The Northern Miner January 6 2020 Issue 1

COMMENTARY: ‘DECK IS STACKED’ FOR MORE M&A IN 2020, GEORGE SALAMIS SAYS / 3 Geotech_Earlug_2016_Alt2.pdf 1 2016-06-24 4:27:20 PM

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O3 Mining’s Jose Vizquerra has tough act to follow PROFILE

| Young exec challenged by grandfather, Buenaventura founder

The mill at Nexa Resources’ Vazante zinc-lead-silver mine in Brazil.   PHOTO BY MINING.COM

BY TRISH SAYWELL

Growth ambitions undiminished for Brazil’s Nexa Resources SITE VISIT

| Aspires to be ‘new-generation’ miner, CEO Tito Martins says

BY FRIK ELS Special to The Northern Miner SAO PAULO, BRAZIL

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ith prices down nearly 10% in 2019, now is not an easy time for zinc miners. Measured from the highs hit from March to April, the metal — used mostly to galvanize steel and as an alloy — is down more than 20%. That’s officially a bear market. Zinc’s fortune compares with that of nickel, which despite a sharp correction recently, finished 2019 up about one-third. On-again offagain Indonesian ore export bans have buoyed nickel, but most of the excitement surrounding the metal has come from electric vehicles (EVs). In contrast, battery metal and EV enthusiasts have mostly ignored zinc-air technology despite its safety, energy density and cost advantages over lithium-ion. Largescale deployment of zinc-air batteries is years away and novel applications like thermal sprays for offshore wind farms haven’t really caught the attention of investors. For now, the metal is still tied to the fortunes of the global construction and auto industries, both of which have suffered from northern-miner_wide.pdf

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global trade and economic growth worries. But there is also an increasingly louder chorus saying that the bearishness on zinc is overdone. A recent analysis by BMO Capital Markets shows that while the demand growth for zinc is pedestrian, supply may come under expectations, especially in China where environmental rules are increasingly strict. The project pipeline also shrinks dramatically after 2022. Stocks are historically low and infrastructure spending in developed economies can’t be put off forever. And one good thing about zinc is its lack of scrap supply. To use one of mining’s more evocative phrases: zinc is a sacrificial metal. This was the backdrop for a November interview with Tito Martins, president and CEO of Nexa Resources (NYSE: NEXA), at company headquarters in Sao Paulo, Brazil. Martins was the executive in charge of the base metal operations of the world’s number-two miner Vale (NYSE: VALE), before joining Nexa in 2012. Impressive IPO When Nexa Resources had an initial public offering (IPO) in mid-October 2017, the zinc market looked 2019-10-07

very different than today. The zinc price came close to hitting decade highs earlier that month and the company, spun out of the metals arm of Brazil’s largest conglomerate Votorantim after a combination with Peru’s Milpo, raised a smidgen under US$500 million ($658 million) in New York and Toronto. At the time it was the thirdlargest mining IPO in Toronto stock exchange history, which is no small feat for a market hosting north of 60% of the world’s listed miners. With annual revenues of $3.2 billion, Nexa is the world’s fourthlargest zinc producer with output of 557,000 tonnes zinc equivalent at three mines in Peru and two in Brazil. Refined zinc production from the company’s three smelters totals 617,000 tonnes. Martins is sanguine about zinc’s prospects, which would be expected, but also realistic about the outlook for the metal. Martins says while the supply picture for zinc (and copper, which represents 7% of the company’s output) is well understood, the prospects for the base metals depend on the demand scenario, especially once the U.S. and China come to an agreement on trade. See NEXA / 2

tsaywell@northernminer.com

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hen Jose Vizquerra was considering work ing full-time on exploration projects in Canada with Osisko Mining (TSX: OSK), the first thing he needed to know was whether he had the blessing of his grandfather, Alberto Benavides de la Quintana. Benavides founded Buenaventura (NYSE: BVN) in the early 1950s and built it into the largest mining company in Peru and one of the biggest in South America. “When I told him I was going to leave the family business and asked him if he would be OK with that, he said, ‘Yes, I’m fine with it, but I would like to make a bet with you — I want to see if you can build something bigger than what I have built,” Vizquerra recalls. “And I said: ‘I’m 32 years old, game on!’” Vizquerra, who drops the Benavides portion of his surname to avoid favouritism when he’s in Peru and build his own name in the business, is the first to admit he has an enormous mountain to climb to fulfill the wager. Benavides created Buenaventura in 1953 when he was 33 years old and built it into a powerhouse that today has nine mines and thousands of employees. In 1996, the company became the first Peruvian mining company to list on the New York Stock Exchange, initially raising US$170 million. Today the company has a US$3.9-billion market capitalization. Benavides joined Forbes’ list of billionaires in 2013 but it wasn’t wealth that motivated the Harvard-

educated geologist. “He never wanted to find mines to become popular or rich,” Vizquerra says. “He was always a very simple and humble man. He would never drive a car better than a Toyota, and he never moved from the house he had when he was married. He never had a private jet or took astronomically expensive holidays. His purpose was to look for mines to develop the Andes of Peru.” Many of Vizquerra’s fondest memories are of the many hours he spent at his grandfather’s side as a boy and later teenager, soaking in Benavides’ vast stores of knowledge about geology and mine building, his passion for rocks, and his easy leadership style. Vizquerra visited his first mine, Orcopampa, with his uncle Raul when he was 12, and from the age of 18 spent every Saturday morning at his grandfather’s office in Lima, See VIZQUERRA / 6 PM40069240

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Growth ambitions undiminished for Brazil’s Nexa Resources NEXA From 1

“If there is fair agreement, speculation surrounding a fall in economic growth in China changes, and people start to believe the Chinese and Asian economies will keep up sustainable growth. If that happens, clearly we will start to see the price of zinc going up,” Martins says. In any case, historically speaking, Martins says, today’s zinc price is not particularly onerous, and the industry has coped with prices below $2,600. “If we’re not happy with the price today it’s only because we believe it should be higher.” A problem for zinc, Martins says, is that its future is not as glamorous or exciting as copper, with its extensive use in green energy and other technological applications. However, in many ways the zinc market works in a similar way to copper, especially in its exposure to broader economic growth. Martins says that when Nexa addressed investors ahead of the IPO, there was a lack of understanding about how the zinc market works and little exposure to the metal. “One reason for this is because the majors, except for Glencore (LON: GLEN), have not produced zinc for 20 years. It’s worth remembering that Rio Tinto [in its modern form] started as RTZ: Rio Tinto–Zinc.” In vehicle manufacturing, responsible for a fifth of zinc demand, there is increasing competition with lightweight aluminum, but steelmakers are pouring resources into the industry and fighting back to regain market share. Martins says that in places like China only 20% of steel used in vehicles is galvanized versus 80% in Europe and the U.S., which provides strong underlying demand. What’s next for Nexa Martins has set post-IPO Nexa on an ambitious growth trajectory. Not only in terms of new projects, of which there are seven being advanced (some of the more exciting properties are copper focused), but a complete organizational transformation built around technology, environment and human resources. In Nexa’s most recent financial disclosure, the company declared that its short-term capital allocation strategy is being revised, taking away funds from expansion projects to invest in operating efficiencies. Martins says it’s an acknowledgement of the current cycle for the zinc market, and the program, started mid-year, is expected to be in place until the end of next year, adding that “it would shield us from further price weakness in the short- and medium-term.” Nexa is also shielded by $1.1 billion in cash-on-hand, according to third-quarter financials; the fall in the value of the Brazilian Real to record lows; and tentative signs that the Jair Bolsonaro administration could lift regulatory burden in the country, where labour laws create challenges for businesses. Martins says the company is com-

mitted to more public disclosure, but at the moment is unwilling to announce a number on the efficiency program. On the boil While there are many components to the cost-cutting and productivity drive — including automation, digitization, process re-engineering, recovery, the environment, labour and community initiatives — one project at the Tres Marias smelter is an example, albeit a small one, that seems to tick many boxes. A biomass boiler at the Tres Marias plant in Minas Gerais, in operation for nearly 50 years, was built to convert power generation from heavy fuel to wood chips. At a construction cost of less than $400,000, the new plant could save the facility R$10 million ($3.2 million) per year and lower carbon emissions 40%. Not only that, the new steamer spends money in the community, which provides eucalyptus farmers in the area with a new income source. The Vazante zinc-lead-silver underground mine feeds Tres Marias with silicate concentrate, making the smelter the only one in the world that handles both silicate and sulphide concentrates — the latter coming from Nexa’s Morro Agudo mine. Tres Marias also produces zinc oxide for the rubber industry. Vamping up Vazante Nexa’s overhaul of its operations and growth strategy is written in bold at Vazante — continuously mined since 1970 — with spending of nearly $240 million through 2022. Working with consultants, the mine has improved dilution (already down to 20% from 24.3%, with an 18% goal), metal recovery (zinc is inching up to 87%), including byproducts and concentrate quality, among others. The two mines in operation at Vazante are also adding a shift (Brazilian regulations prohibit underground workers from working more than six hours at a time) and “hot seats” to bring the mine more in line with international standards of close to 20 hours’ operation per day. Construction projects include a completed ore-sorting facility and reprocessing of tailings, where grade can run as high as 6% zinc. Together, the tailings reprocessing and dilution improvements add nearly 9,000 tonnes per year. It’s above 10% in the orebody thanks in large part to a highly fluorescent silicate mineral called willemite, named after the 1829 Prince of Orange. Vazante is the only producing willemite mine, which thanks to concentrations of 20% or more makes the operation the highest-grade zinc mine in the world. Extending the life of Nexa’s mines and fully integrating mining and smelting is a key part of Martins’ strategy. With 16.5 km in development so far this year, physical progress on the deepening of Vazante is more than 80% complete, extending

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the life-of-mine to 12 years. Already more than three-quarters of mining occurred at deeper levels this year. As part of the deepening, Vazante now also hosts what would be the world’s largest underground pumping station, taking the crown from a South African gold mine. Hosted in limestone, Vazante is a wet mine and already pumps water at an average of 11,500 cubic metres per hour. Completion of the underground mine extension is scheduled for 2022. Exploration drilling totalling close to 65,000 metres year to date in line with previous years saw resources double last year, and Vazante has historically converted 120% of its resources to reserves. Next for Vazante is the linking of the north and south deposits by acquiring a previously operated open pit. Stacking up the changes Needless to say, tailings dams are an urgent issue in Brazil (and the rest of the world), and Nexa has no fewer than five tailings and waste disposal brownfield projects. Even before the Vale tragedy, Nexa made the decision to move to dry-stack tailings at Vazante rather than increase the dam’s capacity. The facility at Vazante came into operation in April and fully ramped up in the third quarter. It’s the first of its kind in Brazil, with the company replicating its success at the Cerro Lindo mine in Peru. Nexa is also building tailings facilities at Tres Marias, with three of four phases completed with 100% water recirculation. The year has not been without setbacks — a cracked trunnion at Vazante prompted an 8,000- to 10,000-tonne guidance production cut (full production resumed at the beginning of December). Nexa was also forced to take a $187-million impairment loss after its life-ofmine extension program at its Cerro Pasco complex in Peru came up short. A switch to a new recovery process at the Cajamarquilla smelter to improve recovery has also been postponed. Soft sell Apart from the nuts and bolts issues and the hard numbers, Martins says the company is undergoing a major culture change. “We want to be known as a new generation mining company,” Martins says. With the kind of modernization programs like automation and data mining underway at Nexa, he’s competing for talent that probably prefers to work at a tech company, not a mining operation. Nexa’s name itself is supposed to be forward-looking, as in what comes next. Nexa is in the third year of its Mining Lab Challenge to support entrepreneurs developing technological innovation projects for the mining and metallurgy industry. The company has signed 15 contracts with start-ups participating in the program. “That is why we’re working hard to change our mind-set. It’s going to take a long time, but we started the process.” And that process will end when old school miners like himself make way for the new generation, Martins says. Martins says environmental, social and governance programs like the community environmental education programs, volunteering, diversity drives, and youth outreach at Vazante are moving from what has typically been described as “soft” issues to take centre stage with equal importance to “hard” metrics such as financing. “We are already questioned by investors about gender balance within the organization. And in Brazil what is the ethnic profile of your workforce?” Martins says.

The dry stacking plant at Nexa’s Vazante zinc-lead-silver mine.   PHOTO BY MINING.COM

Nexa’s goal is to have a 20% female workforce by 2025 and in Vazante, for instance, most in supervisory positions already are women. Five percent of the workforce is classified as persons with a disability. Nexa is serious about measuring the cultural changes within the organization so that the program goes beyond inspirational messages on office and factory walls. Tres Marias, for instance, brings in outside auditors to measure organizational climate (86% favourability according to Korn Ferry) and organizational health (Mckinsey — 92/100). Aripuana arriving Nexa is spending $92 million on greenfield and brownfield projects in 2019. Exploration drilling will likely top 200,000 metres by year-end. The company’s capital expense will total $552 million in 2019, with a sizeable chunk going into greenfield projects. Aripuana would be the first of Nexa’s seven expansion projects to go into production. The $392-million capex project in the northwest corner of Mato Grosso state, near the border with Bolivia, is expected to produce 120,000 tonnes zincequivalent per year when it goes into production in 2021, representing a fifth of the company’s output. Nexa spent $70 million to buy out the part owner of the property in August for a 100% interest, and 66% of the capex on Aripuana has been committed. Potential at the property is significant, with results that regularly make drill-hole rankings, including a recent 257-metre intersection grading 3.71% zinc, 1.87% lead, 0.36% copper, 0.23 gram gold per tonne and 43.68 grams silver per tonne. Martins wants to showcase the next-generation company he’s building, starting with Aripuana. He says there are 1,500 people already on-site. Half of the workers being trained include women for all kinds of work, including as underground operators. How green is your valley Time lines for other expansions, which include two copper-molybdenum projects called Magistral and Pukaqaqa, are less certain, but the former is likely to get attention first.

An open pit at Magistral in Peru could add 60,000 tonnes copperequivalent to Nexa’s production profile providing diversification away from zinc. A feasibility study could be done in the second half of 2020, and Martins wants construction to start at Magistral as soon as the company finishes at Aripuana. “We have all the permits and agreements with local communities in place. Now it’s up to us to start construction,” he says. An underground mine in Pukaqaqa, also in Peru, could add 50,000 tonnes or so to Nexa’s copper production, but Martins suggests Hilarion, a polymetallic mine under a preliminary economic assessment, would likely follow Magistral. Zinc resources at Hilarion total 2.63 million tonnes, with lead and silver as credits. Buy some, build some With marching orders from conglomerate parents after the IPO, Martins is not ruling out further mergers and acquisitions for Nexa. The company came close to doing a deal, but walked away because it did not make financial sense. “We assume that if there’s a good chance to acquire a project or an operating asset, and if it’s in competitive terms better than ours, we go for that, which implies that we may acquire something in the future and have to reschedule our projects. “I have been told ‘your plans to grow are conservative.’ I said ‘yeah, because we want to get there.’” Zinc’s weakness notwithstanding, the market has punished the South American miner this year with the stock suffering a more than 25% drop in 2019. The next year is going to be crucial for Martins and Nexa, with investors watching management execution at Aripuana, one of the largest greenfield projects under construction anywhere in the world. Expectations are high, and success in the greenfields of Brazil and Peru could set the company up for a rerating as it moves onto the next phase of its growth and transformation. — This article first appeared in our sister publication, MINING.com, where Frik Els is the executive editor.

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THE NORTHERN MINER / JANUARY 6–19, 2020

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Continental Gold CEO Ari Sussman (right) waiting to depart Buritica gold project in Antioquia, Colombia in June 2019. In late 2019 Zijin Mining initiated a friendly takeover of Continental for $1.4 billion.   PHOTO BY DAVID PERRI

Why 2020 will be good for juniors COMMENTARY   BY GEORGE SALAMIS

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Special to The Northern Miner

t’s the start of a new year and decade. Cue all the flashbacks and predictions. The year ahead will mark the resurgence of the junior miner. We’re starting to see some money invested in producers. Producers feel better about their own balance sheets, valuations and multiples. And when you feel better, you start to buy. What are they buying? Advanced-stage exploration assets and single-asset companies, in tier-one jurisdictions, with producing mines. But there are only a few of them to buy. Once again, scarcity reigns. Here’s why it’s going to be good to be a junior miner in 2020. Deals, deals, deals The mergers and acquisitions (M&A) we have witnessed in 2019 can be boiled down to mostly financially and technically burdened current and past-producing mines. The senior producers have a stronger valuation multiple than the mid-tiers, and the mid-tiers have a better valuation multiple than the junior producers and so on down to the beaten-up advanced explorers where the valuation discrepancy is glaring. The deck is stacked in favour of M&A, and the stars are aligning between producers and advanced explorers and developers. Adding fuel to the fire and coming to a theatre near you (as a rerun), we will start to see investors demanding growth from the CEOs managing these gold producers — we have seen this movie before in the last cycles and we’ll see it again. Yet most of the producer-owned project pipelines are largely dry. Think about it. When was the last big gold project construction launch

| ‘Stars are aligning between producers and advanced explorers and developers’ by a major producer? Agnico Eagle and their northern Canadian assets. Who else? They are few and far between. Without their own project pipelines, we all know where they need to look next: the juniors with advancedstage assets in tier-one jurisdictions. Generalist investors haven’t returned. No problem! Much to our collective disappointment, the generalist investor has not returned to the precious metals space in droves. The gaps left by generalist funds continue to be filled by others and will continue to do so in 2020. Who are they? 1. Merchant banks, high networth retail/family offices and private equity In a “Game of Thrones”-like manner, smart and sophisticated high-net worth investors, merchant banks and private equity have been placing a lot of bets and setting up kingdoms of their own capital invested in junior miners. They have even banded together on certain deals to show added bench strength (think Osisko Gold Royalties and Orion, Ross Beaty and Mubadala, a global investment company in the United Arab Emirates, et al.) Just watch, they will emerge with a larger seat at the table, with something to say in 2020. 2. Mining and quant investing strategies The year 2019 marked a period when miners started to care about quantitative analysis (quant) investing strategies. And so they should: for miners, this represents a large, untapped source of investment capital that could replace what the generalist investors used to fulfill. I’m told by my friends working in the ranks of

“WE WILL START TO SEE INVESTORS DEMANDING GROWTH FROM THE CEOS MANAGING THESE GOLD PRODUCERS.” GEORGE SALAMIS PRESIDENT AND CEO, INTEGRA RESOURCES

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the major miners and producers that they are starting to pay close attention to quant research. Juniors are choosing to frame their results, news and communication to appeal to quant investing. There will come a time when the quant analyst’s machine will say “buy” based on the analysis, and this will count for as much or more trading volume as a call made by a traditional mining research analyst. We’ll see more of this in 2020, while we wait patiently for the generalists to return. 3. ATMs from the two-star motel of 2015 to the four-star resort of 2020 “At-The-Market” financings used to be regarded as a next-to-last resort for financing in the resource sector. This is no longer the case. In 2019, a larger number of ATM financings occurred via the bigger players in our sector: Seabridge, First Mining, Coeur Mining, Eldorado Gold and even royalty giants like Franco Nevada raised large sums this way and were in huge demand by investors, especially in the U.S., where the structure is far less cumbersome for the capital raiser. For now, this model only really works for larger cap or highly liquid issuers (juniors need not apply … yet). However, like the quant investors, ATMs are filling the gap traditionally occupied by the generalist funds. Is this faster, non-sticky money? Yes, and I predict we will see more of this style of financing in 2020. Sounds all great, right? So what’s the downside? Sadly, we are not seeing a fast pace of funding for new mining and exploration technologies. I have my ear firmly to the ground on this front, and I see little in the way of new initiatives. Newmont Goldcorp is not adopting Goldcorp’s “causecélèbre” to fund new technology. Barrick’s not doing it, Agnico Eagle’s not doing it, so who is? There are a few mining venture capital funds around, but from what I hear, it’s still tough for them to raise capital to deploy new technologies. Why? 1. Like the music business in the 1970s, 1980s and 1990s, rock emerged when front men (and women) banded together to form ‘supergroups’ in the music industry (think Audioslave, The Travelling Willburys, Asia, Emmerson, Lake & Palmer and

so many others). We haven’t seen this yet in the resource business and I think there would be huge investment demand for this type of setup. Are egos getting in the way? Could the rockstars all play on the same stage? If they could, it would be amazing. The recent Equinox and Leagold combination is a step towards “supergroup” status, uniting the likes of Ross Beaty and Neil Woodyer. 2. The results have been astounding. So many benefits, so many discoveries and many new mines have come as a result of flow-through financing and its various derivatives, including charity structures. South of the

border in the era of “America first,” the focus is on strategic mineral safeguarding and job creation. Perhaps it’s time to consider and implement a similar incentive strategy in the United States? I’m advocating for a U.S. flow-through financing model for the resource sector, as I firmly believe it will be an immense attraction to investors and to current and future governments alike. So, what’s the game plan for 2020? Be nimble. Be creative. Be open. 2020 is going to be a fun year for the junior miner. — George Salamis is president and CEO of Integra Resources (TSXV: ITR; US-OTC: IRRZF).

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| Tailings dams and M&A dominate year

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he mining industry had its share of tragedy this year starting in January with the murder of Canadian geologist Kirk Woodman in Burkina Faso and Vale’s tailings dam disaster in Brazil. The bad news continued into the second half of the year with the attack near Semafo’s Boungou mine in Burkina Faso that killed 39 employees and BY TRISH SAYWELL contractors. The year had bright spots, too, tsaywell@northernminer.com however, with a torrent of M&A deals that injected energy into the sector. Here is our choice of the most important stories of 2019: Vale’s tailings dam failure: Dam 1 of Vale’s Feijao iron ore mine in Brazil’s Minas Gerais state collapsed on Jan. 25, killing 270 people (257 bodies were identified and 13 are still missing). About 11.7 million cubic metres of mining waste buried several Vale buildings — including a cafeteria where employees were eating lunch — and then inundated part of the small southeastern city of Brumadinho. The 86-metre-high dam was built in 1976 using the “upstream method.” Kirk Woodman: Kirk Woodman, vice-president of exploration for Vancouver-based private gold explorer Progress Minerals, was found dead on Jan. 16 after being abducted a day earlier. He was kidnapped near the village of Tiabongou in Burkina Faso and his body was found in Gorom-Gorom, within the Sahel Reserve in the country’s northeasternmost area near the borders with Mali and Niger. Ambush near Semafo’s Boungou mine: An attack on a convoy of five buses carrying workers to Semafo’s Boungou mine in southeastern Burkina Faso killed 39 people and injured 60. Of those killed, 19 were employees of Australian mining services provider Perenti Global and two worked for Geodrill. The convoy, escorted by military personnel, came under fire on a public road about 40 km from the mine site. Barrick and Newmont form Nevada JV: Barrick Gold abandoned its hostile takeover bid for Newmont Mining in March and the two miners formed a joint venture on their Nevada assets called Nevada Gold Mines. Barrick is operator and owns 61.5% of the joint venture and Newmont (now Newmont Goldcorp) owns the other 38.5%. The joint venture includes Barrick’s Goldstrike, Cortez, Turquoise Ridge and Goldrush, and Newmont’s Carlin, Twin Creeks, Phoenix and Long Canyon projects. The joint venture is expected to capture US$500 million in average annual pre-tax synergies in the first five years. M&A mania: A dizzying array of deals swept the sector. The highlights, in chronological order: Newmont acquires Goldcorp; Newcrest buys 70% of Imperial Metals’ Red Chris mine; Lundin Mining acquires Yamana’s Chapada mine; St Barbara acquires Atlantic Gold; Pala Investments buys Cobalt 27; Kinross buys N-Mining’s Chulbatkan; Osisko Gold Royalties acquires Barkerville Gold Mines; Impala Platinum bids for North American Palladium; Zijin Mining buys Continental Gold; Newmont Goldcorp sells Red Lake to Evolution Mining; Kirkland Lake Gold bids for Detour Gold; Endeavour Mining bids for Centamin; Teranga acquires Barrick’s Massawa; Cleveland-Cliffs takes AK Steel; Northern Star Resources buys Newmont Goldcorp’s half of the Kalgoorlie Super Pit; and Equinox Gold to merge with Leagold Mining. U.S.–China trade war: U.S. President Donald Trump picks a fight with China’s Xi Jinping and threatens billions of dollars of tariffs on Chinese goods — unsettling markets and confounding businesses. The saga proved positive for gold, sending prices for the safe haven asset to US$1,550 per oz. in August — a six-year high. Chile protests: Chilean President Sebastian Pinera declared a state of emergency, imposed a curfew and sent troops into Santiago after protests against a US4¢ rise in peak hour fares on the metro in early October snowballed into broader anger over everything from low pensions and rising living costs to the poor state of public hospitals and schools. At last count, 26 people were killed, 13,500 injured and scores blinded by rubber bullets and tear gas canisters. Chile will hold a referendum on a new constitution in April 2020. Argentina court upholds glacier protection law: In a landmark ruling in June, Argentina’s Supreme Court upheld the country’s 2012 glacier protection law. Lundin Gold ships gold from Fruta del Norte: Lundin Gold exported the first gold concentrate and doré bars from its Fruta del Norte mine in southeastern Ecuador. The inaugural shipment of 180 tonnes of concentrate was sent to Boliden’s smelting facility in Finland and the first doré bars were shipped to a Swiss refinery. Commercial production is expected in the second quarter of 2020. Stornoway’s creditors keep Renard diamond mine on life support: Stornoway Diamond and its creditors reached a deal that will see the Renard diamond mine in Quebec operate during corporate restructuring, after the company’s failure to generate positive free cash flow in 2019. Renard is the first diamond mine in Quebec and one of only six in Canada. Notable mentions: Five coal companies filed for bankruptcy; Indonesia advances nickel export ban; Glencore mothballs Mutanda cobalt-copper mine in the DRC; clashes after disputed presidential elections in Bolivia leave more than 20 people dead, and Evo Morales resigns; Banro calls for force majeure in the DRC; U.S. Environmental Protection Agency removes proposed restrictions on mining in Alaska’s Bristol Bay; and Nemaska Lithium files for creditor protection. TNM

COMPANY INDEX

Albemarle. . . . . . . . . . . . . . . . . . . 7 Alexco Resource. . . . . . . . . . . . . 11 American Creek Resources. . . 11 Antam. . . . . . . . . . . . . . . . . . . . . 13 Ascot Resources . . . . . . . . . . . . 11 Barrick Gold. . . . . . . . . . . . . . 14,15 Buenaventura. . . . . . . . . . . . . . . . 1 Bumi Resources. . . . . . . . . . . . . 13 Eldorado Gold. . . . . . . . . . . . . . 16 Fission Uranium . . . . . . . . . . . . . 5 Garibaldi Resources . . . . . . . . . 11 Golden Predator Mining . . . . . 14 Goldstrike Resources . . . . . . . . 14 GT Gold . . . . . . . . . . . . . . . . . . . 11 Hard-Line. . . . . . . . . . . . . . . . . . 16

IBM Services. . . . . . . . . . . . . . . . 16 Imperial Metals . . . . . . . . . . . . . 14 Integra Resources. . . . . . . . . . . 3,16 Ivanhoe Mines. . . . . . . . . . . . . . 13 KGHM. . . . . . . . . . . . . . . . . . . . . 13 Kinross Gold. . . . . . . . . . . . . . 12,14 Klondike Gold. . . . . . . . . . . . . . 15 Kutcho Copper. . . . . . . . . . . . . . . 9 Metallic Minerals. . . . . . . . . . . . 11 Mineral Resources. . . . . . . . . . . . 7 Nemaska Lithium . . . . . . . . . . . . 7 Newmont Goldcorp . . . 6,11,12,15 Newtrax Technologies. . . . . . . . 16 Nexa Resources . . . . . . . . . . . . . . 1 Nighthawk Gold. . . . . . . . . . . . . 14

Northern Star Resources . . . . . 15 NorZinc. . . . . . . . . . . . . . . . . . . . 13 NovaGold Resources. . . . . . . . . 15 O3 Mining. . . . . . . . . . . . . . . . . . . 3 Orano Canada. . . . . . . . . . . . . . . 5 Osisko Gold Royalties. . . . . . . . 14 Osisko Mining. . . . . . . . . . . . . . . 1 Pretium Resources. . . . . . . . . . . 11 Resolute Mining. . . . . . . . . . . . . 16 Sandvik Mining and Rock Technology . . . . . . . . . . 16 Seabridge Gold. . . . . . . . . . . . . . 14 Skeena Resources. . . . . . . . . . . . 14 SSR Mining. . . . . . . . . . . . . . . . . 11 Stratabound Minerals. . . . . . . . 14 VRIFY. . . . . . . . . . . . . . . . . . . . . 16 Wesdome Gold Mines. . . . . . . . 16 White Gold. . . . . . . . . . . . . . . . . . 9

Pretium Resources’ Brucejack gold mine in northwest British Columbia’s Golden Triangle region.   PRETIUM RESOURCES

Looking at 2020 and beyond for BC’s mineral industry COMMENTARY

| Activity picking up in Golden Triangle, Spences Bridge regions

BY KENDRA JOHNSTON Special to The Northern Miner

A

s the Association for Mineral Exploration (AME) gears up for the 37th annual Mineral Exploration Roundup conference from Jan. 20 to 23, 2020, it is time to take stock of the past year and look ahead to the potential for mineral exploration and development in 2020. It seems that 2019 was a unique year for the industry as it has been challenging for some junior explorers to attract investment despite relatively strong metal prices. In B.C., mineral exploration has had success and is being recognized on the global stage. The northwest region of the province, in particular, is seen around the world as a strong, vibrant and competitive mineral hub. Home to the Golden Triangle, a once remote region that is now well resourced with a series of infrastructure investments, the exploration and development success in this area also owes to the support from First Nation partners. This collaboration continues to pave the way for sustainable and responsible resource development that will bring jobs and economic opportunities. Another region that benefitted from mineral exploration in 2019 is the Spences Bridge area in south-central British Columbia. This region is a historic mining district that saw a number of property deals and acquisitions in 2019, especially between junior companies and local prospectors, and between two juniors. This is an indication of the early-stage mineral exploration taking place in the region. Throughout the year AME was involved in numerous working groups and sessions regarding the most notable legislation in recent history, Bill 41. This bill enacted the United Nations Declaration on the Rights of Indigenous Peoples (UNDRIP) into law in B.C. and is closely tied to the provincial government’s goal, across all ministries, of advancing reconciliation in British Columbia. The mineral exploration and mining industry in B.C. is at the forefront of these reconciliation efforts by way of agreements and partnerships with Indigenous communities, which embody the principles of UNDRIP, but there is still more work to be done. AME is looking forward to working collaboratively with the government and First Nations on the development and implementation of industry-specific action plans as the laws of B.C. are slowly brought into alignment with UNDRIP. Looking ahead to 2020, we anticipate continued investment in regional exploration, including the

Golden Triangle, Spences Bridge and the Cariboo regions, resulting in new projects and economic benefits to these communities. Next year and beyond, the industry will see actions implemented stemming from the B.C. Mining Jobs Task Force report. The Mining Jobs Task Force was an initiative of the B.C. Ministry of Energy, Mines and Petroleum Resources. We encourage you to read the full report on the B.C. government website, which was a consensus document produced by a diverse group of Indigenous, labour, educator and environmental non-government representatives, AME and the Mining Association of British Columbia. One of these actions is building on the province’s tax incentives, including making permanent the B.C. Mining Flow-Through Share program at a rate of 20% and increasing the rate to 35% for a three-year trial period. We will also see results from the budget lift for Energy, Mines and Petroleum Resources to advance mandate letter commitments and improve regulatory transparency and predictability within the industry. Areas such as community engagement, economic and community development agreements, and social innovation will also see change and movement in the next year, with mineral exploration and mining leading the implementation of UNDRIP and reconciliation with Indigenous peoples. The industry continues to be a leader in developing and implementing collaborative decision-making and including Indigenous communities in compliance, monitoring and verification. The upcoming year should also see a realization of community benefits and company-community agreements, as well as increased opportunities for Indigenous groups to participate in exploration and project development. AME will continue our advocacy in this area and will look for opportunities to engage in these important conversations. We will be hosting our eighth annual “The Gathering Place” and third annual Reconciliation Breakfast in partnership with Teck at Roundup. These events invite Indigenous and exploration industry leaders to share perspectives on how each can thrive and prosper through mutually beneficial collaboration. With the theme “Lens on Discovery,” AME Roundup’s 2020 programming is designed to take a closer look at the projects, innovations and expertise that exemplify the passion and skill in our industry. I look forward to seeing you there! — Kendra Johnston is the president and CEO of the Association for Mineral Exploration (AME). AME hosts its annual conference, the Mineral Exploration Roundup, in Vancouver at the Vancouver Convention Centre East from Jan. 20–23, 2020. Visit https://roundup. amebc.ca for more information.

2019-12-30 5:29 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JANUARY 6–19, 2020

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Ontario, Saskatchewan and New Brunswick sign MOU on SMRs ENERGY

| Uranium sector applauds rise of smaller, modular nuclear reactors

BY DANIEL SEKULICH

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Special to The Northern Miner

he governments of Ontario, Saskatchewan and New Brunswick have signed a memorandum of understanding (MOU) committing their provinces to the development and deployment of a new type of nuclear technology known as small modular reactors (SMRs). The decision by premiers Doug Ford, Scott Moe and Blaine Higgs is meant to help the provinces lower their carbon emissions while moving away from the use of nonrenewable energy sources such as coal. The official communiqué signed on Dec. 1 states the three provinces will “work together to explore new, cutting-edge technology in nuclear power generation to provide carbonfree, affordable, reliable and safe energy, while helping us unlock economic potential across Canada, including rural and remote regions.” As the second-largest producer of uranium in the world after Kazakhstan, Canadian miners are welcoming the MOU, especially as the sector has struggled over the last eight years with weak uranium prices. Spot uranium oxide now hovers around US$26 per pound. SMRs are nuclear fission reactors that differ from traditional nuclear reactors in several ways. In the public mind, nuclear power is generated by large, expensive units such as the CANDU reactors operated by Ontario Power Generation and NB Power. (Hydro-Québec’s Gentilly Nuclear Generating Station has been decommissioned.) The 18 CANDU reactors operating in Ontario and New Brunswick are individually capable of generating between 515 and 881 megawatts of electricity (MWe). That means that at the top end of the output spectrum, a CANDU reactor can generate enough electricity to power 600,000 homes. By comparison, SMRs are considered to be units that generate less than 300 MWe, with a subcategory of very small reactors each producing under 15 MWe. And unlike the immense physical size of CANDU plants, SMRs can be small enough to fit within a school gymnasium and transported in shipping containers. This offers considerably more flexibility in situating SMR power plants to remote locations or other sites where conventional nuclear stations could never be built. And besides off-grid use, SMRs could also be used to augment existing on-grid power generation, especially in places phasing out coal in the near future. The modular aspect of SMRs refers to the ability for the units to be pre-built in a factory, made easily portable, and also scalable to sitespecific requirements. This could allow a small reactor to operate on its own or as a component part of a larger facility, creating flexibility for a power station to adapt to changes in energy consumption by expanding or reducing the number of generating modules as needed. Ontario, Saskatchewan and New Brunswick have been involved in the creation of what is known as the Canadian SMR Roadmap. The Roadmap was released by Natural Resources Canada in November 2018, created in partnership with other provincial and territorial governments and a number of power utilities. Its stated goal is the intention of engaging various stakehold-

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Holding the signed memorandum of understanding regarding small modular reactors in Toronto, from left: Ontario Premier Doug Ford, New Brunswick Premier Blaine Higgs and Saskatchewan Premier Scott Moe.   PREMIER OF ONTARIO

“IT’S A VERY POSITIVE, PROACTIVE STEP THAT WE’RE TAKING IN CANADA TO BE OUT IN FRONT OF THIS TECHNOLOGY, AND TAKE ADVANTAGE OF THE SKILL SET WE HAVE [HERE] TO ADVANCE THIS.” JIM CORMAN PRESIDENT AND CEO, ORANO CANADA

ers within Canada’s nuclear energy community on the future of SMRs, which would include the country’s uranium miners. According to the Roadmap, Canada has one of the most promising domestic markets for SMRs, with conservative estimates placing the potential value for SMRs in Canada at $5.3 billion between 2025 and 2040. The global market is even more promising, with an estimated conservative valuation of $150 billion in the same time frame, creating the potential for a large export market

for the Canadian nuclear industry. However one of the biggest challenges for the nuclear industry is the simple fact that operational SMRs are still some way off from actually producing electricity. While there are over 150 proposed designs worldwide, according to the Roadmap, it could be seven to 15 years before most are available to be deployed. But for Canadian uranium miners, just the fact that the MOU was signed is an important move in supporting their sector. “It’s a very positive, proactive

step that we’re taking in Canada to be out in front of this technology, and take advantage of the skill set we have [here] to advance this,” Jim Corman, president and CEO of Orano Canada, tells The Northern Miner. “SMRs have been discussed for decades. But there hasn’t been, in North America, an outward expression of commitment to the technology like what has been made here with this MOU. It gets the discussion started as well in the public domain. It starts bringing nuclear back to the forefront in terms of the benefits that nuclear power can bring.” Ross McElroy, president and chief operating officer of Fission Uranium (TSX: FCU), calls the MOU a win-win for all involved. “It gives the nuclear industry another option, and a big option,” he says in an interview. “The benefits of why people like nuclear in the first place, or should like it, is the fact that you have baseload power 24 hours a day, seven days a week. There’s

nothing else other than fossil fuels that does that.” McElroy also highlights two other aspects of SMRs: safety and carbon emissions. “Everybody that knows anything about it recognizes that it’s a very safe form of energy,” he says. “It doesn’t have any negative CO 2 gas, your carbon footprint is essentially zero. So seeing the governments support this, it’s an important new evolution in the nuclear sector. It will have a positive impact on mining in general.” Still, they are under no illusion that this will improve the uranium market any time soon. “For the uranium mining sector in the short-term, this probably doesn’t make a significant difference to immediate demand,” Corman says. “The spot price certainly hasn’t jumped anything on this announcement and continues to languish at historically low levels. [But] any time you can get an east–west kind of collaboration MOU going, we think that’s a positive thing. It’s showing the commitment from multiple government levels that nuclear needs to fit into our energy solutions. It’s been a while since that discussion has been prominent in the public domain.” Fission Uranium’s McElroy adds that the potential demand for uranium to power SMRs could motivate more exploration. “You know it takes so long to go from a discovery of a deposit to production, a 10- to 15year cycle. So if you’re looking for new sources of uranium for 10 or 15 years out, you need to be exploring right now.” McElroy hopes the MOU will expand interest in SMRs. “I would like to see more provinces involved with this thing. I think it’s key to have Saskatchewan, Ontario and New Brunswick in there right now, but I’d love to see Alberta, for instance, come on board with this. When you think of the energy needed for the oilsands, there’s a huge potential for [SMRs] to provide power for the operations there.” — Daniel Sekulich is a Toronto-based author and writer.

2019-12-30 5:29 PM

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WWW.NORTHERNMINER.COM

JANUARY 6–19, 2020 / THE NORTHERN MINER

O3 Mining’s Jose Vizquerra has tough act to follow VIZQUERRA From 1

where the patriarch met with the company’s vice-presidents and geologists to talk shop over coffee and plates heaped with cookies. “People were encouraged to go in on Saturdays because it was the moment when they could talk directly with him,” Vizquerra recalls. “It was on their own time, and they could talk about everything from metallurgy to engineering to geology.” When he was old enough to drive, Vizquerra would pick up his grandfather and drive him to the morning meetings at 8 a.m., and then drive him back home at 1 p.m., when the entire family gathered for lunch at a table that sat 18. One of 17 grandchildren — Vizquerra tried to attend those luncheons every week, as did Benavides’ five children, two of whom worked in the family business. Vizquerra’s mother, Mercedes, spent many years as CEO of Buenaventura’s Colquijirca unit, while his uncles Rocque and Raul served as Buenaventura’s chairman and vice-president of business development, respectively. Today Vizquerra likes nothing more than to reminisce about his grandfather’s career and the kind of person he was. “He always had time for everyone,” Vizquerra says. “I don’t think I ever asked him for a meeting and he said he didn’t have time — and I’ve heard the same thing from everyone I meet.” The son of a lawyer on the Supreme Court and mayor of Lima, Benavides grew up in the capital city and studied engineering at the School of Mines in Peru — now known as the National Engineering University — and graduated in 1941. He received a one-year scholarship from Cerro de Pasco Copper Corp., an American company, to study geology at Harvard University, and became the first Peruvian graduate of the Harvard School of Arts and Sciences in 1942. At the end of the year, his professors urged him to complete a master’s degree at the university and paid the tuition. After finishing his graduate degree in 1944, Benavides returned to Lima and started working at one of Cerro de Pasco Copper’s mines as an assistant geologist. Two and a half years later he was promoted to head of geology overseeing all of the company’s mines. By the time he turned 30, he had become the company’s head of exploration. Seven years after he started working for the company, however, he decided to create his own company — Buenaventura — in 1953. The company’s first asset was the Julcani mine in Huancavelica, which he bought from a Swiss businessman for US$300,000 in cash and a 20% stake in the company. Benavides’ former employer, Cerro de Pasco, offered him a US$200,000 loan to be repaid in

Jose Vizquerra at the Orcopampa mine in 1993.   COURTESY JOSE VIZQUERRA

“HE WAS A COMBINATION OF AN ENTREPRENEUR, A VERY PASSIONATE GEOLOGIST AND A VERY COMPASSIONATE HUMAN BEING.” JOSE VIZQUERRA PRESIDENT AND CEO, O3 MINING

minerals from the mine, and also took a 20% stake in the company. Benavides raised US$400,000 from his friends and family for a 60% stake and used US$300,000 to pay for the mine and the other US$100,000 as working capital. The Julcani mine is still operating today and produces about 2.5 million oz. silver a year. Benavides’ most notable deals included a joint venture with Newmont Mining, now Newmont Goldcorp (TSX: NGT; NYSE: NEM), and Bureau de Recherches Geologiques et Minieres, in the Yanacocha mine, which they built in Cajamarca. Buenaventura also secured a 10% stake with Cyprus for the Cerro Verde copper mine and struck partnerships with Gold Fields (Moquegua) and Teck Cominco (Colquijirca). The company also discovered the Conga, Tambomayo, Trapiche and Chucapaca deposits; and developed the La Zanja, Tantahuatay, Orcopampa, Uchucchacua, Shila, Mallay and Antapite mines. “He was a combination of an entrepreneur, a very passionate geologist and a very compassionate human being,” Vizquerra says. “He was very special in that sense.” In 1964, Cerro de Pasco asked Benavides to become president of the company’s Peruvian operations, which he did for seven years. In the early 1970s, at the age of 51, he completed a four-month advanced management program at Harvard Business School, where he often drew on Buenaventura as a case study. He also spent five years building the mining department at Peru’s Catholic University — Universidad Catolica del Peru. In 1993, he became head of Peru’s Central Reserve Bank, where he served a seven-year term. For the last few decades, Buenaventura has been run by Benavides’ children — his sons Rocque (a civil engineer) and Raul (a mining

Jose Vizquerra at the Canadian Malartic mine in Quebec in 2013.   COURTESY JOSE VIZQUERRA

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engineer). After serving for many years at Colquijirca, Vizquerra’s mother left to start up her own business providing employment to more than 1,000 women in the Andes. Her company, Wayra, makes handwoven Christmas tree ornaments, as well as blankets, scarves and throws, for export. She has retired from the business and now is chair of the Vizquerra Family Office. Benavides stepped down as chairman in 2010 and retired as president in 2011. In his later years — Benavides worked until the age of 93 — he concentrated on developing new ways to irrigate Peru’s deserts. “The biggest challenge we had with the mines in the Andes and even along the coast was the perception of lack of water,” Vizquerra says. “Two days before he died he was sitting down with my uncle and talking about building a channel that would bring water from the jungle to the coast to irrigate the desert.” Vizquerra notes that his grandfather, who died in 2014 at the age of 94, was married to his grandmother for 68 years. Over that time he read to her daily and often described her as the “love of his life.” In the early days of his career, she would accompany him to some of his exploration camps. In an interview with the Harvard Business Review in 2013, Benavides said his father had tried to talk him out of studying geology. “When I went to Harvard and he learned that I would study geology, he asked, ‘What’s that? Who would want to be a geologist ... studying geology is absurd.’” His father died when he was in his late twenties and his mother when he was 15. Like his grandfather, Vizquerra started his career at the age of 32 in 2011 when he became the president and CEO of two mining companies — Oban Exploration and Braeval Mining — which had assets in Peru, Colombia, Honduras and Mexico. But unlike his grandfather’s early home runs, Vizquerra faced a series of crises in his early years. Within months of going public in November 2012, six employees of Braeval Mining were kidnapped in Colombia. It was Jan. 2013 and within no time the bottom fell out of the stock — taking the company from a market cap of $50 million to $3 million. The kidnappers — part of the Ejercito de Liberacion Nacional, a Marxist terrorist movement in South America founded by Fabio Vasques and Camilo Torres Restrepo, Jesuit priests — dug in their heels. It took Vizquerra and his team two and a half months to liberate five of the workers and eight and a half

Jose Vizquerra and his grandfather Alberto Benavides de la Quintana in 1997.   COURTESY JOSE VIZQUERRA

months to free his vice-president of exploration and friend Gernot Wober. “With that, the company was destroyed and we thought, how do we recreate this?” Viquerra remembers. “At that time, the thought was, ‘Why don’t we do exploration in Canada?’” Vizquerra was no stranger to Canada, having worked for Goldcorp as an underground geologist at the Red Lake mine for three years after graduating with a master’s degree in geology from Queens University in Kingston, Ontario. (He studied civil engineering as an undergraduate at Universidad Peruana de Ciencias Aplicadas, Peru’s university of applied sciences.) Oban Exploration and Braeval Mining merged in 2014 and the new entity was called Oban Mining. Shortly after that, the company picked up its first asset — Miller — on the eastern side of the Archean Round Batholith in Ontario. But the real break came in November 2014, when Vizquerra staked 700 sq. km of unclaimed ground around the Windfall project in the Urban Barry district — an underexplored area of the province. In 2015, Oban Mining put together a business deal that involved merging with four other junior mining companies to create a leading gold exploration and development company with assets in Ontario and Quebec. Oban Mining changed its name to Osisko Mining in June 2016. Earlier this year, Osisko spun out O3 Mining (TSXV: III) with a portfolio of assets in Quebec and Ontario, including the Marban and Garison projects, spanning more than 4,600 square kilometres. In February, O3 Mining raised over $18.6 million to launch the venture, which some describe as “the third iteration of Osisko.” Today the junior has combined resources of 5.1 million oz. gold. “My dream is to build something bigger than what my grandfather built, by myself, in Canada,” says Vizquerra, who in 2018 was awarded one of two mining professionals of the year by The Young Mining Professionals. The company’s strategy is to consolidate and explore the Val-d’Or camp, one of the more important greenstone belts in the world, and where more than 30 million oz. gold have been mined. “It’s a very prolific belt itself, but most of the ounces were found on the western side of the Val-d’Or district and very few ounces have been found on the eastern side of Val-d’Or,” he says, explaining that there are fewer outcrops in the east compared with the west, and no one

Jose Vizquerra at the Colquijirca mine in 2010.   COURTESY JOSE VIZQUERRA

drilled systematically on 250- or 300-metre centres. “We’re being very systematic and proving that the east side of Vald’Or is as prolific as the west,” he says. “How we’re doing that is very simple: we take the resources that already exist that we bought from other companies and expand them down-plunge, while we also look for new discoveries.” In July, O3 Mining merged three companies — Chalice Gold, Alexandria Minerals and Harricana River — and spent over $45 million on acquisitions. Today O3 Mining boasts over 600 sq. km in Val-d’Or, or two-thirds of the camp, and all of its properties lie over the Cadillac Break. In 2019 the company drilled 9,000 metres. Highlights included 18.8 grams gold per tonne over 1.3 metres in hole 19-11 at the Central Cadillac Group of properties, 5 km east of Val-d’Or, where it is earning an 80% stake; and 6 metres of 9.3 grams gold, including 2 metres of 25.7 grams gold in hole 19-106, at its Alpha property, 5 km southeast of Val-d’Or. Importantly, the company has had success finding mineralization in the contact with the sediment. “The nice part of that is for years everyone said there was no mineralization in the sediments — that they were barren — but just by being systematic we’re finding mineralization,” he says. “The only mine ever found in Canadian sediments was Malartic, which was discovered by our founding company. So maybe we are repeating that story!” TNM

2019-12-30 5:29 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JANUARY 6–19, 2020

7

Nemaska Lithium files for creditor protection QUEBEC

| Supply and demand and higher costs weigh on project BY CECILIA JAMASMIE

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This European Chemical Society created this periodic table of elements to mark the table’s 150th anniversary in 2019. The table reflects the relative abundance and scarcity of elements based on current and forecast supply and demand.   EUROPEAN CHEMICAL SOCIETY

The periodic table and the road to resource nationalism COMMENTARY

| Tightening supply of key minerals prompts nations to strategize

BY KURT BREEDE

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Special to The Northern Miner

his year marked the 150th anniversary of the periodic table, which UNESCO has dubbed the International Year of the Periodic Table of Chemical Elements. Developed in 1869 by Dmitri Mendeleev, a Russian chemist and inventor, the periodic table is the foundation on which nearly all modern science is based. Even in its earliest form, Mendeleev used his newfound creation not only to hypothesize the properties of already identified elements, but also to predict as-yet discovered substances, including those now coveted by today’s modern fuel-cell industry, like germanium (Ge) and gallium (Ga). To mark the occasion, the European Chemical Society published a periodic table infographic designed to highlight the relative abundance and scarcity of elements based on current and forecast supply and demand. Elements topping the abundance category include household names like hydrogen (H), oxygen (O) and silica (Si). Those facing threat of depletion in the next century (based on known reserves) consist of lesser known elements like indium (In), tellurium (Te) and others that Mendeleev himself identified a century and a half earlier. The infographic underscores the sensitivity of commodity supply to the tech industry’s burgeoning demands and its dire need to maintain healthy supply networks. Recognizing the tightening supply chain of mineral resources, many countries are starting to look inward to meet their own needs as well as broaden their economic portfolio. In Saudi Arabia, mining plays a central role in their Vision 2030 diversification plan, with lofty goals to cultivate the Kingdom’s mineral resource economy to as

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Shipping containers at Yangshan Port, south of Shanghai, China.  SKY_BLUE/ISTOCK

high as SAR97 billion ($34 billion) by 2020, creating 90,000 job opportunities in the process. The Kingdom is already host to significant reserves of aluminum, gold and copper, and looks to expand its repertoire even further. Here too at home, Canada is juggling its commitments to environmental stewardship with much needed wealth generation in the mineral resource sector. Last year, Canada produced over 60 minerals and metals worth nearly $47 billion and was a global leader in the production of advanced battery technology commodities like cobalt, graphite and nickel. However, despite its mineral resource wealth, the country still imports a great deal of products from abroad. In 2018, mineral and metal import trade with the U.S., Canada’s single largest trading partner, hit its highest accounting for nearly half of all of Canada’s foreign import expenses — a whopping $48 billion out of $87 billion, with coal and crude oil accounting for the largest proportion. Many countries recognize the strategic importance minerals play

in securing their own place in the world economy. Two years ago, the U.S. president signed Executive Order 13817, a federal strategy to safeguard supplies of “critical minerals.” The executive order alleges that the “dependency of the United States on foreign sources creates a strategic vulnerability for both its economy and military to adverse foreign government action, natural disaster and other events that can disrupt supply of these key minerals.” The broad interpretation of critical minerals has been the subject of much debate. According to the United States Geological Survey’s companion study of critical minerals, there are 35 minerals or mineral material groups, from aluminum to zirconium, that constitute possible supply chain threats to the United States. The list includes minerals like aluminum, potash and uranium — of which Canada is currently the U.S.’s largest supplier — as well as fuel-cell components like germanium and gallium. This edict signals a marked shift in the nationalization of mineral commodities south of the border

and how the U.S. will develop and enforce foreign and domestic trade policies relating to the minerals sector into the future. It also threatens the lifeblood trade relationship on which Canada so heavily relies — but the U.S. is not alone in its protectionist strategy. Around the world, other countries are taking stock of their mineral resource wealth and independence. A 2019 study by global risk consultancy Verisk Maplecroft reveals that as many as 30 countries face higher-than-average resource nationalism risk. Among these are Russia, Venezuela and the Democratic Republic of the Congo, where increasing tax pressures, threats of expropriation, and ever more stringent local content requirements are at the core of each country’s risk environment. Only time will tell how these strategies will affect global supply and demand, the trade of commodities across international borders, and the relative ease at which mining companies can access mineral resources on both foreign and domestic soil. What is certain, is that as long as the appetite for technology continues to outpace mineral reserves, so too will the motivation for nations to secure those supplies at home and abroad. In an ironic twist of fate, Mendeleev’s quest to catalogue the building blocks of the universe and unite the scientific community also opened a Pandora’s box that would divide those in its pursuit. With knowledge came power — or at least the quest for it. — Kurt Breede, P.Eng. is a mineral resource and corporate development consultant, and Principal of Metallica Consulting, specializing in mineral resource estimation and technical disclosure. The views and opinions expressed in this article are those of the author.

