The Northern Miner November 26 2018 Issue

DIAMONDS IN CANADA: GLITTERING DEVELOPMENTS ACROSS THE COUNTRY Geotech_Earlug_2016_Alt2.pdf 1 2016-06-24 4:27:20 PM

SPECIAL FOCUS

SOUTHWEST US

Exciting projects in Arizona, California and Nevada target a multitude of minerals / 9–13

DELIVERING QUALITY EXPERTISE GLOBALLY ACROSS THE ENTIRE MINING LIFE CYCLE

VTEM™ | ZTEM™ | Gravity | Magnetics 905 841 5004 | geotech.ca

WWW.SGS.COM/MINING

MINERALS@SGS.COM

NOVEMEBER 26–DECEMBER 9, 2018 / VOL. 104 ISSUE 24 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Harte Gold nears commercial production at Sugar SITE VISIT

| Ontario’s newest gold mine is churning through 575 tonnes per day

BY TRISH SAYWELL

Pan American to buy Tahoe for US$1B in controversial offer

tsaywell@northernminer.com

M&A

| Deal comes amid struggles at Escobal

S

ince its official mine opening on Oct. 24, Harte Gold (TSX: HRT; US-OTC: HRTFF) has finished commissioning its process plant and says it is on schedule to declare commercial production by the end of December at its Sugar Zone mine. Mill throughput at Ontario’s newest gold producer has reached the initial target rate of 575 tonnes per day, and the tailings management facility and paste fill plant will be finished in the fourth quarter. Meanwhile, in November, the first production blast was completed and underground stope production has begun. “Stephen has done a fabulous job with this mine, and I’ve invested in all three of his mines,” long-time investor Jennifer Jackson said of Harte Gold’s president and CEO, Stephen Roman, referring to Gold Eagle, which was sold to Goldcorp (TSX: G; NYSE: GG), Belo Sun Mining’s (TSX: BSX)Volta Grande project, and now, Sugar. Before Jackson’s investments, Roman also built the Black Fox mine, now owned by McEwen Mining (TSX: MUX; NYSE: MUX). “I didn’t want to invest in a gold company run by a finance guy, and I like the team, they’ve been together a long time,” Jackson told The Northern Miner during the mine’s opening ceremony last month in White River in Ontario’s Algoma district, east of Lake Superior. Harte Gold is carrying out a 100,000-metre drill program on near-mine and exploration targets, and the results will fold into an updated resource estimate and mine plan targeted for 2019. Deep drilling below the Sugar Zone is also underway to test downdip mineralization. The deeper

BY TRISH SAYWELL

P

Cutting the ribbon at Harte Gold’s Sugar Zone gold mine in Ontario, from left: Timothy Campbell, Harte Gold VP and corporate secretary; Greg Rickford, Ontario Minister of Energy, Mines, Northern Development and Indigenous Affairs; Doug Ford, Premier of Ontario; Jeff Desmoulin, former chief of Pic Mobert First Nation; Stephen Roman, Harte Gold president and CEO; Angelo Bazzoni, mayor of White River; Louis Kwissiwa, acting chief of Pic Mobert First Nation; and Roger Emdin, Harte Gold VP of operations.   HARTE GOLD

drilling is 1,500 metres below surface and 500 metres below the mine’s current inferred mineral resource. Exploration on the Sugar Zone property includes 838.5 sq. km encompassing a significant greenstone belt, and Jackson has faith Roman can find more gold there. “Stephen can find gold with an Ouija stick,” she said. Sugar has an indicated resource of 2.61 million tonnes grading 8.52 grams gold per tonne for 714,200 contained oz. gold, and an inferred resource of 3.59 million tonnes grading 6.59 grams gold for 760,800 oz. gold. Harte Gold plans to apply in the first quarter of 2019 to increase its permits for underground mining and mill processing rates, which sit at 550 tonnes per day and 575 tonnes per day, to 800 tonnes per day.

The company intends to complete a feasibility study in the first three months of 2019. In terms of its balance sheet, Harte Gold raised $6.95 million in a flow-through private placement that closed on Oct. 31. During the third quarter, it also bought down the royalty on the Sugar Zone property from 3.5% to 2%. Sugar is the province’s first highgrade gold mine built in over a decade, and, based on estimates, could run for 12 years and recover 904,000 oz. gold. “When I was asked by my friend George Onuska in the fall of 2008, 10 years ago at this time, to look at a company called Harte Gold and try to resurrect it from the abyss, I decided to take on the challenge,” Roman told guests assembled outside the mill. “With my initial team of George Flach, Tim Campbell and

Rein Lehari, we saved the property and consolidated it under Harte Gold, and moved forward with an aggressive and unrelenting plan to explore and develop an economic gold deposit and build a new mine that would revitalize White River, Horne Payne and its surrounding communities. “In 2009, we engaged with our First Nations partner, Pic Mobert, who has been with us all the way and provided Harte Gold management with tremendous support. The culmination of all our combined efforts is what you see here today: an efficient, clean and tidy mining operation that will create hundreds of new jobs and provide countless benefits to the region and province of Ontario. It has been a team effort getting here. We have a tremendous team of creative individuals who made this project a reality.” TNM

tsaywell@northernminer.com

an American Silver’s (TSX: PA AS; NASDAQ: PA AS) friendly acquisition of Tahoe Resources (TSX: THO; NYSE: TAHO) in a cash-and-share deal valued at US$1.07 billion will double the company’s silver reserves and create the largest publicly traded silver mining company by free float. Tahoe Resources owns and operates the Escobal silver mine in Guatemala (now on care and maintenance), the La Arena and Shahuindo gold mines in Peru, and the Timmins West-Bell Creek complex in Canada, as well as a number of exploration and development projects. Pan American — already the world’s second-largest primary silver producer — owns and operates six See PAN AMERICAN / 2 PM40069240

Jan 28-31, 2019 Sign up now at roundup.amebc.ca

BUNKER HILL MINING: GETS A NEW LEASE ON MINE / 15

1-16_NOV26_Main .indd 1

2018-11-20 9:51 PM

2

WWW.NORTHERNMINER.COM

NOVEMBER 26–DECEMBER 9, 2018 / THE NORTHERN MINER

Pan American to buy Tahoe for US$1B in controversial sale PAN AMERICAN From 1

mines in Mexico, Peru, Argentina and Bolivia, and its wholly owned Navidad project in Argentina’s Chubut province is one of the world’s largest undeveloped silver deposits. Michael Steinmann, Pan American Silver’s president and CEO, told analysts and investors on a conference call that with Escobal’s 264 million oz. silver in reserves, the mine “has significant long-term production potential,” and with the possible addition of Navidad, the new Pan American Silver would “eclipse Fresnillo as the world’s largest silver producer.” Escobal is a well-built operation with minimal capital outlay and development risk, he notes. Before its suspension in mid-2017, and over its last four quarters of undisturbed production, the mine produced 21 million oz. silver at all-in sustaining costs of US$8.63 per oz. silver. “Pan American is gaining exposure to one of the most attractive silver mines in the world through Escobal,” Steinmann declared. “With over $500 million invested in development and infrastructure, this is a well-built turnkey operation, capable of restarting production rapidly once social acceptancy is re-established in Guatemala.” Escobal, which started commercial production in January 2014, has been shut down for more than a year by the country’s courts after an organization called CALAS accused Guatemala’s Ministry of Energy and Mines of not consulting sufficiently with the Xinka, a local indigenous group, before awarding the licence to Tahoe. Steinmann said Pan American’s history of success in Latin America over a quarter of a century was “one of the key attributes for Tahoe in pursuing this predominantly sharebased transaction.” “With a long-standing track record for responsible mining in Latin America, Pan America is commit-

ted to being fully engaged in the process of consultation with the Xinka community and to establish a long-term relationship of trust and partnership with all of Escobal’s stakeholders,” he said. Under the terms of the definitive agreement announced on Nov. 14, Tahoe shareholders may elect to receive $3.40 in cash — or 0.2403 Pan American shares for each Tahoe share held — up to a maximum cash consideration of US$275 million, and a maximum of 56 million Pan American shares. The base purchase price of $3.40 per share represents a 34.9% premium to Tahoe’s volumeweighted average price (VWAP) for the 20-day period ended on Nov. 13. In addition, Tahoe shareholders will receive a contingent consideration of 70¢ per Tahoe share payable upon first commercial shipment of concentrate from Escobal, representing another 27.9% premium. The contingent value rights (CVRs) will automatically convert into 0.0497 Pan American share for each Tahoe share held. The CVRs will be transferable and have a 10-year term. The total consideration for the base purchase price and the contingent purchase price adds up to $4.10 per share, a 62.8% premium to Tahoe’s VWAP. If the deal is approved, shareholders of Pan American and Tahoe will own 73% and 27% of the combined company. Steinmann notes that while the transaction positions Pan American “as the world’s premier silver miner,” Tahoe’s gold assets are also significant. “Shahuindo, La Arena and the Timmins mines are wellbuilt, well-run modern operations in favourable jurisdictions, with significant-scale production of over 400,000 oz.,” he said. “The recent capital programs at Shahuindo and Timmins position these assets well to deliver low-cost production in the future, bolstering the new Pan American cash flow potential.” The gold assets are “highly mar-

Tahoe Resources’ Escobal silver mine in Guatemala, photographed before its mining licence was suspended.   TAHOE RESOURCES

ketable,” he adds, “which provides Pan American with additional liquidity options to foster investment in the future.” Kevin McArthur, Tahoe’s founder, president and CEO, said Tahoe shareholders benefit from the upfront premium and from diversification of production with Pan American’s operations across the Americas, and its “robust growth profile, with potential expansion at La Colorado and development of Navidad.” They will also benefit from an improved balance sheet and exposure to the Escobal mine, he added. McArthur acquired the Escobal project in 2010 from his former employer, Goldcorp (TSX: G; NYSE: GG), for US$505 million in cash and shares. McArthur retired as Goldcorp’s president and CEO in 2008 and negotiated the deal with the company’s then CEO, Chuck Jeannes. The proposed acquisition has mixed reviews from analysts and investors. “The transaction is worse than it looks,” John Tumazos, a shareholder in both companies and the

3 MINING AUCTIONS bid

ONSiTE

Or

ONLiNE

via:

UNDERGROUND MINING, CONSTRUCTION, INGOT PROCESSING & MRO SPARES EVENTS!

THOMPSON MANITOBA DECEMBER 4 • 10:30 A.M. CST ONLINE BIDDING via WEBCAST only INSPECTION DETAILS: December 3 from 9:00 A.M. to 5:00 P.M. BY APPOINTMENT ONLY. Call 416.962.9600. Hwy 6 1 Inco Rd, Thompson, MB, R8N 1P3 Complete ingot slab shearing + packaging line; Locomotives; rolling stock, welders, copper wire, MRO spares inventory; 80+ rail carts; underground mining support assets & much more!

SUDBURY ONTARIO DECEMBER 6 • 10:30 A.M. EST ONLINE & ONSITE BIDDING INSPECTION DETAILS: December 5 from 9:00 A.M. to 5:00 P.M. BY APPOINTMENT ONLY. Call 416.962.9600. 18 Rink Street, Copper Cliff, ON, P0M 1N0 Late model scoops w/ low hours; underground haul trucks, graders & drills; copper wire, MRO spares, sea containers & much more!

LONG HARBOUR NEWFOUNDLAND

BY APPOINTMENT ONLY. Call 416.962.9600. 1 Nickel Road, Long Harbour, NL, A0B 2J0

1-16_NOV26_Main .indd 2

Gray says. “The potential for gold to drop to $1,100 and wipe out the margin might have rattled Tahoe management and helped catalyze the transaction.” The analyst also points out that while Tahoe’s acquisition of Lakeshore Gold and Rio Alto diversified country risk and precious metal exposure, “the assets were ‘tough’ to execute on at various levels,” including corporate social responsiblity (CSR), timing, exploration, mining and metallurgy. “There is a fatigue factor setting in with Tahoe management, and they may be dealing with a ‘what else can go wrong’ mindset.” As evidence, Gray points to West Timmins, where “grades have been lower than expected [and controls suggest high risk], and exploration potential has disappointed,” as well as high sustaining capital expense requirements at Timmins of $40 million to $50 million a year. In South America, meanwhile, Tahoe has faced a labour dispute and strike at La Arena, and CSR issues at Shahuindo. Other analysts are more enthusiastic about the deal. Geordie Mark of Haywood Securities recommends Tahoe shareholders tender to the premium price offer. “The plan of arrangement outlines a favourable avenue for Tahoe shareholders to participate in an upfront premium, and the potential for further upside contingent on Escobal, which offsets the share price underperformance associated with the sustained hiatus at Escobal,” he says in a research note. Matthew O’Keefe of Cantor Fitzgerald argues the deal is positive for Tahoe. “The transaction offers Tahoe shareholders a healthy premium; brings in a stronger balance sheet; a new management team, with a long-term track record of responsibly developing and operating silver mines in Latin America; and maintains upside participation to an Escobal restart,” he argues. “The overwhelming support by Tahoe management and board also suggests that Pan American Silver is in a better position to see Escobal through a restart.” TNM

JOB OPPORTUNITY

Senior Mining Engineer

AUCTIONS CONDUCTED BY:

Open pit and underground mining engineers with at least 5 years postgraduate experience in operations and mine planning are invited to join our Toronto-based multi-disciplinary team of professionals providing consultancy services to mining and finance industry clients around the world.

373 Munster Avenue, Toronto, ON, Canada M8Z 3C8 www.corpassets.com • 416.962.9600

For a detailed job description and prerequisite qualifications, please consult the on-line advertisement at:

DECEMBER 11 • 11:30 A.M. NST ONLINE BIDDING via WEBCAST only INSPECTION DETAILS:

New Jersey-based founder of Very Independent Research, told The Northern Miner. “Tahoe picked a bad time to sell and sold out at a very poor price … they deserve to be sued for this.” Tumazos notes that the company’s shares on the New York Stock Exchange are trading down over 90% from their peak of US$27.55 per share in mid-2014. “The terms of the deal are inadequate and Tahoe had other alternatives, like selling a gold stream,” he says. “They didn’t have to sell the whole company at all, and they certainly didn’t have to sell at this time.” Tumazos calculates that on top of the US$505 million in cash and shares Tahoe paid Goldcorp to acquire Escobal in 2010, it spent another US$1 billion to build the mine. In addition, Tahoe paid US$1.12 billion in 2015 for Rio Alto, which owned the La Arena gold mine and the Shahuindo gold project in Peru, and spent another US$680 million in 2016 to acquire Lakeshore Gold and its Timmins West and Bell Creek mines in Timmins, Ontario. Tumazos estimates that Tahoe then invested US$600 million in capex to expand the four gold assets. “The transaction appears very nice for Pan American,” he says. “If you compare what the cost of Tahoe’s assets were, they’re getting an awful lot for free.” Michael Gray of Macquarie Group poses the question whether the sale “is a good exit strategy for Tahoe, given the free cash flow inflection point was right around the corner.” Tahoe’s ($90 million) Bell Creek shaft extension and the ($180 million) crushing expansion at Shahuindo should be complete in the first half of 2019, he writes in a Nov. 15 research note. “By accepting an offer now instead of waiting until 2020, when the company becomes free cash flow positive, suggests to us that Tahoe may not have confidence in the gold assets. “While Tahoe was able to withstand the blow of Escobal being shut down, the reality is that the cost structure of the gold assets will remain high (AISC + $1,000) out to at least 2024, based on our model,”

https://www.micon-international.com/senior-mining-engineer-toronto/

2018-11-20 9:51 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 26–DECEMBER 9, 2018

3

Polymetal International’s Kapan gold mine in southeast Armenia, which Chaarat Gold is buying for US$55 million.   CHARAT GOLD

Chaarat to buy Kapan mine as part of ex-USSR consolidation strategy INTERVIEW

BY TRISH SAYWELL

C

tsaywell@northernminer.com

haarat Gold Holdings (LON: CGH) struck a deal at the end of October to acquire the Kapan gold mine in Armenia from Polymetal International (LON: POLY) for US$55 million. The underground mine in southeastern Armenia’s Kapan province started production in 2003, and Polymetal has owned it since 2016. The acquisition in Armenia — formerly part of the Soviet Union, until its dissolution in 1991 — transforms Chaarat from a developer into a cash-flow-generating producer. Last year Kapan produced 50,000 gold-equivalent ounces, with over US$20 million in earnings before interest, tax, depreciation and amortization. Based on current reserves, Kapan has a mine life extending until 2023, but Chaarat Gold says there is potential to extend production beyond that date through converting inferred resources to reserves and new exploration programs. The acquisition accelerates Chaarat’s strategy of consolidating gold assets in parts of Central Asia and the former Soviet Union, and building a leading emerging markets gold company. It already owns the Tulkubash and Kyzyltash gold development projects in Kyrgyzstan. Earlier this year, Chaarat offered to buy the Kumtor mine in Kyrgyzstan from Centerra Gold (TSX: CG) for US$800 million in cash and shares. When that offer went nowhere, Chaarat says it offered to buy the entire company in an all-cash deal that was no less than a 35% premium to Centerra’s $5.48 share price at the time of the proposal. Centerra’s shares trade at $5.22 apiece. On Oct. 31, Chaarat said its board is no longer pursuing either transaction due to Centerra’s “unwillingness” to engage. Artem Volynets, who joined Chaarat as a non-executive director in March, made a name for himself as the CEO of Russia’s En+ Group from December

1-16_NOV26_Main .indd 3

| Centerra shareholders may have missed out, Chaarat CEO says

2010 until June 2013, where he implemented strategies to make the group a global leader in mining, metallurgy and energy. Before that, he was senior vice-president of strategy at Siberian-Urals Aluminium Co. (Sual), and played a role in the US$20-billion, three-way merger of Sual, Rusal and Glencore’s (LON: GLEN) aluminum assets to create UC Rusal, where he worked as deputy CEO and director for corporate strategy. Volynets also helped orchestrate UC Rusal’s US$2-billion initial public offering on the Hong Kong Stock Exchange. He left the En+ Group five years ago and looked for opportunities in the fragmented gold sector, consolidating small, typically privately held companies in Russia and other countries in Central Asia. Volynets recently spoke with The Northern Miner about the company’s deal to acquire Kapan and Chaarat’s failure to advance talks with Centerra Gold. The Northern Miner: Are you happy with the pace of Chaarat’s consolidation activity? Artem Volynets: We are working to consolidate the gold industry in the former Soviet Union and have been moving like a fast horse (“chaarat” means “fast running horse” in the Kyrgyz language) through our

development of existing assets and the acquisition of new ones. So we are very happy that we have signed an agreement to buy Kapan from Polymetal International. This is a stable cash-flow generator. Polymetal invested US$35 million in capex over the two odd years they owned it, so there are significant improvements, which will see this mine generate on average US$25 million earnings before interest, taxes, depreciation and amortization (EBITDA) per year over the life-of-mine. The reserves are for five years, but we believe that, from the history of resourcereserve conversion, there will be another five or six years after that. So there’s great cash flow for the next five to 10 years, and this is the beginning of the platform. The new Chaarat becomes a producer with a presence in two countries, three assets, US$25 million in EBITDA, 1 million oz. in reserves and 9 million oz. resources of gold equivalent. We have significant near-term organic growth perspectives via the development of the Tulkubash project and several immediate merger and acquisition opportunities. The acquisition of Kapan is a first, small, but very important step in building a solid industry roll-up story, as it demonstrates our strategic intent, and, very importantly, the investment case and the

financial logic of our consolidation rollout in our target region. In your part of the world there is a great gold company — Barrick Gold (TSX: ABX; NYSE: ABX) — buying Randgold for the same strategic reason: consolidation in the sector. The only difference between them and us is — not our relative sizes because obviously, they are slightly bigger — but Barrick is buying Randgold Resources at over eight times next year’s EBITDA. We are buying Kapan at just over two times average life-of-mine EBITDA. That is a good example of our ability to create value for our shareholders and this is before the synergies, reduction in overall cost of capital, etc., so a great solid, small asset with significant complementary to

our existing assets being bought at a very, very, attractive price. And it will enable us, when our shares resume trading on AIM in the short future, to begin trading again as a different company — not as a developer but as a producer, with three assets and a growth story with attractive metrics. It’s in this context that you look at Centerra. We have tried to engage the Centerra management in a constructive dialogue to acquire their Kumtor asset at a fair price that could have led to a value-creating transaction to our respective shareholders, both for Centerra and for us, but unfortunately, that didn’t happen. We tried twice. First, we See CHAARAT / 8

Leading provider of analytical geochemistry services

alsglobal.com/geochemistry • clientserviceswcan@alsglobal.com

2018-11-20 9:51 PM

4

WWW.NORTHERNMINER.COM

NOVEMBER 26–DECEMBER 9, 2018 / THE NORTHERN MINER

GLOBAL MINING NEWS · SINCE 1915

www.northernminer.com

E D I T O R IA L

O P- E D

Vanadium shines bright amidst the gloom MINOR METALS

GROUP PUBLISHER/ PUBLISHER: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com EDITOR-IN-CHIEF: John Cumming, MSC (GEOL) jcumming@northernminer.com SENIOR STAFF WRITER: Trish Saywell, BA, MA, MSC (JOUR) tsaywell@northernminer.com STAFF WRITERS: Richard Quarisa, BA, MA (JOUR & COMM) rquarisa@northernminer.com Lesley Stokes, BSC (GEO) lstokes@northernminer.com COPY EDITOR: Isa Cunanan, HBSC (PROFESSIONAL WRITING, HEALTH SCI COMM)

icunanan@northernminer.com PRODUCTION EDITOR: David Perri, BA dperri@northernminer.com ONLINE EDITOR: Adrian Pocobelli, MA (ENGL) apocobelli@northernminer.com EDITOR, DIAMONDS IN CANADA: Alisha Hiyate, BA (POLI SCI, HIST) ahiyate@northernminer.com ADVERTISING: Joe Crofts (416) 510-6816 jcrofts@northernminer.com Michael Winter (416) 510-6772 mwinter@northernminer.com SUBSCRIPTION SALES/ APPOINTMENT NOTICES/ CAREER ADS George Agelopoulos (416) 510-5104 (Toll free) 1-888-502-3456, ext. 43702 gagelopoulos@northernminer.com PRODUCTION MANAGER: Jessica Jubb (416) 510-5213 jjubb@glacierbizinfo.com CIRCULATION/CUSTOMER SERVICE: Laura Arnold (416) 510-5135 (Toll free) 1-888-502-3456 northernminer2@northernminer.com REPUBLISHING: (416) 510-6768 moliveira@northernminer.com ADDRESSES: Toronto Head Office: 225 Duncan Mill Road, Suite 320 Toronto, ON, M3B 3K9 (416) 510-6789 tnm@northernminer.com Western Bureau: 303 West 5th Avenue Vancouver, BC, V5Y 1J6 (604) 688-9908 SUBSCRIPTION RATES: Canada: C$120.00 one year; 5% G.S.T. to CDN orders. 7% P.S.T. to BC orders 13% H.S.T. to ON, NL orders 14% H.S.T. to PEI orders 15% H.S.T. to NB, NS orders U.S.A.: US$120.00 one year Foreign: US$157.00 one year GST Registration # 809744071RT001 (ISSN 0029-3164) CANADA POST: Return undeliverable Canadian addresses to Circulation Dept. c/o The Northern Miner 225 Duncan Mill Road, Suite 320 Toronto, ON M3B 3K9

| For investors, vanadium is this year’s cobalt, as prices rocket to new highs

W

hile the world’s commodity markets and the broader stock markets weather a jittery season of lower lows and seething dread, there is one relatively obscure metal that is doing just fine, thank you: vanadium. The minor metal that is a key ingredient BY JOHN CUMMING in advanced steelmaking is seeing record jcumming@northernminer.com price highs as we go to press in midNovember. A three-year price chart of vanadium pentoxide (V2O 5) 98% flake at www.vanadiumprice.com (a website sponsored by Prophecy Development) shows a classic exponential rise from multi-year lows around US$3 per lb. V2O 5 in January 2016 to an all-time high of US$33.40 per lb. on Nov. 20, 2018, for a 10 bagger that happened quietly on the sidelines of the mining industry. And prices were below US$20 per lb. as recently as September. Apparently what has driven this latest step up in price is a new requirement in China that — as of November 2018 — steel rebar used in the country must have at least some quantity of vanadium to increase the rebar’s stiffness and improve building quality in the country, where building standards have lagged behind those in the West. In short, vanadium-free, grade-two rebar is being phased out in China. While 90% of vanadium mine production ends up in steel, the metal also has a role in large-scale battery storage technology, and can be lumped in with the other “battery minerals” lithium, cobalt and nickel. Vanadium battery-storage technology is in its early stages, though, so the long-term impacts on vanadium demand are unclear. Toronto-based Largo Resources is one of the world’s lowest-cost vanadium producers at its Maracas Menchen mine in Brazil’s Bahia State, where it produces high-purity vanadium flake and powder. While some years in the recent past have been a struggle, the junior is beautifully positioned to reap the current vanadium windfall. In its latest third-quarter results before the fourth-quarter V2O 5 price spike, the company reported net income of $71 million and its highest-ever revenues and operating cash flows of $149.5 million and $113.4 million, plus record production of 2,563 tonnes of V2O 5 — a 4% increase over the second quarter — or 3% of global vanadium mine production, which comes mostly from Brazil, China, Russia and South Africa. Largo’s revenues are up 179% year-over-year, and it took an average US$19.66 per lb. V2O 5 for its output during the third quarter. Perhaps most impressive of all is Largo’s stock price chart, which dovetails with the V2O 5 price chart. Largo shares bottomed around 18¢ in early 2016 and peaked at $4.62 per share on Nov. 14, for a 25 bagger over the two-and-a-half-year period. The bane of investors in minor metals such a vanadium is that exponential rises in the metal’s price inevitably bring back online a flood of idled primary production capacity; by-product production at operating mines gets ramped up; and newly economic, low-grade deposits get hurried into development just at the moment the metal’s price collapses due to the sudden oversupply. Vanadium is as vulnerable as any other minor metal to these kinds of sudden downcycles, with plenty of now-idled capacity in China standing at the ready, and lots of vanadium showing up as a byproduct in a variety of uneconomic, low-grade uranium deposits. So while investors who have made good money during vanadium’s remarkable run-up in November can enjoy a well-deserved moment of smug satisfaction, taking a bit of money off the table as the year comes to a close might be a wise move, too, in case vanadium’s 2019 is like cobalt’s 2018. TNM

DEPARTMENTS Editorial. . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Metal Prices. . . . . . . . . . . . . . . . . . . . . . . . 19

Professional Directory. . . . . . . . . . . . . . . 17 Stock Tables. . . . . . . . . . . . . . . . . . . . . 18-23

Publication Mail Agreement #40069240 Periodicals Postage Rates paid at Niagara Falls, NY, 14304. U.S. office of publication 2424 Niagara Falls Blvd, Niagara Falls, N.Y. 14304. U.S. POSTMASTER: send address corrections to: Northern Miner Box 1118 Niagara Falls, N.Y. 14304.-7118

THE NORTHERN MINER is published biweekly by BIG Mining L.P., a division of Glacier Media Inc., a leading Canadian media company with interests in business-to-business information services. From time to time we make our subscription list available to select companies and organi­zations whose products or services may interest you. If you do not wish your contact information to be made available, please contact us by one of the following methods: Phone: 1-888-502-3456; Fax: (416) 447-7658; Mail to: Privacy Officer, The Northern Miner, 225 Duncan Mill Road, Suite 320, Toronto, ON M3B 3K9.

1-16_NOV26_Main .indd 4

COMPANY INDEX American Pacific Mining. . . . . . . . . . . . . 11 Barrick Gold . . . . . . . . . . . . . . . . . . . . . . . . 3 Belo Sun Mining. . . . . . . . . . . . . . . . . . . . . 1 Bunker Hill Mining . . . . . . . . . . . . . . . . . 15 California Gold Mining. . . . . . . . . . . . . . 11 Centerra Gold. . . . . . . . . . . . . . . . . . . . . . . 3 Chaarat Gold Holdings. . . . . . . . . . . . . . . 3 Crown Mining. . . . . . . . . . . . . . . . . . . . . . . 9 Cypress Development. . . . . . . . . . . . . . . . 11 Cypress Development. . . . . . . . . . . . . . . . 11 Equinox Gold . . . . . . . . . . . . . . . . . . . . . . 10 First Vanadium. . . . . . . . . . . . . . . . . . . . . . 9 Glencore. . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Goldcorp . . . . . . . . . . . . . . . . . . . . . . 1,2,10 Golden Predator Mining . . . . . . . . . . . . . . 9 Harte Gold. . . . . . . . . . . . . . . . . . . . . . . . . . 1 IDM Mining . . . . . . . . . . . . . . . . . . . . . . . . 8

KORE Mining. . . . . . . . . . . . . . . . . . . . . . 10 Kutcho Copper . . . . . . . . . . . . . . . . . . . . . 16 Liberty Gold . . . . . . . . . . . . . . . . . . . . . . . 13 Maverix Metals . . . . . . . . . . . . . . . . . . . . . 13 McEwen Mining. . . . . . . . . . . . . . . . . . 1,13 Nevada Sunrise Gold . . . . . . . . . . . . . . . . 13 Newmont Mining. . . . . . . . . . . . . . . . . . . 14 Northern Vertex Mining . . . . . . . . . . . . . 13 Orca Gold . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Pan American Silver. . . . . . . . . . . . . . . . . . 1 Polymetal International. . . . . . . . . . . . . . . 3 Premier Gold Mines. . . . . . . . . . . . . . . . . 13 Resolute Mining . . . . . . . . . . . . . . . . . . . . . 5 Skeena Resources . . . . . . . . . . . . . . . . . . . . 8 Strikepoint Gold. . . . . . . . . . . . . . . . . . . . . 8 Tahoe Resources. . . . . . . . . . . . . . . . . . . . . 1 Vista Gold . . . . . . . . . . . . . . . . . . . . . . . . . 10

‘Strive to build’ INTERVIEW

| Mining mogul Rob McEwen reflects on philanthropy and the future

The following is an edited excerpt from an interview with McEwen Mining executive chairman and chief owner Rob McEwen. The Northern Miner’s publisher Anthony Vaccaro caught up with McEwen in October during the Silver & Gold Summit in San Francisco. Anthony Vaccaro: At this point in your life, what do you find more thrilling: philanthropic giving or building a new mine? Rob McEwen: Equal weight. If you were to have to look at your tombstone, what would it say on it? “Strive to build.” For some reason, I’m not sure what. I’ve had a good run, and there’s more ... so, where could you have a big benefit? There are needs out there. They’re not being addressed and if you can help move things forward, it’s a good use of funds. At the hospital in Red Lake, the Margaret Cochenour Memorial Hospital, they asked me to come take a look while they were fundraising. And I remember going in there and they were planning to renovate their emergency, obstetrics and seniors wings. I said “Your emergency wing only has one door and it gets down to -40°C for two months of the year. Doesn’t the cold air come straight in? And just around the corner is obstetrics. You’re not going to have many babies here in the winter. I mean, they’re not going to want to come out! And your entrance doesn’t have a roof or garage doors on either end to keep the snow out.” They told me they didn’t think they could raise enough funds for those kinds of renovations. I said, “tell me what it’s going to cost to build those modifications. Show me the plans and I’ll give it to you.” And I was surprised that some of them started crying. I never anticipated anything like that. I thought, here I’m signing my name on a piece of paper and it’s going to benefit a lot of people. It brings out those types of emotions that looking at a bank account never does. And you just think of areas, such as regenerative medicine, stem cells. It looks like it’s moving along nicely, but, one of my sisters died, and then my mother died four months later, and I was sitting, reflecting on this. I grew up in a family of six. I had three younger sisters and right now only my youngest sister and I are alive,

“REGENERATIVE MEDICINE HOLDS OUT THE PROMISE ... OF PROFOUND CHANGE TO THE DELIVERY OF HEALTHCARE.” ROB MCEWEN EXECUTIVE CHAIRMAN, MCEWEN MINING

and I’m next in line. I’m meeting this guy they call mortality — might be a she, too. I had spent a lot of time with my sister and my mother in the hospital and it occurred to me that we’re trying to scale up, but we’re doing it in a way that reminded me of Einstein’s definition of insanity. The baby boomers are not going to get the same level of service that their parents got. And the generations behind the baby boomers will not get the same service if we try to just scale up what we have without changing the system. Regenerative medicine holds the promise — not guarantee — of profound change to the delivery of healthcare. Toronto General Hospital is doing some very interesting things with the heart right now. When you have a heart attack, that portion of the heart turns to scar tissue and no longer has elasticity to act like a pump, and researchers have been injecting stem cells in small primates and pigs, and they’re regrowing muscle tissue. And human trials are about three years out. A breakthrough in this area would conceivably replace pacemakers, artificial hearts and transplants. Bayer Pharmaceutical has invested $225 million in regenerative medicine, and the first place they invested was at the McEwen Centre for Regenerative Medicine. The goal is, how do we create Nobel Prize winners? What can we do to show that our work in Canada is worthy of winning? We should be aiming for that. I’ve been giving out a prize of US$100,000 per year for innovations in stem cell research. The first recipient was a Japanese researcher, Shinya Yamanaka, who went on to win the Nobel Prize for the work that we had awarded him for. I thought that was really cool. TNM — Listen to the full interview on our TNM Podcast at www. northernminer.com/tag/podcast/.

2018-11-20 9:51 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 26–DECEMBER 9, 2018

5

Orca tables feasibility study for Block 14 in Sudan GOLD

| Sudan leadership in talks with US gov’t to get off state-sponsored terrorism list

BY RICHARD QUARISA rquarisa@northernminer.com

O

rca Gold (TSXV: ORG; USOTC: CANWF) has tabled a feasibility study for its Block 14 gold project in northern Sudan, and with it the project’s first reserve estimate. At a US$1,250 gold price, the project has a US$403-million, after-tax net present value at a 5% discount rate and a 24.2% after-tax internal rate of return. The gold price is US$1,219 per ounce. According to the study, the project will require US$328 million in pre-production capital and US$181 million in sustaining capital, with payback in just under four years. The single most expensive part of pre-production is the processing plant, which the study says will cost US$164 million. The company is discussing potential tax concessions with the Sudanese government that could lower the payback period. Orca envisions Block 14 as a conventional truck-and-shovel open pit operation. It says Block 14 would produce 167,000 oz. gold per year over 13.6 years, including a higher rate during its first seven years of 5.8 million tonnes grading 1.49 grams gold per tonne for 228,000 oz. gold per year. It wants to mine at an average rate of 22 million tonnes per year over eight years, stockpiling low-grade ore for the last 6.6 years of the mine’s life, while processing higher-grade ore during the first seven years of the mine’s life. The company has secured water rights and submitted environmental studies for review. During a conference call, Orca CEO Richard Clark said the company expects approval “any day.” He anticipates the company will have all its permits by the end of 2019’s first quarter. “The biggest challenge that I think that we have in the market for this project is perception,” Clark said. “When we mention this project to people, their first reaction is ‘Oh my God, Sudan.’ We’ve been all over the world and built projects in all sorts of difficult places including and in particular Africa, and I can tell you that operating in Sudan is probably one of the best operating experiences we’ve had.” Although the U.S. government lifted economic sanctions against Sudan in October 2017, Sudan remains on its list of state-sponsored terrorism. Orca says the U.S. could remove Sudan from that list in the next six months. Earlier in November 2018, reports indicated the two countries had agreed to begin formal negotiations to remove Sudan from the list. According to the study, Block 14 will average US$707 per oz.

A drill site in 2017 at Orca Gold’s Block 14 gold project in the Republic of Sudan.   PHOTO BY RICHARD QUARISA

“WE’VE BEEN ALL OVER THE WORLD ... AND I CAN TELL YOU THAT OPERATING IN SUDAN IS PROBABLY ONE OF THE BEST OPERATING EXPERIENCES WE’VE HAD.” RICHARD CLARK CEO, ORCA GOLD

gold life-of-mine cash costs and US$783 per oz. gold life-of-mine all-in sustaining costs. During the mine’s first seven years, the study says it will average US$689 per oz. gold cash costs and US$789 per oz. all-in sustaining costs. The study also has the first reserve estimate for Block 14. As of Nov. 7, the project has 79.94 million probable tonnes grading 1.11 grams gold for 2.85 million oz. gold. A similar-scale resource estimate tabled in mid-September 2018 was based on 111,000 metres of drilling across 756 holes at the project’s Galat Sufar South deposit and Wadi Doum deposit. The company plans to continue drilling at Wadi Doum for the rest of 2018, as well as at the project’s satellite deposits, including the Liseiwi discovery, where in 2015 the company drilled 24 metres grading 3.89 grams gold from surface and 10 metres grading 15.32 grams gold from 38 metres downhole. “We’ve been granted an extension of the exploration concession that we’ve been operating under,” Clark added. “And so our mining leases will be surrounded by a new exploration concession as well, and the purpose of that is that we’ve only touched the surface of the potential of this ground, and we fully expect this mine will be lasting a lot longer C

M

Y

than the designed mine life.” Meanwhile, Orca is also exploring its Côte d’Ivoire portfolio. In early October 2018 the company tabled a maiden resource for the Koné gold prospect on its Morondo gold project in Côte d’Ivoire. The project has 34.1 million inferred

tonnes grading 1.1 grams gold for 1.2 million oz. gold based on 17,600 metres of reverse-circulation drilling in 115 holes and 528 metres of diamond drilling in two holes. The company intends to complete a preliminary economic assessment for Morondo in early 2019. Earlier this year, Resolute Mining (ASX: RSG; US-OTC: RMGGY) invested $22 million in Orca Gold by way of acquiring 32 million shares valued at 67¢ per share. Resolute finished the private placements in two tranches, raising its Orca ownership from 9% to 17%. Shares of Orca are now valued at 46¢ with a 52-week range of 43¢ to

Northern Miner 1-4_RU19_Nov8.pdf 1 11/8/2018 9:22:29 PM

78¢. The company has a $95-million market capitalization. “With the delivery of this feasibility study we trigger the right to convert our exploration concessions into mining leases,” Clark said. “A new company will be incorporated in Sudan, and that company will apply for the mining leases, and the shareholders of that company will be ourselves, the government and our business partner who we bought the project from years ago. Sudan is one of the easiest countries we’ve operated in, and we fully expect this to be one of the easiest mines that we will construct in our careers.” TNM

Elements for Discovery January 28 – 31, 2019 Help shape the future of mineral exploration and development by sharing new ideas, generating new connections and creating collaborative solutions.

CM

MY

Register online today at roundup.amebc.ca

CY

CMY

K

TSX-V Listed Shell CLEAN BALANCE SHEET PRINCIPALS ONLY PLEASE CONTACT:

cirwin@irwinlowy.com

1-16_NOV26_Main .indd 5

2018-11-20 9:51 PM

6

NOVEMBER 26–DECEMBER 9, 2018 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

Progressive Mine Forum 2018 SCRAPBOOK

I

| Photo highlights from The Northern Miner’s second annual event in Toronto

n October The Northern Miner and Canadian Mining Journal hosted the second annual Progressive Mine Forum at the MaRs Discovery District in Toronto. It was a day packed with innovation and insight from the people working to propel the mining industry forward. Agnico Eagle Mines CEO Sean Boyd was the keynote speaker. After formally accepting his 2017 Mining Person of the Year Award, Boyd sat down for a fireside chat with The Northern

Miner’s publisher Anthony Vaccaro. Featured speakers included George Hemingway, partner and head of Innovation Practice for The Stratalis Group, and Rick Howes, president and CEO of Dundee Precious Metals, who discussed innovation strategies for miners and digital transformation in the sector. Three in-depth panel discussions saw experts hash out what the future holds for the industry, tackling clean mining,

automation and big data. Attendees also saw a series of presentations that showcased cutting-edge products and services that can help miners succeed with new tools. All presentations are available for free on The Northern Miner’s YouTube channel at www.youtube.com/user/northernminertv, with audio highlights on The Northern Miner Podcast at www. soundcloud.com/northern-miner.

Participants in the clean mining panel, from left: Northern Miner staff writer Richard Quarisa (moderator); Cory McPhee, Vale’s VP of Corporate Affairs, Communications and Sustainability; Carl Weatherell, Canada Mining Innovation Council CEO; Nathan Stubina, McEwen Mining’s managing director of Innovation; Jason Goodhand, e-Zn Inc.’s VP of Business Development; Raziel Zisman, Whittle Consulting’s co-founder and partner; and John Mullally, Goldcorp’s VP of Corporate Affairs and Energy Regulation.

Salim Teja, MaRS president of Venture Services, welcomes guests to the MaRS Discovery District in Toronto.

Peytech president and CEO Peyman Moeini gives an innovation presentation.

1-16_NOV26_Main .indd 6

2018-11-20 9:51 PM

GLOBAL MINING NEWS

Opening remarks from Kevin Slemko, corporate business development manager for Major Drilling.

THE NORTHERN MINER / NOVEMBER 26–DECEMBER 9, 2018

7

Agnico Eagle Mines CEO Sean Boyd (right) has an in-depth fireside chat with Northern Miner publisher Anthony Vaccaro.

The automation panel, from left: Mikko Koivunen, Sandvik Mining and Rock Technology’s business line manager for Automation; Walter Siggelkow, Hard-Line’s president and founder; Jason Cox, Roscoe Postle Associates’ executive vice-president of Mine Engineering; Douglas Morrison, Centre for Excellence in Mining Innovation’s president and CEO; and Daniel Lucifora, Goldcorp’s manager of Mine Automation.

Dundee Precious Metals president and CEO Rick Howes delivers a feature presentation.

George Hemingway, partner and head of Innovation Practice at The Stratalis Group, presents innovation strategies for miners.

1-16_NOV26_Main .indd 7

2018-11-20 9:51 PM

8

WWW.NORTHERNMINER.COM

NOVEMBER 26–DECEMBER 9, 2018 / THE NORTHERN MINER

Strikepoint looks to bridge mineralization between historic BC mines SILVER   BY RICHARD QUARISA

T

rquarisa@northernminer.com

he retreating Cambria Icefield in northwestern B.C.’s Golden Triangle region has opened up an exploration corridor on Strikepoint Gold’s (TSXV: SKP; US-OTC: STKXF) recently acquired Porter-Idaho silver project. The project hosts two historic mines called the Silverado mine and the Prosperity-Porter Idaho mine. They lie 2 km apart on opposite sides of Mt. Rainey. The company theorizes that vein systems obscured until recently by ice cover on the mountain’s peak could connect the two mines. “Up until the last decade or so a big glacier sat on surface,” Strikepoint CEO Shawn Khunkhun explains, “and that glacier has receded about a kilometre and a half.” The company is testing its theory with a recently completed drill campaign. It drilled more than 4,300 metres in between as well as at the historic mine sites, and now awaits results. It wants to confirm historical data and gather geological and structural information. Strikepoint began the 21-hole drill campaign in mid-August at Prosperity-Porter Idaho. In midSeptember it added a second drill rig at the Silverado target. Historic mining in the area focused on the Prosperity-Porter Idaho veins. They were mined between 1929 and 1931 and produced 2.2 mil-

| Explorer has consolidated 33 sq. km land position in BC’s Golden Triangle lion oz. silver. As of a 2012 resource estimate, they contain 394,000 indicated tonnes grading 868 grams silver for 11 million oz. silver and 88,900 inferred tonnes at 595 grams silver for 1.7 million oz. silver. “Going into the drill program we started consolidating the area and increasing our land position,” Khunkhun says. Strikepoint acquired the 8 sq. km Porter-Idaho property from Skeena Resources (TSXV: SKE; US-OTC: SKREF) in August by buying its subsidiary, Mount Rainey Silver, for 9.5 million shares and staged payments totalling $1.5 million. The final payment is due Dec. 31, 2019. Skeena will keep a 1% net smelter return royalty (NSR) on the property, although Strikepoint can buy back half of it for $750,000. Then, in August, the company acquired the 12.5 sq. km Handsome Jack silver property from Trifecta gold for $25,000 and 250,000 shares. It adjoins the eastern end of the Porter property. Trifecta has a 1% NSR, but as with Porter, Strikepoint can buy half of it back for $500,000. Strikepoint has since added 20.5 sq. km of contiguous property to the package through the Big, Bada and Boom claims. It staked these previously unclaimed areas in midSeptember. They raise the total land position, along with Handsome Jack, to 33 square kilometres. The company recently sampled its Big Nunatak prospect on the Big

“UP UNTIL THE LAST DECADE OR SO A BIG GLACIER SAT ON SURFACE, AND THAT GLACIER HAS RECEDED ABOUT A KILOMETRE AND A HALF.” SHAWN KHUNKHUN CEO, STRIKEPOINT GOLD

claim block. It lies 8 km southeast of the historic Porter-Idaho mine. The company took 13 samples in September over a 150-by-120-metre area, and another 45 samples from a wider area. Initial results from the 13 samples show grades as high as 427 grams silver and 199 grams silver. The company awaits results from the other 45 samples, but says the results so far establish a 10 km long mineral trend running from the historic Silverado and Porter mines to the Big claim block. The company has collected 396 surface samples across the entire project area, including 192 samples from the Porter, Silverado and Handsome Jack targets in its first round of 2018 exploration. Highlights include 44,546 grams silver from a gully above one of the historic Silverado mine portals, in an area where the company says ice retreated in recent years; 25,981 grams silver from a vein found 200 metres west of the historic Porter mines; 1,330 grams silver and 16.9 grams gold 800 metres west of the nearest Porter portal from the newly discovered Silver Key vein; 9,500

grams silver and 2.6 grams gold in a gossanous zone where a fault structure was previously assumed to have blocked silver mineralization extending from Porter; and 8,900 grams silver from a group of newly discovered veins on Handsome Jack. Going forward the company wants to incorporate its 2018 fieldwork with historical data to produce a new geological model and find more drill targets. It also intends to apply for permits outside the SilveradoPorter area. “The first step is to get some of these drill results from the existing program before we fully solidify next year’s plan,” Khunkhun says. “There are some adits that are accessible on the property, so one of the things we might look at doing next year is bringing a rig in underground and drilling horizontally.” In early September, the company also discovered a new gold-silver vein system at its Golden-Oly gold project in Yukon. Samples taken from the Helios vein graded as high as 37.5 grams gold and 1,150 grams silver. Since 2016, Strikepoint had been focused on its many Yukon

properties. “I hit the reset button on Strikepoint in 2016, essentially at the very bottom of the market,” Khunkhun says. “It was a tough environment for junior resource companies and a tough environment for raising capital, but my thinking was that it was an opportunity to bring in an inventory of assets. The majors were not exploring and they were depleting inventory.” The company consolidated its shares. It brought in new management and board members. It also shifted its focus away from central and eastern Canada. It acquired a 22-property Yukon portfolio from IDM Mining (TSXV: IDM; USOTC: IDMMF). Ryan Gold previously owned the properties and spent more than $25 million exploring them from 2010 to 2014. Strikepoint paid $150,000 in cash and 10.5 million shares for the portfolio. It also committed to spending $1.5 million in exploration on the properties by the end of 2017. In the two months after the acquisition, Strikepoint closed two private placements totalling $8 million. At mid-2018, Strikepoint had $5 million in cash. Its shares trade at 18¢ a piece in a 52-week range of 14¢ to 29¢. It has a $13-million market capitalization. “A lot hinges on the success of these drill results,” Khunkhun says. “We have a historic resource, and we believe that an opportunity lies in growing that.” TNM

Chaarat to buy Kapan mine as part of ex-USSR consolidation strategy “THERE ARE VERY FEW BUYERS WHO CAN ACQUIRE CENTERRA OTHER THAN US, BECAUSE IT HAS A POISON PILL, AND THAT IS THE GEOPOLITICAL RISK PERCEIVED TO BE ASSOCIATED WITH KUMTOR … WE HAVE BEEN OPERATING IN [KYRGYZSTAN] FOR OVER 10 YEARS, AND WE ARE VERY COMFORTABLE WITH THE JURISDICTION — IT’S A GREAT COUNTRY.”

