 16.09 15.09 16.06 + 0.81 17.11 9.99 12.90 12.00 12.80 + 0.60 12.90 7.35 0.02 0.01 0.01 - 0.01 0.02 0.00 0.05 0.04 0.04 - 0.01 0.13 0.01 0.04 0.03 0.04 - 0.00 0.09 0.03 0.05 0.04 0.05 + 0.01 0.08 0.02 0.54 0.50 0.50 - 0.03 2.04 0.46 3.46 3.28 3.44 + 0.14 5.85 2.68 1.56 1.19 1.19 - 0.38 1.57 0.43 1.99 1.26 1.49 - 0.43 1.99 0.47

R

S

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Sennen Potash V 61 Sennen Potash* O 30 Serengeti Res V 434 Sherritt Intl T 4045 Shore Gold T 1485 Sibanye Gold* N 14033 Sibanye Gold* O 6 Sidney Resrces* O 347 Sienna Res V 424 Sierra Metals* X 245 Sierra Metals T 50 Silver Bear Rs T 341 Silver Bull Re* O 631 505 Silver Bull Re T Silver Dragon* O 117 Silver Grail V 154 Silver Mtn Mns* O 10 Silver Predatr V 244 Silver Pursuit V 86 Silver Range V 145 Silver Spruce V 544 Silver Viper V 117 Silver Wheaton T 3861 N 11690 Silver Wheaton* Silvercorp Met* X 1295 Silvercorp Met T 1358 O 213 SilverCrest Mt* SilverCrest Mt V 208 Silvermet V 248 Silverstar Res* O 3 Sirios Res* O 46 Sirios Res V 538 Skeena Res V 7633 Skeena Res* O 363 V 314 Skyharbour Res Skyharbour Res* O 167 V 125 Sojourn Explor SolGold plc T 344 SolGold plc* O 22 Solitario Ex&R T 43 Solitario Ex&R* X 309 Sonoro Mtls V 81 Southern Arc* O 57 Southern Copp* N 5259 Southern Lith V 11494 Southern Silvr* O 168 Southern Silvr V 186 SouthGobi Res T 364 427 Spanish Mtn Gd* O Spanish Mtn Gd V 521 Sphinx Res V 120 SRG Graphite V 537 SSR Mining T 944 SSR Mining* D 4396 St-Georges Plt* O 39 Stakeholdr Gld V 10 O 4 Stakeholdr Gld* Standard Lith V 453 Stans Energy* O 120 Stans Energy V 152 Starcore Intl T 179 Stellar Africa V 221 Stelmine Can V 120 Stina Res 1888 Stina Res* O 158 Stone Ridge Ex 67 Stornoway Diam* O 58 Stornoway Diam T 2077 Stratabd Mnr V 397 Strategic Metl V 368 Strategic Metl* O 149 Strategic Res V 2 Strategic Res* O 1 Stria Lithium V 299 Strikepoint Gd V 390 Strikepoint Gd* O 66 V 637 Strongbow Expl Suncor Energy T 11036 Suncor Energy* N 9010 Sunvest Mnrls* O 16 Sunvest Mnrls V 885 O 14 Superior Gold* Superior Gold V 1090 Supreme Metals 335 Sutter Gold V 73 Sutter Gold* O 33 Syrah Res* O 73