Special to The Northern Miner

anada’s Nemaska Lithium (TSX: NMX) has filed for creditor protection after attempts over several months to find new investors and continue operations. The Montreal-based company is trying to avoid becoming the latest victim of an oversupply of the metal needed in the batteries for electric cars and high-tech devices, which has squeezed the market this year. Nemaska said it had received approval from its board of directors to apply to the Superior Court of Quebec for creditor protection under the Companies’ Creditors Arrangement Act (CCAA). While on CCAA, the company anticipates conducting a review of its operations and seeking court approval for a formal investor solicitation process. Through the process, Nemaska aims to source more financing, sell assets, enter a joint venture, or a combination thereof. The company had been in talks with mine financier, the Pallinghurst Group, to secure a potential $600-million equity investment, but has yet to announce a deal. Nemaska Lithium’s shares, which have been suspended from trading, have dropped since the company announced plans in November to place its Whabouchi project in Quebec on care and maintenance. In October, the company bumped up its estimate for the total investment needed for the project from US$1.1 billion to US$1.5 billion. As proposed, Whabouchi contemplates an open-pit and underground mine, northwest of the municipality of Chibougamau, as well as a processing plant in Shawinigan. The mine would have a production capacity of 3,000 tonnes per day over an estimated 26-year mine life. Prices for lithium carbonate, the most common type used in electric vehicle batteries, doubled over 2016 and 2017. Since then, prices have fallen by more than 40% to around US$9.50 per kilogram, down from US$18 per kilogram in May 2018, according to S&P Global Platts. The main factor behind the price slump is the avalanche of new supply that has hit the market over the past year, triggered by mine expansions and government subsidy cuts for electric vehicle buyers in China. In November, Albemarle (NYSE: ALB), the world’s No. 1 lithium miner, said prices were down a third last year and that the industry has two or three times more inventory than needed. Trying to offset the glut, the company postponed in August plans to add 125,000 tonnes of processing capacity. It also revised a deal to buy into Australia’s Mineral Resources’ (ASX: MIN) Wodgina lithium mine and said it would delay building 75,000 tonnes of processing capacity at Kemerton, also in Australia. Chile’s SQM, the world’s second-largest lithium producer, has pushed back an expansion at its Atacama salt flat operations from the end of 2020 to late 2021. The Santiago-based lithium giant said in November that profit had fallen almost 28% in the three months to Sept. 30. — This article first appeared in The Northern Miner’s sister publication, MINING.com.

2019-12-30 5:29 PM

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JANUARY 6–19, 2020 / THE NORTHERN MINER

Mining company boards have ‘advantage’ in transition to low-carbon economy COMMENTARY   BY JANIS SARRA Special to The Northern Miner

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ith the mining sector generating 14% of Canada’s greenhouse gas (GHG) emissions, the presence of climate change presents the sector with both opportunities and risks. The transition to a low-carbon economy will require substantial development of low-carbon substitutes for aviation, shipping and road freight, the development of biofuels, and the scaling up of carbon capture and storage. Fortunately, the mining sector is well placed to take advantage of these developments, as there is a growing market for minerals and metals in a carbon-constrained world. The Canadian mining sector is aware that climate change is an urgent global issue. As noted by the

| Governance is key as climate-related risks and opportunities abound

Intergovernmental Panel on Climate Change in 2018, there is clear scientific consensus on anthropogenic warming, elevated impacts of acute events and significant risks to companies as a result. Companies looking to lower their carbon footprint can do so by reducing their GHG emissions, using energy efficient technologies and by diversifying production of minerals as opportunities arise. However, climate change differs from other risks that mining companies face because of the systemic and interconnected risks that can act as a risk multiplier. Directors and officers of mining and minerals companies need to have an effective governance strategy in place to oversee the transition to a low-carbon economy and reap the opportunities this shift presents. Demand for certain minerals and

metals likely to rise in our carbonconstrained future. In 2017, the World Bank analyzed the role of minerals and metals in a carbon-constrained world, finding that there is likely increased demand for aluminum, cobalt, copper, iron ore, lead, lithium, nickel, manganese, the platinum group metals, rare earth metals, silver, steel, titanium and zinc. For example, the World Bank observed that demand for copper will increase substantially with greater adoption of renewables and growing markets for electric vehicles and electronics, as copper is durable, antibacterial, corrosion resistant and 100% recyclable. However, the sector’s opportunity to capitalize on this transition does not come without risk. The Taskforce on Climate-related Financial Disclosures (TCFD) identified several

IN A CARBON-CONSTRAINED WORLD THERE IS LIKELY INCREASED DEMAND FOR ALUMINUM, COBALT, COPPER, IRON ORE, LEAD, LITHIUM, NICKEL, MANGANESE, THE PLATINUM GROUP METALS, RARE EARTH METALS, SILVER, STEEL, TITANIUM AND ZINC. key areas of risk related to a lowcarbon transition. They include policy, litigation and technology risks, as well as shifts in investor and consumer preferences. In addition to the transition risks, the sector also faces increasing physical risks, such as damage from acute and chronic events like flooding and extreme heatwaves. There is an urgent need for boards to be

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ELECTION 2015 | Credibility and accountability are top concerns

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BY ALISHA HIYATE ahiyate@northernminer.com

BY JOHN CUMMING jcumming@northernminer.com

he mining sector is facing a DarW delegates at the winian moment, first annual Technology and Innovation in Mining conference in Toronto heard in September. Just as species deal with changes in their climate, food sources or other circumstances, miners dealing with mounting cost, social and technical pressures must innovate if they want to survive, research group AMIRA International managing director Joe Cucuzza said. “If you look at Darwinian evolution, there are more species that go extinct than actually quickly adapt,” Cucuzza told the conference. “The point is that in our industry, we need to adapt quickly. COAL OUTLOOK: WOOD MACKENZIE SEES RAY OF HOPE / 4 Those that are slow to adapt, unfortunately, are going to go extinct.” The conference, organized by Dubai-

BY JOHN CUMMING jcumming@northernminer.com

Mining sector W forced to innovate

ith Canadians looking ahead to a federal election on Oct. 19, The Northern Miner submitted mining-related questions to the leaders of the four major political parties running across CanTECH CONFERENCE | New technology stokes productivity gains, but ‘no silver bullet’ ada. The following are the answers from the Liberal Party of Canada ELECTION 2015 | BY ALISHA HIYATE leader Justin Trudeau and Green Party Credibility and ahiyate@northernminer.com accountability are of Canada leader Elizabeth May and top concerns their parties: he mining sector is facing a DarThe Northern Miner: In recent years winian moment, delegates at the BY JOHN CUMMING first annual Technology and Injcumming@northernminer.com the federal has streamlined novation in Mining conferencegovernment in Toronto heard in September. environmental permitting for miners ith Canadians looking Just as species deal with changes in byfood trying tooravoid ahead to a federal election their climate, sources other duplicating provinon Oct. 19, The Northern circumstances, miners dealing with efforts. Do you support this apMiner submitted mining-related quesmounting cial cost, social and technical tions to the leaders of the four major pressures must innovate ifDoes they want to federal government proach? the political parties running across Cansurvive, research group AMIRA Interhave adirector unique role to play in avoiding ada. The following are the answers national managing Joe Cufrom the Liberal Party of Canada cuzza said. catastrophic tailings dam failures, such leader Justin Trudeau and Green Party “If you look at Darwinian evolution, of Canada leader Elizabeth May and there are more that go extinct as species the Mount Polley spill in B.C. in their parties: than actually quickly adapt,” Cucuzza 2014?“The point is that The Northern Miner: In recent years told the conference. the federal government has streamlined in our industry, we need to adapt quickly. Justin Trudeau/Liberal Party: The environmental permitting for miners Those that are slow to adapt, unfortuby trying to avoid duplicating provinnately, are going to go extinct.” Harper government has eroded the cial efforts. Do you support this apThe conference, organized by Dubaicredibility of Canada’s environmental proach? Does the federal government See TECHNOLOGY / pg. 2 have a unique role to play in avoiding reviews by narrowing their application, catastrophic tailings dam failures, such Autonomous haulage trucks on the move at Rio Tinto’s West Angelas iron ore mine in Australia’s Pilbara region. as the Mount Polley spill in B.C. in limiting public participation and slash2014? ing the capacity of the federal governJustin Trudeau/Liberal Party: The Harper government has eroded the ment to protect the environment. credibility of Canada’s environmental reviews by narrowing their application, They have ended over 50 years of limiting public participation and slashing the capacity of the federal governenvironmental oversight in Canada ment to protect the environment. by repealing the Canadian EnvironThey have ended over 50 years of environmental oversight in Canada mental Assessment Act so that the by repealing the Canadian Environmental Assessment Act so that the federal government can sidestep enfederal government can sidestep environmental reviews of potentially vironmental reviews of potentially harmful projects. harmful projects. Without public trust, Canada’s environmental assessment processes are Without public trust, Canada’s enincreasingly paralyzed. Not only are vironmental assessment processes are we not doing a good enough job at protecting our environment, we are increasingly paralyzed. Not only are not getting our resources to market. We need clear and efficient processes we not doing a good enough job at that have reasonable, evenhanded protecting our environment, we are rules, clear beginning and end points and decisions that can be relied on. not getting our resources to market. We will launch an immediate, public review of Canada’s environmental We need clear and efficient processes assessment processes. Based on this that have reasonable, evenhanded review, a Liberal government will rules, clear beginning and end points See ELECTION / pg. 3 and decisions that can be relied on. We will launch an immediate, pubCOAL OUTLOOK: WOOD MACKENZIE SEES RAY OF HOPE / 4 lic review of Canada’s environmental assessment processes. Based on this review, a Liberal government will

905 841 5004 | geotech.ca

Liberals, Greens Q&A on mining in BY ALISHA HIYATE Canada ahiyate@northernminer.com

| Credibility and accountability are top concerns OCTOBER 5–11, 2015 / VOL. 101 ISSUE 34 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

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Editorial

OCTOBER 5–11, 2015 / VOL. 101 ISSUE 34 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

ELECTION 2015

Liberals, Greens Q&A on mining in Canada

Geotech_Earlug_2015_VTEM_Colour3.pdf 1 2015-09-25 9:59:47 AM

SPECIAL FOCUS: QUEBEC / 7–10

T

ith Canadians looking ahead to a federal election on Oct. 19, The Northern Miner submitted mining-related questions to the leaders of the four major political parties running across Canada. The following are the answers from the Liberal Party of Canada leader Justin Trudeau and Green Party of Canada leader Elizabeth May and their parties: The Northern Miner: In recent years the federal government has streamlined environmental permitting for miners by trying to avoid duplicating provincial efforts. Do you support this approach? Does the federal government have a unique role to play in avoiding catastrophic tailings dam failures, such as the Mount Polley spill in B.C. in 2014? Justin Trudeau/Liberal Party: The Harper government has eroded the credibility of Canada’s environmental reviews by narrowing their application, limiting public participation and slashing the capacity of the federal government to protect the environment. They have ended over 50 years of environmental oversight in Canada by repealing the Canadian Environmental Assessment Act so that the federal government can sidestep environmental reviews of potentially harmful projects. Without public trust, Canada’s environmental assessment processes are increasingly paralyzed. Not only are we not doing a good enough job at protecting our environment, we are not getting our resources to market. We need clear and efficient processes that have reasonable, evenhanded rules, clear beginning and end points and decisions that can be relied on. We will launch an immediate, public review of Canada’s environmental assessment processes. Based on this review, a Liberal government will

Autonomous haulage trucks on the move at Rio Tinto’s West Angelas iron ore mine in Australia’s Pilbara region.

T

he mining sector is facing a Darwinian moment, delegates at the first annual Technology and Innovation in Mining conference in Toronto heard in September. Just as species deal with changes in their climate, food sources or other circumstances, miners dealing with mounting cost, social and technical pressures must innovate if they want to survive, research group AMIRA International managing director Joe Cucuzza said. “If you look at Darwinian evolution, there are more species that go extinct than actually quickly adapt,” Cucuzza told the conference. “The point is that in our industry, we need to adapt quickly. Those that are slow to adapt, unfortunately, are going to go extinct.” The conference, organized by Dubai-

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SPECIAL FOCUS: QUEBEC / 7–10

TNM_Oct 05 2015 Issue.indd 1

See TECHNOLOGY / pg. 2

Canadian Mining Hall of Fame

Discipline pays off / 4

Five new inductees / 5

PM40069240

OCTOBER 5–11, 2015 / VOL. 101 ISSUE 34 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Liberals, Greens Q&A on mining in Canada

Mining sector forced to innovate TECH CONFERENCE

| New technology stokes productivity gains, but ‘no silver bullet’

ELECTION 2015 | Credibility and accountability are top concerns

BY ALISHA HIYATE ahiyate@northernminer.com

T

he mining sector is facing a Darwinian moment, delegates at the first annual Technology and Innovation in Mining conference in Toronto heard in September. Just as species deal with changes in their climate, food sources or other circumstances, miners dealing with mounting cost, social and technical pressures must innovate if they want to survive, research group AMIRA International managing director Joe Cucuzza said. “If you look at Darwinian evolution, there are more species that go extinct than actually quickly adapt,” Cucuzza told the conference. “The point is that in our industry, we need to adapt quickly. Those that are slow to adapt, unfortunately, are going to go extinct.” The conference, organized by Dubai-

BY JOHN CUMMING jcumming@northernminer.com

W

See ELECTION / pg. 3

W

One of The Largest Silver Discoveries of 2014 TSX.V: GRG www.goldenarrowresources.com

Editorial

See TECHNOLOGY / pg. 2

RIO TINTO

15-09-29 8:10 PM

ith Canadians looking ahead to a federal election on Oct. 19, The Northern Miner submitted mining-related questions to the leaders of the four major political parties running across Canada. The following are the answers from the Liberal Party of Canada leader Justin Trudeau and Green Party of Canada leader Elizabeth May and their parties: The Northern Miner: In recent years the federal government has streamlined environmental permitting for miners by trying to avoid duplicating provincial efforts. Do you support this approach? Does the federal government have a unique role to play in avoiding catastrophic tailings dam failures, such as the Mount Polley spill in B.C. in 2014? Justin Trudeau/Liberal Party: The Harper government has eroded the credibility of Canada’s environmental reviews by narrowing their application, limiting public participation and slashing the capacity of the federal government to protect the environment. They have ended over 50 years of environmental oversight in Canada by repealing the Canadian Environmental Assessment Act so that the federal government can sidestep environmental reviews of potentially harmful projects. Without public trust, Canada’s environmental assessment processes are increasingly paralyzed. Not only are we not doing a good enough job at protecting our environment, we are not getting our resources to market. We need clear and efficient processes that have reasonable, evenhanded rules, clear beginning and end points and decisions that can be relied on. We will launch an immediate, public review of Canada’s environmental assessment processes. Based on this review, a Liberal government will

See TECHNOLOGY / pg. 2 Autonomous haulage trucks on the move at Rio Tinto’s West Angelas iron ore mine in Australia’s Pilbara region.

RIO TINTO PM40069240

See ELECTION / pg. 3

Autonomous haulage trucks on the move at Rio Tinto’s West Angelas iron ore mine in Australia’s Pilbara region.

COAL OUTLOOK: WOOD MACKENZIE SEES RAY OF HOPE / 4

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strategic in their deliberations as to how to reduce GHG emissions and enhance climate resilience. It is well-established that directors’ and officers’ legal duties are to act in the best interests of their companies. The Supreme Court of Canada has held that “every director and officer of a corporation in exercising their powers and discharging their duties must exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances.” With climate change impacts so well documented, it is reasonable to conclude that there is a fiduciary obligation on the directors and officers to consider and address the impacts of climate change on the mining business. While Canadian judgments have not yet been rendered, corporate and common law fiduciary obligations make it clear that there is a duty on directors to address climate change where material. Provided that directors are duly diligent, and decisions taken are reasonable, courts will defer to their business judgment, even where decisions are made with imperfect information. What do legal duties mean for mining and minerals companies? Effective climate governance is critical for the transition to a lowcarbon economy. Best practices dictate that a corporate board should have effective oversight of its climate strategy, including identifying climate-related risks and opportunities that are emerging or increasing in significance for the company. It should have adopted appropriate strategies to manage risks and have mechanisms in place to respond rapidly to changes in the company’s risk profile. There should be oversight and monitoring of the actions of individuals charged with managing these risks. It should consider the benefits of implementing green adaption and mitigation technologies — products and services that will likely have upside financial potential. Mining company boards should also approve disclosure of the company’s efforts to manage climate change to its stakeholders, including integrating disclosure in its financial reporting. The TCFD offers technical guidance to sectors as they move to effective governance, risk management, strategy and metrics. Boards of mining companies can leverage their unique advantage by becoming more climate competent. With an effective governance strategy in place, companies will be well positioned to mitigate the risks and capitalize on the opportunities presented by a low-carbon transition. — Janis Sarra is distinguished professor and professor of law at the Peter A. Allard School of Law, University of British Columbia. Sarra is a member of the Canadian Climate Governance Experts, a program through the University of British Columbia and York University that offers free sessions with sector-specific experts to corporate boards on effective climate governance. Learn more at https:// ccli.ubc.ca/speakers-bureau/.

2019-12-30 5:29 PM

BC, YUKON & NWT

SPECIAL FOCUS

Seabridge Gold’s KSM gold-copper project near Stewart, British Columbia.   SEABRIDGE GOLD

White Gold keeps on discovering YUKON

| Latest high-grade find ‘looks and smells like skarn’

BY DAVID PERRI dperri@northernminer.com

BC BASE METALS

| Trade-off study results will inform optimized operation

S

hawn Ryan’s White Gold (TSXV: WGO) has data from more than 400,000 Yukon soil samples, but one collected in the 2019 field season stood out by an order of magnitude. “It actually kicked at over 100,000 parts per billion [ppb] gold,” Ryan said. “That’s right off the Richter scale for the ICP machines … we said, ‘the machine’s broken.’ “So they tried it again and again and again. Then we decided to fireassay it, to see how far it goes past 100,000, which is 100 grams gold [per tonne]. When they flashed it through the fire assay it was 113 grams.” Five ppb is the background level of gold-in-soil in the district and 35 ppb is in the 95th percentile of White Gold’s database. “I am happy if I have a soil anomaly that’s 50 ppb. So this rocked the boat pretty heavy.” (The next highest sample in the database contained 9,016 ppb gold, from the company’s Donahue target.) After collecting grab samples grading up to 605 grams gold near the exceptional soil on its Hen property in the west-central Yukon, the company moved a rotary air blast (RAB) drill to the anomaly, which it named the Titan discovery. It drilled three holes before the end of the 2019 season. “One hole was right in the mag target. We weren’t quite sure if we hit anything. You could see in the XRF there was copper and bismuth, but you’re never sure if it has got gold in it.” That hole returned 72.8 grams gold per tonne over 6 metres, from 11 metres’ depth, including 136.4

BY STEVE STAKIW Special to The Northern Miner

K

utcho Copper (TSXV: KC; US-OTC: KCCFF) says it can complete a feasibility study on its namesake Kutcho project in north-central B.C. within seven months if it can raise $3 million. Earlier in 2019, the aspiring base metal developer tabled an updated resource estimate on the copper-zinc project, delineating a global measured and indicated resource within the Main and Esso deposits of 17.3 million tonnes grading 2.6% copper equivalent (1.85% copper, 2.72% zinc, 0.49 gram gold per tonne and 33.9 grams silver per tonne). Inferred resources add 10.7 million inferred tonnes averaging 1.67% copper equiva-

White Gold chief technical advisor Shawn Ryan on a site tour of the company’s gold properties in the Yukon.   PHOTO BY TRISH SAYWELL

“NEXT SEASON WE’LL PROBABLY GET AT LEAST SIX TO EIGHT DIAMOND DRILL HOLES IN THERE BECAUSE WE SEE IT MAGNETICALLY.”

RI AT VIS NG B IT RO OOT US UN H 2 D 16 UP 20 2

CHIEF TECHNICAL ADVISOR, WHITE GOLD

grams per tonne over 3 metres, within a 32-metre mineralized zone. Ryan says Titan is unique because

it’s associated with magnetite, unlike anything else he has seen in the region. “It looks and smells like skarn, but we’re not hanging our hat on that,” he says. “Whatever it is, it’s unusually high grade.” “Next season we’ll probably get at least six to eight diamond drill holes in there because we see it magnetically, there are five other targets that are big mag balls in there. When you invert it, you can see it in 3-D and you’re going ‘holy crow.’” Titan is just the latest in a series of shallow gold discoveries made by White Gold since Ryan founded the company in 2016. In 2018 the company found Vertigo, 15 km east of Titan, when RAB drill results returned high-grade intercepts including 23.4 grams gold per tonne and 145 grams silver over 24 metres from surface. White Gold followed up in 2019 by hitting Vertigo with 9,500 metres of diamond drilling over 46 holes. Early results returned shallow gold mineralization including 4.3 grams gold per tonne over 12 metres, from 31 metres’ depth. All drill holes hit gold and the company has identified at least six high-grade structures that remain open in all directions. Vertigo is on White Gold’s JP

See KUTCHO / 10

DU

SHAWN RYAN

A worker moves a GT Probe rock and soil sampling machine on White Gold’s property in the Yukon.   WHITE GOLD

1-16_JAN6_Main .indd 9

Kutcho Copper eyes feasibility study in mid-2020

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2019-12-30 5:29 PM

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BC, YUKON & NWT

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A water-quality sampling crew at Kutcho Copper’s namesake copper project in northwest British Columbia.   KUTCHO COPPER

Kutcho Copper eyes feasibility study in mid-2020 KUTCHO From 9

lent (1.18% copper, 1.76% zinc, 0.26 gram gold per tonne and 21.5 grams silver per tonne). Kutcho Copper acquired the project, 200 km east of Dease Lake, from Capstone Mining (TSX: CS) in late 2017 for $28.8 million and a 9.9% share position, after a revised prefeasibility study presented encouraging economics. “The first thing we did was a desktop exercise of going through the [previous] prefeasibility study,” the company’s chief operating officer, Rob Duncan, said in an interview. “The Capstone prefeasibility study was 2010–2011, we went through it and updated commodity prices, revised capex up a little bit, and [operating expenses] up a little bit as well.” Kutcho Copper’s revised 2017 PFS, based on probable reserves of 10.4 million tonnes grading 2.0% copper, 3.2% zinc, 34.6 grams silver and 0.37 gram gold, showed an after-tax net present value at an 8% discount rate of $265 million and a 27.6% internal rate of return based

on a 12-year mine life. The study modeled a 2,500-tonneper-day operation averaging annual production of 33 million lb. copper and 42 million lb. zinc. Capital costs for the mine were pegged at $221 million ($287 million including sustaining capex) and unit operating costs were US$1.60 per lb. copper excluding by-products, and US59¢ per lb. copper net of by-products. Post-tax payback of capital was forecast at 3.5 years. “That [PFS] is what we went out and financed the acquisition of the project on,” Duncan says, “so we did some equity and Wheaton Precious Metals (TSX: WPM; NYSE: WPM) came in for a big commitment on the project with a streaming component.” Wheaton provided a $100-million financing package in 2017 linked to a precious metals stream on the project. The stream was structured to fund US$7 million towards the feasibility study, US$58 million in development capital, and up to another US$20 million of development capital if Kutcho expands to a 4,500-tonne-per-day operation.

Additionally, Wheaton completed a $20-million convertible debenture loan and a $4-million equity investment in the company. Wheaton will also pay Kutcho Copper 20% of the spot price for all delivered precious metal byproducts until 5.6 million oz. silver and 51,000 oz. gold are delivered, upon which the stream will drop to 66.67% of silver and gold production. Management points out that the precious metal by-products represent just 8% of projected metal revenue, with copper and zinc representing 61% and 31%. In 2019 the company has pushed optimization initiatives to further bolster the project’s economics. Recent metallurgical test work, designed to feed into a feasibility study in 2020, has shown recovery rates above those projected in the now two-year-old prefeasibility study. Lock-cycle tests on composite samples of the Main deposit lens delivered recoveries of up to 92.3% for copper (to produce a 26.6% copper concentrate) and 84.2% for zinc (to produce a 59.7% zinc concentrate),

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RECENT METALLURGICAL TEST WORK, DESIGNED TO FEED INTO A FEASIBILITY STUDY IN 2020, HAS SHOWN RECOVERY RATES ABOVE THOSE PROJECTED IN THE NOW TWO-YEAR-OLD PREFEASIBILITY STUDY. with gold and silver recoveries coming in at 36% and 71%. Composite sample testing of the Esso deposit lens returned recoveries of up to 94.5% for copper (to produce a 27.9% copper concentrate) and 89.3% for zinc (to produce a 58.2% zinc concentrate), with gold and silver recoveries coming in at 40.8% and 71.2%. Improved zinc concentrate grades and the rejection of zinc from the copper concentrate are seen as value adds, and will generate a cleaner, higher-value copper concentrate. Silver recovery also improved in the latest metallurgical testing, the company says. In its development scenario, Kutcho Copper envisions initial production coming from the Main deposit, then transitioning to a fifty-fifty blended ratio with the Esso deposit during the mid-years of production. “We have done throughput tradeoff studies — mining methods tradeoff studies,” Duncan says. “In the PFS it was about 30% stoping and the rest was cut and fill. We relooked at that and it can all be stoped, either by retreat or transverse, and so from our point of view, that can put the throughput up to about 3,000 to 3,500 tonnes per day instead of the 2,500 tonnes per day in the PFS.” On the permitting front, the company recently received its Section 11 Order from the British Columbia Environmental Assessment Office, which defines the scope of the environmental assessment and the Indigenous Nations both Kutcho Copper and the B.C. Government will engage with through the pro-

cess. The project is situated within the overlapping territories of the Kaska Dena and Tahltan Nations. “We have exploration agreements with both of them, they work together in our technical EA working group,” Duncan says. “Our goal there is that if both Nations are involved every step of the way, technically there are a lot of decisionmaking points that they can be a part of. We can do these things and we can do them right.” The company also notes that under the recently passed Bill C-69 (Canadian Impact Assessment Act), the Kutcho project is not required to undertake a federal environmental assessment. Kutcho Copper recently received some breathing space on capital demand with Wheaton agreeing to amend its $20-million convertible debenture that would have seen its interest deferral timeline expire in December 2019. The original two-year interest deferral is now extended for up to another four years. Wheaton also gave Kutcho a new $1.3-million non-revolving term loan maturing at the end of 2020. Wheaton holds 10.5% of Kutcho Copper and is the second-largest shareholder after Capstone, which holds 12.8%. Management and directors own 7.5%. Over the last year the company has traded in a range of 13¢ to 46¢. At press time it was trading at 22¢ a share. The company has 68.2 million common shares outstanding for a $15.4-million market capitalization. TNM

2019-12-30 5:29 PM

BC, YUKON & NWT

GLOBAL MINING NEWS

THE NORTHERN MINER / JANUARY 6–19, 2020

11

BC, YUKON AND NWT SNAPSHOT

Eight players advancing assets in attractive jurisdictions AMERICAN CREEK RESOURCES

to the Saddle system. Initial drilling is planned in 2020.

American Creek Resources (TSXV: AMK) is exploring for gold and silver in B.C.’s Golden Triangle area. The company holds interests in three projects within this district: Treaty Creek, Electrum and Dunwell. Treaty Creek, where American Creek Resources holds a 20% interest (60% Tudor Gold [TSXV: TUD] and 20% Teuton Resources [TSXV: TUO]) encompasses the hydrothermal system host to Seabridge Gold’s (TSX: SEA, NYSE: SA) KSM deposit and Pretium Resources’ (TSX: PVG, NYSE: PVG) Brucejack project. According to American Creek, the project could host up to 7 km of mineralization at depth. Drill highlights from the 2019 program at the property include 0.73 gram gold per tonne over 839 metres, including a section of 1.05 grams gold over 329 metres and 1 gram gold over 336 metres. The results come from the Goldstorm zone, one of four mineralization areas found on the property. Electrum is located between the historic Silbak Premier mine (Ascot Resources [TSX: AOT]) and Pretium Resources’ (TSX: PVG, NYSE: PVG) Brucejack mine. There has been minimal exploration conducted on this property, which appears to host a low-sulphidation epithermal system, with high-grade electrum (a gold-silver alloy) in quartz veins. American Creek holds a 40% interest in the project with Tudor Gold, its joint-venture partner, at a 60% stake. At Dunwell, located between Ascot Resources’ Premier and Red Mountain projects, the historic Dunwell mine produced a total of 45,657 tonnes between 1926 and 1937 at a head grade of 14.3 equivalent grams gold. In addition to mineralization at the historic mine site, the company has found more gold showings along a 3 km strike length. Beyond the Golden Triangle, the company holds five other properties in its B.C. portfolio. Gold Hill is located within the headwaters of the Wild Horse River and includes an area that could source the gold recovered during historic placer mining downstream, and also features a series of underground workings. Follow-up work is also planned for the Austruck–Bonanza, Ample Goldmax, Silver Side and Glitter King projects. American Creek has an approximate $24-million market capitalization. GARIBALDI RESOURCES Garibaldi Resources (TSXV: GGI) is focused on exploration at its properties in B.C. and Mexico. The company’s flagship 63 sq. km Nickel Mountain project is located 6 km southwest of Eskay Creek in B.C.’s Golden Triangle district. Nickel Mountain hosts the historic E&L deposit, which features the first nickel-copper rich massive sulphide zones found in the Eskay camp. E&L was originally discovered in 1966 and was held by SSR Mining (TSX: SSRM) between 1958 and 2014. Drill results from the project released in December returned strong copper and precious metal grades: one hole intercepted 7.94% nickel, 5.85% copper, 0.16% cobalt, 7.05 grams palladium per tonne, 2.73 grams platinum per tonne,

1-16_JAN6_Main .indd 11

GT Gold acquired Tatogga in 2016. GT Gold’s current market capitalization stands at $123 million. METALLIC MINERALS Metallic Minerals (TSXV: MMG) is focused on advancing its exploration-stage silver projects in the Yukon. The company’s 166 sq. km Keno Silver project, within the Keno Hill silver district, is located adjacent to and on strike with Alexco Resource’s (TSX: AXU; NYSE-AM: AXU) property, which has holdings that include four highgrade deposits.

The core shack at GT Gold’s Tatogga gold property in British Columbia’s Golden Triangle region.   GT GOLD 1.75 grams gold per tonne and 15.81 grams silver per tonne over 4 metres within a wider 15-metre intercept grading 5.25% nickel and 3.21% copper. The results come from the upper part of the Lower Discovery Zone.

In December, the company released the most recent intercepts from infill work on this core area: highlights include 2.05 equivalent grams gold over 124 metres and 1.47 equivalent grams gold over 21 metres.

In November, the company announced an $8.3-million investment by Newmont Goldcorp (TSX: NGT, NYSE: NEM), whereby the major increased its stake in the company from 9.9% to 14.9%. GT’s current cash balance is $18 million.

At E&L, Garibaldi has found five mineralization zones, which are open for expansion. Based on fieldwork completed up to December 2018, the company has confirmed that the Nickel Mountain gabbroic complex strikes for over 3 km and extends for at least 1 km across. Geophysical surveys show conductors across an at least 6 km trend at Nickel Mountain.

Saddle South is an epithermal gold-silver system that was first drill tested by the company in 2017. Drilling to date has traced mineralization over 1,300 metres of strike, over up to 300 metres wide and down to more than 600 metres’ depth. It remains open. The discovery features near-surface, high-grade mineralization over 1,000 metres of strike. Saddle South intercepts include 18.08 grams gold and 313.38 grams silver over 2 metres and 187.5 grams gold and 53.6 grams silver over 1 metre.

GT is working on a geological model for Saddle North, expected to feed into a resource estimate scheduled for release in the second quarter of 2020. A preliminary economic assessment (PEA) will follow by the end of 2020.

In December 2017, Garibaldi released assays from a hole drilled 200 metres east of the historic E&L deposit, which returned a 17-metre interval grading 8.3% nickel and 4.2% copper within a 40-metre interval of 3.9% nickel and 2.3% copper starting at 100 metres. According to the company, this drill hole suggests a highquality discovery with a pure mineralization style, which is good for processing. Garibaldi acquired an option to buy a 100% interest in the E&L deposit and surrounding claims in 2016, and began exploration efforts later that year. In addition, the company holds the King, PSP, Red Lion and Grizzly properties in British Columbia. In Mexico, Garibaldi holds four more exploration-stage projects in the country’s Sinaloa, Sonora and Chihuahua states. Garibaldi Resources has a roughly $113-million market capitalization. GT GOLD GT Gold (TSXV: GTT) is an explorer working on advancing the Saddle North and Saddle South discoveries at its 468 sq. km Tatogga property within B.C.’s Golden Triangle district. Saddle North, first identified and drilled by the company in 2017, is a copper-gold porphyry with drilling to date tracing mineralization over 700 metres of strike, for 1,400 metres to 1,600 metres downplunge, and over 200 to 560 metres thick. It is open, with GT identifying a higher-grade core zone that strikes over 200 to 400 metres, at 40 to 450 metres thick.

In addition to the Saddle discoveries, the company has identified the Quash Pass target — located 7 km southwest of Saddle — that features geochemical and geophysical anomalies up to 6 km long, with a similar strike direction

The greater Keno Hill silver district has produced over 200 million oz. silver over the last 100 years, with eight past-producing mines at the 35 km long Keno project. The deposits in the district feature highgrade, silver-bearing veins with lead and zinc. Of the 12 mineralized trends found, 10 continue into its under-explored eastern flank, where Keno is situated. To date, three targets at the project have been drilled with another 16 undrilled targets and prospects. Several of the targets are on extensions of trends associated with deposits at the Alexco property. In August, Metallic provided an exploration update for the central part of the Keno property: in addition to samples from two targets yielding in excess of 1,000 grams silver, the company has found two silver-zinc-lead soil anomalies extending over

See SNAPSHOT / 14

Two Exciting New Gold Projects in Developing New Gold Districts in the Yukon and New Brunswick Golden Culvert, YT: Diamond drill •program intercepts up to 2.53 gpt Au over 33.1m including 60.1 gpt Au over 0.9m and surface trenching of up to 24.42 gpt over 6m including 95.0 gpt gold/1.5m. the potential to become the core •of aHas major new gold camp extending across more than 500 km of the evolving new Hyland Group Gold District in the eastern Yukon. exploration costs – accessed by all-season •roadLowthrough the middle of the claim group. 10-year Exploration Permit in place through to 2026. 24 km of underexplored strike. McIntyre Brook, NB: *New in 2019 Option to acquire McIntyre •Brook Gold Project in northern New Brunswick – historic trench samples up to 41.58 gpt gold.

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2019-12-30 5:29 PM

12

JANUARY 6–19, 2020 / THE NORTHERN MINER

BC, YUKON & NWT

WWW.NORTHERNMINER.COM

White Gold keeps on discovering WHITE GOLD From 9

Ross property and the latest results suggest Vertigo is a structurally controlled mineralized zone and part of a larger system, which contains at least 10 other gold targets (of which only Vertigo has had diamond drilling), over a 250 sq. km trend. The company says Vertigo’s gold is hosted within a network of west-northwest-trending, moderate to steeply south dipping shallow structures that are subparallel to topography. High-grade mineralization is associated with quartz veining, brecciation and strong sericite-quartz alteration. Highlight holes from other recent discoveries on White Gold’s land include 20.6 grams gold per tonne over 6 metres at Ryan’s Surprise, 3 grams gold over 10 metres at GS West and 1.1 grams gold over 50 metres at Betty. The company also holds the advanced Golden Saddle and Arc deposits, which contain 14.3 million indicated tonnes grading 2.26 grams gold per tonne and 10.7 million inferred tonnes grading 1.48 grams gold for more than 1.5 million contained gold oz. across all categories. “The goal is to get it past the 2 million oz. mark, then the economics turn positive.” Ryan says this could take another one or two seasons of drilling. In years past the graphitic Arcstyle material was deemed problematic and was ignored. However, White Gold sent some Arc samples to 17.1% shareholder Agnico Eagle Mines (TSX: AEM; NYSE: AEM) for testing. Agnico has experience dealing with graphitic ore in Finland and got 85% gold recoveries from pretreated Arc material. “Agnico said, ‘the gloves are off, you can go after the Arc target now.’” Results are pending from 6,000 metres of diamond drilling on the Golden Saddle and Arc deposits, which White Gold acquired from Kinross Gold (TSX: K; NYSE: KGC) in a vend-in deal that included $10 million in cash and a 19.9% stake in the junior. Kinross’ stake is now 17.1%. White Gold’s model is to employ thorough, methodical exploration across its more than 400 sq. km land package — which covers more than 40% of the White Gold district — make discoveries and spin them out rather than pursuing resource delineation with the company. Unlike many juniors, White Gold will not “throw money around like a machine gun” and rush into expensive diamond drilling campaigns before properly understanding a target, Ryan says. The company relies on innovative and economical techniques such as soil sampling and RAB drilling to identify and “flush out” targets. “This is the only game where the norm is to fail ... The only way to de-risk a project from failure is to do it right. Exploration is not just about geology or geophysics or geochemistry or structure — it’s about all four of those working together.

The Titan discovery area on White Gold’s Hen property in west-central Yukon.   WHITE GOLD

Rotary air-blast drillers on White Gold’s Betty gold target in the Yukon.   WHITE GOLD

“You throw the sciences at it,” he says. “It’s like trying to drop the black ball in a pool game … you have to set your shots up.” White Gold will only use a diamond drill once it’s confident it knows where to point it. “I don’t want anybody wasting money on our ground.” Ryan says this method is based on what the major mining companies did in their exploration departments

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1-16_JAN6_Main .indd 12

when he started in the industry in the late 1970s. And he says discoveries like the Vertigo prove it works. “Vertigo was found under everybody’s noses. There’s roads going through there everywhere, they’ve been mining that creek for almost 120 years for placer gold and here we’re finding these new high-grade shoots — right off the road. We found four new ones right on the road, within 50 metres.” Guy Gosselin, Agnico’s senior vice-president of exploration, says he is pleased with White Gold’s accomplishments and its “exploration recipe.” “They have designed and adapted their method to be extremely efficient in the part of the world they are working in,” Gosselin says. “They cover a lot of ground and generate new targets at a very reasonable cost.” Ryan says the White Gold district has the potential to become a major gold mining camp. “We’ve still never figured out where the 20 million oz. of placer gold came from. That’s what’s interesting about this JP Ross, it’s in Henderson Creek, a sub-belt from the Klondike gold fields, a unique

“ONCE THE ROAD [TO COFFEE] GOES IN AND YOU GET A COUPLE OF MILLS GOING OVER THE NEXT FIVE TO SIX YEARS, IT DOESN’T MATTER WHAT I FIND. JUST LIKE TIMMINS, IF YOU FIND A HALF A MILLION OUNCES YOU CAN TRUCK IT TO ONE OF THE MILLS.” SHAWN RYAN CHIEF TECHNICAL ADVISOR, WHITE GOLD

placer area where about 80,000 oz. came out of. And now we’re finally finding the first physical evidence: narrow high-grade veins — and there’s a bunch of these. Can we make enough tonnage out of all of these? There’s a good probability because it’s all in one area.” Ryan points out the Yukon government is helping build a haul road to Newmont Goldcorp’s (TSX: NGT; NYSE: NEM) nearby Coffee gold project. The road will pass by several White Gold properties, including JP Ross and Hen. “Once the road goes in and you get a couple of mills going over the next five to six

years, it doesn’t matter what I find. Just like Timmins, if you find a half a million ounces you can truck it to one of the mills.” “I come from the Timmins camp. I gotta remind people and myself that there you’re looking for gold 1,200 feet below surface and here I’m driving down these bush roads finding it on the road — welcome to the Yukon.” White Gold shares have fluctuated between 73¢ and $1.69 in the past 52 weeks. At press time shares traded for $1.03, giving the company a $128-million market capitalization. TNM

2019-12-30 5:29 PM

BC, YUKON & NWT

GLOBAL MINING NEWS

THE NORTHERN MINER / JANUARY 6–19, 2020

13

NorZinc’s Prairie Creek zinc-lead-silver project in the Northwest Territories.  NORZINC

NorZinc hits permitting milestone on road to Prairie Creek NORTHWEST TERRITORIES   BY DAVID PERRI

S

dperri@northernminer.com

ince taking the reins at NorZinc (TSX: NZC) in 2018, CEO Don MacDonald admits he has spent more time than he expected on permitting. But with all the major permits now in hand to put the Prairie Creek zinc-lead-silver project into production, he’s excited to dig into the technical aspects of the project in 2020. “There’s a lot of value creation that can be done on this project in the next 12 months,” MacDonald says in a telephone interview with The Northern Miner. The final pieces of the permitting puzzle came in November 2019, when NorZinc got the OK to build an all-season access road to site, 500 km west of Yellowknife. The 170 km road passes through the Nahanni National Park Reserve, which surrounds the property, so the company had to get Parks Canada to sign off, as well as the Mackenzie Valley Land and Water Board. The company plans to build a winter road and then upgrade it to an all-season road with culverts, bridges and surfacing ahead of production. The road permits came a little later than expected, MacDonald says, so phase-one winter road construction may not begin in the first quarter of 2020 as planned. “The window to construct is January through March. Once you get into the latter part of March, the spring comes in, the freshet comes in and potentially you can’t finish the road.” Either way, MacDonald says, he’s glad to get past the permitting stage. NorZinc has added people to its team with an eye towards development, including a new chief financial officer, project manager and board members. Financing activity was put on pause when MacDonald joined the company, but now it’s back to work on that front, he says. The company could sell a silver stream. “There’s a substantial amount of silver and there are very few large silver

1-16_JAN6_Main .indd 13

| Junior set to focus on value creation, financing in 2020

“FROM AN ECONOMIC STANDPOINT, EXPANDING THE THROUGHPUT — EVEN DOUBLING THE THROUGHPUT — IS SOMETHING THAT SHOULD BE LOOKED AT CLOSELY.” DON MACDONALD PRESIDENT AND CEO, NORZINC

streams available in the market.” NorZinc has pursued a twophased financing approach, but MacDonald says his view has shifted towards a global financing package. “For 2020 I am thinking we might put together a comprehensive package a bit earlier than I had previously anticipated.” In 2017, the company (then named Canadian Zinc) completed a feasibility study on Prairie Creek. The study outlined a 15-year, 1,600-tonne-per-day underground mine producing 95 million lb. zinc, 105 million lb. lead and 2.1 million oz. silver for $111 million in earnings before interest, tax, depreciation and amortization annually for the first decade of production, and $81 million annually over the full mine life. According to the study, Prairie Creek has a $188-million, after-tax net present value at an 8% discount rate with an 18.4% internal rate of return, assuming prices of US$1.10 per lb. zinc, US$1 per lb. lead and US$19 per oz. silver. MacDonald says the company will likely issue an updated feasibility study in 2020. “We have a 15-year mine life with the current reserve. And with our current resource, which is almost identical to our reserve, we have the likelihood of up to another 15 years,” he says. “From an economic standpoint, expanding the throughput — even doubling the throughput — is something that should be looked at closely.” Prairie Creek has 8.1 million tonnes in proven and probable mineral reserves grading 8.64% zinc, 8.1% lead and 124.22 grams silver per tonne.