CHAARAT From 3

proposed that we buy the asset itself, they did not engage, and then we said fine, why don’t we buy the whole company? From the investment case perspective, this is a classic trapped value-breakup scenario that could be easily financed as a [leveraged buyout]. Centerra has been trading at a very, very, significant discount to peers primarily because it has exposure to Kyrgyzstan country risk, but 70% of its assets are in North America. Separating [Centerra’s] emerging market assets from its developed country assets will release the trapped value. On top of that, by mid-September, Centerra’s share price went down 30% from the date that we made the first proposal to buy Kumtor. So, while we were primarily still interested only in Kumtor, we thought that if we bought the whole company, even at a significant premium to current share price, it would still be attractive to keep Kumtor and auction off the North American assets — which were on the block a few years ago — so we thought it would not be a problem to sell them. It would have been a good transaction, which would have created a lot of value for Centerra shareholders. By the way, its shares are up [20%] since our announcement, so it looks like investors agree with our thesis on trapped value. But the truth of the matter is that there are very few buyers who can acquire Centerra other than us, because it has a poison pill, and that is the geopolitical risk perceived to be associated with Kumtor. So I doubt that any large Western company would want to own this asset in a jurisdiction perceived as risky. We wanted it

1-16_NOV26_Main .indd 8

ARTEM VOLYNETS

ible bond note. We are very happy with this statement of trust from Polymetal, a recognized leader in our sector in our region. They are taking our convertible bond note as part of its payment, and now they are our investors.

TNM: How much debt does Kapan have?

AV: As far as I can see from the outside, Polymetal is focused on large, complex projects, where they can create significant value and where they can deploy their excellent technical expertise. For Polymetal, Kapan is a very small percentage of its NAV, but was tak-

AV: It’s intragroup debt. If there is any external debt it will be subtracted from the purchase price of US$55 million: US$50 million in cash and US$5 million in a convert-

TNM: Were there other companies interested in buying Kapan? AV: It’s a good asset. Polymetal made a significant investment to improve operational efficiency, for which we are grateful, but in this case, it’s speed that mattered. We signed the definitive documents in three months. We had to move quickly and diligently. TNM: Why did Polymetal want to sell it after spending so much money on the asset and keeping it for just two years?

TNM: How far is Lichkvaz from the Kapan mine? AV: It’s not far, around 80 kilometres.

CEO, CHAARAT GOLD

because we have been operating in the country for over 10 years, and we are very comfortable with the jurisdiction — it’s a great country. There may be Chinese interested, but I doubt that would be acceptable, as, per reports from the local press, the Chinese already apparently own seven out of the 10 mining licences in the Kyrgyz Republic, and Kumtor is 10% of the local gross domestic product. The Kyrgyz Republic is a small, beautiful and independent country stuck between big neighbours: Russia, Kazakhstan and China. So it has a poison pill and there are few potential counterparties in a position to remove it. We tried. Centerra didn’t engage, and we wish them good luck. We will move forward with our strategy, as we have plenty of other things in our pipeline.

to understand what the process is, and how we can achieve a good mix from both deposits. There could be operational synergies but we can’t make that judgment yet, so we thought, we’ll buy Kapan and sign a right of first refusal, and now we have time to understand more about Lichkvaz before we make that decision.

ing a disproportionate amount of time from management. TNM: How much did Polymetal pay for Kapan (excluding the US$35 million they invested in it)? AV: I think it’s in their press release — about $25 million — you will have to check. [Polymetal says it acquired Kapan for US$38 million, including US$9 million fair value of the net smelter return royalty on future gold production. The transaction with Chaarat gives it an accounting profit of US$3 million, which it says it will use to reduce debt.] TNM: Under the deal, Chaarat could also acquire Polymetal’s Lichkvaz deposit, which is close to Kapan. AV: Yes, it’s not part of Kapan — we are not buying it. But we have right of first refusal to buy it or buy ore from it. It may or may not be an interesting deposit for us. We’re going to test the ore at Kapan and then decide whether to buy it or sign a supply agreement with them. It’s possible to process ore from Lichkvaz at Kapan, but we need

TNM: How many other assets, and in which locations, are you looking for more buying opportunities? AV: I will be more than happy, once we find something, to discuss. But based on my previous experience, to get one deal done, you need to be working on three others. We are working on three other transactions and we have 12 others in the pipeline, and that doesn’t include Kumtor, so it looks like Centerra shareholders might have missed out on an opportunity to cash out at a good price. TNM: Vitaly Nesis has been CEO of the Polymetal Group since 2003. How long have you known Nesis, and what’s he like? AV: I have deep respect for Vitaly. In my opinion, Polymetal is the best-run company in our region. They trade in London at around six to seven times EBITDA, by comparison to two other Russian companies that trade around 4 to 4.5 times. The market is giving them a premium, and they deserve it. The business world is small in my part of the world. I knew Vitaly for some time. TNM

2018-11-20 9:51 PM

SPECIAL FOCUS

SOUTHWEST US Looking north along drill roads at California Gold’s Freemont gold project, 240 km east of San Francisco, California.   CALIFORNIA GOLD

First Vanadium pushes Carlin toward updated resource VANADIUM  |

Aims to start prefeasibility study in first-quarter 2019

BY RICHARD QUARISA rquarisa@northernminer.com

I

Crown Mining director George Cole (with hammer) and colleagues on an outcrop of the Moonlight copper deposit in eastern California’s Plumas County.   CROWN MINING

Crown Mining preps Moonlight for next copper rally

CALIFORNIA

| PEA says project could yield 85 million lb. copper a year

BY TRISH SAYWELL tsaywell@northernminer.com

E

arlier this year, Crown Mining (TSXV: CWM) bought 100% of the Moonlight-Superior property in northeastern California for US$375,000 in cash and 2.75 million shares. The land package is best known for its Superior and Engels deposits, which produced over 161 million lb. copper as underground mining operations between 1915 and 1930. But the property, 200 km northeast of Sacramento and 145 km northwest of Reno, also has a third deposit called Moonlight that wasn’t discovered until the

“THE PEA SHOWS PEOPLE THAT THIS THING CAN BE ECONOMIC AT US$3.15 PER LB. COPPER, SO IT MAKES IT A LOT EASIER TO TALK TO PEOPLE ABOUT THE PROS AND CONS.” STEPHEN DUNN FOUNDER, PRESIDENT AND CEO, CROWN MINING

1-16_NOV26_Main .indd 9

1960s, and was never developed. Moonlight, about 2.5 km from Superior and Engels, has nearly 1.5 billion lb. copper, the company says. According to a resource estimate Crown completed in December 2017, which was based on 202 historic drill holes, Moonlight has 252 million indicated tonnes grading 0.25% copper for 1.3 billion lb. contained copper, and 109 million inferred tonnes averaging 0.24% copper for 534 million lb. copper. Of the historic drill holes, 189 were drilled by American Exploration between 1966 and 1970, and the other 13 were undertaken by Sheffield Resources between 2005 and 2006. In March, Crown completed a preliminary economic assessment (PEA) on Moonlight that concluded an open-pit mine would produce an average of 85 million lb. copper, or 163,000 tons copper concentrate a year, over a 17-year mine life. The early-stage study did not take into account any mineralization from the Superior deposit, which, according to an inferred resource estimate from 128 historic drill holes Crown completed in 2014, has another 54.4 million inferred tonnes grading 0.41% copper for 487 million lb. contained copper. Using a base case copper price of US$3.15 per lb., the PEA forecast a 16.4% internal rate of return, US$179-million net present value

and US$708-million operating cash flow, all post-tax. Initial capital costs were forecast to reach US$513 million, including a US$71-million contingency, and the study estimated a pre-tax payback period of just under five See CROWN / 12

n mid-2018, First Vanadium (TSX V: F VA N; US - OTC: FVANF) drilled 69 reversecirculation holes as part of the phase-two drilling program at its Carlin vanadium project, 9.6 km south of Carlin, Nevada. Of those, 33 were step out holes and 36 were infill holes. The company recently reported results from 10 of those step-out holes. The drilling focused on a 220-by-300-metre area and connected shallow, near-horizontal mineralization from the nearest drill holes. Highlights include 32 metres grading 0.81% vanadium oxide (V2O5) from 9 metres downhole, 27.5 metres at 0.44% V2O 5 from 6 metres downhole, and 15.2 metres at 0.45% V2O 5 from 15.2 metres downhole. The project is now defined by 216 holes from First Vanadium’s mid- and late-year drill programs, as well as Union Carbide’s 1960s drilling. Union Carbide drilled 127 holes. “In those days the only metallurgical procedure was a roast, and they could only get 50% out,” First Vanadium president and CEO Paul Cowley says in an interview with The Northern Miner. “Over time the claims expired.” SRK Consulting calculated a National Instrument 43-101-compliant resource based on the historical Union Carbide drilling in 2010. The Carlin vanadium project has a historic resource of 28 million inferred tonnes grading 0.51% V2O5 for 289 million lb. V2O5 .

“IN THE LAST YEAR, VANADIUM HAS OUTPERFORMED ALL OTHER METALS, AND IT’S JUST KIND OF THE RIGHT TIME AND RIGHT PLACE FOR THE RIGHT PROJECT.” PAUL COWLEY PRESIDENT AND CEO, FIRST VANADIUM

The claims would change hands a few more times before First Vanadium picked them up. At the time the company was called Cornerstone Metals. It changed its name to First Vanadium in September 2018. A subsidiary of Golden Predator Mining (TSXV: GPY; US-OTC: NTGSF) owns the claims. The private company, America’s Gold Exploration, assigned its option to acquire a 100% interest in the property to First Vanadium in November 2017. To earn its interest, the company must spend US$1.02 million exploring the property over the next six years. It would make staged payments to America’s Gold totalling US$1.97 million, with more payments of US$250,000 per year after a preliminary economic assessment. It would also issue 2 million shares. The company has already paid America’s Gold US$60,000 and See FIRST VANADIUM / 12

SGS DELIVERS BANKABLE EXPERTISE For over 75 years in Canada, our bankable expertise has been providing mining companies with a comprehensive understanding of their deposit and ore variability while optimizing flowsheet design for processing. SGS IS THE WORLD’S LEADING INSPECTION, VERIFICATION, TESTING AND CERTIFICATION COMPANY

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

2018-11-20 9:51 PM

10

NOVEMBER 26–DECEMBER 9, 2018 / THE NORTHERN MINER

SOUTHWEST US

WWW.NORTHERNMINER.COM

Newly formed KORE prepares for permitting in California GOLD

| Aims to table updated resource in 2019

BY RICHARD QUARISA

E

rquarisa@northernminer.com

ureka Resources acquired Kore Mining via a reverse takeover in late October, 2018. The new company took Kore’s name, stylized KORE Mining (TSXV: KORE). It filled out its management team with Kore executives and created a new board of directors. Kore had been looking for a vehicle to become public and expand its project portfolio. The new company is now moving forward, focused on Kore’s two developmentstage California gold projects and Eureka’s North American exploration portfolio. “We were well aware that in a difficult market we wanted to have a portfolio of quality projects, not just be a one-asset or a two-asset company focused entirely in California,” KORE president and CEO Adrian Rothwell says in an interview with The Northern Miner. Rothwell was previously Kore’s CEO and one of its founding members. “We wanted to build a company, not just develop a project.” KORE is permitting its Imperial gold project in southeastern California, consisting of 656 claims covering 57.2 square kilometres. The project is located on the Indian Pass road, 41 km northwest of Yuma, Arizona. Exploration on the property dates back to 1980, when Gold Fields Mining began a regional exploration program. Glamis Gold published a feasibility study on the property in 1996. It estimated the project has more than 81 million proven and probable tonnes at 0.53 gram gold per tonne for 1.48 million oz. gold. “Glamis had completed all the required studies to take the project through permitting,” Rothwell explains. “It’s very well understood.” He says Glamis brought the project through the consultation and permitting process back in 2000 before being denied by the Clinton administration. “It got politicized in an era in

1-16_NOV26_Main .indd 10

KORE Mining’s Imperial gold property in southeast California.   KORE MINING

California when they were just out and out, ready to shut down any kind of mining, especially open-pit mining,” Rothwell says. When the Bush administration took over, then U.S. secretary of the interior Gale Norton put the project back into the permitting process. But when California instituted back-filling it, at US$300 gold, rendered the project uneconomic. “Glamis requested the project be removed from the permitting process,” Rothwell says, “and that’s where it has sat ever since.” Then, in 2012, Delta Gold completed a National Instrument 43-101 compliant preliminary economic assessment on the property based on more than 59,000 metres of drilling across 349 holes. The study outlined a US$215-million, pre-tax net present value at a 5% discount rate and US$1,300 gold price. It said the mine could produce 120,000 oz. gold per year over 10 years. It tabled a resource estimating the

deposit has 45.7 million indicated tonnes grading 0.6 gram gold per tonne for 879,000 oz. gold as well as 76.3 million inferred tonnes at 0.53 gram gold for 1.29 million oz. gold. Delta had optioned the project from Goldcorp (TSX: G; NYSE: GG), but returned it to Goldcorp in 2013. In 2017 Kore acquired 100% of the project from Goldcorp. It sits 16 km from Equinox Gold’s (TSXV: EQX) Mesquite gold mine, in the same county. Kore spent money it raised privately on updating a couple of the biological studies and doing a permitting feasibility study, an economic analysis and a resource review. It intends to release an updated resource on Imperial in the next three months. “This is why permitting doesn’t necessarily attract a lot of investment,” Rothwell says. “It’s not sexy work that we’ve done. It’s tons of desktop, tons of behind-the-scenes work.”

The company notes that the project sits on federal land and needs the federal government to grant the mine permit. If the government approves the mine plan, the county could approve the reclamation plan. “The county supports this project. They know what this means to Imperial county,” Rothwell says. The project has road access and power lines. It features an aquifer that has already been tested for water flow. KORE aims to update the project with a prefeasibility study in 2019. The company’s second development project is its 7 sq. km Long Valley gold project in east-central California. Kore acquired the project from Vista Gold (TSX: VGZ; NYSE-AM: VGZ) in 2017, although exploration on the property dates back to the early 1980s, and covers multiple operators. In April 2018, Kore tabled an updated resource for Long Valley. The project has 66.8 million

measured and indicated tonnes grading 0.58 gram gold for 1.24 million oz. gold, as well as 23.5 million inferred tonnes grading 0.64 gram gold for 486,000 oz. gold. “We’re taking a bit of a different approach on Long Valley [to see] how it can add value,” Rothwell says. “It needs about a year and a half of work before we put it into the permitting process — so it’s about a year and a half behind Imperial.” The company wants to expand the resource at Long Valley. It aims to drill at least 2,500 metres at the project in 2019 to test density, metallurgy and water quality. It will consider a mine plan that focuses on the project’s higher-grade oxide zones, although the project also contains sulphides at depth that have graded as high as 6 grams gold. “There is the opportunity for a larger program,” Rothwell says. “This is the optionality on the project for a larger operator, if they were to buy it.” KORE is also exploring its Gold Creek and FG gold projects in British Columbia. At Gold Creek, it recently cut 25.7 metres at 1.3 grams gold from 28 metres downhole, including 3 metres at 8.6 grams gold, as well as 50 metres grading 0.7 gram gold from 99 metres downhole in a drill program started by Eureka. The company drilled 940 metres across four holes during its phaseone program at Gold Creek. It discovered visible gold in two of the holes. The drilling extended the project’s Camp zone 300 metres along strike, where it is open along strike and at depth. The company plans to drill six holes at Gold Creek followed by 15 holes at FG. “We’re excited on both of these projects to see those results come out over the next month, and a financing would be on the back of that,” Rothwell says. “We would be spending some of it in California, but that is a very inexpensive program, because most of the work has been done. The majority of the work would be drilling in British Columbia.” Shares of KORE Mining are trading at 14¢ in a 52-week range of 14¢ to 50¢. The company has a $10-million market capitalization. TNM

2018-11-20 9:52 PM

SOUTHWEST US

GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 26–DECEMBER 9, 2018

11

SOUTHWEST US SNAPSHOT

Gold, silver, copper, lithium remain high on most-sought list The U.S. southwestern states continue to be a hotbed of junior activity in exploration, development and mining, with gold, silver, copper and lithium still the targets of choice. The following is a sampling of seven such companies with active programs in the region. AMERICAN PACIFIC MINING American Pacific Mining (CSE: USGD) describes itself as a new gold explorer focused on precious metal opportunities in the Western United States. Warwick Smith serves as CEO and a director. The company’s flagship Tuscarora property in Nevada’s Tuscorora mining district is a high-grade, early stage gold project located 35 km northeast of the Carlin trend, 20 km southwest of the Jerritt Canyon deposit, and 50 km northeast of the Midas deposit. During mid-2018, American Pacific completed 3,050 metres of reversecirculation and core drilling at Tuscarora and says that it confirmed previous high-grade mineralization in the South Navajo zone, and extended known mineralization 450 metres north with hole 13.

developing its fully held Clayton Valley lithium project in Nevada. Cypress says it has “discovered a world-class resource of a leachable, lithium-bearing claystone next to the Albemarle Silver Peak mine — North America’s only lithium brine operation. The size of the resource makes the Clayton Valley project a premier target with the potential to impact the future production of lithium for the fast-growing global lithium-ion battery market.” In October, Cypress filed a preliminary economic assessment (PEA) of the project and launched into a prefeasibility study. The PEA showed a 33% internal rate of return; a US$482-million capital cost; a US$1.45-billion net present value; and a 40-year mine life at a mining rate of 15,000 tonnes per day. Cypress says the upcoming study will include infill drilling to upgrade resource categories and optimize the production schedule within the

mine area. Metallurgical testing will include determining optimum leach conditions and configuration of the process plant, as well as further testing at the bench-scale to demonstrate production of highpurity lithium carbonate suitable for battery usage. KERR MINES Toronto-based Kerr Mines (TSX: KER; US-OTC: KERMF) is working to redevelop the fully permitted, past-producing Copperstone gold property located along the Walker Lane mineral belt in Arizona. Copperstone produced over 500,000 oz. gold from an open pit in the past, but left behind a high-grade, measured resource of 934,000 tonnes at 10.4 grams gold per tonne for 311,000 contained oz. gold. Another 335,000 tonnes at 12.2 grams gold lie in the inferred category. Kerr has hit several milestones in

See SNAPSHOT / 13

An electric shovel loads a haul truck at Barrick Gold and Premier Gold Mines’ South Arturo gold mine in Nevada.   PREMIER GOLD MINES

300 BOOM-TO-

The geology seen at Tuscorora is described as high-level, lowsulphidation, epithermal style, and the property lies at the foot of Mount Blitzen on the eastern slope of the Northern Tuscarora Range — an area known for extensive precious metals exploration and mining in the past.

BREAKER

CALIFORNIA GOLD MINING Toronto-based junior California Gold Mining (TSXV: CGM; US-OTC: CFGMF) is steadily advancing its wholly owned flagship Fremont high-grade gold project in central California.

COMBINATIONS

CUSTOMIZED TO YOUR SITE

The property is 150 km east of San Francisco in relatively prodevelopment Mariposa County, on 14 sq. km of patented land in the prolific Mother Lode gold belt that has historically produced over 50 million oz. gold. Total open-pit resources calculated in 2016 stand at 17.2 million indicated and inferred tonnes grading 1.60 grams gold per tonne for 879,000 contained oz. gold. The company acquired the property in 2013, and as of mid-2018 had carried out four phases of drilling totalling 16,100 metres, and preliminary metallurgical testing showing 93% recoveries from an oxide cap and 86% from sulphide zones. The company is led by president and CEO Vishal Gupta, a geologist and former mining equity analyst. In a sign of the times, the company recently submitted an application to Mariposa County seeking approval for the cultivation of industrial hemp on the property. It says the proposed operations would include the “construction of a 20,000 sq. foot greenhouse, to be primarily used for the propagation of industrial hemp seeds, along with the development of a 100-acre agricultural farm for the cultivation of an industrial hemp crop, and the construction of a 5,000 sq. foot facility for the processing of the crop raw material.”

POWER YOUR PRODUCTIVITY & GET AHEAD OF THE GRADE For sixty years, BTI has worked to evolve the mining industry through innovative machines built for demanding environments. From secondary rockbreaking to utility, we make equipment that improves safety and productivity to keep you ahead of the grade.

60A Magill St, Lively, ON 705.806.0123 I www.crdcreighton.com

CYPRESS DEVELOPMENT CORP.

www.rockbreaker.com

Cypress Development (TSXV: CYP; US-OTC: CYDVF) is focused on The Northern Miner_CRD Co Brand AD_Mining_Nov2018.indd 1

1-16_NOV26_Main .indd 11

NEW DISTRIBUTOR SERVICING ONTARIO

10/30/2018 9:49:12 AM

2018-11-20 9:52 PM

12

SOUTHWEST US

NOVEMBER 26–DECEMBER 9, 2018 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

Crown Mining’s Moonlight-Superior property in northeastern California.   CROWN MINING

Crown Mining preps Moonlight for next copper rally CROWN From 9

years. “The bottom line is the PEA helps us to talk to people about the merits of the property,” Crown’s president and CEO Stephen Dunn says. “The PEA shows people that this thing can be economic at US$3.15 per lb. copper, so it makes it a lot easier to talk to people about the pros and cons.” Dunn notes that the study did not factor in any gold credits, and points out that previous owners of Moonlight did not assay the first 15 metres of oxide, which so far has been categorized as waste. “It is actually mineralized and can be mined,” he says, “so we need to do more work and drilling to be able to delineate the oxide, and that will help the economics.” Du nn says it wou ld cost US$500,000 to punch 20 holes into Moonlight’s upper oxide layers, but with the current market as poor as it is for juniors with early-stage projects, the timing just doesn’t seem to be right. “When the markets get better and it wants juniors, we will do that, but my market cap is only $5 million, so we really don’t get any appreciation for what we have,” he says. “If we tried to raise $2 million right now it would dilute my shareholders too much, so I’m waiting for markets to get better.” Dunn, who founded the company, is the largest shareholder, with 20% of Crown’s 40 million common shares outstanding. Five other investors (most of them high school and university friends) own another 30%. “Whenever we need money we

“NO ONE IS GOING TO BUILD THIS MINE UNLESS COPPER IS OVER US$3.50 PER POUND. BECAUSE OF THE LAST CYCLE, PRODUCERS DON’T WANT TO START BUILDING HUGE NEW MINES UNLESS THEY’RE ALMOST ASSURED OF MAKING PROFITS IN THE FIRST FEW YEARS.” STEPHEN DUNN FOUNDER, PRESIDENT AND CEO, CROWN MINING

just pass the hat,” Dunn says. “We put in $100,000 a month ago, and I did half of that.” The company has 40 million com mon sha res out st a nd i ng and has traded within a 52-week range of 6.5¢ (October 2018) to 28¢ (March 2018). Dunn doesn’t kid himself about the prospects of putting Moonlight into production any time soon. “No one is going to build this mine unless copper is over US$3.50 per lb.,” he says. “Because of the last cycle, producers don’t want to start building huge new mines unless they’re almost assured of making profits in the first few years.” But Dunn is bullish on the market fundamentals for the metal, and likes to quote mining guru Robert Friedland of Ivanhoe Mines (TSX: IVN), who predicted earlier this year that “you will need a telescope to see copper prices in 2019.” Dunn says copper is setting itself up for “a pretty big rally” next year and could hit US$5 per lb. “very soon.” “Everyone is pointing fingers at trade wars, but the thing is, the global economy is still growing,” he says. “There’s still positive growth and demand everywhere ... the reality is, there’s a copper deficit,

info@koremining.com

Near-term permitting focus with 1.5Moz historic 2P reserves

1-16_NOV26_Main .indd 12

Exploration upside and record of discovery

and one of these days prices are going to reflect that.” He also dismisses arguments that copper demand from China — which he calculates consumes almost half the global market for the metal — can’t continue at the

same pace. “A lot of people who don’t understand economics say, ‘that can’t last,’ but of course it can,” he exclaims. “They are building out their grid. They are building new office buildings and electric trains

and will continue to use the same amount of copper.” Meanwhile, he reasons, “India is looking over China’s shoulder and wants the same things.” Like most copper bulls, Dunn points to declining copper grades around the world, a shortage of new mines coming on stream, and what he calls the looming “pinch point,” where demand will suddenly exceed supply. “When that happens prices explode, because buyers need that pound of copper for the refrigerator or the car they’re making,” he says. “People are going to make a lot of money in copper and the market is ignoring that right now.” TNM

First Vanadium pushes Carlin FIRST VANADIUM From 9

issued 1 million shares. If First Vanadium acquires its 100% interest, America’s Gold will be granted a 1.5% net smelter return royalty (NSR) that First Vanadium can buy back for US$1 million. Golden Predator will be granted a 2% NSR that First Vanadium can buy back for US$4 million. Starting in late December 2017 and continuing through early 2018, First Vanadium drilled 1,600 metres across 20 infill holes at Carlin. Results from that program include 47.5 metres at 1.08% V2 O 5 from 28.5 metres downhole and 36 metres at 1.09% V2O5 from 51 metres downhole. “We were just drilling to make sure the deposit was there,” Cowley says. “But we could see that very inexpensively we could make the deposit bigger and infill areas to make sure that we get as much indicated resources as possible, so that’s why we ended up doing another drill campaign in August and September.” The project consists of 72 claims covering 4.6 sq. km in Elko County, and can be accessed by road from Elko and Carlin. It’s located on the western flank of the Pinon Range, a block-faulted host of the Basin and Range tectonic province. The local lithologies are mostly Paleozoic age, western assemblage and siliceous rocks above the Roberts Mountain Thrust. The company has modelled a 55-metre-thick vanadium zone striking north to south over 1,900 metres. It dips between 5 and 30 degrees west for an average 760 metres of down-dip extent from surface. It mostly occurs between 15 and 60 metres from surface. First Vanadium aims to update the resource estimate in January 2019 and begin work on a prefeasibility study shortly after. “In the last year, vanadium has outperformed all other metals, and it’s just kind of the right time and right place for the right project,” Cowley says. The price of vanadium in China,

First Vanadium president and CEO Paul Cowley at the Carlin vanadium project in Nevada.   FIRST VANADIUM

for example, has risen from under US$3 per lb. V2O5 three years ago to over US$33 per lb. V2O5 . “In the past when vanadium prices did go up very shortly, a high-cost mine in China would restart and drive the price down,” Cowley says. “Because the Chinese government is now taking a hard line on pollution, it has permanently shut down that high-cost, polluting mine.” According to Paul, 90% of vanadium goes into structural steel. He says Russia, China and the U.S. have trillions of dollars of infrastructure that are on the books for the near future that will need vanadium. Electric car batteries also have vanadium, although in smaller quantities, as do car chassis. “There’s also a Chinese legislation that just took effect the first of November that all the rebar manufacturers need to put

30% more vanadium in the rebar, because they were producing low-quality rebar and buildings were collapsing,” Cowley adds. “They’re going to have inspectors with X-ray guns testing this rebar before they can deploy it into buildings and bridges, and the like.” Shares of First Vanadium are trading at $1.39 in a 52-week range of $1.20 to $1.96. The company has a $46-million market capitalization. It also has its West Jerome copper property in central Arizona, although for now it is focused on Carlin. “As a gold analogy, Carlin is the equivalent of an 8 million oz. gold deposit,” Cowley says. “That’s the value of this thing. And it’s at a very high grade. If you keep everything the same, and you just substitute metal prices for vanadium versus gold, that’s basically an 8 million oz. gold deposit at 8.5 grams.” TNM

2018-11-20 9:52 PM

SOUTHWEST US

GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 26–DECEMBER 9, 2018

13

Nevada Sunrise preps for first drilling at Coronado NEVADA

| Project sits less than 5 km from past-producing Big Mike copper mine

BY RICHARD QUARISA

T

rquarisa@northernminer.com

he U.S. Bureau of Land Management recently granted Nevada Sunrise Gold (TSXV: NEV; US-OTC: NVSGF) permits to drill the company’s newly optioned Coronado volcanogenic massive sulphide (VMS) project, located 48 km south of Winnemucca, Nev., near the past-producing Big Mike copper mine. The Bureau approved nine drill locations at the 19 sq. km Coronado project. The company wants to drill more than 1,600 metres across six holes at the Coronado South anomaly and another 1,400 metres across six holes at the Coronado North anomaly. It is funded to complete a preliminary drill test consisting of 762 metres across three diamond drill holes at Coronado South — less than 5 km northwest of Big Mike — in the first week of December 2018. “It has a higher magnetic signature, it’s highly conductive, it’s large, and it’s covered in dirt — we think at least 50 metres or more,” company president and CEO Warren Stayner says in an interview with The Northern Miner. The company found the anomalies after flying 648 line km of helicopterborne Versatile Time Domain Electromagnetic survey over Coronado in July 2018. The company spaced the lines 150 metres apart and identified several anomalies on trend with Big Mike.

A rare outcrop at Nevada Sunrise’s Coronado VMS project in Nevada.   NEVADA SUNRISE

Although overburden covers most of the property, at Coronado South the company found rare outcrops of thin-bedded to laminated chert exhalite and cherty tuffaceous sediments containing fine-grained, oxidized sulphide casts and locally relict anhedral pyrite grains. The company notes that the exhalite is similar to exhalite found at Big Mike. “If someone took a chunk of it and sent it into the lab in the 70s, 80s or 90s, they would have said

‘there’s nothing here,’ which is perfect, because that preserves it for us,” Stayner says. The mined-out Big Mike mine was discovered in the 1930s. Prospectors sampled an outcrop and found gold, but couldn’t find any extensions. Then in the 1960s, Cerro drilled through 200 feet of overburden and hit Big Mike’s massive sulphide lens. It tabled a resource in 1969 estimating Big Mike contained 634,000 tonnes grading 3.41% copper, including 67,000 tonnes massive

sulphide ore grading 11.78% copper and 344,000 tonnes oxide and mixed ore grading 3.41% copper. In 1970, Ranchers Exploration and Development turned a high-grade part of the deposit into an open-pit mine and produced 25 million lb. copper from 90,000 tonnes grading 10.5% copper. It also heap leached 270,000 tonnes of lower-grade ore. In early July 2018 Nevada Sunrise acquired an option to buy Coronado. It signed a definitive option agreement for Coronado a few months later, in September 2018. To acquire its interest, Nevada Sunrise will pay the property owner US$1.4 million and 2 million shares, and spend US$1.1 million on exploration at Coronado over four years. “We have the chance here for something really big, because what I know about VMS is that there’s never just one,” Stayner says. “They always occur in a series or a cluster.” Earlier this year, the company began drilling at its Kinsley Mountain gold project in eastern Nevada. The project is a joint venture with 79.1% interest holder Liberty Gold (TSX: LGD; US-OTC: LGDTF). The two companies drilled 1,800 metres across seven reverse-circulation holes. They targeted possible extensions of the Western Flank deposit, which has 1.46 million indicated tonnes grading 6.04 grams gold for 284,000 oz. gold and 508,000 inferred tonnes grading 2.41 grams gold for 39,000 oz. gold. Across all of its zones, the Kinsley Mountain project contains 5.5 mil-

lion indicated tonnes at 2.27 grams gold for 405,000 oz. gold and 3.36 million inferred tonnes grading 1.13 grams gold for 122,000 oz. gold. Highlights from the latest program include 5.24 grams gold over 9.1 metres from 275 metres downhole and 1.15 grams gold over 15 metres from 91 metres downhole. The company has several other projects in Nevada. “We learned that these commodities were there and were doing our best to exploit them in a very prudent way,” Stayner says. Those include its Neptune, Jackson Wash and Aquarius lithium projects, its past-producing Lovelock cobalt mine and its Golden Arrow gold project. Shares of Nevada Sunrise are valued at 13¢, in a 52-week range of 5¢ to 24¢. The company has a $6-million market capitalization. It recently closed a $150,000 private placement. “Nevada has so much potential that remains untapped,” Stayner says, “and it’s a great place to work. We have the perfect weather for exploration, which is the mineral rich endowment and a bureaucracy that’s reasonable. “The last things are the technology and the money. We haven’t had millions and millions of dollars to spend, but we feel that even with a US$150,000 drilling program, that’s enough to tell us if we’re going in the right direction at Coronado, and we’ll just continue to do that.” TNM

Premier’s share of production for 2018 is an estimated 20,000 to 25,000 oz. gold at all-in sustaining costs (AISCs) of only US$425 to US$475 per oz. gold. South Arturo continues to be one of the world’s lowest-cost gold mines.

grade gold property, which could be developed into an underground mine.

SOUTHWEST US SNAPSHOT See SNAPSHOT / 13 the past few months: selling its remaining interest in the McGarry mine and Barber-Larder properties to Orefinders Resources (TSXV: ORX) for 8 million shares, or 9%, of Orefinders, plus 440,248 shares in Orefinders battery metals spinoff Power Ore (TSXV: PORE); securing a project financing for up to US$25 million from Sprott Private Resource Lending; and lining up a $2.5-million private placement. Kerr says it is on track for first production in early 2020, with a prefeasibility study pointing to initial capital costs of only US$22.7 million to build a mine capable of initially producing at a rate of 38,000 oz. gold annually for 4.5 years. MCEWEN MINING McEwen Mining (TSX: MUX; NYSE: MUX) is making swift progress at its Gold Bar gold mine project in central Nevada and has confirmed that commercial production will begin in the first quarter of next year. The company completed the heap leach pad and installed crushing, conveying and agglomeration systems in November, and for the rest of 2018, its focus will be on finishing the process plant — which is 70% complete — commissioning, and starting to load the heap-leach pad. The mine is expected to produce an average of 62,000 oz. gold a year over a seven-year mine life at cash costs of US$770 per oz. and all-in sustaining costs of US$843 per ounce.

1-16_NOV26_Main .indd 13

A feasibility study in February estimated capex of US$81 million, and a payback of three years based on US$1,250 per oz. gold. The study forecast a 23% post-tax internal rate of return and a US$54-million after-tax net present value at a 5% discount rate. Rob McEwen-led McEwen Mining already has three operating mines: its Black Fox gold complex in Ontario’s Timmins district, its aging El Gallo gold-silver mine in Mexico and its 49%-owned San Jose gold-copper mine in southern Argentina. Development projects include the Gallo Silver project near the El Gallo mine, and the large, low-grade Los Azules copper asset in Argentina’s San Juan province. NORTHERN VERTEX MINING Less than a month after Northern Vertex Mining (TSXV: NEE; US-OTC: NHVCF) signed a US$8.5-million silver stream financing with Maverix Metals (TSXV: MMX), the company has reached a deal with existing shareholder and private equity firm Greenstone Resources for an unsecured, US$10-million working capital facility. Northern Vertex’s open-pit, heapleach Moss gold-silver mine in Arizona is the newest mine in the U.S., reaching commercial production in September. The mine is expected to produce an average of over 50,000 equivalent oz. gold a year over the first four years of a 10-year mine life. The company financed the mine and

completed construction in less than two years. Northern Vertex expects Moss will produce 32,000 to 36,000 oz. gold and 224,000 to 248,000 oz. silver (36,000 to 40,000 equivalent oz. gold) in the 2019 fiscal year ending on June 30. Moss’s gold-silver stockwork, brecciated, low-sulphidation epithermal system outcrops for over 1.5 kilometres.

Also in Nevada, Premier has its fully owned, past-producing Cove high-

In March Premier updated the resource estimate at Cove to 614,000 indicated tonnes grading 11.57 grams gold per tonne for 228,000 oz. gold, plus 3.4 million inferred tonnes at 12.17 grams gold 1.3 million oz. gold. TNM

The mine, Northern Vertex’s flagship asset, is 9 km from Bullhead City and 8 km from a state highway. The company says it plans to become a mid-tier gold producer with over 200,000 oz. gold production a year, and expects to achieve that goal through mergers and acquisitions.

Nevada Prospect Generator Properties Available for Joint Venture

PREMIER GOLD MINES Ewan Downie-led Premier Gold Mines (TSX: PG; US-OTC: PIRGF) is in the consolidation phase after a rapid growth spurt that saw it become operator of gold mines in Nevada (South Arturo) and Mexico (Mercedes mine), and a developer of significant advanced gold projects in both jurisdictions, as well as northwestern Ontario. South Arturo is 60% owned by operator Barrick Gold (TSX: ABX; NYSE: ABX) and 40% by Premier, which bought its stake from Goldcorp in 2015. The open-pit mine was brought into production in 2016, with ore sent to Barrick’s roaster at its vast Goldstrike gold operations in the region.

CONTACT:

Bob Felder | bfelder@rengold.com Dan Pace | dpace@rengold.com 4750 Longley Lane, Suite 106 Reno, NV 89502 USA (775) 337-1545

TSX.V:REN OTCQB:RNSGF www.rengold.com

2018-11-20 9:52 PM

14

WWW.NORTHERNMINER.COM

NOVEMBER 26–DECEMBER 9, 2018 / THE NORTHERN MINER

Crushed ore falls off a conveyor at Newmont Mining’s Boddington gold mine in Western Australia.   NEWMONT MINING

Analysts optimistic on Newmont’s Boddington and Tanami mines AUSTRALIA

| Asset expansion and optimization impresses industry watchers

BY TRISH SAYWELL

R

tsaywell@northernminer.com

aymond James mining analyst Brian MacArthur has raised his target price on Newmont Mining (NYSE: NEM) from US$44 to US$46 per share after visiting the company’s Boddington and Tanami gold mines in Australia. Boddington — Australia’s largest producing gold mine — is located in Western Australia’s Saddleback greenstone belt, about 16 km from the rural farming town of Boddington and 120 km from Perth. Tanami is a fly-in, fly-out operation on Aboriginal freehold land in the remote Tanami Desert, located 540 km northwest of Alice Springs. Newmont forecasts Boddington will produce 665,000 to 715,000 oz. gold this year at consolidated all-in sustaining costs (AISCs) of US$880 to US$930 per oz., and expects Tanami will produce 440,000 to 515,000 oz. gold at consolidated AISCs of US$705 to US$775 per ounce. The company says a 450 km natural gas pipeline connecting the Tanami mine to the Amadeus gas pipeline and two on-site power stations will result in net cash savings of US$34 per oz., beginning in 2019. Newmont has made strides at Tanami. In 2012, the mine produced 180,000 oz. gold at AISCs of more than US$2,000 per oz. gold. Since then, MacArthur notes, it has increased mine and mill throughput 80% and doubled reserves. The analyst says “there could be more ounces discovered at the mine [recent discoveries like Federation and Liberator highlight the potential at depth] and regionally.” In addition, Newmont is con-

1-16_NOV26_Main .indd 14

Processing facilities at Newmont Mining’s Tanami gold mine in Northern Territory, Australia.   NEWMONT MINING

“TANAMI IS A GREAT SUCCESS THAT KEEPS GETTING BETTER, AND IS QUICKLY HEADING TO TIER-ONE STATUS.” ANDREW KAIP ANALYST, BMO CAPITAL MARKETS

sidering a second expansion at the mine that would involve building a 3.2-million-tonne-per-year shaft and increase production by 100,000 oz. gold a year. The first expansion at Tanami, completed in third-quarter 2017, increased annual gold production 80,000 oz. gold a year to between 425,000 and 475,000 oz. gold. The US$120-million expansion extended the mine life by three years. If Newmont undertakes a second mine expansion, called TEP2, it would cost US$650 to US$750 million. An investment decision is expected in the first half of next year. MacArthur says that if approved, TEP2 would “reduce operating costs by over 10%, given greater ef-

ficiencies and ultimately the benefit of even lower power costs through the gas contract. “With the Tanami power project and TEP2 completed, we expect Tanami to have production of greater than 500,000 oz. at AISCs below US$700 per oz. through 2037,” MacArthur writes in a research note. “The shaft would also open up the mine at depth, and, longer term, we believe production could ultimately be even higher if more discoveries are made regionally or near surface that could supplement feed from the shaft.” Newmont has fully owned and operated the Tanami mine since 2002. As for Boddington, he says, improvements since 2012 include boosting production 12% and trim-

ming AISCs 30%. “Current reserve life is 2032, but continued efficiency improvements (e.g., autonomous trucks, improved equipment availability, reduced mobilization events and increased throughput) will likely lead to further laybacks, which could extend the mine life through at least 2041,” he says. “In addition, Newmont is looking at improving its copper concentrate by increasing its concentrate grade and reducing penalties.” Commercial production at Boddington began in 2009, and in March 2011, the mine produced its first 1 million oz. gold. It reached two million oz. gold production in August 2012. Boddington was a three-way joint venture between Newmont, AngloGold Ashanti and Newcrest. In 2009, Newmont bought AngloGold Ashanti’s shares to become Boddington’s sole owner. Newmont is trading at US$32.42 per share. Andrew Kaip of BMO Capital Markets has a $42-per-share target price.

“Tanami is a great success that keeps getting better, and is quickly heading to Tier 1 status,” Kaip said in a research note after visiting Newmont’s operations. The turnaround at Tanami “has been driven by new discovery and optimization of the mine and mill,” he writes, while the mine “is able to keep costs in the second quartile, given the morphology of ore zones that are amenable to low-cost, long hole stoping.” Moreover, reserve growth has been “ just as impressive, with reserves doubling to 4.4 million ounces a 5.7 grams gold per tonne.” “In addition, the mine hosts a further 700,000 oz. measured and indicated and 800,000 ounces of inferred at 5.4 grams per tonne,” he says. “We don’t usually mention inferred resources, but resources lie down-plunge of existing ore shoots and have a +70% conversion rate.” Kaip expects reserves will continue to grow at Tanami because the main ore shoots are open at depth. “Resources have yet to be established at Liberator, a new ore shoot at the mine that looks to have better than reserve grades,” he continues. “Exploration has also identified a near-surface zone called ‘Orac’ that will provide mine flexibility and could support further mine expansion.” As for Boddington, Kaip says, the emphasis is on further cost improvements rather than mine-life extensions, and the most significant cost savings, he argues, appear to come from automated mining. “We should find out later in 2019 whether automated mining gets the green light, but initial indications are that Boddington could realize productivity gains in the range of 20%, and mining cost reductions in the range of 25%.” TNM

2018-11-20 9:52 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 26–DECEMBER 9, 2018

15

Bunker Hill reinstates lease for historic mine IDAHO

| Junior renegotiates terms with property owner

BY TRISH SAYWELL tsaywell@northernminer.com

A

month after defaulting on US$400,000 in lease payments for the past-producing Bunker Hill zinc-lead-silver mine property and Superfund site in the Silver Valley of Idaho, Bunker Hill Mining (CSE: BNKR) has struck a deal with the mine owner to reinstate the lease at a much lower cost. The mine owner — Placer Mining Corp. — has agreed to slash the monthly lease payments owed by Bunker Hill Mining 70% from the previous US$200,000 to US$60,000, for the next 12 months. The concessions can be extended over another six months if Bunker Hill Mining “achieves certain agreed goals on its work program at the mine,” the company stated. The reduction in payments “will be made up for by adding the accumulated reduction to the purchase price of the mine, should the company choose to exercise its purchase option,” Bunker Hill said in a press release on Nov. 13. (Bunker Hill Mining and Placer Mining Corp. signed a two-year mining lease agreement with a “buy” option in August 2017, and the lease became effective in December 2017.) In addition, Bunker Hill Mining said it is in talks with the U.S. Environmental Protection Agency (EPA) on possible concessions regarding its payment obligations to the federal regulatory body. Under its original deal with the EPA reached in March, Bunker Hill agreed to pay the agency US$20 million over seven years for historic water-treatment costs dealing with the mine’s effluent. Bunker Hill also agreed to make semi-annual payments of US$480,000 (US$80,000 per month) to the EPA to continue running the water-treatment facility. (Bunker Hill’s monthly payments to the EPA were on top of its lease-purchase agreement to the mine’s owner.) The set t lement agreements reached in March between Placer Mining Corp. and the EPA, and Bunker Hill Mining and the EPA, present “an opportunity for the potential re-use of the mine that had been dormant for many years,” the EPA states on its website. “Through this settlement, EPA is clearing the way for a new operator to resume mining, bringing jobs back to the community, while also securing the ongoing cleanup of contaminated water and recovery of EPA’s past cleanup costs,” said Scott Pruitt, the EPA Administrator at the time. “EPA is delivering on its Superfund Task Force commitments.” (Pruitt, a Republican from Oklahoma, was confirmed as head of the EPA in February 2017 and resigned in July 2018.) Historic mining and milling methods at the Bunker Hill mining and metallurgical complex in northern Idaho disposed of tailings in rivers and streams, “spreading contaminants throughout the floodplain of the South Fork Coeur d’Alene River,” the EPA’s website says. “Soil, sediment, groundwater and surface water became contaminated with heavy metals such as lead.” The EPA also notes that “a complete cleanup will take decades” and that the program “is one of the nation’s largest and most complex Superfund sites.” Water-treatment costs at the Bunker Hill mine are ongoing.