0.79 0.00 0.79 + 0.29 1.30 0.45 0.04 0.03 0.03 - 0.30 0.68 0.33 0.22 0.20 0.21 - 0.01 0.26 0.11 1.22 1.05 1.18 + 0.11 1.67 0.74 0.24 0.22 0.22 + 0.01 0.44 0.17 4.78 4.42 4.70 + 0.33 12.38 4.27 1.18 0.00 1.18 - 0.02 2.84 1.16 0.01 0.01 0.01 - 0.00 0.02 0.00 0.15 0.13 0.13 - 0.01 0.18 0.09 2.63 2.48 2.55 - 0.05 3.10 1.29 3.30 3.15 3.20 + 0.05 3.75 1.70 0.16 0.14 0.15 - 0.01 0.49 0.14 0.11 0.10 0.10 + 0.00 0.16 0.06 0.13 0.12 0.13 - 0.01 0.21 0.08 0.01 0.01 0.01 - 0.00 0.03 0.01 0.11 0.09 0.11 + 0.01 0.13 0.05 0.02 0.02 0.02 - 0.00 0.03 0.02 0.04 0.03 0.04 + 0.01 0.08 0.03 0.20 0.16 0.19 + 0.01 0.23 0.09 0.17 0.16 0.16 - 0.01 0.29 0.08 0.06 0.05 0.06 - 0.01 0.13 0.05 0.30 0.25 0.25 - 0.05 0.30 0.25 24.96 23.80 24.96 + 1.16 33.83 22.63 19.91 19.04 19.91 + 0.82 25.27 16.94 2.81 2.64 2.79 + 0.09 4.50 2.07 3.51 3.31 3.49 + 0.11 5.90 2.82 1.23 1.14 1.16 - 0.01 2.32 1.08 1.57 1.44 1.47 + 0.01 3.03 1.39 0.16 0.00 0.15 - 0.01 0.22 0.03 3.20 2.00 2.00 - 1.25 3.36 1.51 0.27 0.22 0.27 + 0.04 0.45 0.21 0.35 0.29 0.33 + 0.03 0.62 0.25 0.07 0.05 0.06 - 0.01 0.14 0.04 0.06 0.04 0.05 - 0.01 0.10 0.03 0.41 0.37 0.38 - 0.03 0.70 0.24 0.34 0.30 0.30 - 0.03 0.54 0.18 0.24 0.20 0.22 + 0.02 0.30 0.09 0.75 0.62 0.65 - 0.13 0.95 0.56 0.55 0.45 0.50 + 0.07 0.63 0.25 0.90 0.82 0.90 + 0.04 1.21 0.76 0.74 0.69 0.73 + 0.04 0.91 0.58 0.16 0.12 0.13 - 0.03 0.16 0.08 0.57 0.00 0.57 - 0.02 0.61 0.30 42.51 39.19 41.64 + 1.88 42.51 25.79 0.12 0.04 0.04 - 0.08 0.49 0.04 0.30 0.24 0.29 + 0.01 0.46 0.19 0.37 0.31 0.35 + 0.01 0.60 0.27 0.27 0.12 0.16 - 0.11 0.50 0.12 0.12 0.10 0.11 + 0.00 0.17 0.06 0.14 0.13 0.14 + 0.01 0.23 0.09 0.07 0.05 0.06 - 0.01 0.10 0.04 1.01 0.83 1.00 + 0.19 0.92 0.15 14.06 13.08 14.05 + 0.83 17.20 10.32 11.22 10.45 11.18 + 0.57 11.19 8.89 0.03 0.02 0.02 - 0.01 0.05 0.01 0.32 0.31 0.32 + 0.01 0.85 0.19 0.26 0.25 0.26 + 0.01 0.64 0.17 1.60 1.52 1.60 + 0.05 1.67 0.30 0.03 0.02 0.03 - 0.00 0.06 0.02 0.04 0.04 0.04 - 0.01 0.08 0.03 0.32 0.30 0.31 + 0.01 0.77 0.29 0.05 0.04 0.04 - 0.01 0.07 0.02 0.30 0.28 0.30 + 0.01 0.37 0.17 0.29 0.25 0.26 - 0.03 0.35 0.07 0.23 0.21 0.21 - 0.03 0.27 0.05 0.15 0.06 0.10 - 0.05 0.15 0.04 0.64 0.60 0.64 + 0.03 0.96 0.54 0.80 0.75 0.80 + 0.05 1.33 0.69 0.02 0.01 0.01 - 0.01 0.06 0.01 0.45 0.41 0.43 - 0.02 0.73 0.37 0.36 0.33 0.34 - 0.02 0.54 0.28 0.16 0.00 0.16 + 0.01 0.22 0.13 0.12 0.00 0.12 - 0.00 0.14 0.09 0.04 0.04 0.04 + 0.01 0.10 0.03 0.26 0.17 0.18 - 0.09 0.67 0.19 0.21 0.13 0.14 - 0.07 0.47 0.15 0.25 0.19 0.23 + 0.02 0.27 0.12 44.19 43.09 43.50 - 0.23 44.90 36.09 35.18 34.45 34.67 - 0.36 35.18 27.40 0.09 0.07 0.09 - 0.00 0.16 0.07 0.12 0.10 0.11 - 0.01 0.25 0.08 0.75 0.71 0.75 + 0.04 0.78 0.71 0.95 0.89 0.95 + 0.06 1.25 0.85 0.04 0.03 0.04 + 0.01 0.15 0.02 0.03 0.03 0.03 + 0.01 0.08 0.03 0.03 0.02 0.02 + 0.00 0.06 0.02 2.96 2.71 2.84 + 0.10 3.14 1.68