Excluding silver credits, Prairie Creek’s reserves are a combined 16.74% zinc and lead, which NorZinc says is third best amongst undeveloped deposits in the world (excluding China and Russia), behind only Ivanhoe Mines’ (TSX: IVN) Kipushi deposit in the Democratic Republic of the Congo and the Dairi deposit in Indonesia, owned by Bumi Resources and Antam. Additionally, Prairie Creek has an inferred resource of 7 million tonnes grading 11.3% zinc, 7.7% lead and 166 grams silver per tonne.

The property hosts mining infrastructure that includes a processing plant, 1.5-million-tonne tailings impoundment, power plant and a water-treatment plant from a silver mine built in the early 1980s, but never hit production. NorZinc plans to renovate and upgrade the facilities in line with its development plans. MacDonald, who has a background in engineering and accounting, started out with gold companies and dabbled in diamonds before joining base metal miner Quadra FNX as chief financial officer in 2010. When KGHM took over Quadra FNX in 2012, he filled the same position for the Poland-based conglomerate’s international division, where he eventually served as acting CEO until retiring in 2017. MacDonald was drawn out of retirement by the challenge of putting Prairie Creek into production, and working with zinc and lead, which are relatively new commodi-

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ties to him. He likes the metal mix at Prairie Creek and is bullish on long-term zinc prices, which give the project some “sizzle.” MacDonald says zinc faces a production gap in 2022–2023, around the time the mine would hit production. “Lead is a very stable commodity. It rarely wavers from between US80¢ and US$1.20 per lb., which could be regarded as being boring, but it gives you stability of cash flow. And probably 40% of our cash flow will be coming out of lead.” And he says the company wants to retain exposure to the silver price, even if it does a streaming deal. “As CEO I’m leveraging both my engineering and finance backgrounds,” he says. After spending the latter part of his career dealing with multibilliondollar projects, MacDonald says that Prairie Creek, with its $300-million cost, is a “much more manageable bite to take.” TNM

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2019-12-30 5:29 PM

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JANUARY 6–19, 2020 / THE NORTHERN MINER

BC, YUKON & NWT

WWW.NORTHERNMINER.COM

BC, YUKON AND NWT SNAPSHOT SNAPSHOT From 11 kilometres. Structural analysis of local geology has also highlighted prospective corridors. In April, the company released an update for the eastern part of the property and announced that it has found eight targets featuring silver-zinc-lead soil anomalies and high-grade silver surface samples within favourable host rock. Diamond drill highlights from the 2017 exploration program included 3 metres of 312 equivalent grams silver as well as 2 metres of 560 equivalent grams silver from the Homestake target. Caribou intercepts included 3 metres of 972 equivalent grams silver and 2 metres of 2,851 equivalent grams silver. Also in the Yukon, Metallic holds the 44 sq. km McKay Hill project, 50 km north of Keno Silver. It sits within a silver-lead-zinc rich belt running from Alaska to southern Yukon and includes the Keno Hill silver district. This past-producing asset features 37 vein structures found to date. Recent rock and soil sampling has revealed six targets over 1.5 by 3 kilometres. Metallic is planning for its 2020 field season. In October, the company closed a $2.75-million, non-brokered private placement with Eric Sprott, who now holds an estimated 13% of the company’s shares. In September, the company announced that it entered into an option agreement to acquire 100% of the La Plata silver-gold-copper property in Colorado. The property features a porphyry system rich in precious metals, with silver and gold epithermal prospects. Metallic Minerals has an approximate $22-million market capitalization. NIGHTHAWK GOLD Nighthawk Gold (TSX: NHK) is focused on advancing the Colomac gold project, located within the company’s 899 sq. km Indin Lake property in the Northwest Territories. Colomac has five deposits with total inferred resources of 50.3 million tonnes grading 1.62 grams gold per tonne for a total 2.6 million ounces. Six zones within the 9 km Main Sill area of the Colomac deposit contribute 48.6 million tonnes to the current resource inventory. The Main Sill unit is up to 160 metres wide at depth, with mineralization intercepted down to 800 metres so far. Colomac is situated within a 16 km, under-explored host formation, with two undrilled parallel sills. In December, Nighthawk reported results from three of the Main Sill zones, with drilling extending mineralization at depth and increasing its width. Additional shallow high-grade intercepts suggest a new mineralization style for the project. Intercepts included 1.89 grams gold per tonne over 111 metres and 4.41 grams gold over 11 metres. In May, the company released its best hole to date: an intercept of 13.49 grams gold over 56 metres from Zone 1.5 at Colomac. Open-pit mining of the Colomac deposit took place between 1989 and 1991, as well as between 1994 and 1997. Nighthawk resumed exploration at the property in 2009.

1-16_JAN6_Main .indd 14

Beyond Colomac, Nighthawk has found a number of targets at Indin Lake: four along the northwestern edge of the property, and three along its southeastern boundary.

a partner to advance the asset to the prefeasibility stage.

Four gold deposit settings have been identified at Indin Lake: Colomac Main is hosted by a differentiated mafic sill, while three other targets appear to be structure-related, lode gold deposit types. Three more targets are ironformation hosted, while one target is hosted in a brecciated intrusion.

STRATABOUND MINERALS

Skeena Resources has a current $76-million market capitalization.

Stratabound Minerals (TSXV: SB) is focused on its 84 sq. km Golden Culvert project within the Hyland gold belt in the Yukon. The belt also hosts Golden Predator Mining’s (TSXV: GPY) 3 Aces project and Goldstrike Resources’ (TSXV: GSR) Plateau gold project.

Nighthawk has drawn parallels between the setting of the Colomac deposit and the 10 km strike of prospective host rock at the Kalgoorlie gold camp in Australia: both are of Archean age, with gold hosted by mafic intrusions and occurring in more silica-rich fractions. The company uses this analogy in generating drill targets.

Golden Culvert features a 24 km long mineralized trend. Soil sampling has identified a 3 km long, 250-metre-wide anomaly, with gold grades in excess of 30 parts per billion. Within the soil anomaly, exploration work to date has traced gold mineralization along a 570-metre strike. Mineralization appears to consist of quartz vein and breccia structures that control the gold emplacement. Gold may be localized in shoots within the veins.

The company has found targets beyond Colomac for follow-up that could help supplement a future Colomac mill, or grow as standalone projects. Nighthawk’s shareholders include Kinross Gold (TSX: K, NYSE: KGC) with a 9.9% interest, and Osisko Gold Royalties (TSX: OR, NYSE: OR) with an 8.6% stake in the company. An updated resource for Colomac is expected in 2020, and will incorporate 50,000 metres of drilling completed in 2018 and 2019. The company has an approximate $107-million market capitalization. SEABRIDGE GOLD Seabridge Gold (TSX: SEA, NYSE: SA) holds the KSM, Iskut and Courageous Lake projects in B.C. and the Northwest Territories. The KSM deposit, located within B.C.’s Golden Triangle, is the world’s largest undeveloped gold-copper project by reserves. Reserves for the asset total 2.2 billion tonnes grading 0.55 gram gold per tonne; 0.21% copper; 2.6 grams silver per tonne, with additional molybdenum for a total 38.8 million oz. gold; 10.2 billion lb. copper; and 183 million oz. silver. In March, Seabridge released updated resources for the Iron Cap deposit at KSM, which is closer to infrastructure than the other deposits at the site. The company sees potential to include Iron Cap early in the mine plan. It plans to complete an updated PEA for the project. Preliminary feasibility study results for the project were released in September 2016 and outlined an open-pit and block cave operation extracting ore from the Mitchell, Iron Cap, Sulphurets and Kerr zones. Over a 53-year mine life, the first seven would see average annual production of 933,000 oz. gold and 205 million lb. copper, with additional silver and molybdenum. The analysis suggested a $1.5-billion, base-case net present value (NPV) estimate at a 5% discount rate. Total costs were an estimated US$673 per oz. gold produced with a US$5-billion capital outlay. Seabridge also released the results of a PEA in October 2016, which examined the option of developing inferred resources at the Deep Kerr and Iron Cap Lower zones. The PEA focused on block-cave mining with reduced surface impacts from the open pits. This iteration would

costs of US$757 per oz., with preproduction capital outlays of $303 million. The associated after-tax net present value estimate, at a 5% discount rate, came in at $638 million with a 51% internal rate of return.

Over its 2019 exploration program, the company traced the Main Vein structure along 1.9 km of strike within the 3 km soil anomaly. It remains open. Stratabound also found a structure 7.1 km north of the Main Vein that outcrops at surface. The vein features a similar dip and strike as the Main zone structures to the south, and is located at the edge of a historic gold-in-soil anomaly. The 7.1 km strike length between the veins remains unexplored.

Current Eskay Creek pit-constrained resources, released in February 2019, stand at 12.7 million tonnes in the indicated category at a head grade of 5.8 equivalent grams gold for a total of 2.3 million equivalent oz. gold. Inferred resources total 14.4 million tonnes at 2.9 equivalent grams gold for another 1.3 million equivalent oz. gold. Underground resources add 218,000 indicated and 78,000 inferred equivalent oz. gold.

In October, Stratabound released trenching results from Golden Culvert that returned 24.41 grams gold over 6 metres and included a higher-grade section of 95 grams gold over 2 metres. The intercept comes from a newfound parallel vein structure at the Main zone. The 2019 exploration efforts at the Main zone widened the mineralized corridor to 130 metres from 50 metres, by identifying four goldbearing veins.

Eskay Creek produced 3.3 million oz. gold and 160 million oz. silver between 1994 and 2008 from underground operations, with average head grades of 45 grams gold and 2,224 grams silver.

Stratabound has the option to acquire a 100% interest in Golden Culvert by making $1.72 million in payments over five years and spending $700,000 on exploration. It has now met the spend requirement. In December, the company announced a restructuring of the option agreement payments, deferring some payments to later years. Half of the payments may be made in shares.

A helicopter carries a load at Skeena Resources’ Eskay Creek gold project in British Columbia.   SKEENA RESORUCES see total costs of US$358 per oz. with higher peak throughputs, US$5.5 billion in initial capital and a resulting US$3.4-billion, base-case NPV at a 5% discount rate. The company also holds the Courageous Lake property in the Northwest Territories, with reserves of 91.1 million tonnes grading 2.2 grams gold for a total of 6.5 million oz. gold. A preliminary feasibility study completed on the project in 2012 outlined an open-pit producing an average 385,000 oz. gold annually at cash-operating costs of US$780 per ounce. The associated capital cost stands at US$1.5 billion. Exploration is ongoing at the site. In 2017, Seabridge acquired the Snowstorm gold project in Nevada. It is located at the intersection of three gold belts in the district and on strike with several gold mines. A drill program is upcoming for this property. In June of 2016, Seabridge acquired SnipGold, adding the Iskut project to its holdings. Iskut is located 30 km from KSM and features measured and indicated resources of 187 million tonnes grading 0.12% copper, 0.36 gram gold and 2.19 grams silver. Additional inferred resources stand at 5 million tonnes. Exploration is ongoing at this pastproducing site. Seabridge Gold has a market capitalization of approximately $1.1 billion. SKEENA RESOURCES Skeena Resources (TSXV: SKE) is focused on advancing its project portfolio in B.C.’s Golden Triangle district. Its flagship Eskay Creek project is located 83 km northwest of Stewart and covers an area of 51 square kilometres. In November, Skeena released PEA results for Eskay. The study suggested an open-pit operation producing gold and silver-in-concentrate that would sell to third-party smelters. The study outlined life-of-mine average annual gold-equivalent production of 306,000 oz. at all-in sustaining

In December 2017, Skeena signed an option agreement with Barrick Gold (TSX: ABX, NYSE: GOLD) to acquire a 100% interest in Eskay Creek by spending a minimum of $3.5 million on exploration, paying $10 million and reimbursing Barrick for reclamation costs and a bond for up to $7.7 million. Under the agreement, Barrick has a back-in right to purchase a 51% interest in the property, exercisable for a 12-month period after announcing a resource of at least 1.5 million equivalent oz. gold on the property. In addition, Skeena holds the Snip property in its portfolio, acquired from Barrick in 2017. The 19 sq. km property hosts the historic Snip mine, which produced 1 million oz. gold between 1991 and 1999 at a head grade of 27.5 grams gold. The company’s GJ project is 30 km west of Imperial Metals’ (TSX: III) Red Chris mine and features two porphyry deposits located 14 km apart. A PEA for the project released in April of 2017 outlined an openpit operation with a 25-year life and a $216-million capital outlay returning a pre-tax net present value estimate of $546 million, at an 8% discount rate. Skeena is seeking

Also in December, the company closed a non-brokered private placement for gross proceeds of $200,000 with Jerritt Canyon Canada, a private company that operates the Jerritt Canyon mine in Nevada. In New Brunswick, Stratabound holds a 100% interest in the Captain copper-cobalt deposit. In addition, in December, the company announced that it has signed an option agreement to acquire a 100% interest in the McIntyre gold project located 80 km west of Bathurst. There are two gold occurrences at the site located 1.5 km apart. Diamond drilling has started with a focus on testing previously identified gold mineralization along 300 metres of strike. Stratabound has a current $5.7-million market capitalization. TNM

2019-12-30 5:29 PM

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GLOBAL MINING NEWS

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Klondike Gold hunts for source of the Yukon Gold Rush YUKON

| Junior hits modelling ‘breakthrough,’ will try ‘crazy stuff’ in 2020

BY RON WORTEL

F

Special to The Northern Miner

ew stories in mining history rival the lore of the Klondike Gold Rush. Photographs of hordes of fortune-seekers climbing the Chilkoot Pass in the late 1890s are some of the most iconic in mining history. Some grand fortunes were made, and many lives were lost. But more than 120 years after thousands of prospectors rushed into the wilderness to make their fortunes, no significant bedrock source for the gold was ever found in the camp and, curiously, no one seemed to be looking for it. In the decades since those wild years, the area’s placer mines have yielded as many as 20 million ounces. Four years ago, mining financier Frank Giustra hired geologist Peter Tallman as president of Klondike Gold (TSXV: KG) to hunt for the mother lode. “When we arrived back in 2015, we found a camp with little to no basic geologic surveys, mapping or data, save for a regional geophysical survey done in 1987, and the last good fieldwork was done in the 1960s,” Tallman says in an interview. “So we had to start with the basis that the source of the Klondike gold is a grassroots exploration play.” Klondike Gold says the source exists. The exploration company now controls a land package of over 600 sq. km covering most of the Klondike gold fields, starting just 20 km to the southeast of Dawson City. Klondike Gold started with the premise that the geology is right for a bedrock gold source in the camp. The Klondike is located within the Tintina gold belt. The area holds significant gold deposits such as Donlin (45 million oz.), owned by a joint venture between Barrick Gold (TSX: ABX; NYSE: GOLD) and NovaGold Resources (TSX: NG; NYSE-AM: NG); Northern Star Resources‘ (ASX: NST) Pogo (7.6 million oz.); and Newmont Goldcorp‘s (TSX: NGT; NYSE: NEM) Coffee (4.1 million ounces). These deposits are associated with flexures in the crustal-scale shear zone that created the conduits for the formation of the gold deposits. These deposits are both intrusionrelated and orogenic types, similar to those of the Destor-Porcupine camp that includes Timmins, which produced over 85 million oz. gold. Klondike Gold began with regional surveys and relied heavily on historic results of a very low frequency magnetic survey completed in 1987, which showed a major crustal break in the camp that cuts from north to south through the western side of their property. The break follows the most famous placer gold creeks — Bonanza and Eldorado — and crosses the Klondike River at its confluence with the Bonanza Creek, 2 km east of Dawson. The company’s surveys included mapping, soil testing, geophysics, structural and historical data compilations, and helped them define the geology and structure to see if conditions existed for deposit formation on their property. From this work, the company narrowed the hunt to the southeast of the junction point of the Bonanza and Eldorado placer creeks at the ghost town of Grand Forks. Over the last four years, the company has completed trenches, channel sampling and over 33,500 metres

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A drill on Klondike Gold’s Lone Star gold prospect near Dawson City, Yukon.   KLONDIKE GOLD

of diamond drilling. The company’s best hit in 2015 was in drill hole 15-10 at Gay Gulch along the Eldorado fault, which intersected 2 metres grading 75.6 grams gold per tonne starting from 24 metres downhole, and included a 0.4-metre intercept of 420 grams gold. In 2016, drill hole 16-58 in the Lone Star zone returned intersections of 6.6 grams gold over 7 metres from 7 metres and 9.4 grams gold over 4 metres starting from 27 metres. The Lone Star zone is in the northwestern part of the company’s property, covering part of the Eldorado and Bonanza Creek basins. In 2017 and 2018, Klondike Gold had numerous lower-grade hits over significant intervals such as drill hole 18-201, which cut 1.02 grams gold over 91 metres in the Lone Star

THE PERFECT

GIFT

zone structure. In 2019 the company drilled 94 holes, with highlights of 1,009 grams gold and 1,035 grams silver over 1 metre from 104 metres downhole in 19-267. The hole was drilled in the middle of the 5 km long Stander zone, which lies 2 km west of the Lone Star zone structure and east of the Eldorado fault. The company will release results from the other 76 holes over the next couple of months. “When we started the regional surveys, there were few known occurrences of gold in bedrock,” Tallman says. “Now our sampling shows the presence of gold in bedrock in hundreds of samples all across our large land package. These surveys also showed that the placer gold is locally derived, as we found gold nuggets in the local host rocks within

the placers on our property.” The work also indicated that the gold system is largely intact, and host veining was shown to be formed near-surface with low lithostatic (weight of the overlying rock) pressures. The gold found in drilling and sampling is from the top of the orogenic gold vein system, Tallman says, noting that drilling to date has only tested to depths of 100 metres. He reasons there is potential to extend to significant depth due to the mineralized strike lengths outlined so far (greater than 5 km) and the deep-seated nature of this type of gold deposit. In early December, the company reported that it had found four northwest-trending shears that host gold in the Lone Star zone. The shears are subparallel to the

major regional break referred to as the Eldorado fault on Klondike Gold’s properties and situated 2 km apart. These breaks in the rock mass provide the erosional plane of weakness for the placer creeks, and they are mineralized for 5 km of strike, the company says. Running perpendicular to these are minor northeast faults. The gulches of the camp form along these faults and they are also mineralized. The intersection of the northwest and northeast structures forms an “x” in both the rock mass and the topography, Tallman says, and he believes these intersections are prospective for larger and higher-grade gold zones. The company plans to focus its efforts on understanding the region’s potential using this model. “We are now at a breakthrough in just this past month with the development of a coherent model,” Tallman says. The task is to decide if there are large enough deposits on the property that can be mined economically. So far only 10% of the property has been explored. In 2020, the company expects the program to continue in the Lone Star zone. To date, all the drilling in this area targeted the northwest structures, and now the company is looking to intersect the northeasttrending structures that follow the gulches. “We’re going to do some crazy stuff in 2020,” Tallman says, “like turn the drills 90 degrees” and test the theory that the gulches follow the source conduits for the mineralization. “This Lone Star zone area looks like Coffee,” he says. “It’s the same age as Coffee, and on the west side of the Eldorado fault we are in granites, the same host rocks as Coffee, and we can see multiples of this size target in our land package.” TNM

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The automation/big data panel at the 2019 Progressive Mine Forum in Toronto, from left: Alisha Hiyate (moderator), Canadian Mining Journal editor; Louis-Pierre Campeau, Newtrax Technologies artificial intelligence team lead; Stephen de Jong, VRIFY CEO; Nadine Miller, Wesdome independent director; Pavel Abdur-Rahman, IBM partner and data scientist; Edward Bilborough, Sandvik business manager for automation and digitalization; and Walter Siggelkow, Hard-Line president.   GEORGE MATTHEW PHOTOGRAPHY

Accelerating the evolution of mining PROGRESSIVE MINE FORUM   BY ALISHA HIYATE

T

ahiyate@northernminer.com

he mining sector is already behind other industries when it comes to the use of new technologies, but the rate of adoption has risen in the past couple of years. How can we keep the momentum going and even pick up the pace? That’s one of the questions a panel of industry experts discussed at the third annual Progressive Mine Forum, organized by The Northern Miner. The panelists at the event, which took place in Toronto in October, discussed trends in automation and big data that are beginning to transform the mining industry and offered ideas on what miners can do to reap the rewards of emerging and existing technology. The panel of six experts included: Edward Bilborough, business line manager for automation and digitalization at Sandvik Mining and Rock Technology; Stephen de Jong, the CEO of VRIFY and chairman of Integra Resources (TSXV: ITR); Louis-Pierre Campeau, team lead of Artificial Intelligence at Newtrax Technologies; Pavel Abdur-Rahman, head of IBM Services’ data-science consulting practice in Canada; Walter Siggelkow, the president and founder of Hard-Line; and Nadine Miller, an independent director for Wesdome Gold Mines. Here are six of our takeaways from the discussion. 1. New technology’s compatibility with commitment to communities New technology is often assumed to detract from local employment, particularly in developing regions, but that assumption should be more closely examined. While it may seem counterintuitive, one of the world’s most automated mines is in West Africa: Resolute Mining’s Syama underground gold mine in Mali. All the mine’s underground equipment is operated from surface via automation using trucks, loaders and production drills, said Edward Bilborough of Sandvik, which has been a partner at the mine for the last two to three years. “That came around from a vision from their senior management, their CEO saying that we need to do things differently in a country like Mali,” Bilborough said.

1-16_JAN6_Main .indd 16

| Experts discuss automation, AI and the mine of the future

Conventionally in West Africa, mining companies bring in an Australian contractor to operate the mine for somewhere in the range of $250,000. “That really wasn’t a sustainable part of the business for them going forward and in how they saw their business being a partner in their community,” Bilborough said. “So they saw automation and technology as a step change in how they leverage or create a sustainable partnership with the local community.” Rather than the advanced technology detracting from local employment, the company has found that the two can be compatible. Bilborough noted that Resolute realized that although only 20–30% of the local community might have a high school education, 80–90% are familiar with digital technology simply by knowing how to operate a cell phone. “That was one of the light-bulb moments for them to say that technology in this community is not such a big step change.” 2. The need to standardize data Making the most of all available data means finding ways to standardize it. Stephen de Jong, former CEO of Integra Gold (which was bought by Eldorado Gold in 2017) discussed the company’s experience with opening up its data and creating the Integra Gold Challenge in 2015. Integra bought the Sigma-Lamaque property in Quebec in 2014. The purchase came with a big dataset the company didn’t know what to do with or have time to parse, as it was focused on a large drill program. So Integra took a page from the Goldcorp Challenge from 15 years earlier and put its 6 terrabyte database online for anyone to comb through. “We spent about $1 million cleaning it out, so one thing that’s very important with big data in general is the quality of that data,” de Jong said. “The data came from two different mines and even though those mines were only 500 metres apart, they never spoke to each other so it might as well have been written in Chinese and Russian.” One example of standardizing the data was that between the two operations, there were eight different ways to describe granodiorite,

“IF THERE’S SOMETHING THAT’S OFF THE SHELF AND IT’S WORKING IN A DIFFERENT INDUSTRY, WHY AREN’T WE USING IT? WE SHOULDN’T BE 20 YEARS BEHIND.” NADINE MILLER INDEPENDENT DIRECTOR, WESDOME GOLD MINES

which the company narrowed down into just three. Louis-Pierre Campeau of Newtrax agreed data standardization is key, in mining operations as well as in exploration. “Right now, there are a lot of datasets coming in from different parts of the mine that are optimized locally, but we’re not taking into consideration the whole big picture,” he said. “There’s a reason why it’s called ‘big data’ and not ‘siloed independent data that doesn’t talk to each other.’ It’s because this is where the real power is with predictive maintenance. We have seen a great improvement in predicting power based on: Do you train on one vehicle, do you train on 10 vehicles, or 10 vehicles from 10 different mines? Standardization to be able to put the data together is really the way to go to make more out of it.” 3. The changing nature of the data scientist Whereas high-tech industries have thousands of people working on data analytics in internal teams, and less tech-savvy industries like banking may have companies with 400 to 600 people working on analytics, mining and agribusiness are only starting down this path, said IBM’s Pavel Abdur-Rahman. Some companies in the space have up to 100 to 150 people in external teams, while a few are starting to build teams of 20 to 40 internally that are focused on data analytics, he noted. But this will continue to evolve, and with all the open-source data analytics technology and education that’s available, in the future, geologists will be able to use both backgrounds to apply analytics tools to mining. “We have to think about data scientists and data engineers in a different way,” he said. “The future geologists, the future mechanics, they’re all going to be data scientists. They’re just going to be geologists

[or mechanics] first. Then they’re going to know how to run python code and all sorts of things. The world is moving in a space where everybody is going to be a datasavvy professional.” 4. Importance of change management While everyone in the mining industry understands that they have no choice but to start adopting new ways of doing things, Walter Siggelkow of Hard-Line — a company that retrofits equipment for remote and teleremote operation — noted that change management is key. “The real answer to everything is the players — it’s all people at the end of the day,” he said. “If those people are not on board 100% with making this major change — and it is a major change, from sending everybody underground to just sending technicians underground to fix the machines and running [the mine] from surface — you have to have everybody online to make those projects go through.” 5. To speed up adoption, we need to take risks It may not be what miners want to hear, but they need to take more risks with technology — even if they have tried something in the past that hasn’t worked out. “We talk a lot about innovation in mining but we have a real problem adopting new technologies,” said Nadine Miller, a director of Wesdome Gold Mines. “We have to learn how to crawl before we walk.” Miller, who is also a strategic advisor for Awz Ventures, a venture capital fund that invests in advanced technology for cybersecurity and homeland security, noted, for example, that the earliest adopters of SAP software in the chemical industry started implementing the technology in the late 1980s and early 1990s. “I would guarantee you that there

are mining companies out there that still don’t have SAP or Oracle. So we’re very slow. We’re on geologic time and cybersecurity — they have got the time machine. They can go backwards and forwards,” she said. “So I say, shame on us — we should really look at people who are coming out with innovative ideas that can help.” For example, the mindset in mining that technology must be proven in a mining setting before it can be implemented is counterproductive. “In mining, the first thing they say is “Where else have you put it in? They don’t want to be the first one — nobody does because what’s my return on investment?” she said. “If there’s something that’s off the shelf and it’s working in a different industry, why aren’t we using it? We shouldn’t be 20 years behind. Let’s strive to be with all the other industries. We don’t have to be ahead of the pack, but within the pack.” 6. The need for collaboration Along with the idea of being willing to take risks comes the understanding that collaboration on an industry-wide level between companies, with universities and other entities is a necessity — and it’s the only way to close the technology gap between mining and other industries, de Jong said. “We have to accept the fact that R&D is not a linear process and we can put a lot of money into these innovative ideas and a lot of them are going to have a zero-percent internal rate of return — they’re not going to return anything for us because they just didn’t work. We can grab off-the-shelf technologies, but some of them just aren’t going to work. We have to accept that reality — otherwise we’ll just become stagnant and keep doing what we’re doing.” He added: “We need to create tools as an entire industry where we share that knowledge so if your company has success with your research and development and mine doesn’t, maybe some of that can transfer over because ultimately, if our industry becomes more profitable, that is good for everybody.” — This story was first published in our sister publication, Canadian Mining Journal.

2019-12-30 5:29 PM

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JANUARY 6–19, 2020 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / DECEMBER 23–27, 2019 The S&P/TSX Composite Index rose 0.29% to finish at 17,168.20. The S&P/TSX Global Mining Index jumped 3.18% to 82.52, and the S&P/TSX Global Base Metals Index gained 1.03% to 110.16. Spot gold climbed US$32.40 per oz., or 2.19%, to US$1,510.80 per ounce. Shares of Kirkland Lake Gold advanced $3.13 to $56.72 per share. The company filed its management circular in connection with its bid to acquire Detour Gold Mines. Shareholders will convene at a special meeting on Jan. 28 to vote on the proposed acquisition. In other news, the company released its full-year guidance for 2020. Consolidated production is expected to reach 950,000 to 1 million oz. gold at average cash-operating costs per ounce sold of US$300 to US$330, and all-in sustaining costs of US$570 to US$630 per oz. sold. The company plans to spend US$120 million to US$140 million on exploration. Sustaining capital expenses are targeted to reach US$165 million to US$175 million, while growth capital expenses are forecast to reach US$70 million to US$80 million. The company will start work on development ramps aimed at establishing two mining operations, Robbin’s Hill at its Fosterville mine in the state of Victoria, Australia, and high-grade zones near surface along the Amalgamated Break at its Macassa mine in northern Ontario. Kirkland Lake says it will

continue advanced exploration work at its assets in the Northern Territory, Australia. Endeavour Mining’s shares were up $1.53 to $24.22 apiece. West Africa-focused Endeavour announced that it has been given more time to make a takeover offer for Centamin. The “put up or shut up” deadline for Endeavour to make a formal offer has been set for Jan. 14. In early December, Centamin rejected a US$1.9 billion all-stock takeover proposal from Endeavour, saying it didn’t offer enough value. Centamin’s assets include the Sukari mine in Egypt. Kinross Gold was the second most heavily traded stock, and its shares closed at $6.04, up 40¢. The company recently announced a US$300-million debt financing for its Tasiast operation in Mauritania with the International Finance Corp. (IFC), Export Development TSX MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Lucara Diam LUC 11413 0.91 0.81 0.88 + 0.03 Kinross Gold K 11152 6.13 5.65 6.04 + 0.40 First Quantum FM 10964 13.06 12.65 12.83 + 0.02 Barrick Gold ABX 10363 24.16 23.01 23.99 + 1.06 B2Gold Corp BTO 10148 5.17 4.69 5.06 + 0.41 OceanaGold OGC 9202 2.49 2.21 2.45 + 0.19 Yamana Gold YRI 9114 5.15 4.63 5.05 + 0.45 Wallbridge Mng WM 7458 0.98 0.88 0.94 + 0.02 New Gold NGD 6682 1.18 1.01 1.18 + 0.17 Suncor Energy SU 6439 43.10 42.29 42.69 + 0.28

Canada, and with the participation of ING Bank and Société Générale. It is IFC’s largest-ever investment in Mauritania. The eight-year loan matures in December 2027 and has a floating London interbank offered rate, plus 4.38%. The initial drawdown is expected in early 2020. Tasiast is an open-pit mine 300 km north of the capital Nouakchott. The mine produced 250,945 equivalent oz. gold in 2018, and is undergoing an expansion to increase throughput capacity

to 24,000 tonnes per day by mid-2023. Tasiast has an expected mine life to 2033. Yamana Gold announced a 25% dividend increase to 5¢ per share a year, effective for the first quarter of 2020. This followed the 100% increase in dividends declared earlier in the third quarter of 2019, marking a 125% increase in dividends in the three months ended Dec. 31. The company’s shares increased 45¢ to $5.05. TNM

TSX GREATEST PERCENTAGE CHANGE

Jaguar Mng Guyana Gldflds U3O8 Corp Freegold Vent Orosur Mng Harte Gold Prophecy Coal Canarc Res Starcore Intl Ascot Res Goldgroup Mng Xanadu Mines Pine Cliff En Yorbeau Res Scandium Intl General Moly Ascendant Res Avalon Advance New Milln Iron Northcliff Res

JAG GUY UWE FVL OMI HRT PCY CCM SAM AOT GGA XAM PNE YRB SCY GMO ASND AVL NML NCF

3979 5264 244 174 39 6080 1198 230 798 807 832 70 2840 2117 224 6 199 1976 582 429

0.25 0.75 0.10 0.06 0.06 0.18 0.39 0.06 0.09 0.90 0.03 0.03 0.18 0.03 0.10 0.32 0.28 0.06 0.07 0.06

0.17 0.55 0.06 0.05 0.00 0.14 0.31 0.06 0.08 0.74 0.02 0.00 0.14 0.02 0.09 0.29 0.25 0.05 0.05 0.05

0.23 0.69 0.10 0.06 0.06 0.17 0.39 0.06 0.09 0.88 0.02 0.03 0.14 0.02 0.09 0.29 0.25 0.05 0.05 0.05

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

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Franco-Nevada FNV Agnico Eagle AEM Kirkland Lake KL Wheaton Prec M WPM SSR Mining SSRM Newmont Gdcorp NGT First Majestic FR Pan Am Silver PAAS NovaGold Res NG Endeavour Mng EDV Nutrien NTR Champion Iron CIA Anglo Pac Grp APY Lithium Amer LAC Teck Res TECK.A Trilogy Mtls TMQ Orocobre ORL EFR Energy Fuels Contintl Gold CNL Largo Res LGO

40.6 30.2 26.7 22.2 22.2 21.4 20.3 20.0 20.0 18.9 33.3 14.3 12.5 10.0 10.0 9.4 9.3 9.1 9.1 9.1

VOLUME WEEK (000s) CLOSE CHANGE

1520 133.27 1582 80.22 2993 56.72 2848 38.60 1105 24.37 515 55.85 5037 15.58 1400 30.27 1728 11.37 786 24.22 2930 62.93 733 2.38 6 3.30 261 4.14 31 22.86 49 3.00 53 2.32 323 2.42 2863 5.29 1204 1.02

+ 6.27 + 4.04 + 3.13 + 2.80 + 2.60 + 2.06 + 1.93 + 1.84 + 1.61 + 1.53 - 1.28 - 0.21 - 0.21 - 0.16 - 0.12 - 0.10 - 0.09 - 0.08 - 0.07 - 0.05

TSX VENTURE EXCHANGE / DECEMBER 23–27, 2019 The S&P/TSX Venture Composite Index climbed 2.69% to 563.58 and spot gold rose to US$1,510.80 per oz. — a US$32.40 per oz. (2.19%) gain. Shares of Aurania Resources were up 69¢ to $4.24. The company recently hired Gregor Borg, an independent specialist and expert on sedimentary-hosted copper deposits to assess its Lost Cities–Cutucu project in Ecuador. The professor “observed that in his wide-ranging and worldwide personal experience he has never before come across spatially coincident porphyry copper and sedimentary-hosted copper as seen across the project area,” Aurania reported on Dec. 23. “This potentially geologically unique situation has come about due to intrusion of the porphyries into chemically receptive red beds and black shales.” The project is located in the Jurassic metallogenic belt in the eastern foothills of the Andes mountain range of southeastern Ecuador. New Pacific Metals’ shares climbed 55¢ to $5.44. The company expanded its Silver Sand land package by acquiring from private owners a 100% stake in a special temporary authorization 4 km north of the Silver Sands discovery, for a one-time, US$200,000 cash payment. The company reported that the new property is made up of outcropping, strongly

altered Miocene dacitic intrusions, which are cut by numerous northwest-striking, silvermineralized structures similar to the ones that host mineralization on its Silver Sand project. Shares of Advance Gold jumped 106% to 17¢. The company reported that the first hole drilled into a large chargeability anomaly at its Tabasquena project in Mexico’s Zacatecas state found a 78-metre sulphide zone with disseminated to massive sulphides associated with quartz from 226 to 304 metres downhole. At the bottom of the hole (from 405 to 415 metres), the drill hit a second 10-metre zone of quartz veins, with disseminated sulphides in the andesites surrounding the veins. Samples from both zones have been submitted for assays. Two phases of 3-D induced polarization geophysical surveys TSX-V MOST ACTIVE ISSUES

Ucore Rare Mtl Cameo Cobalt Stans Energy Panoro Mnrls QMX Gold District Cop Latin American Golden Ridge Arbor Metals BTU Metals

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

UCU CRU HRE PML QMX DCOP LAT GLDN ABR BTU

10800 9760 6706 6457 6112 5851 5277 5103 4748 4739

0.25 0.02 0.02 0.08 0.08 0.01 0.01 0.06 0.16 0.35

0.19 0.01 0.01 0.07 0.07 0.01 0.01 0.04 0.14 0.24

0.23 + 0.01 unch 0.01 - 0.07 - 0.08 + 0.01 unch 0.01 + 0.05 + 0.15 + 0.33 +

0.04 0.00 0.01 0.01 0.01 0.00 0.01 0.01 0.01 0.07

identified a 500- by 1,000-metre continuous chargeability anomaly. Tabaquena is near the Milagros silver mine, which is close to the city of Ojo Caliente. Hannan Metals rose 69.2% to 22¢. The company said it will issue up to 1.5 million common shares in a private placement at 10¢ per share for gross proceeds of up to $150,000. The funds will be used for exploration at its

properties in Peru. In mid-December, Hannan Metals doubled its land holding to 60 km on its Sacanche mining concession. The new mining concession area covers another 30 km along strike from the same prospective host rocks the company found at Sacanche, and are along strike from copper-silver mineralization at a new outcrop that assays up to 2 metres of 5.9% copper and 66 grams silver per tonne. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Prog Planet Advance Gold Eurotin Karoo Expl Latin American Glacier Lake Hannan Metals Decade Res Lithium Energi Intl Bethl Mng Jourdan Res Revelo Res Cache Explor Silver Mtn Mns Midasco Cap Awale Res Red Oak Mining Cadillac Vent Margaret Lake Stans Energy

PLAN AAX TIN.H AHE.H LAT GLI HAN DEC LEXI IBC.H JOR RVL CAY SMM MGC.H ARIC ROC.H CDC DIA HRE

22 2560 305 125 5277 355 697 865 515 30 54 126 2665 73 25 1935 20 304 885 6706

0.07 0.19 0.01 0.14 0.01 0.12 0.23 0.03 0.05 0.04 0.01 0.01 0.01 0.01 0.08 0.24 0.05 0.02 0.02 0.02

0.00 0.08 0.01 0.07 0.01 0.05 0.14 0.01 0.03 0.04 0.01 0.01 0.01 0.01 0.08 0.13 0.00 0.01 0.02 0.01

0.06 0.17 0.01 0.14 0.01 0.11 0.22 0.03 0.04 0.04 0.01 0.01 0.01 0.01 0.08 0.13 0.05 0.01 0.02 0.01

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 300.0 + 106.3 + 100.0 + 100.0 + 100.0 + 83.3 + 69.2 + 66.7 + 60.0 + 60.0 - 50.0 - 50.0 - 50.0 - 50.0 - 48.3 - 36.6 - 35.7 - 33.3 - 33.3 - 33.3

VOLUME WEEK (000s) CLOSE CHANGE

Abitibi Royal Aurania Res New Pac Metals Universal Vent Aurion Res Cornerstone Ca K92 Mining Bear Creek Mng Pac Booker Min New Oroperu Novo Res GoldON Res Metalla Rylty Gabriel Res Garibaldi Res Awale Res Candelaria Mg Midasco Cap Pac Arc Res GobiMin

RZZ ARU NUAG MCLD AU CGP KNT BCM BKM ORO NVO GLD MTA GBU GGI ARIC CAND MGC.H PAV.H GMN

4 17.65 278 4.24 1287 5.44 66 4.45 421 2.08 132 2.59 1702 2.79 347 2.85 11 1.64 92 0.80 675 3.74 131 0.95 480 6.67 572 0.47 503 0.92 1935 0.13 35 0.17 25 0.08 45 0.21 128 0.21

+ 1.50 + 0.69 + 0.55 + 0.45 + 0.33 + 0.29 + 0.27 + 0.25 + 0.22 + 0.19 - 0.21 - 0.14 - 0.11 - 0.09 - 0.08 - 0.08 - 0.07 - 0.07 - 0.06 - 0.06

U.S. MARKETS / DECEMBER 23–27, 2019 The S&P 500 Index rose 0.58% to 3,240.02, making 2019 the best year for stocks on the S&P 500 since 1997. The Dow Jones Industrial Average gained 0.67% to 28,645.26 and spot gold hit US$1,510.80 per oz., a 2.19% weekly gain. Vale was the most traded stock and fell US5¢ to US$13.22. The company announced a deal to sell its 25% stake in the Chinese company Henan Longyu Energy Resources to the Yongmei Group for US$152 million. Longyu operates two coal mines in China’s Henan province, producing 3.4 million tonnes per year of metallurgical and thermal coal. Yongmei controls Henan Longyu Energy Resources. The sale is expected to close in the first quarter of 2020. Vale also released a long-awaited report in mid-December from a panel of experts on the technical causes of the Feijao Dam 1 failure at its Corrego do Feijao mine in Brumadinho, Minas Gerais state. The tailings dam failure on Jan. 25 killed 257 people and left 13 others missing for an assumed death toll of 270. The report found that the failure was “unique in that it occurred with no apparent signs of distress prior to failure.” The report also stated that “analyses of the stress state within the dam

18_JAN6_MarketNews.indd 18

showed that parts of the dam were under very high loading due to the steepness of the dam, the heavy weight of the tailings, and the high internal water level. The combination of a steep upstream-constructed dam, high water level, weak fine tailings within the dam, and the brittle nature of the tailings created the conditions for failure.” Shares of Hecla Mining were up 31¢ to US$3.31. In mid-December, the company announced that union workers had voted not to ratify a tentative agreement reached by the United Steelworkers and Hecla’s negotiating committee, and said it planned to “accelerate hiring and utilizing contractors with the U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Vale* VALE 67915 13.57 13.16 13.22 - 0.05 United States S* X 61084 12.17 11.10 11.14 - 0.78 Freeport McMoR* FCX 56571 13.25 12.71 13.03 + 0.32 Yamana Gold* AUY 56233 3.99 3.51 3.85 + 0.37 Hecla Mining* HL 49900 3.51 3.02 3.31 + 0.31 Barrick Gold* GOLD 43250 18.56 17.48 18.37 + 0.92 Kinross Gold* KGC 42858 4.76 4.29 4.62 + 0.36 Newmont Gdcorp* NEM 28219 43.04 40.85 42.71 + 1.78 Harmony Gold* HMY 28216 3.63 3.07 3.57 + 0.43 Coeur Mng* CDE 26989 8.29 6.99 7.97 + 1.02

goal of reaching full production by year-end 2020” at its Lucky Friday mine. “For much of 2019 we have employed a number of hourly workers, who, combined with our salaried workforce, have operated the Lucky Friday mine on a limited basis,” stated Phillips S. Baker Jr.,

Hecla’s president and CEO. “While we would have preferred ratification of the agreement reached by the two negotiating committees, after three years of negotiating, we believe the best interests of the company and community is [to have] Lucky Friday in full operation.” TNM

U.S. GREATEST PERCENTAGE CHANGE

Fortuna Silvr* FSM First Majestic* AG Coeur Mng* CDE Harmony Gold* HMY McEwen Mng* MUX IAMGOLD* IAG Alamos Gold* AGI Yamana Gold* AUY AngloGold Ash* AU Hecla Mining* HL United States S* X CONSOL Coal Rs* CCR Intrepid Pots* IPI NACCO Ind* NC CONSOL Energy* CNX Lithium Amer* LAC Mosaic* MOS Nexa Resources* NEXA Mechel* MTL Turquoise HIl* TRQ

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

13254 4.14 3.40 3.96 + 17.9 26798 12.54 10.49 11.89 + 14.8 26989 8.29 6.99 7.97 + 14.7 28216 3.63 3.07 3.57 + 13.7 18461 1.28 1.09 1.22 + 11.9 21674 3.72 3.26 3.63 + 11.3 9625 6.07 5.22 5.79 + 11.1 56233 3.99 3.51 3.85 + 10.6 10321 22.50 19.94 21.95 + 10.5 49900 3.51 3.02 3.31 + 10.3 61084 12.17 11.10 11.14 - 6.5 254 10.97 10.00 10.00 - 6.1 3784 2.73 2.53 2.55 - 4.5 67 48.15 45.71 45.90 - 3.7 11180 9.03 8.29 8.32 - 3.4 517 3.30 3.14 3.17 - 2.6 13701 21.80 20.97 21.22 - 2.3 272 8.57 8.20 8.26 - 1.8 132 1.96 1.91 1.92 - 1.5 8791 0.75 0.66 0.70 - 1.5

U.S. GREATEST VALUE CHANGE

MartinMarietta* MLM Franco-Nevada* FNV Agnico Eagle* AEM Kirkland Lake* KL Wheaton Prec M* WPM AngloGold Ash* AU Newmont Gdcorp* NEM AG First Majestic* Arch Coal* ARCH Coeur Mng* CDE NACCO Ind* NC United States S* X CONSOL Coal Rs* CCR Nutrien* NTR Mosaic* MOS Black Hills* BKH CONSOL Energy* CNX Nexa Resources* NEXA Intrepid Pots* IPI Lithium Amer* LAC

VOLUME WEEK (000s) CLOSE CHANGE

1702 278.71 2229 101.90 3432 61.30 4752 43.35 9648 29.49 10321 21.95 28219 42.71 26798 11.89 1057 71.44 26989 7.97 67 45.90 61084 11.14 254 10.00 4292 48.10 13701 21.22 960 77.99 11180 8.32 272 8.26 3784 2.55 517 3.17