1-16_NOV26_Main .indd 15

A view from the historic Bunker Hill zinc-lead-silver property in Idaho.   BUNKER HILL MINING

The EPA “regularly incurs costs in operating a wastewater-treatment plant that treats the approximately 1,300 to 1,400 gallons per minute of acid mine drainage released from the mine on an ongoing daily basis,” the agency states. “If not collected and treated at the wastewater-treatment plant, acid mine drainage from the mine would flow through the mine yard, across properties where public and environmental exposures would occur, and into Bunker Creek and the South Fork

THE PERFECT

GIFT

of the Coeur d’Alene River, where it would have significant detrimental effects on water quality and the ecosystem.” In addition to news of the reduced lease payments due to Placer Mining, Bunker Hill Mining said its board has approved an equity private placement for up to C$300,000. The placement will consist of up to 4 million units (consisting of one common share and one common share purchase warrant) to be sold at 7.5¢ per unit. Each whole war-

rant can be exercised over the next two years to acquire one common share at 10¢. Bunker Hill Mining also announced the resignation of board member Howard Crosby “for personal reasons.” Management states that Crosby’s departure “was not the result of any disagreement with the company, or on any matter relating to the company’s operations.” The Toronto-based mining company also said it has appointed a new director, John Liu, who is a partner

at private equity firm Valuestone Advisors. As of Oct. 20, Valuestone Global Resources Fund (owned by Valuestone, which was set up by China’s Jiangxi Copper Corp.), owned 16% of Bunker Hill Mining’s shares, (19.9%) fully diluted. The Bunker Hill mine closed in 1981, and is one of the largest zinclead-silver deposits in the Americas not in production. The EPA declared the Bunker Hill mine and smelter complex the country’s second-largest Superfund site in 1983. “Today, after 35 years and almost US$900 million in cleanup costs, Bunker Hill’s tailings heap still oozes 400 lb. of toxic metals a day into the South Fork of the Coeur d’Alene River,” Bloomberg Businessweek reported on Nov. 12. “After picking up more mine waste downstream, the river dumps almost 400 tons of lead and 700 tons of zinc into Lake Coeur d’Alene every year. “So far, much of the metals pouring down from Silver Valley has settled innocuously on the bottom of the lake, undiffused in the overlying water,” the Bloomberg article reports. “But the pollution is a ticking time bomb. Coeur d’Alene’s rapid development is loading the lake with nutrients from septic systems, lawn runoff, and logging activity, among other sources. Nutrients promote plant growth, which depletes the water’s oxygen supply. When the water becomes sufficiently anoxic — depleted of saturated oxygen — the metals will dissolve and flux upward into the water column, turning the lake into a toxic sink of liquefied arsenic, cadmium, lead and zinc.” At press time, Bunker Hill Mining’s shares traded at 9¢, down 10% from market open. Over the last year the company has traded within a range of 3¢ to $3.15 per share. TNM

The Art and Humour of John Kilburn Cartoons from A hilarious, 262-page anthology of mining cartoons by The Northern Miner’s resident cartoonist John Kilburn. Unique in its scope and ambitions, this anthology gathers the best Northern Miner cartoons created over 25 years by John Kilburn, a Vancouver-based mining professional who has worked in Western Canada as a mining engineer, broker, journalist, equity analyst and investor. Kilburn stylishly captures the mining sector’s biggest events over the past quarter century as well as its perennial conundrums with a cast of characters that includes engineers, geologists, miners, promoters, executives and environmentalists. Joining the cast are coal mine canaries, camp dogs and llamas, plus a special appearance by Santa. With a foreword by Pierre Lassonde, cofounder and chairman of Franco-Nevada, an introduction by John Cumming, editor-in-chief of The Northern Miner, and hundreds of boisterous JK mining cartoons like you’ve never seen them before. Specifications: 7.8” by 10”, 262 pages, B&W with a colour cover, ISBN 978-1-987932-00-3 C$34.99 plus shipping and applicable taxes.

$34.99

To order by phone, call toll-free: 1-888-502-3456 ext. 43702 For more information and to order online visit: www.northernminer.com/jk

2018-11-20 9:52 PM

16

NOVEMBER 26–DECEMBER 9, 2018 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

Kutcho Copper extends mineralization at Main deposit BC BASE METALS

| Junior moves towards feasibility study expected in 2019

BY TRISH SAYWELL

R

tsaywell@northernminer.com

esource and expansion drilling at the Kutcho copper-zinc project in B.C. has extended mineralization down dip of its Main deposit, reports Kutcho Copper (TSXV: KC; US-OTC: KCCFF). The high-grade copper-zinc-gold-silver volcanogenic massive sulphide (VMS) system at the project is 100 km east of Dease Lake in northern British Columbia. Mineralization was extended 50 metres down dip from previous drilling and beyond the project’s existing resource model in drill hole 18-280, which returned a 5.4-metre intercept from 193 metres downhole grading 2.48% copper, 1% zinc, 114 grams silver per tonne, and 0.24 gram gold, or 4% copper-equivalent. The Main deposit is open down-dip in this area and along strike over a distance of 250 metres. The company also reported that 62% of its downdip holes intersected sulphide mineralization at Main. Highlights from eight other drill holes include 5.6 metres starting from 59 metres downhole, grading 1.91% copper, 7.85% zinc, 33.2 grams silver, and 0.60 gram gold for 5.7% copper-equivalent in hole 18-280, and 10.5 metres from 94 metres downhole, averaging 1.89% copper, 0.6% zinc, 33.4 grams silver and 0.69 gram gold, for 2.9% copper-equivalent in hole 18-287. In October, the company adopted a shareholder rights plan “to ensure, to the extent possible, that all shareholders of the company are treated fairly and equally in connection with any unsolicited takeover bid or other acquisition of control of the company.” An updated prefeasibility study completed last year outlined a 12-year mine life with a 2,500-tonne-per-day production rate for life-of-mine payable production of 378 million lb. copper and 473 million lb. zinc. The Kutcho project is envisioned as an underground mining operation, supplemented by a starter pit on the Main deposit during the construction phase. Initial capital costs, including a 15% contingency, were forecast to run to $221 million, with a post-tax payback of three and a half years. Unit operating costs were estimated at US$1.60 per lb. copper excluding byproducts, and US59¢ per lb. copper net of by-products. The project has probable reserves of 10.4 million tonnes grading 2.01% copper, 3.19% zinc, 34.61 grams silver per tonne and 0.37 gram gold for a 2.92% copperequivalent grade. Measured and indicated resources stand at 16.85 million tonnes grading 1.89% copper, 2.87% zinc, 32.8 grams silver and 0.36 gram gold for a 2.71% copper-equivalent grade. Inferred resources add 5.79 million tonnes grading 1.33% copper, 1.64% zinc, 23.2 grams silver and 0.24 gram gold for a 1.79% copper-equivalent. The Kutcho property lies within the King Salmon allochthon, a narrow belt of Permo-Triassic island arc volcanic rocks and Jurassic sediments, situated between two north-dipping thrust faults: the Nahlin fault to the north, and the King Salmon fault to the south. There is a 900-metre gravel airstrip, 10 km from the deposit. At press time, Kutcho Copper traded at 32¢ per share within a 52-week trading range of 27¢ to $1.04. The junior has 57.2 million shares outstanding for an $18-million market capitalization. Michael Gray of Macquarie Research has a 12-month price target on the junior of $1.75 per share and an “outperform” rating. The mining analyst stated in a research note that he was “encouraged by the progress being made by Kutcho Copper, as it sequentially de-risks the Kutcho project, and advances it towards a feasibility study in the second quarter of 2019.” TNM

1-16_NOV26_Main .indd 16

Drillers at Kutcho Copper’s namesake copper project in British Columbia.   KUTCHO COPPER

2018-11-20 9:52 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / NOVEMBER 24–DECEMBER 9, 2018

17

PROFESSIONAL DIRECTORY ASSAYERS

INSTRUMENTATION

GEOPHYSICS

Rent / Purchase 3D IP & EM Gear

Crone Geophysics

Canadian Manufacturer of

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

C.F. Mineral Research Ltd. INDEPENDENT SPECIALISTS IN HEAVY MINERAL GEOCHEMISTRY

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

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

www.cronegeophysics.com

(905) 814-0100

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

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

•

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

Highest Precision Magnetometers in the World Providing Robust Providing RobustHigh HighPrecision PrecisionPotassium, Potassium,Overhauser Overhauser and andProton ProtonMagnetometers Magnetometers with with New add-on oror stand New add-on standalone aloneVLF VLFfor forresistivity resistivitydepth depthsections sections

R

•

UAV - Airborne - Ground Solutions

Leading the World of Magnetics

Call for a Quote today since 1980 www.gemsystems.ca • info@gemsystems.ca • Tel: +1.905.752.2202 • +1.888.635.1829

Rentals and Sales Sales and Rentals: of instruments for:

Your Exploration Advantage.

— SERVING THE EXPLORATION SECTOR WORLDWIDE SINCE 1977 —

TERRAPLUS INC. 52 W. Beaver Creek Rd., Unit 12 Richmond Hill, Ontario L4B 1L9 (Canada)

CONSTRUCTION MANAGEMENT M3 Engineering & Technology Corporation

A full-service international firm offering EPCM services to the minerals industry. www.m3eng.com

CONSULTING

Develop

Improve

450-679-2400 info@gprmtl.com www.geophysicsgpr.com Transform

amcconsultants.com

GEOLOGY, MINING ENGINEERING, GEOTECHNICAL CONSULTING SERVICES

GEOLOGICAL & GEOPHYSICAL CONSULTANTS

Project Design & Management 3D Compilations and Modelling Independent Reporting (NI43-101) Resource Estimation www.caraclecreek.com QA/QC Programs Sudbury, Canada Due Diligence Tel: +1-705-671-1801 Property Valuations/Evaluations

GOLDAK AIRBORNE SURVEYS TRI-MAXIAL MAGNETIC GRADIOMETER

Caracle Creek

CCIC

905 841 5004 | geotech.ca

TDEM New ! GPRTEM System Magnetics Gradiometer HELIMAGER Heliborne & Fixed-wing Magnetics, Radiometrics and Gravity

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

VTEM™ | ZTEM™ | Gravity | Magnetics | Radiometrics | Data Processing | Interpretation

Geophysical Survey Design and Interpretation • Borehole Resistivity/ IP Tomography • Surface IP/Resistivity • Airborne EM-Mag

Tel: Fax: e-mail: Website:

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

Email: canada@caraclecreek.com

tel 306 249 4474 - www.goldak.ca

We

litigate

CONTRACTUAL & MINING DISPUTES CONSTRUCTION DISPUTES PRODUCT LIABILITY DISPUTES INQUESTS: OCCUPATIONAL/SAFETY DEFENCE

Excellence in Commercial Litigation and Competition Law agmlawyers.com • thelitigator.ca

LEADING NEWS STRATEGIC PLANS. PR. GLOBAL MARKETS. State-of-the-art. Professional. Experienced* G&M, BBC, WSJ, NYT, CNBC, NM. MW

Don@leadingnews.ca

CORPORATE

MINING

RESOURCES

EXPLORATION

Affleck Greene McMurtry LLP 365 Bay Street, Suite 200, Toronto Canada M5H 2V1 T 416.360.2800

MARKETING

More than 30 years of mining and exploration projects across all commodities and all stages of project development.

csaglobal.com

Magnetometers/VLF Magnetics/VLF Gamma-Ray Spectrometers IP, Radiation Infrared Spectrometers Resistivity TDEM and HLEM (Multi-electrodes) Resistivity (ERT) Susceptibility Full Wave Form IP Conductivity Borehole Gyro GPR/ GPS Borehole Logging Gravity Magnetic Susceptibility Seismics Conductivity Borehole Logging GPR Seismic

LEGAL

1024 channel radiometrics Full 4 sensor - 3 axis gradiometry 3D attitude correction system True gradient guided gridding process 2 Hangar Road Saskatoon, SK S7L 5X4

Tel.: +1 418-877-4249

www.gdd.ca

R

R

- 3D / 32 channels IP Receivers - 4800V / 10,000W IP Transmitters - MPP - SCIP - Chain+Level - Beep Mat

Geophysical Instruments since 1976

•

1-416-434-3681

•

www.leadingnews.ca

SITE SUPPLIES

TECHNOLOGY

MINING TOUGH

In Stock, West Coast

DX 335

Capacity 2000lbs

DX 327

Capacity 1500lbs

D 660 900lbs

DX 310

Capacity 300lbs

TRI-CORE PLASTICS CONTAINERS LTD. 1 (800) 214-3542 • www.plasticfishcontainers.com

Competent Persons / NI 43-101 Technical Reports; Mineral Resource Estimates; Due Diligence Independent Engineer Services; Geology, Mine Planning, Metallurgy, Environmental; Economic Evaluation and Feasibility Studies; Expert Witness and Mineral Property Valuation

www.micon-international.com Toronto

Vancouver

Norwich

SURVEYORS & CORE SYSTEMS

Cornwall

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

International Exploration & Mining Consultants Project generation, design, management Independent reporting|Geophysics|GIS

Land & Mining Surveyors – 3D Scanning GYRO-THEODOLITE, UNDERGROUND CONTROL PHOTOGRAMMETRIC MAPPING (AIRBORNE LIDAR AND DRONE), CAVITY SCANNING, BOREHOLE AND BATHYMETRIC SURVEYS

www.mphconsulting.com +1.416.365.0930

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

GYRO BOREHOLE SURVEYING

Toronto Denver London Quebec City Vancouver

CORRIVEAU J.L. & ASS. INC.

Also, Magnetic probe surveys

Se

rvi

ce

s

Val-d’Or (Quebec) Tel: (819)825-3702 www.corriveaujl.com E-mail: bureau@corriveaujl.com

Geological and Mining Consultants www.rpacan.com

+1 (416) 947-0907

Trusted Advisors to the Global Mineral Resource Industry

Since 1962

Call (416) 364-6244

wgm.ca

Geological and Mining Consultants

Geological and Mining Consultants I Since 1962

17_NOV26_ProDirectory .indd 17

To reserve space for your advertisement in the Professional Directory, please contact: Joe Crofts: 416-510-6816 Toll free North America: 1-888-502-3456 (ext. 43729) jcrofts@northernminer.com Fax: 416-447-7658

Trusted Advisors to the Global Mineral Resource Industry

2018-11-19 10:56 AM

18

WWW.NORTHERNMINER.COM

NOVEMBER 26–DECEMBER 9, 2018 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / NOVEMBER 12–16 The S&P/TSX Composite Index fell 0.78% to 15,155.50 during the trading week. The S&P/ TSX Global Gold Index rose 2.30% to 165.66 and the S&P/TSX Global Base Metals Index rose 1.97% to 108.40. Spot gold finished the week at US$1,221.10 per oz., up 0.97%. Shares of North American Palladium jumped $1.70 to $12.55, after the company announced it had reached a tentative agreement on a three-year contract with the United Steelworkers Local 9422, which represents production and maintenance employees at its Lac des Îles mine. The previous three-year contract expired on May 31, 2018. North American Palladium is the only pure-play palladium producer in the world. The Lac des Îles mine, northwest of Thunder Bay, Ont., employs over 600 people. Seabridge Gold’s shares fell 57¢ to $16.01. The company reported a net loss in the third quarter of $2.8 million, or 5¢ per share, compared to a $1.5-million loss, or 3¢ per share in the same quarter last year. During the third quarter Seabridge invested $17.2 million at its KSM and Iskut projects near Stewart, British Columbia. At Sept. 30, the company had net working capital of $7.9 million, down from $19.6 million it held at the end of December 2017. In November the company raised $1 million at $14 per share in a non-brokered private placement.

The $14 million in proceeds will be used to fund general working capital requirements and a 2019 drill program at its wholly owned Snowstorm project in Nevada. Royal Nickel (RNC Minerals) was the most actively traded stock of the week and fell 18¢ to 53¢ per share. The company reported production in October from its Beta Hunt mine in Australia reached 3,497 oz. gold at an average grade of 9.06 grams gold per tonne. Production from the mine in the first 10 months of the year totalled 71,957 oz. gold — a 60% increase over the same period in 2017. Of the 71,957 oz., 25,355 oz. are from the mine’s Father’s Day Vein and 30,145 oz. are from high-grade coarse gold from all areas of the mine. The production at Beta Hunt generated enough cash to eliminate over $30 TSX MOST ACTIVE ISSUES

Royal Nickel Suncor Energy Trevali Mng First Quantum Kinross Gold Tahoe Res Barrick Gold Goldcorp Largo Res B2Gold

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

RNX SU TV FM K THO ABX G LGO BTO

40751 0.71 0.43 0.53 - 0.18 18212 44.77 42.98 43.68 - 0.73 15124 0.52 0.41 0.48 + 0.05 14735 13.17 11.58 12.57 + 0.60 14492 3.43 3.15 3.39 - 0.03 13807 4.53 2.88 4.35 + 1.28 13773 17.48 16.25 17.15 + 0.06 13079 12.60 11.71 12.46 + 0.30 10450 4.65 3.90 3.99 - 0.50 10370 3.45 3.21 3.43 + 0.02

million in long-term and convertible debt in the third quarter. As of Nov. 12, Royal Nickel had $18.8 million in cash and equivalents, which the company says is enough for nearterm operation and exploration initiatives. These include drilling along strike from the Father’s Day Vein discovery area in the A Zone with one rig, while a second rig takes care of resource-definition drilling and targets the sediment layer in the much larger Western

Flanks structure. The company reported all-in sustaining costs in the third quarter at Beta Hunt were US$1,013 per oz. sold, down from the US$1,609 per oz. in the comparable quarter a year ago. Adjusted earnings before interest, tax, depreciation and amortization in the three months ended Sept. 30 reached $8.8 million — or 2¢ per share — in a $9.4-million increase from the comparable quarter in 2017. TNM

TSX GREATEST PERCENTAGE CHANGE

Tahoe Res Xtra-Gold Res Eastmain Res Katanga Mng Euro Sun Mg Capstone Mng Talon Metals SouthGobi Res North Am Pall Anglo Pac Grp Prophecy Coal Levon Res Ltd Royal Nickel St Augustine Lydian Intl Pershing Gold Karnalyte Res Americas Silvr Orosur Mng Star Diamond

THO XTG ER KAT ESM CS TLO SGQ PDL APY PCY LVN RNX SAU LYD PGLC KRN USA OMI DIAM

13807 299 4451 6911 1262 1454 351 28 61 0 8372 439 40751 148 671 88 233 374 62 1777

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Franco-Nevada Teck Res Agnico Eagle North Am Pall Teck Res Tahoe Res MAG Silver SSR Mining First Quantum Labrador Iron Nutrien Pan Am Silver Suncor Energy Seabridge Gld Energy Fuels Largo Res Americas Silvr Nexa Resources Pershing Gold Detour Gold

4.53 2.88 4.35 + 41.7 0.34 0.24 0.33 + 25.0 0.22 0.16 0.20 + 21.9 0.56 0.36 0.56 + 19.1 1.25 0.71 0.83 + 18.6 0.68 0.53 0.63 + 16.7 0.11 0.09 0.11 + 16.7 0.11 0.10 0.11 + 15.8 12.55 10.75 12.55 + 15.7 2.45 0.00 2.45 + 15.6 0.74 0.49 0.50 - 30.6 0.17 0.12 0.12 - 28.1 0.71 0.43 0.53 - 25.4 0.02 0.02 0.02 - 25.0 0.18 0.12 0.13 - 24.2 1.71 1.27 1.33 - 22.7 0.26 0.20 0.20 - 22.0 2.46 1.95 2.00 - 19.7 0.13 0.11 0.11 - 18.5 0.25 0.21 0.21 - 16.0

VOLUME WEEK (000s) CLOSE CHANGE

FNV TECK.A AEM PDL TECK.B THO MAG SSRM FM LIF NTR PAAS SU SEA EFR LGO USA NEXA PGLC DGC

2702 88.66 4 29.20 3272 47.38 61 12.55 7117 28.87 13807 4.35 1087 9.79 1161 14.62 14735 12.57 1500 30.94 5620 70.69 2842 17.07 18212 43.68 376 16.01 1700 4.24 10450 3.99 374 2.00 7 16.65 88 1.33 3469 10.25

+ 2.97 + 2.19 + 2.13 + 1.70 + 1.35 + 1.28 + 0.84 + 0.83 + 0.60 + 0.59 - 3.39 - 2.18 - 0.73 - 0.57 - 0.56 - 0.50 - 0.49 - 0.42 - 0.39 - 0.37

TSX VENTURE EXCHANGE / NOVEMBER 12–16 The S&P/TSX Venture Composite Index fell 4.13% to finish the trading week at 624.50. White Gold posted the largest value gain with a 27¢ jump to $1.44 on the back of drill results from its JP Ross property in Canada’s Yukon. The junior released results from three rotary air-blast (RAB) holes and 11 reversecirculation holes drilled at the property’s Vertigo target. The most significant hole, 18-6, cut 103.90 grams gold per tonne over 1.5 metres from surface, within a broader intercept of 31.4 grams gold over 6.1 metres. Other highlights included 18-3, which cut 1.5 metres of 30.70 grams gold from 19.8 metres downhole, and 18-9, which returned 14.23 grams gold over 6.1 metres from surface. Shares of Xiana Mining were up 18¢ to 61¢. The junior announced that it had acquired Minera Altos de Punitaqui from Glencore. Xiana Mining acquired all of the outstanding shares of Minera Altos de Punitaqui for US$25 million payable to subsidiaries of Glencore, and a 1.5% net smelter return royalty. Minera Altos de Punitaqui is a producing copper-gold company in Chile with three operating mines, a concentrator and associated infrastructure, and more exploration licences. Xiana also said it had completed a previously announced financing for gross

proceeds of $11 million. Great Bear Resources’ shares were down 59¢ to $2.49. The company announced on Nov. 13 that it had closed a bought-deal financing through an underwriting agreement with Cormark Securities. Upon closing, the company issued 1 million flow-through common shares at $3.50 per share for $3.5 million in gross proceeds. Great Bear paid Cormark a 6% cash commission of the gross proceeds. The company also reported that it has granted an aggregate of 30,000 stock options to company employees, exercisable at $2.44 per share for five years. Proceeds of the $3.5-million financing will help fund exploration at its projects in Red Lake, Ontario. It is engaged in a 30,000-metre drill program at its wholly owned Dixie property and is earning a TSX-V MOST ACTIVE ISSUES

Sokoman Iron Nrthn Shield Serengeti Res Sun Metals Aldershot Res OK2 Minerals Gratomic District Cop Gowest Gold Miranda Gold

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

SIC 27537 NRN 21692 SIR 17502 SUNM 11496 ALZ 9536 OK 6440 GRAT 5976 DCOP 5648 GWA 5309 MAD 4492

0.32 0.09 0.48 0.40 0.12 0.02 0.15 0.07 0.06 0.02

0.14 0.03 0.20 0.26 0.09 0.02 0.12 0.03 0.03 0.01

0.23 + 0.05 0.07 + 0.03 0.25 - 0.18 0.29 + 0.01 0.09 - 0.02 0.02 unch 0.00 0.14 + 0.01 0.06 + 0.02 0.05 + 0.01 0.02 unch 0.00

100% interest in its West Madsen properties, which are contiguous to Pure Gold Mining’s Madsen property. Cobalt 27 Capital reported that it had received a US$6.8-million settlement from an insurance claim related to the loss through theft of 76 tonnes of its premium-grade cobalt from Vollers Holland BV Rotterdam warehousing facility. The stolen cobalt represented

2.6% of the company’s physical cobalt holdings at the time, which today stand at 2,905.7 tonnes. Cobalt 27 plans to use the settlement proceeds to buy back up to 8.4 million of its common shares, which it says trade at a discount to the company’s net asset value. The company’s shares finished the week at $5.50, down 82¢. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Nrthn Shield Worldwide Res Equitorial Ex Starr Peak Exp Xiana Mng Plata Latina True Grit Res District Cop Explor Res Golden Dawn Ml Noble Metal Gr Pure Nickel Stroud Res Luckystrike Serengeti Res Kore Mining Tembo Gold Altus Strat Atlantic Ind BE Res

NRN WR.H EXX STE XIA PLA TGI.H DCOP EXS GOM NMG NIC SDR LUKY SIR KORE TEM ALTS ANL.H BER.H

21692 51 902 13 418 43 810 5648 279 316 143 1924 753 713 17502 518 9 257 684 23

0.09 0.07 0.04 0.14 0.61 0.04 0.04 0.07 0.02 0.06 0.01 0.02 0.01 0.30 0.48 0.23 0.03 0.07 0.02 0.03

0.03 0.04 0.03 0.09 0.50 0.03 0.03 0.03 0.02 0.04 0.01 0.01 0.01 0.16 0.20 0.00 0.02 0.04 0.01 0.02

0.07 0.07 0.04 0.14 0.61 0.04 0.04 0.06 0.02 0.06 0.01 0.01 0.01 0.18 0.25 0.14 0.02 0.04 0.01 0.02

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 62.5 + 62.5 + 60.0 + 55.6 + 41.9 + 40.0 + 40.0 + 37.5 + 33.3 + 33.3 - 50.0 - 50.0 - 50.0 - 43.8 - 41.9 - 40.4 - 40.0 - 38.5 - 33.3 - 33.3

VOLUME WEEK (000s) CLOSE CHANGE

White Gold Novo Res Xiana Mng Fireweed Zinc Algold Res Minaurum Gold Rock Tech Lith Aurania Res Orsu Metals Canada Cobalt Cobalt 27 Cap Great Bear Res BonTerra Res Hut 8 Mining Gold Reserve First Vanadium GT Gold Comet Inds Westhaven Vent Cantex Mn Dev

WGO NVO XIA FWZ ALG MGG RCK ARU OSU CCW KBLT GBR BTR HUT GRZ FVAN GTT CMU WHN CD

801 950 418 358 155 572 108 114 40 1244 651 806 267 105 169 661 3819 7 4366 501

1.44 2.28 0.61 0.98 0.84 0.53 1.00 2.40 0.24 0.67 5.50 2.49 3.10 2.52 3.00 1.15 1.66 3.05 1.10 0.52

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

0.27 0.18 0.18 0.12 0.07 0.05 0.05 0.05 0.05 0.05 0.82 0.59 0.40 0.34 0.26 0.24 0.21 0.20 0.20 0.20

U.S. MARKETS / NOVEMBER 12–16 Gold rose 0.9% to close the trading week at US$1,221.10. The Philadelphia Gold and Silver Index rose 2.9% to 66.08, while the Dow Jones Industrial Average fell 2.2% to 25,413.22. The S&P 500 Index fell 1.6% to 2,736.27. Shares of Sibanye-Stillwater rose 12.2% to US$2.67, after the company signed a threeyear wage agreement with three unions. The company failed, however, to reach an agreement with the Association of Mineworkers and Construction Union. The company claims that national leadership in the union intervened during negotiations and “persisted with its original, unaffordable demands.” The union represents 43% of the more than 32,000 people employed at the company’s South African operations. Shares of Gold Fields rose 5.7% to US$2.96, despite labour issues at the company’s South Deep underground gold mine in South Africa. Around 150 people at South Deep went on strike with the National Union of Mineworkers on Nov. 2, 2018, or 3% of the workforce. The striking workers have been trying to prevent service teams from entering the mine, and some of their efforts have turned violent. Soon after the strike began, members of the

18_NOV26_MarketNews.indd 18

union set fire to offices at the mine’s adult education and training centre, and attacked the cars of three employees trying to go to work, as well as a protection-services vehicle. The union is protesting the company’s plans to fire 1,500 of South Deep’s 3,500 employees. The company says cutting jobs could help stabilize the mine, which it says is losing more than $9 million a month. The company has lost more than $15 million in South Deep revenue since the strike began. Shares of Cloud Peak Energy fell 14.9% to US$1.26 after the company announced it would “review strategic alternatives,” includU.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Vale* VALE 97013 15.04 14.21 14.97 + 0.37 Freeport McMoR* FCX 87556 12.18 11.06 11.96 + 0.61 Kinross Gold* KGC 78783 2.60 2.38 2.56 - 0.03 Tahoe Res* TAHO 68002 3.45 2.18 3.29 + 0.98 Barrick Gold* ABX 67893 13.31 12.28 13.04 + 0.13 Yamana Gold* AUY 57644 2.21 2.00 2.18 - 0.01 Goldcorp* GG 39704 9.59 8.83 9.44 + 0.25 Cleveland-Clif* CLF 39698 10.59 9.64 10.30 + 0.47 Chevron Corp* CVX 38027 121.37 112.72 119.06 - 0.45 Hecla Mining* HL 37040 2.70 2.19 2.58 + 0.15

ing selling the company. The company’s stock has fallen from a peak of US$5.70 in January 2018. The company has struggled since 2015, when its share price fell below US$10 after Rio Tinto Energy America spun it out in 2009. The company lost US$24.9 million in the

first three quarters of 2018, compared to a US$24.5-million net loss for the first three quarters of 2017. Ending its post-retirement medical plan brought a non-cash gain of US$19.5 million, which raised its 2018 thirdquarter net income to US$12.7 million. TNM

U.S. GREATEST PERCENTAGE CHANGE

Tahoe Res* TAHO Sibanye-Stillw* SBGL Mechel* MTL Turquoise HIl* TRQ Buenaventura* BVN Hecla Mining* HL Gold Fields* GFI Freeport McMoR* FCX Teck Res* TECK Agnico Eagle* AEM Cloud Peak En* CLD Intrepid Pots* IPI CONSOL Energy* CNX Trecora Res* TREC CONSOL Energy* CEIX Lithium Amer* LAC Coeur Mng* CDE Nutrien* NTR McEwen Mng* MUX Seabridge Gld* SA

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

68002 3.45 13979 2.71 396 2.98 18416 2.00 7921 14.95 37040 2.70 13589 2.98 87556 12.18 15172 22.38 6956 36.32 4820 1.50 3345 4.31 15166 15.79 282 9.32 1748 41.98 533 4.30 15949 4.66 6376 56.16 13428 1.89 2974 12.58

2.18 2.25 2.62 1.74 13.46 2.19 2.70 11.06 20.40 33.41 1.12 3.68 14.34 8.18 37.26 3.86 4.09 52.04 1.68 11.57

3.29 2.67 2.94 1.94 14.83 2.58 2.96 11.96 21.93 36.02 1.26 3.81 14.40 8.39 38.21 4.07 4.46 53.75 1.81 12.14

+ 42.4 + 12.2 + 10.9 + 7.8 + 7.0 + 6.2 + 5.7 + 5.4 + 5.3 + 5.2 - 14.9 - 11.0 - 7.5 - 7.3 - 6.9 - 5.1 - 4.3 - 4.3 - 3.7 - 3.4

U.S. GREATEST VALUE CHANGE

MartinMarietta* MLM Franco-Nevada* FNV Arch Coal* ARCH Agnico Eagle* AEM Alcoa* AA Newmont Mng* NEM Teck Res* TECK TAHO Tahoe Res* Buenaventura* BVN Freeport McMoR* FCX CONSOL Energy* CEIX Nutrien* NTR CONSOL Energy* CNX NACCO Ind* NC Trecora Res* TREC Intrepid Pots* IPI Chevron Corp* CVX Suncor Energy* SU Seabridge Gld* SA Nexa Resources* NEXA

VOLUME WEEK (000s) CLOSE CHANGE

4253 188.97 2757 67.30 1163 96.19 6956 36.02 14941 35.95 28857 33.32 15172 21.93 68002 3.29 7921 14.83 87556 11.96 1748 38.21 6376 53.75 15166 14.40 29 34.55 282 8.39 3345 3.81 38027 119.06 24175 33.20 2974 12.14 223 12.64

+ 4.68 + 2.41 + 1.91 + 1.78 + 1.59 + 1.30 + 1.10 + 0.98 + 0.97 + 0.61 - 2.81 - 2.40 - 1.16 - 0.73 - 0.66 - 0.47 - 0.45 - 0.44 - 0.43 - 0.28

2018-11-20 9:26 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / NOVEMBER 26–DECEMBER 9, 2018

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 Tuesday, November 20, 2018 Precious Metals Price (US$/oz.) Change Gold $1223.55 +16.50 Silver $14.36 +0.20 Platinum $844.00 -7.00 Palladium $1182.00 +72.00 Base Metals Nickel Copper Lead Zinc

TSX WARRANTS

PRODUCER AND DEALER PRICES

SPOT PRICES COURTESY OF SCOTIABANK

Price (US$/tonne) Change $11080.00 -85.00 $6171.00 -75.00 $1959.00 -41.00 $2541.00 -49.00

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, Novembet 16, 2018 (change from November 9, 2018 in brackets): Aluminium Alloy 12660 (-280) Aluminium 1066350 (+10800) Copper 161025 (-10025) Lead 110575 (-1000) Nickel 215442 (-1392) Tin 3085 (+165) Zinc 124450 (-8575)

Thermal Coal CAPP: US$40.00 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$78.95 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$12.00 Cobalt: US$25.06/lb. Copper: US$2.84/lb. Copper: CME Group Futures Dec. 2018: US$2.76/lb.; Jan. 2019: US$2.76/lb Iridium: NY Dealer Mid-mkt US$1,480.00/tr oz. Iron Ore 62% Fe CFR China-S: n.a. Lead: US$0.91/lb. Lithium carbonate min 99.5% Li2CO3 battery grade, spot prices CIF China, Japan & Korea : US$13.00-15.15/kg Lithium hydroxide monohydrate min 56.5% LiOH.H2O battery grade, spot prices cif China, Japan & Korea : US$15-18/ kg Magnesium: n.a. Manganese Ore Index 37% Mn, cif Tianjin China: US$6.82 per dmtu of metal contained. Molybdenum Oxide: US$11.79/lb. Phosphate Rock: US$86.00/tonne Potash: US$226.00/tonne Rhodium: Mid-mkt US$2,550.00 tr. oz. Ruthenium: Mid-mkt US$270.00/tr. oz. Silver: Handy & Harman Base: US$14.40 per oz.; Handy & Harman Fabricated: US$18.00 per oz. Spodumene min 7-7.5% Li20, CIF China, US$900-1000 per tonne. Tantalite Ore : US$186.50/kg Tin: US$8.83/lb. Uranium: U3O8, Trade Tech spot price: US$29.10 per lb U308 Zinc: US$1.22/lb. Prices current Nov. 20, 2018

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

Index Nov 16 Nov 15 Nov 14 Nov 13 Nov 12 High Low S&P/TSX Composite 15155.50 15144.88 15133.12 15131.78 15156.40 15527.30 12400.15 S&P/TSXV Composite 624.50 624.34 619.21 626.42 638.27 1050.26 883.52 S&P/TSX 60 907.57 907.59 906.98 906.54 906.47 896.74 709.99 S&P/TSX Global Gold 165.66 163.45 161.26 156.97 158.71 218.90 149.29 DJ Precious Metals 137.63 137.63 135.48 132.09 133.62 420.72 130.95

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Nov 1, 2018 (with changes from Oct 16, 2018) Largest short positions Sandstorm Gold SSL 15297057 1084089 10/16/2018 Ivanhoe Mines IVN 14145733 -169012 10/16/2018 Osisko Mng Inc OSK 10670966 16468 10/16/2018 Eldorado Gold ELD 9669813 1763629 10/16/2018 Nemaska Lith NMX 9364868 819388 10/16/2018 OceanaGold OGC 8786221 4215498 10/16/2018 Barrick Gold ABX 8330278 -351874 10/16/2018 Kinross Gold K 7676788 110565 10/16/2018 New Gold NGD 7648436 37253 10/16/2018 Turquoise HIl TRQ 7588012 2010817 10/16/2018 First Quantum FM 7398237 1802212 10/16/2018 Suncor Energy SU 7006313 467646 10/16/2018 Nexgen Energy NXE 6905278 -539208 10/16/2018 First Majestic FR 6489159 -137353 10/16/2018 Goldcorp G 6486639 463031 10/16/2018 Largest increase in short position OceanaGold OGC 8786221 4215498 10/16/2018 Turquoise HIl TRQ 7588012 2010817 10/16/2018 First Quantum FM 7398237 1802212 10/16/2018 Eldorado Gold ELD 9669813 1763629 10/16/2018 Sandstorm Gold SSL 15297057 1084089 10/16/2018 Largest decrease in short position Alacer Gold ASR 4544664 -4196231 10/16/2018 HudBay Mnls HBM 2007772 -1511206 10/16/2018 Nevsun Res NSU 2120058 -1250984 10/16/2018 B2Gold BTO 2537846 -994981 10/16/2018 Semafo SMF 4226816 -855445 10/16/2018

Short positions outstanding as of Nov 1, 2018 (with changes from Oct 16, 2018) Largest short positions Prize Mng PRZ 2391944 1823962 10/16/2018 Gowest Gold GWA 955071 929416 10/16/2018 Berkwood Res BKR 837765 814665 10/16/2018 Leeta Gold HIVE 816874 -181211 10/16/2018 First Cobalt FCC 730715 -1617465 10/16/2018 Amarillo Gold AGC 729000 -379 10/16/2018 Cobalt 27 Cap KBLT 722300 9744 10/16/2018 Atlantic Gold AGB 539000 -129128 10/16/2018 Aldershot Res ALZ 530302 -711965 10/16/2018 Aldershot Res ALZ 480063 -762204 10/16/2018 Saturn Mnrls SOIL 473167 339046 10/16/2018 Equinox Gold EQX 335900 203995 10/16/2018 Falco Res FPC 290858 264158 10/16/2018 Jaxon Mining JAX 287349 285349 10/16/2018 Goldstrike Res GSR 271231 266731 10/16/2018 Largest increase in short position PRZ 2391944 1823962 10/16/2018 Prize Mng Gowest Gold GWA 955071 929416 10/16/2018 Berkwood Res BKR 837765 814665 10/16/2018 Saturn Mnrls SOIL 473167 339046 10/16/2018 Jaxon Mining JAX 287349 285349 10/16/2018 Largest decrease in short position FCC 730715 -1617465 10/16/2018 First Cobalt ML Gold Corp MLG 17380 -1113226 10/16/2018 Harvest Gold HVG 2800 -1108100 10/16/2018 Aldershot Res ALZ 480063 -762204 10/16/2018 Aldershot Res ALZ 530302 -711965 10/16/2018

DAILY METAL PRICES

Alamos Gold (AGI.WT.A) - Wt buys sh @ $10.00 to Jan 7/19 Alio Gold Inc. (ALO.WT) - 10 Warrants to purchase one common share of the Issuer at $7.00 until expiry Alio Gold Inc. J (ALO.WT.A) - One Warrant to purchase one common share of the Issuer at $8.00 until expiry Ascendant Resources (ASND.WT) - Wt buys sh @ $1.25 to Mar 7/22 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 Golden Queen Mining Co (GQM.WT) Wt buys sh @ $2 to Jul 25/19 Gran Colombia Gold (GCM.WT.A) - Wt buys sh @ $3.25 to Mar 18/19 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 MBAC Fertilizer (MBC.WT) - Wt buys sh @ $1 to Apr 17/19 Nemaska Lithium Inc (NMX.WT) - Wt buys sh @ $1.5 to Jul 8/19 Northern Dynasty Minerals Ltd. J (NDM. WT.A) - Wt buys sh @ $0.55 to Jul 9/20 Northern Dynasty Minerals Ltd. J (NDM. WT.B) - Wt buys sh @ $0.55 to Jun 10/21 Northern Dynasty Minerals Ltd. J (NDM. WT.B) - Wt buys sh @ $0.55 to Jun 10/21 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. Avino Silver & Gold Mines Ltd. (ASM. WT) - Wt buys sh @ US$0.2 to Nov 28/19 Boreal Metals Corp. (BMX.WT) - One warrant to purchase one common share at $0.30 per share. Brazil Resources (BRI.WT) - Wt buys sh @ $0.75 to Dec 31/18 Cordoba Minerals Corp (CDB.WT) - One warrant to purchase one common share at $1.08 per share. Cornerstone Capital Resources (CGP. WT.S) - Wt buys sh @ $0.35 to Apr 07/19 Equinoxgold Corp (EQX.WT) - One warrant to purchase one common share at $3.00 per share. Falco Resources Ltd. (FPC.WT) - One warrant to purchase one common share at

$1.70 per share. Goldmining Inc. (GOLD.WT) - Wt buys sh @ $0.75 to Dec 31/18 Goldstar Minerals (GDM.RT) - One Right to purchase one common share at $0.03 per share. 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 Jet Metal (JET.WT) - Wt buys sh @ $0.25 to Sep 16/19 Jet Metal (JET.WT.A) - Wt buys sh @ $0.5 to Feb 28/19 Kootenay Silver Inc. (KTN.WT) - Wt buys sh @ $0.55 to Apr 21/21 LSC Lithium Corporation (LSC.RT) - One (1) right exercisable for One (1) Unit at $0.40 per Unit. Maple Gold Mines Ltd. (MGM.WT) One warrant to purchase one common share at $0.40 per share Millennial Lithium Corp. (ML.WT) - One warrant to purchase one common share at $4.25 per share.