Tahoe Res* N 9924 T 3258 Tahoe Res Tajiri Res V 118 Taku Gold 116 Talon Metals T 314 Tamino Mnrls* O 1 Tanager Energy V 371 Tango Mining V 771 Tanqueray Expl V 518 Tantalex Res 4020 Tanzania Rlty T 308 Tanzania Rlty* X 1595 Tartisan Res 275 Taseko Mines* X 9666 Taseko Mines T 3143 Teck Res T 10531 Teck Res* N 24441 Teck Res T 15 O 92 Telson Res * Telson Res V 207 Tembo Gold* O 208 Teranga Gold T 1133 Teranga Gold* O 65 Teras Res V 261 Terrax Mnrls* O 67 Teslin Rvr Res V 1907 Teuton Res V 271 Teuton Res* O 103 Texas Mineral* O 67 Thor Expl V 104 Thunderstruck* O 23 Thunderstruck V 332 Till Capital* D 12 Tiller Res V 120 Timberline Res V 78 Timmins Gold* X 781 Timmins Gold T 596 Tinka Res* O 374 Tinka Res V 2256 Tintina Mines V 34 Tintina Res V 236 Tintina Res* O 84 Titanium Corp V 400 TMAC Resource* O 3 TMAC Resources T 125 TNR Gold V 668 Toachi Mg Inc* O 2 Toachi Mg Inc V 51 TomaGold V 634 Tombstone Expl* O 1352 Tonogold Res* O 319 Torex Gold* O 26 Torex Gold T 1111 Toron, Inc* O 782 Torq Resources* O 11 Torq Resources V 182 Tower Res V 429 Tower Res* O 61 Transatlan Mng V 233

5.49 5.12 5.38 + 0.11 12.65 4.24 6.87 6.40 6.74 + 0.18 16.91 5.31 0.11 0.11 0.11 + 0.01 0.21 0.08 0.18 0.13 0.16 - 0.01 0.25 0.06 0.12 0.11 0.11 - 0.01 0.15 0.06 0.00 0.00 0.00 - 0.00 0.00 0.00 0.15 0.00 0.15 - 0.01 0.20 0.07 0.04 0.04 0.04 + 0.01 0.09 0.02 0.95 0.83 0.89 - 0.04 1.56 0.15 0.15 0.10 0.13 - 0.01 0.17 0.03 0.40 0.35 0.40 - 0.01 1.14 0.35 0.33 0.28 0.31 - 0.01 0.89 0.28 0.14 0.09 0.11 - 0.03 0.18 0.03 2.30 1.85 2.28 + 0.43 2.30 0.42 2.89 2.33 2.85 + 0.51 2.88 0.55 29.29 26.33 28.81 + 2.54 35.67 19.27 23.34 21.07 22.97 + 1.88 26.60 14.56 29.50 26.59 29.00 + 2.40 36.49 20.00 0.64 0.60 0.64 + 0.01 0.72 0.11 0.80 0.68 0.70 - 0.10 0.89 0.16 0.01 0.01 0.01 + 0.00 0.05 0.01 3.03 2.75 3.01 + 0.21 6.05 2.75 2.38 2.07 2.38 + 0.14 6.40 2.02 0.13 0.10 0.10 - 0.01 0.19 0.08 0.48 0.45 0.46 + 0.00 0.70 0.30 0.67 0.59 0.66 + 0.03 0.76 0.21 0.25 0.20 0.22 - 0.01 0.35 0.15 0.19 0.15 0.17 - 0.01 0.26 0.11 0.21 0.20 0.20 - 0.01 0.39 0.09 0.19 0.13 0.19 - 0.04 0.25 0.08 0.09 0.08 0.08 + 0.01 0.11 0.06 0.11 0.08 0.08 - 0.01 0.14 0.05 3.82 0.00 3.57 - 0.05 4.39 3.57 0.30 0.23 0.23 - 0.18 0.85 0.05 0.40 0.36 0.40 + 0.01 0.73 0.32 4.47 4.07 4.37 - 0.06 6.06 2.70 5.56 5.11 5.47 - 0.03 7.99 3.70 0.51 0.42 0.48 + 0.04 0.59 0.14 0.64 0.54 0.60 + 0.05 0.78 0.19 0.05 0.04 0.04 - 0.01 0.09 0.03 0.11 0.09 0.11 - 0.01 0.14 0.06 0.09 0.08 0.08 - 0.01 0.10 0.04 1.47 1.29 1.45 + 0.06 1.46 0.41 8.16 7.46 7.47 - 0.71 14.76 6.64 10.35 9.19 9.22 - 0.92 20.18 8.12 0.05 0.04 0.05 + 0.01 0.05 0.02 0.28 0.28 0.28 - 0.01 0.35 0.28 0.35 0.00 0.33 - 0.02 0.62 0.31 0.08 0.07 0.08 - 0.01 0.13 0.06 0.01 0.01 0.01 - 0.00 0.01 0.00 0.11 0.07 0.11 + 0.03 0.13 0.02 16.31 15.59 16.25 + 0.41 25.59 12.73 20.48 19.48 20.38 + 0.83 33.85 17.05 0.00 0.00 0.00 + 0.00 0.01 0.00 0.54 0.50 0.50 - 0.04 0.73 0.50 0.68 0.62 0.65 - 0.02 1.00 0.53 0.17 0.15 0.15 - 0.02 0.34 0.11 0.13 0.12 0.13 + 0.01 0.24 0.11 0.08 0.06 0.06 - 0.01 0.70 0.06