+ 5.47 + 5.46 + 3.32 + 2.64 + 2.30 + 2.08 + 1.78 + 1.53 + 1.03 + 1.02 - 1.76 - 0.78 - 0.65 - 0.64 - 0.49 - 0.44 - 0.29 - 0.15 - 0.12 - 0.09

2019-12-30 5:03 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / JANUARY 6–19, 2020

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 LME WAREHOUSE LEVELS

PRODUCER AND DEALER PRICES

Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, December 24, 2019 (change from December 17, 2019 in brackets): 7740 (+380) Aluminium Alloy Aluminium 1484525 (+40225) Copper 149075 (-131050) Lead 66725 (-750) Nickel 143190 (+12966) Tin 7360 (+1420) Zinc 51900 (-2750)

Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$60.30 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$11.80 Cobalt: US$14.74/lb. Copper: US$2.82/lb. Copper: CME Group Futures Feb. 2020: US$2.83/lb.; Mar. 2020: US$2.83/lb Iridium: NY Dealer Mid-mkt US$1,480.00/tr oz. Iron Ore 62% Fe CFR China-S: US$90.50/tonne Lead: US$0.87/lb. Phosphate Rock: US$86.00/tonne Potash: US$226.00/tonne Rhodium: Mid-mkt US$6,060.00 tr. oz. Ruthenium: Mid-mkt US$250.00/tr. oz. Silver: Handy & Harman Base: US$17.95 per oz.; Handy & Harman Fabricated: US$22.43 per oz. Tin: US$7.76/lb. Uranium: U3O8, Trade Tech spot price: US$25.00 per lb. U308 Zinc: US$1.04/lb. Prices current Dec. 30, 2019

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

Index Dec 27 Dec 26 Dec 25 Dec 24 Dec 23 High Low S&P/TSX Composite 17168.21 17180.15 17180.15 17180.15 17128.71 15527.30 12400.15 S&P/TSXV Composite 563.58 556.00 556.00 556.00 553.93 1050.26 883.52 S&P/TSX 60 1022.01 1022.77 1022.77 1022.77 1020.33 896.74 709.99 S&P/TSX Global Gold 259.21 259.39 259.39 259.39 251.95 218.90 149.29 DJ Precious Metals 224.14 224.14 221.71 221.71 215.21 420.72 130.95

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Dec 15, 2019 (with changes from Nov 30, 2019) Largest short positions Nemaska Lith NMX 23901609 209796 11/30/2019 391914 11/30/2019 Sandstorm Gold SSL 19501505 NGD 16982953 -669179 11/30/2019 New Gold Ivanhoe Mines IVN 15640651 635167 11/30/2019 K 13488204 145407 11/30/2019 Kinross Gold ABX 13229703 1340005 11/30/2019 Barrick Gold Nexgen Energy NXE 11778914 1188453 11/30/2019 Premier Gold M PG 9601244 1277049 11/30/2019 8846815 1422869 11/30/2019 Suncor Energy SU FVI 8318229 299701 11/30/2019 Fortuna Silvr Semafo SMF 8120875 3399977 11/30/2019 7572621 1232392 11/30/2019 RNC Minerals RNX S 7316083 -128417 11/30/2019 Sherritt Intl First Quantum FM 7312657 -2440630 11/30/2019 LUN 7226327 2106874 11/30/2019 Lundin Mng Largest increase in short position SMF 8120875 3399977 11/30/2019 Semafo TGZ 6250804 2539344 11/30/2019 Teranga Gold Dundee Prec Mt DPM 5721742 2267802 11/30/2019 CNL 4718062 2111365 11/30/2019 Contintl Gold LUN 7226327 2106874 11/30/2019 Lundin Mng Largest decrease in short position OceanaGold OGC 3343155 -4187081 11/30/2019 5987010 -3420544 11/30/2019 Osisko Mng Inc OSK 7312657 -2440630 11/30/2019 First Quantum FM 861330 -1301504 11/30/2019 Wallbridge Mng WM YRI 5968484 -1269714 11/30/2019 Yamana Gold

Short positions outstanding as of Dec 15, 2019 (with changes from Nov 30, 2019) Largest short positions NKL 3909435 1326062 11/30/2019 Conic Metals Gitennes Expl GIT 2990155 2896828 11/30/2019 Novo Res NVO 2432058 802288 11/30/2019 New Carolin Gd LAD 1555981 1507781 11/30/2019 IMPACT Silver IPT 1325554 525054 11/30/2019 Dios Expl DOS 1278154 1277950 11/30/2019 Ucore Rare Mtl UCU 756508 683039 11/30/2019 Lion One Mtls LIO 727044 183843 11/30/2019 Pure Gold Mg PGM 591919 429234 11/30/2019 K92 Mining KNT 541544 -1936698 11/30/2019 Strikepoint Gd SKP 541182 424548 11/30/2019 Apex Res APX 477463 16837 11/30/2019 New Pac Metals NUAG 467978 -34523 11/30/2019 Gratomic GRAT 448902 176902 11/30/2019 357126 11/30/2019 Canada Cobalt CCW 448804 Largest increase in short position Gitennes Expl GIT 2990155 2896828 11/30/2019 New Carolin Gd LAD 1555981 1507781 11/30/2019 Conic Metals NKL 3909435 1326062 11/30/2019 Dios Expl DOS 1278154 1277950 11/30/2019 Novo Res NVO 2432058 802288 11/30/2019 Largest decrease in short position K92 Mining KNT 541544 -1936698 11/30/2019 Stans Energy HRE 58233 -1270767 11/30/2019 Melkior Res MKR 332 -976799 11/30/2019 Tinka Res TK 337953 -909853 11/30/2019 Maple Gold MGM 93493 -889507 11/30/2019

DAILY METAL PRICES Daily Metal Prices Dec 27 Dec 26 Dec 25 Dec 24 Dec 23 Date BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1315/1315 N/A N/A 1315/1315 1365/1365 Aluminum 1788/1814.50 N/A N/A 1790/1814 1771/1797 6210/6239 N/A N/A 6184/6211 6152.50/6170.50 Copper Lead 1909/1924.50 N/A N/A 1904/1922 1904/1916 13995/14040 N/A N/A 14285/14330 14390/14450 Nickel 17075/17025 N/A N/A 17200/17200 17350/17325 Tin Zinc 2295.50/2297 N/A N/A 2276.50/2271.50 2307/2305.50 PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) N/A N/A 1490.85 1483.95 Gold AM 1510.60 Gold PM 1511.50 N/A N/A N/A 1482.10 Silver 17.83 N/A N/A 17.59 17.38 Platinum 946.00 N/A N/A 935.00 916.00 Palladium 1901.00 N/A N/A 1876.00 1853.00

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

Dec 27 Dec 26 Dec 25 Dec 24 Dec 23 1.3078 1.3112 1.3156 1.3169 1.3149 0.7647 0.7627 0.7601 0.7594 0.7605

Exchange rates (Quote Media, December 27, 2019) C$ to AUS C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand 1.0949 0.6839 83.6596 14.4010 10.7273 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 0.5842 5.3496 54.6411 0.7454 888.1173 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.4321 0.8950 109.4775 18.8464 14.0298 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 6.9958 71.4275 0.9756 1160.8000 0.7645

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

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

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

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

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 Northern Dynasty Minerals Ltd. J (NDM. WT.A) - Wt buys sh @ $0.55 to Jul 9/20 Northern Dynasty Minerals Ltd. J (NDM. WT.B) - Wt buys sh @ $0.55 to Jun 10/21 Northern Dynasty Minerals Ltd. J (NDM. WT.B) - Wt buys sh @ $0.55 to Jun 10/21 Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.5 to Feb 18/22

ABE Resources Inc. (ABE.WT) - One warrant to purchase one common share at $0.15 per share. American Cumo Mining Corp. (MLY.RT) 2 rights and $0.07 are required to purchase one share Antioquia Gold Inc. (AGD.RT) - One (1) Right and $0.042 are required to purchase one share. Aurania Resources Ltd. (ARU.RT) - Fourteen (14) Rights exercisable for one common share at $2.70 per common share. Avidian Gold Corp. (AVG.RT) - Three rights and $0.11 are required to purchase one Share. Boreal Metals Corp. (BMX.WT) - One warrant to purchase one common share at $0.50 per share. Boreal Metals Corp. (BMX.WT) - One warrant to purchase one common share at $0.30 per share. Cordoba Minerals Corp (CDB.WT) - One warrant to purchase one common share at $1.08 per share. Cordoba Minerals Corp (CDB.WT) - One warrant to purchase one common share at $1.08 per share.

Equinoxgold Corp (EQX.WT) - One warrant to purchase one common share at $3.00 per share. Falco Resources Ltd. (FPC.WT) - One warrant to purchase one common share at $1.70 per share. Firefox Gold Corp. (FFOX.WT) - One warrant to purchase one common share at $3.00 per share. Goldstar Minerals (GDM.RT) - One Right to purchase one common share at $0.03 per share. Goldstar Minerals Inc. (GDM.RT) - One (1) Right and $0.05 are required to purchase one common share. JDL Gold Corp. (JDL.WT) - Wt buy sh @ $3.00 to Oct 06/21 Kootenay Silver Inc. (KTN.WT) - Wt buys sh @ $0.55 to Apr 21/21 LSC Lithium Corporation (LSC.RT) - One (1) right exercisable for One (1) Unit at $0.40 per Unit. Mako Mining Corp. (MKO.RT) - Rights exercisable for One (1) share at $0.10 per share.

Platinum Group Metals Ltd. (PTM.WT.U) - One Warrant to purchase one common share of the Issuer at US$0.17 until expiry Royal Nickel Corporation (RNX.WT) One Warrant to purchase one common share of the Issuer at $0.50 until expiry. Sandstorm Gold (SSL.WT.B) - One Warrant to purchase one common share of the Issuer at US $14.00 until expiry. Sherritt International Corporation (S.WT) - Each whole Warrant entitles the holder to acquire between 1.00 and 1.25 additional common shares (as bulletin 20180062 table ) determined based on the Applicable Reference Cobalt Price at an exercise price of $1.95 per Warrant at any time prior to the Expiry Date Sprott Resource Corp (SRHI.WT) - Wt buys sh @ $0.3333 to Feb 09/22

TSX VENTURE WARRANTS Maple Gold Mines Ltd. (MGM.WT) One warrant to purchase one common share at $0.40 per share Mexican Gold Corp. (MEX.WT) - One warrant to purchase one common share at $0.12 per share. Millennial Lithium Corp. (ML.WT) - One warrant to purchase one common share at $4.25 per share. Sandfire Resources America Inc. (SFR.RT) - Eight (8) Rights exercisable for One (1) share at $0.06 per unit. Tintina Resources Inc. (TAU.RT) - Nine(9) Rights exercisable for one share at $0.06 per share. Trek Mining (TREK.WT) - Wt buy sh @ $3.00 to Oct 06/21 Ucore Rare Metals Inc. (UCU.RT) - One (1) right exercisable for one share at $4.00 per share. Vision Lithium Inc. (VLI.WT) - One warrant to purchase one common share at $0.15 per share. Yellowhead Mining Inc. (YMI.RT) - One (1) Right and $0.12 are required to prchase one Share

NEW 52-WEEK HIGHS AND LOWS DECEMBER 23–27, 2019 123 New Highs Abacus Mining* Abitibi Royal Abitibi Royal* Advance Gold Aftermath Silv* Artemis Gold* Atlanta Gold* Aura Minerals Aura Minerals* Aurelius Min Azimut Explor Azimut Explor* B2Gold Corp* Balmoral Res Balmoral Res* BC Moly * Bear Creek Mng* Blue Lagoon Blue Lagoon* Canada Cobalt Canada Cobalt * Capstone Mng Coeur Mng* Discovery Met*

DRDGOLD* Ely Gold Royal* EMX Royalty EnCore Energy Equinox Gold Equinox Gold* Eskay Mng* First Majestic First Majestic* Franco-Nevada Franco-Nevada* Gaia Metals* Galleon Gold* Genesis Mtls* GFG Resources GFG Resources* Gold Fields* Gold Resource* Golden Opp Res Golden Valley Golden Valley* Hannan Metals Hannan Metals* Hecla Mining* Juggernaut Exp* K92 Mining

K92 Mining* Leagold Mg Leagold Mg* Liberty Gold* Lion One Mtls Lion One Mtls* Lundin Mng* Mako Mining Mako Mining* Mangazeya Mng Mangazeya Mng* Marathon Gold* MartinMarietta* Minera Alamos Minera Alamos * Minera IRL* Mineral Mtn Mineral Mtn* New Oroperu Newmont Gdcorp Newmont Gdcorp* NGEx Minerals* NovaGold Res NovaGold Res* O3 Mining* Orla Mng Ltd

Orla Mng Ltd* Osisko Mng Inc Palladium One Palladium One* Pan Am Silver Pan Am Silver* Perseus Mng Plata Latina Precipitate Gl Precipitate Gl* Prog Planet QMX Gold* Rare Element* Rise Gold Corp RJK Explor* Sandstorm Gold Sandstorm Gold* Shear Diamonds* Sibanye-Stillw* Silver Scott* Silvercorp Met* SilverCrest SilverCrest* Southern Copp* SSR Mining SSR Mining*

Stratabd Mnr Superior Mng Talisker Res Talisker Res* Teranga Gold Teranga Gold* Texas Mineral* Torq Resources* Unigold* Valterra Res Vanstar Mng Rs Vanstar Mng Rs* Vizsla Res Vizsla Res * Wallbridge Mng Wesdome Gold Wesdome Gold* Western Copper* Xtra-Gold Res* Yamana Gold Yamana Gold*

26 New Lows

Applied Min* Benchmark Met* Bold Ventures* Boreal Metals *

BTU Metals* Canstar Res* Cariboo Rose Clarmin Explor Decade Res Delrey Metals * Golden Star* Goliath Res* Jervois Mining* Kingsrose Mng* Mexus Gold* MGX Minerals MGX Minerals* Millennial Lit Natural Res Pt* NGEx Minerals* PepinNini Lith* PolyMet Mng* Portofino Res* Silver Bull Re* Uravan Mnrls* Venture Mnrls*

CANADIAN GOLD MUTUAL FUNDS Fund Dec 27 ($) AGF Glob Re A Fd MF 19.28 BMO Prec Mtls Fd A 22.60 BMO ZGD 62.45 BMO ZJG 61.55 CIBC Prec Metal Fd A 12.40 Dyn Prec Metls Fd A 8.83 Harvest HGGG 24.39 Horizons HEP 30.20 IG MacGbPreMetCl A 11.27 iShares XGD 16.16 Mac Prec Met Cl A 59.15 NBI PrecMetFd Invt NPT Go&PrMinFd A 39.37 NPT SilverEquCl A 6.50 RBC GblPreMetFd A 44.41 Sentry Pre Met Fd A TD Prec Mtl Fd Inv 42.42

Dec 20 ($) 19.08 21.29 57.53 56.61 11.71 8.29 23.04 28.52 10.59 15.25 55.52 15.41 36.71 5.91 41.70 35.33 39.91

Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) 0.20 1.06 1.44 2.80 86.94 1.31 6.16 22.17 2.40 51.97 5.68 9.88 38.62 0.61 4.94 8.73 32.98 0.60 0.69 5.91 27.42 2.44 48.31 0.54 6.51 20.58 2.73 385.12 1.35 5.87 0.01 4.72 1.68 5.89 30.59 0.83 0.68 6.43 28.89 2.68 32.32 0.91 5.98 30.81 0.61 817.15 3.62 6.53 28.84 2.52 60.89 0.82 5.26 35.68 2.46 29.91 2.66 7.24 12.93 3.19 0.59 9.99 25.03 2.98 2.70 6.48 33.45 2.13 353.76 2.56 7.30 3.73 2.43 154.98 2.51 6.29 30.55 2.26 126.22

GLOBAL MINING NEWS · SINCE 1915

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19_JAN6_MMMM.indd 19

2019-12-30 3:24 PM

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JANUARY 6–19, 2020 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: DECEMBER 23–27, 2019 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A 12 Exploration C 8 1911 Gold* O 92 1911 Gold V 131 21C Metals* O 208 21C Metals C 170 66 Resources C 60 V 428 Abacus Mining O 491 Abacus Mining* Abcourt Mines V 382 O 194 Abcourt Mines* O 660 Aben Resources* V 726 Aben Resources Abitibi Royal* O 5 Abitibi Royal V 4 O 738 AbraPlata Res* V 837 AbraPlata Res V 8 Academy Metals O 168 Adamera Min* Adamera Min V 816 Adex Mining V 445 Advance Gold V 2560 V 638 Advantage Lith O 392 Advantage Lith* Adventus* O 6 Adventus V 60 V 198 Aethon Mineral AEX Gold V 165 Affinity Metal* O 1 African Gold* O 172 African Gold V 3176 African Min* O 8 African Rainb* O 1 O 619 Aftermath Silv* Agnico Eagle T 1582 Agnico Eagle* N 3432 AgriMinco* O 28 0 Aguila Amer Gd V C 27 AJN Resources Alacer Gold T 3234 Alamos Gold T 2897 Alamos Gold* N 9625 O 721 Alaska Pac Egy* O 21 Alba Minerals* Alcoa* N 11424 V 105 Aldebaran Res Alderon Iron* O 29 Alderon Iron T 198 Aldever Res* O 9 Aldever Res V 5 O 140 Alexandra Cap* 10511 Alexco Res* X T 1514 Alexco Res Algold Res V 509 Algold Res* O 50 Alianza Min V 530 Alianza Min* O 168 Alien Metals* O 17 Alio Gold* X 1129 Alio Gold T 226 Allegiant Gold V 186 O 352 Allegiant Gold* Alliance Mng V 500 Alliance Res* D 3417 Almaden Min* X 2373 Almaden Min T 310 Almadex Min* O 267 Almadex Min V 243 17 Almonty Ind * O Almonty Ind T 410 Aloro Mining* O 1 Aloro Mining V 993 Alpha Lithium V 100 O 9 Alpha Lithium* Alphamin Res * O 33 Alphamin Res V 805 V 225 Altai Resource O 12 Altai Resource* 14 Altair Res Inc* O Altair Res Inc V 1529 Altamira Gold V 294 O 7 Altamira Gold* 400 Altan Rio Min V Altiplano Met V 40 Altius Mnrls * O 201 Altius Mnrls T 532 Alto Ventures* O 47 Alto Ventures V 104 Altura Mining* O 218 Alturas Min V 83 Altus Strat V 222 Alumina Ltd* O 74 ALX Uranium V 1081 ALX Uranium* O 116 AM Resources V 316 Amani Gold* O 210 Amarc Res V 77 Amarc Res* O 15 Amarillo Gold V 611 Amarillo Gold* O 143 160 Amer Intl Vent* O O 269 American Creek* V 760 American Creek O 477 American CuMo* American Lith V 129 O 348 American Lith* O 206 American Mang* V 339 American Mang American Pac C 4117 American Pac* O 392 V 2 American Uran O 2 AmericanSierra* X 2124 Americas Silvr* T 1861 Americas Silvr Amerigo Res T 355 Amerigo Res* O 185 Amex Expl* O 65 Amex Expl V 240 Amilot Capital V 174 Amseco Expl V 698 T 418 Anaconda Mng O 170 Anaconda Mng* Andes Gold* O 367 O 13 Andover Mng* Anfield Energy* O 146 V 327 Anfield Energy Angel Gold* O 898 Angel Gold V 680 Angkor Gold* O 5 Angkor Res V 375 1 Anglo American* O O 425 Anglo American* T 6 Anglo Pac Grp 0 AngloGold Ash* O AngloGold Ash* N 10321 V 132 Antioquia Gold O 308 Antioquia Gold* Antler Gold V 15 Antler Hill V 75 Antofagasta* O 4 O 75 Apex Res * Apex Res V 110 Appia Energy C 316 O 102 Appia Energy* Applied Min* O 3360 Aquila Res* O 440 Aquila Res T 177 Arbor Metals V 4748 N 1057 Arch Coal* Arctic Star V 329 O 2 Arcturus Vent* 20 Arcus Dev Grp* O 456 Arcus Dev Grp V V 332 Arcwest Explor Arcwest Explor* O 22 Arena Min* O 37 Arena Min V 466 Argentina Lith V 69 O 1 Argentina Lith* Argentum Silvr V 69 O 5 Argentum Silvr* Argo Gold C 36 Argo Gold* O 63 O 197 Argonaut Gold* Argonaut Gold T 2656 Arian Res* O 60 V 119 Arianne Phosph O 168 Arianne Phosph*

20-23_JAN6_StockTables.indd 20

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0.38 13.60 9.50 0.34 0.28 0.33 + 0.05 0.34 0.05 80.74 76.61 80.22 + 4.04 86.39 51.39 62.41 58.16 61.30 + 3.32 64.88 38.72 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.18 unch 0.00 0.27 0.15 0.18 0.18 0.18 unch 0.00 0.35 0.05 6.97 6.27 6.79 + 0.57 7.66 2.37 7.81 6.88 7.59 + 0.72 10.12 4.80 6.07 5.22 5.79 + 0.58 7.78 3.51 0.00 0.00 0.00 - 0.00 0.00 0.00 0.01 0.01 0.01 unch 0.00 0.09 0.01 21.92 21.25 21.58 + 0.35 31.45 16.46 0.47 0.00 0.47 + 0.11 0.75 0.24 0.17 0.14 0.14 - 0.02 0.35 0.12 0.22 0.18 0.20 - 0.02 0.50 0.15 0.04 0.00 0.04 + 0.01 0.10 0.02 0.06 0.00 0.06 - 0.01 0.20 0.04 0.39 0.30 0.38 unch 0.00 0.60 0.24 2.46 2.00 2.23 + 0.25 2.81 0.86 3.11 2.63 2.93 + 0.33 3.73 1.14 0.08 0.05 0.07 + 0.02 0.40 0.05 0.06 0.06 0.06 unch 0.00 0.21 0.06 0.06 0.05 0.05 - 0.01 0.10 0.04 0.04 0.03 0.04 - 0.01 0.07 0.03 0.00 0.00 0.00 + 0.00 0.01 0.00 0.80 0.68 0.77 + 0.09 1.07 0.51 1.03 0.92 1.01 + 0.11 1.40 0.69 0.19 0.16 0.19 - 0.01 0.33 0.07 0.17 0.12 0.15 + 0.01 0.25 0.04 0.01 0.01 0.01 unch 0.00 0.02 0.01 11.29 10.51 11.29 + 0.45 20.78 9.83 0.62 0.50 0.57 + 0.07 0.90 0.43 0.79 0.66 0.72 + 0.06 1.19 0.57 0.23 0.17 0.21 + 0.03 0.45 0.13 0.30 0.24 0.27 + 0.01 0.45 0.22 0.33 0.32 0.33 + 0.01 0.81 0.31 0.45 0.42 0.43 + 0.01 1.10 0.41 0.02 0.02 0.02 unch 0.00 0.16 0.02 0.04 0.03 0.04 + 0.01 0.23 0.03 0.31 0.00 0.31 unch 0.00 0.38 0.06 0.27 0.27 0.27 unch 0.00 0.29 0.10 0.12 0.12 0.12 + 0.01 0.22 0.12 0.16 0.15 0.15 unch 0.00 0.29 0.15 0.06 0.05 0.06 + 0.01 0.13 0.05 0.00 0.00 0.02 unch 0.00 0.10 0.02 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.02 0.01 0.02 + 0.01 0.07 0.01 0.07 0.06 0.07 unch 0.00 0.12 0.06 0.05 0.04 0.05 + 0.01 0.09 0.04 0.01 0.01 0.01 unch 0.00 0.01 0.01 0.07 0.06 0.07 + 0.01 0.19 0.05 9.24 8.78 8.96 - 0.02 10.28 7.50 12.19 11.70 11.77 - 0.05 13.76 10.31 0.01 0.01 0.01 + 0.00 0.03 0.01 0.02 0.02 0.02 unch 0.00 0.04 0.02 0.04 0.03 0.03 + 0.00 0.13 0.03 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.11 0.09 0.11 + 0.01 0.13 0.04 6.60 6.36 6.51 - 0.09 7.93 5.69 0.05 0.04 0.04 unch 0.00 0.08 0.03 0.04 0.00 0.04 + 0.01 0.06 0.02 0.08 0.06 0.06 + 0.01 0.21 0.06 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.05 0.04 0.04 + 0.01 0.07 0.03 0.03 0.03 0.03 - 0.00 0.05 0.02 0.21 0.19 0.20 + 0.01 0.31 0.16 0.17 0.14 0.16 + 0.01 0.23 0.11 0.01 0.00 0.00 unch 0.00 0.02 0.00 0.06 0.05 0.06 + 0.01 0.09 0.02 0.08 0.07 0.08 + 0.01 0.11 0.03 0.05 0.03 0.03 - 0.01 0.10 0.00 0.13 0.12 0.13 + 0.01 0.50 0.09 0.10 0.08 0.09 - 0.01 0.38 0.06 0.16 0.14 0.15 - 0.00 0.24 0.10 0.21 0.19 0.20 unch 0.00 0.31 0.13 0.08 0.07 0.08 + 0.02 0.31 0.04 0.06 0.04 0.06 + 0.01 0.24 0.04 0.06 0.06 0.06 unch 0.00 0.06 0.06 0.01 0.00 0.01 unch 0.00 0.03 0.01 3.30 2.88 3.28 + 0.34 3.92 1.46 4.30 3.85 4.29 + 0.45 5.19 1.96 0.56 0.52 0.54 - 0.03 1.21 0.40 0.43 0.36 0.41 - 0.01 0.92 0.30 1.08 0.96 1.08 + 0.12 1.12 0.14 1.41 1.26 1.41 + 0.14 1.52 0.17 0.05 0.04 0.05 unch 0.00 0.15 0.03 0.02 0.02 0.02 unch 0.00 0.10 0.02 0.23 0.22 0.23 + 0.01 0.36 0.19 0.18 0.17 0.18 + 0.01 0.27 0.14 0.01 0.01 0.01 - 0.00 0.02 0.00 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.09 0.07 0.09 + 0.01 0.20 0.06 0.12 0.09 0.12 + 0.02 0.26 0.09 0.01 0.01 0.01 - 0.00 0.03 0.01 0.02 0.02 0.02 unch 0.00 0.05 0.02 0.07 0.07 0.07 unch 0.00 0.13 0.06 0.10 0.09 0.10 - 0.01 0.20 0.09 0.00 0.00 28.52 unch 0.00 29.33 20.49 14.44 13.93 14.32 + 0.26 14.80 10.07 3.30 0.00 3.30 - 0.21 4.20 2.12 22.30 0.00 22.30 + 2.10 22.57 11.07 22.50 19.94 21.95 + 2.08 23.85 11.29 0.03 0.02 0.02 - 0.01 0.04 0.02 0.02 0.01 0.02 - 0.00 0.03 0.01 0.06 0.06 0.06 unch 0.00 0.18 0.04 0.07 0.07 0.07 unch 0.00 0.09 0.04 12.21 12.02 12.15 - 0.05 13.24 9.47 0.07 0.07 0.07 unch 0.00 0.31 0.03 0.11 0.10 0.10 unch 0.00 0.43 0.04 0.16 0.15 0.16 + 0.01 0.41 0.11 0.15 0.12 0.15 + 0.02 0.31 0.09 0.01 0.01 0.01 + 0.00 0.06 0.01 0.12 0.11 0.12 + 0.01 0.19 0.11 0.17 0.15 0.17 + 0.03 0.25 0.15 0.16 0.14 0.15 + 0.01 0.27 0.10 71.96 69.65 71.44 + 1.03 101.92 68.63 0.07 0.06 0.06 unch 0.00 0.55 0.05 0.43 0.00 0.43 - 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(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Arizona Silver* O 181 Arizona Silver V 552 Armor Min V 3 Armor Min* O 0 Artemis Gold V 140 Artemis Gold* O 11 Asanko Gold T 1316 Asanko Gold* X 1990 Asante Gold C 1418 Asante Gold* O 2 Asbestos Corp V 4 Ascendant Res* O 263 T 199 Ascendant Res Ascot Res * O 369 Ascot Res T 807 Ashanti Sanko V 2 Ashanti Sanko* O 23 V 69 AsiaBaseMetals Asian Mineral V 1081 Aston Bay* O 219 Aston Bay V 501 Astorius Res V 185 ATAC Res* O 334 ATAC Res V 862 O 4076 Atacama Res* Atalaya Mining T 13 Athabasca Min* O 101 V 145 Athabasca Min Athena Silver* O 800 Atico Mining* O 88 Atico Mining V 656 Atlanta Gold* O 40 Atlantic Indus V 240 Aton Resources V 107 O 38 Aton Resources* Aura Minerals* O 0 Aura Minerals T 4 V 74 Aura Resources Aura Resources* O 2 Auramex Res V 312 Aurania Res* O 148 Aurania Res V 278 Aurcana Corp V 321 Aurcana Corp* O 226 AurCrest Gold V 1374 Aurelius Min V 4134 Aurex Energy V 310 Aurion Res V 421 Aurion Res * O 233 Aurora Royal V 0 AURYN Mining* O 17 Auryn Resource T 478 X 619 Auryn Resource* Aust Mines* O 548 Austin Res V 18 Austral Gold* O 26 Austral Gold V 1016 Auxico Res* O 305 Auxico Res C 1816 O 1090 Avalon Advance* Avalon Advance T 1976 Avarone Metals* O 63 C 974 Avarone Metals Avesoro Res T 16 Avesoro Res* O 5 Avidian Gold V 57 Avino Silver* X 1708 Avino Silver T 189 Avrupa Min V 286 Avrupa Min* O 98 Awale Res V 1935 Axmin Inc* O 25 Axmin Inc V 18 Azarga Metals V 4 O 0 Azarga Metals* Azarga Uranium* O 478 Azarga Uranium T 854 Azimut Explor V 195 Azimut Explor* O 182 O 130 Azincourt Ener* Azincourt Ener V 2957 Aztec Minerals V 52 O 11 Aztec Minerals* Azteca Gold* O 514 Azucar Min V 318 Azucar Min* O 280

0.11 0.09 0.10 + 0.01 0.19 0.06 0.15 0.12 0.13 + 0.01 0.25 0.09 0.32 0.32 0.32 + 0.01 0.59 0.31 0.00 0.00 0.30 unch 0.00 0.30 0.30 1.48 1.31 1.41 + 0.02 1.60 0.95 1.20 1.00 1.09 + 0.09 1.20 0.81 1.17 1.09 1.13 - 0.01 1.45 0.68 0.91 0.85 0.87 + 0.01 1.10 0.50 0.04 0.03 0.04 + 0.01 0.08 0.03 0.03 0.03 0.03 unch 0.00 0.05 0.03 0.45 0.45 0.45 unch 0.00 0.55 0.35 0.21 0.20 0.20 unch 0.00 0.44 0.12 0.28 0.25 0.25 - 0.03 0.58 0.17 0.72 0.55 0.68 + 0.13 1.03 0.34 0.90 0.74 0.88 + 0.14 1.36 0.45 0.00 0.00 0.02 unch 0.00 0.05 0.02 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.45 0.38 0.45 unch 0.00 0.64 0.12 0.64 0.45 0.50 unch 0.00 0.89 0.10 0.06 0.05 0.06 + 0.00 0.08 0.03 0.08 0.06 0.08 + 0.01 0.11 0.05 0.11 0.09 0.09 unch 0.00 0.50 0.09 0.18 0.16 0.16 - 0.00 0.25 0.12 0.23 0.21 0.22 - 0.01 0.34 0.17 0.02 0.02 0.02 - 0.00 0.03 0.00 3.76 3.19 3.56 + 0.34 4.10 3.00 0.26 0.18 0.21 + 0.03 0.60 0.17 0.30 0.26 0.29 + 0.02 0.79 0.22 0.03 0.02 0.02 unch 0.00 0.06 0.01 0.23 0.18 0.21 - 0.02 0.30 0.17 0.31 0.26 0.28 unch 0.00 0.42 0.22 0.04 0.01 0.04 + 0.03 0.04 0.00 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.03 0.03 0.03 - 0.01 0.06 0.02 0.03 0.03 0.03 unch 0.00 0.05 0.01 18.40 0.00 18.40 + 1.01 18.40 1.30 25.77 24.95 25.77 + 0.95 25.31 14.60 0.05 0.00 0.05 unch 0.00 0.09 0.04 0.03 0.03 0.03 unch 0.00 0.06 0.01 0.04 0.03 0.04 unch 0.00 0.08 0.03 3.29 2.70 3.22 + 0.55 3.40 1.64 4.25 3.63 4.24 + 0.69 4.50 2.18 0.27 0.23 0.26 + 0.02 0.80 0.21 0.21 0.17 0.20 + 0.02 1.25 0.00 0.04 0.03 0.04 + 0.01 0.05 0.01 0.05 0.03 0.04 + 0.01 0.05 0.02 0.11 0.08 0.10 unch 0.00 0.50 0.08 2.14 1.81 2.08 + 0.33 2.35 0.85 1.72 1.36 1.60 + 0.26 1.77 0.60 0.00 0.00 0.02 unch 0.00 0.11 0.02 0.24 0.12 0.14 - 0.11 0.93 0.03 1.90 1.79 1.86 + 0.01 2.45 1.16 1.45 1.39 1.43 + 0.01 1.84 0.87 0.01 0.01 0.01 - 0.00 0.06 0.01 0.06 0.06 0.06 unch 0.00 0.13 0.05 0.05 0.00 0.03 - 0.01 0.40 0.00 0.09 0.08 0.09 + 0.02 0.10 0.06 0.03 0.03 0.03 unch 0.00 0.04 0.03 0.05 0.04 0.05 unch 0.00 0.27 0.03 0.05 0.03 0.04 + 0.00 0.13 0.03 0.06 0.05 0.05 - 0.01 0.17 0.04 0.04 0.04 0.04 unch 0.00 0.11 0.02 0.06 0.00 0.05 unch 0.00 0.15 0.04 1.68 1.65 1.65 - 0.03 2.85 0.42 1.27 1.27 1.27 unch 0.00 1.55 0.65 0.11 0.10 0.11 + 0.01 0.41 0.07 0.57 0.50 0.56 + 0.05 0.81 0.39 0.75 0.65 0.72 + 0.05 1.07 0.53 0.04 0.04 0.04 unch 0.00 0.07 0.02 0.03 0.03 0.03 - 0.00 0.05 0.01 0.24 0.13 0.13 - 0.08 0.26 0.06 0.28 0.25 0.25 - 0.02 0.50 0.12 0.33 0.30 0.30 - 0.04 0.66 0.15 0.07 0.00 0.06 - 0.01 0.14 0.05 0.04 0.00 0.04 - 0.00 0.09 0.03 0.20 0.15 0.16 + 0.00 0.22 0.08 0.22 0.20 0.22 + 0.01 0.28 0.11 0.59 0.52 0.57 + 0.07 0.59 0.22 0.46 0.39 0.44 + 0.05 0.44 0.18 0.02 0.02 0.02 + 0.00 0.05 0.01 0.03 0.02 0.03 unch 0.00 0.07 0.02 0.07 0.06 0.07 + 0.01 0.20 0.05 0.05 0.04 0.05 + 0.00 0.15 0.04 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.19 0.17 0.18 - 0.01 0.49 0.15 0.17 0.13 0.14 - 0.00 0.37 0.12

B2Gold Corp T 10148 B2Gold Corp* X 22985 O 1912 Balmoral Res* Balmoral Res T 2238 Balto Res V 118 Bam Bam Res C 151 Bankers Cobalt* O 149 V 199 Bankers Cobalt Bannerman Res* O 210 Banyan Gold V 940 Banyan Gold* O 100 Bard Ventures* O 13 Bard Ventures V 5 Barksdale Cap* O 75 V 61 Barksdale Cap Barolo Venture V 6 Barolo Venture* O 0 V 152 Baroyeca Gold Barrick Gold T 10363 Barrick Gold* N 43250 Barsele Min* O 1 Barsele Min V 49 Batero Gold* O 30 Batero Gold V 280 O 101 Bayhorse Silvr* Bayhorse Silvr V 1277 BC Moly * O 0 BC Moly V 5 BCM Res V 116 V 12 BE Res BE Res* O 1 Bear Creek Mng V 347 289 Bear Creek Mng* O Bearclaw Cap V 113 Bearing Lith V 47 Bearing Lith* O 138 Beauce Gold V 58 Bell Copper V 68 Bell Copper* O 33 Belmont Res V 1181 Belo Sun Mng T 998 Belo Sun Mng* O 2242 BeMetals * O 31 BeMetals V 20 O 23 Benchmark Met* Benchmark Met V 387 Benton Res V 743 Benton Res* O 105 Benz Mining V 255 128 Berkwood Res * O Berkwood Res V 835 Bessor Min V 85 500 Bird River Res C Bitterroot Res* O 110 Bitterroot Res V 1519 Black Hills* N 960 Black Iron T 453 Black Iron* O 189 Black Mammoth V 6 Black Sea V 366 Black Sea * O 1 Black Tusk Res* O 23 Black Tusk Res C 1899 Blackheath Res V 45 O 146 Blackrock Gold* Blackrock Gold V 130 Blind Creek V 485 BLOX Inc* O 1 Blue Lagoon C 173 Blue Lagoon* O 3 Blue Moon Zinc* O 9 Blue Moon Zinc V 427 65 Blue River Res V Blue River Res* O 500 O 362 Blue Sky Uran* Blue Sky Uran V 246 Blue Star Gold V 1153 BlueBird Batt V 220 BlueBird Batt* O 1 V 50 Bluestone Res Bluestone Res* O 44

5.17 4.69 5.06 + 0.41 5.36 3.24 4.07 3.56 3.89 + 0.35 4.07 2.40 0.39 0.31 0.36 + 0.03 0.39 0.07 0.49 0.40 0.47 + 0.05 0.46 0.10 0.17 0.15 0.15 + 0.04 0.19 0.06 0.04 0.04 0.04 unch 0.00 0.35 0.01 0.02 0.00 0.01 unch 0.00 0.04 0.00 0.02 0.01 0.01 unch 0.00 0.05 0.01 0.03 0.02 0.03 + 0.00 0.04 0.02 0.08 0.07 0.08 + 0.01 0.08 0.04 0.06 0.06 0.06 + 0.02 0.07 0.02 0.06 0.06 0.06 unch 0.00 0.19 0.06 0.12 0.00 0.12 + 0.03 1.13 0.08 0.33 0.30 0.32 + 0.02 0.57 0.27 0.42 0.40 0.42 + 0.05 0.75 0.35 0.19 0.19 0.19 + 0.01 0.30 0.18 0.00 0.00 0.14 unch 0.00 0.14 0.01 0.05 0.04 0.04 unch 0.00 0.20 0.04 24.16 23.01 23.99 + 1.06 26.69 15.37 18.56 17.48 18.37 + 0.92 85.60 11.52 0.41 0.41 0.41 unch 0.00 0.55 0.28 0.53 0.49 0.49 unch 0.00 0.75 0.36 0.04 0.04 0.04 + 0.00 0.07 0.04 0.07 0.05 0.06 + 0.01 0.10 0.05 0.09 0.07 0.09 + 0.00 0.14 0.04 0.11 0.09 0.11 unch 0.00 0.20 0.07 0.03 0.03 0.03 unch 0.00 0.03 0.02 0.05 0.05 0.05 unch 0.00 0.07 0.03 0.07 0.05 0.07 + 0.02 0.15 0.04 0.04 0.00 0.04 unch 0.00 0.07 0.02 0.03 0.03 0.03 unch 0.00 0.04 0.01 2.87 2.59 2.85 + 0.25 2.95 1.02 2.27 1.95 2.18 + 0.21 2.27 0.74 0.02 0.01 0.01 - 0.01 0.04 0.01 0.13 0.12 0.12 - 0.01 0.38 0.11 0.10 0.08 0.09 + 0.00 0.29 0.08 0.13 0.12 0.13 unch 0.00 0.29 0.07 0.07 0.06 0.07 + 0.01 0.15 0.03 0.05 0.04 0.05 unch 0.00 0.12 0.03 0.03 0.03 0.03 unch 0.00 0.44 0.03 0.46 0.41 0.45 + 0.04 0.72 0.22 0.35 0.31 0.35 + 0.03 0.55 0.16 0.18 0.18 0.18 - 0.00 0.25 0.16 0.23 0.23 0.23 unch 0.00 0.30 0.20 0.29 0.00 0.29 + 0.01 0.34 0.12 0.39 0.34 0.37 + 0.01 0.46 0.16 0.04 0.04 0.04 - 0.01 0.11 0.04 0.03 0.03 0.03 - 0.00 0.07 0.02 0.06 0.06 0.06 unch 0.00 0.14 0.05 0.02 0.02 0.02 unch 0.00 0.07 0.02 0.03 0.02 0.03 unch 0.00 0.09 0.02 0.05 0.05 0.05 unch 0.00 0.20 0.03 0.01 0.01 0.01 unch 0.00 0.05 0.01 0.03 0.02 0.03 + 0.00 0.07 0.01 0.04 0.03 0.04 unch 0.00 0.07 0.02 78.60 76.77 77.99 - 0.44 82.01 60.82 0.09 0.09 0.09 unch 0.00 0.16 0.05 0.08 0.06 0.06 + 0.00 0.12 0.03 0.04 0.00 0.04 unch 0.00 0.09 0.02 0.04 0.04 0.04 + 0.01 0.12 0.03 0.03 0.00 0.03 - 0.00 0.08 0.01 0.03 0.03 0.03 + 0.00 1.06 0.02 0.05 0.03 0.05 + 0.01 0.24 0.03 0.09 0.07 0.07 - 0.03 0.30 0.05 0.19 0.15 0.17 + 0.01 0.27 0.02 0.24 0.22 0.24 + 0.02 0.36 0.03 0.04 0.04 0.04 unch 0.00 0.06 0.03 0.27 0.12 0.12 - 0.16 0.30 0.03 1.73 1.61 1.71 + 0.05 1.73 0.26 1.30 1.30 1.30 + 0.05 1.30 1.13 0.02 0.00 0.02 unch 0.00 0.06 0.01 0.03 0.03 0.03 unch 0.00 0.08 0.02 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.00 0.00 0.00 - 0.00 0.02 0.00 0.09 0.07 0.08 - 0.00 0.18 0.06 0.11 0.10 0.10 - 0.01 0.23 0.08 0.05 0.05 0.05 unch 0.00 0.07 0.02 0.08 0.07 0.08 + 0.01 0.35 0.07 0.05 0.05 0.05 unch 0.00 0.25 0.05 1.35 1.28 1.33 + 0.03 1.60 0.85 1.07 0.98 1.01 + 0.02 1.15 0.65

B

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Bold Ventures* O 25 Bold Ventures V 443 O 5856 Bonanza Gold* BonTerra Res V 298 Boreal Metals V 140 Boreal Metals * O 14 Borneo Res Inv* O 5765 O 1 Boundary Gold* Boundary Gold V 775 O 1008 Bravada Gold* Bravada Gold V 1061 Braveheart Res* O 25 V 196 Braveheart Res Bravo Multinat* O 96 26809 Brazil Min* O BrightRock* O 390 Britannia Mng* O 69 V 2313 Brixton Metals Brixton Metals* O 639 O 37 Broadway Gold* Brookmount Exp* O 387 Bryn Res* O 45 BTU Metals* O 245 BTU Metals V 4739 Buenaventura* N 4009 Buffalo Coal V 285 Bullfrog Gold* O 11 Bullfrog Gold C 25 Bunker Hill C 14 BWR Explor V 104

0.00 0.00 0.00 - 0.00 0.01 0.00 0.01 0.01 0.01 unch 0.00 0.04 0.01 0.00 0.00 0.00 + 0.00 0.01 0.00 2.10 1.87 2.10 + 0.16 3.02 1.46 0.04 0.03 0.03 - 0.01 0.12 0.03 0.03 0.03 0.03 unch 0.00 0.05 0.03 0.00 0.00 0.00 + 0.00 0.00 0.00 0.02 0.02 0.02 + 0.01 0.60 0.01 0.05 0.03 0.03 - 0.01 0.25 0.03 0.08 0.07 0.07 + 0.00 0.15 0.04 0.11 0.09 0.10 + 0.01 0.20 0.06 0.10 0.09 0.10 unch 0.00 0.14 0.07 0.12 0.11 0.12 unch 0.00 0.21 0.06 0.30 0.00 0.30 + 0.12 0.80 0.18 0.00 0.00 0.00 + 0.00 0.01 0.00 0.00 0.00 0.00 + 0.00 0.01 0.00 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.22 0.16 0.21 + 0.04 0.43 0.10 0.17 0.13 0.16 + 0.03 0.33 0.08 0.05 0.00 0.05 + 0.05 0.13 0.00 0.01 0.00 0.01 + 0.00 0.02 0.00 0.05 0.00 0.05 - 0.00 0.10 0.03 0.26 0.19 0.26 + 0.06 0.35 0.19 0.35 0.24 0.33 + 0.07 0.49 0.07 15.45 14.50 15.10 + 0.62 17.85 13.77 0.01 0.01 0.01 unch 0.00 0.01 0.01 0.12 0.10 0.12 + 0.01 0.24 0.04 0.15 0.13 0.15 + 0.02 0.23 0.12 0.60 0.00 0.60 unch 0.00 2.00 0.05 0.04 0.03 0.03 unch 0.00 0.06 0.03