Osisko Gold Royalties (OR.WT.A) - Wt buys sh @ $19.08 to Feb 26/19 Pilot Gold Inc. Wt (PLG.WT) - Wt buys sh @ $0.9 to May 16/19 Platinum Group Metals Ltd. (PTM.WT.U) - One Warrant to purchase one common share of the Issuer at US$0.17 until expiry Prairie Provident Resources Inc Wt (PPR. WT) - Wt buys sh @ $0.87 to Mar 16/19 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 Rainy Mountain Royalty Corp. (RMO. WT) - Wt buys sh @ $0.15 to Mar 1/18 and sh @ $0.25 from Mar 2/18 to Mar 1/19 Rainy Mountain Royalty Corp. (RMD. WT) - Wt buys sh @ $0.15 to Mar 1/18 and sh @ $0.25 from Mar 2/18 to Mar 1/19 Sandfire Resources America Inc. (SFR.RT) - Eight (8) Rights exercisable for One (1) share at $0.06 per unit. Silvercrest Metals Inc. (SIL.WT) - Wt buys sh @ $3 to Dec 06/18 Tintina Resources Inc. (TAU.RT) - Nine(9) Rights exercisable for one share at $0.06 per share. Trek Mining (TREK.WT) - Wt buy sh @ $3.00 to Oct 06/21 Vision Lithium Inc. (VLI.WT) - One warrant to purchase one common share at $0.15 per share. West Kirkland Mining (WKM.WT) - Wt buys sh @ $0.3 to Apr 17/19 Yellowhead Mining Inc. (YMI.RT) - One (1) Right and $0.12 are required to prchase one Share

NEW 52-WEEK HIGHS AND LOWS NOVEMBER 12–16, 2018 34 New Highs

Algold Res Argo Gold* Cda Carbon Cda Carbon* Cerro de Pasc Claim Post Res Fabled Copper Four Nines Goldplay Expl* Guerrero Vents* Largo Res Lorraine Coppr* Mangazeya Mng Midnight Star Monitor Vent Monitor Vent* Mountain Boy Mountain Boy* Nevsun Res North Am Pall North Am Pall* Nrthn Shield NX Uranium* Oronova Energy* Portage Res* QC Precious * SSR Mining

United Battery Unity Energy Vanstar Mng Rs Vanstar Mng Rs* Ximen Mng Xtra-Gold Res Xtra-Gold Res*

153 New Lows

ValOre Metals Abacus Mng &Ex* Alamos Gold Alamos Gold* Alexandria Min* Alexco Res Alexco Res* Almaden Mnls* Am Manganese Americas Silvr* Aquila Res* Aston Bay* ATAC Res Auryn Res* Avalon Adv Mat Avalon Adv Mat* Avrupa Mnls* Azucar Min Azucar Min*

Bear Creek Mng Black Iron* Black Tusk Res Black Tusk Res* Bullfrog Gold* Cameo Cobalt* Central Tim Ex Cloud Peak En* Coeur Mng* Colorado Res Contintl Gold Contintl Gold* Copper Mtn Mng Crest Resource Cyntar Venture Defiance Silvr Defiance Silvr* Desert Gold* Dolly Vard Sil Dolly Vard Sil* Dynacor Gld Mn Elcora Res* Eldorado Gold Eldorado Gold* Endeavour Mng Endeavr Silver Endeavr Silver* Equinox Gold

Fairmont Res* Falco Res Fiore Gold Fiore Gold* First Majestic* First Mg Fin * Fortuna Silvr Fortuna Silvr* General Moly* Generation Min* Gldn Predator Gldn Predator* GoGold Res Gold Finder Ex Golden Arrow* GoldMining GoldMining* Goliath Res* GoviEx Uranium GoviEx Uranium* Gowest Gold Graphite Egy* Great Panther Great Panther* Group Eleven IAMGOLD IAMGOLD* IMPACT Silver

Intl Lithium* InZinc Mining* Jaxon Mining Jubilee Metals* Katanga Mng Kinross Gold Kinross Gold* Klondike Gold Klondike Gold* Kootenay Silvr Leagold Mg Leeta Gold Levon Res Ltd Levon Res Ltd * Liberty One Li* Lions Bay Cap Lithium Chile Lumina Gold Lumina Gold* Lydian Intl Mandalay Res* Marathon Gold* McEwen Mng* Metallic Mnrls Metals Creek* Minera Alamos Moneta Porcpn* Mountain Prov*

Nickel Creek* Nicola Mg Inc Northern Light NorZinc* Novo Res Novo Res* Nrthn Graphite Nrthn Vertex NuLegacy Gold* Orca Gold Orezone Gold* Osisko Gold* Pan Am Silver* Para Resources PUF Vent Inc * Pure Energy* Regulus Res Riverside Res* Rockhaven Res Royal Gold* Running Fox Rs* Sandspring Res Sandstorm Gold* Satori Res* Silvercorp Met* Slave Lake Zn Solitario Ex&R* Spanish Mtn Gd

Spanish Mtn Gd* Spearmint Res Spey Resources Strategic Metl* Strikepoint Gd Superior Gold Tahoe Res* Teuton Res Trecora Res* Trevali Mng* U.S. Gold* U.S. Lithium* Vedanta* Vendetta Mng* Vista Gold* Voyageur Min* Western Copper* Wheaton Prec M* Wolfden Res WPC Res Yamana Gold* Zinc One Res

CANADIAN GOLD MUTUAL FUNDS

Daily Metal Prices Date Nov 19 Nov 16 Nov 15 Nov 14 Nov 13 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1350/1390 1370/1390 1375/1400 1370/1400 1370/1400 Aluminum 1917.50/1940.50 1913.50/1930.50 1916/1940 1930/1943.50 1924.50/1937.50 Copper 6259/6240 6180.50/6165 6187/6170 6105/6085 6127/6105 Lead 2004/2015 1958/1971 1941/1964 1917.50/1947 1907.50/1927 Nickel 11190/11230 11275/11360 11335/11440 11220/11275 11360/11445 Tin 19450/19515 19425/19355 19425/19375 19340/19295 19295/19250 Zinc 2690/2611.50 2640/2567 2654/2583.50 2541/2479 2586/2519 PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1223.55 1215.80 1210.60 1201.45 1197.55 Gold PM 1221.60 1222.40 1211.85 1203.25 1202.10 Silver 14.36 14.29 14.13 13.97 14.02 Platinum 844.00 842.00 833.00 835.00 843.00 Palladium 1172.00 1178.00 1130.00 1123.00 1112.00

Fund Nov 16 ($) Nov 9 ($) AGF Prec Mtls Fd MF 16.69 16.72 BMO Prec Mtls Fd A 15.28 15.11 BMO ZGD 7.42 7.24 BMO ZJG 6.52 6.40 CIBC Prec Metal Fd A 8.14 8.04 Dyn Prec Metls Fd A 6.30 6.40 Galileo GOGO 8.66 8.71 Horizons HEP 20.35 IG Mac GbPMetCl A 7.43 7.45 iShares XGD 10.35 10.12 Mac Prec Met Cl A 38.72 38.84 NBI PrecMetFd Invt 10.10 10.04 NPT Gold&PrMinFdA 29.83 29.89 NPT SilverEquCl A 4.18 4.21 RBC GblPreMetFd A 27.52 27.67 Sentry Pre Met Fd A 30.74 31.44 TD PreciousMetalsInv 27.37 27.11 UITGoDe&ProCl A

Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) -0.03 -0.18 -20.66 2.80 84.97 0.17 1.12 -16.28 2.40 49.04 0.18 2.50 -22.77 0.61 0.12 1.84 -27.75 0.60 0.11 1.32 -21.95 2.45 35.89 -0.10 -1.56 -10.70 2.71 306.11 -0.06 -0.64 -15.24 -0.44 -2.14 -13.35 0.81 -0.02 -0.29 -17.09 2.75 27.88 0.23 2.29 -17.82 0.55 715.18 -0.12 -0.31 -17.45 2.52 51.56 0.06 0.60 -19.78 2.46 23.05 -0.06 -0.20 -18.14 3.04 -0.04 -0.89 -24.40 2.95 -0.14 -0.52 -16.71 2.13 274.09 -0.70 -2.23 -18.95 2.54 229.91 0.26 0.96 -19.92 2.27 91.88 0.00 0.00

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

Nov 16 Nov 15 Nov 14 Nov 13 Nov 12 1.3148 1.3173 1.3248 1.3225 1.3243 0.7605 0.7591 0.7548 0.7562 0.7551

Exchange rates (Quote Media, November 16, 2018) C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand C$ to AUS 1.044 0.6703 86.2110 15.3725 10.7840 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 0.5947 5.2675 54.5860 0.7644 856.7810 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.3752 0.8830 113.5660 20.2507 14.2049 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.7834 6.9390 71.9017 1.0070 1128.0000

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.$

19_NOV26_MMMM.indd 19

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

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

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

GLOBAL MINING NEWS · SINCE 1915

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

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

2018-11-20 5:40 PM

20

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: NOVEMBER 12–16, 2018 (100s) Stock

WWW.NORTHERNMINER.COM

NOVEMBER 26–DECEMBER 9, 2018 / THE NORTHERN MINER

Week

12-month

Exc Volume High Low Last Change High Low

A 37 Capital 0 60 North Gold 254 66 Resources 60 92 Resources V 171 92 Resources* O 25 Abacus Mng &Ex* O 158 Abacus Mng &Ex V 53 Abcourt Mines V 1162 Abcourt Mines* O 155 Aben Res* O 836 Aben Res V 1398 Aberdeen Intl* O 28 Aberdeen Intl T 325 O 4 Abitibi Royalt* Abitibi Royalt V 9 AbraPlata Res* O 436 V 796 AbraPlata Res Acacia Mining* O 9 Adamera Mnls V 476 Adamera Mnls* O 171 Adex Mining V 260 V 209 Advance Gold Advanced Expl* O 39 V 359 Advantage Lith Advantage Lith* O 186 Adventus Zinc V 39 Adventus Zinc* O 39 Aethon Mineral V 803 AEX Gold V 270 Affinity Gold* O 429 Affinity Metal* O 1 African Gold V 1460 African Mnrls* O 1134 O 1 Aftermath Slvr* Aftermath Slvr V 547 Agnico Eagle* N 6956 Agnico Eagle T 3272 AgriMinco* O 3 V 431 Aguia Resource Aida Minerals 193 AJN Resources 70 Alacer Gold T 3080 Alamos Gold T 3941 Alamos Gold* N 8584 Alaska Pac Egy* O 1250 O 113 Alba Minerals* Albert Mining V 1118 Albert Mining* O 0 Alcoa* N 14941 Aldebaran Res V 155 Alderon Iron* O 28 Alderon Iron T 246 Aldershot Res V 9536 Aldershot Res* O 30 Aldever Res V 287 Aldever Res* O 1 Aldridge Min V 185 Aldridge Min* O 82 O 2 Alexandra Cap* Alexandria Min* O 58 V 588 Alexandria Min Alexco Res T 646 Alexco Res* X 1706 Algold Res* O 25 Algold Res V 155 Alianza Min V 139 Alianza Min* O 22 Allegiant Gold V 374 Allegiant Gold* O 231 Alliance Mng V 1077 Alliance Res* D 1710 T 114 Almaden Mnls Almaden Mnls* X 975 Almonty Ind T 113 Almonty Ind * O 32 Alphamin Res V 92 4 Alphamin Res * O Altai Res V 820 Altair Res Inc V 696 Altamira Gold V 190 O 45 Altamira Gold* Altan Nev Mnls V 237 Altan Rio Mnls V 14 V 183 Altiplano Mnls Altius Mnrls T 194 Alto Vent V 605 Altura Mng Ltd* O 192 Alturas Mnrls V 1797 Altus Strat V 257 Alumina Inc* O 87 ALX Uranium V 790 ALX Uranium* O 106 Am Creek Res V 291 Am CuMo Mng* O 112 Am CuMo Mng V 50 Am Manganese* O 496 Am Manganese V 482 V 65 AM Resources Am Sierra Gold* O 1 Amador Gold V 2065 Amarc Res V 134 Amarc Res* O 21 Amarillo Gold V 270 O 90 Amarillo Gold* Amazing Energy* O 142 Amer Intl Vent* O 500 American Lith* O 787 American Lith V 397 American Pac* O 99 American Pac 353 Americas Silvr T 374 Americas Silvr* X 634 Amerigo Res T 575 Amerigo Res* O 657 Amex Expl V 104 Amseco Expl V 136 Anaconda Mng T 213 O 86 Anaconda Mng* Anconia Res V 5 Andes Gold* O 34 Anfield Energy* O 100 Anfield Energy V 493 Angel Gold* O 44 Angel Gold V 62 Angkor Gold V 46 O 371 Anglo American* Anglo American* O 5 Anglo Pac Grp T 0 0 AngloGold Ash* O AngloGold Ash* N 12108 Antioquia Gold V 348 Antioquia Gold* O 270 Antler Gold V 354 Antofagasta* O 32 APAC Res Inc 94 Apex Res V 33 Apogee Opport * O 92 Appia Energy* O 180 Appia Energy 34 Applied Mrnls* O 284 Aquila Res* O 1482 Aquila Res T 1178 Arch Coal* N 1163 Archon Mineral V 10 Arco Res* O 624 Arctic Star* O 2 Arctic Star V 413 Arcturus Vent V 8 Arcus Dev Grp V 47 Arena Mnls V 401 Arena Mnls* O 20 Argentina Lith* O 11 Argentina Lith V 72 Argentum Silvr* O 4 V 192 Argentum Silvr Argex Titanium T 1147 Argex Titanium* O 165 Argo Gold* O 59 Argo Gold 238 Argonaut Gold* O 198 Argonaut Gold T 1321 Arian Silver* O 207 Arianne Phosph V 85 Arianne Phosph* O 98 Arizona Silver* O 43

20-22_NOV26_StockTables.indd 20

0.00 0.00 0.21 unch 0.00 0.35 0.18 0.08 0.06 0.07 unch 0.00 0.24 0.06 0.15 0.13 0.15 + 0.02 0.27 0.10 0.04 0.04 0.04 - 0.01 0.27 0.03 0.03 0.03 0.03 - 0.01 0.20 0.02 0.12 0.08 0.08 - 0.01 0.98 0.08 0.13 0.11 0.12 unch 0.00 1.25 0.11 0.05 0.05 0.05 unch 0.00 0.08 0.05 0.04 0.03 0.04 + 0.01 0.06 0.03 0.17 0.14 0.14 - 0.00 0.38 0.08 0.22 0.19 0.19 - 0.02 0.49 0.11 0.05 0.05 0.05 - 0.00 0.16 0.05 0.07 0.07 0.07 unch 0.00 0.21 0.07 6.79 6.50 6.50 - 0.22 8.14 6.22 8.98 8.60 8.85 - 0.10 10.45 7.88 0.05 0.04 0.05 + 0.00 0.42 0.03 0.06 0.06 0.06 unch 0.00 0.52 0.05 2.10 2.02 2.10 + 0.08 2.77 1.43 0.06 0.04 0.04 - 0.02 0.20 0.04 0.04 0.03 0.04 - 0.00 0.17 0.03 0.02 0.01 0.01 unch 0.00 0.04 0.01 0.09 0.07 0.07 - 0.01 0.60 0.05 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.65 0.61 0.62 unch 0.00 1.39 0.57 0.50 0.46 0.47 - 0.02 1.14 0.43 1.00 0.92 0.98 - 0.03 1.16 0.51 0.79 0.70 0.73 - 0.04 0.90 0.69 0.23 0.14 0.17 - 0.07 0.85 0.15 0.42 0.34 0.42 unch 0.00 0.63 0.33 0.02 0.01 0.01 - 0.00 0.04 0.01 0.05 0.05 0.05 unch 0.00 0.06 0.04 0.02 0.02 0.02 unch 0.00 0.06 0.02 0.00 0.00 0.00 - 0.01 0.01 0.00 0.06 0.00 0.06 + 0.01 0.14 0.05 0.10 0.07 0.08 - 0.01 0.20 0.07 36.32 33.41 36.02 + 1.78 49.80 32.18 47.78 44.21 47.38 + 2.13 62.80 42.35 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.17 0.16 0.17 - 0.01 0.50 0.10 0.05 0.04 0.04 unch 0.00 1.07 0.04 0.14 0.10 0.10 - 0.04 0.20 0.08 2.21 2.14 2.14 - 0.07 2.97 1.97 4.90 4.41 4.80 + 0.04 8.94 4.41 3.73 3.32 3.65 + 0.06 7.04 3.32 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.09 0.07 0.07 - 0.02 0.33 0.05 0.04 0.03 0.03 - 0.01 0.10 0.02 0.00 0.00 0.01 unch 0.00 0.08 0.01 36.72 33.26 35.95 + 1.59 62.35 33.08 0.59 0.53 0.55 + 0.02 0.90 0.53 0.20 0.18 0.20 + 0.01 0.29 0.16 0.27 0.24 0.24 - 0.01 0.38 0.21 0.12 0.09 0.09 - 0.02 0.45 0.03 0.08 0.07 0.07 - 0.00 0.35 0.02 0.04 0.00 0.04 - 0.01 0.20 0.04 0.02 0.00 0.02 - 0.00 0.13 0.02 0.10 0.08 0.10 + 0.02 0.18 0.05 0.07 0.06 0.07 + 0.01 0.10 0.03 0.48 0.46 0.46 - 0.02 0.48 0.48 0.03 0.02 0.02 - 0.00 0.09 0.02 0.03 0.03 0.03 - 0.01 0.12 0.03 1.14 0.92 1.04 - 0.08 2.18 0.92 0.88 0.68 0.80 - 0.05 1.79 0.68 0.59 0.59 0.59 unch 0.00 0.59 0.38 1.00 0.66 0.84 + 0.07 1.90 0.45 0.07 0.07 0.07 unch 0.00 0.15 0.05 0.06 0.04 0.06 + 0.01 0.10 0.04 0.30 0.24 0.25 - 0.06 0.75 0.25 0.24 0.18 0.19 - 0.03 0.58 0.00 0.02 0.02 0.02 - 0.01 0.06 0.01 19.95 19.44 19.56 + 0.01 21.90 15.55 0.68 0.63 0.67 unch 0.00 1.35 0.63 0.52 0.48 0.52 + 0.00 1.05 0.48 0.83 0.78 0.79 - 0.04 0.98 0.35 0.62 0.59 0.59 - 0.05 0.73 0.29 0.28 0.25 0.27 + 0.04 0.42 0.22 0.20 0.20 0.20 unch 0.00 0.27 0.17 0.13 0.11 0.12 - 0.02 0.47 0.07 0.08 0.06 0.06 - 0.02 0.50 0.06 0.10 0.09 0.10 - 0.01 0.35 0.09 0.07 0.07 0.07 - 0.01 0.29 0.07 0.02 0.02 0.02 unch 0.00 0.05 0.01 0.02 0.02 0.02 unch 0.00 0.02 0.01 0.18 0.15 0.15 - 0.03 0.64 0.14 13.41 12.91 13.09 - 0.13 0.03 0.03 0.03 - 0.01 0.13 0.03 0.18 0.15 0.17 - 0.01 0.40 0.13 0.01 0.01 0.01 unch 0.00 0.06 0.01 0.07 0.04 0.04 - 0.03 0.15 0.05 7.14 6.80 6.98 - 0.18 8.97 6.56 0.09 0.08 0.09 + 0.01 0.11 0.06 0.07 0.00 0.07 + 0.01 0.08 0.04 0.03 0.03 0.03 unch 0.00 0.07 0.03 0.07 0.03 0.04 + 0.00 0.10 0.02 0.06 0.06 0.06 unch 0.00 0.13 0.05 0.12 0.10 0.11 unch 0.00 0.28 0.10 0.15 0.13 0.15 unch 0.00 0.35 0.14 0.18 0.17 0.17 unch 0.00 0.31 0.12 0.01 0.00 0.01 unch 0.00 0.04 0.01 0.83 0.68 0.81 + 0.01 1.10 0.19 0.07 0.06 0.06 - 0.02 0.18 0.06 0.06 0.04 0.04 - 0.02 0.14 0.04 0.25 0.24 0.24 - 0.02 0.42 0.19 0.20 0.17 0.19 - 0.01 0.32 0.15 0.22 0.16 0.19 - 0.04 0.94 0.16 0.01 0.01 0.01 - 0.00 0.05 0.00 0.48 0.44 0.46 - 0.02 0.69 0.18 0.61 0.58 0.60 - 0.03 0.74 0.21 0.07 0.05 0.06 - 0.02 0.32 0.05 0.11 0.07 0.10 unch 0.00 0.41 0.07 2.46 1.95 2.00 - 0.49 5.74 2.00 1.89 1.48 1.52 - 0.37 4.65 1.51 0.98 0.88 0.95 + 0.04 1.35 0.67 0.74 0.66 0.71 + 0.02 1.09 0.51 0.11 0.08 0.08 + 0.01 0.22 0.06 0.09 0.08 0.08 unch 0.00 0.29 0.01 0.22 0.20 0.21 + 0.01 0.56 0.18 0.17 0.14 0.17 + 0.02 0.48 0.14 0.01 0.01 0.01 unch 0.00 0.04 0.01 0.01 0.01 0.01 + 0.00 0.01 0.00 0.25 0.21 0.22 - 0.04 0.45 0.15 0.33 0.27 0.28 - 0.04 0.59 0.19 0.04 0.03 0.03 - 0.00 0.08 0.01 0.05 0.00 0.05 unch 0.00 0.12 0.02 0.16 0.14 0.16 - 0.01 0.23 0.14 10.98 10.50 10.98 + 0.06 13.13 9.00 22.23 21.78 21.78 - 0.45 26.05 18.01 2.45 0.00 2.45 + 0.33 4.75 1.31 0.00 0.00 10.64 unch 0.00 10.64 7.38 9.92 9.17 9.78 + 0.20 12.00 7.08 0.03 0.03 0.03 unch 0.00 0.10 0.02 0.02 0.02 0.02 unch 0.00 0.05 0.02 0.12 0.11 0.11 - 0.01 0.27 0.11 10.10 9.90 10.10 - 0.63 15.70 9.27 0.21 0.18 0.20 + 0.02 0.50 0.18 0.07 0.00 0.07 + 0.01 0.15 0.06 0.32 0.25 0.26 - 0.03 0.50 0.00 0.18 0.18 0.18 - 0.01 0.26 0.08 0.25 0.23 0.23 - 0.02 0.32 0.11 0.10 0.06 0.07 + 0.01 0.25 0.04 0.12 0.10 0.11 unch 0.00 0.30 0.10 0.17 0.13 0.16 + 0.02 0.39 0.13 96.56 91.80 96.19 + 1.91 102.61 75.09 0.68 0.68 0.68 unch 0.00 1.31 0.62 0.65 0.50 0.64 + 0.00 1.39 0.38 0.06 0.05 0.05 + 0.01 0.20 0.05 0.08 0.07 0.07 - 0.01 0.26 0.07 0.09 0.09 0.09 unch 0.00 0.20 0.09 0.04 0.03 0.03 unch 0.00 0.07 0.03 0.09 0.07 0.09 + 0.01 0.11 0.06 0.06 0.05 0.05 - 0.02 0.08 0.04 0.11 0.11 0.11 - 0.00 0.38 0.03 0.15 0.13 0.15 + 0.01 1.88 0.12 0.17 0.17 0.17 unch 0.00 0.24 0.11 0.16 0.15 0.15 unch 0.00 0.33 0.14 0.04 0.03 0.03 - 0.01 0.07 0.03 0.03 0.02 0.03 + 0.01 0.05 0.01 0.16 0.12 0.16 + 0.03 0.16 0.08 0.20 0.17 0.19 + 0.01 0.21 0.07 1.08 0.96 1.07 + 0.06 2.33 0.94 1.43 1.27 1.40 + 0.06 2.87 1.24 0.01 0.00 0.01 - 0.00 0.01 0.00 0.50 0.43 0.46 - 0.04 0.72 0.39 0.37 0.32 0.34 - 0.04 0.58 0.30 0.07 0.05 0.06 - 0.01 0.18 0.05

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Arizona Silver V 51 Armor Mnrls V 5 Asanko Gold T 1213 Asanko Gold* X 1623 Asante Gold 60 Ascot Res * O 12 Ascot Res V 292 Ashanti Gold V 571 Ashanti Sanko V 433 AsiaBaseMetals V 18 Asiamet Res* O 342 77 Asian Minl Res V Aston Bay V 915 Aston Bay* O 90 Astorius Res V 207 Astur Gold V 7 ATAC Res V 395 Atacama Res* O 7849 Athabasca Mnls* O 4 Athabasca Mnls V 200 O 50 Athena Silver* Atico Mng* O 197 Atico Mng V 421 Atlanta Gold* O 0 Atlanta Gold V 232 Atlantic Gold V 1848 Atlantic Ind V 684 Atlatsa Res* O 52 Atlatsa Res T 66 Atom Energy * O 1 Aton Res Inc* O 230 Aton Res Inc V 1304 Aura Mnls* O 77 Aura Mnls T 105 Aura Silver Rs V 348 Auramex Res V 698 Aurania Res* O 13 Aurania Res V 114 Aurcana Corp* O 77 AurCrest Gold V 38 Aurion Res V 576 Aurion Res * O 116 Aurora Royal V 104 AURYN Mining* O 1 Auryn Res* X 419 Auryn Res T 326 Austin Res V 124 Austral Gold* O 1 Austral Gold V 38 Australian Mns* O 70 Auxico Res 126 Avalon Adv Mat T 1658 Avalon Adv Mat* O 495 Avarone Metals 58 Avesoro Res T 7 Avidian Gold V 112 Avino Silver* X 734 Avino Silver T 95 Avrupa Mnls V 385 Avrupa Mnls* O 135 Awale Res V 15 Axmin Inc* O 50 Axmin Inc V 296 Azarga Metals V 14 Azarga Metals* O 1 O 480 Azarga Uranium* Azarga Uranium T 947 Aziel Corp* O 0 Azimut Expl V 82 Azincourt Ener* O 127 V 795 Azincourt Ener Aztec Minerals V 44 O 146 Aztec Minerals* Azteca Gold* O 10 Azucar Min V 216 Azucar Min* O 301

0.08 0.08 0.08 - 0.01 0.25 0.07 0.42 0.41 0.41 - 0.02 0.73 0.30 0.97 0.83 0.83 - 0.14 1.79 0.55 0.75 0.63 0.66 - 0.07 1.38 0.43 0.05 0.04 0.04 - 0.01 0.08 0.03 0.68 0.64 0.68 + 0.02 1.33 0.59 0.95 0.83 0.89 + 0.03 1.70 0.76 0.08 0.06 0.06 - 0.02 0.26 0.06 0.03 0.03 0.03 unch 0.00 0.10 0.02 0.30 0.30 0.30 unch 0.00 0.40 0.14 0.08 0.08 0.08 unch 0.00 0.19 0.07 0.50 0.35 0.35 - 0.15 7.00 0.35 0.07 0.06 0.06 - 0.02 0.29 0.05 0.06 0.04 0.05 - 0.01 0.20 0.04 0.04 0.03 0.04 unch 0.00 0.18 0.03 0.25 0.21 0.25 + 0.04 0.31 0.19 0.40 0.35 0.36 - 0.05 0.65 0.35 0.00 0.00 0.00 - 0.00 0.01 0.00 0.19 0.00 0.15 - 0.04 0.27 0.09 0.24 0.19 0.24 + 0.02 0.35 0.12 0.03 0.03 0.03 unch 0.00 0.33 0.03 0.24 0.21 0.23 + 0.00 0.65 0.21 0.32 0.28 0.31 unch 0.00 0.80 0.28 0.00 0.00 0.02 unch 0.00 0.05 0.02 0.04 0.04 0.04 unch 0.00 0.07 0.04 1.60 1.46 1.56 - 0.03 1.99 1.36 0.02 0.01 0.01 - 0.01 0.09 0.01 0.04 0.03 0.03 - 0.01 0.04 0.01 0.05 0.05 0.05 unch 0.00 0.06 0.02 0.16 0.16 0.16 unch 0.00 0.34 0.00 0.05 0.04 0.04 - 0.00 0.08 0.02 0.07 0.06 0.06 - 0.01 0.11 0.02 1.49 1.40 1.49 unch 0.00 2.38 1.22 1.92 1.90 1.90 unch 0.00 3.00 1.46 0.02 0.01 0.02 unch 0.00 0.05 0.01 0.05 0.04 0.04 - 0.02 0.10 0.03 1.88 1.65 1.84 + 0.09 6.06 1.03 2.50 2.15 2.40 + 0.05 7.57 1.51 0.16 0.11 0.16 + 0.04 0.22 0.00 0.04 0.03 0.03 unch 0.00 0.04 0.02 1.24 0.94 1.07 - 0.18 2.50 0.67 0.94 0.70 0.82 - 0.15 1.93 0.52 0.09 0.00 0.09 unch 0.00 0.24 0.03 1.15 0.00 1.15 unch 0.00 5.00 0.16 1.16 0.96 0.99 - 0.08 2.00 0.96 1.53 1.28 1.30 - 0.12 2.17 1.26 0.02 0.01 0.02 unch 0.00 0.04 0.01 0.02 0.02 0.02 - 0.02 0.12 0.02 0.07 0.00 0.07 - 0.01 0.17 0.06 0.05 0.03 0.05 unch 0.00 0.33 0.02 0.22 0.20 0.22 unch 0.00 0.43 0.14 0.07 0.05 0.06 - 0.01 0.16 0.05 0.06 0.04 0.04 - 0.01 0.13 0.04 0.04 0.04 0.04 unch 0.00 0.14 0.04 2.86 0.00 2.61 - 0.21 5.99 2.50 0.42 0.37 0.39 - 0.04 0.70 0.20 0.64 0.57 0.58 - 0.04 1.61 0.55 0.86 0.75 0.77 - 0.05 1.99 0.70 0.06 0.00 0.05 - 0.01 0.13 0.04 0.04 0.03 0.03 - 0.01 0.10 0.03 0.09 0.09 0.09 unch 0.00 0.48 0.08 0.21 0.19 0.21 + 0.00 0.23 0.02 0.28 0.24 0.28 unch 0.00 0.30 0.03 0.13 0.00 0.13 + 0.01 0.16 0.10 0.09 0.00 0.09 + 0.00 0.16 0.05 0.21 0.18 0.20 - 0.00 0.24 0.14 0.27 0.25 0.26 - 0.01 0.34 0.18 0.00 0.00 0.75 unch 0.00 9.10 0.60 0.25 0.22 0.23 - 0.02 0.48 0.22 0.07 0.05 0.05 - 0.01 0.23 0.04 0.09 0.07 0.07 - 0.01 0.37 0.06 0.18 0.00 0.16 + 0.01 0.38 0.14 0.14 0.11 0.11 + 0.00 0.30 0.10 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.45 0.37 0.38 - 0.06 1.75 0.37 0.34 0.28 0.29 - 0.04 1.44 0.28

B2Gold T 10370 B2Gold* X 16617 O 219 Balmoral Res* Balmoral Res T 706 Balto Res V 94 Bankers Cobalt V 696 Bankers Cobalt* O 20 O 344 Bannerman Res* Banyan Gold V 1178 Banyan Gold* O 476 Bard Ventures* O 2 Bard Ventures V 526 Barker Mnrls V 297 Barkerville Go V 557 Barkerville Go* O 73 Barolo Vent V 1 Barolo Vent* O 0 Baroyeca Go&Si V 208 Barrick Gold* N 67893 Barrick Gold T 13773 Barsele Min* O 18 Barsele Min V 15 Batero Gold V 43 O 138 Bayhorse Silvr* Bayhorse Silvr V 455 BC Moly V 19 BCM Res V 42 BE Res V 23 Bear Creek Mng V 133 Bearclaw Cap V 10 Bearing Lith V 42 Bearing Lith* O 30 Beeston Ent* O 200 Bell Copper* O 144 Belmont Res V 206 Belo Sun Mng T 1056 Belvedere Res V 35 Belvedere Res* O 2 BeMetals V 409 Benchmark Met V 1723 Benchmark Met* O 88 Benton Res V 255 Berkeley Egy* O 19 Berkwood Res * O 97 Berkwood Res V 832 Bird River Res 1769 Bitterroot Res* O 0 Bitterroot Res V 406 Black Dragon V 8 Black Hills* N 2678 Black Iron T 292 Black Iron* O 11 Black Isle Res V 133 Black Mam Mtls V 8 4 Black Sea Cop* O Black Sea Cop V 54 Black Tusk Res 235 Black Tusk Res* O 2 Blackheath Res V 390 Blackrock Gold V 1874 Blackrock Gold* O 68 Blind Crk Res V 129 BLOX Inc* O 66 Blue Moon Zinc* O 25 Blue Moon Zinc V 349 696 Blue Rvr Res V Blue Sky Uran* O 269 Blue Sky Uran V 996 Bluenose Gold V 80 Bluestone Res* O 27 Bluestone Res V 37 Bold Vent V 1808 Bonanza Gldfds* O 2996 BonTerra Res V 267 BonTerra Res* O 649 Boreal Metals V 104 Borneo Res Inv* O 5000 Bravada Gold V 243 Bravada Gold* O 513 Braveheart Res V 269 Bravo Multinat* O 100 Brazil Mnrls* O 11272 Brigadier Gold V 1121 BrightRock Gld* O 311 Brilliant Sand* O 102 Britannia Mng* O 190 Brixton Mtls V 388 Brixton Mtls* O 18 Broadway Gold* O 45

3.45 3.21 3.43 + 0.02 4.06 2.77 2.62 2.42 2.59 + 0.04 3.30 2.10 0.14 0.11 0.13 - 0.02 0.47 0.10 0.18 0.15 0.17 - 0.01 0.57 0.14 0.12 0.11 0.12 unch 0.00 0.38 0.05 0.05 0.05 0.05 - 0.01 0.85 0.04 0.04 0.03 0.03 - 0.01 0.68 0.03 0.03 0.03 0.03 - 0.00 0.06 0.03 0.04 0.00 0.04 unch 0.00 0.13 0.04 0.03 0.00 0.03 + 0.01 0.10 0.02 0.21 0.21 0.21 unch 0.00 0.21 0.02 0.26 0.19 0.19 - 0.09 0.33 0.03 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.40 0.37 0.38 - 0.01 0.78 0.35 0.30 0.28 0.28 - 0.01 0.62 0.26 0.26 0.00 0.26 + 0.01 0.30 0.09 0.00 0.00 0.01 unch 0.00 0.01 0.00 0.02 0.01 0.01 unch 0.00 0.04 0.01 13.31 12.28 13.04 + 0.13 15.52 9.53 17.48 16.25 17.15 + 0.06 19.49 12.54 0.47 0.42 0.42 - 0.04 0.68 0.42 0.59 0.55 0.55 - 0.09 1.03 0.52 0.07 0.07 0.07 - 0.01 0.12 0.06 0.09 0.08 0.08 - 0.00 0.22 0.06 0.12 0.11 0.11 - 0.01 0.27 0.09 0.06 0.00 0.06 - 0.01 0.16 0.05 0.14 0.12 0.14 unch 0.00 0.26 0.09 0.03 0.02 0.02 - 0.01 0.07 0.03 1.44 1.07 1.22 - 0.08 2.60 1.07 0.03 0.03 0.03 unch 0.00 0.06 0.03 0.25 0.00 0.24 - 0.01 1.02 0.21 0.19 0.17 0.18 - 0.01 0.80 0.02 0.02 0.01 0.01 - 0.01 0.04 0.00 0.08 0.06 0.07 + 0.00 0.16 0.03 0.05 0.05 0.05 - 0.01 0.10 0.03 0.33 0.27 0.33 unch 0.00 0.50 0.17 0.68 0.61 0.61 - 0.07 0.96 0.21 0.52 0.52 0.52 - 0.00 0.52 0.00 0.27 0.24 0.27 + 0.02 0.32 0.15 0.30 0.23 0.28 + 0.04 0.39 0.16 0.21 0.19 0.20 + 0.01 0.30 0.06 0.05 0.04 0.05 + 0.01 0.09 0.04 0.17 0.17 0.17 unch 0.00 0.88 0.17 0.08 0.06 0.08 - 0.01 0.37 0.05 0.12 0.09 0.09 - 0.02 0.47 0.07 0.08 0.07 0.07 - 0.01 0.63 0.06 0.00 0.00 0.03 unch 0.00 0.15 0.01 0.03 0.02 0.03 unch 0.00 0.18 0.02 0.15 0.00 0.13 - 0.03 0.39 0.11 64.00 61.42 63.38 + 0.21 64.14 50.49 0.07 0.07 0.07 unch 0.00 0.17 0.06 0.06 0.05 0.05 - 0.01 0.11 0.05 0.05 0.05 0.05 - 0.02 0.07 0.03 0.08 0.08 0.08 unch 0.00 0.23 0.06 0.04 0.00 0.04 - 0.00 0.12 0.03 0.06 0.00 0.06 unch 0.00 0.15 0.04 0.22 0.00 0.20 unch 0.00 0.29 0.12 0.15 0.15 0.15 unch 0.00 0.18 0.15 0.02 0.02 0.02 unch 0.00 0.07 0.01 0.07 0.05 0.05 - 0.03 0.16 0.05 0.05 0.04 0.04 - 0.02 0.12 0.04 0.07 0.05 0.07 + 0.01 0.38 0.05 0.14 0.14 0.14 unch 0.00 0.30 0.07 0.05 0.04 0.04 + 0.00 0.11 0.03 0.06 0.05 0.05 - 0.01 0.14 0.05 0.03 0.02 0.03 unch 0.00 0.05 0.01 0.12 0.10 0.11 - 0.01 0.25 0.10 0.16 0.13 0.14 - 0.02 0.32 0.13 0.23 0.18 0.18 - 0.06 0.33 0.00 0.96 0.84 0.91 - 0.04 1.35 0.84 1.21 1.12 1.18 - 0.07 1.60 0.95 0.03 0.02 0.02 + 0.01 0.05 0.02 0.00 0.00 0.00 - 0.00 0.00 0.00 3.50 3.10 3.10 - 0.40 7.20 2.85 0.25 0.23 0.25 unch 0.00 0.57 0.22 0.10 0.07 0.07 - 0.03 0.40 0.07 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.06 0.00 0.06 + 0.01 0.17 0.06 0.04 0.04 0.04 + 0.00 0.14 0.04 0.11 0.06 0.11 unch 0.00 0.12 0.06 0.14 0.00 0.14 + 0.06 2.70 0.02 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.10 0.08 0.10 - 0.01 0.26 0.08 0.00 0.00 0.00 + 0.00 0.01 0.00 0.06 0.02 0.02 - 0.03 0.12 0.01 0.00 0.00 0.00 + 0.00 0.01 0.00 0.19 0.15 0.16 - 0.04 0.49 0.14 0.13 0.12 0.13 + 0.00 0.39 0.11 0.09 0.03 0.06 - 0.02 0.41 0.02

B

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Broadway Gold V 817 O 446 Brookmount Exp* Bryn Res* O 6 BTU Metals V 852 V 39 Buccaneer Gold Buenaventura* N 7921 Buffalo Coal V 65 Bullfrog Gold* O 340 Bullion Gld Res V 260 Bunker Hill 143 BWR Explor V 165

0.11 0.07 0.08 - 0.02 0.51 0.08 0.01 0.01 0.01 - 0.00 0.04 0.00 0.01 0.01 0.01 + 0.00 0.06 0.00 0.12 0.09 0.10 unch 0.00 0.14 0.04 0.04 0.04 0.04 - 0.01 0.18 0.04 14.95 13.46 14.83 + 0.97 16.80 11.67 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.07 0.05 0.06 + 0.00 0.15 0.05 0.22 0.15 0.15 - 0.07 0.47 0.16 0.15 0.09 0.10 unch 0.00 3.15 0.03 0.04 0.04 0.04 - 0.01 0.10 0.03

Cabral Gold V 25 Cache Expl V 965 Cadence Min* O 2 Cadillac Vent V 257 Cadillac Vent* O 23 Caledonia Mng* X 30 Caledonia Mng T 22 Calibre Mng V 228 California Gld V 123 California Go* O 147 Callinex Mines* O 129 Callinex Mines V 374 Cameco Corp* N 9941 Cameco Corp T 5753 O 72 Cameo Cobalt* Cameo Cobalt V 3369 Camino Mnls* O 198 Camino Mnls V 307 Camrova Res V 22 O 1 Camrova Res* Canada Cobalt V 1244 Canada Cobalt * O 366 Canada One V 58 Canadian Mng* O 33 CanAlaska Uran* O 95 CanAlaska Uran V 202 CanAm Coal* O 83 Canamex Gold 68 Canamex Gold* O 59 Canarc Res T 909 Canarc Res* O 132 Canasil Res V 349 O 30 Candelaria Mg* Candelaria Mg V 22 Candente Coppr T 220 Candente Gold* O 57 Candente Gold V 87 Canex Energy V 23 CANEX Metals V 43 0 CANEX Metals * O CaNickel Mng* O 1 CaNickel Mng V 26 Canstar Res V 22 Canstar Res* O 0 Canterra Mnls V 65 Cantex Mn Dev V 501 Cantex Mn Dev* O 34 Canuc Res V 21 Canuc Res* O 5 Capstone Mng T 1454 Caracara Silvr* O 0 Cardero Res V 87 Cardero Res* O 175 Cardinal Res* O 10 Cardinal Res T 178 Cariboo Rose V 110 Carlin Gold V 100 Carrara Explor 12083 Cartier Iron 292 Cartier Res V 828 Carube Copper V 250 Carube Copper* O 18 V 188 Casa Minerals Cascadero Copp V 677 40 Castle Peak Mg V Cautivo Mining 17 Cda Carbon* O 113 Cda Carbon V 1524 Cda Rare Earth* O 0 Cda Rare Earth V 241 Cdn Metals* O 5 Cdn Metals 1051 Cdn Orebodies V 128 CellCube Enrgy* O 628 CellCube Enrgy 21909 Centamin T 68 Centaurus Diam* O 19 Centenera Mng* O 190 Centenera Mng V 91 Centerra Gold T 2903 Central Iron V 172 Central Tim Ex V 249 V 692 Centurion Mnls Century Cobalt* O 532 T 0 Century Global Cerro de Pasc 383 Cerro de Pasc * O 7 Cerro Grande* O 3 Cerro Grande 21 Cerro Mng V 28 Ceylon Graph V 35 Chakana Copper V 400 O 200 Chakana Copper* Chalice Gold M* O 74 Chalice Gold M T 13 Champion Bear V 136 Champion Bear* O 99 Champion Iron T 1801 Champion Iron* O 72 Chantrell Vent V 1 Chatham Rock V 221 Chatham Rock* O 0 Chesapeake Gld* O 32 V 31 Chesapeake Gld Chevron Corp* N 38027 Chiboug Ind Mn V 85 Chilean Metals* O 16 Chimata Gold 1400 China Gold Int T 937 Chinapintza Mg V 3 CIM Intl Grp 4 Cipher Res V 557 Claim Post Res V 1426 Clarmin Explor V 333 Clean Comm V 191 Clean Comm* O 186 Cleghorn Mnls V 30 Cleveland-Clif* N 39698 Cliffmont Res V 1 Clifton Mng* O 14 Cloud Peak En* N 4820 CMC Metals* O 1 CMC Metals V 52 CMX Gold & Sil* O 24 CMX Gold & Sil 24 CNRP Mng 2435 CNRP Mng* O 1809 Cobalt 27 Cap V 651 Cobalt Block V 92 Cobalt Block* O 8 Cobalt Pwr Grp* O 88 Cobalt Pwr Grp V 2992 15949 Coeur Mng* N Colibri Res* O 2 Colibri Res V 299 Colombia Crest V 0 Colonial Coal V 376 Colorado Res V 606 Colorado Res* O 41 Columbus Gold T 307 Columbus Gold* O 262 Comet Inds V 7 Commander Res* O 1 V 47 Commander Res Commerce Res* O 135 Commerce Res V 344 Compass Gold V 67 Comstock Mng* X 3693 Comstock Mtls V 1076 Condor Gold* O 0 Condor Gold T 23 Condor Res V 170 Condor Res* O 200 Confedertn Ml* O 0

0.24 0.24 0.24 unch 0.00 0.49 0.20 0.04 0.04 0.04 unch 0.00 0.09 0.04 1.90 1.90 1.90 unch 0.00 2.11 1.07 0.02 0.02 0.02 - 0.01 0.06 0.02 0.02 0.02 0.02 unch 0.00 0.04 0.02 6.30 5.88 6.25 unch 0.00 9.94 5.24 8.26 7.44 8.10 - 0.16 12.50 6.80 0.41 0.37 0.38 - 0.04 1.45 0.30 0.35 0.28 0.34 + 0.01 0.47 0.19 0.27 0.22 0.25 - 0.01 0.38 0.15 0.08 0.07 0.07 - 0.01 0.37 0.07 0.11 0.09 0.09 - 0.01 0.45 0.09 12.06 11.25 11.92 - 0.05 12.78 8.34 15.95 14.90 15.69 - 0.08 16.70 10.50 0.10 0.07 0.07 - 0.03 0.99 0.07 0.13 0.10 0.11 - 0.02 0.45 0.10 0.08 0.08 0.08 + 0.00 0.45 0.08 0.12 0.10 0.10 - 0.01 0.60 0.10 0.08 0.00 0.07 - 0.01 0.16 0.07 0.05 0.05 0.05 + 0.00 0.15 0.00 0.68 0.58 0.67 + 0.05 0.90 0.17 0.52 0.45 0.51 + 0.04 0.79 0.01 0.07 0.07 0.07 unch 0.00 0.52 0.07 1.29 1.05 1.05 - 0.20 1.60 0.20 0.28 0.26 0.27 + 0.00 0.37 0.21 0.40 0.35 0.35 - 0.01 0.45 0.28 0.00 0.00 0.00 - 0.00 0.00 0.00 0.07 0.06 0.07 + 0.01 0.17 0.06 0.05 0.05 0.05 - 0.01 0.22 0.05 0.04 0.04 0.04 unch 0.00 0.11 0.03 0.03 0.03 0.03 + 0.00 0.08 0.02 0.08 0.06 0.07 - 0.01 0.19 0.06 0.52 0.50 0.51 unch 0.00 0.71 0.06 0.62 0.60 0.60 - 0.02 0.99 0.23 0.07 0.06 0.07 - 0.01 0.16 0.06 0.02 0.01 0.02 + 0.01 0.04 0.00 0.03 0.02 0.03 + 0.01 0.05 0.02 0.14 0.14 0.14 unch 0.00 0.40 0.13 0.07 0.06 0.06 - 0.01 0.08 0.04 0.00 0.00 0.02 unch 0.00 0.06 0.02 0.06 0.06 0.06 unch 0.00 0.18 0.06 0.09 0.08 0.08 - 0.01 0.22 0.08 0.13 0.13 0.13 + 0.01 0.40 0.11 0.00 0.00 0.11 unch 0.00 0.19 0.11 0.03 0.03 0.03 unch 0.00 0.05 0.02 0.70 0.50 0.52 - 0.20 1.10 0.15 0.57 0.48 0.48 - 0.09 0.77 0.01 0.11 0.10 0.10 - 0.01 0.39 0.09 0.07 0.07 0.07 unch 0.00 0.30 0.06 0.68 0.53 0.63 + 0.09 1.62 0.48 0.00 0.00 0.12 unch 0.00 0.14 0.06 0.10 0.08 0.09 - 0.01 0.20 0.08 0.08 0.06 0.06 - 0.00 0.17 0.06 0.31 0.31 0.31 unch 0.00 0.44 0.30 0.40 0.37 0.40 + 0.02 0.65 0.37 0.03 0.03 0.03 unch 0.00 0.06 0.02 0.02 0.02 0.02 unch 0.00 0.07 0.02 0.10 0.08 0.10 + 0.01 0.17 0.03 0.10 0.08 0.10 - 0.01 0.25 0.07 0.14 0.12 0.12 - 0.02 0.27 0.12 0.06 0.00 0.05 - 0.01 0.10 0.05 0.05 0.00 0.05 - 0.01 0.07 0.03 0.20 0.17 0.20 + 0.02 0.24 0.07 0.03 0.03 0.03 unch 0.00 0.16 0.03 0.02 0.02 0.02 unch 0.00 0.03 0.02 0.16 0.00 0.16 unch 0.00 0.63 0.08 0.13 0.10 0.11 + 0.03 0.13 0.04 0.18 0.12 0.15 + 0.04 0.18 0.04 0.00 0.00 0.06 unch 0.00 0.08 0.02 0.07 0.06 0.06 unch 0.00 0.10 0.03 0.06 0.06 0.06 + 0.00 0.06 0.06 0.08 0.07 0.08 unch 0.00 0.20 0.07 0.19 0.15 0.19 + 0.02 0.39 0.14 0.30 0.20 0.25 + 0.02 0.60 0.11 0.34 0.29 0.29 unch 0.00 0.76 0.14 1.74 1.59 1.72 + 0.06 2.96 1.40 0.18 0.14 0.15 unch 0.00 0.20 0.04 0.04 0.04 0.04 unch 0.00 0.18 0.01 0.06 0.05 0.06 + 0.01 0.24 0.05 5.16 4.83 5.03 - 0.10 8.21 4.76 0.03 0.03 0.03 unch 0.00 0.07 0.01 0.14 0.10 0.11 - 0.04 0.20 0.10 0.02 0.01 0.02 unch 0.00 0.05 0.01 0.18 0.13 0.17 + 0.01 0.20 0.01 0.00 0.00 0.17 unch 0.00 0.29 0.13 0.37 0.30 0.34 + 0.05 0.37 0.22 0.20 0.19 0.19 unch 0.00 0.25 0.16 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.01 0.00 0.01 - 0.01 0.03 0.01 0.18 0.18 0.18 unch 0.00 0.22 0.06 0.19 0.00 0.16 - 0.01 0.26 0.14 0.35 0.32 0.33 + 0.01 1.05 0.31 0.26 0.24 0.25 + 0.01 0.79 0.24 0.11 0.10 0.10 + 0.00 0.17 0.10 0.15 0.14 0.14 unch 0.00 0.21 0.18 0.21 + 0.04 0.23 0.10 0.16 0.15 0.16 + 0.01 0.18 0.10 1.24 1.18 1.23 + 0.01 1.59 1.05 0.94 0.89 0.90 - 0.02 1.22 0.84 0.06 0.06 0.06 unch 0.00 0.12 0.05 0.18 0.14 0.16 unch 0.00 0.41 0.14 0.00 0.00 0.13 unch 0.00 0.32 0.13 1.50 1.38 1.40 - 0.02 3.06 1.29 1.91 1.80 1.83 - 0.06 3.89 1.75 121.37 112.72 119.06 - 0.45 133.88 107.54 0.05 0.05 0.05 unch 0.00 0.08 0.05 0.04 0.04 0.04 unch 0.00 0.12 0.02 0.12 0.00 0.10 + 0.01 0.15 0.06 1.82 1.69 1.76 - 0.02 3.19 1.59 0.02 0.02 0.02 unch 0.00 0.02 0.01 0.21 0.21 0.21 unch 0.00 0.35 0.15 0.09 0.06 0.09 + 0.02 0.18 0.06 1.73 0.10 1.60 + 0.03 3.98 0.90 0.18 0.16 0.16 unch 0.00 0.50 0.10 0.04 0.03 0.04 + 0.01 0.21 0.03 0.03 0.01 0.03 + 0.02 0.16 0.01 0.09 0.08 0.09 unch 0.00 0.14 0.05 10.59 9.64 10.30 + 0.47 13.10 5.96 0.00 0.00 0.18 unch 0.00 0.90 0.15 0.07 0.07 0.07 + 0.00 0.10 0.05 1.50 1.12 1.26 - 0.22 5.70 1.12 0.03 0.03 0.03 unch 0.00 0.05 0.01 0.06 0.00 0.05 - 0.01 0.19 0.04 0.04 0.04 0.04 unch 0.00 0.09 0.03 0.06 0.06 0.06 unch 0.00 0.12 0.04 0.84 0.56 0.73 - 0.07 2.02 0.34 0.64 0.42 0.54 - 0.07 1.58 0.21 6.17 5.50 5.50 - 0.82 14.00 4.76 0.15 0.12 0.13 - 0.01 0.40 0.02 0.12 0.00 0.10 - 0.01 0.32 0.02 0.03 0.02 0.02 - 0.00 0.29 0.02 0.04 0.03 0.03 unch 0.00 0.35 0.03 4.66 4.09 4.46 - 0.20 8.94 4.09 0.04 0.04 0.04 unch 0.00 0.08 0.01 0.04 0.03 0.03 - 0.01 0.13 0.03 0.00 0.00 0.06 unch 0.00 0.40 0.05 0.37 0.30 0.36 + 0.04 0.44 0.09 0.09 0.07 0.07 - 0.01 0.29 0.07 0.06 0.05 0.06 + 0.00 0.22 0.05 0.22 0.19 0.21 - 0.02 0.92 0.18 0.17 0.14 0.15 - 0.02 0.73 0.14 3.50 3.05 3.05 - 0.20 3.60 2.60 0.06 0.06 0.06 - 0.00 0.16 0.00 0.11 0.09 0.09 - 0.01 0.25 0.08 0.05 0.04 0.05 + 0.00 0.08 0.04 0.07 0.00 0.06 unch 0.00 0.10 0.06 0.20 0.18 0.18 - 0.02 0.80 0.18 0.19 0.16 0.18 + 0.00 0.49 0.12 0.03 0.03 0.03 unch 0.00 0.10 0.03 0.00 0.00 0.50 unch 0.00 0.90 0.43 0.51 0.00 0.46 - 0.09 1.75 0.46 0.06 0.06 0.06 - 0.01 0.13 0.05 0.05 0.04 0.05 unch 0.00 0.10 0.04 0.24 0.24 0.24 unch 0.00 0.51 0.16