T

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Transition Mtl V 168 O 114 Treasury Metal* Treasury Metal T 730 Trecora Res* N 141 Trek Mining V 605 Trek Mining* O 217 Trevali Mng T 20185 Trevali Mng* O 628 Trident Gold V 605 Trifecta Gold* O 40 Trifecta Gold V 75 Trilogy Mtls T 113 Trilogy Mtls* X 1221 TriMetals Mng T 227 O 13 TriMetals Mng* O 76 TriMetals Mng* O 2691 Trio Resources* TriStar Gold* O 72 TriStar Gold V 80 Triumph Gold* O 155 Triumph Gold V 344 Troy Res* O 25 Trueclaim Expl V 80 Tsodilo Res V 23 Tudor Gold V 80 O 793 Tungsten Corp* 16002 Turquoise HIl* N Turquoise HIl T 4576 TVI Pacific* O 67

0.12 0.15 - 0.02 0.24 0.17 0.13 0.30 0.56 + 0.03 0.67 0.57 0.52 0.51 0.69 - 0.01 0.90 0.75 0.66 13.00 - 0.30 14.80 9.75 13.45 12.90 0.96 1.07 + 0.05 2.19 1.09 1.01 0.75 0.84 + 0.02 1.64 0.85 0.80 0.91 1.62 + 0.21 1.63 1.64 1.42 0.70 1.30 + 0.16 1.30 1.30 1.14 0.05 0.16 + 0.01 0.22 0.16 0.14 0.13 0.12 - 0.02 0.20 0.15 0.12 0.17 0.16 - 0.02 0.40 0.18 0.16 0.58 1.11 - 0.08 1.60 1.20 1.10 0.41 0.92 - 0.03 1.35 0.96 0.86 0.18 0.19 - 0.01 0.30 0.21 0.18 0.11 0.19 - 0.00 0.21 0.19 0.17 0.13 0.16 - 0.01 0.23 0.17 0.15 0.00 0.00 - 0.00 0.00 0.00 0.00 0.17 0.21 + 0.02 0.34 0.21 0.18 0.22 0.24 + 0.01 0.44 0.26 0.23 0.13 0.30 - 0.04 0.46 0.34 0.28 0.18 0.37 - 0.07 0.57 0.44 0.35 0.05 0.08 + 0.00 0.29 0.08 0.08 0.02 0.02 - 0.01 0.05 0.03 0.02 0.58 0.63 - 0.03 1.05 0.66 0.58 0.37 0.72 + 0.02 0.94 0.74 0.61 0.00 0.00 + 0.00 0.00 0.00 0.00 2.44 3.25 + 0.15 3.80 3.41 3.10 3.25 4.09 + 0.23 5.03 4.28 3.87 0.00 0.01 + 0.00 0.06 0.01 0.00

U.S. Lithium* O 1384 U3O8 Corp* O 64 U3O8 Corp T 243 359 Ucore Rare Mtl V 421 Ucore Rare Mtl* O UEX Corp T 1121 Ultra Lithium* O 19 Ultra Lithium V 15 Umbral Enrgy* O 35 Umbral Enrgy 3741 Unigold* O 9 111 United Res Hdg* O 742 United States A* X United States S* N 46109 Unity Energy V 44 Unity Energy* O 9 Ur-Energy* X 776 Ur-Energy T 100 Uracan Res V 658 Uracan Res* O 29 X 3115 Uranium Energy* Uranium Res* D 1473 V 31 Uranium Valley URZ Energy V 50 URZ Energy* O 24 200 O US Cobalt * US Energy* D 1920 70 US Precious M* O US Tungsten* O 732 N 15694 Vale* 121831 N Vale* ValGold Res V 36 ValGold Res* O 40 Valley High Mg* O 1494 Valterra Res V 3260 Valterra Res* O 209 Vanadium One V 873 O 232 Vanadiumcorp* Vanadiumcorp V 535 229 Vanstar Mng Rs V Vantex Res V 71 N 1483 Vedanta* O 33 Velocity Mnrls* Velocity Mnrls V 161 Vendetta Mng V 1491 O 306 Vendetta Mng* Verde Potash T 33 Verde Res* O 160 Veris Gold* O 156 Victoria Gold V 1881 Victory Nickel 232 Victory Vent V 1568 O 23 Virginia Enrgy* 92 Visible Gold M V Vista Gold* X 722 Vista Gold T 38 Volcanic Gold V 193 Voltaic Min V 408 Voyageur Min V 137 VR Resources V 164 Vulcan Mnrls V 100 VVC Expl V 926