Cabral Gold V 79 Cabral Gold* O 2 Cache Explor V 2665 Cadence Min* O 13 Cadillac Vent V 304 Caledonia Mng* X 47 Caledonia Mng T 2 Calibre Mng T 1393 Calibre Mng* O 117 O 25 California Gld* California Gld C 205 Callinex Mines* O 37 V 32 Callinex Mines Cameco Corp* N 8197 Cameco Corp T 1979 Cameo Cobalt* O 337 Cameo Cobalt V 9760 Camino Min* O 0 Camino Min V 201 O 24 Camrova Res* Canada Carbon V 415 Canada Carbon* O 48 V 3911 Canada Cobalt Canada Cobalt * O 523 Canada One* O 3 Canada One V 49 Canada Rare V 75 Canada Rare* O 164 Canadian Engy V 37 C 34 Canadian Metal Canadian Ore V 437 Canadian Ore* O 72 V 51 Canadian Prem Canadian Prem* O 5 V 572 CanAlaska Uran CanAlaska Uran* O 176 Canamex Gold* O 36 Canarc Res T 230 Canarc Res* O 362 Canasil Res V 491 Candelaria Mg* O 0 Candelaria Mg V 35 T 339 Candente Coppr Candente Gold* O 2 V 855 Candente Gold CANEX Metals * O 56 CANEX Metals V 330 CaNickel Mng V 63 CaNickel Mng* O 50 21 Canoe Mng Vent V Canstar Res V 156 Canstar Res* O 132 O 53 Canterra Mnls* Canterra Mnls V 85 9 Cantex Mn Dev* O Cantex Mn Dev V 829 Canuc Res V 300 Canuc Res* O 231 Capstone Mng T 1021 Cardero Res V 10 Cardero Res* O 5 Cardinal Res* O 50 Cardinal Res T 686 Cariboo Rose V 0 Carlin Gold V 500 Carrara Explor C 727 Cartier Iron C 217 Cartier Res V 750 Carube Copper V 2207 Casa Minerals V 160 Casa Minerals * O 22 Cascadero Copp V 370 670 Castle Peak Mg V Cautivo Mining C 0 O 2471 CellCube Enrgy* Centamin T 115 Centaurus Diam* O 109 Centerra Gold T 1672 Central Iron V 25 268 Central Tim Ex V Centurion Mnls V 168 Century Cobalt* O 69 T 840 Century Global Cerro de Pasc * O 52 595 Cerro de Pasc C Cerro Grande C 4 Cerro Mng V 15 Ceylon Graph V 123 Chakana Copper V 402 O 303 Chakana Copper* Chalice Gold M* O 136 Chalice Gold M T 1458 V 110 Champion Bear Champion Bear* O 204 T 733 Champion Iron Champion Iron* O 246 Chatham Rock* O 1 V 13 Chatham Rock Chesapeake Gld* O 102 V 177 Chesapeake Gld Chevron Corp* N 16868 Chiboug Ind Mn V 96 2 Chiboug Ind Mn* O Chilean Metals V 98 O 5 Chilean Metals* China Gold Int T 471 Chinapintza Mg V 13 V 50 Clarmin Explor Clean Comm* O 9 V 62 Cleghorn Mnls Cleveland-Clif* N 24591 Cliffmont Res V 16 Clifton Mng* O 46 Cloud Peak En* O 531 V 53 Clydesdale Res CMC Metals* O 1 CMC Metals V 667 CNRP Mng* O 236 CNRP Mng C 405 Cobalt Block* O 35 Cobalt Block V 80 Coeur Mng* N 26989 Colibri Res* O 20 Colibri Res V 185 V 8 Colombia Crest Colombia Crest* O 1 Colonial Coal V 65 Colorado Res V 965 Colorado Res* O 102 Colt Res* O 55 Columbus Gold T 1082 Columbus Gold* O 433 Comet Inds V 4 Commander Res* O 12 V 219 Commander Res Commerce Res V 139 Commerce Res* O 67

0.12 0.11 0.11 unch 0.00 0.33 0.10 0.09 0.09 0.09 + 0.01 0.25 0.08 0.01 0.01 0.01 - 0.01 0.07 0.01 0.00 0.00 0.00 unch 0.00 0.02 0.01 0.01 - 0.01 0.04 0.01 8.35 7.85 8.32 + 0.49 8.68 5.01 10.84 10.35 10.84 + 0.57 11.15 6.63 0.93 0.88 0.92 + 0.02 0.93 0.36 0.75 0.68 0.70 + 0.01 1.52 0.04 0.25 0.19 0.19 - 0.03 0.59 0.13 0.30 0.21 0.23 - 0.03 0.79 0.21 0.78 0.71 0.72 + 0.01 0.99 0.03 1.00 0.94 0.94 unch 0.00 1.35 0.35 9.01 8.62 8.83 + 0.19 13.04 8.03 11.76 11.35 11.55 + 0.19 17.12 10.70 0.01 0.00 0.00 - 0.00 0.16 0.00 0.02 0.01 0.01 unch 0.00 0.15 0.01 0.00 0.00 0.08 unch 0.00 0.14 0.03 0.11 0.09 0.09 - 0.02 0.18 0.05 0.05 0.00 0.01 - 0.00 0.06 0.00 0.08 0.07 0.08 unch 0.00 0.15 0.05 0.06 0.06 0.06 unch 0.00 0.11 0.00 0.68 0.58 0.63 + 0.09 0.68 0.25 0.51 0.44 0.48 + 0.07 0.51 0.18 0.02 0.00 0.01 - 0.01 0.04 0.01 0.03 0.02 0.02 - 0.01 0.06 0.02 0.06 0.05 0.06 + 0.01 0.11 0.04 0.05 0.03 0.05 + 0.01 0.08 0.02 0.04 0.00 0.04 + 0.01 0.18 0.02 0.10 0.10 0.10 unch 0.00 0.70 0.10 0.13 0.12 0.12 + 0.01 0.45 0.07 0.10 0.09 0.09 - 0.00 0.34 0.06 0.50 0.42 0.46 - 0.04 1.63 0.42 0.39 0.38 0.38 unch 0.00 1.15 0.38 0.27 0.24 0.24 - 0.01 0.38 0.12 0.21 0.19 0.19 - 0.00 0.28 0.09 0.02 0.02 0.02 - 0.00 0.07 0.00 0.06 0.06 0.06 + 0.01 0.08 0.04 0.05 0.04 0.05 + 0.00 0.06 0.03 0.06 0.06 0.06 + 0.01 0.09 0.05 0.12 0.12 0.12 unch 0.00 0.37 0.12 0.18 0.17 0.17 - 0.07 0.60 0.11 0.03 0.03 0.03 unch 0.00 0.08 0.03 0.01 0.01 0.01 + 0.00 0.03 0.01 0.02 0.02 0.02 unch 0.00 0.04 0.01 0.10 0.09 0.10 + 0.02 0.11 0.02 0.13 0.11 0.11 - 0.01 0.15 0.03 0.06 0.05 0.06 + 0.01 0.12 0.05 0.00 0.00 0.04 unch 0.00 0.09 0.04 0.12 0.11 0.12 + 0.02 0.26 0.08 0.05 0.04 0.05 + 0.01 0.20 0.02 0.03 0.02 0.02 - 0.01 0.14 0.02 0.00 0.00 0.00 + 0.00 0.02 0.00 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.95 0.86 0.95 + 0.11 5.23 0.59 1.26 1.12 1.20 + 0.07 6.99 0.71 0.05 0.04 0.05 + 0.01 0.13 0.03 0.04 0.04 0.04 + 0.01 0.08 0.02 0.77 0.70 0.73 + 0.03 0.77 0.41 0.02 0.02 0.02 unch 0.00 0.10 0.02 0.02 0.01 0.01 + 0.00 0.07 0.01 0.22 0.22 0.22 unch 0.00 0.38 0.20 0.29 0.28 0.29 + 0.02 0.50 0.26 0.00 0.00 0.05 unch 0.00 0.06 0.03 0.02 0.01 0.01 unch 0.00 0.03 0.01 0.02 0.01 0.01 unch 0.00 0.08 0.01 0.03 0.03 0.03 unch 0.00 0.10 0.03 0.16 0.13 0.15 + 0.02 0.22 0.11 0.06 0.05 0.05 unch 0.00 0.06 0.03 0.08 0.08 0.08 unch 0.00 0.18 0.07 0.07 0.06 0.06 unch 0.00 0.12 0.06 0.02 0.02 0.02 unch 0.00 0.04 0.01 0.02 0.01 0.01 unch 0.00 0.02 0.01 0.00 0.00 0.10 unch 0.00 0.20 0.08 0.06 0.04 0.04 - 0.03 0.15 0.02 2.09 1.91 2.03 + 0.08 2.53 1.39 0.10 0.08 0.08 - 0.02 1.00 0.06 10.35 9.63 10.28 + 0.73 13.00 5.60 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.03 0.03 0.03 unch 0.00 0.14 0.02 0.06 0.05 0.06 + 0.01 0.27 0.04 0.03 0.01 0.03 + 0.00 0.18 0.00 0.08 0.07 0.07 unch 0.00 0.25 0.07 0.32 0.29 0.32 + 0.01 0.34 0.18 0.41 0.38 0.41 + 0.01 0.44 0.24 0.00 0.00 0.01 unch 0.00 0.01 0.01 0.10 0.10 0.10 unch 0.00 0.36 0.07 0.12 0.11 0.11 - 0.01 0.18 0.06 0.25 0.24 0.25 + 0.02 0.54 0.14 0.20 0.16 0.19 + 0.00 0.40 0.10 0.15 0.14 0.15 - 0.00 0.18 0.08 0.19 0.17 0.19 unch 0.00 0.20 0.10 0.14 0.11 0.11 - 0.02 0.23 0.10 0.09 0.07 0.07 - 0.02 0.17 0.07 2.54 2.34 2.38 - 0.21 3.15 0.89 1.92 1.79 1.82 - 0.10 2.36 0.75 0.09 0.09 0.09 unch 0.00 0.14 0.07 0.12 0.12 0.12 unch 0.00 0.19 0.07 2.47 2.21 2.30 + 0.09 3.50 1.03 3.10 2.86 3.00 + 0.16 4.65 1.41 121.42 119.15 120.30 + 0.62 127.34 107.10 0.16 0.14 0.16 + 0.02 0.27 0.04 0.10 0.10 0.10 + 0.00 0.19 0.03 0.05 0.03 0.05 + 0.02 0.20 0.03 0.06 0.02 0.04 + 0.01 0.06 0.01 1.12 1.01 1.10 + 0.03 1.93 0.88 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.08 0.08 0.08 unch 0.00 0.17 0.08 0.02 0.01 0.02 + 0.01 0.03 0.01 0.03 0.03 0.03 unch 0.00 0.11 0.03 8.50 8.16 8.22 - 0.01 12.26 6.59 0.10 0.00 0.10 unch 0.00 0.14 0.05 0.19 0.15 0.18 + 0.01 0.21 0.04 0.00 0.00 0.00 unch 0.00 0.73 0.00 0.02 0.02 0.02 unch 0.00 0.04 0.02 0.03 0.03 0.03 + 0.00 0.06 0.03 0.06 0.05 0.06 + 0.01 0.11 0.04 0.17 0.13 0.17 + 0.02 0.42 0.10 0.22 0.19 0.21 + 0.02 0.56 0.14 0.05 0.04 0.05 unch 0.00 0.14 0.03 0.07 0.06 0.07 + 0.01 0.19 0.04 8.29 6.99 7.97 + 1.02 8.29 2.78 0.05 0.04 0.04 - 0.01 0.06 0.03 0.06 0.05 0.06 - 0.01 0.08 0.04 0.28 0.00 0.28 unch 0.00 0.30 0.13 0.18 0.18 0.18 + 0.00 0.21 0.03 0.34 0.33 0.33 - 0.01 0.65 0.21 0.06 0.06 0.06 + 0.01 0.13 0.04 0.04 0.04 0.04 + 0.00 0.10 0.03 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.16 0.14 0.16 + 0.01 0.27 0.11 0.13 0.10 0.12 unch 0.00 0.20 0.08 3.50 3.50 3.50 unch 0.00 3.60 2.75 0.07 0.05 0.07 + 0.00 0.08 0.05 0.08 0.07 0.07 - 0.01 0.11 0.06 0.23 0.21 0.21 - 0.01 0.90 0.14 0.19 0.16 0.16 - 0.01 0.68 0.07

C

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

O 34 Compass Gold* V 156 Compass Gold X 1602 Comstock Mng* V 131 Comstock Mtls 7 Comstock Mtls * O Condor Res* O 5 Condor Res V 478 O 5 Confedertn Ml* V 215 Confedertn Mls Conic Metals V 631 Conquest Res V 381 V 101 Cons Woodjam CONSOL Coal Rs* N 254 N 992 CONSOL Energy* 11180 N CONSOL Energy* O 83 Constantine Mt* V 41 Constantine Mt O 9 Contact Gold* Contact Gold V 300 O 108 Contact Mnrls* Contintl Gold* O 136 Contintl Gold T 2863 Contintl Prec* O 8 V 445 Copper Fox Mtl O 8 Copper Fox Mtl* 326 Copper Lake Rs V 649 Copper Mtn Mng T Copper Mtn Mng* O 103 O 88 Copper North M* V 632 Copper North M 0 Copper One * O Copper One C 708 70 Copper Reef Mg C O 1088 Copperbank Res* C 1473 Copperbank Res 34 Coral Gold * O Coral Gold V 160 Cordoba Mnls V 235 O 100 Cordoba Mnls* Core Gold V 1211 Core Gold* O 150 Core Lithium* O 0 V 132 Cornerstone Ca O 22 Cornerstone Ca* Coro Mining T 1047 Corsa Coal V 124 Corsa Coal * O 64 Corsurex Res C 627 Corvus Gold T 476 Corvus Gold* O 187 CR Capital V 495 1 Crazy Horse Res* O C 125 Crest Resource 3 Crestview Expl C Cresval Cap V 165 Critical Elem* O 55 Critical Elem V 1262 V 25 CROPS O 5 Crown Mining* Crown Mining V 364 Cruz Cobalt C 970 Cruz Cobalt* O 165 Crystal Lake* O 64 Crystal Lake V 633 Crystal Peak V 237 Crystal Peak* O 319 O 2 CTGX Mining* V 147 Currie Rose Rs 1 Currie Rose Rs* O C 100 Cyntar Venture Cypress Dev* O 157 Cypress Dev V 520

0.17 0.40 0.38 0.40 + 0.02 0.43 0.11 0.53 0.50 0.52 + 0.03 0.71 0.15 0.54 0.36 0.45 + 0.06 1.39 0.02 unch 0.00 0.06 0.02 0.02 0.02 0.01 0.01 0.01 unch 0.00 0.04 0.01 0.03 unch 0.00 0.07 0.03 0.03 0.03 0.04 0.05 0.04 0.05 + 0.01 0.09 0.09 0.14 0.13 0.14 + 0.02 0.22 0.12 0.17 0.16 0.16 - 0.02 0.37 0.33 0.45 0.42 0.45 + 0.01 0.48 0.01 unch 0.00 0.04 0.03 0.03 0.03 0.03 0.04 0.03 0.04 + 0.01 0.09 10.97 10.00 10.00 - 0.65 19.47 8.05 11.71 15.15 14.37 14.84 + 0.26 38.74 6.14 9.03 8.29 8.32 - 0.29 13.63 0.13 0.17 0.15 0.17 + 0.02 0.57 0.17 0.21 0.20 0.21 - 0.01 0.72 0.10 0.12 0.10 0.11 + 0.01 0.29 0.14 0.16 0.14 0.16 + 0.01 0.39 0.02 unch 0.00 0.30 0.06 0.05 0.05 1.33 unch 0.00 4.14 4.08 4.02 4.06 1.76 5.36 5.29 5.29 - 0.07 5.42 0.00 unch 0.00 0.28 0.22 0.22 0.22 0.06 0.10 0.08 0.08 - 0.02 0.13 0.04 0.08 0.05 0.06 - 0.01 0.10 0.02 0.02 0.02 unch 0.00 0.02 0.01 0.72 0.66 0.71 + 0.05 1.18 0.53 0.53 0.49 0.53 + 0.02 0.88 0.40 0.01 0.02 0.00 0.02 - 0.00 0.05 0.02 0.03 0.03 0.03 - 0.01 0.07 0.00 0.00 0.08 unch 0.00 0.10 0.08 0.05 0.14 0.08 0.14 + 0.03 0.18 0.31 0.30 0.30 unch 0.00 0.40 0.15 0.02 0.05 0.04 0.04 - 0.00 0.06 0.04 0.06 0.05 0.05 + 0.01 0.08 0.34 0.32 0.34 + 0.03 0.39 0.26 0.35 0.46 0.42 0.46 + 0.05 0.51 0.04 0.11 0.10 0.11 + 0.01 0.15 0.03 0.08 0.07 0.08 + 0.01 0.11 0.14 0.22 0.20 0.22 + 0.01 0.33 0.10 0.17 0.15 0.16 - 0.00 0.25 0.05 unch 0.00 0.35 0.00 0.00 0.21 1.96 2.97 2.30 2.59 + 0.29 7.90 0.03 1.99 1.57 1.94 + 0.14 3.61 0.05 0.08 0.07 0.07 + 0.01 0.12 0.25 0.51 0.27 0.38 - 0.03 0.94 0.18 0.38 0.22 0.32 - 0.00 0.67 0.02 unch 0.00 0.08 0.03 0.03 0.03 1.55 unch 0.00 2.90 2.25 2.10 2.12 1.13 1.74 1.58 1.61 + 0.00 2.13 0.04 unch 0.00 0.08 0.04 0.04 0.04 0.12 0.12 0.12 unch 0.00 0.38 0.10 0.06 unch 0.00 0.16 0.07 0.07 0.07 unch 0.00 0.70 0.40 0.65 0.65 0.65 0.02 unch 0.00 0.05 0.02 0.02 0.02 0.20 0.30 0.25 0.30 + 0.01 0.59 0.26 0.01 0.79 0.37 - 0.40 0.36 0.01 unch 0.00 0.05 0.01 0.01 0.01 0.03 0.03 0.03 0.03 - 0.01 0.08 0.03 unch 0.00 0.14 0.04 0.03 0.03 0.03 unch 0.00 0.05 0.04 0.03 0.03 0.01 0.02 0.02 0.02 + 0.00 0.05 0.07 0.09 0.08 0.09 + 0.01 0.32 0.10 0.12 0.11 0.12 + 0.01 0.42 0.05 0.07 0.06 0.07 + 0.01 0.21 0.04 0.05 0.04 0.04 - 0.01 0.16 0.00 unch 0.00 0.12 0.00 0.00 0.00 0.02 0.03 0.03 0.03 - 0.01 0.08 0.01 0.01 0.01 unch 0.00 0.04 0.01 0.07 unch 0.00 0.11 0.11 0.11 0.11 0.12 0.14 0.13 0.13 + 0.00 0.21 0.15 0.19 0.17 0.19 + 0.03 0.29

Dajin Res V 16 Dajin Res* O 1000 O 200 Dakota Ter Res* Damara Gold V 1 Danakali* O 401 Debut Dmds C 5 Decade Res V 865 Decade Res* O 33 O 4 Deep-South Res* V 924 Deep-South Res C 866 DeepRock Min O 694 Defense Metals* V 682 Defense Metals Defiance Silvr V 1766 O 902 Defiance Silvr* Delrand Res V 114 104 Delrey Metals * O Delrey Metals C 103 T 1398 Denison Mines X 2056 Denison Mines* Desert Gold* O 189 Desert Gold V 395 64 Desert Mtn Egy V Detour Gold T 2673 O 490 Diamante Min* Diamcor Mng V 184 O 10 Diamcor Mng* O 100 Diamond Disc* V 9 Diamond Fields O 2 Diamond Fields* Dios Expl V 909 V 252 Discovery Harb O 1017 Discovery Met* V 1597 Discovery Met 29469 O Discovery Min* V 500 Discovery-Corp District Cop* O 114 District Cop V 5851 O 1 District Metal* District Metal V 2554 Ditem Explor* O 1032 O 38 Diversified Rs* Dixie Gold V 1790 DNI Metals* O 58 O 35 Dolat Ventures* 719 Dolly Vard Sil* O 766 Dolly Vard Sil V Dore Copper V 41 V 229 Doubleview Cap O 11 Doubleview Cap* DRDGOLD* N 630 Dundee Prec Mt T 1954 O 76 Dunnedin Vent* Durango Res V 70 Durango Res* O 132 DV Resources V 33 T 287 Dynacor Gld Mn O 60 Dynacor Gld Mn* O 39 DynaResource* Dynasty Gold V 69 O 62 Dynasty Gold* E3 Metals V 35 E3 Metals* O 8 V 255 Eagle Graphite O 5 Eagle Graphite* Eagle Plains V 722 160 V East Africa 125 East Africa * O 6 East Asia Mnls* O East Asia Mnls V 1013 EastCoal Inc V 0 O 7 Eastern Platin* Eastern Platin T 16 Eastern Zinc C 18 Eastfield Res V 7 Eastfield Res* O 76 Eastmain Res T 1006 O 775 Eastmain Res* 5 Eco Oro Mnls* O Eco Oro Mnls C 73 V 158 Edgewater Expl O 1051 El Capitan Prc* 191 El Nino Vent* O 37 El Nino Vent V 383 Elcora Adv Mat V Elcora Res* O 292 Eldorado Gold* N 10080 Eldorado Gold T 4009 Eloro Res* O 0 Eloro Res V 78 Ely Gold Royal V 1611 Ely Gold Royal* O 1346 Elysee Dev V 62 Elysee Dev * O 22 Emerita Res V 50

0.02 0.03 0.00 0.02 - 0.01 0.07 0.01 0.02 0.01 0.01 - 0.01 0.06 0.02 0.10 0.07 0.09 - 0.01 0.19 0.03 unch 0.00 0.05 0.03 0.00 0.03 0.40 0.44 0.43 0.44 + 0.01 0.59 0.08 0.15 0.00 0.15 + 0.05 0.25 0.01 0.03 0.01 0.03 + 0.01 0.05 0.01 unch 0.00 0.03 0.01 0.01 0.01 0.03 unch 0.00 0.07 0.03 0.03 0.03 0.04 0.05 0.04 0.05 - 0.01 0.15 0.02 0.02 0.02 0.02 - 0.01 0.10 0.06 0.17 0.10 0.13 + 0.02 0.25 0.06 0.18 0.15 0.18 + 0.03 0.25 0.16 0.26 0.19 0.25 + 0.06 0.37 0.12 0.20 0.15 0.20 + 0.01 0.32 0.28 0.60 0.55 0.60 + 0.02 0.71 0.06 0.01 0.02 + 0.00 0.30 0.01 0.02 0.03 0.03 0.03 - 0.01 0.29 0.51 0.55 0.51 0.55 + 0.03 0.78 0.38 0.42 0.39 0.41 + 0.02 0.59 0.07 unch 0.00 0.31 0.07 0.00 0.07 0.10 0.11 0.10 0.11 + 0.01 0.26 0.22 0.22 0.22 unch 0.00 0.31 0.13 11.00 25.32 23.80 24.77 + 1.01 25.70 0.01 0.01 0.01 0.01 - 0.00 0.10 0.08 unch 0.00 0.31 0.10 0.10 0.10 0.06 unch 0.00 0.23 0.08 0.00 0.08 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.07 0.19 0.15 0.19 + 0.04 0.21 0.00 unch 0.00 0.16 0.14 0.11 0.11 0.03 unch 0.00 0.08 0.04 0.04 0.04 0.01 0.18 0.15 0.15 - 0.03 0.18 0.13 0.55 0.36 0.45 + 0.10 0.55 0.18 0.63 0.47 0.59 + 0.12 0.74 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.01 unch 0.00 0.02 0.01 0.01 0.01 0.00 0.01 0.01 0.01 - 0.00 0.03 0.01 unch 0.00 0.05 0.01 0.01 0.01 0.12 0.12 0.00 0.12 - 0.04 0.16 0.08 0.11 0.09 0.11 + 0.02 0.31 0.00 0.00 0.00 0.00 + 0.00 0.00 0.00 unch 0.00 0.05 0.00 0.00 0.00 0.02 unch 0.00 0.05 0.03 0.03 0.03 0.01 unch 0.00 0.09 0.03 0.00 0.03 0.05 0.08 0.06 0.06 - 0.01 1.80 0.26 0.20 0.24 + 0.04 0.40 0.14 0.19 0.55 0.06 + 0.32 0.27 0.33 1.08 unch 0.00 1.65 1.34 1.30 1.34 0.08 0.11 0.09 0.10 + 0.01 0.18 0.07 0.09 0.08 0.08 + 0.01 0.13 1.64 5.25 4.77 5.17 + 0.41 5.25 5.84 5.57 5.78 + 0.21 6.66 3.44 0.04 0.06 0.06 0.06 + 0.00 0.08 0.04 unch 0.00 0.10 0.05 0.05 0.05 0.03 0.05 0.04 0.05 + 0.01 0.07 0.04 0.06 0.06 0.06 + 0.01 0.12 1.50 1.77 1.65 1.69 - 0.02 2.00 1.10 1.37 1.26 1.29 - 0.01 1.60 0.24 0.51 0.40 0.45 + 0.05 1.22 0.06 0.07 0.06 0.07 + 0.01 0.16 0.04 0.06 0.04 0.04 - 0.01 0.11 0.23 0.36 0.35 0.35 - 0.01 0.60 0.22 0.29 0.28 0.28 - 0.01 0.41 0.03 unch 0.00 0.10 0.05 0.04 0.04 0.02 0.02 0.02 0.02 + 0.00 0.07 0.08 0.10 0.09 0.10 + 0.01 0.12 0.16 0.14 0.14 unch 0.00 0.26 0.12 0.10 0.10 0.10 unch 0.00 0.19 0.09 0.03 0.02 0.03 + 0.00 0.09 0.02 0.05 0.04 0.05 + 0.02 0.13 0.03 0.05 unch 0.00 0.10 0.00 0.00 0.06 0.13 unch 0.00 0.26 0.21 0.20 0.20 0.17 unch 0.00 0.35 0.28 0.26 0.26 0.02 0.02 0.00 0.02 - 0.01 0.28 0.03 0.04 0.04 0.04 + 0.01 0.07 0.02 unch 0.00 0.05 0.03 0.02 0.02 0.09 0.10 0.09 0.10 + 0.01 0.22 0.06 0.08 0.06 0.07 + 0.01 0.16 0.03 0.03 0.03 + 0.00 0.77 0.02 0.03 0.07 0.04 0.04 - 0.03 0.27 0.06 0.12 0.12 0.12 + 0.01 0.14 0.00 0.01 0.01 0.01 - 0.00 0.04 0.01 0.01 0.01 unch 0.00 0.04 0.01 0.03 0.03 0.03 unch 0.00 0.05 0.02 0.03 0.03 0.03 unch 0.00 0.12 0.03 0.01 0.03 0.02 0.03 + 0.00 0.09 7.94 7.08 7.63 + 0.53 10.09 2.52 10.22 9.32 9.96 + 0.66 13.34 3.36 0.13 unch 0.00 0.33 0.00 0.00 0.16 0.15 0.23 0.21 0.23 + 0.01 0.48 0.45 0.43 0.45 + 0.02 0.47 0.13 0.37 0.32 0.34 + 0.02 0.37 0.08 0.32 0.35 0.34 0.34 - 0.02 0.42 0.24 0.27 0.26 0.26 - 0.00 0.33 0.05 0.09 0.09 0.09 - 0.03 0.17

D-F

2019-12-30 3:38 PM

GLOBAL MINING NEWS

(100s) Stock

THE NORTHERN MINER / JANUARY 6–19, 2020

Week

12-month

Exc Volume High Low Last Change High Low

Emgold Mining V 527 0.07 0.06 0.07 - 0.01 0.20 0.05 O 21 0.05 0.04 0.04 - 0.00 0.14 0.03 Emgold Mining* Empress Res* O 60 0.01 0.01 0.01 unch 0.00 0.06 0.01 0.02 Empress Res V 203 0.03 0.02 0.03 + 0.01 0.10 EMX Royalty V 89 2.13 1.93 2.13 + 0.18 2.13 1.43 1.07 EMX Royalty* X 712 1.61 1.46 1.61 + 0.14 1.63 O 57 0.05 0.04 0.05 + 0.01 0.14 0.03 Encanto Potash* Encanto Potash V 153 0.07 0.06 0.06 unch 0.00 0.19 0.05 V 2150 0.22 0.14 0.17 + 0.03 0.22 0.09 EnCore Energy Endeavour Mng T 786 24.94 22.80 24.22 + 1.53 28.98 17.24 O 22 19.45 17.46 18.45 + 1.05 21.78 13.34 Endeavour Mng* N 17427 2.49 2.16 2.34 + 0.19 3.20 1.68 Endeavr Silver* Endeavr Silver T 1711 3.20 2.86 3.06 + 0.24 4.26 2.21 V 120 0.03 0.03 0.03 - 0.01 0.07 0.03 Endurance Gold Energy Fuels* X 3204 1.92 1.83 1.86 - 0.02 3.73 1.50 2.00 Energy Fuels T 323 2.54 2.41 2.42 - 0.08 4.97 0.05 Engineer Gold V 249 0.07 0.06 0.06 + 0.01 0.14 Engold Mines V 942 0.07 0.07 0.07 - 0.01 0.20 0.06 O 24 0.05 0.04 0.04 - 0.01 0.09 0.05 Engold Mines* Ensurge* O 369 0.05 0.03 0.05 + 0.01 0.06 0.01 0.05 Entree Res* O 537 0.33 0.28 0.29 - 0.01 0.46 0.22 Entree Res T 551 0.40 0.38 0.39 - 0.02 0.61 ePower Metals* O 412 0.25 0.23 0.23 - 0.02 0.37 0.04 V 776 0.33 0.30 0.30 - 0.02 0.62 0.29 ePower Metals Equinox Gold* X 1855 8.00 6.76 7.64 + 0.55 8.00 5.20 4.85 Equinox Gold T 2183 10.00 8.91 9.99 + 0.89 9.44 unch 0.00 0.03 0.01 Equitorial Ex* O 90 0.01 0.01 0.01 Equitorial Ex V 94 0.02 0.02 0.02 unch 0.00 0.06 0.01 O 25 0.05 0.05 0.05 unch 0.00 0.09 0.04 Equity Metals* Equity Metals V 23 0.08 0.07 0.08 + 0.01 0.12 0.05 T 176 0.18 0.17 0.17 - 0.01 0.27 0.16 Erdene Res Dev O 74 0.14 0.13 0.13 - 0.01 0.20 0.12 Erdene Res Dev* Erin Ventures* O 21 0.02 0.02 0.02 unch 0.00 0.11 0.02 unch 0.00 0.16 0.04 Erin Ventures V 105 0.05 0.05 0.05 Ero Copper T 664 23.86 22.67 23.45 + 0.64 25.69 9.45 Ero Copper* O 38 18.10 17.34 17.93 + 0.63 19.20 7.17 O 4 0.05 0.04 0.04 - 0.00 0.07 0.03 Eros Res Corp* Eros Res Corp V 401 0.07 0.00 0.07 unch 0.00 0.11 0.05 401 0.07 0.00 0.07 unch 0.00 0.11 0.05 Eros Res Corp V Eskay Mng* O 28 0.14 0.14 0.14 + 0.02 0.14 0.04 0.07 Eskay Mng V 42 0.18 0.16 0.16 - 0.01 0.20 V 72 0.03 0.02 0.02 - 0.01 0.07 0.02 Essex Minerals Ethos Gold* O 379 0.13 0.11 0.13 + 0.01 0.25 0.09 unch 0.00 0.34 0.13 Ethos Gold V 134 0.17 0.15 0.16 Etruscus Res C 98 0.25 0.23 0.25 unch 0.00 0.50 0.17 V 41 0.15 0.15 0.15 + 0.02 0.44 0.11 Euro Manganese 943 0.28 0.24 0.28 + 0.04 1.10 0.22 Euro Sun Mg T Euro Sun Mg* O 262 0.21 0.18 0.20 + 0.02 0.83 0.12 O 18 0.02 0.02 0.02 unch 0.00 0.14 0.02 EurOmax Res* EurOmax Res T 13 0.03 0.00 0.03 unch 0.00 0.17 0.03 O 428 0.02 0.01 0.01 - 0.00 0.14 0.00 European Elect* V 429 0.02 0.01 0.02 unch 0.00 0.19 0.01 European Elect European Metal* O 0 0.02 0.00 0.02 unch 0.00 0.26 0.00 V 305 0.01 0.01 0.01 + 0.01 0.10 0.01 Eurotin Evergold V 47 0.26 0.25 0.25 unch 0.00 0.26 0.17 0.15 Evergold* O 12 0.20 0.19 0.19 - 0.01 0.20 unch 0.00 0.03 0.00 Everton Res* O 2 0.00 0.00 0.00 EVI Global Grp C 677 0.26 0.24 0.24 - 0.01 1.64 0.23 unch 0.00 0.07 0.02 Evolving Gold C 24 0.02 0.02 0.02 Evolving Gold* O 32 0.01 0.01 0.01 + 0.00 0.06 0.00 0.27 Evrim Res V 139 0.33 0.30 0.33 + 0.02 0.40 0.65 Excellon Res T 977 1.04 0.93 1.03 + 0.04 1.51 Excellon Res* O 458 0.80 0.71 0.78 + 0.07 1.15 0.48 O 308 0.80 0.72 0.77 + 0.05 0.87 0.54 Excelsior Mng* Excelsior Mng T 593 1.05 0.98 1.03 + 0.09 1.14 0.73 25 0.00 0.00 0.00 unch 0.00 0.01 0.00 ExGen Res Inc* O 66 0.01 0.01 0.01 unch 0.00 0.03 0.01 ExGen Res Inc V Explor Res* O 83 0.03 0.02 0.03 + 0.01 0.03 0.01 unch 0.00 0.04 0.02 Explor Res V 261 0.03 0.03 0.03 Explorex Res C 6 0.18 0.18 0.18 unch 0.00 0.40 0.15 unch 0.00 0.26 0.12 Explorex Res* O 5 0.12 0.12 0.12 V 25 0.04 0.04 0.04 unch 0.00 0.08 0.02 Fabled Copper Fairmile Gold* O 2 0.00 0.00 0.00 unch 0.00 0.00 0.00 O 200 0.00 0.00 0.00 unch 0.00 0.00 0.00 Fairmont Res* Falco Res V 1622 0.32 0.26 0.31 + 0.05 0.54 0.19 85 0.24 0.20 0.24 + 0.05 0.31 0.10 Falco Res * O 0.02 Falcon Gold V 1098 0.04 0.03 0.03 - 0.01 0.06 Fancamp Expl V 300 0.07 0.06 0.06 - 0.01 0.11 0.05 C 233 0.04 0.03 0.03 - 0.01 0.18 0.03 Far Res Far Res* O 42 0.03 0.02 0.03 + 0.00 0.13 0.02 unch 0.00 0.30 0.15 Fidelity Min* O 33 0.00 0.00 0.04 unch 0.00 0.50 0.03 Fidelity Min V 273 0.05 0.04 0.04 Filo Mg Corp V 244 2.15 1.89 1.99 + 0.03 3.25 1.80 0 0.00 0.00 1.52 unch 0.00 2.31 1.52 Filo Mg Corp * O Finlay Minrls V 226 0.05 0.05 0.05 unch 0.00 0.07 0.03 0.18 Fiore Gold* O 701 0.41 0.35 0.39 + 0.02 0.50 0.26 Fiore Gold V 837 0.53 0.47 0.50 + 0.03 0.63 Fire River Gol* O 0 0.00 0.00 0.01 unch 0.00 0.40 0.00 unch 0.00 0.04 0.01 Firebird Res V 1592 0.02 0.02 0.02 FireFox Gold V 509 0.10 0.08 0.10 + 0.02 0.39 0.07 O 3 0.01 0.01 0.01 unch 0.00 0.02 0.01 Firestone Diam* V 41 0.04 0.00 0.04 + 0.01 0.10 0.04 Firestone Vent Fireweed Zinc V 128 0.70 0.64 0.70 + 0.01 0.97 0.45 O 12 0.51 0.00 0.50 - 0.02 0.71 0.34 Fireweed Zinc* Firma Holdings* O 819 0.01 0.00 0.01 + 0.00 0.05 0.00 688 0.11 0.10 0.10 + 0.00 0.18 0.08 First Cobalt * O unch 0.00 0.25 0.12 First Cobalt V 682 0.14 0.13 0.14 First Colombia* O 1997 0.00 0.00 0.00 - 0.00 0.00 0.00 0.04 First Energy C 18 0.05 0.00 0.05 + 0.01 0.20 First Energy* O 0 0.00 0.00 0.04 unch 0.00 0.17 0.02 First Majestic* N 26798 12.54 10.49 11.89 + 1.53 12.54 5.01 First Majestic T 5037 15.94 13.82 15.58 + 1.93 15.75 6.67 First Mexican* O 2 0.03 0.03 0.03 unch 0.00 0.04 0.01 unch 0.00 0.25 0.04 First Mexican V 35 0.04 0.04 0.04 First Mg Fin * O 3029 0.20 0.17 0.19 + 0.01 0.31 0.16 T 4891 0.26 0.23 0.26 + 0.02 0.41 0.21 First Mg Fin 0.08 First Point* O 106 0.11 0.11 0.11 + 0.00 0.14 First Quantum T 10964 13.06 12.65 12.83 + 0.02 16.63 7.84 V 105 0.28 0.26 0.26 - 0.03 1.08 0.17 First Vanadium First Vanadium* O 491 0.22 0.18 0.20 - 0.02 0.81 0.12 V 939 0.07 0.06 0.06 unch 0.00 0.26 0.05 Fission 3.0 0.03 Fission 3.0* O 266 0.05 0.00 0.05 - 0.00 0.17 Fission Uran* O 1374 0.23 0.20 0.22 + 0.01 0.46 0.19 0.25 Fission Uran T 1270 0.30 0.28 0.28 + 0.02 0.60 Five Star Diam V 220 0.05 0.05 0.05 + 0.01 0.08 0.03 6 0.04 0.02 0.04 unch 0.00 0.04 0.02 Five Star Diam* O O 372 0.03 0.03 0.03 - 0.01 0.07 0.02 Fjordland Exp* Fjordland Exp V 211 0.05 0.04 0.05 + 0.01 0.10 0.03 O 934 0.01 0.01 0.01 - 0.00 0.03 0.01 Focus Graphite* Focus Graphite V 451 0.02 0.01 0.02 + 0.01 0.04 0.01 0.22 Foran Mng V 89 0.28 0.26 0.26 + 0.01 0.36 0.11 Forsys Metals T 170 0.14 0.13 0.14 + 0.02 0.29 Fort St J Nick V 8 0.09 0.00 0.09 + 0.01 0.31 0.08 O 9 7.60 7.36 7.60 + 0.07 7.60 2.83 Fortescue Met* Fortuna Silvr T 2496 5.32 4.47 5.18 + 0.74 6.12 3.22 13254 4.14 3.40 3.96 + 0.60 4.59 2.39 Fortuna Silvr* N 0.19 Fortune Bay V 3 0.27 0.00 0.27 - 0.01 0.40 Fortune Bay* O 1 0.20 0.20 0.20 + 0.00 0.31 0.14 O 215 0.07 0.05 0.06 + 0.00 0.11 0.05 Fortune Mnrls* Fortune Mnrls T 218 0.08 0.08 0.08 + 0.01 0.16 0.07 0.03 Forum Energy V 823 0.09 0.07 0.09 + 0.01 0.11 O 109 0.07 0.06 0.07 + 0.00 0.08 0.02 Forum Energy* Four Nines C 3 0.15 0.15 0.15 unch 0.00 0.31 0.14 57 0.06 0.06 0.06 unch 0.00 0.10 0.04 Fox River Res C Fox River Res* O 1 0.04 0.04 0.04 unch 0.00 0.06 0.03 0.10 FPX Nickel V 197 0.16 0.15 0.16 + 0.03 0.18 Franco-Nevada* N 2229 103.87 96.38 101.90 + 5.46 103.87 67.97 Franco-Nevada T 1520 135.01 127.00 133.27 + 6.27 134.70 90.20 unch 0.00 0.00 0.00 Franklin Mng* O 0 0.00 0.00 0.00 Freegold Vent T 174 0.06 0.05 0.06 + 0.01 0.12 0.04 N 56571 13.25 12.71 13.03 + 0.32 14.68 8.43 Freeport McMoR* unch 0.00 0.15 0.04 Freeport Res V 100 0.06 0.06 0.06 Fremont Gold V 50 0.07 0.06 0.07 unch 0.00 0.19 0.04 O 105 0.06 0.04 0.05 - 0.00 0.15 0.04 Fremont Gold* Fresnillo plc* O 49 8.18 7.40 8.10 + 0.55 13.76 6.89 0.20 Frontier Lith V 169 0.26 0.24 0.26 + 0.02 0.47 unch 0.00 0.02 0.01 Frontline Gold V 15 0.01 0.01 0.01 Full Metal Mnl* O 0 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.12 Fura Gems V 71 0.16 0.14 0.16 + 0.02 0.46 Fura Gems* O 39 0.15 0.10 0.10 - 0.01 0.34 0.09

G-H G2 Goldfields* O 3 G2 Goldfields V 325 Gabriel Res* O 204 Gabriel Res V 572 Gaia Metals* O 4 Gaia Metals V 137 V 239 Gainey Capital Galane Gold * O 364 Galane Gold V 212 Galantas Gold* O 20 V 238 Galantas Gold Galleon Gold V 45 Galleon Gold* O 32 Galore Res V 175 Galway Gold * O 9 Galway Gold V 199 Galway Mtls* O 104 Galway Mtls V 426 Garibaldi Res V 503 Garibaldi Res * O 96 Gatling Explor V 374 O 65 Gatling Explor* Gem Intl Res V 200 General Moly T 6

20-23_JAN6_StockTables.indd 21

0.15 0.15 0.15 unch 0.00 0.26 0.08 0.24 0.19 0.24 + 0.05 0.43 0.19 0.45 0.35 0.37 - 0.06 0.54 0.23 0.57 0.45 0.47 - 0.09 0.71 0.31 0.07 0.06 0.07 + 0.01 0.66 0.06 0.11 0.10 0.10 + 0.02 0.90 0.08 0.06 0.05 0.06 + 0.01 0.16 0.04 0.08 0.06 0.08 + 0.01 0.10 0.03 0.11 0.09 0.10 unch 0.00 0.13 0.04 0.02 0.02 0.02 unch 0.00 0.07 0.02 0.03 0.02 0.03 + 0.01 0.15 0.02 0.06 0.06 0.06 unch 0.00 0.09 0.01 0.07 0.04 0.07 + 0.03 0.07 0.00 0.02 0.02 0.02 unch 0.00 0.05 0.01 0.07 0.06 0.07 + 0.01 0.10 0.00 0.10 0.08 0.10 + 0.02 0.15 0.07 0.26 0.25 0.26 + 0.00 0.30 0.12 0.34 0.32 0.34 + 0.01 0.44 0.17 1.14 0.91 0.92 - 0.08 2.25 0.69 0.85 0.71 0.71 - 0.07 1.70 0.51 0.52 0.41 0.48 + 0.08 0.71 0.29 0.37 0.30 0.37 + 0.07 0.54 0.21 0.06 0.00 0.06 - 0.01 0.08 0.05 0.32 0.29 0.29 - 0.03 0.59 0.22

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

General Moly* X 1154 O 44 Generation Min* C 451 Generation Min Genesis Mtls* O 45 Genesis Mtls V 313 Genius Metals C 91 V 569 Gensource Pot Geomega Res V 205 Geomega Res* O 195 Gespeg Res V 391 Getchell Gold * O 158 Getchell Gold C 80 Getty Copper V 25 GFG Resources V 2428 O 1603 GFG Resources* GFM Res V 60 GGL Res V 6 GGL Res* O 0 GGX Gold* O 400 GGX Gold V 364 Giga Metals* O 91 Giga Metals V 168 Gitennes Expl V 1980 Giyani Gold V 83 Giyani Gold* O 16 Glacier Lake V 355 Glacier Lake* O 0 Gldn Predator* O 455 Gldn Predator V 1607 83 Glen Eagle Res* O Glen Eagle Res V 8 O 140 Glencore Plc * Glencore Plc* O 893 O 112 Global Atomic* Global Atomic T 290 Global Battery V 70 O 50 Global Battery* Global Energy* O 12 Global Energy V 300 Global Gold* O 0 Global Li-Ion* O 119 Global Li-Ion C 258 GlobalMin Vent* O 1 Globex Mng* O 11 Globex Mng T 76 GMV Minerals* O 39 GMV Minerals V 52 GNCC Capital* O 14327 Go Cobalt* O 125 Go Cobalt C 44 GobiMin V 128 GoGold Res T 331 Gold Fields* O 2 24414 Gold Fields* N V 1606 Gold Finder Ex Gold Finder Ex* O 2 149 Gold Lion Res C Gold Reserve* O 541 Gold Reserve V 85 X 3666 Gold Resource* Gold Rush Cari* O 0 400 Gold Rush Cari V Gold Std Vents T 1070 Gold Std Vents* X 4331 194 Gold X Mining V Goldcliff Res* O 90 Goldcliff Res V 449 Golden Arrow* O 327 Golden Arrow V 3108 Golden Band* O 46 Golden Cariboo V 109 79 Golden Dawn Ml V Golden Dawn Ml* O 4 V 542 Golden Goliath O 204 Golden Goliath* Golden Harp* O 0 Golden Harp V 0 Golden Hope V 139 Golden Hope* O 79 Golden Lake C 64 Golden Mnls T 135 Golden Mnls* X 2455 Golden Opp Res C 704 V 456 Golden Pursuit O 0 Golden Pursuit* Golden Queen* O 67 V 141 Golden Queen Golden Ridge V 5103 V 116 Golden Secret Golden Share V 62 Golden Star* O 4 Golden Star T 420 Golden Star* X 2133 Golden Sun* O 87 Golden Tag V 311 Golden Valley* O 82 Golden Valley V 288 Goldex Res* O 1 Goldex Res V 50 O 165 Goldgroup Mng* Goldgroup Mng T 832 GoldMining* O 920 GoldMining T 823 GoldON Res V 131 GoldON Res* O 17 Goldplay Expl* O 258 Goldplay Expl V 267 GoldQuest Mng V 399 Goldrea Res C 37 Goldrea Res* O 50 Goldrich Mng* O 669 O 633 Goldsource Min* Goldsource Min V 3443 Goldstar Mnls V 2730 V 2992 Goldstrike Res Goliath Res V 250 Goliath Res* O 4 Gossan Res V 315 O 202 GoviEx Uranium* V 258 GoviEx Uranium Gowest Gold* O 70 Gowest Gold V 69 GPM Metals V 43 O 131 Gran Colombia* T 1207 Gran Colombia Granada Gold V 516 O 134 Granada Gold* Grande Portage V 83 O 55 Grande Portage* Granite Creek V 765 Graphite Egy* O 7 O 101 Graphite One* Graphite One V 62 Gratomic V 1171 450 Gray Rock Res V Great Atlantic V 12 376 Great Bear Res V Great Bear Res* O 110 397 Great Lakes Gr* O Great Panther T 1268 Great Panther* X 7647 V 60 Great Thunder Greatbanks Re V 77 Green River C 57 13 Green Valley M V Greencastle Rs V 212 O 459 Greenland M&En* Greenshield Ex V 13 Grenville Gold C 0 O 1 Grenville Gold* Grid Metals V 53 Grid Metals* O 8 Grizzly Discvr* O 195 Grizzly Discvr V 255 Group Eleven V 444 Group Ten Mtls* O 693 Group Ten Mtls V 1570 GrowMax Res* O 351 V 128 GSP Resource GT Gold V 533 GT Gold * O 78 O 1 GTA Resources* Guerrero Vents V 25 0 Guerrero Vents* O Gungnir Res* O 58 Gungnir Res V 183 Gunpoint Expl V 22 Guyana Gldflds T 5264 V 136 Guyana Goldstr O 142 Guyana Goldstr* Handa Mining V 1 O 1 Handeni Gold* Hanna Capital V 391 V 697 Hannan Metals Hannan Metals* O 842 546 Happy Ck Mnrls V V 210 Harfang Explor