C

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

V 14 Confedertn Mls V 499 Conquest Res V 171 Cons Woodjam CONSOL Coal Rs* N 150 N 1748 CONSOL Energy* N 15166 CONSOL Energy* O 27 Constantine Mt* V 60 Constantine Mt O 17 Contact Gold* Contact Gold V 116 O 1 Contact Mnrls* O 233 Contintl Gold* Contintl Gold T 1731 Contintl Prec* O 0 Contintl Prec V 20 463 Copper Fox Mtl V 7 Copper Fox Mtl* O Copper Lake Rs V 1465 419 Copper Mtn Mng T Copper Mtn Mng* O 115 8 Copper North M* O 231 Copper North M V Copper One V 472 5 Copper One * O 10 Copper Reef Mg Copperbank Res 667 O 159 Copperbank Res* 44 Coral Gold * O Coral Gold V 389 V 909 Cordoba Mnls O 190 Cordoba Mnls* Core Gold V 378 Core Gold* O 54 Core Lithium* O 7 V 1118 Cornerstone Ca O 140 Cornerstone Ca* Coro Mining T 873 Corsa Coal V 69 67 Corsa Coal * O Corvus Gold T 2848 Corvus Gold* O 221 CR Capital V 284 0 Crazy Horse Res* O Crest Resource 131 Critical Elem V 1048 Critical Elem* O 7 V 831 CROPS O 13 Crown Mining* Crown Mining V 296 Cruz Cobalt V 619 Cruz Cobalt* O 236 Crystal Lake V 384 Crystal Lake* O 11 Crystal Peak* O 141 Crystal Peak V 144 O 0 CTGX Mining* 87 Currie Rose Rs V 18 CWN M’g Acq V Cyntar Venture 100 Cypress Dev* O 92 Cypress Dev V 533

0.20 unch 0.00 0.77 0.33 0.00 0.32 0.02 0.02 0.02 0.02 - 0.01 0.10 0.03 0.04 0.00 0.04 + 0.01 0.07 19.22 18.11 18.93 + 0.11 21.13 13.15 19.51 41.98 37.26 38.21 - 2.81 48.12 11.69 15.79 14.34 14.40 - 1.16 18.37 0.12 0.45 0.41 0.41 - 0.03 0.65 0.50 0.59 0.50 0.50 - 0.08 0.86 0.20 0.28 0.26 0.26 - 0.02 0.38 0.27 0.39 0.35 0.37 - 0.01 0.60 0.06 0.25 0.16 0.20 + 0.04 0.45 1.50 1.70 1.50 1.65 + 0.00 3.22 1.98 2.28 1.98 2.19 - 0.04 4.13 0.21 unch 0.00 0.34 0.00 0.00 0.24 0.28 0.34 0.00 0.34 + 0.02 0.46 0.09 0.09 0.09 unch 0.00 0.17 0.09 0.07 0.00 0.07 + 0.01 0.12 0.06 0.03 0.02 0.02 - 0.01 0.10 0.02 0.97 0.92 0.95 unch 0.00 0.72 0.69 0.72 - 0.02 1.35 0.69 0.03 0.00 0.03 - 0.00 0.07 0.02 0.05 0.05 0.05 - 0.01 0.11 0.04 0.09 0.17 0.13 0.14 + 0.01 0.22 0.08 0.08 0.08 unch 0.00 0.18 0.06 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.04 unch 0.00 0.14 0.07 0.00 0.06 0.03 0.05 0.04 0.04 - 0.00 0.10 0.30 0.27 0.28 - 0.04 0.35 0.16 0.32 0.41 0.35 0.38 - 0.05 0.44 0.10 0.15 0.11 0.12 - 0.03 0.61 0.08 0.12 0.08 0.09 - 0.03 0.48 0.23 0.30 0.27 0.29 + 0.03 0.38 0.17 0.22 0.20 0.22 + 0.02 0.34 0.10 unch 0.00 0.99 0.40 0.40 0.40 0.14 0.33 0.30 0.32 + 0.02 0.39 0.11 0.24 0.22 0.23 + 0.00 0.28 0.05 unch 0.00 0.16 0.06 0.05 0.05 0.75 0.87 0.00 0.78 - 0.11 2.30 0.65 0.57 0.57 - 0.12 2.25 0.57 1.26 2.55 1.98 2.26 - 0.24 3.39 0.98 1.92 1.51 1.73 - 0.18 2.72 0.02 0.01 0.15 0.05 0.00 0.04 - 0.08 0.08 0.08 unch 0.00 0.18 0.08 unch 0.00 0.15 0.14 0.15 0.14 0.15 0.65 1.05 0.92 0.95 + 0.04 1.86 0.51 0.80 0.72 0.72 + 0.06 1.44 0.03 0.05 0.03 0.03 - 0.02 0.12 0.06 unch 0.00 0.21 0.09 0.00 0.09 0.07 unch 0.00 0.28 0.14 0.11 0.12 0.07 unch 0.00 0.41 0.08 0.07 0.08 0.05 0.06 0.05 0.06 - 0.01 0.35 0.35 0.45 0.39 0.40 - 0.02 1.12 0.25 0.32 0.30 0.30 - 0.02 0.84 0.15 0.17 0.16 0.17 + 0.01 0.46 0.20 0.22 0.20 0.20 - 0.01 0.58 0.10 unch 0.00 0.25 0.00 0.00 0.25 0.09 0.07 0.09 + 0.01 0.20 0.04 0.05 0.05 0.05 unch 0.00 0.25 0.03 0.09 unch 0.00 0.15 0.09 0.09 0.09 0.13 0.18 0.16 0.16 - 0.01 0.34 0.16 0.24 0.20 0.20 - 0.02 0.43

Dajin Res V 526 Dajin Res* O 268 11 Dakota Ter Res* O Daleco Res* O 133 O 4 Damara Gold* Danakali* O 199 Debut Dmds 101 Decade Res V 381 Declan Cobalt 386 O 0 Deep-South Res* V 152 Deep-South Res Defiance Silvr V 387 O 335 Defiance Silvr* Delrand Res V 187 Delrey Metals 125 T 1744 Denison Mines X 2855 Denison Mines* Desert Gold* O 0 Desert Gold V 185 Desert Lion* O 398 Desert Lion V 707 237 Desert Mtn Egy V 38 Desert Mtn Egy* O Detour Gold T 3469 O 15 Diamante Min* O 120 Diamcor Mng* Diamcor Mng V 199 O 1200 Diamond Disc* V 46 Diamond Fields O 0 Diamond Fields* Dios Expl V 1210 O 1373 Discovery Gold* V 70 Discovery Harb O 3 Discovery Met* V 205 Discovery Met 20577 O Discovery Mnls* V 75 Discovery-Corp District Cop* O 50 District Cop V 5648 Ditem Explor* O 6 O 1 Diversified Rs* DNI Metals 315 DNI Metals* O 42 O 78 Dolat Ventures* Dolly Vard Sil* O 103 93 Dolly Vard Sil V O 500 Doubleview Cap* V 780 Doubleview Cap DRDGOLD* N 164 657 Dundee Prec Mt T O 58 Dunnedin Vent* Durango Res V 368 Durango Res* O 0 V 120 DV Resources 131 Dynacor Gld Mn T 21 Dynacor Gld Mn* O O 1 Dynamic Gold* O 47 DynaResource* Dynasty Gold V 114 O 9 Dynasty Gold* E3 Metals V 401 V 155 Eagle Graphite O 5 Eagle Graphite* Eagle Plains V 180 175 V East Africa 3 East Africa * O 779 East Asia Mnls V 21 East Asia Mnls* O EastCoal Inc V 0 O 1 Eastern Platin* Eastern Platin T 159 Eastfield Res V 1054 O 595 Eastmain Res* Eastmain Res T 4451 34 Eco Oro Mnls 6 Eco Oro Mnls* O eCobalt Solns T 806 O 581 eCobalt Solns* V 254 Edgewater Expl O 0 Edgewater Expl* O 4 Edison Cobalt* Edison Cobalt V 73 El Capitan Prc* O 409 147 El Nino Vent V Elcora Res V 311 Elcora Res* O 61 22017 N Eldorado Gold* T 6570 Eldorado Gold Eloro Res* O 5 Eloro Res V 12 Ely Gold Royal V 1563 Ely Gold Royal* O 273 6 Elysee Dev * O Elysee Dev V 4 Emerita Res V 685 Emgold Mng* O 19 Emgold Mng V 124 Empire Rock V 68 EMX Royalty* X 652 EMX Royalty V 68 O 73 Encanto Potash* V 159 Encanto Potash V 464 EnCore Energy T 1447 Endeavour Mng

0.05 0.08 0.07 0.07 - 0.02 0.20 0.04 0.07 0.05 0.06 - 0.01 0.16 0.10 0.09 0.10 unch 0.00 0.10 0.03 0.00 unch 0.00 0.01 0.00 0.00 0.00 0.03 0.03 0.03 0.03 - 0.00 0.08 0.44 0.58 0.55 0.57 + 0.02 0.69 0.01 unch 0.00 0.03 0.01 0.00 0.01 0.04 0.04 0.04 0.04 - 0.01 0.10 0.28 0.36 0.29 0.35 - 0.01 0.42 0.09 unch 0.00 0.30 0.09 0.09 0.09 0.06 0.13 0.09 0.12 + 0.01 0.45 0.19 unch 0.00 0.44 0.24 0.00 0.23 0.15 0.18 0.15 0.15 - 0.02 0.35 0.38 0.48 0.28 0.46 - 0.02 2.42 0.21 0.37 0.34 0.35 + 0.01 0.50 0.54 0.79 0.73 0.74 - 0.06 0.89 0.43 0.61 0.55 0.57 - 0.03 0.69 0.12 unch 0.00 0.24 0.00 0.00 0.12 0.14 0.16 0.16 0.16 - 0.01 0.30 0.05 unch 0.00 1.07 0.10 0.08 0.08 0.07 0.10 0.08 0.08 - 0.02 2.35 0.24 0.21 0.23 + 0.02 0.27 0.06 0.18 0.17 0.18 + 0.01 0.20 0.01 10.80 9.74 10.25 - 0.37 15.40 9.11 0.02 0.18 0.08 0.12 - 0.06 0.24 0.17 unch 0.00 0.46 0.21 0.17 0.17 0.24 0.33 0.27 0.30 + 0.04 0.59 0.00 0.00 0.00 0.00 + 0.00 0.00 0.07 0.11 0.00 0.11 + 0.03 0.15 0.05 unch 0.00 0.11 0.00 0.00 0.05 0.05 0.08 0.05 0.05 - 0.01 0.19 0.00 0.01 0.00 0.01 + 0.00 0.01 0.05 unch 0.00 0.08 0.05 0.05 0.05 0.21 unch 0.00 0.40 0.00 0.00 0.21 0.22 0.25 0.22 0.22 - 0.02 0.57 0.00 0.00 0.00 0.00 + 0.00 0.00 0.01 unch 0.00 0.04 0.02 0.02 0.02 0.02 0.05 0.02 0.05 + 0.03 0.16 0.03 0.07 0.03 0.06 + 0.02 0.21 0.00 0.00 0.00 0.00 + 0.00 0.00 0.01 unch 0.00 0.14 0.02 0.02 0.02 0.05 0.05 0.05 0.05 - 0.01 0.15 0.03 0.04 0.03 0.04 - 0.00 0.12 0.15 0.48 0.25 0.42 - 0.06 6.72 0.27 0.22 0.23 - 0.05 0.84 0.22 0.30 1.04 0.02 - 0.32 0.34 0.29 0.07 unch 0.00 0.09 0.08 0.08 0.08 0.05 unch 0.00 0.13 0.11 0.10 0.11 1.76 2.33 2.06 2.20 - 0.07 3.77 3.57 3.19 3.36 - 0.23 3.78 2.56 0.09 0.13 0.09 0.13 + 0.02 0.26 0.04 0.08 0.07 0.08 + 0.01 0.11 0.04 unch 0.00 0.08 0.00 0.00 0.05 0.09 0.10 0.09 0.09 - 0.02 0.50 1.50 1.41 1.45 - 0.09 2.26 1.41 1.11 1.07 1.10 - 0.04 1.85 1.03 0.75 unch 0.00 3.00 1.00 1.00 1.00 0.78 1.20 0.78 1.19 - 0.06 1.40 0.10 0.14 0.00 0.14 + 0.02 0.27 0.07 0.11 0.08 0.11 + 0.01 0.22 0.32 0.38 0.34 0.35 + 0.01 0.97 0.11 0.12 0.11 0.11 - 0.01 0.36 0.01 0.09 0.08 0.08 - 0.01 0.18 0.08 unch 0.00 0.29 0.09 0.08 0.08 0.23 0.00 0.20 - 0.02 0.37 0.14 0.15 0.15 0.15 unch 0.00 0.28 0.10 0.07 0.05 0.06 - 0.02 0.12 0.03 0.05 0.04 0.05 + 0.00 0.08 0.02 0.10 unch 0.00 0.30 0.00 0.00 0.11 0.17 unch 0.00 0.37 0.18 0.18 0.18 0.17 unch 0.00 0.50 0.24 0.24 0.24 0.03 unch 0.00 0.06 0.04 0.04 0.04 0.11 0.16 0.12 0.16 + 0.04 0.29 0.14 0.22 0.16 0.20 + 0.04 0.36 0.19 0.18 0.18 - 0.01 0.45 0.15 0.17 0.00 0.00 unch 0.00 0.34 0.13 0.54 0.71 0.63 0.70 + 0.03 2.10 0.41 0.54 0.48 0.53 + 0.03 1.74 0.10 unch 0.00 0.19 0.10 0.10 0.10 0.09 unch 0.00 0.12 0.00 0.00 0.12 0.04 0.07 0.00 0.07 - 0.01 0.24 0.06 0.10 0.00 0.09 - 0.02 0.36 0.02 0.02 0.02 unch 0.00 0.05 0.01 0.04 0.03 0.03 - 0.01 0.08 0.02 0.11 unch 0.00 0.56 0.12 0.11 0.12 0.08 0.09 0.08 0.09 - 0.01 0.44 0.60 0.67 0.60 0.64 - 0.02 1.47 0.79 0.89 0.79 0.85 - 0.03 1.85 0.27 unch 0.00 0.96 0.30 0.30 0.30 0.33 0.44 0.43 0.43 - 0.01 1.27 0.16 0.12 0.14 + 0.01 0.17 0.09 0.12 0.09 0.10 + 0.01 0.13 0.07 0.28 0.00 0.28 + 0.01 0.32 0.20 0.28 0.37 0.36 0.37 + 0.02 0.40 0.02 unch 0.00 0.14 0.02 0.02 0.02 0.04 0.05 0.00 0.04 - 0.03 0.18 0.07 0.12 0.00 0.07 - 0.03 0.22 0.11 unch 0.00 0.30 0.16 0.16 0.16 0.72 1.31 1.15 1.18 - 0.13 1.47 0.91 1.73 1.53 1.58 - 0.12 1.80 0.02 0.15 0.13 0.14 - 0.01 0.22 0.18 0.20 0.17 0.20 + 0.01 0.70 0.05 0.12 0.10 0.10 - 0.01 0.14 17.10 18.55 17.10 18.32 - 0.29 26.86

D-F

2018-11-20 5:41 PM

GLOBAL MINING NEWS

(100s) Stock

THE NORTHERN MINER / NOVEMBER 26–DECEMBER 9, 2018

Week

12-month

Exc Volume High Low Last Change High Low

Endeavour Mng* O 13 N 3965 Endeavr Silver* T 784 Endeavr Silver Endurance Gold V 16 Energy Fuels* X 6237 Energy Fuels T 1700 Enforcer Gold* O 450 Enforcer Gold V 477 Engineer Gold V 75 Engold Mines V 75 O 210 Engold Mines* Ensurge* O 53 Entree Res* X 159 Entree Res T 308 ePower Metals* O 3 V 287 ePower Metals Equinox Gold V 931 Equitorial Ex V 902 Erdene Res Dev* O 200 Erdene Res Dev T 275 Erin Ventures* O 160 Erin Ventures V 57 Ero Copper T 753 Ero Copper* O 5 Eros Res Corp* O 109 Eros Res Corp V 101 Eros Res Corp V 101 Eskay Mng V 240 V 107 Essex Minerals Ethos Gold* O 5 Ethos Gold V 127 Euro Manganese V 698 Euro Sun Mg T 1262 Euro Sun Mg* O 36 EurOmax Res* O 6 EurOmax Res T 145 European Elect* O 2625 European Elect V 2947 European Metal* O 1052 Eurotin V 583 Everton Res V 676 Everton Res* O 46 Evrim Res V 277 Excellon Res T 704 Excellon Res* O 92 Excelsior Mng* O 185 Excelsior Mng T 494 ExGen Res Inc V 102 Explor Res* O 149 Explor Res V 279 Explorex Res 201 Fabled Copper V 25 O 5 Fairmont Res* Falco Res V 747 Falco Res * O 59 Falcon Gold V 1258 Fancamp Expl V 169 Far Res* O 58 Far Res 1964 Fengro Industr* O 2 Fengro Industr V 12 Filo Mg Corp V 80 Finlay Minrls V 96 Fiore Gold* O 189 Fiore Gold V 373 Fire River Gol* O 7 Firebird Res V 250 Firesteel Res V 363 Firesteel Res* O 53 Firestone Vent V 454 Fireweed Zinc V 358 Fireweed Zinc* O 60 Firma Holdings* O 410 First Bauxite V 100 First Cobalt * O 660 First Cobalt V 2359 First Colombia* O 106250 First Energy* O 3 First Energy V 24 First Legacy V 134 First Majestic* N 17209 First Majestic T 4372 First Mexican V 560 First Mg Fin T 2204 First Mg Fin * O 1554 First Point* O 31 First Quantum T 14735 V 661 First Vanadium First Vanadium* O 240 Fission 3.0 V 396 Fission 3.0* O 192 Fission Uran* O 748 Fission Uran T 1276 Five Star Diam V 336 Five Star Diam* O 100 Fjordland Exp* O 2 Fjordland Exp V 452 Focus Graphite* O 220 Focus Graphite V 2505 Foran Mng V 71 Forsys Metals T 510 Fort St J Nick V 7 Fort St James* O 0 Fortescue Met* O 19 Fortuna Silvr T 2157 Fortuna Silvr* N 5558 Fortune Bay V 2 Fortune Bay* O 2 Fortune Mnrls* O 243 Fortune Mnrls T 832 Forum Energy V 111 Forum Energy* O 30 Four Nines 45 Fox River Res 21 Fox River Res* O 1 FPX Nickel V 52 Franco-Nevada* N 2757 Franco-Nevada T 2702 Franklin Mng* O 1 Freedom Egy V 866 Freegold Vent T 35 Freeport McMoR* N 87556 Freeport Res V 42 Fremont Gold V 406 Fremont Gold* O 752 Fresnillo plc* O 32 Frontier Lith V 114 Frontline Gold V 176 Full Metal Mnl* O 1 Fura Gems V 851 Fura Gems* O 70 Fusion Gold V 100

13.92 12.98 13.68 - 0.41 21.72 12.98 2.07 1.79 2.01 unch 0.00 3.35 1.79 2.71 2.36 2.64 - 0.05 4.40 2.36 0.05 0.05 0.05 unch 0.00 0.09 0.03 3.65 2.99 3.23 - 0.41 4.09 1.49 4.80 3.97 4.24 - 0.56 5.38 1.82 0.02 0.02 0.02 unch 0.00 0.08 0.02 0.03 0.03 0.03 - 0.01 0.11 0.03 0.08 0.08 0.08 - 0.02 0.12 0.08 0.13 0.11 0.12 + 0.02 0.28 0.09 0.10 0.09 0.09 unch 0.00 0.21 0.08 0.06 0.05 0.06 + 0.01 0.09 0.02 0.40 0.36 0.39 - 0.00 0.69 0.33 0.53 0.49 0.53 + 0.01 0.85 0.42 0.19 0.19 0.19 unch 0.00 0.55 0.12 0.23 0.20 0.20 - 0.04 0.75 0.14 1.00 0.93 0.96 - 0.04 1.39 0.88 0.04 0.03 0.04 + 0.02 0.15 0.02 0.19 0.17 0.18 - 0.01 0.49 0.17 0.25 0.22 0.24 - 0.01 0.61 0.22 0.10 0.10 0.10 unch 0.00 0.23 0.08 0.15 0.12 0.12 - 0.01 0.33 0.08 10.60 8.55 10.31 + 0.31 6.50 0.00 6.49 - 1.08 9.17 5.00 0.06 0.06 0.06 - 0.00 0.18 0.06 0.09 0.00 0.08 - 0.01 0.23 0.08 0.09 0.00 0.08 - 0.01 0.23 0.08 0.12 0.10 0.11 - 0.01 0.51 0.10 0.08 0.07 0.08 + 0.01 0.22 0.07 0.19 0.19 0.19 - 0.00 0.23 0.09 0.24 0.20 0.20 - 0.05 0.30 0.12 0.19 0.17 0.17 - 0.02 0.25 0.15 1.25 0.71 0.83 + 0.13 1.82 0.55 1.00 0.55 0.68 + 0.18 1.40 0.42 0.11 0.11 0.11 + 0.01 0.24 0.01 0.14 0.14 0.14 unch 0.00 0.31 0.02 0.16 0.12 0.14 - 0.02 0.79 0.09 0.21 0.15 0.18 - 0.03 0.93 0.12 0.00 0.00 0.00 - 0.00 0.01 0.00 0.04 0.04 0.04 unch 0.00 0.13 0.01 0.04 0.03 0.03 + 0.01 0.06 0.02 0.03 0.02 0.02 - 0.00 0.05 0.02 1.49 1.30 1.37 - 0.13 1.70 0.20 0.77 0.68 0.76 + 0.05 2.15 0.68 0.58 0.52 0.57 + 0.05 1.72 0.52 0.77 0.73 0.76 + 0.01 1.21 0.62 1.00 0.97 1.00 unch 0.00 1.50 0.82 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.02 0.01 0.02 + 0.01 0.06 0.01 0.02 0.02 0.02 + 0.01 0.07 0.02 0.30 0.26 0.28 - 0.01 0.65 0.23 0.09 0.07 0.09 + 0.02 0.09 0.04 0.00 0.00 0.00 unch 0.00 0.10 0.00 0.34 0.29 0.30 - 0.04 1.13 0.29 0.25 0.20 0.22 - 0.03 0.89 0.20 0.04 0.04 0.04 unch 0.00 0.08 0.03 0.07 0.06 0.06 unch 0.00 0.18 0.06 0.08 0.06 0.07 - 0.00 0.88 0.05 0.10 0.08 0.09 - 0.01 1.10 0.07 0.05 0.05 0.05 unch 0.00 0.20 0.05 0.09 0.07 0.09 + 0.02 0.26 0.07 2.26 0.00 2.25 + 0.01 2.75 2.00 0.03 0.03 0.03 unch 0.00 0.19 0.02 0.20 0.17 0.18 - 0.01 0.95 0.17 0.28 0.21 0.24 - 0.02 1.18 0.21 0.00 0.00 0.00 unch 0.00 2.41 0.00 0.03 0.03 0.03 unch 0.00 0.09 0.02 0.12 0.09 0.11 - 0.01 0.17 0.07 0.09 0.09 0.09 unch 0.00 0.12 0.08 0.08 0.07 0.07 unch 0.00 0.19 0.05 0.98 0.74 0.98 + 0.12 2.14 0.68 0.75 0.56 0.75 + 0.08 1.67 0.56 0.03 0.01 0.02 - 0.01 0.13 0.01 0.04 0.04 0.04 unch 0.00 0.06 0.02 0.22 0.17 0.21 + 0.01 1.30 0.14 0.29 0.23 0.28 + 0.02 1.65 0.19 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.17 0.17 0.17 + 0.00 0.32 0.10 0.23 0.00 0.23 - 0.03 0.43 0.10 0.21 0.18 0.20 unch 0.00 0.25 0.12 5.48 4.75 5.41 + 0.01 8.48 4.75 7.22 6.30 7.11 - 0.04 11.09 6.24 0.02 0.02 0.02 - 0.01 0.07 0.01 0.29 0.25 0.28 + 0.01 0.64 0.25 0.22 0.18 0.21 + 0.01 0.51 0.18 0.07 0.07 0.07 - 0.00 0.13 0.06 13.17 11.58 12.57 + 0.60 23.05 10.55 1.40 1.10 1.15 - 0.24 1.96 0.22 1.10 0.85 0.88 - 0.17 1.60 0.16 0.27 0.18 0.19 - 0.08 0.30 0.08 0.20 0.14 0.16 - 0.04 0.22 0.02 0.53 0.47 0.50 - 0.00 0.72 0.43 0.69 0.63 0.64 - 0.04 0.89 0.57 0.08 0.07 0.08 + 0.01 0.25 0.06 0.04 0.04 0.04 unch 0.00 0.11 0.04 0.09 0.08 0.08 - 0.00 0.28 0.06 0.11 0.09 0.10 - 0.02 0.38 0.09 0.03 0.02 0.02 - 0.00 0.08 0.01 0.03 0.03 0.03 unch 0.00 0.10 0.02 0.32 0.28 0.32 + 0.02 0.62 0.23 0.30 0.26 0.26 - 0.03 0.32 0.09 0.32 0.31 0.31 unch 0.00 0.59 0.15 0.00 0.00 0.06 unch 0.00 3.05 2.85 2.89 - 0.14 4.30 2.53 4.70 4.29 4.54 - 0.17 7.78 4.29 3.56 3.24 3.44 - 0.12 6.08 3.24 0.26 0.00 0.26 + 0.02 0.50 0.25 0.20 0.00 0.20 + 0.02 0.41 0.10 0.09 0.07 0.08 - 0.00 0.33 0.00 0.12 0.10 0.11 unch 0.00 0.38 0.09 0.05 0.05 0.05 unch 0.00 0.09 0.04 0.03 0.03 0.03 unch 0.00 0.07 0.03 0.22 0.20 0.22 + 0.02 0.80 0.10 0.06 0.00 0.06 unch 0.00 0.15 0.05 0.04 0.04 0.04 unch 0.00 0.05 0.04 0.10 0.10 0.10 - 0.01 0.18 0.08 67.66 62.80 67.30 + 2.41 86.06 58.26 88.99 83.22 88.66 + 2.97 110.18 76.53 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.03 0.02 0.02 - 0.01 0.10 0.02 0.08 0.07 0.07 - 0.01 0.13 0.06 12.18 11.06 11.96 + 0.61 20.25 10.59 0.10 0.00 0.10 + 0.01 0.10 0.04 0.15 0.13 0.14 - 0.01 0.22 0.09 0.12 0.10 0.10 - 0.02 0.17 0.07 11.46 10.45 11.31 - 0.18 19.93 9.99 0.40 0.34 0.36 - 0.04 0.85 0.30 0.02 0.01 0.01 - 0.01 0.03 0.01 0.00 0.00 0.00 unch 0.00 0.12 0.00 0.35 0.31 0.34 - 0.02 1.13 0.31 0.26 0.23 0.26 + 0.01 1.23 0.23 0.18 0.18 0.18 unch 0.00 0.20 0.14

Gabriel Res* O 16 Gabriel Res V 39 Gainey Capital V 438 Galane Gold V 217 Galane Gold * O 98 Galantas Gold V 158 Galantas Gold* O 19 Galore Res V 36 Galway Gold * O 61 Galway Gold V 36 Galway Mtls* O 635 Galway Mtls V 925 GAR Limited 10180 Garibaldi Res V 434 Garibaldi Res * O 96 General Moly T 16 General Moly* X 1773 Generation Min* O 1 Generation Min 44 Generic Gold 34 Genesis Mtls* O 111 Genesis Mtls V 947 Genius Metals 402 Gensource Pot V 497 Gentor Res V 436 Geomega Res V 222 Geomega Res* O 300 Gespeg Cop Res V 235 Getty Copper V 50 GFG Resources* O 168 GGL Res V 0 GGX Gold V 921 GGX Gold* O 0 Giga Metals V 690 Giga Metals* O 397 Gitennes Expl V 210 Giyani Gold V 218 Giyani Gold* O 84 Glacier Lake V 677 Gldn Predator* O 260

0.26 0.24 0.26 + 0.01 0.34 0.22 0.34 0.32 0.34 + 0.02 0.45 0.29 0.07 0.06 0.06 - 0.01 0.15 0.04 0.07 0.05 0.07 + 0.01 0.07 0.05 0.05 0.04 0.05 + 0.01 0.06 0.03 0.12 0.10 0.12 + 0.01 0.13 0.07 0.09 0.08 0.09 + 0.02 0.10 0.06 0.05 0.00 0.05 unch 0.00 0.06 0.01 0.09 0.08 0.09 - 0.00 0.12 0.07 0.13 0.00 0.12 - 0.02 0.64 0.10 0.13 0.10 0.11 - 0.02 0.31 0.10 0.18 0.13 0.17 - 0.01 0.39 0.13 0.20 0.16 0.17 - 0.02 0.65 0.07 1.21 1.10 1.12 - 0.06 5.05 1.05 0.91 0.84 0.87 - 0.03 3.79 0.81 0.27 0.25 0.26 - 0.01 0.63 0.25 0.21 0.18 0.19 - 0.01 0.46 0.18 0.11 0.00 0.11 - 0.00 0.11 0.08 0.17 0.00 0.17 + 0.02 0.20 0.08 0.23 0.23 0.23 unch 0.00 0.32 0.15 0.06 0.05 0.05 - 0.01 0.12 0.04 0.07 0.06 0.07 - 0.01 0.15 0.05 0.23 0.19 0.22 + 0.01 0.25 0.12 0.11 0.09 0.11 + 0.02 0.16 0.07 0.10 0.07 0.08 - 0.03 0.17 0.06 0.10 0.09 0.09 - 0.02 0.20 0.06 0.07 0.07 0.07 unch 0.00 0.12 0.05 0.04 0.04 0.04 unch 0.00 0.05 0.02 0.03 0.03 0.03 unch 0.00 0.07 0.02 0.20 0.16 0.17 - 0.03 0.48 0.15 0.00 0.00 0.10 unch 0.00 0.18 0.08 0.06 0.05 0.06 unch 0.00 0.16 0.05 0.00 0.00 0.06 unch 0.00 0.11 0.05 0.22 0.17 0.18 - 0.05 0.81 0.15 0.17 0.13 0.14 - 0.05 0.64 0.12 0.04 0.03 0.03 unch 0.00 0.15 0.03 0.17 0.14 0.14 - 0.02 0.40 0.14 0.13 0.10 0.12 - 0.02 0.31 0.10 0.02 0.00 0.02 unch 0.00 0.12 0.02 0.22 0.19 0.20 - 0.02 0.74 0.19

G-H

20-22_NOV26_StockTables.indd 21

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Gldn Predator V 327 Glen Eagle Res V 32 Glencore Plc* O 846 V 177 Global Atomic Global Atomic* O 100 O 175 Global Cobalt* Global Energy V 307 Global Energy* O 32 Global Gold* O 0 O 1 Global Hunter* Global Li-Ion 21 Global Li-Ion* O 5 Global Vanad V 575 Global Vanad* O 20 4 GlobalMin Vent* O Globex Mng* O 46 Globex Mng T 354 GMV Minerals* O 90 GMV Minerals V 83 O 11200 GNCC Capital* Go Cobalt* O 1 Go Cobalt 537 GobiMin V 4 GoGold Res T 1267 O 100 Gold Dynamics* Gold Fields* O 15 Gold Fields* N 13589 Gold Finder Ex V 224 Gold Finder Ex* O 30 Gold Lakes* O 10 Gold Reserve* O 434 Gold Reserve V 169 Gold Resource* X 2221 Gold Rush Cari V 885 Gold Rush Cari* O 5 Gold Std Vents T 513 Gold Std Vents* X 1573 Goldbank Mng V 0 Goldcliff Res* O 36 Goldcliff Res V 79 Goldcorp T 13079 Goldcorp* N 39704 Golden Arrow V 416 Golden Arrow* O 420 Golden Band* O 329 Golden Dawn Ml V 316 Golden Dawn Ml* O 43 Golden Goliath* O 150 Golden Goliath V 984 Golden Harp* O 0 Golden Harp V 21 Golden Hope V 38 Golden Hope* O 34 Golden Mnls* X 436 Golden Mnls T 14 Golden Peak Mn* O 25 337 Golden Peak Mn V Golden Pursuit V 125 Golden Queen T 147 Golden Queen* O 114 Golden Reign V 3423 Golden Ridge V 1604 Golden Secret V 246 Golden Share V 73 Golden Share* O 13 Golden Star T 190 Golden Star* X 1869 Golden Sun* O 2800 Golden Tag V 25 Golden Valley* O 112 Golden Valley V 147 Goldex Res* O 9 Goldex Res V 74 Goldgroup Mng* O 44 Goldgroup Mng T 139 GoldMining* O 666 GoldMining T 794 GoldON Res V 49 GoldON Res* O 3 Goldplay Expl* O 6 Goldplay Expl V 351 V 320 GoldQuest Mng Goldrea Res 170 Goldrea Res* O 11 Goldrich Mng* O 118 Goldsource Min* O 656 Goldsource Min V 1630 Goldstar Mnls V 43 Goldstream Mnl V 72 Goldstrike Res V 204 GoldTrain Res 172 Goliath Res V 700 Goliath Res* O 63 Gossan Res V 271 GoviEx Uranium* O 897 GoviEx Uranium V 3169 Gowest Gold* O 538 Gowest Gold V 5309 GPM Metals V 459 Gran Colombia* O 58 Gran Colombia T 385 Granada Gold V 425 Granada Gold* O 67 Grande Portage V 414 Grande Portage* O 3 Graphite Egy 86 Graphite Egy* O 473 Graphite One* O 202 Graphite One V 495 Gratomic V 5976 Gratomic* O 114 Gray Rock Res V 14 Great Atlantic V 851 806 Great Bear Res V Great Bear Res* O 216 Great Lakes Gr* O 106 366 Great Lakes Gr V Great Panther T 455 Great Panther* X 2423 V 445 Great Thunder Great Western* O 30 Greatbanks Res* O 0 Green Arrow V 90 Green River 168 Green Swan Cap V 111 0 Green Valley M V Greencastle Rs V 132 Greenland M&En* O 322 Greenshield Ex V 25 Grenville Gold 26 Grenville Gold* O 20 Grid Metals* O 520 Grid Metals V 985 Grizzly Discvr* O 143 Grizzly Discvr V 28 Grosvenor Res V 1 Group Eleven V 147 Group Ten Mtls* O 129 Group Ten Mtls V 1327 GrowMax Res* O 22 GrowMax Res V 296 GT Gold V 3819 GT Gold * O 215 GTA Res & Mng V 599 Guerrero Vents V 55 Guerrero Vents* O 3 Gungnir Res* O 285 Gungnir Res V 391 Gunpoint Expl V 77 Guyana Gldflds T 5614 Guyana Goldstr V 463 Guyana Goldstr* O 8 Handa Mining V 4 Handa Mining* O 4 Handeni Gold* O 11 Hannan Metals V 246 Hannan Metals* O 24 Happy Ck Mnrls V 96 Harfang Explor V 252 Harmony Gold* N 15472 Harte Gold* O 122 Harte Gold T 925 Harvest Gold* O 367 Harvest Gold V 871 O 23 Havilah Mining* Havilah Mining V 121 Hawkeye Gld&Di V 548 Heatherdale Rs V 33 Hecla Mining* N 37040 Helio Res V 109 Hellix Vent* O 50 Hemcare Health* O 5 Heron Res* O 1 Highbank Res V 334 Highland Copp V 193

0.28 0.25 0.26 - 0.01 0.87 0.25 0.15 0.13 0.13 - 0.01 0.25 0.11 7.72 7.48 7.64 - 0.22 11.68 7.35 0.35 0.30 0.31 - 0.02 0.45 0.20 0.23 0.23 0.23 unch 0.00 0.31 0.16 0.00 0.00 0.00 - 0.00 0.43 0.00 0.09 0.06 0.08 - 0.01 0.27 0.06 0.06 0.05 0.06 - 0.00 0.22 0.05 0.00 0.00 1.85 unch 0.00 5.77 1.78 0.01 0.01 0.01 unch 0.00 0.10 0.00 0.09 0.09 0.09 + 0.01 0.79 0.08 0.06 0.06 0.06 - 0.00 0.61 0.06 0.25 0.20 0.22 unch 0.00 0.28 0.20 0.19 0.19 0.19 unch 0.00 0.21 0.19 1.10 1.08 1.08 + 0.03 140.00 0.55 0.22 0.19 0.22 + 0.02 0.40 0.19 0.30 0.25 0.30 + 0.03 0.51 0.25 0.12 0.10 0.11 - 0.01 0.26 0.10 0.16 0.00 0.14 - 0.02 0.36 0.14 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.26 0.26 0.26 unch 0.00 0.26 0.12 0.35 0.30 0.30 - 0.02 0.38 0.07 0.33 0.33 0.33 unch 0.00 0.44 0.30 0.23 0.19 0.21 - 0.02 0.53 0.19 0.00 0.00 0.00 unch 0.00 0.01 0.00 2.60 2.60 2.60 unch 0.00 4.25 2.40 2.98 2.70 2.96 + 0.16 4.54 2.20 0.11 0.08 0.08 - 0.02 1.85 0.09 0.09 0.09 0.09 unch 0.00 1.33 0.09 0.05 0.00 0.05 + 0.03 0.13 0.01 2.50 2.17 2.28 - 0.19 3.72 2.05 3.31 2.84 3.00 - 0.26 4.80 2.50 4.11 3.80 3.92 - 0.18 7.33 3.66 0.12 0.10 0.10 - 0.01 0.35 0.10 0.10 0.10 0.10 unch 0.00 0.29 0.07 1.90 1.57 1.67 - 0.22 2.46 1.50 1.44 1.19 1.27 - 0.17 2.01 1.15 0.00 0.00 0.14 unch 0.00 0.21 0.13 0.06 0.05 0.06 + 0.01 0.41 0.04 0.08 0.07 0.07 + 0.01 0.52 0.06 12.60 11.71 12.46 + 0.30 19.32 11.00 9.59 8.83 9.44 + 0.25 15.55 8.42 0.26 0.23 0.25 unch 0.00 0.72 0.23 0.20 0.17 0.19 + 0.01 0.58 0.17 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.06 0.04 0.06 + 0.02 0.62 0.04 0.05 0.03 0.03 - 0.00 0.31 0.03 0.02 0.02 0.02 - 0.00 0.05 0.01 0.03 0.02 0.03 + 0.01 0.06 0.02 0.00 0.00 0.08 unch 0.00 0.10 0.08 0.17 0.00 0.17 unch 0.00 0.20 0.01 0.09 0.08 0.08 - 0.01 0.11 0.06 0.08 0.05 0.07 + 0.02 0.09 0.05 0.25 0.22 0.23 - 0.00 0.49 0.19 0.32 0.29 0.32 + 0.01 0.60 0.26 0.19 0.19 0.19 unch 0.00 0.41 0.15 0.29 0.24 0.26 - 0.01 0.56 0.16 0.11 0.11 0.11 unch 0.00 0.21 0.08 0.14 0.13 0.13 - 0.01 0.11 0.10 0.10 - 0.02 0.19 0.10 0.21 0.20 0.20 + 0.01 0.30 0.15 0.17 0.14 0.15 - 0.02 0.54 0.11 2.70 1.95 2.59 - 0.11 5.00 1.95 0.11 0.10 0.11 - 0.01 0.30 0.09 0.07 0.07 0.07 unch 0.00 0.20 0.07 4.22 3.35 4.22 + 0.25 5.85 3.35 3.22 2.52 3.22 + 0.20 4.60 2.52 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.06 0.05 0.06 + 0.01 0.08 0.03 0.19 0.19 0.19 - 0.01 0.25 0.16 0.26 0.25 0.25 unch 0.00 0.30 0.22 0.16 0.16 0.16 unch 0.00 1.96 0.14 0.23 0.16 0.23 + 0.03 2.56 0.16 0.04 0.03 0.03 - 0.01 0.07 0.03 0.06 0.05 0.05 - 0.01 0.09 0.05 0.61 0.55 0.61 + 0.03 1.21 0.55 0.80 0.73 0.80 + 0.04 1.54 0.73 0.17 0.00 0.14 - 0.04 0.20 0.12 0.10 0.09 0.10 + 0.01 0.13 0.09 0.20 0.16 0.20 + 0.04 0.17 0.16 0.28 0.24 0.25 unch 0.00 0.32 0.16 0.11 0.10 0.11 + 0.01 0.46 0.09 0.06 0.05 0.06 + 0.01 0.38 0.04 0.04 0.04 0.04 - 0.00 0.30 0.04 0.02 0.02 0.02 - 0.00 0.04 0.02 0.06 0.04 0.06 - 0.00 0.10 0.03 0.07 0.06 0.07 + 0.01 0.12 0.05 0.05 0.04 0.04 - 0.01 0.12 0.03 0.08 0.07 0.07 unch 0.00 0.18 0.04 0.18 0.13 0.14 - 0.05 0.25 0.09 0.20 0.00 0.15 - 0.01 0.40 0.15 0.10 0.08 0.08 - 0.02 0.33 0.08 0.08 0.06 0.06 - 0.01 0.21 0.06 0.07 0.05 0.07 unch 0.00 0.12 0.05 0.17 0.14 0.15 - 0.02 0.27 0.14 0.22 0.18 0.19 - 0.03 0.33 0.18 0.04 0.03 0.04 + 0.01 0.14 0.03 0.06 0.03 0.05 + 0.01 0.20 0.03 0.04 0.04 0.04 unch 0.00 0.08 0.04 2.05 1.77 2.05 + 0.30 2.62 1.39 2.71 2.31 2.71 + 0.33 3.45 1.80 0.19 0.16 0.17 + 0.01 0.42 0.12 0.12 0.00 0.12 + 0.00 0.33 0.10 0.19 0.15 0.18 + 0.02 0.34 0.14 0.13 0.13 0.13 + 0.01 0.25 0.11 0.08 0.06 0.06 - 0.01 1.76 0.06 0.06 0.04 0.04 - 0.02 1.56 0.04 0.04 0.03 0.04 - 0.00 0.09 0.03 0.05 0.05 0.05 unch 0.00 0.12 0.04 0.15 0.12 0.14 + 0.01 0.32 0.06 0.11 0.10 0.11 + 0.00 0.21 0.06 0.08 0.07 0.07 - 0.01 0.29 0.05 0.06 0.05 0.05 - 0.01 0.15 0.05 3.00 2.25 2.49 - 0.59 3.50 0.28 2.25 1.70 1.86 - 0.49 2.65 0.21 0.03 0.02 0.03 + 0.01 0.08 0.02 0.03 0.03 0.03 unch 0.00 0.08 0.03 0.83 0.70 0.77 unch 0.00 1.86 0.70 0.61 0.54 0.58 - 0.01 1.45 0.54 0.02 0.01 0.01 - 0.01 0.05 0.01 0.00 0.00 0.00 - 0.00 0.01 0.00 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.03 0.03 0.03 unch 0.00 0.19 0.02 0.06 0.06 0.06 + 0.01 0.09 0.03 0.03 0.03 0.03 - 0.01 0.09 0.03 0.00 0.00 0.30 unch 0.00 0.50 0.08 0.07 0.06 0.06 - 0.01 0.18 0.06 0.06 0.06 0.06 + 0.00 0.10 0.05 0.12 0.12 0.12 unch 0.00 0.15 0.09 0.60 0.44 0.60 + 0.15 0.70 0.12 0.07 0.07 0.07 unch 0.00 0.07 0.06 0.05 0.00 0.05 - 0.00 0.37 0.04 0.07 0.05 0.07 + 0.01 0.52 0.05 0.08 0.07 0.08 + 0.00 0.11 0.03 0.10 0.09 0.10 + 0.02 0.15 0.04 0.00 0.00 0.14 unch 0.00 0.20 0.14 0.12 0.11 0.12 - 0.01 0.40 0.11 0.12 0.10 0.12 + 0.01 0.23 0.10 0.16 0.14 0.14 - 0.01 0.28 0.14 0.08 0.06 0.06 - 0.02 0.13 0.06 0.09 0.09 0.09 - 0.01 0.19 0.08 1.90 1.52 1.66 - 0.21 2.15 0.41 1.42 1.17 1.27 - 0.14 1.62 0.31 0.02 0.02 0.02 unch 0.00 0.06 0.02 0.12 0.00 0.09 - 0.01 0.30 0.09 0.09 0.09 0.09 unch 0.00 0.09 0.09 0.08 0.06 0.07 + 0.00 0.29 0.06 0.10 0.09 0.09 - 0.01 0.39 0.09 0.50 0.40 0.46 - 0.04 0.55 0.16 1.60 1.36 1.39 - 0.21 5.42 1.29 0.29 0.27 0.28 - 0.01 0.39 0.19 0.22 0.21 0.21 - 0.00 0.28 0.14 0.00 0.00 0.08 unch 0.00 0.18 0.05 0.05 0.05 0.05 unch 0.00 0.12 0.04 0.04 0.04 0.04 unch 0.00 0.13 0.02 0.12 0.08 0.08 - 0.03 0.39 0.09 0.09 0.07 0.07 - 0.02 0.31 0.07 0.16 0.15 0.15 - 0.01 0.23 0.13 0.23 0.18 0.21 - 0.01 0.34 0.20 1.73 1.55 1.69 + 0.02 2.53 1.43 0.32 0.30 0.30 - 0.02 0.44 0.22 0.42 0.39 0.40 - 0.01 0.55 0.29 0.06 0.03 0.06 + 0.01 0.08 0.03 0.07 0.05 0.07 + 0.01 0.10 0.04 0.24 0.23 0.23 + 0.00 0.35 0.20 0.32 0.31 0.31 unch 0.00 0.69 0.25 0.06 0.05 0.05 - 0.01 0.12 0.04 0.03 0.00 0.02 unch 0.00 0.07 0.02 2.70 2.19 2.58 + 0.15 4.63 2.17 0.07 0.00 0.07 unch 0.00 0.50 0.07 0.01 0.01 0.01 unch 0.00 0.06 0.01 1.23 1.00 1.06 - 0.14 1.38 0.05 0.42 0.42 0.42 unch 0.00 0.80 0.37 0.02 0.02 0.02 unch 0.00 0.06 0.02 0.10 0.08 0.10 + 0.02 0.16 0.06