0.01 0.04 - 0.00 0.08 0.04 0.04 0.22 0.24 - 0.03 0.36 0.27 0.22 0.21 0.30 - 0.04 1.00 0.35 0.30 0.31 0.29 0.30 + 0.01 0.37 0.22 0.25 0.23 0.24 - 0.00 0.28 0.18 0.15 0.18 - 0.01 0.43 0.19 0.18 0.11 0.14 + 0.01 0.20 0.15 0.13 0.14 0.19 - 0.02 0.26 0.19 0.19 0.02 0.11 + 0.01 0.12 0.11 0.10 0.03 0.16 + 0.02 0.16 0.16 0.13 0.12 0.19 - 0.00 0.27 0.19 0.00 0.01 0.01 0.01 + 0.01 0.04 0.01 0.29 0.22 0.27 - 0.02 0.52 0.22 26.97 25.31 26.05 + 0.39 41.83 16.17 0.11 0.17 + 0.01 0.35 0.21 0.17 0.10 0.17 + 0.03 0.17 0.17 0.16 0.41 0.57 - 0.01 0.91 0.58 0.54 0.55 0.70 - 0.02 1.19 0.71 0.67 0.02 0.03 - 0.01 0.09 0.04 0.03 0.01 0.01 - 0.02 0.08 0.03 0.01 0.81 0.10 1.92 1.28 - 1.39 1.27 0.97 1.33 - 0.11 4.00 1.42 1.32 0.04 0.15 + 0.01 0.33 0.15 0.13 0.20 0.52 - 0.06 0.79 0.55 0.50 0.33 0.42 - 0.05 0.51 0.44 0.40 0.53 0.48 0.50 - 0.01 0.88 0.27 0.60 0.93 + 0.16 2.74 1.37 0.72 0.00 0.00 0.00 - 0.00 0.02 0.00 0.00 0.00 + 0.00 0.00 0.00 0.00 9.78 9.27 9.40 + 0.05 11.10 4.81 10.13 + 0.06 11.72 5.46 10.54 10.00 0.02 0.06 + 0.01 0.07 0.06 0.05 0.02 0.04 + 0.00 0.05 0.04 0.04 0.00 0.00 0.00 - 0.00 0.02 0.00 0.03 0.05 - 0.01 0.07 0.06 0.04 0.01 0.04 + 0.01 0.05 0.05 0.03 0.07 0.07 - 0.01 0.19 0.08 0.07 0.02 0.10 - 0.00 0.13 0.11 0.10 0.04 0.12 - 0.01 0.18 0.13 0.11 0.09 0.08 0.08 - 0.01 0.15 0.05 0.07 0.08 - 0.01 0.25 0.08 0.07 11.30 20.05 + 0.69 20.92 20.05 19.27 0.17 0.21 - 0.08 0.35 0.30 0.21 0.22 0.28 - 0.04 0.47 0.32 0.28 0.10 0.27 - 0.01 0.35 0.28 0.26 0.08 0.22 + 0.00 0.27 0.22 0.21 0.20 0.72 + 0.01 1.77 0.75 0.70 0.02 0.03 - 0.05 0.20 0.08 0.03 0.00 0.01 + 0.01 0.02 0.01 0.00 0.42 0.48 + 0.01 0.74 0.49 0.42 0.02 0.04 - 0.01 0.09 0.05 0.00 0.06 0.07 - 0.01 0.76 0.09 0.06 0.02 0.08 - 0.02 0.54 0.09 0.00 0.13 0.11 0.12 - 0.01 0.35 0.11 0.63 0.79 + 0.02 1.24 0.83 0.75 0.89 0.99 + 0.02 1.61 1.03 0.95 0.14 0.33 - 0.01 0.65 0.34 0.32 0.05 0.06 + 0.01 0.24 0.06 0.05 0.04 0.05 - 0.02 0.13 0.08 0.05 0.14 0.31 + 0.05 0.51 0.31 0.25 0.03 0.06 + 0.01 0.08 0.06 0.05 0.02 0.04 - 0.01 0.05 0.05 0.04

Walker River V 1557 T 992 Wallbridge Mng Wealth Mnrls* O 377 Wealth Mnrls V 576 O 347 Wellgreen Plat* Wellgreen Plat T 433 T 4280 Wesdome Gold O 157 Wesdome Gold* 377 V West Af Res West High Yld V 3627 West Kirkland V 325 79 West Kirkland * O 143 West Red Lake* O 420 West Red Lake O 63 Western Areas* T 683 Western Copper X 428 Western Copper* 19 Western Pac Rs* O T 195 Western Potash Western Res* O 19 Western Uran* O 65 V 308 Westhaven Vent V 5063 Westkam Gold Westmoreland* D 1896 O 132 WestMountain* Westridge Res V 1795 White Energy* O 2 White Gold* O 11 White Gold V 38 44 White Metal Rs V O 165 Wincash Apolo* Winston Gold* O 154 Wolfden Res* O 58 Wolfden Res V 1491 WPC Res V 230 X-Terra Res V 598 X-Terra Res* O 106 Xander Res V 549 Ximen Mng V 1223 286 XLI Tech Inc* O Xtra-Gold Res T 16 O 165 Xtra-Gold Res* Yamana Gold T 9352 Yanzhou Coal* O 5 V 35 Yellowhead Mng Yorbeau Res T 1195 O 42 Zenyatta Vent* Zenyatta Vent V 241 Zimtu Capital V 54 Zinc One Res V 4332 556 Zinc One Res * O Zonte Mtls V 2341