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0.01 0.15 0.05 0.09 0.00 0.09 - 0.01 0.21 0.07 0.02 0.01 0.02 - 0.00 0.06 0.01 0.03 0.02 0.02 - 0.01 0.08 0.02 0.99 0.85 0.93 + 0.04 1.08 0.53 1.27 1.15 1.22 + 0.04 1.44 0.71 1.07 0.86 0.95 - 0.14 1.15 0.12 0.78 0.00 0.77 - 0.02 0.82 0.09 0.17 0.14 0.17 + 0.02 0.22 0.09 0.22 0.19 0.22 + 0.03 0.30 0.11 0.14 0.12 0.13 unch 0.00 0.23 0.08 0.06 0.00 0.06 + 0.01 0.11 0.03 0.05 0.04 0.05 + 0.01 0.07 0.02 0.02 0.01 0.02 + 0.00 0.03 0.01 0.07 0.04 0.07 + 0.02 0.16 0.03 0.10 0.06 0.10 + 0.03 0.23 0.05 0.02 0.02 0.02 unch 0.00 0.05 0.02 0.02 0.01 0.02 unch 0.00 0.10 0.01 0.03 0.03 0.03 + 0.01 0.15 0.02 0.02 0.00 0.02 unch 0.00 0.11 0.01 0.05 0.05 0.05 unch 0.00 0.09 0.04 0.12 0.10 0.12 + 0.02 0.16 0.09 0.15 0.14 0.15 + 0.01 0.21 0.12 0.15 0.14 0.15 + 0.01 0.31 0.01 0.23 0.19 0.23 + 0.04 0.50 0.08 0.06 0.06 0.06 - 0.01 0.10 0.05 4.25 3.85 4.22 + 0.34 4.44 2.02 5.59 5.09 5.59 + 0.55 5.91 2.73 0.11 0.10 0.11 + 0.01 0.23 0.09 0.09 0.07 0.08 + 0.00 0.17 0.06 0.11 0.11 0.11 unch 0.00 0.21 0.08 0.11 0.08 0.11 + 0.00 0.15 0.06 0.08 0.06 0.08 + 0.01 0.23 0.05 0.00 0.00 0.00 unch 0.00 1.09 0.00 0.26 0.22 0.24 - 0.00 1.00 0.00 0.32 0.28 0.29 - 0.03 0.40 0.12 0.07 0.06 0.06 - 0.01 0.83 0.03 0.05 0.05 0.05 unch 0.00 0.15 0.04 0.50 0.50 0.50 unch 0.00 0.85 0.30 8.85 8.55 8.73 + 0.16 9.57 1.85 6.80 6.50 6.62 + 0.09 7.23 1.42 0.00 0.00 0.00 + 0.00 0.10 0.00 0.71 0.59 0.66 + 0.06 1.58 0.53 0.54 0.45 0.50 + 0.05 1.19 0.40 0.08 0.00 0.08 unch 0.00 0.12 0.04 0.06 0.06 0.06 unch 0.00 0.15 0.04 0.07 0.05 0.07 unch 0.00 0.08 0.04 0.05 0.05 0.05 unch 0.00 0.98 0.05 0.05 0.05 0.05 unch 0.00 0.09 0.02 0.09 0.08 0.09 + 0.01 0.12 0.04 0.15 0.15 0.15 unch 0.00 0.22 0.04 0.00 0.00 0.11 unch 0.00 0.38 0.11 0.13 0.13 0.13 unch 0.00 0.13 0.08 0.09 0.09 0.09 + 0.01 0.16 0.09 0.08 0.08 0.08 unch 0.00 0.12 0.06 0.02 0.02 0.02 - 0.00 0.06 0.02 0.03 0.03 0.03 + 0.01 0.07 0.03 0.05 0.04 0.04 - 0.01 0.17 0.03 0.17 0.14 0.16 + 0.02 0.17 0.01 0.22 0.18 0.21 + 0.03 0.23 0.12 0.03 0.03 0.03 unch 0.00 0.15 0.00 0.30 0.25 0.26 + 0.02 0.44 0.13 1.10 1.05 1.07 unch 0.00 1.31 0.56 0.83 0.80 0.82 + 0.00 0.99 0.42 0.00 0.00 0.00 unch 0.00 0.02 0.00 0.32 0.00 0.32 + 0.04 0.32 0.07 0.00 0.00 0.09 unch 0.00 0.05 0.00 0.05 + 0.00 0.11 0.04 0.06 0.06 0.06 + 0.01 0.13 0.06 0.52 0.52 0.52 unch 0.00 0.74 0.38 0.75 0.55 0.69 + 0.16 1.85 0.46 0.05 0.04 0.05 + 0.01 0.25 0.04 0.04 0.03 0.03 + 0.00 0.20 0.02 0.00 0.00 0.02 unch 0.00 0.05 0.02 0.00 0.00 0.04 unch 0.00 0.04 0.02 0.03 0.03 0.03 - 0.01 0.11 0.03 0.23 0.14 0.22 + 0.09 0.23 0.05 0.18 0.10 0.17 + 0.08 0.18 0.04 0.11 0.08 0.10 unch 0.00 0.17 0.08 0.21 0.19 0.19 - 0.02 0.32 0.19

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Harmony Gold* N 28216 Harte Gold* O 315 Harte Gold T 6080 Harvest Gold V 81 Hawkeye Gld&Di V 442 O 29 Hawkeye Gld&Di* V 44 Heatherdale Rs Hecla Mining* N 49900 Helio Res V 226 Helio Res* O 2 O 58 Hemcare Health* Heron Res* O 22 HFX Holding V 20 Highbank Res V 202 HighGold* O 109 HighGold V 349 O 86 Highland Copp* Highland Copp V 11 116 Highway 50 Gld V HiHo Silver C 165 HiHo Silver* O 1 O 1 Hinterland Mtl* Hochschild Mg* O 43 245 Honey Badger E V Horizonte Mnls T 797 O 11 Hornby Bay Mnl* V 31 Hornby Bay Mnl HudBay Min* N 3108 HudBay Min T 4365 Hudson Res V 252 Hudson Res* O 72 Hunt Mng* O 38 Hunt Mng V 387 V 50 Hybrid Mineral Hycroft Mining* O 0

3.63 3.07 3.57 + 0.43 3.86 1.57 0.14 0.10 0.13 + 0.03 0.33 0.06 0.18 0.14 0.17 + 0.03 0.44 0.09 0.11 0.10 0.10 unch 0.00 0.60 0.09 0.04 0.03 0.04 + 0.01 0.07 0.02 0.02 0.02 0.02 unch 0.00 0.05 0.00 0.16 0.16 0.16 - 0.01 0.24 0.08 3.51 3.02 3.31 + 0.31 3.51 1.21 0.14 0.12 0.14 unch 0.00 0.15 0.05 0.09 0.09 0.09 unch 0.00 0.10 0.02 1.35 1.27 1.30 + 0.01 1.54 0.41 0.06 0.05 0.05 unch 0.00 0.45 0.05 0.01 0.01 0.01 unch 0.00 0.06 0.01 0.01 0.01 0.01 unch 0.00 0.03 0.01 1.18 1.02 1.03 + 0.04 1.38 0.79 1.38 1.30 1.34 + 0.04 1.89 0.78 0.03 0.00 0.03 + 0.00 0.08 0.02 0.04 0.00 0.04 + 0.01 0.10 0.02 0.07 0.06 0.07 + 0.01 0.22 0.06 0.03 0.03 0.03 unch 0.00 0.08 0.02 0.03 0.03 0.03 unch 0.00 0.04 0.01 0.00 0.00 0.00 unch 0.00 0.14 0.00 2.27 2.04 2.24 + 0.21 2.79 1.90 0.02 0.02 0.02 unch 0.00 0.05 0.01 0.07 0.07 0.07 unch 0.00 0.09 0.03 0.04 0.04 0.04 - 0.00 0.05 0.01 0.06 0.05 0.05 - 0.01 0.06 0.02 4.21 3.81 4.10 + 0.25 7.83 2.99 5.49 5.03 5.37 + 0.31 10.42 3.98 0.21 0.19 0.21 + 0.02 0.48 0.17 0.16 0.14 0.14 + 0.01 0.38 0.13 0.05 0.03 0.05 + 0.01 0.18 0.00 0.06 0.05 0.05 unch 0.00 0.23 0.04 0.01 0.01 0.01 unch 0.00 0.13 0.01 0.01 0.00 0.01 unch 0.00 0.03 0.00

I-Minerals* O 50 I-Minerals V 1010 IAMGOLD T 5362 21674 IAMGOLD* N Icon Explor* O 20 Iconic Mnls V 296 5 Iconic Mnls * O Idaho Champion C 1070 7 IMC Intl Mng C iMetal Res* O 82 iMetal Res V 385 V 1867 IMPACT Silver Impala Platnm* O 1 Imperial Metal T 257 Imperial Metal* O 6 73 Imperial Mg Gr V 64 Inca One Gold* O Inca One Gold V 1605 365 Inception Mng * O Independence G V 52 O 33 Independence G* Indiana Res* O 9 Indigo Expl V 150 Infinite Lith* O 0 Infinite Lith V 223 Inform Res V 5 O 200 Infrastructure* Inomin Mines V 68 O 10 Inspiration Mg* Integra Res* O 325 Integra Res V 1029 V 25 Inter-Rock Mnl Intercontinent V 0 O 1 Intercontinent* Intl Battery* O 91 Intl Battery C 434 30 Intl Bethl Mng V Intl Bethl Mng* O 2 Intl Cobalt* O 156 Intl Cobalt C 471 Intl Lithium* O 335 Intl Lithium V 472 Intl Montoro* O 30 Intl Montoro V 170 Intl Prospect * O 2 Intl Prospect V 604 V 62 Intl Samuel Ex Intl Star* O 72629 841 Intl Tower Hil* X Intl Tower Hil T 8 Intl Zeolite V 595 Intl Zeolite* O 41 Intrepid Pots* N 3784 INV Metals* O 28 INV Metals T 11 10 Inventus Mg * O Inventus Mg V 43 InZinc Mining V 37 O 225 InZinc Mining* Irving Res* O 130 Irving Res C 133 IsoEnergy Ltd V 14 Itafos* O 4 V 55 Itafos Itoco Inc* O 114 O 149 Ivanhoe Mines* T 2056 Ivanhoe Mines Jade Leader* O 35 Jade Leader V 8 Jaeger Res V 120 Jaguar Mng T 3979 Jaguar Mng* O 742 Japan Gold V 788 Japan Gold* O 181 Jasper Mining V 57 O 10 Jaxon Mining* Jaxon Mining V 1455 Jayden Res V 154 Jayden Res* O 0 Jazz Res V 1114 JDF Explor Inc C 1600 V 995 Jervois Mining Jervois Mining* O 1281 Jiulian Res V 212 Josemaria Res* O 48 T 559 Josemaria Res Joshua Gold* O 56 Jourdan Res V 54 O 130 Jubilee Metals* Juggernaut Exp V 33 O 2 Juggernaut Exp* Jupiter Gold* O 1 K2 Gold V 219 K92 Mining* O 698 K92 Mining V 1702 Kaizen Discov V 628 O 52 Kaizen Discvry* Kal Minerals C 50 V 55 Kanadario Gold Kapuskasing Gd* O 2 V 24 Kapuskasing Gd Karam Min C 3 Karnalyte Res T 18 Karoo Expl V 125 KAT Expl* O 11796 Katanga Mng T 5719 V 53 Kenadyr Mining Kenadyr Mining* O 5 Kermode Res V 300 Kerr Mines* O 329 Kerr Mines T 706 V 500 Kesselrun Res Kestrel Gold V 280 V 6 Kilo Goldmines Kilo Goldmines* O 0 V 61 Kincora Copper King Global V 612 Kings Bay Res* O 3 V 2 Kingsmen Res Kingsmen Res* O 3 O 50 Kingsrose Mng* 42858 Kinross Gold* N Kinross Gold T 11152 Kintavar Exp V 141 Kirkland Lake* N 4752 Kirkland Lake T 2993 O 69 Klondike Gold* Klondike Gold V 289 Klondike Silv* O 186 Klondike Silv V 1370 O 1 Kombat Copper* V 105 Kombat Copper Komet Resource V 1225 O 389 Kootenay Silvr* Kootenay Silvr V 830 C 56 Kootenay Zinc O 29 Kootenay Zinc* Kore Mining * O 49 Kore Mining V 89

0.03 0.03 0.03 unch 0.00 0.14 0.02 0.04 0.04 0.04 unch 0.00 0.19 0.03 4.85 4.30 4.74 + 0.45 5.55 3.08 3.72 3.26 3.63 + 0.37 4.17 2.28 0.00 0.00 0.07 unch 0.00 0.21 0.07 0.06 0.00 0.06 - 0.01 0.18 0.04 0.04 0.00 0.04 + 0.01 0.13 0.03 0.04 0.04 0.04 + 0.01 0.20 0.04 0.50 0.00 0.50 + 0.02 0.58 0.30 0.06 0.05 0.06 + 0.02 0.14 0.03 0.07 0.06 0.06 - 0.01 0.19 0.04 0.44 0.36 0.43 + 0.06 0.51 0.23 9.30 9.30 9.30 unch 0.00 9.30 4.75 2.05 1.85 2.00 + 0.18 3.50 1.24 1.54 1.44 1.53 + 0.18 2.60 0.99 0.05 0.04 0.05 + 0.01 0.11 0.03 0.02 0.02 0.02 + 0.00 0.04 0.02 0.03 0.02 0.03 + 0.01 0.05 0.02 0.06 0.05 0.05 + 0.00 0.55 0.00 0.06 0.05 0.06 + 0.01 0.10 0.05 0.05 0.05 0.05 + 0.00 0.08 0.00 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.06 0.00 0.06 + 0.02 0.08 0.01 0.08 0.07 0.07 - 0.01 0.12 0.03 0.04 0.00 0.04 unch 0.00 0.07 0.03 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.04 0.04 0.04 + 0.01 0.05 0.02 0.00 0.00 0.00 unch 0.00 0.03 0.00 0.97 0.84 0.88 + 0.03 1.07 0.46 1.19 1.11 1.17 + 0.05 1.42 0.61 0.25 0.25 0.25 unch 0.00 0.35 0.19 0.00 0.00 0.12 unch 0.00 0.33 0.09 0.12 0.12 0.12 unch 0.00 0.24 0.07 0.12 0.09 0.12 + 0.01 0.17 0.03 0.16 0.13 0.13 - 0.03 0.22 0.05 0.04 0.04 0.04 + 0.02 0.10 0.02 0.02 0.02 0.02 unch 0.00 0.04 0.01 0.02 0.01 0.01 - 0.00 0.04 0.00 0.02 0.01 0.01 unch 0.00 0.05 0.01 0.03 0.02 0.03 + 0.01 0.06 0.02 0.04 0.03 0.04 unch 0.00 0.09 0.03 0.02 0.02 0.02 - 0.01 0.06 0.02 0.04 0.04 0.04 + 0.01 0.09 0.03 0.05 0.00 0.05 unch 0.00 0.12 0.05 0.09 0.08 0.08 - 0.01 0.20 0.07 0.09 0.00 0.08 - 0.03 0.50 0.05 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.55 0.50 0.54 + 0.04 0.72 0.42 0.68 0.00 0.68 + 0.02 0.94 0.60 0.06 0.05 0.05 - 0.01 0.16 0.05 0.04 0.04 0.04 - 0.00 0.12 0.03 2.73 2.53 2.55 - 0.12 4.39 2.06 0.30 0.30 0.30 + 0.02 0.59 0.22 0.38 0.00 0.38 unch 0.00 0.83 0.30 0.10 0.10 0.10 unch 0.00 0.12 0.05 0.14 0.13 0.14 unch 0.00 0.16 0.07 0.02 0.02 0.02 unch 0.00 0.07 0.02 0.01 0.01 0.01 unch 0.00 0.04 0.01 2.25 2.01 2.23 + 0.13 2.50 1.12 2.93 2.65 2.90 + 0.15 3.25 1.50 0.43 0.42 0.43 + 0.01 0.79 0.35 0.45 0.00 0.45 + 0.04 1.23 0.29 0.67 0.54 0.67 + 0.08 1.63 0.45 0.17 0.12 0.16 - 0.01 0.90 0.07 3.18 3.00 3.11 + 0.07 3.46 1.58 4.16 4.03 4.06 + 0.04 4.54 2.14 0.20 0.20 0.20 unch 0.00 0.27 0.13 0.23 0.23 0.23 - 0.02 0.35 0.13 0.01 0.01 0.01 unch 0.00 0.04 0.01 0.25 0.17 0.23 + 0.07 0.30 0.07 0.19 0.12 0.17 + 0.05 0.22 0.05 0.29 0.27 0.28 - 0.02 0.43 0.16 0.23 0.21 0.21 - 0.02 0.32 0.13 0.12 0.10 0.10 - 0.02 0.25 0.01 0.02 0.02 0.02 + 0.00 0.07 0.02 0.05 0.04 0.05 + 0.01 0.10 0.03 0.01 0.01 0.01 unch 0.00 0.17 0.01 0.01 0.00 0.01 - 0.00 0.12 0.00 0.06 0.05 0.05 - 0.01 0.06 0.03 0.28 0.22 0.28 + 0.08 0.71 0.01 0.19 0.18 0.18 + 0.01 0.24 0.13 0.15 0.11 0.13 + 0.01 0.20 0.11 0.02 0.02 0.02 + 0.01 0.14 0.01 0.45 0.39 0.45 + 0.03 0.91 0.39 0.64 0.52 0.61 + 0.06 1.22 0.50 0.18 0.13 0.16 - 0.02 0.40 0.08 0.01 0.01 0.01 - 0.01 0.06 0.01 0.05 0.05 0.05 + 0.00 0.06 0.03 0.23 0.22 0.22 - 0.01 1.60 0.10 0.20 0.19 0.19 - 0.01 1.20 0.06 0.75 0.75 0.75 unch 0.00 2.00 0.25 0.27 0.24 0.24 - 0.02 0.37 0.17 2.29 1.86 2.13 + 0.21 2.29 0.58 2.90 2.52 2.79 + 0.27 2.90 0.81 0.04 0.03 0.04 unch 0.00 0.07 0.03 0.02 0.02 0.02 + 0.01 0.05 0.02 0.10 0.10 0.10 unch 0.00 0.25 0.10 0.19 0.19 0.19 unch 0.00 0.25 0.15 0.07 0.07 0.07 unch 0.00 0.07 0.07 0.09 0.00 0.09 unch 0.00 0.14 0.03 0.03 0.00 0.03 unch 0.00 0.15 0.03 0.19 0.17 0.19 + 0.01 0.36 0.15 0.14 0.07 0.14 + 0.07 1.65 0.04 0.00 0.00 0.00 + 0.00 0.00 0.00 0.13 0.12 0.13 unch 0.00 0.83 0.11 0.05 0.04 0.05 + 0.01 0.11 0.04 0.03 0.03 0.03 unch 0.00 0.07 0.03 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.12 0.10 0.11 + 0.00 0.21 0.07 0.16 0.14 0.15 unch 0.00 0.27 0.11 0.04 0.04 0.04 + 0.01 0.07 0.03 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.05 0.00 0.05 unch 0.00 0.16 0.01 0.02 0.02 0.02 unch 0.00 0.10 0.01 0.00 0.00 0.00 unch 0.00 0.03 0.00 0.08 0.00 0.08 + 0.01 0.70 0.07 0.06 0.06 0.06 - 0.00 0.52 0.01 0.08 0.08 0.08 unch 0.00 0.16 0.08 4.76 4.29 4.62 + 0.36 5.47 3.00 6.13 5.65 6.04 + 0.40 7.24 4.04 0.14 0.13 0.14 unch 0.00 0.28 0.10 44.81 40.71 43.35 + 2.64 51.08 24.69 58.15 53.72 56.72 + 3.13 67.87 32.81 0.23 0.21 0.22 + 0.01 0.35 0.10 0.30 0.28 0.29 - 0.01 0.45 0.17 0.03 0.02 0.03 + 0.01 0.04 0.01 0.05 0.03 0.05 + 0.02 0.05 0.03 0.10 0.10 0.10 unch 0.00 0.15 0.05 0.13 0.11 0.13 unch 0.00 0.20 0.05 0.11 0.05 0.08 - 0.03 0.20 0.05 0.22 0.18 0.22 + 0.05 0.23 0.08 0.29 0.24 0.29 + 0.02 0.32 0.11 0.06 0.05 0.05 unch 0.00 0.29 0.05 0.04 0.03 0.04 + 0.00 0.17 0.02 0.22 0.19 0.21 + 0.01 0.31 0.09 0.27 0.25 0.27 + 0.01 0.41 0.08

I-J-K

(100s) Stock

Week

21

12-month

Exc Volume High Low Last Change High Low

Kutcho Copper * O 85 0.21 0.17 0.19 + 0.02 0.35 0.10 unch 0.00 0.01 0.00 KWG Res* O 911 0.01 0.00 0.00 KWG Res C 10076 0.01 0.01 0.01 unch 0.00 0.02 0.01

L La Imperial C 280 O 1 Labrador Gold* Labrador Gold V 373 O 203 Labrador IMH* Labrador IOR* O 12 Labrador IOR T 4816 O 30 Lake Resources* Lara Expl V 124 Laramide Res T 501 Laredo Res* O 118 Largo Res T 1204 Largo Res* O 1488 Latin American V 5277 O 1 Latin American* Latin Metals* O 31 Latin Metals V 455 1 Laurion Mnl Ex* O Laurion Mnl Ex V 599 O 444 Leading Edge* Leading Edge V 538 Leagold Mg T 2016 Leagold Mg* O 1016 Leeta Gold V 4384 Legion Metals C 513 Leo Res* O 1 Lepanto Con Mg* O 950 O 272 Libero Copper* Libero Copper V 440 Liberty Gold* O 890 Liberty One Li V 344 O 620 Liberty One Li* LiCo Energy* O 199 LiCo Energy V 229 O 1 Lightspeed Dis* Lightspeed Dis V 1 Lincoln Mng V 125 310 Lion One Mtls V Lion One Mtls* O 204 20 Lions Bay Cap V Lions Bay Mg C 8 1 Lions Bay Mg * O 0 Lions Gate Mtl* O Lithium Amer T 261 Lithium Amer* N 517 Lithium Chile V 55 Lithium Chile* O 43 Lithium Corp* O 172 Lithium Energi* O 43 V 515 Lithium Energi Lithoquest Dia V 482 O 0 Lithoquest Dia* LKA Gold* O 6 Lode-Star Mg* O 24 Lodge Res C 56 Logan Res V 522 Logan Res* O 0 Lomiko Mtls* O 161 Lomiko Mtls V 674 Loncor Res* O 2 Loncor Res T 38 O 59 Lone Star Gold* Los Andes* O 40 Los Andes V 76 11413 Lucara Diam T Lucky Min V 498 Lucky Min* O 340 Luckystrike * O 4 Luckystrike V 90 Lumina Gold* O 138 Lumina Gold V 2201 Luminex Res V 76 Lundin Gold T 1070 Lundin Mng* O 84 Lundin Mng T 3131 Lupaka Gold * O 24 Lupaka Gold V 2256 Lydian Intl* O 35 Lydian Intl T 830 Lynas Corp* O 207 Lynas Corp* O 365

0.02 0.02 0.02 unch 0.00 0.04 0.02 0.09 0.09 0.09 unch 0.00 0.18 0.09 0.13 0.12 0.12 - 0.01 0.26 0.11 0.05 0.03 0.04 - 0.00 0.20 0.00 19.75 0.00 19.75 + 0.67 27.20 16.69 26.13 25.05 25.89 + 0.86 36.01 21.87 0.02 0.02 0.02 unch 0.00 0.09 0.02 0.58 0.56 0.56 + 0.01 0.59 0.41 0.22 0.19 0.20 + 0.01 0.46 0.18 0.00 0.00 0.00 - 0.00 0.01 0.00 1.14 1.01 1.02 - 0.05 3.27 0.81 0.84 0.76 0.78 - 0.04 2.46 0.62 0.01 0.01 0.01 + 0.01 0.03 0.01 0.00 0.00 0.00 - 0.00 0.02 0.00 0.10 0.10 0.10 unch 0.00 0.11 0.02 0.13 0.13 0.13 unch 0.00 0.20 0.08 0.11 0.11 0.11 + 0.00 0.16 0.05 0.16 0.14 0.16 + 0.01 0.22 0.08 0.06 0.05 0.06 + 0.00 0.30 0.04 0.08 0.08 0.08 + 0.01 0.40 0.06 3.25 2.88 3.18 + 0.25 3.07 1.41 2.49 2.18 2.43 + 0.20 2.44 1.04 0.12 0.10 0.11 + 0.01 0.82 0.08 0.30 0.27 0.30 + 0.03 0.83 0.26 0.01 0.01 0.01 - 0.00 0.12 0.00 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.10 0.08 0.08 + 0.00 0.18 0.05 0.11 0.09 0.11 + 0.01 0.23 0.07 0.80 0.70 0.78 + 0.05 0.80 0.22 0.05 0.00 0.05 - 0.01 0.18 0.04 0.04 0.03 0.03 - 0.01 0.14 0.02 0.02 0.01 0.02 + 0.00 0.10 0.01 0.03 0.02 0.03 + 0.01 0.13 0.02 0.07 0.00 0.07 - 0.02 0.11 0.09 0.10 0.00 0.10 unch 0.00 0.32 0.08 0.08 0.08 0.08 unch 0.00 0.25 0.05 1.62 1.30 1.52 + 0.12 1.62 0.35 1.20 1.00 1.18 + 0.12 1.15 0.24 0.03 0.03 0.03 unch 0.00 0.10 0.03 0.09 0.09 0.09 unch 0.00 0.20 0.03 0.06 0.00 0.06 + 0.01 0.14 0.00 0.03 0.03 0.03 unch 0.00 0.04 0.03 4.32 4.13 4.14 - 0.16 6.43 3.60 3.30 3.14 3.17 - 0.09 4.89 2.75 0.23 0.22 0.23 + 0.02 0.65 0.21 0.18 0.16 0.17 + 0.01 0.49 0.16 0.06 0.05 0.05 + 0.00 0.15 0.05 0.03 0.02 0.03 + 0.00 0.17 0.01 0.05 0.03 0.04 + 0.02 0.24 0.03 0.07 0.05 0.07 + 0.02 0.22 0.05 0.00 0.00 0.04 unch 0.00 0.08 0.04 0.07 0.07 0.07 unch 0.00 0.43 0.06 0.04 0.03 0.04 + 0.00 0.15 0.03 0.50 0.48 0.48 - 0.02 0.55 0.11 0.07 0.07 0.07 + 0.01 0.24 0.04 0.00 0.00 0.05 unch 0.00 0.12 0.05 0.02 0.02 0.02 - 0.00 0.07 0.01 0.03 0.03 0.03 + 0.01 0.09 0.02 0.36 0.36 0.36 unch 0.00 0.40 0.09 0.44 0.00 0.42 unch 0.00 0.49 0.12 0.55 0.33 0.46 - 0.09 2.12 0.05 0.32 0.32 0.32 unch 0.00 0.40 0.14 0.41 0.37 0.41 unch 0.00 0.52 0.17 0.91 0.81 0.88 + 0.03 1.87 0.78 0.02 0.02 0.02 unch 0.00 0.15 0.01 0.02 0.01 0.01 - 0.00 0.12 0.01 0.34 0.34 0.34 - 0.04 2.07 0.10 0.50 0.46 0.48 unch 0.00 0.50 0.02 0.47 0.42 0.46 - 0.00 1.03 0.38 0.62 0.56 0.60 - 0.02 0.73 0.50 0.79 0.71 0.74 + 0.02 1.02 0.54 8.09 7.72 7.97 + 0.25 9.04 4.59 6.00 5.70 5.91 + 0.07 6.00 3.98 7.86 7.67 7.77 + 0.07 7.96 5.43 0.01 0.00 0.00 - 0.01 0.08 0.00 0.02 0.01 0.02 + 0.01 0.12 0.01 0.05 0.05 0.05 unch 0.00 0.16 0.04 0.08 0.08 0.08 unch 0.00 0.24 0.06 1.71 1.59 1.71 + 0.04 2.29 1.05 1.72 1.62 1.70 + 0.00 2.33 1.05

M M.P.V. Explor C 141 0.11 0.08 0.08 - 0.03 0.18 0.06 O 1389 0.20 0.18 0.20 unch 0.00 1.24 0.07 Macarthur Min* Macarthur Min V 251 0.24 0.22 0.24 - 0.01 0.27 0.01 O 487 0.09 0.07 0.08 + 0.02 0.16 0.02 MacDonald Mns* MacDonald Mns V 2203 0.11 0.08 0.11 + 0.03 0.21 0.03 MAG Silver T 1355 15.71 13.98 15.41 + 1.41 18.60 9.50 O 7 1.84 1.02 1.39 - 0.15 3.80 1.02 Magellan Gold* Magna Gold V 71 0.29 0.28 0.29 + 0.01 0.55 0.19 unch 0.00 0.38 0.20 Magna Gold* O 28 0.21 0.20 0.21 Magna Terra* O 0 0.00 0.00 0.01 unch 0.00 0.04 0.00 V 5 0.12 0.12 0.12 unch 0.00 0.20 0.04 Magnitude Mng unch 0.00 0.09 0.04 Majestic Gold V 724 0.05 0.05 0.05 Majestic Gold* O 48 0.03 0.00 0.03 - 0.00 0.06 0.03 0.40 Makena Res* O 78 0.48 0.41 0.45 + 0.05 2.18 Mako Mining* O 760 0.23 0.19 0.23 + 0.02 0.22 0.01 0.09 Mako Mining V 1131 0.32 0.25 0.31 + 0.04 0.32 V 6 0.03 0.03 0.03 unch 0.00 0.09 0.02 Mammoth Res Mandalay Res T 231 1.04 0.90 1.01 + 0.07 1.60 0.60 O 41 0.76 0.68 0.76 + 0.07 1.12 0.04 Mandalay Res* Manganese X* O 100 0.05 0.04 0.04 unch 0.00 0.13 0.04 0.06 Manganese X V 233 0.07 0.06 0.07 + 0.02 0.18 V 118 0.08 0.06 0.07 unch 0.00 0.08 0.03 Mangazeya Mng Mangazeya Mng* O 25 0.05 0.04 0.05 + 0.01 0.04 0.01 70 0.03 0.03 0.03 + 0.01 0.05 0.02 Manitou Gold * O Manitou Gold V 791 0.04 0.04 0.04 unch 0.00 0.07 0.02 0.07 Maple Gold V 381 0.10 0.08 0.10 + 0.01 0.13 0.05 Maple Gold* O 1475 0.07 0.06 0.07 + 0.00 0.10 Marathon Gold* O 381 1.34 1.24 1.29 + 0.08 1.34 0.55 T 784 1.73 1.61 1.69 + 0.09 1.76 0.74 Marathon Gold Margaret Lake V 885 0.02 0.02 0.02 - 0.01 0.11 0.02 0.03 Margaux Res V 78 0.08 0.07 0.08 + 0.01 0.15 O 9 0.06 0.06 0.06 unch 0.00 0.08 0.02 Margaux Res* Marifil Mines* O 164 0.06 0.04 0.05 unch 0.00 0.14 0.04 0.05 Marifil Mines V 40 0.07 0.06 0.06 - 0.01 0.18 Mariner Res C 100 0.16 0.16 0.16 unch 0.00 0.20 0.15 0.07 Maritime Res V 921 0.08 0.08 0.08 + 0.01 0.12 MartinMarietta* N 1702 279.71 269.62 278.71 + 5.47 279.71 167.28 Mas Gold V 25 0.07 0.07 0.07 unch 0.00 0.16 0.04 1 2.35 0.00 2.35 + 0.10 50.00 1.21 Mascota Res* O Mason Graphite* O 297 0.17 0.15 0.15 unch 0.00 0.50 0.14 V 379 0.21 0.20 0.20 unch 0.00 0.63 0.19 Mason Graphite V 2 0.00 0.00 0.12 unch 0.00 0.25 0.11 Matachewan Con Matica Ent C 930 0.04 0.04 0.04 unch 0.00 0.17 0.04 0.00 Matmown* O 11 0.01 0.00 0.01 + 0.00 0.03 Maverix Metals T 447 5.89 5.72 5.89 + 0.14 6.96 4.32 X 541 4.87 4.35 4.47 + 0.12 5.50 1.65 Maverix Metals* 0.09 Mawson Res* O 54 0.14 0.12 0.14 + 0.02 0.22 Mawson Res T 273 0.18 0.16 0.18 + 0.01 0.29 0.13 0.07 MAX Res V 402 0.17 0.12 0.13 + 0.01 3.00 MaxTech Vent C 385 0.10 0.09 0.09 - 0.01 0.16 0.03 O 368 0.08 0.06 0.07 - 0.01 0.11 0.02 MaxTech Vent* unch 0.00 4.54 0.05 Maxwell Res* O 0 0.00 0.00 0.06 Maya Gold &Sil* O 16 1.50 1.43 1.45 + 0.03 1.84 1.15 144 2.00 1.73 1.98 + 0.13 2.63 1.55 Maya Gold &Sil T Mazarin V 118 0.07 0.05 0.07 + 0.02 0.12 0.04 0.01 MBMI Res* O 1 0.04 0.00 0.04 - 0.05 1.00 unch 0.00 0.32 0.04 MBMI Res V 0 0.00 0.00 0.13 McChip Res V 14 0.51 0.50 0.51 + 0.01 0.93 0.50 1.35 McEwen Mng T 1454 1.62 1.44 1.60 + 0.15 2.84 McEwen Mng* N 18461 1.28 1.09 1.22 + 0.13 2.14 1.02 unch 0.00 0.05 0.01 McLaren Res C 85 0.03 0.03 0.03 0.11 MDN Inc* O 426 0.37 0.00 0.37 + 0.06 0.40 Mechel* N 132 1.96 1.91 1.92 - 0.03 2.54 1.53 0.07 Medallion Res V 223 0.10 0.09 0.09 - 0.01 0.28 Medallion Res* O 213 0.08 0.06 0.07 + 0.00 0.21 0.05 0.05 Medgold Res V 89 0.06 0.06 0.06 + 0.01 0.17 O 500 0.04 0.03 0.03 unch 0.00 0.12 0.03 Medgold Res* Medinah Mnrls* O 17611 0.00 0.00 0.00 + 0.00 0.00 0.00 unch 0.00 0.18 0.12 Mega Copper V 45 0.12 0.12 0.12 Mega Uranium T 1338 0.10 0.09 0.09 + 0.01 0.13 0.08 O 127 0.07 0.06 0.07 - 0.00 0.10 0.05 Mega Uranium* unch 0.00 0.19 0.04 Megastar Dev V 100 0.11 0.11 0.11 MegumaGold* O 38 0.11 0.09 0.09 - 0.01 0.15 0.03 0.06 MegumaGold C 99 0.14 0.12 0.13 - 0.01 0.21 Melkior Res V 1499 0.03 0.03 0.03 unch 0.00 0.13 0.02 O 0 0.00 0.00 0.00 unch 0.00 Mensa Mng Corp* Merger Mines* O 0 0.00 0.00 25.00 unch 0.00 Meridian Mg * O 4 0.04 0.04 0.04 unch 0.00 0.13 0.03 0.04 Meridian Mg V 29 0.07 0.06 0.06 + 0.01 0.22 Meryllion Res* O 5 0.00 0.00 0.00 + 0.00 0.01 0.00 unch 0.00 0.04 0.01 Meryllion Res C 11 0.01 0.01 0.01 0.00 Mesa Expl* O 43 0.00 0.00 0.00 - 0.00 0.00 MetalCorp V 20 0.01 0.01 0.01 unch 0.00 0.02 0.01 unch 0.00 0.08 0.02 Metalex Vent V 204 0.03 0.02 0.02 Metalex Vent * O 12 0.03 0.02 0.03 + 0.01 0.03 0.01 3.00 Metalla Rylty V 480 6.84 6.16 6.67 - 0.11 7.20 2.26 Metalla Rylty* O 706 5.39 4.66 5.14 + 0.02 5.65 Metallic Mnrls* O 307 0.19 0.16 0.17 - 0.00 0.19 0.08

2019-12-30 3:38 PM

22

WWW.NORTHERNMINER.COM

JANUARY 6–19, 2020 / 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

Metallic Mnrls V 487 Metallica Min* O 20 Metallis Res V 203 Metalo Manuf C 93 Metalo Manuf* O 7 Metalore Res* O 1 Metalore Res V 1 Metals Creek* O 4 Metals Creek V 37 Metals X* O 80 Mexican Gold* O 138 Mexus Gold* O 15887 MGX Minerals* O 1416 MGX Minerals C 1381 Mich Resources C 88 Midas Gold T 561 Midas Gold* O 1074 Midasco Cap V 25 Midland Expl V 138 Midnight Star C 3 Midnight Sun* O 23 Midnight Sun V 234 Millennial Lit* O 48 Millennial Lit V 152 Millrock Res* O 240 Millrock Res V 603 V 419 Minaurum Gold Minaurum Gold* O 688 Minco Silver* O 67 Minco Silver T 177 Minera Alamos * O 1509 V 2731 Minera Alamos Minera IRL* O 76 Minera IRL C 436 Mineral Mtn* O 463 Mineral Mtn V 2189 Mineral Res* O 1 MineralRite* O 1222 Mineworx Tech V 362 O 417 Mineworx Tech* Minfocus Expl V 7 Mining Global* O 506 Minnova Corp V 186 Minsud Res V 50 Miramont Res* O 262 Miramont Res C 432 Mirasol Res V 174 Mistango River C 199 Mkango Res V 41 ML Gold* O 11 ML Gold Corp V 101 O 20 Monarca Mnrls* Monarca Mnrls V 171 Monarch Gold T 642 O 395 Monarch Gold* Moneta Porcpn* O 27 T 677 Moneta Porcpn C 67 Mongoose Mg Monitor Vent V 3 Monitor Vent* O 2 Monterey Min C 1078 Montero Mg&Ex V 5 Montero Mg&Ex * O 100 Monument Mng V 56 Morien Res* O 23 Morien Res V 355 Mosaic* N 13701 Mountain Boy V 83 O 29 Mountain Boy* Mountain Prov* D 348 Mountain Prov T 282 O 32 Mundoro Cap* Mundoro Cap V 197 V 505 Murchison Min MX Gold* O 38

0.22 0.21 0.22 unch 0.00 0.25 0.11 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.34 0.29 0.30 - 0.03 0.99 0.28 0.10 0.10 0.10 unch 0.00 0.40 0.10 0.09 0.07 0.07 unch 0.00 0.18 0.07 1.52 1.48 1.48 unch 0.00 1.52 0.71 1.99 1.95 1.95 unch 0.00 2.60 0.89 0.04 0.02 0.04 - 0.00 0.05 0.02 0.05 0.04 0.05 unch 0.00 0.06 0.03 0.05 0.00 0.05 unch 0.00 0.31 0.05 0.08 0.06 0.07 + 0.01 0.17 0.04 0.00 0.00 0.00 - 0.00 0.03 0.00 0.05 0.03 0.04 + 0.00 0.35 0.03 0.06 0.04 0.05 - 0.01 0.47 0.04 0.40 0.31 0.31 unch 0.00 0.50 0.08 0.64 0.58 0.64 + 0.04 1.10 0.51 0.50 0.43 0.49 + 0.04 0.85 0.39 0.08 0.08 0.08 - 0.07 0.15 0.08 0.94 0.82 0.94 + 0.12 1.46 0.66 0.15 0.13 0.15 unch 0.00 0.34 0.11 0.10 0.10 0.10 unch 0.00 0.13 0.08 0.11 0.10 0.10 - 0.02 0.17 0.10 0.91 0.00 0.80 + 0.04 1.59 0.67 1.10 0.00 1.05 + 0.03 2.12 0.99 0.13 0.10 0.13 + 0.02 0.16 0.05 0.18 0.14 0.17 + 0.03 0.21 0.07 0.51 0.40 0.46 + 0.04 0.55 0.32 0.39 0.31 0.37 + 0.06 0.43 0.23 0.56 0.46 0.54 + 0.02 0.73 0.25 0.75 0.59 0.71 + 0.03 0.99 0.37 0.27 0.22 0.24 + 0.02 0.27 0.06 0.32 0.29 0.30 + 0.02 0.32 0.09 0.12 0.10 0.12 + 0.02 0.13 0.10 0.16 0.14 0.16 + 0.04 0.19 0.05 0.43 0.31 0.34 - 0.03 0.43 0.07 0.53 0.43 0.44 - 0.06 0.53 0.10 11.70 11.70 11.70 + 0.34 12.00 8.77 0.00 0.00 0.00 + 0.00 0.00 0.00 0.13 0.12 0.13 + 0.01 0.24 0.07 0.11 0.09 0.10 + 0.01 0.18 0.06 0.04 0.04 0.04 unch 0.00 0.09 0.03 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.06 0.06 0.06 - 0.01 0.77 0.06 0.05 0.05 0.05 unch 0.00 0.15 0.01 0.08 0.05 0.08 + 0.04 0.48 0.05 0.11 0.08 0.11 + 0.04 0.63 0.07 0.62 0.56 0.60 unch 0.00 1.40 0.49 0.03 0.03 0.03 unch 0.00 0.05 0.01 0.15 0.13 0.13 + 0.01 0.19 0.09 0.07 0.06 0.06 - 0.03 0.54 0.01 0.11 0.11 0.11 - 0.01 0.77 0.09 0.02 0.02 0.02 unch 0.00 0.06 0.02 0.04 0.04 0.04 - 0.01 0.08 0.02 0.23 0.20 0.21 + 0.01 0.33 0.20 0.19 0.15 0.16 - 0.00 0.24 0.11 0.10 0.08 0.10 - 0.00 0.12 0.06 0.13 0.12 0.13 + 0.01 0.16 0.09 0.15 0.15 0.15 + 0.02 0.15 0.12 0.15 0.00 0.15 unch 0.00 0.30 0.14 0.11 0.00 0.11 + 0.00 0.30 0.10 0.05 0.05 0.05 - 0.01 0.16 0.04 0.05 0.05 0.05 unch 0.00 0.20 0.03 0.17 0.17 0.17 unch 0.00 0.17 0.02 0.04 0.04 0.04 - 0.01 0.08 0.04 0.33 0.00 0.33 + 0.00 0.41 0.25 0.46 0.44 0.45 + 0.01 0.54 0.33 21.80 20.97 21.22 - 0.49 33.91 17.36 0.20 0.18 0.19 - 0.01 0.27 0.16 0.14 0.13 0.14 + 0.00 0.21 0.11 0.88 0.84 0.87 + 0.00 1.48 0.65 1.15 1.11 1.13 unch 0.00 2.00 0.91 0.13 0.00 0.13 + 0.03 0.19 0.00 0.16 0.15 0.16 + 0.02 0.25 0.10 0.12 0.09 0.12 + 0.03 0.18 0.04 0.00 0.00 0.00 - 0.00 0.01 0.00

NA Frac Sand* O 1607 NACCO Ind* N 67 Namibia Crit V 644 Namibia Crit* O 544 Napier Vent V 65 Napier Vent* O 75 90 Natural Res Pt* N O 2360 Nautilus Mnrls* Nemaska Lith T 4235 O 522 Nemaska Lith* Neo Lithium V 598 Neometals* O 13 O 160 Network Expl* Network Expl V 144 O 33 Nevada Canyon* Nevada Copper T 3472 Nevada Energy* O 125 V 41 Nevada Energy Nevada Expl * O 131 Nevada Expl V 112 Nevada Sunrise* O 81 Nevada Sunrise V 88 Nevada Zinc V 70 Nevado Res V 141 New Age Metals* O 493 New Age Metals V 594 New Carolin Gd* O 163 New Carolin Gd V 1659 New Destiny Mg V 185 New Dimen Res V 42 New Dimen Res* O 3 New Energy Met V 421 New Energy Met* O 250 New Gold* X 14510 New Gold T 6682 New Guinea Gld* O 1328 New Jersey Mng* O 337 New Klondike* O 0 New Milln Iron* O 211 New Milln Iron T 582 New Oroperu V 92 New Pac Metals V 1287 New Pac Metals* O 970 New Tech Min* O 40 New Tech Min C 621 Newlox Gold C 150 Newmac Res V 4 Newmont Gdcorp* N 28219 T 515 Newmont Gdcorp Newport Expl V 23 Newport Gold* O 50 NewRange Gold* O 175 NewRange Gold V 496 Nexa Resources T 3 Nexa Resources* N 272 Nexco Res C 30 Nexgen Energy T 1698 Nexgen Energy* X 2599 NextSource Mat T 900 Nexus Gold* O 187 Nexus Gold V 1947 NGEx Minerals* O 3 NGEx Minerals V 255 Nickel Creek T 372 Nickel Creek* O 401 Nickel North V 85 Nicola Mg Inc V 214 Nicola Mg Inc* O 7 Nighthawk Gold* O 342 Nighthawk Gold T 2256 Niobay Metals V 399 Niocan Inc V 33 Niocorp Dev T 148 Niocorp Dev* O 427 Nippon Dragon V 110 Nippon Dragon* O 142 Noble Metal V 110 O 8 Noble Mineral* Noble Mineral V 842 Noka Res* O 1159 Noram Vent V 163 Noram Vent* O 50 Noranda Alum* O 23 Noront Res* O 48 Noront Res V 1678 Norra Metals V 2656 Norsemont Cap C 35 Nortec Mnls* O 198 Nortec Mnls V 661 North Am Nickl V 245 North Am Nickl* O 1 North Am Pall T 454