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Highland Copp* O 207 85 Highway 50 Gld V HiHo Silver 36 Hinterland Mtl V 61 Hochschild Mg* O 5 40 Honey Badger E* O Honey Badger E V 823 T 1379 Horizonte Mnls Hornby Bay Mnl* O 40 Hornby Bay Mnl V 115 HudBay Mnls* N 3209 HudBay Mnls T 9094 Hudson Res V 49 Hudson Res* O 8 Hunt Mng* O 51 Hunt Mng V 36 26 Hut 8 Mining* O Hut 8 Mining V 105 V 87 Hybrid Mineral Hycroft Mg* O 676

0.08 0.06 0.08 + 0.02 0.13 0.04 0.30 0.24 0.24 - 0.07 0.48 0.22 0.04 0.04 0.04 - 0.01 0.14 0.03 0.03 0.00 0.03 + 0.01 0.05 0.02 2.12 1.96 2.05 - 0.09 3.55 1.96 0.03 0.03 0.03 unch 0.00 0.16 0.03 0.04 0.04 0.04 unch 0.00 0.20 0.04 0.05 0.04 0.04 - 0.01 0.11 0.04 0.02 0.02 0.02 unch 0.00 0.07 0.00 0.04 0.03 0.03 - 0.01 0.08 0.00 5.25 4.79 5.07 + 0.11 10.25 3.44 6.90 6.33 6.64 + 0.10 12.65 4.51 0.45 0.43 0.43 unch 0.00 0.64 0.38 0.34 0.34 0.34 + 0.01 0.52 0.29 0.14 0.12 0.12 - 0.02 0.41 0.10 0.18 0.16 0.17 - 0.02 0.51 0.14 2.24 1.88 1.93 - 0.30 3.74 1.88 2.95 2.50 2.52 - 0.34 5.00 0.05 0.14 0.14 0.14 - 0.01 0.55 0.06 0.01 0.01 0.01 unch 0.00 0.07 0.01

I-Minerals V 28 I-Minerals* O 0 30388 IAMGOLD* N IAMGOLD T 8647 Iconic Mnls * O 170 Iconic Mnls V 992 IDM Mining* O 765 IDM Mining V 1381 IEMR Res V 70 iMetal Res V 1221 iMetal Res* O 540 IMPACT Silver V 511 Impala Platnm* O 1 Imperial Metal* O 210 Imperial Metal T 218 Imperial Mg Gr V 63 Inca One Gold* O 4 Inca One Gold V 302 Inception Mng * O 0 Independence G V 219 Independence G* O 45 Indico Res V 233 Indigo Expl V 487 Infinite Lith* O 59 Infinite Lith V 113 Inform Res V 3 Infrastructure* O 5 Inomin Mines V 85 Intact Gold V 217 Integra Res* O 105 Integra Res V 247 Inter-Rock Mnl V 65 Interconnect V 15 Intercontinent* O 2 Intercontinent V 5 Intgr Egy Sol* O 102 Intl Battery* O 559 Intl Battery 555 Intl Bethl Mng V 737 Intl Cobalt* O 30 Intl Cobalt 118 Intl Corona V 48 Intl Lithium* O 33 Intl Lithium V 444 Intl Montoro V 72 5 Intl Prospect * O Intl Prospect V 3 Intl Samuel Ex* O 1 Intl Samuel Ex V 459 Intl Star* O 100 Intl Tower Hil* X 709 Intl Tower Hil T 131 Intl Zeolite V 190 Intrepid Pots* N 3345 INV Metals* O 37 INV Metals T 190 Inventus Mg * O 100 Inventus Mg V 393 InZinc Mining V 1466 InZinc Mining* O 883 Ireland* O 281 Ironside Res V 122 Ironside Res * O 5 Irving Res 159 Irving Res* O 64 IsoEnergy Ltd V 346 Itafos* O 51 Itafos V 135 Itoco Mg Corp* O 5 Ivanhoe Mines* O 361 T 3470 Ivanhoe Mines Jade Leader* O 396 Jade Leader V 101 Jaeger Res * O 0 Jaeger Res V 10 Jaguar Mng* O 4 Jaguar Mng T 425 Japan Gold V 260 Japan Gold* O 114 Jasper Mng V 15 Jaxon Mining* O 75 Jaxon Mining V 1008 Jayden Res V 266 JDF Explor Inc 3 Jourdan Res V 869 Jubilee Metals* O 43 V 932 Juggernaut Exp Juggernaut Exp* O 163 Jupiter Gold* O 3 K2 Gold V 47 K92 Mng Inc* O 707 K92 Mng Inc V 1351 Kaizen Discov V 76 Kaizen Discvry* O 10 Kal Minerals 5 Kapuskasing Gd V 217 Karmin Expl V 143 Karnalyte Res T 233 Karoo Expl V 358 KAT Expl* O 3485 Katanga Mng T 6911 Kenadyr Mining V 396 Kenadyr Mining* O 4 Kermode Res V 200 Kerr Mines* O 280 Kerr Mines T 496 Kesselrun Res* O 0 Kesselrun Res V 375 Kestrel Gold V 172 Khan Res 93 Kilo Goldmines V 410 Kilo Goldmines* O 196 V 129 Kincora Copper Kincora Copper* O 5 Kings Bay Res V 2730 Kingsmen Res V 47 Kingsmen Res* O 95 Kinross Gold T 14492 Kinross Gold* N 78783 Kintavar Exp V 290 Kirkland Lake* N 5451 Kirkland Lake T 2384 Klondike Gold* O 96 Klondike Gold V 920 Klondike Silv* O 8 Klondike Silv V 138 Kombat Copper* O 5 Kombat Copper V 258 Komet Resource V 101 Kootenay Silvr* O 88 Kootenay Silvr V 299 Kootenay Zinc 39 Kootenay Zinc* O 31 Kore Mining V 518 Kutcho Copper * O 21 KWG Res* O 20 KWG Res 853

0.15 0.14 0.14 - 0.01 0.36 0.14 0.00 0.00 0.14 unch 0.00 0.28 0.12 3.30 2.75 3.21 + 0.08 6.52 2.75 4.33 3.64 4.22 + 0.09 8.20 3.64 0.09 0.08 0.08 - 0.02 0.28 0.04 0.13 0.11 0.13 + 0.01 0.43 0.04 0.05 0.03 0.03 - 0.01 0.10 0.03 0.06 0.04 0.05 - 0.01 0.12 0.05 0.02 0.02 0.02 + 0.01 0.05 0.02 0.13 0.10 0.11 - 0.03 0.18 0.05 0.09 0.08 0.09 - 0.00 0.12 0.05 0.27 0.25 0.26 - 0.01 0.56 0.25 1.82 1.82 1.82 unch 0.00 2.65 1.15 0.99 0.00 0.80 - 0.16 2.77 0.72 1.31 1.03 1.05 - 0.18 3.47 0.93 0.08 0.07 0.08 + 0.01 0.27 0.05 0.04 0.00 0.04 + 0.00 0.09 0.03 0.05 0.04 0.04 unch 0.00 0.11 0.04 0.12 0.00 0.12 - 0.07 0.33 0.05 0.05 0.00 0.05 - 0.01 0.14 0.04 0.04 0.04 0.04 unch 0.00 0.11 0.03 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.02 0.02 0.02 unch 0.00 0.04 0.02 0.11 0.11 0.11 - 0.01 0.34 0.08 0.15 0.13 0.15 unch 0.00 0.45 0.09 0.00 0.00 0.08 unch 0.00 0.31 0.08 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.05 0.05 0.05 unch 0.00 0.20 0.03 0.11 0.09 0.10 - 0.02 1.18 0.10 0.61 0.56 0.60 - 0.01 1.83 0.05 0.81 0.75 0.79 unch 0.00 1.40 0.75 0.24 0.20 0.20 - 0.03 0.59 0.20 0.07 0.07 0.07 unch 0.00 0.11 0.04 0.15 0.00 0.15 unch 0.00 0.47 0.12 0.20 0.20 0.20 unch 0.00 0.65 0.14 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.17 0.15 0.17 + 0.02 0.69 0.10 0.22 0.20 0.20 + 0.01 0.89 0.13 0.05 0.04 0.04 unch 0.00 0.17 0.03 0.06 0.04 0.06 + 0.00 0.31 0.04 0.07 0.00 0.07 unch 0.00 0.45 0.07 0.04 0.03 0.04 unch 0.00 0.08 0.03 0.06 0.04 0.04 - 0.01 0.18 0.04 0.08 0.06 0.07 - 0.01 0.23 0.06 0.05 0.05 0.05 - 0.01 0.08 0.04 0.10 0.10 0.10 unch 0.00 0.27 0.10 0.18 0.00 0.18 + 0.03 0.38 0.12 0.05 0.05 0.05 unch 0.00 0.10 0.05 0.06 0.00 0.05 unch 0.00 0.22 0.03 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.44 0.38 0.42 + 0.00 0.78 0.29 0.57 0.51 0.54 - 0.01 0.99 0.38 0.08 0.08 0.08 unch 0.00 0.50 0.05 4.31 3.68 3.81 - 0.47 5.31 3.12 0.32 0.32 0.32 + 0.00 0.61 0.26 0.44 0.42 0.44 + 0.02 0.85 0.35 0.09 0.09 0.09 unch 0.00 0.27 0.08 0.13 0.13 0.13 unch 0.00 0.34 0.11 0.06 0.04 0.05 - 0.01 0.24 0.04 0.04 0.03 0.04 - 0.01 0.19 0.03 0.13 0.00 0.09 - 0.04 0.20 0.05 0.14 0.14 0.14 unch 0.00 0.17 0.08 0.06 0.06 0.06 unch 0.00 0.12 0.06 1.24 1.13 1.21 - 0.01 1.52 0.66 0.94 0.86 0.92 - 0.01 1.22 0.52 0.43 0.37 0.39 - 0.04 0.73 0.26 0.95 0.00 0.95 - 0.07 2.25 0.88 1.32 0.00 1.12 - 0.14 2.90 1.10 0.21 0.00 0.20 - 0.01 0.60 0.02 2.06 1.83 2.00 + 0.07 3.78 1.53 2.73 2.43 2.61 + 0.07 4.82 2.00 0.23 0.21 0.23 unch 0.00 0.38 0.14 0.26 0.23 0.23 - 0.04 0.50 0.18 0.00 0.00 0.02 unch 0.00 0.03 0.02 0.03 0.00 0.03 unch 0.00 0.07 0.02 0.15 0.00 0.15 - 0.00 0.33 0.13 0.21 0.19 0.21 + 0.01 0.41 0.18 0.11 0.11 0.11 unch 0.00 0.35 0.07 0.09 0.09 0.09 + 0.00 0.28 0.06 0.15 0.15 0.15 unch 0.00 0.29 0.07 0.08 0.07 0.07 - 0.01 0.24 0.08 0.11 0.07 0.09 - 0.03 0.30 0.07 0.12 0.11 0.12 - 0.01 0.19 0.08 0.00 0.00 0.05 unch 0.00 0.15 0.01 0.04 0.04 0.04 unch 0.00 0.13 0.03 0.03 0.03 0.03 + 0.00 0.06 0.03 0.16 0.14 0.14 - 0.02 0.59 0.13 0.12 0.11 0.12 - 0.00 1.10 0.11 2.25 2.25 2.25 unch 0.00 2.25 2.00 0.20 0.19 0.20 + 0.01 0.33 0.17 0.65 0.54 0.56 - 0.05 0.79 0.31 0.84 0.72 0.74 - 0.07 1.04 0.41 0.07 0.06 0.07 - 0.01 0.14 0.05 0.05 0.05 0.05 unch 0.00 0.10 0.04 0.20 0.20 0.20 unch 0.00 0.20 0.20 0.02 0.02 0.02 + 0.01 0.04 0.01 0.88 0.66 0.68 - 0.19 1.19 0.62 0.26 0.20 0.20 - 0.06 0.61 0.20 0.08 0.06 0.07 - 0.01 1.10 0.06 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.56 0.36 0.56 + 0.09 2.83 0.36 0.08 0.08 0.08 - 0.01 0.21 0.08 0.06 0.05 0.06 + 0.00 0.16 0.05 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.11 0.09 0.10 - 0.01 0.28 0.09 0.14 0.12 0.14 unch 0.00 0.35 0.12 0.03 0.03 0.03 unch 0.00 0.13 0.03 0.05 0.05 0.05 unch 0.00 0.15 0.05 0.02 0.02 0.02 unch 0.00 0.07 0.02 0.07 0.06 0.06 - 0.01 0.18 0.05 0.03 0.02 0.02 unch 0.00 0.07 0.01 0.02 0.02 0.02 - 0.00 0.06 0.01 0.15 0.13 0.15 + 0.02 0.37 0.11 0.11 0.11 0.11 unch 0.00 0.28 0.10 0.06 0.04 0.04 - 0.02 0.16 0.03 0.37 0.32 0.32 - 0.04 0.38 0.10 0.27 0.27 0.27 unch 0.00 0.29 0.07 3.43 3.15 3.39 - 0.03 5.90 3.15 2.60 2.38 2.56 - 0.03 4.78 2.38 0.17 0.13 0.14 - 0.01 0.65 0.10 19.18 18.12 18.97 + 0.03 23.86 13.03 25.34 23.98 24.91 - 0.13 30.94 16.54 0.15 0.00 0.14 - 0.01 0.34 0.13 0.20 0.18 0.18 - 0.02 0.44 0.19 0.04 0.03 0.04 + 0.00 0.08 0.02 0.05 0.00 0.05 + 0.01 0.10 0.04 0.06 0.06 0.06 unch 0.00 0.27 0.06 0.09 0.07 0.07 - 0.02 0.45 0.08 0.23 0.20 0.20 - 0.03 0.48 0.16 0.09 0.00 0.08 - 0.00 0.20 0.08 0.12 0.11 0.12 unch 0.00 0.25 0.11 0.09 0.00 0.09 + 0.01 0.90 0.07 0.06 0.00 0.06 - 0.01 0.66 0.04 0.23 0.00 0.14 - 0.10 5.00 0.15 0.24 0.21 0.21 - 0.00 0.84 0.20 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.02 0.01 0.01 unch 0.00 0.02 0.01

La Imperial 13 Labdr Iron Mns* O 19 Labrador Gold V 241 Labrador Iron T 1500 Lara Expl V 34 Laramide Res T 1051 Laredo Res* O 1003 Largo Res T 10450 Largo Res* O 4460 Lateral Gold V 7 Latin Am Mnls V 244 Latin Am Mnls* O 75

0.07 0.07 0.07 unch 0.00 0.08 0.06 0.00 0.00 0.00 - 0.00 0.11 0.00 0.19 0.18 0.18 - 0.03 0.35 0.16 31.31 30.11 30.94 + 0.59 31.36 20.44 0.59 0.53 0.53 - 0.02 0.90 0.52 0.45 0.40 0.43 - 0.02 0.55 0.24 0.01 0.01 0.01 - 0.01 0.05 0.00 4.65 3.90 3.99 - 0.50 4.65 0.83 3.52 2.96 3.02 - 0.37 3.56 0.64 0.35 0.34 0.34 - 0.03 0.94 0.34 0.02 0.02 0.02 unch 0.00 0.15 0.02 0.02 0.01 0.02 + 0.00 0.11 0.01

I-J-K

L

(100s) Stock

Week

21

12-month

Exc Volume High Low Last Change High Low

Laurion Mnl Ex* O 80 386 Laurion Mnl Ex V 30 Le Mare Gold* O LeadFX Inc* O 0 Leading Edge V 242 Leading Edge* O 176 Leagold Mg* O 332 Leagold Mg T 1442 Leeta Gold V 3946 Leo Res* O 32 Lepanto Con Mg* O 139 Levon Res Ltd T 439 Levon Res Ltd * O 136 Libero Copper V 183 Liberty Gold* O 540 Liberty One Li V 137 Liberty One Li* O 402 LiCo Energy* O 52 LiCo Energy V 82 Lincoln Mng V 23 Lion One Mtls V 93 16 Lion One Mtls* O Lions Bay Cap V 482 0 Lions Gate Mtl* O Lithion Energy* O 30 Lithium Amer* N 533 Lithium Amer T 497 Lithium Chile V 129 Lithium Chile* O 212 Lithium Corp* O 139 Lithium Energi* O 26 Lithium Energi V 100 Lithium Energy V 40 Lithium Expl* O 5484 Lithoquest Dia V 236 Lithoquest Dia* O 20 LKA Gold* O 18 Lode-Star Mg* O 4 Lomiko Mtls* O 30 Lomiko Mtls V 556 Loncor Res* O 5 Loncor Res T 32 Lone Star Gold* O 560 Lonmin plc* O 15 Lonmin plc* O 10 Lorraine Coppr* O 73 Lorraine Coppr V 2932 Los Andes Copp V 32 LSC Lithium* O 56 Lucara Diam T 2382 Lucky Mnls * O 66 Lucky Mnls V 638 Luckystrike * O 104 Luckystrike V 713 Lumina Gold* O 33 Lumina Gold V 109 Luminex Res V 71 Lund Enterpr V 30 Lundin Gold T 165 Lundin Mng T 10332 Lupaka Gold V 85 Lydian Intl* O 106 Lydian Intl T 671 Lynas Corp* O 329 Lynas Corp* O 59

0.07 0.06 0.06 - 0.01 0.08 0.02 0.10 0.09 0.09 unch 0.00 0.11 0.02 0.01 0.01 0.01 - 0.03 0.63 0.00 0.00 0.00 0.77 unch 0.00 1.57 0.65 0.36 0.28 0.29 - 0.07 1.01 0.25 0.27 0.21 0.22 - 0.04 0.80 0.19 1.15 0.97 1.07 - 0.05 2.66 0.97 1.50 1.28 1.39 - 0.09 3.25 1.28 0.53 0.39 0.40 - 0.14 4.15 0.40 0.21 0.00 0.15 - 0.05 0.86 0.01 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.17 0.12 0.12 - 0.05 0.39 0.12 0.12 0.09 0.09 - 0.02 0.32 0.09 0.10 0.08 0.10 unch 0.00 0.15 0.07 0.27 0.22 0.23 - 0.03 0.42 0.24 0.14 0.12 0.13 unch 0.00 1.85 0.12 0.11 0.09 0.09 - 0.01 1.45 0.09 0.09 0.08 0.08 - 0.02 0.90 0.01 0.12 0.11 0.11 - 0.01 2.00 0.10 0.02 0.02 0.02 unch 0.00 0.05 0.01 0.47 0.44 0.44 - 0.01 0.76 0.41 0.34 0.33 0.34 + 0.01 0.62 0.31 0.06 0.04 0.05 - 0.01 0.25 0.04 0.06 0.06 0.06 unch 0.00 0.42 0.05 0.04 0.04 0.04 unch 0.00 0.11 0.03 4.30 3.86 4.07 - 0.22 10.95 3.04 5.66 5.10 5.37 - 0.33 14.06 4.00 0.62 0.55 0.58 - 0.05 1.35 0.55 0.48 0.39 0.44 - 0.04 0.97 0.39 0.16 0.12 0.12 - 0.03 0.62 0.11 0.21 0.19 0.19 - 0.02 0.68 0.18 0.29 0.26 0.27 unch 0.00 0.86 0.24 0.12 0.11 0.11 - 0.01 1.50 0.09 0.01 0.01 0.01 + 0.00 0.13 0.01 0.23 0.00 0.19 - 0.03 0.88 0.14 0.18 0.14 0.14 - 0.04 0.51 0.18 0.12 0.00 0.12 - 0.03 0.30 0.05 0.03 0.03 0.03 unch 0.00 0.05 0.02 0.04 0.03 0.03 - 0.01 0.24 0.03 0.06 0.00 0.05 - 0.02 0.31 0.04 0.06 0.06 0.06 unch 0.00 0.09 0.04 0.10 0.00 0.10 + 0.01 0.14 0.06 0.01 0.01 0.01 + 0.00 0.03 0.00 0.62 0.00 0.58 - 0.10 1.24 0.45 0.63 0.63 0.63 unch 0.00 0.90 0.53 0.12 0.08 0.11 + 0.02 0.12 0.01 0.16 0.11 0.15 + 0.03 0.19 0.07 0.25 0.24 0.24 - 0.02 0.39 0.20 0.35 0.32 0.35 + 0.02 1.31 0.24 2.18 1.98 2.01 - 0.19 2.91 1.97 0.11 0.10 0.10 - 0.00 0.16 0.06 0.16 0.14 0.14 unch 0.00 0.21 0.09 0.27 0.15 0.15 - 0.12 0.35 0.15 0.30 0.16 0.18 - 0.14 0.55 0.16 0.44 0.37 0.44 + 0.03 0.67 0.37 0.57 0.46 0.57 + 0.02 0.85 0.46 0.61 0.51 0.60 unch 0.00 1.05 0.51 0.13 0.13 0.13 unch 0.00 0.25 0.11 4.69 4.42 4.65 - 0.01 5.52 4.07 5.81 5.25 5.60 + 0.26 9.82 4.70 0.14 0.12 0.12 - 0.02 0.29 0.11 0.13 0.10 0.10 - 0.04 0.50 0.11 0.18 0.12 0.13 - 0.04 0.63 0.15 1.70 1.59 1.68 + 0.13 2.20 0.15 1.70 1.55 1.70 + 0.18 2.20 0.55

M M.P.V. Explor 15 0.08 0.08 0.08 unch 0.00 0.30 0.08 M2 Cobalt* O 3 0.19 0.19 0.19 unch 0.00 0.61 0.19 Macarthur Mnl* O 102 0.02 0.01 0.01 - 0.01 0.08 0.01 V 633 0.03 0.02 0.03 + 0.01 0.10 0.02 Macarthur Mnl MacDonald Mns* O 25 0.03 0.02 0.02 - 0.01 0.09 0.02 MacDonald Mns V 111 0.04 0.00 0.03 unch 0.00 0.14 0.03 MAG Silver T 1087 10.10 8.10 9.79 + 0.84 15.97 8.10 Magellan Gold* O 2151 0.03 0.02 0.02 + 0.00 0.06 0.01 unch 0.00 0.06 0.03 Magna Terra V 10 0.05 0.04 0.05 Magnitude Mng V 10 0.15 0.15 0.15 unch 0.00 0.30 0.14 Majestic Gold V 25 0.07 0.07 0.07 - 0.01 0.11 0.04 Majestic Gold* O 1 0.07 0.07 0.07 unch 0.00 0.08 0.03 Makena Res 84 0.05 0.00 0.05 unch 0.00 0.24 0.05 Mammoth Res V 62 0.03 0.03 0.03 unch 0.00 0.16 0.03 Manado Gold V 50 0.04 0.04 0.04 unch 0.00 0.24 0.04 Mandalay Res T 4831 0.07 0.05 0.06 - 0.01 0.31 0.05 Mandalay Res* O 415 0.06 0.03 0.06 - 0.00 0.24 0.03 Manganese X* O 7 0.15 0.11 0.11 - 0.04 0.21 0.09 Manganese X V 197 0.18 0.13 0.14 - 0.01 0.28 0.11 Mangazeya Mng V 319 0.05 0.04 0.05 + 0.01 0.05 0.02 Manitou Gold V 293 0.06 0.04 0.06 unch 0.00 0.19 0.04 Manitou Gold * O 6 0.05 0.04 0.05 + 0.00 0.15 0.03 Maple Gold V 916 0.12 0.10 0.10 - 0.02 0.34 0.09 Maple Gold* O 1219 0.09 0.08 0.08 - 0.01 0.27 0.07 Marathon Gold* O 205 0.58 0.49 0.52 - 0.06 1.03 0.49 Marathon Gold T 1051 0.78 0.65 0.70 - 0.08 1.28 0.65 Margaret Lake* O 2 0.02 0.02 0.02 unch 0.00 0.12 0.02 Margaret Lake V 146 0.05 0.00 0.04 - 0.02 0.16 0.03 Margaux Res V 325 0.05 0.05 0.05 + 0.01 0.35 0.04 Marifil Mines* O 65 0.09 0.07 0.08 - 0.00 0.17 0.01 Marifil Mines V 125 0.12 0.09 0.10 - 0.04 0.32 0.09 Maritime Res V 1186 0.09 0.08 0.08 - 0.01 0.14 0.07 Marlin Gold V 122 0.13 0.12 0.12 - 0.01 1.02 0.11 MartinMarietta* N 4253 190.33 179.91 188.97 + 4.68 241.33 150.75 Mas Gold V 170 0.07 0.06 0.06 unch 0.00 0.15 0.06 Mason Graphite* O 192 0.58 0.46 0.46 - 0.11 2.28 0.34 V 505 0.77 0.61 0.61 - 0.13 2.93 0.44 Mason Graphite Mason Res* O 361 0.31 0.29 0.31 + 0.01 0.31 0.11 Mason Res T 2211 0.40 0.40 0.40 unch 0.00 0.40 0.14 V 185 0.16 0.15 0.15 unch 0.00 0.30 0.15 Matachewan Con Matica Ent* O 88 0.10 0.08 0.09 - 0.01 0.64 0.08 Matica Ent 5046 0.14 0.11 0.12 - 0.01 0.81 0.11 Maudore Mnrls* O 0 0.00 0.00 0.00 unch 0.00 0.00 0.00 V 44 2.70 2.32 2.45 - 0.17 2.85 1.33 Maverix Metals Maverix Metals* O 23 1.94 0.00 1.85 - 0.12 2.10 1.03 Mawson Res T 121 0.27 0.23 0.24 - 0.02 0.63 0.23 0.17 Mawson Res* O 23 0.20 0.18 0.18 - 0.02 0.48 MaxTech Vent 240 0.19 0.15 0.15 - 0.01 0.60 0.10 MaxTech Vent* O 122 0.14 0.10 0.11 - 0.01 0.48 0.07 Maxwell Res* O 17 0.00 0.00 0.00 - 0.00 0.01 0.00 Maya Gold &Sil* O 13 1.75 1.53 1.70 - 0.16 2.35 1.10 Maya Gold &Sil T 148 2.35 2.03 2.30 - 0.13 3.02 1.36 V 52 0.06 0.06 0.06 unch 0.00 0.18 0.04 Mazarin MBMI Res* O 5 0.02 0.02 0.02 - 0.02 0.09 0.00 MBMI Res V 13 0.04 0.03 0.03 - 0.01 0.13 0.03 McChip Res V 3 0.82 0.82 0.82 unch 0.00 0.87 0.50 McEwen Mng T 605 2.51 2.24 2.37 - 0.12 3.28 2.24 N 13428 1.89 1.68 1.81 - 0.07 2.55 1.68 McEwen Mng* McLaren Res 330 0.04 0.02 0.04 + 0.01 0.19 0.02 MDN Inc* O 15 0.23 0.20 0.20 unch 0.00 0.28 0.13 Meadow Bay Gd 321 0.04 0.04 0.04 - 0.01 0.26 0.03 2 0.03 0.03 0.03 unch 0.00 0.28 0.03 Meadow Bay Gd* O Mechel* N 396 2.98 2.62 2.94 + 0.29 5.60 2.30 V 99 0.12 0.11 0.12 unch 0.00 0.19 0.08 Medallion Res Medallion Res* O 29 0.10 0.08 0.08 + 0.00 0.15 0.06 Medgold Res V 744 0.24 0.20 0.23 - 0.01 0.51 0.15 O 95 0.19 0.15 0.17 - 0.01 0.38 0.15 Medgold Res* Medinah Mnrls* O 3713 0.00 0.00 0.00 - 0.00 0.01 0.00 Mega Copper V 1 0.00 0.00 0.16 unch 0.00 0.18 0.16 Mega Uranium T 2378 0.13 0.12 0.13 - 0.01 0.24 0.11 Mega Uranium* O 331 0.10 0.09 0.10 + 0.00 0.19 0.08 Megastar Dev V 457 0.05 0.04 0.04 - 0.01 0.11 0.04 MegumaGold* O 25 0.09 0.09 0.09 unch 0.00 0.24 0.09 MegumaGold 134 0.20 0.12 0.20 + 0.04 0.30 0.12 Melior Res V 13 0.80 0.66 0.73 - 0.07 1.50 0.58 Melkior Res V 87 0.07 0.06 0.06 unch 0.00 0.11 0.04 Meridian Mg V 62 0.10 0.08 0.08 + 0.01 1.28 0.05 Meryllion Res 161 0.03 0.02 0.02 - 0.01 0.21 0.02 Meryllion Res* O 10 0.01 0.01 0.01 unch 0.00 0.07 0.01 MetalCorp V 130 0.02 0.02 0.02 unch 0.00 0.04 0.01 Metalex Vent V 345 0.04 0.03 0.04 + 0.01 0.10 0.02 Metalla Rylty* O 650 0.62 0.58 0.62 + 0.03 0.71 0.42 Metalla Rylty V 499 0.82 0.76 0.81 + 0.04 0.88 0.62 Metallic Mnrls* O 52 0.17 0.13 0.15 - 0.01 0.40 0.13 Metallic Mnrls V 922 0.21 0.18 0.20 - 0.01 0.50 0.18 Metallica Min* O 10 0.02 0.02 0.02 unch 0.00 0.05 0.02 Metallis Res V 204 0.77 0.63 0.65 - 0.04 2.49 0.49 Metalo Manuf 24 0.45 0.19 0.19 - 0.21 0.57 0.15 Metalo Manuf* O 3 0.31 0.31 0.31 unch 0.00 0.31 0.30 Metalore Res V 1 1.80 1.80 1.80 unch 0.00 3.14 1.77 Metals Creek* O 193 0.04 0.03 0.03 - 0.00 0.08 0.03 Metals Creek V 1262 0.06 0.04 0.04 unch 0.00 0.11 0.04 Metals X* O 165 0.32 0.31 0.31 - 0.02 0.96 0.30 Metron Capital V 19 0.06 0.06 0.06 unch 0.00 0.08 0.05 Mexican Gold* O 16 0.14 0.13 0.14 - 0.00 0.34 0.12 Mexivada Mng* O 20 0.00 0.00 0.00 unch 0.00 0.00 0.00 Mexus Gold* O 896 0.01 0.01 0.01 - 0.00 0.07 0.01 Mezzotin Mnrls V 373 0.01 0.01 0.01 unch 0.00 0.04 0.01 MGX Minerals 1154 0.72 0.59 0.69 + 0.08 1.96 0.49 MGX Minerals* O 552 0.55 0.44 0.53 + 0.07 1.58 0.37 Midas Gold T 937 0.69 0.61 0.69 + 0.06 1.21 0.55 Midas Gold* O 1227 0.52 0.46 0.52 + 0.04 0.95 0.42 Midasco Cap V 20 0.11 0.10 0.10 unch 0.00 0.15 0.07 Midland Expl V 153 1.00 0.88 0.94 - 0.02 1.41 0.66 Midnight Star 86 0.40 0.32 0.32 + 0.02 0.40 0.11 Midnight Sun V 1470 0.16 0.10 0.13 + 0.02 0.48 0.10 Millennial Lit* O 11 1.21 1.14 1.19 - 0.02 3.87 1.07

2018-11-20 5:41 PM

22

WWW.NORTHERNMINER.COM

NOVEMBER 26–DECEMBER 9, 2018 / THE NORTHERN MINER

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

Week

12-month

Exc Volume High Low Last Change High Low

Millennial Lit V 183 Millrock Res* O 188 Millrock Res V 309 2 Milner Con Slv V Minaurum Gold V 572 O 265 Minaurum Gold* Minco Silver T 68 Minco Silver* O 36 0 Minecorp Egy * O Minera Alamos * O 137 V 2083 Minera Alamos Minera IRL 261 Mineral Hill V 103 Mineral Mtn V 286 Mineral Mtn* O 100 44010 MineralRite* O Mineworx Tech V 817 Mineworx Tech* O 311 V 99 Minfocus Expl Minfocus Expl* O 0 Mining Global* O 6433 Minnova Corp V 97 Minsud Res V 28 Miramont Res* O 4 Miramont Res 57 Miranda Gold V 4492 Mirasol Res V 111 Mistango River 100 MK2 Ventures V 20 MK2 Ventures * O 0 Mkango Res V 58 ML Gold* O 100 ML Gold Corp V 1620 Monarca Mnrls* O 11 Monarca Mnrls V 176 Monarques Res T 536 Monarques Res* O 103 Moneta Porcpn* O 103 Moneta Porcpn T 1931 Monitor Vent V 49 Monitor Vent* O 54 Monster Uran* O 0 Monster Uran V 0 Montan Mg V 434 Montego Res 100 Montero Mg&Ex * O 10 Montero Mg&Ex V 27 Monument Mng V 994 Morien Res V 18 Morien Res* O 4 Morumbi Res* O 17 Morumbi Res T 297 Mosaic* N 23414 Mountain Boy V 93 Mountain Boy* O 2 Mountain Prov* D 605 Mountain Prov T 3051 Mundoro Cap* O 175 Mundoro Cap V 779 Murchison Min V 241 MX Gold* O 127

1.64 1.46 1.58 - 0.01 4.80 1.38 0.11 0.09 0.10 + 0.01 0.31 0.08 0.15 0.12 0.14 + 0.01 0.40 0.12 0.06 0.06 0.06 unch 0.00 0.11 0.03 0.53 0.47 0.53 + 0.05 0.67 0.21 0.41 0.35 0.40 + 0.02 0.52 0.16 0.48 0.43 0.45 - 0.04 0.98 0.42 0.37 0.33 0.34 - 0.03 0.77 0.33 0.00 0.00 0.04 unch 0.00 0.07 0.04 0.09 0.08 0.08 - 0.01 0.16 0.07 0.11 0.10 0.11 unch 0.00 0.20 0.10 0.07 0.06 0.06 unch 0.00 0.14 0.05 0.14 0.10 0.12 - 0.03 0.30 0.10 0.12 0.10 0.12 - 0.01 0.74 0.07 0.10 0.09 0.09 - 0.01 0.60 0.05 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.16 0.14 0.15 - 0.01 0.40 0.11 0.12 0.11 0.11 - 0.00 0.33 0.08 0.05 0.05 0.05 - 0.01 0.42 0.04 0.00 0.00 0.03 unch 0.00 0.04 0.03 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.49 0.43 0.48 + 0.01 0.93 0.43 0.05 0.05 0.05 unch 0.00 0.21 0.05 0.12 0.12 0.12 unch 0.00 0.33 0.12 0.16 0.14 0.15 - 0.01 0.65 0.13 0.02 0.01 0.02 unch 0.00 0.06 0.01 1.10 1.00 1.01 - 0.06 2.60 0.99 0.03 0.03 0.03 unch 0.00 0.07 0.01 0.21 0.00 0.21 + 0.01 0.39 0.14 0.00 0.00 0.13 unch 0.00 0.13 0.12 0.16 0.16 0.16 unch 0.00 0.24 0.10 0.03 0.03 0.03 unch 0.00 0.26 0.03 0.04 0.04 0.04 unch 0.00 0.32 0.03 0.03 0.03 0.03 unch 0.00 0.09 0.02 0.04 0.03 0.03 - 0.01 0.11 0.03 0.29 0.19 0.23 + 0.03 0.42 0.15 0.22 0.14 0.18 + 0.02 0.35 0.11 0.07 0.06 0.07 + 0.01 0.16 0.06 0.09 0.08 0.08 unch 0.00 0.50 0.32 0.44 + 0.04 0.50 0.16 0.37 0.24 0.33 + 0.03 0.37 0.12 0.00 0.00 0.04 unch 0.00 0.06 0.02 0.00 0.00 0.15 unch 0.00 1.15 0.13 0.05 0.04 0.05 unch 0.00 0.11 0.03 0.13 0.00 0.13 + 0.01 0.55 0.07 0.08 0.08 0.08 unch 0.00 0.38 0.08 0.11 0.09 0.10 unch 0.00 0.49 0.09 0.06 0.05 0.05 - 0.01 0.09 0.05 0.54 0.00 0.54 + 0.03 0.77 0.46 0.37 0.37 0.37 - 0.01 0.60 0.37 0.45 0.43 0.45 - 0.00 0.96 0.39 0.67 0.55 0.59 - 0.01 1.23 0.50 36.85 35.02 36.67 + 0.04 37.37 22.43 0.25 0.18 0.24 + 0.02 0.53 0.18 0.18 0.00 0.18 + 0.14 0.08 0.03 1.59 1.22 1.26 - 0.47 3.00 1.22 1.95 1.61 1.64 - 0.27 3.84 1.61 0.16 0.14 0.15 + 0.01 0.17 0.06 0.21 0.16 0.19 - 0.01 0.22 0.09 0.10 0.00 0.09 unch 0.00 0.25 0.08 0.01 0.00 0.00 - 0.00 0.12 0.00

NA Frac Sand* O 100 NACCO Ind* N 29 Namibia Crit V 59 Namibia Crit* O 71 Napier Vent V 5 Napier Vent* O 5 Natural Res Pt* N 178 Nautilus Mnrls T 565 Nautilus Mnrls* O 816 Navis Res Corp 1 Navy Res V 308 Nemaska Lith T 6116 Nemaska Lith* O 541 Neo Lithium V 901 Neometals* O 59 Network Expl* O 5 Network Expl V 51 Nevada Canyon* O 6 Nevada Clean M* O 636 Nevada Clean M V 909 Nevada Copper T 1011 Nevada Energy* O 2 Nevada Energy V 38 Nevada Expl * O 214 Nevada Expl V 266 Nevada Sunrise* O 1044 Nevada Sunrise V 499 Nevada Zinc V 27 Nevado Res V 300 Nevsun Res* X 1460 Nevsun Res T 4052 New Age Metals V 2222 New Age Metals* O 282 New Carolin Gd* O 58 New Carolin Gd V 454 New Destiny Mg V 40 New Dimen Res V 473 New Dimen Res* O 57 New Egy Min* O 27 New Energy Met* O 3 New Energy Met V 188 New Gold* X 16945 New Gold T 5405 New Guinea Gld* O 100 New Jersey Mng* O 141 New Milln Iron* O 66 New Milln Iron T 399 New Nadina V 330 New Nadina* O 1 New Oroperu V 12 New Pac Metals V 11 New Pac Metals* O 6 New Tech Lith* O 121 New Tech Lith 1440 New World Res V 43 New World Res* O 357 Newlox Gold 90 Newmac Res V 6 Newmont Mng* N 28857 Newport Expl V 291 NewRange Gold* O 54 NewRange Gold V 345 Nexa Resources T 7 Nexa Resources* N 223 Nexco Res 14 Nexgen Energy T 9086 Nexgen Energy* X 1850 NextSource Mat T 934 Nexus Gold* O 39 Nexus Gold V 304 NGEx Res* O 5 NGEx Res T 215 Nickel Creek T 833 Nickel Creek* O 1260 Nickel North V 344 Nickel One Res V 195 Nicola Mg Inc V 313 Nicola Mg Inc* O 14 Nighthawk Gold* O 46 Nighthawk Gold T 290 Niobay Metals V 84 Niocan Inc V 23 Niocorp Dev T 378 Niocorp Dev* O 530 Nippon Dragon V 214 Nippon Dragon* O 15 Nitinat Mnls* O 0 Nitinat Mnls V 1 NKWE Platinum* O 2 Noble Metal Gr V 143 Noble Mnl Expl* O 5 Noble Mnl Expl V 343 Noka Res* O 749 Noram Vent V 318 Noram Vent* O 49 Noranda Alum* O 35 Noront Res V 1023 Norsemont Cap 3 Nortec Mnls V 358 North Am Nickl V 201 North Am Nickl* O 55 North Am Pall T 61 North Am Pall* O 29 North Arrow Mn* O 84

0.01 0.01 0.01 unch 0.00 0.02 0.01 35.90 32.64 34.55 - 0.73 48.85 28.77 0.20 0.17 0.19 - 0.02 0.46 0.07 0.17 0.12 0.15 + 0.00 2.77 0.07 0.26 0.25 0.25 unch 0.00 0.51 0.25 0.23 0.20 0.23 + 0.03 0.40 0.20 34.15 31.87 34.00 + 0.35 37.70 24.06 0.09 0.07 0.08 - 0.01 0.39 0.07 0.07 0.06 0.06 + 0.00 0.31 0.05 0.30 0.00 0.30 + 0.04 0.95 0.23 0.17 0.16 0.17 + 0.01 0.32 0.15 0.84 0.78 0.80 - 0.04 2.44 0.60 0.64 0.59 0.63 - 0.01 1.96 0.46 1.13 0.99 1.01 - 0.12 2.75 0.91 0.26 0.16 0.17 - 0.09 0.80 0.10 0.27 0.00 0.27 + 0.00 0.39 0.21 0.35 0.00 0.35 unch 0.00 0.48 0.28 0.04 0.04 0.04 unch 0.00 0.22 0.04 0.04 0.03 0.04 + 0.01 0.05 0.02 0.06 0.05 0.05 unch 0.00 0.06 0.03 0.42 0.35 0.39 unch 0.00 0.84 0.35 0.12 0.12 0.12 - 0.00 0.32 0.07 0.19 0.16 0.16 - 0.02 0.41 0.15 0.35 0.29 0.34 + 0.00 0.39 0.09 0.45 0.37 0.44 unch 0.00 0.50 0.12 0.11 0.08 0.10 + 0.03 0.19 0.04 0.14 0.10 0.14 + 0.04 0.25 0.06 0.14 0.12 0.12 - 0.01 0.25 0.12 0.01 0.01 0.01 unch 0.00 0.05 0.01 4.49 4.41 4.46 - 0.02 4.53 2.00 5.91 5.85 5.88 - 0.01 5.91 2.50 0.06 0.05 0.06 unch 0.00 0.19 0.05 0.05 0.04 0.05 + 0.00 0.15 0.03 0.18 0.12 0.15 - 0.02 0.58 0.11 0.23 0.18 0.19 - 0.04 0.77 0.15 0.16 0.15 0.15 - 0.02 0.35 0.10 0.06 0.05 0.06 - 0.01 0.30 0.06 0.05 0.05 0.05 unch 0.00 0.22 0.04 0.04 0.00 0.00 - 0.04 0.05 0.04 0.06 0.00 0.06 - 0.00 0.60 0.04 0.08 0.00 0.07 - 0.02 0.90 0.05 0.94 0.80 0.91 + 0.09 3.56 0.70 1.23 1.05 1.22 + 0.13 4.45 0.90 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.17 0.15 0.16 - 0.01 0.25 0.12 0.04 0.04 0.04 + 0.00 0.10 0.04 0.06 0.00 0.05 unch 0.00 0.13 0.05 0.10 0.08 0.10 + 0.01 4.03 0.08 0.07 0.07 0.07 unch 0.00 3.12 0.07 0.33 0.00 0.32 unch 0.00 0.53 0.27 1.46 1.38 1.38 - 0.08 1.70 1.21 1.10 1.04 1.04 - 0.06 1.29 0.97 0.04 0.02 0.04 + 0.02 0.13 0.02 0.05 0.04 0.04 + 0.01 0.17 0.03 0.18 0.18 0.18 unch 0.00 0.30 0.10 0.20 0.20 0.20 unch 0.00 0.20 0.18 0.03 0.03 0.03 unch 0.00 0.08 0.03 0.10 0.10 0.10 unch 0.00 0.10 0.06 33.65 30.93 33.32 + 1.30 42.04 29.06 0.25 0.23 0.25 - 0.02 0.38 0.22 0.17 0.15 0.15 - 0.02 0.34 0.05 0.22 0.17 0.17 - 0.05 0.39 0.07 17.24 16.14 16.65 - 0.42 26.70 13.90 12.96 12.06 12.64 - 0.28 21.61 10.52 0.11 0.11 0.11 unch 0.00 0.50 0.11 2.98 2.70 2.82 - 0.16 3.58 2.12 2.30 2.04 2.13 - 0.15 2.85 1.65 0.10 0.09 0.10 unch 0.00 0.22 0.05 0.09 0.08 0.08 - 0.01 0.29 0.02 0.13 0.11 0.11 - 0.02 0.70 0.11 0.77 0.76 0.76 + 0.00 1.10 0.75 1.01 1.00 1.00 unch 0.00 1.49 0.91 0.10 0.08 0.09 - 0.02 0.35 0.08 0.08 0.06 0.07 - 0.00 0.30 0.06 0.03 0.02 0.03 + 0.01 0.07 0.02 0.03 0.02 0.02 unch 0.00 0.13 0.02 0.12 0.00 0.11 unch 0.00 0.21 0.09 0.08 0.08 0.08 - 0.00 0.16 0.07 0.30 0.28 0.28 - 0.02 0.63 0.22 0.40 0.38 0.38 - 0.02 0.76 0.30 0.29 0.23 0.29 + 0.02 0.43 0.15 0.17 0.14 0.14 - 0.03 0.33 0.06 0.59 0.52 0.53 - 0.03 0.78 0.37 0.45 0.40 0.40 - 0.03 0.62 0.29 0.02 0.02 0.02 unch 0.00 0.07 0.02 0.01 0.01 0.01 unch 0.00 0.05 0.01 0.00 0.00 0.05 unch 0.00 0.36 0.03 0.00 0.00 0.07 unch 0.00 0.51 0.04 0.06 0.06 0.06 unch 0.00 2.04 0.02 0.01 0.01 0.01 - 0.01 0.04 0.01 0.08 0.08 0.08 unch 0.00 0.13 0.04 0.13 0.10 0.11 - 0.01 0.17 0.06 0.21 0.18 0.20 + 0.00 0.71 0.17 0.29 0.26 0.29 + 0.04 0.80 0.12 0.22 0.19 0.19 - 0.03 0.64 0.09 0.03 0.03 0.03 - 0.00 0.17 0.01 0.29 0.27 0.28 unch 0.00 0.45 0.27 0.38 0.38 0.38 unch 0.00 0.47 0.32 0.06 0.05 0.05 - 0.01 0.18 0.04 0.05 0.04 0.05 unch 0.00 0.10 0.05 0.04 0.03 0.03 - 0.00 0.08 0.03 12.55 10.75 12.55 + 1.70 11.98 6.99 9.53 8.12 9.53 + 1.37 9.38 5.48 0.09 0.08 0.08 - 0.05 0.20 0.08