0.07 0.11 - 0.03 0.18 0.14 0.11 0.04 0.10 + 0.01 0.14 0.10 0.08 0.71 1.50 + 0.05 1.69 1.50 1.41 0.95 1.87 + 0.08 2.10 1.87 1.76 0.16 0.26 + 0.01 0.39 0.26 0.24 0.22 0.32 + 0.01 0.51 0.32 0.30 1.93 2.10 - 0.08 4.40 2.16 1.98 0.00 1.67 - 0.07 3.22 1.71 1.57 0.33 0.31 0.33 + 0.02 0.38 0.19 3.80 0.34 2.00 + 1.60 3.80 0.09 0.06 0.07 - 0.01 0.13 0.08 0.07 0.07 0.05 0.06 - 0.01 0.09 0.04 0.11 0.08 0.09 - 0.02 0.24 0.08 0.13 0.10 0.13 - 0.01 0.31 0.10 1.57 2.21 + 0.14 2.35 2.21 2.21 0.93 1.47 + 0.02 2.24 1.55 1.41 0.74 1.18 + 0.02 1.80 1.24 1.12 0.01 0.01 0.01 - 0.00 0.03 0.01 0.37 0.42 - 0.01 1.80 0.43 0.41 0.30 0.33 - 0.03 0.47 0.36 0.33 0.70 0.90 + 0.02 2.17 0.90 0.80 0.07 0.01 0.15 0.08 - 0.10 0.08 0.02 0.02 - 0.01 0.05 0.03 0.02 3.13 2.38 2.40 - 0.15 19.92 1.88 0.00 0.00 - 0.00 0.10 0.01 0.00 0.01 0.30 + 0.03 0.39 0.31 0.24 0.12 0.14 - 0.04 0.27 0.14 0.00 0.74 1.13 + 0.06 1.73 1.13 0.98 0.57 1.40 + 0.03 2.34 1.40 1.23 0.05 0.04 0.04 - 0.01 0.07 0.04 0.03 0.05 + 0.02 0.22 0.07 0.04 0.03 0.03 - 0.00 0.04 0.04 0.03 0.10 0.22 + 0.00 0.23 0.23 0.00 0.08 0.27 - 0.01 0.30 0.29 0.25 0.04 0.05 - 0.01 0.13 0.05 0.05 0.13 0.28 + 0.02 0.40 0.30 0.26 0.16 0.23 + 0.00 0.28 0.23 0.23 0.23 0.28 + 0.04 0.49 0.28 0.25 0.03 0.04 - 0.01 0.14 0.04 0.04 0.01 0.01 0.01 - 0.00 0.05 0.00 0.17 0.25 + 0.01 0.37 0.25 0.25 0.12 0.22 + 0.02 0.28 0.22 0.20 2.84 3.33 + 0.03 5.26 3.35 3.22 0.68 1.06 + 0.03 1.06 1.06 1.03 0.44 0.50 + 0.01 1.20 0.65 0.00 0.08 0.08 - 0.01 0.14 0.09 0.08 0.61 0.69 - 0.05 1.11 0.73 0.69 0.83 0.82 - 0.06 1.50 0.92 0.81 0.15 0.25 + 0.04 0.40 0.27 0.22 0.52 0.44 0.47 + 0.02 0.90 0.10 0.42 0.34 0.39 + 0.03 0.81 0.01 0.05 0.19 - 0.15 0.49 0.35 0.17