0.02 0.01 0.01 - 0.01 0.03 0.00 48.15 45.71 45.90 - 1.76 66.40 31.92 0.23 0.21 0.21 - 0.01 0.31 0.08 0.19 0.15 0.17 + 0.00 0.24 0.06 0.14 0.13 0.14 unch 0.00 0.30 0.12 0.09 0.09 0.09 unch 0.00 0.28 0.09 20.69 19.25 20.15 + 0.60 44.71 19.25 0.01 0.01 0.01 - 0.00 0.06 0.00 0.17 0.16 0.17 unch 0.00 0.75 0.15 0.13 0.12 0.12 unch 0.00 0.56 0.11 0.49 0.43 0.45 - 0.02 1.13 0.39 0.13 0.11 0.11 unch 0.00 0.22 0.10 0.24 0.15 0.16 - 0.01 0.45 0.13 0.22 0.21 0.21 - 0.01 0.54 0.18 0.06 0.04 0.06 + 0.02 0.25 0.04 0.37 0.34 0.37 + 0.02 0.53 0.19 0.11 0.08 0.08 + 0.01 0.12 0.07 0.14 0.11 0.14 + 0.03 0.16 0.10 0.23 0.19 0.20 - 0.01 0.30 0.11 0.28 0.25 0.28 unch 0.00 0.41 0.15 0.04 0.02 0.03 - 0.00 0.11 0.02 0.05 0.04 0.04 - 0.01 0.15 0.04 0.04 0.03 0.04 + 0.01 0.14 0.03 0.11 0.11 0.11 unch 0.00 0.20 0.11 0.04 0.03 0.03 - 0.01 0.08 0.02 0.05 0.04 0.05 + 0.01 0.10 0.03 0.08 0.06 0.06 + 0.00 0.18 0.05 0.09 0.07 0.08 + 0.01 0.24 0.07 0.06 0.06 0.06 unch 0.00 0.24 0.05 0.03 0.03 0.03 unch 0.00 0.08 0.03 0.02 0.02 0.02 unch 0.00 0.05 0.02 0.04 0.03 0.04 unch 0.00 0.80 0.02 0.03 0.03 0.03 unch 0.00 0.26 0.03 0.93 0.77 0.89 + 0.12 1.56 0.61 1.18 1.01 1.18 + 0.17 2.03 0.82 0.01 0.00 0.01 - 0.00 0.02 0.00 0.14 0.12 0.13 - 0.02 0.20 0.11 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.05 0.04 0.05 + 0.00 0.08 0.03 0.07 0.05 0.05 - 0.01 0.11 0.04 0.80 0.61 0.80 + 0.19 0.80 0.22 5.70 4.84 5.44 + 0.55 6.71 1.34 4.48 3.68 4.15 + 0.43 5.09 0.86 0.01 0.01 0.01 + 0.00 0.03 0.01 0.02 0.02 0.02 unch 0.00 0.04 0.01 0.05 0.05 0.05 unch 0.00 0.10 0.03 0.07 0.00 0.07 + 0.01 0.09 0.04 43.04 40.85 42.71 + 1.78 43.04 29.77 56.25 53.84 55.85 + 2.06 55.69 40.01 0.39 0.37 0.39 + 0.01 0.42 0.23 0.00 0.00 0.00 unch 0.00 0.04 0.00 0.11 0.09 0.11 + 0.00 0.21 0.07 0.14 0.13 0.14 - 0.01 0.23 0.11 11.19 10.88 11.09 - 0.04 17.05 9.40 8.57 8.20 8.26 - 0.15 12.80 7.00 0.04 0.04 0.04 unch 0.00 0.10 0.03 1.73 1.55 1.72 + 0.11 2.64 1.46 1.33 1.18 1.31 + 0.09 2.00 1.10 0.05 0.04 0.05 unch 0.00 0.16 0.03 0.05 0.04 0.05 + 0.01 0.18 0.03 0.07 0.05 0.06 + 0.01 0.18 0.05 0.26 0.00 0.26 + 0.03 0.26 0.20 0.40 0.33 0.40 + 0.08 0.66 0.27 0.09 0.08 0.09 + 0.01 0.15 0.03 0.07 0.05 0.06 - 0.01 0.10 0.02 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.10 0.00 0.10 + 0.01 0.14 0.08 0.08 0.07 0.08 + 0.02 0.11 0.06 0.40 0.33 0.37 + 0.02 0.54 0.23 0.50 0.44 0.49 + 0.03 0.73 0.31 0.49 0.45 0.48 + 0.06 0.53 0.15 0.15 0.14 0.15 + 0.01 0.24 0.11 0.81 0.78 0.79 unch 0.00 0.94 0.50 0.63 0.57 0.62 + 0.03 0.72 0.36 0.05 0.00 0.05 + 0.01 0.05 0.02 0.04 0.03 0.04 + 0.01 0.04 0.01 0.01 0.01 0.01 unch 0.00 0.01 0.01 0.07 0.07 0.07 + 0.00 0.13 0.04 0.09 0.08 0.08 unch 0.00 0.18 0.06 0.12 0.10 0.11 + 0.02 0.26 0.07 0.06 0.06 0.06 unch 0.00 0.30 0.05 0.04 0.04 0.04 unch 0.00 0.19 0.04 0.01 0.00 0.00 - 0.00 0.02 0.00 0.15 0.12 0.13 + 0.01 0.26 0.11 0.20 0.14 0.17 + 0.03 0.35 0.14 0.03 0.02 0.02 unch 0.00 0.08 0.02 0.35 0.35 0.35 unch 0.00 0.43 0.25 0.02 0.00 0.00 - 0.01 0.05 0.00 0.02 0.01 0.01 - 0.01 0.05 0.01 0.20 0.14 0.16 + 0.03 0.40 0.10 0.13 0.10 0.13 + 0.02 0.37 0.02 19.74 19.73 19.73 unch 0.00 26.30 9.12

N-O

20-23_JAN6_StockTables.indd 22

(100s) Stock

Week

(100s) Stock

12-month

Exc Volume High Low Last Change High Low

North Am Pall* O 108 20 North Arrow Mn* O North Arrow Mn V 799 North Bay Res * O 42866 Northcliff Res T 429 C 617 Northern Light 12 Northisle C&G * O Northisle C&G V 575 Northway Res V 209 Norvista Cap V 96 T 444 NorZinc NorZinc* O 367 Nouveau Monde V 539 O 87 Nouveau Monde* NovaGold Res T 1728 X 11148 NovaGold Res* Novo Res* O 380 Novo Res V 675 NRG Metals* O 570 NRG Metals V 38 O 129 Nrthn Graphite* V 223 Nrthn Graphite Nrthn Lion* O 1 Nrthn Lion V 0 Nrthn Mnrls &E* O 15 Nrthn Shield V 1366 O 30 Nrthn Superior* Nrthn Superior V 262 Nrthn Vertex* O 135 Nrthn Vertex V 187 V 98 NSGold NSS Res Inc C 88 Nthn Dynasty T 1720 X 11739 Nthn Dynasty* Nubian Res V 270 Nuinsco Res C 889 Nuinsco Res* O 223 NuLegacy Gold V 579 O 1015 NuLegacy Gold* Nutrien* N 4292 T 2930 Nutrien NV Gold V 253 NV Gold* O 55 O.T. Mining* O 123 O3 Mining* O 22 O3 Mining V 30 OceanaGold* O 14 OceanaGold T 9202 78 Oceanic Iron O V Oceanic Iron O* O 1 Oceanus Res V 10 O 61 Oceanus Res* Odyssey Res V 2 Olivut Res V 18 Olivut Res* O 92 V 2 Omineca Mining O 5 Omineca Mining* One World Lith C 354 82 One World Lith* O Opawica Expl* O 0 Opawica Expl V 400 Opus One Res V 1048 Orbite Tech* O 13 Orca Gold V 1611 Orca Gold* O 235 Ord Mountain V 30 V 40 Orefinders Res Orestone Mng V 16 Orex Mnrls* O 68 Orex Mnrls V 863 O 247 Orezone Gold* Orezone Gold V 510 Orford Mining V 450 OrganiMax* O 5 OrganiMax V 4 Origin Gold V 171 12 Orla Mng Ltd* O Orla Mng Ltd T 2443 Oroco Res* O 202 Oroco Res V 425 Orocobre T 53 O 13 Oronova Energy* Oronova Energy V 1100 Orosur Mng T 39 Orsu Metals V 18 Orsu Metals* O 11 Orvana Mnrls T 2367 Orvana Mnrls* O 15 Osino Res V 527 Osisko Gold* N 4187 Osisko Gold T 2176 O 159 Osisko Metals* Osisko Metals V 1787 Osisko Mng Inc T 2493 Osprey Gold V 892 Otis Gold V 958 Otis Gold* O 224 Otso Gold* O 54 Otso Gold V 858 Outcrop Gold* O 377 Outcrop Gold V 554 OZ Minerals* O 3

15.01 14.98 14.98 unch 0.00 19.91 6.69 0.03 0.03 0.03 unch 0.00 0.09 0.03 0.05 0.05 0.05 unch 0.00 0.14 0.04 0.00 0.00 0.00 - 0.00 0.00 0.00 0.06 0.05 0.05 - 0.01 0.11 0.05 0.04 0.04 0.04 unch 0.00 0.07 0.02 0.03 0.00 0.03 unch 0.00 0.07 0.03 0.07 0.05 0.07 + 0.02 0.13 0.01 0.09 0.08 0.08 unch 0.00 0.14 0.07 0.08 0.08 0.08 - 0.01 0.13 0.06 0.09 0.08 0.08 - 0.01 0.13 0.08 0.07 0.06 0.06 - 0.00 0.10 0.05 0.20 0.18 0.20 + 0.01 0.29 0.17 0.15 0.14 0.14 - 0.01 0.22 0.14 11.45 9.82 11.37 + 1.61 11.04 4.57 8.76 7.46 8.66 + 1.25 8.76 3.42 2.95 2.79 2.89 + 0.01 2.96 1.38 3.85 3.67 3.74 - 0.21 3.95 1.87 0.07 0.05 0.07 + 0.01 0.25 0.03 0.08 0.07 0.08 unch 0.00 0.52 0.06 0.07 0.04 0.07 + 0.00 0.19 0.04 0.08 0.07 0.08 - 0.01 0.24 0.06 0.08 0.08 0.08 unch 0.00 0.08 0.08 0.00 0.00 0.12 unch 0.00 0.46 0.10 0.07 0.07 0.07 unch 0.00 0.12 0.03 0.09 0.07 0.09 + 0.01 0.12 0.04 0.06 0.05 0.05 - 0.01 0.22 0.02 0.07 0.07 0.07 unch 0.00 0.35 0.07 0.21 0.18 0.19 + 0.01 0.27 0.12 0.27 0.23 0.25 + 0.02 0.35 0.16 0.10 0.08 0.08 - 0.02 0.15 0.06 0.09 0.07 0.07 - 0.02 0.18 0.03 0.55 0.50 0.54 + 0.02 1.47 0.50 0.43 0.38 0.41 + 0.01 1.12 0.38 0.12 0.10 0.10 - 0.01 0.22 0.07 0.01 0.01 0.01 unch 0.00 0.08 0.01 0.00 0.00 0.00 unch 0.00 0.04 0.00 0.08 0.06 0.07 unch 0.00 0.15 0.03 0.06 0.04 0.05 + 0.01 0.11 0.02 49.17 48.05 48.10 - 0.64 56.00 44.88 64.43 62.86 62.93 - 1.28 73.64 60.52 0.12 0.11 0.12 unch 0.00 0.29 0.11 0.10 0.08 0.10 + 0.01 0.22 0.07 0.06 0.04 0.06 + 0.01 0.11 0.04 2.15 1.90 2.00 + 0.10 2.15 1.71 2.74 2.49 2.68 + 0.17 4.00 1.60 1.90 1.68 1.90 + 0.17 3.74 1.68 2.49 2.21 2.45 + 0.19 5.01 2.12 0.12 0.08 0.09 + 0.02 0.15 0.04 0.04 0.04 0.04 unch 0.00 0.07 0.04 0.08 0.08 0.08 unch 0.00 0.13 0.04 0.07 0.05 0.05 - 0.01 0.09 0.04 0.03 0.03 0.03 unch 0.00 0.05 0.03 0.06 0.05 0.06 - 0.01 0.16 0.05 0.05 0.04 0.05 - 0.00 0.12 0.04 0.05 0.00 0.05 unch 0.00 0.09 0.02 0.04 0.03 0.04 unch 0.00 0.07 0.01 0.10 0.07 0.10 + 0.01 0.28 0.07 0.10 0.07 0.10 + 0.02 0.22 0.06 0.00 0.00 0.05 unch 0.00 0.05 0.02 0.06 0.06 0.06 unch 0.00 0.11 0.06 0.06 0.03 0.06 + 0.02 0.08 0.01 0.00 0.00 0.00 + 0.00 0.17 0.00 0.32 0.31 0.31 - 0.02 0.55 0.30 0.25 0.23 0.24 - 0.00 0.40 0.22 0.08 0.08 0.08 unch 0.00 0.12 0.08 0.05 0.05 0.05 unch 0.00 0.08 0.03 0.08 0.00 0.08 + 0.01 0.25 0.06 0.07 0.05 0.06 + 0.00 0.09 0.03 0.09 0.08 0.09 unch 0.00 0.13 0.05 0.50 0.44 0.47 + 0.00 0.67 0.30 0.64 0.59 0.61 + 0.01 0.88 0.39 0.05 0.04 0.05 + 0.01 0.15 0.04 0.05 0.00 0.05 - 0.01 0.14 0.02 0.07 0.00 0.07 unch 0.00 0.21 0.05 0.07 0.06 0.06 + 0.01 0.14 0.05 1.51 1.45 1.51 + 0.11 1.50 0.70 1.97 1.86 1.95 + 0.06 1.97 0.85 0.36 0.33 0.34 + 0.01 0.56 0.13 0.46 0.40 0.45 + 0.05 0.74 0.19 2.39 2.24 2.32 - 0.09 3.63 2.01 0.00 0.00 0.06 unch 0.00 0.06 0.05 0.06 0.05 0.05 unch 0.00 0.10 0.04 0.06 0.00 0.06 + 0.01 0.13 0.04 0.27 0.23 0.27 + 0.01 0.40 0.20 0.22 0.00 0.22 + 0.03 0.30 0.13 0.17 0.14 0.16 + 0.03 0.41 0.12 0.13 0.10 0.13 + 0.03 0.30 0.09 0.63 0.60 0.62 + 0.01 1.07 0.24 10.06 9.00 9.63 + 0.65 13.43 8.34 12.99 11.79 12.58 + 0.82 17.47 11.00 0.34 0.29 0.31 + 0.01 0.54 0.29 0.41 0.38 0.41 + 0.01 0.72 0.38 3.98 3.40 3.89 + 0.44 3.90 2.49 0.05 0.04 0.05 + 0.01 0.07 0.04 0.13 0.10 0.12 + 0.02 0.14 0.07 0.09 0.07 0.09 + 0.01 0.10 0.05 0.02 0.02 0.02 unch 0.00 0.10 0.02 0.05 0.03 0.05 + 0.01 0.13 0.02 0.09 0.07 0.09 + 0.02 0.33 0.01 0.12 0.10 0.12 + 0.02 0.43 0.08 7.37 7.15 7.25 - 0.12 7.99 6.03

Pac Arc Res V 45 20 Pac Bay Mnrls V Pac Booker Min* O 14 11 Pac Booker Min V Pac Imperial V 225 73 Pac Ridge Expl V O 0 Pac Ridge Expl* Pac Wildcat* O 2 V 552 Pacific Empire Pacific Rim C 363 Pacific Rim* O 311 Pacific Silk V 1 Pacton Gold V 4596 O 132 Paladin Energy* Palamina Corp V 56 O 42 Palamina Corp* V 193 Paleo Resource Paleo Resource* O 114 V 4243 Palladium One Palladium One* O 99 Pan Am Silver* D 12436 Pan Am Silver T 1400 Pan Andean Min V 331 0 Pan Andean Min* O Pan Global Res V 611 V 190 Pancontinental O 61 Pancontinental* Panex Res* O 201 Pangolin Dia V 1607 Panoro Mnrls V 6457 O 1 PanTerra Gold* V 613 Pantheon Vent Para Resources V 500 Parallel Mng V 72 Paramount Gold* X 238 Paringa Res* O 1 Paringa Res* D 345 Parlane Res V 49 Pasinex Res C 500 Pasofino Gold V 5 Patriot Gold* O 149 Peabody Enrgy* N 7156 Pelangio Expl* O 4 Pelangio Expl V 27 Peloton Mnrls C 69 O 32 Peloton Mnrls* O 23538 PepinNini Lith* Perseus Mng T 294 V 1107 Pershimex Res Pershing Res* O 248 O 19 Peruvian Metal* V 5 Peruvian Metal Petra Diamonds* O 0 Philex Mng* O 11 Pike Mountain C 50 Pine Cliff En T 2840 Pine Cliff En* O 102 Pinecrest Res V 5 3 Pinecrest Res * O Pistol Bay Mng V 614 O 34 Pistol Bay Mng* Pivit Explor C 90 PJSC Polyus Gd* O 0 PJX Res V 474 Plata Latina V 9

0.27 0.21 0.21 - 0.06 0.45 0.20 0.06 0.00 0.06 unch 0.00 0.17 0.06 1.21 0.00 1.21 + 0.03 3.10 0.90 1.64 1.51 1.64 + 0.22 4.10 1.21 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.05 0.00 0.05 + 0.01 0.06 0.03 0.03 0.00 0.03 - 0.01 0.05 0.03 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.04 0.03 0.04 - 0.01 0.10 0.02 0.14 0.13 0.14 + 0.01 0.34 0.11 0.11 0.10 0.11 + 0.01 0.26 0.08 0.00 0.00 0.02 unch 0.00 0.04 0.01 0.16 0.13 0.15 + 0.03 0.36 0.10 0.07 0.06 0.07 + 0.01 0.15 0.06 0.30 0.30 0.30 + 0.05 0.39 0.17 0.23 0.00 0.23 unch 0.00 0.29 0.14 0.02 0.00 0.02 unch 0.00 0.10 0.01 0.02 0.02 0.02 - 0.01 0.07 0.00 0.17 0.13 0.15 + 0.03 0.17 0.05 0.13 0.11 0.12 + 0.02 0.12 0.02 23.65 21.75 23.14 + 1.54 23.65 10.26 30.87 28.66 30.27 + 1.84 30.49 13.83 0.10 0.09 0.10 - 0.01 0.10 0.03 0.00 0.00 0.04 unch 0.00 0.07 0.02 0.14 0.13 0.13 - 0.01 0.16 0.06 0.03 0.02 0.03 unch 0.00 0.06 0.02 0.02 0.01 0.01 - 0.00 0.05 0.01 0.00 0.00 0.00 + 0.00 0.01 0.00 0.06 0.04 0.05 unch 0.00 0.10 0.03 0.08 0.07 0.07 - 0.01 0.26 0.07 0.00 0.00 0.00 unch 0.00 0.02 0.00 0.04 0.04 0.04 - 0.01 0.10 0.04 0.14 0.13 0.13 + 0.01 0.22 0.11 0.13 0.10 0.11 - 0.03 1.13 0.10 0.81 0.71 0.76 + 0.04 1.04 0.64 0.03 0.03 0.03 unch 0.00 0.35 0.02 1.46 1.40 1.44 unch 0.00 9.02 1.40 0.04 0.00 0.04 unch 0.00 0.20 0.03 0.02 0.02 0.02 unch 0.00 0.12 0.02 0.09 0.09 0.09 - 0.01 0.24 0.07 0.05 0.04 0.05 unch 0.00 0.15 0.03 9.69 8.75 9.54 + 0.50 37.37 8.65 0.12 0.11 0.12 - 0.01 0.29 0.09 0.16 0.15 0.16 unch 0.00 0.38 0.12 0.10 0.09 0.10 unch 0.00 0.13 0.07 0.07 0.06 0.07 + 0.00 0.11 0.05 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.99 0.86 0.98 + 0.09 0.94 0.33 0.04 0.00 0.04 + 0.01 0.06 0.03 0.02 0.01 0.02 - 0.00 0.06 0.00 0.02 0.02 0.02 unch 0.00 0.04 0.01 0.03 0.03 0.03 unch 0.00 0.05 0.03 0.10 0.10 0.10 unch 0.00 0.53 0.09 0.08 0.00 0.08 + 0.05 0.10 0.00 0.11 0.11 0.11 unch 0.00 0.15 0.10 0.18 0.14 0.14 - 0.02 0.28 0.10 0.12 0.11 0.11 - 0.01 0.21 0.07 0.17 0.17 0.17 unch 0.00 0.27 0.16 0.12 0.12 0.12 unch 0.00 0.17 0.12 0.03 0.03 0.03 + 0.01 0.07 0.02 0.02 0.02 0.02 - 0.00 0.05 0.01 0.26 0.23 0.23 - 0.01 0.64 0.06 0.00 0.00 56.60 unch 0.00 60.99 36.85 0.13 0.13 0.13 + 0.01 0.36 0.10 0.06 0.03 0.03 unch 0.00 0.06 0.02

P-Q

Week

12-month

Exc Volume High Low Last Change High Low

Plate Res V 68 V 236 Plateau Energy Plateau Energy* O 35 Platinex Inc* O 40 Platinex Inc C 532 38 Platinum Gp Mt T 529 Platinum Gp Mt* X Plato Gold V 55 Playfair Mng V 150 Playfair Mng* O 29 PolyMet Mng* X 3950 PolyMet Mng T 1124 Portage Res* O 367 Portofino Res V 800 Portofino Res* O 17 O 388 Potash Ridge* Potash Ridge T 2280 Power Group V 3 Power Group* O 1 Power Metals* O 430 Power Metals V 1017 PowerOre V 289 PPX Mining V 513 PPX Mining* O 576 Precipitate Gl* O 314 Precipitate Gl V 421 Premier Gold M T 3043 Premium Expl* O 34 Pretium Res* N 5624 Pretium Res T 1311 C 925 Primary Energy V 846 Prime Meridian Prism Res V 103 ProAm Expl V 0 Probe Metals* O 233 Probe Metals V 595 Prog Planet V 22 Prog Planet* O 0 O 5 Promithian Gl * Prophecy Coal* O 466 T 1198 Prophecy Coal Prophecy Pot C 9 Prosper Gold V 83 Prospero Silvr V 809 Prospero Silvr* O 6 C 24 Provenance Gld Providence V 124 Providence Gld* O 37 PUF Vent Inc * O 3174 Puma Expl V 104 Puma Expl* O 8 O 17 Pure Alumina* Pure Energy* O 504 172 Pure Energy V Pure Gold Mg* O 1708 Pure Gold Mg V 1528 V 312 Purepoint Uran Q-Gold Res V 29 QC Precious V 118 QC Precious * O 24 QMC Quantum Ml V 357 QMC Quantum Ml* O 686 QMX Gold* O 2727 QMX Gold V 6112 Quadro Res V 115 C 174 Quantum Cobalt V 17 Quartz Mtn Res Quartz Mtn Res* O 0 Quaterra Res V 808 Quaterra Res* O 560 Quest Rare Mnl* O 1612 Quinto Res V 25

0.11 0.10 0.10 - 0.02 0.16 0.03 0.26 0.22 0.24 + 0.02 0.78 0.17 0.19 0.16 0.17 + 0.02 0.65 0.08 0.01 0.01 0.01 - 0.00 0.04 0.01 0.01 0.01 0.01 unch 0.00 0.07 0.01 2.01 1.70 2.01 + 0.25 2.91 1.36 1.56 1.32 1.54 + 0.22 2.17 1.04 0.03 0.02 0.03 + 0.01 0.04 0.01 0.05 0.04 0.04 - 0.01 0.07 0.02 0.04 0.00 0.03 unch 0.00 0.05 0.01 0.26 0.23 0.25 - 0.01 0.91 0.23 0.32 0.30 0.32 - 0.02 1.22 0.30 0.00 0.00 0.00 + 0.00 0.01 0.00 0.03 0.02 0.03 unch 0.00 0.13 0.02 0.02 0.02 0.02 unch 0.00 0.03 0.02 0.02 0.02 0.02 unch 0.00 0.08 0.01 0.03 0.02 0.03 unch 0.00 0.11 0.02 0.08 0.00 0.08 + 0.01 0.25 0.06 0.06 0.05 0.05 - 0.01 0.18 0.01 0.06 0.04 0.05 - 0.00 0.17 0.03 0.08 0.05 0.06 - 0.01 0.22 0.04 0.07 0.06 0.07 + 0.01 0.14 0.05 0.06 0.05 0.05 - 0.01 0.09 0.05 0.04 0.04 0.04 unch 0.00 0.07 0.03 0.17 0.14 0.16 + 0.02 0.15 0.05 0.22 0.18 0.22 + 0.03 0.22 0.08 2.07 1.93 2.01 + 0.11 2.55 1.41 0.00 0.00 0.00 unch 0.00 0.01 0.00 11.35 10.33 11.01 + 0.70 13.83 6.65 14.62 13.63 14.39 + 0.81 18.30 8.85 0.56 0.46 0.46 - 0.09 0.65 0.08 0.10 0.06 0.09 + 0.02 0.16 0.04 0.02 0.02 0.02 unch 0.00 0.05 0.02 0.00 0.00 0.07 unch 0.00 0.12 0.05 0.87 0.73 0.84 + 0.11 1.16 0.69 1.14 0.97 1.14 + 0.17 1.53 0.90 0.07 0.00 0.06 + 0.05 0.18 0.05 0.00 0.00 0.01 unch 0.00 0.04 0.01 5.95 3.77 4.75 - 1.20 6.30 0.02 0.29 0.24 0.29 + 0.05 0.43 0.11 0.39 0.31 0.39 + 0.07 0.55 0.15 0.10 0.10 0.10 unch 0.00 0.19 0.01 0.06 0.05 0.06 + 0.01 0.18 0.04 0.03 0.03 0.03 unch 0.00 0.11 0.03 0.03 0.02 0.03 + 0.00 0.08 0.02 0.16 0.12 0.15 + 0.02 0.23 0.10 0.12 0.12 0.12 - 0.01 0.20 0.08 0.12 0.09 0.09 - 0.01 0.16 0.06 0.11 0.08 0.09 - 0.01 0.64 0.08 0.13 0.12 0.13 - 0.01 0.50 0.10 0.10 0.10 0.10 unch 0.00 0.32 0.05 0.01 0.01 0.01 unch 0.00 0.04 0.01 0.04 0.03 0.03 + 0.00 0.13 0.02 0.04 0.04 0.04 unch 0.00 0.18 0.04 0.60 0.53 0.58 + 0.03 0.62 0.36 0.75 0.70 0.72 - 0.01 0.81 0.49 0.06 0.05 0.06 unch 0.00 0.11 0.05 0.20 0.17 0.19 unch 0.00 0.30 0.15 0.25 0.23 0.23 - 0.02 0.40 0.21 0.19 0.18 0.18 + 0.01 0.31 0.16 0.08 0.07 0.07 - 0.01 0.37 0.07 0.06 0.05 0.06 + 0.00 0.29 0.05 0.07 0.05 0.06 + 0.01 0.07 0.03 0.08 0.07 0.08 + 0.01 0.11 0.04 0.06 0.05 0.05 - 0.01 0.06 0.02 0.02 0.02 0.02 unch 0.00 0.10 0.01 0.16 0.15 0.15 - 0.02 0.35 0.15 0.00 0.00 0.13 unch 0.00 0.24 0.13 0.08 0.06 0.07 - 0.01 0.13 0.06 0.06 0.04 0.05 - 0.00 0.10 0.04 0.02 0.00 0.01 + 0.00 0.06 0.00 0.05 0.05 0.05 unch 0.00 0.09 0.04

R Rackla Metals* O 2 0.07 0.00 0.00 - 0.07 0.12 0.00 unch 0.00 0.20 0.08 Rackla Metals V 3 0.10 0.10 0.10 Radisson Mng V 485 0.20 0.19 0.20 + 0.01 0.21 0.09 0.09 Radius Gold V 263 0.27 0.23 0.25 + 0.02 0.47 Rae-Wallace Mg* O 89 0.02 0.01 0.01 - 0.01 0.02 0.00 0.04 Rain City C 125 0.09 0.08 0.08 - 0.01 0.15 O 76 4.60 3.01 3.36 - 0.44 7.60 1.56 Rainforest Res* Rainy Mtn Royl V 5 0.09 0.09 0.09 + 0.01 0.40 0.07 40 0.00 0.00 0.07 unch 0.00 0.17 0.06 Rainy Mtn Royl* O Rambler Metals* O 30 0.03 0.02 0.03 + 0.02 0.04 0.00 O 1527 0.92 0.77 0.90 + 0.14 0.87 0.05 Rare Element* V 403 0.10 0.05 0.10 unch 0.00 0.13 0.03 Rathdowney Res Ravencrest Res C 545 0.12 0.10 0.11 + 0.01 0.75 0.09 68 0.00 0.00 0.00 unch 0.00 0.01 0.00 Red Eagle Mng* O Red Moon Res V 25 0.11 0.10 0.11 - 0.01 0.24 0.01 V 20 0.05 0.00 0.05 - 0.03 0.28 0.04 Red Oak Mining 0.04 0.03 0.04 + 0.01 0.08 0.03 Red Pine Expl V 1281 Redstar Gold V 1490 0.03 0.02 0.03 unch 0.00 0.04 0.02 0.01 Redstar Gold* O 170 0.02 0.02 0.02 + 0.00 0.04 Regis Res NL* O 6 2.92 2.75 2.92 + 0.17 4.61 2.75 1.02 Regulus Res V 959 1.20 1.11 1.20 + 0.07 2.00 O 376 0.28 0.24 0.26 + 0.00 0.33 0.11 Renaissance Gd* Renaissance Gd V 174 0.33 0.32 0.33 + 0.02 0.43 0.17 unch 0.00 0.06 0.04 Renforth Res C 1524 0.04 0.04 0.04 Resolve Vent V 221 0.11 0.10 0.11 - 0.01 0.13 0.06 unch 0.00 0.34 0.11 Reunion Gold V 350 0.15 0.14 0.14 O 22 0.12 0.11 0.11 - 0.01 0.25 0.08 Reunion Gold* Revelo Res V 126 0.01 0.01 0.01 - 0.01 0.03 0.01 109 0.55 0.46 0.51 + 0.02 0.67 0.32 Revival Gold * O Revival Gold V 119 0.66 0.62 0.65 unch 0.00 0.87 0.43 unch 0.00 0.26 0.09 Rhyolite Res V 262 0.10 0.10 0.10 V 10 0.19 0.19 0.19 unch 0.00 0.27 0.15 Ridgestone M’g Riley Resource V 31 0.13 0.12 0.13 + 0.01 0.21 0.11 O 12517 0.00 0.00 0.00 - 0.00 0.00 0.00 Rimrock Gold* Rio Silver V 214 0.04 0.03 0.04 + 0.01 0.05 0.03 unch 0.00 0.04 0.02 Rio Silver* O 50 0.03 0.03 0.03 46.32 Rio Tinto* N 3766 59.70 58.75 59.35 + 0.58 64.02 Rio Tinto* O 177 58.70 58.43 58.70 + 0.09 62.00 47.84 68.44 - 0.91 74.50 53.92 Rio Tinto* O 1 68.44 0.00 Rio2 Limited* O 553 0.35 0.29 0.32 + 0.04 0.52 0.23 0.30 Rio2 Limited V 1167 0.43 0.37 0.42 + 0.05 0.70 142 0.60 0.51 0.59 + 0.08 1.15 0.40 Rise Gold Corp C Rise Gold Corp* O 1978 0.05 0.04 0.04 unch 0.00 1.00 0.40 unch 0.00 0.22 0.13 Riverside Res V 358 0.16 0.14 0.15 Riverside Res* O 483 0.13 0.11 0.12 + 0.01 0.17 0.09 0.03 RJK Explor* O 10 0.15 0.15 0.15 + 0.00 0.15 unch 0.00 0.21 0.04 RJK Explor V 137 0.20 0.18 0.19 RNC Minerals T 5623 0.50 0.46 0.49 - 0.02 0.79 0.33 O 677 0.40 0.35 0.37 - 0.02 0.59 0.25 RNC Minerals* Robex Res V 51 0.14 0.13 0.14 unch 0.00 0.15 0.06 V 144 0.04 0.04 0.04 + 0.01 0.06 0.03 Rochester Res O 2 0.02 0.02 0.02 unch 0.00 0.04 0.02 Rochester Res* Rock Tech Lith V 293 0.45 0.45 0.45 unch 0.00 0.99 0.45 915 0.07 0.00 0.07 unch 0.00 0.19 0.06 Rockcliff Met C Rockcliff Met* O 167 0.05 0.05 0.05 unch 0.00 0.14 0.02 0.01 Rockex Mng C 220 0.03 0.02 0.02 - 0.01 0.10 V 65 0.15 0.14 0.15 + 0.02 0.19 0.10 Rockhaven Res Rockridge Res V 320 0.16 0.14 0.16 + 0.03 0.39 0.13 O 5 0.05 0.04 0.05 + 0.01 0.09 0.02 Rockshield Cap* Rockwell Diam* O 1 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.03 Rodinia Lithm V 333 0.04 0.04 0.04 - 0.01 0.08 unch 0.00 0.10 0.04 Rogue Res* O 1 0.05 0.05 0.05 Rogue Res V 52 0.07 0.07 0.07 unch 0.00 0.13 0.05 V 102 0.04 0.04 0.04 unch 0.00 0.07 0.03 Rokmaster Res Romios Gold Rs* O 97 0.03 0.00 0.03 + 0.00 0.05 0.01 V 246 0.04 0.03 0.03 - 0.01 0.07 0.02 Romios Gold Rs O 348 0.12 0.08 0.10 + 0.01 0.23 0.05 RosCan Gold* RosCan Gold V 591 0.14 0.12 0.13 + 0.01 0.33 0.06 unch 0.00 0.00 0.00 Ross River* O 3 0.00 0.00 0.00 Rover Metals* O 11 0.06 0.05 0.06 + 0.00 2.01 0.02 T 873 1.00 0.91 0.97 + 0.02 1.42 0.72 Roxgold 0.56 Roxgold* O 99 0.76 0.70 0.76 + 0.09 1.07 Royal Gold V 19 0.35 0.31 0.33 - 0.03 0.36 0.10 Royal Gold* D 1555 122.67 115.00 121.41 + 6.76 138.78 80.65 Royal Mines &M* O 60 0.00 0.00 0.00 unch 0.00 0.01 0.00 219 0.26 0.24 0.26 + 0.03 0.35 0.07 Royal Rd Mnrls V 0 0.05 0.00 0.05 unch 0.00 3.14 0.01 Royal Std Mnrl* O RT Minerals V 25 0.04 0.04 0.04 unch 0.00 0.10 0.03 unch 0.00 0.16 0.07 RTG Mining T 18 0.08 0.08 0.08 RTG Mining * O 5 0.06 0.06 0.06 unch 0.00 0.11 0.05 unch 0.00 0.08 0.05 RTG Mining* O 25 0.07 0.07 0.07 T 88 1.05 0.88 0.99 + 0.10 1.41 0.61 Rubicon Mnrls Rubicon Mnrls* O 71 0.78 0.67 0.76 + 0.09 1.03 0.46 0.07 Rugby Mng V 105 0.12 0.11 0.11 + 0.02 0.26 Running Fox Rs* O 48 0.01 0.01 0.01 - 0.00 0.01 0.01 19 0.01 0.01 0.01 unch 0.00 0.03 0.01 Running Fox Rs V 0.66 Rupert Res V 60 0.73 0.69 0.73 + 0.04 1.12 Rusoro Mng* O 6 0.06 0.04 0.06 + 0.01 0.12 0.03 0.04 Rusoro Mng V 471 0.07 0.06 0.06 + 0.01 0.16

S Sabina Gd&Slvr T 2880 O 854 Sabina Gd&Slvr* Sable Res* O 5 Sable Res V 201 Sage Gold* O 50 Sailfish Rylty V 186 Saint Jean* O 0 Salazar Res* O 3 Salazar Res V 68 Salt Lake Pot* O 59

1.94 1.85 1.93 + 0.07 2.28 0.99 1.58 1.40 1.49 + 0.07 1.72 0.73 0.07 0.07 0.07 + 0.01 0.17 0.06 0.11 0.09 0.10 + 0.01 0.22 0.08 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.92 0.85 0.91 + 0.09 1.81 0.66 0.00 0.00 0.00 unch 0.00 0.04 0.00 0.13 0.12 0.13 + 0.00 0.15 0.08 0.18 0.00 0.17 unch 0.00 0.20 0.11 0.56 0.55 0.56 + 0.02 0.59 0.31

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Sama Res V 404 Sama Res* O 21 Samex Mng* O 984 78 San Gold Corp* O 17 San Marco Res* O 302 San Marco Res V Sanatana Res V 666 O 80 Sanatana Res* Sandfire Res V 9 Sandfire Res* O 65 O 143 Sandspring Res* T 1655 Sandstorm Gold 10273 X Sandstorm Gold* 447 Santa Fe Gold* O V 1818 Santacruz Silv Sarama Res V 4117 Sarissa Res* O 82 Satori Res V 60 Satori Res* O 1 Saturn Mnrls V 332 Saville Res V 205 T 224 Scandium Intl O 174 Scandium Intl* Scorpio Gold V 300 13 Scorpio Gold * O Scotch Creek C 9 Scottie Res* O 2 Scottie Res V 307 ScoZinc Mg* O 5 ScoZinc Mg V 33 Seabridge Gld T 334 Seabridge Gld* N 1808 Seafield Res* O 67 Search Mnls* O 45 Search Mnls V 401 Searchlight* O 0 O 351 SearchlightMin* V 70 SearchlightRes Secova Mtls* O 7 Secova Mtls V 339 Sego Res V 189 Select Sands V 469 T 3511 Semafo Serabi Gold T 1 Serabi Gold* O 30 Serengeti Res V 1052 Shamrock Ent C 614 O 1 Shear Diamonds* Sherritt Intl T 5797 V 906 Shine Minerals Sibanye-Stillw* N 15702 O 12 Sibanye-Stillw* O 1027 Sidney Resrces* Sienna Res* O 5 Sienna Res V 26 Sierra Madre V 5 Sierra Metals T 65 Sierra Metals* X 125 V 30 Sigma Lithium Signature Res* O 76 Signature Res V 242 O 75 Silver Bear Rs* 807 Silver Bear Rs T Silver Bull Re* O 2610 Silver Bull Re T 1544 Silver Grail V 29 125 Silver Mtn Mns* O V 73 Silver Mtn Mns C 0 Silver Phoenix O 4 Silver Predatr* Silver Predatr V 105 Silver Range* O 17 Silver Range V 265 Silver Scott* O 238 Silver Spruce V 257 O 1 Silver Spruce* O 0 Silver Stream* Silver Viper V 133 T 3227 Silvercorp Met X 6872 Silvercorp Met* SilverCrest* X 4356 SilverCrest T 1801 O 2 Silverstar Res* Sirios Res V 296 Sirios Res* O 43 Sitka Gold C 273 Sitka Gold* O 10 Sixty North C 31 Sixty North* O 31 Skeena Res V 817 Skeena Res* O 140 Sky Gold V 832 O 572 Skyharbour Res* V 541 Skyharbour Res Slam Explor* O 7 Slam Explor V 417 Sokoman Min V 1281 O 72 Sokoman Min* SolGold plc T 179 SolGold plc* O 42 T 92 Solitario Ex&R X 408 Solitario Ex&R* Solstice Gold V 1438 700 Sonora Gld & S V O 50 Sonoro Metals* V 50 Sonoro Metals South32* O 2 Southern Arc* O 43 Southern Arc V 17 N 1434 Southern Copp* O 308 Southern Silvr* Southern Silvr V 895 T 26 SouthGobi Res 120 Spanish Mtn Gd V 742 Spanish Mtn Gd* O Sparton Res V 308 Sparton Res* O 25 O 325 Spearmint Res* C 625 Spearmint Res C 65 Spey Resources Sphinx Res V 3320 305 Sprott Res Hld T 500 Spruce Ridge R V SRG Mining V 114 SSR Mining* D 6876 SSR Mining T 1105 St Augustine T 46 C 1691 St-Georges Eco O 11 St-Georges Eco* V 160 Stakeholdr Gld O 13 Stakeholdr Gld* O 593 Standard Graph* Standard Lith V 94 O 55 Standard Metal* Stans Energy V 6706 O 152 Stans Energy* O 78 Star Diamond* Star Diamond T 1059 Star Gold* O 99 Starcore Intl T 798 3 Starr Peak Exp* O V 265 Starr Peak Exp O 3 Steele Oceanic* Stellar Africa* O 58 Stellar Africa V 2304 Stelmine Can V 5 Steppe Gold T 125 O 3607 Stornoway Diam* Stratabd Mnr V 147 Strateco Res* O 1481 Strategic Metl V 512 O 79 Strategic Metl* Strategic Res V 47 O 1 Strategic Res* Stria Lithium V 105 V 87 Strikepoint Gd O 17 Strikepoint Gd* V 402 Strongbow Expl Stroud Res V 76 Stuhini Explor V 93 Sulliden Mng T 420 Sun Metals V 519 N 7044 Suncor Energy* Suncor Energy T 6439 O 30 Superior Gold* Superior Gold V 30 Superior Mng V 1620 C 121 Supreme Metals Surge Copper V 265 Surge Explor* O 106 Surge Explor V 293 Sutter Gold* O 129 Syrah Res* O 92

0.16 0.24 0.22 0.23 - 0.01 0.44 0.12 unch 0.00 0.33 0.17 0.16 0.16 0.00 0.00 0.00 0.00 + 0.00 0.00 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.10 0.09 0.10 + 0.01 0.32 0.06 0.13 0.12 0.13 unch 0.00 0.45 0.09 0.01 unch 0.00 0.06 0.02 0.02 0.02 0.01 unch 0.00 0.04 0.01 0.01 0.01 0.06 0.18 0.00 0.18 - 0.02 0.40 0.05 0.15 0.13 0.13 - 0.02 0.31 0.85 1.77 1.45 1.69 + 0.15 2.72 5.85 9.76 8.86 9.60 + 0.83 9.69 4.40 7.55 6.76 7.34 + 0.67 7.55 0.08 0.04 0.08 + 0.00 0.14 0.04 0.05 0.15 0.13 0.15 + 0.01 0.20 0.05 unch 0.00 0.12 0.08 0.07 0.07 0.00 0.00 0.00 0.00 - 0.00 0.00 0.01 unch 0.00 0.10 0.05 0.05 0.05 0.03 unch 0.00 0.07 0.03 0.03 0.03 0.09 0.14 0.13 0.14 - 0.01 0.20 0.02 0.04 0.03 0.03 - 0.01 0.06 0.08 0.10 0.09 0.09 - 0.01 0.22 0.05 0.09 0.07 0.08 - 0.00 0.16 0.02 0.10 0.10 0.10 - 0.02 0.16 0.09 0.00 0.08 + 0.00 0.11 0.01 0.06 0.08 0.08 0.08 - 0.01 0.13 0.10 0.13 0.11 0.13 + 0.01 0.15 0.07 0.17 0.15 0.16 + 0.02 0.25 0.26 0.39 0.00 0.39 + 0.02 0.59 0.34 0.55 0.51 0.51 - 0.05 0.78 14.74 18.00 16.64 17.79 + 1.15 21.98 10.95 13.86 12.64 13.57 + 0.98 16.55 0.00 0.00 0.00 0.00 + 0.00 0.00 0.02 0.03 0.03 0.03 - 0.00 0.04 0.04 0.05 0.04 0.04 - 0.01 0.06 0.00 0.02 0.00 0.02 - 0.00 0.10 0.01 0.02 0.01 0.02 - 0.01 0.07 0.02 unch 0.00 0.05 0.04 0.00 0.04 0.01 0.03 0.03 0.03 + 0.00 0.04 0.02 0.05 0.05 0.05 - 0.01 0.06 0.03 0.05 0.05 0.05 - 0.01 0.05 0.01 0.03 0.02 0.03 + 0.01 0.14 2.36 2.84 2.63 2.81 + 0.17 5.75 0.45 1.27 1.25 1.25 - 0.02 1.49 0.62 unch 0.00 1.08 0.90 0.90 0.90 0.15 0.21 0.18 0.20 - 0.02 0.40 0.01 unch 0.00 0.04 0.01 0.01 0.01 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.17 0.19 0.17 0.18 - 0.01 0.53 0.01 unch 0.00 0.08 0.03 0.02 0.03 10.07 9.21 9.73 + 0.59 10.07 2.59 0.72 2.43 2.32 2.43 + 0.03 2.50 0.00 0.03 0.02 0.03 + 0.00 0.04 0.02 unch 0.00 0.06 0.02 0.02 0.02 0.03 0.03 0.00 0.03 + 0.01 0.07 0.04 unch 0.00 0.15 0.04 0.04 0.04 1.33 2.18 1.90 2.12 + 0.19 2.86 1.01 1.64 1.44 1.60 + 0.15 2.15 1.59 1.85 1.70 1.85 + 0.05 2.05 0.06 0.04 0.06 + 0.01 0.07 0.03 0.04 unch 0.00 0.09 0.06 0.06 0.06 0.07 0.11 0.10 0.10 - 0.01 0.18 0.14 0.13 0.14 unch 0.00 0.25 0.10 0.07 0.06 0.07 + 0.01 0.14 0.06 0.09 0.08 0.09 + 0.01 0.19 0.08 0.02 0.07 0.06 0.06 - 0.01 0.12 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.01 0.01 0.01 0.01 - 0.01 0.02 0.12 unch 0.00 0.20 0.00 0.00 0.12 0.04 unch 0.00 0.12 0.06 0.06 0.06 0.06 0.11 0.09 0.11 + 0.03 0.17 0.05 0.07 0.06 0.07 + 0.00 0.11 0.07 unch 0.00 0.15 0.10 0.09 0.09 0.01 0.07 0.01 0.06 + 0.05 0.07 0.02 0.05 0.04 0.05 - 0.01 0.07 0.01 0.03 0.03 0.03 - 0.00 0.05 7.10 unch 0.00 8.00 8.00 8.00 8.00 0.08 0.29 0.26 0.29 + 0.03 0.38 2.61 7.61 7.02 7.37 + 0.36 7.69 1.96 5.92 5.33 5.64 + 0.25 5.92 2.55 7.94 6.22 6.87 + 0.68 7.94 3.34 9.75 8.17 9.01 + 0.94 8.75 0.01 unch 0.00 0.14 0.02 0.02 0.02 0.13 0.16 0.15 0.16 + 0.01 0.28 0.10 unch 0.00 0.20 0.12 0.11 0.12 0.08 unch 0.00 0.20 0.20 0.18 0.18 0.10 0.14 0.14 0.14 - 0.00 0.15 0.03 unch 0.00 0.10 0.05 0.04 0.05 0.02 0.04 0.02 0.04 + 0.00 0.06 0.27 0.67 0.63 0.65 + 0.03 0.71 0.19 0.53 0.47 0.50 + 0.03 0.54 0.05 0.08 0.06 0.07 - 0.01 0.70 0.11 0.14 0.12 0.13 + 0.01 0.33 0.15 0.17 0.16 0.16 + 0.01 0.44 0.01 0.01 0.01 0.01 - 0.00 0.02 0.01 0.02 0.02 0.02 + 0.01 0.03 0.04 0.10 0.09 0.10 - 0.01 0.23 0.04 0.08 0.07 0.07 - 0.00 0.18 0.28 0.35 0.33 0.35 + 0.01 0.76 0.21 0.28 0.26 0.28 + 0.03 0.56 0.26 0.40 0.35 0.40 + 0.02 0.59 0.23 0.30 0.26 0.30 - 0.01 0.54 0.05 unch 0.00 0.27 0.07 0.07 0.07 0.04 0.04 0.04 unch 0.00 0.07 0.03 0.09 unch 0.00 0.15 0.10 0.10 0.10 0.12 0.13 0.13 0.13 - 0.01 0.20 1.59 1.93 1.87 1.87 - 0.06 2.86 0.23 0.29 0.27 0.29 + 0.01 0.47 0.30 unch 0.00 0.62 0.36 0.00 0.36 29.01 43.38 42.25 42.57 + 0.28 43.38 0.10 0.20 0.15 0.20 + 0.04 0.23 0.14 0.26 0.20 0.25 + 0.05 0.31 0.07 0.09 0.00 0.09 - 0.01 0.18 0.10 0.09 0.10 + 0.01 0.14 0.05 0.04 0.11 0.00 0.10 0.07 0.07 + 0.02 0.03 0.02 0.03 + 0.01 0.08 0.01 0.01 0.01 0.01 + 0.00 0.05 0.00 unch 0.00 0.08 0.01 0.01 0.01 0.01 unch 0.00 0.04 0.02 0.01 0.02 0.03 unch 0.00 0.11 0.03 0.00 0.03 0.01 unch 0.00 0.06 0.03 0.02 0.03 0.85 0.75 0.78 + 0.02 1.77 0.66 0.06 0.06 0.06 unch 0.00 0.13 0.04 0.67 0.75 0.72 0.72 - 0.02 1.15 10.59 18.95 16.53 18.64 + 2.08 18.95 14.23 24.75 21.80 24.37 + 2.60 24.19 0.02 unch 0.00 0.03 0.02 0.02 0.02 0.06 unch 0.00 0.25 0.13 0.11 0.13 0.04 unch 0.00 0.17 0.06 0.06 0.06 0.02 unch 0.00 0.08 0.03 0.02 0.03 0.01 unch 0.00 0.06 0.01 0.01 0.01 0.10 0.14 0.11 0.12 + 0.01 0.65 0.53 unch 0.00 1.44 0.85 0.81 0.81 0.02 0.05 0.04 0.04 + 0.00 0.09 0.01 0.02 0.01 0.01 - 0.01 0.11 0.00 0.01 0.01 0.01 + 0.00 0.08 0.14 0.27 0.25 0.27 - 0.00 0.30 0.18 unch 0.00 0.41 0.36 0.33 0.36 0.02 0.01 0.12 0.04 0.04 0.04 + 0.05 0.09 0.08 0.09 + 0.02 0.16 0.29 0.29 0.29 unch 0.00 0.29 0.20 0.09 0.39 0.38 0.39 - 0.01 0.48 0.40 0.42 0.40 0.42 - 0.23 1.00 0.01 unch 0.00 0.03 0.02 0.02 0.02 0.01 unch 0.00 0.04 0.03 0.02 0.03 0.09 0.09 0.09 0.09 + 0.01 0.17 0.59 0.93 0.87 0.92 - 0.01 1.14 0.00 0.00 0.00 0.00 + 0.00 0.18 0.02 0.13 0.10 0.13 + 0.03 0.18 0.00 0.00 0.00 0.00 + 0.00 0.00 0.28 0.01 0.56 0.45 - 0.49 0.44 0.21 0.37 0.33 0.33 - 0.01 0.42 0.23 0.30 0.25 0.30 + 0.07 0.70 0.16 unch 0.00 0.46 0.16 0.00 0.16 0.01 unch 0.00 0.04 0.01 0.01 0.01 0.04 0.04 0.00 0.04 - 0.01 0.18 0.03 0.04 0.03 0.03 - 0.00 0.13 0.03 0.05 0.04 0.05 - 0.01 0.15 0.05 0.26 0.20 0.26 + 0.03 0.37 0.19 unch 0.00 0.35 0.31 0.30 0.31 0.03 unch 0.00 0.13 0.05 0.04 0.05 0.18 0.23 0.20 0.22 + 0.02 0.65 27.28 + 0.43 34.87 32.63 32.97 32.12 36.32 43.10 42.29 42.69 + 0.28 46.50 0.28 0.41 0.40 0.40 + 0.01 0.84 0.38 0.58 0.54 0.56 + 0.04 1.14 0.05 0.23 0.19 0.23 + 0.01 0.23 0.01 unch 0.00 0.03 0.01 0.00 0.01 0.03 0.05 0.05 0.05 - 0.01 0.08 0.01 0.02 0.02 0.02 - 0.00 0.08 0.02 0.03 0.03 0.03 + 0.01 0.10 0.00 unch 0.00 0.01 0.01 0.00 0.00 0.24 0.30 0.26 0.30 + 0.00 1.50