N-O

20-22_NOV26_StockTables.indd 22

(100s) Stock

Week

(100s) Stock

12-month

Exc Volume High Low Last Change High Low

North Arrow Mn V 187 North Bay Res * O 11801 Northcliff Res T 167 Northern Light 118 V 1041 Northern Uran Northisle C&G V 336 Norvista Cap V 221 NorZinc T 381 NorZinc* O 117 Nouveau Monde V 935 Nouveau Monde* O 47 T 900 NovaGold Res X 6231 NovaGold Res* Novo Res* O 802 Novo Res V 950 NQ Minerals Pl* O 400 NRG Metals* O 584 NRG Metals V 409 Nrthn Graphite V 49 Nrthn Graphite* O 114 70 Nrthn Mnrls &E* O Nrthn Shield V 21692 Nrthn Superior* O 17 Nrthn Superior V 1385 Nrthn Vertex* O 77 Nrthn Vertex V 274 NSGold V 8 NSS Res Inc 162 Nthn Dynasty* X 5486 Nthn Dynasty T 1520 Nthrn Sphere* O 190 Nthrn Sphere 216 Nubian Res V 50 NuLegacy Gold V 735 NuLegacy Gold* O 695 Nutrien T 5620 Nutrien* N 6376 NV Gold* O 46 NV Gold V 184 NX Uranium* O 225 NxGold Ltd* O 455 NxGold Ltd V 1791 Nyrstar NV* O 6 O.T. Mining* O 52 OceanaGold* O 3 OceanaGold T 9614 Oceanic Iron O V 139 20 Oceanic Iron O* O Oceanus Res V 235 Odyssey Res V 15 OK2 Minerals V 6440 Olivut Res V 14 Olivut Res* O 18 Omineca Mg &Ml V 7 One World Lith 231 Opawica Expl* O 0 Opawica Expl V 0 Opus One Res V 133 Orbite Tech* O 93 Orca Gold V 342 Orca Gold* O 138 Orefinders Res V 271 Orestone Mng V 329 Orex Mnrls* O 15 Orex Mnrls V 181 O 243 Orezone Gold* Orezone Gold V 552 Orford Mining V 5 Organic Potash 86 OrganiMax V 64 OrganiMax* O 1 Origin Gold V 53 O 3 Original Sixtn* Orla Mng Ltd T 155 Orla Mng Ltd* O 45 Oro East Mg* O 220 Oroco Res V 517 Oroco Res* O 70 Orocobre T 362 Oronova Energy* O 150 Oronova Energy V 359 Oroplata Res* O 966 Orosur Mng T 62 Orsu Metals V 40 Orsu Metals* O 25 Orvana Mnrls T 237 Orvana Mnrls* O 103 Osino Res V 77 Osisko Gold* N 2398 Osisko Gold T 1386 Osisko Metals* O 87 Osisko Metals V 131 Osisko Mng Inc T 2659 Osprey Gold V 1116 Otis Gold V 391 Otis Gold* O 217 OZ Minerals* O 1

0.13 0.11 0.11 - 0.02 0.26 0.11 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.07 0.07 0.07 - 0.01 0.16 0.07 0.11 0.06 0.09 unch 0.00 0.15 0.06 0.01 0.01 0.01 - 0.01 0.03 0.01 0.10 0.08 0.09 - 0.01 0.21 0.09 0.10 0.08 0.09 - 0.02 0.15 0.08 0.09 0.08 0.08 - 0.01 0.18 0.08 0.07 0.06 0.06 - 0.00 0.15 0.06 0.31 0.29 0.30 - 0.01 0.50 0.25 0.23 0.22 0.22 - 0.01 0.39 0.18 5.21 4.90 5.11 - 0.07 6.47 4.33 3.96 3.70 3.88 - 0.02 5.05 3.35 1.75 1.42 1.73 + 0.15 6.14 1.42 2.29 1.89 2.28 + 0.18 7.85 1.89 0.00 0.00 0.27 unch 0.00 0.27 0.17 0.11 0.09 0.10 - 0.00 0.49 0.07 0.14 0.12 0.13 - 0.01 0.62 0.10 0.26 0.00 0.23 - 0.03 0.58 0.21 0.21 0.17 0.18 - 0.02 0.45 0.16 0.04 0.02 0.02 - 0.03 0.10 0.02 0.09 0.03 0.07 + 0.03 0.09 0.02 0.03 0.02 0.03 + 0.01 0.04 0.02 0.04 0.03 0.03 - 0.01 0.05 0.02 0.22 0.20 0.21 - 0.00 0.58 0.20 0.29 0.26 0.26 - 0.03 0.70 0.26 0.09 0.00 0.09 unch 0.00 0.14 0.02 0.22 0.20 0.22 + 0.02 1.39 0.08 0.72 0.64 0.68 + 0.02 2.30 0.43 0.98 0.86 0.90 + 0.04 2.99 0.55 0.04 0.04 0.04 - 0.00 0.15 0.03 0.05 0.04 0.05 unch 0.00 0.45 0.04 0.11 0.11 0.11 unch 0.00 0.34 0.09 0.17 0.14 0.14 - 0.03 0.22 0.13 0.13 0.10 0.10 - 0.03 0.17 0.10 74.27 68.88 70.69 - 3.39 76.17 55.27 56.16 52.04 53.75 - 2.40 58.99 40.41 0.08 0.05 0.07 + 0.00 0.92 0.05 0.10 0.07 0.10 + 0.02 1.22 0.07 0.06 0.03 0.03 - 0.02 0.06 0.01 0.06 0.00 0.06 - 0.01 0.25 0.06 0.10 0.07 0.08 - 0.02 0.40 0.07 1.69 1.69 1.69 unch 0.00 8.21 1.69 0.12 0.08 0.12 unch 0.00 0.24 0.04 2.77 0.00 2.76 - 0.01 3.08 2.23 3.83 3.59 3.80 + 0.09 4.19 2.92 0.06 0.05 0.06 + 0.01 0.16 0.05 0.03 0.03 0.03 unch 0.00 0.10 0.03 0.14 0.12 0.12 - 0.02 0.36 0.12 0.03 0.03 0.03 unch 0.00 0.07 0.03 0.02 0.02 0.02 unch 0.00 0.09 0.02 0.11 0.09 0.09 - 0.02 0.20 0.07 0.07 0.06 0.07 - 0.00 0.15 0.05 0.03 0.00 0.03 unch 0.00 0.05 0.03 0.15 0.14 0.14 - 0.01 0.20 0.10 0.00 0.00 0.04 unch 0.00 0.08 0.04 0.00 0.00 0.04 unch 0.00 0.25 0.04 0.03 0.03 0.03 unch 0.00 0.10 0.03 0.03 0.01 0.01 + 0.00 0.06 0.00 0.46 0.40 0.43 - 0.02 0.78 0.40 0.34 0.30 0.31 - 0.04 0.63 0.30 0.06 0.05 0.05 unch 0.00 0.17 0.05 0.14 0.12 0.13 + 0.01 0.17 0.06 0.08 0.08 0.08 unch 0.00 0.15 0.05 0.11 0.09 0.09 unch 0.00 0.18 0.08 0.46 0.39 0.42 - 0.03 0.82 0.39 0.61 0.52 0.56 - 0.04 1.02 0.52 0.25 0.25 0.25 unch 0.00 0.44 0.16 0.04 0.03 0.03 - 0.01 0.08 0.02 0.09 0.00 0.09 unch 0.00 0.32 0.07 0.08 0.08 0.08 unch 0.00 0.20 0.06 0.09 0.08 0.09 unch 0.00 0.19 0.08 0.07 0.07 0.07 unch 0.00 0.20 0.06 1.37 1.22 1.29 - 0.04 1.85 1.08 1.07 0.00 1.07 + 0.00 1.48 0.83 0.00 0.00 0.00 + 0.00 0.01 0.00 0.23 0.20 0.20 - 0.03 0.31 0.02 0.18 0.16 0.16 - 0.02 0.24 0.03 4.46 4.05 4.38 + 0.36 7.36 3.06 0.10 0.08 0.08 - 0.02 0.10 0.10 0.16 0.11 0.11 + 0.01 0.22 0.06 0.23 0.18 0.19 - 0.04 0.42 0.06 0.13 0.11 0.11 - 0.03 0.25 0.02 0.25 0.00 0.24 + 0.05 0.28 0.14 0.19 0.18 0.19 unch 0.00 0.22 0.12 0.15 0.13 0.15 unch 0.00 0.28 0.13 0.12 0.10 0.11 - 0.01 0.23 0.10 0.29 0.23 0.23 - 0.05 0.64 0.20 7.67 7.00 7.60 + 0.21 12.26 7.00 10.09 9.27 9.99 + 0.22 15.65 9.27 0.45 0.40 0.40 - 0.05 0.72 0.39 0.59 0.53 0.54 - 0.04 1.10 0.51 2.62 2.19 2.48 - 0.16 3.86 1.60 0.05 0.04 0.05 unch 0.00 0.11 0.04 0.15 0.13 0.15 unch 0.00 0.32 0.13 0.11 0.00 0.10 - 0.01 0.25 0.09 6.58 6.58 6.58 - 0.05 8.02 5.90

Pac Bay Mnrls V 125 Pac Booker Min* O 20 Pac Booker Min V 27 Pac Imperial V 390 Pac Ridge Expl V 47 Pac Ridge Expl* O 38 Pac Wildcat* O 5 Pacific Empire V 456 Pacific Rim* O 38 Pacific Rim 503 Pacific Silk V 5 Pacton Gold V 1544 Paladin Energy* O 237 Palamina Corp* O 8 V 39 Palamina Corp Pan Am Silver* D 16936 Pan Am Silver T 2842 Pan Andean Min V 137 Pan Global Res V 363 Pancontinental V 66 Pancontinental* O 65 Panex Res* O 150 Pangolin Dia V 349 Panoro Mnrls V 198 V 239 Pantheon Vent Para Resources V 117 Parallel Mng V 165 Parallel Mng * O 165 Paramount Gold* X 99 Paringa Res* O 83 Parlane Res V 112 Pasinex Res 237 Patriot Gold* O 9 Peabody Enrgy* N 4701 Pelangio Expl* O 7 Pelangio Expl V 41 Pele Mtn Res* O 15 Peloton Mnrls 18 Peloton Mnrls* O 24 PepinNini Lith* O 100 Perseus Mng T 208 Pershing Gold T 88 Pershing Gold* D 825 Pershing Res* O 345 Peruvian Metal* O 1983 Peruvian Metal V 1061 Petra Diamonds* O 2 Philex Mng* O 8 Philippine Mtl* O 250 Philippine Mtl V 21 Pine Cliff En* O 463 Pine Cliff En T 1684 Pinecrest Res * O 0 Pinecrest Res V 23 Pistol Bay Mng* O 2 Pistol Bay Mng V 351 Pivit Explor 146 PJSC Polyus Gd* O 0 PJX Res V 55 Plata Latina V 43 Plate Res V 47 Plateau Energy V 202 Plateau Energy* O 128 Platinex Inc 111 Platinum Gp Mt* X 4006 Platinum Gp Mt T 426 Plato Gold V 81 Playfair Mng V 978

0.04 0.04 0.04 unch 0.00 0.06 0.02 0.74 0.61 0.74 + 0.13 1.10 0.50 0.97 0.91 0.91 - 0.06 1.35 0.65 0.03 0.03 0.03 unch 0.00 0.07 0.02 0.05 0.05 0.05 + 0.01 0.07 0.04 0.03 0.03 0.03 - 0.00 0.06 0.03 0.00 0.00 0.00 unch 0.00 0.39 0.00 0.08 0.06 0.07 unch 0.00 0.20 0.06 0.11 0.08 0.11 + 0.03 1.25 0.07 0.15 0.10 0.15 + 0.05 1.59 0.10 0.03 0.03 0.03 unch 0.00 0.06 0.03 0.27 0.24 0.27 + 0.01 1.02 0.23 0.19 0.13 0.15 + 0.01 0.50 0.01 0.30 0.25 0.30 + 0.02 0.37 0.13 0.39 0.34 0.39 + 0.02 0.47 0.17 14.47 12.12 13.00 - 1.54 18.75 12.12 19.11 16.05 17.07 - 2.18 24.22 16.05 0.04 0.04 0.04 - 0.01 0.13 0.03 0.16 0.14 0.15 - 0.02 0.30 0.14 0.07 0.07 0.07 unch 0.00 0.09 0.03 0.05 0.04 0.05 unch 0.00 0.07 0.01 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.05 0.05 0.05 + 0.01 0.08 0.04 0.24 0.22 0.24 + 0.03 0.44 0.13 0.10 0.08 0.08 - 0.01 0.15 0.07 0.15 0.00 0.15 + 0.01 0.25 0.13 0.04 0.04 0.04 unch 0.00 0.08 0.03 0.03 0.03 0.03 unch 0.00 0.05 0.03 1.08 1.05 1.06 unch 0.00 1.64 1.01 0.14 0.14 0.14 + 0.00 0.45 0.12 0.08 0.07 0.07 + 0.01 0.30 0.05 0.14 0.11 0.12 + 0.01 0.31 0.08 0.09 0.00 0.09 - 0.01 0.15 0.04 37.12 34.81 35.28 + 0.06 47.84 31.06 0.13 0.00 0.13 unch 0.00 0.18 0.02 0.20 0.17 0.18 - 0.03 0.60 0.12 0.04 0.02 0.04 + 0.01 0.25 0.02 0.10 0.10 0.10 unch 0.00 0.15 0.03 0.09 0.08 0.08 + 0.01 0.12 0.05 0.01 0.01 0.01 unch 0.00 0.07 0.00 0.37 0.34 0.35 - 0.01 0.50 0.25 1.71 1.27 1.33 - 0.39 3.92 1.06 1.33 0.96 1.01 - 0.29 3.10 0.80 0.05 0.03 0.03 - 0.01 0.09 0.01 0.03 0.02 0.02 - 0.01 0.08 0.02 0.05 0.04 0.05 unch 0.00 0.10 0.04 0.53 0.52 0.53 unch 0.00 1.10 0.41 0.09 0.09 0.09 unch 0.00 0.19 0.03 0.04 0.04 0.04 - 0.03 0.11 0.00 0.07 0.00 0.06 unch 0.00 0.15 0.06 0.23 0.22 0.23 + 0.02 0.49 0.21 0.32 0.28 0.30 + 0.01 0.00 0.00 0.17 unch 0.00 0.25 0.14 0.22 0.21 0.21 - 0.01 0.38 0.19 0.03 0.03 0.03 unch 0.00 0.08 0.03 0.06 0.05 0.05 unch 0.00 0.18 0.04 0.14 0.11 0.13 - 0.01 0.19 0.08 0.00 0.00 31.10 unch 0.00 45.15 29.00 0.18 0.15 0.18 unch 0.00 0.25 0.11 0.04 0.03 0.04 + 0.01 0.05 0.03 0.06 0.05 0.05 - 0.01 0.10 0.05 1.04 0.83 0.88 - 0.13 1.69 0.42 0.79 0.64 0.66 - 0.13 1.27 0.36 0.07 0.07 0.07 unch 0.00 0.30 0.06 0.20 0.15 0.19 + 0.00 0.58 0.08 0.26 0.20 0.25 + 0.01 0.72 0.12 0.03 0.02 0.03 + 0.01 0.06 0.02 0.02 0.02 0.02 unch 0.00 0.09 0.02

P-Q

Week

12-month

Exc Volume High Low Last Change High Low

Playfair Mng* O 0 X 3162 PolyMet Mng* PolyMet Mng T 40 Portage Res* O 5438 Portofino Res V 98 O 324 Potash Ridge* Potash Ridge T 1060 O 88 Power Metals* Power Metals V 345 PowerOre V 5 PPX Mining* O 21 PPX Mining V 449 Precipitate Gl V 493 Precipitate Gl* O 121 Premier Gold M T 1360 Premium Expl* O 40 Pretium Res* N 7976 Pretium Res T 2903 Primary Energy 503 Prize Mng V 3636 Prize Mng* O 227 ProAm Expl V 50 O 202 Probe Metals* Probe Metals V 276 Prog Planet V 2734 Promithian Gl * O 0 Prophecy Coal* O 3740 T 8372 Prophecy Coal Prospector Res* O 10 Prospector Res V 232 Prosper Gold V 977 Prospero Silvr V 78 Prospero Silvr* O 23 Provenance Gld 14 Providence V 50 PUF Vent Inc * O 821 PUF Vent Inc 2656 Puma Expl* O 3 Puma Expl V 841 Pure Energy* O 805 Pure Energy V 663 Pure Gold Mg* O 761 Pure Gold Mg V 674 Pure Nickel V 1924 Pure Nickel* O 1545 V 1108 Purepoint Uran Q-Gold Res V 237 QC Precious V 158 QC Precious * O 5 QMC Quantum Ml V 164 QMC Quantum Ml* O 178 QMX Gold V 596 QMX Gold* O 12 Quadro Res V 61 Quantum Cobalt 228 Quartz Mtn Res V 0 Quartz Mtn Res* O 0 Quaterra Res V 194 Quaterra Res* O 207 Quest Rare Mnl* O 72 Quinto Res V 259

0.00 0.00 0.03 unch 0.00 0.06 0.01 0.94 0.80 0.83 - 0.07 1.36 0.60 1.19 1.06 1.09 - 0.09 1.66 0.75 0.01 0.00 0.01 + 0.01 0.00 0.00 0.04 0.03 0.04 + 0.01 0.18 0.03 0.04 0.03 0.03 - 0.01 0.13 0.02 0.05 0.04 0.04 unch 0.00 0.17 0.03 0.19 0.16 0.17 - 0.01 0.70 0.15 0.25 0.21 0.22 - 0.03 0.88 0.20 0.06 0.06 0.06 - 0.01 0.45 0.05 0.06 0.06 0.06 unch 0.00 0.08 0.05 0.09 0.09 0.09 - 0.01 0.11 0.06 0.09 0.07 0.07 - 0.01 0.12 0.04 0.06 0.05 0.05 - 0.01 0.09 0.03 1.75 1.63 1.65 - 0.08 3.94 1.63 0.01 0.00 0.01 + 0.01 0.02 0.00 7.90 7.35 7.80 + 0.26 11.90 6.17 10.40 9.73 10.24 + 0.29 14.94 7.93 0.07 0.05 0.06 - 0.01 0.15 0.03 0.08 0.06 0.07 - 0.01 0.44 0.06 0.06 0.04 0.05 - 0.00 0.33 0.04 0.03 0.03 0.03 unch 0.00 0.04 0.02 0.87 0.80 0.84 - 0.06 1.23 0.69 1.15 1.04 1.11 - 0.01 1.56 0.91 0.06 0.04 0.05 - 0.01 0.20 0.04 0.00 0.00 0.10 unch 0.00 0.10 0.01 0.56 0.37 0.39 - 0.15 3.80 0.09 0.74 0.49 0.50 - 0.22 0.74 0.11 0.45 0.00 0.44 - 0.09 0.83 0.38 0.63 0.58 0.60 - 0.01 1.15 0.48 0.12 0.09 0.09 - 0.03 0.15 0.06 0.08 0.07 0.08 + 0.01 0.17 0.07 0.06 0.05 0.05 - 0.01 0.12 0.05 0.17 0.14 0.17 + 0.04 0.39 0.13 0.12 0.12 0.12 unch 0.00 0.19 0.09 0.85 0.12 0.16 unch 0.00 0.37 0.06 1.13 0.84 1.05 + 0.85 0.42 0.08 0.04 0.04 0.04 unch 0.00 0.08 0.03 0.05 0.04 0.04 unch 0.00 0.11 0.04 0.08 0.06 0.07 - 0.01 0.50 0.07 0.11 0.09 0.09 - 0.01 0.52 0.09 0.42 0.39 0.40 - 0.02 0.56 0.36 0.55 0.51 0.52 - 0.03 0.71 0.46 0.02 0.01 0.01 - 0.01 0.05 0.01 0.02 0.02 0.02 - 0.00 0.04 0.01 0.08 0.07 0.07 unch 0.00 0.10 0.06 0.20 0.18 0.18 - 0.02 0.30 0.10 0.33 0.29 0.31 - 0.01 0.60 0.25 0.25 0.24 0.25 + 0.01 0.33 0.20 0.32 0.28 0.28 - 0.03 1.85 0.23 0.24 0.21 0.23 - 0.01 1.46 0.17 0.06 0.05 0.06 - 0.01 0.32 0.05 0.06 0.03 0.03 - 0.02 0.25 0.03 0.07 0.00 0.05 - 0.01 0.14 0.04 0.10 0.08 0.08 - 0.01 1.85 0.08 0.00 0.00 0.47 unch 0.00 1.50 0.45 0.31 0.00 0.31 unch 0.00 1.20 0.00 0.07 0.06 0.06 - 0.01 0.09 0.05 0.05 0.04 0.04 - 0.00 0.07 0.03 0.00 0.00 0.00 unch 0.00 0.02 0.00 0.03 0.03 0.03 - 0.01 0.14 0.03

Rackla Mtls* O 2 Rackla Mtls V 2 Radisson Mng V 185 Radius Gold V 292 Rainforest Res* O 10 14 Rainy Mtn Royl* O Rainy Mtn Royl V 86 Rambler Ml &Mg V 9 Randgold Res* O 2 Randgold Res* D 3785 O 134 Randsburg Int* Rare Element* O 162 Rathdowney Res V 118 Ravencrest Res 1395 Razore Rock Res 1 RB Energy* O 28 Red Eagle Mng T 17012 Red Eagle Mng* O 80 Red Moon Res V 10 Red Pine Expl V 307 Redstar Gold V 475 Redstar Gold* O 266 Redzone Res V 386 Redzone Res* O 56 Regency Gold V 791 Regulus Res V 196 Remington Res V 10 Renaissance Gd* O 175 V 142 Renaissance Gd Renforth Res 325 Resolve Vent V 67 Resource Cap V 888 Reunion Gold V 590 Revelo Res V 1304 Revival Gold * O 51 Revival Gold V 169 Richmond Mnls V 450 Ridgestone M’g V 170 Rift Valley 119 Rimrock Gold* O 27953 Rio Tinto* O 2 Rio Tinto* O 1 Rio Tinto* N 16719 358 Rise Gold Corp River Wild Exp 949 Riverside Res V 174 Riverside Res* O 121 Rizal Res V 106 RJK Explor V 1872 RJK Explor* O 1 Robex Res V 212 Rochester Res V 36 Rochester Res* O 41 1 Rock Tech Lith* O Rock Tech Lith V 108 Rockcliff Met V 238 Rockcliff Met* O 23 Rockex Mng 414 V 572 Rockhaven Res Rockridge Res V 30 Rockshield Cap* O 103 Rockshield Cap 561 Rockwealth Res V 18 Rodinia Lithm V 19 Rogue Res V 116 Rokmaster Res V 450 Romios Gold Rs* O 694 Romios Gold Rs V 243 RosCan Gold V 360 Rosita Mg Corp V 1183 Rotation Mnls V 100 Roughrider Exp V 0 Rover Metals V 765 Roxgold T 2752 Roxgold* O 35 Royal Gold* D 2495 Royal Mines &M* O 50 Royal Nickel T 40751 Royal Nickel* O 3037 Royal Rd Mnrls V 258 Royal Std Mnrl* O 446 RT Minerals V 35 RT Minerals* O 5 RTG Mining T 300 Rubicon Mnrls* O 108 Rubicon Mnrls T 79 Rugby Mng V 67 Running Fox Rs* O 35 Running Fox Rs V 413 Rupert Res V 30 Rusoro Mng* O 413 Rusoro Mng V 3524

0.08 0.00 0.08 - 0.00 0.11 0.07 0.11 0.00 0.11 unch 0.00 0.17 0.06 0.13 0.09 0.13 + 0.03 0.25 0.09 0.11 0.10 0.10 - 0.01 0.19 0.09 8.00 6.00 8.00 + 2.00 9.45 3.50 0.01 0.01 0.01 - 0.00 0.08 0.01 0.03 0.00 0.03 + 0.01 0.10 0.02 0.05 0.05 0.05 - 0.01 0.17 0.03 79.15 0.00 79.15 - 3.50 101.90 62.16 83.28 77.10 81.53 + 0.38 104.05 59.90 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.11 0.10 0.10 + 0.00 0.31 0.08 0.10 0.09 0.10 + 0.01 0.21 0.09 0.80 0.65 0.65 - 0.13 2.08 0.38 0.00 0.00 0.06 unch 0.00 0.63 0.06 0.00 0.00 0.00 - 0.00 0.00 0.00 0.02 0.01 0.02 unch 0.00 0.36 0.01 0.02 0.01 0.02 unch 0.00 0.29 0.01 0.07 0.07 0.07 unch 0.00 0.16 0.05 0.05 0.05 0.05 - 0.01 0.14 0.04 0.03 0.03 0.03 unch 0.00 0.10 0.03 0.03 0.02 0.02 + 0.00 0.08 0.01 0.15 0.10 0.10 - 0.05 0.75 0.10 0.11 0.08 0.08 - 0.03 0.57 0.09 0.20 0.14 0.19 + 0.03 0.28 0.14 1.64 1.51 1.58 - 0.03 2.35 1.51 0.23 0.23 0.23 unch 0.00 0.53 0.20 0.15 0.14 0.15 + 0.01 0.27 0.12 0.21 0.18 0.20 + 0.02 0.33 0.16 0.03 0.02 0.03 + 0.01 0.06 0.02 0.11 0.10 0.11 + 0.01 1.04 0.07 0.02 0.02 0.02 - 0.01 0.13 0.02 0.20 0.18 0.19 - 0.01 0.23 0.11 0.02 0.02 0.02 unch 0.00 0.06 0.01 0.55 0.51 0.54 + 0.03 0.73 0.42 0.72 0.68 0.70 + 0.01 0.99 0.54 0.03 0.03 0.03 unch 0.00 0.07 0.02 0.27 0.27 0.27 unch 0.00 0.32 0.19 0.09 0.08 0.09 + 0.02 0.15 0.05 0.00 0.00 0.00 unch 0.00 0.00 0.00 58.84 58.84 58.84 unch 0.00 65.30 50.48 51.15 0.00 48.85 - 2.30 60.00 45.06 51.47 48.52 50.93 + 0.36 60.72 45.62 0.08 0.07 0.07 - 0.01 0.21 0.05 0.70 0.50 0.70 unch 0.00 0.70 0.02 0.17 0.15 0.16 - 0.02 0.36 0.15 0.13 0.11 0.12 - 0.00 0.42 0.11 0.03 0.02 0.03 unch 0.00 0.06 0.01 0.14 0.06 0.09 + 0.02 0.23 0.05 0.08 0.05 0.08 + 0.04 0.13 0.03 0.09 0.00 0.09 unch 0.00 0.12 0.08 0.03 0.03 0.03 unch 0.00 0.09 0.03 0.02 0.02 0.02 unch 0.00 0.06 0.02 0.73 0.73 0.73 unch 0.00 1.54 0.67 1.35 0.84 1.00 + 0.05 2.05 0.84 0.14 0.12 0.13 unch 0.00 0.30 0.08 0.11 0.11 0.11 unch 0.00 0.11 0.07 0.08 0.06 0.06 unch 0.00 0.10 0.01 0.10 0.09 0.09 - 0.01 0.18 0.09 0.23 0.23 0.23 unch 0.00 0.50 0.20 0.11 0.09 0.09 - 0.01 0.67 0.09 0.14 0.12 0.12 - 0.02 0.84 0.12 0.12 0.12 0.12 unch 0.00 0.30 0.11 0.06 0.06 0.06 + 0.01 0.46 0.05 0.19 0.00 0.16 - 0.02 0.53 0.15 0.09 0.08 0.08 - 0.02 0.18 0.07 0.05 0.05 0.05 unch 0.00 0.07 0.03 0.07 0.06 0.06 unch 0.00 0.09 0.05 0.07 0.07 0.07 + 0.02 0.11 0.05 0.05 0.04 0.04 - 0.01 0.12 0.03 0.09 0.07 0.07 - 0.01 0.40 0.07 0.00 0.00 0.12 unch 0.00 0.58 0.11 0.04 0.04 0.04 - 0.01 0.11 0.04 0.87 0.81 0.86 + 0.07 1.44 0.78 0.66 0.61 0.64 + 0.04 1.13 0.59 76.53 70.16 76.00 + 2.31 98.53 70.16 0.01 0.01 0.01 unch 0.00 0.01 0.00 0.71 0.43 0.53 - 0.18 1.18 0.07 0.55 0.33 0.40 - 0.13 0.90 0.05 0.08 0.08 0.08 + 0.01 0.18 0.08 0.02 0.01 0.02 - 0.00 0.08 0.00 0.08 0.07 0.07 unch 0.00 0.90 0.07 0.04 0.04 0.04 unch 0.00 0.13 0.00 0.12 0.12 0.12 unch 0.00 0.55 0.09 1.02 0.95 1.02 + 0.02 1.47 0.81 1.37 1.26 1.35 + 0.03 1.88 1.05 0.20 0.18 0.20 + 0.01 0.43 0.14 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.02 0.01 0.02 unch 0.00 0.04 0.01 0.80 0.75 0.80 unch 0.00 1.46 0.68 0.16 0.12 0.13 - 0.04 0.32 0.05 0.22 0.16 0.17 - 0.05 0.42 0.06

Sabina Gd&Slvr T 913 Sabina Gd&Slvr* O 353 Sable Res* O 22 Sable Res V 757 Sailfish Rylty V 55 Saint Jean* O 7 Saint Jean V 505 Salazar Res* O 350 Salazar Res V 39 Salt Lake Pot* O 80 Sama Res V 271 Sama Res* O 13 Samex Mng* O 1330 San Gold Corp* O 16 San Marco Res* O 40 San Marco Res V 69

1.41 1.31 1.39 + 0.04 2.62 1.11 1.07 0.98 1.05 + 0.03 2.00 0.85 0.18 0.17 0.18 - 0.01 0.28 0.12 0.27 0.23 0.25 unch 0.00 0.37 0.14 1.05 0.70 0.80 + 0.02 3.07 0.70 0.03 0.00 0.03 unch 0.00 0.05 0.01 0.04 0.03 0.03 - 0.01 0.24 0.02 0.10 0.09 0.10 unch 0.00 0.12 0.08 0.11 0.11 0.11 unch 0.00 0.18 0.11 0.36 0.33 0.33 - 0.03 0.47 0.32 0.36 0.31 0.34 - 0.01 0.50 0.24 0.27 0.25 0.27 + 0.00 0.41 0.18 0.00 0.00 0.00 + 0.00 0.00 0.00 0.00 0.00 0.00 unch 0.00 0.01 0.00 0.13 0.00 0.12 - 0.01 0.23 0.09 0.16 0.15 0.15 - 0.03 0.30 0.12

R

S

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

V 92 Sanatana Diam Sandfire Res V 192 Sandfire Res* O 171 O 154 Sandspring Res* V 1018 Sandspring Res T 3670 Sandstorm Gold X 8436 Sandstorm Gold* 1 Sandy Lake Gld* O 623 Sandy Lake Gld V Santa Fe Gold* O 314 V 430 Santacruz Silv Sarama Res V 327 Sarissa Res* O 1244 Satori Res V 372 Satori Res* O 35 Saturn Mnrls V 1776 Savary Gold V 203 Savary Gold* O 3 Saville Res V 118 O 83 Scandium Intl* 388 Scandium Intl T Scorpio Gold V 1252 ScoZinc Mg V 2 ScoZinc Mg* O 0 Seabridge Gld T 376 Seabridge Gld* N 2974 Seafield Res* O 3 Search Mnls* O 25 Search Mnls V 123 Searchlight* O 731 Searchlight V 159 Searchlight* O 9 Secova Mtls V 283 Secova Mtls* O 26 Sego Res V 246 Select Sands V 1007 T 2363 Semafo Senator Mnrls V 503 O 0 Senator Mnrls* V 111 Sennen Potash O 0 Sennen Potash* Serabi Gold T 17 17502 Serengeti Res V Shamrock Ent 77 O 1 Shear Diamonds* Sherritt Intl T 4805 V 7 Shoshoni Gold 13979 N Sibanye-Stillw* O 1 Sibanye-Stillw* O 166 Sidney Resrces* Sienna Res* O 31 Sienna Res V 748 Sierra Metals* X 183 Sierra Metals T 11 V 39 Sigma Lithium Signature Res V 516 O 129 Signature Res* 68 Silver Bear Rs T 29 Silver Bear Rs* O Silver Bull Re T 1048 Silver Bull Re* O 893 Silver Grail V 175 Silver Hill* O 21 90 Silver Mtn Mns V 90 Silver Mtn Mns* O Silver Phoenix 308 O 38 Silver Predatr* Silver Predatr V 22 Silver Range* O 1 Silver Range V 66 Silver Spruce V 709 O 1 Silver Stream* Silver Viper V 148 T 1534 Silvercorp Met X 4239 Silvercorp Met* X 485 SilverCrest Mt* SilverCrest Mt V 384 O 14 Silverstar Res* Sirios Res* O 30 Sirios Res V 321 Sitka Gold 118 Skeena Res V 785 Skeena Res* O 213 O 176 Skyharbour Res* V 367 Skyharbour Res Slam Explor* O 27 Slam Explor V 62 64 Slave Lake Zn V 201 Sojourn Explor O 80 Sojourn Explor* 27537 Sokoman Iron V O 166 Sokoman Iron* SolGold plc T 193 SolGold plc* O 83 X 389 Solitario Ex&R* T 83 Solitario Ex&R Solstice Gold V 585 475 Sonora Gld & S V Sonoro Mtls* O 5 Sonoro Mtls V 139 South32* O 19 Southern Arc* O 30 Southern Arc V 180 N 3210 Southern Copp* O 175 Southern Silvr* Southern Silvr V 487 T 28 SouthGobi Res 829 Spanish Mtn Gd V 60 Spanish Mtn Gd* O Sparton Res V 1702 Sparton Res* O 38 O 248 Spearmint Res* Spearmint Res 3353 Spey Resources 210 Sphinx Res V 1005 71 Sprott Res Hld T 724 Spruce Ridge R V SRG Graphite V 152 SSR Mining* D 4351 SSR Mining T 1161 St Augustine T 148 25 St Elias Mns* O O 155 St-Georges Eco* St-Georges Eco 1309 O 17 Stakeholdr Gld* V 150 Stakeholdr Gld O 2018 Standard Graph* Standard Lith V 948 O 13 Standard Metal* Stans Energy V 190 O 190 Stans Energy* O 107 Star Diamond* Star Diamond T 1777 Star Gold* O 7 Starcore Intl T 430 13 Starr Peak Exp V O 0 Steele Oceanic* Stellar Africa V 131 Stelmine Can V 169 Steppe Gold T 90 Sterling Grp* O 0 T 3216 Stornoway Diam O 33 Stornoway Diam* Stratabd Mnr V 235 Strateco Res* O 5 O 165 Strategic Metl* Strategic Metl V 193 Strategic Res V 1 O 0 Strategic Res* Stria Lithium V 401 V 149 Strikepoint Gd O 37 Strikepoint Gd* V 85 Expl Strongbow O 28 Strongbow Expl* Stroud Res V 753 Sulliden Mng T 231 11496 Sun Metals V Suncor Energy T 18212 N 24175 Suncor Energy* V 2435 Sunvest Mnrls O 11 Sunvest Mnrls* O 78 Superior Gold* Superior Gold V 789 Superior Mng V 124 Supreme Metals 3770 Surge Copper V 5 Surge Explor* O 1459 Surge Explor V 858 Sutter Gold* O 420 Sutter Gold V 904 Syrah Res* O 85

0.02 0.05 0.03 0.04 - 0.01 0.07 0.06 0.09 0.00 0.09 + 0.01 0.11 0.05 0.07 0.05 0.06 - 0.00 0.10 0.14 0.18 0.13 0.13 - 0.04 0.32 0.18 0.23 0.17 0.18 - 0.05 0.40 4.60 5.24 4.60 5.19 + 0.21 6.95 3.48 3.99 3.48 3.94 + 0.20 5.64 0.05 0.05 0.05 unch 0.00 0.10 0.03 0.08 0.08 0.08 + 0.01 0.13 0.04 0.08 0.06 0.07 - 0.01 0.20 0.04 0.08 unch 0.00 0.17 0.10 0.08 0.09 0.06 unch 0.00 0.15 0.06 0.06 0.06 0.00 0.00 0.00 0.00 + 0.00 0.01 0.05 0.08 0.05 0.05 - 0.03 0.15 0.05 unch 0.00 0.11 0.04 0.04 0.04 0.11 0.26 0.23 0.24 - 0.03 0.30 0.04 unch 0.00 0.08 0.05 0.05 0.05 0.02 unch 0.00 0.06 0.02 0.02 0.02 0.05 0.05 0.00 0.05 - 0.01 0.12 0.11 0.18 0.15 0.16 - 0.01 0.24 0.23 0.20 0.20 - 0.04 0.32 0.13 0.02 unch 0.00 0.05 0.02 0.02 0.02 0.57 unch 0.00 1.53 0.65 0.00 0.65 0.53 unch 0.00 1.23 0.00 0.00 0.53 12.61 16.60 15.30 16.01 - 0.57 19.84 12.58 11.57 12.14 - 0.43 15.30 9.80 0.00 unch 0.00 0.03 0.00 0.00 0.00 0.03 unch 0.00 0.07 0.03 0.03 0.03 0.03 0.04 0.03 0.04 + 0.01 0.09 0.01 0.02 0.01 0.01 - 0.00 0.05 0.03 0.05 0.04 0.04 - 0.01 0.23 0.01 0.03 0.00 0.03 + 0.00 0.16 0.05 0.06 0.05 0.05 - 0.01 0.30 0.01 0.05 0.03 0.03 - 0.02 0.10 0.03 0.00 0.09 nch u 0.03 0.04 0.03 0.08 0.11 0.08 0.09 - 0.02 0.60 2.61 2.80 2.61 2.70 - 0.05 4.14 0.04 unch 0.00 0.90 0.08 0.05 0.08 0.05 unch 0.00 0.54 0.00 0.00 0.06 0.30 0.00 0.55 nch u 0.45 0.00 0.45 0.34 unch 0.00 0.40 0.00 0.00 0.34 0.55 0.60 0.55 0.55 - 0.05 1.60 0.12 0.48 0.20 0.25 - 0.18 0.60 0.03 0.03 0.03 0.03 - 0.01 0.08 0.00 unch 0.00 0.00 0.00 0.00 0.00 0.56 0.65 0.56 0.58 - 0.07 1.87 0.04 unch 0.00 0.08 0.05 0.05 0.05 2.02 2.71 2.25 2.67 + 0.29 5.44 0.58 unch 0.00 1.25 0.61 0.61 0.61 0.00 0.00 0.00 0.00 + 0.00 0.01 0.03 0.04 0.03 0.03 - 0.00 0.32 0.05 unch 0.00 0.39 0.05 0.05 0.05 2.13 2.55 2.23 2.52 - 0.03 3.00 2.68 3.35 2.72 3.30 - 0.03 3.85 1.20 2.15 2.05 2.09 + 0.04 2.40 0.05 0.12 0.07 0.09 - 0.02 0.14 0.04 0.09 0.07 0.07 - 0.02 0.11 0.20 0.00 0.20 + 0.01 0.32 0.14 0.15 0.12 0.15 + 0.03 0.26 0.09 0.15 0.12 0.14 - 0.01 0.29 0.11 0.11 0.10 0.10 - 0.01 0.23 0.09 0.03 unch 0.00 0.10 0.04 0.03 0.04 0.11 unch 0.00 0.25 0.17 0.11 0.11 0.02 0.02 0.02 unch 0.00 0.03 0.01 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.02 0.05 0.00 0.02 - 0.03 0.22 0.05 unch 0.00 0.14 0.06 0.06 0.06 0.07 unch 0.00 0.19 0.09 0.08 0.08 0.08 unch 0.00 0.15 0.08 0.08 0.08 0.09 unch 0.00 0.19 0.13 0.11 0.11 0.02 0.03 0.02 0.02 + 0.01 0.08 0.04 unch 0.00 6.96 6.95 6.95 6.95 0.07 0.11 0.07 0.08 - 0.03 0.25 2.48 2.92 2.48 2.63 - 0.31 4.02 1.85 2.20 1.85 2.02 - 0.20 3.12 0.84 2.67 2.25 2.60 - 0.03 3.07 1.05 3.43 3.00 3.38 - 0.03 3.80 0.02 0.10 0.04 0.05 - 0.05 2.00 0.12 0.12 0.12 0.12 - 0.00 0.26 0.14 0.16 0.14 0.15 - 0.01 0.34 0.06 0.11 0.10 0.11 + 0.01 0.30 0.29 0.35 0.30 0.31 - 0.02 0.80 0.23 0.27 0.23 0.24 - 0.02 0.66 0.28 0.40 0.35 0.38 + 0.02 0.44 0.35 0.53 0.46 0.48 + 0.01 0.57 0.01 unch 0.00 0.05 0.01 0.01 0.01 0.02 unch 0.00 0.07 0.03 0.00 0.03 0.10 0.00 0.07 - 0.03 0.10 0.06 0.07 unch 0.00 0.29 0.12 0.11 0.12 0.08 0.08 0.08 0.08 - 0.02 0.21 0.03 0.32 0.14 0.23 + 0.05 0.58 0.00 0.22 0.11 0.18 + 0.04 0.45 0.32 0.66 0.52 0.61 - 0.03 0.71 0.27 0.51 0.44 0.45 - 0.04 0.58 0.28 0.32 0.28 0.31 + 0.01 0.71 0.37 0.41 0.00 0.41 + 0.01 0.88 0.12 0.18 0.15 0.17 + 0.03 0.38 0.07 0.07 0.07 unch 0.00 0.20 0.07 0.07 0.15 0.15 0.15 - 0.01 0.16 0.07 0.20 0.16 0.17 + 0.01 0.20 2.35 2.75 2.41 2.43 - 0.18 3.10 0.20 0.32 0.20 0.20 - 0.12 0.57 0.27 0.43 0.29 0.33 + 0.03 0.71 35.59 38.12 36.16 37.81 - 0.12 58.09 0.12 0.15 0.12 0.12 - 0.03 0.31 0.15 0.18 0.14 0.15 - 0.05 0.38 0.10 0.11 0.10 0.11 + 0.02 0.25 0.06 0.05 0.05 - 0.01 0.14 0.05 0.05 0.04 0.05 - 0.00 0.12 0.04 0.04 unch 0.00 0.13 0.09 0.07 0.07 0.03 0.07 0.06 0.06 + 0.01 0.09 0.00 0.03 0.02 0.03 - 0.00 0.11 0.02 0.04 0.00 0.04 - 0.01 0.14 0.08 0.10 0.08 0.08 - 0.01 0.16 0.04 unch 0.00 0.08 0.06 0.04 0.05 1.46 1.30 1.36 - 0.05 3.40 1.30 0.05 0.05 0.05 + 0.01 0.06 0.01 0.70 0.93 0.88 0.88 - 0.03 2.25 11.17 10.33 11.10 + 0.68 11.44 7.64 14.69 13.65 14.62 + 0.83 14.62 9.66 0.02 0.02 0.02 0.02 - 0.01 0.04 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.03 unch 0.00 2.20 0.07 0.04 0.07 0.04 unch 0.00 2.90 0.07 0.06 0.07 0.05 0.07 0.05 0.05 - 0.02 0.45 0.06 0.09 0.07 0.09 + 0.01 0.64 0.18 0.65 0.46 0.51 - 0.12 1.13 0.80 1.53 1.23 1.30 + 0.01 2.71 0.02 0.12 0.06 0.12 + 0.00 0.23 0.02 unch 0.00 0.05 0.03 0.02 0.02 0.01 0.02 0.01 0.01 - 0.01 0.04 0.12 0.19 0.16 0.16 - 0.03 0.29 0.15 0.25 0.21 0.21 - 0.04 0.38 0.02 unch 0.00 0.10 0.06 0.06 0.06 0.10 unch 0.00 0.30 0.11 0.10 0.11 0.14 0.09 0.14 + 0.05 0.19 0.09 0.55 unch 0.00 1.98 0.00 0.00 0.55 0.02 unch 0.00 0.07 0.02 0.02 0.02 0.10 0.14 0.10 0.12 + 0.01 0.45 0.86 1.00 0.90 0.99 + 0.09 2.01 0.03 unch 0.00 0.10 0.05 0.05 0.05 0.20 0.26 0.20 0.23 - 0.03 0.78 0.16 0.19 0.16 0.17 - 0.02 0.60 0.03 0.03 0.03 0.03 - 0.01 0.08 0.00 unch 0.00 0.01 0.00 0.00 0.00 0.22 0.28 0.22 0.28 + 0.03 0.43 0.31 0.37 0.31 0.36 + 0.03 0.52 0.16 unch 0.00 0.27 0.18 0.00 0.18 0.12 unch 0.00 0.20 0.00 0.00 0.12 0.02 unch 0.00 0.08 0.04 0.02 0.03 0.15 0.17 0.14 0.14 - 0.01 0.29 0.11 0.13 0.11 0.12 - 0.00 0.23 0.10 unch 0.00 0.28 0.20 0.00 0.19 0.09 0.15 0.12 0.12 - 0.03 0.22 0.01 0.01 0.01 0.01 - 0.01 0.03 0.11 0.15 0.12 0.14 - 0.02 0.65 0.12 0.40 0.26 0.29 + 0.01 0.40 40.49 44.77 42.98 43.68 - 0.73 55.47 31.33 33.92 32.43 33.20 - 0.44 42.55 0.04 0.06 0.04 0.05 + 0.01 0.14 0.02 0.04 0.02 0.04 + 0.01 0.18 0.55 0.60 0.57 0.57 - 0.02 1.28 0.67 0.03 1.62 0.83 + 0.83 0.67 0.04 unch 0.00 0.09 0.06 0.06 0.06 0.02 0.03 0.02 0.02 - 0.01 0.08 0.06 0.06 0.06 0.06 - 0.01 0.26 0.08 0.12 0.08 0.08 - 0.02 0.36 0.10 0.16 0.11 0.11 - 0.02 0.28 0.01 unch 0.00 0.03 0.01 0.01 0.01 0.01 unch 0.00 0.03 0.01 0.01 0.01 0.97 1.42 1.20 1.21 - 0.21 3.85