U-V

W-Z

2017-10-10 5:02 PM


GLOBAL MINING NEWS

THE NORTHERN MINER / OCTOBER 16–29, 2017

23

GoGold Resources sells Santa Gertrudis to Agnico Eagle MEXICAN GOLD  

| Junior bags US$80M plus 2% NSR, will de-lever stressed balance sheet

BY TRISH SAYWELL

G

tsaywell@northernminer.com

oGold Resources (TSX: GGD) is selling its Santa Gertrudis gold project in Sonora, Mexico, to Agnico Eagle Mines (TSX: AEM; NYSE: AEM) for US$80 million in cash to eliminate debt. The junior has a 2% net smelter return royalty (NSR), but Agnico has the right to buy back 1% of the NSR for US$7.5 million. “I can’t speak for Agnico, but obviously their technical people see something they very much like in the property, and so it’s a win-win for both companies,” Brad Langille, GoGold’s cofounder, president and CEO, tells The Northern Miner. “It’s going to go into their pipeline of projects, and, for us, it was a way to de-lever our balance sheet, pay off our revolver with the Bank of Montreal, which is US$46.5 million, and give our shareholders some upside to the project under our 2% NSR.” GoGold, which acquired the project in April 2014 through its takeover of Animas Resources, subsequently completed 13,000 metres of drilling, updated a historic resource based on more than 2,000 drill holes, and completed a preliminary economic assessment (PEA). Agnico, one of several companies that signed confidentiality agreements on the property, initially started due diligence on Santa Gertrudis more than a year ago. “They have a very, very strong technical team,” Langille says, adding that Agnico is a “very capable mine builder.” “It is a great company to be involved with on this project — they are a premier major and they’re going to advance.” Santa Gertrudis, 180 km north of Hermosillo, is a gold deposit that Phelps Dodge discovered in 1986 and developed into a heap-leach mine that began production in 1991. Phelps Dodge sold part of the mine to Campbell Resources in 1994. Before the mine was shut down in 2000 due to low gold prices, it had produced 564,000 oz. gold. GoGold upgraded the project’s historic resource to comply with National Instrument 43-101 standards and produced a resource estimate totalling 23.2 million indicated tonnes grading 1.08 grams gold per tonne for 810,000 contained oz. gold, and another 255,000 oz. inferred (7.7 million tonnes at 1.02 grams gold per tonne). The company’s PEA estimated a 12-year mine life producing an average of 56,000 oz. gold a year at all-in sustaining costs of US$699 per oz. gold. Initial capex was forecast to come in at US$32 million, including a 20% contingency, with a payback in just under two years. Using a base case gold price of US$1,250 per oz., the study predicted a US$150million after-tax net present value at a 5% discount rate and a 58% post-tax internal rate of return. “It’s a very advanced project, with good grades for a heap-leach operation of just over 1 gram gold,” Langille says. “In Mexico, average heap-leach operations are 0.65 gram gold per tonne.” In addition, he says, the property has exploration potential. “There is a lot of upside in the project, which very much interested Agnico,” he adds. “There’s 15 km of strike length on the project, with lots of really good gold showings.” Langille says the net proceeds of the sale will enable the com-

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GoGold Resources’ Santa Gertrudis gold property in Sonora, Mexico.   GOGOLD RESOURCES

“I CAN’T SPEAK FOR AGNICO, BUT OBVIOUSLY THEIR TECHNICAL PEOPLE SEE SOMETHING THEY VERY MUCH LIKE IN THE PROPERTY, AND SO IT’S A WIN-WIN FOR BOTH COMPANIES.” BRAD LANGILLE COFOUNDER, PRESIDENT AND CEO, GOGOLD RESOURCES

pany not only to repay its senior revolving-credit facility, but also reduce outstanding trade and other payables, and be used for working capital purposes. It will also put the company in a good position to ramp up its Parral tailings project and help it pursue other opportunities, most likely in Mexico. “I’ve been operating in Mexico for 20 years, so it’s a jurisdiction we know very well and we’re very comfortable with,” he says. “We like the northwestern part of Mexico — Sonora, Chihuahua, Durango — we’ve done a lot of work in those areas … we can go out and look for things that aren’t on everyone’s radar and do asset deals, while we produce cash flow from our Parral operation.” In a research note to clients, Rob Chang of Cantor Fitzgerald described the sale as positive and upgraded the company to a “buy” rating from his previous “sell” recommendation. He increased his target price on the company’s stock from 35¢ per share to 95¢ per share. “The proceeds of the sale will be applied towards repayment of the senior revolving-credit facility in which, as of the most recent quarterly filings, GoGold was in breach of the financial covenants,” Chang noted. “Though we most recently valued Santa Gertrudis at US$195 million [net asset value, on a] 5% basis, this transaction will go a long way towards the debt issued under the senior-secured facility, which is to mature on July 21, 2018, with a principal payment of US$46.5 million due. The remaining cash will be allocated accordingly, as the Parral tailings project ramps up to its full potential by 2018.”