T 0.06 Taiga Gold C 27 0.10 0.09 0.10 - 0.01 0.14

2019-12-30 3:38 PM

GLOBAL MINING NEWS

(100s) Stock

THE NORTHERN MINER / JANUARY 6–19, 2020

Week

12-month

Exc Volume High Low Last Change High Low

Taiga Gold* O 21 Tajiri Res V 150 Taku Gold* O 30 Taku Gold C 41 Talisker Res C 486 Talisker Res* O 18 Talmora Diamd C 40 Talon Metals T 331 Tamerlane Vent* O 25 Tamino Mnrls* O 3560 Tanqueray Expl V 196 Tantalex Res C 75 Tanzanian Gold* X 1764 Tanzanian Gold T 211 Taranis Res* O 39 Taranis Res V 46 Tarku Res V 1074 Tartisan Nick* O 81 Tartisan Nick C 174 Taseko Mines T 2029 Taseko Mines* X 2754 Tearlach Res V 40 Teck Res T 3768 Teck Res T 31 Teck Res* N 11055 Tectonic Metal V 430 Telson Res * O 5 Telson Res V 47 Tembo Gold V 1700 O 147 Teranga Gold* Teranga Gold T 1987 Teras Res* O 0 Teras Res V 207 Terrax Mnrls V 3405 Terrax Mnrls* O 115 Terreno Res V 250 Teslin Rvr Res V 1149 Tesoro Mnrls V 15 Tethyan Res V 383 Teuton Res V 107 Teuton Res* O 22 Texas Mineral* O 5668 Themac Res* O 50 Themac Res V 76 Thor Expl V 89 O 259 Thunder Mtn Gd* Thunderstruck V 49 Thunderstruck* O 17 Till Capital V 1 V 168 Timberline Res Timberline Res* O 103 Tinka Res V 1851 Tinka Res* O 598 Tintina Mines V 263 Tisdale Res* O 1 Tisdale Res V 57 Titan Mining T 1296 Titan Mining* O 950 Titanium Corp V 187 O 140 TMAC Resource* T 811 TMAC Resources TNR Gold V 257 C 18 Tocvan Venture O 12 Tombstone Expl* Tonogold Res* O 37 Torex Gold* O 146 Torex Gold T 1460 Torq Resources* O 42 V 149 Torq Resources Tower Res V 834 Transatlantic V 240 Transatlantic* O 495 Transition Met* O 13

0.08 0.06 0.08 + 0.01 0.10 0.04 0.06 0.05 0.05 unch 0.00 0.08 0.03 0.04 0.03 0.03 - 0.01 0.08 0.03 0.06 0.05 0.06 + 0.01 0.10 0.03 0.30 0.28 0.30 + 0.02 0.30 0.08 0.25 0.20 0.23 + 0.01 0.25 0.00 0.02 0.02 0.02 unch 0.00 0.06 0.02 0.15 0.14 0.15 unch 0.00 0.25 0.07 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.00 + 0.00 0.01 0.00 0.60 0.53 0.58 + 0.03 0.85 0.45 0.01 0.01 0.01 + 0.01 0.06 0.01 0.64 0.59 0.62 + 0.02 1.20 0.25 0.85 0.78 0.82 + 0.04 1.56 0.34 0.06 0.04 0.06 + 0.01 0.08 0.03 0.07 0.06 0.07 unch 0.00 0.11 0.05 0.02 0.02 0.02 unch 0.00 0.05 0.01 0.08 0.07 0.08 + 0.01 0.08 0.02 0.10 0.06 0.10 unch 0.00 0.11 0.03 0.60 0.55 0.60 + 0.04 1.05 0.50 0.49 0.42 0.46 + 0.03 0.79 0.38 0.12 0.00 0.07 unch 0.00 0.28 0.04 23.20 22.20 22.77 + 0.57 34.31 19.34 23.37 21.71 22.86 - 0.12 34.00 19.60 17.74 16.86 17.41 + 0.51 25.75 14.51 0.22 0.22 0.22 unch 0.00 0.31 0.22 0.09 0.00 0.08 - 0.01 0.32 0.08 0.12 0.11 0.12 unch 0.00 0.44 0.10 0.02 0.02 0.02 unch 0.00 0.04 0.01 5.40 4.72 5.11 + 0.40 5.40 2.23 6.87 6.18 6.74 + 0.62 6.87 2.97 0.04 0.04 0.04 - 0.01 0.07 0.03 0.05 0.04 0.05 unch 0.00 0.12 0.02 0.26 0.25 0.26 unch 0.00 0.50 0.23 0.21 0.18 0.20 - 0.01 0.36 0.17 0.01 0.01 0.01 unch 0.00 0.05 0.01 0.32 0.30 0.30 - 0.02 0.60 0.26 0.04 0.04 0.04 unch 0.00 0.07 0.04 0.18 0.16 0.16 + 0.01 0.85 0.11 0.51 0.45 0.49 + 0.06 0.65 0.12 0.39 0.35 0.39 + 0.05 0.49 0.07 1.58 0.94 1.40 + 0.54 1.54 0.12 0.04 0.04 0.04 unch 0.00 0.07 0.02 0.06 0.05 0.06 + 0.01 0.08 0.03 0.15 0.13 0.15 unch 0.00 0.18 0.12 0.08 0.07 0.08 - 0.02 0.14 0.03 0.05 0.04 0.05 + 0.01 0.11 0.03 0.03 0.03 0.03 - 0.00 0.08 0.02 1.65 0.00 1.65 - 0.05 2.54 1.00 0.10 0.09 0.09 - 0.01 0.13 0.08 0.07 0.06 0.07 - 0.00 0.13 0.03 0.22 0.19 0.20 - 0.01 0.40 0.11 0.17 0.13 0.16 + 0.01 0.28 0.09 0.03 0.02 0.03 + 0.01 0.08 0.02 0.06 0.06 0.06 unch 0.00 0.11 0.06 0.09 0.08 0.08 - 0.01 0.25 0.06 0.31 0.28 0.30 unch 0.00 1.10 0.25 0.26 0.22 0.22 - 0.01 0.77 0.20 0.78 0.69 0.77 + 0.07 1.20 0.47 2.68 2.54 2.68 + 0.10 5.29 2.43 3.51 3.28 3.50 + 0.15 7.06 3.10 0.03 0.03 0.03 unch 0.00 0.05 0.02 0.15 0.15 0.15 unch 0.00 0.17 0.07 3.00 2.25 2.25 - 0.55 3.80 0.12 0.40 0.30 0.38 - 0.01 0.40 0.04 15.75 14.05 14.96 + 0.81 16.54 8.49 20.30 18.76 19.59 + 0.97 21.91 11.41 0.42 0.37 0.41 + 0.01 0.42 0.24 0.55 0.50 0.53 - 0.01 0.57 0.33 0.02 0.02 0.02 unch 0.00 0.07 0.02 0.03 0.02 0.03 + 0.01 0.16 0.02 0.02 0.02 0.02 unch 0.00 0.10 0.01 0.12 0.12 0.12 unch 0.00 0.17 0.07

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Transition Met V 43 Treasury Metal T 2302 Treasury Metal* O 394 Trecora Res* N 85 Tres-Or Res* O 5 Tres-Or Res V 575 Trevali Mng* O 666 Trevali Mng T 4416 Tri Origin Exp V 332 Trident Gold V 2 Trifecta Gold* O 16 Trifecta Gold V 357 Trilogy Mtls T 49 Trilogy Mtls* X 494 TriMetals Mng* O 75 Trinity Res* O 21 Trinity Valley V 144 Trio Resources* O 2784 TriStar Gold V 245 TriStar Gold* O 110 Triumph Gold V 852 Triumph Gold* O 419 Troilus Gold* O 42 Troilus Gold T 379 Troubadour Res V 377 Troy Enrgy V 1 Troy Res* O 500 500 True Grit Res V True North Gem* O 4 15 True North Gem V O 19 Trueclaim Expl* Tsodilo Res V 171 186 Tudor Gold * O Tudor Gold V 468 2 Tundra Gold* O Turmalina Met V 546 Turquoise HIl* N 8791 Turquoise HIl T 4681 TVI Pacific V 39 TVI Pacific* O 73 Tyhee Gold* O 5910 Tymbal Res V 0 Typhoon Expl V 126

0.15 0.14 0.15 + 0.01 0.23 0.06 0.31 0.28 0.30 + 0.03 0.42 0.21 0.25 0.21 0.22 + 0.02 0.32 0.15 7.35 7.01 7.27 + 0.17 10.54 7.01 0.07 0.07 0.07 unch 0.00 0.15 0.01 0.10 0.09 0.09 - 0.01 0.30 0.08 0.19 0.15 0.18 - 0.01 0.36 0.11 0.25 0.22 0.23 - 0.02 0.49 0.15 0.02 0.02 0.02 unch 0.00 0.04 0.01 0.00 0.00 0.20 unch 0.00 0.20 0.14 0.02 0.02 0.02 - 0.01 0.06 0.02 0.04 0.00 0.04 unch 0.00 0.07 0.03 3.11 2.88 3.00 - 0.10 4.10 2.00 2.37 2.11 2.29 - 0.08 3.13 1.50 0.12 0.11 0.12 + 0.00 0.13 0.02 0.25 0.13 0.20 + 0.07 0.50 0.01 0.08 0.05 0.08 + 0.02 0.15 0.04 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.21 0.19 0.19 unch 0.00 0.25 0.10 0.16 0.15 0.15 + 0.00 0.19 0.07 0.25 0.23 0.25 + 0.01 0.58 0.21 0.21 0.17 0.19 + 0.01 0.44 0.16 0.46 0.00 0.46 + 0.04 0.81 0.40 0.61 0.54 0.59 + 0.04 1.16 0.52 0.06 0.05 0.06 unch 0.00 0.20 0.03 0.00 0.00 0.03 unch 0.00 0.05 0.02 0.08 0.08 0.08 - 0.00 0.09 0.06 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.07 0.07 0.07 + 0.01 0.14 0.00 0.06 0.06 0.06 unch 0.00 0.28 0.05 0.04 0.04 0.04 unch 0.00 0.10 0.04 0.09 0.08 0.09 - 0.01 0.33 0.05 0.52 0.47 0.52 + 0.04 0.81 0.20 0.68 0.63 0.68 + 0.05 1.07 0.23 5.50 5.50 5.50 unch 0.00 500.00 5.00 0.73 0.63 0.73 + 0.06 0.78 0.53 0.75 0.66 0.70 - 0.01 2.17 0.40 0.97 0.87 0.93 + 0.04 2.84 0.53 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.01 0.01 0.01 - 0.00 0.01 0.00 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.05 unch 0.00 0.15 0.03 0.06 0.05 0.06 + 0.01 0.07 0.02

U.S. Gold* D 332 U.S. Lithium* O 40 U3O8 Corp* O 88 U3O8 Corp T 244 Ubique Mineral C 1 UC Res* O 101 Ucore Rare Mtl V 10800 Ucore Rare Mtl* O 7112 UEX Corp T 1003 O 25 Ultra Resource* Ultra Resource V 28 O 85 Umbral Enrgy* Unigold* O 47 Unigold V 138 O 103 United Battery* United Battery C 9 70 United Res Hdg* O 92 United States A* X United States S* N 61084 Universal Cop V 2557 V 66 Universal Vent Ur-Energy T 216 Ur-Energy* X 2070 Uragold Bay Rs V 168 Uranium Energy* X 2551 O 0 Uranium Hunter* Uranium Res* D 409

0.85 0.78 0.79 - 0.01 1.53 0.65 0.35 0.30 0.34 - 0.01 0.62 0.11 0.06 0.04 0.06 + 0.02 0.21 0.03 0.10 0.06 0.10 + 0.02 0.29 0.04 0.00 0.00 0.04 unch 0.00 0.20 0.03 0.19 0.12 0.16 - 0.02 1.27 0.12 0.25 0.19 0.23 + 0.04 0.34 0.09 0.19 0.14 0.17 + 0.04 0.25 0.07 0.13 0.11 0.13 + 0.01 0.20 0.11 0.05 0.05 0.05 unch 0.00 0.09 0.05 0.07 0.07 0.07 unch 0.00 0.13 0.06 0.19 0.17 0.19 + 0.01 0.54 0.11 0.21 0.19 0.21 + 0.01 0.21 0.07 0.25 0.22 0.25 + 0.03 0.27 0.09 0.02 0.01 0.02 + 0.01 0.15 0.01 0.02 0.02 0.02 - 0.01 0.20 0.02 0.05 0.04 0.05 + 0.01 0.09 0.01 0.42 0.38 0.40 + 0.02 0.80 0.34 12.17 11.10 11.14 - 0.78 24.74 9.93 0.04 0.03 0.03 unch 0.00 0.14 0.02 4.49 4.01 4.45 + 0.45 5.10 2.80 0.77 0.72 0.74 unch 0.00 1.30 0.70 0.59 0.55 0.56 - 0.01 0.99 0.50 0.08 0.08 0.08 + 0.01 0.12 0.06 0.93 0.88 0.92 - 0.00 1.58 0.82 1.40 0.00 1.20 - 0.35 3.50 0.51 2.30 2.07 2.19 - 0.01 9.88 2.07

U-V

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Uranium Roylty V 174 Uravan Mnrls* O 8 UrbanGold Min V 168 USCorp* O 3680 Val-d’Or Mg* O 1 Val-d’Or Mg V 1 Vale* N 67915 Valley High Mg* O 1981 ValOre Metals* O 54 ValOre Metals V 347 Valterra Res V 142 Vanadian Enrgy V 1168 Vanadian Enrgy* O 42 Vanadium One* O 40 Vanadium One V 236 Vanadiumcorp* O 112 Vanadiumcorp V 511 Vanstar Mng Rs* O 11 Vanstar Mng Rs V 315 Vantex Res * O 3 Vantex Res V 6 Velocity Mnrls V 72 Velocity Mnrls* O 16 Vendetta Mng V 471 O 45 Vendetta Mng* V 8 Venerable Vent Venture Mnrls* O 80 Verde Potash T 50 Verde Res* O 325 Veris Gold* O 26 Vertical Expl V 76 Victoria Gold V 362 O 38 Victory Metals* Victory Metals V 50 O 78 Victory Nickel* Victory Nickel C 413 Virginia Enrgy* O 9 Virginia Enrgy V 293 Viscount Mng V 157 63 Visible Gold M V 5 Visible Gold M* O Vision Lithium V 222 O 19 Vision Lithium* Vista Gold* X 1610 Vista Gold T 82 Viva Gold* O 65 Viva Gold V 147 Vizsla Res V 482 O 117 Vizsla Res * Volcanic Gold V 2130 Volt Energy V 195 Voyageur Min V 1180 VR Resources* O 282 VR Resources V 351 Vulcan Mnrls V 239 VVC Expl V 1603

1.22 1.17 1.19 + 0.02 1.28 1.10 0.00 0.00 0.00 unch 0.00 0.04 0.01 0.15 0.14 0.15 + 0.02 0.18 0.10 0.00 0.00 0.00 - 0.00 0.00 0.00 0.04 0.04 0.04 unch 0.00 0.07 0.04 0.00 0.00 0.07 unch 0.00 0.10 0.03 13.57 13.16 13.22 - 0.05 15.45 10.20 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.23 0.19 0.22 + 0.01 0.31 0.00 0.30 0.28 0.30 + 0.02 0.40 0.11 0.12 0.11 0.11 unch 0.00 0.35 0.10 0.02 0.01 0.02 - 0.01 0.09 0.01 0.02 0.00 0.01 - 0.00 0.07 0.00 0.04 0.00 0.04 - 0.00 0.15 0.04 0.06 0.06 0.06 unch 0.00 0.21 0.05 0.04 0.03 0.03 - 0.00 0.10 0.02 0.05 0.04 0.05 unch 0.00 0.11 0.04 0.33 0.28 0.33 + 0.04 0.33 0.11 0.43 0.38 0.42 + 0.05 0.43 0.12 0.12 0.12 0.12 + 0.00 0.22 0.08 0.18 0.00 0.18 unch 0.00 0.40 0.10 0.46 0.43 0.43 - 0.01 0.58 0.19 0.37 0.33 0.37 + 0.05 0.44 0.16 0.05 0.05 0.05 unch 0.00 0.17 0.04 0.04 0.03 0.04 + 0.00 0.13 0.03 0.06 0.06 0.06 unch 0.00 0.10 0.05 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.43 0.40 0.43 + 0.01 0.83 0.40 0.01 0.01 0.01 unch 0.00 0.10 0.00 0.00 0.00 0.00 + 0.00 0.00 0.00 0.04 0.03 0.04 + 0.01 0.11 0.02 8.70 8.15 8.50 + 0.11 9.90 5.48 0.40 0.34 0.35 - 0.02 0.57 0.28 0.50 0.45 0.45 - 0.03 0.77 0.37 0.02 0.02 0.02 unch 0.00 0.04 0.01 0.02 0.02 0.02 unch 0.00 0.05 0.02 0.05 0.00 0.04 + 0.01 0.25 0.03 0.08 0.06 0.08 + 0.02 0.37 0.04 0.25 0.22 0.24 - 0.01 0.31 0.15 0.05 0.05 0.05 unch 0.00 0.11 0.04 0.03 0.03 0.03 unch 0.00 0.06 0.03 0.04 0.03 0.03 - 0.01 0.21 0.03 0.03 0.02 0.02 - 0.01 0.13 0.02 0.78 0.65 0.72 + 0.06 1.05 0.51 0.99 0.85 0.97 + 0.09 1.39 0.68 0.21 0.20 0.21 + 0.01 0.32 0.15 0.33 0.26 0.27 + 0.02 0.44 0.19 0.69 0.51 0.69 + 0.16 0.69 0.13 0.44 0.39 0.44 + 0.02 0.44 0.29 0.16 0.15 0.16 + 0.03 0.44 0.13 0.07 0.06 0.06 unch 0.00 0.10 0.02 0.08 0.07 0.07 - 0.01 0.12 0.05 0.32 0.26 0.30 + 0.03 0.35 0.09 0.38 0.35 0.38 + 0.03 0.40 0.12 0.06 0.05 0.06 + 0.01 0.21 0.02 0.04 0.03 0.04 + 0.01 0.05 0.02

Walker Lane* O 1 Walker River* O 25 Walker River V 516 T 7458 Wallbridge Mng Warrior Gold* O 324 Warrior Gold V 467 Waseco Res V 496 Wealth Mnrls V 352 Wealth Mnrls* O 678 V 88 Wescan Gldflds Wesdome Gold* O 401 Wesdome Gold T 2701 58 West High Yld V West Kirkland * O 35

0.20 0.20 0.20 unch 0.00 0.40 0.03 0.07 0.06 0.07 + 0.01 0.19 0.05 0.09 0.08 0.09 + 0.01 0.27 0.06 0.98 0.88 0.94 + 0.02 0.98 0.15 0.06 0.05 0.05 + 0.00 0.09 0.04 0.08 0.07 0.07 unch 0.00 0.12 0.06 0.03 0.02 0.03 + 0.01 0.05 0.02 0.18 0.16 0.18 unch 0.00 0.65 0.16 0.15 0.12 0.14 - 0.00 0.50 0.12 0.04 0.00 0.04 - 0.01 0.11 0.03 7.75 7.00 7.63 + 0.37 7.75 2.95 10.17 9.29 10.03 + 0.67 10.00 3.96 0.17 0.15 0.17 + 0.02 0.48 0.10 0.05 0.05 0.05 + 0.01 0.07 0.02

W-Z

(100s) Stock

Week

23

12-month

Exc Volume High Low Last Change High Low

West Kirkland V 132 West Red Lake* O 196 West Red Lake C 784 Western Areas* O 5 Western Atlas V 23 Western Copper T 306 Western Copper* X 419 Western Mag V 1821 Western Mag* O 526 Western Pac Rs* O 2 Western Pac Rs V 6 Western Potash T 53 Western Res* O 1 Western U&V C 16 Western U&V* O 57 Westgold Res* O 92 Westhaven Vent* O 307 Westhaven Vent V 417 Westkam Gold V 60 Westminster Rs* O 0 Westminster Rs V 16 Westmoreland* O 359 WestMountain* O 0 Wheaton Prec M T 2848 Wheaton Prec M* N 9648 White Energy* O 15 White Gold* O 138 White Gold V 318 White Metal R* O 163 White Metal Rs V 1016 O 525 White Mtn Engy* Whitehaven Coa* O 5 Wildsky Res* O 2 Wildsky Res V 17 O 556 Winston Gold* Winston Gold C 329 Winston Res C 1159 Wolfden Res* O 64 Wolfden Res V 1138 Wolfeye Res V 543 V 585 Worldwide Res X-Terra Res V 215 X-Terra Res* O 0 T 70 Xanadu Mines Xiana Mng V 5 Xiana Mng* O 0 Ximen Mining* O 4 Ximen Mining V 200 Xtierra Inc V 87 Xtra-Gold Res T 81 Xtra-Gold Res* O 46 Yamana Gold T 9114 N 56233 Yamana Gold* Yanzhou Coal* O 13 Yorbeau Res T 2117 O 0 Zadar Ventures* Zadar Ventures V 289 Zanaga Iron* O 24 Zanzibar Gold C 52 Zara Res* O 1075 O 23 ZEN Graphene* ZEN Graphene V 180 Zephyr Mnls* O 20 Zephyr Mnls V 11 Zimtu Capital V 59 185 Zinc One Res V Zinc One Res * O 145 Zincore Mtls* O 0 ZincX Res* O 51 ZincX Res V 89 Zonte Metals* O 40 Zonte Metals V 98

0.06 0.06 0.06 unch 0.00 0.09 0.03 0.05 0.03 0.04 + 0.02 0.10 0.02 0.06 0.05 0.06 + 0.01 0.12 0.04 2.02 2.02 2.02 unch 0.00 2.32 1.27 0.10 0.00 0.08 - 0.02 0.11 0.05 1.09 1.05 1.07 unch 0.00 1.15 0.52 0.89 0.80 0.82 + 0.01 0.89 0.38 0.14 0.12 0.12 - 0.02 0.35 0.04 0.11 0.09 0.10 - 0.01 0.43 0.03 0.19 0.17 0.19 + 0.01 0.60 0.16 0.28 0.00 0.28 + 0.02 0.68 0.20 0.27 0.25 0.26 - 0.01 0.55 0.11 0.00 0.00 0.20 unch 0.00 0.41 0.08 1.09 1.03 1.05 - 0.05 1.69 0.65 0.84 0.79 0.81 + 0.02 1.30 0.49 0.00 0.00 1.40 unch 0.00 1.67 0.60 0.70 0.60 0.66 + 0.02 1.03 0.39 0.91 0.79 0.85 + 0.03 1.43 0.51 0.12 0.00 0.11 - 0.01 0.35 0.10 0.00 0.00 0.06 unch 0.00 0.14 0.05 0.06 0.00 0.06 + 0.01 0.45 0.05 0.01 0.01 0.01 + 0.00 0.05 0.01 0.00 0.00 1.00 unch 0.00 3.00 1.00 39.12 36.20 38.60 + 2.80 40.95 24.75 30.19 27.40 29.49 + 2.30 30.90 18.54 0.24 0.22 0.22 unch 0.00 0.55 0.22 0.88 0.78 0.86 + 0.07 1.25 0.54 1.13 1.02 1.11 + 0.06 1.69 0.73 0.02 0.02 0.02 unch 0.00 0.05 0.00 0.05 0.04 0.04 + 0.01 0.07 0.03 0.04 0.00 0.02 - 0.00 0.07 0.00 1.87 1.87 1.87 unch 0.00 3.32 1.87 0.05 0.00 0.05 + 0.00 0.11 0.04 0.09 0.00 0.09 - 0.01 0.14 0.06 0.08 0.06 0.06 - 0.00 0.13 0.02 0.10 0.08 0.09 - 0.01 0.17 0.03 0.01 0.01 0.01 unch 0.00 0.05 0.01 0.09 0.09 0.09 - 0.00 0.23 0.06 0.14 0.12 0.13 + 0.01 0.30 0.08 0.78 0.69 0.78 + 0.09 0.93 0.45 0.03 0.03 0.03 unch 0.00 0.07 0.02 0.11 0.10 0.11 + 0.01 0.17 0.07 0.00 0.00 0.10 unch 0.00 0.10 0.07 0.03 0.00 0.03 - 0.01 0.17 0.02 0.31 0.30 0.30 unch 0.00 0.61 0.30 0.00 0.00 0.29 unch 0.00 0.45 0.23 0.28 0.25 0.28 + 0.02 0.66 0.24 0.36 0.32 0.36 + 0.01 0.86 0.24 0.04 0.04 0.04 unch 0.00 0.08 0.03 0.62 0.57 0.58 - 0.01 0.64 0.28 0.48 0.35 0.46 + 0.01 0.48 0.20 5.15 4.63 5.05 + 0.45 5.11 2.41 3.99 3.51 3.85 + 0.37 3.99 1.78 0.87 0.86 0.86 - 0.02 1.08 0.81 0.03 0.02 0.02 - 0.00 0.05 0.02 0.00 0.00 0.07 unch 0.00 0.10 0.02 0.09 0.09 0.09 unch 0.00 0.25 0.08 0.00 0.00 0.13 unch 0.00 0.14 0.10 0.11 0.10 0.11 + 0.01 0.32 0.09 0.03 0.02 0.02 - 0.01 0.63 0.01 0.30 0.27 0.28 - 0.00 0.47 0.21 0.37 0.35 0.36 - 0.02 0.63 0.28 0.14 0.14 0.14 unch 0.00 0.54 0.12 0.19 0.19 0.19 unch 0.00 0.34 0.15 0.13 0.00 0.13 + 0.03 0.35 0.09 0.02 0.02 0.02 - 0.01 0.11 0.02 0.01 0.00 0.01 + 0.00 0.08 0.00 0.00 0.00 0.00 unch 0.00 0.02 0.00 0.10 0.10 0.10 - 0.00 0.18 0.07 0.13 0.12 0.12 unch 0.00 0.25 0.09 0.22 0.22 0.22 + 0.01 0.30 0.16 0.34 0.27 0.32 + 0.03 0.39 0.20

BID-ASK — DECEMBER 23–27, 2019 STOCK

12-MONTH

EXC BID ASK LAST HIGH

12 Exploration C AEX Gold V African Metals V Aftermath Silv V Aguila Amer Gd V Allante Res V Altan Nevada V Altan Rio Min V American CuMo V American Uran V Amilot Capital V Amseco Expl V Anconia Res V Anglo-Bomarc V Antler Gold V Antler Hill V Archon Mineral V Arcturus Vent V Asbestos Corp V Ashanti Sanko V Astorius Res V Atlanta Gold V Atlantic Indus V Aurelius Min V Austin Res V Banro Corp* X Barker Min V Baroyeca Gold V Barrian Mining V BC Moly V BHK Mining V Bluenose Gold V Bond Resources C Boss Power V Brigadier Gold V Broadway Gold V Brunswick Res V Bullion Gold V Cairo Res V Camrova Res V Canada Coal V Canadian Silv V Candente Gold V Canex Energy V Cassius Vents V Castle Peak Mg V CAT Strategic C Cautivo Mining C Central Iron V Century Metals V Cerro de Pasc C Cerro Mng V CIM Intl Grp C Cliffs Nat Res* N Clydesdale Res V CMX Gold & Sil C Comet Inds V Condor Gold T Contintl Prec V Crest Resource C Crestview Expl C Cresval Cap V CWN M’g Acq V Cyntar Venture C Cyprium Mng V Discovery-Corp V EastCoal Inc V Edison Cobalt V El Nino Vent V Electra Stone V Empire Metals V Etruscus Res C Everton Res V Excalibur Res C Explorex Res C Fabled Copper V Fengro Industr V Fieldex Expl V Finore Mng C Fiorentina Min C Fire River Gol V Four Nines C Freedom Egy V Freeport Res V Frontline Gold V V Full Metal Mnl Fusion Gold V Galleon Gold V Galore Res V GAR Limited C C Generic Gold Gentor Res V

20-23_JAN6_StockTables.indd 23

0.15 0.25 0.15 0.25 0.36 0.53 0.35 0.44 0.06 0.09 0.06 0.24 0.25 0.25 0.33 0.16 0.20 0.18 0.27 0.10 ... 0.16 0.20 0.03 0.04 0.04 0.07 0.01 0.01 0.01 0.01 0.06 0.07 0.06 0.06 0.24 0.06 0.06 0.04 0.05 0.05 0.15 0.04 0.07 0.02 0.10 0.01 0.01 0.01 0.02 0.08 0.08 0.15 0.06 0.07 0.06 0.18 0.04 0.07 0.07 0.09 0.41 0.55 0.41 0.60 0.57 0.57 0.50 0.97 0.46 0.88 0.45 0.55 0.02 0.03 0.02 0.05 0.08 0.11 0.09 0.50 0.03 0.04 0.03 0.04 0.01 0.02 0.01 0.02 0.13 0.14 0.14 0.15 0.06 0.09 0.06 0.13 0.11 0.11 0.11 2.10 0.01 0.01 0.01 0.01 0.05 0.08 0.04 0.20 0.13 0.13 0.13 0.27 0.05 0.06 0.05 0.07 0.02 0.02 0.02 0.14 0.14 0.14 0.20 0.20 ... 0.15 0.20 0.17 0.20 0.17 ... 0.17 0.15 0.25 0.08 0.08 0.08 0.14 ... 0.03 0.03 0.04 0.06 0.15 0.10 0.47 ... ... 0.30 0.34 ... 0.07 0.07 0.02 0.03 0.03 0.07 0.01 0.05 0.06 0.02 0.02 0.02 0.04 ... ... 0.17 0.17 0.06 0.07 0.07 0.09 0.01 0.02 0.01 0.02 0.04 0.07 0.04 0.08 0.10 0.19 0.10 0.20 0.01 0.02 0.01 0.03 0.06 0.10 0.07 0.11 ... ... 0.29 0.34 0.09 0.18 0.10 0.36 0.02 0.15 0.02 0.63 1.45 3.20 1.43 7.17 0.02 0.03 0.02 0.04 ... 0.06 0.05 0.08 3.40 3.95 3.50 3.60 0.38 0.48 0.38 0.72 0.30 0.34 0.30 0.37 0.07 0.09 0.07 0.16 0.40 0.65 0.65 0.70 0.02 0.03 0.02 0.05 0.04 0.06 0.07 0.08 0.13 0.25 0.11 0.11 0.03 0.03 0.03 0.01 0.02 0.01 0.02 0.06 0.06 0.06 0.10 0.08 0.08 0.06 0.09 0.02 0.03 0.03 0.05 0.01 0.02 0.01 0.13 0.19 0.13 0.21 0.22 0.25 0.25 0.50 0.04 0.04 0.03 0.04 0.09 0.10 0.10 0.11 0.10 0.10 0.18 0.40 0.04 0.06 0.04 0.08 0.01 0.01 0.01 0.05 ... 0.15 0.19 0.12 0.12 0.11 0.10 0.15 0.18 0.20 0.03 0.07 0.09 0.15 0.31 0.15 0.31 0.02 0.02 0.01 0.03 0.06 0.06 0.06 0.15 0.01 0.01 0.01 0.02 0.01 0.01 0.10 0.10 0.10 0.17 0.30 0.06 0.07 0.06 0.09 0.01 0.02 0.02 0.05 ... ... 0.15 4.13 ... 0.10 0.06 0.06 0.05 0.07 0.05 0.07

LOW

STOCK

0.15 0.24

Getty Copper GFM Res GGL Res GK Resources Global Cop Grp Global Vanad Gold Rush Cari Goldbank Mng Goldbelt Emp Golden Harp Goldstream Mnl Graphite Egy Gray Rock Res Great Lakes Gr Great Quest Fe Greatbanks Re Green Arrow Green River Green Swan Cap Grenville Gold Grosvenor Res GrowMax Res Helio Res HFX Holding Highbury Proj Highvista Gold HiHo Silver Hybrid Mineral IEMR Res IM Exploration Indico Res Indigo Expl Infinite Lith Inspiration Mg Intact Gold Inter-Rock Mnl Interconnect Intercontinent Intl Battery Intl Millm Mng Inventus Mg Iron South Mng Jaeger Res Jubilee Gold Kal Minerals Kanadario Gold Kermode Res Kilo Goldmines Kings Bay Res Knick Expl La Imperial Lateral Gold Latin Metals Le Mare Gold Leo Res Lions Bay Cap Lithion Energy Lithium Energy Los Andes Lovitt Res Lydian Intl Madeira Mrnls MAG Silver* Magna Terra Mammoth Res Manado Gold Martina Mnls Mas Gold MBMI Res Meadow Bay Gd Mega Copper Megastar Dev Meridius Res MetalCorp Metalore Res Metron Capital Mich Resources Micrex Dev Midnight Star MillenMin Vent Milner Con Slv Minecorp Egy Mineral Hill Minfocus Expl Minsud Res Montana Gold Mountain Lake MX Gold Napier Vent Navy Res Nebu Res Nemaska Lith

0.05 0.15 0.11 0.02 0.01 0.06 0.03 0.02 0.01 0.04 0.04 0.41 0.05 0.35 0.02 0.09 0.03 0.01 0.03 0.05 0.10 0.01 0.04 0.10 0.03 0.09 0.11 0.10 0.06 0.02 0.09 0.30 0.01 0.01 0.11 0.06 0.01 0.04 0.08 0.01 0.06 0.12 0.07 0.02 0.98 0.02 0.03 2.75 0.30 0.30 0.06 0.40 0.02 0.03 0.07 0.01 0.05 0.04 0.02 0.13 0.17 0.02 0.01 0.15 0.02 0.01 0.18 0.14 0.01 0.04 0.01 0.11 0.01 0.01 0.13 0.03 0.05

12-MONTH

EXC BID ASK LAST HIGH LOW

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

0.02 0.03 0.02 0.04 0.05 0.09 0.05 0.05 0.08 0.10 0.08 0.17 1.01 1.01 0.26 0.30 0.07 0.08 0.08 0.11 0.17 0.24 0.24 0.28 0.01 0.01 0.01 0.15 0.13 0.15 0.13 0.19 0.01 0.01 0.02 0.07 0.08 0.07 0.17 0.01 0.07 0.05 0.09 0.04 0.20 0.47 1.35 0.05 0.08 0.05 0.15 0.05 0.05 0.04 0.05 0.04 0.04 0.10 0.05 0.07 0.06 0.15 0.02 0.03 0.02 0.04 0.05 0.07 0.07 0.08 0.01 0.03 0.02 0.05 0.11 0.18 0.11 0.38 0.13 0.18 0.13 0.15 0.03 0.03 0.09 0.13 0.13 0.14 0.14 0.15 0.01 ... 0.01 0.06 0.20 0.36 0.30 0.30 ... ... 0.17 0.03 0.03 0.03 0.08 0.01 0.02 0.01 0.13 0.01 0.01 0.01 0.02 0.04 0.10 0.10 0.15 ... 0.01 0.01 0.02 0.01 0.02 0.01 0.02 0.26 0.29 0.28 0.32 0.03 0.03 0.03 0.04 0.06 0.05 0.09 0.23 0.25 0.25 0.35 0.06 0.07 0.06 0.07 0.12 0.20 0.12 0.33 ... ... 0.31 ... 0.03 0.03 0.11 0.13 0.14 0.16 0.24 0.27 0.24 0.28 0.01 0.02 0.01 0.04 0.38 0.98 0.53 0.95 0.08 0.15 0.10 0.25 0.17 0.35 0.19 0.25 0.01 0.01 0.01 0.02 ... 0.01 0.01 0.02 0.03 0.03 0.04 0.05 0.01 0.01 0.01 0.02 0.01 0.49 0.02 0.04 0.03 0.03 0.03 0.39 0.03 0.04 0.03 0.16 0.05 0.05 0.09 0.18 ... ... 1.09 0.03 0.04 0.03 0.10 ... ... 0.10 0.01 0.01 0.10 0.14 0.36 0.40 0.41 0.52 0.08 0.13 0.10 0.06 0.06 0.08 0.24 ... ... 0.03 0.04 12.52 13.30 12.52 14.40 0.01 0.01 0.02 0.05 0.03 0.04 0.03 0.09 0.01 0.05 0.05 0.05 ... 0.11 0.05 0.12 0.07 0.09 0.07 0.16 0.12 0.20 0.13 0.32 ... 0.04 0.04 0.06 0.12 0.20 0.12 0.18 0.09 0.11 0.11 0.19 0.08 ... 0.15 0.22 0.01 0.01 0.01 0.02 1.40 1.90 1.95 2.60 0.04 0.07 0.05 0.07 0.20 0.35 0.31 0.50 0.02 0.02 0.01 0.11 0.16 0.15 0.34 0.01 0.50 0.05 0.03 0.05 0.04 0.08 ... ... 0.12 0.20 0.07 ... 0.15 0.17 0.04 0.05 0.04 0.09 0.05 0.10 0.05 0.15 0.09 0.10 0.10 0.10 ... ... 0.05 0.11 0.11 0.11 0.12 0.14 0.14 0.30 0.11 0.19 0.15 0.16 0.04 0.04 0.04 0.11 0.11 0.17 0.75

0.02 0.05 0.07 0.15 0.04 0.16 0.01 0.10 0.04 0.04 0.03 0.04 0.03 0.04 0.02 0.04 0.02 0.11 0.08 0.08 0.05 0.01 0.17 0.02 0.01 0.01 0.04 0.01 0.01 0.12 0.05 0.19 0.04 0.09 0.07 0.04 0.01 0.48 0.10 0.15 0.01 0.01 0.03 0.01 0.02 0.03 0.02 0.03 0.03 0.10 0.17 0.06 0.02 6.12 0.01 0.02 0.05 0.04 0.04 0.04 0.03 0.12 0.04 0.09 0.01 0.89 0.04 0.08 0.11 0.02 0.07 0.15 0.03 0.01 0.02 0.12 0.10 0.15

STOCK

New Destiny Mg New Jersey Mng New Klondike New Stratus New World Res Newlox Gold Nickel North Noble Metal Noram Vent Norsemont Cap Northern Uran NxGold Ltd Oceanus Res Odyssey Res Ord Mountain Pac Cascade Pacific Silk Paringa Res* Patriot Gold Pedro Res Peruvian Metal Philippine Mtl Phoenix Gold Pike Mountain Prism Res Project One Quantum Cobalt Rackla Metals Rare Element* Razore Rock Res Regency Gold Reliant Gold Remington Res Rhyolite Res Richmond Mnls Ridgestone M’g Rizal Res Rockland Mnls Rockwealth Res Rojo Res Ross River Roughrider Exp Rover Metals Rubicon Mnrls* Sage Gold Saint Jean Samco Gold Sennen Potash Silver Phoenix Skarb Explor Slave Lake Zn Solstice Gold Sonora Gld & S Southstone Min Spruce Ridge R Stuhini Explor Surge Explor Talmora Diamd Tesoro Mnrls Thunder Mtn Gd Tiger Intl TomaGold Tri-River Vent Trident Gold TriMetals Mng Troy Enrgy True Grit Res Tymbal Res Ubique Mineral Upper Canyon Uravan Mnrls Val-d’Or Mg Vale* ValOre Metals Vangold Res Vatic Vent Victory Res Volt Energy Walcott Res Western Troy C Whitemud Res Worldwide Res Xander Res Xiana Mng Yukoterre Res Zadar Ventures Zara Res Zena Mining Zenith Explor Zinco Mng Zincore Mtls

12-MONTH

EXC BID ASK LAST HIGH LOW

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

0.06 0.07 0.06 0.24 0.17 ... 0.15 0.20 0.01 0.01 0.01 ... 0.40 0.40 0.30 0.30 0.21 0.24 0.04 0.05 0.05 0.10 0.01 0.02 0.02 0.03 ... 0.01 0.01 0.01 0.05 0.07 0.06 0.30 0.29 0.39 0.35 0.43 0.01 0.01 0.01 0.02 0.03 0.03 0.03 0.11 0.08 0.09 0.08 0.13 0.03 0.05 0.03 0.05 0.08 0.14 0.08 0.12 0.01 0.02 0.01 0.02 0.03 0.02 0.04 ... ... 1.44 9.02 0.05 0.09 0.05 0.06 ... 0.24 0.10 0.29 0.03 0.03 0.03 0.05 0.02 0.13 0.08 0.14 ... 0.05 0.05 0.07 0.11 0.18 0.11 0.15 0.02 0.03 0.02 0.05 0.15 0.27 0.18 0.30 ... ... 1.10 3.15 0.10 0.13 0.10 0.20 0.11 0.16 0.15 0.89 0.07 0.25 0.07 0.10 0.11 0.18 0.13 0.14 ... 0.01 0.02 0.15 0.19 0.15 0.20 0.10 0.13 0.10 0.26 0.06 0.06 0.06 0.06 0.17 0.19 0.19 0.27 0.01 0.02 0.02 0.03 0.07 0.08 0.08 0.11 0.46 1.00 0.46 0.50 0.20 0.30 0.19 0.30 ... 0.26 0.26 0.08 0.08 0.06 0.09 0.05 0.05 0.07 0.08 ... ... 0.03 1.35 0.01 0.01 0.02 0.02 0.02 0.04 0.04 0.03 0.04 0.05 0.08 0.20 0.40 0.45 0.10 0.20 0.12 0.20 0.04 0.10 0.08 0.10 0.04 0.09 0.08 0.13 0.06 0.08 0.07 0.27 0.04 0.05 0.04 0.07 0.01 0.01 0.01 0.04 0.05 0.06 0.06 0.13 0.24 0.39 0.31 0.35 0.39 0.44 0.39 0.23 0.02 0.05 0.02 0.06 0.04 0.05 0.04 0.07 0.05 ... 0.17 0.17 0.05 0.11 0.06 0.15 0.04 0.04 0.05 0.06 ... ... 0.04 0.16 0.25 0.20 0.20 0.11 0.12 0.12 0.12 0.02 0.03 0.03 0.05 0.01 0.03 0.02 0.03 0.03 0.06 0.05 0.15 0.01 0.04 0.04 0.20 0.35 0.75 0.25 0.03 0.03 0.04 0.05 0.06 0.07 0.07 0.10 ... ... 10.24 11.10 0.06 0.07 0.07 0.13 0.05 0.05 0.04 0.07 0.07 0.10 0.10 0.02 0.02 0.02 0.12 0.06 0.09 0.06 0.10 0.10 0.20 0.20 0.20 0.02 0.02 0.02 0.10 0.01 0.02 0.02 0.03 0.02 0.05 0.03 0.07 0.14 ... 0.09 0.10 0.29 0.36 0.30 0.61 0.10 0.15 0.09 0.16 0.09 0.10 0.09 0.25 ... ... 0.07 0.22 0.08 0.10 0.07 0.10 ... 0.11 0.11 0.20 0.05 0.07 0.05 0.03 0.03 0.05 0.05

0.05 0.15 0.17 0.03 0.01 0.01 0.05 0.25 0.01 0.03 0.04 0.03 0.08 0.01 1.40 0.04 0.09 0.03 0.04 0.04 0.10 0.02 0.18 0.20 0.08 0.06 0.07 0.10 0.12 0.09 0.02 0.15 0.01 0.01 0.12 0.10 0.06 0.04 0.03 0.02 0.02 0.12 0.08 0.04 0.05 0.03 0.01 0.04 0.19 0.03 0.02 0.04 0.17 0.04 0.05 0.14 0.03 0.02 0.01 0.03 0.03 0.02 0.03 6.57 0.07 0.07 0.01 0.02 0.10 0.02 0.01 0.02 0.03 0.30 0.09 0.08 0.07 0.04 0.06 0.05

2019-12-30 3:38 PM

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2019-12-27 10:56 AM