T 2.18 68002 3.45 2.18 3.29 + 0.98 5.63 Tahoe Res* N

2018-11-20 5:41 PM

GLOBAL MINING NEWS

(100s) Stock

THE NORTHERN MINER / NOVEMBER 26–DECEMBER 9, 2018

Week

12-month

Exc Volume High Low Last Change High Low

Tahoe Res T 13807 Taiga Gold 60 Taiga Gold* O 25 Taku Gold 52 Taku Gold* O 1 Talmora Diamd 1646 Talon Metals T 351 Tamino Mnrls* O 17033 Tanager Energy V 82 Tango Mining V 155 V 202 Tanqueray Expl Tantalex Res 274 Tanzania Mnls V 35 Tanzania Rlty T 54 Tanzania Rlty* X 470 Taranis Res V 95 Taranis Res* O 25 Tarku Res V 212 Tartisan Nick 2748 Tasca Res V 2519 Tasca Res* O 30 Taseko Mines T 283 Taseko Mines* X 946 Teck Res T 7117 T 4 Teck Res Teck Res* N 15172 25 Telson Res * O Telson Res V 37 Tembo Gold V 9 Tembo Gold* O 50 Teranga Gold T 558 Teranga Gold* O 42 Teras Res V 215 Teras Res* O 4 Terraco Gold V 109 Terrax Mnrls* O 53 Terrax Mnrls V 344 Terreno Res V 311 Teslin Rvr Res V 2930 Tesoro Mnrls V 31 Tethyan Res V 74 Teuton Res V 57 Teuton Res* O 55 O 532 Texas Mineral* Themac Res V 208 Thor Expl V 35 O 70 Thunderstruck* Thunderstruck V 356 Tiger Intl V 14 Till Capital V 1 V 476 Timberline Res O 472 Timberline Res* Timmins Gold T 784 Timmins Gold* X 1192 Tinka Res V 1357 Tinka Res* O 83 Tintina Mines V 82 Titan Mining T 63 Titan Mining* O 32 V 231 Titanium Corp O 168 TMAC Resource* TMAC Resources T 525 TNR Gold V 42 Toachi Mg Inc V 245 Tolima Gold V 10 TomaGold V 350 Tombstone Expl* O 613 Tonogold Res* O 11 O 15 Torex Gold* Torex Gold T 3582 O 49 Torq Resources* V 51 Torq Resources Tower Res* O 4 Tower Res V 171 Transatlan Mng V 80

4.53 2.88 4.35 + 1.28 7.27 2.88 0.09 0.08 0.08 - 0.02 0.21 0.07 0.06 0.05 0.05 + 0.00 0.16 0.05 0.05 0.00 0.05 unch 0.00 0.15 0.04 0.03 0.03 0.03 - 0.01 0.12 0.02 0.03 0.02 0.02 - 0.01 0.06 0.01 0.11 0.09 0.11 + 0.02 0.12 0.05 0.00 0.00 0.00 - 0.00 0.00 0.00 0.05 0.00 0.04 - 0.01 0.14 0.04 0.02 0.02 0.02 + 0.01 0.06 0.02 0.85 0.77 0.82 - 0.05 1.32 0.33 0.08 0.06 0.07 - 0.01 0.25 0.06 0.16 0.16 0.16 unch 0.00 1.20 0.12 0.52 0.46 0.50 - 0.04 0.89 0.31 0.40 0.35 0.36 - 0.03 0.68 0.24 0.12 0.09 0.12 unch 0.00 0.14 0.06 0.09 0.09 0.09 unch 0.00 0.11 0.03 0.02 0.02 0.02 - 0.01 0.06 0.02 0.03 0.02 0.03 unch 0.00 0.16 0.02 0.08 0.06 0.07 - 0.01 0.50 0.04 0.00 0.00 0.03 unch 0.00 0.38 0.03 0.88 0.83 0.85 - 0.03 2.98 0.81 0.68 0.63 0.64 - 0.02 2.38 0.62 29.48 26.97 28.87 + 1.35 39.08 23.90 29.31 27.03 29.20 + 2.19 39.00 23.89 22.38 20.40 21.93 + 1.10 30.80 18.17 0.30 0.30 0.30 unch 0.00 0.74 0.30 0.45 0.40 0.40 - 0.05 1.00 0.39 0.03 0.02 0.02 - 0.01 0.04 0.02 0.02 0.02 0.02 unch 0.00 0.03 0.01 3.61 3.31 3.45 - 0.01 5.63 2.38 2.68 2.50 2.64 + 0.03 4.33 1.83 0.08 0.06 0.06 - 0.01 0.14 0.04 0.05 0.05 0.05 unch 0.00 0.09 0.03 0.10 0.09 0.09 - 0.01 0.10 0.07 0.29 0.26 0.27 - 0.00 0.47 0.25 0.39 0.35 0.38 unch 0.00 0.58 0.33 0.04 0.04 0.04 - 0.01 0.18 0.03 0.50 0.42 0.46 + 0.05 0.62 0.33 0.05 0.05 0.05 unch 0.00 0.12 0.05 0.22 0.19 0.19 unch 0.00 0.39 0.15 0.13 0.11 0.13 unch 0.00 0.25 0.11 0.10 0.09 0.09 + 0.00 0.19 0.09 0.25 0.19 0.25 + 0.01 0.35 0.10 0.07 0.04 0.04 - 0.02 0.10 0.03 0.18 0.17 0.18 unch 0.00 0.22 0.09 0.05 0.05 0.05 + 0.00 0.15 0.03 0.07 0.06 0.06 - 0.01 0.12 0.04 0.08 0.00 0.08 - 0.02 0.17 0.04 1.96 1.96 1.96 - 0.20 5.60 1.90 0.13 0.09 0.10 unch 0.00 0.37 0.08 0.10 0.07 0.07 - 0.01 0.30 0.00 0.93 0.83 0.88 - 0.05 4.92 0.81 0.72 0.63 0.66 - 0.04 3.93 0.63 0.36 0.33 0.35 + 0.02 0.78 0.30 0.27 0.24 0.27 + 0.01 0.67 0.22 0.08 0.06 0.08 + 0.02 0.10 0.05 1.31 1.14 1.19 - 0.09 1.65 0.92 1.02 0.98 0.98 - 0.04 1.05 0.90 0.69 0.00 0.57 - 0.12 1.44 0.55 4.27 0.00 4.27 + 0.27 9.24 3.07 5.94 5.28 5.80 + 0.26 11.50 3.95 0.04 0.04 0.04 - 0.01 0.09 0.03 0.09 0.09 0.09 unch 0.00 0.29 0.07 0.01 0.01 0.01 unch 0.00 0.06 0.01 0.06 0.05 0.05 unch 0.00 0.09 0.05 0.00 0.00 0.00 + 0.00 0.01 0.00 0.08 0.00 0.08 + 0.00 0.40 0.00 9.01 8.50 8.93 + 0.14 11.80 5.73 12.01 11.20 11.74 + 0.16 14.58 7.29 0.29 0.26 0.27 - 0.02 1.10 0.25 0.38 0.35 0.36 + 0.01 0.70 0.32 0.03 0.03 0.03 unch 0.00 0.12 0.03 0.03 0.02 0.03 - 0.01 0.17 0.02 0.05 0.05 0.05 unch 0.00 0.10 0.03

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Transition Mtl V 27 Treasury Metal T 528 O 32 Treasury Metal* Trecora Res* N 282 Tres-Or Res V 269 Trevali Mng* O 1134 Trevali Mng T 15124 Tri Origin Exp V 317 Trident Gold V 2 Trifecta Gold* O 13 Trifecta Gold V 70 Trigen Res* O 295 Trilogy Mtls T 45 Trilogy Mtls* X 567 TriMetals Mng* O 14 TriMetals Mng* O 25 TriMetals Mng T 73 Trinity Res* O 0 Trinity Valley V 4 Trio Resources* O 2537 TriStar Gold* O 282 TriStar Gold V 301 Triumph Gold V 126 Triumph Gold* O 94 Troilus Gold T 252 Troilus Gold* O 8 V 277 Troubadour Res Troy Res* O 75 Troymet Expl V 431 810 True Grit Res V 49 True North Gem V True North Gem* O 10 V 48 Trueclaim Expl Tsodilo Res V 11 13 Tudor Gold * O Tudor Gold V 74 Tundra Gold* O 5 Turquoise HIl T 6251 Turquoise HIl* N 18416 TVI Pacific* O 33 TVI Pacific V 221 Tyhee Gold* O 507 Typhoon Expl V 357

0.12 0.10 0.12 + 0.02 0.20 0.10 0.24 0.21 0.23 unch 0.00 0.67 0.21 0.18 0.00 0.18 + 0.01 0.65 0.16 9.32 8.18 8.39 - 0.66 15.60 8.20 0.03 0.02 0.03 - 0.01 0.07 0.02 0.39 0.31 0.36 + 0.03 1.37 0.31 0.52 0.41 0.48 + 0.05 1.75 0.41 0.02 0.02 0.02 unch 0.00 0.04 0.02 0.15 0.15 0.15 unch 0.00 0.22 0.14 0.06 0.04 0.04 - 0.01 0.10 0.04 0.07 0.06 0.07 + 0.01 0.13 0.05 0.30 0.23 0.29 + 0.00 1.01 0.20 2.91 2.60 2.87 + 0.02 3.00 0.90 2.21 2.05 2.17 - 0.01 2.34 0.69 0.06 0.05 0.05 - 0.00 0.18 0.04 0.22 0.16 0.17 - 0.04 0.23 0.11 0.08 0.00 0.08 + 0.01 0.23 0.06 0.01 0.00 0.01 - 0.00 0.07 0.01 0.04 0.00 0.04 unch 0.00 0.16 0.04 0.00 0.00 0.00 + 0.00 0.00 0.00 0.12 0.11 0.11 - 0.01 0.27 0.10 0.16 0.14 0.16 + 0.01 0.33 0.11 0.39 0.34 0.38 - 0.01 0.80 0.26 0.30 0.26 0.30 + 0.00 0.60 0.20 0.52 0.40 0.50 unch 0.00 2.25 0.40 0.64 0.00 0.64 unch 0.00 1.59 0.57 0.22 0.19 0.19 + 0.01 0.25 0.12 0.10 0.09 0.09 - 0.01 0.13 0.06 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.04 0.03 0.04 + 0.01 0.07 0.03 0.06 0.05 0.05 unch 0.00 0.15 0.03 0.05 0.00 0.05 unch 0.00 0.05 0.00 0.10 0.10 0.10 - 0.01 0.30 0.07 0.35 0.29 0.30 - 0.05 0.68 0.21 0.17 0.16 0.16 - 0.01 0.46 0.15 0.23 0.20 0.21 - 0.01 0.58 0.20 0.50 0.38 0.38 unch 0.00 1.00 0.38 2.63 2.30 2.54 + 0.17 4.52 2.09 2.00 1.74 1.94 + 0.14 3.59 1.59 0.01 0.01 0.01 + 0.00 0.02 0.00 0.01 0.01 0.01 unch 0.00 0.02 0.01 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.05 0.04 0.04 - 0.01 0.10 0.03

U.S. Gold* D 350 U.S. Lithium* O 1159 U3O8 Corp* O 8 U3O8 Corp T 6 Ubique Mineral 24 UC Res* O 1 Ucore Rare Mtl V 377 Ucore Rare Mtl* O 393 UEX Corp T 1817 Ultra Lithium* O 34 Ultra Lithium V 15 Umbral Enrgy* O 189 Unigold* O 1 V 115 Unigold United Battery* O 2349 United Battery 2132 United Res Hdg* O 87 United Silver* O 59 136 United States A* X United States S* N 25340 Unity Energy V 152 V 472 Universal Vent Upper Canyon V 27 Ur-Energy T 343 Ur-Energy* X 1662 Uragold Bay Rs V 682 Uranium Energy* X 5388 O 0 Uranium Hunter* Uranium Res* D 5183

1.02 0.90 0.95 - 0.06 3.27 0.90 0.02 0.01 0.02 - 0.00 0.05 0.01 0.22 0.20 0.21 - 0.01 0.49 0.19 0.29 0.27 0.29 + 0.01 0.60 0.23 0.10 0.00 0.10 unch 0.00 0.25 0.07 0.00 0.00 0.00 + 0.00 0.20 0.00 0.19 0.17 0.17 - 0.03 0.30 0.17 0.14 0.13 0.13 - 0.01 0.24 0.11 0.20 0.19 0.19 - 0.01 0.41 0.18 0.14 0.11 0.11 - 0.01 0.43 0.11 0.16 0.15 0.15 - 0.01 0.57 0.15 0.17 0.13 0.14 - 0.03 0.64 0.13 0.12 0.00 0.12 - 0.02 0.20 0.11 0.18 0.15 0.17 unch 0.00 0.27 0.13 1.28 0.75 0.76 - 0.44 1.58 0.65 1.68 1.01 1.15 - 0.45 1.68 0.40 0.06 0.05 0.05 - 0.01 0.07 0.00 0.00 0.00 0.00 - 0.00 0.01 0.00 0.73 0.64 0.71 + 0.04 1.05 0.21 28.06 26.83 27.72 + 0.03 47.64 24.84 0.35 0.28 0.28 - 0.02 0.35 0.10 0.35 0.30 0.34 - 0.01 0.63 0.30 0.35 0.25 0.35 + 0.04 0.40 0.15 1.00 0.94 0.95 - 0.04 0.76 0.70 0.71 - 0.04 0.93 0.55 0.07 0.07 0.07 - 0.01 0.14 0.06 1.37 1.23 1.26 - 0.07 2.00 1.20 1.25 0.00 1.25 unch 0.00 2.09 0.26 0.22 0.19 0.20 - 0.02 1.15 0.15

U-V

(100s) Stock

Week

12-month

(100s)

Exc Volume High Low Last Change High Low

Uravan Mnrls V 32 USCorp* O 125 Val-d’Or Mg* O 8 Val-d’Or Mg V 23 N 97013 Vale* 0 Valencia Vent* O Valley High Mg* O 179 O 3 ValOre Metals* ValOre Metals V 27 Valoro Res V 85 Valterra Res* O 253 Valterra Res V 265 O 9 Vanadian Enrgy* V 66 Vanadian Enrgy V 1722 Vanadium One O 190 Vanadiumcorp* Vangold Res V 2042 Vangold Res* O 6 4 Vanstar Mng Rs* O Vanstar Mng Rs V 1655 1 Vantex Res * O Vantex Res V 3 Vatic Vent V 182 Vatic Vent* O 53 N 2792 Vedanta* O 37 Velocity Mnrls* Velocity Mnrls V 259 O 271 Vendetta Mng* Vendetta Mng V 1745 V 1 Venerable Vent Verde Potash T 185 Verde Res* O 350 Veris Gold* O 43 Vertical Expl V 204 Victoria Gold V 1566 Victory Nickel 318 O 493 Victory Nickel* Victory Res V 43 O 22 Virginia Enrgy* Virginia Enrgy V 179 Viscount Mng V 164 30 Visible Gold M V 3 Visible Gold M* O Vision Lithium V 80 O 332 Vision Lithium* Vista Gold* X 858 Vista Gold T 121 Viva Gold* O 5 Viva Gold V 58 Vizsla Res V 45 Volcanic Gold V 262 O 40 Volcanic Gold* Volt Energy V 69 Voltaic Min V 39 O 66 Voyageur Min* Voyageur Min V 321 O 24 VR Resources* V 42 VR Resources Vulcan Mnrls V 110 VVC Expl V 15

0.03 unch 0.00 0.08 0.03 0.03 0.03 0.00 unch 0.00 0.02 0.00 0.00 0.00 0.07 unch 0.00 0.10 0.08 0.08 0.08 0.08 unch 0.00 0.15 0.11 0.11 0.11 15.04 14.21 14.97 + 0.37 16.13 9.78 0.00 0.00 0.15 unch 0.00 0.01 0.00 0.01 - 0.00 0.04 0.00 0.20 0.23 0.20 0.21 - 0.02 0.48 0.27 0.29 0.26 0.26 - 0.02 1.25 0.12 0.14 0.12 0.13 - 0.02 0.60 0.01 0.02 0.01 0.01 - 0.00 0.04 0.02 0.02 0.02 0.02 + 0.01 0.04 0.01 0.10 0.08 0.10 + 0.02 0.13 0.06 0.14 0.11 0.13 + 0.02 0.18 0.04 0.23 0.16 0.19 - 0.04 0.29 0.01 0.08 0.07 0.07 - 0.01 0.15 0.02 0.03 0.02 0.02 - 0.01 0.25 0.02 unch 0.00 0.20 0.02 0.02 0.02 0.13 0.08 0.13 + 0.05 0.10 0.07 0.18 0.10 0.13 + 0.03 0.13 0.06 0.12 0.12 0.12 unch 0.00 0.24 0.04 0.17 unch 0.00 0.58 0.17 0.17 0.17 0.06 0.07 0.00 0.06 - 0.01 0.32 0.01 0.05 0.02 0.05 + 0.01 0.64 10.78 11.60 10.78 11.56 + 0.33 21.99 0.09 0.13 0.11 0.11 - 0.02 0.22 0.13 unch 0.00 0.28 0.15 0.15 0.15 0.12 0.13 0.12 0.12 - 0.01 0.21 0.15 unch 0.00 0.26 0.17 0.15 0.17 0.10 unch 0.00 0.14 0.00 0.00 0.10 0.40 0.89 0.80 0.88 + 0.05 1.26 0.00 unch 0.00 0.07 0.01 0.00 0.01 0.00 unch 0.00 0.02 0.00 0.00 0.00 0.07 0.10 0.08 0.10 + 0.02 0.40 0.30 0.38 0.36 0.37 - 0.01 0.49 0.02 0.04 0.00 0.02 - 0.01 0.07 0.01 0.03 0.01 0.01 - 0.03 0.05 0.13 0.22 0.19 0.19 - 0.03 0.65 0.07 0.15 0.12 0.12 - 0.02 0.28 0.09 0.21 0.16 0.16 - 0.02 0.36 0.17 0.23 0.17 0.22 + 0.01 0.40 0.06 0.06 0.06 - 0.01 0.18 0.05 0.04 0.04 0.04 unch 0.00 0.14 0.04 0.10 0.19 0.17 0.17 - 0.01 0.79 0.08 0.13 0.13 0.13 - 0.00 0.62 0.43 0.50 0.43 0.46 - 0.04 0.87 0.57 0.65 0.00 0.63 - 0.02 1.12 0.24 unch 0.00 0.40 0.28 0.28 0.28 0.21 0.40 0.35 0.35 - 0.05 0.69 0.15 unch 0.00 0.19 0.15 0.15 0.15 0.04 unch 0.00 0.29 0.05 0.05 0.05 0.07 unch 0.00 0.18 0.07 0.07 0.07 0.06 unch 0.00 0.96 0.07 0.06 0.07 0.15 0.19 0.15 0.19 + 0.04 0.90 0.04 unch 0.00 0.08 0.04 0.04 0.04 0.05 0.06 0.05 0.06 - 0.01 0.11 0.13 0.18 0.16 0.16 - 0.02 0.35 0.17 0.24 0.22 0.24 + 0.02 0.43 0.04 0.06 0.05 0.05 - 0.01 0.07 0.03 0.03 0.03 0.03 - 0.01 0.07

Walker Lane* O 12 Walker River V 355 T 5245 Wallbridge Mng Warrior Gold* O 3 Warrior Gold V 326 Waseco Res V 5 Wealth Mnrls V 620 Wealth Mnrls* O 530 V 17 Wescan Gldflds O 451 Wesdome Gold* T 2187 Wesdome Gold 112 West Af Res V

0.05 0.30 0.20 0.23 - 0.07 0.40 0.05 0.05 0.05 0.05 - 0.01 0.10 0.06 unch 0.00 0.35 0.20 0.16 0.20 0.03 unch 0.00 0.17 0.04 0.00 0.04 0.05 0.09 0.06 0.06 - 0.01 0.22 0.03 0.04 0.04 0.04 - 0.01 0.07 0.48 0.58 0.51 0.58 + 0.04 2.15 0.35 0.45 0.39 0.45 + 0.04 1.69 0.01 0.04 0.04 0.04 - 0.01 0.11 1.28 3.04 2.63 2.73 - 0.19 3.79 1.64 3.81 3.48 3.58 - 0.26 4.18 0.28 0.26 0.27 + 0.01 0.50 0.23

W-Z

Stock

Week

23

12-month

Exc Volume High Low Last Change High Low

West High Yld V 51 West Kirkland V 310 West Kirkland * O 148 17 West Red Lake* O West Red Lake 55 Western Areas* O 22 Western Atlas V 24 Western Copper T 222 Western Copper* X 392 Western Pac Rs V 114 Western Pac Rs* O 0 Western Potash T 36 Western Res* O 10 Western U&V 184 Western U&V* O 280 Westhaven Vent* O 229 Westhaven Vent V 4366 Westkam Gold* O 42 Westkam Gold V 732 Westminster Rs V 420 Westmoreland* O 203 WestMountain* O 0 Wheaton Prec M* N 19970 Wheaton Prec M T 5553 White Energy* O 4 White Gold* O 298 White Gold V 801 White Metal R* O 127 White Metal Rs V 1406 White Mtn Engy* O 303 Whitemud Res V 17 Wildsky Res* O 4 Wildsky Res V 21 Winston Gold* O 474 Winston Gold 91 Winston Res 166 0 Winston Res* O Wolfden Res* O 175 Wolfden Res V 579 Wolfeye Res V 290 Wolverine Mnls* O 11 Wolverine Mnls V 187 Worldwide Res V 51 WPC Res V 456 X-Terra Res V 362 Xiana Mng V 418 Ximen Mng V 4221 Ximen Mng* O 5 Xtierra V 1101 Xtra-Gold Res T 299 O 35 Xtra-Gold Res* Yamana Gold T 9530 Yamana Gold* N 57644 V 25 Yellowhead Mng Yorbeau Res T 1927 Yorbeau Res* O 500 You Han Data* O 1 2 Zadar Vent * O Zadar Vent V 197 Zanzibar Gold 530 Zara Res* O 0 Zara Res 8 Zena Mng V 141 Zenyatta Vent* O 5 Zenyatta Vent V 86 Zephyr Mnls* O 14 Zephyr Mnls V 29 Zimtu Capital V 27 Zinc One Res V 803 Zinc One Res * O 235 ZincX Res V 156 ZincX Res* O 23 Zonte Mtls V 158

0.35 0.33 0.33 + 0.01 0.50 0.20 0.05 0.05 0.05 unch 0.00 0.09 0.05 0.04 0.04 0.04 - 0.00 0.07 0.03 0.05 0.04 0.05 + 0.01 0.13 0.03 0.06 0.05 0.05 unch 0.00 0.16 0.05 1.72 1.63 1.72 - 0.22 2.82 1.63 0.12 0.11 0.11 - 0.01 0.32 0.05 0.84 0.71 0.73 - 0.09 1.35 0.72 0.66 0.48 0.56 - 0.07 1.07 0.53 0.25 0.19 0.20 unch 0.00 1.20 0.40 0.00 0.00 0.61 unch 0.00 0.61 0.01 0.29 0.28 0.28 - 0.01 0.58 0.26 0.21 0.20 0.20 - 0.01 0.35 0.20 3.04 2.55 2.62 - 0.39 3.32 0.44 2.28 1.92 1.99 - 0.30 2.70 1.59 0.95 0.75 0.84 - 0.15 0.99 0.08 1.29 0.99 1.10 - 0.20 1.34 0.09 0.01 0.01 0.01 + 0.00 0.04 0.00 0.01 0.01 0.01 unch 0.00 0.05 0.01 0.06 0.05 0.05 - 0.01 0.25 0.05 0.04 0.04 0.04 - 0.00 1.84 0.04 0.00 0.00 3.30 unch 0.00 11.00 1.15 16.25 15.08 16.13 - 0.15 22.87 15.08 21.42 19.90 21.22 - 0.32 29.93 19.87 0.24 0.24 0.24 unch 0.00 0.31 0.11 1.11 0.85 1.11 + 0.23 1.44 0.46 1.44 1.12 1.44 + 0.27 2.00 0.54 0.05 0.04 0.04 - 0.01 0.19 0.03 0.07 0.06 0.07 + 0.01 0.25 0.04 0.00 0.00 0.00 unch 0.00 0.00 0.00 0.01 0.01 0.01 unch 0.00 0.05 0.01 0.10 0.09 0.09 - 0.01 0.77 0.08 0.14 0.13 0.13 - 0.01 1.01 0.10 0.03 0.03 0.03 - 0.00 0.09 0.02 0.04 0.03 0.04 - 0.01 0.09 0.03 0.07 0.00 0.07 unch 0.00 0.24 0.07 0.00 0.00 0.55 unch 0.00 0.18 0.14 0.16 - 0.03 0.56 0.14 0.24 0.18 0.22 - 0.02 0.68 0.18 0.80 0.75 0.77 + 0.01 1.52 0.63 0.10 0.09 0.09 unch 0.00 0.12 0.06 0.14 0.12 0.13 - 0.01 0.17 0.07 0.07 0.04 0.07 + 0.03 0.09 0.01 0.03 0.00 0.03 unch 0.00 0.05 0.02 0.15 0.12 0.14 - 0.02 0.30 0.11 0.61 0.50 0.61 + 0.18 0.70 0.09 0.30 0.25 0.28 + 0.01 0.30 0.13 0.22 0.18 0.18 + 0.01 0.44 0.10 0.04 0.04 0.04 unch 0.00 0.08 0.02 0.34 0.24 0.33 + 0.07 0.31 0.18 0.25 0.20 0.24 + 0.04 0.24 0.11 2.90 2.66 2.85 - 0.05 4.69 2.66 2.21 2.00 2.18 - 0.01 3.80 2.00 0.22 0.20 0.22 + 0.04 0.70 0.10 0.03 0.02 0.03 unch 0.00 0.10 0.02 0.02 0.02 0.02 unch 0.00 0.06 0.02 0.95 0.95 0.95 unch 0.00 2.80 0.75 0.02 0.02 0.02 unch 0.00 0.08 0.02 0.03 0.03 0.03 unch 0.00 0.13 0.03 0.12 0.12 0.12 unch 0.00 0.20 0.10 0.00 0.00 0.04 unch 0.00 0.17 0.04 0.07 0.00 0.07 unch 0.00 0.24 0.07 0.07 0.06 0.06 unch 0.00 0.13 0.05 0.33 0.31 0.33 - 0.00 0.65 0.31 0.44 0.42 0.42 - 0.01 0.84 0.40 0.16 0.14 0.14 - 0.01 0.27 0.14 0.21 0.20 0.21 + 0.01 0.33 0.18 0.24 0.00 0.24 + 0.03 0.40 0.20 0.09 0.08 0.08 - 0.01 0.55 0.09 0.07 0.06 0.06 - 0.00 0.45 0.06 0.28 0.26 0.27 - 0.01 0.75 0.24 0.22 0.21 0.21 - 0.01 0.56 0.19 0.38 0.35 0.38 + 0.04 0.41 0.12

BID-ASK — NOVEMBER 12–16, 2018 STOCK

37 Capital 55 North AEX Gold African Metals Aguila Amer Gd Alba Minerals Alchemist Mng Alderon Iron* Alexandra Cap Allante Potash ALQ Gold Altan Nev Mnls Altitude Res Am CuMo Mng Amanta Res Anglo-Bomarc Angus Ventures Antler Hill Arch Coal* Archon Mineral Arian Res Arrowstar Res Asbestos Corp AsiaBaseMetals Atlatsa Res* Aurcana Corp Aurelius Min Austin Res AXE Expl Banro Corp* Bearclaw Cap Bell Copper Benz Mining Bethpage Cap BHK Mining Black Bull Res Black Mam Mtls Blackheath Res Boss Power Brunswick Res Bullman Mnls Cabral Gold Cache Expl Cairo Res Canada Coal Canex Energy Canoe Mng Vent Caracara Silvr Carlin Gold Cassius Vents Castle Peak Mg Cdn Intl Mnrls Cdn Platinum Cdn Silvr Hunt Century Global Cerro de Pasc Cerro Mng Chantrell Vent Chilean Metals Chinapintza Mg Cicada Vents Clarmin Explor Cleghorn Mnls Cliffs Nat Res* Clydesdale Res CMX Gold & Sil Copper Reef Mg Cresval Cap Cyprium Mng Damara Gold Dawson Gold Discovery-Corp Duncan Park H Eastern Zinc Electra Stone Empire Rock Endurance Gold European Metal EVI Global Grp Evolving Gold Excalibur Res Fieldex Expl Finore Mng

12-MONTH

EXC BID ASK LAST HIGH

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

20-22_NOV26_StockTables.indd 23

0.12 0.29 0.21 0.35 0.02 0.02 0.02 0.37 0.43 0.42 0.63 0.06 0.09 0.06 0.19 0.28 0.24 0.30 0.15 0.16 0.16 0.28 0.05 0.06 0.06 0.35 ... 0.40 0.14 0.52 ... ... 0.50 0.93 0.13 0.35 0.10 0.11 1.10 1.10 0.22 0.01 0.02 0.02 0.05 0.05 0.08 0.05 0.09 0.06 0.07 0.06 0.13 0.01 0.02 0.01 0.08 0.08 0.15 0.16 ... ... 0.42 0.50 0.02 0.20 0.10 0.23 ... ... 0.58 0.68 1.25 0.68 1.31 0.01 0.02 0.01 0.03 0.24 0.12 0.12 0.35 0.99 0.35 0.90 0.29 0.30 0.30 0.40 ... ... 0.06 0.45 0.06 0.06 0.23 0.28 0.13 0.14 0.14 0.15 0.01 0.02 0.02 0.04 0.05 0.05 0.06 0.17 0.11 0.11 0.11 2.10 0.03 0.04 0.03 0.06 0.17 0.20 0.20 0.22 0.08 0.08 0.08 0.25 0.01 ... 0.07 0.11 0.02 0.02 0.02 0.10 0.18 0.10 0.08 0.10 0.08 0.23 0.01 0.02 0.02 0.07 0.17 0.20 0.17 0.03 0.04 0.03 0.05 0.07 0.12 0.07 0.09 0.24 0.26 0.24 0.49 0.04 0.04 0.04 0.09 0.38 0.44 0.36 0.43 0.08 0.10 0.09 0.12 0.14 0.20 0.14 0.40 0.05 0.05 0.14 0.25 0.15 0.15 0.11 0.30 0.02 0.02 0.02 0.07 0.06 0.10 0.06 0.08 0.01 0.02 0.02 0.03 0.23 0.23 0.15 0.39 0.02 0.02 0.03 0.05 0.04 0.04 0.06 0.10 0.16 0.19 0.17 0.29 ... ... 0.29 0.34 0.18 0.21 0.18 0.22 0.05 0.10 0.06 0.12 0.08 0.12 0.09 0.34 0.01 1.00 0.02 0.02 0.01 0.01 0.01 0.03 0.15 0.20 0.16 0.50 0.08 0.10 0.09 0.14 1.45 3.20 1.43 7.17 0.05 0.15 0.08 0.15 0.06 0.06 0.06 0.12 0.02 0.02 0.02 0.03 0.07 0.20 0.05 0.05 0.03 0.03 0.03 0.05 0.05 0.05 0.22 0.01 0.30 0.30 0.01 0.02 0.02 0.04 ... 0.01 0.01 0.02 0.17 0.30 0.19 0.56 0.01 0.02 0.01 0.04 0.17 0.20 0.16 0.30 0.04 0.05 0.05 0.09 ... 0.01 0.01 0.58 0.63 0.63 0.70 0.08 0.21 0.08 0.29 0.09 0.10 0.10 0.11 0.17 0.17 0.19 0.12 0.12 0.11

LOW

STOCK

0.18

Fire River Gol V Firebird Res V V First Bauxite First Idaho V V Full Metal Mnl Fusion Gold V Gem Intl Res V V Gespeg Cop Res C Getchell Gold Getty Copper V V GFM Res GGL Res V Global Cobalt V Global Cop Grp V God’s Lake Res C V Goldbelt Emp Golden Cariboo V V Granite Creek V Great Quest Fe Greatbanks Res V Green Arrow V Green Valley M V Greenshield Ex V Grosvenor Res V Handa Mining V HFX Holding V Highbury Proj V Highvista Gold V Homeland Egy V Icon Explor V IGC Res V V Infinite Lith Inform Res V Inspiration Mg C Interconnect V Intercontinent V Intl Battery C Intl Millm Mng V Intl Zeolite V Iron South Mng V Jasper Mng V Jazz Res V JDF Explor Inc C Jiulian Res V Jubilee Gold V Kal Minerals C Kenna Res V Kermode Res V Knick Expl V La Imperial C Le Mare Gold V Lead Ventures C Legion Metals C Leo Res C Lithion Energy V Logan Res V Lovitt Res V Lund Enterpr V Madeira Mrnls V MAG Silver* X Magna Gold V Magnitude Mng V Manado Gold V Martina Mnls V Mas Gold V Matachewan Con V Match Capital V MAX Res V McChip Res V Mega Copper V Meridius Res V Mesa Expl V MetalCorp V Metalore Res V Mezzotin Mnrls V Micrex Dev V Midasco Cap V MillenMin Vent V Millstream Min V Milner Con Slv V Minecorp Egy V Mistango River C Mkango Res V

0.33 0.17 0.04 0.04 0.12 0.25 0.06 0.01 0.03 0.05 0.06 0.33 0.02 0.62 0.04 0.27 0.14 0.06 0.17 0.03 0.01 0.02 0.10 0.03 0.03 0.05 0.07 0.06 0.01 0.02 0.06 0.20 0.04 0.30 0.06 0.13 0.10 0.08 0.02 0.03 0.02 0.11 0.02 0.04 0.13 0.12 0.06 0.05 0.08 0.01 0.01 0.10 0.05 0.98 0.02 0.04 0.01 0.04 0.04 0.01 0.01 0.22 0.01 0.11 0.03 0.05 0.07 0.01

12-MONTH

EXC BID ASK LAST HIGH LOW

0.03 0.07 0.09 0.02 0.03 0.03 0.09 0.04 0.04 0.04 0.06 0.07 0.25 0.04 0.06 0.01 0.01 0.10 0.15 0.16 0.20 0.18 0.20 0.01 0.02 0.02 0.03 0.03 0.04 0.04 0.05 0.08 ... 0.09 0.09 0.03 0.03 0.03 0.07 0.06 0.13 0.15 0.15 0.08 0.10 0.10 0.18 0.02 0.02 0.02 0.07 0.08 0.08 0.11 ... ... 0.90 1.10 0.02 0.03 0.02 0.03 0.05 0.06 0.05 0.14 ... ... 0.12 0.14 0.10 0.10 0.10 0.24 0.03 0.05 0.03 0.03 0.03 0.03 0.19 0.22 0.28 0.30 0.50 0.09 0.16 0.12 0.15 0.12 0.28 0.14 0.20 0.07 0.08 0.08 0.18 0.06 ... 0.06 0.12 0.24 0.48 0.25 0.35 ... ... 0.17 0.18 0.21 0.18 0.38 0.34 0.34 0.41 0.84 0.15 0.18 0.19 0.25 0.26 0.29 0.28 0.32 0.07 0.09 0.08 0.31 0.03 0.04 0.03 0.27 0.08 0.15 0.07 0.11 0.15 0.20 0.20 0.65 ... ... 0.31 0.02 0.02 0.03 0.04 0.08 0.08 0.08 0.50 0.24 0.27 0.24 0.28 0.12 0.15 0.15 0.29 0.04 0.06 0.04 0.09 0.01 ... 0.05 0.15 0.08 0.13 0.09 0.18 0.42 0.60 0.64 0.70 0.12 0.20 0.20 0.20 0.13 0.16 0.15 0.01 0.02 0.01 0.03 0.01 0.02 0.01 0.04 0.07 0.24 0.07 0.08 0.15 0.15 0.17 0.75 ... ... 0.25 0.60 0.05 0.25 0.17 0.21 ... ... 1.09 ... ... 0.10 0.03 0.06 0.06 0.08 0.08 0.13 0.10 0.25 0.10 0.19 0.13 0.25 0.04 0.30 0.03 0.05 12.52 13.30 12.52 14.40 0.20 0.50 0.40 0.45 ... 0.35 0.15 0.30 0.04 0.04 0.04 0.24 0.04 0.10 0.04 0.07 0.06 0.07 0.06 0.15 0.16 0.19 0.15 0.30 0.01 ... 0.04 0.30 0.30 0.20 0.32 0.80 0.84 0.82 0.87 0.16 0.20 0.16 0.18 0.18 0.30 0.19 0.20 0.06 0.06 0.06 0.08 0.01 0.02 0.02 0.04 1.81 2.50 1.80 3.14 0.01 0.02 0.01 0.04 0.02 0.02 0.01 0.03 0.10 0.24 0.10 0.15 0.01 0.04 0.05 0.04 0.06 0.04 0.06 0.10 0.06 0.11 ... ... 0.12 0.20 0.03 0.04 0.03 0.07 0.13 0.17 0.16 0.24

0.02 0.02 0.02 0.09 0.14 0.01 0.02 0.07 0.02 0.07 0.08 0.04 0.07 0.01 0.05 0.08 0.06 0.02 0.08 0.09 0.14 0.05 0.04 0.21 0.18 0.06 0.05 0.12 0.08 0.02 0.04 0.14 0.01 0.05 0.04 0.07 0.03 0.01 0.02 0.35 0.20 0.01 0.01 0.06 0.17 0.06 0.05 0.04 0.02 0.11 0.02 6.12 0.20 0.14 0.04 0.03 0.06 0.15 0.06 0.50 0.16 0.18 0.03 0.01 1.77 0.01 0.01 0.07 0.03 0.07 0.01 0.10

STOCK

Moag Copper Montana Gold Mountain Lake MX Gold Nebu Res New Jersey Mng New Klondike New Point Expl New Stratus Newmac Res Nexco Res Nitinat Mnls Nrthn Lion Nubian Res Odyssey Res Opawica Expl Orford Mining Oriental Non F Pac Arc Res Pac Bay Mnrls Pac Cascade Pac Iron Ore Pac Link Mng Pacific Silk Parallel Mng Patriot Gold Pedro Res Pele Mtn Res Peloton Mnrls Phoenix Gold Prime Meridian Prism Res ProAm Expl Providence Quantum Cobalt Rare Element* Razore Rock Res Red Moon Res Red Oak Mg Red Tiger Mng Reliant Gold Remington Res Rhyolite Res Riley Resource Rio Silver Rockland Mnls Rockridge Res Rockwealth Res Rojo Res Ross River Rubicon Mnrls* Running Fox Rs Sage Gold Samco Gold Scavo Res Shoshoni Gold Silver Mtn Mns Sonora Gld & S Surge Explor Tajiri Res Tanzania Mnls Tearlach Res Thor Expl Thunder Mtn Gd Transatlan Mng Tri-River Vent Troy Enrgy UC Res Vale* Valencia Vent ValOre Metals Vanadium One Vanadiumcorp Vela Minerals Westcot Vent Western Pac Rs Western Troy C Whistler Gold Xander Res Zinco Mng Zincore Mtls

12-MONTH

EXC BID ASK LAST HIGH LOW

C C C V V C V C V V C V V V V V V C V V V V V V V C V V C V V V V V C X C V V V C V V V V V V V V V X V V V C V V V V V V V V V V V V V N V V V V V V V V V V V V

... ... 0.08 0.09 0.10 0.10 0.10 ... ... 0.05 0.09 0.11 0.11 0.11 0.15 0.04 0.04 0.04 0.15 0.33 0.23 0.26 0.01 0.01 0.01 0.06 0.06 0.06 0.41 0.25 0.68 0.40 0.40 0.10 0.11 0.10 0.10 0.10 0.12 0.11 0.50 0.07 0.08 0.07 0.51 0.22 0.67 0.22 0.67 0.11 0.12 0.11 0.34 0.03 0.05 0.03 0.07 0.04 0.06 0.04 0.25 0.21 0.23 0.25 0.44 0.01 1.00 1.00 1.05 0.21 0.39 0.70 0.82 0.03 0.04 0.04 0.06 0.01 0.02 0.01 0.09 0.17 0.10 0.15 0.03 0.50 0.20 0.20 0.03 0.03 0.03 0.06 0.03 0.04 0.04 0.08 0.04 ... 0.10 0.10 ... 0.31 0.21 0.42 0.03 0.03 0.04 0.15 0.10 0.11 0.10 0.15 ... 0.01 0.01 0.01 0.50 0.14 0.04 0.06 0.05 0.16 0.03 0.04 0.03 0.04 0.11 0.13 0.12 0.19 ... ... 1.10 3.15 0.11 0.16 0.15 0.89 0.07 0.21 0.06 0.63 0.07 0.09 0.07 0.16 0.05 0.33 0.33 0.34 0.02 0.03 0.03 0.01 0.02 0.02 0.04 0.21 0.28 0.23 0.53 0.15 0.29 0.15 0.40 0.19 0.30 0.18 0.41 0.04 0.05 0.04 0.07 0.07 0.08 0.08 0.11 0.20 0.28 0.23 0.50 0.12 0.15 0.12 0.30 ... 0.98 0.40 0.40 0.10 0.11 0.26 0.50 ... ... 0.03 1.35 0.01 0.02 0.02 0.04 0.01 0.01 0.02 0.19 0.03 0.04 0.03 0.11 0.36 0.57 0.36 0.54 0.05 0.06 0.05 0.08 0.01 0.02 0.02 0.03 0.07 0.08 0.07 0.20 0.39 0.44 0.39 0.23 0.09 0.17 0.08 0.18 0.07 0.07 0.16 1.20 0.02 0.09 0.08 0.15 0.17 0.18 0.22 ... ... 0.17 0.30 0.05 0.06 0.05 0.10 ... ... 0.04 0.03 0.06 0.04 0.10 0.01 0.02 0.02 0.03 ... ... 10.24 11.10 0.20 0.30 0.22 0.22 0.06 0.07 0.07 0.13 0.13 0.15 0.13 0.09 0.10 0.09 0.16 0.18 0.30 0.30 0.30 ... ... 0.35 0.55 0.20 0.65 0.78 1.20 0.02 0.02 0.02 0.06 0.08 0.15 0.08 0.08 0.10 0.12 0.12 0.24 0.05 0.07 0.05 0.05 0.07 0.05 0.35

0.02 0.03 0.08 0.23 0.05 0.08 0.06 0.11 0.04 0.19 0.09 0.03 0.04 0.16 1.00 0.16 0.02 0.03 0.03 0.03 0.03 0.10 0.17 0.03 0.03 0.03 0.02 0.09 0.20 0.06 0.06 0.05 0.08 0.02 0.20 0.15 0.10 0.04 0.01 0.20 0.11 0.24 0.10 0.03 0.01 0.01 0.02 0.26 0.04 0.01 0.07 0.03 0.05 0.12 0.09 0.14 0.03 0.04 0.01 6.57 0.15 0.07 0.09 0.18 0.18 0.40 0.02 0.04 0.09 0.03

2018-11-20 5:41 PM

24_NOV26_BackCover.indd 24

2018-11-20 3:36 PM