The Parral tailings site has 21.3 million tonnes of tailings left over from 340 years of mining operations (which ended in 1980), near the heart of the city of Hidalgo del Parral, in Mexico’s Chihuahua state. GoGold completed a feasibility study that defined a reserve of 35 million equivalent oz. silver, or 23 million tonnes grading 38.4 grams silver per tonne and 0.31 gram gold, and a 12-year mine life. The company built a heap-leach facility in 18 months at a cost of US$32.5 million (below the prefeasi-

bility estimate of US$35 million), and production got underway in June 2014. In February 2015, GoGold acquired a nearby tailings property containing another 5.8 million tonnes at 49 grams silver and 0.26 gram gold. The doré produced has silver with minor amounts of gold, copper and zinc. Mining and processing the tailings has averaged US$6.50 to US$8.50 per tonne. Parral produced 2,237 oz. gold and 151,422 oz. silver for a total of 314,910 equivalent oz. silver during the fiscal quarter ended June 30, up 13% from the previous quarter. Langille says the project will ramp up during the 2018 fiscal year, which started on Oct. 1. “We are the first or one of the first to heap leach tailings for precious metals, at least on this large scale, at plus 5,000 tonnes per day,” Langille says, adding that the company has processed up to 7,000 tonnes per day at the relatively low all-in cost of US$12 per equivalent oz. silver.

“Lots of people reprocess tailings — like in South Africa, where it’s big business — but in lots of cases they are re-milled in more of an agitated leach. What we do is we truck [the tailings] down the highway. We mix them with 16 kilos of cement in an agglomeration drum and convey them out to our heap, where we stack them and we leach them with a typical cyanide leach, and the back end process plant is a Merrill-Crowe, due to the high silver content.” The tailings “are in the middle of the city of 125,000 people,” he says, and the company’s heap-leach facility is 12 km from where the tailings are deposited. The company partners with the city, and in exchange for US$50,000 per month, the company has the irrevocable right to access and process the city’s tailings. “It’s taking something that was an issue for the city and reprocessing them with 21st century environmental standards,” he says. “It’s a win-win for the city and for us.” He admits, however, that “there have been bumps along the road.” Initially the company used 10-metre lifts to leach the tailings, but it found there was too much compaction and the leach solution did not percolate properly through the material. (The lift height is how high the ore is stacked for the first pass.) In the last six months management has lowered the lift height to four metres and now gets better percolation and speedier and improved recoveries, Langille says. It is also adding more cement to the tailings to further solidify them, Langille says, and the two changes have sped up recoveries dramatically, and lowered inventory on the heap. “It was supposed to take about four to six months to get the bulk of the metal out, but it became two and a half years, so we had to finance a big inventory,” he explains. “But now we’re getting expected recoveries of four to six months. It’s a big turnaround, and since we made those changes, we are seeing production going up. “It’s really a metallurgical project,” he adds, “but we have that all worked out now. This project is really going to shine over the next 12 months. We think we can get Parral up to 2.5 million equivalent oz. silver in our next fiscal year.” TNM

Budding mogul JP Bickell’s gold hunt BICKELL From 4

century, and were responsible for the establishment of the city of Timmins, Ontario. The region’s early stakes had been courtesy of the Scotsman Sandy McIntyre (a.k.a. Alexander Oliphant), who had left Glasgow for Canada in 1903. McIntyre would soon become central to the J.P. Bickell story. Along with a German-born prospector named Hans Buttner, McIntyre travelled the shores of Pearl Lake in search of gold. In 1909, on the very same day that the Hollinger team made its discovery, McIntyre and Buttner found visible gold. The pair subsequently staked claims and went about developing what would become the McIntyre mine, which would forever change this entire region of Ontario. The man known in Glasgow as Alexander Oliphant had uncer-

emoniously left his wife back in Scotland before sailing to Canada under his new name, McIntyre. It was no secret that Sandy was overly fond of alcohol, a common trait among the prospectors of his era. Living up to the cliché, however, cost him dearly. Indeed, McIntyre must have been thoroughly sloshed when he sold off his stakes in the Porcupine for such laughably low fees. He sold a quarter-interest, for instance, to Weldon Young of Ottawa for a paltry $300. That same day he sold an eighth-interest to Jim Hughes for a mere $25. Later, he sold a half-interest to A.J. Young of North Bay for $5,000. There was a $60,000 option included in that deal, but McIntyre was apparently tricked out of it. In the end, McIntyre had sold his 1909 stakes for a pittance when one considers the millions that would one day be mined out of the Porcupine.

In what can only be regarded as a compassionate move, McIntyre Porcupine Gold Mines Ltd. gave Sandy a pension to see him through his later years. — The preceding is an excerpt from the newly released biography of Canadian Mining Hall of Fame inductee, John Paris Bickell, entitled: J.P. Bickell: The life, the Leafs and the legacy. Jason Wilson is a best-selling Canadian author, two-time Juno Awards nominee and an adjunct professor at the University of Guelph. Kevin Shea is a hockey historian and best-selling author of 16 hockey books. Graham MacLachlan is a relative of J.P. with an extensive business background in international trade. The book is available at www. dundurn.com. Graham MacLachlan is donating his proceeds from book sales to Camp Bickell near Timmins, Ontario.

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The Northern Miner October 16 2017 Issue  

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

The Northern Miner October 16 2017 Issue  

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